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COPYRIGHTED
IN
1840 Or WILLIAM 0. DANA COMPANY. NEW YORK.
VOL.150.
'"U6dWMe?8YX,aCopy-
PAT. OFFICE
U.
It CO.
ronirle
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1078, AT THE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1878.
NEW YORK, FEBRUARY 24,1940
THE
BROOKLYN TRUST
BANK
COMPANY
NO. 3896
vS^'&&;?SK«r
CHASE
NATIONAL
BANK
OF THE CITY OF NEW YORK
Chartered 1866
OF
George V. McLaughlin
Maintaining effective cor¬
President
NEW YORK
BROOKLYN
Member Federal Deposit Insurance
Corporation
NEW
respondent bank service
is
traditional
a
policy of
the Chase National Bank.
YORK
Broaden your customer
service
Chase
with
cor¬
respondent facilities.
PUBLIC UTILITY
Member Federal
INDUSTRIAL
RAILROAD
Deposit Insurance
Corporation
BANK
AND
MUNICIPAL
INSURANCE
BONDS
City of
STOCKS
ACALLYN^COMPANY
Philadelphia
INCORPORATED
CHICAGO
New York
Boston
Detroit
Bonds
Philadelphia
Milwaukee
Omaha
'The
FIRST BOSTON
CORPORATION
NEW YORK
Hallgarten & Co.
PHILADELPHIA
AND OTHER
Established 18SO
Moncure Biddle & Co.
BOSTON
CHICAGO
PHILADELPHIA
SAN FRANCISCO
PRINCIPAL CITIES
BANK OF MONTREAL
NEW YORK
London
Chicago
Established
l8l7
The
New York Trust
Head
Montreal
Office
Established 1856
H. Hentz & Co.
Company
Capital
<
•
Total Assets
Capital Funds
Members
New
York
New
New
Stock
Chicago
Huntly R.
New Orleans Cotton
Trade
W.
BROADWAY
Jackson Dodds
AND 40TH
In
Canada
GENEVA
PARIS
In London:
47
LONDON
CARLO
San
ONE EAST
CarlM.Loeb,Rhoades&Co.
Paris
Francisco:
St.;
(San
Bank of Montreal
Francisco),
333
California
De Haven & Townsend
Established 187 k
Member
Amsterdam
St., E.C. 2;
Place, S.W. 1.
Street.
BROADWAY
NEW YORK
London
Waterloo
Chicago: 27 South La Salle St.:
57TH STREET
61
Threadneedle
In the United States—New York, 64 Wall
ROTTERDAM
MONTE
Agencies
Newfoundland—
More than 500 Branches.
STREET
DALLAS
and
PITTSBURGH
AMSTERDAM
G. W. Spinney
—
Branches and
MADISON AVENUE
9
DETROIT
Bog
x
Exchange Bldg.
CHICAGO
A.
General Managers
Exchange
NEW YORK
BOSTON
Drummond
Maj.-Gen. The Hon. S. C. Mcwburn, C.M.G.
IOO
Exchange
And other Exchanges
N. Y. Cotton
of $1,025,000,000
Vice-Presidents
Exchange
of
Grain
$36,000,000
$40,265,700
«
Excess
President
Exchange
Cotton
Board
Winnipeg
$37,500,000
Exchange
Curb
York
York
.
in
•
Profits
-
Rest and Undivided
of the
Federal Deposit
Insurance Corporation
NEW YORK
80 Broad St.
PHILADELPHIA
1518
Walnut St.
The Commercial
IJ
& Financial
Feb. 24, 1940
Chronicle
Dividends
quarterly dividend of
($1.75 per share) on
the First Preferred Stock
A
13A%
Corporation was de¬
payable April 15,
1940, to stockholders of rec¬
of this
clared
1940.
ord March 31,
quarterly dividend of
A
twenty-five cents (25c)
per share on the Common
Stock of this Corporation
was
payable March
stockholders of
February 29, 1940.
declared
15, 1940, to
record
mailed.
Checks will be
treasurer
Philadelphia, Pa.
February 16, 1940
Ilij
MAKERS OF PHILLIES
-Manville
Corporation
DIVIDEND
regular
The Board of Directors declared a
quarterly dividend of $1.75 per share, pay¬
able April 1, 1940 to holders of record on
March 15,1940, of all the outstanding Cumu¬
lative 7% Preferred Stock other than the
7,500 shares of said stock to be selected on
March 4, 1940 for redemption on April 1,
1940. The holders of the stock to be re¬
deemed will receive $1.75 per share as a part
'j
of the redemption price.
/
C. H. ROBERTS, Treasurer
n
n
ME
TELLING
YOU'RE
THE
STORAGE BATTERY CO.
ELECTRIC
ccrr-i
1 hat's
a
funny one. You're
ing me what a great
thing the
know!
telephone is. As if I didn't
main
"Why, I'm one of the
reasons
there's
a
tell¬
to
couldn't talk to us
tied down
"And
house. For you can
life
I
bet
your
keep the folks pretty busy
"Just think! If we didn't
have
telephone,
we
And
Grandma
couldn't
call
up
Or
fire?
a
us
of business
be
see
sud¬
on
what
N. Y., February
The Board of Directors of the Anaconda Copper
Company has declared a dividend of
Twenty-five Cents
(25c.) per share upon its
Capital Stock of the par value of $50. per share,
payable March 25, 1940, to holders of such shares
of record at the close of business at 3 o'clock P. M.
on March 5, 1940.
Daddy
don't
I'd do without it.' "
D.
B.
HENNESSY,
quarterly dividend
share on
a
25 cents
Stock
a
share
have been
able March
$5_ Dividend
dividend of
on
I. W.
MORRIS, Treasurer
Philadelphia, Pa.
Spencer Itellogg anb
A
to
stockholders of record as
February 24,
Thomas J. Lipton,
gxm*,
L.
JAMES
Inc.
of the close of business
1940.
WICKSTEAD, Treasurer
INTERNATIONAL HARVESTER
We have been
authorized to purchase, as agent,
all shares of Class
Inc., which are not
"A" Stock of Thomas
J. Lipton,
held by Lipton Limited or com¬
panies associated with it. A letter giving the details
of the offer may be obtained from us on request.
The offer will expire on March 15, 1940, unless
extended
New
by the purchasers.
York, N. Y.
The Directors
of
COMPANY
International Harvester Com¬
declared a quarterly dividend of forty cents
(40c.) per share on the common stock
April 15, 1940 to all holders of record at the close
pany
payable
March 20, 1940.
SANFORD B. WHITE, Secretary
of business on
TEXAS GULF SULPHUR
COMPANY
Board of Directors has declared a
dividend of 50 cents per share on the Com¬
The
pany's
Hallgarten & Co.
c.
$.40 per share has been
stock, payable March 11, 1940,
quarterly dividend of
declared on the
"A" STOCK OF
29, 1 940.
IMPROVEMENT CO.
January 23, 1940
of
Common
declared, pay¬
30, 1940, to re¬
spective holders of record February
THE UNITED 6AS
CLASS
Secretary.
Preferred Stock and a
SYSTEM
To Holders
21,1940
127
DIVIDEND NO.
Of $1.25
TELEPHONE
CO.
25 Broadway,
New York,
The current
BELL
1940.
Mining
And Mother says, 'I
says.
know
Checks will
Secretary and Treasurer.
ANACONDA COPPER MINING
about those things
'Doesn't cost much,' my
payable
Stock,
March 9, 1940.
C. Allan,
Well,
the telephone.
Common
the
on
Preferred
mailed.
H.
there was a
robber, maybe?
don't worry
when I
couldn't order
things in a hurry from the stores.
awful.
share
per
30, 1940, to stockholders of record
of both of these classes of stock at the close
March
Philadelphia, February 16,
"
a
of
one
denly took sick? Or
I
around here.
just something
suppose
plus of the Company a divi¬
dend of Fifty Cents
($.50)
the
and
Stock
telephone in
our
I
when he's out
Mother would be
And
of town.
the
from
tooth. And Daddy
ask if I had a
have declared
Accumulated Sur
Directors
The
capital
stock,
payable March 15,
stockholders of record at the close
March 1, 1940.
H. F. J. KNOBLOCH, Treasurer.
1940, to
of business
TV
wtitiftrtalf
Editorials
The Financial Situation
Public Debt
Private
vs.
1168
__
Debt
__1180
Denmark's Position
1181
Comment and Review
Gross and Net
Earnings of United States Railroads for
the Calendar Year 1939
1184
Business Man's Bookshelf
1189
Week
1172
on
the European Stock Exchanges
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
>1172
1177 & 1226
Course of the Bond Market
1190
Indications of Business Activity.
Week on the New York Stock Exchange
Week
on
the New York Curb
.1191
1170
Exchange
1225
News
Current Events and Discussions
1203
Ban& and Trust
Company Items
General Corporation and Investment News
1269
Dry Goods Trade
1310
State and
1311
1224
Municipal Department.....
Stocks and Bonds
Foreign Stock Exchange Quotations
1233 & 1235
Bonds Called and Sinking Fund Notices
1228
Dividends Declared
1228
Auction Sales
.1226
New York Stock
Exchange—Stock Quotations
New York Stock
Exchange—Bond Quotations-.1236 & 1246
New York Curb
1236
Exchange—Stock Quotations
1252
New York Curb
Exchange—Bond Quotations
Other Exchanges—Stock and Bond Quotations
1258
Canadian Markets—Stock and Bond Quotations.
1262
1256
Over-the-Counter Securities—Stock & Bond Quotations .1265
Reports
Foreign Bank Statements
1176
Course of Bank
1226
Clearings
Federal Reserve Bank Statements
General
1203 & 1233
Corporation and Investment News.—
1269
Commodities
The Commercial Markets and the Crops
Cotton
Breadstuffs
-
.1301
1304
1308
Published Every Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York City, N. Y.
Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert, President and Treasurer; William D. Riggs, Business
Manager.
Other offices: Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street
(Telephone State 0613).
London—
Edwards & Smith, I Drapers' Gardens, London, E.G.
Copyright 1940 by William B, Dana Company.
Entered as second-class matter
June 23, 1879, at the post office at New York, N. Y., under the Act of March 3, 1879.
Subscriptions in United States and Possessions, 118.00
per year, $10.00 for 6 months; in Dominion of Canada, $19.50 per year, $10.75 for 6 months.
South and Central America, Spain, Mexico and
Cuba, $21.50 per year, $11.75 for 6 months; Great Britain, Continental Europe (except Spain), Asia, Australia and Africa, $23.00 par
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.
I
The Financial Situation
serve
IT thoughtful elements in the business community
HAS long been the consensus among the more
of President Roosevelt and
that "another four years
would impose upon this country a
the New Deal"
considered without dread
Whatever may be the
trend of thought among the great rank and file, as
presumably ieflected in the so-called popular polls,
great to be
burden too
amounting almost to horror.
that
have
must
With
a
be said,
expect
to
President Roosevelt or
those who have
to the New
effect
Deal programs,
/ have ventured to mention
those who
are
lic support
therefore,
sumes,
which
im¬
that
this
with
much
and
out the
women
through¬
port
the
of
Program
old trick of the
an
responsibility
ills their
least
of the land. It is for this
also, that the
as
old
the truth
politician to place
technological progress for
shortcomings have created, at
the so-called industrial revo¬
as
we
have the faith to believe that
prevail with the
will continue to
people of this country even if for short periods
of time they are misled by false prophets.
of
was
early this week the center of much
attention and has been since the
scrutiny.
we
It
can
equivalent of the platform of the
party for this campaign.
as
Such
a
pronouncement is
yet not formulated, and what it will /contain is
known to
mittee
a
subject of careful
hardly be assumed, of course, that
have here the
no
man
at this time.
has, however,
good while past in
been
an
Dr. Frank's
com¬
diligently at work for
effort to formulate a set of
principles and proposals which in its judgment (and
doubtless in the
more
judgment of
many,
if not most, of the
influential members of the party,
Deal
or
by
any
other
under any other
The
sweet.
other
ol
is
matter
obtaining sufficient
ular support
gram
for
that
pop¬
any pro¬
put forth as a substi¬
tute for the New Deal must
be lost to
sight.
Republican
"purest
serene"
A
of
program
hardly
ray
be
will
other than
of
merely academic interest if
adequate support
can
summoned for
be found
or
it among
the voters of the
country. Both these con¬
will
doubtless
in substantial measure gov¬
ern
the conclusions reached
by thoughtful students of
public questions who take
time to give careful
the
study to the document here
under discussion.
which Dr. Glenn Frank is
Chairman,
One of
the very important
upon
own
lution, but
re¬
Republican
Committee,
and
constantly
siderations
collected."
are
It is
length and breadth
reason,
he will bear two
sponsorship would smell as
no
taxes
by the forward-looking
men
New
name
never
ment, created profits, and incidentally cre¬
ated the substance from which government
than the usual inter¬
more
est
or
"They ignore entirely the other and more
significant aspects of technological progress
which
have created jobs, created employ¬
have
summer
plunged us?
appraising it for this
efficiency in industrial progress.
Republican candidates
for the Presidential nomi¬
studied
In
phrase 'to face the task of finding jobs faster
than invention can take them awav.'
Such
statements as those made by President Roose¬
velt focus attention upon the least important
results of technological progress and even
then handle the subject in such a superficial
manner as to distort the real significance of
kind of
the utterances of the vari¬
been
enlarged employ¬
has
improved the standard of living."
Outlining some of the remarkable techno¬
logical progress of recent years and indicating
its effect upon public welfare, the educator
then added that "on the face of this record it
is
difficult to understand the President's
ment
It is for this reason that
nation
work
"whose
section
politics.
ous
much of the recent
ter, N. Y., upon the occasion of a dinner in
honor of inventors and research men in that
usually attaches to
party or any other
to whose interest
or
has been directed.—Dr. Karl T.
Compton, President of the Massachusetts
Institute of Technology in address at Roches¬
as¬
an
portance far beyond
slough into which the
New Deal has
them is the fact that the
tor the ultimate best in¬
of those portions of our population
have
been described as "forgotten
legislation
in an effort to
year
the
carefully in mind.
men,"
seeking pub¬
next
and difficult march out of
purpose,
which
replace the present Admin¬
istration
an
early beginning of the long
thoughts
political leaders
of
document
this
terests
their
question of
be expected of
what may
hope is to be found
What
in
the country, or even
The
years.
his mind without doubt is:
toward these
our
matters
during the past seven
at
the attitude of
and
suppose,
we
question uppermost in
simply because I believe that their
attitude has not been for the best interests of
of
some
constructive than what we
received
ago,
the
is not defeatism"
anything greatly different
from or materially more
have
a little
profound lack of under¬
appreciation of the role of
month
a
of the Presi¬
Congress,
standing and
technological progress was disclosed in such
phrases as "We have not yet found a way to
employ the surplus of our labor which the
efficiency of our industrial processes has
created," or "to face the task of finding jobs
faster than invention can take them away—
of
of
hands
Even in the message
services.
dent of the United States to
helped him
formulate and give
himself
report,
new
or
the belief that it is worse
futile
acquainted,
acquaint,
to
of
over
than
will
or
with the substance of this
as
equally certain, of
are
we
partisan politics of any
sort either has
few minor exceptions, the poli¬
followed have been such
a
than
welfare of his country
discourage the development and fruition
business enterprises based upon the
invention and introduction of new products
Washington,
personnel and pol¬
icy. The same may
only
interested in the
Every thoughtful citizen more
cies which have been
change at
both in
Some Limitations
Progress and Politics
than at present
we
public questions of the day.
in
responsible business
quar^rs
It can hardly fail to have
shaping the course of the party in
the coming campaign, or in formulating and crystal¬
lizing opinion within the party itself on various
of opin¬
greater unanimity
ion in
general appeal to the voters of
this autumn.
great influence in
been
that at no time has there
feel confident
we
basis for a
as a
the country
would best
It may as
well be said at once, and with the utmost
candor, that the program suggested—so far as one is
set
forth—and the reasoning that appears to
have
much to be desired at many points
if these matters are to be weighed in the balances
led to it, leave
against wdse statesmanship
There is
the New
Deal in it.
strain of relative
sense
and sound economics.
entirely too much of both the New Era and
Yet, running through it is a
moderation, and practical common-
which at various points
affords the reader, long
accustomed to the balderdash so frequently emanat¬
ing from
Washington,
a sense
of relief.
"The central
Volume
issue
The Commercial & Financial Chronicle
150
confronting national leadership today,"
committee, for example,
"is that
the
says
of securing full
"amazing
"The
committee's
program
It js jn those evidences of the committee's notion
soundings
of
party
opinion indicate that Republicans believe such full
employment
be accomplished only through the
can
sustained expansion of the normal
enterprise of the
American people.
And Republicans are convinced
that
a
sustained expansion of our enterprise is not
only possible but inevitable if public policy does not
throw too many
"There
of
are
no
American
create
by
obstacles in the
way.
assignable limits to the possibilities
enterprise
our own
the
except
limitations
lack of intelligence and will,
falling into the fatalism of outlook
as
other passages
mittee asserts
that the best
quire that
tional
system that most realistic
sweeping concessions to
liking,
farmers, it is conceded, must continue to be
subsidized, but with less regulation, only that "form
subsidy which is simplest to apply generally and
0f
which will necessitate the least
possible red-tape of
regulation and the least possible number of .bureaucratic
regulators" being consistent with "a rational
passage:
common sense upon
program."
"The
Then there is this rather strange
large freedom that is basic to
free enter-
a
prise system makes
necessary
business regulation at the hand
0f government.
pensable
There
periodic business
Business traffic rules
is
committee
is
interests
people
against unfairly administered prices,
this
to
of the American
preserve
and
modernize
our
re-
tradi-
system of free enterprise with the minimum
promote justice in its operation."
Yet when
indis-
as
"That certain regulations of business are
needed,
we are to avoid earlier errors in our
if*
clear
are
re-
highway traffic rules,
as
life sort, as when the com-
a
governmental regulation necessary to prevent abuse
and
The
the New Deal
public policy must rest.
of
that "it
we
our
many
form and permanent
to embody that sound
which constructive
are
find
the New Deal "ideology" not at all to their
by
or
of course, broad generalizations, but
are,
seem
observers will
farm
of economic America."
These
0f "modernization" of
we
leadership has done through its misunderstanding
they
Modernization
of the Nation.
resources
in prosperity and general well
progress
being."
employment of the man-power, technical skill and
economic
1169
experience,
not
of
arguable.
Consumers
be
must
protected
case
Small and
regulated natural monopolies.
in the
new
as
businesses must be protected
against unfair competition from monopolistic or near-monopolistic enter-
Consumers and competitors must both be
prises.
the entire document is
closely scrutinized it is found
protected against misleading promotion of either
that the committee in
speaking of the alleged desir-
the products or the securities of business
enterprise,
Business itself must be protected by rational rules
ability of "modernizing"
our
foreshadowing
proposals
concrete
traditional system, is
which
altogether pleasant to contemplate, just
dent
Roosevelt at
Administration
rency"
Presi-
There
"adequate
an
cur-
are
points also where it would ap-
that the committee has disquietihgly confused
pear
"our traditional
tunate
of the
system" with
of the least for-
some
policies of the Republican party in
past decades.
As to the
developing
the
told that "in
we are
realistic trade relations
program
handicap of the present world situation the fol-
lowing considerations must be taken into
"First,
we
must fully protect
living standards, the
income of
trade
of
by
must
we
of
our
to
available
workers, and the income of
our
foreign
consistent
our
with
wages
farmers."
or
be
maintain
can
ex-
nal
competition that they become inefficient," the
thoughtful reader is likely to recall that substantially the tariff doctrines here enunciated led to the
tariff
excesses
and the fact
of the
Harding and Hoover regimes,
remains that about the
through which
realized should
genuine reciprocity benefits"
replace those which have been
.
are
nego-
by the present Administration, and that such
agreements be subject to
J?
.
I,
The impression
the reference
since
thus
Congressional approval.
.
Riven is
,
,
,
,
not much relieved by
to the New Era years
heavy
so
certainly
as
a
110
anti-trust laws,
of
one
upon
American business,
has suggested repeal of the
monopolies,
for
craze
developed.
years
were
in full force
"modernization"
The
regu-
the abandonment
or
laws, all of which
long before the
past few
hand
a
abolition of State and local
natural
of anti-fraud
same
of
the
general ten-
the
treatment
of
"social
security",
so-called,
which the committee would continue with modifica-
there, and in the attitude toward
number of the other New
deposit insurance.
for
these
Deal
such
programs
About the best that
portions of its report
can
is that
a
as
be said
more
in-
manded.
Some More Constructive Suggestions
At other
ent
system
period of
points suggested changes from the
sweeping and much
are more
ening.
The committee
wish
did
it
not,
Relations Act of
a
appears
necessity for
one
kind
or
more
to concede,
a
pres-
heartas
we
National Labor
another, but
an over-
hauling of the present Act and of its administration
only concrete I such
suggestion of change from the existing system embodies a proposal that "realistic trade
agreements"
tiated
least the regulatory ideas of the New Deal, which
have laid
SO
completely freed from exter-
so
that the committee is here either
us
telligent regulation and better administration is de-
policy to erect walls
high that behind them industries
prices
to
seems
dency to make concessions to the New Deal is found
Despite the fact that the committee adds that "it
is not the function of tariff
cessive
It
in
living standards, the
our
and
uttering perfectly meaningless platitudes or else is
by implication endorsing in general principle at
tions here and
increase
estate
account,
workers, and the
our
real
national
own
...
try
every measure
protection of
our
wages
farmers.
our
"Second,
the
under
securities,
commodities."
lation
tariff, for example,
a
governing markets in
beginning of his first
very
speaking of
hint of much monetary tinkering to
gave
follow.
the
in
not
are
as
as
that suggested
the committee's
„To
be
in the following extract from
report would certainly be helpful:
productive
of
the
maximllm
possiWe
benefit
to
American workers and to American enterprise the National
Labor Relations Act and its administration must:
cure
(1)
se-
equality of treatment to all parties concerned, (2) in-
sufe admkistration by men of demonstrated capacity for
fairness and impartiality,
(3)
prevent governmental favor-
ftism between Iabor uniong ln their controversies with other
unions and
between employees and employers in their con-
financial Chronicle
The Commercial &
II7(J
for
provision of law and not at the
bargaining
agency,
week to
requirements, on
labor nor organized
organized
discriminates against the
After
$7,000,000 to $472,000,000.
industry should be able to
total
mittee
rtIn
the
situation
this
of
should
dollar
the
(1)
substantial
a
of the
purpose
creased
States to
United
the recommendations of
upon
of
return to be fixed by Congress
detailed Conditions of such
a
competent monetary and
All in
the
incidentally, appears in broad outline to be about
United
of the
leading candidates
down
bring themselves to definite commitments, is not
particularly inspiring.
The
market portfolio was unchanged, holdings of
States
Treasury securities again being re¬
Industrial advances
ported at $2,477,276,000.
party so far as these latter have been able to
The reserve
Discounts by
unchanged at 87.5%.
regional banks fell $544,600 to $6,079,000.
open
with the ideas of the
gain in member bank reserve
decrease of foreign bank deposits by
a
ratio remained
all, the thoughtful citizen is likely to arrive
accord
a
deposits by $14,188,600 to $354,865,000.
ultimately at the conclusion that this report, which,
in
de¬
$31„145,000 to $361,381,600, and an increase of other
First Step
a
in¬
Total
Treasury general account by $46,148,000 to
the
$595,990,006;
banking commission."
But
circulation
actual
in
$4,860,778,000.
deposits by $89,974,666 to $12,246,683,060; a decline
(3) return to a fixed gold standard, the time and
dent, and
consisting of
ations
of Government expenditures,
repeal of the emergency monetary power of the Bresi-
(2)
to
$26,869,000 to $13,552,919,006, with the account vari¬
further forcibly demonstrated by:
be
$14,310,060
posits with the regional institutions advanced by
tendencies and preserve the stability
reduction
notes
Reserve
Federal
aging sort in the following language:
resist all inflationary
$15,-
Other cash of the banks receded, and
reserves were up $48,523,000 to $16,118,050,060.
739,122,000.
monetary and fiscal management, the Com¬
offers some further proposals of an encour¬
Deal
certifi¬
regional banks in the weekly period,
raising their holdings of such instruments to
thorough and deserved- castigation of New
a
Treasury deposited $64,504,000 gold
The
cates with the
by the Constitution to impose."
itself is forbidden
ernment
of
crease
of race, religion, or by
the principle that neither
The same banks reported an in¬
brokers' loans on security collateral by
$1,645,000,000.
to
freedom of employment which Gov¬
impose restraints upon
business loans
experienced a decline of $5,000,000 in
employment of workers on grounds
undue financial
business requirements can be ex¬
coming weeks.
During the statement
Feb. 21, New York City reporting banks
in
pected
employers,
exclusive
accommodation, although a normal sea¬
sonal increase for
(8) penalize unfair practices by whomever
committed, and (9) see to it that no union, which becomes
an
indication of any
no
credit
for
established Jan. 24. There is
expansion in the demand
reserves,
excess
still
civil liberties of both employees
protect rather than limit the
and
$40,000,000 over the previous record high
This -is
employers alike, by
discretion of the Board, the
right to initiate proceedings before the Board, (5) give to
all interested parties adequate notice of hearings and the
right to participate in them, (0) insure to all parties the
elementary processes of fair hearing and court review which
should mark the procedure of all regulatory agencies, (7)
give to employees and
(4)
trover.sies,
Feb. 24, 1940
were
$7,0-00 to $10,427,066, while commitments to
make such advances increased
$277,060 to $8,638,000.
At the same time, he will
probably conclude that it offers promise of definite
The New York Stock Market
improvement oyer the present regime, and if this is
the best bread
that
can
be made of wheat at this
moment, he will, of course, accept it as such.
PRICE movements were modest thisclosing on the
week levels
market, and
yesterday
must, however, be certain that this is the best that
can
be
had
at
present.
Such
an
tainly should not be lightly made.
been
able
to
bring ourselves
assumption
We have
believe
to
suaded to
those
on
cer¬
in
policies than those
committee of the Republican party.
important of all, if
the rather
we
suggested
now
our
to
on
Most
a
a
was
a
even
point
these reflect changes
A mild holiday
two.
or
apparent, owing to the closing on
activity
slightly better scale than in previous weeks.
a
the New York Stock Exchange ranged
on
the
606,006 to 800,000-share levels in the
full sessions.
Copper stocks
now
were
in favor at times,
owing to better buying of the commodity, and
clear determination
minds that it is but
than
degree, but turnover of stocks nevertheless was
around
faltering step back toward sanity in the
own
a
Dealings
must content ourselves with
suggests, we must take it with
significant, and
more
Thursday in observance of Washington's Birthday.
by the
management of our affairs that this report
a
This break in the business week diminished
force, and, for that matter, more con¬
program
as
atmosphere
support more constructive policies than
now
from
distinguished
be
to
week earlier. Only a few groups
engaged in variations that might be re¬
issues
of little
per¬
hardly
were
prevalent
garded
force¬
the subject, could not be
structive
in
of
never
that the
people of this country, if intelligently and
fully approached
those
stock
York
New
We
issues of the steel group
first step.
in the
Federal Reserve Bank Statement
did better.
a
manufacturing, merchandising and specialty
sections
were
quiet and virtually unchanged.
Rail¬
BANKING statisticsidle week reveal a further
this
road
and
best
rated
country, and a fresh set of records in this highly
Telephone, remained in persistent demand and
increase
pour
the
credit
sphere of affairs.
important
Feb.
of
the United
into
of
resources
Gold
continued
States in the week
21, the Treasury reporting
a
the
gain of its
ended
a
sizable scale from its
Federal
Reserve
likewise
dropped.
The
of member bank
a
gain of
that
deposits and of
currency
taken
1
had
been
soon
The result
lative
reserves
an
advance of member bank
by $50,000,000 to
a
excess
total of $5,630,000,000.
such
as
The
American
modestly concerned for
over
some
a
brief
by the British Treasury, with
tion
effected
dispelled
Assurances that the
an
any
orderly
manner,
disposal already
through privately ordered sales,
apprehensions.
Bursts of
specu¬
buying in the wheat pit aided the stock
briefly
on
a
liquidation and the replenishment
and the reflection that much of the
$7,450,000,000 furnishing the only important offset.
was
was
selling would be carried out in
with
in circulation by $39,000,000 to
market
of the British dollar balances.
increase
excess reserves,
stocks,
view to ultimate
banks, and foreign bank deposits
an
investment
similarly dull.
English holdings of 60 American stocks had
been
on
general account with the 12
These items made for
were
period, last Monday, by the London announcement
mone¬
The Treasury also disbursed funds
utility stocks
issues moved to best levels of the year.
to
tary gold stocks by $45,000,000 to a record of $18,-
108,000,000.
few
But most issues
Tuesday.
Such
influences
sec¬
were
Volume
minor and
out
evanescent, however, and they balanced
far
so
The Commercial & Financial Chronicle
150
prices
as
trend in the United
expected, but it
discounted to
a
concerned.
are
States remained
business, acted to thwart the list's1
as
been
has
foreign sphere
ting short the mild
The domestic political
of the
war
that of
was
a
before.
possible widening
Not in any
sense
the market
to
dealings
special issues.
slow,
were
few
a
United States Treasury bonds
soon came
under the influence
Steel shares
were
Profit-
low-priced specialties and selling in
parts of the list, especially industrials, pro-
duced
were
among
a
especially affected,
and they relinquished their previous gains.
taking
move
other
for
save
by cut-
A show of activity was manifest from the
mixed trend.
definitely in either direction.
bond
progress
set into motion the day
of easier prices and completed the session with
the
were
determining factors of sufficient weight
recovery
start, but the market
activities and of the number of countries
engaged in hostilities.
con-
fusion among many as to the future of American
change, while the principal problem
in the
Listed
the week's trading, coupled with the general
business
downward,
that this matter
seems
large degree.
outlook did not
The
1171
irregular trend yesterday, and
an
changes
pretty evenly divided between gains and losses,
were
neglected, pending disclosure of the March financ-
The release
ing plans.
were
the Department of Commerce, in which it stated that
Underwriters found the demand
the volume of business would decline the fore
part
Highest rated corporate issues also
all but motionless.
good
for
corporate issues which appeared
new
of the year, was
on
the
market, but the tax-exempt offerings of State
agencies and municipalities were inclined to lag in
distribution.
Among
performances
speculative
Brooklyn-Manhattan
under
the
Transit
obligations
110
a
business review by
incentive to better markets,
As compared with the closing
Friday of last
on
week, final prices yesterday reveal
best
mixed trend,
a
General Electric closed yesterday at 38%
in New York City transit issues,
were
especially in demand
fication
bonds
during the day of
08%
on
against
Friday of last week; Consolidated Edison
being
Co. of N. Yr. at 31% against 31%; Columbia Gas &
developments assuring uni-
011
Electric at 6% against 6%; Public Service of N. J.
municipal
ownership.
Speculative
at 42% against 41%;
International Harvester at
railroad, utility and industrial bonds held close to
54 against 56%; Sears, Roebuck & Co. at 83 against
previous levels.
84; Montgomery Ward & Co. at 54 against 54; Wool-
fault
bonds
dollar
Some of the Latin American dein
were
mild
demand
in
the
in northern
buying
Europe.
sioned
little
a
metal
was
generally.
Gold
Call loans
the New York
011
Continental
toward
Saturday
were
shares;
on
York
against 112;
starting
week
was
on
Wednesday.
on
on
22%
Wednesday,
The
higher
Dull
narrow
and
prices
93%
day's lead:
era
Monday, resulting in
ket
characterized
a
the
more
modest
scale
than
was
heretofore.
on
On
a
crease,
Mar-
of
the
day's total
tended the heavier volume and
spicuous
among
specialty issues.
proved
a
Birthday
rather
on
the
copper,
desultory
an
were
steel,
Exchange activity
Thursday,
gains
Firmness
affair.
most
metal
on
at-
;
Southern Pacific at 13 against 13%; South-
were
irregularly changed the present
United States Steel closed yesterday at 57%
37%
on
Friday of last week; Crucible Steel
against
37%;
Bethlehem
Steel
at
77%
against 41%.
In
the motor
group,
Auburn Auto closed yester-
day at 1% against 1% bid
Tuesday
perceptible in-
sales.
this week.
against 77, and Youngstown Sheet & Tube at 40%
much
with the rally accounting for approximately
one-third
levels
Railway at 16% against 17%, and Northern Pa-
against 58%
at
011
equities emerged from their stupor in the final hour.
Transactions at this point showed a
lower
Friday of last week; Atchison Topeka &
Steel stocks
close,
activity
mixed trend of prices.
section of the list
on
week.
strength featured local transit issues, but sales
turnover in this
touched
cific at 8% against 8%.
softness, but
trading dominated
shares
at 16% against 16%; Union Pacific at 94% against
advanced from fractions to two points.
Near the close the market encountered
Tire & Rubber
Goodyear
Santa Fe at 22% against 23%; New York Central
Saturday of
011
group,
Pennsylvania RR. closed yesterday at 22% against
on
Friday, 154,098 shares.
of the market
rubber
United States Rubber at 37 against 37.
Monday, 165,440
on
the
Railroad
Exchange the sales
moderate and firm.
generally
19%;
last week; B. F. Goodrich at 18% against 18%, and
011
ership fell to the lot of the steel shares, and stocks
in this group
against
Monday, 633,410
In
107,345 shares;
pace
Canada Dry at 21%
closed yesterday at 24% against 24% on Friday of
Tuesday, 180,675 shares;
165,005 shares, and
The
Stock
Friday, 653,760 shares.
Curb
Standard Brands at
6% against 6%; Westinghouse Elec. & Mfg. at 113%
on
402,090 shares;
New
;
Eastman
Schenley Distillers at 12% against 12%, and Na-
Tuesday, 807,760 shares;
the
against 46%;
Exchange the sales
were
on
Can at 47%
against
against 35%
tional Distillers at 24% against 24%.
Saturday
783,250 shares, and
at 24
re-
York
on
Biscuit
Sulphur at 34%
Exchange
New
shares;
National
Texas Gulf
Kodak at 148 against 155%;
the
unchanged at 1%.
Stock
against 17;
24%;
remains the best indication
the
last
16%
aided the
foreign exchange position.
mained
On
ter at 15 against 15%; National Dairy Products at
exchange
copper
flow
to
Friday of last week; Allied Chemical & Dye
at 184 ex-div. against 184%; National Cash Regis-
fully maintained,
Foreign
continues
on
at 178% against 176%; E. I. du Pont de Nemours
slow, with "free" sterling inclined to
States, which
of the
were not
Good inquiry for
stocks
lower.
United
24%
occa-
agricultural commodities held around
previous figures.
trading
sudden
a
171%.
Western Union closed yesterday at 24% against
sympathetic acquisition of equities,
gains in wheat
while other
drift
I11 the wheat market
172 against
outlook
war
developed late Tuesday, and it
wave
But the
On
worth at 40 against 40, and American Tel. & Tel. at
department, and Scandinavian bonds also im-
proved, notwithstanding the dubious
base
foreign
.
on
Friday of last week;
General Motors at 53% against 53%; Chrysler at
85% against 85%; Packard at 3% against 3%, and
Hupp Motors at % against % bid.
Among the oil stocks, Standard Oil of N. J. closed
con-
yesterday at 42% against 44%
and
week; Shell Union Oil at 11% against 11%, and
Wednesday
Washington's
intervening holiday in
on
Friday of last
Atlantic Refining at 22 against 22%.
Among
the
copper
stocks,
Anaconda
closed yesterday at 30% against 20%
on
Copper
Friday of
The Commercial &
H¥2
week; American Smelting & Refining at 50%
last
against
against 50%, and Phelps Dodge at 39%
aviation
the
In
Curtiss-Wright
group,
closed
Friday of last
Boeing Airplane at 23% against 24%, and
yesterday at 10% against 10% on
week;
and industrial reports now
Trade
are
reflecting
quite generally a decline from the relatively good
levels reached soon after the European war started.
operations for the week ending today were
Steel
American Iron and Steel Institute at
estimated by
67.1% of capacity against 68.8% last week, 82.2%
and 53.7% at this time last year.
month ago,
duction of electric power
Pro¬
for the week ended Feb. 17
reported by Edison Electric Institute at 2,475,-
is
financing.
war
Dealings
the Paris Bourse were quiet in most
on
week, but the general tone was firm.
sessions of the
The Paris market
that makes postponement of other
pace
but did not increase business to any
this week, partly because of fears that the
will
soon
take
land Government will
eventually requisition Dutch
preivous week of 18,979 cars, but
the similar week of 1939 of 31,279
over
exchange market, and this proved a depressant. The
Berlin Boerse was listless in all sessions of the
cars.
As
discussion of the possibility that the Hol¬
holdings of foreign securities in order to bolster the
decline from the
increase
open
There
larger dimensions.
on
Association of American Railroads at
was
important de¬
The Amsterdam market was generally dull
war
an
whole, pricewise,
the French financial market as a
Car loadings of revenue
freight for the week to Feb. 17 are reported by the
a
These remarks aided
available, Mr. Reynaud said.
and easy,
cars,
financing
Of the 25,000,000,000 franc ad¬
vance by the Bank of France to cover the costs of
mobilization, some 7,000,000,000 francs still are
gree.
607,924
good deal of encourage¬
expedients possible.
ceding week and 2,248,767,000 kwh.
sponding week of last year.
a
Reynaud, which indicated that sales of
bonds" currently are proceeding at a
Paul
ter
gained
speech, Wednesday, by Finance Minis¬
"armament
574,090 kwh., against 2,522,514,000 kwh. in the pre¬
in the corre¬
which so far have
principal reliance of the British Treasury
been the
ment from a
against 83.
Douglas Aircraft at 82%
Feb. 24, 1940
funding of short term loans
the
in
38%.
a
financial Chronicle
indicating the
of the commodity
course
mar¬
week, and price changes were small.
kets, the May option for wheat in Chicago closed
British Holdings of U.
yesterday at 106c. against 103%c. the close on Fri¬
May corn closed yesterday at
day of last week.
S. Securities
57%c. against 56%c. the close on Friday of last
BRITISH Treasury officials announced in Lon¬
don, last Sunday, an important new step in
week.
the process
May oats at Chicago
closed yesterday at
of liquidating English holdings of cer¬
United
States
securities, and thus obtaining
41%c. against 40%c. the close on Friday of last
tain
week.
exchange for the purchase of airplanes and other
The
closed
on
price for
spot
here
cotton
in
York
New
yesterday at 11.22c. against 11.14c. the close
The spot price for rubber
Friday of last week.
yesterday closed at 18.76c. against 19.06c. the close
Domestic copper closed
Friday of last week.
on
yesterday at ll%c. against ll%c. the close on Fri¬
In London the price for bar silver
day of last week.
closed
20%
yesterday at 20 3/16
pence per
ounce
against
pence per ounce
the close
on
Friday of last
is
ure
merely of the requisitioning of all such holdings of
60
the
fers
on
London closed
$3.96% the close
transfers
on
Paris
on
Friday of last week.
foreign exchanges, cable trans¬
yesterday at $3.95% against
Friday of last week, and cable
closed
against 2.24%c. the close
yesterday
Friday of last week.
on
British
stock
centers, with the London Stock Exchange show¬
better
ing
markets.
the
results
War
than
the
Continental
dispatches disclosed nothing
new
in
belligerent activities, and the financial markets
able to
were
Of
matters.
busy themselves with
particular interest
Treasury decision to take
for
of
any
over
ordinary
more
was
the
British
and pay in sterling
English holdings of 60 American stocks.
gave
This
liquidate at their
on
funds
equivalent of the
For
some
sort
proceeded at
would be
British
put to work in such issues.
continued
more
the interest
shares.
to
broadly
on
investors
The advance
Tuesday, and thereafter
spread to industrial, mining and other
Even the
foreign bond department of the
London market attracted
a
little
$1,500,000
a
buying.
Idle funds
in
order
own
side of the Atlantic
the American
soon
will be made
on
the
process
that
The London
continued
no
gold shipments
genuine
were
made
British
reason
or
as
to
possible hints from
Treasury to the British Treasury that
There is
unwelcome.
are
to assume that such overtures
had any
bearing
on
the action of the
authorities, which parallels the controlled
selling of securities in the World War.
announcing
ample
this
dumping of securities.
is to
step
assurances
the
that
British
there
be
no
"regularize" the operations under which dollar
exchange is obtained for the securities.
pose
Treasury
would
The object, it was indicated,
"The
pur¬
of such requisitioning," the statement said, "is
to insure that realization of securities in American
markets shall be
orderly and that the total volume
of
start
estimated to
reports promptly gave rise to conjectures on our
it
a
pace,
Of late, however, the
official action.
of sales from the United
probable that
began, liquidation of
good
accelerate
to
continue to accumulate in the London market and
seems
of the London Treasury.
war
day.
a
London decided upon
In
available
discretion, after ob¬
own
reserves
time after the
doubtless
gave
made
were
realized, the dollar exchange
sums
being added to the
Monday, owing to the expectation that the
thus
the
upon
The holders heretofore
war.
taining permission, and they received the sterling
a
the gilt-edged section of the London market
fillip
authorities
with the London
selling is well known to have diminished, and it is
FAIRLY exchanges in the leading European finan¬
good business was reported this week on
cial
No
holdings of United States securities were
registered
have been
European Stock Markets
paid prices
exchange computation is to be at $4.03%.
this
2.24%c.
at
to be
difficulty will attend this process, of course, as the
free to
on
are
by the final quotations of last week, and
at
of
Owners
stocks.
common
indicated
week, and spot silver in New York closed yesterday
34%c., the close
consists
altogether obvious one, which
an
outbreak of the
In the matter
The latest meas¬
equipment in this country.
war
both
vested
and
Kingdom, including sales
non-vested
securities,
should,
Volume
over a
The Commercial & Financial Chronicle
150
period of time, continue at about the average
volume of recent months."
The list of stocks is
Thursday, that
States
a
mails
1173
British interferences with United
clipper airships at Bermuda,
on
on
representative one, ranging from Allied Chemical &
Jan. 18, took place at the points of bayonets.
Dye to Texas Gulf Sulphur.
Steel, Bethlehem Steel, and General Motors, which
Another futile international dispute appears to
impend with respect to the so-called "safety zone"
of the 21 American republics, stretching some 300
almost suggest
miles to
J'here
worthy omissions, however, such
dom.
Other
as
that the selection
stocks
wTill
he
are some note-
A. T. & T., U. S.
made at
was
added
to
the
ran-
list
of
be
to
This zone,
sea.
the
brain
child
reported by
of
observers
some
Under-Secretary of State
requisitioned issues from time to time, as circum-
Sumner Welles, has not been accepted by
stances
belligerents, and obviously can have little basis in
international law.
Brazilian authorities made it
dictate, London dispatches indicate.
action
have
to
appears
caused
Washington, and assuredly
the New York financial
through
intelligent
was
The
misgivings in
no
well understood in
official
action
is
that the dribble of sales from
by
buying, has been
any
considered
London, unbalanced
depressant
a
York market in recent months.
not be
the New
on
This situation may
changed materially under the
dispensa-
new
tion, but the offerings doubtless will be
at
more
opportune moments hereafter.
„
Wakama, which
such
a
FRESH indications
the
course
and
undeclared
Neutrality
wars
occasioned
in
now
by the declared
progress in Europe,
enjoyed his combined
President Roosevelt doubtless
day.
The secrecy With which the President hedged
this
journey
eluding
gave rise to all manner of rumors, infar-fetched notion that he planned to dis-
a
aims and peace terms with
representatives
cuss war
of
belligerent States
better
than
aware
the high
on
Mr.
this sort will crop up
Roosevelt
junkets.
that
one
rumors
when elaborate attempts
made to veil the real purpose or
such official
No
seas.
is
of
are
lack of purpose of
The commonly accepted view
of Mr. Roosevelt's
tliat
of
trip, it may be added, is simply
fishing expedition, mixed with a little
a
ostentatious
fenses, and
examination
no one
Panama
Canal
de-
is inclined to begrudge the Presi-
dent such diversions.
prevail,
of
Some uneasiness continues to
the other hand, regarding the "business"
on
matters which
were
officially stated
as
having in-
spired the journey, in part.
The
mysterious visit of Under-Secretary of State
Sumner
Welles
to
Italy,' Germany,
England, likewise remained
and of inventions
the
a
France
and
matter of uncertainty
by fertile imaginations.
Few of
gained the dignity of presentation by
reputable journals, but they are none the less sigrumors
nificant.
A little apparent
Mr. Welles's
in
journey
light
on
the purpose of
made available Thursday,
United Press dispatch from the Italian liner
a
was
Rex, which took the Under-Secretary abroad.
the
of
In
of this
observation tour the
possibility
improved relations between Washington and Ber-
lin
course
will
found
take
for
such
be
surveyed, it
for uneasiness
cause
in
the
as
was
to
merchant
examination,
Still another
neutral
position is
British determination
expressed
American
stated.
our
despite
ships into control ports
the
prohibition
against
entry into belligerent waters written into
amended
threat
neutrality
of
this matter
interest
is
laws.
unrestrained
a
a
delicate
The
submarine
one.
disclosure
to
latest
our
German
warfare
Also of great
by the Associated
makes
With
Washington to the New York A "Times," which
our
official
governments would
circles
fall
into
that
re-
"all
line."
It
quite obvious, in view of actual experience
with thethereto, that the notion of such unilateral
zone and of the diplomatic exchanges pertaining
a
extension of territorial waters in wartime might
well be buried for the duration of the conflict.
.
business and vacation tour aboard the cruiser Tusca-
loosa, which carried him into the Pacific last Sun-
crew.
that the United States Government really is pressing for joint action was afforded by a dispatch from
seems
were lacking this weekin the
as to
foreign policy
by its
ably will associate itself, according to Washington
reports of last Saturday.
An excellent indication
ported confidence in
of American
difficult circumstances
scuttled
was
protest the United States Government prob-
American
American
of the
known late last week that they intend to protest
the British interference, far off the coast of Brazil,
but inside the zone, with the German merchant
ship
market, where liquidation
preferable to spasmodic bursts of private sales, if
liquidation there must be. It is hardly to be denied
any
Russia and Finland
pINNISH troops continued, this
week, their valiant defense of the small country which the
Russian forces now are attacking with a frenzied
^
violence unknown in previous weeks of this undeclared
in
war
northern
Europe.
The outlook for
the Finns unquestionably is dark, but reports differ
widely and it
may
well
be
that
country will not be decided for
Snows
came
to
day, rendering
appears, on
the
some
fate
time to
of
the
come,
the aid of the defenders, Wednes-
the Russian
attacks
difficult.
It
the other hand, that Finland will
re-
ceive little military assistance from other
countries,
save
for the volunteer corps
Sweden.
The debate
as
assembled mainly in
to fresh financial aid from
the United States is still undecided in
Washington,
The British authorities made it known
on
Wednes-
day that 144 airplanes had been supplied to Finland, along with extensive land equipment, but informed opinion in London held that the men so
vitally needed by Finland could hardly be spared
in sufficient numbers by the Allies. Sweden, as the
next-door neighbor of the beleaguered country, de-
bated official aid last week.
Premier Per Albin
Hansson stated in Stockholm, however, that Swedish neutrality could not be compromised by official
aid, although private assistance to the hard-pressed
country certainly
in Sweden
was
so
permissible.
Public opinion
incensed that King Gustaf con-
was
sidered it advisable to state personally, last Monday, that the decision for strict neutrality had been
taken with the full support of the Cabinet and the
Parliament.
might
This disposed of hopes that the Finns
receive
really effective military assistance
from nearby countries.
Reports of the battles make clear the increasing
are
being subjected,
strain to which the defenders
The main battle still is being waged
lian
isthmus, where the Russians
general
and materials
Press,
reckless haste.
are
on
the Kare-
throwing
men
against the Mannerheim line with
Neutral observers
were
under
the
The Commercial & Financial Chronicle
1174
Impression that the lied Army aimed to conquer
in time
Finnish fortifications
the
the opinion that no attempt will be made either
by the Germans or the Allies to break through the
Maginot or Limes lines at the frightful cost that
lian front and
If this
of
anchor
Finns still held
Koivisto, but
a
dispatch to the New
can
be
fully
aware
the other
mains
in Helsinki
one
happening at the front."
inference is that no
The obvi-
in the outside world
one
of the developments.
It
appears,
hand, that the Russian air force
re-
highly active and is extending much aid to
the Russian land
forces, which are endeavoring in
huge numbers to storm the extreme ends of the
Even the heavy snowstorm
Mannerheim defenses.
Wednesday failed to halt the Russian attacks,
and it is clear that the Finnish defense is
Calls
serves
of 1895 and
were
defenders.
the defeat of
of Lake
1894, which indicates that final
of man-power
resources
a
wearing
issued Thursday for Finnish re-
thin.
being tapped by
now are
Finns announced
The
Russian division of
Ladoga, which is
a
on
18,0-00
Monday
north
men
heartening indication
that Russian
attempts to outflank the Mannerheim
defenses
proving fruitless.
are
airplanes,
upon
damage
great
no
hamlet
an
dropped by the fleet of
were
done,
was
it
but the incident nevertheless increased the
were
the attack
firmly convinced, it
neutral Swedish
on
the
white
Swedish
Russian
of
diplomatic dispute which
a
fined to echo for some time to come.
des-
seems
The
British
Admiralty announced on Monday the loss of the
Daring, of 1,375 tons.
The ship suc-
destroyer
cumbed to
German torpedo, it
a
was
admitted, and
only five men w§re rescued from the crew of 162.
another.
one cause or
In
a
statement before
Wednesday,
Commons,
of
House
the
Winston
snow
Government
perturbed
have led to
may
protested
to
issued for all Swedish de*
were
over
was
Russian airplanes at sight,
said to be
were
some-
the appearance off the north-
Norway of British warships, although
fairly obvious that this relates to the
ALMOST
six
Britain
months
and
have
use
of
since
passed
rushed
the
to
and
one
of attrition
In
portant sense, save that of inactivity, has
a
a
trend
little scouting
French admitted
men
in
a
established.
on
Norway, apparently in
an
endeavor to prevent Ger-
ships from entering or leaving Norwegian territorial waters. This is an obvious offshoot of the
man
regarding
dispute
German
the
German bombing airplanes
on
week approached the eastern coast of England and
Scotland, but only minor attacks
developed and the
Germans
on
were
fishing vessels
beaten
of
off
by
a
THROUGH no apparent fault of itsweek-end in
own, Nor¬
embroiled
the last
way was
the
the
no
im¬
the
decision
was
the
neutral
on
There
of
one
over
most
troublesome
far has had to face
so
great war in Europe.
occurrence
are
incidents
as
a
The rights and
matters
of
im¬
proved
of
wrongs
of
belligerents and the Norwegian Government, and
even
of the facts
some
are
not
entirely clear.
possibly because of personal preferences
some
weather
any
dispute between the
Monday the loss of
The
that
consequence
the Western Front, where
ambush.
Altmark.
vessel
two occasions this
ternational legal experts
on
German
Great
aid
of fortifica¬
and in the economic sphere.
or
neu-
Royal Air Force planes, it was said.
against the Nazi German
war
the land frontier
reached
been rather heavy in the preceding week, but
Altmark Case
Reich, but the conflict still remains
seas
Losses of merchant
said in London, Tuesday, to have
were
Europe
France
Poland and declared
on
shipping
A tightening of the blockade of the Reich was indi-
promptly
military authorities
coast of
to four submarines a week.
reported, that
was
territory
by the Russian aviators.
Western
the
cipitating
trals suffered more than the Anglo-French Allies,
Norwegian territorial waters by German ships.
20
on
cated, Wednesday, when both neutral and bellig-
fense units to fire upon
again
Feb. 16 and rescued some 326 imprisoned
the German vessel Altmark, thereby pre¬
way on
sailors
erent reports indicated that British warships had
extended their patrols to cover the Arctic coast of
blanket
Moscow, and orders
been
British warships
dashed into the territorial waters of neutral Nor-
willful
territorial miscalculations
high
The conflict on the high seas produced several
spectacular incidents this week.
It is at least possible, however,
premeditated.
tions
forces in a struggle against Russia and communism,
Observers at the
delicacy of the Swedish position.
**
Great
belief that
the
to
of German submarine destruction, said to be two
appears,
is
incline
now
Britain, France and Germnay eventually will join
the small Swedish ham-
Soviet
it
It is worth recording, on the other hand, that some
observers
Churchill, First Lord of the Admiralty, maintained
that the British Navy is continuing its high rate
Although 100 bombs
ern
wars,
Pajala, six miles from the Finnish border,
of
what
by this strangest of all
The ship was the sixth of the 179 British destroyers
complications of the Rosso-Finnish
airplane bombing raid
The
have been confounded
in commission at the start of the war to go down
struggle were augmented, Wednesday, owing to
that
with the greatest caution, however, for all experts
from
International
and
of neutral countries in southeastern Europe,
utilizing that area as the base for a "back-door"
attack on the Reich. All predictions now are made
But this fails to
supply.
let
and that the Allies will endeavor to enlist the assistance
problem tf man-power and
real defense
the
solve
It is con-
its sea and aerial warfare against Great Britain,
spokes-
view prevailed Thursday that the
ous
offensive surely would entail.
on
Finnish
line.
highly strategic point,
"Times" remarked that "no
knows what is
such
sidered far more likely that Germany will intensify
Mannerlieim
the
In Stockholm the
York
the Kare-
on
of Koivisto, the western
denied the loss of this
men
steadily
was
they claimed on Wednesday the cap-
ture of the coast fortress
the
directed to the possibility of a major move in the
remain of
coming spring, but the military experts
the
The invaders hammered away
on
1940
24,
the Russians attained only a partial success,
military celebrations, yesterday.
case,
on
for the annual
Feb.
emphasis
upon
In¬
find their views opposed,
different aspects
or
varying
of the incident,
on Tuesday, when the freezing temperature
moderated, but this merely occasioned a morass of
which
mud and
icy water, in which the troops made
mark, which accompanied the raider Admiral Graf
progress
whatever.
All
attention
currently
no
is
mark
Spee
bids fair to
case.
in
In
its
go
down in history
as
the Alt-
brief, the German supply ship Alt-
South
Atlantic
depredations,
was
Volume
The Commercial & Financial Chronicle
150
boarded in
Norwegian territorial waters
Feb. 16
on
and
1175
controversy followed
a
wegians had failed to detect the
326
imprisoned
British
rescued
prisoners
and
The attack
taken
the German
on
back
in
the Altmark
on
seriously injured.
accounts agree,
resisted, and
half-
a
lives, while others
On these bare essentials all
but not much else is beyond dispute,
Norwegian authorities
the
were
triumph to England,
was
dozen German sailors lost their
were
vessel
deeply incensed ov^r
were
glaring infringement of their country's neutral
status.
British
spokesmen
held
action
the
well
justified, while German officials fulminated and
indicated that
Norway will be held strictly to
Present
count.
indications
will be taken to the
case
other international
It would
well
can
be considered in
a
that
the
hundreds of
British
sunken
British
of
the
supply
in
occurrence
ish' naval
for
the
taken from
seamen
was
accompany-
board
on
captured and
Nothing
heard
was
^hip, however, until the sensational
Norway
The Brit-
made known.
was
authorities
plainly
were
the lookout
on
ship, for London reports of last Monday
explained that the Koyal Air Force
northern
seas
until the vessel
scouted
finally
the
spotted,
was
Thereupon, several Britisli destroyers took
the
up
chase, which led southward from Bergen through
Norwegian territorial waters.
lated
fjord, known
mark
>vas
efforts
forced
within the
deep but iso-
by the British naval craft, despite
and
The Altmark
fjord, and
a
lived
forced aground deep
a
gallant
rescue
It is said that the
the German
on
was
The
But Norwegian
was
war-
authorities made it clear
that the German vessel had not halted at Bergen
for examination and they cited British authorities
international law to the effect that there is
on
nothing to prevent the transportation of prisoners
neutral waters.
across
Two clarifying statements
are
this case, the first having been
of importance in
made last Monday
by Norwegian Foreign Minister Halvdan Koht, and
the second
on
Tuesday by British Prime Minister
Mr. Koht declared
categori*
wegian port, but
pedo boat
was
on
was
stopped by
a
Norwegian tor-
Feb. 14 outside Trondjhem Fjord.
established, he added, that the Altmark
It
was a
State vessel, armed with anti-aircraft guns, which
had
perfect right to
a
through Norwegian waters,
go
Citing an admission by British Foreign Secretary
Lord Halifax that there had been
fringement"
Norwegian
of
"technical in-
a
neutrality,
Mr.
Koht
asserted that "the British Government is of the
opinion that it
neglect ordinary international
Mr. Chamberlain disclosed that
law."
was
can
befpre action
taken with respect to the Altmark,
British
naval officers proposed that the vessel be taken to
Bergen for examination by Norwegian authorities,
The British spokesman
This offer was refused.
complained of what he called Norwegian indiffer-
ehce
to the use which might be made of their
as
territorial waters by the German fleet.
"Even if
gren-
such indifference were due to German pressure, it
of the
nevertheless in th view of his Majesty's Government
boarding party, using
pistols, effected
326 British sailors.
men
a
by smaller Norwegian warships to halt such
proceedings.
ades
Into
the Joesing Fjord, the Alt-
as
ships.
calmerNeville Chamberlain.
Admiralty
Altmark,
merchantmen.
bound to do.
was
raised whether the German ship
was
cally that the Altmark had not put into any Nor-
ing the scuttled Admiral Graf Spee, had
some
or some
prevails.
now
seem
League of Nations
of the fact that the
aware
the Altmark
that
of the 326
armed and therefore in the classification of
ac-
tribunal, where the fine points
of international law
atmosphere than
are
presence
and freed them, as, according to
men
the British version, Norway
question
to why the Nor-
as
by British sailors from the destroyer Cossack, and
imprisoned
was
inconsistent with an active and impartial exer-
ship in almost intolerable
cise of the duty of a neutral toward ourselves as
belligerents," Mr. Chamberlain stated,
conditions, and they
were
acclaimed
to
was
made of this spectacular
England.
in
incident
Much
the United
British naval
their return
war
have been of the
quiet kind represented by measurably
safe trans-
port, whereas the Germans have sunk several huge
British
warships and
Brief
rise
a
stances
tested
ones.
it already has given
protracted diplomatic dispute.
Circum-
surrounding the affair become known last
Saturday, when
of
number of smaller
this encounter was,
as
to
a
the Norwegian
Government
pro-
vigorously to London against the violation
neutrality and demanded that the freed Britisli
be returned to
seamen
time that the
same
tested
strongly to
Norway.
It appeared at the
German Government had pro-
Norway,
the Altmark
demanding repair of
and compensation.
damage
to
German
vessel, hard aground, presented
case
apart
Southeastern Europe
Kingdom, possibly because
in this
successes
on
from the British
a
The
difficult
raid, and Oslo dis-
r\IPLOMATIC
jlJ
pean
maneuverings of the great Euro-
Powers in the Balkan peninsula and the
Near East are beginning to occasion misgivings as
ability of the smaller countries to avoid the
to the
dread plunge into conflict.
reasons
able to determine their own
to
There are some stout
for believing that the Balkan States will be
come
at
any
fate, for some months
These include the simple
rate.
aspects of geography, and the need of Germany for
a
peaceful Balkan region as a supply base.
Italy
would have to be at least benevolently neutral be-
fore the Allies could contemplate extensive opera-
and
tions,
there
Italian attitude.
is
no
assurance
regarding the
The uneasiness nevertheless con-
tinues to mount, and in recent days
mented by Turkish statements
has been aug-
which verge on belligof Turkey warned the
patches made it clear that the principal concern
erency.
of
people last Monday that, as non-belligerent associ-
Norway was to maintain her delicate balance of
neutrality.
The entire matter was complicated ad-
The controlled press
ates of Great Britain
and France, they must be
ditionally by London reports that the British war-
prepared for a "supreme effort" next spring.
ships had acted on the "full authority of his Majes-
as
ty's Government to enter neutral waters."
patch of Tuesday from Ankara, indicating that the
Diplo-
matic initiative in the matter promptly was
supreme war
council of Turkey was studying plans
London, where the Norwegian Minister, Erik
by
"for coordinating Turkey's armed forces with the
informed that the British Government
huge reservoir of man-power being assembled in the
Colban,
had
in
taken
Quite
plain was a comment in an Associated Press dis-
no
was
apologies to make.
It was at first believed
London that the Altmark had halted at
Bergen,
Near East by her British and French allies."
moves
suggest,
as some
These
others have done, that Lon-
Paris at the very
and
don
the
least are preparing for
possible contingency of a generalized conflict
Germany and Russia, as one combination,
in which
be faced
would
by
enlarged grouping of States
an
Russia was
centering around England and France.
reported
on
Wednesday as recalling technical and
Turkey. On the same day the
other advisers from
ventured the estimate that the Allies
Italian press
have
will
1,000,000
East next
under arms in the Near
men
Rumania, which by
on
its oil
supplies
mendous pressure
$£28,626,000 two weeks ago and only
to
must be considering
now
from bankers
The
reserve proportion rose to 27.50% from
26.60% a
week ago and compares with 35.30% last year.
£8,366,055 was
which
529,869,
of
accounts
and
£163,814 from other accounts.
securities increased
which
and
securities
rate
remains at 2%.
items with
The latter consists
which decreased £101,490
of discounts and advances
for continued and augmented sup¬
£3,378,000 and other
£2,440,949.
For
rather than a blessing.
£16,-
Other deposits decreased £8,-
347,851 a year ago.
The Bank
£2,542,439.
rose
Below
show the different
we
comparisons for previous years:
BANK OF
from Rumania, while Great
equal dexterity is pressing for dimin¬
with
Britain
£9,369,000 further
with
petroleum
of
plies
cen¬
German authorities are exerting tre¬
war.
£48,587,000 compared
rose
well draw its possessor country
a curse
Rumanian oil may
into the
continues to
re¬
Public deposits
total of £1,806,000.
a
rose
1940
24,
holdings,
£144,982 in the Bank's nominal gold
serves
Government securities fell off
spring.
The immediate test of influence
ter
Feb.
Chronicle
The Commercial & Financial
1176
ENGLAND'S COMPARATIVE
Feb
Feb.
21,
22,
Feb
Feb. 26,
24,
1936
1937
1938
1939
1940
STATEMENT
Feb. 23,
•
ished shipments to
The problem of air¬
the Reich.
plane gasoline was uppermost this week, and to all
appearances
for it
was
the British negotiators won the round,
require¬
indicated at Bucharest that home
exports
impossible.
But the
..
<fc advances.
promptly dispatched
of
one
4.914
6.546,899
4,635.644
17,528, 991
21.646 066
19,454,408 20,273
51,184,000 54.689 499 52.657,495 59,266
1,158,296 127,424, 475 327,181,245 314,333
25,648,862
Securities
Reserve notes & coin
Government
German
529,975.000 472,734, 976 474,523,750 455,067, 116 399 881,499
8 823,334
12,970, 954
16,731,642
48,587,000 16.317, 851
Public deposits
137,524,177 138.267, 663 141,136,535 138,295, 001 141 646.616
Other deposits
Bankers' accounts.
97,163,582 103,135 001 105,600,420 100.419 121 '06 189,421
Other accounts
40,360.595 35.132 662 35,536,115 37,875 880 35 457,195
85,043, 044 82 105,001
Govt, securities
122,758,164 78.941 164 97,426,164
30,284.506 39.175 057 26,001,307 25.187 823 25 126,851
Other securities.
Circulation
Piect
make
would
ments
£
£
Coin and bullion
10 .998,547
419
404
14
704
61 ,475,174
,128,304
820 201 ,356,673
Proportion of reserve
its ablest
spokesmen to Rumania, and fresh develop¬
to liabilities
Meanwhile, the Ru¬
surprising.
2%
Gold val. per fine oz.
33.3%
2%
1114d. 84s.
HHd. 8 4s.
84s.
168s.
40.85%
39.10%
35.3%
2%
27.50%
Bank rate
ments would not be
11 m. 84s.
\\m.
manian authorities decided to increase their armed
forces for all
virtually general mobilization will be in effect by
the
beginning of March, with 1,500,000 men under
obvious
is
it
European
A
Balkan
Other
arms.
that
States
also
restless, for
are
involvement
Rumanian
in
the
might draw others into the strife.
war
rapid change of the Bulgarian Cabinet occurred
last
late
week, with Professor Bogdan Philoff re¬
placing George Kiosseivanoff as Premier, for "rea¬
sons
Bank of France Statement
eventualities, and it is expected that
THE statement for theholdings at Feb. 15 showed
week ended 97,272,254,346
the Bank's gold
francs,
an
Notes in circulation again
rent
outstanding
Foreign Central Banks
the
rates
Present
rates
any
at
the
leading
centers
are
shown in the table which follows:
vious
Effective
Feb. 23
Rate
Holland
Argentina..
Belgium...
Bulgaria...
314
Mar.
2
Jan.
6 1940
6
Aug
15 1935
Canada....
2H
Mar. 11
ChUe
3
Dec.
16 1936
4"
4
July
18 1933
5
3
Ian.
Colombia
.
.
1936
1
Effective
Rate
...
3
Aug
29 1939
4
Aug. 29 1935
414
India
3
Nov.28 1935
314
414
May
Italy
314
18 1936
7 1936
Apr
5
3.65
Ian
14
1937
discounted fell off 1,195,-
bills
while credit balances abroad, ad¬
against securities, creditor current accounts
temporary advances to State showed increases of
9,000,000 francs, 74,000,000 francs, 816,000,000
francs and 700,000,000 francs respectively.
Ad¬
the
to the State
highest
on
total
now
37,873,990,139 francs,
The proportion of gold to
record.
6
'Hly
15 1939
6 54
May 28 1935
a
year
Below
ago.
we
show the various
with comparisons for previous years:
7
Morocco
63.19%
items
4
Lithuania..
414
3
Java
i
1936
3.29
lapan
compared
sight liabilities is now at 56.97%, compared with
2
Hungary...
7
1935
1
vious
214
Czechoslo¬
vakia
Date
Country
francs,
and
Pre¬
Rate in
Pre¬
Date
fffert
Feb. 23
loss, the cur¬
and 110,785,165,540 francs a year ago.
commercial
vances
vances
Rate in
Country
a
high of 154,455,000,000 francs two
000,000 francs,
THEREdiscount noof
have been changes during the week in
of the foreign central
registered
153,641,000,000
to
with the record
French
Discount Rates of
week,
decrease, 668,000,000 francs, reduced the total
weeks ago
of health."
banks.
increase of 1,077,391 francs in the
compared with 87,265,829,349 francs a year ago.
OF FRANCE'S COMPARATIVE
BANK
5
Norway
414
Sept
22 193°
3H
10 1939
4H
poIand
414
Dec.
17 1937
5
Eire
3
lune
30 1932
SH
Portugal..
4
Aug
11 1937
England
2
Oct
26 1939
3
Rumania
314
May
5 1938
414
Estonia....
414
Oct.
1
5
South Afrlcn
M-IV
1" ini"
Finland
4
Dec.
3 1934
414
214
Spain.....
3
Dec
16 l'»3H
5
Switzerland
m
Nov
26
1936
2
7
Vueoslnvin.
5
Peh
1
1935
614
STATEMENT
414
4
Danzig
Denmark
..
...
Oct.
2 1937
1935
2
France
Germary
..
Tan.
4
Sept. 22 1932
6
Greece
*
Jan.
514
inn
4 1939
4
1937
Sweden
...
..
3 V$
•4
Mar. 29 1939
Chan Jes
Feb.
for Week
iH
5
a
44,000,000
+ 9,000,000
-
*67,603,652
b Bills bought abr'd
Adv. against securs.
Note circulation
Credit current accts.
Foreign Money Rates
c
Francs
14,786,507
20,261,136
French commercial
bills discounted., —1,195,000,000 11,209,000,000
Not officially confirmed.
Feb. 17, 1938
+ 1,077,391 97,272,254,346 87,265,829,349 55,806,467,935
Gold holdings
Credit bals. abroad
214
Feb. 16. 1939
Francs
15. 1940
Francs
Francs
7,110,982,563 11,080.949,745
745,658,368
837,630,029
+74~,bbo,666 3,579,000,000 3,387.633,652 3,740,957,502
—668.000.000 153641000,000 110785165,540 91,945,931,445
+ 816,000,000 17,103,000,000 27,322,390,371 22,199,614,075
Temp. advs. with¬
out Int. to State..
+ 700,000,000 37,873,990,139 20,627,440,996 31,903,974,773
Propor'n of gold on
IN bills Friday market discount rates for1-32%
LONDON open 1 1-32%, against 1 short
on
on
as
are
Friday of last week and 1 1-32@1 1-16% for three
months'
bills,
of last week.
1%.
as
against 1 1-32® 1 1-16% on Friday
Money
At Paris the
on
call at London
open
on
Fir day
was
market rate is nominal at
2lA% and in Switzerland at 1%.
Bank of
•
Figures as of Jan. 18,
a
Includes bills purchased in
the
process
63.19%
48.89%
1939.
France,
b Includes bills discounted abroad,
of revaluing the Bank's gold under the decree of Nov.
c In
13. 1938, the
the Bank's books representing temporary advances to the State
wiped out and the unsatisfied balance of such loans was transferred to a new
three entries
were
56.97%
—0.05%
hand to sight liab.
on
entry of non-lnterest-bearlng loans to
Revaluation of the Bank's gold
the State.
(at 27.5 mg. gold 0.9 fine per franc) under the
effected in the statement of Nov. 17, 1938; prior to
that date and from June 30, 1937, valuation had been at the rate of 43 mg. gold 0.9
fine per franc previous to that time and subsequent to Sept. 26, 1936, the value
was 49
mg. per franc, and before Sept. 26, 1936, there were 65.5 mg. of gold to
decree of Nov. 13,
1938,
was
the franc.
Bank of Germany Statement
England Statement
bank's
in circulation at 11,229,921,000
THE statement of the Bank for of £1,661,000 in THE showed quarter-month statement dated Feb.
the week ended
Feb.
shows
contraction
21
note
circulation
15
a
reducing the outstandings to £529,-
975,000 in comparison with £472,734,976
As the circulation decline
was
a year ago.
attended by a gain
of
marks,
notes
a
compared
loss of 112,936,000 marks in the quarter,
with
marks Dec. 30,
the
record
high,
11,797,934,000
1939 and with 7,334,827,000 marks
Volume 150
a
Gold and bullion, other assets and other
year ago.
daily
The Commercial & Financial Chronicle
maturing
obligations
recorded
of
increases
schedule of rates
of paper at
70,000 marks, 164,618,000 marks and 172,494,000
marks, respectively.
632,000
marks,
last year.
decrease
compared with
70,772,000
of
91,380,000 marks and investments of
OF FEDERAL RESERVE BANKS
RATES
Rate in
Federal Reserve Bank
Effect on
Date
Previous
Feb. 23
Established
Rate
Boston
1
New York
Philadelphia
1
Sept. 1, 1939
Aug. 27. 1937
m
IX
IX
Sept.
2
2
IX
4, 1937
May 11, 1935
Aug. 27. 1937
Atlanta
circulation is
*1X
Aug. 21, 1937
Chicago
*1X
Aug. 21, 1937
St. Louis
*1X
Sept.
Cleveland
The proportion of gold to note
0.69%;
now
it
a year ago
1.04%.
was
show the various items with comparisons
we
DISCOUNT
marks
a
in effect for the various classes
now
the different Reserve banks:
total 77,-
now
Bills of exchange and checks showed
43,961,000 marks.
Below
Gold holdings
1177
for previous years:
IX
Richmond
2
2
2, 1937
2
Aug. 24, 1937
2
3. 1937
Aug. 31. 1937
2
3, 1937
2
Minneapolis
IX
Kansas City
Dallas
*1X
Sept.
*1X
IX
Sept.
!
San Francisco
REICHSBANK'S COMPARATIVE STATEMENT
2
2
*
Advances on Government obligations bear a rate of 1%, effective 8ept. 1,1939.
Chicago; Sept. 16.1939. Atlanta, Kansas City and Dallas; Sept. 21. 1939, St. Louis,
Chances
for Week
Feb. 15, 1940
Reidhsmarks
A sset*—
Reichsmarks
Gold and bullion
+ 70,000
*eb.
15, 1939 Feb.
Feichsmarks
77,632,000
15, 1938
70,772,000
10,572,000
a
70,770.000
20,333.000
5.735.000
Of which deoos.abr'd
Res' in for'n currency.
Bills of exch. A checks.
Silver and other coin..
5,566.000
-91,380,000 10,951,427,000 6,725.100,000 4,942,822.000
243.980 000
c369,29 ,000
237.493.000
Advanoes
c3V 2,000
Investments
208,073,000
968.900.000
815,848,000
52.326,000
Liabilities—
—112,936,000 11,229,921.000 7,334,827,000 4,776,872,000
+172,494,000
1,371,916,000 1.028,584.000
761,423.000
438.423,000
c619,46 ,000
340,758,000
Other liabilities
Propor'n of gold "• for'n
to note circul'n
+0.01%
0.69%
1.04%
"Reserves in foreign currency" and "Deoosits abroad"
a
coin and bullion."
Figures
c
as
1.59%
Included
are
in "Gold
of Jan. 31, 1940.
New York
past two weeks orders have been in larger amounts
than since the
South
York.
or
money
funds, demand remains exceedingly modest.
bills and commercial
modically.
paper
days, and awards
puted
on
on an
the
New
0.006%
York Stock
com¬
Call loans
Exchange held to 1% for
while time loans again
for maturities to 90
fur¬
a
average,
annual bank discount basis.
all transactions,
months
Monday
on
spas¬
discount bills due in 91
at
were
Bankers
traded only
were
The Treasury sold
ther issue of $100,000,000
been
between
$3.98 last
has
transfers
been
with
a
$3.98%
week
days, and 134% for four to six
week.
a range
of between
The range Tor
cable
$3.94% and $3.9634*
ago.
a
The official
shown
of
range
$3.94%
between
and
exchange rates fixed by London have
change since Jan. 8 and
no
York
New
are
4.02%-4.03%;
cables,
as
follows:
checks,
Paris
176%-176%; Amsterdam, 7.53-7.58; Canada, 4.43Berlin
4.47.
is
not
quoted.
Lire
unofficially
are
quoted in London at 78.00.
London official rates
are
fixed for one-month de¬
livery in the forward exchange market
York
New
datings.
Thursday,
market in New
the'range for sterling this
between
compared
1%%
were
was no
sight bills, compared with
and
On
$3.9434 and $3.9634 f°r
any
Despite the vast accumulation of idle
The quotable
war.
neutrals.
In the free market
has
bankers'
NOTHING developed this week to stir the New
York
market
change rates in
and
Washington's Birthday, there
week
Money Market
beginning of the
sterling have been influenced by selling by
Americans
$3.94
department.
scale.
moot
on
rates for
Notes in circulation..
Oth. dally matur. oblig
curr.
the
STERLING exchange is irregular and during the
limited
However, trading is
397,205,000
2,102,925,000 1,131,365.000
+ 164,618,000
43.135.000
—43,961,000
Other assets
Course of Sterling Exchange
Reichsmarks
as
follows:
%% premium to parity with the spot
rate; Paris parity for buyers and sellers; Amsterdam
New York
Money Rates
134 Dutch cents premium to parity; Brussels parity
to 2 centimes
DEALING IN DETAIL with call day, rates on the
Stock Exchange from day to loan 1%
the
was
ruling quotation all through the week for both
loans
and renewals.
continues
up
The market for prime
of
time
the
obtainable.
paper
paper
The supply
demand is still in
Ruling rates
It becomes
new
money
commercial
moderately active this week.
has improved but the
paper
excess
for
134% for four to six months'
to 90 days and
continued
market
Rates continued nominal at 1%%
quiet.
maturities.
of
The
are
increasingly evident
tive in all markets
as
the weeks
it would be if it
to Great Britain alone.
the Bank of
confined
were
The present rates fixed by
lifted at will without consulta¬
or
tion with financial authorities
As
pass
firmly effec¬
England acting for the British Treasury
could be lowered
anywhere.
compared with other countries and despite the
decline of international trade since 1914,
vast economic
power
Britain remain
Bankers' Acceptances
as
that the British exchange control is as
severe
%@1% for all maturities.
discount; Zurich 3 centimes premium to
parity.
an
and credit
resources
the
of Great
impregnable defense.
Currently the principal event affecting foreign ex¬
THE market for prime bankers' acceptances has
change this week.
Prime bills
change is the order issued by the British Treasury on
in about the
Feb.
shown
no
are
same
volume
mand has held strong.
in rates.
Reserve
Dealers' rates
as
last week and the de¬
There has been
as
bills running
are
change
reported by the Federal
Bank of New York for
cluding 90 days
no
bills
up
to and in¬
34% bid and 7-16% asked; for
for four months, 9-16% bid and 34%
19
requiring British
owners
United States corporations to
British Government
the
as
a
of stocks in 60
sell their holdings to
logical step to insure
orderly liquidation.
From the viewpoint
of foreign exchange the signif¬
icance of the measure lies in the
vast increase indi¬
asked; for five and six months, %% bid and 9-16%
cated in the British import
asked.
bility that in recent months Great Britain has been
serve
The bill buying rate of the New York Re¬
Bank is
34% for bills running from 1 to 90 days.
parting with gold to an extent which calls for greater
caution
Discount Rates of the Federal Reserve Banks
THERE have been of changes this week banks;
no Federal Reserve in the
rediscount rates
recent advances
in
on
the
Government obligations are shown
the footnote to the table.
The following is the
balance and in the proba¬
as
her
gold holdings here
therefrom must be
war
clusion
The action
for
.
far
as
possible
might also be taken to indicate
Great Britain is
a war
balances derived
as
has been brought to a successful con¬
until the
that
or
kept unimpaired
making comprehensive plans
of several years'
duration.
The Commercial & Financial Chronicle
1178
The
reduce the consumption of unnecessary foods and
avoid waste.
At the same time Lord Chat fie Id,
Minister for the Coordination of Defense, assured a
Welsh audience that the coal from Welsh mines was
one of the most important of Britain's war exports^,
Optimism in the London market is reflected in the
advances in the share indices. Under the leadership
of gilt-edged securities and a sharp rise in railway
shares, London industrial stocks reached a new high
for 1940 on Feb. 20. The industrial averages, which
were at 95.6 on Sept. 8, registered 98.0 on Feb. 20,
according to the London "Financial Times." Rails
sharp increase in the British import balance
has resulted
largely from the predominant volume of
Imports of war
imports from the United States.
requirements and implements necessary to the mainof domestic armament
tenance
machine tools,
tial
production, such
consumption goods, play
in the
as
together with imports of certain essenan
important part in
the increase in British imports since
Aug. 26 and also
frequent releases of British earmarked gold in
New York.
In
considering British imports of
con-
sumption goods account should be taken of the fact
that
the
of
outbreak
the
since
ever
British
war
Feb. 24, 1940
though not in nearly the same proportion as before
advanced from 40.8 on Sept. 8 to 65.4 on Feb. 20.
Reuters index of London stock prices stood at 88.7
on Feb. 6 and at 90.5 on Feb. 20.
During the same
period Reuters rail shares index rose from 81.2 to
94.3.
The London money market continues easy. Call
money against bills is 34%. Two-and three-months
bills are 1 1-16%, four-months bills 13/8%|j and sixmonths bills 1 3-16%.
Canadian exchange continues to move in close
relationship to the rates fixed by London. Mr.
Graham Ford Towers, Governor of the Bank of
Canada, in a statement to the Finance Minister for
the fiscal year ended Dec. 31 asserted that beyond
the initial period of the shock and transition caused
by the war, credit expansion in Canada is unnecessary,
In his annual report Mr. Towers said: "More than
one-third of the total real income of Canadians in
terms of goods and services is earned directly from
sales to other countries. In the absence of structural
changes which lessen our dependence on export trade,
it is clear that no amount of internal monetary
the World War.
stimulus
have been
subject to rationing not only of
food but of many
other supplies, notably gasoline.
citizens
than offset
derived
from
these
from
revenues
sources,
are
while
curtailed in
severely
been
have
substantial,
•
commodity imports
by the invisible favorable balance
shipping, insurance, and investment
The
returns.
still
British
normal times
In
more
recent years.
The failure of exports to
ports is
balance the swollen im-
in the following trade statistics.
seen
In
January, 1939 British imports totaled £75,570,000
and the import
balance
Since last
£31,494,000.
was
August the import balance has risen steadily and
during
1940 imports reached a total
January,
£104,961,000 and although British exertions
the
whole
highly successful in achieving
volume of exports
for
greater
a
and reexports, the import balance
January, 1940 increased to £60,230,000.
to last
August the foreign trade deficit for
had been around
and
had
been
The present
of
were on
Prior
some years
£30,000,000 to £40,000,000 monthly
largely offset by invisible receipts,
list of 60 American securities requisi-
tioned from British holders by the London authorities
what
of
consists
and bears
issues
might be called second class
relation to the
no
extremely large
holdings of really first class outstanding American
securities
held
mention
to
Bethlehem
and
less
few,
a
grade
United
as
States
Steel,
Steel, American Telephone & Telegraph
Pennsylvania Railroad
the
as
Such securities,
by British citizens.
only
will
continues
war
be
also
not included. Doubt-
are
of the
securities
highest
and sold in this
requisitioned
market
by the
British
gold holdings here will not be disposed of
British
except as a last resort.
that
authorities, for the
actual
The London authorities state
.
fully offset the effect
can
upon
Canada of
a
l°w level °f foreign demand for Canadian goods and
services."
Montreal funds ranged during the week between a
discount of 13 11-16% and a discount of 1334%.
The amounts of gold imports and exports which
f°llow are taken from *he weekly statement of the
United States Department^ Commerce and cover
the week ended Feb" 14' 1940'
G0LD lMP0RTS AND EXP0UTS' FEB-8 T0
J
rwi
14; inclusive
Exports
M
Imports
T-nrvrf 0
*$2,145,658
ore and base bullion
53,071,121
Total.
N0^yS °f Refined Bullion and Com shipments—
$1,882
$55,216,779
Refined bullion and coin
$1,882
$7,040,193
5,569,978
Russia.
6,759,270
securities will be sold in this market except
no
under urgent necessity and in
not to disturb
such
an
orderly
way as
switzerfandl 11IIIIIIIIIIIIIIIIIIIZIZIIIIII111
27,810,955
surinamJllIIIIIIIIIIIIZIIIIIZIIZIIIIIZIIIIII
prices.
978,943
3,732,788
canadaKingd°m""""""
39,000
50,850
Following the
Melbourne
on
Government is
London example dispatches from
Feb.
also
.
.
..
the Australian
Avni;AT1
oration
,
with
that
the
Such action is to be expected
1
Government works
jr.
the
Australian
expected to requisition United
States dollar securities.
as
said
20
T
London
r-
n^„:ni
financial
m
close
collab-
control, but
is
merely corroborative in character since the volume of
'.
.
.
...
American securities owned
.
.
_
.
Australia
in
is
relatively
All British officials in their utterances in and out-
side of Parliament
constantly reiterate the necessity
increasing exports.
Samuel
that
Hoare
unless
Only
warned in
Great
Britain
a
people to cut down
foreign
on
days
maintained
ago
Sir
her
and called
export
upon
the
foods that must be paid for
currency, eat more
few
speech in Nottingham
a
trade she would lose the war,
in
822,486
55,258
china" ~
—
1,882
211,400
Hongkong
*3]!:^ $24^?c3Lc!rnada' ,$13(?'!o°Co?i3t&u,a' fh50^72 .Mex!S?;
$730,555 Peru, $145,288 Venezuela, $188,625 Netherlands Indies, $165,904
Philippine islands.
Gold held under earmark at the Federal Reserve banks
was
reduced
during the weekended Feb. 14 by $15,105,735.
The latest monthly report of the Department of Commerce showed that
$1,122,970,000 gold
was
held under earmark for foreign account
as
home
grown
products,
of
Jan. 31.
Referring to day-to-day rates sterling exchange
small.
of
Briton
Saturday last
was
on
steady, practically unchanged from
was
S3.9534@S3.9634;
cable transfers, S3.95%@$3.96J4.
On Monday the
Bankers' sight
previous close.
market
was
Bankers'sight
steady in thin trading.
S3.9434@S3.9534; cable transfers S3.94
S3.9534. On Tuesday sterling was steady in a dull
was
market.
The
range
was
S3.9434@S3.9534
f°r
bankers' sight and S3.9434@S3.9534 for cable trans-
»
Volume
fers.
The Commercial <Sc Financial Chronicle
150
On
Wednesday the
market
featureless.
was
T^XCHANGE
The range was
J-j
$3.94%(a*$4.95% for bankers' sight
$3.95%@$3.96% for cable transfers. On Thurs-
and
day, Washington's Birthday, there
in New York.
and
bankers'
fers.
importance.
market
so
and the
on
$3.95%@$3.95% for
slightly.
The
range
was
Closing quotations
and
The Holland guilder is showing
temporary firmness
no
was
sight and $3.95%@$3.96 for cable trans-
demand
on the countries neutral during^the
of 1914-1918 presents no new features of
war
Friday the market continued dull
On
steady.
1179
Friday
on
$3.95% for
cable
transfers.
The
future
discount
a certain
the spot rate is concerned
as
guilders has
90-day
on
declined
guilders
has
narrowed from 75 points on Feb. 8 to 57 points
$3.95% for
were
discount
far
Feb. 21.
Com-
on
A few days ago a Netherlands delegation
after protracted negotiations with the London auth-
mercial
orities reached
at
ports, the maintenance of Dutch trade with bellig-
sight bills finished at $3.95%, 60-day bills
$3.93%, 90-day bills at $3.93, documents for
an
agreement regarding Dutch im-
payment (60 days) at $3.93%, and seven-day grain
erents,
bills
Negotiations with the Paris
at
$3.94%.
closed at
P
Cotton
and
for payment
grain
$3.95%.
..
,niL
*
.
in
in
governed entirely by the trend of sterling and
said to be purely nominal and in no
by actual franc transactions.
may
at
be
been
time
a
United
of
amount
23.82
for
checks
Cable
all these units
flow of
1939
personal remittances from American residents
estimated
were
Such remittances
at
$102,000,000
and
went
residents of America headed the list of remitters with
$35,000,000.
is at present exceptionally steady
future
on
belgas has receded
quoted at
13
a
are
discount under spot,
points
as
against 15 points recently prevailing, while 90-day
belgas are at 39 points discount, against recent
quotations of 45 points discount.
significant
as
indicating
The discount is
underlying weakness in
an
the unit.
on
Paris closed
176.50-176.75, against 176.50-176.75
last week.
center
In New York
finished
at
sight bills
2.24%
and
on
olosed at 16.88 for
cable
on
cable
cable
Berlin marks
exchange
on
on
are
Friday
the French
transfers
are
closed
against
not
closed
at
16.82%
and
16.82%.
and export situation.
Argentine unofficial
23.40@23.45,
last
week.
or
free market rate closed at
23.27@23.40
against
Brazilian
milreis
at
Friday of
on
quoted
are
at
5.10,
Chilean exchange is quoted at 5.17
against 5.10.
Peru is nominally quoted
18%, against 18%.
—♦
PXCHANGE
JZj
on
the Far Eastern countries,
wide fluctuations in the Hongkong and
Shanghai units.
The Japanese
its fixed rate in terms of the
at
it is
while
reflecting trends long in evidence, is charac-
terized by
pegged.
yen
is held steady
dollar, with which
Bombay and Calcutta
pound by legal enactment and
so
are
attached to
in terms of the
United States dollar show only fractional variations,
Closing quotations for
23.46, against 23.46
on
yen
checks yesterday
Friday of last week.
were
Hong-
pore
at
or on
0.73V2
Exchange
on
Poland.
0.73
is
(nominal), against
Finland closed at
(nominal),
«
nor
Exchange
Greek
against
ex-
0.73
at
47.75,
against
47.75;
Bombay at 30.25,
against 30.24; and Calcutta at 30.25, against 30.24.
sight bills and
quoted in New York,
(nominal).
largely governed by
kong closed at 24% against 24.58; Shanghai at 7.00,
(nominal), against 1.80 (nominal).
change
Practically
against 6.90; Manila at 49.80, against 49.80; Singa-
Czechoslovakia
Bucharest
September.
the influence of the pound sterling and the import
~
Gold Bullion
transfers, against 5.05 and 5.05.
0.73}^2 (nominal).
1.75
in
war
held steady by the various national
Antwerp belgas
bankers' sight bills and at 16.88
transfers,
5.05 for
are
at
Italian lire closed at 5.05 for bankers'
at
Spanish
The free markets in the
Friday of
on
2.24%, against 2.24% and 2.24%.
for
cable
South American countries
the
The London check rate
at
Sweden
for
the South American countries
on
few
Thirty-day belgas
points from recent weeks.
on
23.82
continues to follow the trends in evidence since
(nominal), against 5.17.
currency
and the discount
now
JHXCHANGE
during
chiefly to Italy, Greece, and Ireland, though Chinese
Belgian
and at
exchange control boards.
the exchange
currency
European countries is aided by the
their relatives abroad.
to
22.43 for
#
the outbreak of the
situation of many
and at
transfers, against 22.73 and 22.73.
it is believed that much of it has found its
way
Apart from the shipment of
Friday-
-pesetas are nominally quoted at 10.15, against 10.15.
shipped to Holland, Belgium, and Switzerland and
the hands of French hoarders.
on
transfers, against 23.82 and 23.82; while exchange on
Norway closed at 22.72 for checks and at 22.72 for
-
.
_
in
European Banks
„
.
,
rT",HE following table indicates the amounts of gold
1 ' bullion (converted into pounds sterling at the
British statutory rate, 84s. ll^d. per fine ounce)
the principal European banks as of respective
dates of most recent statements, reported to us by
sPecial cable yesterday (Friday); comparisons are
shown for the corresponding dates in the previous
'n
four years:
,
■
Friday of last week;
on
22.43 for checks
JlLi
into
con-
currencies
Amsterdam finished
on
added approximately $5,500,000 to this total.
By far the greater part of this currency has been
rency
The Swiss franc
Scandinavian
53.19^ against 53.10^; and cornsight bills at 53.00, against 52.95.
Swiss
closed at
States
practically all by hoarders, exceeded $110,200,000.
January exports of paper cur-
the
19.33, against 19.33 and 19.33. Exchange
long
held abroad,
notes
the
definite
transfers, against 22.43 and 22.43.
Copenhagell checks finished at 19.33 and cable transfers at
especially in larger denomina-
During 1939 the
and
cable
heavy demand in Europe for United
States currency notes,
tions.
sight
franCs closed at
be pertinent to sterling is equally
applicable to the French franc.
a
difficulties.
cable transfers at
unit and any
frequently noted, there has for
while
53.18) against 53.10^
mercial
comment which may
As has been
conclusion
a
follow.
soon
steady,
Bankers'
are
degree affected
as a
nearing
shipping
authorities along
move in close relationship to sterling.
a
For all practical pur-
the franc and the pound act
poses
are
of
xj-t.ixi.oij-
tmues
at
are
The fluctuations in the free market
alleviation
regulations will
ri
Foreign Exchange
THE French exchange situationmarket
is featureless,
Transactions
francs
this
minimum.
lines
same
Continental and Other
and
The Commercial &
1180
increase
.
201,356,673
523.499,951
2,667,300
704,518,054
706,601.698
896,170,315 1,073,841,397 1,093,320,000 1,097,049,924
895,214.200 1,074,074,443 1,094,067,351 1,094,638,159
b3.881.0OO
_
Spain
Italy
Netherlands
Nat.Belg'm
Switzerland
Sweden
Denmark
Norway
Total week.
Prev. week.
•
314,333,820
347.628,740
c03,007.000
a23.400.000
85.342,000
07,174,000
87,291,000
31,389,000
0,600,000
0,060,000
*585,750
328,621,704
Germany
£
£
327.181,245
293,718,252
2,621,900
87,323,000
25,232,000
117,985,000
100,262,000
79,327,000
26,232,000
0,544,000
7,515,000
2,452.650
42,575,000
50,218,000
97,099,000
47,077,000
23,875,000
0,551,000
0.555,000
0,003,000
6,602,000
Currency and Bank Notes Act, 1939, the Bank
March 1, 1939 and since have carried the gold holdings
Pursuant to the
statements for
90,125,000
87,323,000
42,575,000
72,405,000
105,304,000
83,612,000
25,578,000
of England
of the Bank
Instead of-the statutory price
price basis (168s. per fine
market value current as of the statement date,
which was formerly the basis of value.
On the market
at the
however, to only
according to
with former
for other countries In the tabulation, we show
the Bank reported holdings of £1,158 296 equivalent,
about £585,750 at the statutory rate (84s. ll>4d. per fine ounce),
our calculations.
In order to make the current figure comparable
ounoe)
periods as well as with
English holdings in the
the figures
above in statutory pounds.
held Dec. 31, 1938, latest figures available,
b Gold holdings of the
Bank of Germany Include
"deposits held abroad" and "reserves In foreign cur¬
rencies."
cAs of April 30, 1938, latest figure available.
Also first report sub¬
a
Amount
sequent to Aug. 1, 1930.
The value of gold held by the
Bank of France Is presently
calculated, In accordance
Nov. 13, 1938, at the rate of 27.5 mg. gold, 0.9 fine, equals one
and subsequent to July 23, 1937, gold in the Bank was valued at
43 mg. gold, 0.9 fine per franc; before then and after Sept. 20, 1930, there were
49 mg. to the franc; prior to Sept. 20, 1930, 05.6 mg. gold 0.9 fine equaled one franc.
Taking the pound sterling at the rate at which the Bank of England values its gold
holdings (7.9881 gr. gold ll-12th fine equals £1 sterling), the sterling equivalent
of 290 francs gold in the Bank of-France Is now Just about £1; when there were 43 mg.
gold to the franc the rate was about 190 francs to the £1; when 49 mg., about 105
francs per £1; when 05.6 mg., about 125 francs equaled £1.
with the decree of
franc; previously
.
Public Debt
vs.
n ..
■
..
n
debt
vate
in the
liquidation and reduction of priof
United States in the amount
$16,700,000,000 while, during the same period,
about
$30,000,000,000,
increase of almost 700%.
National, increased by
public debt, local, State, and
$34,300,000,000, an
figures, with some others, were prepared for
the use of the President, by Mr. Louis Bean, eco¬
nomic adviser to the Secretary of Agriculture, and
to
These
were
in the hands of
current month at the
ference held at
in
the
Hyde Park, he made the
since 1933, there had been no
private, for which
is
pledged.
that almost
during the
time when, during a press con¬
astonishing
in¬
aggregate indebtedness, public and
statement that,
crease
Mr. Roosevelt early
the future of the American people
His error was due to his failure to note
half of the liquidation of private debt
Mr. Bean's studies took place during
of his predecessor in the Presi¬
disclosed by
the Administration
dency, while more
than nine-tenths of the increase
public debts has occurred during his own Admin¬
istration.
It was by this fumbling with data which
in
he
evidently had not sufficiently studied that the
laid himself open to
the correction
President
grasped the meaning of the
During the period of deflation which characterof the Presidential term of Mr.
1940
his management of the
sharply administered by Mr. Dewey who
,
Private Debt
ized the last half
Hoover, there was
24,
has risen some
£
127.424,475
295,815,490
3,007,350
63,667,000
25,232,000
121,770,000
99,123,000
112.504,000
32,856,000
6,655,000
8,222,000
England
France
being chiefly due to
National finances,
£
£
1936
1937
1938
1939
1940
Banks of—
Feb.
Financial Chronicle
correctly
statistics and was com-
pletely in the right in the position which he took,
Beyond this quite superficial error and its correction, there lies the fundamental distinction, with
its far-reaching social and economic consequences,
between private indebtedness and public indebted-
Private debt throughout the Nineteenth Cen-
ness.
approximately $3,000,000,000, making, on balance,
a net reduction in total indebtedness of the Amer-
tury and the elapsed portion of the Twentieth has
been the principal instrument and almost the ex-
$13,700,000,000. With
whole debt,
private, of this people, on the date of
elusive financial measure of material advancement,
Frugal citizens in large numbers, by personal selfcontrol and abstinence from unnecessary consump-
inauguration, amounted
tion, primarily, and later by their influence upon
the administration of incorporated enterprises in
ican
people of something like
adjustments accounted for, the
these
public and
President Roosevelt's first
to
about
The corresponding fig¬
$147,100,000,000.
of the end of 1939, was $159,800,000,000, an
increase in the seven years of the Roosevelt Presi¬
which
ure, as
$12,700,000,000, or 8.6 per cent.
summary, however, by no means tells the
dency of
This
entire
story.
ominous
as
It is tremendously significant, and
to the future, that the increase of
$12,700,000,000 in
increase in the total of public
borrowings of substantially
a
indebtedness, repre¬
aggregate
sents the balance of an
$30,000,000,000, all but
negligible fraction of that huge sum being the new
of Federally owned and operated corporations the whole
borrowings of the Federal Government and
of
debts
which
are,
in practical reality,
Federal
further diminution
of private debt that may be roughly stated as
amounting to $17,300,000,000. Only by the shallow
subterfuge, which neither alters the basic facts of
debt; this is partially offset
the
situation
nor
could
by
a
deceive
any
rational in-
obligation of large
portions of the recently accumulating Federal debt
upon the balance sheets of incorporated Federal
agencies, these increments of debt being guaranteed
by the Federal Government instead of being immediately assumed by it, has it been at all possible to
quirer, of imposing the primary
maintain
even
the bald pretense
that the statutory
debt-limit has not been very materially
substance and
exceeded.
In
reality, that limit has already been
considerably exceeded, although in a strictly technical
lute
sense
there
probably has, as yet, been no abso-
infringement of the direct prohibition. 1
The best available statistics
under
President
Roosevelt,
show, however, that,
private
debt
in
this
$17,300,000,000, to $90,700,000,000, while public debt, the
country
has
declined
16.0%,
or
about
and
they have
control,
moted
the
acquired rights of participation
have continuously fostered and pro¬
enlargement of the stock of tools and
machinery available and utilized
to multiply the
productive capacity of human labor.
material advancement of the last century
has followed upon
ern
methods
this
process,
of production
into existence.
The entire
and
a
half
without which mod¬
could never have come
It has augmented
beyond measure-
ment the power of individuals to produce and make
available commodities essential to human comfort
and Avelfare and has even made possible the existence of a population in the numbers now inhabiting
most of the civilized regions of the Earth. Capital,"
that is to say, machinery and tools, is in all but a
most negligible extent represented by debt, mostly
private debt, originally incurred to finance its production, and finally maintained largely to arrange
for its management and control and, as an incident,
for the just distribution of the gains from operation, as and when they come into being. When indebtedness of this sort increases, the growth in its
aggregate proves and measures the confidence of the
most intelligent in the stability of industry and in
the security of its future; when it is reduced by
excessive liquidation the fact is evidence of instability and threatened retrogression or decay. Moreover, private debts are secured debts and must be
sufficiently secured. Normally, the existence of
such a debt is evidence of the existence of counterbalancing productive property of at least equivalent
and usually of superior cost and value. Not only
must such property exist, but it must be appropriately utilized and efficiently administered. Upon
Volume 150
all
The Commercial & Financial
Chronicle
these essential
cipal
and
creditor
elements
interest
depends
relationship and
monly provided
some
to
protecting both printhe
integrity of the
it there is
secure
continuing check
com-
the
upon
quality of management.
some
occasions
theoretical
nomic;
It is undeniable that
upon
these safeguards fail and the
all
advantages of private debt
instrumentality
are
upon the whole and in the
largely
as
an
eco-
Often it is
in
the United
to
excessive expenditures to
States, to
incurred,
quently it is incurred
and intended to
to
as
Very fre-
destroy not merely the property of
productively to human
needs of
com-
aircraft beyond
civil
life, explosives, battleships and
similar products of
capital and labor are not capital, they do not constitute wrealth,
they are quite
the
opposite, means to destroy wealth and
capital,
render
reduce
human
its
life
insecure
and
to
impair and
productivity and comfort.
But
it
has
all is uniform and it
rational
minds.
alleged that public debt has, upon other occasions, been incurred to create productive
property
which private
capital has not been willing to supply
and
that, in such cases such debt possesses all or
not
It
so.
can
never
be
so
private debt.
in
other
than
insignificant and infrequent instances which
no sense
typical.
Large-scale financing through creation of
It is
few
a
are
in
public
debt is resorted to when the
purpose is one which
only inexperience and improvidence would undertake.
Propose to private investors a great and novel
enterprise, such
a
river
and
the
as
their
electricity to be used
and
cautious
and
mechanical
and
installation
impounding of the
utilization
as
in
the
prolonged
the
is
site
of the
proposed
ital
near
the
will
build
go
a
already employed, private caplong way in exploring any possible
from which industries could be
attracted to
up
mand.
to the essential minimum
.
to
sound
de-
never
.
i
a
be stirred
sign foredoomed
mand.
initial
financing there is
f
,
boundless and reckless
,
the ascendant
tion
of
But under private
...
in
presence
power for that
sources
is
no
exception, wherever
by
owned, and
any govern-
ment, has existed long enough to give effect to
the
immutable laws of human
association, the quality
of
management has progressively deteriorated and
has
ultimately reached a level at which the power
of taxation has been resorted to in
order to make
up regularly recurring deficits.
inaugurated under the best public
An
undertaking
auspices and with
the maximum of reasonable
justification may,
for
period, be competently controlled and
operated
with
efficiency.
But the creditable condition is
a
never more
times
than
temporary.
Politics usually, some-
inertia and absence of
mere
incentive, inevitably intervene, selfishness and
arrogance replace
public spirit and devotion, deterioration sets in and
the
customary level of inefficiency and
decay is
rapidly achieved. Hundreds of examples attest the
verity of this conclusion.
and not
There will be
many more,
long delayed, unless much of the development of the last seven years is
speedily turned
over to
managements wholly freed from political
very
contamination and
effectively protected against
revival of the subversive forcds.
any
Denmark9s Position
In his speech of Oct. 6 last to the
cellor
Hitler
stated that
it
had
Reichstag, Chan-
been
"one of the
aims of the Government of the Reich
to clear
up the
relations
between"
As evidence thereof
Germany and
far
as
as
he added:
her
neighbors,
Denmark is
concerned,
the
existing industries ready to substitute
of
new
by the
ought to be convincing to all
There
say,
industry,
accompanied by equally detailed
study of the industrial demand, at
compensatory
prices, for the product to be generated.
If such
demand is not evidenced
fully to
Experience with them
waters of
investigation of
aspects
publicly financed
productive undertaking
financed,
operated politically, that is to
generation of
motive power in
technical
>
States alone
any
been
most of the sound attributes of
if it is not also otherwise weak
it almost always becomes.
establish proof of these facts.
enemies but also to kill and maim
citizens and subjects whose lives and capacities
might otherwise be
preserved to contribute
cannon,
even
as
recently
governmental
and
actual
practicality, but
equally irresponsible and imaginative
least
venal,
of
undertakings in the United
supply instruments planned
Munitions of war,
at
demonstration
con-
meet current deficits due
finance
merely to improvi-
financing of projects too boldly conceived
before
to
not
There have been
enough of these
activities not provided for
by taxation.
to
dent
and
radically
the
Furthermore, financ-
ing through public debt leads
long
the balance is
under promotion by the Presi-
now
a
management,
run
1181
limited group of political enthusiasts
for
the socialization of
capital.
an
trasting character.
Waterway,
dent and
less than realized ; but
affirmation of sound
theory.
Public indebtedness
partakes of a
fort.
rence
.
.
imagina-
to
to
enthusiasm
failure
economic basis
of
by
some
vast de-
by the absence of
any
genuine and effective de-
The
timidity of private capital is aphoristic,
but it is also the foundation and
safeguard of solvency, while insolvency in such
enterprises is the
wasting of capital that prudently administered
might have been
to human welfare.
made
to
contribute
permanently
Private capital would
never
have
built the pyramids in
Egypt, and it would at least
require several generations of future
development to
build up demands for additional
transportation and
hydroelectric
controlled
power
adequate
to
private capital to such
economically
unproven
enterprise
attract
a
as
«Germany has taken
man
territory handed
terms
to
Denmark under the
Treaty of Versailles; she has
on
the
we
^ave concluded
a
non-aggression pact with Denmark.
?ur r®Iations with *hat, cou,nt/7 %e thus cli^ecte>f
loyal and friendly cooperation.7
towards unswerving
Poland
had
J
1
an
amity agreement with Germany
due to expire in January, 1944 (but denounced by
Germany in April, 1939), and a non-aggression
pact
with Soviet Russia due to expire in 1945. Finland
had a non-aggression pact with Russia which
the
latter denounced the day before
diplomatic relations
broken off and
were
invasion.
with
and
a
"Loyal
only two days before the actual
cooperation"
big neighbor has
Asia,
a
come to
of
a
carry,
special connotation of
the part of the smaller,
weak
nation
both in Europe
subserviency
on
particularly when uttered
by
a statesman of a much stronger nation.
To the
Danes "German territory handed over to
Denmark
under
the
not
Law-
the
steps in regard to the Ger-
contrary, established local and friendly relations with
Denmark.
We have claimed no revision
but
soundly
gigantic and
St.
of
no
over
the
seem
terms
a
very
of the
Treaty of Versailles" does
description of the result
accurate
The Commercial & Financial Chronicle
Hg2
of the
plebiscite vote whereby a large group of
Denmark with their long
elected to return to
Danes
estab-
lished homes.
Denmark could not have
Herr Hitler's speech,
She undoubtedly would have preferred to have been
treated as a member of the group of "Northern
States" with which, the orator had said in the immediately preceding paragraph, "in former times
Germany never had any conflict of interests or indeed
litigation points.
. and she has none today."
However, the reason why Denmark was not so dealt
with in the October speech was substantially the
same as that which induced her to accept last May
Altogether, therefore,
especially reassured by
been
.
the German offer to
conclude
a
non-aggression treaty,
Feb. 24, 1940
other centers—especially since most of the German
aircraft industry is located in the north. However,
any move to acquire such bases would be strenuously
resisted by Germany, and Great Britain would not
lightly incur the risk involved in moving the necessary troops over the North Sea. Probably the only
justification for such a move would be for the purpose
of taking Germany on the flank and depriving her of
access to the sea.
In any event Denmark mined her coast, the Sound
as well as the Great and Little Belts, as early as
Sept. 4. When Denmark did the same thing early
in the last war, she took the step because she was
forced to do so by Germany. Even so, it was felt
in England that Denmark had not sufficiently per-
formed her neutral duty to resist such pressure. This
time Denmark acted apparently on her own motion,
though only after Germany had herself begun to mine
from the policy adopted by the Oslo Group countries
portions of the channels. The circumstances were,
of strict neutrality, clear of all treaties of unilateral
however, such as to lead some observers to the conguarantee and defense, was due to the fact that Denelusion that Denmark's action was taken as a measure
mark shared with Germany a common border.
The of protection against both sides in this war.
Netherlands is in like position yet she promptly
Thus Denmark does not appear to be in immediate
rejected the offer. Denmark's almost reluctant
danger of invasion by any of the belligerents. Neveracquisition from Germany, as the result of the
the less, the basic conditions of the economic structure
plebiscite under the 1919 peace treaty, of nearly half
which she has been so successfully developing are
of the Duchy of Schleswig—1,550 square miles with
such that her position, now that her two best cuspopulation of 167,000, of whom some 30,000 were
tomers in her vitally important foreign trade are
Germans—and a natural desire on the part of Denengaged in a bitter war with each other, is replete
mark to secure from Germany in some form a treaty
with difficulties and uncertainties. Moreover, in
pledge to respect the resulting frontier undoubtedly
the war they are waging the opponents have sought
figured prominently as the cause of Denmark's
to impair each other's economic position to the utdecision.
That the German-Danish boundary is
most, and promise to do so to the end, even if and
still
live issue in Germany, in spite of Denmark's
when strictly military operations become more acfair treatment of those of German origin located
centuated. This, of course, adds to Denmark's
within her borders, appears by the interest taken
difficulties, especially since the larger of these two
by Germans in the Danish elections of last March
customers, the one which can better afford to purwith the result that the Danish police had to expel
chase from her on terms most in harmony with her
recently arrived Nazi propagandists.
The economic independence, and the only one among all
Nazi
party secured three
seats in the lower
her customers whose purchases regularly exceed sales,
House.
'.v'--.is separated from her by a submarine and mine(On the same day
Sweden, Norway and Finland
rejected similar offers.)
It has been suggested that Denmark's departure
a
a
some
however, factors of a strategical nature
There are,
which tend to encourage
the Danes to hope they will
succeed in keeping out of this war as
It
last.
is
that
true
war
in the
they did the
air directed by
destined to assume
than it ever
did during the last war.
Denmark's flat reaches
offer plenty of space for airplane bases.;; However,
England's coast line teetering on a corner at the
Straits of Dover bears to the west as it goes north,
Germany against England seems
in the
The
spring a much greater importance
opposite Danish coast line, on the other hand,
Thus the already established air
bends to the east.
bases
on
Germany's coast, and the islands off it, are
about the
same
distance from the British industrial
area as new ones
in Denmark would be.
probable, therefore, that Germany will find
Denmark more useful as a neutral source of food
It is
supplies sent over their common border than as a
crushed and embittered spring-board for attacks on
As long as the 150 miles or so which
England.
Ger-
might gain in operations against shipments of
Scandinavian iron ores, &c., to England are not worth
many
the
candle,
or as
long as Sweden and Norway are not
involved in the war, this state
continue.
To
Great
Denmark
bombing
of affairs is likely to
,
Britain
would
air
offer
of important
bases situated in southern
a
great
North
advantage for the
German
ports
and
strewn sea.
Denmark has an area of 16,575 square miles of
which some 90% are productive. About 80% of
the entire area is covered with farms, and agriculture
of the country's wealth to a very
special degree. The country, in fact, lacks the import ant raw materials which have played so great a
part in the development of the economic wealth of
other nations attaining a similar stage of advancement. Denmark's only considerable mineral wealth
is the large surface deposit of clay and lime from which
she manufactures cement for home consumption and
export to many parts of the world. Thus she must
import not only the usual products of tropical and
semi-tropical countries, and the raw materials of her
industries, but also much of the requirements at the
base of her relatively large, though highly specialized,
agricultural production.
Denmark has had a long national life, as indicated
by her claim to be the oldest kingdom in Europe,
The population, according to the 1937 count, was
3,749,000. Her people belong almost entirely to the
Gotho-Germanic race. In 1875 only 25% of the
population was urban. About 62% now live in the
cities, towns and villages, and the trend in that
is the basic source
direction continues.
The birthrate has been slowly
but steadily decreasing from an average of 29 per
1,000 during the first 10 years of this century to 18
Volume
The Commercial & Financial Chronicle
ISO
1,000.
However, the birthrate
deathrate, and the average annual
per
still exceeds the
with margarine, most of the raw materials of which
increase is
he imports.
now
between 7 and 8 per 1,000.
The
story of
intelligent,
marked
the
In
economic
vigorous,
self-reliant
In the
of
case
people
not
an
with
a
necessarily
Denmark, however, the
broad outline of the methods
ning
development of
faculty for organization is
thrilling.
1183
employed by her, begin-
about
1936
all but
4,708,000 pigs
were
slaughtered,
400,000 being destined for exportation,
some
About 296,000 tons of bacon and ham
England takes most of the
ham
were
and
produced,
bacon, but
Germany buys most of the by-products of the pig,
as
well
of the live pigs exported,
as most
50 years ago, in dealing with a critical
The principal product of the hen, especially from
situation which seemed about to force her into
per-
the point of view of Denmark's all important export
trade, is the egg.
Of recent years the total produc-
some
manent
insignificance and poverty, is not without
elements of drama.
the last
century,
the farms
In the sixties and seventies of
land reforms had resulted in 76% of
being freehold.
economy was
then, to
The basis of the country's
greater extent than at
an even
present, agriculture.
The chief product was grain,
under conditions not particularly conducive
grown
to the creation of
any very
great degree of economic
wealth, yet sufficiently attractive to a farmer folk
thus
recently given, in large measure, an opportunity to operate on their own account.
When,
however, America and Russia began their vast
trade in
cheap grains, in the seventies and eighties
last century, they threw the Danish
economy
of the
out of gear,
not
for it
evident that Denmark could
was
compete.
Instead of meeting
this inflow of cheap grain by
did other countries,
as
profited by the opportunity to acquire
low price,
a
on a
This activity today represents
acres)
and medium sized
farms, which in turn
In
fact,
(45 to
(up
150 acres)
84.4% of the cultivated
cover
Cultivation of the soil
ever.
of
material
than 86% of the gross profits of the small
lands.
tion
a raw
production of animal produce
profitable scale.
45
to
the Danes
and changed the basis of their agri-
cultural effort to the
more
was
fodder—especially
green
fodder, beets, and tubers
which, together with oil cakes made of imported
materials, give the best results as animal feed,
Cereals
the
still grown
are
but their principal
feeding of animals.
other
is for
use
The cultivation of wheat and
products for human consumption is of minor
importance.
is
crops
Though the
approximately
the
quantity of
three
meet
the feed requirements
cwts.
of
the
times
produced in the seventies they
not sufficient to
are
and
annual
average
13.8 million
some
grain and fodder have to be imported
nually.
It
may
also be noted in passing that
an-
a con-
siderable part of the beet crop is used to make
sugar,
of which some 216,000 tons a year is
produced.
The
three essential
duction
are:
the cow,
Denmark had
many
over
of
sources
Danish
farm pro-
the pig, and the hen.
1,600,000 milch
other bovines),
more
cows
In 1937
(almost
as
than 3,000,000 pigs and
26,000,000 chickens.
The annual
latter
or
sold
as
a
million
fresh milk
are
are
are
butter.
tons,
serves
for
During the three
the average
on
used to make
employed in producing
densed milk for exportation, and the
4,200,000
consumed
(150,000 tons of the
being exported)—150,000 tons
cheese, 25,000 tons
the
years
con-
balance, about
manufacture
of
ending with 1937
annual production of butter
was
179,000
tons, of which only about a fifth is consumed at
home, the rest being exported, mainly to the United
Kingdom.
The thrifty Dane gets along
about
very
well
109,000 tons, of which
some
exported.
very
important.
The movement
began in the
eighties of the last century, and has been developed
by the initiative of the farmers themselves, without
Government subsidies, though the tax system favors
the movement.
Now
phase of Danish agri-
every
culture, except the actual farming, is organized by
cooperative undertakings.
The purchase of fodder,
chemical fertilizer, farm machinery, implements and
supplies, the processing of the farm products, their
marketing and exportation
While
all
not
the vast majority do.
covered
all
are
farms
belong to
by
co-
them,
For example, out of about
204,000 farms all but 14,000 belong to
one
of the
1,404 dairy cooperatives, which produce 90% of the
exported butter.
The cooperative slaughter houses
account for 84% of the pigs slaughtered for exporta-
Many of the cooperatives, especially those
tion.
the
running
dairies,
organized
are
and national federations,
provincial
in
important task of which
an
is to work for the improvement of the products,
The
of this
success
cooperation
the Danish farmers had naturally depended
the
upon
and the
extent
among
human
element.
Without
widespread
intelligence and training the results attained would
not have been possible.
Compulsory primary educa-
tion dates back to 1814.
been
system
a
young
In addition there has long
of agricultural schools, which give
farmers the
technical instruction,
necessary
parallel to the schools established for the training of
industrial apprentices and foremen.
The standard
of living in Denmark is relatively high.
The
per
capita national income is normally higher than that
of
It
France.
is
comparatively
well
distributed,
only about 15,000 Danes having incomes exceeding
the equivalent of $3,000.
Not only has Denmark, to
cialized
her
a
large extent,
products and
egg
production, but
spe-
dairy and pork
agricultural effort in
no
inconsiderable
part of her industrial development has been inspired
by
those
The
activities.
manufacture
of
cream
separators, pasteurization and other dairy machinery,
slaughter-house
production of milk is about 5,275,000
tons, of which less than
the farm
are
The role of the cooperatives in the development of
this specialized type of agricultural endeavor has been
continued, how-
major part of the plan, cultiva-
as a
developed intensively, for the production
was
has been
four-fifths
operatives.
tariff restrictions
at
tion
frigerating
equipment
plants,
and
refrigerator
installations,
cars
re-
and ships, oil
cakes, vegetable oils, condensed milk, leather goods
and certain chemical products
one way or
are
all connected in
another with the agricultural enterprises
above mentioned.
It is, however,
necessary
to add
that Denmark's industries, taken all together,
are
varied and, while they have hitherto contributed to
her export trade only to the extent of about 25%,
they fill nearly 80% of the
domestic demand for
manufactured articles.
As
we
have
three principal
seen,
most of the products of these
groups
of Denmark's agriculture
are
The Commercial & Financial Chronicle
1184
exported.
They, together with shipments of live
stock, and, to
such
much less extent other farm products
a
edible oils,
as
hides, &c., constitute three-fourths
in value of Denmark's total exports.
mark is
the origin
bacon, and
in
1937
to
Great
to
of the world exports of butter,
to the extent of 25%, 50% and 25%,
eggs
94%
respectively.
In fact, Den-
Denmark's
of
exports
went
with
Britain
Germany
next,
receiving
19.7% of the Danish exports.
The
attached
importance
by
Denmark to the
export trade of animal products is evidenced by the
exercised
control
the
by
Government
to
assure
their
quality.
Since
1906, by law and by royal decree all Danish
butter
made
This
of
especially true
is
of
butter.
pasteurized milk and destined for
24,
largest
1940
markets
The United States
exports to Denmark dropped, as the result of this
policy, by nearly one-half.
policy
However, though the
succeeded,
apparently
could
it
accomplished the results desired,
it
as
have
not
abandoned
was
in 1938.
It has been regarded as axiomatic that
debtor
a
nation must, in order to prosper, enjoy a favorable
balance of trade.
nation, she
,
the
affording
countries
to
for Danish agricultural products.
European countries, 57% thereof going
In 1938 Great Britain took 55.6% and Ger-
19%.
many
ports
Feb.
debtor
a
certain degree
a
notwithstanding the
per it y,
an
Though Denmark is still
has attained
of
pros-
fact that she has had
unfavorable balance of trade.
The amortization
of her foreign debt has been effected each year since
1928, and in the four-year period,
surplus exports of long-term capital
1934-1937, her
only about
were
$2,000,000 less than her surplus imports of short-
exportation must be packed under the "lure" (mediae-
term
val trumpet
she would have, perhaps, left the ranks of the debtor
with long curved tube) brand with the
designation "Danish Butter."
volves detailed
to
similar
desired
the
secure
Naturally, this in-
regulations and
an
inspection service
high standard.
A somewhat
of branding and export regulation
system
applies to bacon and other pork products shipped to
Great
Britain, where most Danish ham and bacon,
well
as
butter and eggs, are
as
restrictions
sold.
Less detailed
apply to the exportation of other animal
products.
A
capital, indicating that under normal conditions
nations in the not too far distant future.
indebtedness
foreign
short-term) at the end of 1937
It is not possible,
give
complete
a
position.
However,
specialized
of the
picture
economic
difficulty of Denmark's
position, at the present time, cannot, of
war,
of
has
it
(long-term
and
$273,200,000.
was
economic
been shown
high-grade
to
space,
Denmark's
her
that
large degree, dependent
a
of
group
The net
within the allotted
picture
export trade is, to
which she sells
clear
Denmark
of
on
a
products
animal
mainly to two great countries
now
at
which she is also largely dependent not
upon
only for the
raw
material
for her industries,
necessary
course,
be obtained by considering only her export
but also for those contributing to the quality and
trade.
The extent and nature of the import trade is
extent
especially significant.
previously, the chief
Great
Britain
In 1938,
many years
of Danish imports were
sources
(34.6%)
for
as
and
Germany
(24.5%).
Only about one-seventh of Denmark's imports have
been
consumer's
of
consist
semi-raw
her
goods.
The
materials,
raw
materials needed
her,
normal
particularly
a
large
no
inconsiderable extent,
life,
developed
as
proportion
of
by
essential
imports.
trade
has
been
annual
average
Obviously, under such
ahead.
inclusive,
was
and
years
unfavorable
excess
this
circumstances
maintenance of
more
the balance
Denmark.
to
The
of imports from 1934 to 1938,
$22,450,000.
The "invisible imports"
a
strict and
chief reliance
She is not strong enough and the difficulties of the
relative
geographical positions are too great, for
her to indulge in any heroic gesture in favor of others
of her group
1937
as
who
be in danger.
may
Denmark
adopted
strengthen her defenses.
best she
can,
to
among
who believe that their country must
as
as
measures
It was, however, not till
January, 1939, that the elements
herself
Beginning
new
definitely
the Danes,
to defend
prepare
those who
overcame
think that all resistance would be useless against
tributing center at
likely
Danish
to
Copenhagen and those of the
merchant
fleet—have been normally sufkeep the "balance of payments" favorable
Denmark.
Nevertheless,
the
margin
has
not
been wide.
During the world-wide depression, and
after, the Danish Government felt obliged, through
control
of
exchange
and otherwise, to
Gross and Net
Improvement
was
rather
accurately
the
of traffic
to
the
year
1939 in the
business, which continues to reflect
economic
place in the United States.
offerings
the
developments
that
take
The tendency toward enlarged
principal
carrying
agencies
of
the country was
especial
in effect throughout the year, and gained
impetus from the European war and the expecta¬
tion that
vast orders for materials would be placed in the
United States by belligerent nations in a
position to "come
and get it."
Month after month the gross and net earnings
of the railroads during 1939 contrasted
of the year 1938.
These gains were
the
Even
aggressor.
scope
the objective
so
of neutrality, since it
was
was
to
favorably with those
gratifying to the man¬
any
within
give
the
Danish Nation "a military force which will permit
it to satisfy the obligations of a neutral state
and sea."
army
The total
war
on
strength of the
of between 100,000 and 150,000
land
Danish
men seems,
if
anything, barely adequate to achieve that end.
Earnings of United States Railroads for the Calendar Year
the rule during
railroad transportation
divert im-
the
on
independent neutrality,
—mainly the earnings of the great "free-port" dis-
ficient to
little
Like other members of the Northern Group
of nations she is placing her
late
During the last five
of
of her exports and furnished her with 62% of her
imports.
librium, if not her existence, in the strenuous times
directly and indirectly in the
economic
Together these
including combustibles,
branches of her agricultural production.
Thus, Denmark is far from self-sufficient—requiring
her
production.
country will be hard pressed to maintain her equi-
various
for
animal
six-sevenths
materials, and finished articles required for
industries, and also, to
raw
other
her
of
and other belligerent countries in 1938 took 77.6%
agers
of
the
rail
transportation
of railroad securities.
the comparison
year
sure
and
the
holders
It is necessary to add, however, that
with 1938 is far from conclusive, for that
in its early months by deep depression
marked
was
conditions,
was
systems
1939
to
and
even
a
mild
aid the carriers.
upswing in
When
general
business
the 1939 earnings are
compared writh those of the 1920's, it is immediately evident
that great additional progress is necessary before the rail¬
roads
The
can
be regarded as in sound financial circumstances.
of business in the
United States during the
opening months of 1940 suggests that the gains may not be
continued, or even maintained, and attention has thus been
course
Volume
directed
The Commercial & Financial Chronicle
150
to
again
once
the peculiar problems which face the
railroads, in addition to the general business trends which
determine the major course of carrier earnings.
for
As we pointed out a year
ago, the railroads in 1938 were
net
affected in
most
a
culties visited
drastically adverse
general
upon
by the diffi¬
manner
business in
States
United
the
during the latter part of 1937.
From the profound depres¬
sion of the later months of 1937, the carriers showed some
improvement during 1938, and the modest upward tendency
was continued in 1939.
When Germany invaded Poland on
Aug. 31, 1939, and the British and French Governments
declared
war
highly important
tion,
with
German Reich three
the
upon
new factor
results
immediate effect of the
a
introduced into the situa¬
was
still
that
later,
days
not
are
European
entirely
was
war
The
clear.
previous experience with the 2c. a mile rate suggests, Rowthat this is not an overwhelmingly important matter,
ever,
traffic
passenger
return
vast
upswing of prices and
place.
Too little attention
reasoning, to the fact
and
goods
months.
budgetary
mismanagement
shortage
was
other
this and
publications,
tendencies
were
to
sure
war-time economies
scale
would restore business confidence and revive initiative.
In
respects, indeed, political influences were even
unfavorable in 1939 than in the previous years of
some
advance
rather than
warnings in
years,
despite repeated
the fact that totalitarian
in Europe
under
war
con¬
American
resort to
supplies
on
comparable
with the early months and years of
Dependent as they are upon general busi¬
conditions, the importance of these matters for the
the World War.
ness
railroads is obvious.
Business developments since the early days of September,
when much of Europe plunged again into warfare,
1939,
need
only be summarized briefly to indicate the first war¬
effects upoD American railroads.
Germany was cut
time
off
promptly
from
ordinary
business
relations
with
this
country, owing to the immediate imposition of a drastic
Anglo-French naval blockade.
British and French buying
was
modified
with
equal celerity,
under governmental
supervision, to bare necessaries.
London, in particular,
evinced
shown
determination to buy mainly from British Empire
a
and general
sources,
rise
such
no
American
appeared to anticipate.
tion
of
again
changed
President
statute
in
United
it"
get
on
Congress
to
and
business
altered
purchase
the Allies have
community
neutrality legisla¬
Acting at the behest
permitted
"cash
a
to
our
situation.
that
manner
and
States
change
Revision of
this
Roosevelt,
a
"come
to
exports
American
the
as
any
materials
war
carry"
the neutrality
belligerent able
basis.
in
After
the
this
effected, vast orders for airplanes and a few
war supply were placed by the Anglo-French
was
other items of
Allies
in
United
the
States,
it is possible that the
American economy will be stimulated by such buying.
The
initial expectation of an extraordinary increase of general
business,
and
the other hand, has not been
on
realized,
and
in
was
evidence
late
in
1939
the
war
was
of the
economy
earlier
taking shape and its impact upon
States was in the first stage.
United
months
the
of
the
In
however, some attention
given these matters by Congress.
Many remedial pro¬
posals were considered in the session which ended Aug. 5,
1939, but only two moderately beneficial enactments re¬
year,
was
sulted.
The
modified
in
carriers, to
Railroad
a
a
Unemployment
that
manner
degree.
passed,
will
Insurance
reduce
Act
charges upon
latter
measure
was
approved,
concerned.
on
Soon after the
July 28, 1939, the Balti¬
& Ohio and Lehigh Valley systems took steps for debt
service relief.
The troubles of these systems already were
apparent in 1938, however, and only
the courts took
good
part
under
the
place in 1939.
one
further application
burden.
Not a single important railroad cleared the
bankruptcy courts during 1939, but a tendency toward expe¬
diting reorganizations was manifested by the Interstate
Commerce Commission, and some progress along such lines
the
the
on
third
term
definite comment,
of
possible third term
a
Under
and October, 1937,
scale of
arbitration
awards
the carriers continued to
that,
for
pay
of
August
fixed
after
many
the
workers,
modest
heavy hauls granted by the ICC
on
permitted increases on
March 8, 1938.
Passen¬
fare rates in the Eastern part of the country were on
experimental basis of 2^c. a mile in coaches permitted
on appeal by the carriers.
On Feb. 15, 1940, the ICC ruled
that the Eastern roads once again must reduce their basic
ger
the
coach
fares
to
2c.
a
mile,
discussion.
ever
months went by
more
potent
in 1939.
The railroads, like all other important branches of Amer¬
ican business, necessarily had to take account of the
vary¬
ing aspects of national and international affairs.
repair,
own
maintenance
and
construction
In their
activities,
the
carriers
observed a
cautious policy
which corresponded
closely to that of other businesses.
This was an important
matter for American endeavors as a whole, for it is evident
that each general economic activity contributes to the satis¬
factory operations of all others.
industry, transportation,
other major branches,
branches of business.
Depression conditions in
and light utilities, or
the power
tend to lower activities in all other
Conversely, expansion in
any one of
the major lines makes for increased
business in all others.
The situation of the railroads in 1939 again was such that
they were unable to make their proper contribution to the
sum total of business transactions.
Since railroad buying
of supplies
is especially important in the durable goods
industries, the effect was to continue the depression con¬
ditions
There
which
have
only
prevailed
in
general
since
ever
1929.
modest tendency in 1939 to buy equipment,
increase capacity and improve the rights of way,
possibly
was
because
such
a
tendencies
in
1936
and
early
in
1937
were
followed by the deep depression conditions of late 1937 and
early 1938.
The spirit of caution was dominant throughout
1939, in the transportation as in other industries.
Financial
results
of
railroad
better
in
1939
considerably
not
only to
the slow
but also,
and
operations,
than
recovery
1938.
in
however,
This
were
was
due
of the early months of
last
particularly, to the sharp gains
declarations in Europe.
Gross
earnings for
1939
amounted
to
$3,987,692,675, against
$3,558,263,834 in 1938, an increase of $429,428,841, or 12.06%.
Managers of the railroad properties endeavored persistently
which
followed
more
the
war
to hold operating expenses
down, in view of the general
uncertainty as to the future, and they were quite successful.
Much of the gain
to
net earnings,
under
flects
revenues
amounted in
thus
the
1929, the
the
level
inroads
made
modes of transportation.
10
over
$1,076,494,031,
$233,360,147, or
years
only
a
little
carriers
were
was
gross revenues of the
prevalent
carried
was
1939 to
$843,133,884 in 1938, a gain of
Although general business in 1939
lower than in
far
in gross
which
earlier, which
reduced to a lesser, although still
drastic, extent.
following tabulation wre show the totals for 1939
were
the
re¬
by motor and other competing
Net revenues, on the other hand,
compared to 1938. both for the full annual periods and
In
as
for
the first six months and the second six
months, separately:
1939
Mileage of 133 roads
1938
233,468
effective
March
Inc.
234,436
(+)
or
Dec.
(—)
—968
-0.41%
Gross earnings
53,987,692,675 $3,558,263,834 + $429,428,841 + 12.06%
Operating expenses
2,911,198,644 2,715,129,950
+ 196,068,694 +7.22%
Ratio of exps to earnings.
(73.00)
(76.30)
Net earnings..
$1,076,494,031
$843,133,884 + $233,360,147 + 27-67%
First Six Months
Gross earnings
Operating expenses..
Second Six Months
1938
1939
1938
$1,800,532,143 $1,632,876,801 $2,187,160,532 $1,925,387,033
1,397,428,352
1,328,307,665 1,513,770,292 1,386,822,285
Net earnings
$403,103,791
$304,569,136
$673,390,240
$538,564,748
in 1939 a
eclipsed even the
They operated throughout 1939 on freight rate
wages
1929 rates.
schedules
the
maneuver was an
as
1939
Meanwhile, the railroads seem destined to continue their
struggle against the twin adversities of heavy charges and
traffic.
this
of
course
was
activities
question, but lie skilfully avoided any
and the depressing effect upon business
factor in the situation
well develop in 1940.
modest
Roosevelt
business
The Central Railroad of
30, 1939, a petition for reorganiza¬
bankruptcy law, largely because of the in¬
ordinately heavy local taxation in the State of New Jersey,
and the inability of the carriers there to obtain relief from
may
and
save
New Jersey filed on Oct.
tion
the
upon
Mr.
for
term
fervor,
activities which depend upon private initiative.
Numerous
efforts were made to obtain a statement from the President
against
more
to
third
a
increasing
for the sudden stimulus of the European
was reasoned that a third term
endeavor by Mr. Roosevelt would tend to restrain economic
27.67%.
as
in the best interest of all
with
Logically enough, it
war.
the
The Chandler rail bankruptcy meas¬
seems
With the approach of this election year of
question of
in
was
well, in order to make possible voluntary
downward adjustments of debt charges, Avhere such action
ure was
hinged
year,
Problems that are peculiar to the railroads were little
regarded during the final four months of 1939, while the
European
the
debated
a
reversion to the tendency of relying upon inventories, while
buying from hand to mouth
and early in 1940.
1940
proportions,
of
price
was
spread
would
Federal
coddling.
Forward commitments by business men were held to modest
War
ditions, making it rather uncertain whether the controlled
a
labor
World
matter
a
disregarded,
and
competition with private business continued, and there was
no
tendency toward the sound monetary policies which
paid, in the course of this
was
that the
Also
a
shortage of goods might take
a
the
of business progress under New Deal trends.
As in
previous years of President Roosevelt's Administration, the
year
1939 was marked by over-taxation, over-regulation,
the New Deal.
community in the United States seemed to believe that
railroads in
the passenger fare
tion
ability
to
few
a
section of the country
But these are matters
relatively small moment, compared to the general ques¬
of
more
back
For
figure.
question nevertheless is important.
business practice of relying upon small .inventories and the
industry to supply wants promptly.
Harking
the developments of the 1914-18 war, the business
most lines showed much the same
on
either
at
crowded Eastern
to change the
of
1185
24, 1940.
The
Our division of
instructive,
war-time
since
the
earnings into semi-annual periods is
it makes clear at a glance the effect of
conditions
and
expectations
upon
In the first half of 1939 the carriers were
slow
but substantial
the
railroads.
experiencing the
improvement in general business
ditions which plainly was
an
con¬
offset to the unprecedentedly
steep recession of late 1937 and early 1938.
Gross revenues
of the early months of last
year compared favorably with
those
of
the
similar
period
of
1938,
while
net
earnings
The Commercial &
1186
Feb.
Financial Chronicle
24, 1940
Net Earnings
advance, owing to the
strenuous/ efforts by the managers of the railroads to keep
expenses down.
In the latter half of 1939 the gross earn¬
ings of the carriers continued to advance, in response to the
stimulus afforded by the rather general belief of business
men that the European war would occasion price advances.
The sharply increased buying of merchandise in advance
of actual requirements prompted heavier demands
upon
transportation.
Railroad managers remained cautious,
however, and they were able to add a substantial portion
of the increased revenues to the net earnings.
Weather conditions, which often affect carrier earnings
and operations to a considerable degree, were quite favor¬
able throughout 1939.
Floods and snows were not unusually
numerous, and drought conditions in various mid-Western
States took no great toll of crops.
The comparason of 1939
with 1938 is decidedly in favor of the year under review.
In March of 1938 Southern California was visited by a
gigantic raipstorm which flooded lowlands and occasioned
one of the worst and most costly tie-ups in
the history of
that State.
The New England area and portions of New
York and New Jersey were swept in September, 1938, by a
tremendous hurricane which wrought enormous property
damage and paralyzed transportation and communication
for some days.
No such drastic visitations were recorded
in 1939, and the comparison of financial results of railroad
operations for the two years tends to favor 1939, also on
showed
even
an
not
Wide¬
The agricultural year was not unusual.
this basis.
occurred in some industries,
strikes
spread
better comparative
but they did
drastic recessions in production and in the traffic
cause
referred to the part played by the rail¬
stimulating general business through their pur¬
We have already
roads
in
equipment, improvement operations and mainte¬
Financing by the carriers affords a good
indication of the contributions thus made by the railroads
of
chases
nance
activities.
the durable
to
modest
a
nificant.
in this respect over
the previous
Total capital flotations for the railroads in 1939,
our issue of Jan. 6, 1940, amounted to $185,-
_
as
The year 1939 witnessed
goods industries.
improvement
period, but the gain can hardly be regarded as sig¬
annual
indicated in
596,000, with $100,638,000 of this sum devoted to refunding
of existing debt and $84,958,000 representing borrowing for
equipment additions and similar requirements.
In 1938 the
carrier flotations were only
$72,371,000, of which $56,378,000 was for refunding and $15,993,000 for strictly new
money requirements.
Although the totals for 1939 suggest
an
improvement over 1938, it is only in comparison with
fairly active years that the matter can be fairly gauged.
Carrier financing in 1937, for instance, amounted to $356,749,000, with $125,099,000 devoted to refunding and $231,650,000 to new money requirements.
In 1936 the railroad
borrowings amounted to $796,058,900, of which $528,645,415
was for refunding and $267,413,485 for new money.
Turning now to a month-by-month "comparison of railroad
gross and net earnings for the calendar years 1939 and
1938, we find that a general tendency toward improvement
was
in evidence with the passage of time.
started the year
1939
in 1938.
Business activity
considerably higher plane than
In both years the trend was toward
was little hesitation in this move¬
on
a
the case
expansion, and there
ment, when seasonal factors
wgs
1938
Increase (+) or
$
$
Per Cent
$
72,811,019
+ 26,201,023
February
56,242,842
74,688,342
54,422,823
65.168,331
48,609,996
35.711,887
54,100,286
48,717,237
55,486,333
63,937,412
77,317,123
+ 56.21
January
+ 20,530,955
+57.49
+38.05
+ 11.71
85,703,240
90,543,128
110,994,564
+ 11,064,702
39,328,587
+24.76
+ 16.99
+ 12.91
+43.43
+ 37,103,726
+33.42
96,209,582
88,374,743
85,631,949
+23,610,895
+ 10,577,633
+26.71
+ 12.35
1938
1937
Increase (+) or
$
S
$
46,633,380
35,705,600
54,102,703
48,713,813
55,483,001
63,936,587
77,971,930
77,778,245
—31,338,550
—42,072,645
—57,398,923
—40,818,983
—29,852,562
—22,136,115
—21,166,900
—5,706,468
—9,859,213
+ 8,436,165
+ 19,458,537
+ 28.486,815
Month
March
April
May
are
taken into account.
July—
August
September
October
November
December
Month
January
February,...
March....———
April—
May
June—
Juiy
the
-
September
October
It
stimulating influence of war-time expecta¬
to emphasize the expectations that
quick gains, for it cannot be maintained that
led
the
the
to
December
carrier
ber
earnings,
months
of
a
recession
1939,
because
the
In
partly
following
the
war-time
From the high level of Octo¬
developed during the two
on
seasonal
a
advance
table
buying
basis,
but
rapidly
comparisons
monthly totals for all of 1939 and 1938:
the
Production
cars,
1938
Inc. ( +) or Dec.
(—)
%
M ileage
1939
1938
—45.59
—34.98
—25.71
—21.49
—6.24
—9.82
+ 8-22
+28.23
+49.87
1938
1932
1937
1929
(passenger
trucks, &c.).a._
3,577,058
2,489,085
4,808,974
1,370,678
5,358,420
($000):
Constr. contr. awarded b $3,550,543 $3,196,928 $2,913,060 $1,351,159 $5,750,291
Building
Coal (000 net tons):
49,855
534,988
73,828
Car loadings, all (cars).e 34,102,759 30,457,078 37,670,464 28,179,952
52,827,935
389,025
50,807
Bituminous.c
Pa. anthracite.d
Cotton
receipts,
ports
ern
344,630
46,099
309,709
442,455
51,856
Traffic:
Freight
South¬
4,490,405
6,810,207
9,342,444
8,662,715
81,193
41,032
88,386
91,361
149,714
221,328
41,147
48,197
61,390
97,673
27,904
(bales).f...
5,526,957
27,506
31,191
51,140
81.253
23,476
361,809
20,807
19,869
19,451
34.689
341,703
324,495
183,198
92,830
96,665
277,391
150,616
82,115
453,536
326,701
91,232
22,562
75,490
34,013
62,492
24,474
8,155
25,398
14,200
165,050
16,291
24,578
208,016
221,457
Livestock receipts: g
Chicago (cars)
Kansas City
(cars)...
Omaha (cars)
Western flour and grain
receipts:h
Flour (000 barrels)...
Wheat (000 bushels)..
214,980
91,638
98,403
Corn (000 bushels)...
Oats (000 bushels)...
Barley (000 bushels)..
22,172
Rye (000 bushels)
Seaboard flour and grain
receipts:
272,497
140,617
h
Flour (000 barrels)...
15,908
14,737
Grain (000 bushels)..
173,998
236,345
Iron & Steel (gross
tons):
Pig iron production.k.. 31,533,370 18,782,236 36,611,317
8,686,443 42,285,759
54,312,279
Steel ingot production. 1. 45,768,899 27,742.225 49,502,907 13,322,833
Orders
1939
—51.48
(units):
Automobiles
feet):
11,078,158 9,467,747 12,036,516
11,659,862 10,014,700 11,844,815
11,711,628 10,158,219 10,978,544
Shipments.m
Month
—40.19
—54.09
usual presentation of
1939
12 Months End. Dec. 30
Production
Earnings
Per Cent
cotton
grain,
to
Lumber (000
Gross
Decrease (—)
larger:
final
of
+
and livestock receipts and revenue
the 12 months ended Dec. 30, 1939,
as
compared with the similar period of 1938, 1937, 1932
and 1929.
It will be readily seen, on examination, that
the output of all the industries covered was on a greatly
increased scale as compared with 1938, this being particu¬
larly true in the case of the automobile, and iron and steel
industries.
Receipts of cotton at the Southern outports also
were on a greatly increased scale, and it follows, too, as a
matter of course, that the number of cars of revenue freight
moved was very much larger.
On the other hand, livestock
receipts at the leading cattle markets were not equal to
those of last year, and the receipts of the various farm
products at the Western primary markets, with the excep¬
tion of wheat and barley, were very much smaller.
The
receipts of grain at the seaboard, also, were much smaller
than
last year, but the flour receipts were considerably
mainly
dwindled.
furnish
•we
+ 17.44
+ 13,140,075
freight car loadings for
the
sizable proportions.
attained
+5,705,586
+9,681,998
+ 15,833,408
statistics relat¬
agriculture, which
In order to do
this in a simplified form we have brought together in the
table which follows the figures indicative of activity in
the more important industries, together with those pertain¬
We turn now to our
is necessary
fully realized.
In October, 1939, the full
anticipatory buying was in evidence, and
earnings in both gross and net columns then
of
111,501,626
89,532,796
85,335,563
86,072,702
98,476,937
91,404,620
100,396,950
102,560,563
68,915,594
57,115.973
+ 20,588.056
ing to the activities of industry and
constitute the basis for railroad earnings.
hopes were
effect
------
November
One
sharply
tions.
77,310,037
85,698,152
90.537,737
110,996,728
88,374,131
85,602,788
August
important reservation is to be made, in this respect, owing
to
79,770,820
90,457,198
96,767,942
129,871,715
148,098,290
111,985,638
June
ing
the railroads.
offered
Decrease (—)
1939
received-m
5,772,613 20,267,035
7,169,421 19,731,520
6,988,691 19,533,564
Note—Figures in above table issued by:
a
United States Bureau of the Census,
b F. W. Dodge Corp. (figures
for 37
305.232.033
278,600,985
+ 26,631,048
+ 9.55
233,824
276,341,856
250,510,207
+ 25,831,649
+ 10.31
March
314,460,087
282,514,278
+ 31,945,809
+ 11.30
April
281,513,409
301,992,820
267,685,764
272,017,483
+ 13,827,645
+ 5.17
233,708
233,659
233,555
+ 29,975.337
+ 11.01
233,545
234,694
Coal Commission,
Railroads, f Com¬
piled from private telegraphic reports,
g Reported by major stock yard companies
in each city,
h New York Produce Exchange,
k "Iron Age." 1 American Iron
and Steel Institute,
m National Lumber Manufacturers'
Association (number
320,991,913
331.878.000
281,547,886
+
+ 14.00
234,527
of reporting
+ 11.00
233,404
233,396
343.809.034
380.437.001
418,934,974
314,738,181
+ 9.23
233,384
234,294
+ 18.12
233,378
234,236
352,823,729
39,444,027
+ 32,891,116
+ 29,070.853
+ 58,381,250
+ 66,111,245
+ 18.73
233,361
234,182
roads of the country
367,571,031
319,041,859
+48,529,172
+ 15.21
rate
317,740,628
+ 26,789,870
+ 8.43
233,325
233,169
234,095
344,530,498
January
_..
February
..
May
June
July
August
September.
October
...
November
.
December..
Month
1938
298,986,884
322,055,751
1937
Inc.
(+) or Dec. (—)
234,853
234,789
234,761
234,739
States
east
of
Rocky
Mountains),
c National Bituminous
Mines,
e Association of American
d United States Bureau of
mills varies In different years).
234,296
233,843
Mileage
all the foregoing we have
In
with
been dealing with the
rail¬
Turning now to the sepa¬
roads and systems, we find the exhibits in consonance
the results shown for the roads as a whole.
In the
collectively.
1939 we find that no less than 55 roads were able to
gains in gross earnings for amounts in excess of
$1,000,000, while not a single road reports a decrease above
that amount, and in the case of the net earnings 47 roads
show gains above $1,000,000, and not one reports a decrease.
The two great trunk lines—the Pennsylvania RR. and the
New York Central System—head the list of increases in
year
report
%
January
...
February
..
March
April
May
June
July
August
September.
October
...
November
.
December..
278,751,313
250,558,802
282,571,467
267,741,177
272,073,108
281,607,108
299,038,208
314,790,136
322,107,807
352,880,489
319,094,405
317,795,866
1938
1937
—52,208,245
—15.77
235.422
236,041
—70,590,873
—21.98
—25.04
—83,150,967
—23.67
—79.900,042
—22.70
—69,387,450
—65.450,296
—19.76
—44,205,082
—12.31
—11.13
372,283,700
317,550,416
—40,346,921
—19,403,211
+ 1,543,989
234,851
234,828
233,928
234,759
234,626
234,486
234,479
234.423
235,620
—94,426,288
299,827,816
+ 17,968,050
330,959,558
321,149,675
376,997,755
350,892,144
351.973,150
350,994,558
364,488,504
358,995,218
362,454,728
—
17.95
—5.21
+ 0.48
+ 5.99
234,242
234,166
233.889
235,829
234,372
235,547
235,501
235,390
235,324
235,308
235,161
235,098
235,051
and net earnings, the former showing a gain in
$70,546,537 and in net of $20,692,945, while the
New York Central reports a gain of $42,405,513 in gross
earnings and of $23,023,664 in net earnings . (These figures
both gross
gross
of
Volume
cover
leased
is
of
The Commercial & Financial Chronicle
150
only the operations of the New York Central and its
lines; when, however, the Pittsburgh & Lake Erie
included, the result is
$25,122,920 in net.)
the list of gains
an
increaseJn
the
we
find the Southern Pacific System with
$16,689,525 and in net of $15,147,385;
Ohio
&
with
$26,307,922 in
$11,-
and
gross
390,868 in net, and the Norfolk & Western reporting,
respec¬
tively, $15,952,186 and $11,204,517.
In the following table
we bring
together without further comment all changes for
the separate roads and systems for amounts in excess of
$1,000,000, whether increases or decreases, and in both gross
and
net:
District
&
and
gross
Among other large systems topping
gross of
Baltimore
gain of $47,477,440 in
a
1187
Net Earnings
Region
1939
1938
$
Mileage
Eastern Dist.<
$
1938
1939
New Eng. region
Grt. Lakes reg'n
26,220
Cent. East, reg'n
k Total
Inc.
$
24,580
43,260,588 26,574.853
189,175,445 131,448,697
234,403,714 180,856,797
57,660
57,861
466.839,747 338,880,247 + 127,959,500 + 37.75
Southern region.
Pocahontas reg'n
38,401
6,060
38,607
6,049
k Total...
44,461
45,758
6,760
+ 57,726,848 +43.91
+ 53,546,917 +29.60
k
Sotahcrn
Dist.
133,941,300 113,818,849
+ 20,122,451 + 17.67
105,760,766
84,076,543
+21,684,223 + 25.79
44,656
239.702,066 197,895,392
+41,806,674 +21.12
45,870
113,808,133
80.280.023
+33,528,110 + 41.76
56,369
56,647
185,922,266 163,108,198
+22,814,068 + 13.98
29,320
29.402
*
iM»Nl
Western Dist.-
'
1
Northwestern
CHANGES
12
GROSS EARNINGS FOR
IN
MONTHS
T~n f*vpn
ENDED
region
THE
Central
DEC. 31
ftp
Increase
Pennsylvania
$70,546,537
New York Central
_a42,405,513
Baltimore & Ohio
26,307,922
Southern Pacific (2 rds). 16,689,525
Norfolk & Western
15,952,186
Union Pacific
14,040,157
Great Northern
12,567,842
Chesapeake & Ohio
12,345,572
Erie
11,708,303
N Y N H & Hartford
10,338,335
Southern Ry
9,734,450
Dul Missabe & Iron R__
9,619,873
Louisville & Nashville
8,953,696
Reading
8,264,551
Chic Mllw St P & Pac..
7,438,534
Northern Pacific
6,860,847
N Y Chicago & St Louis.
6,794,181
Del Lack & Western
6,265,957
Chicago & North Western 6,194,591
Boston & Maine
6,148,056
Elgin Joliet & Eastern.
6,069,063
Atch Topeka & S Fe
5,716,740
Illinois Central
5,421,914
Bessemer & Lake Erie
5,197,143
Pitts & Lake Erie
5,071,927
Pere Marquette
_*
4,788,037
Central of New Jersey._
4,295,799
Delaware & Hudson
4,253,920
.
.
_
Wabash
Seaboard Air Line
Minn St P & S S M
Grand Trunk Western
Missouri Pacific
3,529,696
3,061,658
2,935,262
2,892,516
2,587,252
2,547,940
2,310,287
Long Island
Virginian
region
Western Pacific
Lake Sup & Ishpeming__
2,105,310
Total.
_
1,748,013
1,668,868
1,608,719
1,375,746
1,218,815
1,168,269
1,117,764
1,083,580
1,047,465
1,005,018
Denver & Rio Gr West.
Detroit Toledo & Ironton
_
Clinchfield
AltonNashv Chatt & St Louis.
St Louis Southwestern._
Missouri Illinois
Chicago & Eastern 111
Chicago Ind & Louis v.
.
131,447 131,919
369,952,218 306,358,245
Total (55 roads)
$409,707,741
These figures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute.
Includ¬
an increase of $47,477,440.
ing Pittsburgh & Lake Erie, the result is
DEC.
EASTERN
DISTRICT
New England Region—Comprises the New England States.
Oreat Lakes Region—Comprises the section on the
New
England
line from Chicago via Pittsburgh to
a
New York.
Central Eastern Region—Comprises the section south of
east of a line from
to the mouth of the Ohio
and
Boston & Maine
5,768,977
Southern
5,317,982
Ry
Louisville
&
Nashville.
Del Lack & Western
Bessemer & Lake Erie
4,972,960
4,966,102
4,270,021
4,260,455
4,237,848
3,753,860
3,550,381
Elgin Joliet & Eastern
3,356,144
Lehigh Valley
2,850,800
2,845,618
2,796,613
2,648,741
_
Chicago & North Western
Reading..
N Y Chicago & St Louis.
Northern Pacific..
Minn St P & S S M
Pere Marquette
Western Pacific
$2,630,357
2,599,907
2,547,788
2,511,721
Chicago Milw St P & Pac
Chicago Rock Isl & Pac.
Grand Trunk Western..
Wabash
2,399,580
River, and north of the Ohio River to Parkersburg. W.
SOUTHERN
of the Ohio River to a
DISTRICT
Region—Comprises the section north of the southern boundary
Pocahontas
1,888,705
Virginian
mouth.
WESTERN DISTRICT
Cine New Orl & Tex Pac
1,844,036
1,755,270
1,676,537
1,651,977
1,603,591
1,406,320
1,322,135
Missouri Pacific
Chicago Great Western..
Maryland
Western
1,314,769
Denver & Rio Gr West..
Clinchfield
1,147,987
1,139,655
1,135,988
Detroit Toledo & Ironton
Total (47 roads)
$215,136,596
These
When
the roads
divisions,
arranged in groups
are
according to
their
Great Lakes Region,
ana
geographical
or
location, it is
surprise to
no
find, in view of the foregoing, that all the three great dis¬
tricts—the Eastern, the Southern and the Western—as well
as all the various regions comprising these districts,
with¬
out a single exception, reveal gains in both gross and net
Southwestern
and by the Rio
Region—Comprises the section lying between the Mississippi River
St. Louis to Kansas City and thence to El Paso,
Grande to the Gulf of Mexico.
875,028,000 bushels in 1938, but comparing with only 704,Back in 1932 the grain movement
totaled only 552,290,000 bushels, but in 1929 aggregated
954,540,000 bushels. In the subjoined table we give the de¬
tails of the Western grain traffic, in our usual form, for
the 52 weeks of 1939 and 1938:
322,000 bushels in 1937.
WESTERN FLOUR AND GRAIN RECEIPTS
Year Ended Dec. 30
■»
kuh.
Flour
earnings is very high (particularly in the Eastern Dis¬
trict), that of the New England region reaching no less
62.78%; of the Great Lakes region, 43.91%, and of the
Central Eastern
region, 29.60%.
The Northwestern region,
in the Western District, shows 41.76%, and the Pocahontas
region, in the Southern District, 25.79%.
Our summary by
is
to
as
below.
conform
As previously explained,
with
classification
the
of
we
the
group
the
roads (taking them col¬
the year 1939 fell far below that of 1938,
although, even at that, it was very much larger than in
1937.
While the receipts of wheat and of barley were much
larger than in the previous year (the former 361,809,000
bushels again 341,703,000 bushels), all the other items, in
greater or less degree, contributed to the decrease, particu¬
larly corn, the receipts of which were only 214,980,000
bushels against 326,701,000 bushels the previous year.
Alto¬
gether, the receipts at the Western primary markets of the
five cereals, wheat, corn, oats* barley and rye, in the 52
weeks of 1939 reached only 789,002,000 bushels as against
in
net
roads
the section south of the Northwestern Region
Louis, and north of a line
thence to El Paso and by the Mexican boundary
Chicago to Peoria and thence to St.
grain traffic over Western
The
lectively)
It will be noted, too, that the percentage of
increases shown by many of the regions in the case of the
groups
Portland,
Pacific.
Central Western Region—Comprises
west of a line from
from St. Louis to Kansas City and
earnings alike.
than
adjoining Canada lying west of the
north of a line from Chicago to Omaha and thence to
by the Columbia River to the
1,863,358
Central of New Jersey
Lake Sup & Ishpeming..
of
Virginia, east of Kentucky and the Ohio River north to Parkersburg, W. Va.,
Parkersburg to the southwestern corner of Maryland and
and south of a line from
south of St. Louis and a line from
Wheeling & Lake Erie
Seaboard Air Line
Atlantic Coast Line.
following the
and the southern boundary of Virginia to tne Atlantic*
to the Pacific.
figures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute.
Includ¬
ing Pittsburgh & Lake Erie, the result is an increase of $25,122,920.
a
of the Mississippi River and south
point neap Kenova, W, Va., and a line thence
eastern boundary of Kentucky
2,099,256
1,912,720
_
Pacific
Va„
the Potomac
line thence to the southwestern corner of Maryland and by
a
River to Its mouth.
2,378,113
St L-San Fran (2 roads).
Pittsburgh & Lake Erie.
Union
the Great Lakes Region
Chicago through Peoria to St. Louis and the Mississippi River
Northwestern Reoion—Comprises the section
Increase
Delaware & Hudson
Canadian boundary between
and the westerly shore of Lake Mlohlgan to Chicago, and north of
31
Increase
a$23,023,664
Pennsylvania
20,692,945
Southern Pacific (2 rds). 15,147,385
Baltimore & Ohio
11,390,868
Norfolk & Western
11,204,517
N Y N H & Hartford....
8,677,295
Erie
8,438,674
Chesapeake & Ohio
7,931,971
Dul Missabe & Iron R__
7,580,725
Great Northern
6,622,280
the different
groups and regions:
thence by the Potomac River to Its
New York Central
63,593,973 +20.75
NOTE—Our grouping of the roads conforms to the classification of the Interstate
PRINCIPAL CHANGES IN NET EARNINGS FOR THE 12 MONTHS
ENDED
+7,251,795 + 11.51
+
Commerce Commission, and the following Indicates the confines of
Southern Region—Comprises the section east
a
62.970.024
70,221,819
233,468 234,436 1,076,494,031 843,133,884 + 233,360,147 +27.67
2,250,522
2,208,873
Chicago Burl & Quincy
Atlantic Coast Line
Western Maryland
St L-San Fran (2 roads)
Cine New Orl & Tex Pac
Western
region
Southwestern
$4,190,199
4,153,676
4,128,844
3,937,500
3,834,778
Lehigh Valley
Wheeling & Lake Erie
%
+ 16,685,735 +62.78
6,864
26,288
24,709
<
PRINCIPAL
(+) or Dec.,—)
(000 Omitted)
Year
~
Wheal
{BUs.)
{Bush.)
Corn
84,901
29,962 134,896
1939
_
11,567
1938
10,923
1939
Chicago
Minneapolis.
1,161
93,601
18,030
3
60,231
30,612
1938
Oats
{Bush.) {Bush.)
26,716
22,035
24,329
26,533
17,173
10,966
16,367
Barley
Rye
{Bush.) {Bush.)
2,015
3,326
12,687
10,713
12,529
50,140
35,248
7,924
9,140
4,475
7,234
1939
51,457
13,389
1938
Duluth
27,545
7,231
660
904
21,438
12,975
6,103
1,021
556
24,579
9,569
1939
853
1938
1 '
Milwaukee
Interstate
51,783
4,062
910
5,916
14,393
13
11,997
189
219
10,570
6,123
6,753
139
205
22
27,719
28,893
33,876
39,080
9,342
12,765
647
661
29
6,579
26,554
3,509
264
1938
6,028
22,806
13,320
29,481
5,056
329
Peoria
1939
2,214
2,612
21,293
2,155
3,027
26.444
3,619
3,457
834
1938
2,044
1,973
3,063
3,062
Kansas
groups
Commission.
and
regions
The
are
boundaries
indicated
in
the
1939
1,029
79,594
11,631
1938
788
99,315
12,363
1939
38
6,672
2,289
6,521
3,433
1,933
2,314
29,336
50
39
Toledo
of
the
Gross
District and Region
1
TO
footnote
DEC.
to
the
1938
1939
1938
1938
31
Earnings
1939
1939
different
table:
SUMMARY BY GROUPS—JAN.
1939
IndlanaDolis and Omaha..
St. Louis
Commerce
Inc.
(+)
or Dee.
St
Eastern District—
$
New England region (10 roads).
Great Lakes region (23 roads)..
Central Eastern region (18 rds.)
163,417,702
738,623,023
824,138,173
$
$
City..
{—)
Joseph
1938
%
144,867,531
+ 18,550,171 + 12.80
+ 97,064,157 + 15.12
641,558,866
687,751,340 + 136,386,833 + 19.83
1939
Wichita
.
•
.
.
-
-
.
-
-
.
-
-
-
2,408
3,016
891
162
125
......
2
....
.
_
_
b
....
_
54
123
104
1,489
3,067
1,025
188
720
1,669
3,626
475
333
1,030
1939
23,476 361,809 214,980
20,807 341,703 326,701
91,638
92,830
22,172
1938
22,562
98,403
91,232
1,726,178,898 1,474,177,737 +252,001,161 + 17.09
all—
{
District—
Southern region (28 roads)
Pocahontas region (4 roads)
512,031,351
242,066,350
471,305,776
210,561,592
+ 31,504,758 + 14.96
754,097,701
Total (32roads).
681,867,368
+ 72.230,333 + 10.59
459,437,377
745,742,773
302,235,926
407,666,490
702,039,092
292,513,147
+ 43,703,681
+ 40,725,575
+ 8.64
Receipts of grain at the seaboard were also very much
than in 1938, indicating graphically the decrease
smaller
place in the export demand for grain.
receipts—which include the movement to
Montreal as well as the United States ports—during the 52
weeks of 1939 totaled only 173,998,000 bushels as against
236,345,000 bushels in 1938, but comparing with only 165,050,000 bushels in 1937.
Going further back, comparison
taken
which
Western District—
Northwestern region (15 roads).
Central Western region (15 rds.)
Southwestern region (20
.
21,010
1939
City._-
Total
Southern
.
1938
Sioux
1938
Total (51 roads).
.
roads).
Total (50 roads)...
Total all districts (133 roads)..
+ 51,770.887 + 12.69
+ 6.22
+ 9,722,779
+ 3.32
1,507,416,076 1,402,218,729 + 105,197,347
+ 7.50
3,987,692,675 3,558,263,834 + 429,428,841
+ 12.06
has
These
seaboard
208,016,000 bushels in 1932 and
Is with
1929.
in
the last five years are
RECEIPTS AT SEABOARD
GRAIN AND FLOUR
15,908,000
bbls.
Wheat
Corn..
PORTS FOR 52 WEEKS
.....
bush. 126,508,000 132,237,000 103,833,000
27,557,000 90,380,000 35,652,000
"
6,491,000
7,598,000
6,039,000
"
10,995,000
2.899,000
"
"
Barley
Rye
Total grain
12,309,000
6,765,000
2,662,000
3,468,000
71,635,000
15,573,000
17,335,000
4,926,000
4,826,000
140,947,000
13,066,000
7,932,000
3,917,000
4,581,000
'
Oats
13,165,000
15,233,000
14,200,000
14,737,000
1935
1936
1937
1938
1939
Receipts of—
Flour.
221,457,000 bushels
seaboard grain movement for
set forth in the table which follows:
details of the
The
114,295,000
173,998,000 236,345,000 165,0.50,000 170,443,000
—
the cotton movement in the South, this
wre find was on a greatly reduced scale as regards the over¬
land movement of cotton, but was much larger than in
Coming now to
movement of the staple is concerned.
Gross shipments overland totaled only 1,315,873 bales in
1939 as against 1,380,052 bales in 1938, and 1,450,116 bales
in 1937, but comparing with only 472,476 bales in 1932 .and
913,635 bales in 1929. The port movement of the staple for
the calendar years back to and including 1934 is shown in
the subjoined table:
1938
far as the port
so
RECEIPTS
PORTS FROM JAN. I TO
COTTON AT SOUTHERN
OF
31, 1934 TO
DEC.
1938
1939
Ports
1939, INCLUSIVE
1934
1935
1936
1937
1,452,743 1,387,422
bales. 1,447,678 1,265,709 1,695,962 1,812,836
1,656,497 1,283,973 1,592,417 1,524,849 1,586,829 1,357,221
Houston, &c
302,031
313,122
314,700
457,718
370,729
273,008
Corpus Chrlsti..
Galveston
40,578
4,965
30,733
17,912
19,708
18,990
53,049
1,743,992 1,233,937 2,156,615 1,912,923 1,639,303 1,335,920
195,683
358,658
249,599
324,300
107,228
126,869
109,995
123,667
85,629
33,689
7,821
14,833
146,911
296,617
141,582
165,428
48,565
56,423
Brownsville
^^
Beaumont
Orleans
New
■
-
Mobile
Pensacola
Savannah
;
Brunswick..
-
«•
-
48,692
43,280
Wilmington
Norfolk
19.013
30,303
2,199
1,867
76,522
21,382
61,719
6,043
Jacksonville
.
14,942
-
29,311
153,170
224,179
166.150
198,704
Lake Charles
.
~
36,238
45,239
11,341
Charleston
-
»
Net Earnings
1119992280346758
2
Year
Given
119933067548
1914.
Preceding
4>-
1,040,304,301
1,272,639,742
1,215,110,554
905,794,715
764,578,730
-
1917.
461,922,776
958,653,357
1,141,598,071
1,410,968,636
1,424,240,614
1,604,400,124
1,731,509,130
1,579,621,895
1922..
....
1,706,067,669
1,798,200,253
1,367,577,221
971,654,527
733,368,461
859,639,828
830,442,174
859,473,948
1,121,241,272
1,047,043,870
843,060,935
1,076.494,031
....
1932.
...
We
calendar
as
same
road
add
now
classified
years,
by
—0.68
—$4,526,646
—53,371,196
—7.13
+20.12
+ 1.00
+ 151,040,332
+8,996.848
—24,288,388
+ 60,350,833
—2.68
+6.88
—33,487,100
—3.56
—75,925,113
+ 211,653,900
+236,623,427
—60,079,749
—284,771,620
—143,479,608
—8.39
+25.54
+22.84
—4.71
—23.92
—15.80
—39.69
—303,953,253
+ 556,503,286
+ 190 100,146
+ 138.38
+ 249,725,296
+ 14,807,031
+21.50
+ 1.05
+ 175,891,175
+ 12.31
+ 19.98
+ 128,995,572
+ 8.05
—155,453,498
—8.96
+6.57
+ 105,169,783
+5.35
+ 91.282,713
—432,368,693
—395,804,589
—244,431,640
+ 126,471,171
—16,120,430
+25,928,611
+262,823,841
—74,111,024
—203,982,327
—24.02
—28.94
—25.00
+ 17.25
—1.90
+3.11
+30.62
—6.61
—19.48
+ 27.67
+ 233,360,147
statement
detailed
our
Cent
Decrease (—)
$665,280,191
748,370,244
750,685,733
900,473,211
907,914,866
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
402,150,071
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
1,706,917,540
1,799,945,914
1,367,459,116
977,800,101
733,168,657
846,562,604
833,545,337
858,417,431
1,121,154,894
1,047,043,262
843,133,884
$660,753,545
694,999,04$
901,726,065
909,470,059
883,626,478
937.968,711
907,022,312
828,522,941
1915..
1916
Year
Per
(+) or
Increase
Year
for the last two
regions, the
districts and
and giving the figures for
in the table above,
each
separately:
STATES RAILROADS FROM JAN.
EARNINGS OF UNITED
1 TO DEC. 31
Eastern District
.
-Net-
-Gross-
Region—
1939
1938
1939
$
New England
1938
Inc. or Dec.
$
$
$
$
—164,405
+5,768,977
1,315,965
13,207,169
1,480,370
1,361,812
def77,604
4,963,715
1,124,996
region.
Western—See Great Lakes region.
def 117,969
+40,365
212,867
+ 912,129
5,119,439
Bangor & Aroostook
46,341,082
54,629
23,692
57,930
57,859
Boston & Maine
22,527
21,429
44,042
57,679
4,025
4,151
8,400
5,615,878
40,193,026
7,438,192
Can Nat System—
42,904
Can Nat Lines in
New
1,434,432
5,801,709
England..
Central Vermont.
5,153,627
bales. 5,526,957 4,490,405 6,810,207 6,351,430 6,154,501
Total
119990172308
24, 1940
Feb.
Chronicle
Commercial & Financial
The
1188
Dul Winn & Pac—See Northwestern
Grand Trunk
Can Pacific System—
Perhaps, however, the very best index of trade and
business conditions in any year is revealed in the statistics
freight by the railroads
furnish, as it were, a
composite picture of the general freight traffic and rev¬
enues of the roads.
These statistics, as compiled by the
Car Service Division of the Association of American Rail¬
roads, show that in the 52 weeks of 1939, 34,102,759 cars
were loaded with revenue freight as against 30,457,078 cars
in the previous year, but comparing with 37,670,464 cars
showing the
of the
loadings of revenue
country, as these car loadings
in 1937.
In 1932 the number of cars fell to
28,179,952, after
totaled 52,827,935 cars in 1929.
In the following
table we give the details regarding the separate items going
having
make up the
to
LOADING
Can Pac
Lines
in
2,323,749
2,225,058
435,867
358,936
+76,931
1,028,137
Maine
Can Pac
866,691
def250,601
def377,689
+127,088
2,710,671
+774,785
Lines in
Vermont
Northwestern region.
Spokane Internat'l—See Northwestern
region.
11,118,829
3,485,456
83,418,476
73,080,141
West—See Great Lakes region.
21,959,316
2,487,155
1,656,724
1,779,942
—123,218
2,955,226
403,300
def192,488
+695,788
163,417,702 144,867,531
43,260,588
11,990,440
Maine Central
New Haven System
NYNH &Hartf.
N Y Ont &
2,503,397
3,456,841
NY Connecting
Rutland
Total (10 roads)..
1938
1939
$
$
1,439,548
Region—
13,282,021 +8,677,295
26,574,853 + 16,685,735
-Net
-Gross-
1939
Great Lakes
Cambria <fe Indiana.
grand totals:
region.
Dul So 8h & Atl—See Northwestern
Minn St P & S S M—See
$
1,217,492
464,343
1938
THE RAILROADS OF THE
UNITED STATES FOR 52 WEEKS
region.
region.
region.
4,043,602
18,272,199
1,531,881
Can Nat Lines in N E—See New England
Central Vermont—See New England
Dul Winn & Pac—See Northwestern
(Number of Cars)
21,801,895
25,452,489
50,454,438
Detroit & Mackinac
876,809
Det & Tol Sh Line..
3,284,540
Grand Trk West.
-
+2,511,721
+2,630,357
+3,753,860
247,257
—14,111
Del & Hudson
Coal
Coke
Forest products
Ore
Merchandise, L. C. L
Miscellaneous
1,967,318
702,920
1935
1936
1937
1938
1939
1,804,767
759,092
1,788,966
1,577,053
714,495
721,601
694,234
5,540,739 6,976,938 6,937,416 6,144,691
6,264,761
339,628
480,043
507,817
274,639
413,699
1,417,869 1,828,032 1,682,582 1,383,872
1,584,085
1.036,432
1,623,008
845,965 2,207,632
1,615,127
7,830,244 7,681,847 8,465,868 8,275,977 8,080,675
13,760,264 12,025,781 15,173,610 14,546,227 12,227,288
21,198,569
7,865,716
5,235,359
Del Lack & Western
1,940,345
$
+69,818
Can Nat System—
OF REVENUE FREIGHT ON
Grain and grain products..
Livestock
Inc. or Dec.
$
394,525
44,188,481
11,919,431
8,165,571
877,856
233,146
2,673,813
1,570,356
69,509,060
2,957,895
1,493,949
3,392,744
41,230,143
21,844,453
Erie System—
81,217,363
Erie
3,005,614
1.594,002
4,286,652
N Y Susq & West.
Lehigh & Hud River
Lehigh & New Eng.
Lehigh Valley
45,358,987
4,155,889
Monongahela...
3,440,045
1,678,482
'
1,940,055
Montour
1,007,097
501,029
1,520,634
12,566,741
2,490,851
777,195
1,192,606
+377,750
13,405,779 + 8,438,674
+ 79,578
927,519
+ 57,005
444,024
+ 674,108
846,526
9.715,941 +2,850,800
+ 399,371
2,091,480
+ 206,692
570,503
New Haven System—
34,102,759 30,457.078 37,670,464 36,109,112 31,504,134
Total
N Y N H & Hartf—See New
the table which follows
In
we
furnish
a
summary
of the
England region.
6,439,655
494,632
341,086,708 298,681,195
84,202,476
3,478,671
14,615,828
6,014,157
N Y Ont & West.
N Y Central
14,179,067
Mileage
Gross Earnings
Given
1907
1908
...
...
1909
...
1910
...
1911
...
1912
...
1913
...
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
1932
...
1933
...
1934
1935
1936
1937
1938
1939
...
...
...
...
...
...
Year
Preceding
Inc.
(+)
Dec.
or
(—)
+$196 ,906,154
$2,287,501,605 $2,090,595,451
—301 ,749,724
2,235,164,873 2,536,914,597
+282 ,453,959
2,322,549,343
2,605,003,302
+239 ,011,258
2,597,783,833
2,836,795,091
—30 ,024,816
2,835,109,539
2,805,084,723
+221 579,969
3,012,390,205 2,790,810,236
+ 142 521,797
3,162,451,434 3,019,929,637
—208 178,035
3,180,792,337
2,972,614,302
+ 152 539,765
3,013,674,851
3,166,214,616
+ 547 647.836
3,155,292,405
3,702,940,241
+ 430 679,120
4,138,433,260 3,707,754,140
+ 863 892,744
4,900,759,309 4,036,866,565
+258 130,137
5,173,647,054 4,915,516,917
5,178,639,216 + 1,026, 235,925
6,204,875,141
—664 027,980
5,552,022,979 6,216,050,959
+43 693,964
5,478,828,452
5,522,522,416
+733 687,222
6,342,058,872 5,608,371,650
5,961,186,643
6,177,280,802
6,435,539,259
6,195,259,346
6,168,119,487
6,339,246,882
5,335,131,510
5,230,360,663
3,157,463,014
3,128,862,541
19,250,994
43,175,402
30,232,639
36,381,231
25,444,602
702,699
480,936
Pitts Shawm & Nor.
994,123
896,329
2,984,438
Pitts & Lake Erie.
3,670,690
Pitts & W Va
Year
Year
N Y Chic <fc St Louis
Pere Marquette
Pitts & Shawmut...
yearly comparisons as to both gross and net earnings for
and including 1907:
each year back to
Per
Cent
Year
Given
Year
Preced'g
+9.42
173,028
Ann
3,964,804
44,662,526
Arbor
171,316
199,726
197,237
+ 12.16
228,508
+9.20
237,554
225,027
233,829
—1.06
241,423
+7.94
239,691
+4.72
—6.54
Total (23
82,231
281,075
1,252,619
661,064
238,275
236,000
Akron Canton & Y_
242,931
239,625
524,022
+268,031
10,417,386
8,017,806
+2,399,580
243,636
131,448,597 + 57,726,848
Net
1938
1939
1938
$
Inc. or Dec.
S
Bait & Ohio System—
246,356
+ 591,555
792,053
-Gross-
Region—
$
$
•
1,694,439
2,048,252
+5.06
249,081
247,936
+ 17.36
249,098
247,868
+ 11.62
250,193
Bessemer & L Erie._
+21.40
+ 5.25
233,014
233,985
249,879
232,639
Chic & East Illinois.
15,336,251
234,264
Chic & 111 Midland.
+ 19.82
235,765
234,579
Chic Ind & Louisv.
3,919,833
9,362,131
Det Tol & Ironton..
14,288,786
3,506,033
8,357,113
5,093,589
—10.68
235,690
234,777
+0.80
235,654
235.338
+ 13.08
235,705
234,622
6,332,874,535
—371 687,89 >.
—5.87
235,461
234,795
5,977,687,410
6,169,453,120
6,448,564,574
+ 199, 593,392
+3.34
236,330
+266 086,139
+4.31
236,891
236,139
235,809
—3.93
238,527
237,799
6,198,384,829
—253 305,228
—30 265,342
—0.49
240,626
239,536
6,176,941,101
+ 162 305,781
+2.63
241,625
239,48^
6,349,330,347 —1,014 198.837 —15.97
5,335,664,398 —1,105, 303,735 —20.72
41,129,177
1,647,228
1,622,767
13,742,056
8,544,913
167,915
6,357,235
Staten Isl Rap Tr
_
6,702,308
18,148,239
Illinois
Terminal
Pennsylvania
225,053
1,071,496
282,317
+789,179
6,387,722
5,465,033
+922,689
4,158,453,384
3,558,925,166
4,158,453,384
3,987,692,675
3.558.263.834
235,470
233,468
234,436
124,029,943 103,336,998 + 20,692,945
5,830,236
33,547,419
56,744,549
Maryland. 16,518,180
Reading
Western
5,341,631
29,251,620
48,479,998
13,625.664
10,981,730
175,245
9,183,581
17,131,860
5,667,811
4,782,586
+293,295
7,531,604 +1,651.977
defll8,050
12,861,839 +4,270,021
4,353,042 +1,314,769
2,893,881
+1,888,705
238,960
234,482
region.
Reading System—
241,111
+ 429 428,841 + 12.06
3,496,540
1,257,098
2,003,787
2,990,547
5,912,248
2,024,197
29,738,309 + 11,390,868
154,694
+13,221
2,806,854 +3,550,381
3,046,693
+449,847
926,695
+330,403
1,226,309
+777,478
1,854,559 +1,135,988
2,556,104 +3,356,144
1,526,419
+497,778
23,307,691
25,558,213
430,930,778 360,384,241
Island
Long
Central of N J...
—599 528,218 —14.41
+221,229
Pennsylvania System—
Penn Read SSL.
237,918
413,497
1,167,658
2,251,238
Missouri Illinois._
242.056
236,759
235,413
5,301,961
Mo Pac System—See Southwestern
242,169
240,840
12,079,176
.5,901,780
Elgin Joliet & East.
2'2,582
237,659
634,726
161,030,252 134,722,330
Bait & Ohio
242,043
239,075
$
Alton—See Central Western region.
242,517
3,468,358
40,472,327
1939
242,764
4,046,637,111
6,753,880
roads)..738,623,023 641,558,866 189,175,445
Central Eastern
4.229.261.833 —1,071 798,819 —25.34
—27, 892,564 —0.88
3,156,755,105
+ 5.68
+ 175 551,942
3,091,492,502
+ 178 356,824
+5.46
3,267,164,788
+ 601 299,505 + 17.45
3,445,337,606
+ 113 818,463
+2.81
4,044,634,921
3,267,044,444
3,445,521,612
+29,133
61,178,812 + 23,023,664
1,379,415 +2,099,256
10,355,373 +4,260,455
3,957,267 +2,796,613
+ 139,204
def56,973
+ 83,734
197,341
Wabash System—
Wabash
—11.89
465,499
N Y Central Lines—
14,919,230
Wheeling & L Erie..
Total (18
roads)..824,138,173 687,751,340 234,403,714
235,991
Total
Eastern
180,856,797 + 53,546,917
Dis¬
trict (51 roads)...
1726178898
1474177737 466,839,747
338,880,247+127959 ,50
Volume
150
The Commercial & Financial Chronicle
1189
Southern District
■Gross
Southern Region—
-Net-
1939
Atl Coast Line Sys—
Atl Birm & Coast.
Atlanta & W Pt._
Atl Coast Line
1938
1939
$
$
$
3,445,742
1,819,046
Charles & W Caro
Cllnchfield
47,099,287
2,481,511
7,276,464
3,742,674
Georgia—
LouisvAN&shv—
88,348,256
14,827,811
West Ry of Ala—
1,747,958
Columbus & Greeny
1,411,642
Florida East Coast.
9,261,367
Georcia & Florida..
1,194,319
Gulf Mobile & Nor_
6,924,301
Nash Chat & St L
Yazoo & Miss Val
Inc.
4,626,867
44,163,420
Ga South & Fla_.
Mobile & Ohio—
729,330
23,358,721
3,178,956
18,385,761
2,711,665
292,475
217,424
227,524
223,916
2,591,792
146,535
69,233
10,427.507
730.238
3,766,988
79,394,560
13,659.542
1,630,122
1,283,312
9,594,391
1,111,065
6,497,571
N O & Northeast.
3,107,907
.
+ 98,842
+ 467,291
+ 64,951
2,236,936
1,926,389
1,970,313
41,288
90,937,441
25,075,907
4,648,242
1,736.111
5,635
24,152,440
4,638,808
+ 234,202
+ 35,653
+ 923,467
+ 9,434
110,027
151,895
966,429
7,670,252
786,268
5,826,216
—41,868
+ 180,161
2,461,678
6,864,138
409,949
2,561,154
+ 710,744
1,750,934
5,187,601 + 1,676,537
250,165
692,380
574,532
99,153,560
89,419,110
287,936
31,144,092
2,462,150
2,279,175
625,090
+ 1,844,036
+ 159,784
—31,976
+120,802
+ 72,397
+ 5.317,982
+ 34,479
590,611
1,190,181
(28roads)..512,031,351 471,305,776 133,941,300 113,818,849+20,122,451
-Gross-
-Net-
1939
1938
$
$
1939
1938
$
Chesapeake & Ohlo.118,722,054 106,376,482
Norfolk & Western. 93,115,128
77,162,942
Richm Fred & Pot..
8,752,235
7,754,108
Virginian
21,476,933
19,268,060
Inc.
or
8
Dec.
$
49,862,432
41,996,740
2,377,958
11,523,636
30,792,223 + 11,204,517
1,693,581
+684,377
9,660,278 +1,863,358
(4roads)...242,066,350 210,561,592 105,760,766
84.076,543 + 21,684,223
41,930.461
+7,931,971
681,867.368 239,702,066
197,895,392+41,806,674
Western District
1939
-Net-
1938
1939
1938
$
$
$
Region—
Can Nat System
C N Lines in N E—See New
England region.
Central Vermont—See New England region.
Dul Winn & Pac.
Paper
cover.
Price $3.
345
pp.
Agent in United
States, Columbia University Press, N. Y.
Economic
Nations
has
Intelligence Service of the League of
recently published a new edition of "Inter¬
national Trade Statistics" for 1938.
This volume contains
statistical tables of
foreign trade of 67 countries for the
1936-1938, and indicates respectively the imports and
years
exports of goods per year and per month, the imports and
exports by country of provenance and destination, and
the imports and
exports
and
exports
of
bullion
by principal articles, the imports
specie, and the imports and
and
exports by groups according to the new international classi¬
fication (League of Nations "Minimum
List").
includes about 300 tables.
One characteristic of the
The volume
new edition
is the increasing
indicating imports and exports grouped
according to the classifications drawn up by the League
of Nations Committee of Statistical
Experts in accordance
with the international Convention
concerning economic
number
of
tables
statistics concluded at Geneva in 1928.
now
For the 25 countries
using these standard classifications, the tables given
enable exact international
comparisons to be made
basis of the major divisions of the ,iew
on the
international classi¬
fication
;•
-Gtoss-
Northwestern
Published by League of Nations.
The
North Alabama—
Southern
Total Southern District (32roads)...754,097,701
International Trade Statistics 1938
+4,972,960
14,765,267
1,164,746
Tennessee Central..
Region—
Bookshelf
+ 1,755,270
+ 210,886
+ 1,139,655
+ 157,963
—463,970
+ 77,302
+310,547
2,593,130
1,069,379
215,539
25,826,110
Pocahontas
The Business Man's
—6,492
2,127,822
280,974
40,009,744
7,677,582
17,788,489
2,309,592
11,736,534
CinNO&TexP.
Total
Dec.
$
+ 91,412
„
Ala Gt Southern.
Total
or
3
329,306
182,132
8,672,237
519,352
2,627,333
571,367
6,796,233
15,240,549
2,061,107
11.447,872
3,048,641
15,011,497
863,319
Seaboard Air Line..
Southern System—
1938
420,718
14,478,386
793,933
4,378,085
Illinois Central Sys—
Central of Georgia 15,363,757
Gulf & Ship Isld..
1,134,564
Illinois Central... 96,359,355
Mississippi CentralNorfolk & Southern.
3,366,942
1,669,961
44,164,025
2,164,131
5,900,718
3,474,615
1,350,774
1,102,202
216,475
Grand Trunk Western—See Great Lakes
region.
Can Pac System—
Inc.
or
Dec.
S
def44,407
+260,882
CP Lines in Me—See New England
region.
C P Lines in Vt—See New England
(50 chapters and 17 sections) and also, in most
according to about 20 economic groups showing use
and stage of production.
Among other advantages, the
former uncertainty as to how far
any collective heading
—or,
indeed, often an apparently homogeneous item—
bearing the same title in two countries did in fact include
cases,
similar goods is now eliminated.
The boundary line, for
example, between machinery and metal manufactures, or
between
raw materials and semi-manufactures
or between
this latter and manufactured
goods is now clear-cut.
region.
DulSoSh& Atl-
2,327,828
28,163,238
Spokane Internat.
798,188
Chic & North West. 87,250,460
CbicStPM&O. 17,751,689
Chic Great Western 18,128,103
Chic Mil St P & Pac 106,875,380
Dul Missabe & I R. 18,636,680
1,832,785
24,328,460
741.198
Gieat Northern
79.215,531
1,560.210
MStP&SSM..
91,783,373
1,696,275
2,932,258
Minn & St Louis...
9.215,137
Northern Pacific— 63,882,432
Spokane Portl A- S—
8,645,562
Green Bay & WestLake Sup & Ishpem.
Total
309,879
,260,230
195,700
81,055,869
16,752,334
17,141.964
,975,587
,922,148
,222,436
99,436,846
,363.566
9,016.807
,969,588
,320,703
471,090
,806,702
,120,444
1,184,245
9,079,676
57,021,585
8,196,778
,202,705
,450,880
(15roads)..459,437,377 407.666,490 113,808,133
-Gross-
Central Western
1938
1939
S
$
3
Atch Top & S Fe...160,039,967
Bait & Ohio System—
Alton
16,622,809
3,900.301
18,763,659
2,388,863
24,698,423
+2,599,907
+ 7,580,725
+ 6,622,280
+ 87,102
383,988
203.111
1,791,985
9,964,857
2,197,473
+ 1,603,591
+328,459
+4,237,848
+253,407
1938
Inc.
3
or
Dec.
3
34,705,262
33,911,213
+794,049
15,403,994
4,064,782
3,329,921
+734,861
25,245,898
1,628,503
1,718.398
4,809,678
599,837
25,982,916
329,776
region
Burlington Route—
Ch Burl & Quincy 96,131,794
Colo & Southern.
6,505,491
93,070,136
Ft Worth & DC..
6,007,703
Den & Rio Gr West
25,073,039
Denver <fc Salt Lake2,290,818
6,478,991
23,404,171
2,264,604
570,958
Nevada
Northern..
866,893
Chicago R I & Pac.. 78,467,818
Southern Pacific Sys—
Northwest Pacific
3,266,653
6,396,180
Southern
15,458,536
244,383
12,910.748
+ 2,547,788
3,020,999
defl5.025
def547,983
+532,958
Pacific.166,623,094 151,698,277
Texas & N O—See Southwestern region.
46,356,198
Tol Peoria & West..
2,280,008
2,149.274
..164,253,371 150,213,214
823,326
682,581
Union Pacific
Utah
Western Pacific
Total
16,689,989
14,584,679
783,135
46,394,783
151,280
3,691,225
Southwestern
33,451,069 + 12,905,129
700,431
44,482,063
76,070
* 1939
Region—
$
Burlington-Rock
Isl
1938
1939
3
$
1,417,213
1,435,853
192,571
43,027,457
Kansas City South.
45,685,303
1,589,981
13,384,889
Kan Okla& Gulf—.
2,707,681
12,980,448
2,315,353
Louisiana & Ark—.
7,690,3^0
7,306,274
27,857,730
7,325,308
301,718
5,004,919
1,421,938
2,756,954
636,443
200,743
5,849,865
2.726,698
11,801,209
1,083,865
1,440,524
St L-Saa Fran—
St L 8 F & Texas.
Valley
1,402,898
Missouri & Arkansas
Mo-Kansas-Texas..
1,107,939
28,170,695
1,660,575
1,387,099
984,201
Missouri Pac System—
BeaumSL&WInternat Gt Nor..
2,780,649
11,416,814
Missouri-Illinois—See Central Eastern region
Missouri Pacific- 83,059,361
80,719,074
17.533.080
NOTex&Mex..
StLBrownsv&M
S A Uvalde & Gulf
Texas & Pacific..
OklaCIty-Ada-Atoka
2,378,506
7,098,775
1,392,041
26,454,096
404,056
2,338,475
6,754,535
1,124.410
26,381,704
433,500
631,708
2,459,733
140,952
7,481.658
139,149
+82,704
+75,210
1,042,484 +2,648,741
1938
$
166,795
4,012,195
Southern Pacific—See Central Western region.
Texas & New Orl. 43,571,527
41,806,819
11,414,148
Dec.
$
+25,776
—55,876
4,604,897
1,141,433
2,329,143
+ 280,505
+ 427,811
+400,022
630,315
+ 6,128
146,505
5,453,749
+ 54,238
+396,116
1,070,713
+ 13,152
1,183,648
+256,876
16,126,760
+1,406,320
+44,801
586,907
2,058,932
defl33,998
8,026,527
116,144
+ 400.801
+ 274,950
—544,869
+23,005
4,927,728
—915,533
+2,242,256
+7,251,795
933,196
949,531
194,348
Total (20 roads)..302,235,926
292,513,147
70,221,819
62,970,024
Western
or
357,594
9,171,892
113,021
Texas Mexican
Inc.
4,891,319 + 2,433,989
Pac Sys—
Northwestern Pac—See Central Western region.
St L Southwestern 19,609,966
18,492,202
Total
.
+1,912,720
Net
Friaco Lines—
Southern
+85,393
(15roads)..745,742,773 702,039,092 185,922,266 163,108,198 + 22,814,068
-Gross—
Midland
—737,018
+326,960
—148.999
1,867,397
3,861,691 + 1,147,987
694,252
—94,415
1,301,543
77,777,807
St L So'western—See Southwestern
region.
+81,327
Dis¬
trict (50roads).__1507416076
1402218729 369,952,218 306,358,245 + 63,593,973
Total all districts
(133 roads)
3987592675
3558263834
Leslie
Roberts.
Macmillan,
248 pp.
Canada.
$3.25
When Mr. Roberts set out to write this
book,
been perturbed by the encroachment on
be must
personal
liberty which he saw about him, especially in his Province of
Quebec, where a so-called Padlock Law had been proclaimed
have
safeguard against "Communism." Since this law did
object against which it was launched, it
lent itself to serious abuse, violated common rights and
decency, and stirred up so much animosity that its demise
was clearly to be
expected. Came the war, and in short
order the Padlock Law was
swept away, and so was its
author.
But Mr. Roberts must have liked his title; so he
wrote about the war, and insisted that it be carried to a
successful end, with all the might that Canada can
muster;
but on the understanding that the war must end with a
peace which will safeguaid Canada against any form of
as
a
not even define the
80,280,023 + 33,528,110
154,323,227
Bait & Ohio—See Central Eastern region.
Staten Isl R T—Seen Central Eastern
We Must Be Free
By
+ 1,322,135
-Net-
1939
Region—
85,041
+ 224,838
3,414,612 + 2,845,618
147,606
+ 48,094
10,009,485 + 4,966.102
2,375,023
+ 547,122
1076494031 843,133,884+233360147
Naziism.
If
"We must be free!"
one
try to guess about the making of this book, one may
conclude that from day to day, as news poured in, it became
difficult to stick to the original plan of contents.
There were
too many windmills to be fought, too
many side-paths to be
trod, and too many uncertainties to be dodged.
Fortu¬
nately, Mr. Roberts kept on writing.
mentioned, of course, and freedom had
The
to be
had to be
cherished, and
war
the Jews had to be thanked because their
"suffering goaded
us into action at last!"
But what really happened was a
series of essays about
Canada, its people, its railway situa¬
tion, its unemployment problem, its economic future, the
Americanization of Jack Canuck, and the good features of
the Canadian parliamentary system.
Also, a hilarious chap¬
ter dealing largely with the manner in which three outstand¬
ing American publications made a hash of their reporting of
tlie royal vdsit to Canada, of recent memory.
To any one interested in Canada, its
people and their
affairs, this book should be diverting, often instructive, and
just as often a source of complete but friendly disagreement.
Profound, no; entertaining, yes—just like a long chat in a
smoking car with some fellow-passenger who will talk, some¬
times with great sense and sometimes without.
Remember¬
ing that French-Canadians form some three-eighths of
Canada's population, Mr. Roberts's views on the "racial
problem" are intriguing, largely sound.
Then one realizes
that in his analysis of the matter he omits some of its essen¬
tial aspects.
If there is a "racial problem," it springs pri¬
marily from the extraoidinary growth of the French popula¬
tion.
And that, to this reviewer, needed adequate treat¬
ment.
The facile
fecundity of the French-Canadian,
even
when
offset in
part by an abnormal infantile mortality, places a
heavy burden on all breadwinners, so that the acquisition of
the most modest working capital calls for superhuman
effort.
As if rising from the ranks were not made arduous
enough by this condition,
a
still greater handicap springs
The
1190
unwillingness of the "canayen" to
of his spiritual advisers. With
too many mouths to feed and too many ecclesiastical estab¬
lishments to maintain,
it would be strange, indeed, if
"sizable business in Quebec" had been anything but "pretty
much an English-Canadian property"—and this without
recourse to the reasons given by Mr. Roberts.
Nor is reference made to the fact that when the FrenchCanadian manages to enter the ranks of the employers, it is
seldom that he fails to impose on his French employees con¬
inability
the
from
or
combat the acquisitiveness
than those which prevail in
ditions of labor more onerous
English-Canadian enterprises. If Quebec possesses an
abundance of "cheap labor," none is so desirous of seeing
like
that condition
perpetuated
as
is the French-Canadian em¬
And one way to do so is to set going "subversive
influences" which start anti-English seotiment, and "na¬
ployer.
tionalism."
feel, is on safer ground when he refers
English-Canadian mentality, especially as it occurs
in Ontario.
The English-Canadian, as he says, is "not a
bad fellow," even though he has been singularly lacking in
Mr. Roberts, we
the
to
to understand, French-Canadian
On the question of bilingualism, he has been
obtuse and short-sighted.
Economically, he handicaps him¬
self by his failure to master the two tongues which are his
for the asking.
Culturally, he does not begin to realize his
loss.
On this point one can agree with Mr. Roberts.
But
of, and desire
tolerance
opinion.
against his reference to the
(not the French language
.)," and the need to encourage it.
If Quebec can
rot bring itself to speak French free from anglicisms and
canadianisms, it will develop a jargon as debased as the Taal,
which in South Africa passes as Dutch, though it be incom¬
prehensible to the native of Holland.
And if that should
come to pass, the justification for fluency in two tongues will
have ended, and Canada would indeed become a country of
discord.
'
W. C. B.
only to protest emphatically
"French-Canadian language
.
.
Mr.
Wise and Lee J.
Reynal & Hitchcock.
Waterman
182
pp.
$2.00
regrettable that this book comes out under this
moniker.
For it deserves kind treatment and sympathy.
It is earnest, thoughtful and free from any buffoonery, such
as its name may suggest.
It is born of anti-Semitism, but
deals with that topic only briefly, and weakly at that.
It is
a timely,
intelligent analysis of the coming of the Jew to
America, his settlement, and the building up of his new
It
is
'V;r
Some 2,500 Jews of Spanish and Portuguese origin were
here prior to 1776.
The part which they played in the Revo¬
lution was creditable.
They prospered, multiplied, founded
a cultivated and distinguished progeny.
Between 1820 and
home.
1860
.
200,000 Jews reached these shores.
Fleeing from
persecution, they landed for the most part poor,
some
German
ignorant
and humble.
Untrained in industrial
pursuits;
nothing of the
and its uses; frail and undernourished, they walked their
to the remotest villages, ridiculed, disdained—the Jew¬
herded all their lives in the ghettos, they knew
land
way
ish huckster with
a
pack.
good account of themselves, for the
Southern cause or for the Union.
"Seven Jews were awarded
the Congressional Medal of Honor for distinguished courage
on the battlefield."
For some 15 years following the Civil
War few Jews crossed the ocean to settle in the United States.
Long before, the descendants of the first Jews to reach Amer¬
ica, from Spain and Portugal, had become a well-to-do,
proud, educated class, the leaders in their community.
Their co-religionists from Germany also prospered, identified
themselves with their national surroundings, merged their
individualities with the rest of the population and spread
across the country, establishing a good standing in
their
In 1865
they
1940
24,
spread itself over the sidewalks of New York. The
pious, law-abiding.
Some of their children,
in the glamour of the slums, graduated in the school of
American gangsterdom.
Others absorbed the better learn¬
sian Pale
oldsters were
and seizea it,
ing that America offered, saw opportunity
denied themselves and saved that their boys,
go to college.
Soon, the
ism, music, lauded men
Poland, Rumania.
.
in turn, might
law, medicine, the theatre, journal¬
whose names smacked of Russia,
.
.
Again the Jew was "making
good."
the whole American force
when the Jewish popula¬
tion was about 3% of the national body"; 10,000 were
wounded, 2,000 fell; 1,100 were cited for valor, 150 got the
D. S. C. and three, out of a total ninety, got the Congres¬
In the
was
World War almost 5% of
up of Jews, "at a time
made
sional Medal of
Honor.
,
#
_
the United States,
3.8% of the population—one out of every 26.
But in New
York one in three was a Jew; in Idaho, one in 500.
(As for
the reputed "Jewish control" of finance: in 1933 there were
30 Jews out of 420 listed directors of the 19 members of the
New York Clearing House, and 18% of the New York Stock
By 1937 almost
five million Jews were in
Exchange.)
Such, in part, is the outline of a story well told
They show how the Jew came here, how
by the
he con¬
tributed to the development of America, in business, the
professions, literature, music, arts, science. They present a
roster of some who did it, an astounding list which includes
some names usually considered Gentile.
.
.
.
How they
vote; what they believe; how they are active; how they sup¬
port their charities; how they feel towards America, and how
they would like to be regarded.
.
.
.
All this and more,
told soberly, and with restraint, makes a highly informative
narrative, a timely, intelligent contribution to the under¬
standing of the Jewish "question," which of late years,
with some obvious malevolence, has been injected into public
authors.
broadcasts.
debate and
believe that justice and decency are not
book gives cause for combating the infec¬
and bigotry into which one easily runs.
For those who already have anti-Semitic leanings, a reading
of this book should induce a return to sanity of thought.
All of which is the well-considered opinion of this reviewer,
in whose ancestry there is not even a trace of Judaism.
W. C. B.
Also, to those who
empty words, this
tion of prejudice
Smith, Meet Mr. Cohen
James
Levinger.
By
Feb.
Chronicle
Commercial & Financial
gave a
good Americans all.
following 1881, this country admitted wave
after wave of immigrants, 23,000,000, of whom 2,000,000
were Jews.
Of these, 72% came from Russia, fleeing from
government by pogrom; 22% came from Austria and Ru¬
mania, where they had been spurned minorities, speaking an
alien Yiddish, worshiping in foreign synagogues.
From
those countries, and Poland, and other lands they came,
lured here by touts for shipping offices, to better their mis¬
erable lot, to taste freedom.
As soon as they were off the
gangplank, they were snatched away to a home and a job—
a home in the wretched tenements of New York's East Side,
various communities,
For 40 years
of the Bond Market
The Course
bonds have moved almost
since last Saturday's high point
Higher-grade
downward
was
Governments
established.
are
imperceptibly
for the year
apparently marking
operations.
fractional
losses.
Louis 4s,
1953, were up % at 108%, and Virginian 3%s, 1966, at 107%
lost %.
Medium-grade and speculative issues continued to
display an indefinite trend, with small losses predominat¬
ing.
Chicago Burlington & Quincy, 111. Div., 4s, 1949,
dropped 1% to 97%; Cleveland Union Terminal 5s, 1973,
time
pending the
announcement of refinancing
railroad bonds have registered
Terminal Railroad Association of St.
High-grade
were
Defaulted rail bonds, following
off 1 at 77.
the leth¬
stock prices, have been slightly lower.
activity in the utility group has taken place
argic pattern of
Greatest
Brooklyn-Manhattan Transit Co.
issues of
affiliates, with prices
irregular.
in
and its traction
Trading activity in other
generally diminished, and prices in all groups
ease
somewhat.
Offerings were limited to
utility bonds
to
tended
Associated Telephone
Indiana
$3,400,000
Corp. 1st 3%s,
1970.
The industrial
this
week,
with
Outstanding
been a mixed affair
confined to fractions.
section of the list has
changes primarily
to
exceptions
that rule, however, are
found
notably the Marion Steam Shovel
6s, 1947, which gained 7% points at 74%; the International
Mercantile Marine 6s, 1941, up 2% points at 73%, and the
Childs Co. 5s, 1943, which gained 3 points at 57.
Oils have
been off fractionally; in the building materials group the
Celotex and Certain-teed bonds lost about a point, and
fractional losses have been scored by most meat packing
among
the lower grades,
company
Among miscellaneous bonds, moder¬
the Industrial Rayon 4%s,
obligations.
ate strength
has been shown by
Remington
and work in its merciless sweatshops.
the
long-Americanized Jews who received them, they
came as a shock, as strangers to their environment, ignorant
of its speech, its ways and its civilization.
They could only
cluster around their synagogues, read their Yiddish papers,
and look to the Jews of German origin for guidance, help
and succor.
Wretchedly paid for long hours of toil over
their sewing machines, slowly they emerged from the sweat¬
shops to start little factories, where, in turn, the latest
arrivals were sweated and where the modern garment indus¬
Rand
4%s,
and
the
Simmons Co.
con¬
vertible 4s.
To the
try began.
some of the more venturesome ones moved from
over-crowded districts, started other businesses,
bought scrap iron and junk, opened little shops.
The Rus¬
Gradually
the reeking,
The foreign list
ness
in
Danish
has been noticeable for
South American issues.
obligations,
but irregularity
while Finland 6s have been
continued firm¬
There has been a rally in
in Norwegian bonds,
little changed.
German bonds
while Italian issues devel¬
oped some softness.
Canadian and Australian obligations
lost ground under new pressure, and Japanese issues de¬
displayed some rallying power,
clined
fractionally.
and bond yield averages
tables:
Moody's computed bond prices
are
given in the following
Volume
The Commercial & Financial Chronicle
ISO
MOODY'S BOND PR.ICE8 t
(Based
U.
1940
8.
AU
120
Govt.
MOODY'S BOND YIELD
Average Yields)
(Based
120 Domestic Corporate *
Domes¬
Bonds
Daily
on
120 Domestic
by Ratings
22..
Aaa
107.30
Stock
Corporate by Groups*
1940
AVERAGES
f
Individual Closing Prices)
on
120 Domestic Corporate
120 Domestic
by Ratings
Corporate by Groups
DomesliC
Corp.*
Feb. 23.. 115.32
120
All
tic
Averages
1191
Aa
123.10
A
Baa
RR.
105.79
86.92
93.85
112.66
117.07
22.
Stock
105.98
118.60
87.07
93.85
112.86
117.29
21.
3.60
3.60
2.85
P.
U.
Ind.
Averages
Feb.
Baa
RR.
U.
Ind.
3.68
4.83
4.37
3.33
3.12
Exchan ge Clos ed
2.85
3.67
3.05
4.82
4.37
3.32
3.11
4.82
4.37
3.33
3.11 !
3.11
Aaa
Corp
23—
3.60
—
Aa
2.85
A
3.05
P.
21.. 115.42
Exchan ge Clos ed
107.30
123.10
118.60
20- 115.48
107.30
123.10
118.60
105.98
87.0/
93.85
112.66
117.29
20
19— 115.47
107.30
123.10
118.60
105.98
87.07
94.01
112.66
117.29
19
17— 115.49
3.60
2.85
107.49
123.10
118.81
105.98
87.21
94.01
112.86
117.50
17
16- 115.48
3.59
2.85
3.04
107.49
3.67
4.81
4.36
3.32
123.33
118.81
3.10
105.98
87.07
94.01
112.86
117.50
16
15-
3.59
2.84
107.49
3.04
3.67
4.82
123.33
4.36
3.32
3.10
118.81
105.98
87.07
94.01
112.86
117.50
15...
3.59
2.84
3.04
3.67
4.82
4.36
3.32
3.10
2.86
3.04
3.67
4.83
4.37
3.33
3.11
2.85
3.04
3.67
4.83
4.36
3.33
3.10
3.04
3.67
4.83
4.37
3.33
3.11
14
115.48
115.53
—
3.05
-j
3.67
3.67
3.05
4.82
4.36
3.33
107.30
122.86
118.81
105.98
86.92
93.85
112.66
117.29
14
13- 115.53
107.30
123.10
118.81
105.98
86.92
94.01
112.66
117.50
13
12—
Stock
3.60
12
10-
Stock
115.45
Excnan ge Clos ed
107.30
122.86
118.81
105.98
86.92
93.S5
112.66
117.29
10
9— 115.44
3.60
2.86
107.30
122.86
118.81
105.98
86.92
94.01
112.66
117.29
9
8— 115.40
3.60
2.86
3.04
107.30
3.67
4.83
4.36
122.86
3.33
105.79
86.92
93.85
112.66
117.29
8
3.60
2.86
3.04
3.68
4.83
4.37
107.11
3.33
122.63
3.11
118.81
105.60
87.07
93.85
112.66
117.07
7
J
3.11
118.81
7.. 115.40
•_
3.60
Exchan ge Clos ed
3.61
4.82
4.37
3.33
118.60
105.60
112.45
117.07
6
3.62
2.87
3.05
3.69
4.85
4.38
107.11
3.34
122.63
3.12
118.60
105.60
86.78
93.85
112.45
116.86
5
3.61
2.87
3.05
107.11
3.69
4.84
4.37
3.34
122.86
3.13
118.38
105.60
86.78
93.69
112.45
116.86
3
2.. 115.43
3.61
2.86
3.06
3.69
4.84
4.38
106.92
3.34
122.63
118.60
3.13
105.41
86.78
93.69
112.45
116.86
2
1- 115.42
3.62
2.87
3.05
3.70
4.84
4.38
106.92
3.34
122.63
118.16
3.13
105.41
86.64
93.53
112.25
116.64
1
3.62
2.87
3.07
3.70
4.85
4.39
3.35
3.14
27
3.62
2.87
3.06
3.70
4.85
4.38
3.35
3.13 1
6— 115.46
106.92
86.64
93.69
Weekly—
2.87
3.69
122.63
5— 115.44
3— 115.46
•
3.04
3.12
Weekly—
Jan. 27— 115.54
106.92
122.63
118.38
105.41
86.64
93.69
112.25
116.86
20.. 115.65
106.54
122.40
117.94
105.41
86.21
93.21
Jan.
112.25
116.43
20
3.64
2.88
3.08
3.70
106.73
4.88
122.40
3.35
3.15
118.16
105.60
86.50
93.53
112.25
116.64
13
3.63
6- 116.03
2.88
3.07
3.69
4.86
4.39
106.92
3.35
122.86
117.72
105.60
87.07
93.85
112.45
116.64
High 1940 116.12
3.62
2.86
3.09
3.69
4.82
4.37
3.34
107.49
123.33
118.81
105.98
87.21
94.01
112.86
117.50
3.14 j
3.14 ;
Low 1940 115.25
3.64
2.90
3.09
3.71
4.89
4.43
106.54
3.36
121.94
117.72
105.22
86.07
92.90
112.05
116.21
Low 1940
High 1939 117.72
3.59
2.84
3.04
3.67
4.81
4.?6
106.92
3.32
122.40
118.60
3.10
105.22
87.78
94.33
112.05
116.43
Low
High 1939-....
4.00
3.34
3.55
4.10
5.26
4.76
100.00
112.45
3.76
3.64 i
108.27
98.28
81.09
87.93
104.30
106.54
Low
3.62
2.88
3.05
3.71
4.77
4.34
3.36
3.15
3.30
13.. 115.96
1939 108.77
6.
High 1940
1
Yr. Ago
Feb .23*39 113.31
2
1
103.38
119.69
114.30
101.06
84.01
*
96.78
115.57
109.24
96.61
level
73.99
1939......
113.27
Feb. 23, 1939.
2 Years Ago—
3.81
3.00
3.25
3.94
5.04
4.61
3.16
3.52
85.10
the average movement of actual price quotations.
99.14
108.08
Feb. 23, 1938—.
4.19
3.19
3.50
4.20
5.85
4.96
4.05
They merely
|
Year Ago-—
IC8.85
These prices are computed from average yields on the basis of one
or
.
90.14
Yrs.Ago
Feb .23*38 110.38
—
4.41
W3.56 |
'typical" bond (4% coupon, maturing In 30 years), and do not purport to show either the
average
serve to illustrate In a more comprehensive way the relative levels and the relative movement
of
yield averages, the latter being the truer picture of the bond market.
t The latest complete list of bonds used in computing these Indexes was published In the Issue of Jan.
13, 1940, page 179.
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
Friday Night, Feb. 23, 1940.
Business activity continues to show a downward trend.
However, observers claim that the end of the decline is
not
far
distant.
Latest advices from Washington report a
to head off the drive for economy.
The warning that
move
drastic cuts in Federal expenditures may bring a repetition
of the marked recession that began in the fall of 1937 and
ran
until the spring of 1939 because the Administration
brought
been
too
renewed
ently
of
the
the
Senators
silence
halt
a
from
break
to
learned.
the
abrupt
Government
to
White
House
drive
economy
who
in
in
politically
are
President Roosevelt
spending,
effort
an
Congress,
it
was
of
term
issue
believed to be straddling on the economy proposal,
keep¬
weather eye open for any indication that would serve
them as a guide in the situation.
Should substantial orders
are
ing
a
from
the
warring nations
American
position
markets,
to
current
March
trend
believed
has
been
this
at
will
movement
early in April.
or
in
appearance
business
is
in
such
a
alacrity and vigor.
The general
opinion is that the leveling off process of the
downward
ditions
is
their
respond with
of
consensus
it
make
soon
are
itself
late
in
It is pointed out that though the
downward
time
manifest
since
far
December,
better
than
business
they
were
a
con¬
year
ago.
v
/'v. v.
Most encouraging of the early
February reports are those
coming from Detroit.
Sales of leading automobile com¬
panies in the first 10 days of the month, according to esti¬
mates,
are
a
over
a
year ago, when 2,248,767,000 kwh. were produced.
Seasonal factors accounted for part of the week-to-week de¬
35%
average
gain
over
with
crease,
Feb.
encouraging item
freight cars placed in service
which
totaled
4,983,
is
found
on
the
in
the
number
of
Class I railroads in Janu¬
largest
total
for
clearings
14.5%
and
above
this year,
exchanges
an
above
to
aggregate volume of incoming tonnage represents
40%
of capacity.
In some districts, it is pointed out,
no further decline this week in steel
pro¬
50%
"there has been
duction, notably Cleveland, Buffalo, Birmingham and south¬
ern
Ohio.
The rate, however, is lower in the
Pittsburgh,
Chicago, Youngstown, eastern Pennsylvania, St. Louis and
Detroit
districts.
reversal
in
the
The
hopes
downward
of
trend
the
steel
are
industry
based
for
primarily
a
on
preparations for the outdoor activity of spring, and export
trade.
Foreign orders have been in good volume and will,
it is expected, be greatly stimulated if the war in
Europe
assumes
ties,
a
more
which
appeared
active phase,
is usually
in
in
noticeable volume,
unfavorable weather
presents
serves.
but buying for spring activi¬
evidence by this month, has not
having
been
delayed
by
in
some areas."
"The price situation
marked elements of weakness," the review ob¬
"Steel companies point to increased costs over the
no
last
year,
and
hour
caused
mainly by additional taxation
legislation,
tions."
as
arguments
against
and
lower
wage
quota¬
an
business
increase of
$2,804,361^)00 against $2,769,236,000
were
a
the
$1,704,072,000 for the
same
1939 week.
cording to
of Ward's
estimates
Automotive Reports, Inc.
37% over the corresponding
week of a year ago, when 75,660 units were produced.
The
seasonal rise does not usually get under way until a week
later, the report says. In view of the earlier than seasonal
The output was an increase of
rise,
Ward's
indicates
that
the
current
outlook
points
to
380,000 units being produced in February instead of 360,000
as i>redicted last week.
This would compare with an esti¬
mated January output of 465,000
produced in February, 1939.
Association
607,924
of
cars
American
of
revenue
ending last Saturday.
a
the
the six
in
Production of automobiles and tracks increased to 102,670
units this week, a rise of 8% over the previous week, ac¬
the
drops
precipitous and may indicate that the leveling-off
process may come within the next few weeks," "Iron
Age"
says
in its current summary.
The magazine estimates
current steel output at 67% of
capacity, and that "at best"
cities
gain of 1.3%, while the 21 outside cities had
aggregate of $2,316,388,000, or an increase of 53.9%
year,
with
less
leading
corresponding five-day week last year,
$913,370,000 over the preceding five-day
according to Dun & Bradstreet, Inc.
New
York
with
are
22
at
the
week
last
on
increase of
an
like
any
Birthday holiday intervening
days to Feb. 21 amounted to $5,120,753,000,
since 1930, and comparing with
1,020 in the 1939
month, according to the Association of American Railroads.
"Steel ingot output continues to
decline, but the
month
the Lincoln
12.
Bank
The
Another
ary,
a
This represents a decrease of 1.9% from the previous
week's output of 2,522,514,000 kwh., but an increase of 10.1%
ago.
year
placed at better than
industry in the United States
of electricity during the week
ended Feb. 17, the Edison Electric Institute reported yester¬
day.
has
appar¬
because
nervous
the third
on
The electric light and power
produced 2,475,574,000 kwh.
preceding
year
1938.
with
freight
This
reported
today
loaded during the week
were
an
an
units
'
Railroads
decrease of 3% compared
was a
weekj
and
ago,
units and 317,517
increase of
increase
of
5.4% compared
31.4% compared
•
Production
of goods and services in 1939 nearly equaled
record, but national income was $14,000,000,000'
lower, the Commerce Department said today.
National in¬
the
1929
come—the
value
net
1939 aggregated
of
goods
$68,000,000,000,
and
services produced—in
gain of $4,500,000,000, or
The dollar total of income
a
7%, over the previous year.
produced in 1929 was $82,700,000,000.
difference
between
1929
1939
and
"The $14,000,000,000
income
totals," the De¬
partment said, "was accompanied by differences of 19% in
wholesale prices and 15% in the cost of living.
Sluggishness
and
in
wholesale
industry
trade
this
had
week,
its
counterpart in retail
& Bradstreet, Inc.,
Dun
reported today.
Sales, according to the credit agency, held
but by a narrower margin than in the
preceding week.
Retailers' orders still shaped closely to
above
last
store
turnover.
Snows
year,
and
Buying
rain
were
for
Easter
considered
a
was
disappointing.
serious
handicap to
Buyers were abroad in small numbers. Per¬
centage of telephone and mail orders showed a sudden in¬
retail volume.
Few
crease.
more
than
while
in
as
low
centers showed
8%
some
over
the
sections
a
gain for the entire week of
corresponding week
decreases
against last
a
year
ago,
year ranged
10%.
On the whole, sales totals for the entire
probably averaged not less than 1% nor more
than 6% higher than in the
corresponding 1939 week.
country
as
.«
The Commercial &
1192
the
With
fair
became
extending well into the northern
of freezing
line
the
with
passing of the heavy snowstorm the weather
and relatively cold over the Eastern States,
Feb.
Financial Chronicle
movement,
current
New England at the close of the
attended by widespread and frequently heavy
It was
week.
of
coast
southern
the
throughout the South and over all sections
from the Mississippi
Valley eastward, with many areas
reporting 24-hour amounts of from one inch up to more
than three inches, the heaviest being in Gulf sections.
In
the Southern States cool weather continued to retard the
growth of vegetation, while persistent and mostly heavy
rains
prevented active field operations.
Warm, sunny
precipitation
entire area, it is said,
throughout the
needed
is
weather
southward and westward to Texas and Okla¬
In the New York City area the weather was gen¬
from Virginia
homa.
most of the week.
Today was overcast and slightly warmer, with prevailing
temperatures ranging from 26 degrees to 40 degrees.
Par¬
erally cold and clear
cloudiness
tial
latter
the
is
for
forecast
the
day being
Saturday,
tonight and
WHOLESALE COMMODITY PRICES
"ANNALIST" WEEKLY INDEXES OF
(1926=100)
Feb.
17, 1940
Feb.
Feb.
10, 1940
11, 1939
76.9
79.4
79.2
Food products
71.4
71.8
70.8
Textile products
72.8
73.8
59.6
Fuels
86.7
87.0
84.4
Metals
97.6
97.6
97.3
Building materials
72.4
72.4
69.6
85.4
Farm products—
-.
Chemicals
86.9
86.9
Miscellaneous
81.1
81.1
81.8
81.7
All commodities
70.1
79.4
/
Moody's Commodity Index Unchanged
Moody's Daily Commodity Index closed at 160.3 this
Friday, the same as a week ago. The principal individual
changes were the advance in wheat and the decline in hogs.
The movement of the Index is as follows:
Feb.
Feb.
Feb.
Feb.
Feb.
Fri.
159.8
162.3
144.1
172.8
138.4
169.4
160.3 Two weeks ago, Feb. 9
„._160.8 Month ago, Jan. 23
160.5 Year ago, Feb. 23
160.3 1939 High—Sept. 22
Low—Aug. 15
160.5
Holiday 1940 High—Jan. 2
Low—Jan. 31
160.3
16_._
17
Mon.
19
Tues.
20
Wed.
21
Thurs. Feb. 22
Sat.
Feb. 23
Fri.
I
warmer.
was easy.
Metals were
Rubber reversed its recent
declined gently.
portions of the East Gulf area.
Fair weather prevailed in
the Midwest, but there was general precipitation in the
more
western
sections of the country.
The second im¬
portant storm of the week appeared over southern Texas on
the morning of Feb. 16, and moved thence slowly eastward
into the lower Mississippi Valley, then northeastward to
1940
and wool
with good buying in copper.
firm,
and
trend
the
for
lows
new
generally
24,
158.9
Overnight at Boston it was 20 to 28 degrees; Baltimore,
28
24 to 29; 'Portland,
Pittsburgh,
40;
to
16 to 31;
Me.,
Chicago, 20 to 29; Cincinnati, 24 to 38; Cleveland, 21 to 34;
Milwaukee, 12 to 25; Charleston, 34 to 49; Detroit, 21 to 34;
Savannah, 30 to 48; Dallas, 45 to 56j Kansas City, Mo., 30
38; Springfield, 111., 23 to 31; Oklahoma City, 40 to 46;
Salt Lake City, 35 to 49, and Seattle, 39 to 43.
to
Loading of
Index
Business
of
Activity
Declined
in
January*
announced
finally got started
last month, it was announced by the "Annalist" on Feb. 20.
The "Annalist" index of business activity declined to 106.5
(preliminary) from 111.9 (revised) in December.
The an¬
nouncement further said:
.
September-December upswing having been primarily
The
a
the record hoped for, has been the one sustaining factor in steel production.
receded only slightly,
Lumber output
by
apparently influenced
a
com¬
paratively high rate of activity in the building and automobile industries.
Zinc mining continued at a relatively high rate, although lower than that
during December.
filled orders
But this
mainly work on backlogs, new and un¬
was
off noticeably.
having recently fallen
In the textiles,
Loading of
a
was an
increase of 31,279 cars
The Association further
3.0% from the preceding
reported:
totaled 240,895 cars, a decrease of 3,139
Miscellaneous freight loading
cars
1939 and an
week in
same
freight for the week of Feb. 17
revenue
decrease of 18,979 cars or
week.
preceding week, and an increase of 19,177 cars above the
from the
Loading of merchandise less than carload lot freight totaled 142,987 cars'
a
decrease of 4,455 cars from the
131,734 cars, a decrease of 13,927 cars below
Coal loading amounted to
the
preceding week, and a decrease of 5,257 cars
corresponding week in 1939.
from the
The automobile industry, although not producing
iron and steel output.
This
Feb. 23.
above
corresponding week in 1939.
primarily a durable goods recession, likewise paced by
been
was
revival of
the durable goods industries, paced by iron and steel output, the ensuing
decline has
on
the corresponding week in
increase of 72,058 cars or 13.4% above the
5.4%
1938.
The much heralded recession in business
freight for the week ended Feb. 17
Association of American Railroads
revenue
totaled 607,924 cars, the
or
"Annalist"
Ended Feb. 17
Revenue Freight Car Loadings in Week
Total 607,924 Cars
preceding week, but an increase of 5,756 cars above the corresponding
week in
1939.
~Grain
and
grain products loading totaled 30,897 cars,
an
increase of
1,723 cars from the preceding week, and an increase of 2,315 cars about
the corresponding week
con¬
Live stock loading
sumption of cotton by mills slid off a little, silk consumption finally rose
the
and rayon deliveries slumped sharply.
in 1939.
amounted to 11,083 cars, an increase of 543 cars above
in 1939.
TABLE
"ANNALIST"
I—THE
INDEX
ACTIVITY
Forest
products loading totaled 30,532 cars, an increase of 1,269 cars
from the
BUSINESS
OF
preceding week, and a decrease of 37 cars from the corresponding week
preceding week, and an increase of 6,129 cars above the corres¬
AND
•COMPONENT GROUPS
ponding week in 1939.
Jan., 1940
Nov., 1939
Dec., 1939
102.8
106.0
al 19.0
bl35.1
bl25.1
113.7
-
-
Manufacturing
Steel Ingot production
141.5
in
87.9
96.3
106.6
84.3
Other
.
151.4
134.4
bl35.0
bl35.7
152.3
144.8
121.9
149.9
.
52.6
45.2
61.2
114.0
bl33.8
bl41.8
bl37.2
140.8
Automobile production
al24.6
bl31.6
94.0
92.4
Cement production
«.
-
-
_
_
-
«
96.0
Combined Index
a
Subject to revision,
(Number of Cars)
108.3
Loaded
Feb.
17 Feb.
Own
Received from Connections
Lines
SINCE JANUARY, 1934
10 Feb.
1940
1940
INDEX
on
Weeks Ended—
Weeks Ended—
b Revised.
TABLE II—THE COMBINED
CONNECTONS
FROM
AND RECEIVED
LOADED
93.2
bill.9
a106.5
FREIGHT
91.6
Lead production
for the week ended
92.7
83.4
93.5
Zinc production
REVENUE
71.8
91.8
—
Mining
18 Feb.
17 Feb.
1940
1939
10 Feb.
1940
16,123
18,046
5,274
5,223
5,020
27,796
29,564
25,405
14,445
16,050
14,159
Chesapeake & Ohio Ry
22,502
20,413
8,056
8,061
8,164
6,984
7,290
9,410
1,488
2,325
Atchison Topeka
Santa Fe Ry
Baltimore & Ohio RR
_
16,436
_
Chicago Burlington & Quincy RR.
14,484
7,612
7,933
92.3
79.5
104.3
92.3
87.2
79.6
105.7
89.0
86.7
83.2
17,916
14,073
17,862
14,080
7,373
78.5
Chicago Milw. St. Paul & Pac.Ry.
Chicago & North Western Ry
17,655
89.7
al06.5
January
February.
12,488
10,109
7,811
10,543
3,191
3,185
1938
1937
1934
1935
1936
90.1
77.5
106.9
89.5
84.4
84.6
Gulf Coast Lines
b86.7
74.1
107.1
94.1
82.8
85.9
International Great Northern RR
3,299
1,478
May
86.3
73.8
109.0
95.9
81.8
86.4
Missouri-Kansas-Texas RR
3,684
June
91.5
74.3
107.8
97.6
82.0
83.8
Missouri Pacific RR-
12,609
July
92.2
79.0
108.9
102.4
82.7
78.0
New York Central Lines
35,927
August
94.4
82.9
111.2
102.5
84.9
75.1
N. Y. Chicago & St. Louis Ry
blOO.l
85.2
.106.5
102.9
86.1
71.4
Norfolk <fe Western Ry
18,843
106.7
88.9
98.5
103.3
89.1
74.6
54,521
Mar h
April
September
November
108.3
95.2
87.8
107.1
92.0
76.0
December
111.9
95.0
81.3
110.5
96.7
82.4
5,171
Pennsylvania RR
Pere Marquette Ry
Pittsburgh & Lake Erie RR
October
5,772
5,279
Southern Pacific Lines
a
Subject to revision,
b Revised.
Week
Commodity
Ended
Feb.
24,776
5,271
Wabash Ry
Prices Gained 0.1 of Point in
17, According to "Annalist"
TOTAL
1,474
3,589
13,734
37,093
5,187
18,920
58,764
5,715
5,667
24,312
5,346
14,142
1,408
1,328
1,650
2,128
3,787
2,738
2,173
2,613
12,211
8,605
37,431
9,034
8,583
34,167
40,367
4,690
9,916
10,621
36,704
10,106
2,470
15,799
4,499
4,484
4,227
52,566
36,709
39,978
34,209
4.726
5,506
5,527
4,622
4,969
6,631
22,041
8,042
8,545
8,362
5,176
4,390
7,499
8,607
8,237
4,731
289,837 298,982 272,324 183,365 195,346 174,441
Total
Wholesale
18
1939
23,921
14,440
1939
1940
week
ing week and 272,324 cars in the seven days ended Feb. 18,
1939.
A comparative table follows:
91.4
82.0
90.5
Lumber production
decrease of 970 cars below the
The first 18 major railroads to report
al27.0
Rayon consumption
from the
Feb. 17, 1940 loaded a total of 289,837 cars of revenue freight
on their own lines, compared with 298,982 cars in the preced¬
Boot and shoe production
Silk consumption
cars
in 1939.
125.7 '
145.2
Wool consumption
amounted to 9,789 cars, a decrease of 23
Coke loading amounted to 10,007 cars, a
130.3
—
Cotton consumption
loading
1939.
preceding week, but an increase of 2,351 cars above the corresponding
al28.3
Pig iron production
Textiles
91.7
107.6
al07.3
Miscellaneous
Electric power production_
Ore
preceding week, and an increase of 845 cars above the corresponding week
92.9
93.2
92.1
Freight car loadings
LOADINGS
AND
RECEIPTS
FROM
CONNECTIONS
(Number of Care)
Index
Announcement
was
Week Ended—
made by the "Annalist" Feb. 19 that a
last-minute rally in the grains and cotton carried wholesale
commodity
prices
slightly higher
during
the
week
ended
Feb. 17.
The "Annalist" index closed at 81.8 on Feb. 17, a
gain of one-tenth of a point as compared with the preceding
week and the highest since the end of January.
The "An¬
nalist"
Wheat
Chicago Rock Island & Pacific Ry.
Illinois Central System
St. Louis-San Francisco Ry
Total
17, 1940
Feb.
10.
1940
Feb.
18, 1939
22,471
30,185
22,169
12,230
12,538
27,891
11,534
64,886
65,014
60,851
30,307
1
21,426
continued:
prices spurted about 5c.
Corn,
oats
large
exports
although
Feb.
and
hogs
lye
and
followed
better
continued
a
suit.
trade
around
bushel in the latter part of the week.
Cotton
demand.
the
lows
prices
improved
Livestock
of
the
prices
vear.
on
continued
were
Silk
firmer,
declined
to
following we undertake to show also the loadings
for separate roads and systems for the week ended Feb. 10,
1940.
During this period 86 roads showed increases when
compared with the same week last year.
In the
Volume
The Commercial & Financial Chronicle
ISO
REVENUE FREIGHT LOADED
AND
RECEIVED FROM
Total Revenue
Total Loads Received
Freight Loaded
Railroads
from Connections
1940
1939
1938
Total Revenue
Railroads
1940
Southern District—(Concl.)
Mobile A Ohio
580
546
524
Bangor & Aroostook
1,738
157
240
7,399
1,457
2,198
7,124
2,655
Boston A Maine
6,616
9,851
Norfolk Southern
1,721
56
1,177
1,218
Total Loads Received
Freight Loaded
1939
1940
Eastern District—
Ann Arbor
1193
CONNECTIONS (NUMBER OF CARS)I—WEEK ENDED FEB. 10
from Connections
1939
1938
1940
1,486
2,557
1,674
2,502
936
987
2,567
1,060
Piedmont Northern
416
390
377
Richmond Fred. A Potomac—.
365
315
289
Nashville Chattanooga A St. L_
2,099
1939
1,951
2,448
1,034
1,410
4,123
5,608
1,865
2,474
1,438
1,366
19
35
27
58
1,265
4,138
7,689
Chicago Indianapolis A Louisv_
10,187
2,366
1,175
4,843
8,553
1,186
3,845
7,968
1,624
Seaboard Air Line
8,268
7,351
7,044
19,459
8,678
18,360
8,662
18,525
15,369
7,476
6,241
Southern System
Tennessee Central
4,529
4,302
13,013
374
389
375
923
653
153
146
151
779
679
96,839
92,136
91,082
70,175
62,556
12,011
2,152
10,543
2,715
8,976
2,221
7,811
3,263
7,164
2,472
256
Central Indiana
Central Vermont
Delaware & Hudson
Delaware Lackawanna A West.
Detroit A Mackinac
1,946
251
266
263
92
90
2,610
2,114
1,586
1,706
220
176
3,318
10,732
4,822
10,949
4,372
9,608
3,220
127
139
133
3,784
11,907
7,720
1,882
1,538
1,311
7,930
Maine Central..
1,390
7,158
2,971
Monongahela
6,551
3,132
3,702
892
1,076
1,303
294
...
Detroit Toledo A Ironton
Detroit & Toledo Shore Line
Erie
Grand Trunk Western
Lehigh A Hudson River
Lehigh A New England
Lehigh Valley
Southbound
Total
11,032
7,029
1,768
6,679
1,299
6,762
1,043
6,277
2,987
2,696
2,874
184
Northwestern District—
Chicago
Chicago
Chicago
Chicago
A North Western
3,267
12,905
2,307
16,502
3,569
855
517
772
Duluth South Shore A Atlantic
Elgin Joliet A Eastern
522
413
539
353
260
7,676
6,195
3,860
6,852
5,926
Ft. Dodge Des Moines A South
Great Northern
;
354
328
346
176
186
8,189
7,505
8,341
2,696
2,125
491
543
513
601
516
2,484
1,430
99
19
29,246
40,367
8,095
1,496
11,856
3,624
10,621
35,383
11,328
1,666
9,097
4,793
3", 196
1,535
4,210
Green Bay A Western
Lake Superior A Ishpeming
5,715
4,688
4,489
1,266
6,507
5,527
4,773
575
427
404
31
24
Minneapolis A 8t. Louis
Minn. St. Paul A S. S. M
433
346
320
245
207
1,127
751
732
1,790
1,320
545
521
485
915
983
5,346
3,445
4,735
3,184
4,639
2,271
8,607
3,621
7,950
2,865
138,897
130,939
113,061
161,903
142,232
1,810
New York Central Lines
37,093
1,638
34,097
N. Y. N. H. A Hartford
9,256
8,925
862
5,187
1,630
4,429
521
451
Pittsburgh & Lake Erie
5,791
Pere Marquette
New York Ontario & Western.
Chicago A St. Louis
N. Y. Susquehanna & Western.
Pittsburgh A Shawmut
Pittsburgh Shawmut & North..
Pittsburgh A West Virginia
Rutland
Wabash.
Wheeling A Lake Erie
Total.
14,080
2,229
17,862
3,608
Great Western
Milw. St. P. A Pacific.
205
Montour
N. Y.
Winston-Salem
1,716
St. P. Minn. A Omaha
Duluth Missabe A I. R
Alleghany District—
Akron Canton A Youngstown.
443
408
387
939
734
29,564
22,031
2,560
25,796
1,686
824
16,050
1,186
13,652
1,087
354
354
159
4
3
Cambria A Indiana
1,669
12
22
5,464
1,661
5,501
1,310
Central RR. of New Jersey...
4,974
11,423
9,926
631
586
390
59
Cumberland A Pennsylvania..
301
266
208
43
24
Llgonier
172
152
158
35
31
523
571
489
2,476
2,589
1,380
34,609
15,393
1,339
5,385
Bessemer & Lake Erie
Buffalo Creek A Gauley
Cornwall
Valley
Long Island
1,095
864
797
58,764
Penn-Reading Seashore Lines.
Pennsylvania System
Reading Co
53,213
11,691
46,420
1,665
39,978
10.382
17,316
8,932
3,283
6,358
2,901
4,534
6,875
12,147
Union (Pittsburgh)
Western Maryland
54
15,955
3,322
132,964
114,964
97,822
102,595
86,228
23,921
18,920
4,512
Norfolk A Western
Virginian
19,916
19,642
16,684
3,592
15,690
4,105
8,061
60
1,815
2,203
2,969
1,550
1,754
2,608
75
62
63
251
216
1,077
1,142
1,382
1,090
72,179
63,724
65,079
43,939
37,223
16,123
2,570
17,382
2,465
19,057
2,409
5,223
5,051
437
302
352
64
58
14,440
14,254
6,598
1,972
9,740
2,574
12,492
1,805
10,807
7,933
1,765
9,986
2,628
678
541
8,755
7,583
2,675
778
730
2,668
1,270
2,381
730
2,539
Total.
1,949
Central Western District—
System
Bingham A Garfield
Chicago
Chicago
Chicago
Chicago
Burlington A Quincy.
A Illinois Midland
Rock Island A Pacific
A Eastern Illinois
Colorado A Southern..
Denver A Rio Grande Western
Denver A Salt Lake
1,935
966
2,814
2,146
2,298
773
455
4
11
1,020
1,098
1,753
1,105
959
2,060
1,536
1,377
1,100
1,292
798
487
312
Missouri-Illinois
Nevada
2,232
954
'
Fort Worth A Denver City
Illinois Terminal
930
365
1,565
995
1,401
122
114
525
421
265
419
285
11
44
99
0
0
19,791
17,323
17,087
369
245
229
12,779
4,512
1,200
6,657
3,910
1,066
5,983
Northern
North Western Pacific
Peoria A Pekin Union
Southern Pacific (Pacific)
Union Pacific System
12,312
12,192
352
589
297
6
5
1,148
1,038
857
1,620
1,497
92,590
89,802
88,284
48,484
42,637
Western Pacific
Chesapeake A Ohio
53
1,406
4,621
7,850
1,395
Utah
Pocahontas District—
338
1,251
4,450
7,184
International
Toledo Peoria A Western
Total.
161
1,424
4,787
8,388
Spokane Portland A Seattle...
Atch. Top. A Santa Fe
Alton
Baltimore & Ohio
99
244
Northern Pacific..
Spokane
16,608
7,442
4,484
1,078
4,056
1,069
Total.
Southwestern District—
Total.
47,353
39,711
39,918
13,623
12,567
139
107
130
3",191
3,526
1,712
3,568
1,810
Burlington-Rock Island
Fort Smith A Western
Southern District—
191
187
171
193
193
Ati.AW. P.—W. RR. of Ala..
714
671
667
1,363
Atlanta Birmingham A Coast..
Alabama Tennessee A Northern
513
523
521
838
8,499
3,477
9,500
3,748
9,206
3,673
1,284
1,094
4,593
367
381
378
3,153
1,297
1,428
1,113
1,152
2,589
2,894
1,197
2,080
251
202
404
333
293
Atlantic
Coast
Line
Central of Georgia
Charleston A Western Carolina
Clinohfield
Columbus A Greenville
5,466
International-Great Northern.
1,474
Kansas Oklahoma A Gulf
Kansas
306
264
1,328
l"384
2,173
2,132
1,087
1,728
1,144
193
Gulf Coast Lines
192
Louisiana A Arkansas
231
217
967
2,060
City Southern
1,842
1,387
2,024
1,508
1,829
1,578
1,424
Litchfield A Madison
438
353
244
Midland Valley..—
Missouri A Arkansas
600
620
587
274
227
115
146
189
342
253
3,589
13,768
3,669
3,797
1,307
2,613
9,034
2,426
8,344
Missouri-Kansas-Texas Lines.
799
766
Durham A Southern
151
133
151
742
370
Florida East Coast
783
1,261
1,455
1,129
852
Quanah Acme A Pacific
98
68
138
Gainsvllle Midland
115
33
28
32
98
69
St. Louis-San Francisco
6,471
846
690
873
4,297
3,853
1,578
1,450
6,985
2,156
2,459
2,252
Missouri Pacific
12,616
103
227
350
294
444
527
Texas A New Orleans
6,345
6,525
1,353
20,802
1,334
19,089
1,049
939
Texas A Pacific
3,230
3,483
6,443
2,730
6,720
4,007
2,912
3,690
10,070
2,820
3,455
109
167
224
89
37
14
27
32
31
45,076
47,745
34,682
Georgia
Georgia A Florida
Gulf Mobile A Northern
22,952
19,207
1,423
19,354
16,921
5,430
9,656
4,641
Macon Dublin A Savannah
128
148
131
491
110
125
171
267
270
Southwestern
2,126
671
Mississippi Central
St. Louis
Illinois Central System
Louisville A Nashville
...
Note—Previous year's figures revised.
Railroads
Install
* Previous figures,
4,983 New Freight
January
Cars During
tion
American
of
Railroads
46,081
—
Five groups declined during the week.
8,709, the Associa¬
were
announced
Total
Feb.
on
23.
In
January, 1939, the railroads installed 1,020 new freight cars
service, and in January, 1938, there were 2,148.
The
further reported:
Building materials,
They
cellaneous commodities advanced
group
slightly.
The fuel and lighting materials
remained unchanged.
Largely
because of lower prices
for
print
fell to the lowest point since early in September.
index continued to
tural commodities, raw silk and scrap steel.
new
locomotives
locomotives
electric
totaled
and
with
6,637
order
500;
I
last
electric
cars
on
on
and
cars
included in the above
and
on
59;
and
Feb.
1,
Feb.
miscellaneous,
1940,
locomotives
had
139
totaled
box,
new
62
new
on
ordpr, of which
21
Feb.
1,
1938, there
electric
and
locomotives
Diesel
leased
or
service
compared
New freight cars
16,803
;
refrigerator,
290.
84
on
in
34,559,
1, 1938.
;
and
electric
put
and
of finished
products
"all
for
locomotives
Diesel.
25
were
131
were
on
On
on
order,
the
steam
order.
same
and
59
These
locomotives.
Statistics*
The Labor
lowing to
otherwise acquired
of
are
not
Wholesale Com¬
modity Prices Declined 0.3% During Week Ended
Feb.
remained
commodities
the Bureau
of
Labor Statistics'
index of wholesale
commodity prices to fall 0.3% during the week ended Feb. 17,
Commissioner
unchanged from
other
than
farm
last
Lubin reported on
Feb. 21.
"The all-com¬
modity index dropped to 78.3% of the 1926 average, the
lowest point reached in over five months," Mr. Lubin said.
"It is more than 1 % below the level for the
corresponding
week of January."
The Commissioner added:
week's
level.
products" and
"all
The
com¬
Department's announcement also had the fol¬
say:
Average wholesale prices of farm products dropped 0.4% because of lower
apples
(New
York),
peanits,
lemons,
and white potatoes.
prices for butter, oatmeal, dried fruits, fresh pork, bacon,
and lard
brought the foods group index down 0-6%.
mess
Weakening
pork, veal,
Higher prices
were
Pronounced decreases in prices of raw silk, silk yarns and
hosiery, to¬
lower
prices for cotton goods and
1.2%
during the
twine,
caused the textile
week.
In the hides and
leather products group, minor decreases were reported in prices for
shoes,
goatskins and sole leather.
Steer hides advanced.
materials group index remained unchanged at 73.0.
17
Continued weakness in prices of farm products and foods
together with a marked decline in prices of textile products
caused
materials group
prices for calves, steers, lambs, wethers, eggs, oranges, hay, onions, and
The grain and livestock subgroups advanced about
Y of 1%.
Quotations were higher for barley, corn, oats, rye, wheat, hogs, poultry,
gether with
Index
raw
reported for flour, lamb, ham, glucose, raw sugar, and vegetable oils.
figures.
Labor
The
The index for the large group
modities other than farm products and foods" declined fractionally.
products group index to fall
of
lead,
wool.
+.
Bureau
copper,
decline, principally because of lower prices for agricul¬
indexes
electric and Diesel.
were
1940,
included coal, 16,542
were
Diesel, and
freight
new
17
1939, and 6,563
steam
steam
and
1,
stock,
there
1938,
steam
order
this year
were
110
January,
were
Feb.
on
Feb. 1,
1
year
were
In
railroads
and
included
New
were
365 ;
77
which
date
on
Feb.
flat,
Class
of
January, 1940, totaled 19, of which
electric and Diesel.
In January, 1939, 17
put in service, of which five were steam and 12 were
15
Diesel.
freight
in service in
put
and
44, of which 27
New
on
steam
were
cloth, yarns,
copal gum and turpentine the semi-manufactured commodities group index
in
New
farm products, foods,
were
chemicals and drugs, housefurnishing goods and mis¬
Association
four
50
32,32
textile products, hides and leather products, and metals and metal
products.
January, 1940, put 4,983 new freight
service, the largest number installed in any Janu¬
in
since 1930, at which time there
ary
Wetherford M. W. A N. W—
Discontinued Jan. 24, 1939.
x
Class I railroads in
cars
Wichita Falls A Southern
The fuel and lighting
Bituminous coal and
gasoline prices were higher and coke declined.
Lower prices for scrap steel,
and heating equipment
pig lead, copper and brass manufactures,
accounted for the decline in the metals and metal
Average prices for farm machinery, solder and pig
Wholesale prices of building materials, such as common
products group index.
tin were higher.
building brick, yellow pine timbers and rosin, caused the building materials
group index to advance fractionally.
Lower prices were reported for yellow
pine lath and flooring, copal gum and turpentine.
Higher prices for fats and oils
chemicals and drugs group index.
cattle feed prices advanced over
were
responsible for the increase in the
In the miscellaneous commodities group,
4% and crude rubber
rose
nearly 2%.
The Commercial & Financial
1194
Feb.
Chronicle
(1) index numbers of wholesale prices
of commodities for the past
Major Geographic
Regions
Percentage Changes from-
1940
1940
Feb.
Jan
1940
1940
10. Jan.20,
1940
1939
to
to
to
1939
17, Feb. 17.
Feb. 17. Feb.
—1.3
—0.3
76.6
1940
1940
1940
79.3
18.
1940
18.
20.
3,
10,
17.
Commodity Groups
Feb.
Feb.
Feb.
Feb.
78.8
68.6
68.9
69.6
69.5
66.9
0.4
—1.3
7.2
70.9
71.7
71.4
71.3
—0.6
—1.3
7.0
8.4
14.5
14.6
10.8
11.7
9.9
12.4
11.2
13.1
13.9
14.8
Southern States
15.1
16.5
22.5
21.2
Rooky Mountain
7.4
•4.7
6.6
10.3
10.1
11.2
11.1
11.9
West Central
—
Pacific Coast
—
Total United States.
RECENT
FOR
DATA
—1.1
103.7
products. 103.1 103.2 103.0
92.5
—0.1
—0.6
WEEKS
Foods
KILOWATT-HOURS)
(THOUSANDS OF
+ 11.5
Farm products.
Hides and leather
8.3
15.3
+2.5
70.5
78.3
Percent
■
Change
from
1939
77.0
65.5
—1.2
—3.4
+ 13.6
materials.
73.0
73.0
73.3
73.4
73.6
0.0
—0.5
—0.8
95.3
95.5
95.6
96.0
94.5
—0.2
—0.7
+0.8
Jan,
6
Building materials
Chemicals and drugs
HousefurnLsblng goods
93.2
93.1
93.1
93.1
89.4
+0.1
+ 0.1
+4.3
Jan.
13
75.3
74.4
Fuel and lighting
75.3
77.5 *77.3
77.5
77.7
76.0
+0.3
—0.3
+ 2.0
Jan,
89.5
90.2
86.6
+0.1
—0.7
+ 3.5
Jan.
27
77.1
77.5
72.9
+0.1
—0.4
+ 5.9
Feb.
Raw materials
72.4
72.7
73.7
73.9
70.4
—0.4
—2.0
+ 2.8
Feb.
10
Semi-manufactured articles.
79.6
80.1
80.3
81.9
74.4
—0.6
—2.8
+7.0
Feb.
17
Feb.
81.4
81.4
81.7
81.9
80.3
0.0
—0.6
+ 1.4
80.5
80.6
80.9
81.4
78.8
—0.1
—1.1
+ 2.2
83.3
Finished products
All
77.1
77.2
commodities.
83.5
83.6
84.1
80.4
—0.2
—1.0
products
All commodities other than
farm products and foods ..
PERCENTAGE
IMPORTANT
FROM
IN
CHANGES
10 TO
FEB.
FEB.
2,287,248
2,268,387
INDEXES
SUBGROUP
4.3
Silk and rayon
1.8
Hosiery and underwear.
Lumber
0.8
Fruits and vegetables
0.7
Dairy products.
Nonferrous metals
....
-
-
Cereal products
Paper and pulp
—
Agricultural implementsand tile
Chemicals
0.3
The firm's
Cotton goods.
0.2
Other textile
Other building materials
....
Shoes
....
Leather
products
0.2
last
since
materials
announcement added:
exception, its 5% decrease in total sales
Texas was the
0.1
0.1
Coke..
Paint and paint
in percentage of occu¬
December being somewhat more marked than
usual, and eight of the nine geographic locations making
better comparisons with a year ago than for several months.
Meats
0.3
0.1
Furnishings-
hotel business showed some
over
pancy
....
0.1
—
Horwath & Horwath state that
0.4
foods
0.1
pharmaceuticals
Builders'
American
the
reported good convention business.
month we show separately the variations in
food and in beverage
and shall continue to do
sales generally follow
This
Remained Unchanged
During Week Ended Feb. 17, According to National
sales
Fertilizer Association
pretty eloeely those
Prices
the corresponding month of last year,
from
while
For
so.
change in the general level of wholesale
no
was
index
This index
commodity prices last week, according to the price
compiled by the National Fertilizer Asjociation.
remained at 77.4% of the 1926-28
in the week ended Feb. 17
in the preceding week.
The index
78.2 a month ago, 72.7 a year ago, and 76.3 two years
The current level of the index is the lowest reached
the
average,
was
ago.
since
last
same
as
The
November.
Association's
the
The
different.
There
fluctuations
total
in
restaurant
in room sales, the beverage variations are often quite
in both total restaurant sales and in food sales
increases
January over last are the same as
this
beverage sales is o%.
exceeded that in
in
being the sharpest
"due to many con¬
Furniture Mart, the American Road
Association, the National Canners' Association, &Oi"
Philadelphia
Chicago reported increase in business
July.
including
ventions,
also
Commodity
business in hotels,
monthly survey of the trend of
In their
improvement in January, the increase
Other
0.3
Bituminous coal
2.6
Plumbing and heating
increase
that in rooms—3%—hut the gain
And for most of the groups, too, the beverage
food.
in the average sale per occupied room
Changes
have been small during
the past
year,
year
ago,
a
the
whereas
and
summer
fall
had
months
TREND OF BUSINESS IN
announcement,
HOTELS IN JANUARY, 1940 COMPARED WITH
JANUARY, 1939
Room
Sales —Percentage of Increaes (+)
outnumbered advances
11
and certain cotton goods were
decline in
following
the
a
textile
average
declines in steel
in
The metal
price index,
which had been
scrap
and
tin more
and brass products.
than
offsetting the effect of
The building material index
dipped to the lowest point reached since last November, reflecting the drop
in lumber
was
The only other group index to change during the week
prices.
Bever¬
Total
Rooms Restau¬
Food
that representing the prices of
Month Inc.
Month
Last
Year
rant
of
(+)
or
+2
+ 1
+5
67
64
Dec.
(—)
—2
+ 12
+1
+8
+ 17
+ 14
76
+ 5
+8
+3
+4
+ 21
+ 1
80
Philadelphia
50
45
0
Washington
+6
+5
+7
+7
+8
64
62
+3
+ 10
+ 10
+ 11
+9
+ 18
72
68
+3
+2
New York
Chicago
Cleveland
+3
Detroit
+ 1
+3
—2
62
57
—4
Pacific Coast
+ 1
—2
+4
+ 1
+9
60
60
—1
—1
—15
68
70
—3
0
+ 1
—5
—6
All others.
mixed fertilizers.
—3
+3
+4
+2
+2
+3
65
63
+ 1
Total
+3
+3
+ 3
+3
+5
66
64
0
Texas
Twenty-nine price series included in the index declined during the week,
while 31
This
ages
Total
due mainly to higher
age
responsible for the tenth consecutive weekly
average.
copper
Same
advanced
downward trend in recent weeks, rose slightly last week, with
advances
Rate
Percent¬
Declining quotations for raw silk
prices for livestock, poultry, and eggs.
further
group
The rise in the farm product index was
slightly.
Occupancy
Decrease (—)
or
Although declines in the food group
the weighted
5,
to
rises
2% to 5%.
from
week in farm products and foodstuffs were offset
Slight increases last
all
of
and in the last three months there have been none at
from
dated Feb. 19, continued:
by declines in other commodities.
1,702,570
3% Over Year Ago
7.8
Other farm products
0.3
.*
0.5
0.4
Livestock and poultry
....
1.9
0.6
Grains
Wholesale
1,733,810
1,736,729
1,717.315
1,728,203
1,726,161
1,718,304
1,699,250
1,706,719
According to Horwath
in January Increased
of Business in Hotels,
Horwath—Total Sales
Trend
&
Crude rubber
Brick
+ 11.1
+ 10.1
2,244,014
2,237,935
9
Decreases
Cattle feed-_
Drugs and
+ 11.2
2,248,767
2,225,690
2
Mar.
17, 1940
Increases
Petroleum products
+ 11.9
1,542,006"
+3.6
Mar.
commodities other than
farm
3
+ 12.3
2,292,594
24
Miscellaneous
+ 14.2
2,289,659
1,619,265
1,602,482
1,598,201
1,588,967
1,588,853
1,578,817
1,545,459
1,512,158
1,519,679
1,538,452
2,244,030
2,264,125
2,256,795
2,214,656
2,201,057
2,199,860
2,211,818
2,207,285
2,199,976
2,212,897
+ 14.0
2,169,470
2,269,846
2,473,397
2,592,767
2,572,117
2,565,958
2,541,358
2,522,514
2,475,574
20
89.5
89.6
1929
1932
1937
1940
1939
1940
Week Ended
Metals and metal products.-
Textile products
9.0
8.3
8.0
5.2
+2.8
78.5
All commodities
Week Ended
Jan.27,1940
12.9
Central Industrial
Feb
1940
Feb. 10,
Feb. 17, 1940
Middle Atlantic
(1926=100)
Week Ended
Feb. 3, 1940
Week Ended
Week Ended
New England
Feb. 17. 1940:
to
1940
FROM PREVIOUS YEAR
PERCENTAGE INCREASE
for the
three weeks, for Jan. 20, 1940 and
Feb. 18, 1939, and the percentage changes from a week ago, a month ago,
and a year ago: (2) important changes in subgroup indexes from Feb. 10
The following tables show
main groups
24,
advanced; in the preceding week there were 34 declines and 18
advances: in the second preceding week there were 48 declines and eight
advances.
COMMODITY PRICE INDEX
States
United
Latest
Preced'g
Month
Year
in
Week
Week
Ago
Ago
to
Feb.17,
1940
Feb. 10,
1940
72.3
53.1
Group
Total Index
25.3
Foods
23.0
Farm products
Fats and oils...
Jan.
(exclusive of group)
$517,622,000, according
20,
Feb.18,
by the
Life Insurance Sales
Conn.
This total
issued
Bureau,
Feb.
17
Hartford,
72.3
69.8
51.7
January, 1939. The
figures for January and the ratio to 1939 sales are given
65.3
in
53.5
54.1
66.8
66.8
65.4
64.7
65.4
59.2
60.1
47.2
70.9
70.9
72.2
53.0
62.9
61.8
62.1
only 70% of thO life insurance sold in
64.2
59.4
Livestock
70.7
Fuels
84.8
_
84.8
83.9
75.9
88.4
88.4
90.4
76.7
74.9
Miscellaneous commodities.
75.4
78.5
60.0
91.2
93.5
90.4
8.2
Textiles
7.1
Metals.
91.3
Building materials
87.7
87.5
83.7
1.3
Chemicals and drugs
94.3
94.3
94.3
92.4
0.3
Fertilizer
73.3
73.3
73.7
71.1
0.3
Fertilizers
78.7
78.3
78.3
77.7
0.3
Farm machinery
94.9
94.9
94.9
94.9
77.4
77.4
78.2
materials..,
87.3
the
following table:
January, 1940, Volume
1940 to 1939
New England
541,323,000
Middle Atlantic
151,309,000
East North Central
121,339,000
39,002,000
70%
78%
69%
62%
74%
65%
70%
70%
60%
$517,622,000
70%
Sections—
47,560,000
48,294,000
17,829,000
38,470,000
12,496,000
West North Central
72.7
South Atlantic
East South Central
West South Central
Mountain
Pacific
,
All groups combined
United States total
Electric Output for Week Ended Feb.
Above a Year Ago
The
represents
72.2
Grains.
6.1
report
Research
ordinary life insurance
1939
Cotton
10.8
a
new
1940
66.4
Cottonseed oil
17.3
Below Year Ago
States in January totaled
Sales of
Percent
Bears to the
Far
(1926-1928=100)
Each Group
100.0
in United
January Sales of Ordinary Life Insurance
WEEKLY WHOLESALE
Compiled by the National Fertilizer Association.
Edison
Electric
17, 1940, 10.1%
Institute, in its current weekly
report, estimated that production of electricity by the
electric light and power industry of the United States for
the week ended Feb. 17, 1940, was 2,475,574 kwh.
The
current week's output is 10.1% above the output of the
corresponding week of 1939, when production totaled 2,248,767,000 kwh.
The output for the week ended Feb. 10,
1940, was estimated to be 2,522,514,000 kwh., an increase
of 11.2% over the like week a year ago.
I
Decrease
Debits
to
of
2% Noted in Bank Debits
individual
accounts,
as
reported
by banks in
leading cities for the week ended Feb. 14, which
only
included
five business days in many of the reporting centers,
aggregated $6,920,000,000, or 16% below the total reported
the preceding week and 2% below the total for the
corresponding week of last year, which also included only
five business days in many of the reporting centers.
for
Aggregate debits for the 141 cities for which a separate
has been maintained since January, 1919, amounted
total
to
$6,317,000,000, compared with $7,520,000,000 the preceding
Volume
The Commercial & Financial Chronicle
150
14579———-CRMBlioecinshvtmglenao.anpdolis.
week and
Imports
$6,500,000,000 the week ended Feb. 15 of last year.
figures are as reported on Feb. 19, 1940, by the
These
1—Dal s
SUMMARY BY FEDERAL RESERVE DISTRICTS
Grand Division
No.
of
Centers
Feb. 14, 1940
17
Feb. 7, 1940
26
$379,313,000
2,855,722,000
379,071,000
460,155,000
264,491,000
250,969,000
41
1,005,102,000
16
204,043,D00
17
125,254,000
28
29
222,960,000
183,074,000
589,076,000
274
$6,919,830,000
15
3—Philadelphia.........
18
25
24
.....
8—St. Louis.
10—Kansas City
18
12—San Francisco
Total...
Feb. 15,
5458,667,000
3,534,774,000
455,840,000
535,738,000
290,320,000
267,040,000
1,146,877,000
229,222,000
157,697,000
Food¬
Imports
als
stuffs
7,141
34,317
65,794
130,839
34,671
105,565
17,922
78,331
2,406
1,385
2,276,294
744,955
290,828
58,555
15,764
62,931
106,298
66,337
149,059
46,258
13,121
538
4
1,122
773
744
5,146
190
812
34,559
22,223
22,468
25,151
101,158
77,534
8,235
2,969
244
2,566
4,464
47,500
28,049
88
Australia
Belgium
Brazil
British India
British
Malaya
Burma
6
129,969
21,069
31,096
13,255
7,332
26
157
299
333
276
24,856
82
60,334
2,049
46,593
5,069
2,587
23,265
11,136
88
444
8l",304
632
5,538
893
0
128
824
1,488
3,689
633
193
804
825
93
133
146
486
3,258
2,512
1,319
2,158
3
226
297
6,371
8
139
95
204
237
12,068
7,927
France
3,775
5,788
3,525
6,818
20,632
61,406
7,892
1,421
11,293
Germany *
54,664
5,512
5
1,634
10,145
17,105
30,655
30,347
Gold Coast.
10,007
15,892
3,034
7,016
3,548
4,484
1,478
3,205
10,603
6,794
Greece
427
2,305
"T.826
731
575
2,362
41
4
53
145
6,700
8
156
283
461
"2,214
433
1,918
167
291
13
2,096
733
5
182
4,737
"l",490
16,236
3,760
12,584
175
532
526
31
230
4,342
8,821
6,084
26,520
Dominican
Republic.
Ecuador
Finland
Haiti
Honduras
Hong Kong
Iran
(Persia)
Ireland
(
Jamaica
Japan
Kwantung
Netherlands W.Indies
Netherlands...
Merchandise
&
113,856
349
726
527,912
110,843
202,701
70,790
61,272
64,174
79,998
42,707
9,790
Africa
Total
Argentina
Australia
Belgium
9,226
2,724
15,640
33,729
13,691
20,305
2,419
3,061
3,123,869
Oceania
.
Brazil
British
India...
British
Malaya
4,353
532
270
Manu¬
factures
264,928
•
543,508
245,674
69,241
50,462
53,517
11.308
283,040
55,776
14,512
7,256
118
1.547
9,474
7,558
2,385
844
665
63
640
193
988
2,197
51,466
43,495
25,186
61,188
33,970
4
16
87
156
125,055
25,770
12,820
68,700
0,382
3,785
240,909
1,594
Canada
403
26
82
176
907
Ceylon
Chile
Czechoslovakia *_
26,638
55,658
50,657
80,900
3,734
2,188
175
711
23,511
3,953
754
223
1,961
438
Denmark
3,288
6,687
43
73
889
594
5,765
13,946
18
4
1,046
730
Egypt
428
219
618
1,954
Finland
13,172
1,528
110
1.789
2,620
33,936
16,523
13,556
5,088
3,961
10,727
7,124
93,830
China
.
Colombia..
Cuba.
Republic.
Dominican
Ecuador..
France
906
17
113
7,776
2,425
3,586
9,910
1,682
418
2,972
5,010
18,564
39,975
4,253
2,748
16,892
11,298
45,709
45,344
14,375
768
2,506
6,298
5,088
273
/
3,235
45,390
3,582
578
*
Gold Coast—
Greece
—-
Haiti
477
29
45
41
22
317
427
1,197
;
13,145
1,439
4,600
3,981
4,101
414
457
301
1.576
1,027
2,348
12,208
8
3
43
274
4,093
1,081
27,530
3,776
1,150
588
2,964
89
870
19,801
10,170
5,869
230,874
528
75
662
797
3,806
611
57443
9,897
59,977
28,174
25,329
•34,868
5,766
17,986
4,420
Kong
Iran (Persia)
Ireland
Italy
Jamaica
Japan
■
...
Netherlands Indies...
Netherlands W. Indie?
Netherlands
'
'Mi
67,088
1,241
1,374
11
42
80,800
35,398
373
1,806
106,022
3,786
13,668
5,303
10,714
17,354
15,529
Kwantung
Mexico
630
161
1,555
9,568
58,469
-
Honduras..
Hong
10,943
11,483
21,332
844
38,263
95,980
*.
«
•
-
m
3,580
109
601
2,202
967
Newfoundland and
Labrador
New Zealand
Norway.
Panama, Republic of.
497
276
2,786
535
4,680
1,969
4,014
8,774
16,476
31,607
12,675
19,805
18,841
182
742
4,718
2,366
8,630
1,137
4,060
3,199
12,037
5,627
1,452
11,217
1,302
182
374
2,006
696
904
3,134
112
25
664
773
1,491
9,757
5,073
55
83
12,942
Turkey
26,006
92,546
17,890
8,252
406
8
63
963
8,976
11,005
14,842
75,779
5,048
5,943
10,566
46,705
8,250
6,812
Union of South Africa
69,018
309
235
1,181
7,149
60,144
51,808
1
1,718
1
498,483
5,127
103,178
32,071
70,502
201
66
89
16,613
88,749
1,639
61,574
329
702
7,383
4,464
33,474
203,983
3,132
48,695
Panama
Canal
Zone.
Peru
Philippine Islands—.
Poland and Danzig »_
15,887
9,916
Portugal
Spain
Sweden.
99,837
...
Switzerland
*
35
2,485
10,367
267
38
15,930
1.793
3,738
121
5,606
2,385
4,767
22,452
3,401
Union of Soviet Social¬
ist Republics
United Kingdom
Uruguay
Venezuela
....
4,510
5
1
358
3,604
950
8,103
119
2,370
34
3,391
4
6
480
52
104
1
13,938
91,906
11,790
6,350
10,060
4,866
36
"7,837
90
13,392
1,747
1,580
1,240
340
9,580
620
11,372
1,372
1,569
1,109
57,222
7,898
1,883
6,182
608
461
42,006
30,404
2,155
7
521
457
1
3,383
31,233
6,400
8,090
20,162
Turkey
15,288
451
085
121
27,750
13,724
23,504
307
Union of South Africa
315
58
3,647
225
24,494
151,319
8,587
23,413
17,994
15,470
5,493
19,565
174
586
1,508
37,096
3,542
39,649
1,276
58,518
0
3,017
Panama Canal Zone..
Peru
Philippine Islands
Poland and Danzig *.
Portugal.
Spain
Sweden
Switzerland
1st Republics
*
For statistical purposes,
146
185
149
323
270
2,432
46
?
•
4
3,250
25
5
590
.
May6».""J.®?}
trade with Austria beginning
far as ascertainable,
with the Sudeten area, as
beginning Nov. 10, 1938, is included
Germany, while trade with the other Czechoslovak Provinces occupied by
Germany, Hungary and Poland has been included with these countries since March
18 or 19, 1939.
Trade with the Lithuanian territory of Memel has been included
with Germany since March 25, 1939.
with
Production in Canada During January
Ago—United States Output Also
Newsprint
Year
Above
Increases
Production
ary
to run well in excess
being up 15.9%,
from
the
newsprint
Canadian,
by
States mills continued in Janu¬
of a year ago, aggregate output
aggregate shipments
"Gazette"
Montreal
the
of
shipments
and
Newfoundland, and United
17,825
21t174
179,928
...
Germany *
188
463
6,073
839
3
615,611 1,666,802
4,049
473,254
Burma
5,148
12,981
93,883
10,808
3i
5
2,746
10,014
198,280
240,641
151,583
14,169
8,855
11,149
14,915
4,400
3,634
1,384
9,701
11,802
18,163
10,234
1,335
1,285
4,991
Finished
Manu-
factures
66,873
2,652
4,977
178
535
20
United Kingdom
Uruguay
Semi-
Bev¬
26,054
9,212
10,329
5
19,909
49
Venezuela
erages
125,570
99,345
139
21,682
64,692
250
.
Foodstuffs
272,348
326,831
559,250
79,138
115,315
Union of Soviet Social
114,905
America
Asia
"
162
312
Panama, Republic of.
(Corrected to Feb. 12, 1940)
8,370
8
"
10,097
1,465
Norway
VALUE OF UNITED STATES FOREIGN TRADE WITH GRAND DIVISIONS
COUNTRIES BY ECONOMIC CLASSES, TWELVE
MONTHS ENDED
DECEMBER, 1939
1,261,512
482,179
300,054
569
6,594
11,553
21,827
3,583
Labrador
New Zealand
in the tabulation below:
Europe
399
Newfoundland and
Figures of the foreign trade of the United States for the
12 months of 1939, divided into several economic classes
and according to source and
destination, were issued Feb. 20
by the Division of Foreign Trade Statistics of the Bureau
of Foreign and Domestic Commerce.
They are presented
Northern North Amer.
12,592
38,807
1,494
161,082
1,710
54,474
93,156
19,582
28,272
Italy
Imports and Exports of United States for 12 Months
of
1939—Geographical
Distribution
of
Various
Southern North Amer.
5,550
21,298
1,819
48,944
101,086
Netherlands Indies.
Food¬
70
286
Mexico
stuffs
761
103,601
Cuba
against 112.4 in December and 100.1 in January, 1939.
Comparing January with December and allowing for seasonal
changes, two of the four index factors (department store sales
and carloadings) declined, while industrial
production held
even and bank debits
registered a small statistical increase.
Crude
438
585
25,073
Egypt
als
440,337
5,564
Chile
according to the current "BusinessOutlook" released by Wells Fargo Bank & Union Trust Co.,
San Francisco.
The Wells Fargo index, which measures
California business in terms of the 1923-25
average equaling
100, stood at a preliminary January level of 111.2, as
Crude
486,827
5,610
China
ago,
Materi¬
313,348
34*067
January
Total
899
1,470
73
Czechoslovakia *
Exports
783
8,753
246
39.972
Denmark
Manuf'd
7,540
3,067
81,424
365
Colombia
Francisco
and
26,498
85,459
13,704
332,681
*
California business activity in January declined slightly
below the high December level but held
substantially above
Exports of United States Merchandise
211,457
134,479
76,457
Total
$8,207,872,000 • $7,063,993,000
Country
194,211
103,792
28,866
42,216
108,207
27,904
Argentina
California Business Activity in January Declined Below
December Level, Reports Wells
Fargo Bank, San
Grand Division
Manu¬
factures
Africa
America
Asia
929,787,000
(Value In Thousands of Dollars—000 Omitted)
Finished
Manu¬
factures
Bev¬
Oceania
South
Ceylon
Classes of
&
92,855
40,847
38,644
111,011
392,099
23,570
45,928
611,228
339,933
226,302
300,837
694,632
Northern North Amer.
Canada
year
Semif
erages
Southern North Amer.
203,682,000
111,827,000
227,310,000
185,819,000
579,682,000
202,043,000
689,277,000
Materir
Europe
1939
$405,345,000
3,148,222,000
350,139,000
435,805,000
244,864,000
241,511,000
240,377,000
Crude
Total
Country
Week Ended
Incl.
2—New York
South
MariuTd
Foodstuffs
Crude
and
Federal Reserve District
a
for Consumption
of Merchandise
(Corrected to Feb. 12, 1940)
(Value in Thousands of Dollars—000 Omitted)
Board of Governors of the Federal Reserve
System.
6—Atlanta.
1195
of
23.8%. This is learned
Feb. 15, which also had
following to say:
During the month the Canadian industry
operated at 68.5% of the 1949
(estimated at 4,367,690 tons vs. 4,293,361 for 1939, part of the
increase being due to the
fact that 1940 has two more working days
than
1939).
This operating rate compares with 69.1% for December,
capacity
59.8%
year
a
ago.
Canadian shipments for
the month, at 244,273 tons,
exceeded a year ago
second highest for January
the history of the industry, having been exceeded only in 1937.
Gains
of 18.3% and 54.3% were recorded in shipments
to United States and
overseas
customers, respectively, while domestic shipments were lower by
8.9%.
Total shipments represented 60.7% of capacity.
Production for the
by 42,421 tons, or 21.0%, this figure being the
in
month
ago
251,032
was
tons,
December by
exceeding
10,300
tons,
a
year
by 42,700 tons.
States mills, at 84,126 tons, was highest for any
and exceeded a year ago by 8.9%, while shipments
Newfoundland production reached an alltime high, 32,045 tons exceeding a year ago by 42.4%, while shipments
exceeded a year ago by full 109.6%, large gains being shown in ship¬
ments to both the United
States and overseas customers, United States
14.929
With
last May
since
exceeded
imports
United
of
Output
month
a
year
from
tons
ago
"by 10.9%.
Europe
being the
continued
to
lowest since
aggregate production
decline during
February,
December, a total of
1938.
for the three countries at 367,203 tons and
aggregate shipments &£ 355,345 tons, the month's increase in mills' stocks
was
11,858 tons, against an increase a year ago of 19,005 tons.
Monthly
Indexes
of
Reserve
Board
of
Governors
of
The Board of Governors of the Federal Reserve
issued
on
Federal
System for January
Feb. 17 its monthly
System
business indexes of industrial
production, factory employment, &c. In another item in
today's issue of the "Chronicle" we also give the customary
summary of business conditions in the United States issued
by the Board of Governors.
The monthly indexes were
made public as follows:
The Commercial &
1196
BUSINESS INDEXES
States,
Without
Adjusted for
Seasonal Adjustment
Variation
Seasonal
Jan.,
Dec.,
Jan.,
Jan.,
Dec.,
1940
1939
1939
1940
1939
Jan.,
1939
120
100
pll6 '
121
99
January,
and
88
pll7
129
84
siderable
seasonal
120
110
pll6
114
111
P126
-
P117
100
141
Pi 14
Non-durable
101
129
120
110
105
86
pl22
p61
113
86
69
70
P75
Construction contracts, value—Total.
Residential...
p54
60
65
p45
51
All other.
107
111
p74
84
90
92.2
*
104.6
94.6
*
104.1
*
Factory employment—Total
Durable goods
100.0
84.4
*
100.1
82.3
108.9
104.4
#
107.9
101.7
103.6
83.7
69
72
73
63
about 69% of capacity.
in the latter
part of 1939, was reduced in January, and lumber production showed a
considerable decrease owing in part to unusually cold weather in the
Southern regions.
Automobile production in January was larger than is
76
74
81
65
usual
96
—
88
P72
168
69
the
67
64
60
and
♦
Factory payrolls—Total
--
■
.
*
•
78
78
Freight-car loadings—Total
86
Miscellaneous
P9 2
Department store sales, value
v,
m
*
Department store stocks, value
104.4
*
Durable goods
''
102.8
.
*
76.0
92.4
Note—Production, carloadlngs, and department store sales
Indexes based on dally
To convert durable and non-durable manufactures Indexes to points In
figures, shown in Federal Reserve Chart Book, multiply
non-durable by .537.
Construction contract indexes based on three-month moving averages, centered
at second month, of F. W. Dodge data for 37 Eastern States.
To convert Indexes to
averages.
Plate
at
in Federal Reserve Chart Book, multiply total
value figures, shown
by $410,269,000,
$226,132,000.
Index, without seasonal adjustment, and payrolls index compiled
residential by $184,137,000. and all other by
Employment
by Bureau of Labor Statistics.
this
year,
industries
in
of
Adjusted for
Without
Seasonal Variation
Seasonal Adjustment
Dec.,
Jan.,
Jan.,
Dec.,
Jan.,
1940
1939
1939
1940
1939
1939
been
had
which
the month, however, and
of
part
in
retail sales of new cars declined seasonally
as
beginning
usual at the
than
lower
rapidly, the output of cars declined.
In the machinery
was generally sustained at the advanced levels reached
December.
peak levels of October and November, and output of Bilk products
in small volume.
Activity at meat-packing establishments was
from the
remained
in
maintained
Coal
January
production
of
high
the
at
several months.
for
prevailing
level
sharply, following a marked reduction in December,
high level reached last October.
Output of crude
rose
about
at
was
the
in large volume.
for
awarded
contracts
public
both
and
construction
W. Dodge
private
considerably in January, according to reports of the F.
declined
Jan.,
'
the latter
Output of cotton textiles in January continued at about the high rate
other recent months, but production of woolen textiles declined further
Value
'
rose
activity
petroleum continued
(1923-1925 Average=100)
,
stocks,
dealers'
the
In
season.
half of February,
first
and
INDUSTRIAL PRODUCTION
which also had reached high levels
glass production,
total index of manufactures
durable by .463 and
and by the middle of February was at
of the year,
of
♦ Data not yet available.
Preliminary.
further sharp reduction in the index.
which had been above 90% of capacity during
of 1939, has declined steadily since the turn
a
quarter
68
*
Non-durable goods
fourth
the
89
—
Non-durable goods
to
production,
ingot
of
most
increase,
December
in
the Board's index, which allows for a con¬
dropped sharply from the high level of 128
120 in January.
Data available for the first
consequently
February indicate
of
Steel
45
p91
reached
half
December to
declined somewhat from
production
industrial
of
Volume
128
pll8
Durable
continued:
Hie Board's summary
Production
pl23
Minerals..
than seasonally, while merchandise
volume, decreased more
exports were maintained.
pl20
Industrial production—Total
M an ufact ures—Total
p
of
half
1940
24,
business and financial conditions in the United
based upon statistics for January and the first
February.
Retail trade, which had been in large
general
(1923-1925 Average=100)
Feb.
Financial Chronicle
Corp.
Awards
sonal
reduction
Contracts
private residential building showed a greater-than-sea-
for
and
lower
were
other
for
level
the
than
work
private
prevailing
a
but
somewhat,
declined
ago.
year
remained
in
larger volume than in the corresponding period last year.
Manufactures
Employment
Durable Goods
Iron and steel
143
173
93
138
152
90
Pig iron
Steel Ingots
119
126
72
118
124
71
145
178
95
139
155
92
pl30
127
105
pl30
142
105
amount
200
232
147
200
232
147
to
181
165
66
p20
29
7
Automobiles
Plate glass
Tin deliveries
6
26
Pl8
Beehive coke.......
Non-durable Goods
pll4
130
109
123
117
pll9
of
declined
1939,
by
reports from leading industrial States.
Distribution
at
department
111
133
117
72
107
84
64
122
99
87
119
118
101
95
99
74
127
129
100
Cattle............
102
95
97
103
100
98
Calves
108
100
111
100
95
104
158
147
150
160
144
151
Hogs
—
...
Sheep
...
87
91
92
89
128
106
69
73
70
pl06
102
115
120
*
■
*
Cattle hide leathers
*
Calf and kip leathers
124
95
103
*
92
98
101
pll4
Tanning
100
♦
98
119
73
*
*
108
112
92
280
Fuel oil
.
.
145
145
88
84
121
..............
*
Sliver
Preliminary.
* Data not yet
p81
68
pl82
184
by $287,000,000
middle
of
January
in
121
123
94
106
86
-
*
86
105
marked
February,
of
declines
smaller
such
Prices of
foodstuffs,
steel
as
the other
on
the
from
were
yarns.
and
hand,
period.
in this
Government
of
Prices
the
United
half
latter
of
States
Security Market
Government
January from
the
securities
declined
peak
recovery
slightly
reached
early
during
the
in
month, but regained part of these losses during the first half of February.
available.
Bank
Total
cities
•'.7'
1938
showed
there
INDUSTRIAL PRODUCTION
1939
by $132,-
during January and
other basic industrial materials,
some
and textile
little change
silk
and
middle
the
to
prices of
wool,
showed
lead,
copper,
164
89
foreign gold, the country's mone¬
74
171
59
189
114
.....
Zinc
V
69
p75
pl90
Anthracite
Petroleum, crude
pl04
Exports to the United
owing mainly to larger cotton shipments.
Commodity Prices
of
Prices
scrap,
75
83
p93
in
000,000 in the first two weeks of February.
decreases
Minerals
Bituminous coal
large
of many industrial products declined.
stock increased
106
....
.....
been
have
Reflecting principally acquisitions of
tary gold
reached in December.
Ship¬
recent months, rose further,
at the high level
year
which
increased sharply,
Kingdom
115
150
-
--
Lubricating oil
this
cotton,
262
117
124
Gasoline
Kerosene
of
ments
205
♦
205
222
*
221
120
*
*
maintained
were
while exports
98
94
*
97
125
144
★
87
140
129
Trade
Foreign
Exports of United States merchandise, which usually decline in January,
101
*
84
*
Goat and kid leathers
Newsprint consumption
Petroleum refining
in
siderably.
90
90
105
Wheat flour
Sugar meltings
Leather and products
houses
Total
145
137
mail-order
and
stores,
seasonally from
declined more than
January
74
Silk deliveries
variety
stores,
the high level of December.
freight car loadings showed a seasonal decline; shipments of miscel¬
laneous
freight and grain decreased, while coal loadings increased con¬
114
100
Cotton consumption
Slaughtering and meat packing
had risen sharply during the
which
somewhat more than the usual seasonal
from the middle of December to the middle of January, according
half
latter
Sales
Textiles
employment and payrolls,
Factory
1939
.v.;
1938
105
86
Manufactures
105
84
reporting member banks
the five weeks
during
rose
Credit
investments at
ending Feb.
7
as
in
result
a
101 leading
increases
of
brokers
and
and
dealers
commercial
Loans to
declined.
loans
Demand
Food products:
Slaughtering
and
holdings of Government securities at New York City banks.
security
Manufactures (continued)
Industrial production
in
loans
deposits continued to increase during the period.
Non-durable (continued)
64
66
88
52
Hogs
110
67
Cattle-j.....
Pig iron
Steel ingots.
and
95
108
Durable
Iron and steel
^
90
Automobiles
17
12
Wheat flour
102
72
Tobacco products
97
82
Locomotives.
Zinc
Cigarettes
60
71
143
86
Manufact'd prod..
Paper and printing:
Newsprint produc.
116
Glass, plate.
90
84
87
159
76
82
85
Petroleum
Cement..
153
73
240
73
Lead
111
94
Cigars.
Cement and glass:
103
167
Sugar meltings....
Non-ferrous metals:
Tin deliveries
99
107
L.
Sheep
63
88
73
146
Calves.
Transportaion equip.:
*
packing.
92
83
meat
228
83
83
63
55
Report of Lumber Movement, Week Ended Feb. 10, 1940
Lumber production
during the week ended Feb. 10, 1940,
1% greater than in the previous week; shipments were
less; new business, 4% less, according to reports to
was
1%
National
the
Lumber
131
127
214
200
Gasoline
274
256
Kerosene...
117
110
Fuel oil
144
138
weekly
124
109
113
79
1929 shipments.
117
82
78
57
108
98
corresponding weeks
N'sprint consum'n.
Coke:
By-product.
refining.
Beehive
10
6
Non-durable
112
100
Textiles
114
92
Cotton consumpt'n
120
96
Wool
112
80
Tires, pneumatic.
126
92
Inner tubes
107
_
75
Consumption
Mach'y activity.
Carpet and rug
Lubricating oil
Rubber tires & tubes.
_
Minerals
Anthracite.
104
Petroleum, crude
65
57
six
172
165
87
37
Cattle hide leathers
95
82
Zinc
97
86
80
Lead
73
60
Goat & kid leath.
97
76
Silver
91
127
119
weeks
shipments
of
1940
were
of
1939 ;
6%
were
to
shipments
93
Iron ore
80
».
date
business
new
date
was
7%
above
the
shipments,
to
2%
of
the
1939
period.
above
For
12% above production
was
the
and
7% above production.
Supply and Demand Comparisons
The
ratio
of unfilled orders
compared with 16%
7
1940
were
above the orders
92
Boots and shoes...
orders
new
Comparisons
production for the six weeks of
82
Calf & kip leath's
Tanning
from
1929 production and 76% of average
The Association further reported:
Year-to-Date
and
74
63
101
Association
of
average
Reported
63
Bituminous coal
80
94
114
loom activity.
Silk deliveries
Leather and products
-
Manufacturers
regional associations covering the operations of representa¬
tive hardwood and softwood mills.
Shipments were 12%
above production; new orders, 6% above production.
Com¬
pared with the corresponding week of 1939," production was
15% greater; shipments, 15% greater, and new business,
10% greater.
The industry stood at 68% of the seasonal
year
ago;
a
stocks
gross
to
year ago.
were
gross
stocks
was
Unfilled orders
21%
were
on
Feb.
10,
1940,
20% heavier than
a
4% less.
Softwoods and Hardwoods
Summary of Business Conditions in United
Board of Governors of Federal Reserve
Industrial
Activity Declined
High Level at Close of Year
In
January
activity
and
the
first
half
of
in
States by
System—
January
from
of
booked
week
February
industrial
part of 1939, it was reported Feb. 19 by the Board of Gov¬
ernors
of the Federal Reserve System in its summary of
the week ended
softwoods
orders
were:
490,000
declined from the high level reached in the latter
During
feet
and
of
Mills,
522
feet; orders,
Lumber
orders
wood
mills
same
mills.
Feb.
10,
hardwoods
198,194,000
;
1940,
612
mills
combined;
feet.
production,
figures
185,787,000
187,567,000
210,103,000
for
feet;
the
feet;
preceding
shipments,
211,-
207,018,000 feet.
reported for the week ended Feb.
totaled
produced
shipped
Revised
188,486,000
Shipments
as
feet,
reported
feet, or 13% above production.
or
7%
for the
Production
above
same
was
10,
the
week
1940, by 425 soft¬
production of
were
the
200,015,000
176,407,000 feet.
Reports
Volume
from
103
below
The Commercial & Financial Chronicle
150
hardwood
mills
production.
10,088,000
feet,
give
Shipments
10%
or
business
new
reported
as
below
9,708,000
as
for
production.
the
feet,
general
were
week
same
Production
13%
or
workers
11,160,000
was
1197
merchandising stores and mail-order houses, took
handle
to
December
holiday
trade
and
increased
payrolls
employment and payroll indexes for this
feet.
38.0%
more
35.4%.
The
on
by
152.4% and
group were
.
129.7%
Identical Mill Comparisons
point
Production
during week ended Feb. 10, 1940, of 401 identical softwood
mills was 174,692,000
feet, and a year ago it was 149,855,000 feet; ship¬
ments
were,
respectively,
198,297,000 feet and 171,266,000 feet, and
orders received,
185,935,000 feet and 166,215,000 feet.
In
the case of
hardwoods, 86 identical mills reported production'this year and a year ago
and
of the
payrolls
11.3%
on
to
their
since
December,
workers,
more
1938,
5%.
over
business.
firms
in
in
both
in
being
employees
exception
lumber
and
lines of retail trade reported
increases
employment
% Change
of
million
a
workers
from
December, due primarily to
in
retail
trade,
Jan.
stores
25.
the
of
"This
increased
volume
Frances
Winter
ment
weather
substantial
a
employees
since
minous
coal
workers,
mines
in
October, 1937,"
in
railroads
steam
of
employ¬
Transportation
reported
December.
in
decreases
small
in
also
Anthracite and
employment,
employment
coupled
than
more
The
greater
in
A
slight gain of 0.2%
when
the
usually there is
seventh
Weekly
November
the
Gains
in
level.
not
were
Thirty-seven
the
employment
industries
reported
after
the
rolls
period
last
In
and
the
in
gain
is
in
nearly
or
much
manufacturing
44
reported
than
settlement
of
payroll
seasonal.
industry,
strike,
a
industries
smaller,
which
in
employment
0.2%.
about
reported
Layoffs
production
many
gain
was
renewed
was
increasing 15.6%
and
year
three-year
period
and the payroll index
ago,
(103.9)
(104.0
1939
stood
10.6%
basis
the
on
the
19.3% higher.
was
of
level
Both
6%
below
the
levels
reached
in
mines
the
earlier
months
67.6%
gain
the
1923-25
1.8%
of
bringing
and 19.3%
average
of industries continued to rise,
group
the December
index
above that of
of
payrolls
(100.0)
the
to
December,
level
1938.
of
Durable
employment being accompanied by
in
the
non-durable
December,
1938,
Among
interval
the
goods
important
more
of
small gain in payrolls.
were
increases
1939,
1.2%
in
Employment
3.9% above the
was
7.7% higher.
in
employment
the
over
month
NON-DURABLE GOODS
Inc.
In-
machine
in
Slaughtering
and
both
light
while
7,200
Boots and shoes
2.2
6,900
Book and Job
3.0
hotels
reduced
15.2
4,500
Electrical machinery
1.6
3,800
Engines and turbines
9.8
3,400
Shipbuilding
4.5
3,200
Employment
in
the
aircraft
fifteenth
consecutive
month,
index
the
ever
1929
to
level.
highest
The
cals
the gain
recorded,
2.1
of
more
continued
6.3%
than
to
expand
bringing the
3%
times
as
were
not
declines
of
in
occurred
employment
from
pronounced
the
as
usual.
November
2,800
,
for
many
DURABLE
tractors
employing
decrease
Per-
centage
as
show
De-
Industry—
crease
Sawmills
3.2
10,000
5,700
Per-
Der
Indexes
Retail
the
stores
reported
Christmas
crease
18.2
Dec.
101.2% of the 1929
ment
The
a
and payrolls
less
were
five
than
activity
the
of
from
12.1%
November
country,
East
the
Comparisons
years.
in employment and of
in
parts of the
exception
to
ranging from
South
Central
area,
The reports on which these figures are based
projects financed by the Work Projects Adminis¬
Administration, and the Reconstruction Finance
employment and payrolls
industries,
1939,
manufacturing
average
the
of
for
is
1929
is
for
years
These
where
used
industries
as
the
Federal,
used
1938,
base
a
as
State,
local
or
industries.
prior
indexes
to
are
shown
is
adjusted
the
The
the
available
not
for
seasonal
non-
the
from
three-year
indexes
and
computing the index
for
manu¬
selected
changes
below.
railroads,
Information
1929
not
for all
percentage
computing
steam
in
1939,
railroads, and
and
are
in
I
base
a
December,
steam
available,
Class
and
for
Class I
December,
and
non-manufacturing
records.
for
the
12-month
numbers
of
non-manufacturing
from
the
Bureau's
variation:
Employment
Index
%
Payrolls
Change from—
JDcc,}
Index
%
Change from—
Dec*
1939
(1923-25=100)
Manufacturing
Nov.,
Dec.,
1939
Nov.,
Dec.,
a
1939
1938
a
1939
1938
bl04.0
rallroads.c-..
+0.2
56.5
—2.8
+ 10.6
+ 7.0
bl03.9
+ 2.1
d
d
+ 19.3
d
(1929=100)
Trade:
Wholesale
92.2
General
merchandising.
+0.1
+ 12.6
+ 2.4
+ 0.5
+ 4.9
101.2
Retail
+ 3.2
82.1
+ 9.8
+ 3.7
152.4
+ 38.0
+ 5.7
129.7
+ 35.4
+ 5.6
79.4
Other than general mer¬
87.8
chandising...
+ 3.8
+ 2.1
72.2
+ 2.7
+ 3.0
74.6
—0.5
+ 0.5
94.6
+0.2
+ 2.3
+2.9
Public utilities:
Telephone and telegraph-.
Electric light and power
and manufactured gas..
92.9
—0.5
+ 1.6
101.1
—0.4
69.8
—0.1
+0.6
70.9
+ 0.4
in
+ 1.6
51.0
—0.7
——0.6
26.6
—36.7
—37.4
Bituminous coal......—
92.8
—2.2
+ 3.9
84.0
—12.7
+ 3.8
Metalliferous
67.6
+ 1.7
+8.5
66.5
+ 4.2
+ 22.9
44.1
—6.3
+6.4
39.2
—8.8
+ 16.4
63.5
—0.4
-—6.3
59.1
0.9
—5.4
90.5
—1.4
—1.6
e80.9
—1.1
0.2
95.5
—0.1
+ 2.3
83.5
+ 0.8
+4.4
96.0
—1.9
—2.0
68.7
—3.0
+0.5
—1.2
Mining:
Anthracite
No. of
Wage
Earners
Woolen & worsted goods
4.3
4.5
6,700
1.7
3,700
3.7
Quarrying &
mining..
3,200
employment index advanced to
Payrolls increased 9.8%, and both employ¬
and payrolls exceeded the December, 1938, levels by more than
3%.
non-metallic
Crude petroleum producing
Services:
Hotels (year-round)
Laundries
Dyeing and cleaning
Brokerage
better-than-seasonal employment gain of 12.6%
trade, and the December
5%
reductions
the
declines
previous
gain of
a
industries combined,
1923-25,
average,
Non-Manufacturing Employment
for
These
by regular appropriations
or
of
November,
18,400
7,300
Silk and rayon goods...
1.4%
4.5% gain.
a
bus oper. & maintenance
Hosiery
10.9
virtually
■■■'
seasonally by
governments.
were
Women's clothing
Radios and phonographs
remained
Electric railroad & motor-
centage
Industry—
Canning and preserving.
companies
gas
0.5% from November
railroads
'
in
Construction
the
throughout all
with
the Public Works
Corporation,
of
Seasonal
construction
cover
tration,
1938,
general
10%,
over
which showed
the
December
instances they
in
No. of
Wage
Earners
about
payrolls
Telephone and
+
Building
December
payrolls.
were
to
do not
NON-DURABLE GOODS
Dec.
staffs
workers.
120,243
in
December,
weekly
3.5%
.
GOODS
in
Employment and payrolls in private building construction decreased
6.8% from November to December, according to reports from 12,536 con¬
Among the industries reporting large declines
following:
of
■:+
Private
the
employment
high
to
December.
manufactured
electric
on
their
0.3%.
gain
largely of seasonal character, although in
as
were
as
recorded
by 1.1%, and dyeing and cleaning plants and laundries curtailed
working forces by small amounts.
Brokerage firms reduced personnel
by 1.2%, and insurance companies reported a small employment increase
of 4.5% in employment in private shipyards raised
the December index (138.8) above any recorded
during the past 20 years.
Such
level
declined
Class I steam
industry
of
of
employment
their
4,000
railroad
gain
levels
the
The
Employment and
to
and
employment losses
employment
Industry
4.1
1.5
Cars, electric- and steam-
levels.
November
power,
Wage
printing..
Newspapers and periodi¬
payroll
above
the highest
V+
Year-round
meat
2.0
shops
a
12.7%.
payrolls
at
the
employment,
and
respectively.
was
1938
from
and
5,600
4,100
Steel
and
22.9%,
of
15 pay
during
Quarries curtailed employment by 6.3%
smaller declines than average.
Employment
Earners
packing
•
—1.8
No. of
Increase
Industry—
64,000
15.6
Inc.
centage
WageEarners
crease
Automobiles
Per-
No. of
centage
Industry—
in
+1.9
1 to
reported
reduced
1.7%
of
unchanged.
industries
GOODS
Per-
and
loss
following:
DURABLE
Foundries
the
group,
December,
level, and payrolls
the
were
a
in
group
goods
level
also
payroll reduction
a
and
above
seasonal
December,
manufacturing
non-durable
weekly
mines
average,
slightly
electric
in
the
1929
by 8.8%,
facturing
in
the
substantially
goods payrolls increased 3.6%, the December index (104.9) standing 31.8%
above the December, 1938, level.
Seasonal factors contributed to a decline
employment
—1.8
week of the Dec.
one
lowest
coal
employment
8.5%
declined
wells
year.
Employment in the durable goods
the
raised
by
1938,
December
of
During
the
employment pickup
an
December
a
indexes
+0.4
Metals and minerals
Paper and paper products
Furniture and housefurnishings
+0.3
to
continues
100
of
+0.3
Hardware
+5.8
+0.5
Bituminous
oil
in
above
allied
products
2.2% accompanying
in
pay¬
higher than any recorded since the fall months of 1937, but remained
were
approximately
that
of
metal
with
December,
1923-25),
fell
months.
average
employment index for
the
+1.8
and
reported
gains
in
substantial
most
over
in earlier months.
surveyed
increases.
The
manufacturing
$4,000,000,
drugs
month since December, 1937.
any
The increase marked
employment
2.1%,
by
average
automobile
production
4.2%
—1.3
;
a
contra-seasonal employment loss of 0.7%
mid-November and mid-December, and payrolls declined
by 36.7%,
18
decline
to
18.4%.
The
for
90
smaller
were
in
The
gain
rose
mines
reported small
general throughout manufacturing as
as
of
monthly
payrolls
December.
Month
and
reflecting decreased production.
December
reported in factory employment in December
was
decline of 1% in
a
consecutive
industries.
in
Over the
—0.2
telegraph,
Employment
•
% Change
Chemicals,
Anthracite
had the following to say:
Factory
trade
—1.6
and
by the Department of Labor,
Perkins's remarks are taken, also
Secretary
wholesale
:
Electrical
with
issued
announcement
which
of
lines
follows
as
—0.1
index,
1,200,000
were
Lumber and building materials.
December,
was
1938.
—0.6
supplies
bitu¬
December, 1939, than in December, 1938.
from
December
Petroleum and Its products
Automotive products
reported small employment changes.
non-agricultural
December,
Dry goods and apparel
Machinery,
equipment,
said.
she
curtailment
quarries.
important
at
over
Month
losses in payrolls resulting from
sharply decreased production
during the first half of December.
Public utilities and other service indus¬
Total
November and
between
seasonal
a
and
2.4%
employment
Over the
reported on
December to
in
maintained
increase of
an
various
in
+4.3
whole
a
Food products
Groceries and food specialties..
substantial
tries
showed
changes
as
% Change
December.
brought
operations
I
but
level
percentage
between
decline, due in part to the reduction of nearly 30,000
Class
on
establishments
Farm products
conditions
construction
on
showed
15,000
trade
mid-
Secretary added;
approximately
Hardware
the November
resumption of full activity by certain automobile plants resulted
factory employment showing a slight contra-seasonal increase of 0.2%,
or
+3.0
+5.4
Wholesale
The
in
+4.0
Drugs..
Furniture
Christmas
of
Perkins
brought employment
recorded
quar¬
Month
Cigars.....
Automotive
+1.2
+0.2
increase of 390,000 workers
an
Labor
gain
highest level
The
handle
to
Secretary
a
to
mid-November
Over the
Month
The
Non-agricultural employment increased by nearly
ter
a
follows:
as
Over the
Food group
of
building
% Change
Non-Agricultural Employment
Increased by Nearly
250,000 Workers from Mid-November to Mid-De¬
cember, Reports Secretary of Labor PerkinsEmployment at Highest Level Since October, 1937
—Jobs on WPA Projects Also Increased
took
stores
more
the
highest
employment
Apparel
24.3%
With
dealing
the
at
were
The gain
was
Christmas
recession
(2.0%), the principal
gains, the percentage
and both
interval.
and jewelry stores added
handle
employment
material
1929,
year
11-year
an
payrolls to
seasonal
9,168,000 feet and 9.548,000 feet; shipments, 8,030,000 feet and 7,665,000
feet, and orders, 8,290,000 feet and 9,764,000 feet.
over
the
lor
average
recorded
Insurance
Building construction
...
d
d
d
•
—1.7
d
+0.3
+ 1.7
d
+ 1.3
+0.5
—6.8
+ 5.0
d
——6.8
+ 12.1
+ 1.3
—1.8
average.
general merchandising
group,
which includes
department, variety, and
Preliminary,
b Revised series—adjusted to 1937 Census
Source, Interstate Commerce Commission,
d Not available,
only; value of board, room, and tips cannot be computed.
a
c
of
e
Manufactures,
Cash payments
The Commercial &
1198
MANUFACTURING INDUSTRIES—ADJUSTED
AND PAYROLLS IN
OF EMPLOYMENT
NUMBERS
INDEX
(Three-Year Average
,
Nov.,
Dec.,
1939
Dec.,
1939
a
Durable Gooda
1938
107.9
101.9
91.8
92.9
85.5
100.9
93.8
89.4
91.7
82.4
85.1
75.8
75.7
75.8
63.2
96.6
96.8
87.1
91.3
90.8
90.5
78.6
75.8
91.5
93.1
82.5
87.7
133.0
134.2
123.0
116.5
115.2
106.5
91.3
88.4
88.6
90.0
73.1
74.1
147.8
Dyeing & finishing textiles..
104.4
142.4
143.2
96.9
118.3
119.7
168.4
Hats fur-felt
77.8
77.4
71.2
72.2
73.9
59.2
154.7
152.9
158.5
170.0
83.9
Knitted outerwear
65.1
77.7
63.5
103.0
102.6
50.5
109.3
90.0
73.7
108.5
60.3
Knitted underwear
78.7
80.8
61.6
83.7
75.0
88.3
72.3
70.1
56.2
70.9
72.6
93.2
Knit cloth
143.5
153.9
142.2
114.5
130.2
114.0
65 1
67.6
65.8
56.8
60.0
54.2
Hosiery
cutlery), and edge
Forglngs, Iron and steel
118.6
116.5
90.8
106.4
105.1
Hardware
84.0
83.2
73.6
77.5
77.6
166.3
146.9
175.8
171.3
151.5
86.0
87.3
73.7
79.6
79.8
60.3
89.7
96.1
79.0
78.6
87.5
—
Silk and rayon goods
60.9
167.1
Plumbers' supplies
Stamped and enameled ware..
Steam and hot-water heating
apparatus and steam fittings
67.2
90.9
95.0
90.4
77.9
82.3
77.4
118.7
115.5
90.5
89.2
86.0
105.1
104.7
99.6
80.3
76.1
70.4
165.1
168.0
167.0
118.3
116.1
118.0
119.4
121.6
110.6
127.8
138.8
140.0
-
Clothing, men's..
Clothing, women's
Corsets and allied garments.
115.8
116.9
105.4
75.5
76.0
61.3
67.1
67.1
51.6
Men's furnishings-
128.2
136.7
148.0
94.3
100.0
88.4
99.6
104.7
89.2
Millinery
Structural & ornamental metal
59.6
116.9
Woolen and worsted goods..
Wearing apparel
Stoves
—
66.1
66.5
67.7
46.2
48.5
48.1
122.3
127.6
119.3
110.0
116.9
102.2
93.3
91.9
94.3
75.6
71.1
74.8
Boots and shoes
90.9
89.0
92.3
70.4
64.6
69.8
Leather
86.9
87.9
86.6
86.5
87.2
85.1
125.8
129.7
123.8
124.2
125.3
118.9
145.2
146.5
144.2
134.1
136.9
131.5
260.7
261.2
251.0
299.0
293.7
276.3
.
tinware
Tools (not Including edge tools,
machine toolb, flies, & saws)
Tin cans and other
—
—
Shirts and collars..
96.9
not Including trans¬
portation equipment—
Agricultural Implements (lncl.
95.2
83.6
101.6
96.7
80.0
177.0
Wlrework
172.8
162.2
205.6
199.7
169.0
Machinery,
91.9
111.0
112.9
88.5
117.0
121.8
Leather and Its manufactures
Food and kindred products
Baking
131.0
tractors)
151.5
110.3
124.6
122.5
140.5
—
Beverages
Butter
128.1
and supplies
Engines, turbines, water wh'ls
132.4
102.1
Electrical machinery, apparatus
127.1
100.4
84.6
120.5
and windmills.-
75.7
Canning and preserving
Confectionery
83.7
98.0
95.6
99.9
96.2
92.4
Flour.
78.8
68.0
69.3
67.1
57.3
57.8
56.4
Slaughtering and meat packing-
112.4
108.0
104.0
121.6
112.5
109.4
286.5
246.1
169.2
283.7
238.8
129.7
Sugar, beet
Sugar refining, cane
188.7
94.0
93.0
91.2
74.9
77.2
75.6
118.1
Tobacco manufactures
65.6
66.4
66.6
62.3
62.9
61.7
60.8
61.0
63.8
67.5
67.7
70.8
97.2
95.4
79.3
98.8
94.3
183.9
126.7
250.6
237.8
160.1
Machine tools
79.3
100.7
95.3
192.6
Foundry & machine-shop prods.
78.3
88.1
139.1
155.9
84.8
109.8
91.4
99.5
86.1
109.6
113.3
94.1
120.4
119.8
128.6
131.6
93.2
98.5
Ice cream
Cash registers, adding machines
and calculating machines
179.7
147.0
170.3
86.0
84.3
130.4
08.9
85.2
81.9
127.3
128.0
128.9
121.5
125.7
128.5
116.4
102.8
96.9
125.2
108.0
97.7
1860.5
1749.5
859.2
1741.0
1718.0
871.9
118.0
102.1
106.8
129.4
109.3
107.4
53.6
46.5
32.4
48.7
40.2
26.6
Radios and phonographs
Textile machinery and parts. —
Typewriters and parts
•
65.0
95.9
and snuff
—
28.1
Shipbuilding..
26.1
16.8
27.5
25.0
132.9
103.9
152.2
141.0
112.1
113.4
94.5
115.7
115.3
66.9
61.6
62.2
60.3
113.2
116.8
114.2
108.5
128.9
113.0
135.9
145.4
121.9
115.6
115.2
106.3
122.7
124.6
103.5
104.0
173.3
131 0
195.5
194.3
101.0
102.6
94.2
88.7
91.4
119.0
116.6
116.6
115.2
109.3
111.8
122.2
122.6
114.3
133.0
133.0
119.3
122.2
140.2
159.0
105.8
137.4
137.9
Brass, bronze & copper products
Clocks and watches and time-
123.7
119.2
137.4
137.9
134.2
122.2
122.3
113.1
131.6
131.4
137.2
157.0
79.7
82.9
96.5
107.0
93.3
80.4
90.9
93.4
88.0
78.2
78.2
70.4
69.2
76.2
76.4
137.5
119.0
161.4
161.2
132.2
116.9
121.1
131.0
109.1
113.3
105.9
118.8
117.7
110.5
132.2
131.1
119.9
108.1
106.1
86.3
128.8
127.6
81.8
75.9
70.3
73.8
85.3
87.9
86.0
78.1
71.1
73.0
03.7
66.2
68.8
55.7
94.4
96.8
84.4
85.4
86.2
71.5
86.9
lead and zinc
99.7
Rayon and allied products..
91.5
125.1
117.1
130.0
131.5
117.6
312.2
313.4
298.4
314.0
310.4
276.8
88.6
78.9
102.3
104.4
93.3
92.9
—
124.4
84.9
and varnishes
92.3
94.0
83.5
99.1
100.1
86.8
65.8
66.6
63.5
Soap
Rubber products
—
114.7
101.8
Fertilizers...Paint
Lumber and allied products
refining.
Cottonseed—Oil, cake & meal
Druggists' preparations.—
Explosives
67.1
75.1
75.6
—
Other than petroleum
Chemicals
81.1
91.2
Lighting equipment
Silverware and plated ware
Smelting and refining—Copper,
93.1
99.8
98.7
Jewelry
products
Petroleum refining
103.0
92.7
recording devices
Newspapers and periodicals.
Chemical, petroleum,
and coal
87.1
168.9
Non-ferrous metals <fc their prods.
Alumlnum manufactures
72.4
66.9
117.5
124.6
Printing and publishing:
Book and Job
110.4
70.3
66.1
Boxes, paper
Paper and pulp
13.8
138.8
Locomotives
70.5
118.7
Paper and printing
—
Cars, electric & Steam railroad.
72.6
78.9
77.9
Chewing and smoking tobacco
Cigars and cigarettes
Transportation equipment
Rubber boots and shoes
63.1
62.3
62.9
56.3
52.5
52.8
43.6
Rubber tires and
74.7
74.6
66.7
87.8
86.4
76.9
65.5
57.0
57.0
60.8
48.3
156.3
161.3
136.6
154.7
162.6
131.1
Rubber goods, other
85.6
76.2
76.7
78.7
67.0
52.2
54.3
42.8
87.1
Lumber:
64.0
63.4
Sawmills—.
64.1
83.6
Mill work
Stone, clay, and glass products.Brick, tile, and terra cotta
55.1
64.6
62.3
inner tubes..
Summary
66.3
70.4
63.0
64.4
66.6
56.1
109.0
109.8
99.0
118.3
120.2
104.3
104.0
103.8
94.0
103.9
101.8
50.1
47.7
35.0
38.5
34.2
Durable goods
100.0
98.2
83.8
104.9
101.3
79.6
48.2
95.3
85.9
90.4
89.2
79.6
Non-durable goods.
107.9
109.2
103.8
102.7
102.4
95.4
95.0
Cement..
—
Glass
Marble, granite, slate & other
products
Pottery
All industries.
-
preliminary; subject to revision.
December, 1939, Indexes are
EMPLOYMENT
Employment
seasonal
December,
AND
PAYROLLS ON PROJECTS FINANCED
FEDERAL FUNDS AND ON ROADS FINANCED
WHOLLY
OR PARTIALLY FROM
FROM
of the Work
work relief projects
STATE
FUNDS, DECEMBER,
workers were
During the month 2,076,000
$109,000,000 were $7,2 74,000
more
in
than in
but
$58,005,000
jess than in the same month last year.
November
to
amounted
to
94,000
disbursements for the month
Payroll
December.
in
$4,625,000.
Dec.,
1939
Nov.,
1939
a
Dec.,
Dec.,
1939
1938
Nov.,
Dec.,
1939
1938
Construction Projects—
$16,466 —$2,686
—$215
—1,393
+ 7,104
+285
+ 3,595
170
regular
—46
—21
+ 40
33
by
—34
255
Financed by PWA.b
Financed
+3
+ 31
27,295
3,900
—33
Federal
appropriations .b
projects of the National Youth Administration furnished employ¬
Work
a
Em¬
under the WPA rose from 88,000 in
ployment on Federal agency projects
Change from-
Change fromClass
November
Payrolls
Employment
2,987,000
and
November
in
1939
(All Figures in Thousands)
December, when 131,000 more per¬
1,945,000
with
Payrolls of
1938.
on
continued in
compared
as
activity
of
employment.
given
were
employed
Federal and Other Public Progra/ms
on
increase
Administration
Projects
sons
Dec.,
1939
84.3
Cotton small wares
Bolts, nuts, washers, and rivets
Cast-Iron pipe
Cutlery
(not including silver
Furniture
Nov.,
Cotton goods
85.7
127.3
129.4
94.4
121.8
123.5
Automobiles
1939
98.5
Fabrics
82.7
114.6
111.5
90.2
111.1
111.5
rolling mills
Aircraft—
Dec.
Carpets and rugs
and their products,
machinery
Blast furnaces, steel works, and
The
1938
105.7
a
Dec._
1939
Dec..
1038
Non-durable Goods
Textiles and their products
not Including
a
Nov.,
1939
a
Dec.,
1939
1939
Payrolls
Employment
Nov.,
Dec.,
1938
Iron and steel
work
TO 1937 CENSUS OF MANUFACTURES
Manufacturing Industrie*
a
1940
24,
1923-25=100.0)
Payrolls
Employment
Manufacturing Industrie*
and plated
tools
Feb.
Financial Chronicle
USHA.b
WPA Program—
for
ment
students
As
additional
34,000
November,
financed
more
diminished
employment
projects under
the WPA.b
regular
of
appropriations
Federal
projects
operations
on
caused by the seasonal
was
Federal-aid roads.
number at work
The
more
ending Dec.
than
in
4,625
+200
—1,430
-911 109,000
+ 7,274
-58,005
+ 27
3,250
5,428
13,785
9,030
+ 76
on
450
Work projects.c
295
+ 34
+ 55
CCC.d
309
—26
—12
was
255,000 in the
123
—15
—61
15,
a
December
a
decrease
of 21,000
November but 40,000
from
Wage payments of $27,295,000 were
year ago.
$1,393,000 less than in November but $7,104,000
—
+291
+824
+ 578
+ 1,028
—1,083
—1,379
—665
—2,409
months
maximum number for the
Nov. 30
ending Nov. 15 and Dec. 15.
c Figures are for the calendar months ending
payrolls
».nd Dec. 31.
d Figures on employment are for the last day of the month;
a
month
+6
+ 131
NY A Projects—
State roads.b
financed from regular Federal appropriations
projects
94
2,076
—
Projects operated by WPA.c..
construction
on
Federal agency
Student aid.c
from
contraction
27,000
and
added to the rolls of the Student Aid Program.
were
in
December
during
youths
Preliminary,
b Employment figures are
for the entire month.
than in the corre¬
more
sponding month in 1938.
The completion of a
financed
by the PWA
decrease
of 34,000
month
same
projects
the month ending
170,000 in
to
Dec.
more
15,
a
The
ago.
$16,466,000
paid
to
workers
on
building trades workers found employment
these
Approxi¬
on
low-rent
of the United States Housing Authority during the month ending
projects
15.
Wage
payments
the
to
33,000
men
employed
amounted
to
$3,900,000.
November
to
in
on
State-financed road projects
123,000
in December.
declined
from
Payroll disbursements
138,000
in
for the month
$9,030,000.
The end of
camps
The
an
enlistment period caused the number of persons
of the Civilian Conservation Corps to drop 26,000
309,000 persons remaining in
Material
amounted
Federal
orders
to
placed
$33,812,000.
appropriations
the
on
camps
Housing
total
was
$44,823,000,
was
$643,000.
placed
financed
projects
orders
in
employed
December.
$13,785,000.
paid
projects
construction
Authority projects
$6,250,000.
were
construction
On
projects under the WPA the amount
States
Production
by the PWA
financed from regular
and
on
Federal agency
Contractors
for
materials
on
United
valued
at
Declined 3% from
by Association of
New York—1939
1937 Record
Beginning with the first year of depression, the ninth
survey of The Association of Cotton Textile Mer¬
chants of New York charts the course
of the industry
annual
through
The
substantial
nels.
of
-
all time.
production was inferior
slightly more than 3%, mill surplus
the past year
Association
of peak distribution for
states that while
to the 1937 record
of
Employment
were
Survey of Cotton Textile Industry
Cotton
Textile
Merchants
of
from the preceding month and 46,000 less than in the
year
$2,686,000 less than the amount paid in November.
was
mately 3,000
Dec.
a
number of projects brought employment on projects
down
by
volume
also
moved
into distributive chan¬
there was a sizable accumulation
President Bell of the Association, in
In the earlier year
mill
inventory.
announcing this, also said, in part:
Measured by spindle-hour activity, mill operations for last year were
approximately 22% greater than in 1938, reaching a total of over 92,5o9,000,000 active spindle hours.
The gain in cotton consumption was larger
by 24.75% to a total of over 7,367,000 hales.
This was only 51,000 bales
below the high consumption of 1937.
The larger percentage gain in cotton
consumption probably reflects both a stronger proportionate demand for
heavy fabrics and higher efficiency of machinery.
Demand in the primary market, which
drew forth this commendable
volume of production, came from
all agencies of distribution.
During
Volume
the
of
first
The Commercial &
150
half
of
current sales
the
and prices
consumption.
War
tion
in
schedules
touched
bottom
buying
of
the
at
war
demand
commensurate
industrial
changes
to
for
with
activity,
additions
much
did
reverse
economic
in
income.
conditions
the
The
losses
It
of
unaltered
that
as
a
trade
prospects
the
A real
outbreak
potentially depressing
as
The
spark to inflame
a
inventories
of
during
period.
after the
to
up
consumption.
mate
Expanded
ueed
for
and
in
household
purposes,
goods
and
the
heavier
volume
in
of
country.
the
these
Total
increased
fabrics
piece
exports of
purchased
goods
piece
by
good3
the
bag
the
in
export
Latin
increased
exports
Canada
to
subsidy
was
factors
about
15%
over
that
the
is
which
cotton
tained
in
the
for
slow
growth
the
1937
relationship
yardage production, the estimate
of
all
consumption
in
kinds
is
a
of
ret
found
cotton
this
yardage of
in
between
for
woven
section
of
excess
total
1939
is
of
the
the
market.
new
By adding imports and
goods made available for domestic
8,890,000,000
square
yards,
estimated
on
or
a
per
population.
Record High
Total consumption of all dairy
products, including fluid
cream and manufactured
products (milk equivalent)
established a new high in 1939 about
17% above the 1924-
29 average, the Bureau of
Agricultural Economics
Feb. 21 in its monthly
analysis of the
reported
dairy situation.
On a
capita basis, the combined consumption (milk
equivalent)
of butter, cheese, concentrated
milks, and ice cream,—but
not including fluid milk and cream—was
the highest in over
40 years.
The Bureau also said:
per
Butter prices advanced from
December, 1939, to January, 1940, but de¬
seasonally in early February.
With the January rise,
market
prices rose above the level at which the
Dairy Products Marketing As¬
sociation had offered to sell, and a
large part of the butter puchased by
the D. P. M. A. in 1939 was sold
to the trade.
Prices of manufactured
dairy products during the spring and summer
of 1940 are expected to
clined
higher than in the
same
period of 1939,
even
decline in business activity since
December and
a
though there has been
seasonal decline in butter
prices is in prospect.
weather in January tended to
prevent the usual seasonal in¬
in milk production.
severe
remainder
However, it seems probable that during the
feeding period production will continue high
compared
of the
with the average of recent
Receipts of milk
as
a
year
years.
at the
principal eastern markets in December
earlier; cream receipts were 5% larger.
were
about
Apparent consumption of the principal
manufactured dairy products in
December, 1939 was 5% less than consumption for that
month a year earlier.
The decrease in the distribution of
butter for relief and the heavy forward
buying of evaporated milk in the fall
were
for the decrease.
the principal factors
accounting
Total stocks of manufactured
dairy products declined sharply in January
Wheat
Inspections for Export Show Increase During
January
Inspections of United States wheat for export during Janu¬
ary, 1940, were slightly larger than those for December and
totaled 994,000 bushels,
according to reports from Federal
grain supervision offices of the Agricultural
Marketing
December export
inspections were only 601,000
bushels, says the Department of Agriculture, which
reports
that inspections during
January, 1939, totaled 10,401,000
bushels.
In recent months
inspections for export have
approximated 95% of total exports, the Department notes
on
Feb. 17, and it adds:
v
Of the January, 1940,
inspections, 500,000 bushels were hard red spring,
35,000 bushels durum, 133,000 bushels hard red
winter, and 326,000 bushels
white wheat.
Most of the spring and
winter
wheat
was
exported from
Atlantic Coast ports and the white wheat from the
Pacific Northwest.
The January inspections brought the total for the
seven months,
July
through January, to 15,323,000 bushels, compared with
44,341,000 bushels
inspected for export during the corresponding months last
year.
Winter
wheat inspections this season comprised about two-thirds
of the total.
Substantial
Wheat
Reduction
Year
The second official
Argentine crop report of the 1939-40
season,
issued this week by the Argentine
Ministry of
Agriculture, reduces estimated wheat production to only
3,212,000 metric tons compared with the 4,000,000 ton
estimate of last December, and last
years bumper harvest
Bill
Doomed
Crude
High—March
Output at
Demand Higher
production
allowable,
on
a
per
well
basis,
was
un¬
Refining Co. and Rowan & Nichols Oil Co. if the Com¬
mission does not appeal the
decision, or revise the proration
setup.
Presiding Judge Sibley, however, said that the
Court's
general
conclusions
were
not
final,
and
that it
reserved the right to make more definite
rulings later.
The decision ruled that the contentions of the two
com¬
panies involved in the litigation that the present order's
provisions making an allocation of 20 ban-els for each well,
prorating the remainder according
formula, works inequitably against the properties with
greater reserves, but expressly sustained the present top
allowable for the East Texas field as set by the Commission.
It was ruled that the marginal well law is not
invalid, but
added that the 20 barrel
quota set for marginal wells is not
significant because it is prescribed for "perishing" wells. It
was pointed out
by Judge Sibley that the plaintifs did not
to
a
that there should be no basic well allowable but that
three-fourths of the allowable should not be so apportioned.
The Texas Railroad Commission will
appeal the decision,
Chairman Sadler said. He also disclosed that he had written
to Governor O'Daniel
urging that he call an immediate spe¬
urge
cial session
minimum
of the
per
Legislature to exact legislation to fix a
well allowable of 20 bairels daily in the. East
Texas field.
The
Cole measure,
which would put the petroleum in¬
control, continued to meet severe
attacks at the hearings held
by the House sub-committee
during the week, and political gossip in the Nation's capital
held that the bill, in its present form, at least, was doomed
as far as this session of
Congress is concerned.
It was pointed out that the sustained
opposition shown the
measure
by representatives of the major oil-producing States
make the bill too much of a "hot
potato" for a year as
important in politics as 1940 promises to be.
Republicans,
naturally, will not support any measure which would place
any industry under Federal control.
With so many of the major oil-producing States important
in the Democratic political
line-up, it seems highly unlikely,
oil men feel, that the Cole measure will be
pushed too strenu¬
ously before the present Congress.
Various members of
Congress who are facing reelection fights in the too near
dustry under
Federal
future would not dare vote for the measure.
And, rather
than face an overwhelming defeat, its proponents are likely
to
defer
further consideration
on
the
measure
until
more
favorable days.
Feature of the week's hearings was the attack upon the
constitutionality of the Cole bill waged by Jack Blalock,
Houston attorney, representing the members of the Inter¬
state Oil
Compact Commission.
In making his attack,
Mr. Blalock pointed out, after detailing a short history of
similar attempts in Congress to push legislation of this
type, that he would not attempt to show the undesirability
of the legislation or lack of necessity for its passage, but
would confine himself to the legal questions involved and to
showing that the bill is unconstitutional.
"The exclusive power to regulate production of crude
petroleum rests in the sovereign State itself through a
reasonable exercise of its police powers," he contended.
Arguing that under the Constitution authority of Congress
to provide for national defense is limited to the
imposition
and collection
in
Prospects for Argentine
Crop—Expectations for Much Smaller Crop
than Last
Belief
Session—Illinois
other than marginals, and
at
milk and
Service.
season
reasonable and unconstitutional.
The decision also stated
that a court order
granting a permanent injunction would
be granted within a week or ten
days to Humble Oil &
activity
9,145,000,000 square
in 1939
the same
which is
The first esti¬
crop,
1939-40
A three
judge Federal Court ruled in Austin, on Feb. 23,
that the Texas Railroad Commission order
covering produc¬
tion in the East Texas field on the basis of three fourths of
spindle-hour
over
Total Consumption of
Dairy Products
crease
the
Crude Oil
—Crude Oil Inventories Higher
goods
goods.
capita yardage of 67.76 square yards based
The
in
corn
Attack—Washington
Present
Record
were
and
make
deducting exports,
a
with
to
pre¬
This
program.
America
that
Assuming
average
sown
Petroleum and Its Products—Court Holds East Texas
Proration
Setup Illegal—Cole Bill Under Sus¬
fair
a
of
On the other hand,
imports have practically doubled in yardage, with
gain of 54,000,000 square yards.
These are chiefly low-priced bleached
goods from Japan, whose volume in 1939 exceeded
77,000,000 square yards,
in contrast with
29,000,000 square yards in the preceding
year.
Here
there was no equalizing
charge to offset the subsidy benefits granted to
low-wage foreign producers.
yards
corn
Reference to the previous report of Argentine
crops was
our issue of Dec. 23
last, Page, 4060.
a
and
the
made in
However, new markets have been opened
elsewhere, especially on heavy goods, and the
current
year has promise of broader
trading in many lands.
Foreign
credit difficulties and
higher costs of labor and cotton in this country
are
area
include
of the biggest on record.
of
types
manufacturers
ceding year, with a gain of nearly 48,000,000 square
yards.
largest volume since 1932 but disappoints some expectations
unduly encouraged by war possibilities plus the extension to
up
the
does not
one
...
Included
of
(a metric ton of wheat is equivalent to
18,000,000 acres, which compares with an
average for the last 10 years of 15,500,000 acres.
Abundant
spring rains, together with the satisfactory price of corn are
the causes given for the
greater area sown this year.
this
industrial
apparel.
of
amounted
the durable goods plants, provided new
Augmented retail sales accompanied these
still reflect the increased
spending
pulling power of consumption was joined a fundamental
primary market price levels, in anticipation of cost in¬
creases under the
Wage-Hour Act and more favorable supply and demand
relationship. Probably the most impressive demand centered around fabrics
To
power.
improvement
estimate
expected to be
level
a
1199
The latest report also shows reductions of 123,000 tons in
the linseed estimate and 5,500 tons in the birdseed estimate.
The oats estimate is up 24,000
tons; barley up 50,000 tons
and rye up 26,000 tons.
Linseed output therefore is now
placed at 1,127,000 tons, oats at 924,000 tons, barley 800,000
tons and rye, 386,000 tons.
hand-to-mouth
business
for
acted
produc¬
price weakness which
resultant
appear until
feared
effect.
improved
especially
to
and
unprofitable
of
not
replenishment
the
consumer
in
of
situation
exactly the
stocks
June.
beginning of September.
whose approach had been
event,
pent-up
of
preponderance
a
the market
influence, had
the
mill
contributed
first
transaction
months, with
in
This
the
of 5,150,000 tons,
about 36% bu.).
largely restricted to the needs
continuous pressure despite improved
formidable
divisions
some
inancial Chronicle
were
under
were
crises,
about
the
meant
first six
correction
purchases
year
of taxes, Mr. Blalock declared that his in¬
terpretation had been adopted by the courts in numerous
decisions.
"Does
this bill
provide for the laying and collection of
taxes, duties, imposts and excises for the purpose of providing
funds for the common defense?" he asked.
"It does not.
The bill in no manner brings into operation the
taxing power
Congress: on the contrary, it just boldly purports to regu¬
late the production of petroleum.
Testing the bill, thereof
"
The Commercial & Financial
1200
fore, by the language of
Section 8 (1) as interpreted and de¬
fined by the framers of the Constitution
United States courts, we must conclude
itself and by our
that it cannot be
theory.
Congress
provisions contained in
H. R. 7,372 under the authority oi Section 8 (1) Article 1 of
the Constitution of the United States."
While admitting that the Constitution delegates to the
Congress the power to regulate interstate commerce, he
argued that production of oil from the ground is neither
"interstate commerce" nor even "commerce" and no authroity accrues to the Federal Government until the oil starts to
move from
the production point.
He suggested that the
Federal Government could constitutionally provide for the
national defense "bv conserving oil in the lands already
owned by the United States and purchasing oil-bearing land
under
sustained
the
'national defense'
does not have the authority to enact
from
other J."
has ample power under the Constitution to
make appropriations for the purchase of oil-bearing lands,"
the witness continued, pointing out that the Constitution
"Congress
quite clearly and definitely gives Congress the power to lay
and collect taxes for the purpose of providing for the common
defense.
"If Congress, in its good judgment, believes that
Feb.
Chronicle
March domestic demand for
crude oil
was
24,
1940
estimated at
a
daily average of 3,500,000 barrels daily in the regular monthly
market forecast of the U. S. Bureau of Mines, a monthly
total of 108,520,000 barrels.
The March figure represented
jump of 4.5% over actual demand in the comparable 1939
period, but was 28,400 barrels under the market demand
estimate for February.
The report indicated that the dis¬
appointing showing for March as compared with Febiuary
was due to the record high holdings of gasoline.
A gain of 130,000 barrels in stocks of domestic and foreign
crude oil scored during the week ended Feb. 10 lilted the
total to 239,510,000 barrels, the Bureau of Mines reported.
Domestic crude oil inventories showed a gain of 122,000
barrels, while stocks of foreign crude oils were up 8,000
barrels.
Stocks of California heavy crude oil, not included
in the "refinable" figures, were up 52,000 barrels to 13,250,a
barrels
000
From Mexico
City
on
Feb. 19 came a United Press dis¬
patch reporting that:
"Mexico's dispute with the foreign oil companies can be
settled only within the framework of the Mexican Constitu¬
tion and the 1936 expropriation law, Under-Secretary of
Foreign Affairs Ramon Beteta told United States foreign
opened a 6-day conference here today.
The parley, presided over by Consul General James B.
Stewart, was attended by Ambassador Josephus Dani°ls,
three officials from the State Department in Washington
and 19 consuls from all parts of Mexico."
In the foreign picture, the other highlight was the attempts
of the Rumanian Government to stay in the good graces of
both the German Government and the Allies in the current
the
purchase of petroleum lands is necessary for "common
defense", Mr. Blalock said, "it has the full power to appro¬
priate for such purposes."
The bitter opposition of the petroleum industry itself to
the Cole measure was shown in the testimony of George A.
Hill Jr., President of the House Oil Co., first industry witness
to testify before the House sub-committee holding hearings
on
the proposed control measure.
Mr. Hill told the sub¬
service officers who
committee that the Cole bill "must be considered as a part
dispute
general program of reducing and submerging free ini¬
tiative and independent enterprise into a general system of
troleum to the o'l starved Reich.
of
a
government regulated and managed economy."
In support of his contention, Mr. Hill pointed out that the
Cole bill is not backed by either oil-producing States or the
oil industry, that the Federal Government is now exercising
its constitutional powers to support
the Interstate Oil Com¬
pact Commission and that Federal regulation cannot be
extended further without supplanting povers now exercised
by the States.
"The legislation, when considered as a matter of Govern¬
mental policy cannot be, in my judgment, disassociated from
the new conception of the functions of the Federal Govern¬
ment advocated by that school of political thought that
seeks to substitute a system of regimented industry and
managed economy
(accomplished through Government
ownership and/or regulation and Government planning) for
the American system of individual initiative and free com¬
petitive enterprise," Mr. Hill stated.
The backers of the Cole bill and the proponents of similar
legislation" have not always been entirely frank in disclosing
the part of this particular piece of legislation in the new social
and economic program that is implicit in a Government
regulated industry and a Government-managed and planned
economy " he continued.
Mr. Hill charged that the Cole
bill "is designed to substitute Federal Government control
and regulation of petroleum for State regulation and control
by the several States under the reserved powers of the States
secured to them under the constitutional system of Govern¬
ment."
Bills to bring industry under Federal control are
"fashioned
in
the
same
politico-economic
mold," he
that
over
shipments of Rumanian crude and refined pe¬
At week-end, it appeared
had again scored a victory—diplomatic—
Reich in curtailig movements of Rumanian oil to
supply tanks.
over
the
the
German
There
Allies
were
no
crude oil price changes.
Prices of Typical
Crude
per
Barrel at Wells
(All gravities wjere A.P.I, degrees are not
shown)
$2.75 Eldoraro, Ark., 40
—
$1.03
Corning, Pa
1.02 Rusk, Texas, 40 and over
1.1Illlnols..
.95-1.05 DarstCreek
1.0
Western Kentucky
.90 Michigan crude
.76-1.0
Mld-Cont't, Okla., 40 and above._ 1.03 Sunburst, Mont
.9"
Rodessa, Ark., 40 and above
1.25 Huntington, Calif., 30 and over... 1.1 j>
Smackover, Ark., 24 and over
.73 Kettleman Hills, 39 and over
1.36
Bradford, Pa
REFINED
PRODUCTS—GASOLINE STOCKS AT RECORD HIGH-
INVENTORIES
WEEK—FUEL
TIONS
RISE
OIL
NEARLY
DEMAND
2.5
MILLION
BARRELS
EASES—REFINERY
IN
OPERA¬
GAIN—GASOLINE PRICES WEAKEN
approximately 94,000,000 barrels of fin¬
gasoline held in the United States on
Feb. 17 represented a new all-time high record inventory
figure and also represented a headache for the industry that
is likely to grow much worse before it gets better.
With five weeks to go before March 31, which traditionally
marks the start of the heavy consumption period, it appears
almost a certainty that stocks of finished and unfinished
motor fuel will then be hovering around the 100,000,000barrel level, if not actually in excess.
Total stocks of
ished and unfinished
What that will mean to the market is
problematical, oil
of the Mineral Law Section of the American Bar Association,
in tracing the development and operation of State conserva¬
point out.
It's problematical in that nobody at the
present time can weigh just how severely this will hit the
price structure.
But it is certain that the price structure
this spring will be under the severest pressure in the history
of the industry.
Back of the unprecedented holdings of gasoline lies several
factors.
First and most important is the lack of control
tion laws found that the Cole
over
continued.
Robert E. Hardwicke, Fort Worth attorney
where
being
measure
and chairman
"did not
come
any¬
good" as the present conservation laws
of most of the oil producing States.
He pointed out that any
failure under the present setup was due to the human element,
and asked "is there any guarantee that Federal officials
would on the whole be of a higher type than present State
near
as
officials?"
"The States and the oil industry have done a good job of
eliminating waste of oil and gas," Mr. Hardwicke concluded.
"The Federal Government in cooperation has rendered great
assistance, which has been welcomed. Existing evils should
be of great magnitude and it should clearly appear that the
States and the industry cannot or will not apply known
effective remedies, and that such can be applied by the
Federal Government, before undertaking to
change our
traditional division of the Federal-State powers by making
the Federal
Government supreme in local matters."
With record production shown
by Illinois, daily
average
output of crude oil during the week ended Feb. 17 climbed
29,850 barrels to a figure of 3,717,950 barrels, according to
the American Petroleum Institute.
The daily average was
approximately 180,000 barrels above the average daily mar¬
ket demand for February indicated in the regular monthly
market
demand
forecast
of
the
U.
S.
Bureau
of Mines.
Breaking through the 400,000-barrel level, Illinois pro¬
spurted 23,750 barrels to hit a daily average of
408,300 barrels.
A gain of 4,650 barrels lifted the daily
average production total for Texas to 1,361,200 barrels.
Oklahoma was up 3,400 barrels to a daily figure of 427,100,
duction
Kansas up 2,050 to 176,700 barrels, and California
up 1,400
barrels to
daily average of 622,800 barrels. Louisiana was
only major oil-producing State to show a loss, daily
average production easing off 1,100 to 278,200 barrels daily.
a
the
men
refinery operations which saw the Nation's refineries
spewing out gasoline at a rate far in excess of demand.
Second is a collapse of the export market, which had been
counted upon to rescue
the industry from the dire threat of
top-heavy stocks.
And third, although certainly not the
least important, was the sub-normal stocks of fuel oils which
necessitated excessive refinery operations this winter to
bolster
supplies.
With continued sub-normal export
demand and domestic
by the severe snow-storm which crippled auto
travel in many sections of the country, stocks of gasoline
were up 2,336,000 barrels during the
week ended Feb. 17,
according to the American Petroleum Institute.
This
placed total inventories at 93,985,000 barrels, a new high.
The new record high compares with the previous peak of
92,320,000 barrels, set March 31, 1938.
Current stocks are
about 20,000,000 barrels above what the industry's econo¬
demand hit
mists held
a
proper
working level for this time of the year,
nearly 10,000,000 barrels above the figuie for the like
period last year when stocks were top-heavy.
Despite the stormy weather during the Feb. 17 period,
demand for fuel oils diminished somewhat due to the better
are
"holdings" of consumers.
Stocks of light and heavy oils
a gain—first in many weeks— of 949,000 barrels.
There was a net los® of 131,000 barrels in stocks of gas oil and
distillates while residual fuel oils increased 1,080,000 barrels.
showed
Refinery operations showed sharp expansion during the
period covered in the report issued by the American Petroleum
Institute.
The total at the close of the week was 83.6%
of capacity, highest in some time, and
of 2.9 points over the previous week.
of crude
barrels.
oil to stills
were
up
representing a gain
Daily average runs
110,000 barrels to 3,570,000
Volume
150
The Commercial & Financial Chronicle
The United States Bureau
of Mines estimated domestic
market demand for
gasoline
during March at 45,100,000
6 per cent from the actual demand in March
last
of 42,520,000 barrels.
Export demand was set at
barrels,
year
be
from the Bureau's estimated
requirements to determine the amount of
to be produced.
up
3,400,000 barrels, nearly 1,000,000 ban els
less than
1939.
b
7
March,
adjustments
ditions
c
was no
general
competitive con¬
in
evidence.
How much loager the
major
markets can maintain their
present levels is a question that
is of market interest to oil
men.
Price changes,
showing the trend of the major markets,
follow:
were
Feb. 19—Independent
distributors
Toledo, O., area.
Feb.
area
cut gasoline
prices 1 cent
d
Recommendation of Central Committee of California Oil Producers.
Note—The figures indicated above do not
Include
might have been surreptitiously produced.
CRUDE
RUNS
TO
STILLS
AND
20—Standard Oil Co. of Ohio cuts
gasoline prices in the Toledo
H
cent a
Daily Refining
Capacity
gallon.
■
Feb. 23—A reduction of
^ cent
and Arkansas
gallon in gasoline prices in Louisiana
posted by Standard of Louisiana.
was
U. S. Gasoline (Above 65
New York—
Std.Oil
Rate
Chicago.. ...$.05
New
Orleans.
Gulf
ports
$.07}+.08
08^-.08^
Shell East'n .07M-.08
RichOIl(Cal) .08X-.08K
Warner-Qu.
Tulsa
| North Texas...
$
N. Y.
$.04
.03J+.05
.061 Los Angeles..
(Harbor)—
Refinery
$1.50
New
$1.00-1.25
.04
Orleans
Gas Oil, F.O.B.
Refinery or Terminal
N. Y.
(Bayonne)—
27 plus
[ Chicago—
28-30 D
z
New York.
z
Brooklyn
Not
z
120
82.8
464
554
94.7
2,073
419
81.6
272
79.5
z952
$.17
l Newark
I
.17
$1.00
1.50
Petroleum
the
total
of
the
Institute
.174
for
50
78.1
201
63.6
1,332
86.4
3,205
83.6
9,954
States
daily
a
ports for
of
average
estimates
that
Reported.
200,857 barrels
for
the
ended
four
There
weeks
were
Coast ports
no
the
week
Feb.
ended
and
use
barrels,
receipts in bond at principal
17 totaled 1,792,006
barrels,
Feb.
compared
Feb.
10
with
and
17.
daily average of
184,750 barrels daily for
a
receipts of California oils at either the Atlantic
or
17,1940
4,441
10, 1940
4,441
*
indicate
basis,
that
the
3,570,000
industry
barrels
as
of
a
whole
crude
ran
to
stills,
on
a
OF
OIL PRODUCTION
(Figures in Barrels)
FINISHED
UNFINISHED
WEEK ENDED
Change
Weeks
Week
lated,
State
Ended
from
Ended
Require
Allow¬
Ended
Previous
merits
ables
Feb. 17,
1940
Feb. 17,
1940
Feb. 18,
1939
Week
(Feb.)
429,000
Kansas
155,500
Nebraska
429,000 b427,100
165,000 bl76,700
70,800
North Texas
100,000
West Central Texas..
32,300
225,200
West Texas
East Central Texas._
East Texas
1
■'
Unfinished Gasoline
—3,000
+ 6,700
—650
397,300
—2,700
+ 8,350
233,700
+ 1,050
75,600
90,500
33,0.50
220,650
76,450
396,600
212,300
226,600
AND
GAS
AND
1940
Each)
Stocks of Residual
Fuel Oil
Total
At Terms,
At Terms,
Total
Finished
At
in Transit
At
and
Refineries
and in
Refineries
Unfin'd
East Coast
18,327
Appalachian
19,227
3,447
14,847
7,856
2,654
and in
Pipe Lines
._
.
_
4,805
3,718
4,180
Inland Texas
Texas Gulf
3,855
232
163
598
15,468
8,432
2,018
2,439
311.
2,571
1,055
22
15,259
3,172
2,678
5,329
"179
2,660
Ind., 111., Ky
Okla., Kan., Mo
.
Pipe Lines
in Transit
584
19
920
241
561
705
210
19
434
1,532
150
1,744
13,421
Louisiana Gulf
No. La. & Arkansas
Rocky Mountain.
"35
1,972
290
1,563
"525
California
16,560
1,605
17,704
7,218
f.817
56,204
22" 997
Reported
80,955
87,445
17,510
7,681
27,632
6,440
6,540
685
73,782
2,010
87,395
93,985
91,649
18,195
7,681
18,653
7,354
75,792
75,897
27,632
85,262
77,273
82,998
21,162
9,044
82,496
31,565
Estd. unreportedEstd. total
Feb.
S.
_
B.
of
26,447
Mines
*Feb.17,1939...
*
473
U. S.:
17, 1940.__
10,1940.__
Feb.
U.
_
Estimated
Bureau of Mines' basis.
Weekly Coal Production Statistics
The
Bituminous
Coal
Division
of
the
United States
De¬
partment of the Interior in its current weekly coal report
stated that the total production of soft coal in the week
9,850,000 net tons.
Compared
week, this indicates a
decrease of 340,000 tons, or 3.3%.
Production in the week
in 1939 corresponding with that of Feb. 10 was estimated
at 8,090,000 tons.
the
output
ESTIMATED
in
the
PRODUCTION
preceding
OF
PENNSYLVANIA
ANTHRACITE
AND
COKE
(In Net Tons)
444,500
152,400
Week Ended
Feb.
60,450
1940
79,500
30,500
206,350
91,800
372,400
248,200
215.100
Feb.
10,
3,
1940
Calendar Year to Date
Feb. 11,
1939
1940
1939
c
1929
c
Penna. Anthracite—
Total,
fuel
incl.
colliery
.a
Daily average
Comm'l production.b
636,000 1,048,000 1,106,000 6,681,000 6,804,000 9,569,000
174,700
106,000
184,300
190,900
194,400
273,400
604,000
996,000 1,051,000 6,347,000 6.464,000 8,880,000
Beehive Coke—
Texas
1,371,400 C1390
151
68,650
209,550
Louisiana—
Total Louisiana
1,361,200
+ 4,650 1,331,750 1,304,300
—250
—850
68,900
206,700
Mississippi.
252,800
273,253
278,200
—1,100
60,000
Arkansas
United States total
Daily
North Louisiana
Illinois..
—8,200
+ 3,100
223,800
Coastal Texas
418,500
175,200
17,
42 Gallons
Finished
50
78,100
Southwest Texas
Coastal
+2,050
b
Panhandle Texas
Total
+3,400
GASOLINE
FEB.
Stocks of Gas Oil
and Distillates
BEEHIVE
Oklahoma
11,162
yl0,312
District
ended Feb. 10 is estimated at
Four
Week
AND
Stocks of Finished &
with
B. of M.
11,508
;V'S-
x3,027
FUEL OIL,
Bureau of Mines
a
Calcu¬
3,570
3,460
x February, 1939
dally average,
y This is
on the U. S. Bureau of
Mines, February, 1939, dally
12% reporting capacity did not report gasoline production.
oil
DAILY AVERAGE CRUDE
'
1,554
production based
z
Gulf
daily during the week, and that all
companies had in storage at refineries, bulk
terminals, in transit and in
pipe lines as of the end of the week
93,985,000 barrels of finished and
unfinished gasoline.
The total amount of
gasoline produced by all com¬
panies is estimated to have been
11,508,000 barrels during- the week.
126
Estimated Bureau of Mines' basis,
week's
a
17.
Reports received from refining companies
owning 86.4% of the 4,441,000barrel estimated
daily potential refining capacity of the United States
81.8
365
Feb.
*
during the week ended Feb.
45
Estimated total U. S.:
the
restrictions
the week ended
250,000
55.0
(Figures in Thousands of Barrels of
imposed by the various
Daily average pro¬
duction for the four weeks ended Feb.
17, 1940, is estimated
at 3,G29,100 barrels.
The daily average output for the week
ended Feb. 18, 1939, totaled
3,324,300 barrels.
Further de¬
tails, as reported by the Institute, follow:
United
100
Estimated unreported
Week Ended
oil-producing States during February.
Imports of petroleum for domestic
273
474
daily average gross crude production for the week ended
17, 1940, was 3,529,000 barrels.
This was a rise of
29,850 barrels from the output of the previous
week, and
the current week's
figures were above the 3,529,000 barrels
calculated by the United States
Department of the Interior
be
2,567
54.2
Feb.
to
522
90.0
73.1
90.0
17, 1940, Up 29,850 Barrels
American
80.5
128
118
STOCKS
The
128
855
97.8
828
average,
Daily Average Crude Oil Production
Feb.
50.3
90.0
179
California
....$.17
.1851 Chicago
1,445
316
*U. S.B. of M.Feb. 17, '39
including 2% city sales tax.
94.1
North Louisiana & Arkansas
Rocky Mountain
$.02J+.03
v
$.1661 Buffalo
Boston
-MX
579
1,055
Feb.
I
$.053
Blended
90.7
*;,
Gasoline, Service Station, Tax Included
Inc. Natural
87.3
*
| Tulsa...
I
$.04
C
Phlla., Bunker C
2.10-2.20
Refineries
Percent
Operated
100.0
Terminal
California, 24 plus D
Bunkder C
Diesel
or
Daily
Average
166
Louisiana Gulf.
Orleans. $.05}+.05>$
Tulsa
Percent
Reporting
615
Inland Texas
04J+.05H
i New
I
Production
645
Texas Gulf
Fuel Oil, F.O.B.
Gasoline
to Stills
Appalachian...
Indiana, Illinois, Kentucky.
Oklahoma, Kansas, Missouri
.05X
.07J+.08
New York
Crude Runs
East Coast
-.05^
.06H--07
Kerosene, 41-43 Water White, Tank Car, F.O.B.
Refinery
(Bayonne)
Potential
Other Cities—
Texas
oil which
GASOLINE, WEEK
at
Octane), Tank Gar Lots, F.O.B. Refinery
Gulf
OF
District
a
New York
N.J.$.06^-.07
Socony-Vac. .06>+.07
T. Wat. Oil
.08K- 08M
any estimate of any
PRODUCTION
ENDED FEB. 17, 1940
(Figures in Thousands of Barrels of 42 Gallons Each)
gallon in
a
crude
for week ended
are
Feb. 14.
This Is the original net basis
allowable for the month and Is presumed to have
consideration allowances for new wells completed but to
exclude any
provision for requested increases.
It includes a net figure of 404,480 barrels
for
East Texas after deductions for 12
shutdown days, namely, all Saturdays,
Sundays
and
Wednesdays of the month.
For all other areas shutdowns have been dis¬
continued and net allowables set which
represent actual permitted production.
Developments subsequent to the issuance of the order,
however, indicate that in¬
creases have been
granted and modifications made.
Further adjustments along
these lines, as in the
past, are likely with the original order being retained.
holdings
While there
to meet local
Oklahoma, Kansas, Nebraska, Mississippi, Indiana, figures
a.m.
new pro¬
deducted
new
taken into
Gasoline prices throughout th 3
country continued to show
easiness under the combined
pressure of the record
and the storm-curtailed
demand.
break in prices,
1201
February.
As requirements may be supplied either from
stocks, or from
duction, contemplated withdrawals from crude oil Inventories must
70,000
68,300
—800
69,500
69,300
a
195,350
40,100
264,650
700
b6,750
+ 1,650
+ 23,750
380,500
+ 1,600
53,300
301,800
107,400
680,700
3,050
8,383
2,983
18,908
Includes washery and dredge coal, and coal shipped by truck from authorized
b Excludes colliery fuel,
c Adjusted to make comparable the number
of working days in the three years.
ESTIMATED
325,500
18,300
operations,
5,250
275,600
47,100
7,850
6,683
average
UNITED
COMPARABLE
DATA
STATES
ON
PRODUCTION
PRODUCTION
OF
OF
SOFT
CRUDE
COAL
WITH
PETROLEUM
6,150
5,200
408,300
b7,250
103,700
96,600
Michigan
—2,400
64,900
—50
64,200
55,200
53,9.50
66,550
—2,400
(In Thousands of Net Tons)
95,200
64,500
Wyoming
...
Indiana
Eastern (not incl. 111.
and
Indiana)
Montana
Colorado
New Mexico
96,700
17,050
4,100
113,000
+250
65,400
17,100
5,050
15,200
100,300
150,450
—150
4,700
52,550
12,900
3,850
—2,000
106,650
101,850
111,200
1940
Bituminous Coal
Feb. 3,
1940
c
a—
Coal Year to Date d
Feb.11,
1939
1939-40 1938-39 1929-30
3,095,1.50
d594,000
622,800
3,529,000
3,717,950
+ 28,450 3,015,740 2,691,400
+ 1,400
613,3.50
632,900
i
+ 29,850 3,629,100 3,324,300
a These are Bureau of
Mines* calculations of the
requirements of domestic crude
oil based upon certain premises outlined in
Its detailed forecast for the month
of
Total, including mine fuel
9,850
10,190
Dally average
Total east of Calif. 2,943,100
California
585,900
Week Ended
Feb. 10,
1,642
1,698
8,690 342,797 307,967 457,346
1,448
1,298
1,166
1,729
5,908
5,604
5,260 250,976 236,451 198,756
Crude Petroleum b—
Coal equivalent of weekly output.
Includes for purposes of historical comparison and statistical
convenience the
production of lignite,
b Total barrels produced
during the week converted to
a
equivalent coal, assuming 6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u.
per
pound of coal.
Note that most of the supply of petroleum products is not
directly
The Commercial &
1202
■■■,
coal years.
of Mines reported that a sharp
States Bureau
The United
of Pennsylvania anthra¬
cite for the week ending Feb. 10.
In comparison with the
week of Feb. 3 there was a loss of 412,000 tons; in com¬
parison with the same week of 1939 (Feb, 11) the decline
amounted
to
26
of Net Tons)
carloadlngs and river ship¬
reports from district
from the operators.)
of final annual returns
consuming interests oppose any reduction in the present
duction quota rate of 120%.
"
Straits tin for forward delivery was offered as follows: February
important
(The current weekly estimates are based on railroad
ments and are subject to revision on receipt of monthly tonnage
and State sources or
99% was nominally as
Chinese tin,
Week Ended
Feb. 5
Feb. 2
1939
1938
1929
1940
1940
v''..'
DAILY PRICES OF
Avge.
1923
130
Colorado
129
234
147
180
231
*
1
1
Georgia and North Carolina
f
f
1,674
1,993
1,386
1,442
1,173
481
464
376
382
455
613
96
Illinois
1,069
90
97
90
112
136
174
Indiana....
Iowa
5.00
<.-4.85
5.50
11.050
46.125
5.00
Feb. 20
11.450
46.325
5.50
Feb. 21
11.625
4.85
11.275
5.00
11.450
45.533
5.00
4.85
5.50
Feb.19
187
634
981
556
324
217
193
399
226
38
35
37
30
66
51
15
10
13
16
17
75
66
65
80
refinery,
30
31
33
29
62
58
New York lead,
67
70
f63
137
67
56
90
504
483
435
372
444
694
2,062
2,137
1,747
1,592
2,887
3,087
153
136
105
108
115
127
18
bituminous.
Pennsylvania
18
17
18
25
23
Tennessee
Texas..
78
98
96
69
148
96
337
339
270
256
273
212
35
40
37
34
64
77
1,920
1,940
1,377
1,459
2,035
1,127
688
674
560
429
745
673
115
171
156
Utah
Virginia
Washington.
Virginia—Southern.a
Northern.b.
*
#
*
2
Other Western States.c
110
163
136
Wyoming
15
f7
11,889
7,709
10,956
10,190
1,048
Pennsylvania anthracite _d
Total, all coal
10,320
1,385
8,138
1,208
1,180
1,655
1,902
11,238
Total bituminous coal..
11,705
9,346
8,889
13,544
12,858
C. & O.; Virginian; K. & M.; B. C. & G.,
and on the B. & O. in Kanawha, Mason, and Clay Counties,
b Rest of State,
Including the Panhandle District and Grant, Mineral and Tucker Counties,
c In¬
cludes Arizona, California, Idaho, Nevada and Oregon,
d Data for Pennsylvania
anthracite from published records of the Bureau of Mines,
e Average weekly rate
for entire month,
f Alaska, Georgia, North Carolina and South Dakota included
with "other Western States."
♦ Less than 1,000 tons.
Includes operations on the N. & W.;
Raised to ll%c.,
Non-Ferrous Metals—Domestic Copper
Valley,
on
Heavy Purchases—Lead also Active
"Metal and Mineral Markets,"
in its issue of Feb. 22,
reported large purchases of copper by domestic consumers,
mainly in
anticipation of
expanding market for war
an
spring, caused the price to advance one-quarter
cent during theTast week.
The call for lead was brisk, but
producers did not disturb the quotation, even though the
market appeared to be quite strong at times. Inquiry for
zinc improved.
Tin sold in fair volume at slightly higher
levels.
The Cartel raised the import basis on quicksilver,
but this move has not yet influenced the domestic market.
The publication further stated:
materials this
Copper
good export business,
anticipation of larger war orders should a spring drive in
materialize caused fabricators
to
come
the European
the market for a large
into
of an ad¬
vance in the price, and on Feb. 20, 76,264 tons were sold, establishing the
domestic market before the close of the day at 11 He., Valley, an advance
The buying movement gained momentum on rumors
of one-quarter cent.
The bulk of the business was booked on Feb. 20 at
11 He., but enough copper
sold at 11 He. to influence our quotation slightly.
On Feb. 21, the price held at 11 He., with the
demand greatly diminished.
Consumers
gladly have contracted for June forward metal, but most sellers
Most of the buying took place in the April
and May positions.
did not
there
hiding the fact that consumers were nervous over the war situation
and its possible bearing on the price structure.
Domestic sales for the
week ended Feb. 20 amounted to 112,425 tons, bringing the total for the
restricted
offerings
result from any
to
March-April-May
copper.
buying
The
marked improvement in consumption of copper, but
no
month to that date to 132,875 tons.
shipped
which
products during January that contained 74,000 tons of copper,
with 71,000 tons in December and 82,000 tons in November.
Export demand for copper was fairly active at times, with
the metal coming chiefly from European neutrals.
the week ranged from 11.300c.,
Prices realized during
Lead
the lead industry,
15,767 tons being sold, against 12,632 tons in the previous week
and
Good tonnages
were taken by cable makers and battery manufacturers.
Producers believe
that consumers had permitted their stocks to reach a low level, and with
the advance in the price of copper and a better undertone in other metals
consumers
Buying
was
well diversified.
entered the market to cover their nearby requirements.
Statistics for January were considered entirely satisfactory,
despite the
The price
also the contract settling
gain in stocks, the industry viewing the outlook optimistically.
of lead remains firm at 5c., New
York, which was
basis of the American Smelting & Refining Co.,
and 4.85c., St. Louis.
Zinc
Inquiry for the common grades of zinc improved during the last
week,
but, with the steel rate lower and galvanizing slack, the buying did not
involve large tonnages.
week totaled 1,161
Sales of the common grades for the last
tons, which is
calendar
Ship¬
tons, against 1,855 tons in the previous week.
ments to consumers in common zinc
3,733 tons in the preceding
seven
totaled 3,237 tons for the week, against
days.
The backlog is now down to 30,701
looked upon in the industry
,
.
as a
low figure under prevailing
f.o.b. refinery, 11.333c.; Straits tin, 45.375c..
4.850c.; St. Louis zinc, 5.500c.; and silver,
11.025c.; export copper,
5.000c.; St. Louis lead,
34.760c.
The above quotations are
"M. & M. M.'s" appraisal of the major United States
sales reported by producers and agencies. They are
New York or St. Louis, as noted.
All prices are in cents per
Copper, lead and zinc quotations are based on sales for both prompt
deliveries; tin quotations are for prompt delivery only.
.
In the trade, domestic copper prices are quoted on a delivered basis; that is, de¬
livered at consumers' plants.
As delivery charges vary with the destination,
figures shown above are net prices at refineries on the Atlantic seaboard.
prices in New England average 0.225c. per pound above the refinery
Export quotations for copper are reduced to net at refineries on the
searboard. On foreign business, owing to the European war, most sellers are
offerings to f.a.s. transactions, dollar basis.
Quotations, for the present,
this change In method of doing business.
A total of 0.05c. Is deducted from f.a.s.
basis (lighterage, Ac.) to arrive at the f.o.b. refinery quotation.
reduced to
pound.
and future
markets, based on
the basis of cash,
the
Delivered
basis.
Atlantic
restricting
reflect
Due to the European war
the usual table
of daily London
prices is not available.
Prices on standard tin, the only
prices given, however, are as follows: Feb. 15, spot,
three months, £24134; Feb. 16, spot, £240%, three months,
£240%; Feb. 19, spot, £242, three months, £242; Feb. 20,
£241)4,
£244%, three months,
spot,
£246%, three months,
January
£244%; and Feb. 21, spot,
£246%.
Tin Exports from
During January a total
Thailand and Congo
of 1,377 long tons of tin was ex¬
(formerly Siam) and 145 long tons
ported from Thailand
(provisional) from The Congo, according to a cable received
Feb. 20 by the American Iron and Steel Institute from the
Statistical Office of the International Tin Research and
Development Council, The Hague, Holland.
The exports
for Malaya and Netherlands East Indies were given in our
issue of Feb. 17, page 1058.
on
Steel
Declining at a Slower
Ingot Production
At 67
Rate—•
% This Week
Age" in its issue of Feb. 22 reported that
steel ingot production continues to decline,
The "Iron
al¬
the
are becoming less precipitous, indicating, perhaps, that
drops
a leveling off process may come within the
This week's decline is only one-and-a-half
is
which
a
next few weeks.
points to 67%,
the rate of operations
few points above
that
before the outbreak of the
The "Iron Age" further reported:
prevailed in August last just
European war.
In
some
districts, notably
Cleveland, Buffalo, Birmingham
and Southern
decline this week, but operations are
Chicago, Youngstown, Eastern Pennsylvania, St.
Ohio, there has been no further
in the Pittsburgh,
lower
Louis
and Detroit districts.
There have been
relatively few outright
cancellations of tonnage on
mill
have been requested in quite a number of
business is not showing gains.
At best the
books, but deferred shipments
Meanwhile, new
instances.
aggregate volume
of incoming tonnage represents
that good.
40 to 50% of capacity,
while in some instances it is not
which are individually small.
stable and deliveries from the mills fairly prompt, steel users
With
prices
see no
orders are fill-in lots
occasion to pursue other
The hopes of the
the call for
c.i.f. Atlantic ports, to 11.700c.
Another good week was experienced by producers in
1,600 tons two weeks ago.
11.071
..
Most of the current
According to the American Bureau of Metal Statistics, the mills
compares
Average
though
The combination of favorable January statistics,
tonnage.
;■
26
71
Ohio
with
11.450
45.375
5.50
11.025
4.85
154
North and South Dakota
copper
5.50
11.425
Feb.17
679
New Mexico
was
5.50
11.025
4.83
896
Montana
would
4.85
5.00
11.025
209
Michigan
war
5.50
5 00
45.125
Feb.16
892
Western
and
4.85
45.125
11.350
199
Maryland
a
5.00
11.400
11.025
215
Missouri
Kentucky—Eastern
West
New York
45.125
Feb. 15
302
Kansas and
St. Louis
New York
Dom.,Refy. Exp., Refy.
87
310
*
Zinc
Lead
Strain Tin
St. Louis
409
369
88
155
49
207
Oklahoma—
Arkansas and
'v,.'"
QUOTATIONS)
1
f
246
273
283
335
Alabama
,..
METALS ("E. & M. J."
e
Electrolytic Cower
3
3
2
2
Alaska.....
j
and
43.125c.; Feb. 16,
44.125c.; Feb. 21,
:V"
follows: Feb. 15,
43.375c.; Feb. 20,
44.325c.
Feb.
Feb. 4
Jan. 27
Feb. 3
43.125c.; Feb. 19,
pro¬
June and July, 46.125c.
April, 46.150c.; May,
March, 46.325c.;
43.125c.; Feb. 17,
Stale
week, with
improved during the last
several round lots. Prices were higher, reflecting
the firmer undertone in the London market and better buying here.
The meeting of the International Tin Committee planned for Feb.
is arousing interest because of the report from London on Feb. 21 that some
transactions involving
PRODUCTION OF COAL, BY STATES
(In Thousands
firm.
in part by the
j
Tin
domestic tin market
Business in the
470,000 tons.
ESTIMATED WEEKLY
1940
24,
the basis of 5He.,
quotably unchanged on
with the undertone steady to
Demand for high grade zinc was fairly active, influenced
activity in the other metals.
for Prime Western,
St. Louis,
the production
marked
reduction
The market was
conditions.
ended Feb. 10, 1940,
full weeks
d Sum ot 45
Yearbook 1938," page 702). c Revised,
and corresponding periods In other
("Minerals
coal.
with
competitive
Feb.
Financial Chronicle
than a
steel industry for a
hand-to-mouth buying policy.
reversal of the downward trend are
for the outdoor activity of spring and on
export trade.
Foreign orders have been in good volume and will, it is
expected, be greatly stimulated if the war in Europe assumes a more active
phase, but buying for spring activities, which usually manifests itself by
this month, has not appeared in noticeable volume, having been delayed
based primarily on preparations
by unfavorable
A possible
weather in some areas.
harbinger of spring is a
better showing in
fabricated structural
and inquiries for 34,700 tons are above the
aVerage of recent weeks. While public work still accounts for a good deal
of the tonnage, private projects that have been awarded include 1,200 tons
for a rear axle plant for the Buick Motor Car Co., and 2,800 tons for a
steel.
Awards of 21,700 tons
building for the Bell
are
Telephone Laboratories.
Among the inquiries of size
elevated highway in Queens, New York, and
Long Island RR. grade crossing elimination work.
the railroads are reported to be consideiing purchases of
13,000 tons for an
tons for
10,000
freight
cars totaling 50,000 to 60,000, it is not believed that action will be taken
until deliveries are completed against contracts placed last fall, and this
may not come until the middle of the year or later.
Current orders are
relatively small, as, for example, 60 cars ordered by the Nickel Plate and
four locomotives ordered by the Northern Pacific.
Steel mills will have
While
shipped most of the steel for
latest.
•
Automobile assemblies
sales figures
current car-building programs
by April at the
:v
for winter. Favorable
just around the corner encourage the
continue at a high rate
and the fact that spring is
Volume
The Commercial & Financial Chronicle
ISO
belief that there will be
of finished
cars
sharp falling off notwithstanding the large stocks
no
that have been built up.
♦
Can manufacture, although
coming into its most active season, is drawing
partly on stocks of tin plate; consequently tin
plate
production has declined
to
67% exactly equal to the ingot
The
rush
to
machine tools.
turn
out
rate.
airplanes
Purchases of
one
Individual
brought
further
buying of
large
on
which price concessions have
due against previous commitments.
of
taxation and
wage
and hour legislation, as
A change in method of quoting prices
producers, who have placed barbed wire and twisted
bar bless wire
on a
zone
The trend of scrap
basis similar to that used in
quoting fence.
prices is still downward.
Chicago and Philadelphia have brought
Revisions at
decline of 29
a
"Iron
of war.
still
some
COMPOSITE PRICES
Finished
Feb. 20, 1940, 2.261c. a Lb.
One year ago
2.286c.
2.261c.
1939
1938
85% of the United States output.
Low
3
2.236c.
May 16
2.512c.
1936
1935
2.211c.
Oct.
8
Mar.
9
2.249c.
Mar.
2
2.249c.
__
May 17
2.512c.
_
Dec. 28
2.016c.
Oct.
1
2.056c.
Jan.
8
Apr. 24
1.945c.
Jan.
2
2.062c.
1934
_______
__2.118c.
...
Mar. 16
1933
1.953c.
Oct.
3
1.792c.
1932
May
1.915c.
Sept.
6
1.870c.
Mar. 15
Seasonal
of
with
armament
—
20.61
2
on average for basic Iron at Valley
Buffalo,
Valley,
Southern Iron at Cincinnati.
High
$22.61
Sept. 19
1939
1938
Old
_
__
1936
$20.61
for railroad
of
freight
the
reduction
sections.
this
Aug. 11
Jan.
16.90
Dec.
5
13.56
Jan.
3
14.81
Jan.
5
13.56
Dec.
6
tonnage than
No.
on
1
heavy
May 14
27
melting
quotations at Pittsburgh,
and
steel
Philadelphia,
Chicago.
car
$17.67
....
1937-...
_3.
2
Oct.
3
14.08
May 16
15.00
Nov. 22
11.00
June
$16.71
Feb.
20
21.92
Mar. 30
12.91
Nov. 10
1936
17.75
Dec. 21
12.67
June
13.42
Dec.
10
10.33
1934
13.00
Mar. 13
9.50
1933
Aug.
8
6.75
Jan.
5
8.50
12
6.43
July
5
Iron
and
Steel
Jan.
Institute
Feb.
on
9
Apr. 29
19
an¬
nounced that
telegraphic reports which it had received indi¬
cated that operating rate of steel
companies having 97%
of the steel capacity of the industry will be 67.1
% of capacity
for the week beginning Feb. 19,
compared with 68.8% one
week ago, 82.2% one month ago, and
53.7% one year
ago.
This represents a decrease of 1.7 points, or 2.5%,
from the estimate for the week ended Feb.
12,1940.
Weekly
indicated rates of steel operations since Feb. 6, 1939,
follow:
1939—
Feb.
6
Feb.
13
Feb.
20
Feb.
27.
Mar.
6
Mar. 13
Mar. 20
Mar. 27
Apr.
3
Apr. 10.
Apr. 17
Apr. 24
May
1
May
8
1939—
53.4%
54.8%
53.7%
55.8%
55.1%
.55.7%
55.4%
56.1%
May 29
July
3
54.7%
July
10
52.1%
50.9%
July
48.6%
47.8%
47.0%
"Steel" of
markets,
1939—
May 15
on
June
12
June
19.
June 26
July
July
Aug.
62 2% Nov. 27
63 .0% Dec.
4
94.
52.2% Sept. 4
54.2% Sept. 11
53.1% Sept. 18
55.0% Sept. 25
2
54.3% Oct.
9
38.5% Oct.
5
June
58 6% Dec. 11
70 2% Dec. 18
91
90.
i%
79 3% Dec. 25
83 8%
1940—
73.
Oct.
16
to
1
85.'%
8
86. ^%
90 3% Jan.
15
hamper
23
90
2% Jan.
22
82.
30
91 0% Jan.
29
77.
6__._.92, 5% Feb.
5
71.
60.1% Nov. 13
93. 5% Feb.
12
62.1% Nov. 20
93. 9% Feb.
19
%
%
%
68.8%
67.1%
Cleveland, in its summary of the iron and steel
Feb. 19, stated:
buying represents
blast
furnaces
are
sustained.
an
important
Steel
making
schedules
clined one
point to 92%,
Sharpest decline
widely
vary
example, last week Birmingham
six points to 6834%
was
points to 68 at St. Louis.
Unchanged
areas
were
eastern
U. S.
Steel is estimated
76% two weeks ago.
at
Ingot
ago.
a
further
reserve
cash, $46,000,000 in Treasury deposits with Federal Reserve
banks, and $18,000,000 in nonmember deposits and other
Federal Reserve accounts, and an increase of
$45,000,000 in
gold stock, offset in part by a decrease of $7,000,000 in
Reserve bank credit and an increase of $39,000,000 in
money
on
Feb. 21
estimated to be approximately $5,630,000,000, an in¬
of $50,000,000 for the week.
The statement in full for the week ended Feb. 21 will be
founded on pages 1234 and 1235.
were
Other reductions
934
points to 70.
are
credited with 71%, com¬
pared with 7434 % in the preceding week and 77% two weeks
ago.
The following table gives a comparison of the percentage of production
the
nearest
corresponding
week
of
previous
years,
together
with
the approximate changes, in points, from the week immediately preceding:
U. S. Steel
Industry
1940
68 3*
—33*
66
1939
55 X
+ 1J4
303*
1937
86
Independents
513*
1938
1936
71
583*
+2
26
—234
34
+2
82
+ 13*
—3?4
+3
89
—33*
54
+ i
59
+2
1935
50
—2
46
—1
52
—3
45
+ 3
42
+4
463*
+2
Banks
balances increased $90,000,000.
Additions to member bank
reserves
arose
from decreases of $27,000,000 in
Treasury
of member banks
43%.
66%, against 6934% in the week before and
Leading independents
48
87
reserves
at Chicago.
For
Detroit de¬
point to
Steel ingot production for the week ended Feb. 19, is
placed at 68l/i % of capacity, according to the "Wall Street
Journal" of Feb. 23. This compares with 72% in the previous
week and 7§lA% two weeks ago.
The "Journal" further
1928...
Excess
districts.
and
one
Pennsylvania at 68, Wheeling at 86, New
1927
in circulation.
90%
off
Buffalo advanced
—1
Reserve
was
England at 63, and Cincinnati at 61.
80
Federal
other steel
liners pending
ocean
included three points to 66 at Pittsburgh, 334 points to 6634 at
Cleveland,
and two
8914
833*
the
of foundry
plates and
different
among
while Youngstown
1930
with
while shipments
unchanged at
was
1929
Week
of curtailed
result
a
fairly steady, the melt
About 24,000 tons will be required for two
—134
+ 134
The
as
are
outlet for
—134
During the week ended Feb. 21 member bank
drop of $5.37
for the Maritime Commission.
18 3*
business, consequently
adjustment between supply and demand is indicated.
a
,
Shipbuilding continues
products.
of January,
25
new
Producers
automotive
recent
on
60%, and releases also have
being shut down
are
that
52
of
to
Foundry requirements
1933
This compares with 55% a year
of total
portion
Export business in tin plate is improving, with foreign orders
1931
excess
larger
a
This is the lowest in five months and
1932
in
some
October.
Buying
remains
in
year ago.
is unchanged or lighter, and backlogs and shipments still tend
downward.
Steel making is receding less rapidly, the National
average last week
production
work
1934
Steel markets continue to follow the pattern of recent weeks.
being off two points to 69%.
building
In view of the slackening in domestic
84.«%
Oct.
7
A grade crossing
quotations in several districts brought the scrap composite down
coke also
with
87. 5% Jan.
88 6% Jan.
Aug. 14
This
Last week's
quarter, when it was about 10% of total volume.
comparing favorably with
4%
92.1%
.i%
Oct.
Nov.
week, total
19%.
The finished steel price composite of $56.10
compares
centers.
moderated.
'«%
49.7%
17
56.4%
24..__.60.6%
31. —.59.3%
to
ago
stated:
1939—
45.4% Aug. 21
48.5% Aug. 28
May 22
year
still carrying a differential over domestic prices.
Sept.23
12.25
1932
American
a
V"'
29 cents to $16.79.
7
1935
The
continues
foreign
needs in steel making.
Low
Jan.
22.50
1938
production
over
was true last
a
Additional
High
1939
contemplated.
some are
encouraged by maintenance of base quotations
Lower
15.08
1940
being worked off, and
by spring to maintain recent heavy
No significant inquiries currently
Tin plate production is off five points
Based
17.54
material.
Scrap prices continue weak, despite recent heavy snowstorms in Eastern
States, which interfered with collection and preparation of old material.
Scrap
$17.00
business
are
No serious debts have appeared in the steel
price structure.
from the peak last
Gross Ton
necessary
weather
quarter,
with $56.50
17.83
a
equipment steadily
■'/;
in motor
16.90
20, 1940, $16.71
long as existing European
so
equipment builders anticipate active
car
margin
Adverse
6
18.73
in
demand for
export
25,000 tons of struc¬
tural.
16
1
Feb.
while relatively good
Pit River Bridge, California, 11,857 tons for dry docks at Pearl
Harbor, Hawaii, 6,398 tons for a Los Angeles dam, and 2,800 tons for a
Feb.
Nov. 24
building
activity
for the
July
5
One week ago
and
Brisk
Bell Telephone Laboraties, Inc.,
building in New Jersey.
elimination program at Rockaway, N. Y., will take
Sept. 12
Nov.
One month ago
One year ago
automotive
probable.
was
19.61
May
Steel
the
is
accounted for largely by General Motors
Corp.
Steel awards for heavy engineering construction have
been boosted sharply
by several large orders in the far West.
Placements include 16,599 tons
20.25
17.90
1932
of
of spring
purchases, since concessions in the past frequently have had their origin
Low
18.84
__
Farm
pending although
extended
are
1934
_
buying, since
of consumption the
output of 95,050 units being a drop of only 930 from the week before.
and
1935
1933
operations
assured,
additional buying will be
9
June
Mar.
19.73
_
in
approach
appears
orders
21
23.25
23.25
_
1937
backlogs and ab¬
active
more
course
in tractors and implements.
furnace and foundry Iron at Chicago,
Philadelphia,
(
depletion of mill
soon
stocks will result in
Export business is well sustained.
[Based
22.611
the
conditions prevail.
orders
$22.61]
how
excess
betterment
industries
Pig Iron
Feb. 20, 1940, $22.61 a Gross Ton
One week ago...
One month ago
One year ago
problematical
Recent shrinkage in automobile assemblies moderated last
High
2.286c.
Jan.
1937
requesting postponement
are
shipbuilding and in production of machine tools, aircraft and certain types
are
beams, tank plates,
wire, rails, black pipe, sheets, and hot
rolled strips.
These products represent
2.261c.
sur¬
90 days.
next
Steel
Based on steel bars,
One week ago
One month ago
buyers
uncertainty is attached to the probable
shipments
"IRON AGE"
Circumstances
Cancellations of old orders have been
some cases
iron and steel products apparently will continue
Pittsburgh,
cents in the
Age" scrap composite price to $16.71, or
approximately the level of Sept. 12,
1939, which was the first week of the sharp rise that followed the outbreak
THE
small.
are
shipments.
It is
past year,
mainly by additional
products
encourage buying for only early needs,
purchases also restricted by tonnage in consumer's inventories and
with
sorption of consumers'
bars,
arguments against lower quotations.
has been made by wire
1203
most
rounding mill deliveries and prices
type of equipment alone total about $500,-
been generally
recognized, the price situation presents no marked elements
of weakness.
Steel companies point to increased costs over the
caused
for
relatively few, although in
has
000 and may reach $1,000,000.
With the exception of reinforcing
orders
21
—2
—1
+1
243*
513*
—2
75
—2
+1
87
+1
77
—1
+3
153*
253*
53
M.
80
+43*
3*
—
853*
91
+ 1
34
90
+ 33*
94
—
Changes in member bank
during the week and the
items
as
+34
+23*
balances and related
ended Feb. 21,1940, were
reserve
year
follows:
Increase
(+)
or
Decrease
(—)
Since
Feb.
21, 1940
Feb. 14, 1940
$
Bills discounted
6,000,000
$
—1,000,000
Bills bought..
U.
S.
Govt,
securities,
direct
Other
2,477,000,000
-87, 00,000
Including
commlt'ts—Feb. 21).
10,000,000
bank credits.........
30,000,000
—6,000,000
—5,000,000
+ 22,000,000
2,523,000,000
18,108,000,000
+ 45,000,000
advances
$9,000,000
reserve
$
+2,000,000
—1,000,000
and
guaranteed
Industrial
Feb. 21, 1939
(not
crease
Total Reserve bank credit...
Gold stock
Treasury currency..
2,977,000,000
—7,000,000
•
—69,000,000
+ 3,290,000,000
+156,000,000
The Commercial & Financial Chronicle
1204
(+)
Increase
(—)
Decrease
or
Feb.
Increase
(+)
Money In
Feb. 14,
Feb. 21, 1939
$
$
2.358,00(5,000
596,000,000
Treasury deposits with F, R. bank..
—27,000,000
—46,000,000
—394,000,000
—585,000,000
964,000,000
Treasury cash
—18,000,000
+ 215,000,000
Fed¬
Non-member deposits and other
eral Reserve accounts...........
United States bonds
6,465,000,000
Other securities
Reserve with Fed. Res. banks
Chicago—Brokers' Loans
Below is the statement of
for the New York City member
banks and also for the Chicago member banks for the cur¬
rent week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday.
Federal Reserve System
Feb. 21
1939
Feb.
1940
$
S
8,785
7,733
2,895
2,293
2,312
569
566
524
1,645
1,650
1,361
388
384
347
114
111
124
19
19
472
465
640
31
36
33
161
188
61
63
66
14
13
__
Other loans for purchasing or
160
carrying securities
14
108
112
113
Real estate loans
+19,000,000
Trade
50
49
79
loans
369
370
395
50
50
49
Treasury
bills
179
177
126
331
352
notes
the
Are
Relations
the
Foreign
Japanese
Feo. 19 that his Government will not
on
questions with the United States
Meanwhile he intimated that the
time.
present
Steps
States
Question of Export Embargo
on
raise further trade treaty
at
United
Time—Senate Foreign
spokesman for
Suma,
Office, indicated
with
Treaty
Japanese Government will seek to lav the
foundation for
a
243
Treasury
Yakichiro
No Additional
Indicates
Spokesman
16
Open market paper
+1,903,000,000
+ 213,000,000
+1,000,000
+ 69,000,000
8,188,000,000
760,000,000
1,000,000
Committee Divided
2,121
2,918
Commercial, Industrial and
Loans to brokers and dealers
banks.'
Planned at This
1939
8,812
agricultural loans
Domestic
Foreign banks
Borrowings
Toward
1940
1
%
—46,000,000 +3,111,000,000
+ 4,000,000
+ 79,000,000
—2,000,000
—58,000,000
19,062,000,000
5,260,000,000
573,000,000
Intcf-bsnk dBPosits*
Feb. 21
14
2,923
investments—total-
and
Feb. 21
$
%
Assets—
Loans
Loans—total
deposits
United States Government deposits
Chicago-
New York City
1940
Demand deposits—adjustedTime
Japanese
(In Millions of Dollars)
Feb. 14
+ 40,000,000
+33,000,000
MEMBER BANKS
ASSETS AND LIABILITIES OF WEEKLY REPORTING
IN CENTRAL RESERVE CITIES
1940
...
+ 445,000,000
+165,000,000
+3,043,000,000
+ 19,000,000
+ 75,000,000
+32,000,000
+ 585.000,000
+ 9,000,000
2,420,000,000
3,411,000,000
10,214,000.000
485,000,000
3,107,000,000
Liabilities—
the Board of Governorj of the
Feb.21
—3,000,000
—791,000,000
—31,000,000 +1,286,000,000
Obligations guaranteed by United
States Government
+178,000,000
—21.000,000
638,000,000
1,752,000,000
Balances with domestic banks
Member Banks in New York City and
(—)
*
t
Treasury notes
Treasury bills..................
Cash In vault-.............
Returns of
Decrease
Feb. 15, 1939
Feb. 7, 1940
1940
$
Assets—
$
+ 90,000,000 + 3,400,000,000
+ 39,000,000
+ 742,000,000
balances.....12,241,000,000
circulation.............. 7,450,000,000
Member bank reserve
or
Since
Since
Feb. 14, 1940
21, 1940
Feb.
1940
24,
LoaDB to banks...
Other
'mm'-
mm
-
-
722
Obligations guaranteed by the
K United States Government...
Other securities.
Reserve with Fed. Res. banks
722
914
163
164
239
2,457
United States bonds
2,450
1,589
737
738
1,273
1,245
1,044
153
153
125
1,165
4.274
340
339
318
897
906
655
5,963
53
29
35
26
83
83
74
240
222
196
362
366
393
47
47
Other assets—net
Abrogation of the United States-Japanese trade agreement
referred to in our issue of Feb. 3, page 761.
A Tokyo
dispatch of Feb. 19 to the New York "Times" quoted the
Foreign Office spokesman in part as follows:
was
50
81
78
Cash In vault
Balances with domestio banks..
Mr. Suma announced that he
that
cases
Liabilities—
8,659
6,903
1,756
1,747
1,545
651
640
625
502
502
470
deposits
44
44
115
83
83
83
3,470
3,479
2,609
896
922
672
696
492
United States Govt, deposits...
banks..
682
Foreign banks
Borrowings
«.
8
8
—
-
-
—
10
-m'mm
mm~ —
-
298
15
15
are
1,485
246
245
255
As. explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
themselves
week, instead of being held until the
taneously with the figures of the Reserve banks
covering the same
following Monday, before which time the statistics covering
the
entire
banks in 101 cities
reporting member
body of
be
compiled.
will be found the comments of the Board
Governors of the Federal Reserve System respecting the
cannot
In the following
of
body of reporting member banks of the
returns of the entire
week ended with the close
Federal Reserve System for the
of business
;
Feb. 14:
The condition
of weekly
statement
reporting member banks in 101 lead¬
ing cities shows the following principal changes for the week ended Feb. 14:
Decreases
of
Government
decrease
in holdings of Treasury bills and $31,000,000
$21,000,000
bonds,
increase
an
$40,000,000
of
"other
in
in
securities,"
a
of
$46,000,000 in demand deposits—adjusted, and an increase of
$69,000,000 in deposits credited to domestic banks.
declined $5,000,000 as a
New York City and
$6,000,000 each in the Chicago and Dallas districts, offset in part by
increases of $4,000,000
and $3,000,000, respectively, in the Philadelphia
and Cleveland districts.
Other classes of loans showed little change for
Commercial,
result
the
of
decreases
loans
in
$4,000,000
of
a
York
City,
$10,000,000
member
reporting
$29,000,000 in
member
banks.
$29,000,000
Chicago
Holdings of United States Government bonds
City and $31,000,000 at all reporting
of obligations guaranteed
$14,000,000
member
in
the
New York
Holdings
increased
reporting
in
banks.
declined
Government
declined $15,000,000 in New
district, and $21,000,000 at all
StateB Treasury bills
banks.
New York
New
in
Holdings
City
and
York
of
"other
$40,000,000
and
$9,000,000
securities"
at
increased
at
all
reporting member
$60,000,000
in
New
York
the
Chicago
banks.
We desire to see Japanese-American friendship firmly secured on
relations as soon as possible."
toward America at
It was an impromptu statement made in answer
that
friendship,accurately
questions aimed at ascertaining whether press articles suggesting
Japan should cease making efforts to regain American
refelected
Government's
the
views.
Mr. Suma considered that those articles were the
natural outcome of the
long as dark clouds like the
embargo proposals, China loan proposals and Guam fortification schemes
treatyless situation and would continue as
To stop such
relations.
Japanese-American
overhung
speculations the
said.
Japanese Government wished to see the treaty basis restored, he
"We offered
draft of a modus Vivendi and put all our cards on the State
a
Department's table," he concluded.
"Everything we could have done has
been done."
,
Feb. 18, the Senate Foreign Relations
Committee in Washington indicated that there was marked
disagreement on the question of imposing embargoes on
exports to Japan.
Associated Press Wasnington advices of
Meanwhile,
on
18 said:
Feb.
The Senate Foreign Relations
Committee is so evenly split on the ques¬
Japan that a word from Secretary
tion of imposing embargoes on exports to
of State Cordell Hull
This
probably would decide the issue either way.
became apparent
members
23
today when an informal poll of the Committee's
showed seven
Of the six who said they
would be
who
opposed to two pending embargo
had not made up
swayed by Secretary Hull's views, as yet not made public.
declined
Rhode
to
comment
his stand,
on
Senator
Committee is
would
of Nevada
discuss informally at its meeting next
to
empower
other,
by
Senator
gasoline and scrap metal,
to Japan
of American rights in China.
Lewis B.
Schwellenbach of Washington would
impose embargoes on the ground that Japan
treaty in which the
One by Chairman Key Pitt-
the President to restrict exports of war
including iron, steel, oil,
because of alleged violation
The
One
Green of
Committee.
expected
Wednesday two pending embargo proposals.
materials,
Theodore F.
consistently has supported the Administration on legisla¬
Island,
tion considered by the
man
proposals,
Three were unrecorded.
their minds, four indicated they
qualifiedly in favor and six undecided.
seven
by the United States
City
declared.
best and are sorry that our efforts have not been reci¬
conference today.
press
The
of United
our
He gave this description of the new Cabinet's policy
week.
Holdings
all
and agricultural
industrial
principally
complete.
the United States as very important and
treaty basis and hope to renew treaty
to
Returns of Member Banks of the Federal
Reserve System for the Preceding Week
Complete
and
He also repeated that the Yangtze
making every effort to keep them cordial and friendly," he
procated.
a
13
1,491
1.490
account
•-
269
265
Other liabilities
Capital
would publish tomorrow a list of Amerjcan
been settled.
"We regard our relations with
"We have done
Inter-bank deposits:
Domestic
had already
River would be reopened when preparations were
8,821
Demand deposits—adjusted
Time
question at some future time by the disposal of
grievances.
672
1,272
1,259
6,088
renewal of the
had violated the Nine-power
signatories pledged respect for the territorial integrity
of China.
Chairman of the Foreign Relations Com¬
Feb. 18 tnat the United States should take
steps in retaliation against any foreign power that fails to
heed protests against violation of rights.
We quote further
from a Washington dispatch of Feb. 18 to the Philadelphia
Senator Pittman,
Demand
deposits—adjusted
$23,000,000
declined
the Philadelphia
in
district,
$17,000,000
in
Citv,
dis¬
trict, $13,000,000 in the Cleveland district and $46,000,009 at all reporting
banks, and increased $12,000,000 in the Kansas City district and
member
$10,000,000 each in the Boston and St. Louis districts.
mittee, said
on
4
credited to
Deposits
City,
the
and
San
increased
Francisco
$69,000,000
banks
A
domestic
banks
$32,000,000
district,
in
declined
the
$12,000,000
in
all reporting member banks.
at
increased
$19,000,000 in
Chicago
the
Cleveland
Deposits
New York
$15,000,000
district,
district
credited
and
to foreign
re¬
porting member banks, together with changes for the week
and the year ended Feb. 14, 1940, follows:
Increase
(+)
or
Decrease
(—)
Feb. 14, 1940
and
$
investments—total.__23,202,000,000
Loans—total
8,516,000,000
Feb. 7, 1940
$
cultural
loans
$
+1,594,000,000
+ 9,000,000
+-311,000,000
—5,000,000
+-548,000,000
327,000,000
+6,000,000
+6,000,000
611,000,000
+ 3,000,000
—202,000,000
Loans to brokers and dealers In
securities
Other
loans
carrying
lor
purchasing
securities
Real estate loans
Loans to banks
Other
loans
troops to fight, it
belligerent nations to be respectiful
"We
have provided for
citizens," he asserted.
retaliation against every country
Citing British interference with
American
Mr.
rights in
of American rights.
retaliation in our tariff acts against governments
who discriminate against our
of
indicated an unwillingness
did not mean it would do nothing which would
"We have the power
in the world."
Americans mails and Japanese violations
his point,
China as specific instances illustrating
Pittman, who has consistently
advocated an embargo on exports to
sound in its protests.
Wiley (R., Wis.), taking the position that the United
Japan, declared the United States
4,309,000,000
paper
cause
Feb. 15, 1939
+ 3,000,000
Commercial, Industrial and agri¬
Open-market
to send
of
Since
said "the law of
beginning of time and does now
exist."
He observed that because the United States has
of the principal assets and liabilities of
Assets—
Pittman, in a radio debate on foreign relations,
Mr.
retaliation and reprisal has existed since the
$18,000,000 in New York City.
summary
Loans
'Inquirer":
in
Senator Alexander
States should not apply economic or any
483,000,000
—50,000,000
1,183,000,000
+49,000,000
—50,000,000
+10,000,000
54,000,000
1,549,000,000
+ 5,000,000
other kinds of pressure until careful
said:
consideration had been given the move,
"We
or
can
be firm and yet kind.
yet be friendly, and, more
"WTe can take a position for principle and
than anything else, we can manifest an under¬
standing of the fact that it never pays to act
affairs, especially when
hurriedly in international
other nations are wounded."
Volume ISO
The Commercial & Financial Chronicle
City of Flint Returns
to
United
States After 116-Day
Had Been Seized
by German Prize
On the other hand it is estimated that net
interest
and dividend payments to
non-residents were slightly higher, and that net
Voyage—Vessel
Crew—Captain Commended by^Commander Field
of
Marine
payments on account of
Bureau
3 ork
a
116-day voyage.
Oct.
3
en
The ship, which sailed from New
route
to England, was
captured by the
German pocket
battleship Deutschland and a German prize
crew put
aboard.
After a sojourn at the Russian
ice-free
Arctic port 0f
Murmansk, the ship finally was freed on
Nov. 3 by the
Norwegian Government, which ruled the Ger¬
mans had
stopped illegally in a neutral port.
In declining to
give consideration to complaints
against
Captain Joseph A. Gainard, master of the
City of Flint,
Commander R. S. Field, Director of
the Bureau of Marine
Inspection
The
fact
States
is
that
difficulties
the
best
vessel
possible
and
its
evidence
encountered, took
returned safely to the United
Captain Gainard, in spite of the
proper course and did a good job.
apparent that Captain Gainard
performed his duties throughout the
whole affair,
with wisdom,
patience and forbearance.
His
actions
as
master of the vessel while
in
Norwegian and Russian ports were, as far
as
the situation in those
countries permitted, under the observation
of
the officials of the
United States
Foreign Service.
No criticism of his
conduct has been heard from
the State
Department, and on the contrary
the
It
is
American
manner
in
Minister to Norway
which
has
commented
he conducted himself
and
with
high
favor
the
on
his affairs.
could
mess
not
boy and
possibly give
cook
a
to
the
serious
effect
attention
that
statements
made
not satisfied
were
by
with
a
the
the captain handled his
job.
The evidence which
you have submitted
not justify the
institution of any
investigation on the part of this
way
does
.
bureau.
YY
According
lY:- YY'-YYY
•••
'
'Y.Y--
Y-'Y-Y-
to Associated
Press advices from
Washington,
Feb. 16, the complaints
were filed by the
National Maritime
Union.
The Associated Press
added:
The
of
complaints alleged that,
the
cate
American
with
Gainard
rarily
the
failed
left
the
vessel
last
American
to
sail
after
German
prize
crew
October, Captain Gainard
consul
from
a
at
Tromsoe,
took
failed
Norway,
Muimansk, Russia, when the
communi¬
that
Captain
Germans
tempo¬
ship.
made in these columns of
Nov.
11,
crew
3048.
page
\
Foreign Exchange Regulations in Great
Britain
piled by Bank for International
Settlements
Com¬
Settlements, Basle, Switzer¬
(Monetary and Economic
Department) has just published, m a handy form, a collection of
the official texts
of foreign
exchange regulations at present in force in
Great
pamphlet
includes
the
Defence
(Finance)
Regulations, the Currency Restrictions
Exemption Orders,
Secuiities Restrictions
Orders, lists of currencies and of
authorized dealers, as well as
the most impoitant Rules of
Application contained in notices and
circulars issued by the
Bank of
England, &c.
This compilation is the
second of
a
series
(one for France
having already appeared) which the Bank
intends to publish
covering foreign exchange regulations in
European countries.
Issuance
of the French
regulations
of Feb. 17,
page 1079.
was
Towers
of
Bank
of
noted in
our
issue
Canada
Warns
Against
Over-Expansion of Production for War
Purposes
Says in Annual Report That This Would
Impair
Output of Goods and Services for Other
Purposes
If Canadian
production for war purposes is
expanded by
more
than the production of
all kinds can be
physically
increased it must encroach
upon the volume of goods and
services which can be made
available for other
purposes,
of the Bank of
Canada, said in his
Feb. 10 to the Minister of Finance
J. L.
Ralston.
Mr. Towers asserted that
"to the extent that
Government expenditure is not financed
by taxes or loans
which
G. F.
Towers, Governor
annual report on
correspondingly reduce private expenditure, it is
necessarily financed by an increase in the effective
money
supply."
This latter method
beyond a certain point, he
continued, "curtails real private
expenditure in terms of
goods and services just as surely as if
private spending had
been reduced
directly by tax or loan.
It does so by means
of an
inflationary rise in prices." Mr. Towers added:
Recollecting the effect
after the
doing
war
of
of
developments of
this
character
during and
1914-18, various countries have expressed the
intention of
everything possible to
present struggle.
The
avoid
a
repetition of inflation
success of such an
made will, no
during the
effort in any country where it is
doubt, largely depend upon the degree of
public understand¬
ing and acceptance of the fact that the
direct form of sacrifice is more
equitable, and in the long run less
costly, than any other method of dealing
with the financial problems of a
war.
Commenting
on
Canada's balance of payments in 1939,
Governor Towers said:
Preliminary calculations
in
of Canada's balance of international
payments
1939, made by the Dominion Bureau of
Statistics, indicate that the net
surplus on current account was
appreciably greater than the revised 1938
figure of $189,000,000.
Exports of merchandise other than gold rose by
$85,000,000, and'
$65,000,000
$45,000,000
net
increase
greater
in
non-monetary
imports
than in
left
1938, and
gold
the
our
exports
by
$25,000,000.
favorable trade
net
further decline.
a
This is after allowing for the
effect of the premium
on United States funds in the latter
part of the year,
all items in the balance of
payments are expressed in terms of Canadian
dollars^
The increase in net dividend
payments to non-residents which
has taken place since the
depth of the depression has, of course, been
closely associated with, and in its effect
offset by,
expanding mineral exports.
British
Treasury
Taking
the balance of payments
upon
Over
Holdings
of
Its
Na¬
tionals in American Securities—T. J.
C. Gifford to
Represent Great Britain in United States in Sale
of Securities
Announcement
Feb. 18 that it
60
United
London
The
on
made
was
was
taking
by
over
the British Treasury on
private British holdings in
States securities.
United Press advices
Feb. 18 in reporting the action said:
Treasury
announcement
recalled
that
British-owned
from
American
securities
war
were registered with the
Bank of England at the outbreak of the
and said "the next
step, now taken, is to vest a certain number of United
States dollar securities in His
Majesty's Treasury."
was said.
Others may be vested
later, it
total volume of sale from the
United Kingdom, including both vested
and non-vested
securities, should over a period of time continue at about
the average volume of
recent months."
The vesting
order, effective yesterday with prices fixed on
Saturday's
market value, instructs holders
to deliver securities to the Bank of
Payment will be made March 4, if securities
Feb. 23.
receipts
on
balance
England.
are
received not later than
Thereafter within
seven days of
delivery.
The announcement said the
Treasury believed the order was "expedient
for the purpose of
strengthening the financial position of the United King¬
dom."
According to the same advices the move was apparently
designed to preserve Britain's "overseas income," which
amounts
annually to millions of dollars from securities which
private holders might otherwise sell for small
profit. It was
further stated:
The Treasury's action
bought and
A
about
tourist account
similar
was
to
that in the World War, when it
borrowed British-held United States stocks and
rowed for munitions and
general prosecution of the war.
It
was
on
them bor¬
estimated that at the outbreak of the
present war British invest¬
United States totaled
£200,000,000.
In the New York
"Journal of Commerce" of Feb.
was stated:
19 it
While the purpose of the British
Government in taking over English hold¬
ings of dollar stocks is to sell the securities here in order
to finance war im¬
ports, stress was laid upon the statement in
the announcement that sales
in the future would hold to
the average shown in recent months.
While
British selling totaled
more
than
$1,000,000 daily in the earlier period of the
war, it has been almost negligible in the
It
more recent
past.
was
pointed out in banking quarters that since the British
pay for a
considerable part of their imports with
continued exports and since its gold
and dollar balances are
ample, there is no need for active selling of securities.
Incentive also is lacking, it is
held, since the interest of the British will be to
realize high prices.
T. J.
Carlyle Gifford acting as the respresentative of the
Treasury will market in the United States the dollar
securities to be requisitioned
by the British Government, as
British
to
Governor
which has
as
ments in the
^8 Bank for International
land
Britain.^ The
dividend payments,
possession
to
and
Reference to the release of the
ship to the American
was
stronger
the
to
they
rose.
an even
"The purpose of such
vestings," the Treasury explained, "is to insure
that realization of securities in
American markets shall be orderly and that
Commander Field also said:
I
recent years, and recorded
crew
that
a
and
been mentioned
and
the
appeared probable that
above, deserves further comment.
Chiefly as a result of
repatriation, net interest payments to non-residents followed the trend of
Navigation of the Department of Commerce,
reported on Feb. 16 as
saying:
was
year it
The small increase in net interest
by
German prize crew, arrived in
Baltimore Jan. 28 at the
end of
freight and other service items also
During the first part of the
total current account
position would be shown, for the whole of the net rise
in imports took
place in the last four months.
»
The American
freighter City of Flint, which figured in the
international news last October when
the ship was seized
a
1205
showed little change.
which
the
"Journal of
Commerce"
of
21
Feb.
said
in
part:
Temporarily making his offices at J. P. Morgan Co. because he has long
been acquainted with the
firm, Mr. Gifford will open an office of his own
shortly.
As the Chairman
of the Scottish Investment Trust
Co., Ltd., of Edinburg, 35% of whose portfolio is invested in American securities, Mr. Gifford
has been
a frequent visitor to and
is well known in Wall Street.
He came to
the United States in November to sound
out the attitudes of the authorities
and financial interests as to later
British securities sales.
He then returned
to
England and arrives here again Jan. 24.
has
fully acquainted
plans and has visited
'the
some
Since his arrival, Mr. Gifford
Treasury Department in
Washington
of the financial concerns through
with
his
which the stocks
presumably will be sold later.
From the
Britain,
it
make-up of the list of stocks
was
quickly infexred
here
to
that
be taken
the
over
and sold by
over-the-counter
market
would be the primary vehicle for the sales.
However, it is understood that
Mr. Gifford is not yet ready to consider detailed methods
for the distribu¬
tion of any of the stocks
on the lists.
As the securities actually are ready
for distribution, decision will be
made, after study of the market upon the
means to be employed.
.
At the moment, it
ments
was
.
.
learned, Mr. Gifford is
not
making any arrange¬
with dealers
or others for the sales of stocks; this must await the
actual requisitioning of stock by the
Treasury.
It is understood that for
the time being the amounts to be available for sale
are not
It
was
pointed out in
being disclosed.
London cablegram Feb. 19 to the
New York "Times" that while the British
Treasury's order
a
requisitioning certain United States securities theoretically
applies to all residents of the United Kingdom, it was learned
on that
day that Joseph P. Kennedy, United States Ambassa¬
dor has succeeded in getting exemption for all citizens of the
United States now living here.
In part the cablegram to the
"Times" continued:
Under defense finance regulations of
Aug. 25 and
dents here were instructed to list
Bank of England.
At the
same
their
United
reserved the right to requisition these securities at
Mr.
Sept. 3, 1939, all resi¬
States
time they were advised
a
securities with the
that the Treasury
later date.
Kennedy went to the Treasury and declared such
United States citizens who
were
a
rule unfair to
working and living in this country.
He
give up their
out^thatlthelruielwouid force many Americans to
pointed
Chronicle
The Commercial & Financial
1206
investments.
»
American who had been
in this country seven years or less should be exempt from any requisitioning
order and later, after further conversations with the Ambassador, the
Treasury amended the order to include any Americans who did not also
possess British nationality.
This exemption was granted to citizens of the United States in the form
of a note from the Treasury which read in part as follows:
"When
requisitioning orders are made, exemption will be granted to
securities which are shown to the satisfaction of the Treasury to have belonged on Aug. 26. 1939, to individuals resident in the United Kingdom
discussion it was decided that any
After much
con"der °ffera f°r 8316 fr°m
bLg?-
insisting that all American
The same note, while
The
British nationality.
nationals and do not possess
who are American
EM
nationals here must offer
exempted citizens of the United States from
turning in dollars and other foreign exchange held before Sept. 3, 1939.
Another communication from the Treasury to the United States Government further relaxed the finance regulations to permit United 8tates citizens
here to buy and sell securities.
This new regulation read as follows:
"His Majesty's Treasury have no objection
.
.
.
to the selling of
securities in r<*pect of which he has obtained exemption from defense
finance
regulations and reinvesting in other securities.
.
.
.
His
Majesty's Treasury also is prepared to agree that foreign nationals resident
in the United Kingdom who do not possess British nationality will not be
called upon to surrender income accruing to them by way of interest or
gold to the Treasury, also
securities nor in consequence upon
of their original holding."
dividends on exempted
they purchase instead
securities which
Short sales are shown
mission.
in these figures.
'
Trading on the Stock Exchange for the account of members
,
th
ended Feb> 3 (in roUnd-lot transactions)
"TV6, Ac;i 1Qommrnt wn<? 1Q 6Q% of total
totaled 651,135 shares, which amount was iy py^ 01 total
transactions on the Exchange of 3,204,745 shares. This
With member trading during the previous weeK
ended Jan. 27 of 702,690 shares, or 20.45% of total trading
Qf 3 376,540 shares.
On the New York Curb Exchange
\
\ A•
1
• „ +Tna _rppi. pnripfi FpL 3 amounted to
member trading during tne weeK enaea JJ6D. o amouiiteu i>o
128,045 shares, or 18.25% of the total volume on that
Exchange of 641 ,.505 shares; during the preceding week
trading for the account O Ur
'
was 18.67% of total trading 01 057,940 Shares.
In making available the data IOr the WeeK ended. reD. o,
compares
the Commission said:
Th0 data publighed are
York gtock Exchange
-
Total number of reports received
1. Reports showing transactions as specialists. _.... - - 2. Reports showing other transactions initiated on the
Reniihlic
throncrh
Oolombia
of
^
"1 P
,
i
.
rr
Ambassador
its
1Q
v
rxf
A
c!r,l-;r,rr
Avfnvnni
1 Q9ft
two exchanges.
the rate of 3% per annum in United States
The Republic is also announcing that it will set
aside for application this year the sum of $400,000 for purchase of bonds of
these issues for retirement.
It was
Oct. 1, 1961 at
entrie8 in more than one
OF MEMBERS * (8H^^8 Ended
Republic of Colombia
time
Council
the
will
result in an offer of a
the
bo able to recommend to
the present
that
feels
——2. Total transactions Initiated on the floor-Total purchases
Total sales
231,540
244,540
-
Other trauaactlona Initiated off the
Short sales
Other sales.b
,
88,875
floor-Total purchases
11,100
136,725
—-
147,825
3.69
===========
==s
Total sales
Total—Total purchases
basis is
consider it to their
disappointment of the holders of
Colombian bonds, Departmental, Municipal and bank, that their rights and
necessities have not yet been given the rnnsidprfltinn whirh thpv rpmiire
vet been ffiven thP consideration which they require
necessities
have
and deserve.
The Council will do everything it properly may to induce
fully shares
the
611,385
60~580
-
-
—
sal^lt>~IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
Othe
590,555
19.69
'
ROUND-LOT 8TOCK SALES ON THE NEW YORK CURB EXAND STOCK TRANSACTIONS FOR ACCOUNT OF MEM651,135
Total sales
great
I
„
TOTAL
CHANGE
BER8 * (SHARES)
Week Ended Feb. 3, 1940
appropriate Colombian authorities at long last to make fair and just
and it will hope that the Departmental, Municipal
the
13 000
saleslb."""HI"
resumption of payment on a temporary
step in the right direction and the bondholders may
interest to take the amount offered for this year.
Council
272,850
les
Short
Other
7.93
258,770
—
Total sales
only during
continue negotiations in the hope that they
permanent settlement which the Council may
bondholders as fair and equitable.
The Coun-
a
The
222,290
-—
then
Republic at its request and bondholders must
apply for payment to the Colombian Government in Bogota.
The Council would point out that this offer is for one year
cil
3M80
,
gh rt
payment of the coupons falling due in 1940 will remain on deposit
the Agents of the Republic for five years after the payment date of
1940 coupons for *hich such sums are held
Thereafter these funds
may
249,660
registered—Total purchases
that it will promptly present for cancellation and retirement
$5,997,500 principal amount of these bonds held by the Republic.
This will
leave outstanding $45,226,000 principal amount of bonds.
Under the terms of the agreement with the Paying Agents the funds for
be returned to the
...'
members, except for
the odd-lot accounts of odd-lot dealers and specialists:
1. Transactions of specialists in stocks in which they are
proposes
which
, . . _.r
Total sales
Round-lot transactions for account of
g
Bondholders Prostatement, which follows
with the Paying Agents the
Cent *
3,110,565
-
Other sales.b
the agreement
Per
total for
94,180
Other sales b..
part:
may
1940
A*
the offer the Foreign
Feb. 19 issued a
tective Council on
the
Feb 3
Week
_
,,
total mnrP
more
may carry
york stock ex-
' '
^
with
comparable on the
Q
change and round-lot stock transactions for account
,
In commenting on
the
cla88lfication.
sales on the new
TOtal round-lot stock
which are the result of negotiations between the
Republic and the Foreign Bondholders Protective Council, Inc., will start
with the payment immediately of the coupon which matured Jan. 1, 1940
and subsequent 1940 coupons will be paid on their maturity dates.
Interest payments will be made at the offices of Hallgarten & Co., 44 Pine
Street, New York, or Kidder, Peabody & Co., 17 Wall Street, New York, as
agents for the Republic.
Under
..
payments,
Interest
in
...
The number of reports in the various classifications may
than
number of reports received because a Single report
fternal Sinking fund gold bonds Of 19-8 due
stated:
^
208
specialists in stocks in which they are registered are not directly
Sno
currency.
further
os
iyz
specialists' other round-lot trades. On the New York Stock Exchange, on the
other hand, all but a fraction of the odd-lot transactions are effected by dealers
engaged solely in the odd-lot business. As a result, the round-lot transactions of
..
Turbay, announced on Feb. 19 that it
will pay interest represented by coupons maturing in 1940
on its 6% external sinking fund gold bonds due Jan. 1, 1961
an/
Too
transactions Initiated off the
other
Curb
„^
4. Reports showing no
at
.
RiZi
»ock
Exchange
84
transactions
581
610
Note—On the New York Curb Exchange, odd-lot transactions are handled solely
by specialists in the stocks in whichodd-lot transactions arethe round-lot transactions
specialists resulting from such they are registered and not segregated from the
Pay Interest on Coupons Maturing in
1940 on Its 6% External Gold Bonds Due in 1961
Stat »rrip.nt hv Foreign Bondholders Council
Statement oy r oreign Donanoiaers counci
Thp
showing
filed with the New
Curb Exchange by their respecclassified as follows:
tne members. lUese reports are ciassmea as
to
Washington, Gabriel
based upon weekly reports
aiMj the New York
Th«*p rpnort* are
TnpmKprR
+.
3. Reports
floor
Colombia
Feb. 24, 1940
separately from other sales
offers to the bondholders
bank
and
bonds will be included at the time of future
offers.
Total roun(i_]0t sales:
Republic
Rules on
Colombia 6% Gold Bonds
Stock
York
New
Exchange
Other sales.b
of
by the. Committee on Floor
York stock Exchange on Feb. 20:
issued
Notice
is
being made on
now
1%%
on
Feb.
That the bonds shall
in
settlement of
23,
E.
payable
at the
offices
of the
_
of Hallgarten & Co. and Kidder,
„
Reference
to
the
resumption of payments on defaulted
our issue of Feb. 17, page 1061.
made in
was
Trading on New York Stock and New York
Curb Exchanges During Week Ended Feb. 3
Member
t
rpv
o
t
-n
i
1
. ,.
and Exchange Commission made public
(Feb. 23) figures showing the volume of total
round-lot stock sales on the New York Stock Exchange and
ine
becunties
1,100
Total sales
.
_
'
23,400
„
A
cfrbocTrif
series
or
current
Exchange for the account of all members
.W6ek" ended Feb. 3, continuing a
Com-
figures being published weekly by the
og
u
„ * ,
.
_
« - -
3.56
=
'
25,27o
3. Other transactions initiated off the floor Total purchases
775
-
14,270
Other sales.b.
15,045
3.14
=====
106,160
=====
Total sales
4. Total—Total purchases
-
othSSiSUbV.V.V.V.V.V.V.V.".".".". 111111111111111
customers' other sales.c
,
iiM45
128,045
Total sales
C. Odd-lot transactions for the account of specialists:
Customers'short sales
,18-^
100
08,324
«Yil
yesterday
the New York Curb
11
22,325
the floor-Total purchases
Short sales...
ersaes.
Short sales
and Secretary
Peabody & Co., New York, N. Y.
dollar bonds
sHann
2. Other transactions initiated on
SALT2TMAN
Vice-President
T7T7
ex-
23, 1940, must
the July 1, 1935, and subsequent coupons, with the exception
coupon due Jan. 1, 1940.
CHARLES
58,560
.
Total sales
continue to be dealt in "Flat" and to be a delivery
Exchange Contracts made beginning Feb.
.
82,375
1940;
carry
Note: Interest
_
the interest due
Committee
The
641,.505
registered—Total purchases
surrender of coupons from Republic
6% external sinking fund gold bonds, due Jan. 1, 1961:
on Floor Procedure rules that the bonds be
quoted
of Colombia
interest
—~r
S^«SS?Sir«.
»•
Procedure of the New
'
been received that payment of 50% of
having
1940,
1,
632,030
-
...
Tota sales
following ruling on the Republic of Colombia 6%
external sinking fund gold bonds, due Jan. 1, 1961, was
The
Jan.
9,475
Short sales
♦
_
—
39'119
»The term "members" includes all Exchange members, their firms and th«
partners, including special partners.
Total sales
-
----
-
Volume 150
The Commercial & Financial Chronicle
1207
Shares In members' transactions as
per cent of twice total round lot volume.
In calculating these
percentages, the total of members' transactions is compared
with twice the total round lot volume on
the Exchange for the reason that the total
of members' transactions
Includes both purchases and
sales, while the Exchange
volume includes only sales.
of the amount of registered securities
proposed
for sale by issuers in
January, 1940 represented the securities of only four
b Round lot short sales which are
exempted from restriction by the Commission
rules are included with "other sales."
of
a
and
New York Stock Exchange During
on
Week Ended Feb. 17
The
Securities
and
Exchange Commission made public
for the week ended Feb. 17 of com¬
plete figures showing the volume of stock transactions for
Feb. 23,
on
a
summary
the odd-lot account of all odd-lot dealers and
handled odd lots on the New York Stock
specialists who
Exchange, continu¬
ing a series of current figures being published by the Com¬
mission.
Figures for the previous week ended Feb. 10 were
reported in
our
issue
of
Feb.
based upon reports filed
.odd-lot dealers and specialists.
are
STOCK
17, page 1062.
The figures
with the Commission by the
FOR
THE
ODD-LOT
ACCOUNT OF ODD-LOT
DEALERS AND SPECIALISTS ON NEW YORK STOCK EXCHANGE
(customers' purchases):
397,575
*
...
Dollar value
15,285,083
Odd-lot purchases by dealers (customers'
sales):
Number of orders:
215
Customers' other sales.a.
16,252
....
Customers'total sales
16,467
Number of shares:
Customers'short sales
Customers' other sales,
7,079
404,567
a
Customers' total sales
411,646
Dollar value..
14,008,411
Round-lot sales by dealers:
Number of shares:
170
.....
Other sales.b..
94,030
Total sales
94,200
.....
Round-lot purchases by dealers:
Number of shares
...
...
96,830
...
Sales marked "short exempt" are
reported with "other sales'
b Sales to offset customers' odd-lot orders and
sales to
preferred stock.
outstanding 6%
single issue accounted for almost all of the total
This
of securities, namely,
amount
$38,640,000, which
was
for securities.
Of considerable interest was the
registration by
Lockheed Aircraft Corp. of 225,000 shares of
common stock
having esti¬
mated gross proceeds of
$6,412,500.
This was one of the largest common
stock
issues, proposed to be offered to the general
public through under¬
writers, to have been registered under the Securities Act.
Electric,
and water utility companies accounted
for $69,959,000, or
gas
68.3% of the
total amount of securities
proposed for sale
by issuers.
Manu¬
facturing companies registered $24,635,000 of
securities, or 24.1% of the
and
securities,
As
in
financial
and
investment
companies
registered
months,
fixed
total and
long-term
unsecured bonds for
30.6%.
Common stock
or 21.3% of the total.
The remainder of
$3,339,000
3.3% of the total, consisted of preferred stock.
During January, 26 statements became fully effective
covering 35 separate
issues.
Of the gross amount of
$145,182,000 of effectively registered
securities, $1,300,000 represented securities
registered for the
aggregated $21,776.000
liquidate
a
round lot are reported with "other sales".
Opinion Dealing with Form
Securities
long position
The amount of compensation to be
paid distributors was $4,027,000, or
of the total proposed for sale by issuers.
Other issuing and dis¬
3.9%
tributing expenses were $701,000, or 0.7%,
making total issuing and dis¬
tributing expenses, $4,728,000, equilvalent to
4.6% of the total.
Estimated net proceeds accruing to issuers totaled
$97,646,000.
purposes combined
accounted for
2.5%
or
and
$17,133,000,
17.5% of
or
net
proceeds.
Securities effectively registered
during January consisted principally of
underwritten issues. A total of
$89,150,000 of securities, or 87.1% of the
total amount proposed for sale
by
This compared with
issuers,
was to
$7,282,000,
be offered through under¬
7-1% to be offered through
5.8%, to be offered directly by issuers.
Secur¬
the general public accounted for
95.0% of the total,
or
agents and $5,943,000, or
to
be offered
Exchange Commission
on
Feb.
20
All of these data
are
to
security holders for 4.5%
registrant had
not
one reorganization and
exchange issue
represented by certficates of deposit, registered in one
statement, with an
estimated
value
of
$1,300,000.
TYPES OF SECURITIES INCLUDED IN 26
REGISTRATION STATEMENTS
THAT BECAME FULLY EFFECTIVE
DURING
maintained cash
bank
original underlying data such
statements,
purchase
orders,
as
canceled
vendors'
Type of Security
when
invoices,
sales
orders
and
registrant during the period under review, has
maintained records adequate for the
purpose of preparing comprehen¬
not
sive and
a
dependable financial statements, that fact should be
disclosed.(i)
If, because of the absence
tained
by
a
or gross
No.
inadequacy of accounting records main¬
registrant, it is necessary to have essential books of
account
prepared retroactively and for the accountant to enlarge the
scope of the
audit to the extent indicated in order to be able to
express his opinion, these
facts also should be disclosed, and I believe it is
misleading, notwithstand¬
Issues
Long-term secured bonds
Short-term secured bonds.a....
Long-term unsecured bonds
misleading,
or
4
registrant
~7
Common stock
Certifs. of
Warrants
17
participation, beneficial interest, Ac.
or
or
were
account
were
grossly inadequate, or if it has
accountant to make pervasive
not
rights
2
for Conversion
Percent
0.6
Jan.
Jan.
1940
1939
$45,989,270
44.9
0.6
l",27"o",000
30.5
52.2
28.3
0.9
21.8
49". 9
28.3
27.3
3",338",950
3.3
6.1
21,776,282
21.3
3
unsec. bonds.a.
Face amt. lnstal. ctfs
Became
Effective
■
•
in question here, the status of accountants as independent
experts may be Jeopardized when employees of the certifying accountants
prepare
the registrant's ledgers and books of original entry or when the
accountant's work
not
becomes a substitute for management's accounting of its
stewardship rather than a
accounting.
Cf. In the Matter of Interstate Hosiery Mills,
Inc.,
Securities Exchange Act Release No. 2048.
16.9
Ctfs. of partic., ben. lnt.,&c
Warrants or rights
Total
a
15.6
2.6
16.3
0.5
$143,541,965 100.0
100.0
Securities having maturity of three years or less
$102,374,502 100.0
are
classified
as
100.0
"short-term
securities.
The registration
were
SEC
given in
our
figures for last
year
and December, 1939,
issue of Feb. 17, page 1064.
Publishes Statistics
on
Quarter—Participations
Issues—Firms
counted for
(z) In this connection it should be noted that under somewhat similar circum¬
previously held that an account¬
duty to disclose the existence of areas of
information about which there is considerable doubt.
See In the Matter of Liv¬
ingston Mining Co., 2 S.E.C. 141, 148; In the Matter of Platoro Gold
Mines, Inc.,
Securities Act Release No. 1807.
40,679,365
24,303,330
Common stock
During
Underwriting for Fourth
Totaled $210,895,000 for
of New York City Ac¬
Outside
Majority
The Securities and
stances the Commission In stop order opinions has
ant certifying financial data is under a
1939
Amount
Short-term
Preferred stock
34
check upon that
Jan.
32.1
$45,989,270
1,300,009
31,279,000
Long-term unsecured bonds
to say:
Although
Gross
Jan.
1940
Short-term secured bonds.a
Announcement was made Feb. 22 by the Securities and
Exchange Commission that the gross amount of securities
effectively registered under the Securities Act of 1933 aggre¬
gated $145,182,000 in January, 1940, according to an analysis
prepared by the Research and Statistics Section of the
Trading ana Exchange Division.
Of this total, $102,375,000
of securities was proposed for sale
by issuers as compared
with $149,542,000 in December, 1939, and
$135,939,000
in January, 1939.
The Commission's announcement went
(jj)
Percent
Gross
Amount
and extraordinary adjustments of the char¬
January
on
Issuers
Proposed for Sale by
Type of Security
Long-term secured bonds..
Act
$145,181,613
Gross Amt. of Securities
maintained by a
+,
Securities
40.679,365
150,000
35
been necessary for the
Registration of 35 New Issues, Aggregating $146,182,000,
Under
25,942,978
mi
Gross Amt. of Securities,
Less Securities Reserved
in
acter under consideration.
•*
Total.
imply that accepted principles of accounting have
by a registrant during the period under review
during such period books of
Amount
$45,989,270
1,300,000
31,270,000
"503", 123
6,097,003
1
Preferred stock
been consistently followed
if in fact
Face Ami.
44,306,000
1,300,000
30,300,000
Short-term unsecured bonds.a
Face amount instalment certificates
ing
opinion, to state
No. of Units
or
4
partial disclosure by footnotes, as in the instant case, to furnish a
certificate which implies that the accountant was satisfied to
express an
opinion based on a test-check audit.(y)
Moreover, it is
my
of
checks, check stubs,
duplicate sales invoices.
In my opinion,
JANUARY, 1940
Gross Amount of Securities
books, journals,
other books of original entry or ledgers
during the period covered by the
financial statements filed by it with the Commission,
Its files, however,
contained
and securities to be
exclusive of
by William W. Werntz, Chief Accountant, follows, in part:
a
Only $2,395,000,
be used for the purchase of securities.
was to
offered to others for 0-5%.
of Accountants'
dealing with
opinion, prepared
case
Of this
$78,089,000, or 80.0%, was to be applied to the
repayment of in¬
debtedness, with 75.3% to be used for the repayment of bonds
and notes
and 4.7 % for repayment of other debt.
All new money
ities to be offered to
made public an opinion in its
Accounting Series
the form of accountants' certificates.
The
recent
of
others, all of which was proposed for
sale, leaving $143,882,000 of securities
registered for the account of issuers.
Securities not proposed for sale
by
issuers, comprised on the main of securities to be isused
in exchange for
other securities, equaled
$41,507,000.
There remained
$102,375,000 of
securities proposed for sale
by issuers, of which only $752,000. or
0.7%,
represented the securities of new ventures.
.
Certificates
a
$4,999,000 of
only 4.9% of the total.
or
recent
securities
In
to be issued in ex¬
change
writers.
a
The
proceeds of
amount
Short sales
SEC Issues
gross
account
•
Customers* short sales
a
Libby, with
or
Number of shares
which Is less than
McNeill &
In addition to the three debenture issues
of American Gas & Elec.
Co., this
company also registered an issue of 4^ %
preferred stock with an estimated
value of $37,340,415 to be offered
in exchange for its
of the
14,578
-
bonds of Libby,
the
Total
for Week
-
4%
interest-bearing securities predominated in
January registrations, such securities amounting to
$77,259,000, or
75.5% of the total, with long-term secured bonds
accounting for 44.9%
Week Ended Feb. 17, 1940
Odd-lot sales by dealers
Number of orders
$11,510,100,
the
$11,000,000.
total,
TRANSACTIONS
The
largest amount was shown for the American Gas & Electric
Co., which registered three debenture issues with
aggregate gross proceeds
$30,970,000.
Among the other large issues were the 3 M% bonds of
of
+
Odd-Lot Trading
companies.
Consumers Power Co. with gross
proceeds of $19,616,670, the 3H% bonds
Pennsylvania Water & Power Co. with gross proceeds of
Sales marked "short exempt" are included with
"other Bales."
c
Approximately two-thirds
Feb. 21 that
4
Exchange Commission announced on
underwriting participations in issues registered
under the Securities Act of 1933 and offered for sale
the three months ended Dec. 31, 1939, amounted to
895,000 for 34 issues, according to
during
$210,-
analysis prepared by
of the Trading and
Exchange Division.
This total included $188,860,000 for
13 bonds issues, $13,211,000 for 11
preferred stock issues and
the
Research
and
Statistics
an
Section
$8,824,000 for 10
explained:
The SEC further
stock issues.
common
Firms outside of New York City accounted for a
majority of the under¬
Ninety-nine of these firms
had underwriting participations of $109,388,000, or 62% of the total.
While these firms had 60% of total participations in bond issues, they
writing business during the fourth quarter.
preferred stock issues and 75%
accounted for 65% of total participations in
in common stock issues.
of total participations
in the
Firms outside of New York City led to an even greater extent
During the fourth quarter, 17 such
underwritten issues.
management of
firms managed an aggregate of
$173,691,000, or 82% of the total amount.
that firms outside of New York
A breakdown by types of issues indicates
City managed 84% of the bond issues, 45% of the preferred stock issues
and 93%
of common stock issues.
Of the 144 firms which had underwriting participations
during the fourth
Yet these firms had aggregate
of total participations.
The 17
quarter only 31 firms acted as managers.
44%
of $92,251,000, or
participations
firms outside of New York City which acted as managers
tions of
had total participa¬
$38,527,000 in issues managed, as compared with only $15,447,000
14 New York City
This contrasted with the record for
in other issues.
which acted as
firms
follows: Halsey, Stuart & Co., Inc.,
$11,190,000, Blyth &
with $27,960,000, Harriman Ripley & Co., Inc., with
Co., Inc., with $7,951,000, The Boston First Corp. with $7,900,000 and
Of these the first and fifth firms are
A. G. Becker & Co. with $7,148,000.
located outside of New York City.
These five firms accounted for 29%
participations.
In terms of the amount of underwritten issues managed the five leading
firms ranked
follows:
as
Halsey, Stuart & Co., Inc., $145,500,000, White,
Weld & Co. $10,900,000, Harris, Hall & Co. $9,000,000, Harriman Ripley &
The first, third
Co., Inc., $8,000,000 and A. G. Becker & Co. $7,320,000.
and fifth of these firms are located outside of New York City.
firms accounted for
The
amount
These five
000,000,
New York City.
For the 49 other firms outside of New York City not shown separately in
the tables, the largest amount of participations for any one firm was
000, the smallest $4,888 and the
$325,-
increased sale of annuities and the use of sup¬
tended to decelerate the outflow of funds
during the period.
The number of life insurance policies in force dropped
2.2% from a high of 101,500,000 in 1931 to 98,000,000 at Dec. 31,1938. The
two largest companies had 36% of the admitted assets of the group.
The
average amount of life insurance covered by each policy at the end of 1938
was $940, as compared with $837 at the end of 1929.
The two largest life insurance companies had 74,000,000 of the 98,000,000
of life insurance policies in force at the close of 1938, or 75%.
These policies
represented $40,000,000,000 of life insurance, or nearly 44% of the dollar
amount of insurance in force for the entire group of 26 companies.
Fifteen
had
of the companies
smaller dollar amount of life insurance in force at
a
Dec. 31, 1929. The five New York State companies
43.8% of the aggregate life insurance in force,
New Jersey companies had written 21-5%, Connecticut 12.4%,
Dec. 31, 1938, that at
had written approximately
while the
Massachusetts
8.9%,
Ohio 2.2%,
0.6%.
Wisconsin 4.2%, Pennsylvania 3.2%,
1.5%, Indiana 1%, California 0.7%, and Vermont
Iowa
totaled $26,970,-
Funds available for investment over the 10-year period
The amount available for
$4,300,000,000, as against $2,000,000,000 in 1929.
investment in 1938 was
The 5 largest companies alone had
1938-
in
made in
Investments
$2,800,000,000 available for investment
1938
$3,650,000,000, of which
totaled
bonds and stocks, $635,900,000 in mortgages,
$2,840,000,000 went into
$38,400,000 in policy loans and other
and
$134,000,000 in real estate,
investments.
discloses the rates of
One of the usual schedules included in the survey
rate of income
The average
of assets at the close of 1938.
income from the principal types
from policy loans of 5.79% was the highest return from any
The smallest company had 15.90% of its assets in¬
type of investment.
The largest company
vested in policy loans and earned a return of 5.49%.
10.65% of its assets in policy loans, from which it received a return of
had
One company had only 5.07% of its assets invested in policy loans
which it received a return of 5.90 %.
on
At the end of 1938, the 26 companies owned
which
of
$4,500,000,000
United
were
000,000 Canadian Government bonds,
States
$13,100,000,000 of bonds,
bonds,
Government
governments, $1,400,000,000 bonds of United States political
subdivisions,
$284,000,000 railroad equip¬
$2,300,000,000 railroad bonds,
$3,000,000,000 public utility
bonds,
ment
The com¬
bonds, and $1,200,000,000 industrial and miscellaneous bonds.
SEC Issues Report of Investments and Operating Re¬
sults of 26 Life Insurance Companies from 1929 to
1938—Study Made for Monopoly Committee—Shows
Insurance in Force Increased 9.8% While Assets
Advanced 63.1%—Number of Policies Declined 2.2%
The Securities and
Exchange Commission made public on
through the Temporary National Economic Com¬
mittee a statistical report presenting detailed comparative
data on the investments and operating results of the 26
largest legal reserve life insurance companies in the United
States during the 10-year period, 1929 to 1938. The report,
which is entitled "Operating Results and Investments of the
26 Largest Legal Reserve Life Insurance Companies in the
United States, 1929-1938," was prepared as a part of the
Commission's study of life insurance for the T. N. E. C.
The report covers all legal reserve life insurance companies
domiciled in the United States having assets in excess of
$125,000,000.
The 26 such companies are a3 follows:
Feb.
10
Metropolitan Life Insurance Co., New York City.
The Prudential Insurance Co. of
$8,300,000,000 were United States Government bonds and $6,900,000,000
other bonds.
Of the $6,900,000,000 of bonds
bonds.
other
bonds
Government
bankers, $2,100,000,000
were
500,000
of bonds
totaled
'
.
v'
assets in
bonds, but only 11 .21% of this amount
Mass.]
Hartford, Conn.
same
estate
Phoenix Mutual Life Insurance Co., Hartford, Conn.
Iowa.
The Western and Southern Life Insurance Co., Cincinnati, Ohio.
owned
The Lincoln National Life Insurance Co., Fort Wayne, Ind.
Questionnaires of the SEC which
The data contained therein
Each
were
issued under dates of
company
was
asked to supply
prima
facie
consistency,
cases
but the
verify or audit
in which answers to questions
appeared to be inconsistent or were found to be in disagreement with annual
called to
the attention of the companies
involved and revised information submitted by such
companies has been
Finally the report was submitted to each company
Committee
Furthermore,
has not been approved by the Temporary National Economic
nor
has the Committee drawn any conclusions therefrom; the
information having been assembled purely as an aid to the Committee in
the consideration of the various topics to be discussed in the course of the
were
31,
from
on
the decade, real
over
$1,790,000,000 owned in
At the end of 1938,
farms in
Iowa and
$91,700,000
were
on
farms
in
delinquent
were
as to
In different companies this delinquency ranged
or more.
1.16% to 24.60% of farm mortgages owned.
rate on farm mortgages
$81,-
Of mortgages owned,
from $5,000 to $25,000 in size.
were
14.71% of the farm mortgages
1938,
interest 3 months
owned at the end of 1938
was
The
average
interest
4.76%.
Urban mortgages valued at $3,890,000,000 were owned as of Dec.
1938, of which $155,400,000
were
31,
insured under the National Housing Act.
Urban mortgage acquisitions rose from $48,860,000 in 1933 to $487,000,000
in
1938.
ranged
The average interest
as
rates
urban mortgages made in
on
between companies from 3.98%
to
5.25%.
During the
1938
years
1932-1938, inclusive, the 26 companies foreclosed urban mortgages in the
amount of
$1,230,000,000.
At the end of 1938, there were $39,900,000 of
urban mortgages in foreclosure.
holders
on
...
their policies
rose
from $1,900,000,000 at the
end of 1929 to $2,800,000,000 at the end of 1938.
was
1933 at $3,100,000,000.
in
The peak for policy loans
During the 10-year period income from
policy loans amounted to $1,500,000,000
or an amount
equivalent to
more
than 43% of total dividends paid on ordinary insurance.
The total income of the 26 companies during the year 1938 from invest¬
over
significant facts contained in the report
with respect to the operations of these 26 companies are the
following:
more
$529,400,000.
The bulk of farm mortgages
Dec.
ments
hearings.
Among the
from $81,900,000 to
Loans to policy
publication.
The report presents no conclusions or recommendations.
the report
At
Replies to the questionnaires have been
Commission has not gone beyond the replies themselves to
for checking prior to
In
from
Over the 10-year period, however, the amount of farm real estate
rose
Illinois.
assembled from information supplied by the companies in replies to two
included in the tables.
rose
Mortgages declined from $6,200,000,000 at the end of 1929 to
$195,200,000
explained:
The report contains over 250 separate tables.
was
decline
800,000 of farm real estate was under contract of sale.
The Guardian Life Insurance Co. of America, New York City.
the situation
1929, jumping from $102,000,000 to $665,000,000.
$4,500,000,000.
of $743,960,000, a substantial decrease from the
1929.
statements,
aspects of the insurance invest¬
At the end of 1938, the companies owned farm mortgages in the amount
State Mutual Life Assurance Co., Worcester, Mass.
In
some
than 6 times greater at the close of 1938
holdings moved sharply upward, reflecting the large amount of fore¬
Equitable Life Insurance Co. of Iowa, Des Moines, Iowa.
the information set forth therein.
more
000 to $1,700,000,000.
Pacific Mutual Life Insurance Co., Los Angeles, Calif.
and
One
$4,600,000,000 at the end of 1938, whereas real estate moved from $277,700,-
National Life Insurance Co., Montpelier, Vt.
accuracy
Cash was
period investments in United States Government bonds
closures.
mechanical
had only 9.40% of its assets
in stocks and earned a return on
While mortgage investments were on the
Connecticut General Life Insurance Co., Hartford, Conn.
for
assets
period reflect
the 10-year
over
problem.
than at the end of
$303,000,000 to
checked
The lowest rate of return for any
The sharp increases in cash and in holdings of United States Government
this
11, 1939.
stocks, most of which are
Four of the companies had no funds invested in stocks.
Providence Mutual Life Insurance Co., Philadelphia, Pa.
questions.
in bonds of the United
5.68%, but that company had only
company
had invested 6.32% of its
The Union Central Life Insurance Co., Cincinnati, Ohio.
identical
was
3.66%, and this
company was
ment
1939, and Aug.
was
The highest rate of return earned by any one
4-95%.
0.69% of its assets invested in stocks.
bonds
New England Mutual Life Insurance Co., Boston,
was
stock investments
company on
Aetna Life Insurance Co., Hartford, Conn.
to
On the other hand, the com¬
its stocks during 1938 at the rate of 5.07%.
The Mutual Benefit Life Insurance Co., Newark, N. J.
31,
were
with the highest rate of return, namely 3.80%, had 33,83% of its
pany
Massachusetts Mutual Life Insurance Co., Springfield, Mass.
Investment
47.7%,
had 39.05% of its assets in bonds, with 35.69% of this amount
being in United States Government bonds.
company
The Penn Mutual Life Insurance Co., Philadelphia, Pa.
Jan.
were
bond and note
or
The company with the lowest rate of return on bond investments, namely
2.90%,
in stocks.
John Hancock Mutual Life Insurance Co., Boston, Mass.
answers
32.8%,
or
corporate
new
taken by the group of companies under study.
one
was
1938,
$2,190,000,000, of which $1,040,000,000,
The average rate of return from investment in
Hartford, Conn.
The SEC announcement
In
2
V
corporate bond and note
$11,240,000,000, of which $3,680,000,000,
by the 26 companies.
totaled
issues
In 1938 alone, $659,-
purchased privately from the issuers, of which
were
In the 5-year period ended Dec. 31, 1936, new
issues
issues purchased from
were new
purchased in the open market, and $1,900,-
were
companies bought more than 62%.
absorbed
United States
other than
the 10-year period, $81,000,000 were
over
purchased privately from the issuers.
000,000
The Travelers Insurance Co.,
Bankers Life Co., Des Moines,
purchased
purchased at public bidding, $2,200,000,000
The Mutual Life Insurance Co. of New York, New York City.
The Connecticut Mutual Life Insurance Co.,
1938, they purchased $2,800,000,000 of bonds, of which
In
$1,300,000,000 were United States Government bonds and $1,500,000,000
preferred issues,
Society of the United States, New York
City.
panies purchased $15,200,000,000 of bonds curing the 10 years, of which
States Government.
America, Newark, N. J.
New York Life Insurance Co., New York City.
The Equitable Life Assurance
$209,-
$5,900,000 bonds of other foreign
$277,000,000 bonds of Canadian Provinces,
firm $118,587.
average per
This growth is
had jumped 63.1% to $24,200,000,000.
assets
plementary contracts, which has
tables for all of the 45 New York City firms which had participations during
the final quarter and for the 50 largest firms outside of
for the 26 companies at
had increased only 9.8% to $92,200,-
partly attributable to the
5.80%.
86% of the total amount managed.
of underwriting participations is shown separately in the
1940
24,
Although the amount of life insurance in force
000,000 of which $26,300,000,000 was invested.
The five firms which secured the largest amount of underwriting participa¬
tions during the fourth quarter were as
Feb.
the end of the decade under observation
only $14,343,000 of their participations
managers,
being in issues managed, as compared with $23,934,000 in other issues.
of total
Chronicle
The Commercial & Financial
1208
was
$875,800,000. of which the 2 largest companies accounted for
35% and the 5 largest companies for almost 62%.
vestments in bonds
Interest from in¬
proved to be the most important source of investment
income, averaging 49.90% of this income for all the companies dining 1938.
Interest
on
mortgages was second at 24.75%, while interest on policy loans
Volume ISO
came
next
with
The Commercial & Financial Chronicle
18.66%.,
Dividends
on
stocks
brought in
total
2.90%
of the
investment income; income from real
estate acquired in satisfaction
of debt 2.66%; income from
home office real estate
0.85% ; other investment
income 0.21%; income from
housing projects 0.06%; and interest on col¬
lateral loans 0.01%.
.
.
.
A
comparison of the market value of bonds
owned Dec. 31, 1938 with the
value at which
they were carried in balance sheets of the
26 compa ies
shows that the market value
exceeded balance sheet value
by
Baa
bonds, however, which
had
a
carried in the balance sheet
at $1,400,000
value of $1,300,000.
Ba bonds which were carried on
the
market
balance sheet
$201,000,000.
were
at
1209
Regional Agent for the Board in the
supervision of such
institutions in the Second District.
Sixty-four associations,
$163,787,200 were located in New York.
Two, whose resources total $3,810,768, are in New
Jersey.
The Bank's
announcement bearing on the report said:
with
of
resources
The report revealed that the
Federal savings and loan associations in
the
Second District
were
serving 194,394 individual investors whose
aggregate
savings balances amounted
to
$144,797,367
pared with
at the end of the year, as com¬
174,120 savings accounts amounting to
$123,484,857 a year
They held 33,871 first mortgage loans in thesumof
$134,029,117,
$514,000,000 had a market value of
$353,000,000 and were
thus carried in the balance
sheet at 45% above their market
value.
Industrial insurance in force at
the end of 1938 had increased
nearly
$2,000,000,000 over 1929 to
$17,500,000,000.
The
which compares with
insurance policies in force declined
$6,400,000 to $70,300,000.
Only 4 of
the companies write industrial
insurance.
The 2 largest companies carried
$15,200,000,000 of ihe industrial insurance
written, or 87%.
Over the
10-year period there was a net increase in
advanced $36,902,236
previous.
surplus
which
these
companies
of $1,160,000,000 from
paid out
policy holders, leaving
an
of $164,000,000.
Ordinary life insurance
$996,000,000 in dividends to industrial
addition to surplus
arising from industrial in¬
surance
in force at the end
of 1938 amounted to $63,200,a gain of $3,200,000,000 over
1929, but a drop of $957,900,000
1931, the peak of the 10-year period.
The number of ordinary life
policies in force was at ^a new
high at 27,728 as compared with 23,451
in 1929.
The ordinary life
policy in 1938 averaged $2,280, as
against
$2,561 in 1929.
Only one company in the
group showed a gain in each
of the 10 years in the
amount of ordinary life
insurance in force.
Sales of ordinary life insurance as
indicated by first
000,000,
from
year premium income
have decreased from
$275,300,000 of first year premium income in 1929 to
$224,600,000 in 1938. In 1929 total
ordinary premium income was $1,800,000,000; in 1938 it was $1,900,000,000; for the
10 years it was $18,800,000,000.
From a 10-year increase in
surplus from ordinary insurance of
$3,990,-
000,000,
dividends
on
ordinary
life
policies
maximum dividends paid in
any one year on
000 in 1931; in 1938 dividends of
took
ordinary life insurance operations
went to increase
contingency
During the decade
under
observation the
26
As
added
was
during the 10
were
paid.
were
$547,000,000
reserves
$3,450,000,000.
ordinary policies
$293,000,000
a
to
years.
The
$426,000,result of
surplus
or
.
companies
have
gained
$3,570,000,000 from mortality; $470,000,000 from
loading; and $751,000,000
Although the companies showed a gain from
$34,000,000 and a gain from sales and
redemptions of
from surrenders and
lapses.
gales of real estate of
bonds and stocks of
values
a
stocks.
total of
increased
$140,500,00), they
$269,700,000
Surplus,
27.8%
wrote
off
an
account
of declined
companies.
Value of
Commercial Paper
Outstanding as Reported
by New York Federal Reserve Bank—Total of
$219,400,000 Jan. 31 Compares with
$209,900,000
Dec.
The
30
following
commercial
announcement
paper
showing the total
outstanding
on
Jan.
31
the Federal Reserve Bank of New
York
on
was
value of
issued
by
Feb. 14:
bank from commercial
paper dealers show
total of $219,400,000 of open market
paper outstanding on Jan. 31, 1940.
institutions during
1939,
according to
Mr.
Bliss'
report.
They
on 7,746 first
mortgage loans, chiefly on homes and
business properties,
during the past year.
In 1938, they had made
5,289 mortgage loans
amounting to $22,825,489.
Practically all of such
mortgages are written on a plan that
calls for repayment in
monthly in¬
stalments over a period of
years.
Net earnings of the 66 Federal
savings and loan associations, whose
activities are reviewed in the
report, amounted to $4,329,854 for the year,
small
of
which
stitutions
$3,444,801
was
distributed
in
dividends
and the remainder was added to
bulwark for possible future
losses.
as a
,
Federal
Home
Loan
$1,801,067
in
Bank
Credit
of
to
reserves
New
savers
in
these in¬
and undivided profits
York—Advanced
During January
The Federal Home Loan Bank
of New York
Feb. 6, that it advanced
reported on
$1,801,067 in long-term and shortof January to its member
institutions in New York and New
Jersey. This brought the
outstanding advances to $20,022,795 at the end of the
month,
a new
high point since the bank was established in 1932 as
term
credits
during the month
the central credit
agency for thrift and
home-financing in¬
stitutions in the Second Federal Home
Loan Bank District.
The bank's
January volume compares with advances of
$1,834,267 in December, and of $868,600 in
January, 1939.
Federal
Reserve
Advisory Council Favors
tinuing Purchases of Foreign Silver
Discon¬
The Federal
Advisory Council of the Federal Reserve
System on Feb. 19 unanimoujly adopted a resolution
favor¬
ing the passage by Congress of a bill which would discontinue
the purchasing of
foreign silver by the Treasury. The coun¬
cil, composed of 12 bankers, repiesenting banks in each of
the Federal Reserve
Districts, asked the Board of Governors
of the Federal Reserve
System to transmit its resolution to
the Senate Banking and
Currency Committee, which is
considering the bill.
now
The resolution said:
The Federal
Advisory Council has noted that the Senate Committee on
Banking and Currency is considering at this time
Senate bill 785, which
would discontinue the purchase of
foreign silver by the Secretary of the
Treasury.
The Council is unanimously of the
opinion that these purchases
of foreign silver should be
discontinued forthwith, particularly in view of
the fact that silver purchases increase
the already excessively large bank
a
figure
compares with commercial paper
outstanding
Dec. 30 of $209,900,000 and with
$195,200,000 on Jan.
on
27,617, properties
reserves.
Reports received by this
This
of these
or
that date totaled
$422,800,000.
During the 10-year period a total of
$4,500,000,000 was paid to policy
holders in dividends, while
stockholders received $82,000,000 in the same
period.
Dividends paid policy holders
during 1938 were $435,00\000, as
against $501, 00,000 during 1929.
Nearly half of the dividends paid policy
holders during 1938 were disbursed
by the 2 largest
serves at
in first mortgages on
A 61.6% increase in
mortgage loan activity characterized the operations
on real
estate and $624,000,000 on bonds and
unassigned funds, for the group at Dec.
31, 1938, had
over the 1929 figure to
$810,000,000.
Contingency re¬
$106,147,541
12 months earlier.
number of industrial
The
last
page
Senate
Committee deferred action on the measure
was noted in
these columns of Feb. 17,
week; this
1081.
31, 193J9.
Below
more
we
give
compilation of the monthly figures for
a
than two years:
►40—
$
31
Bills—$100,836,000
1939—
219,400,000
30
209,900,000
Feb.
214,400,000
205,300,000
Jan.
191,900,000 July
191,200,000 June
195,300.000 May
195,200.000 Apr.
28..
'.30
31..
.
31
,
S.30
209,300,000
201,100,000
194,200,000
180,700,000
*188,000,000
.31
31
3
7
30
31
31..
186,900.000
206,300,000
213,100,000
212,300,000
209,400,000
Nov. 30..
Oct.
31...
30...
210,700,000
225.300,000
251,200,000
271,400,000
296,600,000
292,600,000
299,300,000
31...
30...
Mar. 31...
1938—
Dec.
31..
Sept. 30..
Aug. 31_.
Feb. 28...
Jan.
31...
1937—
Dec. 31...
279,200.000
311,000.000
Nov. 30--.
Revised.
Federal
Intermediate
Credit
Banks
Sell
$23,450,000
z/i% Debentures
The
an
Federal
issue
which
Intermediate
Credit
banks
on
Feb.
16
of
sold
$23,450,000 %% consolidated
debentures,
$2,450,000 was sold within the System and
of
through public offering. The public
offering, as usual, was
made through Charles R.
Dunn, New York, fiscal agent
for the banks, at a
price slightly over par.
Both the
privately and publicly placed debentures are
dated March 1,
1940, and run for nine months,
maturing Dec. 2, 1940.
The offering is reported to
have resulted in a
very good
sale, demand coming from a large
percentage of the cus¬
tomary list of subscribers.
Of the total issue
$20,200,000
will be required to refund
maturities on March 1 and the
remaining $3,250,000 represents
business March
1
there
will
$189,975,000 FICB consolidated
new
be
capital.
At
outstanding
the
a
close
total
of
debentures.
Members
of New York Home
Loan Bank Increased
Assets 21% in Year
Ended Dec. 31,
1939—Report
by President Bliss
The 66 Federal
Savings and Loan associations in the Second
Federal Home Loan Bank
District had
resources
597,968 at Dec. 31, 1939, an increase of
21% over
$138,575,758 held by 64 associations at the end
ceding
of
$167,-
assets of
of the pre¬
year, according to a report
transmitted Feb. 20 to the
Federal Home Loan Bank Board
by George L. Bliss, Presi¬
dent of the Federal Home Loan
Bank of New
Secretary
on
Feb. 19 that the tenders to the
offering last week of $100,thereabouts, of 91-day Treasury bills totaled
$200,702,000, of which $100,836,000 was accepted at an
average rate of 0.006%.
The Treasury bills are dated
Feb. 21 and will mature on
May 22, 1940.
Reference to
the offering appeared in our issue of Feb.
17, page 1067.
The following regarding the
accepted bids to the offering
is from Secretary Morgenthau's announcement
of Feb. 19:
000,000,
or
Total applied
for,$200,702,000.
Total accepted, $100,836,000.
Range of accepted bids;
$21,000,000
of
Accepted at Average Rate of 0.006%
of the Treasury Morgenthau announced
1938—
Apr. 30..
Mar. 31_.
►39—
Tenders of $200,702,000 Received to
Offering of $100,000,000
of
91-Day
Treasury
York and
High,
100.
Low,
99.998; equivalent
rate
approximately 0.008%.
Average price,
99.998; equivalent
rate
approximately 0.006%.
(74% of the
New
amount bid for at the low price was
accepted.)
Offering of $100,000,000, or Thereabouts, of 91Day Treasury Bills—To Be Dated Feb. 28, 1940
Secretary of the Treasury Morgenthau announced Feb. 22
are invited to a new
offering of 91-day Treasury
bills to the amount of
$100,000,000, or thereabouts, to be
sold on a discount basis to the
highest bidders. Tenders will
that tenders
be received at the Federal Reserve banks and the
branches
thereof up to 2 p. m. (EST), Feb.
26, but will not be re¬
ceived at the Treasury
Department, Washington.
The
Treasury bills will be dated Feb. 28, 1940 and will mature
on May 29, 1940, and on the
maturity date the face amount
of the bills will be payable without interest.
There is a
maturity of a similar issue of Treasury bills on Feb. 28, in
amount of $100,114,000.
In his announcement of the offer¬
ing, Secretary Morgenthau also said:
They (the bills) will be issued in bearer form only, and in amounts or
der
of $1,000,
$10,000, $100,000, $500,000, and $1,000,000
nominations
(maturity value).
No tender for
must be in
an
amount less than
$1,000 will be considered.
Each tender
multiples of $1,000.
The price offered must be
expressed on the
basis of 100, with not more than three
decimal places, e. g., 99,125.
Frac
tions must not be used.
The Commercial &
1210
accepted without cash deposit from incorporated banks
and from responsible and recognized dealers in invest¬
Tenders from others must be accompanied by a deposit of
Tenders will be
and trust companies
ment
securities.
of Treasury bills applied for, unless the tenders are
express guaranty of payment by an ncorporated bank
10% of the face amount
accompanied by an
or
trust company.
to
the closing hour
of tenders on Feb. 26,1940,
Federal Reserve Banks er branches thereof up
will be opened and public announcement of the acceptable
I
possible thereafter, probably on the
following
therefor
principal and interest, and any
disposition thereof will also be exempt, from all
inheritance taxes.
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
gift tax.)
No loss fiom the sale or other disposition of the Treasury bills
shall be allowed as a deduction, or otherwise recognized, for the purposes of
any tax now or hereafter imposed by the United States or any of its pos¬
bills will be exempt, as to
gain from the sale or other
taxation, except estate and
carriers are fixed
grade 3. This bill pro¬
to $1,225 for
bill also provides for the
cents. The
salary rates for postal employees at post offices of the first-, second-, and thirdclasses were prescribed by the Act approved Feb. 28, 1925.
Since that time the
workweek was first reduced by law from 48 hours to 44 hours, and again further
reduced tb 40 hours, which in effect results in a decrease of 16 2-3% in service
actually rendered for the same rate of pay.
Until the financial situation of the
Government becomes greatly improved and until the postal receipts and expendi¬
tures are brought more nearly Into balance, I cannot, as a matter of sound policy,
look with favor upon any proposed legislation which would provide for an increase
In the salary rates of postal employees.
I do not consider that there are sufficient
reasons in support of this proposal to increase the salaries of village delivery carriers
"Under existing law
No. 418, as amended, and this notice
Treasury bills and govern the conditions of their
Department Circular
issue.
Tax
Income
Returns
to
Treasury Morgenthau made public on
preliminary statistics of individual income tax
returns and taxable fiduciary income tax returns for 1938
filed in the period January through June, 1939, prepared
under the direction of Commissioner of Internal Revenue
Secretary of the
19
The total number of returns is 6,155,856,
with net income and
taxable fiduciary returns, and 99,136 are individual returns
with no net income.
Further details were given by the
Guy T. Helvering.
of which
6,056,720 are individual returns
Treasury as follows:
Of the 6,056,720 returns
showing a net income of
$18,664,056,932, there
and 3,061,686 non-taxable returns. The total
tax liability is $764,724,215, of which $764,175,194 is reported on the
2,995,034 taxable individual and fiduciary returns with net income and
are
2,995,034 taxable returns
$549,021 is
no
the alternative tax reported on
24 individual returns with
net income.
The total
number of individual income tax returns
is 6,104,010, of which
of $18,431,437,822 and 99,136 show no net
income.
Of the 6,004,874 returns with net income, 2,943,188 are taxable
and 3,061,686 are non-taxable.
The total tax liability is $725,171,237, of
which $724,622,216 is reported on the 2,943,188 taxable returns with net
income and $549,021 is the alternative tax reported on 24 returns with no
net income. The alternative tax was reported on returns with on net income
and with a net long-term capital loss on which the tax, computed on net
income before the deduction of net long-term capital loss, exceeds 30% of
6,004,874 show a net income
the net long-term capital
The total number of
and trusts is 51,846.
taxable fiduciary income tax returns
filed for estates
reported on these returns is $232,619,liability is $39,552,978.
♦
President
Roosevelt Inspects Panama Canal
on
Defenses
Vacation Cruise
studied the problems of
through Pacific waters
in the vicinity of the Panama Canal Zona.
Aboard the
cruiser Tuscaloosa, Mr. Roosevelt on Feb. 17 arrived at the
Canal Zone for an inspection trip of the Atlantic defenses.
On Feb. 18 he went ashore at Cristobal for an automobile tour
of the Zone's defenses and then crossed the Isthmus by train
and reboarded his ship, which had passed through the locks,
on the Pacific side.
The President on Feb. 19 surveyed the
Pacific defenses of the Canal and since Feb. 20 has been
fishing in Pacific waters.
On his return trip through the
Canal, Mr. Roosevelt will be accompanied by President
Augusto Boyd of Panama, at which time the President plans
to confer again with Canal Zone naval, military and aviation
President
Roosevelt this week
inter-Ameiican defense on his cruise
officials.
departure last week was noted in our issue
1067.
His
page
the
in
would
of Feb. 17,
to
FRANKLIN D.
The White House}
New
Aid in
England
President Roosevelt on Feb. 16,
authorized the expendi¬
$272,500 of Works Project Administration funds for
storm
relief in Massachusetts, Connecticut and Rhode
Island.
Mr. Roosevelt's message sanctioned an increase of
ture of
$210,500 over the $62,500 of emergency money released
earlier by Colonel F. C. Harrington, WPA Commissioner.
designated a total of $190,000 for Massa¬
chusetts, $55,000 for Connecticut and $27,500 for Rhode
Island.
Colonel Harrington previously had authorized
$40,000 for Massachusetts, $15,000 for Connecticut and
$7,500 for Rhode Island.
The President
United States
Arrives in Washington
the
airplane
that the
the first Australian Minister to
Richard G. Casey,
United States, anived in Washington Feb. 20 by
from Los Angeles to assume his new duties. He said
of establishing an Australian legation in
to improve itu good relations with the
United States.
Mr. Casey will present his credentials to
President Roosevelt when the President returns to Wash¬
major
purpose
Washington
was
ington from his cruise.
Establishment of diplomatic relations with Australia was
issue of Jaa. 13, 1940, page 211.
reported in
our
President
Roosevelt Praises American Scientific
Con¬
gress—Will Open Meeting of Scientists From
American Republics With Speech on May 10
21
the eighth American
the Pan American Union in Wash¬
ington with an address on May 10.
The purpose of the
Congress, which will be attended by representatives from 21
American republics and be held from May 10 to May 21, is
to advance scientific thought and accomplishment *and to
assist in celebrating the 50th anniversary of the founding of
the Pan American Union.
In emphasizing its importance
President Roosevelt in a letter to Secretary Hull, made
public Feb. 21, praised the contributions of the men and
women of science to humanity and said, according to Wash¬
ington advices Feb. 21 to the New York "Times":
President Roosevelt will formally open
Bill Raising
Village Mail Carriers
Vetoes
President Roosevelt on
Salaries of
Feb. 13 vetoed a bill which pro¬
posed to increase the salary
rate of letter-carriers in the
In his message to the House the
President said that he vetoed a similar bill on June 25, 1938,
and that he did not think lie would be justified "in approv¬
village delivery service.
and scholar is the path to peace and prosperity,
and all people, but which; unfortunately, has
The path of the scientist
which lies open to all nations
who still cling to the archaic standards of
of science.
It is hardly necessary to delineate here the obvious benefits resulting
from a meeting of these unselfish benefactors of mankind in an atmosphere
of true fraternity such as the eighth American Scientific Congress offers.
I sincerely hope that professional leaders in all of the Americas will avail
themselves of this opportunity to share the experiences and friendship of
their colleagues throughout the hemisphere.
recently been spurned by some
human conduct
prevalent before the very dawn
Senator Wagner Proposes Creation of
Board to Aid Cases Outside
U. S. Mediation
NLRB
F. Wagner, Democrat, of New York,
Feb. 18 that he would introduce a bill pro¬
Robert
on
viding for the creation of a three-member Federal Board
for voluntary mediation of employee-employer disputes over
hours, working conditions and other factors not within
juiisdiction of the National Labor Relations Board.
In explaining the proposal Washington Associated Press
advices Feb. 18 said:
Senator Wagner explained in a statement that his bill "does not amend
modify the National Labor Relations Act, nor do the functions of the
wages,
the
or
two measures merge or
Senator
conflict in any way."
that the machinery his
Wagner made it plain
would in no way involve
within the Labor
staffed
compulsory arbitration.
bill would set up
The board, established
take over the duties of the meagerly
service which he said had done "splendid work" in
Department, would
conciliation
settling strikes.
"Building upon the
ROOSEVELT.
Feb. 13, 1940.
First Australian Minister to
R. G. Casey,
Senator
Roosevelt Allots $272,500 for Storm
Roosevelt
of
and
amount
announced
President
the minimum salary rate
village
$1,440, and that the additional annual cost of the
about $178,820.
This would represent an increase
of more than 10% in the annual cost of village delivery service.
My objections and observations respecting H. R. 4285, Seventy-fifth
Congress, have equal application to this bill, H. R. 2001.
I regret that I
feel obligated to take this stand with respect to this class of employees,
but I do not think that I would be justified in approving legislation that
would give preferential treatment to this single group of employees.
$1,320,
$1,200,
bill
+.
President
2001, proposes to increase
R.
Scientific Congress at
loss.
The net income
110 and the total tax
H.
bill,
delivery service from $1,150 to $1,200 and the
maximum rate from $1,350 to $1,440, and the hourly rate for substitutes
in that service from 50c. to 60c. an hour.
This bill has been referred
to the Postmaster General, who advises that under the authority contained
in the bill, should it become law, he proposes to fix the pay grades at
6,066,720 Showing Net Income of $18,664,066,932—
2,996,034 Taxable Returns Had Liability of $764,724,216
Feb.
the above-stated policy.
justify an exception to
The
1938 Numbered
in
for village delivery
poses to
carriers
Individual
the annual salary rates
$1,150 for grade 1, $1,250 for grade 2, and $1,350 for
Increase the salary rates of each grade by $75 per year, or
grade 1, $1,325 for grade 2, and $1,425 for grade 3.
The
Increase In the hourly pay of substitutes In said service from 60 to 55
at
.
prescribe the terms of the
Seventy-fifth
similar provision and set forth my reasons
dated June 25, 1938, reading in part as
which contained a
in a memorandum
follows:
Feb. 28, 1940.
Treasury
Seventy-sixth Con¬
approval, H. R. 2001,
entitled "An Act lor equalization of letter-carriers."
withheld my approval of bill H. R. 4285, passed by the
Congress,
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¬
mitting tenders will be advised of the acceptance or rejection thereof.
Pay¬
ment at the price offered for Treasury bills allotted must be made at the
Federal Reserve Banks in cash or other immediately available funds on
sessions
of Representatives:
herewith, without my
return
• -
/
■
the House
I
The Secretary
The Treasury
give preferential treatment to
employees."
The following is his
of
group
message:
closing hour for receipt
prices will follow as soon as
morning.
single
this
received at the
1940
legislation that would
ing
To
24,
gress,
Immediately after the
all tenders
Feb.
Financial Chronicle
work and the staff of
the conciliation service," he
the Federal mediation function on a firmer statutory
basis, defines its authority and authorizes more adequate appropriations
for its prompt and efficient operations both in Washington and in the field.
"The establishment of the new three-man board to head up the mediation
service will give added prestige to its operations and probably make un¬
necessary the creation of makeshift mediation boards to handle particular
said, "this bill places
they arise, as in the
years."
major strike situations as
industries in recent
automobile, textile and steel
Volume
Under the
150
The Commercial & Financial Chronicle
of the
terms
bill,
Senator Wagner explained it, it would
be the general duty of the
mediation board to bring about
agreements on
of pay,
rates
rules and
as
the
flow
or
both parties to
of interstate
export trade will auto¬
could invoke the services of the board.
be permitted to offer its services
if neither party
If mediation failed,the board could
attempt
to persuade the
disputants to submit their cases to arbitration.
"I am unalterably
commerce
markets.
compulsory
arbitration
in
any
Our exports were reduced to
fact, and the
had requested such action.
to
flood of cheaply produced foreign farm and
a
minimum in 1932 because of this
a
thing will happen when the
same
war ends in
Europe."
After the submission of
figures by
Representatives Jere Cooper, Demo¬
crat, of Tennessee, and Allen T.
Treadway, Republican, of Massachusetts,
designed to support their respective contentions for and
against the
guise."
pro¬
the House listened to Representative
Harry Coffee,
gram,
Democrat, of
Nebraska.
House
Committee
Investigating NLRB Expected
Report Shortly—Further Appropriation
$50,000 to Continue Inquiry Voted By House
Reporting that Representative Coffee
position in the movement to alter the Hull
to
Make
of
bill with the submission of
all future
The House of Representatives voted
yesterday (Feb. 23)
an additional
appropriation of $50,000 to continue the
investigation of the National Labor Relations Board by the
Special House Committee.
The proposed legislation to
provide additional funds was introduced in the House on
Feb. 21 by Representative Howard W.
Smith of Virginia,
Chairman of the Committee.
The Committee received the
same amount last
year.
It is expected that the Committee
Delivering the first Democratic speech criticizing the
sentative
be made in
On
our
House
Passes
dent
in any agreement, of the
and lumber imports. De¬
opened Feb. 19 by Representative
Doughton of North Carolina, Chairman of the Ways and
copper
Committee
was
and
Floor
resolution.
The
As the law
With
resolution
was approved
on Feb.
8 by the House
Ways and Means Committee by a vote of 14 to 10; this was
our issue of Feb.
10, page 919. A formal report of
the Democratic
majoiity on the Committee recommending
In view of world conditions
the
and
effective
of
means
home; it would also
a
our
foundations
of
an
Jan.
arises
following
3,
of
at
and
the
to
enduring
taking
President to
Congress.
20
program that "protects our vital
is "geared to deal with
setting up
a
differs
upon
a
that
19
we
quoted
on
the
"Post" of Feb. 20:
previous three-
the resolution in the House
the
Loan
Good
(Republican),
of
New
acting
all trade agreements be
placed
on
"a barter
basis."
agreements
would
(Republican),
be
with
of
"nations
Kansas,
that
are
warned
in
that
future
competition with
American
farmers"; while Representative Robertson
(Democrat), of
Virginia, said that agriculture had benefited thus far under the
program.
Debate
continued in the House on Feb. 20 and as to
this we take the
following from a Washington dispatch to
the New York "Herald Tribune":
was
Representative John W. Boehne Jr.,
(Democrat), of Indiana,
of the Ways and Means Committee and
an
a member
making authority by the Executive Branch after June
12, told the House
"a precious
opportunity" would be lost to restore a sound world
war
if the United States returned to
"Republican tariff
embargoes."
unemploy¬
Representative August H. Andresen, (Repub¬
lican), of Minnesota, counter with the following argument:
ment" in the United States,
"International money lenders and
foreign governments are following the
pattern of the 1930-33 depression by depreciating
foreign currency to
increase their esports, and we are
helping them by lowering duties
through
Jan.
on
Jones
Before
Regards
House
Finland
Committee
for Arms Defeated
Senate-approved
the House Banking and Currency Committee.
(Feb. 23) the committee defeated a proposal to
permit a loan of $30,000,000 to Finland for the purchase of
military or other supplies in this country.
The proposal
set
was
When the European war ends, and workers
in
out
Jones,
the
group on
would
Mr.
Loan
Feb. 16,
with
Feb.
would
legal
would pay off its
before the committee on
Government
nor
page
1070.
neither
the
the bill by the Senate
17,
adviser,
violate
law
was
Regarding
Feb. 19, Washington Associated
"I
don't think you
has
[Mr.
been
Jones]
they
should
defeated
said.
"I
expect
before
think
the
we
loan
Mr.
Mr.
Jones
told
trade
the
with
committee
South
Jones also expressed
Export-Import
declared
that
war
if
commitment
commitment.
or
a
to
Bank
the
state
of
nations.
our
Pass¬
issue of
Jones's testimony
is
lend
on
$20,000,000 to Finland if
acted
give
upon,"
them
a
chance
that
the
to
the
some
win."
bill
was
Texas
banker
additional
Finland
designed
credit
already
also
to
America.
from
war
a
the
the view that the neutrality
President
Finland
among
that
neutrality poli¬
reported in
Mr.
to
would
fighting and with
borrowed $10,000,000.
testified
the
Press advices said:
us
still
were
stimulate
said
Jesse
before
Russia and
appeared
Department
extension
age of
the
bill.
testified
expressing the opinion that Finland
war
Jones again
State
worth,
credit
if
Senate
win."
cies of the
she
the
to
Administrator,
19, saying that he would consider the nation a good
"as long as she was still
fighting with a good chance
On the following day (Feb.
20) Green II, Hack-
risk
to
amendment
an
Federal
survive its
debts.
has
Asserting that the 22 agreements negotiated by the State Department
in the peak years since 1934 had failed
to lift the "depression and
the reciprocal trade program.
taking office
this week by
advocate of extending tariff-
that
economy after the
successor
bill increasing the capital of the
Export- Import Bank by $100,000,000, thus making possible
a
further loan of $20,000,000 to Finland for the
purchase
of non-military goods in the United
States, was considered
Feb.
Representative Carlson
budget and his
Administrator
Bank.—Loan
The
Floor
(Republican),
trade
a
Risk—Testifies
II.
York,
Manager for the minority, declared that tariff
protection at the present
time is "totally
inadequate," and Representative Knutson
Minnesota, demanded that
he wished to present
message
Yesterday
"safest, surest, simplest and only
method of rebuilding our
foreign trade on a secure basis," Mr.
Doughton told the House, while Republicans denounced the
agreements as
injurious to American agriculture.
of
20 following his inauguration
budget
a
Studying Bill Increasing Capital of Export-Import
on
Washington
practical
Crowther
Feb.
until
in policy or detail and sends a modifying
Congress remaking the budget in essential particulars, there
Federal
realistic basis along consti¬
The reciprocal trade
program is the
Representative
have
♦
a
substitute foreign trade
following from
President.
new
would be endless confusion and
reconsideration, with accompanying work
If extended, the Act be modified
to provide for Congressional
approval of
trade agreements before
they become operative.
Regarding the debate
a
budget
tutional lines."
Feb.
by
20,
begins July 1
of going over the ground again in the
light of the new recommendations."
interests," that is "truly flexible" and that
foreign trade
of office
Jan.
on
completely and
year which
...
with
to
message
year
view to
preparing
20.
day of the
bills based upon that
budget; yet if the law is not changed and the out¬
Baltimore "Sun" of Feb.
17, that:
a
taking office
President
budget for the fiscal
a
Jan.
the first
on
President
of the
year
on
delay in the transmission of the budget in any year until
February
would naturally delay the work of
Congress in preparing the appropriation
16 the
made with
Budget required
is
"A
Republican minority report was made to
the House and instead of
advocating the continuance of
the program, the
Republicans proposed, according to the
A study be
3, of each
Presidential term
outgoing
an
going President sends in
The Authorization
Act, due to expire on June 12, after
extension, be allowed to lapse.
Jan.
meets on
a
new
a
Jan. 20 to determine the kind of
to
peace.
On Feb.
of the
permit
the incoming
on
country had aban¬
peace-loving Nation in the effort
economic
beginning of
This bill would permit the
outgoing President, through the Bureau of
the Budget and Federal
agencies, to proceed with the normal preparation
of the budget and advance the work as
much as possible.
"It would
prevent the transmission of the budget to
Congress."
It would
today, failure to extend the Trade Agree¬
only deprive our Government of a prompt
notice to the world that
session,
situation
next
Feb. 15,
promoting economic recovery and prosperity
serve
stands, Congress
The
transmitting to Congress
ments Act at this time would not
doned its position of
leadership as
reestablish the basic and essential
now
the transmission
regular
noted in
on
19, a bill to change the date
Congress of the Federal budget in
regular session.
Manager for the extension
extension of the program was filed in the House
the report said, in
part:
Changing Date of Transmission of
Congress In Year In Which New Presi¬
Takes Office
years in which a new President takes office.
The bill was
sponsored by Representative .Cochran, who in
addressing
the House on Feb.
19, stated that the bill would give a
new
President an opportunity to have
something to say
about the budget for the first
year of his new administration
without the embarrassment of
having to modify recommen¬
dations previously made by his
predecessor for a period of
Government during which the predecessor would not
be
President. Mr. Cochran also said:
posal to prohibit the changing,
excise taxes on oil, coal,
Means
Bill
to
The House passed on Feb.
the transmission to
of
The House
yesterday (Feb. 23) passed the resolution ex¬
tending the Reciprocal Trade Agreements Act for three
years beyond June 12.
Before approving the measure, which
now goes to the
Senate, the House defeated proposals re¬
quiring approval of the trade agreements either by both
branches of Congress or by the Senate alone and also a
pro¬
measure
■»
agri*.
trade treaty program which he cited as a
means o*
stimulating
two-way trade between the United States and other nations.
House Passes Proposal to Continue Trade
Agreements
Program—Majority and Minority Reports of Ways
and Means Committee
the
American
a
Budget
on
Repi
program,
"assure
21, Representative Barton (Republican, New
speech before the Federation of Young Republican
of Gr3ater New York urged the continuance oi the
groups
issue of Feb. 17,
page 1073.
bate
would
Feb.
York), in
present session of
in
amendment
ments.
time for action at the
Congress, it is said.
Testimony before the Committee was mentioned
his
an adequate opportunity to be heard" on
all
The House quit for the day before
voting on amend¬
future trade pacts.
shortly cease hearing testimony and file a report with
Congress dealing with amendments to the Labor Act. These
to
Coffee asserted
culture, labor and industry
will
are
took a leading
trade-agreements
amendment which would make
an
reciprocal tariff treaties subject to Senate rati¬
fication, the Associated Press said:
for
recommendations
manu¬
Depreciated foreign currency auto¬
the purchasing power of the American dollar in
foreign
matically increases
The board itself would
opposed
Senator Wagner declared.
1211
get
factured products into this
country.
labor dispute which threatened to
interrupt
a
war
matically bring about
interpretation of such
"
or
engaged in
back into productive employment, depreciated
foreign currency will stop exports from this country, due to the
high value
of the American dollar.
This scheme to destroy our
working conditions, including, wherever possible,
provision for the final adjustment of
grievances
agreements.
Either
now
making
loans
proclaimed
were
a
proclaimed
problem
would
to
law would prevent
Finland in case Russia
state
after
arise
as
of
the
to
war
to
Bank
exist.
had
disposition
He
made
of
a
the
,■
The Commercial &
1212
obviously be obligated to pay for merchandise that already
purchased," the Loan Administrator testified.
"Whether we
would ship it is another matter."
Asked what security the Export-Import Bank would have for advances
to
Finland, Mr. Jones said an existing loan of $10,000,000 was not
secured by property in this country, but that it had been made on
would
"We
been
bad
the
is given
and are
adequately disbursed the movement cannot get fully mov¬
ing, Mr. Vandenberg explained.
The departure of Mr.
Welles for Europe to survey conditions is noted elsewhere
in these columns of today.
Senator Vandenberg's letter to
would carry on in some organ¬
ized form and would pay their debt," Mr. Jones declared.
Mr. Jones said the Export-Import Bank had agreed to grant credits of
$10,000,000 each to Sweden and Norway, provided funds were available,
and that both wanted "much more."
He added that Denmark also had
asked credit, but no definite commitment had been made.
Feb. 19 by Herbert Hoover,
of the
these
which
to
institutions
specified donations may
.
.
Svaard
The Lotta
.
(An organization of
110,000 Finnish women
furnish¬
service and other civilian
the backbone of army hospitalization
activities.)
The various religious bodies in Finland, chiefly
ing
the
Church, and
Catholic
the
Finnish
and
institutions
any
established public insti¬
other
The
By
Finland.
Mr. Hoover
organizations have arisen which are appealing
relief for Finland.
They have naturally come
of
forms
appeals from Finland for
being in response to
expressions of material sympathy.
therefore desirable both to clarify
real
is
indicate a service that
to
the relief situation somewhat
will in some cases
simplify and in other
American
individuals
of about $1,900,000 re¬
ceived by the Fund, reference to which was made in our
issue of Feb. 17, page 1070.
John D. Rockefeller Jr. gave
$100,000 to the Fund on Feb. 21 on behalf of himself and
have
contributed to the total
now
family.
in
in
Poland.
mind and
to all concerned that an adequate and
developed without further delay to permit
I am hopeful that Mr. Welles may have these
may
find a way to serve
them if and when he
his contemplated mission.
sentiments of great respect, I beg to remain
on
Cordially and faithfully,
!
ARTHUR H.
VANDESBERG.
"'■'
Railroads Denied Extension
of 2^-Cent
Fare Rate
Commission on Feb. 15 denied
railroads to extend to Oct. 31 the
present one-way coach fare of 2
cents a mile. The rate
was to have expired on Jan. 24, but had been extended until
March 24 to permit hearings on the carriers' petition.
The
petition of the Eastern
Study
Sails
Also
State Sumner
Under-Secretary of
Welles and Myron C.
of President Roosevelt to the Vati¬
can, sailed for Europe on Feb. 17 on the Italian liner Rex.
Mr. Welles will survey conditions in Italy, France, Germany
and Great Britain for the President, while Mr. Taylor will
explore the possibilities for peace through coordinated
efforts.
Mr. Welles was accompanied by Jay Pierrepont
Moffat, Chief of the State Department's Division, of Euro¬
pean Affairs, and Lucius Hartwell Johnson of the Foreign
Under-Secretary Welles gave no
Service Office.
plans, but Mr. Taylor issues a brief statement
that he would do his utmost to avoid further
his
details of
declaring
suffering.
statement follows:
has
Roosevelt
President
asked
me
to
proceed
to Italy to serve as
his
personal representative to Pope Piux XII, who has agreed to receive me in
this capacity.
We shall explore every possibility that a representative of
the President may properly do to assist in furthering his desire and that
of the United States for the reestablishment of peace upon the foundation
and
freedom
Not
independence
for all nations.
unchanged.
in passenger fares
of two cents a mile for coach travel
and three cents in Pullman cars in June, 1936.
Prior to that time the
basic rate had been 3.6 cents a mile for travel in both coaches and Pullman
cars.
The railroads petitioned the ICC for permission to raise coach fares
The ICC on its own
in the East
might
his Holiness evinced his profound interest in
tend toward this goal, but his declarations on
suffering humanity, regardless of race or creed, have led us in
useful purpose might be served through some
to believe that a
any steps
behalf of
this country
coordination
of effort.
This
mined
is
to
great and critical moment of world history, and I am
a
do
my
utmost
to
deter¬
assist in avoiding further suffering.
The Associated Press
reported yesterday
Plans for Mr. Welles's trip were
(Feb. 23), in a
noted in these columns
17, page 1081, while the appointment of Mr.
mentioned in these columns Dec. 30, page 4101.
was
Taylor
♦
Vandenberg Requests That President Roose¬
velt Have Under Secretary of State Welles Obtain
German Assurance That Relief Funds for Poland
Senator
Will
Be Distributed
Senator Arthur H.
Feb.
Vandenberg, Republican of Michigan,
suggested to President Roosevelt that UnderSecretary of State Welles be requested to urge the German
16
Government to cooperate
a
with 'Polish-American relief plans.
said that the
letter to the President Mr. Vandenberg
Polish-American
mission
Polish
for
areas
coaches in 1938 and the Commission granted
basis of 2.5 cents a mile in
of July 25 of that year for an 18-month period.
June, 1939, the cairiers, with the consent of the Commission,
.
In
issued
experimental fares for round-trip travel on a sliding scale
basis of 2M cents a mile to as low as 1.7 cents a mile
distances traveled.
The latter rates also expire on March 24
supplementary
Relief
Committee
has
been
seeking
per¬
representatives of the committee to enter the
to
supervise distribution or to cooperate with
for the longer
with the 23^-cent
fare.
The Baltimore & Ohio RR.
petition for extension of
did not join the other Eastern
the rates.
roads in their
B. & O. receives a smaller percentage
and a smaller amount of dollar revenue from passenger
than either of the other two major trunk lines, the Pennsylvania
of gross revenue
business
and the B. & O. long has been an
RR. and the New
York Central System,
advocate of lower
fares in the Eastern territory.
Department
of
Agriculture Announces
Rates
Rates
of
on
Four
Farm Parity
Crops
parity paryments to be made to
producers of
and rice who plant within their
cotton, corn, wheat
1940
announced on Feb. 13 by the De¬
partment of Agriculture.
In reporting this a Washington
dispatch of Feb. 13 to the New York "Journal of Commerce"
acreage
allotments were
said:
The payments,
which will be made on the normal
yield of each producer's
follows: Cotton, 1.55 cents per pound;
10 cents per bushel, and rice 1.7 cents per
hundredweight.
Last year parity payments were 1.6 cents for cotton;
6 cents for corn; 11 cents for wheat and 12 cents for rice.
These price adjustment or parity payments supplement regular agri¬
cultural conservation payments of 1.6 cents per pound for cotton, 10 cents
corn,
per
allotment were given as
5 cents per bushel; wheat,
bushel for corn, 11 cents per
bushel for wheat and 6.5 cents per
hundred¬
department previously announced for this year.
for the various crops this year will be 3.15 cents
weight for rice, which the
dispatch from Berlin, that Mr. Welles would confer with
Reich Chancellor Adolf Hitler when he arrives in Berlin.
Feb.
motion first brought a reduction
by ordering a maximum
the petition as
acreage
only has
which
March 24 now will revert
which ranged from a
Taylor, personal envoy
His
on
basis of two cents a mile.
The basic rate of a maximum
of three cents a mile for travel in Pullman cars will remain
a
to a
for Europe to
Conditions—M. C. Taylor, Vatican Envoy,
State Welles Sails
travel
maximum rate for coach
♦———
Secretary of
Under
In
relief
Germany
visits
be
should
plan
satisfactory
to
States.
that "over 1,100,000
Hoover also stated
Mr.
for
into
They
aid in different fields.
organization in the United
assist charity
on
are
The Interstate Commerce
various
of
and
expectations.
be of mutual interest
must
It
into stride until there is
contributions reach their in¬
adequately disbursed in keeping with our
that these Polish relief
announcement by stating
different
12
Some
his
destination
tended
Eastern
that:
It
assurance
American
With
preceded the above
States.
cannot hope to get fully
latter movement
This
effective and
more delay,
maximum collection of Polish
turn retarding the
in
the delay is
funds in the United
relief
organization.
of
costs
lessen
cases
because
unrestricted use.
directed to individuals in Finland.
Fund does not compete with other worthy efforts for
this arrangement we merely desire to facilitate them, to
the
Moreover,
and
satisfactory
Government for its own
Fund cannot accept remittances
The Finnish
are
It is to be greatly hoped that completely
arrangements can be concluded without much
arrangements.
;■ v
tutions.
;
of the Polish-American Relief Committee, I have dis¬
informally with the German Embassy and my last reports
progress has been made in developing these highly essential
that some
were
necessities
people.
educational
The
the Lutheran Church,
the Salvation Army, for their relief services to
or to
request
the
At
relief is intended and to either
cooperate with the German Red Cross
for which the
cussed this matter
complete
,
been
the Polish areas
supervise the distribution
in this connection.
be made
include:
the fact that the Polish-American Relief Com¬
requesting permission for representatives of the committee
familiar with
are
has
enter
to
highly desirable and undoubt¬
requested to urge the German
Polish-American
intimately as possible with
cooperate as
plans.
You
when UnderEurope for a
conditions it would be
helpfulness if he could be
edly of great
Government to
mittee
the donors.
of State Welles
general survey of war
relief
respectfully suggesting to you that
makes his contemplated trip to
the liberty of
take
I
Secretary
Finnish Relief Fund, that "to simplify
organization and to cooperate with other movements, we
have established in the Finnish Relief Fund a 'remittance
division/ "
Mr. Hoover's statement went on to say:
That is, in addition to our own purpose to recruit charity funds for
general emergency purposes of the civil population, we will transmit
special donations to any of the public institutions in Finland without cost
The
follows:
President:
My dear Mr.
Division—
to
the funds
President Roosevelt
Finnish Relief Fund Establishes Remittance
To Send Gifts for Purposes Specified
Announcement was made on
1940
Red Cross.
Until such assurance
reach their intended destinations
German
the
that
assumption that Finland would endure.
"I have thought that the Finnish people
Chairman
24,
Feb.
Financial Chronicle
Total of farm payments
per
pound for cotton, compared
for corn,
the same as last year;
28 cents last year, and
with 3.4 cents last year; 15 cents per
19 cents per bushel for wheat,
8.2 cents per
21 cents last year.
bushel
compared with
hundredweight for rice, compared with
,
announced today will be made under the 1940
Department of Agriculture Appropriation Act providing $225,000,000 to
be paid producers of five major crops.
The measure limited parity pay¬
ments to crops for which the 1939 average farm prices were less than 75%
of parity.
Since the estimated 1939 average price for all tobacco, was
above 75% of parity, no price adjustments will be made on that crop.
The fund made available for 1940 parity payments will he divided among
the four major crops as follows: Cotton, $96,000,000: corn, $48,600,000:
wheat,
57,100,000; rice, $30®,000.
This allocation is made according to
the formula established in the Adjustment Act of 1938.
Cotton, corn, wheat and rice prices were all higher in 1939 than in 1938,
but because cotton prices improved relatively less than those for the other
crops the proportion of the parity fund going to cotton producers in 1940
is larger than it was in 1939, the department said.
Other items allocated out of the $225,000,000 fund include a transfer
of $11,000,000 to complete 1939 price adjustment payments and $12,000,000
for administrative expense and reserve.
*
The
parity
payments
Volume
ISO
The Commercial & Financial Chronicle
Officials indicated that estimated
increases in participation in 1940
pared to 1939 estimates are responsible for
the
that
com¬
somewhat lower rates of
The 1939 parity
payments were made under
the parity payments for 1940.
United
States
Maritime
to
Feb.
on
19,
Also in
that
withdraw
to
by
the revised
are
and in
criticized
Besides the three
Capital
Position
Federal
of
Reserve
in
Loans
of
Insured
Banks
examiners
rescissions
insurance
System
revealed
were
in
amount
other
members
of
the
Federal
Reserve
System
that applied
capital equal to 10% or more of deposits.
In 1939
87% of the banks fell into this category.
Banks with a net capital
5% to 10% of deposits constituted 15% of the banks in 1933-34,
13% in 1939.
from
and
The
reduction
rehabilitation
Corporation,
in
banks
with
low
very
pursued
programs
jointly
capital
by
ratios
FDIC,
reflected
Reconstruction
capital
Finance
bank supervisors; improvement in economic and
resulting in recoveries in asset values on the banks'
books; and elimination of a large number of weak banks through suspen¬
sions, mergers, absorptions, or voluntary liquidations, Chairman
Crowley
financial
and
State
conditions
said.
In
covered
1939
by
of
the
study,
deducted
assets
beginning
deposit
equaled
amounted
to
55%
of
only 11%
insurance examiners
the
banks'
book
of
appraised
book
assets
of
At
these
the
banks
90% of their book value; in 1939 the assets were appraised at
nearly
99% of book value.
Assets classed as substandard, but not deducted
by
examiners, amounted to 20% of total assets in the earlier
years,
as
compared with 11% in 1939.
Mr.
tion
Crowley ascribed the lower proportion of criticized and substandard
1939 to
improvement in the economic outlook of obligors
by the banks of
a
substantial
during the six years amounted
of
assets
amounts
criticized.
held
of
in
1933-34)
assets
new
The
;
about
to
and
elimination
of
of
only
criticized
$700,000,000,
acquisition
which
of
volume
a
criticized
by
the
or
than
of
10%
has
been
charge-offs
was
possible through retention of net earnings, recoveries on
assets, and
on securities, and by contributions and
subscriptions to capital by
the RFC and by private investors.
profits
"While
the
the
improvement
satisfaction
tendencies
banks
give
to
us
this
some
occurred
of
the
banking system
Corporation,"
ooncern.
largely in
Mr.
Improvement in
1934
and
is
Crowley
early
a
source
the capital
1935.
of
declared,
Since
pride
"current
position
1936
growth
ing the risk of loss to depositors and to this Corporation and
necessitating
vigilant supervision than prevailed in the past." •
more
of
includes
Denies
Been Made With NLRB
Violators—Tells House
Were Held
to
An
Agreement
Had
Bar Loans to Labor Act
Committee, However, Loans
Up in Three Cases
Emil Schram, Chairman of the Reconstruction Finance
Corporation, on Feb. 20, told the House Committee in¬
vestigating the National Labor Relations Board that his
agency did not have any "agreement" with the NLRB to
withhold loans from firms against which labor
practice
complaints had been issued.
Mr. Schram indicated, it is
said, that in three cases the RFC had ordered loan disburse¬
ments held up at the suggestion of the
NLRB, but he said
total
a
of
the
RFC
in
the
of
$1,072,313,842 authorized for
and $1,800,000,000 for relief
Dec. 31, 1939.
Authorizations
agencies
ments
and
ments
through Dec. 31,
ments of
$34,155,348
repaid, making total disburse¬
1939, of $7,685,895,980 and repay¬
was
$5,776,951,794 (approximately 75.16%).
Chairman
Schram's report continued:
During December loans were authorized to five banks and trust
com¬
panies (including those in liquidation) in the amount of
$432,699. Cancela¬
and withdrawals of loans to banks
and trust companies
(including
those in liquidation) amounted to
$125,093 ; $1,771,906 was disbursed and
tions
$1,739,794 repaid.
Through Dec. 31,
7,539 banks and trust companies
1939,
to
aggregating $2,555,346,796.
Of this
diawn, $13,696,622 remains available
disbursed.
94.6%, has
that
Of
this
latter
loans
have
been
authorized
(including those in receivership)
$511,961,997 has been withborrowers, and $2,029,688,177 has
amount
to
amount
$1,921,038,363,
been
repaid.
Only $7,988,709 is owing by
$6,931,134 from one mortgage and trust
includes
approximately
banks, and
open
company.
During December authorizations
of
three
banks
and
trust
were
companies
in
made
to
purchase preferred stock
the aggregate amount
and
of
$665,000,
cancelations and withdrawals amounted to
$30 0,000.
Through Dec. 31,
1939, authorizations have been made for the
purchase of preferred stock,
capital notes and debentures of 6,787 banks and trust
companies aggre¬
gating $1,348,866,934, and 1,123 loans were authorized in
the amount of
$48,327,755 to be secured by preferred stock, a total
authorization for
preferred stock, capital notes and debentures of
6,864 banks and trust
companies
of
$1,397,194,689 ;
$171,050,087
of
this
has
been
with¬
drawn and
$56,214,600 remains available to the banks when
conditions
of authorizations have been met.
During December loans
five
closed
banks
in
drawals amounted
to
were
the
authorized for
distribution to depositors of
$432,698.71 ; cancelations and with¬
disbursements amounted to
of
amount
$125,093
;
$1,771,906, and
repayments amounted to $1,364,998.78.
Through Dec. 31. 1939, loans have
authorized for distribution to
depositors of 2,776 closed banks
aggre¬
gating $1,343,004,584 ; $333,954,258 of this amount has been
withdrawn
and
$14,146,822 remains available to the borrowers;
$994,903,504 has
been
been
disbursed and $942,854,080,
approximately
During December the authorizations to finance
tion
districts
$14,000
1939,
irrigation
94.7%, has been repaid.
drainage, levee and irriga¬
$246,800, authorizations in the amount of
withdrawn, and $425,655 were disbursed.
Through Dec.
'were
were
loans
have
increased
been
31,
authorized
to
refinance
645
districts
aggregating $144,907,227, of
$24,276,740 remains available to
been
the
provisions of Section
Finance
1938,
loans
ing
or
to
51
December.
to
Corporation Act
5
(d), which
June
19,
the
was
1934,
in
the
amount
of
has
added
to
the
were
Recon¬
April 13,
authorized
were
dur¬
canceled
during December.
Through Dec. 31, 1939,
fishing industry, to banks and to mortgage loan
and
istration
In
$31,901,486
borrowers, and $88,-
withdrawn
the
business
to
and
$1,435,064
industry
program,
the
in
cooperation
Corporation
with
has
the
including loans
companies to assist
National Recovery Admin¬
authorized
benefit of
has
levee
and amended
industry, aggregating $20,994,491,
Authorizations
drainage,
which
withdrawn,
729,001 has been disbursed.
Under
Schram
commitments
to
struction
Chairman
and
preferred stock, capital notes and debentures.
During
December $22,105,898 was disbursed for loans
and invest¬
of
in deposits at a rate more rapid than the
growth of capital has caused a
general decline in capital ratios.
The banks, therefore, have become more
vulnerable to shrinkages in the value of their
assets, consequently increas¬
RFC
Repaid—
of
substantial
proportion
through
elimina¬
;
(eharge-offs
more
banks
negligible
assets
assets
made
and
had
withdrawals of $2,291,685,652.
A total of $650,830,440 re¬
mains available to borrowers and to banks in
the purchase
capital.
capital.
at
assets in
recom¬
RFC
or withdrawn
during
December, Mr. Schram said, making total cancelations and
been
Improvement of the quality of bank assets during the past six
years has
been notable.
Assets deducted from capital
by examiners in 1933-34, in
banks
the
during December amounted to $29,738,957,
previous authorizations and commitments
governmental
for
about
of
that
organization through
aggregating $9,857,890 were canceled
banks not members of the
net
a
testified
Investments—$5,776,951,794
from
figures released
beginning of deposit insurance, Mr. Crowley declared, only 65%
had
"hold-up" orders followed
Schram
$154,761,179,
making
total
authorizations
through Dec. 31, 1939, and tentative commitments outstand¬
ing at the end of the month of $13,403,310,913.
This latter
said:
not
and
authorizations
amounted
System from 1933 through 1939.
Regard¬
ing Chairman Crowley's remarks the FDIC announcement
banks
Mr.
follow the recommendation of the Board and had
recovery program
Federal Reserve
the
NLRB,
to
RFC Transactions with Railroads Itemized
the Oakwood
the capital
FDIC's examinations of insured
the
in which RFC
cases
the
case
Report of Operations of RFC Feb. 2, 1932, to Dec. 31,
1939—Loans
of
$13,403,310,913 Authorized—$2,291,685,652 Canceled—$7,685,895,980 Disbursed for
Feb. 22 by Chairman Leo T. Crowley of Federal
Deposit
Insurance Corporation.
The data summarize results of
At
contracts
be deprived of Federal
practices
granted the loan.
on
of
from
refused in one
position of insured
steady decline in the proportion of their assets
by
Government
letter from Mr. Madden asking that
a
labor
.
Quality of Bank Assets Reported by FDIC
a
He identified
alleged unfair
report of operations, Emil Schram,
^Chairman of the Reconstruction Finance Corporation, states
improvement
banks and
in
In liis recently issued
in
Members
testimony before the Committee
today's principal witness for the
plan,
Oliphant, had given an opinion that the division was without authority to
withhold contracts that otherwise complied with the law.
...
Mr. Schram testified that there had been an
arrangement with the
Board by which information had been
exchanged.
Under this plan the
RFC gave the Labor Board a list of
approved loans and the Board sent
the lending agency the names of
companies charged with unfair labor
practices.
Chairman Crowley—Issues Data Summarizing Re¬
sults of Corporation's Examination of Banks not
Marked
department.
involved
that
Improvement
Madden's
the
The procurement division never did
anything about it, Mr. Healy said,
because the general counsel of the Treasury at that
time, the late Herman
19, the United States Mari¬
time Commission approved tie
applications of the AmericanHawaiiaD Steamship Co., of San
Francisco, and Lykes
Brothers Steamship Co., of New
Orleans, to sell six American
cargo vessels to Runciman Ltd. of London, England, wipi
transfer to British registry.
The American-Hawaiian Line's
ships involved were the Delawarean, Indianan, Louisianan
Lykes Brothers ships
Mr.
initiated
contracts.
issue
our
had
receiving
firms
neutrality
made in
was
with
contrast
RFC
mendations
Previous reference to the matter
of Dec. 2, page 3485.
On Jan.
and Tennesseean.
and Waban.
the
from his
State Department opposed the deal.
Permission Dext was
received Dec. 31, to sell the ships to
Norwegian interests
but this deal also was dropped in
January when the Nor¬
wegian government withheld its approval.
The ships will
operate between New York and Belgian ports, from which
forced
.
procurement
The United States Lines had first received tentative
ap¬
were
materially
division of the Treasury, Frank Healy, special assistant in
that division, said that Mr. Madden had taken the
initiative in seeking to
bar alleged Wagner act violators from
proval from the Maritime Commission to sell the ships to
a Panamanian firm
but withdrew its application when the
they
thejdisbursement
was
York "Herald Tribune":
approved an application by United States Linej for the sale
of eight of its vessels to Societe Maritime
Anversoise, a.
Belgian corporation, and the transfer of the vessels to
Belgian registry.
The vessels are the President Harding,
American Trader, American
Merchant, American Farmer,
American Banker, American
Traveler, American Shipper
and American Importer.
law.
case
This testimony was in contrast with that of J.
Madden, Chairman of the NLRB, who on Feb. 14
was said to have stated that such an
arrangement had been
made last Fall.
An item thereon appeared in our Feb. 17
issue, page 1073.
Further testimony on the question was
reported in a Washington dispatch Feb. 20 to the New
Belgian Firm
Commission
one
delayed.
«*-
The
only
1213
Warren
the provisions of the Price
Adjustment Act of 1938, which made available
$212,000,000 for that purpose.
Eight United States Lines' Vessels Sold
in
6,980
loans
for
the
industry aggregating $408,237,550.
Of this amount
$89,888,570
and $125,073,995 remains
available to the borrowers.
addition the Corporation
agreed to purchase participations
amounting
$1,118,528 in loans to 22 businesses
been
withdrawn
authorizations aggregating
during
$2,507,113
1939, the Corporation has authorized
ticipations aggregating $113,024,758
which
has
been
withdrawn
and
were
or
of
1,680
$62,221,944
December, and similar
Through Dec. 31,
withdrawn.
has agreed
to the purchase
businesses,
of par¬
$32,840,481
remains available.
of
1
The Commercial
1214
& Financial
Ix>ans
two loans in the amount of $115,000 were authorized
for self-liquidating projects.
Disbursements amounted
to $2,910,000 and repayments amounted to $16,518,979.
Through Dec. 31,
1939, 319 loans have been authorized on self-liquidating projects aggre¬
gating $558,735,190; $43,435,841 of this amount has been withdrawn and
$106,968,375 remains available to the borrowers; $408,330,974 has been
disbursed and $322,199,139 has been repaid.
During December,
purchased from the
blocks (six issues)
value of $1,315,000 and sold securities having par
premium of $214,815.
The Corporation also
During December the Corporation
Administration of Public Works six
par
a
table
Public Works
Authorizations
Canceled or
report listed
The
as
Ala.
follows disbursements and repay¬
31, 1939:
Repayments
Disbursements
I
receivers)-..1,982,705,196.09
665,110,461.06
564,436,589.70
387,236,000.00
Section 5:
companies (Inch
(Including receivers)
Loans under
Banks and trust
Railroads
Mortgage loan
companies
banks
Federal Land
173,243,640.72
Regional Agricultural Credit corporations
Building and loan associations (lncl. receivers).
companies....,
Joint Stock Land banks
State funds for Insurance of
120,355,829.50
90,693,209.81
23,295,490.91
Insurance
moneys
corporations
Federal intermediate Credit banks
Agricultural Credit corporations
...
Fishing Industry
distributors for payment
cessing tax
i>
14,718.06
refinancing drainage, levee
tion districts
3,330,434,431.18
3,300,000.00
3,300,000.00
88,729,001.06
4,731,047.27
-
22,579,500.00
22,303,500.00
and other
catastrophes
financing the sale
Loans to aid In
322,199,139.34
12,003,055.32
markets
business enterprises
and purchases of assets of closed banks-
Loans to
businesses
finance the carrying and orderly
Loans to
2,370,087.55
767,716,962.21
19,644,491.78
146,500,000.00
Electrification Administration-..
767,716,9*2.21
18,823,865.49
2,425.46
loans.excl.of loans secured by
pref.stock.5,822,215,549.01 4,637,043,440.22
preferred stock, capital notes and
debentures of banks and trust companies (In¬
cluding $18,063,730 disbursed and $11,694.214.17 repaid on loans secured by pref stock)..1,169,930,OOl.56
Purchase of stock of the RFC Mortgage Co....
25,000,000.00
Purchase of stock of the Fed. Nat. Mtge. As'n._
11,000,000.00
ville & Nashville,
Co
Central RR. Co. of N. J
preferred stock of Insurance
companies (Including $100,000 disbursed for
the purchase of preferred stock)
Total
Federal
-
400.000
14". 600
7,754,816.01
....
RR Co.
Colorado A Southern
Denver A Rio
1,000
of the Treasury to purchase:
Capital stock of Home Owners' Loan Corp
Capital stock of Federal Home Loan banks.Farm Loan (now Land Bank) Commissioner
Farmers
4,348,000
2,098^925
1,160,000
13,718.700
8,300 000
8.300,000
53.600
29,450.800
1,561,133
60,000
~
-
—
banks—
Corp. for loans to farmers.
Federal Housing Administrator:
To create mutual mortgage Insurance fund..
Joint Stock Land
Federal Farm Mtge.
10
For other purposes
67
Sec. of Agrlcul. for crop loans to farmers (net)..^115
Credit Administration for
to provide capital lor pro¬
Eureka Nevada Ry. Co
Gainesville Midland RR. Co
RR.Co.
Fend
Gal v. Houston A
Co
Georgia A Fla.RR.Co.
354,721
(receivers)
40
97
22
duction credit corporations
Corporation
Stock—Disaster Loan Corporation
Regional Agricultural Credit corporations for:
Purchase of capital stock (lncl. $39,500,000
held In revolving
Maine Cencral RR. Co
Meridian A Blgbee
Co
River Ry. Co.
(trustee)—.
P.A S.S.Marie Ry. Co.
Minn. St.
For relief—To
States
To
78*000
lb" 539
3,18 3" 000
22,667
800.000
*350,000
2.550.000
200,000
744.252
1,729.252
(receivers)
Corp
.
Southern Pacific Co
25 OOO
18,200.000
222
7,699,778
861,907
600,006
28, OOO". 000
3,000.000
28,900.000
17.000
Co
(trustees).
RR.Co.
3,000 000
12,500
4,975,207
773,600
300,000
300,000
7.995.175
117,760
2,805,175
18,672.250
18,672,250
200,000
200.000
400.000
162.600
162*666
1,235,000
26,000
2,065,000
C320.000
1,200.000
44,000.000
24.200 000
500,000
50.905.000
19,954,132
100.000
100,000
5,147,700
5,147,700
108,740
700.000
30.000
45,000
23,231,583
4,366,000
13,502,922
750.000
147,700
700" 000
108,740
700,000
30.000
30.000
30 OOO
39,000
23,223,383
991,800
4.366,000
1,403,000
13,502,922
3,600,000
750,000
400.000
22.525
6,000
22,525
22,525
801,701,217 106,893,556
addition the Corporation
665,110,461 221,468,122
also guaranteed the pay
secured by Its bonds,
b Includes a
c
$5,000,000 guarantee;
In addition the
Corporation also guaranteed
of Interest.
Represents securities sold,
the payment of
principal and Interest Is guaranteed
2,774,402,909.37
Income,
Conservation
Greatest
Production Adjustment and Soil
by Secretary Wallace as
Described
of Agriculture—Advises
Marketing Certificates
Needs
on
The three basic needs
17,159,232.30
10460298.889.43 5,794,111.026.62
of the Canadian Pacific Ry.
$5,150,000 represented by notes
which were accepted in payment of the balance due on loan made to the
Minneapolis St. Paul & Sault Ste. Marie Ry. Co.
a In addition to the repayments of funds disbursed for relief under the Emergency
Relief and Construction Act of 1932. the Corporation's notes have been canceled
In the amount of $2,720,243,677.07, equivalent to the balance of the amount dis¬
bursed for allocations to other governmental agencies and for relief by direction of
Co.,
Congress and the Interest paid thereon,
$127,319,341 upon
Committee
33,177,419.82
and relief
Corporation has approved, in
Increased
17,159,232.30
allocations
relief advances
railroads authorized the
principle, loans in the amount
the performance of specified conditions.
above loans to
In addition to the
al7,159,232.30
500,000,000.00
27,499.000
18,200,000
The loan to
the payment
Relief Appropriation Act,
Feb. 24, 1938.
29.299,000
Pacific Ry. Co. and when
of
1,799,984,064.72
No. 432) approved
Co
Represents a guarantee; In
was
499,999,065.72
Does not Include
RR. Co_
(receivers)
785,000
1,070,599
500,000,000.00
Appropriation Act—1935—
Grand total
*
Co
99,200
785,000
1,070,599
by the Corporation.
299,984,999.00
Total allocations
RR. Co..
100.000
2.309.760
23,134,800
99,200
200,000
400,000
5,200,000
45,200,000
51,405.000
100.000
a6,843.082
100 000
1.300 0O0
(rec'rs)
Seaboard Air L. Ry. Co.
50,000
5,124.000
162,600
Savannah A Atlanta Ry. Co
800.000
2,55b"6o0
985,000
6,843.082
29,500,000
3,000,000
17,000
Pittsburgh A W. Va. RR Co.—
4,975.207
Puget Round A Cascade Ry. Co__
300,000
St. Louis-San Fran. Ry. Co
7,995,175
St. Louis-Southwestern Ry. Co._ 18,790.000
a
000,000.00
Corporation
certification of Federal Relief
Issued for funds for
8,500.000
800,000
Minneapolis St. Paul A Sault Ste. Marie Ry. Co. (The 800 Line)
the interest on which was guaranteed by the Canadian
the "800 Line" went into bankruptcy, we sold the balance
due on the loan to the Canadian Pacific, receiving $662,245.50 In cash and Canadian
Pacific Ry. Co.'s notes for $5,500,000, maturing over a period of 10 years, $350,000
of which matured and was paid on Feb. 1, 1939,
500.000.00
115,696.87
Total for relief
and
9,278.000
2,550,000
197,000
Ry. Co
RR
Totals
126,871.85
1935
Interest on notes
125.000
Pioneer A Fayette
941,241,424.83
Emergenoy
13,915
520,000
36,330,000
3.000
Pennsylvania RR. Co
Co
6,000,000
13.915
6.843,082
Wrightsville A Tennille RR
3 ,108,278.64
14 ,003,502.92
27,1933
Administrator
Under
6,000 000
590 nno
18,200.000
7,700,000
(receivers)_
607.000
Salt Lake A Utah RR.
1,111,000
546,000
354,721
RR. Co.
Wichita Falls A Southern
44 ,500,000.00
fund)
States directly by
on
10,000
15,000
RR.Co
H. A Hartford RR Co.
Western Pac. RR.
000,000.00
governmntal agencies,..
Under Emergency
627,075
227.434
8.176,000
5,124,000
Missouri Pacific RR.Co
23,134,800
Missouri Southern RR Co
99,200
Mobile A Ohio RR. Co.
785.000
MobileA OhloRR Co.(receivers)
1,070,599
Murfreesboro-Nashvllle Ry.Co.
25.000
New York Central RR. Co
b41,499,000
Pere Marquette
1,867^075
100.000
Mississippi Export RR. Co
71,300
3,000
90,000
1.000,000
Maryland A Penna. RR.
*
expense—1932 relief
Total allocations to
582,000
8,000,000
99,422,400
546,074.55
Administrative
Administrative
1,800.000
"lent of Interest.
Stock—Commodity Credit
Expenses—Prior to May
Since May 26, 1933
500,000
1,800,000
3.182.150
105,422,400
13,915
520.000
43,112,667
Lehigh Valley RR. Co
Litchfield A Madison Ry.Co
Governor of the Farm
revolving fund
8,081,000
16.58? 000
10,278.000
Co
RR. Co---.
Gulf Mobile A Northern RR. Co.
53,500
2,000.000
8.000
1,957,075
227.434
8,176.000
15,000
78.000
10,539
3,183.000
546,000
-
(receivers)
Ft .Smith A W.Ry.Co. (receivers)
Ft. Worth A Den. City Ry. Co..
Fredericksburg A North. Ry.Co.
Fla. E. Coast Ry. Co.
Western Pacific RR.
000,000.00
53.500
•» «.
-
2i9io6o
10,000,000
Erie RR. Co. (trustees)
Wabash Ry. Co.
000,000.00
-
1.800,000
Texas South era-Fastern
145 000,000.00
2 600,000.00
55 000,000.00
--
537
3,840,000
3.182,150
16.582 000
West.RR.Co.
Erie RR. Co
Tuckerton RR.Co
for loans to:
150,000
11,500.000
Grande W.RR.Co.
Denver A Salt Lake
Texas A Pacific Ry.
124
838
150,000
_
53,500
(trustees)
Texas Okla. A Eastern
200 ,000,000.00
,741,000.00
40,000
155,632
4,338,000
1,289,000
m — ^
2,000.000
8,300,000
Sumpter Valley Ry. Co
Tennessee Central Ry. Co
visions of existing statutes:
464.299
5,916,600
46.588,133
'
sooiooo
60.000
Grande W.RR.Co.
Denver A Rio
Sand Springs Ry.
Secretary
220,692
464.299
140,000
10,398,925
Co..
Copper Rrange RR Co
Del. Lackawanna A Western Ry
Salt Lake A Utah RR.
Governmental agencies under pro¬
139,909
14,150.000
3.124,319
29,504,400
Ry. Co
Columbus A Greenvlllp Ry.
Southern Ry. Co
Allocations to
535,800
35,761
1,150,000
637.451,363.62
7,685,895,980.06 5,776,951,794.32
Total
41.300
102,307
13,200
13,718,700
502,456,990.48
Public
12,204,879
41.300
11,069,437
8,920,000
(trustee)
Chicago R. I. A Pac. Ry. Co.—
Cincinnati Union Terminal Co..
Chic. No. Shore A Mllw.
623,275,429.49
of
transactions
400 OOO
95.343.400
53",960
Ry Co
140,000
Chicago A Eastern 111. RR. Co..
5,916,500
Chicago A North Western RR. Co 46,589,133
Chicago Great Western RR Co..
1,289,000
Chic. Gt. West. RR. Co. (trustee)
150.000
Chic. Mllw. St.P. A Pac. RR. Co. 12,000.000
Chic. Mllw. St .P. A Pac. RR. Co.
1,239,294,501.56
-
Administration
Emergency
Works security
34,475,000.00
634,757
------
Charles City Western
Norf.South. RR. Co.
by
secured
Loans
814,220
634,757
14,150,000
3,124,319
500,000
lessees)
Central of Georgia Ry.
N. Y. N.
629,696,547.61
90 000
2,500 000
Ohio Ry.
(Atlantic Coast Line and Louis¬
N. Y. Chic. A St. L.
of
Purchase
127,000
275 000
-
Total
$
$
127,000
Carolina CUuchfleld A
Mlssourl-Kansas-Texas
market¬
-
Loans to Rural
43,185,547.67
5,087,800.00
— ..
Corporation
Other.
47,193,871.13
70,195,027.29
204,701,151.57
46,982,981.21
commodities and livestock:
ing of agricultural
Commodity Credit
4,587,534.63
47,298,877.12
of agricultural
Loans to mining
Carlton A Coast RR.
Louisiana A Arkansas Ry. Co
surpluses in foreign
Loans on
RR.....
Co
Buffalo Union-Carolina
Illinois Central PR. Co
408,330,974.01
-
reconstruction of property
earthquake, fire, tornado, flood
by
RR.Co.
Birmingham A So'eastern
Boston A Maine RR
Green County
for repair and
damaged
Co. (receivers)..
Northern ity. Co.
Co. (note)
Baltinore A Ohio RR.
Great Northern Ry.
salaries and for refinancing out¬
standing IndebtednessLoans to aid in financing self-liquidating construc¬
tion projects
Ashley Drew &
Galveston Terminal Ry.
and Irriga¬
of teachers'
Loans
Ann Arbor RR.
Gainsville Mldl'd Ry. (receivers)
authorities for payment
public school
to
14,718.06
4 ,049,340,754.73
of Agriculture to purchase
ootton
Loans
584,553.21
of pro¬
under Section 5
Secretary
Loans for
9,250,000.00
5,567,289.38
456,620.89
—
Total loans
to
13,064,631.18
12,971,598.69
600,095.79
Credit unions
Loans
1,877,852,814.91
*216,318,122.46
410,099,993.61
387,236,000.00
173,243,640.72
117,013,530.30
87,090,343.05
19,670,574.72
13,064,631.18
12,971,598.69
9,250,000.00
5,643,618.22
719,675.00
.............
Livestock Credit
Processors or
$
deposits of public
.....
time.
Alton RR. Co
Repaid
Disbursed
S
127,000
275,000
2,500.000
634,757
400,000
95.358.000
41,300
11,069,437
53,960
549,000
RR. Co...
Tenn. & Northern RR. Corp.
Aberdeen & Rockflsh
of securities having
from Feb. 2, 1932, to Dec.
ments for all purposes
Withdrawn
$
Federal Emergency
position to deliver from time to
is in a
of
(as of Dec. 31,
Authorized
an
tration
canceled
with the amount dis¬
shown in the following
1939), contained in the report:
for each, together
bursed to and repaid by each, are
value of $7,826,800
at
collected maturing
Public
Works Administration
securities having par value of $250,341.
Through Dec. 31, 1939, the Corporation has purchased from the Federal
Emergency Administration of Public Works 4,140 blocks (3,079 issues)
of securities having par value of $659,275,049.
Of this amount, securities
having par value of $483,698,521 were sold at a premium of $13,753,550.
Securities having a par value of $147,072,282 are still held.
In addition,
the Corporation has agreed with the Administrator
to purchase, to be
held and collected or sold at a later date, such part of securities having
aggregate par value of $16,406,000 as the Federal Emergency Adminis¬
a
and authorizations
authorized to railroads
withdrawn
or
public agencies
to
Feb. 24, 1940
Chronicle
pursuant to provisions of an
Act (Public
of agriculture in the
House
United States are
strengthened production adjustment
and additional soil conservation, Secretary of Agriculture
Wallace said on Feb. 15 in a statement to the House Com¬
mittee on Agriculture.
He described the Administration's
present farm program as the result of "seven years of steady
progress and solid progress in the welfare of agriculture and
the nation," and declared that it constitutes "a broad, deeprooted and sound foundation for the future security and well-
increased farm income,
Volume
The Commercial & Financial Chronicle
150
being of all the people."
would be
The only practicable,
possible
time,
marketing certificates
substitute for any part of
of increased income to the farmer at the
present
Wallace said, is through the
source
Mr.
which he recommended, "Dot
the farm program, but as a
as a
is
that
the
principle
of marketing
be
A
marketing
certificate
plan
could
be
would allot marketing certificates
production adjustment and soil
we
administered
very
"What
conservation, in such amounts and having
such values
would be necessary to cover their allotted normal production
and assure them an income
equivalent to parity prices on the domestically
them to the Government.
No certificates would be required from manu¬
on sales for export.
And third, we would establish a government
revolving pool to purchase certificates from farmers and sell them to manu¬
facturers whenever necessary in order not
only to maintain the market
price of the certificates
convenient
a
their face values but also to make buying and
at
operation and
to
that
assure
an
daily food ration—not
the goat of
a series
regulate
(3) A
of
our
tax; the program would be based
on
the power of the Congress
commerce.
marketing certificate plan would be readily adaptable to most
export
As
crops.
cotton, tobacco, rice,
which do not
practical
pass
illustrations, such
prunes and raisins.
through
alternative
crops
an
annual shearing.
of
Certainly if they have to pay a major share of the
Government
they
should
"unfair"
may be summarized
as
In
♦
only in the courts—an expensive procedure.
assessments
For certain crops, such as corn,
Associated
A measure
Press
than any
participation of agriculture in the national income, since it would constitute
increased domestic prices.
fixing
nor
income
cate
a
It
system of high
over a
long period
obtaining the additional income through
clear that neither
seems
a
system of price-
loans could be expected to provide
plan.
(b)
A
marketing certificate plan would also give agriculture
dependable and
a
more
form of financing than the other alternatives,
permanent
and one that would be
more nearly comparable to these
now enjoyed
by
industry through tariffs, quotas, franchises, and patents,
(c) A marketing certificate plan would contribute more than
any of the
other alternatives
servation.
fixing
for
toward
production adjustment and increased soil
con¬
It has already been pointed out that
proposals either for price-
or for
high loans would tend in themselves
to
before the lawmakers proposes a 1 cent tax for each share
now
abandonment of production adjustment and soil conservation,
A marketing certificate plan is obviously superior to the other alterna¬
tives from the
standpoint of
would require no
Leaders
At piesent the State imposes 3 cents a share
budgetary considerations, since such
a
plan
W.
York
New
Financial
District
Argue
McC.
Martin, R. P. Boylan, and A. C. Beeson
of Levy
Point Out Disadvantages
the
York
New
New
York
State
tax
securities
transfers
stock
on
exchanges
to
force
may
another
to
move
State, William McC. Martin Jr., President of the New York
Stock
Exchange, said
State
the
Feb. 20 in testifying at a hearing
on
Mitchell-Coudert bill
the
on
Committee of
Tax
the
before
Senate and Assembly
Albert C. Bee¬
at Albany.
Chairman of the Employees' Committee from Lower
Manhattan, also argued for revision of the tax on behalf
of 200,000 employees in the financial district.
Robert P.
Boylan, Chairman of the Special Tax Committee of the
New York Stock Exchange, told the hearing that the stock
transfer taxes "were disturbing the balance of stock trad¬
son,
ing between the States and acting as a brake on activity."
Martin said, in part:
Mr.
May
I
point out to
taxation, and
itself
in
you
divorced
its
stock
you
consider it for the moment
the
from
State
the economic results of
of
one
I ask. that
may
and
problem
transfer
problem
as a
refer to
the natural flow of business from high cost markets to lower cost markets.
New
York
that
fact
principal alternatives:
has
the
has
been
taxes
from
funct7onsd avoid the undesirabIe encroachment of government upon business
nated
outside
It should assist in
avoiding interference with the competitive position
of the product in the
market.
A marketing certificate program, but not a
few
security
the
tended
overlook
to
disadvantages
emphasized
repeatedly
the
its
stock
New
York
for
that
elsewhere
It
Stock
York
three out of
transactions,
State.
New York
ago,
New
States
satory tax might be levied
has
revenue
competitive
I
For many years New York has been able to collect substantial
years
the
for
serious
raising revenue.,
of
highest transfer taxes of any State having an organized securities
exchange.
on
search
created
has
would avoid the
danger of interference with the Trade Agreements
Program, through the long continued use of export subsidies.
It would avoid the
accumulation of unmarketable s rpluses.
fixed-price or high loan program, is adapted to the rse of partial or
complete
exemptions on those manufactured products which compete most
strongly
with
in
it
It
market.
It
from
Against Stock Transfer Tax at Albany Hearing—
A marketing certificate
plan has several special advantages over the
other
for each share from $10 to $50 and 3
cents
other item in this issue.
an
appropriations.
(e)
2
The arguments against the tax presented by W. McC.
Martin, R. P. Boylan and A. C. Beeson are referred to in
constitute incentives
the
(d)
Feb. 20 it
Albany,
sold at less than $20 and 4 cents on each share above that amount.
much
as
could be obtained through a marketing certifi¬
as
from
accounts
securities sold under $10,
The
more
the principal method for bringing about a fair
the most practical
arrangement for
judgment and
noted:
was
follows:
as
equitable
might include wheat,
A marketing certificate program would promise to do
(a)
of the other alternatives
and
fair
to
The boards would have power to reconsider the assessor's
compared with the other alternatives,
as
entitled
should not include any of the original assessors, he said.
for
marketing certificate approach,
be
Mr. Hofford explained that property owners can fight what they consider
increasing income, appears to be through ap¬
For those crops to which it is adapted the
superiority of the
propriations.
"have been
assessments."
centralized manufacturing process, the only
a
few
outmoded tax system," and added:
our
cents for each share above $50.
to
are
increase
an
"In other words, they are the sheep that have been corralled each year
for
cost
adequate supply of
marketing certificate program; the certificate requirements
They
What she needs is
diet."
a starvation
(2) A marketing certificate plan would achieve the benefits of
processing
taxes without
entailing
their difficulties.
No appropriations would be
a
;
of speakers, asserted realty owners
on
a
>
Ray Hofford, Executive Vice-President of the State Real Estate Associa¬
tion, introducing
certificates would be available for the needs of manufacturers and
importers
would not be
New York's by right of service would
The contain little meat.
at all times.
required for
New York State is sadly evident
means to
was
'
and far between.
in her
facturers
selling
crippled Wall Street
a
"The Wall Street goose is not laying many golden eggs.
as
consumed portion of their crops.
Second, we would require manufacturers
and importers, upon the sale of finished
products, to acquire the certificates,
in amounts which would assure a
market for the entire supply, and return
.
.
.
That the Legislature should continue to stand by and watch this
unthinkable.
seem
simply.
farmers who cooperate in
to
.
.
today.
certificates
taxes.
said:
looting by other States of what
as an addition to the present farm
program in order to meet the
needs for increased farm
income, for strengthened production adjustment,
and for additional soil conservation.
(1)
yield of this and other
William A. Lockwood, General Counsel of the New York Curb
Exchange,
adopted
First,
"very real inducement to bring business back to New York and
a
to increase the
greatly needed addition."
In part Secretary Wallace said:
My recommendation
1215
able
was
virtually
was
do
to
which origi¬
until a
four of
every
this
largely because,
market for stocks listed
the only
Exchange.
stocks.
other articles
on
the basis of the cost of the
raw
material.
A compen¬
on
competing materials in conjunction with any
alternatives, including a marketing certificate program.
would keep inventories out of the hands of the
Government and in the
This
of the
It
normal channels of trade, and would thus
facilitate and stimulate increased
consumption.
is
so-called
have
These
York
Stock
Transfer
Tax—Views
of
Mayor
La
Guardia, George H. McCaffrey, Etc.
economic
In addition to representatives from New York's financial
The
stock
present
returns.
This
thousand
transfer
has
tax
reached
the
point
of
has
resulted
in
loss
of
employment
to
a
deal of office space in lower Manhattan.
great
matter of grave concern
From the
same
Asserting increased
to
All
of this
is
a
tax rates,
we
applied in 1932, have driven
a
large share
of the stock
committees to approve the Coudert-Mitchell bill
He also
less
than
urged
a
one-half cent
per
than $5 and a one-tenth cent
share tax
per
share
tax
shares selling for less
SI.
Mr.
fit
York
group opposing the present stock transfer rates,
including WiUiam McC. Martin, President of the New York Stock Exchange
a
new tax on
low-priced shares, Mr McCaffrey said the New
York firms have lost this type of busines "almost
entirely."
"We are losing the higher priced share business," he added.
I
Your
"Unless
we
desperation
move out
He said
of the State
that
as
a
matter
of sheer
ask
the
revenues,
com¬
tion.
but contended that any reduction
their
might
the
not
State's
our
normal
importance of
competitively
more
position
of
States
the
in
so,
New
feel
we
can
York
in New
only as
a
and
of
vigor
business
fiscal
York,
its
we
few
urge
the
lot"
space
herewith
an
but
hope
we
interest of
Mr. Beeson said:
from
make
to
stock
lower
Manhattan paid
transfer
to
Albany
the
budget
come
provision
in
tax.
10,000
Manhattan."
200,000
directly represented by
The
employees
in
committee
the
financial
to act favorably on proposed
exorbitant
double
the
interest and
of the
you
as
livelihood,
Therefore,
Lower
from
inequitable
New
tax
York
presently
stock
legis¬
transfer
imposed
upon
tax
the
purchaser.
presented
short
I
a
our
their holiday to
State
approximately
downward
the
100-share
names.
but
is
but
ours.
employees
York
revenue
assets.
your
Committee
Committee
Chairman, I
revise
eliminate
the
600
one.
par¬
of
that, in the matter of preserving
testimony
New
were
situation.
difficult
that this
a
State.
Exchange
principal
contention
some
Means
the
represents
week
his
of
source
the
from
know,
we
outlined above,
reasons
transportation and gave up
Ways
As
In
impression
in general,
more
great
other
in
is,
revenue
New
of
Birthday
employees
than
made
retained
be
can
to
business
with
course
Employees'
to
is
competitive
the
for the
viewed
supremacy
revision
indirectly
the
about
dangerous potentialities of this
respect
repeat—Stock
agree
own
the
Those
"less
be
of
one
will
the
lation
else¬
alone has the power to do
exchanges
to
markets
the
driving
Lincoln's
their
and
markets
exchanges
give
to
bring
very
tax
which
citizen of the State is identical with
In
for
with
to
me
been
On
for
equalize
financial
factor
financial
the
financial
by
the
urge
transfer
respect
overstated
must
tax
you
Last
self-preservation."
downward revision of stock transfer tax rates
ex¬
,
not
economic
however,
stock
will
which
Legislature,
to
with
not wish
does
problems
does,
the
nearly
problem
ticular
every
York's
attacks
competitive
to
I respectively submit,
But,
New
apparent that
Exchange
if the
the
that
have
district.
take positive steps to lessen these handicaps we face the
prospect of seeing
one of the greatest business assets of the State wither
away or in
plicate the problem of State
Only
health.
and
It
that
it
exchanges
"The
Proposing the
competitor
that the Legislature can assist them,
those
of
more
assured
to
McCaffrey led
Stock
expects
or
to
equitable.
stock shares selling for
on
York
hopes
solution
seeing
sees
reducing the present tax.
on
York
New
in
these
inevitable.
Since it is estimated that
Exchange's public business comes
seem
is
it
susceptible
conditions.
that
brokerage business out of the State, George H. McCaffrey,
representing the Merchants Association of New York urged the taxation
State
market
it bas
following:
consequences
the
New
it
the
in
Permit
also take the
privileges
that
mean
.
The
that
the city.
advices
trading
exchanges
75% of the New York Stock
peculiarly
are
several
It has also resulted in many firms
going out of business and has made
vacant
outside
diminishing
people.
naturally
than
from
where.
district, who this week argued against the present stock
transfer tax at hearings in
Albany before the Taxation
committees of the State Senate and
Assembly, Clendenin J.
Ryan, New York City Commissioner of Commerce, appeared
on Feb. 20 in behalf of
Mayor La Guardia and read from a
letter in which the Mayor was
quoted (in Albany advices
Feb. 20 to the New York "Journal of
Commerce") as saying:
unlisted
or
other
changes, all located in States having stock transfer taxes lower than New
York's or none at all, can offer investors a market in New York stocks.
The
Bill Proposing Revision of New
on
listed
to
privileges
more
Hearing at Albany
Eight other major exchanges in the United
longer the fact.
no
52,496
of
one
prsent
signatures
week
an
an
petitioning
even
additional
for
such
larger number
petition
with
have
about
legisla¬
added
54,000
The Commercial
1216
revision
We
public demand for
employees
the proposed revision.
will benefit immediately from
jobs will be made more secure.
steadily growing in lower Manhattan for the
past 10 years.
The most accurate figures available, those showing the
employment by Stock Exchange member firms, reveal a drop from 61,740
as
of Jan. 1, 1937, to 37,848 as of Sept. 1, 1939—a decline of 27% in
two and a half years.
Remember, these figures do not begin to take
into consideration allied businesses or industries servicing the financial
district.
They do not include employees of investment trusts, over-thecounter houses, the stock and commodity exchanges themselves, member
firms of the New York Curb Exchange, or the investment banking and
retail bond houses.
They do not include the many employed in the
various
statistical and research organizations, or the financial printing
and publishing establishments serving the district.
As you can readily
see,
14,000 jobs were lost among only a small portion of those directly
employed in financial work.
When our many thousands south of Fulton Street find their purchasing
power seriously curtailed,
it is reflected in a very short time in other
parts of the State.
New York City is the largest market for the dairy
products, fruits and agricultural products of up-State New York.
On
behalf of the employees of the financial district, I ask you for
revision of the stock transfer tax.
We are joined by the thousands in all
walks of life who have signed our petition.
We ask for revision to safe¬
guard our incomes and our jobfe.
We ask it for our dependents.. We ask
it for the welfare of the entire State of New York.
Unemployment has been
pointing out the defects in the stock trans¬
fer statutes of the State, described the workings of the
New York odd-lot dealer system and in part said:
Because of the double tax involved on odd-lots, as compared to round-lot
transactions, the stock transfer tax is an unjust and heavy burden on the
small investor.
This burden is particularly heavy in security transactions
involving stocks of low market value, and transactions in such stocks today
represent a goodly proportion of the total volume of odd-lot trading.
The
weight of the burden can be judged from these figures:
On a completed
purchase-sale transfer involving 50 shares of no par value costing $10 per
share, and representing an investment of $500, the investor pays in trans¬
fer taxes $7,
or 1.4% of his total investment.
The unfavorable effect
which such heavy imposts have on small investors is very serious, for
these small investors comprise approximately 80% of the stockholders of
nationally known corporations in this country.
A tax which obstructs so
important a source of industrial capital defeats its own ends.
.
.
,
The
double taxation of the small investor can only be relieved by
incorporating into the statute a provision which recognizes the fact that
the odd-lot dealer is not a buyer or seller of securities in the true sense
of the term; that is, he does not buy or sell stock for his own gain either
Feb.
Chronicle
South,
the
on
both of which are
served by waterways on
imposed or are proposed to be imposed.
State Barge Canal to the Port
now
are
ask.
we
incomes and
Our
gentlemen, offer proof of
These petitions,
signatures.
the
& Financial
value of the
The
1940
24,
which no tolls
of New York has been
in which
by this Association in every port differential case
part, and it is a matter of common knowledge that if the
State and the port are deprived of the use of this free waterway, great
advantages will accrue to the ports south of New York which now, so far as
rail rates are concerned, enjoy the advantage of rates differentially related
to New York.
That the Barge Canal has been a regulator of freight rates,
which has greatly increased the prestige of the Port of New York, is so
well known that
we deem it unnecessary
to enter into any discussion
emphasized
taken
has
it
fact.
this
of
...
Port of
The
Montreal has already
traffic both
secured large volumes of
of the improvement of that port by the
Canadian Government and reduction of rates by the Canadian Railway
Commissioners made for the purpose of keeping Canadian traffic moving
through Canadian ports.
Even under present conditions a large volume
of
United States
imports and exports now move through the Port of
Montreal and by water from Montreal to ports on the Great Lakes and
westbound by
and
east
obvious,
is
It
the interior reached through such ports.
therefore, that any action taken to
in
points
reason
increase the cost of
the Port of New York will result disadvan¬
to the benefit of the competing ports served
no such tolls are exacted.
What has been
cost of transporting import and export freight
with equal force to the cost of transporting commodities for
consumption at the Port of New York, which move in volume
transportation to and from
tageous^ to New York and
by inland waterways where
said respecting the increased
applies
human
over
the Barge
Canal.
+>
.
;
.
Mr. Boylan, in
as
speculator or as an investor.
Active efforts by out-of-State
a
time
exchanges to attract trading in stocks
in the spring of 1937.
Since that
stock exchanges of Chicago, Boston, Detroit, Philadelphia, Cleve¬
the West Coast have carried on vigorous campaigns, often with
the
land
and
trade at home.
matter—is
customers
...
diversion—in itself a troublesome
secondary in importance to the loss of customers.
When the
no
longer come to market there is no market.
The Stock
actual
The
in their States to
to induce investors
cooperation of State officials,
the
volume
of
loss
due
to
securities market is bids and offers. Bids and
another city by wire, in a matter of
the market goes with them.
That is one
reason
why the difficulty which the New York Exchange faces because
of outside competition is more serious than the bare figures of percentage
Exchange is a place, but a
offers
can
seconds,
go
and
New York to
from
when they
go
indicate.
volume
Another
like any
is apparently
diversion
that
is
reason
increasing rapidly and,
other well-defined trend as it gains momentum,
it becomes increas¬
Thirdly, to regain the business once lost to
ingly difficult to stop.
other
Ickes said, that
Mr.
sin against
securities
market which
the world
is favorably known
has been brought to its present great efficiency
through the experience of years, • and that the Exchange merits the
assistance which it is asking the Legislature to give in protecting it from
that
over,
the
system
outside attack.
also respectfully urge that the double tax on odd-lot
We are convinced that these changes in
May we
be
tions
law
will
eliminated?
result
in
substantial
benefits
the
to
investing
public,
transac¬
the tax
to the
in either the President or
free enterprise,
Federal Trade Commission.
through business men
the system of
enterprise for the majority of business men against the depredations
private
of
agencies came into being, he said,
persuaded Congress they were necessary to preserve
business
maintains
minority.
a
,
"When, therefore, a
men,
business man is mad because government
has decided that the
promotes the
second business man is right in his idea of
American system of free enterprise," Mr. Ickes said.
in private enterprise objected to the
in
these columns today.
Imposition of Tolls on New York State Barge Canal
Opposed by Merchants' Association—Bills Now
Pending in State Legislature
.
.
enterprise," he declared.
can
"Enterprise," Mr. Weir said, "asks
its threats—it
item
what
.
exercise
by the Government of its undoubted rights to police industry and seferee its
activities, but that such regulation under the New Deal had been extended
to stifling control.
"And it is killing the venturesome spirit of business be¬
cause that spirit lives only with the freedom which is the lifeblood of Ameri¬
in Albany on the budget and the effect
of the stock transfer tax appeared in our issue of Feb. 17,
1074 and 1075. The views of Mayor La Guardia and
others presented at this week's hearing are noted in another
another
the two
Mr. Weir said that no one
business—it asks government to stop
pages
is 'inter¬
business, what he is really sputtering about is
man—because government acting as a referee between
with his
fering*
Exchange, and primarily to the State of New York.
Previous hearings
of
the National Government is
indidivual liberty, political democracy and
your own self-interest.
No matter on what you may disagree with him, he
is now a symbol of confidence whose loss of symbolic value would now make
all agreements and disagreements utterly unimportant."
Discussing governmental interference with business, he said that the most
common form in which Government had a voice about the conduct of busi¬
ness was through regulatory commissions such as the Interstate Commerce
Commission, the Federal Communications Commission, the Securities and
Exchange Commission, or through the Department of Justice and the
a
These regulatory
Exchange
and more im¬
time to shake the confidence of the great mass
"Anything you do at this
the American people
competition of that type is difficult to meet.
The committee feels that the free and open
Stock
individual men were becoming more
of the masses and that the character of leadership every¬
where was of tremendous importance to the fate of mankind.
He said that
the great mass of people in the United States today have confidence only in
one symbol, the Federal Government, and added that "regardless of whether
you agree with the President or not, you must admit that this personal¬
ization of confidence in him is an all-pervasive reality."
.
.
.
"For the intelligent conservative the situation is clear," Mr. Ickes said.
who
York
following:
also take the
the character of the
outside exchanges is
concentrated in the most active and profitable securities, since the outside
exchanges naturally tend to select for trading those New York stocks in
which there is a prospect of a substantial amount of business.
Selective
Exchange's problem is further complicated by
business which is being diverted.
The volume lost to
The
New
Debated
and Secretary of Interior Ickes
Secretary of the Interior Harold L. Ickes and Ernest T.
Weir, Chairman of the National Steel Corporation on Feb. 14
debated the subject of "Private Enterprise versus Govern¬
ment Regulation" at a dinner of the Economic Club of New
York.
To Secretary Ickes's contention that the Roosevelt
Administration had saved the system of private enterprise
by humanizing the business system with new rights for
farmers, laborers, investors, consumers and the unemployed,
Mr. Weir replied that New Deal'policies retarded recovery
by being not attempts at governmental regulation of busi¬
ness, but "definitely Government control."
This was re¬
ported in the New York "Sun" of Feb. 15, from which we (j
exchanges is most difficult.
the
and Government Regulation
by Ernest Weir
portant as leaders
.
in New York began
have markets
that
.
.
Private Business
it asks
government to stop trying to run
its competition, its restrictions
and
economic necessities of business—
administration that has respect for common place legal safeguards.
asks understanding of the
that progress can come again only with
attitude."
Enterprise says to the country
changes in government
these
detrimental to business, Mr.
Weir charged that the SEC had interfered with the spread of investment,
the Wagner Labor Relations Act and the National Labor Relations Board
had set up "virtual despotism" over labor relations and that in the hands
of the Board the Act had become "an ugly spectacle of power run wild."
The Guffey bituminous coal Act, he contended, had aggravated evils of the
As specific moves
by governmental agencies
coal industry.
New York State
Barge Canal would place the Port of New York at a great
disadvantage in competition with Montreal and New Or¬
leans, the Merchants' Association of New York has filed
to impose tolls
Declaring that
with
the
Chairmen
Committees
Senate and Assembly Judiciary
of the
Albany
a
the
memorandum criticizing the
Government had gone
bills
the field of public
and forced the sale of competing
and arrived at
properties at
and
expansion
of millions to investors and in taxes to State
It had discouraged private investment and
control over the industry by a purge of property
local governments.
not
cur¬
from regulation to ownership in
utilities, he charged further,
sacrifice prices, causing loss
far removed in
Russian type,"
proposal to amend the Constitution so as to eliminate
rent
the existing
the
at
on
principle from the human purges of
"which is
the German and
he added.
+
prohibition against the imposition of tolls.
The
have been introduced in
Importance
in the
Private
proposing such amendment
Senator Feinberg of Plattsburg and
Senate by
of
Commercial Shipbuilding Program in
Shipyards to Industry and Labor Indicated
Analysis Made by National Council of American
Assembly by Assemblyman Shaver of Montgomery County.
in
In
Shipbuilders
its
letter
to
the
Judiciary
Committee
Chairman,
the
Association wrote:
Teh
and
of
this
legislation,
particularly the Port of New York,
peting with the Port of Montreal
to American industry and labor of the
shipbuilding program now underway in the
private shipyards of the country is emphasized by an analysis
made by the National Council of American Shipbuilders of
the origin and cost of materials and equipment entering into
The importance
which would give the Legislature the
authority from time to time to place tolls on canal traffic and to increase
those tolls under political pressure would place the State of New York,
passage
on
at
a
great
disadvantage in
com¬
the North and the Port of New Orleans
commercial
Volume
the
141
The Commercial & Financial Chronicle
ISO
vessels which
already a part of this program.
The Council had the
following to report in part on Feb. 22:
are
These vessels have been ordered
by the Maritime Commission either
its
own
are
account or on the accounts of private owners.
spending
about
$185,000,000
with
other
at
Pacific
owned has risen from
Private shipyards
the
on
end of 1938 the companies
Atlantic, Gulf and
private
with
various
miscellaneous items,
including taxes,
insurance, depreciation of plant, transportation, administrative
costs and
on
"Wall Street Journal" Feb. 20:
R.
R.
Rogers, Vice-President of Prudential
outlined
Insurance Co. of America,
recently adopted program of his company whereby farmers whose
a
mortgages have been foreclosed may repurchase the land without a down
payment under an operating contract under which the insurance company
profits.
In order to ascertain the
source
of materials
entering into the average
and the farmer divide the crop equally.
commercial seagoing vessel which forms the
largest part of the Maritime
is
Commission
This plan, he testified, gradually
question.
program,
the
National
Council
of
American
Shipbuilders
being extended
returns of material and equipment ordered
by three different
shipyards for vessels of three different types, including two
cargo types and
one
The existing Maritime Commission
program includes the passenger liner
"America" costing about
$17,000,000, and 12 oil tankers, costing somewhat
in excess of
$3,000,000 each.
naval vessels
than
average
Ships of the "America" type and many of the
under construction call for
now
vessels
cargo
and
a
variety of materials
greater
bring into play through
their elaborate
specifications and requirements virtually every important
industry in the
country. Taking into consideration the "America" and the 12
tankers, the
existing Maritime Commission program of 141 ships is equivalent to at least
150 ships of the types on which the
analysis was based. With this adjust¬
Metropolitan Life Insurance Co., told the committee of
The average cost per vessel of-materials and
equipment shown
analysis
types
that
$1,236,533.
Although the materials entering into the three
purchased from only 23 of the 48 States, their character is such
was
were
raw
products entering into their fabrication
or
production
such widespread sources that
every State in the Union is
or
by the
equipment, and in
most instances a
for the present commercial
come
The two
variety of materials and equipment,
shipbuilding
Committee
Cash
and
Senator
Resumes
Investments
Based
of In¬
Increase of
on
SEC
on
Study—
the tremendous
growth
of cash and in¬
1929 to 1938, which Gerhard Gesell,
attorney
SEC, suggested might be indicative of the companies' inability
Cash in hand
at the end of
vast funds which came into
Both officials
insurance
Metropolitan said his
with only
"It
$4,525,174,000 at the end of 1938, compared
$302,834,000 at the earlier date.
has
companies to follow
trend of capital needs, and just
now," Mr. Buckner
to
He added that this
come
was
the
testified, "the demand
largely from the United States
"due to
Government."
slowing down of demand for capital by
private industry," but insisted that "this is a passing phase."
"I'm
an
optimist,"
believe the growth
the
of the
a
executive
United
declared.
States
has
"I
don't
reached
a
by
any
means
standstiU, but I
don't want to get away from the subject."
In its reference to the
dispatch
the
to
New
hearing
York
hearings
Feb. 14
on
"Herald
The
Washington
Feb. 15,16 and Feb. 19 had to do with the
and faim real estate held by the insurance
companies.
William G. Murray, Professor of Agricultural
Economics at Iowa State College, declared on Feb. 15 that
the government farm agencies, the life insurance
companies
and other large farm moitgage holders, must
co-operate in
order to solve the farm tenancy problem.
Washington advices Feb. 15 to the New York "Herald
of
the
extensive
competition
for
mortgage loans, life insurance companies and other investors had made high
loans on "mediocre land."
This factor has accentuated the so-called absen¬
tee
ownership of farm lands in Iowa.
He said that in
or
2,683,000
it was
held
3,813,000
more
Senator
1935 it
was
3,401,000,
or
10-1%
while in
7%
1937.
11.2%.
At the end of 1939 insurance companies
of the farm land, held by investors through default.
acres, or
than 8%
Deposit banks
In
was
the second largest group,
O'Mahoney observed that
on
with
the basis of testimony
lending institutions."
insurance companies had
New
the
&
ner
up
developed
by the Federal
Mr. Murray said that in 1928
$500,000,000 worth of farm mortgages in Iowa,
40% of all mortgaged land in the State.
.
.
When the hearing began Mr. Gesell read
a
given
was
Trade
Stock
Exchange and senior partner of Fen-
Feb. 12 the Securities Act of
discussing on
1933 and the Securities and Exchange Act of
that "if I
faults
1934, declared
trying to appraise the respective merits and
the Acts I should say that they were 75% good
were
of
25% bad in themselves, and that in theory of admin¬
istration that ratio is changed.
That change is partly be¬
and
of
cause
and
lack
a
of
experienced knowledge of the business
what I myself am convipced is a
aims at a wrong result."
Mr. Russell
that "the Acts are so drawn that they can
because of
partly
false philosophy and
went on
be
to say
affected by
vitally
is
and that
the theory of their administration,
Mr.
should be remedied."
fault in itself and
a
Russell, who spoke before the Indiana Banking Conference
at Bloomington,
Ind., expressed the hope that Congress
would re-study the effect of the securities laws in the light
of experience,
and be open-minded in the matter of amend¬
the
Securities
manipulative abuses,
obviously
Section
is
ever,
broad
so
be
to
as
No
flow
investigated and
the
of
statute—an
in
held
statement to the committee
Section
to
as
and
eliminate
to
9
2, how¬
(a)
seriously
interfere
market.
It is
confusing
in
with
broad
so
provisions.
its
manipulation, although that is
refrain
from
performing acts
a
which
that is
men
accomplished through the
with violations
in
a
security
a
vagueness
penal
a
a
raising
or
of
of the statute
clear legal opinion.
series of transactions creating actual
inability to obtain
or
depressing
the
apparent
or
price
the
for
inducing the purchase or sale of such security by others.
The
the Act does not deter the unscrupulous but it does hold
of
honest
of
and
charge
to
ability which exists by reason of the
of
Section
obeying the law, and
the
unfair
it does put it into the
less at will.
provision—is
for
the
of
purpose
by large stockholders,
information
of
use
more or
insiders'
so-called
16—the
preventing
of
desirous
men
bureau to persecute
a
directors
and officers.
In
in
the
capable
be
first
but
real
is
the
in
unscrupulous
the
of
Act
the
not.
is
is
Here
purposes
and
no
But
to
make
disclosure
so
of
determination is
to
necessary
recitation
is
ment
For
of
always
instance,
and
separate
which the SEC has studied owned $1,787,799,000 worth of farm
apparent.
if
to
a
a
is
and
man
Act
be
effort
listed
and
illustrated
is
of
1933
but would support
and
the
failure
purpose.
of
a
to
is
if
the
disclosure,
the principle.
disclose
so
The difficulty of
uncer¬
defining
situation and what
issue must be registered under
to
and the
prevention of
is
the
inconsequential details of finance and manage¬
Then the two Acts duplicate that difficulty.
registration statement
of time
Securities
understanding
present.
new
it
the danger
again
difficult
full
desirable;
markets.
of the
defeat the
multitude of
a
Disclosure is
public-spirited
fair-minded,
is
what
evasion
law.
control
to
main
the
which I am entitled to voice—is not
is easy, with the. result that
Moreover,
is kept out of proper and desirable activities
evades
man
sponsorship
of
One
The
interest.
the law-abiding man
aim
celebrated cases the statute would not have
six months' period is arbitrary and is no
most
only my personal opinion
public
matter
information
of the section is to eliminate buying and selling
narrowing the spreads in the market which I believe—
the purpose of
it
practical
a
result
The
test.
the
as
confidential
it has happened in occasional instances is not to
That
in
abuses.
the
insiders do possess such
sense
of abuse.
denied,
prevented
fairly arguable whether
is
place it
widespread
any
tion
mortgages.
indefinite
to scorii,
up
forbidden is
vagueness
1933,
.
designed
was
purpose.
public auction
a
consequence,
administrators
trading
purpose
back
proper
what constitutes
say
the consequent
power
in
uncertain,
to
Men,
Act
Exchange
a
administered
so
only proper but definitely beneficial through fear of being publicly
ability
active
is
of securities
able
offense.
not
and
entirely
is
one
penal
are
of
9
normal
asserting that at the end of 1929 the 26 largest life insurance companies
York
Beane,
tain
1%.
by the SEC, "the individual farmer is being swallowed
government and the
investigation
Philip W. Russell, member of the Board of Governors of
proper
1933 the corporate-owned land in Iowa measured
acres.
agreed that insurance companies should approach
issue of Feb. 10, page 923.
our
and
because
also
were
Board of Governors Tells Indiana Bankers Methods
for
Tribune" stated:
that
return
to
Administrative Policies of SEC Discussed by Philip W.
Russell—Member
of
New
York Stock
Exchange
oa
Murray testified
two
What is
a
Tribure"
farm mortgages
Mr.
foreclosure
from the operation of
more
foreclosures with reluctance and that before taking such a step every effort
and
reported
Senator O'Mahoney a3 statiag that "there is
nothing in the
study of life insurance by the T. N. E. C. in the slightest
degree inimical to the insurance industry."
The
through
could profit
company
should be made to adjust the debt.
the
been the policy of the life insurance
for capital seems
"social standpoint" it is better
a
farms
farms than from sale because of its efficient management program.
to
$665,329,000
1938, while investments in United States Government bonds
at
agreed that from
were
companies acquiring
ment, also said, in part:
their hands.
jumped from $102,188,000 at the end of 1929
by the 26 companies stood
The Prudential official said, however,
of Enforcement Impede
vestment of the country's 26 largest legal reserve life
insurance companies
the
that
even
them to operating farmers as soon as possible, although Mr. Rogers of the
Con¬
in government bonds from
satisfactorily to invest the
a
opinion
Investigation
Data
Temporary National Economic Committee resumed
its hearings Feb. 12 in its
study of life insurance.
The
SEC survey of investments, financial
policies and operating
results of the 26 largest legal reserve life insurance
companies
in the United States, which is referred to elsewhere in
our
issue of today, is the
subject now being considered.
Opening
the hearings Leon Henderson, member of the
SEC, presented
a
statement, in which he said one of the purposes of tne in¬
surance
hearings was to answer this question: "Has the trend
of private savings to accumulate in insurance
companies
dried up venture capital and
hampered the development of
new business
enterprises ?"
Regarding the testimony of Thomas A. Buckner, Chairman
of the Boara of the New York Life Insurance
Co., a Washing¬
ton dispatch Feb. 12 to the New York "Times" said:
for
the
stake in it,"
a
low.
The
on
expressed
Previous reference to tbe insurance
O'Mahoney Denies Move for Federal
Buckner gave figures
official
that his company's program of selling without any such payment was work¬
trol of Insurance—Farm Problems Discussed
Mr.
Metropolitan
better interest in the land if they "have
a
if it is only a hundred dollars or so.
program.
Companies—Hears
surance
Rogers differed upon the advisability of requiring
The
ing very satisfactorily and that the repossession rate has been surprisingly
in
Monopoly
Messrs.
payment.
farmers take
from '
supplying materials
a tract
price.
down
for
under construction.
now
somewhat similar
a
capable and experienced farmer can purchase
any
from the Metropolitan for a down payment as low as 3% of the purchase
ment, the analysis is fairly representative of the program of commercial
vessels
of the land in
owner
'
plan under which
combination cargo and passenger type.
farmers other than the former
to
Earlier, Glenn D. Rogers, director of the farm mortgage division of the
analyzed the
or
acquired $430,407,000 of farm mortgages.
following regarding testimony before the Committee
Feb. 19 is taken from a Washington dispatch to the
coasts.
up
estate
The
With 50% of the total cost of the commercial
program going for materials
and equipment and
40% for shipyard labor, the remaining 10% in
shipyards is taken
of farm real
amount
$81,907,000 to $529,392,000 with another $81,755,000
From the beginning of 1932 to the
worth owned under contract of sale.
industries—approximately
labor
$743,961,000.
However, during this 10-year period the
on
50% of the total cost of the piogram—for materials and
equipment.
An
additional 40% of the total cost of the
program, or approximately $148,-
000,000, is being expended for shipyard
1217
In the next 10 years this amount decreased until at the end of 1938 it stood
an
upon
must
an
organized
be filed.
additional
That
expense
to
the
Securities
national
is
no
a
Act
exchange
patent
purpose
of
a
duplica¬
which
is
The Commercial &
1218
corporation which has filed a complete registration state¬
1934 Act sells new securities, it must again fully register
1933
Act,
although much of the information required is
if
Again,
a
under the
ment
under
the
duplication.
...
also the burdensome provision of
the law as to the delivery of prospectuses.
A reading of the prospectus
of any issue in an established business is all that is necessary to form an
intelligent opinion of how little useful they must be to the average
connection
this
In
investor.
we
must consider
...
length into the many complexities of
the Acts and
the regulations and the rulings under them which have
resulted in a whole new body of administrative law.
But in passing let me point out
that it is only provisions here and
there which even to a minor degree impinge upon your business and call
to go at
not permit me
Time does
expert advice.
for
Section 2 (12) covers
"dealer" in the Act of 1933 in
The definition of a
who engages for even part of his time directly or indirectly as
agent, broker or principal in the business of buying, selling or otherwise
trading in securities.
If you act for customers or as principals for your
anyone
account
own
then
and
The banker
the Act
definition.
well be within that
very
may
you
dealer, and as a dealer subject to Section 6 of
Section 12 (2) relating to responsibility for prospectuses
be
may
to
a
and to
penalties for sale without a prospectus.
A banker may be an issuer under Section
either as trustee or
liable under Section 15.
have already said, such provisions are not
become
I
As
effect
time
The
serious in their direct
be conservative, view itself
banks.
Still a bank must, to
as defined in Section 2 (12).
has come when Congress should
upon
"dealer"
a
as
2 (11) as the holder of a
executor and might conceivably
block
controlling
.
.
,
review these great Acts
in
experience, and I repeat that in my opinion they are 75%
good in themselves, but that the philosophy of administration is bad.
The unfortunate provisions are not aimed at banks as they are at dealers
and brokers, but if the purpose is to control absolutely the security dealer
and broker and the character of his wares, then these Acts and each of
the
supplemented by the other have a decided effect on your business.
banking business supplies, to some extent, the need for capital,
individual need and a corporate need, originally a need for short-
The
Doth
an
capital, and
term
long
so
still short-term
to industry and
it takes the form of loans,
as
The bulk, of course, of funds which you furnish
is obtained from deposits made with you.
capital.
Such deposits
individuals
to
prompted by a desire on the part of individuals for safe
custodianship and for convenience, although now the Government, by virtue
of its policies of economic management, is able to effect that volume of
deposits and its turnover arbitrarily.
Since the bulk of deposits are on demand, a certain liquidity is essential
to a bank,
and it must have as small an amount of
idle funds as is
consistent with its ability to meet normal current demand.
The only
I
are,
suppose,
completely liquid wealth in any volume which is available today
securities.
The only thing that gives liquidity to listed securities are
form
is
of
Stock Exchange, licensed,
York
regu¬
arti¬
Whatever
Act.
Exchange
the Securities
under
controlled
and
lated
the New
primarily
exchanges,
the
market, whatever lessens the volume of
honest offerings and honest
bids, lessens the ability of any particularly
owner,
including a banking owner, at any given time to appraise the
value of his securities in spendable money and to obtain that spendable
is
restraint
ficial
put
that
on
money.
loans
Brokers'
been
have
the
of
best
They have always
prime paper.
good because the collateral is listed securities with an unquestionably
market.
It will not be true that there is an unquestioned
been
immediate
market
listed
for
in
securities
any
a
of
liquidation.
of
capital
the
tration
have
market problems,
of incubation is so long as to present
and if offenses under either
Act are so uncer¬
tainly defined as to make activity potentially dangerous, you are
affected in
control
It
business.
is
spirit
that
is
enacted
me
avoid
to
effect
to
the conclusion
Government spending
take the
if it
reforms,
unsympathetic to private
but to
ness
may
initiative,
be used
It
may
legislation which
to stimulate
Those two
place to private investment.
whose
men
and
dangerous,
very
not primarily
of the facts.
must
itself
suggest
in
things
busi¬
and
securities
to
many
restrictions
$3,000,000,000,
upon
something under
only
funds
in
the
banks,
were
and
in
spite
requirements in the United States of what
$13,000,000,000
Let
1.
difficulty
the
that
anyone
the
1936, in spite of the accumulation of
idle
me
position
tive
of
of
freedom
issuing and
of dealing
to
a
of
seems
55% of the business
tremendous volume
really
a
depreciation
in
capital
to be in the neighborhood
misinterpretation
....
undue emphasis should not be
indicative of only a portion
given company, and
any
of figures which are
given to any single set
of the facts.' "
Must Know," Mr.
Speaking on the subject "The Public
urged financial institutions and
life insurance com¬
Johnson
service they perform into terms of
families, personalities, communities and
states.
It is not enough to have lived a good business life,
he said; business must also tell how and why this has been
done.
Mr. Johnson further declared:
panies to translate the
people, individual
the life insurance
in
Wc
business say we have 114
billions of insurance
and last year had a premium income approxi¬
mately equal to five per cent of the national income.
But the public
Wants to know more; it wants to know what these figures mean.
Such figures can mean a lot.
They can show, for instance, that life
insurance paid out two and a half billions in 1938 to millions of families
who needed
money most, either because
of death, old age or financial
misfortune.
The figures also mean that our investment funds play an
in
28 billions of assets
force,
operation of America's mills,
in the
part
important
transportation.
factories, farms and
o
the whole story; life insurance has done
be measured in dollars and cents.
It has
given medicine a great aggregation of death statistics to aid in lengthen¬
ing life; it has aided in the development of commercial aviation by allow¬
Yet
much
not tell
figures do
even
more
for America than can
ing insurance
the
—1932,
Through its cash reserves, it made one of
relief, turning out in a single year
passengers.
on
to depression
great contributions
the
depression—a
the
in
worst
sum
probably
backlog of independence in the
world.
It has helped build homes and then has helped keep these homes
together despite death, old age, and financial misfortune.y(lit has clothed
fed
sent
thousands
could not have
of young
great
a
family
of
It has
universities who otherwise
community trouble.
or
people to colleges and
afforded this education.
increasingly
becomes
It
up
during times
millions
and
built
has
insurance
Life
important
that
as
reports
are
aggregation of management, brought together to serve the policyholder and
make
it possible for
him to receive insurance protection at the lowest
possible cost.
*
"
'
Declares American Stocks of Gold
and Silver Would Be More Valuable as Tin, Tung¬
John
Abbink
M.
Chicago
World Trade Conference
the United States if the huge
It would be better for
stock held by the Treasury
"indispensable for our well-
of life," John M. Abbink, President of
the Business Publishers International Corp., said on Feb. 20
in an address before the Chicago World Trade Conference.
being and
our way
Abbink de¬
"Unless we
plan now to put to use the one adequate fiscal reserve
existing anywhere," he continued, "post-war rehabilitation
employs its gold wisely, Mr.
Unless this country
bitter gall."
clared, "fate may transmit it into
has
about
come
can
the
shown
only through
way."
barter,
for which Germany
An official summary of his
That
felt by a few over our tons of
the smugness
buried treasure might
economic axiom that to be of any general
like men, must be employed, was feared by the publisher
executive, who asked.
"Where can we find work for it, without harm
to our own
fiscal system, unless we devote it to the rehabilitation of
other members of the global body of which we are a part, whose every
to overrule the
permitted
gold,
benefit,
infirmity affects us as it does
economic
material
health
is
to be
safeguards,
into
translated
our
sure—for should
the whole, and, conversely, whose
security and prosperity—under
own
not he who pays the
Ten
particular section
or
of
days
State
ago,
Abbink
Mr.
Hull announced
that
said, partial answer came when Secretary
been carrying on important
Europe, and the President desig¬
nated
If that philosophy Is the philosophy of government control and management
of what hitherto has been private enterprise, then you should seek clarification
2.
by Congress of that purpose so that such a theory of government may not un¬
consciously supplant the theory of government upon which
we
will all
agree
this
country was founded.
3. If you think the function of government is to protect and
Information Disclosed in SEC Report on
Insurance Is
New, H. J. Johnson Tells
A. B. A. Trust Conference—Urges Institutions to
or
Let Public Know Services Performed
the
Securities
and
Exchange
Commission analysis of life insurance recently released was
Under-Secretary Welles to confer about them personally
trals and combatants alike.
"None of us know, or need to yet,
is
purport
"but
tion
foster Individual
liberty and private Initiative and enterprise, you still may live happily under these
Acts, as we all may, even In Wall Street, so long as the Acts must by their terms
be administered—and they can be—In accordance with that philosophy.
4. It Is not reasonable to suppose that legislative enactment Involving such drastic
changes In practice and bringing about complex economic changes by their adminis¬
tration are not certain to require change or correction in the light of experience
and Congress should now restudy them.
in
piper call the
he recently had
which It Is being administered.
material
address
reported him as saying further, in part:
diplomatic conversations with neutrals in
that
gold
could be converted into tin and
other materials
and
tungsten
Materials—Publisher
Essential
Other
and
sten
Addresses
try to summarize:
Primarily the problem Is not what direct effect any
Rumors
the
tune?"
$15,000,000,000.
Confidential
made to
public about life insurance, the public must be made conscious of the fact
that life insurance belongs to the people.
The companies are in reality an
sections of these Acts may have on your business, but what Is the philosophy upon
Not
approaching
$4,000,000,000.
may
have something to do with the fact that new security issues for 1939,
in
...
know, when isolated statistical items are
compared apart from their full content, a very different impression than
the true one is likely to be formed.
Recognizing this, the SEC made the
following qualifying statement in
the report—'An examination of the
tables as a whole is important to an adequate understanding of the rela¬
"Frequently, as you of course
be
done
of
be
may
totaling
of
that the
administered by
is
hand in hand.
dealing
.
difficult for
been
has
go
certainly
ability to secure simultaneously income and liquidity.
I hope you understand that I am merely attempting to point out some
the complexities that government brings to pass when it undertakes to
your
published by
which the com¬
other material is
manuals. The question
the facts but possible
publications and business
panies have raised concerns not
no
provision, and if the period
hazardous
likewise, this and
information;
trade
required by
both banks anil
market because neither banks nor
the public are willing to be frozen into investments.
If the provisions of the Securities Act are so burdensome in the regis¬
bonds, and here again
through the purchase of
industry suffer if those bonds
have drawn practically
yearly reports, from
its
of
the com¬
available most of this
commissioners in the various States
Insurance
which the SEC could
information.
same
very
receive
all
Association in New York
publishing or making
themselves have been
thinner the cer¬
markets become
As
tainty of ability to liquidate becomes less.
The banks furnish,
too, a substantial part
industry
facts
"The
panies
policy which restricts volume.
readily capable
yet
American Bankers
Mr. Johnson said in part:
are that
the information is not new—for years
Feb. 13.
on
volume if our markets continue to be
That particular problem,
I take it, is not yours in Indiana, but it still remains true, I assume,
that you cannot lend all of your funds on short-term paper.
You must
have a certain amount in
senior securities producing some income and
controlled under
of
Insurance,
light of
them
and quite new have no basis in
Johnson, President of the Institute of Life
told the mid-winter trust conference of the Trust
confidential nature
a
fact, Holgar J.
Division of the
.
,
of
1940
24,
Feb.
Financial Chronicle
we
of
barrier
expect
more
the
be
would
of
can
the
what the
communications Mr. Hull has had," said Mr. Abbink,
entailed progressive disarmament, stabiliza¬
surmise that they
exchanges
impossible,
that
with neu¬
have
too
much
could
be
come
of
backed by
and
into
gold, without which this operation
elimination of the types of trade
in recent years.
It would be easy to
our
complete
vogue
Mr. Welles's visit, but it is hard to
by a victor, even after frightful
gained
visualize what
and exhaustive
debacle results and barbarism triumphs completely."
"Are We Outgrowing Economic Adolescence?" was the title of the address,
in which the speaker, concluding, observed:
"Now that the past six hectic months are gone, a period of sore tribulation for
the foreign trader, there is hardly one among you who would exchange his position
for one In humdrum domestic pursuits.
We shall have continuing trials, to be sure
but everyone of us has a reserved seat, so to speak, from which we may see better
than our domestic associates, the continuing play of economics as it determines
the fate of wars and those who fight.
And with the increasing consciousness In
this country of the fact that we have great power In our hands to determine the
outcome, if we use It wisely, without the need to sacrifice a single life, the foreign
campaigns,
unless a
trader need have little
fear for the future.
Volume
"Our
The Commercial & Financial Chronicle
ISO
business associates
marvel
today that
produce
we
Increasing
an
volume
of export orders in spite of wars that range on two continents.
They can hardly
be expected to appreciate, as we do, that hundreds of millions of people in noncombatant countries continue to need machinery and shoes, automobiles and food,
the
tion
of
the
Mr.
Jones
countries
typewriters and lumber and tractors and steel and fountain pens and a thousand
other things that we can supply.
They do not see, as we do, the notices indicating
that the paralysis which seized markets when the war in Europe broke out has been
overcome, and that buying confidence, at least, has returned.
Above all, they do
not visualize, as we do, the increase, of which we get a share, in general trade that
follows the development of a local national resource in countless peaceful com¬
for
munities overseas, with materials that we send them."
have
products,
door
in
No
the
extravagant
Head
Discussed
National
of
Eugene P. Thomas—
Trade Council Says
by
Foreign
United States Should Act Now with View to Post¬
Conditions
war
in
Europe—Cites Objections to
Vandenberg Bill to Place Trade Agreement Powers
of State Department in Board of Six
Tlie
thoughts
United
the
the
to
energies
and
States at
the
of
enactment
of
the legislative leaders
of
present time should be "directed
which
measures
will
the
insure
eco¬
stimulate
Feb. 20 in
address
an
Mr. Thomas added that
in
Chicago World Trade Conference.
the
United
nomic front,
in
should
keep
its
as
object at the
a united eco¬
main
"the necessity for presenting
divested of all sectional and partisan feeling,
time
present
anticipating economic readjustments
States,
Europe,
post-war
the
war-time trade trends before
011
also
Thomas
in
stated
address
his
vinced that
our
to have an
important influence when
"I
that
feel
$5,000,000.
building
conference is
peace
a
charged with the task of establishing on a more permanent
basis
economic foundations of
the
Europe,"
and
in
discussion
a
orderly and peaceful
an
the
of
Vandenberg
bill,
he
said:
of
I
be
Latin
brings
the
present
in
for
It
is
George N.
Peek,
trade
The
advanced
Department of State
To
also,
are
Section
it
bill
of
President of
the
Senator
for
word,
Export-Import
in
2, of both bills reads
from
for
setting
Lewis
the
the
Bank.
dealing
board of 6ix members.
a
Vandenberg
taken
word
had
1935 which
aside
the channel of communication with foreign
as
word
introduced
almost
revives,
of the State Department
powers
by
bill.
govern¬
Clause
(b),
United States
commercial
foreign
(as distinguished from the diplomatic
Senator
press
Value of
in
proposed separation between the foreign commercial and financial
activities
United
the
and
States
State
Department
tariff
log-rolling
will
the
diplomatic
the
meet
Congress.
in
There
is
political
and
objections
those
of
between
to
the
demand
of
and
proposal of the bill to transfer the trade agreement administrative
the
of
functions
claim
the
the
be
to
the
to
business
tariff
the
taken
be
inter-departmental
body
to
possessed
those
by
who
congressional
board
a
non-political and disinterested, and
experience
of
out
which has
present
claim
responsible
are
for
be
must
Government
would
asked
State
with
woven
the
to
lose
prestige
aside
diplomatic
on
Act.
the
Further,
of
would
abroad
which
that
the
were
to
our
inter¬
are
objective
or
relations
The
with
other
had
from
it
of
duties
defined.
it
communication
countries.
The
which
functions
and
powers
alone
commercial
the
of
The
and
financial
Department of
State
Vandenberg bill would
perform
can
between
as
the
Government
our
officially
and
are
withdraw
recognized
those
of
foreign
...
proposal
the
of
bill
set
to
up
Foreign
a
Trade
Board,
of
which
the Chairman of the Export-Import Bank of Washington shall be ex-officio
Chairman, and to transfer from the Departments of the Government to this
Board
and
the
collation
substitute
of
for
of
istration
data
all
political
of
It
this
trade
be
must
only
can
government
obtained,
departments
which
in
the
and
impractical.
would
affairs
make the
bill
The
Board
the
relating to the admin¬
would
m«st
throw
as
be regarded
back
into
settled—a
the
policy
bilateral trade agreements to break down the obstacles
expansion.
obvious
to
any
student of
when
the whole weight
carry
our
and
intergovernmental relations
trade
negotiations with
prestige of
our
that
another
Government,
as
represented by the Department of State.
is
It
highly
regrettable
the
discredited
Lewis
our
legislative
leaders
which
will
insure
the
that efforts
bill, at
should
a
be
economic
While
time
should
now
when
directed
the
to
be
made
thoughts
the
to
and
enactment
resurrect
measures
temporarily from German competition in Latin
America, other nations cannot be expected to stand aside while the United
States is capturing that trade.
Our trade relations with our sister Amer¬
ican
republics
National
letter
from
Council
imports
private
require
careful
study
Foreign Trade Convention
Jesse
could
by
be
the
lenders,
H.
Jones
and
in New
long-term
York,
last
policies.
October,
At
we
our
had
a
that "the National Foreign Trade
providing facilities for financing exports and
organization of export and import companies to which
helpful
as
the
if
to be guaranteed
loans,
outcome
Panama
the
of
States
in
effectually
front
to
the
rest
opportunity and treatment
in
are
richly endowed.
so
the
View
Holdings
H.
of
of
H.
not in
Danger
by other Na¬
Gold
Heimann
of
National
has
centuries
nation
no
that
it only
the
had
a
of value
measure
gold
factor for
greatest
commodity value.
a
for it.
standard
When
would
be
.
they would
came
can
reach
in
their
dismiss
any
commodity.
.
our
true
gold hoard, in the last analysis, represents the
Our gold may not
peace.
stopping the military struggle, but
gold will be
as a
One
still
we
us to
Then
again it
satis¬
as
danger, of course, in the tremendous gold stock is the
.
a
once
revived.
gold being valueless except
our
On the favorable side
our
found
hoard of gold, the others would sit back and wait for
inflationary threat.
in
has
If the nations of the world abandoned gold and
once
have any influence
the battlefields
abandoned
are
a great influence as to whether or not a permanent peace
is
to be established.
If, when the struggle is over, the nations will have participated in it
become credit conscious and
for
obligations, will
decide that they will again develop a respect
credit for peaceful purposes,
use
will actually set to
be distributed.
When that
time comes, its distribution will have to carry with it a realis¬
tic approach,
namely, that
be willing to adopt policies that will help
we
create conditions conducive to sound redistribution of our
gold supply.
Amendment
J.
K.
Federal
to
Javits
Trade Association
Men
Business
the
At
Trade
37th
Under
annual
suggesting
Proposed by
Paper
National
Convention—Designed to Permit
Affecting Their
Auspices of Trade Associations
convention
held
Association
Laws
Before
Enter Contracts
to
'
Industries
Anti-Trust
Address
in
of the National Paper
Waldorf Astoria Hotel in
the
at
New York City, on Feb. 22, J. K. Javits, counsel for the
Association, proposed an amendment to the Federal AntiTrust Laws designed to enable business men to enter into
contracts on matters affecting their trades or industries
under the auspices of trade associations and to obtain
before further action a declaration by the Federal courts
that such contracts are not unlawful.
A summary of his
address follows:
Under
the statute
proposed
as
by
Mr.
Javits
the Sherman Act, the Clayton Act and the
to
tuting together the anti-trust laws, the rule of
decide anti-trust
now
trust laws be
would
cases
be
not
changed
anti-trust
enable business
Under
laws.
Mr.
men
to
Javits'
amendment
nor
ascertain
proposal,
would
nature of a
the
anti¬
procedural
before they
the performance of an agreement whether it will
with
an
Tariff Act, consti¬
under which the courts
repealed. Mr. Javits' proposals is in the
change which will
be
to
Wilson
reason
proceed
be held to violate
if the court
declares
such contract not to be unlawful it may be performed without fear of crimi¬
prosecution or injunction suit under the anti-trust laws, and he has
nal
further
suggested
that
civil suits
leave of the
court
Mr. Javits
"first,
men
•
.
for
triple damages if based
contract shall also
which
passed
upon
not
upon
acts
be permitted except with
the matter.
points out that submission to the Courts is important because
it makes for decentralization, in that such
locally and
can
be passed
upon
agreements
can
be
locally; second it gives business
the immediate mandate of the government department which has the
final voice,
the judiciary."
The statute which he proposes provides also that the Attorney General
be
notice of all such proceedings in court and have the right to
them, that the court receive the advisory opinions of the Secre¬
given
contest
taries of Commerce and Labor and of the Federal Trade
that
the court may also
Commission, and
hear from representatives of labor who may be
affected
and representatives
dustries
which may be affected.
of trade associations for other trades
or
in¬
in
well
by
States
bank,
^
effected
relieved
are
Gold
Abandonment
The great potential
of
energies
of
unity and stability of the Nation.
experiences in commerce as a result of the
European war, Mr. Thomas said, in part:
we
this
economic
an
equality of
States
of
occurring under such a
In discussing
current
in
gold.
possession
the
be accomplished
the
United
these countries
exchange goods and services
collection
enormous
what Congress and the country regard
arena
foreign
appropriations
commercial and financial activities,
and
seeking through
to
already
existing
foreign
revolutionary
as
personnel,
powers,
is
the
Hemisphere
which
United
the
as
our
.
.
governments.
administrative
comprehensive and clearly
channel
Government's
our
plan
by
of
Pan-American group of nations.
American firms and investors having dealings
many
with
States
"Over
factory
payment
or
.
in
of long-term
This
financed
says:
This would reestablish exchange control.
A fundamental objection to the Vandenberg bill is its failure to provide
satisfactory substitute for the Department of State, with its coordination
acivities
function
be
the United
19.
After pointing out that the
acquired more than half the world's
available gold
supply, the credit executive states that
"people are borrowing trouble when they get worried about
a
possibility that we may eventually be left with a lot of
gold that will have only a commodity value. In part he also
other papers
gold and silver.
international
would
released to members Feb.
between American and foreign banks, and the export or import of securities
of
proposed
the making
insure
bank
governments,
a
policy of the 1930
proponed board to compel
relating to transactions in foreign exchange, transfers of credit
a
chief
$100,000,000 bank designed to
a
The
tariff
the
this
empower
chief
its
as
production by business firms of all books, contracts, letters
and
other markets.
danger that other nations will abandon the use of
gold for monetary purposes is discounted as improbable
by Henry H. Heimann, Executive Manager of the National
Association of Credit Men, in his
monthly review of business
Secretary
frequently
so
reveals
return
a
Vandenberg bill
prerogatives of the State Depart¬
bill
the
and
imports
bill
matters
and political
examination
clamping down
influence
and
in
the
work to create new credit to repay it, then a part of our
gold can and will
examining the
anyone
stand
to
close
A
ment.
obvious
I
extravagant
including
The
higher
no
have much less
may
at
politics
negotiation of trade agreements.
It
of
that
of
in
which
Association of Credit Men
the
of
opposed
are
distinction
wide
a
activities
who
of
Americas,
boom
to
products of the
that
Event
tions
that this
of
resources
thought of
Vandenberg is reported to have explained to the
trade
independent
more
several
cooperation
will
inordinate
an
will avail themselves of whatever
opportunities may
participating in sound enterprises in the Latin Americas
development for export purposes of the vast mineral and other
the conclusion
political activities thereof).
a
+
the
follows:
as
provide for separate and unified administration of the
and financial activities of the
and
that
Lewis
agreements—investing these powers in
reasons
ments
Vandenberg bill,
shows
discredited
former
the
of
comparison
A
proposal to replace the
a
with
consideration
a
session.
and
of
support
to
me
the rejected
word,
our
to
of
in the
natural
key
a
opportunities
America
offered
and
as
future
realization
the
all
to create
the
Western
the
for
confident
am
with
this
which
markets
of
of
early
any
Americas.
by
A
will be
on
the world
other
United
This
stock
envisaging
up
traders
vista
from
with
Latin American republics have reached sub¬
the borrowing government.
con¬
reciprocal trade agreement policy is destined
the
among
is realized,
compete
international
in
between
tie
the plan
be
Conference,
foreign
entertained
trends
prevent
of the 21
on
share
coping with any national emergency which may arise."
Mr.
trade
would not
wide
a
which will make them
experts
capital
by
to
be
The
economic
of
nomic unity and
stability of the Nation," Eugene P. Thomas,
President of the National Foreign Trade Council, said on
should
to
purchase
plan
that
American
leads
trade.
an
sugges¬
v
hopes
agreement
to
things
to
that
combine
of
Financial
stantial
appeal
American
alluded
The further
companies could look for things to buy
sell,
we
America
United States,
Trade
in
these
Americas.
Latin
our
will
Latin
all
that
which
to
own
expectations
Trends
1219
Export-Import Bank, could lend when necessary."
as
the
Reconstruction
Finance
Corporation
and
In
the
proposal Mr.
Javits also outlined the
agreement which would be possible under it:
types
of
The Commercial & Financial Chronicle
1220
brought before the court
where they would be
competition and against the public interest, cost to be
"The proposed amendment permits contracts
destructive
defined
of
of the situations which experience has
care
The aim is to put a concrete
ceptions.
with suitable exceptions
plus direct labor,
of materials,
cost
as
take
to
shown to require
base under prices, in that a sale
below the cost of material and labor going into it is a
of goods
resources,
ex¬
waste of
Such a restriction does not penalize the
competition which serves the public
human and material.
efficient producer, nor limit in any way
by producing better goods at lower prices.
"Such
contracts
of labor
as
standards
prohibitions of enumerated
contain
also
may
unfair
and unfair acts or practices in commerce, as well
to the maintenance of the minimum
methods of competition
detrimental
conditions
of living necessary for
the health, efficiency and general well
being of workers."
The convention
was
attended by about 400 members of
the Association in sessions which lasted for four days and
dealt with problems of the Paper Industry as well as with
problems brought about by the emergency of war conditions
abroad.
The convention closed with an address by Presi¬
dent Finley T. Jamison of Pittsburgh and the election of
officers for the coming year.
The following are the officers
chosen:
President, P. W. Lesh of Indianapolis, VicePresident in charge of Wrapping Paper Division,
C. E. Roach
Springfield, 111.; Vice-President in charge of Fine Paper
Division, J. H. Brewer of Boston; and Treasurer, Chas. W.
of
of
Vernon
York.
New
Chamberlain continues
H.
A.
as
Clearing House of Ideas and Procedures
cooperation between trade associations
jointly by the Financial
and the Bankers' Association for
Consumer Credit, following meetings of the executives of
those two associations this week in New York and Cleveland.
Effective immediately, the Financial Advertisers' Association
is establisning a department of consumer credit advertising
and merchandising which will serve as the clearing house on
such matters for the Bankers' Association for Consumer
Credit.
Similarly, the B. A. C. C. will serve as the clear¬
ing house on operating and management procedure for the
F. A. A.
The announcement further stated:
An unusual type of
in the financial field is announced
Kenton
proposing that Congress be
requiring that cotton for
foreign commerce should be traded in upon a
basis of net weight with appropriate standards for tare to
be prescribed by the United States Department of Agri¬
culture, was one of the developments at the annual meeting
a
Trust Co.
Vice-President of the Cleveland
Cravens,
and
and Stephen H. Fifield,
Vice-President of the Barnett National Bank of Jacksonville and President
of the
advertisers'
three members
appointed
have each
group,
of their
respective associations to serve as a liaison committee to facilitate this co¬
The advertiser's representatives will be I.
operative effort.
I. Sperling,
Assistant Vice-President of the Cleveland Trust Co., who is also Chairman
of the
credit department of the F. A. A.; George Everett,
consumer
new
Citizens Bank & Trust Co., Utica,
Vice-President of the First
Assistant
N.
Y., and Thomas J. Kiphart, Director Public Relations, Fifth Third
Union Trust Co., Cincinnati.
All three
are past
Presidents of the adver¬
tisers'association.
The
Proposing
that Congress Enact Legislation Calling for Trad¬
ing in Cotton on Basis of Net Weight
of
R.
President of the Consumer Credit organization,
credit committee is composed of Swayne P. Goodenough,
consumer
Vice-President
National Cotton Council Rejects Resolution
Rejection
Association
Advertisers'
Executive Secretary.
♦
Consumer
for
ciation
1940
24.
Association and Bankers' Asso
Credit Establish Financial
Financial Advertisers'
provisions prohibiting sales below cost,
contain
to
Feb.
Lincoln-Alliance
the
of
Bank
Trust
&
Rochester;
Co.,
Lewis F. Gordon, Assistant Vice-President of the Citizens & Southern
tional Bank, Atlanta,
First Wisconsin
Na¬
and Carl M. Flora. Assistant Vice-President of the
Bank of Milwaukee.
National
Mr. Goodenougn and Mr.
Gordon are also active members of the F. A. A., the latter being a director.
resolution
One of the first evidences of this cooperative effort will be apparent at
memorialized to enact legislation
the second annual convention of the B. A. C. C. to be held at White Sul¬
interstate
phur Springs, W. Va., March 28, 29 and 30, where an exhibit of consumer
on
or
Feb. 14 of the National Cotton Council of America held
in New
Orleans.
According to the New Orleans "TimesPicayune," from which this is learned, the Council adopted
several other resolutions affecting phases of the industry,
heard the annual address of Oscar Johnston of Scott, Miss.,
its President, and elected 25 members of the board of direc¬
From the
tors.
same
That the Council to "undertake by every means at its command to bring
an
intelligent and selective revision of
ward, where such revision
can
joint statement issued in Cleveland Feb 20 by Preston
Reed, Executive Vice-President of the Financial Adver¬
tisers' Association, and George T. Spettigue, Executive
Secretary of the Bankers' Association for Consumer Credit,
discussed the
move
as
follows:
These two specialized groups have taken this step to avoid unnecessary
duplication of effort and to facilitate the popularizing of a bank service
which has
wide public appeal
a
Is extending personal
Resolutions adopted by the Council included:
about
A
E.
and is of wide public service.
It has been estimated that practically every bank in the United
quote:
paper we
credit advertising and merchandising methods will be displayed.
national tariff laws down¬
our
be accomplished without serious economic
disturbance, by (a) attempting to educate the people throughout the nation,
States
credit in some form or another, and both banking and
the public in general should benefit by this new kind of financial clearing
house of ideas and
sound
procedures.
and maintain
It should help keep operating practices
the advertising
of bank
consumer
credit
on
high,
a
ethical and constructive plane.
and more especially the South, with respect to the evil effects of the present
tariff system, through
a
(1) the development and widespread distribution of
critical analysis of the economic aspects of the present tariff system as it
More Attention to
Legislation Urged by A.L.M. Wiggins
a
B. A.—Elmo Roper on
Business Ability
of Trust Officers—Remarks of
L. G. Tighe
prehensive data
that
will
clearly apply
the effects
of the present tariff
system to producers and consumers."
That the Council to continue its study of the tariff system as it affects
American grown cotton, cottonseed and products thereof in order to keep
the industry fully informed on the tariff question.
Urging extension of authority
to President Roosevelt to conclude
without
further legislation action reciprocal trade agreements with foreign nations.
Asking that the situation arising from abrogation of the commercial
treaty between this nation and Japan
be dealt with through
diplomatic
channels rather than by legislation.
Trust executives
shipments of barter
cotton from
February through April of this
requesting extension of the postponement for
Urging increase of
SlCO.OOO.OOO in
the
an
year
and
additional long period.
took the
capital
funds of the
Federal
Condemning penalties of the Federal Government
use
laws,
looking toward the fair and equal treatment of all producers and
of farm products 4n the United States."
rules and
processors
on
scientific
pledged itself to "endeavor
may
to
support and en¬
conceivably help the cause of
cotton and Its
byproducts, not only as to the development of new uses,
but for the purpose of
maintaining and expanding existing outlets against
President Johnston is reported to have recommended a
plan for net weight trading; the New Orleans paper, from
which we quote, indicating this, added:
A. M. Grayson of Dallas,
Texas, a cotton merchant, led opposition to
the net weight trade proposal,
asserting that "when we are ready to class
and
let that classification go all the way through, I will
be for net weight trading."
He said that if,
were
as
would be the
to be used to wrap
and "we would lose
under the proposal, cotton bagging
case
bales, it would
more
in exports to
use
only about 50,000 bales
a year
Europe than that."
E. O. Jewell of New Orleans, Chairman of
a
special Council committee
which studied the problem, and Norris C. Williamson of
Lake Providence
endorsed the plan.
Mr. Johnston
optimistic for increased domestic consumption of cotton, asserting that he is "still confident that by 1944 at the latest largely
through activity of the Council, we will be consuming 10,000,000 bales of
cotton
was
domestically."
He said domestic consumption
now
is slightly more
expressed advocacy of the plan
now
being considered by the
United States Maritime Commission to transfer British
ships from Pacific
Ocean commerce to the Atlantic and to
Neutrality Act
The
use
American ships left idle by the
trust officer to secure the results in
a
of
the
or
were
the administration of the trust
was
It is not my intention at this time to discuss
good
for which the trusts
bad.
created.
sucjb legislation, whether
I am merely trying to bring home to you, who are charged
with the responsibility of the administration of the trust business, your
special obligation
as trustees not
only to know and evaluate legislation and
legislative trends in terms of the trusts with which
to
you are
charged, but
than that, that you have a positive duty to help create legislation
help defeat it, if it represents policies of government
political parties that
now or
or progress
of
in the future seriously affect the integrity of
the trusts you administer.
It
that
seems to me
should
we
have
carefully re-examine
now
reached
a
point in this country when
the legislation of recent
years.
We should
examine and evaluate not only the objectives but the results.
approach this study as students and not as critics;
as
citizens, not
we
We should
take a fresh look at the policies and programs of government.
We should
as
bankers.
A survey
of public opinion regarding the trust business—
estate management by trust companies and banks with trust
departments—reveals that by far the majority of the people
interviewed have high regard for the investment managing
ability of trust officers, it was asserted Feb. 13 by Elmo
Roper, economic analyst who conducted the survey, in
addressing the Conference.
The survey also reveals public
knowledge that trust institutions are interested in caring for
small estates
as
well
of money, Mr. Roper
as
those which involve large amounts
declared.
He went
on
to state:
95% of the people interviewed said that the investment ability of trust
institution officers is better than that of the average wife and mother; 76%
said it
was
better than that of the average lawyer, and 67% of the lawyers
garded it
as
who
were
interviewed agreed with
that statement.
71%
re¬
being better than that of the average businessman, he added.
In conducting the survey, we
trust institutions were
a
had expected to find
a
general feeling that
"high hat" about the size of the estate they would
general feeling that they ought to be interested in much smaller
estates.
power
negotiate reciprocal trade
President Johnston.
trust estates and will make
that have had as their effect the destruction of opportunity
years
handle, and
to replace the shifted British vessels.
extension
for
on
purposes
Philosophies of government have been translated into laws in
themselves
than 6,000,000 bales.
He also
more
re¬
the ravages of substitutes."
cotton at the gin
created.
or
project which
a
place of John W. Hanes, former Under-Secretary
impossible the adequate servicing of the
more
The Council also adopted the report of the committee
group
Feb.. 15 to take
It would be easy to call a long roll of Federal legislation of recent years
and sale
regulations" of various States and "take immediate and appropriate action
courage each and every
on
that the maker had in mind at the time the trust
the
on
of all margarine, including that made
exclusively of domestic oils and fats,
and that requesting that the Council "condemn similar
search, in which that
urged
that has had and will have a serious effect
recent
Export-Import Bank.
were
of the Treasury on the program of the mid-Winter Trust
conference of the A. B. A.
Mr. Wiggins is President of the
Bank of Hartsville, Hartsville, S. C.
He continued:
ocean.
Commending the Commodity Credit Corporation for postponement of
Conference of
active interest in legislation by A. L. M. Wiggins, Chairman
of the Association's Committee on Federal Legislation, who
Requesting that the Government seek to provide greater shipping facili¬
ties for cotton in the Atlantic
Trust
at
affects both producer and consumer, such analysis to be supported by com¬
of
President Roosevelt
agreements
was
also
urged
to
by
This is not borne out
are
credited with
persons
a
by the survey.
In fact, trust institutions generally
willingness to handle estates which are smaller than the
interviewed would be willing to put In trust.
The Commercial & Financial Chronicle
Volume ISO
29% of the people interviewed, excluding the attorneys, either
have been the beneficiaries of trusts, and two-thirds of these
people ex¬
pressed themselves as satisfied that the amount of income they derive
from their trusts is all that ought to be
expected.
Only 25% believed that the fee charged by the trustee
60%
called it either low
reasonable, with the
or
was
high, while
report
plan for endowed universities and other
institutions supported by incomes derived from property
held in trust was outlined here today by Laurence G. Tighe,
Associate Treasurer of Yale University, in an address at the
Conference.
Pointing out that investment funds of most public in¬
stitutions such as schools and churches are supervised by an
investment committee, Mr. Tighe emphasized the need for
the committee to adopt a definite investment program and
outlined the plan adopted by Yale University.
He added:
After considerable research
Corp. adopted
a
and study,
of the
the finance committee
for handling the equities in the University's
plan
portfolio providing that fixed income securities should constitute 70% of
the portfolio and equities 30%.
ing were classified
for
preferred stocks paying no dividends and
common
stocks
equities.
as
Handling Trade Practice Complaints
of Feb. 17, page,
appeared in
issue
our
1076.
an
a
set of 10 different
in
handling these complaints. This machinery,
according to the Association, is designed for use by the Busi¬
ness Conduct Committees in
hearing and acting upon con¬
use
troversies between members and between members and their
customers and
to afford investors
dealing in the over-theprotection comparable to that
provided by stock exchanges.
With the receipt of the forms,
these committees are now fully
prepared to go forward with
this important phase of the Association's work.
The an¬
counter market with members
nouncement in the matter further said:
Accompanying the forms
was a
to aid the committees in the
All members of the
agree to abide
Previous reference to the Conference
of Securities Dealers took
District Business Conduct Committees
forms for
classified
were
copy of our audit
important step on Feb. 20 toward perfecting its macninery
for handling trade practice
complaints in forwarding to its
Preferred stocks and bonds in good stand¬
fixed income-bearing securities while defaulted bonds,
as
a
National Association of Securities Dealers Issues Forms
The National Association
An investment
Member Firms
on
findings and conclusions.
or
balance expressing no
opinion.
Yale
1221
(5) to submit to the Committee
now or
are
N.
and
Complaints
S.
D.,
being admitted to membership,
on
by the rules of fair practice of the Association.
principally designed
members
comprehensive set of instructions designed
speedy and just determination of complaints.
A.
to assure fair
These rules
dealings with customers and other
provide for the filing of complaints if they are violated.
be filed by
may
customers,
members and District Business
Conduct Committees.
A.
F.
of
L.
Adopt
Urges House of Representatives to
Amendments to Housing Act
1939
House
of
passage
Act,
amendments
providing
for
the
to
increasing the
the passage of the amendments and requested them
tinue their cooperation
to con¬
with the A, F. of L. Housing Com¬
Council's communication follows:
The
Executive
Council
The
Amendments
S.
1939
of
F.
A.
L.
of
the
to
has
United
States
committees
the
the
of
House and
are
pending final consideration by
now
House.
clearance and
rehousing of
authorization of the USHA
income families
low
the authorization for annual contributions
The passage of
USHA
USHA
on
the employment
for slum
by $800,000,000
and in¬
by $45,000,000.
these amendments will in effect double the
and double
program
laborers
and
complaint may appeal
view
of the
building trades mechanics
of
construction
in
In
Council
widespread
the
unemployment among building and
Council recognizes the urgent need for
Executive
of the low rent housing and slum clearance program
A member may be censured,
ciation for
to
the
out
carry
policies
of
the
the
Department,
Executive
hereby:
(1) Directs the officers of the Department to call
House
the
of
the
bring
and
thus
and
the SEC
Labor
tion
in
attention t>f
unions
and
of
all
the
officers
local
of the
affiliated
building trades councils
steps necessary to insure the passage of these amend¬
the
with
order
standards
secure
officers
the
to
of
Housing
the
Department
Committee of
safeguard fair
wages,
on
to
the
continue their
American
active
Federation
of
working conditions and construc¬
during construction of all USHA
satisfactory labor representation
projects,
all local
and in
order to
housing authorities.
Finpncial
Questionnaire Rule of New York Stock
Exchange Has Aided Solvency Record of Member
Fiirms, According to F. S. Todman
Twelve
Securities and Exchange Com¬
mission was established, the New York Stock Exchange had
adopted its financial questionnaire rule, and there is no
years
before the
doubt that this rule has contributed
up
the excellent record
stated in
was
If
a
member is suspended or expelled
suspended
and is in substantially
expelled from
or
an
of
an important part in
solvencies of member
address delivered by Frederick S.
Todman Feb. 15 at the forum discussion of "Stock
Conduct
District Business
Committee for District
Henry W. Beebe of Harriman, Ripley & Co., Inc., New York, Chair¬
Russell V. Adams of Adams & Mueller, Newark; Robert C. Buell of
man;
Robert C. Buell & Co.,
Hartford; J. Taylor Foster of Foster & Co., Inc.;
Blyth & Co., Inc.; William J. Minsch of Minsch, Monell
Co., Inc.; Richard C. Rice of J. K. Rice, Jr. & Co.; Henry G. Riter, 3rd,
&
of
Co.; Oliver J. Troster of Hoit, Rose
Riter &
& Troeeter; Clarence E.
E. Unterberg & Co.; Frederick M. Warburg of Kuhn,
New York City; and Garnet C. Williams of Williams &
Loeb & Co., all of
Twichell, Inc., Buffalo.
embraces
13
New
York, New Jersey and
Connecticut.
Republican National Convention to Meet in Phila¬
delphia June 24: Democrats in Chicago July 15—
Republican Committee Issues Report Designed as
The
Presidential
for
Basis
Platform
Republican National Convention will meet in
Republican gathering was made in Washington
the
viding
was
recent Washington con¬
selected during a
Feb. 17 James A. Farley, as Chairman of
Democratic National Committee, announced the date the
but
ference,
the
The site for the Democratic
"a clear-cut issue."
on
would
convention
begin.
Feb. 18, the Republican National Committee
made public a report of the Republican Program Committee,
headed by Dr. Glenn Frank, which was designed as a basis
on
which Republican leaders might formulate their plat¬
form for the coming presidential campaign.
In reporting
Later,
on
Republican selection of the convention site and date,
advices of Feb. 16 said:
the
United Press Washington
The
ended maneuvering between
action
Republicans and Democrats for
the
National Chairman, who said he hoped that President
be a third-term candidate so the Republican party, in a
member firms
for the
tional public protection.
Feb.
Effective
of providing addi¬
Mr. Todman declared:
purpose
convention
date of
the
Postmaster General Farley has authority to fix
which will meet in Chicago.
position.
the Democratic convention,
The national committee's action
followed
a
speech by John D. M. Hamil¬
ton,
November
on
the New Deal, the
Roosevelt would
showdown next
President and the third term, could "finish
all three."
off
The
first
motion
Hallinan of West
amendment
an
second
A
1940, unscheduled examinations by independent public
1,
Feb. 16
by the Republican National Committee after its Chairman,
John D. M. Hamilton, had challenged the Democrats to
nominate President Roosevelt for a third term, thus pro¬
last
Brokerage Accounting Committee of the New York State
Society of Certified Public Accountants.
He pointed out
that notwithstanding the favorable record as to failures the
Exchange has enunciated an additional rule as to examina¬
Phila¬
delphia June 24, while the Democratic National Convention
will convene in Chicago July 15, according to announce¬
ments this week.
The decision for the place and date of
Accounting" held under the auspices of the Pace Insti¬
tute, New York City.
Mr. Todman, author and lecturer on
stock brokerage accounting, was prior to 1939 chairman of
of
work in¬
business and
No. 13 includes:
Broker¬
age
tion
stock exchange.
a
looking toward cooperative regulation of the business, as envis¬
Convention
building
firms, it
as a person
by the recent amendment to the Securities Exchange Act of 1934.
members of the
upon
provide tor the expansion of the program.
Requests
cooperation
the
to
international
to take all other
(2)
position
dicates substantial progress in the program of the securities
Representatives urging them to give their unqualified support to
of the United States Housing Act Amendments of 1939 ; to
these amendments
ments
same
Perfecting the machinery for this part of the Association's
approval
national and
fined, suspended or expelled from the Asso¬
violation of its rules.
a
he loses all the economic advantages of membership
as pro¬
591.
order
Exchange Commission and the
projects at prevailing wages and under fair work¬
continually
trades,
S.
Either party to
decision of these committees to the National
a
courts.
Unterberg of C.
scope
which a complaint must be
District Business Conduct Committees.
or
Governors, the Securities and
District No.
of
the expansion
vided
local
Board of
ing conditions.
In
a
Lee M. Limbert of
These amendments increase the loan
crease
a
Housing Act, embodied in
591, have been approved by the Senate, have been favorably reported by
two
before
such
M The
adopted the following resolution:
one upon
one upon which an answer to the
complaint must be made.
Once
complaint is filed, the Association's rules provide for original hearing
ioned
mittee.
today include
iled and
a
United States
loan authori¬
zation
by $800,000,000 and the annual contributions by
$45,(XX),000, was urged by the Executive Council of the
American Federation of Labor in a resolution adopted at
its recent meeting in Miami.
In a communication to Nathan
Strauss, Administrator of the USHA, the Council directed
the Authority's officers to take steps necessary to insure
Housing
The forms promulgated
to
set
Virginia.
the
convention
date
was
changing it to June 24.
calling for the opening July
motion,
Owlett of
offered by Walter S.
He proposed a June 25 meeting, but accepted
or
intimation to New York
Mason
Under this audit regulation of the Committee on
Member Firms, auditors
r
2, was
offered by G.
Mexico, to make the date July 1.
accountants
Stock
are
are
selected
after
to be made without
sucb
He
been
(3) to
a
.
(2) to notify the Committee
Member Firms promptly that the audit
prepare an answer to its
financial questionnaire based
upon
such
Mr.
(4) to submit to the Committee
an
on
Member Firms
a copy
of sucb answer
attestation in the prescribed form signed by the general
partners of the Member Firms.
...
amendment by Qyrus McCormick, of New
Press
By
approved the June 24 date.-
Miami advices of Feb. 17,
after noting
Farley's selection of July 15 for the Democratic con¬
vention, added:
The
audit.
an
thus, was between the dates of June 24 and July 1.
voice vote the committee
Associated
on
commenced.
accompanied by
subsequently accepted
The final issue,
by each Exchange house doing business with the public and
selection, the accountants agree
(1) to make the audit.
has
prior notice
Exchange firms.
Pennsylvania.
ton
Democratic
convention
city was selected during a recent Washing¬
conference, but the chairman
was
empowered to name the actual con¬
He acted just one day after the Republican committee picked
Philadelphia for its convention and set/the date for June 24.
vening date.
The Commercial & Financial Chronicle
1222
By choosing the later date the Democrats
nominees and campaign issues before
rival
nominations and
The
the
platform.
understood to include a plan to shorten
advantages and needs less time to
definite
has
power
candidate
for the Presidency in the belief the
June-to-November campaign
in
party
put its
over.
Chicago sessions to start a week
Farley said he would have set the
Mr,
July 6, but this would have required delegates from distant
traveling on July 4.
Democratic chairman reiterated that he was confident the party
earlier,
efficiency of our industrial
the contrary, has, over a
while making available to the
general public materials and services which would otherwise have been
completely inaccessible to any except a favored few."
"Such statements as those made by President Roosevelt," he asserted,
"focus attention upon the least important results of technological progress,
and even then handle the subject in such a superficial manner as to distort
the real significance of efficiency in industrial production."
"Nevertheless the record clearly shows that the
on
The
again, however, to discuss the third term question.
When
informed that Senator Thomas, Democrat, of Utah, had declared "if the
is in such a situation that only one man can
Democratic party
issue of Feb. 17, page
save
the
Inventors and Research Workers for
Thomas is for
third term."
a
entry of President Roosevelt's name in the Penn¬
the prospective
sylvania primary, Mr. Farley said:
"Under the Pennsylvania primary
set-up,
it
is
not
necessary
to enter
formally."
We also quote from a
York
the New
Washington dispatch of Feb. 18 to
Tribune," regarding the report of
"Herald
Republican Program Committee:
of farm, business and fiscal policies, the
because "our domestic affairs are far from a state of
health, it is highly questionable whether either our economic system of free
Proposing sweeping revision
report warned that,
enterprise
political
our
or
system of representative self-government
would
survive
participation in a European war,"
20% reduction in Federal spending, looking to
and fundamental changes
1942,
based
on
four
balanced budget by
the Government's farm,
in
and social programs were proposed in
was
a
the report, which, it
labor,
was
business
emphasized,
principles:
A
balanced
A
protectively regulated system of free enterprise.
A
inviolate code of civil
An
philosophy
in
merit
the
need
to
Years
more
the principal speaker on the "Modern
which is industry's observance of the
founding of the American patent system 150 years ago.
Other industrial communities throughout the country are
holding similar "Modern Pioneers" programs this month and
on Feb. 27 19 persons selected as outstanding by a committee
of six eminent scientists will be honored nationally in New
York at which time they will be given awards by the Na¬
St.
Louis, Mo.,
Pioneer"
was
program,
underlying New Deal
social
some
the
Hall, Where George Washington Was Inaugurated,
domestic
"defeatist"
policies,
and
the
report
security and other innovations of the last
recognized
seven
years
supported President Roosevelt in his appeal for non-partisan support
At the same time it called for "a thoroughly adequate
defense force—land, air and water," which it held to be needed to imple¬
a
the
Monroe
common
The
Doctrine
and
"make
our
defense
policy
a
working part
protective policy of all the Americas."
35,000-word
distilled
the conclusions of two years of re¬
by the Republican program committee
which comprised more than 200
lay leaders in the party's ranks and wa6
headed by Dr. Glenn Frank, former President of the
University of Wis¬
consin.
It was presented to the national committee
by Dr. Frank when it
report
search and consultations
met here
conducted
Friday.
Formation of New Arbitration
Commercial
The
American
Group Aimed to Decrease
Litigation
Arbitration
Feb- 20 the creation of
Association
announced
on
special business men's Board of
a
Is Unveiled—Remarks of President Martin of
"reactionary"
foreign policies.
ment
of Manufacturers.
Sub-Treasury in New York City Dedicated as National
Historic Shrine—Plaque Commemorating Federal
of Research
from
turn
and
of
played a part in such creation of new industries and
jobs during the last quarter century. Robert L. Lund,
Executive Vice-President of the Lambert Pharmacal Co.,
have
♦
liberties supported
Two
Stressing
House,
Chicago, on Feb. 20.
The banquet was sponsored by the
Institute of Technology, and the Illinois and Wis¬
consin Manufacturers Associations to pay tribute to the
area's 60-odd inventors, scientists and research workers who
.Armour
tional Association
by political and economic
circumstances which will make the practice of these liberties possible.
of
honoring the "Modern Pioneers" from Illinois*
Indiana, Iowa and Wisconsin was held in the Palmer
workable economics of plenty.
representative government.
Honoring
Contributions
American Standard of Living
to
A dinner
"I don't know whether Senator
About
*
"Modern Pioneers" Dinner Held in Chicago
from
Then he added:
A
1079.
♦
the Republicans, then Mr. Roosevelt should run again and
probably will," Mr. Farley said he did not care to comment.
country
Dinners" appeared in
Previous reference to the "Pioneer
our
be successful, regardless of who they were.
declined
He
the
has not created a surplus of labor but, on
processes
States to be
nominees would
1940
24,
long period of time, created new employment
party's strategy generally is
usual
will be able to take a look at
settling down to their own
Feb.
Liaison
Officers, designed to decrease commercial contro¬
versies and litigation, which have been on the rise since the
war.
C. V. Whitney, Chairman of the Board of the Pan
American Airways, has been
appointed Chairman of the new
arbitration board, which will be composed of
representatives
of the leading trades and professions.
The announcement
In celebration of the
anniversary of the birth of George
tablet was dedicated on Feb. 21 on the Wall
Street front of the Sub-Treasury Building to identify this
site as a National Historic Shrine in commemoration of
Washington,
a
Federal Hall, the first capitol of the United States, where
Washington was inaugurated as President on April 30,
1789.
The ceremonies were opened by George McAneny,
Chairman of the Federal Hall Associates, who explained the
historical significance of the exercises.
Manhattan Borough
President Stanley M. Isaacs unveiled tne bronze plaque.
Newbold Morris, President of the City Council, represented
Mayor LaGuardia, and reviewed the part that Wall Street
had played in the life of the Nation.
William McC. Martin Jr., President of the New York
Stock Exchange, also spoke at the ceremony.
From his
remarks
I
am
dedicating
quote:
we
very
pleased at the opportunity to participate in the ceremonies
the
old
Sub-Treasury site
as
It is
Hall Memorial.
Federal
gratifying that the Federal Government has seen fit to recognize the historic
role
played by Wall Street in the early development of this country by per¬
petuating
George Washington
this site where
was
inaugurated
as
first
That this historic spot is to be maintained
President of the United States.
as a
also stated:
Stock
Exchange
shrine of our people means, we hope, that visitors in
increasing numbers
will come to Wall Street and learn to understand the functions and purposes
The aim of the
board, according
to Mr.
Eastman, Chairman of the Asso¬
ciation, will be to cushion, through the
use of arbitration, the ill-effects of
trade dislocation which followed the outbreak of hostilities abroad.
The initial task of the liaison officers will be to make
contract
disagreements with
a
view
a
towards arranging
survey of
pending
for disputants to
submit their trade grievances to arbitration tribunals instead of
breaking
off trade relations
or
continuing action in the courts.
At the completion of the survey, additional arbitrators
experienced in the
problems of particular Industries will be added
to the
existing national panel
maintained by the Association.
of this
community.
Few people realize
that the
marked the site where
and to afford
both in
name
a
a
stockade
President Roosevelt's Message to
Congress
closing Lack of Understanding in Matter
At a dinner in Rochester, N. Y.,
affairs
a
on
as
It remains today as
an
advices
from
Rochester
stated
that
one
He IDr,
Oompton] cited
message to
two phrases
he said appeared in the President's
Congress a month ago:
"We have not yet found
a way to employ the surplus of our labor which
the efficiency or our industrial
processes has created," and
"To face the task of finding jobs faster than invention can
take them
away
is not defeatism."
iT
...
Admitting that technological
logical
progress
has sometimes
unemployment in specific situations
which
must he made to mitigate," Dr. Compton declared:
created
"undoubtedly
techno¬
efforts
the early
In
our
achievement, American
It is today in every sense of the word a
which still stands in its rightful place as a
bulwark
which would endeavor to upset the form of
issue of Feb. 17, page
1079,
developed.
we
referred to the plans
for the dedication.
+
Bankers
Association
Issues
Volume
Covering Proceedings of 1939 Convention
The
Investment
Association
Bankers
of
America
has
recently made available an attractively bound volume em¬
bodying the proceedings of its 28th annual convention held
at Del Monte, Cal., Oct. 9-13.
Full details of the meeting
are contained in the publication, in which is also presented
the list of the 1939-40 officers and governors, national
committees, group executive committees, constitution and
by-laws, group constitution and membership roster.
in
spitfe of "increased efficiency in production, the percentage
of our population which was
gainfully employed increased
25% in the 60 years from 1870 to 1930, which was the era of
great technological progress."
The Associated Press went
on to day:
that it
of cattle
It was at one time a wall
vital part of the protection of
government under which this country has been
Feb. 19—one of 15
in honor of "modern pioneers"—Dr. Karl T.
Compton, President of the Massachusetts Institute of
Technology,defended technological progress as a boon to
employment and declared that President Roosevelt in his
recent message to Congress disclosed a "lack of
understanding
and appreciation" of its role.
Dr. Compton, according to
built to prevent the straying
example of American
Initiative and American energy.
Investment
country
Press
a
Dis¬
arranged this month under the auspices of the Na¬
tional Association of Manufacturers in various
parts of the
Associated
was
protection against the Indians.
and in fact and
national street and
Karl
T.
Compton at Gathering in Rochester
Honoring "Modern Pioneers" Declares Technologi¬
cal
Progress Has Aided Employment—Regards
Wall Street has a very practical con¬
settlers in this community.
of strength against the forces
Dr.
name
notation in the historic sense, in that it found its origin in the fact
+
Death of T. L. Robinson, Retired New York Banker—
Assisted Dawes Commission in 1924
Thomas
former New York banker and
Republic Rubber Co. of Youogstown,
Ohio, died on Feb. 20 in Zurich, Switzerland. He was 59
years old and had retired from business three years ago.
L.
Robinson,
former President of the
Mr. Robinson went to Berlin in 1924
as an
assistant to Owen
D.
Young, member of the Dawes Commission. His work
there concerned the establishment of a bank to replace the
Reichsbank on plans adopted by the Reparations Com¬
mittee in 1923. In 1932 he
ency
was
Vice-chairman of the Emerg¬
Unemployment Relief Committee of New York City
Volume
The Commercial & Financial Chronicle
ISO
and from 1933 to 1934 was
Deputy Administrator in charge
of all financial codes uDder the National Industrial
Act.
The
following concerning his
Recovery
is taken from the
career
M.
G.
Minton
John
J.
1223
of William
Jr.,
Schumann
Jr.,
After
being graduated from the University of Michigan at Ann Arbor
Robinson devoted himself
the practice of law in Youngstown.
to
G. O. Boomer
In
1910, he became chairman of the board of the
Republic
Rubber Co. and in the following year was elected President of the company.
Later Mr.
He
was
Robinson served
Vice-President
a
1926 to
officer in several
an
as
of the
banking institutions.
Guaranty Trust Co. of New York from
During the World War he
was
major in the American Expeditionary
a
Force and served in France and Germany.
Occupation in Coblenz in 1919, and
by General Headquarters in 1919.
Order of the Crown
of Italy
He
was also
was sent on a
In 1917 he
also made
The Board of
announced Feb.
Chevalier of the
was made a
for his services in the war, and in
Vice-President,
director
He
to
Civilian
Relief
Ambassador
taken from the New York "Times" of Feb. 20:
is
stage
Saint-Quentin told the gathering that the
that
out
when
time
but,
strange,
pointed
drawing
is
analogy from
an
"heavyweight
effort
their
"We hear
wrestlers
strenuous."
most
the
world
nearly
are
He
in its present
war
of
predicted
he
sport,
motionless
that shines
on
think
"We
of
of peace and to
grateful
are
the
the horizon and guides
friendly
to
for
prepare
have indicated
conflict,
Poland and
happy to
seeking the basis of
under law,
and
our
who,
governments
that they
steps over a hard
having remained out
ready,
were
at
the
consultations
for
+
H. N. Rodewald Reelected Vice-Chairman of New York
Curb
Exchange—Other Appointments
The organization meeting of the new Board of Governors
of
New York Curb Exchange was held
the
Governors
Room
Chairman
of
one
Charles
the
Exchange.
Board,
presided.
Vice-Chairman
of
Feb.
Clarence
Herman
for
in the
Bettman,
N.
Board
the
14
A.
Rodewald
term
a
of
and the following officers and directors of depart¬
year
E.
and
actions
of
the
reelected
ments were
appointed for the ensuing year:
Secretary,
McGowan,
Quotations;
and
Director of
Department of
Trans¬
Christopher Hengevelt,
Jr., Treasurer, and Direc¬
Department of Administration; Joseph R. Mayer, Assistant Treasurer;
Henry H. Badenberger, Director of Department of Outside Supervision, and
Martin J.
Keena, Director of Department of Securities.
trade based
also made:
were
Committee
of
on
Admissions—Charles
Committee
We
foresight and authority
appointments of Chairmen of the standing
committees for 1940-41
on
Arbitration—Sherman
Executive
General
M>.
Committee—Clarence A.
Committee
Finn.
M.
Bijur.
Bettman.
Securities—Robert B.
on
Steams.
as
Committee
on
Formal
restoration
Committee
on
Unlisted
the principle of the
upon
Committee
on
Security Rulings—Henry Parish,
nation."
favored
comes to the
Attorney General's
the
with the
Agricultural Adjustment Administra¬
tion.
He had formerly been in the office of the Solicitor
for the Department of Agriculture.
opportune
the purposes
general limitation of armaments,
development of international
most
Mr. McConaughey
successor.
The following
they themselves have long since defined with
involving order
his
as
Credit Administration from
administration of the
lasting peace, of a peace whose essential character
a
31, 1942.
office where he has been special assistant to the Attorney
General.
Previously Mr. McConaughey was the head
peace.
initiating
statesmen
see
Reserve
"It is well, it is necessary
moment, to make their contribution in the restoration of a just peace.
are
Federal
tor of
road strewn with obstacles and snares," he said.
to
the
Governor A. G. Black announced Feb. 17 the resignation
the
at
great deal about peace and peace is indeed our ideal, and
a
of
Branch
unexpired portion of the three-year
of Peyton R. Evans as General Counsel of the Farm Credit
Administration and the appointment of Robert K. McCon¬
was
Czecho-Slovakia would rise again.
it is the light
Louisville
attorney in charge of the legal work connected
of
France, Count Rene Doynel de
Saint-Quentin, and Miss Anne Morgan, President of the
American Friends of France, were guests of honor at "A
Tribute Dinner to France" at the Waldorf-Astoria Hotel,
New York City, on Feb. 19.
Miss Morgan explained the
work of her organization among the French civilians and
appealed to Americans to show their friendship and sym¬
pathy for France* The proceeds of this dinner, which was
attended by more than 1,000 persons, are to be devoted
to that organization.
Regarding the French Ambassador's talk the following is
Count de
the
McConaughey Appointed General Counsel of FCA
Farm
for
of
System
of George O. Boomer,
Girdler Corporation, Louisville, Ky., as a
»
R. K.
aughey
France" Dinner Given in New York City—
French Ambassador Makes Address—Proceeds to go
The
Acceptance
Governors of the Federal Reserve
term ended Dec.
1924 he
Belgians.
President Woodrow Wilson.
"Tribute
Exchange.
Motors
15 the appointment
with the Army of
permanent commissioner of the American Red Cross by
a
Co., Curb
special mission to Berlin
received the Order of the Crown from King Leopold of the
was
&
General
the
Appointed Director of Louisville Branch
Bank of St. Louis for the
1929.
of
of St. Louis Federal Reserve Bank
In
1908 he became President of the Wicks Brothers Trust Co., which he had
organized.
Hoffman
♦
,
New York "Herald Tribune" of Feb. 21.:
Mr.
P.
President
Corp., finance companies.
General
Committee
Listing—Robert
B.
Stearns.
Securities—Edward
Transactions
on
and
E.
Barry.
2nd.
Quotations—Herman
N.
Rode¬
wald.
Committee
James
Blaine
G.
of
Tells
Agency
Needs
New York Fund's Second Annual
Citing
specific
of
examples
how
two
the
at
meeting held
Federal Reserve Bank.
and executive
and
Feb.
on
15 in
the
auditorium
Member
on
Business
on
Communications
and
Committee
on
Finance—Austin
K.
Committee
on
Public
Reference to
reelected
was
Firms—Morton
M.
well
as
as
execu¬
Governors
the
annual
$423,064.59 for 1938 and $420,842.31 for 1939.
S.
Gray
S.
Gray,
York
Division
of
Greater
Fund
President
Bank & Trust Co. of New
17.
Rule
dealings
ment
New
of
the
Central
Hanover
York, has accepted the chairman¬
in
Fund
of
one
makes
houses
in
Announcement
of
his
of the
appoint¬
by John A. Brown, Campaign Chairman.
Chairman, Mr. Gray will direct campaign activi¬
contributions
of
Fund.
made
was
As Finance
ties
York
the
the
its
seven
to
trade groups
appeal.
than
more
drive
appointments
major
annual
from
The
solicitation
in
1,700
which
opens
posts
within
New
April 1.
thg
made public.
will
York
of
New
the
various
division
by
of
the
division
Culver,
President
of
the
Continental
Insurance
Co.,
insur¬
ance.
V.
Davis,
Vice-President
of
Harriman,
Ripley &
Co.,
invest¬
bankers.
Arthur
H.
Vice-President
of
the
Provident
Loan
Society of New
York, credit and loan.
Robert
savings
Frank
and
"issued"
rights
L.
Hoguet,
President
of
the
Emigrant Industrial
President
of
the
Chemical
Savings Bank,
banks.
K.
Houston,
trusts.
Mr.
Bettman
made
in
our
Bank
&
Exchange
Listings
Adopt
New
"when
or
already
Formal
on
on
and
other
to subscribe,
Listing
issued"
listed
the
basis
may
new
list
securities
Exchange
securities
a
and
issued
rule, to
admit
or
of
an
certificates
in
exchange
to
issuer
of
for
de¬
or
already listed on the Exchange.
The Committee
Listing is authorized to certify to the Securities and Exchange
the
Commission
approval of the Exchange of such securities for listing and
registration.
(b) The Committee
recommendations
listing
any
on
Formal Listing shall submit to the Board with its
application
admission to dealings of
or
authorized
by these rules to list
Chicago
or
acceptable
said
to
Committee
for
the
security which said Committee is not
admit to dealings.
a
Mercantile
Trust
Co., banks
Exchange
Names
Standing
Committees
Sixty-seven appointments to Chicago Mercantile Exchange
committees for the ensuing year were announced
Feb. 1 by Garrett B. Shawhan, President.
Maurice Mandestanding
ville
again
Frank
rules
P.
heads the important clearing house committee.
Collyer, First Vice-President, is chairman of the
committee,
R.
L.
and
and
Feddersen,
butter
C. C.
Theisen,
Tatham,
Sr.,
Other chairmen
committee;
Treasurer,
heads
are:
Lawrence
Ryan, egg committee;
Eldredge, secretary of the exchange, cheese
Clark, potato; John Coleman, publicity;
membership; and Max Weinberg, approved warehouse.
Fox, hides; Roy
house committees;
Joseph L.
Ham,
Curb
on
The Committee
an
on
Michael E.
Pierpont
ment
(a)
securities
Formal
seek
The acceptance
finance
sections
York
the finance committee.
if.
was
1081.
page
financial
are:
Bernard
at which
Board,
to which the
division
business leaders also was
John C. Traphagen,
President of the Bank of New York, will be Vice-Chairman
of the unit which Mr. Gray heads.
Chairmen who will
direct
the
growing out of securities
on
ship of the finance division for the 1940 campaign
Greater
Williams.
The Board of Governors of the New York Curb Exchange
posit,
Finance
Heads
New
William
0.
•
adopted at its regular meeting held Feb. 14
be known as Rule 17, reading as follows:
having
William
Commissions—Ramon
Neftel.
election,
of
Rule
Schiff,
were
Stern.
Members of the Board of Directors
campaign committees,
Honorary Assistant Treasurer of the
Fund, reported that paid subscriptions in the 1938 campaign
totaled $3,785,345 and in the 1939 campaign $3,420,554.46,
as of Jan.
31, 1940.
The total expenses of the two cam¬
paigns
F.
Stern.
Relations—Alpheus C. Beane, Jr.
tives and board members of agencies attended.
John
F.
Conduct—Sherman M. Bijur.
Chairman
it,
issue of Feb.
of the
Rodewald.
Cooper.
Outside Supervision—Morton
on
on
Committee
of the results of
some
of existence.
More than 400 business,
civic, labor and welfare leaders heard Mr. Blaine's report
years
Committee
N.
S.
Burd Grubb.
Committee
possible expansion of services in others, James G.
Blaine, President, described at the Fund's second annual
first
Quotations—E.
Committee
made
its
Bond Transactions—David
on
General
through the Greater New York Fund has prevented serious
curtailment of voluntary social services in some areas and
meeting, in terms of human needs,
on
Committee
contributed
money
Stock Transactions—Herman
Committee
Greater
at
Meeting
on
E.
George E.
recent action of the Exchange's directors the legal,
public service, trade and statistics, and arbitration com¬
mittees have been
eliminated.
The board provided that
By
a
arbitrators
from
a
be
selected
from
committee of fifteen
the
as
membership rather than
was
done heretofore.
The Commercial & Financial Chronicle
1224
C.
K.
Reelected
Mcintosh
Clearing
Officers Re¬
named
Crocker First Na¬
Senior Vice-President of the
E. Avenali,
reelected Vice-President and R. R. Yates,
Vice-President of the Bank of America N. T. & S. A., was
again elected Secretary.
Members of the Clearing House
tional Bank, was
reelected are:
Committee
President J.
Union Trust Co.; W. H. Thomson, Presi¬
dent, The Anglo California National Bank, and L. M. Giannini, President,
President, Wells Fargo Bank &
T. & S. A.
N.
Bank of America
is
is
Howard H. Huxtable.
M.
President of the
Hanes,
American
Bankers
Association, and President of the Wachovia Bank & Trust
N. C., issued a statement on Feb. 15
explaining the new program of the A. B. A.
He said that
the program now being put into operation is an enlargement
of the existing activities of the Association.
His statement
Co., Winston-Salem,
follows in part:
Early
to undertake a
voted
Association
Committee
theAdministrative
December
in
Bankers
I
services
its members
of
the
American
substantial increase in the
to
and
delighted to be able to report that the project announced then has
become a reality.
To initiate it 200 of the larger banks have agTeed to
am
Leaders of
provide the necessary fundi.
The
new
The
program
the
services
the
field,
new
activities have been engaged.
a
these services to cover the
extend
forms
newer
of
lines
thoroughly tested out by the association for almost three years through
Graduate School of Banking.
The program now being put into operation is an enlargement of the
the Trust Research Department of its
existing activities
long been
the
American
It
of the association.
The American
Bankers Association
effective educational and service organization.
Through
of Banking and The Graduate School of Banking,
an
Institute
greatly advanced the fundamental knowledge of bank personnel.
It
inspired and assisted in the development of educational conferences in
the various
It
furnished
has
advertising,
ship each
its
of
mittee
has
members
at
relations
Its
Insurance
and
Protective Com¬
The
three years
on
bank insurance premiums, these
dissemination
of printed reports, studies and books by mail is not
Banks must have direct and individual aid to help them utilize
the knowledge and improved technique which research has discovered to be
This requires the
ucts of
the association
This, then, is the
To
extend
its
to
new
of the A.
educational
own
research
important subjects; to establish
and
to
as
director of
He will also
The Graduate School of Banking.
delighted that we have been able to secure the services of a man
experience and ability that Mr. Powers has.
$1,355,852,158 in home-mortgage loans has been
Federal savings and loan associations since
1934, when Congress authorized the chartering of these
locally owned and managed
institutions which operate
under a Federal charter, it was reported Feb. 10 by officials
of the Federal Home Loan Bank Board, their supervisory
agency.
Further details were given as follows:
by
this cumulative figure,
Of
last
$400,337,000
some
39.5% more than in 1938.
than two-thirds—$841,022,181—of
extended to borrowers
was
year,
More
the cumulative loans
made in
the past
five and a half years went into the construction and purchase of
hemes.
Approximately
of
68%
of the
total
1939
these
for
used
was
two
against 45% in 1935.
as
purposes,
1,409 Federal associations as of Dec. 31,
were
1939, with assets
Savers had 1,414,900 accounts in the institutions, with
$1,577,981,000.
savings totaling $1,110,749,000 at the end of the year.
A
proportion of the home mortgage loans made by sav¬
ings and loan associations during the last four years has
directly into the construction and purchase of homes,
gone
by economists of the FHLBB indicated on Feb. 17.
$986,383,000 advanced last year was the largest annual
amount since 1930, and was nearly one-fourth greater than
that for the previous year.
In the last four years associa¬
a
survey
The
tions have loaned
Sixty-five
the Board's
for only
accounted
ratio
of
The advices also said:
total went for
1939
Division
construction
of Research and
and
Statistics
home
estimated.
and home purchase loans
combined
54% of total loans, which aggregated $754,997,000.
loans
for
reconditioning purposes has remained about the
of advances for refinancing of existing mort¬
while the proportion
same,
gages
sented
ratio
$3,435,955,000.
of the
by comparison, construction
1936,
The
cent
per
purchase loans,
and other purposes has declined.
Refinancing loans in 1936 repre¬
24% of all advances, other purpose loans 14%.
Last year this
had
dropped to 18% and 11%, respectively.
Member
savings and loan associations of
System—numbering 3,870
Dec. 31,
on
the Federal
Home Loan
Bank
1939—-accounted for $2,641,728,000,
loaned by all associations
than three-fourths of the $3,435,955,000
more
in the United States in the last four years.
This proportion has moved
upward each year, climbing from 71.3% in 1936 to 80.7% in 1939.
ITEMS
shops.
B. A.
of
bankers'
us
forward in the field.
services of qualified personnel to take the prod¬
the members in their
program
activities to cover a larger variety
departments to cover the newer forms
banking service; to develop the latest information and soundest knowl¬
edge possible on banking and economic matters; to cooperate with other
of
the
with
Powers to come
Mr.
A total of
or
enough.
sound.
am
advanced
negotiated large cash savings for the members through reduc¬
savings amounting to $3,000,000 annually.
asked
have
we
relations and carry this work
Loan Associations Have Advanced
$1,355,852,158 in Home-Mortgage Loans Since 1934
—$986,383,000 Advanced in 1939
the member¬
It actively and effectively represents the inter¬
Washington.
obtained in the past
tions
to
through regional conferences held in various sections of the
has pioneered informative meetings for bank customers as
part of these conferences.
ests
public
and
facilities
year
and
country
training
employee
It has taken its
promoted extensively
asked for more direct assistance in this type
Federal Savings and
In
states.
material to thousands of banks.
So
work.
customer
be assistant registrar of
it lias
has
in sound public relations for banks.
of bank employee training groups.
However, many banks have
I
active program of employee training
an
on
basic factor
published eight books on this subject and has
has
the development
banking
activity and to make the products of all research in the banking field, from
whatever source, available and useful to banks.
This will be done along
has
carried
a
There
plan to personalize and make more effective
the association through expertly trained representatives in
of
to
the past
personnel relations.
the announcement, Mr. Hanes said:
several years the Public Relations Council of the American
in customer relations as
is on its way.
consists of
program
In making
For
Graduate School of Banking in the
been an instructor of The
The
from
1937 and during the past two years has
Graduate School in
asso¬
to take
steps /to restore its income
to the 1929 level in order to make this expansion possible.
ciation's
Powers
A. I.
1933-34.
graduated
of
class
which he is also manager of per¬
in
has been an instructor in the Detroit
B. since 1929 and was president of the chapter in
Mr.
Powers
Mr.
with
Program of American Bankers Association Ex¬
plained by President Hanes—Says It Is Enlarge¬
ment of Existing Activities
Robert
that institution,
of
training.
Chapter of the
the year
of
Manager of the San Francisco Clearing House
Russell W.
Schumacher and the Assistant Manager
The
New
cashier
and
Bankers Association has
(ex-officio) President; E. Avenali, (ex-officio) ViceK. Lochead, President, American Trust Co.; R. B. Motherwell,
Mcintosh,
K.
C.
sonnel
since 1915 when he joined
National Bank of Detroit.
the
assistant
meeting of the San Francisco Clearing
House Association, held Feb. 13, C. K. Mcintosh, Chairman
of the Bank of California, N. A., was reelected President.
annual
the
At
1940
24,
Peoples State Bank of Detroit.
In 1934 he became associated
In January, 1937, he was elected an
the former
with
in the banking business
Powers has been
Mr.
President of San Francisco
Association—Other
House
Feb.
organizations and banking agencies having research programs;
present the results of all to the banks in the most practical and
manner through
representatives in the field for the use of banks
effective
and the betterment of banking.
ABOUT
BANKS,
TRUST
COMPANIES,
&c.
Barnet Nover, columnist on foreign affairs for the Wash¬
ington "Post," will speak at the New School for Social
Research, New York City, Tuesday evening, (Feb. 27)
as guest of Jay Allen, who has been
conducting a course
"On the State of Journalism**
has
chosen
his
as
topic
at the
"Do
School.
You
Get the
Mr. Nover
News
from
Washington.*'
»
John Y. G. Walker, senior partner and co-founder of the
P.
K.
Alexander
Heads
A.
B.
A.
Denver
Conference
Committee
New York
Stock Exchange firm of
of heart disease
on
Feb. 17 at
Walker Brothers, died
his home in Llewellyn Park,
K. Alexander, Vice-President of the First National
Bank, Denver, has been named chairman of the General
N. J.
Denver Committee for the regional conference of the Amer¬
ican Bankers Association to be held in
Denver, March 21-22.
Laidlow & Co. in New York and later served
Denver bankers acting with Mr. Alexander
Committee are:
ing to New York in 1895, Mr. Walker and his brother, the
late Norman S. Walker, organized in 1896 the firm of
P.
on
the General
Clarence H. Adams, President, International Trust
Co.; B. F. Clark,
President, Colorado State Bank; Roblin H. Davis, President, Denver Na¬
tional
Evans,
Bank; T. A. Dines, President, United States National Bank; John
President, First National Bank; W. L. Johnson, President, Union
National
Bank
in
Denver; Frank Kirchhof, President, American National
Bank; Harold Kountze, President, Colorado National Bank; G. E. Totten,
Vice-President, Central Savings Bank & Trust Co., and President, Colorado
Bankers
was
given in
our
68 years old.
was
Walker
began his
issue
A native of Liverpool, England,
with the banking house of
career
as
an
official
of the First National Bank of Walla Walla, Wash.-Return¬
Walker
Brothers, of which he continued
his retirement in 1914 to
of the
assume
as a
the First
partner until
Vice-Presidency
Central Union Trust Co. of New York.
bank became
a
When this
part of the Central Hanover Bank & Trust
Co. in
the
March, 1929, Mr. Walker was elected a Director of
larger organization and at the same time returned to
Walker
Brothers.
At
Central
Association; and A. E. Upton, President, National City Bank.
The program for the conference
of Feb. 10, page 932.
Mr.
He
Hanover
Bank
his death he
was
& Trust Co.
a
Trustee of the
and of
Savings in the City of New York, and
a
the
Bank
director of
for
many
insurance companies.
——0
William Powers Named A. B. A. Director of Customer
Relations
Appointment of William Powers, Assistant Cashier
and
William
in his
He
of Detroit to the post of
came
Co.,
Salem, N. C.
The Association summarized his
follows:
Winston-
career
as
Perkins,
President
of
the former
Bank
of
America from 1890 to 1920, died of heart disease on Feb. 19
Manager of personnel and training of the National Bank
Director of Customer Relations of
the American Bankers
Association, was announced on Feb.
15 by Robert M. Hanes, President of the
Association, and
President of the Wachovia Bank & Trust
H.
apartment at the Hotel Vanderbilt, New York City.
80 years old.
Born in Athens, Pa., Mr. Perkins
was
to New York in
1881 and joined the staff of the Im¬
porters & Traders National
Bank, of which his brother,
Perkins, was President.
After service with this
bank, Mr. Perkins became associated with the Fourth Na¬
Edward
tional
retired
Bank and, finally, with the
in
1920
as
President
of the
Bank of America.
Bank
of
America
He
and
Volume
The Commercial &.
ISO
served the institution for
In 1921 he retired.
a
year as
Chairman of the Board.
In 1931 the Bank of America
was
con¬
solidated with the National City Bank of New York.
«
The
19th
annual
Savings
Banks
Dinner
Dance
of
the
Metropolitan Area will be held in the main ballroom of the
Hotel St. George, Brooklyn, N. Y.', on March 30, at 7:30
P.M., it was announced on Feb. 19 by Albert Sturcke, Jr.,
Assistant Secretary of the Union Square Savings Bank, New
York City, who is chairman of the Publicity Committee for
the
affair.
inancial Chronicle
1225
meeting of the Board.^ Mr. Kinney had been a member of
the Central Bank Board for 19 years, and his resignation was
in accordance with a Governmental regulation
prohibiting
interlocking directorates in banks of the Federal Reserve
System.
He is a member of the Board of the Crocker First
National Bank of San Francisco.
In noting this, the San
Francisco "Chronicle" of Feb. 17, added:
Wallace E.
Hyde, son-in-law of Mr. Kinney,
Bank Board of Directors in his place.
was
elected to the Central
Walter A. Starr, member of
Central
Bank Board, was elected Chairman of the Executive Committee, a position
also held
on
by Mr. Kinney.
Crellin Fitzgerald will take Mr. Kinney's place
the Executive Committee.
*
Orson
D.
American"
Munn,
President
and of Munn
and
Director
of
"Scientific
&
The
Board
of
Directors
of the
Swiss
Bank
Corp.
(head
Co., Inc., publishers, and senior
partner of Munn, Anderson & Liddy, one of the oldest
patent-law firms in New York City, was elected a Trustee
Switzerland), at their meeting on Feb. 7, ap¬
proved the accounts for the year ended Dec. 31, 1939. After
providing 3,088,824 francs (against 2,899,797 the previous
of the
year) for writing off bad and doubtful debts, the net profit
for 1939 amounts to 9,626,378 francs
(as compared with
10,029,946 in 1938).
Total resources of the bank as at Dec.
31, 1939 are shown at 1,350,564,620, as compared with
Union Dime Savings Bank, New York City, succeed¬
ing William McMaster Mills, at a meeting of the Board of
Trustees held
Feb.
on
21,
according to the announcement
made by William L. DeBost, President of the bank.
*
The Woodside National
Bank
of Woodside,
Long Island,
on
Feb. 20 that Irving L. Wharton, prominent
Brooklyn real estate lawyer, has resigned his private law
practice to head the bank's new Federal Housing Adminis¬
announced
1,451,066,892 francs at the corresponding date of 1938.
At
1, next, the direc¬
will recommend a dividend of 4%% (against 5% for
1938) and to carry forward 2,426,377 francs to the current
the general meeting to be held on March
tors
year's profit and loss account.
ital and its
tration mortgage servicing department.
francs,
♦
On
office Basle,
Monday evening, Feb. 26, The County Trust Co., of
year.
White Plains, N. Y., will be host to The Westchester Elec¬
trical and Gas Appliance Dealers Association members at
their regular meeting.
The members of The Furniture and
Hardware Dealers Associations of Westchester County have
also been invited to attend.
William J.
Cheney, Executive
Vice-President of National Retail Furniture Association will
be the guest speaker.
His subject "The Diversion of Trade
from
Retail
Channels."
An illustrated
Sound
Picture
"Know Your
Money" describing real and counterfeit money,
by the United States Secret Service, will also form
part of the program.
released
Conn., on Feb. 21 voted to place the institution in liquida¬
tion owing to the fact, it is said that business conditions
prevent the paying of an adequate return to stock holders
on their investments.
Judge J. Rodney Smith of Groton,
Conn., the bank's President, was appointed the agent to
carry out the liquidation, and it was decided to transfer
the total deposits of $188,458 to the Mystic River National
Bank of Mystic, Conn.
Tie liquidation of the institution,
effective yesterday, Feb. 23, leaves Stonington, a tovvn of
12,000 persons, without a bank in nearly 90 years, the
First National Bank having opened for business as a State
institution in 1851.
»
Andrews
J.
the
Harris, Jr., former Senior Vice-President of
Philadelphia National Bank, Philadelphia, Pa., died at
his home in Chestnut Hill on Feb. 18.
78
years
of
age
on
24.
Feb.
He would have been
Before becoming
associated
with the Philadelphia National
of which
dency
he retired
Bank, from the Vice-Presi¬
six months ago, he was Vice-
President of the Franklin National Bank, Treasurer of the
Lehigh Valley Railroad and a director of the Real Estate
Title & Trust Co.
♦
John D. Ames, publisher of the Chicago "Journal of Com¬
merce," has been elected a director of Personal Loan &
Savings Bank of that city.
Mr. Ames is a director of the
Murray Corporation of America and President of the Legis¬
Voters League.
Calvin Fentress, President, reports
that the regular quarterly dividend of $1.75 a share and an
lative
dividend of 75c. a share has been declared, payable
March 22,1940 to stockholders of record March 11.
This
extra
on
is the 84th consecutive quarterly dividend paid by
Loan &
Personal
Savings Bank.
•
—
Robert H. Fayfield was recently named Vice-President of
the
Empire National Bank & Trust Co. of St. Paul, Minn.,
announced by Alex Highland, President of the insti¬
tution.
He will be in charge of credits, succeeding D. L.
Carroll, Assistant Cashier and Credit Department Manager
since April, 1926, who will retire March 1.
For the past 10
years Mr. Fayfield has been associated with the Northwest
Bancorporation, Minneapolis, with which the Empire is
it
was
affiliated.
»
As
of Feb.
13, the First National Bank of Birmingham,
Birmingham, Ala., was authorized to increase its capital
from $3,600,000 to $4,600,000.
♦
Effective Feb. 10, the
logg, Ida.,
First State Bank of Kellogg, Kel¬
a member of the Federal Reserve System, was
absorbed by the Idaho First National Bank of Boise, Boise,
Ida.
In connection with the absorption the national bank
has established a
branch at Kellogg.
4
Resignation of R. W. Kinney from the Board of Directors
of Central Bank of Oakland, Calif., was announced on
Feb. 16 to be effective immediately, following a regular
THE
Trading
on
CURB MARKET
the New York Curb Exchange
was
quiet during
the fore part of the week, but prices gradually strengthened
and a number of the more active of the market favorites
worked up to new
high ground
as
the week advanced.
In¬
dustrial specialties attracted considerable attention and
a
number of the
preferred stocks in the public utility group
registered substantial gains. Oil shares were quiet and there
was
4
Shareholders of the First National Bank of Stonington,
The institution's share cap¬
fund, at 160,000,000 francs and 32,000,000
respectively, are both the same as in the previous
reserve
little activity apparent in the mining and metal
very
issues.
Aircraft stocks
were
irregular with most of the
move¬
ments in minor fractions.
Curb market prices pointed toward higher levels
during
trading on Saturday. The changes were
particularly noteworthy, and while the turnover was
higher than the preceding short session, the transfers were
the brief period of
not
down
to
107,000
specialties
but there
and
the
shares.
attracted
was
also
a
Public
utilities
and
industrial
most of the
speculative attention,
modest demand for the aircraft shares
stocks.
Outstanding among the advances
were Southern New England Telephone which
forged ahead
8% points to 167, Aluminum Co. of America, 1% points to
161; Borne Scrymser, 1% points to 38%; Pennsylvania
Sugar, 1 point tol6;Brillo Mfg. Co., A, 1% points to32%;
and Celluloid pref., 1 point to 34.
Narrow price movements and light dealings were the
dominating characteristics of the Curb Market trading on
Monday.
Fisk Rubber pref. was one of the strong stocks
as it again climbed upward to its recent all time
peak at
110%.
Borne Scrymser moved into new high ground at
39% and Aluminum Industries reached a new top for 19391940, at 10%.
Aircraft stocks were irregular, Brewster
and Grumman moving moderately higher, while Bell, Re¬
public and Bellanea were off.
Singer Mfg. Co. was weak
and drifted downward 2 points to its low for the year at 143.
Quaker Oats declined 3 points to 120, Pennsylvania Salt was
off 2 points to 171 % and Axton-Fisher A touched a new low
paper
for 1940 at 42.
Rallying tendencies all along the line were apparent on
Tuesday, and while some of the trading favorites, particularly
those in tne public utility group, failed to participate in the
advances, the market, on the whole, was stronger. Modest
gains were registered in the aircraft section and many of the
popuiar trading stocks in the industrial specialties moved
briskly forward. Prominent among the issues closing on the
side of the advance were Aluminum Co. of America, 2%
points to 163%; Mead Johnson, 3 points to 160; Tubize
Chatillon A, 2 points to 38; Jones & Laughlin Steel, 1 % points
to 30%; Singer Mfg. Co., 1% points to 144%; ana Penn¬
sylvania Salt, 1% points to 173.
Stocks moved moderately higher in the pre-holiday market
on Wednesday.
The volume of sales was below the preced¬
ing day, and while the advances extended to all sections of
the list, a goodly part of the speculative activity centered
around the industrial specialties.
Royal Typewriter was
one of the most active stocks in this group ana forged ahead
2 % points to 59.
Tubize Chatillon climbed up to a new peak
at 39% at its high for the day but reacted to 38 at the close.
Public utility shares were moderately active, Peninsular
Telephone moving upward to a new top for 1940 with a gain
of
% points to 34%.
Rubber issues were fractionally
higher, both Fisk Rubber and Hewitt Rubber registering
fractional gains. Aircraft stocks were weak, Fairchud Avia¬
tion being the only issue showing an advance.
Oil shares
were moderately active and mining and metal stocks moved
within
a
narrow range.
The New York Curb
Exchange, the New York Stock Ex¬
change and the commodity markets were closed on Thursday
in observance of Washington's Birthday.
The Commercial &
1226
Feb.
Financial Chronicle
1940
24,
SILVER
Declining prices prevailed during most of the dealings on
Friday as the market resumed its session following the Wash¬
ington's Birthdav holiday.
There were occasional excep¬
tions to the trend, especially in the field of industiial special¬
ties, but at the close the declines were in excess of the ad¬
vances.
The aluminum shares were quite active, Aluminum
Co. of America showing a gain of 3 points at 166 and Alumi¬
nium Ltd. was fractionally higher.
The declines included
others Gulf Oil Corp., 1 % points to 35 L6; Nehi Corp.,
334 points to 62; St. Regis Paper pref., 2 points to 66;
Western Maryland 1st pref., 2 points to 57 and Quaker Oats,
1
points to 15034- As compared with Friday of last week
the range of prices was toward lower levels, American Gas
& Electric closing last night at 34 % against 35 34 on Friday
a week ago; Bell Aircraft at 22J4 against 2334; Carrier Corp.
at 12% against 1334; Creole Petroleum at 2034 against 21%;
among
35% against 36; Humble Oil (new) at 60
Gulf Oil Corp. at
against 61, and Standard Oil of
Kentucky at 20% against
20%.
review onened with a fall of 3-16d. in the caah and %d.
in the two months' quotation, prices on the 25th instant being fixed at
21 13-16d. and 21 %d.
for the respective deliveries after having ruled
unchanged at 22d. for both quotations for the previous four working days.
A little Indian and speculative buying caused a slight recovery on Jan. 26
to 21 15-ied. and 21 %d.; subsequent movements were sh; rply downward
until yesterday when there was a drop of %d. for cash and 13-16d. for two
months' to 21 l-16d. and 20 15-16d.
Absence of support was mainly
responsible for the fall, which followed a heavy decline in silver prices in
Bombay where, it is reported, substantial purchases have been made in
that market during the past week by the Indian Government.
Today, with sellers holding back, there was an upward reaction and prices
were quoted level at 21 %d. for both cash and two months' delivery.
Quotations during the week:
IN NEW YORK
IN LONDON
The week under
Bar Silver per
Jan. 26
Jan. 29
Jan. 30
Jan. 31
EXCHANGE
CURB
NEW YORK
THE
AT
TRANSACTIONS
DAILY
34 % cents
Jan. 25
35
35
35
Jan. 29---35
Jan. 30---35
cents
Jan. 26
cents
cents
cents
cents
34%
34%
34%
34%
34%
The official dollar rates fixed
were
Jan. 27
by the Bank of England during
Statistics for the month of January,
Cash
Monday..
Tuesday
Corporate
$19,000
$15,000
13,000
22,000
21,000
1,323,000
1,029,000
1,290,000
154,098
911,000
5,000
24,000
$4,815,000
$83,000
$114,000
$5,012,000
FINANCIAL
1938
1939
1939
1940
773,163
709,905
$4,815,000
$8,900,000
111,000
$80,592,000
672,000
$58,555,000
83,000
6,850,430
5,765,604
484,000
Bonds
War Loan
Domestic
government..
Foreign
114,000
$9,073,000
$59,779,000'
$81,935,000
Pursuant to the
Act of
RATES
a
Y.(for.)
CERTIFIED
RATES
17,
FEDERAL
BY
UNDER TARIFF ACT OF
TO TREASURY
FEB.
ounce
(in cents'* in the United
34%
34%
34%
Hoi.
34%
71.10
34%
71.10
71.10
71.10
71.10
AUCTION
following securities
were
SALES
sold at auction
on
Wednesday
By R. L. Day & Co., Boston:
RESERVE
1930
$ ver Share
7%
51c
6
$25 lot
Stocks
Shares
5
1940, INCLUSIVE
1940, TO FEB. 23,
The
of the current week:
record for the week just passed:
BANK
per
requirements of Section 522 of the Tariff
EXCHANGE
FOREIGN
units Thompson
Spa
20 Independence Fund of North America, par $1
10 Wlckwire Spencer Steel Co. common, par 510
Noon Buying
Rate for Cable Transfers in New Yorlt
Value in
Country and Monetary
United States Money
Unit
Feb.17
Feb. 1)
Feb. 20
Feb. 21
t
*
%
$
.168112
Belgium, belga..
Bulgaria, lev
.168161
.168200
Feb. 23
Feb. 22
%
.168233
Europe—
a
a
a
a
a
a
.401176*
.401175*
.017000*
.099500*
.238081
same
.401175*
.007171*
.007171*
.007162*
.007159*
.176037*
.076050*
.076050*
.076050*
.176050*
.050457
.050475
.050471
.050475
.050475
.630850
.530956
.531288
.532077
.531822
Norway,
.227087
.227100
.227093
.227087
.227087
krone
a
a
a
a
a
.036200
.036200
.036175
.036175
.036187
b
b
b
b
b
Poland, zloty
Portugal, escudo
Rumania, leu
Spain, peseta.
.099500*
.099500*
.099500*
.099500*
Sweden, krona
.238056
.238075
.238081
.238081
Switzerland. franc...
.224172
.224172
.224188
.224183
.224188
Yugoslavia
.022537*
.022597*
.022637*
.022537*
.022537*
A
a|n
dinar...
COURSE OF BANK CLEARINGS
Bank clearings
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. 24)
clearings from all cities of the United States for which it
is possible to obtain weekly clearings will be 5.9% above
those for the corresponding week last year.
Our preliminary
total stands at $4,816,771,710, against $4,548,755,056 for the
.022412
.401175*
Hungary, pengo
Italy, lira
Netherlands, guilder.
.
$20 lot
a
.193116
3.956805
.007159*
Greece, drachma
11 Lautaro Nitrate Co., Ltd., ordinary shares; 600 New
York Title & Mortgage Corp
a-- /
.193116
.193116
.193116
.193100
krone
Engl'd, pound sterl'g 3.958888 3.952361 3.949583 3.955972
.017000*
.017000*
.017000*
.017000*
Finland, markka
.022397
.022383
.022416
.022430
France, franc.......
.401140*
Engineering, Inc...
Chlliana class A;
$
Denmark,
Germany, relchsmark
275 Stanley
$500 Scltuate Country Club 4s, 1939; $500 South Shore Realty Co. 7s, 1943,
reg.; 5 South Shore Realty Co. v. t. c.; 8 Allerton Real Estate Trust;
43 warr. American & Foreign Power Co., Inc.; 5 Companla Salitrera Anglo
.168577
a
a
Czechoslov'la, koruna
£98%
£111%
£111%
days have been:
same
(newly mined) 71.10
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
give below
the
on
the Federal Reserve Bank is now certifying
1930,
168s.
£74%
£98 15-16
£99
£111%
168s.
£74
S. Treasury
U.
EXCHANGE
£111%
Closed
price of silver
States
Bar N.
FOREIGN
£99
£111%
£98 13-16
£98 13-16
Closed
20 3-16d.
20 %d.
4%
1960-90
The
Total
-
Feb. 23
Feb. 22
Feb. 21
20%d.
168s.
£74
671,000
740,000
62,000
$5,012,000
Foreign corporate
British
Fri.,
Thvrs.,
Wed.,
Feb. 20
20%d.
168s.
£74%
20%d.
168s.
£73%
Closed
Gold, p. fine oz. 168s.
Consols, 2%%. Closed
British 3%%
Silver, per oz__
Stocks—No. of shares.
.
CABLE
MARKET—PER
Tues.,
Mon.,
Feb. 19
Feb. 17
4
New York Curb
Exchange
168s.
reported by cable, have been as follows the past week:
as
Sat.,
Jan. 1 to Feb. 23
Week Ended Feb. 23
Sales at
21.8977d.
daily closing quotations for securities, &c., at London,
The
940,000
773,163
Total
168s.
21.8920d.
ENGLISH
HOLIDAY
Friday
21 l-16d.
1,095,000
32,000
Fine
168s.
20 15-16d.
22%d.
Highest price
Lowest price
Average
977,000
45,000
1,000
Per Ounce
Delivery
22%d.
$677,000
942,000
165,605
Wednesday
Thursday
Total
$643,000
107.345
165,440
180,675
Saturday
Government
Domestic
Shares)
Feb. 23. 1940
Foreign
Foreign
of
Bar Gold
per Oz. Std.
Two Months'
Delivery
{Number
Week Ended
the week
1940:
Bar Silver
Bonds (Par Valtu!)
Stocks
cents
cents
cents
cents
cents
Buying, $4.03%; selling, $4.02%.
follows:
as
Price
Price
Jan. 24---35 cents
21 %d.
21%d.
20 15-16d.
21 %d.
21.537d.
21.600d
Average
Market
U.S. Treas
21 %d.
-21 13-16d.
21 15-16d.
21 13-16d.
-21 l-16d.
-21 Hd.
Jan. 25
(Per Ounce .999 Fine)
Oz. Std.
2 Mos.
Cash
a
year ago.
week in
At this center
1938.
week ended Friday
of 1.4%.
there is
a
Our comparative
gain for the.
for
summary
the week follows:
...r
China—
Chefoo (yuan) dol r
Hankow (yuan) dol
a
a
a
a
a
a
a
HOLI¬
a
DAY
a
Per
Clearings—Returns by Telegraph
a
—
.066833*
Shanghai (yuan) dol
Tientsin (yuan) dol.
Hongkong, dollar
.068625*
a
.068593*
a
a
Week Ending Feb.
.068031*
.068041*
a
24
1940
1939
Cent
a
.245066
.244966
.244900
.245450
.245033
New York
$2,012,638,925
$1,985,364,988
+ 1.4
British India, rupee..
.301675
.301675
.301635
.301675
.301635
Chicago..
223,019,688
186,150,484
+ 19.8
Japan, yen
Straits Settlem'ts, dol
.234362
.234383
.234383
.234383
.234383
Philadelphia
251,000,000
.463450
.463616
.463516
.464337
.463466
Boston
265,000,000
153,952,538
137,667,019
+ 11.8
65,259,633
58,373,555
58,300,000
+ 11.8
112,817,000
79,103,753
—12.0
Australasia—
...
+ 5.6
3.154583
New Zealand, pound
Africa—
Detroit
64,083,410
+ 9.9
71,060,308
55,720,957
Baltimore
48,108,569
45,235,849
+ 27.5
+ 6.4
$3,171,619,124
$3,033,817,015
+ 4.5
681,798,244
581,331,752
+ 17.3
$3,853,4 1 7,368
$3,615,148,767
+ 6.6
963,354,342
933,606,289
+ 3.2
$4,816,771,710
$4,548,755,056
+ 5.9
Tenuis
3.152500
3.152083
St..
3.165000*
3.167187* 3.161458* 3.159375*3.164218*
3.148958
67,500,000
99,237,000
95,391,250
70,451,843
Cleveland
3.146250
Australia, pound
San Francisco
Pittsburgh
1
3.980000
3.980000
3.980000
3.980000
Canada, dollar
.863750
.863437
.863593
.865078
.865703
Mexico, peso
.166600*
.166575*
.166525*
.166525*
.861250
.860781
.861250
.862656
.863281
.297733*
.297733*
.297733*
.297733*
+ 15.8
+ 20.6
.166525*
Newfoundl'd, doUar.
.297733*
Union South Africa, £ 3.980000
North America—
Argentina, peso
Brazil, mUrels official
Eleven
cities, five days
Other cities, five days
South America—
.060575*
.060575*
.060575*
.060575*
.060575*
free..
.050000*
.050333*
.050333*
.050333*
.050333*
ChUe, peso—official.
.051650*
.051650*
.051650*
.051650*
.040000*
.040000*
.040000*
.040000*
.040000*
.572650*
.572650*
.572650*
.572650*
.572650*
.658300*
.658300*
.658300*
.658300*
.658300*
.379000*
.379000*
.379000*
.379375*
.379375*
Total all cities, five days
.051650*
"
.
•
Kansas City
"
"
*
"
Colombia,
export.
peso
Uruguay, peso contr.
Non-controlled
*
Nominal rate,
a
No rates available,
THE ENGLISH
b Temporarily omitted
GOLD AND SILVER MARKETS
All cities, one day..
Total all cities for week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as
the week ends today
(Saturday), and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all
We
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Jan. 31, 1940.
GOLD
The
gold held in the
Jan. 24 amounted to
as
Issue Department of the Bank of England on
£219,561 at 168s. per fine ounce showing no change
compared with the previous Wednesday.
England's buying price for gold has remained unchanged at
The Bank of
168s. per fine ounce.
cases
has to be estimated.
In the elaborate detailed statement, however,
which
we
able to give final and com¬
plete results for the week previous—the week ended Feb. 17.
present further below, we are
was a decrease of 5.8%, the aggregate
clearings for the whole country having amounted to
$5,020,725,341, against $5,331,344,782 in the same week in
1939.
Outside of this city there was an increase of 9.0%,
For that week there
of
Volume ISO
The Commercial & Financial
Chronicle
1227
the bank
clearings at this center having recorded a loss o2
We group the cities
according to the Federal Reseive districts iD which
they are located, and from this it
appears that in the New York Reserve
District (including
this city) there is a decrease of
16.4% and in the Boston
Reserve District of
9.2%, but in the Philadelphia Reserve
District there is an increase of
11.6%.
In the Cleveland
Reserve District the totals show au
improvement of 10.8%,
in the Richmond
Reserve District of
14.2%, and in the
Atlanta Reserve Distiict of
6.3%.
In the Chicago Reserve
District the totals record a
gain of 14.1%, in the St. Louis
Reserve District of
9.1%, and in the Minneapolis Reserve
District of 12.2%.
In the Dallas Reserve District the
totals are smaller
by 1.5%, but in the Kansas City Reserve
District the totals are larger
by 6.3% and in the San Fran¬
cisco Reserve District
by 20.4%.
17.0%.
Clearings
Week Ended Feb. 17
at—
i
1
■
Inc.
1940
1939
.
or
Dec.
1938
$
$
%
Seventh Feder al Reserve D
istrict—Chic ago—
429,900
349,091
+ 23.1
Detroit
108,304,002
92,324,367
+ 17.4
Grand Rapids
3,380,446
2,804,549
+ 20.5
$
Mich.—AnnArbor
Lansing
1,734,282
1,745,557
18,282,000
2,051,779
5,872,159
23,487,964
1,008,733
Ind.—Ft. Wayne
Indianapolis
1937
$
352,316
99,700,735
2,838,475
1,908,091
1,110,514
1,422,198
+ 21.9
868,875 + 100.9
16,638,000
+ 9.9
1,350,806
+ 51.9
4,733,365
+ 24.1
560,551
125,078,851
4,089,011
2,062,342
1,298,978
21,191,000
1,671,806
5,576,141
22,889,131
1,135,493
7,780,030
3,219,098
furnish
we
a
districts:
+ 27.2
960,732
3,605,793
1,138,635
1,204,178
963,340
+ 11.4
+ 17.0
4,075,376
1,667,338
1,269,086
5,301,993
1,082,626
1,332,635
484,093,802
424,205,856
+ 14.1
476,158,645
570,069,313
78,600,000
40,995,481
22,508,685
101,200,000
Wis.—Milwaukee
la.—Ced. Rapids
Des
Moines
Sioux
8,373,728
City
3,541,289
305,340
HI.—Bloomlngton
Chicago
Decatur
Peoria
by Federal Reserve
summary
+ 12.6
960,330
Total (18 cities)
following
297,620,900
1,221,901
4,018,214
1,246,671
1,408,991
264,297,307
Springfield..
In the
17,278,000
1,554,770
4,293,448
19,699,650
1,106,534
7,990,909
3,258,385
316,554
306,771,732
South Bend
Terre Haute
Rocklord
SUMMARY OF BANK CLEARINGS
'
'
1940
17,
1940
Federal Reserve Dists.
1st
3d
12 cities
H
New York.. 13
4th
Richmond..
6th
Atlanta
7th
Chicago
St. Louis
3,145,889,645
3,197,593,714
4,573,955,501
344,519,107
+ 11.6
403,236,897
437,409,106
272,279,449
+ 10.8
293,201,630
349,100,548
144,286,057
126,331,844
+ 14.2
125,302,705
179,201,291
168,514,855
157,181,308
424,205,856
476,158,645
135,099,444
142,661,166
95,150,893
12thSan Fran...10
+ 12.2
119,963,752
+6.3
8t,771,967
I*
"
127,503,706
• •
121,804,326
70,346,690
—1.5
75,377,727
+ 20.4
240,816,565
5,020,725,341
5,331,344,762
—5.8
5,557,609,771
2,288,677,196
+ 9.0
2,482,029,580
279,426,836
—5.1
284,768,929
Mont.—Billings
Total (7 cities).
1939
%
$
S
New Bed ford.
_
Springfield
Worcester
Conn.—Hartford
New Haven
R.I.—Providence
N .H.—Manches'r
cities)
413,962
+ 12.3
2,028,494
213,680,250
745,038
424,497
+ 4.8
748,783
395,189
632,419
3,379,783
1,903,601
10,274,305
4,544,904
9,251,200
446,379
222,982,505
Binghamton
6,817,163
1,180,824
Buffalo
J.—Montclair
+ 0.5
528,638
—6.9
431,285
—16.0
727,036
+ 15.2
2,743,431
1,692,796
11,749,623
4,566,695
8,795,700
409,239
3,259,106
2,002,758
13,060,099
4,888,781
10,851,700
424,219
+ 2.6
+ 8.6
+ 22.1
+ 2.9
483,707
—7.7
245,497,819
9,952,963
1,873,872
30,000,000
481,575
—9.2
+ 15.7
14,202,767
1,884,682
34,400,000
—6.4
850,948
—37.0
—3.0
—17.0
+ 26.2
+ 47.2
+ 7.4
+ 2.0
803,280
884,668
7,892,141
5,815,142
3,167,482
3,587,809
501,720
8,436,462
6,460,439
2,867,636
4,075,451
*280,000
cities) 2,631,180,913 3,145,889,645
—16.4
+ 10.1
334,000,000
1,338,970
+ 12.0
+8.1
2,343,000
755,048
—0.8
2,436,100
1,152,152
2,506,900
384,436,966
344,519,107
380,411
1,124,148
374,000,000
N. J.—Trenton..
cities)
1,447,998
2,227,127
749,286
1,166,439
—2.6
Cincinnati
Cleveland..
Columbus
Mansfield
Youngstown...
Pa.—Pittsburgh
_
1,926,826
59,908,230
100,721,776
9,834,200
1,719,214
2,821,265
124,819,248
445,158
651,513
+ 7.7
461,641
1,579,043
421,000,000
—2.8
1,459,575
2,480,112
808,042
1,536,366
4,285,600
+ 11.6
403,236,897
+ 32.7
103,031,480
+ 21.1
+ 5.9
+ 3.2
+ 2.9
+ 17.1
cities).
Fifth Federal
W.Va.—Hunt'ton
Va.—Norfolk
Richmond
S.C.—Charleston
Md.—Baltimore.
D.C.—Washing'n
Total (6
cities)
.
Sixth Federal
Tenn.—Knoxville
Nashville
Ga.—Atlanta
Augusta
Macon
Fla.—Jacks'nvllle
Ala.—Birm'ham.
Mobile
301,750,759
272,279,449
+ 10.8
75,421,544
23,695,764
144,286,057
355,102
2,278.000
36,878,103
1,183,073
62,917,479
+ 56.3
+ 7.2
+ 11.0
+ 3.6
1,930,230
74,4')4,938
105,769,203
13,853,300
2,102,512
2,820,651
148,219,714
+ 4.8
2,672,123
660,802
500,042
—12.9
+ 32.1
696,211
544,269
688,723
674.884
119,903,752
+ 6.3
121,804,326
147,190,618
1,410,299
59,517,702
75,700,146
+ 2.2
2,455,109
+ 17.3
26,296,229
+ 13.1
2,443,872
2,713,042
—8.4
349,100,548
376,172
2,275,000
35,909,011
22,720,087
+ 4.3
+ 14.2
363,310
2,591,000
39,315,895
1,339,375
71,076,547
23,716,406
125,302,705
138,402,533
District—Da lias—
69,266,693
70,340,090
—1.5
75,377,727
Twelfth Feder
Wash.—Seattle
_
at
14,145,921
3,404,199
3,215,159
110,582,570
2,084,132
1,111,611
1,769,007
233,437,929
193,924,364
Calif.—L'g Beach
Pasadena
Francisco.
San Jose
Santa Barbara-
Grand
total
29,851,744
833,292
26,926,723
29,610,428
14,344,252
3,645,709
3,375,265
140,304,000
2,288,953
1,404,917
1,8)7,400
.
Utah—S. L. City
San
Reserve D istrict—San
35,563,010
1,033,995
.
Yakima
Ore.—Portland.
16,311,009
21,524,498
+ 16.9
1,986,587
1,657,199
+ 19.9
5,328,956
18,695,702
60,300,000
1,197,157
+ 22.0
908,716
+ 22.8
—0.7
+ 6.6
+ 7.5
+ 9.3
4,184,843
21,402,531
53,000,000
1,123,672
878,174
16,646,000
18,558,116
1,519,037
-
4,247,141
20,375,732
61,200,000
1,366,747
937,404
19,286,000
22,332,546
1,597,702
Miss.—Jackson__
Vicksburg
X
X
158,067
145,039
+ 9.0
153,518
La.—New Orleans
148,518
42,190,152
42,446,588
—0.6
39,715,417
37,357,420
Total (10 cities)
179,201,291
168,514,855
+ 6.3
157,181,308
5,020,725,341 5,331,344,782
Outside New York 2,495,034,903 2,288,677,196
X
—31.0
Franci
+ 19.1
6,555,444
3,796,000
974,299
3,446,401
SCO
34,830,449
+ 24.1
906,033
+ 10.0
+ 1.4
+ 20.9
30,688,066
14,886,468
4,619,298
4,102,603
144,795,000
+ 9.8
2,661,890
+ 20.4
+ 5.6
1,606,689
1,720,069
41,482,913
1,134,701
32,620,378
18,228,140
4,835,835
4,840,281
171,176,000
2,908,670
1,677,625
2,003,807
+ 20.4
240,816,565
281,028,470
—5.8 5,557,009,771
7,316,927,920
+ 7.1
+ 5.0
+ 9.0 2,482,029,580 2,888,200,806
Week Ended Feb. 15
Clearings at—
Inc.
1940
1939
Canada—
or
Dec.
1938
1937
%
Montreal
Winnipeg
Vancouver
Ottawa
Quebec
Halifax..
Hamilton
Calgary
Victoria
Edmonton
Reglna
Brandon—
Lethbridge
Saskatoon
Moose Jaw
'J
87,700,278
78,897,352
29,401,444
13,491,950
15,702,879
4,439,190
2,477,280
4,660,643
4,797,757
1,633,630
1,567,116
2,414,846
3,537,470
2,463,710
207,319
404,014
1,013,626
457,192
105,649,700
—17.0
90,057,009
20,988,330
15,834,714
12,083,789
—12.4
4,579,748
2,037,217
3,801,708
3,364,778
1,396,153
—3.1
+40.1
—14.8
1,588,915
—1.4
2,011,081
2,939,272
+20.1
+ 20.4
2,215,179
+30.0
+21.6
+22.6
+42.6
+ 17.0
2,280,175
4,532,558
7,362,430
1,605,281
1,707,686
2,707,260
3,735,275
+ 11.2
2,454,336
2,973,891
201,037
+3.1
213,873
+ 22.4
313,428
953,422
+ 6.3
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
403,594
258,808
332,560
1,292,668
554,342
905,171
763,570
428,374
+ 6.7
728,102
701.411
+3.8
Fort William
633,564
652,049
460,828
+ 37.5
532.412
+ 22.5
158,903
133,470
+ 19.1
Peterborough
481,561
470,583
+ 2.3
Sherbrooke
732,416
895,870
544,456
+34.5
825,817
+ 8.5
2,306,724
2,392,845
—3.6
255,217
257,099
—0.7
+ 17.4
Hat
131,735,507
120,026,630
27,809,133
21,518,833
13,795,892
5,154,612
330,204
„
Brantford
New Westminster
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
2,182,522
2,967,175
498,304
Moncton
057,307
560,072
Kingston
444,638
379,158
Chatham
502,704
483,476
+4.0
545,518
165,919
575,399
596,054
1,013,855
3,429,488
285,596
655,905
475,301
555,202
296,394
372,189
—20.4
1,127,365
851,790
+ 32.4
387,835
767,774
419,050
909,232
265,140,516
279,426,830
-5.1
284,768,929
360,697,647
Kitchener
Windsor
Prince Albert
Sarnia
168,849,210
X
+ 1.7
(113
cities)
Medicine
a—
4,969,860
19,930,068
64,800,000
1,460,867
*1,115,500
19,072,000
23,518,190
+ 6.6
Total (6 cities).
London
126,331,844
Reserve Dist rict—Atlant
Reserve
+ 25.2
+ 12.4
—10.3
St. John
293,201,630
1,105,163
62,967,691
22,669,668
+ 19.9
106,319
173,732
2,654,759
32,160,676
2,453,713
3,162,145
101,963,810
3,157,857
Citj
as
1,077,733
3,278,795
Wichita Falls..
Toronto
2,082,541
63,58),568
86,239,912
10,302,700
1,446,627
2,140,046
127,403,230
Reserve Dist rict—Richm ond—
554,857
2,441,000
40,947,392
*1,225,500
102,263.268
1,978,991
58,110,254
6,252,267
4,019,000
1,254,885
3,762,330
437,409,100
—0.5
100,933,113
—8.2
1,502,068
2,840,817
1,135,963
1,918,077
5,978,000
1,936,970
56,557,125
97,606,319
9,552,500
1,468,284
2,126,771
+ 12.2
74,554
357,867
1,237,820
390,000,000
+ 1.2
654,396
625,760
2,169,845
—10.0
Total (10 cities)
407,741
*500,000
—5.2
4.9
669,667
677,060
2,185,117
6,750,906
3,180,000
958,699
3,653,705
•
Total (7
Kan 8
+ 32.7
+ 13.5
1,866,915
53,930,365
Fort Worth
3,197,593,714 4,573,955,501
Feder al Reserve D istrict—Clev eland-
Ohio—Canton...
—
+ 29.6
+ 38.7
140,275
1,679,414
54,856,601
6,200,039
2,174,111
Stockton
349,116
534,722
353,077
1,186,122
421,044
84,771,957
+ 2.6
—11.0
Eleventh Fede ral
Reserve Dist rict—Philad
elphia
384,413
York.
2,788,506
67,234,568
26,598,866
2,191,327
+ 15.3
127,503,706
Dallas
23,151,727
41,437,099
19,559,565
Scranton
2,687,498
64,345,313
27,954,755
2,413,703
+ 21.0
060,653
Texas—Austin...
12,275,422
1,291,286
42,600,000
868,197
29,287,981
Wilkes-Barre..
164,090,596
575,886
Total (10 cities)
3,075,580,191 4,428,727,114
+ 10.2
Lancaster
142,661,166
2,990,406
Pueblo
308,862,612
York—31.5
—15.0
Chester
+ 9.1
La.—Shreveport.
223,341,975
16,460,583
26,187,808
18,138,792
22,270,253
Bethlehem
581,000
2,662,574
Colo.—Sol. Spgs.
Galveston
—18.7
Northern N. J.
557,000
81,689,421
.
Mo.—Kan. City.
St. Joseph
269,691,596
753,274
592,476
Newark
589,650
2,075,885
2,934,032
1,854,662
9,458,979
3,720,924
8,994,000
34,700,000
452,952
484,141
Jamestown
778,868
803,184
New York
2,525,690,438 3,042,667,586
Rochester
8,395,972
6,651,784
Syracuse
5,399,363
3,668,295
Westchester Co
3,759,270
3,500,013
Conn.—Stamford
3,121,443
3,040,940
Elmira
—11.6
434,031
1,695,162
189,568,339
.
Wichita
799,909
458,859
760,050
Feder al Reserve D istrict—New
Y.—Albany..
X
+ 21.2
79,552
142,000
2,585,582
29,869,011
2,005,826
3,088,282
80,120,870
Omaha
Kan.—Topeka
2,126,264
188,814,624
Lowell
Fourth
1937
465,054
Fall River
41,059,757
21,249.839
X
93,332
143,292
2,880,261
29,728,350
2,238,480
2,891,130
85,629,748
Lincoln
1938
2,047,691
532,622
518,758
2,081,626
Reserve Dis trict
Hastings
Dec.
$
%
Reserve Dist rict—Boston
Mass.—Boston
Total (10
Tenth Federal
N eb.—Fremont.
or
1,973,331
52,814,575
24,803,354
95,150,893
.
Helena
_
Portland
+ 12.9
+ 23.6
X
706,785
719,284
2,363,205
_
our
Me.—Bangor
Philadelphia
Reading
2,387,686
60,873,341
25,447,437
2,653,155
D.—Fargo.
S.D.—Aberdeen.
360,697,647
Week Ended Feb. 17
First Federal
35,292,776
18,097,668
Reserve Dis trict—Minne
apolis-
N.
2,888,200,806
265,140,516
1940
Third Federal
135,099,444
Minn.—Duluth
Minneapolis..
7,316,927,920
2,495,034,903
Inc.
Pa.—Aitoona
147,427,767
.
St. Paul
Clearings at—
Total (13
X
509,000
Ninth Federal
281,028,470
detailed statement showing last week's
figures for each city separately for the four
years:
N.
X
617,000
Total (4 cities)
75,700,145
193,924,364
32 cities
add
111.—Jacksonville
Quincy
147,196,618
69,266,693
Outside N. Y. City
39,843,886
22,366.881
_
138,402,533
233,437,929
113 cities
Second
+ 9.5
417,523
364,418,764
102,263,268
It
««
tt
N.
+ 10.7
164,090,596
100,933,113
Tenn.—Memphis
570,069,313
147,427,767
Ky.—Louisville.
168,849,210
484,093,862
+6.3
+ 14.1
+ 9.1
O
10th Kansas City 10
11th Dallas
6
Total (12
275,894
Eighth Federa 1 Reserve Dls trict—St.
Lo uis—
Mo.—St. Louis..
84,600,000
81,200,000
+ 4.2
J
308,862,612
301,750,759
7
Canada
$
223,341,975
18
Total
%
—9.2
—16.4
384,436,966
4
Minneapolis
now
—4.8
+ 22.3
+ 12.8
1937
245,497,619
• 1
10
8th
$
1938
222,982,505
6
9th
Dec.
2,631,166,913
»*
PhiladelphialO
Cleveland.. 7
5th
1939
S
Boston
We
+ 10.9
Inc.or
Week End. Feb.
2d
21,188,465
1,059,491
6,844,437
3,140,075
X
Sudbury
Total (32 cities)
*
Estimated,
x
No figures available.
+ 17.3
The Commercial &
1228
Feb.
Financial Chronicle
NATIONAL BANKS
from the
BRANCHES AUTHORIZED
Idaho First National Bank of Boise, Boise, Idaho. Location
of branch, north-west corner of the intersection of Main St. and McKinley
Ave., in the City of Keilogg, 8hoshone County, Idaho.
Certificate No.
Feb, io—The
Bank & Trust Co. of Bridgeport, Bridgeport,
Village of Fairfield, Town of Fairfield, Conn.
Canadian
First
Birmingham,
--$1,000,000
of Lincoln, Lincoln, Neb.
-30,000
of Lincoln, Lincoln, Neb.
20,000
13—National Bank of Comnerce
$300,000 to $330,000
14—National Bank of Commerce
From $330,000 to $350,000
From
Feb.
CALLS AND SINKING FUND
NOTICES
preferred
stocks of corporation called for redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
Below will be found a
list of bonds, notes and
Company and Issue—
Allied Stores Corp. 15-year bonds
—
Aroostook Valley RR. 1st mtge. 434s
Bear Mountain Hudson River Bridge Co., 1st mtge.
Telephone Co. of Canada 1st mtge.
Bell
Pnoe
Date
Apr. 15
Mar. 13
7s—Apr.
1127
1128
813
1
13866
835
Mar.
5s
Mar.
Apr.
May
Chicago & Illinois Midland Ry. Co., 1st mtge. 434s
Chicago Union Station Co., 4% guaranteed bonds
Colorado Power Co. 1st mtge. 5s
Consumers Power Co. 1st mtge. 334 s
—
835
£3713
275
May
1276
992
Mar. 16
♦Dayton Power & Light Co. 1st & ref. 334s
Power Co. 534% debs.
Mar. 1
May 1
May 1
Mar. 19
---Apr.
1
Delaware Electric
Electric Co. gen. mtge. 5s
Denver Gas & Electric Light Co. 1st mtge. bonds
♦Fairchlld Engine & Aviation Corp. $6 pref. stock
German-Atlantic Cable Co. 1st mtge. 7s
(B. F.) Goodrich Co. 434% bonds
Great Northern Power Co. 1st mtge. 5s
(Walter E.) Heller Co.—
Denver Gas &
£3714
£3714
1277
£2687
1136
Mar. 15
£995
Mar. 15
,
435
\7% preferred stock
J
Co., 1st mtge. 5s
Mar. 4
Johns-Manville Corp., 7% preferred stock
Apr. 1
♦Lexington Water Power Co. 1st mtge. 5s
Mar. 11
Libby, McNeill & Libby, 5% bonds
Apr. 1
Louistdlle & Nashville RR., unified 50-year 4s
July 1
Luzerne County Gas & Electric Corp.. 1st mtge. 6s
-Mar. 1
♦Marion-Reserve Power Co., 1st mtge. 434s
Apr. 20
National Distillers Products Corp., 10-year 334s
Mar. 1
New York Fire Protection Co. 1st mtge. 4s
Mar. 1
Niagara Falls Power Co., 1st mtge. 3Ms
Mar. 1
♦Ohio Electric Power Co. 1st mtge. 5s
June 1
Ohio Water Service Co., 1st mtge. 5s
-Mar. 16
Oklahoma Natural Gas Co. 1st mtge. 3 Ms
Apr.
1
Panhandle Eastern Pipe Line 1st mtge. bonds
-Mar. 1
Pennsylvania Telephone Corp. 1st mtge. bonds
Apr. 1
Pennsylvania Water & Power Co., 1st ref. mtge. bonds—Mar. 1
Peoples Light & Pdwer Co.. coll. lien bonds
Mar. 16
Penn Mercantile Properties s. f. bonds
Mar. 4
Richfield Oil Corp. 4% debentures
Mar. 15
♦Sayre Electric Co. 1st mtge. 5s
Apr. 1
Southern Natural Gas Co. 1st mtge. 4 Ms
Apr.
1
South. Pacific Golden Gate Ferries, Ltd., 1st mtge. 5Ms.-Mar.
4
♦Southwestern Gas & El. Co. 1st mtge. 4s
Mar. 21
Spang Chalfant & Co.. Inc.* 1st mtge. 5s
Feb. 26
Strawbridge & Clothier, Inc. 5% bonds
Mar. 1
Sundstrand Machine Tool Co. 6% notes
Feb. 28
Vanadium Corp. of America—
842
Interstate Telephone
*
Announcements this week.
436
1283
842
843
843
1285
845
1001
846
1289
441
1003
£699
£3725
849
850
1143
1145
1294
1146
855
1295
£4186
1147
703
1148
Mar. 15
Mar. 15
Feb. 26
334% notes
5% debentures
Woodward Iron Co. 2d mtge. 5s
£
1148
£3575
pany
are
in our "General Corporation and
Department" in the week when declared.
name
The dividends announced this
week
Share
of Company
$6 preferred (quar.).
.
Laboratories (quar.)
American Box Board Co., 7% cum. pref. (quar.)
American Cigarette & Cigar, pref. (quar.)
Allied
-
Mar. 15
Apr.
19
Mar. 15
pref
Feb. 26
Mar.
1
Apr.
Apr.
Mar.
6
6
Mar.
June
May 24
25c
Mar.
Mar.
$234
Apr.
Mar. 15
25c
Mining Co
Hocking Glass Corp. (see Corp. & In¬
this issue.)
$634 div. conv. preferred (quar.)
Andes Coppef Mining Co
Arkansas Power & Light, $7 pref. (quar.)
Light
$6 preferred (quar.)..
Ashland Oil & Refining (quar.)
___
Preferred (quar.)
Assoc. Breweries of Canada (quar.)-—.
Preferred (quar.)
Atlanta & Charlotte Air Line Ry. (s.-a.).
Bangor & Aroostook RR., pref. (quar.).
Bayuk Cigars, Inc. (quar.)
1st preferred (quar.)
Beech Creek RR. (quar.)
Mar.
Mar.
1
5
-
/
Apr.
1
Mar. 20
Mar. 15 Mar.
Apr.
8
1 Mar. 15
Apr.
1
Mar. 30
Mar. 15
Mar. 15
Mar. 13
Mar. 13
Mar. 30 Mar. 15
Mar. 15
Apr.
1
Mar.
1 Feb. 20
Apr.
1 Feb. 29
Mar. 15 Feb. 29
Apr. 15 Mar. 31
Apr.
1 Mar. 15
Mar. 30 Mar.
Mar. 30
Mar.
1
9
Mar. 25
Apr.
1
Mar. 15 Mar.
Apr.
Apr.
5
1 Mar. 15
1 Mar. 15
1 Mar. 15
5
5
Mar. 20 Mar. 11
Mar. 15 Feb.
Apr.
Apr.
(quar.)
Apr.
Apr.
May
preferred (quar.)
Ltd
Goebel Brewing Co. (quar.)
Greene Cananea Copper Co
Hall (W. F.) Printing (quar.)..
Heilman (G.) Brewing Co. (quar.)
Hewitt Rubber Corp
Hooker Electrochemical
Houdaille-Hershey Corp., class A (quar.)
Glidden Co.,
\2Kt
5c
75c
—
25c
25c
25c
25c
3734c
6834c
Co
3cC
4
5
Mar. 20 Mar.
Mar. 15 Feb. 29
1
Mar. 15 Mar.
Feb. 29
Apr.
Feb.
15
1 Mar. 20
Mar. 14 Mar. 5
2
1 Mar.
Apr.
Mar 30 Mar. 20
Mar. 21 Mar. 11
1
1 Mar.
Apr.
Apr.
1 Mar. 15
Mar. 15 Mar.
1
$134
Mar. 15 Mar.
1
25c
25c
t$lK
$134
$134
as
Mar.
1 Feb.
Apr.
Apr.
Apr.
1 Mar. 15
1 Mar. 15
Mar.
1 Mar. 15
1 Feb. 20
1
3c
Mar. 30 Mar.
25c
25c
(quar.)
$134
t$2
i
Co
Co., class B com. (qu.)
(quar.)
Ltd., preferred
Inc
Mathieson Alkali Works (quar.)
Preferred (quar.)
May Hosiery Mills, class A (quar.)
Preferred (quar.)
Class A common
MacKinnon Steel,
Mar. 30 Mar. 15
Mar.
1 Feb. 26
Mar.
Apr.
Mar. 25 Feb. 29
Mar. 25 Feb. 29
1
Mar. 15 Mar.
Apr.
Mar.
Mar.
$1
-
Mar.
$134
$134
$1.2734
$134
$134
25c
Voehringer
(quar.)
Montreal Cottons, Ltd. (quar.)
Mock, Judson,
$134
Preferred
1
25c
3734c
8734c
50c
preferred (quar.)
26
Mar. 15 Mar.
50c
preferred (quar.).
5% preferred (quar.)--..-------Mississippi River Power, 6% pref. (quar.).
1 Feb.
12 Mar. 30
10c
3734c
$134
Machine Co
9
1
Mar. 14 Mar.
1 Mar. 12
Apr.
40c
Marsh (M.) & Sons,
19
Mar. 15 Mar.
$134
1234c
(quar.)
Liggett & Myers Tobacco preferred
& Heel Co..
1
Mar. 30 Mar.
Mar. 15 Feb. 29
*50c
Lima Cord Sole
1 Mar. 23
30|Mar.
4
Mar. 30 Mar.
4
23
Apr.
Mar.
Mar.
Mar.
Mar.
Apr.
1 Feb.
1 Feb.
1 Feb.
1 Feb.
20
20
1 Feb. 20
1 Mar. 15
Mar. 11 Mar.
Anr.
23
1 Mar. 16
1 Feb. 20
1
1 Mar. 15
Mar. 15 Feb. 29
"I
Mar. 15 Feb.
1 Feb.
29
24
50c
Chemical Co. (quar.)
class A common
$234
50c
Mar. 30 Mar. 15
Mar. 29 Mar. 16
20c
1
1 Mar.
Apr.
1
1 Mar.
Apr.
1 Mar. 15
Apr.
Mar. 30 Mar. 8
$134
...
prior pref. (quar.)._.
England Telep. & Telegraph
Niles-Bement-Pond Co
New
Noblitt-Sparks Industries. Northern States Power (Wise.),
Ohio Finance Co. (quar.)
1
Mar. 15 Mar.
Mar. 30 Mar. 15
$134
preferred (quar.)
National Dairy Products (quar.).---
Motor Finance,
(quar.).
Mar.
50c
Morris Finance Co.,
Class B common
(guar.)
1
9
75c
Keystone Steel & Wire
Key West Electric Co., preferred A
Kings County Lighting, 7% pref. B (quar.)
6% preferred C (quar.)
5% preferred D (quar.)
Kingston Products, preferred (quar.)
Lake Shore Mines, Ltd
Lava Cap Gold Mining
1
Lehn & Fink Products Corp
National Grocers, Ltd.,
1
Mar. 15
Mar.
$2
Preferred (quar.)
Kennecott Copper Corp
Preferred A & B
8
Apr.
Mar. 30 Mar.
Mar. 11 Mar.
$134
Supply
"
1
1
Apr.
Mar. 15
$134
6234c
(interim!
"
1 Mar. 15
1 Mar. 15
Mar. 29 Mar.
God's Lake Gold Mines.
Lincoln Stores, Inc.
Preferred (quar.)
lMar. 15
llMar. 15
l|Mar. 11
Mar. 15 Mar. 5
1 Mar. 15
Apr.
Mar. 22 Mar. 15
Gillette Safety Razor
Preferred (quar.).
Joslyn Mfg. &
26
Apr.
(quar.)
$5 preferred
Preferred
Feb. 29
29
9
Mar.
9
Mar. 16
Feb. 29
Mar.
7
Mar. 15
Mar. 15 Feb.
pref. (quar.)
General Telephone Corp. (quar.)
$2)4 preferred (quar.)
General Telephone Tri Corp. (quar.)
Georgia Power Co., $6 pref. (quar.)
Monsanto
26
Mar. 20
Mar. 15
Mar. 15
1
Apr.
1
Apr.
1
Apr.
Mar. 15
Preferred! (quar. ]i_
Monarch Machine Tool
vest. News section of
Mar. 30
25 Apr. 10
Mar. 11 Feb. 20
General Railway Signal,
Minneapolis Gas Light 6%
\)
preferred (quar.
Mar.
Mar. 15
Apr.
General Cigar Co
General Printing Ink
Mesta
Mar.
9
Mar.
__
Mar. 14 Feb.
(quar.)
Feb. 20*
$1H
pref. (quarO.¬
Apr.
Apr.
Apr.
Mar. 15 Mar.
Mar. 15
(quar.)..
Anchor
6234c
±$134
Candy Co., class A (quar.)
Class B
9
1 Mar. 20
1
Mar. 15 Mar.
Apr.
Gamewell Co
Preferred
5
Apr. 20 Apr.
Mar. 20 Mar.
Mar. 15 Mar.
Mar.
American Sumatra Tobacco (quar.)
American Telep & Teleg.
Anaconda Copper
1 Mar. 20
Mar. 25 Mar. 15
Apr.
Feb. 17
Mar. 15
50c
1-93 Mc
Amer. Bad. & Standard Sanitary,
Apr.
(quar.)
Louisville Gas & Electric
15
1234c
$5 prexerred
1 Mar. 20
(Peter) Brewing (quar.)
General
1
Apr.
Extra
Mar.
t$134
4
Mar. 22 Mar. 11
Mar.
5c
1
Mar. 15 Mar.
Mar. 15 Mar.
Apr.
Mar. 15
Mar.
American Colortype Co
Participating preferred (quar.)
Mar. 15 Mar.
Federal Mogul Corp
Ferro Enamel Corp
Preferred
1 Mar. 15
Apr.
Co. (Phila.)
Mar. 15
American Electric Securities Corp.—
American Forging & Socket
American Ice Co., preferred.American Power & Light Co., $6
8
Mar. 20 Mar.
1 Mar, 15
Apr.
(quar.)
Falconbridge Nickel Mines (quar.)
Faultless Rubber Co (quar.)
Preferred
5
Mar. 15 Mar.
Erie & Pittsburgh
Fox
8
20
1 Mar. 15
Apr.
5
Mar. 15 Mar.
(quar.)
5% cum. preferred
1 Mask
Mar. 30 Mar. 20
City Auto Stamping (quar.)
Compo Shoe Machinery Co. (quar.)
—
Preferred (quar.)
Ooniarum Mines Ltd.
Connecticut Light & Power (quar.)
Consolidated Film Industries, pref
Consolidated Investment Trust
Special
Cutler-Hammer, Inc
Davenport Hosiery Mills
Deisel-W emmer-Gilbert
——
Dennison Mfg. Co., prior preferred
Detroit Gasket & Mfg. Co
Detroit Steel Corp
Devoe & Raynolds Co., Inc., 2d pref. (quar.)—
Distillers Corp.-Seagrams Ltd. (quar.)
Payable in U. S. funds.
Dixie-Vortex Co., class A (quar.)
Dominion Textile Ltd. (quar.)
Preferred (quar.)
Du Pont (E. I.) deNemours (interim)
$434 preferred (quar.)
Dun & Bradstreet, Inc. (quar.)
Preferred (quar.)
Eastern Gas & Fuel Assoc., 434 % prior pref
Eddy Paper Co
Edison Bros. Stores, Inc. (quar.)
Electric Storage Battery
Preferred (quar.)
8
1 Mar.
3CH Mar.
Apr.
Mar.
Lit Brothers. 6% preferred
Louisiana Land & Exploration
Feb.
Apr.
Apr.
Apr.
May
Apr.
Supply Mfg., class A (quar.)
(quar.).
Alabama Power Co., $7 pref.
$5 preferred (quar
Holders
When
Payable of Record
Mar.
Abbotts Dairies, Inc. (quar.)
Aero
Investment
are:
Per
Name
15
28
1 Mar. 15
Apr.
Apr.
Hussman-Ligonier. preferred (quar.)
Idaho Maryland Mines (monthly)
International Silver Co. 7% preferred
Johns-Man ville Corp., 7% pref. (quar.)
grouped in two separate tables.
In the
first we bring together all the dividends announced the
current week.
Then we follow with a second table in which
we
show the dividends previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
News
Mar. 29 Mar.
Mar. 15 Feb.
Humble Oil & Refining
Volume 149.
DIVIDENDS
Dividends
1 Mar. 15
Mar. 29 Mar. 15
El Paso Natural Gas
_
lMar. 16
/ 10-year notes
1 Mar. 15
1 Mar. 15
Extra
Okla.
1 Mar. 15
Apr.
Extra
$40,000; preferred stock, $15,000. Effective,
Feb. 3, 1940.
Liquidating agent, W. D. Myers Jr., Alva,
Okla.
Absorbed by, The First National Bank of Hooker,
1 Mar. 15
Apr.
Champion Paper & Fibre
Preferred (quar.)
Chesapeake & Ohio Ry
Preferred A (quar.)
Chicago Flexible Shaft (quar.)
Common stock,
REDEMPTION
preferred (quar.)
preferred (participating)
preferred (quar.)
Second preferred (participating)
Central Patricia Gold Mines (quar.)
$55,000
Nat. Bank of Hooker, Okla.
Farmers & Merchants
Apr.
Apr.
Apr.
Apr.
Apr.
Second
Amount
VOLUNTARY LIQUIDATION
Feb. 10—The
First
1 Feb. 25
1 Mar. 15
1 Mar. 15
Mar.
Corp
Breweries, Ltd., preferred
Canadian Canners, Ltd
Feb. 13—The First National Bank of Birmingham,
Ala. From $3,600,000 to $4,600,000
------- — —
Feb.
Mar. 30 Mar. 16
Mar. 30 Mar. 16
Bunte Bros
Ami. of Inc.
STOCK INCREASED
Mar. 30 Mar. 23
2
Mar. 15 Mar.
5
Mar. 15 Mar.
1 Mar. 20
Apr.
Canada Permanent Mortgage
Certificate No. 1457A.
COMMON CAPITAL
5
Mar. 15 Mar.
Mar. 30 Mar. 23
Berghoff Brewing Corp. (quar.)
Bliss & Laughlin
Preferred (quar.)
Briggs & Stratton Corp. (quar.)
Brunswick-Balke-Collender Co
Preferred (quar.)
Budd Wheel Co., preferred (quar.)
Preferred (partic. div.)
Department:
1456A.
*
Feb. 14—The First National
Conn. Location of branch.
Payable of Record
Share
of Company
Holders
When
Per
Name
information regarding National banks is
office of the Comptroller of the Currency, Treasury
r The following
1940
24,
3l®
50c
60c
—
-
pref. (quar.) —-
$134
40c
$134
Mar.
15 Mar.
5
Mar. 30 Mar. 15
1 Feb. 20
Mar.
Apr.
Apr.
1 Mar. 11
1 Mar. 11
Volume 150
The Commercial St Financial Chronicle
Per
Name of
Company
S6 preferred (quar.)
1 Feb. 20
Mar. 27 Mar. 11
Apr. 15 Apr.
1
Mar. 20 Mar.
1
Mar.
1 Feb. 26
Mar. 15 Feb. 29
Mar. 15 Mar.
1
Pet Milk Co. (quar.)
1 Mar. 11
1 Feb. 10*
Apr.
Philadelphia Suburban Water Co. pref. (quar.).
Plymouth Oil Co. (quar.)
Pratt & Lambert, Inc
Progress Laundry Co
Prosperity Co., 5% preferred (quar.).
Mar.
Mar. 30 Mar.
Apr.
6*
1 Mar. 15
1 Feb. 20
15 Apr.
5
July
15 July
Apr.
Mar.
5% preferred^(quar.).
Public Service Electric & Gas, $5
blic
pref. (quar.)..
7% preferred (quar.)
Quaker Oats Co. (quar.)
5
Mar. 30 Mar.
Mar. 30 Mar.
Mar. 25 Mar.
I
1
May 31 May
Preferred (quar.).
Rayonier, Inc.. $2 preferred
Republic Steel Corp., 6% cum. pref. A (quar.)..
6% cum. conv. preferred (quar.)
1
I
Mar. 11 Mar. 11
1 Mar. 11
Rice-Stix Dry Goods Co. 1st & 2d pref.
(quar.).
Apr.
Apr.
Apr.
534 % preferred (quar.)
Seeman Bros., Inc
Selby Shoe Co
Mar. 15 Mar.
4
Mar. 15 Feb. 29
Mar. 15 Feb. 29
Mar. 15 Feb. 29
Mar.
5 Feb. 24
Rustless Iron & Steel
Schiff Co. (quar.)
Sheller
Manufacturing Corp
Simon (H.) & Sons (interim)
Preferred (quar.)
Smith (H.) Paper Mills, pref.
Preferred
South West
Apr.
(quar.)..
Apr.
;
Mar. 15 Feb. 29
Mar. 30 Mar. 15
Mar. 30 Mar. 10
Sunshine Mining Co. (quar.)
Sunset Oils Ltd
Mar. 30 Mar.
1
Mar. 15 Mar.
5
Mar. 20 Feb. 29
Supervised Shares, Inc. (quar.)
Tacony-Palmyra Bridge (quar.)
Mar. 30 Mar. 16
Mar. 30 Mar. 16
Mar. 30 Mar. 16
Extra
Class A (quar.)
Extra
Mar. 30 Mar. 16
1 Mar. 18
May
Preferred (quar.)
Talcott (James), Inc
1 Mar. 15
Apr.
1 Mar. 15
Apr.
Mar. 14 Feb. 29
534% participating preference (quar.).
Talon, Inc. (quar.)
Tappan Stove Co
Mar. 15 Mar.
5
Apr.
Tide Water Assoc. Oil, pref.
(quar.)
Timken-Detroit Axle (quar.)
5
1
Mar. 20
Mar. 14
Mar. 20
Transue & Williams Steel
Forging
Udylite Corp
Mar.
Mar.
Union Pacific RR
Preferred (semi-annual)
United Dyewood Corp., pref.
(quar.).
United States Freight Co
Apr.
Ap.r
1
1 Mar.
2
1 Mar.
2
1 Mar.
8
7 Feb. 26
Mar. 15 Mar.
1
Apr.
Mar.
United States Graphite Co
Utah Power & Light, $7 pref
$6 preferred
Valspar Corp., $4 preferred
Weber Showcase & Fixtures, 1st preferred.
Weston (Geo.) Ltd.
(quar.)
West Virginia Pulp & Paper Co
j
White Villa Grocers, Inc. (s.-a.)
Wieboldt Stores 6% pref. (quar.)
Prior preferred (quar.)
Youngstown Sheet & Tube
Apr.
Apr.
Feb.
1 Mar.
2
1 Mar.
2
26 Feb. 23
Mar. 15 Mar.
Apr.
Apr.
Mar.
75c
$13*
25c
Apr.
Apr.
Apr.
1
1 Mar. 15
1 Mar. II
1 Feb. 15
1 Mar. 20
1 Mar. 20
1 Mar.
2
give the dividends announced in previous weeks
paid.
The list does not include dividends an¬
nounced this week, these
Mar.
Mar.
being given in the preceding table.
Sept.
Name of
Abbott
Company
Share
Laboratories (quar.)
Extra
Payable of Record
Mar.
Mar.
;
Aetna Ball Bearing Mfg. (quar.)
Agnew-Surpass Shoe Stores (s.-a.)
Preference (quar.)
Agricultural Insurance Co. (quar.)
Alabama Water Service Co., $6 pref.
(quar.)
Allegheny Ludlum Steel, pref. (quar.)
Allied Products Corp., common
(quar.)
Class A (quar.)
Allis-Chalmers Mfg. Co
Alpha Portland Cement
Aluminum Goods Mfg. Co
Aluminium, Ltd., pref. (quar.)
Aluminum Mfg.. Inc. (quar.)
Quarterly
Quarterly
Quarterly
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
American Arch
American Asphalt Roof Corp. pref.
(quar.)__
American Automobile Insurance Co.
(quar.)
American Bank Note 6% pref.
(quar.)
American Business Shares, Inc.
(quar.)
American Can Co., 7% pref. (quar.)
American Capital Corp. prior pref.
(quar.)
American Chain Sc Cable Co., Inc
5% convertible preferred (quar.)
American Chicle Co. (quar.)
American Dock Co. 8% pref. (quar.)
American Envelope Co., 7% pref. A
(quar.)
7% preferred A (quar.)
7% preferred A (quar.)
American Sc Foreign Power Co., Inc.,
$6 pref
$7 preferred
American Gas & Electric Co. (quar.)
4X% preferred (initial) (quar.)
Mar. 14
Mar. 14
Apr.
;
434 % preferred (quar.)
Acme Steel Co. (quar.)
Apr.
Mar.
Mar.
Mar.
Feb.
Apr.
Apr.
Mar.
Mar.
2
Mar.
2
Mar. 11*
Mar.
Mar.
1
Mar. 16*
Apr.
Mar.
15
15
20
20
15
June
Sept.
Dec.
Dec.
Mar.
15
Sept.
Dec.
Mar.
Mar.
15
Apr.
Mar.
Feb. 15
Mar. 15
Feb. 15
Mar.
Mar.
Apr.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Feb.
Feb.
June
Sept.
Mar.
Mar.
Feb.
Feb.
Feb.
Apr.
Mar.
Mar.
Feb.
Feb.
Feb.
Mar.
Feb.
Feb.
Mar.
Feb.
Mar.
1
19
25
May 25
Aug. 25
Mar.
Mar.
Mar.
Mar.
5
5
23
23
19
8
15
15
15
19
14*
15
19
25c
Mar.
Mar.
May
(s.-a.).
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
Bangor Hydro-Electric Co., 7% 1st pref. (quar.)
(quar.)
6% preferred
Bankers National Investing A&B
Barlow & SeeligMfg. Co., $1.20 cum A
(quar.)_.
Barnsdall Oil Co
Beau Brummell Ties. Inc
Feb.
Mar.
Mar.
Mar.
pref
Mar.
Beech-Nut Packing Co.
(quar.)
Extra
Belden Manufacturing Co.
Apr.
Apr.
(irregular)
Mar.
Belding-Cortirelli (quar.)
Preferred (quar.)
Bendix Aviation Corp
Apr.
Apr.
Mar.
Berkshire Fire
Spinning 7% preferred
5% preferred
Bethlehem Steel Corp
7% preferred (quar.)
5% preferred (quar.)
Bigelow-Sanford Carpet Co
Preferred (quar.)
Bird & Son, preferred (quar.)
Birmingham Electric Co., $7 preferred
$6 preferred
Birmingham Gas. prior pref. (quar.)
Mar.
Mar.
Mar.
Apr.
Mar. 15
Mar. 15
Feb.
9
1 Feb.
1 Apr.
23*
26
1 Feb.
Mar.
Mar.
Mar.
Mar.
17
1 Feb.
15
1 Feb. 15
1 Feb. 29
1 Mar. 11
1 Mar. 11
25 Jan. 31
1 Feb. 16
9 Feb. 20
1 Feb. 14
1 Feb. 15
1 Mar.
8
1 Mar.
8
1 Feb. 19
1 Mar. 15
1 Mar. 15
1 Feb.
6
1 Feb.
23
1 Feb. 23
1 Feb.
9
1 Mar.
1
1
Mar. <1
1
Mar.
1
Apr.
Mar.
1
Feb. 13
Feb. 13
Feb. 20
1 Feb.
1 Feb.
1 Feb.
15
15
20
Mar.
Birmingham Water Works Co.. 6% pref. (quar.)
Blue Ridge Corp., pref. (quar.)
Optional div. cash or 1-32 sh. of com. st
Borden Co. (interim)
Borg-Warner Corp
Boss Manufacturing Co
Boston Elevated Ry. (quar.)
Bower Roller Bearing Co
Brewing Corp. of Amer. (quar.).
Bridgeport Gas Light (quar.)
Bristol-Myers Co. (quar.)
Brooklyn Edison Co. (quar.)
Brooklyn Telegraph & Messenger (quar.)
Brooklyn Union Gas
Brown Fence & Wire Co., A preferred
(reduced)
Brown Shoe Co., Inc
Buckeye Pipe Line Co
Bucyrus-Erie Co., 7% preferred (quar.)
Building Products Ltd. (quar.)
Bullard Company
Bullocks, Inc. (Los Angeles) (quar.)
Bunker Hill & Sullivan Mining &
Concentrating
Co. (quar.)
Burma Corp. Ltd. (Amer. deposit rets.) interim
3 34 annas per share, equal to 3.93 pence per sh.
Burroughs Adding Machine
1 Feb. 15
Mar. 15 Mar.
1
Mar.
1 Feb.
5
Mar.
Apr.
1 Feb. 15
1 Mar. 15
Feb. 26 Feb.
15
1 Mar.
9
Mar. 20 Mar.
8
Apr.
Mar. 15 Mar.
1
Mar. 30 Mar. 15
Mar.
1 Feb. 15
Feb. 29 Feb.
9
Mar.
1 Feb. 19
Mar.
1 Feb.
5
Feb. 29 Feb .20
Mar.
1 Feb. 20
Mar. 15 Feb. 23
1 Mar. 20
Apr.
Apr.
1 Feb. 26
Mar. 29 Mar.
4
Feb. 29 Feb. 10
Mar.
Apr.
1 Feb.
15
Feb.
16
3
10c
15c
Mar.
Feb.
9
3734c
nx
(quar.)
Butler Water Co., 7% preferred (quar.)
Calamba Sugar Estates (quar.)
7% preferred (quar.)
California Art Tile Corp., $1.75 conv. pref
Canada Cement, Ltd., 634% pref
Canada & Dominion Sugar Co., Ltd.
(quar.)
Canada Foundries & Forgings class A
Canada Vinegars, Ltd. (quar.)
Canada Wire & Cable, class B (interim)
634% preferred (quar.)
Class A (quar.)
Mar.
Feb.
9
Mar.
Mar.
1
Mar. 15
Mar. 15
Feb. 16
Feb. 29
40c
35c
tt25c
Hix
3734 c
3734c
Mar.
Apr.
Apr.
Mar.
Mar.
Mar.
Apr.
Mar.
Mar.
Mar.
Mar.
June
Sept.
Dec.
--
Telephone & Telegraph Co. (quar.)...
Carter (Wm.) Co., pref.
(quar.)
Carthage Mills, preferred A
]B
Case (J. I.) Co. preferred (quar.).
Caterpillar Tractor (quar.)
Celanese Corp. of America
Stock dividend (1 sh. for each 40 held)
7% 1st preferred
7% 1st partic. preferred
7% prior preferred (quar.)
7% prior preferred (quar.)
Central Arkansas Public Service Corp.—
7% preferred (quar.)
Central Cold 8torage Co. (reduced).
Central Hlinois Light Co., 434% pref.
(quar.)..
Central Illinois Public Service, $6 pref
6% preferred
Central Ohio Light & Power Co. $6 pref.
(qu.)._
$7 prior lien preferred (quar.)
$6 prior lien preferred (quar.)
Century Ribbon Mills, preferred (quar,)
15
Feb.
6
Mar.
1
Feb. 15
Mar.
Mar.
Mar.
Mar.
Baltimore Radio Show, Inc.
(quar.).
6% preferred (quar.)
Bangor & Aroostook RR. 5% conv. pref
Central Ohio Steel Products
Central & South West Utilities Co.—
15
19
Feb.
Mar,
Mar.
Mar.
Atlas Powder Co
Auto Gear Works, $1.65 conv.
pref. (quar.)
Baldwin Locomotive Works
Preferred
19
Feb.
Mar. 15 Feb. 21
Mar.
1 Feb. 20
Mar. 11 Feb. 29
Mar.
1 Feb. 20
Carolina
•
Feb.
Feb.
1 Feb.
9
Mar. 30 Mar. 15
Mar. 30 Mar. 15
6% preferred (quar.)
Carman & Co., Inc., class A
Mar. 11
Mar.
$3.66
5% cumul. preferred (quar.)
Atlantic Rayon Corp
l
$234 prior preferred (quar.)
Atlantic Refining Co.
(quar.)
Atlas Corp. 6 % preferred
(quar.)
5% preferred
Feb. 19
Mar. 30
Mar.
1
Apr.
35c
Extra
Canadian Marconi Co. (initial)
Canadian Tube & Steel Products, Ltd.,
7% pref.
Canfield Oil Co
Sept. 15
Dec.
Mar.
Mar.
Mar.
tl5c
Associated Dry Goods 1st preferred
(quar.).
2nd preferred
Associates Investment Co
Canadian International Invest. Trust, Ltd—
Mar. 15
June 15
June
Feb. 23
Mar. 15
Mar.
6
Mar.
5
Feb. 10
Apr.
Mar.
Class A
Sept. 15
5
29
Mar.
(quar.)Amsterdam Bank (final)
Anglo-Canadian Telephone Co., class A (quar.)_
Archer-Daniels-Midland
Arizona Power, $6 non-cum. pref.
(initial).
Armstrong Cork Co. (interim)
Preferred (quar.)
Artloom Corp., 7% pref. (quar.)
Asbestos Corp., Ltd.
(quar.)
quar.)
quar.)
Class A
quar.)
Canadian
Jelanese, Ltd.—
7% participating preferred (quar.)
Partic. pref. (participating dividend)
Common (irregular)
Canadian Industries, Ltd., class A
Class B (quar.)
7% preferred (quar.)
5
Dec.
Feb.
Mar.
Mar.
Class A
Feb. 14
Mar. 15
June 15
Mar.
$234 preferred (quar.)
$2 preferred (quar.)
American Hide Sc Leather, pref. (quar.)
(quar.)
1
Mar.
Mar.
American Home Products
Corp. zmonthly)
American Investment Co. (111.) (quar.)
American Laundry Machinery Co.
1
20
Mar.
Feb.
Mar.
Mar.
Feb.
Feb.
Apr.
Apr.
Mar.
American General Corp., $3 preferred
(quar.)..
Holders
Sept.
Mar.
Preferred (quar.)
American Steel Foundries
American Stores Co
American Sugar Refining, pref.
(quar.).
American Tobacco Co.. com. & com. B
Preferred
When
20
Dec.
Butler Bros
Per
28
20
Mar.
5
June
5
June
pref. (quar.)_
Beaunit Mills, Inc., $1.50 conv.
Feb.
Mar.
Amer. Radiator & Standard
Sanitary—
prer.
Feb.
Feb.
Mar.
$3.50 prior preferred
Mar. II
Mar.
5
Mar. 15 Mar. 14
(quar.)
we
7
1 Mar.
7
1 Mar. 12*
Mar. 30 Mar. 16
Apr. .1
Mar. 20 Mar. io"
Sundstrand Machine Tool
Below
1
1 Mar.
Apr.
Apr.
Apr.
(quar.)
Pennsylvania Pipe Line
and not yet
15 Mar. 30
Mar. 15 Mar.
Co. (quar.)
Square D Co
5% preferred (quar.)..
Staley (A. E.) Mfg. Co., $5cum. pref. (quar.)..
Standard Oil Co. (Ky.) (quar.)
Steel Products Engineering
Preferred
1 Mar. 15
Mar. 28 Mar. 12
Mar. 28 Mar. 12
Southland Royalty (quar.)
South Porto Rico Sugar
1 Mar. 11
1 Mar. 15
Holders
Payable of Record
6% cum. non-callable conv. pref.
(quar.)
American Paper Goods Co.
7% pref. (quar.)
7% preferred (quar.'
7% preferred (quar.
7% preferred (quar.,
American Public Service Co., 7%
Mar.
(quar.)
When
Share
Mar. 15
Mar. 15 Feb. 29
Mar. 16 Feb. 29
Mar.
1 Feb. 20
Pennsylvania Salt Mfg
Pennsylvania Sugar
Company
American Meter Co
American Metal Co., Ltd.
Mar. 15
Mar. 15
$1.80
Paraffine Cos., Inc
Per
Name of
Mar. 15
Mar. 15
$1.65
nx
6% cumulative preferred (quar.)
7% cumulative preferred (quar.)..
Oshkosh B'Gosh, Inc., (quar.)
Preferred (quar.)
Parker Rust-Proof Co
Holders
Payable of Record
$1H
$134
$6.60 preferred (quar.)
$7 preferred (quar.)
$7.20 preferred (quar.)
Oklahoma Gas & Electric Co.—
Preferred (quar.)
Park & Tilford, pref.
When
Share
Ohio Edison Co. $5
preferred (quar.).
1229
mx
$1.16
125c
tii x
mx
mx
Feb.
Feb. 15
Mar. 15
Feb. 15
Feb. 29
Feb. 29
Feb. 29
May 31
Aug. 31
Nov. 30
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr. 30 Mar. 30
Apr. 30 Mar. 30
Apr. 15 Mar. 30
Mar.
June
Feb.
Apr.
Mar.
Mar.
Mar.
Mar.
15
1
8
Mar. 20
Mar. 20
Mar.
Feb.
Apr.
Mar. 25
Mar.
9
Mar. 20
Mar. 20
Mar.
Apr.
Apr.
Apr.
Feb.
Apr.
May
June
15
Mar. 12
Feb. 15
Mar. 15
Mar.;15
June 14
Mar .|15
Apr.
Apr.
Mar. 15
July
JuneJ14
Mar.
1 Feb. 15
Mar. 15 Mar.
5
1 Mar.
Mar. 15 Feb.
Mar. 15 Feb.
Mar.
Feb.
Mar.
Feb.
Apr.
20
20
20
17
15
Mar. 20 Feb. 29
Mar. 20 Feb. 29
Mar.
Feb. 20
The Commercial &
1230
Feb.
Financial Chronicle
Per
Share
of Company
Chartered Investor*, $5
Extra
15
1
1
Mar. 20
1 Feb.
16
27
Feb. 29
(quar.)
9
1 Apr.
1 Feb.
Mar.
19
Apr.
Mar.
Mar. 25 Mar.
4
Mar.
Mar.
1 Feb.
Apr.
1
Mar. 10 Mar.
1
May 15 Apr. 29
$1 34
8?$
5634c
6634c
(quar.)
$2.25 preferred ex-w. (quar.)
Crown Drug Co
Crown Zellerbach $5 preferred (quar.)
Orum & Forster 8% pref. (quar.)..
Crum & Forster insurance Shares, A. & B
Preferred (quar.)
Cuneo Press, Inc., 634% pref. (quar.)
Curtis Publishing Co. $7 preferred
Cushman's Sons, Inc., 7% preferred.-,
lll
30c
$194
$154
$1
$194
$134
pref. (quar.)
20c
35c
15c
3c
-
(initial)
pref. (quar.)
Common
(quar.)
Derby Oil & Refining $4 pref
Detroit Gasket & Mfg. pref. (quar.)
Detroit Hillsdale & Southwestern RR. (s.-a.) —
(quar.)
$5 conv. pref.(qu)
Mar. 15 Mar.
1
1 Feb.
10
Mar. 15 Feb.
Mar. 15 Feb.
29
Mar.
29
Grlesedieck-Western Brewery
Apr. 25 Apr. 15
Mar.
1 Feb.
29 Feb.
Mar.
P.Feb.
1 Feb.
20
Feb. 27 Feb.
Mar.
1 Feb.
13
Mar. 15 Mar.
2
1 Feb.
23
1 Feb. 23
$134
$134
$1
Mar.
3r c
Mar.
1 Feb.
$2
25c
July
5 June 20
$134
Mar.
Mar. 15 Mar.
1
13
50c
Mar.
1 Feb.
June
1 May
10
50c
25c
Sept.
3 Aug. 12
2 Nov. 12
75c
Sept.
75c
75c
75c
Quarterly
Quarterly
....
(semi-ann.)
(semi-ann.)
3-1-41
Mar.
Dec.
3 Aug. 12
2-10-41
Mar.
Feb. 10
Feb. 16
Mar.
Feb.
16
Mar.
Feb.
17
30c
June
30c
Dec.
Nov. 16
J50c
Dome Mines Ltd
Dominion & Anglo Investment
Preferred (quar.)
Dominion Coal, 6% preferred
Dominion Foundries & Steel
Corp., Ltd.—
(quar.)
Dominquez Oil Fields (monthly)
Dover & Rockaway RR. Co
Duncan Electric Mfg. Co. (irregular)
Durez Plastics & Chemicals, Inc. (quar.)
Apr. 20 Mar. 30
15
Mar.
Feb.
|37c
Apr.
Mar. 15
25c
Apr.
Mar. 20
t$134
$134
Preferred (quar.)
25c
Mar.
Feb.
20
Feb.
Feb.
16
(final)
$3
35c
Apr.
Mar. 30
Feb.
50c
Mar.
Feb.
Feb.
14
16
$194
3734c
14%
7% preferred (quar.).
6% preferred (quar.
East Sc. Louis & Interurban
Sept.
30c
Quarterly
Quarterly
Quarterly
May 18
Aug. 17
Mar.
Feb.
16
Mar.
Feb.
16
Mar.
Feb.
14
Mar.
Feb.
14
Mar.
Feb.
10
Apr.
Mar.
Apr.
Mar.
Water Co.-
7% preferred (quar.)
6% preferred (quar.
Eastern Corp. 5% preferred, initial.
Eastman Kodak Co. (quar.)
Preferred (quar.)
Eastern Shore Public Service Co., $6 pref. (qu.)..
Preferred (quar.)
Easy Washing Machine, Ltd., 7% pref
Economy Grocery Stores Corp..
Egry Register Co. pref. (quar.)
Electric Controller & Mfg. Co. (increased)
Electrographic Corp. (quar.).
5
5
Homes take Mining Co.
Horn (A. C.) Co., 7% non-cum. prior
Horn & Hardart Co. N. Y., preferred
(quar.)..
7% 1st preferred (quar.)
preferred (quar.)
6% preferred (quar.)
Huntington Water Co., 7% pref (quar.)
6% pfeferred (quar.)
Imperial Tobacco of Great Britain & Ireland—
deposit receipts (final)
deposit receipts (bonus)
Inc
Independent Pneumatic Tool
Industrial Bank of Hartford (Conn.) (quar.)
Industrial Credit Corp. of New England
7% preferred (quarterly)
Ingersoll-Rand Co
American
American
Income Properties,
Inland Steel Co
Institutional Securities Corp.—
Aviation Groups Shares, (initial)
Mar. 15
Mar. 20
Preferred (guar.)
International Nickel of Can. (in
Feb.
20
Mar.
Feb.
20
Mar.
Feb.
15
Mar.
Mar.
Mar.
Feb.
Apr.
Mar. 29
Mar.
Feb.
Mar.
Mar.
Mar.
Mar.
Feb.
Feb.
(quar.).
U.S. funds)
International Ocean Telegraph Co. (quar.)
International Safety Razor Corp. cl. A (quar.) —
International Vitamin Corp
Inter-Ocean Reinsurance (semi-ann.)
Interstate Hosiery Mills
Investors Distribution Shares (quar.)
Iron Fireman Mfg. common v. t. c. (quar.)
1
Common v. t. c.
1
Common v. t. c.
(quar.)
(quar.)
14
Common v. t. c.
(quar.)
Mar.
Feb.
10
Ironwood & Bessemer Ry.
& Light Co.—
(quar.)
Machine Co
Mills, pref. (quar.)
Oil Co., Inc., preferred
Jersey Insurance Co. of N. Y. (s.-a.)__—
Jewel Tea Co. (stock dividend)..
New shares (quar.)
Jantzen Knitting
3c
15c
Apr.
Feb.
1 Mar. 18
29 Feb.
15
Co. (quar.)
....
Vegetable Parchment Co. (quar.)
Joy Manufacturing
Kalamazoo
Feb.
15
Mar.
Feb.
29
Mar.
Feb.
29
15
15
Mar.
Mar.
Feb.
Mar.
Mar.
Feb.
1
16
Mar.
Feb.
Apr.
Mar. 15
Mar.
Feb.
15-
Mar.
Feb.
Mar.
Feb.
15
15
Mar.
Feb.
15
Mar.
Feb.
15
Apr.
Apr.
6
Mar.
Feb.
15
Mar. 22
50c
Apr.
Apr.
$134
50c
$1
Mar. 22
Apr.
Mar. 14*"
Mar.
Mar.
Mar.
Feb.
15
19
1
Feb.
Feb.
Mar.
Mar. 19
Mar.
Feb.
23
Mar.
Feb.
Feb.
17
12
Feb.
12
Feb.
15
Mar. 15
Feb. 17
Mar.
5
19
Feb.
Mar.
Feb.
20
15
Mar.
Feb.
10'
Mar.
Mar. 21
Mar.
Mar. 21
Mar.
Mar. 21
14
Mar.
Feb.
Mar.
Feb.
14
Mar.
7 Jan.
Mar.
7 Jan.
31
31
Mar.
Feb.
20
Mar.
Mar. 19
Mar.
Feb.
15
Mar.
Feb.
13
Mar.
Feb.
Mar.
Feb.
Mar.
Feb.
13
5
13
Mar.
Jan.
31
Apr.
Apr.
Apr.
Mar. 15
Apr.
Mar. 20
Mar.
Apr.
1
Mar. 15*"
Feb.
5
29
Mar.
Feb.
Apr.
Mar. 30
26
Mar.
Feb.
Mar.
Mar. 20
Mar.
Feb.
Mar.
Mar.
Mar.
Feb.
29
Mar.
Feb.
17
June
May 10
Aug. 10
Dec.
Jefferson Lake
per
the
1 Feb. 20
Mar.
Sept.
7% preferred
Jaeger
Mar.
Feb.
pref
Mar.
Extra
(quar.)
(monthly)
Home Fire & Marine Insurance
Mar. 11
Fajardo Sugar Co.—
Dividend of 25c. per share plus
50c
334%
3494c
$134
$194
14
Feb.
Mar.
Apr.
10
8
Apr.
Mar.
15
1 Feb.
Mar.
Mar.
Extra
Holophane Co., Inc
Preferred (semi-annual)
Home Finance Co. (quar.)
International Harvester Co.
Feb.
Mar.
t$l
Feb.
International Business Machines Corp. (qu.)—
A stk. div. at the rate of 5 shs. for each 100 shs.
Feb.
25c
15
Feb.
Mfg. Co., class A (quar.)
Hollinger Consolidated Gold Mines...
Hobart
10
Mar.
Feb. 27
Mar.
Feb.
Mar.
Feb.
Mar.
Mar.
Mar.
Mar. 15
19
Mar.
Mar. 15!Feb.
10c
Mar.
Empire & Bay State Telep. Co., 4% gtd. (quar.)
Empire Power Corp. $2.25 cum. partic. stock
$6 preferred (quar.)
Empore Capital Corp., A
Equity Corp. $3 conv. pref. (quar.)
Fairbanks Morse & Co. (quar.)
15
15
15|Feb. 24
Mar. 15 Mar.
1
Mar. 15 Feb.
75c
Interlake Steamship Co
9
Mar. 11 Feb. 29
$134
—
10
19
Apr.
24
24
1 Mar. 30
25c
(quar.)
Apr.
Elgin National Watch Co.
Ely & Walker Dry Goods
El Paso Electric Co., $6 preferred (quar.)
Feb.
Feb.
Mar.
Mar.
50c
Mar.
(quar.)
Feb. 20
25c
Hibbard. Spencer, Bartlett & Co., (mo.)
Hires (Charles E.) Co., new common (initial)..
7% 2nd
Mar.
$194
$234
$2
$134
$1
$134
8734c
Feb.
Mar.
Electrolux Corp
dividend of 25c.
share, representing a distribution out of
proportionate interest in dividend of the
Fajardo Sguar Grower's Association
Falstaff Brewing pref. (semi-annual)
(Quarterly)
pref. (quar.)
A & B (quar.)
Hazel-Atlas Glass Co
Howes Bros. Co.
15
Mar. 15
118
Special
$2
30c
Participating pref. is -a.)
Dictaphone Corp., common
8% preferred (quar.)
Doctor Pepper Co. (quar.)
Feb.
Apr.
25c
Corporation (quar.)
Hecla Mining Co
Helena Rubenstein—See "R"
Heyden Chemical Corp. (quar.)
10
25c
...
preferred (quar.).
Extra
29
Mar. 15 Mar.
1
15
Mar.
$3
Hazeltine
Mar. 15 Feb.
Feb.
50c
Hanley (Jame) Co., 7% preferred (quar.)
Harbison-Walker Refractories Co
6% preferred (quar.)
Hart-Carter Co. $2 conv. pref. (quar.)
Hart & Cooley Co. (quar,)...
1
Apr. 30 Apr.
1
Mar. 20
J15c
Class A & B (extra)
Hanna (M. A.) Co. preferred
15
19
8
Mar.
25c
Preferred (quar.)
Hammer mi 11 Paper 434%
Hancock Oil (Calif.) class
16
Mar.
29 Feb.
Feb.
1
25c
Hamilton Watch Co
I Mar.:
18
1
Mar.
25c
$5.50 preferred (quar.)
-Mar.
Mar. 15
Apr.
Feb.
$134
Hale Bros. Stores (quar.)..
Hallnor Mines. Ltd
19
15
Mar.
25c
$6 pref. (quar.)
Gulf States Utilities Co.,
13
Mar. 30 Mar. 20
9
Feb. 29 Feb.
Feb.
2d pref. (s.-a.)_
Granby Consolidated Mining Smelting & Power
(Payable in United States funds)
Grand Union Co. (arrear ctfs.) (initial)—
Payable in cash or capital stock
Great Northern Paper Co
Great Western Ry. (London, Eng.)
15 Mar. 30
Apr.
7% pref. (qu.)_
Golden Cycle Co. (quar.)
Goodyear Tire & Rubber Co. (quar.)
$5 convertible preferred (quar.)__
(Extra
Gorham Mfg. Co
Gossard (H. W.)
Grace National Bank (N.Y.) (s.-a.)
19
Mar. 10 Mar.
Feb.
Apr.
1
Mar.
40c
4% 1st pf. (s.-a.)
Gold & Stock Telegraph Co. (quar.)__
1 Mar. 15
1 Mar. 15
1 Feb. 19
Apr.
16
Mar. 15
20c
/
(quar.)
Globe-Democrat Publishing Co.
Globe & Rutgers Fire Insurance,
5
1 Feb.
Feb.
Mar. 15
50c
Extra
Glens Fails Insurance
15
Mar. 15
$134
6% preferred A (quar.)
Gibraltar Fire & Marine Insurance—
16
15
Feb.
Mar.
50c
General Tire & Rubber
Mar. 30 Mar. 15
1 Mar. 11
(quar.)..
Preferred (quar.)
Copperweld Steel Co
5% cum. conv. preferred (quar.)
Corporate Investors class A (quar.)
Cosmos Imperial Mills preferred (quar.)
Crane Co. 5% cum. conv. preferred (quar.)
Creameries or American, Inc., pref. (quar.)
Crown Cork & Seal Co., Inc.—
Dewey & Almy Chemical Co.,
Diamond Match Co. (quar.)
29
Mar. 15 Feb.
Mar.
Mar.
pref. (quar.)
Opt. div. payable in 44-1000ths of 1 sh. of
com. for each sh. of conv. pref. held or cash.
Mar.
Mar.
Mar. 30 Feb.
1 Feb.
1 Mar.
16
Feb.
Mar. 30
Mar.
15
May
1
Mar.
.
15
Mar. 15
Mar.
...
General Motors Corp
1 Mar. 15
Mar. 30
Apr.
Apr.
Co. (quar.)
1 Feb.
Apr.
Apr.
16
Mar.
Apr.
Apr.
Apr.
Apr.
Gen'l Shareholdings Corp., $6 conv
Mar.
20
Feb.
Mar.
$5 preferred (quar.).
General Refractories
1 Feb.
20
Feb.
Apr.
(quar.)
5% preferred (quar.)
534% preferred (quar.)
General American Corp. (quar.)
General Cigar Co
pref. (quar.)
1
25
Aug. 20
Apr.
Gatineau Power Co.
29
Feb.
25
Feb.
Feb.
May
GalJand Mercantile laundry
15
Feb.
Mar.
Galveston-Houston Co
Gannett Co., Inc., $6 conv. pref. (quar.)
15
19
Mar.
Ltd
15
15
1
Mar.
(quar.)
Dempster Mill Mtg. Co., 5%
23
Mar.
Mar.
Continental Can Co., Inc., $4.50 pref. (quar.)..
Continental Casualty Co. (Chicago) (quar.)
Continental Oil Co
Continental Steel Corp
Dayton Power & Light, 434%
Decca Records, Inc
Deere & Co., pref. (quar.)
Delaware Fund, Inc
23
Feb.
Mar. 15 Mar.
preferred (quar.)
Consolidated Cement Corp.. class A
Consolidated Cigar Corp.. 7% pref. (quar.)..
Consolidated Edison Co. of N. Y. (quar.)
Consol. Gas El. Lt. & Pow. Co. (Bait.) (quar.)
434% preferred (quar.)
7% preferred (quar.)
8 Feb.
1 Feb.
Mar.
1 Feb.
Mar. 15 Feb.
15
Mar.
Galion Iron Works &
Mar.
6 34 % pref. (qu.
15
Feb.
Sept.
Fuller (Geo.
17
Mar.
Connecticut River Power,
Cook Paint & Varnish Co.
20
1 Feb.
1 Feb.
Mar. 31 Mar. 15
Feb. 28 Feb. 15
Feb.
Mar.
A.) 4% pref. (quar.)
stock-*-,.----------.-------------Mfg. Co., 6% pref. (quar.)
1 Feb.
8
Feb.
Mar.
pref
Mar.
—
Mar.
Loom, Inc., $3 n-c pref
Mar.
Mar. 11
15
15
15
Mar.
Mar.
S3 conv#
20
Mar.
Sulphur (quar.)
Fruit of the
Feb.
Mar.
RR., 534 % pref. (s.-a.)_-
tfoi
Foundation Petroleums.
Fuller Brush 7 %
20
Mar. 15 Feb.
Feb.
Mar.
preferred (s.-a.).
Free port
5
15
Feb.
Mar. 15 Feb.
('lass A (quar.)
Fort Wayne & Jackson
534%
Feb.
Mar.
(quar.)
Mar. 20
Mar.
Mar.
Class B (quar.)
27
27
10
1 Feb. 10
Mar. 15 Feb. 26
1 Mar.
5
Apr.
(guar.)
Arms Mfg. (quar.)
Consolidated Laundries, pref. (quar.).
Consolidated Paper Co.
Continental Assurance Co. (Chic., 111.)
14
Mar. 15 Feb.
Mar.
1 Feb.
Mar.
Mar.
Mar.
(quar.)
Fitz Simons & ConnelJ Dredge & Dock
Florida Power Corp., 7% pref. A (quar.)
7% preferred (quar.)
Ford Motor Co. of Canada—
Sept. 18
1
Mar.
(quar.) —
Fishman (M. H.)
1 June 19
19*
Mar. 20
Mar.
Fiscal Fund (bank stock) (stock div.)
Insurance stock (stock dividend)
Mar. 15 Feb.
---
Baltimore—
Ltd
Cop., pref.
19
1 Feb.
1 Feb.
Mar.
Mar. 20 Mar.
(quar.)
Firestone Petroleums,
1 Feb.
Mar, 15 Feb.
Connecticut Power Co
Preferred
19
1 Feb.
Mar.
(quar.)
Congoleuin-Nairn, Inc. (quar.)
Connecticut Light & Power, 534% Pref. (quar.).
Dutch Ford
9
Mar.
Compania Swift Internacional
Compressed Industrial Gases
Preferred
27 Feb.
Mar. 31 Mar. 15
Commoil, Ltd
Commonwealth Utilities Corp.,
Preferred
19
Apr.
July
Columbian Carbon Co.
Quarterly
Common A & B
First Holding
(quar.)... .--. - - ---Cleveland & Pittsburgh RR., gtd. (quar.)
4% guaranteed (quar.)
Coast Counties Gas & Elec., 6% pref. (quar.)..
Col gate-Pal mol 1 ve- Peet pref. (quar.)
Collateral Trustee Shares class A
Collins & Aikman Corp., pref. (quar.)
Colonial Finance Co. (Lima, Ohio)—
534% preferred (quar.)..
Columbia Brewing Co. (quar.)..
Columbia Broadcasting System, Inc. cl. A & B-.
Devonian Oil Co.
Feb.
Mar.
Preferred
Delnite Mines
$5 cum. preferred (quar.)
Fireman's Fund Indemnity (quar.)
Firestone Tire & Rubber 6% pref. A
1
1
Mar. 13 Feb.
---
—
—'
w. w.
Mar. 25
Feb.
Terminal, 5% pref. (quar.)..
City of New Castle Water Co., 6% pref.
Clark Equipment Co., common (quar.)
preferred
Finance Co. of America at
Mar.
5% preferred (quar.)
6% preferred (quar.)
$2.25
Mar.
1
Feb. 11
Oct.
(quar.)
Colt's Patent Fire
Mar.
Mar.
City Ice & Fuel Co..
Preferred (quar.)
Extra
Federal Light &
Federal Mining & Smelting
Mar.
1
Holders
When
Payable of Record
Mar.
Warehouse Co. (quar.)
Traction Co.. $6 pref. (quar.)..
Co. (irregular)
Federal Compress &
Feb.
Mar. 15
Mar.
(quar.)
Chicago Corp.. S3 preferred
Chicago Railway Equipment, pref
Chicago Yellow Cab—
——
Chile Copper Co
Chrysler Con?
Cincinnati New Orleans & Texas Pacific Ry.—
5% preferred
Share
Company
Mar.
—
Cincinnati Union
Name of
Payable of Record
Apr.
Mar.
pref. (quar.)
----Co. (Toronto. Can.)
Chartered Trust & Executor
Chesebrough Mfg. Co.
Holders
When
Per
Name
1940
24,
Nov.
24
1
9
Mar.
1 Feb.
Mar.
1 Feb.
15
Mar.
1 Feb.
25
15
Mar. 11 Feb.
29
7
Feb. 24 Feb.
9
Mar.
1 Feb.
Mar. 20 Mar.
8
Mar. 15 Mar.
81
Mar. 30 Mar. 19'
Volume
150
The Commercial & Financial Chronicle
Per
Name of Company
Katz
cum.
25c
n*V4
15c
30c
Mining Co., 7% pref. (qu.)_
6% preferred (quar.).
Lamaque Gold Mm
fne, Ltd
Landis Machine preferred
(quar.)
Preferred (quar,)
Preferred (quar.)
Preferred (quar.)
Lane-Wells Co. (quar.)..
25c
Lang (John A.) & Sons, Ltd. (special)
(quarterly)
Lanston Monotype Machine
179*c
,
Leath & Co.. preferred
(quar.)
Co. 4% pref. (quar.).
Le Tourneau (R.
Lehigh Portland Cement
G.) (quar.)
Lexington Water Co., 7% preferred
(quar.)
Libbey-Owens-Ford Glass Co
Life & Casualty Insurance
Co. of Tenn
50c
62 Ac
$1
25c
Lincoln Service Corp.
(Wash., D. C.) (quar.)..
6% participating preferred (quar.)
7% Prior preferred (quar.)
Link Belt Co. (quar.)
Preferred (quar.)
Lionel Corp. (quar.)
Original capital (quar.).
Original capital (quar.)
Original capital (quar.).
Special guaranteed (quar.).
Special guaranteed (quar.).
Special guaranteed
Special guaranteed (quar..
Liquid Carbonic Corp. (quar.)
Loblaw Groceterias Ltd., A & B
(quar.)
Loews, Inc. (quarterly)
_,
Feb. 15
Feb. 15
Feb. 15
Mar.
8
Apr.
Mar. 15
June 15
Sept. 16
Dec. 16
Mar. 15 Feb. 21
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Feb. 29 Feb. 19
Apr.
Apr.
Mar.
1 Mar. 15
1 Mar. 14
1 Feb. 15
1 Mar. 15
1 Feb.
1
1 Feb.
13
30c
30c
25c
37 Ac
87 Ac
25c
Lone Star Gas Corp.
Loose-Wiles Biscuit 5% pref.
(quar.)
Lord & Taylor 1st
12 Ac
50c
$1
$1.10
$1.10
Nov.
$15*
$2
$15*
$15*
$15*
$15*
25c
50c
3c
18c
50c
25c
50c
$15*
$15*
Sept. 10 Aug. 24
10 May 24
Sept. 10 Aug. 24
10 Nov. 25
Mar. 16
Mar.
1 Feb. 10
Mar. 30 Mar. 15
Apr. 22 Mar. 22
1 Mar.
Mar.
1 Feb.
Feb. 28 Jan.
Mar.
1 Feb.
Mar.
Apr.
Apr.
50c
...
10c
25c
25c
Preferred (quar.)
June 21
Oct.
Sept. 21
1
1-2-41
Mar. 30
Mar.
1
June
1
Sent. 3
Mar. 15
Mar. 15
Mar.
1
Dec.
Mar. 15
Feb.
1
May
Aug.
1
1
Mar.
1
Feb. 29
Feb.
9
Feb. 29 Feb.
Mar. 15 Feb.
16
Merck & Co
(quar.)
(quar.)
,
(qu.)
Dec.
30c
30c
30c
30c
11$
$1
$15*
$15*
$15*
$15*
50c
$2
(quar.)
$15*
$1
15c
Mar.
Mar.
June
June
Sept.
Sept.
Dec.
Dec.
Apr.
Mar.
Feb.
20
Mar. 11 Mar.
1
Mar. 30 Mar. 20
June 29 June 20
Sept. 30 8ept. 20
Dec.
23 Dec.
13
Mar.
Feb. 20
Mar.
Feb. 16*
Mar. 11 Feb. 29
Mar.
Apr.
1
Mar.
Apr.
1
Mar.
I
Apr.
16
Mar.
1 Feb.
Mar. 15 Mar.
Mar. 31 |Mar.
Feb. 29 Feb.
Mar. 15 Mar.
Apr.
1 Mar.
Mar.
1 Feb.
16
1
15
14
1
11
28
May 10
1 Apr.
29
1
[July
1
1 Oct.
1-2-41 Dec.
Mar.
1 Feb.
31
1
Oct.
Mar.
June
1 Feb.
1
15
23
Mar.
15
15c
25c
Mar.
40c
Apr.
Feb.
Feb.
Feb.
Feb.
Mar.
Feb.
$15*
20c
1 May 24
1 Aug. 23
Dec.
1
22
Mar.
Feb.
Mar.
$15*
$15*
Mar.
Mar.
25c
15c
Mar.
Mar.
Mar.
Mar.
25c
t75c
15
10
10
16
15
Feb. 13
Feb. 24
Feb. 17
Mar.
Feb.
Jan.
1
19
29
Feb.
15
15
Feb.
Apr. 22 Apr.
1
Mar. 15 Feb. 29
1
Apr.
1 Mar.
Apr.
1 Mar. 16
Mar. 1 Feb. 16
$lf*
Mar. 15 Mar.
1
Mar. 15 Mar.
1
Mar.
1 Feb. 10
Mar.
9 Feb. 17
Mar. 15 Mar.
1
Mar. 14 Feb. 23
Mar.
1 Feb.
9
Mar. 20 Mar.
8
May 15 May
Aug. 15 Aug.
1
1
50c
Nov. 15 Nov.
1
Mar. 15 Feb. 20
Mar. 19 Feb. 29
Feb. 26 Feb .16
t875*c
$1
50c
50c
$1
$2 5*
$1
North River Insurance (N.
Y.)
25c
10c
(initial)
$15*
IIS
7% cumulative preferred (quar.)
6% cumulative preferred
6% cumulative preferred (quar.)
Norwalk Tire & Rubber, pref.
(quar.)
Norwich Pharmacal Co.
(quar.)
Nova Scotia Light <te Power pref.
(quar.)
Oahu Ry. & Land Co.
(monthly)
Mar.
Apr.
Apr.
Mar.
Mar.
Mar.
Mar.
Apr.
Mar.
Mar.
,Mar.
Feb.
Mar.
Oceanic Oil Co
Ogilvie Flour Mills Co. 7% preferred (quar.)...
Ohio Power Co. 6% preferred
(quar.)
Ohio Public Service 7 % pref.
(monthly)
6% preferred (monthly).
9 Feb. 23
1 Mar. 15
1 Mar. 20
l'Feb.
20
1 Feb.
20
1 Feb.
1 Feb.
20
20
1 Mar. 20
11 Feb. 23
1 Feb. 14
15 Mar., 12
24 Feb. 10
1 Feb. 17
Mar.
Mar.
Mar.
Feb.
Feb.
15
Feb.
15
14
15
Mar.
Feb. 15
Mar.
Mar.
1
Mar.
Feb. 16
Mar. 30 Mar. 15
—
—
Omar. Inc.. 6% preferred (quar.)
Orange & Rockland Electric Co.—
6% preferred (quar.)
5% Preferred (quar.)
Otis Elevator Co
Preferred (quar.),
l;Feb.
Mar.
5% preferred (monthly).
Ohio River Sand 7 % preferred
Ohio State Life Insurance stock div. of
100%
Okonite Co. 6% pref. (quar.)
Apr.
Apr.
-
1 Mar. 25
1 Mar. 25
Mar. 20 Feb.
Ottawa Light, Heat & Power Co.
5% preferred (quar.)
23
Mar. 20 Feb. 23
2
1 Mar.
Apr.
(quar.)
Apr.
1 Mar.
Mar.
Oxford Paper Co. preferred
Panhandle Eastern Pipe Line—
Class A & B preferred (quar.)........——
Parke Davis & Co
Parker Pen Co
1 Feb.
Mar. 16
Mar. 16
Feb.
Parkersburg Rig & Reel $55* pref. (quar.)
Feb. 16
Feb. 20
Feb. 28
Feb. 28
Feb. 15
Mar.
Mar.
Mar.
7% preferred (quar.)
Patterson-Sargent Co
Mar.
Pea body Coal Co. 6% preferred
Mar.
Mar.
Mar.
Pender (David) Grocery class A
(quar.)
Penney (J. C.) Co..
Pennsylvania State Water Corp. $7 pref. (quar.)
Peoples Drug Stores, Inc
Peoples Telep. Corp. (Butler, Pa.) 6% pf. (qu.).
-
-
—
-
Mar.
Apr.
-
Mar.
Mar.
Mar.
Co.. Ltd. (s.-a.)
Pfaulder Co. 6% preferred (quar.)
Pfeiffer Brewing Co. (quar.)
Pharis Tire & Rubber
Philippine Long Distance Telephone Co
Phillips Petroleum (quar.)
Mar.
Mar
Mar.
Mar.
Mar.
Mar.
Feb.
Mar.
...
Phoenix Acceptance Corp.. class A
(quar.)
Phoenix Hosiery Co., 1st preferred
2
15
Apr.
Mar.
Paton Mfg. Co., Ltd
May
Mar.
Mar.
Mar.
Mar.
—
Feb.
Feb.
Extra
Pictorial Paper Package
*
Pillsbury Flour Mills (quar.)
Pilot Full Fashion Mills. Inc.. 6% curau.
pref..
Piper Aircraft Corp., 60c. prefen-ed (quar.)
,
26
20
Mar. 15
Feb.
9
Mar.
5
Feb. 29
Feb. 15
Feb. 15
Feb. 20
Mar.
5
Feb. 23
Feb. 29
Feb.
10
Feb. 20
Feb. 20
Feb.
2
May
Mar.
Photo-Engravers & Electrotypers, Ltd
Feb.
Feb.
Feb.
Mar.
Feb.
4
17
15
15
15
15
Apr.
Mar. 16
Mar.
Apr.
Feb.
19
Mar. 15
Mar.
Pittsburgh Bessemer & Lake Erie (s.-a.)
Pittsburgh Coke & Iron Co. $5 pref. (quar.).—
See General Corporation and Investment News
Feb.
19*
section of Jan. 6. 1940 issue.
---
(irregular)
Prentice-Hall, Inc. (quar.)..
Preferred (quar.)
Pressed Metals of America
Procter & Gamble 5% pref. (quar.)
Public Finance Service, Inc. $6 preferred
(quar.)
Public National Bank & Trust Co.
(N. Y.)—
Public Service Co. of Colorado—
5% preferred (monthly)
6% preferred (monthly)
7% preferred (monthly)
Public Service of New Jersey
8% preferred
7% preferred (quar
$6 preferred (monthly)
$6 preferred (monthly)
$5 preferred (quar.)
Puget Sound Power & Light $5 prior pref
Pullman, Inc
Purity Bakeries Corp
Quaker State Oil Refining Corp
....
Feb. 15
Mar.
1
Feb. 20
Feb.
Feb.
Feb.
19
19
Feb.
25
23
Mar.
Feb.
29
Apr.
Mar. 20
Mar.
$15*
$15*
375*c
Feb. 20
Feb. 20
Feb. 20
Mar.
1
Feb. 15
Feb. 15
Feb. 15
Mar. 15
Feb. 15
Mar. 20
Feb. 23
Feb. 16
I
60c
$2
50c
50c
$15*
t$15*
—
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
10c
tic
70c
75c
25c
$19*
-
Mar.
llFeb. 20
Mar. 30'Mar.
6
Feb. 29'Eeb. 20
Mar.
Feb. 15
$15*
$19*
412-3c
50c
5854c
(quar.^.
Raybestos-Manhattan, Inc
16
50c
50c
Pennsylvania RR. (quarterly)
....
Sept.
|Nov.
*81 Mc
Prairie Royalties. Ltd.
1 Feb.
1
15
17
9
1 Mar. 16
Tune
Feb.
Feb.
14
Mar.
Apr.
July
Mar.
Mar.
35c
50c
Apr.
Mar. 15 Feb.
$1A
$1A
$15*
24
15
1
24
20
Mar. 11
Pittsburgh Youngstown & Ashtabula pref. (qu.)
1 Feb.
Mar.
1 Feb.
Feb. 28 Feb.
29
Mar.
Plymouth Oil Co. (quar.)
Portland & Ogdensburg Ry, gtd. com.
(quar.)..
Potomac Electric Power 6% preferred
(quar.)...
Preferred (quar.)
Powdrell & Alexander Inc
Mar. 25 Mar.
Mar.
Feb.
Feb.
Mar.
Feb.
Feb.
Feb.
$15*
Niagara Share Corp. of Md., class A
pref. (qu.)
1900 Corp., class A
(quar.)
Class A (quar.)
Class A (quar.)
Noranda Mines, Ltd. (quar.)
Norfolk & Western Ry (quar.)
Petrol Oil & Gas
Feb. 16
Mar. 15
Feb. 17
$1
50c
35c
Cermantown & Norristown RR. Co. (qu.)
Mar. 20
Mar. 20
Jan. 26
Feb. 20
Apr.
Mar.
25c
$15*
--
North
Mar.
Mar.
Mar.
Mar.
Mar.
60c
(quar.)
$6 prior lien preferred
$7 nrior lien ^referred
New England Water & Electric
Corp. pref
New Jersey Zinc Co
Newmont Mining
Corp
New York & Queens Elec.
Light & Power (quar.
Preferred (quar.)
Mar.
$2
375*c
New England Public Service
Co.—
Mar.
Apr.
Feb.
10c
Phelps Dodge Corp
Philadelphia Acceptance Corp. $5 pref. (s.-a.)__
Philadelphia Co. 5% preferred (s.-a.).__
Mar,
M
10c
Monsanto Chemical Co. pref. A and B
(s.-a.)__
Montreal Loan & Mortgage Co.
Apr.
1 Mar. 20
Apr.
1 Mar. 15
Mar. 15 Feb. 29
Mar. 10 Feb. 20
Mar. 10 Feb. 20
Sept.
50c
(quar.)
9,Feb. 28
l|Feb.
9
Dec.
15c
pref. B (quar.)
Mission Dry Corp.
(quar.).
Mississippi Valley Public Service Co.—
7% preferred (quar.)
6% preferred B
Mitchell (J. 8.) & Co., Ltd
Mohawk Carpet Mills, Inc
Molybdenum Corp. of America (resumed)
Monarch Knitting Co., Ltd.,
7% pref
1
Sept.
20c
__
5
25c
25c
$15*
(quar.)
5
25c
$15*
$15*
25c
6% preferred (quar.)
Merrimac Mfg. Co., preferred
Metal Textile Corp. $3.25
partic. pref. (quar.).
Prior pref. (quar.)
;
Metal & Thermit
28
4
25c
60c
(quar.)
%5XA preferred B (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.;
23
Mar.
l|Feb. 20
Mar. 20;Mar.
5
Mar.
Feb. 15
Mar.
Feb. 15
Mar.
Mar.
1
June
June
$15*
Master Electric Co.
(quar.)
Mead Corp.. $6
pref. A
30
10
22
July
Mar.
$15*
Extra
18
17
Nov. 15 Nov.
Mar. 15 Mar.
Mar.
10c
Preferred A
Casualty (semi-annual)
Co. (irregular)
Northland Greyhound Line pref.
(quar.)
Northwestern Public Serivce Co.—
7% cumulative preferred
May 15 May
Aug. 15 A.ug.
$15*
New Amsterdam
North Texas Co.
20c
Manhattan Shirt
Manischewitz (B.) Co., preferred
(quar.)
Mapes Consolidated Mfg. Co.
(quar.)
Maryland Fund, Inc
Masonite Corp. (quar.).
Quarterly
r
Quarterly
Quarterly
Moran Towing Corp. 7% cum.
pref. (quar.)
Morris Plan Insurance Society
(quar.)
Quarterly
Quarterly
10
15
10
10
24
10 May 24
1
40c
_
Nehi Corp., stock div. of 4 additional
shares of
common stock for each share of
common held.
N. Y. Curb will announce
ex-div. date later..
Neisner Bros., Inc.
(quar.)
Mar. 10 Feb.
25c
,
Mallory (P. It.) & Co
10c
25c
June
Dec.
$15*
$15*
McKenzie Red Lake Gold Mines
(quar.)
Macassa Mines, Ltd. (5 c.
regular, 3c. extra)..
Macy (R. H.) & Co
Madison Square Garden
Magma Copper Co. (irregular)
Magnin (I.) & Co. preferred
(quar.)
Preferred (quar.)
Preferred (quar.)
Common (quar.)
(quar.),
29
Feb. 29 Feb.
Apr.
60c
50c
Moore (Wm. R.) Dry Goods Co.
(quar.)
Mar. 12 Feb.
Mar.
1 Feb.
Apr.
1 Mar.
Feb. 29 Feb.
Dec. 10 Nov. 25
Mar. 10 Feb. 24
50c
—
Monroe Loan Society, preferred
(quar.)
26
June
25c
—
Midland Steel Products Co
Non-cumulative dividend shares
8% cumulative first preferred
Mid-West Refining, Inc.
(quar.)
Milwaukee Gas Light Co.. r>ref. A
1 Oct.
Mar. 12 Feb. 29
Mar. 12 Feb. 29
50c
.
(quar.)_
Meyer (H. H.) Packing Co., 6>*% pref.
Miami Copper Co
Michigan Steel Tube Products Co
1
1 Apr. 25
1 July 26
25c
preferred (quar.)
Louisville & Nashville RR. Co
Ludlow Mfg. Associates
(irregular)
Lunkenheimer Co. 6A% preferred
(quar.)
0A% preferred (quar.)
6A% preferred (quar.)
5A% preferred (quar.)
McCrory Stores Corp. common (quar.)
Mclntyre Porcupine Mines (quar.)
Quarterly
Quarterly
Mar. 15 Mar.
May
Aug.
50c
20c
_
9
29
50c
50c
$19*
Motor Wheel Corp. (quar.)
Mt. Diablo Oil Mining &
Development
Muncie Water Works Co.,
18% preferred (quar.)
Munsingwear. Inc., common
Murphy (G. C.) Co. (quar.)
Muskegon Motor Specialty, class A (quar.)
Muskegon Piston Ring Co
Muskogee Co., 6% preferred (quar.)
Muskogee Co. preferred (quar.)
Nanaimo-Duncan Utilities, Ltd.—
69*% preferred (quar.)
Nashville Chattanooga & St. Louis
Ry
National Automotive Fibers
pref. (quar.)
National Bearing Metals
National Biscuit Co
Preferred (quar.)
National Container
(Del.)
National Gypsum Co. preferred
(quar.)
National I^ead Co., preferred A
(quar.)
National Oats Co
National Power & Light Co
Nebraska Power Co., 6% preferred
(quar.)
7% preferred (quar.)..
Newberry (J. J.)
When
| Holders
Payable of Record
Share
......
Mar.
Mar.
$1.10
(quar,|.
Mar.
Mar.
Mar.
19
Apr.
$1
30c
$15*
Extra
Little Miami RR. Co.,
original capital (quar.).
Quarterly
Apr.
Mar.
1 Feb.
Mar. 15 Feb.
$15*
30c
-
May
12c
B_
Quarterly
Quarterly
Monarch Life Insurance
Monroe Chemical, pref.
Feb. 16
Mar.
1
1
Mar.
40c
com. & com.
Lincoln ixationai Lire Insurance
Co. (quar.)—
Minneapolis-Honeywell
15
50c
—
_
Lily-Tulip Cup Corp
Preferred
Preferred
Preterred
Preferred
30c
..
15
Feb.
Company
Corp. (quar.)
1
10
13 May 31
Mar.
Feb.
2
Mar. 16
Apr.
40c
Lake Superior District Power
7% pref. (quar.).
15
June
30c
$19*
$19*
S1H
$15*
$19*
110c
$15*
$15*
$15*
$15*
Per
Name of
Morris (Philip) & Go. pref.
(quar.)
Morris town Securities
Corp
Motor Finance
29
10*
Mar. 12
Mar. 12
Mar. 20
Feb. 26
Mar.
1
Mar. 13
Mar. 13
15c
7% preferred (quar.)
Lake of the Woods
15
Feb.
Apr.
Apr.
2,
Quarterly
Kroger Grocery & Baking (quar.)
6% preferred (quar.)
Life Savers Corp.
(quar.)
Liggett & Myers Tobacco Co.,
Mar.
Apr.
25c
6% preferred (quar.)
Klein (D. Emil)
Knudsen
Creamery Co., 60c. pref. (quar.)
Kobacker Stores, Inc.,
preferred (quar.)
Kresge (8. S.) Co. (quar.)
Extra—
_
29 Feb.
Mar. 15 Feb.
Apr.
1 Mar.
Mar. 15 Mar.
Feb. 26 Feb.
Mar.
Apr.
%1H
preferred
partic. pref. series A (quar.).
Kimberly-Clark Corp (quar.)
Feb.
m
Keith-Albee-Orpheum. 7%
Holders
Payable of Record
15c
Drug Co. (quar.)
Preferred (quar.)
Kaufmann Dept. Stores
5% preferred (quar.).
Kayser (Julius) & Co
Kendall Co.
When
Share
Kansas Pipe Line & Gas Co
1231
25c
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Apr.
Mar.
Apr.
Mar.
25c
Mar.
25c
25c
Mar.
Feb. 29
Mar. 15 Feb. 29
__
Feb.
Financial Chronicle
The Commercial &
1232
1940
24,
Holders
Name
of Company
Mar.
Mar.
50c
preferred (quar.)
(Daniel). Inc. (quar.)
Reeves
12s®
—
Feb.
Mar.
Mar. 15
Mar.
Feb.
15c
Feb.
10
May
Apr.
15
Apr.
Mar.
Apr. 16
1
United-Carr Fastener
Mar. 15
United Biscuit Co. of
Preferred (quar.)
United Bond & Share,
Ltd. (quar.)
Apr.
Apr.
Mar. 20
July
June 20
10c
10c
Oct.
Sept.
Dec.
Dec.
Mar.
Feb. 20
Mar.
Feb.
Mar.
Feb.
Apr.
Mar. 11
37)4c
Co. pref (quar.)....
& Electric—
88
preferred C & D (quar.)
5% preferred E (quar.)
Roeser & Pendleton, Inc. (quar.)
25c
3Vi
(Helena), Inc., common—
c
c
9
31
Apr.
Scott Paper
Apr.
Apr.
Apr.
Apr.
Mar.
8
1
—
20c
Mar.
Feb.
15
~
15
25c
10c
$1
50c
Mar.
Feb.
15
Universal Insurance Co.
$134
Mar.
SI 34
Mar.
1
1
9
Mar.
Mar.
Mar.
Mar.
31IS
May
20
15
15 Feb. 24
30 Mar. 23
6% preferred B (quar.)
Original preferred (special)
Southern California Water 6% pref. (quar.)
Southern Pipe Line
Sparks-Wlthington pref. (quar.)
Spear & Co. $5.50 1st preferred (quar.)
$5.50 2nd preferred (quar.)
Spencer Kellogg & Sons (irregular)
Spiegel. Inc., $434 conv. pref
Spring Valley Co., Ltd. (liquidating)
Standard Brands, Inc. (quar.)
$434 preferred (quar.)
$434 pref. (quar.)
Standard Cap & Seal (quar.)
15 Feb. 21*
15c
4
Mar. 25 Mar.
Mar. 15
25c
Mar.
Apr.
1
Feb.
15
15
15
Apr.
1 Mar. 15
30c
Mar.
30c
Mar.
1 Feb. 15
1 Feb. 15
1 Feb.
25 Feb.
Mar.
1 Feb.
$1)4
3734c
40c
Mar.
$134
50c
40c
$134
Feb.
1
Apr.
June
15 June
1
%\&
40c
Mar. 15 Feb.
Mar.
1 Feb.
16
14
1 Feb. 14
1 Feb. 20
1 Feb. 20
(special)
Mar.
Standard Oil Co. of California
Standard Oil Co. (Indiana) (quar.)
25c
Mar. 15 Feb.
Mar. 15 Feb.
(quar.)
Standard Oil Co. of Ohio
Preferred
Standard
25c
25c
(quar.)
$134
(quar.)
Wholesale Phosphate & Acid Works
Sterling Products, Inc., (quar.)
Storkline Furniture (quar.)
Straits Mfg. Co
Strawbridge& Clothier, prior pref.
(quar.)
(quar.)__
pf.(qu.)_
Sullivan Consol. Mines
Feb. 15*
28 Feb. 16
Feb. 28 Feb. 21
$134
$134
|20c
Feb.
Feb.
Mar.
Mar.
234c
3c
68 He
(quar.)
Superior Oil Co. of Calif., common
Superior Tool & Die (quar.)
Sutherland Paper Co
Swan-Finch Oil Corp. preferred (quar.)
Swift & Co. (quar.)__
25c
Mar.
15
10
15
5
Mar. 21 Mar.
Feb. 14
Mar.
Mar. 15 Feb. 24
Feb.
Feb.
May
10
Apr.
Mar.
1
ar.
1
Apr.
May 20 May 10
_
17
2
Mar. 15 Mar.
Feb. 15
Mar,
234c
30c
3734c
Feb.
30c
24 Feb.
Apr.
Mar.
Hughes Gold Mines (quar.)
Terre Haute Water Works Corp., 7% pref. (qu.)
Texas Corp. (quar.)
Texas Gulf Sulphur Co. (quar.).
Texas Pacific Coal & Oil Co. (quar.)
Tex-O-Kan Flour Mills pref. (quar.)
Thermoid Co., $3 preferred
Thew Shovel Co., 7% pref. (quar.)
Thomson Electric Welding Co
Thompson Products, Inc., common
$5 Conv. prior preferred (quar.)
Tide Water Associated Oil
Tilo Roofing Co., Inc., $1.40 conv. pref. (quar.
Teck
10c
$134
50c
50c
10c
m
$134
Mar.
Apr.
Mar. 15 Mar.
1
Mar.
Feb.
Mar.
1 Feb.
Mar. 15 Mar.
Mar. 15 Mar.
1
8
14
4
1
23
50c
Mar.
Feb.
25c
Mar. 22
35c
Mar. 15 Feb.
25c
Common
15c
Apr.
Apr.
Mar.
Mar. 15 Feb. 26
Feb. 16
Mar
$134
50c
Timken Roller Bearing Co
Toburn Gold Mines Ltd
'
2c
2c
Extra
Tokheim Oil Tank & Pump Co
Toledo Edison Co. 7% preferred
25c
(monthly)
(monthly)..
(monthly)
(quar.)...
Trane Co. pref. (quar.)
Toronto Elevator, pref.
58 l-3c
50c
412-3c
65c
$134
Mar. 22
Feb.
9
26
4
4
1
Mar. 25 Mar.
Feb. 15
Mar.
Feb. 15
Mar.
Feb. 15
'Mar.
Feb. 22 Jan.
Feb. 22 Jan.
Mar.
Mar.
Feb. 22
Feb. 24
Mar.
1 Feb.
2|Feb. 17
9.Mar.
1
June
1
Mar.
June lO
Sept.
lO'Aug. 31
Dec.
lOjNov. 30
9 Mar.
1
Mar. 30 Mar
July
1 June
14
Mar.
Telegraph (arm.)
Co. (quar.)
1 Feb.
1 Feb.
Mar.
Mar.
Mar. 15 Mar.
Mar. 15 Mar.
Viking Pump Co. (special)
$2.40 preferred (quar.)
Virginia Coal & Iron Co
Virginia Elec. Pow. Co., $6 pref. (quar.)
Virginia Fire & Marine Ins. Co. (s.-a.)
Virginian Ry. Co. 6% preferred (quar.)
6% preferred (quar.)
(New stock) (initial)
Vogt Mfg. Corp
Vulcan Detinning (quar.)
1 Feb.
Mar.
Mar. 20 Feo.
Mar.
1 Feb.
15
15
15
1
1
19
29
16
1 Apr. 20
1 July 20
May
Aug.
Mar. 26 Mar. 16
1 Feb.
Mar.
15
Mar. 20 Mar. 11
June 20 June 10
Sept. 20 Sept. 10
Apr. 20 Apr. 10
July 20 July 10
-———
19 Oct.
29 Feb.
10
19
Mar. 20 Feb.
Mar. 15 Feb.
—
20
20
1 Feb.
20
Mar. 15 Feb.
Mar. 15 Feb.
Mar.
1 Feb.
Mar. 1 Feb.
27
27
Oct.
Feb.
Mar.
$1
55c
>0c
r5c
$9
13i
13i
5 34
134
50c
l»A
LH
Feb.
Mar.
June
June
Mar.
Apr.
Feb.
May
15
15
29 Feb. 15
1 Feb. 15
1 May 15
1 May 15
15 Feb. 23
Mar. 16
29 Feb. 15
31 May 15
Aug. 31 Aug. 15
Snowdrift Co., Inc.—
$1 Mar. 1 Feb.
(quar.)
Hydro-Electric Corp., Ltd.—
Feb.
*20c Mar.
80c. cum. partic. preferred (quar.)
Mar.
$134 Apr.
West Virginia Water Service pref. (quar.)
Feb.
Mar.
50c
Western Auto Supply Co. (quar.)
35c
July 15 June
Western Pipe & Steel 7% preferred (s.-a.)
Feb.
Mar.
t3734c
Western Public Service Co., $1-50 pref. A
Mar.
$134 Apr.
Western Tablet & Stationery Corp., 5% pf. (qu.i
Mar. 15 Feb.
25c
Westinghouse Air Brake Co_
Feb. 29 Feb.
8734c
Westinghouse Electric & Mfg
Feb. 29 Feb.
Wesson Oil &
15
Convertible preferred
West Canadian
Participating preferred
Westvaco Chlorine Products
Wheeling Electric Co., 6% pref.
Whitaker Paper
35c
(quar.)
(quar.)
(William) Co preferred (quar.)
Candle Co. preferred (quar.)—
Williams port Water Co., $6 preierred (quar.)_
Willson Products, Inc
Wilson & Co. $6 preferred
Will & Baumer
Co. (quar.)
Extra
Mar.
$134
Mar.
*4
$134
20c
15
19
29
29
20
Apr.
Apr.
Apr.
Apr.
Feb.
Feb.
15
13
13
10
14
Mar. 16
Mar. 16
Mar. 16
Mar. 15
Feb.
9
Mar. 11 Feb.
Feb.
Mar.
29
Mar.
15
1
Mar. 15; Mar.
Apr. 15
May
Apr. 15
May
July
July
Nov.
Oct.
50c
Quarterly
xtra
-
preferred (quar.)__.
(quar.)
dep. rets, (final)
American deposit receipts (bonus)
Wool worth (F. W.) Co. (quar.)
Wright-Hargreaves Mines (quar.)
Hirsch, Inc., 7%
Wolverine Tube Co., 7% pref.
Wool worth (F. W.), Ltd., Am.
Extra
Wrigley (Wm.)
Jr. Co. (quar.)
Monthly
Rudopph Co
Cab Co. class A
Youngstown Sheet & Tube Co.—
534% preferred A (quar.)
Wurlitzer,
Yellow & Checker
Youngstown
Aug.
Aug.
15
50c
$134
Extra
*
50c
Nov.
15
15
35c
Mar.
Oct.
Feb.
$134
Mar.
Feb.
24
Is. 9d. Feb. 25 Jan.
9d. Feb. 25 Jan.
16
$134
Quarterly
Winter &
20
8734c
Preferred
Whitman
Wins ted Hosiery
_
19
8
16
llFeb. 16
1 Feb.
Mar.
Wilson Line, Inc
Mar. 30 Feb. 12
Mar.
8
Apr.
Feb. 20
Mar.
5
15,Feb. 26
1 Feb. 15
Mar.
—
1
Mar. 30 Feb.
5c
5
Feb. 26
Mar. 20
(quar.)
12
5c
(quar.)
Extra
6% preferred
5% preferred
5
Mar.
h
(quar.)
Sylvanite Gold Mines
Mar. 15 Mar.
95c
Mar. 15 Feb. 24
Quarterly
Preferred
Apr. 15
30c
5%
stock dividend
Sunray Oil Corp
5 34 % preferred
15
Mar. 15 Feb. 29
Mar. 30
17
15'July
Mar.
Preferred (quar.)
Preferred (quar.)
15
Feb.
Stromberg-Carlson Telep. Mfg., prer.
Stuart (D. A.) Oil Co. Ltd. cl A partic.
Sudbury Basin Mines, Ltd
Sun Oil Co.
Mar.
Mar. 16
1
1 Feb.
15 Apr.
Mar.
preferred (quar.)
Agricultural Co., Ltd
Walgreen Co. (quar.)
434 % preferred w. w. (quar.)
Walker & Co., class A
Walker (Hiram)-Gooderham & Worts..
Preferred (quar.)
Warren Foundry & Pipe (quar.)
Warren (Northam) pref. (quar.)
Washington Railway & Electric
5% pref. (quar.)
5% preferred (quar.)__
5% preferred (s.-a.)
Washington Water Power, $6 pref. (quar.)...
Wayne Pump Co
Welch Grape Juice, preferred (quar.)
16
10c
$134
Mar.
Preferred
Apr.
July
7%
1 Feb. 23
Mar. 11 Feb. 24
1
Mar. 15 Mar.
Mar. 15 Feb. 10
20 Nov. 30*
Apr.
Mar.
Waiaiua
Mar.
5
31*
Sept.20 Aug. 31 *
Mar.
Quarterly
preferred (quar.)
preferred (quar.).
5
Mar. 15 Mar.
Mar.
1 Feb. 23
ft
June 20 May
(quar.)
7%
7%
1 Feb. 15
1 Feb. 15
Mar.
25c
$134
$134
—
|Mar. 20
Mar.
Quarterly
Mar. 15 Feb. 20
Apr. 15 Mar. 20
3734c
,
Standard Dredging Corp.
Vick Chemical
Mar.
10c
40c
(quar.)—
29*
Vermont & Boston
30|Mar. 23
1 Feb. 20
40c
Preferred
5
5
Mar. 15
Ventures, Ltd
1 Feb. 20
40c
Non-convertible preferred (quar.)
Southern California Edison Co.—
1
Mar. 15 Mar.
June 15 June
7% preferred (quar.)
7% preferred (quar.)__
Mar.
(quar.)..
(qu.)
1
Mar.
2c
Extra
SI 34
South Carolina Power Co., S6 1st pref.
Southeastern Greyhound Lines—
Convertible preferred (quar.)
Mar.
$334
preferred (quar.)
7% preferred
Mar.
llFeb.
Feb. 29 Feb.
15
Mar. 29 Mar. 19
M
Machine Tool
Van Raalte Co., Inc
7% 1st preferred (quar.)
Vanadium-Alloys Steel Co
Vapor Car Heating Co., Inc
Mar. 15
15
Mar. 15
Apr.
Apr. 10 Mar. 20
Van Norman
1 Feb. 20
1 Feb. 15
Apr.
Apr.
(quar.)
Feb.
Valley Mould & Iron Corp.—
$5.50 prior preferred (quar.)
1
Mar.
Mar.
Feb. 26 Feb. 15
Feb. 26 Feb. 15
*$3 34
t20c
—
South Bend Lathe Works
Mar. 15
Mar.
Dec.
Feb.
5c
preferred (quar.)
13
plan of
retired as of
& Varnish 7% pref.
Apr.
Card
U. S. Plywood Corp., $1.50conv. pref. (quar.)..
United States Sugar pref. (quar.)
Mar.
IVIay
Socony-Vacuum Oil
Sonotone Corp
Preferred (quar.)
Soundview Pulp Co
Feb.
Preferred (quar.)__
U. S. Tobacco Co. (quar.)
Preferred (quar.)
40c
-
Mar. 15
Mar.
United States Playing
15
3734c
—
15
Apr.
Quarterly.
7%
(Wm.) Brewery (quar.)
Steel Co. (irregular).
City Stockyards (quar.)
SI 34 partic. preferred (quar.)
Skelly Oil Co. preferred (quar.)
If SEC approves proposed financing
Feb.
Quarterly
Quarterly
Feb.
2c
Sioux
29
Mar.
50c
Foundry Co. (quar.) —
Mar.
tsi
Simonds Saw &
6%
United States Pipe &
75c
(quar.)—
Water Co. 6% pref.
Mar. 30 Feb.
Sept.15 Sept
Dec. 15 Dec.
Feb
tlOc
Extra
Sherwin-Williams Co. preferred (quar.)
Sherwin-Williams (Canada) preferred
Silverwood Dairies, Ltd., partic. preferred
Simmons-Boardman Publishing Co.—
$3 convertible preferred
1
Mar. 15 Mar.
Mar. 30 Feb. 29
$234
Quarterly
Quarterly
1 Apr. 20
1 Apr. 20
1
Mar. 15 Mar.
Mar. 11 Feb.
1 Feb. 10
1
Mar. 23 Mar.
7
Mar.
1 Feb.
Mar
1,1937).
Quarterly
8
May
75c
Shattuck (Frank G.) Co
Sheaffer (W. A.) Pen Co
Smith Alsop Paint
1
$1
25c
(quar.)..
pref. stock will be
8
8
Mar. 15 Mar.
40c
Servel .Inc
company,
1 Mar.
1 Mar.
1 Mar.
$1.12*4 May
Roebuck & Co. (quar.)
Second Canadian Tnternat. Investment Co., Ltd.
4% participating preferred (quar.)
Second Investors Corp. (R. I.) $3 pr. pfd. (qu.)
Secord (Laura) Candy Shops (quar.)
Simon
8
1 Feb. 16
1 Mar. 8
Mar.
Apr.
Sears,
Shenango Valley
1
Mar. 20 Mar.
M
4 preferred (quar.)
f4.50 preferred (quar.)..
Seaboard Oil of Del.
1 Feb. 15
Mar. 15
Apr.
25c
(quar.)
Co., common
Apr. 15
1 Mar. 15
Mar.
62Ti
(div. due Sept.
6% prior preferred (monthly)
6% prior preferred (monthly).
3dN€
"
"
United New Jersey RR. & Canal (quar.)..
United Pacific Insurance Co. (quar.)
United States Envelope Co. (resumed)
7% preferred (s.-a.)
United States Petroleum Co. (quar.)
1
May
preferred D (quar.)
preferred (s.-a.)
6%
9
9
20
734% preferred B (quar.)
7% preferred C (quar.)
634%
Quarterly
Feb.
50c
May
1 Apr. 16
Apr. 15 Mar. 31
July 15 June 30
15 Sept. 30
Oct.
United Elastic Corp
United Gas Corp. $7 preferred
United Gas & Electric Corp. 7% pref. (quar.)..
United Gas Improvement (quar.)
Preferred (quar.)
United Light & Railways Co. (Del.)—
58 l-3c
7% prior preferred (monthly)
58 l-3c
7% prior preferred (monthly)
53c
6.36% prior preferred (monthly)
53c
6.36% prior preferred (monthly).
50c
15
25c
(25c. and 25c. special)
Class A (quar.)
Rustless Iron & Steel, preferred (quar.)
Safety Car Heating & Lighting Co., Inc
St. Joseph Lead (quar.)
St. Joseph Water Co. 6% preferred (quar.)
Savannah Electric & Power 8% prer. A (qu.)._
Drill Co
United Chemicals pref.
5
Feb.
Mar,
Feb. 25 Jan.
8c
Mar.
Mar.
Quarterly
20
Feb.
Mar.
Mar.'
SI 34
(quar.)
$3 partlc. pf. (qu.)
Roxy Theatre, Inc., preferred (quar.)
Royalty Income Shares, series A
Rolland Paper Co. preferred
Roxboro Knitting Mills, Inc.
1 Mar. 22
1 Feb. 16
1 Feb. 16
Mar. 30 Mar. 21
5
Mar. 15 Mar.
Mar.
1 Feb. 13
America
Mar. 22
12*
Apr.
Car Co. (quar.)
Union Twist
Mar.
Mar. 15 Feb. 20
1
Mar. 16 Mar.
Corp. (irregular)
Mar.
Mar.
Union Tank
Extra
Mar. 16
Apr.
2
Mar. 30
(quar.)
7.6% preferred
Mar. 21
10c
10c
6%
Rubenstein
Apr. 20
Feb.
$1)4
Quarterly
Quarterly
Rochester Gas
May
Apr.
25c
Republic Insurance Co. (quar.)
---Republic Investors Fund pref. A and B (quar.)—
Republic Natural Gas Co. common (quar.)
Rheem Mfg. Co
Rich's. Inc., 634% pref. (quar.)
Risdon Mfg. Co. 7% preferred (quar.)
Roberts' Public Markets, Inc. (quar.)
Quarterly
Rochester Button
29
30c
15c
20c
$1)4
preferred (quar.)
7%
534% preferred (quar.)
208 So. La Salle Street Corp. (quar.)—
Underwood Elliott Fisher Co. (quar.)_
Union Gas Co. (Canada) (quar.)
Union Investment Co.
29
Mar.
25c
5
5
Mar. 15 Mar.
Mar. 15 Mar.
preferred (quar.)
Truax-Traer Coal 6%
Feb. 21
Feb. 29
t$lX
(quar.)
& Engineering Corp
Reliance Grain Co., Ltd.. 634 % preferred
Reliance Manufacturing Co
Preferred
Reliance Electric
of Company
Name
Payable of Record
Reading Co. 1st
of Record
Holders
When
Per
Share
Steel Door Co
Transfer books not
t On account
15
20
16
60c
Mar.
Feb.
9
JlOc
Feb.
15
Feb.
15
25c
Apr.
Apr.
Mar.
Feb.
20
25c
Apr.
Mar. 20
15c
Feb. 28 Feb.
Feb. 26 Feb.
*5c
t$l
25c
25c
16
23
Mar.
2
m. is Mar.
1
closed for this dividend,
of accumulated dividends.
funds, and in the case of non-residents
of the amount of such dividend will be
t Payable in Canadian
deduction of a tax of 5%
of Canada
made.
Volume ISO
The Commercial & Financial Chronicle
Condition of the Federal Reserve Bank of
New
Weekly Return of the New York City
Clearing House
York
The following shows the condition
of the Federal Reserve
Bank of New York at the close of
business Feb. 21, 1940,
in comparison with the
previous week and the
date last year:
Feb.21,1940
-Assets—
Gold certificates
ASSOCIATION
$
$
_
...
Total reserves..
Bills discounted:
Chem Bank & Trust Co.
Guaranty Trust Co
130,000
2,226,000
1,081,000
443,000
Cent Hanover Bk&Tr Co
Corn Exch Bank Tr Co.
2,356.000
1,524,000
2,650~666
27050"; 000
213,000
3,847,000
Irving Trust Co
Continental Bk & Tr Co.
Chase National Bank
Fifth Avenue Bank
408,181,000
Notes
408,181,000
344,156,000
237,660,000
343,525,000
First National Bank
*
752.337,000
Total bills and securities
Due from foreign banks.
Federal Reserve notes of other
banks...
756,743,000
17,000
17,000
3,026.000
187,701,000
9,876,000
18,473,000
1,749,000
159,923,000
9,876,000
18,718,000
Other assets
....
Deposits,
Average
Average
724,663,000
500,000
6,000,000
5,000,000
12,500,000
7,000,000
7,000,000
*
66,000
3,216,000
154,135,000
9,910,300
As per official reports:
companies.
Dec. 30,
•
14,120,000
39,627,000
168.110.000
5,088,000
77,091,000
99,429.000
50,481,000
28,142,000
2,138,000
4,898,000
1,575,000
35.032,000
4,583,000
39,808,000
2,192,000
2,973,000
29,038,000
2,070,000
86 795,000
51,712,000
925,016,000 13,510,740,000
518,887,000
730,247,000
%
212 ,118.000
505 ,166,000
296 700,000
19,065,100
658 .129,000
109,480,000
653 052,000
53,188,800
4,409,900
66 994,000
133,291,800 A2.734 641,000
53 496,000
3,922,200
81,047,700 el,097 958,000
13 987,000
2,515,700
125 557,000
9,395,300
409 262,000
27,959,100
103 173,000
8,525,000
25,000,000
Totals
756,831,000
Uncollected Items
Bank premises
Total assets.
752,337,000
Time
Deposits,
67,518,600 a2,191 548,000
685 812,000
50,744,100
184,702,000 62,037 042,000
625 ,o28,000
40,151,100
72,745,600 Cl.053 ,682,000
4,000,000
100,270,000
Title Guar & Trust Co..
Marine Midland Tr Co..
New York Trust Co
Comm'l Nat Bk & Tr Co
Public Nat Bk & Tr Co.
143,478,000
Total U. S. Government
securities,
direct and guaranteed
Net Demand
13,931,000
26,512,700
50,000,000
Bankers Trust Co
344,156,000
Bills
0,000,000
20,000,000
77,500,000
20,000,000
90,000,00.)
42,117,000
21,000,000
15,000,000
10,000,000
Manufacturers Trust Co
2,444,000
Bonds
Surplus and
1940
Undivided
Capital
S
Bank of New York
Bank of Manhattan Co.
National City Bank
anteed:
NEW YORK CLEARING HOUSE
Profits
♦
475,000
1,969,000
Total bills discounted...
Bills bought in
open market.
Industrial advances..
THE
BUSINESS WEDNESDAY, FEB. 21,
Members
7,916,593,000 7.784,269,000 5,758,290,000
Other bills discounted
OF
CLOSE OF
*
7,826.513,000 7,690,962,000 5,627,500,000
1,591,000
1,798,000
1,293,000
88,489,000
91,509,000
129,497,000
direct and guaranteed.
AT
Clearing House
hand and due
United States Treasury _x
Redemption fund—F. R. notes
Other cash t
STATEMENT OF MEMBERS
Feb. 21,1939
$
on
The weekly statement issued
by the New York City
Clearing House on Friday afternoon is given in full below:
corresponding
Feb. 14,1940
1233
658,113,000
National, Dec. 30, 1939; State, Dec. 30,
1939; trust
1939.
,
9,021,000
13,923,000
Includes
6 (Feb. 20)
deposits
in
foreign
$70,345,000;
branches as follows:
a (Jan.
25) $253,161,000:
(Feb.*21) $3,207,000; d (Jan. 31) $69,931,000; e (Feb. 21)
c
$19,846,000.
8,863,707,000 8,760,105.000 6,668,898,000
Liabilities—
F. R. notes In actual
circulation
Deposits—Member
bank reserve acc't..
U. S. Treasurer—General
account
Foreign bank.
Other deposits
Total deposits
Deferred availability Items
Other
liabilities, incl.
accrued dividends.
Total liabilities.
1,242,057,000 1,233,126,000
993,198,000
6,836,495,000 6,685,499,000 4,805,703,000
135,050,000
159,556,000
317,061.000
129,872,000
137,944,000
80,704,000
253,267,000
244,989,000
208,318,000
51,149,000
53,326,000
7,109,000
9,975,000
to
reserve
deposit
51,149,000
53,326,000
7,109,000
9,904,000
STOCK
EXCHANGE
Tues.,
Wed.,
Thurs.,
Fri.,
Feb. 17
Feb. 19
Feb. 20
Feb. 21
Feb. 22
Feb. 23
42/3
42/3
Boots Pure Drugs
British Amer Tobacco.
Cable & W ord
£64
£64
£64%
£12%
£12%
£12%
£13
43/9
38/-
Distillers Co..
Electric «fc Musical Ind
Ford Ltd..
43/9
38/3
£5%
rH o
/7%
66/3
Hudsons Bay Co
Imp Tob of G B & I_.
London Mid Ry
8,863,707,000 8,760,105,000 6,668,898,000
combined..
92.1%
92.0%
Closed
Ho
1,753,000
1,767,000
121/10%
t "Other cash" does not include Federal Reserve notes
x
These
£6%
£13%
£14
76/3
or a
bank's
own
Federal
80/-
Royal Dutch Co
certificates given by the United States Treasury for the
gold taken
over from the Reserve
banks when the dollar was, on Jan. 31,
1934, devalued from
100 cents to 59.06
cents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as
profit by the Treasury
under the provisions of the Gold Reserve Act
of 1934.
SwediBh Match B
West
Weekly Return of the Member Banks
67/9
8/9
16/24/6
121/3
122/6
24/7%
122/6
£23
£23
69/6
8/6
16/3
24/10%
76/3
£61,is
£6%
£15%
£15
83
/9
£32%
76/3
10/26/6
21 /-
78/1%
10/6
26/9
21 /-
£3%
£311i#
£3"}«
of the Federal Reserve
70/3
86/3
£32%
78/9
10/6
87/£32%
78/1%
10/6
27/6
24/1%
27
/24/-
WItwatersrand
Areas
£7%
69/3
8/3
16/3
76/3
£32
10/26/21/-
United Molasses
Vlckers
45/4%
38/1%
£6%
£6%
£14%
82/6
£31%
74/4%
Shell Transport
are
44/4%
38/-
£23%
8/7%
£22%
76/3
£6%
Rolls Royce
Reserve bank notes.
£6%
16/24/6
Rio Tlnto
2,700,000
44/4%
38/1%
66/6
8/16/24/6
120/7%
£22%
Metal Box
89.9%
/h
£12 %
£5%
7,457,000
102/6
43
£64
De Beers
8,175,000
42/3
102/0
44/3
102/6
£64%
100
Courtaulds 8 & Co
50,980,000
52,463,000
and
vances.
by cable
Mon.,
Rand Mines
F. R. note liabilities
received
as
day of the past week:
Central MIn & Invest..
Cons Goldflelds of S A.
Total liabilities and
capital accounts..
total
LONDON
Sat.,
8,742,148,000 8,638,617,000 6,549,823,000
Surplus (Section 13-b).
Other capital accounts.
of
each
7,354,684,000 7,227,988,000 5,411,786,000
144,739,000
176,821,000
143,783,000
668,000
682,000
1,056,000
Capital Accounts—
Capital paid In
Surplus (Section 7)
Ratio
THE
Quotations of representative stocks
£3l*i6
£3%
System
Following is the weekly
statement issued by the Board of Governors of the Federal Reserve
System, giving the principal
terns of the resources and liabilities of the
reporting member banks in 101 leading cities from which weekly returns are obtained.
JThese figures are
always a week behind those for the Reserve banks themselves.
The comments of the Board
of Governors of
he Federal Reserve
System upon the figures for the latest week appear in our department
of "Current Events and Discussions
immediately preceding which
Commencing with the
described in
The
an
we
also give the figures of New York and Chicago reporting member banks
for
statement of May 19, 1937, various changes
were
announcement of the Federal Reserve Bank of New York
of
changes in the report form
made in the breakdown of loans
April 20, 1937,
as
as
a
week later.
reported in this statement, which
were
follows:
confined to the classification of loans and discounts.
This classification has been changed
primarily to show the
amounts of (1) commercial, industrial and
agricultural loans, and (2) loans (other than to brokers and
dealers) for the purpose of purchasing or carrying
securities.
The revised form also eliminates the distinction
between loans to brokers and dealers in securities located in New
York City and those located
outside New York City.
Provision has been made also to include "acceptances of own bank
purchased or discounted" with "acceptances and commer¬
cial paper boight in open market" under the revised
caption "open market paper," instead of in "all other loans," as
formerly.
Subsequent to the above announcement, it was made known that the new
items "commercial, industrial and agricultural loans" and
"other loans"
would each be segregated as "on securities" and
"otherwise secured and unsecured."
A more detailed
explanation of the revisions was published in the
May 29, 1937, Issue of the "Chronicle,"
are
page
3590.
ASSETS AND LIABILITIES OF WEEKLY
REPORTING MEMBER BANKS IN 101 LEADING CITIES BY
DISTRICTS ON FEB. 14, 1940 (In Millions of
Federal Reserve Districts—
Total
ASSETS
Loans and investments—total
Loans—total
Boston
23.202
PhUa.
$
$
New York
$
$
Cleveland Richmond
$
Chicago
St. Lodis
$
$
Atlanta
$
%
Minneap. Kan. CUy
$
$
Dallas
Dollars)
San Fran.
$
$
securities
Real estate loans.
Loans to banks
9,600
1,168
1,926
714
628
3.402
697
431
679
606
537
3,272
420
681
264
310
907
333
188
4,309
291
296
275
1,763
196
964
258
116
169
529
194
100
327
179
66
117
178
23
336
8
17
4
38
11
4
19
2
18
611
21
470
24
22
2
5
41
5
1
483
4
20
3
217
32
25
15
11
73
12
7
10
1,183
Loans to brokers and dealers in secure.
Other loans for purchasing or carrying
1,165
8,516
Commercial, Indus, and agricul. loans
Open market paper
81
14
197
50
47
173
41
31
114
52
10
28
49
22
1
384
2
54
Other loans
1,549
127
459
94
193
638
12
183
1,752
46
755
31
180
United States bonds
6,465
324
2,635
344
Obligations
2,420
55
99
Treaury bills
Treasury notes
guar,
by U. S. Govt
1,3511
1
73
1
......
2,255
13
......
89
112
58
66
56
1
352
16
30
9
17
177
29
289
34
37
68
44
62
648
154
114
1,073
140
114
105
92
722
122
54
72
284
71
19
7
56
60
166
11
3,411
122
52
1,404
274
181
288
65
102
497
103
43
141
10,214
500
57
6,146
436
315
548
193
135
1,209
246
85
485
196
142
100
142
20
378
45
Balances with domestic banks
22
14
71
12
7
3,107
175
16
216
12
219
338
Other assets—net
202
218
539
194
95
329
1,249
80
294
488
80
100
288
38
48
79
22
16
22
29
241
1,033
1,070
Other securities
Reserve with Federal Reserve Bank..
Cash in vault..
24
LIABILITIES
Demand
deposits—adjusted
Time deposits
United 8tates Government deposits..
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
Other liabilities
Capital accounts
19,062
1,199
9,311
933
1,308
497
413
2,579
487
287
540
5,260
235
1,018
475
262
742
200
189
954
190
119
573
145
14
64
136
54
47
32
44
134
18
3
24
31
108
8,188
326
3,572
444
467
311
292
1,221
376
760
158
22
427
697
282
6
1
312
275
15
1
1
694
20
3,719
———
245
.
1,613
1
1
9
1
1
21
15
31
12
18
5
7
3
3
377
97
290
92
385
95
59
103
86
352
......
......
...
......
....
215
The Commercial &
1234
24, 1940
Feb.
Financial Chronicle
Board of Governors of the Federal Reserve System
of the Federal Reserve System on Friday afternoon, Feb. 23,
showing the condition of the 12 Reserve banks at the close of business on Wednesday. The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of "Current Events and Discussions "
COMBINED RESOURCES AND LIABILITIES OP THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS FEB. 21, 1940
Weekly Return of the
The
following
issued by the Board of Governors
was
1940
Jan.
Jan. 10,
17,
1940
1940
$
$
$
1939
1939
$
15.433.121
*
15,384,025
15.301,121
15,173,794
12,049,719
15,739,122
8nd due from U. S. Treag.x.
Other cash *
15,674,618
10,118
384,791
15,619,619
10,118
387,624
15,552,120
9,335
15.483,120
9,430
369,498
8,602
9,385
9,903
386.451
370,419
9,903
315.569
445,875
413,173
9,903
269,328
413,222
15,904,895
15,828,957
15,764,347
12,505,853
16,017,361
15,974,677
15,453,025
16.069,527
15,629,593
16.118,050
Gold ctfs. on hand
notes)
Redemption fund (Federal Reserve
—
-
Total reserves.
Bills discounted:
Total bills
discounted.
520
558
644
593
623
455
606
741
6,357
6,303
6,236
2,289
2,128
6,388
1,515
6,536
6,168
6,264
6,185
5,338
U. S. Government obligations,
guaranteed..
discounted
—
direct and fully
Bills bought In open
10,259
7,001
6,896
6,842
4,417
6,946
8,051
6,623
6,784
6,808
6,079
Other bills
Secured by
Feb. 21,
27,
Dec.
3,
1940
S
%
%
Jan.
24,
1940
1940
1940
$
$
ASSETS
Jan.
31,
Jan.
Feb. 7.
Feb. 14,
1940
Feb. 21,
Three Ciphers (000) Omitted
10,911
10,893
10,843
10,883
14,647
10,485
10,373
11,113
10,434
1,344,045
1,133%225
1,344,045
1,133,225
1,344,045
1,133,225
1,344,045
1,133,225
1,344,045
1,133,225
1,344,045
1,133,225
1,351,045
1,133,225
1,356,197
1,133,225
1,215,466
553
market.
10,427
Industrial advances
United States Government
.
securities, direct and
guaranteed:
Bonds...
1,344,045
1,133,225
.
Notes....
840,893
507,656
Bills
2,564,015
Total U.
direct and
Other securities
2,477,270
2,477,270
2,477,270
2,477,270
2,477,270
2,477,270
2,494,327
2,494,539
2,494,589
2,495,182
2,495,059
2,494,955
2,501,961
2,489.422
2,484,270
2,477,270
2,493,776
Govt, securities,
S.
guaranteed
—
Foreign loans on gold
Total bills and
securities
Federal Reserve notes of other
banks
Uncollected items
Bank
premises
47
47
47
21,273
792,040
41,792
22,084
598,495
24,626
625,068
41,792
61,460
27,895
731,253
41,736
29,790
841,095
41,736
58,293
28,164
787,478
42,164
588,753
42,804
41,808
61,973
26,266
640,571
41,711
59,494
50,181
19,102,515
18,878.958
15,788,872
62,895
19,481,901
19,235,778
19,222,788
19,169,375
4,832,101
4,827,752
4,849,757
4,886,229
4,947.763
4,344,462
4,846,468
4,836,768
4,977,654
4,860,778
11,829,930
11,720,622
651,075
402,425
251,072
11,493,118
8,840,548
1,180,791
225,974
12,816,933
10,516,217
727,960
5,575
580,973
15,444,607
actual circulation...
Deposits—Member banks' reserve account...
United States Treasurer—General account..
Foreign banks...
Other deposits.
12,240,683
595,990
361,381
354,865
12,150,709
12,096,727
12,149.576
12,147,656
12,019,594
642,138
392,526
340,677
631,565
549,441
407,313
315,284
507,485
412,567
300,014
574,794
655,434
395,767
282,519
409.375
13,162,115
609,799
1,518
13,025,194
779,077
1,332
18,659,661
18,753,366
18,528.122
13,552,919
ailabllity Items
13,526,050
606,706
Total deposits
755,965
2,867
2,733
accrued dividends
Other liabilities, lncl.
388,173
354,408
13,421.614
616,701
2,153
13,367,722
621,950
1,991
18,872,569
18,819,415
18,835,136
136,008
135,954
151,720
26,839
35,447
135,936
151,720
26.839
35,193
136,041
151,720
26,839
35,346
135,889
151,720
26,839
34,701
135,494
149,152
27,264
38.926
19,009,607
19,102,515
18,878,958
15,788,872
87.0%
86.8%
84,2%
8,454
9,220
12,907
1,807
3,316
19,023,136
19,131,350
18,885,416
136,093
151,720
26,839
—
Capital paid In
151,720
136,093
151,720
—
Surplus (Section 7)
Surplus (Section 13-b)_.
Other capital accounts
151,720
26,839
35,652
26,839
35,711
2,955
134,930
149,152
27,264
32,919
19,373,873
19,481,901
19,235,778
19,222,788
19,169,375
87.5%
87.5%
87.5%
87.5%
87.4%
87.3%
8,638
8,361
8,350
8,376
8,395
8,294
87.3%
8.403
978
821
743
1,608
135
205
145
230
138
1,641
1.038
1,580
796
2,247
3,632
260
3,717
5.199
1,563
3,814
1,703
3,741
1,598
3,787
381
244
-
deposits and Federal
combined
make industrial advances
Reserve note liabilities
19,184,824
4,556
Total liabilities and capital accounts
Ratio of total reserves to
Maturity Distribution of
26,839
35,899
36,103
—
268,904
2,415
13,470,873
575,359
CAPITAL ACCOUNTS
267.376
646,014
407.840
269,961
13,272.674
711,207
1,498
136,075
Total liabilities
Commitments to
19,009,607
19,373,873
-
Federal Reserve notes In
t
59,877
17,480
19,184,824
LIABILITIES
Deferred a
60,703
30.623
618,796
41,735
59,104
——
—
Total assets
47
""*169
47
47
47
20,003
636,295
41,771
63,931
Due from foreign banks
47
""""47
Gold held abroad
Other assets
2,583,632
2,508,586
■
464
476
629
324
8,051
4,417
Bills and
*
'
Short-Term Securities—
932
discounted...
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
1-15 days bills
....
in
16-30 days bills bought In
31-60 days bills bought In
61-90 days bills bought in
Over 90 days bills bought
3,708
3,818
198
279
355
377
403
376
149
205
197
243
295
365
6,623
6,079
Total bills discounted
1-16 days bills bought
773
market...
open market...
open market...
open market--in open market.
6,946
6,784
6,808
6,842
6,896
7,001
304
open
226
23
......
553
"
"
~
~
Total bills bought In open market
Industrial advances
16-30 days industrial advances
31-60 days industrial advances
61-90 days industrial advances
Over 90 days Industrial advances
Total industrial advances
"l~,439
"f.484
"*1*468
1,470
l",407
"1*471
2*043
154
164
190
147
2,143
171
215
159
149
97
105
178
275
283
205
648
523
187
392
205
501
503
500
522
511
266
266
8,568
8,535
8,555
8,550
8,409
11,443
10,893
10,843
10,883
11,113
292
331
184
493
7,995
8,061
8,180
8,069
,
10,434
10,427
.......
direct and
'
1*435
~1~468
1-15 days
U. B. Govt, securities,
258
10,485
10,373
10,911
guaranteed!
14,647
147,733
101,710
78,510
1-15 days
16-30 days
179,703
31-60 days
61-90 days
Total U. 8. Government
2,477*270
2,477",270
2,477,270
2,477*270
2,477",270
2,477.270
2,484*270
2,4*89*422
2,056,359
2,477,270
2,477,270
2,477,270
2,477,270
2,477,270
2,477,270
2,484,270
2,489,422
2,564,015
5,166,486
305,708
5,163,324
5,160,100
323,332
5,164,940
332,839
5,178.093
5,204,261
350,341
354,504
5,227,565
341,336
5,268,551
320,788
5,282,206
304,552
4,645,819
301,357
316,856
4,836,768
4,832,101
4,827,752
4,849,757
4,886,229
4,977,654
4,344,462
4,846,468
4,947,763
4,860,778
1,152
5,309,000
1,307
5,309,000
1,390
5.329,000
1,423
5.341,000
1,374
5,371,000
1,371
4,771,000
5,298,500
1,296
5,305,000
5.371,000
5,298,500
2,238
3,656
5,306,152
5,310,307
5.310,390
5,330 423
5.342,374
5.372,371
5,373,236
4,774,656
securities, direct
and guaranteed
Total other securities
2,477",270
2,477,270
...
...
Over 90 days
—
—,
Federal Reserve Notes—
Issued to Federal Reserve Bank
Held by Federal Reserve
by F R. Agent
Bank
In actual circulation
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U. S. Tieas..
By eligible paper
United States Government securities.
*
"Other oash"
x
These are certificates given
31,
■
------
5,299,568
Total collateral
cents on Jan.
1,068
■
— — — — — —
5,299,796
does not include Federal Reserve notes,
t Revised figures.
provisions of the Gold Reserve Act of 1934.
dollar
devalued from 100 cents to 59.06
as profit by the Treasury under
by the United States Treasury for the gold taken over from the Reserve banks when the
was
extent of the difference, the difference itself have been appropriated
1934, these certificates being worth less to the
Volume
ISO
The Commercial & Financial Chronicle
Weekly Return of the Board
Weekly statement
of resources and liabilities of each
Total
Boston
New York
%
%
$
of
Phila,
ASSETS
the
$
certificates
on
hand
and
12
federal reserve
Cleveland Richmond
$
System (Concluded)
banks at close of business feb. 21,1940
Atlanta
Chicago
St. Louis
Jfiinneap.
Kan. City
Dallas
$
$
$
$
%
%
%
due
from United States
Treasury
15,739,122
Redemption fund—Fed. Res. notes..
9,430
Other cash *
Total
1235
of Governors of the Federal Reserve
Three Ciphers (000) Omitted
Federal Reserve Agent at—
GoJd
1
880.002 7,826,513
984,944
408,777
298,699 2,400,682
426,739
244,065
351,172
16,118,050
1,591
650
474
775
833
678
668
396
309
27,916
29,23^
1,199
88,489
23,608
21,152
49,099
16,633
9.228
20,545
15,000
1,193
37,903
860,418 1,014,648
433,160
320,684 2,450,980
444,050
253,961
372,113
242,238
897,844
24
43
164
378
421
911,361 7,916,593
(
741
Other bills discounted
475
70
13
22
10
59
567
172
111
"439
172
136
439
188
189
119
483
695
60,273
39.771
62,897
50,818
33,533
53,031
51,196
43,167
110,799
93,418
5,338
Industrial advances
U. S. Govt, securities, direct &
guar.:
Bonds
1,969
526
484
278
250
6,079
Total bills discounted
858,748
667
Bills discounted:
Secured by U. 8. Govt,
obligations,
direct and guaranteed
$
226,929
30,692
369,498
reserves
831,852
San Fra
2,444
596
497
300
260
626
2,050
3,102
300
931
806
332
68,135
57,447
54,495
45,945
'25
•
144,872
122,148
10,427
1,420
1,344,045
96,123
408,181
110,221
137,084
1,133,225
81,047
344,156
92,934
115,581
2,477,270
177,170
752,337
203,155
252,665
125,582
100,440
267,020
111,091
73,304
115,928
94,363
204,215
2,493,776
178,590
756,831
206,853
253,462
126,813
101,506
267,978
111,263
73,629
116,486
95,034
205,331
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
47
3
18
5
4
2
2
6
1
20,003
596
1,749
853
1,393
2,874
2,658
636,295
1,671
61,407
2,607
159,923
50,698
73,233
51,674
25,722
88,270
25,325
See
1
1
4
1,397
14,923
1,282
574
27,173
24,038
2,349
33,909
2,938
5,640
a
41,771
2,885
9,876
4,562
5,523
2,538
2,027
63,931
3,384
4,255
2,244
18,717
5,373
7,064
1,393
3,229
3,736
1,172
2,542
6,560
2,719
1,935
2,870
2,520
19,373,873 1,159,097 8,863,707 1,128,762 1,355,327
620,797
455,141 2,819,785
587,273
347,238
523,154
Other assets.
Total assets
365,577 1,148,015
LIABILITIES
F. R. notes in actual circulation
4,860,778
401,557 1,242,057
345,374
454,924
218,968
157,808 1,069,290
190,276
139,807
180,816
80,436
379,466
12,240,683
586,254 6,836,495
595,466
684,746
293,452
213,858 1,460,583
135,050
44,263
68,889
313,607
143,901
261,431
108,840
26,661
27,046
32,458
212,592
25,143
43,062
10,766
7,895
10,407
10,766
3,132
9,741
6,616
354
2,404
638,298
23,102
26,255
24,058
259,035 1,615,617
360,665
185,458
304,650
250,906
711,713
Deposits:
Member bank
reserve
account
U. 8.
Treasurer—General
Foreign banks
595,990
Other deposits
Total deposits
55,914
361,381
354,865
account..
25,828
129,872
35,167
33,373
23,890
15,430
6,115
253,267
26,284
10,555
4.566
674,111 7,354,684
701,180
797,563
337,338
13,552,919
Deferred availability items
Other liabilities, lncl. accrued divs
24,844
12,560
7,773
606,706
CAPITAL
144,739
49,272
69,573
49,203
25,462
259
317
89,840
668
299
25,452
12,715
70
27,098
22,958
31,531
103
365
55
131
224
99
143
19,023,136 1,134,790 8,742,148 1,096.143 1,322,359
Total liabilities
58,863
2,733
605,579
442,408 2,775,112
576,448
338,111
512,788
354,397 1,122,853
ACCOUNTS
Capital paid in
Surplus (Section 7)._.
Surplus (Section 13-b)
136,075
151,720
9,346
61,149
11,906
13,992
5.245
4,622
13,581
10,405
53,326
14,198
4,102
14,323
2,958
4,374
4,094
5,247
10,706
5,725
7,109
4,393
1,007
3,152
3,613
3.246
3,974
10,224
713
22,824
1,429
4,709
2,874
638
1,682
9,975
2,122
3,646
1,001
1,142
1,480
1,266
1,673
6,839
1,476
2,016
1,237
1,846
2,121
2,111
Total liabilities and capital accounts
19,373,873 1,159.097 8,863,707 1,128,762 1,355,327
Commitments:to make Indus, advs..
426
356
8,638
1,753
1,028
620,797
456,141 2,819,786
587,273
347,238
523,154
151
62
492
26,839
36,103
Other capital accounts
*
"Other cash" does not include Federal
Reserve notes,
RESERVE NOTE
Total
Issued to F. R. Bank by F. R.
Agent
Held by Federal Reserve Bank
hand
on
from United States
and
New York
Phila.
$
$
STATEMENT
Cleveland Richmond
$
$
Atlanta
Chicago
$
%
$
St. Louis Minneap. Kan. City
%
$
DaUas
$
San Fran.
$
%
Treasury
Total collateral-
United States
360,557
479,012
233,173
14,205
170,120 1,116,343
12,312
47,053
143,819
15,183
24,088
200,962
84,251
189,649
88,646
437,812
10,686
4,012
8,833
8,211
58,346
4,860,778
401,557 1,242,057
345,374
454,924
218,968
157,808 1,069,290
190,276
139,807
180,816
80,435
379.466
440,000 1,340,000
375,000
482,000
250,000
105
175,000 1,130,000
209,000
512
147,500
195,000
91,000
464,000
36
308
440,000 1,340,512
375,105
147,536
195,308
91,000
464,000
5,166,486
18,528
107
482,0001
250,107
175,000 1,130,000
Treasury Bills—Friday, Feb. 23
Rates quoted are for discount at
*•-
420,085 1,326,308
305,708
due
Eligible paper
[•
365,577 1,148,015
3,508
5,299,568
....
certificates
20
5,298,500
1,068
In actual circulation
Collateral held by Agent as
security
nor notes issued to banks:
Gold
Boston
%
Federal Reserve notes:
75
Less than $500.
a
FEDERAL
Three Ciphers (000) Omitted
Federal Reserve Bank of—
767
THE
purchase.
each
/
Asked
PARIS
BOURSE
Quotations of representative stocks
•
Bid
209,000
Bid
Asked
as
received by cable
day of the past week:
*
Feb.
Mar.
28 1940
Fri.,
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
6 1940
Mar. 13 1940.
Mar. 20 1940Mar. 27 1940
3 1940
April 10 1940.
April
April 17 1940
0.05%
0.05%
0.05%
April 24 1940
May
1 1940
May
8 1940--
May 15 1940
Feb.
0.05%
..
Banque de France
Bank de Paris et Des Pays Baa
Banque de l'Unlon Parisienne...
0.05%
0.05%
.
May 22 1940
or
Asked
Maturity
ioTis
Sept. 15 1942...
940
940
469
472
476
16,990
16,716
16,860
16,860
Dec.
15 1940...
Mar. 15 1941.
June
15 1941
Dec.
15 1941...
Rate
Mar. 15 1942...
102.1
102.3
Dec.
102.10
June
102.10
102.19
102.21
2%m
614
617
610
622
6'5
2,065
2,069
2,070
2,102
480
515
510
515
Dec.
789
782
783
781
220
220
220
220
226
244
240
240
240
499
1,625
275
103.23
104.30
Orleans Ry
103.25
105
611
616
630
794
787
809
822
1,650
1,655
1,667
898
868
(6%)
870
903
30
30
870
878
908
.
920
Pathe capital..
909
910
«*
30
31
10
.18
104.20
Pechiney
1,124
1,865
1,824
1,858
1,835
102.23
Rentes, Perpetual 3%
73.85
73.95
73.70
73.35
74.00
102.26
102.24
101.29
H%
1%
.27
100.24
100.26
102.2
102.4
4Mi%
5%. 1920
83.30
83.20
83.55
83.80
84.20
113.20
112.80
112.80
113.10
113.60
2,385
2,423
2,399
1,705
1,700
2,420
1,073
2,420
1,695
Saint Gobain C & C
Schneider <fc Cle
Societe Genera le Fonciere
62
67
70
68
1,110
1,125
1,140
645
646
645
643
67
643
77
82
80
83
81
415
415
415
412
420
41
Union d'Electriclte
received by cable
1,719
1,238
Tublze Artificial Silk pre!
EXCHANGE
as
—
10
15 1943...
15 1944...
Closing prices of representative stocks
616
*
1,559
Societe Marseillaise
each
621
-
102.21
h%
1H%
Mar. 16 1944...
STOCK
517
1,665
888
Soclete Lyonnaise
BERLIN
515
1,636
280
789
Liqulde
Lyon (P L M).
Asked
514
1,650
280
1,624
L'Alr
Bid
513
1,662
Closed
1
Sept. 15 1944...
THE
508
777
213
IX %
15 1943...
102.8
l%%
15 1942...
102.8
June
951
1,970
...
Nord Ry
100.2
101.16
7,770
952
Credit Lyonnais
Energie Electrique du Nord
Enersrie Electrique du Littoral..
32ds of
more
Int.
1H%
IH%
1H%
IX%
1 H%
1 X%
7,785
23
Francs
482
Kuhlmann
15 1940
7,825
Thurs.,
22 Feb.
Francs
918
Credit Commercial de France...
one
Int.
Mar. 15 1940...
7,870
Wed.,
Feb.
Coty SA
point.
June
21
Francs
Courrieres
Figures after decimal point represent
Bid
Tues.,
20 Feb.
Francs
Comptoit Nationale d'Escompte
Feb. 23
Rate
Mon.,
Feb.
467
Citroen B
Maturity
19
Francs
16,776
Canal de Suez cap
Cie DIstr d'Electriclte
Quotations for United States Treasury Notes—Friday'
Sat.,
Feb.
7,700
Cle General d'Electriclte
a
17
Francs
41
41
41
42
Wagon-Llts
day of the past week:
Feb.
Feb.
17
19
Feb.
Feb.
Feb.
20
21
22
Feb.
23
W
United
States
Government
Securities
on
Per Cent of Par
Allgemeine Elektrizltaets-Gesellschaft (6%)
134
135
134
Berliner Kraft u. Llcht
163
163
163
163
109
109
109
109
—
113
113
113
113
...
(8%)
Commers'und Privat-Bank A. G. 6%
Deutsche Bank
(6%)
Deutsche Reichsban (German Rys.) pf.
Dresdner Bank
(7%)
Relchsbank (new shares)
Selmens & Halske (8%)
Vereinigte
7%. 128
128
128
128
108
(6%)
Farbenindustrle I. G.
133
108
108
109
177
.
Stahlwerke^(6%)
176
176
176
104
105
105
105
230
231
232
232
113
112
113
112
—
...
—
...
...
...
...
133
163
York Stock
_
Exchange—See following
128
109
175
""~1
"
Transactions
at
the
""*'
"r
New^York
~
"""N
Stocky Exchange.
Daily, Weekly and Yearly—See page 1251.
104
231,
110
New
page.
.
109
113
the
Stock and Bond
%
Averages—See
12 >1.
3
1940
24.
Feb.
1236
AND YEARLY
DAILY, WEEKLY
Occupying Altogether Sixteen Pages—Page
in the day's range, unless they are
NOTICE
Cash^and deferred delivery sales are disregarded
account is taken of such sales In computing the range for the year.
furnish
we
120
120
120
120.2
mmmm
(High
Low.
mmmm
mmmm
mmmm
units...
(High
Low.
3X», 1940-43
Oloso
\
mmmm
103.30
mmmm
103.30
'
•
units—
Total sales in $1,000
(High
| Low.
3Hs, 1943-47
mmmm
(Close
(High
3Xb, 1941
''mmmm
....
6
''mm
104.30
104.28
104.30
104.28
'mmmm
10
m
mmm
_
_
_
104.28
_
Low.
109.27
HOLI¬
109.26
(Close
109.28
109.27
109.27
109.27
DAY
109.26
Total sales in $1,000 units...
*2
1
mmmm
'mmmm
mmmm
Low.
•
110.9
11.09
(Close
1946-49
Close
Total sales in
mmmm
111.8
111.3
'.mmmm
111.8
111.3
111.2
'm mmi
1
25
m
111.24
111.24
■
111.21
111.24
mmmm
3
1
mmm'rn
-
103.4
....
ll
104".20
104.18
IIII
104.20
104.18
'mmmm
104.20
104.18
4
1
mmmm
HOLI¬
103.6
103.4
DAY
103.6
103.6
103.4
....
110.12
mmmm
110.11
mmmm
'-.mmm
| Low
108.9
''mmmm
108.12
....
■
•"
Total sales in $1,000 units..
mmmm
11
■
107.31
mmmm
mmmm
107.31
107.29
±mmm
107.31
Low.
3s, 1944-49
107.29
107.29
mmmm
■mmmm
mmmm
VH
1
111.19
»
1
I
1
110.4
110.1
,mmmm
107.19
1
109.29
2
1
107.16
107.17
Low.
107.20
107.18
107.19
107.15
107.20
107.18
107.21
107.15
18
8
14
17
■'mmmm
108.30
mmmm
108.30
107.19
107.19
108.30
mmmm
107.19
107.19
mmmm
3s, series A, 1944-52
107.16
9
109
109
107.19
109
mm. mm
mm
mm
'mmmm
2 Ha, 1942-44
Low.
;v-
104.20
c I til 1
1 II 1
1
1
1
....
4
'
101.20
I1t1
I11t
1
1
I
....
104.18
mmmm
101.20
t II II
1 1I
#
104.18
1
'
1
1111
104.20
■'mmmrn
104.20
----
'■''
1
'
....
....
mmmm
mtm m „
....
....
101.20
1
I
1
1
2
104120
....
Total sales in $1,000 units...
t
1
1
107.19
■
107.13
(Close
'
.
Home Owners' Loan
1
107.21
mmmm
Low
1
109.29
■
mmmm
(High
til!
109.29
110.4
107.23
(Close
1
....
ll(f.4"
(High
Low
1
1
Low.
2Hs, 1942-47
X
110.1
-mmm
Total sales in $1,000 units...
(High
t
1
1
mmmm
110.11
mmmm
Total sales in $1,000 units..
til
'
110.3
(Close
lilt til
1
mmmm
I
1
I
3s, 1942-47
1
»
1
I
mmmm
mmmm
Low.
■
1
4
....
.
2Hs, 1955-60..
mmmm
103.4
111.19
■
mmmm
mmmm
(cios
2
mmmm
mmmm
(High
2 Ha, 1948-51
mmmm
103.4
111.19
111.21
111.21
m mm m
$1,000 units
1945-47
5
103.4
-(Low.
3H8, 1944-64
111.2
Close
2 Ha.
105.12
*10
140
108.12
3
mm
Low.
1951-55
105.14
I Close
111.5
mm mm
High
Total sales in
105.10
Total sales in $1,000 units...
110.9
3
111.3
Low.
■
110.9
111.8
mmmm
Total sales in $1,000 units
1946-48
m
mmm
1
mmmm
Close
.
105.12
105.11
110.9
mmmm
■
(High
■
110.9
mm
$1,000 units...
3M8, 1949-52
—
.
^
2s, 1948-50......
110.9
mmmm
Low.
■
105.14
(High
1
110.9
mmmm
mmmm
(High
3 Ha,
••
109.26
7
2
110.9
'
Total sales in $1,000 units
88
Total sales in $1,000 units...
109.27
109.27
3Hs. 1944-46
105.7
93
1
-(Low.
1 Close
*3
_
109.27
109.27
(High
105.11
(High
2s, 1947
109.27
■
105.11
Total sales in $1,000 units...
109.28
3Hs, 1943-45
105.8
....
m
104.30
'
■
105.11
105.7
....
105.10
•(Low.
J close
mmmm
105.8*
105 T1
105.10
I Close
$1,000 units...
2Ha, 1951-53
'
109.28
(High
mmmm
....
los'.ii
(High
109.20
mmmm
"mmmm
$1,000 units...
Total sales in
Total sales in
2
....
mmmm
mmmm
Close
103.27
....
mmmm
4mmmm
Low.
■
103.27
....
....
mmmm
mmmm
,
-
-
-
....
^Low
2 Ha, 1950-52
"
109.20
mmmm
mmmm
-
....
mmmm
109.21
mmmm
$1,000 units—
Total sales in
mmmm
(High
103.27
.....
2
mmmm
mmmm
107.20
—
loif.lo
Total sales in $1,000 units.
1
....
mmmm
103.30
'
■;mmrnm
1
107.20
I Close
101.22
.
.
"
mmmm
l Close
:
■
....
mmmm
(High
Low.
108.10
107.20
....
]low.
2 Ha, 1949-53
101.22
....
mmmm
■
3Hs, 1941-43
108.10
m
'
(High
10l".22
mmmm
4
m m
mmmm
_
I Close
"11
mmmm
$1,000 units...
Total sales in
108.10
A
101~26
101.26
11
1
mm mm
Total sales in $1,000 units...
1
1
101.26
106.31
106.2
■
"11
•! Low.
2Hs. 1948
105.28
106.2
3
23
m
(High
mmmm
106
mmmm
units...
mmmm
m
114.12
Close
Total sales in $1,000
m
mmmm
106.2
I Close
Total sales in $1,000
20
mm
114.12
Low.
3Hs, 1946-66
2 Ha, 1945
'
114.12
(High
106.2
106.5
13
(High
| Low.
114.16
mmmm
units...
106.3
106.5
23
22 Feb.
106.2
106.6
106.5
4
106.5
Total sales in $1,000 units...
1
114.14
mmmm
01060
Total sales in $1,000
2Hs, 1960-65
114.16
'
■
120.2
2
1
$1,000 units...
4s, 1944-54
!
106.7
(High
Low.
(Close
Treasury
120.2
120
Close
120
120
Low.
Total sales in
21 Feb.
20 Feb.
19 Feb.
17 Feb.
Feb.
1
High
4KB. 1947-62
Mortgage
week.
23
22;Feb.
21 Feb.
20 Feb.
19 Feb.
17 Feb.
Feb.
No
:
daily record of the transactions
a
Corporation bonds on the New York Stock Exchange during the current
Quotations after decimal point represent one or more 32nds of a point.
Treasury
One
the only transactions of the day.
Securities on the New York Stock Exchange
in Treasury, Home Owners' Loan and Federal Farm
United States Government
Below
Exchange
Sales—New York Stock
Stock and Bond
Close
*
Total sales in $1,000 units...
2 Ha, 1951-54
107.10
107~6~
107.4"
107.6
mm mm
107.6
107.5
107.4
107.2
mmmm
(High
Low.
107.6
107.5
107.4
107.2
Close
Total sales in
1
I
'
1,000 units...
106.20
Low.
106.20
mmmm
106.12
106.12
mmmm
106.12
106.11
mmmm
mmmm
(Close
106.20
m
m
m
,
106.12
106.11
'
m mm
1
Total sales in $1,000 units...
mmmm
106.2
106.2
106.2
■rnm~rn
ClOQQ
Total sales in $1,000 units...
Treasury 4s, 1944-54.. 114.11 to 114.11
Treasury 2Hs, 1955-60107.18 to
1
mmmm
1948-50.103.5 to 103.5
'52.107.17 to 107.17
5 Treasury 2s,
Treasury 2Ha, 1945-47108.30 to 108.30
105.30
mmmm
mmm'
1
2
105.30
mmmm
mmmm
|I Low.
coupon
Home Owners 3s,
107.18 1
8
1
'■■mmmm
'mmmm
mmmm
(High
2Hs, 1958-63
22
-
(High
2H8. 1956-59
only sales of
registered bonds were:
includes
table
above
Transactions in
bonds.
18
10
2
mmmm
t Cash sale.
f Deferred delivery sale,
Odd lot sales,
Note—The
United States Treasury
105.30
United States Treasury
1
1
Bills—See previous page.
Notes, &c.—See
previous page.
New York Stock Record
AND
SALE
HIGH
$ per share
NOT PER
Feb. 21
Feb. 22
Feb. 23
$ per share
Shares
4512
*41'4
48
48
8
778
22%
*2134
18
18
51
51%
2134
$ per share
22%
2134
2134
18
18
5134
49%
18%
50%
7ft
6%
*%
$ per share
6%
78
7ft
*5g
78
4934
*%
*638
6%
6%
78
78
78
1
1178
12
10%
12
12
*10'4
11'4
*10^8
11
*14
16
22's
6934
*103g
_
1034
177'2 177l2
*13
13%
*137g
14%
87|
9
*66'4
68
3712
3734
1434
1484
2
2
*16
17%
*54
65
*20
48'2
20%
49%
1078
11
47'2
47%
■
•
50
*5g
*133
*4H4
1
12
10
10%
11
11
11
10%
10%
10l2
15%
22%
22%
72
10%
10%
177% 177%
*14
*14
15
22%
23
*69%
*10%
73
22l2
*
10%
1034
179
177% 178
15
23%
72i2
13
13
13
13
13
1334
14
1334
14
14
14i4
9
2
*16%
*53%
20%
49
*1034
49
834
67%
*65%
37
373g
16
*14%
15%
37%
15%
67i2
3758
15%
2
*17s
2%
*178
2i4
67%
•
17%
55
834
16%
20%
54%
*19%
50%
11
49
700
Address-Multgr
50%
4,600
Closed—
200
2,800
Alaska Juneau Gold Mln
78
1
1134
2,000
2,300
Allegheny Corp
11%
Exchange
34
612
10
10
700
5H % Pf A with $40 war. 100
10i2
1434
22%'
500
400
5H% pf A without war. 100
$2.50 prior conv pref .No par
Alghny Lud Stl Corp..No par
AUe?hany & West 6% gtd.100
Allen Industries Inc
1
1,900
Allied Chemical & Dye.No par
*10
Washing¬
*14
ton's
*-.__
Birthday
178
22i2
10U
*1284
14
72i2
IOI4
17878
13
I4l4
8%
10
300
5
Allied Kid Co
1,000
200
100
10.500
1078
4912
a
700
180
Def. delivery,
6% conv preferred
Amerada Corp
50
No par
Chem (Del).-No par
Am Airlines Inc
10
American Bank Note
10
Am Agrlc
n
New stock,
r
Cash sale,
Jan
25
Mar
2712 Jan
68
Sept
U4 Sept
Jan
Sept
Jan
4l2 Aug
4i2 Sept
18
8
June
23'2 8ept
14
Apr
Feb 19
52
May
Jan
l')78 Feb
9
Feb 13
Jan 2 5
15
Feb
y
Apr
534 Aug
14
x Ex-div.
Sept
I57g Sept
2
180
50
6% preferred
19
4514
10
2
6334 Jan 22
35i2 Feb 1
14% Feb 5
134 Feb 7
14% Jan 15
53% Feb 3
1934 Jan 18
4134 Jan 12
103g Jan 2
No par
3H2 Mar
6i2 Aug
84
Jan
Jan 10
100
preferred
33i2 Apr
per share
7U2 Sept
149i2 Sept
4912 No*
56i2 Oct
lli2 Sept
% July
72
AUls-Chalmers Mfg
5%
Apr
231* Feb 21
9% Jan 23
Feb
Apr
6i4 Dec
I6I4
18% Jan 15
Feb 19
12i8
53
120
Highest
1212 Jan
72
171
share $
Jan
12
Jan 31
9% Jan 18
77g Jan 19
20ig
t In receivership,
9
1334 Jan 19
No par
Alpha Portland Cem_.No par
*47l2
34
per
li« Jan
14% Jan
7
Allied Stores Corp
Amalgam Leather Co Inc_..l
49
5
7
1312 Jan 15
300
1078
Kg Feb
No par
300
4938
177g Jan 20
48t« Feb
3
22% Feb 15
191* Jan 4
58% Jan
Jan 16
21
3
9
Jan
9
Allied Mills Co Inc
2i8
1678
5534
1078
41% Feb
487s Jan
2,500
2,700
2i8
4834
5
1034 Jan 30
"4",400
1078
6
5H % of A with $30 war. 100
37
15%
50%
Feb
7i4 Feb
70t4 Feb 14
Feb 8
3
45
..No par
6712
*19%
48i2
1034
49i2
4,600
41U Feb
i
share
147
2
63s Feb 15
78 Jan 12
10
3612
*1434
*54U
*48i2
~
Jan
144
Lowest
Highest
$ per
$ per share
68
Jan 15
Appliance..No par
*65
I6i2
49%
No par
Air Reduction Ino
Air Way EI
10
Corp
34
20
Bid and asked prices; no sales on this day.
I8I4
56%
1078
49%
Adams-Millils
20
49
No par
300
55%
.
25
No par
2,300
*15%
16%
20%
No par
Co
Adams Express
734
*15
55
Acme Steel
22U
8%
87«
*6534
38
884
*6534
37%
*14%
700
481
638
10%
179%
13
100
Abraham <fc Straus
4512
4914
11
*14
No par
% conv pref
*18
1234
1134
10%
*103S
4 H
7*8
Stock
78
Abbott Laboratories
Year 1939
100-Share Lots
Lowest
Par
*2U8
6%
7ft
700
6934
1593s
48
22%
18%
5034
12
72
22's
«.
*2H4
18%
1
6%
*1734
On Basis of
Week.
$ per share
69%
69%
69%
69l2
6934
159% *133
159% *133
1593s
45%
*41% 45% *41% 45% *41%
48
48
48
*47%
48%
*46%
7%
7%
7%
784
734
7%
Previous
EXCHANGE
Thursday
Feb. 20
$ per share
Ranye for
Ranye Since Jan. 1
STOCKS
NEW YORK STOCK
the
CENT
Friday
Wednesday
69
6858
1593s *133
685g
*133
*
SHARE,
Tuesday
Monday
Feb. 19
Feb. 17
PRICES—PER
Sales
for
LOW
Saturday
9
69
Sept
Jan
Sept
117g Oct
200'2 Sept
Apr
147g sept
912 Apr
15% Sept
llig Jan
10
Apr
Apr
71
Apr
483g
197g
1234 Apr
li4 June
Aug
Jan
Jan
33g Sept
Aug
21
Apr
74i2 Sept
24i2 Sept
16i2 Jan 24
12
5612 Jan
3
50
J»n
4
16
Apr
50i4 Feb 19
lli2 Jan 4
50
Jan
3
26
June
Ex-rights.
28U
54l2
Jan
23s Jan
21
18>4 Sept
28
Jan
417g Jan
16
Apr
15li2 Apr
6
938 Jan
68
634
20' 2 Sept
934 Sept
46i2 Dec
47
Sept
Dec
1734
Jan
60
Jan
$ Called for redemption.
Volume
LOW
New York Stock
150
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Record—Continued—Page
CENT
Sales
1237
Ranoe Since Jan. 1
Baxter day
for
Monday
new york stock
Tuesday
Wednesday
Thursday
Friday
the
Feb. 17
Feb. 19
Feb. 21
Feb. 22
Feb. 23
Week
$ per share
$ per share
% per share
$ per share
Shares
Ranoe for Previous
exchange
Feb. 20
$ per share
7
'
*42
*131
$ per share
7%
4312
7
8
7*4
*42
43
*42
*131
133
133
131
8*8
4278
131
*44
*43
45*2
20*2
20*2
20*8
*108*4 112
*137
137
13
8*8
7
65s
12
12
86
*2%
*5*8
1*8
25*2
5*2
*136
13
12*4
1*8
1*8
25*2
2512
5l2
5*2
2512
5*2
2512
*53g
256s
678
3:25*8
*5*2
25*4
57g
20*4
20*4
32*4
21
21
3:20*4
20*4
32
*58
585s
*58
27g
3
28*4
29
*41
5%
41*4
*5078
53
19*4
*24*4
*116
55g
3
55s
2:24*4
*115
90
5*8
978
*97*4
9*4
*97*4
8% '8
8
45
I
45
7
7
*37
43
42
29
29%
38
20*4
112
*12
*2*2
*33
20*4' *20*2
112
13
*12
27g
*2*2
*33
68
*40
40%
*10
10*2
*8*2
*94
8*8
*74
*62
9
40*8
*10
|
100
*8*2
2434'
*115l2
25
25
4
37g
55*4
46l2
934
164
*158
164
1*158
*50*4
24
24*4
*115% 122
25%
37g
56
45*2
25%
4
56%
2,000
*158
2,800
45*4
3,100
9%
15,200
9*4
164
1,500
""230
164
15
15*8
15%
15*r
"5" loo
65l2
64*2
64*2
64*4
64%
300
12
12
12%
12
12
900
10*8
32*8
50*4
10*4
3234
*141
I
5H2
14418
69*4
*147*4
70
12%
11
11*4
*31
32%
5078
51*2
*142
144%
69
11
33
50*8
50%
7,100
14278 14278
69
69%
*147*4 150
69*4
11%
32*2
*147*4 150
90)
1,800
260
100
27*4
2878
28%
28*4
28%
28%
3,700
i3i2
13%
13%
13%
2,900
*15%
13%
16
23
90*2
13
163g
22
89*2
13%
16
2134
22%
89%
89*4
*15*4
16%
171% 171*4
88*4
88*4
90*4
90*8
150
150
5*2
5%
10
9*4
98*2'
8
437g
29%
21
13
278
34
90%
5%
5*4
97g
10
98%
8
8
42*2
43%
1
6%
*40
29*8
36*4
12
*2%
109
3 034
37%
13%
278
5%
49%
68
40%
10*2
9
*10
*93
8
8
77
5*4
ton's
1,100
2,500
300
5*8
97g
Birthday
43
7*4
*40
31%
30%
1
43
7*4
37*2
20*4
500
640
200
40
40
40*8
10*2
*10
1,300
200
10*2
5*2
*60%
87«
*8*2
100
*93
8*4
77g
5%
50
3.400
200
68
*74
77
*74
77
*74
72
71
72
*69
73
*69
73
""200
43
42*4
42%
43
43
*42
43
200
100
100
19
19
14%
*15
23%
15
i6i4
23%
*108*8 109
*8*2
8%
51
51
71*2
71*2
*121
*6
1%
123*2
678
1%
3
3*4
23
24*2
23%
52*2
*15
678
15*4
5%
6%
*11%
15*4
45*2
45%
15*4
8*4
15*4
5%
6%
12*4
121
*6
1%
100
I
121
6*8
1%
*121
6*8
1%
3%
3
25*2
26
678
16
5*2
7
12%
4678
15%
8%
29
6*4
15%
5%
207m
23*2
22%
23%
52%
53
52
52
18%
19
16
16
16
18%
*15*4
123%
6%
1%
3
26%
16
5%
207M
207n
207jj
1187, 119
1%
1%
3*2
26*2
3%
26
15*4
16*8
15%
5%
29
29
46%
14*4
77g
*28
5*2
6*4
207n
22
22
22
2178
10*2
10*4
10%
10*4
19
19
10%
19
15
*18%
*14*4
72
*65
*14*4
*65
24
*18%
I
*65
15
72
24%
*14*4
23*4
24
207«
23*4
2
.100
6%
29
Armour a Co of Illinois
5
prior pref...No par
500
400
100
1
6% 1st preferred....
7% 2d preferred
100
100
Assoc Investments Co.No par
5% preferred
100
Atch Topeka a Santa Fe._100
Atl g a w i 88 Lines..No par
5% preferred
5,800
207ji
55
55
*37%
900
300
400
78*4
*2073j 20*4
119*4 119*4
17,300
No par
$5 prior a
...No par
Aviation Corp. of Del (The).3
Baldwin Loco Works v t c... 13
Conv
100
...100
50
5% preferred
100
Barber Asphalt Corp
Barker
10
Brothers
No par
5*4 % preferred
50
Barnsdall oh Co....
5
No par
100
25
4
8%
Aug
12
24
Apr
48
20*4
Apr
40
38*2 Jan
21% Jan
2
35
Apr
13%
Apr
5
15
Feb 23
111
Jan
6% Jan 29
64*4 Feb
9
6
7
Feb 13
Jan 11
Jan
Aug
15*4 Sept
64*4 Sept
3
Jan 10
Jan
14%
96
31% Jan
114
Sept
97*4 Sept
18*2 Jan
171% Deo
87*2 Jan
89*4 Jan
153*4 May
7*4 Feb 21
43% Jan 11
Sept
Sept
Sept
5478 Jan
27% Aug
114*4 June
21
8*4
Apr
1*2
Apr
4
Dec
Apr
May
37
Sept
106
Dec
3% Aug
33*4 Apr
60
60
Sept
8*4 Sept
Sept
Mar
65
31*4 Sept
7*2 Sept
5% Apr
58
Jan
13
Mar
73
Jan
5%
Apr
10*2
100
10%
Jan
Oct
Dec
Jan
Feb 13
78
Feb 10
85
Jan 16
41
Apr
81
Oct
43
Feb 21
30
Apr
38
June
90
Jan
100
June
21
Sept
97*2 Jan
3
22*8 Jan 22
13*4 Feb
1
Jan 11
100% Feb 19
25*4 Jan
3
70
Jan
64*4 Feb
23*2 Jan
z49*4 Dec
18
5*4 Aug
9*2 Aug
18% Sept
104% Apr
15
Jan
18*4 Jan
Apr
Feb
1% Feb 15
178 Feb 7
16*4 Jan 19
Jan 15
14% Jan 18
5% Feb 23
6% Feb
Feb
44*4 Feb
13*4 Jan
7*2 Jan
12
,
23
5
14
18
23
26*8 Feb 8
11% Feb 23
25*4 Jao 15
114
27
Jan
5
Jan 22
Feb
Jan 2 5
878 Feb 20
124*4 Jan 10
Jan 29
6
23% Feb 16
6
6% Jan 15
27s Jan 4
4% Feb.23
28*2 Feb 23
7% Jan
18
2
Jan
6% Jan
8
Jan
9
Feb 20
13% Jan
4
30*4 Feb 23
115
Feb
7
29% Jan 25
109% Feb
3
30% Jan 15
127
Pr
Jan 24
78*4
427s
71
Oct
Jan
Mar
30%
Jan
26*4 Sept
26
Sept
24*4 Oct
Bethlehem Steel
17
Apr
98
Apr
27*4 Sept
10478 Sept
7*4 Apr
Apr
Apr
37
Jan 15
39
32
No par
Laughlin Inc...
6
Bloomingdale Brothers.No par
Boeing Airplane Co
r
Cash sale,
100
5
x
Jan
2
121
Jan 26
Jan
Jan
11% Aug
15% Apr
109% Oct
Feb 19
17% Jan 10
Jan
Feb
r5
115
87*4
21%
33
par
3
Jan
Apr
1778
48*8
Jan
Jan
Sept
30*2
24%
16%
83% Jan 3
20%i Jan 26
Jan
Nov
Sept
13
52
70% Jan 22,
Sept
Apr
22% Feb 23
56*4 Jan 18
(Del).No par
110*2 June
6
-No par
Best a Co
n New stock,
Dec
10*4 Aug
33% Feb 2'
pfd$2.50dlv ser'38No
Bliss a
Nov
3% Aug
9i8 Aug
378 Aug
49
15*4 Feb 16
29
16
4*4 Sept
11% Dec
1478 Jan
52*2 Jan
8% Jan
7
Jan 15
Blumenthal a Co pref
Def. delivery,
3% Apr
28% Apr
21
5
Beneficial Indus Loan..No par
18*4
a
132
26% Jan 15
Bendlx Aviation
19
4,400
Apr
Oct
Sept
4*8 Sept
8*8 Apr
78
Apr
75*4
9*2 Jan 27
Blaw-Knox Co
70
Apr
73
Jan 15
5,600
300
148
34
75
9
10*4
18*4
15
700
15*4 Apr
75*8 Mar
1378 Dec
14*2 July
18% Oct
70
122
10%
5,900
Apr
Nov
36% Jan 12
20
107g
J In receivership,
3
Jan
9
1078 Jan 4
9*2 Jan 4
96% Jan 12
No par
Co
Beldlng-Hemlnway
10%
23%
3
41
41
30% Jan 15
10%
18*4
15 |
23*2
978 Jan
47*4 Jan
20*8 Aug
8% Apr
Jan 15
..50
1,200
*14*4
9
July
Jan 15
109% Jan 10
22
*65
Jan
Aug
153
10
No par
*21%
15
5% Feb 23
12% Jan 4
99
69
Oct
Jan
22
70
7
144
140
Sept
Sept
Jan
22
24*4
Feb
90*4 Feb 23
150% Jan 21
Jan
63
5%
378
30*2
9%
21*4
8*4
11%
22
23*4
89
20
46% Sept
Sept
u5% preferred
20
7% preferred
100
b!gelow-8anf Corp Inc. No par
Black a Decker Mfg c0n0 par
*65
Feb 23
18% Jan 11
172*4 Jan 5
Jan
80*4 Sept
16% Mar
8
600
*14*4
9
Jan
Jan
22*4
127
29
I
Feb
Nov
18%
June
28
70
70
150% Jan 22
33% Jan 3
49
162
35% Apr
127*2 Sept
59% Apr
37
6
30
24%
4
Apr
10*4 Dec
9
Sept
25% Aug
51% Feb 13
121
118%
*18*4
Jan
52*2 Jan 3
146% Jan 19
Belgian Nat Rys part pref..
38%
77%
12% Feb 5
11% Feb 23
50
Feb
4*4 Apr
1*2 July
2
Apr
Beech-Nut Packing
42,800
5
Jan
Jan
7
68% Nov
116
$5 preferred w w
Beech Creek rr
22%
8
5*8 Jan 23
46% Jan 23
68*2 Jan 4
100
5% conv preferred
Atlas Tack Corp
1st preferred
32*4
Jan
x26
9% July
Bayuk Cigars Inc
*6378
32%
22%
64
10% Jan 4
160% Feb 16
17*2 Jan 3
Oct
21*2 Sept
3% Apr
32
Apr
28
Apr
8*2 Sept
140
Sept
117a June
71
Beatrice Creamery
500
25% Feb 21
5% Jan 5
63% Jan 8
2*8 Apr
22% Dec
112
48% Aug
4,000
9*8
65%
9
Aug
"500
9%
4
Jan
50
*27*2
277g
*109*4 115
*122% 126
3% Jan
247g Feb 21
120
30% Jan
79% Jan
15*4 Jan
5% Sept
40*8 Jan
124*2 Mar
Feb
30*4
*114% 115
*30*2
Apr
97
63
^Baltimore a Ohio
11%
Aug
11
109% Jan 31
7% Feb
Sept
73
4% preferred
Bangor a Aroostook
11*4
30%
Aug
41
2
No par
1,500
100
13
4
3
21
8% Jan 12
96*2 Jan 12
9
Jan 15
Atlas Powder
5,300
>
3
378 Jan 3
33% Feb 13
106*2 Jan
Aug
Apr
5%
29
Jan 27
11
2% Jan 26
31*2 Jan 12
Dec
3*8 Aug
25
43% Apr
4.400
29
3
Feb
19
111% Feb 21
60
Jan
Feb 14
Austin Nicholas
300
26% Jan 22
35*4 Feb 5
Sept
Sept
8
51
1,110
300
2
33
43% Sept
110
5,200
1,200
Jan
25% Nov
1077g Feb 19
8% Jan 12
47*4 Jan 2
6,220
|
5*4 Jan 30
30% Nov
9*4 Jan
4% conv pref series a... 100
Corp
5
6% preferred
50
67g|
157gl
8%
41*4 Jan 30
39
Aug
14% Jan 27
20% Jan 15
4*8)
15
2
132
100
26
Atlantic Refining
28*2
46%
7% Feb
18*4 Feb 23
1,600
600
5
Jan 22
50% Jan 15
No par
tAuburn Automobile..No par
|
Jan 12
934 Feb
100
80
6%
6
100
5% preferrred
Atlantic Coast Line rr
200
46
*778
ArmourACo(Del)pf7% gtdlOO
I
12
*14*2
conv
Atlas
3,200
5
1
Anaconda w a Cable..No par
AnchorHockGlass Corp No par
Jan
95
No par
$5 prior conv pref
25
Anaconda Copper Mining..50
conv
148
1*8
14*2 Jan
3% Sept
Jan
60
93
2
Apr
Apr
278 Mar
25% Apr
41*4 Apr
147g Jan
22*4 Jan
23% Feb 23
Jan
2
Preferred
6
18% Jan 23
1478 Jan 3
167*4 Jan 15
Jan
No par
6% Jan
81
86*4 Jan
Amer Zlno Lead a Smelt
$6
1
Apr
Apr
12
Jan
13% Feb 16
17*4 Jan 5
10
$6 1st preferred
American Woolen.
$6.50
Feb
Sept
May
Dec
5
*15*4 Jan 17
85
118
Bid and asked prices; no sales on this day.
5*8
12
Feb
2*s
4%
17s
12%
26*2 Oct
115% Mar
41% Feb 23
52% Jan 23
34
26|% Jan 22
61
10
_
2 934 Feb
2
46
Jan 22
14278 Feb 23
3
60% Jan
3*4 Feb 19
30% Feb 23
70
...25
100
37
64*4 Feb
11*4 Jan 2
9% Jan 16
....25
Common class b
*29
*118*4 119%
29*4
29*4
21
I
207«
American Tobacco
7%'
1%;
12
12%
46*4
15
8
200
8*4
49*4
71*4
121
6*4
*8
30
121
67g
6%
30
*70*4
1%
3%
12%
30
8*4
49
*6*2
6*4
200
3,600
*108% 109
6
12%
46%
14*4
8*4
600
16*2
16%
121
6*4
1,500
22
6
*25
18%
16*2
6*4
7
6,700
500
22
121
12%
46*8
14*4
29*4
210
23
52*4
19
11*2
11% xll%
11*4
11%
11%
11%
11%
29*4 -2978
29*8
29%
29%
297S
29*4
30%
*114*4 115
*114% 115
*114*4 115
*114% 115 *
*27%
28
27%
277g
27%
27%
*27*2
277g
*109*4 115
*109*4 115
*109*4 115
*109*4 115
*30
*30%
*30*2
*30%
*122% 125
*122% 126
*122% 125
*122% 126
*9
9%
9*8
9%
9*8
9%
*9*8
9%
*6378 65%
*637g
65%
*6378 65%
*637g
65*8
31%
317g
31% 31%
31%
33
32%
33*2
22
22
22
22%
22% 22%
22%
22*4
55
*55
*55*4
557g
55%
*55
5578
657g
*38
38
38
3778
38
38%
38*8
38*8
77*4
77*2
79
78*4
78
77*8
79%
79*4
11878 11878
99*2 100
23%
2:22%
67g
15%
5*2
*6%
12%
45%
15%
*27*2
29
15*2
16%
23%
23
52*4
18%
■
*15
*15
25
*8
8*4
19
100
16
16
16*2
22
2278
22*4
10778 108*8 *108% 108*4 *108
109
8*2
8%
8%
87g
8*4
8*4
*49
50
*49*4
50 f*49%
50
*71
72%
71
71
71%
71%
23
3*4
678
#26
100%
No par
7% preferred
*68
52*2
18%
15%
Amer Steel Foundries ..No par
American Stores
No par
Associated Dry Goods
*42
23*4
14% Feb
Jan 18
"2,800
73
100
8
Jan 11
8
77
100
43
53
Jan
68
"""760
*70
99*2 100
23% 23*4
Jan 27
9*4 Jan 15
155
149
7% preferred
100
Armstrong Cork Co
No par
Arnold Constable Corp
5
Artloom Corp
No par
T.500
87g
Jan 30
Jan 27
Jan 27
25
Archer Daniels Mldl'd.No par
*108*4 109*4
4
100
278
*42
*52
100
34i2
*49
77g
Preferred
Jan
23*4
378
62%
43*4
15
20
24
26
American Snuff
'2%
5%
*93
pref...
100
American Safety Razor.. 18.50
American Seating Co..No par
Amer Ship Building Co .No par
Amer Smelting a Refg.No par
conv
*33%
278
34
49%
68
40*2
8*4
4h%
25
preferred-No par
Andes Copper Mining
20
ap w Paper Co Inc........5
*10
8%
2,400
6,500
111% 111%
14*4
15
5%
100
1,800
43
49%
*60%
40*4
10*2
9
American Rolling Mill
Feb
Feb
Jan
Jan
119
Am Water Wks a Elec. No par
400
48,800
20*4
..100
6% preferred
Am Type Founders Inc
3078
*36
95 preferred
No par
am Rad a Stand San'y.No par
2,900
8% I
7*4
43
No par
.
4,800
5%
10
98*2
8
.
"5", 100
88%
*97
$6 preferred
American Sugar Refining.. 100
Preferred
100
90*4
Washing¬
6% conv preferred
100
American News Co....No par
Amer Power a Light...No par
Am Sumatra Tobacco..No par
Amer Telep a Teleg Co... 100
1487g 1487g
10 |
98%
60
900
93
90
150%'
8*4
43%
"3" 500
23%
88%
Closed—
pref
American Stove Co
16*2
171% 172
109% 109%
*60
100
91
16
*15*4
37%
37%
*20*4
21
111% 111%
14
14*4
*2%
109
5*2
*48*2
8*4
30-%
*33%
68
40
90*4
7*4
*40
34
\
43*2
7%
*20*4 21
111*4 111%
*33
97
8
43
Stock
*15*4
16%
171*4 172%' Exchange
88
88
I
*14878
98*2
67g
43
88*4
90*2
150
90
*15*4
22*4
conv
6% preferred
28*8
*15*4
22%
5%
Preferred
15*8
14*4
8
*74
2% Jan
24*4 Jan
5% Jan 18
40*2 Jan 24
700
27g
24
*93
8*4
77
Amer Invest Co of 111..No par
200
100
3
*108% 109
*10834 109
*5%
534'
5%
5*4
*49% 50
487g
487g
*62
Amer Internat Corp...No par
200
52
pref
3
111% 112
34
900
41%
non cum
51%
13%
2*4
22%
38
28%
5%
41*2
6%
Preferred
100
Amer Mach a Fdj Co.No par
Amer Mach a Metals
No par
Amer Metal Co Ltd...No par
6*2
*37
7,700
2,400
American Locomotive..No par
5*8
10
98*2
3
30%
900
*1534
16*4
171% 172
88
American Home Products
1
American Ice
No par
3
30%
5*4
600
*14H2 146*2 *141
145
69l2
69l2
70
70
*147*4
1*147*4
*147
50
1,900
10*4
32%
5078
90
6% preferred
1378
12*4
150
American Hide a Leather... 1
100
19%
*65
90
478 Feb 20
33% Feb 15
56*4 Jan 13
24% Jan
35*4 Jan
6% Jan
53%
15
*147
19% Jan 31
287g Jan 2
1378
5*4
*40*4
Feb 21
May
6*2 Sept
6*4 Apr
14% Feb 23
87
2% Jan
28*4 Jan
7% Jan
Jan
5
18%
65l2
21*4
8*4 Feb
1178 Sept
18% Sept
86*2 Sept
6% Jan
6*4 Sept
3% Jan
1% Feb 17
22% Jan 31
5*4 Jan 27
4,700
200
Aug
97 2d preferred A ...No par
4,700
59
17% Sept
5
Feb
53%
1434
*89
*58%
3*8
2978
Dec
8*4 Feb 23
8*4 Jan 6
6
13*8
3
*278
3
2434
24*4
2478
122
*115*2 122
25
25
25*4
4
4
37g
56
56*4
56*8
46
47*4
46*2
95g
9*2
93s
65l2
28*4
i3i2
*15*2
58*s
3
9
3
3% Jan
5*2 Jan
5%
58*8
109i2 Apr
53*8
1538
28*2 29*81
13*4
13%!
*15*4
16*2
21*2
21*2
*88*s 89*2
*1534
16*2
171*8 172
88*2 88*2
32
5*4
100
Feb 15
Feb 23
4
34*2
31*4
Oct
Feb 15
par
$6 preferred
No par
Amer Hawaiian 88 Co
10
Oct
64
13
6% Jan 15
...No par
40%
138
10*2 Jan 26
81*4 Jan 2
2*2 Jan 17
97 preferred
Apr
Sept
16% Aug
30*4 Aug
13*2 Apr
Aug
116% Sept
179
July
109
Corp..20
European Sees...No
83%
150
Jan
140
Jan 15
American Crystal Sugar.... 10
6% 1st preferred
100
American Encaustic Tiling... 1
Amer a For'n Power...No par
Apr
8
Feb 23
10
23is Jan
125
share
per
57*4 Sept
13
13*2
13%
65*4
50
American Colortype Co
Am Comm'l Alcohol
Jan 12
3*2 Aug
31*4 Apr
Highest
1
133
19
912
*934
325g
300
100
53%
56*4
10*41
21
preferred.
Feb
8% Feb 20
45*4 Jan 3
share
19*4 Feb 23
108% Feb 15
13*8
47*4
51*41
300
conv
American Chicle
...No par
Am Coat Co of
Allegh Co nj25
42
19*4
533s
4634
33% I
176% Jan 16
32% Jan 2
51*4 Jan 2
23% Feb
19%!
19
I *52
5634
*9*4
116% Jan 29
Feb 21
American Can
1378|
3
I
53
56*4
50*4
Feb
171
...100
50*4 Feb 16
18*8 Feb
1
47%
934
33
32
112
pref
par
5*4
41*2
51*8
19*2
4
*12
1,000
5%
*20
..>25
Fdy. No
51*8
122
*24l2
12*4
25%
5%
$ per
Preferred
...100
American Car & Fdy_.no par
Preferred
100
Am Chain & Cable Ino.no
par
conv
52
4
*12
25%
share
132
5h%
4H4
378
56*2
46*4
95s
*65
T,606
$ per
Lowest
5*4 Jan 13
38% Jan 22
130*2 Jan
Am Brake Shoe &
Amer
1%
share
per
*5118
25
*160
5*4
2%
6
*33
029*4
50
700
1%
5*2
35*4
5*4
2,900
1
$
*41
*24*2
164
58*8
314
29%
3
2%
*33*2
58*8
295g
5*4
31*4
5*4
34
14%
88
*5%
Par
American Bosch Com
Year 1939
Highest
52*2
19*4
52%
1384
122
32*4
47g
500
100-share Lot*
41
41
3*8
25
*5*4
34
29
*51
19i2
52*2
13*4
31*4
518
35
58%
314
6
2*4
6
5,900
7
On Basis of
Lowest
5%
""460
20
8*4
*87
1*8
5*8
*3312
13*4
3*8
8*4
13
*5i8
3,400
13
*67g
13*2
87
2*8
1*8
5*8
34*4
15*4
12l2
863g
25s
1%
31*4
52
13
7
12*4
900
*134% 137%
8*4
-
3,100
*108% 112
13
1*4
30*4
6*8
*3212
2*4
28*4
5%
20%
400
43
19*4
136*2 136
8
25*4
43
4478
20*8
20*8
*108*4 112
7
2,400
24%
*43*2
2h
6
1,000
172% 172%
26
2112
*21
*160
115% 116
171
25*4
*2%
*5*8
6
11,200
20
171
♦11*4
25g
7%
43
*130% 133
116
86*8
*86
7%
42%
43
116
13
8*4
7
87
778
423g
7
8*4
6*4
12*8
12*8
137
*11*4
8*8
*86
3
44
20*8
*108*4 112
137
*11*4
8
86
42i2
20*4
20*2
*108*4 112
138
*11*4
7*2
*6*4
44
75g
130*2 130*2
115*4 115*4 115
115% 114l2 115*4
173
173% 173*2 *171
*171
172
2534 25*4
25
25*8
25*4
2512
*
2
stock8
Nov
Apr
Sept
50*4 June
15% Apr
99% Apr
157g Apr
19*2 Jan
26% Nov
115% Nov
28
July
107% Nov
32
Nov
128% Aug
9% Oct
73% Jan
33*4 Oct
22*2 Dec
66
Deo
57*2 Mar
100
Sept
18*2 Sept
120ig Sept
32*4 Oct
24*2 Oct
17*4 Jan
36*4 Oct
Feb 23
34*2 Jan
5
19% Jan 16
22% Jan
5
11% Jan
23% Jan
4
3
Jan 17
15
9
Jan
75*2 Jan 30
35
Apr
23 % Mar
57
Dec
2578 Feb
16*4
Aug
34*4
28
9*4
18%
1478
55%
Feb
5
Feb
7
4
21*4 Jan 12
Ex-dlv.
y
Ex-rights.
Jan
9
14
8*2
22
13*8
Apr
Apr
Dec
Dec
Jan
1 Called for redemption.
39k
New York Stock Record
1238
-
AND
SALE PRICES—PER SHARE.
HIGH
Monday
t
.
i
Feb. 17
Feb. 19
Feb. 20
$ per share
$ per share
25
25
$ per share
25*4
*245»
*119
120
63'z
*03
00
23»4
23*4
24
2314
2312
23*2
26
120
120
*02
2314
*2
2i4
*2
*34
34i2
34
119
23
$ per share
Shares
2314
23
23&8
23l4
*2
058
058
0*4
0i2
6*8
IU2
lll8
11*8
lll2
2138
*38*4
1118
20*2
213«
20&8
2Hg
2U8
*3812
*37i2
39*4
39i2
51%
5158
517g
39*4
5178
*51*8
5178
5178
2*8
2ig
34*4
17*8
19*4
2
214
2
35
400
Briggs Manufacturing.No par
Briggs A 8 tr at ton..
No par
Bristol-Myers Co
5
2i4
45
16,000
Brooklyn A Queens Tr .No par
17i2
I7i2
6,700
20
20i2
80
58*s
22ig
54,000
2,300
*5ll2
2ig
17*4
19*2
17U
1914
17i2
19*4
1912
205g
78
82
7312
58*4
5914
68
70
58*2
7H2
59
703S
59*2
58
5812
58ig
23
23
22U
22%
2212
2212
2214
2214
22
1712
1878
75>2
1
30
2478
1758
36
*34*8
9*4
*35i8
41
9»s
I
*35
9 ">8
*102*4
512
42
578
25*4
2378
25*4
9*4
30
30
30l2
30*4
25ig
95g
9*4
*102*4
....
10
6
26
26
30
3012
19*8
19*4
18*4
187«
18*4
12
1218
12
12 lg
12
3*4
4
11
3*4
*10
7
*6*4
11
11*2
*10*4
*6*4
7
*0*4
22
*21*4
12'2
7
21*4
21*4
10'2
22
3*4
-
37g
4*g
4ig
4l«
13
♦1214
13
1214
1212
12*4
12*4
70
70
70
70
70
70
*69
71l2
14*8
14>8
14'8
14
14
*14
UI4
25l2
*14
25*2
25*8
255s
*51*2
4'g
25'2
*51*2
55
2512
2512
*5U2
55
55
H4
H4
H4
1*8
114
H2
7'g
*
7*8
7
7%
714
8
15
2012
*35
5
*38*4
39*4
*38*4
*5»4
5
518
5
39*4
*39
*38*4
*5U
112
7*4
40
40
40
40
*39i2
40
88
88
88
88
*87
88
24*8
25
25
*245g
255g
*2414
3
3
3
3
25i2
31#
*69l4
*112
11312
51
*5012
30
1178
29*4
11314 113*2
1H2
11581
*65
70
*05
*22*2
23
29*4
1158
*3
m
♦5
»
*113
-
"
*7*4
♦5*8
*96*4
2278
3
2*4
W
8*4
8
578
*5*8
*94*2
99
►11312
*
8*g
8
57g
*5*2
*94l2
39*2
7*2
*17
*18*2
19*4
105*4 *104
23*4
18
4*2
18
18
4*2
4078
40
4014
45g
3978
95
95
96
2
*2
214
l7g
*1*4
10*8
10U
IOI4
14
'4
14
*
11«
*78
*13*4
1418
137g
1
14
*34
36
49
49
*34
*3414
36
4912
*48
3
*»4
3012
*47
49l2
*8
*8
8012
13*4
97
*45
....
*3ig
34ig
3l2
3414
*31
33
*3114
33*4
34ig
*46
38'4
38*4
38*4
425g
433g
4314
142
*137
1278
33
*11212 113*8 *112*2 113*8
40*4
405g
39*4
3912
78
77*4
*76*4 77*4
*46
9
12*4
5lg
312
*137
86I4
1312
13i2
*96
98
*45
...
312
312
3414
112
3412
112i2
142
12078 12078
12112 12H2
63*4
*62i8
18
17*4
10578 10578
*62lg
175g
6334
177g
10578 106
85i2
1334
*96
97
40
40*8
5,800
*76*4
77*4
70
*48
Vs'sg
3814
4414
4334
142
*137
121U 12114
63*4
*62i8
19*8
I8I4
1055g 106lg
38l2
43l2
140
3~878
5'2
*3*4
5
2578
25*4
25*4
2512
*25*8
25*4
*25l4
255s
6I4
*25
7
46*4
7
21*2
7
*20
*20i2
46l2
46*4
5i2
8812
*4
6*8
88i2
105*8 1055s
*414
478
2,400
25i8
0i4
24i2
24is
6*4
600
12,500
89
89
89*2
800
6*8
7*8
7*8
22i2
47
465g
108is 1081g
54*4
5414
*112
113*8 *112
113*8
1133s *112
113*8 *112
14
14ig
137g
14*s
14
1414
14*8
H4
lig
U4
H4
H8
Hg
Hg
H8
65
05
65
67
6512
60i4
*65*4
6614
3212
32*8
3212
32l2
32i2
3212
3238
32*8
13*4
Bid and asked prices; no sales on this day.
40
110
25*8
91*4
4678
600
*334
*75*4
078
22i2
434
200
24*2
94
7*8
Chlckasha Cotton Oil
*8 Jan
100
5
Jan 30
3
Jan 31
No par
CCC A St Louis Ry 6% pf.100
Clev El Ilium 34.50 pf.No par
Clev Graph Bronze Co (The)
Clev & Pitts RR Co 7% gtd.50
Special gtd 4% stock
50
28
Jan 17
1115s Feb 21
35i2 Jan 2
76*4 Feb 14
2.50
Columbia Gas A Elec..No par
46*8
47
3,300
*107*2 109*2
200
54*4
112*2 112*2
3,000
54*4
14
100
10,800
10,200
$2.75
conv
conv
par
10
preferred
100
pf
ser
'35.No par
Commercial
Solvents..No par
Commonw'lth A Sou. .No par
1*4
66*8
600
$0 preferred series...No par
32*2
15,000
Commonwealth Edison Co..25
n New stock,
IIOI4 Feb 2i
1514 Feb 9
3
Jan 19
4*8
Jan 19
4
Feb 15
23
Jan 13
22*4 Jan 13
6*8 Jan 31
100
No par
1*8
Def. delivery,
Jan 23
r
2
Jan
32*2
a
Jan 10
Feb
66*8
J In receivership,
Jan 30
30
76
Comm'l Invest Trust..No par
$4.25
Jan 15
87
Commercial Credit
4 H% conv
165g
103*8
100
t c No par
preferred.No
Cash sale,
5*4
Jan
Sept
113*2 Aug
June
12*4 Sept
1434 Sept
Apr
Apr
Oct
078
96
32
5278
Jan
13
Jan
June
5*s Aug
22
Sept
18
Sept
Sept
47*2 Jan
22*2 Sept
98
Apr
105
Dec
17
Aug
30
Jan
Apr
21*2 Oct
29*2 Sept
6*8
73*8 Dec
Apr
85*4 Oct
1*8 Sept
.
27
8
1*4 Aug
9*2
Apr
*4 Apr
i2 June
is
Dec
*8
Dec
10
Apr
305g Aug
44
Aug
*4 June
712
Apr
47*4 Sept
95*2 June
4
Sept
4*8 Sept
14
Oct
7g Sept
1*8 Sept
1*8 Sept
35g Sept
20*4 Jan
39i2 Sept
50*4 Nov
7s Sept
17g
Jan
1*8 Sept
95g Mar
15*4 Sept
Apr
41
91*8 Jan 3
14U Jan 26
535g
Apr
9
Apr
94*8 Oct
147g May
P8
Feb. 6
79
Jan
97*2 June
76O
Jan 30
46*2 Sept
214 Apr
15
Apr
58
4*8
3412
Oct
Feb
69
Feb
1067g Sept
20*8 Apr
115
Feb
3*4 Jan
1
2
35i2 Feb 15
114i2 Jan 10
40*4 Feb 17
78
Feb 19
Apr
45s Dec
x
4614 Jan 15
104
Jan
5U4
110i2
13i2
1*8
63*4
3078
Jan 15
6
Jan
345g June
21*4 Apr
38
Dec
135
Mar
133
9
58
Jan
11*2 Apr
lOUg Feb
20*4
100
Apr
Apr
11*8
2
Jan
3
Jan 12
3*2 Aug
8i8 Sept
9*4 Sept
8ig Sept
253$ Dec
2514 Dec
Apr
Apr
Jan
4
514 Apr
74i2 Jan
62i2 Jan
9
Feb
91
Mar
83
Feb
73
Apr
96 *
Oct
15*2
Dec
Dec
155g Jan
30*2 Mar
3
38*4
Apr
Feb 21
98*2
Oct
42
Apr
Jan 10
Jan 26
Jan
Feb
9
6*8
2
326g Jan
3
y
Oct
111*2 Dec
2478 Sept
14
Jan 15
Ex-dlv.
Oct
37*2
14
85s Aug
1*8 Dec
45*4 Jan
Jan 18
110
9
10334 Sept
Feb
Dec
9
4
15
18
Feb
15*8 Jan
1*8 Jan
73I4 Jan
9
Jan
Jan
6212 Dec
Feb
112*2 Feb 23
Jan
Oct
Mar
4514 May
60*8 Jan
Sept
45g Jan
48
39
78
Sept
Apr
2*4 Aug
378 Sept
lOSlg
55*4
Oct
105
103*4 Jan 30
3514 Feb 3
112i2 Feb 10
19*4 Jan 3
558
412
2314
201S
7*8
92l2
Mar
4
9314 Jan 4
778 Jan 11
23i2 Jan 29
Jan
Sept
Jan
Sept
125
Feb 21
20
106l2 Feb 6
79
8778 Feb
6*4 Jan
I9i2
3
69
13*8
Feb 14
8
100
100
Columb Br'd Sys Inc cl A.2.50
7*8
Dec
25
Feb
Jan
4% 1st preferred
4% 2d preferred
v
30*4
10
61
par
100
t c
64i8 Sept
I097g Aug
19*8 Jan
127g Feb 21
6i8 Feb 23
123i2 Jan
6278 Feb
Colo Fuel & Iron Corp. No par
Colorado & Southern
100
v
Sept
85*4 June
4434 Feb 19
357g Jan
103*4
Columbia Pict
Sept
4
94*2 Mar
12214 Mar
7212 Mar
*2 Aug
2
100
Columbian Carbon
33
30*4 Sept
Apr
3*2
2
8512 July
Oct
18*g
2*8
103*2
3*4
3*2
7
Jan
4U2 Sept
Apr
58
*2 Aug
Jan
6% preferred series A
77s Aug
3
118
ClassB
Apr
2
par
preferred
Apr
9
39*4 Jan
35i8 Jan
No par
900
200
1378
conv
Apr
1358
42
0% pref called
5%
Apr
Jan
142
6% preferred
•
Sept
58 Jan
5g Jan
9
No par
Collins A Alkman
743
Apr
Jan
13912 Feb 23
Colgate-Palmolive-Peet No
500
22
.
26O
91*4
22
Feb
79i2 Jan 15
12*8 Jan 15
94i2 Jan 17
100
No
July
Jan
6*4
68
31
No par
Coca-Cola Co (The)
ClasB A
Sept
Sept
Jan
June
31
4*8 Feb
25
5
5% preferred
82
9
11*8 Jan 16
No par
Copper Co
Chrysler Corp
City Ice A Fuel
6H% preferred
City Investing Co
City Stores
Clark Equipment
2
Jan
8
Sept
84
1*8 Jan
14*4 Jan 8
3578 Jan 8
49*4 Jan 29
*8 Jan 9
i2 Jan 29
10
Chllds Co
1,700
31*2
31*2
110*4 110*4
19*4
*18*2
*4
4*2
78
22*2
-
100
*7514
*7
-
41,300
700
*91
*21
«»
*10334 104is
93
7ig
Chicago Yellow Cab
8
9
May
_
U Jan
..100
No par
6% preferred
47
*8 Jan
9
Jan 12
46
Pr pf ($2.50) cum div No par
JChlc Rock Isl A Pacific. —100
7% preferred
100
Cluett Peabody A Co..No par
Preferred.
100
63*2
197s
Jan 2
Jan 13
12l8 Jan 22
33*4 Jan 19
par
Dec
34 Jan
par
Climax Molybdenum..No par
82
*1O018 108ig *106i8 1097g *107
10818
55
55
55l2
55*8
55381
54lg
*
Chicago Pneumat Tool.No
S3 conv preferred
No
Apr
17*4
203g
38*2
-
2i8 Jan 24
12ig Jan
38
5
Jan
*4 Feb
50
I95g
Jan 29
100
Preferred.
5,200
*6278
Jan 12
9*4
14
i2
14
18,800
1,100
42*8 Jan
3*4 Sept
I05g Sept
Apr
110
9712 Jan 16
2i2 Jan 3
6
1*4 Jan 12
38*4
93
40i2
2
43*2
*7514
2212
4078
tChic A East 111 Ry 6% pf.100
jChlc Great West 4% pf.-lOO
Chicago Mall Order Co
6
JChlc Mil St P A Pac.-No par
5% preferred
100
tChicago & North West'n.100
4234
121*2 122
*62*8
63i2
20
19*8
1055s 1055s
*25i2
018
88t2
Jan
38*2
4*8
478
2534
.
Jan 19
Jan
Feb
137g Apr
2*8 July
63*2 Aug
Feb
4*4 Jan
2
414 Jan
39
95
139l2 139*2
121
122*4
4412
141
378
9H2
""50
77*4
378
82
2,800
40i2
4*8
93
3514
40 ig
37s
82
300
3*?,
ills, iiih
*48
4*4
*92i4
50
*76*4
*3l2
6
500
77*4
*4*8
*3*4
88
15,800
20
Jan 18
100
Chile
-
40i4
37g
2512
J.
3978
414
6i8
-
13*4
34*4
1115s 1115s
4i8
877g
*7514
9112
»
98
*3
35
*3l2
2514
-
•
855s
13*4
312
378
6I4
-
1,100
5,400
*45
414
88I4
mV
6*8
34
*96
*45
312
34I2
9
12*4
578
*29l2
8458
37g
25*8
100
34
86I4
13*4
*4ig
*3*4
6i8
88U
*7514
30
*8*4
1214
6
al03*4 103*4 *104*4 104ig *103*4 104lg *103*4 104i8
32
32
3H2
*31*4 3212
3U2
32
3li8
*11112
*11014 112
*11014 112
HOI4 110i4
18*4
18i2
I8I2 "1V12 *18
18l2
18's
18*4
25*8
600
*70*4
*46
387g
4484
135s
9
Jan
15
No par
25
100
13*2
*8*8
5
*314
*■
578 Jan
July
77
94i2 Jan 30
41i2 Jan 10
8*s Feb 15
33*8 Feb 15
205$ Jan 4
105i4 Feb 20
26*4 Jan
217a Feb 23
6
Preferred series A
400
87g
12»2
...
2,900
78
100
5
*45
400
**2
*8
1212
857g
13*4
200
*4
*8*8
98
200
102
pf. 100
No par
Common
200
**2
5
98
500
9,400
*®8
914
8514
*13l2
Cham Pap & Fib Co 6%
^Chesapeake Corp
Chesapeake & Ohio Ry
45g
39*4
*«4
12*4
6*4 Feb 1
5i2 Jan 10
No par
Checker Cab Mfg
200
5
84*4
Chain Belt Co
Feb
Sept
53
35
5i2 Feb 10
9
Jan 2
92i2 Jan 31
3714 Jan 23
6is Jan 22
27*4 Jan 26
1814 Feb 13
100
6% prior preferred
114
2
Jan
4i2 Jan 15
Cerro de Pasco Copper. No par
Certaln-teed Products
1
10
**4
®8
112
Nov"
1778
12
Jan
56i2 Jan
21*4 Jan 22
2*4 Jan 22
6*4 Sept
10*8 Nov
36*2
3*s
29*2
4i2
30*8 Jan 3
114*4 Jan 26
12*2 Feb 15
66*4 Feb 21
24*8 Feb 23
3*8 Jan 3
Jan 12
62
100
500
200
*8*4
1212
Feb 23
^Central RR of New Jersey 100
Central Violeta Sugar Co
2,100
*8
**8
48
Sept
9*8 Jan
23*4 Mar
30
5g
118*4 Jan
26*8 Jan 18
I07i2 Jan 12
978 Jan 22
Assoc.No par
I9I4
49*2
5g
Feb 14
.
22*2
**4
5g
97
100
49*2
5g
111
Caterpillar Tractor
No par
Celanese Corp of Amer.No par
7 % prior preferred
100
Celotex Corp
No par
5% preferred
100
3,170
*8
*12
85l2
*1312
3,700
49*2
12
i *291e
3,300
7*4
33*4
19*4
**4
*4
100
Case (J I) Co
Preferred.
20
9ig
Jan
75
20*8 Dec
18*4 Jan
7*4 Sept
478 Aug
318 Jan
2i2 Jan 24
Jan
3414 Mar
847g
Apr
48*2 Mar
16
Jan
27
Jan 18
Ap»
30
13*4
57g Jan .
40i2 Jan 23
89i4 Feb ~
Jan 30
Preferred..
99
38*2
*34
7
5*8 Jan
40i2 Jan
2
13
Sig Jan 15
38i2 Jan 4
80U Jan 11
Century Ribbon Mills.No par
57g
*4
*47
'2
33
1,700
9
14
14
*58
5lg'
30
500
5U
300
*4
9*4
12UI
113
*8
34*4
39
Central Foundry Co
1
Central 111 Lt 4^% pref.. 100
*14
14
2i2 June
178 Feb 21
66
Central Aguirre
10
*4
*13*4
34*4
52
2
23
1,300
*4
*2
18
Apr
6*4 Nov
25*2 Apr
11*4 AUg
15i2 Jan
2678 Feb
5
1
100
6,800
*2
7
1*8 Jan 23
1
10
3
*4I2
78
13*8 Feb
Carolina Clinch A Ohio Ry 100
70
24*8
300
*8
5ig
*29l2
50
10*2
**2
1214
300
*10*4
*5g
*858
Carriers & General Corp
10*2
**4
137g
400
39*4
*16
13i2
Carpenter Steel Co
Capital Admin class A
$3 preferred A
90
*10*4
*2
u
*78
200
130
217g
2*4
8
38 U Jan
100
17g
*2
Feb 10
22
June
1
6*2 Mar
578 Apr
I87g Apr
4i8 Jan
13*4 Jan
81*2 Jan
Feb
No par
Cannon Mills
*6012
*93
11
4
4
4*4 Jan
7,800
*5
2
3
25
lUg
*4i2
Jan
I5i2 Aug
2H2 Apr
1U2 Apr
Feb 19
47a Jan
23 >8 Jan
51
Jan
1
Canadian Pacific Ry
100
Dg
14
'4
12
7,600
730
2*4
Jan
55*2
Apr
1214 Jan
75g Jan
69
No par
No par
60
Byron Jackson Co
8
Apr
3
-
31*4 Jan 3
21*8 Jan 10
12i2 Jan 3
3*8 Jan 29
11*8 Jan 22
Byers Co (A M)
...No par
Participating preferred. .100
California Packing
Apr
29*2
26
6*4 Jan 30
20*4 Jan 3
—30
6
Zinc
4
5
9*4 Jan 19
JBush Term Bldg dep7%pflOO
10
5% conv preferred
5
6i4 Feb 17
3»4 Jan 19
Butler Bros
*103*2 105*4
45s
11*4 Jan
Burroughs Add Mach..No par
Bush Terminal
1
25U Nov
13*8 Jan
106*2 Aug
6*4 Jan
28*4 Jan 12
18*2 Feb 7
1
94*4 Apr
3914 Jan 12
90*4
2*8
178
178
10*8
*14
*12
*2
*1*4
178
10*4
2*4
No par
Burlington Mills Corp
9,900
*19
96
412
4*2
Bulova Watch
Jan
Apr
Apr
Sept
44*4 Jan
4*4 Jan 18
20
Jan 19
No par
Dec
30*8 Aug
7
Feb 16
70
7*8
40*4
90
*93
96*4
Bullard Co
19*4
4*2
4078
No par
100
Mfg
50
41
96g
>16
Feb
105
Apr
3l*a
9
10ig Feb
Campbell W A C Fdy..No par
Canada Dry Ginger Ale
6
Canada Sou Ry Co
100
47,500
32i2
19
2H4 Jan 15
8*4 Jan 15
101*8 Jan 15
5>8 Jan 30
39t2 Jan 30
5
No par
2,600
38*2
3914
40*2
4*2
407s
105*4
Jan 15
35*4 Feb 10
>21
257g Feb
8is Feb 21
50ig
*94l2
18
19*4
*17
Birthday
578
99
23
*18*2
35
Jan
135s Apr
4
16*8 J&Q 6
225g Feb 21
29
87g
8*4
*9412
25i2 Jan
Jan
14U Dec
Nov
7*8
6iz Jan 15
114
113
ton's
4?8
23
33*4
10*4
99
47s
48
112
23*4
*17
7*8
32*8
*22*2
Closed—
Washing¬
39*4
3878
3912
714
75g
7*2
7*8
35*4
33ig
35l2
33*8
*18i4
1914
19*4
19*4
10514 10514 *103*2 105*4
23
2278
23 ig
22*4
39*4
7*4
♦1*4
3
8*g
*5*g
57g
34*4
2
24
113*2 113*2
"
Jan 15
10*4
11*4
66*4
3
22
82
3
13U Jan 18
10i2 Jan 15
69l2
28*4
114*8
4i2
99
Stock
Exchange
Nov
par
7*4
Apr
39
Feb 19
Calumet A Hecla Cons Cop..5
600
115
113
13*4 Dec
15*8 Dec
507g Dec
2*8 Feb 20
45
II,000
3'8
*67l2
IH4
60*4
4t2
39*2
*93
114
4*4
7*2
*104
278
*3
70
23
23
23
27g
33*2
39
287s
29*8
1131g 113l2
1112
11*4
*2414
112i2 112i2
50*8
50*2
287g
29*2
8*8
4*4
5*2
50i2
50
3
70
113i2
67*2
22*8
3'g
*113
|
2914
113
70
11312*112
5ii4
51
113
318
70
7012
*6814
71
•111
*3
5*4
Jan
11
27
26
86*4
*5U
2
17*4 Feb 17
20 >8 Feb 20
Feb 19
5*8
40
86*4
5*8
*39*4
88l2
Aug
Jan 23
53
15,166
39
39
53
69i2 Feb 17
100
Butte Copper A
41*4 Apr
1*8 Apr
5ig Apr
22*4 Jan
395g Feb
6% preferred
Callahan Zinc Lead
5
478
40
5*4
1,400
39i2
*87i4
245s
6*4
300
70
1414
22ig
1414
2l5g
*29
*39*2
*6'4
600
25*8
53
1®8
8
2512
51g
39*4
3,600
14
*61 *2
36
5
39*4
5*4
47g
4ig
Aug
Jan 15
Budd Wheel
500
12*4
71
14
225»
36
145s
2214
3912
60
200
2l5g
4
14*4
22
*35
600
07g
12*4
*69l8
53
17g
8!g
*14*8
21
39>2
20*2
*35
3912
5
1412
8
1412
21*8
14l2
14>2
20
25l2
*51i2
15g
3,400
4,300
12
*10
2l5g
22
378
*1214
4
12*8
378
41
No par
7% preferred
24,400
1,100
800
30
19
678
*215s
4
2512
12i8
*3*4
7
22
2512
*2912
187g
1914
12lg
37s
10i2
7
3*4
Budd (E G)
160
6'g
6
6ig
Apr
Jan
7% preferred
3,400
42
42
43
*42
01g
26
30>4
5*8
5*8
5l2
6I2
16*4 Apr
48
Bucyrus-Erie Co
Oct
Feb
31
7*4 Aug
49
Bruns-Balke-Collender. No par
12,800
1,600
Jan
478 Sept
1578
3l7g
6*4 Feb
1214 Jan
par
par
Dec
Aug
32
34*4
3
Jan
24
22
1912 Apr
5ig Sept
par
par
Brown Shoe Co
36
*35
2478
414
*4
I,700
6
63*2 Dec
Jan
par
No
pref ctfs of dep
No
Bklyn-Manh Transit..No
$0 preferred series A.No
Ctfs of deposit
No
Brooklyn Union Gas
No
$6
5,900
2*4 Jan
35*4 Jan
share
per
28*2 Jan
121i2 Dec
12*2 Jan
I0i2 Jan
18*4 Apr
U2 Apr
10]4 Jan 15
19'g Jan 23
38*4 Jan 8
5U8 Feb 16
1*2 Jan 5
12*4 Jan 2
12U Jan 30
13i2 Jan 30
$6 preferred
6,600
257g
19»2
12is
19i2
12i8
200
9*4
97g
104
104
2514
4214
3014
77*4
36
*35
30
24*4*
24i2
9*4
95g
10514 *102*4 10514 *104
5*8
5l2
5*4
43
42*2
42 *2
4214
578
6'8
578
6*4
2512
20
2514
25*4
24
3
Bridgeport Brass Co ...No par
2,700
2*8
40ig
17l2
205g
79l2
2l4
28
Brewing Corp of America
2Hg
39*4
52
21
*37l2
17*8
45
1,200
4,200
H«8
Jan 17
2
5
40 ig
11*4
21*8
3912
5178
30
Co
11*8
65g
11*8
213s
39*4
Bower Roller Bearing
5
Feb
Sept
51
3
Jan
2478 Feb 21
235g Feb 21
257g Jan 3
31*g Jan 15
100
Boston & Maine RR
300
3312
6*4
2
22
16
IOOI2 Sept
123i8 Jan
5
21*8 Jan
15
6
Jan
Highest
share $
per
Feb 10
26
Jan 16
22
33l2
6*4
33*8
6*2
(The)
Borg-Warner Corp
share
per
65
62
1
Borden Co
$
share
per
Lowest
Highest
21i2 Jan 12
117i2 Jan 11
5
Bond Stores Inc
200
2
2
2iS
Class B
8,400
2314
Ills
2
23l4
03l2
24*4
$
No par
No par
Bon Ami class A
190
3,700
5,200
2478
335g
Bohn Aluminum A Brass
250
64
24"g
23i2
24
34
05s
24
118
118
Par
Year 1939
100-Share Lots
Lowest
600
25
24*4
*llil2 11978
*6212 64
218
*3278
$ per share
On Basis of
Week
25I4
*24*4
23
*2
2i8
34
Feb. 23
23
0312
24*8
23i2
0312
*2378
2314
23>4
23
2514
119
24*8
232314
$ per share
EXCHANGE
Friday
|
Feb. 21
24.1940
Range for Previous
1
Range Since Jan.
STOCK8
NEW YORK STOCK
the
NOT PER CENT
Thursday
Feb. 22
Wednesday
Tuesday
Sales
for
LOW
Saturday
Feb.
Continued—Page 3
Ex-rights.
2
8
*255*
Apr
57
Jan
109*8 Aug
60
Jan
110*2 June
16
2*8
Sept
Feb
72*2 Aug
32*8 Dec
1 Called for redemption.
5551
Volume
LOW
AND
New York Stock
ISO
HIGH
SALE PRICES—PER
Record-Continued-Page
SHARE, NOT PER CENT
Sales
STOCKS
Saturday
Monday
for
Wednesday
Thursday
Friday
the
Feb. 19
Feb. 20
Feb. 22
Feb. 23
Week
$ per share
I per share
Shares
$ per share
5%
24%
105g
*7%
27*4
8*4
*75
*87%
8*4
31*4
*108
$ per share
5%
24%
10*4
8%
28
8*4
81%
24
5i2
23*4
10%
10*4
10*4
5%
8
8
277g
28l4
*8%
8*4
*75
88%
9
88
32
3l7g
108i2
108%
1
*8%
87g
4ig
7l4
*1%
*3%
4ig
7%
*4
4l4
714
*17g
3%
73g
*16
17%
*102% 103Jg
16
1312
I6I4
1312
*1
*94%
46*4
1%
95
47*4
*113l2 116
*7ig
40ig
7%
40%
4%
4%
24%
2912
54*4
647g
24%
29l2
54*4
65
*172
175
*5
1%
22%
*97
*31
1
13ig
1%
*94i2
46*4
*11312
7%
40
4%
243g
29%
5434
64%
*172
1%
3134
7%
3i%
22%
*97
7%
86%
*1214
2734
*4%
3i2
3'2
500
3*8
*3i2
*15ig
17
1025s 1025g
65
64
175
*172
5
*5
1*8
22
64%
175
100
*97
o7'8
16*4
91
*3
*313g
100
31*4
*7
7%
3,200
13
2,800
6414
*172
3714
383g
81
81
334'
3*4
7lg
7
73g;
714
68
1914
*88*4
92
*58
68
*4%
47g
45g
4%
47g
*1512
1712
*15%
1712
17i2
*155g
8
7?g
8
*7%
7V
*7%
111
*1117g 112% xlll
*111
112*8 *11114
213g
2112
213g
21%
21%
21%
21
27
27
26% 267g *263s
27
*26l2
18
17%
177g
*1714
18
18
*17*4
19
19%
19%
*187g
19
185s
193g
5%
%
*119
121
5ig
*%
*119
5
5%
%
122
*119
*2H4
21%
2U4
213g
*34
3434
34
34
*40%
97g
41%
19lg
97g
19%
*79
81
*13
13%
37%
18%
*3514
18i2
22
*4034
9%
4H2
9%
19
1914
5%
*12
213g
335g
213g
120
184% 1857g
1233g 1233g
*116% 116*4
30
307g
*5ig
5%
155*2 156
*176
178
153
*176
178
I
31%'
31
Ha!
37
1
1%I
37
15%
*1%
68g
15%!
37%1
1518|
297S
26%
*30%
1%'
6%
30i4
26%
30*4
147g
*li4
6*8
*29*8
26i8
*30i2
17
I
1*8
*89l2
84*4
91
I
*4
*1*8
*4
1*8
*234
3
8312
90
Aug
Apr
100
Jan 12
90
Feb
'
Jan 12
53
Jan 12
18*2
4*2
16*2
6*2
Jan 30
20% Jan 11
Co
No par
10
100
18*8 Jan 30
45g Jan 31
"300
No par
155
176
176
31*2
1612
317g
16%
5% pref with warrants.. 100
No par
Duplan Silk
*1235g 12412
1,400
116'2 11634
31
31'4
130
15414 154*4
147
151
178
176
178
600
6,800
No par
2
173
Jan 19
178
*83'4
84
*84
86
*84
90
90
*89'2
92
*89
*4
*5g
34
1%'
H2
*n2
i*8
ii2
4'g
4'4
*4
43g
914
1
23%
4'g
87g
*8
1'2
27g
n2
2*4
*13s
6i2
413g
*257g
*157g
612
42'4
263g
163g
4U
9
4>4
9'4
*6ig
4H2
26'g
1578
*96'8
2314
1
*7g
1
6'2
*5
42 lg
42
6'2
26i2
1578
*96
99
*96
98
*24'4
4'8
25
4%
7g
23%
*24i4
25
78
23i2
2314
23U
89
*87
89*4
*1712
*393g
18
*1712
18
40'4
*393g
40i4
*87l2
*175s
39*4
40
*1812
23*4
*18l2
23*4
*18l2
23*4
*84
25
414
*4
*4
99
25
414
414
18
Aug
Apr
14*2 Feb 21
17
Elec A Mus Ind Am shares...
3,900
Electric Power A Light. No par
253g
600
3078
900
1'4
39U
1,000
400
IV
300
2*4
1*8
23
*78
No par
29
No par
25*4 Jan 27
8% Jan
36% Jan
31*4 Jan
Elec Storage Battery ..iVo par
Elk Horn Coal Corp
No par
El Paso Natural Gas
3
28i2 Jan 2)
31
1*4 Jan 2
36*2 Jan 12
1*4 Jan 10
4178 Jan 3
Endicott Johnson
42
45*4 Jan 29
Corp
50
100
preferred
Engineers Public Service
$5
1
preferred
No par
$5)4 preferred w w..No par
$6 preferred
No par
Equitable Office Bldg-.No par
{Erie Railroad
...100
conv
4% 1st preferred
4% 2d preferred..
700
..100
100
"moo
834
1,200
Evans Products Co
5
1,000
Ex-Cell-O
3
Eureka Vacuum Cleaner
Corp
5
Exchange Buffet Corp .No par
1
12% Jan
83
Jan
82
8
89
Jan
Feb 14
97
Jan
*8 Jan 21
1*8 Jan 23
2*2 Jan 23
1*4 Feb 20
31% Dec
6% Nov
300
100
Federated Dept Stores-No par
4 H% preferred
100
20)
Ferro Enamel Oorp
New stock,
r
Cash sale,
Jan
98
24
n
13
Jan
89*4
Def. delivery,
6
Sept
3*2 Sept
65*4 Sept
5% Mar
Dec
34
23*8
*8712
a
Aug
1% Sept
3
Sept
29
4
t In receivership,
Aug
95
81
21
Filene's (Wm) Sons Co.No par
89
100% Jan 19
28% Jan 3
4% Jan 4
% 96
1,100
Jan
13% Aug
80% June
Feb 16
*
2
Federal Motor Truck..No par
Federal Water Serv A. No par
23*4
1% Sept
1% Apr
65% Sept
3% Sept
6
Apr
14% Apr
111
Apr
100
40'2
Jan
32% Aug
£103% Mar
7
Apr
62*2 Apr
65% Apr
69
Apr
*4 Aug
1
Aug
Feb
Sept
3% Sept
42*4 Nov
55
Sept
11
2,300
1,700
*1812
Jan
35
8
4'2
23*4
8
Oct
Mar
Jan
38
Apr
Apr
Jan
Nov
17% Jan
25'2
40*8
1
4
%
28
Apr
July
Apr
4*8
40
Feb
18*4
23%
Jan
Feb
Oct
Apr
Apr
*24*4
*1812
Sept
Dec
Sept
24
4'2
1
Fidel Phen Fire Ins N Y.82.60
Apr
Nov
20
98i2
25'2
18*8
405g
5
9*4 Jan
23% Jan
22% Jan
34
July
87*4 Nov
144% Dec
17% Dec
19% Jan
6% Feb 19
42% Feb 23
Federal Light A Traction...15
18*8
3% Jan
1*2 Jan
Oct
8% Sept
1*2 Jan
125*2 Oct
32% Jan
34*2 July
44% July
10*2 Nov
20% Mar
90
July
13*2 Nov
35% Jan
28% Feb 23
100
18
Tg Jan
1*4 Jan
28
25% Jan 31
15% Jan 2
163g
18
8
Oct
18*2 Dec
25%
2*4
8%
43%
38*2
18%
16'2
34
3
7b Jan 17
4*4 Jan 9
Fairbanks Co 8% pref
100
Fairbanks Morse A Co. No par
2378
89*4
Jan
4
8% Jan 16
20*2 Jan 15
Fajardo Sug Co of Pr Rico..20
*23'8
*87'2
Feb
89
3,900
preferred
Jan 12
2
4,700
$6
111
Feb
9
""40
Federal Min A Smelt Co
3
Feb 16
73*2 Feb
28*8
10
Jan 12
109*2 Jan
6'2
42*8
27
Jan 27
50
~~4U
1
1*4 Jan
6*4 Jan °7
Apr
Sept
Apr
1% Sept
6% Apr
20*2 Apr
$7 preferred
500
100
300
2
July
8*2
$6 preferred....
5%
897s|
5g!
1*8 Jan
27*4
♦155g
4'8
Bid and asked prices; no sales on this day.
1
22%
78
*5
*41*4
26'2
*155g
♦96'g
*24*4
78
*23
89
*23
4'g
834
23'4
42
1% Jan
39% Jan
23'g
4'g
23
*78
Jan 15
1,000
Erie A Pitts RR Co
4'g
914
17% Jan
1
Jan
Deo
July
8%
186%
183*2
30%
19%
3%
40%
18%
3%
12%
41%
34*8 Jan 16
No par
Mar
Sept
Sept
Aug
Feb
Jan 31
Jan
June
June
16
31% Jan 27
7
17*2
10%
112*4
25%
27*2
14
277b Jan 15
100
Nov
116%
188*2
124*8
118*2
31%
4
1*8
300
9
13
Apr
Apr
112
Sept
111% Sept
12% Apr
108
126%
2
Edison Bros Stores Inc
6*8
30's
"3",000
57g Feb 17
123% Feb 20
118*4 Jan 19
6% cum preferred
Eaton Manufacturing Co
3
93g
Apr
Jan 17
1
3*4
138%
155*2
15%
15%
Electric Boat
76*4
85'2
10
120
31% Feb
5,600
93g
4
6% Jan
166% Jan
145g
*74
Dec
Feb 23
6
300
Mar
6
147
Electric Auto-Lite (The)
300
Apr
6
4
Eastman Kodak (N J).No par
Eltlngon* Schild
39
101%
8
Jan
13*4 Jan 18
Feb
1,500
44'2 4478
*110'2 1107g
Apr
Aug
Feb
45g Jan 22
1,500
Mar
18
26*2 Jan 22
9,500
307g
10
8
11)
1'8
387g
26
1
15)% Feb lr
5'g Feb
12*4 Feb
1
1'8
38'g
145g
*1*8
6'4
30'g
253g
30'2
1*4
30
Sept
9*4 May
30
55
Feb
5
l's
383g
26
1334 Sept
66
20% Sept
Eastern Airlines Inc
*1
30
f
Apr
Aug
86
14*4 Jan 12
Duquesne Light 5% 1st pf 100
60
30*4
1'4
38*8
*447g
Feb
Eastern Rolling Mills
500
ll2
0%
23% Jan 10
Jan 15
2
2,000
6%
19
Apr
Sept
36*4 Sept
3
35*4 Feb 23
1*2 Feb 20
Jan
16*8
147g
8
13*4 Jan
16*8 Jan 15
122
32
1412
ll2
Jan 25
Jan 15
176
375g
Jan
81
Jan
16'2
1
103
18
20
Jan
Jan
3% Sept
% Dee
28
18*2 Jan 15
11*8 Jan 31
34*4 Jan 15
Apr
11% Apr
12% Aug
2
77
117
31'2
15
23
34% Jan 7
43% Feb 3
in% Feb 21
Jan 15
175
167g
37l2
55% June
25
Sept
Apr
13% Apr
3% Aug
14*4 Sept
4% Apr
103
Sept
1584 Apr
23% Jan 10
39*4 Feb 23
100
preferred
317g
♦2*4
6%
8
Du P de Nem (E I) A Co...20
$4.50 preferred
No par
8%
5,500
1
31*4
*16l2
1
23
par
No par
13'2
5'4
Casting Co No
Dresser Mfg Co
123l2 123i2
116*4 116*4
47g
No p ir
No par
Dow Chemical Co
7,700
5'4
Co
Dunhlll International..
120
1»4
26%
16i2
125% Jan
8
Distil Corp-Seagr's Ltd. Yo par
Dixie-Vortex
300
184'4
31*8
25
500
*118
234
41
Feb 21
2034 Jan 16
33*8 Jan
Diamond T Motor Car Co.
400
1184
145g
30
6
184i2 185i2
37i8
1%
17'2
6% part'c preferred
91
Jan
38
3
142
1*4
*5
57b Jan
*4 Jan
75
Devoe A Raynolds A..No par
Match
No par
Jan2«
*s Jan 18
Douglas Aircraft..
2*4
40'2
26'2
*157g
Jan
12)
5,100
1%
*78
1<?*8 Feb 23
23% Jan 3
827g
234
1
9
82'g
234
*114
*7g
16
'•
514
3
27
No par
31
5
9
23% Jan
JDenv A R G West 6% pf. 100
Detroit Edison...
100
152
8
5
Delaware Lack & Western..50
3,200
Jan
8*4 Feb
112*4 Jan
4
Dome Mines Ltd
*%
h2
1
Jan 19
Delaware & Hudson
100
*1212
4%
16*4 Jan 31
19*4 Feb
25*4 Jan
Diamond
Apr
45
3% Sept
'
20
2,500
5%
Jan 2°
1,600
1,700
1312
5
Jan 18
3,800
h
934
120
Jan
Dlesel-Wemmer-Gllbert
3914
♦55s
3
53
5
*17
Jan
82
215g
*118
46
9*8 Jan 15
Class A
26
9«4
2234
Jan 2
2
Preferred
Apr
Dec
4 ?
4
11*4 Feb
30% Jan
5
25
Aug
Aug
4i2 Jan
Jan 2 *
No par
4%
Aug
9
26
37b Jan 15
Jan
19%
73%
48
Feb 23
Dec
96
8*2 Sept
Sept
93
Sept
19% Sept
28% Dec
7*8 Sept
63% Sept
13% Nov
32*2 Nov
23
1
Inc
June
90i2 Feb 23
14*2 Jan 11
Feb 14
28
Deere &
600
9*4
112
9'4
22'2
Jan 12
Apr
12'g Feb 20
Doehler Die
120
1
Aug
26
Dayton Pow & Lt AH % pf. 100 rill
5,400
3914
5*4
Feb
...1
Davison Chemical Co (The). 1
280
lt2
*2234
z79
780
30*4
*1J2
2%
3
600
26
I
4*4 Jan 6
8*4 Feb 23
19
217g
29*4
*4'
52% Sept
62
35*4
3012
91
94
Apr
82*2 Feb 23
35*8
30
83%
Apr
Jan 22
Jan 16
♦183s
26%
30*4
*%
Apr
Davega Stores Corp
Conv 5% preferred
200
1%
*114
*1%
1*8
1*8)
1%
1'4
38
38
38
38%
38% 38%
385g
45
*447g
45%' *447g 45%' 45
45'g
*11014 1107g *11012 1107g *110% 11078 *110'2 1107g
93g
912
914
9%
9%
93g
9'2
*75
76
I
75
76i2
76
*74
77
7478
*82 %
9
100
1»2
6*8
6%
100
10'g
Jan
32*2 Aug
24%
Jan
Cutler-Hammer
""600
4012
Jan
110
4
9
Cushman's Sons 7% pref.. 100
$8 preferred
No par
34'2
Deo
38
43
Class A
2,100
*33'2
Aug
5
2% July
Jan i
Curtiss-Wrlght
3,900
21
17
2
Apr
Jan
177
31*4
78'4
3i2
^*8
200
154l2
*16i2
33
13'4
5*8
*1212
105
Feb 20
19
17
3
Feb 13
19
152
Jan
26%
6%
20*4
79
18*4
24*4
93
19
35l2
3
5
*1212
514
16i2
29,700
121
*12l2
13'4
35'2
35i2
187g
19
2H2
215g
823g
83
15212 15212
Jan
5
*77'2
9*4
1*8
28
Curtis Pub Co (The)_„_jVo par
Preferred
No par
800
21
31*2 Jan
32% Sept
61*2 Sept
67*2 Sept
3
Sept
Sept
% Sept
16
Sept
Jan
Deo
5% Nov
75
Preferred
600
121
Apr
150
Jan
9
1,200
*'2
54%
Jan 11
53g Jan 16
32*4 Feb
7*4 Jan
79
18312 185
12312 12312
116% 116*4
30*4
31'4
31%'
320
10
5
49
May
10%
40%
6
5
19
1% Apr
1978 Aug
16% Apr
116
2
50
18'g
Apr
Feb
Jan
Cuneo Press Inc
18's
Apr
92*4 Jan
Cudahy Packing
21'8
5
29%
Jan 15
900
27
Jan
Mar
31*2 Jan 8
6i2 Jan 15
79
*118
31%
16%
1%
36*4
2078
2
51% Sept
Feb 20
Cuba RR 6% pref erred... 100
Cuban-American Sugar
10
92
*26'2
4
22% Mar
100
15
4,100
20
5
Apr
Dec
89
13
7*4
121
177
7b Jan 10
21*8 Jan <2
9978 Feb
Jan
65% Jan
2
19U
13
5%
15512
2
1878
81
5ig
Jan 13
Feb
4&8 Jan
19
*1212
35i2
*18'4
2H2
120
25
2
5
1
*87% Sept
32% Apr
xl06
Sept
5
No par
29
478
Birthday
4*4 Feb
29 7g Feb '4
61*2 Jan 3
Jan
19
*79
18414 185
123*g 123*8
116*4 11634
30*g
31%
9012
400.
17'2
5'8
40 % Feb 13
22'2 Jan 12
5314 Feb
*40
13
*118
Jan 19
25
*934
*40
22
22ig
217g
82
83
8212 83
82*s
82i2
154% 154% *150
1537g *147
1537g
*17
17
17
17
1712
17
6
*512
6
*5*4
584
*12%
13%
*12%
1312 *1212
13l2
*118
15,000
*7'4
*iin2
ton's
47*4 Feb 17
HB'a Jan 6
7*8 Jan 4
11%
9% Sept
5% Sept
9
Sept
34
Sept
101% Dec
17% Dec
13
Apr
41% Jan
40*4 Feb
37*2 Mar
17% Dec
pref
Pref ex-warrants
350
8'4
Jan
15*8 Jan 10
1*8 Jan 10
97*2 Jan 10
108*2 Aug
2% Jan
12% Mar
7% Mar
Sept
Apr
conv
Crown Zellerbach Corp
10
4i2
*155g
18
Jan
3ig Jan 22
21*g
3412
81
187g
6-^8 dsn 13
38
*33'2
13
35%
"
21
11B2 Feb 13
July
1*4 Apr
8% Aug
88
Sept
9% June
Feb
9414 Feb
4114
1
Feb
$5 conv preferred
No par
Crucible Steel of America.. 100
Preferred
100
300
68
19*8
2112
18
17*8
7
5
Jan 19
3*4 Dec
6% Aug
32*4 Nov
9% Oct
33*4
44%
^2*2
17*4
$2.25
1,709
*45g
Washing¬
1934
Feb
Jan
Jan
104
2
*88*4
Closed—
8
78 Feb 23
1
Apr
*4 Dec
7*4 Sept
2*4 Jan
4*4 Jan
Jan 15
37*2 Jan
*58
77g
27
1
335g
40'2
97g
*79
35%
187g
*21%
120
Stock
Exchange
47g
17%
47g
*l£
%
122
20'4
Jan 31
147s
27
101*4
1*8 Jan
9i2 Jan
4*8 Jan
1*4 Jan <J4
3*8 Jan 2°
4,700
4's
10*8
32'4 Feb
108*2 Jan
Jan 17
7
16'2
*3'2
77g
90'4
127g
287g
29'g
19*4
*45g
4
16'g
10'4
293g
1914
*45g
*15l2
*712
Mar
Jan 18
Tg Jan 19
40i2
10'g
287g
*58
35
107
9
4414
19
Sept
3
978 Feb 21
9
44
65
Aug
11
Jan
44
19
91
Jan
44
IOI4
85
27
44
29
Apr
79*2 Apr
7% Nov
37
4'g
44i2
10i2
73
No par
81
Jan
Jan
No par
10
37'2
82i2
8
Jan 27
w w..No par
37i2
Sept
Apr
4*4
81
Crown Cork & Seal
91
6
91
Crosley Corp (The)
*89'4
127g
2912
5% conv preferred
100
Cream of Wheat Corp (The).2
2
share
per
8% Feb
30% Jan
9% Dec
Feb 23
7*4 Jan 30
30<4 Jan 15
300
90
92
I
Apr
86
62
100
Apr
10*4 Feb 23
174
1
25
5
19
Highest
1
Feb <0
1
Co
Jan
share
per
8u Feb 15
297g
7-'»8 Jan 29
13,800
28*4
4'g
10ig
29i8
*88*4
295g
Crane
,
$
79
714
88
92
6,400
share
15*2 Aug
5% Apr
3234
44
41
323g
*4314
12*4
283g
4%
*56
43U
10*8
Jan 15
578 Jan 13
25
Coty Inc
Coty Internat Corp
100
12%j
418
8
Lowest
6*4 Jan 3
24*8 Feb 17
12*4 Feb 23
25'8 Jan 15
ICO
Preferred
2,000
3134
5
Corn Products Refining
I
l's
21*4
87%
65
414
2,800 |
3,200
8712
12i8
2814
4i8
28%,
Diamond Fibre. 5
Continental Insurance...52.50
Continental Motors
...1
150 I Corn Exch Bank Trust Co.20
5'4
5'8 Jan 12
22i4 Jan 12
Continental
175
*7
8
12%
Continental Steel Corp. No par
31*4
37g
28%
Continental Oil of Del
1,100
*98
81
*3l2
87
3,500
54*8
64'2
*172
91
39
3*4
67g
24's
2934
5414
64'2
167g
38%',
No par
29'2
42
165s
20
233i
43
*41
7,300
4's
1'8
2l3g
89, *89l4
100
2,1 0
20.100
1'8
*4078
163s
preferred
""706
l'g
327g
8%
Continental Can Inc
$4 50 preferred
4's
2134
22'g
*98*8 100
*31*8
31*4
43
500
714
5
*7
Continental Bak Co ci A No par
Class B
No par
700
405g
5'g
$ per
15'2 Feb 20
100*4 Jan 24
7U
65
42
*79
4734
share
8>2 Jan 31
40'4
175
44
167g
95
5'g
33*4
89
l's
*11312 116
7'g
33*4
|3%
300
200
1612
1
2212
<
163g
*?3
33%
79
*%
17V
103
16U
5%
1
22%
3734
5%
*15'8
*101. *g
600
16
95
79
19%
300
47U
*56
19
2'2
94%
94*4
4712
4734
116
*11312 11578 *113l2 116
7%
7ig
7%
*7'4
7%
40
40
40ig
40*8
40'2
43g
4'8
414
4%
4%
2412
2334
24%
23'2
2414
29
29ig
29i2
29'2
29'2
54
54
5434
54*8
54*4
37l2
1012
*l7g
4712
81
29%
2
95
92
10%
2
per
5% preferred vtc
100
Consumers P Co$4.50 pfNo par
Container Corp of America. 20
11,400
47
*8834
29%
7'4
9478
1214
28ig
*4%
43%
*10i4
29l2
*88*4
*43
4
7'g
$
Year 1939
Highest
$2 parti c pref
No par
Consol Laundries Corp
5
Consol Oil Corp
No par
Consol RR of Cuba 6% pf.100
Consol Coal Co (Del) v t C..25
300
87g
4
4714
38%
7ig
86%
13
28%
4%
4412
*8*4
500
1
73g
95
44
3*4
32
l's
42
*3
J5 preferred
No par
Consol Film Industries
...1
1,400
4
1278
*43
3734
1,300
10'4
7t4
l's
*407g
*79
14,700
Consol Edison of N Y..No par
70
2,000
4
1314
714
16*4
240
45,300
1,900
8h
108's
9
*8%
2
No par
97g
12U
78
*1
31*4
*89
31*4
108
1
13
44
1612
*7g
Conde Nnst Pub Ino
28
95g
1%
42
90
86
317g
32
10778 108
13%
*43
16%
97g
*75
1
*39
*89
9%
93g
81%
89
13
*31*g
3114
87l2
ll's
13%
1%
1
100
2
9
1,000
Congoleum-Nalrn Inc.-No par
Congress Cigar
No par
Conn Ry A Ltg 4« % pre!. 100
Consol Aircraft Cdrp
1
Consolidated Cigar
No par
7% preferred
100
6H% prior pref_
100
Consol Coppermlnes Corp
5
*7*4
27U
3%
47g
22%
8%
*75
Par
81i2
87i2
107g
27*4
9i4
81%
Lowest
2,000
5*8
24
107g
8%
8*4
2
*5*8
24
27*4
3i2
35g
16
16
16
1512
103
103
•1023s 103i8
16
*1584
16%
16i2
5%
*7lg
3H2
1
6*8
24i4
8
88
87i2
9
95g
32
31*4
10778 108
1
*7g
87g
87g
4%
4i8
7U
7%
9>g
5i8
24%
9
88
32
$ per share
2818
*75
8%
4
28
8U2
834
108
5i2
24ig
107g
7l2
1
2%
$ per share
5i2
237g
8%
*
Range for Previous
EXCHANGE
Feb. 21
1239
Range Since Jan. 1
On Basis of 100-Share Lots
NEW YORK 8TOCK
Tuesday
Feb. 17
4
34*2 Jan
Feb
15
1
Jan 22
1
Jan
3
22% Jan
16% Sept
9
Jan
3
89
Feb 17
Jan 30
20
Jan
y
2*4
40% Feb 14
Jan
25
x Ex-div.
Dec
2% Aug
*4 May
18*4 Apr
82*4 Sept
17% Nov
27*4 Apr
*4 Jan 5
217g Jan 23
857b Jan 12
17%
37% Jan 18
22% Jan 8
%
1
Ex-rights.
3
5
Nov
Jan
Sept
Jan
Sept
1%
Aug
Dec
Jan
27*2 Oct
89*4 Feb
23*2 Nov
40*4 Deo
21*2 Dec
T Called for redemption.
Saturday
Tuesday
Feb. 20
Monday
Feb. 17
Feb. 19
|
18%
71%
45s
18l2
*67%
45s
*28
34*8
2l2
*3I2
16l2
14*4
*2*8
15i8
*12%
1312!
* 12*4
12*4
*46%
50
7
*46,
60
*6*4
54l2
7*4
64l2
*712
1012
3i8
10i2
21
21
318
115
47l2
**4
*16*4
*92
*12
*17*8
*3014
15's
28I4
21*8
13
14
14i2
118
%'
12
5*4
9
55S
44
400
1,900
*
44
$4.50
*2j "3,300
94*2 9434!
128*2 128*2
53%
53%
128*2 128%
53l2 54i8
123*4 123*4
53
53
""sob
28,200
52
52
5%
618
800
$5
1714
*98
17
99
778
*56i8
6I4
5012
7*8
5612
1778
*42
6i4
51
778
56*4
6I4
*50i2
18*8!
18
I
44
*42
98
*21.I8
2H2
21*8
1712
*98*4 100
207g
21
6%
65s
17
17
17
98
*16
*98U 100
2H8
6*s
20*4
2II4
6*8
60i2
7*4
5612,
18
44
6i8
50
50
7%
5638
56*8
56*8
23%
ton's
I8I4
I8I4
18
18*2
42
43
*98*4
20*4
Washing¬
42.
13*4
17%
50*2
7*4
563s
50*2
7*4
7i2
27*2
6*4
50*4
7*2
*55*4
43
17%
Birthday
312
3%
3%
3*8
312
3*8
3%
2*4
84
2*4
2*4
2*8
2*8
2%
284
234
83
18*4
6512
24*4
83
83
19
65
65
2414
9714
*97
9714
*97
245g
9714
3%
65l2
*80*8
19i8
*64*8
3:24*4
97*4
3%
83
19*4
65*4
24*4
97*4
378
*80ig
18*8
24%
*80i8
18*8
*64l2
2412
♦6412
67
♦64
*80's
19
18%
6578
*64
24*8
*97
3%
65l2
66
1
Us
1
8
8
8
358
65i2
1
3*8
3*8
*64
3*8
65
1
8
8is
14*8
*1414
*14
16
*14
1512
*14
34
34
34i8
*2334
3418
2414
1378
34
*9*8
*9*8
24U
*23*4
13*4
14
14
912
9*4
*23*4
13*4
*48
59
60
*33
3378
33
3314
16*8
12
16*8
16*8
Gen Realty & Utilities
*11*4
2*8
2i2
17i2
17%
3212
32t2
*3558
19*4
36
20l8
*35*8
1914
*16
17
*16
*11*4
12
*2i8
23s
*10114 102l2 ♦102
25
24*8 24*8
137
*134
*134
*8
8is
8
*92
95%
*92
314
3%
*107i8 109
10i8
10i8
*107l2 109
314
109
*14
*89
132% *131
*131
6U2
61%
*60
22%
28*4
18
*17
*17
8
314
,*108
—
16
16
*104%
25
25
25
147
*135
147
*8
8I4
9514
3*8
*92
101l2
*108
3%
132
61l2
*131
132
61
8*4
95*4
3%
110%
10*2
109
160
15*2
8984
132
*131
*60
61
18
13*4
110
*101
*101
110
35
1212
*66%
*108
57
z55%
56*8
35
5612
*34
35
12*8
12*2
*66*4
68
113iS
5*4
50
*%
3*4
24*8
6*8
%
*11*8
*21*4
578
50*4
1
3*4
24%
6*2
7g
11%
22*4
40
40
5*4
5*4
*17
18
32
32
7
7
61*2
13
13*4
♦101
110
55
55
♦33*2
35
*17
18
31%
*7
1334
*101
12*4
12%
69
*67*4
69
*108
113*8 *108
113*8
5*4
5*4
55g
5*4
49*4 50*4
49*2 50*4
1
1*8
1*4
158
3*8
5*2
5*4
7*2
24*4
24*2
24*8
24*8
6*8
6*4
6*4
6*2
7o
7o
78
78
11*4
1138
11*4
1158
*21*4 22*4 *21*4 22*4
*40
40*2 *40
40*2
5*4
5*4
5*4
5*4
67*4
12*4
12*8
32
7*4
14
110
66*4
*33*4
56*4
35
12*2
67*4
110
110
5*4
50
1%
6*4
24*8
6
%
11%
*21*4
40
*5*4
6
50%
1%
7
24%
6*4
7i
11*2
22*4
40*2
5*4
♦BUI and aaked prices; no sales on this day.
16
4 )4% conv
Gold &
conv
Green (H
8%
6%
12", 600
Hamilton Watch Co
"""130
1,000
8*4
8*4
"300
95*4
3%
3%
100
111
*108
10*2
108*2
*155% 160
*14%
15%
10*2
108
8934
89%
"2,266
2,200
300
800
132
132
30
*60
61
300
7*4
500
14
15%
3,200
110
*101
56*2
55%
35
*34*8
a
Feb»9
29
Jan
9
32
Jan
20*4 Feb 19
8
Apr
Feb 21
17
8
15
Apr
106*2 Jan 12
99
Apr
Feb 14
103% Jan 22
28% Jan 4
96
May
6% cum preferred
Hershey Chocolate
Jan 22
Class B
Apr
Sept
4%
8*4 Feb 16
6
Feb 14
Feb
Jan 30
71
Jan
3% Jan 11
113% Jan 29
10% Jan 3
2
Apr
93
Apr
95
Jan
Oct
10
Apr
Apr
100
No par
No par
Household Finance
No par
100
5% preferred
5
Hupp Motor Car Corp
Illinois Central RR Co
4%
RR 8ec ctfs series A
n New stock,
17
63
preferred
Leased lines
Jan
8
100
1
6% preferred series A... 100
Def. delivery,
33
3
2,100
tin receivership,
Apr
May
Apr
Apr
37
9% Jan 10
Feb
14
100
90
11
87*2 Jan 10
Hudson Motor Car....No par
"""46
2
No par
5,000
1,900
5*2
17*2 Jan
~
Feb
No par
5% preferred
100
Hud Bay Min A Sm LtdNo par
42
3
Motors
4,800
2,600
5%
4
Hercules Powder
9,100
*39
9
Jan
4
148
1%
11%
2-% Feb 23
28% Feb 2 3
100
6
22%
Apr
*2
6
Feb 13
8
Hudson A Manhattan
11%
Jan
Apr
Jan 31
Howe Sound Co
*2184
10
14*2 Apr
Jan
Houston Oil of Texas v t c—25
%
24%
3
Jan
163
2,100
6*8
9
4
12
110
2,400
24*4
34% Feb
1734 Jan
Jan 12
5%
%
Aug
Sept
May
Jan 25
49*2
6
42
155
5%
24*8
6
Jan 29
Jan
Apr
108
49%
100
2
Feb
Jan
Apr
1
25
1,600
100
8
3
29*8 Jan
22%
12%
16*4
23%
129*2
107
12*4
*67*8
68*2
*105
113%
*12%
18% Jan
2784 Jan
Apr
2484
25
Houdallle-Hershey cl A. No par
♦7
2
34% Feb 16
24% Feb 21
55
3% Jan
100
1,100
32
31%
Dec
Jan
934
10
142
91
"2", 700
18
*17
Dec
3
16
7% Jan
No par
Hlnde A Dauch Paper Co... 10
Holland Furnace (Del)..
.10
Hollander & Sons (A)
5
Holly Sugar Corp
No pax
7% preferred
100
Homestake Mining
12.50
*111% 113%
14%
Jan
100
Glass Co..
Hecker Products Corp
Helme (G W)
conv
Apr
4
10
123
6% preferred...
-.100
Corp of Amer class A. ... 1
0)4% preferred w w
100
Hayes Mfg Corp..
2
$4
Dec
*2 Aug
4%
101% Jan 25
Hat
Hercules
67
14% Jan
Jan 29
16
No par
100
Preferred
""260
Apr
Nov
2% June
1% Jan 30
8*2 Jan 3
6
Feb
Hanna (M A) Co $5 pf. No par zlOl
24
Harbison-Walk Refrac.No par
Hazel-Atlas
6
Feb
Jan
3084 Jan
34% Jan 17
17% Jan 15
25
..10
preferred
87
15
100
Hail Printing Co
21%
97% Feb 21
4% Feb 8
71% Jan 9
3% Jan 27
.*...25
Water
2434 Jan 19
20
.100
7% preferred class A
Apr
Apr
2% Jan
No par
preferred
Hackensack
13*2
53
66% Jan
3084 Jan 12
16% Jan 15
11% Jan 4
10
preferred
preferred
3
4
Feb 20
55
100
1
Greyhound Corp (The).No par
Guantanamo Sugar
Apr
20% Jan
88
3134 Jan 26
23*2 J&n 13
12% Jan 30
22% Jan 15
27% Feb 5
13334 Jan 15
100
L) Co Inc
Jan
1%
2
234 Feb
70
13
No par
(W T) Co
10
preferred
20
Gt Nor Iron Ore Prop..No par
Great Northern pref...No par
Great Western Sugar..No par
5%
RR
May
2%
3*2 Feb 17
34 Jan 2
7% Feb 5
1334 Jan 15
9% Jan 15
Grant
Preferred
Sept
34
6
Feb
Sept
8
65
1
5
No par
Granite City Steel
14
43
3% Jan 20
Grand Union w div ctfs. No par
Without div ctfs
43
21% Jan 15
91% Jan 23
100
Preferred
Graham-Paige Motors
Granby Consol M SAP
Oct
6% Aug
16*2 Jan 15
63% Jan 15
No par
No par
preferred
3
Jan
Jan
83
No par
5% preferred
No par
Goodyear Tire & Rubb.No par
$5
Apr
4
6684 Feb 16
1934 Jan 4
2*4 Jan 22
Gotham Silk Hose
Apr
534
43%
9
2% Jan 29
1
Stock Telegraph Co 100
1538
Jan 11
51
2
1
8% Sept
6% Feb 21
23% Jan
Jan 15
17
38*2 Jan
50
preferred
Goodrich Co (B F)
147
*92
No par
No par
preferred
Glidden Co (The)
Jan
100
7% Jan 24
47*4 Jan 13
No par
$6
6%
*135
No par
$5 conv preferred
Gimbel Brothers
200
*100*2 101*2
2434
25*4
30
97*2 Nov
*104*4
...
102
102
102
19*4
Sept
19*8 Apr
12% Aug
Jan 17
35%'
16
% June
14
9
200
18*4
85*2 Aug
Feb
17%, ""166
*35%
12*2 Sept
15% Jan 11
20% Jan 18
6*8 Jan 3
47*2 Jan 3
Gulf Mobile A Northern... 100
33
84 June
19% Jan 4
99% Feb 21
84 Jan 9
18% Jan 9
3334 Jan 4
Jan 15
98
100
preferred
6%
Gillette Safety Razor.-No par
5)4 %
*32%
Apr
1% Jan 11
34 Feb 20
Jan 12
24
General Tire & Rubber Co...5
340
*16
105
Apr
3%
*3%
7
3
Jan
10*2 >ug
3,900
17%
*8
3U
13-4
28*2
33
*92
7
1314
234l
2%
27
Mar
Jan 10
10
110
17% Feb 21
9,900
*11%
3*4 Sept
6% Feb 20
4
Apr
2
""760
*32
•
Apr
1534 Feb
Green Bay & West
16%
12
357g
20
Sept
28
Gen Time Instru Corp .No par
60
33'4
19l2
112
Jan
Apr
2,700
16*4
*35%
8
Feb 20
54
15
1,500
33%
19*4
16l2
126
36%
16
11,100
*16%
24*4
31*8
*12*4
24*4
14
23*4
28*4
100
16*2
12
3578
Jan
Dec
2
200
18
*134
95U
7
1,000
33
102
25
31*8
34
*3%
*16
137
7
14%
34
Jan
72%
23% Feb 21
13% Jan 4
1,300
4
*10414
32%
500
9%
14%
33%
1878
17
7
2,000
*32
102i2
32l4
200
10,300
59
113l2 *U112 113% *111*2 113*2 *llll2 113*2
*111
20
4,300
39
125%
% Feb 5
17% Feb 19
27% Jan 19
14% Jan 13
1
Gobel (Adolf)
16*4
♦11*4
•353s
8
Dec
%
9534 Feb 16
130*2 Jan 5
55% Jan 3
Feb 16
9
Goebel Brewing Co
*33
3%
Jan
44
2
Jan
107% Sept
1978 Jan 2
11% Jan 16
59
2%
% Jan
4% Jan
pref..No par
Corp
20
1,100
14%
9%
145
27
118% Jan
Gen Theatre Eq Corp ..No par
90
*48
2%
Apr
36%
10912 Jan 27
General Telephone
6,900
8,800
3,000
*142
24
31
Jan 15
Jan 15
51
1
Corp
Gen Steel Cast $6
200
1
8*2
142
10
10*4
IOI4'
10U
10i2
*107*2
108l2 108i2 *107l2 109
*152
160
*155*2
160
,*155l2 160
15
15
15
15
*1434
14*4
89
89%
89i4 89%' *88l2 89*4
*162
1,700
*17
33
36
20U
109
700
preferred
General Shoe
700
5,400
67
1
8*4
*14%
24*4
*13%
2
12334 Jan 25
37% Jan 3
General Refractories..-No par
20
1,400
9,200
*48
24
*33s
104
*104
27%
142
2*8
24
*20i4
24
*3*8
4
♦16*8♦ 18
4
*32
23%
$6
300
3*4
334
600
3314
16*8
12
I6I4
24
97
480
5,300
1,300
59
33
16%
*11*4
*3l2
1334
14
*48
*48
*2*8
24*8
24
2312
24
27*4
2778
2778
141*4 14134 *140i2 142
2778
141i4 142
*20
34
2414
24%
97
24%
28*4
*14*2
34
1,500
24*8
8*4
1434
984
15*4
34*4
24*8
14
984
23*8
*27l2
24
24
*27l2
14*8
14*4
95g
1512
14*8
1412
9*4
14l2
8
700
*64*8
1
1
8I4
1
Oct
Jan
86% Jan 15
234
83
19%
65
I884
106
48*2 Jan
100
1
No par
44
3%
3%
3*8
*2%
Dec
86*2 Jan 16
No par
preferred
6%
40
27*2
23%
13*4
17l2
100
2034
6*2
51
7%
5534
18
*41%
Apr
16
41
16
15
15
43
2
Jan
Apr
Feb 21
1934 Jan 5
116% Jan 31
No par
17*4
30
*29%
Closed-
40
Mar
9
Feb 10
128
Apr
2*2
17%
2
6
2
% Jan
..No par
7% Dec
128
Sept
Jan
59
No par
300
Apr
2378 Jan
5
5
6
15
2
15
12
Gen Railway Signal
1,500
Jan
3*2 Jan
11% Jan
Gen Public Service
101*2
*17
Exchange
145
200
♦%
Stock
2
17*8
17*8
*98
17*2
9
300
.
Jan
5*2 May
%
*84
Jan
45% Aug
Jan
9% Feb
I834 Feb
10
No par
preferred
$6
Ja**
Jan
7
7*2 Jan
100
Common
*
Jan
50
116
General Printing Ink
7*8
1834
40
No par
preferred
Dec
5
142% Feb 21
2»4 Jan 16
Oct
15i 2 Sept
Apr
67*4 Jan
8*4 Jan
Gen Outdoor Adv A ...No par
50
110
110
1,400
10,700
6
9%
9
9
9ig
9ig
9is
9i8
♦110
111
111
*110
111
*110
111
*84
7g
1
i
**4
78
*4
%
*17
17*2
17i2 *16*4
17*8
17
17
99*2
99*2
96
,96
96 I *98
9912
%
%
%
*8
5.
17l2
17*4
1714
17*8 *17
1712 *17
2912
29*2
29*4
30
30*4
30
30
15
15*8
1514
1514
1514
1514 *15
28*2
29*4
28l4
29
28*4
2814 2812
22
22*2
23l2
2214
22
21*4 22
13*8
13*8
13
13
13U
*13i8
13*8
'
18%
104*4
52
48*2 Feb
17i2 Jan
113% Jan
37% Jan
45*8 Jan
preferred
July
384
Jan
Jan
Jan
Sept
3*4 Sept
5% Sept
z9% Sept
3
Jan
No par
General Motors Corp
600
12334 123*4
5
36
Apr
7*2 Aug
9
July
94
Apr
103*2 Jan
$6 conv pref series A. No par
5%
2
Jan 26
14
Gen Gas & Electric A..No par
100
104
55
Apr
18%
1%
Jan 15
100
General Mills
9
9084 Jan
9% Sept
Sept
27
8
Feb
2
No par
preferred
Aug
1% Apr
Jan 19
100
General Foods Corp
14
37*2 Sept
108*2 Jan
2984 Jan
66*2 Aug
Feb 23
51
Electric Co..-No par
General
103*2 Apr
102
No par
preferred
7%
320
24,100
4,300
38%
47*4
Sept
96
No par
7% cum preferred
General Cigar Inc
Oct
5
Apr
6% Jan 24
No par
Class A...
25
9
3% Jan 3
17% Feb 16
1534 Feb 17
Feb 13
50
50
General Cable Corp
600
*2
%
$8 preferred
General Bronze Corp
700
47*4
*117*8 118%
95
General Baking
900
116
38*4
44
| *19
95
6*8
6*8
6%
%
%
■*
,
44
95*4 *95
95i2
128% 128i2 *12812 128%
5278 53*8
52*4 53*4
124
124i8 124is 124is
51l2 53
54
54
30
May
1*2 Apr
2*2 Jan
Jan 30
4% Feb
No par
5
5
No par
5
preferred
17
21
Jan
11% Jan 22
Gen Am Transportation
1,000
18%
116
;*115
115*4
39%|
38*8 38%;
47i8
47*4
47
47*4':
1*11614 118*8 *117
118%
—
900
59
*17%
38%
S6
200
Jan
July
35
3% Jan 26
101
38
32% Jan 25
Jan 18
Jan
Aug
31*2
Apr
6
31% Jan 15
13
51
25
72% Jan 18
Jan 29
14
Apr
Sept
107*2 Jan
20*2 Jan
8
2
105% June
15
3*2 Jan
5
31
38%
Jan
35
8
Feb
3% Feb
5
6)4% conv preferred
Feb
70
Jan
2
Jan
35% Feb
24% Jan
17% Feb 10
10
No par
No par
F'k'nSImondtCo inc 7% pf. 100
Free port Sulphur Co
10
Gabriel Co (The) cl A ..No par
Gair Co Inc (Robert)
...1
S3 preferred
10
Gamewell Co (The)
No par
Gannet Co conv 16 pref No par
Gar Wood Industries Inc
3
...
17 conv preferred
Francisco Sugar Co
Gen Amer Investors...No par
102
*57
105
100
4)4 % conv pref
Foster-Wheeler
17%
99%
21
2334 Jan 23
2*4 Jan 30
32% Feb 6
J Follansbee Brothers..No par
Food Machinery Corp
10
Gaylord Container Corp
5334
54*2
7*2
734
*133*2 142 j
*2%
3
10%
10%
21*2
21*2
115
115
38*4
47*4
""600
4*2
1234
50
6%
102
18
115
300
104
4*2
59
18
300
1,460
*12*4
*46*4
*684
22
18
1,600
15
*100
1312
50
7
*1214
*46%
*6*4
"l"l66
I6I4
14%
(*100
104
*4*8
4*8
13
go
*12*8
j *46,4
*3%
*15
16*8
18
914
*110
4*8
2i2
3*8
3%
57l2
i2
5414
512
*9
104
*2%
*15
95i2
52
52
212
3*8
16*8
1512
2,600
34%
2*2
3%
34%
2*2
34l2
34*8
22
44
6314
34
34*8
*4%
I8I4
10
6
57*4
*116
12418 I24i8
2,100
34
2178
38l2
47l2
*12812 12878
70
17*4
No par
Florence Stove Co
share $ per share
25*2 Sept
Apr
3
46
Jan 25
32
[ per
share
Jan 24
106
6% preferred series A—100 zl04% Feb 14
43% Jan 18
First National Stores..-No par
18% Jan 15
Fllntkote Co (The)
No par
Florsheim Shoe class A .No par
75
5
56*4
115
95*4
107*2
17*2
♦71
*28
21
%
12
*25
*106
5
56*4
I8I4
118
*116
400
34
21*8
39
4778
3878
32*4
5
66
18l4
115
18
""soo
75
*20
56*4
*5512
100
2%
*32
*6*4
7
10312
*102
103l2 *102
10312 *102
55
55
55
6514! *5412 55l2
7*8
7*4
*7*8
7*41
*7*8
7*4
1421414214'
143
143
*142i4 143
3
3
3i8
318
*3i8
314
11
11
10*8
11
IOI4
10*8
*14214 14312
34%
2414
♦28
I
7
♦6*4
104
*102
*3312
*23l2
2%
*71
*100
4*4
*4%
45S
412
15*4
104
*101
104
*100
312
I6I4
2,400
1934
214
*3*8
*15
14*4
212
3*8
*15
1,300
19%
20
3412
2414
2*8
32i2
32*4
*105*4 107l2
1818
19
*29
34*8
34
100
45
75
412
*70
412
34
34
34
34*4
212
3*4
16i2
15*4
*28%
45
per
2134 Jan
19% Jan 31
Rubber.._ 10
Firestone Tire &
$
$ per share
Par
800
20*4
20%
*104% 104*4
Lowest
Highest
Lowest
Shares
$ per share
1978
*33*8
*2312
*2i2
3212
32i2
105*4 105*4
18'2
18*4
33
33
*105*4 107i2
I8I4
1878
7H2 7H2
*4i8
478
106
106
2*8
$ per share
100-Share Lots
On Basis of
Week
104i2 10412
45
4514
2414
2i3
*2312
2i2
24U
2*8
33*4
*3314
•
*2312
24i4
212
2i2
the
Feb. 23
20*4
*20%
1940
EXCHANGE
Fridav
Feb. 22
$ per share
f per share
$ per share
20*8
20*8'
20l2
20i2
20*4
*104'8 10412 *1037s 10412
*104% 104*4
4478
45*8
*44*8 4514
45% 4512
19*4
20
1978
1978
19%
19%
*34
34*4
34
34
*34
34*4
20*4
24,
Range for Previous
Year 1939
Range Since Jan. 1
STOCKS
NEW YORK STOCK
Thursday
Wednesday
Feb. 21
1
% per share
*23l2
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
AND
Sales
for
LOW
Feb.
New York Stock Record—Continued—Page 5
1240
100
1000
r Cash sale,
131
61
133i2 Jan 30
Jan
Jan 15
112% Jan 16
17
Jan 23
31
Jan 19
6% Jan 18
12% Feb 1
54% Feb 8
33% Jan 30
11*2 Feb 2
6734 Feb 21
110
Feb
7
5% Feb 1
47*2 Jan 24
% Jan 3
3
Jan 11
24% Feb 6
5% Jan 19
a4 Feb 9
11% Feb
21% Jan 19
38% Jan 25
5% Feb 6
x Ex-dlv.
1534 Jan
91
Jan
,
8%
Apr
Sept
128*2 Apr
Jan
8
54
115% Jan
1834 Jan
9
4
100
62
34
7
Jan
4
Feb 15
15% Feb 23
66% Jan 12
35
Feb 17
13% Jan
70% Jan
111% Jan
6% Jan
50% Feb
1% Feb
7% Feb
27
Jan
3
29
10
3
21
20
20
5
6% Feb 17
1
Jan
13% Jan
24i8 Jan
41% Jan
6*2 Jan
y Ex-rights.
2
Jan
Sept
1434 Apr
29*4 Sept
5*8 Nov
8% Aug
95
May
47% Sept
27
Apr
8% Apr
60*4 Oct
102
Sept
4*2 Sept
40
%
2%
21%
4%
84
9
Apr
Dec
Sept
Sept
July
Aug
Aug
16% Apr
38% Sept
4% Sept
1 Called tor re emptlon.
New York Stock
Volume ISO
LOW
AND
HIGH
SALE
PRICES—PER
Record—Continued—Page 6
1241
Monday
Tuesday
Feb. 17
Feb. 19
Feb. 20
3 per share
t per share
$ per share
*5%
♦27
*111
6%
♦5«4
27%
26%
114
♦111
*152
6%
26%
114
*152
84
84
*5%
27%
*111
|
6%
27%
85
14
Thursday
Feb. 21
Feb. 22
$ per share
*5%
27%
*112
114
*152
85
SHARE, NOT PER
Wednesday
$ per share
,
88
*85%
STOCKS
Range Since Jan. 1
NEW YORK STOCK
On Basis of 100-Share Lots
the
CENT
EXCHANGE
1
6%
Friday
Feb. 23
Week
S per share
■
Shares
*5%
27%
6%
27%
27%
114
*112
*152
*84%
Sales
for
Saturday
Indian Refining
Industrial Rayon
85
86"
800
13%
13%
13%
13%
14%
14%
14%
14%
14%
18,100
6%
*6%
6%
*6%
6%
*6%
6%
6%
6%
200
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
4,300
*3
*3
3%
*4084
*110
42
4%
4%
10%
10%
1%
3%
41%
41%
110% 110%
*414
4«4
10%
10%
110%
178
1%
1%
*33
34
*33
35
185
185
*183
188
*3
3%
42%
42%
110
♦4%
10%
2
33%
*185
*4
10%
1%
*3
3%
42%
10%
2
33%
34%
189
188
*109
4%
34%
*189
5634
56%
56
56%
50%
54%
54%
54%
*160
165% ,*159
164% *159
164% *160
164%
4
4
4
4%
4%
4
4
4
10*4
11%
*684
7
1
10%
11%
10%
10%
10%
*6%
7
6%
36%
6%
684
36%
54
15
*89
91%
15
*89
15%
91%
72
72%
71%
72%
*124% 126
*124% 125%
61%
61%
*6034
62%
120
6%
14
*14
120
*1384
*120
07g
14%
15
*90
*70%
126
15%
91%
71%
126
61%
61%
14%
14%
*120
*6%
7
*6%
300
5,300
Preferred
100
Int. Hydro-Elec Sys class A.26
38,800
Int Mercantile Marine.No par
634
700
3634
11,200
Internat'l Mining Corp
1
Int Nickel of Canada..No par
Preferred
100
"8,400
Inter Paper & Power Co
58%
8.500
4%
200
35%
200
*25%
27
200
4
4%
9%
20
100
8%
8%
70
1,900
*124% 126
20
*80
62
18%
"7"
*18
19
18%
*17
18%
14
*12
14
*12
14
*12
97
*90
97
*90
97
*90
97
97
97
""loo
13
13
13
13
13
13
13
13
700
13%
7%
*90
7%
95
7%
*90
3084
*2%
*29%
26
3634
36%
14%
36%
*14
*13%
3034
284
30
26
*4
478
*26%
29%
*3634
*2%
*29
7%
95
*7
*90
13
7%
95
36%
36%
38
14%
14
14
38
*35%
37%
2%
2%
29%
28%
29
25%
2%
26
26
25%
*4
4%
26%
29%
26%
26%
29%
29%
27
26%
29%
29%
*778
*15%
17
*15%
16
16
15%
16
884
12%
8%
8%
17%
*4
*8
*15%
10%
4%
8%
17%
16%
*484
5%
*4%
5
33%
*33%
5%
33%
5
33%
33%
33%
♦2184
2234
21%
21%
*21%
*112
114
3%
3%
112
3%
112
7
*90
38%
14%
2%
2%
29%
29
25%
*4
26%
29%
3%
3
3%
3%
1
1
1
2%
%
2%
1
2%
2%
%
2%
22%
22%
1378
13%
14
28%
*27%
28%
51%
14
23
13%
23
50%
7%
*42%
108
*106
108
*106% IO784 *106
*105%
♦107
107%
107% 107%
107% 107%
106%
13%
28%
51%
7%
43
107
107%
*176
176
5078
7%
41%
29
*27%
51%
50%
7%
7%
50%
7%
50%
7%
41%
*41%
42%
42%
42%
177% *176
*19%
177% *176
20%
*19%
20%
26
26
*25%
37
37%
37
13%
17%
13%
*12%
17%
30%
3034
17%
30%
36%
36%
36
♦10778 108
2884
29%
44%
44%
25%
37
37
37%
13
*12%
24%
58
30%
36%
30%
30%
30
30%
36%
36%
35«4
36%
*107% 108%
44%
110
24%
18%
57%
57%
43%
4334
3%
3%
*17
43%
43%
3%
3%
*16%
17%
108% 109
*108% 110
24%
24%
24%
24%
159
159
*15884 160
18%
18%
18% 18%
57%
17%
57%
56
57
0%
*6%
6%
*6%
32
31
31
32
32
*30
*29
30%
30
30
30
30
*29
30
*16%
1034
10%
10%
16%
1012
15%
15
16
15%
15
15
*15%
*1%
1%
*1%
478
*4%
47g
5
5%
*4%
14%
15%
41%
14%
40%
41
1178
*38%
12%
39
11%
*38
15%
16
1%
5
5%
15
41
*1%
4%
16%
16
16%
15%
15%
15
15
1%
5
*4%
5%
14%
15%
40%
4034
38
12%
*37%
38%
30
29%
29%
13%
14%
3034
*167%
30%
52%
52%
52%
52%
52%
52%
*334
4
*3%
4
♦3%
4
*25%
29%
*108
169
169
*1%
4%
4%
14%
40%
13%
37%
29%
15%
1%
5
147g
15%
*108
*
Sept
117%
Jan
6% Jan 22
7% Jan
5%
Apr
8
Feb 23
_
128
Jan
67
20
11
Jan
15% Jan
Apr
838
Apr
Sept
No par
1
Lone Star Cement Corp No par
Long Bell Lumber A...No par
Loose-Wiles Biscuit
80
5%
25
100
preferred
Lorlllard (P) Co
30
10
7% preferred
800
100
700
100
m
m,
Louisville Gas & El A..No par
Louisville & Nashville
100
Mac Andrews & Forbes
»
*
0%
-
10
preferred..........100
5
Aug
79
June
28
Apr
20
15% Feb
1
434
31%
21%
10934
Feb 6
Jan 15
Feb 21
Jan 31
3
Feb 20
21
Jan 16
30
Feb 21
_
5% Jan 17
3534 Jan 4
23% Jan 10
115
Jan
Feb 19
Jan 11
53% Jan
778 Feb 13
4278 Feb 23
_
108*4
178*4
20%
29%
Jan
3%
Apr
Mar
Jan 23
Jan 26
Jan 12
938
23
36%
4%
Apr
Sept
Apr
Apr
Apr
Apr
33
Sept
95
Sept
95% Sept
152
Sept
47
13%
18%
32%
37%
Feb 17
10
Aug
18% Sept
Feb 23
13% June
19
Feb
9
3
2984 Dec
30% Sept
3234 Dec
Jan
3
108% Feb 15
101% Sept
18% Jan 2
42% Jan 15
3% Jan 15
1078 Jan 30
I0784 Jan 31
2384 Jan 15
30% Feb 19
46% Jan 2
109% July
2I84 July
15% Jan
2
28% Jan 15
3334 Jan 15
106
Jan
153% Jan 12
16% Feb 10
55% Jan 16
3378 Feb 21
133
Jan 12
4
Jan
3
18*4 Jan 11
109
Jan
5
25
Jan
6
169
Feb
7
21% Jan
4
60
Jan 25
35
Jan
0
Mar
38% Sept
2
Aug
16% Sept
105
19%
138
Jan
Apr
t Manhattan Ry 7%
guar. 100
60
Ctfs of deposit
Modified 6% guar
Ctfs of deposit-
100
1,100
1%
5
5
.......
25
Manhattan Shirt
Maracalbo Oil Exploration.. 1
Marine Midland Corp
.
4,300
Market St Ry 0% pr
33% Jan 19
284 Feb 5
6% Feb 14
20% Mar
28
Apr
35
Sept
Aug
124
Feb
135
Nov
Aug
30
Nov
29
Nov
1% Jan 6
434 Jan 13
3% Jan 31
2934
2984
1,700
Mathieson Alkali Wks.No par
40
52%
4%
27%
1,100
7% preferred
100
May Department Stores—10
Maytag Co..
No par
$3 preferred
No par
$0 1st cum pref
No par
McCall Corp
No par
McCrory Stores Corp..
1
15%
*108
t In receivership,
mm
mm
20
600
15%
110%
a
2,400
Def. delivery,
0%
conv
preferred
n New stock,
r
Sept
0% Sept
734 Oct
Apr
30
mm rnmmm
40
Apr
35% Jan 15
784 Jan 15
15
Apr
Nov
Martin (Glenn L) Co
1
Martin-Parry Corp...-No par
Masonite Corp
No par
101
Apr
Oct
5
500
101
1
5
Jan
9
7,000
59,500
*2534
3% Jan 2
6*4 Jan 27
Feb
19%
27
37
*14%
4
37% Feb 16
3384
43%
Feb 17
40%
13%
900
67
3
134% Jan 27
32
12%
3%
Feb
15*4 Jan
36% Apr
30*4 Feb 10
10*4 Feb 10
30
52%
June
5
40%
*168
24%
3
37%
3%
27%
110
Jan
13
52%
Jan
6% Sept
22% Mar
Jan
14% Jan 2
14% Jan 3
14% Feb 10
Marshall Field & Co...No par
70
Jan
27
15.800
5%
62
Jan
28
70
15%
9
54%
Mar
159% June
30
II84 Jan
Nov
40% Sept
Sept
30
*1%
May
Apr
30
*15
180
19
31%
*29
2,700
7,400
Sept
2
*6%
1534
1534
10
Jan
18
1534
15%
5634 Mar
43% Aug
108% Aug
10984 Aug
40
25% Sept
11% Sept
25% Apr
No par
2784 Jan
13% Nov
3234 Mar
15
Apr
2034 Aug
3
Mandel Bros
6% Sept
3% Sept
834 sept
Jan
Jan
4
-
Oct
6
3
4
30% Jan
1234 Jan
-
5% July
Mar
2834 Jan
m
Jan
118
Jan 30
000
5%
2934 July
29% Oct
13% Jan
23% Jan
18% Mar
Dec
24
m,
30% Oct
26% Aug
25
2778 Jan 15
5,000
Sept
37%
Macy (R H) Co Inc
No par
Madison 8q Garden—No par
Magma Copper
10
Manati Sugar Co
m
99
Jan
Mack Trucks Inc......No par
m
July
Apr
2,300
3%
18
100% Dec
14*4 Mar
10% Mar
17
20
14
29
2
Jan
I684 Nov
99% jan
25
% May
12% Jan 12
Jan 31
12
1%
2634 Jan 18
48% Jan 15
6% Jan 12
41% Feb 14
10534 Jan 15
IO634 Jan
Apr
12% Sept
2% Sept
1% Jan
4*8 Jan
2378 Jan
108
jan
Sept
112
Jan
4
Dec
2384 Sept
20% Apr
7
9% Jan
1834 Jan
16% Jan 11
24
Jan
Dec
Apr
334
28% Jan 19
7% Jan 13
1434 Jan 2
19%
12134
11%
sept
20
7
Oct
4
Feb 16
-
18
89% Dec
38
26
Jan
234 Jan 24
"5,106
*37
Mar
4612 Sept
16% Sept
28%
12%
37%
3%
6%
300
Jan
3234 sept
125
Apr
2434
24%
28%
*11%
jan
Apr
834
29% Jan
Feb
36% Jan 18
II84 Jan 2
$0.60 preferred
_
26
Jan 22
Loft Inc
7% Jan
9584 Jan 30
3878 Jan
14% Feb
Apr
1*4 Apr
12% Apr
25
1
7%
Jan 24
Jan
No par
13% Feb
90
31
19
par
Jan
39
78 Feb 20
...No par
Feb 23
Jan 15
2% Feb 19
1
97
2% Jan 15
26% Jan 15
24% Jan 16
175
Loews Ino
2,000
mm
2
60
700
56
Jan
3478 Feb
15
Bid and asked prices; no sales on this day.
Apr
10*4
Sept
14%
15
18
119% Sept
8
Feb
*4%
*25%
27% *25% 27%
*25%
101
101
*100% 105
*100% 105
15
15
14«4
*14%
15
14%
15%
15%
15%
15%
15%
15%
1584
110% *108
110% *108
110% *108
110%
27%
—
125% Feb 21
Feb
June
June
5%
*100% 103
7% Nov
1484
87
Jan
83
15%
40%
14%
*168
52%
3%
50
50
200
18 34
*33%
34%
*134% 136
Feb
Sept
9%
9%
133
par
Liquid Carbonic Corp. .No
Lockheed Aircraft Corp
1,500
43% 4384
33g
*3%
16%
10%
108% 108%
24%
24%
15834 15834
*18%
8% Jan
27
Sept
7% Aug
76
Jan
Apr
par
Lion Oil Refining Co...No par
600
27% 161,500
26%
4
478 Jan
10% Jan
86
Apr
Link Belt Co
300
108% 108%
28% 29%
Dec
13
Lima Locomotive Wks.No par
1,000
30%
30%
107
35
100
Lily Tulip Cup Corp..No
400
13
25
100
26
Preferred
100
36%
18%
1578
100
36%
108
5
i
Series B
1,900
38
6%
32%
32
107
107%
*174% 178
*19% 20%
25% 25%
No par
5
Liggett & Myers Tobacco..25
100
106
30%
29%
100
No par
Life Savers Corp
4,600
10,500
4,200
108
Jan
3% Sept
Apr
5
No par
Libbey Owens Ford Gl.No par
Libby McNeil & Libby
7
300
18%
84
Apr
Lerner Stores Corp
1,200
38
Oct
100% Feb
484 Jan
12%
Lehman Corp (The)
Lehn & Fink Prod Corp
3,300
734
1284
1784
*159
*6%
50%
42%
37
33
122
10*4 Jan 31
578 Feb
Lehigh Valley RR
Lehigh Valley Coal....No
6% conv preferred...
«.
17%
18%
6%
~
734
37
*3384 34%
*3334
34%
*33% 34%
33%
33%
*134i2 140
♦134% 140
*13412 140
*134% 136
25
25
2534 1 24%
25
25%
24%
25%
2834
28%
28«4
28
28%
28%
28% 28%
12
12
*11%
12%
12%
12%
*11%
12%
*36
37
3034
*36%
*36% 37%
37%
37%
3
*3
3%
3%
3%
3%
3%
3%
*6%
.»
13
58
*18%
13%
13
3%
24%
20%
26%
Apr
85
4% conv preferred
3,100
3,000
2,300
3,800
1,300
17%
17%
*108
*19%
*25%
10
17%
17%
24%
176
40*4 Sept
19
15% Jan
Lehigh Portland Cement
13
*3%
160
19%
31% May
Jan
95
10
1
Sept
36% Jan
9
& Co
14*4 Jan
57% Dec
28
8
Lane Bryant
Lee Rubber & Tire...
42%
106
Jan
Jan
500
23
29
6% May
60% June
~
Feb
1
jan
May
38
Feb
97
No par
5584
138
29
.
95
l
Jan
Sept
00% Feb
5% Jan 24
50% Feb 6
*13
5% preferred
Lambert Co (The)
100
3%
2284
13%
*2784
50%
Sept
8%
0% Aug
25% Aug
3% Jan
39% Jan
5
500
17%
17%
3%
109
109
*159
177%
26
107% 107%
29%
30%
44
7%
19%
25%
17%
3%
*17
*27%
10
1
%
Dec
123
..100
No par
Kroger Grocery & Bak.No par
Laclede Gas Lt Co St Louis 100
20
5%
*4%
33%
33%
22
*21%
*111% 114%
3%
3%
2%
35
Jan 11
14% Jan
Jan
Feb 16
Kress (S H)
1,000
5
33%
21%
114%
3%
1
2%
3%
"3:400
8%
16%
16%
*4%
33%
10
Apr
1478 Jan
120% Jan
13% Jan 18
Feb
Kresge (S S) Co
Kreege Dept Stores
4%
*8
17% Sept
142
Jan
13
$5 prior preferred...No par
1,400
26
*15%
15%
Jan
3878 Jan
133
Sept
5%
5
11% Feb 17
7
Oct
3*4 Apr
2% Aug
45% Sept
Jan 23
5% Jan
Oct
105
35
190
5,200
ton's
171
41
195*4 Mar
71% Sept
16634 Aug
Apr
Kimberly-Clark
Kinney (GR) Co
200
30
Birthday
Apr
Sept
Sept
Aug
200
234
26%
8
16
145
38
13
13% Jan 12
29%
30
Jan
189*4 Jan
62*4 Jan
5% Sept
3%
59
37
*4
10% Sept
68
Keystone Steel & W Co.No par
29%
26
109% Dec
Jan
17
Class B
1,000
26%
15%
15%
21%
♦111% 114% *111%
23
Closed—
Washing¬
8
22
22%
*13%
•
4%
15%
15%
1
23
26
20%
Apr
2% Apr
7% Aug
1% Apr
Feb
600
*3612
*2%
*2884
1278 Jan
2% Jan
17% Apr
90
77% Jan
14
Exchange
6
Sept
5% Deo
9% Mar
3% Dec
40% Oct
93
90
14
Jan
21
Jan 17
Kendall Co $6 pt pf A ..No par
Kennecott Copper
No par
Stock
5
98*4 Sept
Feb 23
"20:766
38%
8
Apr
9% Apr
4% Apr
2*4 Sept
284 Dec
14% Feb 23
Kelsey Hayes Wh'lconv cl A. 1
95
37%
36%
2,300
7
*90
94%
37%
14%
36%
3
2234
13%
*2734
7
Jan
Aug
Keith-Albee-Orpheum pf__100
*95% 117%
1234
12%
7
3
44% Jan 8
110% Feb 14
157
67
70
120
6% conv preferred
Kay ser (J) & Co
4
1478 Feb 21
0% Feb 14
384 Jan 5
Sept
147% May
17
4% preferred
...100
Kaufmann Dept Stores
1
14
*90
10
Jan
Jan
131
87-
.1
No par
100
Jan 13
Kan City P & L pf ser B No par
Kansas City Southern.No par
100
19
13
2434 Jan 18
123
...No par
Preferred
100
*17%
*95% 117%
12%
12%
...1
Jan 15
123% Jan 19
65% Jan 16
*12
*95% 117%
8
No par
...1
Jan 30
a
14
*95% 117%
13
12%
82% Feb 10
_
Kalamazoo Stove & Furn
19
13%
3484 Feb
9
,
9% Sept
29%
Apr
36
Jan
Jones & Laughlin St'l pref. 100
*12
13%
51
200
+17
*95% 117%
Jan 22
34% Feb
25% Feb
97% Jan 15
378 Feb 3
378 Feb 5
Johns-Manville
20
*684
15
400
14
*120
7%
23
1134 Jan 18
50% Jan 18
4% Jan
No par
Jewel Tea Inc
400
62%
14
14%
131
*
Island Creek Coal...
2,300
70
15
13
6% Jan 19
35% Feb 1
100
$6 preferred
Jar vis (W B) Co
"lO
1434
91%
Jan 22
53% Jan
105i4 Feb
3% Feb
8% Jan
..100
Intertype Corp
27
*26
*125%
14%
91%
180
Interstate Dept Stores.No par
Preferred..
100
400
93
1% Jan 19
32% Feb 1
7% preferred
100
Inter Telep <fc Teleg...No par
Foreign share ctfs...No par
6,700
5,500
9%
*3%
9% Feb
International Shoe....No par
International Silver
50
200
100% 100%
126
preferred
International Salt
400
35
5%
Jan
90
4% Jan 15
15
5% conv pref
Internat Rys of Cent Am
190
54
35%
*34%
15
*684
Int. Business Machines.No par
Internat'l Harvester
No par
200
"3,166
*81%
108
Internat Agricultural..No par
Prior preferred
100
4%
3%
3% Jan 15
234 Jan 15
40
Jan 15
No par
1034
*4%
*120
"7"
1
10%
54
8OI2 Jan 22
11% Jan 22
6% Jan 17
20
3,100
164
57%
71
61%
150% Jan
*131% 133
13
13%
634
91%
*14
Jan
684
36%
•
70%
126
150
No par
3%
11
14%
91%
80
5,200
54%
*163
37% 37%
37
37%
37%
37
*131% 133
*131% 133
*131% 133
*131% 133
13
1334
13
13%
13%
13%
13%
13%
58
57
58%
57%
58
56%
57%
58%
*4%
47g
4%
4%
*4%
4%
*4%
4%
54
*53
53
54
54
54
53%
53%
35
35
36
35%
*35% 37
*35%
36%
35
34%
34%
35
♦34%
35
*34%
35
27
27
*26
28
27
*25%
*25%
27
*98% 102%
*98% 100%
*98% 100%
100% 100%
4
4
3%
3%
3%
3%
3%
3%
*4
4
4
4%
3%
3%
3%
3%
10
10
*10
10%
9%
9%
*9%
10%
82%
93
82%
*81%
*81% 93
*81% 93
8%
*8%
*8%
8%
*7%
8%
*8%
8%
*26
*26
27
*26
*26
28%
26%
27%
*125%
*125%
*125l2
125% 125%
15
I684 Apr
Jan
Interlake Iron
193
Apr
Jan
3434
*33%
189
4%
29
118
Interchemical Corp ....No par
8% preferred
.100
Intercont'l Rubber....No par
400
9
Jan 15
Feb 10
t Interboro Rap Transit—. 100
Certificates of deposit
160
634 Jan
26
10%
2%
2
2%
5% Jan 31
Highest
1 per share % per share
113
Insuranshares Ctfs Inc
*
-
$ per share
10
Inspiration Cons Copper
"600
4%
*4%
10%
■-
..
"
42
110
41%
*109% 110
4%
10
*3
42%
110
$ per share
Lowest
No par
6% preferred
Inland Steel Co..
"
87
Highest
..No par
100
Ingersoll Rand
*6%
*
Par
"
*152
Year 1939
Lowest
'1:200
114
Range for PreHous
pref. 100
100
Cash sale,
Jan 31
36
Feb 23
28%
161%
50%
3%
Jan 16
Jan 0
Feb 1
Jan 22
26
Feb
98
Jan 11
2
14% Jan 13
1478 Jan 31
108
Feb
s Ex-dlv.
6
y
16
Jan 26
10% Jan 17
1% Jan
5% Jan
3
5
5>4 Feb 13
15% Feb 21
42% Feb 9
14% Feb 20
40% Jan 8
31*4 Jan 4
169
Feb 20
53% Jan 4
4% Feb 23
27% Jan 13
101
Jan 27
16% Jan
10% Jan
108*4 Feb
Ex-rlghta.
8
1584 Nov
128g
Oct
16
Nov
10
Apr
16
Oct
1
Apr
4% Apr
3% Aug
984 Apr
20% Aug
2
May
30
Sept
20*4 Aug
155
Nov
40*4 Apr
3% Sept
24*4 Dec
93
Jan
4
10% Apr
984 Jan
2
88
Jan
2% Sept
534 sept
8% Mar
1784 Nov
45% Nov
8% Dec
67% Jan
37% Sept
176
July
53*4 Oct
6% Mar
36% Mar
105
June
16% Aug
17% Nov
108% Dec
3 Called for redemption.
Feb. 17
7%
♦42*8
11%
*8%
8*4
*101% 102
10*4
10*4
*5812
64
*57
625*
*57
*14ig
34%
50
4
*38*4
110
!
%
32ig
32lg
26
24*8
25
2,200
2,500
1,180
15
30%
15
15
70
30ig
11»4
30%
11*4
14ig
14i2
1112 'IJI2
*3978
97g
*4
358
101s
%
3*4
5U
*3414
*118
49*2
6OI4
3%
I
*14
*!•
*1«
*16
«1«
*'1 *
*8
1712 1712
1712 1712
IO914 110 f 108*4 109 \
1
1314
110
7%
135g
13%
*49%
978|
7%
*18%
20
16
*12%
24%
*163
7%
*4912
7
10%
12%
*18*4
•issg
12*g
24%
24
170
7%
18i2
16
12U
15%
11%
16%
*113
112
5%
*5%
24%
17
6
0%
24%
14
*11%
11%
*92
97
zu-g
*170
I8I4
*9512
*6%
*5%
24U
11*8
*92
9
427g
414
*934
*24
13%
4314
42%
414
978
*86
24i2
89%
*40*4
4H2
110
*108
170
I
0%
24*4
14
1
96
90
8*4
22*4
8
69lg
8%
13ig
13l8
43
43
*4Hg
4%
*9*4
*237g
43
414
10
25
*41
4H2
109
109
*32
*4
*012
16
102
21*8
57%
*56*4
2412
*8912
22ig
57%
5714
25
90lg
8%
8I2
112U 112%
34ig 34%
4ig
414
*40*4
0*4
*1912
17»s
I8I4
32
32
31*4
31*4
712
—
58
*56
10*4
50
56
1%
%
16
16i2
*163
*5%
6I4
24*4
*9314
23
7%
68
8%
13%
42*4
*41U
4%
*9*4
*24
86I4
*41
74*4
13%
43%
16%
*17*4
3214
*32
*412
*6*4
*163
170
6
6I4
25i8
217
217
112
111
111
22
21%
22U
58
*57
5712
24*8
9012
576s
25
9 l2
8I2
8%
8*8
8%
112
II2I4 112U *111
42ig
45«
6%
20
13%
10%
*28%
144
10%
38%
29%
15*4
31
216
144
*33*4
*4*8
*40*4
346s
4%
4212
6*4
6%
20*4
20
11*8
96
23*4
8
68*4
9
13%
42*4
42%
4%
10
25
86U
41l2
10%
385g
11
385s
29
29
55
29%
55
*51
55
55
*119
125
*119
125
75%
1414
4412
17
19
33
3212
5
712
63
63
5%
63%
5%
6
6
6
0
*22
23
*22
23
12
12
12
11%
*11%
12%
34%
34%
47%
15%
47%
15%
*12
34%
47%
*15
12%
34%
47%
15%
7
11,000
150
1812
2,200
1,400
6,100
16
Stock
Exchange
Closed—
1912
15ig
117g
17
113*4
113*4
512
0*8
25
*11%
16*4
113*4
*11214
612
*0
2478
13
11!8
96
"""i55
4,700
700
12,200
30
40
1,100
600
7,200
100
♦93U
20%
21
3,200
"
"4",555
"i",555
68
68
87g
13*8
914
13*8
43
43*8
3,300
2,300
3,500
300
*4114
4%
*9*4
42%
900
*24
25
*80
*41
*75
1312
90
100
4H2
100
110
75*4
14
112
16
103*4
31
210
210%
*110% 111*4
217g
22
67*4
57*4
6712
57*4
24*4
2514
*89*4
9012
8%
8*8
*110*4 Ill's
3418
3418
4ig
4l2
*40*4
42l2
0*4
678|
19%
19*8
600
14,400
300
Newport Industries.
300
NYC Omnibus
412
7%
200
New York Dock...
N Y Chic Ac St Louis Co.—100
6% preferred Beries A—100
Corp—No par
1%
J2
15%
32
*8912 9012
8%
8I4
111% 11H2
34ig
34l8
4%
4*4
*40*4 42l2
6*4
67g
20
20*4
13i2
105*4
*4*4
16%
5% preferred..-....No par
N Y & Harlem RR Co..—50
144
10*8
39%
2812
10% Jan 30
16% Jan 15
110% Jan 2
109% Jan 30
6% Feb 23
95
"
Feb
110
Jan
107
12%
6%
6%
2^8
15%
12%
Jan
Feb 13
Jan 31
^
Feb21
Jan
2
40% Feb 10
3% Jan 4
9% Jan 10
Jan 12
83
Jan 26
40
Jan 16
108% Jan 17
71% Feb 1
11% Jan 18
Jan 22
6% preferred series....—50
9,000
Jan
Feb 23
33% July
43
Feblo
41
14% Apr
6*4 Apr
52
Jan
Jan
Feb 14
41% Jan A~
Jan
4
75% Feb 21
14% Feb 20
50
Jan
3
18%
Apr
Apr
1*4 May
47s July
7*4 Jan
106
Feb 20
600
100
3,000
Ohio Oil Co
6
8% preferred A————100
Oppenheim Collins....No par
Otis Elevator
150
1,800
65
10
0112
57g
6
6
23
*22
0% preferred.
12
*1112
*11*8
12
12
——100
Jan
113
Jan 26
23*4 Jan
Feb
8
69
Jan
Jan 26
58
Jan 10
Jan 15
26*4 Jan
Jan
5
77g Jan 18
Jan 17
33%
Jan 30
4
Jan 31
41% Feb 15
6% Jan 2
18% Jan 20
13% Jan 13
103% Jan 22
5
Jan 24
19%
Feb 23
140
3
Jan 11
8
3
90% Feb 20
9% Jan 3
112% Febl
34% Jan
5% Jan
3
3
42% Jan 12
7% Jan
3
26% Jan 19
3
Feb
.55
Jan 22
Jan 17
.No par
..No par
20
Jan 17
10%
Jan 18
100 Pacific Finance Corp (Cal).lO
.25
3,000 Pacific Gas Ac Electric
11
Jan 15
32% Jan 15
46% Feb
1st preferred
'"""55
2d preferred
34%
47l2
1,200 Pacific Ltg Corp
1414
1,200
.No par
Pacific Mills
No par
Pacific Telep Ac Teleg
100
60
6% preferred
100
1
1,500 Pacific Tin Consol'd Corp
Def. delivery,
n New
8
30
120
Jan 12
stock.'
r
Cash sale,
5
64% Jan 6
6% Jan 10
6*4 Jan 6
23*4 Feb 13
12% Jan 4
12% Feb 9
34% Feb 17
50
Jan
154
Jan 24
6
x Ex-dlv.
103%
18%
62%
50%
12%
82
18% Aug
117% Jan
114
Mar
Oct
Feb
28%
Jan
18%
Jan
Jan
167b
Mar
100
145
27% Jan
173% Aug
Feb
35% Sept
10
Aug
82
Sept
15%
Jan
20
Jau
118% Mar
120
Mar
62
Mar
17b Sept
5% Sept
1% Sept
17
Sept
94% Dec
33% Dec
Jan
217
Nov
113
June
Jan
June
100
Sept
29
Sept
2*4 Apr
32% Apr
6
17% Sept
Sept
23% Sept
25% Sept
45% Sept
43% Feb
10% Sept
15% Sept
62
S.pt
Apr
Sept
Sept
Apr
7„
Aug
16% Jan
7% Jan
y Ex-rights.
Sept
100% Sept
434 Aug
15% Sept
128
4
Oct
7% Apr
33
July
16% Apr
40% Jan
114%
50
3
2%
11%
3*4
9%
Jan
Apr
Aug
Apr
June
June
Apr
27% Apr
128
151
Feb
168
41
134
6% Jan 30
70
Apr
31% Dec
114
130% Jan 16
Jan 23
1% Dec
%May
8% June
3
4
Feb 23
13
Jan
17% Nov
95% May
23% Sept
26% Jan
16
Sept
26% Feb
597b Aug
59
Aug
29% Nov
Nov
89
14*4
113
Jan
Dec
Oct
40
6% Nov
44% Aug
101% Sept
Jan
7
5
18% Jan 4
Feb 19
144
Jan 22
6
Nov
106% Feb
5% Jan
Feb23
10
15
175
20% Mar
55
Pacific Coast Co
18% Sept
28% Mar
30
119
59% Jan 15
5% Jan 2
Dec
14% Sept
.—100
Owens-Illinois Glass Co. 12.50
Jan
12
—No par
Pacific Amer Fisheries Inc...5
Oct
7% Jan
44% Mar
14*4 Sept
70% Dec
111% Nov
9% Jan
4
Jan 11
Preferred.—
Jan
177g
8
12% Jan
Outlet Co
19
30
Jan
22
41
8
Oct
47
Sept
37% Mai
67%
14% Jan
Jan 24
13*4
a
219
3
Jan 22
Feb
34
*15012 153
6%
6I4
3
Jan 29
10
800
20
4
37
47»2
134
Jan
2
% Jan 11
16% Feb 19
No par
2,900
40
Jan 15
Nov
May
July
% Dec
47
3
$5.50 conv 1st pref..No par
Outboard Marine Ac Mfg
5
23
12
200
No par
Otis Steel Co
10
100
No par
Oliver Farm Equip-—.No par
Omnibus Corp (The).—
Jan 25
% Jan
Feb
21%
567$
59%
22%
Northwestern Telegraph
50
Norwalk Tire Ac Rubber No par
Preferred
50
2,100
Apr
Apr
30
111
90
"2" §55
27
Jan
208
111
—
8%
Jan
2
Jan 23
122% May
112% June
32
33
60
May
Apr
2% Apr
8% Sept
18% Apr
73% Mar
39
6
Oct
121
105% Sept
Dec
119
Jan
21
114% Sept
59% Jan
50% Apr
5% Oct
11% Feb
2912 June
87% Aug
42
July
14
113% Feb
North States Pow $5 pf No par
700
Apr
11% Sept
10% Apr
1878 Jan
21% Jan
9
110
300
Northern Central Ry Co
Northern Pacific Ry—
10
22
22
23
5% Jan
88
119
*5*4
—.1
July
5% Aug
-
4% Feb 8
10% Jan 29
25% Jan 3
12
6% Jan 31
50
100
10
4.800
119
61
50
% pref series.
North Amer Aviation.
Oct
Jan
87
Jan
Mar
147g Jan
2% Jan
9*4 Jan
1% Sept
2% Sept
6%
8%
73*4
9*4
1378
43%
110
6%
54
8%
132
39
Dec
Jan
20% Sept
4%
27
Jan
40
120% Nov
85% Jan
114
July
Apr
4%
148% Jan 29
Feb 3
Feb 6
Jan 22
Jan 15
Jan 2
Feb 19
300
Jan
Sept
Sept
2
Jan
21*4
778
63%
8%
12%
Feb 10
400
Apr
21% Jan 4
173% Jan 31
6
3
31
Adjust 4% preferred..—100
.10
Aug
Sept
Sept
Oct
Apr
Sept
Jan 12
Jan
Jan
.—50
North American Co.....
87
114
104
40
77g
7%
21%
14778
10%
10% Sept
8% Sept
83
Sept
177g June
152
Sept
93% Jan
19% Feb
Nov
9% Jan
207g Nov
17%
99
Jan
Nov
63
52
14% Dec
*8% July
Jan 30
600
Aug
Jan
Jan
Jan
Jan
Jan
28% Jan 15
6,800
4
73
30% Dec
6 % Jan
28% Jan
21% Sept
39% Jan
107g Sept
18
Sept
5% Sept
14
Aug
20%
16%
127s
17%*
116%
92
70
400
*51
I In receivership,
Jan 2ft
Jan
55
sales on this day.
107
%
1%
*8
13%
*51
*22
Bid and asked prices; no
18*4 Feb
I47g Feb 2
24
2
18% Feb 16
92*4 Jan 17
.
Jan
tNYNH A Hartford
100
Conv preferred..
.100
fN Y Ontario & Western—100
N Y Shipbldg Corp part stk.
7% preferred
—
100
Noblitt-Sparks Indus Inc....5
Norfolk Ac Western Ry
100
10*8
*35U
28lZ
134
Jan
14
24% Jan 24
52% Jan
11
397g
29
12
341s
47U
16
Jan 24
22% Jan 3
16% Feb 15
N Y Lack Ac West Ry Co—100
2,300
,700
11,500
Sept
Apr
Sept
18% Sept
10% Oct
101% Nov
14% Sept
431* Sept
Jan
7% Feb 15
18% Feb 20
13% Jan 13
11*4 Jan 10
22% Jan
165
51
330
5
16*8
23
*15
Feb 15
-
600
6512
21012 21012
*110*8 11$%
22
22%
*5714
58
*56*4
5712
24%
24*4
*140
No par
10% preferred
102*4 102*4
105
6% Jan 13
0% Jan
15*4 Jan
16% Jan
30% Jan
31% Feb
3% Jan
100
9
105
110% Feb 23
8% Feb ""
Feb 12
41
1,400
Apr
50
New York Central.
.No par
30
Feb 2*?
N Y Air Brake——No par
18
10*4
*37*8
*2812
12
12
12%
3414
34*8
34*8
4714
47*8
47U
15*8
14%
15%
134
*133ig 134 I
151
151%'
153
6%
6%
6*8
10
—1
Newmont Mining Corp
321Z
12
*12
100
267s Jan
5% Feb
36% Feb
Feb
144
5% pref series A
Apr
16% Apr
37g Aug
14
100
4 H % conv serial pref—100
Newberry Co (J J)
No par
10
Feb
74
170
32
115
Jan 30
12% Jan
Jan 22
100
*32
29,800
Feb
307a Feb
Aug
Feb
7% preferred A
*31U
1313
18
Jan 19
1012
*31
Feb
13
45
*l2
1%
**8
15*8
Jan
46
10% Jan 19
20
Jan
56
Nat Gypsum Co.
——1
$4.50 conv preferred-No par
National Lead Co—
10
1
1
121% Jan
4
Jan 15
10U
*17*4
65
£6
118
Jan
23
*43
4%
*6*4
Jan 16
—10
Neisner Bros Inc...
Sept
% Dec
10% Apr
85*4 Apr
110
Sept
112
Sept
40% Apr
31% Aug
22% Sept
9% Apr
No par
Nat Enam & Stamping No par
-No par
Apr
44% Sept
103% Sept
8*4 Aug
Jan
Nat Distillers Prod
—No par
Apr
2% Sept
19% Jan
11014 Feb
6
—
101
10
No par
-
6%
11% Apr
18% Apr
67% Jan 23
..—100
100
6% prior preferred—
July
14
Aug
11% Sept
25
Apr
30
Register
No par
National Cylinder Gas Co.—1
Nat Dairy Products—.No par
N atom as Co.
3
36
Jan
Jan 15
4
Nat Bond & Share Corp No par
National Tea Co.
8
4% Jan
42
15*4 Jan 20
Nat Cash
20
4lg
10
4
Jan 20
110
60% Jan 15
43% Feb 14
28% Jan 2
10% Jan 12
100
100
100
53% Jan
117
7% cum pref
100
Nat Bond & Invest Co.No par
5H % prior preferred
4
Feb 19
119
Jan 18
50
1,000
Jan
120
5
Nashv Chatt & St Louis—100
National Acme Co...
—1
Nat Aviation Corp
5
National Biscuit Co
-.10
National Row & Lt..—No par
National Steel Corp
25
37
Jan 15
Myers (F & E) Bros—.No par
National Supply (The) Pa. .10
$2 conv preferred
40
Jan
1178 Feb 21
16% Jan 2
Aug
July
% July
23
Nat Ma 1 & St'l Cast Co No par
31
6
56
397g Aug
28% Dec
2% Aug
u
Nash-Kelvinator Corp..
300
5
Feb 21
10% Jan 10
Jan
% Jan
6% preferred B—
17212 17212
*144l8 14012
*22*8
23*8
7%
8
Birthday
0% Jan
26
17
—
7% pref class A
7% pref class B
Nat Dept Stores.;
6% preferred
32% Feb 21
104
B
1
No par
No par
No par
5% pref series A.
13
lllg
ton's
""155
Feb 23
60
8*4 Apr
6% Aug
88
Jan 26
109
9912
*22
*132
134
*133
*13212
*15112
*150% 153
*150% 153
0%
6I4
6%
6*4
*6%
200
% Jan
10% Jan
1% Jan
4% Jan
6% preferred
......100
Murray Corp of America.. 10
*110
*119
125
125
62
62
62%
62%
6*4
578
*5*4
57g
*512
6
*5%
6
134
*
22,000
5014
1912
14%
*112
115
*119
63
20
4
Feb 9
Jan 3
Jan 9
Jan 4
Jan 11
11% Jan 6
64
Feb 5
2
8%
47%
12%
9%
102%
Highest
$ per share $ per share
25% Dee
15% Apr
10*4 Jan
5% Sept
59% June
39
Sept
*4 Feb 13
3i2 Jan il
Chemical Co
10
$4.50 preferred
No par
Preferred series B. .No par
Montg Ward & Co. Inc-No par
Morrell (J) & Co.
No par
Morris & Essex...—.——50
Motor Products Corp..No par
Motor Wheel Corp——
5
$7 conv preferred
4
Jan
3*4 Jan 23
37i2 Jan 16
9*8 Jan
Monsanto
Murphy Co (G C)
2
106
5% conv preferred.——.100
Mohawk Carpet Mills.
20
Munslngwear Inc
Jan 25
lit
Ixnpt.—l
$0.50 preferred
—No par
Mission Corp.—
—.10
Mo-Kan-Texas RR
No par
7% preferred series A...100
J Missouri Pacific RR——100
500
Jau 12
*4812 Feb
4% conv pref series B—100
260
5
3
lllg Jan 20
28
Jan 15
8*s Jan 27
137g Jan '9
33ig Jan 15
Minn Mollne Power
Mullins Mfg Co class
Feb
21i| Jan
No par
Mueller Brass Co—
Jan 12
5
8 % cum 1st pref
100
Minn-Honeywell Regu.No par
900
18
10
63U Feb 6
29Ss Jan 30
.——-—5
Midland Steel Prod
13l2
*9012
*108
110
13*8 13*81
13*4
13*4
106% 106l2 *105*4 109
*4*4
5lg
*4%
5%
16*4 17
3516*8
16*4
35141
141
143
143
*51
5*4
18
Washing-*
14
lo
*103
22
5712
6712
2484
90%
12
1*8
31
•30U
112
*37
078
18l2
__
*110
103
103
216
57%
*56*4
24%
*89l4
50
—
1
2
Jau
64
Mid-Continent Petroleum.. 10
34
110% IIOI2
7*8
8
8ig Feb
99
5% conv 1st pref
50
Mercb & M*n Trans Co.No par
Meat a Machine Co...
-.5
Miami Copper-
Feb 21
10$s Jan 15
10
1
6% conv preferred
100
Mead Corp..
——No par
$0 preferred series A. No par
$5.50 pref ser B w w.No par
Melville Shoe Corp
1
Mengel Co (The)..........1
74
12*8
12
*28%
5%
74
600
1,900
24*8
170
56
1*8
1*8
%
12
15*4 16*8
10312 104
*3012 31
42%; *40*4
0%
6*4
197g
19%
10*4
71Z
..—
%
1*8
34ig
39%
*38
33
*1278
12
11412 *112
%
3418
*4*8
144
*143
*012
*110
12
12
*13% 13%
*105% 106% *105% 100%
:
*5
6%
*4%
5%
17%
16%
17%
17%
13%
5
*4
*112
115
*110
*30%
31
*212*4 216
111
111
44
10%
I8I4
4*4
*110
®g
1%
12
16%
*43
32
*112
65
741Z
14U
7412
13*8
5,100
15*4
89*g
4Hg
110
*108
4H8
32*4
32
*11212 115
....
25
*108
32i4
102
I
43
43
414
10
*4H4
4I4
*9*4
*2378
900
1778
24*4
4*4
24
11*4
24
77g
69
9
13%
*86
*86
32
4%
7
*23
7%
68%
8%
*13%
42*4
32
*12
1%
%
*91
"""135
11*8
17*4
*2412
4*4
Porcupine Mines.. 5
Mclntyre
$ per share
42
.
8,200
11
10
*13
H*8
1,500
118
1212
24*8
205g 21 I
20% 21
172l2 172% *171
172*4
146*4 *144
14012 *144
14012
31*4
*54l2
245g!
I *13
11%
1714
1914
17
414
*0%
0UI
11%'
74
14
45
17
18%
74*4
13l4
43l2
*18
57g
5%
6%
2412
6
73%
13U
*4314
106g
*17*4
*7312
1314
43%
900
400
16
20*g 20*4
17212 *17012 17212
zu"4
140*4 *144
23
22%
77g
7%
8
68*4
09
09
43
H
17*2
10914
12112 121%
53*4
5414
*4312 45
29%
29*8
50
7lg
I8I2
*1105g 113*4 *11214 113*4
14
*13
23
*13ig
500
*117
18%
9912
112
*145
9
1,500
2,200
*11
109
112
99%
19%
15%
11%
*13
.8
312
12%
2418
24ig
*165
170
*165
*4912
6%
18%
50
""155
*8
112
*19
10
171Z
18
18
18
18
*9512 99%» *9012 9912
*19
20 j *19
20
*19
20
15
15% j
15
I6I4
15
15ig
11*4
11*4
11*8 11%
11*8
11*8
16*4 107g
16*4 17
1078
17%
113
113
*11212 113*4
113*4 113*4
18%
*95%
43
*14
*1<
*17l2 18
1,8*4 109
113%
*18
1,000
....1
McKeesport Tin Plate
McLellan Stores Co....
10
4
*4
*117
118
*117
118
*11918 12112 *11918 121*2
53% 64%
53% 54%
*4312 45
*4378 45
29
29
29
29%
"11*8 11*8
Ills 11*8
17*8 18
17*4 18
25
25
25
25
4%
47g
4%
5
35
35%' 35
35*4
13%
13% 1312 £13% \%}i
6OI2 *4912
7U1
07g
20
18l2
10
15*4
12%' 12
2418
24
40
1,100
312
%
358
<
50%
700
109
*97#
72l4 72%
*71*2 73 I
73
73
*110
110%*109% 110% *109% 110%
7%
8%
8%
7*4
8is
7*4
8 1
72
110
500
13,400
1,700
35
118*4
60
•39%
44
*11612 118
*11612 118
*11918 121% *11918 121*2
54
54%
53*4 54
*4312
45 j *43i2 45
*2914
30
*29
30
11
11%
ll5* 118s
1714
17*8
1714 17*8
*24*8 25 , *2414 25
5
5%
4%
4%
35*4
3614
3514 35*4
72
0*8
4
4
--
18
110
""lOO
*102
*10314 109
43
10
%
400
32%
5*4
1412
1414
147*
34%
34*4 3412
119 I 118*4 118*4
*378
*3978
978
7«
312-
30
*102
60
11%
50
600
10*8
15
29*4
-
7,200
60
15
2912
4
300
12%
8>4
80
25*8
49l4r
42iz
12
Lowest
Highest
*22*4 Jan 15
714 Jan 17
McGraw-Hill Pub Co..No par
60
*55
108
McGraw ElecCo—
600
42
Year 1939
Lots
$ per share
Par
800
7i2
of 100-Share
Lowest
Shares
24
*05
24*8
*3*4
3%
43
9 per share
8I4
On Basis
Week
235s
712
1058
80
32
512
25%
108
109
3*4
*3914
10
**4
3*4
5j«
**ie
*1718
30*8
10% j
10%
stocks
exchange
*1018
*64
10*4
'
15%'
per share
....
32
55g
*1412 14*4!
1412
33*4 34
34%
118*4 119
*118
.50
50 , —
49
—
—
4212
10%
7g
3*4
*97*
%
3*8
*14
9 per share 9
*24
241*
77*
43
12*8
8*8
15
291*
24
*2912
109
4
Feb. 23
31*4
514
31341
5*8
*102
*102
Feb. 22
69*4
*55
*14*4
1412
3012
1012
14*4
3412
119
6OI4
*118
Feb, 21
64
64
58*4
24
24
14*2
♦2912
J0%
I
3H2
514
31*4
5>4
24
I
9 per share
*24
24U
64
*59
31*4
*51*
Thursday
*712
8
712
7%
*7*2
*42*4 43
*42*4 431* *42%
11% 121*
12
12%
12
*8*8
8*4
*8*8
8*8
8*8
1017* 1017* *1017* i—. *102
10*4 10*4 *1018
1012 *101*
7*4
43
11
Wednesday
Feb. 20
9 per share
241*
241*
f per share
24
24*4
,
Tuesday
Monday
Feb. 19
Saturday
Friday
new york stock
the
PRICES—PER SHAREt NOT PER CENT
AND HIGH SALE
Range for Previous
Range Since Jan. 1
Sales
for
WW
Feb. 24, 1940
New York Stock Record -Continued—Page 7
1242
Apr
9% Apr
Apr
Sept
6% Dec
113% May
8% Jan
27% Jan
148% July
16
Sept
55% Sept
26% Dec
54
Dec
120
Dec
70
Jan
7% Sept
77b Nov
25
Nov
15% Sept
12% Mar
34*4 Mar
52
.
Oct
21% Sept
132
June
15612 July
7% Dec
T Called for redemption.
Volume 150
LOW
AND
New York Stock
HIGH
SALE
Saturday
Monday
Feb. 17
Feb. 19
S per share
*73g
3%
16%
1%
7%
$
*7%
43%
7%
%
7%
91
*87%
9%
9%
*18
20
1%
3%
*42% 43%
*97% 101
7%
8%
*87%
91
9%
9%
*16%
18%
101
7%
*7%
7%
%
7%
Wednesday
Feb. 21
9 per share
16%
l«u
*8A
*95
Feb. 20
8
SHARE, NOT
*7%
3%
15%
3%
16%
7%
%
43
43
*
43%
101
7%
*87%
9%
7%
*87%
934
*16%
2
43%
2%
43%
06%
90%
43%
43%
21%
21
21
21
21
*1%
10%
6%
1%
10%
6%
1%
10%
6%
1%
11%
6%
1%
10%
6%
1%
11%
6%
55%
88%
55%
56%
88%
56%
89%
57
57
89
89%
89%
89%
*10%
*32
34
*32
25%
22%
7%
*22
23
*1334
*119%
24
225«
22%
*35
*37%
*3
25
22%
*7%
9%
3
*1034
83%
*44%
*76%
45%
83%
%
%
%
%
94%
94%
94%
45
45
*138
146
6%
8%
38
3834
6%
,*138
6%
6%
I *37%
*38
49
39%
5%
*6034
39%
5%
39%
5%
63
60
834
834
27%
49%
*2638
*44
*
*
110
*43s
*20%
*7
834
27%
*4134
27%
49%
*4%
2334
7%
34
39
44%
83
94
94
*138
146
6%
49 1
584
*37%
398/
61
39%
*5%
5%
*8%
8%
27%
49%
*27
27%
*4184
*
110
*438
*20%
7%
4%
23
110
*4%
144
*141
143
*141
143
*141
143
*161% 164
*161% 164
*162
164
*162
164
*115% 119
*115% 119
*115% 119
*115% 119
27%
27%
27%
2734! 27
27% X27%
2734
8%
8%
8%
8%
8%
1
8%
7%
*88
8934 *88% 8934 *88%
8984
*88%
8934
*77
78
*77% 78
78
78
*7734
78
15
15
14%
15
14%
14%
14%
14%
*14%
15
*14%
15
*1434
15
*14%
15
5%
534
5%
534 . 5%
584
5%
534
*75
*75
100%
100%
*75
*75
100%
100%
65%
65%
65% 6534
66
66
66%
66%
1%
138
1%
1%
1%
1%
1%
1%
*20
203s
*17%
1734
*20
28
28
17%
*28%
1534
16
16
20%
17%
28%
16
15
27
223s
*26%
*21%
27
*21%
3%
3%
*3%
4
52
*48
*12%
13%
*12%
*7
7%
*12%
10
13%
10
*52%
53%
*56
85
1®4
21
1%
21%
22%
52
*7
13%
7%
*12%
13%
9%
53%
*56
134
*53
*57
*91
94
40%
*7
7%
♦6%
*10%
19%
*1
8
4034
*53
7
15%
8
40%
55
7%
17%
230
30
Washing¬
ton's
Birthday
190
*145
a4
'"206
2134
34
2134
*12%
1034
700
14
1034
1%
200
11%
11%
11%
700
%
1%
*%
II84
""866
3,200
*34%
37
68%
69
*113% 114
41%
42%
111
*115% 119
2634
27%
8%
884
*88%
8934
7734
78
14%
1434
*14%
15
7,200
66%
"i",7o6
52
10
71%
13%
5
conv 1st
conv 2d
Mar
50
' Apr
173% Feb 14
8% Jan
158
11
Jan 18
Sept
4% Aug
6% Apr
Apr
12% Aug
Jan
16% Jan 15
34% Jan
19% Jan
Jan 18
32
Feb
15»4 Jan
5
22s4
1284 Jan
5
Jan 12
Sept
Aug
% Jan
Jan 18
14% Jan
1484 Jan
42
Jan
preferred
100
100
141% Jan
preferred
100
160%
117%
2534
8%
124
5
Feb 13
118%
42%
Feb 21
115%
Feb 20 Xl27%
Apr
% Aug
% May
Aug
6% Sept
18
Apr
50% Apr
6
Jan
2
Feb 16
Jan 18
%
17% Sept
6% Apr
7% Aug
1% Feb 23
Jan 15
Jan 16
36
6684
112%
3934
11034
85
h Jan 11
Jan 16
preferred
100
June
6
Jan
%
%
11%
11%
60
preferred
18
Feb
15
10% Feb
..5
No par
5
Feb 13
% Feb 14
20% Jan 2
12% Jan 13
1
No par
22
142
No par
pref
pref
Apr
4
Jan 26
12
Plttston Co (The)
No par
Plymouth Oil Co
5
Pond Creek Pocahontas No
par
Poor & Co class B
Jan
24
Jan
2
Feb 23
Jan 11
112
Mar
31% Apr
101% Sept
Jan 12
112
143
Feb
9
129
164
Jan 20
147
118
Jan
4
111
Feb
Feb
32% Jan
9% Jan
3
x22% Aug
6% Aug
Feb
89
Feb 16
70
79
Jan
6334 Aug
IO84 Jan
9
Feb
Jan
77% Feb 13
14% Jan 19
15
Jan
3
5% Jan
6
8
8
15% Feb 9
16% Feb 3
6% Jan 11
23
100
40
Jan 31
50
Feb
12
Feb 23
13
7
Feb 16
8
11%
984
49%
68%
1%
Hosiery
5
10
1
Republic Steel Corp...No par
6% conv preferred
100
6 % conv prior pref ser A. 100
Revere Copper & Brass
5
550
500
6
Sept
Apr
Sept
Sept
Sept
11
Aug
Aug
5
Class A
""760
5H % conv preferred
Reynolds Spring
l"600
Richfield Oil Corp
Rltter Dental Mfg
"
784
1134
""360
1934
700
*1
3734
3834
38%
*%
%
*%
%
1%
3S34
%
%
3%
*684
%
*2%
__
49
1,200
2,800
10
49%
110% 110%
3,500
113
113%
11434 116
2534
2584
110
a
540
190
800
Def. delivery,
n
New stock,
100
Cash sale,
13% Feb
10% Jan
3
53% Jan
9
50
Dec
69
Jan
5
60
Apr
1% Jan
23% Jan
2
% July
12% Apr
6
Jan 22
Jan 4
9
9
9% Dec
43
42
Jan 23
3
Jan
3
1484 Jan
3
29
Jan
2
79
Feb
2
53
Jan 12
Feb 23
Jan
3
4
Feb 16
6% Jan 20
10% Jan 2fi
18% Jan 15
1
10
r
Apr
Apr
Apr
76
7
No par
JSt Louis-San Francisco
100
..100
6% preferred
fSt Louis Southwestern
100
100
5% preferred
Safeway Stores
No par
5% preferred
100
6% preferred
100
7% preferred
100
Savage Arms Corp
No par
6%
9234 Jan 31
88
No par
t Rutland RR 7% pref
St Joseph Lead
7
Jan
Jan 30
6% Jan 18
39% Jan 2
52% Jan 29
Roan Antelope Copper Mines.
Ruberold Co (The)
No par
"2", 000
Dec
Jan 12
Feb
9% Jan
1
Jan 23
36% Feb
%
Jan
7
3
% Jan 19
2
Jan 30
4
Jan
9
44% Jan 15
15% Feb 20
94
Jan 10
8% Feb 13
41% Jan 20
52% Jan 29
8% Jan 3
7% Jan
II84 Jan
20% Jan
13s Feb
42
Jan
h Jan
% Jan
334 Feb
4
Jan
July
6% Apr
6% May
10
Sept
15% Sept
84 Apr
27% Apr
% June
% Aug
I84 May
Jan
114
Jan 29
116
Feb 23
y
Sept
52
3% May
Jan 10
Ex-div.
7884 Jan
5% Apr
35
2784 Apr
82% Jan
104
19% Jan 15
63
Aug
37% July
7% June
9
112
2
Apr
Apr
Apr
21% July
9%
50% Feb 17
HO84 Feb 20
113% Jan 30
x
July
2% Dec
40
46
Reynolds (R J) Tob class B. 10
Common
10
55
16
4% Feb
11% Feb 6
22% Feb 6
7634 Feb 16
100
7,900
Apr
6% June
65
10
25,600
Jan 19
Jan
16%
18% Jan 22
79% Jan 23
7% preferred
100
5H % preferred
100
Reynolds Metals Co.—No par
11%
J In receivership,
25% Feb
20% Jan 16
3% Jan 15
7%
*53
*4
14% Jan 16
50
...50
Preferred with warrants..25
Rensselaer & Sara RR Co.. 100
4,100
7%
41%
60
Reliance Mfg Co
Remington-Rand
94
7%
41%
25
Reis (Robt) & Co 1st pref. .100
Reliable Stores Corp..-No par
500
27%
*91
par
15,700
19 4
30
100
JReo Motor Car
13%
*25
this day.
Jan
6% Feb 19
9% Jan 20
2% Apr
12
Jan
pf. 100
^ 900
19%
*1
on
171
Jan
100
ser conv pr
Preferred
200
11%
19%
1%
38%
Bid and asked prices; no sales
5
Pitts Y'n & Ash Ry
7% pf. 100
Real Silk
"l",600
72
134
28
*4
Feb
3-69% Feb 16
100
Pittsburgh & West Va
4% 2d preferred
*11%
19%
*4
Jan 29
7
par
No par
Pittsburgh Steel Co
7% pref class B
5% pref class A
5>4 % 1st
21
35% Mar
Jan 17
5%
278g
8%
72%
20% Sept
400
19%
1%
38%
4
100
Pitts Coke & Iron Corp No
par
95 conv preferred
No par
Pitts Ft W & Ch 7% gtd pf 100
Pitts Screw & Bolt
No
110
26% Feb
4
11%
4
4% Jan 13
22%
4
88
%
3%
4
107% Feb 10
100
12% June
10% Apr
19%
%
*2%
Jan
100
Pittsburgh Coal of Pa
6% preferred
21% Feb 23
19% Jan 24
2834 Jan 3
16% Jan
*11%
%
Apr
Jan 15
15%
3%
Aug
_
Jan 13
14%
%
6
23
48
834 Feb
27% Jan 10
49% Jan
16
10
*2%
2
Jan 22
8
27
400
1,300
70
%
Jan
Jan
26
Radio Corp of Amer
No par
95 preferred B
No par
$3.50 conv 1st pref ..No par
400
15%
26%
81
3%
36
Feb
$2 preferred
Reading Company
4% 1st preferred
17%
11%
*2%
Aug
66
28
7%
3%
2
5
28
*15%
*25%
*21%
88
1%
Apr
6
4184 Jan
6% Feb
31%
Jan
Jan
66% Feb 21
1% Jan 29
7%
%
3
44
3
2
734
11%
19%
38
6
100
Pierce Oil 8% conv pref... 100
Pillsbury Flour Mills.
25
Pirelli Co of Italy "Am shares
Hosiery
Preferred
8
7%
37%
23
Feb 14
19% Feb
46
11%
34
60% Jan
1% Jan
*634
*1
38% Feb
Jan 23
6% Feb 19
Jan 10
JRadlo-Keith-Orpheum No
8
*1
Jan 31
Jan
% July
Sept
124
Sept
234 July
25
Apr
Raybestos Manhattan. No par
Rayonler Inc
1
*7
19%
136
75
74
8,600
46
7%
Jan 23
„4t4
Jan
Feb 14
1,500
20%
55
95
1%
88
734
41%
Jan 15
Jan 11
% Jan
21%
*78
7%
41%
47
Jan
684 Sept
684 Apr
28% Apr
36
Apr
40% Jan
85
30
17
1%
65%
81
*53
5
Jan 20
136
No par
Jan
10% Feb
8834
par
Jan
Jan
21%
17%
50
7%'
40
May
7% Apr
21
Apr
13% Sept
85% June
53% Apr
1% Dec
*78
41%
6% Jan 11
3434 Feb
2
Feb 17
8% Jan
74% Jan 26
% Jan 3
Philip Morris & Co Ltd
10
5% conv pref series A...100
Phillips Jones Corp
No par
7% preferred
100
Petroleum
1284
36%
28%
22%
7% Jan 30
No par
Reading C & I. No
4% Jan
Jan 24
Quaker State Oil Ref Corp.. 10
12", 166
*46
55
21
conv preferred..
100
Purity Bakeries
No par
1,900
1%
20%
15%
preferred
Phlla &
6%
6%
""600
534
100%
1%
21%
94
No par
Pub Ser El & Gas pf 95.No par
Pullman Inc
No par
Pure Oil (The)
No par
5,700
77%
15%
Jan 24
6%
7%
8%
50
*91
Apr
30% Feb
21% Feb
5% pf (ser of Feb 1 *29). 100
Pub Serv Corp of N J ..No par
68
I
Feb
30%
Jan 16
100
200
*56
94
15
24
100
164
13%
9%
53%
15%
2484 Jan
36% Jan 27
3884 Jan
5% prior preferred
5% preferred
'
200
71%
1334
118% Jan
Aug
Aug
Sept
Jan 15
Feb 16
143
7
13%
Jan
Apr
Apr
Apr
Feb
3
125
7
*71
Jan
10
*162
7%
13%
*25%
Jan
16%
100
*141
*12%
9%
70
25
Jan 24
100
95 preferred
5%
Feb
Peoria & Eastern
Ry Co
Pere Marquette Ry Co
800
*75
Jan 23
33%
3584
RR
Procter & Gamble
6,100
*7
*84%
Aug
60
Pennsylvania
5%
5%
40
21
June
No par
3%
20%
13%
118%
21%
111
*48
68
2%
17%
II84
120%
7
2% Jan
No par
Pressed Steel Car Co Inc
130
12
134
Feb 17
10
J Porto RIc-Am Tob cl A No par
Class B__
No par
3~,700
12
*66
4
Penn-Dixie Cement
97 conv pref ser A
1134 Feb 21
534 Jan 13
Penn G1 Sand Corp v t c No
par
97 conv preferred
No par
*124
*53
68%
84
200
13%
*12%
8
700
13%
*12%
50
49
50%
4934
49%
49%
4934
50
109% 109% 10934110
110% 11034
110% 110%
*112% 113% 112% 112% *112% 113
|113
113
114% 114% *114% 115
*11434 115
115
115
25%
25%
25% 2534
25%
25%' 25% 25%
*
17
30
*12%
8
*%
*4
7
220
100
*7
%
*2%
7%
40%
*53
3434
*30%
10
13%
*91
"5",900
53%
27
15%
48
7%
10%
7
*9
10
12%
77%
27
22%
3%
*173% 175
53%
27
*47
18
28%
15%
80
8
1%
37%
77%
21%
""260
70
10
<z70
50
48
*7
53%
7134
13%
*76%
*45%
1434
55
51%
12%
7%
13%
88%
134
15%
3%
88
77
*734
*25%
*21%
4
88%
50
4034
27
22%
20%
♦76%
*45%
14%
*53
20%
*17%
28%
1%
21%
27
94
8
20%
17%
28%
15%
1%
20%
*25
*90%
*7
10
13
1434
12%
72
26%
71%
*50
53%
*25
13
*25%
*21%
*3%
*12%
9%
20%
*85%
*69%
12%
*85%
*69%
*17
28%
*26
*48
20%
100
Closed—
74
Jan
9% Jan 11
Pitt C C & St L RR Co
4%
70
Exchange
48
4%
Phoenix
23
7%
Stock
2
2
Phillips
110
Apr
Apr
5
Penn Coal & Coke
Corp
80
4%
11%
4
Jan
1,100
*20%
23
*7
*7
7%
7%
*69%
70
70
70
70
70
70
70
*173% 175
*173% 175
*173% 175
*173% 175
6%
7
6%
7%
7
678
7%
7%
10%
10%
*9%
10%
*9%
10%
*9%
10%
31
31% 31%
32
32
31%
32
32
*18
19
18
18%
18
18%
*17%
1834
30
30% 30%
30
30
30
30%
30%
13%
13% *13
13%
1234
13
12%
13%
*14434
*14434
*14434
*145
*34
1
*%
1
%
*34
I
22%
22% *22
22
22
22%
2134
22
*12%
14
*12%
14
*12%
14
*12%
14
*11
11%
10%
10%
1034
1034
*1034
11
*%
1%
*%
1%
*%
1%
*%
1%
%
%
*%
%
*%
%
%
%
12
12%
1134
1134
1134
12%
11%
12%
*12
12% *1134
12
12
12
*1134
12%
*36
38
*35% 36% *36% 37% *35%
37%
68%
69
68%
69
69
69%
6834
69
112% 112%
11334 11334 11334 11334 X11334 114
41% 41%
41%
41%
41%
4134
41%
41%
*111
111381*11078 111% 110% 111
11034 111
*124% 125% *124% 125
124
124
125
125
*141
*
4%
*20%
Jan 17
1% Jan
Jan
3,000
200
6
95
"loo
28%
49%
2%
Feb
$6
*2634
4
Feb
88
400
300
7
18
1% Jan 17
No par
6,800
8%
*46
lh Feb
Petroleum Corp of Amer
5
Pfelffer Brewing Co
No par
Phelps-Dodge Corp
25
Philadelphia Co 6% pref...50
*S%
9
62% Jan
800
60
Jan
4
9% Feb 20
Feb
39
5%
*5
8% Jan
8784 Jan
55%
1,500
1,100
92
1% Aug
534 Apr
x5% Deo
534
49
*58
8%
27%
49%
22
Pet Milk Co
146
38%
5%
*8%
Jan 15
100
94%
584
*37%
60
36
18
84
*138
40
*58
5
3
35
Jan
17
1
44%
94%
6%
49
Jan
44% Jan
Feb 23
8% Jan 18
1
420
"l",200
%
Jan 22
44
Jan 15
39%
*43%
*78%
2
19%
June
43
7
85
10
"140
83%
Jan
5
No par
1
100
7%
9%
•
1
9% Sept
101% Jan 25
Jan 18
34
734
9%
9%
% Feb 13
100
25
2334
7% Jan 10
41% Jan 12
100
22%
33%
7%
"loo
11%
*21%
39%
3934
5%
300
4%
*10%
25%
*76%
16.700
35
22%
%'
94%'
200
3734
lht Feb 13
Peoples Drug Stores
No par
Peoples GL&CC(Chic).. 100
800
*3
113s
4,500
23
35
4%
9
146
...
5
*20%
22%
*37%
% Feb 14
Penney (J C) Co
...
*73s
59
110
5
2334
7%
23
38%
3% Feb 15
2084 Jan 3
Pathe Film Corp
1
Patlno Mines &
Enterprises. 10
Penlck & Ford
No par
14%
81
*4134
3%
500
23
3938 x39
4434'
44%
6%
3934
534
61%
884
3%
23
*14
35
34
7%
8%
I *37%
49
400
24%
*21%
23
94
146
.*138
95
3%
*120
*10%
24%
%
38%
3%
3%
99'
33
24%
*76%
9%
38%
4,700
*3
33
7%
8984
3%
22%
34%
*37%
11%
*21%
7%
834
38%
44%
*76%
*7%
*8%
700
*120
3
2334
3,500
56%
*334
23%
3534
38%
23
6%
56%
89%
14%
*34%
*37%
35
16.300
24
11%
23%
500
11%
7
4
15
Highest
$ per share $ per share
7
Dec
11% Jan
3
Apr
484 Jan
2.50
Parmelee Transporta'n.No par
1%
11%
6%
20%
8% Jan
12
634 Jan 16
No par
Parke Davis & Co
Parker Rust Proof Co
2,300
*1%
*23
22%
3584
38%
4%
2%
4334
x20%
3%
951,
22%
2
43%
1%
*14
....
29.1®
"5",300
Park & Tilford Inc
Park Utah Consol Mines..
Loioest
Apr
Sept
Sept
6% Sept
72
Sept
7% Sept
14% Sept
1% Apr
Parafflne Co Inc
18
11%
14
*119%
99.3,1
"V.eoo
4% conv preferred
Paramount Pictures Inc
6% 1st preferred
6% 2d preferred
400
20%
334
3%
24%
14
14%
....
25,300
9%
*S?%
9%
*16%
934
4334
20%
*1%
11%
6%
56%
7%
90%
44
7%
Jan 12
3% Jan
1/15% Feb
par
Corp
5
Rl?hts__
Pan-Amer Petrol &
Transp__5
Panhandle Prod & Ref
1
105
7%
9 per share
10
Pan Amer Airways
500
44
18
ll", 100
Year 1939
Highest
9 per share
Par
Paciric Western Oil Corp
Packard Motor Car
No
%
*95
8%
91
2
334
3%
*23%
%
105
978
18
*16%
1%
4334
Lowest
57,800
1% 211,100
700
73g
*7
43%
*95
8%
91
3%
Range for Previous
EXCHANGE
,
16%
1*16
1243
Range Since Jan. 1
On Basis of 100-Share Lois
Shares
7%
7%
'8
4
$ per share
9 per share
8
Week
*%
*7%
334
Feb. 23
|
1%
l*i«
4-h
3%
4
3%
23%
23%
14% ♦13%
*119%
227O
221®
22%
22%
35% *35
38% *38
*3
438
11% *10%
the
1
3%
16%
1
STOCKS
NEW YORK STOCK
Friday
784
*43%
*21%
3%
|
Thursday
Feb. 22
Sales
*7%
2
>
Record-Continued—Page
CENT
8%
3%
16%
2
*3%
3%
(
9 per share
8
3%
15%
2
PER
for
Tuesday
|
3%
16%
1%
l«n
*42%
.
per share
8
3i2
16%
PRICES—PER
273s Feb
Ex-rlghts.
6
96
Jan
104% Jan
IO84 Apr
1 Called for redemption.
Deo
Saturday
Monday
Feb. 19
i
Feb. 17
12%
12%
*76
77
*76
%
6%
47
%
6%
*46%
*6%
*46%
♦%
%
%
19
2%
84%
14%
*1%
83%
*14%
6%
46%
18%
2
1%
83%
83%
14%
14%
83%
*2
14%
13%
56%
..
*50
*13
14
*52%
4%
58%
5
*52%
5
5%
5%
50%
*52%
4%
*49%
6%
*38%
50%
7
*50
50%
7
50%
39
*38%
""7%
38%
7%
*38%
7
5%
5%
6
24
25
25
25
25
20%
2%
22
20%
20%
20%
20%
24
*20
2%
*2%
2%
*2%
24
*10
11%
11%
2%
*2%
11%
25%
13%
17%
29%
29%
13
13%
17%
28%
*5%
23
46
31%
*22%
31%
62
52%
*51%
10
10%
62%
62%
32
9%
62%
31%
*22%
45%
*20
32
*51%
10%
10
63
62%
31%
31%
7%
6%
7
7
7
107
107
107
107
102% 10234
2
2
1%
1%
4%
4%
12%
16
32%
52%
10%
*32%
32%
*52
10%
63%
63%
32%
7
108
32%
*63
*32%
6%
*107
6%
16
24%
26%
44%
32
29%
79%
79%
10%
79%
8%
6%
10%
12
12%
79%
11%
79%
8%
6%
2,300
8,200
42%
44%
15,900
*29%
79%
ton's
8%
*6%
30%
80
8%
6%
6%
10%
2%
10%
12%
8%
6%
10%
12%
6%
11%
Birthday
10%
12%
10%
12%
10%
10%
24%
24%
2
2
2%
15
15
15%
15%
29%
*6%
29%
7%
23%
28%
28%
*28%
29%
*6%
7%
23%
23%
*6%
22%
31%
31%
7%
31%
31%
7%
7%
6%
6
23%
*31%
7%
7%
16
*6
*6
15%
29%
2%
*14%
29%
6
7%
31%
7%
7%
1,100
6%
7%
5%
5%
400
5%
*5%
5%
300
40
4%
*37%
434
40
484
6%
*5%
*36%
512
40
4%
4t 2
4%
4*2
4%
5%
*37%
4%
6%
6%
6%
44
44%
3%
43%
3%
44%
3%
35
34%
34%
43%
3%
34%
44%
3%
34%
4434
3%
35
7%
7%
6
5%
7%
5%
*7%
5%
8
5%
44%
3%
34%
7%
5%
*11%
5%
7%
*5%
12%
*15%
16%' *16
53
*50
3%
12%
*11%
12
16%
*11%
*12
*16
16%
*3%
4
*3%
3%
*40%
4%
42
*28
30%
4
438
4%
4%
4
4%
4%
4%
4%
*4%
4%
32
32
2%
2%
20
20
4034
41%
4%
5%
30
32
32%
31
33
33
2%
2%
2%
18%
19%
*1784
34%
2%
684
16%
7%
2%
2%
*7734
80
5%
16
*7%
2%
*76
11%
*2234
2%
*27%
11%
484
*434
9%
434
*9
*834
12
24%
12
*2384
28
*2%
27%
11%
11
2%
16%
1634
16%
I684
734
2%
*77%
734
784
784
*7%
2%
2%
80
5
*4%
5
984
*9
9%
12%
12
12%
24%
2%
2%
2%
*2%
2%
27%
11%
*26%
11%
1
28
27
2%
27%
12%
12%
13
1
14%
93%
26%
47%
15%
*16
84%
*113
8434
84
113%
113
*113
113
4484
14
84%
113%
16%
94%
9484
95%
87
87
87
26%
26%
47%
47%
47%
16%
1534
16
26%
47%
15%
16%
26%
47%
16
16%
16%
9334
94
9384
94
88%
26«4
87
87
86%
2634
27
26%
86%
26%
48%
15%
47%
48
46%
15%
16%
15%
16
44%
13%
83%
16%
16%
16%
14%
84%
16%
94%
*86%
16%
*16
Truscon Steel Co
16
16%
16%
44%
*55%
16%
16%
16%
119
118
*18
2%
4034
*116
118
*116
118
*116
118
57
56
56
*56
57
57
57
*56%
18%
2%
40%
18
18%
*1734
I884
I884
19
19
19
2%
2%
2%
2%
2%
41%
4034
41%
41%
2%
41%
2%
41%
2%
41
41
Bid and asked prices; no sales on
this day.
J In receivership,
a
57%
HO
500
1,700
7,500
23,500
500
30
300
1,300
10,900
1,900
Def. delivery.
484
Jan
24% Sept
25% Oct
33% Sept
2234 Aug
30
38
Aug
53% Sept
20%
Apr
Apr
36
Sept
80
Dec
65
Sept
Jan
10
Oct
Jan
Feb 13
118% Sent
7% Apr
Jan
784 Sept
128% June
19% Sept
134 Aug
II84 July
38%
Jan
Apr
10
3% Sept
22% Jan
2234 Sept
5% Sept
30% Mar
10% Jan
17
Apr
25% Sept
2484 June
4% Aug
33s Aug
4% Aug
33% Oct
3% Aug
37% Sept
Jan 11
3
4
3
10
23
4
9
4
Jan
Feb
Feb
Jan
Jan
3%
Aug
26
Sept
7
Aug
5'4 Nov
8% Sept
Jan
Oct
Dec
61
Oct
48
Dec
3%
4
11% Jan
41
Oct
Apr
6
Nov
Apr
33
Nov
1%
3%
Oct
434 Nov
33% Nov
1% July
7% Apr
9% Aug
3
18% Dec
14% Mar
334
Jan
Sept
96
Feb
Apr
25
Dec
34%
Apr
54%
5
Sept
83
1034
3
Jan
3
6% Jan
9
*
6%
1634 Feb 19
8% Jan
Jan
234 Sept
Apr
17
Jan 24
52
Oct
534
Sept
2%
Jan 27
24% Jan
Jan
9
24
2% Jan
95
11% Sept
15% Dec
14
1
534 Jan
38i2 Sept
22%
20
23
17
21
3
6% Mar
9% Sept
5034 Sept
33% Feb
484 Feb
4% Jan
34% Feb
Jan
7% Mar
43% July
Apr
4
30
23
12% Sept
9% Sept
32% Aug
Feb 16
Feb
5%
3
4
Apr
Apr
Jan
8% Sept
12% Dec
10% Jan
4% Sept
2
Mar
79% Jan 10
5% Jan 4
74
Apr
3
Apr
734 Sept
Apr
14% Sept
6
9% Feb 21
13% Jan 4
6
1138
Dec
26%
Jan
4
25% Jan 23
1934 Sept
34%
Jan
2% Feb 2
77% Feb 16
4% Feb 13
9
Feb 16
11% Feb
24% Jan
Apr
66
10
No par
20%
Apr
4
20% Jan 13
46% Jan 19
5% Jan 23
12% Jan 15
7
Jan 19
No par
No par
..10
Jan
Oct
10%
Apr
5%
91
2
Jan
Apr
42% Feb 16
6% Feb 20
2
Jan
5%
13%
52% Jan 29
5
4
20tb Cen Fox Film CorpNo par
$1.50 preferred
1,800
1,000
Feb 23
234 Feb
Tri-Continental Corp.-No par
110
Dec
June
10
Jan
Feb 14
Jan 8
Jan 4
12% Jan 8
18% Jan 8
3% Jan 16
2684 Jan 8
Transue & Williams Sti No par
29;700
1,300
1,100
9,800
7,900
2
Dec
7%
4534 Sept
4%
35%
8%
6%
50% Jan 3
3% Jan 12
34
Jan 16
Transcont'l & West Air Inc.-5
100
1
1
1
16% Feb 13
pief
100
116
116
*
8484
113
*44%
13%
*26%
12%
1
1
6
5% Feb 19
11
400
500
2
3% Jan 23
3234 Jan 2
7% Feb 21
1,600
4,600
34%
108
17%
5%
3784
434
6%
46%
2
5% Feb
42% Feb
Timken Detroit Axle
5
2%
27%
12%
*23%
conv
Oct
Apr
7% Jan
Jan 25
4
14,300
24%
Feb
5
No par
10
Timken Roller Bearing-No par
$4.50
16% Mar
18% Apr
5% Dec
94
Dec
53
75% Mar
8%
9% Jan
5
16% Jan 13
78%
9%
34% Dec
Apr
8% Aug
5784 Dec
32% Jan 25
27% Jan 15
2
Jan 15
56 preferred.-.
Truax-Traer Corp
12
Apr
42
12%
7
34% Jan
cum
100
11%
24%
14
*87
*884
11
9
23% Feb 15
_
preferred-No par
Associated Oil -.10
$3.60
2%
12%
*23%
24%
4434
16%
94%
9%
12
*2334
1334
*16%
5%
9%
78%
*4%
8
Jan
5% Feb
100
1
10
100
25
Transamerica Corp
5%
16%
1
"
Thompson Prods Inc..No par
Thompson Starrett Co.No par
1,900
784
*434
(J R)
Tide Water
584
79%
preferred
Third Avenue Ry
4,000
1,400
3,000
1,600
49%
3
5
3
3
3234 Feb 21
3034 Jan 15
7% Jan 23
No par
-
10%
1634
*78
Co
400
49%
5%
15%
22% Dec
51% Sept
27% Jan
2% Jan
I73g Jan
Jan 19
22
No par
Preferred..
1,300
5%
70% Nov
Apr
Apr
6% Aug
3% Apr
124
Feb
6% Feb
No par
$3.60 conv pref
The Fair
6,700
92
Sept
14%
10% Jan 20
13% Feb
No par
Texas Pacific Coal & Oil
--10
Texas Pacific Land Trust
1
Texas & Pacific Ry Co
100
Thatcher Mfg
No par
2%
22%
1% Aug
484 Apr
63% Feb 20
28% Jan 11
Texas Gulf Sulphur
18%
50
2%
Texas Gulf Produc'g Co
conv
Jan
4384 Sept
3% Jan
9% Sept
36% Nov
Mar
60
11% Jan 3
64
Feb 23
9% Jan
25
Texas Corp (The)
$3 dlv
Jan
23%
36
Jan
Symington-Gould Corp w w.l
Without warrants,—.
1
Talcott Inc (James)
9
6H% preferred
50
Telautograph Corp
6
Tennessee Corp
6
Thompson
Dec
21%
34
Jan
53
Swift International Ltd
Thermold
29%
Apr
15% Apr
28s Feb 23
7
Jan 5
Jan
Dec
143
Jan
10% Apr
11%
343g Jan
25
3334
22%
4434
14
10%
Apr
9
10c
Swift A Co
2%
32 84
Apr
23%
3
153s Jan
56% Jan 23
122
Jan 23
100
preferred
*17%
10%
91%
22%
5%
45
84%
34%
2%
50
45
113
200
22%
44%
84%
2,400
4%
5%
80
260
4%
50%
2%
•
4
22
2%
-
*4
5%
*44
14%
2%
-
400
31
31
»
4%
50%
1
113%
33%
~
»
4%
2I84
1
14
1,600
22%
5034
1%
84%
5%
9184
1
*113
5
10%
91%
92
7%
5%
3234
18
10%
5%
90
18
10%
1584
42%
19
9134
50%
*38
*4
10%
2184
4134
4%
92
50%
300
16%
16%
4
4%
33%
10%
22%
12%
16%
200
4
8I4
*31%
4%
9134
22%
11%
1,400
2,600
4
4134
10%
49%
7%
2,300
*3%
4
92
10%
*91
19
3%
53
5%
5
3%
34%
7%
5%
1,400
9,600
1,000
*50
42%
42
44%
44
34%
7%
5%
"i',600
53
*50
53
*50
53
*50
_
16%
6%
Sept
14
60% Feb
9% Feb
No par
Sunshine Mining Co
700
*31%
13
20% Jan
34% Jan
39
Sept
15% Sept
3% Sept
18% July
35% Sept
127
Jan 29
60
24
_
Oil
6%
"3",300
5%
40
35
400
3,800
7%
31%
17% Mar
Jan
Feb
2
23%
Sept
Dec
Feb 16
23
31%
Dec
21
Feb 19
Jan
Sept
112
12% Apr
10% Aug
1% Sept
47
1
Superior Oil Corp
Superior Steel Corp
100
Sutherland Paper Co
10
Sweets Co of Amer (The) —50
23
127
Jan
Apr
9
23
Superheater Co (The).-No par
23%
Apr
11%
65
800
23
70
101
Jan 16
2,500
7%
*36%
3%
2,500
*5%
23%
31%
7%
Sun
40
10%
23%
2%
15%
32%
10%
*23%
Jan
98% Nov
No par
3384 Jan 2
2934 Jan 26
1
734 Jan 18
6
Jan
No par
108% Feb 16
No par 103% Jan
2% Jan 4
1% Jan 19
^Standard Gas & El Co No par
7% Jan 8
33g Jan 19
$4 preferred
No par
18% Jan 9
10% Jan 19
$6 cum prior pref
No par
2234 Jan 8
13% Jan 19
$7 cum prior pref
No par
26% Jan 4
24
Feb
9
Standard Oil of Calif--.No par
2734 Jan
25% Jan 15
Standard Oil of Indiana
25
46% Jan
4234 Feb 23
Standard Oil of New Jersey.25
33% Jan
2812 Jan 29
Starrett Co (The) L S..No par
8034 Jan
76% Feb 8
Sterling Products Inc
10
8% Feb 15
7% Jan 31
Stewart-Warner Corp—
6
5
Jan
6% Jan 27
Stokely Bros & Co Inc
1
12% Jan 5
10% Feb
Stone & Webster
No par
12% Feb 21
9
Jan 15
Studebaker Corp (The)—.
800
*7
5%
40
6%
400
1,200
1,800
1,800
4,700
67,300
*7
*5%
*36%
*4%
*6%
*5%
400
124
124
15%
29%
1,500
60%
60%
#60%
60%
*123% 124
10%
10%
10%
24
24
24%
2
2%
2%
123
123
10%
*15
10%
11%
63%
63%
64%
Washing*
8%
6%
10%
1258
8%
24%
10%
23%
2%
10%
23%
6%
Closed—
79
80
1,000
16,600
31
79
6%
10%
I
123% 124
124
*123
*29%
8%
8%
*62%
65
*62%
44
400
Oct
29%
Apr
Feb 23
30
Jan
3% June
28%
92
Jan 29
Square D Co
Standard Brands
$4.50 preferred
26%
Exchange
Jan
3234
16% Apr
15% Aug
42% Jan 12
29
Jan 15
Conv S4.5Q pref
410
1,100
13,100
24%
16
24
26%
*11%
15%
16
24%
26%
44%
30
3,200
2
Jan
8% Sept
Apr
2% Dec
21
2
Spiegel Inc
26
Stock
13
15%
50
24
4%
4%
*12
1,100
Feb
Jan
Feb
484
65
No par
No par
Sperry Corp (The) vtc
1
Spicer Mfg Co
No par
$3 conv pref A
No par
$5.60 preferred
4,800
Feb
Jan
6
Spencer Kellogg & Sons
100
134
4%
12
1534
1%
4%
No par
1
Sparks WithIngton
Spear & Co
108
*107
1%
*1%
"MOO
23g
6%
9%
24%
44%
40%
62%
16
44%
3,100
13,300
6,700
4,200
50
107% Nov
Jan
17% Apr
Feb
Jan
Jan
150
6
19
15
23
15
15
8
Jan
9% Aug
112% Jan 17
17% Jan 3
11% Jan
Jan 16
Feb
98% Aug
22% Jan 4
103% Jan 31
118
Feb 21
2
Feb
15
22%
14434
28%
12%
16%
28%
3784
1%
Oct
1134
88% Aug
17% Sept
28
238 Jan 10
Feb 19
2434
12%
238
16%
2884
54
June
6% Dec
25
11% Feb 21
2
Jan 19
Jan
Jan
Sept
7% Sept
3% May
6% Jan 10
Jan 3
1934 Jan 13
Oil Co Inc-15
South Am Gold & Platinum—1
8'eastern Greyhound Lines--5
So Porto Rico Sugar—.No par
8% preferred
100
Southern Calif Edison
25
Southern Paclfio Co
100
Southern Ry
—.No par
5% preferred
100
Mobile & Ohio stk tr ctfs 100
Dec
43
24
8
10% Feb
Typewr..No par
Socony Vacuum
5,300
2934
13
17%
29
10
Corp—
72
40i2 Feb 13
13% Jan 4
108% Feb 7
7
Feb
15
Snider Packing Corp ...No par
300
15
23
4484
33
52%
10
64
32%
7
24%
27%
44%
*30
2%
$6 preferred
70%
16
44%
31
Smith & Cor
*2212
44%
24%
31
100
2,400
20,500
1,800
2%
16%
4412
10%
24%
11%
*5%
24%
27%
27%
Smith (AO)
15
16
26%
100
27% 2834
*149% 150
24%
26%
16
*64
4%
*12%
12
20
70%
23
44%
44%
preferred
fcteel & Iron. 100
No par
6%
100
112
*10
15
100
Sloss Sheffield
119
112
*38
1%
4%
4%
12%
5
12%
*12
*1%
800
*115
40%
2%
6%
2%
*5%
107
107
Skelly Oil Co.
*38
22%
45%
32%
52%
10%
62%
32
7%
31%
500
16%
28%
*22%
44%
20%
29%
12%
*64
22%
400
Petroleum
10
Slmonds Saw & Steel—No par
183$
2184
9
7% Jan
21% Feb 2
2% Jan 8
21% Jan 19
19% Jan 15
99% Jan 3
105
Jan 30
111
Jan 29
No par
10% Apr
11% Apr
684 Jan 11
Jan 9
15
Jan
60% Apr
54
57s Feb 19
.
Simms
100
17%
70%
45%
32
52%
45%
*31%
Simmons Co
tm
29%
6%
*65
70%
23
1,200
*2%
*24%
22%
2%
25%
22%
17%
2%
2%
*5%
2%
6%
2%
*65
70%
*65
*38
42
*38
2%
7
2%
*5%
Sliver
29
17%
30%
40%
17%
28%
105
Sept
51
2
9
13
36% Jan 11
10% Feb 1
preferred... 100
King Coalition Mines- 6
1
1% June
2% Jan
Jan 3
1638 Jan 11
15
Jan 4
87
6% Jan
5H % conv
500
15
4% Feb
60% Feb
7,300
29%
13%
29%
13%
29%
13%
17%
29%
No par
$5 conv preferred
No par
Sharpe & Dobme..
No par
S3.50 conv pref ser A.No par
Shattuck (Frank G)—No par
Sheaffer (W A) Pen Co .No par
Shell Union Oil
No par
Corp
6%
6
26%
27%
*149% 150
29%
"3~200
11%
2%
15%
2%
12%
11%
Jan
Jan
3% Sept
24% Sept
3% Jan
85% Nov
Apr
15% Aug
3
4
Jan
1
10% Jan
52% July
117% May
% Aug
1
2
*% Jan
20
I84 Jan 31
8034 Jan 15
13% Feb 23
12% Jan 16
—1
Sharon Steel
400
106
11%
*2%
11%
*149% 150
1,200
23%
*15
2912
41
*38
25%
150
148
29%
13%
17%
29%
29%
25%
25%
25%
150
*148
2%
15%
7%
39
24%
23%
11%
2%
15%
26%
Zll%
2%
15%
2%
*15
15%
*10
24
23%
200
11%
16
10%
*15%
10%
*15
10%
24%
11%
10%
24
*15
16
16
10%
*23%
*15
16
*10
1,900
20", 100
18
par
No par
Servel Inc
50%
106
100
17% Mar
76% Aug
44% 8ept
105
Sept
115% Jan 11
3s Jan 2
2
Aug
Sept
38 Apr
334 Apr
% Jan 2
734 Feb 21
Jan 4
2
%
Roebuck & Co—No par
Sears
83%
14
14
56%
5%
*38%
103
103
102% 102%
102%# 102*i#
*103% 104
117% 118
117
116% 117
*116
116% 116
112%
112% *112
*112
112% *112
*112
112%
*15
Seagrave Corp*..
5,600
*50
22%
2%
25%
20%
22%
*2%
*24%
20%
22%
22
22
22%
2%
22
2
Jan
«4 Feb
share
per
10
61
49
par
share $
per
77
434 Jan 11
46% Feb 16
11234 Feb 10
par
par
$
13% Jan 11
Feb 13
11% Jan 23
Jan
3
% Jan 8
72
100
400
18%
*13%
*54%
5%
6
6
6
5%
18%
7%
Highest
$ per share
5
100
—1
300
%
*38%
11%
11%
106% 106%
39
11%
106% 106%
11%
11%
11%
11%
11%
*106% 107%
*106% 108
*5%
7%
preferred
No
54.50 preferred
No
JPeaboard Air Line
No
4-2% preferred
Seaboard Oil Co of Del-No
40
52,600
1,900
%
%
82%
13%
Corp—
$3chulte Retail Stores
8% preferred
Scott Paper Co
800
47
2
5H%
400
9,000
3.200
114
%
83%
14%
13%
56%
5%
60%
7%
39
13%
*54%
14
14
58%
• 4%
*13%
7%
47
2%
83%
14%
14%
%
114
Schenley Distillers
1,100
7%
%
19%
*
*18%
1%
83%
Shares
12%
75%
%
■
%
%
18%
%
19
2
*18%
%
%
Par
Highest
Lowest
Lowest
$ per share
Week
$ per share
75%
114
*113
114
%
%
%
%
7%
46%
46%
46%
*113
%
%
%
*18%
76%
%
6%
6%
114
*113
114
*113
76%
%
EXCHANGE
the
Friday
Feb. 23
12%
12%
75%
%
7%
46%
12%
75%
12%
77
*12%
%
12%
12%
I per share
$ per share
% per share
$ per share
$ vsr share
Thursday
Feb. 22
Wednesday
Feb. 21
Tuesday
Feb. 20
I
Range for Previous
Year 1939
100-Share Lots
On Basis of
STOCK
NEW YORK
for
1
Range Since Jan.
STOCKS
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
AND
LOW
1940
Feb. 24,
Record—Continued—Page 9
New York Stock
1244
234 Jan
Jan
88
Jan 15
28
Jan 30
17% Apr
334 Aug
35% Aug
9% Jan 15
1
Jan
2
13
Feb 21
Jan
Jan
45
7% Apr
84 Dec
34% Sept
12%
434
39% Jan 16
66
Jan
Under Elliott Fisher Co No par
No par
Union Carbide & Carb.No par
Union El Co of Mo$5 pf No par
Union Oil of California
25
Union Pacific RR Co
100
4% preferred
100
Union Tank Car
No par
United Aircraft Corp
5
Un Air Lines Transport
5
United Biscuit Co
No par
Preferred
100
United Carbon Co
No par
United-Cair Fast Corp.No par
United Corporation
No par
$3 preferred
No par
12% Jan 15
78% Feb 3
112% Feb 3
16
Jan 16
93
Jan 15
Twin City Rapid Tran .No par
7%
100
preferred
1
Twin Coach Co
-No par
JUlen & Co
Union Bag & Paper
New stock,
r Cash ale.
2% Jan 26
24
2% Jan
4
1% Jan 11
Feb 19
14% Jan
88% Jan
115
8
4
Jan 12
17% Jan
97% Jan
8
4
85
Jan 29
89% Feb 10
2234
43%
14%
15%
Jan 11
27
Jan 15
Jan 15
Jan 2
Jan 31
49% Feb
112
64% Feb
5
17% Jan 12
2% Jan 31
38
Jan 15
x Ex-dlv.
Feb 19
9
16% JaD 3
16% Feb 13
119
Feb 23
60% Jan
19
2% Jan
42
4
Feb 21
3
Feb 13
y Ex-rights.
1%
6
65%
Apr
Aug
Apr
10834 Sept
15% Aug
81% Apr
78
Apr
13% Dec
94% Sept
118
1934
July
105
Jan
Sept
90
July
20% Mar
24% Sept
31
51
Aug
7% Apr
14% Sept
112% Mar
52
Apr
13%
Apr
Apr
2
30%
Apr
Nov
16% Dec
18 84 July
119% June
69% Oct
20
Mar
334 Feb
39% Aug
\ Called for redemption.
Volume
LOW
AND
Saturday
HIGH
Monday
Feb. 19
Feb. 20
3 per share
518
478
5i8
484
58
58
412
484
4%
*33%
35
81
59
412
5%
*4%
488
*33%
Wednesday
Feb. 21
$ per share
5%
*4%
*58%
59
3478
8H2
8O84
14l2
I
5%
5
*58
412
*33
81*2
.
$ per share
5%
SHARE, NOT
60
*62
3718
*3512
*112
37i8
37
Friday
the
|
|
Feb. 23
Week
$ per share
Shares
3 per share
5%
*4%
80
4%
*67
115
47
*2
*54i2
*1384
*0714
♦145
36%
*46-4
*2
2%
714
*684
*158
*634
I84
5578
14U
68i2
1%
*54%
*1334
4%
150
148
89
33
*38%
♦114
44
*58%
*62%
*30%
*63
80
31
30
3%
29
93
*3%
29
684
117%
*534
45%
*44%
33
*31%
97%
96
*132%
90
%
1734
91
%
*17
....
*1
684
1%
2
2%
684
22%
22%
*1%
*13s
80
*63
30
99
*132
1%
2
*1%
1%
*1%
6%
2%
*684
6%
16%
*16
163s
*16
5%
*7%
*13s
1%
24
4%
49%
I84
1%
*6%
*3%
8%
5%
30%
283s
*28
*17%
24
43s
*85
*0
24
*3%
*48%
*1%
*6
5%
*29
*3%
*29%
*2734
31
28
28
*17
18
*17
24
23
4%
25
*69
25
70
*69
*107% 108
95%
5%
*
I
4%
*4%
*85
25
25%
70
*69
*95
*21%
*93%
2I84
95%'
5%
600
28
18
23%
4%
....
25%
70
*034
*3%
*28%
*2734
8%
5%
17
*23
*3%
28
17%
23%
*23
*69
108
*116
117
*116
117
116
17
17
16
116% *116
117%
16%j *15%
16%
38%
4
*6%
*%
2434
2434
7
38%
*3%
*6%
*10134
3834
3%
104
I
*10184
%
24%
25%
113%
68
*3
1%
4
5%
97%
31%
110
70
9%
12%
5%
5%
45%
20%
3%
1%
4%
584
*60
68
97% 97%
30% 30%
i *83
110
*65%
9%
12%
*5%
5%
*39
*2014
*3%
70
9%
12%
*6%
7
100
12
*5%
5%
45%
20%
*3%
20%
3%
184
1%
4
5%
5%
•
134
3%
5%
*97%
30%
*85
70
*66
9%
12%
5%
5%
9%
12
*5
5%
*50
70
*35%
♦45
110
*86
*22%
17%
*119
*11
41%
*84
*23%
14%
*2%
♦
3,000
110
6%
70
*9%
12%
5%
5%
500
3,000
5%
200
5%
2,700
3%
20%
3%
1%
1%
4
3%
3%
2,300
1,700
5%
*56
Bid and asked prices; no sales
on
5%
58
59
25
*120%
*24%
59
25
200
700
700
39%
40%
17,400
19
19
*67%
19%
73
1,500
73
70
*56
70
this day,
100
*110
113
40
2334
18%
123
11%
500
40%
41%
7,300
8584
23%
24
"3", 100
15%
16
3,000
*2%
t In receivership,
2%
a
600
27% Jan
75
"3
Jan
4
65
6
1
20
Jan
108
Jan
8
106
Dec
105% Sept
115
Nov
Jan 31
110% Feb 20
19% Jan 4
103% Feb 14
Feb
8
88
107% Dec
112% Dec
16% Nov
19%
20%
2%
3%
Apr
Apr
Jan
%
Dec
36% Nov
684 Sept
11% Sept
2
Sept
2884 Jan
28% Jan
16%
18%
82%
Apr
39
5
Feb 23
Jan
7% Jan
1
29% Jan
38% Feb 13
39% Jan
65
Feb
98
Jan 30
33% Jan
3
Jan 23
Jan
2
4
Jan 31
70
Jan
10
Jan 11
13% Jan
3
8
6% Jan 8
«% Jan 26
45% Feb 20
22
Jan
4
Jan 15
Feb 16
I"
No par
4% Jan 13
61% Jan
116
Jan
6
2
22% Jan 20
38% Jan 2
18
Jan
68
Jan 19
35% Jan
2
3
44
Jan 18
105
Jan 22
e'4
Jan 29
60% Jan 29
116
Apr
Apr
Apr
126
May
10% Apr
15% Apr
*29
Apr
42
July
74
Deo
37
Sept
37% Sept
Sept
121
145
Mar
28%
Deo
39%
Deo
Dec
39%
75
Oct
Apr
Apr
97
Oct
15%
38%
Oct
Jan
80
Jan
July
8% Dec
78
7
1534
Oct
7
Jan
45
Apr
3% Sept
I84 Aug
14
Apr
14
Sept
2% Aug
1
June
2% June
2% Aug
Aug
32
9
15
Apr
Apr
7
36
Sept
503g
Jan
8
10% Apr
47% July
43
May
23% July
23%
Jan
71
37%
60%
114%
89%
Jan 25
Jan
8
Jan
8
105%
2
31% Apr
85
Apr
Feb
5
75
Jan
3
19% Jan
4
Jan 22
25
Feb
6
Jan
5
122
Feb
1
12
Jan
Mar
Jan
3
38%
Jan 22
48% Jan
3
86
Jan 15
89
Jan
6
1834 Sept
11% Apr
98
Apr
9% Aug
30
Apr
74
May
22
Feb
5
17
3
28% Jan
16% Jan
2% Jan
4
14% Feb
3
12
Apr
Apr
3
2
Aug
2% Jan 19
Ex-div.
y
4% Nov
3% Feb
6% Feb
7% Sept
60% Nov
25% Feb
41% Feb
21% Jan
Jan 20
x
4% Nov
3484 Nov
20% Dec
2
85
l
Oct
12% Mar
Jan
22%
10%
115%
10%
514% preferred ser A
100
Youngst'n Steel Door..No par
Zenith Radio Corp
No par
Cash sale,
79
Apr
1% Feb 16
r
Jan
Apr
Apr
3% Jan 11
New stock,
28%
95
9
n
Oct
Deo
85
5
Zonite Products Corp
55% Aug
Jan
80
3
Jan
Del. delivery,
July
Jan
Jan
4% Jan
88
Young Spring A Wire..No par
Youngstown S A T
No par
334
Jan 10
66% Jan 23
9% Feb 21
11% Jan 24
par
100
24%
3234
114
3% Feb
Preferred
1334 May
738 Sept
3584 Oct
Apr
16
Jan
July
3% Jan
108
6
Wilson A Co Inc
6%
80
No par
$6 preferred
100
Wisconsin El Pow 6% pref. 100
Woodward Iron Co
10
Wool worth (F W) Co
10
Mar
44
58
Apr
Sept
Dec
Jan
2
94% Jan 29
2584 Jan 18
20
Prior preferred
1%
Jan
Jan 30
Willys-Overland Motors..
1
6% conv preferred
__10
90
*10%
*82
20
19% Apr
4% Feb 23
Jan
il",900
500
17%
1484
4
5
138
Wilcox Oil A Gas Co
6% Apr
4% Nov
7
4
Jan
Jan 20
Yale A Towne Mfg Co
25
Yellow Truck A Coach cl B..1
37%
47
*122
CoNo
Corp
Feb
24
5
Dec
Dec
1% Nov
484 Jan 11
100
preferred
1%
3% Dec
1% Jan
6% Jan 13
Jan 15
20j
36%
86%
conv
Jan
26
Worthlngt'n PAM (Del)No par
7% preferred A
100
6% preferred B
100
Prior pref 4)4 % series..100
Prior pf 4H % convserieslOO
Wright Aeronautical...No par
Wrigley (Wm) Jr (Del).No par
47
*23
$4
400
40%
*85%
preferred
White Rock Mln Spr
White Sewing Mach
300
14% Mar
2% Jan
Jan 16
33% Jan 23
35% Jan 19
White Dental Mfg (The SS) .20
White Motor Co
1
4,500
49
Dec
130
$5 conv prior pref.,.No par
9%
12%
*19%
*35% 37
*35%
36%
36%
36%
48
♦45% 47%
*45%
47% *45%
47%
110
*110
113
*107% 113
*110
113
87% *8534 87%
8534
86
*85
86%
2334 *22% 2334
*22%
2334
*22%
2334
17%
17%
1734
17%
1734
17%
18%
119% 119% 120
122
*120% 122
122
11%
11
11
11
11
11%
11
42%
41
41%
4084
42
41%
42
8534 *82
*82
8584
*82
8584
8534
2334
23%
24
2334
24%
2334
24%
14% *14%
1484
*1434
15%
14%
15%
2%
*2%
2%
2%
2%
2%
2%
"160
7
Jan
5% conv preferred
30
Wheeling ALE Ry Co
100
6J4 % conv preferred
100
Wheeling Steel Corp..-No par
30%
20% July
118
Westlnghouse Air BrakeNo par
Westinghouse El A Mfg
50
Oct
9%
6084
33% Jan 13
3% Jan 13
0% Feb
% Jan 31
22% Jan 15
22% Jan 16
105% Jan 15
.100
8
238$ July
98% July
Oct
103% Feb 14
400
1%
37
40
16
Sept
3% Sept
3
Sept
14%
Feb 21
Feb 15
Sept
10% Feb
9% Jan 10
31% Jan
2834 Feb
1984 Jan
~1
July
16
3084 Sept
10
70
3%
70
18%
40
24%
08
111
100
38%'
97%
6% Jan
100
*37
*3%
*56
19%
73
*56
*119
pref
*00
*66%
30
Jan
80
1st preferred
.60
Weston Elec InstrumentNo par
*85
50
Feb
118
June
21
3% Jan
Deo
35% Jan 11
4% Jan 11
Westvaco Chlor Prod._ No par
97%
Apr
7% Feb 2
100
1,400
*134
5%
preferred
"366
*30
4
1% Jan 10
No par
2984
5«4 Sept
3384 Sept
Deo
Jan
25% Jan 10
4% Feb 19
Feb 15
Deo
56% Aug
65
Sept
Mar
85
2
17
44%
3
98
3
22
110% July
131
22% Feb 17
Jan
1
June
1% July
Jan
5
103
101
5% Apr
15% Apr
5
a-29% Feb 14
July
Apr
3
Jan
28
37%.
37%
1%
70
40
*19%
*67%
58
2,600
3%
4
No par
Sept
Mar
2% Jan
3
Jan 15
Deo
17
84 July
2
Jan
4534 Jan 13
1% Jan 11
6% Jan 13
Western Pacific 6% pref. 100
Western Union Telegraph. 100
2,300
*45
3%
5%
.5
No par
4% 2d preferred.
"2", 500
20%
*56
24%
24%
25
113% 113%
*133% 136
*26%
27%
49%
*67%
*55
♦119
24%
40%
9%
12%
5%
5%
24%
*2434
*1984
18%
*67%
58
122
70
100
_
45%; *44
24%
40%
18%
73
*56
98
31
110
preferred
conv
64%
1% Jan
784
1%
21%
3%
No par
64
85
4
16
No par
Jan 31
Jan 19
Jan 15
July
Sept
8% Mar
2% Oct
4
Nov
Apr
1
No par
Western Auto Supply Co
Western Maryland..
34
20% |
5%
57
57%
*120%
2434
2434
40
40%
19
1834
73
*67%
♦119
24%
*65%
*9%
98
31%
*%
Jan
Sept
Sep*
112% Sept
4% July
Feb 3
Jan 18
102% Feb 14
114% Jan 10
4,000
35
Sept
June
9
1% Jan 18
6% preferred
100
WestPennPowCo 4}4 % pf. 100
100
39
5
Jan
684
20%
93%
5%
83%
West Va Pulp A Pap Co No par
6%
Jan
June
40
17
8
68% Sept
8284
120%
37%
4684
40
Apr
4
48
11484 Nov
x70
Feb
4
6
Mar
Sept
Sept
4
Jan
Oct
49
37% July
6% Mar
5234 Jan
21
Jan
118
10% Sept
15% Sept
67
1
4% Jan
3184 Jan
31
Jan
Mar
7% July
35% July
29% Sept
78
Sept
18% Apr
2% Apr
100
200
384
110
100
500
300
Jan
Jan 22
10584 Jan
150
*3%
*97%
30%
1
West Penn El class A..No par
7% preferred
.100
""iI6
57
113
180
Jan
34% Apr
54% Aug
99% Feb 10
"23%
7
39
6
Wesson Oil A Snowdrift No par
$4 conv preferred
No par
3%
*85
5%
5%
45%
4
70
*107% 109
112% 112%
*104
104%
*116% 117%
*1584
16%
*10184
Jan
16
125
100
No par
Webster Elsenlohr
"l",200
3884
70
Feb
4%
3%
*0%
*60
90
Wayne Pump Co
38%
70
Feb
100
Waukesha Motor Co
4
*55
33
500
38%
*%
%
%
*%
%
24% 24%
24
24% 24%
2484
25
25% 2534
25%
24%
25%
113
113% II384
112
113% 113% II384
♦130
136
"133% 136
♦134
136
*133% 136
27
27
*26% 27%
27%
27%
*2684
2784
37% 37%
3784 3784
3734 38%
37%
38
*38
3834 *38
3884
38%
3884
*38
38%
25
Warren Fdy A
*3%
6%
*%
6%
3% Jan 29
27% Jan 31
116% Jan 24
5% Jan 23
44% Feb 23
$3 convertible pref. .No par
$1 1st preferred
No par
38%
7
28*4 Jan 17
800
25
46
100
pref
J Warren Bros Co
7%
6
5
25
Jan
Aug
%
65
100
5,900
4%
Jan 23
56% Jan
Pipe
No par
Washington Gas Lt Co.No par
*69
108
112% 112%
108
100
100
*2434
70
43
3484 Jan
100
Warner Bros Pictures
*85
25
Apr
Sept
17%
23%
17%
4%
*85
16
Ward Baking Co cl A..No par
Class B
No par
30%
*2784
Apr
9
May
60% Sept
146
Sept
45% Apr
25
No par
Chem
Preferred
5%
*28%
28
Jan
94% Feb
46
109
Walworth Co
r
30
4%
24%
1%
*6
Jan 15
3
Walk (H) Good A W Ltd No pio
$3.85
3
3984 Feb 23
11684 Jan
1,900
7%
Oct
28% Jan 22
35% Jan 15
11484 Jan 23
5
11
I84 Deo
6% May
132 Apr
17% Feb 23
6,700
100
39
3
preferred
System
Walgreen Co
300
Jan
Sept
16% Jan
.100
Waldorf
100
Feb
2
30
100
4H% pref with warrants 100
1%
1 34
118% Jan 4
3784 Jan 27
41% Aug
98% May
7
% Jan 12
I Wabash Railway Co
5% preferred A
80
1%
24
2
Apr
6
Virginia Ry Co
6% preferred
Vulcan Detlnnlng Co
500
48%
*1%
Feb 19
Oct
Dec
% Jan
5% preferred B
48%
1 34
Jan 16
Va El A Pow $0 pref__.No par
Va Iron Coal A Coke 5% pf 100
600
50
104
♦3%
6%
11,700
134
8%
5%
31
54
No par
7% 1st preferred
2~, 400
3%
50
48% Feb 20
2% Jan 3
7% Jan 12
Vanadium Corp of Am.No par
Van Raalte Co Inc
5
"160
3%
50
Jan 2
Feb 15
Jan 9
Jan 19
^
15)
4
24
Jan
Jan 19
24
1%
60
Feb 13
3%
1%
70»4 Jan 11
68% Jan 3
67
16%'
8
Apr
July
148
"160
5%
48
Jan
Sept
No par
Sales..
Preferred
10
35
4
65
70
*23%
34%
*16
2
3
2
24
Birthday
*7%
104
38%
*94%
5%
5
3
62
16%|
4%
6684 Feb 16
55% Jan 22
Jan
Apr
I84 Jan
No par
5%
35%
8
61
584 Aug
46
41% Jan
113% Jan
_
34% Jan 29
Jan 15
Apr
13% Apr
3% July
3284
31%
1%
31%
8684
Universal Leaf Tob
100
*16
103
*103%
ton's
1% Jan
4
Feb 14
56% Jan 12
14% Jan 5
*34%
*7%
38
Apr
23
2
8
1334 Feb 20
100
2%
7%
21%
95%
Jan
38% Jan
Jan
50
Preferred
1%
*1%
7%
22
112% 112%
17%
Closed—
Washing-
11
70% Jan
Feb
109
4
684 Jan 10
9% Jan 18
05
5% Aug
65% Sept
14984 Sept
5% Jan 4
29% Feb 13
26% Jan 5
Universal-Cyclops Steel Corp 1
*132%
|
1
43%
1%
684
1%
30
I
Jan 25
Jan 11
Jan
*117% 11734
1%
1%
4% Feb
89
181
35
Va-Carollna
99
8
115
800
*1
Feb
No par
___
384 Aug
684 Mar
17% Sept
14
Sept
50
preferred
Sept
7% Sept
87% Mar
""600
conv
Nov
14
Apr
Mar
""£66
$6
Sept
15
June
7% preferred
25
United Stockyards Corp
1
Conv pref (70c)
No par
United Stores class A
5
400
500
6
3
No par
100
300
44%
32S8
8
7% Jan
6%
95
117% June
5
100
30
3%
28%
6
5
5% Jan
34
10
8% 1st preferred
Preferred
80
44%
5
Feb 23
Feb
35% Jan 18
U S Rubber Co
U S Smelting Ref A Mln
Vlck Chemical Co
Vlcks Shreve A Pac Ry
5% preferred
Victor Chemical Works
*31
Sept
10
U S Tobacco Co
""500
Stock
110
9% Feb 21
10% Jan 3
No par
3,500
1,300
*29%
3%
28%
Apr
Apr
Apr
20
tU S Realty A Imp
17%
44
11
116%
1318 Jan
29% Feb 13
21% Feb 19
5% Jan 18
100
U S Steel Corp
20
2584
62%
6
Jan
Feb
8% Sept
35% Sept
75
cl A..No par
Vadsco
44
2%
7
conv
3
3
.0
Feb 10
Jan
Apr
86 ' Feb 23
5
30
*95
2
Partlo A
Dec ^ 884
Dec
74
Jan 15
177
50
500
Exchange
6%
Corp
preferred
32
3234
39%
3934
*115% 11834
1%
*134
conv
360
*
*1%
100
Feb 7
Jan 13
7% Mar
4%
54%
3%
7% Jan 25
8% Jan 23
82% Jan 15
20
preferred
Preferred
32,800
3,400
1,300
80
No par
%
v-
99
*1
15
8% preferred
100
Universal Pictures 1st pref. 100
*%
30
108
*20%
115% 116%
37%
*44%
47%
2%
2%
*7
7%
*184
1%
*54%
55%
*13%
14%
*66%
68
86% Jan
Prior preferred.
200
13684
80
30
103
*38
67
58%
89
103
5%
*5%
400
1734
10784 10784
112% 1123s
*67%
*938
12%
*66%
57%
Feb 23
Jan 12
U S Pipe A Foundry
U S Playing Card Co
1,400
89
103
97%
30%
20,200
62
90
%
113
*85
37%
62
40
103
*60
"l"300
150
113
*16%
*103%
13s
16%
7%
1%
4
4%
50
134
8%
*85
25
3634
35
7%
*1%
*2384
24
18%
24
4%
*2284
4%
*47%
*1%
1%
1%
2%
6%
22
35
8
1%
4
*29
22
22
8
1%
49
"l~5(jd
150
*132%
*1
*93%
5%
*7%
*23
400
1%
37
78%
14%
115%
10%
4%
684
U S Industrial Alcohol.No
par
U S Leather Co
No par
1,000
*35%
69
7%
64
112% 113
3
10
U S Hoffman Mach
800
37
Jan
No par
U S Freight Co..
U S Gypsum Co
5H %
1784
%
9934'
*132%
1%
*1%
95%
5%
3484
5%
35
10
37
7%
1%
55%
14%
*3%
3% I
*3%
33s
*28% 29% *2884
29
117% 117% *117% 11734
*6
634
*6
684
*44% 45% *44%
45%
*31%
32% I *31
323g
*2134
*93%
*5%
34%
97
*15%
10
48%
2%
*17
80
30
30%
3%
29%
117%
684
45%
32%
99%
35
*94
200
31
22%
5%
35
pref. 100
30
5
*5%
150
90
,
%
1784
1,000
180
*29%
*21%
37%
149% *147
84%
3
Jan 18
share
per
4% Aug
8
5% Jan
33
United Paperboard
200
*4%
61% Feb
5
USA Foreign Secur__.No
par
<6 first preferred
100
U S Dlstrlb Corp conv
10
534 Feb 21
5% Jan 4
5
United Electric Coal Cos
United Eng & Fdy
Highest
I per share S
4% Jan 11
1,900
510
$ per sfiare
2
56% Jan 10
4% Feb 20
2,000
10
Jan
10
United Fruit Co..
900
5
Year 1939
Lowest
..100
United Gas Improv't-.No
par
$5 preferred
No par
United Mer A Manu Inc v t c 1
100
600
*83%
59%
*54%
*13%
*66%
Range for Previous
Highest
$ per share
5
_
9,700
86
*174
United Drug Inc
United Dyewood Corp
Preferred
4,400
*9%
11534 116
•
400
...
*117% 11784
*534
*44%
*31%
68
2.100
*9
33% I
33
33%
33
33% I
33
3334
39%' 38% 38%
38% 38%'
38% 39
11684 *115
11834 *115% H884 *115% 11834
44
44
44
*43
44%. *43
44%
3%
29
*%
*16%
58
2%
*6%
1%
60
85
67
*46%
200
4%
35
80
14%
14%
*116% 117
*11%
11%
4%
4%
534
6%
37%
112% 112%
62% 62%
37
5
58
*62
67
Par
9,500
*4%
37%
3634
1%
38
*1%
Lowest
*33%
78%
64
37%
*35%
67
*66
89
I784
*62
57% 5984
11534 116
36%
3684
48%
48%
2%
2%
*6%
7%
*1%
134
*54% 55%
1334
1384
66
%!
*%
58%
115%
3684
48%
2%
7%
ia4
55%
14%
66
89
88
67
,*146
150
*17
68
5738
365S
47
64
584
58
35
80
1245
EXCHANGE
Feb. 22
10
Range Since Jan. 1
On Basis of 100-Share Lots
NEW YORK STOCK
.
5
35
37%
37% 3784
3084 *35% 3634
1%
13s
1%
3084 37%
36'4 373g
112«4 11284 *111% 112%
*62
62% *62
62%
11%
37
37i2
112
1125s
62
624
*6684
0784
5814
5914
11034 11678
36i2
*61
STOCKS
Thursday
59
8O84
37%
*35%
1%
66
Sales
(
14i2
145s
14%
14%
1484
14%
14%
II6I4 110% *11012 117
*116% 117
*116% 117
11%
11%
llSg
1U2
11%
113s
11%
11%
*414
4i2
*414
412
4%
48s
4%
4%
0i2
6l2
03s
03s
6%
6%
6%
6%
»8384 85i2 *8434 85l2
85% 85% *85%
86
♦8
8^8
838
83s
8%
9
9%
9%
*10
IOI4
*9l2 1014
10
*9%
10
10
86
85«4
86I4
8038
85-4 86
85% 8584
*174
180
*174
180
177
177
179% 179%
*484
5
*484
5
*484
4%
484
484
*29i4
31
*29i4 31
*29%
31
*29%
31
2II4
2II4
21% 21%
213s
22
2184
22%
*584
6 »
584
534
*5%
5%
5%
5%
*10
10%
9%
10
9%
9%
9%
10
♦65
Record—Concluded—Page
CENT
534
4%
35
80
PER
for
Tuesday
|
$ per share
58
SALE PRICES—PER
,
Feb. 17
Sis
478
New York Stock
ISO
Feb 21
Ex-riSh%.
115
Sept
3184 Sept
74
69
38%
53%
124%
85%
33%
21%
127
Oct
Oct
Sept
Sept
Nov
Dec
Mar
Oct
Nov
21%
Jan
66% Sept
92
34
Sept
Sept
22% Jan
3% Sep
5 Called for redemption.
Feb. 24, 1940
1246
Stock Exchange
Bond Record—New York
YEARLY
FRIDAY, WEEKLY AND
Cash and deferred delivery sales
^fc^arde^n the
outside of the regular weekly range are shown in a footnote
the range for the year.
the month when the bonds mature.
bonds.
NOTICE—Prices are "and interest"—except for income and defaulted
unless they are the only transactions of the week, and when selling
which they occur.
No account is taken of such sales in computing
The italic letters in the column headed "Interest Period" indicate in each case
week's range
in the week in
Week's
Last
Range or
N. Y. STOCK EXCHANGE
Week Ended Feb. 23
r 45
1947-1952
4s........
1944-1954
3^8...
....1946-1966
3 Ms
...1940-1943
Treasury 4Mb
Treasury
Treasury
Treasury
120
114.14
114.16
S
114.12
D
101.22 101.22
8
103.27 103.27
J
■
—
1945
..1948
1949-1953
1950-1952
Treasury 2Mb
1951-1963
Treasury 2s.
1947
Treasury 2s
1948-1950
Federal Farm Mortgage Corp—
3Mb
Mar 15 1944-1964
Treasury 2Mb
2Mb
Treasury 2Mb
Treasury 2Mb
Treasury
2Mb
Mar
6
104.30
104.30
13
104.30105.17
109.26
109.28
13
109.25110.1
110.9
110.9
7
110.6
110.18
111.2
111.8
28
111.2
111.20
111.19
111.24
5
111.19112.13
110.11
110.12
3
110.10110.28
4
109.28110.30
110.4
107.13
107.23
108.30
109
*107.30 108.4
107.2
107.10
52
3s series A
106.11
106.20
10
106.9
1Mb series M
New York City
Foreign
&
Govt.
11M
12M
13
13 '
2
8
*13%
12 H
20
12M
11M
16
12
13
16
O
105.30
106.2
2
105.27106.26
106.7
51
105.25106.26
108.10
1
8
107.20
107.20
4
107.19108.3
105.7
105.11
332
105.1
105.14
15
105.5
106.6
103.4
103.4
104.18
104.20
103.4
103.6
108.9
108.12
11
Af N
107.29
107.31
2
J
J
*105.1
105.5
Af
S
*104.26 104.31
12M
25
11M
13%
16
16M
9
14
16M
S
11
11
1
10 M
12M
D
J
105.7
8
M
J
J
D
m m m
D
J
mm
m
D
m
m
103.6
102.20103.20
2
*6%
Af S
J
J
A
O
Cuba (Republic) 6s
F
104.16105.4
102 23103.22
External loan 4Mb ser C
5
4 Ms
8
M
108.9
108.20
107.29108.13
105.1
105.15
104.26 105.2
J
J
D
rnm m
m —
m
107.19
3
104.20
5
1
30 1945
1952
♦Sinking fund 8s ser B
101.10101.24
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 6s
1947
1948
A
S
mm
28M
29
27%
1
a28%
*27 %
O
M
1968
a26%
26 M
32
m mmm
~~6
*14
15M
rn
mm
m
13 M
13
15X
J
J
*14
15M
m
m
m
m
14
15 M
*14
15
J
J
♦Antioqula (Dept) coll 7s A... 1945
♦External s f 7s series B
1946 J
♦External s f 7s series C
1945 J
♦External s f 7s series D
1945 J
14M
15
16
14
15M
♦External
1957
A
0
12M
12 M
12M
2
s
12M
14M
♦External
sec s
f 7s 2d series. 1967
A
0
12 X
12M
13
18
12M
14M
♦External
sec s
f 7s 3d series. 1957
A
0
12 X
12X
10
12%
60
63
84
22
73
84
MN
20
19
20
4
17
mmmrnrnm
*101M
105M
*102M
.mmmmm
M
S
F
A
F
A
D
7
67
70
130
94
95 X
m
-
60 M
60X
268
56
15
101
78%
7
74
78%
13M
13M
34
78 X
78%
J D
101 M
99
102 M
102 M
-
---
102M 103
5
60
60
J
J
20M
--
-----
-
alOOM
alOO
al00
J D
62 M
A
O
*13%
A
O
104
*13M
58 M
67 M
17
45M
58
40 M
213
36 X
48
71M
1
71M
71M
J
59 M
58 M
62
A
46 X
O
40 M
45M
36%
49
A
ser..1961
1969
1969
(City) external 7s—.1945
Af S
A
A
71M
mmmrnrnm-
*71
O
O
M
70%
O
A
70 X
8
A
O
series
mmmmrnrn
*71
*11
MN
1948
Estonia (Republic of) 7s
1967
Finland (Republic) ext 6s
1945
♦Frankfort (City of) s f 6 Ms.-.1953
French Republic 7 Ms stamped. 1941
7 Ms unstamped
1941
External 7s stamped
1949
7s unstamped
..1949
♦El Salvador 8s ctfs of dep
70%
70%
3
„
2
71 %
15
16
48
53 X
40
50
5
102
105
110
114
106
107
15M
16
8
J
/
48
48
53
49
44
49
8
»11M
mmrnmmm
*
12%
12M
14
104
103
103 M
D
13%
19
16
MN
71%
19
J
J
71
13 M
J
M
71
71%
2
71
70%
70%
71
70
mMmm
75
71X
71
11%
76
100
--
14M
j
42
3
79
1940
1940
♦Dresden
«26M
33%
33%
62 M
5 Ms 2d series
A
44 M
18
84
Apr 15 1962
Dominican Rep Cust Ad 5MS-.1942
5 Ms 1st
F
40
J
J
External g 4Ms
Customs Admin 5Ms 2d
Securities.
19
J
2d series sink fund 5 Ms
26 M
41
F
104.15104.22
101.20
♦Public wks 5M8.—June
♦Czechoslovakia (Rep of) 8s...1951
27%
26 M
*26 M
40
41
A
F
1977
1953
26 H
26
35 X
107.18108.4
104.18
101.20
J
external debt
Sinking fund 5MS-—Jan 15
34
26
27 %
AfN
1949
1949
External 6s of 1914 ser A
5
33M
28%
1
26M
*26 M
D
27 %
80
26 M
A
J
122
33 M
14
<34
32 M
—
-
-
26M
MN
...1951
1944
of 1904
-
mm
mm
13
32 M
33M
O
A
m
6M
6M
*12%
{♦Cordoba (City) 7s stamped..1957
Cordoba (Prov) Argentina 7s..1942
♦Costa Rica (Rep of) 7s
12M
D
J
106.4
105.10
11%
S
M
of 1927. Jan 1961
♦Colombia Mtge Bank 6Ms_..1947
♦Sinking fund 7s of 1926
1946
♦Sinking fund 7s of 1927
1947
Copenhagen (City) 5s
..1952
25-year gold 4Mb
1953
108.10108.30
i
14
M
AfN
Get 1961
of 1928
12 X
M N
♦68 extl s f gold
Municipal
Akershus (King of Norway) 4s.
1
O
1st ser 5 Ma of 1926
♦Gtd sink fund 6s
12%
13M
A
♦6s
Bonds—
See Over-the-Counter
16
12M
Ry) 5s
♦Cologne (City) Germany 6 Ms. 1950
Colombia (Republic of)—
106.31
108.10
1942-1944
1945-1947
2Mb series G
13
13M
13M
A
♦Chinese (Hukuang
108.28107.30
Loan Corp—
AfN 107.19 107.19
May
1 1944-1952
Home Owners'
_
1\%
1
1961
1961
1962
1962
1960
1960
1951
♦7s assented
108.28109.13
108.2 108.20
3
12 M
4
1961
♦6s assented
108.10
107.7
66
1
12%
13M
D
♦Guar sink fund 6s
16
13%
D
♦Chilean Cons Munic 7s
1
High
Low
No.
High
12 X
J
♦6s assented
109.20109.30
105.28
M
1 1942-1947
103.27 104.24
Since
Jan
Asked
A
13%
♦Guar sink fund 6s
101.22 102.8
4
109.21
-
3s
5
103.30
D
J
May 15 1944-1949
Jan
16 1942-1947
101.26
Range
.2
1
D
J
J
1926
,
J D
1961
♦Sink fund 6 Ms of
114.10114.30
109.29
Price
♦6Ms assented
1
Bid
Low
1957
1957
Ms
assented
♦6 Ms
tt
Munic. (Cont.)
Foreign Govt. &
♦Chile Mtge Bank 6
114.14114.29
Low
109.20
-
—
3s.
High
119.30120.17
114.12
M
Friday's
vi
U h
Ended Feb. 23
20
No.
120.2
D
fTreasury 3Ms
1941-1943 J D
Treasury 3 Ms
1943-1947
F A nl04.28
Treasury 3 Ms
1941
A
O 109.26
Treasury 3 Ms
1943-1945
A O 110.9
Treasury 3 Ms
1944-1946
J D 111.2
Treasury 3 Ms
1946-1949
J
D 111.19
Treasury 3 Ms
1949-1952
J D
Treasury 3s.......
1946-1948
M S 109.29
Treasury 3s
1961-1965
M 8 107.16
Treasury 2 Ms
1965-1960
M 8
Treasury 2Mb
......1945-1947
M S
Treasury 2Mb
1948-1961
J D 107.2
Treasury 2Mb
1951-1964
M S 106.11
Treasury 2Ms
1956-1969
J D 105.30
Treasury 2Mb
1958-1963
J
D 105.31
Treasury 2Ms..
1960-1965
Week
C
EXCHANGE
4
0
J
M
N. Y. STOCK
Jan. 1
High
A
120.2
Since
Asked
A
Low
Government
United States
Bid
Price
Range or
Sale
$
v.
BONDS
Range
22
Friday's
Sale
Week's
Last
*)•«
,2
1
Friday
V)
Friday
8
BONDS
f 7s 1st series
1958
Antwerp (City) external 6s
Argentina (National Government)
J
8 f external 4 Ms
8 f extl conv loan 4s Feb
1972 F
8 f extl conv loan 4s Apr
1972
1955
A
J
M
Australia 30-yean 5s
External 5s of 1927
1957
External g 4Mb of 1928
♦Austrian (Govt) s f 7s
1956
54
A
84 M
84
85 X
118
79M
91 M
85X
O
84 M
84
85 X
81
80M
85%
J
82 M
82 M
86
43
82 M
91
8
82
82
84 M
22
82
90M
77M
77 M
80
36
77 M
84
J
J
A
M
1957
(City) s f 6s
Sinking fund gold 5s
s
Refunding s f 4M-4Ms
External readj 4M-4M8
s
2
11M
11M
25
23
16M
16M
17
62
16M
17
24
17M
13M
13M
27
13
18M
76 M
17M
a
17M
75 M
77
3
74 M
84
A
D
84
D
84
3
84
M S
*79
----
7M
8
8
85
57 M
65 M
A
O
65
62
63 H
56
57X
63 M
62
66
39
64
64
67
26
56 M
56 M
66
67
45M
*13M
A
65 X
45 X
F
63
14%
63
mm
m
m
mm
J
MM
13
14
94 M 101M
94 H
94 M
96 X
64
102 M
102 M
93 M
103%
48
93 M
16
91%
96 M
36
84%
93%
A
J
J
J
J
84 H
93
J
1961
J
81M
MA
J
A
b
♦6s assented
—
—
-
12M
13M
17
J
12 X
13
8
12
14
A
0
AfN
AfN
For footnotes see pa?e
1251.
14M
5
13%
12M
13M
13
11%
13M
1
13 M
12 X
13M
20
*14%
------
*14%
13M
—
—
—
-
-
-
-
--
12X
13M
-
-
14
13%
-.
.17
12 K
13 M
57
I
13 %
16M
12
20
_
13M
16M
12
18
12%
*14%
12
----
13H
12 X
12 X
------
8
*8
AfN
*7%
F
J
D
F
mmm*
77%
14
28 X
92
92
69 M
72
68
37
72
*70 M
8
25 M
6
92
71
71
__
7M
mm
mm
31
8
7
'
♦
8
22 M
—
28M
28
A
-----
76M
49 X
54%
J
49 M
49 %
50
19
A
82 M
81M
82 M
24
77 M
83
27
57X
61M
6
15
17 X
12M
12M
1965 AfN
61 M
60%
61 M
♦Jugoslavia (State Mtge Bk) 7s 1957
F
♦Leipzig (Germany) s f 7s
1947
O
17M
15%
17M
A
*11M
D
*10M
J
D
J
D
Extl sinking fund 5 Ms
A
♦Medellln (Colombia) 6 Ms
Mendoza (Prov) 4s readj
♦Mexican Irriga'n gtd 4 Ms
♦4 Ms stmp assented
1954
.1954
*12 M
76M
77
*1
1943 MN
1943 M N
♦Mexico (US) extl 5s of 1899 £.1945 Q
5
1
1M
*%
_
M
%
—
*
33
J
rnmmrn
%
*M
1
X
1
X
4
1%
3
M
J
J
H
X
mm
M
1H
1
-» —
....
m.
1
1
1M
*H
mm
1X
J
1959 M N
(State) extl 5s..1957
External 8 f 5s
Apr 1958
Norway 20-year extl 6s
1943
20-year external 6s
1944
External sink fund 4Mb
1956
F
49
49%
A
5
48
15
8
53 M
k
10%
10M
11
10M
10 %
6
47
47
47
1
47
47
47
87 M
87 M
87 M
2
8M
11
10 M
44
47
1
40
47
8
80 M
90M
79 M
89
A
O
83
83
F
A
92 M
91 X
92%
20
88
93%
F
A
92 M
91 M
92 M
52
88
93%
M S
74 X
72 M
75 X
90
68
77 X
70
66 M
70
61M
73 M
65
67 M
A
4s s f extl loan
77 M
—
Geraes
♦8s series A
14 M
72
.....
—
l
A O
6Ms._. 1952
(State)—
♦Sec extl s f 6 Ms
1958 Af 8
♦Seo extl s f 6 Ms
1959 M
♦Montevideo (City) 7s
1952 J D
New So Wales
12
77 M
*M
*1
J
1945 Q
Milan (City, Italy) extl
Mlnas
12 M
14M
mmm
mmmmm
-
13M
0
8
Japanese Govt30-yrsf 6Ms—1954
{♦Treas 6s of '13 assent (large)
{♦Small
8
A
7
8
1952
14 M
1
♦External sinking fund 6s...
Italian Public Utility extl 7s
14
20
2
13M
3
J
MN
ser B '47 M
/
14
14M
M
7M
8
J
1951
14
13
Sept
7
7%
n
14M
M
3
J
1954 J
13«
1961
7M
J
1960 MN
f 5s
♦Assenting 4s of 1904
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
7
13
♦Extl sinking fund 6s..Sept
s
15%
7
13%
A
Irish Free State extl
15M
J
F
7%
Helsingfors (City) extl 6 Ms
1960
Hungarian Cons Municipal Loan—
♦7 Ms secured s f g
1945
♦7s securedsfg
1946
♦Hungarian Land M Inst 7 Ms. 1961
♦Sinking fund 7 Ms ser B
1961
Hungary 7 Ms ext at 4Mb to...1979
88 M
83
^
13M
13M
14
D
2
11
15
30M
1954 3
Jan 1961 J
Jan 1961 J
O
10
*9M
♦4s of 1904
^
90
26M
89
—_
16
79
3
79M
*10M
96 M
14M
O
14M
18
J
81M
-
18
16
4
O
93
-
_____
mrnmm
O
89
15X
9H
A
27
83 M
15
3
A
84
Feb 1961 F A
A
107
17
14
17
14M
17
14M
A
A...1952
93 X
♦10M
13M
ser
♦Hamburg (State 6s)
1946
♦Heidelberg (German) extl 7Msl950 J
81M
♦14M
....
MA
f"6s
13 M
mm-mm
7
.....
79
O
93
*14M
MA
♦6s assented
102
♦10M
♦6s July coupon on..
1968
A
14
al8
*15%
88 X
*5
J
♦6s part paid
Haiti (Republic) s
10M
7M
*19
A
84 H
*14M
J
♦68 assented
1968 F
8X
*23 M
al7
1964
♦Assenting 5s of 1899..
♦Assenting 5s large
♦Assenting 5s small
83
J
M
D
J
f ser 7s.. 1964 MN
14
11M
2
14
14
45 M
0
F
♦Ry extl s f 6s
s
♦7s part paid
10
15
15
♦Lower Austria (Province) 7 Mb 1950 J
40
2
AfN
A
5s.
25-year 3 Ma.
1958
♦(Cons Agric Loan) 6Ms
Italy (Kingdom of) extl 7s
Italian Cred Consortium 7s
62
M 8
*7M
1949
unstamped
87 X
77 M
*7M
1967 J
f 7s
17M
79
78
*75
Bulgaria (Kingdom of)—
♦Secured
14
11M
16M
F
1984
f $ bonds
104 M
13
21M
,
D
AfN
3% external
100
95
89
17
11M
-
21M
Af 8
1961
1977
1976
1976
f 4M-4Ms
22
22
17
J
...1968
♦6s stamped
♦7s
8%
5M
28
13M
12
13
O
A
17
10
7
*6
100%
21
-
0
A
93 M
103 X
♦12M
D
20-year s f 6s..
1950
J
♦Budapest (City of) 6s.......1962
Buenos Aires (Prov of)
External
93
93 M
♦Brazil (U 8 of) external 8s
1941 J D
♦External b f 6Ms of 1926...1957 A 0
1927.-.1957
J
1952
96
16
99
103
J
0
A
♦7s (Central Ry)
98 M
99
9M
D
J
♦German Rep extl 7s stamped.. 1949
♦Greek Government
12M
12M
*12
8
1955 J
Brisbane
1965
1965
unstamped
♦Sink fund secured 6s
♦Berlin (Germany) s f 6Ms.... 1950
♦External sinking fund 6s... 1968 J
♦External s f 6 Ms of
♦5Ms
♦5 Mb stamp (Canadian Holder) '65
German Prov A Communal Bks
8M
6M
9M
*6M
1955 J D
External 30-year s f 7s
87 M
1
114
*108M
German Govt International—
91X
AfN
1949
f 6s
s
95 X
90 M
♦Bavaria (Free State) 6Ms. ..1945 F
External
69
95 %
91
MM
...1957
Belgium 25-yr extl 6 Ms
69
95 M
♦5 Ms of 1930 stamped
1946
1971
8 f external 4Mb
69
M N
114
D
J
O
1963 F
A
/
D
66 M
#
80
127
90
63
73
75 M
80
Volume 150
N.
New York Bond
Friday
BONDS
STOCK EXCHANGE
y.
Foreign Govt. &
♦Nuremburg (City)
Mun.
1952 F
A
1955 A
77M
"l6
8M
15
6M
834
10 M
11
62
61
9M
9M
9M
10M
9M
9M
9M
9M
16M
8M
1950 J
*7
*10 M
10M
10 N
13
12M
a92
a92
M S|
9M
9M
8M
O
9M
11M
9M
UN
11M
34
10 M
*10 M
10 N
9
12M
D
11M
"lOH
J D
"55 54
55 M
*9
i
56 M
1953!/
J
*T0
*12
*10
*9
UN
HM
10N
9M
60 M
9M
754
7M
22
.
loan.
10 54
f 7s
S\
9M
31M
1940 A
0
1945 J
D
1946 J
♦8s secured extl
♦7s series B sec extl
1962 M N
1154
1154
D
A
--.1965 F
A
f 5 Ms
Tokyo City 5s loan of 1912
External a f 5 Ms guar
s
1971 J
35 M
1961 A
0
18
15N
58 N
39
56
56 M
5
56 M
11
15N
85
85M
57
A
5M
5
85 M
57
12 M
5
*15M
a84M
13
11M
11M
.....
39
♦Uruguay (Republic) extl 8s—1946 F
4
*4M
/|
1952 M
7M
7M
21M
17M
12M
UN
11M
*5M
1958 J D
6s—1947 F
8
160
*16
1962 M N
1958 J
11
17M
12M
UN
11
34
8
*16
D
Serbs Croats A Slovenes
(Kingdom)
20
UN
11M
10 M
J
10N
9M
13M
11M
1956 M
♦Saxon State
Mtge Inst 7s..
♦Sinkingfundg 6 Ms
7
*18M
11M
1968 J
...
7M
10
66 M
67 K
67 M
68
68 H
5
D
27
67M
26 H
54
24M
29 M
27
26M
27M
27 M
79
24
29 M
Y~D
87
55 M
58 M
1
37
39
23
1st M 6s series II
29
30 N
42
29
30
48
26)
27
31M
26M
31
24
26 %
27
26 M
26 H
27 N
27
31
24
29M
29 M
27 M
82
24 M
27
29 M
26 N
27M
48
24M
29M
14 M
14
14N
13M
15N
14M
54
18N
81
14«
13N
65
55
56
10
55
61H
59
¥
A
♦
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47 H
48
15
56 M
41K
48
55 M
56 K
18
53
58
97 N
97 N
61M
61M
11
69 M
3
61M
72
45
45
"6l"
59 N
61M
61M
*35
41
109
108 M
101
109M
178
106M 108M
104 M 105M
104M 109 N
101M
97
100K 101M
109M
44 %
UK
UK
109M
2
109 M
45M
45M
45 N
46
41M
41M
40 K
9
9
1959
101H
109M
45M
1955 MN
45
45
"85"
75
98 M
83M 10054
426
82
80
100
45M
46
13
1st 5s stamped—
Y"j **76M
1941
Certificates of deposit—
Bklyn Union El st g 5s
1950 FA
Certificates of deposit
Bklyn Un Gas 1st cons g 5s
1945 MN
70
112M
*52 M
52
53
4-4>4-4Ms
1978 F
A
1984 J
J
extl readj
3 Ms extl
readjustment
Venetian Prov Mtge Bank 7s._ 1952
♦Vienna (City of) 6s
1952
♦Warsaw (City) external 7s
1958
♦4 Ms assented
1958
AND
*52 M
"52"
"49"
49
"2
*43" "49"
8M
8N
*5M
"5
*5M
59 M
58 M
59 N
34
56M
7M
59N
INDUSTRIAL
COMPANIES
{ {♦Abitibl Pow A Paper 1st 58.1953 J D
Adams Express coll tr
g 4s
1948 M 8
Coll trust 4s of 1907
1947 J D
10-year deb 4>4s stamped
1946
Adriatic Elec Co extl 7s
1952
Ala Gt Sou 1st cons A 6s
1st cons 4s series B
52
53
51
55 M
104 M
1
104
104M
102 M
102 M
2
102
107 M
70
6
104 M
107)4
70
.1943
103 M
107 M 108 N
70
80 M
9
4
70
109
*109
1943
108
108"
Albany Perfor Wrap Pap 6s
1948
6s with warr assented
*40
*55
"31
109
107 M 108
58
60
58
1948
65
53
85 54
85M
85 N
4
85
87
1944
79 M
79
79 N
34
76 M
1949
70
69 M
70
11
66M
80 M
70 M
41M
41M
43 M
29
41
45M
♦5s stamped
1950
Allegh & West 1st
gu 4s
.1998
Allegh Val gen guar g 4s
Allied Stores Corp deb 4
Ms
62
1942 M S
1950 A
O
1951 F
4Mb debentures...
A
105M
Allis-Chalmbers Mfg conv 4s
■ *
1952 M 5
♦Alplne-Montan Steel 7s.
Am & Foreign Pow deb 5s
1955 M S
2030 M Si
Ms
*16 M
'
17M
62 M
63
46
104
26
102
104
103 54
104 M
15
103
104 M
109*11
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109 M
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108 M
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mn|
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ser A. 1975
f deb 4 Ms 1950 A
S f Income deb
1967] Jan
{Ann Arbor 1st g 4s
1955 Q J\
Ark & Mem Bridge & Term 5s.1964 M S
Armour A Co (Del) 4s series B.1955 F A
1st m s f 4s ser C (Del)
1957 J
J
Atchison Top A Santa Fe—
General 4s
1995 A
...1995
108)4
O
107M
108 M
107
110
108 N
107 M
35
35
35 M
45
45
46
"3
18
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100
98
98
100 M
101M
100 N
104M
104 M
105 M
54
87 M
88
6
87
88
*92
61
19
97 M
D
92 54
93 M
"4
1960
D
95 M
95 M
4
1948
D
1965
J
1958 /
J
103M
103
103 M
91
100
100
100 M
18
110
HON
2
108
10854
3
94 M
76 M
2
17
56 M
18
D
J\
J|
Atl Coast Line 1st cons 4s July 1952 M S
General unified 4 Ms A
..1964 J D
10-year coll tr 5s
May 1 1945 M N
Oct 1952 MN
Atl & Dan 1st g 4s
1948 J
A
^Second mortgage 4s..
1948 J
J
1962 A
Canadian Nat gold 4 Ms
Guaranteed gold 5s
1957
July 1969
Guaranteed gold 6s
Oct 1969
Guaranteed gold 5s
1970
Guar gold 4Ms
June 15 1965
Guaranteed gold 4 Ms
1956
Guaranteed gold 4Ms..Sept 1951
Canadian Northern deb 6 Ms—1946
*108 H
*114
99 M
98 M
101M
101M
104M 107
87 M
85M
85 M
92
88 M
91N
93M
95
92
101N
95 M
103 M
100
100 M
109 N 110M
107
108 M
114
114
93 M
'94M
76 M
56
75 M
65 M
72
74
96 M
77
55M
62
72
1
50
64 M
70
9
38 M
41
2
32
34 N
*69 H
69 M
70
38 M
38M
40M
34 M
34 M
95
94 M
72
76
see
page 1251.
0
68
J
103
82 X
82 K
98 M
5
"39
"l3
98
68 M
42 X
99 H
98 N
97 M
98
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101
J
100M
98 H
2
45
65
66
37
86
8
82
75
M
77
*42
109
8
26
10
105M
110K 113M
60 M
66 K
80 K
86 M
102M 108 M
79 M
8454
70
77M
50
109
109"
107
99 K
84
M
104M
82 M
101
98 M 103M
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100
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44
60
31
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82 K
97 M
M S
J
40
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82 K
85
56
101
41
40 M
60
103M
56
98 N
108M
36
68 K
40
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103 K 112M
5
M
J
105
108 M
5M
102M
F
92
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100 M
F
87
7
101M
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108
109M
96 M
97 H
19
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88 M
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1
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30M
6M
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14
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5
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1959 A O
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31
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3
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J
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9754
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30M
7
J
S\
*95
Gen mortgage 5s
1941 M S\
Cent Hud G A E 1st A ref 3 Ms. 1965 M S
Cent Illinois Light 3 Ms
1966 A O
{♦Cent New Engl 1st gu 4s
1961
44
{♦Central of N J gen g 6s
1987]
18
M
17N
1987
1962
106 M
6M
98
95
95 M
76
77
Guaranteed g 5s
1960 F A
Central RR A Bkg of Ga 5s.—1942 MN
Central Steel 1st g 0 8s
1941 MN
Certain-teed Prod 6 Ms A
1948] M S
107"
107"
6
106)4 109
111
111
5
110
M
44
45
12
44
48
16M
20M
15
18M
15K
18
1BH
Cent Pac 1st ref gu gold 4s.—.1949 F A
Through Short L 1st gu 4s
1954 A 0
2d consol gold 4s
26
109M
100
1959
♦Chatt Dlv pur money g 4s.. 1951
♦Mac A Nor Dlv 1st g 6s
1946
♦Mid Ga A At Dlv pur m 6S.1947
♦Mobile Dlv 1st g 6s
1946 /
Central Foundry mtge 6s
1941 M
Warm Spring V 1st g 5s
106 M
101H
A 1952
Champion Paper A Fibre—
S f deb 4Ms (1935 Issue)
1950
S f deb 4Mb (1938 Issue)
1950
Ches A Ohio gen g 4Mb
1992
Ref A imp mtge 3 Ms ser
D—1996]
Re A lmpt M 3 Ms ser E
1996
Ref A lmpt M 3 Ms ser F
1963
Craig Valley 1st 6s
May 1940
Potts Creek Branch 1st 48—1947
R A A Dlv 1st con g 4s
1989
111M 114
97 M
93M
53
100
♦Cent Branch U P 1st g 4s
1948 J D
{♦Central of Ga 1st g 5s..Nov 1945 F A
♦Consol gold 6s„
...1945 MN]
♦General 4s
112M 113M
16
M
A
Carriers A Gen Corp deb 5s w w 1950 MN]
Cart A Adir 1st gu gold rs_....1981 F A
Oelotex Corp deb 4Mb w w
1947 J D
♦Ref A gen 5 Ms series B
♦Ref A gen 6s series C
22
97
88 M 100
5H
M
%
50 M
112M
114
38M
56
"f03k
85
UK
8
5%
41
46
89 K
*5M
42
80
46
148
J
Canadian Pac Ry 4% deb stk perpet J
/
Coll trust 4 Ms_
1946 M S
5s equip trust ctfs
1944 J
J\
15
18
M
F
A
D
67M
68 M
49 H
*60 M
71
3
65
111
106M 110
21
66
"37
48
65
73 M
63
63
M
54
58
62 M
110»II 112
110»jj
98 M
105
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79M
60
106 M
104
1
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5
103
124
99 H
H0#«
78M
106 M
104
78M
Si
MN]
107
"48 M
*
5
M
106 M
67M
"49 N
M S
124
1
99
99
31
12354 12554
98 M
99M
98 M
99 M
98 M
105
M
99 H
105 H
26
33
75
82
104
10354 107 M
10154 10154
J
*100
/
J
♦108M
109
109
J
J
*117
118
114
1939 J
J
117M
*106M
113M
106
106
1941 M S
♦Chicago A Alton RR ref
0
g 3s.-1949
Chic Burl A Q—111 Dlv 3Ms—1949
J
Illinois Division 4s
1949 J
J
General 4s
1958 M S
1st A ref 4 Ms series„B
1977 F A
1st A ref 6s series A
For footnotes
38
O
40
50
—1955
1944 J
109
34
Conv gold 4s of 1910
1944 J
107
106M 107 M
45
Conv deb 4Ms
Atl & Cbarl A L 1st 4 Ms A
1st 30^year 5s series B__
107 M 109
5
100 M
88
1962 M S
109M
18
100 M
D
1946 J
64 M
105M 107
'lOOH
87
Rocky Mtn Dlv 1st 4s
Trans-Con Short L 1st 4s
Cal-Arlz 1st A ref 4 Ms A
Atl Knox & Nor IstgSs..
61
1960 A
1966 A O
Central N Y Power 3Ms
Nov
1955 J
108 M
*106
1995 MN
L & N coll gold 4s
17M
103 M
♦Anglo-Chilean Nitrate—
Conv gold 4s of 1909
Conv 4s of 1905
31
94 M
97
109M 111
62 H
deb..1950
Adjustment gold 4s
Stamped 4s
26
103 M
1966 J
s
29
104 M
J
20-year sinking fund 5Ms—1943 MN]
3)4s debentures
1961 A O
Anaconda Cop Mln
1
96 M
110M
1949 /
Amer Telep & Teleg—
conv
100 M
94M
69
62 N
105 M 106 M
100
101M
1949 M N
Amer IG Chem conv 5
Ms
Am Internat Corp conv 5
3Ms debentures
Am Type Founders
1
25
109 M
100 M
96 54
110 M
62
106
Bush Term BIdgs 6s gu
ser
"38"
O
Calif-Oregon Power 4s_.
5s A
"38"
38
Caro Clinch A Ohio 1st 6s
1946
trust 5s
5s
MN
♦Certificates of deposit
Bush Terminal 1st 4s
.....1952 A O
Consolidated 5s
1955 J J
cons gu
M
106 M
109M
6
90
39 H
38
166"
D
Coll trust gold 5s
Dec 1 1954
Collateral trust 4 Ms
1960
{♦Car Cent 1st guar 4s
-.1949
Alb & Susq 1st guar 3
M8
conv
A
J
1st & coll 5s 1934 A
60
Alleghany Corp coll
Coll A
F
Canada Sou
*8M>
A
D
*19
'
A
F
52 M
*38
0
F
52 N
MN
♦Certificates of deposit
MN
1961 J
Yokohoma (City) extl 6s
RAILROAD
A
46
1st lien & ref 5s series B
1957
Buffalo Gen Elec 4 Ms series B.1981
Buff Niag Elec 3Ms series C...1967
{♦Buff Rich & Pitts consol 4 Ms 1967
85
*51K
99 M
89 %
112M
113N
97 M
106 H
109M
"99N
*52 M
43M
109
90
75 K
110
458
1964 MN
51 M
62
24
90
f 6s
*
66 M
40
88 M
s
D
9M
26
75 K
109M
100 K
48
47
9
69
♦External
1978 J
1
71
grd 5s 1941 MN
Certificates of deposit
{{♦Burl C R & Nor
71
109 M
48
88 M
Certificates of deposit
97
51
51
32
90
74
109 M
114
43 M
15M
85
109 M
100 M
1950 J D
3
K
49
lo47 MN
51
15
15M
15M
15M
15
106*i#
1st lien & ref 6s series A
50 M
15M
14M
22
1058j*
Debenture gold 5s
51
"29"
*14M
106M
56 M
1979 M N
115K H7M
131M 133M
1057**
53
external conversion
3 K-4 ^-45ies extl conv
70
1057**
53
52 M
97M 101
106 M
53
44M
117
133M
*105M
*14M
*14M
*14M
*52 X
82
49 M
84 N
116
132 H
133M
1
50
*70
1948
1960
1964 MN
52 M
"47 M
1943
f 6s
51H
18
48
"47 M
1959
s
52
56
N
48 N
32
26)
54 M
43 M
♦External
354s-4-4Ms (I bonds of *37)
external
readjustment—.19791M N
3-4-4)^8 ($ bonds of *37)
70
29
4Mb series JJ
1961 A O
^♦Boston & N Y Air Line 1st 4s 1955 F A
Brooklyn City RR 1st 5s
1941 J
J\
Certificates of deposit—
Bklyn Edison cons mtge 3MS..1966 MN
Bklyn Manhat Transit 4 Ms
1966 MN
con
66
29
1st g
Bklyn Qu Co & Sub
8
2000 MS
.1995
Boston & Maine 1st 5s A C...1967 M
S|
'
""46
66 M
1944 J D
Big Sandy 1st 4s
86
O
Belvldere Delaware cons 3 Ms..1943
♦Berlin City Elec Co deb 6
Ms-1951
♦Deb sinking fund 6 Ms
1959
♦Debenture 6s
1955
♦Berlin Elec El A Undergr 6
Ms 1956
Beth Steel cons M 4 Ms ser
D..1960
c; Cons mtge
3Ms series E
1966
'3Ms conv debs
1962
Cons mtge 3Ms ser F._
S4M
82
100««101 n
64 M
70 M
67
70M
O
1951
Bell Telep of Pa 5s series B
1st & ref 5s series C
43M
A
1951
4s stamped
71N
107M
A
Battle Creek & Stur 1st gu 3s.. 1989
Beech Creek ext 1st g 3
Ms
1951
9M
8
8M
Con ref 4s
10 M
8N
7M
7N
7M
55M
11
*7M
Toledo Cln Dlv ref 4s A
Bangor & Aroostook 1st 6s
21
7
7
102
Certificates of deposit
-...]
S'western Dlv 1st mtge 5s.-.1950 J
J
Certificates of deposit
12N
7M
124
*100 M
♦Certificates of deposit
P L E & W Va
Sys ref 4s...l941 MN
98
"lOM "l7
MN\
1996 MS
21
"io M
A
10
1960
103
High
69M
14
86
♦Certificates of deposit
♦Convertible 4 Ms
90 N
*19
0
F
O
1
52
54M
12M
12M
11N
Low
106
52
11N
10N
12
99
a92
A
A
"~2
"l6
14
102 M
1957IM N
Ms
12M
101M
5
85 N
7M
6N
7N
11N
No.
69 N
106 K
J
♦Certificates of deposit
♦Ref & gen 5s series F
SM
High
M
*106
/
16N
7M
5M
2
69
Since
Jan. 1
J
1995 J
♦Ref & gen 6s series C
Range
Asked
&
Low
♦Certificates of deposit...
♦Certificates of deposit
♦Ref & gen 5s series D
or
Friday's
Bid
J
July 1948
deposit
of
♦Ref A gen 5s series A
10N
7
7
*12
Certificates
10N
7M
UN
*11
74 N
15
13M
*5M
1961 J
1936 /
♦Silesia (Prov of) extl 7s
♦4 Ms assented
♦Silesian Landowners Assn
68
"Tm "*6N
*7M
MM
78
M
70 M
8M
10 M
1952 MN
♦6s extl dollar loan
74
"69"
16M
A
{{♦ Auburn Auto conv deb 4Ms 1939
Austin & N W 1st gu
g 5s
..1941
Baldwin Loco Works 6s stmpd.1940
{Bait A Ohio 1st mtge g 4s
July 1948
1st mtge g 5s
103 M 105M
9
J
64 M
"io%
1950 J
s f 5
1
1963 J
of)—
$♦88 extl loan of
1921.
♦Sydney (City)
103 M
954
9M
(City of, Brazil)—
Taiwan Elec Pow
72 M
.1968 A
♦6s extl secured s f
♦6 Ms extl secured s f
San Paulo (State
s
67 M
*8M
♦Roumanta (Kingdom
of) 7s)-.1959 F A
♦Secured
3
*7
♦Rhine-Main-Danube 7s A
1950
♦Rio de Janeiro
(City of) 8s
1946
♦Extl sec 6 Ms
1953
Rio Grande do Sul
(State of)—
♦8s extl loan of
1921
1946
♦6s extl s f
g
1968
♦7s extl loan of
1926
1966
♦7s municipal loan
1967
Rome (City) extl
6Ms
..1952
♦8s external
♦78 extl water
59M
72 M
Range
Sale
Railroad & Indue. Cos.
(Cont.)
Atl Gulf & W I SS coll tr 5s
1959 J
J
Atlantic Refining deb 3s
1953 M S\
12
55M
51N
1
*70 M
Ms
1966 /
10 M
J|
♦Prague (Greater City) 7 Ms
1952 M N
♦Prussia (Free
State) extl 6 Ms. 1951 M S|
♦External s f 6s__
1952 a 0
Queensland (State) extl sf 7s
1941 A 0
101M
25-year external 6s
Sao Paulo
12
10
1958 A
A
High
27
1940 A
♦February 1937 coupon paid
♦Saarbruecken (City) 6s
Low
12
1947 A
1947 F
Price
54 M
ser..1961 A
♦Extl loan 7
Week Ended Feb. 23
59 M
103 M
1963 M N
♦Stabilization loans f 7s
4Mb assented
♦External sink hind g 8s
4^8 assented
♦Porto Alegre
(City of) 8s
No.
High
*
1947 M S
♦Peru (Rep of) external
7s
1959 M SI
♦Nat Loan extl s
1681st ser..1960 J L>
♦Nat Loan extl 8 f 6s 2d
♦Poland (Rep of) gold 6s
4Mb assented.
BONDS
N. Y. STOCK EXCHANGE
Week's
Last
Since
70
*72 M
.....1963 MN
♦Stamped assented
♦Peruambuco (State of) 7s
Range
58 M
D
1953 J
f 5s ser A
1247
Friday
Jan. 1
Ask
12
O
2
""
53
59 M
1958 MN
Oslo
A
Low
1953 M S
(City) s I 4 Ms
♦Panama (Rep) extl 5
Ha
s
Bid
(ConcT)
extl 6s
or
Friday's
Price
Oriental Devel quar 6s
Extl deb 5 Ms
♦Extl
Range
Sale
Week Ended Feb. 23
Record-Continued-Page
Week's
Last
1971 F
A
*103
1BH
14M
15M
15
14
93 M
93 M
94 K
32
97 H
97 H
99 H
40
88M
88 K
79
89
40
79
80 M
14
85
85
87 M
55!
93)4 97N
97 N 102)4
87M 92M
79
82 N
84 M
90
16M
3SI
Friday
Friday's
5
s
15 a.
STOCK EXCHANGE
Week Ended Feb. 23
1st 6a—.193.
5s
1961
16
MN
m
B
1947
C—a—1947
♦Refunding g 6s series
173*
90
163*
163*
1
J
J
J
J
mmmrn-mm
MN
73*
{Chic Milwaukee A St Paul-J
♦Gen 4s series A
—May 1 1989
J
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J
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J
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J
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May 1 1989
26
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2
13
57
60
114
1
233*
26
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243*
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J
J
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J
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15
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4
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133
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66
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12
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42
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1
13
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163*
173*
243*
263*
263*
63*
13*
....
233*
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mmmrnmm
MN
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6
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153*
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MN
May 1 2037
D
93*
93*
93*
26
1 2037
1 2037
J
D
93*
93*
93*
J
D
93*
93*
..1949
MN
3
3
4 3*s stpd. -May
A ref 43*s ser C.May
series A
{{♦Chicago Railways 1st 5s stpd
Aug 1938 25% part paid
{♦Chic R I A Pac Ry gen 4s—1988
♦Certificates of deposit
J
{♦Refunding gold 4s
.1934
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1960
43*s
Orleans 5s
1961
Gold 3 Ms
June 15 1951
Memphis Dlv 1st g 4s
..1951
Chic T H A So-eastern 1st 5s—1960
Ch St L A New
6s......Dec 1 1960
153*
1944
...1963
1963
45
3
2
16
463*
133*
16
123*
63*
123*
63*
63*
65
6
53*
6
22
43*
6
7
63*
73*
13
♦Erie A Jersey 1st s
53*
63*
11
63*
63*
73*
53*
2
9
13*
63*
234
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13*
M'S
MN
......
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D
60
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4
51
51
107
106
A
0
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J
J
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116"
J
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17
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1063*
21
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Indiana con 4s...1952
IstAref M43*s series D—.1962
M
S
933*
Chllds Co deb 6s
1943
Gulf con 6s. 1952
33*s
1966
1st mtge 33*8
1967
Cin Let) A Nor 1st con gu 4s...1942
Cln Un Term 1st gu 3 3*s ser D 1971
1st mtge gu 35*8 ser E
..1969
Clearfield A Mah 1st gu 5s....1943
A
O
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{♦Choctaw Okla A
MN
mm'mmmm
F
A
108H
J
D
4s..1993
/
D
/
D
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Columbia G A E deb 5s..May
A
J
J
1952
90
94
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94
32
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57
11
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94
57
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1
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28
111
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26
J
*
4. »
-
Consumers Power
"63"
109
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100
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-
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m
1946
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1943
Del A
«.
am
mm
tm
k
{♦Ga A Ala Ry 1st cons 5s
{ {♦Ga Caro A Nor 1st ext
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mmmm
mmmm
mrnrnm
80
88
89
16
88
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903*
77
77
79
32
77
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71
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10
71
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104
293*
105" "
12
68
3
733*
31
1043*
1043*
40
mem
mm
1083* 1093*
1083*
9
1293*
206
1095* 111
125
683*
523*
60
56
59
59
543*
553*
53
57
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23
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14
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4
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67
8
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15
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60
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109
109
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109
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107
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105
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14
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A
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mmmmmm
103
J
F
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J
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J
J
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D
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_
7
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30
7
38
37
38
18
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4s
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1st mtge 5s series C
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Hoe (R) A Co
603*
593*
38
81
43
46
32
1
34
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35
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93
97
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104
105
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103
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103
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104
104
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106
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M 8
106"
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1st mtge
{{♦Housatonic Ry cons g 5a
Houston Oil 43*s debs
463*
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493*
6
63*
6
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33*
MN
8
MN
J
1944
103
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243*
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106
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693*
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173*
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J
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80
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72
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97
97
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97
100
J
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91
21
90
92
J
813*
813*
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25
813*
J
..1952
1973
1976
1977
1946
1946
1967
81
81
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36
81
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84
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57
88
92
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72
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58
58
J
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Feb
1940
1950
1950
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101
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J
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20
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J
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1947
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823*
A
0
J
0
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1083*
1083*
J
A
*
123"
473*
15
973*
973*
1
97
32
323*
26
32
373*
125
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123
*
1203* 123
753*
76
"46"
MN
1962 J D
Hudson Co Gas 1st g 5s
1949 MN
Hudson A Man hat 1st 5s ser A. 1957 F A
♦Adjustment Income 5s.Feb 1957
Illinois Bell Telp 33*s ser B—.1970
Illinois Central 1st gold 4s
1951
1st gold 33*8
1951
Extended lstgold33*a
1951
1st gold 3s sterling
1951 M 8
Collateral trust gold 4s
1952 A O
Refunding 4s
1955 MN
Purchased lines 33*8
1952 J J
Collateral trust gold 4s
1953 MN
Refunding 5s
1955 MN
F A
40-year 43*s
Aug 1 1966
Cairo Bridge gold 4s
1950
Litchfield Dlv 1st gold 3s
1951
Loulsv Dlv A Term g 33*8
1953
Omaha Dlv 1st gold 3s
1951
St Louis Dlv A Term g 3s
1951
Gold 3 Hs
1951
Springfield Dlv 1st g 33*8—1951
Western Lines 1st g 4s
1951
99
109
46~"
123"
O
MN
96
108
97
1083*
*20
J
J
83*
73*
Feb
Hudson Coal 1st s f 5s ser A
15
153*
1063* 1073*
1063* 1073*
106
1073*
1073* 1093*
673*
18
54
58
963*
1949
1999
1944
1937
1954
14
J
Gen mtge 33*8
493*
1073*
♦Harpen Mining 6s
105
J
Gen mtge 4s series
52
*1043*
G
H
series I
Green Bay A West deb ctfs A
General mtge 4s series
145*
D
J
14
O
D
18
143*
M S
J
MN
17
J
General 4 3*s series
143*
143*
573*
A
109
21
143*
143*
*92
stamped 1952
...1961
D— —1969
1083*
A
General 5s series C
1st ref A Term M 5s
30
18
*75
Gulf States Util 33*8 ser
9
243*
24
21
J
Gulf States Steel s f 43*8
9
193*
52
O
1093* 1093*
1083* 1093*
3
23
143*
A
J
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1073*
183*
143*
MN
1
1063*
26
193*
*193*
193*
1
1083*
213*
193*
*193*
23
series A..1961
General 53*s series B
106
*51
J
107
J
130
89
1083*
C109
1073* 1093*
1053* 1053*
*523*
..1950
Gulf Mob A Nor 1st 5
1103*
141
1093*
*1053*
7s
f 63*s..
933*
141
91
148
O
A
♦Debentures ctfs B
106
153*
105
1033* 1043*
1073*
J
1053*
104
5
1043*
105
D
343*
104
63
104
1083*
J
1st A gen s
903*
903*
109
1093*
MN
Oct 1 '45 .
6s—1934
General 43*8 series E
106
J
1063*
733*
273*
57
1073*
O
O
J
A
1952
Grays Point Term 1st gu 5s
Gt Cons El Pow (Japan) 7s
13
12
*1403*
J
F
1945
Goodrich (B F) 1st mtge 43*s—1956
Gotham Silk Hosiery deb 5s w w '46.
Gouv A Oswegatchie 1st 5s
1942
Grand R AI ext 1st gu g 43*8..1941
Great Northern 43*s
mmm-
73
293*
80
105
105
mmm
1063* 1093*
1073*
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J
743*
m.m
O
"56
123*
1073*
903*
5s. . 1949 J D
deb 5s A.. 1952 F A
Gen Cable 1st s f 53*s A
1947 J J
♦Gen Elec (Germany) 7s
1945 J J
♦Sinking fund deb 63*8
1940 J D
MN
♦20-year s f deb 6s
1948
F A
Gen Motors Accept deb 33* s—1951
J
J
Gen Steel Cast 5 3*s with warr. .1949
1063* 1063*
me
*78
A
J
O
{{♦Proof of claim filed by owner..
♦Certificates of deposit
Fort St UD Co 1st g 4 3*8
1941
Francisco Sugar coll trust 6s—1956
1063* 1083*
mm mm
m+.+ m
>
For footnotes see page 1251.
1083* 1103*
-
♦1043*
MN
6s series B extended to
«
106 3* 1083*
*113*
A
{ {♦Proof of claim filed by owner..
(Amended) 1st cons 2-4s
1982
67
88
1967
1970
1st mtge 33*8...
....1966
Container Corp 1st 6s
1946
15-year deb 5s...
—..1943
Continental OU conv 23*8
1948
Crane Co s f deb 33*s
1951
Crown Cork A Seal s f 4s
1950
S f 43*s debentures
1948
Crucible Steel 43*s debs
1948
Cuba Nor Ry 1st 5 34s
..1942
Cuba RR 1st 5s g_.
1952
7 3*s series A extended to 1946—
334s
mtge 33*s...
•
109
*102
Co—
1st mtge 334s
-
1063*
*
May 1 1965
mtge
1st
•
-
*1063*
*1073*
1053* 1073*
8
Gas A El of Berg Co cons g
-m-mm
11
1
108
Gen Amer Investors
1003* 1003*
1093*
1053*
1073*
MN
1974
543*
513*
973* 101
56
99
J
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_t.
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35
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49
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J
J
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13
109
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33*8—1948
493*
66
513*
503*
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33*s—1951
{♦Consol Ry non-conv deb 4s.. 1954
♦Debenture 4s
1955
♦Debenture 4s
1955
♦Debenture 4s
..1956
Consolidation Coal s f 5s......I960
16
113
0
77
793*
104
...1948
1956
1958
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s...1956
1103*
112
*40
A
64
1
643*
643*
503*
75
75
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•
1083* 1103*
109
1113*
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......
1093*
....
110
MN
Consol Oil conv deb
....
rnmmm
m
6s........Apr 16 1952 A O 104
1043*
Debenture 6s
Jan 16 1961 J J 1043*
*113
Columbus A H V 1st ext g 4s.. 1948 A O
*112
F A
Columbus A Tol 1st ext 4s
1955
*1083*
Columbus Ry Pow A Lt 4s
1965 MN
Commonwealth Edison Co—
1093*
1093*
J D
1st mtge 33*s series I
1968
Conv debs 33*8
1958 J J 1283* 1283*
*85
A O
Conn A Pasump River 1st 4s.. 1943
1083*
Conn Ry A L 1st A ref 43*8
1951 / J
al09
Stamped guar 43*s
1951 J J
Conn Riv Pow s f 33*8 A
1961 F A 1083* 1083*
1063*
1063*
CopsoI Edison (N Y) deb 33*8.1946 A O
3*8 debentures
3 3*s debentures3 3*s debentures
11031
112
D
Fonda Johns & Glov 43*s
7
1103*
Debenture
3
"23
♦Certificates of deposit
1083*
1093*
MN
A
109 H
1103*
J
♦1st A ref 5s series A
*913*
1083*
1113*
F
1980
57
1093*
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...1970
1093*
J
{Florida East Coast 1st 4 3*s—1959
93
1103*
1993
Ref A impt 4 Ha series E
1977 J J
J
Cin Wabash A M Dlv 1st 4s 1991 J
St L Dlv 1st coll trg 4s
1990 MN
Spr A Col Dlv 1st g 4s
1940 M S
W W Val Dlv 1st g 4s
1940 J J
J
Cleve Elec Ilium 1st M 33*8—1965 J
Cleve A Pgh gen gu 43*s ser B. 1942 A 0
Series B 33*s guar.....
1942 A 0
Series A 43*s guar
...1942 J J
Series C 33*s guar
1948 MN
Series D 33*s guar.
...1950 F A
Gen 43*s series A
1977 F A
J
Gen A ref mtge 43*s series B.1981 J
Cleve Short Line 1st gu 43*8—1961 A O
Cleve Union Term gu 53*s
1972 A O
1st s f series B guar
...1973 A O
1st s f 43*3 series C
...1977 A 0
Coal River Ry 1st gu 4s
1945 J D
Colo Fuel A Iron Co gen s f 5s..1943 F A
series A
107
106
....
43*
2
*50
J
1954
{♦Fla Cent A Pennin 6s
mtge
63*
43*
43*
1943
1073*
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33*
23*
53*
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913*
♦5s
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18
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623*
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1
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A
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67
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48
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108
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23*
O
.1954
1956
Federal Light & Traction 1st 5s 1942
5s International series
1942
1st lien s f 5s stamped
..1942
1st lien 68 stamped
1942
67
613*
67
48
75
8
Cincinnati Gas A Elec
10
23*
M S
75
/
Chic A West
83*
10
..1938
{♦3d mtge 43*s
....
803*
/
1951
guaranteed
4
23*
A
1955
f 6s
M
1st mtge
334s
103*
93*
23*
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1st s f 6s
1957 J J
1st 4s— . 1947 M N
J
series D
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83*
93*
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....
D
J
>
30-year deb 6s series B
Firestone Tire & Rubber
1st mtge 4s
11
A
1940
4s prior. .1996
4s
1996
♦Conv 4s series A.
1953
♦Series B
.1953
♦Gen conv 4s series D
1953
{Ref A Imp 5s of 1927
1967
{Ref A impt 5s of 1930
1975
53*
J
2
83*
Series C 33*8
49
16
1043* 106
1063* 1083*
107 3*
{♦Erie RR 1st cons g
4
6
Station—
Guaranteed 4s
83*
103*
103*
463*
isk
O
A
{♦Secured 434s series A.....1952
♦Certificates of deposit...
83*
52
463*
A
J
103*
High
1083* 109
Low
83*
83*
J
♦1st consol gen lien g
*113*
F
8
39
33*
1365
Nor Dlv 1st 4s._ 1948
Dlv 1st 5s
1956
Ed El 111 (N Y) 1st cons g 5s—1995
Electric Auto Lite conv 4s
1952
Elgin Jollet A East 1st g 5s
1941
El Paso A 8 W 1st 5s
1965
5s stamped
1965
Erie A Pitts g gu 33*8 ser B
1940
153*
183*
6
10
Atl g 5s—1937
M 3 3*8
143*
153*
J
{{♦Dul Sou Shore A
Duquesne Light 1st
No
1083*
1073*
J
1978
East T Va A Ga
21
243*
....
1083*
♦1043*
J
1936
1936
1955
East Ry Minn
153*
24
Jan. 1
A
Low
1969
1969
3*s
Since
cq<§
High
Bid
1083*
J
1971
{♦Des M A Ft Dodge 4s ctfs—1935
M S
{♦Des Plains Val lstgu43*s—1947
F A
Detroit Edison Co 43*s ser D—1961
A
0
Gen A ref M 48 ser F
1965
MS
Gen A ref mtge 43*8 ser G—1966
Detroit A Mac 1st lien g 5s_
1995 J D
♦Second gold 4s
-.1995 J D
MN
Detroit Term A Tunnel 4 3*8-. .1961
Dow Chemical deb 3s
1951 J D
A 0
Dul MissabeAIr Range Ry33*sl962
75*
73*
114
114
MN
1st A ref
Chicago Union
13
6
MN
♦1st ref g 6s
Income guar
173*
233*
*223*
J
A
stpd Fed lnc tax—1987
♦Gen 5s stpd Fed lnc tax..—1987
♦4 3*s stamped
1987
{♦Secured 63*8
1936
♦Conv g
73*
57
A
♦Gen 43*8
♦Conv 43*s
12
*1123*
F
1987
♦General 4s
♦1st
73*
33*8—1987
♦Conv adj 6s
Pac 5s A.-1975
JaD 1 2000
{♦Chic A N West gen g
♦
....
«...
7
Price
(Cont.)
4 3*s
{|*Den A R G 1st cons g 4s
{♦Consol gold 43*s
{♦Den A R G West gen 5s. Aug
♦Assented (subj to plan)
♦Ref A lmpt 5b ser B__.Apr
273*
63*
13*
143*
153*
153*
{♦Chic MUw St P A
♦Stpd 4s non p
*113*
7
6a series A
1966
J
J
♦1st A gen 6s series B-.May 1966
J
J
Chicago Ind & Sou 60-year 48.1966
J D
Chic L S A East 1st 4 3*s
1969
♦1st A get
2
123*
123*
1st mortgage 4
88
233*
163*
123*
123*
63*
173*
*15
J
J
86
146
273*
26
27
3
a87
a87
mm
M 8
1947
16
163*
Chicago A Erie 1st
♦Refunding 4s series
0
A
Del Power A Light 1st
1st A ref 43*8
Range
is
Ask
Friday's
Sale
STOCK EXCHANGE
23
Railroad & Indus. Cos.
High
11834 1183*
16
193*
193*
155*
Low
121
Y.
Week Ended Feb.
Jan. 1
No.
High
N.
Since
Range or
Last
BONDS
Range
|§
Ask
A
*1123*
MN
deposit
gold 6a
J ♦ Chicago Great West 1st 4s
{♦Chic Ind A Loulsv ref 6s
Bid
Price
Low
Cos. (Conl.)
Railroad & Indus.
♦Certificates of
Range or
Sale
1
Y.
If ♦Chicago A East 111
{♦Chic A E 111 Ry geD
Week's
Last
1
1940
Week's
Friday
BONDS
N.
3
New York Bond Record-Continued-Page
1248
Feb. 24.
"32H
*126
"483*
483*
153*
153*
111
"49 k
168
163*
325
1113*
13
80
443*
473*
453*
983*
503*
163*
123*
1103* 1123*
*873*
90
91
*85
863*
863*
*85
♦
513*
"45H
463*
5
463*
473*
35
473*
*42
443*
"45"
45
46
"21
54
6
"43H
533*
433*
*783*
*55
443*
81
65
48
54
45
483*
453*
48J*
42
68
45
44
463*
523*
433*
663*
463*
"63~" "63k
62 3*
623*
*_
63
523*
653*
523*
*
563*
53
56
"62k
623*
*
-I
*76"
53
593*
863*
53
Volume ISO
New York Bond Record—Continued—Page 4
Friday
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 23
Price
Range
Sale
No.
Low
High
47
49 %
52
47
45H
46 H
14
43 H
100"« 100lln
100»31
8
1940
A
J
M
28
ioi"
10
100% 109%
74H
77%
33
72 H
211
33H
101
32
72
1942 AfN
O
1952 J
110
77
85 H
"~13H
♦1st 5s series B
72 H
72
14H
1%
1%
8
83 %
90%
102%
13%
10%
"63
4
11%
11H
15
HH
2
11%
72
72%
32
70%
198
11
♦1st g fis series C
Internet Hydro El deb 6s
1944
Int Merc Marine s f 6s
1941
73 H
Internet Paper 6e ser A A B
1947
Ref s f 6s series A
Int Rys Cent Amer 1st fis B
1st Hen A ref 6 He
1956 Af S
102 H
99
1956
"72
73
102 H
98 %
1972 AfN
75
103
23
99 H
26
71%
67
2
14%
14%
74%
70%
1014 103%
96 H
99%
38
44 H
66
42
1H
1
53 %
54 H
94 %
20
52
21
93%
93 H
93 H
O
*65
"34 %
O
32
♦Certificates of deposit
33 H
42
28
33%
07%
26
05%
09%
08%
12
04%
107 H
32
08%
108 %
103 H
6
*-....
92
*
82
"
50
50
82
100
90
88 %
87
*106 %
*107 H
106
107
105M
105%
105
106 %
F
A
105H
105%
1054 106 H
*3 H
87 H
87
87%
♦5s stamped
♦Sec 6% notes extend to
♦6s stamped
42
48
42%
{Leh Val N Y 1st gu
82
84
84 %
81H
4Hs
cons g
52
49%
A
48
2003 AfN
♦5s assented
2000 AfN
gu g
5s..1941 A
fis assented
*52 H
52 H
45
1941 A
0
1952 J
Lone Star Gas 3Hs debs—1953 F
A
109H
Lorlllard (P) Co deb 7b
...1944 A
fis
ser
A—1969 J
20%
28%
24%
50 H
117H
13%
18%
17%
10
17%
17%
31
17
17
17%
"51
"2
117H
2
126 H
1294
100 H
126 H
14
130
20
1004
100 4
98
13
1H
13H
15%
13%
2
1955 A
1955 A
18H
17H
71
25
34
24
25
22
34
196
20H
26 H
39
112
32
*106%
107
1
54 H
4s stpd
1956 MN
Certificates of deposit
Nat Acme 4 Hs extended to
1946 j "d
Nat Dairy Prod deb 3% w w_. 1961 AfN
Prod 3%b
1949 Af 8
10%
19
16H
19H
♦4
1104
16
110%
99%
1104
28
100
36
*54%
44%
85
74
50%
117
"54"
118
54%
107
1094 1104
1094 Ul%
99% 100H
83% 86
55H 56%
72
68
44%
41
30%
41%
36
37
1084
*118
101H
70%
109
11
9
33
5
1194
41%
47%
44%
3^%
39
107H 109H
40
70
120
118
101 %
"~6
8
72
67
70%
72%
169
51%
50%
51%
125
101
% 101H
66
79%
*102%
43%
72%
42%
51%
102% 102%
l"07"
107
107%
"29
106
1054
1054
1054
15
104
107H
105%
Rys of Mexico—
Hs Jan 1914 coupon on—.1957
Hs July 1914 coupon on..1957
July 1914 coupon off—1967
♦
39
51H
105
O
O
j
14%
2%
18X
17
14
32%
37%
54%
*83%
*54%
*54%
1951 J
48%
4
68
17
90
38%
*1
*1
*%
Assent warr A rets No 4 on '67
*%
•4s April 1914 coupon on
1977
♦4s April 1914 coupon off...1977
H
%
*%
*%
♦Assent warr A rets No 5 on *77
"16
9
109%
Nassau Elec gu g
17
19
2
25
110%
52%
*%
%
Nat RR of Mex prior Hen 4 Hs—
(♦Assent warr A rets No 4 on '26
1%
%
1961
%
%
%
1
3
108 % 109%
National Steel 1st mtge 3s. ...1965
102%
102%
103%
32
102
70%
5
70
%
*%
♦4s April 1914 coupon off---1951
•Assent warr A rc*fc No 4 on '51
*%
18
126% 127%
127% 130%
97% 101
♦4s April 1914 coupon on
""%
103H
107
102 %
103
"21
71H
109H
72
12
68
10
108
109%
73
90 H
89 %
8
89 H
89%
12
125 H
125H
*1264
128
85%
101%
67
103"
72
109H
67
89
91 %
87%
90%
87%
90
{♦Naugatuck RR lsi
Newark Consol Gas
g
1964 AfN
4s
cons
58
1948 j
d
j
J
{♦New England RR ttnar fis—1946
♦Consol guar 4s
70
1946 j
/
New England Tel A Tel fis A—1952 J
d
*124%
35%
*35%
1st g
4Hs series B
N J Junction RR guar
126
1961 AfN
1st 4a—1986 F A
126
126
35%
"23
35%
36%
34
38
1264
*126%
71
123 H 124*4
"1
37
125% 128%
124% 127%
~70%
N J Pow A Light 1st 4HS
0
125H
J
"85"
85
1254 127
126H 127
23
55
4
83
85 %
108H 110
108 H 108%
98 H
99%
10
o
92 H
9
90%
1st A ref 4s series D
2003
o
92 H
85
85%
3
85
88
1st A ref 3%b series E
2003
o
82%
82%
3
82
83
Paducah A Mem Dlv 4s
1946
A
St Louis Dlv 2d gold 38—1980 Af S
*1014
85
81
79
1945 M S alllH alllH
J
76 %
70%
1965 AfN
A
101% 101 "11
*104
.1952 J
106
81
"20
a 111%
1
70%
5
107
I960 a
o
108%
107%
New Orl Great Nor fis A
1983 J
J
78%
75
78%
69 H
78%
N O A N E 1st ref A imp 4 H »A 1952 J
j
55%
54%
55%
53%
55%
o
1104%
d
104%
New Orl Pub Serv 1st fis ser A—1952 a
1st A ref fie series B
1956 J
New Orleans Term 1st gu 4s._.19fi3 j
O
7
98
100%
94%
{{♦N O Tex A Mex n-c Inc 68—1935 a
108%
J
o
104
104 %
70
104%
104%
71
27%
27 H
33%
33%
♦Certificates of deposit
♦1st fis series B
109"
102% 105%
103% 106 H
71H
66%
29 %
27%
25
1954 A
♦Certificates of deposit
♦1st fie series C
...1956 f
O
33%
A
102 % 104
79
82 %
112
112
♦Certificates of deposit
♦1st 4Hs series D__
1966 a
F
73%
79
105% 107
♦1st 5 He series A..
...1954 O
♦Certificates of deposit
A
*33
"35"
30
30
38
29
*32
34%
37%
32%
30
34
32 H
28
29
29
29
30%
33%
31%
39%
33
33%
32%
*28
♦Certificates of deposit
36%
35%
33%
33%
*10 H
1251
26
1%
17
•4 Hs
20
17%
10%
*72%
100
50
%
43%
2003
naee
"17"
1960 a
49
2003
see
A
24%
J
For frtntnntpfi
f"a
A
10%
17
H
18
17
1978 F
14%
15%
1
13H
17%
O
...
Mountain States TAT 3HB--1968 J d
Mutual Fuel Gas 1st gu g fis...1947 MN
Mut Un Tel gtd 6s ext at 5%..1941 AfN
♦4
58
13
1%
1978 MN
Nash Chatt A St L 4s ser A
1940
Lower Austria Hydro El 6 Hs.1944 F
I
16H
52
17
16%
17%
16%
2%
29
1st A ref 4 Hi series C
♦
4 Hs series C
fis series D
15
15H
17
18%
10%
17%
16%
1%
29 H
Unified gold 4s
1st A ref fis series B
Atl Knox A Cln Dlv 4s
f fis series B
s f
National
Louisville Gas A Else 3 Hi
1966 M S
109
109
1094
Louis A Jeff Bridge Co gu 4s_.1945 Af S
al09H al094 <zl094
Louisville A Nashville RR—
Mob A Montg 1st g 4Hs
South Ry joint Monon 4s.
.....
Constr M 4 Hs series B
33%
29%
29%
1
139
17%
1981
8
2%
13%
17
1977 M S
s f
47
89 H
1951 F A
Louisiana A Ark 1st fis
18%
57
14
1980 A
Gen A ref
43%
*89 %
1949 Af S
13%
0%
17
Morris A Essex 1st gu 3 H—-2000 j d
Constr M fis series A.......1965 MN
43 H
16
*63
1949 M S
4s stamped
11
109 H
""
19%
15%
16%
8%
17%
Nat Distillers
it
103
15
12%
12%
0%
1949 AfN
Gen A ref
89
35
*48
D
31
1955 A
45
18
126H
26%
1955 A
s
44%
*17%
•Long Dock Co 3Hi ext to...1950 A O
Long Island unified 4s..
1949 Af S
Guar ref gold 4s
46 %
"l6%
debs..1947 J D
Little Miami gen 4s series A—.1962 M N
Loews Inc s f deb 3 Hi
1946 F A
Lombard Eleo 7s series A
'16
16
100 %
conv
70
16
130
O
23
1977 Af 8
50
7
52%
15H
"51"
27%
61
29
27
16
Liggett A Myers Tobacco 78—1944 A O
fis
1961 F A
Liquid Carbonic 4s
5
"16
28
16
Lion Oil Ref
deb 4Hs—.1952 A
25H
"15 %
O
27%
23
Gen A ref
44 4
H
*154
"l9"
70
27 %
10%
2%
Gen A ref s f fis series A
43
O
Lex A East 1st 50-yr fis gu.—1965 A
conv
274
*24 H
24 H
H
59
~~2%
1965 a
Montana Power 1st A ref 348-1966 j
Montreal Tram 1st A ref fis....1941 j
37 %
29
29
"24 H
......2003 AfN
{Leh Val Term Ry 1st
87%
32
H
28
24 H
—2003 AfN
fis
89
~26%
"43
19
Af~S
1976
1st mtge 4 Hs
6s debentures
54
*24 H
"45"
61
16%
4s
*43
—2003 AfN
4 Hi
cons
cons
¥
63
30
1938 M 8
Mohawk A Malone 1st gu g 4s. 1991 M 8
Monongahela Ry 1st M 4s ser A '60 AfN
Monongabela Weet Penn Pub Serv
39%
55%
51
24 H
4s...2003 AfN
♦4s assented
34%
50%
1940
♦4Hs assented
H
49
32
1%
"~7
0%
(♦Secured 5% notes
85
36
H
1%
57
59
{Mobile A Ohio RR—
84
35
1943
1940
{♦Lehigh Val (Pa)
♦General
j" 5
1943
4Hs assented
♦General
F"A
1H
1%
57
♦Certificates of depcait
(♦Mo Pac 3d 7s ext at 4% .July 1938 MN
75
87 H
89
4%
17%
♦Certificates of deposit
♦1st A ref fis series I
45
32
4%
5
61
J
♦Certificates of deposit...
44
32 H
2
26
17
♦Ref A lmpt 4 Hi
43
¥
...1974
Leh Val Harbor Term gu 6s...1954
8
♦Montgomery Dlv 1st g fis..1947 F
A
5
6
5%
1%
*1%
A
49 H
*37 H
1964
..1974
0%
5%
6%
2%
1%
5
J
J
O
434
7
*60
——.1954
....1964 F
2
4%
6
*5%
1965 F
A
ser
49
Lehigh Val Coal Co—
♦5s stamped
s f 6s....
85
*83
8
2%
1
14
90 %
85 H
2
*40
1945 M
1%
5
29
51H
♦58 stamped...—....... .1944
♦1st A ref s f fis
1954
5
2
13%
12%
82
50 %
15H
2
16
44
"89"
13H
"5% "T%
2
12%
12%
0%
8
35 H
%
15%
2
14
26
1997 J D
"12
14
♦Conv gold 6 Hi
♦1st A ref g fis series H
3
2H
Lake Erie A Western RR—
♦1st A ref
108
*40
...1975 Dec
Lehigh C A Nav s f 4 Hi A
1954 J J
Cons sink fund 4 Hi ser O—.1954 J
J
Lehigh A New Eng RR 4s A
1965 A O
7%
12H
12%
49 H
♦1st mtge Income reg
"o%
J
51H
49 H
1941
66%
9%
"26"" "32"
10
J
84 H
H
"94%
73
J
83
3% to—1947
28 H
15
J
49 %
1942
"I«"
62
101 % 103
57
*
J
83 H
....1942
15H
*
MN
50
Ref A ext mtge 5s
1942
Coll A ref 6Hs series C
1953
Coll A ref 5 Hi series D—...I960
91%
37
31
1978 J
Jan 1967 A
♦Certificates of deposit
♦1st A ref fis series G
106
Uniform etts of deposit.....1959 M S
94%
66%
1034
1962 J
1962 J
♦1st A ref fis series F
106H
104
{♦Laclede Gas Light ref A extfisl939
'18 H ~1~8%
*50
♦Certificates of deposit
91
105%
105 H
{♦Kreuger A Toll secured fie
♦5s stamped
♦1st A ref s f fis
{♦Mo Pac 1st A ref fis
100
105 H
J
7H
76
92%
15
J
J
90
82
7
*63
D
1990 J D
♦General
J
M N
%
2
10
103
Af 8
1959 J
85
82
89
J
7%
90
*65
D
..1938 J
63
52% 68
54% 60
103% 105%
110% 112%
*%
94%
J
11
104
111 4
*10%
103%
/
2
*%
S
J
"64% "75"
66
60
*7%
D
g4s int gu '88 J
Prior Hen 4 Hi series D
♦Cum adjust fis ser A
80
97
J
"27
1034
1963 M 8
1940 A O
40-year 4s series B
%
170
"loo"
14
"65""
HI %
88
1952 AfN
J
1979 J
Prior Hen 5s ser A...
H
H
80
82
81%
45%
44%
Missouri-Kansas-Texas RR—
101 % 103
107
107
J
1st A ref 6 Hi
1964
Koppers Co 4s series A
1951
Kresge Foundation coll tr 4s—1945
8 He collateral trust notes
1947
Lehigh A N Y 1st gu g 4s
103% 105
87
*160
1954 J
2d gold fis
Lake Sh A Mich So g 3 Hi
Lautaro Nitrate Co Ltd—
con
79
42%
42%
"75"
88
*80
Kings County El L A P 6s.... 1997 A
Kings County Elev 1st t is...1949 F
Certificates of deposit..
fis 1937 extended at
1st gold 8 Hi
J
M
Mo Kan A Tex 1st gold 4s
102"
107
1961 j
..1961 j
Coll tr 6s series B
107
24
*8
101%
107%
....
Coll tr 6s series A
♦Mlag Mill Mach 1st s f 7s
1956
Michigan Cent Det'tABay City—
Jack Lans A Sag 3 Hi
1951
82%
~88%
60
A
as to Int...1938 J
♦1st A ref fis series A
1946 J
♦26-year 5 Hs
-1949 Af
1st A ref 6 Hs series B
1978 J
*8
101 %
60
♦Mex Internet 1st 4s asstd
1977 M S
♦4s (Sept 1914 coupon).....1977 M S
{(♦M St P A SS M
(♦1st cons fis
(♦1st cons fis gu
25
(par $926)..1943
1946 if s1
Kentucky Central gold 4s
1987 j
j
Kentucky A Ind Term 4 Hi—1961 j
Stamped
1961 j
Kings Co Lighting 1st fis
~284 "35"
103 H
warr
Plain
F
63
O
{♦ Mo-ill RR 1st fis series A
Keith (B F) Corp 1st 6s
4 Hi unguaranteed
"70
107
107
A
64%
♦1st A ref gold 4s
1949 Af 8
♦Ref A ext 50-yr fis ser A...1962 Q F
H
67
68 H
stmp (par $925)—1943 M2V
♦Ctfs with
88 H
35
1%
67 H
"07%
J
Kansas City Term 1st 4s
1960 J
J
Kansas Gas A Electric 4 Hi—1980 / D
w w
H
32
1950 AO
♦Karstadt (Rudolph) Inc—
♦Ctfs w w stmp (par $645)..1943
♦Ctfs
Metrop Wat Sew A D 5 Hi
1950
{(♦Met West Side El (Chlo) 48.1938
42
*15
71
55%
39
68
38
*64
Ref A lmpt 4 Hi series C
95
LaughUn Steel 4Hi A—1961 Af S
*25
J
52
78H
26
81%
45%
44%
44%
*85%
Certificates of deposit
Michigan Consol Gas 4s
55
53 H
80 %
O
Market St Ry 7s ser A
April 1940 Q J
Certificates of deposit
Mead Corp 1st fis with warr—1945 AfN
Metrop Ed 1st 4 Hs series D
1968 Af S
43%
40%
1%
40 H
H
1%
Apr 1960 J
{♦Man G B A N W 1st 3 Hi—1941 J
Marlon Steam Shovel ■ f 6s
1947 A
{(♦Mil A No 1st ext 4Hi
1939
♦{Con ext 4Hi
1939
{♦MU Spar A N W 1st gu 4s...1947
{♦MUw A State Line 1st 3 Hi--1941
{♦Minn A St Louis fis ctfs
1934
43
James Frankl A Clear 1st 4s..1959 J D
>"d
Manila Elec RR A Lt s f 58
1953 m"s
Manila RR (South Lines) 4s—.1959 AfN
99
40
Kan City Sou 1st gold 3s
Ref A lmpt fie
7
2018
High
106% 107%
77% 81
11
96
44 X
Low
16
81
28
40 H
Kanawha A Mich 1st gu g 4s—1990 A
{(♦K C Ft 8 A M Ry ref g 4s..1936 A
55
42
80%
80%,
44%
98 H
A
Jones A
53%
40%
{♦Mid of N J 1st ext fis
{♦Iowa Central Ry 1st A ref 4s. 1951 Af S
9
54
91%
%
38%
43
42
84
J
No
78%
80
4
Ink Telep A Teleg deb g 4 Hi—1952 J
Debenture fie
1956 F
High
107%
Jan. 1
Feb 1 1957 MN
91H
A
Since
Asked
{♦Manhat Ry (N Y) cons 4s.. 1990 A O
♦Certificates of deposit
Manatl Sugar 4s s f
91H
97%
1947 F
A
106%
77%
102 %
1%
10%
"II
1956
6
20
103
"l3H
77
32 %
32
754
30 %
86
85H
A..July 1952
73%
30
2
73H
H
*
J
103%
7A%
73
—
Int Agrlc
77%
H
32 H
106%
78%
♦Certificates of deposit
106 H
Range
Friday's
Bid
Low
McCrory stores Corp ■ 1 aeb fis. 1951 AfN
Maine Central RR 4s ser A...1945 J D
Gen mtge 4%s series A
1960 J D
♦Second 4s
1034
74
Range or
Sale
Railroad & Indus. Cos. {Cora.)
13
106 H
75
8
1947 A
A
61
12
102 H
75
O
Interlake Iron conv deb 4s
Corp fie stamped
99%
60
32
1932 A
♦Certificates of deposit
99H
14
*105
103M
106M
♦Certificates of deposit...
7% notes...1932
47
100u3il00un
60
*58 H
*10 H
74 %
1*10-year 6s
50H
*20 H
*98
♦Certificates ol deposit...
ser
High
49
Inland Steel 3Xs series D
1961 F
t Interboro Rap Tran 1st fis—1966 J
♦Adjustment 6e
Price
Week's
Last
N. Y. STOCK EXCHANGE
Week Ended Feb. 23
45 H
{♦Ind A Louisville let gu 4s.-.1956
Union By 3 He series B..1986 Af 8
Industr'al Rayon 4Hs
J
1948 J
ser
BONDS
Since
Jan. 1
1963
Ind
{♦Int-Grt Nor 1st 6s
Range
Asked
Low
♦Ilaeder Steel Corp 6a
1948
Ind Bloom A Weet 1st ext 4a—1940
Ind 111 A Iowa let g 4a
1950
conv
A
1963
let A ref 4 Hi series C
Illinois Steel deb 4Hs
(♦10-year
Friday
or
Friday's
Bid
Railroad & Indue. Cot.
{Cora.)
Ill Cent and Chic St L A N O—
Joint 1st ref fie series A
1249
Week's
Last
BE
33H
St
Last
{Cora.)
4 Hs.1946
4s series A
1998
10-year 3 H» sees f
1940
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2013
Ret A lmpt 6s series C
2013
Cony secured 3 He
J 952
Y Cent A Hud River 3 Hs —1997
J
1942
Shore coll gold 3 Hs— 1998
Cent coll gold 3 He
1998
Lake
Mich
Louis—
Ref 6Hs series A
Ref 4Hs series C
145
59 H
90
102
A
F
A
O
64
8
61H
67
54 H
102
81 H
82 %
6
63 h
77 H
59 %
82 H
A
8
54
85 H
3
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82 H
25
81H
78 H
105 H
5
81H
81H
105
105
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52
52
51 H
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19
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109
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47
7
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109 H
108 H 110
F
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A
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64
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64
72
72
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A
O
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J
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16
J
J
J
A
O
M N
D
19H
{♦N Y Ont A West ref g 4s
1992
1965
J
{♦N Y Providence A Boston 4s 1942
4s_.1993
A
O
Lt A Pow 3 He 1965
stamp...1968
1961
Y Steam Corp 3Hs
1963
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1
60
6H
3H
5H
2H
3
46
52
107
H 110
106 H
104 H
108 H
2
N
105%
29
104
106H
15
9
13H
15
*7
10H
♦6H
110H
110H
7
5H
1
110H
80
86
5
90 H
90 H
8
50
109 H 110H
87
85H
6
1
107 H
1
D
105 H
105H
106H
73
104 H
S
110H
110H
110H
29
109 H 111H
12H
12H
4
10 H
3
20
3H
8%
90
0
/
J
1949 Af S
"~3H
1937
J
8H
1948 M
S
3H
6H
iIIH
Pitts Coke A Iron
conv
4 Ha
A.1952
Pitts C C O A St L 4 Ha A.
Series B 4 Ha guar
Series J
1940
111 M
87
F
-
1900
1963 F
F
A
A
1964 Af N
1970 J D
1975 A O
1977 J
J
Pitts Va A Char 1st 4b guar...1943 M N
Pitts A W Va 1st 4 Hs ser A...1958 J
D
1st mtge 4Hs series B
1969 A O
1st mtge 4 Hs series C
1900 A 0
cons guar
105H
43 %
90 H
1902 F
A
1900 M S
1950 J
J
6sl942 J
3
1st 5s 1935 extended to
65
A
106
106
F
A
105H
6H
11%
14 H
10
conv
♦6s stamped
54 H
9
65
124H
106H
105H
21
122H 125H
27
104 H 106 H
105 H 106 H
107 H
107 H
14
107H
1
22
105 H
114
*113
107
H
45
con g
Ore Short Line 1st
cons g
T—4 O oo
M
S
108 H
46
61H
61H
8H
109
5
108 H
108
28
100 H
109 H
108
109H
110
4
109H 110H
106H
104 H
2
105 H
5
♦105H
117H
110H
*117H
111 H
20
104H 108 H
105 % 105 %
110H 111H
116H 117H
118H
118H
2
105H
106H
75H
76H
1901 J
i
1962 J
i
1966 J
(
f g 4Hs
1956 J
1966 F
*103H
-
.
.
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.1942 J
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.1944 J
.
.
103H
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Penn-Dlxle Cement 1st 6s A... 1941 M S
Penn Glass Sand 1st M 4He.. .1960 J
.
.
98
104 H
103 %
75 H
10
58 H
112
77
60%
113 H
111 %
42
109H H2H
109H
30
107 H
75
1
75
75
79H
110H
18
110H
-
«
-
109 H
79
75
108H 109H
109 H 110H
-
103 H 104H
103H
50
7
48 H
60
85H
2
43 H
3
84H
43 H
86 H
43 H
*125H
126
-
-
-
-
124
45
J
1997 J
"
Saratoga 6s gu.._1941
Republic Steel Corp 4 Hs ser B.1961
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5H« '64
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I960
Revere Cop A Br 1st mtge 4Hs_1950
♦Rhelnelbe Union 0 f 7s
..1946
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*1946
M N
6sZl953
I960
F
Af N
11953
1261.
98H 101H
100 H
103
104 H
94
97 H
105
90 H
97 %
100H
100H
1952
94
107 H
95 X
100
{(♦Rio Grande Juno 1st gu 60 1939
{(♦Rio Grande West 1st gold 4sl939
107 H
108 H
107
94 H
95 H
92
100
106 %
98 H
99
108 H
95 H
99 H 100H
100H
26
27
16H
17
15
15
15H
15H
*14H
*14H
14H
15
14
*14H
14H
15H
14 H
*14H
*15H
M N
A
O
"17"
19H
106H
107 H
*103 H
106 H
3
J
30 H
11
J
29
105H
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*38H
1049 A 0
1977 M 8
♦1st con A coll trust 4s A
Koch G A E4Hs series D
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94 H
3
J
100H
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~93H
J
1966 F
.
98 H
100H
17
1952 Af 8
Af 8
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s f 7s
101H
100H
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106 H 109
105
105
10H
~44H
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11
10
1
10H
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31
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11
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S
Gen mtge 3 Ha series 1
1967
1967 M 8
*107H
111H
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1909 M 8
108 H
108 X
15
107 H
7H
9H
65
6H
M
3Hs series J
{{♦R I Ark 4 Louis 1st
♦Ruhr Chemical a f 6s
4Hs._1984
Af 8
*21
1948 A O
{♦Rut-Canadian 4s stmp
{♦Rutland RR 4Hsstmp
1949 J
1941
J
Saguenay Pow Ltd 1st M 4Hs_1966 A
St Jos A Grand Island 1st 4s...1947 J
St Lawr A Adlr 1st g 6s
1990 J
2d gold 6s.
i960 A
108H HI
1983 Af N
Af N
♦(RlV A O D1t 1st g 4s
♦Certificates of deposit
7H
7%
7H
7%
"b
7%
7H
4
97M
97 H
98H
49
*60
94
*60
79H
20
20H
27
65 H
66 H
10
♦Certificates of deposit...
J
1960 J
♦Certificates of deposit...
♦Con M 4Hs series A
1978 Af~S
♦Prior lien 5s series B
♦Ctfs of deposit stamped..
1989 MN
{♦St L SW 1st 4b bond ct£s_
♦2d 4s lno bond ctfs...Nov 1989 J
♦58H
"13
9H
98 H
—
20H
65 H
7M
95
—
62 H
62
01H
♦61H
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110H 111H
*111H
62H
109H
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29
St Louis Iron Mtn A Southern—
St L Rocky Mt A P 5s sptd... 1955 J
{♦St L-San Fran pr Hen 4s A— 1950 J
104 H
1
71H
22
101H
3
100
5
45
71
10
3
105H
7
98 H
32
72
3
1959 Af 8
51
106H
72
J
F
65
64 H
60H
75H
75
57 H
71H
J
1955 A
♦Rlma Steel 1st
55H
71H
1962 Af N
♦Direct mtge 6s
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
Richfield Oil Corp—
4s s f conv debentures
52 H
71H
J
59 H
58 H
18 H
62 H
62
23H
H
66 H
299
10 H
66H
13H
65
60
60
12
13 H
12H
11H
13
107
10
13
14
14
15H
261
11
15H
13 H
40
10H
15H
331
10
11%
15H
12H
11H
11
12H
190
10
12H
57
57
57 H
12
56
64
30
30
2
27 H
30
16H
10H
2
10
17 H
9H
4
"12H
_
(♦1st terminal A unifying 6s. 1962 J
♦Gen A ref g 5s series A
.1990 J
For footnotes see page
A
18
"l3
60 H
1948 J
105H
97
i!5.
59
Af N
105 H
_
64
*50
108 H 109 H
102 H 104 H
60
3
{♦StLPeorAN Wist gu 5s
72
104H
*98
1997 J
Gen A ref 4Hs series A
Gen A ref 4Hs series B
104H
125 H
105H
98
19
St Louis Pub Serv 5s
67H
103H
106 H
104 H
106
_
*107
96
104 %
102 H 102 %
2
72
72
*10217ji
*105d
.
1952 Af N
19
25
85 H
-
Pat A Passaic G A E cons 6s... 1949 Af 8
♦Paulista Ry 1st • f 7s
1942 Af 8
118H
11
50
.
1944 A
Pa Ohio A Det 1st A ret 4 Hs A. .1977 A
4Hs series B
.1981 J
*101H
.
.
Pictures 3s deb... 1947 Af S
1963 F
110H
.
Panhandle Eastern Pipe L 4s.. 1962 Af 8
Paramount Broadway Corp—
.
*109
.
107
118
59H
*74H
-
-
H2H
75
.
Pacific Tel A Tel 3H" ser B_. 1966 A
Ref mtge 8Hs series C
1966 J D
59
112H
111
108H
J
deb 6s
♦Rhine-Westphalia El Pr 7s..
106H
104H
.
1948 J
s f
{♦Radlo-Kelth-Orph pt pd ctfs
for deb 6s A com stk
(65% pd)— J D
(♦Debenture gold 6s
...1941 J D
{♦Deb 6s stamped
1941 J D
Reading Co Jersey Cent coll 4s. 1951 A O
109 H
D
1940 J
224
107 %
108H
•
148
223
♦Rhine-Ruhr Water Service
11
«
148
8
20
108 H
2
-
1
109H
108
108 H
D
{♦Pac RR of Mo 1st ext g 4s.. 1938 F
1938 J
{♦2d ext gold 6s..—
E trust ctfs
46 H
107H
.
148
223 H
Rensselaer A
109
D
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109H
60 H
108H 109H
5
—-
148
J
47 H
108H
108
-
223 H
1968
53
7H
8
~
82 H
0
3Hs...__
Remington Rand deb4Ha w w.1960 Af 8
4Hs without warrants
1956 Af 8
42 H
J
J
1st A ref mtge 3Hs ser I
ser
6
33
♦7H
(
28-year 4s
18
109H
*65
70H
23 H
109 X
4H
5H
♦111H
J
39 H
42
!
1
(
Guar 4s
48
48 H
X
J
1946 J
1st M s f g 3s loan etfS
125
J
4s...1946
6s
1946 J
Parmelee Trans deb 6s
26
56%
2
82
"64" ~68H
1940 J
Pacific Coast Co 1st g 6s
Paramount
44 H
48
48
Pacific Gas A El 4s series G__. 1964 J
1st A ref mtge 3H» ser H... 1961 J
s
50
47 H
48
1907 M S
Guar stpd cons 6s
Ore-Wash RR A Nav 4s
Otis Steel 1st mtge A 4 Ha
Paducah A HI 1st
35
41
55
Ontario Power N F 1st g 6s
1943 F A
Ontario Transmission 1st 6s—1945 Af N
Oregon RR A Nav
65%
43 H
55
40
-
64 H
1966 MN
1972
1966
«
40 H
2047
J
108 H
79
D
Purity Bakeries
40
*40 H
♦Apr 33 to Apr'38 coups.. 1946 ..i.
North Paolfle prior Hen 4s
1997
Gen Hen ry A Id g 3s Jan
2047
1st mtge 8Hs
Oklahoma Gas A Eleo 3Ha
4s debentures
12
A
114
107H 107 H
*49
♦Apr *33 to Oct '34 coupe. 1946
{♦Providence
Pub Serv .of Nor 111
Ctfs of deposit stamped
Ohio Edison 1st mtge 4s
1st mtge 4s
109 H
109 H
109 H
70
Public Service El A Gas 3Ha.. 1968 J
1st A ref mtge 5s
2037 J
1st A ref mtge 8s
2037 J
108
*50
*40 H
1946
1948
1943
17 H
13 H
105H
{♦Northern Ohio Ry 1st guar 5s—
♦Apr 1 1935 A sub coupons..1945
hlo A L Cham Ry 1st
S'Og Connecting 1st gu g4s
4a
58 H
361
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2047
85
23 H
82
61
1969 F A
1974 Af 8
1974 Af 8
Ref A lmpt 6s series C
70 H
63 H
22 H
J
123H
Ref A lmpt 5s series D
2047
Northern States Power 3Hs—1967 F
Northwestern Teleg 4Hs ext.. 1944 J
59
1961 J
123H
2047 J
104
guar deb 4s.. 1957 Af N
Term 1st 4a
I960 Af S
A
Ref A lmpt 6s series B
13
J
6
81H
107H
87
43
3Ha.l960 J
22
67 H
74 H
Potomac Eleo Pow 1st M
Pressed Steel Car deb 5s
12%
46H
107 H
70
63 H
104
13%
44 H
40 H
73 H
103
12H
"40"
41
106H
70
23
13H
42H
*106
73 H
107 H
70 H
10
3
♦110H
D
D
3
103H
104H 108H
105 H 107
97 H 100
*106
1974 J
1977 J
1st gen 5s series B
1st gen 5s series C
1st 4Hs series L>
Port Gen Eleo 1st 4Hs_.
{♦Porto Rico Am Tob
D
1948 J
Pitts Y A Ash 1st 4s ser A
J
Af N
Ref A lmpt 4 Hs series A
20
1942 J
1996 O
♦Oct 1988 A sub coupons
2
44 H
{(♦Postal Teleg A Cable coll 5S.1953 J
1941
Gen A ref 4Hs series A
"5
44 H
109
{(♦Norfolk A South 1st g 6s
North Cent gen A ref 5s
43 H
43 H
116H
115H H5H
*108
112
Norf A W Ry 1st cons g 4s
1949
1954
58
97 H
98H
{♦Providence Sec
debenture 4s
105 H
98 H
43 H
44 H
105 H
5
12
debenture 3Hs
"6
105 H
105 H
108
♦Certificates of deposit
North Amer Co deb 3Hs
106H
116
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4%b
Gen mtge 6s series A
Gen mtge 6s series B
Gen 4Hs series O
110
108H
108" "f 108" "
109H HO
13
103
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19
21
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7
116H
116
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12 H
3 H
*109
A
111 H
108 H
106 H
110H H2H
98
100H
108
108
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17
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111 H
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107 H
15
39 H
8H
50
50
105 H
5H
__
109
100
107 H
3Hs—1967 Af
{(♦Philippine Ry 1st ■ f 4s
♦Certificates of deposit
Phillips Petrol conv 3s
115
107
D
...1967
♦Conv deb 0s
H 110H
"3
*109
105H
A
109
1967 Af N
108
F
115
109
Series H cons guar 4s
Series I oons 4Hs
105H
1943 Af N
J
N Y Telep 3Hs ser B
1907 J
N Y Trap Rock 1st 6e
1940 J D
6s stamped
1940
J
{(♦N Y Westch A Bost 1st 4He '46 J
Niagara Falls Power 3 He
1966 M 5
Niag Look A O Pow 1st 5s A..1955 A O
Niagara Share (Mo) deb 5HS.1950 Af N
{{♦Norfolk South 1st A ref 5S.1961 F A
*114
J
Series G 4s guar
6H
107
♦Terminal 1st gold 5s
A
1977
1981 J
20
5H
18H
5
109
114
...1974 F
•105H
16
108H
14
110
109 H
61H
109 H 111H
03
9
50
46
40
J
MN
58
57
16
1949 F A
1953 J D
♦78 H
A
4s....1943
55
1
12
111
Series E 3Hs guar gold
Series F 4s guar gold
105H
F
Phlla Bait A Wash 1st g
110H
107 H 107 H
16
J
J
59 H
102 X 103
Af N
{(♦N Y Susq A West 1st ref 5s 1937
{♦2d gold 4 Hs
1937
♦General gold 5s
1940
59
107 H
33
107H
105H
56
59
107 H
28 H
2
"s
65
1980 Af S
3 Ha deb—1952 J D
10
6
106 H 106 H
67
63 H
110M
H
69 H
64
22
*108 H
10
38
♦107
A
F
114H 116H
41
1942 A O
..1942 MN
1945 Af N
17
29H
5«/«
67 H
10
Series C 4 Ha guar....
Series D 4s guar
17
3
115H
65 H
9
"66H
O
Apr
103 H
10
1
115H
S
115
100H
20 H
5H
J
M
87 H
116
114
115
*102H
16
01
115
8
19
5H
19H
O
A
0
J
J
83 H
16
N Y A Rlchm Gas 1st 6s A
N Y Rys prior Hen 6s
13
Af
15H
15
17
3
107 H
84 H
84
A
15H
32
15H
18 H
5H
98
83 H
O
87 H
U2H
100 H
63
5%
O
A
N Y A Putnam 1st con gu
N Y Queens El
72
71
"l0" "l6H
16
D
98 H
95 H
56
Phlla Electric 1st A ref
19H
01
M S
4s
90 H
15
64
64
16
18 H
M N
89 H
62
97
56
64
19H
29H
29%
5H
85
97 H
96 H
J
65
Phlla Co sec 5s series A
15H
15 H
19 H
J
51
96 H
86 H
96 H
87 H
O
113
5
31
89M
J
99K
60
2
15H
15H
16H
16H
16H
M N
O
114H
114H
89
J
99%
17H
15H
1S47
12
General 4 Hs series D
99H
♦16H
15H
♦Non-conv debenture
6
85
107 H
113H
A
{♦Phlla A Reading C AI ref 56.1973
♦75H
Af S
118H
General g 4Hs series C
65%
114H
114H
90 H
117
118H
100 H 102 H
106 H 108 H
101H
89 H
1956
53 H
C5%
108 H
113
106 H
114H
6s—1950
1
75
*65
"50
101H
1st 4fl series B
conr
109
107
118
1st 5Hs—1974
Pere Marquette 1st ser A
1st g 4Hs series C
108
108 H 109 H
114
O
April 1990
4
10
18
107 H
87
1943
1947
General 5s series B
*04 H
O
A
48.1939
99 H
56 H
29
108
m~H
6s
♦Income 4s
12 H
11%
12
50 H
99H
125H 120 H
117H 118H
1
,
12
12
12
Lake 5fl__ 1940
N Y A Harlem gold 3 Ha
2000 KN
N Y Lack A West 4s ser A
1973 A/N
4Hs series B
1973 Af N
♦N Y L E A W Coal A RR 5Hs *42 A/N
J
♦N Y LEA W Dock A Imp 6s 1943
N Y A Long Branch gen 4s
1941 M 8
125H
118H
108 H
*109
Af N
A
Peoria A Eastern 1st cons 4s...1940 A
Peoria A Pekin Un
107 H
1
High
t
D
Peop Gas L A C 1st oons 6s
Phelps Dodge
D
♦N Y A Greenwood
♦General
6
108H
D
Gen mtge 4 Ha series E
Conv deb 3Ha~
Refunding gold
86
108
107 H
108 H
Low
D
82 H
104 H 105 H
106
108 %'
60 H
62
107
51H
108H
1947
3Hs—1947
3Hs—1954
♦Non-conv debenture 4s
1955
♦Non-conv debenture 4s
1960
♦Cony debenture 3Hs
1960
♦Conv debenture 0s
1948
♦Collateral trust fls
1940
♦Debenture 4s
1957
♦1st A ref 4 Hs ser of 1927 ..1967
{♦Harlem R A Pt Ches 1st 4s 1954
Debenture g 4Hs
64 H
No.
Af N
General 5s series B
60
63H
53 H
1961
{{♦N Y A N E (Boet Term)
{♦N YNHAHn-cdeb 4s
General 4Hs series A
69 H
High
1968
Consol sinking fund 4 He
90 H
85H
M
A
Since
Jan.
Asked
1970
—1981
1984
1952
63 H
79 H
56
1
58
A
1948
11948
1970
1960
1965
Gen mtge 3Ha series C
General 4Hs series
1906
1900
Pow g 6S—1948
gold 4s——1949
Consol gold 4s
4s sterl stpd dollar. May
67 H
58
58
♦57 H
62 H
86
28
90 H
F
66 H
66 H
78
12
78H
89
1953
E
Erie—See Erie RR
58 H
78H
1953
1st Hen A ref 3Ha ser
Purchase money
53 H
58 H
—1941
series B—
N Y Dock 1st gold 4s
Conr 5% notes
N Y Edison 3Ha ser D
61H
67
52
58 H
58
F
79
62
Bid
Low
Pennsylvania Pow A Lt 3H8--1969
4Hs debentures
1974 F A
Pennsylvania RR cons g 4s
1943 Af N
111
Range
Friday's
Sale
Price
Railroad & Indus. Cos. (Cont.)
66 H
74 H
15
3
F
1st guar 5s
N Y A
78H
78 H
J
1946
3Hs extended to.—1947
N Y Gas El Lt H A
58 H
78
52
J
High
111
57 H
Af N
1974
1978
4Hs A
29
L
0
4s collateral trust.——
1st mtge
No.
O
A
3-year 0% notes--
High
58 H
O
N Y Chic A St
N Y Connect 1st gu
oa<3
Jan. 1
Range or
Last
N. Y. STOCK EXCHANGE
Week Ended Feb. 23
Since
Asked
*111
A
N Y Cent RR
Debenture 4s
Price
A
BONDS
Range
Is
Friday's
Bid
Low
Railroad & Indus. Cos.
Newport A O Bdge gen gu
Range or
Sale
n
1940
Week's
Friday
Week's
Friday
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 23
N
Feb. 24,
New York Bond Record-continued—Page 5
1250
9H
8H
12H
10H
Volume
New York Bond
150
Friday
Range or
Friday's
Sale
Price
Bid
Railroad & Indus. Cos.
(Cont.)
gu
St Paul Minn A Man—
tPacific ext gu 4s (large)
s
5734
MN
M
3
54
6134
10734 10834
11134
5
10954 11134
111
1
10954 HI
21
3034
29 34
8
27
3034
25
O
43
3954
0
43
3834
4334
4454
45
*122
------
_
1134
------
7
Skelly Oil deb 4s
654
554
1454
254
354
67
634
33
534
1334
96
9634
60
30
33
A
So Pae RR 1st ref guar 4s
1st 4s stamped
108
29
10534
11934
3
10434
10
10354 10554
10734 10854
10954 111
19
6
10054
255
9754 10054
10654
107
12
4434
44 34
48
48
49
72
10654 10734
4354
4854
53
4754
47
4734
21
4534
47
95
4534
4634
4654
4554
4554
47
75
45
53
53
5354
32
7834
7834
7934
7
5134
7754
9954
4554
MN
J
O
6054
80
58
6534
8754
20
8634
5754
58
92
67
7734
7754
13
7554
7834
81
8154
— —
.1961 J
10434 10634
17)4
1934
1
105
10534
J
10534
113
105 34
10534
12834
*11434
107 34
10834
9134
10554
10534
10534 10534
63
6634
10934
10854
------
115
...
Texarkana A Ft S gu 634s A... .1960
.1969
.1943
2000
-
-
-
-
10834
29
9154
10534
28
10634
50
66 34
------
.1961
4
3
10534 106
12654 12834
11434 115
10734 10934
88
92
10534 10754
10554 106 34
65
6634
10854 11034
1980
1964 M 8
45
6834
19
6734
7234
69
68 34
69
1979
10934
6834
6934
7
6734
69
67
92
9734
95
*92
1960 J
56
56
1754
1937 J
.1962 S
5054
59
106
Tokyo Elec light Co Ltd—
1st 6s dollar series.
1963 J
Tol A Ohio Cent ref A Imp 334s 1960 /
Tol St Louis A West 1st 4s
1960 A
Tol W V A Ohio 4s series C
1942 M
5834
1934
173
1734
1354
9954
6
95
D
16
106
S
Toronto Ham A Buff 1st g 4s.. 1946 J D
Trenton G A El 1st g 6s
1949 M 8
Tri-Cont Corp 6s cony deb A.. 1963 /
J
♦Tyrol Hydro-Eleo Pow 734s.. 1956 MN
♦Guar sec s f 7s
1962 F A
87
*66
214
67
-
m *>
—
87
754
8
754
8
28
O
8
8
5
10534
10554
D
10554
O
65
64
A
88
32
M 8
7534
87
"87 H
S
3234
3634
f
6
64
1
74
77
8434
88
32
35
3534
3534
70
70
104
41
*50~"
80
109
2
D
10934
12634
D
10834
109
8
8
11754
11754
2
11034
111
9934
9934
6
9934
9934
8354
85
F
A
F
A
M
J
10734 108
O
84 >4
8354
8934
8434
10834
10834
10854
12
1834
1854
10834 110
11754 120
37
2
1977
J
O
6534
"7
35
6754
68
69
40
6634
70
1454
M 8
1454
4934
14
15
2861 /
2361 J
J
"4934
4834
J
4s
1949 M S
series A. ..1966 F A
White Sew Mach deb 6s
1940 MA
{(♦Wllkes-Barre A East gu 58.1942 J D
Wilson A Co 1st M 4s
series A.1956 J
J
Cony deb 8 54b
1947 A O
Winston-Salem 8 B 1st 4s
1960 J
J
{♦Wis Cent 50-yr 1st gen
4s...1949 J
J
4654
11534
9934
11534
Wheeling A L E RR
Wheeling Steel 434s
10
4654
9834
99
•
7
*102
102
1234
"1234
"2
10434
10534
6
9934
22
"1734
"17
QQ
1734
*10954
1654
*1334
"7
100
110
1654
"8
7
10834
10934
9
108
108
10854
10534
10534
934
734
10834 10934
10934 11034
934
934
"15
10954
106
7
20
*934
19
7
934
10834
2034
1634
10834
10934
1961 MN
1334
97
110
*654
S
103
1234
10354 10534
19
7
J
72
4654
6234
4134
4654
11334 11554
9654
9934
6
11554
9934
104K
Wisconsin Elec Power 334s
1968 A O
Wisconsin Public Service
4s...1961 J D
{♦Wot A Conn East 1st
J
46
2
"l2H
♦Certificates of deposit
(♦Sup A Dul dly A term 1st 4s *36 MN
♦Certificates of deposit
.....1948 M
8854 91
10754 10834
1854
1734
17
1854
64
6734
66
J
434S..1943
Youngstown Sheet A Tube-
11034 11154
1734
6834
68
15
12
*1654
6554
6834
/
C
10934 10934
126
12754
5
D
1946 M 8
1946 M 8
Registered
70
*10734
10934
12634
QM
1943 A
West Shore 1st 4s guar
754
734
754
10
65
7534
O
F
13
954
954
954
954
10534 10634
8
O
11034
9934
♦Westphalia Un EI Power 6«..1953
10534 10954
10534 10634
e
Cash sales transacted
during the "current week and not Included In the yearly
range.
No sales.
r
Cash sale; only transaetlon
during ourrent week, a Deferred delivery sale; only
during ourrent week,
n Odd lot sale, not Included In year's
range.
transaction
Ex-interest.
x
| Negotiability impaired by maturity,
the dollar quotation
per
200-pound unit of bonds.
exohange rate of $4.8484
t The price represented la
Accrued Interest payable at
T The following Is a list of the New York Stook
Exohange bond Issues wbloh have
been called in their
entirety:
Treasury 354s 1940-1943, June 15 at 100.
Vanadium Corp. 5s 1941, March 15 at 101.
{ Companies reported as being in
bankruptcy, receivership, or reorganised under
Section 77 of the Bankruptcy
Act, or securities assumed by such 00mpanics.
*
Friday's bid and asked price.
♦
Bonds selling flat.
No sales transacted during ourrent week.
Deferred delivery sales transacted
during the current week and not Included
In the yearly
range:
t
No sales.
63
89)4
6434
63
*85
O
254
107)4
365
10734
6134
------
"254
A
M
1254
9954
106
62 54
754
12
1134
.
4234
Teleg g 434s..1950 MN
25-year gold 5s
1961
D
30-year 5a
i960
Transactions
D
"3
12
1952
Western Union
19^
9954
Jan 1960 A
8
1254
1134
1954
West N Y A Pa gen
gold 4s
{♦Western Pac 1st 5s ser A
♦5s assented
72
19
15
1966 J
Maryland 1st 4a
1st A ref 534s series A
72
6834
.1977
.....
5
12834
------
5
28
47
*13
1976 F
Western
10454 10634
10454 10554
9934 11334
169
41
107
51
10534
11034
107
25
10634
10534
10534
J
MN
J
1
10534
J
J
2534
46
11134
10834
40
107
20
2834
*42
78
110
1934
107
1734
*2534
1734
J
J
72
10834
2
10
High
10734 10834
3754 4554
8434
78
6934
111
11134
J
-----
1934
—
A
D
----
10754
10754
—
6954
83
1754
Low
37
4434
1941
1st mtge 834s series I
West Va Pulp &
Paper 3s
ser
No.
10754
Since
Jan. 1
1954
{♦Warren Bros Co deb 6s
1941
Warren RR 1st ref
gu g 334S..2000
Washington Cent 1st gold 4s.. 1948
Wash Term 1st
gu 834s—
1945
1st 40-year guar 4s
1945
Westchester Ltg Be stpd gtd...l950
Gen mtge 8 34s
1967
West Penn Power 1st 5s
ser E.1963
deb 4s
1st mtge s f 4s
II
7934
111
------
—
7
76
*66
_
17)4
A
Range
Asked
High
A
10734
4254
43
1978
♦Ref A gen 5s series D
1980
Walker (Hiram) GAW deb
434a 1945
Walworth Co 1st M 4s
1955
6s debentures
1956
Warner Bros Pictds
debs
1948
Cony
*72 34
-
„
107 34
1989 F
♦Ref A gen 5s series B_
♦Ref A gen 434s series
C
8854
6154
7734
Term Assn of St L 1st cons Be.. .1944
Gen refund s f g 4s
.1963
♦AdJ Income 6s
(♦Third Aye RR 1st g 6s
Tide Water Aaso Oil 3 34s
8054
5934
------
Third Aye Ry 1st ref 4s
58
5734
.1946 F
Tex Pac Mo Pae Ter 6 34s A
6054
5034
5034
"8734
60
-
Gen A ref 6s series C
Gen A ref 6s series D
61
4534
106
105
"8754
So'western Bell Tel 334s ser B.. .1964
1st A ref 3s series C
.1968
So'western Gas A El 4s ser D_. 1960 MN
♦{Spokane Internet 1st g 6s._ 1966 J
J
....
109"
10754
10854
10
------
gold 6s
--
10554
.1996
Texas A Pacific 1st gold Be
Gen A ret Be series B
-
S
1939 MN
(♦Des Moines Dly 1st g 4s.. 1989
J
♦Omaha Dly 1st g 834s
1941
O
♦Toledo A Chic Dly g 4s
1941 M 8
{♦Wabash Ry ref A gen 5
34s A.1975 M 8
106
11034
.1966
...
-
9954 10154
105
or
Friday's
Bid
Low
1966 M
♦1st lien g term 4s
♦Det A Chic Ext 1st 5s
102ui«105
108
.1961
Texas Corp deb 834s
3s debentures..
3
9
10734
.1966
.....
56
10654
.1966
234s
.1963
Studebaker Corp cony deb 6s.. 1946
Swift A Co 1st MS 34s
.1960
Tenn Coal Iron A RR gen 6s... .1^61
3 3 34
10554
9954
.1966
Staley (A E) Mfg 1st M 4s
Standard Oil N J deb 3s
29 34
"25" "3034
110
------
.1994
Derel A gen 634s....
Mem Dlr 1st g Be
St Louis Dlr 1st g 4s
5
Range
Sale
Price
Railroad & Indus. Cos.
(Concl.)
Virginian Ry 354s series A
{(♦Wabash RR 1st gold 5s.
(♦2d gold Be
64
10354
10334
.1966
Southern Ry 1st cons g 6s
Derel A gen 4s series A
Derel A gen 6s
57
10854
------
1969 MN
1960 A
3
3334
*
1968 M 8
San Fran Term 1st 4s
96 34
62
------
1st mtge pipe line 4 He
1961 A O
So Pac coll 4s (Cent Pac
coll)..1949 J D
1st 434s (Oregon lines) A...1977 M S
1946 J
434
95
105
105
1947 J
J
1946 J D
1981
4
117
2534
10054
10154
102llie 10254
10154
------
Gold 4 34s
10-year secured 334s
854
734
1554
254
334
2
25
------
Gold 4 348
Gold 4 34s
1
*1354
------
1961
Southern Colo Power 6s A
Southern Kraft Corp 434s
Southern Natural Gas—
134
634
534
434
62
South A North Ala RR
gu 6S..1963
South Bell Tel A Tel
334s
1962
3s debentures..
1979
Southern Calif Gas 434s
1961 M 8
1st mtge A ret 4s
..1966 F A
1534
434
11
9634
Socony-Vacuum Oil 3s debs... 1964
15
134
14
454
554
S
F
48
1234
134
454
634
D
M
1254
1134
-----
454
J
J
14
3034
4334
1834
2834
4454
2934
118
12354
434
634
534
1454
254
*234
454
1946 MS
J
8
125
*954
1134
134
------
♦Certificates of deposit
{(♦Atl A Blrm 1st gu 4s
1933 M "8
{♦Seaboard All Fla 6s A ctfs—.1936 F A
♦Series B certificates
1935 F A
con
3034
A
Shell Union Oil 2 Ha debs
1954
Sblnyetsu El Pow 1st 6 He
1962
♦Siemens A Halske deb 6Hs—1961
♦Silesia Elec Corp
BHe
..1946
SUeslan-Am Corp coll tr 7s
1941
Simmons Co deb 4s
1962
9834
11534
111
------
♦Adjustment 6s
Oct 1949 F A
!♦ Refunding 4s
1969 A O
♦Certificates of deposit
654
24
J
♦Stamped
Texas A N O
9754
114
5
11134
11134
Scioto V A N E 1st gu 4s.:._:ii989
M N
It ♦Seaboard Air line 1st g 4s. 1950 A O
(♦Gold 4s stamped
1960 A O
♦1st cons 6s series A
434
534
2
13
STOCK EXCHANGE
Week Ended Feb. 23
High
-
1946 A
f 6 He series B
Law
Week's
Last
N. Y
6734
10754
J
J
-
9854
11534
5634
S
J
-
Since
10754
O
------
♦Stamped
♦Guar
J
A
1251
BONDS
Jan. 1
----
6
11534
1943 /
—
734
*9454
1963
San Diego Consol G A E 4s
1966
Santa Fe Pres A Phen 1st 6S...1942
{♦Schulco Co guar 6 He
1946
No.
90
6
1972
?§
High
*454
1940
8 A A Ar Pass 1st
gu g 4s
San Antonio Pub Serv 4s
6
Friday
Range
3
Asked
*82
34b.__1947
4HB..1941
St Paul Un
Dep 6e guar
A
Low
St Paul a JDuiuth 1st
con g 4a__l968
{♦St Paul E Gr Trk 1st 4
t*St Paul A K C Sb L
Record—concluded—Page
Week's
Last
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 23
66
5654
at
the
New
York
Stock
Exchange,
Daily, Weekly and Yearly
------
"99"
*
—
-
-
*
-
«•»
126
*12454
—
107
-
-
—
-
-
107
2
*14
Stocks,
125
125
Week Ended
108
Feb. 23, 1940
Number
Railroad
State
&
Miscell.
of
Shares
United
Total
States
Bond
Bonds
Sales
Municipal
Bonds
For'n Bonds
-
-
-
-
"98" "99"
107
UJlgawa Elec Power s f 7s
1946 M 8
Union Electrlo (Mo) 334s
1962 J
J
{(♦Union Eley Ry (Chic) 6e_._1946
94
Union Pac RR 1st A Id gr 4s... 1947
1st lien A ref 4s
June 2008 M
1st lien A ref Be
June 2008 M
1970 A
Vandalla
1,105,000
225,000
5,573,000
3,280,270
$21,375,000
$4,512,000
$697,000
$26,584,000
12
11454
19
113
8
108
22
8
11634
116
11634
28
10634 108 34
11334 11634
9734
27
96
98
9734
30
96
9734
0
97 34
*10734
65
64
7934
------
D
10534
•
—
-
-
-
-
25
934
9654
97 34
------
-
-
—
-
-
-
108
-
65
5
80
7854
*110
-
44
72
10534
-
20
-—-
105
22
10154
27
102
35
87
O
1955 F
87
4
105
16
87
1
87
103 34
5sl941 A
A
10334
10154
*10934
*10934
1957 MN
-
-
---
(♦4)4s sasented...
1934
Va Elec A Pow 3 He ser B
1968
Va Iron Coal A Coke 1st g 5...1949
Va A Southwest 1st gu 5s
2003
1st
cons
5s—
S
M
8
J
J
...1958 A
O
3,280,270
2,990,740
1939
$697,000
4,512,000
21,375,000
$26,584,000
$25,635,000
26,942,470
36,466,468
$846,000
$5,733,000
3,686,000
21,203,000
34,949,000
201,066,000
$11,616,000
35,692,000
211,396,000
$241,748,000
$258,704,000
Bonds
Government
State and foreign
Railroad and industrial
Total
—
r
1
Stock and Bond Averages
Below
are
the
daily closing
stocks and bonds listed
as
on
averages
of representative
the New York Stock
Exchange
compiled by Dow, Jones & Co.:
Stocks
Bonds
10
10
*34
10934
-
—
-
-
-
-
109
*40 34
*55
62
134
10954
-
34
—- —
25
45
109
40
15
Total
10
First
Second
10
Utili¬
65
indus¬
Grade
Grade
Utili¬
40
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
42
Feb. 23.
147.35
30.62
49.43
107.76
91.90
47.61
148.34
30.81
25.05
49.72
107.75
91.96
47.99
108.74
89.11
Feb. 20.
148.65
31.06
25.00
49.86
107.84
91.95
48.15
108.91
89.21
Feb. 19.
148.46
30.90
24.96
49.75
107.84
91.89
47.89
109.05
89.17
Feb. 17.
148.72
30.94
24.99
49.83
107.86
92.03
48.25
109.09
89.32
Feb. 22.
1
Total
110
83
62
20
Rail¬
trials
54
30
Indus¬
J
M
1 to Feb. 23
1940
3
J
J
Jan.
1939
—~
Stocks—No. of shares.
Dale
coupon off. ....1934 J
1940
----
Vera Crui A Pacific RR—
(♦434s July
Week Ended Feb. 23
Exchange
10154 105
10134
87
Sales at
New York Stock
-
8
18
H»59
24)4
90
9354
10054 10254
10134 103 34
87
9334
10334 10634
87
9334
10334 106
92
10134
...1959
2434
$3,349,000
5,611,000
6,218,000
5,833,000
"2354 "2434
10134
10334
10554 10654
$34,000
62,000
172,000
204,000
-
-
9154
10054
87
6734
8154
11034
2134
-
10054
10334
109
$474,000
1,081,000
896,000
956,000
HOLIDAY
Total
115
23 34
*1434
92
6134
77
110
------
10534
*23 34
*1434
*2334
*1434
*23 34
1947
4s series A
Cons s f 4s series B
4,243,000
10234
1947
cony
4,673,000
653,760
10154
11454
10734
1951
cons g
783,250
Friday
10154
11454
10734
United Stockyards 4)4> w W..1951
Utah Lt A Trac 1st A ref 6s...1944
Utah Power A Light 1st 5s
1944
T Vanadium Corp of Am
Wednesday
Thursday
9
854
11234 11254
10154 102 54
♦Sink fund deb 6 34s ser A...1947
♦3 He assented A
1947
5s stamped
5,150,000
25
1951
534s stamped
(♦Debenture 5s.-
4,468,000
807,760
108
1951
{(♦Utll Pow A Light 6Ha
$2,841,000
633,410
112 54
1944 M 8
1948 /
♦3)4s assented A
s f 634a series C
♦3)4s assented C
402,090
Tuesday..
*854
11234
♦Un Steel Works Corp 6 34s A..1951
♦Sec
Saturday
95
8534
107 34 109
107 34
1971 MN
United Biscuit of Am deb 6s...1960 A 0
United Clgar-Whelan Sts 6s...1962 A 0
United Drug Co (Del) 6s
1963 M 8
U N J RR A Canal gen 4s
U S Steel Corp 334s debs
3
9454
11234
------
Union Oil of Calif 6e series A...1942
3s debentures
1969
84-year 334s deb..
36-year 834s debenture
_...
"1334 "1334
Monday
*1334
"59"" "62 34
Feb. 21.
25.05
Holi day
108.66
88.98
Holl day
Feb.
Exchange—Weekly and Yearly Record
New York Curb
1252
NOTICE—Cash and deferred delivery sales are disregarded In the week's range
weekly range are shown In a footnote In the week In which they occur.
of the regular
unless they are the only transactions of the week and when selling outside
No account is taken of such sales In computing the range for the year.
on the New York Curb Exchange for
presentFriday (Feb. 23, 1940). It is compiled
intended include every security, whether stock or
following extensive list we furnish a complete record of the transactions
beginning on Saturday last (Feb. 17, 1939) and ending the
entirely from the daily reports of the Curb Exchange itself, and is
to
bond, in which any dealings occurred during the week covered.
In the
the week
Week
Last
.10
Wire Co com
Aero Supply Mfg—
Acme
\
5%
300
Jan
Jan
Benson A
Feb
2X
2%
800
1%
Jan
2X
Feb
25 M
1,000
17X
Jan
Feb
Feb
Jan
Jan
Jan
77 X
106 H 107
230
101
40
93
Jan
97 X
Feb
Feb
2*
Jan
107
17 pref
*
preferred
*
Alles A Fisher Inc oom..
Alliance investment
Allied Internat Invest com*
S3 conv pref
Ala Power
Jan
IX
Feb
Jan
107
Feb
Jan
Feb
20
Feb
7% 1st preferred
Borne Scrymser Co
Jan
100
1.100
116
11634
450
200
9X
UX
95 X
94%
Feb
Jan
114*
17X
If 8 X
U6X
Feb
Jan
101
UX
17*
Feb
Feb
17
3,500
1,000
7X
Feb
11 &
95%
93 X
Feb
107 X
150
103 X
Jan
105X
107 X
Jan
Feb
1
107
Jan
IX
Jan
100
Brewster
Jan
Jan
hi
Jan
Bridgeport Gas Light Co.
Bridgeport Machine
Preferred
..100
200
Feb
20 X
Jan
Feb
74
Jan
72
X
X
Jan
Jan
33
Jan
33 X
Feb
100
33
31X
Amer
Amer
Amer
Amer
31
Jan
33
Feb
Class A
i
lex
2%
2%
X
X
100
"34 X
35%
2,666
34 X
3 X
3X
300
27 X
27%
31 X
75
JX
25
25
31
Feb
16X
200
UX
Jan
10 X
Feb
16%
200
16
Jan
17
Jan
15X
15X
500
1BX
Feb
Brown Rubber Co com...1
29 X
100
28 X
Jan
16X
29X
Jan
29 X
Jan
400
18X
Feb
22
Jan
(8
Feb
68
Feb
"3'1'x
Mach
20
com...25
31%
10*
32.50 conv preferred
Amer Hard Rubber Co. 60
16*
16X
Tex
Amer Lt A Trao
25
0% preferred
Amer Mfg Co common 100
Preferred
100
X
ibo'x
Am dep rets ord reg.
•if
Jan
hi
Jan
Feb
12
Jan
Feb
39 X
Jan
British Col Power cl A
Jan
3X
Jan
28 X
32
Jan
Feb
Jan
Jan
100 k
Feb
4X
Jan
'""25
Jan
7 i«
3,900
67
68 H
250
67**
Feb
75
13
13
1334
600
13
Feb
17
3%
400
IX
100
Jan
1K
IX
3X
IX
IX
Jan
3X
Feb
Jan
Jan
IX
IX
Jan
Feb
Feb
12*4
Jan
114*
114* 114*
30
234
7%
400
2
7
4,129
2,200
7%
30
98
97
U3X
hi
1,300
2X
2
98
X
2X
hi
......
Feb
Feb
2
Feb
2
Feb
7
Feb
94X
Jan
115
Jan
5
H
5*
5X
300
Jan
£1
X
he
X
...1
1
2%
preferred..........*
2,400
3,500
X
X
2%
100
2X
Jan
Feb
Jan
*ii
X
5X
#
hi
hi
Feb
19 X
19 X
l
5X
5*
Corp warrants......
x
Atlantic Coast Line Co.60
Auas
3X
Feb
23 X
100
5X
2,000
»ie
5%
X
'lex "17"
Plywood Corp.....*
h«
hi
tAustin Silver Mines
1
Automatic Products.....6
800
"ii
Feb
700
13 X
Jan
1,500
hi
Jan
X
IX
IX
300
IX
Feb
ex
ex
200
Avery (B F) A Sons com..6
ex
7
300
5X
5X
Jan
Feb
26
26
19X
Automatic Voting Mach.. ♦
0% preferred w w
0% preferred xw
Warrants
6X
IX
...
3X
IX
4
10
113
5X
ex
Cent Ohio Steel Prod
1
Cent States Eleo
IX
ex
Jan
Jan
Feb
7
Feb
ex
23X
ex
1,400
5X
23X
Jan
Feb
X
Stainless Steel... 1
x
X
1,000
5,000
Jan
•n
6%
7%
100
100
preferred
preferred
Conv
11
Jan
Cities
$6 preferred BB
Feb
7X
Jan
13 X
Jan
Jan
For footnotes see page 1257
8
5X
Jan
6
4X
12X
Jan
Feb
8X
Feb
100
12 X
Jan
Feb
1,600
6X
Jan
Beaunlt Mills Inc com.. 10
7X
73 X
8%
26 X
*
4X
12X
39X
he
Jan
X
Jan
15X
Feb
17%
Jan
Feb
22
$0 preferred
Jan
7%
Feb
2%
Jan
%
Jan
1%
Feb
39%
hi
200
9%
IX
Feb
Jan
Jan
1
Jan
Feb
25
Feb
Jan
e%
40 X
Feb
Feb
Jan
38
X
Jan
hi
Jan
10
100*
Jan
106
Jan
10
Jan
99
Feb
13%
1,300
92%
12%
Jan
15 X
Feb
12%
138
7%
Jan
Jan
Feb
12
Feb
Jan
20
Jan
Jan
3X
Jan
Jan
2%
113 X
113%
600
5X
112
700
3%
Jan
5%
Feb
Feb
100
20%
69%
Jan
34 X
Feb
Jan
85
Jan
14
Jan
1734
Feb
5
32%
34
15X
102% 103 X
8
8%
300
""310
500
50
110
hi
105
Jan
109
Jan
Jan
103 X
Feb
8%
Feb
Jan
106%
97%
7%
103
Feb
Jan
115
hi
Feb
834
Jan
2X
2
Feb
2X
Jan
Jan
Jan
Jan
Jan
Jan
3%
Feb
""5% "ex
'""166
"2"
'""25
3%
100
t
*
Feb
2%
5%
4
Jan
Jan
7
Jan
Feb
13
110
72%
8%
Jan
Jan
150
110
Jan
73X
8%
500
68
Jan
74 X
Feb
9%
Feb
Jan
22X
4%
27X
5
55
56 X
100
550
6,300
1,500
X
Jan
Jan
Jan
8%
2734
Feb
Jan
4
Jan
5
64%
Feb
58 X
4%
Jan
5X
51
210
Jan
Jan
99
110
50
Feb
54
Feb
89
Jan
104
Feb
82
Jan
100
6%
1,000
Feb
Jan
6%
Feb
ex
ex
5%
Jan
ex
Jan
16%
6%
Jan
16%
Jan
X
Jan
Feb
Feb
Jan
X
'it
2,600
X
Jan
4%
4X
48X
ex
100
4X
Jan
600
42 X
Jan
5,800
5%
Jan
4834
6%
2
Jan
234
1
Ino-.l
Clayton A Lambert Mfg..*
Cllnchfleld Coal Corp.. 100
X
X
Feb
111 *
1
*
Jan
X
%
1,500
1,200
99
Claude Neon Lights
Cleveland Tractor com
Jan
8
50
*
City Auto Stamping..
*
City A Suburban Homes 10
Cleveland Eleo Ilium
Jan
6%
200
111
4%
Clark Controller Co
100
Jan
"11
ex
*
Jan
Jan
10 X
»ii
12
56 X
60c preferred B
Jan
2,300
Jan
Jan
....
3%
10
Feb
X
ux
IX'
3,900
"'2
...._*
common..
X
10 X
iox
Baumann, see "Ludwlg"
Beau Brummell Ties Ino.. 1
7X
Service
$6 preferred
Jan
100
Feb
Jan
2*
5%
5
10
Jan
7
Feb
ex
12X
Strip Co
Charts Corp
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach—4
Chief Consol Mining
1
Childs Co preferred
100
X
ex
Jan
%
IX
X
Cities Serv P A L $7 pref. ♦
5
Basic Dolomite Ino eom__l
2%
3",000
110
preferred
Jan
8
26 X
Jan
9X
ex
Jan
Jan
108
2
Jan
Jan
Jan
14*
7X
hi
Feb
22
22 X
Jan
Feb
7%
1
com
IX
100
24
X
102%
8X
Cent Pow A Lt 7% pfd 100
4*
Jan
Feb
Feb
'"260
Cent A South West Utll 50c
Jan
Barlow A
31.50 conv Pref
20
Beech Aircraft Corp.....!
*
oom
Jan
Jan
Jan
43
21%
15%
15X
Jan
ex
1
Bath Iron Works Corp...l
Cent Hud G A E
32 X
*
*
IX
19 X
7% preferred
30
Baldwin Rubber Co oom.l
Celanese Corp of America
Jan
3X
11X
Jan
18
3X
Jan
Jan
Feb
'"loo
r3
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
Jan
Feb
4X
10
Feb
53
Feb
Feb
1%
101 %
*
100
Feb
18 %
Jan
Jan
300
Chamberlln Metal Weather
Baldwin Locomotive—
Seelig Mfg—
31.20 conv A oom
1
Casoo Products
Jan
42
5%
Jan
7%
12%
Jan
40
Jan
105 X 105 X
98
98
98
*
Feb
Babooek A Wlloox Co....
Barium
39 X
Cherry-Burrell common..5
42 X
Jan
"27H_"jan
Jan
5%
Jan
3
42
IX
25
16
25
Feb
Jan
xl2%
""266
9,200
19X
Ayrshire Patoka Collieries 1
Puroh warrants for oom
"11
3X
17
Feb
20
150
%
....
Capital City Products
*
Carlb Syndicate
25c
Carman A Co olass A—
Class B
*
100
Conv prefopt ser'29.100
Axton-Fisher Tobaooo—
Bardstown Distill Ino
1
Canadian Maroonl
14X
Aviation A Trans Corp..i
Class A common
Jan
Jan
20*
Jan
1,300
13
IX
Feb
0
Jan
Feb
2X
Atlas Drop Forge com...6
Atlas
20
2X
19X
Feb
40
3X
Jan
*
17 div. preferred..
1st partlo pref
2X
1,000
12%
Canadian Indus Alcohol—
7% 1st partlo pref—.100
3
Jan
10%
Carter (J W) Co common. 1
Coast RR Co pref...100
19X
2%
7%
1
Celluloid Corp common. 15
Atlanta Gas Lt 0% pref 100
Atlantic Coast Fisheries..*
Atlantio Rayon Corp
Colonial Airways
Jan
Jan
A
Jan
Feb
Feb
19
25
7% partlc pref
Jan
Assoc Tel A Tel class A.
Feb
32%
28
200
15%
Carrier Corp common
Feb
Feb
12 X
2
Canadian Car A Fdy Ltd—
Castle (A M) common.. 10
Catalln Corp of Amer
1
800
hi
*
10 x
40
hi
Carnegie Metals com
1
Carolina P A L $7 pref...*
Option warrants.....
38
nu
Feb
8
Jan
Feb
1%
1,300
100
2X
2%
%
6X% pref shs £1
$6 preferred
Assoc Laundries of Amer.*
Atlanta Birmingham
Am dep
Jan
5X
Feb
2
Calamba Sugar Estate. .20
Camden FlrelnsU' Assn..5
7X
Feb
1%
Cables A Wireless Ltd—
2X
5X
Gas A Eleo—
400
21X 22
101X 102
12X
60o
Clas B non-vot
Feb
Jan
22
Class A voting
6X
Jan
IX
IX
10 x
Burry Biscuit Corp.. 12He
Cable Eleo Prod com
60c
Jan
Jan
Jan
7X
"450
40
Carnation Co common...*
200
8
~~2%
5
60
Buff Niagra A Eastrn Pw—
f 1.60 preferred
25
$5 1st preferred
*
L) Co com
Buckeye Pipe Line
Jan
6
1
Can..*
t o com...
$6 preferred
X
Jan
Feb
4%
IX
Brown Forman Distillery.
2X
99
Jan
3
18
Class A pref
Cndn
Elee Industries
Class A
Jan
400
"24* "26"
IBrown Co 6% pref... 100
Vot trust ctfs
IX
IX
ord reg..lOs
Burma Corp Am dep rets
Jan
49
Jan
IX
£
£
Bunker Hill A Sullivan 2.50
UX
3X
Ashland Oil A Ref Co
Common.......
*u
Jan
.
Jan
7X
Jan
OX -Feb
t/a
Works com...5
Amer deposit rets
104
1,300
Am dep rets
.
Feb
X
67
Common cl A non-vot..*
Assoc
Jan
Jan
Jan
1,000
X
85 X
ex
"ii
30
Jan
Jan
30%
30
32%
Brown Fence A Wire corn-
X
3%
Jan
1
British Celanese Ltd—
6X
H
0% preferred.
10
Arkansas P A L 37 pref..*
Associated
Am dep rets ord bearer
Feb
6X
Corp oom*
1st 36 preferred
•
30 series preferred
*
American Thread 5% pf..6
Anobor Post Fence
..*
Angostura-Wupperman ..1
Apex Eleo Mfg Co com...*
Appalachian Eleo Power—
37 preferred
*
lAroturus Radio Tube...l
Arkansas Nat Gas oom...*
Assoc Breweries of
Jan
37X
18 X
Feb
Jan
32
400
6%
Am Superpower
Art Metal
34
Jan
15
200
/
35
34
Meter Co
10
08
68
1
*
Amer Pneumatic Service. *
Amer Potash A Chemical. *
American Republics
10
Amer Seal-Kap com.....2
Amer Maracalbo Co
Feb
Feb
2%
49
British Amer Tobacoo—
Jan
31X
Feb
Jan
2%
Jan
6%
16X
Jan
10
"166
Bruce (E
24%
2%
5%
Registered
ux
..1
1
Feb
8
British Amer Oil coupon..
31
Eleo new...10
Amer Laundry
Jan
Feb
1%
18%
0,800
32 conv preferred
35
15%
Feb
8%
18%
16,766
18 X
IX
Feb
X
Jan
18 X
37%
American General Corp 10c
Amer
ex
32%
"35 X
Jan
IX
5%.
Jan
Jan
...
"37~"
Amer Gas A
Jan
12%
3,400
16
Jan
Feb
Jan
29 %
IX
17%
Jan
27%
39%
100
7% preferred
IX
.10
Export Lines com..l
Foreign Pow warr...
Fork A Hoe com...*
Jan
Jan
Class B.
"I X
Class B n-v
2%
1,300
3,000
22,400
7%
~~2~X "~2X
.....26
Class B
Jan
5
2X
warrants.2/)
l
Cyanamld class A. 10
Class A with
Jan
8%
100
e
Brlllo Mfg Co common..
200
Jan
Jan
600
7X
Brill Corp class A
200
1%
5X
iex
Aeronautical—
33 H
Class A
42
1
39 X
ex
Jan
19
33 X
Jan
40jr"jan
28*
7X
Brazilian Tr Lt A Pow
X
33
Jan
Jan
IX
A Lt—
Jan
6
15
100
7% 1st preferred
2d preferred
Jan
6
X
6%
Jan
%
7
700
72 34
Jan
Jan
12H
7%
2X
ex
X
41X
5X
Feb
Jan
72
Feb
1,600
1,200
1,300
IX
1
41 x
38
25
Bourjols Inc...
Bowman-Blltmore com.
Breeze Corp com
41
10c
10c
$3 preferred—
♦
35.60 prior pref
*
Amer Centrifugal Corp..l
38 %
26%
Jan
10
6
Feb
Jan
1%
45
44%
"44%
0
Jan
38
125
Bohack (HC)Co com...
166
17 X
14%
Blumenthal (8) A Co
138 X
17 X
Feb
6
10X
American Capital—
v
IX
41X
Jan
116*
100
14X
13%
4
20
Mfg...*
Aluminum Industries com*
Aluminium Ltd common. *
0% preferred
100
American Beverage eom.l
American Book Co
100
Amer Box Board Co com. J
Jan
%
6%
10
Allied Products (Mich).. 10
Class A conv com
25
46
Jan
A Machine Co com
$3 opt conv pref
Co common..*
13%
38X
13X
preferred
Birdsboro Steel Foundry
$2.50
Jan
Jan
*n
50
38%
Bickfords Inc oom
Blue Ridge Corp com
Aluminum Qoods
X
Bliss (E W) common
97 H
97
97 %
$6
X
Blauner's com
1
Southern-.60
X
74 X
43*
Jan
45
13%
25
Feb
Jan
1,100
*
Berkey A Gay FurniturePurchase warrants
124 %
40
46
46
Jan
Jan
40
r46
300
75
Feb
136
180
Hedges com
75
7,
it
he
Feb
8%
Jan
Feb
123
Conv pref
25*
X
24
75
Class A common
Common class B
OX
11X
Jan
10
200
26%
17%
6X
131 %
1,600
1,200
134
133
134
100
Tel of Pa 614 % D' -100
8X
7%
7X
Aircraft com
Bell
1,1&40
High
Low
Shares
23%
22%
22 X
Aircraft Corp oom..
2
*
Am Cities Power
Bell
Feb
5%
Jan
11X
2X
25
0% preference
4%
2,100
6
6
common..*
preferred...
Aluminum
Jan
11H
Warrants
Ot
High
Bellanca
5X
5
Class B
Alnsworth Mfg oom
6
Air Associates ino oom—1
Alabama
of Prices
Low
High
Price
Range Since Jan.
for
Week
Week's Range
Sale
Bell Tel of Canada
Class A
Conv
Last
Par
22 X
Feb
19
100
19
19
Low
Shares
High
Low
Price
Par
STOCKS
Week
of Prices
Sale
STOCKS
(Continued)
1940
Range Since Jan. 1,
for
Range
$
Sales
Friday
Sales
Friday
jAlr Investors
1940
24,
47 X
46X
5x
5
Jan
Volume
New York Curb Exchange—Continued—Page 2
ISO
Friday
stocks
Last
(Continued)
Sales
Week's Range
Sale
Par
Price
of Prices
Low
Club Alum Utensil Co..
High
for
Week
Range Since Jan. 1,1940
Low
3%
3%
100
£\
4%
4%
400
warr.
5%
5X
200
5%
3%
Jan
7%
Feb
8%
Jan
Feb
2%
4%
Jan
Fldelio
Jan
Jan
Jan
6%
Jan
Fire Association (Phila).lO
Flsk Rubber Corp
1
78X
78X
100
77
Jan
83
Jan
88%
70%
475
64
Jan
70%
Feb
1.500
2
Jan
2%
Jan
Columbia Oil A Gas
1
6%
Jan
8
Jan
»3J
X
3,700
*u
Jan
Jan
IX
44%
IX
100
Jan
45%
250
1%
40%
X
IX
Feb
46%
36
37
600
34
X
Commonw Distribution. _1
Community P A L $0 i ref *
Community Pub Service 25
Community Water 8erv_.»
2
2
36
Jan
Feb
Jan
37%
Jan
X
X
100
*11
Feb
X
Feb
17X
17%
200
17%
Jan
Com po Shoe Mach—
1
17%
18
Feb
Conn Gas A Coke becur—
*
Consol Biscuit Co
45
1
3%
82%
3%
83
119)4 119%
Consol G E L P Ba t com *
434% series B pref
Consol Gas Utilities
100
Consol Retail Stores
8% preferred
119)4
1
Consoi Mln A Smelt Ltd .5
IX
"36""
35
IX
36%
20
Jan
1%
5
5
6%
10 X
10%
*
Cop per weld Steel
5
8X
*
4%
5%
Jan
97%
Feb
1%
4%
Jan
1%
Jan
5%
Jan
15%
90
90
6
400
9%
8%
Jan
Cornucopia Gold Mines.5c
Corroon A Reynolds—
Common
56 preferred A
Cosden Petroleum
%
75
1
5% conv preferred
5
Crocker Wheeler Elec
1
20%
5
Jan
Jan
8
8
IX
25c
IX
1%
400
X
25
5
5
Darby Petroleum com.-.5
Davenport Hosiery Mills.*
Dayton Rubber Mfg
1
Class A
35
conv
1
Dennlson Mfg cl A com—5
$6 prior pref
50
100
6% pref w w
10
Jan
Feb
200
15%
15%
Feb
17%
16%
Jan
1%
Jan
1%
12%
Jan
14%
10%
19%
32%
16
16
14%
14%
100
Jan
Feb
41
56 conv preferred
*
Gen Telephone 53 pref...*
General Tire A Rubber—
6% preferred A
Gen Water G A E
15%
15%
15%
16
25
25
%
100
500
20
%
Jan
%
Jan
Gilchrist Co
Jan
2%
8%
Feb
1%
Feb
Glen Alden Coal
Feb
Jan
8%
Feb
Jan
2%
111%
Jan
Jan
Jan
Jan
Jan
Gorham
Jan
Jan
19
Feb
1,700
17
Jan
19%
Jan
50
Feb
75
Jan
*85%
44
70
35
330
29
Jan
32
Feb
73%
1%
73%
50%
1%
73%
40
72%
Jan
77
Jan
50%
100
49%
Jan
52
Jan
Jan
Jan
9
75
39%
Jan
100
98%
Jan
40%
101%
87%
5%
40%
Jan
10
4%
Jan
1,100
6%
Feb
8
23%
8%
Jan
24
""166
43%
43%
6%
6%
6%
q~
q
100
100
X
20
X
15%
27%
27%
100
135
46
8
100
Feb
900
1%
Jan
2
Jan
10
Guardian Investors...... 1
Gulf Oil Corp
25
100
10
Jan
Jan
Gulf States Util 55.60 pf.*
100
16%
1%
1%
Feb
1
300
21
1,100
Jan
1%
1%
1%
Jan
17%
Engr
H2% 112%
"2~300
5%
Lamp Co
5%
50
100
2%
300
600
Jan
Feb
30
Jan
70%
1%
Feb
1%
Jan
%
1%
Jan
1%
1%
%
1%
1%
%
200
1%
700
1
6%
6%
300
75%
Feb
78
Jan
Jan
29
Jan
Jan
Jan
1%
%
2%
6%
10
Jan
108%
1%
77
Jan
69%
%
100
6
Jan
27%
2%
Jan
Jan
3%
Jan
700
17%
Jan
Feb
2,100
6%
Feb
21%
7%
4%
Jan
6%
Feb
8%
B non-vot com
Jan
10%
Feb
Haverty Furniture ev pfd_*
Hazeltlne Corp
'
Hearn Dept Store com...5
60
20%
25c
6%
19%
6%
21%
6%
Helena Rube ostein
Class A..
Heller Co common
9
Preferred
w w
ex-war
10
300
25
Preferred
25
Jan
Feb
2%
7%
12%
Jan
78
79
425
67
Jan
79
Feb
21%
600
20%
Feb
21%
Feb
7
7%
11%
8%
Jan
200
400
2%
Feb
3%
925
42%
17%
Jan
Feb
48
Jan
650
22%
Jan
Feb
10
Jan
Jan
Jan
Jan
X
19%
19%
Feb
Horn (A O Co com
Feb
4%
Jan
Jan
17%
Jan
Horn a Hardart
Feb
5% preferred
Hubbeil (Harvey) Inc
12%
100
Horn A Hardart Baking..*
3%
100
17
3%
Economy Grocery 8tores _♦
Etsier Electric Corp
1
Elec Bond A Share com..5
rl0
rl6
1%
T10
7
209
2
5,300
7%
1%
7%
25
9,600
*
58
57%
58
*
66%
65%
66%
15%
16
*
Option warrants
1
E ectrol Inc vtc
8%
61%
Jan
Jan
Humble Oil A Ref
70
Jan
14%
2%
Jan
20
Jan
Hummel-Ross Fibre Corp 5
Hussmann-Ligonler Co...*
Jan
"Too
1%
642
10
68%
67
68
"56
100
14
Jan
60%
Jan
07
Jan
Hydro Electric Securities.*
Hydrade Food Prod
6
Hygrade Sylvanla Corp..*
Jan
08
Feb
03%
65%
Jan
69
Feb
6% oont preferred
Jan
70%
Feb
Jan
Illuminating Shares A
Jan
11
25
325
4%
26%
4%
26%
700
23%
4%
100
23%
11%
10%
11%
5%
5%
6%
1,000
31,500
8%
8
8%
500
Jan
"l3% "moo
23%
10%
Jan
1257
"l2"
34%
60
Feb
12
Jan
14
Jan
Feb
14%
Feb
29%
Jan
35
Feb
Jan
120
33%
110
"l4~
Jan
Jan
Feb
35%
111
Jan
Feb
Feb
~14%
"Too
14
Jan
14%
Feb
59%
4%
61%
1,900
59%
Feb
68
Jan
5
700
4%
Feb
5%
Jan
Jan
9%
60
4%
9%
100
%
10%
10%
2%
Feb
Feb
Feb
Imperial Chemical IndusAm dep rets regis
£1
26
"l2"
34%
Dlv arrear ctfs
Jan
Falstaff Brewing
50
11%
120
Illinois Iowa Power Co,..*
Jan
Falrchild Eng A Airplane. 1
35
7% pref unstamped.. 100
1%
Feb
1
35
.....1
7% pref stamped
24
Ti«
Eureka Pipe Line com. .60
Fanny Farmer Candy
1
Fansteel Metallurgical...*
Common
Jan
Jan
24
1
Jan
*
Feb
10%
%
35
5
1
25
4%
26%
For footnotes see page
Jan
3%
1,800
1
Fairchild Aviation
12%
Feb
%
Equip..5
%
Jan
Jan
IHuylers of Del Ino—
13%
67
7
12%
14%
100
64
67
600
Jan
12%
.....*
Jan
250
66
11%
11%
.1
Feb
ICO
66
Equity Corp common__10c
53 conv pref
1
Esquire Inc
Jan
2
Hormel (Geo A) A Co com*
23
0% preferred
Emsco Derrick A
Feb
7
11%
*
65
Elgin Nat Watch Co
15
Empire Dlst El 6% pf 100
Empire Gas A Fuel Co—
100
6%% preferred.-.-.100
7% preferred
.....100
8% preferred
100
Empire Power part stock.*
1%
6%
Jan
Holt (H) see Henry,....
Horde's Ino
57
1
rl
16
Jan
Holllnger Consol G M...5
Holophane Co common. *
1,100
1
H
1
1
Electrographlc Corp
3%
Jan
300
55 preferred
56 preferred
Elec P A L 2d pref A
16
Jan
12%
2%
17
Jan
21
18%
*
Feb
.10
'
Hoe (R) A Co class A.-.10
46%
57 preferred series A...*
10
27%
26%
Jan
Hewitt Rubber common..6
Hey den Chemical
Hires (Chas E) Co
2%
56 preferred series B__
Jan
Jan
Jan
17%
Easy Washing Mach B
8%
Jan
45%
%
16%
Jan
Participating class A..
2%
100
Jan
Henry Holt A Co—
18
9
29
26%
26%
...2
Jan
1%
Jan
Feb
28
1
Jan
Jan
iS"
14%
1
Jan
Feb
69
*
45%
%
114
6%
28
Hartman Tobacco Co
5
*
\0»«
Jan
112
125
Jan
Haloid Co
4% % prior preferred-100
•
39%
111%
100
28
75
800
Jan
200
Jan
108%
%
Feb
16
10
25
27%
'""%
%
35%
28%
69%
Hammermlll Paper
Hartford Elec Light
Hartford Rayon v to
Dominion Tar A Chemical*
300
8%
10
Jan
Jan
Feb
6% conv preferred
Hecla Mining Co
100
17%
28
22
26%
Jan
..100
Jan
200
Jan
12%
10
2%
14%
109%
""35% "35% "36%
Feb
Feb
1,600
Jan
Gypsum Lime A Alabast
Hall
Jan
Jan
112%
56 preferred—
Jan
Jan
"17% *17% io'soo
7%
2%
X
18%
Jan
6%
11%
8
2
Jan
Feb
*
Grocery 8U Prod com..25c
Grumman Aircraft
10%
17%
Jan
Jan
8%
114
Feb
250
25%
6%
7"sh "9% """406
Jan
11%
%
hi
Jan
*
*
Feb
Jan
Dominion Steel A Coal B 25
Eastern States Corp
102
Jan
40
Feb
I
Feb
ht
9
130
Feb
•
100
800
Jan.
4%
109%
4%
Eastern Malleable Iron..25
45
25
13%
8%
100
6
Jan
50
Jan
0% preferred
90
Jan
25
Jan
Common
%
43
92
10%
105%
40%
113% 113%
Feb
7%
Jan
101% 101%
40
101%
stock...
84%
10%
1%
134
com
30
*
Feb
43
No n-vot
Feb
Eagle Picher Lead
..10
East Gas A Fuel Assoc—
Jan
1%
500
103%
9%
Mfg common..10
14
2%
7%
Feb
%
134
Feb
2%
44
Jan
25
7%
4%
Duro-Test Corp com
Duval Texas Sulphur
Jan
100
13%
Durham Hosiery cl B com
Feb
Great Atl A Pac Tea-
4%
1%
27%
1%
Feb
Feb
25
Harvard Brewing Co
Hat Corp of America—
IX
Feb
Feb
20
26%
,
25
Jan
%
Grand Rapids Varnish...*
Gray Manufacturing Co .10
6%
Jan
Feb
Dublller Condenser Corp
10
Feb
•u
55
»
Feb
76
Jan
25
41%
57 preferred
*
Goldfield Consol Mines..1
Gorham Inc class A
»
%
76
Feb
85
Godchaux Sugars class A
Class B
...»
19
*
700
*
10
15%
%
55%
26%
Dominion Textile Co
Jan
Gladding McBean A Co.
Feb
1
8%
Jan
14%
13%
*
1%
8%
Jan
1%
55
55 preferred
*
Gilbert (A C) common...*
Preferred
*
7% 1st preferred
20%
78
Jan
84%
*
Gt Northern Paper
Greenfield Tap A Die
1%
Jan
300
1
com
53 preferred
Jan
10
Jan
1%
100
Jan
92
Jan
87
73
*
-
91%
1%
41
Feb
*
50 preferred
8
91X
Jan
85%
Warrants
4%
27%
Jan
19
27%
Gen Outdoor Adv 0% pflOO
Gen Pub Serv 56 pref
*
Jan
20
Jan
Feo
Jan
100
Feb
27
Jan
Jan
Feb
Feb
Jan
Jan
Jan
18
Georgia Power 56 pref...*
Jan
Feb
Jan
25%
Jan
1
7% preferred
5% preferred
General Alloys Co
Gen Electric Co Ltd—
7
20 X
common.
Duke Power Co
3%
*
4%
17%
50
ord reg..£l
Driver Harris Co
Jan
Jan
1
stock
4%
Dlvco-Twin Truck com__l
Draper Corp
conv
Jan
Distilled Liquors Corp...5
Distillers Co Ltd—
Dobeckmun Co
53
7%
Jan
Diamond Shoe Corp com
Am dep rets
Fuller (Geo A) Co com
22%
6%
...10
7% preferred^
2%
Jan
100
1
500
Jan
3,000
1
3%
9%
IX
1
3
17%
27%
Feb
18
10
De VUbisa Co com
Jan
1
Detroit Gray Iron Fdy..
Detroit Paper Prod
Detroit Steel Products..
3%
800
7%
1%
100
200
4%
IX
100%
1,900
7
Det Mich Stove Co com__l
325
100
31%
4%
*
1
20
Detroit Gasket A Mfg
103
Jan
110% 110%
10%
4%
Derby Oil A Ref Corp com*
A conv preferred
1%
7%
32
Jan
9%
"166%
Gen Rayon Co A stock...*
Jan
60
31
.....
Jan
Jan
15%
110%
General Shareholdings Corp
Common
1
Feb
700
18%
Jan
19%
Jan
Feb
500
18%
19
18.800
10%
6%
18%
15%
19%
30%
53 preferred
Dejay Stores.
8% debenture
Jan
2%
18%
18%
14%
1
Feb
7
1
Decca Records com
Jan
Jan
IX
IX
Curtis Mfg Co (Mo)
15%
15
Jan
77 X
1%
111
Feb
Conv partic pref
Fruehauf Trailer Co
10%
10%
25%
5%
Feb
200
*
Jan
69%
General Investment com.l
Feb
2%
8%
Cuneo Press 6 X % pref-100
Curtis Lighting Inc
*
X
Jan
dep rets...100 frcs
Feb
%
Crystal Oil Ref com..—•
$6 preferred
10
Amer
Feb
20%
Jan
67%
13%
105%
96%
Fox (Petex; Brew Co
5
Froedtert Grain A Malt—
Common
...1
Jan
16%
X
Feb
9
1,800
1,300
19
19
Jan
Jan
70
200
21)4
%
2%
Crown Drug Co com
com
Jan
Feb
5%
5
X
Crown Cork Internat A..*
Cuban Tobacco
Jan
4%
900
6it
150
*
Jan
98
Jan
15%
X
7
20 X
Crowley, Milner A Co
*
Crown Cent Petrol (Md)_6
preferred
30
IX
9
9
*
Croft Brewing Co
conv
400
75)4
1%
50
£l
Courtaulds Ltd
Jan
25
1
_*
com
Creole Petroleum
7%
100
2,150
2,100
200
*
Class B voting
%
7%
Jan
10X
9%
5%
16
X
Bi«
69%
Amer dep rets ord ref.£l
Gen Fire proofing com
»
Gen Gas A El 6% prefB..*
Jan
"""200
X
Jan
ei«
68%
4% conv preferred...100
Jan
High
Feb
69%
Gamewell Co 56 conv pf.*
Gatlneau Power Co 00m.*
1%
16
Low
Ford Motor of France—
Feb
1%
39%
3%
40
Ford Motor of Canada—
Class A non-vot
120
6%
25
25
Range Since Jan. 1, 1940
Shares
6
.100
Jan
Jan
Jan
300
56 preferred
Florida P A L S7 pref
*
Ford Motor Co Ltd—
Am dep rets ord ref...£1
Jan
93 X
92
*
S3 prior preference
Copper Range Co
Feb
Feb
3
Continental Oil of Mex..l
Cooper-Bessemer com
Feb
3%
Feb
35
10
Cont Roll A Steel Fdy
*
Cook Paint A Varnish...*
45
97%
Consoi Steel Corp com...*
Cont G A E 7% prior pf 100
High
1
83
*
1
for
Wee
of Prices
9%
Brewery
Jan
78%
117
1,900
1,000
...100
Consol Royalty Oil
Feb
3
100
600
Week's Range
Low
Flat Amer dep rets
1%
Columbia Pictures Corp..*
Commonwealth « Southern
Warrants
Price
Fedders Mfg Co
...5
Jed Compress A W'h'se 25
4%
Conv 5% preferred.. 100
ext to 1946
Sale
Pa
Colt's Patent Fire Arms.25
Columbia Qas A Elec—
S3 preferred
Last
High
Jan
Cohn A Rosenberger Ino.
Colon Development ord._
Vtc
stocks
(Continued)
Shares
Cockshutt Plow Co com..*
0% conv preferred
Colorado Fuel A Iron
1253
Sale
Friday
100
%
7%
8%
2%
Jan
Jan
Feb
Jan
Jan
3
Jan
500
29
Jan
40
Feb
3%
1,400
3
Feb
4
Jan
25%
4%
1,400
23%
4%
Jan
Feb
Jan
60%
Jan
26%
6%
60%
Jan
Feb
6
Jan
2%
38%
37%
3
24%
4%
60
39
100
*
%
Jan
Jan
25
Feb
4%
26%
Feb
Imperial Oil (Can) coup..*
Registered
*
11%
Jan
Jan
Feb
Imperial Tobacco of Can.5
12%
10%
Jan
Feb
Jan
8%
Feb
Indiana Pipe Line
24
Jan
Indiana Service 6%
14%
Feb
11%
11%
12%
800
5%
11%
1,400
11%
Feb
300
12%
Jan
6%
500
22%
5%
Jan
Feb
12
Feb
16
Jan
13
Feb
16%
Jan
Imperial Tobaoeo of Great
Feb
12%
6%
Jan
6%
7%
Jan
Jan
11%
11%
11%
12%
Britain A Ireland.....£1
7% preferred
10
pf.100
...100
6
12
12
10
12%
12%
13%
Jan
Jan
Jan
23%
Feb
1%
Feb
Week's Range
for
Sale
of Prices
Loto
High
Week
Par
Price
111% 111%
pf-100
Indpte P4L6H%
Shares
30
Low
113
Jan
400
%
Jan
1
Feb
1
1,300
%
Jan
1
Feb
hi
Jan
Jan
Feb
50
71
71
71%
200
11 X
12
400
Inti Industries Inc
11%
1%
100
7% preferred
Am.10
International Cigar Mach *
Internal Hydro Elec—
Pref S3.60 series
50
Internal Paper
.1
A..*
A Pow warr
9%
9
H
c
new
Oil
500
"~2X
12~666
18X
18%
1,600
18X
18X
200
»u
lli«
200
8%
8%
500
~~2%
Jan
73%
Feb
Feb
22%
Jan
Mldvale Co..
11%
Feb
15%
Jan
Midwest Oil
*
*
$2 non cum dlv shs
-
50c
International
IX
Jan
1%
Jan
Midwest Piping A
Feb
12%
Jan
Feb
2
3
Jan
17%
Jan
19%
Feb
18
Feb
19%
Feb
4%
X
Jan
Jan
»i8
8X
Jan
8%
%
14%
Feb
7
6%
29
28%
hi
300
15
15
Feb
%
18%
Jan
*
Jan
Monogram Pictures com.l
32
32 X
100
32
Feb
37
Jan
Monroe Loan 80c A
3%
3%
900
3
Jan
8X
8%
800
7%
10%
4
16%
10 X
17 X
250
200
17
Jan
Feb
Jan
*18
10%
16
Jan
Jan
16
Jan
3%
Feb
2%
2X
Jeannette Glass Co......*
2%
IX
8%
Jan
Kennedy's Inc
5%
%
17%
17%
Jan
Jan
Feb
Feb
2X
2%
Jan
Jan
2,300
Jan
300
1%
Jan
2%
Feb
Murray Ohio Mfg Co
*
Muskegon Piston Ring.2%
*18
88
104 X
30
104 X
60
six
104
30
1,300
Jan
90%
Feb
Muskogee Co oom
Jan
98
Jan
Jan
Jan
Nat Automotive Fibres..1
103%
27
Jan
Feb
104%
36
Nat Bellas
116%
ox
Jan
ox
Jan
300
Feb
119%
Jan
7%
4%
Jan
Jan
111
IX
Klrby Petroleum
2X
2%
Jan
89
Jan
92
Feb
67%
1%
2%
Jan
08
Jan
Jan
2
Jan
1
1H
10
92
92
1X
2X
"466
600
Feb
112%
Jan
Klein (D Emll) Co oom..*
Klelnert (I B) Rubber ColO
13X
13X
"166
"200
1
13%
Jan
2%
1%
13%
10
Klrkl'd Lake G M Co Ltd 1
Jan
Jan
10%
6%
Jan
7%
Jan
Jan
Jan
Jan
Jan
•
86
Lake Shores Mines Ltd..l
20%
60
87
80
Koppers Co 6% pref...100
Kresge Dept Stores—
4% oonv 1st pref....100
Kress (S H) special pref. 10
Kreuger Brewing Co
1
Lackawanna RR (N J).100
85
Jan
88
Feb
55
ex
10
42
42
20X
20%
4%
4
100
1,400
1,100
Feb
55
Feb
11%
ex
Lakey Foundry A Mach.l
Jan
12%
Feb
Feb
Jan
5
41
Jan
20%
Feb
3%
Feb
16%
42%
25%
4%
Jan
Jan
z71
Lane Bryant 7% pref..100
Lane Wells Co oom
.1
9%
Jan
Jan
16X
Lefoourt Realty common 1
10%
%
%
100
10%
2%
6
2X
2%
*18
*16
%
200
Jan
16%
Feb
Feb
%
3,700
2%
Jan
2%
Jan
100
*18
Jan
%
Jan
Feb
Feo
0
Feb
Feb
9%
Jan
Llpton (Thos J) class A..1
6% preferred
25
16 %
10%
16%
200
10%
Jan
35%
11%
16%
18%
Jan
21
20
200
21
Feb
Feb
31%
Jan
Feb
13%
13%
13 X
50
9%
9X
9%
2,600
National Steel Car Ltd
*
National Sugar Refining.*
National Tea 6%% pref. 10
National Transit
12.60
Nat Tunnel A Mines
*
(Nebel (Oscar) Co oom
7% pref. 100
Nehl Corp common......*
7%
29%
Feb
'*!•
Feb
1
Jan
Feb
2%
Jan
169
140
168
Feb
171
23%
Feb
26
Jan
30
24%
1,000
300
4%
4%
Feb
5%
%
141%
Feb
4%
"15.966
3%
Feb
5%
200
5%
Feb
Jan
140%
11%
15%
20
Jan
Jan
Jan
Jan
15%
100
9%
Jan
11%
Feb
300
15%
8%
Jan
Jan
Jan
Feb
Jan
16%
9%
81%
11%
Jan
Jan
Feb
2,800
2,600
7%
Jan
*18
Jan
29
100
28%
Feb
31
Jan
10%
100
10
Feb
10%
Feb
*18
28%
10%
%
15%
43
10%
12%
11%
12%
16%
Jan
47
Jan
Jan
11%
Jan
13%
Jan
3
100
Jan
Feb
12
3,400
50
3
Jan
14%
900
3
Jan
7n
43
300
15%
43
9
Feb
3%
Feb
9%
Jan
42%
93%
42%
43%
700
41
Jan
44
93%
94%
575
92%
Jan
97%
Jan
3
Feb
3%
Jan
6%
Feb
5%
6%
2,600
Jan
Jan
50
50
51
175
50
Feb
64 %
Jan
11
10%
6%
11%
1,000
10
Jan
6%
6%
350
10%
10%
10%
2,100
1%
1%
700
%
100
6%
Feb
Jan
10%
Feb
1%
»i8
Jan
1%
Feb
Feb
%
Jan
12
Jan
12%
Jan
Jan
117
'
300
12
Feb
Jan
116
%
12
11%
5%
8%
60%
66%
1,700
Jan
70
5%
60%
Feb
60
Jan
Jan
1
3%
oom.
Jan
100
1%
Jan
1%
Jan
4%non-cum_100
New Engl Pow Assoc
*
cum
6% preferred
12%
12%
25
12%
Feb
71
Jan
25
Jan
25%
Jan
129%
12%
130%
70
124%
5%
Jan
130%
6%
Feb
Feb
100
$2 preferred
*
New England Tel A Tel 100
New Haven Clock Co
*
New Idea Inc oommon.
*
New Jersey Zinc
New Mex A Ariz Land
New Process Co
25
1
1
13
61
62%
12
Jan
13%
60
Feb
65
Jan
13%
Jan
Jan
10%
Jan
N Y A Honduras Roearlo 10
N Y Merchandise
10
N Y Pr A Lt 7% pref.. 100
1.
Feb
Jan
Jan
Jan
1%
Jan
33
Feb
33
Feb
2
N Y Auction Co com....*
N Y City Omnibus—
13
76%
300
100
1
1
Jan
13% 'Jan
"166
13
62%
*
Jan
9%
700
1%
Jan
$0 preferred
25
38%
Jan
44 %
Founders shares
1
New York State El A Gas—
5%% preferred
100
New York Transit Co
5
N Y Water Serv 0% pf.100
1%
1%
5X
300
2
5X
5
2,300
1%
Jan
2
Jan
Feb
5
Feb
6
Jan
103
*
Feb
2
Feb
Jan
105%
Jan
Jan
25
Jan
20
Jan
25
Jan
1
25%
6% 1st pref
6% 2d preferred
X
»1|
25%
X
250
24%
Jan
26%
Jan
300
*18
Jan
7i8
Jan
1S1S
900
»18
Feb
"is
Feb
Jan
1%
Feb
I
36
Feb
36
Feb
10
Jan
10
Jan
25%
preferred
*
Mania chewitz (The B) Co. *
Ma pes Consol Mfg Co...*
conv
Jan
27
Jan
Class B common...
Class A preferred
5
2%
100
100
150
21%
14%
Feb
105%
6%
Feb
Noma Electric
Nor Amer Lt A PowerCommon
Feb
6%
24%
1,000
5%
21%
Jan
20
Jan
29
Jan
5%
89%
6,400
4%
Feb
Feb
5%
24%
5%
5%
2%
Jan
175
Jan
29%
Feb
Jan
67%
Jan
8%
1
Jan
1%
Jan
4%
Jan
5%
Jan
1%
Jan
"400
3%
%
73%
Feb
Jan
84
26%
300
Feb
Feb
26%
Jan
30
49%
Jan
52
Feb
Jan
•11
Jan
2%
Jan
Feb
2%
*u
Jan
Feb
78
80
400
25
300
24%
24%
24%
0% prior preferred... 60
No Am Utility Securities. *
51%
50%
25%
51%
7%
Feb
9%
Jan
100
152%
Jan
4%
Jan
165%
4%
15%
Jan
100
Jan
4
Jan
Nor Ind Pub Ser6 % pf.100
7% preferred
100
112
112%
30
Feb
30%
Jan
Northern Pipe Line.....10
7
7%
300
3%
Feb
Jan
Northern Sts Pow cl A..25
Northwest Engineering..*
12
12%
500
Feb
4%
%
3%
200
4
Warrants
63
6X% A preferred... 100
Jan
67
Feb
Novadel-Agene Corp
Jan
Ohio Brass Co cl B com..*
Ohio Edison $6 pref...
*
*18
l
Metal Textile Corp
26c
Parti cl pat preferred.. 16
1,400
*18
Feb
3%
Mesabl Iron Co
800
2%
42%
Jan
%
3%
Feb
Jan
42%
Jan
Metropolitan Edison—
104%
Feb
108%
Jan
X
Jan
%
Jan
Michigan Bumper Corp..l
Michigan Steel Tube..2.60
Michigan Sugar Co
*
X
X
300
X
6%
Jay
%
Jan
Feb
7%
Jan
%
%
"600
%
Jan
"18
Jan
Preferred. .......... 10
4%
4%
100
4%
Feb
4%
Feb
*
*
*
Ohio Oil 6% pref
100
Ohio Power 0% pref... 100
Oklahoma Nat Gas
$3 preferred
35%
oonv
oom.
"2%
""166
*18
Jan
Jan
100
36%
36%
22
22
36%
200
23
425
Jan
105%
Feb
106%
6%
12%
Jan
Jan
114
Feb
Jan
15%
Jan
16%
Jan
18
Feb
36%
19%
Jan
37
Jan
23
Feb
Jan
7%
109% 109%
104%
113% 113%
110%
175
107
Jan
104%
100
114%
50
98%
113%
113%
113%
10
112%
Feb
106%
106%
50
106%
Jan
115%
107%
7%
Ohio P 8 7 % 1st pref
100
6% 1st preferred
100
OUstoeks Ltd oommon...6
Feb
110%
Jan
Jan
101%
Feb
116%
Feb
Feb
Jan
Jan
8
Jan
16
20%
19%
"20%
3~400
18%
Jan
Jan
20%
Feb
60
49%
48%
49%
250
46
Jan
49%
Jan
100
112
Jan
Feb
114%
"ix
1%
1%
300
1%
Feb
1%
Jan
8%
8%
8%
100
Feb
3%
100
Jan
Jan
8%
3%
7%
2%
3%
Feb
113%
prior pref....*
Oldetyme Distillers
1
Oliver United Filters B
1
Overseas Securities...
*
114
*
Omar, Ino
Por footnotes see page 1257.
"2%
Nor Central Texas Oil...6
Nor European Oil com
1
Jan
Jan
24%
24%
2,700
80
*
Feb
'if
%
%
1
24%
$0 preferred
400
Jan
Jan
Feb
8%
8%
Jan
Feb
57%
8%
Mercantile Stores com...*
Jan
Jan
5
94%
Feb
Merchants A Mfg cl A...1
Feb
%
300
2%
Jan
®n
Jan
200
Feb
4%
Jan
64%
2
161
ln
Jan
99%
.....
200
4%
Feb
5%
99%
2%
160
81%
600
%
161
Jan
5%
15%
3%
28%
5
Jan
5%
98%
2%
8%
86
6%
89%
63%
5%
North Amer Rayon cl A
•
Class B common..._._*
28X
May Hosiery Mills Ino—
$4 preferred
*
Feb
x 73
89
1
Jan
Jan
1,100
6
Jan
5
Feb
14%
6%
*
Nipissing Mines
3 %
Jan
....
Feb
Jan
Feb
12%
Jan
13%
24%
100
2%
4%
109
100
Mass Utll Assoc v t o
28X
Jan
28%
Niagara Share-
200
4%
180
100
3%
28%
Jan
107
Class A opt warrants
Class B opt warrants
3
1
Feb
118%
104%
14%
Nineteen Hundred Corp B1
2%
2%
4%
9
Jan
106%
100
Nlles-Bement-Pond
15
Jan
114%
104%
%
10
Communlca'ns ord reg £1
Margay Oil Corp
*
Marlon Steam Shovel
*
Feb
Feb
7%
10
26%
8%
Niagara Hudson Power—
Marconi Intl Marine
15
24%
117
24%
8%
*
Common
1%
25%
500
200
117
24%
Shipbuilding Corp—
21
Manatl Sugar opt warr
Participating preferred.*
Merrltt Chapman A Scott*
Jan
6
40%
*
Feb
6
40%
1%
1X
100
Memphis Nat Oas
Jan
7it
*3%
138
Jan
Jan
Jan
0% pref class B
Mead Johnson A Co
*i«
Jan
Jan
N Y
McCord Rad 4 Mfg B___*
McWilliams Dredging...*
Feb
%
Jan
Jan
6
Jan
$6 preferred
Jan
24%
6
1%
48%
Mexloo Ohio Oil.....
5%
300
*
(Herman) Corp
Feb
oom
Jan
5,300
1st preferred
42
Massey Harris common..*
Master Electric Co
1
11%
Nebraska Pow
50
$6
Feb
2
*18
Nat Union Radio Corp.
1
Navarro Oil Co..
..*
43
Mangel Stores
Jan
10%
100
10%
6%
43
Majestic Radio A Tel
Feb
5
2%
National Refining com..
Nat Rubber Mach
7% pref class A.....100
Ludwlg Bauman A Co com*
Conv7% 1st pref
100
Conv7% 1st pref vtclOO
Lynch Corp common..
5
10%
7%
29%
7%
12%
1%
Long Island Lighting—
Loudon Packing
117%
Jan
Warrants
Steel" Cha'lnlll I Ills
Lone Star Gas Corp.....*
Louisiana Land A Explor
Louisiana P A L $6 pref..
Feb
300
8%
10%
Feb
Loblaw Groceterias cl A..*
Ciasfl Iff
*
117%
80
1
1
*
Common...
20
1,100
11%
15 H
*
Nestle Le Mur Co cl A
"360
Locke
Feb
Jan
Neptune Meter class At.
"\0%
21
_
National Oil Products
4
National P A L$0 pref...*
Jan
10%
oommon
61
57%
%
*
National Container (Del)
National Fuel Gas
Nat Mfg A Stores oom.
Feb
ion
Lit Brothers
Feb
5%
National Candy Co
National City Lines com.l
$3 oonv pref
60
11%
6
Line Material Co
Jan
1
140%
4H
...25
*
80
6
100
6
*
*
Leonard Oil Develop...26
Le Tourneau (R G) Ino—1
11
4%
National Breweries com..*
Nelson
*
Lehigh Coal A Nav
117%
%
1
oom
Nevada Calif Elec
*
Conv preferred
Hess
Jan
Langendorf Utd Bakeries—
Class B..
Jan
Jan
Feb
*
7% preferred
Breweries.... 1
Kings Co Ltg 7% Pf B.100
5% preferred D
100
Kingston Products
1
Class A
Jan
Feb
8
1%
7%
0% preferred
100
Naohman-SpdngfHled.... *
Kingsbury
Corp common
114%
1%
Jan
105
700
Jan
1
23%
Mountain Sts Tel A Tel 100
Kimberly-Clark 6% pf.100
Kobaoker Stores Inc
Jan
Jan
50
200
fMountain States Pw oom*
3
*
1
Feb
1,100
Mtge Bank of Col Am shs..
Mountain City Cop oom 6c
Mountain Producers- —10
95
1st pflOO
6
i—
18%
2
'*18
Moody Investors part pf.*
{Moore (Tom) Distillery. 1
Feb
Ken-Rad Tube A Lamp A *
Key Co com
Jan
Jan
26
Montreal Lt Ht A Pow..*
Jan
13
2%
Kansas G A B 7% pref. 100
Keith (Geo E)7%
6
168
Montgomery Ward A..—*
Jersey Central Pow A Lt—
5%% preferred
.100
0% preferred.......100
7% preferred
100
Jones A Laughlln Steel. 100
Julian A Kokenge oom..*
Jan
2
1*.
1
*18
*
1
Italian Superpower A
Jacobs (FL) Co
.....
5%
Jan
**i8 Jan
Montana Dakota Utll...10
3%
8%
1
Iron Fireman Mfg ▼ t o_._*
.1
Irving Air Chute—-
10%
1
Class B
Investors Royalty
9%
4%
4%
117%
Molybdenum Corp
$1.76 preferred
Vitamin... 1
Interstate Home Equip. .1
Interstate Hosiery Mills.*
Interstate Power $7 pref.*
108
1%
7%
61
59
Mock, Jud, Voehrlnger—
Common
$2.60
$3.60 prior pref
*
Warrants series of 1940International
Jan
Missouri Pub 8erv com..*
Feb
Monarch Machine Tool—*
50
Feb
100
Mississippi River Power—
0% preferred
100
*
1
*u
106%
1%
Feb
9
Feb
'it
8
Sup...*
Jan
5
6
7%
Mining Corp of Canada..*
Minnesota Mln A Mfg...*
International Utility—
Class A
1%
10
Co
MinnesotaP AL7% pf
18%
6
3%
150
3*%
%
9%
1,100
1,500
1,800
1
hi
9
Corp—
10%
IX
3%
9%
$2 oonv preferred
•
Midland Steel Products—
Jan
International Petroleum—
Coupon shares—
Registered shares
Products.—*
Internal Safety Razor B *
t
Mid-West Abrasive
IX
High
11
1
v
70%
9
Low
Shares
17%
1
Class B
Middle West Corp oom..5
21
9%
Insurance Co of No
Price
Middle States Petrol—
%
9%
1
—
Internal Metal Indus
Week
Midland
Industrial Finance—
V t e common
for
of Prices
Low
High
Class A v t c new
1
Class B
Week's Range
Sale
Par
Indian Ter Ilium OH—
Non-voting cuum A
Last
High
Jan
111
1940
Range Since Jan. 1,1940
STOCKS*
(Continued)
Range Since Jan. 1,1940
Last
24,
Sales
Friday
Sales
Friday
STOCKS
(Continued)
Knott
Feb.
New York Curb Exchange-Continued—Page 3
1254
Volume
New York Curb Exchange—Continued—Page 4
149
Friday
STOCKS
Last
(Continued)
Sale
Par
Price
Pacific Can Co common
*
Pacific O 4c E 6% let pf.25
Sales
Week's Range
of Prices
Low
High
33%
for
Range Since Jan. 1,1940
1,900
"*6%
""266
534% 1st preferred...26
Pacific P A L 7% pref—100
Pacific Public Serv
*
$1.30 1st preferred
6 34
"*<T
1334
3334
3054
8834
5
Par
Feb
14
Feb
Jan
34 J4
Jan
Feb
3134
Jan
Jan
9534
Jan
6%
Feb
Seeman Bros Inc
4%
Parkersburg Rig A Reel—1
Patchogue-Ply mouth Mills *
Pender (D) Grocery A
Class B
7,500
""50
Jan
6
Feb
Feb
20
9%
9%
800
Jan
Jan
334
Jan
Jan
Feb
Feb
4334
Jan
4934
Feb
934
Jan
Jan
Common
Jan
500
12
Jan
16
Feb
Peninsular Telephone com*
Class A $1.40 cum pref25
33%
34%
150
3334
Jan
34%
Feb
Penn Traffic Co
2
2
2,900
6,700
$2.50 series pref
*
Pennsylvania Gas A Elec—
Class A
*
oom
Pa Pr A Lt $7 pref
*
50
111
174 34
Pennsylvania Sugar oom 20
Pa Water A Power Co
*
Perfect Circle Co
112
171
17434
1
Pharls lire A Rubber
754
"90*34
9 54
A—10
40 34
2
Jan
114
113
Feb
Jan
112
Feb
Line stamped
Sllex Co common
16634
Jan
175
Feb
Feb
16
Feb
Jan
Jan
Meter
*
50
1
Pittsburgh A Lake Erle.60
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass—25
Pleasant Valley Wine Co.l
Plough Inc com
7.50
Pneumatic Scale com...10
Polaris Mining Co
25c
Potrero Sugar common—5
Powdrell A Alexander
5
Power Corp of Canada—
6% 1st preferred
100
7%
Jan
Jan
Singer Mfg Co
Jan
67%
750
6634
Feb
72%
79%
75
7734
Feb
9034
Feb
2734
834
834
2,400
300
100
9%
39%
11%
44
53,100
2,950
13%
200
Pittsburgh ForglngB
59%
11%
101%
100
734
Jan
6
Jan
Jan
120
Jan
31
3034
534
634
Feb
Solar Mfg
Co
4434
1334
Feb
Feb
34
Feb
Samson United Corp
Sanford Mills
Savoy Oil Co
flrfiiff Co common
Soovlll Mfg
Feb
654
634
3,900
534
Feb
634
Feb
1734
100
1734
Feb
Jan
89
91
900
89
Feb
1834
96J4
112 34
50
111
Jan
11434
1034
Jan
1034
50
Jan
Jan
Jan
1534
Jan
19
Jan
Jan
134
134
#155
Feb
134
100
134
134
100
14434
40
143
1%
134
143
Feb
Feb
34
34
400
134
134
"500
34
134
134
Feb
34
134
134
Feb
Jan
4
Jan
434
Feb
134
Feb
234
Jan
Jan
..1
South Coast Corp com
South Penn Oil.
1
Jan
100
Jan
380
55
Jan
1134
6134
Jan
1134
Feb
Jan
10234
134
Southern Phosphate Co-10
Southern Pipe Line.....10
634
Feb
034
Jan
Jan
6%
734
400
434
Jan
734
Feb
Jan
Southern Union Gas
3
3
200
234
Jan
3
Jan
1434
634
234
Jan
1934
1,200
Jan
534
234
12
Jan
200
934
Jan
Jan
II
Jan
15
99
Jan
Jan
4134
4134
500
4034
Jan
44
Jan
34
30
34
200
22
Jan
34
Feb
5% original preferred.25
6% preferred B
26
534% pref series C
70
2954
Jan
2934
Jan
3034
Jan
100
28%
Jan
2934
Jan
134
£30
2934
46
100
4534
4534
£30
25
Feb
2
Jan
Feb
167
Feb
Southern Colo Pow el A.25
45
Jan
7% preferred
100
South New Engl Tel... 100
Feb
*
Preferred A.
167
167
25
100
1
167
'"206
134
Feb
134
1,100
»u
Feb
34
Jan
Jan
Southland Royalty Co...5
llx.
500
4
Jan
434
Jan
Jan
834
Jan
8134
Feb
Jan
5% 1st preferred—*
Spanish A Gen Corp—
Am dep rets ord reg—£1
ht
Jan
2034
Jan
22
Feb
Spencer Shoe Corp
1%
Feb
Jan
Jan
2
Jan
Feb
Stahl-Meyer Inc
Standard Brewing Co...
Standard Cap A Seal com.I
Conv preferred
10
Standard Dredging Corp—
500
1,400
1
"4k "i'%
~6~% "~6%
*900
"500
Jan
Jan
10
Jan
434
Feb
534
Jan
834
'i'%
900
3934
834
134
3934
*u
934
11234 11234
Jan
934
Feb
6
Jan
10
Spalding (A G) A Bros—.1
*i»
7
10634
11034
_
Feb
Jan
10634
Feb
Jan
11334
$1.60
oonv
Feb
Standard OU (Ohio) oom 26
5% preferred
300
7934
Feb
9334
Jan
1
»-*
80
175
3934
Feb
6034
Jan
20
10
10434
10934
Standard Silver Lead
Jan
11234
Feb
Standard Steel Spring....5
80
8134
350
78
Jan
86
26
2634
550
2434
Jan
32 34
Jan
16
1734
2,900
11 H
Jan
Feb
834
Feb
1734
834
634
12034
*""166
634
Jan
7
Feb
140
117
14934 15134
140
14934
634
120
13
Sterchl Bros Stores
8
Jan
1034
Feb
34
Feb
34
Feb
1034
Jan
14
Feb
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Ino
1
3b
Jan
3734
Jan
JttU
Jm
150
134
1234
Jan
8%
Jan
10
2034
29%
13
1034
2034
1,500
3034
1,200
100
20
134
234
2634
Jan
Stroock (8) Co
Jan
Sullivan
100
30
134
700
34
Jan
234
600
234
2434
534
Feb
26
534
34
200
534
34
200
2,300
34
29
'4*666
*13
600
Jan
534
*
Btlnnee (Hugo) Corp
19
134
100
234
34
Jan
34
*
Jan
Jan
34
Feb
Sunray Oil
13 34
Jan
Jan
634
Feb
Superior OU Co (Cailf)__25
1,800
110
400
Jan
Jan
2734
Jan
10
»i«
1,400
900
134
100
134
400
9
134
134
62
434
Jan
4034
Jan
1
Jan
134
Feb
25
6 3
Feb
500
Jan
Jan
434
134
Feb
1434
Feb
434
"166
Feb
Jan
Jan
35
8
Feb
8
Feb
Jan
754
Feb
734
734
1,100
534
134
254
734
2
Jan
334
2,000
234
Jan
334
Feb
434
200
434
Feb
Jan
34
34
1034
Jan
250
34
934
434
34
10
Feb
900
934
Jan
1034
1034
Feb
500
13
Feb
10
10
1234
134
34
34
Jan
Jan
134
Feb
234
Feb
Swan F»nch OU Corp
Tu
Jan
Taggart Corp com
Tampa Electric Co com..*
Feb
Jan
*13"
3334
*i«
$3.30 A part
1034
13
134
500
Jan
Jan
100
1034
134
3334
Feb
3634
Jan
400
34
Feb
36
Jan
Jan
13
734
534
634
4%
Jan
200
600
3434
Feb
1,300
..*
15
1
13
734
734
5
5
3434
3434
34
34
15
15
Jan
Jan
2
400
Jan
934
6
34
Jan
Jan
10434
Jan
10434
Jan
Tastyeast Ino class A....1
Taylor Distilling Co
1
Feb
11634
Feb
Technicolor Inc common.*
Jan
14
Jan
Texas P A L 7% pref.. 100
Texon OU A Land Co
2
1034
134
234
Feb
1234* Jan
2
I Jan
%
Jan
1
Feb
ft
334
Feb
Tobacco A Allied Stocks..*
5734
Jan
69
734
134
12
134
234
34
2
234
34
58
100
34
59
500
100
Jan
fi 734
I 34
Jan
Tobacco Prod Exports...*
434
Jan
5
Jan
Tobacco Secur Tr—
ht
1,500
"200
56
"13k ~i~4%
4534
2
134
4534
2
134
2,300
100
100
800
Jan
Jan
334
'14%
Jan
1334
Jan
62
334
134
134
334
Jan
1534
Jan
Jan
43
Ordinary reg—
Def registered
Jan
Jan
47
Jan
5
234
2134
234
2034
12
TUo Roofing Inc..
1
Tlshman Realty A Constr*
634
234
66
634
Feb
234
Jan
Jan
2
Feb
434
Jan
*
Scranton Lace common..*
1257.
234
1834
Feb
254
7,550
Jan
2234
900
1134
Jan
1254
300
10734
1034
70
40
10534
Jau
10734
Jan
115
Jan
15
Jan
1
10
234
Jan
Tri-ConttneBtal warrants..
34
Jan
1,255
Feb
Feb
134
200
Truns Pork Store* Inc....*
634
334
7534
734
Jan
Jan
I34
Jan
Jan
Jan
35
Jan
1
Jan
Jan
14
Jan
2834
Feb
31
Jan
Jan
2634
Jan
1
Common
r aim western
OU Co
TubUe Chatlllon Corp
1
Class A
...1
Ttmg Sol Lamp Works...1
80c conv preferred—*
Udyllte Corp
.....1
Ulen A Co ser A pref
*
Series B pref
•
3,300
3
1
Jan
54
Jan
'11
57 %
1,000
Jan
Jan
112
107
50
24
3034
•19
1634
11334
Jan
Trans Lux Plct Screen—
Jan
1234
29J4
Jan
Jan
7% preferred A
100
Tonopah Mining of Nev.l
Jan
30
34
1234
11034
1034
1,500
35
Jan
100
3,200
0434
34
634
234
66
2%
2234
1234
ht
100
3634
34
5s
134
234
15
234
66
3434
34
34
1534
£1
Todd Shipyards Corp....*
Toledo Edison 0% pref. 100
134
234
1034
36
334
734
4
%
Feb
354
».«
Jan
•19
834
9%
Feb
3334
3434
*
Class B com
Jan
434
134
1934
z5%
Jan
62
4
8
3334
Jan
Thew Shovel Co com
12
Jan
Feb
1234
12
Jan
Jan
34
8
1
Jan
104
Jan
33
434
60
634or oonv pref
Feb
800
Jan
*19
11634
34
34
Feb
Feb
Jan
34
101
34
Jan
Feb
54
34
Superior Port Cemest
6
Jan
*
—.1
ht
19
32 34
Jan
3534
34
.5
Machinery
Sun Ray Drug Co
434
l19
19
Jan
10834
300
934
34
34
6% 1st preferred.....60
6°f 2d preferred.—..20
Feb
34
13
""5k "634
Jan
Jan
25
110
9
Stetson (J B) Co com....*
1 334
37
Feb
1934
Stein (A) A Co common.
Jan
Feb
12 34
1034
2034
400
12
Feb
13
37
Feb
21
134
153
100
Jan
234
1334
Jun
62
125
34
Jan
Jan
14
ht
Ordinary shares..
Jan
34
Jan
Phos¬
Feb
120
hi
134
2
phate A Arid Wks Ino.20
Feb
934
34
Wholesale
Jan
Feb
100
110
Starrett (The) Corp v t c
Steel Co of Canada—
13
934
234
Feb
Standard
*
25
13
26
Jan
Jan
Feb
1534
2134
1534
1234
10)4
2034
2934
1
Feb
Feb
%
2034
21
1
10934
1654
15
34
Jan
26
Jan
1534
Preferred
108
Jan
Jan
1
Standard Tube cl B
"1%
1434
200
Common class B
41
11234 11234
*13
1»!
as:
*-» rf*.
*■ 1
234
2234
8334
40
108
534
1
100
Standard Products Co
26
1
preferred..20
Standard Invest $634 pref*
Standard OU (Ky)
10
8234
15034
534
11
Common
Jan
9934
Jan
Jan
Standard Pow A Lt
40
Jan
Feb
' Jan
134
934
Jan
4134
.2*
8134
9%
Jan
Jan
834
934
2134
134
Jan
4334
100
4%
Jan
1034
Jan
Scranton Elec $0 pref
Feb
734
Feb
50
For footnotes see page
34
Feb
ht
834
'
—1
eom.l
*
5
*
25
Jan
7
434
$3 conv preferred
5
500
734
4034
934
13
Quebec Power Co.—
Ry a Light Secur com...*
Railway a Utll Invest A..1
Raymond Concrete Pile—
100
200
Feb
Southern Calif Edison—
2
'"i'% "i'%
100
100
Clas A $2 conv pref—
34
734
134
134
Southwest Pa Pipe Line.10
Jan
Jan
900
14
Pyrene
7% preferred
Salt Dome Oil Co
34
Jan
•1#
19
1
Public Servioe of
St Regis Paper com
Feb
Jan
9734
*
Raytheon Mfg com...50c
Red Bank Oil Co
»
Reed Roller Bit Co
*
Reeves (Daniel) common.*
Reiter-Foster Oil
50c
Reliance Eleo a Eng'g—5
Republic Aviation1
(Reynolds Investing
1
Rheem Mfg Co
—1
Rice Stix Dry Goods
*
Richmond Radiator
1
Rio Grande Valley Gas CoVoting trust etfs
1
RochesterG AE10 % pf C100
0% pref D
100
Rochester Tel 6)4% prf 100
Roeser A Pendleton Inc..*
Rolls Roy ee Ltd—
Am dep rets ord reg—£1
Rome Cable Corp com—.6
Roosevelt Field Inc
6
Root Petroleum Co
1
$1.20 conv pref
20
Rossis International
*
Roy all te Oil Co Ltd—
*
Royal Typewriter
*
Russeks Fifth Ave—-.234
Rustless Iron A Steel
1
$2.60 oonv pref
*
Ryan Consol Petrol
*
Ryerson A Haynes com—1
St Lawrence Corp Ltd—.*
55
*19
Feb
$6 preferred
Common
Jan
1,000
1
Sonotone Corp
Soss Mfg com
Public Service of Colorado
Manufacturing—10
Quaker Oats common
*
0% preferred--.
100
160
ht
Singer Mfg Co Ltd—
Jan
34
400
134
Indiana—
$7 prior preferred
*
$6 preferred
~
Public Service of Okla—
6% prior Hen pref--.100
7% prior lien pref—-100
Puget Sound P A L—
$5 prior preferred—
•
$6 preferred
*
Puget Sound Pulp a Tim-*
Pyle-Natlonal Co com—-5
54%
1034
100
Feb
1%
2034
7% 1st preferred
Jan
11234
Simplicity Pattern com..J
1134
10%
1%
6% 1st preferred
Feb
5234
5234
...25
Jan
10234
21%
Prosperity Co class B
*
Providence Gas
—*
Prudential Investors—__
434
300
Simmons-Boardman Pub—
$3 conv pref
»
Jan
1%
*
Prentice-Hall Inc com. . _
Pressed Metals of Am..
Producers Corp
26c
10%
60%
11%
Jan
Jan
Feb
434
6354
150
53 34
34
634
5534
Amer dep rets ord reg.£l
Sioux City G A E 7% pf 100
Skinner Organ
__5
Jan
634
Jan
10%
Mining....1
Pratt A Lambert Co
Premier Gold
10%
Jan
Jan
500
134
700
8
11
ht
Jan
934
34
"i'% "'Hi ""560
7%
Jan
7
1734
Simmons H'ware A Paint.*
150
Pltney-Bowes Postage
Pitts Bess ALE BR
2,400
Shreveport El Dorado Pipe
Jan
66%
6%
834
14
Jan
1
Pioneer Gold Mines Ltd—1
5% cum pref ser AAA 100
Sherwln-Williams of Can.*
2
13
Pierce Governor common.*
Pines Wlnterfront Co
Jan
12
6%
1
Conv $3 pref series
3834
110
Phlla Elec Pow 8% pref 26
Common
Jan
118
•
Feb
Jan
»16
%
Sherwfn-Williams com..25
111
»
Phillips Packing Co
Phoenix Securities—
%
834
734
6%
Jan
100
7%
7
Jan
*19
Shattuck Denn Mining...5
Shawlnlgan Wat A Pow..*
Jan
16
7%
6%
34
5334
Feb
65
26
Philadelphia Co common.*
Jan
Feb
434
5334
*
Jan
79
"eek
Jan
"11
3934
#19
1
1
40
*
Phlla Elec Co $5 pref
834
Setou Leather common
234
13 34
Jan
16
100
PeppereO Mfg Co
134
1134
200
11234 113
Jan
Feb
Jan
16,000
%
734
£1
200
*
$6 preferredPenn Salt Mfg Co
1
1034
%
Allotment certificates...
3834
13%
4534
934
Sol fridge Prov stores—
65
13%
Pennsylvania Edison Co—
$5 series pref
*
Jan
Jan
Jan
39
Sentry Safety Control
Sernck Corp
2
13 34
High
Jan
34
34
Jan
--2%
1
8
1
Amer dep rets reg
50c
Penn Cent Airlines com__l
Low
4534
Convertible stock.....5
$5.50 prior stock
25
49%
14%
Pennroad c wp com
Range Since Jan. 1,1940
Shares
Selected Industries Ino—
554
1234
10%
3534
49%
13%
Penn-Mex Fuel
High
•
454
12
*
20
for
Week
of Prices
Warrants
Segal Look A Hardware—1
Selbertlng Rubber com...*
Selby Shoe Co
*
30
"ok"
Week's Range
Low
Securities Corp general...*
Feb
Price
Scranton Spring Brook
Water Service $6 pref—*
Scullln Steel Co com
354
5%
*12 k "12 k
Paramount Motor* Corp.l
10
Parker Pen Co
Sale
High
20
*
Last
(Continued)
Low
Pantepee Oil of Venezuela—
American shares
STOCKS
Week
Shares
34%
1255
Sales
Friday
Jan
£834
Feb
1034
3934
300
10%
3934
334
734
1,500
834
550
434
3,000
3134
234
734
334
300
200
1
Jan
Jan
Feb
Feb
Jan
34
Jan
l»
v*
1*
Jan
Week's Range
for
Sale
of Prices
Week
Par
Price
1H
10
Unexcelled Mfg Co
High
Low
IX
Low
Price
High
97
101% 102%
97
97%
35%
81%
80%
106% 107
99% 100%
36%
34%
19%
Feb
Jan
64%
2%
Jan
Canada Northern Pr 5s '53
Jan
Feb
Canadian Pac Ry 6s. .1942
12
Jan
14
Jan
Carolina Pr A Lt 5s—1956
6%
74
izx
T.700
4
%
12,500
*11
Feb
600
8%
100
1
United Chemicals com—*
$3 cum & part pref—
84
Un Stk Yds of Omaha..
"~7X
United Aircraft Prod
Un Cigar-Whelan
60
8ts..l0c
1%
1
98%
pref non-voting.
IX
99 %
?8
Jan
Jan
%
8%
Jan
Feb
Cent States PAL 6%s'53
1%
Jan
2%
Jan
800
92%
%
Jan
Feb
101
Jan
89
%
2,800
1
"35"
"274
8~3(H>
Feb
Jan
Milk Products—
6%s
Jan
Chic Jet Ry A Union
1%
1%
100
Sharing._25c
United Shoe Mach com.25
Preferred
26
74
74
com—1
U 8 Foil Co class B
1
6%
6%
U S
5
ht
74
ht
United Specialties
Graphite com
Cincinnati St Ry 6%s A '52
Jan
38%
24
Jan
6« series B
Jan
Jan
U 8 Lines
Cities Service fie.——1966
Jan
44
Feb
Communlr
4
Jan
5%
4%
Jan
150
6%
Jan
Jan
7%
7%
%
Feb
Feb
Jan
65%
%
19%
Jan
Jan
Feb
61
3
Jan
6
Feb
Jan
Feb
24
24
14
—5
pref.—*
Utah Radio Products
1
Utility Equities
—10c
$5.50 priority stock
1
Utility A Ind Corp com—5
Conv preferred7
Utll Pow A Lt 7% pref.100
Valspar Corp com
1
$4 oonv preferred
5
214
Van Norman Mach Tool.5
27
Utah-Idaho Sugar
14
90%
Jan
Jan
Cont'l Gas A El fis—1958
4
Jan
Cudahy Packing 3%s.l955
Delaware EI Pow 6%s 1959
1,000
700
4
Jan
6
Jan
4
1%
Jan
%
2%
Jan
Feb
3
Jan
~io"
8%
50
14
624
""166
16%
Jan
Jan
Feb
2,200
1%
Jan
100
61%
Feb
100
16%
350
13%
Jan
1%
18% X224
264
27
3,100
%
Jan
1944
Cuban Tobacco fis
14
16
4
1%
80
Jan
Jan
66
Jan
78%
77%
Jan
70%
Feb
70%
Feb
76%
92%
Jan
66
Jan
82%
Jan
83
Jan
34,000
91
100
Jan
Jan
1
Feb
133
Feb
134%
Jan
12,000
109%
Feb
111%
Jan
11,000
107%
Jan
109
Jan
2,000
125%
Feb
127%
Jan
56,000
78%
Jan
85%
Feb
Jan
138
127
85%
83%
90%
$54
94%
57
"9,000
95
93
Jan
Jan
58%
Feb
04
Feb
96%
Jan
87%
68,000
Feb
77%
Jan
•is
80%
110%
Feb
Elec Power A
Feb
Elmira Wat Lt A RR fis '56
18%
Feb
El Paso Elec fis A
1950
1%
Jan
Empire Diet El fis
1952
Jan
Jan
Erie Lighting fis
1967
Federal Wat Serv 6%s 1954
1%
55
Jan
*i#
550
25
Jan
10,300
1
Jan
1%
ht
41,500
Feb
ht
66
Light fis.2030
79
West Va Coal A Coke——*
"14
14
4%
1%
4%
57
57
57
Jan
101%
Jan
Feb
General Bronze 6s
1940
88
Gen Pub Uti' 6%s A. 1956
*
"98%
Jan
Georgia Power ref 6s—1967
106%
Feb
♦Gesture! 6s
1965
10%
Jan
Houston Gulf Gas 6s.. 1943
7%
7%
50
6%
Feb
6
6%
600
6%
6%
Jan
Feb
Williams OU-O-Mat Ht—*
1%
10
WUlson Products Inc ——1
Wilson-Jones Co
.*
8%
8%
400
7%
Jan
Jan
Jan
59 %
Jan
87%
Feb
Jan
77
Feb
Feb
37,000
87%
60,000
76%
7,000
1,000
108
108
Feb
$60%
64
60%
Feb
63
Jan
$49
52
50
Jan
50
Jan
38%
Feb
42%
Jan
15%
Feb
108
108
8,000
15%
Feb
102%
Feb
103
Jan
103%
101%
Jan
Jan
Feb
104%
103%
109%
Jan
111
Jan
13,000
66%
Jan
75
Feb
67
Jan
69%
Feb
107%
105%
Jan
109%
Feb
8,000
Jan
106%
Jan
103%
Jan
105
Jan
103%
Jan
Jan
100
Feb
Jan
100
Jan
30
$14%
$102% 103
104
1943
103% 104
$101% 102%
4,000
$109% 110
Jan
Jan
♦Hungarian Ital Bk 7 %s'63
Hygrade Food 6s A—.1949
Feb
Idaho
6%
Feb
111 Pr A Lt 1st 6s ser A.1963
2
Jan
104%
Jan
Feb
1st A ref 6 %s ser B. 1954
1st A ref 5s ser C—1956
103
104%
102% 103
18,000
85,000
6f debfi%s—May 1957
100
99% 100
10,000
101%
97%
98%
99
20,000
98%
Jan
Indiana Hydro Elec fis 1958
Indiana Service fis
1950
66
66%
65
Jan
73%
64%
Feb
72%
Jan
62%
Jan
65
Feb
105%
Feb
109%
Jan
11%
9%
Feb
Feb
Power 3%s
4%
100
6%
6%
600
6%
Jan
Jan
12
Jan
12%
Feb
«%8 series C
Feb
6%
Jan
7s series E
—1957
7s series F
1952
Jan
Jan
Jan
74%
1967
107%
4%
7%
5%
1st Hen A ref fis
1963
♦Indianapolis Gas 5s A 1952
Indpis Pow A Lt 3%s.l968
25
$5
1949
6s series B
104%
4%
1
Jan
70
75
71%
76
Feb
Houston Lt A Pr 3 %s_1966
5
64
73%
Feb
4%
2
Jan
Jan
69%
70
17%
10%
10%
7%
6%
Winnipeg Electric B com.*
Wisconsin P A L 7% pf 100
Wolverine Port! Cement .10
Jan
Jan
Feb
Jan
78%
1935
Jan
64
107
50
57
74
1
Corp—10
C) A Co
*
Jan
Jan
76
71%
♦Hamburg El Underground
A St Ry 5%s
1938
Heller (W E) 4s w w—1946
Wichita River OH
105%
66%
86
$15%
♦Hamburg Elec 7s
Weyenberg Shoe Mfg
7,000
39
Jan
Jan
68%
38%
Jan
9
68,000
Guardian Investors fis. 1948
Jan
100
106% 106%
Guantanamo A West 6s '58
6%S
10%
75
98%
Jan
Western Tablet A Station'y
*
Jan
Jan
Feb
Feb
6
Jan
100%
Jan
96
2
2%
5%
10
Feb
97%
74%
102
Jan
Westmoreland Coal Co—*
101%
lb'ooo
68
stpd.. 1960
Jan
Jan
Jan
$18
70%
1963
Jan
Feb
Jan
~7~666
"98%
76%
96%
Gen Wat Wks A El fis. 1943
89
Feb
81
96%
98%
$74
General Rayon 6s A. 1948
Jan
31
98%
89
88
$102
General Pub Serv 5s—1963
4%
14%
Jan
Jan
700
*
Jan
100%
stamped. 1944
700
10
109%
99%
6,000
21,000
Western Maryland Ry—
100
Jan
100% 100%
ex warr
6
Western Air Express.—1
Western Grocer com
20
30
Jan
96
46%
100%
fis
Jan
Jan
Feb
200
Jan
109
33,000
Gary Electric A Gas—
1%
96%
1%
1%
46%
2,000
99
49%
Feb
Feb
Or Nor Pow fis
1%
Jan
109
98%
26%
Grocery Store Prod 6s. 1945
101% 101%
Jan
Feb
Jan
14
105%
101%
Jan
Feb
4
Feb
104%
—1
1%
14%
103%
Jan
(Adolf) 4%s—1941
Jan
Jan
9,000
Jan
Jan
Grand Trunk West 4s. 1950
Jan
105%
Jan
Gobel
3
Jan
22%
98%
Glen Alden Coal 4s.
14%
104%
103%
Jan
100
83%
119%
5,000
Feb
700
Feb
Jan
67,000
1
600
Jan
40,000
3%
14
Jan
78
U7%
26%
Jan
3%
112
100% 101%
104% 104%
Jan
14%
Feb
166%
1
14
Jan
110
104%
ser
1
3
54,000
Jan
Feb
C 1966
Florida Power 4s
*
14%
79
79%
$119% 120
$105
105%
104
104%
1
Florida Power A Lt fis. 1954
*
14
48,000
109
98%
Georgia Pow A Lt fis—1978
1
Went worth Mfg
1.25
West Texas Utll $6 pref—*
110%
6
81%
Jan
2
Wellington Oil Co
Jan
Feb
Jan
Feb
Jan
Feb
Wayne Knitting Mills.—6
110
Feb
6%
Finland Residential Mtge
Banks 6s-fis stpd... 1961
Jan
1%
3%
200
8,000
81% 119,000
79%
$40
—1953
Jan
Wahl Co common——*
107
Ercole Marelll Elec Mfg—
66
400
30
Jan
53%
93,000
92
5%
4
11
Jan
68
Jan
Jan
5%
Edison El HI (Bost) 3 %s '65
17
»«i
Jan
92%
05%
Aug 1 1952
♦8%s
Feb
106%
"66%
71%
$72
75
76
$108% 109%
106
106%
105
107"
65%
65%
64%
65%
65
12,000
14,000
6,000
107
6,000
107
Jan
Jan
International Power Sec—
-5s
Wright Hargreaves Ltd—*
dep rets
12%
64
6%
12%
6%
300
4,700
Sold
1951
106% 106%
1956
—1968
1044
1st A ref 4Hs
1967
Am Pow A Lt deb 6s. .2016
103
101%
Amer Seating 6s stp—1946
Appalachian Eleo Power—
104%
104%
102%
101%
rl03
104%
104%
103
Jan
$1,000
106%
Feb
104%
Feb
8,000
104
Feb
107%
105%
106%
Jan
2,000
102%
Jan
103%
Jan
102
rl03
99%
22,000
76,000
3,000
109%
109% 110
107% 108
"127%
Arkansas Pr A Lt 58—1956
Associated Elec 4%s..1953
106%
514
127% 127%
16,000
18,000
3,000
106% 107
9,000
47
52% 125,000
108%
Jan
15%
15%
15%
15%
15%
16%
16
♦Debenture 5s.——1968
♦Conv deb 5%a
1977
15%
15%
16
16%
Assoc TAT deb fi%s.A'fifi
Atlanta Gas Lt 4%s—1955
72%
1949
15%
—1950
16
Atlantic City Eleo 3%s '64
16
71%
73
107% 107%
100
6s without warrants 1947
$94
111
113%
1st M 5s series B—1957
110%
110% 112
111%
111
1960
For footnotes see page 1257,
112
Jan
43
12,000
42
Jan
51
Jan
42%
42%
.106%
Jan
105%
Jan
100
Jan
102%
Feb
108%
106%
Jan
111%
Jan
Feb
108
Feb
126
Jan
129
Jan
Jan
107%
Jan
Feb
62%
Jan
106%
47
106%
106
$105% 106%
107% 107%
1961
Iowa Pow A Lt 4%s—1958
Isareo Hydro Elec 7s. 1952
Italian
44
44
Superpower 6s. 1963
40%
40
41
fie stamped
—1942
Jersey Central Pow A Lt—
50%
49%
51
49,000
fis series B
1961
105%
Kentucky Utilities Co—
1st mtge fis
1961
6%s series D
1948
5%s series F
1955
104
105%
Jan
107%
Feb
Jan
42%
Jan
109%
48%
38
Jan
41
Jan
45
Jan
51
Feb
Jan
Jan
104
1l04
103% 103%
15
Jan
Lake Sup Dlst Pow 3%s '66
♦Leonard Tletz 7%9—1946
106%
27,000
Jan
Jan
45,000
6,000
28,000
Jan
fis series I
Jan
105
Feb
Jan
105%
Feb
105%
Jan
106%
Jan
125%
Jan
126%
Feb
103%
Jan
104%
Jan
105%
103%
102%
105%
Jan
103
Feb
6,000
6,000
4,000
Jan
103%
Feb
Jan
Jan
102%
107%
Feb
Feb
104%
Jan
106
105
Jan
108
Feb
104%
Jan
Jan
70%
Feb
$105% 105%
Jan
1969
102% 102%
106
106%
14%
Jan
Long Island Ltg 6s.—1945
105"
105
105 w
16
Feb
26%
28%
28%
34%
Jan
Louisiana Pow A Lt fis 1957
107%
107
107%
68%
Jan
75
Feb
106%
106%
Jan
107
Feb
Jan
108%
Feb
Marlon Res Pow
95%
Jan
100
Feb
MoCord Rad A Mfg—
6s stamped
1948
Jan
94
Feb
103%
Mansfield Mln A Smelt—
92%
57,000
14,000
106%
Jan
105
6,000
8,000
$125%-126%
30
34,000
Feb
8,000
104% 104%
105% 105%
$106% 107%
Jan
7,000
105%
103%
—1947
Kansas Elec Pow 3 %s_ 1966
Kansas Gas A Eleo 68.2022
Jan
1,000
Jan
104
6,000
1,000
5,000
18,000
15
105
Jan
120
Jan
Bell Telep of Canada—
5s series C
68
1952
14%
95
111
Jan
Jacksonville Gas—
Works—
1950
61%
62
4,000
32,000
$107% 108%
100
Jan
63%
62%
Jan
Avery A Sons (B F)—
5s with warrants—1947
49%
47 %
44
Jan
Associated Gas A El Co—
debt 4 %s—1948
Jan
Jan
44%
43%
4%s series C
1963
43%
Feb
41
43
fis series B
107
$108% 109%
Jan
43
44%
44
Debenture 6s
Bonds
Alabama Power Co—
1st A ret 5s
—1946
40
22,000
4,000
52.000
43
$40
1955
Iowa-Neb LAP fis—1957
6%
Interstate Power fis.—1957
BONDS
♦Convertible 6s
Jan
67%
Jan
11%
5%
6%
Baldwin Looom
70
12,000
6%
5%
%
76
♦Conv deb 5s
Feb
2,000
Jan
♦Conv deb 4 His
91
6%
Jan
Jan
♦Conv
Jan
6%
Feb
Debentures 4%s_..1948
Appalac Power Deb 6s 2024
90
Feb
9%
1st mtge 4s
Feb
101%
4%
5%
1st A ref 5s
Jan
90
2,000
Feb
1%
20%
1%
22%
28%
1%
67
7% pref—100
*
—*
Wagner Baking vtc
*
7% preferred
—100
1st A ref 5s
49
Jan
104% 105%
Waco Aircraft Co
1st A ref 5s
Feb
Detroit Interaat Bridge—
4%
20%
1%
1%
14
Jan
%
1%
4
16
25
Jan
52
Jan
46
85
63,000
127
83%
2%
2%
Jan
Jan
8,000
109% 109%
108% 108%
stamped—1943
6s ser A
Jan
24
Jan
Consol Gas Utll Co—
Vogt Manufacturing
Amer
Feb
36,000
$134
•
Feb
54
54
Va Pub Serv
Woodley Petroleum
Woolworth (F W) Ltd—
41%
76%
Jan
Coneol Gas EI Lt A Power
2%
ht
com
Jan
40,000
95
6%s series A
Petroleum—1
Wolverine Tube
Feb
86%
95
Pr A Lt fis '57
100
1
Rights.
Williams (R
35
71%
71%
70%
85%
86%
100
18
614
Utah Pow A Lt $7
Westmoreland Inc
Jan
87%
95%
70%
14
17%
Universal Products Co—*
Common
41
2,000
86%
Aug 1 1952
Eastern Gas A fuel 4s. 1956
18
7% 1st preferred
Feb
70%
♦Deb 7s
1
Co
31%
♦Certificates of deposit
24
"16"
Walker Mining
Feb
92,000
85%
24
Insurance.——8
Class B
100%
71%
1949
6%S
Feb
Feb
5
Universal Pictures com—-1
Waitt A Bond class A
Jan
70%
1969
Debenture fis
23%
30%
*
Universal Corp vtc
Jan
98%
Jan
25,000
72% 247,000
71%
Cities Serv PAL fi%s. 1952
27%
1%
Universal Cooler cl A.—.*
Class B
70%
Registered
Feb
Feb
ht
U S Rubber
71%
(Bait) 3%sser N...1971
1st ref mtge 3s ser P. 1969
Consol Gas (Bait City)—
Gen mtge 4%s
1954
2.50
1*4
24
1
Reclaiming—*
US Stores common.—.60c
1st $7 conv pref
—
United Stores common.60c
United Wall Paper—.2
Universal Consol Oil—-10
U S Radiator com
74
Conn Lt A Pr 7s A—1951
31,100
Feb
Feb
400
"2li
$1% conv pref
83%
6
284
62
107%
70%
1968
Jan
Jan
22
44
214
284
Venezuelan
1960
43
240
400
"28 >4
5
Jan
1,250
23,600
1
20
U S Plywood
Universal
1955
-
10
20
875
4%
4
63 %
$5 1st pref with
49,000
1927
I^Chic Rys 5s ctfs
Jan
29%
634
Securities—*
warr—*
pref
*
U S and Int'l
76%
100%
83%
Jan
100%
700
5
36%
76%
Feb
Feb
106
Jan
434
44
35
76%
97
80%
Feb
Feb
300
4%
35
14,000
38,000
Jan
Jan
106%
Feb
%
76%
700
424
28,000
38,000
7,000
100%
5%
243%
1%
54
243% 243 H
1
IX
784
774
Am dec rets ord reg
22,000
104%
Debenture 5s
United Profit
Feb
100% 101
47%
46%
90
89%
95
$91%
74
73%
Jan
United Moiawes Co-
United NJRRA Canal
98%
99%
102%
$105% 105%
Conv deb fis
5
Jan
1956
Stock
Yards 5s
Jan
$3 partic pref
54
Feb
1940
Ry 4%s A
Jan
*i«
24
36%
—*
Feb
96
94%
Chicago A Illinois Midland
..
$6 let preferred
United
1954
%
6%
%
X
4
A..
Common class B
Cent States Elec 5s—1948
96%
Cent Power 5s ser D—1957
Jan
100
300
Option warrants
United G A E 7% pref.100
United Lt A Pow com
Jan
%
62
83
*
United Gas Corp com
Jan
5,700
United Corp warrants.—
United Elastic Corp
100
151
Jan
96%
Jan
High
Jan
100%
Feb
17%
64%
5%
Low
141
3,000
13%
100
Range Since Jan. 1,1940
17,000
150%
18X
$
97
Bethlehem Steel 6s.—1998
18 X
for
5,000
26,000
Jan
Birmingham Elec 4%sl968
Birmingham Gas 5a—1959
Broad River Pow 6s.. 1954
1940
Week
150% 151
97
96%
1%
nx
18%
Sts.1
of Prices
High
Feb
Union Investment com..
Union Premier Foods
Week's Range
Low
Jan
1%
12
*
Union Gas oi Canada
Sale
{Continued)
Shares
700
Last
BONDS
Range Since Jan. 1, 1940
Last
24,
Sales
Friday
Sales
Friday
STOCKS
(Concluded)
1st S7
Feb.
New York Curb Exchange—Continued—Page 5
1256
110%
Feb
116
Jan
111
Feb
117
Jan
♦7s-
1941
40
,
1,000
48,000
$17
4%s-1552
Memphis Comml Appeal—
Deb 4%s
1952
Mengel Co oonv 4%s.l947
Metropolitan Ed 4s E.1971
4s series G
$16
1965
69%
3,000
Jan
101
Jan
Jan
107
107
4,000
107
Feb
93%
110%
Jan
Feb
110
110
6,000
108
Jan
110%
Feb
100
93%
107
70%
67
100
93%
3,000
1,000
99%
90%
Volume
New York Curb Exchange—Concluded—Page 6
149
Friday
Sales
Last
Week's Range
Sale
of Prices
Week
(Continued)
Price
Middle States Pet 6 Ms '45
99 m
Midland VaUey RR 5s 1943
Mllw Gas Light
Low
66 m
4mb—1967
103 %
Last
Week's Range
for
BONDS
Sale
of Prices
Week
(Concluded)
Price
Range Since Jan. 1, 1940
s
High
Low
High
Texas Power A Lt 5s. 1956
99%
Feb
66 m
6,000
6,000
65
Jan
103 m 103m
19.000
100 m
Jan
103 m
Feb
Tide Water Power 58-1979
99 m 100
66 m
Sales
Friday
for
BONDS
1257
100 m
70
Jan
Jan
6s series A
107M 107M
107%
103 m
1,000
102 %
Jan
103 %
Feb
106 m 106 m
10.000
105%
Jan
Feb
103%
103 m 103m
102
Jan
Jan
104
104
104m
20,000
103 m
Jan
104 m
Feb
Miss River Pow 1st 5s_1951
110m
110 m 110 m
2,000
109m
Jan
110m
Feb
High
107%
Jan
United Elec N. J 4s„ 1949
2,000
115
Jan
108 M
118 m
13,000
100
Jan
103 M
Jan
Jan
66 m
Feb
10
Jan
Jan
Feb
Ulen Co—
Miss Power A Lt 5s—1957
Low
19,000
101% 102%
102"
Tletz (L) see Leonard—
Twin City Rap Tr 5Ms '52
Mississippi Power 58—1955
106 m
104
Range Since Jan. 1,1940
$
118M H8M
2022
106 %
High
Low
MlnnPAL4Ms~ —1978
1st A ref 5s
103 m
1955
Missouri Pub Serv 5s.I960
93
Nassau A Suffolk Ltg 5s '45
Net Pow A Lt 6s A—2026
Deb 5e
series
99%
112
107 m
107
*22
Jan
United El Serv 7s
20,000
98 m
Feb
99%
Jan
4,000
111m
Jan
U2%
107 %
Feb
Feb
127 m
Nelsner Bos Realty 6s '48
Nevada-Calif Elec 58-1956
82 %
Feb
Jan
Jan
111
Jan
127 m
Feb
Un
106
Jan
108
Feb
United Lt A Rys (Me)—
68 series A
1952
36,000
78 m
Jan
82 m
Feb
1974
1959
Lt A Rys (Del) 5 Ms *52
Jan
122 m
Jan
68%
67 m
68 m
30,000
63%
Jan
71m
Jan
1948
67 m
67 m
68
24,000
63
Jan
71%
Jan
1044
Conv deb 5s
1950
67m
67 m
*109m
68
*121
New Eng Power 3M8-1961
New Eng Pow Assn 5s 1948
99 m
_
1954
Debenture 6 Ms
121
123
—
62m
Jan
71m
Jan
Jan
109 m
Feb
1st ref 5s series B..
1950
10 1%
6s
1946
99 m
58,000
97%
Feb
99 m
Jan
99% 100m
100
99 m
46,000
99
Jan
100 m
Jan
1954
101H
2,000
1,000
101
Jan
102 m
Jan
Jan
103 m
Jan
Wash Ry A Eleo 4s—.1951
West Penn Elec 5a.. 2030
108M
102
101 %
102 H 102 %
New York Penn A Ohio—
♦Ext 4%a
West Penn Iractlon 5s '60
stamped-1950
85 m
1st mtge 3%a
1964
N Y A Westch'r Ltg 4s 2004
+
—
105%
1954
Debenture 5s
Jan
20
Jan
17M
Jan
19
Feb
75
Jan
77 M
Jan
Jan
Jan
87 m
Jan
Feb
65~<j66
88
Jan
93 %
118
19,000
118
Jan
84
12,000
74
Jan
84 m
16,000
11,000
99
Jan
101%
Jan
Jan
99
Jan
100 M
Jan
18,000
102
Jan
103
Jan
13,000
100 H
97 %
Jan
102 M
Jan
Jan
101
Jan
99 M
102M 102 M
101% 102
99M
99M
99M
6,000
119
Jan
Jan
Feb
8%
64,000
7%
Jan
108M 108M
*107 M 108
2,000
108 M
Feb
108 %
Feb
106 M
Jan
107 m
Feb
115
Jan
115M
Jan
60 %
Feb
7%
*115M
59 M
60 %
Jan
85m
Feb
West Newspaper Un 6s '44
104%
Jan
Jan
Wheeling Elec Co 5s„ 1941
*106 m 107 m
105
105m
Feb
Feb
Wise Pow A Light 48.1966
Yadkin River Power 5s '41
106
3.000
105m
104 %
105 %
106 m
113%
Feb
|*York Rye Co 5s
1937
♦Stamped 5s——.1947
94
94
95
10,000
97M
97M
98
5.000
26M
*26M
*22
26M
35
35
26 M
1,000
44,000
81
55
Feb
Feb
105m
114m
57
Feb
Feb
Feb
58
116
6,000
19,000
114m
55 m
57
57
45%
89 m
108 M
85 m
84%
*114
Nippon El Pow 6 Ms—1953
118M
Jan
18,000
104 m 104m
N Y State EAG 4Mb 1980
Jan
Jan
107
99% 100M
8H
101%
-
♦5s Income debt
1942
♦Income 6s series A .1949
Feb
Waldorf-Astoria Hotel—
99
New Orleans Pub Serv—
5s stamped
Pub" Serv" ~5~MA—1946
Va
58.000
80 M
108 %
29,000
.M-
86M
87 m
J108M 108M
91
92 %
84
100 %
99 m
8
43 M
20
~17666
118
62 M
117M
19
85
*9lk"
Utah Pow A Lt 6s A—2022
5s
86
Deb 68 series A..-.1973
N E Gas A El Assn 5s 1947
New Amsterdam Gas 5s '48
6,000
is'ooo
43M
*20
85
5 Ms
Jan
.
45
25
83M
44
6 Ms
108 %
124
4,000
107m 108
82 %
Jan
23m
127 m 127 m
82
106
1956
6,000
2,000
8M
-
19
United Lt A Pow 68—1975
25%
18,000
109 % 109 m
2022
8
J118
♦United Industrial 6Ms '41
♦1st s f 6s
1945
23m
J*Nat PubServ 5s ctfs 1978
Nebraska Power 4 Ms. 1981
6s series A
98
66% 119,000
65M
stamp.1950
Jan
4,000
99%
112m
107m
Conv 6s 4th
92
94 %
112m
2030
B
93
7,000
66
9,000
k
104 %
106 M
104M 104 %
106
52M
Jan
104 M
*104M 108
Jan
10 %
Jan
105
Jan
Jan
137666
105 M
Feb
106M
6,000
104%
Feb
105
Jan
94
Feb
97
Jan
97
Feb
98 M
Jan
26%
Jan
29
Feb
26 %
Jan
28 M
Feb
5,000
12 %
Feb
12 %
Feb
37666
No Amer Lt A Power—
1956
5Ms series A..
No Boston Ltg
102
Ohio Public Serv
102 %
106
Jan
FOREIGN
Jan
49%
Jan
1,000
105 m
Feb
106 m
AND MUNICIPALITIES
Jan
106.m
3,000
104 %
Jan
106 m
Feb
111m him
110%
107%
Jan
111m
Jan
108 m 108m
4,000
16,000
Jan
108 %
Feb
108m
108 %
108H
37.000
107 m
Jan
109 m
Jan
107
106% 107
104
104m
5.000
106 m
Jan
Jan
3,000
102 m
Jan
107 m
105
Feb
99 m
Feb
100 m
Jan
46 m
106
4s„1962
1955
Okla Power A Water 5s *48
to
Pacific Coast Power 5s *40
*99 m 100 m
Jan
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
♦7s ctfs of dep.Apr *46
Jan 1947
♦7s ctfs of dep. Jan '47
♦6« ctfs of dep.—Aug '47
♦64 ctts of dep.—Apr '48
Antioqula (Dept of) Co¬
♦20-year 7s
58-1955
Park Lexington 3s—1964
Penn Cent LAP 4MS-1977
1st 5e
1979
Penn Electric 4s F
1971
5s series H
1962
"94
109 m
Jan
Jan
♦7s ser A ctts of dep. 1945
93 m
Feb
96
Jan
♦7s ser B ctfs of dep.1945
*10
12«
25
6,000
1,000
109 %
Jan
112
Jan
♦7s ser C ctfs of dep. 1945
*10
25
50,000
90 m
Jan
Jan
♦7s ser D ctfs of
dep.1945
*10
25
43
*43 m
102 m
102
110m
Jan
Jan
♦7s 1st ser ctfs of dep.'57
11%
Feb
11%
Feb
101 %
Jan
103m
Feb
♦7s 2d ser otfs of dep.'57
*10
25
104
Jan
105 %
Feb
♦7s 3d ser ctfs of
*10
25
11M
Jan
11M
Jan
24,000
103m
Feb
105%
Jan
♦Baden 7s
dep.'57
1951
*12
30
12
Jan
12
Jan
25,000
107 m
Jan
108%
Feb
♦Bogota (City) 8s ctfs 1945
*15
40
*10
40
13 %
Feb
15
Jan
14M
Feb
14M
Feb
Jan
71,000
_
-
-
-
«
-
11%
11%
Bogota (see Mtge Bank orj
1960
B—1959
C—1947
5s series D
1954
Peoples Gas L A Coke—
4s series B_
1981
4s series D
1961
Phil a Elec Pow 6 Ms—1972
Phila Rapid Transit 6s 1962
Piedm't Hydro El 6Ms.'60
Pittsburgh Coal 6a—1949
Pittsburgh Steel 6s—1948
♦Pomeranian Elec 6s-1963
68 series A
*108m 109 m
107 m 107m
Deb 5 Ms series
108
108
108
Feb
109%
Jan
♦Caldas 7 Ms ctfs of dep *46
106
Jan
107 m
Jan
♦Cauca
tl2%
14
107 m
Jan
108 %
Jan
♦7s ctfs of deposit—1948
*10
25
107 %
Jan
108 m
Feb
♦7 M® ctfa of
dep—-1946
*10
25
95m
96 m
113m
Jan
97m
Jan
♦Prov Banks 6s B—1951
*14
35
Jan
Jan
1952
*14
35
Jan
98 m
115
Feb
Colombia (Republio of)—
Jan
ICO
Feb
♦6s ctfs of dep..July
*22
40
*22
40
*10
40
107 m
"i'ooo
4,000
*107m 109
95 m
96 m
14,000
98 m
98
98 m
20.000
113m 114
~~99m
------
99 M
99 M
44
44
*106 M 106 M
100 M 101
13,000
44.000
5,000
1948
7s
87 %
30
91
141,000
Certificates of deposit—
87 m
86
88
12,000
*13
E-1956
4Ms series F
1981
Potrero Bug 7s stmpd-1947
Power Corp(Can)4MsB *69
♦Prussian Electric 6s. 1954
Potomac Edison 6s
108M 108M
--«-
9,000
41
m
Jan
Jan
106 m
Feb
Cundlnamarca (Dept. of)
Jan
102
Feb
14
Jan
14
Jan
♦8Mb ctfs of dep—1959
Danish 5 Ms
1955
83 m
Jan
91
Jan
90 m
Jan
83m' Feb
108 m
46
Feb
109
Jan
110m
Jan
Jan
1953
5s
Danzig Port A Waterways
♦External 6 Ms
1952
♦German Con Munlo 7s '47
1st A ref. 4Ms ser D.1950
92 m
92 m
97 m
♦Ruhr Housing 6 Ms—1958
Safe Harbor Water 4Ms*79
L A P 6s B '52
6s__1937
♦Schulte Real Est 6s._ 1951
Scripp (E W) Co 6MB-1943
Scullln Steel 3s
1961
69
95 m
bhawinlgan W A P 4Mb '67
1st 4Mb series D—-1970
95%
Sheridan Wyo Coai 6s 1947
Sou Carolina Pow 58-1957 "166 m
Southeast PAL 6s—2025
111m
♦Saxon Pub Wks
12m
Jan
13 %
12m
Jan
12%
Jan
12
Jan
12%
Feb
25
14
Jan
15
Feb
♦Hanover
*11m
20
Jan
155m
Feb
1,000
107
Jan
108
Jan
Jan
100 %
Jan
11,000
91 m
Jan
100
Jan
48,000
90m
Jan
97
Jan
97%
*17
35
*14
35
108% 108%
*133m 138
5,000
96 %
Jan
99
Jan
18m
Jan
18m
Jan
13M
15
Jan
15
1958
1958
stamped-1961
♦7s ctfs of deposit-.1951
♦6 Ms ctfs of dep
1954
Mtge Bk of Bogota 78-1947
♦Issue of May 1927
♦7 ctfs of dep.May '47
10
*11 %
*12
27M 27M
102 m 103
68 %
69
95 m
96 m
95%
96%
26,000
27,000
94%
21,000
100 m
110m ihm
21,000
45,000
1,000
4,000
7,000
Jan
*10
*26
Feb
11m
Jan
Feb
15
Jan
Jan
26 %
Jan
12
Jan
13 M
Feb
38 M
Jan
43
Feb
9M
7%
%
%
Jan
Jan
11M
Jan
*u
Jan
Jan
%
Feb
Feb
Feb
9m
27
40
*26
30
*22
68.1931
10
Jan
14
25
*22
♦7 ctfs of dep.-Oct '47
"i'ooo
25
*10
♦Issue of Oct 1927
10,000
15m
14
Jan
10m
26
10
14
♦Medellln 7s
Jan
4,000
(City i Peru—
♦6 Ms stamped
40
107 %
Jan
109 m
Jan
♦Mtge Bk of Chile
*13m
14
134
10,000
Jan
134
Jan
Mtge Bank of Colombia—
♦7s ctfs of dep
-1946
*20
40
♦7s stfs of dep
1947
dep—1947
*22
40
♦6 Ms ctfs of
*20
40
23
Jan
27 m
Feb
Jan
104
Jan
Jan
69
Feb
95
Jan
Jan
98 m
97%
Jan
95m
92%
Jan
95 m
Jan
98 m
Jan
Jan
hom
Jan
100m
112m
102 %
63 m
Jan
Jan
Sou Calif Edison Ltd—
Ref M 3 Ms-May 1
109m
109
109 h
48,000
108 m
Jan
110m
Jan
Ref. M 3Ms B_July
109
108% 109 M
14,000
108 M
Jan
21,000
104 m
Jan
*12M
*9
♦Santa Ft 7-4s strap..1945
1949
1961
39,000
10m
*M
t%
1921
♦5 Ms
39 m
16
9M
*75
16
16
%
12,000
14 M
Jan
16 %
16M
2,000
14 %
Jan
16 M
Feb
79
16M
Feb
Jan
105m 105m
110m
105 m
39 M
Mtge Bk of Denmark 6s '72
♦Parana (State) 7s—-1958
♦Rio de Janeiro 6MS-1959
♦Russian Govt 6Ms—1919
♦Santiago 7s
i960
1 '60
Sou Counties Gas 4M* 1968
Sou Indiana Ry 4s
1951
S'western Assoc Tel 5s 1961
So'west Pow A Lt 6s-2022
So'weet Pub Serv 68—1945
♦Spalding (A G) 58—-1989
13m
13%
20%
94%
100
Jan
j12m
69,000
93%
7
tllm
98
94 m
93 m
97 M
Feb
—1947
Queens Bore Gas A Eleo—
.1952
Corp 6 Ms. 1953
6m
7s—1939
(Prov) 8 Ms. 1949
♦M&ranhao 7s
6 Ms series A
10
♦Secured 6s
Jan
Lima
94 m
Jan
*6
150
j155m 160
94 m
41
♦Hanover (City)
m
Pub Serv of Oklahoma—
97 m
52
Feb
Jan
1,000
Puget Sound P A L 6 Ms '49
1st A ref. 5s ser C-1950
Jan
40
Jan
15
107
48%
1,000
91m
87
107
5,000
53
6,000
Public Service of N J—
1966
50
40
Jan
90 m
15
certificates
50
40
40
Feb
50
54
90
_
*61
♦6s ctfs of dep—Oct. 61
100
110
*110m hom
*49
96
♦6s series A
104 %
11.000
90 %
4s series A
Valley
Cent Bk of German State A
95m
Portland Ga. A Coke Ss '40
San Joaquin
12K
97 m
43 m
44
103
*105m 107 m
104 m
104 m 104 %
108 m
107 m 108 m
—
Penn Pub Serv 6s
♦Ruhr Gas
35
10,000
Penn Ohio Edison—
6°7~ prepetual
*22
110m hom
94
94 %
tm.w,
53.1942
Pacific Pow A Ltg
35
35
109m 109m
95%
96
1941
1st 6s series B
Pacific Ltg A Pow
*22
*22
lombia—
Pacific Gas A Elec Co—
Pacific Invest 5s ser A .1948
GOVERNMENT
104m
45%
Jan
5,000
1945
1968
Okla Nat Gas 3 %s B„
8,000
Feb
47 m
N'western Pub Serv 6s 1957
Ohio Power 3 Ms
101m
105m 105m
*103 m 106
46 m
-1.
N'western Elec 6s stmpd'45
Ogden Gas 6s
6,000
105m 105m
Prop3 Ms'47
Mb—1948
Nor Cont'l Util 5
No Indiana G A E 68.1952
101 % 102
51
52
♦7s
16M
Feb
13,000
50
Jan
19,000
105
Jan
106 m
99
Feb
105 %
Jan
Jan
108 H
Feb
106 M
106 M 106 M
100 m
100 % 101
7,000
107m
107m 108
6,000
19,000
107 m
58
58
58
—1948
1948
63 %
62 m
64 m
59,000
64
63 m
63 m
63
64 m
64 %
61,000
1951
Debenture 6s.Dec. 1 '66
47,000
48
Jan
63 m
62%
64
48
Jan
^
62 M
64
37,000
28,000
48
Jan
63
63
64
37.000
49
Jan
23
23 M
11,000
19
50
52
Feb
Feb
Jan
58
Feb
49
Jan
72 m
Jan
49m
Jan
72 m
72 m
Jan
72 m
72
Jan
Standard Gas A Electric—
6s (stpd)
Conv6s (Stpd)
Debentures
6s
6s gold debs
-.1957
Standard Pow A Lt 6s 1957
♦Starrett Corplnc
^
58-1960
Jan
Jan
Jan
Jan
71m
24 m
Feb
Stlnnes (Hugo) Corp—
1940
1946
Terni Hydro EI 6 Ms-1953
Texas Elec Service 6s 1960
*
2nd stamped 4s
*35m
38
29
Jan
37
Feb
2nd 8tamped 4s
*20
26
24 %
Jan
26
Jan
42
Jan
46
Jan
45
105 m
45%
105% 105 m
43%
"i5"666
52,000
104 m
Jan
105 %
Feb
No par value,
Interest.
n
a
d ExjCash sales not In¬
Deferred delivery sales not Included In year's range,
Under the rule sales not Included in year's range.
cluded In year's range,
x
Ex-dlvldend.
* Friday's bid and asked price. No sales being transacted during current week.
Bonds being traded flat.
| Reported In receivership.
•
f Called for redemption:
*
None.
e
Cash sales transacted during the
current week and not Included In weekly or
yearly range:
No Sales.
V
Under-the-rule sales transacted .during the current week and not included in
weekly or yearly range:
No sales.
2
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 1," when issued; "w w," with warrants: *'x-w"
without warrants.
k
i
•
/«.
:
The Commercial & Financial Chronicle
1258
Feb.
24, 1940
Other Stock Exchanges
Baltimore Stock
Feb, 17
Exchange
Week's Range
Last
Price
High
19
Arundel Corp
Bait Transit Co com v t c
"""46c
*
100*
1st pref vtc_
m
m me
4
m
*
100
4#% pref B,.
«*
83
119
Consol Gas E L A Pow
Eastern Huear Arhoc com
v
Low
Fidelity A Deposit—..20
Fidelity A Guar Fire Cor 10
334
1.75
1.65
1,118
65c
672
09
83
824
30
1
t c
19*4
46c
rnmmmmm
rnmmmmm
Low
Shares
24
1184 119
9#
J
Range Since Jan. 1. 1910
for
Week
of Prices
Bale
Par
Stocks—
9*4
94
30
294
126*4 1274
814 32#
470
y
Paal RDavts &6o.
High
19
Feb
214
Jan
40C
Jan
55c
Jan
1.50
78#
1.85
Jan
Jan
84
Feb
Feb
27
Feb
31
126
Jan
130
La Salle St., CHICAGO
Jan
170
Jan
78
30#
32#
Jan
Jan
60c
42c
50c
1,500
40c
Jan
70c
46C
30c
45c
440
30c
Feb
55c
Jan
Merch A Miners Trans p_.*
14 #
184
Jan
164
Jan
14
15
141
Stocks {Continued)
29
25
28
Jan
294
Feb
46 4
484
15%
24
454
Jan
48
Jan
789
15*4
Feb
431
124
1.25
Jan
Feb
1.45
Asbestos Mfg Co com
1.45
Jan
Jan
894
Feb
Feb
40c
Jan
Week
Associated Invest Co com-*
88
for
of Prices
Price
Par
29
Week's Range
Sale
"I 6#
7% pfd 26
New Amsterd rn Casualty 2
15#
North Amer OU Co eom..1
1.35
15
1.35
Northern Central By...60
89#
89 H
89 *4
234
Owings Mills Distillery. ..1
Seaboard Comm'l—
27c
26c
27c
1,600
6% pref
........60
25o
Aro Equipment Co com..l
.1
13#
rnmmmmm
6
36
36
36
Feb
36
Feb
Athey Truss Wheel cap...4
Aviation Corp (Del)
3
5#
6#
3#
23 *4
/
Western National Bank. 20
rnmmmmm
23
#
284
35
1,125
22#
884
Jan
284
Jan
126
35
Jan
35
Feb
Bonds-
31
30
31
?64,000
264
Jan
31
Feb
wr
36
844
95 4
86
23,800
2,000
31
Jan
3*
Jan
92
Jan
95#
3,000
101
Jan
Feb
A Unaat..
B 5s
.1976
954
101
Interstate Bond Co 5% 1940
95 4
101
Boston Stock
to
101
Feb
Feb. 23, both inclusive, compiled from official sales lists
Sales
Last
Pa
Stocks—
American Pneumatic
Week's Range
for
SaU
of Prices
Week
r Price
Low
High
1st preferred........50
loo
Low
14
mmmmmm
1724
rnmmmmm
14
14
80
14
2
Jan
Jan
60
Feb
167#
Jan
172#
Jan
ht
Jan
#
Jan
rnmmmmm
101
Feb
101#
56
11#
11#
85# 86
146# 148
450
060
114
854
Elevated...... 100
484
48
49
190
Boston Herald Traveler..*
15
Jan
194
19#
20
195
612
92
102
Jan
10#
11#
Jan
Jan
Jan
80
Jan
78
144#
44#
18#
Feb
Jan
149#
Jan
49
Feb
Jan
20#
Feb
Boston A Maine—
preferred—....too
Cl A 1st pref
100
74
14
24
pref std..l00
Class C 1st pref..... 100
Boston Personal Prop Tr.*
mm
14
144
13#
17
17
17
rnmmmmm
mm
mm
Boston A Providence. ,.100
Brown Durrell Co com...*
Calumet & Hecla
14
24
14
14
23
100
90
20
0#
#
67#
113#
Cherry Burrell Corp com.5
Chicago Corp common
1
mmm
14
!
Convert preferred.....*
Cbl Flexible Shaft com
6
30#
73
Chic A Nor Wt Ry com 100
rnmmmmm
2#
45#
17#
2#
46#
18#
61
Common canital _...._*
Feb
Jan
Jan
2#
Jan
Convertible preferred..*
Chic Yellow Cab Co cap..*
Feb
2
Jan
Chrysler Corp oommon..5
Jan
Jan
Cities Service Co com...10
Club Alum Utensil com..*
Feb
#
250
50
Jan
Jan
Feb
Jan
37
15#
1#
42#
Feb
300
7
10
5#
Jan
7
Jan
488
6
3#
6#
3#
Jan
74
Jan
Jan
4
Jan
Jan
11
Jan
Jan
18#
9#
Feb
2,300
100
300
17#
9#
5
33#
11#
3#
19
9#
17#
84
4#
4,050
50
50
Jan
Jan
5
Jan
Jan
27#
Jan
33#
Feb
700
10
Jan
11#
Feb
100
3#
18#
Jan
Feb
23#
Jan
Jan
150
4
Jan
1,150
22
Feb
22#
22#
60
21
Feb
25#
22#
18#
10#
18#
10#
50
18
Jan
20
Feb
2#
11#
2#
Feb
2#
6#
21#
21#
9#
300
80#
0#
81#
470
#
250
4
#
57# 61#
113# 115#
19#
19#
11
10#
1#
1#
36# 36#
73
73#
#
#
3,800
9
100
50
500
7
310
400
7
10#
24
Jan
Jan
6#
21
Jan
8#
79#
6#
#
Feb
2*
Jan
Jan
Jan
Feb
Feb
22#
11#
84#
Jan
7
Jan
Jan
#
Jan
Jan
Jan
Jan
#
56#
Feb
90
113#
Jan
25
18#
Feb
#
Jan
120#
20#
Feb
Feb
320
450
77
Jan
13
10#
1#
Feb
150
36
Jan
37
300
67
1,650
Jim
Jau
Jan
1#
Jan
Feb
Jan
73#
2,225
#
Jan
4
40
69#
Jan
71
Jan
110
Feb
Jan
Commonwealth Edison—
Feb
61
2#
2#
Feb
Feb
1,283
14#
19#
1#
Jan
1
Jan
6#
4#
Feb
2#
Feb
Jan
Feb
8#
5#
Jan
Feb
mmmmrnm
14
Container Co
Jan
Jan
Continental Steel com...*
Crane Co oom
25
Preferred B........ 100
East Steamship Lines com *
rnmmmmm
mmm
Employers Group-..*
Gillette Safety Razor... »
Isle Royale Copper Co.- 15
Maine Centra) com.... loo
v
t c. I
Mergenthaler Linotype... *
Narragansett Racing Assn
mmm-mm
23
50
42
Jan
523
17#
Feb
3#
48#
21#
20
59#
12#
3#
21#
Feb
63
Jan
17#
4#
Jan
Jan
Jan
Curtis Lighting Inc com..*
Dayton Rubber Mfg com. 1
Jan
24
Jan
o
20
com
Feb
Jan
Class A...i..
1#
Jan
2
Jan
Deere A Co
77
6#
Jan
8#
Feb
Diamond T Motor Car cm2
Dixie-Vortex Co-
105
22
2#
266
15#
00
2#
14#
6#
Jan
Feb
2#
15#
rnmmmmm
25
2#
15#
Jan
Feb
Feb
Jan
rnmmmmm
rnmmmmm
rnmmmmm
rnmmmmm
184
mmm*mm
rnmmmmm
25
Jan
com
..
•
.
■'
mmm'mmrn
rnmmmmm
5
Jan
3#
Jan
7,850
31
Jan
32#
15#
Jan
13#
Jan
200
2#
Feb
3#
Jan
626
7
Feb
8
Jan
4
280
80
Jan
4#
17#
Feb
16
3#
15#
Feb
16
29#
50
25
Jan
29#
Feb
22
29#
22#
21#
Jan
24#
Jan
67#
70
70
59
Jan
70
Feb
18#
1#
18#
1#
100
18
Jan
19
Feb
19
19
150
31#
31#
3#
30
30
21#
9#
21#
10
146
20
1#
Feb
17
Jan
30
29#
Jan
20
30
19#
84
115
45
2
Feb
30
Feb
Feb
23#
10#
Feb
Feb
Jan
Jan
Jan
13#
35#
13
23#
200
4#
Jan
5#
Feb
5c
Feb
5c
Feb
351
124#
4
Jan
131#
Feb
Elec Household Utll cap. 6
Elgin Natl Watch Co...15
Fairbanks Morse A Co cm *
Jan
#
Feb
Fltz81monsAConD&D cm*
45c
Feb
64e
Jan
Jan
76
Feb
Four-Wheel Drive Auto. 10
Fox (Peter) Brewing com.5
128# 131
45c
#
379
54c
1,500
#
45c
70#
75
18
6!
Fuller Mfg Co com...
lie
mm
m
m
"
22#
84
/
1'
"11#
104
314
6
11c
Jan
11c
Jan
Gardner Denver
22c
m
14
lie
19c
Jan
22c
Jan
Jan
9#
1#
Jan
General Foods
Feb
""l4#
1
General Amer
15#
24#
42#
22c
100
14
15#
192
13#
Jan
22#
8#
1#
11#
23#
8#
692
21
Feb
1#
10
10#
100
Jan
new*
"17#
Transp com5
General Candy cl A
5
General Finance Corp coml
53#
com
905
10#
Jan
12
Feb
General MotorsCorocomlO
General Outdoor Adv com*
227
12
Jan
60
8#
1#
10
Feb
12#
Jan
rnmmmmm
rnmmmmm
te*
53#
rnmmmmm
29
Jan
32
Feb
100
28
Feb
Goldblatt Bros Inc
Feb
84#
Jan
43#
43#
10
25#
76#
42#
Jan
881
Jan
44
"24#
Jan
Goodyear T A Rub com..*
Goesard Co (H W) com...*
45c
50c
645
45c
Feb
50c
Jan
7
7
35
Jan
Jan
1#
7#
1#
"~25#
75
6#
1#
26#
Great Lakes D A D com..*
Hall Printing Co com.. .10
Jan
Heileman
rnmmmmm
*
mmmmmm
*
30
1#
27
30
73
Jan
Jan
30
Feb
Common.
..___*
Brewing
rnmmmmm
Eastern Mass St Ry—
1948
rnmmmmm
1948
93#
94# $14,000
98
98
450
150
102# 102#
mmmm
92#
Jan
93#
Jan
102
Jan
■
"9#
1
cap
Jan
Sale
Par
Price
Feb
Illinois Central RR
com
Feb
Indep Pneum Too!
s
Sales
for
Range Since Jan. 1,1910
Week
of Prices
High Shares
Low
68#
47#
279
69#
48
100
10
10.
150
13#
......
14
550
20
""93#
6
5#
For footnote oeo r-M 1261
20
20#
37#
Allied Products Corp cl A25
Allls-Chalmero Mfg Co... *
20#
93
95
37#
171# 172#
5#
6#
200
50
.
55
205
50
50
24
Jan
37#
Jan
42#
Feb
10#
Jan
14
Jan
Jan
4#
14#
4#
Feb
Jan
15#
51#
Jan
17#
Feb
Jan
Jan
4
12#
4
Feb
10#
100
10#
Feb
2#
150
132
2#
45#
Jan
47#
Jan
57#
10#
2#
48#
51
Jan
55#
Feb
Jan
Feb
100
Iron Fireman Mfg v t C— .*
Jarvls (W B) CoCommon.
Jan
40
140
68#
45#
9
Feb
49
Jan
Jan
10
Jan
13#
20#
20#
41#
Feb
Feb
93
Feb
100
Jan
Jan
Jan
172#
Jan
6#
Jan
Loudon Packing com....*
Lynch Corp com
5
495
167#
1,300
5#
Jan
Preferred
17#
8#
8#
Jan
Jan
10
Jan
9
Feb
Feb
Feb
Jan
Feb
Jan
Jan
1
50
Jan
1
Feb
4
4#
4#
11#
4#
11#
200
176
11
Feb
22#
150
Feb
Jan
5#
13#
24#
Jan
Jan
Jan
100
21#
2#
Jan
3
54#
56#
205
53#
Feb
62#
Jan
17
17
100
10
Jan
17
Feb
3
3
Feb
14#
15#
550
14#
Feb
17
Jan
47
47#
100
6#
84
4#
400
48#
6#
8#
Feb
46#
30
40#
6#
74
44
44#
2#
#
Jan
6
14#
■
:
■
"
8
4#
46
______
3#
7#
24
4
14
84
7#
5
10
'
_
100
Jan
Feb
1
Llauld Carbonic com....*
Feb
9
200
25
Jan
Feb
Feb
Lindsay Lgt A Chem—
Common ............10
Jan
20#
9#
1,100
1,038
6#
12#
24#
12#
27#
20#
Jan
13#
rnmmmmm
Llbby McNeltiALibbycom*
Feb
Jan
25#
19#
9#
150
Jan
Jan
Jan
15
......
Leath A Co com.........*
Jan
376
Jan
Feb
Jan
1
11#
18#
20#
35#
6#
10#
21#
11#
150
24#
12#
26#
6
Jan
La Salle Extens Unlv com-5
cap
254
12
24#
Jan
11#
8
Jan
4#
14
4#
70#
6#
40
22
com A*
Jan
6#
6
100
......
........1
5
5#
1
Joslyn Mfg A Supply com-5
Katz Drug Co com...
1
Keryln OH cl A com
Kingsbry Brewing Co
1,027
105
Ken-RadTube&Lp
High
54#
12#
Kellogg Switchboard com.*
Low
53
14
t c__*
International Harvest com*
Abbott Laboratories—
69#
100
900
47#
9
Kentuckv Utll jr cum pf_50
._*
4#
17#
63#
10#
2#
4#
14#
4#
17#
Jan
Feb
Feb
14
Illinois Brick Co cap.... 10
99
103#
Feb. 17 to Feb. 23, both Inclusive, compiled from official sales lists
Week's Range
4#
12#
3#
Jan
12#
Indiana Steel Product coml
Last
100
Jan
Jan
14
1
com
95
Chicago Stock Exchange
Friday
195
11
12#
Heln-Werner Motor Parts 3
Hupp Motor Car
...1948
22#
12
'
*
com
Houdaille-Herehey cl B..*
Hubbell Harvey Inc com. 6
Bonds-
rnmmmmm
200
Jan
Gillette Safety Razor—
Jan
te
772
rnmmmmm
1,750
23#
42#
'
„»*
com
78
rnmmmmm
3
3#
23#
41#
11
3#
Jan
Jan
Feb
860
Jan
19#
31#
11#
6c
mm
Feb
550
3#
7#
11#
34#
28
Armour A Co oommon
Feb
3
150
32
Amer Pub Serv pref ....100
Amer Tel A Tel Co cap. 100
4
100
300
77
Acme Steel Co com
..25
Adams (J D) Mfg Co com-*
Aetna Ball Brag Mfg coml
Allied Laboratories com..*
Jan
420
400
5#
m'm
Jan
Jan
Jan
13#
28
Common
94
Feb
91
35#
11#
31#
Stocks—
Jan
13
m
774
Series D 6s
Feb
11#
3#
mmmm
m'mmmmm
Warren (S D) Co.
15
8#
79#
35#
■
5
.........
32#
3
109
11#
*
......
United Shoe Mach Corp. 25
6% cumui pref.......26
32#
30
600
325
354
Common
Class A. ......
5C
75
Stone A Webster........*
Utah Metal A Tunnel Co. 1
Waldorf System......... *
1#
74
Decker (Alf) A Cohn prdlOO
317
8#
6
109# 110
8#
8#
85# 86#
4#
3#
14#
32#
rnmmmmm
rnmmmmm
6#
1#
24
3
..35
54
130 4
mm
Pacific Mills Co......... *
Torrlngton Co (The>
Union Twist Drill Co
594
5c
2 fin
Reece Folding Machine. 10
Shawmut Assn T C.
*
6#
1#
8#
10
24
54
Ham).100
Pennsylvania RR
50
Reece Button Hole MachlO
95
13#
mm
mm
CunnlnghamDrugStores2#
4
4
rnmmmmm
Dodge Mfg Co com.....*
rnmmmmm
.....
Old Colony RR Ctfs of dep
Old Dominion Co......25
12#
23#
23
mmmmmm
Inc
1
National Service Co.
1
New England Tel A lei loo
N YNH&HRR
100
Butte
mmm
234
64
100
Mass Utilities Assoc
part sb pref
461
Cudahy Pack'g 7% pref 100
61
110
rnmmmmm
71
Consumer e Co—
Jan
70
71
Consolidated Oil Corp...*
v t c
1st preferred.......100
6% cum pref...
Capital .............25
Compressed Ind Gases cap5
Consolidated Biscuit oom.l
Feb
Eastern Mass St Ry—
Series A 4#s
Series B 5s..
Feb
Central A 8 W—
Jan
1#
90
454
4 #% prior pref..... 100
Warren Bros.
1#
42#
High
Low
13#
23#
Common... ..„......_1
10#
2#
12#
16#
222
8#
6#
Feb
50
1#
7#
4#
7#
1#
J#
1#
1#
325
11
74
54
Copper Range...
..25
East Gas A Fuel Assn—
Common..
*
100
74
1#
/
preferred
314
8#
1#
24
14
14
14
144
CI H isr pref std-—. 100
Cl B 1st pref
100
North
150
Chicago Towel Co—
Prior
North RR (New
81
Prior lien pref.
*
Chain Belt Co com......*
1464
6%
6#
21#
9#
Common new.......50c
$7 preferred
....*
Boston A Albany...... 100
1
2#
conv
08
Boston Edison Co..... 100
Class C 1st
mm mm
'
10
1,199
14
171# 172#
4
4
14
4
rnmmmmm
mmmmmm
Bruce Co (E L) com.....5
Burd Piston Ring com
1
14
13#
3#
18#
Shares
23
23
pref....30c
Central Cld Storage com-20
High
5#
6#
3#
94
10#
mmmmmm
Borg Warner Corp—
Common
.....5
Cumul
Blgelow-SanfordCarpetCo
Preferred.......... 100
Bird A Son Inc..........*
Bliss A Laughlln Inc com.6
Butler Brothers.......
1
U#
_1
Class A pref-.—-.....*
13#
32#
...5
Bererboff Brewinz Corp..!
Cent HI Pub 8er %6 prof..*
Central 111 Sec conv pfd..*
Amer Tel A Tel
Assoc Gas A Elec Co cl A. 1
Range Since Jan. 1. 1940
Shares
8e{,~
pref..-150
non-cum.
Boston
4#
Binks Mfg Co cap
High
174
94
4#
31#
9#
Brach (E J) A Sons cap...*
Brown Fence A Wire—
Exchange
Friday
6%
"174
Bendlx Aviation com
Bait Transit 4s flat... 1076
Feb, 17
BarlowASeelig Mfg A com 6
Bastlan-Blessing com....*
Belden Mfg Co com....10
Belmont Radio Corp com.*
D S Fidelity A Guar
Low
42#
Aviation A Transport cap. 1
mmmmmm
Range Since Jan. 1, 1940
Last
Mt Vrn-Woodb Mis pfd 100
Monon W Pa P S
Sales
Friday
Jan
1
Common class A
Municipal Dept. OGO. 621
CGO. 406-406
10 S.
Jan
100
Exchanges
Bell System Teletype
Trading Dept.
Jan
119#
U4
Jan
116
Members Principal
Jan
83
1
Mar Tex Oil
SECURITIES
Listed and Unlisted
Sales
Friday
Preferred
CHICAGO
Feb. 23, both inclusive, compiled from official sales lists
to
2
25#
10#
17#
1#
25#
500
200
3
450
#
1#
3#
7#
100
5
10#
17#
2
25#
Jan
Jan
Feb
Jan
Feb
Jan
500
1#
3#
Jan
514
6#
Jan
200
950
4#
9#
15#
1#
100
25
50
220
65
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
5#
49#
3#
#
Jan
1#
3#
74
Feb
5
10#
17#
2
25#
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Volume
ISO
The Commercial & Financial
Chronicle
Friday
Last
Week's Range
Sale
Stocks (Concluded)
Par
Marshall Field com
McCord Rad <fc Mfg A
Merch & Mfrs Sec
Class A com
Low
14%
*
7% prior lien pref
6% preferred A
3%
pf.
Feb
5%
Jan
15%
Feb
7%
Jan
4
Jan
Preferred
650
3%
Jan
900
7%
Jan
2
300
6
500
5
Jan
5%
%
5%
6%
%
100
4%
%
Jan
690
3%
Jan
Feb
U S
250
9%
Jan
11
Feb
Wurlitzer
Jan
22
Feb
6%
-
National Standard
Ind
Northwest Bancorp com
North West Util pr In
pf 100
Omnibus Corp com..
6
Ontario Mfg Co com
*
Oshkosh B'Gosh conv pfd-*
31%
3
-
-
-
-
-
Potter Co (The) com
Pressed Steel Car com
Quaker Oats Co common
Preferred
------
14%
Feb
15
21%
35%
Jan
Feb
28
Feb
28
Jan
70
%
200
%
Feb
%
300
%
Feb
14*6
123*6
350
33
Feb
100
Last
Stocks—
Jan
55*6
1*6
Feb
1*6
Jan
Jan
28*6
Feb
469
81*6
Jan
87
Jac
c
%
Brewing Corp of Amer
City Ice & Fuel
2
100
Jan
2
Feb
140
28
Jan
30
Jan
Jan
23*6
Jan
9%
Jan
11
Jan
8%
16%
31%
18 %
23
4%
15%
84
84
16
Jan
Jan
2*6
13*6
2*6
Jan
27*6
2%
Feb
300
Jan
Jan
Feb
Colonial Finance
Jan
Dow Chemical pref
Eaton Mfg
c
Jan
23*6
Feb
c
Jan
45*6
Feb
Jan
4*6
Jan
22
128
42*6
200
4
250
14*6
78*6
323
Jan
Feb
14*6
Jan
155
83
Jan
58
Jan
173
115%
Feb
750
1%
Feb
200
%
40C
1*6
1%
20%
22*6
24%
85
35
106*6
"lb"
Jan
c
Jan
800
500
10
Feb
2
Feb
Jan
93
20
Jan
Natl
Jan
117*6
Jan
Jan
Feb
Feb
Jan
c Republic Steel com
Richman Bros...
3*6
Jan
16*6
Jan
203,000
126*6
Jan
130
Jan
Feb. 17
Feb. 23, both
to
Last
Sale
Stocks—
Par
Aluminum Industries
*
Price
11%
Amer Laundry Mach—20
15"
Amer Rolling Mill
Baldwin Dref
100
Burger Brewing
Champ Paper pref
Cin Ball Crank
*
__
100
__5
Cin Gas & Elect pref...100
CNO&TP
100
Preferred
Cin Street
100
.—
Cin Telephone
City Ice
Colgas
Crosley Corp
Eagle-Picher
Preferred
50
50
16*6
14*6
96*6
3%
2%
109
85
2*6
98*6
2*6
98
7
115
14*6
52*6
27*6
27 %
6
*
*
Kroger
*
Lunkenhelmer
42 *6
15
*
Kor footnotes see page
30*6
26*6
42*6
15
Low
Jan
740
16
Jan
445
14*6
96*6
3*6
Feb
25
200
50
60
225
10
44
102
1*6
108
84
119*6
2*6
13*6
6
26*6
42*6
15
29*6
30*6
19
41
Jan
Jan
16*6
Jan
21*6
Jan
19*6
20*6
24*6
Feb
26
Jan
29
Jan
Jan
62
85
9*6
Feb
12*6
37*6
Feb
40*6
Jan
16
Jan
17*6
Feb
42
13
202
13
Feb
795
3
Feb
4
Jan
110
11
Feb
13
Feb
82
15*6
Feb
10
3%
17*6
60
Jan
60
Jan
Jan
5*6
16*6
Feb
15%
60
-
5%
110
4*6
al6%
3%
25
216
13*6
2*6
36*6
6*6
9*6
Feb
15
Jan
38
25
5
20
10
35
a20% a21*6
38
39
7
Jan
211
a6*6
al0*6 alO%
38 *6
Jan
219
1,567
Jan
Jan
Jan
Jan
Jan
Feb
Jan
3*6
40
Jan
7*6
Jan
12*6
Jan
10
Jan
10
Jan
18*6
Jan
23*6
Jan
Jan
39
36*6
Feb
8%
205
7
Jan
a.32% a34%
8*6
Jan
250
Jan
al2
27*6
34*6
Feb
170
*
9*6
Jan
a58
13
Feb
40
55*6
Jan
68*6
Jan
192
1*6
9*6
Feb
20
11*6
38*6
Jan
12
22
Feb
1*6
10*6
13*6
48*6
28*6
Feb
Feb
a
12%
al2
a59%
1%
9*6
al2%
a 40%
a
1%
9%
Youngstown Sheet & Tube*
Youngstn Stl Door com.*
165
121
41%
a23*6 a24%
c
Jan
Jan
Jan
Jan
Jan
Members
Stock
Exchange
Exchange
Ford
New York Curb
Associate
Chicago Stock Exchange
Building
DETROIT
Detroit Stock
Feb. 17
to
Feb. 23, both
150
200
6
6*6
10
26
98
4
110
123
Jan
Jan
Jan
Feb
Feb
Jan
105
2*6
110
87
Feb
Feb
Jan
Jan
Auto
3%
3%
400
1
20c
2%
19c
20c
700
18c
Jan
25c
6%
605
_.*
8%
21%
6%
Jan
7
21%
1%
295
19%
Jan
City Brew
com
Baldwin Rubber com
88c
Jan
200
87c
Feb
1.25
Jan
100
15%
Jan
76c
85c
Jan
300
76c
Feb
4%
4%
15%
1%
4%
Feb
Jan
Jan
Jan
Jan
Feb
com
Continental Motors com.. 1
Det & Cleve Nav com...10
Detroit Steel Prod com
*
Divco Twin Truck com—1
Eureka Vacuum com
Feb
Federal Mogul com
Federal Motor Truck
Feb
27
Jan
General Motors
Jan
42*6
Feb
Goebel Brewing com
Jan
6
Jan
Feb
Jan
15
Feb
502
Graham-Paige
28*6
Jan
30*6
Feb
Grand Valley Brew com..l
19
Feb
22
Jan
3%
Jan
703
70c
Feb
85c
600
Jan
1
1%
1
150
1
Jan
21
350
19
1%
1%
Feb
21
155
Feb
8
Jan
8%
4%
23%
15%
4%
2%
2%
55%
2%
1%
Feb
8%
com
Hall Lamp com..
2%
1
_*
20%
8%
4%
22%
14%
4%
2%
2%
53%
8%
4%
150
338
4%
20%
Feb
22%
14%
200
12
Jan
Jan
Jan
Jan
Feb
Jan
Feb
"70c
4%
2%
2%
363
4%
Jan
200
2,379
2%
1%
550
2%
2%
61%
2%
Jan
53%
1.00
10
12*6
8
883
75c
1%
Frankenmuth Brew com__l
General Finance com.
1
10
Jan
1%
3
1
Feb
70c
.*
...
Jan
70c
com *
com
500
22%
1%
1%
6
Ex-Cell-O Corp com
Feb
Feb
1
Det-MIchigan Stove com.l
Det Paper Prod com
1
40
50
Jan
Jan
90c
Consumers Steel
com
30
Jan
Feb
15%
com..
20
46
3%
89c
Jan
15*6
55*6
28*6
1
Feb
15%
Feb
115
High
3*6
Burry Biscuit com...12%c
Consolidated Paper com. 10
Jan
14
Jan
Low
5
Feb
98*6
Jan
Range Since Jan. 1,1940
Shares
1.00
Jan
Jan
High
Atlas Drop Forge com
13*6
51*6
26*6
4*6
26*6
120
Low
1
Feb
98
Price
Briggs Mfg
Jan
Feb
Week
Brown McLaren
2*6
Feb
for
of Prices
Feb
Jan
7*6
12*6
Par
Week's Range
Feb
Feb
6*6
Stocks—
Feb
119*6
Jan
Sales
Last
Sale
11*6
16*6
15*6
96*6
3*6
Feb
Feb
Exchange
inclusive, compiled from official sales lists
Friday
High
7
97
15*6
53*6
27*6
Jan
17
100
13
10
Jan
Feb
3*6
10
17%
3%
Jan
50
23
38
16
Jan
Jan
Jan
1
Detroit Stock
660
60
19
1261
Shares
72
115
82
a6%
*
Week
73
10*6
Feb
38
60
New York
Range Since Jan. 1, 1940
6*6
98
Feb
3*6
37*6
5%
Warren Refining
2
Weinberger Drug Stores..*
official sales lists
98*6
13*6
10*6
15 %
for
297
7
19%
37%
45
14
15%
a
Jan
10
3%
a38%
al8%
a!9%
a24%
a27%
al0*6
60
3*6
Jan
45%
3
15*6
114*6
27*6
Exchange
2*6
98
5
Hobart A
2*6
85
10
Kahn
105
119*6 119*6
53%
—*
11*6
16*6
15*6
96*6
3*6
119*6
10
*
High
108
100
Hilton-Davis pref
10
108
100
Early A Daniel pref
Gibson Art
Low
105
*
General Motors
Rang
of Prices
13*6
6*6
Formica Insulation
Hatfield prior pref
s
Feb
13
*
Twin Coach com
U S Steel com
Sales
Week
11
25
Jan
Feb
Telephone: Randolph 5530
inclusive, compiled from
Friday
Feb
13
_..*
Teletype Cin.- 274-275
Cincinnati Stock
Jan
15*6
Jan
Feb
Watling, Lerchen & Co.
Exchange
St., Cincinnati
Telephone Cherry 3470
13
Seiberling Rubber
*
Thompson Products Inc..*
Established 1878
Cincinnati Stock Exchange, New York
Stock
and Other Principal
Exchanges
35*6
17%
*
Packer Corp
5*6
Feb
2*6
14*6
93*6
89*6
SLi; LYONS *£&
Fourth
a
*
Jan
IOC
1,05(
5
84*6
205
1,166
60*6
40*6
18*6
12*6
115*6
32*6
125
*
Jan
3%
16%
128% 129
Refining (new)
Prior pref 6%.
Ohio Oil com
Jan
IOC
710
Feb
Jan
Feb
Feb
2
51
30
37*6
Miller Wholesale
Drug...*
National Acme
1
Jan
91*6
5%
Jan
125
a27
Otis Steel
86%
12*6
1*6
Jan
1,600
116
*
Feb
c
181
Feb
60*6
24*6
6*6
14*6
2
a38%
al8%
a!8%
a24%
*
Lamson & Sessions
Jan
13%
Feb
9
Jan
52
45%
3%
Leland Electric
*
Medusa Portland Cement-*
Metro Pav Brick 7% prflOO
c
E.
Jan
115
*
com
22*6
24*6
28*6
Cincinnati Listed and Unlisted Securities
115
Jan
6
a6%
a39% a40%
15%
16
11*6
11%
I15"
Kelley Isl Lime & Tran___*
Jan
Jan
%
1%
Jan
Interlake Iron
White Motor
Members:
22
50
Jaeger Machine
Jan
db—
129
25
*
Interlake Steamship
Bonds—
1958
56*6
1%
16
Jan
Jan
c
3% % series
20
13%
*
Feb
16%
87*6
68*6
118*6
1*6
Jan
22*6
23%
24%
Yates-Amer Mach
cv
Jan
a58 %
10*6
61 %
*
com
88
Jan
22%
General Electric
Glidden Co com
15*6
Jan
%
1%
1%
21%
93
Jan
Hijh
Feb
2
Goodrich (B F)
Goodyear Tire & Rub...
c Industrial
Rayon com..*
1,350
23%
109
Low
8
*
Feb
1%
Feb
Range Since Jan. 1,1910
a31% a32
Elect Controller
Fostoria Pressed Steel
Feb
217
5%
85%
3%
14%
Feb
19*6
32*6
800
*
9
for
Week
Shares
100
13*6
100
Jan
2
Jan
9
a6%
1
Jan
59%
115% 117
1%
1%
------
Jan
a23*6 a24%
CI Builders
Realty
*
CI Cliffs Iron pref
*
CI Graphite Bronze com-1
Cliffs Corp com
5
15%
%
11*6
175
a 58
*
30%
16
Feb
10*6
8*6
8*6
3
101
57%
Jan
2*6
Jan
105
50
35*6
Exchange
High
9
1
com
1,550
86%
------
Wleboldt Stores Ino—
Cumul prior preferred..*
Wisconsin Bankshrs com.*
Commonwea Edis
Bond Stores
Jan
1%
25%
32
815
84%
15%
85%
1%
11%
60
9
43 %
------
650
19%
31%
23%
44%
4%
15%
10
Jan
Jan
Jan
Bidding, Clmland
Low
c
31%
23%
50
Price
Airway Elec pref
100
Akron Brass Mfg
*
c Amer Home
Prod com__l
26
22 %
1%
Par
150
27
118
Week's Range
of Prices
Sale
30
26
47*6
34*6
1*6
9*6
45
A. T. & T. OLEV.
565 & 566
Jan
150
26
30
Feb
Feb. 23, both
inclusive, compiled from official sales lists
Friday
Sales
to
Jan
2
21%
cap
5
Zenith Radio
Corp com..*
Jan
Feb
%
1%
350
2
Jan
8*6
11
Cleveland Stock
Feb. 17
Jan
13%
1%
4*6
Jan
109
109
UiIm Cmmki
Feb
153
11%
550
------
10*6
"109"
Telephone: OHerry 5050
Feb
Jan
1%
13%
1%
25
2*6
Jan
Feb
6*6
GILLJSMRUSSELLdb.
Jan
*6
%
10
57%
35
19
3
85
Jan
Jan
24*6
38*6
Feb
1%
2*6
49*6
Jan
23%
Wayne Pump Co capital .1
Western Un Teleg com.100
Wrigley (Wm Jr) cap
Feb
30
*
W'house F-1A Mfg com
40*6
10
*
.
Jan
112*4 113%
Convertible preferred. .7
com
40
118
2
Waiereen Go common
50
50
23
25
100
Jan
150
------
25
10
235
Jan
Feb
12*6
90
.25
_
Jan
29*6
Jan
—— — — — —
Sunstrand Mach Tool como
Swift International
cap. 15
7% cumul preferred 100
Utah Radio Products com-1
Utility A ind Corp—
Common
5
12
Jan
12
35
5
Union Carb A Carbon
cap *
United Air Lines Tr
cap
XJ S Gypsum Co com
20
United States Steel
com..*
11%
29
------
25
Feb
3*6
8*6
49*6
35*6
Feb
Members Cleveland Stock
Exchange
Jan
180
com.*
.•
18
3
8
Jan
69*6
115*6
Feb
Jan
14*6
12%
30
1
com
40%
14%
——--
20
com
50
12
33%
2
Swift A Co
Texas Corp cap
50
12%
70
Jan
Feb
118*6 120%
151
151%
33
33%
1%
1%
1%
1%
27% 28%
83% 84%
120
_
Urn
29%
Feb
13%
26
151*6
20
Jan
113
Jan
62
526
------
65*6
7
67
*
Jan
10
26
268
Feb
20
200
650
*
Common
Stewart-Warner
13%
38
1
Spiegel lnc common
Standard Dredge-
(new)
Preferred (new)
Standard Gas A Elec
62
23
10
_
3%
12
%
%
Feb
19
10
Jan
12
Jan
%
Sears Roebuck A Co
cap.*
Serrick Corp cl B com..
1
Signode Steel Strap pref .30
Sou Bead Lathe Wks
cap. 5
Feb
Jan
------
Raytheon Mfg Co com-50c
Rollins Hosiery Mills com 1
Sangamo Electric com new*
3
10%
38
1
Feb
5
Ohio Listed and Unlisted Securities
Jan
Jan
Feb
10*6
14%
22%
100
Rath Packing com
150
4*6
28%
31%
500
——————
People* o LtAf'oke caD 100
Perfect Circle Co com
*
Pines Wlnterfront com
1
Jan
40
------
112*6
Jan
113
49*6
35*6
Feb
Feb
Feb
20
18
Printing
Preferred
10
4*6
15
69*6
Feb
112*6
23
20
68*6
...."
Feb
20
113
*
Feb
300
------
60
"68*6
*
18*6
Jan
4
2'i %
28
29%
12%
------
20
High
10
Jan
13%
11%
-
112*6 112*6
4*6
5
4*6
Low
50
18
B
Jan
10
Feb
12
12
10
Range Since Jan. 1, 1940
Shares
113
Rapid
55*6
16%
350
*
Timken Roll Bearing
U S Playing Card
83*6
62
62
Jan
10
High
*
Jan
Jbd
1,000
50
Low
100
Jan
Jan
11
—----
—
P A G
5% pref
Randall A
50 %
70
4
Price
25
Jan
Jan
76
12
conv A10
RR capital
18%
27%
31%
3%
Jan
Nash
Jan
3%
9*6
2%
6*6
6*6
%
7%
10%
— — •*—-
11%
Parker Pen Co
(The) em-10
Peabody Coal —
6% preferred
100
20
"30
Feb
19
408
4
27%
30%
.*
.
54%
Feb
1%
50
80%
18%
------
5
North Amer Car
Corp cm20
Northern 111 Finance com.*
22
53%
80%
—-
------
com. 10
com.
—- -
11
22
------
Feb
100
7%
11
3%
28%
160
Week
*
0%
11
*
...
Meteor
1%
5%
100
for
of Prices
*
8%
6
*
Par
Week's Range
*
3%
------
*
.
(Concluded)
M anischewltz
1%
coml
Noblltt-8parks
Wahl Co
12 %
30
8%
Nat'l Bond A Invest com.*
Nat'l Pressure Cooker com2
Thompson J li)
Trane Co (The)
6,050
Stocks
High
3%
Mountain States Pow pf 100
of
1
3%
28%
3%
28
100
cnv
Common
3%
28
100
Minneapolis Brew Co
Modine Mfg Co com
Montgomery Ward—
Standard Oil
15%
7%
Sales
Last
Sale
Low
s
1
Midland United cnv pfd A*
Midland Uttl 6% pr UenlOO
Penn
Friday
Range Since Jan. 1, 1910
Shares
—
part pref
*
Mlckelberry'i Food com. 1
Middle West Corp «an
f.
Penn Elec Switch
for
Week
High
14%
1%
------
$2 cumul
Miller A Hart lnc
of Prices
Price
*
1259
Sales
300
90c
Jan
70c
74c
600
60c
Jan
5%
5%
75c
Jan
457
6%
Feb
6
Jan
2%
100
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
1
The Commercial &
1260
of Prices
10
2X
Houdaille-Hershey B
*
Hudson Motor Car com..*
Hurd Lock A Mfg com___l
Jan
Atlantic Refining
1414
1314
Feb
Aviation Corp
460
Jan
Feb
810
514
Jan
614
14
100
1214
614
12)4
"l~V<
6M
44c
44c
Jan
Feb
500
41c
Feb
52c
Jan
114
250
114
Jan
414
IX
414
IX
100
4
Jan
IX
414
Jan
"lv»
600
114
Feb
90c
95c
400
90c
Jan
114
114
Jan
~95c
Prod com ... 1
45c
114
com..l
Lakey Fdry A Mach com.l
LaSalle Wines com
2
Kingston Products
30c
Feb
40c
Feb
Jan
Jan
10
120
Jan
al554
01554 al554
135
15
Jan
15
Jan
all54
3254
all54 all54
55
3254
395
31)4
Feb
32)4
Feb
a2354
023
02354
165
23)4
Feb
23%
Feb
61)4
Jan
51)4
6)4
13 X
Feb
Jan
654
3254
a BOX
*
*
al354
a4X
200
654
900
1,200
19c
Jan
25c
Jan
Commercial
75c
300
74c
Feb
83c
Jan
9
Jan
Commonwealth & South..*
Continental Motors... — J
a454
Continental Oil Co (Del) .5
a2454
a2454 o2454
69
Feb
Feb
1054
1054
1054
02954 02954
0654
a654
o3854 03854
631
9)4
Jan
11
Feb
25
29)4
Feb
29)4
Feb
85
8
Jan
8
140
38
Jan
40
Jan
4754
19
1954
036 54 036 54
275
45)4
Jan
47)4
Feb
270
19
Feo
20
Jan
175
36)4
Jan
Jan
814
1,285
714
Jan
IX
114
2,080
17 X
1714
281
Jan
Jan
Jan
814
Feb
Jan
314
Feb
Jan
General
814
3,257
314
7%
3)4
4314
114
1614
514
1,010
314
IX
1714
4414
Feb
43
4314
829
20%
2014
914
2014
135
2014
1014
2,805
"i H
IX
114
470
8X
814
150
IX
2X
114
250
350
114
2J4
Jan
3
Jan
125
2
Feb
650
23
Feb
"1%
2%
2
2
2314
23
2)4
Class
4..
a2954
...
.
Electric
*
< "o...
a654
a3854
5
2114
Jan
General Foods Corp
*
Jan
Goodrich (B F) Co
*
Jan
Tntl Nickel Co of
Canada. *
036 54
614
Jan
414
114
833
620
Jan
Loew's Inc.
Jan
Mountain
Jan
New
25
Nor
Jan
Jan
3)4
Jan
01654 al7
145
16
Jan
18)4
Jan
184
22 X
Jan
26)4
Feb
02454 02554
a22
0354
Jan
Paramount Pictures Inc.-l
o754
50
02254
08 54
Jan
Pennsylvania
Feb
35%
100
a22
Feb
Feb
Jan
35X
110
a2454
43c
36)4
4
...»
Co
American
714
314
Feb
a36
American Aviation. 10
Jan
36
4
North
Feb
Jan
4)4
a36
Packard Motor Car Co—*
26c
38)4
Feb
4
Jan
500
Feb
4
a36
Feb
200
RR
Pure Oil Co
*
314
154
445
IX
3)4
IX
714
314
3,075
114
Jan
Republic Steel Corp
IX
114
4,610
1
Feb
114
154
Jan
IX
Jan
Sears Roebuck & Co
15c
15c
19c
700
10c
Jan
10c
Jan
flocony-Vacuum Oil
Southern Ry Co
40
21)4
Jan
3)4
Jan
21)4
3)4
Jan
10
7X
Jan
7)4
Feb
65
a354
a754
02254 02254
21)4
Jan
24)4
Jan
a8 54
a8 54
10
9
Jan
a554
2154
08354
all54
al754
155
6
Jan
*
08254
o8254
01154
oil54
*
01754
01754
*
654
654
4354
*
1054
4354
1054
1
1254
12
_.l
25
25
043 54
04354 043 54
ol054 al0 54
Union Carbide A Carbon.*
O1054
08454
08454 08454
United Air Lines Transp._6
al6
al6
04754
a4754 o4754
037
a37
a37
59
69
59
a4
a4
a4
50
3)4
Superior Oil Corp
Swift & Co
Texas Corp (The)
MEMBERS
Chicago Board of Trade
York Stock Exchange
TT 8 Steel Corn
Teletype L.A. 290
Los Angelas
523 W. 6th St.
10
US Rubber Co
5
compiled from official sales lists
94
Co..
of Prices
Low
High
3%
1
3X
High
Low
360
700
2
Bolsa-Chlca Oil A com.. 10
Jan
4)4
Jan
American Stores
Jan
2
Feb
American Tel A Tel
5
Jan
*
4%
454
265
4%
Byron Jackson Co
*
Calif Packing Corp com..*
al7X
al354 al354
22
14)4
Jan
a25X
25
Jan
1034
a2554 G2554
1054
1054
20
Central Invest Corp—100
10
Jan
5
Consolidated Oil Corp—*
Consolidated Steel Corp..*
Preferred
*
Creameries of Amer v t c._l
Electrical Products Corp.*
Emsco Derrick A Equip..5
a85J4
754
88)4
Jan
Chrysler
Corp
Exeter Oil Co A com
5X
a8534 a8654
754
754
554
Jan
8
Jan
Feb
4)4
Jan
5%
Jan
9)4
Jan
10X
Jan
150
6)4
Jan
5%
Jan
10
Jan
10)4
Jan
1054
1054
1054
1054
310
10 X
Jan
36c
40c
1,100
35o
Feb
392
392
392
20
10
10
10
221
Jan
11
43o
Jan
Jan
383
8)4
392
Feb
Feb
10
Jan
154
70
a5354 a54
554
554
351
62
Jan
120
5
Jan
154
534
*
Goodyear Tire & Rubber.*
Hancock Oil Co A com ...»
Holly Development Co—1
10 X
1054
2434
2454
Feb
Jan
6
1054
2454
3754
100
9)4
Jan
10%
391
24 X
Feb
24%
Feb
145
37
Jan
38)4
Jan
75c
100
75c
Jan
80c
Jan
10 X
a1054 al054
55
9)4
Jan
Feb
a30%
a3054 a3054
90
28)4
Jan
11%
32)4
154
454
5,035
1%
4)4
Feb
3
Feb
Jan
a
3754
75c
154
Jan
Inc.-.2
154
Investment-10
454
1
IX
454
154
7,950
1X
Jan
4%
2%
18c
17c
23c
26,497
20c
Feb
32c
a5c
a5c
a5c
800
4c
Jan
6c
26c
26c
30c
1,000
26c
Feb
30C
Feb
47c
Co
Menasco Mfg
2
Rights..
Nordon Corp Ltd
...1
Occidental Petrol Corp...l
Oceanic Oil Co
1
Pacific Finance Corp com 10
12
12
12
Pacific Gas & Elec com..25
3454
3454
34
34
31
31
25
25
6% 1st pref
534 % 1st pref
38c
440
38c
Feb
788
11)4
Jan
12
Budd (E
3454
170
33)4
Jan
34)4
34
Jan
34
100
30)4
Jan
31%
Jan
Jan
191
Feb
100
20)4
Feb
49%
20 X
Feb
320
12
Jan
16%
Feb
400
Jan
2%
Jan
50
2%
36)4
Feb
1,000
15c
Jan
16c
Feb
7
Feb
Jan
8%
8)4
Jan
7X
4X
Jan
5%
Jan
4734
4754
2034
2054
1634
254
1654
254
3654
3654
36 54
Rice Ranch Oil Co
16c
16c
16c
Richfield Oil Corp com ...»
754
7
754
757
Markets..2
Ryan Aeronautical Co—1
Safeway Stores Ino
*
Security Co units ben Int..
Shell Union Oil Corp
*
Sierra Trading Corp—25c
854
8
854
454
902
775
a4954 a50 54
3154
3154
80
Co—100
Standard Oil Co of Calif. *
Southern Pacific
454
a4954
3154
454
3c
3c
3c
Jan
31
Jan
39
Jan
Feb
33
70
206
22 X
Feb
42)4
Jan
Feb
23
6
43 X
Feb
50
10 X
Feb
11
Jan
52
78%
Feb
50
15)4
Jan
82)4
15X
Feb
Jan
25
48)4
38)4
Jan
Feb
48)4
15
615
57 X
Jan
Jan
62 X
Jan
Feb
Jan
4
Jan
al6
3c
1,000
no
27
Jan
3c
Jan
Jan
28)4
Jan
46
654
Jan
15
Feb
10
14%
Jan
1554
Feb
124
122%
Feb
Jan
12554
5
Feb
6
Jan
4)4
Jan
6)4
85)4
75
8054
Jan
9054
Feb
Jan
Jan
31
712
2054
Jan
31)4
Feb
54
1,969
50)4
Jan
55)4
2)4
354
854
Jan
Jan
Feb
Jan
2
Jan
50
3X
3)4
150
3)4
Jan
754
Feb
154
Jan
2)4
Jan
Jan
Jan
Lehigh Valley
Natl Power & Light
1
2
Jan
25
166)4
Jan
2)4
200
2)4
Feb
2)4
66
11754
Feb
120)4
Feb
Jan
381
30 X
Jan
31)4
Jan
46)4
47 X
261
46 X
Jan
4854
Jan
%
X
472
54
Feb
1
Jan
2)4
600
Jan
Feb
2354
170
2)4
Phila Elec of Pa $5 pref— *
31
.25
*
3,470
24)4
17454
170
50
2)4
Phlla Elec Pow pref
205
2
117% 118)4
31
31)4
22 X
50
Pennsylvania RR
Penn Salt Mfg
8
7%
IX
2254
*
Pennroad Corp vtc
Scott Paper
47%
X
Transit Invest Corp pref 25
2,428
21
Preferred
2954
2954
2954
6)4
Last
37
12)4
40
30c
30c
4,120
634
6)4
1254
19
1954
262
87
88
10)4
40c
Jan
71
6
Feb
7)4
501
11
Jan
1254
Jan
Feb
13
Jan
20
Jan
84)4
Jan
90
Feb
10)4
5X
134
Jan
Feb
30
9)4
1,192
954
Feb
5X
1,958
5
Jan
154
IX
225
1)4
Jan
IX
295
154
Jan
50
32)4
Jan
34
102
154
Corp—*
*
1%
*
Preferred
Jan
"34"
254
Jan
Jan
Feb
Jan
9954 10154
42
99)4
Jan
7)4
100
654
Jan
154
154
154
Feb
Feb
854
165
2
Jan
6
10154
7
125
5)4
Jan
7
500
lc
Feb
lc
Jan
7
*
5
1
Mining Co
34
34
lc
lc
Feb
Feb
1
IX
IX
200
1)4
Feb
2)4
55c
100
55c
Feb
65c
Feb
Jan
United States Glass Co—1
55c
Vanadium Alloys Steel—*
30
Jan
33)4
Jan
23
Jan
10
Jan
2
25
554
554
1,510
5X
Jan
6)4
Jan
Jan
16
Feb
600
13%
Feb
17%
15)4
725
4%
Jan
5X
Shamrock Oil & Gas
.
3054
25)4
24)4
11354 11354
30 X
*
Westinghouse El A Mfg.50
Westinghouse Air Brake _
139
60
Feb
28)4
Jan
15
10654
Jan
11754
Jan
154
17
154
Jan
234
Jan
30
Unlisted—
Feb
1654
16
1654
1,650
14
1354
14
554
Jan
554
654
6
6
6
100
5
Jan
6
254
254
425
2)4
Feb
3
Feb
1%
Feb
2)4
154
1
Jan
5c
Pennroad Corp v t c
Feb
254
Jan
St. Louis
Feb. 17 to Feb. 23,
Mng. 1
154
154
154
200
1
1
5c
5c
5c
1,000
4%C
Jan
2c
2c
2c
1,000
IXC
Jan
1261.
1354
Jan
5)4
San Toy
a5054 a5054
A Refining* a5054
al7154al7254
100 al71%
a2854 a31
a3054
Anaconda Copper
50
a554
a5%
a554
Armour & Co (111)
—5
02254 a2354
a2254
Atch Topeka & S Fe RylOO
Jan
Feb
Jan
954
Pittsburgh Brewing Co
Feb
Feb
30c
12
554
Heymer & Brothers
Ruud Mfg Co
36
Tel Co
1154
954
Jan
Jan
Amer Smelting
Feb
*
Jan
Unlisted—
9)4
23)4
4054
Jan
Mountain Fuel Supply.. 10
Jan
Mining-
Jan
25
212
23)4
High
Low
1054
2254
1254
34 X
125
Week
Shares
40)4
87
100
30%
29%
Feb
2454
of Prices
High
18%
Duquesne Brewing Co—5
Follansbee Bros Dref
100
Koppers Co pref
Lone Star Gas Co
official sales lists
6)4
Jan
Feb
Jan
Range Since Jan. 1,1940
for
"30c
Carnegie Metals Co
Columbia Gas & Electric.*
Feb
24
Feb
1254
*
1
Byers (AM) com
Feb
15)4
26)4
Jan
10)4
4034
28%
33)4
Jan
11654
Jan
75
"1054
1,337
1,260
13
115)4
9)4
Jan
106
Low
2254
Allegheny Ludlum Steel..*
Armstrong Cork Co
*
Blaw-Knox Co
*
30
2954
615
258
10)4
Jan
Sales
Sale
Price
Par
Stocks—
2954
2954
1354
11654
Week's Range
Pittsburgh Screw & Bolt. _*
3454
15)4
Friday
Pittsburgh Plate Glass. .25
13
Jan
both inclusive, compiled from
Jan
3454
14%
2
Pittsburgh Stock Exchange
Feb. 17 to Feb. 23,
Feb
13
10,851
116
14%
116)4
30
3454
14)4
41
14%
*
Jan
225
Jan
10
com.*
Preferred
Westmoreland Coal
38 X
4054
*
United Gas Improve
133
254
4154
2)4
2)4
*
*
United Corp com
Feb
34)4
8)4
172)4
Feb
535
6)4
365
For footnotes see page
Jan
13)4
210
2)4
28)4
29 X
854
Amer Tel A
168)4
347
2)4
100
2454
3454
Zenda Gold Mining
13 X
Lehigh Coal & Navigation *
2,233
854
Tom Reed Gold
Feb
11%
180
52)4
654
2954
2454
3454
Cons Chollar G & S
High
Low
175
1,258
53)4
27
854
10
Vega Airplane Co
1X
Weber ShwcseA Fix 1st pf *
Yosemite Ptld Cem pref. 10
Range Since Jan. 1,1940
Shares
6)4
"30%
5
654
2954
3454
Consol Oil
compiled from official sales lists
5%
10
Chrysler Corp
General Motors
27
27
(The)—25
Milling Corp
*
Taylor
Transamerlca Corp
ITnlon Oil of Calif
38)4
5)4
Electric Storage Battery 100
Natl Fireprooflng
13
all
all
all
15
Jan
1,038
Superior Oil Co
Jan
a2
13)4
13)4
171X 172 X
15
13)4
1554
15)4
123
124)4
*
Budd Wheel Co
Jan
35)4
47 X
100
*
Puget Sound Pulp A Tlmb*
Republic Petroleum com.l
534% pref
60
Co..*
So Calif Edison Co Ltd..25
6% preferred B
25
5 34% preferred C
25
So Calif Gas Co 6% pfd A25
Feb
23
5X
85)4
30%
Feb
39
Pacific Lighting Corp com*
Signal Oil & Gas Co A—*
Jan
12 X
for
......
Feb
207
31
3854
4754
2054
1654
254
Sontag Chain Stores
12
Jan
Sales
123"
*
G) Mfg Co.
Feb
3854
Roberts Public
45)4
Feb
9)4
Week
15
pref—50
10
Bell Tel Co of Pa pref. .100
Jan
500
38c
3854
.
Feb
10)4
665
Jan
34
38c
Pacific Indemnity Co.—10
Pacific Pub Serv 1st pref
43 X
200
of Prices
Low
High
Barber Asphalt Corp
Feb
Los Ansr Industries
Universal
100
Bankers Sec Corp
Feb
75c
1
7)4
Jan
37 X
Lockheed Aircraft Corp..l
17 X
270
Week's Range
13)4
17154
*
Penn Traffic com
54%
Feo
Golden State Co
"'
Jan
7%
36c
Gladding McBean & Co..*
Los Angeles
Jan
11
90)4
250
1034
IX
26
643
363
a 53X
Jan
335
10 X
Natl 100
Fltzlmmons Stores Ltd.-l
Foster & Kleiser Co..2.50
General Motors com
10
14)4
554
1054
5X
Farmers & Merchs
Lane-Wells Co
47
105
,
1054
554
5
io x
I
.
454
Jan
Jan
Jan
Jan
Jan
23
Price
Par
Stocks
3%
1%
Jan
Broadway Dept Store
11X
Sale
Shares
4
Feb
17 X
Last
Week
Price
11)4
6
Friday
for
Sale
Jan
78
654
4354
1054
1254
both inclusive,
1,1940
Range Since Jan.
Last
Par
Feb. 17 to Feb. 23,
Sales
Week 8 Range
22)4
Philadelphia Stock Exchange
Angeles Stock Exchange
Friday
Jan
20
Westinghouse El A Mfg. 50 0113 54 all3)4all3)4
both inclusive,
Jan
19)4
715
.
Warner Bros Pictures
'
al54
oq
5
United Aircraft Corp
San Francieco Stock Exchange
Angelee Stock Exchange
2054
o2
Tide Water Assoc Oil Co. 10
Jan
6
.*
Ptudehaker 0>rp
Jan
9
a554
Co-.lc
•
...
Jan
4
110
a22
o354
a754
a554
2054
Radio Corn of Amor
Standard Brands Inc
Wm. Cavalier & Co.
Jan
50
a4
01654
41c
Jan
20
*
714
Feb
*
York Central HK..
41c
Jan
1)4
4X
Copper. 5c
.
City
714
14 X
a3654 03854
Feb
254
Jan
a354
a4
IX
24
Jan
Jan
3X
03854
Corp..*
514
Jan
214
Jan
3
214
Jan
21
623
2
Kennecott Copper
IX
50
4754
1954
Jan
1014
114
914
Feb
114
270
114
Feb
International Tel & Tel— *
25
a454
a454
4754
Feb
al
al
814
2214
214
4%
114
2214
2%
IX
22 %
Curtlss-Wright Corp..... J
75
al354 al354
al
1
Electric Power & Light...*
8
IX
Stone & Webster Inc
Petroleum
Jan
20c
Standard Oil Co (N J)..25
Stocks—
7
40c
8%
com...10
Tlvoli Brewing com
1
Tom Moore Dist com
1
U S Graphite com
10
Walker A Co B
*
Warner Aircraft com
1
Wayne Screw Prod com..4
Wolverine Brewing com__l
Bandini
Jan
99
OH
a454
654
Solvents
85
a5054 o515i
a454
Columbia Gas A Elec
45
a5
a5
a5
75C
Timken-Det Axle
Los
Jan
654
cl3
Barnsdall Oil Co
5
Bendix Aviation Corp
5
Borg-Warner Corn
5
Canadian Pacific Ry
25
Caterpillar Tractor Co— *
Cities Service Co
10
19c
10
Feb. 17 to Feb. 23,
7)4
654
6
(The; (Delia
Baldwin Locomotive v t
37c
com..*
Parke Davis com.
*
Parker Rust-Proof com 2)4
Parker-Wolverine com—*
Peninsular Mtl Prod com.l
Pfeiffer Brewing com
*
Prudential Invest com—1
Rickel (H W) com
2
River Raison Paper com..*
Scotten-Dlllon com
10
Sheller Mfg com
1
Std Tube B com
1
Loe
High
Low
74c
Packard Motor Car
New
1940
Week
a23
023
a23
25
Co
Shares
19c
*
1
Michigan Sugar com
*
Micromatic Hone com—1
Mid-West Abrasive com 50
Motor Wheel com
5
McAleer Mfg com
McClanakan Oil com
Murray Corp com
18
127
14
14
Hoskins M fg com
Masco Screw
Feb
1714
for
of Prices
Low
High
Price
Par
(Concluded)
1714
1314
1114
17 X
Hoover Ball & Bear com.
Stocks
High
Low
Shares
High
Low
Week's Range
Sale
Week
Price
Par
(Concluded)
for
Sale
Stocks
Week's Range
Range Since Jan. 1,
Last
Range Since Jan. 1, 1940
Last
1940
24,
Sales
Friday
Sales
Friday
Feb.
Financial Chronicle
30
47X
Jan
2%c
47%
compiled from official sales lists
Sales
Friday
Last
Jan
Par
Stocks
Weeks Range
Sale
Jan
55C
of Prices
Low
High
Price
*
26)4
Jan
Feb
50
5%
Jan
5)4
Jan
Brown Shoe com
Jan
24 <>4
Feb
Burkhart Mfg com.
41)4
*
399
41)4
35
35)4
1
25)4
26
American Inv com.
83
Stock Exchange
both inclusive,
23
29)4
.
-
for
Week
Shares
Range Since Jan. 1, 1940
Low
High
30
41
Feb
42
20
35
Feb
3554
Jan
16 X
Jan
26
Feb
130
Jan
Volume ISO
The Commercial & Financial
Chronicle
Friday
Last
Week's Range
of Prices
Sale
Stocks (Concluded)
Par
Century Electric Co..
Chic A Sou Air L
pref.
Price
10
Columbia Brew
com
16
com.
Huttig (S A D)
Meyer
com
Bianke
27
Jan
10
81
Jan
85
Feb
Jan
Pac G & E Co com
Feb
6% 1st pref
6% <54
95
X
5
100
St Louis Bank
Bldg Eq cm*
St Louis Pub Serv cm cl
A1
Feb
Feb
5
Feb
17X
Feb
3
Feb
Jan
50
14 K
Feb
15
Feb
11
Feb
11X
Jan
11
Feb
12
5
100
Feb
111
Jan
112
4%
198%
2%
Feb
Feb
9X
10
215
5
Feb
2%
Shell Union Oil
Jan
2%
Jan
1
1
42c
1
1.37
Jan
7K
300
6
Jan
7%
Feb
7%
Feb
1
1%
7%
15
26%
26%
7H
995
27
5%
325
Jan
26
28
Jan
Jan
United Railway 4s
1934
St Louis Pub Serv 5s
1959
Income
37%
65%
66
9X
66
1969
37%
10
9%
$3,000
8,400
15,000
36 X
755
1.30
Feb
34%
1,456
34%
Feb
1,795
32%
32%
30%
Jan
34
31
Feb
34
Jan
47
Feb
LOUIS
OLIVE
47%
898
77
Boatmen's National Bank.
First National Bank
30
36%
Mercantile
Commerce
Feb. 17
St Louis Union Trust Co
inclusive, compiled from
Friday
Last
Sale
Stocks—
Par
Alaska-Juneau Gold
Anglv-Csllf
Nar'l
Price
10
bank.20
mm mm
Associated Ins Fund Inc. 10
Atlas
mm
Low
06%
6%
_
.
2.75
Feb
19
450
18X
18%
7
7
7%
105
"~4%
Ask
4%
Jan
5%
Jan
11%
107%
Feb
Feb
11%
107%
28%
Feb
Bank of California N A..80
"l25~~
2
Byron Jackson Co
*
100
28%
29
1,071
99
99%
m
Calamba Sugar com....20
Preferred
20
Calif Packing Corp com.
-
m
_
*
Preferred
-
.V
—
50
'mm
Carson
11 ill Gold M
24%
24%
2,594
16c
500
15c
31
10%
Cent Eureka Mln Co
1
com
Jan
Feb
Feb
Jan
17%
8%
16%
14
500
1«%
8%
14%
13%
Feb
15%
Jan
5%
3%
10%
316
4%
Jan
Feb
a.9%
a9%
a9%
10
6%
3%
0.8%
Bendlx
6
Aviation
~
Commonwealth Edison..25
Cons Cbem I adust A
Di Giorgio Fruit pref
El Dorado OH Works
16%
89%
*
_.
100
89
10
*
Fireman's Fund Ins Go..26
8
Foster A Kleiser
com
Preferred
2 %
.25
Galland Merc Laundry
*
Gen Metals Corp cap.
.2%
General Motors
com
GenI Paint Corp com
GoldeD Btate Co Ltd
Greyhound Corp
com
Lyons-Magnus A
Nash-Kelvlnator Corp
6
National Distillers Prod-.*
North
3%
Jan
84%
Feb
4%
87%
Feb
75
106
10
mmmmm'
580
31%
524
23%
1,045
8
300
Jan
m mmrnm
Feb
Feb
109
mrnrnrnm
Feb
-
W
-
-
«.
32%
24%
Feb
Jan
Feb
9%
Feb
5% Feb
Jan
5%
Feb
15
Jan
Feb
17%
92%
9%
Jan
10%
Jan
8
Feb
Jan
Feb
20
400
Jan
Feb
Jan
Jan
97
Feb
Jan
1.75
mrn'mmm
33
2,645
96%
33%
200
1.75
170
105
17%
22"
mm mm mm.
10%
al6%
73c
33%
Feb
1.75
18
"l.75
'
Feb
Feb
18
20
18
Feb
22
18%
Feb
22
10
20
Jan
22
Amer Co com
6%
62%
7%
205
53
687
7
7%
10
10%
al6% al6%
al4% al4%
20
73c
300
1,750
30
25
20
380
75c
6%
Feb
7%
Jan
55%
Jan
6%
Jan
7%
Feb
9
Jan
10%
16%
mmmmrnm
16%
Jan
Jan
1.10
Jan
15
rnmmmrnm
20%
Feb
76c
Feb
73c
—R.
McLean
Jan
44
Feb
"Crisis
16%
Feb
Jan
Monday, Feb.
11%
Feb
6%
6%
230
5%
Jan
1.05
17%
12%
6%
Jan
Feb
1.15
600
55c
Jan
1.15
3
Feb
3%
1,020
2.00
Jan
3.75
Feb
8%
135
Feb
8%
Feb
7%
8
Feb
8%
Feb
43
Jan
43%
Jan
who
280
32%
Feb
35
Jan
their
6%
Jan
Feb
Feb
the
Bond
Feb
the
Bankers
the
Bend
75
Jan
16
4%
Feb
30c
200
30c
Feb
30c
65c
1,185
50c
Jan
9
100
9
Jan
15
Jan
4%
121
29
Jan
70c
9%
16%
Jan
in
Jan
15%
15%
208
12
12
400
Menasco Mfg Co com
12%
11%
Jan
1.90
1.90
2.00
12%
Jan
2,70
17c
was
17c
Feb
33c
Feb
.1
8%
7%
8%l
1.650
Jan
7
Jan
Jan
Jan
8%
37%
Jan
41
Jan
Feb
79%
Feb
Jan
25c
100
25c
Jan
26c
6%
300
5%
35%
Jan
6%
Jan
10
Feb
38%
4%
Jan
33
4
Jan
Jan
15c
600
15c
Jan
1.35
200
1.25
Feb
1.55
Jan
70
35%
24%
Jan
85%
Jan
Jan
25%
Feb
4
210
12c
4
100
a25%
10c
20
54%
64%
3%
4%
7%
7%
a24% a25%
a24% a24%
21%
21%
3%
3%
al%
aVA
22%
22%
5%
6%
25
25%
Jan
4
140
16c
4,777
12c
Feb
100
6%
Jan
10
21%
Feb
13
21
Jan
Feb
Jan
4
Feb
54%
3%
Feb
55%
4%
7%
Jan
Feb
Feb
52
150
26%
21%
3%
Jan
3%
Jan
21%
5%
23%
Jan
Feb
Jan
Jan
5
182
156
390
Jan
23%
Jan
Jan
6
Jan
25%
12%
Feb
9%
9%
40
29%
791
29
Jan
29%
29%
34%
154
29%
Feb
245
29
100
34%
07 X
80
12
12%
15
9
Jan
13
43
13
Jan
12%
13%
Feb
13
5
47
Jan
49%
Feb
Jan
a6%
12%
a47% a47%
1.05
9
Jan
Jan
Jan
Jan
Jan
34%
Feb
Jan
6
30%
30%
29%
7%
Jan
Jan
Jan
1.05
59
200
1.00
Jan
1.15
51%
1%
3%
Jan
66%
Jan
Jan
Jan
1%
4%
Feb
59%
541
1%
1%
100
4%
1%
Feb
4%
100
7%
Jan
8%
6 Ex-stock dividend,
c
Jan
Admitted to unlisted
Jan
Feb
—Glenn
Feb
—E.
Mr.
NOTICES
Harriman,
8:20
Mr.
p.m.
World of
H.
Ripley,
Inc.,
Banking" at the New School
at
Finance
Stewart's
offices
at
speak
Social
is
L.
Martin,
Club
of
Club
part
of
the
111
York
was
Benjamin
at
of
has been
Broadway,
its
the
formed
New
to
York
conduct
City.
Jr.
Martin
luncheon
28.
row
Francis
associated
formerly Vice-President
Mitchell
L.
Olifiers
Co.,
will
of
address
meeting to be held
T.
a
The
Ward, President
at
of
the luncheon.
at
Robinson' is
Glenn
next
Wednesday, Feb.
Club, will preside
Schuyler
on
sym
manager
President
New
on
the
on
Research
being arranged by A. Wilfred May
Frazee, Olifiers & Co.
with
will
for
talk
Department.
Robinson
—C.
120
of
company are Henry Q. Frazee and Edmund W.
formerly affiliated with E. P. Frazee Co. here, as
Bond
Jan
23c
4,793
20,552
1.75
18c
1
—-.—
Feb
79%
the
Feb
Feb
of
business
218
500
11%
36
29%
29%
29%
34%
a6%
Stewart,
26th,
firm
partners
7%
Jan
Jan
Feb
10
Rudolph L. Weissman.
—The
securities
15%
7%
9
*
and
173
a30%
Feb
Jan
15c
Odd lot sales.
a
the New
on
615
60c
4%
60c
posium
8
7%
32%
4%
a30
Jan
Feb
25
Investment
in
16
30c
a30
Jan
x
5%
32%
7%
•,
310
CURRENT
Jan
41%
.
6
Feb
trading privUeges.
d Deferred delivery,
r Cash sale—Not included In
range for
x Ex-dlvldend.
y Ex-rights,
s Listed,
f In default.
160
34
Feb
Feb
year,
529
43%
Jan
79%
12c
Utah-Idaho Sug Co com..5
Warner Bros Pictures
5
16%
11%
34
86
1.35
United Aircraft Corp cap. 5
US Petroleum
1
United States Steel com..*
44
43%
34
100
Jan
Jan
Jan
a36% a36%
25%
25%
Studebaker Corp com
1
Sup Port Cement Com B_*
16%
7%
rnmmmrnm
7
2
14%
38%
15c
5% % preferred
25
So Cal Gas Co
6% pref..26
Standard Brands Inc
*
44
16
Feb
33%
1.35
25
Feb
Jan
8%
rnmmmrnm
33%
Jan
Feb
Jan
13%
19
700
40
Feb
Jan
Jan
*
6% pref
11%
»
16%
Jan
Jan
25c
Pennsylvania RR Co
60
Radio Corp of America.. *
Schumach Wall Bd pref..*
•No par value,
Jan
Jan
9%
48
313
Jan
8%
7%
3%
Feb
52
15%
Rights
920
20
Feb
1.75
March CalcuJ Machine—-6
Meier A Frank Co Inc
10
Nnf A ntn F<f»nm
7%
10%
35
30
Jan
4
25%
Jan
1%
12%
82%
4%
%
5%
30%
7%
225
9%
Jan
6%
in
Shasta Water Co com
So Cailf Edison com
Feb
Jan
a36% a37%
a4
o3%
Oahu Sugar Co Ltd cap.20
Packard Motor Co com..*
Park Utah Cons Mines
1
Jan
88%
11
*
Magnin A Co (I) com
Jan
Jan
32c
42
10
2%
105
Jan
Jan
*
B
Magnavox Co Ltd
225
451
Feb
79%
5
55
12,110
8
Jan
Jan
«...
32
115
Jan
59c
38%
A Co.*
Feb
26C
49
Feb
*
Lockheed Aircraft Corp..]
Feb
102%
100
10%
93%
32%
1
1
Mountain City Copper
40
Holly Development
Llbby McNeill A Llbby._7
Montgomery Ward
Jan
170
20
Leslie Salt Co...
LeTourneau (R G) Inc
Feb
135
rnmmmrnm
Class B
20%
%
52%
10%
*
10
2
Jan
42
*
Hunt Brothers com
Jan
Jan
10
Feb
Feb
31
Feb
8%
6%
3%
30%
150
1
19%
114
C4%
%
5%
7
38%
*
23
30
7%
10%
34%
Kenn Copper Corp
com..*
10%
96%
Hale Bros Stores Inc
Hawaiian Pine Co Ltd
Preferred
10
Hutchinson Sugar Plant. 15
Langdendorf Utd Bk A
*
Jan
1.55
41%
mmmmmm
Honolulu Plantation Co.20
Hudson Motor Car Co
*
Jan
125
10%
mrnmmmm
Home F A M Ins Co cap. 10
Honolulu Oil Corp cap...*
Feb
42
*
*
7%
Feb
190
350
-
a4%
10%
International Tel A Tel cm*
Italo Pet Corp of Am com 1
Preferred
1
8%
19%
10
*
.1
Feb
19%
rnmmmrnm
com 10
Curtlss-W right Corp
Intl Nickel Co of Can
18%
'
Corp
122
Jan
20
a4%
Domlnguez Oil Fields Co.
Elec Bond A Share Co
5
General Electric Co...
*
61
360
Jan
171%
Feb
27%
8%
3%
22%
84%
Y.
Jan
19%
Emporium C&pweti Corp.*
Preferred fww)
50
Emsco Der A Equip Co...6
N
17
2,163
Feb
62c
617
84%
Consolidated Oil Corp
480
80%
171
Jan
45
359
1,000
1,100
Monolith Port Cem com..*
24
Jan
Jan
33%
1%
13%
%
Jan
-»
3
10
261
5%
M J A M A M Cons
m
233
353
13
Marine Bancorporation..*
mmmmmm
*
Cons. Copperm Ines
.5
Creameries of Amer com__l
Crown Zelierbach com
6
Preferred
m m -
Feb
Jan
5%
3%
10%
6%
7%
32%
10
com
Jan
6%
6%
3%
32%
1%
Bunker Hill A Sullivan 2.50
Cal Ore Pwr 6% pfd *27-100
Jan
30
254
32
Corp
Jan
3%
a84% a86
107% 108%
a25% a25%
32% 32%
24
23%
9%
9%
5%
5%
16%
16%
100
8%
8%
3%
3%
a23% a23%
a8%
a8%
3
18
mmmmrnm
%
Food Machine
com
15%
4
Chrysler Corp com
___5
CoastCos G A Elet pref 100
Col Broadcast System A2
Jan
1,248
Feb
30
11
16%
8%
16%
16
660
Feb
16%
8%
16%
13%
5%
3%
10%
5
13%
27c
Feb
16%
25
125
50%
4%
Jan
20c
15c
16
105
26%
Feb
6%
16
27c
Jan
Feb
Jan
mm
S
24
6
Feb
Feb
105
~~5%"~Jan
30
13c
Feb
9
80
6 %
1.50
75
Feb
1,206
Jan
4
200
20
Jan
30
6,079
433
cap__l
Caterpillar Tractor com..*
554
25%
51%
Feb
15%
Jan
15c
Feb
Feb
20
100%
Jan
13c
6%
7%
4%
Feb
6%
25%
51%
Feb
12%
13c
8,380
—
26 %
99
5%
1.50
mmm
27
Jan
1
14%
Calif Water Service pref 100
Jan
al0% al0%
6%
£
Guggenheim A Co pref
*
Hobbs Battery CoB
*
Idaho-Maryland Mines.. 1
6%
60
Jan
27
2
14
m'rnrn
w
1.50
Jan
26
«.
*
105
445
30%
Con* Edison Co of
High
50
122% 125
1.50
.
10
15c
Claude Neon Lights com
Columbia River Packers..
Low
120
7
Jan
30
27
24%
Jan
8%
1,195
13%
13%
a44% a45%
5%
6%
Blair A Co Inc cap....1
130% 133%
53% 65%
official sales lists
6%
7
Jan
5
27
*
19%
Feb
all
4%
28%
99%
Jan
7
103%
10
107% 107%
1
18%
685
Jan
105
all
Atlas Corp com
Week
Shares
4%
Jan
Jan
Aviation Corp of Del
Aviation A Trans Corp..
Range Since Jan. 1,1940
06%
4
4%
Imp Diesel Engine..5
Bishop OH Co
High
for
Feb
10%
Anglo Nat Corp A
Sales
Week's Range
of Prices
Jan
17%
Jan
Amer Rad & Std
Sanitary
Francisco Stock
Exchange
Feb. 23, both
to
39
Jan
Jan
Signal OH & Gas Co A....*
Soundview Pulp Co com..5
Preferred
100
Southern Pacific Co
100
CMtle* sprvlce Co
San
Jan
20
American Tel A Tel Co .100 al71
H a\71% a\72X
Amer Toll Bridge (Del) ..1
52c
52c
53c
Anaconda Copper Min__50
31
Bk
A Trust Co
32
Feb
12%
18%
25
Feb
19%
28%
Preferred
Bid
44%
Jan
Feb
39
211
1,357
Jan
2.55
Vega Airplane Co com
Victor Equip Co com
Companies
Ask
34%
x42%
Mississippi Valley Tr Co..
Jan
41%
99%
388
Tide Water Ass'd Oil comlO
St. L. 494
Bid
Jan
Jan
2.70
Jan
(MEMBER)
St. Louis Bank and Trust
on
Jan
130
Jan
50
108%
5%
133%
43%
100%
2.65
2.65
Argonaut Mining Co
5
Atchis Top A Santa Fe 100
Quotations
65
210
31%
Jan
23
Jan
A. T. & T. Tel.
GarfLld 3450
455
21
Feb
107%
5%
Jan
66 X
12 %
LOUIS BANK STOCKS
ST.
639
Jan
Feb
Unlisted—
STOCK EXCHANGE ISSUES
ST.
418
11
Jan
100
United Air Lines Corp
Universal Consol Oil
Inc.
1.30
ACTIVE IN:
ST
Jan
575
Feb
standard OH Co of Calif..*
Texas Consol Oil Co
McKinney
1.50
Jan
14X
Jan
17%
com
Tread well Yukon Corp
Union Oil Co of Calif
Union Sugar com
Gatch Bros., Jordan &
Jan
33%
4%
6%
14%
Feb
Jan
26
Jan
LOUIS, MO.
Jan
4%
6%
115
Transamerica Corp
ST.
21%
20
385
38%
Feb
Feb
17%
Feb
9%
107
28o
28%
Jan
65
280
4X
Jan
17X
Sperry Corp com v t c
Spring Valley Co Ltd
Bonds—
10c
a6
21
com..
5%% pref
Feb
7X
5
1,900
Jan
28%
Richfield OH Corp
110
28c
23
108
43%
99%
a39%
16%
Roos Bros pref series A. 100
Ryan Aeronautical Co
1
2%
20
Feb
1
Feb
Jan
26
25
com
Feb
6%
Jan
108X
6%
5%
133 X 133%
43% 43%
99% 100
a39% a39%
16
17%
108 X
Republic Petroleum com.l
Rheem
Manufacturing Co
Jan
105%
11%
3,123
110
Feb
*
100
Rayonier Inc
Preferred
Feb
Jan
25
34%
33%
30%
47%
34%
Phillips Petroleum Co cap *
Puget Sound PAT com. *
R E & R Co Ltd pref...100
Jan
11
171
10
1.30
*
Preferred
Feb
26
Jan
13%
Pacific Pub Serv com
*
pHClboTel A Tel com..100
Paraffine Co's com
*
Jan
25
5
110
Feb
6%
5%
19%
4X
Jan
146
112
4%
X
36%
45
11
112
Feb
600
12
nx
102 K
102%
10%
nx
com. *
Jan
Feb
1st pref
9%
10%
a6
25
Pac Light Corp com
$5 div
Jan
7%
97
1,670
15
Feb
12X
Jan
Jan
X<
34K
5%
65
174
5
Feb
7X
96
360
4%
11
11
9
19
4%
11%
44
2
6%
18%
112
Feb
2o8
35
15
100
43
X
5%
100
Jan
20
7X
34 K
11
15
8X
15%
95
6%
4%
100
12 X
7K
7%
Pacific Am Fisheries com.5
Pacific Can Co com
._*
High
455
4%
25
44
280
Jan
Low
310
23c
25
Feb
8%
15%
19 K
Range Since Jan. 1, 1940
Shares
9%
iox
23
Pacific Coast Aggregates.5
Feb
8%
12
23c
23
for
Week
High
9%
iox
25%
*
85
com
Scruggs-V-B Inc com..
Sterling Alum com
Wagner Electric com
Feb
Low
10%
25%
*
85
34%
Midwest Pip A Sply com.*
Mo Portland Cemnt com25
Price
....
Oliver Utd Filters A
Class B
Feb
5
1st preferred
Rice- Stix Dry Goods
1st prefer, ed
Feb
120
19
Bear'gs Mtls pfd
Natl Candy com
16
Feb
12%
7%
5
Natl
Feb
of Prices
Occidental Insurance Co. 10
Occld ental Petroleum
1
Feb
95
20
_
Jan
18
12
Prd cm*
.
Feb
2
118
15%
5
com
34
Feb
8
44
100
Laclede-Christy CI
275
Jan
IX
14X
23X
Weeks Range
Natomas Co
*
North American Oil Cons 10
30
8%
Hydraulic Prsd Brk comlOO
International Shoe com
Key Co com
Laclede Steel
Feb
Par
18
cm-*
com
Jan
3%
13K
Jan
31
274
24%
Stocks (Concluded)
120
85
com.*
Preferred
5
16
Feb
3X
12
200
IK
High
18
1
Griesedieck-West Brw
25
bales
Last
Sale
Low
300
34
15%
23%
Friday
Range Since Jan. 1, 1940
118
1
com
for
Week
Shares
3X
13X
IK
*
Hussmann-Ligonier
Lemp Brew
3%
13%
1%
Ely A Walker D Gds cm-25
1st pre!-.
100
Emerson Electric pre!
100
Falstaff Brew
General Shoe
High
34
5
_
Dr Pepper com
Low
3X
13%
10
Coca-Cola Bottling com
1
Collins-Morris Shoe com.l
1261
Sales
announces
Broadway, New York City.
'
of
the
with
D.
M.
W.
S.
formation
B.
Pierce
&
Co
Hegarty & Co., Inc
of
Mitchell
&
Co
1
The Commercial &
1262
1940
24,
Feb.
Financial Chronicle
Canadian Markets
LISTED AND
UNLISTED
Montreal Stock Exchange
Sales
Friday
Service
on
for
of Prices
Low
High
Shares
Price
Par
(Concluded)
Stocks
Week's Range
Sale
Securities.
Greenshields & Co
Members
Montreal Stock
Exchange
507 Place
Montreal Curb Marke i
Textile......
Dry den Paper
Electrolux Corp—
Enamel A Heating ProdEnglish Electric A
68R
Provincial and Municipal Issues
Closing bid and asked quotations, Friday, Feb. 23
province of Alberta—
4%s
55%
63
Jan
.
Province of Ontario—
6s
Oct
1 1942
54
1 1948
Oct
1 1956
Prov of British Columbia—
5s
July 12 1949
4%s
Oct
1 1953
Province of Manitoba—
4%s
Aug
1 1941
58..-.-—-June 15 1954
6s
Dec
2 1959
5e
54%
4%s
6s
103% 104%
102% 103%
91
78
-
—
Mar
2 1950
97
98%
Feb
1 1958
91
93
Intercolonial Coal
93
90
1 1961
May
4%s
-
June 15 1943
70
89
5%s
Nov
Oct
15 1946
1 1951
72
95
96%
96
99
4%s
65
Railway Bonds
and asked quotations, Friday^ Feb. 23
Closing bid
McCoU-Frontenac Oil
Montreal Cottons
(American Dollar Prices)
Preferred
Ask
Bid
Ask
Bid
80%
82
5s
Dec
1 1954
81%
82%
National Breweries
6s
4%s
July
1 1960
75
75%
4%s
4%s
Feb
July
11956
1 1957
5s
July
5s
Oct
6s
Feb
1 1969
1 1969
1 1970
98%
100
Power
4s
1 1962
1 1962
Jan
3s
Jan
8l"
83~"
both inclusive, compiled from
Week's Range
Sale
Price
official sales lists
of Prices
High
Low
Jan. 1,1940
Week
25
55
Feb
55
Feb
100
Alberta-Pacifio Grain A..*
Preferred
100
110
110
10
110
Feb
110
Feb
"is"
Associated Breweries
18
~ii%
1.30
*
100
100
Bell Telephone—-
Brazilian Tr Lt A Power.*
British Col Power Cor p a
*
.
35
166%
9
28 ^
B
5%
Bruck Silk Mills
5
Canada Cement Co
*
35
Jan
Jan
16%
Jan
8%
14%
Jan
92
Jan
25
8
Jan
8%
Feb
100
Feb
25
617
24%
Feb
26%
Jan
17%
18
215
16%
Jan
19
112%
Feb
18%
112%
Jan
Feb
2,690
13 %
1.30
Jan
15%
Jan
Feb
1.75
Jan
25%
Feb
14%
1.30
15
1.30
265
35
40
166% 167
433
35
2%
5%
9%
5,581
28%
8%
28
650
2%
10
150
6
166
Jan
30
168%
Feb
Jan
Jan
9%
Jan
27
Jan
29%
2%
4%
15%
Jan
2%
Feb
Feb
Jan
7
7%
Feb
15%
1,005
22%
415
22
Feb
17%
23%
230
7
Feb
8%
Jan
98 Mi
98
99
195
95
Jan
23
615
20
Jan
23
6% preferred
CanWlre A Cable cl B
22
10
20
Jan
20%
17%
16%
Jan
18
Jan
8
225
5%
15%
18%
708
13
Feb
16%
Jan
760
24
Feb
2,035
30
Jan
28%
37%
Jan
Feb
50
125
Jan
127%
80
16
Jan
19%
Jan
Feb
Jan
107%
107
*
Consol Mining A Smelting 6
Crown Cork A Seal Co
•
90
101
13
13%
205
10
Jan
13%
Feb
Feb
2%
65
2%
Feb
2%
17%
5
2%
Jan
3%
3%
Jan
Jan
44%
"24
37 %
Dominion Bridge
Dominion Steel A Coal B 26
30
23%
24
37%
21%
7
37
21%
26
100
Dominion Stores Ltd——*
44%
6%
7%
45
30
7
*
Distillers Seagrams
107%
6%
123
14
14
4%
125
14%
5
171
12
Jan
14
Feb
535
6
Jan
7
Jan
Feb
9
Jan
710
7
90
Jan
94
23%
Feb
27
Jan
16%
90
15
Jan
16%
Feb
Jan
13
Jan
Feb
12%
680
7%
Jan
9
5%
769
6%
8%
Jan
5%
Feb
1,125
8
Feb
79
200
60
Jan
79
Feb
120
10
107
Jan
120
Feb
5%
9%
Jan
30%
30%
Jan
31%
Feb
43
110
45
Jan
45
Jan
51
51
188
51
Feb
56%
Jan
36%
Feb
38%
Jan
30%
6,121
36%
37
88
40
41
90
40
Feb
41
64
64
60
63
Jan
69
Jan
32%
Feb
Jan
Jan
73
32%
33%
10
26%
Jan
1,095
32%
73
73
Feb
78%
219
31
Jan
33%
570
Jan
Feb
9
Feb
Jan
7%
35
16
Feb
60
15
5
100
Jan
102%
Jan
135
16
58
Feb
60%
Feb
13
Jan
14%
Jan
65
65
13%
100
Jan
10%
465
10
Jan
11%
20%
21
745
19%
Jan
24
Jan
76
95
74
Jan
80%
Feb
360
16
Feb
17%
Jan
16
16%
17
Jaa
17
Jan
17
17%
20
19%
Jan
19%
Jan
107% 107%
10
106%
Jan
107%
Jan
Jan
5%
Jan
Jan
20%
5
4%
1,339
18%
19%
870
4%
17%
45%
47
545
45
Jan
50%
Jan
20%
Feb
24%
Jan
12
Jan
13%
Feb
99%
Feb
4%
4%
"20%
20%
21%
12%
12%
13
20
Jan
15
Jan
Feb
86%
Jan
83
Jan
157
Jan
76
79
450
76
155
155
40
155
Feb
5%
Jan
2%
5
2%
Jan
2%
5%
15
5%
Jan
6%
330
2%
Jan
3
Jan
Feb
3
3
Jan
103
13%
Feb
2%
Jan
77
70
504
79
77
3,407
115
99% 100
13%
13%
,
Jan
34
34
155
28%
Jan
36
12%
150
Feb
12%
22%
22%
210
12%
22%
Feb
12%
12%
Jan
Feb
23%
2
2
165
2
Feb
2%
Jan
2
.....
100
100
100
100
100
Canadienne
Commerce
Montreal
Nova Scotia
Royal
2
102
2
Jan
Feb
Feb
10%
"24*"
10%
35
11
Jan
2%
11%
24
24%
460
24
Jan
24%
162
11
162
Jan
174% 175
203
80
168
Jan
175
Feb
271
202
Feb
210
Jan
160
200
Jan
200
160
Jan
311
311
2
308
Jan
310
Feb
184
186
173
182
Jan
186
Jan
both inclusive,
Last
Sale
Par
Catelli Fd Prods 5% cm
22
125
Jan
Feb
4%
Jan
(new)*
Canada Malting Co
*
Canada Starch Co Ltd. 100
Cndn Breweries Ltd--—*
Preferred
*
Cndn Gen Investments—*
Cndn Industries Ltd B—*
Cndn Ind 7% cum pref. 100
Cndn Light A Power Co 100
Canadian Marconi Co
1
Canada A Dom Sug
Jan
Jan
15%
,
Jan
5%
Jan
Price
135
13
121%
4
7%
•
cum
No par
value,
pf!5
135
1.30
Feb
12%
Feb
790
750
119
4%
495
695
4
96
5%
96
5
Jan
Feb
6%
Jan
Feb
Jan
4%
Jan
Feb
23%
Jan
17
Jan
JaD
Jan
19 %
35
Jan
38
Feb
33%
34
180
38
30
36
9
172
17%
130"
125
6%
Feb
Feb
Feb
Feb
Feb
6%
2%
2,275
1.55
Jan
2%
411
24%
9%
Jan
28%
Jan
9%
28
9
172
17%
136
32
Jan
6%
70
233% 233%
172
96
4%
22%
33
6%
Jan
Jan
5%
41
20
596
1.95
Jan
Jan
4
Jan
4%
27%
17%
130
95
19
1.90
2%
Feb
28
23%
4%
High
Low
2,340
13
13%
119% 112%
27%
Jan
21
231
Jan
235
10
167
Jan
168%
41
17
Feb
17%
Jan
Feb
1 30
Feb
340
1.00
8%
Jan
Jan
6%
6%
165
6
Jan
20%
20%
1
25
Feb
33
Jan
53%
14%
30
50%
Feb
62%
10
12
Jan
14%
Feb
Feb
52%
*
r
135
1, 1940
Week
Shares
38
33%
6%
Westinghouse
of Prices
High
19
100
pref
Week's Range
Low
Range Since Jan.
for
22
4%
lifts
Sales
5%
"96"
British Columbia Packers*
Cndn
20%
14
Belding-Cortlcelli Ltd. . 100
Brewers A Dlsts og Vane. 5
Brit Amer Oil Co Ltd
*
Feb
565
122
*
Beauhamols Power Corp.*
Cndn Vlckers Ltd
40%
60
*
Jan
Jan
Jan
2.825!
100
6% cum pref
Feb
Jan
36%
Jan
Abltlbl Pow A Paper Co—*
25%
23
766
compiled from official sales
Friday
30
150
885
185"
Montreal Curb Market
Feb. 17 to Feb. 23,
Jan
Feb
100
55
9
12%
8
Bank*—
48%
44%
28%
912
Jan
Feb
137
847
17%
Preferred
Feb
2%
Feb
6
17
100
Preferred
13%
13%
Jan
24
26%
*
Feb
14%
Dominion Glass
Winnipeg Electric B
20%
13%
6%
46%
Jan
Jan
4
40
92
16 %
Bathurst P A P Co B
17%
Jan
21%
22%
Jan
2%
43
850
76
*
Feb
18
1,196
23%
28
10%
.*
(Geo)
Winnipeg Electric A
20%
18
Jan
44%
23
"20%
Wllslls Ltd
45
126
27
43%
92
*
Jan
35%
126%
Dominion Coal pref
Wabasso Cotton
Jan
25
120
28
25%
*
20%
13%
Feb
25%
Cookshutt Plow
Viau Biscuit
Weston
Jan
4
*
43
Feb
18%
13%
*
25
Feb
*
United Steel Corp
25
13%
ClassB
Feb
*
.
30
20%
33%
Canadian Pacific Ry
Twin City
44%
Jan
Feb
25
Canadian Locomotive
Steel Co of Canada
Aluminium Ltd
20%
~13%
23
100
44%
100
Jan
Southern Canada Power..*
50
13 %
Cndn Foreign Investment*
Cndn Industrial Alcohol..*
21%
435
13%
Shawlnlgan W A Power..*
Sher Wllllam« of Can
*
19%
25
Canadian Cottons
22%
19%
19%
19%
"l8
Jan
22%
60
preferred
18%
20%
100
50
107%
6,369
5,491
7%
35
Preferred 7%
Jan
16
Feb
Canadian Celaneee
Canadian Converters.. 100
50
*
Stocks—
—*
CndnCanner85%cum prf20
Conv pref
*
Canadian Car A Foundry
Preferred
25
*
15
102% 102%
•
8
20%
7%
.
51
65
Jan
Canadian Bronze
51
10
Feb
17
..50
*
Feb
32%
Feb
.
21
Canada Steamship (new).
29
Feb
22
CI A..
Jan
pref.-.25
Feb
7%
7%
21%
OI&8SB
27
31%
•
Quebec Power
Regent Knitting
Rolland Paper
Jan
15
99
Can North Power Corp..
Jan
28%
335
Jan
Feb
8%
100
Preferred
Canada Forgings
Jan
22
15
Bulld'ng Products A (new)
Bulolo..
2%
Jan
24%
112% 112%
100
Bathurst Pow A Paper A.*
Bawlf (N) Grain...
Preferred
100
83*
25
403
2%
35.
3,155
15%
14%
65
15
31
100
Amalgamated Electric—*
Asbestos Corp
*
Preferred
2%
2%
31
Algoma Steel Corp
Preferred
-—-.100
16
Tuckett Tobacco pref. .100
55
2%
15%
Jan
Preferred
High
Low
Shares
55
110
Jan
15%
"73"
100
100
*
Development
1
Corp of Canada...*
Simpsons pref
Range Since
for
AcraeGloveWks6 %%pf 100
Preferred
14%
1,195
64
25
St Lawrence Paper pref. 100
Sales
Friday
Par
818
16%
Saguenay Power pref... 100
St Lawrence Corp
*
Montreal Stock Exchange
Stocks—
14%
41
5% preferred .......100
Grand Trunk Pacific Ry—
102
Last
14%
15%
36%
•
Price Bros A Co Ltd
A
Feb. 17 to Feb. 23,
30%
34
43
Penmans
Placer
101% 102%
101
Feb
Ottawa L H A Power
Ask
111 % 111%
1 1946
July
6%s
98%
100%
103%
Jan
51
Otrllvle Flour Mills.....
Canadian Northern Ry—
4%s
4%s..
Jan
30
Ottawa L H & P pref
Ask
99% 100
98
98%
100
370
Ottawa Electric Rys
Bid,
98
8
31
120
National Steel Car Corp.
asked quotations, Friday, Feb. 23
97%
...Sept
1 1951
June 15 1956
103
8
Niagara Wire Weaving...*
Noranda Mines Ltd
•
Canadian National Ry—
Jan
1
30%
4s
Bid
gt
Jan
78
Montreal Tramways... 100
(American Dollar Prices)
Jan
19
5%
*
87%
Closing bid and
Feb
7%
22%
40
86
Guaranteed Bonds
Feb
5%
Jan
Feb
12%
1 1946
Dominion Government
10%
Feb
6
19
8%
Sept
103%
Jan
4%
16%
4%s
102
7%
370
25%
...»
•
100
100
Preferred
583
4%
92
66
76%
9%
4
65%
perpetual debentures.
Sept 15 1942
4%8
Dec 15 1944
6s
July
1 1944
Jan
467
3
Mont L H A P Consol
Feb
Feb
20
A) *
Montreal Telegraph
Canadian Pacific Ry—
Canadian Pacific Ry—
10%
96
195
15
43%
25
Legar pref
Massey-Harrte
Jan
Jan
1,030
Jan
.....
_.*
Lang A Sons Ltd (John
Laura Secord
9%
89%
5%
27%
Lake of the Woods
6
14%
22%
Intl Petroleum Co
...
96%
Feb
28%
Intl Nickel of Can
87
Jan
5%
396
"51"
*
Ltd—*
International Power
*
InternationaJPower preflOO
58
15%
95%
160
630
Preferred
Prov of Saskatchewan—
96
Jan
Feb
Jan
7%
16%
Intl Bronze Powders
94
16%
Feb
14%
*
100
Industrial Acceptance
4%s
■
Jan
5%
"30%
*
Imperial Tobacco of Can.5
Imperial Oil Ltd
4s
mi,
15
103
•
Hudson Bay
98%
78
Brunswick—
Apr 15 1960
Apr 15 1961
of Nova Scotia—
Sept 15 1952
Mar
1 1960
Mining
96
97
4%s
Jan
14%
20
*
100
Preferred
Jan
10%
7
14%
.6
Holllnger Gold
Howard Smith Paper
Feb
34
Jan
14%
7
92
96
86
6s__...
4%s
103
102
4%
Jan
Feb
Feb
3%
5
96
9%
4%
9%
12
Jan
10
10
—
Jan
31
^110
5%
11%
5
96
Alabas.
Jan
15 1965
Province of Quebec—
4s
95
Prov of New
Province
Sept 15 1943
May
1 1959
June
1 1962
6s
5s
88
Ask
Bid
Ask
Bid
15%
97
5%
Preferred
Gypsum Lime A
Hamilton Bridge
15%
96
10
*
Feb
t-Ol S*S
53
15%
96
-
Feb
2%
395
35
5%
15
13%
Jan
90
4,405
34
5%
15
..*
100
Gurd iCharles)—
3%
89
Jan
10
200
11
34
Rights
General Steel Wares
(American Dollar Prices)
535
11
5%
Foundation Co of Canada. *
Preferred
10
Feb
00
262
3%
B
Gatlneau Power
86
14
90
9%
9%
11
Jan
7%
Jan
6%
1,270
87
87%
"90"
High
Low
87
100
Dominion
d'Armes, Montreal
7%
6%
6%
A Chem
Preferred
Dom Tar
1, 1940
Range Since Jan.
Last
all Canadian
14%
14%
Canadian market.
Volume "150
The Commercial & Financial Chronicle
1263
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Friday
Last
Stocks (Concluded)
Par
Commercial Alcohols Ltd.
Sales
Week's Range
of Prices
Sale
Price
Low
*
Preferred
2.50
9%
4
3,315
4,690
6%
3
3
17
17
16)4
3
Low
230
3
3
170
3
3
Jan
10c
8)4
7
7
7
349
6
European Electric Corp. 10
"m
6
5%
9)4
19%
20)4
519
15
15
"l7%
17%
18 %
35
.
Freiman (A J)6%cm
prflOO
35
com
25c
Inter-City Baking Co.. 100
Intl Paints (Can) Ltd A __*
5% cum pref
20
35
4
13
25c
35
3h
1,073
3h
4
3)4
18
5
18
2
Intl Utilities Corp A..
Intl Utilities B
Lake St John P & P
10X
10)4
40
40
23
Loblaw Groceterias A
26
*
27)4
Mackenzie Air Service
27)4
50
*
35
35
100
MacLaren Power A Paper*
M assey-Harr tofi % cm
pf 100
21
21)4
125
63)4
53)4
5
MeColl-Fron 6% cm pf. 100
Melchers Distilleries Ltd.*
97
97
150
150
Melchere Distilleries pretlO
(Robt) Co Ltd—*
6%
10°
25
2
108)4 108)4
21
*
36
36
37
dc partic 2d pref—50
44
44
10
Provincial Transport Co.. *
Quebec Tel & Power A
*
7%
7
7%
4)4
Sarnia Bridge Co Ltd A..*
4%
"5%
5)4
5)4
1.50
1.50
2.00
20
75c
50c
75c
10
Walkervllle Brewery
*
Walker-Good & Worts (H)*
SI cum pref
»
"90
10
Jan
Feb
8%
Feb
Jan
6)4
Jan
10)4
10
18
Feb
Biitmore
Blue Ribbon pref
Jan
21%
36)4
Jan
35
Feb
Bobjo
Feb
25c
Feb
Bralorne
90
43)4
159
20)4
20)4
278
Mines
32c
Bouscadillac Gold
.1
Cartier-Malartic Gold
'"in
Jan
British American OH
*
18
Feb
British Dominion Oil
8H
Feb
10%
Feb
Bro
40c
Feb
60c
Jan
Brown Oil
24
Jan
27)4
Feb
35c
Jan
3)4
28
Feb
Jan
Feb
Buffalo-Canadian
Jan
Jan
Building Products
Bunker HU1
59
Jan
Calgary A Edmonton
*
99 %
Jan
Calmont
54%
Feb
96
Jan
1.50
Feb
Canada Bread B
Feb
8%
Jan
Jan
15)4
Jan
10
Feb
10
Feb
Jan
36
Feb
36
43
Jan
43
6%
4)4
111)4
Jan
Jan
Feb
Jan
7%
Jan
Feb
Canada Malting
Canada Packers
Can Permanent
Jan
Feb
1.75
Feb
50c
Feb
Canadian Bakeries
6
Jan
10)4
5%
Feb
Canad lan Breweries
4
Feb
95c
Feb
Jan
2
500
'"15
Duparquet Mining
16)4
8,400
19
20
310
2c
11,000
1
2c
"380
370
380
90c
'T.50
2,300
92c
300
Palconbrldge Nickel
*
4.40
4.50
225
Francoeur Gold
*
44c
44c
l
4c
4c
100
Joliet-Quebec Mines
1
""5c
5c
6c
28,500
4c
4c
25)4
1,560
_
Macassa Mines Ltd
[-1
4.55
<
4.55
4.55
550
Mclntyre-Porcupine.
5
56%
56%
315
McKenzie-Red Lake
McWatters Gold
1
1.39
1.39
100
*
—
Normetal Mining Corp.
44c
*
_
Mines. *
Pandora-Cadillac Goid.—1
7c
7c
1,500
2.00
200
1.91
*
Shawkey Gold Mining
Sherritt-Gordon Mines
30
2.00
1
Red Crest Gold
2.00
~7c
Pato Consol Gold
Dredg'g 1
Perron Gold
1
Pickle-Crow Gold
1,200
1.95
18,500
3.90
3.95
1,100
7c
7c
Cndn Bk of Commerce.
100
Canadian Can
*
Canadian Can A
30c
Feb
3-cc
Jan
10c
Jan
13c
Jan
4c
Jan
4%c
Feb
2 He
Jan
2)4c
Feb
15c
Feb
3.90
3.90
Walte- Amulet Mines
Wood-Cad lilac Mines
1
21
24
Wright-Hargreaves
*
7.70
7.70
Anaconda Oil Co Ltd....*
7c
7c
1
5.85
"22 %
5.85
Jan
Calgary & Edmonton
2.58
Homestead Oil A Gas Ltd. 1
Royalite Oil Co.
*
to
Feb. 23, both
Sale
Stocks—
Par
Price
AbltlbL
1.35
6% preferred.
...100
Alberta Pacific Grain
*
Aldermac
Copper
Algoma Steel
Amm Gold
Mines
Anglo-Gan Hold Dev
*
1
*
Anglo-Huronian
Aratfieid
1
Gold
Astoria Que
1
Bagamac
Bankfleld
Cons
25
140 %
Jan
150
Jan
8
4,261
5%
15 H
Jan
8
Feb
1.90
3,765
2,300
1.65
Jan
2 15
Feb
27 H
28 H
171
175
448
24 %
168
Jan
28 H
175
Feb
Feb
9%
130
14
13 H
14
1.001
290
Feb
Jan
37%
Feb
126
20
124
26
90
24
2%
Jan
Feb
Cndn
Jan
Cariboo
Carnation pref.
:,2o
Wallpaper B
18
12
71c
2%c
Feb
4%c
Feb
3 He
Feb
6%C
Feb
Castle-Trethewey......
Feb
4c
Feb
4c
25%
Feb
31%
Jan
Central Patricia....
Central Porcelain
4.35
Jan
4.80
Feb
Chartered Trust
"1
.
180
545
19
35
123
10
%
Jan
14
Jan
Jan
127
Feb
24
Feb
32
Jan
2%
10%
Feb
3%
Jan
18 H Feb
71c
Feb
2,702
19
19
Jan
85o
Jan
Feb
21
Jan
118H
Jan
125
Feb
6
Feb
6%
6%
7
Jan
9%
9%
26
"2".54
9H
Jan
9%
Feb
2.50
2.54
725
2.25
Jan
2.55
Jan
116
6%
2.33
80
68c
38,940
2.34
11c llHc
102
2,830
83c
3,138
2.32
1
I62"
52 H
Feb
56)4
Jan
1.38
Chestervllle-Larder Lake
1
Jan
1.49
Jan
Chromium
*
Feb
102
55c
44c
2,333
116H
65c
1
HI 100
3
18 H
72c
123
*
..IIIl
IIIIIIIIoo
68c
83c
85c
50c
5,300
28
114
Jan
116H
Feb
65c
Feb
76o
Jan
2.30
Feb
10He
Feb
2.55
Jan
102
8?c
Feb
14c
102
1.05
Jau
Jan
Feb
Jan
55c
3,600
57 %c
48c
Jan
Jan
1
69c
Jan
48c
Cochenour-Williams Gold"
63c
48c
36,395
61c
Feb
Jan
Cockshutt Plow
78o
Jan
*
6%
Feb
1.82
7H
270
1.48
Jan
Feb
Coniagas...
6%
I.Is
.."HI*
9H
Jan
1.60
1.60
650
1.55
Jan
1.65
Feb
1.80
2.10
Jan
2.25
Jan
Conlarum
4 He
Jan
lOHc
Jan
2.00
Feb
2.40
Feb
1.91
Feb
Consolidated Bakeries.
Consol Chibougamau
2.11
Jan
Cons
3.85
Jan
4.15
Jan
Consumers Gas
3c
Mines
1
."ft
44
177
*
31
Jan
32c
Jan
6c
5Hc
Jan
8H0
Jan
23 H
94%
26%
24
665
25
Jan
94%
26%
10
90%
Jan
96
Feb
790
25 %
201
Feb
29
Jan
Jan
209
Preferred
*
Jan
7c
Feb
1.03
Jan
Dominion Exploration
1
Dominion Foundry
*
Dominion Steel B
11.25
—
Jan
Dominion Woollens
_
*
208
.
Mining..
"
I
Eldorado
16
"33%
21%
55
2c
1,000
7%
350
86%
14
975
lc
470
6X0
3%
8%
3%c
6%c
6Xc
3.80
3.75
3H
3H
3
7%
7%
3c
3%c
6c
90c
Feb
4%
6H
Feb
Faictmnrldge....
Jan
Fanny Farmer
Jan
Federal-Klrkland
11,400
Jan
38c
Jan
16%
375
Firestone Petroleum..,25c
Feb
Feb
Fleet Aircraft
3,000
5,950
3Hc
Feb
16H
6Hc
Jan
Ford A
89c
Feb
1.03
Jan
2.38
360
2.30
Foundation Petroleum.25c
Jan
lOHo
Feb
7Hc
Jan
3.85
6,120
3.65
Jan
4.10
Jan
3%
538
3
Feb
3H
Feb
90c
3,755
90c
Feb
30
5
4.40
4.55
"6Hc
9
20
Feb
33
Jan
4%
22%
Jan
6
Jan
Jan
26
Feb
1,368
4.00
Jan
4.65
Feb
679
26 H
Jan
27%
Feb
3Hc
3c
Feb
7c
6 Ho
Feb
4Hc
8H0
Jan
6 Ho
4,200
1,000
8%
19%
29%c
9X
710
8H
Jan
10 %
Jan
20%
19 %
Feb
Feb
22%
Jan
9%c
5,302
1,000
11c
Jan
3.00
Jan
9c
10c
Francoeur..
47c
13,600
3,500
8Hc
Feb
17c
Jan
Gatlneau
2 He
750
*
15%
15%
15%
220
2Hc
Jan
4%C
Jan
2.30
8,436
95 H
95%
97
2.20
Gatlneau Power pref ..100
Feb
Q/»
2.68
Jan
8c
1,425
8,745
8c
Jan
10HC
Jan
20c
201
Feb
28c
210
Jan
Glenora
Jan
30
27 %
2.20
Jan
1.23
Jan
3c
2%c
Feb
Jan
4c
Feb
27
35c
...
5%
9He
45c
Feb
70o
Jan
Jan
15%
Feb
16 H
Jan
98
94
Jan
97
Feb
5%
9H
6H0
lHc
Feb
6
Jan
Jan
10 %
10Ho
Feb
5%
45
10
10%
176
5%c
5%o
lHc
6%o
lHc
11,900
2,900
Jan
2o
Jan
11,675
4,500
55o
Jan
69©
Jan
I60
Feb
23o
Jan
Feb
5H
*
1
9H
Feb
4.55
—
Jan
Jan
3c
27%
1
Rights
5%
Feb
Feb
6c
*
General Steel Wares
Gillies I^ake
Jan
3Ho
6 He
...III
Power..
88
Jan
1,000
2,600
Jan
Feb
86
Jan
Jan
Jan
1,000
26c
25c
Jan
36H
15%
5%
7%
2,000
25c
2.25
Jan
13H
300
139
17H
2%
Jan
2,066
5H
Feb
He
86%
14%
5
Feb
Feb
2
32 H
30
Feb
22 H
Jan
5
4%
1
...II.
Jan
lHc
4%
6%
14
Jan
21
686
*
Extension OH...
Jan
34
I.I*
English Electric A
Equit Lire
23
33%
13%
*
'
208
21X
..I.")
East Crest
East Malartlc.
208
31
2c
21%
*
.
Easy Washing Machine..*
1.30
"26 H
.I_.II" *
IIIlOO
Dominion Woollens pref. 20
Dorval-Siscoe
1
Duouesns
"24"
IIIlOO
Jan
29H
J
Dome Mines (new)...
»
Dominion Bank
ioo
Dominion Coal pref.....25
High
Feb
3%
Feb
Denlson Nickel Mines
Distillers Seagrams
..
Low
31
Jan
25c
Jan
Range Since Jan. I, 1940
Jan
2%
Jan
Shares
Jan
6c
Jan
Sales
Jan
177
655
31c
sales lists
49
Jan
9,950
2,000
4.15
Exchange
Jan
Feb
2,930
6.00
36
44
Jan
Feb
26c
Jan
Feb
84
16c
3H
Feb
Feb
600
177
1.95
19
25c
5.65
5)4c
45
175
Jan
3
19)4c
33
Feb
25c
Feb
Feb
Jan
12c
44
3H
3.95
7c
17%
600
I*
600
2,000
1.73
170
12c
12c
Jan
CorpHHH"*
Feb
8.20
H
2,775
18%
68c
169 H
27
85c
Feb
1.75
18
"~l~2c
100
Feb
7.70
1.80
*
—
Smelters
75c
30
Feb
12
Jan
680
7c
313
Feb
21H
30
126
Dom Stores...
20 He 22 He
203
10 %
Jan
930
4.45
Dominion Tar
Preferred
201
Jan
Jan
20.
35X
2H
30c
14
21c
Feb
33H
12H
203
Jan
2.13
1,023
Feb
1
315
22
305
Jan
315
Feb
260 H 263
God's Lake
•
58c
56o
32
58c
260
Jan
268
Feb
Gold ale
1
16%c
160
17c
Jan
Jan
6H
6H
115
5
Jan
6H
Feb
23c
*
...»
Gold Belt
25c
50c
260
2,600
26c
500
22c
24c
Feb
Jan
33c
26o
Jan
Golden Gate
16c
462
...—1
17c
13%
5,500
Jan
16c
Feb
22o
Jan
15%
Jan
53
Gold Eagle
.....1
18Xc
19c
3H
Feb
Jan
26o
Jan
Good fish
1
1X0
1,700
1,500
17o
Jan
lHc
Feb
lHo
Goodyear Tire A Rubber.*
84%
14H
3%
6c
6c
7Hc
5,100
6c
Beattle Gold
1
1.12
1.10
1.14
2,500
1.05
Beatty A
*
*
5%
4H
5%
100
166%
166% 168
14 He
13 He
Beauharnols
147
10H
21X
Feb
14%
Bell Telephone Co
Bidgood Kirk land
Feb
104 H
10H
20H
44c
1
B
Bear Ex pi
38 H
Jan
35
65
Bank of Nova Scotia...100
Bank of Toronto
100
Bath urn Power A
Feb
Jan
102
*
400
Barkers
Base Metals
22
36
75
29
33c
2.23
Feb
116
104 %
21%
4.00
Jan
""9c
22
38 H
104
Feb
2H
1
100
5
Jan
Jan
"19"
Jan
1
Bank of Montreal
Feb
Feb
16%
13 h
1
Aunor Gold Mines
105
8H
Jan
123
2.35
2.36
Feb
Jan
10
58
Feb
30c
*
99
24
loo
P R
3.10
89c 90%c
Jan
64
Malartlc f
*
Canadian Oil
..—III.*
Jan
4%c
Feb
Feb
O
Feb
3 Ho
Feb
7
92 H
104 %
190
2H
3 He
90c
55
24
55
Canadian Oil pref...
Feb
14
10
67
830
30c
15
55
10
Jan
1.00
13
Jan
14H
"2%
»
47c
55
Jan
2,850
1,500
Feb
26
Cosmos
1.50
37c
55
1.25
2.00
1.30
3,500
*
Cub Aircraft
Davles Petroleum
for
Week
38c
Jan
Feb
4.10
2.49
High
Jan
19 H
Jan
1,000
Week's Range
of Prices
2.39
62
Jan
8,050
Low
Feb
Ho
20 %
Feb
inclusive, compiled from official
Last
1.98
Jan
1.00
90c
Friday
5,125
13%
11"
2.70
Toronto Stock
Feb. 17
Jan
2.04
Canadian
Jan
25
3o
1.98
25
Canadian Tnd Alcohol"aii*
Canadian Locomotive.. 100
Jan
500
17 H
Jan
3c
15
Jan
3.60
Jan
Feb
33c
4
2o
125
Feb
1)4c
Feb
f
1.15
5%c
Jan
Feb
600
17
20c
2.01
33c
5.000
55
29H
2%c
2.49
5)4c
3Hc
15%
2Hc
180
Jan
5%c
100
Feb
3c
15
100
90c
*
...
Jan
1,150
13 %
"
Preferred
Canadian Dredge
2.00
*
Home Oil Co Ltd
8.60
7.10
25
»
Canadian Celanese
8%c
25
Feb
7.00
%
13 %
Foundry
Preferred
Jan
200
7.00
Jan
305
Feb
Oil-
Anglo-Canadian Oil Co...*
—————*
Jan
14,900
Jan
19H
14c
800
3.90
Jan
19Ho
60
26%
3,255
1
69o
Feb
25
—
Feb
3c
1.04
80c
80c
20c
ii20
3c
3c
1.00
18c
Feb
15 He
20H
"l0%
Jan
Feb
Can Car A
Jan
Feb
48c
3,000
18H
27 %
Feb
—
11 Ho
22,600
56
1.90
1.15
——
1,000
63c
48c
60
"*
Preferred
Jan
96c
1
1
1
Siscoe Gold—
Teck Hughes Gold
9H
23%
20%
*
....
20 %
1,200
"~7c
Jan
Feb
7H
18H
pref" 100
43 54
100
1.48
*
Jan
1,000
50c
1.45
2.00
1.47
Pamour-Porcuplne
44c
50c
O'Brien Gold
"50
Jan
1,126
25)4
Kirkland-Gold Rand
1
Lake Shore Mines Ltd——1
Jan
8H
%
Jan
22
Jan
147
'%
Feb
500
J'M Consol Gold
11
1,479
9%
HHo
7
7
97 H
99
105
105
22
22
"~7%
19%
3,000
26)4
1
East.Malartlc M Ltd
Eldorado Gold
15
26H
*
Jan
Feb
55
*
41
100
8c
10 H
38
_
B
Feb
37o
2.02
Mtgell 100
50c
5
Jan
39
2Ho
104H
1.75
Jan
11H
Jan
1,195
2,415
3c
15
....
4%
5%
180
4)4
7.00
50
Canada Steamships..
Preferred
Canada Wire A
Jan
15Ho 16Hc
Canada Cement.
Preferred
.....100
Can Cycle A Motor
preflOO
Canada Foundry A
*
108
Jan
10
36%
12,300
9
*
13)4
14c
8Hc
53c
*
(new)I*
High
Feb
10%
1
22
60
9o
80
22% 23%
llHc 11 He
*
Buffalo-AnkeritellHIIII l
256
9
23
1
...
40c
Jan
Feb
ulan-Porcuplne
27 K
19 %
1.50
Brazilian
11H
39
Low
1,000
10H
*
35)4
Jan
Range Since Jan. 1,1940
Share 8
9 He
8c
1
Jan
1,000
1%
Century Mining Corp.—. *
Dome Mines Ltd
12c
4)4
1
Cent Cadillac Gd M Ltd—1
34c
12c
32c
1
High
10H
IIIIII*
Traction""!"*
Feb
®
Beanfor Gold
Low
39
.1.111.
1.50
18
Mines—
Aldermac Copp. Corp. Ltd*
Price
9c
35)4
3)4
90
43
Week
Big Missouri
Jan
for
of Prices
Feb
Feb
Par
Week's Range
Sale
Stocks (Continued)
20
31
90
Sales
Last
22%
25c
Exchange
Friday
Jan
200
4
Toronto Stock
Jan
Jan
65
4
42 h
6
Feb
240
6)4% cum 1st pref
25
United Securities Ltd—100
Jan
Jan
8%
60
*
—
8%
19H
4,267
*
B
Thrift Stores Ltd.
Feb
43
14)4
10
Page-Hersey Tubes Ltd—*
Paton Mfg Co
Power Corp of Canada—
6
Feb
10
20
125
14)4
*
25
150
6
Mitchell
Montreal Island Power
0
TORONTO
Feb
9
Feb
8%
313
23
3%
Feb
5%
100
1
*
»
Feb
5
20
35
11 Jordan Street
Jan
7
1,005
19%
•
Fraxer Companies Ltd—.*
Fraser Cos vm mg trust.
*
8%
Grain Exchange
Feb
2%
300
"9%
44
(Winnipeg
Feb
Jan
Jan
8
100
5%
Falrchlld Aircraft Ltd—.6
Fleet Aircraft Ltd
8%
Jan
Jan
^/The Toronto Stock Exchange
Members
Jan
3%
16)4
3%
8
10
8%
8%
Feb
2H
496
EasternDalrles7%cm pflOO
Feb
2H
245
8
Jan
Feb
6%
unlisted
F. J. CRAWFORD & CO.
Feb
220
8)4
8
»
Hlllcrest
"9Xc
37
8
Ford Motor of Can A
Feb
75
44
*
B
6%
listed and
on
Canadian Mining and Industrial Securities
High
Jan
3%
6)4
16
43
Dominion Woollens
Preferred
Donnacona Paper A
3
10
9H
7%
3
David A Frere Ltee A
*
David A Frere Ltee B
*
Dom Engineering Works-*
Shares
1,715
6%
Consolidated Paper Corp. *
Cub Aircraft Corp Ltd
*
Range Since Jan. 1, 1940
3H
6%
6%
Consolidated Dlv Seo—
Preferred
High
3
5
Inquiries incited
for
Week
*
1
15
3%
5
110
5H
250
15c
190
9,500
5
Jan
8c
Feb
Jan
1.15
Jan
Preferred
4
Jan
5H
Jan
Grandoro
5H
Feb
6H
168H
Jan
Great Lakes voting
165
12c
Jan
Jan
16o
Jan
Feb
*
Nb par value.
7%
55
5%0
.....*
84
lHc
85%
55
...50
*
18Hc
lHc
6Hc
7%
7%
125
Jan
84
Feb
87
Jan
35
54 H
Jan
57 H
500
5He
Feb
5Ho
Feb
Feb
171
7
Feb
8
Jan
The Commercial &
1264
Feb.
Financial Chronicle
24,
1940
i*f
and Unlisted
Canadian Markets—Listed
Exchange
Toronto Stock
of Prices
High
Sale
(Continued)
Great West Saddlery
Great West Saddlery
Grull-Wlhksne
Low
Price
Par
25
Ifalcrow-Swazey
Halllwell
2%c
Harker
-
Howey Gold..
Hunts A
Huron &
Imperial
Imperial
1%
Jan
7%
10
1.75
Jan
2.50
3%
Feb
4%
Jan
1.10
Feb
1.48
Jan
Jan
1.10
1.14
6,800
6c
4,500
5%c
Feb
10c
15c
600
15c
Feb
19%c
180
14%
Jan
16
1,680
Jan
Jan
2.75
26,162
2 45
Feb
6c
7,600
5%c
Feb
510
17%
Jan
7,000
35c
Feb
25
35c
35c 37 %c
30%
*
*
Erie 20% pref-100
Bank of Can..I0u
Oil
—
14%
5
16%
31
7%
7
385
30
Jan
40
7
8
15
10%
3,040
14%
16%
15%
21
Siscoe Gold
J
*
"12 %
12
75c
Jan
87c
Jan
60c
39c
Jan
61c
Jan
5c
Jan
7%C
Jan
_1
5c
Feb
220
*
*
Jan
Jan
Jan
7%
220
7%
Feb
37c
2,300
30c
Jan
36c
Feb
13%
825
12%
Feb
15%
Jan
Preferred...
*
Steel of Canada
110
110
90
103
Feb
113
Jan
Straw Lake Beach
109% 110
60
106
Feb
112%
Jan
Sturgeon River
116
114
10
J M Consolidated
1
— -
Kerr-Addison
—
113
Jan
115
Feb
Sudbury Basin
44%
2,271
43
Feb
47
Jan
23%
1,850
21%
Jan
24
Feb
Sudbury Contact
Sullivan
10
230
8%
Jan
10%
Feb
Hvl vanlte Gold
1
Feb
65c
Feb
Tamblyncom...
2~40
Jan
Terfc
Feb
19c
Jan
2%c
5,200
2%c
Jan
4%c
Feb
2.38
2.45
20,776
2.36
Feb
2.75
Jan
Lake Shore
1
25%
25%
26
Lake of the Woods.—
*
Lamaque G
*
l
6.46
3
12%
Laura Secord (new)
Lebel-Oro
15c
3.10
Little Long Lac--
27
*
Loblaw A
25%
Feb
32
Jan
Toronto Elevator
Feb
27
Jan
Toronto General Trusts 100
6.45
Feb
7.25
Jan
Toronto Mortgage
l'c
Feb
22%c
Jan
Towaginac
12%
Feb
13
l%c
Jan
2%C
12%
12%
496
l%c
22
4,500
45
8
76c
3.25
28
> 3,780
717
72C
26%
Feb
86%
Jan
175
76
Feb
83
78
Jan
31,805
1.80
Jan
2 65
4%c
18,000
1,000
3%c
Feb
5%c
Jan
Feb
3%c
TTnlon
Jan
Feb
8%c
Feb
87c
Feb
1.02
Jan
3.25
3.30
21,500
4,300
1,225
11%
30
3.95
7,332
55c
3.20
Feb
3.45
Feb
11
Feb
12
Feb
109
3.99
Feb
4.15
Jan
45c
Feb
72c
Jan
20
12%
Jan
13%
Jan
109
45c
5,050
13
3.90
13
5
106%
Feb
110
1.70
Feb
1.73
48
Jan
49
Feb
87
87
89
15
87
Feb
90
Feb
94
86
94
35
86
Feb
98
Jan
22c
83c
2,000
22c
Feb
35c
6,550
80c
Feb
1.12
1,356
22c
80c
22c
1
16%
40
United Fuel A
17
39%
Gas
40%
15%
Feb
38%
Jan
Feb
17
210
40%
Feb
Feb
25%
88c
Jan
3.40
Jan
8%
8
6
Jan
8%
United Steel
*
5%
5%
8%
5%
226
Jan
310
5%
Feb
6%
Jan
64c
64c
66c
7,450
Feb
Jan
Feb
Upper Canada
1
85c
Jan
64c
26%
4.05
4.25
890
4.00
Jan
Jan
Ventures
4.25
4.35
Feb
5.50
B
4.50
4.50
4.65
3,040
4.30
Jan
2.10
2.06
2.13
4,205
2.06
Feb
2.55
Jan
Walte
45c
44 %c
46c
8.600
44c %
Feb
Walkers..
1
1
Jan
Madsen Red Lake
62c
1.03
1.00
1.04
23,860
92c
Feb
1.10
Jan
lc
500
%c
Jan
l%c
Jan
6
Feb
7
Jan
Western Can Flour
42%
45
110
Feb
Jan
Western Grocers
55
55
4%
5%
55
1,110
Jan
Westons
12%
12%
12%
96
96
2%c
1%
2%c
3,000
2%
lc
6
6
*
"1%
4%
6%
*
8%
*
Maple Leaf Milling
Preferred
3%c
1
Maralgo
Maasey-Harrls
5%
*
~8%
McColl Frontenac
5
Mclntyre
McKenzle
1~35
1
McVlttle—
Mining Corp
Jan
12c
Feb
pref 100
"42%
Wood Cadillac
1
23c
Jan
Wright Hargreaves
*
7.60
31
51
440
1.37
3,490
10c
3,600
Feb
99
97
Jan
99
50%
Feb
58
53
Feb
7%
1.34
1(
c
44c
Ymir Yankee
Feb
Jan
Feb
15%C
58c
Jan
Feb
Jan
9
Jan
6%
1.09
Feb
1.33
20
20
20
98
Jan
60
Feb
65
26c
7%c
80
2,000
7%c
Feb
1
71c
72o
6,510
7('c
Jan
Feb
*
44%
44%
45%
428
44%
Feb
1
5%c
6%c
6%C
33,050
5%c
Jan
l%c
2c
4,500
lo
16c
Feb
315
600
63
65
270
193
193
5
25
Jan
63
*
99%
Feb
Feb
93 %c
46
Jan
Last
Sale
8c
Jan
2c
Feb
21%C
Jan
Breet-Trethewey
26
Par
Stock 8—
Price
69
Jan
Canada Bud Brew
Feb
Canada Vinegars
*
Jan
25c
28c
37,900
24c
Feb
Canadian Marconi
1
2%c
2%c
2%c
3,700
2%c
Feb
3c
Jan
Consolidated Paper
*
7
*
8%
9c
6%c
52c
Nordon Oil
N org old
6c
1
Normetal
North Empire
1
-....
55c
9.85
1
...
1,524
1,000
4,500
2,940
9.85
100
6c
6%c
12
8%
25
7%
37
37%
60
37
Jan
40
Jan
89%
89%
25
89%
Feb
89%
Feb
80c
80c
1,200
75c
Feb
10c
Feb
75C
Feb
Foothills
4
Feb
Kirkland-Townslte
Jan
Mercury Mills pref
Jan
Montreal Power..
Pend-Orellle
Shawlnlgan.
35c
Jan
5c
Jan
107
Jan
5c
5
Feb
2.35
Jan
Jan
10 %c
6
10c
10c
15c
Jan
22
Jan
30%
Feb
Feb
31%
Jan
2c
75
28
28
30%
30%
30%
840
*
100
2c
Feb
2c
Feb
1,500
"34"
1
1.82
2c
1.80
1.92
6c
6c
3,800
17,700
4c
Jan
8%c
Temlskamlng Mining
Jan
40c
12,880
38 %c
Feb
53c
Jan
1~94
1.93
1.97
1.91
Jan
2.12
Jan
Pickle Crow
1
3.90
3.80
3.95
1,575
6,565
3.75
Jan
4.25
Jan
1
2.05
2.05
2.15
2,825
2.05
Feb
2.24
6c
3
Jan
24
Jan
Feb
8%c
Jan
99
99
Utility Bonds
Jan
Pioneer
Cons..
Gold
Porto Rico pref
-
-
1
100
Powell Rou
6c
6%c
1
38%c
"
Tie
1.25
25
1.48
13,850
Feb
99
1.13
Feb
101
Gatlneau Power
87%
88
Gen Steel Wares 4%s.l962
80
82
11%
81
30
20c
1.35
2,500
1,124
Pressed Metals
*
11%
11
11%
660
Feb
12%
Preston E Dome
1
2.11
2.02
2.12
13,510
1.98
Feb
2.38
Reno Gold
36c
38c
1,650
36c
Feb
570
Riverside Silk
1
*
I
26%
4%c
Feb
Feb
28
Roche LL
6%C
Jan
190
Royallte Oil
100
*
Russell Industrial
4%C
100
Royal
Bank
St Anthony
1
St Lawrence Corp
1
Sand River
Senator-Rouyn
Sheep Creek
Sherritt-Gordon
Simpsons A...
Simpsons B
25
5c
3,000
33
33
140
13c
15c
Feb
Algoma Steel 5s
1948
84
86
Gt Lakes Pap Co 1st
1.42
Jan
Beauharnols Pr Corp 6s '78
78
80
Int Pr A Pap of
85
87
Feb
Feb
British Col Pow 4%s-1960
79%
80%
5s '55
Nfld 6s '68
Pap Co
78
Feb
22c
76
19c
Lake St John Pr A
Jan
Brown Co lst5%s
44
45
1961
71
73
Jan
94%
96
Jan
Calgary Power Co 5S..1960
Canada Cement 4%s.l951
80
82
Maple Leaf Milling—
2%s to *38-6 %s to *49—
60
62
75
77
Massey-Harris4%s_—1954
77
Canada SS Lines 5s_..1957
75
Jan
80
82
Minn A Ont Pap
37%
86
87
6s...1945
McColl-Front Oil 4%s 1949
36
Jan
80
82
55
57
N Scotia Stl A Coal
69
52
Power Corp. of Can
89
91
Price Brothers 1st
3 %s *63
4%s'69
5s—1957
67
50%
77
79
80%
81%
80
82
60%
64
52
54
10
1946
151
33
Feb
Jan
Canadian Canners 4s. 1951
Canadian Inter Pap 6s 1949
50
135
Feb
140
Feb
Canadian Vlckers Co 6s *47
Feb
20%C
Jan
Consol Pap Corp—
20
7,200
180
13c
36%
4%
4%
6
4%
Jan
5%
2~29
2.28
2.38
2.28
Feb
2.50
11c
9c
11c
9c
Feb
15c
Jan
1
40c
Feb
8.35
6%
982
262
4-5s series B
80
21%
12%
8.15
509
81
78
Jan
Jan
12%
79
Famous Players 4
Jan
1.18
21%
%s._1951
Federal Grain 6s
1949
Jan
Feb
Jan
1.24
Feb
11
Winnipeg Elec—
4-5s series A
7%
7%
57c
Feb
95c
12
68
8.70
Feb
1.10
120
82
66
Jan
Feb
40c
1,900
12,248
1,006
7%
80
Quebec Power 48—1962
Saguenay Power—
4%s series B—
1966
Feb
6,100
1.04
7%
19%
90
6%
6%
43c
1.13
98c
»
87
88
8.15
40c
1.10
1
16
5%
Jan
Feb
Feb
5%B
86
%s.l945
Dom Steel & Coal 6%s 1955
Dom Tar A Chem 4 %s 1951
Donnaoona Paper Co—
48
...-1956
50c
6
5 %s ex-stock
1961
Jan
1
16,950
9,800
8.15
3%s_1969
1.30
Jan
Slgman Mines, Quebec.-.1
Sllverwoods
*
Silver woods pref
27%
185
140
14c
*
San Antonio
27%
4%C
185
Ask
50
79
10%
185
Bid
581953
68—1946
48
Alberta Pac Grain
19c
"27%
Jan
Feb. 23
Ask
Abitlbl P A Pap ctfs
1.30
Jan
Bid
Jan
1
10%
Closing bid and asked quotations, Friday,
(American Dollar Prices)
Jan
26c
10%
Industrial and Public
2.18
Premier
Power Corp
Prairie Royalties.:
Jan
Jan
Jan
1
Paymaster
2.35
Feb
Feb
Feb
2%
21
230
35
Feb
1.75
2,600
260
3
21%
21
25
20
35
30
2%
*
--*
1
-
Jan
30%
500
28
*
100
1.05
Jan
Feb
1.90
500
111
Perron Gold
Partanen-Malartic
Feb
*
*
1
Rogers Majestic A
5%
Jan
*
Jan
"5%
8%
Dominion Textile..
Feb
1
Feb
Dominion Bridge
Feb
Pantepec
6%
Jan
61c
300
Feb
Feb
6%c
7%c
5%
1.40
60c
8,000
7%c
Jan
Jan
9.85
Oils Selections
Pandora-Cad llac
7%
8%
Jan
1.00
2,314
1,081
6%c
Ontario Silknit pref
4,330
6%
Jan
15%
Jan
Jan
1.99
1.40
5
Feb
Jan
Feb
1.90
1.25
Feb
12
170
Feb
340
1.91
4%
15
4%
12
l%c
Feb
45c
9
*
1
1.35
lc
9.00
Jan
Porcupine
High
Low
1,500
5%c
Feb
Pamour
lc
Jan
7
—
Week
Shares
Feb
24c
Page-Hersey
of Prices
High
Low
Range Since Jan. 1, 1940
for
15
7,571
40
official sales lists
Sales
Week's Range
Feb
1.29
7,900
Feb
12
Feb
59c
99%
20
1.08
108
Feb
14%
1,505
55c
99%
12
1.12
5%c
99% $21,800
Feb
1.08
107
99%
Feb
1.12
58 %c
Jan
10
*
_*
11
50
Okalta Oils
Oro Plata
Jan
65
1.81
Pacalta Oils
7%
Jan
Feb
50
Jan
54
Jan
Feb
25c
Jan
4%c
8%
Feb
Feb
9
8.15
5%c
40
3%
24c
Feb
Feb
60
75c
8%
7.55
4%c
5
1.43
25c
5,332
2,000
10
100
9
Jan
7.70
7.55
50
2,395
...1
*
30c
60
1.49
Omega
Orange Crush pref
Jan
50
75c
50
19 %c
60
1.43
75c
11,000
Corrugated Box pref.-.100
DeHavllland
*
Consolidated Press A
76c
4
Jan
Jan
21c 23 %c
Consolidated Sand pref. 100
Jan
1.45
4
Feb
Jan
9%c
78%
Feb
1
*
...5
Preferred
1%
Jan
Jan
Feb
6%c
O'Brien
North Star
464
3%c
2%
7C
6c
73
1,000
74%
8c
Jan
12
"25c
6%c
Jan
2c
4%
*
193
*
73
96
lc
—1
"73"
Jan
10
Jan
Naybob
*
Jan
95
1
«
Newbec
1
Feb
13
Friday
Jan
37%c
Mines
Feb
55
Feb
inclusive, compiled from
100
Noranda
45
Jan
12
Exchange—Curb Section
Toronto Stock
Feb. 17 to Feb. 23, both
Jan
National Trust
New Gold Rose..---
Jan
64%
Bonds—
War Loan 1948-52
Jan
Jan
188%
37
19
Jan
9c
Jan
17c
25
934
4%c
8%
Feb
99
35
26
8c
Jan
Jan
366
17c
2
York Knitting..
450
25%
"2%c
*
Jan
4,100
16%
100
Preferred
Wiltsey-Coghlan
1.47
46C
63
5,700
Winnipeg Electric A
195
8%
National Steel Car
12c
5.75
10c
Jan
476
5%
1.14
1
National Grocers pref.
20
National Pete Corp...26c
Preferred
Wendlgo
Jan
1,245
19%
-.
Feb
Feb
5%
64%
—
20%
1
*
99
MorrlH-Kirk land
Jan
Jan
8%
Murphy
20
Jan
6%
59%
9%
19%
Moore Corp
1,038
4%c
99
Moneta
20%
Feb
62%
Monarch Oils
Jan
20%
20
3c
1.12
*
100
43%
875
Monarch Knitting dref-100
Preferred
Jan
3%c
*
Modern Containers
41
9%
1.34
45c
-
-
6.05
1,168
Feb
*
McWalters Gold-
Mercury Mills.
Feb
43%
7%
10c
1
...
8
96%
50%
100
Preferred
1,542
43
5.80
*
412
54%
8%
5%
63
100
Preferred
5.85
43%
Amulet
8%
8
Jan
28%
i
Maple Leaf Gardens preflO
Jan
Feb
1
Manitoba & Eastern
Jan
15
Macassa Mines
lc
Jan
1.90
49
MacLeod Cockshutt
,
110
49
4.75
Malartlc Gold
Feb
4%c
Uchi Gold
Feb
Jan
2.60
2.43
Feb
2.95
27
512
Feb
Jan
8
Jan
72c
28,059
3.10
7
77
8%c
13
50
495
136
4%c
pref...50
8,800
Feb
79
1.73
Feb
4,160
Jan
26
14c
45c
1.30
6.50
Jan
Feb
50
2.05
1
26%
25%
26
*
B
26
6%
Feb
5
23%
26
Jan
3.90
4,290
27
74c
1
Leltch
Jan
200
Jan
Jan
100
14c 15%c
6.35
8
25
1.54
5%
5%
11
*
Preferred
2.00
1.80
3.30
1
Toburn
Jan
ll%c
1
Tip Top Tadors
1.30
600
1
.
150
87c 87 %c
2,610
1.36
1%C
1
——
Legare pref
Feb
1.00
1.50
1.98
I
Texas-Canadian
1.33
.
Ungues
1.09
13c
1
-
3 'c
100
Kirk land Lake
Lapa-Cad lilac
110
10,733
2%c
"
—i
45c
1.00
13c 15%c
Jan
1.90
*
30c
13%e
1
8%
8c
75
43%
22%
1.00
50c
Jelllcoe
11%
155
7%C
11%
1.95
*
10
"22%
International Utilities A--*
B
1
Island Mountain
3%C
1
*
115
Feb
12 %c 12 %c
2.59
*
110
100
Intl Milling pref...
110
International Nickel
•
Internationa) Petroleum.. *
4c
76
•
Steep Rock Iron Mines...*
100
preferred
7,500
25%
-25
Preferred
5c
4%c
77
10C
Preferred
5%
26
*
Stedman
5c
1.30
*
Standard Paving
16
Jan
103
9,200
1,500
10%
Standard Chemical
15%
100
4%c
Jan
Jan
Jan
Jan
24,885
50c
Jan
8%
Jan
6%
99%
81c
48c
Slave Lake.
South Fnd Petroleum
12%
7
96
77c
Feb
34
36c
7%
£1
Intl Metals A
101 %
81c
Bladen Malartlc-.
>
15%
101%
Jan
14%
1,310
Price
Jan
40%c
High
Low
Shares
Par
1
1
Simpsons pref
Feb
Week
Jan
Feb
for
of Prices
Low
High
100
(Concluded)
3.10
Week's Range
Sale
Stocks
1,1940
Range Since Jan.
Last
7 %C
Jan
Sales
Friday
25
Feb
217
216
14%
14
11
11
1-2316
Exchange
Toronto Stock
Jan
15
25
Teletype N. Y.
4-0784
Jan
6
1,170
2.45
25
YORK
NEW
Telephone Whitehall
Feb
235
7%
14%
Inspiration
A
Jan
Jan
5%c
1
Preferred
Jan
2c
6c
A Sm_
Imperial Tobacco
3c
5,500
2.56
—*
Hudson Bay Mln
Jan
2%c
15%
14%
1
Honey Dew—
Jan
5%
3%c
Feb
Jan
2%c
15
*
Holilnger Consolidated _—6
Home Oil Co
*
Hlnde A Dauch
Homestead Oil
64c
Feb
2c
15c
*
High wood
Feb
10,000
5
5%c
1.12
1
1
Hard IU>ck
Feb
2c
4
Ltd.
RECTOR STREET
19
Feb
5c
305
6%
1%
*
English Transcontinental,
Feb
4c
4%
500
6.250
4%
3%
7
—*
Theatres---—-1
Jan
2.00
25
3c %
3%c
2c
Hamilton Bridge
Hamilton
Harding Carpets
Feb
53c 55He
Alabas..*
--1
1
Gypsuru Lime &
Feb
25
4%
3%c
--1
flimnar
1.75
91
So. American Bonds
High
Low
35
25
European Internal Securities
Foreign Dollar Bonds
Week
Shares
1.90
1.90
*
prefSO
1
Range Since Jan. 1,1940
for
Week's Range
Last
Stocks
British and Any Other
Sales
Friday
Dom Gas A Elec 6
•No
par
value.
/Flat
price.
»Nominal.
1965
1965
.
Volume
The Commercial & Financial Chronicle
150
Quotations
Bid
a2Ms July
15
1969.
94 M
City Bonds
Jan
1977.
98 M
Feb
1979.
a3Ms July
1975.
101
102 M
a3Ms May
a3M8 Nov
a3Ms Mar
1954.
106 M
107 M
a4s
1
1977
118M 120 M
15
1978
119M 121M
1
1981
120
a43^8 May
<z4Ma Nov
1
1957
1
1957
116M 1I8M
117
118 H
a4MsMar
1
1963
119M 121M
122
a4Ms June
1
1965
120 M
122
1976.
106 M 107 M
107 M
105
105
116 M
a4Ms July
1
1967......
120 M
122 M
111
1960.
15
a4MsJan
a4MsNov
a4^s Mar
98 M 100
Jan
Ask
Bid
95 M
100
a3s
a3Ms
New York Bank Stocks
Ask
a 3s
1954.
Over-the-Counter Securities—Friday Feb. 23
on
New York
May
1957.
a4Ms Dec
15
1971
122
124
a 48
Nov
1958.
111M 113
a4MsDec
1
1979
125
127
a4a
May
1959.
C48
1977.
a4s
Oct
1980.
a4Ms
a4Ms
a4Ms
a4Ms
a4Ms
a4M8
Sept
1960.
114M 116 M
114 H 116M
Mar
1962.
115M
Mar
1964.
115M 117 M
Apr
1966.
116
15
1972.
117M 119M
4s serial revenue 1968
1
1974.
118
3 Ms s f revenue
Par
Bank of Manhattan Co. 10
Bank of Yorktown__66 2-3
Bid
17 M
19
National Bronx Bank...50
40
44
40
50
N atlonal
31M
Bensonhurst National.. .50
75
100
National Safety Bank_12M
29 M
12
Chase
13.55
35
37
Penn Exchange
10
14
16
Commercial National.. 100
184
190
50
Apr
June
15
a4Ms Feb
1976.
117
Authority 3 Ms 1968
Fifth Avenue
100
61.50 less
118
118M 120 M
1955
14
47
55
17 M
32 M
34 M
108
100
Sterling Nat Bank & Tr 25
26 M
28 M
Chicago & San Francisco Banks
1
3s serial rev 1953-1975..
2 Ms serial rev 1945-1962
& Trust
6.90 lessM
63.35 lessM
101M 102 M
1980
Bid
Par
Ask
American National Bank
113
1977
4s serial revenue 1942
120
Peoples National
Ask
118
1
62.50 less
f revenue
Bid
12M
112
1949....
Triborough Bridge—
s
Par
City
790
Merchants Bank
3Ms
48
760
First National of N Y..100 1915
3 Ms revenue 1944
revenue
Ask
Public National
New York City Parkway
May
111M 113M
U3M 115M
H2M
1265
Continental
Illinois Natl
Bank & Trust
99 M
62.55%
220
Ask
298
309
Northern Trust Co
100
560
578
Bk of Amer N T & S A 12 M
35
37
'
1-3
88
91
100
33
First National
Bid
Par
Harris Trust & Savings. 100
209
100
242
249
SAN FRANCISCO—
61.50 2.50%
New York State Bonds
Bid
Ask
Bid
3s 1974
62.15 less
1
62.20 less
1
4Ms April 1940 to 1949.
Highway Improvement—
61.20
4s Mar & Sept 1958 to '67
Canal Imp 4s J&J '60 to '67
131M
131M
Barge C T 4Ms Jan 11945.
Vermilye Brothers
Ask
World War Bonus—
3s 1981
114M
Canal & Highway—
5s Jan & Mar 1964 to '71
62.35
Highway Imp 4 Ms Sept '63
141
mm
Canal Imp 4 Ms Jan 1964..
Can & High Imp 4Ms 1965
141
138
—
Specialists in Insurance Stocks
mmm
30 BROAD ST., N.
HAnover-2-7881.
Port of New York
Bid
Gen & ref 4s Mar 1 1975.
Gen & ref 3d
ser
Gen & ref 4th
Gen & ref
3 Ms '76
ser
107
104
3s 1976
3M8
1977
99 M
Authority Bonds
Ask
Port of New York—
107 M
105 M
1942-1960
I
M&S
Inland Terminal 4Mb ser D
Aetna Cas & Surety
Aetna
108 M
10
M&S
Bid
M&S
108 M
32
34
25
80
83M
Ins Co of North Amer...10
10
24
25M
Jersey Insurance of N Y.20
5
20
21 M
Knickerbocker
5
9
__10
7
8M
Lincoln Fire
5
2
American Alliance
American Equitable
American of Newark...2M
American Re-Insurance .10
American Reserve
4Ms July
Ask
Bid
U S Panama 3s June 11961
Ask
121
10
American Surety
Automobile
25
10
15
13M
48 M
23 M
50 H
10
35
50 M
25
52 M
Baltimore American
Apr
1952
1955
114
5s
100 M 101M
4 Ms July 1952
116M 118M
5s
Feb
1952
117M 119
5s
110
5 Ms Aug
1941
106
Govt of Puerto Rico—
21 M
70 H
44 M
71 M
10
3
3 K
70
Merch Fire Assur com...5
Merch & Mfrs Fire NY..5
49
53
7M
8M
National Casualty
National Fire
10
27 M
30 K
10
61 K
63 M
Bankers & Shippers
2M
25
102
105
National Liberty
National Union Fire
Boston
100
630
640
New Amsterdam Cas
8M
2M
47
68 M
37
7M
2%
20
Maryland Casualty
1
Mass Bonding & Ins__12M
122
115
35 H
IK
...
United States Insular Bonds
118
Atk
33 M
...10
American Home
Government—
1959
Btd
5
10
Home Fire Security
Homestead Fire
Agricultural
100
1942-1960
4 Ms Oct
Par
Home
V
1940-1941
Philippine
Companies
Ask
129M 133M
52 M
54 M
10
Aetna Life
\
Bid
Par
100
100 M
103 M 105
Insurance
Ask
Bid
Holland Tunnel 4Ms ser E
1940-1941
iU&S
Y. CITY
Teletype N. Y. 1-894
2
20
7M
8M
142
136
2
117M 119M
112M
—
J&J
Ask
Ask
Bid
3Ms 1955 opt 1945..MAN
106 H 106 M
105 M
..M&N
105 M 105 M
4s 1946 opt 1944
111M 111M
105 M
New Brunswick
10
,35 M
10
24
47 M
16
37 M
49M
City of New York
City Title
New Hampshire Fire.-.10
New York Fire
5
5
7
10
27
Continental Casualty
Federal Land Bank Bonds
Bid
16M
23
30 M
6
Carolina
111M
Conversion 3s 1947
15M
21
29M
Camden Fire
107 M
U S conversion 3s 1946
Hawaii 4 Ms Oct 1956
112
10
Connecticut Gen Life
July 1948 opt 1943.
J&J
105 M 105M
Northeastern
29 M
5
Northern
12.50
1M
2%
National.25
127
132
50 M
52 M
Pacific Fire
25
128
131 M
Excess
5
10M
11M
Phoenix
10
83M
10
50 M
52 M
Preferred Accident
5
16M
34M
Federal..
Fidelity & Dep of Md.._20
39
126M 128M
69
95
Firemen's of Newark
5
Franklin Fire
70 M
98
9M
11
North River
2.50
Northwestern
Provid ence-W ash lngton. 10
Reinsurance Corp (N Y) .2
Republic (Texas)
Revere (Paul) Fire
Ask
Burlington 5s
/14
16
4Ms
Chicago 4 Ms
/14
/2M
/2M
/2M
16
5s
5Ms
Denver 3s
8M
26 X
28
26M
100
99 M
80
•-
100
4Ms
mmm
Montgomery 3Ms
99
99 M
100 M
99 M 100
■
mmm
mmm
99
-
Oregon-Washington 5s
102
103
Rhode Island
St Paul Fire & Marine..25
28 M
Seaboard Fire & Marine. .5
29M
Seaboard Surety
45 M
123
Gibraltar Fire & Marine. 10
5
43 M
Globe & Republic
5
5
10
3M
241
•
7M
5
246
9
37
39
34 M
36 M
10M
11M
21
23 H
3
4
70 M
27 M
Globe & Rutgers Fire... 15
2d preferred
15
Great American
6
Security New Haven
10
Springfield Fire& Mar..25
Stuyvesant
.5
73 M
Sun Life Assurance
100
290
340
29M
Travelers
100
467
477
13
U S
10
16M
18M
U 8 Fire
10
29
30 M
U 8 Guarantee
104
Hartford Fire
10
87 M
90 M
Westchester Fire
105
Hartford Steam Boiler.. 10
61M
127
63M
100
Phoenix 4 Ms
5s
33 H
45 M
26M
27 M
Hanover
/41
Pacific Coast of Portland 5s
31 M
43 M
Great Amer Indemnity
Halifax
'
'/mmm
First Trust of Chicago—
4Ms
+■
New Orleans 5s
North Carolina lMs
First Texas of Houston 5s
mm
80
5Ms
5
10
36 M
7M
Georgia Home
Glens Falls Fire
80
New York 5s
100
First Carolines 5s
Lincoln 4Mb
5s
3M
3M
3M
Ask
Bid
87 M
19
25M
10
10
General Reinsurance Corp 5
Bid
17 M
3M
4M
102M 106M
26 M
27 H
37
Fireman's Fd of San Fr_25
Bank Bonds
8
'
5
Eagle Fire
—_...2M
Employers Re-Insurance 10
Fire Assn of Phila
Joint Stock Land
25 M
M
*
-
-
mmm
11
1
Fidelity & Guar Co. .2
23 M
4
52 M
10
73 H
34
2.50
24 H
54 M
76 K
36
100
Fletcher 3Ms
Fremont 4Mb
mmm
100
m—
—
69
mmm
5s
69
mmm
5Ms
69
mmm
Illinois Midwest 5s
99
mmm
Iowa of Sioux City 4Ms_.
98 M
Lafayette 6s
mmm
100
4 Ms
mmm
99 M
...
St Louis 4Ms
/21
23
/21
5s
San Antonio 3s
23
100
Southern Minnesota 5s
Obligations of Governmental Agencies
mmm
/12
14
Southwest 5s
83
86
Union of Detroit 2 Ms
99
...
Virginian 2s
99 M
Virginia Carolina 1 Ms
99 M
Bid
'
mmm
mmm
...
Ask
Commodity Credit Corp—
%%..
Aug
1 1941 100.20 100.22
1%___
Nov
15 1941 101.9
2s
Bid
80
46
50
100
150
160
Atlantic
Dallas
Denver
Ask
90
45
Des Moines
100
53
First Carolinas
100
1 1940 101.11 101.14
Apr
1 1943 102.16 102.22
8
90
100
100
100
31
100
105
Jan
15 1942 101.2
101.4
101.18 101.22
notes
1%
..July
U S Housing Authority—
1M8 Jan 3 1944—
Virginia
5
90
2M
Call July 3 '40 at 102
101.6
101.12
100
2M
106
FHA Insured
6
Virginia-Carolina
100
100
1M% notes Feb 1 1944.. 102.18 102.20
Mortgages
Offerings Wanted—Circular
Federal Intermediate Credit Bank
Bid
M% & 1% due Mar 1
1% due
.Apr
1
M% due
May 1
M% & 1% due June 1
1940
1940
1940
1940
6.20%
6.20%
6 .25%
...
on
Request
Debentures
Ask
6.20%
101.4
1 1942 101.16 101.18
115
100
M%
M%
36
Potomac
July 20 1941 101.1
Nov
1 1941 101.2
101.3
M%
2s May 16 1943—
CaU May 16 '40 at 100 M
Ask
5
San Antonio
3
3M
Bid
North Carolina
66
1M
Lincoln
100
Pennsylvania
mm m
8
Fremont
Par
New York
Dec
2s
100
Ms
Reconstruction Finance
Federal Natl Mtge Assn—
Joint Stock Land Bank Stocks
Par
Ask
100.4
May 15 1940 100.2
May 15 1941 100.19 100.21
Ms
101.11
Federal Home Loan Banks
Atlanta
Bid
Loan Corp
Home Owners'
Bid
M%&1% due July 1 1940 6.25%
M % due
Aug
1 1940 6.30%
M% due
Sept 3 1940 6.30%
M% due
..Oct
1 1940 6.30%
WHITEHEAD &
Ask
44 Wall
1
1
1
1
(
1
1
I
1
1 I
FISCHER
Street, New York, N. Y.
1
Telephone: WHitehall 3-6850
FHA Insured Mortgages
New York Trust
Par
Bank of New York
Bid
Ask
100
433
443
10
59
61
Bronx County new
18M
23 M
Brooklyn
100
82
87
Bankers
Central Hanover
20
Chemical Bank & Trust. 10
Clinton Trust
Colonial Trust
Bid
Companies
Par
Bid
100
195
210
Guaranty
Irving
100
297
302
Kings County
Lawyers
104 M 107 M
51
53
Manufacturers
Preferred
31
3
25
10
12
Title Guarantee & Tr.
.
New York
10
12M
100 1620
Delaware 4 Ms
District of Columbia 4 Ms
Florida 4Mb
101
102M
New Jersey 4Ms
102
103
102M 104
....
New Mexico 4Ms
101
102
101
102
N Y (Metrop
101
102
101M
102 M
area) 4Ms..
New York State 4Mb
101
102 M
North Carolina 4Mb
102 M
Pennsylvania 4Ms
Rhode Island 4Mb
101M 102 M
101M 102 M
102 M 103M
32
39
41
Illinois 4Ms
52
54
Indiana 4M 8
Louisiana 4 Ms
101
102 M
102
101
102
Maryland 4 Ms
101
102
Massachusetts 4Mb
102
103M
Michigan 4Ms
101M 102 M
.12
111M 114M
4M
3M
13M
15M
Trade Bank & Trust..
.10
1C
54
55
Underwriters
100
80
10
12
13
United States
100 1675
12
90
Asked
Minnesota 4Ms
100M 102
4M8--.
5s
102
29
25
Bid
Asked
20
20
101
25
Empire
1268.
13M
1660
Arkansas
...
20
Corn Exch Bk & Tr
For footnotes see page
Ask
Fulton
50
Continental Bank & Tr.10
Alabama 4Ms
Georgia 4Ms
1725
A servicing fee from
101
101M
South Carolina
4Ms
102
103
101
*
102
Tennessee 4Ms
Texas 4Mb
101M 102 M
101M 103
Virginia 4Ms
101
102
West Virginia 4Mb
101
102
M% to M% must be deducted from
nterest rate.
Feb.
Chronicle
The Commercial & Financial
1266
24, 1940
Feb. 23-Continuej
Quotations on Over-the-Counter Securities—Friday
Railroad Bonds
Ashed
Bid
Guaranteed Railroad Stocks
Mrmkm T^rw
secured notes
4Ms
Baltimore & Ohio 4s
3osepb ttlalkersSons
Boston & Albany
NEW YORK
76
49
46 M
50 X
48
...1955
102
57
61
...1951
74
...1961
103
...1995
59
...1951
112
...1960
33
...1945
78
79
...1946
50
55
...1953
-
4s
of Philadelphia 4s
and equipment 5s
Cleveland Terminal & Valley
Connecting Railway
100
...1956
60
—
4s —
Chicago St Louis & New Orleans 5s
Chicago Stock Yards 5s
Chicago Indiana & Southern
2-6600
STOCKS
75
...1940
-
Cambria & Clearfield 4s
Tel. RE ctor
GUARANTEED
Cuba RR improvement
Florida Southern 4s
Guaranteed Railroad Stocks
(Guarantor In
Hoboken Ferry 5s
Central—Louisville Dlv & Terminal 3Ms.
4s
—
Kansas Oklahoma & Gulf 5s.
Louisville & Nashville 3Ms
Illinois
Parentheses)
Dividend
..100
(Illinois Central)
Albany & Susquehanna (Delaware & Hudson)
Allegheny & Western (Buff Roch & Pitts)
Beech Creek (New York Central)
100
Boston & Albany (New York Central)
100
Boston & Providence (New Haven)
..100
Canada Southern (New York Central)
Carolina Cllnchfleld <fe Ohio com (L & N-A C L). ..100
Cleve Cln Chicago & St Louis pref (N Y Central) ..100
74
10.50
122
126
6.00
70
73
2.00
30 X
8.75
85X
32 X
86 X
3.00
88
60
65
76 X
78
3.50
2.00
(Pennsylvania)
100
pref (N Y Central)
Georgia RR & Banking (L & N-A C L)
Lackawanna RR of N J (Del Lack & Western).. ..100
100
Michigan Central (New York Central)
0
Morris & Essex (Del Lack & Western)
New York Lackawanna & Destern (D L & W)__ ..100
50
Northern Central (Pennsylvania)
—
...50
Oswego & Syracuse (Del Lack & Western)
...50
Pittsburgh Bessemer & Lake Erie (U S Steel)
5.50
Fort Wayne & Jackson
1
Preferred
58
62
154
Pittsburgh Fort Wayne & Chicago (Penna) pref.. ..100
Pittsburgh Youngstown & Ashtabula pref (Penna) -.100
-.100
Rensselaer & Saratoga (Delaware & Hudson)
St Louis Bridge 1st pref (Terminal RR)
100
Second preferred
..100
Tunnel RR St Louis (Terminal RR)
..100
United New Jersey RR & Canal (Pennsylvania) __
Utica Chenango & Susquehanna (D L & W)—.. ..100
..100
Valley (Delaware Lackawanna & Western)
Vlcksburg Shreveport & Pacific (Illinois Central) ..100
650
300
'/9
30
5.00
65
56 X
4.00
87 Vx
4.50
39
90 X
42
1.50
43
45
3.00
83
7.00
173
7.00
176
66
6.00
135
3.00
67
136
63.00
10.00
243
2
6.00
49
-»
Boston & Maine
63.50
4^s
2.50
4a
63
25
27
54
55X
.
^
61
Bid
Ask
New Orleans Tex & Mex—
62.75
4^8
2.00
62,00
1.50
62.50
New York Central 4Mb
2.00
&
St Louis 4 Ms
63.00
2.F0
63.50
2.50
Hartford 4Ms
63.50
62.50
1.50
61.60
2.50 Northern Pacific 4Ms
2.25
62.50
63.50
1.00
1.50
5s
61.00
0.50
62.00
1.60
62.00
1.50
Pere Marquette 4Ms
62.10
1.60
Reading Co 4Ms
62.00
1 50
Pennsylvania RR 4 Ms
2.00
Chic Mllw & St Paul 4Ms
64.50
3.75
64.50
4s series E due
1.25
63.00
3.75
6s
Chicago R I & Pacific—
100
Trustees' ctfs 3X%
2
Ms series G non-call
Vermont Valley 4Mb
Vlcksburgh Bridge 1st 4-6s
...1968
69
...1954
44
47
...1990
59
61
100M
3.00
63.75
6s
3.00 St Louis-San Francisco—
4a
63.25
2.25
63.25
2.25
61.00
0.50 St Louis Southwestern 5s_
_
Southern Pacific 4Ms
Hocking Valley 5s
Illinois Central 4Ms__...
61.00
0.50 Southern Ry 4mb
62.25
62.75
2.00 Texas Pacific 4s
1.50
1.50
1.50
Internat Great Nor 4>is.
2.25
2.00
62.00
63.25
Great Northern 4J^s
62.75
62.00
Erie RR 4Xa
1.25
5s
61.00
0.50
61.00
0.50
1.50
62.00
6s
1.25
61.75
Virginia Ry 4mb
62.50
61.75
4MB
Long Island 4Xb
1.00
*
—*
American Arch..
3'/s
37
40
17 h
17 X
20
*
34 X
36 M
2X
1714
19M
*
11*4
Corp..25
16%
preferred
New Britain Machine
ser._10
S0i*ios
Pharmacal
12Yx
13M
Norwich
12M
5% conv pref 1st
12 H
3
Ohio Match Co
40 m
43
Peoel-Cola
2
Pan Amer Match
1.75
Western Maryland 4mb
61.75
1.25
62.50
1.75
Western Pacific 5s
63.75
3.00
23 Yx
24 h
1
23
26
Petroleum Heat & Power.*
2X
pref 100
100
*
70
75
X
3X
X
Maize Products—*
2X
Petroleum
Conversion
25m
27 m
Pilgrim Exploration
1
Pollak Manufacturing...*
Armstrong Rubber A
53 m
60
Construction. 10
com
10
Bankers Indus Service A
18m
20 m
7Yx
8M
Yx
Vx
cl A5
$1.25 preferred
10
Buckeye Steel Castings..*
2X
314
3
Postal Telegraph System—
Mills
Art Metal
Botany Worsted Mills
1
Cessna Aircraft
Quincy.._100
Chic Burl &
5
5Ys
20
21 X
114
2%
7H
60
*
ey8
4 x
5X
Safety Car Htg & Ltg...50
Scovill Manufacturing. .25
58 x
60M
29%
31
4% preferred w 1
Remington Arms com
146
Singer Manufacturing. .100
114
£1
2
3
Skenandoa Rayon Corp..*
6
7X
3m
4M
Singer Mfg Ltd
1
20
Solar Aircraft
42
39
13X
11X
4M
Standard Screw
evx
Stanley Works Inc
38
40 X
44
46
10
3m
City & Suburban Homes 10
Coca Cola Bottling (N Y) *
73 m
77 Vx
Stromberg-Carlson
*
10 Yx
21
12 Vx
23
Sylvanla Indus Corp
Tampax Inc com
Taylor Wharton Iron &
*
63m
66 m
*
25H
27 Yx
Tennessee Products
*
61
64
Time Inc..
*
21
23
Trico Products Corp
*
33 X
35 X
35m
38m
Triumph Explosives..
2
3X
AX
IX
2X
Chilton Co common.
Columbia Baking com—*
$1 cum preferred...
$3 conv pref
Pub
Dentists Supply com—10
Devoe & Raynolds B com *
*
(Jos) Crucible... 100
Dictaphone Corp
6
25
*
*
1
...
26 X
25X
8X
6
6Vx
7Vx
1X
*
Steel common
4
3
2%
162
158
27m
31X
United Artists Theat com. *
29
32
United Piece Dye Works.*
Yx
Draper Corp
*
Farnsworth Telev & Rad.l
75
78
100
3X
X
4M
*
57 Yx
59 X
Juice com 2M
1914
21X
100
108m
Dixon
Federal
*
Preferred
8
22
3m
Veeder-Root Inc com
9
2Vx
30
Bake Shops.
Preferred
Foundation Co For shs
Welch Grape
7% preferred
27
%
Vx
2%
3*4
Garlock Packings com—*
47m
49m
Wick wire Spencer
Extinguisher
*
Corp com *
15m
16M
Wilcox <fc Gibbs com
20 %
21M
Worcester Salt
American shares
Gen Fire
Gen Machinery
Machine Tool
—2
We Maintain Markets In Unlisted
..*
Steel..*
*
3
100
25m
/70m
*
tl
43 m
47
39 x
42
41 Yx
44m
6s..1961
.1950
A..1946
Carrier Corp 4Ms.-_.1948
9h
10M
Comml Mackay 4s w 1.1969
IVx
m
27Vx
29 Yx
1937
1938
X
X
8H
914
27Vx
29*/x
14M
16 Yx
Preferred
preferred
*
*
15 preferred
100
Mallory (P R) & Co
*
Marlln Rockwell Corp
1
Ley (Fred T) & Co
Lawrence Turnure & Co.
Founded
.25
Long Bell Lumber
1832
Stock Exchange
New York Coffee & Sugar Exchange
Exchange (Associate)
New York Curb
Amer Writ Paper
1H
11 X
92 Yx
51 Yx
52 M
58 X
100
100M 101 Yx
19"4
Supply 3Ms
f92%
mvx
94 X
38 Yx
/26
102M 103M
53 h
12M
13 h
*
49
Old Bell Coal Inc 6s... 1948
36
38M
1945
Skelly Oil 3s.
1950
West Va Pulp & Pap 3s '54
108
109M
100
100 Yx
51 %
*
47
49
preferred
100
Muskegon Piston Ring. 2 M
116
*
National Casket
89m
/56m
47 m
25*4
preferred
45 X
Nat
24 m
$6
/43m
See Sugar Secur—
1
5Yx
conv
Haytian Corp 8s
11
4h
$3
Deep Rock Oil 7s
Insplr Consol Copper 4s '52
LIbby McN & Libby 4s '55
McKesson & Rob 5Ms 1950
Minn &Ont Pap 6s...1945
Nat Radiator 5s
1946
Merck Co Inc common.. 1
ONE WALL ST., N. Y.
WHitehall 3-0770
Bell Teletype NY 1-1642
Brown Co 5Ms ser
73
100
Blaw-Knox Co 3Ms
5
McKesson & Robblns
4X
27X
Bonds—
5X
5
8X
43
preferred...
7%
27 x
6X
6 X
50',
100
Graton & Knight com
1
i'x
24
5%
100
Great Lakes SS Co com..*
Good Humor Corp
$5
Sugar Securities
22
$3 cum preferred
York Ice Machinery
Glddlngs & Lewis
1
West Dairies Inc com v t c 1
*
*
Great Northern Paper.
Members New York
125*
17X
269
257
*
Co
Lawrence Portl Cement 100
2.00
62.50
4j^s
3M
214
1
50
Paper & Type com
5%
Ask
103
100
*
N Preferred
at
16H
A com
American Cyanamld—
Amer Bemberg
2(ji
2m
*
Klldun Mining Corp
1
King Seeley Corp com
1
Landers Frary & Clark..25
62.75
c
70
Bid
Par
Ask
Bid
Harrisburg Steel Corp. __ .5
Interstate Bakeries com..*
Maine Central 5s
Missouri Paclf
68
~90"
M
Domestic Finance cum pf.*
63.75
Denver & R G West 4X*~
.
Industrial Stocks and Bonds
Crowell-CoJUer
Dec 1 1937-50
"97"
93
85
Consolidated Aircraft—
Jan & July 1937-49
109
...1940
American Mfg 5%
New York New Haven &
61.75
99
102"
105
Amer
Bonds
2.60 New York Chicago
4^s
"75"
...1951
Co 5% pf 10
American Enka Corp
*
American Hardware
25
2.25
Chicago & Nor West 4mb
"§§"
...1946
United New Jersey
Amer Distilling
63.50
Chesapeake & Ohio—
70
...1957
Buffalo 4s
Railroad & Canal 3Ms
Toronto Hamilton &
Par
5.00
63.25
Canadian Pacific 4^s
Cent RR New Jersey 4^8
80
...1957
99
Alabama Mills Inc
52
3.50
3^8 Dec 1 1936-1944..
6s
83
...1947
...1967
Toledo Peoria & Western
6
57 Vx
6s
Canadian National 4Hs.
...1961
97
MM
~
3.00
2.00
105
118
106
Autocar Co
0.75
63
103
...1947
Georgia
Louis 3 Ms series B
59
...1941
140
Ask
Bid
61.25
...1949
...1942
Arlington
Atlantic Coast Line 4)^s.
Baltimore & Ohio 4Ms
90
...1947
to.
...1974
71
6.00
62 X
Railroad Equipment
37
69
6.64
100
—
...1946
155
6.00
& Western)
(Penn-Readlng)
/13
Washington County Ry 3Ms
West Virginia & Pittsburgh 4s
50
Preferred
99 M
14
98 M
...2032
Toledo Terminal 4 Ms
5.00
Warren RR of N J (Del Lack
101
98
...1948
Terre Haute & Peoria 5s
Yx
3.875
50.00
50
Tennessee Alabama <fe
100
Terminal RR Assn of St
42
41X
4.00
1
—
50
47 X
9.00
Delaware
47
46
104 X
113
...2000
Pennsylvania & New York Canal 5s extended
Phlladelphia & Reading Terminal 5s
Pittsburgh Bessemer A Lake Erie 5s
Portland Terminal 4s
Providence <fe Worcester 4s
2.00
—
ioix
104 M
...1940
4s—
New York & Harlen 3Ms
New York Philadelphia & Norfolk 4s
New Orleans Great Northern Income 5s.
New York & Hoboken Ferry 5s
101X
...1960
Norwich & Worcester 4Ms..
38
86 X
5.00
(Pennsylvania)
West Jersey & Seashore
37
5.00
61M
98 M
...1950
-
New London Northern
22
17
8.50
65
M
68
...1978
Memphis Union Station 5s
71
"34"
...1959
4s
6.00
Alabama & Vlcksburg
Cleveland & Pittsburgh
Betterment stock
Asked
Bid
78
~6l"
...1950
Indlana Illinois & Iowa
Par in Dollars
~56*Z
...1944
4Ms
Dealer* 111
120 Broadway
55 H
...1943
Boston & Maine 5s
York Stark Extkaaga
43
/41M
...1944
5Ms
6s
/41
...1945
Akron Canton & Youngstown
...1945
NY World's Fair 4s. 1941
Scovill Mfg 5mb
29
99 Yx
31
99X
Woodward Iron—
15h
16 H
1st
16
20
2d
5s.
conv
1962
income 5s,. 1962
106
112M 115
Sugar Securities
Telephone and Telegraph Stocks
Bonds
Bid
Antllla Sugar Estates—
6s
1951
Ask
Caribbean Sugar7s
1947
1941
1938
Haytian Corp 8s
New Nlquero Sugar Co—
3Ms
1940-42
Bid
Ask
Par
9
9%
mx
25
5
Eastern Sugar Assoc com. 1
9X
10
28 X
30
/62
nx
64
Punta Alegre Sugar Corp. *
11
12
Savannah
33
J26
28
Preferred
23
For footnotes see page 1268.
Par
Cuban Atlantic Sugar
Baraqua Sugar Estates—
6s
Stocks
5
...
Sugar
1
Refg
1
35
Vertientes-Camaguey
Sugar Co
5
IWest Indies Sugar Corp__l
3 X
4X
8X
9
Bid
(N J) com.*
U5X 117Vx
Preferred
Par
Ask
103 X 107 X
100
Am Dlst Teleg
Mtn States Tel & Tel.. 100
New York Mutual
Tel..25
Bid
139
Ask
142
18
100
Bell Telep of Pa pref—100
Cuban Teleph 6% pref. 100
130
135
Pac
& Atl Telegraph
25
10M
123
125
Peninsular Telep com
*
33 X
34 X
54
59
25
30 %
32 M
100
Franklin Telegraph..—100
Gen Telep Allied Corp—
$6 preferred
*
Int Ocean Telegraph—100
45
Bell Telep of
Canada
Emp & Bay State Tel
26
Preferred A
Rochester Telephone—
$6.50 1st pref
So & Atl Telegraph
73 X
100
25
Telep
100
Wisconsin Telep 7% pf. 100
Sou New Eng
114
18M
167
118
20 X
170
Volume
The Commercial & Financial Chronicle
150
Quotations
Over-the-Counter
on
Securities—Friday Feb. 23-Continued
Public Utility Preferred Stocks'
Investing Companies
Par
Bought
Sold
•
Admlnls'd Fund 2nd Inc. *
Quoted
•
Aeronautical
I
I
Securities...
AffUiated Fund Inc.
*
Jackson
Ast
Par
12.92
9.12
9.92
Investors Fund C
1
Bid
Ast
10.56
11.27
Keystone Custodian Funds
Series B-l
26.63
29.12
143*
16
Series B-2
21.58
23.62
3.18
3.50
Series B-3.
13.84
7.49
8.24
Series B-4
6.39
7.05
Amer Gen Equities Inc 25c
.34
.39
Series K-l
15.00
16.41
9.86
10.87
—
♦Amerex Holding Corp
ESTABLISHED 1879
Members
Bid
12.14
Amer Business Shares
Amer Foreign Invest Inc..
Curtis
&
1267
Am Insurance Stock
Principal Stock and Commodity Exchanges
13*
*
Corp*
Assoc Stand OU Shares
3.78
33*
33*
Series K-2
436
53*
Series 8-2
15.22
Class A
Public
Bid
Alabama Power |7 pref.
*
106 3* 1073*
2nlt
2»16
113
113 3*
_
Associated
Gas
&
973*
Electric
Original preferred
*
*
Atlantic City El 6% pref.*
1
119
82
Buffalo Nlag A East Pow
$1.60 preferred
25
preferred
13*
13*
13*
H
1
Birmingham Elec $7 pref.
Carolina Power A Light—
$7 preferred
*
84
213*
223*
1053* 1073*
98
993*
Central Maine Power—
Consol Traction (N J).. 100
Consumers Power $5 pref. *
108££ 111
1003* 1013*
109 3* 1111*
10
83*
64 3*
68
1053* 1065*
Continental Gas A Elec—
7%
preferred
$6
cum
$6.50
$7
92
100
Dallas Pr & Lt 7% pref. 100
Derby Gas A El $7 pref..*
Federal Water Serv Corp—
933*
15
7% pref
7%
100
preferred
Nassau A Suf Ltg 7%pf 100
Nebraska Pow 7 % pref. 100
Eng G & E 53* % pf- *
New Eng Pub Serv Co—
$7 prior lien pref
*
New Orl Pub Serv $7 pf..*
New York Power & Light—
$6 cum preferred
*
7% cum preferred
100
(Del)
100
*
7% pref
(Minn) 5% pref
Ohio Edison $6 pref
$7
*
*
preferred
Ohio Power 6% pref
Ohio Public Service—
100
53*
28
295*
803*
825*
333*
114
355*
69
J
365*
71
1253* 127
106
1073*
1163* 1175*
765*
783*
1103* 1123*
1093* U05*
1145* 116
U33* 1153*
Okla G A E
383*
393*
39
403*
413*
*
1143*
1163* 118
1073* 108
90
873*
383*
395*
1123* 1133*
100
115
Queens Borough G A E—
Interstate Natural Gas...*
Interstate Power $7 pref..*
253*
Jamaica Water Supply...*
Jer Cent P & L 7% pf.. 100
33
103 J* 1045*
Kan Gas A El
119
35*
27
43*
100
6% preferred
Republic Natural Gas
2
305*
53*
323*
63*
Rochester Gas & Elec—
7% pref. 100
Kings Co Ltg 7% pref. 100
91
343*
122
923*
100
6% preferred D
Sierra Pacific Pow
*
com
Sioux City G & E $7 pf-100
1023* 104
213* 225*
1023* 1043*
Southern Calif Edison—
Long Island Lighting—
6% preferred
100
7%
preferred
25
6% pref series B
40 3*
425*
100
295*
303*
413*
44
Texas Pow A Lt 7%
pf.100
Toledo Edison 7% pf A. 100
1125* 1143*
1135* 1153*
Moss UtUltles Associates—
5% conv partic pref..60
Mississippi Power $6 pref. *
$7
preferred
35J*
903*
United Gas A El (Conn)—
87
953*
98
Utah Pow & Lt $7
35 3*
*
7%
preferred
4.25
4.75
1
20.71
22.27
Mutual Invest Fund... 10
10.63
11.62
Mass Investors Trust
3.85
15.49
16.66
.12
.27
24.14
25.52
Bid
Amer Gas A Elec
33*s
s
23*s 1950
100
pref...*
863*
613*
883*
623*
f debs
1960
35*s s f debs
1970
Amer Gas A Pow 3-5s_1953
Ast
51 3*
533*
Amer Utility Serv 6s. .1964
853*
563*
573*
Bid
Ast
Kansas Power Co 4s„ 1964
101
Kan Pow A Lt 33*s__.1969
Lehigh Valley Tran 5s 1960
Lexington Water Pow 5s*68
1103* 1113*
1013*
62
3.95
25.71
27.65
Chemical Fund
1
10.74
11.62
Commonwealth Invest
1
3.55
2.44
Income deb 33*8
Income deb 35*s
1978
Income deb 4s
1978
1978
Marlon Res Pow 3 3*s. 1960
Montana-Dakota Util—
933*
10236 1033*
Series AA
3.56
1
2.83
333*
♦7% preferred
100
Cumulative Trust Shares. *
Delaware Fund
Series
B
1
112
153*
153*
163*
/16
163*
New Eng G A E Assn 5s *62
NY PA NJ UtUltles 5s 1956
/303*
/303*
/31
313*
313*
N Y State Elec A Gas
/70
72
Northern
/123*
14
Nor States Power (Wise)—
/II
13
/II
13
1986
/II
13
Old Dominion Pow 58.1951
Sink fund inc 5-68—1986
/II
13
Parr Shoals Power 5s. 1952
105
Penn Wat A Pow 33*s
10536 1053*
1053* 1053*
Income deb 43*8—1978
Conv deb 4s
1973
Conv deb 43*s
Conv deb 5s
1973
Conv deb 53*s
1973
1973
8s without warrants 1940
/303*
Cons ref deb 43*s
S fine 43* s-5 3*s
Blackstone Valley Gas
A Electric 3 3* 8
1968
Cent Ark Pub Serv 5s. 1948
1103*
111
1st lien coll tr 53*8.
1946
1st lien coll trust 6s. 1946
Cent 111 El & Gas 35*s. 1964
Central Illinois Pub Serv—
1st mtge 35*8
1968
Cent Ohio Lt A Pow 4s 1964
Central Pow & Lt 35*8 1969
Central Public Utility—
Income 53*8 with stk '52
Cities Service deb 5s.. 1963
1962
6s series B
1962
Consumers Power 33*s.'69
Dallas Ry A Term 6s. 1951
Dayton Pow & Lt 3s.. 1970
Federated Util 53*8—1957
Indiana Assoc Tel 3 3*sl970
3-6s
6s
1961
1950
Pub Serv of Colo 33*8.1964
Debenture 4s
1949
Pub UtU Cons 53*8—1948
1.57
/I 3*
23*
72
Collateral 5s
1951
1947
Sioux City G A E 4s__ 1966
Sou Cities Util 5s A...1958
91
52
53
S'western Gas A El 33*s '70
S'western Lt A Pow 35*8*69
52
533*
Tel Bond A Share 5s„ 1958
m.
~
m.
~
713*
1268.
55
1013*
1
1
2.83
1
/ 2.61
.40
.45
13.94
14.91
7.55
8.30
1.20
1.31
Putnam (Geo) Fund
m,
~
mm
2.88
Texas Public Serv 5s__ 1961
17.89
19.22
5% deb series A.
Representative Tr Shs.. 10
11.62
mmmmm
12.47
26.95
28.98
101
104
{Republic Invest Fund—
243*
New
10.70
4.53
common
10.20
5.08
25
Scudder, Stevens and
Fidelity Fund Inc
18.47
19.89
6.79
7.53
Fiscal Fund Inc—
84.79
86.51
Selected Amer Shares..23*
8.89
9.69
Selected Income Shares.. 1
*
First Mutual Trust Fund-
4.32
Clark Fund Inc
Bank stock series... 10c
2.50
2.76
Sovereign Investors... 10c
.66
".73
Insurance stk series. 10c
3.35
3.69
Spencer Trask Fund
*
Standard Utilities Inc. 50c
15.62
16.56
9.85
■
Foundation Trust Shs A. 1
4.05
4"eo
Fundamental Invest Inc. 2
17.33
18.84
5.14
5.85
Fundament'l Tr Shares A 2
B
*
♦State St Invest
General Capital Corp
*
General Investors Trust. 1
Corp.._»
733*
Automobile
30.41
AA
1
2
3.86
1
10.04
10.91
5.38
5.75
5.10
2.60
8.71
9.47
Building shares
5.84
Chemical
6.85
7.45
8.63
9.38
shares
2.55
10136 102
1093* 1103*
823*
843*f
C
1
2.50
♦Series D
1
2.45
1
5.42
6.36
Electrical Equipment
Food shares
1
5.01
4.54
4.95
Investing shares
3.20
5.45
5.93
♦Series
A
♦Series
B_
104
1053*
shares
6.60
6.06
4.28
4.67
3.54
4.19
5.22
85
86
5.31
5.78
Tobacco shares
♦Huron Holding Corp
1
.14
743*
15.98
17.18
105
1053*
51
493*
1033* 1033*
1043* 10436
Trusteed Industry Shs 25c
.86
.96
U S El Lt A Pr Shares A...
16?*
2.26
B
25c
1
Voting shares
Wellington
Fund
Investment
Group shares
Insurance Group shares.
1.11
1.13
1.34
1.47
13*
*
26
3
10
163*
Pomeroy Inc com... 10c
3*
Atlantic County Wat 5s '58
Butler Water Co 5s... 1957
1063*
1st coll trust
1941
79
98
993*
United Pub UtU 6s A. 1960
1st A ref 5s
108"
Wash Wat Pow 33*8. .1964
West Texas UtU 35*8.1969
Western PubUc Service—
1960
Wisconsin G A E 33*s. 1966
Wis Mich Pow 35*8—1961
1043*
...1950
1023*
1023*
1948
1948
101
Prior lien 5s
1013*
1st consol 4s
1st consol 5s
1948
104
Phila Suburb Wat 4s__ 1965
City Water (Chattanooga)
5s series B
1954
1073*
Pinellas Water Co 53*s.'59
1013*
1053*
J
53*8 series B
1946
84
86
-
91
5s series B__
1954
6s
1954
1013*
1023*
5s
1962
1053*
1966
Indianapolis W W Secure—
1073*
1073*
102
—
Richmond W W Co 5s 1957
1053*
—
1958
St Joseph Wat
4s ser A1966
101
1063*
Scranton Gas A Water Co
43*8
a—1958
Scranton-Spring Brook
Water Service 58.1961
1063* 1083*
1st A ref 58 A—
1967
1003* 1043*
Shenango Val 4s ser B. 1961
1053*
1043*
94
943*
102
South Bay Cons Water—
Joplin W W Co 58—1957
Kankakee Water 43*8.1939
102
Kokome W W Co 58—1958
1053*
5s
1950
81
Springfield City Water—
4s A
Monmouth Consol W 5s '56
1956
103
1003* 1033*
Monongahela Valley Water
53*s
1950
Morgantown Water 5s 1965
102
1053*
Texarkana Wat 1st 5s. 1958
1053*
1013* 1033*
1053*
Union Water Serv 53*s '51
1033*
W Va Water Serv 4s__ 1961
105
Western N Y Water Co—
5s series B
5s series B
1951
953* 1003*
53*s
1951
973* 1023*
New York Wat Serv 5s '51
101
107
Water—
New Rochelle Water—
1063* 1073*
1033* 1043*
103
Roch & L Ont Wat 5s. 1938
Huntington
New Jersey Water 58.1950
130
1013*
Pittsburgh Sub Wat 5s '58
89
1946
-
1003* 1023*
Utica Gas A Electric Co—
1957
43*8—1966
Peoria Water Works Co—
1053*
City of New Castle Water
5s
Bid
Penna State Water—
1023*
Calif Water Service 4s 1961
93
98
1950
1st mtge 5s
1951
1st mtge 53*8
1950
Westmoreland Water 5s '52
101
993*
103
103
Wichita Water—
Newport Water Co 6s 1953
1023*
6s series B
1956
101
Ohio Cities Water 53*s '53
Ohio Valley Water 5s. 1955
101
5s series C
1960
1063*
108
6s series A
1949
1033*
Ohio Water Service 4s. 1964
1023* 1033*
--
...
Ore-Wash Wat Serv 6s 1957
95
100
18
♦Schoellkopf Hutton A
A Sl
1053*
23*
30
2
Water Bonds
Bid
15.68
Corporations
♦Central Nat Corp cl A—*
♦First Boston Corp
Institutional Securities Ltd
1.01
14.27
Banking
♦Class B__
2.25
Muncle Water Works 5s '65
77
•»
.63
♦Blair A Co
5s
105
m -
.57
25c
Class B
.34
Incorporated Investors..5
Independence Trust Shs.*
1st mtge 33*8
723*
—
Trusteed Amer Bank Shs—
5.69
shares.
RR Equipment shares..
Steel shares
6s series A
1013* 102
«-•«* m
3.50
Merchandise
2.55
Trustee Stand Oil Shs—
Plainfleld Union Wat 5s '61
/18 3*
193*
1033* 1043*
1053* 10636
MM*.*
Trustee Stand Invest Shs—
♦Series
Aviation shares
76
32.70
4.94
4.68
shares
.49
3.67
B
4.59
5.28
Group Securities—
Agricultural shares
.43
Super Corp of Amer cl A. 2
Supervised Shares
Ashtabula Wat Wks 5s *58
1073* 10836
5s
mmtmet
—
Quarterly Inc Shares.. 10c
73"
61
/523*
Series 1955
Series 1956
li
2.57
25c
1053* 1063*
Toledo Edison 33*s...1968
1053* 1053*
7.31
2.36
Series 1958
2.98
Indianapolis Water—
89
633*
1083* 109
1103*
80 ""
•773*
10236 1033*
86
843*
6.86
6.75
483*
Plymouth Fund Inc... 10c
65
St Joseph Ry Lt Ht A Pow
43*8
1053* 106
6.33
No Amer Bond Trust ctfs.
No Amer Tr Shares 1953. *
17.97
1003* 1013*
Republic Service—
101
1970
Pub Serv of Indiana 4s 1969
1969
page
1964
1023* 1033*
1013* 1013*
1952
63*8 stamped
see
33*8
53*s
Iowa Pub Serv 35*s
1964
1033* 104
Inland Gas Corp—
For footnotes
33*8
8.49
Railroad equipment....
Steel
4.92
1023* 103
993*
Crescent Public Service—
Coll inc 6s (w-s)
1954
Cumberl'd Co PAL 33*s*66
Dallas Pow & Lt 33*8.1967
107
Indiana—
99
See industrial Bonds—
1962
106
Portland Electric Power—
Cons Cities Lt Pow A Trac
Consol E & G 6s A
1965
903*
703*
3.46
Corp
883*
935*
953*
3.19
6.70
Peoples Light A Power—
Comm'l Mackay 4s w 11969
5s
1938
4s
1st lien
_
1954
1st 6s
993* 1003*
Central Gas A Elec—
7.90
Mountain States Power-
Public Service 35*8.1969
1958
Sink fund inc 43*8—1983
Sink fund inc 5s
1983
7.30
5.95
33
Assoc Gas A Elec Co—
&60
Oils
Railroad
353*
2.50
Equit Inv Corp (Mass)..5
Equity Corp $3 conv pref 1
11.11
7.85
7.95
D
F
8.28
10.28
3.75
Series
10.09
7.65
Insurance stock
6.72
9.33
1
Eaton A Howard Manage¬
ment Fund series A-l
9.66
6.20
equipment
C
Shares
5.85
8.93
Metals
Diversified Trustee Shares
Dividend
8.10
12.35
Machinery
16.62
Deposited Bank Shs ser A 1
Deposited Insur Shs A
1
6.57
5.39
supplies
Electrical
313*
I~39
13.43
11.44
Chemical
-
1173*
♦Common B shares... 10
—
-
293*
♦8% preferred
100
♦Crum A Forster Insurance
Building
-
1.26
6.17
12.46
7.48
Aviation
Bank stock
2.83
..1
Series ACC mod
1
Automobile
2.39
Series AA mod
Corp. 1
Agriculture
....
2.39
Accumulative series... 1
National Investors
10
83*
1
Bank
/143*
/15
/153*
43*s
3.83
N Y Stocks Inc—
♦Continental Shares pf 100
Corporate Trust Shares..1
*
New England Fund
ser
(Md) voting shares._25c
64
913*
873*
Associated Electric 5s. 1961
Assoc Gas & Elec Corp—
B shares
143*
3.35
Petroleum
Utility Bonds
105J* 1053*
1053* 1063*
1063* 1063*
(Colo)
133*
Mining shares
Public
Nation .Wide Securities—
Fixed Trust Shares A... 10
111%
preferred
Maryland Fund Inc.—10c
♦Crum A Forster com.,10
35
117
113
Penn Pow & Lt $7 pref..
preferred
7%
875*
1063* 108
100
100
7% pref—.100
Pipe Line Co
$6
86 3*
1173*
43*
preferred
Pacific Ltg $5 pref
*
Pacific Pr & Lt 7% pf._100
Panhandle Eastern
Idaho Power—
7.41
43*
Century Shares Trust...*
preferred
40
preferred
*
preferred...*
preferred......*
6.71
Canadian Inv Fund Ltd._ 1
Ait
Northern States Power—
633*
59 3*
Bid
Mountain States Power-
6%
7%
1173*
cum
cum
Mississippi P A L $6 pref. *
Miss Rlv Pow 6% pref. 100
Missouri Kan Pipe Line..5
Monongahela West Penq,
New
*
7% preferred
100
$6 preferred
100
Cent Pr A Lt 7% pref.. 100
Consol Elec A Gas $6 pref *
Par
Pub Serv
*
$6.60 preferred
$7 preferred...
6%
983*
Manhattan Bond Fund Inc
e
Ast
w i__5
Amer G A E 4 3* % pref 100
Arkansas Pr & Lt 7% pref *
Amer Cable A Radio
British Type Invest A
1
Broad St Invest Co Inc..5
Bullock Fund Ltd.
1
Utility Stocks
4.54
83*
33*
new
Basic Industry Shares. .10
Boston Fund Inc
Teletype N. Y. 1-1600
10.92
4.03
73*
new
5% preferred
Tel. BArclay 7-1600
15.23
9.88
Series 8-4
Investing—
13.83
Series S-3
Bankers Nat
New York City
115 Broadway
2
3.46
W'msport Water 5s. ..1952
104
13*
The Commercial & Financial Chronicle
1268
Feb.
1940
24,
Quotations on Over-the-Counter Securities—Friday Feb. 23—Concluded
Certificates
Real Estate Bonds and Title Co. Mortgage
If You Don't Find the Securities Quoted Here
f34
/5
7
B'way Barclay lnc 2s_. 1956
/22
33
Broadway Motors Bldg—
4-6s
1948
have interest, you will probably
you
63*
65*
/8*
-10*
....
Public
Canadian
Utility Bonds
Industrial Stocks
36
'45
42
44
5*s series F-l
55*
37*
57*
50
52
5*8 series Q
42*
44*
Real Estate Bonds
Insurance Stocks
Real Estate Trust and Land
1st 4s (w-s)
1 Park Avenue—
26
.
2d mtge 6s
28
26
1950
1st 3*s
Dorset 1st & fixed 2s_.1957
28
Title Guarantee and Safe
Securi¬
Deposit
1951
Mining Stocks
U. S. Territorial Bonds
1961
5*s stamped
500 Fifth Avenue—
13*
...
34
40*
Dept. B, Wm. B. Dana Co., 25 Spruce St., New York City.
40 Wall St Corp 6s.__1958
42 Bway 1st 6s
.1939
_
..
...
1956
3s with stock
24*
/23
/30
Sberneth
1956
60 Park Place (Newark)—
1st 3*s
1947
36
20
35
80
82
/18
20
616 Madison Ave—
41
43
Hotel St George 4s... 1950
31
32*
'
...
22
Lefcourt Manhattan Bldg
1st 4-5s
1948
52
Lefcourt State Bldg—
1st lease 4-6 *s
1948
55
-«*».—
49
51
Hungarian Cent Mut 7s '37
...
/36
/12*
45
1951
60
/5
/5
...
...
14
...
...
19*
Westlnghouse Bldg—
1st mtge 48
65
1948
21
68
'/■'
■
...
•
mmm
Hungarian Ttal Bk 7*s '32
(L I)
52
49*
1951
1st 4*s w-s
39*
38*
1947
...
Chain Store Stocks
Hungarian Discount & Ex¬
/26
7s
1952
Ludwlg Baumann—
Ask
/31 *
Wall & Beaver St Corp—
1st 5s
Bid
1939
Park Ave Bldg 1st 4-5s'46
Walbrldge Bldg (Buffalo)—
3s
1950
72
1st 5s (Bklyn)
Ask
26
24
1958
Trinity Bldgs Corp—
2
London Terrace Apts—
1st & gen 3-4s
---
53
70
1963
69
Textile Bldg—
55
Lincoln Building—
of the quotations shown below are
26*
1st 5*s
Lexington Hotel units
nominal.
26
21*
1955
1st 3s
1st 3-5s
Lewis Morris Apt Bldg—
1st 4s.
1951
Income 5Ma w-s
24
(Syracuse)
Syracuse Hotel
•
41
1957
3s with stock
39
1950
3*s with stock
Foreign Unlisted Dollar Bonds
11*
AO
61 Broadway Bldg—
Harrlman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s' 42
Tel. HAnover 2-5422
12*
Al*
37
Graybar Bldg lstlshld 5s '46
& CO., INC.
68
Corp—
1st 5*s (w-s)
1948
1st 4s stamped
Inactive Exchanges
57*
66
Savoy Plaza Corp—
Fuller Bldg debt 6s... 1944
1st 2*-4s (w-s)
1949
Foreign Stocks* Bonds and Coupons
54*
1957
1st mtge 4s
36
1400 Broadway Bldg—
/30
/26
---
Roxy Theatre—
-
Film Center Bldg 1st 4g '49
Quotation Record Is published monthly and
Your subscription should be sent to
fl2
63
Realty Assoc Sec Corp—
5s income
1943
19
17
1946
1st Income 3s.
sells for $12.50 per year.
Bid
43
Prudence Secur Co—
25
6*s (stamped 4s)..1949
Due to the European situation some
41
34
52d & Madison Off Bldg—
1st leasehold 3s. Jan 1 '52
St.. N. Y.
'58
Sec s f ctfs 4*s (w-s)
3*
2*
32
Eqult Off Bldg deb 5s 1952
Deb 5s 1952 legended
U. S. Government Securities
52 William
23
50 Broadway Bldg—
Mill Stocks
BRAUNL
...
21
165 Broadway Building—
Hotel units
Stocks
52*
103 E 57th St 1st 6s...1941
Eastern Ambassador
Stocks
3
/2
Olicrom Corp vtc
19
1948
Court & Remsen St Off Bid
Railroad Stocks
ties
6
54*
52*
Colonade Construction—
Foreign Government Bonds
Industrial Bonds
Railroad Bonds
The Bank and
5*s series BK
5*s series C-2
Public Utility Stocks"
Joint Stock Land Bank
22
4*
stmp._1956
Title & Mtge Co—
4s with stock
N Y
Chanln Bldg 1st mtge 4s
Federal Land Bank Bonds
Investing Company Securities
20
1955
2s
Ch eseborough Bldg 1st 6s'48
Canadian
Out-of-Town)
73
N Y Majestic Corp—
1957
3s
72
N Y Athletic Club—
---
Domestic
and
Domestic (New York
■
Brooklyn Fox Corp—
Municipal Bonds—
Banks and Trust Companies—
Metropol Playhouses lnc—
Sf deb 5s
1945
24
B'way & 41st Street—
1st leasehold 3*-5s 1944
find them in
our monthly Bank and Quotation Record.
In this publi¬
cation quotations are carried for all active over-the-counter
stocks and bonds.
The classes of securities covered are:
in which
Ask
Bid
Ask
Bid
1st mtge 3s. 1957
Beacon Hotel lnc 4s.. 1958
Alden Apt
n
change Bank 7s
1936
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 58.1956
27
30
21*
24*
1943
/14
...
Bid
Par
Par
Ask
Ask
Bid
Bavarian Palatinate Cons
n
194
Cities 7s to
/20
/19
/4*
/3*
/3*
/3*
/13
/22
/36
/14
8s.
oliv
7s.
7s.
6s.
Brazil funding scrip
Bremen (Germany) 7s_19S
see
/10
19 4
6s___.
British
Koholyt 6*s
20*
20*
Land M Bk Warsaw 8s '41
4*
3*
Leipzig Trade Fair 7s. 1953
Luneberg Power Light &
3%
4*
...
22*
Mannheim & Palat 78.1941
/14
/67
Meridionals Elec 7s..1957
100
.
...
1945
/12*
...
/12*
/15*
/25
/6*
Cauca Valley 7*s
Ceara (Brazil) 8s
15*
n
194(
1941
...
7
16*
3
Central Agrlc Bank—
see German Central Bk
Madgeburg 6s
/14
(C & D) 4s... 1948-1949
of
Hungary 7*s
1962
National Hungarian & Ind
Mtge 7s
1948
North German Lloyd—
/58
/50
...195! 1
194<
1
f5
m
/51
...
1947
♦
16*
/14)4
J
/14*
16*
)
m%
1946
i
/13
/12
/12
j
>
...
...
...
1952
5% scrip
/45
AJ8
/5
/»
1956
Poland 38
1968
(Ger¬
many) 7s
1946
Prov Bk Westphalia 6s *33
6s 1936
...1941
Rio de Janeiro 6 %
1933
Rom Cath Church 6*s '46
R C Church Welfare 7s '46
8aarbruecken M Bk 6s.'47
1
)
6*8.
J
/12*
/13*
/13*
5
/12
J
>
/2
fl2
S2
J5
/12
2
7s.
109
7
7
Farmers Natl Mtge 7s.
Frankfurt 7s to
]
1
...
...
n
7b 1957
7s ctfs of deposit..
...
4s scrip
8s
...
...
Millers
112
Santander
1948
...
...
/14
...
|
/19
f2
193*
2*
/II
...
Great Britain & Ireland—
(Colom) 7s. 1948
6s. 1943
Saxon Pub Works 7S..1945
1951
Saxon State Mtge 6S..1947
Slem & Halske deb 6s.2930
State Mtge Bk
5s
on
New York Stock Exchange.
2d series 5s
/H
70
J
/13
A3*
45
...
...
...
1956
Stettin Pub Util 7s... 1946
Toho Electric 7s
United
/41
1956
Kingdom
1955
1947
National
/8*
/7*
/24
/16
/14
tinction of being the largest
41
...
9*
fSH
...
which claims the dis¬
and oldest fire insurance com¬
15.
The
under the
name
company
was
...
8*
111., four
law
Feb. 15, 1865
Springfield,
years
before the State of Illinois passed a general
governing the organization Ox lire insurance companies.
The Millers National Insurance Co. has grown to an
institu¬
...
...
tion with services
...
8
extending from coast to coast.
The com¬
is headed by L. C. Gray of Kansas City, Mo., a director
a member of the executive committee, who
pany
since 1935 and
...
...
elected non-resident
was
President in April,
1939.
From
.....
9*
account of the
company's activity we quote the
The history of Millers National is not
...
management whose chief concern
9*
...
...
.
..
21
25
21
25
/13*
79*
for its
maintained.
In 1869 the company's
Chicago.
charter was
In 1875 its name was
been security
$7,014,075, an actual
■
V
/
amended locating the home office at
changed to the Fidelity Fire Insurance
Co.
changed to Millers National
Insurance Co. when a separate department was organized to specialize in the
writing of property insurance for millers and grain dealers.
It was in this
way that the name which this company has been known as for the past
of Chicago,
111.
Then in 1877 the name was
/18
18*
86
87*
P* The year 1939 has
77*
from
63 years came into
the
being.
been a successful year for the
standpoint of premium income
...
agents
in the United States
Millers National both
Its 3,000
and loss experience.
and Canada produced over
...
...
had a conservative
all through the years has
policyholders, so today out of total assets of
surplus of $3,460,361 is
following:
spectacular, rather it is the story
The company has always
21*
76*
on
....
/8 *
/14*
/14*
/16*
300
founded
of the Plan tars Insurance Co. of
/19*
/13
A3
A3
1947
Observes
in IlliDois, observed its seventy-fifth anniversary on
of sound, and steady growth.
Unterelbe Electric 6s__1953
1945
Chicago
of
pany
75
76*
/4Q
Wurtemberg 7s to
Co.
...
an
3*% War Loan
Uruguay conversion scrip..
Vesten Elec Ry 7s
Insurance
Seventy-Fifth Anniversary
...
of Great
Britain <fc Ireland 4s. 1990
5% was paid on July 2 and 5*%
...
Jugoslavia
Tolima 7s
See United Kingdom
/8
/13 *
/13*
/14*
73
6*8
/14
German Central Bank
/io
181
Sao Paulo (Brazil)
19
w-s
Feb.
/13
/14
/12
(Brazil)—
1947
7s stamped. 1942
4s
e Ex-Interest.
With stock, x Ex-
d Coupon,
b Basis price,
i When Issued,
The Millers National Insurance Co.,
1964
8%
w
'
Santa Catharina
Santa Fe
...
1957
8s ctfs of deposit-1948
...
Interchangeable,
a
Nominal quotation,
Ex-rights.
...
Salvador
...
19*
...
30
/14
City 6*s
5s
17*
Sept. 25.
15*
...
....
...
Protestant Church
...
*
Quotation not furnished by sponsor or Issuer.
'
/12
Porto Alegre 7s.
)
5s..
pref... 100
value,
y
tNow listed
/5
/29
Panama
55
50 *
99
—
...
/5
1945
70
f14*
r
100
(Daniel) pref.
$5 preferred.
...
...
58
20
Reeves
9*
7*
12
1 Quotation on $89.50 of principal amount.
Panama
/56
4
15
...
t Now selling on New York Curb Exchange.
(A & B) 4s...1946-1947
Oberpfals Elec 7s
m
196*
City Savings Bank
Budapest 7s
Colombia 4s
No par
dlvldend.
Nat Bank Panama—
4s
*
/ Flat price,
/14
7s to
193'
2
United Cigar-Whelan Stores
Oldenburg-Free State—
Central German Power
Chilean Nitrate 6s
65
Miller (I) Sons
...
Nat Central Savings Bk
16 *
108*
1(M)
common..5
50
preferred
7% preferred
3
/40
scrip
Nassau Landbank 6*s '38
.»
26*
100
Kress (S H) 6%
Munlc Bk Hessen 7s to '45
...
100
7% preferred
Diamond Shoe pref
Flshman (M H) Co Inc..*
f5
/13*
/60
2*
29*
...
69
JO
19*
2*
1*
8*
Municipal Gas & Elec Corp
Recklinghausen 7s.. 1947
19(
6*s
«...
Munch 7s to
Corp—
/G Foods Ino common..*
B
Bohack (H C) common..-'"
/14
Montevideo
14
4*
...
/13*
Kobacker Stores—
7
*
Berland Shoe Stores
...
1948
Water 7s
...
British Hungarian Bank-
7*s
/5
/13*
...
...
United Klngdoi
Brown Coal Ind
Leipzig O'land Pr 6*8 *46
...
automobile and inland marine premiums
$3,500,000 in fire,
for the company last year.
Volume
The Commercial & Financial Chronicle
ISO
General
1269
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
reasons
However, they
FILING
it Is not always
are
always
REGISTRATION STATEMENTS
OF
possible to arrange companies in exact alphabetical order.
alphabetical position as possible.
as near
Allied
UNDER
Mills, Inc.—Borrows $1,600,000—
Company
SECURITIES ACT
on Jan. 26 last borrowed a total of $1,600,000 on 30 promissory
with interest ranging from 1H% to 3H% to pay for the 133,780
shares of its stock which it bought from Corn Products Refining Co.
Na¬
tional City Bank of New York and Bankers Life Co. of Des Moines, Iowa,
notes
The following additional registration statements (Nos.
4319, 4320 and 4322) have been filed with the Securities and
Exchange Commission under the Securities Act of 1933.
The amount involved is approximately $9,714,800.
Tampa Northern RR. Co., bondholders' protective committee
(2-4319, Form Dl) of Baltimore, Md., has filed a registration statement
covering $1,258,000 bonds for issuance after deposit of certificates of
deposit for the 5% 1st mtge. gold coupon bonds due 1936.
Filed without
plan of reorganization.
Filed Feb. 17, 1940.
North Central Oil Corp. (2-4320, Form Al) of New York, N. Y., has
provided the funds in equal amounts.
Notes numbered from 1 to 15 are repayable, in
principal at an average of
$53,333.33 for each installment, to the National City Bank of New York
with interest starting at 1)4% and ranging to 3%.
The first installment
due the National City Bank falls due six months after date of issue and each
succeeding installment due six months later.
Notes numbered 15 to 30
are repayable to the Bankers Life Co., the first
falling due 8 years from the
date of issue and each succeeding installment due six months later, at
interest rates ranging from 3 to 3M %. the final payment due 15 years
after the date of issue.-—V, 150, p. 679.
filed
a registration statement covering 345,800 shares of $1 par common
stock and 100,000 warrants.
Of the common stock registered 8,300 shares
remain unsold from previous registration 2-4163
(see "Chronicle" of
Aug. 26, 1939), and 1,680 warrants will be issued to holders of 4,200 shares
of common stock sold under registration statement 2-4163.
The under¬
writer will offer 49,160 units composed of five shares of common stock
and two warrants at $12.50 per unit.
100,000 shares of the stock registered
,
reserved
are
for the conversion
of warrants.
Proceeds of issue will
used for exploration/leases, drilling and working capital.
John C.
is President of the company.
The Meyer Corp. has been named
writer.
be
Meyer
under¬
Filed Feb. 20, 1940.
West Penn Power Co. (2-4322, Form A2) of Pittsburgh, Pa., has filed
a
registration statement covering $5,000,000 of 1st mtge. 3% bonds,
series K, due March 1, 1970, and 24,923 shares of 4H% cum. pref. stock,
par $100.
Filed Feb. 21,1940.
(See subsequent page for further details.)
The last
previous list of registration statements
in our issue of Feb. 17, page
was
given
1127.
Alpha Portland Cement Co.—Earnings—
Years Ended Dec. 31—
Operating
Directors have declared an extra dividend of 10 cents per share in addition
to the regular quarterly dividend of 40 cents per share on the common
Years Ended Dec. 31—■
$3,313,336
$3,737,879
Total.
$4,060,433
Amortization, applicable to prior years, of prems.
and discount on bonds owned
25,809
Dividends on common stock
639,500
Additional taxes for prior years
;
$3,972,986
.....
.
Surplus at end of year.
$3,395,124
Alleghany Corp.—Time for Filing Plan Extended—
The Marine Midland Trust Co., New York, as trustee for the Alleghany
5s of 1950, and Alleghany Corp. have extended to Feb. 26, 1940 the time
within which a plan of readjustment for the 5s of 1950 may be submitted,
under the terms of the agreement dated Sept. 28, 1939 under which Manu¬
facturers Trust Co. is holding in trust 107,579 shares of Chesapeake & Ohio
stock withdrawn from the collateral securing Alleghany
1127.
Sell.; adm. &
1937
$1,004,056
510,845
$493,212
24,430
c7,014
$916,370
Crl,693
21,932
$120,820
10,418
cl2,477
14,200
75,200
135,000
24,300
Operating profit
on
1938
$536,685
415,866
135,000
gen. exps.
47,000
$83,723
$362,268
254~400
254,400
254,400
$735,705
5,216
430,500
246,000
$0.33
$1.42
$2.99
620,776
$615,627
Other deductions (net). .
Interest paid
Fed. taxes
-Earnings-
1939
Cr679
1938
$3,313,336
1939
Liabilities—
$
1938
$
Cash
1,885,538
U. 8. Treas, bonds
4,378,070
1,892,821 Accounts payable.
3,603,041 Wages payable...
125,259
$
154,065 Res,—Compens. &
Accrued taxes
Wkg. funds, advs.,
Ac..
Notes A accts. rec.
244,816
41,628
124,825
202,097
29,778
237,090
other Insurance.,
606,493
605,916
Miscellaneous..
394,483
30,437
34,471
1,163,282 Com. stock (stated
value $26 ash.).16,759.600 16,759,600
61,739 Surplus
3,395,125
3,313,336
284,211
1,323,900
(less reserves)..
Inventories..
Com. stock (5,100
61,739
shares, at cost).
$1,236,403
--
639,975
19,675
Miscell. Investm't3
petitioned the Alabama Public Service Commission
for authority to sell its Decatur distribution system to the municipality,
which has built a duplicate system and is distributing Tennessee Valley
Authority electricity,
Hearing on the petition has been set for March 4
at the Commission's headquarters in Montgomery, Ala.
The price agreed upon, according to E. W. Robinson, operations manager
of the company, is $193,000.
He said there would be a salvage value of
about $100,000 in the private system.
The Decatur system, once under
option to TVA, was offered at one time to Decatur for something under
$350,000, he said, which is estimated to have been the cost of the duplicated
municipal system. The two systems have been competing since March, 1939.
—V. 150, p. 985.
Allen Industries, Inc.
1938
1939
Surplus at beginning of year
A deposits
The company has
Calendar Years—
Gross profit from sales..
$235,106
Summary of Surplus for the Years Ended Dec. 31, 1939 and 1938
Assets—
Alabama Power Co.—Would Sell Unit—
common
$306,122
41,074
29,941
...
Net Income..
Inc.—Exchange Offer—
5s of 1944.—V. 150, p.
$892,388
17,577
127,714
$747,097
.....
Balance Sheet Dec. 31
Subject to the condition that stockholders authorize a reduction in the
capital of the corporation on or before March 16, all holders of the con¬
vertible preference stock are being offered the privilege, until the close of
business on March 16, of exchanging all or any part of the shares of con¬
vertible preference stock held by them for shares of the capital stock of
Pan American Airways Corp. at the rate of 1H shares of capital stock of
Pan American for each share of convertible preference stock of Air In¬
vestors, Inc.—V. 149, P. 876.
Ry. Co.
$171,798
134,323
.....
Federal income taxes.
1939
Air Investors,
$780,455
111,933
...
Gross income
Income charges.
June 30 last.—V. 149, p. 3401.
on
$6,332,660
6,160,862
Profit from operations
Income credits
stock, both payable March 31 to holders of record March 14.
Extra of
15 cents was paid on Dec. 23, last, and extras of 10 cents were paid on
Sept. 30 and
1938
$6,988,706
6,208,250
.
expenses
........
Abbott Laboratories—Extra Dividend—
1939
Net sales
.
1936
$1,395,826
479,456
358
inc. (est.):
a
71,430
83,154
13,082,815 13,734,088
35,931
49,644
Property
Deferred items
21,260,622 21,124,595»
Total....
a
21,260,622 21,124,595
Total.....
After depreciation and depletion (1939,
$21,504,715; 1938, $20,556,360).
—V. 149,p .2501.
American Business Credit Corp.-—Earnings—
6 Months Ended Dec. 31—
Net income after all charges
1938
1939
$47,136
$133,932
—V. 150, p. 267.
American Can Co. (&
Subs.)—Earnings—-
Calendar Years—
1939
1938
1937
1936
Net earnings..
$30,986,154 $23,109,106 $28,721,523 $23,982,079
Divs. & interest receiv..
472,510
590,017
562,675
384,766
Total earnings
$31,458,664 $23,699,123 $29,284,198 $24,366,845
6,085,142
5,701.688
2,000,000
Depreciation
-—
6,673,595
Special pay under em¬
1,840,000
ployees annuity plan.
Res. for Fed. taxes
4,100,000
2,950,000
3,300,000
*4,300,000
Foreign exchange adjust.
1,019,721
zl ,018,483
Other deductions...... al,380,383
yl ,354,677
Net income.........$18,284,964 $13,645,498 $17,927,833
Pref. dividends (7%)—
2,886,331
2,886,331
2,886,331
Common dividends
9,895,992
9,895,992
9,895,992
Goodwill, trade marks,
Sec., charged off——
......
$17,226,845
2,886,331
12,369,990
44,593,881
Normal inc. tax & ex¬
cess-profits tax
Surtax
on
undistrib¬
uted profits
$459,375
Preferred dividends.
Common dividends
Shares common stock
254,402
262,800
$1.74
Earnings per share
c
Interest, expenses and miscellaneous deductions.
amounting to $135,066
Note—Provision for depreciation for the year,
has been made herein.
Balance Sheet Dec. 31
Assets—
Cash
on
1939
Trade accounts...
$289,506
$73,466 Payrolls
U.S.Treas. bills—
1,175
Payrolls taxes....
Miscell.
Property, plant A
equipment (net) 1,678,791
Deferred charges..
Total
a
149,
-
77,314
Par value $1 per share,
P.
$148,445
24,195
10,735
25,136
17,061
llab.
9,076
1,232
7,600
Fed. taxes on inc.,
135,000
2,386
Mortgage payable b451,800
a Capital stock...
262,800
Capital surplus... 1,204,389
Earned surplus... 1,028,852
J
Total
14,200
7,613
496,375
254,400
1,135,761
823,879
$3,460,336 $2,943,090
b Includes $46,449 due within
one
$50,255,973 $44,753,332 $43,890,157 $79,053,557
Profit and loss.
com. stock outstanding (par $25)-^
-
2,473,998
$5.80
x Includes $975,000 for surtax on undistributed net income,
y Includes
$506,542 for settlement of claims applicable to prior years and $848,135
interest expense and sundry other deductions,
z Includes $584,483 interest
and sundry deductions and $434,000 addition to reserve for doubtful
deferred accounts and bills receivable.
a Includes
$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, Ac,
Consolidated Balance Sheet Dec. 31 (Incl. Subs.)
Earned per snare...
2,473,998
$6.22
1939
$
2,473,998
$4.35
Plants, real est.,
Ac., incl. new
2,473,998
$6.08
1939
1938
$
Assets—
Liabilities—
$
Preferred stock. 41,233,300
Common stock. 61,849,950
construction..110,383,066 106,746,003 Accts. pay., incl.
acc'd
764,227
1,378,005
wages,
taxes, Ins., Ac 13,442,128
17,071,915
10,922,028
Accts. A bills rec 15,638,977
15,855,455 Res. for Fed. tax 4,100,000
Deferred
accts.
10-yr.2^% debs 10,000,000
and bills rec..
534,004
649,327 Pref. and com.
dividends pay.
3,195,581
Deferred charges
2,307,067
2,760,306
Mat'ls A prod.. 44,284,502
36,153,099 Contlng, funds. 6,906,828
Surplus
50,255,973
1938
$
41,233,300
61,849,950
SSj
Other lnvestm'ts
Cash
190,983,760 174,464,223
Total
Corp.—Delisting—
The Securities and Exchange Commission has issued an order granting
the application of the New York Curb Exchange to strike from listing and
registration the common stock (no par value), of the corporation.
The
application stated, among other things, that in the opinion of the Board
or Governors of the Exchange the aggregate market value of this stock out¬
standing in the hands of the public is so inadequate as to make further
dealings in it on the Exchange inadvisable. The order granting the appli¬
cation becomes effective at the close of the trading session on March 11.
—V. 149, p. 4163.
$1,970,524
77,083,033
13,803,092
2,950,000
3,195,581
6,678,968
44,753,332
year.—V.
3863.
Allied International Investing
$863,175 def39448371
43.890,157
79,053,557
4,284,970
Shares
12,329
898
curr.
estimated......
Reserves.
1,547,453
84,189
$3,460,337 $2,943,090
1938
28,885
Accrued expenses.
Misc. accts. A ad¬
vances
$300,378
credit
bal'ces A claims
200,000
477,927
486,312
64,192
8,377
2,507
Other assets (net).
Value of life insur.
......
Customers'
661,175
644,783
95,391
10,870
at cost..
Trade acots. (net).
Inventories
1939
Liabilities—
1938
hand A on
deposit
Balance, surplus..— $5,502,641
Previous surplus
44,753,332
Unreg. bals. in contg.res.
—V.
148,
p.
Car • & Foundry Motors
Company's Books Denied—
American
Examine
Total
190,983,760 174,464,223
1467.
Co.—Petition
to
William W. Fogarty's application to the Supreme Court of New York
for an order to inspect the books and records of the company has been
denied.
Judge Bernstein, in his opinion, said:
"Motion for an inspection of the stock books and account books of th
respondents is denied.
The petitioner is a resident of Pennsylvania, th
respondent company is a Delaware corporation not authorized to do bus
i
The Commercial & Financial Chronicle
1270
in this State, and the books and records sought to be examined are
located in Philadelphia.
No authority has been called to the attention of
the Court to warrant its assumption of Jurisdiction on an application for an
order under Article 78 of the Civil Practice Act by a non-resident against a
ness
is
convincing on the issue of good faith and proper purpose as to
the exercise of discretion in its favor (Matter of Steinway, 159
A. P. W. Properties,
Inc.—Earnings—
Income Account for 6
Months Ended Dec. 31,1939
Rental from A. P. W. Paper Co,, Inc.
Interest earned-.
......
$13,794
97
..
.... ...
not so
warrant
N. Y„ 250)."—V. 149, P. 404.
American Chicle Co.—To Reduce Stock—
Stockholders at their annual meeting on Mardb 5 will consider decreasing
the capital stock by retiring 1,100 shares of common stock owned by the
company
and approving the write-down of certain intangible assets to $1.
—V. 150, p. 1127.
Co.—Preferred Dividend—
Sept. 24, 1938.—V. 149, P. 2960,
American News Co. (& Subs.)—Earnings—
Calendar Years—
Gross sales—. J
1939
%
Not
available
Inter-company & inter-)
Sales—~f
1938_
.
1937
„
1936
_
(890,687,622 $89,690,342 $74,047,527
■{
1 28,645,017 27,835,452 22,128,499
.$63,967,459 $62,042,605 $61,854,890 $51,919,029
43,366,883
42,642,165
42,023,348
34,938,470
19,616,967
18,522,584
18,129,602
15,786,903
Net sales...
Cost of sales...
.
Operating expenses.
.
$983,608
113,796
$877,855
122,964
$1,701,940
153,489
$1,193,656
124,449
$1,097,404
$1,000,819
$1,855,430
Operating profit.
Other income..
Depreciation—....
....
200,000
175,000
350,000
$1,318,106
218,097
$897,404
632,154
$825,819
634,795
$1,505,430
yl,264,308
$1,100,008
1,368,347
$265,250
421,436
$2.13
$191,024
421,436
$1.96
Prov. for Fed. inc. taxes
x
Net profit......
Dividends
...
.........
Balance, surplus
Com. stk. out. (no par).
Earnings per share
%
$241,122 def$268,339
421,436
210,718
$3.57
$5.22
After provision for depreciation of $687,257 in 1939. $528,254 In 1938,
$495,432 In 1937 and $484,860 in 1936.
y Of which $526,795 dividends
on the stock of American News New York Corp.
declared
Net income.
1938
$
%
Land, buildings,
equipment, Ac. 7,834,760
Cash
5,428,234
U.S. obligations.. 1,213,150
Accts, & notes rec. 4,256,515
Inventories
4,454,930
Mtges. rec., misc.
investm'ts, Ac..
328,151
Deferred charges..
376,276
i'otal
x
1939
y
$
y
23,892,017 23.656,471
.....
After depreciation,
1938
f
Liabilities—
Capital stock...10,535,900 10,535,900
7,776,833 Accts, pay., Ac... 7,262,847
7,359,873
108.000
5,125,817 Dividend payable.
108,000
1,203,150 Fed. Income taxes.
250,000
271,151
4,404,177 Customer A agents
dep. A def. cred.
605,607
4,433,761
607,874
Prov. for unempl.
Insurance, Ac..
335,734
156,520
170,430
376,999 Prov. for possible
claims.........
87,500
77,500
Earned surplus... 4,871,733
4,539,652
x
Total .........23,892,017 23,656,471
Represented by 421,436
p. 2960.
no par
shares, exclud¬
ing 10,664 shares held in treasury.—-V. 149,
$5,965
...
.........
3,112
—
—. —
2,222
-—....
—Y. 149, p. 4166.
$631
......
......
•
Arkansas Power &
Period End. Dec. 31—
Operating revenues
Oper. exps., incl. taxes.
Prop, retire, res. approp.
Light Co.—Earnings—
1939—Month—1938
$809,029
$737,754
458,959
373,331
1939—12 Mos.—1938
106,000
$244,070
2,143
Net oper. revenues...
Other income (net)
106,652
$9,686,868
5,185,067
1,275,000
$9,200,159
4,736,317
1,275,199
$257,771
1,762
$3,226,801
12,773
$3,188,643
14,515
$3,203,158
1,771,842
mortgage bonds.
$246,213
146,373
$259,533
146,385
Other int. & deductions.
15,765
12,464
Int. chgd. to constructs
Cr351
Cr411
$3,239,574
1,756,576
211,896
Cr4,051
$84,426
$101,095
applicable to pref. stocks for the period
$1,275,153
949,265
$1,317,440
949,265
$325,888
$368,175
Gross income....—.
Int.
on
Net income
Balance.....
...
121,578
Cr7,702
—V. 150, P. 122.
Associated Gas & Electric Co .—President
Resigns—
Roger J. Whiteford, who succeeded John I. Mange as chief executive
a month before the company filed a petition to reorganize under
the Chandler Act, has submitted his resignation as President.
Mr. Whiteford, who held the Presidency for a little more than two
months, had been proposed by the directors as their choice as trustee for
he company during its reorganization.
less than
,
16,
output of the Associated Gas & Electric group was 94,929,535
(kwh.). This Is an increase of 9,277,011 units or 10.8% above pro¬
duction of 85,652,524 units a year ago.
The Utility Management Corp. reports that for the week ended Feb.
net electric
units
Cabinet Members
Criticize
SEC—Disappointed at Failure
to Act as Trustee—
Secretary of the Treasury Henry Morgenthau Jr. and Attorney General
Robert H. Jackson criticized Feb. 22 the Securities and Exchange Com¬
mission for refusing to serve as trustee in bankruptcy for the Associated Gas
& Electric Co.
Mr. Morgenthau indicated that the company's financial plight had re¬
sulted from "wasteful practices" which he believed Congress had foreseen
when it empowered the SEC to act as trustee in utility bankruptcy cases.
He said he was "disappointed" at the SEO's action and believed that the
could have "saved substantial sums for consumers, creditors and
had undertaken the trusteeship.
Jackson, who originally Joined Mr. Morgenthau in suggesting the
SEC as receiver, expressed hope that "some or all of the proper objectives
of government" might be accomplished in spite of the agency's refusal to
agency
investors" if it
Mr.
American Stores Co,—Sales—
5 Weeks Ended Feb. 3—
Sales.......
1940
1939
...$11,509,841 $10,262,876
serve.
The Cabinet officers' criticism of the SEC was contained in letters sent
—V. 150, p. 426.
American Tel. &TeI. Co.—$65,953,125 Suit Dismissed—
Federal Judge Henry W. Goddard on Feb. 17 dismissed
a
Sherman anti¬
trust law action for triple damages amounting to $65,953,125 against
American Telephone & Telegraph Co., Western Electric Co. and Electrical
Research Products, Inc.
The action, filed in July, 1933 by the Vocofilm
Corp. of America
3,333
——
—.
Weekly Output—
Consolidated Balance Sheet Dec. 31
1939
Assets—
,635
3,958
........
Dividends declared—paid—Class A stock
Dividends
Total net income....-
$13,891
—
-
■„
Balance
Directors have declared a dividend of 50 cents per share on the 6%
non-cumulative preferred stock, payable March 15 to holders of record
March
1.
Last previous payment was 25 cents and was made on
branch
Total
Administrative expense
Taxes
Class B stock
American Ice
was
dismissed by mutual consent.—Y, 150, p. 1128.
American Water Works & Electric Co.,
Inc.-—Weekly
Output—
simultaneously to Senator George W. Norris of Nebraska, who also has
criticized the agency for failing to take over the trusteeship.
FPC Lists $80,500,000 Paid to Hopson Units in 1929-38—
Resuming
Week Ended—
1940
Jan. 27.
...53,526,000
Feb.
3-.—.—52,404,000
Feb. 10-.......52,899,000
Feb. 17-....
.51,071,000
—V. 150, p. 1128.
1939
1938
1937
46,455,000
46,094,000
45,923,000
45,846,000
39,727,000
39,300,000
39,717,000
39,654,000
50,683,000
52,042,000
52,341,000
52,164,000
Anchor Hocking Glass Corp.Stock—Dividend—New Director—
To
Exchange
1936
43,089,000
44,163,000
44,680,000
44,129,000
Preferred
The board of directors authorized an offer of exchange of shares of a new
series $5 dividend preferred stock for the $6.50 dividend convertible pre¬
ferred stock now outstanding, at a meeting held Feb. 14.
The exchange
will be on a share for share basis and will be made as of April
ly 1940, if
accepted by the requisite number of holders of the present shares.
The new series of preferred stock will be entitled to cumulative dividends
at the rate of $5 per share per annum, and will be callable at $110 per share.
The new shares will not be convertible but in all other respects will be ex¬
actly the same as the present preferred stock.
Application will be made to list the new $5 dividend preferred stock on
the New York Stock Exchange.
If the exchange becomes effective any
shares of the $6.5p dividend convertible preferred stock not exchanged will
be called for redemption.
Full details concerning the offer will be contained
in a letter which will go forward to the holders of the present
preferred stock
within the immediate future.
At the same meeting the directors declared the reqular quarterly dividend
S1.62H per share on the $6.50 dividend convertible preferred stock of
the corporation, payable April 1, 1940, to holders of record at the close of
its investigation
into
the"fHopson service companies,
the
Federal Power Commission Feb. 19 introduced evidence showing that a
total of $80,500,000 was paid by six subsidiaries of the Associated Gas A
Electric System to Howard C. Hopson and the service companies in the
period
1929-1938.
The Commission is investigating service
politan
Output of electric energy of the electric properties of American Water
Works A Electric Co. for the week ended Feb. 17,1940, totaled 51,071,000
kilowatt hours, an increase of 11.4% over the output of 45,846,000 kilowatt
hours for the corresponding week of 1939.
Comparative table of weekly output of electric energy for the last five
years follows:
,
24.
was
Assuming, however, without deciding, that this Court
foreign corporation.
has such Jurisdiction by reason of the fact, as claimed by the petitioner, that
the respondent corporation is actually doing business hare, the application
Feb.
paid on Dec. 31, last and an extra of 15 cents was paid on
Sept. 30 last.—V. 149, p. 3401.
35 cents
Edison
Co.,
charges as they relate to Metro¬
Northern Pennsylvania Power Co., Pennsylvania
Electric Co., Erie Lighting Co., the Clarion River Power Co., and Solar
Electric Co., Pennsylvania operating subsidiaries
of the Associated Gas A
Electric System.
The present hearing deals
primarily with a report on Hopson service com¬
panies prepared by Victory G. Gougb, of the FPC, and Jeremiah J.
Enright, of the Pennsylvania Utility Commission. This report, presented
in evidence Feb. 19, shows that Mr. Hopson and the service companies for
the period 1929-38, collected from operating companies of the Associated
Gas System in excess of $19,500,000.
The report estimates receipts for the period 1934-38 of $11,000,000 and
profits of $4,000,000; for the period 1929-33, receipts aggregated $8,500,000,
while profits were $2,800,000.
The investigators reported that the amounts totaling $19,500,000 paid
the Hopson service companies were in addition to charges totaling in excess
of $49,000,000 paid so-called "system" service companies for management,
engineering, purchasing and supplies, and merchandising during the years
1929-39; making a total of $68,500,000.
In addition, the investigators
estimated that $12,000,000 cleared through Utility Clearing Corp., raised
the total service charges to $80,500,000.
During the five-year period 1934-38 inclusive, Mr. Hopson billed his
time to a total of $428,000 at the rate of $250 a day, the investigators
reported.
.
More than four years ago,
in January, 1936, this investigation was Insti¬
by the Federal Power Commission, following complaint by the
Pennsylvania Public Service Commission.
Hearings were halted by an
injunction issued by the U. S. Circuit Court of Appeals for the Third
Circuit at Philadelphia.
The U. S. Supreme Court in an opinion handed
down May 28, 1938, reversed the lower court, and held that the Federal
Power Commission was entitled to complete its investigation free from
Interference by the court.
J
tuted
m
SEC Urged to
u
Inquire into Bankruptcy Case—
or
'■'Senator George W. Norris (Neb.) asked the Securities and Exchange
Commission Feb. 15 to probe to the bottom reports that former Under¬
business March 20, 1940.
secretary of the Treasury John W. Hanes had been chosen to be trustee of
the Associated Gas & Electric Co. before the utility went into receivership.
Mr. Hanes has been widely mentioned for the trusteeship.
The SEC has
declined to undertake trusteeship as it could under the Holding Company
Mr. Carleton Macy of New York Olty was elected as a director to fill
the vacancy caused by the resignation of Mr. Valentine E. Macy .Jr.—V.
149,
p. 4018.
Act.
A. P. W. Paper Co.—Earnings164 Days
Jan. 13, *40
•.
-6
1938
Mos.
Dec.
1937
31-
1936
Net sales
Cost of sales bef. deprec.
Sell., adm. & gen. exps..
$1,955,805
1,388,145
326,676
$1,524,028
1,110,077
252,764
$1,466,557
1,085,902
288,057
$1,545,528
1,085,509
319.655
$240,984
Dr8,134
$161,187
Drl,534
$92,598
Miscell. earnings (net)..
Drl0,623
$140,363
2,838
$232,850
103,008
2,780
80,693
$159,653
96,561
2,900
77,210
$81,975
96,768
2,906
83,227
$143,201
96,764
2,318
78,531
loss........—xprof$46,369
$17,018
$100,926
$34,412
....
Int.
on
...
funded debt
Notes, acceptances, &c_
Depreciation
.......
In a letter to SEC Chairman Jerome Frank, copies of which were sent to
Attorney General Robert H. Jackson and Secretary of the Treasury Henry
Morgenthau Jr., Mr. Norris said that it "would be embarrassing, to say
the least, for Mr. Hanes to accept a position where he might be called upon
to prosecute men with whom, as an investment banker, he has been closely
and intimately associated."
"This Associated failure is so large and so dangerous," Mr. Norris wrote,
"that the trustee must not only be free from technical disqualification for
interest but—like Caeasr's wife—be above suspicion.
Certainly, the
administration of so important a test of the ability of the courts and the
Commission to work in harmony should not be embrarassed by starting out
under a cloud created by an appointment of a trustee selected in advance
by undisclosed private interests whose freedom from conflict with the genera
interests of the estate cannot be established without searching inquiry into
the tangled affairs of the company.
"This trusteeship is a magnificent opportunity to re-establish public
confidence in Federal court administration of receiverships and Bank¬
ruptcies which, has recently concerned some members of the Judiciary
....
Net
_.x„®aniin^8.Per share
$0.29.—V. 150, p. 271.
Asbestos
on 159,201 no par shares common stock amounts to
Committee."
Corp., Ltd.—Extra Dividend—
Directors have declared
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.
Extra of
an
Group Seeks Parity with Debentures—
•
:
r
^
J
^
The general protective committee for holders of nine issues of Associated
Gas & Electric Co. fixed-interest obligations urges the owners of these
securities to unite to protect their interests and present
their claims to
a
Volume
The Commercial & Financial Chronicle
ISO
Sjsition Corp., contending that there is grave danger that Associated Gas &
lectric of at least parity with debenture holders of
over $178,000,000
of the corporation's
security holders will take priority
debenture holders.
Gas
&
4 H %
1939
the company's
over
The committee, which
originally was formed to represent the interests
of holders of securities of the
company and of all its subsidiaries, has
restricted the scope of its
representation to the following issues of Associated
Electric Co.; 4% debentures due
1983; the 5%%, 5%, and the
convertible debentures due 1977, 1950, and 1949 and 1948, respec¬
tively; 5% and 4%% consolidated refunding debenture bonds, due 1968
and 1958,
respectively; 5%% convertible investment certificates; and 5%
convertible debenture bonds, due 1965—Y. 150.
p. 1128.
1271
Consolidated Balance Sheet Dec
1938
$
$
Assets—
1939
Liabilities—
Plant &
Investment
Cash
on
131,692
of
mortgage
122,580
1st
9 Mos. Ended Jan. 31—
Net profit before
bonds
707,294
336,000
372,872
Consum, deposit..
1940
1939
418,646
447,320
Divs.
1937
$12,896
56,579
$43,684
Earnings
per
$77,217
Nil
Net loss.
$3,419
80,636
Nil
share
$96,700
58,760
5,300
Mat'la & supplies.
201,894
188,871
Accts., &c.,
payable
$0.11
$0.59
239,674
68,765
Accrued interest.
254,513 Deprec. reserve
69,432 Other reserves
Premium
1939
$390,064
157,728
25,637
26,969
$263,444
152,943
23,938
19,066
Other
20,115.027 20,168,219
r
Bell
$179,730
9,071
$67,496
11,973
income.
Gross income
Other charges
Federal
c
109,467
44,454
10,464
791,866
20,115,027 20,168,219
Represented by shares of $25
par.
Telephone Co. of Canada—Earnings—
1939
Operating income
1937
1938
1936
$10,621,486
327,088
$9,928,936
388,985
Total gross income
$10,948,574
Int., amort, of debt disc,
on long-term
debt, &c.
4,439,126
3,868,541
3,813,669
3,775,194
$6,509,448
6,440,338
$5,455,600
6,371,026
$6,112,939
5,914,181
569,110
508,796
$8.05
$78,354
800,441
$8.05
$198,758
791,224
$7.73
$751,457
785,709
$6.94
Net non-oper. revenue..
$188,800
19,870
25,525
Dominion income taxes (est.).
ana
$79,470
16,495
4,650
Income
Dividends
Surplus
Shs.or stk.out.fpar $100)
$143,405
648,191
Surplus adjustments
Preferred dividend
(net)
Common dividend
Earned surplus at end of period
$603,267
-
-
Assets—Cash in
989
39,279
on
bank accounts
(less
lumber
share
Balance Sheet Dec.
1939
A
o
oaf
and
Erovision for Federal deferred payments on taxes (est.), $40,616; $15,000;
and Dominion income timber purchases, accrued
abilities, $65,860;
for continegncies, $63,805; cumulative convertible
preferred stock
(par $20), $1,250,600; common stock (141,562 shares, no par), $1,845,236;
reserve
Co.—Earnings—
1939
from
rec.
sub.
326,000
331,100
assets
3,718,775
Mat'ls & suppl's
3,299,263
3,449,914
3,012,057
731,499
705,395
1,110,238
1,179,795
current
on
$149,171
103,554
redemption
sub.
_
Net income
Note—No deduction is made for interest
on
$25,712
5,925
$41,457
Gross income.
$24,793
$46,645
5,188
.
The approximate interest for one month
p.
series A 4% and 5%
deben¬
t the full stipulated rates, si
681.|
Month
of January—
Operating
expenses
Net revenue from oper
Tax accruals
....
Operating income
Gross income
Interest
on
1940
1939
1938
1937
$556,707
351,413
$575,198
345,913
$766,727
413,555
$610,523
360,105
$205,294
54,700
$229,285
57,650
$353,172
79,068
$250,418
61,649
funded debt.
Other deductions
$150,594
1,477
$171,635
$152,071
61,836
4,125
$171,866
63,046
4,236
$86,110
Other income
$104,584
Net income
$274,104
Drl6,669
Including maintenance and
$188,769
Dr7,665
$ 257,435
59,657
2,938
231
_
a
$181,104
58,079
3,065
$194,840
$119,960
depreciation.—V7 150,
p.
681?
dividend of 25 cents per share on the common
stock, payable March 15 to holders of record Feb. 29.
Previously regular
a
quarterly dividends of 18% cents per share were distributed.
In addition,
special dividend of 25 cents was paid on Dec. 15, 1939, 1938, 1937 and
1936.—V. 149, p. 3402.
a
Bangor Hydro-Electric Co. (& Subs.)—Earnings—
"Calendar
Years—
1939
Maintenance
Provision for depreciation
General taxes
T938
$2,258,503
589,729
134,181
179,759
Operating revenues
Operating expense
$2,215,380
581,591
113,999
166,019
262,581
104,800
272,622
108,350
Federal income taxes
operating income.
Other income (net)
current
1,772,620,
3,734,434
debt
Other def. items
1,512,097
505,478
Invest, securities
14,358,996
Prem.
198,508
14,049.424
discount,
(net)
$986,389
11,128
$956,863
9,466
$997,518
283,214
$966,329
266,550
16,394
1,712
Cr1,527
16,387
1,517
Cr2,975
4,617,634
Total
Interest charged to construction
246.987,078 227,739,635
Corp.—Block of Stock Sold—
A block of 60,000 shares of common stock has been sold by General
Motors Corp. to four investment trusts.
It is understood that the purchase
Transfer Agents—
Corporation reports the appointment of Messrs. H. A. Westphal, J. R.
Cox, and G. Van Ham as transfer agents of the common stock of the cor¬
poration in South Bend, Indiana, and the appointment of the First National
Bank of Chicago as registrar of said stock, effective March 15, 1940.
—V. 150, p. 987.
Bigelow-Sanford Carpet Co., Inc.- •Earnings
.Calendar Years—
1939
s<il©s after cash and
other discounts
$25,038,398
1938
1937
Cost of sales, excl. depr.
gen. exp..
Operating profit
$3,660,292
Depreciation
843,922
Reduct. inventory from
x$530,859
830,334
cost of market
Interest
Preferred dividends
Common dividends
of
common
share on 217,020 shares
stock (par $25)
$681,917
305,731
$1.69
$1.81
$1.73
162,716
$2,983,993
856,789
1,616,257
154,522
140,660
276,993
42,321
$2,661,848 *$1,501,853
8,497
10,821
$670,828
11,785
$2,084,883
7,924
$2,670,345 *$1,491,033
490,000
$682,613
120,000
$2,092,806
322,600
98,000
$2,180,345 x$l ,491,033
2,896,278
4,466,519
$562,613
5,159,956
$1,672,206
4,586,995
$2,975,487
79,209
$5,722,569
158,418
1,097,631
$6,259,201
158,418
940,827
$2,896,278
$4,466,519
$5,159,956
expenses
Balance
Interest received
Net inc. before Federal
income taxes
Prov. for Fed. Inc. taxes
Surtax
on
undis. profits.
Net income
Earn.
sur.
begin, of
year
$5,076,623
237,627
313,609
Preferred dividends
Common dividends
.for inven
1,000,000
end of yr_.
$3,525,386
Avge. number of shs. of
com. stk. outstanding
Earnings per share
313,609
$6.45
Approp. for
Earn.
x
res
sur.
313,609
loss$5.26
313,609
$1.28
313,609
$4.82
Loss.
Comparative Balance Sheet Dec. 31
1939
Assets—
$
Cash
1,403,265
_
Liabilities—
S
Accts. & notes rec.
(less reserves)
4,267,874
(at lower
1939
1938
808,996
.
3,836,643
.11,372,786
Notes
8,570,643
Invent,
$
950,000
letters of credit,
invests.
by tr. rects.
for wool in tran.
or
received
160,941
1,076,018
15,067
281,703
321,245
82,460
690,610
769,716
2,640,300
Accounts payable.
8,666
260,453
2,640,300
Reserved for State
Insur. unexpired <fc
deferred..
1938
sec.
xLand, wat. rights
bldgs. & equip
9,823,244 10,152,681
and receivables.
$
(com'l
paper & bk. l'ns) 1,800,000
Acceptances under
pay.
and
Fed.
taxes.
Preferred stock
Common stock._15,680,450 15,680,450
Capital surplus
504,726
604,726
y
Earned surplus
$699,374
305,794
246,398
$3,362,913
798,835
and other non-
operating
exps.
$672,185
305,794
260,424
1936
$20,521,857 $29,309,102 $27,058,670
17,566,947
17,541,469
21,359,957
20,041,323
3,811,159
3,511,248
4,586,232
4,033,355
Res. for invent
Net income
per
2,552
6,729,278
52,407,943
4,541,348
150, p. 681.
Bendix Aviation
16,531
1,331
premium
Other interest
Earnings
379,199
5,787
Surplus
246,987,078 227,739,635
1937^1
616,424
127,931
159,945
254,484
88,700
$976,315
287,550
Interest on funded debt
debt
long-
on
term debt
Other def. cred.
Prem.on cap.stk.
6,854,604
Res. for deprec. 55,497,237
Non-curr.
of
liab
2,205,681
$2,204,348
$973,860
2,454
Gross income.
and expense
1,439,953
3,808,734
1,847,792
Accts. pay .&oth.
Empl.stk. plan.
of cost or mkt.)
^"Net
Amort,
1,057,774
Acer, liabilities.
Total.
Bayuk Cigars, Inc.—To Pay 25-Cent Common Dividend—
Directors have declared
105,415
1,080,807
dep.
prem.
Sell., ship. &
Bangor & Aroostook RR.- -Earnings-
Gross operating revenues
102,689
& cus.'s'
long-term
on
$19,786
919
tures.
$78,400.—V. 150,
15,477,850
cos
Adv. bill. & pay.
long-
term debt
Redemp.
$113,658
88,865
$45,617
1,028
Operating income.
Non-operating income.
.
8,254,746
price was around 31%.
Net operating revenues
Taxes
Fixed charges
67,500,000
Notes payable to
Prepayments
Dlsc't
1939
$966,789
853,131
1938
80,044,100
Bonds called for
cos
Accts.rec.&other
-V.
[Including Baltimore Coach Co.]
of January—
1940
Operating revenues
$1,059,105
Operating expenses
909,934
31
21,204,019
20,668,831 Capital stock.__ 80,879,600
Tel. plant. &c__ 180,911,721 176,293,805 Bonds
62,500,000
General equip..
sold
to
3,340,573
3,397,842 Notes
Cash
trustee of pen¬
343,948
1,166,424
Spec.cash dep.. 15,477,850
sion fund
8,878,936
Temp, cash lnt.
146,620
3,286",538 Loans
3,000,000
Total
Month
4,704,143
Liabilities—
^aid-in surplus, $74,455; earned surplus, $696,784; total, $4,309,975.—
Baltimore Transit
$9,230,795
1938
®
r*
$8,929,155
301,640
Land, bldgs
Notes
and on hand, $154,067; notes and ac¬
reserves), $341,594; inventories, $1,068,528; ad¬
logging operations, $94,052; sinking fund assets,
$13,620; investments in and advances to associated company (less reserve),
$15,725; plant, property, equipment, &c. (less depreciation), $1,591,919;
timberlands (less depletion), $878,785; other assets, $74,482; preferred
stock in treasury (762 shares at
cost), $15,162; prepayments and deferred
charges, $62,038; goodwill $1; total, $4,309,975.
Liabilities—Notes
payable (bank), $100,000; accounts payable, $157,618:
receivable
vances
per
$9,559,575
367,033
$9,926,608
-
Consolidated Balance Sheet Dec. 31, 1939
counts
Earnings
$643,535
$696,785
Loss arising from exchange fluctuations.
$58,324
585,211
$791,596
22,469
Crl,772
38,723
35,390
Earned surplus at beginning of period.
|
728,545
Total
b Par value $100.
Net
a
10,464
Earned surplus
Total
1,102,033
pref.
on
stock
a Less reserves,
-V. 150, p. 987.
7,620
130,053
1938
Selling and administrative expenses.
State, local and capital stock taxes..
Social security taxes
J,
7,711
129,233
12,913
1,146,441
109,050
44,523
54,216
28,196
76,448
Telephone revenues
$42,670,866 $41,167,406 $40,500,232 $38,096,581
Oper. exp., taxes, &c___ 32,049,380
31,238,470
30,940,657
29,167,426
Plywood Corp. (& Subs.)—Earnings—
6 Months Ended Dec. 31—
.
Contrib. for exts__
Calendar Years—
Atlas
payable
Other current llabil.
Prepayments
prof$32,640prof$179,772
1938, certain expenses and depreciation of idle vessels were
charged to operations.
In accordance with the practice instituted in com¬
pany's year-end statement of April 30, 1939, these charges have nowr been
carried to surplus.—V. 149, p. 3546.
16,177
Accrued taxes
$278,637
69,864
29,000
Note—In
7,708,000
76,448
a
& exp. In process
of amortization.
1938
5,425,500
20,122
rec.
Cash
Co.—Earnings—
charges
below
Res. for depreciation
Reserves for inc. taxes..
2,500,000
2,179,900
Accounts and wages
Debt disct., prem.
Atlantic Coast Fisheries
$
7% pref. stock.. 2,500,000
b 6% pref. stock.. 2,179,900
c Common stock._
5,425,500
Funded debt
7,708,000
dep. with
trustee
1938
$
b
property .18 052,448 18,032,913
abandoned
294,614
343,716
Prop'y
31
Total
27,157,538 23,705,2761
Total
3,625,386
1,000,000
2,896,278
27,157,538 23,705,276
x After
deducting depreciation and revaluation reserves amounting to
$18,394,452 in 1939 and $18,055,548 in 1938.
y Represented by 313,609
hares (no par).—Y. 150, p. 832.
The Commercial & Financial Chronicle
1272
Bethlehem Stee!
1940—Month—1939
1940—7 Mos—1939
$4,164,686
$4,074,078 $28,655,788 $28,171,543
3,048,220
2,896,785 20,729,781 20,096,497
$1,116,466
534,102
$1,177,293
524,773
$7,926,007
3,650,463
$8,075,046
3,648,669
income
income..
$582,364
$652,520
82,062
$4,275,544
516,767
$4,426,377
582,366
properties
Taxes on oper.
1939—12 Mos.—1938
1939—Month—1938
$667,0.58
508,728
$675,002
510,214
[Including Brooklyn & Queens Transit System]
Period End. Jan. 31—
Total oper. revenues
Total oper. expenses
Net rev. from oper
Birmingham Electric Co.—Earnings—
Operating re venues.
Oper. exps., incl. taxes.
of limited-term
1940
24,
Brooklyn-Manhattan Transit System—Earnings—
Corp.—Bonds—
Of the $70,000,000 bonds in Securities and Exchange Commission registry,
$30,000,000 will be 20-year 3s and $40,000,000 25-year 3Ms.
In addition,
there are $35,000,000 serial debentures in registry.
It is expected that
public offering of the $105,000,000 of securities will be made Feb. 29.
—V, 150, p. 1129.
Period End. Dec. 31—
Feb.
$7,773,151
5,947,823
$7,464,685
5,698,327
Operating
62,643
Net non-oper.
Amort,
...
310
311
3,720
3,734
Gross income..._____
$645,007
Prop, retire, res. approp.
50,000
50,000
600,000
600,000
Total income deductions
697,852
$734,582
692,864
$4,792,311
4,887,035
$5,008,743
4,822,562
Net oper. revenues..-
$114,478
397
$108,019
390
$1,221,608
4,701
$1,162,624
4,165
x$52,845
$41,718
x$94,724
$186,181
investments
Other income (net)
,
Current income carried
surplus
to
Accruing to min. int. of
$108,409
45,750
4,261
$1,226,309
549,000
52,817
$1,166,789
549,000
52,418
$64,588
$58,398
Divs. applicable to pref stocks for the period..
$624,492
$565,371
429,174
429,174
Balance
$195,318
$136,197
$114,875
Gross income
mortgage bonds.
45,750
Other int. & deductions.
4,537
Int.
on
B. & Q. T.
Bal.
a
.
Dividends accumulated and
a
-----
-
Dec. 31,
unpaid to
1939,
amounted to
$214,587, after giving effect to dividends of $1.75 a share on $7 preferred
$1.50 a share on $6 preferred stock, declared for payment on
Jan. 2, 1940.
Dividends on these stocks are cumulative.—V. 150, p. 1130.
stock and
Blaw-Knox
Co.—Offering—Mention was made Feb. 17
Mellon Securities Corp.; Moore, Leonard
of the offering by
&
Lynch, and Dillon, Read & Co. of $3,000,000 1st mtge.
to
B.-M.T.
Period End. Jan. 31—
Total oper. revenues
Total
expenses
oper.
Net
Elied as follows; $2,500,000 to paytoshort cash funds of loans made since
>ec., 1938; remainder will be added
the term bank the company and
be called upon, among other things, for investment in and advances
subsidiary, American Gas Service Co. of Ohio, as well as for the ex¬
tension, modernization and renewal of manufacturing facilities, the acquisi¬
tion of inventories and the carrying of accounts receivable.
may
to a
Capitalization as of Oct. 31,1939 (After Giving Effect to Present Financing)
ClutQf/rn/fdwft
A iithfiviftf/l
1st mtge. bonds, SH% series, due Feb. 1, '50
Capital stock (no par)..
$3,000,000
1,500,000 shs.
$3,000,000
1,334,458 shs.
History and Business—Company was incorp. on March 12, 1906, in
New Jersey.
Company is principally engaged in the design, manufacture,
sale and, in some cases, installation or a wide variety of products made from
steel, alloys and other metals for use in the iron and steel, building and
construction, chemical, gas manufacturing, radio, electric power and light,
non-ferrous metals, petroleum, railroad equipment and in many other
industries.
active,
wholly owned,
Construction Co.,
Land Co., and Groveton
domestic subsidiaries of the company are
Blaw-Knox International Corp., Hoboken
Land Co.
expenses...
Gross income
Total income deductions
on
$2,436,193
160,238
$1,368,612
111,536
$9,934
4,702
$2,596,431
11,216
106,870
1,851
421,023
$1,480,148
,
1,066
/
203,788
1,717
4,569
18,872
29,809
18,935
$486,870
loss$l,188
$2,115,511
$1,256,359
1
excess-
profits tax
Surtax
$474,583 loss$157,242
139,267
167,176
$613,850
18,393
Total income
Federal income &
undistributed
profits
Other charges
...
Net profit.
Underwriters—The names of the underwriters and the respective princi¬
pal amounts of bonds, severally to be purchased by each, are as follows:
Mellon Securities Corporation
$1,700,000
300.000
1,000,000
Moore, Leonard & Lynch
Dillon, Read & Co
—V. 150, p. 1130.
Boston
x
Fund, Inc.-—Net Assets—
total net worth of $6,806,561 on Jan. 31, 1940,
quotations of securities owned, amounting to $15.15 a
499,176 shares outstanding.
This compares with net worth of
$5,385,976, equivalent to $15.16 a share on 355,306 shares outstanding
share
on
Market
on
at the close of the
Fund's fiscal year on July 31, 1939.
Net asset value at
the close of business Feb. 19, 1940 had increased to $15.55 a share.
"Under the conditions which have prevailed, relatively few changes
have been made In the portfolio of investments," the report to
for the quarter ended Jan. 31 states.
shareholders
"Investment in the air transportation
industry was broadened by the purchase of a block of American Airlines
common
stock.
Holding in four other companies, principally utilities
were increased moderately."
The companies in which holdings were increased during the quarter are
American Telephone, Climax Molybdenum, Commonwealth Edison and
Southern California Edison.
Holdings of Eastman Kodak were reduced.
—V. 150, p. 682.
Brewster Aeronautical Corp.—To Lease Newark
Hangar
Mayor M. C. Ellenstein of Newark, N. J., announced on Feb. 18 that the
city will lease its recently constructed municipal hangar at Newark Airport
to this company for use as an airplane factory.—V. 149, p. 4020.
Bristol Brass Corp.—To Pay 50-Cent Dividend—
Directors have declared
a dividend of 50 cents per share on the common
$25, payable March 15 to holders of record Feb. 29.
This com¬
pares with $2 paid on Dec. 15, last; $1 paid on Sept. 15 last and regular
Quarterly dividend of 25 cents per share paid on June 15 last.—Y. 149,
stock,
par
P. 3547.
(Edward G.) Budd Manufacturing
Co.—Participation
Dividend—
The board of directors at a meeting held Feb.
16, declared the regular
quarterly dividend of $1.75 per share plus a participating dividend of 25c.
share on the preferred stock of the company.
The dividend will be payable March 30, 1940 to holders of record at the
close of business March 16, 1940.—V.
149, p. 2681.
per
576,204
$4,346,493
4,015,163
$74,782
x$138,627
$331,330
Deficit.
Plans
to
Prevent Holdouts from Receiving
Higher Prices—
Brooklyn-Manhattan
Transit Corp. and Brooklyn & Queens Transit Corp., Feb. 19 issued the
following statement on behalf of the members of the Unification Committee
Gerhard M. Dahl, Chairma nof the Board, of the
'
of the two transit systems:
"In cooperation with the
representatives of the City of New York and
York, and after consultation
with their own counsel, officials of the Brooklyn-Manhattan Transit Corp.
and the Brooklyn & Queens Transit Corp. are at work on a plan which will
of the Transit Commission of the State of New
'holdouts'
prevent
among the holders of undeposited preferred stock of
bonds of the Brooklyn & Queens Transit
both corporations and undeposited
Corp. from receiving higher prices
for in the unificationplan."
for their securities than those provided
plan prices are:
Brooklyn-Manhattan Transit Cor. preferred stock
Brooklyn & Queens Transit Corp .preferred stock
...
Brooklyn City RR. 5% bonds
Brooklyn City & Newtown RR. Co. 5% bonds
—
Coney Island & Brooklyn RR. Co. 4% bonds
Nassau Electric RR. Co. 1st mortgage 5% bonds
Nassau Electric RR. Co. consol. mtge. 4% bonds
Brooklyn, Queens County & Suburban Co. 1st mtge. 5% bonds _
Brooklyn, Queens County & Suburban Co. 1st cons. mtge. 5% bds.
The unification
Over
65
20
83
75
62
.
95
57
58
50
90% of Securities Deposited in Favor of Unification
Plan—Time Further Extended—
Gerhard M. Dahl, Chairman of the Board,
of the
and W. S. Menden, President
Transit
Brooklyn-Manhattan Transit Corp. and Brooklyn & Queens
Corp. in a letter sent Feb. 20 to security holders of the two systems
that the B.-M. T. has acquired and will subject to the B. -M. T.-B.
stated
Q. T.
bonds and preferred stock which with the amounts
of such securities already deposited, will be sufficient to meet the 90%
requirements necessary to enable the Transit Commission to declare the
plan operative as to the surface properties of the B.-M. T. system as well as
the rapid transit and power properties.
The letter also stated it is expected that official rulings and closing
unification plan, B. Q. T.
agreements will be obtained in respect of the tax
and that, on the basis of such rulings together
questions prior to Feb. 29,
with compliance with the
position to declare
Feb. 29 or shortly
deposit requirements, the Transit Commission will be in
the plan to be operative as to all the plan properties by
letter
informed security holders
that the time for the deposit
Q. T. securities under the plan
of
has been extended to the
and urged security holders who desire to
accept the plan to deposit their securities prior to that date.
The letter
close of business on Feb. 29, 1940
concluded:
"In order
to
avoid any
possible misunderstanding, the holders
of un¬
deposited Brooklyn Union Elevated 5% bonds, Kings County Elevated 4%
bonds and B .-M. T. preferred stock, and the holders of undeposited B. Q. T.
bonds and preferred stock, are reminded that there is no provision in the plan
for the acquisition by purchase or redemption or otherwise and retirement of
their securities on or after the date of consummation.
Their attention is
also called to the provisions of the plan authorizing the Transit Com¬
mission, with the consent of the city and the corporation, to change the
manner and methods, and to adopt new or additional methods, of vesting
in the city titles to the properties and of consummating the plan.
In this
connection, any preferred stockholders who may be holding out with a view
to obtaining, at the expense of the common stockholders, more favorable
treatment in respect of their shares than that accorded to the preferred shares
deposited under the plan, are again warned that, if necessary, these pro¬
visions of the plan will be invoked to the fullest extent possible."—Y. 150,
p.
832.
Brooklyn & Queens Transit System—Earnings—
Period End. Jan. 31—
Total oper. revenues...
Total oper. expenses
Fund reports
Boston
based
501,885
$3,955,523
4,094,150
Curr. income carried to
The
31, '39
1938
1937
1936
$9,608,395 $10,964,708 $17,067,805 $11,455,889
9,133,812
11,121,950
14,631,612
10,087,277
Interest
79,976
$650,986
income-.
Net non-oper,
B.-M. T. and B.
Oct.
Profit from operations
Other income
61,779
2,262,081
$3,779,145
567,348
1)IiGr0Hft6r
Calendar Years
10Mos.End.
Total oper.
$6,041,226
2,265,068
$3,453,638
$561,908
584,153
properties
Operating income
Earnings for Stated Periods
Net sales.
$5,718,706
$899,664
328,654
$571,010
x$22,245
Taxes on oper.
surplus
due Feb. 1,1950.
Principal and interest (F-A) pay¬
office of Union Trust Co. of Pittsburgh, trustee, or, at
option of holder, at principal office of Manufacturers Trust Co., New York,
N. Y., without deduction for any Pennsylvania taxes not exceeding 5 mills,
as provided in the indenture.
Coupon bonds in denom. of $1.000 registerable as to principal only.
Sinking fund payments are to be made, as
provided in the indenture, annually on June 1 in the amount of $150,000
from June 1, 1941, to and including June 1, 1946, and in the amount of
$175,000 from June 1, 1947, to and including June 1, 1949, and on June 1,
1941, and annually thereafter on June 1, in an amount equivalent to 10%
of consolidated net profit, as defined in the indenture, for the preceding
fiscal year.
Bonds are redeemable for sinking fund at 100 and interest.
Sinking fund payments are to be reduced by the principal amount of
bonds acquired by the company and surrendered to the sinking fund for
retirement.
Bonds are also redeemable at the option of the company, other¬
wise than through the sinking fund, at any time as a whole or from time to
time in part on any interest payment date by lot upon at least 30 days'
notice at following percentages of the principal amount: on or before Feb. 1,
1943, 102H%; thereafter on or before Feb. 1, 1946, 101^%; thereafter on
or before Feb. 1, 1949, 100 M%; thereafter at 100%; together in each case
with accrued interest to the redemption date.
Purpose of Issue—Net proceeds (approximately $2,866,088) will be ap-
The
$841,320
341,191
$500,129
from oper.__
rev.
able at principal
Blaw-Knox
System]
1940—Month—1939
1940—7 Mos—1939
$2,410,755 $2,364,709 $16,686,497 $16,377,846
1,569,435
1,465,045
10,967,791
10,336,620
[Excluding Brookljn & Queens Transit
bonds, 3}4% series, at 100.
Dated Feb. 1, 1940;
$186,181
x$117,852
$41,718
x$52,845
Sys.
Deficit.
x
Net income
23,128
Corp..
1940—Month—1939
1940—7 Mos—1939
$1,766,000
$1,720,799 $12,050,860 $11,872,333
1,481,476
1,433,895
9,780,665
9,775,148
$284,524
192,911
$286,904
$2,270,195
properties
196,118
1,335,394
$2,097,185
1,386,588
Operating income
non-oper. income..
$91,613
14,125
$90,786
14,519
$884,801
102,852
$710,597
101,992
$105,738
136,338
$105,305
138,369
$987,653
943,751
$812,589
957,738
x$30,600
x$33,064
$43,902
x$145,149
Net
rev.
from oper...
Taxes on oper.
Net
Gross income
Total income deductions
Curr. inc.
x
carr.
Deficit.—V.
tosurp.
150,
p.
683.
Brunswick-Balke-Collender Co.—25-Cent Dividend—
have declared a dividend of 25 cents per share on the
The directors
company's common stock, payable March 15 to holders of record March 3.
This compares with $1.50 paid on Dec. 15, last; 75 cents paid on Sept. 15,
last; 25 cents paid on June 15 and on March 15, 1939, and dividends of 50
cents paid on Dec. 20 and Oct. 5, 1938 and on Dec. 20 and Oct. 1,1937. this
latter being the first payment to be made on the common stock since
Nov. 15, 1929 when a regular quarterly dividend of 75 cents per share
was distributed.—V. 149, p. 3404.
Bunte Brothers—Dividend
Directors have declared a
Doubled—
dividend of $2 per share on the common stock,
payable March 1 to holders of record Feb. 25. Dividends of $1 were paid
on Dec.
1 and March 1, 1939, and on Feb. 21, 1938.
A dividend of 50
cents was paid on Feb. 15, 1937; one of $1 was paid on Dec. 1, 1936, and a
dividend of 50 cents was paid on April 1, 1936, this last being the first div.
paid since Feb. 1,1932, when $1 per share was
distributed.—V. 149, p. 3255.
Bush Terminal Buildings Co.—Meeting—
of the reorganization plan approved in
March 4 to con
certificates on March 15, 1940 for 1 1-10 shares of
In accordance with the provisions
April, 1937, holders of depositary certificates will meet on
sider exchanging such
6% preferred stock of Bush Terminal Co. for each share of 7% preferred
stock represented by the depositary certificates.—V. 149, p. 3109.
Volume
The Commercial & Financial Chronicle
150
Calorizing Co.—Delisting—
Central Vermont Ry., Inc.-
The Securities and Exchange Commission on Feb. 15 issued an order
authorizing the registration on the Pittsburgh Stock Exchange of the
cumulative convertible participating 8% preference stock (par $25) of the
company be withdrawn, effective at the close of business on Feb. 24.—V.
141, p. 2270.
Canada
Malting Co., Ltd.—Dividend Increased—
Directors have declared a dividend of 50 cents per share on the capital
stock, no par value, payable March 15 to holders of record Feb. 29.
Pre¬
viously regular quarterly dividends of 37 H cents per share were distributed.
In addition, an extra dividend of 50 cents was
paid on Dec. 15,1939, 1938,
1937, 1936 and 1935.—V. 149, p. 3548.
Canadian
Airways,
Ltd.—Capitalization Reduced—
Reduction of present paid-up capital of $3,210,202 to $506,113 by can¬
cellation of $2,704,089 of such paid-up capital, and increase by 200,000
of number of shares which may be issued from the treasury, were approved
by stockholders at a recent special meeting.—V. 147, p. 1920.
Directors have declared
class B common shares,
a dividend of $1.75
per share on the class A and
payable April 30, to holders of record March 30.
This compares with $2.75 paid on Dec. 26, last; $1.75 paid on Oct. 31, last;
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
on
April 30, 1938.—V. 149,
p.
Railway operating
Railway operating
Earnings of the System for the Week Ended Feb. 14
1Q40
Gross
1 qqq
$4,355,727
revenues
$3,185,937
Tnrrpntr
$1,169,790
—V. 150, p. 1130.
Net revenue from railway operationsRailway tax accruals
$98,277
26,772
$33,296
26,652
Railway operating income-.
Hire of equipment, rents, &c.
$71,505
41,083
$6,644
37,609
$30,422
Dr4,817
x$30,965
$25,605
103,909
x$30,020
105,163
$78,305
$135,183
-
Net railway operating income.
Other income
Income available for fixed charges.
Fixed charges
Balance, deficit
945
Loss.—V. 149, p. 4022.
x
Chain Belt Co.
!
(& Subs.)- —Earnings
Calendar Years—
1.777,263
dl938
$1,908,199
1,390,561
$3,130,121
2,074,698
$1,254,941
38,631
$517,638
37,280
$1,055,423
34,125
$803,483
Total income
$1,293,572
Fed. and State inc. taxes
313,404
Prov. for Federal surtax-
$554,918
$1,089,548
209,861
64,945
$842,144
167,145
cl939
Gross profit
$3,032,205
Expenses
Increase in amount
income deferred
inventory
Earnings for the Week Ended Feb. 14
Tn rrpn <tp
1 Q^Q
1Q4-0
earnings—
1939
$432,809
399,513
expenses
dl937
118,155
of
*
1
dl936
$2,490,008
1,686,525
38,661
43,360
'
15,291
Additional provision for
Canadian Pacific Ry.—Earnings—
Traffic
1940
$562,133
463,856
revenues
Profit from operations
Other income
4021.
Canadian National Ry.—Earnings—
-Earnings-
Month of January—
Canadian Industries, Ltd.—Common Dividend—
paid
1273
$2,199,000
$2,964,000
$ 765,000
28,226
reserve
Special charges
70,908
Prov. for revaluation of
marketable securities-
740
—V. 150, P. 1130.
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,
both payable April 1 to holders of recorcf March 5.
Like amounts were
paid on Jan. 2, last. Extras of one cent were paid on Oct. 2, July 3 and April
1 last,.—V. 150, p. 274.
tion to
Celanese Corp. of America
x
Calendar Years—
Profit
y
Earns,
per
1939
_z$6,374,101
$3.53
share
(& Subs.)—Earnings—
1938
1937
1936
$2,479,749
$0.26
$4,461,227
$2.04
$4,406,993
$2.25
After all charges,
y On common stock,
z
for additional assessments for Federal income
x
Before deducting $157,320
taxes for
1938 and prior
years.—V. 150, p. 1130.
Net profit.
Reduce Interest
on Bonds
Company has filed with the Securities and Exchange Commission an
application (File 32-195) for exemption from the requirement of filing a
declaration in connection with a proposal to reduce the interest rate on its
first & consolidated mortgage bonds, series due 1963, from 4M % to 3H %•
There are $9,376,300 of these bonds outstanding, it is stated.
The company also proposes to increase the redemption prices so that the
bonds may be called for redemption at the principal amount and accrued
interest, together with a premium of 10% if redeemed on or before April 1,
1943, and, if redeemed thereafter and including April 1,1962, the premium
will be decreased by H of 1 % for each full 12-months* -period elapsed after
April 1, 1942.
No premium will be paid if the bonds are redeemed after
April 1, 1962.—V. 150, p. 988.
Central Investment Corp., Los
Angeles—Earnings—
Years Ended Dec. 31—
Total income.
1939
1938
$838,163
255,937
198,939
3,418
10,109
334,186
Interest on first mortgage bonds
Interest on notes and advances
Federal income tax
Depreciation and amortization
$894,882
250,725
210,633
4,022
7,574
400,710
$35,574
Expense---
On 347,595shates.
i58,563 shares), $5,775,300; capital stock assessments, $234,252; deficit at
>ec. 31, $726,183; total, $9,395,199.—V. 149, p. 1018.
Central Patricia Gold Mines, Ltd.—Extra Dividend—
Directors have declared
an extra
$141,333
$335,109
$301,686
x$1.25
a$2.14
z$5.44
Consolidated Balance Sheet Dec. 31
Assets—
1939
deposits
&
X1938
Liabilities—
1939
Accounts payable.
Accrued
commis¬
cash
hand--—..$1,372,562 81,175,473
U. S. Treas. bonds
xl938
$231,259
$182,239
171,791
125,626
128,058
76,148
85,571
244,420
74,507
121,676
24,916
90,981
110,605
19,803
sions and wages.
203,788
Accrd. property &
(net).
1,351,549
general taxes
Accrd. royalties &
Inventories.
Other curr. assets.
2,094,361
179,507
Notes
and
accts.
receivable
913,535
1,260,804
156,226
term receivables
149,967
Fixed assets (net).
Intangible assets-.
2,345,504
1
87,834
95,329
_
Other assets
Total..
Federal inc. taxesState Income taxes
Invests, and long-
Prepaid expenses.
expenses
107,789 Dividend payable.
1,525,074 Deferred Income
449 Res. for contings..
45,576
49,122 y Capital stock... 4,041,129
34,235 Surplus
2,711,499
$7,880,403 $5,222,707
Total
"9",625
45,576
2.441,621
2,120,484
—$7,880,403 $5,222,707
*
Not including Baldwin-Duckworth Chain Corp.
y Represented by
499,660 no par shares in 1939 and 360,000 no par shares in 1938.—V. 149,
p. 4169.
Chesapeake & Ohio Ry.—Common Dividend—
Directors have declared a dividend of 62 lA cents per share on the common
stock, payable April 1 to holders of record March 8.
Similar payment
was made on Jan. 1, last, and previously regular quarterly dividends of
50 cents per share were distributed.
In addition, extra dividend of 50 cents
paid on Dec. 27, last.
Three New Directors—
Three residents of New York were nominated unanimously on Feb. 20
hand
and in banks, $116,374; accounts receivable,
$14,115; cash surrender value of life insurance policies, $53,967; fixed
assets
(Biltmore Hotel property) (less reserve for depreciation of $4,052,715), $9,012,630; deferred charges, $198,113; total, $9,395,199.
Liabilities—Notes payable, $21,600; accounts jpayable, $94,008; accrued
interest, $41,012; Federal income tax for year 1939, $696; first mortgage
bonds (1957), $3,910,000; deferred rental income, $44,514; stated capital
on
$630,899
329,213
z
Demand and time
$21,217
Balance Sheet Dec. 31,1939
Assets—Cash
295,430
$743,833
408,724
On 115,836 shares,
a On 347,565 shares,
b On
486,705 shares,
c Includes the Stearns Conveyor Co. and the BaldwinDuckworth Chain Corp. since date of acquisition Aug. 1, 1939.
d Includes
Stearns Conveyor Co.
'
x
was
Net income-
b$1.92
Balance, surplus
Earnings per share on
common stock (no par)
$436,763
$335,257
Dividends
on
Central Illinois Light Co.—To
$936,651
601,394
dividend of two cents per share in addi¬
tion to
a quarterly dividend of four cents per share on the common
stock,
both payable March 29 to holders of record March 15.
Similar amounts
paid on Jan. 2, last; extras of one cent were paid on Sept. 30, June 30
on April 1,1939, and extras of two cents were
paid on Jan. 3,1939, and
Sept. 30, 1938.—V. 149, p. 3867.
as new
members of the board of directors of this company at a meeting of
The trio, which will fill additional places on the board, con¬
D. Gibson, President of the Manufacturers Trust Co.;
Harry C. Thompson, Vice-President of the Continental Bank & Trust Co.;
and James G. Blaine, President of the Marine Midland Bank Co.
With the exception of Herbert Fitzpatrick of Huntington, W. Va., Chair¬
man, who plans to retire on April 15, all directors were unanimously nomi¬
nated, George D. Brooke. President of the railway, announced.
The
nominations will be submitted to the annual stockholders' meeting on
April 23
"It is believed," said Mr. Brooke, "that the election of this board will
assure the continuance of the present
management and of the policies
which have brought prosperity to the Chesapeake & Ohio, and the support
of the stockholders mil be solicited for its election."—V. i50, p. 684.
the board.
sists
of Harvey
were
Chesebrough Mfg. Co.—Extra Dividend-
and
on
Central RR. Co. of N. J.—New Bond Committee—
A new committee to represent holders of general 1st mtge. 4% and 5%
bonds has been formed by banking groups in Philadelphia, New Jersey
and New York.
which
was
This committee includes some of the members of
discussing organization last month, and represents
a
a
Philadelphia, is chairman of the committee, which includes William J.
Field, President, Commercial Trust Co., Jersey City; N. J., Herbert W.
Goodall, President, Tradesmens National Bank & Trust Co., and Percy O.
Madeira Jr., President, Land Title Bank & Trust Co., both of Philadelphia;
James J. Minot Jr., Jackson & Curtis, Boston, and Carl K. Withers, Presi¬
dent, Lincoln National Bank of Newark, N. J.
Major Elisha Sniffin,
New York, is Secretary of the committee.
A New Yorker will be added to
the committee shortly, it is said.
An institutional committee representing savings banks and a committee
of which Eugene 8. Brooks of New York is chairman, have been authorized
by the Interstate Commerce Commission to represent these holders and to
intervene in the proceedings.—V. 150, p. 834.
Champion Paper & Fibre Co. (& Subs.)—Earnings—
for deprec.,
40
Weeks
Feb. 4, '40 Jan. 29, '39
depl., int.,
taxes, &c
Earns, per share on
mon stock—
$486,849
$222,438 x$l,212,654
.
$0.21
Includes $40,757 representing net proceeds
which is non-recurring.
x
$1.52
$233,384
change in its policy.
Chicago Great Western RR.—Plan Approved—
Virtually all voting security holders of the road have approved the final
plan of reorganization, according to a certificate filed by the Interstate
Commerce Commission in the Federal Court for the Northern District of
Illinois Feb. 19.
•
,.
,
Certification of the plan takes the road s organization proceedings into
the final phase, namely, confirmation by the Court in a formal order binding
all creditors and security holders to terms of the plan.
It may be several
months, however, before actual consummation of the plan is effected.
The Commission's certificate to the Court showed that of the first mort¬
gage bondholders voting 99.42% accepted the plan and of the preferred
stockholders voting 99.14% approved.
Since the Commission had pre¬
viously found the reorganization would not adversely affect the interests of
others, or that they were not entitled to vote, only the first mortgage bond¬
holders and preferred shareholders were asked to **ote on the plan.—V. 150
p. 834.
.
If such change had not been made, net income for
and the year to date
The directors declared a regular quarterly dividend of $1.50 per share on
theT6% cumulative preferred stock, payable April 1, 1940 to holders of
record March 15, and a dividend on the common stock of 15 cents per share
payable March 15 to holders of record Feb. 28,1940.
Pay lb-Cent Dividend—-
a dividend of 15 cents per share on the common
Dividend of 10 cents
paid on Dec. 15, last, this latter being the first dividend paid since
Feb. 15, 1938 when 25 cents per share was distributed.—V. 149, p. 3550.
V Directors have declared
stock, payable March 15 to holders of record Feb. 28.
was
■
on
.
.
,,
...
.
Chicago Milwaukee St. Paul & Pacific RR.—Interest
Milwaukee & Northern RR. Bonds2M % is now being paid on Milwaukee & Northern RR. first
extended 414% bonds, due June 1, 1939, on presentation of
interest of
the third quarter would have been $32,071 greater,
would have been $107,128 greater.
To
share in addi¬
a quarterly dividend of $1.25 per share on the common stock, both
payable March 30 to holders of record on March 20.
Like amounts were
paid on Dec. 26, June 30 and on March 31, 1939.
See also V. 148, p. 1164.
for detailed record of previous dividend payments.—V. 150, p. 1131.
def$0.23
of life insurance policies,
The company has valued its process and finished stock inventories at the
Hamilton Division pursuant to a new system of grade costing, representing
a
Chicago Flexible Shaft Co.—Extra Dividend-—
Directors have declared an extra dividend of 25 cents per
tion to
com¬
$0.67
addi¬
dividend of $1 per share on the common
stock, both payable March 29 to holders of record March 1. Similar pay¬
ments were made in preceding quarters.—V. 149, p. 3404.
group
consolida¬
tion of the two groups.
E. McLain Watters of E. McLain Watters & Co., investment dealers of
-12 Weeks
Period Ended—
Feb. 4, '40 Jan. 29, '39
Net inc. after all charges
Directors have declared an extra dividend of 50 cents per share in
tion to the regular quarterly
■
.
mortgage
bonds for stamping.
Interest is payable at the
waukee St. Paul & Pacific RR., New York,—V.
office of the Chicago Mil¬
150. p. 835.
North Western Ry.—Preferred Holders to
Reorganization—Election of Directors—
Chicago &
Intervene in
The
Interstate
Commerce
Commission has authorized a group of 25
individual preferred stockholders to intervene
in pending reorganization
proceeding.
The grouo members hold approximately 23,000 shares of
company's preferred.
In their petition, stockholders asserted that the Commission's own plan
showed the preferred holders had an equity.
The plan, however, provides
no participation for the preferred stock and the common stockholders like¬
wise are eliminated.
The Commercial & Financial
1274
as
the intervention, the ICC said that its order was not to be
reopening of the record for the taking of further testimony
a
of directors of this company, principal owner of
the family and the du Pont company's
The dividend meeting
du Pont securities for members of
In permitting
construed
1940
24,
Co.—Meeting Postponed—
Christiana Securities
Finance Commerce treatment
participation be provided for the preferred
The group said that the Reconstruction
should be changed and some
stockholders.
Feb.
Chronicle
executives, was postponed from
quorum.—V. 149, p. 3868,
Feb. 19 until March 11 because of lack
of
without further order.
of the company proposes the election to the board of
and Guy A. Thomas of
Milling Co. of Minneapolis.
Mr. Thomas is
listed as owning $1,200,000 principal amount of the bonds, having an in¬
direct interest in $200,000 principal amount, and owning 30 shares of stock.
Of the directors whose terms expire in 1940 it is proposed to reelect W.
Dale Clark, Benjamin F. Kauffman, Samuel A. Lynde, and Samuel H.
Cady.
No mention is made of Harry W. Rush whose term also expires
Commander-Lara bee
this year.
Create New Preferred
Colgate-Palmolive-Peet Co.—To
Refund Existing Issue—
A proxy statement
directors of R. L. Williams, chief executive officer,
the
Issue to
special meeting of common stockholders
consider amendments to the certificate
A
to
has been called for March 15.
of incorporation necessary to
out a proposed plan for the sale of 125,000 shares of a new class of
preferred stock with a dividend rate not in excess of $4.50 per share, and
the redemption of the remaining 125,000 shares of the company's present
6% preferred stock.
The authorized amount of mew preferred will be
250,000 shares issuable in series.
carry
..
ICC Asked to Certify
Plan—
ticipation for present stockholders, was issued Dec. 12.
Joining in the request were the life insurance and mutual savings bank
group committees, representing holders of $123,000,000, or 38% of Northbonds.
number of requests for modification of the Commission's
plan were filed by mortgage trustees, representing holders of bonds of
Milwaukee, Sparta & Northwestern, Milwaukee & State Line and Des
Plaines Valley Railways.
The Reconstruction Finance Corporation and
Railroad Credit Corp. also asked minor modifications.—V. 150, p. 1131.
capitalization of 3,250,000 shares, divided into 250,000 shares of preferred
stock (no par) (of which the 125,000 shares shall be an initial series) and
3,000,000 shares of common stock (no par).
In order to provide for the creation of the new class of preferred stock
and adopt the proposed amendments to the certificate of incorporation, the
affirmative vote of the holders of a majority of the common stock of the
...
a
is required.
company
The price at which the shares of the initial series of new preferred stock
be sold by the company has not yet been determined.
The redemp¬
western's outstanding
However,
,
will have an authorized
Upon adoption of the amendment the company
Stressing the desirability of early reorganization, two major bondholder
groups have asked the Interstate Commerce Commission to certify imme¬
diately to the Federal Court at Chicago its final plan for recapitalization.
The ICOapproved plan, calling for drastic reduction of debt and no par¬
are to
of existing preferred stock will require an aggre¬
plus an amount equal to dividends accrued to the
tion of the 125,000 shares
gate of $12,812,500,
redemption date, and as indicated, the proceeds from the sale of the initial
series of new preferred stock will be applied (together with any necessary
treasury funds) to such redemption.
■
It is expected that arrangements will be made to offer (subject to limita¬
tions arising out of applicable securities laws) the holders of the existing
preferred stock of the company a prior opportunity for a limited period to
purchase from the several underwriters shares of the initial series of new
preferred stock.
„
Chicago Rock Island & Pacific Ry.—Petition Denied—
8. Circuit Court of Appeals at Chicago has upheld an order of
the United States District Court denying an appeal for general relief made
The U.
by the protective committee for Rock Island, Arkansas & Louisiana 4H %
bonds due March 1, 1934.
The R. I. A. & L. is operated under
Pacific Ry. trustees.
lease by the Chicago Rock Island &
Appeals found that it is impossible to
determine on the basis of present figures whether R. I. A. & L. has been
operated at a profit, that there is no evidence of undue delay in reorganiza¬
tion proceeding, and that the trustees cannot be ordered to pay over the
rental for the road for the benefit of bondholders until the trustees have
affirmed the lease.—V. 150, p. 989.
1939 Sales Greatest in
In its decision the Circuit Court of
Chickasha Cotton Oil
1937
$4,382,115
$149,683
46,573
$365,904
40,861
$211,521
20,616
$457,093
$196,256
$406,765
$234,407
To",810
18",m
144",741
136,864
45,000
133,662
13,613
16,039
14,090
Cr5,514
$232,922
$35,477
$200,000
$73,050
$0.91
$0.14
$0.78
$436,477
Total income
4,016,211
1936
$4,875,017
4,663,496
22,886
17,506
24,672
130,881
37,500
cap. assets
Bad debts
Depreciation
Federal and State taxes.
Shares
of
of
loss—net
Net profit
Earns, per sh.
cap.
on
91,774,367
92,297,j985
..$10,161,072
Other income (net)
154,873
Settling of patent suit..
$7,154,756
29,112
Total income....... .$10,315,945
depreciation...
Balance
99,674,869 83,494,611
$316,486
77,039
$4,875
$3,643
x$12,865
$6,232
to cover flood
Preferred
430.
p.
692,234
$7,183,868
701.721
$2,893,525
1,104,619
$6,328,876
641,431
2,991,055
1,560,226
1,006,656
1,336,490
$6,632,655
$4,921,921
1,258,431
1,962,857
1,443,457
490,702
$782,250
1,475.093
980,348
$4,218,955
1,478,749
1,467,104
$2,987,762 df$1673,191
$1,273,102
132,000
dividends
Common dividends
$3,411,367
Surplus
Earns,
Co.—Doherty Estate Sued—
the purchase by Cities Service of the controlling interest in the
Quinlan Co. in 1931.
Sixteen present and former directors of
Cities Service are also named defendants in the action.—V. 150, p. 125.
per
sh. on com,
Consolidated Balance Sheet Dec. 31
1939
Liabilities—
%
14,615,605 19,368,705
Market, securities.
250,000
720,365
6%
Accts. &
Prov.
Cash
Cluett, Peabody & Co., Inc. (& Subs.)—Earnings—
Calendar Years—
sales less returns
1939
1936
1937
1938
Gross
and allowances
$22,878,848 $20,174,568 $21,571,163
Cost of sales & expenses. 19,722,986
18,354,189
19,547,385
Gross oper. profit
$18,436,268
16,492,528
$3,155,862
83,445
Total income
Depreciation
$1,820,379
79,512
$2,023,778
493,004
$1,943,740
506,356
$3,239,307
210,209
Other income.
$1,899,891
$2,516,782
224,462
$2,450,096
211,498
173,412
2,128
971,589
268,464
21,596
669,494
204,222
notes
re¬
ceivable—net ..10,505,799
Inventories
19,376,305
10,025,534
18,208,868
b
cum.
income taxes.
526,781
121,076
458,932
1,004". 178
prov.
royalties,
—Crzl.014,813
current
for
coupon
1,744,284
red
Bank loans of for¬
subs
1,167,189
Accounts payable. 1,672,963
Miscell. accruals.. 2,236,435
Prov. for taxes... 4,906,426
eign
Prepaid expenses &
from
of
&c.
(net)
Net
416,950
profit
1,016,948
1,130,808
charges
70,898,177 74,867.801
Total
a
After
common
stock at $12.50 per
1938 and $20,888,952 in 1939.
c 17,948 shares preferred
1938), and 37,163 shares of
share.—V. 150, p. 1133.
Colt Patent Firearms Mfg.
$3,058,200
237,860
1,864,071
Preferred dividends
Common dividends
-
$1,110,965
237,930
576,149
$728,242
237,930
480,140
$1,279,043
$956,269
4,501,718
$296,886
4,292,997
$10,172
4,284,616
$146,731
4,170,158
Surplus
Previous earned surplus.
Profit on sale or retire¬
ment
Co.—New Director—
vacancy
237,930
x894,382
Columbia
11,835
$5,457,987
Prov. for contingencies
Prov. for unrealized loss
Canadian
$4,601,718
$4,294,788
y1,789
$4,316,889
32,273
59
$4,292,997
677,844
$0.72
$4,284,616
188,291
$5.52
100,000
exchange
133,672
Earned surp. Dec. 31.
$5,324,315
677,844
$4.16
Shs
.com
.stk .out. (no par)
Earnings
per
share
Includes
75 cents
a
fxlA9x9™or^^JU8t,ment
$269,217
($120,645 in
$4,501,718
677,844
$1.28
share payable Feb.
1, 1937.
y
After deducting
reserve for taxes, prior years,
z After deducting
1938) provision for United States and Canadian
income taxes.
Assets—
Real estate
1938
S
$
1939
Liabilities—
b Common
2,802,270
patents,
rights, tr. names,
4,405,986
3,397,000
Accounts
&c
l
Cash
2.427,952
Accts. receivable 4,265,066
Miscell. investm'ts
141,562
a
Merchandise
6,613,347
Deferred charges..
190,313
985,352
Due under contr..
129,121
439,436
368,179
143,297
Res. for conting..
100,000
100.000
Pref. divs. payable
59,448
d Capital surplus. 1,647,628
59,483
5,324,315
Total
of stated value.—V.
,
d
c
doubtful
accounts
b Represented by
After depreciation of $5,198,236 in 1939 and
Arising from sale of
149, p. 3551.
1,647,629
4,501,718
16,438,991 15,064,726
a After
deducting reserve for cash discount and
amounting to $134,720 in 1939 and $118,958 in 1938.
SFin o?^reSi£no
$5,099,856 in 1938.
390,141
Accrued taxes
Earned surplus
16,438,991 15,064,726
S
4,405,986
3,399,000
payable
& accr. liabilities
2,552,055
3,688,756
182,767
5,639,045
199,832
1938
$
stock.
Preferred stock...
2,800,748
Goodwill,
Total. J
of this company to fill the
Rice.—V. 149, p. 3405.
System,
Inc.—Registration
Reduce Stock Holdings to 20%
Company filed Feb. 23 with the Securities and
common
stock at price In excess
/
Exchange Commission
of stock.
registration statement covering a proposed sale of 100.000 shares
The sale of this stock will not represent additional financing for
the com¬
small part of his own
Mr. Paley is the President and a direc¬
tor of the company and its largest individual shareholder.
He now owns
448,636 shares, or about 26% of all the shares outstanding.
After the
proposed sale he will continue to be the owner of 348,636 shares, or just
above 20% of the company's outstanding stock.
The registration statement sets forth that at a recent meeting of the
directors Mr. Paley, who has been the active head of Columbia since a
year after its organization in 1927, entered into a new contract w ith Colum¬
bia to continue as its President for a new five-year term commencing
It is
a
sale by William S. Paley of a relatively
large holdings in Columbia stock.
Jan. 1. 1941.
The purpose of the
proposed sale of 100,000 shares of his holdings of
him to diversify part of his
is to enable
large personal holdings in this one company.
Columbia stock, Mr. Paley states,
The
Consolidated Balance Sheet Dec. 31
1939
c
Broadcasting
Statement Filed—W. S. Paley to
pany.
on
caused by the death of Charles D.
a
capital assets
Total earned surplus..
Miscell. adjustments.__
iscell. adjustments
70,898,177 74,867,801
Total
depreciation of $20,695,782 in
b Represented by 1,999,970 shares \,no par),
stock at $100 per share in 1939 (15,098 shares in
James Lee Loomis has been elected a director
.
1,439,668
1,363,456
1,198,539
3,623,392
524,105
3,400,937
Palmolive Bldg
4,449,558
4,631,602
2,287,500
a Plant and equip.19,553,153
20,190,082 Palmolive Bldg. 4's 2,212,500
G'dwlll, pats., &c.
1
1 Def. liab. & res've 3,606,092 4,127,728
Minority interest- 1,123,524
1,145,807
Earned surplus
12,668,825
9,634,376
c Treasury stock Dr2,259,388 Dr 1974,388
deferred
Invest. & advances
Crz540,551
for red.
invent, to market
%
pref. stk.16,819,700 24,819,700
24,999,625
Common stock.24,999,625
Prov. for U. S. & Canada
Prov. for Fed. surtax
Other charges (net)
1938
%
1938
1939
A
on
Warner
$1.40
Nil
$1.77
$2.74
stock
The estate of the late Henry L. Doherty, former President of the com¬
pany, was named defendant Feb. 19 in Supreme Court in a stockholders'
suit to recover over $10,000,000 in alleged secret profits and commissions
Income
$6,136,791
192,085
2,500,000
Federal surtax
Netprofit
inc.'taxes, &c.
Cities Service
Spec.
1936
$99,991,355 $89,631,402
and
1937
1938
1939
1940
Includes $72,160 transferred from contingent reserves
made
$101,935,439 $99,452,741
inv. adj.
exp.
Other deductions, net..
Federal <fe foreign inc. tax
Cincinnati Street Ry.—Earnings—
losses.—V. 150,
Cost,
255,000
stk. (par $10)
Month of January—
Net inc .after int. ,deprec.
x
Consolidated Income Account for Calendar Years
1939
1938
1937
Net sales
14.250
—V. 149, p. 1909.
& Fed.
for 1939, subject to the completion
to $6,632,654 as compared with $4,921,921 for
The 1939 profits, the highest since 1931, equaled
share of common stock after provision for preferred dividends.
amounted
sales
Guymon Invest. Co.
shs
of the nanual
1938,
$2.74
a
This
compares with $1.77 earnings per common share in 1938.
Dividends of
$1 a share of common stock were paid during 1939, consisting of regular
quarterly payments of 12He., plus an extra dividend of 50c.
Earned surplus at Dec. 31, 1939, amounted to $12,668,825, an increase
of $3,034,450 for the year.
Current assets of $44,747,708, including $14,865,604 cash and marketable securities, exceeded current liabilities by
$33,020,410.
!
The company's profits
837
Interest
Adjust, of
were
ries which were included in previous years.
$0.29
Operating profit
Other income
1939
Mr. Little said.
1938
$2,863,693
2,714,010
GMos.End.Dec.31-,
1939
Grossearnings
$5,195,872
4,759,395
Costs and expenses
Feb. 19 that the company's world¬
$101,935,438, the highest in the history of the
company.
This surpasses the previous high of $100,565,165 of 1929.
The
1939 sales do not include those of the German, Italian and Polish subsidia¬
for
wide sales
audit,
Co.—Earnings—
History—Earnings $2.74 a Share—
Little, President announced
E. II.
.
.
registration statement also sets forth that
of the stock proposed to
A stock and 80,000 shares of class B stock.
shares of class A stock and 758,924 shares
of class B stock.
The stock is listed on the New York Stock Exchange.
Ail rights of the two classes of stock are the same except in electing directors.
Holders of class A stock, voting separately, have the right to vote cumu¬
latively for the election of one-half of the total number of directors, and
holders of class B stock, voting separately, have the right to vote by a
majority of a quorum of class B stock for the election of the other one-half
be sold, 20,000 shares are class
There are outstanding 950,799
of
the
directors.
....
100,000 shares of stock covered by the registra¬
by a banking group consisting
of Harriman Ripley & Co., Lehman Brothers, Glore, Forgan & Co. and.
W. E. Hutton & Co.
The offering price has not yet been announced, but
it is expected to be at the market.
In addition to bringing up to date information about the company already
filed with the Securities and Exchange Commission and published from
time to time in the company's reports to its stockholders, the registration
statement gives audited consolidated operating results for the year 1939.
Net Income for 1939 was $5,001,529, or $2.93 per share, as against net
income of $3,541,741 in 1938. or $2.07 per share.
Dividends paid on
It is proposed that the
tion statement will be offered to the public
t
Vol'ime
ISO
The Commercial & Financial Chronicle
both classes of stock in
1939 amounted to $1.50
per share.
A dividend of
45 cents per share has been
declared for the first quarter of
1940.
It is stated that the
number of stations now
comprising the Columbia
network has increased in the
last five years from 99 to
119, comprising 114
in|continental United States, two in
Canada, two in Hawaii and one in
„Rico-
Paul
and
It
operating.—V. 148,
150, p. 989.
Baltimore (&
(inter¬
151,135,000
company sales deducted) for the week ended Feb.
17, 1940 was
hours compared with
138,649,000 kilowatt hours in the corre¬
sponding period last year, an increase of
9.0%.
The following are the
output and percentage comparisons for the last
four
weeks and the
corresponding periods last
Feb.
3
Jan.
27
—V.
150,
p.
Miscell. oper.
Operating
9.0%
10.6%
11.3%
10.6%
Depreciation.
Gross oper.
138,649,000
143,483,000
143,292,000
147,929,000
1133.
Total income
1938
Federal taxes, &c. (est.).
Net
income
Shares
com.
173,623
292,760
.
$3,500,965
487,149
'
488,886
$333,189
$2,524,930
2,486,000
932.250
1,243,000
$1.70
$1.02
$258,819
1,243,000
$2.03
1938
$
$
Assets—
Fixed assets
1,243,000
$2.05
Treasury stock..
U. S. Govt. &
1939
11,159,749 13,078,186
3,632,263
3,830,751
1,368,486
1,368,486
Cash
c
mu¬
nicipal securities
Notes & accts. rec.
2,357,139
2,040,056
1,883,004
6,834,034
b Common stock.. 11,650,620
accrued charges.
2,523,584
2,712,115
2,762,160
$6,516,403
1,115,315
4,202,629
$6,394,688
1,115,315
4,202,629
$535,195
10,388,163
,198,459
12 ,488,826
$1,076,744
11,190,570
1,167,397
$4.06
1 ,167,397
1,167,397
$4.63
$4.52
$4.94
c
Corp
387,101
789,742
681,590
3,549,314
Earned surplus... 14,347,594 14,100,476
64,894
T.lnhlimeo
curr.
assets.
Other sec'd invest.
799,498
1
1,192,692
Pref. stk.
6,000,000
1,400,416
173,238
1,546,434
3,883,733
1,420,416
Accts.
180,970
Other
Special deposits.
Cash
Total
a
28,621,555 30,369,100'
Less
Total
28,621,555 30,369,100
180,000
180,000
1,420,416
835,704
90,689
822,087
Miscell.
1,960,305
54,534
50,792
Hydro
1,772,994
146,747
186,315
192,475
Deferred charges
1,132,569
165,847
3,068,224
a
construction
3 Months Ended Dec. 31—
Sales of electric energy (M. kw.
hours)
Sales of gas (M. cubic feet)
Sales of steam (M. pounds)
Sales of electric energy
;
Sales of gas.
Other operating revenue
Total operating revenues
Operating expenses
Depreciation
Taxes (incl. prov. for Federal income
tax)
*
WOperating income
Non-operating revenues.
Non-operating revenue deductions
$14,828,159 $13,07.5,181
Dr88,868
133,971
125,051
120,846
;
$14,614,240 $13,088,306
4,318,897
4,446,840
1.067,521
269,547
193,171
26,459
2I",555
$9,008,192
UnadJ. credits..
177,592
Surplus
11,686,543
Total
x
Consolidated
Net
of debt discount and
expense and miscellaneous deduc¬
tions, including write-off in 1939 of investments in New York
World's Fair
bands of $738,372.
c Charged to
surplus on the books of the companies,
d Held by the public, and share of net
income applicable to
minority interest
in common stock of
subsidiary companies.
3 Months Ended Dec. 31—
945,601
Other operating revenues
Total operating revenues.
$37,764,882 $36,705,318
19,336,706
20,042,297
3,708,500
3,089,962
7,491.264
7,096,698
Operating expenses
Depreciation
Taxes (incl. prov. for Federal income
tax)
income
$7,228,412
5,606,604
256,184
$6,476,361
4,966,140
113,972
Miscellaneous items
^
.$12,578,832 $11,328,529
2,677,822
2,677,822
584,070
137,228
long-term debt
(net)
115,325
•.
$9,201,615
$8,513,479
b Amortization of debt discount and
expense and miscellaneous deduc¬
including write-off in 1939 of investment in New York
World's
Fair bonds of $447,499.
c Charged to
surplus on the books of the com¬
P.
Continental Can
Syndicate—Promoter Guilty—
York
Ci(y pleaded
no
defense before Judge Charles V.
District Court at Boise to an indictment
charging
provisions of the Securities Act of 1933, mail
fraud
and conspiracy, in the sale of debentures of
Consolidated Mines
Cavanah in the U.
S.
violations of the fraud
a
1os8$3,000
651,051
667,284
Co., Inc. (& Subs.)—Earnings—
Consolidated Income Account for Calendar Years
{Incl.
1939
1938
Gross profit
..$19,198,029
Prov. for depr. & deplet.
3,545,601
Wholly-Owned Subs.)
1937.
1936
$17,170,789 $17,534,315 $18,121,974
3,332,026
3,041,099
2,810,336
5,448,666
4,888,075
4,536,297
4,854,746
348,999
1,308,466
234,080
222,710
Net operating income. $9,854,764
Divs. & int. rec. or accr.
$7,642,222
eral & admin. expenses
Prov. for doubtful notes
and accounts.
Co.'s
propor. of loss of
unconsol. sub. co. not
wholly-owned—
119,959
& invest., &c_
on sees.
848,492
Total income
$10,703,255
Int. & exch. pd. or accr.
98,811
lYovision for taxes
1,519,193
for
exchange
conversion of net
rent
on
1,722,838 $10,114,221
1,252,537
812,268
607,624
$8,894,759 $10,535,107 $10,721,846
145,005
173,274
66,929
1,647,780
bl,448,306 bl,616,128
cur¬
of foreign
assets
subsidiaries
449,464
Net income.
$8,635,787
$7,101,973
$8,913,526
$9,038,787
900,000
900,000
5,707,108
cl92,500
8,560,512
8,970,608
Divs.
declared
$4.50
on
pref. stock
Surplus
Shares
$494,865
$160,514
$68,179
2,853.971
2,853.971
2,853,971
$2.71
2,853.971
$2.17
out¬
b Including
$1,000 surtax on
accrued to date of sale of stock.
Consolidated
Other
S
bldgs. 54,994,905
2,174,080
55,452,680
2,282,900
in v.,
sec.
$3.06
profits,
b Common stock
$4.50
stock
4,993,768
Inventories
Notes
&
6,818,860
30,787,112
26,892,219
19,824,619
12,320,544
23,702,904
payable.
Accrued
wages,
taxes
$
1938
$
57,079,420
57,079,420
20,000,000
225,000
2,972,011
225,000
2,302,241
pref.
Pref. divs. pay.
_
amount
20,000,000
cum.
Accts.
& accts. rec.
$3.17
Less
1939
Liabilities—
other invest .&
notes
c
31
1938
$
Secur. invest'ts.
undistributed
Balance Sheet Dec.
1939
Assets—
Rl. est.,
:
$2,028,609
stock
com.
standing ($20 par)...
Earned per share
&c
2 805 444
2 785 674
Other reserves..
accts.
Accr. int. & disc.
7,028,546
23,763
1 380 589
18,756,452
19,255,175
Capital surplus. 20,299,839
20,299,839
76,706
341,526
c4 006 835
Earned surplus.
331,496
741,629
Deps. with mut'l
insurance cos.
Prepd. insur.,&c
Total
Mines
The Department of Justice and the Securities and
Exchange Commission
Feb. 14 reported that Frank E. Johnesse of
Boise, Idaho, and Louis
New
$3,432
574,272
684,682
1133.
Consolidated
Payne of
loss$ 1,404
494,968
&c
expenses,
Cash...
Net income
on
1939—6 Mos.—1938
$1,675
—V. 149, p. 3257.
receivable
tions,
pany.—V. 150,
(& Subs.)—Earnings
1939—3 Mos.—1938
only
co.
mtges.,
b Other interest
c
172,043,112 165,093,28
Railroads of Cuba
after expenses, &c
loss after
a
on
Total
shares.—Y. 150, p. 1133.
1938
901,699
8,680,996
8,874,949
$27,254,686 $26,427,174
8,988,373
8,925.924
1,521,823
1,352,220
energy
Sales of gas.
Interest
of
no par
Combined net
cum.
1939
Operating income.
Non-operating revenues
Non-operating revenue deductions
165,093,2801
297,502
10,388,163
Common dividends—5,707,178
of Company Only
Sales of electric energy
(M.kw.hours)
Sales of gas (M. cubic feet)..
Gross
profit
Prov.
b Amortization
Sales of electric
172,043,112
Represented by 1,167,397
Period End. Dec. 31—
$8,350,919
cos
Net income
Income Statement
142,805
Selling, advertising, gen¬
$66,649,211 $64,143,693
30,824,202
31,799,140
6,783,236
5,983,605
14,213,614
13,285,767
...
Gross income...
Interest on long-term debt
b Other interest
c Miscellaneous items
(net)
d Dividends on preferred stocks of
sub.
1938
1,684,815
1,56.3,045
10,548,168
10,242,056
3,097,828
2,682,969
$52,227,052 $49,940,225
10,788,438
10,666,300
2,960,363
2,756,092
673,358
781,076
Sales of steam
l
(& Subs.)
1939
.
debt
"
dividend of 25 cents per share on the $2
April 1 to holders of record March 15.
27, Oct. 2, July 1 and April 1, 1939 and on
Consolidated Edison Co. of New
York, Inc.
reserves
equaliz'n
Custs. advs. for
on
cumulative preferred stock, payable
A like amount was paid on Dec.
Dec. 27, Oct. 10, July 1 and Aprli
1, 1938, and a dividend of 50 cents was
paid on Dec. 27, 1937, this last being the first dividend
paid since Dec. 26,
1936, when $1 per share 2as distributed.—V.
149, p. 3552, 3405.
or
Unamort. prem.
Industries, Inc.—Accumulated Div.
The directors have declared
accounts
1,400,416
b
Consolidated Film
32,650
2,000,731
1,202,404
2,082,841
15,649,656
payable.
doubtful assets
Contrib. for exts
$12,633,923 in 1939 and $12,844,892 in
1,390,000 shares of no par value, which includes 147,000 shares
acquired and held in treasury,
c See b above.—V. 150, p. 125.
1938.
19,181
2,254,457
curr.
Res. for slow
193,000
for depreciation of
reserve
67,183,500
cap.
Res. for doubtful
I
5,565,684
Misc. cur. assets
22,306,300
1,954,334
liab.
1,962,994
Deprec. reserves 17,404,571
1,660,470
3,576,938
5,548,413
2,218,140
3,228,399
57,690
61,135
50,802
Prepayments
62,312
on
stock
Accts. and notes
receivable
39,414,812
ser. B
22,292,100
Long-term debt. 70,171,000
Acer, liabilities.
(contra)
Material &supp.
1
66,933
$
1,319,809
x
Premium
Temp, cash lnv.
801,196
G'dwill & tr.-mks.
Deferred debits...
1938
$
Common stock 39,414,812
Pref. stk. ser. A
6,000,000
....
assets
1939
e
140,553,214'
Slow & doubtful
Int. & divs. rec.
497,659
I
Har. Wat. Pr.
11,650,620
1,335,940
1938
Sinking fund
Other
401,905
$5,853,139
1,115,315
4,202,629
1,196,510
1,192,692
Miscell. invest..
6,766,078
77,161
Inventories
$
Accts. payable and
Reserves
$9,156,848
out¬
Utility plant...144,352,941
1938
$
Taxes accrued
2,800,426
$9,228,518
1939
Oth. phys. prop.
Invest,
in Safe
Liabilities—
$8,376,724
1,167,397
stock
standing (no par)
Earnings per share
Consolidated Balance Sheet Dec. 31
1939
a
com.
A oop/o
1,243,000
$8,754,943
Consolidated Balance Sheet Dec. 1
$38,930
stock out¬
$8,670,732
557,785
$1,561,079
11,686,543
Surplus, Dec. 31
Profit and loss surplus..
Shares
$7,656,093
720,631
2,488,781
Common dividends
$2,548,689
2,289,870
Exclusive of shares held in
treasury.
x
1936
9,114,298
775,087
310,057
$6,805,831
1,042,123
4,202,629
Preferred dividends
$3,573,154
487,783
536,681
$1,265,439
standing (no par)
Earns, per sh. on com..
1937
9,009,518
760,360
,294,612
Net income.
380,525
$2,053,727
521,288
267,000
$2,111,618
1,864,500
Balance, surplus
1938
8,823,151
749,080
$8,637,007
657,605
rev..
charges
1936
$3,192,628
$247,118
..
Common dividends
x
1937
$3,208,205
of
revenue..$36,584,939 $34,557,028 $34,735,495 $33,109,098
19,234,132
18,574,199
18,098,774
17,598,527
3,387,776
3,345,257
2,859,407
2,487,146
5,326,024
4,981,479
5,106,581
4,268,481
Net revenue
Fixed charges and other
$1,880,104
$3,154,143
534,025
508,500
1939
9,004,241
786,946
Net oper. revenue
Consolidated Income Account for Calendar Years
Depreciation
Co.
expenses
Taxes.
Congoleum-Nairn, Inc. (& Subs.)—Earnings-
r
Power
revenues.
Miscell. non-oper.
1939
&
year:
Increase
Operating prof its.
$2,982,315
Add—Interest, royalties,
L
dividends, &c
171,828
Light
sales.$26,793,752 $24,984,797 $24,965,617 $22,909,655
—Kilowatt Hour Output1940
1939
*
Gas, Electric
Subs.)—Earnings—
Rev. from gas sales
Rev. from steam sales..
151,135,000
158,730,000
159,514,000
163,550,000
Week Ended—
Feb. 17
Feb. 10-..--..
company was allegedly
2264; V. 144, p. 3495.
Calendar Years—
Rev. from electric
group
kilowatt
p.
Consolidated
Commonwealth Edison
Co.—Weekly Output—
Co.
to the
as
made of the proceeds, the time and
money required to put the
property on a dividend-paying production basis, and the
amount of ore
blocked out and available in the
mines which the
Options Exercised—
Edison
securities, made false and fraudulent representations
be
to
use
Company reported that 7,059 class A shares were
purchased at $15 per
share under option
granted to various executives.—V.
the Commonwealth
Johnesse
President and General
Manager, Oakes Secretary and Treasurer
Payne underwriter, offered for sale during 1936 some
$84,000 of
three-year 8% first mortgage debentures and that the
defendants, in the
sale of the
was
Total
electricity output of
Oakes, died during the pendency of the indictment.
Johnesse
Payne were each fined $2,500.
was alleged in the
indictment that the company, of which
and
power of all stations increased from 527,700 watts
to 919,700 watts.
The number of 50,000-watt
stations (maximum power
at present
permitted) has increased from 7 to
15, with a sixteenth, that at
Washington, D. C., now under construction.
The
1275
L.
corporation engaged in mining activities in Idaho.
The third
Syndicate,
defendant.
After
126,145,000
123,327,9381
Total
126,145,000
123,327,938
for depletion and depreciation of
$25,405,685 in 1939 and
b $20 par value,
c Includes $2,603,963 reserve
for past service annuity premiums.—V. 150,
p. 1133.
a
reserve
$23,261,640
Crown
in
1938.
Drug Co,—Shares Retired—
The company announced the purchase of
6,000 shares of its 7% cumula¬
tive convertible preferred stock for retirement
purposes.
This stock had a
par value of $150,000 and was purchased for a price of
$97,375.
The Commercial &
1276
$52,625, and saves
interest
Inc.—Holdings in Cliffs
Shares,
Continental
Statistics of
Avge. net tons per rev.
train mile—-----
Corp.
Net rev. ton
Inc.
Mail
a
Passengers
new
Pass,
•
of Continental have
Preferred stockholders
Income Account
Merchandise freight
Passenger
also been notified by letter of
Express——
Milk.-— —
receive one share of stock
of Cliffs Corp. common for
685.
Rys.—Earnings—
Cuba Northern
deprec., &c.
679,488
$216,014
Total
$340,806
RR.—Earnings—
and
$313,430
$279,911
charges
$1,250,878
24,092
$1,298,480
$1,288,074
16,211
$1,257,636
358,328
$1,226,786
$1,275,641
—
Depreciation expense—
283,299
331,857
275,851
231,091
124,596
21,529
$1,271,863
309,586
287,889
204,071
122,531
21,127
121,326
123,986
x$81,345
3,933
Total oper. revenues..
Current maintenance-
115,287
165,223
operating loss
Net non-oper. income—
Net
$3,041,391
95,878
627,648
$5,833,897
135,280
340,276
$6,526,585
143,231
307,298
income.
,028,688
$2,509,621
$5,628,901
$6,362,518
Net ry. oper.
unfunded
from
Income from
x$85,279
92,249
$278,524
$6,971
12,863
1939 on
7,498
26,331
$7,378,541.; $3,797,586
$6,913,225
$7,646,473
7,083,255
415,237
220,440
92,717
7,083,270
7,083,866
494,829
7,085.031
171,293
33,356
175,592
28,061
33
26
59,168
16,674
54,180
16,510
52,684
13,937
53,987
14,019
$278,524
$19,834
$508,985
$3,954,954
$936,772
$132,847
Deductions—
roads
N. Y. pier rentals
Int. on funded debt
Int. on undunded debt—
Rent for leased
accruals
Miscell. income charge.
M iscel 1. tax
_
-
369,059
162,360
67,134
1938
422,597
34
31
Prepayments
Other def'd debits.
8,219
10,533
5,449
9,532
of
2,418,683
2,208,683
224,244
—
Notes sold
230,295
1,442
trustee
pension fund-
Adv'ces billing for
service.
Accts. pay.
& other
current liabilities
94,067
67,966
Acer. liab. not due
126,015
121,699
8,153
10,405
2,243,176
125,112
2,311,086
reserves
Deprec. reserve
Surplus
P.
15,486,813
prop.
220,782
Bonds..
Notes..
Advances
Other
—
-V. 148, P.
1026.
Terminal Co:—Earnings—
1939—Month—1938
$270,637
$272,437
Period End. Dec. 31—
Operating revenues
Oper. exps., incl. taxesProp. retire, res. approp
invest'ts:
583,636
609,136
Misc. accts. pay.
220,639
15,751,485
15,278,142
Divs.mat'dunpd
11,490
15,008
16,247
Unmat. Int. accr
69,337
281,961
18,858
60,157
3,590,391
Bonds
3,046,831
Notes..
Advances
Other
239,708
$489,307
186,063
$25,637
$312,845
1,292
1,917
16,334
$303,244
22,722
$27,729
23,515
1,959
-
Balance,
$27,554
$329,179
$325,966
23,515
282,180
24,928
282,914
25,453
$22 ,071
103 ,9C1
$17,599
$81,830
$86,302
1,960
$2,079
$2,255
—
pref. stock for the period.
—
deficit
-
103,901
accumulated and unpaid to Dec. 31, 1939, amounted to
$640,723.
Latest dividend amounting to $1.75 a share on 7% preferred
stock was paid on Nov. 1, 1933.
Dividends on this stock are cumulative.
—V. 149, p. 4172.
Dividends
Davenport Hosiery
The directors have
payable April 1 to holders of
with 75 cents paid on Dec. 27,
share on the com¬
record March 20.
last; 25 cents paid on Oct.
2,
paid on Dec. 27, 1938; 25 cents paid
cents paid on Dec. 21,1937, and divi¬
dends of 25 cents per share paid each three months from April 1, 1935, to
and including Oct. 1, 1937.
In addition, a dividend of 25 cents was paid
on Dec. 21, 1936.—V. 149, p. 4026.
July 1 and on April 1, 1939; 75 cents
on Oct. 1. July 1 and April 1,1938; 50
Dayton Power &
Light Co.—Bonds Called—
first and refunding mortgage bonds 3 H % series
been called for redemption on March 16 at 104 H and ac¬
crued interest.
Payment will be made at the Irving Trust Co. of New
York!—V. 150, p. 1134.
All of the outstanding
due 1960 have
Deisel-Wemmer Gilbert Corp.—Larger Dividend—
Directors have declared a dividend of 37 H cents per share on the com¬
mon stock, par $10, payable March 25 to holders of record March
15.
Previously regular quarterly dividends of 25 cents per share were distri¬
buted.
In addition, an extra dividend of 25 cents was paid on Dec. 28.
1939—V.
149,
p.
3870.
Dennison Mfg.
Co.—To Pay $3 Preferred Dividend—
Directors have declared a
dividend of $3 per share on the
$6 prior pref.
stock, payable April 1 to holders of record March 20.
The prior preferred stock was issued under the recapitalization plan made
effective last year and this is the initial dividend on the stock.
The issue
is entiled to $6 a share annually, cumulative to the extent earned up to the
full $6 per share, until Dec. 31, 1940, after which dividends will be cumula¬
tive up to $3 a share whether earned or not and cumulative for an additional
$3 a share to the extent of earnings in any fiscal year.—V. 150, p. 992.
1,002,134
7,901
4,945
Deferred assets.
329,442
331,209
Unadjust. deb—
795,852
792,679
Oth. curr. assets
.214,376,444 214,550,440
Total
-V. 150, P.
1,788,780
accr.
1,796,945
215,257
171,161
14,240.581
2,957,318
Tax liability
982,532
Ins., &c., res'ves
Accr'd deprec'n
42,636,065
equipment- —
1,563.202
Oth. unad]. cred
13,377,596
3,452,235
998,498
Unma. rts
Deferred liabII..
Add'ns to
41,558,892
2,094,176
prop.
6,256,278
6,360,171
417,048
Approp. surplus
Profit and loss— 47,124,327
48,428,442
thru inc. &sur
Total
417,048
214,376,444 214,550,440
837.
Derby Gas & Electric
The Securities
and Exchange
Corp. (Del.)—Merger, &c.—
public
58-50) filed under
proposed plan for the
Commission has announced that a
hearing has been set for Feb. 28 on the application (File
the Holding Company Act in connection with a
liquidation of Derby Gas & Electric Corp. (Del.)
merger
two subsidiaries, The Derby Gas & Electric Co. and
Gas Light Co. (two Connecticut corporations) into a new
corporation, The Derby Gas & Electric Corp. of Conn.
and the
of its
The Wallingford
Connecticut
The following
is a brief summary
of the nlan:
Electric Corp. (Del.) is an intermediate holding company
& Light Corp.
The trustee of the estate of Utilities
holds all of the 50,000 outstanding shares of common
stock of the Derby Gas & Electric Corp. (Del.) and, through a wholly
owned subsidiary, controls 3,064 shares of its $7 pref. and 93 shares of
its $6.50 pref. stock.
In addition, the trustee of the estate of Utilities
Power & Light Corp. holds an open-account indebtedness of Derby Gas
& Electric Corp. (Del.) in the amount of $5,000,000, bearing interest at
5% per annum.
It is stated that 16,936 shares of such $7 oref. and 1,407
shares of such $6.50 pref. shares are outstanding with the public.
The assets of Derby Gas & Electric Corp. (Del.) consist principally
of the entire outstanding no oar value capital stocks of The Derby Gas
& Electric Co. and The Wallingford Gas Light Co. in the amounts of
105,000 shares and 6,000 shares common, respectively.
At Dec. 31, 1939,
Derby Gas & Electric Corp. also had cash in the amount of $44,786 and
loans receivable from its two subsidiaries in principal amounts aggregating
Derby Gas &
of the Utilities Power
Mills, Inc.—To Pay 25-Cent Div.—
declared a dividend of 25 cents per
stock, no par value,
This compares
826",954
2,321,331
186.063
$26,437
income.
854,890
wages
Other curr. liab.
849
495,384
238,323
_
Divs. applic. to
Loans & bills rec
1,818,666
$498,908
569,426
2,694,683
630,184
$41,142
15,505
950,000
699,910
bal. pay.
3,199,498
1,028,407
1,873,968
32,084
922,897
950,000
car
payable
& conductors.
$41,942
15,505
Net oper. revenues.
and
Traffic
Audited accts. &
Mat'ls & suppl's
2,351,607
to affil. cos
Loans & bills pay
2,158,421
11,937,048
2,159,024
11,958,971
$3,050,346
202,394
28,901
196,611
RFC loan
serv.
ceiver, agents
$3,088,838
3,677,000
2,000,000
Non-negot. debt
Misc. accts. rec.
1939—12 Mos.—1938
3,287,000
2,000,000
1,002,228
Equip, tr. obllg.
Net balances re¬
Dallas Ry. &
70,720
216,535
.
9,493,727
3,362,854
5,235,481
3.218,958
Miscellaneous
$7,134,210 $7,039,551
Total
70,720
of
construction
2,449,149
Traffic, &c., bal.
...$7,134,210 $7,039,551
84.441,200
234,867
stock
Grants in aid
9,494,449
3,391,731
5,235,481
3,216,417
Stocks
84,441,200
Premium on cap.
2,378,380
Inv. Inaffil.cos.:
Cash
Total-.--
15,696,107
stock.
Common
$
$
Liabilities—
Miscell. physical
property
1938
1939
$
Impts. on leased
Stocks
Deferred credits &
miscell.
Invest.
Dec. 31
1938
$
in road.. 55,728,176 55,056,299
In equip. 79,864,987 81,120,068
railway
27,566
Co
3,369
Accts. receivable..
Notes receivable..
$1,867,192 $1,867,192
North¬
western Bell Tel.
from
Adv.
.15,016
31,732
11,440
69,111
4,691
115,879
Working funds
Material & suppl's
1939
Invest,
1938
1939
Common stock
$6,773,330
13,469
Sheet Dec. 31
Liabilities—
52,037
11,285
97,864
4,691
128,016
,
General Balance Sheet
Bell Telephone Co. no interest
advances from that company, x Indicates
Miscellaneous phys
property
Net deficit—
Assets—
1939
Assets—
mon
7,498
33,582
of road—
Miscellaneous rents
$160,258
$86,780
Telephone plant..$6,798,093
10,002
Other Investments.
a
7,498
34,377
sinking and
other reserve funds
Inc. from lease
20,554
192,254
138,805
552,599
7,498
32,223
Dividend income.
Income from fund, secur.
Miscellaneous income—
Gross income
$179,997
98,527
Comparative Balance
Net
3,607
208,231
128,496
484,857
276,458
148,480
Misc. non-op. phys. prop
with Northwestern
Under agreement
was payable for the year
profit.
a
291,862
50,015
6,447
206,922
130,957
531,959
331,217
35,741
70,557
203,701
142,383
572,322
285,716
35,453
pref.stk.(6M%)
Balance, deficit
Cash
$6,778,930
88,657
838,899
securities & accounts.
$160,258
$86,780
Net loss
income
equip.—Dr. bal.
Hire of
Income
$48,524
111,734
$77,677
a9,103
fixed chgs.
deductions
$39,279,811 $39,184,541
10,895,192 10,543,575
5,061,295
4,016,990
Non-oper. Income—
$181,061
1,063
1,307
Loss before
a
$50,358
1,834
23,323
Taxes
Divs.on
131,725
160,494
$78,985
Commercial expenses—
Operating rents—
Gen. and miscell. exps..
Crl29,063
5,124,180
accruals
Miscell. rent income
512,962
287,027
224,968
131,433
25,808
126,361
148,142
254,187
136,973
Traffic expenses
Interest
22,839
4,007,178
4,194,758
9,058,746
9,273,366
1,390,890
1,379,607
22,971,684 22,167,490
291,299
265,612
1,691,187
2,020,183
Crl31,174 Crll6,474
Operating income---.
$1,267,681
10,044
Total.--
Uncollec. oper. revenues
$50,175,004 $49,728,116
3,104,567
8,178,168
1,366,098
21,815,464
269,217
1.418,459
Joint facility rent
1936
$751,204
504,691
32,178
2,092.963
1,204,201
5,140,501
Railway tax
1937
$760,921
496,350
41,209
$780,587
446J43
40,950
1,214,089
$38,535,007 $36,022,909
oper— 11,919,431
8,165,571
expenses
Net revenue from
1938
$765,038
443,801
42,038
1939
2,048,584
6,997,709
$50,454,438 $44,188,481
—
Total
$351,015
Co.—Earnings—
Central Telephone
Calendar Years—
Local service revenues.Toll service revenues
Miscellaneous revenues.
854,390
605,518
983,674
3,318,597
Maint,
9,392,781
Traffic expenses
1,336,231
Transportation expenses 22,762,39.5
Miscellaneous operation.
279,165
General expenses-1,548,105
Transp, for investmentCrl02,267
3258.
Dakota
870,089
533,679
965,824
2,162,339
1,256,246
6,730,875
864,802
406,425
898,401
& struc—
of equipment.—
$313,284
$312,301
1936
$10,419,506
26,570,157
Expenses—
1939—6 Mos.—1938
1939—3 Mos.—1938
31—
Net loss after taxes
1938
1937
$9,741,750 $10,660,226
26,644,938
22,283,553
7,081,660
$11,696,783
26,639,361
6,649,041
875,815
534,779
789,072
2,096,905
1,172,681
Maint. of way
3258.
Period End. Dec.
—V. 149, p.
Incidental revenue
1,222,935
$261,466
Net loss
-V. 149, p.
Cuba
1,268,248
609,907
—-
Int., taxes,
Other re venue
1939—6 Mos.—1938
$927,443
$909,651
M08,
$463,475
$348,441
31—
Period End. Dec.
Gross revenue
-----
75.099
21.307,721
3083998,222
1.15c.
1.20c.
21,401,094 21,364,678
471,774,360 464,569.825
1.50c.
1.51c.
Years Ended Dec. 31
1939
Revenues—
Coal
Wachner, Ohio receiver, that they will
of Liquidating Shares, Inc., and % of a share
each share of Continental preferred.—V. 150, p.
Charles 8.
1.56c.
1.57c.
mile—
Rate per pass, per
a
1.20c.
20,337.138 20,509,324
mile...424,827,452 431,664,139
carried
carried one
1936
1937
774.87
782.59
18.273,693 22,064,257
2677268,440 3243578,291
831.87
carried (tons).. 21,236,188
miles
3239690 679
Avge. rev. per ton mile._
1.18c.
Rev. frt.
formerly
held
Liquidating Shares, Inc.,
corporation organized under court order to take over substantially
all the assets formerly belonging to Continental Shreas, Inc.
Holders of common or founders' shares of Continental Shares have been
notified by letter of F. A. Scott, President of Liquidating Shares, that they
will receive one share of stock of the nwe company for each 200 common or
founders' shares of Continental Shares, Inc. In addition, letter states there
will be
partial liquidating distribution consisting of % of a share of Cliffs
Corp., common stock for each share of stock issued by Liquidating Shares,
common stock
151,123 shares of Cliffs Corp.,
by Continental Shares, Inc., was begun by
Years
Operation for Calendar
1938
1939
Distributed—
Distribution of
RR.—Report—
Delaware^Lackawanna & Western
its capital surplus ac¬
of $10,500 a year In
will permit the company to add to
the company an amount
carrying charge.—V. 150, p. 991.
This purchase
count
1940
24,
Feb.
Financial Chronicle
Power &
Light Corp.
$113,281.
It is proposed that Derby Gas & Electric Corp. (Del.)
to The Derby Gas & Electric Corp. of Conn, the following:
shares of capital stock of The Derby Gas & Electric Co. and The
Gas Light Co.; the loans receivable in the aggregate amount
will transfer
All of the
Wallingford
of $113,281;
and $200,000 in cash payable out of the proceeds of the sale of bonds of
The Derby Gas & Electric Corp. of Conn.
It is also prooosed that The
Derby Gas & Electric Co. and The Wallingford Gas Light Co. will be
merged into The Derby Gas & Electric Corp. of Conn.
Derby Gas & Electric Corp. of Conn, will issue to
Corp. (Del.) $3,250,000 of its
1st mtge.
(or pay the proceeds of the sale of such
Corp.) and not more than 200,000 shares of its common
all expenses
incurred by reason
Derby Gas & Electric
sinking fund 30-year bonds
bonds to Derby Gas & Electric
stock. In addition,
of the plan are to be borne by the new
company.
Derby Gas & Electric Corp. (Del.) will
sale of the bonds, and such number of shares
apply the proceeds from the
of the common stock as may
Volume
The Commercial & Financial Chronicle
ISO
be necessary,
to pay and discharge all its liabilities, including the openindebtedness to Utilities Power & Light
Corp.
Derby Gas &
account
Electric Corp.
(Del.) will then be dissolved and such assets as remain will
be distributed to holders of the
$7 pref. and $6.50 pref. stock, upon surrender
or the certificates of stock
now
held by them.
It is proposed that no
distribution of assets will be made on account
of the common stock of
Derby Gas &
Electric Corp.
(Del.) held by the trustee of the estate of
but such stock will be canceled.—V. 150,
P°wer & Light Corp.,
P. 837.
Detroit Edison Co. (&
1940
utility operations
Utlity
a
1939
$60,052,465 $55,136,436
expenses.
44,311.117
Income from utility operations
Other miscellaneous income
40,939,772
$15,741,347 $14,196,664
77,833
Dr27,142
Gross corporate income
Interest on funded and unfunded debt.
Interest charged to construction
$15,819,180 $14,169,522
5,780,223
5,843,917
Cr76,457
Crl65,856
343,058
272,788
Amortization of debt discount and expense
Net income..
$9,772,355
992.
p.
paid on Dec. 15, last and
V. 149, p. 3555.
Fairbanks,
Reported—
Duncan Electric Mfg. Co.—35-Cent Dividend—
Directors have declared a dividend of 35 cents
per share on the common
stock, payable Feb. 24 to holders of record Feb. 14.
Dividend of 25 cents
was paid on Nov.
12, last, and one of 20 cents was paid on Sept. 11, 1939.
—V. 148, p. 878.
(E. I.) du Pont de Nemours & Co.:—Larger Interim Div.
on Feb. 19 declared an interim dividend of $1.75
per share
stock, payable March 14 to holders of record Feb. 26.
This
compares with a year-end dividend of $3.25 paid on Dec. 14 last; $1.25 on
Sept. 14, June 14 and March 14, 1939; $1.50 on Dec. 14, 1938; 75 cents on
dividend of five cents per share on the common
stock, payable March 1 to holders of record Feb. 15.
Last previous divi¬
dend amounted to 15 cents
per share and was paid on Sept. 30, 1937.
—V. 145, p. 2072.
developed by the Detroit Macoid Corp.
Reeds for the
furniture are made in all colors, including a crystal clear material.
It is
expected to have other uses in radio grilles, decorative panels, and in cane
new process
The finished material
finished
material
be made by the some equipment used to make
acetate materials.
The cost will be
can
for
cellulose
about the same.—V. 149, p. 3259.
Ebasco
XtlCTCdSC
Operating Subs, of—
1940
1939
Amount
American Power & Light Co. 121,136,000107,335,000 13,801,000
Electric Power & Light Corp. 59,817,000 54,470,000
5,347,000
National Power & Light Co. 76,312,000 83,494,000 x7,182,000
Indicates decrease.
The above figures do not
include the system inputs of
appearing in both periods.—V. 150, p. 1134.
Earnings
per
1,237,500
—V.
12.9
9.8
x8.6
companies
any
1926
share, is significant in the light of the tax
$1,167,633 or $1.95 a share, exclusive
.
notwithstanding the retirement during the year of $650,000
debentures, $500,000 of which were over and above the requirements of
sinking fund.
Moreover, serial bank loans were reduced $200,000, of
the
which $125,000 were retired in advance of
maturity.
The total depreciation
charged against this year's profits amounted to
$769,990 as compared with $642,949 charged against the
profits of the
previous year.
The net profits for 1938 were $558,539.—V. 150, p. 687.
Fairchild Engine & Airplane Corp.—Stock Called—
Corporation is calling for redemption on March 19, 1940, at $107.50 per
share, all of its outstanding convertible $6 preferred stock.
Payment of
the redemption price will be made on or after that date
at the offices of
United States Corporation Co., agent, 150
Broadway, New York City, or
15 Exchange Place, Jersey
City, N. J.—V. 150, p. 1135.
Eirst Bank Stock Corp.—Dividend Increased—
Directors have declared a dividend of 30 cents
per share on the common
stock payable April 1 to holders of record March 15.
Dividends of 25 cents
per share were distributed on Oct. 2 and on
April 1, 1939.—V. 150,
1135.
p.
Florida Power Corp. (& Subs.)—Earnings—
Years Ended Dec. 31—
Operating
Operating
xl939
revenue
$3,762,890
1,515,302
260
260,376
301,898
1938
296,168
$1,112,157
400,000
$681,721
222,125
$442,613
222,125
$459,596
Provision for retirements.
Federal income taxes.
$1,040,582
71,575
$1,330,909
400,000
107,549
36,078
108,527
Cr2,966
Maintenance
$3,413,861
1,521,956
196,537
317,508
51,500
285,778
$1,276,755
54,154
expenses---
$220,488
112,390
Other income (net).
on
first mortgage bonds
Interest
on
other
long-term debt
Other interest
Amortization of debt discount and expense.
Interest charged to construction
Dividends
preferred stocks.
on
Balance
x
Preliminary.
Florida Public Service
Co.—Earnings—
Years Ended Dec. 31—
Total operating revenues
xl939
1939—12 Mos.—1938
$545,468
$527,782
$2,276,569
1,056.830
160,062
182,834
194,878
$659,946
22,538
$681,965
25,233
Interest
$682,484
239,868
$707,198
on
Interest
on
-
-
Provision for retirements
Provision for taxes
-
first mortgage bonds.
5% serial debentures-
$1,658,468
Interest charged to construction.
$0.43
$1.34
$1.65
Balance
Before interest
company,
$2,040,922
$0.44
145,000
26,799
Cr822
Other interest
x
$271,639
on
convertible income
Preliminary.—V. 149,
p.
150, p. 933.
Empire Power Corp.—Accumulated Dividend—
The directors have declared
a
dividend of 50 cents per share on the $2.25
Fonda Johnstown & Gloversville
cumulative participating stock, no par value, payable March 11 to holders
of record March 1.
Like amount was paid on Dec. 11 last; dividend of
25 cents was paid on Nov. 11, last; dividends of 50 cents were paid on Sept.
11, June 10 and March 10, 1939; 25 cents on Dec. 10 and Nov. 10, 1938;
on Sept. 10, June 10 and March 10, 1938; 75 cents
paid on Dec. 15
and Nov. 10, 1937, and 50 cents paid on Sept.
15, June 15 and March 15,
1937—V. 149, p. 3260.
revenue
Cr 126
$293,128
debentures, owned by affiliated
RR.—Earnings—
Month of January—
Operating revenues
Railway operating expenses..
Net
240,000
150,000
24,196
2971.
on
shares
1938
$2,404,416
1,024,114
170,214
364,441
185,700
a
1939—3 Mos.—1938
119,567
38,361
113,383
Cf 1.768
-V. 149, p. 2971.
a
Corp.—Earnings—
share
com.
Since
Pet.
x
Electrolux
Profits
Other income.
Services, Inc.—Weekly Input—
Period End. Dec. 31—
Net profits after all chges
per
Operating expenses
Maintenance
For the week ended Feb. 15, 1940 the kilowatt-hour system input of the
operating companies which are subsidiaries of American Power & Light Co.,
Electric Power & Light Corp. and National Power & Light Co., as com¬
pared with the corresponding week during 1939, was as follows:
not
June 30, last.—
The report, in stressing the strong financial condition of the
company,
that the cash balance on Dec. 31, 1939
amounting to $3,577,006
was with one
exception the largest at the close of any year in the history of
the company,
seats for buses and railroad cars.
the
amounting to $4.12
Interest
Eastman Kodak Co.—New Product—
a
on
a
Tennessee Eastman Corp., subsidiary of Eastman Kodak, is introducing
a new plastic which it believes will
eventually take the place of cellulose
acetate, in a new use for plastics employing new technique.
The principal
use for cellulose acetate is for auto
accessories, such as steering wheels, &c.
The material is called cellulose acetate butyrate and is
superior to the
older acetate form in resistance to water, heat and sunlight.
Its initial use
is in woven reeds for outdoor furniture.
The reeds are formed or extruded
by
Co.—Largest
Other taxes
Eagle Fire Insurance Co.—Dividends Resumed—
Directors have declared
paid
states
common
Sept. 14, 1938; 50 cents on June 14 and March 14, 1938; $2 paid on Dec. 14,
1937; $1.50 on Sept. 15, 1937; $2 on June 15, 1937, and 75 cents per share
on March
15, 1937.—V. 150, p. 992.
&
was
payment for 1939 which amounted to
of sales taxes.
The directors
on
Morse
of $1
one
Net profits of $2,469,884 for 1939, an increase of over
300% over 1938
and the largest net earnings since
1926, are announced for company and
its subsidiaries in the annual
report of the company made public Feb. 19.
Col. Robert H. Morse, President and General
Manager, points out that
$8,218,672
Including all operating and maintenance charges, current appropria¬
(depreciation) reserve and accruals for all taxes.—V. 150,
a
tions to retirement
1277
was
the profit
Subs.)—Earnings—
12 Months Ended Jan. 31—
Gross earnings from
$2
1940
1939
$45,839
35,016
$10,823
2,702
Railway tax accruals
Railway operating income.
Net rents
$6,390
3,535
$8,121
from railway operations.
$40,580
$2,855
34,190
698
151
$7,423
$2,704
50 cents
Eureka Vacuum Cleaner
Years End. Dec. 31—
Net
sales..
Mfg., adm. & sell.
Depreciation
Loss
x
.
2,205,865
costs-
24,305
$329,030
11,121
_
Int. & other income
Total loss
$301,186
pf$17,949
7,376
10-723
$317,909
$290,463
pf$25,326
5,000
Federal taxes.
Other income
231
267
$7,65.3
1,307
$2,971
Miscellaneous deductions from income
1937
$3,847,313
3,799,600
29,763
1938
$2,162,492
2,437,206
26,471
railway operating income.
Income available for fixed charges
$6,346
$1,924
Total
Co.—Earnings—
1939
$1,901,140
_
Net
1936
$3,829,441
3,513,098
31,124
pf$285,218
13,111
pf $298,32 9
50,000
income
Rent for leased roads
150,
493
$6,395
p.
11,714
493
Net loss
550
11,673
Interest deductions
Other deductions
—V.
1,047
575
$10,832
688.
Foundation Plan,
Inc.—Promoters Sentenced—
The Department of Justice and the Securities and Exchange Commission
9 reported that Judge Vincent L. Liebell in U. S. District Court
for the Southern District of New York had passed sentence on Harry C.
Feb.
Net loss
$317,909
.
$290,463
pf$20,326
Dividends
pf $248,32 9
48,079
192,368
$27,753
sur$55,961
240,395
$1.03
Williams, former President of Foundation Plan,
Inc., James J.
Conner,
former Vice-President, Benjamin Blumenthal, former State Agent for the
Deficit
$317,909
Shs. cap. stk. outstand..
Earnings
per
$290,463
221,980
221,919
Nil
share.
240,395
Nil
$0.08
xLess other deductions.
Balance Sheet
Assets—
1939
Cash
Marketable
secure.
1938
$798,414
33,138
$594,378
39,033
474,356
Notes & acc'ts rec.
277,513
Inventories
407,498
5,142
620,581
2,186
25,159
627,138
Liabilities—
Acc'ts
1939
1938
payable for
purchase, &c
$107,524
80,186
$67,215
96,490
1,109,595
1,109,900
1,346
899,660
1,278
64,094
Misc. acc'ts & adv.
Other assets
b Real est.,
2,450
Res. for conting..
Cap. stock (par $5)
Capital surplus
Earned surplus
$11,337
87,178
the company, as a miscarriage of justice.
However, in view of Mr. Scott's
acquittal, the Court said it did not feel justified in requiring the other
defendants to serve prison sentences.
Consequently, all of the prison
sentences were suspended.
The defendants, it was charged, conspired to defraud the holders of
thrift plan certificates of Foundation Plan, Inc., and prospective investors
by means of misrepresentations and other fraudulent devices.
The in¬
dictment charged that the defendants represented that the costs involved
were merely nominal, when in fact the charges amounted to approximately
80% of the first year's monthly payments.
The defendants, it was charged.
made misleading statements to the effect that the plan was as safe and
secure as a savings bank with the additional feature that it paid a larger
return; that the money could be withdrawn at any time; and that the
plan, in all its particulars, was guaranteed by a bank.
These statements
were made misleading, the indictment charged, by the failure of the de¬
fendants to disclose the depletion of a substantial part of the account
$75,841
fees.—V. 150, p. 688.
1,386,479
equip..
&c
Prepd. ins.exp.,&c
Total
,
$2,198,311 $2,661,361
Total
.$2,198,311 $2,661,361
b After depreciation of $201,884 in 1939 and $263,248 in 1938.
-V. 149,
4174.
p.
Exchange Buffet Corp.—Earnings—
Period End.
charging conspiracy to violate the fraud and registration provisions of the
Securities Act of 1933.
Mr. Williams was given a sentence of one year
one day and fined $5,000; Mr. Tuttle's sentence was six months and
a fine of $1,000;
Mr. Blumenthal's sentence was six months and a fine
of $1,500; and Mr. Connor's sentence was six months.
The corporation,
for which a plea of guilty had also been entered, was fined $2,500.
The Court characterized the acquittal of Jerry Scott, Sales Manager for
and
31
841,310
47,282
Dec.
company in Massachusetts, and Kirk C.
Tuttle, former Secretary of
Foundation Plan, Inc., all of whom had pleaded guilty to an indictment
Jan. 31—
Gross profit.
1940—3 Mos.—1939
1940—9 Mos.—1939
$25,865
29,860
$24,950
29,040
loss$12,521
89,807
$3,996
Depreciation
$4,089
$102,327
of the certificate holders to meet undisclosed creation and administration
Net Joss
-V. 149,
p.3407.
(Peter) Fox Brewing Co.—Extra Dividend—
Fafnir Bearing Co.—Extra Dividend—
Directors have declared
an
extra dividend of 50 cents per
tion to the regular quarterly dividend of $1 per share on the common stock,
par
$25, both payable March 30 to holders of record March 22.
an extra dividend of 50 cents per share in ad¬
regular quarterly dividend of 25 cents per share on the common
1 to holders of record March 15.
Extra of 25
paid on June 30 and on April 1, 1939.—V. 150, p. 839.
Directors have declared
share in addi¬
Extra of
dition to the
stock, both payable April
cents was
The Commercial & Financial Chronicle
1278
Game well Co.—bO-Cent Common
share on the common
stock, payable March 15 to holders of record March 5.
This compares
■with 25 cents paid on Jan. 2 last and on Sept. 15, 1939, this latter being
the first dividend paid on the common shares since May 25, 1938, when a
similar amount was distributed.
Prior to then no dividends had been paid
for six years.—V. 149, p. 4029.
Corp., Bethlehem, Pa.—Report—
General Acceptance
pamphlet report for 1939 shows a substantial increase in
business volume, gross business for the year amounting to $5,254,522,
compared with $3,529,495 in 1938. an increase of $1,725,028, or approxi¬
annual
mately
Of 1939 volume, 95% represented automobile financing,
49%.
the remainder
being paper acquired from other companies and from in¬
dustrial financing.
Net income of the
corporation and its subsidiaries for the year totaled
$87,526, after all charges including
provision for losses and Federal and
After deducting earnings of $27,977 realized by com-
State income taxes.
$59,549, equal to $1.23
Eanies acquired in 1939 before theirper shareacquisition, consolidated and
date or on the class A common net
icome was
common
stock outstanding,
compared with 66 cents
a
share earned in 1938.
Earnings on the common stocks on a consolidated basis for the entire year
amounted to $1.66 per share.
Earned surplus at the end of 1939 was
$66,437 against $53,383 at the close of 1938.
Dec. 31, 1939 balance sheet of the corporation and subsidiaries shows
total assets of $2,611,434, including cash of $270,761 and total current
receivables of $2,230,287.
In his letter to stockholders. F. R. Wills, President, says: "While volume
of retail financing increased $263,029, earnings from this increased volume
were not fully reflected in the 1939 operations, as deferred income increased
$22,118.
Condition of our receivables shows about the same percentage
of delinquencies as in past years.
»
"On Feb. 20, 1939, the company acquired the Madison Finance Com¬
panies in Newark, Jersey City and Hackensack, N. J.
On Nov. 20, 32%
preferred and 75% or the common stock of Middletown Citizens
O., was acquired and all its assets transferred on
Dec. 31, 1939.
This acquisition will increase earning power of the com¬
pany and give a wider distribution of its outstanding receivables."—Y.
149, p. 3556.
of the
Finance Co., Middletown,
General Bronze Corp.—New
Exchange Plan—
letter dated Feb. 19, says:
As of Feb. 1, 1940, there had been deposited under the plan of exchange
offered to the 10-year 6% convertible debenture holders during August,
1939, less than one-third of the presently outstanding $1,390,500 debentures.
Communications received from many debenture nolders indicated that a
number were unwilling to accept the proposal in the form originally made,
but would be favorably disposed to an exchngae offer whereby the indenture
securing the proposed issue of debentures would contain provisions at least
equivalent to those provided by the present indenture.
Corporation de¬
termined, under the circumstances, to abandon the original plan of ex¬
change and to propose a nev plan embodying not only the suggestions so
made, but certain other features all of which the management believes will
W. P. Jacob, President, in a
advantageous to the debenture-holders.
principal respects in which the new plan of exchange differs from the
prove substantially more
The
original plan are as follows:
(a) The interest rate to be borne by the new debentures is to be 6%
(
instead of 5%*
lb) The new debentures are to have a conversion privilege, being con¬
vertible into common stock, on the basis of $5 per share up to May 1. 1941;
at $7.50 per share until May 1,1943, and at $10 per share until May 1,1950.
(c) The new debentures are to be entitled to the benefits of a sinking
fund equal annually to 25% of the consolidated net operating profit of the
corporation for the preceding year, which amount may be paid either in
or in principal amount of debentures on or before April 30 of each
year commencing with 1941.
There is no sinking fund provision in the
1939
1938
$15,118,063 $13,577,075
Years—
Calendar
x
Net income
y
Earnings per share
Securities and
$2.71
$1.75
On 5,251,440 no
Co.—Delisting—
General Household Utilities
The
1940
1937
1936
$9,207,295 $14,240,957
$2.50
$2.75
After all charges, expenses, provisions for taxes, &c. y
shares common stock.—V. 149, p. 2687.
1
x
par
24,
(& Subs.)—Earnings—
General Foods Corp.
Dividend—
W Directors have declared a dividend of 50 cents per
The
Feb.
Exchange Commission on Feb.
16 announced that
application of Chicago Stock Exchange to strike from listing and registra¬
tion the common stock (no par) of this company had been granted.
The
application stated, among other things, that the security was suspended
from trading on the Exchange on Jan. 27, 1939 and that the annual report
of the company for the year ended July 31, 1938 disclosed that the company
suspended operations on Oct. 21, 1937 and plans for resuming operations
and rehabilitation of the company failed to materialize.
It was further
stated that no financial statements had been submitted by the company
since the filing of its annual report for the year ended July 31, 1938.
The
Commission's order granting the application becomes effective at the close
of the trading session on Feb. 24, 1940.—V. 148, p. 731.
General Motors Corp.—Action
Federal court
A
Dismissed—
action
22 dismissed a $5,000,000 recovery
jury Feb.
brought against the corporation and
by Charles E. Kraus, an inventory,
its subsidiary, A. C. Spark Plug Co,
by returning a verdict in favor of the
defendants.
alleged breach of an agreement dated July 1,
Ignition Co., predecessor of A. C. Spark
Mr. Kraus royalties for use of so-called secret
process for making plastic materials used in the manufacture of spark
plug insulators.—V. 150, p. 1136.
I
The action was based upon
1919 under which the Champion
Plug, allegedly agreed to pay
General Printing Ink
Corp.—To Pay 10-Cent Div.—
dividend of 10 cents per share on the common
holders of record March 15.
This compares with
50 cents paid on Dec. 27 last; 10 cents paid on Oct. 1, July 1 and April 1
last; 20 cents paid on Dec. 28, 1938; dividends of 10 cents paid on Oct. 1,
July 1 and April 1, 1938, and previously quarterly dividends of 30 cents
per share were paid on these shares.—V. 149, p. 3716.
Directors have declared a
stock, payable April 1 to
General Refractories Co.—New Director—
D'OIier, President of Prudential Insurance Co. of America,
elected a director of this company.
He succeeds A. A. Corey Jr.—V.
Franklin
was
150, p. 995.
General Telephone
Corp.—Capital Change Approved—
Feb. 20 formally approved issuance
preferred stock of $50 par value and an
stock to 2,000,000 shares.
The new
preferred stock was sold to the public last week.
Holders of more than
77% of the corporation's common stock voted in favor of the capital changes.
Directors or the company also authorized the borrowing of $3,675,650
from the Bankers Trust Co. to finance the retirement of the corporation's
outstanding 73,513 shares of $3 preferred'stock. ^ A call was issued for
redemption of this stock on April 1 at $50 a share.
Stockholders at a special meeting held
of 135,000 shares of new $2.50 conv.
increase in the authorized common
Dividends—Capital Changes Voted—
Directors on Feb. 20 increased the
common
regular quarterly dividend rate on the
and declared an initial
stock from 25 cents to 30 cents per share
quarterly dividend of 62H cents on the new $2.50 preferred stock.
The
common dividend is payable March 15 to stockholders of record March 5
and the
March
preferred dividend is payable April 1 to stockholders of record
This action followed special stockholders' meetings at which
15.
cash
capital changes were approved.
Holders of more than 77 % of the corporation's common
securing the presently outstanding debentures.
id) The new indenture will not permit the issuance of new debtures in
excess of $973,350, the maximum principal amount that may be required
under the plan, whereas the indenture under the old plan would have
permitted, under the conditions there stated, the issuance of an additional
$1,000,000 principal amount debentures; and under the new plan there
are no provisions as there were under the old plan contemplating the modifi¬
cation of the new indenture to include provisions required or permitted by
the Trust Indenture Act of 1939.
shares,
indenture
.
The
deposit agreement continues the right of any depositor, at any
the effective date of the plan, to withdraw his debentures with¬
out any cost to him.
Because of this right of withdrawal the election, at the
time or depositing, of either offer "A" or "B" does not prevent the depositor
from changing, by the process of withdrawal and redeposit, to the alternate
new
time prior to
of the plan.
is made necessary by the fact
from either commercial
outstanding debentures
at maturity at par, were carefully explored, it was found impracticable for
the corporation to arrange for such refunding, and the new plan is offered
as the best medium for protecting the corporation, and thus the investment
of the debenture holders.
Either liquidation or reorganization under some
section of the Bankruptcy Act would almost certainly result in severe loss
and damage to the corporation.
Except for the impending maturity of the outstanding debentures, the
corporation is, as a going concern, in a good financial condition.
New
orders booked during the year 1939 amounted to $3,017,142.
This, as
compared to $1,605,191, new orders booked during 1938, shows an increase
of almost 88% over orders for 1938.
It is an increase of 94% over the
average annual new business booked during the preceding six years.
These
increased sales result in a "backlog," or work on nand, as of Jan. 1, 1940, of
$1,608,724 as compared to a "backlog" of $658,759 as of Jan. 1, 1939.
This is an increase of over 145% over the previous year's "backlog" and is
an increase of over 74% over the
average volume of work on hand as of
the start of all of the preceding six years.
Such a condition makes essential
the maintenance of a substantial working capital, since the corporation's
business is of such a nature that deliveries against large contracts are
sometimes not required for many months after they are booked, with the
result that income from these contracts does not accrue, in some instances,
for a year or more after the obligation is assumed.
Debentures should be forwarded for deposit to Manufacturers Trust Co.,
Exchange agent, 55 Broad St., New York.'
offer at any time prior to the effective date
The effectuation of the plan of exchange
that although all known regular avenues, i.e.; loans
banks or banking houses for refunding the presently
The debenture holders
-
offers
as
are
offered their choice of two alternative exchange
stock, or 541,421
voted at the special meetings to authorize changes affecting the
capital structure, including the issuance of 135,000 shares of new $2.50
convertible preferred stock and an increase in authorized common stock to
2,000,000 shares. They also authorized the temporary borrowing of $3,675,650 from Bankers Trust Co. to finance the retirement of the outstanding
73,513 shares of $3 convertible preferred stock, following which the directors
issued a call for its redemption on April 1 at $50 per share.
Proceeds from the sale of the new preferred stock, which was publicly
offered last week, will be used in part to repay the temporary indebtedness
enable General Telephone Corp. to furnish funds to General
Telephone Allied Corp. to redeem on Marcn 15 all of the latter's out¬
and in part to
standing $6 preferred stock.—V.
General Telephone
150,
p.
1136.
Tri Corp.—Dividend Increased—
Directors have declared a dividend of 50 cents per
last; dividend of 25 cents paid on Sept. 20, last; 50 cents on
and an initial dividend of $1 per share distributed on Dec.
149, p. 3557.
i
General Water,
June 22, last,
22, 1938.—V.
Gas & Electric Co.—Hearing March 1-—
hearing has been set for March 1, in the Securities and Exchange
Washington offices on a declaration of company and an
application of International Utilities Corp. (File 46-206) regarding the is¬
suance and sale by General Water, Gas & Electric Co. of an $800,000 2H %
secured promissory note to American Trust Co. and an $858,000 5% promis¬
sory note to International Utilities Corp.—V. 149, p. 3717.
A
Commission's
Georgia & Florida RR.—Earnings—
Jan. 1 to Feb. 14
—Week End. Feb. 14—
1940
$19,150
Operating revenues (est.)
1939
1940
1939
$19,200
$124,225
$122,931
J
—V. 150, p. 1136.
Georgia Power & Light Co.—Earnings—
$1,199,462
653,617
$1,129,331
666,411
86,739
151,156
10,375
106,544
75,299
127,330
3,176
99,015
$191,031
Operating expenses
$158,099
Maintenance
Provision for retirements
Federal income taxes
Operating income
6,203
on
160,458
13,163
9,788
long-term debt
Other interest
Amortization of debt discount and expense
$162,389
160,275
Gross income
4,290
$197,234
Other income
Interest
1938
yl939
Years Ended Dec. 31—
Total operating revenues
Other taxes
follows:
Exchange Offer A—Providing for the issuance to the holder of each $1,000
principal amount of old debentures, and in exchange therefor, of:
(a) $250
cash plus interest accrued to May 1, 1940 on each exchanged old debenture,
(b) $500 new 10-year 6% convertible debentures dated as of May 1, 1940
and ic) 50 shares of common stock.
Exchange Offer B—Providing for the iasuance to the holder of each $1,000
principal amount of old debentures, and in exchange therefor, of:
(1) $300
cash plus interest accrued to May 1, 1940 on each exchanged old debenture,
and (2) $700 new 10-year 6% convertible debentures dated as of May 1,
share on the common
stock, payable March 22 to holders of record March 15.
This compares
with an extra dividend of 75 cents and a dividend of 25 cents paid on Dec. 22,
18,139
9,791
Cr90
Cr 14
$14,098
x$25,985
Interest charged to construction
1940.
Net income
Consolidated Income Account Years Ended Dec. 31
1939
Gross
earnings
on
a
1938
1937
1936
$2,220,488
$2,279,255
$2,474,362
$1,161,313
1,966,460
233,286
1,913,383
262,925
8,400
2,041,293
256.154
8,400
1,097.069
234,366
77,203
3,662
9,216
8,373
12.702
com¬
pleted contracts
Cost of completed con¬
tracts
1...
General and adm. exps_
Loss,
y
Preliminary.—V. 149, p. 3409.
Giant Portland Cement Co.—Earnings—-
1938
$694,055
excluding depreciation
1939
$953,134
2,108
685,218
Selling, administrative and general expenses
Depreciation
229,365
42,168
214,883
41,038
Years Ended Dec. 31—
Prov. for doubtful accts.
Idle plant expense,
rental income.
x
less
Sales—net
Other income
Cost of cement sold,
1,364
Other deductions
Net
Other
operating profit..
Total income
Other deductions
Net profit.
—V.
150,
p.
General
$17,078
$85,329
42.570
income
55,087
$59,648
96,205
$140,416
$160,142 loss$260,028
46,369
34,733
dof$36,556
87,793
$52,622
$110,567 def$325,087
839.
Cigar Co.—To Pay 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. 26.
Like amount was
^aij i°n
,
•
15- last, and compares with dividends of 50 cents
paid in the preceding three month periods.—V. 150,
Loss for
$2,872
period
Balance Sheet Dec. 31,
$206,511 loss$225,294
95,944
99,792
p.
995.
per
share
Assets—Cash,
538,506
$100,373
1939
$315,209; accounts receivable (less reserve
and cash discounts of $3.623), $24,772; advances to
for bad debts
salesmen and employees,
$1,445; inventories, $282,287; property, plant and equipment (less reserve
for depreciation of $1,691,710), $988,290; goodwill, $1,177,895; deferred
charges, $17,493; total, $2,807,391.
Liabilities—Accounts payable and accrued charges, $20,102; accrued
taxes. Federal, State and local, $8,636; 7% cumulative preferred stock
(par $50) $1,627,400; common stock (par $50), $1,103,418; capital surplus,
$154,105; deficit from operations, Dr. $106,270; total, $2,807,391 —V. 149,
p. 2084.
,
Volume
150
The Commercial & Financial Chronicle
God's Lake Gold Mines,
Ltd.—2%-Cent Dividend—
Directors have declared a dividend of 2
K cents per share on the
stock, payable March 15 to holders of record March
1.
Initial
common
Years End. Nov. 30—
paid
was
on
voted approval of the
company's plan to mortgage
or any
part of its property as security for an Reconstruction Finance
Corporation loan of $900,000.
The purpose of the loan is to
provide funds
convertible debentures
Goodyear Tire & Rubber Co. (& Subs.), Akron, Ohio—
1938
1937
&
gen.
exps.
875
$530,012
1,172
$452,015
1,381
$598,867
202,255
183,619
10,262
$487,502
206,337
176,133
9,067
3,130
$531,184
214,919
172,418
9,663
1,729
50,246
19,844
$453,397
226,362
169,064
$62,365
98,389
Dr8,445
$39,046
def47,812
107,155
Balance
Bond interest
Depreciation
Depletion
1936
$
200,101,704
$486,627
564
x
Consolidated Income Account for Calendar Years
Net sales
$596,303
Investment interest
150, p. 995.
Mfg. costs & chgs. (incl.
deprec. ) sell., admin.
1936
$860,251
381,330
15,000
10,300
1,605
Balance
(Adolf) Goebel, Inc .—To Mortgage Property—
Stockholders, Feb. 19,
a
$952,961
390,741
13,650
11,150
7,408
Loss on subsidiaries
Other deductions
Income tax reserve
165,928,944 216,174,513 185.915,675
& prov.
157,273,161
12,850,701
1,130,409
8,655,783
919,889
.
.
196.209,532 172,676,123
19,964,982
1,114,468
Written
charges.
105,462
84,011
6,849,994
18,314,053
11,392,972
728,211
837,570
714,023
10,342,743
561,939
11,630,399
3,252,160
2,055,345
6,012,423
3,252,295
7,257,287
5,477,628
10,831,032
4,967,324
6,322,894
2,059,168
$3.20
2,246,441
2,059,168
$1.34
1,779,659
2.059,061
$1.94
5,863,708
1,753,175
$3.9©
Divs. & equity in undist.
of
earns,
subs,
Balance of profits
ried to surplus
14.309,804
2,683,823
Common dividends
Profit at Dec. 31
Shs.com.stk.out. (no par)
Earnings per share
a'Land,
inventories, $602,626; machinery supplies and
repair parts, $53,707; sundry prepaid charges, $49,085;
employees' accounts,
expense advances, $2,049;
investments,
$62,463; investment in and ad¬
to subsidiary companies,
$7,540; cash in hands of trustees for bond¬
holders, $13,520; fixed assets (less reserves for depreciation and depletion
of $913,835), $5,099,584;
total, $6,487,372.
vances
Liabilities—Accounts
payable and accrued charges, $240,954; accrued
bonds, $49,271; Dominion, provincial and other taxes, $52,641;
sinking fund gold bonds,
$3,082,500; Standard Lime Co., Ltd., 1st mtge. 6s, $456,000; sinking fund
reserve, $5,030; common stock (440,043 shares no par), $2,200,215;
surplus,
$398,061; total, $6,487,372.—V. 148, p. 2271.
interest
(W. F.) Hall Printing Co .—To Pay Common Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, payable March 20 to holders of record March 5.
This will be the
Investments
Inventories
61,000,321
28,850,146
27,262,373
78,041,465
5,912,501
Canad'n
Govt.
securities
64,963,200
10,997,523
65,043,200
10,997,524
Sub. cos.' stocks
not owned
9,518,737
Fund, debt (co.) 44,500,000
debt of
10,246,050
50,000,000
Hamilton Gas Corp. (&
Funded
1,371,970
16,486,740
Goodwill, pat'ts,
estate mtges.
Accts. and Fed'l
taxes
&c
1
1
976,371
Deferred charges
702,966
Accr'd
234,756
9,035,104
235.114
payable.
Interest.
101,575
9,082,486
59,514
3,897,156
Res. for pension
Gross income
Operation
Taxes (other than Federal income)
drafts
2,276,598
for
U.
S.
reserves
Earned surplus..
Capital surplus.
Total
191,553,523 190.778.3381
Total
4,468,997
2,188,348
24,429,684
18,838,643
18,833,139
191,553,523 190,778,338
Less depreciation of $104,379,292 in 1939 and
$99,363,046 in 1938.
b Less reserves of $2,708,151 in 1939 and
$4,645,460 in 1938.
c
Rep¬
by 2,059,168.81
no
par
shares,
d Represented by
649,632
no
par shares in 1939 and 650,432 no par shares in 1938.—V. 150. p. 1136.
Granite City Steel Co.
(& Subs.)—Earnings-
Calendar Years—
al939
Net sales
.$10,212,477
Cost of sales, sell., gen.
and admin, expenses._
8,883,526
Depreciation
744,919
171,487
Interest paid
Operating income
Miscellaneous income
12,506,513
457,777
43,709
<
9,464,028
360,000
20,374
$226,442
52,783
$273,509
49,178
pay^for property additions and $20,341 was so withdrawn prior to July 31
$279,225
25,000
$322,687
34,000
with
$347,940 def$330,230
722,031
1,100,070
Net prof it
Earned surp. bal. Jan. 1_
$254,225
1,276,141
$288,687
1,356,649
$1,069,972
47,814
$769,839
47,808
$1,530,366
430,296
$1,645,336
350,614
18,582
$1,022,157
$722,031
$1,100,070
$0.66
$0.75
A claim against Inland Gas Corp. has been settled subsequent to July 31,
1939, for $27,000.
Proceeds from this claim are required to be deposited
the trustee under the indenture dated Sept. 1, 1938, securing the
1st mtge. bonds.—V. 150, p. 996.
(M. A.) Hanna Co. (& Subs.)—Earnings—
Calendar Years—
Deprec. and depletion..
a
$0.91
Nil
1938
1937
1936
$3,904,016
$2,547,004 z$l,307,830
42,320
79,263
359,594
321,424
$3,612,238
359*657
b240,774
bl07,636
380,136
x475,418
418,845
Net corporate profit $1,904,317
$799,507
22,107,653
$3,048,462
21,025,250
$2,834,336
1 9,819,308
Prov. for Fed. inc. tax._
on cap.
outstanding
Consolidated figures,
b Company figures.
Note—No provision for Federal surtax on undistributed
profits in
and 1938.—V. 149, p. 3873.
1939
Net profit
Int. & sund. deduct'ns__
$1,276,141
years
Earned surp., Dec. 31
stock
6,203,079
471,000
64,394
bl936
$10,117,911
$427,489 def$330,230
79,547
Prov.for Fed. income tax
Earns, per share
al937
Notes—(1) Includes operations of properties taken over from the trustees
of Larner Gas Co. from Feb. 1, 1939 to Dec. 31, 1939.
(2) Preliminary
figures subject to audit.
'
In January, 1939, the company acquired at foreclosure sale the
properties
of the Larner Gas Co., a subsidiary of the old company.
In November, 1938, the company sold its property in Braxton and
Gilmer counties, consisting of approximately five miles of pipe line and
certain contracts covering the purchase and sale of gas.
Consideration
for this sale was $75,000 in cash and certain favorable modifications in
the company's important sales contracts with Hope Natural Gas Co.
Through the foreclosure of the mortgage on the property of Larner
Gas Co. the company received $151,977 in cash.
This amount, together
with the $75,000 proceeds from the sale of property in Braxton and Gilmer
counties, was deposited with the trustee under the indenture securing the
1st mtge. bonds.
The indenture permits the withdrawal of this cash to
$412,545 def$379,002
14,944
48,772
Total income
Dividends paid
Federal taxes prior
al938
$6,359,472 $13,234,442
$208,331
a Available for interest on
1st mtge. junior lien 4% sinking fund bonds,
series B (annual requirement, $85,700), depletion, depreciation, abandoned
leases and Federal income taxes.
1,068,233
21,316,280
a
resented
Balance
a
taxes
Miscell.
$450,664
1,769
$452,433
204,758
10,748
28,596
expenses
Maintenance
Foreign bk.over
Res.
Subs.)—Earnings-
Earnings for the 12 Months Ended Dec. 31, 1939
Operating revenues
Non-operating income (net)
subs, and real
1,506,944
25,627,375
Cash
$
Common stock
c
common distribution made since Feb.
2, 1932, when a dividend of
30 cents per share was paid.
Alfred B. Geiger, President, stated that this dividend action
places
the common stock on an annual basis of
$1, with quarterly payments of
25 cents and extras contingent on the continuation of present business
conditions.—V. 149, p. 2690.
1938
$
d $5 conv.pf.stk
79,870,033
1,455,616
53,267,037
bJAccts. & notes
receivables.__
first
1939
Liabilities—
$
on
deferred liabilities, $2,700; first
mortgage 5M%
513.687
1938
bldgs.,
N mach'y Ac eq_
$98,389
Consolidated Balance Sheet Nov. 30, 1939
Consolidated Balance Sheet Dec. 31
1939
$157,948
Assets—Cash on hand and in banks,
$161,953; accounts and bills receiv¬
able (less reserve), $434,845;
Returns, discounts, freights, allowances, and intercompany sales de¬
$
CV5.640
$235,564
on funded debt of
Gypsum, Lime & Alabastine, Canada, Ltd.,
Standard Lime Co., Ltd.
and
ducted.
A ssets—
*8",960
Interest
x
car¬
_____
a
21.079,450
2,681,385
not
wholly-owned
Adjust, of invent, valuess
Preferred dividends
Dr2,572
$398,061
233,009
12,358,610
fund. & misc. dt.
Prop, of disc, on funded
debt & prem.,&c.(net)
9,575.672
2,620,216
.
8,114
1,851
investment
Balance, surplus
13,981,110
1,622,500
on
off
"18,5*17
$74,316
157,948
3,300
in sub. company
'
Int.
35*384
$165,069
235,564
Previous surplus
Adjustments
13,239,551
1,070,252
Total profit before int.
and other
278
Net profit
.187,251,003
Operating profit
Other income
$1,055,473
Executive salaries
Directors' fees
all
1939
1937
$930,062
411,172
21,650
8,900
1,713
profit
Expenses.
A4k%
1938
425,092
24,650
8,099
1,327
Manufacturing
Oct. 1 last.—Y. 149, p. 2231.
for the retirement of its $1,086,000 of
series
which become due May 1, 1941.—V.
1939
Legal fees
dividend of
five cents
1279
Gypsum, Lime & Alabastine, Canada, Ltd. (&Subs.)-
Previous surplus
22,136,537
a
Graton & Knight Co.—To Pay
1937
pre¬
tributed
on
was
$24,040,854 $22,907,161
Common
Preferred Dividend—
Directors have declared a dividend of $1.75 per share on account of ac¬
cumulations on the 7% cumulative preferred stock,
payable Feb. 15 to
holders of record Feb. 12.
Like amount was paid on Dec. 28 last and
vious dividend
Total surplus
Dividends paid by co.:
On preferred stock—
the regular quarterly dividend of $1.75 per share dis¬
Nov. 15, 1938.—V. 149, p. 4175.
Greenwich Gas Co.—Dividends—
647,942
738,049
$24,073,712 $22,653,644
648,105
122,519
648,105
1,317,954
Surplus carried to balance sheet
.$22,654,862 $22,136,537
Shares
common
656,520
971,874
$22,107,654 $21,025,250
stock
outstanding (no par)_
Earnings per share
1,016,961
$1.23
1,016,961
$0.15
1,016,961
$2.36
1,016,961
.$2.14
Feb.
$242,942 for Federal normal tax, $209,161 Federal surtax and $23,314
for other taxes on income and adjustment of accruals for prior years,
z Includes $1,351,115 in 1939 and $920,002 in 1938 from dividends and sun¬
dry income, but is after deducting $290,603 in 1939 and $295,509 in 1938
for administrative expense,
a Exclusive of securities transactions,
b In¬
cludes adjustment of accruals of $362 in 1939 and $4,300 in 1938 for prior
p.
years.
x
Directors declared an extra dividend of 4 88-100 cents
per share in addi¬
a dividend of 24 cents on the $1.25
participating preferred stock,
both payable March 15 to holders of record March 1.
Like extras were
tion to
paid
on Sept. 15 and June 1 last.
An extra of 6 7-10 cents was paid on
15, 1939, and one of 7 1-10 cents was paid on Oct. 1,1938.—V. 149,
2368.
Consolidated Balance Sheet Dec. 31
Gruen Watch Co.—Class C Dividend—
The board
class C preferred stock
claring
1939
of directors has taken
on a
steps to place the 6% $25 par value
regular dividend basis of $1.50 a share, by de¬
dividend of 25 cents a share to cover February and March this
year.
Benjamin S. Katz, President of the company, in announcing the
plan on Feb. 18 said it is expected that a regular quarterly dividend of
37 H cents a share will be paid on July 1 and every three months there¬
after.
The dividend of 25 cents will be payable on
April 1 to holders of
a
record of March 15.
The preferred, as well as shares of the common stock issue, were issued
to holders of the old preferred stock of the
company when it was reorgan¬
ized in 1935.
At that time, Mr. Katz explained, various prior securities
were
issued to eight bank creditors to whom there
a
Property,
and
1938
$
Assets—
$
8,831,247
S5cum; pref. stk.el2.953,100
Cash
1,450,910
b Receivables
6,176,970
2,736,121
1,337,434
5,471,628
3,617,475
Accounts
Inventories
pany to purchase such stock.
The escrow warrants issued to
qld stock¬
holders of the company entitling them to purchase class B shares convert¬
ible into
p.
common
stock of company will expire on March 2, 1940.—V.
840.
150,
$
Notes payable
3,500,000
payable. 2,157,263
Accrued taxes
499,837
12,962,100
3,075,000
2,340,479
336,877
Investments
Miscell.
11ab.
35,586
46,019
Other current llabll
1,399,356
1,193,327
g755,400
815,300
887,442
228,890
37,497,901 36.604,631
43,293
99,131
c366,120
Treasury stuck—
325,120
Deferred charges._
567,276
481,315
assets
accr.
3% serial notes of
subsidiaries
f75,000
1st mtge. sink. fd.
bonds of subs...
Res. for conting__
Surplus
887,442
89,142
22,654,862 22,136,537
Total
57,644,000 56,808,984
Other reserves
Total
retired.
1938
Other
owing approximately
$1,800,000.
No dividends could be paid on the class C preferred nor on
the common stock as long as any debentures or class A
stock, issued to
banks, was outstanding.
The debentures were retired several years ago
and at the beginning of this month the last of the class A
preferred shares
were
$
Commonstock..12,712,012 12,712,012
8,846,409
equipment.
was
Directors also authorized the purchase of all class B preferred shares of
the company held by the Central Trust Co., escrow agent, against unexer¬
cised warrants of shareholders and rights previously
granted to the com¬
1939
Liabilities—
d
plant
a
57,644,000 56,808,9841
After deducting reserve for
depreciation and depletion of $5,734,547 in
$5,439,474 in 1938.
b After deducting reserve for doubtful
accounts, &c.
c Represented by 32,512 (36,612 shares in 1938) shares of
common stock acquired for allotment and sales to officers and
employees,
d Represented by 1,016,961 shares, no par value, of which 32,512
(36,612
in
1938) shares in 1939 are held for allotment and sale to officers
and employees,
e Represented by 129,531 no par shares, after deducting
1939
and
»
The Commercial &
1280
and annually
$60,000 due Nov. 1, 1940,
Hart &
g Sinking fund payment of
thereafter.—V. 149, p. 2690.
f Due May 1, 1940.
349 shares in treasury,
Dividend—
Cooley Co.—Extra
dividend of 50 cents per share in addition
to the regular quarterly dividend of $1 per share on the common stock
par $25, both payable April 1 to holders of record March 22.
Extra of $2
was paid on Dec. 16, last, and one of $1 was paid on July 1 last.—V. 149,
Directors have declared an extra
p.
3557.
Companies—25-Cent Dividend—
Haverty Furniture
share on the common
Feb. 19. Dividend of five cents
and previously regular monthly
distributed.—V. 149, p. 2513.
declared a dividend of 25 cents per
Directors have
stock, payable Feb. 24 to holders of record
was paid on Nov. 25 and on Oct. 25, last
dividends of 10 cents per
share were
Hewitt Rubber Corp.—25-Cent Dividend
20 declared a dividend of 25 cents per share on the
capital stock, par $5, payable March 15 to holders of record March 1.
This compares with 55 cents paid on Dec. 15 last, 25 cents paid on Sept. 15,
last, and previously regular quarterly dividends of 10 cents per share were
distributed.—V. 149, p. 3410.
Directors on Feb.
Cash
1936
1937
1938
bl939
Years End. Dec. 31—
$2,983,182
$3,479,330
52,067
28,174
38,222
63,878
81,742
discounts
chases and
$2,563,829
89,957
98,318
77,884
$3,290,591
sales
Gross profit on
pur-
on
sales (net)-
income
Indiana Feb. 5, 1930
competition,
the State
Company is engaged in the business of providing, without
telephone service to 32 communities and surrounding territories in
of Indiana.
Company owns toll lines which provide toll service
various of its own
exchanges, and, in some cases,
between
between its exchanges and
service to other points in
with Indiana Beli
Telephone & Telegraph Co. and certain other
exchanges of other telephone companies.
Toil
and out of Indiana is provided through toll connections
Telephone Co., American
telephone companies.
■■
It is estimated by the company that
of 220,000.
Elkhart, Logansport, La Porte,
is
served
in
excess
^
_
^
the total population of the areas
served are Lafayette,
Connersville, Goshen, Valparaiso, Wabash
The largest cities
Greencastle.
and
Capitalization Upon Completion
of Present Financing
Outstanding
Authorized
series
1st mtge. bonds,
Feb. 1, 1970
3due
A,
_
a
par)—
•
$6 cumul. pref. stock
$5 cumul. pref. stock
Pref. stock, not designated as to series..
Preferred stock (no
J
„
b$3,800,000
Unlimited
.
^
18,750 shs.
20,000 shs.
10,000 shs.
c2,660 shs.
10,000 shs.
None
Common stock (no par)..
.160,000 shs.
d70,000 shs.
These bonds are to be issued under an indenture to be dated Feb. 1,
1940.
The aggregate principal amount of bonds that may be issued under
said indenture is unlimited except that the indenture contains certain con¬
ditions and restrictions regarding the purposes for, and the conditions
under, which bonds in addition to those offered may be issued and the
manner of such issuance.
Authority for the issuance of $3,800,000 principal
...
been granted.
,
includes $400,000 of these bonds which are to be exchanged
of 1st mtge. 4)^ % bonds, series B, due Oct. 1, 1965, now
held in the company's depreciation fund.
,
#
J
x
,
c Since Dec. 31,
1939 company has created a series of preferred stock,
designated as $5 cumul. preferred stock, consisting of 10,000 shares.
Au¬
thority for the issuance of 2,660 of these shares has been granted.
d Since Dec. 31, 1939, 7,000 additional shares have been issued and sold
to the company's parent at $30 per share.
of these bonds has
amount
miscell.
Int., rentals and
Territory—Corporation was incorp. in
Business and
1940
24,
a
-Earnings—
Bartlett & Co.
Hibbard, Spencer,
Feb.
Financial Chronicle
.
,.
b This figure
for the $400,000
Serv. div. to
25,309
123,200
38,273
inc. taxes
employees.
Previous surplus
Surplus of subs, not pre¬
viously consolidated--
47,459
Credits to surplus
a8,344
-
Premium on purchase
-
-
$5,098,810
394,515
$5,582,259
666,698
$5,016,950
553,108
of
treasury stock
Special pensions
Miscell. deductions
7,034
z30,525
/
$4,673,771
197,430
$1.94
$4,738,324
Shs.cap.stk.out.(par$25)
200,000
Earnings per share
$3.01
Includes surtax,
$4,456,808
169,902
$3.50
of treasury stock,
$599,532, of which amount there is credited back to earned surplus to offset
charges in the past to this account representing net premiums in excess of
par paid in acquiring all treasury shares,
z Consists of $15,236 provision
for additional assessments of Federal income taxes for prior years and
additional assessments of social security taxes for prior
$15,289 provision for
years,
Over accrual of Federal income
1939.
a
b In¬
and social security taxes,
cludes subsidiaries in
a
y
x
Note & accts .rec.
Inventories
4,026,476
630,454 Acer, wages, com¬
69,762
mission, &c
2,138,758
2,534,409 Accr'd taxes, local
255,462
and Federal..—
28,410
4,976,400
267,830 Surplus
58,500 Treasury stock
805,573
298,303
2,503,884
3,483,334
48,570
Prepaid expensesEm pi's notes rec
Stocks of affii. cos
z
570,137
25,306
River barges
z
5,000,000
324,752
$544,748
Dr296
$501,616
Drl.752
$410,627
1,456
$499,864
145,882
$412,084
134,262
241,271
$353,981
$277,822
80 Broad St.,
the company,
which represented 100% of the voting stock outstanding.
Since that date,
General Telephone Corp. has acquired 7,000 additional shares of such
$397,238
-
— .
Control—On Dec. 31, 1939, General Telephone Corp.,
York, owned 63,000 shares of the common stock of
New
common
stock.
.
Underwriters—The names of the principal underwriters of the $3,400,000
the respective principal amount of the bonds which each has
severally agreed to purchase are as follows:
Bonbright & Co., Inc
Paine, vS ebber & Co
1 >275,000
Mitchum, Tully & Co
425,000
bonds and
of Sale of the Stock
stock*
500 shs.
500 shs.
—1,000 shs.
Investors Syndicate, Minneapolis
660 shs.
The price to be paid to the company by the above named purchasers, as
provided in said agreements, is $104 per share plus accrued dividends from
Co., Hartford, Conn
Co., Hartford, Conn
Philadelphia, Philadelphia
Connecticut Fire Insurance
of delivery.
1, 1940, to date
Balance Sheet Dec.
Total
The annual meeting scheduled for
Feb. 15 was adjourned to March 15
comply with New York Stock Exchange requirements
report be mailed to stockholders 15 days in advance of the
—V. 150, p. 691.
to
Hooker Electrochemical
a
that the annual
annual meeting.
34.294
Temporary cash investments.
Accounts receivable
68,755
Due from affiliated cos
309
Materials and supplies
142,231
Prepaid accts. & defd. charges
361,100
1,890,000
3,400,000
67,701
—
11,876
Accrued payrolls
3,740
Due affiliated cos
—
Advance billing & pay'—Accrued items
Misc. current llab
Depreciation reserve
7,716
272,299
27,534
1,461,762.
22,398
Insurance reserve
Co.—Larger Dividend—
regular
3611.
Houdaille-Hershey Corp.—Class B Dividend—
share on the class B
value, payable March 14 to holders of record March 5.
This
with 50 cents paid on Dec. 21 last, and 25 cents paid on June 26
last, this latter being the first dividend paid on the B shares since Dec. 15,
1937, when a regular quarterly distribution of 37H cents per share was
made.—V. 149, p. 3718.
9,236
548,437
Contribs. of telephone plant-
dividend of $1.25 per share on the common
stock, payable Feb. 29 to holders of record Feb. 15.
Previously
quarterly dividends of $1 per share were distributed.—V. 147, p.
$1,734,000
Telephone plant, equip., &c_. $8,193,200
8,135
Investments (at cost or less).
455,206
Depreciation fund
Working funds
Deferred—
31, 1939
Liabilities—
Preferred stock
Common stock
1st mtge. 4Hs
189,960 Current liabilities:
3,510
Accounts payableI
Assets—
Cash
(A.) Hollander & Son, Inc.—Meeting
following
and the
preferred
By four separate identical agreements dated Feb. 13. 1940, the
purchasers severally agree to purchase for investment,
company agrees to sell, an aggregate of 2,660 shares of $5 cumul.
named
Feb.
149, p. 4176.
Directors have declared
504,949
212,410
187,325
deductions
Fire Association of
209,080
4,870,450
Z>r64,250
1937
$1,315,312
594,996
206,578
219,729
Net earnings
Phoenix Insurance
50,377
10,915,805 10,390,409
x After reserve for bad debts of $347,128 in
1939 and $322,145 in 1938'
After reserve for depreciation of $988,466 in 1939 and $1,025,453 in 1938*
After reserve for depreciation of $56,237.
a Includes subsidiaries.—V«
10,915,805 10,390,4091
Total
y
—
-
Marketable secure.
$
Cap.stk. (par $25) 5,000,000
614,182
Accts. payable.-.
Ileal est., bldgs.
and equipment- 3,986,272
Cash
1938
$
Liabilities—
%
$
1938
$1,522,921
income
Other
Terms
al939
1938
1939
1939
—
Balance Sheet Dec. 31
Assets—
Dec. 31
$1,632,382
627,115
219,246
$544,452
147,213
Net earnings
Net income
$4,714,933
197,000
$3.64
Premium on sale of 27,098 shares
y
Earnings Years Ended
Operating revenues
Operating expenses
Depreciation
General and Federal taxes—...
Interest and other
200,629
Surplus, Dec. 31
x
$595,955
4,420,995
y398,223
$5,331,437
593,113
Total surplus
Dividends paid (net)
$3,124,944
2,125,476
84,204
12,391
62,047
xl04,790
140,081
$727,228
4,456,808
$383,878
4,714,933
$601,863
4,673,771
Net income for year—
72,544
24,411
62,914
xl36,578
154,259
$3,615,870
2,437,936
64,975
69,000
68,412
& eqpt
Deprec. on bldgs.
Prov. for Fed.
$2,681,960
2,132,090
29,130
2,887
$3,424,399
2,567,343
Total income
Expenses & local taxes—
Provision for bad debts.
Interest paid
Earned surplus
$9,456,700
Total.
—V.
150,
p.
Total.
$9,456,700
—
997.
Directors have declared a dividend of 25 cents per
stock,
no par
compares
Humble Oil & Refining
stock,
no par
cents per share on the
value, payable April 1 to holders or record March 2.
paid on Dec. 19, and on Oct. 2, last.
Divi¬
This compares with 62 H cents
dend of 37 Y% cents was paid on
1939
1938
1937
1936
$2,705,375
$2,612,342
$2,588,156
$2,660,267
1,445,996
1,389,912
1,393,252
1,273.115
Net oper.
Interest
$1,259,379
$1,222,430
483,945
$1,387,152
125,149
$1,194,905
483,945
124,305
$613,336
$586,654
$576,781
Calendar
Years—
Co.—37 %-Cent Dividend—
The directors have declared a dividend of 37 M
common
Indianapolis Water Co.— -EarningsOperating revenues
Oper. exps., maint., de¬
prec. and taxes
July 2 and April 1, 1939, 52 ^ cents paid on
April 1, 1938; 62H
Dec. 27 and Oct. 1, 1938; 37K cents on July 1 and on
paid on Dec. 27 and on Oct. 1, 1937; 37K cents paitl on July 1 and on
April 1, 1937, and previously regular quarterly dividends of 25 cents per
share were distributed.
In addition, an extra dividend of 25 cents was
paid on Dec. 26 and on Oct. 1, 1936.—V. 149, p. 3263.
Other
income
483,945
126,261
deductions
Net corp.
$649,173
income
Balance Sheet Dec. 31
cents
Hygrade Sylvania Corp.—Directorate Increased—
Feb. 14 the board of directors was increased
were John B. Hopkins,
H. Ward Zimmer and Frank J. Healy.—V. 149, p. 3718.
At the annual meeting held
from six to nine members.
Added to the board
Indiana Associated Telephone
Corp.—$3,400,000 Bonds
Offered—Preferred Stock Sold Privately—Public offering was
made Feb. 21 of $3,400,000 first mortgage bonds, series A,
due Feb. 1, 1970, through an underwriting group
headed by Bonbright & Co.. Inc., and including Paine,
Webber & Co. and Mitchum, Tully & Co.
The bonds are
priced at 105 and accrued int. At the same time the com¬
pany announces
that it has made arrangements to sell
privately, through the same bankers, 2,660 shares of $5
cumulative preferred stock at a price of $104 per share, or a
total of $276,640.
The bonds issue has been overscribed.
The
bonds
are
redeemable in whole
or
in
part at any time at prices
before Feb. 1, 1943 to 100 after Feb. 1, 1969.
$3,400,000 bonds (estimated at
$3,459,743 after deducting expenses) are to be used, to the extent necessary,
for the redemption, on April 1, 1940. of $3,000,000 1st mtge. 4J4% bonds,
series B, due Oct. 1, 1965, at 105%
($3,150,000), and the balance of such
net proceeds are to be used to reimburse the treasury of the company in part
for net additions to property and plant.
The net proceeds from the sale of 2,660 shares of $5 cumul. preferred stock
(estimated at $267,805 after deducting expenses) are to be used for net
additions to property and plant and for other corporate purposes.
ranging from 108^
on or
Fwroose—Net proceeds from the sale of
719,366
91,005
21,154,962 20,616,190
capital
1,422,961
527,578
600
354,434
74,327
Cash
Market,
securities
Notes receivable.
Accts.
_
receivable.
Mat'ls & supplies.
Investm'nts,
Prepayment
1,243,361
821,406
600
274,405
73,065
21,420
3,910
20,968
13,401
242,518
gen'l
-
Special deposits...
Unamort. debt dis¬
975,997
273,444
count <fc expense
Undistrib. debits..
524
Common
Funded
stock
25,061,191 24,472,802
1,054,900
5,250,000
indebted .13 ,827,000 13,827,000
96,685
82,024
depos.
Consumers'
Matured
interest.
Other current liab.
241,972
72,548
37*202
Main extension de¬
42,836
Other accr.
533,898
14,069
16,859
22,071
1, 940,166
22,062
1,828,827
1,767,088
^25,061,191
24,472.802
__
liabil.
1 ,935,415
Reserves
Total....
38,281
578,188
posits
Accrued taxes
Corporate surplus.
Total
$
1 ,054.900
5 ,250,000
Preferred stock
Accrued interest
1,079,798
338,121
1938
$
Liabilities—
Si
A
Fixed
1939
1938
1939
—V. 150, p. 279.
Indianapolis Power & Light
Co.
•To
Offer Additional
Stock—
Company filed Feb. 21 with the Securities and Exchange Commission an
application for authority to issue 70,COO shares (no par) common stock to
public and 2,500 of 6% cumul. preferred stock ($100 par) to
purchasers.
_
....
_
_,
_
Charles True Adams, trustee for the Utilities Power & Light Corp.,
private
the
the SEC for
parent of Indianapolis Power, filed recently an application with
authority to sell 645,980 (no par) common shares of Indianapolis Power to
the public.
This block of shares will be added to those covered by
application Feb. 20 to make the total offering of common stock to the
715,980 shares.
According to the application, Indianapolis Power will use the proceeds
from sale of the 70,000 common shares and the 2,500 preferred shares to
reimburse itself for certain capital expenditures already made.
the
public
.
Volume
The Commercial & Financial Chronicle
150
Indianapolis Power intends
to amend its articles of
incorporation in the
By granting its common stockholders a
preemptive
right to subscribe to their proportionate share of
any additional common
shares offered and to
any obligations or preferred stock convertible into
common stock and by
dividing the number of directors into three classes,
the first to consist of four directors
to be elected for three years, the second,
four directors for two
years, and the third, three directors for one year;
upon expiration of the term of office of
any class of directors, their successors
to be elected
for three years.
The application filed Feb. 20 said the
following respects:
offering price of the common stock
to the public and the
underwriting spread would be determined by arm'slength bargaining between the company and the proposed underwriters,
whose names are to be
supplied by amendment.—Y. 150, p. 1137.
International Harvester Co.—Annual
Report—
Net income of the company for its fiscal
year ended Oct. 31, 1939, was
was announced Feb. 19 in the annual
report made public by
G. McAllister, President.
This compared with a net income of
518,472,000 in 1938.
512,980,000, it
».£f^eA939 net profit of 512,980,000 earned in 1939, total dividends of
512,509,000 were paid to stockholders, leaving a net surplus for the
year of
5471,000. The 1939 net income was equivalent to $1.71
per share of common
stock, after provision for preferred dividends, as
compared with $3 per share
1938.
m
„
The company's saies in foreign
7.5% from 1938.
Its
countries, including
domestic sales declined
Canada,
declined
by 6.4%.
application
149,
becomes effective at the close of the
trading session on Feb. 24.—Y.
2369.
p.
Interstate Telephone Co.—$2,000,000 Bonds Sold Pri¬
vately—The company on Feb. 1 sold privately to two insur¬
ance
companies through Paine, Webber & Co.; Mitchum,
Tully & Co., and Bonbright & Co., Inc., an issue of $2,000,000
1st
mtge. series A 3%% bonds,
dated Jan.
1,
1940;
due Jan. 1, 1970.
Bonds were sold at 1023^ and int. (from
Jan. 1, 1940).
Proceeds will be used to retire on March 4
all the outstanding 1st
mtge. 5s due 1961 at 104.—V.
150,
842.
p.
Jaeger Machine Co. (& Subs.)—Earnings—
Years End. Nov. 30—
1939
1938
1937
1936
$2,252,396
1,589,935
485,218
$3,367,101
2,108,977
637,163
$2,723,125
1,715,580
524,317
$177,243
54,141
$620,960
79,662
$483,227
$231,384
21,321
43,712
21,478
11,499
5,723
$700,624
78,969
40,388
44,061
$540,016
69,821
24,698
28,555
4,891
$127,649
82,884
$522,686
186,489
331,537
412,052
75,349
$146,979
$44,765
$191,149
$336,702
$2.01
$0.77
$3.15
$2.73
Sales, less returns, allow¬
ances and discounts..
$3,219,852
Cost of sales.
2,219,552
Sell., gen. & adm. exps.
627,866
Domestic sales
of tractors and related
implements,
ruptions to production and lag in sales.
1281
the public is such that the issue does not
appear suitable for continued deal¬
ings on the Exchange.
The Commission's order granting the
involving inter¬
declined, the report said, because of lower farm
prices that prevailed during
the most important implement
selling seasons, and because of the change¬
over
to
models
new
The company's decline in profits was
greater than the decline in sales.
This was attributed
by Mr. McAllister to the foregoing factors, which tended
to raise unit costs of
production,
while,
prices
on many
the other hand, lower selling
on
of the company's products reduced sales proceeds.
in the United States amounted to $187,with $200,630,000.
Figures for 1938 sales were
-.Total Harvester sales for 1939
778,000,
revised
as
to
conform
to
1939
reclassification
of certain
retail
operations.
OOO^nTgfs168 in 1939 amaunted to 579,249,000, compared with $85,-
against $60,668,000 in 1938; farm
implement sales of $47,653,000 in 1939 compared with $60,249,000 in 1938;
motor truck sales of $70,426,000 in 1939
compaied with $62,899,000 in
1938; and steel, binder twine and other sales in 1939 of $19,714,000 as
compared with $16,814,000 in 1938.
The grand total of all sales,
foreign and domestic, for 1939 was $267,027.000, as compared with $286,291,000 in 1938.
The report called attention to the
and new products developed
numerous new models of existing maby the company during 1939, including
cnines
new tractor
models and
line of
new stainless-steel cream
separators.
The company has continued its activities in
engineering development in its
endeavor to improve its existing products, to introduce new
products, and to
make them available at attractive
prices, the report stated.
Capital expenditures for the year 1939 amounted to $8,984,000. com¬
pared with $13,436,000 in 1938.
Most of the capital outlays for each of
these two years went into facilities for the
production of the new models and
products.
During 1939 depreciation at the regular rates amounting to
$7,604,000 was provided out of income, compared with $7,581,000 for 1938.
One section of the report called attention to the
a
company's foreign
and broke them down into geographical divisions.
Of the
company's total net assets of $363,605,000 at Oct. 31, 1939, a total of
$61,831,000 was located in countries outside the United States, as compared
with $69,515,000 a year
previously.
The reduction in foreign investment
was largely due to decreased dollar
valuation of foreign net current assets
investments,
result of lower
as a
exchange rates.
company's total foreign investment, $16,769,000 was invested
in European
countries, including the British Isles, $27,013,000 in Canada,
Australia, New Zealand and South Africa, $14,244,000 in South America,
and $3,805,000 in all other
foreign countries.
Consolidated Income Account (Incl. Affiliated Cos.)
Years Ended Oct. 31—
1939
Net sales,
1938
Prov. for
Prov. for losses
on
7,604,519
2,675,140
receivables
Net income from sales
7,581,856
4,725,333
2,520,125
Income from operations
Provision for Federal income tax
2,353,705
$10,980,059 $24,221,723 $36,342,763
7,500.000
850,000
Prov. for abandonment of ore mine..
Prov. for foreign losses and
exchange
fluctuations
2,500,000
65,262
44,608
11,750
Prov. for Fed. surtax
Net profit for year
Dividends paid
Surplus.
Recovery of export rec'bles prevously
written off
mon
reserve
for
Balance Sheet Nov. 30, 1939
Assets—Cash, $132,729; notes and accounts receivable, (less reserve for
bad debts, &c. of
$38,229, $558,000; inventories, $1,416,705; other assets,
$185,862; land, buildings, machinery and equipment, &c., (less reserve
for depreciation of
$376,311), $591,112; patents, $1; deferred charges to
operations, $29,069; total, $2,913,479.
Liabilities—Note payable to bank, $24,000; accounts payable, $81,372
accrued accounts, $64,404; provision ,for Federal income taxes,
$65,253;
non-current liability,
$59,000; common stock (165,768 no par shares),
$1,632,076; capital surplus
$138,800; earned surplus, $848,573; notes re¬
ceivable discounted, $22,046; total, $2,913,479.—V. 150,
p. 997.
,
Jewel Tea Co., Inc.—Praises
Net income
"It may be reasonably assumed," the management comments in its sum¬
"that without the very strong personal interest of all workers in the
mary,
Jewel
organization, so marked
achieved."—V. 150, p. 1138.
$470,615
4,245,729
year
per share
After
a
improvement
an
would
have
not
been
Johns-Manville Corp.—No Common Dividend—
Directors at their recent meeting took no action on payment of a common
dividend at this time.
Dividend of $2 was paid on Dec. 22, last, and 75
cents was
p.
paid on Sept. 25, last, this latter being the first dividend,paid
Dec. 23. 1938, when 50 cents per share was distributed.—V. 150,
436.
Kansas
City Power & Light Co.—Earnings—
Period Ended Dec. 31—
Gross
a
Net
earnings
$1,446,662 $16,800,384 $16,695,444
746,638
8,303,990
8,191,202
$724,180
118,428
of
$700,024
117,277
$8,496,394
1,436,701
$8,504,242
1,386,476
8,540
178,086
8,540
195,425
102,479
2,116,369
102,479
2,300,634
6,650
71,524
1,062
5,227
68,531
18,094
65,573
857,859
20,006
65,542
822,376
$340,236
Interest charges
Amortization
1939—12 Mos—1938
1939—Month—1938
(all sources) $1,462,376
Operating expenses
738,196
earns,
$303,962
$3,899,319
$3,806,729
$0.54
$6.97
discts.
and premiums
Depreciation...
Amortiz. of limited term
'
investments
717
Misc. income deductions
Federal & State inc. taxes
Net profit and loss
Earns, per sh., common,
after income tax
$0.61
^'$6.79
p.
3559.
City Southern Ry.—Earnings—
Month of January—
Railway operating revenues
Railway operating expenses
1939
1940
$1,203,228
759,783
$1,071,911
$443,445
98,000
$410,558
99,000
$345,445
47,315
8,392
$311,558
37,304
6,978
$289,738
Railway tax accruals.
$12,980,059 $18,471,723 $32,492,763
5,717,068
5,717,068
5,717,068
6,792,376
8,172,101
16,981,019
Shares common stock
$1.71
$4,582,554
4,245,736
$3.00
$9,794,677
4,245,737
$6,31
deducting miscellaneous earnings of $443,928 in 1939, and $1,009,-
754 in 1938.
Profit-Sharing—
The company, in a special report to stockholders on benefits from the
company's profit-sharing plan, indicates that its average net profits were
$1,343,772 a year in the 16 years since the plan has been in effect, com¬
pared with average annual profits of $74,164 in the eight preceding years.
.
3,000,000
Preferred divs at $7 per share
Common dividends
Surplus for the
(no par)
develop¬
ment and extension
Earnings
stk.
$267,275
661,353
1,000,000
_
Reversal of 1938
9,163
5,357
Earns, per share on com¬
Kansas
$8,480,059 $16,221,723 $27,992,763
1,500,000
2,250.000
3,500,000
on rec__
$333,468
'
56,789
allncluding maintenance and general property tax.—V. 149,
5,000,000
3,000,000
Prov. for development & extension
for losses
4,412,354
$12,626,609 $28,005,223 $47,667,274
1,646,550
b3,783,500 bll,324,511
Net income from operations
Provision for inventory reserve
res.
6,546,271
interest$15,146,734 $30,358,928 $52,079,628
Miscellaneous losses
Balance
Reduction of
8,980,501
$10,371,912 $24,914,652 $45,890,954
4,774,822
5,444,276
6,188,674
receivables, securities, &c
Net income from sales and
c
inc. tax
Depreciation
$267026728 $286,291,612 $351,927,768
Depreciation
a
Fed.,
$455^088
since
1937
Cost of goods sold, incl. frt. &
duty. .204,684,166 207,236,625 248,699,901
Sell., collect., admin, and gen. exp__ 41,690.991
41,833,146
41,810,141
on
82,654
"
Amort, of devel. exps
Int. paid & other
charges
Of the
Int.
$372,434
&c
Profit.
compared
661
Broken down into domestic sales of
principal products, the report showed
1939 tractor sales of $49,985,000 as
eight
Operating profit
Interest income,
b Includes undistributed profits tax of $425,000 in
1938, and
c Estimated excess of reserve applicable to receivables
$3,350,000 in 1937.
of prior years.
.
Equipment rents (net).
facility rents (net)
Joint
Net railway operating income
—V.
p.
437.
Kansas
City Structural Steel Co.—Earnings—
1939
Bills rendered
of bills
on
1938
1937
$2,614,251
$2,161,317
1,248,454
Years Ended Dec. 31—
Cost
Note—1938 figures revised to conform to 1939 classification.
150,
2,147,073
1,724,454
$193,775
161,667
30,506
$467,178
170,439
34,998
40,478
$436,863
162,842
27,342
33,449
completed contracts $1,442,229
rendered
on
completed
^
contracts
Consolidated Balance Sheet Oct. 31
1939
1938
$
Assets—
a
$
1939
Real est., pl't,
mines, Ac
Preferred stock.
Marketable sec.
116.237,043 115,024,039
25,247,957
316,037
Inventories
109,789,519 123,890,456
b Notes A acc'ts
rec'ble, Ac
Common
Curr't
$
81 ,672,400
81,672,400
stk.169 ,829,160
169,829,440
invoices,
Cash
charges.
_
32 986,267
Pref. div. pay..
Com. dlv. pay..
1 429,267
1 698,094
56,786,252
1,017,235
Deferred
2 714,287
59,173,968
1,573,799
credits
30,818,658
1,429,267
3,445,084
Min. int. in cap.
Special
594,651
a
6,231,353
mainte¬
12,459,108
22 ,240,826
1
Surplus
79 ,841,269
79,841,269
19,071,993
79,370,655
Total
402,433,637 406,624,773
depreciation reserves of $113,854,306 in 1939, and $106,991,834
b Alter reserve for losses of $25,663,549 in 1939, and $25,100,720
in 1938.
no-par
c Represented by 4,245,729 no-par shares in 1939, and 4,245,736
shares in 1938.—V. 149, p. 2234.
International Products
The Securities and
the New
Corp.—Delisting—
Exchange Commission has granted the application of
York Curb Exchange to strike from listing and registration the
6% cumulative preferred stock ($100 par) of the corporation.
The appli
stated, among other things, that in the opinion of the Exchange's
Committee on Formal Listing the distribution of the stock in the hands of
cation
Net income
Preferred dividend
3 ,006,535
Other reserves..
..402,433,637 406,624,773
After
Other expenses (net)
for Federal
and
State
$213,053
9,653
$223,536
$222,706
16,063
33,500
(sale of scrap)i
176
$220,117
3,419
2,000
x$54,133
45,000
$143,271
30,000
$204,642
46,766
in¬
598,721
6 ,420,881
I
nance
Other operating revenue
1,145
x$37,813
3,284
x$34,529
19,604
Bad debts (less recoveries)
come taxes
of affil. cos
in 1938.
40,144
Cr729
Taxes
Provision
Fire ins. res've..
Total
depreciation
1,698,094
stk. A surplus
/..
Selling, general and adminis. expenses
Provision for
payrolls,taxes,
Ac
87,760,422 101,122,498
5,595,209
5,523,976
Other assets
Del'd
c
1938
5
Liabilities—
x
Loss
-
.
Balance Sheet Dec. 31, 1939
$88,537; customers' notes and accounts receivable (net),
$95,853; sundry accounts receivable, $6,982; inventories, $391,206; sundry
notes and accounts receivable
(non-current), $58,045; prepaid expenses,
$6,111; investments, $48,785; plant and equipment (net), $540,255; de¬
ferred charges, $1,706; total, $1,237,482.
Liabilities—Accounts payable (trade), $42,706; accrued expenses, $27,123;
1st mortgage 5% income bonds, $217,439; 6% cumulative preferred stock
(par $100), $750,000; common stock (7,447 shares of no par), see note;
earned surplus, $200,214; total, $1,237,482.
Note—Pursuant to decree of Federal court, dated March 1, 1935, the
company was reorganized pursuant to a plan of reorganization providing
for extension of bond maturities, modification of bond interest requirements,
amendments of articles of association, modification of preferred stock divi¬
dend provisions, and change of common shares to shares without par value;
Assets—Cash,
The Commercial &
1282
applicable to the latter was
the monetary amount
by credit to deficit account; in the opinion of
pany, this reduction gives effect to the intent of the
—V. 149, p. 1766.
to nil
reduced from $750,000
attorneys for the com¬
plan of reorganization.
Lines, Inc.—Issuance of Notes—
The Interstate Commerce Commission on Feb. 3 authorized the company
to issue promissory notes of three series in aggregate amount not exceeding
$2,850,000, $1,600,000 to be exchanged for a like amount of serial de¬
bentures outstanding and the proceeds of $1,250,000 series I notes to
prove advances to associated companies, and workking capital.
Authority was also granted the company, to issue not exceeding 15,295
shares founders' stock to provide for conversion rights of series III notes and
Kennecott Copper Corp.—To Pay 25-Cent Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, no par value,
payable March 30 to holders of record
March 1.
This
with $1.25 paid on Dec. 23, last; 25 cents paid on Sept. 30, June 30
and March 31, 1939; final dividend of $1 paid on Dec. 23, 1938, dividends
"of 25 cents paid in each of the three preceding quarters, and previously
regular quarterly dividends of 50 cents per share were distributed.
In
addition, a special dividend of $1 was paid on Dec. 23, 1937, and special
dividends of 25 cents were paid on Sept. 30 and on June 30, 1937.—V. 149,
p. 3559.
compares
Keystone Steel & Wire
the corporation were in excess of $600,00(1 and that contracts
substantial additional business will probably be closed within the next
30 days.—V. 149, P. 2977.
for
Kroger Grocery & Baking
Sales
_
Co.—Accumulated Dividend—
Key West Electric
48,061,723
Accr'd earns, of sub. cos.
35,401
304,692
17,195
337,775
9,498
482,406
49,171,086
19,946
580,330
Gross income—-----
51,304,524
48.416,693
Operating expenses
b42,303,129
2,370,498
Depreciation
Administration expenses
See b
Adj.of inc.prior yrs. (net
of extraordinary costs)
Taxes chgd. against inc.
of prior years & recov¬
b41,793,131
50,009,237
42,489,959
2,391,401
1,990,761
49,771,362
41,367,846
2,365,434
2,043,050
profit
...
Income Account for
Net profit
705,500
327,400
507,200
3,741,569
3,042
3,360
3,461,779
2,950,340
3,312
3,487,831
3,342
3,388
3,461,779
$952,096
822,734
$273,388
1,821,989
$28,465
1,821,989
$3.02
$2.05
$1.62
Balance, surplus
Shs. com. stk.
outst'g
Earnings per share
$653,367
_
.
_
74,116
59,070
6,141
79,956
162,641
51,227
15,000
Administrative, general and patent expenses
Experimental and developement
Interest
on
notes
_
Interest on bonds
Depreciation and amortization
Federal income taxes
General
contingent reserve
$205,217
Balance Sheet Dec. 31, 1939
$27,067;
receivables, $327,304; advances on
pulpwood
$8,577; land, build¬
ings, machinery and equipment (less reserve for depreciation of $1,233,791),
$1,831,035; prepaid expenses, $19,971; patents (less reserve for amortiza¬
tion), $227,166; goodwill, $1; total, $2,783,734.
Liabilities—Accounts payable, $149,254; notes payable, $75,000; accrued
interest, $12,500; other accruals, $42,328; provision for 1939 Federal in¬
come tax, $51,226; first mortgage 6% bonds (current), $125,000; general
contingent reserve, $15,000; first mortgage 6% bonds (non current), $1,125,000; prior preferred stock (2,447 shares), $244,700; class A stock (60,000
shares, no par), $566,666; surplus, $377,060; total, $2,783,734.—V. 147,
delivered, $48,733; inventories, $293,879; other assets,
p.
10,540
848,091 Provision for Fed¬
eral taxes
1,901,747
11,499
11,962
410,297
467,730
394,865 Prov. for self-ins..
Int. of min. stock¬
21,566,959 18,851,393
holders in Piggly
48,152
6,182,682
1,117,903
customers
Employees
Investments
97,157
89,021
for sale to em pi.
282,411
15,994,442 14,741,554
rec..
113,483
196,425
Prepaid insurance,
776,671
632,142
550,612
Deferred charges..
750,658
Amts.
dlvs.
& prem. refunds
on group Insur'ce
1st pref. stock
2d pref. stock
282,411
50,700
48,000
a Common
stock.33,398,250 33.398,250
1,047,761
Paid-in surplus
10,489
Earned surplus...11,301,772 14,732,026
Represented by
46,000
1,830,885 no par shares.
1139.
shares—V. 150, p.
La France
50,700
53,843,291 57,904,642
b 8,151 (8,896 in 1938)
Total
53,843,291 57.904,642
Total
374,327
repressing
Cash & ctfs. of div.
Def'd claims
1,219,558
6,147
Wiggly Corp—
due empl's.
b Com. stock held
4,660,541
2,089,467
1,601
Industries—Hearing Postponed Until
March27
bondholders, stockholders, creditors and others to file their
reorganization proceedings of the company and its subsidiary,
Pendleton Manufacturing Co., has been extended by Federal Judge KirkThe time for
claims in the
Net profit
Assets—Cash,
$
4,327,553
2,379,797
Divs. payable.
Accts. & notes rec.,
a
1938
8
Liabilities—
Accounts payable.
Accrued expenses.
99,875
Marketable sec
expenses.
1939
1938
1939
$
$
13,032,957 14,889,287
Assets—
Cash
rents, taxes, Ac.
Total income
$19,322
1,821,989
$1.91
Cost of sales now includes warehousing and transportation
Operating, general and administrative expenses.
Comparative Consolidated Balance Sheet Dec. 31
equipment, <fec_
from manufacturing operations
3,381
2,915,182
a
Land, buildings.
Other income-.
Crl40,624
5,514,597
3,042
3,220
4,556,239
Netprofit..
% dividends..
1st pref. 6
2d pref. 7% dividends..
Common cash dividends
Year Ended Dec. 31, 1939
$640,389
12,979
See b
1,116,300
accumulation
Key eg Fibre Co.—Earnings—
2,176,494
ered in 1935
Federal income taxes—
Inventories
dividend of $1.75 per share on accountTof
accumulations on the preferred stock, payable March 1 to holders of record
Feb. 19.
Like amount was paid on Dec. 1, last, this latter being the first
dividend paid on this issue since June 1,1933.—V. 150, p. 998.
242,273,498
193,102,412
49,517,333
50,964,431
Gross
Interest-
Claims <fcadvs
Directors have declared a
Jan. 2, '37
$
243,356,605 231,295,622 248,444,230
192,392,174 183,233,898 198,926,897
-
Cost of sales
a
last; 15 cents paid on Sept. 15 and
15, last; dividends of 10 cents paid
on Feb.
1, 1939, and on Nov. 1, 1938; 40 cents paid on June 27, 1938;
15 cents paid on April 15, 1938; 25 cents paid on Nov. 1, 1937; 15 cents on
Aug. 2, May 1 and on Feb. 1, 1937, and dividends of 50 cents per share
paid on this class of stock on Nov. 1 and on Aug. 1, 1936.—Y. 150, P. 693.
53 Wks.End
Jan. 1, '38
Ded. 30, '39 Dec. 31, '38
Period—
dividend of 25 cents per share on the common
payable March 15 to holders of record Feb. 29.
This
compares with 20 cents paid on Dec. 15,
on June 15, last; 20 cents paid on April
Stated Periods
52 Weeks Ended
Directors have declared a
stock, no par value,
Co.—Earnings—
Consolidated Income Account for
b
Co.—Larger Dividend—-
unfilled orders on
Mr. Simon also reported that
1938.
with $483,817 for
24, 1940
the books of
Keeshin Freight
preferred stock outstanding.
The report of the Commission says in part:
,
,
In order to provide funds for its own needs and also for those of its asso¬
ciated companies, applicant proposes to put into effect a refinancing plan
which contemplates issuance by it from time to time, or all at one time as
may be necessary, of promissory notes of three series, in aggregate principal
amount not exceeding $2,8.50,000 including $1 250,000 series I, $1,200,000
series II, and $400,000 series III.
The series II notes would be exchanged
par for par for the outstanding series A and series B debentures, and the
series III notes would lie exchanged for the like amount of series C de¬
bentures outstanding.
The $1,250,000 series I notes would be issued at par
for cash, part of the proceeds would be advanced to the subsidiary com¬
panies according to their needs, and the remainder retained by applicant.,
Feb.
Financial Chronicle
eb. 27 to March 27 the date 20.
Satrick from Feb. 20 to March for a hearing on whetheralso will confirm the
Judge Kirkpatrick he postponed from
plan.
The postponements were at the request of the company whose attorneys
reported that of the $846,000 of the ourtstanding $1,462,500 first mortgage
bonds which have filed proofs, $803,000 have approved the plan, while
$43,000 have voted against it.
^
,
Suit for an accounting of over $15,000,000 has been filed in New York
Supreme Court by J. Harris Warthman, as trustee in bankruptcy for La
France
Industries.
The defendants named in the action include the
Manufacturers Trust Co., Broadway Realization Corp., and the partners
of Hayden, Stone & Co.—Y. 150, p. 437.
Ltd.—Smaller Dividend—
Lake Shore Mines,
576.
declared a dividend of 50 cents per share on the common
payable March 15 to holders of record March 1. Dividend of
cents was paid on Dec. 15, last and previously regular quarterly dividends
$1 per share were distributed.—V. 149, p. 3411.
Directors have
-Earnings—
(S. S.) Kresge Co. (& Subs.)-
745
$
$
Sales (incl. subsidiaries).153,911,145
Other income
32,931
1936
734
$
1937
741
$
1938
1939
745
Calendar Years—
Number of stores
stock, par $1,
75
of
Surtax
on
undistributed
.
TJ%IaFc,e'
Profit & loss
Shs.
500,000
10,450,624
8,997,051
10,712,513
6,587,839
6,587,835
6,587,833
11,042,139
140,000
7,133,923
2,409,216
4,124,680
51,411,148
3,768,216
47.386.469
5f489,l
$1.95
5,489,313
3,862,785
surplus
common
57,072,455
53,720,364
5,489,921
$1.89
5,489,921
stock out-
standing (par $10)
-
-
_
Earns, per sh. on com..
$1.63
$1.98
$
Fixed assets..
Claims
$
Com. stock (par
80,827,671
281,696
55,178,817
55,178,817
3,394,636
4,922,856
$10)
d
18,061,576
4,262,059
Mtges. & land
contracts pay.
277,875
118,726 Accts. payable.
170,287
159,594
3,316,359
Misc. securities-
Deferred charges
*4,803,511
4.485,637
185,924
Federal tax
2,759,116
162,108
Reserves
2,210,587
2,199,670
1,715,710
53,720,364
Dr716,277
b 1 reasury stock
129,625,702
124,925,9911
57,072,455
Dr716,277
129,625,702 124,925,991
Total.
Land, buildings, equipment, &c„ after depreciation,
b 27,960 shares
d Including $1,044,457 ($360,583 in 1938) current mortgages and
land contracts.—V. 150, p. 998.
a
at cost,
Kirkham
Engineering & Manufacturing Corp.—Name
Changed-—
name
Liberty Aircraft Products Corp.
?i01ibln ^si^6in^'8tockllolder8 that earnings for the year
io
totaled $37,541, after all charges including reserve for
income taxes.
Sales for the
year
1939
were
31, 1940, amounted to $442,381,
increasing from
_
.
liabilities at Jan. 31, 1940, before
liability for Federal tax on current income was 3.08 to 1.
of current
assets
to current
establishing a
Commenting on the report
Lava
said: "Continued
increased volume of sales enabled the
the quarter."—V. 150, P- 130.
J. O. Ostergren, President,
operating efficiency together with an
company to improve the earnings for
Cap Gold Mining
Co.—Three-Cent Dividend—
declared a dividend of three cents per
share on the common
with
paid
30,
stock, payable March 30 to holders of record March 9. This compares
four cents paid on Dec. 20, last; three cents paid on Sept. 30; two cents
on June 30 and March 31, 1939; three cents paid on Dec. 22 and Sept.
1938; dividend of two cents paid on June 30,1938,
distributed on March 31, 1938.—Y. 149, p.
share
Lawrence Portland Cement
and one of three cents per
3412.
Co.—Earnings—
Earnings for Year Ended Dec.
31, 1939
-$402,786
Profit from operations
Other income
23,892
—
_
_ -
—
_
----$426,678
paid
Premium on debentures
retired
Provision for doubtful accounts
-
_
_____
__
Depreciation
Depletion.
—
____________
_____
$851,787,
as
6,425
6,2 97
250,173
n£'§™
20,800
compared
$117,894
period
Earnings per share
Dividend paid
Net income for
$1-57
75,000
their
of
plants of company during 1939 were operated at 37.6% of
clinker capacity as compared with 30.2% during 1938, and shipments
Portland cement amount to 112 % of 1937 shipments.
The
The
remaining $650,000
outstanding 5H% debentures were
called for
payment and cancellation as of April 1, 1939.
The funds necessary were
supplied partly from treasury cash and the balance from a bank loan
$500,000, secured by serial notes, obtained at very favorable
rates and maturities.
These notes, now outstanding in the amount of
$425,000, mature semi-annually from April 1, 1940, to April 1,
of
interest
1942,
inclusive
A dividend of $1 per share on
Dec. 15, 1939, to
an?uil me?ring of stockholders held Feb. 20 at the offices of the
4 Long Island, stockholders voted to change the
of V^!i!^^armAng ?
the corporation to
bederal
y Equal to 23 cents per share
1939 after deducting all charges but
Federal and State income tax.
21,703,125 Accrued interest
3,307,290 Surplus
o
$3,732
4,080,013
and taxes
banks.
lotal
1938
$
Liabilities—
against
closed
Ratio
1937
$26,103
1938
before Federal taxes,
13 cents per share in
$206,524 at Jan. 31, 1939.
Interest
1939
1938
$
80,865,135
Leaseholds
272,921
Inventories
18,777,986
Accounts receiv.
329,003
U.S. Govt.sees.
5,186,070
Cash
20,548,345
a
1940 and
jticforo I^0ci.0r<Ll tftXGS
Working capital at Jan.
Total income
Consolidated Balance Sheet Dec. 31
1939
Assets—
in
After charges but
Directors have
625,000
income
Net Profit.
Pref. dividends (7%)
Common divs. (cash)...
x
y$60,375
y$101,991
Net prodit
Total income
1939
1940
3 Mos. End. Jan. 31—
x
-.153 ,944,077 149,321,550 155,243,467 149,680,100
Cost of sales & sell. exp_131 ,745,608 129,235,608 132,856,020 127,549,946
Property,
State
fran¬
chise,
State
income,
&c., sales and gross
income taxes
4,149,294
4,713,564
5,092,938
,125,499
423,217
Interest
271,224
188,871
205,148
3,417,221
3,582,643
Depreciation & amortiz.
3,681,573
,814,752
Flood losses
231,310
149,100
14,627
73,140
Loss on disposals of fixed
266,972
233,404
assets, &c
144,094
146,092
Federal income, &c., tax
2,100,000
2,100,000
1,890,000
,460,000
Co.—Earnings—
Lakey Foundry & Machine
149,285,601 155,204,790 149,523,435
35,949
38,677
156,665
the capital stock
holders of record Dec.
outstanding was paid on
8, 1939.
Balance Sheet Dec.
31, 1939
reserve for
inventories.
$147,200; fixed assets,
$4,178,043), $5,190,919:
Assets—Cash, $585,372; notes and accounts receivable—(less:
doubtful accounts and cash discounts of $6,814), $103,076;
sundry debtors, $3,691; investments,
(less: reserves for depreciation and depletion of
deferred charges, $11,933; total, $6,901,136.
$858,945;
Volume
The Commercial & Financial Chronicle
ISO
Liabilities—Notes payable (bank), $150,000; accounts payable & accrued
charges, $68,013; reserve for Federal & State taxes, $51,754; notes
payable
(bank, due 1942 & 1942), $275,000; reserve for
contingencies, $2,269,711;
capital stock (outstanding 75,000 shares, no par),
$3,750,000; capital
surplus, $71,118; earned surplus, Jan. 1, 1933, $265,536; total, $6,901,136.
—V.
149,
p.
1283
Lexington Water Power Co.
3720.
1st S..F. 68 due 1968
Lehigh Coal & Navigation Co.—Earnings—
Income Account for Calendar Years
~
revenue
Railroad
$44,322
2,295,771
982,077
97,453
y37,028
218,766
rentals
Dividends
Interest
Coal
royalties
'
Miscellaneous
126,762
income.
128,429
$3,151,401
91,758
292,118
63,004
53,291,374
122,461
281,976
Broad
NEW
76,627
780,409
383,888
150,619
1,016,728
183,887
59,676
value
'
39,585
1,016,791
172,704
x249,865
1,021,682
190,972
xl74,146
$1,225,576
8,284,605
Dr22,786
$900,838
6,850,155
Cr60,831
$1,500,137
7,946,176
Dr,3,668
Petition
not in
Dr2,058,503
192,913
$7,428,893
578,738
$9,442,644
1,158,039
Profit and loss surplus
$6,722,136
Shs. of cap. stk.(no par).
1,929,127
$0.52
$7,618,911
1,929,127
$6,850,155
1,929,127
$8,284,605
1,930,065
Earned per share.......
$0.47
$0.63
$0.78
Provision for Federal undistributed profits tax included,
amounting to
$110,365 in 1937 and $33,061 in 1936.
y $3,314 in 1939 and $248,854 in
1938 charged to Lehigh Navigation Coal
$86,298 in 1938 other coal royalties.
Co., Inc., and $33,714 in
and
General Balance Sheet Dec. 31
$
1939
Investments
Cash
673
66,418
15,458
67,332
1937
1936
$3,689,201
2,835,402
162,241
$3,962,590
2,933,614
227,032
$1,169,096
211,666
22,646
$625,565
$691,558
178,082
31.826
$801,945
131,331
$1,403,408
145,438
$831,187
101,013
$901,466
115,403
$960,119
125,963
366,229
30,015
369,578
22,798
372,786
30,333
390,489
45,807
$861,727
$337,798
$382,944
$397,860
86,173
476,COO
33,780
68,000
38,294
68,000
272,000
$299,554
$236,018
$276,650
$86,074
Equipment, rents, &c_.I
Other income
Suspended
int.
Divs.
318,587
x
413,786
unclaimed..
23,875
40,057
8,220
for taxes.
450,999
344,367
32,152,117
7,618,911
6,722,136
Total
par
62,916,945 64,053,485
shares,
y
ciation
Oper.
1939
workmen's comp.
for depre¬
1938
1937
1936
$19,618,929 $20,324,600 $23,720,316
and
20,392,722
Operating income
Balance
Taxes
Deprec. and depletion._
Interest
General expenses
21,745,889
$1,063,807
2,345,703
$836,213
2,345,647
474,601
479,445
29,139
102,990
$1,974,426
2,345,582
481,445
40,045
92,754
$3,957,637
1,406,146
284,496
$3,793,433
1,249,397
840,593
1,424,834
286,386
$4,934,253
1,422,043
870,352
1,446,327
313,880
x105,715
178,665
1,372,394
833,670
:
118,192
y$304,634
Cr 2,031
Crl ,876
$647,245
Cr4,219
y$46,815
8,436,444
y$306,510
9,626,871
$651,464
10,314,804
$8,090,975
193,043
285,812
519,371
94,913
40,133
Drl,227
$8,389,629
192,928
$9,320,361
578,753
$10,966,268
1,160.949
124,259
Dr 142
344,022
Cr38,857
$8,072,301
$8,436,442
$9,626,871
Goodwill accounts
Surplus approp. for s. f.
Sundry adjustments
Adjust, for min. interests
Balance, Dec. 31
Provision computed under individual tax returns of certain
companies
included in the consolidation,
y Loss,
z On books of subsidiary com¬
x
charged
off.
Consolidated Balance Sheet Dec. 31
1939
1938
$
Assets—
$
{Incl. Sub. Cos.)
1939
Liabilities—*
$
Fixed assets
62,271,843 64,824,179
Investments
3,932,544
3,921,391
Cash
3,105,329
2,435,377
yCust's'accounts. 2,807,039
2,636,133
Coal in storage
865,518
1,092,047
Mat'ls & supplies.
761,157
764,849
Sundry debtors
117,444
433,519
funds
accounts
1938
$
31,507,414 32,123,475
Mtges. payable...
Audited
241,125
92,573
247,955
Fund debt unmat.
9,145,276
9,284,775
274,324
234,531
142,752
153,149
Traffic &
210,422
premiums
55,872
51,254
23,008
450,935
30,165
373,726
236
247
106
on
26,590
Unmat'd int.
11,719
25^370
81,771
24,554
26
Deferred liabilities
5,276
67,405
Tax liability
Prem. on fund. dt.
257,696
107,324
11,658
14,233
48,683
deprec.—
equipment
3,379,469
Oth. unadj. credits
104,383
56,897
Other
curr.
Insur. and casualty
2,504
ed debt
Misc. accts. pay..
Int. mat'd unpaid.
accr.
4,586
fund¬
80,512
42,686
f
8,020
wm
reserves
Accrued
114,217
Other unadj. debits
.
.
liabs..
paid
in advance
payable
wages payable
39,165
assets
car-serv.
Audited accts. and
from
Rents & Insurance
Discount
3,100
20*067
balance
curr. assets.
Deferred
3,100
87,874
120,616
76,856
„
Add'ns to property
3,275,435
100,656
-
through Inc. and
surplus
48,905
51,622
Fund, debt retired
income
154,610
Sink, fund reserve,
23,620,431
23,821,491
121,087
34,144
566,899
Total
2,992~260
2,840,984
23,620,431
Profit and loss
Total
86,794
Capital surplus.
23,821,491
x No
provision, other than in corporate surplus, is made in the Dec. 31,
1939, consolidated general balance sheet for $86,173 (representing 10% of
ended Dec. 31, 1939,) to be paid into the general
mortgage sinking fund on March 1, 1940.
Certain investments in subsidiary companies
having a par value of
$638,750 and a carrying value of $73,438, eliminated in consolidation, are
pledged under the general mortgage securing the company's 4% bonds.
The excess of the par value of securities or subsidiary companies over the
value carried on the books of the company, $566,899, shown in
year 1938
as capital surplus, is deducted from investment in
road in the 1939 con¬
solidated general balance sheet.—V. 150, p. 694.
and payrolls
1,390,189
1,353,387
Sundry creditors..
320,301
681,660
99,847
691,637
taxes
Matured
crued
and
ac¬
interest.:.
2,268,686
2,666,784
8,674
8,219
Other assets......
475,561
616,399
616,601
bl54,323
determined
180,163
Fund, debt & mtg.
pay. currently..
Deferred
and
331,762
417,488
48,193
Minority
Interest.
52,417
Capital stock...32,152,117
Capital surplus
1,032,889
32,152,117
2,202,378
Fund, debt retired
Surplus
approp...
Profit & loss surp.
Total
250,525
94,847
41,999
48,905
yl939
$1,725,876
369,168
18,139
188,000
34,161
280,404
revenues
expenses
Maintenance
Provision for retirements
Federal income taxes
Other taxes
Other income
1938
$1,725,910
Gross income
Interest
on
Interest
on
—
—
$836,003
$783,260
14,139
34
first mortgage bonds
other long-term debt
Other interest
450,826
15,864
188,000
16,502
271,458
$836,037
558,659
178,123
34,982
35,206
$797,399
564,585
195,105
47,686
36,604
$29,067
x$46,582
51,621
Net income
6,956,476
78,845,546
x
Loss,
y
Preliminary.
Tenders—
8,072,301
76,613,796
x Represented
by 1,929,127 no par shares,
y Includes notes receivable,
Includes stripping expenses deferred (net) of $1,483,445 in
1939 and
$1,611,808 in 1938.
a
After reserve for
depreciation and depletion,
b $51,581 of which is current.
z
Lexington Water Power Co.—Earnings—
Years Ended Dec. 31—
Operating
Operating
208.452
approp. to
sink, fund res've
76,613,796 78,845,546
p.3412.
Amortization of debt discount and expense
through inc. and
Surnlus
cents paid on Dec. 14, last; 25 cents
paid in each of the three preceding quarters; 75 cents paid on Dec. 14, 1938;
20 cents paid on June 14, 1938; 30 cents paid on March 14, 1938; 62K
cents paid on Dec. 14 and on June 14,1937; 87 H cents paid on Dec.
1,1936;
V>2lA cents paid on June 1,1936, and 50 cents paid on Dec. 1,1935.—V. 149,
Operating income
204,829
543,515
x
surplus
have declared a dividend of 25 cents per share on the
stock, par $5, payable March 14 to holders of record March 1. This
365,862
sus¬
pended accounts
Reserves
directors
compares with final dividend of 62
vouchers
Compensa'n claims
Sink, fund assets__
Lehn & Fink Products Co.—To-Cent Dividend—
The
common
254,125
Accrued
63,048
Def'd & suspend.
Total
809,460
Mat'ls & supplies.
Int. & divs. rec'le.
215,866
Cr37.418
$6,956,476
Dividends paid.
Canal prop, adjust
z
102,848
1.038,109
agents & cond'rs
Misc. accts. rec'le.
Other
mi¬
20,609
car ser¬
rec.
RR.
of construction.
37,077
vice bals. receiv-
$
6,800,000
Govt, grants in aid
35,772
investments
nect'g
nority interest..
cos
Cash
Net bal.
37,103
5,000
37,028
y$44,784
$18,674
8,072,301
Total surplus
Working
Other
37,113
364
.
1938
1
net income for the year
Previous surplus
a
prop, sold
Inv. in aff 11.
621
Liabilities—
and surplus
$22,367
Dr3,693
to min. interests
39,786
Capital stock
6,800,000
Campbell Hall Con-
x
income
26,843
1939
$
through
Net inc. of Lehigh Coal
& Nav. Co. & subs.
panies
Sinking funds
Misc., phys., propDep. in lieu of mtg.
1938
21,909,611
197,377
16,132
57,394
375,000
x227,763
Prov. for Fed. inc. tax..
Prov. for Fed. undistrib.
profits taxes
Apport.
1939
Assets—
$
Inv. in road & eq.21,379,097
for doubtful
accounts
Net
19,488,387
$4,578,635
1,305,028
944,896
1,398,866
304,715
Miscellaneous..
prov.
18,555,122
$1,624,145
2,345,726
478,707
46,294
83,761
Railroad rental
Dividends
Interest
z
reserve
exp., incl. pro v .for
uncollectible accts
Spec.
After
(Including Subsidiary Companies)
$22,016,867
181,429
24.193
Consolidated Balance Sheet Dec. 31
Traffic and
Income Account
Calendar Years—
Gross earnings
109,007
Capital stock...32,152,117
Surplus
...62,916,945 64,053,4851
Consolidated
Dividends
28,716
14,399
cos
10,773
x
298,310
no
Income applied to sink¬
ing & other res. funds.
508,300
Suspended credit..
1,179,300
Represented by 1,929,127
and depletion.
funded debt
Other deductions
354,271
505,327
Reserve
accounts
Total
263,766
fd. debt.
on
Affiliated
debt
Other assets
Joint facility rents, &c__
Total interest accrued on
2,546,218
220,961
83,739
Sundry creditors..
1,429,865
Earning s-
$3,392,744
oper. revenues.
Matured & accrued
19,579
cos
vouchers
Accrued taxes
Advs. for expenses
affiliated
$
22,698,000 22,814,000
and payrolls
16,748
assets
debt
Audited
150,701
Mat'ls & supplies.
Sub. cos.' current
Funded
673
Sundry debtors
to the rental
$4,286,652
oper. expenses.
2,766,018
tax accruals, &c
351,538
Railway
Railway
Railway
1938
$
Liabilities—
36,203,789 36,718,606
23,112,843 24,646,160
1,451,422
927,511
Notes receivable-_
as
1938
(Company Only)
1938
$
Assets—
1939
-
1939
x
1939
York
position to make any recommendation to the court
150, p. 1139.
a
Lehigh & New England RR.
$7,811,824
Fixed assets
New
Bell System Teletype N. Y. 1-752
Delayed—
Calendar Years—
$6,915,048
192,913
__
EXCHANGE
The petition of the company asking the U. S. District Court at
Newark,
N. J., to lift its order
retaining Lehigh Navigation from taking action to
collect the rental due Jan.
1, 1940, from the Central RR. of New Jersey for
the lease of the Lehigh &
Susquehanna RR. owned by Lehigh Navigation,
has been postponed
by stipulation until March 11.
The postponmeent was
asked by the trustees of the
Jersey Central on the grounds that they have
not had sufficient time to make an examination
of the property and so were
of
Dividends
STOCK
payment.—V.
_
y
YORK
Street
38,059
$3,552,671
invest, in Lehigh Navi¬
gation Coal Co. stock.
Total
MEMBERS
15
179,789
$1,010,081
7,618,911
Cr46,055
1,760,000
Reserves
stated
Eastman, Dillon 8 Co.
y335,152
Loss sustained by disso¬
lution of subsidiaries.
in
$57,627
2,293,122
795,510
107,056
Tel. Bowling Green 9-3100
Previous surplus
Sundry accts. adjusted..
Red.
1936
$45,288
2,293,101
572,430
112,153
2,295,028
567,585
$3,675,418
82,998
Taxes.
698,241
Deprec. and depletion..
483,525
Operating expenses
".
142,770
Interest
1,006,277
General expenses
175,400
Federal income tax
76,125
a
TRADING DEPARTMENT
1937
$48,356
Total
Canal operation
Net
(Company Only)
1938
1939
,
Canal
~The Chase National Bank as trustee is notifying holders of first'mortgage
5% gold bonds, series due 1968, that it has available for purchase of such
bonds at their principal amount and interest accrued to March
13, 1940,
the
sum of $13,863.
All offers should be addressed to the corporate trust
department of the bank, 11 Broad St., New York City, before 12 o'clock
noon on March
11, 1940.—V. 149, p. 3720, 3267.
The Commercial &
1284
Oct. 30 last
r,325,611 $15,792,502
401,797
179,358
_
sales,
royalties,
&c., incorae____
Gas properties income..
7,918
101,428
earned—...
Discounts
Net loss of wholly
owned
216,344
6,078
143,677
361,020
168,149
282,895
142,174
cl87,387
1,581
40,118
...$13,938,916
Total income
$7,856,743
administr.,
general, &c.. expenses
Selling, adv.,
Net profit.
626,453
38,620
$3,930,460 $10,518,918
3,131,849
9,959,936
$10,379,538
8,579,348
$558,982
$4.19
$1,800,190
$4.14
770,000
$798,611
$1.57
$1,180,813
.
$3.21
Balance, surplus
Earned per share
Louisville
Company offers to
bonds
/
Balance Sheet Dec. 31
A. ss ds
^
^
16,305,797 17,681,936
926,097
785,455
;
Land, bldgs., <fcc
a
Gas properties
Cash
5,719,444
8,871,166
1,606,039
6,607,851
6,055,979
Inventories......
736,539
876,432
EmpI, stk. subscr.
262,334
45,0|7,176i
Total.........46,947,884
depreciation,
1939 and 2,509,750 no par
2,964,354
Louisville
3,660,075
surplus...16,464,837 16,051,811
7,840,731 7,020,914
$1,100,000.
46,947,884 45,027,176
2,513,285 no par shares in
Total..
150, p. 998.
Bank,
loan to
will
Corp .—New Name—
Engineering & Manufacturing
Lima Cord Sole & Heel
Co., above.
Co.—12%-Cent Dividend—
Louisville Trust Co.
dividend of 12 H cents per share on the common
stock, payable March 30 to holders of record March 15.
Dividend of 25
cents was paid on Dec. 28, last, and previous payment was the 12Mcent
dividend paid on Aug. 20, 1937.—V. 149, p. 4178.
Directors have declared a
Lion Oil Refining Co.
y
1938
$912,482
1937
$945,335
Since the underwriters will consist of brokers
as a class who elect to solicit bonds for the purpose stated, it is impossible
to give the respective names and addresses of underwriters and it is not
considered that any oroker could be called a principal underwriter.
No
broker who may be an underwriter is affiliated with the company.
No commitment has been made to take the entire issue.
A commitment
has been made by Louisville Trust Co. to take, on or immediately after
March 1, 1940, not more than $1,100,000 of the issue, subject to the pro¬
1936
$594,735
$1.50
Net income.
$2.10
$2.17
$1.43
Earnings per share
x After
all charges,
y On common stock,
z Before a charge against
surplus of $237,526 in connection with the forfeiture of an option the com¬
pany
held
on
Atlas Pipeline Corp.'s common
(Thomas
J.)
Lipton,
visions contained in
stock.—V. 149, p. 3412.
Inc.—Certain Interest Offers to
Years Ended—
class B stock.
Miscell. expenses, incl. interest
Other income, interest,
Bond interest
Depreciation of plant and equipment
of inventory..
Loss on retirement of plant assets—
Extrarordinary income..
which is entitled to 50%
offered to the public. Lipton Ltd. and companies
of class A stock and class B
control
b Notes and accounts
Report for 1939—
pamphlet report for the year ended Dec. 31, 1939, shows a
consolidated net profit, after provision for depreciation, Federal taxes and
all other charges including special charges of $124,059, of $159,735.
This
compares with consolidated net profit of $217,994 for the year 1938.
The special charges for 1939 consisted of a provision of $33,059 against the
investment in the Canadian subsidiary by reason of the decline in Canadian
exchange, and a provision of $91,000 for price adjustments to the trade on
floor stocks in case of a reduction in the price of tea.
It seems advisable,
The annual
explains R. B. Small wood, President, in his letter to stockholders, to set up
such a charge because of the advance in the cost and selling prices of tea
due to war conditions, although no price reduction is anticipated in the near
future.
In 1932 such price adjustments were found necessary and were
charged to income of that year.
The net profit of the Canadian subsidiary for 1939 in Canadian dollars
was $7,190 as compared to a loss of $12,338 in 1938.
Every effort is being
made to develop the business of the Canadian subsidiary.
The balance sheet continues to reflect a favorable current position, with
current assets at Dec. 31, 1939 totaling $2,554,977, as against fcurrent lia¬
bilities of $797,343, a ratio of about 3.2 to 1.
Regular dividends of $1.50
per share on the preferred stock and $1 per share on the class A stock were
paid during the year.
Earned surplus during the year decreased $98,461.
—.
147, p. 840.
The directors have
on
Philadelphia—Accumulated Dividend—
declared
a
dividend of $2 per share on account of
the 6% cum. pref. stock, par
receivable.
_
Inventories
1
offer should deliver their certificates for the
class A stock, duly indorsed in blank, with the signatures guaranteed, and
bearing all necessary transfer stamps, to Commercial National Bank &
Trust Co., 56 Wall St., New York, before the close of business March 15.
accumulations
34",984
$483,314
1,512,026
2,065.849
$100, payable April 12 to
—
—.—
value of life insurance policies
accts. rec. from officers and employees.
15", 348
_ _
6,569
8,855,597
Other investments
c
Land, buildings and
equipment—
______
261,343
190,369
moulds purchased, &c
—
Prepaid and deferred accounts
_
Patents (at nominal value)
______
Sinking fund trustee payment due Jan., 1940
Special funds—Sinking fund trustee
Trustee under collat. trust agree, of Nov. 1, 1932
Cash in bank adv. for construction
Trustee under comp. fund agree, of June 25, 1937
Leased ingot
16,58 i
payable
payable
Unpaid instalment under ingot
Accounts
Accrued accounts
Workmen's comp. claims
7,494
Total
55,248
16,581
15,742
68,471
4,200
174,267
,
—
stock
15,266
31,570
9,074,468
328,671
186,967
"""371
$358,201
1,999,956
mould lease agreem't
143,155
413,999
Capital surplus
d Treasury
15, '38
$457,784
1,048,425
1,643,583
443,064
33,971
26,351
26",336
and awards (current) _ _ _ _
Advances (balance) from customer, &c
Estimated sinking fund payments (current)
Workmen's comp. insurance claims and awards—
Bond interest, not current
Non-current instalments on notes, &c
Int. accr'd on bds. owned by co. & depos. with trust
Unexpended amt. of ad vs. for construction
1st mortgage bonds of Lukens Steel Co
Capital stock (par $10)
Deficit.
$158,218
371
Liabilities—
Notes
$1,299,329
171,115
546,120
249,417
137,982
36,477
466,368
$13,900,073
Total
$1,319,404
94,535
74,460
245
Cash surrender
Ad vs. to
$2,438,232
1,118,828
*
Oct. 14, '39 Oct.
Cash.
of the company.
Stockholders accepting the
Lit Brothers,
24",939
207,991
417,304
Assets—
admitted to the list
Annual
$2(71,775
Consolidated Balance Sheet
monthly high and low sales prices of the class A stock from the date
on the New York Curb Exchange Oct. 25, 1937
to Feb. 17, 1940, show that the high, 17, was reached Feb. 17, 1939 and the
low, 9H, December, 1937. The high for 1940 was 11 in January, and the
low, 10%. No sales were reported to Feb. 21, 1940, but the bid and asked
quotations on Feb. 21 were liy8 and 11V8.
On Feb. 17, 1940, Lipton Ltd. and companies associated with it owned
approximately 61% of the class A stock and 81% of the class B stock,
aggregating approximately 71% of the total voting power of the company,
and also owned approximately 12% of the 6% cumulative preferred stock
was
$774,931
211,386
474,985
81,058
31,462
$83,127 loss$288,505
Net profit.
the company.
The
it
$421,371
7,730
27,235
Estimated income taxes
associated with it retained sufficient shares
to
— —
Loss from revaluation
share.
stock
&c
Total income
$1,247,152
825,781
$797,739
38,752
15,944
Profit
Hallgarten & Co. owns 1,803 shares of class A stock which it has agreed
purchasers at cost to it, which is less than $17 a share.
In January, 1937, Lipton Ltd. acquired all the outstanding stock of the
company from the estate of its founder, Sir Thomas J. Lipton, and there¬
after sold such shares to the members of an English group of which
it was
a member.
After recapitalizing the company, the members of the group sold
100,000 shares of class A stock and 26,000 shares of 6% cumulative pref.
stock to Hallgarten & Co., which made a public offering of these shares on
July 28, 1937.
The class A stock was offered to the public at $17 flat a
No shares of the class B stock of the company,
$1,606,484
808,745
Gross profit
Sell., admin. & general expenses
to sell to the
of the voting power, were
$11,929,582 $11,597,016 $19,356,893
10,323,098 10,349,865 16,918,661
Sales, net of disc., returns & allow
excl. of depreciation
of 6% cumulative preference
1940.—V. 150. p. 281.
(& Subs.)—Earnings—
Oct. 14, '39 Oct. 15, '38 Oct. 16, '37
Cost of sales,
a
or
before Feb. 29,
Lukens Steel Co
Sanies share. This offer willwhich are not held byof business on Co., at $17
at
associated with it, or expire at the close Hallgarten & March 15,
stock
the contract between it and the company, if $200,000
shall have been deposited under the deposit and ex¬
of bonds of the issue
tension agreement on or
Purchase All Class A Stock at $17 per Share—
Certain interests associated with Lipton Ltd. have authorized Hallgarten
& Co., as their agent, to purchase, any or all of the shares of class A stock
of Thomas J. Lipton, Inc., which are not held by Lipton Ltd., or com-
1940, unless extended by the purchasers.
No offer is being made to purchase shares
to solicit
the deposit
Underwriters—The underwriters are brokers generally who elect
deposit and extension in accordance with the terms of
Donds for
and extension agreement.
(& Subs.)—Earnings—
1939
z$652,362
Calendar Years—
x
holders thereof,
effect the
extended by
dated March 1,
semi-an¬
bonds
payable $200,000
March 1, 1941,
that if
con¬
tingencies, Ac..
Earned
b Represented by
shares in 1938.—V.
Liberty Aircraft Products
See Kinkham
for
893,190
82,607
590,130
82,545
Deferred assets...
After
Accrued taxes,
1,347,496
1,260,943
9,819,660
1,100,223
10,694,213
Investments
Other assets
a
1,895,172
Ac. 2,074,927
Accts. pay., Ac
Louisville Trust Co. will
deposited for extension,
provides that the
stock. 15,707,863 15,685,938
Paid-in surplus...
Plant lmprov.& re¬
placement fund.
b Common
$
$
Liabilities—
Reserve
Notes, accept, and
accts. receivable 2,277,423
1938
1939
1938
shall have been
purchase at par on March 1, 1940, when presented by the
and deposit for extension, bonds in an amount sufficient to
ex¬
tension of the full $1,300,000.
Bonds so purchased and
Louisville Trust Co. will be repurchased by Louisville Ry. at the cost
thereof to Louisville Trust Co., and will be gledged to secure the note to
be given by Louisville Ry. for the purchase price.
The designated depository for the bonds is the Louisville Trust Co.,
Louisville, Ky.
The agreement with the Louisville Trust Co. further
company will, on or before March 5,
1940, repurchase from
Trust Co. the bonds so purchased and caused to be extended by it, and as
payment therefor will deliver to Louisville Trust Co. its note
1940, bearing interest at the rate of AH% per annum, payable
nually, in a principal sum equal to the face value of the amount of
so
purchased.
The principal amount of said note shall be
on Sept. 1, 1940, and three instalments of $300,000 each on
Sept. 1, 1941 and March 1, 1942, respectively, provided, however,
the note executed is for a sum less than $1,100,000, then the last maturing
instalment or instalments shall be decreased by the sum which represents
the difference between the principal amount of the note and
The bonds so purhcased by the company will be held by Louisville Trust
Co. as collateral security for the payment of the note.
The Reconstruction Finance Corporation has agreed with the Louisville
Trdst Co. to participate in the loan to be made by Louisville Trust Co. to
the extent or one-half thereof, and the Harris Trust & Savings
Chicago, has agreed with Louisville Trust Co, to participate in the
the extent of three-elevenths thereof, and those two corporations
receive from Louisville Trust Co. one-half and three-elevenths, respectively,
of the total commitment fee of $5,500 to be paid by the company to the
materials used, labor, manufacturing expenses and
adjustments of inventories,
b Includes provision of $150,000 in 1937 and
$350,000 in 1936, for estimated surtax on undistributed profits,
c Includ¬
ing subsidiary's loss on sale and demolition of capital assets of $155,764.
1939
Treasurer, was elected a
late George W. Olmsted.
150, p. 438.
Railway—Plans to Extend Bonds—
extend to Aug. 1, 1942, $1,300,000 of its second mort¬
gage 40-year 4%% bonds due March 1, 1940.
Initially, $2,000,000 of
second mortgage AH % bonds were issued March 1, 1900, to mature March
1, 1940.
Prior to 1940, $171,000 were retired.
Of the remaining $1,829,000, it isproposed to retire $529,000 and extend $1,300,000 to Aug. 1, 1942.
If on Feb. 29, 1940 as many as $200,000 but less than $1,300,000 of the
258",823
deducting
After
a
Director—
Robert G. Olmsted,
succeed his father, the
(P.) Lorillard Co.—New President—
Hummel, formerly Executive Vice-President, has been elected
the late David H. Ball, James A. Glascock has been
elected a director of the company to fill the vacancy caused by the death
of Mr. Ball.
E. J. Bush, Vice-President and director of the company, has
resigned the positions because of ill health.—V. 150, p. 1139.
b2,500,000
lb",244
38,582
1,675,000
$8,062,753
6,881,940
.
Dividend
Lighting Co.—New
meeting held Feb. 16
President to succeed
23,260
78,570
500,000
141,044
b2,200,000
11,898
63,059
Empl's stk. subscrip'ns.
Federal income taxes—
—V.
141,832
64,500
contingencies
General
a
George H.
392,000
off, &c
Loss on disposal of equip.
with
Aug. 21,
150,
'
acquisitions ch'gd
Patent
Long Island
At
director of this company to
$2,581,494
$2,975,910
Corp.—20-Cent Dividend—
of 20 cents per share on the common
declared a dividend
April 22 to holders of record March 22. This compares
30 cents paid on Dec. 22, last, and dividends of 20 cents paid on
and April 20, 1939 and on Dec. 22, Aug. 20 and April 20, 1938.—V.
p. 1139.
750,000
355,849
104,160
other corps.
Federal capital stock tax
invest, in
Lone Star Gas
1, 1932.—
stock, payable
$16,579,534 $16,384,928
$2,319,641
$3,247,513
licenses._
add'l res. for
Cost of patent
for
391,768
74,363
subsidiaries—.—,.
Prov.
131,671
119,529
The last
$1.50 per share was distributed.
dividend of $1.50 per share was paid on April
regular quarterly
V. 149, p. 2694.
Directors have
Scrap
Other income
117,391
99,162
225,832
93,712
38,398
62,548
58,409
60,782
_
earned
1939, and compare
28, 1938; $2 paid on
25, 1937, and $2 paid on
made since Jan. 2, 1933, when
$15,181,072
86,947
63,812
$13,203,585
profit.
Net mfg.
Interest
share were paid on
with $2 paid on Oct. 1,
Oct. 28, 1937; $4 paid on Jan.
Oct. 10, 1936, this latter being the first payment
and on April 29,
1938; $4 paid on Jan.
a
1940
24,
Dividends of $1.50 per
March 30.
holders of record
Glass Co.—Earnings—
Calendar Years—
1939
1938
1937
1936
Manufacturing profits $15,323,147
$9,648,670 $17,917,462 $17,632,970
Deprec. on mfg. props..
2,119,562
2,323,059
2,124,960 2,451,898
Libbcy Owens Ford
Dividends received^
Feb.
Financial Chronicle
v
3,826,500
3,279,760
3,647,110
10,613
DrlOO.OOO
_
$13,290,736
$384,214
1,553,480
168,121
348,662
11,374
11,663
~
3 ,580
33,515
31,562
150,964
33,971
3,826,500
3,279,760
3,647,110
93,740
DrlOO.OOO
$13,900,073 $13,290,736
for claims, doubtful notes and accounts of $68,472
$89,562 in 1938. c After allowance for depreciation of $7,070,586 in 1939 and $6,750,088 in 1938.
d Represented by 10,000 shares of
capital stock.—V. 150, p. 282.
b After allowances
in 1939 and
Volume
The Commercial & Financial Chronicle
ISO
MacKinnon Steel Corp., Ltd.—Accumulated Dividend—
The directors have declared
of accumulations
on
the 7%
to holders of record March
a
stock, par $100, payable March 15
Dividends of $1.75 were paid on Dec. 15,
Sept. 15, June 15 and March 15,1939; Dec. 12, Sept. 15, June 15 and March
15. 1938, and on Dec. 15, 1937, this last being the first dividend
paid bv
1933, when 87 A cents per share was dis¬
to this latter date, regular
quarterly divi¬
dends of $1.75 per share were paid.—V.
149, p. 3412.
the company since February,
tributed on this issue.
Prior
McKesson &
[Holding Company Only]
dividend of 87 A cents per share on account
cum. pref.
1.
Robbins, Inc.—-Net Sales—
Net sales of McKesson & Robbins,
Inc., for January were $12,910,268
compared to $12,027,670 in January, 1939, an increase of 7.34%, according
to preliminary figures released on Feb.
16 by William J. Wardall, trustee.
The drugs and sundries department, largest division of the
company's
operations, showed a 12.40% increase in sales over January, 1939.
Sales
in this department, according to the
preliminary figures, were $10,002,505
Assets—Cash, $1,070,881; securities issued by the United States and
Government-owned corporations (valuations based on market quotations
$641,103), $628,256; other marketable securities (valuation based on market
quotations $578,384), $586,374; dividends and accounts receivable from
subsidiaries, $100,578; other dividends, notes and accounts
receivable,
$26,032; investments in stocks of banks and subsidiary companies, $7,448,369; total, $9,860,490.
Liabilities—Provision for Federal and State taxes, $8,992; reserve for
contingencies. $141,233; initial no par value capital stock (8,852
shares)
and fully participating no
par value capital stock (352,806 shares), $9,041 ,450; surplus (incl. capital surplus of $157,550), $668,814; total,
$9,860,490.
—V. 147, p. 120.
Manhattan
wholesale houses subsequent to January,
1939.—V. 150, p. 843.
McLouth Steel Corp., Detroit, Mich,—Bonds
Offered—
Campbell, McCarty & Co., Inc., Detroit, recently offered
at 102 and int., to yield
5.15% to maturity, an issue of
$180,000 1st mtge. sinking fund 5p£% bonds, series B
(with stock purchase warrants attached).
Bonds sold to
residents of Michigan only.
Dated July 1, 1937; due Jam 1, 1947.
Coupon bonds in $1,000 denom.,
principal only.
Interest payable J-J.
Callable on any
int. date on 30 days' notice, in whole or in part, at 103 up to and incl. Jan. 1,
1942; thereafter at 102 to,and incl. Jan. 1, 1945; thereafter at 101 to ma¬
turity.
National Bank of Detroit, trustee.
Sinking Fund—A monthly sinking fund sufficient to retire $6,500 princi¬
pal amount of bonds on July 1, 1940 and on each Jan. and July 1 thereafter
to maturity at the call price.
If bonds are not obtainable at or below the
call price, they must be called by lot
by the trustee.
registerable
as
to
Slock Purchase Warrants—Non-detachable warrants
are
attached to each
bond, entitling holder thereof to purchase 10 shares of common stock at
$10 per share until Jan. 1, 1947, unless bond is redeemed prior to that time,
in which case warrants may be exercised
up to redemption date.
History and Business—Company was incorp. April 27, 1934 in Michigan
to engage in the manufacture of hot rolled strip steel with a
two-high singlestand reversing type hot rolling mill.
In 1934, the company began the
installation of its hot rolling strip mill, which has operated efficiently for
several years.
In March, 1935 the company purchased the assets of Cadillac Steel Corp.,
and on Aug. 25, 1936 Consolidated Steel Corp. was merged with the com¬
pany.
The business of the company consists of the manufacture and sale of hot
and cold rolled strip steel and the auxiliary operations of slitting,
edging and pickling.
shearing,
Company sells its products primarily in the Detroit
automobile manufacturers and automobile accessory companies and
to other manufacturers in Michigan, Ohio and Indiana.
area to
Purpose—The net proceeds to the company ($175,500 plus accrued int.
of $4,895) from the sale of the bonds, together with the sum of $52,838 of
company funds, were used on Dec. 29, 1939 to pay off in full the balance
of a loan from Reconstruction Finance Corporation
amounting to $233,233,
including interest.
This loan was in the original amount of $250,000
secured
by
pledge of $200,000 of first mtge. sinking fund 5A% bonds—
warrants
($180,000 principal amount of which constitute
the bonds now being offered) and a chattel mortgage on inventories.
The
chattel mortgage on inventories has been discharged.
series
Capitalization—
Authorized
1st mtge sk. fd. 5A % bonds, ser. A with warrants
$300,000
1st mtge. sinking fund 5A% bonds, series B with
warrants
(this issue)
Preferred stock (no par)
Common stock (no par)
200,000
30,000 shs.
150,000 shs.
Outstanding
$245 000
180,000
12,500 shs.
90,050 shs.
Earnings for Calendar Years
1939
profit
Selling, adminis. & gen. expenses
Other deductions, less other income._
Provision for depreciation.
on
1938
1937
$551,450
80,620
Gross
Interest
Cannot
Realize
Excejpt
"In the opinion of our counsel and
ourselves, and of the respective counsel
for
the
for
the
city, the Transit Commission, the Manhattan Ry., the committee
modified stock, and for other interested
parties, the Manhattan
cannot hope to realize anything
except by depositing under
the plan of unification, while
they may still do so, unless some portion of
the settlement fund provided in the
plan is allocated to them," the com¬
mittee for Manhattan Ry. 7% guaranteed stock states in a letter
sent out
to holders of this issue.
This committee, which is headed by Theodore S.
Watson, points out that the Manhattan property was sold under fore¬
stockholders
closure
Jan.
on
25.
It
revealed that
was
as
of Feb.
66% of the guaranteed stock, had been deposited.
stock had reached 84.5%.
19, 28,725 shares, or
Deposits on the modified
Hearing Adjourned—
A hearing on confirmation of the sale of the
properties under foreclosure,
$17,005,000, scheduled for Feb. 15, was adjourned to Feb. 27 by Federal
Judge Robert P. Patterson.
The adjournment was taken at the
request
of counsel for the Merle-Smith committee for holders of
Manhattan
who pointed out that a hearing on the fairness of the
unification is to be held before the Court
p.
844.
Marion Reserve Power
Period End. Jan. 31—
Total oper. revenues
Co.—Earnings—
revenues
$285,284
119,039
18,435
Federal income taxes.11,728
Maintenance.
13,604
$265,363
109,466
19,296
9,248
17,634
Operation
General taxes
Provision
for
on
$2,870,564
28,859
$3,157,579
1,389,633
208,556
90,755
191,392
$2,899,423
1,274,358
211,416
59,909
224,464
29,039
278,176
206,080
$87,685
31,354
$999,067
376,250
$923,196
2,125
2,312
216
serial
22,034
$93,438
31,354
Net earnings
Int. on mtge. debt
Int.
1940—12 Mos.—1939
$3,136,734
20,845
retirement
reserve
bonds,
proposed plan of
the adjourned date.—V. 150,
1940—Month—1939
$283,491
$263,718
1,792
1,645
Non-operating income..
Gross
on
211
26,050
2,275
3%-5%
notes..
Other interest
Amortization of debt dis¬
count & expense,
&c_.
2,750
2,825
33,825
$50,982
14,128
$560,667
$5 pfd.stk
$56,992
14,128
Bal.avail. for com.stk.
$42,865
$36,854
$391,448
Net income
Div. accrd.
on
169,219
a
with
B
Ry.—Stockholders
Through Deposits—
against $8,898,971.
The company's liquor sales declined 7.06%, sales for
January being $2,907,762 compared to $3,128,699 in January, 1939. The
decrease in liquor sales was due in part to the closing of certain
unprofitable
1285
Balance Sheet Dec. 31,1939
$220,4,32
103,157
5,531
68,997
$280,092
97,219
16,536
45,821
14,625
3,232
33,063
0842
71,053
24,077
6,577
73,657
bonds
Other interest, &c
Provision for Fed'l taxes (est.)
Net profit
Preferred dividend requirements
15,101
11,607
3,000
$296,307
6,875
$13,036
3,437
$69,594
6,206
$289,432
$9,599
$63,387
Bonds Called—
Company is notifying holders of its 1st mtge. DA % bonds series due 1952
the entire issue has been called for redemption on April
20, 1940.
The bonds will be paid on or prior to that date at their
principal amount
with accrued interest and a premium of 3%, upon presentation at The
that
Commercial National Bank
& Trust Co.
SEC Issues Formal Opinion
of New York.
Approving Issues—
The Securities and Exchange Commission issiied Feb. 20 its formal
opinion approving all phrases of the recent financing by the company. In
this financing the company issued $7,750,000 of 1st
mtge. bonds, 3 A %
series, due 1960, and 7,500 shares of $5 preferred stock, both of which have
already been sold publicly.
The company also issued $1,250,000 of unsecured 7
2-8% 8-year serial
promissory notes to the Chase National Bank and 2,000 shares of common
stock to its parent company,
Utility Service Co., which had surrendered
9,101 shares of $5 preferred stock for cancellation.
The SEC noted that the financing reduces "the
top-heaviness of the
capital structure."—V. 150, p. 1140.
Company announced that it will redeem on June 1, 1940, at 104 A % and
accrued interest, all of the first mortgage gold bonds,
5% series due June 1,
1957 of Ohio Electric Power Co.
Net profit applicable to com. stock.
The bonds will become payable on June 1
Bank, trustee, 11 Broad St., New York, but holders
obtain payment of the full redemption price immediately upon sur¬
render of their bonds at the offices of the bank.—V. 150, p. 1140.
at The Chase National
may
Balance Sheet Dec. 31,
1939
Assets—Cash
on hand and on deposit, $129,230; trade accounts receiv¬
(net), $374,918; inventories, $311,682; other assets, $8,537: property,
plant and equipment (less depreciation of $310,977), $1,334,013; deferred
charges, $50,673; total, $2,209,054.
Liabilities—Accounts payable for materials and expenses, $174,397:
accrued expenses, incl. accrued royalties in controversy, $71,252; Federal
taxes on imcome, $74,741; funded debt, $425,000; preferred stock (12,500
no par shares), $125,000; common stock
(90,050 no par shares), $741,750;
paid-in surplus, $247,141; earned surplus, $349,771; total, $2,209,054.—
V. 150, p. 1139.
able
Mahoning Coal RR.—Earnings—
Period End .'Dec. 31—
a
Net income
b Earnings per share—
a
Marine
1939—12 Mos.-—1938
$272,181
$8.80
After taxes,
par common
interest and other charges,
stock.—V. 149, p. 4034.
Field & Co.—Stock
6%
cum.
Offered—A block of 31,625
($100 par) pref. stock of company was
offered Feb. 23 by a group of underwriters headed by Lee
Higginson Corp.; Glore, Forgan & Co., and Shields & Co.
at a price of $104 per share and div.
The offering does not
represent new financing by the company, but includes only
shares already outstanding
which have been purchased
from several large individual and trust holdings that
repre¬
sent
1939—3 Mos.—1938
$566,190
$18.60
Marshall
shares of
$1,365,525
$44.41
$759,690
$24.22
b On 30,000 shares of $50
Bancorporation—Earnings—
[Holding Company Only]
bequests made by the original owners of the business.
shares being offered constitute in each case approxi¬
mately one-half of the holdings.
The
A circular describing the offering states that the real
earning power of
the company has, in years prior to 1938, been obscured by the unsatis¬
factory results from the operation of the real estate division and of the
former wholesale division, the activities of which not heretofore discon¬
tinued are now carried on by the manufacturing division.
The retail divi¬
of Marshall Field has operated profitably in every year since the
organization of the company with the exception of 1932.
The company has now completed a five year program of reorganization
of its operations, properties and capital structure, the circular states, the
results of which have found expression in a substantial improvement in
earnings.
Net profits for 1939 of $4,636,558 are the highest earned in
the last nine years and are equivalent to $30.91 a share on preferred shares
of both classes now outstanding.—V. 149, p. 4034.
sion
Earnings for the Year Ended Dec. 31, 1939
Dividends, interest and other income
Expenses and taxes
$461,036
Profit from operations...
Profit on sales and securities
$419,323
1,944
Net profit
Surplus, Jan. 1, 1939 (incl. capital surplus of $137,552)
Surplus credit (restoring to capital surplus recoveries of assets
previously charged thereto)
$421,267
661,539
41,71.3
19,998
Gross surplus
$1,102,804
Dividends paid
433,990
Menasco
Manufacturing Co.—Stock Offered—A total of
common stock (par $1) are offered to stock¬
holders for subscription pro rata in the ratio of one new share
300,000 shares of
for each two shares held of record at the close of business
on
Feb. 10, 1940.
Surplus, Dec. 31, 1939 (incl. capital surplus of $157,550)
Consolidated Statement of Operations Year Ended Dec. 31, 1939
Gross income from operations
Operating expenses and taxes
Interest paid
Amortization of bonds.
$2,906,151
...
—
Operating profit
Profits
on
Gross
$668,814
(Incl. Subs.)
sales of securities and recoveries
—
profit
1,604,915
316,417
187,151
$797,668
514,103
$1,311,770
631,068
Losses and transfers to reserve for contingencies
Transferable subscription warrants evidenc¬
ing such subscription rights, exercisable only in amounts
calling for full shares, and expiring at 3 p. m. (Pacific Stand¬
ard Time) on March 6, 1940, or at such later date as shall be
decided by the company, but not later than March 27, 1940,
will be issued to such stockholders of record.
The issue
has been underwritten by Sutro & Co. (without firm com¬
mitment).
Transfer
agent,
Bank of America
California
National
Trust
Co.,
Trust and
Los Angeles, Calif.
Registrar,
Savings Association, Los Angeles,
Calif.
Net profit
Less minority
interest portion.....
^
$680,702
19,066
From the date of
incorporation of the company, June 11, 1934, to the
company's business was primarily the manufacture
engine parts, and incidental thereto,
the repair of such engines.
In addition, the company has engaged since
middle
of
1938,
the
and sale of aircraft engines and aircraft
Remainder—Marine Bancorporation
portion.
$661,636
The Commercial & Financial
1286
engine work and precision
inception in a limited amount of general
work for miscellaneous customers.
its
In the middle of 1938 the
machine
of Covic Diesel engines (an engine
undertook the manufacture
company
designed for aviation), and a larger amount of manufacturing and
of various types of aircraft precision parts upon order from
various airplane manufacturers.
Company is about to commence the
casting of precision parts and units, principally for other
by the Antioch process of casting non-ferrous metals.
Company
engages in inspecting steel parts
by the Magnaflux
other
manufacturers.
During the six months prior to Jan
1,1940, only two
not
machining
manufacturers
also
method for
of $689.33.
engines were repaired, for a return to the company
The aircraft engines developed and marketed by
predecessor
copartnership or the same name,
a
approximately March 1, 1933, are
model, of the air-cooled inverted
radial 'type of airplane motor.
the company and its
which commenced business
all, with the exception of the 50-h.p.
in-line type, as contrasted with the
.
..
developed and marketed by the company up to the present
engines rated by the U. S. Government at 50 h.p. to those
rated at 260 h.p.
In the past the company's largest market has been
to manufacturers of airplanes used primarily for sport, or as private or
military trainers.
Of the company's engines, it is believed that In the
The engines
tine range from
immediate future
the company's
best market will be for its models C4
model C4 is a four-cylinder engine, rated at 125 h.p.,
the same engine supercharged and rated at 150 h.p.
These
models are suited for small training and sport type airplanes.
At the
present time the company is engaged in development work
the purpose
of improving the performance and increasing the power
The
C4S.
and
Since July 1, 1936, the company
air mail contract.
(
Ichndng the fiscal
from July 1,
year
delivered to various
1938, to June 30, 1939, the company
engines and engine parts for which
purchasers airplane
aggregate gross proceeds of $53,544.
During the six months
ended Dec 31, 1939, the company delivered to various purchasers airplane
engines and engine parts for which it received aggregate gross proceeds
of $38 978.
As of Jan. 1, 1940, orders for airplane engines and engine
it received
parts
Unitwin engines) exceeded $163,000.
undelivered (exclusive of
It
expected that delivery of these engines will be completed within not more
than five months from Jan. 1, 1940.
In addition to the above engines, the company is at present engaged in
building a six-cylinder engine similar to the 068 but without supercharger
for medium-sized trainer airplanes.
It is believed that this engine will
be rated at about 230 h.p.
This engine has not yet been assembled, but
parts are now being manufactured for it and it is hoped that tests will
be run on it by the company in the near future.
is
capital stock is 1,000,000 shares, of which
600,000 shares are now outstanding, all fully paid up.
Proceeds—It is estimated that the net proceeds to be raised by the sale
of this issue is $345,000.
It is contemplated that the net proceeds obtained
from the sale of the shares will be used, in the first instance, to purchase
machinery and equipment needed by the company and to furnish working
Capitalisation— The authorized
^^Underwriting—The
underwriter is Sutro & Co., San Francisco. None
in the sense that any firm commit¬
the underwriters has been made.—
offered is underwritten
ment for their purchase or sale by
V. 150, p. 439.
of the shares
airplanes.
nection with such
Capitalization—Company has an
,
Consolidated Gas Co.—To Sell Bonds Privately
and Exchange
Commission Feb. 19 announced that com¬
has filed an application (File 32-197) under the Holding Company
Act for exemption from the requirement of filing a declaration in connection
with the issuance and sale of $2,000,000 of first mortgage 4% bonds, series
due 1963.
The bonds are to be sold privately at 101H % to the Travelers
Insurance Co. and the Prudential Insurance Co. of America, each of which
is to take $1,000,000 principal amount.
The net proceeds from the sale
of the bonds, it is stated, will be used to reimburse the company's treasury
for expenditures made subsequent to Sept. 30, 1938, and to be made during
the year 1940, for capital additions to its utility plant.—V. 148, p. 3229.
pany
Subs.)—Earnings—
Midvale Co. (&
1936
1937
1938
1939
Calendar Years—
$2,164,685
$3,278,412
40,223
$2,317,397
25,583
$2,526,286
43,014
64,830
$3,318,635
Prov. for depreciation._
460,000
Profit partic. off. & empl
289,864
Prov. for income taxes..
z865,000
$2,342,980
$2,569,300
460,000
z440,000
y512,000
$2,229,515
460,000
228,347
x275,000
$1,703,771
$1,244,210
998,721
$1,341,816
1,298,414
1,198,426
$1,266,168
998,613
$405,357
$245,489
$143,390
$267,555
$8.52$6.22
$6.71
paid.
Underwriting—There is no firm commitment for the sale of any of the
50,000 shares of stock offered, but Murdoch, Dearth & White, Inc., George
F. Ryan & Co., and Kalman & Co. as underwriters have agreed to act as
agents for the company in connection with the sale of the stock and to use
their best efforts to sell all such stock at the price of $4 per share.
Income Account for Stated Periods
—'•
Other income
Total income
Net
profit
Dividends paid
Balance, surplus
Earns, per sh. on 200,000
shs. cap stk.(no par).^
Includes $100,000
x
460,000
198,770
255,484
y Includes
tax and $57,000 for Federal
$177,000 ($100,000 in 1938)
provision for Pennsylvania income tax.
Consolidated Balance Sheet Dec.
1939
x
Prop.,
plant
1939
$
&
6,687,386
2,624
Advances
Deducts, from gross
for
Prov.
hand
—
Mktle. sees
,
on
liabs.
560,129
820,000
1,424,969
914,091
2,298,805
37,000
I
def$95,228
def$27,240
$34,765
6,900
_def$104,484
—V. 150, p.
439.
Minnesota Power &
Period End. Dec. 31—
Operating
revenues
Oper. exps., incl. taxes._
Amort,
of limited-term
Light Co.—Earnings—
27,150
After reserve,
3562.
y
14,765,5141
z
$603,489
294,636
Total
of $6,114,150 in 1939 and $5,745,618 in
Represented by .200,000 no par shares.—V.
serve
$6,162,202
2,796,775
572
569
6,863
6,771
66,667
600,000
550,000
$233,281
17
$211,302
$3,059,408
$2,808,656
13
1,457
1,085
$233,298
134,642
5,389
$211,315
135,429
5,152
$3,060,865
1,618,430
70,122
$2,809,741
1,627,880
71,221
Cr247
Crl51
Crl,768
Crl,687
$70,885
applicable to preferred stocks for the
$1,374,081
$1,112,327
retirement re¬
appropriations
__
Net oper. revenues
Other income
Gross income
deduct'ns
struction
Net
$93,514
income
Dividends
990,828
Balance-
—V.
990,834
$383,253
period
$121,493
149, p. 4035.
Mobile & Ohio RR.—Deposits Urged—
Holders of Mobile & Ohio RR refunding & improvement mortgage 4 %%
bonds due 1977, 5% secured gold notes due 1938 and Montgomery Division
first mortgage 5% bonds due 1947 are being urged by the reorganization
committee to deposit their holdings in order that the benefits of unification
contemplated by the reorganization plan may be realized at the earliest
nterstate .Commerce Commission and authorized been approved
fossible date. The proposed consolidation has by stockholders
Mobile & Northern
by the
of Gulf
RR.
90% of the total known holdings of
insurance companies, savings banks and pension funds already have been
deposited and that holders of a majority of the 4^s due 1977 and the 5s
due 1947 have deposited or indicated their intention to do so as soon as
certificates of deposit are listed on the New York Stock Exchange.
Ap¬
plication for such listing has been made.
"While interest on the new first mortgage bonds distributable to Mobile
& Ohio security holders accrues from July 1, 1939, payment cannot be made
until the plan is consummated", states the notice to holders.
"Of more
importance", continues the notice, "interest on che new general mortgage
income bonds does not begin to accrue until consolidation."
As court, proceedings have now progressed to a point where hearings on
the foreclosure of the properties appear probable within the near future,
the committee feels a much larger percentage of the bonds should be de¬
posited so that the proceedings may be expeditiously carried to a conclusion.
Frederic W. Ecker, Vice-President of Metropolitan Life Insurance Co.,
is Chairman of the committee, the other members of which are Edward
H. Leslie, of Wood, Struthers & Co., and John K. Olyphant, Jr., VicePresident of Central Hanover Bank and Trust Co.
Harvey A. Basham,
Jr., of The New York Trust Co., is Secretary and John E. Morrison, Sr.,
at 20 Pine St., New York, N. Y., is representative.—V. 150, p. 696.
The
notice states that more than
Mohawk Carpet
Mills, Inc.—New President—
Howard L. Shuttleworth was on
Feb. 6 elected President of this company,
succeeding his brother, the late Arthur W. Shuttleworth, who died Jan. 27.
Herbert L. Shuttleworth 2d was elected a director of the company to
fill the vacancy caused by the death of his father and was also named
Vice-President to fill the existing vacancy.—V. 150, p. 1141.
Molybdenum Corp. of America—Earnings—
California Scheelite Corp. and Atolia
[Including for 1939 subsidiaries,
Inc.]
Rand Placers,
$6,562,230
5,464,737
1938
$4,772,764
3,983,674
1937
$8,333,988
7,199,252
$1,097,493
$789,090
$1,134,736
22,108
46,585
51,370
$1,075,384
$742,504
$1,083,365
211,186
212,371
196,256
98,926
40,798
73,082
109,551
40,335
39,20.7
$651,390
$295,829
$720,716
4,280
14,963
117,958
6,051
13,636
103,018
24,435
949
1939
Cost of sales.
Shipping c. & f. on shipm'ts to custs__
Net
profit.
Losses from abandonments.
Prov. for Pa. State income tax
Prov. for Fed.
Inc.—Stock Offered—Murdoch,
Moines, Iowa: George F. Ryan
& Co., St. Louis, Mo., and Kalman & Co., St. Paul, Minn.,
are offering at $4 per share 50,000 shares of common stock
(par $1).
First National Bank, Kansas City, Mo.
May 6, 1936, is engaged in the
transportation of passengers, mail and express by airplane over Route
No. 26 pursuant to certificate of public convenience and necessity dated
March 7, 1939 issued by the Civil Aeronautics Authority.
Subject to
weather conditions, the company operates daily schedules totaling approxi¬
Business—Company incorp. in Delaware,
mately 3,632 miles:
transported mail, passengers, and
present form without the
to July 1, 1936, when it
sold the air mail contract held by it and certain other property to the com¬
pany in consideration for 168,137 shares of the company's common stock.
Company did not purchase all of the assets of Hanfords Tri-State Airlines,
Inc. and assumed none of its liabilities except liabilities accruing under the
Airlines,
Inc.
property over Route No. 26 in substantially its
Kansas City-Tulsa extension, from July 2, 1934
$6,718,885
3,052,614
75,000
investments
17,592.498 14,765,514
Mid-Continent Airlines,
Tri-State
$532,392
253,854
Property
normal income tax
profits tax
84,416
...
57,309
Prov. for Fed. excess
Prov. for Federal surtax
Dearth & White, Inc., Des
Transfer Agent,
1939—12 Mos.—1938
1939—Month—1938
sales
Administrative and selling expense
Other charges, net
*
Provision for depreciation
Provision for depletion
3,016,287
18,612
....17,592,498
2,i85
8tate
■
37.000
5,177,266
Hansfords
&
Fed.
1,790,797
280,215
After reserve for depreciation
149, p.
$43,851
Gross profit on
Deferred charges..
x
loss$25,428
1,811
596,000
Reserves
Surplus
due June
15, 1941
1938.
loss$90,751
4,477
Calendar Years—
notes,
Total
2,781
loss$96,600
inc.
7,884
Sales.
388,274
\%%
Inventories
$41,069
2,707
Net income
617,858
incl.
prof, partic.___
269,692
at cost
U. 8. Treas.
rec'd
3,664,895 Fed. & Pa. income
taxes—curr. yr_
1,049,958
3,763,703
Accounts receiv. 1,369,388
loss$28,135
5,370
income taxes
8
10,574,621
501,731
payable. 1,296,116
contr. in process
Acer,
664,502
Cash in banks & on
y
loss$96,121
2,469
Gross income
Capital stock._.10,574,621
Accounts
Special production
7
loss$99,070
__
1938
$
Liabilities—
z
equipment
6,289,711
Dep. in closed bk2,624
facilities
31
1938
$
$306,656
265,587
operations
provision for Pennsylvania income tax.
$100,000 provision for Pennsylvania income
surtax on undistributed profits,
z Includes
Assets—
$533,115
561,251
than
other
from
Nov. 30 '39
1939
1938
$421,839
517,961
Gross oper. income.
Inc.
5 Mos. End.
Years Ended June SO
1937
$306,828
405,898
Total operating revenue.
Total oper. expenses
$6 33
from oper—
Net earns
and
198,798
Interest charged to con¬
""Company plans a construction program amounting to approximately
$18,000,000 for 1940.
.
inoft
This is the largest annual program since 1930 and it is approximately
$5,500,000 above that of 1939. Net additions anticipated will result in the
company's plant value exceeding $200,000,000.
Of the total expenditures, $8,380,000 will be used for telephone instru¬
ments and associated equipment on customers' premises; $4,060,000 for
central office equipment: $3,100,000 for land and buildings, and $390,000
for general equipment including additions to the company's motor vehicle
fleet.—V. 150, p. 1140.
Michigan
authorized capital stock of 600,000 shares
(par $1) of which 100,000 shares are convertible preference stock,
500,000 shares are common stock.
There are now outstanding
shares of common stock and 40,000 shares of convertible preference stock.
In addition to the 198,798 shares of common stock now outstanding, 40,000
shares of such stock are issuable upon conversion of the convertible prefer¬
ence stock.
All of the outstanding shares of both classes of stock are fully
Other int. and
The Securities
has operated the route,
Purpose—The estimated net proceeds from the sale of the 50,000 shares of
common stock are $151,000.
So far as is now determinable, it is the present
intention of the company to devote the funds to be raised by the sale of the
stock, and by proposed bank loan of $150,000 (together with other funds
of the company) to the purchase of three Lockheed Lodestar model 18
airplanes, and necessary equipment, accessories and tools for use in con¬
Interest on mtge. bonds.
Telephone Co,—Building Program—
Michigan Bell
1940
24,
the Kansas City-Tulsa extension.
Including, since Sept. 1, 1936,
and the C48 is
for
of its models
Feb.
Chronicle
Net profit to
a
surplus
$518,468
$232,468
prior years' surplus adjustments.
Consolidated Balance Sheet Dec. 31, 1939
38,021
89,162
a$574,396
After correcting for
Assets—Land, $24,780; plant, buildings, machinery & equipment (less,
depreciation of $378,892), $499,255; mineral lands—New Mexico (less,
depletion of $554,365), $669,976; mineral lands—Arizona, (less, depletion
of $84,124),
$22,344; Boriana Mine—under option & lease, $201,311;
placer mining claims—held through California Scheelite Corp., $572,904;
placer mining claims—California, $21,500; mineral claims under option and
lease, $3,556; investments (at cost), $556,583; operating mine and mill
supplies, $63,424; cash, $964,959; accounts and notes receivable (less,
provision for bad debts of $2,587), $1,014,208; advances to suppliers of
raw
materials, $105,834; inventories, $1,582,412; other assets, $24,536;
patents and processes, $1; total, $6,327,583.
Liabilities—Five-year 6% debentures (1942), $577,944; bankers' accepttances payable, $990,824; merchandise acceptances payable, $273,291; ac¬
counts payable, $366,203; accrued payroll,
taxes, interest, &c., $35,691;
accrued Federal and State taxes, $143,669; equity of minority interest in
Volume
The Commercial & Financial Chronicle
150
California Scheelite Corp., $41,363:
capital stock ($1 par), $577,944: capi-
hS™'
—V
Monarch Machine Tool Co.—To
New
Comparative Balance Sheet Dec. 31
'4®0' earned surplus, $1,282,193: total, $6,327,583.
1141
1939
Pay 50-Cent Dividend—
Officers—
cents Paid on Sept. 1, last; 20 cents on June 1, last, and a dividend
1, 1939.
At a recent organization
meeting of board of directors, P. A. Abe, Works
Manager, was elected Vice-President in charge of engineering and pro¬
duction, and J. A. Raterman, Purchasing Agent, was elected Vice-President
in charge of
purchasing and plant engineering.
James Wilson has been
elected a director of the company to succeed G. A.
Rentschler, resigned.
O. Lee Harrison has been added to the board to fill a
vacancy.—V. 149,.
p. 3*14.
.
Inventory
Incompleted
struction
This compares
Sept. 30, last; 35 cents paid on June
with 50 cents paid on Dec. 21 and on
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. 149, p. 3415.
Earnings for
Year Ended Dec. 31,
1939
$827,885
144,227
Provision for Federal income taxes (est.)
115,900
Net income for the year.
Earned surplus, Jan. 1, 1939
567,758
Loss
on
667,713
$1,235,471
on
preferred stock.
on common
215,278
59,745
41,983
_
stock
_
sale of idle plant property
Earned surplus Dec. 31, 1939
Earnings per share on common
$918,465
$2.95
The Eureka Brass Co. plant, located at St. Louis,
Mo., was sold during
1939 at a loss of $41,984, which was charged to earned surplus.
This plant
had not been used for company
operations for some years and had been
leased to others until May 1, 1939.
Notes payable outstanding were reduced $300,000 during 1939.
Of this
amount, $200,000 represents payment of the note due Oct. 26, 1939, and
$100,000 was applied to the note for $500,000 due Oct. 26, 1940, thus
reducing the latter to $400,000.
The inclusion of this amount in current
.iabilities is responsible for the reduction of $126,367 in net working
at
capial
Dec. 31,1939,
compared with the
as
same
date iast year.
Assets—Cash, $489,968; notes receivable, $2,345; accounts receivable
(less reserve of $20,000 for doubtful accounts and contra accounts due
of $206,260), $684,799; working funds in hands of salesmen,
$2,785; advance royalty deposit, $1,500; inventories, $1,320,185; real
estate mortgage notes, $65,634; land,
buildings and equipment (less reserve
for depreciation of $1,822,708), $2,294,617; other
property (est. realizable
value), $7,356; goodwill, trade processes, &c., $1,457,755; deferred charges,
$29,413; total, $6,356,357.
Liabilities—Note payable to bank (due Oct. 26,1940), $400,000; accounts
contr.
3,377,900
351,587
278,224
219,742
309,818
2,448,910
8,841,653
8,804,181
564,128
439,130
13,675
239,041
equipment. 13 ,248,999
13,288,704
46,051
Deferred
$24,881;
Federal
and
State
income
for
taxes
stock
(excess of amount received for securities issued
over
stated
*252,680; earned surplus, $918,465; total, $6,356,357 —V.
National Bond & Investment Co. (& Subs.)Years Ended Dec. 31—
Operating income
Oper., gen. & adm.
exps.
1939
(est.),
$100), $3,075,capital surplus
value thereof),
150, p. 696.
year
$104,860; preferred 7% cumulative (par
(119,4JO shares, no par), $1,194,900;
reserves,
common
Profit
Common stk.
312
85,111
101,194
8,
28,303
&c
expenses,
47,480
15,039,3471
15,009,539
res.
1936
$4,703,882
2,904,706
$4,084,961
2,501,793
$6,858,268
2,959,983
$6,097,275
2,290,611
$1,583,168
26,190
$3,898,285
National Fitch
$1,609,359
321,198
2,859
$3,908,272
509,447
3,008
Cr267,348
Cr255,030
9,987
Co.—Organized—
minals, Inc., Cincinnati and New York.
"Motor Terminals is assigning its patents covering equipment for co¬
ordinating rail and highway transportation to the National Fitch Co.,"
he said. "Motor Terminals will retain its identity for terminal operations at
Cincinnati. The National Fitch Co. will be the sales agency for the Fitch
system, and the National Car Co. will supply and operate rolling stocks
and devices."
Officers of the National Fitch Co. will be Benjamin B. Kitch, President,
with Mr. Spencer as Vice-President. The Fitch system, Mr.
Spencer ex¬
plained, consists of equipment for transferring mechanically demountable
tanks, truck bodies and containers from railroad flat
$3,816,571
409,604
National Lead
on
1939 and
common
on
pref.
for
z326,882
579,386
561,529
d Cost of goods sold
Net operating profit..
Other income...
"
1938
220,472
Surplus
a
Shs
Earnings
Par
a
share
per
$1,213,450
a888,096
612,600
$2,595,959
1,402,680
612,600
$1.49
$3.74
$2,562,115
xl,054,642
612,200
y$4.07
pref. stock $5 per share, and $796,380 ($588,096 in 1938)
b Includes $264 decrease in equity of
owned) for the year ended Dec. 31, 1939, ap¬
(25%
plicable to stock held in the
company.
Consolidated Balance Sheet Dec. 31
1939
on
1938
$
Assets—
Cash
%
mand deposits..
&
accts.
Notes pay.,
Accts.
Due
rec.
399,088
242,789
435,001
214,474
2,228,766
1,454,649
495,000
$774,268
3,095,100
$0.75
Long-term debt
earned discount.
Due from empl.,&c
3,322
Investments
Pref.
81"; 173
78,427
93,324
Fixed assets
Deferred charges..
107,778
z
.
49,097,378 33,677,158'
After
for
losses
8,250,000
cum.
(par $100)
y66,248
145,291
stock,
6,000,000
7,012,000
3,947,455
Common stock._
Earned surplus
Total
6,000,000
7,012,000
3,724,245
49,097,378 33,677,158
of
$927,195 ($590,364 in 1938).
y After
reserve
for depreciation,
$160,851.
z Represented
by 612,600 no par
shares,
b Including Federal income and capital stock taxes, estimated.
—V. 149, p. 3563.
x
reserves
National
Period—
Net
a
1939
sales
1938
31
1937
Dec.
31
A
Cash
Liabilities—
5,636,788
1,170,446
1,159,924
sees.
income
$2,920,728
2,635,658
$2,627,370
2,288,458
$1,369,443
1.136,355
$285,070
214,499
$338,912
$233,088
103,731
$70,571
35,383
$123,562
56,765
$129,357
27,763
$105,954
278,796
247,896
$180,327
268,079
$157,120
159,781
131,845
131,845
87,897
$124,998
$273,787
$175,651
debentures
Loss for the period.
a
not
__
215,350
$
2,629,502
2,135,535
116,193
4,797,284
4,797,284
reserve.
426,664
2,927,633
426,664
2,667,220
Res. for conting.
1,000,000
608,013
Fire Ins. reserve
1,536,353
Employers' liab.
8,081,794
6,477,285 Pension
reserve
receiv. (net)-from
192,830
19,300,473
184,053
?20,421,395
6,017,157
5,524,719
employees
Foreign exchange
5,577,211
8,667,239
6,950,230
Total
...108.845,049 104,851,900
10,327,700
Common stock 30,983,100
2V ,345,523
362,265
Net. Lead Co.
capital stock.
24,367,600
10,327,700
30,983,100
26,234,569
& misc. res've
CI. B pref. Stock
6,950,230
358,658
Foreign
166,543
Surplus
Domestic
166,543
CI. A pref. stock 24,367,600
Inventories
y
Misc. Invest.:
77,840
127,714
46,553,404
46.859,153
Pats. & licenses.
853,737
Repletion.
326",248
324,224
108,845,049 104,851,900
x 29,883 shs. of pref. A, 25,815 shs. pref. B and 3,210 com. shs.
$10.—V. 149. p. 3563.
y
Pa
National Life & Accident Insurance Co .—Stock Div.—
Directors have declared
a
stock dividend of 40% on the common shares
payable March 1 to holders of record Feb. 20.—V. 148, p. 1176.
National Public Service
Corp.—Auction Postponed—
New York Trust Co., trustee for the company's debentures, has
postponed to April 24 from Feb. 21, the sale at public auction of a single
block of 712,411 shares of Jersey Central Power & Light Co. common
stock, collateral supporting the debentures.
The stock was originally
scheduled to be auctioned on Sept. 28, 1936, but the sale has been post¬
The
National
.
Rys. of Mexico—Bondholders1 Meeting—
A meeting of holders of prior lien 4H % bonds due on Oct. 1, 1926, will be
held at the Central Hanover Bank & Trust Co., trustee, at 70 Broadway,
Feb. 29.
R
W.
Morrison, President of the Texas Mexican Ry., the stocks and
collateral for the prior lien
bonds of which are held by the trustee as part
bonds, will be at the meeting.
The trustee requests holders to notify it
whether they will attend the meeting and also to advise the amount of their
holdings.—V.
149, p. 3878.
#
National Sugar Refining
William
O.
Stanton
has
Co.—New Officials—
jointed this company as an Assistant Vice-
His work will be concerned chiefly with sales activities.
Castle was also appointed an Assistant Vice-President.
President.
B.
Charles
Mr. Castle will continue as General Sales Manager.-—V. 149, p. 3563.
Nebraska Power
Co.—Earnings—1939—12 Mos.—1938
1939—Month—1938
$718,894
$724,033
415,697
429,088
$8,393,333
4,894,536
$8,071,490
4,542,673
52,500
1,953
48,334
23,340
630,000
23,827
580*000
$235,361
$258,049
$2,845,457
$2,924,990
688
1,828
$258,737
61,875
17,500
9,153
Crl54
$2,847,285
742,500
210,000
110,629
$1,782,711
Operating revenues
Oper. exps., incl. taxes._
investments
,
Net oper. revenues
Other income
Gross income
Interest
on
mtge. bonds.
on
deb. bonds..
1,945
266
$235,627
61,875
17,500
Other int. & deductions.
8,918
Int. chgd. to construct'n
Cr311
Net income
I
Drl.445
11,962
$2,936,952
742,500
210,000
109,484
Cr22,300
499,100
$1,897,268
499,100
$1,283,611
$1,398,168
$2,661
Including operating, selling, general and administrative expenses, but
including provisions for depreciation and
payable
516,929
Prop, retire, res. approp.
$3,448,143
3,031,997
Prov. for depr. & deplet.
Int. on 5% cum. conv.
4,228,645
2,168,164
116,193
1,586,226
Domestic....
Foreign
rec.
1938
$
payable
Tax reserve
Div.
Oth.mkt.secure.:
Interest
Profit
Account
Amortiz. of limited-term
$285,643
Other income-
all of the capital stock]
1939
$
11,294,414
U.8. Govt.
owns
1938
$
8 sets—
'36
$237,649
47,994
charges.
!,211,108
3,095,100
$1.71
$147,645
$170,363
Divs. applicable to pref. stocks for the period
June 8 '36 to
$416,146
178,497
Cost of sales & expenses
Other
Ended Dec.
3^095,100
Consolidated Balance Sheet Dec. 31
1939
Period End. Dec. 31-
Fireproofing Corp.—Earnings—
Years
$1,378,078
3,095,100
$0.95
d Includes administrative, selling and other expenses and
$10.
[Company and domestic subsidiaries in which it
on
Def'd income—un¬
officers
$7,232 531
1,461,551
464,772
1,496,551
464,772
1,547,550
poned from time to time.—V. 150, p. 4036.
331,937
1,507
1,784
and directors
Total
$
643,132
liabilities
Other curr. liabil
3,939
sundry.
from
1938
$
Accounts payable.
7,327,142
26,089,371
Notes
$5,453,180
1,779,351
taxes.
unsec.20,285,000 14,099,000
b Accrd.
7,876,388
receivable, &c..40,898,844
x
1939
Liabilities—
hand & de¬
$2,646,824
2,240,127
$4,886,951
1,496,551
464,772
1,547,550
$1,110,964
3,095,100
$1.23
stk. outst'g.
com.
$3,205,178
1,077,963
283,323
old common, $679,542 on new common, and $69,000 on
y After
deducting $69,000 for 5% cum. pref. stock,
Federal income and capital stock taxes,
a $300,000
in
company
1936
$4,283,141
$4,448,930
1,331,571
$5,780,500
1,496,551
Class B pref. dividends.
464,772
Common dividends
2,708,213
Deferred charges
un¬
stock 96 cents per share,
affiliated
1937
1938
$80,906,329 $65,229,970 $91,947,303 $78,764,590
76,457,399
62,024,792
89,300,479
73,311,410
—
Total
$306,100
or tractor-
Calendar Years (Incl. Subs.)
1939
Net sales
equip, (net)..
Net inc. for the year— $1,371,639
Dividends paid
al,096,380
Shs. com. stk. (no par)..
612,600
Earnings per share
$1.75
trucks
Co.—Earnings—
Consolidated Income Account for
Domestic
excess
z400,300
for surtax
cars to
trailers and vice-versa.
Foreign
profits taxes
Provision
•
Plant prop'ty &
distributed profits
z
15,009,539 15,039,347
coordination."
'' *
The National Fitch Co., Mr. Spencer said, will be owned jointly by the
Fruit Growers Express subsidiary, the National Car Co. and Motor Ter¬
$3,806,664
9,907
for losses
receivables
Prov. for inc. &
cum.
Total..
After allowance for doubtful items, &c., of $19,071 in 1939 and $26,405
1938.
y After reserve for depreciation and depletion of $880,717 in
1939 and $2,151,696 in 1938—V. 150, p. 1141.
x
in
Notes
1937
on
x
1936)...
prepaid
prem.,
x
Interest paid
Miscell. deductions
2,448,910
Deficit (since June
Accts. and notes
1938
$1,811,110
302,001
b4,517
Total income
1,558
(par
S5)
Capital surplus
and expense
-Earnings
1939
$1,799,176
11,933
Other income
5%
.
Reserves
278
3ecs.of affll.cos.:
Prov.
liability
Unexpired insur'ce
on
Adjust, of
on
contr.
Term Indebtedness
321,509
of bond discount
Eayable, $204,357; accrued wages, liability insurance, &c., and Stateaccrued
iterest
note payable, $2,692; taxes (other than Federal $24,550; income
400;
7,904
3,317,900
billings
incompleted con¬
struction
Pat'ts & goodwill.
Unamort.
portion
customers
$153,573;
Adv.
Total income
Class A pref. dividends.
Condensed Balance Sheet Dec. 31, 1939
taxes),
100,026
319,995
671,456
758,437
92,286
.
income
Charge for depreciation
Total
Dividends
Dividends
rec
Accrued liabilities.
Organization of this company was announced on Feb. 16 by Henry B.
Spencer, President of the Fruit Growers Express Co., who said it was
"an important step toward solving the national problem of rail-truck freight
National Bearing Metals Corp.—Earnings—
Net
$
216,343
Property, plants
and
1938
$
235,204
242,647
276,603
359,093
Other assets
y
1939
Liabilities—
Accounts payable.
con¬
Total
the common
on
$
hand and
deposit
Notes & acc'ts
Muskegon Piston Ring Co.—35-Cent Dividend—
Directors have declared a dividend of 35 cents per share
stock, payable March 30 to holders of record March 11.
on
on
x
of 35 cents paid on March
1938
$
Assets—
Cash
Directors have declared a dividend of 50 cents
per share on the common
stock, payable March 1 to holders of record Feb. 24.
This compares with
and extra of 25 cents and a
regular dividend of 30 cents paid on Dec. 1,
1287
Balance
-V
149
p.
4036.
The Commercial &
1288
Nehi Corp.
(Del.)—Earnings—
V.
1938
1939
—
Selling, advertising and administrative expenses-..
Gross profit
Miscellaneous and other income
1,190.406
995,997
2,483,221
1,889,595
$1,311,883
$1,449,272
..
—
72,479
46,454
$1,521,752
.
$1,358,337
122,030
151,534
295,000
.
paid—preferred—
Common.
-
-
$934,307
86,628
—
Consolidated Balance Sheet at Dec. 31, 1939
deposits, $1,349,715; notes, accept¬
ances
and accounts receivable (less, allowance for doubtful notes and
accounts of $39,596), $111,250; inventories, $285,076; prepaid insurance,
taxes, &c., $16,041; advertising material and deferred advertising expenses,
$86,296; fixed assets (less, allowance for depreciation of $281,447), $312,200;
goodwill, trade-marks and formulae, $2,039,649; total, $4,200,227.
Liabilities—Accoun5s payable,
$136,926; accrued commissions, taxes,
&c., $120,009; provision for Federal and State income taxes, $319,821;
first preferred $5.25 cumulative stock (16,500 shs., no par) $1,299,375;
common stock (206,000 shs., no par), $206,000; capital surplus, $1,671,625;
earned surplus, $533,668; treasury stock (1,014 shs. 1st pref.), Dr%87,198;
total, $4,200,227.—V. 150, p. 1001.
Assets—Cash
on
1936
$20,927,884
20,972,330
19,218,511
,
Sales
21,648,533
Cost and expenses.
19,404,972
_
.
$990,111
444,873
$738,053
361,984
$1,448,605
357,880
$1,709,373
353,226
$1,434,984
365,125
172,989
Prov. for Fed. inc. tax__
150,460
Prov. for other taxes
40,740
Miscell. deductions
27,192
$1,100,037
349,796
188,435
78,260
30,690
31,144
$1,806,485
283,543
195,436
249,750
81,400
29,314
$2,062,599
273,755
217,839
280,685
115,555
18,434
$678,478
$421,713
Net profit
Federal surtax
Net income
_
256,114
118,752
256,144
$307,355
$46,817
204,891
$415,813
204,931
$593,714
204,861
$2.75
$1.47
$4.05
Total income
Amortiz.
& depreciation
Interest
Net
profit
7% preferred dividends.
4M% pref. dividends.-.
Common dividends.
Surplus
-
..
—
($1 par)
Earnings per share
Shs. com. outst.
"
Retired; represents payment for period Nov. 1, 1936, to May
y Disbursements for period May
1, 1947, to Nov. 1, 1937.
z
no par value,
Consolidated Balance Sheet Dec. 31
6,204,464
———.
Accounts
1,778,441
6,075,596
1,559,342
Fixed assets..-.
Funded
Accrued
Cash adv. to land¬
lord
for
......
_____
14, 1937.
Shares of
13,517
Prov. for taxes...
191,200
108,950
2,339,500
2,500,000
Llab. for pur. cost
2,208,888
41,928
611,036
108,646
108,646
properties
100,000
Common stock.204,891
100,000
204,891
5,235,535
4,935,268
Reserve.-
of
Surplus
10,989,790 10,987,157
After depreciation and
... —
10,989,790 10,987,157
amortization,—V. 150, p. 1001.
Electric
Nevada-California
Municipal Plant
Total
Corp.— May
Sell Power to
President, on Feb. 13 presented to the board of directors of
District of California a nlan for interconnection of
Imperial District power sys¬
tems.
Under the plan, which was referred to California district engineers
for study, Nevada-California would supply the system with power generated
at Hoover Dam and the Imperial Irrigation District would shut down its
Diesel engine plant at Brawley, Calif., now supplying it with power.
Nevada-California would soli power at wholesale to the District, which
competes with the Colorado-controlled power company in the retail field in
the Imperial Valley.
The proposal would save the district $40,000 a year, it was pointed out,
and also would benefit the Nevada-California corporation, which has a
heavy load of power at Its command. Acceptances of the plan, in addition,
would save the Irrigation District a total of $250,000, which it proposed to
spend to enlarge its Diesel engine plant.
The District, according to re¬
ports, recently had announced it would attempt to get the Public Works
Administration, which already has supplied funds for the Irrigation Dis¬
trict's activities, to advance the additional money needed to enlarge the
plant.
The District also would save around 10% in amortization and in¬
terest under the proposal.
Since the Government financed the Irrigation
District's operations.
Nevada-California, pioneer in selling power in the Imeprial Valley, has
encountered its first opposition, and neither the District nor Nevada-Cali¬
fornia has been making much money out of operations.
Over one-third of the customers who left the company's lines to take
service from the Irrigation District have now returned to the lines of the
Nevada-California Electric Corp.—V. 150, p. 1142.
New England Gas &
ended Feb.
16,
3,244,725
3,358,216
Pats., tr. name &c. 5,.502,709
Cash
1,085,806
y
chinery & eqpt.
week
a
or
output is reported at 115,025 MCF, an increase of 12,550 MCF,
12.25% above production of 102,475 MCF in the corresponding week a
ago.—V. 150, p. 1141.
year
New
England
Telephone & Telegraph Co,—To Pay
Dividend—
meeting of the directors held on Feb. 20 a dividend of $1.75 per share
was declared on the commou stock, payable March 30, to stockholders of
record at the close of business, March 8.
Dividend of $2 was paid on Dec.
At
a
23, last, and previously regular quarterly
dividends of $1.50 per share were
distributed.—V. 150, p. 1142.
Period End. Dec. 31—
Operating revenues
Oper.exps.,incl. taxes..
Prop, retire't res. approp
Accrued accounts.
236,399
31",194
469,023
Contingent reserve
Accts. receivable.,
1,111,127
39,200
591,220
Surplus
211,564
1,487,644
1,128,465
1,123,729
979,904
z
Cap. stock (co.).
Inventories
19,410
1,927,354
17,100
12,525
Wat.
Power,
Prepaid
exp.,
sup¬
plies, &c
14,110,598 13,211,374
Total
After
x
39,200
8,888
1,927,354
Isl'd
Beebe
Other income (net)
mtge. bonds
Other int. & deductions.
on
14,110,598 13,211,374
Total
depreciation and special reserve of $4,800,690 in 1939 and $4,696,"
y Represented by 260,000 shares of no par value,
z 880 shares
stock.—V. 149, p. 2521.
409 in 1938.
New York Auction
Co., Inc.—Earnings—
Earnings for Year Ended Dec. 31, 1939
$277,891
...
231,304
Total operating expenses
$46,587
Profit from operations.
85
Other income
Profit before charges
$46,673
32,958
1,913
.
Provision for Federal income tax—;
$11,802
Surplus for the period
Earnings per share on 95,887 no par common
shares
305,587
177,000
2,349,814
2,124;000
$486,934
$512,201
1,236
$4,482,133
$4,150,595
1,553
Assets—Cash, $144,567; advances to shippers and accounts receivable'
$833,813; miscellaneous accounts receivable, $1,660; merchandise inventory
(at market), $18,436; less reserve for losses on advances, accounts receiv¬
able, &c., $10,000; land, building and equipment (lessreserve for deprecia¬
tion, $193,625), $600,304; prepayments and sundry deferred items, $41,944;
total, $1,630,724.
Liabilities—Note payable (bank secured by shippers' receipts for ad¬
vances), $50,000; accounts payable, $627,491; vouchers payable, $9,910;
interest accrued, $2,693; accrued social security taxes, $2,134; commissions
payable, $1,103; miscellaneous ,$2,011; Federal income tax payable,
$1,913; mortgage payable on land and building (due Dec. 31, 1938),
$344,080; common stock (95,887 shares, no par, includes 1,768 shares to
be issued in exchange for class A and class B stock), $592,948; deficit,
$3,560; total, $1,630,724 —V. 146, p. 1082.
New York Transit
Co.—Group Challenges Vote—•
protective committee challenged the
Rockefeller
(24%% of outstanding stock) at the annual
meeting Feb. 21.
The committee sought to elect its own slate to replace
the present officers which are favored by the Foundation.
Late in the
evening, election tellers reported that the vote favored retention of the
The
stockholders'
Foundation's
stock
vote
management.
member of the protective committee and proposed for
the legality of voting the Foundation
Louis Boehm, a
membership
on
the Board, disputed
shares, stating that such action was a violation of a Supreme Court
in 1909 which resulted in dissolution of the old Standard Oil trust.
$513,437
198,118
19,547
Cr6,669
$4,483,686
2,284,038
252,576
$4,160,416
2,406,279
$282,773
$302,441
$1,947,072
favor of the Socony Vacuum Oil Co., New York Transit's largest customer.
It was successful in arranging for an audit of the company's books for the
current
p.
year
The management voted
and thereafter.
approval.—V. 150,
846.
Co.—50-Cent Divuleno—
Niles-Bement-Pond
Directors have declared a dividend of 50 cents per
share on the common
stock, payable March 15 to holders of record March 5.
Cash dividends of
50 cents were also paid on Dec. 15 and March 15, and on Dec. 15, 1938.
Stock dividend payable in United Aircraft Corp. stock was paid on June 15,
1939.
See details in V. 148, p. 3077 —V. 149. p. 3724.
Northwest
Bancorporation—Earnings—
Earnings for
Year Ended Dec. 31,
1939
Dividends received from affiliates
... — _
Interest earned and other income
—
i'—
..-V--.7.
Operating income.
Operating expenses..
Net
income
--—
Operations of affiliates (less divs. paid to
Total income
Net
Northwest Bancorp.)
depreciation.
Dividends
544,586
$1,023,166
_
Assets
share..
Dividends
$2,450,637.
accumulated and unpaid to Dec.
Latest dividend, amounting to $3.50
246,144
Cr59,759
31, 1939, amounted to
share on $7 pref. stock,
a
2,795,867
1,067,752
$2,458,798
155,991
$1.57
—
•
Investments in capital stocks
U.
of affiliated banks &
S. Treasury notes.
Other bonds
companies..a$33,862,622
—
133,810
---
Cash in banks and in transit
Accounts
receivable
— --
47,122
1,734,702
4,437
..$35,782,693
Liabilities—
payable and accrued taxes
Reserve for
contingencies
Capital stock (1,559,831 no par shares)
Accounts
Total
—
$85,021
2,801,499
7,429,973
25,466,199
—
$35,782,693
(after deducting reserves of $1,558,613.
and interest on capital debentures,
and providing for minority interests) as disclosed by balance sheets of the
respective banks and companies as at Dec. 31, 1939.—V. 149, p. 2983.
a
Balance
—
_
46,122
$730,683
$3,526,550
—
per
Total
period.
_
income
Surplus
income..
-
......—
Deduct provision for losses and
$764,312
12,493
$776,804
....
—
—
$1,567,752
544,586
633
decision
According to the tally, however, it was indicated that the protective
committee's proposed Board would have been defeated had the Foundation
shares not) been voted
*
!<■'■'
The committee accused the management of discrimination of rates in-
9,821
$487,567
187,533
17,261
Dividends applicable to pref. stocks for
a
$0.12
...
Balance Sheet Dec. 31, 1939
Inc.—Earnings—
1939—Month—1938
1939—12 Mos —1938
$1,793,551
$1,768,534 $18,964,860 $18,322,153
1,001,030
1,079,333
12,132,913
12,047,558
Int. charged to constr..
Net
211,564
Balance Sheet Dec. 31,1939
$1,402,486
Net oper. revenues
a
l''9,560
Dividend payable.
5,502,709
311,813
Earnings
New Orleans Public Service
Int.
140,151
49,961
year ago.
Gas
or
11,700,000
securities
New England
reports electric output of 8,953,768 KWH.
KWH,
$
5
Liabilities—
Capital stock... 11,700,000
Accounts payable.
345,432
Elec. Association—System Output
Gas and Electric System
This is an increase of 651,403
7.85% above production of 8,302,365 KWH for the corresponding
week
1938
1939
1938
1939
Land, bldgs.,ma¬
A. B. West,
the Imperial Irrigation
the
$960,917
—
the Nevada California Electric Corp. and the
—For
$1,378,435
14,566
$1,128,465
Assets—
x
24,888
Serial pref.stock..
41,678
$115/757
845,160
%
590,996
2,400,000
2,655,548
...
647,800
$417,517
960,917
Total charges against income.
1938
63,431
555,012
a
z204,932
$4.90
71,467
Deferred charges..
~$763J557
518,240
......
Total income from operations
28,969
Other assets......
Total
12,143
& lease deposits.
50,000
$935,757
143.059
Comparative Balance Sheet Dec. 31
409*864
31,146
.
Life Ins. cash val._
Inventory
723,861
2,050,000
Interest..
24,014
payable.
debt
131.803
9,045
$1,487,644
Surplus, Dec. 31.....
Rents paid In adv.
constr.
of building.....
Acc'ts receivable.
$
Liabilities—
$
$
A ssets—
a
Cash—
1939
1938
1939
$904,405
184,196
80,789
134,434
172,706
Balance,surplus
common
x
$1,200,742
$1,784,947
1,894,273
__
Previous surplus..
Add'1 taxes prior years..
$1,156,332
152,754
115,009
$967,042
x83,613
y57,754
409,862
Operating profit
$787,794
116,611
$359,178 def$235,403
1,128,465
1,378,435
..
Misc. accts.&inv'ts
Other income
$1,057,683
$747,858 def$170,623
388,680
64.780
_.
Federal income tax
Market,
1939
,
1938
1937
$22,638,645 $20,143,025 $22,420,935
Calendar Years—
3,176,9o7
109,310
$920,564 loss$170,623
Profit from oper
Other income
hand and demand
Bros, Inc. (& Subs.)—Earrings—
Neisner
$4,074,061
5,315,750
121,483
$826,569 loss$243,760
93,995
73,137
Depreciation
Dividends.;
0
1936
1937
^
$6,494,916
3,306,256
135,381
Costs & expenses.......
515,000
.
1938
$4,268,206
Net sales
302,000
$1,075,217
85,197
618,000
Provision for Federal & State income taxes._—
cumulative.—
Co.—Earnings—
1939
Calendar Years—
1940
24,
Dividends on this stock are
1939.
23,
New York Air Brake
$4,197,475
$5,122,899
Net sales of product-Cost of sales
Dividends
paid on Dec.
149, p. 4181.
was
Calendar Years—
Feb.
Financial Chronicle
Net
tangible
asset
value
accrued dividends on preferred stocks
Volume
The Commercial & Financial Chronicle
150
North Central Oil
Old Dutch Refining
Corp.—Registers with SEC—
See list given on first page of this department.—V. 149,
p.
Northern States Power Co.
1333.
The
(Del.)—Weekly Output—
an increase! of
10.9% compared with the corresponding week last year.—y. 150, p. 1142.
Miscellaneous
defense to a 12 count indictment charging violation of the fraud provi¬
sions of the Securities Act of 1933, mail fraud and conspiracy.
Co.—Earnings—
1938
1937
The indictment, returned in October, 1936, charged that the defendants
employed a scheme to defraud in connection with the sale of stock of Old
Dutch Refining Co. of Muskegon, Mich., by means of misrepresentation
and manipulation of the over-the-counter market in Detroit.
Mr. Benners,
it was charged in the indictment, procured an option on 350,000 shares
from the Old Dutch Refining Co. and thereafter, with the other defendants,
effected a secondary distribution of the stock to the public through Melvyn
D. Haynes & Co. and its successor, Benners, Owens & Co.
This distribution was effected, the indictment charged, by means of mis¬
representation as to the capacity, earnings and contemplated developments
and expansion of Old Dutch Refining Co.
It further was charged that
during the distribution the defendants by reason of their controlling influ¬
ence in the market were able to raise the market price for the stock from
from H to ^ a point, almost daily.
In the promotion of the scheme,
according to the indictment, "boiler room" and other high pressure tactics
1936
$23,366,725 $22,841,065 $21,768,811
8,806,805
9,118,582
8,897,601
1,821,536
1,736,771
1,600,551
9,160,453
1,885,465
revenues.
Total..
sentenced A. Paul Benners to four years imprisonment and William Wise¬
man and Harry Goldman to 15 months imprisonment each on their plea of
no
Northwestern Bell Telephone
revenues.
.$35,042,849 $33,995,067 $33,696,418 $32,266,963
96,880
112,119
102,062
123,006
Uncoil, oper. revenues..
Total oper. revenues.$34,945,969
Current maintanance.
Depreciation
Traffic
_
$33,882,948 $33,594,356 $32,143,956
6,131,023
6,647,101
6,589,986
4,881,167
a4,660,945
a4,910,412
5,286,958
4,938,818
5,343,429
2,668,761
2,738,371
2,611,219
536,151
493,346
532,950
6,677,304
4,994,768
5,375,342
2,809,626
530,071
.
expense
expenses.
Commercial expenses
Operating rents
Gen'l & miscell. expenses:
Exec. & legal depts
Acctg. & treas. depts
Prov.
for employee's
447,059
1,286,918
461,058
1,264,259
479,764
1.253,457
366,446
368,979
357,535
were used.
453,487
1,186,318
370,862
'
--v
Owens-Illinois Glass Co. (& Subs.)—Earnings—
service
pensions
Employees' sickness &
accident
Years Ended Dec. 31—
Net sales, royalties and other oper. revenues
disability,
death & oth. benefits.
257,727
231,784
202,592
535,675
402,120
530,980
337,774
196,832
4,466,688
215,992
4,420,339
134,109
3,526,396
Net oper. income
$6,921,086
Net non-oper. income., b Dr25,94l
$6,329,074
b793,370
$6,362,222
689,540
$6,600,687
$7,122,445
1,202,441
$7,051,762
1,038,861
$6,954,906
401,569
$5,920,004
5,000~,666
$6,012,902
90,975
6,000,000
$6,553,337
312,052
5,900,000
$920,004
def$78,073
$341,285
Other gen'l expenses.
struction—Cr_
fixed
available
Interest
$6,895,145
1,221,682
Interest
Net inc. avail, for divs. $5,673,463
Pivs.
on
pf. stk. (6^%)
Divs.
on
com.
stock
5,000.000
Inc. bal. car'd to surp.
'
$673,463
62,915,967
Provision for bad debts.
354,219
Sundry expenses and losses
Profit.
Other
$9,927,979
452,460
income
rights and licenses
37,500
Total income
Provision for Federal income & cap.
Net profit for year
Accruals for 1937 were reduced by an adjustment of $274,360 relating
depreciation expense for the year 1936 and accruals for 1936 were reduced
an adjustment of $393,429 relating to depreciation expense for the years
1934 and 1935 in respect of property in the State of Nebraska.
This adjust¬
ment resulted from a substitution of depreciation rates prescribed by the
a
303,219
.$10,417,939
stock taxes.
1,983,024
$6,799,184
$8,434,915
5,322,408
2,661,204
15,383,805
3,991,806
2,661,204
$2.02
Dividends paid
—
Number of shares outstanding at Dec. 31..
Earnings per share.
Ry.
1939
Commission for rates which had been used by the
A ssets—
on
Balance Sheet Dec. 31
1939
Liabilities—
$
14b,125,819
Miscell. physical
193,232
34,977,477
Tel. & Tel. Co
303,298
32,660,803
66,774
property
Investm'tinsub.
cos
a
Other Investm'ts
53,765
Cash & spec, dep
592,306
108,421
Working
funds.
5,927,481
ing & paym'ts
1.016,271
In
991,031
process
423,714
2,014,087
3,762,504
Deferred charges..
Unapprop. surp.
3,422,069
2,837,916
x
After
Ohio Edison Co.—New Director—
1003.
p.
Operating revenues
Operation.
759,034
886,130
1,300,000
19,197
Appropriation for retirement reserve
l,4OO,00O
Amortization of limited-term electric investm'ts._
19,197
1 489,811
545,000
1 437 871
$4,816,929
11,180
$4,363,899
22,781
Taxes
_
Provision for Federal and State income taxes
Net operating income
Other income
(net)
Gross income
Interest
on
$4,828,109
1,656,037
funded debt.
Amortization of debt discount and expense.
Other interest (.net)
_
267,96l
_
93,639
_
Miscellaneous deductions
...
Net income
x
$2,778,505
Preliminary.—V. 150,
p.
Oklahoma Natural Gas Co.Operating revenues
__
Net income to
s
rplus
share
Without deduction for
$4,386,680
1,673,399
261,674
68,182
38,676
$2,344,748
1940
— __
$8,517,598
3,071,479
1,819,172
$2.46
contingencies
Deferred income._
1,239,180
150,000
1,404,733
180,000
Total
87,337,453 85,057,974
for doubtful notes and accounts and for claims and allow¬
of $30,334,988 in
After reserves for de¬
1939 and $28,934,508 in
y
Earnings—
provided adequate coverage for the 1939 common stock dividends of $1.20
per share which were paid at the quarterly rate of 30 cents.
Total loans and discounts acquired during the year 1939 amounted to
$77,849,780 as against $60,349,839 in the previous 12 months, a gain of
29%.
Outstanding loans and discounts at year end totaled $30,050,230
as compared with $24.973,657 at the close of the preceding year, an increase
of 20%.
Retail automobile outstandings represented approximately 64% of the
total, and the percentage of increase in this department was larger than
that of total outstandings, being up 25%.
Retail automobile outstandings
as of Dec. 31,
1939 stood at $19,152,464, as compared with $15,261,754
at the end of the preceding year.
Book value of the common stock at Dec. 31, 1939, increased to $18.33
.
share, as against $18.26 at the end of 1938.—V. 149, p. 2523.
Calendar Years—
1939
1938
1937
1936
operations. _$12,255,034 $11,031,825 $11,294,200 $11,155,214
Deprec. of plant & equip.
and amortiz. of plants
498,153
466,388
480,910
480,458
Pensions paid former em»
ployees
150,548
149,857
x 150,017
.......
Foreign exchange
321,256
124,065
Total
Prov. for income taxes..
Federal
tax on
s^r
$1.67
$11,534,202 $10,560,955 $10,866,304 $10,953,124
2,280,000
1,921,000
1,773,000
1,709,000
undis.
25,000
Net profit for year...
Earned svr. bal. Jan. 1.
Adjust,
of
$8,639,955
12,967,049
11,993,149
of
prior
31,000
$9,213,124
11,403,455
10,957,100
153,975
for
reserve
investment—
loss on
Adjust,
$9,254,202
$9,068,304
Dr.161,787
tributed profits
year's
28,837
income taxes, &c_.
in reserve—
Total..
1939
$7,832,446
2,804,426
l,324,3t»3
$11,285,077 $10,291,515 $10,663,273 $10,674,755
249,125
269,440
203,031
278,369
Balance
Miscellaneous income
-Earnings—
s rtax of $85,000 on undistributed profits for
1938 charged to surplus,
b Shares outstanding:
140, 550,000:1939, 549,986.—V. 150, p. 1003.
a
fiscal year ended Nov. 30,
reserve
Reduction
Gross income after retirement accruals...
b Earnings per common
465!000
848.
12 Mos. Ended Jan. 31—
a
32,027
1,723,939
Profit from
1938
$13,672^688 $13,271,815
4,642,717
4,799,718
_—
14,259,600
for repairs &
1939, after j11 charges including Federal taxes amounted
to $892,962, which was equal after preferred dividends to $1.35 per share
on the outstanding 427,395 common shares, according to the company's
annual statement released Feb. 21 by F. S. Baer, President.
This compares with $1,050,125 or $1.61 per common share for the year
1938.
While the decrease amounted to 15%, the $1.35 per share earnings
147, p. 3166.
Maintenance and repairs
security taxes).. 2,280,726
Long-term debt.. .11,191,500
Parke, Davis & Co. (& Subs.)—Annual Report—
Co.—Earnings—
xl939
273,679
Consolidated net income of corporation and subsidiaries di ring the year
per
Years Ended Dec. 31—
329,467
ended Dec. 31,
Ohio Electric Power Co .—Bonds Called—
See Marion-Reserve Power Co., above.—V.
& other State tax
......
Est.Fed.taxes(lnc.,
cap. stk. & social
Pacific Finance Corp. of Calif.—1939
were
Court for the Eastern District of Texas
J. A. Longley was elected a director of this company at a meeting of the
Sinking fund pay¬
ment due Aug.
1, 1940
1,000,000
Acer. mgt. bonus.
188,750
Acer, prop., sales
of $936,662 in 1939 and $993,585 in 1938.
preciation and obsolescence
1938.—V. 150. P. 1143.
Feb.
sentenced by Judge Randolph Bryant in U. S. District
on their pleas of no defense to two
counts of an indictment charging violation of the fraud provisions of the
Securities Act of 1933 and conspiracy in connection with the sale of the
capital stock of Nu-Mo-Cide sales Co., which was engaged in the distribu¬
tion of a medical product.
The indictment charged the defendants with employing a scheme to
defraud purchasers of the company's stock, involving the pretended declara¬
tion of a 10% stock dividend to be paid out of earnings for the year 1937,
when, it was charged, the defendants knew that the company had had
no profits at all.
It also was charged that the defendants stated that the
book value of the stock was in excess of $10 a share, the selling price, and
that they falsely represented that the company was in a strong financial
condition, that the stock in the near future would increase in price to $20
per share, and that it could be sold by investors without loss to them.
The indictment alleged that the defendants knew that each of these repre¬
sentations was untrue.—V. 149, p. 2983.
87,337,453 85,057,9741
Total....
ances
Nu-Mo-Cide Sales Co.—Promoters Convicted—
204,167
($12.50 par)
33,265,050 33,265,050
Paid-in surplus...10,698,150 10,698,150
Earned surplus...23,611,660 20,499,153
178,838,392
The Department of Justice and the Securities and Exchange Commission
19 reported that Peyton F. Thomas of Forth Worth and E. Johnson
170,435
622,292
137,500
Capital stock
fund.—V. 150, p. 1003.
150,
1,035,547
2,622,539
103,133
43,030,793
900,000
183,821,575
Total
1,756,876
92,159
757,573
Res.
940,715
2,542,952
goodwill
liabili¬
ties not due..
Oklahoma Gas & Electric
390,284
283,727
—
2,228,316
Accrued
183,821,575 178,838,3921
board of directors held Feb. 20.—V.
of
amortization
3,785,057
Deferred credits
76,339
Deprec'n reserve 44,726,042
Surplus reserved
900,000
1,566,319
Ashby of Dallas
5,460.057
5,624,321
45,976,746 48,419,571
Leased machinery,
Licenses, patents &
2,986,547
482,489
To trustee of pension
assets, at cost..
Property
y
current llablls.
1,683,537
a
12,982,496
Accts. payable &
3,077,627
Total
511,807
6,194,884
6,158,926
dep.
105,529
Material & suppl
Deferred debits
.
511,807
accts.
&
2,395,738
bals._
wages...
Acer. Int. on debs.
Investm'ts & other
19,040,000
& advance bill¬
599,586
Accts. receivable
Accrued
Inventories, cost.. 13,844,991
21,740,000
Notes sold
Customers'
1,000,000
Cust. cred.
receivable
100,000,000
$
6,276,525
6,835,519
Notes
x
$
stock. 100,000,000
Adv. from Amer.
1938
1939
Liabilities—
1,000,000
ties, at cost
1938
S
Common
1.17
Accts. pay. (trade)
& accr'd exps...
Marketable securi¬
1938
$
_
9,940,939
hand
Time deposits with
insurance cos
currently earned.
1939
-.
1938
$
Cash iu banks and
cludes $803,943 for interest on such advances, of which $102,426 was not
*13 SCtS
—.
.L.
Consolidated Balance Sheet Dec. 31
company,
b Under agreement with Tri-State Telephone & Telegraph Co.
and Dakota Central Telephone Co. no interest was receivable for the year
1939 on advances to those companies.
The amount shown for 1938 in¬
Telephone plantl42,652,720
1,415,379
_
;
by
State
$6,139,432
356,533
Cash proceeds received in year from sale of patent
to
Nebraska
60,428,881
$19,109,126 $14,677,875
7,019,259
7,396,528
424,889
523,639
7,388
16,625
188,750
723,471
637", 136
78,660
195,777
361,4f 1
146,008
Other interest
Provision for management bonus
Discount on sales.
for
charges
$82,025,093 $75,106,756
and
debentures
on
1938
1939
plants
Manufacturing profit and net oper. revenues
Selling, general and administrative expenses
Expenses charged con¬
Taxes
(incl.
deprec. of mfg.
amortization of leased equipment)
503,899
365,365
203,458
4,593,418
Cost of sales
186,231
549,482
340,178
Services received under
license contracts
Income
Department of Justice and Securities and Exchange Commission
Feb. 15 reported that Judge Edward Moinet in the U. S. District Court for
Eastern District of Michigan, Southern Division, at Detroit, had
the
£5d®d Feb. 17, 1940, totaled 29,264,036 kilowatt-hours,
Toll service
Co., Muskegon, Mich.—Promoters
Convicted—
Electric output of the Northern States Power Co. system for the week
Calendar Years—
1939
Local service revenues..$23,996,931
1289
Dividends,
z
cash.
y56,224
yl63,129
...—
___.$22,277,476 $20,796,232 $20,309,972 $20,353,037
8,809,939
7,829.183
8,316,824
8,804,452
Pens.pd. to former empl.
...—
145,129
Earn. sur. bal. Dec. 31 $13467,536
Shs. cap.
stk. outstand..
Earnings per share—...
pension payments were charged against earned surplus
authorization of the stockho.ders.
y Reduction at year en
in amount
x
on
In prior years
$12,967,049 $11,993,147 $11,403,455
4,894,743
4,893,632
4,892 489
4,891,761
$1.89
$1.76
$1.85
$1.88
of
to state marketable
Under appropriations of
required
reserve
market
value,
z
securities at aggregate quoted
stockholders from surplus.
Feb.
Chronicle
The Commercial & Financial
1290
446,257
697,709
receivable.-,.-.
Inventories
b Investments
5,906,257
8,482,719 8,649,674
10,554,303 10,397,535
6,233,531
Depos. In closed
c
20,874
20,874
150,514
banks.----..--
133,601
operations
1,255,448
897,258 gl,318,878
Acer, wages,
taxes,
758,011
644,694
2,285,345
1,935,720
1,957,895
1,957,450
240,180
229,070
&c
Res. for Federal &
foreign inc. tax.
Dividend payable.
Total
44,110,106 43,545,631
of $354,104 in
5,914,909
285,650
surplus...13,467,536 12,967,049
321,357
mach'y &
fixtures, &c
Machinery pat't
e
rights
Formulae,
and
process
copyrights.
44,110,106 43,545,631
Total
a
10,500,000 10,500,000
After deducting reserve
1938 and $339,870 in 1939.
c After deducting reserves,
for doubtful notes and accounts
b After reserve to adjust to
market value
d After reserve for depreciation of $0,517,169
in 1939.
e Less amortization,
f Represented by
4,894 743 (4,893.632 in 1938) no-par shares,
g Includes $575,772 accounts
payable in respect of uncompleted construction contracts.—V. >50. p. 1143.
1938 and $6,800,748
in
Pacific Indemnity
Co.—Extra Dividend—
declared an extra dividend of 25 cents per share in addi¬
quarterly dividend of 40 cents per share on the common
stock, par $10, both payable April 1 to holders of record March 15.
Extra
of 20 cents was paid on Jan. 3, last, and extras of 104cents were paid in each
of the 11 preceding quarters.—V. 149, p. 3417.
Directors have
tion to the regular
Pennsylvania RR.—93cZ
Annual Report—W. M. Clement,
President, states in part:
in general business conditions pre¬
the first eight months, the upward trend being acceler¬
four months, in which period the increase in industrial
ated during the last
activity was quite
As
a
marked.
of traffic, the total operating revenues
19.6%, over 1938.
Operating expenses increased
result of the heavier volume
increased $70,546,537, or
$49.853,592,orl9.4%.
While the property and equipment had been maintained in a condition
to insure safe and efficient operation during the preceding eight years of
unsatisfactory economic conditions, some maintenance work was neces¬
sarily deferred.
With greater traffic during 1939, and anticipating further
increased traffic requirements, larger expenditures were made for mainte¬
nance and to improve the condition of the roadway, track and equipment,
the cost of which is reflected in the increased charges to operating expenses.
The board of directors declared a dividend of 2% ($1 per share), which
was paid Dec. 18,
1939, and compares with 1% (50 cents per share) paid
,
J
1938.
in
,
Taxes—Freight revenues increased $61,702,742;
increased $5,310,627, and revenues from mail, express,
increased.
The increases in operating expenses were: $9,435,821 in maintenance of
way and structures, chiefly for renewing rails, ties, ballast and other track
material; $23,713,643 in maintenance of equipment, to repair locomotives
and passenger and freight cars, and $16,209,294 in transportation, to carry
Revenues, Expenses and
passenger revenues
switching, demurrage, &c., also
the increased business.
Depreciation aggregating $26,466,229 was charged to operating expenses,
increase of $1,163,004.
amounted to $40,095,847, an increase of $2,870,519.
The in¬
crease in business meant greater employment, which was responsible for
an increase in unemployment insurance taxes of $789,635, and in railroad
an
„
.
^
Taxes
retirement taxes of $733,399.
required about 9 M cents out of each dollar of operating rev¬
enues, equal to 6.1% ($3.06 per share) upon the capital stock.
The continuing increases in taxes are particularly burdensome to the
railroads.
They are the only form of transportation that furnishes its
own right of way and pays for its upkeep.
Operating Ratio—The operating ratio (percentage of operating revenues
required to pay operating expenses) was 71.22%, compared with 71.33%
in 1938.
Net Railway Operating Income— The net railway operating income was
$77,304,328, an increase of $ 19,971, ■430 compared with 1938, equal to 2.94 %
upon the investment in road and equipment.
Non-Operating Income—'Non-operating income increased $638,050.
The
payment in 1939 by the Norfolk & Western Ry. of an extra dividend on its
stock caused the increase in "dividend income," no such extra dividend
All
taxes
and unfunded securities and ac¬
counts were due chiefly to the inclusion in 1938 of interest for prior years,
due from subsidiary companies.
Deductions from Gross Income—Deductions from gross income decreased
$376,945.
The decrease in "rent for leased roads" was due to reduced
rental paid as interest on bonds of leased companies which were retired
or matured, and to reduced earnings of lines operated on a net earnings
basis.
The decrease in "interest on funded debt" was due to payment at
maturity of $1,100,000 30-year 4% secured serial bonds; to retirements of
funded debt through operation of the sinking funds, and to payments at
maturity of equipment trust obligations.
Of the $50,967,578 charged to "rent for leased roads," $30,584,715 was
returned to companies within the system as dividends and interest on
securities owned.
.
.
of travel,
.
.
x
t
before.
Passenger Fares—On June 30, 1939, most of the railroads in Eastern
territory established a new Aow experimental basis of round trip fares.
In
coaches, this new basis is below the 2\i cents per mile basis, being on a
diminishing scale as the distance traveled increases, ranging from 2.25
cents for the first 100 miles and then on a diminishing scale to 1.7 cents per
mile for distances 901 miles or more.
Reductions on a diminishing scale
were also made in round trip fares good in Pullman cars.
diminishing scale round trip fares is a new principle in passenger
which it is believed is attracting more long-distance travel,
experimental period has been too short to reach a final conclusion.
Accordingly, in order to allow sufficient time to determine the value of the
experiment, certain of the Eastern railroads on Dec. 5, 1939, petitioned the
Interstate Commerce Commission for an extension to Oct. 31, 1940, of
The
rate making,
$32,032,525, compared
Against net income were charged the dividend
of 2% ($13,167,754), the necessary appropriations to the sinking and other
reserve funds aggregating $6,103,360, and advances aggregating $2,751,479
to
leased and affiliated companies.
The balance of $10,009.932JIwas
mile in coaches, which
its order authorizing the basic fare of 2H cents per
would have expired by limitation on Jan. 24, 1940.
Commission
The
pending
1940,
hearing,
extension of 60 days
the petition and ordered, effective March 24,
in the East of 2 cents a mile, a 20%
Feb.
on
denied
after granting
12,
an
basic passenger coach fare
a
reduction.
Stockholders—The capital stock of the company at
owned
was
by 209,346 stockholders, a decrease of
the close of the year
5,186 compared with
holding of 62.9 shares.
Dec. 31, 1938, with an averaeae
Traffic Statistics for Calendar Years of Pennsylvania RR.
No. pass,
Average
1937
1938
1939
58,593,288
2,913,408,446
No. Of pass, carried.
60,476,322
car'dl mile 3,147,222,511
Co.
.J
65,394,792
3,294,745,624
1936
64,617,913
,881,802,420
from
rev.
SI.18
SI.12
S1.10
$1.05
2.259 cts.
2.258 Cts.
2.174 cts.
2.344 cts.
each passenger
Average revenue per
mile.
carried
passenger per
of
No.
pass,
8,935
of revenue
No.
8,598
9,326
9,162
148,794,877
119,465,445
172,172,912
163,108,774
mile of road
per
No. of rev. tons car'd
tons
34,745,746,161 27,638,941,215 38,049,997,987 35 706,781,363
carried 1 mile
Aver,
1,090
1,003
1,020
994
S2.16
S2.17
$1.98
$2.04
0.924 cts.
0.938 cts.
0.898 cts.
0.934 cts.
15,031
12,036
17,339
16,403
$32,424
$26,119
$34,392
533,523
trainload(tons)
Aver. rev. per ton
Average revenue per
ton per mile
No. of
rev. tons
car'd
mile of road...
Freight revenue per
per
miie of road
Income Statement
for Years Ended Dec. 31
1939
Mileage operated
Railway Operating Revenues—
Freight
Passenger
_
Mail, express, Ac
Incidental
Joint
facility (net)
Total ry. oper. revs
1938
1937
1936
10,270
10,286
10,306
10,311
$
$
$
$
320,960,493 259,257,751 341,507,648 333,350,238
71,106,822
65,796,195
71,643,261
67,552,238
25,043,964
22,310,795
26,382,956
26,028,635
13,326,753
12,538,327
15,897,090
14,009,436
492,745
481,173
502,552
484,641
430,930,778 360,384,241 455,933,509 441,425,189
.
Railway Operating Expenses—
Maintenance of way & structure-
42,435,401
89,023,540
Maintenance of equipment
Traffic
8,630,228
152,304,770
Transportation
Miscellaneous operations
General
5,379,600
9,277,623
150,328
Transp. for Investment—Cr
Total railway oper. expenses-.306,900,835
Net
rev.
from railway oper
32,999,580
65,309,897
7,967,945
48,705,175
98,149,649
5,639,561
9,317,987
283,204
6,222,769
13,325,649
443,860
8,172,987
136,095,476 163,828,922
39,496,698
92,204,367
7,726,725
151,976,099
5,418,016
17,797,833
532,037
257,047,243 337,961,293 314,087,701
124,029,943 103,336,998 117,972,216 127,337,488
40,095,847
37,225,328
39,332,751 z34,714,148
Railway tax accruals
Income—The net income for the year was
with $11,046,100 in 1938.
Profit and Loss—There was charged against this account $5,120,345
representing property retired and no longer required in connection with the
operation of the railroad.
Other miscellaneous items resulted in a net
charge of $1,059,487.
Investments—Investments in affiliated companies increased $13,309,517,
due chiefly to purchases
of bonds of subsidiaries, and to advances for con¬
within the system, principally
to meet sinking fund requirements and bond maturities.
Funded Debt—During the year $7,807,000 equipment trust obligations
and $1,100,000 30-year
4% bonds matured and were paid, and redemptions
were made through operation of sinking funds.
There were issued $8,865,000 15-year 2% % equipment trust obligations, on a 2.87 % basis, to finance
in part the cost of 2,500 freight cars and 20 electric passenger locomotives.
While the general balance sheet shows a reduction in the liability for funded
debt of $704,000, nevertheless, for the entire system, the debt in the hands
of the public was reduced $20,000,000 during the year, through securities
retired at maturity, bonds redeemed through sinking funds and bonds
acquired through subsidiary companies.
Additions and Betterments—The principal items of capital expenditures
during the year for additions to and betterments of property, roadwav
structures and equipment on the lines embraced in the Pennsylvania
struction and loans to subsidiary companies
Equipment—During the
year
arrangements were made for the building
electric
77,304,328
57,332,898
73,000,927
84,180,593
375,480
371,625
2,180,348
22,889,286
5,141,689
370,373
365,868
2,064,638
24,604,527
4,933,836
2,090,989
24,651,719
4,493,043
2,583,585
Non-Operating Income—
Income from lease of road...
Miscellaneous rent Income......
2,312,259
Dividend Income.
23,516,383
Income from funded securities
4,786,560
Inc. from unfunded secur.&accts
283,696
540,985
549,650
Inc. from sink. & other res. funds
5,286,003
4,970,580
131,666
4,805,223
230,980
Total non-operating Income-36,864,230
36,226,180
37,559,228
36,119,533
Gross income
93,559,078 110,560,154
120,300,127
Miscellaneous income
303 848
114,168,558
4,438,402
79,512
Deductions—
Rent for lease roads
...
Miscellaneous rents
Miscellaneous tax accruals
Interest
on
funded debt
Interest
on
unfunded debt..
51,248,993
863,439
856,567
178,016
175,141
162,628
28,608,497
28,011,308
1,419,109
137,016
118,553
862,954
Net income
Disposition of Net Income—•
Sinking & other reserve funds
1,464,085
1,425,734
1,570,395
28,017,364
265,784
957,996
82,512,978
83,281,516
81,558,035
32,032,525
Total deductions.
11,046,100
27,278,638
38,742,092
6,103,359
5,642,719
5,572,482
5,342,844
13,167,754
Rate
expense,
Seez
16,459,692
13,167,696
(2%)
Dividends.
Constructure
51,291.309
51,318,738
50,967,578
897,741
178,457
28,491,157
82,136,033
Miscellaneous income charges
*
system.
78,639,465
3,697,543
1,940,994
83,934,097
4,976,915
Net railway operating Income.
System were:
Completion of work on new channels, coal pier and car dumper, San¬
dusky, Ohio; construction of coaling station, Columbus, Ohio; extensions
of pier, Baltimore, Md,; reconstruction of enginehouse facilities. South
Oil City, Pa.; elimination of grade crossings at Louisville, Ky., and Woodbridge, N. J.; rebuilding of coal handling facilities, Greenville, N. J.;
additional power facilities, Newark, N. J.; direct track connection between
Williamsport Division and Enola Yard, Enola, Pa.; improved restaurant
and mail handling facilities, Pennsylvania Station, New York; installation
of heavier rail and other track material at various points throughout the
66,111,670
6,914,469
1,864,303
92,623,340
5,859,161
1,652,853
Railway operating Income
Hire of equipment—Deb. balance
Joint facil. rents—Deb. balance.
transferred to the credit of profit and loss.
20
.
arrangements made with the Pullman Co., new light-weight
embodying the latest modern features for comfort and enjoy¬
and providing strikingly new forms of private room ac¬
commodations for overnight journeys, were placed in service on many of
the company's premier trains.
.
Both coaches and Pullman cars on all of the principal trains are now
completely air-conditioned.
'
,
_
During the last four months of 1939, industrial activity scored one of
the sharpest upturns in history.
The railroads took it <ul in their stride.
They went smoothly and successfully from generally poor business in August
to relatively good busines .
in October—from about 650,000 carloads a
week to over 860,000 a week.
That in itself was an accomplishment.
To do it without congestion or delay was notable.
It speaks well for the
railroads—for this railroad and everyone connected with it.
Never before were the railroads so abruptly faced with such swiftly
mounting traffic requirements, and never before did they so decisively
demonstrate their capacity and ability under private management to meet
successfully and completely any demands that may be made upon them.
The railroads are the backbone of the transportation industry of our
country and retain their place of leadership because they provide the most
advantageous and useful combination of safety, speed, comfort, regularity,
frequency and low cost of service offered by any public carrier, together
with the ability to operate practically without regard to weather conditions.
Patrons are now receiving more for their transportation dollar than ever
The decreases 4n income from funded
of
.
Through
having been paid in 1938.
Net
_
but the
Year 1939—Some improvement
The
vailed throughout
..
Pullman cars
.
Earned
.
both freight and
and facilities, were made during
services, as well as equipment
passenger
the year.
ment
1,255,167
5,929,356
Land
d Bldgs.,
$
stock...24,503,880 24,492,770
Capital surplus
Deferred charges to
future
f Capital
Accounts payable.
Notes and acc'ts
a
1938
S
Liabilities—
$
$
Assets—
Cash
1939
1938
1940
electric service on the company's lines
present fleet of
especially designed for high-speed
in its eastern seaboard territory, and will augment the
locomotives of this type.
Passenger and Freight Service—Further improvements in
.
Consolidated Balance Sheet Dec. 31
1939
24,
Seex
(2H%)
(2%)
operating
def. & adv. to leased lines and
Balance, surplus
2,751,479
2,392,600
2,571,984
1,999,896
10,009,932
affiliated companies
3,010,781
2,674,480
18,231,655
13,167,754
$2.43
13,167,754
$0.84
13,167,754
$2.07
13,167,696
$2.94
Shares of capital stock outstand¬
ing (par $50)
locomotives, 1,000 box cars, 1,500 automobile box cars,
16 passenger cars. 15 dining cars, 10 steel car floats and 15 barges.
The new freight cars will replace cars retired, and their larger capacity
will make possible more efficient and economical handling of a wide variety
1% paid on Dec. 2, 1938, charged to profit and loss,
z Railway
tax accruals for 1936 Include $5,817,422 railroad retirement taxes which were credited
of
to
commodities
now
moving in
volume.
The
electric
locomotives
are
*
Earnings per sh.
x
on
capital stk.
A dividend of
profit and loss in 1937.
Volume
150
The Commercial & Financial Chronicle
General Balance Sheet Dec. 31
1939
Assets—
General expenditures..
Impt. on leased ry. prop
121,638,192
6,793,872
2,212,136
436,569,416
2,091,154
436,506,105
20,733,334
32,118,405
22,420,452
32,118,405
143,600,824
Advancesas
liab.
132,041,737
910,188
66,284,693
Time
drafts and deposits.
Special deposits
Proceeds sale 3K% debs.
Unemploy. ins. taxes
RR, retirement taxes
254,086
68,350,262
64,353,164
Other investments
Cash
1,915,653
438,902,234
20,376,407
32,126,238
120,229,405
439,042
8,685,000
3,049,774
15,674,558
17,254,488
2,466,285
7,730
40,638
53,099
6,129,949
4,575,901
4,316,213
10,424,646
12,494,088
33,383,337
6,988,106
10,591,185
31,391,657
4,972,240
135,451
from
agents & conductors
Misc. accounts receivable
Materials and supplies
Int. and dlvs. receivable.
Other current assets
4,963,132
*
242,980
8,601,043
5,045,899
5,076,756
213,581
237,699
106,567,928
1,892,213
134,832
236,493
102,629,913
2,126,872
6,408,286
6,505,207
Total
Premium
187,318
►
cos.
1938
1937
$
S
567,728,970
569,472,880
Divs.
26,829,000
7,478,250
65,966,000
1,519,000
30,887,000
23,699,000
7,478,250
23,699,000
7,478,250
Eqpt.trustobllgatioas--.
62,374,000
61,316,000
32,236,500
23,809,000
7,478,250
64,594,000
1,500,000
1,519,000
1,519,000
189,164
189,914
191,414
payable
service bal¬
ances payable
Aud. accts. & wages pay.
Leased and affil. cos. and
8,157,114
7,374,392
13,512,479
18,106,336
16,596,055
1,240,428
27,630
1,874,422
17,649,028
1,450,480
2,019,358
2,040,983
730,844
71,131
5,322,341
5,815,284
853,679
172,131
5,369,576
5,814,911
767,645
2,543,362
17,493,458
1,241,706
2,422,366
2,045,934
1,095,051
Divs. matured, unpaid...
Funded debt, mat'dunpd.
Unmatured int. accrued..
58,831
5,217,672
5,752,385
•
Other current liabilities..
1,010,207
Other deferred liabilities.
Tax liability
2,659,470
2,294,6.11
d49,850
63,397
b Capital stock...
10,000,000 10,000,000
Surplus
21,802,441 21,692,047
c
Treasury stock.. Dr563,124 Dr370,474
owned._.a30,313,358 29,364,014
43,995
52,510
31,289,168 31,384,969
Total
11,862,379
2,679,366
2,029,344
Gross
2,299,635
2,497,902
1,259,839
11,945,701
11,139,648
11,405,217
Taxes
175,174,897
175,592,120
175,866,312
211,756,385
11,710,339
873,814
103,548,150
11,094,798
10,435,228
798,180
95,042,129
171,018,489
9,385,228
137,311
1939
Retirement expenses (or
$1,665,444
676,125
11,780
102,917
238,222
$611,402
depreciation)
$2,467,187
669,379
132,364
$1,635,678
676,000
11,893
93,815
242,569
Net earnings
Amortization and other deductions
Federal income tax
1938
$2,443,138
678,169
129,290
revenues
Operation (including maintenance)
1,249,776
90,430,342
172,731,355
$636,399
Balance available for dividends
2,359,209,499 2,322,408,356 2,316,895,099
2,282,453,009
Pittsburgh Cincinnati Chicago & St. Louis Ry. consolidated
mortgage sinking
Balance Sheet Dec. 31
fund reserve.—V. 150, p. 849.
1939
,
1938
1939
A S3 els
Penn Mex Fuel Co.—Financial Statements Not
Available—
A. E. Watts,
President, states:
Liabilities—
Fixed capital
Cash
Parker Rust Proof Co.^—New Treasurer—
Willard C. Cornelius Jr., has been elected Treasurer of
this company, the
senior Mr. Corneluis, President,
previously had also served as Treasurer.
—V. 150, p. 1003.
26,452,890 26,136,028
1,530,641
1,371.992
Notes receivable._
738
Accts. receivable..
139,969
Materials & suppl.
Other curr. assets.
87,138
160,692
Invest'ts—general.
Prepayments
14,810
In view of the fact that all of the
accounting records in Mexico were sized
at the time the physical
properties were taken
March 18, 1938, pursuant to
Expropriation Decree, and such records
have been unavailable to representatives of the
company since that time,
it is impossible to give the stockholders the
ordinary financial statements
as of the close of the
year.
Undistrib.
5,116
Special deposits—
Unamort. debt dis¬
by the Mexican Government
on
fund
Philadelphia Suburban Water Co.—Earnings12 Months-Ended Dec. 31—
347,084,788
Interest charges
98,708,505
161,593,663
reserve
Increasing the Philadelphia Co.'s indebtedness to $100,000,000; can¬
celling 142,660 shares of preferred stock held by the
company and valued
at $1,426,600;
authorizing reduction of the common stock from $10 a share
to $7.25 a share, and
setting up the reserve fund and authorizing changes
in voting rights of all classes of
stockholders.—V. 150, p. 850.
2,638,515
1,140,316
165,423,763
from
a
The Securities and
Exchange Commission has approved financial changes
necessary to establish the reseve fund, but in an order Jan 30
expressed
doubt that the reserve of
$23,000,000 would prove adequate to cover the
loss of the
reorganization, now under way in Federal court.
Stockholders will be asked to approve these five
proposals involved in
the creation of the reserve fund:
2,517,186
2,037,640
1,315,130
841,131
5,056,708
5,808,545
1,343,157
12,200,782
18,280,035
6,037,472
1,829,326
396,812,182
846,658
,..31,289,168 31,384,969,
31,
$52,874,794 to approximately $29,800,000 and creation of
$23,000,000 for "revaluation of assets" of the carriers.
Total
x
accrued expenses
of
162
2,660,101
Misc. fund reserves
Profit and loss, balance..
$
32,521
Philadelphia Co.—Plans $23,000,000 Write-Off—
419,379,017
persons
reserves
1938
Liabilities—
Prov. for taxes and
Company proposes to write off a loss of at least
$23,000,000 in the
reorganization of its subsidiaries,
Pittsburgh Rys. and Motor Coach Cos.,
notices of a stockholders'
meeting, March 12, discloses.
The plan provides for a reduction in
the value of the subsidiaries
442,144,394
1,929,084
Accrued deprec.—road &
income and surplus
was
$13.08
corporation's securities at current prices
1939, was $21,206,388.
b Represented by 2,000,000 shares
($5 par),
c Represented by 61,400
(36,800 in 1938) shares capital stock,
d Includes accounts
payable.—V. 149, p. 3560.
1,631,483
123,727
1,520,878
funded debt.
Fund. dt. retired through
income and surplus
1939
$
The aggregate value of the
113,907
18,427,694
RR. retire, taxes—Co
Res. for loss & dam.—fr't
Other unadjusted credits.
Add'ns to prop, through
1938
1,935,924
35,725
receivable..
Dec.
958,562
2,220,193
17,033,474
1,452,894
1,274,910
127,380
Unemploy. insur. taxes..
Sinking fund
a
at
25,610,605
Int. matured unpaid.....
equipment
Res.for inj. to
stock
common
Federal income.
$
Total
19,847,716
14,274,878
1,519,465
various funds—deposits
7,109,132
16,662,519
RR. retire, taxes
(em-l.)_
Unemployment insurance
Misc. accounts payable..
on
$10,326
Other investments
195,164
mtge. 3^s
;
Mtges. and ground rents
Premium
$3,811
$3,628 1
896,090
Secure,
9,130,930
1st
Unmatured rents accrued
$1,810,326
1,800,000
32,236.500
30,863,000
car
$2,538,520
2,534,709
Balance Shed Dec. 31
518,956,080
Guar, stock trust ctfs
Traffic &
$1,602,001
1,598,373
1939
Cash
566,010,720
Co.
$1,334,951
1,365,250
II
date,
658,384,800
10,142,739
of
Stor.
29,023
$11.42, after deducting all liabilities and
reserves, compared with
1,963,200 shares outstanding at Dec. 31, 1938.
S
658,387,700
10,142 739
aoquired
assumed by P. RR.
Pt.
97,034
17,311
In connection with the distribution of
394,660 shares of
Consolidated Oil Corp. on Sept. 26,1938. z Provision for
Assets—
658,387,700
10,142,739
Funded debt assumed
Glrard
40,579
per share for
1936
8
Funded debt
Funded debt
3,149
51,204
The net asset value
per share of 1,938,600
shares of the corporation's
stock outstanding in the hands of
the public at Dec. 31, 1939,
taking the
value of the corporation's securities
at current prices at that
248,326
658,387,700
10,142,739
stock
on
8,194
52,224
State and other taxes.
109,936,966
7,294,096
7,204,308
1939
Liabilities—
17,944
58,512
y
of
....2,359,209,499 2,322,408,356 2,316,895,099
2,282,453,009
Capital stock
68,019
compensation, less the cor¬
poration's proportionate share of
syndicate expenses.
The receipt of the
Warrants resulted in an increase of
approximately $75,000 in the provision
for Federal taxes for 1937.
15,438,976
30,754,758
112,534,351
2,501,140
5,470,960
11,591
x
6,514,442
6,130,423
Insurance & other funds..
Unadjusted debits
11,914
This item represents the
management's valuation as at April 8, 1937,
of $4 per warrant for
109,125 warrants for the purchase of Richfield Oil
Corp. common stock received as underwriting
43*872
*
12,357,629
40,545,957
Working fund advances..
Other deferred assets
$1,905,294
yl8,001
def $30,299
1~,668*359
service bal¬
car
""'253
$2,725,199
z48,425
Divs. paid in cash
2,006,240
receivable
"""121
prop, tax
24,070,995
3,006,627
58,056,120
16,135,000
337,602
16,085,000
4,373,911
...
Loans and bills receivable
receivable
income tax
Prov .for excess
1936
$1,905,041
x401,179
$1,748,225
11,188
Prov. for normal Federal
10,675
1937
$2,324,020
66.115,802
43,136,842
119
$1,462,317
10,920
Registrar & transf. fees.
20,737,348
32,126,238
114,512,535
1938
$1,748,105
compens'n
Fed. transfer tax & other
expenses, &c
7.
Cap. stk.. State fran¬
chise, &c. taxes
Other oper. expenses
1,649,845
446,408,930
65,785,152
39,231,303
America—Earnings-
1939
$1,462,197
Interest
7,571,132
114,521,578
224,580
8,478,384
Underwriting
594,241,487
552,188
Bonds
bal.
676,176
273,058
mort¬
Notes
Traffic &
616,383,317
4,164,145
Deposits in lieu of
gaged property sold
Misc. physical
property__
Inv. in affil.
cos.—Stock.
ances
7,702,900
121,148,879
Calendar Years—
Cash dividends
S
642,521,202
594,778,460
7,724,898
120,552,100
299,494
xP. C.C.&St.L
Inv. in secur. car'd
1936
$
643,729,524
600,710,507
8,375,720
Sinking funds
1937
$
642,431,756
606,783,833
Equipment
Net
1938
$
Invested in—Road
1291
Petroleum Corp. of
8,358
$
3,200,000
2,500,000
3,200,000
2,500,000
1,032 Funded indebted.16,900,000 16,900,000
141,739 Consumers' depos.
31,802
29,045
82,680 Other curr. liab...
44,471
44,349
157,958 Main exten. depos.
592,345
535,355
5,116 Accrued taxes
225,129
245,694
2,610 Accrued interest..
233,696
233,772
8,358 Other accrued liab.
13,971
7,919
256,025
266,000
59,996
debits.
Total
During 1939 the management of the company continued
co-operating
with the management of other companies whose
properties were seized at
same time, and has continued to take
all available steps known to it to
Common stock...
Reserves
count & exps—
1938
$
Preferred stock...
2,803,786
2,171,175
2,569,544
1,921,259
13,425
Surplus
28,716,374 28,186,938
Total
28,716,374 28,186,938
-V. 150, p. 285.
the
bring about the recovery of possession of the properties seized.
The question of the legality of the seizure was
decided by the Supreme
Court of Mexico in favor of the Mexican Government in
an
opinion handed
down Dec.
2, 1939.
The outcome of negotiations between the U. S. State
Department and the Mexican Government is still in the future and is
un¬
certain.
No consideration for seizure of the
properties has been received
nor has any been tendered by the Government of
Mexico.
No claim has been filed with the Mexican
Government for the value of the
properties seized for the reason the management contends the
Phoenix Hosiery Co.—Annual
Calendar Years—
by the company,
seizure
illegal and the properties should be returned.
is
Proceedings brought by the
are pending in
social security taxes.
Financial transactions of the company
during the year 1939 were prin¬
cipally in connection with attempts to recover the properties in Mexico
and defending tax claims and labor and other claims
asserted against the
company in Mexico.
The amount of cash on hand at Dec.
31, 1939,
amounted to*$7.344 as compared with
$9,410 at the end of the year 1938.
There are a number of labor claims whkch have been
pending in Mexico
before the Labor Board and the courts for some
time, upon which final
judgment may be rendered making necessary some payments to be made
during 1940.—V. 147, p. 277.
Pennsylvania Sugar Co.—25-Cent Dividend—
Directors have declared
income
taxes
Perron Gold
Mines, Ltd.—Extra Dividend—
Directors have declared an extra dividend of one cent
per share in addi¬
tion to the regular quarterly dividend of four cents
per share on the com¬
mon
stock, both payable March 21
three cents
was
paid
21, last.—V. 149,
p.
on
to holders of record March 1.
Dec. 21, last, and
3568.
one
of
one cent was
paid
Extra of
on
Sept.
100,315
169,976
1936
151,634
$637,782
144,948
347,913
84,813
142,500
17,764
48,500
7,100
$135,981
86,538
$120,175
86,538
86,538
$53,007
86,538
$394,605
Balance.
$33,637
$49,443
def.$33,531
Balance Sheet Dec. 31
Assets—
1939
1938
Land, buildings,
mach'y & cquip_$2,914,413 $3,084,522
Cash
456,471
549,602
a
stock
Inventories
expenses.
Cash alloc, to pur.
of new mach'y
500,000
500,000
Common stock.
871,600
871,600
Acc'ts payable, &c
230,217
211,454
34,374
5,778
5,054
Res. for conting..
586,007
555,786
2,441,426
17,633
1,703,323
32,901
29,601
150,000
150,000
b
Fed., State & local
employees mdse.
Def. recond'n exp.
1938
$2 ,472,600 $2,472,600
7% cum. 2d pref.
931,601
Salesmen's ad vs. &
Total
c
1939
7%%cum.fpref
stock
872,853
35,647
Other acc'ts rec
Prepaid
Liabilities—
c
acc'ts
receivable
Cash val. life lnsur
Directors have declared a dividend of 25 cents
per share on the common
stock, payable March 1 to holders of record Feb. 20.
Previously regular
quarterly dividends of 20 cents per share were distributed.—V. 150, p. 849.
$819,150
141,830
341,205
$481,143
Net profit
Div.s on pref. stock
accounts rec
Peoples Gas & Fuel Corp.—25-Cent Dividend—
1937
$806,762
163,434
335,413
_
for Fed. & State
social security taxes..
Prov. for Fed. & State
Customers'
dividend of 25 cents per share on the common
stock payable March 15 to holders of record March
1.
Like amount was
paid on Dec. 15, last, and previous dividend was paid on April
30, 1938,
and amounted to 50 cents per share.—V.
149, p. 4038.
a
Report-
1938
$1,219,957
153,981
342,018
Prov.
Government of Mexico for the valuation of the
properties
Mexican courts.
the
1939
Operating profit
Income charges.
Depreciation for year—
Unemploy. compensat'n
taxes accrued...
Surplus
294,281
100,000
186,840
100,000
3,044,532
2,735,497
34,026
$7,513,130 $7,077,8901
Total
$7,513,130 $7,077,890
a After
deducting reserve for depreciation of $4,649,020 in 1938 and
$4,954,884 in 1939.
b Represented by shares of
$5 par.
c Represented
by shares of $100 par.—V. 150, p. 850.
The Commercial &
1292
Pittsburgh Coke & Iron
Co.—Exchange Offer—
The issue by Public Service
of the present fixed
(2)
in conversion
preferred
Company has decided not to extend again its offer to exchange
stock for Hunter
Steel Co. preferred, and its common for Hunter Steel
common.
The closing date for the exchange is March 1.-—V. 150, p. 850.
Co.—Larger Dividend—
declared a dividend of 20 cents per share on the common
March 1 to holders of record Feb. 20.
Previously regular
quarterly dividends of 10 cents per share were distributed.
In addition,
an extra dividend of 20 cents was paid on Dec. 1. last.—V. 149, p. 3419.
panies in exchange for new
and lessor
not
securities of lessor
companies..
debt of oper. cos.:
1,789,102
Int. on long-term
Bonds..:
debt
Other long-term
—
road
—
Taxes assumed on interest.— —
Other interest charges
Rent for leased
Miscellaneous income
deductions
486,090
12,001
120,000
2,891
5,346
40.994
$359,181
companies of Public
1,178,773
1,380
80,403
3,581
1,717
43,190
$1,827,147
of New Jersey.—Annual Report—
year 1939 released to the public Feb. 20 states
in part:
of subsidiary companies of the dorporation in
substantial improvement over the preceding year. The up¬
three months of 1938 continued through 1939. All
three branches—electricity, gas and transportation—registered gains both
in sales and revenues.
This is attributed, in large measure, to a general
upswing in industrial activity throughout the State, particularly so in the
last four months of the year, and to a marked acceleration in the building
General Survey—Business
1939 showed
ward trend in the last
nearly all divisions of the
in
Administration
company's territory there was a lively spurt
building activity financed largely through Federal Housing
loans.
In Essex, Bergen and Passaic divisions, in particular,
important
Public
developments for home sites not only have brought new business to
Service in 1939 but indicate still further returns fn 1940.
Noteworthy in analyzing the year's sales of electricity was the fact
that the kilowatt hour consumption by residential customers showed an
increase every
month over the usage in the
corresponding.month of 1938.
(including sales for building heating) showed a slight
Industrial sales scored a substantial percentage of increase over
Residential gas sales
increase.
previous year, as did those for building
Public Service Coordinated Transport and
the
panies
heating.
affiliated transportation com
had gratifying gains for the year both in revenue and passengers
carried.
As
in
the past
several years operating income
reflected the increasing
burden of taxation.
entered into for the purchase of coal and oil, on expiration
of present contracts, at prices substantially higher than in 1939 are indi¬
cative of a rising price trend and of increased operating costs in 1940.
Seventy-three manufacturers obtained new locations in Public Service
territory in 1939. These represent a total connected load of 11,130 horse¬
power, an estimated gas consumption of approximately 7,000,000 cubic
feet per month and an employment roll of upwards of 8,000 persons.
Mergers of Lessor Companies—Simplification of the corporate structure of
Public Service Electric & Gas Co. was completed during the year.
On
March 1, 1939, Essex & Hudson Gas Co., Hudson County Gas Co. and
Newark Consolidated Gas Co., were merged into Public Service Electric &
Gas Co., and on Dec. 5, 1939. the remaining two lessor companies. East
Newark Gas Light Co. and Ridgewood Gas Co. were merged into Public
Service Electric & Gas Co.
As in the case of the lessor companies previously merged the plans for the
New contracts
mergers of the above-named
Public Service Electric & Gas
companies provided for the assumption by
Co. of the bonded indebtedness of the com¬
panies merged (except with respect to Ridgewood Gas Co. in which plan
provision was made for cancellation of its outstanding bonded indebtedness
all of which was owned by Public Service Electric & Gas Co.) and for the
conversion of their capital stocks not owned by Public Service Electric &
Gas Co. into securities of Public Service Electric & Gas Co.
The following conversions were made on merger of the lessor companies.
For 12,997 shares of capital stock of Essex & Hudson Gas Co. (par $100),
$1,299,700 of first & ref. mtge. bonds, 8% series due 2037, of Public Service
Electric & Gas
Co.
of capital stock of Hudson County Gas Co. (par $100)
$2,071,900 of 1st & ref. mtge. bonds, 8% series due 2037, of Public Service
For 20,719 shares
Electric & Gas Co.
Service Electric & Gas Co.
For 42 shares of capital stock of Ridgewood Gas Co.
1st & ref. mtge.
bonds, 5% series due 2037, of Public
promissory notes of Public Service
Gas Co. and $420 of
(par $100), $1,400
Service Electric &
Electric & Gas Co.
the option of the holder, with interest
payable semi-annually on each $60 of face value
payable July 1, 1949, or on demand, at
at the rate of
$2 per annum
of such promissory notes.
The 2,400 shares of capital
stock of East Newark Gas Light Co., all
of
by Public Service Electric & Gas Co., as a result of the
mergers of Essex & Hudson Gas Co. and Newark Consolidated Gas Co. into
Public Service Electric & Gas Co., were canceled, no new stock or obli¬
was
owned
gations being issued therefor.
The charter of The Gas Light Co. of the City of New Brunswick, having
expired by limitation, its property and franchises were conveyed to Public
Service Electric & Gas Co., the sole stockholder, and on May 22, 1939,
the capital stock of The Gas Light Co, of the City of New Brunswick was
canceled and the company liquidated.
The Delaware River Improvement Co., the capital stock of which was
owned by Public Service Electric & Gas Co., was dissolved Feb. 5, 1940.
This results in Public Service Electric & Gas Co. having only two sub¬
sidiaries, viz., Camden, Gloucester & Woodbury Ry. and Newark Steam Co.
By reason of the above mergers and liquidation Public Service Electric &
Gas Co. has ceased to be a holding company under the Public Utility Hold¬
ing Company Act of 1935.
Reorganization of Public Service Coordinated Transport and Lessor Companies
On Nov. 21, 1939, the board of directors of Public Service Corp. of New
all of the capital stock of Public Sefvice
a plan of reorganization of Public Service
companies. This plan of reorganiza¬
tion was also approved by the boards of directors of Public Service Co¬
ordinated Transport and each of the following lessor companies of transport:
Camden Horse RR.; Camden & Suburban Ry.; Consolidated Traction Co.;
New Jersey & Hudson River Ry. & Ferry Co.; Orange and Passaic Valley
Ry.; Rapid Transit Street Ry. Co. of the City of Newark; Riverside Traction
Co.; South Orange and Maplewood Traction Co.
The plan of reorganization of Public Service Coordinated Transport and
Jersey which owns substantially
Coordinated Transport
approved
Coordinated Transport and its lessor
for:
Service Coordinated Transport of a new 1st &
bonds thereunder. The mortgage will provide
in four series, such four series bing called the
"initial series."
The designation of each of the several initial series and the
total authorized principal amount of bonds of each such series will be:
4%
series, due 1990, $14,640,300: 5%, series, due 1990, $210,500; b%% series,
'401,100; 6% series, due 1990, $701,100; total of all initial series,
its lessor companies provides
(1)
which
principal amount
shares
of no par
$37,306,090 of new securities.
application for the approval of the issue
and new first and refunding mortgage bonds of
total of
An
of shares of common stock
Public Service Coordinated
Utility Commissioners of
Transport has been filed with the Board of Public
t>jbic Sfc&t© of N0W Jersey.
On surrender by the corporation of the $7,500,000
of bonds of Transport
with the plan of reorganization it is proposed that the cost,
$7,061,744, will be charged against the reserve for losses
Service Coordinated Transport and affiliated transportation companies on
the books of the corporation to the extent of the amount in that reserve at
the time the surrender is made, and the balance against the corporation's
surplus.
As at Dec. 31, 1939, the amount in the reserve for losses
of Public
viz.,
Service
Public
Coordinated Transport and
of
affiliated transportation com¬
$3,455,507.
panies on the books of the corporation amounted to
The $51,612,380 of bonds of Transport and the bonds,
notes and
lessor companies, referred
Corporation is to receive
bonds and shares of common stock (stated
dividend-paying capital stocks of
cost the corporation $37,746,191.
1936578
refunding
mortgage
The creation by Public
ref. mtge. and the issue of
for the initial issue of bonds
$15,953,000.
The mortgage will provide for the
creation of a purchase fund to be applied
purchase and retirement of bonds of the initial series, Public
Transport agreeing to pay to .the trustee under the
mortgage a sum equal to, whichever be less, of (a) $500,000, or (b) the
consolidated net earnings after fixed charges of Public Service Coordinated
Transport and its subsidiary companies for the preceding year
toward
the
Service Coordinated
fixed
to above,
first and
value $10
aggregate
share) of Public Service Coordinated Transport in the net
$37,306,090.
The difference of approximately $440,100 between
the cost of the securities to be surrendered and the aggregate amount of the
securities to be received is to be charged against the corporation's surplus
amount of
corporation to enable
conversion of the capital
Newark and the
represents contributions to be made by the
Transport in accordance with the plan to effect the
of Rapid Transit Street Railway of the City of
Camden & Suburban Railway on merger of those companies into
Public Service Interstate Transport, a wholly owned subsidiary
and
stocks
Transport.
of Public
Transportation Co., recently formed to take over the
Southern Division operations of Public Service Coordinated Transport,
was merged into Public Service Interstate Transportation Co. on Aug.
Service
Interstate
3,
1939
acquired
Bergen
1939, Public Service Interstate Transportation Co.
Jersey Bus Lines, Inc., a bus transportation company operating in
County, New Jersey, and upper New York City.
Applications for
of the merger of Jersey Bus Lines, Inc., into Public Service Interstate
Transportation Co. have been filed with the Interstate Commerce
mission and the Board of Public Utility Commissioners of the State
In February,
approval
Com¬
of
New Jersey.
,
of Securities—During
Issuance
,
issued 4,000
1939 Atlantic City Gas Co.
stock at $50 per share; County Gas Co. issued
2,600 shares (no par) common stock at $50 per share; and Peoples Gas Co.
issued 7,500 shares (no par) common stock at $40 per share.
All of this
stock was purchased by Public Serice Corp. of New Jersey.
Taxes—Taxes of subsidiary companies, included in operating revenue
deductions, amounted to $23,015,115 during the year and taxes accrued
against the corporation and other non-utility operations aggregated $1,295,976 making a total of $24,311,091, which was in excess of the preferred
and common stock dividends paid by the corporation.
Taxes of subsidiary
companies amounted to 17.19% of operating revenues and 36.98% of
operating income before deduction for taxes.
Shareholders—At the close of 1939 there were 106,939 accounts on the
shareholders' lists of the corporation.
Eliminating duplicates resulting
from ownership of more than one class of stock, there were 85,685 share¬
holders, 85 less than Dec. 31, 1938.
(no par) common
shares
showed
1938.
of Operating Companies—Electricity sales and revenues
month of the year as compared with like months ir.
for gas also registered gains for the year, the consump¬
Business
increases every
Sales and revenues
tion for industrial purposes
and for building heating
setting up relatively
Transportation
percentages of increase over the preceding year.
gained every month of the year except January and
Sales of electricity to customers were 13.14% better than
and revenue gained 7.56%.
high
revenues
Gas sales to customers were
3.94% better than in 1938
February.
those of 1938
and revenue was
1.79%.
up
capital stock of Newark Consolidated Gas Co. (par
$100) $5,759,400 1st & ref. mtge. bonds, 5% series due 2037, of Public
For 57,594 shares of
which
of Transport
will exchange
bonds, notes and
$8,750,000 net
of new first and refunding mortgage bonds and 2.855,609
value common stdck (stated value $10 per share), or a
surrender without consideration $7,500,000 of bonds
cost the corporation $7,061,744, and in addition it
$51,612,380 principal amount of bonds of Transport and
fixed dividend paying capital stocks of lessor companies for
will
per
trades.
In
eliminate the
in accordance
Public Service Corp.
for the
by Public Service Corp. of New Jersey, without con¬
of bonds held by it which were issued by predecessor
Service Coordinated Transport and are now the direct
^obligation of Public Service Coordinated Transport, to
present corporate deficit of Public Service Coordinated Transport.
Summarized, in so far as the corporation is concerned, the corporation
Restated.—V. 148, p. 1489.
The annual report
stock of Public
cost to Public Service
Coordinated Transport
sideration, of $7,500,000
2,442,887
$664,459
Net loss.
x
1,129,495
308,555
30,454
120,000
2,081
6,120
451,596
owned by the
_
companies.
The surrender
(6)
,
Jersey of certain bonds
and of the lessor com¬
bonds and shares of common
Coordinated Transport upon the basis of
Jersey of securities of Public Service
Service
Corp. of New
,
cos.
value common
companies.
i
„
(5) The surrender by Public Service Corp. of New
and notes of Public Service Coordinated Transport
Public Service
Gross inc. applic. to
as the
Service Coordinated Transport of its new bonds
stock (stated value $10 per share) for
the present fixed dividend paying capital stocks of lessor companies owned
by Public Service Corp. of New Jersey upon the basis of cost or par, which¬
ever is the lower.
*
(4) The merger into Public Service Coordinated Transport of the lessor
Directors have
-----
Coordinated Transport of Its new bonds
dividend paying stock of the lessor com-
The issue by Public
(3)
stock, payable
Coordinated Transport—Earnings—
[Company and Subsidiary Companies, incl. Lessor Companies]
Calendar Years—
1939
1938
xl937
Operating revenues
;
$27,309,662 $26,135,034 $26,997,599
Operating expenses
15,296,280 15.325,836 15.325,043
Maintenance...
4,284,099
3,646,844
4,182,440
Depreciation and retirement exps—
2,932,274
2,861,813 2,715,785
Taxes
2,786,841
2,882,938
2,89.5,463
Operating income
$2,010,168 $1,417,601 $1,878,867
Other income (net)
33,280
20,036
45,919
Gross income.
$2,043,448 $1,437,637 $1,924,786
1940
24,
olders receive on public, the
capital stocks of the companies.
Eanies held by the their presentnew bonds to yieldlessorsame income
and shares of its no par
Progress Laundry
Feb.
Financial Chronicle
Revenues
from transportation
comparative summary of the
showed a gain over 1938
A
% Change
Year 1939
Year 1938
.$76,150,188.47
29,590,862.32
26,911,438.26
Revenue from electric
$70,796,050.31
sales to
customers.
sales to customers
Revenue from transportation..
Rev. from gas
Sales of
of 4.94%.
year's results follows:
+7.56%
+1.79%
+4.94%
2,483,527,658 kilowatt
29,069,339.18
25,644,967.78
Electricity—Total sales to customers were
hours, an increase of 288,388,952 compared with 1938.
On Dec. 27, at 5:50 p. m., an instantaneous system
kilowatts
occurred,
or
a
net integrated
peak load of 718,400
kilowatts,
hour peak of 679,600
record. This is an increase in the net integrated
hour peak of 85,300 kilowatts over the 1938 load of 594,300 kilowatts.
A comparison of electric sales to customers in the past five years (exclusive
of current furnished to Public Service Coordinated Transport) follows:
Sales in
P. C. Change
Kilowatt Hours from Prev. Yr.
which established a new
+7.04%
+12.74%
1,818,420,685
2,050,134,907
2,267,954,742
+10.62%
2,195,138,706
—3.21%
2,483,527,658
+13.14% ,
Dec. 31, 1939, 1,009-985 meters,
service on
13,977.
Reduction—Electric rate schedules were revised for resi¬
dential, commercial lighting and power, and street lighting services effective
Jan. 1, 1940. The reduction is the 15th in electric rates since 1922 and the
10th since January, 1929. Estimated reductions in annual revenue based on
sales for the year 1939 will amount to $1,100,700.
'
Power Sales—Electricity sold to power customers in 1939 totaled
050,893 kilowatt hours.
This was 202,557,302 more than in 1938, the
percentage of increase being 17.31%.
W Generation—Total
generator capacity of the five electric generating
stations, as of Dec. 31, 1939, wai 826,211 kilovolt-amperes, or 737,700
killowatts.
This is an increase of 3,270 kilovolt-amperes or 0.40% over the
capacity in 1938. The increase is due to the rerating of the high-pressure
turbine-generator at Essex Generating Station.
Total energy generated and purchased during the year was 2,994,947,461
net kilowatt hours, an increase of 11.82% over 1938.
Electric Meters—There were in
a
net
gain for the year of
Electric
Rate
1,373™-
_
~Salefof Gas—Total cubic feet of gas sold to customers showed an increase
The maximum day send-out of gas of the Public Ser¬
Dec. 27 and was 112,864,000 cubic feet. A comparison
in the past five years follows:
Sales of Gas
P. C. Change
in Cubic Feet
from Prev. Yr.
3.94%, over 1938.
vice system occurred
of sales to customers
of
1935
—
1936.
19371938
1939-
-
-
-
-
-23,801,504,500
24,630,739,300
---24.985.810,800
25.597,245,500
26.606,775,900
"
—3.13%
+3.48%
+1.44%
+2.45%
+3.94%
Volume
The Commercial & Financial Chronicle
150
Gas meters in service the end of the
year
totaled 851,763,
IZJUoO.
Domestic Sales—Gas sold
house heating amounted to
residential
to
customers
16,527.081,200 cubic feet,
for
a
a net
other
uses
than
decrease of 184,087
-
900 cubic feet compared with 1938, or
1.10%.»
Industrial and Commercial
Sales—Despite keen competition with other
fuels, sales of gas for industry in 1939 were 3,333,483,500 cubic
fett, or an
increase of
18% over 1938.
Connected industrial load added in 1939 was
7.49% greater than the load added in 1938. Much of this will be reflected
in the 1940
consumption.
Commeicial
sales
gas
3,682,518,500 dubic feet,
were
of 1938.
*
allegedly at a time when R.-K.-O.
receivership.—V. 150, p. 286.
Production—During 1939, including the System companies,
Calendar Years—
Operating
Operating
total of
20,130,298,997 cubic feet of gas were manufactured.
In addition, the
company purchased 8,685,418,351 cubic feet of coke oven gas, making a
total of manufactured and
purchased gas of 28,815,717,348 cubic feet, which
a
1939
Subsidiary Companies—
Operating revenues
Operating expenses
Maintenance...
Depreciation and retirement
Taxes
expenses.
Taxes...
$
Operating income
$
35,022,284
6,561,182
1,288,587
782,503
1,113
1,500,000
15
___
90,961
Lessor
401,800
15
1,298,801
Cr86,888
Interest
Interest
on
perpetual int.-bear. ctfs..
_
Utility plant
26,838,789
Dividends
pref.
on
stocks
Balance carried to surplus..
Earnings per share on common stock
stock of Public Service Corp. of
x
311,984
25,273,001
477,166
1,200
970,866
1,091,736
14,381
27,150,773
.
Crl82,991
24,531,606
1,715,944
2,023,560
3,523,872
2,587,560
1,715,944
2,023,560
3,523,872
2,587,560
1,715,944
2,023,560
3,523,872
2,587,560
13,757,982
12,107,024
-14,308,302
2,113,811
775,284
372,368
.
Prepayments
$2.34
(at cost)
Other investments
Sinking funds
Cash
8pecial deposits
Working funds
Temporary cash investments
Notes receivable
Accounts receivable (less reserves)
Interest and dividends receivable.
bank bal¬
Other taxes accrued
Interest accrued.
xl938
2
229,082
412,167
.699,294,481
_
Long-term debt.
Matured long-term debt
Customers'deposits
Miscellaneous current liabilities
Federal income tax accrued
402.431
—
Other taxes accrued
Interest accrued-
Miscellaneous accrued liabiltiies
Deferred credits
Reserve for depreciation and retirements
reserve for retirement of street ry. prop
Special
reserve
reserve
reserve.
reserve
reserves
Contributions in aid of construction
Common stock.
8% cumulative preferred stock ($100 par)
7% cum.lative preferred stock ($100 par).
6% cumulative preferred stock ($100 par).
y
....
_
preferred stock
Premium
on capital stock
Operating subsidiaries canital stock
Lessor companies'capital stock
Surplus
7,688,653
14,725,463
1,497,173
62,289
1,446,414
111,510,190
13,587,618
2,016,000
2,075,099
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
x
,699,294.481
Restated,
y
Represented by 5,503,193
no
par
shares,
no
of
19,997,900
30,220,000
•
2,100
9,432,874
9,792,987
528,970,410 512,440,367
Includes lessor companies merged prior to Dec. 31, 1939.
shares,
z Represented by 300,700
par value.—V. 149, p. 2243.
par
no
Quebec Power Co.-
Int.
on
19,38
1937
1936
$3,120,668
1,355,595
512,051
$2,983,009
1,252,414
578,973
$2,928,410
1,135,662
608,531
158,000
450,000
450.000
400",000
350",000
93,000
10,000
stock.
$627,704
553,198
$793,022
553,198
$751,622
553,198
$782,217
553,198
prev. year.
$74,506
229,896
$239,824
142,238
$198,424
314,242
$229,019
236,788
$304,402
$382,062
$512,666
$465,807
expense.
bonds
Depreciation
Contingent
reserve
13.000
3,093,707
356,256
6,471,249
5,392,581
1,499,469
63,012
1,697,674
105,274,906
14,816,099
1,872,000
1,927,753
2,471,045
1,090,6.33
2,717,204
1,349,4.59
111,933,694
21,449,300
28,908,000
58,731,200
49,424,198
Net
revenue
Divs.
on common
Surplus
Surplus from
Total surplus
Transf.
to
—
bond
Profit & loss surplus.
Shs.
com. outst.
517,712
no
_
(no par)
Earns, per sh. on com..
x
52,000
disc.,
premium and expense
226,182
$304,402
x$382,062
x$286,484
553,198
$1.13
553,198
553,198
x$465,807
553,198
y$l .43
y$l .36
y$1.41
Subject to deduction for income tax.
y
Before income tax deduction.
Balance Sheet Dec. 31
1939
Assets—
S
Cash
c
225,384
Call
loans
Properties, &c
Invest, in
564,000
435,994
319,566
292,369
20,294,909 20,052,218
sub/Co. 7,060,579
7,069,882
charges..
74,197
64,037
investments
40,175
37,800
Sinking fund
1939
$
497,500
Store and supplies
Other
1938
314,334
483,276
Accts. receivable..
30,360,277
15,837,662
2l,52u,860
Earnings—1939
sources.
Res. for income taxes
2,735,456
872,270
17,510,290
1937) shares
y
(300,000 shs. in
$3,306,470
1,470,792
506,973
Gross inc. fr. all
190,736,506
682,621,473
z
19,997,900
30,220,000
2,l00
11,566,251
Total
x
Prepaid
Total
i.
Lessor companies'capital stock
420
3,870,092
727,681
12,000
3,040,491
1,448,803
1,269,207
....188,705,800 188,705,800
Earned surplus
Oper. & maint.
197,785,406
i
1,897,971
.........
.....
682,621,473
Liabilities—
Notes payable
1,229,566
733,386
927,723
2,280,097
Contributions in aid of construction.
Calendar Years—
Total.
75,678,358
1,927,753
4,533
11,188,218
Other deferred debits
1,981,804
54,331
147,208
2,985,763
274,775
5,452,060
4,651,255
1,181,295
25,087
1,572,475
1,392,991
y Common stock
7% cumulative preferred stock (.$100 par)
y $5 cumulative preferred stock
Stock liability for conversion
5
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
2,075,099
Injuries and damages reserve
Employees provident reserve
Miscellaneous reserves
37,118
6,228,382
484,374
11,640,437
224,726
441,857
Unamortized debt discount and expense
Deferred Federal capital stock tax..i
;
Reserve for depreciation.
Insurance reserve
13,231,783
131,843
46,595
6,717,234
501,244
Prepayments
$5 cumulative
420
.....
....
Miscellaneous accrued liabilities
Deferred credits
12,784,987
Rents receivable
Materials and supplies
z
161,729,409 153,226,409
;
Miscellaneous current liabilities
Federal income tax accrued.
$
627,181,930 624,106,051
260,568
260,538
8,961
27,600
550,211
513,658
41,919
84,350
26,136,204
23,654,484
5,687
35,649
205,945
239,850
12,891,682
1,406,076
plant
Miscellaneous
19,067
189,323
79,939,111
Customers'deposits
$2.67
1939
x\ sscts
Insurance
204,292
11,187,568
....528,970,410 512,440,367
Liabilities
Long-term debt
Notes payable
Accounts payable..
Payables to associated companies..
Comparative Consolidated Balance Sheet Dec. 31
Contingency
5,137,344
150,915
10,759,994
151,313
191,022
Total
3,8o9
37,118
-
5,553,575
Unamortized debt discount and expense.
Retirement work in progress
Deferred Federal capital stock tax
ances, revenue from real estate owned and from other investments.
Injuries and damages
Employees'provident
95,680
1,928
41,584
Rents receivable
Materials and supplies.
Dividends declared
82.88
Accounts payable
Dividends declared
5
12,241,910
102,619
-
Jersey
Other physical property
Investments in assoc. companies
2
11,896,029
.
Accounts receivable (less reserves)
Receivables from associated companies
Interest and dividends receivable
L
49,430
Crl5,593
7,300
163,500
716,076
Notes receivable.
1,091,736
22,733,245
2,975
137,035
1,069,823
Working funds
Temporary cash investments
_
Restated for comparative purposes.
On United States of America
Treasury bonds and notes,
utility
xl938
.....474,632,181 468,317,075
1,333,604
1,333,575
3,813,500
3,832,139
54,756
163,375
19,074,553
8,791,209
Special deposits.;
514,073
1,200
1,145,718
.
a
y$60,287
Other physical property. *
Investments in associated companies (at cost)
Other investments
Cash
of Public
Service Corp. of New Jersey:
8% cumulative preferred stock
7% cumulative preferred stock
6% cumulative preferred stock
$5 cumulative preferred stock
Dividends on common stock of P. S.
Corp. of N.J.
New
307,444
28,559,242
463,023
1,200
1,265,873
1,091,736
5,729
8,950
25,722,729
Net income
$1,773,657 y$l,699,897
1939
24,965,557
67,287
on miscellaneous
obligationsMiscellaneous deductions
Adjustments of profit and loss
x
1,281
296,227
3,098
x Restated,
y Deficit.
Note—Statement includes lessor companies merged prior to Dec.
31,1939.
1,413,331
Cr146,745
Public Service Corp. of New •Jersey—
expens&s
"¥,675
77
123,251
20,964
Comparative Balance Sheet Dec. 31
Interest....
Taxes
3,308
731
¥1 sects
28,491,955
Expenses
Deprec. and retirement
824,209
2,562,500
429,041
Net income
...$29,191,563 $25,715,384 $27,101,916
/% cumulative preferred dividends._
1,400,000
1,400,000
1,400,000
1,503,500
1,500,875
1,500,000
24,514,406
24,514,406
24,262,203
Balance applic. to securities owned
by Public Service Corp. of New
Balance
3,265,477
986,982
2,781,475
428,076
Cr2,720
3,917
132,925
112,852
Surplus
companies
Adjustments of profit and loss
a
2,989,928
$5 cumulative preferred dividends
Common dividends
21
Jersey
270,872
2,681,628
3,849,384
427,574
Cr7,188
Taxes assumed on interest
Int. on other debt to associated co
Other interest charges
Miscellaneous income deductions
Point
Ferry Co
$34,488,425
co.—
mortgage bonds.
Amortiz. of debt discount & expense.
Amortization of premium on debt
1,500,000
15
_
$5 cumulative preferred stock—
Bergen
long-term debt of
Prior lien bonds
First & refunding
1,123
Public Service Electric & Gas Co.:
7 % cumulative preferred stock.
Common stock
Port
Richmond &
on
...
911,985
1,113
1,500,000
Interest
36,964,555
6,446,035
Amortization of discount and miscell
deductions
Dividends paid to the public:
xl937
$36,523,418 $32,917,317 $34,331,462
140,232
130,017
156,963
the company
36,873,594
39,233,956
7,550,485
bonds.
35,032,516
-DrlO.232
1938
Gross income
.$36,663,650 $33,047,335
Gross income applicable to securities
of lessor companies not owned
by
127,185,778
47,712,656
11,344,588
10,117,909
21,137,030
39,214,741
19,215
Gross income.
on
$
Operating income
Other income (.net)
xl937
133,898,744 126,820,863
49,468,687
48,826,450
11,315,032
10,694.979
expenses 10,885,169
10,283,621
23,015,115
21,983,296
Other income—net
Interest
1938
Co.—Earnings—
1939
Maintenance
Depreciation
an increase of
3.26% over 1938.
Earnings of Corporation and Subsidiary Companies, Incl. Lessor Companies
Radio-Keith-Orpheum Corp.
the verge of bankruptcy or
on
$104,670,052 $99,039,939 $98,538,695
33,531,049
33.121,459
32,003,346
6,841,456
6,878,160
6,971,810
7,823,204
7,292,124
7,273,313
19,950,924
18,830,878
17,958,763
revenues......
is
Calendar Years—
was
Public Service Electric & Gas
-
1.92% over those
or
1293
shares of its stock, worth
$40 or more a share, in return for certain exclusive
rights to the use of patents and inventions owned
by them.
Although
these rights
subsequently were relinquished, the R. C. A. stock was not
returned, it was charged. The second general charge involved R. C. A.'s
purchase of $10,000,000 in debenture of the
gain of
33,878
1938
Liabilities—
b
Capital stock...11,349,500
Bonds
12,579,500
Consumers' depos.
107,723
Accounts payable.
Accrued interest._
Dividends
payable
301,358
200,829
138,299
11,349,500
12,674,500
98,928
154,170
206,836
138,299
Deprec. and other
reserves
Surplus
4,352,490
3,984,382
304,402
a382,062
Adv. to Quebec Ry.
par shares.—V. 150, p. 443.
Lt. & Power Co.
304,637
158,043
Radio Corp. of America—Stockholder Sues—
Total
A stockholder's suit demanding an accounting of $270,000,000 of assets
of the Radio Corp. of America alleged to have been diverted from the com¬
pany's treasury by the General Electric Co., the Westinghouse Electric &
Mfg. Co. and 18 present and past directors of the three organizations was
filed Feb. 19 in Federal court for the Southern District of New York.
The
plaintiff, J. Webster Manning of the District of Columbia, said he had owned
1,000 shares of R. C. A. common stock for at least 10 years.
In his comolaint, filed by Ira A. Schiller and Maurice E. Serling, Attor¬
neys, of 11 West 42nd St., Mr. Manning made two principal allegations.
One
was
that
R.
C.
A.
turned
over
to
the
other
two
concerns
6,500,000
c
29,334,101 28,988,678
Total
29,334,101 28,988,678
a Subject
b 553,198 shares of
to income tax deduction
Including temporary investments.— •V. 150, P. 1145.
no
par
value.
Rayonie**, Inc.—Preferred Dividend—
Directors have declared a dividend of 50 cents per share on the $2 cum.
preferred stock, payable March 11 to holders of record March 1.
Like
amount was paid on Dec. 20, last, this latter
being the first dividend paid
on this class of stock since
July 1, 1938 when a regular quarterly dividend
of 50 cents per share was distributed.—V.
149, p. 3570.
p.
Irving Felt, and Jacob K. Javitz.
Under the plan, David A. Schulte
1145.
Tobacco Co.—Int. on
Notes Reduced—
1%%,
$7,500,000 from Chase
& Trust
of the United
10, 1938 at
10,1940 April 10.
The company on Jan. 12 borrowed a total of $20,000,000 at
$7,500,000 from the National City Bank, New York,
National Bank and $5,000,000 from the Central Hanover Bank
Co. in order to repay to the Equitable Life Assurance Society
States on Jan. 5 last a series of 10 promissory notes issued Oct.
the rate of 2.45%. The notes mature serially from April
to
1949.—V. 150, p. 701.
Steel
&
Iron
Rustless
p.
Renew. &
781
534
$1,001,517
54 ,975
18 ,689
$692,079
$314,263
11,103
197,846
214,512
Approp. to res. for re¬
newals, replacements.
33.218
stock.
adjust
Dr8,543
26,915
823,298
Cr142,663
20,552
588,070
Dr270,200
Dr81 >000
$429,273
$292,816
$11,103
$197,846
823.298
on common
Total surplus Dec.
31.
Balance Sheet Dec,
1939
of the company
4H%
1979.20 655.000 20,837,000
securities.
Unamort. debt dis¬
Invest,
Matured long-term
4,160
int.
Matured
Int. accr. on bonds
1,269,438
1,227,216
def' d charges
49,596
43,489
Other def. credits.
13,573
*
such properties of United States Chrome
Mines, Inc.
It is expected that these properties, which it is estimated can
produce chrome ore concentrates of suitable quality in excess of 200,000
tons, will become a major source of chrome ore supply of the company.
Rustless Mining Corp. also owns chrome ore mining claims and properties
in California and Oregon, but these are not presently being operated and
for
32,074,659 31,897,995
Total
Represented by 98,011 shares (no
196,024 shares (no par) of
150, p.136.
x
San Diego
32,074,659 31,897,995
Total
par) of non-voting class
voting class B common
Consolidated Gas & Electric
Years Ended Dec. 31—
Operating revenues
Operation
Maintenance and repairs
Depreciation
Amortization of limited-term investments
—
taxes
Interest on
Outstanding
July 10,
$2.50 cum.
$2.50 cum.
(no par)
without par value.b
conv. pref. stock (no par)
pref.
conv.
$1,750,000
a$1,750,000
50,000 shs.
25,000 shs.
1947
25,000 shs.
stock, 2d series
11,512 shs.
11,520 shs.
Common stock (par
d926,216 shs.
cl,000,000 shs.
$1)...
the company
73,024 shares
are reserved for issue upon conversion of shares of $2.50 cum. conv. pref.
stock, both series,
d Exclusive of 331 shares held in the treasury.
Purpose—It is the present intention of the company to apply the net
proceeds from the sale of the common stock to the erection of an addition
to the present melting department, the installation of a new 16-ton Heroult
Authorized by agreement, dated Aug. 9, 1939, between
and Bank of the Manhattan Co.
b Issuable in series,
c
a
electric
arc
furnace and auxiliary equipment,
existing facilities.
and the rearrangement of
It is estimated that the total cost of
this program will
approximately $600,000.
Any additional amount required in connection
with the foregoing will be supplied out of the company's general funds.
Underwriter—W. E. Hutton & Co. is the sole principal underwriter of the
be
40,000 shares of common
the issue
No firm commitment to take
stock.
has been made.
1939, owned
430,500 shares, or approximately 48.6%, of the outstanding common stock,
and 7,020 shares, or approximately 19.2%, of the outstanding preferred
stock of both series, of the company.
Company, however, is operated as a
Control—The American
Rolling Mill Co., as of Dec. 31,
separate and independent business.
The condensed financial statements were
given in V. 150, p. 1145.
[The New York Curb Exchange will list upon official
40,000 additional shares of $1 par common stock.]
To Pay
15-Cent Dividend—
Directors have
tion's
share on the corpora¬
payable March 15, 1940 to holders of
declared a dividend of 15 cents a
outstanding common stock,
record March 4, 1940.
V. 150, p.
notice of issuance
Dividend of 25 cents was paid on
Dec. 12 last.—
1145.
Schulte Retail Stores Corp.—Court Confirms Plan—
Judge John C. Knox of the U. S. District Court on Feb. 9 confirmed
the report of Referee Peter B. Olney Jr., in which the latter approved
the plans for reorganization of Schulte Retail Stores Corp. and Schulco
Co., Inc., and recommended their confirmation.
In his report approving the plans, Referee Olney said that from a study
of the plan for Schulte Retail Stores Corp., he was satisfied that the pro¬
posed reorganization was soundly financed and that given reasonable busi¬
ness conditions, the new company had reasonable prospects of successful
operations.
Despite the 1939 loss, based on tentative
co npany will have adequate working capital
year-end figures, the new
and a satisfactory ratio of
current assets to current liabilities, Mr. Olney said.
Operations for 1939
were disappointing, and tentative figures indicate a loss of $245,000 before
expenses
of administration, depreciation, special charges and Federal
taxes, as against a profit of approximately $53,000 in 1938, Mr. Olney said.
The hearing was
adjourned until March 29 for settling any
which might arise in putting the
difficulties
Referee
reorganization plan in operation.
the selection of an approved board of directors
three of whom were chosen by David A. Schulte and six by committee
epresenting various phases of the Schlute enterprises.
~-2£3--'1M
Olney also recommended
$2,146,734
620,000
8,262
61,954
Crl3,443
7,670
$1,332,545
2,217,631
and expense
620,000
61,954
Crl2,727
funded debt
Amortization of debt discount
$1,470,554
1,994.860
Miscellaneous deductions.
Earned surplus,
to Issuance of the
597
$2,010,033
of International
July 21, 1933.
$2,146,137
2,445
Other income.
>
incorporated in Delaware on Dec. 26, 1924, under name
Rustless Iron, Inc., the name being changed to Inter¬
Rustless Iron Corp. on Jan. 19, 1925, and to the present name on
Co.—Earnings
cl939
1938
$8,633,639 $8,484,469
3,094,155 3,065,070
743,670
614,759
1,379,851
1,355,000
429
460
1,170,172
1,053,043
237,775
250,000
$2,007,587
on
Company was
A common
stock.—V.
^
Taxes
Provision for Federal income
116,702
292,816
restricted
funds
Earned surplus
stock and
14,305
106,976
429,273
annuities
Res.
over
Preferred stock,
781.603
937,028
Res. for retirement
manufactured in
involving the direct
and stainless
in the
of
sub¬
stantially all its requirements of raw materials and power from sources
independent of the company, with the exception of some of its chrome ore
requirements.
Chrome ore, which is the original source of the chrome
content of stainless or rustless steels, is presently produced chiefly outside
the North American continent,
the principal sources being Southern
Rhodesia, the Philippine Islands, New Caledonia and Turkey.
However,
the company has a contract with United States Chrome Mines, Inc., which
owns chrome ore properties in California and
Oregon, to purchase sub¬
stantial amounts of chrome ore produced from certain of these properties
a period expiring Nov. 1, 1941, subject to renewal and rerenewal by
the company.
Under the contract, Rustless Mining Corp., a whollyowned subsidiary of the company, has commenced the mining and con¬
2%% note, due in instalments to
6,352
renewals
for
& replacements.
the company are
Authorized
10,779
78,139
296,376
220,537
317,342
223,111
6,559
Taxes accrued
Other accr.liab
amount.
Capitalization Dec. 31, 1939 (Adjusted to Give Effect
40,000 Shares of Common Stock)
3,120
12,811
77,456
on
debt.
long-term
Res.
ingot form under patented processes developed by it,
reduction of chrome ore and its use in combination with base
steel scrap, with or without high carbon ferrochrome, and,
case
some steels, with nickel and other elements.
Company purchases
national
205,824
Divs. payable
64,666
count & expenses
34,440
205,824
85,543
Accounts payable.
debt.
93,600
97,430
61,643
of bonds
Other
sink. fd.
gold bds.,
series due
_
Sink, fund for red.
805,275
805,275
Cap. stk. subscr..
1st mtge.
8,194,725
8 ,194,725
Capital stock
x
$
$
Liabilities—
28,560,412 28.359,783
750,850
Cash
746,454
14,099
Special deposits
17,171
267,030
Accts. receivable..
268,742
116,702
Restri cted funds
106,976
113,063
Mat'ls & supplies.
133,742
Subscrip. to capital
805,275
stock
805,275
the form of ingots, blooms, slabs, billets and
sheet bars for further processing.
Included among these five is American
Rolling Mill Co., the largest stockholder and largest customer of the com¬
pany, which purchased approximately 28% in dollar value of the sales of
the company during 1939 and approximately 29% in dollar value of the
sales of the company during 1938.
That part of the production of the com¬
pany not sold to these five customers is distributed by the company through
its home office in Baltimore, through four sales offices in Chicago, Cleve¬
land, Detroit and Philadelphia and through independent distributors in
other principal cities in the United States.
Purchases by American Rolling
Mill Co. are pursuant to a contract and purchases by the other large cus¬
tomers are on current purchase orders.
Exports of rustless and stainless
1938
1939
$
Fixed capital
.
249,929
31
1938
$
A ssets—
were
as a reserve.
347,775
57,676
156,979
124,165
945.000
55.478
$989,263
Previous surplus
are
held
143 ,896
188 ,062
943 .553
459 ,400|
292,816
Net surplus
ore
156,157
279,664
932,297
31,227
21,000
147,606
283,939
940,125
38,463
22,155
expenses../
Net income
Divs.
of chrome
$2,001,337
int
Miscell. deductions
and sale
referred
as stain¬
Baltimore, Md.
Its products are sold in the form of bars, rods and wire to industrial users,
jobbers and distrubutors and in the form of ingots, blooms, slabs, billets
and sheet bars to converting mills for further processing into sheets, plates
and strip, which constitute a substantial part of stainless or rustless steel
consumption.
Stainless and rustless steels manufactured by the company
used in the manufacture, by others, of equipment for chemical, dairy,
food processing and similar industries, of parts for valves, electric re¬
frigerators, automobiles and electrical equipment, and of screws, bolts,
rivets and cutlery, and for other uses where resistance to corrosion, acids
and heat, or where high tensile strength combined with light weight, is
centration
$2,500 ,656
Taxes assumed on
Business—Company is engaged exclusively in the manufacture
of chrome-iron and chrome-nickel-iron alloys generally
to
less or rustless steels.
Company's plant is located in
steels by the company are negligible in
The stainless and rustless steels of
1,337
$2,880,727
458,640
replace, exps..
N. J.
half of the total dollar sales
656
Int. on long-term debt..
Amort. of dt. disc. & exp.
Manufacturers Trust Co.,
New York, and First National Bank of Jersey City, N. J.
Registrars are
Bankers Trust Co., New York, and First National Bank of Jersey City,
During 1939, approximately
made to five customers in
$2,500,000
1,770
Taxes
of the common stock are
required.
$2,000,000
$2,878,957
| 5,954,397
531,755
\
Total gross revenue
stock to obtain new money
1936
1937
1938
1939
Operating expenses
Maintenance
1
Earnings—
Power Corp.
$2,952,881
1,516
sales..
Miscell. re venue
struction program was
The transfer agents
:
Calendar Years—
Corp.—Stock Offered—Further
subsidiary, will receive $650,000,
other two corporations. V. 149,
'
Rev. from power
corporation through the sale of
for a proposed con¬
announced Feb. 20 with the offering
by W. E. Hutton & Co., New York, of 40,000 shares of
common stock (par $1).
The shares are offered by means
of a prospectus and are priced at the market (approx $14%).
common
4185.
Safe Harbor Water
financing of the
public
are
.
$2,100,000 in ne^ ™oaey»
will advance
Huyler's of Delaware, another
the balance going to the benefit of the
of which
(R. J.) Reynolds
counsel to Mr.
Berlack,
J. Wise, Harris
March 13 will consider reducing
from $1,382,291.87 to $297,132.00.—V. loO,
annual meeting on
of the company
the capital
Schulte, sons of David Schulte, Jerome Eisner, person
Schulte; George R. Coughlan, Sam Simons, George
Reduction—
1940
24,
John and Arthur
by the Court, is
also approved
This new directorate,
Co.—Plans Capital
Reynolds Spring
Stockholders at their
Feb.
Chronicle
Commercial & Financial
The
1294
beginning or period
117,749
11,246
60,347
Refund
a
portion of deposits.
prior year.
...
b Refund of unused
Adjustment for taxes,
$3,739,518
440,475
Earned surplus, end
Of insurance
a
$2,217,631
operations
thereon applicable to
prior to Jan. 1, 1939, (net),
b Covering tax on
to prior years,
c Preliminary.—V. 150, p. 286.
bond interest applicable
Co.—Bonds Called—
Sayre Electric
A total of $18,000
802,600
4,708
$2,475,421
of period
premiums and interest
$3,465,414
440,475
802,600
21,021
7% preferred stock dividends.
Common stock dividends
Miscellaneous charges
first mortgage 40-year
redemption on April
1947 have been called for
Payment will be made at
—V. 148, p. 1040.
April 1,
interest.
Bank of Wilkes-Barre, Pa.
5% gold bonds, due
1 at 105 and accrued
the Miners National
Corp.—Earnings—
1940—9 Mos.—1939
$44,198
$38,672
$134,879
$112,615
Schumacher Wall Board
Period End. Jan. 31—
Net profit after
—V.
1940—3 Mos—1939
all ch'ges
150, p. 702.
Ry.—New Chairman of
Seaboard Air Line
Bondholders'
appointed Chairman of the
committee for
Protective Committee—
Edward
II.
Leslie
has been
4s, due 1959, succeeding Frederic W. Ecker,
Life Insurance Co. Mr. Leslie is a partner
of Wood, Struthers & Co. and Chairman of the I. B. A.'s railroad securities
committee.—V. 150, p. 1005.
Seaboard Air Line refunding
Vice-President of Metropolitan
Sears, Roebuck &
Co.—Cited by FTC—
with
sales of auto¬
Company has been served by the Federal Trade Commission
a com¬
plaint alleging unfair and deceptive acts and practices in the
mobile tires and tubes.
The complaint alleges that in conducting Nation¬
wide tire sales through its retail stores, the company misrepresented that its
tires and tubes were being sold at various purported discounts and savings
regular and usual prices.
complaint.—V. 150, p. 1005.
from the
the
Seiberling Rubber
Company is given 20
days to answer
Co.—Pref. Dividends—New Officers—
$138,929 on all classes of preferred stock, including
the old class B preferred, were declared on Feb. 20.
All dividends are payable April 1 to holders of record March 15.
Included in the dividend declarations were: A dividend of 45 cents on the
Dividends totaling
payment of arrears on
covering the period from Jan. 26
dividend of $1.25 on class A pref.
and a dividend of $75.38 on
1930 to June 1, 1939.
class B preferred and clears
the way for resumption of dividends on common stock.
"The declaration of dividends on our prior preference stock and on the
class A preferred stock is merely the regular quarterly declaration of divs.
on
these stocks," J. P. Seiberling, President, explained in commenting
$2.50 convertible prior preference stock
(the date of the issue) to April 1 1940; a
from Jan. 1 to April 1, 1940;
class B preferred for the period from Jan. 1,
Dividend action eliminates arrearages on
for the period
upon the action.
C. W. Seiberling was
was
.
elected First Vice-President and W. A.
and Treasurer.—V. 150, p. 444.
elected Vice-President
„ ^
„
M. Vaugha
Volume
The Commercial & Financial Chronicle
150
Shawmut
Association—Earnings—
1938
1939
stock of
11,933
1,165
1,334
$287,482
$220,742
35,866
35,023
5,017
6,561
3,015
5,598
542
615
Net income from interest and dividends
Net loss from sales of securs. for the year.
$239,495
1,501
$176,491
738
Net earnings for the year
Dividends to shareholders
$237,994
234,102
$175,752
156,749
Interest
Total interest and dividends
Administrative
expenses
Amount
$2,500,000 Merrill Lynch & Co., Inc_
$350,000
1,100,000 Dean Witter & Co
300,000
Halsey, Stuart & Co. Inc.. 1,000,000 Laurence M. Marks & Co_
250,000
Kidder, Peabody & Co
750,000 Alex. Brown & Sons
250,000
Union Securities Corp
500,000 Merrill, Turben & Co
200,000
Hemphill, Noyes & Co
400,000 Stern,'Wampler & Co. Tnc_
200,000
Riter & Co
400,000 Piper, Jaffray & Hopwood
150,000
E. H. Rollins & Sons, Inc.
400,000 Kuhn, Loeb & Co..
1,250,000
The First Boston
$219,408
$274,385
com.
Name—
Amount
East. Dillon & Co
Years Ended Dec. 31—
Income—Cash dividends
Divs. received in pref. stocks & in
another corporation
on notes receivable
1295
Name—
„
Provision for capital stock tax.
Provision for Federal income tax
Tax on dividends paid at the source
Corp___
Consolidated Income Account Years Ended Dec. 31, 1939
1939
1938
1937
Gross operating income...
Cost of sales and services.
..$33,107,181 $35,880,450 $41,483,607
18,677,014
20,368,944
19,364,906
Selling, general and adminis-expenses
6,183,207
6,159,402
5.735,674
Taxes, other than income taxes......
983,875
977,238
1,137,730
Operating income
$7,263,086
Lease cancellations and
write-offs
$8,374,866 $15,245,297
of
$19,004
undeveloped oil and gas properties.
Depletion and depreciation of oil and
680,066
678,430
1,433,400
2,668,131
3,188,914
5,083,821
Assets—Securities, at quoted market prices, $4,937,411; stock in seven
suburban banks, $1,593,188; collateral and unsecured notes receivable and
accrued interest, $38,919; cash in banks, $538,270; total, $7,107,788.
Liabilities—Reserve for Federal income and capital stock iaxes, $9,038;
producing properties
Depreciation of other property, plant
and equipment
Disposal of property, plant & equipt.
Provision for doubtful receivables, less
1,760,019
Cr56,762
1,742,154
C/T9.723
1,950,781
D/7,505
Balance
•
■
shares
common
capital,
Dec.
$3,892
Balance Sheet Dec. 31, 1939
of
19,
no
gas
quoted market), Dr$19,135; total, $7,107,788.—V. 149 p. 3883.
Directors have declared
a
dividend of 10 cents per share on the common
Simmons-Boardman
a dividend of $1 per share on account of accumu¬
convertible preferred stock, payable March 1 to holders
of record Feb. 20.
Dividends of 75 cents was paid on Dec. 12 last; one of
50 cents was paid on Sept. 1, June 10 and March 10, 1939; dividend of
$1.50 was paid on Dec. 15, 1938, and a regular quarterly dividend of 75
cents per
the $3
share
was
83,020
$6,686,770
1,117,714
$3,079,666
204,185
Int. on debentures and serial notes._
367,092
Amortization of debt disct. & expense
42,425
Other interest
2,281
Prov. for Fed'l and State income taxes
102,900
$3,728,426
paid
on
Non-operating income
Publishing Corp.—Agcum. Div.—
Directors have declared
on
111,652
$2,673,439
Net operating income
Net income
Income deductions
Corp.—Larger Dividend—
stock, par $1, payable April 1 to holders of record March 15.
Previously
regular quarterly dividends of 7 lA cents per share were distributed.—
Y. 149, p. 1628.
lations
74,262
$2,137,369
942,297
value, amount determined by the trustees as
$5,000,000; capital surplus, $2,117,885; less un¬
par
1933,
realized depreciation of securities other than bank stocks (.excess of cost over
Sheller Mfg.
recoveries
March 1, 1938.—V. 149,
p.
Net inc. carried to earned
surp.acct.
financing
with
for the company got under way Feb. 20
offering of $10,000,000 3% debentures
underwriting group headed by Eastman, Dillon &
an
public
Co. and the announcement that Eastman, Dillon & Co. has
placed privately serial notes aggregating $6,000,000, ma¬
turing annually from April 1, 1942 to 1946, and bearing in¬
terest rates ranging from 1%% to 2l/%%.
The debentures
were
priced at 100 and accrued interest. Associated with
Eastman, Dillon & Co. in the offering of the debentures are:
The First Boston Corp., Halsey, Stuart & Co., Inc., Kidder,
Peabody & Co., Union Securities Corp., Hemphill, Noyes &
Co., and Riter & Co. The issue has been oversubscribed.
Debentures are dated Feb. 1. 1940; due Feb. 1, 1950.
Coupon debs.
In denom of $1,000, registerable as to principal only.
Prin. and int. (F-A)
payable at the office of Central Hanover Bank & Trust Co., or its successor
as trustee.
Redeemable by lot on any int. date by operation of the sinking
Also redeemable at option of company in whole, or in part by lot,
time, upon at least 30 days' prior notice, on or before Feb. 1, 1943,
103; thereafter and on or before Feb. 1,1944, at 102 H; thereafter and on
or before Feb. 1,
1945, at 102; thereafter and on or before Feb. 1, 1946,
at 101 Vi\ thereafter and on or before Feb. 1, 1'947, at 101; thereafter and on
or before Feb. 1, 1948, at lOO^f; thereafter and on or before Feb.
1, 1949,
at 100 H; and thereafter up to maturity at 100, plus accrued int. in each case.
Sinking Fund, operating semi-annually, payable on May 1, 1946, and
each Nov. 1 and May 1 thereafter, to and including May 1, 1949, sufficient
to retire semi-annually $600,000 of debentures, to be applied to the pur¬
chase of debentures at not exceeding the principal amount thereof if obtain¬
able, plus accrued interest, and, if not so obtainable, to the redemption of
debentures at the principal amount thereof, plus accrued interest: sinking
fund payments may be made in cash or debentures and, under certain condi¬
tions, in debentures voluntarily redeemed out of proceeds from certain
$2,650,055
489,675
995,349
$6,488,346
298,350
1,509,523
11,039
1938
&c.,
138,716
Pref. stk. pur. fund
3,918,959
1 250,000
90,000
......
90.000
Deferred notes and
accts.
receivable
563,451
564,423
Cash
2
accts.
26,681
8,885
343.337
2,260,020
727.994
515,369
418.280
920,812
r-'erlal due currently
Deferred Income..
306",307
5,399.646
566,725
16,636
Accrued expenses.
Res. for inc. taxes,
2,485,214
18,482
4 ,776,487
Prepaid def. chgs.
9,000,000
9,000,000
Notes payable
Divs. payable
4,377.656
3 123,696
Inventories i
debt
Other defd. oblig'n
Accounts payable.
Receivables
Employees'
6,300,000
6,450.000
15,128.229 15.128,229
Common stock
Funded
4
secure.
$
$
6% pref. stock
45 009,732 44,455,396
assets
Marketable
Liabilities—
plant
Investments,
1938
1939
$
Property,
& equipment
program
the
through
Co.—$16,000,000 Financing—A $16,000,000
261,000
$7,804,484
287,698
418,500
44,709
25,131
540,100
355,908
408,000
42,425
Consolidated Balance Sheet Dec. 31
1939
Assets—
3277.
x
Skelly Oil
$2,360,783
380,250
995,349
Preferred dividends
Common dividends
1,054,987
Min.
Int.
stock
In
or
901,227
1,200,000
404,519
cap.
surplus
853
63
(def.) of sub.
Insur.
96,750
2,257,410
257,819
395.316
325,215
1,592,237
1,592,237
Capital surplus...13,164,659
Earned surplus...12,417,250
13 156,183
Treasury stock.. Dr198,000
Dr198,000
Res.
y
Total
x
62,048,510 62,040,073
After
and
Total
11,432,066
62,048,510 62,040,073
for depreciation and depletion
reserves
$60,592,187
reserve
for contlng..
in
1939.
y
13,200 shares
of $57,700,041 in 193
of common stock at par.-
V. 150, p. 1146.
fund.
at any
South Carolina Electric & Gas Co.
at
limited
sources.
Comvany—Is engaged principally in acquiring, holding and developing
oil and gas lands and in producing, refining, transporting, buying and
selling crude petroleum, casinghead gas, natural gas and products refined
therefrom, at wholesale and retail; in the sale of tires, batteries and other
motorists' supplies; and in operations incidental to the foregoing.
Its sub¬
sidiary, Skelgas Co., is engaged principally in the distribution at wholesale
and retail of liquefied petroleum gas and steel cylinders for cooking, lighting,
water-heating and other purposes and in the sale of gas appliances.
Its
other active subsidiary, Spartan Aircraft Co., is engaged in the manufacture
of airplanes and in operating a hangar, aeronautical repair station and
flying school.
Purpose—Company intends to apply the net proceeds of the sale of these
debentures (estimated to amount to $9,731,480, exclusive of accrued in¬
terest and after deduction of estimated expenses in the amount of $68,520
and underwriting discounts or commissions) and the net proceeds from the
loans from banks evidenced by the serial notes (estimated to amount to
$5,985,000 after deduction of compensation amounting to $15,000 to be
paid for services rendered in procuring such loans), together with treasury
funds, to the redemption of:
(a) $9,000,000 4% debentures, due Jan. 1, 1951, at 102M%--*$9,225,000
(b)
6,290,000 6% cumulative preferred stock at $103 per sh.« *6,478,700
*
Exclusive of accrued interest and dividends for the issues to be redeemed,
to be paid out of treasury funds.
Capitalization Outstanding
as at
Dec. 31, 1939 {After Giving Effect to Present
Financing)
4% debentures, due Jan. 1, 1951 (authorized $9,000,000)
6% cumulative preferred stock (par $100)
Common stock (par $15, authorized 1,400,000 shs)__^
.
a$9,000,000
a6,300,000
14,930,229
All of the outstanding debentures and shares of preferred stock are to
be redeemed with a portion of the proceeds from the sale of the debentures
now offered and of the loans evidenced by the serial notes, together with
a
such other funds of the company as may be necessary therefor.
Note—As of Jan. 27, 1940, the company entered into two agreements,
one
with Central Hanover Bank & Trust Co. and one with Harris Trust &
Savings Bank.
Agreement with Central Hanover Bank & Trust Co. pro¬
vides for the making of a loan to the company in the amount of $5,000,000
upon request of the company at any time on or before April 1, 1940, to be
evidenced by five serial notes of the company, each in the amount of
$1,000,000.
The agreement with Harris Trust & Savings Bank provides
for the making of a loan to the company in the amount of $1,000,000 upon
request of the company at any time on or before April 1, 1940, to be evi¬
denced by five serial notes of the company, each in the amount of $200,000.
Each of the agreements provides that one of the serial notes to be issued
thereunder is to mature on April 1 of each of the years 1942, 1943, 1944,
1945 and 1946.
The serial notes are to bear interest, payable quarterly
Jan., April, July and Oct. 1 of each year, commencing on July 1, 1940, at
the rates, commencing with the notes maturing April 1, 1942, and pro¬
gressing according to the length of maturity of l%%, l%%, 1%%, 2%
and 2 % %, respectively.
The notes may be prepaid in whole or in part in
the inverse order of maturity thereof, subject to the payment of a premium
commencing with H of 1% if paid within two years of maturity,
of 1%
within three years of maturity, % of 1% within four years of maturity,
H of 1% within five years of maturity, and % of 1% if more than five
years prior to maturity, provided that no premium is to be payable in the
case of any payment made within one year prior to the maturity of the
note in respect of which such payment is made.
Underwriters—The names of the several underwriters and the principal
amount of the debentures which each has severally agreed to purchase, are
as
follows;
Years Ended Dec. 31—
-Famine1938
xl939
$4,276,196
1,7.35,636
256,161
Maintenance
Provision for retirements.
Federal income taxes
Other taxes
622,220
50,360
578,287
10.507
$929,879
46,038
$1,044,039
$975,917
502,033
126,869
55,106
506.029
$1,033,531
Other income.
Gross
Interest
income
on
long-term debt..
Other interest
Amortization of debt discount and expense.
Interest charged to construction.
$6 prior preferred stock.
$236,183
150,000
$210,536
on
0630
$360,536
150,000
Balance
x
173,471
60,865
CY504
Net
Dividends
$4,006,178
1,694,270
199,860
571,114
16,500
594,555
$86,183
Preliminary.—V. 149. p. 3124.
Southern
Indiana
Railway,
The Interstate Commerce Commission
on
Inc.—Stock Authorized—
Feb. 7 authorized the company
to issue not
exceeding 1,000 shares of capital stock (no par), to be sold at
$25 a share, for the purpose of acquiring part of a line of railroad formerly
owned by the Public Service Co. of Indiana.
Company was incorp. Aug. 5, 1939, in Indiana for the purpose, among
others, of acquiring, owning, and operating a portion or the properties
formerly owned and operated by the Public Service Co. of Indiana. These
properties consist of approximately 7.41 miles of electric railroad extending
from Speed to Watson Junction,
Ind.i together with certain railroad
equipment.
The properties are presently being operated by Bowman
Elder, receiver of the Indiana RR.f under a lease from the Public Service
Co.
of Indiana.
By
an agreement dated as of Aug. 29, 1939, the company agreed to pur¬
Of this amount $8,604 was paid in
cash upon the execution of the agreement and the remainder is to be paid
in two equal deferred payments of $9,000 each on May 1, 1940, and Nov. 1,
chase the line of railroad for $26,604.
1940, which will bear interest at the rate of 4% per annum.
The capital stock has been fully subscribed for and paid in cash, at $25
share.
The proceeds thereof wid be used for the payment of preorganization expenses, organization and incorporation expenses, the part payment
of $8,604 on the purchase price of the line of railroad, capital improvements,
and working capital.
a
Southern Pacific
Co.—Earnings—
Earnings of the Transportation System
Month of
January—
Railway operating revenues
Railway operating expenses
1940
Net revenue from railway operation $3,890,014
Railway tax accruals
1,537,919
Equipment rents (net)
858,013
Joint facility rents (net)
48,755
Net railway
—V.
150,
p.
operating income
702.
Southern
1939
1938
.$17,503,418 $15,766,514 $15,133,654
13,613,404
12,603,509
13,239,287
$1,445,326
$3,163,005
1,503,719
706,810
16,625
$1,894,368
1,490,887
819,115
47,000
$935,850 def$462,634
Ry.—Earnings—
—Second Week
1940
Gross earnings (est.)
—V. 150, p. 1146.
$2,643,247
of Feb.
1939
Jan.
1 to Feb. 14
1940
1939
$2,417,125 $16,711,372 $15,475,780
Southwestern Gas & Electric Co.—Bonds Called—
Company has
called
for
redemption at 104 and accrued interest on
1st mtge. bonds, series D, due 1960.
Company has made provision for prior redemption of these bonds and
accrued interest to March 21, effective Feb. 21.
Payment will be made at
the City National Bank & Trust Co. of
Chicago.
March 21 all of its outstanding 4%
The Commercial &
1296
Issue
stock, lit is equivalent to approximately
150,000 shares now outstanding.
Affirmed by SEC-—
Commission Feb. 16 declared effective a
declaration by the company covering the issue of $24,800,000 of securities
with a separate concurring opinion by Chairman Frank, in which he con¬
trasts the Commission's action to that it took in the Consumers' Power Co.
The
Securities and Exchange
Frank said he concurred "without qualification" but sought to add
explanation.
.
„ ^
^
case," he wrote, "unlike that of Consumers Power Co., there is
Mr.
an
.
,
"In this
of
proposed no increase
Here the only financing as to
debt.
"This
Commission has
(a) the sale of
consistently differnetiated between
proceeds of which are to be used to refund or retire existing
resultant decrease of fixed charges, and (b) new issues of bonds
which will add substantially to the existing corporate debt.
The Commis¬
sion has accordingly premitted refunding bond issues to be sold where the
ratio of debt to total capitalization was relatively high and where the ratio
of common stock and surplus (the common stock 'cushion') to total capitali¬
zation was relatively low.
'
.
"In some few of such cases the debt was increased by a relatively small
amount in order to enable the company to meet the expenses attendant
on the refunding operations, but in those cases the increase was temporary,
provision having been made for rapid retirement of the increased
"Of course, there may be circumstances in which we could not permit
bonds to be issued even for purposes of refunding.
Our decisions are not
bonds, the
issues will always be
conditions exist
indeed, adverse
findings might be required even if, in such cases, the company is unable to
procure funds for refunding through the sale of junior securities.
"In the case of Public Service Co. of Colorado, Commissioner Healy, in
dissenting, asserted that the debt rate was excessive.
He arrived at that
conclusion by deducting so-called 'write-ups' in the property account from
the book figures.
The Commission, however, for a variety of reasons,
permitted the refunding issue of bonds to be sold.
"I did not participate in that case but stated that I agreed with the
principles there enunciated by a majority of the Commission.
In doing so
I had in mind the folloiwng facts: The earnings were exceptionally high and
the proper capitalization of reasonably foreseeable earnigs, even allowing for
possible rate reductions, substantially offset the write-ups.
"On the basis of the book figures, without deducting such write-ups, the
result of the new financing was to reduce the debt ratio and the ratio of debt
and preferred stock to total capitalizarion, and also to increase the ratio of
common stock and surplus (the common stock 'cushion') to total capitaliza¬
to be taken to mean, therefore, that refunding bond
authorized if debt ratios are dangerously high or if other
which clearly transgress the applicable standards of the act;
tion.
"This resulted in
the exchange of $2,190,000 of notes,
holding company, for common stock—the equivalent
holding company of that amount of common stock.
The increase in the face amount of debt—which, as above noted, did not
increase the debt ratio—was merely temporary, since provision was made
for prompt retirement of such increase."
large part from
held by the controlling
of a purchase by that
Ruling—
•
The Uniform
Practice Committee
of the National Association
of Securities
with
District No. 13, has made the following announcement
transactions in Southwestern Gas & Electric Co,, 5%
Dealers, Inc.,
reference
to
pre-
fcrrGd stock:
"
Transactions made on a
when, as and if issued basis up to and including
Feb. 21, 1940 in Southwestern Gas & Electric Co., 5% preferred stock
(cumulative $100 par) shall be plus accrued dividend and shall be for
delivery on Feb. 26, 1940 or prior thereto by giving one day's notice.
"Transactions made on or after Feb. 23, 1940 shall be for regular delivery
and traded flat unless otherwise specified at the time of trade."—V. 150,
p.
1146.
Y'YY'YY'
.
Spokane
International Ry.
Railway
Railway
Railway
Eqpt. &
593.592
59,375
31,770
$773,696
581,112
$96,238
13,017
$56,461
12,351
$109,472
10,741
$103,870
6,265
$109,255
275,349
oper. expenses.
accruals, &c
jt. facil. rents..
$68,812
275,033
$120,213
a274,806
$110,135
274,372
income.
Net ry. oper.
Other income
Fixed charges, &c.
Includes
-
$741,199
39,968
48,746
Condensed Balance Sheet Dec.
(Trustee and
Income Account
5,812,372
Impr. on leased ry.
53,126
All other invest'ts.
634,671
509,017
4,349
$
traffic and other
4,200,000
Rents mat'd unpd.
119,463
1,260,200
163,200
190,400
Deferred liabilities
544,167
.
Unadjusted credits
Accrued deprec
Corporate deficit
117,018
8,143
$239,311
Cr 19,810
7,173
20,100
17,529
47,939
$81,605
$88,754
$204,009
445.
Standard Gas & Electric
Co.—$44,000,000 Suit—
United States Senator Daniel O. Hastings of Delaware, as trustee
for the company, filed suit, Feb. 16 in New York Supreme
Court for an accounting of upward of $44,000,000 against H. H.
Former
in bankruptcy
Byllesby
Thalmann & Co., six other
& Co.. the Ladenburg,
individuals.
Weekly Output—
Electric output of the
public utility operating
corporations and 32
companies in the Standard
Co. system for the week ended Feb. 17, 1940, totaled 125,838,498 kilowatt-hours, an increase of 13.4% compared with
corre¬
sponding week last year.—V. 150, p. 1147.
Gas & Electric
the
Steel Products
Directors have
Engineering
Co.—Dividend—
declared a dividend of 20
Sterling Products
$1 par
of record March 15.
15 cents was paid on
cents per share on the
stock, payable March 30 to stockholders
Dividend of 30 cents was paid on Dec. 26 last and
Sept. 30 and July 1 last.—V. 149, p. 3730.
capital
(Inc.)—Annual Report—
Diebold, President says in part:
from operations for the year are $9,140,026, equivalent to
$5.25 per share on 1,740,871 shares, which was the number of shares out¬
standing Dec. 31, 1939, after deducting shares held in treasury.
This
compares with earnings of $8,741,363, equivalent to $5.10 per share on
A. H.
Net earnings
Dec. 31, 1938.
acquired all of the outstanding capital
1,712,877 shares outstanding at
On
Nov. 3,
1939, the company
Yeast Co., Inc., The Ironized Yeast Packing Co. and
The Ironized Yeast Laboratories, Inc., all of Atlanta, Ga. In acquiring the
capital stock of these three related corporations, the company paid $500,000
cash and issued from the treasury stock, heretofore acquired, 28,000 shares
having an aggregate cost value of $1,727,558.
Immediately after acquisition these companies were dissolved and a new
stock of The Ironized
organized
subsidiary company, namely, The Ironized Yeast Co., Inc., was
to take over the operations of the business previously carried on by them.
The accounts of foreign subsidiary companies and branches, substantially
all
which
of
are
Canada, Central and South
located in Great Britain,
America, have been
consolidated in the accompanying
balance sheet and
profit and loss statement as in previous years.
Current assets and liabilities of our foreign subsidiary companies and
branches have been converted at quoted year-end, or latest realizable rates.
Net current assets in foreign countries included in the balance sheet amount
to approximately $4,540,000.
Property accounts (less reserve for depreciation), investments
noncurrent receivables in foreign countries have been included in the balance
sheet in an aggregate amount of $5,780,000, converted on the basis of rates
prevailing at dates of acquisition.
The net profits of subsidiary companies and branches, consolidated
operating in foreign countries, amounted to $1,310,000 for the year
and
converted at average quoted or
latest realizable
exchange rates.
1939,
Consoli¬
profits also include $280,000 of dividends and interest from
foreign investments and non-current receivables, making the
derived from foreign sources, $1,590,000. These profits have been remitted
to the United States.
Earned surplus of foreign companies, included in
consolidated earned surplus, amounts to approximately $1,090,000.
The accounts of certain of the foreign subsidiary companies and branches
consolidated are taken as at Sept. 30, Oct. 31 or Nov. 30, 1939, due to the
distances involved and for accounting convenience, which is in accordance
dated
net
total profits
Consolidated Income Account for
11,382,681 11,327,124
Total
-
l.0§s returns
y
544,222
176,825
140,563
320,056
300,426
1,721,278
1,895,811
discounts._$38,984,577 $35,625,375
and
Cost of goods sold, sell¬
ing, adv. & adm. exps.
Profit from
Ohio—Stock Offered
are offering 20,000
shares of common stock ($7 par) at $9.50 per share.
The
offering does not represent new financing for the company.
Business—The original company started by the family now
owning a controlling interest in the present company, was a partnership
and was formed in 1875.
The business was originally established in Coving¬
ton, Ky., making dolls and showroom figures.
In 1878 the business was
expanded and in 1894 the plant was moved from Covington to Cincinnati,
History and
1897 league balls and baseball gloves and equipment were
produced.
In 1903 the business was again expanded to make athletic
clothing and athletic knit goods.
The company moved to its present
Ohio, and in
23,844,021
21,746,999
$9,503,391
marketable
198,536
207,635
349,610
291,002
miscellaneous income_
1,022,272
x949,781
918,408
815,146
foreign exch
Profit from sale of secur.
2,789
12,453
securities, interest, &c.
Profit
and
on
Adjust, of taxes & other
items of prior yrs. (net)
Miscellaneous income
Prov. for Fed'l &
358,509
foreign
time, the company engages in the manufacture
sport products of all kinds, including baseballs, knit goods,
and sale
fall and
spring and summer
Company sells to other
products to its two wholly-owned
subsidiaries The P. Goldsmith Sons, Inc., and Crawford, MacGregor,
Canby Co.
These subsidiaries also distribute various athletic and sporting
products of other manufacturers.
The subsidiaries have a sales force of
approximately 35 salesmen and the Crawford, MacGregor, Canby Co. has
branch offices and salesrooms in New York, Boston, Chicago, Los Angeles,
goods, athletic
clothing, inflated balls,
golf clubs.
leather goods, tennis, athletic shoes and
manufacturers and distributors besides its
Francisco, Atlanta,
Seattle and Detroit.
Asset Value—As of
Oct. 31, 1939, the amount at
which net
carried on the books of the company, after deducting the book
value of intangibles and deferred charges, was equivalent to approximately
assets were
$20.91 per share for
value stock.
Interest
1,878,936
1,713,010
124,390
121,775
80,899
147,244
a238,963
5,886
118,456
$8,741,363
9,674,375
$9,016,243
7,833,777
$8,669,061
5,625,239
z572,809
..$20,901,536 $18,415,738 $16,850,020
$14,867,110
7,033,332
each of the 75,000 shares then outstanding of the old
Figured on the basis of the new $7 par value common
68,597
paid
345,824
13,119
Net
$11,447,852 $10,624,481
1,789
pref.stk.ofsubs.
on
14" 941
16.015
154,987
2,047,030
2,595,754
Other losses and charges.
Divs.
342,134
$12,163,322 $11,182,274
Deprec. of market sec
$9,140,026
11,761,510
profit for year
Previous surplus
182,108
5.944
Miscellaneous credit
Total surplus
Dividends....
Adjustments
6,535,397
6,486.679
c638,150
7,175,645
155,097
6,413
bl67,549
$13,727,989 $11,761,510 $9,674,375 $7,833,777
1,740,871
1,712,877
1,705,150
1,715,563
$5.25
$5.10
$5.28
$5.05
x Sterling Products' proportion of profits of affiliated companies for the
year 1939 was approximately; $89,000 ($73,000 in 1938) less than the income
of these companies taken up in the above accounts, y Includes depreciation
of $363,363 in 1939, $324,656 in 1938, $324,528 in 1937, and $307,644 in
1936.
z Amount realized from sale of stock of Three-in-One Oil Co. in
excess of book value of its net tangible assets, $853,799, less net cost of
development of certain new products, $183,709, and proportionate share of
settlement of claims against Drug Inc., $97,281; net (as above), $572,809.
a Includes
$148,081 net adjustment of foreign exchange and $90,881
adjustment of taxes and other items of prior years (net).
b Adjustment
arising from settlement of Federal income taxes of subsidiary companies for
period prior to inception of company, including interest thereon to date of
settlement,
c Net cost of development of new products $482,040, and
additional British taxes applicable to prior years income $156,110.
Surplus
Shs. of cap.
location in 1910.
At the present
$33,852,853 $31,250,390
$10,008,831
Federal surtax on undis¬
Sport Products, Inc., Cincinnati,
—Fuller, Cruttenden & Co., Chicago,
1936
opeiations$10,581,226 $ 9,670,271
28,403,351
income taxes..
703.
1937
25,955,104
Total income.
.11.382,681 11,327,124
Calendar Years
1938
dillotV"*
tributed profits
no par
18,704
11,014
Net income
—V. 150, P.
Divs. from affil. cos.
1,470,200
9,349
Net Tangible
17,432
8,385
allowed—net—-- —
(other)
...
Provision
for Federal income and
excess profits taxes. .
Income from
2,084,066
94,566
unpaid.
Int. mat'd
4,225,296
San
$136,002
Interest expense
4,200,000
Aud. accts., wages,
9,346
Unadjusted accts. 4,262,416
winter leather
20,000
4,185
Cash discounts
ances
1938
101,732
of
$231,168
.
1939
1939
110,365
-V. 150, p.
$111,817
$164,237
4,200,000
5,815,054 Capital stock
4,200,000
85,933 Mortgage debt
634,776 Non-negot'le debt
2,118,541
toaffil. cos.
446,349
incl. materials &
Total
55,531
$127,522
Dividends
$2,932,495
2,584,308
$1,921,640
1,742,934
Miscellaneous other income.
deduction
$
Liabilities—
Other curr. assets,
supplies
1939
$1,958,746
1,785,412
61,516
$123,174
Gross sales less
31
Debtor Accounts Combined)
$
Deferred assets..
employees of the company.
Years Ended Oct. 31
1937
■
-1938
,■•>:, >
discounts, &c
Cost of goods sold.
Selling, gen. & administrative exps..
V'■.< *'
pg
1938
1939
Cash
stock outstanding
8, 1940,
par)
stock was sold to
all of the treasury
from total income.
Invest, in rd. & eq.
had authorized
with past practice.
$166,094
$206,221
$154,593
$2,057 in 1939, $1,766 in 1938 and $1,651 in 1937
fixed chg
Net loss after
a
1936
1937
~,r
$834,371
625,947
47,733
51,219
$798,188
602,488
56,366
43,096
oper. revenues.
tax
-Earnings1938
1939
Calendar Years—
$10.45 per share for each of the
74,000 shares
issued
1,000
in the
approval of the stock¬
debt with a
debt.
1940
24,
Capital Structure—As of Oct. 31, 1939, the company
100,000 shares of common stock (no par) of which
were
and outstanding exclusive of treasury stock, and
shares were
treasury.
On Nov. 8,1939, the common stock was by
holders changed from 100,000 shares (no par) to 200,000 shares common
stock ($7 par) and the 75,000 shares (no
common
were increased to 150,000 shares common stock ($7 par).
On Jan.
debt is the
lower rate of interest, thus
Power Co., we permitted
the issuance of $18,594,000 of bonds for refunding existing debt at a reduced
interest rate, and we likewise permit the sale of the refunding bond issue here.
"In each case the refunding issue satisfied the requirements of Section 7(d)
In the Consumers' Power Co. case we<also permitted the sale of $3,500,000
of new common stock, the proceeds of which would supply 'new money.'
Here the sale of an additional amount of common stock is being authorized
to obtain funds which will be used to redeem preferred stock.
"Thus the outstanding preferred stock of Southwestern Gas & Electric
Co. will be reduced in amount, and, in addition, preferred charges will be
reduced by the issuance of a new preferred stock bearing a lower dividend
refunding of bonds already outstanding at a
reducing fixed charges.
In the case of Consumers
rate.
Feb.
Financial Chronicle
stk. outst'g.
Earned per share
Volume
The Commercial & Financial Chronicle
ISO
Consolidated Balance Sheet Dec. 31
Assets—
1939
Cash in banks and on hand
U. S. Government securities
Other marketable securities
1938
4^060,340
companies
Notes receivable
Other receivables
433,697
276
Inventories_
b Notes & accts.*
on
consignment with customers
320,987
Bal. owing by officers & empl. on purch. of stock
Investment in affiliated companies
Other investments..
1,345.920
108,271
4.330,925
b Land &
buildings, machinery & eqpt., &c
Net cost of development of new products
Advertising supplies and deferred charges
Trade-marks, goodwill, &c
5,486,764
3,984,784
6,004,046
17,568,908
within 1 year.
114,817
7 ,114,488
6,176,801
Accrd. liabilities
3,277,300
114,667
1,113,792
10 ,768,992
11,055,149
Other investm'ts
4 ,145,098
3,908,152
plant,
equip. & pats. 84 ,353,938
79,192,720
Prop's,
a
_
.
long21,275,033
cos.
685,700
stock
ferred charges
1 ,271,577
1,161,233
Minority interest in pref. stock of sub.
Other
50,000
reserves
Capital
of minor, ints.
Preferred stock,
3,249
10,000,000
3,197
10,000,000
Common stock 80,024,678
Earned surplus, 15,091,224
79,873,770
c
12,755,792
i24,430
127,062
1,650,000
5,096,319
344,958
2,601,773
1,958,337
28,709
171,974
17,507,000
8,226,238
13,727,988
Dr606,389
a
308,224
3,450,000
5,096,319
331,920
421,705
236,744
17,507,000
8,226,238
11,761,510
Dr2,333,623
Canada
Superior Water, Light & Power Co.—Earnings—
Period End. Dec. 31—
4,000
4,000
48,000
48,000
Net oper. revenues.
Other income
$20,799
$20,749
$209,011
$205,555
115
250
$20,799
$20,749
$209,126
$205,805
5,450
83,640
98,756
Interest
mtge. bonds.
454
7,121
7.098
1938
1937
struction
$9,133,410
31,761
$6,927,476
3,273,540
$9,165,171
3,763,714
$5,401,457
4,466,463
$3,909,074
3,349,847
$791,124
$2.13
$378,530
$2.45
$934,994
$3.63
$559,227
$2.62
1939
receivable
,
1938
$2,833,167
317,094
$2,984,120
506,409
1,867
interest
11,841
550
550
United States bonds.
334,436
382,439
395,155
550
334,436
63,479
334,436
32,164
"""566
on Feb.
19 declared a dividend of 10 cents per share on the
stock, payable March 20 to holders of record Feb. 29.
This com¬
with 9 cents paid on Dec. 23 and Oct. 16, last; 8 cents paid July 15
last; 9 cents paid April 15 last; ll cents paid Jan. 16, 1939; 7 cents paid
on Oct. 15, 1938; 6 cents paid on July 15, 1938; 8 cents on April
15, 1938;
12 cents paid on Jan. 15, 1938, and dividends of 15 cents per share paid in
each of the two preceding quarters.—V. 150, p. 446.
Tampa Northern RR.—Registers with SEC—
50,000
153,590
~~6", 525
"13",804
8,000
201,924
3,000
255,592
161,922
2,932
25,470
3,000
404,829
$4,694,454
$4,034,802
$4,508,200
$1,036,522
$142,064
1,033,762
148,882
•250,456
2,453,138
$158,642
1,858,111
148,882
263,905
2,078,660
Idaho insurance fund
Loan to Sunshine Consol. Mining Co.
Loan to Sunshine Exploration, Ltd__
Inventory
Deferred mining costs
Prepaid insurance
Real estate—surface rights
x.Buildings, machinery, equipt., &c.
Total
7Aobiliti pc—
Current liabilities
Taxes
,
L
148,882
458,008
3,044,541
6,500
Earned surplus.
Paid-in surplus
6,500
$4,694,454
_
Sun Oil Co .-—Listing
York
The directors have declared
$4,034,802
Texas Gulf
Gross
rev.
after
dividend of 10 cents per share
on
the common
Sulphur Co.—Earnings—
1938
1939
1937
1936
from sulphur
-$20,889,004 $17,388,984 $26,038,375 $22,080,137
Oper. costs & expenses__ 10,706,087
8,468,830
11,522,335
9,786,205
Prov. for contingencies.
300,000
300,000
300,000
387,717
Depreciation
530,212
427,926
630,055
506,301
Amortization
729,079
577,522
815,177
638,479
sales
Profit
$8,623,625
399,357
Total
profit
$7,614,706 $12,770,807 $10,761,435
121,426
188,403
171,080
$9,022,983
1,175,500
_
$7,736,133 $12,959,210 $10,932,514
772,500
1,369,929
1,079,500
$6,963,633 $11,589,281
.$7,847,483
Net income
or
a
Calendar Years—
$4,508,200
on
com¬
Tecumseh Products Co.—Dividends Resumed—
Directors have declared
Fed. inc. & cap. stk. tax.
has authorized the listing
dividend of 25 cents per share on the
stock, payable Feb. 25 to holders of record Feb. 5.
This will be the first
dividend paid since Dec. 20, 1937, when a regular quarterly dividend of
\2lA cents per share was distributed.—Y. 149, p. 2707.
of Additional Stock—
Stock Exchange
a
stock, payable March 15 to holders of record March 5.
This com¬
with $1.20 paid on Dec. last; 20 cents paid in each of the three pre¬
ceding quarters; 80 cents paid on Dec. 15, 1938; 20 cents paid on Sept. 15,
1938; 80 cents paid on Dec. 15, 1937, and an initial dividend of 20 cents
per share paid on June 15,1937.—V. 149, p. 3884.
mon
pares
Other income
After depreciation.—V. 150, p. 1147.
1505.
Tappan Stove Co.—To Pay 25-Cent Dividend—
""BOO
50,000
15,095
136,245
Stock in other companies
Notes and mortgages
New
$66,666
pares
1937
$2,739,066
446,963
25,805
settlements
Total
$85,121
See list given on first page of this department.—V. 147, p.
Assets—
Cash
Reserves
Cr67
$101,666
35,000
Directors
Condensed Balance Sheet Dec. 31
payable.
Capital stock
Cr85
$120,121
35,000
common
Less Polaris Mining Co. receipts.
Accrued
Cr67
$13,264
Supervised Shares, Inc.—To Pay 10-Cent Dividend—
$6,773,580
2,864,505
$3,653,936
3,275,406
Surplus
Accounts
Cr85
.
Dividends applicable to pref. stock for the period.
$6,758,493
15,086
x$6,883,876
5,450
$13,309
Net income
1936
43,601
Earns, per sh. on cap. stk
on ore
on
$1,053,894
800,339
—V. 149,p. 4042.
2,382,114
Dividend
$1,087,680
830,669
454
Other interest and deduc.
Interest charged to con
Report—
$3,173,238
Net profit year
$97,061
72,312
73,252
Gross income
Stromberg-Carlson
with headquartdrs in
$6,189,223
3,015,985
Deductions
1939—12 Mos.—1938
$98,051
Balance
Sunshine Mining Co.—Annual
Years End. Dec. 31—
1939
Inc. from ore production x$6,040,387
Inc. from miscell. sources
148,837
Gross income
1939—Month—1938
Operating revenues
Oper. exps., incl. taxes.
Property retirement re¬
serve appropriations..
the
Ltd.,
a dividend of five cents per share on the common
$1, payable May 1 to holders of record April 1.
A similar
paid on Dec. 20 and April 27, 1939, and June 15, 1938, and
with 10 cents paid on Nov. 24 and Aug. 20, 1937.—V. 150, p. 288.
par
compares
Mr. Hetzel was Assistant Treasurer and Auditor.
Arthur F. Gibson
becomes Assistant Treasurer.
Lloyd L. Spencer continues as General Sales
of
for
amount was
surer.
of
reserve
Sunray Oil Corp.:—Five-Cent Dividend—
Stromberg-Carlson Telephone Mfg. Co.—New Pres., &c.
Co.,
139,139,150
Directors have declared
T Dr. Ray H. Manson, Vice-Presieent in charge of engineering, has been
elected President and General Manager of the firm,
succeeding the late
George A. Scoville.
K Assisting Dr. Hanson as Secretary and Assistant General Manager will
be Lee McCanne, who has been radio Sales
Manager for the last five years.
Edwin C. Roworth, Treasurer for several years, becomes Vice-President in
charge of finance, while Wilbur H. Hetzel succeeds Mr. Roworth as Trea¬
President
After
stock,
9,829 shares in 1939 and 37,823 shares in 1938.—V.
becomes
Z>r527,331
146,431,484
Total
depletion, depreciation and amortization of $67,118,b After reserves of $294,411 in 1939
c Represented by 2,330,814 no par shares in 1939
shares in 1938.
d Represented by 11,896 no par
common shares,
e Includes
cash reserve fund for 1940 plant additions
amounting to $5,330,000.—V. 150, p. 703.
for doubtful accounts and discounts of $156,906 in 1939
b After depreciation reserve of $4,761,269 in 1939 and
Manager but in addition
Telephone Manufacturing
Toronto.—V. 150, p. 446.
146,431,484 139,139,150
003 in 1939 and $67,183,645 in 1938.
and $165,174 in 1938.
c
11,182,964
LT527.331
and $268,604 in 1938.
and 2,328,380 no par
$51,963,773 $49,594,854
$4,281,913 in 1938.
149, p. 3278.
3,893,913
891,086
2,914,490
company
Total
reserves
50,000
3,782,085
__
& surp.
3,982,366
2,779,702
Capital stock (par $10)
Capital surplus
Earned surplus
c
Treasury stock
afAfter
21,386,250
540,110
Accrd.dlvs.(pref.
Prepaid and de¬
Total
Reserve for contingencies
Reserve for fluctuations in mkt. val. of securities__
Reserve for foreign income taxes
The
&
term debt
.$51,963,773 $49,594,854
Notes payable.
x
Funded
due
482,040
Liabilities—
Accounts payable, accrued
expenses, &c
Accrued Federal and foreign income taxes
Divs. pay. on stk. to be issued & on pref. stk. of sub
Due to affiliated companies
Due
Purch .obllg.
Duetoaffil.
298,811
785,400
14,740,938
.
x
Tax liability
66,553
7 ,931,260
d Treasury stock
Total
S
29,492
.
7,456,481
Mat'ls & suppl's
Inv. inaffil. cos.
3,579,242
2,299,092
1,504,078
2.319.946
Advances.
Miscellaneous accounts receivable
Loans pay able.
7,138,473
_
15 ,536,557
recelvab.e
2,967
3,612,012
1938
$
Accts. payable.
Oil
279,685
5,509,653
271,916
140
6,103,470
Finished stocks
14,060,566
11,575
10,088
secure,
1939
Liabilities—
$
el5 ,299,486
Market,
1938
S
Cash
250,000
I_ "
"
1939
Assets—
$8,252,734
3,825,007
1,703,010
3,376,729
330,645
$8,086,083
3,825,007
1,614,636
a Accounts
receivable—trade
Balances owing by affiliated
1297
Consolidated Balance Sheet Dec. 31
Previous surplus
32,421,510
31,705,143
...
31,392,229
$9,853,014
31,139,21
March
15 of 115,945 additional shares of common stock (no par), on
official notice of issuance, as a stock dividend, making the total amount
applied for
2,465,625.40 shares.
Total surplus.
Dividendspaid
Consolidated Income Account for Calendar Years
1939
1938
1937
Earned
1936
Gross oper.
income (excl.
inter-company sales) 131,474,558 115,047,237
Costs, oper. & gen. exp__107,635,097
96,037,842
Taxes
(incl.
est.
Fed.
income tax)
5,080,550
4,238.637
Intangible devel. costs..
3,342,171
4,456,525
Depletion & lease amort.
1,705,805
1,845,229
Deprec., retirement and
other amortization
8,023,350
7,195,199
_
$39,552,625 $39,385,143 $42,981,510 $40,992,229
7,680,000
7,680,000
10,560,000
9,600,000
surplus.$3^872^25
of capital stock
outstanding (no par)_
Earnings per share
105,446,627
83,415,966
5,255,677
1,607,839
4,304,445
4,225,709
1,139,891
6,936,338
6,062,299
3,840,000
$1.81
U. S. Treasury notes and certificates
Accounts receivable—Customers
Miscell. receivables and advances
Cash
on
hand and
on
1939
demand and time deposit____$10,767,457
Notes and trade acceptances
5,687,585
1,925,715
1.273,805
2,145,728
7,740,866
2,188,018
6,298,317
1,575,249
3,419,533
9,928,884
7,873,566
595,416
57,031
251,374
81,698
325,571
57,821
263,782
44,949
1,176
1,342
$1,407
1,282
2,725,256
12,007
104,397
receivable
Int. and sict.
and
on
funded
long-term debt
Other interest
Net inc.
x
Net
prof.accr.to corp.
surplus beginning
6,959,677
9,544,085
3,085,119
7,563,554
11,182,964
Dr 133,016
10,953,754
59,877
10,053,004
Drl3,896
9,512,101
Dr237,349
Deferred charges
on
Divs.
on com.
pref. stk. (cash)
stk. (cash)
Stock div.
on com.
18,009,625
600,000
2.318,401
14,098,750
600,000
2,315,786
19,583,193
600,000
2,144,336
5,885,103
stock
16,838,306
600,000
2,021,184
4,164,117
Earned surp. unappro¬
priated end of period 15,091,224
common
a
11,182,964
10,953,754
10,053,004
2,316,484
$1.07
b2,144,440
b$4.17
a2,023,119
a$3.44
2,318,918
$2.73
Prior to stock dividend of 6%
dividend of 8%
payable
payable on Dec. 15.
4,216,640
693,147
not current
over term
$397,945
1,357,151
202,500
247,500
1,214,609
26,175,000
31,705,143
(for payment to be made
of years
Reserve for contingencies
_
1,556,100
26,175,000
31,872,625
_
Capital stock
Earned surplus
Total--
$61,915,942 $61,097,347
reserve for depreciation of $5,047,842 in 1939 and $4,638,597 in
Represented by 3,840,000 no par shares,
z After reserve for
amortization of $8,064,960 in 1939 and $7,402,343 in 1938.—V. 149, p. 2530.
x
After
y
Tide Water Associated Oil Co.—Promotes Executives■—
stock out¬
standing (no par)
Earnings per share
26,330,999
$535,483
1,574,234
Provision for current taxes
1938.
Shs.
997,093
90,419
365,251
821,286
95,010
$61,915,942 $61,097,347
Total-YAcir hi-
y
Divs.
73,402
17,136,366
3,839,001
673,637
development—Contract rights
Plants, buildgs., mach. & eqpt. at cost
Liabilities
2,200,000
2,150,807
43,695
25,794,495
_
Lands &
Accounts and wages payable
Earn,
1938
$6,970,745
432,145
Investments in and advances to sub. & auxil. cos_
x
applic. to min-
stockholders
3,840,000
$2.56
16,480,036
above ground
supplies
Inventories of materials and
Miscellaneous assets
Total income
3,840,000
$3.02
Comparative Balance Sheet Dec. 31
Assets—
5.449.255
7,613,300
Non-oper. income (net).
3,840,000
$2.04
133,323,263
106,333,288
Inventories of sulphur
Net operating income.
$31,705,143 $32,421,510 $31,392,229
Shares
on
Dec.
15.
b Prior to stock
Promotions of five executives of this company were announced on Feb.
13 by William F. Humphrey, President.
Bert I. Graves, who nas been a Vice-President for the past 10 years and
Vice-Chairman of the
Western
Division
Operating Committee, has been
The Commercial &
1298
appointed Chairman of the Operating Committee for the Eastern Division.
George J. Hanks, who was elected a director of the company has been
appointed Vice-Chairman of the Eastern Division Operating Committee,
He will continue as Vice-President in charge of Transportation and supplies
for the Eastern Division in addition to his new duties as Vice-Chairman of
the eastern operating committee.
•
L
D
Jurs, Vice-President in charge of transportation and supplies for
the western division, has been appointed Vice-Chairman of the operating
committee of the western division, filling the vacancy created by the
promotion of Mr. Graves.
.
Harold F. Parsons who was assistant to the Executive Vice-President for
^
the past 10 years
of the New York
Vice-President and manager
has been appointed assistant
crude and products
department, to aid Mr. Hanks in the
transportation and supply division.
George J. Murray Jr., who has been assistant to the President of the
company for the past 10 years, has been appointed to the newly created post
activities of the eastern
of manager
of public
relations.—V. 150, p.-856.
$2,115,020
1,534,333
I'lJAM
100,486
$2,095,446
l,oOO,133
Jn9'§§9
105,534
$318,787
35,244
$336,371
32,120
$354,031
3,726
322,053
-
Equipment rentals (net)
Joint factory rents (net)
$368,491
6,621
325,947
$28,252
$35,923
3,502
operating income
income......
Total income
Miscellaneous deductions.
Fixed charges
Netincome
...
...
....
703.
Co.—Earnings—
1939
12 Months Ended Dec. 31—
Operating revenues
Operation
1938
$1,610,630
930,007
.
Maintenance
$1,522,709
916,841
54,824
84,291
18,766
-
taxes
Federal income taxes
Net oper. revenues
Other income ......
before retirement accruals..
Gross
$522,741
Z>r8,168
....
Gross income before
Retirement
3,078
$514,573
114,975
retirement accruals
income
61,183
81,102
5,032
$875,844
81,609
$1,092,723
79,454
Inc.avail. for fixed chg
$898,006
$1,212,145
$957,454
$1,172,177
b7i",75i
719",697
671",744
150,000
318,449
Bond interest
Other interest
Amort,
on
5,500
1,420
Net income—available
$826,255
$492,448
$285,710
$696,808
380,807
$826,255
for dividends
Dividends on pref.
$492,448
$285,710
$316,001
stock
Inc. trans, to surplus,
approximately $157,500 in 1939, $592,000 in 1938, $587,000in
1936, which is subject to refund; the amount for 1938
is required for refund, and the amount for 1939 is subject to refund in the
event the May 2,1939 order of the Commission pertaining to rates in St.
Paul is not upheld, b Under agreement with Northwestern Bell Telephone
Co. no interest was payable for the year 1939 on advances from that com¬
a
Includes
pany.
Dr6,388
Invest, in sub. cos.
I
$452,163
Other
$345,592
—
9 Months
Jan. 26, '39 Jan. 25, *40 Jan. 26, '39
loss$31,938
x$169,732 loss$135,833
$225,000 received in November, 1939, from
corporation's minority interest in Mason-Walsh-Atkinson-Kier Co.
(affiliate of Consolidated Builders, Inc., which is completing Grand
Coulee Dam) whereas no corresponding item of income was received during
the previous fiscal year.—V. 149, p. 3278.
Inclusive of a dividend of
xl939
....
$2,200,079
1,061,345
$2,130,959
983,568
132,833
222,690
17,427
276,028
Total operating revenues
Operating expenses..
131,325
220,562
17,000
262,695
Maintenance
Provision for retirements
Federal income taxes
Other taxes
Operating income
income (net)...
$489,755
Gross income—
$500,972
313,075
15,325
13,925
11,217
long-term debt
Other interest
Amortization of debt discount and expense
charged to construction
Cr204
,
$515,809
32,455
$548,263
313,075
15,863
13,925
Cr 1,868
$158,851
$207,269
have been charged to
surplus to partially provide for railway retirements
and abandonment.—V. 149, p. 3125.
,
(Wright) Titus, Inc.—Stock Offered-—Callihan & Jackson,
Inc., and Beckett, Gilbert & Co., Inc., Dallas, Texas,
recently offered 7,000 shares of common stock ($10 par)
at $14 per share.
The shares offered were purchased from
one
of the principal stockholders of the corporation for
resale in parcels to Texas investors.
Company was incorp. in Texas, Nov. 30, 1932. Corporation is empowered
and loan money, purchase, sell and deal in notes, bonds and
to accumulate
securities, but without banking and discounting privileges; to act as trustee
under any lawful trust committee to them by contract, and as agent for
performance of any lawful act.
1932 the corporation had an authorized capital of $60,000 composed
$50,000 in common stock and $10,000 in 8% preferred stock.
At that
time subscriptions had been received for only $40,000 of common stock.
In Jan., 1935, the common stock was increased to $90,000, and in Nov.,
1936, the common stock was increased to $190,000.
In February, 1937,
an issue
of $50,000 6% preferred stock was authorized, of which onehalf was paid in, the remainder being eliminated by charter amendment in
March, 1937.
On Oct. 28, 1938, the common stock was increased to
$200,000 where it now stands.
The corporation
has paid dividends on the common stock totaling
$138,998, of which $60,000 have been stock dividends, and during this
period the common stock has been increased from $50,000 to $200,000.
Earnings on the outstanding common and preferred stock but before any
dividends at the end of the periods indicated are as follows:
Year ended
Dec. 31, 1934, $25,808; 1935, $30,520; 1936, $26,601; 1937, $37,301; 10
months ended Oct. 28. 1938, $21,941; Year ended Oct. 28, 1939, $23,868.
the
In
of
Transue
&
Williams
15-Cent Dividend—
-
Steel
Forging
Corp.—To
Pay
.
Directors have declared a dividend of 15 cents per share on the common
stock, payable March 14 to holders of record March 1.
This will be the
first dividend paid on the common stock since Dec. 1, 1937, when 30 cents
per
share was distributed.—V. 149, p. 2383.
218,339
181,014
490,671
438,230
490,084
and payments..
610,384
&
payable
liabs.
not
credits
and
43,116
50,412
Depreciation res.- 5,269,095
Surplus reserved..
138,620
60,012
Unapprop. surpl..
6,292,132
-V. 150, p.
Subs.)—Earnings—
Rapid Transit Co. (&
1937
$9,026,619
51,886
$9,216,607
45,741
$8,444,713
$9,078,505
$9,262,349
955,049
785,704
747,873
2,558,240
37,962
711,529
652,799
963,618
777,491
771,112
2,501,712
41,047
654,693
714,033
974,532
749,330
840,727
2,391,207
44,139
893,586
$1,995,556
1,046,244
$2,654,797
1,192,771
$2,847,296
1,049,014
$1,111,959
15,285
$949,312
18,109
$1,462,026
29,081
$1,79S,282
51.592
$1,127,244
898,200
79,491
$967,421
928,188
83,075
$1,491,107
953,057
78,089
$1,849,874
1,115,251
85,137
$149,552
loss$43,842
$459.961
$649,487
220,000
Nil
220,000
210,000
220,000
420,000
220,000
$1.04
$8,436,146
971,929
759,370
Total oper. revenue--
708,703
Power...
2,468,086
Conducting transporta'n
34,572
836,439
651,502
Traffic
Motor bus expenses
General & miscell. (net).
$2,005,545
Net oper. revenue
Taxes
Gross income
on
funded debt
Miscellaneous
Net income
Dividends
com.
on
pref. stock
outst. (no par)
Earns, per sh. on com
1939
1939
$
phys. prop.
1,027
1,679,472
1,872
Interest receivable
56,994
Mat'ls & supplies-
740,387
787,918
ages reserve
fund
wages
4,218
Misc. accts. pay..
Acer, interest
(not
85,192
Tax
liability
118,666
19,099
and damages
108,683
38,262
Reserve
893,784
785,446
16,806,276 16,586,738
x
Created
by
reduction
dividend notes
V. 150, p.
in
capital,
first lien
174,317
Unadjusted credits
179,439
x Capital surplus.
8,718,724
60,481,665 60,757,910
Total
243,666
for depre¬
ciation
Profit and loss
secured
993,408
274,779
-
89,436
864,656
due)
Disct. and exp. on
fund. dt. amort.
payable..
Res've for Injuries
Injuries and dam¬
Deferred assets
12,800
37,595
15,281
Audited accts. and
62,077
2,986
11,800
82,751
presented..
not
1,027
,837,319
1,651
2,780
Loans & notes rec.
$
11,000,000
56,765,394
3,000,000
11,800
12,800
16,874,900
5,681
5,681 Mortgage bonds.. 15,997,600
Secured div. notes
411,481
417,115
Common stock.. 11,000,000
Preferred stock... 3,000,000
y
Deposits in lieu of
Cash.
1938
$
Liabilities—
Road & equipm't.56 ,470,170
Dep. with trustee
31
1938
$
640,940
774.176
$1.13
Nil
Consolidated Balance Sheet Dec.
Assets—
Misc.
1936^_
1938
$8,385,405
59,308
1939
transportat'n $8,381,508
Other revenue
54,638
Calendar Years—
Rev. from
z
831,247
30,200,483 29,835,096
1007.
Twin City
Int.
reserves
Total
-30,200,483 29,835,096
Total
mtge. prop, sold
Preliminary.
Note—In addition to the above provision for retirements certain amounts
410,037
363,606
depos.
advance bill's
&
miscell.
Misc. accts. receiv.
x
Customers'
fund.
due
Other lnvestm'ts..
Net income
16,126,940 14,021,636
Co
of pension
Def.
Shs.
Other
western Bell Tel.
Notes sold to trust.
Acer,
Non-oper. income
1938
from North¬
Adv.
other curr.liabs.
Operating income
Co.—Earnings*—
Years Ended Dec. 31—
7,000,000
7,000,000
Common stock
Accts.
Way and structures
Equipment
the
Tide Water Power
Deferred debits
investments in
cash, $194,227;
3 Months
$x236,022
513,496
424,463
88,583
522,444
384,797
182,548
$131,870
125,000
Thompson-Starrett Co., Inc.—Earnings—
Jan. 25, '40
302,558
20,004
93,679
17,816
158,139
16,845
18,347
195,375
a$l,250,000; long-term debt, $3,695,750; accounts payable, $96,089; cus¬
tomers' deposits, $98,521; taxes accrued, $81,658; interest accrued, $10,350;
other current and accrued liabilities, $9,488; deferred credits, $109,269;
reserves, $1,224,161; capital surplus, $456,817; earned surplus, $181,892;
total, $7,213,996—V. 149, p. 3278.
profit
860,163
325,558
18,254
.
investments
Cash & special dep.
special deposits, $82,025; notes and warrants receivable, $23,855; accounts
receivable, $255,468; receivables from associated companies, $716; materials
and supplies, $53,661; prepayments, $14,198; deferred debits,
$137; total,
$7,213,996.
Liabilities—Common capital stock (12,500 shares of no par salue),
Period Ended—
379,838
S
$
Liabilities—
1939
Balance Sheet Dec. 31,
'
$
Telephone plant. .28,212,057 27,514,331
$458,551
1938
1939
1938
$
Material & supplies
Assets—Property, plant and equipment, $6,304,511;
associated company, $284,998; other investments, $201;
31
Balance Sheet Dec.
1939
Assets—
Working funds—
Accts. receivable.-
$198,391,
31,250
Netincome
Interest
discount
of
funded debt
Other fixed charges
Misc. phys. prop..
6% note and other income
Dividends paid
on
$5,742,027
1,206,117
1,043,844
928,046
424,702
164,262
515,861
366,471
1,105.374
$1,223,297
jDrll,152
106,571
Interest on 1st mortgage bonds—
Interest
1,333,389
1,018,515
984,593
464,124
247,057
471,122
601,782
$880,201
17,805
14,508
186,699
—
deductions
x
"$6^343^880
___
^
income — income—
$399,598
accruals
Interest on 1st mortgage
Net
1,113,097
476,729
211,534
487,706
534,874
21,296
$5,755,223
13,196
$6,193,086
1,387,926
$6,365,176
.
1937 and $312,000 in
Texas Public Service
General
$6,215,832
1,411,705
1,052,260
Depreciation expense
1,057,171
Traffic expenses
526,756
Commercial expenses
260,345
Operating rents
516,704
Gen. & miscell. expenses
510,689
Taxes--.
Total oper. revsCurrent maintenance
Net oper.
-
,
1936
$4,306,598
1,243,448
205,176
$6,222,055
28,969
$4,805,681
1,294,939
264,5oo
$6,229,181
13,349
-
M
Railway tax accruals.
—V. 150, p.
Total--
Uncollectible oper. revs.
Net non-oper.
of January—
Operating revenues
Operating expenses
Month
Other
Miscellaneous revenues-
Ry.—Earnings—
Texas & Pacific
Net ry.
Toll service revenues
1937
$4,667,399
1,316,746
237,909
1938
1939
$4,572,694
1,365,947
290,539
Local service revenues-
Co.—Earnings—
& Telegraph
Tri-State Telephone
Calendar Years—
a
1940
24.
Feb.
Financial Chronicle
8,718,724
3,011,044
3,456,230
60.481,665 60,757,910
220,000 shares no par.
zFor
series B bonds.—
Total
y
and refunding 5H%
856.
Corp.—Earns $1,138,955 in 1939—
for 1939, after all charges including depre¬
totaled $1,138,955 compared
according to the annual report made public Feb. 21
Tubize Chatillon
Net earnings of corporation
ciation, idle plant expense and income taxes,
with $281,934 in 1938,
Board.
,
50% ahead of 1938 both in units
reported in his letter to the stock¬
holders.
"This increase was largely due to the fact that 1939 was the first
year in which the production of the company's plants, expansion of "which
was completed in
1938, was fully available.
Combined shipments of all
rayon companies in the United States for 1939 were 32% ahead of the
by Roland L. Tqylor, Chairman of the
"Sales in 1939 were approximately
sold and dollar volume," Mr. Taylor
,
previous year."
.,
,
.
Although the company in the past has produced yarn primarily for sale
to the knitting and hosiery trades, it was successful in 1939 in placing
approximately 50% of its product in the weaving field. This diversification
in sales outlets, Mr. Taylor said, is considered a favorable development.
The year 1940 has started favorably with the rayon industry, Mr. Taylor
reported.
Inventories are extremely low and the volume of businesslis
satisfactory. One of the contributing factors to this situation is undoubtedly
the conservative price policy that has been followed, according to the report
which points out that average prices for rayon have shown little change
compared with 1938 as contrasted with price increases for raw silk, cotton
.
and wool.
Volume
The Commercial & Financial Chronicle
150
company's S3,000,000 bank loan which was negotiated on Feb. 1,
1939 was reduced during the year in accordance with the loan
agreement
by $375,000. In addition, the company made further payment of $125,000
not required under the
agreement, thus making a total reduction in loans of
$500,000.
For the year 1940 it is committed to a further reduction of
$534,739.
Announcement is made in the report that the directors have authorized
expenditure of a sum not exceeding $50,000 to be used for the purchase and
retirement of preferred stock at prices not exceeding
par value.
Accord¬
ingly, tenders are being solicited from the record holders of the preferred
stock.
The company's balance sheet
as of Dec. 31, 1939 shows current assets of
cash of $2,800,345, against current liabilities of
Investments payable in Brazilian currency appearing on the
$5,310,327,
$1,489,390.
including
balance sheet at the end of 1938 at a net value of $317,042 were sola in 1939
a
sum which
upon exchange into dollars netted $225,000.—V. 149,
for
4043.
p.
j
.
Ulen & Co.—Files Petition to
1939
S
time deposits... 2,608,492
U. S. Govt, securs. 5,524,888
Other bonds.
3,944,073
receivable
(net). 6,887,071
6,505,064
6,316,864
Profit.
a
1939—9 Mos.—1938
330,850
294,879
$550,738
b$358,984
Union Investment Co.—To
$1,277,292
1,619,706
serves
stock-
and
ment
deprec'n)__24,010,448 22,782,229
7,822,200
7,822,200
stock
23,899,200 23,883,120
Surplus
.28,096,538 31,280,937
Preferred stock
12,069
7,971
equip-
(gross)
61,054,821 64,852,888
Def'd charges, &c.
985,476
1,178,192
Total
-V
87,664,605 88,496,061
Total
87,664,605 88,496,061
149, p. 3126.
United Gas Improvement
Co.—Weekly Output—
The electric output for the U. G. I. system
companies for the week just
closed and the figures for the same week last
year are as follows:
Week
ended Feb. 17, 1940. 107,939,602 kwh.; same week last
an
increase of 10,122,061 kwh., or 10.3%.—V. 150, p. 1147.
U. S.
Freight Co.—25-Cent Dividend—
Directors have declared
a dividend of 25 cents
per share on the common
to holders of record Feb. 26.
Dividend of 50
Dec. 21 last, this latter being the first dividend paid
since December, 1936.—V. 149, p. 3885.
stock,
cents
payable March 7
paid
was
on
Machinery Corp. (& Subs.)—
[Exclusive of European Subsidiaries]
Consolidated Income Account for Years Ended Dec. 31
1939
Gross profit on sales
Selling, administrative & general
$3,947,657
2,826,636
$1,582,349
1,428,581
expenses
1938
$4,560,310
2,977,961
$1,121,021
1,333,690
$153,768 loss$212,669
291,285
265,807
Interest and other income.
RR.—Earnings—
Consolidated Income Statement {.Union Pacific System)
Calendar Years—
1939
Aver, miles of road oper.
9,900.75
$
132,484,798
17,630,948
5,358,549
2,069,907
6.709,169
Revenues—
Freight
Passenger
Mail.
Express
Allother
1938
1937
9,907.52
120,429,544
16,565,712
5,024,152
2,040,974
6,152,832
1936
9,913.82
$
9,859.80
$
$
130,685,961
17,320,898
4,996.450
2,112,937
6,948,064
126,916,646
15,062,417
4,796,754
2,116,578
6,321,188
Interest and other income charges
Prov. for Federal & foreign income taxes
(est.)..
Loss on foreign exchange (net)
Net income for year
Divs. paid and declared on preferred stock.
Ry. oper. revenues...164,253,371
Expenses—
18,546,352
30,195,782
Traffic
4,970,557
Transportation
55,229,218
All
other
8,916,679
150,213,214
162,064,310
155,213,583
16,354,100
26,413,539
4.244,152
50,291,605
8,427,755
17,725,360
30,309,226
4,666,453
54,668,797
9,464,742
16,927,971
29,090,749
3,835,288
49,200,442
9,673,665
Railway oper. exps... 117,858,588
Net rev. from ry. oper.. 46,394,783
105,731,151
44,482,063
15,293,995
116,834,578
45,229,732
13,244,160
108,728,115
46,485,468
13,057,039
$47,331 loss$295,37l
72,130
75,567
[Exclusive of European Subsidiaries]
1938
Liabilities—
1939
1938
$395,097 Notes pay. (banks) $1,750,000
$1,750,000
Assels—
1939
$399,050
x Instal. accts. rec.
4,069,196
y Oth. accts. rec..
.549,258
Inventories
1,262,595
Prep'd & def. chgs.
44,378
b Accts. pay. & ac-
4,295,218
365,908
1,284,188
50,805
crued accts., &c.
Deposits
Due from empl'ees
(incl.
on
Railway tax accruals...
Equip, and joint facility
rents (net)...
16,287,608
inc.
from
24,070
25,636
Cum.
5,972
94,350
3,736
94,450
Capital surplus...
15,319
9,873.987
9,320,677
9,009,312
portation
Income
income
from
Per cent
x
com.
on com.
Restated,
stock
18,701.234
3.981,724
14,719,510
6.62%
6.74%
Includes
17,655,516
3,981,724
$4,384,176
in
1939,
13,673,792
6.15%
$4,713,900
$428,521 in 1937 net income from oil operations.—V.
Union Street
22,208,535
3,981,724
150,
18,226,811
p.
1938
856.
and
Ry.—Earnings-
Period End. Dec. 31—
1939—3 Mos.—1938
Net loss...
$8,568
2,797,559
6.57c.
Rev. fare pass, carried__
Aver, fare per passenger
$6,164
2,747,200
1939—12 Mos.—1938
$75,872
$93,566
10,936,769
10,280,986
6.61c.
6.66c.
6.68c.
—V. 149, p. 2989.
United Electric Coal
Period End. Jan. 31—
Cos.—Earnings-
1940—3 Mos.- -1939
Profit from operations..
$328,589
173.735
30,648
5,156
20,190
Royalties, depl. & depre.
Interest
Other deductions,
42,670
1
371,231
Plant property..
800,667
773,402
Pats., g'dwill, &c_
1
1
net..
Federal income tax
$285,255
162,851
36,697
12,549
12,026
1940—6 Mos.—1939
$583,469
$531,909
318,102
305,374
63,656
68,997
9,699
12,953
32,220
22,740
x
ducting write-off on
equip, at mine
1933)
reserve
$98,860
$61,132
$159,791
$121,845
sale
17,632
46,317
.,132
$113,475
United States
Subs.)—Earnings—
1939
Net profit from oper
$11,011,602
Other profits & income..
375,881
1938
1937
1936
$7,687,272
283,908
$8,410,297
$8,055,297
290,934
Milling Corp.—Promoters Sentenced—
The indictment charged that the defendant devised a
scheme and arti¬
numerous persons who purchased the
stock of the corpora¬
tion, falsely representing among other things that the
corporation was a
large and substantial corporation and was operating at a
profit and that
certain prominent financiers owned and controlled stock of
the
when in fact these individuals held
corporation
no
Total income
$11,387,483
125,271
Deprec. & depletion
2,539,614
Fed. & Dom. inc. taxes.
1,356,750
stock in tho corporation and
had
more
Stock Exchange, when in truth, the indictment
charged, the broker
had not agreed to create a market for the stock and there
was
of listing the stock on the Exchange.—V. 149, p. 1932.
Total
comm.
building income._.
revenues
Theatre expenses
$8,701,231
116,219
2,265,001
899,000
$8,446,546
92,215
2,054,217
972,000
Subs.) Inc.—Earnings—
28, '39 Oct. 29, '38 Oct. 30, '37
14,535,801
12,048,124
10,696.862
8,760,708
7,562,928
6,872,106
503,034
465,392
480,541
79,325
113,673
101,367
6,250,256
5,634,081
1,057,448
1,156,514
983,176
._prof.$l,628,733
$391,462
189,917
$1,030,488
272,760
374,538
$201,544
312,977
$757,728
274,119
238,756
d65,710
40",739
b35,918
35.286
17,658
203,592
,
Loss.
prof.$1,832,325
Interest.....
Minority interest
Net profits for year...
Previous
earn,
surplus..
Total
$7,365,847
25,449,490
$4,725,497
23,659,013
$5,421,010
21,768,446
$5,328,113
Other deductions
$32,815,336 $28,384,510 $27,189,457 $25,892,335
Surplus charges
Preferred
5,226,067
dividends
Common dividends
547,554
4,776,624
547,554
2,387,466
547,554
2,982,890
.547,554
3,576,335
x
Shares
$25,449,490 $23,659,013 $21,768,446
5,831,447
5,831,447
5,831,447
5,831,447
surplus..
common
stock
outstanding (par $20).
Earnings per share
x
1,194,960
$5.71
Does not include treasury stock
......
cprof.$l,l53,321
a$591,178
a$1,084,998
a Including
provision for losses (net) of subsidiaries operating in
foreign
territories: 1938, $27,537; 1937. $50,807.
V
S
b Includes $25,669 amortization of
financing expenses; $5,593 adjust¬
prior year's income taxes; $1,478 provision for
advances
subsidiary and $3,178 miscellaneous investments written off
ment in respect of
Earn. surp. end of yr.$22,265,091
Paid-in
Net loss
5,937,665
207
Income taxes
20,564,222
intention
.$23,878,868 $20,190,116 $18,150,876
14,377,176
13,244,594
11,764.068
437,757
— —
422,925
372.374
127,496
123,465
124,081
Selling and branch expenses—domes¬
tic and foreign
General and admin, expenses—domes¬
tic and foreign
Other income
no
Oct.
Film rentals and sales—Domestic..
391,249
$7,971,180
78,366
2,296,318
871,000
no
interest
therein.
The indictment further charged that
Nemec falsely
represented that a broker in Baltimore, Md., had agreed to create a
market
for the stock at $1.75 a share and that the stock was to be
listed on the Balti¬
Operating loss
Deductions from income
$442, 985
fice to defraud
Cost of accessories
Consolidated Income Account for Calendar Years
of
The Department of Justice and the Securities and
Exchange Commission
Feb. 14 reported that Judge John P. Nields in the U.
S. District Court at
Wilmington, Del., had sentenced Frank E. Nemec to four
years' imprison¬
ment and $1,000 fine for violations of the fraud
provisions of the Securities
Act of 1933 and mail fraud in connection with the sale
of stock of United
States Milling Corp.
A jury had returned a verdict of guilty after altwoweeks' trial before Judge Nields.
Amortization of film costs, &c
United States Gypsum Co. (&
reserves
become payable within one year.—V. 149, p. 2708.
Sales of accessories
$121,845
Less reserve of $60 372
1939, after deducting
1939 and $455,980 in 1938—including $45,097 in 1939
and $47,969 in
1938 of net plant property not in use.
b Including taxes estimated to
to
$81,229
$7,307,527 $7,722,086
y
in
Theatre &
carried
surplus
—V. 149,p. 3423.
Total...
1939 and 1938.
Foreign
of equipment
Remainder
of $250,000 in
52 Weeks Ended—
abandoned in
above
Less
Universal Pictures Co. (&
sale of
on
$7,307,527 $7,722,086
in 1939 and $39,481 in 1938.
z At nominal value in
reserve of $375,923; at net equity in 1938.
a Less
Net income (before de¬
Write-off
subs
Total
8.20%
in
Earned surplus...
42,670
32,522,672
37,485,610
14,867,156 xl5,277.075
14,789,502
14,984,908
stock..
y
33,490,736
18,966,632
3,981,724
pref. stock
Balance for
33.813,563
14,846,931
1,346,450
1,130,082
1,361,446
1,633,045
(7,000
cost)....
pean
a
y9,636,412 xl2,414,983
stk.
5}4%
pf. stk. ($50 par)
Com. stk. ($5 par)
shs. of com. stk.
25,070,627
ail
sources.
on
22,886,260
yl3,580,375 yl3,623,345
Total income...
Fixed and other charges
Divs.
19,867,391
investm'ts
from
and other sources
Net
20,233,188
1,291,4.50
1,130,082
1,382,596
1,213,239
conv.
Invests, in Euro¬
z
operation
on
Mtgs. rec. (at cost)
Sundry investm'ts
(at cost)
8,357,802
8,620
284,519
19,744
exp.
Deposits
Treas.
trans¬
207,919
6,115
257,593
Reserve
funds)
leases,
at
Net
276,452
acc'nt
of uncomp. sales
contracts, &c._.
.
$53,138
159,613
164,647
3,739
20,509
Consolidated Balance Sheet Dec. 31
Cash...
Maint. of way & struc..
Maint. of equipment...
$445,053
182,525
188,667
10,839
15,691
Depreciation
[Excluding offsetting accounts between the companies]
97,817,541
year,
kwh.;
b$948,237
Pay 10-Cent Common Div.—
20,000
(incl. re¬
for depl'n
Common
purch. contracts
•
Reserves
Dominion income taxes,
Directors have declared a dividend of 10 cents per share on the common
stock, payable March 16 to holders of record March 1.
Dividends of like
amounts were paid on Dec. 18, Oct. 17 and July 17, last.—V. 149, p. 270.
Union Pacific
2,307,647
and
receivables
1939—12 Mos.—1938
a After depreciation,
interest, &c., but before
b Adjusted figures.—V. 149, p. 3279.
136,888
5,949,109
Canada, Ltd. (& Subs.)—Earnings—
Period Ended Dec. 31—
136,888
Property-purclase
Securities & miscel.
Plant
$
950,980
installmants
Inventories
Employees'
1938
$
1,391,683
Accrued liabilities.
2,320,473
4,644,561
3,742,923
United States Hoffman
Union Gas Co. of
1939
Liabilities—
Accounts payable.
Dividends payable
Accounts and notes
Adjust Funded Indebtedness
$7,519,000 principal amount of National Economic Bank of Poland sinking
bonds, guaranteed at the principal and interest by the Republic of
Poland.
Under the arrangement, it is proposed to convert
company's funded
indebtedness, consisting of $3,987,000 of 6% debentures, into $1.50 cumu¬
lative convertible prior preference shares, of which 170,000 are to be issued.
Holders of debentures will receive 40 prior preference shares and
$15 in
cash for every $1,000 held.
Presently outstanding, in addition to the debentures, are 115,237 series
A preferred shares; 43,326 series B preferred, and 271,522 common shares.
Unpaid dividends accumulated against both series of preferred shares
aggregate $923,275.—V. 150, p. 704.
1938
$
Assets—■
Cash, demand and
A petition for an arrangement under provisions of the Chandler Act was
filed in Federal Court, New York, Feb. 16
by this company, listing liabili¬
ties of $4,331,787 and assets of $9,084,694.
Chief assets consist of
fund
1299
Consolidated Balance Sheet Dec. 31
1,194,156
$3.50
1,193,156
1,192,103
$4.08
$4.01
to Spanish
$274IlllUdillg profit 0f subsldiaries operating in foreign
d
includes
territories of
amortization of financing expenses of
$50,655, provision for
Foreign Theatres Co. of $15,017 and
proportion of
profits applicable to minority stockholder $38.
loss of investment in
The Commercial
1300
& Financial
Consolidated Blaance Sheet
2,094,751
1,679,654
1st 8%
137,501
430,300
31,673
Fixed assets
137,501
414,525
36,490
2d 7%
good¬
Trade-inks.,
will, Ac
d Inv. in for.
subs.
Other investm'ts..
(non-
Receivables
21,685
14,891
54,744
current)
12,527
deposits, Ac.
prod., Ac.
Lease
1,251,123
...
894,708
(net)
Uncompleted film. 2,624,319
Film
completed,
1,364,789
not released
4,819,550
Released films
Accts.A notes
Advertis'g matter.
Deferred charges..
Scenarios A rights.
1,786,400
2,000,000
2,000,000
250,000
1,000,000
1,000,000
Notes
pay.
(sec'd) 3,117,461
pay..
186,993
2,074,961
365,381
Other notes
for Fed.
...
1,127,860
5,071,378
at par
($50)
of delivery)
Transfer Agent,
339,645
residents of Texas only.
Commerce of Houston. Quarterly
National Bank of
February, May, August
Red. at com¬
share (105%
__ .
Company—Established in 1901 and incorporated-in 1914, J. Weingarten,
Inc. has grown steadily and soundly with Houston.
Today the company
operates 13 large and modern food markets and has its own bakery, food
kitchen and poultry feeding and dressing plant, all in Houston.
Ably
managed, adequately financed, strongly entrenched in the trade, company
193678
f2,044,296
38,953
189,019
1,966,130
lluuld'd
for contlng..
68,445
68,445
pref. stk. disc't
8,369
8,269
Since then,
on
affiliated co
119,400
Adv. to be
593,644
Res.
.
.
168,287
152,269 Minority interest,
b Capital surplusRemit, from for'n
193,819
1,051
1,013
3,923,951
3,923,951
169,076
258,125
3,057,995
ranks among the
4,211,316
enterprises of Houston.
preferred stock was sold more than 14 years ago.
been paid continuously. Furthermore,
has paid dividends each year for the
preferred dividends have
its common stock the company
Purpose—Proceeds from the sale
258,125
14,855,671 12,323,298
Total
14,855,671 12,323,298
depreciation and amortization of SI,556,644 in 1939
and SI,601,623 in 1938.
b Arising through change in common stock from
no par to par, SI per share,
c Assets and liabilities of subsidiary companies
operating in foreign territories are not consolidated,
d Equity in net
assets of subsidiary companies not consolidated operating in foreign terri¬
tories subject to contingent liabilities.
e Unsecured notes payable to
a
After reserve for
Deferred
United States Sugar Corp —Common Dividend
their recent meeting deferred action on common dividends,
desirable to conserve assets in view of the considerable damage
done to the company's sugar crop by the recent freeze in Florida and
uncertainty as to Congressional action on future control of the sugar
industry.
One payment of 10 cents a share was made on the common
during 1939 on Oct. 20.
Final production for the current harvest will be
substantially below that of the 1938-39 harvest, Clarence R. Bitting,
President, declared.—V. 149, p. 2101,
Directors at
deeming it
& Traction
Period Ended Dec.
31—
$98,048
90,148
$102,114 *$1,111,955
87,180
1,106,784
$1,098,869
1,087,763
$5,171
614,291
$11,106
612,283
$51,953
51,629
$619,462
651
9,624
$623,389
619,550
7,763
Net oper. revs
$51,503
50,763
1,061
bonds.-__
deductions.
Int. on mtge.
Balance,
$14,934
37,019
43,603
of plant
Gross income
Other int. &
1939—12 Mos.—1938
$7,900
Operating revenues
Oper. exps., incl. taxes..
Rent from lease
Co.—Earnings—
1930— Month—1938
613.728
for unpaid
when earned,
Dec. 31, 1939.
Note—No provision has been made in the above statement
interest on the 6% income demand note, payable if, as, and
amounting to $1,963,199 for the period from Jan. 1, 1934 to
—V. 149, p. 4189.
Light Co. (& Subs.)—Earnings—
1939—Mm th—1938
1939—12 Mos.—1938
Operating revenues
$1,232,555 $1,165,079 $13,526,575 $12,643,946
Oper. exps.,incl. taxes..
764,235
620,165
8,248,927
7,417,509
Utah Power &
Period Ended Dec.
31—
retirement re¬
appropriations __
Property
serve
Net oper. revenues—
Other income (net)..
91,000
91,000
1,092,000
1,093,125
$377,320
$453,914
1,372
$4,185,648
$4,133,312
4,382
5,307
168
2,291.511
191,990
300.000
196,209
$220,751
the
$1,406,529
$1,306,582
1,704,761
$398,179
25.000
16,104
$147,356
Net income-.-.-
Dividends
$4,190,030
192,848
25,000
16,687
$377,488
189,028
Int. on debenture
a
$4,138,619
2,335,828
$455,286
$298,232
bonds
bondsOther int. & deductions_
300,000
applicable to preferred stocks for
period
Balance, deficit
31, 1939, amounted to
$7,529,361, after giving effect to dividends of $1.16 2-3 a share on $7 pre¬
ferred stock and $1 a share on $6 preferred stock, declared for payment
a
Dividends accumulated
Jan. 2,
and unpaid to Dec.
cumulative.—V. 149, p. 4189
Dividends on these stocks are
1940.
Valspar
Directors have
a dividend of $1 per share on account of accu¬
convertible preferred stock, payable Feb. 26 to holders
paid on Sept. 30, last; $1 paid
$1 paid on Aug. 1, 1938.—V.
declared
mulations on the $4
23. This compares with $1.25
on Nov. 30, 1938 and an initial dividend of
149, p.1933.
Petroleum
Venezuelan
to Stockholders—
Unsubscribed-for Shares—
Corporation has authorized capital stock of 5,000,000 shares (par $1) of
which there are presently issued and outstanding 2,000,000 shares (par $1).
Extensive geological and geophysical work has been completed on a
number of the exploitation petroleum concessions owned by a wholly owned
subsidiary, and the management now deems it advisable to proceed with
drilling operations to ascertain if production of oil can be obtained in pay¬
ing quantities.
It is necessary at this time to raise additional funds for
development and other purposes and the directors had determined to offer
2,000,000 shares at par to stockholders of record Feb. 14, 1940, pro rata
to their present holdings, which means one share for each share now held.
Consolidated Oil Corp., the owner of 52.13% of the outstanding shares of
stock, has entered into an agreement to purchase any of the 2,000,000 addi¬
tional shares not subscribed for by the stockholders and to pay the same
shares are offered to stockholders.
There will be no
whatsoever in connection with the sale of these
Rights expire March 11 and the subscription price
payable in United States currency either in cash or in
at the time of subscription at the company's office, 10
Y. City.—V. 150, p. 1009.
price at which the
expense
2,000,000 shares.
($1 per share) is
New York funds
Liberty Place, N.
Washington Water Power Co. (&
31— 1939—Month—1938
Period End. Dec.
Operating
revenues
Oper. exps., incl. taxes,
Property retirement re¬
serve appropriations
Charges and
_
$963,631
483,162
92,841
Federal'Taxes)
1929-----.--1933
Dividends
$100,083
$18,765
179,181
30,192
202,717
39,921
247,161
49,633
317,935
49,958
352,955
51,000
*
-------
—
-
-
-
-----
-
--------
Consolidated Balance Sheet
Dec. 31, 1939
Earned
5.3 times
5.9 times
5.0 times
5.0 times
6.3 times
6.9 times
Liabilities—
Assct8"~^m
$287,368
73,003
799,427
A empl.
2,106
in banks
receivable
Cash on hand A
Accounts
Times
Preferred
Net
Profits
Merchandise inventories
officers
Accts. receiv.,
10,138
Employees' stk. subscriptions.
Treasury stock
Prepaid expenses.
within year).
S41.570
(trade creditors)..
payable (miscell.)—_
Accrued taxes and expense
173,285
9,346
59,344
98,434
277,775
43,889
Mtges. pay. (due
Accts. pay.
Accounts
Reserve for
Fed. inc. taxes
23,754 Mortgages payable
Minority interest
3,163
13,672 6% preferred stock ($100 par) _
1,699,869 Com. stock (39,923shs. no par)
Life insurance policies
:
Fixed assets (net)
A
com.
stk.
850,000
404,065
(3,688 shs.,
par)
...
Surplus and undivided
98,137
856,655
no
$2,912,50
Total
$2,912,500
Total
profits.
-V. 149, p. 1632.
Co.—New Securities Now Being Exchanged
Reorganization Plan—
The Nat. Bank of Lima, Lima, Ohio, has been appointed exchange agent
under the amended plan of reorganization, which has been approved by the
Securities and Exchange Commission, the Ohio Public Utility Commission
and confirmed by the U. S. District Court for the Northern District of
West Ohio Gas
Under Amended
Ohio-Western Division.
The new
securities to be
exchanged for the old are now
ready for dis¬
reorganization plan provides for the following exchange:
(1) For each $1,000 1st & ref. mtge. 6% gold bonds, series A, due
1, 1954, and all accrued and unpaid interest thereon: $30 in cash;
West Ohio Gas 1st mtge. 5% series, dated July 1, 1938, due 1958, with all
interest coupons attached and 160 shares of West Ohio Gas new common
St/OClC
..."
(2) For each $1,000 1st mtge. 6% bonds, due April 1, 1935,
Delphos Gas Co., and all accrued and unpaid interest thereon: $500
Ohio Gas 1st mtge. 5% series, dated July 1, 1938, due 1958, with all interest
coupons attached and 160 shares of West Ohio Gas new common stock.
(3) For each share of West Ohio Gas 7% preferred stock
dividend accumulations thereon): One share of West Ohio Gas new common
stock.—V. 148, p. 3087.
The
Dec.
$500
issued by
West
(including
Co.—Bonds and Preferred Registered—
Securities and Exchange Commission
a
Form A-2), under the Securities Act
of 1933, covering $5,000,000 of first mortgage 3% bonds, series K, due
March 1, 1970, and 24,923 shares of 4j^% cumulative preferred stock
West Penn Power
Feb. 21 filed with the
registration statement (No. 2-4332,
($100 par).
The net
proceeds from the sale
will be applied
tration statement,
Co.—Rights
Consolidated Oil Corp. to Take Up
underwriting
Profits (After All
Net
Year—
Company on
Corp.—Accumulated Dividend—
of record Feb.
$78,624 owed by the
loan recently arranged. The
3% interest and
years. The new
Corp. itself.
tribution.
1,704,761
Gross income
bit. on mtge.
These mortgages
$3,924
$3,890
$327
$321
400,000
Quitman Corp.) will be retired through a new
new loan is for not to exceed $300,000, is unsecured, bears
matures in instalments over a period of not longer than five
loan will release all mortgages except that of the Quitman
CI.
deficit
$850,000
39,923 shs.
3,688 shs.
Inc. does not guarantee.
(excepting the above-mentioned
which lo-n J. Weingarten,
accounts
year.—V. 150, p. 857.
Utah Light
Outstanding
44,000 shs.
5,000 shs.
Mortgages on certain individual properties aggregated $319,345 as at
Dec. 31, 1939, including $78,624 owed by the Quitman Corp., a subsidiary,
f Includes $100,000
payable and contractual obligation maturing after one
(1939)
Authorized
$850,000
400,000
%
par)
6% cumulative preferred stock ($100
5H% cum. pref. stock, series l940 ($50par)..
Common stock (no par)
Class A common stock (no par)
due Feb. 26, 1941.
Universal Corp., parent company,
cumulative preferred stock,
carefully planned
capital. During 1940 the
and to enlarge and
of this 5*4%
will be used in connection with the company's
expansion program, and to augment working
company plans to construct one or more new marketx,
remodel several of its existing markets.
series 1940,
Capitalization—
Total
_
,
,
Icist/ 12 ysErs*
reval.
Earned deficit
and November.
days' notice, at $o2.50 per
leading business
Company's first issue of
262,029
subsidiaries
Surplus from
of land
36,446
stock,
$400,000 bl/2% cum. pref.
Stock offered to
pany's option at any time on 60
of par) plus accrued dividends.
2,000,000
accrued dividend from Feb. 15,
share (plus
per
1940 to date
series of 1940.
dividends payable
198,200
accruals
Due
1st
Offered—A
Milton R.
250,000
inc.
tax
1940
24,
(J.) Weingarten, Inc. (Texas)—Pref. Stock
syndicate headed by Moroney & Co. and including
Underwood & Co., Neuhaus & Co., Chas. B. White & Co.,
and A. W. Snyder & Co., all of Houston, Texas, is offering
pref. stock
Real est. mtges
80,566
96,078
suppl's
1,786,400
1,003,567 Deferred for. exch Crl71,427
502,000
706,700 Secured loans pay.
994,879 Unsecur.note pay.e2,000,000
Accts. payable and
108,034
612,363
152,276
Raw film A
pref. stock
(par 3100)
Com. stk. (par 31)
Res.
170,936
Cash
S
5
(par $100)
Adv. to
(net)
Oct. 29, '38
Liabilities—
3
Assets—
a
Oct. 28,'39
29,'38
28'39 Oct.
Oct.
Feb.
Chronicle
Subs.)—Earnings—
1939—12 Mos.—1938
$940,179 $10,780,932 $10,108,491
437,661
5,642,857
5,474,628
93,254
1,113,157
1,114,556
$409,264
$4,024,918
28,836
$3,519,307
30,304
struction, or acquisition
of the securities, according to
the regis¬
by the company to the completion, con¬
of improvements and betterments to its plant and
property.
redeemable at the option of the company, in whole or in
interest date (March 1 and Sept. 1) at the following
accrued interest:
if red. on or before March 1, 1943, 109%;
thereafter and incl. March 1, 1946, 108%; thereafter and incl. March 1,
1949, 107%; thereafter and incl. March 1, 1952, 106%; thereafter and incl.
March 1,1955, 105%; thereafter and incl. March 1, 9158: 104%: thereafter
and incl. March 1, 1961, 103%; thereafter and incl. March 1, 1964, 102%;
thereafter and incl. March 1, 1967, 101'M%; thereafter and incl. March 1,
1968, 101%; thereafter and incl. March 1, 1969, 100)4%; and thereafter
The bonds are
part by lot, on any
prices plus
and prior to maturity, 100)4%.
The underwriters and the amount
of bonds and stock to be
by each are as follows:
Bonds
$250,000
& Co
The First Boston Corp___
Bonbright & Co., Inc
Halsey, Stuart & Co., Inc
Blyth & Co., Inc
W. C. Langley
1,150,000
1,150,000
1,000,000
700,000
500,000
Mellon Securities Corp
Moore, Leonard & Lynch
Singer, Deane & Scribner
Dillon, Read & Co
The prospectus states that to facilitate
stabilize the prices of the securities.
This
that the prices will be stabilized, or that
underwritten
Stock
1,246 shs.
5,750 shs.
5,750 shs.
3,500 shs.
2,500 shs.
750 shs.
427 shs.
5,000 shs.
the offering it is intended to
150,000
100,000
is not an assurance, it states,
the stabilizing, if commenced,
time.
may not be discontinued at any
The prices at which the securities
are to be offered to the public and the
commissions are to be furnished by amendment
registration statement.
The Securities and Exchange Commission on Feb. 17 announced that
company has filed an application (File 32-196) under the Holding Company
Act for exemption from the requirement of filing a declaration in connec¬
tion with the issuance and sale of $5,000,000 of 3% first mortgage bonds,
series K, due March 1, 1970, and 24,923 shares or 4)4% cumulative pre¬
ferred stock ($100 par).—V. 149, p. 3128.
underwriting discounts or
to the
Net oper. revenues
Other income
2,075
294
$409,558
82,963
$4,053,754
$3,549,611
4,509
901,848
111,754
Crl,506
995,550
67,797
Cr2,383
$315,972
$322,086
applicable to pref. stock for the period _
$3,041,658
622,518
$2,488,647
$2,419,140
$1,866,129
Gross income
Interest on mtge.
bonds.
Other interest and deduc.
Int. charged to construe.
Net income.
Dividends
$387,628
$389,703
(net)
Balance
—V. 149, p. 4189.
64,167
10,324
Cr760
West
622,518
Common
Virginia Pulp
Dividend—
&
Paper
Co.—To Pay 10-Cent
declared a dividend of 10 cents per share on the common
stock, payable April 1 to holders of record March 11.
Previously regular
quarterly dividends of five cents per share were distributed.—Y. 150, p. 706.
Directors have
Volume
ISO
Western
The Commercial <fc Financial Chronicle
Electric
Co.—Earnings—
Calendar Years—
Sales (net)—Bell
deduction
1939
Telephone
companies
Subsidairy and associated companies
Others
1938
$177,534,532 $167359,889
2,749,982
2,802,541
6,575,827
5,000,980
Total sales
$186,860,341 $175163,410
69,824,754
72,462,766
Payrolls
Payment
to trustee of pension fund
Provision for employment stabilization
Taxes—Social Security, Federal income and
other
Taxes
3,489,805
1,044,889
2,340,920
6,272,423
65,813,512
6,387,485
14,849,343
Sundry income (net)
16,703,528
994,026
7,036,961
266,595
Western Union Telegraph
Co.,
on Local Ticker Services—
Tax Ends
Inc.—Comlnunications
Company has notified subscribers
to its quotation ticker service
that,
effective Feb. 1, the Federal Communications tax
of 5% does not apply to
quotation ticker service furnished subscribers
within certain
designated
Earns, excl. sub. and associated
companies
Income from subsidiary and associated
cos. (net).
17,697,554
6,048
7,303,556
loss253,146
17,703,602
1,227,516
7,050,410
1,316,377
As an example, its notice to New
York City ticker subscribers stated
that the Federal tax does not
apply to quotation ticker service originating
exclusively in New York City when furnished to subscribers within
the
area in which the New
York Telephone Co. either makes no toll
charge
computes
Net profits on sales
Earnings before interest charges
Interest
obsolete, wornout and excess plant written off or retired,
a
Represented by 6,000,000 shares, without par
value, authorized and
outstanding.—V. 149, p. 3885.
areas.
8,438,412
75,725,420
*5,502,591
6,130,942
__
Purchases of materials and services
Depreciation of plant
Decrease in inventories
1301
of
charges,
Net earnings carried to
surplus
16,476,086
5,734,033
12,600,000
3,000.000
engineering studies in 1939 of probable remaining life of
buildings and service equipment, the depreciation rates were reduced
resulting in $531,757 lower charges for depreciation.
or
charges on measured service basis for telephone calls between
points within the New York City area.
Subscribers in such New York City
area, the latter said, will therefore not be billed
with the Federal tax on
the Western Union ticker services for
the New York Stock Exchange, the
New York Curb
Exchange, New York Produce Exchange, New York Com¬
modity Exchange, New York Cocoa Exchange, and the New York
Coffee
Sugar Exchange.
Company also recommended that subscribers to such services sho.ld
apply to the Commissioner of Internal Revenue for refund
of taxes pre¬
viously paid in the last four years.—V. 150, p. 289.
Dividends
*
Based
on
Balance Sheet Dec. 31
1939
S
♦Total plant... 129,082,771
Total investm'ts
1939
*
131,412,299
211,757
Employ. stabi¬
360,685
309,341
Workmen's
plant.70,261,668
lization
Advs. to suppl.
Merchandise at
215,199
Notes
Raw materials
Completed
acct8.
rec.
26,190,687
Marketable sees.
21,268,722
Cash & deposits
5,795,807
4,060,282
13,001,078
29,437,826
19,978,101
15,991,302
8,495,920
213,909
28,453,521
Payrolls
was elected a director of the
company at the recent annual
meeting of stockholders.
Mr. Davis succeeds John E.
White, resigned.
John H. Nelson, works
manager of the Worecster plant, was promoted to a
Vice-Presidency in charge of engineering, and Robert W.
31,230,505
Assistant Works Manager,
page 3242.
was
named
y"^
to succeed
Mr.
Stoddard, formerly
Nelson.—V. 141,
• •
Yellow Truck & Coach Mfg.
Co.—Earnings-
Calendar Years—
6,934,917
interest....
6,533,327
3,708,328
1,573,389
1,318,351
4,362,618
1,205,266
1,113,556
2,211,676
5.853,331
a
Net sales.
Provision for depreciation
Provision for Federal income taxes
payable.
281,659,032 275,946,587
*
At cost less $8,233,301 charged off in 1932 to a
reserve accumulated in
previous years to provide for anticipated decline in
plant costs, and after
1939
1938
$58,862,137 x$43334,283
4,839,791
1,604,945
z913,470
1,074,738
649,847
15,224
Profit from operations.
y
Sub. andassoc
Total
3425.
Wyman-Gordon Co.—New Director—
and
suppliers...
Acer, taxes &
Drafts
p.
1939—12 Mos.—-1938
$187,247
$70,467
21,287,711
20,674,390
$0.0964
$0.0966
payable,
companies.
281,659,032 275,946,5871
149,
1939—3 Mos.—1938
$48,520
$8,338
5,538,965
5,489,111
$0.0960
$0.0961
A. Otis Davis
Accounts, pay—
Other
Total
250,000
222,153
demand
4,493,914
14,840,247
21,034,083
250,000
self-in¬
sured risks.
cost or mkt.
—V.
70,305,796
1,044,889
compensat'n
Other
the lower of
process
$
142,500,000 142,500,000
18,204,199
17.354,220
Res.—Deprec.of
208,857
rent
Totl
S
Liabilities—
Rev. fare pass, carried._
Avge fare per rev. pass.
Capital stock
Surplus
52,833,482
reserve of $1,018,056
Prepaid ins. and
and supplies
1938
a
58,383,259
Deferred rec.less
In
...
1938
A
Worcester Street
Ry.—EarningsPeriod End. Dec. 31—
Net profit
Net profit
$3,276,474
$514,983
x Net
sales for 1938 have been
adjusted,
y Including the
company's
proportion of net profits or losses of
wholly owned and controlled com¬
panies not consolidated,
z Due to a
change in depreciation rates in
1939,
the provision for depreciation is
$212,732 less than it would have been had
the rates not been
changed,
a Preliminary.—V.
149, p. 3282.
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
prices showed
decline of 100 reis for hard 4s to 18.100 on
was otherwise
unchanged. Receipts
at the Port of Santos were
59,000
a
Saturday, but the list
bags and stock 2,141,000
bags.
On the 19th inst. futures closed 1
point down to 3
points up for the Santos contract, with sales
totaling 23 lots.
Santos contracts were 1
point lower, with most trading
centered in Mar. against first notice
day Friday. March sold
alternately at 6.12 and 6.13c., standing at the lower price
at the last sale, off 1
point. There was little new in actuals
where Brazils were
unchanged and milds steady to firm.
Roasters
quiet, but steady.
were
Friday Night, Feb. 23, 1940
Coffee—On the 17th inst. futures closed
unchanged to 2
points higher for the Santos contract, with sales of
only 11
lots.
Two lots were traded in the new
Rio, which closed 1
to 6 points lower.
Most of the trading represented March
liquidation in advance of first notice day on
Friday at 6.13c.
Five lots were traded
outright and 2 lots were switched into
Dec. at a difference of 25
points. The Rio sales included a
Mar. at 4.40c. and a
May at the same price. Brazilian spot
of
movement
coffee
Brazilian cables revealed that the
from
Sao
Pauio plantations, June
tnrough Jan., totaled 10,829,000 bags against 14,560,000
bags during the same period last season. The movement will
end Mar. 31,
Today futures closed 2 to 5 points net lower,
with sales totaling 97 lots for the Santos
contract.
There
9 contracts sold in the Rio contracts
(new A) March de¬
which closed 16 points net lower.
Santos coffee
futures were unchanged to 3
were
livery,
points lower with trading cen¬
tered in March, which dropped to
6.03c., off 3 points, as ten
notices were issued and circulated.
One notice was issued
against new Rio contracts with March there at 4.28c., also
off 3 points.
In Brazil the spot price on Rio 7s was off 200
reis, while the milreis improved in the free market, by 20 reis.
Actuals
were
quiet but steady.
United States
United States
over
the
visible
Clearances from Brazil for
70,000 bags, raising the
supply of Brazils above one million
holiday
were
bags.
Rio coffee
prices closed
March
as
follows:
3.701
Santos coffee prices closed
not following the market
up, but were still
better interest than previously this year. Brazilian
exports to Europe last week were higher.
Local closing:
Mar., 6.12; Sept., 6.33; Dec., 6.41. On the 20th inst. futures
May
July....
closed 3 points off to 1 point
up for the Santos contracts, with
sales totaling 88 lots*
Santos coffee futures were 1 to 3
point lower.
showing
were
a
points lower as Mar. liquidation continued a feature of
trading.
March was selling at 6.09c., off 3 points, while
Dec. was 6.40c., off 1
point.
Old A contracts, of which
Mar. is the only unliquidated
month, sold at unchanged
prices when Mar. changed hands at 3.70c. In Brazil, at the
close of yesterday's
session, Santos hard 4s were 100 reis
higher on the official spot market. Actuals were
generally
unchanged, with Santos at 6.20 to 6.60c.
Manizales were
around 9 y$c., but
generally 9I^c. was asked for Mar .-AprilMay shipment. Roasters did not follow up the better buying
toward the end of last week.
On the 21st inst. futures closed 2 to 3
points net lower for
he Santos contract, with sales
seen
totaling 118 lots.
The
new
Rio contract closed 6 points off to 5
points up, with sales of
10 lot3.
Santos coffee futures were
unchanged to 3 points
and switching
into more distant months at
widening difference the prin¬
cipal feature. March, in the early afternoon, was selling at
6.06c., off 3 points. About 8,000 bags had been done in the
form of switches into Sept. and other months.
New "A"
was traded at 7
points lower for March at 4.30c. Actuals
lower, with liquidation of March
contracts
March
as
6.02
6.14
follows:
September..
December
6.26
6.36
6.22
Cocoa—On the 17th inst. futures closed
unchanged to 1
Transactions totaled 147 lots, or 1,970 tons.
The
outstanding feature of the day's trading
the re¬
Switching
day's turn¬
was
duction of the Mar. open interest in cocoa futures.
operations accounted for the major share of the
over,
totaling 86 lots in the Mar.
Mar. contracts
contract.
Of these
13
transferred into the July delivery at a
difference of 22 points, and 7 into
Sept. at 31 points. There
were also
exchanges of 21 May contracts into Sept. at an 18
point differential.
Another feature of today's
trading was
were
the exchange of 29 Mar. contracts at 5.13c. for
the actual
commodity, with the cocoa working to a large manufacturer,
it was reported.
Local closing: Feb., 5.01; Mar., 5.12; May,
5.25; July, 5.34; Sept., 5.43; Dec., 5.55. On the 19th inst.
futures closed 2 points to 1 point
lower, with sales totaling
404 lots.
the
cocoa
March continued to be the center of attention in
market.
Liquidation and
switching operations,
chiefly the latter, accounted for the bulk of the trading. Sales
to early afternoon totaled 242 lots.
At that time prices were
1 to 2
points net lower.
last fall.
lots,
or
falls
on
main
The high on Mar.
was 6.82c., paid
morning was 1,153
Saturday morning. First notice day
The open interest in Mar. this
26 less than
on
Friday, Feb. 23.
cocoa
crop
An Accra cable reported that the
has been nearly entirely harvested.
Esti-
The Commercial &
1302
yield were unchanged at 250,000 tons. Local
closing: Mar., 5.10; May, 5.23; July, 5.32; Sept., 5.41; Dec.,
5.54.
On the 20th inst. futures closed 2 to 3 points net
mates of the
higher, with sales totaling 425 lots.
March liquidation
switching out of Mar. into later months continued
features of the cocoa futures market.
At one time Mar.
at 5.09c,, but later it rallied to 5.00c., up 1 point net.
and
the
sold
The
1 to 2 points higher during early afternoon
general market was
on a turnover of 344 lots, largest so far
this year.
Before
opening, the open position in Mar. stood at 1,025 lots,
down 128 lots since yesterday morning.
Warehouse stocks
decreased 4,700 bags.
They now total 1,112,693 bags against
the
1,016,381 bags a year ago. Local closing: Mar., 5.13; May,
5.25; July, 5.35; Sept., 5.44; Dec., 5.57; Jan., 5.62.
On the 21st inst. futures closed unchanged to 3 points net
Transactions totaled 472 lots.
Demand for cocoa
showed an improvement today, sufficient to absorb
March liquidation and bring about an improvement in prices.
During early afternoon the market was 2 to 3 points higher,
with March standing at 5.16c on a turnover of 320 lots,
largest in some time.
Jn addition to the usual liquidation
ana switching operations in March, a better inquiry was re¬
lower.
futures
ported from manufacturers and the public appeared to be
nibbling at the market a little. An improvement in the mar¬
actual
ket in
cocoa
was
creased 5,300 bags.
reported.
Warehouse stocks de¬
They now total 1,107,367 bags, com¬
pared with 1,014,661 bags a year ago. Local closing: March,
5.13; May, 5.25; July, 5.33; Sept., 5.42; Dec., 5.54. Today
futures closed 5 to 2 points net lower, with sales totaling
603 lots.
Liquidation of March, precipitated by circulation
of twenty notices of delivery around the ringside for some
time today, broke prices 4 to 7 points, with March suffering
the maximum loss of 7 points when it *old at 5.06c , a new
low for the movement. When the market opened today there
still were outstanding 722 March contracts.
Trading today
was active, the turnover to early afternoon totaling 420 lots.
Warehouse stocks increased 7,800 bags.
They now total
1,115,102 bags compared with 1,029,454 a year ago.
closing: March, 5.08; May, 5.21; July, 5.30; Oct.,
Dec., 5.52; Jan., 5.56.
Local
5.44;
Sugar—On the 17th inst. futures closed unchanged com¬
pared with previous finals, with transactions totaling 144
lots in the domestic contract.
Half of the business was in
Mar. and in switches from Mar. to Sept. at 19 points and to
May at 8 points.
For the week the market was 3 points
lower on Mar. and 2 points lower to unchanged in positions
beyond.
The world sugar contract was quiet, with prices
ending unchanged to 1 point lower.
Transactions totaled
only 23 lots.
Most of the activity was in Sept. at 1.56He.
and 1.56c.
For the week the market was unchanged to H
point higher.
In the raw sugar market McCahan today
(Saturday) bought 1,000 tons of Philippines, due Mar. 8, at
2.83c., which represented an advance of 1 point in the spot
basis.
On the 19th inst. futures closed unchanged to 2
points lower for the domestic contract, with sales totaling
285 lots.
The world sugar contract closed unchanged to 2
points higher, with sales totaling 81 lots.
Liquidation of
Mar. contracts in advance of first notice day next Friday
caused the domestic sugar market to ease off, while the world
contract held steady.
Paradoxically, raw sugar was
A sale of 5,400 tons of Philippines was made to the
American Sugar Refining Co. at 2.83c., the same price as
was paid for 1,000 tons of Philippines last Saturday, but 1
point higher than was paid before that.
Offers of 2 lots of
Mar. Puerto Ricos and 1 cargo of Cubas on a 2.85c. basis
were reported.
Refiners are believed willing to pay 2.83c.
for additional sugars.
On the world sugar market prices
were held within a very narrow range,
with no feature of
interest to the trading.
On the 20th inst. futures closed 2
sugar
firm.
points to 1 point net higher for the domestic contracts, with
sales totaling 299 lots.
The world sugar contract closed 1H
to 2 points net higher, with sales totaling 79 lots.
The
domestic contract stood unchanged to 1 point higher during
early afternoon, with May selling at 1.92c., up 1 point, Mar.
stood at 1.84c., unchanged, after having sold momentarily
at 1.85c.
No sales of raws were reported, but offers were
made at 2.85c. cost and freight New York, with refiners
believed willing to pay 2.82 to 2.83c.
Withdrawals of refi led were said to be slow, with most of the new business
Latest reports from Washington
sugar bill ready for con¬
sideration in a few days.
Havana reports that 149 mills
are grinding.
Last year 156 mills in all ground the crop.
In the world sugar market prices advanced 1H to 2 points
on scattered buying.
All months excepting Mar., made new
high prices for 1940, although still about lc. under the tops
going to offshore brands.
are
that the House will have a
of last Sept.
On the 21st inst.
futures closed 2 to 3 points net higher
with sales totaling 651 lots. The
for the domestic contracts,
contracts closed H point up to 1 point net
transactions totaling 314 lots.
The trend of
sugar markets continued upward.
Domestic contracts were
unchanged to 1 point higher during early afternoon.
The
rise was checked by increasing offerings of Puerto Rican
sugar.
It was said that fully half a dozen lots for March
shipment were on offer at 2.85c., the price reported paid
by a refiner.
Refiners were believed willing to pay 2.83c.
for nearby sugars and possibly 2.85c. for nearby sugars and
possibly 2.85c. for delivery beyond March. The movement
of refined sugar continued about normal for this time of
world
sugar
lower, with
Feb.
Financial Chronicle
24,
1940
made. World sugar contracts
into new high ground for the year
on buying divided among speculative sources, hedge lifting
and short covering.
To-day futures closed 3 to 4 points
net higher for the domestic contract, with sales totaling
No price changes were
vear.
advanced H to 2 points
The world sugar contract
770 lots.
closed unchanged to
with sales totaling 114 lots.
Sugar futures
were
stimulated by news that the sugar quota had been
reduced 117,355 tons by Sec. Wallace. The news apparently
took all except a few members of the trade by surprise,
with the result that a rush to buy domestic contracts ensued.
Prices were bid up 4 to 6 points, with March advancing
6 points to 1.94c., a rise of 11 points since last Monday's
low. The fact that no tenders for delivery were announced
to-day, also was helpful. Some people believe that a large
refiner was prepared to take delivery on March.
In the
raw
market operators paid 1.90c. a pound fpr 1,000 tons
of Philippines, March-April shipment, and 2.92c. a pound
for 2,000 tons due early April.
The world sugar contract
was firm, although most interest centered on
the domestic
market.
During early afternoon prices were unchanged to
2H points higher.
London cables revealed that Empire
sugar producers in the West Indies had been requested to
increase production next season by 20%.
2
points up,
Prices closed as follows:
—1.91 September
2.09
2.07
March
May
—
July
1.99
2.0l
January
Lard—On the 17th inst. futures
closed 2 to 5 points net
higher. The opening range was 2 to 5 points net higher, with
later prices showing net gains of 5 to 7 points.
This firmness
was ascribed largely to short covering.
It was reported that
108,000 pounds of American lard were shipped from the Port
of New York at the close of the week, with destination
Hog prices at Chicago remained steady during
(Saturday). Sales ranged from $1.75
to $5.65.
Western hog receipts totaled 22,200 head against
12,500 head for the same day last year. On the 19th inst.
futures closed 2 to 5 points net lower.
The market ruled
within narrow range, with the undertone barely steady.
"Europe."
the short session today
was nothing in the news to serve as an incentive for
trading either way.
Export demand for American lard has
been relatively slow.
Export clearances of lard from the
Port of New York were 75,000 pounds.
The bulk of the
clearances are still exported to the United Kingdom. Re¬
There
ceipts of hogs at Chicago were about in line with trade ex¬
pectations and totaled 31,000 head. Western hog marketings
were quite heavy and totaled 102,900 head, against 54,900
head for the same day a year ago.
Hog sales ranged from
$1.75 to $5.65.On the 20th inst. futures closed unchanged to
The opening range was 2 to 5 points off,
points as a result of realizing in¬
fluenced by weakness in grains during the early session. The
sharp upward rebound in wheat values had a wholesome
effect on lard futures in the late trading, and most of the
early losses were recovered. Export clearances of lard from
the Port of New York today totaled 6,000 pounds, with
destination Europe.
Receipts of hogs at 11 markets, in¬
cluding Chicago, last week totaled 443,840 head compared
to 419,666 head the previous week.
Receipts of hogs at the
principal packing centers in the West today totaled 89,000
head against 63,000 head for the same day a year ago.
Hog
prices ranged from $4.75 to $5.60.
On the 21st inst. futures closed 5 points lower.
Trading
was light and without feature.
The opening was unchanged
from previous finals.
Export clearances of lard yesterday
totaled 61,500 pounds, with destination given as Europe.
Western hog receipts continue to run fairly heavy and
marketings at the leading packing centers in the West as
reported to-day totaled 85,300 head against 50,800 head
for the same day last year.
Sales of hogs ranged from
$4.60 to $5.50.
To-day futures closed 2 points off to 2
points up. Traaing was light and devoid of special feature.
2
points lower.
but later declined 10 to 12
DAILY
CLOSING PRICES OP LARD FUTURES
Sat.
Mon.
Tues.
Wed.
March
_______
6.30
6.35
May_
July
September...
6.52
6.72
6.90
October
6.97
'
6.27
6.50
6.67
6.85
6.47
6.67
6.85
6.95
6.22
6.42
6.62
6.80
6.95
IN CHICAGO
Thurs.
Fri.
6.20
6.90
H
O
L
6.40
6.62
6.82
6.92
Pork—(Export), mess, $18.25 (8*10 pieces to barrel);
family, (50-60 pieces to barrel), $16.25 (200-pound barrel).
Beef: (export), steady.
Family (export), unquoted. Cut
Meats: Pickled Hams: picnic, loose, c.a.f.—4 to 6 lbs.,
96 to 8 lbs., 9Hc.; 8 to 10 lbs., 9Hc.
Skinned, loose,
c.a.f.—14 to 16 lbs., 14He*; 18 to 20 lbs., 14He.
Bellies:
Clear, f .o.b. New York—6 to 8 lbs., 12c.; 8 to 10 lbs., 11c.;
10 to 12 lbs., 10He.
Bellies: Clear, dry salted, boxed, N. Y.
—16 to 18 lbs., 6Hc.; 18 to 20 lbs., 6%g.; 20 to 25 lbs., 6 He.;
25 to 30 lbs., 6He.
Butter: Creamery: Firsts to Higher
than Extra and Premium Marks: 27H to 29He.
Cheese:
State, Held '38, 21 to 22c.; Held '39, 20 to 20He.
Eggs:
Mixed Colors: Checks to Special Packs: 21H to 25Me.
Oils—Linseed
oil
business
was
reported
as
light and
scattered, with quotations 9.7 to 9.9c. for tank cars.
Quota¬
tions: China wood: Tanks, "regular" trade—26 bid; Inde¬
drums—28 bid nominal; Futures—26 bid.
tanks—.03H bid.
Pacific Coast—.03
bid.
Corn: Crude, West, tanks, nearby—.06 H to .06HOlive: Denatured: Drums, spot, afloat—.95 to .97.
Soy
Bean: Tanks, West—.05 H to .05H; New York, l.c.l., raw
—.075
bid.
Edible:
Coconut: 76 degrees—.09H bid.
pendent nearby
Coconut:
Crude,
Volume
Lard:
Cod:
The Commercial & Financial Chronicle
150
Prime,
Ex. winter—8M offer; strained—8}4 offer.
Norwegian dark filtered—64 offer; light—70
Japanese—58 offer.
Turpentine: 373^ to 39H-
Crude:
offer;
.
Rosins: $6.15 to $7.60.
Cottonseed Oil sales,
contracts.
yesterday, including switches, 247
Crude, S. E., val. 63^c. Prices closed as follows:
March-
7.00@
April
7.05®
May
June.——
7.14@ 7.15
7.19®
n
7-03
n
September
7.25@
7.3 )®
7.31 @
7.32
October
7.32@
7.35
July_
August--.
—_
n
Rubber—On the 17th inst. futures closed unchanged
to
11
points higher.
Transactions totaled 1,130 tons, includ¬
ing 50 tons which were exchanged for physicals.
Again most
of the support came from dealer interests, with trade and
commission house factors noted as sellers.
The Singapore
rubber
market
closed
unchanged to 3-32d. higher.
The
quiet and steady.
Little or no interest
from the factories was reported by the dealers.
Spot
standard No. 1 ribbed smoked sheets remained nominally
unchanged at 193d*c. per pound.
Local closing: Feb., 19.04;
Mar., 19.09; May, 18.56; July, 18.25; Sept., 18.02; Dec,,
17.85.
On the 19th inst. futures closed 9 points down to 5
points up.
Sales totaled 84 lots.
The rubber futures
market was stimulated by continued strength in the foreign
markets,
particularly
London.
However,
trading con¬
tinued small owing to a general disposition to wait for the
outside market
was
_
outcome of the international committee's
meeting tomorrow,
when the export quota
will be fixed.
During early afternoon
prices were 1 to 6 points higher.
The turnover to that time
was 510 tons, of which 210 tons were exchanged for physical
rubber.
Shipment offerings were limited and above a work¬
able basis.
London closed l-32d. to 34d. higher.
Singapore
also closed higher.
Local closing: Mar., 19.00; May, 18.55;
July, 18.30; Sept., 18.05.
On the 20th inst. futures closed
25 to 16 points net lower.
Transactions totaled 124 lots.
Rubber markets acted
as
if the decision of the rubber
com¬
maintain quotas
fell both here and abroad.
mittee
at 80% was bearish, for prices
The trade figures that further
increases in rubber stocks will result from the action, thereby
to
relieving the supply situation, which is rather tight both
in this country and in Great Britain.
During early afternoon
the market was 19 to 23 points lower, with Mar. selling at
18.77c. a pound.
Sales to that time totaled 600 tons, of
which 10 tons were exchanged for physical rubber.
London
closed l-32d. to 3-16d. lower.
Singapore also was lower.
Local
closing: Mar., 18.75; May, 18.33; July, 18.14; Sept.,
17.86; Dec., 17.70; Jan., 17.65.
On the 21st inst. futures closed 3 points up to 7 points net
lower.
Transactions totaled 142 lots.
After opening 5 to
10
points lower, rubber futures rallied under buying attrib¬
a British dealer interest.
The opinion was that quota
action had been discounted. During early afternoon on sales
of 760 tons the market stood 1 to 7 points higher.
March
made the maximum of 7 points, selling at 18.88c.
May
stood at 18.38c.
Of the sales 180 tons were exchanged for
uted to
physical rubber.
The London market was quiet, l-32d to
lower.
Singapore also was easier.
Local closing:
Mar., 18.78; May, 18.33; July, 18.09; Sent., 17.87; Oct.,
17.80; Dec., 18.63. Today futures closed 17 to 3 points net
5-16d
lower.
Transactions
totaled
194
lots.
Rubber
futures
opened higher in sympathy with firm primary markets, but
lost ground later in active trading.
Mar.
the unsettling influence. That position lost
liquidation was
17 points net by
early afternoon, when it sold at 18.61c.
Other positions
were 3 to 13 points lower.
The open position in March this
morning was 676 contracts.
Transactions to early afternoon
totaled 1,480 tons.
Liquidation by commission houses was
active.
London closed 3-16d higher to l-16d lower.
Singa¬
pore advanced 5-32 to 3-16d.
Local closing: Mar., 18.61;
May, 18.25; July, 18.03; Sept., 17.80; Dec., 17.65.
Hides—On the 17th inst. futures closed 7 to 12 points net
lower.
Transactions totaled 8,520,000 pounds.
The market
could be regarded as fairly active
today.
Opening prices
ranged from 2 to 5 points higher, but the list later declined
in fairly heavy trading.
Despite the heavy tone to the
market, sentiment in hide trade circles is said to be fairly
as to the outlook.
The domestic spot hide market
cheerful
not shown very much animation the past few days,
although prices as a rule appear to be holding up fairly well.
The last trading reported in the Argentine market for
frigorifico hides included 8,000 Feb. steers at from 14%c. to
14%c. Local closing: Mar., 14.07; June, 14.37; Sept., 14.65;
Dec., 14.90. On the 19th inst. futures closed 13 to 15 points
net higher. Transactions totaled 190 lots or 7,600,000 pounds.
Strength in today's futures was influenced iargexy by the
steadier tone in the spot hide market, with tanner inquiry in
has
good volume. Approximately 10,000 hides were reported
sold in Chicago today.
Futures opened 2 to 9 points higher,
with Mar. liquidation well absorbed by trade interests. Lack
of selling pressure carried prices up rather easily. Certificated
stocks of hides in warehouses licensed by the Exchange de¬
creased 3,847 to a total of 913,712 hides in store. " Sales of
big packer hides in the Chicago market last week were
between 41,000 and 4*,000 pieces, it was estimated, or
slightly higher than a turnover of about 35,000 the previous
week.
Local closing: Mar., 14.20; June, 14.50; Sept., 14.80;
Dec., 15.05. On the 20th inst. futures closed unchanged to
1 point net higher.
Transactions totaled 394 lots. Raw hide
futures strengthened in late dealings after opening 10 to 5
points lower.
Sales totaled 8,920,000 pounds during the
1303
morning. ( March sold at 14.25, up 5 points June at 14.55;
up 5 points, and Dec. at 14.84, up 4 points. Switching from
Mar. into June by trade interests, and from Mar. into Sept.
by commission houses was reported.
Local closing: Mar.,
14.31; June, 14.50; Sept., 14.81; Dec., 15.06.
On the 21st inst. futures closed 9 to 10 points net lower.
The opening range was 1 to 6 points higher.
Transactions
totaled 9,960,000 pounds.
Business in the domestic spot
hide market was reported sluggish today.
The only sale
reported included 9,000 heavy native cows at 12 ^c., or
unchanged from the previous price. No new developments
were reported in the
Argentine market for frigorifico hides.
Local closing: Mar., 14.11; June, 14.41; Sept., 14.72; Dec.,
14.97.
Today futures closed 13 points off to 16 points up
compared with previous finals.
Transactions totaled 303
lots.
The opening range was 1 to 12 points lower.
Prices
held steady during the morning on sales of 7,480,000 pounds.
Active switching operations were the feature.
Monday will
be the first March notice day.
The open interest this
morning was 548 lots.
Local closing: Mar., 13.98; June,
14.30; Sept., 14.60.
Ocean
Freights—The charter market
was
active the past week, with ship owners generally
for very
moderately
holding out
Charters included: Grain: A steamer,
Antwerp, Marcb-April, 32.50 per ton.
A
steamer, Argentina to Antwerp, end March-early April,
$32 per ton.
Grain Booked: Three loads New York to
Antwerp, February-March, 85c. per 100 pounds.
Five
loads New York to Antwerp, February March, 873^c. per
100 pounds.
Two loads New York to Antwerp, March,
973^c. per 100 pounds. Ten loads New York to Antwerp,
March, $1 per 100 pounds. Time: A steamer, delivery and
redelivery Mediterranean via India, March 1-15, $1.50 per
ton.
A motorship,
delivery Plate, redelivery north of
Hatteras, via Chile, February-March, $4 per ton. A steamer,
four to eight weeks West Indies and (or) Canadian trade,
end February, $3.65 per ton.
A steamer, delivery Alex¬
andria, redelivery Mediterranean
via
Chile, FebruaryMarch, $4.25 per ton. A steamer, short period West Indies
trade, end February, $4 per ton.
A steamer, round trip
Canadian trade, February, continuation, $3.75 per ton.
River
firm rates.
Plate
to
would
Coal—It
seem
that
the
prolonged cold weather
would step up the demand for anthracite.
However, local
wholesalers of anthiacite coal report that business is only
fair. Since the establishment and operation of .the allocation
production
prices have been holding steady. Buck¬
tight, especially at the Tidewater docks.
According to some of the larger dealers in New York their
stocks are fair.
Other sizes of coal are moving out freely,
operators here state.
The Anthracite Emergency Com¬
mittee notified the anthracite operators in Pennsylvania
that the production for this week was fixed at 840,000 tons.
This is equivalent to thiee and one-half working days,
according to producers here. During the first week of the
program the allocation was 960,000 tons, the second week
480,000 tons and the third week 720,000 tons.
program
wheat sizes
are
£""Wool
Tops—On the 17th inst. futures closed firm at 16
points net advance.
The market's firmness was
attributed largely to commission house and speculative
buying.
There was considerable switching between months,
and liquidation of Mar. on the advance was in evidence.
Spot tops were lc. higher at $1.05 per pound.
Local closing:
Mar., 99.7; May,*98.5; July, 97.3; Oct., 96.7; Dec., 96.6
On the 19th inst. futures closed 3 to 6 points net higher.
The wool top market showed a firm undertone during most
of the session today, with sales to midday totaling ap¬
proximately 400,000 pounds of tops.
The total volume at
the end of the session was 85 lots or 425,000 pounds.
Spot
tops advanced lc. to $1.06 a pound.
Local closing: Mar.,
100.0; May, 99.0; July, 97.6; Oct., 92.1; Dec., 97.2.
On
the 20th inst. futures closed 10 to 11 points net lower.
Following firmness displayed by wool top futures in the past
two or three days, prices today turned downward on a com¬
bination of liquidation and short selling.
The decline was
held in check to some extent by scale-down trade buying.
Total transactions to noon were estimated at approximately
300,000 pounds of tops.
Prices on the New York Exchange
opened 1 to 6 points below previous finals, and at midday
recorded losses of 11 to 14 points from previous close.
Local
closing: Mar., 99.0; May, 98.0; July, 96.6; Oct., 96.2; Dec.,
to
20
96.1.
On the 21st inst. futures closed 4 to 8
Though trading
most
of
the
was
light, the undertone
session.
Transactions
points net higher.
was
totaled
steady during
65
contracts.
Spot tops were up h£c. at $1.05 a pound for the holiday. A
waiting attitude predominated in the Boston wool market
today.
Users were showing no interest in greasy combing
domestic wools except for specialty such as low % blood or
for an occasional very small quantity of some grade to piece
stocks for immediate needs.
Despite the lack of demand,
holders of territory wools were maintaining quotations at
last week's levels.
Combing % blood territory wool, which
is' currently one of the most plentiful grades of domestic
wools on this market were quoted fairly firm at 80 to 82c.,
scoured basis.
Local closing on wool tops:
March, 99.4;
May, 98.8; July, 97.3.
Today futures closed 4 to 8 points
net higher.
The market was quite active and showed a good
volume of business at the close.
well above their
Prices around
previous closing levels.
midday
were
Total sales to mid-
The Commercial & Financial Chronicle
1304
day on the New York exchange were estimated at approxi¬
mately 650,000 pounds of tops. Local closing: March, 99.8;
May, 99.2; July, 98.0; Oct., 97.7.
Silk—On
the
19th inst. futures closed
12
4^c.
to
net
higher.
Transactions totaled 152 lots.
Firmness in the
Japanese market caused sympathetic strength: in silk futures
here.
Prices were 5 to 5>£c. higher during early afternoon,
with Mar. at $2.91, May at 2.85, and July at $2.80.
Sales,
all on the No. 1 contract, totaled 740 bales to that time.
Ten bales were tendered for delivery on the Feb. No. 1 con¬
tract, bringing the total to 1,000 bales.
The price of crack
double extra silk in the uptown spot silk market advanced
10c. a pound to $.3.10.
On the Yokohama Bourse silk closed
64 to 85 yen higher.
Spot grade D silk advanced 70 yen to
1,740 yen a bale.
Local closing:
No. 1 contracts: Feb.,
2.96; March, 2.98; May, 2.89; July, 2.82; Aug., 2.76K;
Sept., 2.73.
On the 20th inst. futures closed llj^c. to
10c. net lower for No.
Sales totaled 57 lots.
1 contracts.
Declines in Japanese markets were followed in the New York
silk futures market.
Prices during early afternoon were
from 9 to 11c. lower,
with May selling at $2.78, and July at
$2.73, respectively.
Transactions to that time totaled 250
bales, all in the No. 1 contract.
Twenty bales were ten¬
dered for delivery on the Feb. contracts, making 1,020 bales
so far.
In the uptown spot market crack double extra silk
declined 5^c. to $3,043^ a pound.
Yokohama Bourse
Spot grade D silk declined
prices closed 35 to 50 yen lower.
40 yen to 1,700 yen a bale.
Local closing: No. 1 Contracts:
Mar., 2.87; Apr., 2.813^; May, 2.78; June, 2.763^; July,
2.72; Aug., 2.66; Sept., 2.62^.
No. 2 Contracts: Sales of 3
contracts were made in July, which closed 11c. off.
On the 21st inst. futures closed 2c. off to 3^c. up for the
No. 1 contract, with sales totaling only 11 lots.
Trading in
silk futures was dull, sales to early afternoon totaling only
40 bales, all in the No. 1 contract.
Prices were steady,
Sept. No. 1 selling at $2.64K, up 2c.
The price of crack
double extra silk in the New York spot market declined 3^c.
to $3 04 a pound.
The Yokohama Bourse closed 9 yen
lower to 8 yen higher, while the price of spot grade "D" silk
declined 40 yen to 1,660 yen a bale.
Local closing: No. 1
Contracts: March, 2.85; May, 2.78
June, 2.763^; July,
2.71; Sept., 2.623^.
Today futures closed 3 to 9V£c. net
lower.
Transactions totaled 113 lots.
Selling of contracts
ascribed to Japanese interests unsettled the silk futures mar¬
ket.
During early afternoon prices were as much as 6c.
lower on March, which sold at $2.79.
Other positions were
43^ to 5^c. lower. Tender of 20 bales for Feb. delivery was
made bringing the total so far this month to 1,040 bales.
Sales of contracts to early afternoon totaled 600 bales, all
on the No. 1 contract.
In the uptown spot market the price
of crack double extia silk broke 7c. to $2.97 a pound.
The
Yokohama Bourse closed 33 to 80 yen lower.
Spot grade D
silk declined 30 yen to 1,630 yen a bale.
Local closing:
Feb., 2.77; March, 2.75^; May, 2.693^; July, 2.58^;
Aug., 2.583^; Sept., 2.55^.
Feb.
comparison may be made with other years,
In order that
six seasons:
give below the totals at leading ports for
we
Houston
Orleans.
New
Mobile
4,537
8,767
10,074
""247
494
108
3~359
120
522
13,791
1*853
"2",370
66,019
86,327
Newport News
Total this wk.
"2",760
22
509
64,035
45,509
"2',209
21,337
...
All others
1,674
463
1,148
1,092
122,734
_
22
"Y.ooo
Norfolk
_
291
""581
19
Charleston—
19,440
1.096
940
"
______
Wilmington
8,371
9,890
15,199
16,548
24,288
2,594
1,438
25,169
2,936
1,365
845
649
982
286
1,560
Savannah
Brunswick
1934-35
1935-36
11,349
25,115
15,411
39,144
3,257
34,392
35,019
47,682
2.340
Galveston.—
1936-37
1937-38
1938-39
1939-40
Receipts at—
1940
24,
Since Aug. 1__ 5.980,785 3,055.898 6,392,456 5,524,770 5,992,290 3,641,491
X11K3
CA|;U1 I/O J-V^JL
VJJU1XJ5
t
~
of which 19,089 were to Great Britain, 9,512
France, 8,192 to Italy, 12,680 to Japan. 20,042 to China,
and 22,030 to other destinations.
In the corresponding
week last year total exports were 53,701 bales.
For the
season to date aggregate exports have been 4,553,059 bales,
against 2,417,976 bales in the same period of the previous
of 91,545 bales,
to
Below
season.
week.
the exports for the
are
Exported to—
Week Ended
Feb. 23, 1940
Ger¬
Great
Exports from—
France
Britain
Other
1,500
6,865
10,991
"566
12,680
20,042
7,509
12,992
44,646
1,653
Total
31,088
27,240
23,666
7",551
8,192
1,133
9",837
8*379
Houston
New Orleans.
5,315
4,274
7,752
Galveston...
3,368
12,020
5,110
4,900
China
Japan
Italy
many
550
Mobile
8,051
1,500
1,500
New York...
19,089
9,512
Total
1939..
6,012
1,625
Total
1938 i.
41,222
10,734
Total.
9,487
6,808
10,463
5,498
22,030
Exported to—
From
Aug. 1,1939
Ger¬
Great
Feb. 23, 1940
Exports from— Britain
Galveston—
Corpus Christi
-
286 101,581
-
8,257 150,008
18,329
10,242
4,334
....
Other
China
Japan
Italy
many
312,017 109,968
401,795 110,707
71,308 27,424
8,496
6,861
—
Houston
Brownsville
France
'
Beaumont
.
-
J
.
mi
522",676 325",264
16,290
.
Lake Charles
8,169 131,384
1,135
491
48,633
New Orleans
4,339
.
Mobile-
211
6,182
Pensacola, &c.
Savannah
-
.
42,314
-
-
-
"486
26,235
6,773
9,162
1,825
Gulfport
7,834
Charleston
-
-
New York...
-
.
-
-
.
-
.
.
6,871
.
.
Francisco
-
.
214
....
33,456 406,541
358,124 346,284
Total 1937-38 1345,557 671,311
350,019 225,666
698,308 382,714
—
Total 1938-39
6,773
17,647
284
1,050
■
8,118
7,950
4,605
17,392
17,447
58,229
4,755
271,101
774
1,117
31,023
10
....
....
146,329
19,354
—
1540,097 606,144
Total—
27,810
5,389
10
"266
—
811
....
....
199
.....
---.
64,611
....
.
..
—
6,453
100
....
....
-
.
....
....
9,778
—
.
-
-
"166
41,811
Los Angeles..
-
1,271
.
50
Seattle..
.
.
-
8,193
Boston
San
—
50
196
8,837
11,170
1,704
1,575
Norfolk.
86,208
....
....
....
-
601
10,510
....
....
"75
185
50,975 183,058 1303,467
30,329
8,234
71,941
4,179
19,494
2,631
>
■
550
Jacksonville..
Wilmington
185
....
.
Total
168,040 45,169 356,362 1093,423
194,880 173,977 315,571 1355,195
10,390 25,452 199,826
36,681
27,922
3,922
4,309
677,427 318,079 971,315 4553,059
52,590 492,337 2417,976
51,564 786,323 4282,456
592,956
346,679
In addition to above exports, our
COTTON
Friday Night, Feb. 23, 1940
The Movement of the Crop, as indicated by our tele¬
grams from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 122,734
bales, against 177,019 bales last week and 168,635 bales the
previous week, making the total receipts since Aug. 1, 1939,
5,980,785 bales, against 3,055,898 bales for the same period
of 1938-39, showing an increase since Aug. 1, 1939, of
telegrams tonight also
the following amounts of cotton on shipboard, not
cleared, at the ports named:
give
us
On
Shipboard Not Cleared for—
Feb. 23 at—
Ger¬
Britain
Galveston
3,500
13,235
54,904
Houston
New
Orleans.
France
_
Other
Foreign
Leaving
Coast¬
many
Great
wise
2,400
11,233
_
—-
Stock
Total
718,302
681,802
731,199
124,800
31,675
89,309
25,691
238.580
41,000
5,000
18,200
25,225
13,780
14,300
40.860
79,917
Savannah---..
Charleston
2,924,887 bales.
f.boo
l",666
Mobile
Receipts at—
Sat.
Mon.
Wed.
Tues.
Norfolk
Total
Fri.
Thurs.
Other
Galveston
6,759
Houston
5,967
Corpus Christi..
1,459
2,476
534
9,949
14.747
9,635
3,931
4,179
60
576
678
906
107
334
127
122
2
.
8,105
.
120
870
—
5,124
34,392
35,019
Lake Charles
8
•
Wilmington
Total
1939—
71,639
5,471
Total
1938-
16,326
179
247
186
Norfolk
141
167
494
20,987
28,804
Baltimore
990
Totals this week.
32.485
14,721
4,465
990
21,272 122.734
The
.
ately active,
within
a
be
Stock
This
Week
Since Aug
11939
This
Week
Since Aug
1 1938
1940
1939
for
Brownsville
Houston
Corpus Christi___
Beaumont
New Orleans
Mobile
Pensacola &
G'p't
Jacksonville
Savannah.
Charleston
Lake Charles
Wilmington
Norfolk
New York
Boston
Baltimore
Totals
x
34,392 1,524,655
41,153
35,619 1,769,754
8
177,894
66,515
47,682 2,039,459
2,340
135,875
44,253
1,795
1,560
58,415
38,426
45,911
247
7,941
494
13,897
3,257
4?537
108
250
982
286
19
18
22
759,302
722,662
45,238
95,317
811,116
89,309
75,394
1,589
124,800
32,675
5,403
10,753
25,691
2,500
1,236
1,150
21,33713,055,898 2,804,135
Receipts included in Corpus Christi.
15,896
8,767
14,842
122,734 5,980,785
947,634
283,144
16,678
710,666
50,375
9,965
1,872
31,318
15,645
38,623
10,670
12,559
3,091
....
990
910,853
z
665,264
763,776
54,243
31,801
630,155
63,764
z4,856
1,813
149,535
35,292
7,062
16,521
28,889
100
1,842
1,250
2,456,163
Gulfport not included.
was
moder¬
confined generally
where
a
Senate subcommittee
export subsidy program in the coming
an
well
as
trading
after
concerning the fate of parity funds.
prices closed unchanged to 4 points up.
Opening quotations
with
Galveston
delivery
Traders appear to be awaiting de¬
range.
On the 17th inst.
Receipts to
future
Uncertainties continue as to whether funds will
allocated
crop year as
Feb. 23
for
with prices irregular and
narrow
ply bill.
with last year:
1938-39
cotton
59,255
35,372
conducting hearings on the Agriculture Department sup¬
following table shows the week's total receipts, the
total since Aug. 1, 1939, and the stocks tonight, compared
1939-40
4,897
5,781
velopments at Washington,
is
6,000 162,777 2,641,358
79,730 2,376,433
5.371
9.428
75,182 2,972,539
57,205
27,933
4,736
8.275
Speculation in
2
68
.
ports.
Total 1940.
47,682
2,340
1,560
8
7,085
New Orleans
Mobile
Savannah
6,939
9,889
14,111
6,204
91,545
14,423 53,701
13,073 132,444
were
1 point lower to 3 points higher,
Volume of business picked
rather quiet.
up
the
opening.
Part of the activity consisted of ex¬
changing from March to later deliveries at slightly narrower
differences as traders evened up the March position before
first
notice
centers
a
very
tiles.
been
day
on
indicated
Feb.
that
27.
Reports
sales for the
from
week
small percentage of the week's mill
While there
sold
at
new
cotton
had
goods
represented
output of tex¬
reports that some print cloths had
lows for the movement, mills were in¬
were
clined to hold quotations steady in view of the firmer tone
of the cotton futures market.
with Bombay
fractional
son
were
Foreign markets were lower,
turning easier at the night session following
afternoon declines.
Heaviest
snows
of
the
reported in western Texas and Oklahoma.
sea¬
The
precipitation was considered helpful in supplying an accu-
Volume
mulated
The Commercial & Financial Chronicle
150
On
Old Contract—Basis
deficiency in moisture in that
area.
Today's spot
18,319 bales, compared with 4.009 bales
on
the same day last year.
Spot quotations for the day
were unchanged to 5 points higher.
cotton
sales totaled
the 19th
inst.
prices closed 7 to 8 points net higher.
The opening range was 3 to 4 points' off, with the market
selling off to net losses of 7 to 10 points during the morning
session
a
result of some selling from Liverpool and
The Bombay market was closed in observance
of a holiday, but possibly as much as 5,000 bales were sold
through brokers here with Bombay connections during the
morning.
Liverpool premiums over New York narrowed
approximately $1 a bale from last Friday as that market
deliveries
on
contract
inch staple
Bombay selling and hedging against outside
March liquidation at Liverpool is having a more
pronounced effect on the near month there than is the
growths.
10 markets
cotton at the
York, where trade calling is counterbalancing
spot house selling.
March
ary,
From the widest premium of last Janu¬
Liverpool have narrowed by 173
the New York March, whereas Octo¬
contracts at
American points over
ber
contracts
October
there
New
have
York.
narrowed
Southern
by
104
markets
spot
over
today
were
to 5 points lower, with middling quotations
ranging from 10.33c. up to 11.06c.
Sales of spots totaled
17,568 bales for the day, compared with 3,229 a year ago.
On the 20th inst.
prices closed unchanged to 3 points net
Buying of near months
in
the
cotton
market
to
fix
prices held futures steady in quiet trading this after¬
noon.
Quotations were unchanged to 1 point net lower.
On the opening the market was under the pressure of for¬
selling.
Both Bombay and Liverpool were reported
sellers, Bombay in particular offering all of the active
eign
as
months from
have
to
March to December.
been
similar
was
been
result
a
Liverpool
of
Fair
in
the
Liverpool
market
partly
pressure,
3 to 6 points lower.
continued
to move
in
a
After
the opening
trading range.
narrow
steady.
Southern spot cotton markets
Sales yesterday totaled 17,568 bales,
compared with 18,319 bales the previous day and only 3,229
bales on the corresponding date of last
year.
Average price
of middling cotton in 10 designated spot markets was 10.70c.
and Up
.72
.?5
on
.44 on
on
.58
on
.64 on
on
.58
on
.67 on
.30
on
.38
on
.48
on
.53
on
.59
.52
on
.61 on
.24
on
.32
on
.42
on
.48 on
.53 on
.29
on
.40 on
.49
on
.11
on
.19 on
.29
on
.34
.40
.20
St
Mid
Mid
St
on
Basis
.11
on
.53
on
on
on
Mid
on
.18 off
.10 off
Basis
.06 on
.12 on
.44 off
.35 off
.27 off
.62 off
.55 off
.46 off
.41 off
.35 off
.97 off
Low Mid
Low
.87 off
.81 off 1.14 off 1.07 off
.98 off
.95 off
.90 off
on
Good Ord.. 1.47 off 1.39 off 1.35 off 1.64 off 1.60 off 1.52 off 1.50 off 1.46 off
•Good
Ord
2.05 off 1.95 off 1.92 off 2.18 off 2.15 off 2.07 off 2.05 off 2.02 off
Extra
White—
.42 on
.52 on
.61 on
.24
on
.32
on
.42
on
.48 on
.53 on
8t. Mid
.29
.40 on
.49 on
.11
on
.19
on
.29
on
.34
.40
.20
on
on
on
Mid
Even
.11
on
.18 off
.10 off
Even
.06 on
.12 on
.44 off
.35 off
.27 off
.62 off
.55 off
.46 off
.41 off
.35 off
Low Mid
.97 off
.87 off
.81 off 1.14 off 1.07 off
.98 off
.95 off
.90 off
•St. Good Ord_.
•Good Ord
on
1.47 off 1.39 off 1.35 off 1.64 off 1.60 off 1.52 off 1.50 off 1.46 off
2.05 off 1.95 off 1.92 off 2.18 off 2.15 ofl 2.07 Off 2.05 off 2.02 off
Spotted—
Good Mid
.08
.18
on
.25
on
.10 off
.01 off
.07
St. Mid...
.06 off
.05
on
.12
on
.24 off
.15 off
.06 off
Mid
.59 off
.48 off
on
on
.13
.18
on
.05
on
Even
on
.40 off a.76 off a.68 off a.59 off a.54 off a.48 off
Low Mid... 1.20 off 1.12 off 1.06 off 1.37 off 1.33 off 1.24 off 1.22 off 1.17 off
•Low Mid
1.85 off 1.80 off 1.78 off 2.03 off 2.01 off 1.95 off 1.93 off 1.91 off
•St
Tinged—
.47 off
Good Mid
.39 off
.33 off *.64 off *.60 off *.52 off *.48 off *.43 off
8t. Mid
.67 oif
.60 off
.53 off *.85 off *.81 off *.73 off *.70 off *.64 off
1.23 off 1.19 off 1.17 off 1.40 off 1.38 off 1.33 off 1.32 off 1.30 off
•St Low Mid... 1.79 off 1.77 off 1.77 off 1.95 off 1.94 off 1.91 off 1.91 off 1.91 off
♦Low Mid
2.27 off 2.26 off 2.26 off 2.44 off 2.44 off 2.44 off 2.44 off 2.44 off
♦Mid
Yellow StainedGood Mid
.98 off
.91 off
.85 off *1.16off *1.13 off *1.04off *1.01 off *.96 off
1.34 off 1.32 off 1.30 off 1.51 off 1.50 off 1.48 Off 1.47 off 1.46 off
1.82 off 1.82 off 1.82 off 2.00 off 2.00 off 1.99 off 1.99 off 1.99 off
♦St. Mid
Gray—
.58 off
St. Mid
.50 off
.41 off *.75 off,*.71 off *.63 off *.59 off
*.52 off
.72 off
.64 off
.89 off i .86 off
.56 off
.77 off
.66 off
.73 off
1.22 off 1.16 off 1.12 off 1.40 off 11.36 off 1.30 off 1.27 off 1.25 off
•Mid
Not deliverable
on
future
contract,
a
Middling spotted shaU
a
type for such grade.
only when and If the Secretary establishes
Futures—The
be tenderable
highest, lowest and closing prices at New
York for the past week have been as follows:
was
Saturday
Mar
Bombay fluctuations held within
a
nar¬
fluctuations today held within the ex¬
tremely narrow range of 2 to 4 points.
Littte attention
was given to outside influences as
trading interest centered
Feb. 20
Wednesday
Feb. 21
Thursday
Friday
Feb. 22
Feb. 23
(1940)
(old)
11.03-11.08
Closing. 11.03
Apr.
Local
Tuesday
Feb. 19
Range._ 11.02-11.04 10.96-11.04 10.99-11.05 11.01 11.05
previous closing levels.
Liverpool cables were about steady,
although they failed to reflect the late recovery of New
Tuesday.
Monday
Feb. 17
Mar.
range.
1
Good Mid
On the 21st inst. prices closed 2 points off to 1
point up.
Opening quotations were within 2 points either way of the
on
Inch
on
•
today.
and
Partly
because
9 to 14 points lower than due, the
foreign
were
was
undertone
York
1 In.
Inch
.42
continue fairly active.
row
31-32
Inch
.48
Mid
Good Mid
that
cables
opening here
The
.64 on
15-16
Inch
Up
Good
♦Mid
sellers
market
.53
and
29-32
White—
Mid.
New
between
as
Inch
A
St. Good Mid..
further
in
straddle
have
the
That selling is believed
liquidation of a large straddle
York and Bombay.
Apparently a
operation between Bombay and Liverpool
undertaken, for Bombay brokers' were reported to
position
Inch
15-16-incb
New Contract
1 In.
15-16
over
Feb. 21.
on
Old Contract
A
J^-inch and 29-32-
premiums
St. Low Mid
points
unchanged
higher.
average
•St.
in New
case
and staple premiums
,
and 75% of the
as
under
Middling 15-16 inch, established for
on
and discounts represent full discount for
Bombay.
eased
1305
11.03
11.04-11.05 11.03-11.04
11.07-11.08
11.16-11.16
11.26-11.26
11.17ft
11.18ft
11.17ft
11.26
10.90ft
10.90ft
10.90ft
10.94ft
(new)
Range
_
.
Closing. 11.17ft
(old)
Range..
10.90«
Closing
Apr. (new)
.
Range.
_
11.04 n
11.03ft
11.03ft
11.03ft
Closing
(old)
Range.- 10.76-10.80 10.69-10.78 10.71-10.78 10.75 10.79
10.77 —
10.77
10.7/ —
Closing. 10.78 —
11.11ft
.
May
largely in the evening-up of March contracts.
About the
only pressure came early in the session, when brokers with
Bombay connections were sellers of several thousand bales.
May
Otherwise trade demand in the form of
10.78-10.84
June
months
was
about
offset
was
some
There
tion.
although
such
Southern
near
by continued spot house liquida¬
selling
transactions
spot markets
price-fixing in
against
cotton
believed
were
to
equities,
be
small.
unchanged to 2 points higher.
Middling quotations ranged from 10.33c. up to 11.07c., and
averaged 10.70c. at the 10 designated spot markets.
Sales
for the day totaled
were
14,703 bales, against
holiday
a
a
year
ago.
futures
edged
closed
up
to
4
to
new
of
were
March
1
to
5
contracts.
points
9
points
net
high ground
under trade buying and short
for
the
Cotton
movement
covering, which absorbed
Prices
higher.
higher.
The
during
early
opening
was
sell¬
afternoon
unchanged
3
to
Range.. 10.90-10.90 10.86-10.86 10.85-10.90
10.90ft
10.89
10.58 n
10.56ft
Closing. 10.72 n
10.70 ft
Closing. 10.92n
(old)
10.96 lu.97
10.90ft
10.96 10.97
10.56«
10.56ft
10.62«
10.69ft
10.70ft
—
Range..
Closing
June
_
(new)
Range
July
.
.
10.75ft
HOLIDAY
(old)
Range.. 10.38-10.40 10.28-10.37 10.30-10.37 10.35 10.38
Closing
July
10.38
_
—
10.36
10.36
10.36
—
—
10.38-10.44
10.42
(new)
Range..
10.43-10.49
Closing. 10.53ft
10.50ft
10.40ft
10.52-10.52
10.55-10.60
10.50ft
10.51ft
10.55-10.56
10.40ft
10.41ft
10.45ft
JO.06 ft
10.06n
Aug.—
Today prices
ing
10.82-10.83
—
(new)
points higher.
Steadiness was due to firm foreign
markets.
Liverpool came 10 to 11 points higher than due.
Bombay also was higher.
Rumors were current in the
latter market that the mill strike in India
Range
._
Closing. 10.43ft
Sept.—
Range..
Closing
10.06ft
10.08ft
.
10.10ft
Oct.—
Range..
9.74- 9.76
9.66-
Closing
9.74
9.73
9.73
—
9.68- 9.74
9.71
9.73
9.71
—
9.74
—
9.74- 9.79
9.75- 9.76
Nov.—
Range..
9.69ft
9.67 ft
9.67w
9.54- 9.63
9.55- 9.62
9.60-
9.64
9.62
9.61
9.70w
9.b5 ft
9.63- 9.64
Closing.
Dec.—
might be settled.
Range..
Selling dried up, apparently due to a diminished volume of
arrivals in up-country districts and
consequently less hedge
Jan.(1941)
Bombay receipts of cotton since Sept. 1 totaled
1,420,748 bales against 1,308,097 bales a year ago.
Stocks
at Bombay, 933,356 bales, compared with
940,850 a year
ago.
No spot sales were reported yesterday, because of
pressure.
Closing
.
—
Range..
Closing
9.62
9.60
9.57-
9.61- 9.62
.
—
9.58 ft
9.57ft
9.62
—
9.60
9.62- 9.67
9.65
9.59- 9.64
9.61
9.57ft
Feb.—
Range..
Closing
n
.
Nominal.
the
holiday, sales on Wednesday amounting to 14,402 bales,
with 13,247 bales the previous day.
Average
price of middling at the 10 designated spot markets was
Range for futuie prices at New York for the week
compared
ended
10.70c.
The
official
quotation for middling upland cotton in the
day for the past week has bee- :
New York market each
Sat.
Mon.
Tueg.
Middling upland V* (nominal)
11.18
Middling upland 15-16 (nom'l).l 1.38
11.18
11.38
11.19
Feb. 17 to Feb. 23—
__
11.39
Wed.
11.18
11.38
Thurs.
1940—
Mar.—Old
Fri.
Hoi.
11.22
Hoi.
11.42
Range Since Beginning of Option
Range for Week
Option for—
-
Mar.—New
10.96
Feb.
19 11.08
Feb. 23
11.16
Feb.
21 11.26
Feb.
23
Apr.—New.
Apr.—Old.
10.69 Feb. 19 10.84 Feb. 23
May—Old
May—New. 10.85 Feb. 20 10.97 Feb. 23
Staple—The
table below gives the premiums and discounts for grade and
staple in relation to the base grade.
Premiums and discounts
for grades and staples are the average quotations of 10
markets designated by the Secretary of Agriculture.
Old Contract—Basis
liveries
on
contract
Middling J^-inch, established for de¬
and staple premiums
on
,
represent 60% of the average premiums
at the 10 markets on Feb. 21.
over
J^-inch
cotton
13 1939
May 17 1939 10.92 Jan.
1 1939 11.07 Jan.
3 1940
13 1939
-
.
Premiums and Discounts for Grade and
7.36 Apr. 20 1939 11.28 Dec
8.19 Aug. 28 1939 11.46 Dec.
J..
June—Old
7.64
8.06 Sept.
3 1940
.
June—New.
July—Old.. 10.28 Feb. 19 10.44 Feb. 23
July—New. 10.43 Feb. 19 10.60 Feb. 23
Aug.......
Sept.
7.90 Sept.
8.08 Aug.
1 1939 10.60 Jan.
1 1939 10.82 Jan.
31 1939 9.54 Dec.
Feb.
19
9.79
Feb. 23
8*25
Nov
1 1939 10.14 Jan.
9.54 Feb.
19
9.67
Feb. 23
9.28
Jan.
29 1940 10.07 Jan.
9.57 Feb.
21
9.64
Feb. 23
9.07
Jan.
23 1940
9.66
Oct
7.63
3 1940
3 1940
7 1939
3 1940
Nov.......
Dec
...
31940
1941—
Jan
Feb.i
9.69 Jan.
20 1940
the United States Depaitment
of Agriculture makes public each day the vomms or 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 bales of 500 lb. gross weight.
Exchange Administration of
Open
19 Feb.
17 Feb.
16 Feb.
Feb.
New York
21 Feb.
20 Feb.
New York
Commodity
Future Delivery—The
Volume of Sales for
22
Feb.
Chronicle
The Commercial & Financial
1306
1940
24,
Quotations for 32 Years
quotations for middling upland at New York on
23 for each of the past 32 years have been as follows:
The
Feb.
1940
1939
...
...
..11.22c.
7.05c.
11.35c.
1931
1930
9.31c.
1938
...
1937
...
..13.20c.
1929
1936
...
..11.25c.
1928
..
1935
—
..12.55c.
...
..12.40c.
1926
...
6.15c.
1925
..
Contracts
30.10c.
29.75c.
1915
1922
1914
1919
18.50c.
12.55c.
39.35c.
25.90c.
1918,
32.15c.
1917
16.45c.
1921
1920
--
Market and Sales at New
Feb. 22
11.30c
8.35c
1916
1923
20.25c.
19.70c.
14.20c.
20.35c.
24.80c.
1927
1934
1933
1924
14.90c.
1932
8.90c.
—
13.00c
1913
12.50c
1912
10.40c
1911
1910
14.10c
14.40c
1909
9.65c
York
the spot each day during the
The total 3ales of cotton on
1940—
16,100
15,300
16,400
ll'.OOO 2l",800
18",000
20,700
For the convenience
market for spot
9,900
16,600
March—Old—
100
New
23JOO
May—Old
300
100
100
1,400
16,200
7,100
17,100
15,700
15",400
10"600
4*.600
4,200
5",000
6",700
New
July—Old—
2NT©W
m,
•
week at New York are
500
indicated in the following statement.
of the reader we also show how the
and futures closed on the same days:
100
4m rnrnrntm*
October—Old
New
December—Old—
"600
400
New
"800
3,200
2,500
1941—
300
300
Saturday
Monday
Tuesday
Inactive months—
August, 1940
58,600
62,300
33,900
67,800
Total all futures
'200
Wednesday
200
600
January
300
Holi day
Thursday
Friday
60,400
New
Old
New
Old
New
Old
Total
Contract
Spot
HOLI DAY
"200
300
Holi day
Holi day
500
500
1,300
78,836
1,300
1,200 110,436
•
Open
Feb.
New Orleans
16 Feb.
15 Feb.
14 Feb.
■
Contracts
20
19 Feb.
17 Feb.
Total week
—
Since Aug. 1
31",600
Futures Market Closed
Spot Market Closed
1940—
2,700
3,150
1,650
March—Old
1,950
5",350
3", 150
3,750
1~950
New
Old
35,300
3,700
2,600
1:266
Feb. 20
'1>3
250
New
3* 900
3",050
5,950
3",350
May—Old
2"l50
2",800
5",550
2",400
New
July—Old
122,350
1,500
88,050
4,000
New
October—Old
l"450
l"850
"660
300
l'eoo
New
100
50
December
650
"450
60",550
50
.
50
Saturday.
Monday
Tuesday
Wednesday.
Thursday
Friday
.
Nominal.
Nominal.
...
Steady
Steady
Steady
Steady
Steady.
Steady.
Steady.
Steady-
Nominal.
Nominal.
Holi day
Steady
Steady.
13,200
Nominal.
Overland Movement for the Week and
Since Aug. 1—
1941—
January
::::
loo
March
10,750'
10,600
Total all futures
cotton statistics are not
12,400
327,700
9,300
permitted to be sent from abroad,
therefore obliged
are
7,200
16,150
Supply of Cotton-—Due to war conditions,
The Visible
We
1,000
1,500
table of the
to omit our usual
supply of cotton and can give only the stock at
Bombay and Alexandria and the spot prices at Liverpool.
visible
950,000
425,000
1,006,000
387,000
8.04d.
Middling uplands, Liverpool
1938
1937
873,000 1,055,000
366,000
384,000
1939
1940
Feb. 23—
Stock in Bombay, India
Stock in Alexandria, Egypt
5.18d.
5.21d.
4.41d.
~5.77d"
5.53d.
7.27d.
8.54d.
6.46d.
9.13d.
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
122,825
4,525
125,021
2,364
3,443
6,315
5,919
111,210
452,531
34,687 1,118,330
7,284
3,600
Via Rock Island
200
Via Louisville
4,190
Virginia points
19,413
Via other routes, &c
18,485
819,870
990
239
14,864
5,836
250
7,002
186,828
8,618
16,207
6,344
283,387
8,231
207,528
9,067
305,938
26,456
overland
910,802
9,418
513,932
Deduct Shipments—
Overland to N. Y.f Boston, &c_
Between interior towns
4.02d.
the
movement,
Total to be deducted
the
At
Interior
Towns,
that is,
tEe
receipts for the week and since Aug. 1, tne shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year-—is set out in
detail below:
Movement to Feb.
Movement to Feb. 24, 1939
23, 1940
199
5.79d
4.53d.
7.19d.
Aug. 1
4,202
Via Mounds, &c
Total gross
Week
240,211
197,375
8,623
5,879
114,044
552,198
Via St. Louis
Via
Since
Since
Aug. 1
Week
Shipped—
Inland, &c., from South
__
1938-39-
1939-40
Feb. 23—
7.4Id.
3.97d.
11.58d.
Egypt, good Giza, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
O. P. Oomra No. 1 staple, super¬
fine, Liverpool
below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
We give
Leaving total net overland *
*
Including movement by rail to Canada.
net overland movement
The
foregoing shows the week's
has been 26,456 bales,
the week last year, and that for
aggregate net overland exhibits an
this
against 9,418 bales for
the season to date the
increase over a year ago
year
of 396,870 bales.
Ship¬
Week
Season
1,6261
Ala., Blrm'am
Eufaula
181
Montgom'y
339
Selma
141
23
Receipts
Week
Season
Stocks
Feb.
Week
24
43,109
2,211
27,321
170
68.404
615
15,903
53,379
240
1,011
9,027
72,627
46
1*774
8,942
85,514
385
77,886
54,917
27,279
166,909
30,537
737
62,164
34
12,579
85,338
43,635
2,358
160,749
150
131,012
1,364
165,098
1,942
45,214
52,051
66,070
536
49,491
74
38,944
59,956
35
81
67
40,537
1,085
9,134
665
37,661
32,742
18
667
512
Ark.,Blythev.
Forest City
86
Helena
Hope
Jonesboro..
861
97,365
2,552
1,861
37,999
129,616
3,770
88,655
Walnut Rge
110
39,233
325
62,508
14,275
1,904
Ga., Albany..
550
"91
144,215
38,3.33
1,586
16,023
Rock
Little
Newport
Pine
Ship¬
ments
Feb.
Week
Receipts
Stocks
ments
Towns
Bluff.
437
57
39,389
630
44,786
409
Atlanta
3,671
104,431
4,085
Augusta
3,016
127,260
4,510
2,460
Columbus..
600
10,700
700
118,789
134,843
31,200
Macon
114
35,457
615
32,630
259
100
38,238
79
Athens
40
Rome
16,248
1,374
400
36
La., Shrevep't
300
107,364
300
68,002
64
Miss., Clarksd
1,041
151,545
2,642
65,099
916
38,822
19,310
102,675
39,855
131,845
48,623
12,802
31,276
104,834
105,010
8,100
26,504
16,649
85,615
125,054
_
1,275
57,591
127
35,641
138,306
40,232
1,581
1,973
3,079
2,154
344
Came into sight during
Total in sight Feb. 23
North, spinn's* takings to
*
Movement into
151,542
33,800
35,379
32,861
85,187
63,796
40,926
106,068
39,939
16,238
1,273
25
747
2,599
18,316
753
26,645
786
4,700
37,161
96,039
379
225,129
765
192,080
4,201
32,428
1,532
19,976
296
31,974
801
7,257
93
16,602
4
1,113
20,212
56
7,539
27,766
~416
45,170
385
49,266
123,072
4,202
337,774
2,172
2,256
73,174
28,307 1708,123
27
21,973
35,501
812,376
7
1936—Feb. 28
-
are
Southern
13,534
47,709
863
46,041
6
7,284
243,639
7,284
5,763
4,262
360
3,577
27
1,746
175
4,562
*.
2,621
313,556
9,080
2,014
94,073
1,870
248,007
77,449
224
S. C., Gr'ville
the
1,457
33,414 2781,967
29
26,840
50,077
8
Dallas
1
2,308
15,317
15
50
2,045
31
14,430
59
45,258
889
35,000
70
43,678
618
43,082
73,670
27
63,107
148
43,536
6,471
236
952
1,299
28,593
4
614
1,613
93
3,922
36,174
14
1,190
28,628
130
100
55,457
100
15,182
43
.
33
San Marcos
cotton
markets
for
each
day
at
of the
Closing Quotations for Middling Cotton on—
Week Ended
Saturday
-
-
13,271
27,248
53,976
16
290
2,626
35,741
68
23,452
Tuesday
Monday
Wednesday
Thursday
Friday
Feb. 23
U
15-16
H
15-16
14
15-16
14
15-16
a
In.
In.
In.
In.
In.
In.
In.
In.
In.
3,289
6,518
Paris
Robstown.
Bales
12,652,435
11,854,254
.11,313,054
week:
4,600
15,513
314
.
7,392
12
748
_
years:
closing quotations for middling cotton
principal
Oklahoma—
Brenham
880,506
Quotations for Middling Cotton at Other Markets—
Below
283,008
70,229
Yazoo City.
Mo., St. Louis
N.G., Gr'boro
Austin
8,765,625
25,516
Bales
Since Aug. 1170,735 1937
159,640 1936
169,072 1935
3,579
26,576
795,324
10,471
1,102,050
3,511
25
4
485
35,643
sight in previous
1938—Feb. 25
1937—Feb. 26
22,367
VIckaburg..
Texas, Abilene
124,133
12,466",630
Feb. 23.
Week—
600
73
Tenn., Mem's
432,515
919,610
week.. 237,386
41,554
123,875
708
15 towns
7,147,830
1,185,280
Decrease.
320
1,366
m
160,755
*36,622
mill
3,658
Columbus..
Natchez
over
Southern
3,704
Greenwood.
Jackson
125,290
41,692
17,516
4,240,000
3,055,898
513,932
3,578,000
5,980,785
910,802
takings
consumption to Feb. 1
of
Aug. 1
21,337
9,418
130,000
289,190 11,131,587
415,433
*51,804
marketed...
Interior stocks in excess
Excess
Since
Week
Aug. 1
Week
Takings
Total
1938-39
Since
and Spinners'
Receipts at ports to Feb. 23
122,734
Net overland to Feb. 23
26,456
South'n consumption to Feb. 23__ 140,000
48,269
42
1939-40
In Sight
In
y%
15-16
In.
In.
10.74 10.94
10.92 10.72 10.92 10.74
Holi day
Holi day
Mobile
10.83
10.92 10.82 10.92 10.82
Holi day
Savannah
10.88
11.02 10.87 11.02 10.87
Holi day
10.92 11.07
Norfolk
10.95 11.10
Galveston
10.70
New Orleans. 10.74
10.89 10.69 10.89 10.69
15-16
10.80 11.00
10.87 10.97
Waco
Tot., 56 towns
♦
64,624 5452,329 116,428 2845,482
Includes the combined totals of
The
above
totals
43,254 4171,142
79.876 3138,203
that
the
interior
11.05 10.90 11.05 10.90
Holi day
10.70 10.60 10.70 10.60
Holi day
10.65 10.75
11.08
11.22 11.07 11.22 11.07
Holi day
11.12 11.27
Memphis
10.55
10.75 10.55 10.75 10.55
10.78
stocks
have
10.98 10.78 10.98 10.78
Holi day
10.83 11.03
10.65 10.45 10.65 10.45
Holi day
10.50 10.70
10.34
10.53 10.33 10.53 10.33
Holi day
10.37 10.57
Dallas
decreased
during the week 51,804 bales and are tonight
292,721 bales less than at the same period last year.
The
receipts of all the towns aave been 21,370 bales more than
in the
same
week last year.
'
.
10.55 10.55 10.55 10.75
Little Rock.. 10.50
15 towns in Oklahoma.
show
10.90
Houston
.
Montgomery. 10.60
Augusta
Texarkana
New Orleans Contract
for
Market—The closing quotations
leading contracts in the New Orleans cotton market for
the past week have
been
as
follows:
Volume 150
The Commercial & Financial Chronicle
1307
Rain
Saturday
Monday
Tuesday
Feb. 17
Mar
Feb. 19
Feb. 20
May
(old)
(new)
(old)
(new)
October
Thursday
Feb. 23
ll.176-.18a 11.18
11.17
11.296
11.296
11.326
11.306
10.87
10.88-10.89 10.89
11.016
11.006
11.016
11.026
10.47
10.45
10.46
10.46
10.596
10.576
10.586
10.586
Steady
Steady
Steady
Old futures
New
Steady
11.066
10.53
The
9.666-9.68a
9.616-9.63a
Quiet
Quiet.
Steady
Steady
Steady.
Steady.
Steady
Steady
Steady.
Steady.
Accepts Proposals
number
Steady.
bales
of
to
exchanged
for
the
Government
cotton
will
10 designated spot markets on Dec. 15, 1939, plus 10 points to cover costs
of the CCC,
Catalogs showing the grade, staple and location of the
low-grade cotton available for exchange may be obtained from CCC,
Washington, D. C., for $5 each.
Under the cotton exchange plan, pro¬
posals to exchange cotton of better grades and staples for short staple
low-grade cotton owned by the Corporation are submitted to the Cor¬
the 1st and 15th of each month.
Activity in the Cotton Spinning Industry for January
1940—The
Bureau
of
the
Census
announced
on
Mean
39
28
27
25
40
40
Feb.
20
that, according to preliminary figures 24,980,278 cotton
spinning spindles were in place in the United States on
Jan. 31, 1940, of which 22,872,414 were
operated at some
time during the month, compared with 22,777,936 for
December, 22,774,170 for November, 22,658,994 for October,
22,231,976 for September. 22,012,186 for August, and
22,496,544 for January, 1939.
The aggregate number of
active spindle hours reported for the month was 9,223,198,411.
Based on an activity of 80 hours per week, the
cotton spindles in the United States were operated
daring
January, 1940, at 102.6% capacity.
This percentage com¬
pares, on the same basis, with 100.7 for December, 101.3
for November, 97.9 for October, 92.5 for September, 85.1
for August, and 85.7 for January,
1939.
The average
number of active spindle hours per spindle in place for the
month was 369.
The total number of cotton spinning
spiudles in place, the number active, the number of active
spindle hours, and the average hours per spindle in place
by States, are shown in the following statement:
Feb. 24, 1939
Feet
New
Orleans
Feet
of gauge.
of gauge.
0.4
15.0
of gauge.
of gauge.
24.6
zero
zero
of gauge.
13.6
36.8
29.2
17.3
37.6
Above
zero
Memphis
Above
zero
Nashville
Above
zero
Shreveport
Vicksburg
Above
Above
4.2
4.9
Receipts from the 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
which finally reaches the market through the outports:
crop
Week
Receipts at Ports
Stocks at Interior Towns
Receipts from Plantations
End.
be
the value of the cotton has been determined.
The value
of the cotton will be determined on the basis of certified
reweights of the
warehousemen and the average grade and staple differences
quoted for the
on
54
Low
>
following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
1939
as soon as
poration
0.49
High
Feb. 23, 1940
9.806-9.81a
Exchange 66,105 Bales of
Cotton—The Commodity Credit Corporation announced
Feb. 21 that under the cotton
exchange program, it had
accepted proposals from 28 cotton firms to exchange an
equal value of high grade cotton for 66,106 bales of lowergrade Government-owned cotton.
The CCC further ex¬
plained:
known
57
53
10.656
..
CCC
1.05
Thermometer
The
10.93-10.94
Holiday
9.76- 9.77 9.746-9.75a
9.78
9.76
December. 9.626-9.64a 9.60a-9.626 9.646-9.66a 9.616-9.63a
9.576
Jan.(1941)
9.556
9.586
9.566-9.58a
Tone—
fut'es
Inches
1.77
4
3
Tennessee—Memphis..
Chattanooga
11.20
10.88n
Spot
Days
5
Friday
Feb. 22
Feb. 21
Nashville
(1940)
(old) 11.17
(new) 11.296
July
Wednesday
Rainfall
1938
1937
■
1939
1938
1937
1939
1938
1937
Nov
24. 178,607
88,143 160,560 3536,990 3524.821 2501,559 166,018
94,876 202,425
89,957 169,362 3534,867 3508.828 2254,908
77,815 165,506 3498,072 3496,222 2610,850
64,534 169,711 3449.968 3471,589 2640,423
54,236 139,333 3389,066 3448,226 2663,852
44,595 141,563 3346,020 3434,970 2658,348
73,964 213,711
65,209 230,448
39,901 199,284
od,873 162,762
31,339 147,067
Dec
1. 227,545
8.
210,127
15. 257,101
22. 240,688
29. 189,049
1940
1939
1938
1940
1939
225.422
173,332
208,997
179,786
232,095
1938
1940
1939
1938
Jan.
5.
169,951
12.
181,553
196,677
149,768
19.
26.
42,596
38,827
37,387
43,199
125,656 3265,094
121,714 3189.004
116,840 3127,764
120,588 3072,688
3400,270 2619,799
89,025
3369,048 2613,016 105,463
3329,120 2629,639 136,437
3291,719 2628,795
94,692
7,896
86,710
7,605 128,497
NU
133,463
5,798 119,744
Feb.
2. 137,632
9.
168,665
16. 177,019
23. 122,734
35,546 104,958 3016,68/
29,078 112,608 2956,982
25,681 101,785 2897,286
21,337
86,337 2845,482
3246,532 2598,040
81,531
Nil
74,203
3212,973 2675,216 108,960
3174,825 2570,224 117,323
3138,203 2543,310
70,930
NU
135,433
Nil
96,794
NU
59,413
The above statement shows:
(1) That the total receipts
from the plantations since Aug. 1, 1939, are 6,463,492
bales;
in 1938-39 they were 4,392,943 bales, and in 1937-38 were
8,174,268 bales.
(2) That, although the receipts at the
outports the past week were 122,734 bales, the actual
movement from plantations
was
70,930 bales, stock at
interior towns having decreased 51,804 bales during the week,
India Cotton Movement from All Ports—The
receipts
shipments from all India
ports for the week and for the season from Aug. 1, as cabled,
for three years, have been as follows: •
of Indian cotton at Bombay and the
1939-40
Feb. 22
1938-39
1937-38
Receipts at—
Active Spindle Hours
Spinning Spindles
Since
Week
for January
Aug. 1
Since
Week
Aug. 1
Since
Week
State
In Place
Jan. 31
United States
Active Dur¬
ing January
22,872,414
18,231,726
5,994,184
754,368
All other States
17,186,486
1,818,160
530,940
3,219,288
New England States.
1,716,728
499,614
3,001,102
632,246
2,745,618
Alabama
Connecticut
Georgia
Maine
5,067,114
618,814
683,612
Massachusetts
New York
North Carolina
Rhode Island
South Carolina
Tennessee.
Virginia
All other States.....
711,642,347
391
148,776,185
1,274,801,056
280
253
302
86,450,398
259
5,482,908
2,231,088,116
824,718
309,231,672
317
5,347,074
2,368,134,901
424
550,604
244,715,426
Brownsville..
_
Dallas
Del
El
_
89,987,093
560,784
191,294,373
Rio
172,879,849
_
San
nent
China
18?000 21*000 25*000
1937-38—
3801
Low
34,000
135,000
21,000
143,000
14?,000
809,000
a
633,000
342,000
802,000
506,000
638,000
a
112,000
265,000
217,000
175,000
133,000
360,000
406,000
329,000
all—
1938-39..
3,000
I
19,000
74,000
64,000
22,000
400,000
a
1447,000
633,000 1208,000
835,000
342,000
According to the foregoing, Bombay appears to show a
compared with last year in the week's receiptsjof
3,000 bales.
Exports from all India ports record an
increase of
10,000 bales during the week, and since Aug. 1
show an increase of 239,000 bales.
decrease
Alexandria
Mean
37
47
35
0.31
49
20
0.10
63
29
58
29
Shipments—We have only
and
25, which
not been
we present below.
As these reports have
coming in regularly, we can only publish them as
received.
46
1.19
Receipts
received the Alexandria movement for the week ended
now
Jan.
-Thermometer
High
Total
44
0.20
85
39
0.79
1.49
74
56
36
55
0.10
0.01
66
36
51
63
25.
44
29
1939-40
43
1938-39
125,000
6,276,346
Alexandria, Egypt,
Jan. 25
62
2
200,000
5,331,417
,
1937-38
Receipts (cantors)—
This week
Since Aug. 1
165,000
6,846,970
2
_
_
62
32
47
1.19
2.42
58
61
30
44
44
This
Since
This
Since
This
Since
0.25
1.86
70
34
52
Week
Aug. 1
Week
26
Aug. 1
Week
47
Aug. 1
37
9,100
110,129
97,518
413,343
13,897
1
3
2
0.08
52
27
41
0.21
56
33
45
1
3.05
56
39
48
To Liverpool
To Manchester, &c
2
0.59
63
36
50
To Continent & India
1
Orleans
29
2
Rock
Louisiana—New
1.79
2
2
__
Antonio
Oklahoma—Oklahoma City
Arkansas—Fort Smith
Little
2.48
1
__
Palestine
Port Arthur.
Rainfall
Inches
a
15,000
1939-40..
244
1
Paso
Houston
Japan &
Britain
32,000
33,000
15,000
25?000
12?000 21?000
Total
299
587,912
2
_
Conti¬
42,000
31,000
7,000
a
443
1939-40..
382
223,758
Total
4",000
1937-38-
1
_
Corpus Christi
3,000
1938-39—
295
4
_
Great
Other India-
385
1
__
_
China
6?000
1937-38..
2
__
Abilene
nent
■
1938-39..
353
985,923,162
58,051,934
108,735,143
2
Austin
Jap'n&
Bombay—
396
241,486,756
Rain
Since Aug. 1
Conti¬
Britain
1939-40..
Days
Amarillo
Great
from—
Returns by
Telegraph—Telegraphic advices to us this
evening indicate that there has been numerous light rains
in the northeast portion of the cotton belt but it has been
mostly dry elsewhere in the cotton belt.
Temperatures
have ranged from normal to below normal.
Texas—Galveston
69,000 1,171,000 119,000 1,213,000
a
303
150,704
552,220
236,802
639,224
708,336
Texas
63,000
Exports
396
7,215,705,979
1,816,500,150
190,992,282
264,366
150,704
359,628
333,524
5,840,928
975,720
5,585,420
New Hampshire
369
9,223,198,411
284,278
3,345,772
Mississippi
Bombay
Spindles in Place
For the Week
24,980,278
Cotton growing States
Average per
Total
Aug. 1
50
28
To America
Shreveport
i
Mississippi—Meridian
Vicksburg
2
1.36
0.73
53
37
39
45
Alabama—Mobile
3
3.06
59
32
46
2
0.45
52
24
0.16
56
26
42
1
0.03
70
33
52
12,300
4,400
9,950
1,200
116,393
100,210
6",900
345,690 18,150
200
33,129
69,635
80,634
340,498
10,200
27,850
595,422 25,250
500,967 27,350
38
2
Exports (bales)—
Birmingham...
Montgomery
Florida—J acksonvill e
Miami
dry
37
55
70
40
55
0.06
50
25
29
47
2
_
Charlotte
.
1.50
64
0.90
62
26
2
0.34
0.67
0.90
67
34
31
42
55
1.15
56
27
42
1
0.92
59
31
45
3
3
..
We have also received the
29
Alexandria, Egypt,
44
42
figures below for the current
week.
51
53
3
Carolina—Charleston
North Carolina—Asheville
634,887
Egyptian bales weigh about 750 lbs.
38
3
Macon
South
18",250
This statement shows that the receipts for the week ended Jan. 25 were
125,000 cantars and the foreign shipments 27,850 bales.
47
38
Note—A cantar is 99 lbs.
59
56
71
5-
Augusta
43
1.66
0.30
2.11
2
.
Atlanta
Raleigh
Wilmington
75
1
1"
Pensacola
Tampa
Georgia—Savannah
Total exports
—
1939-40
1938-39
1937-38
187,000
6,882,507
150,000
5,831,409
180,000
7,563,068
Feb. 21
-
Receipts (cantars)—
This week
Since
Aug. 1__
The Commercial &
1308
Wheat—On
This
Export (bales)—
To Liverpool
This
Since
This
Since
Aug. 1
Week
Aug. 1
Week
Aug. 1
850
127,528
113,907
468,158
18.117
614,893 20,100
727,710
6,000 251,103/ 13,750
--1
98,103
6,300
14",500
99,434
402,031
15,325
12",950
J
To Manchester, &c
To Continent &
Since
Week
394,721
34,129
7,000
India
To America
679,953 29,750
13,000
Total exports..
1,500
lb.
Egyptian bales weigh about 750 lbs.
that the receipts for the week ended Feb. 22 were
the foreign shipments 13,000 bales.
H0le—a cantar is 99
This statement shows
187.000 cantars and
Shipments in detsil:
Shipping News-
Bales
Bales
HOUSTON—
GALVESTON—
To Great Britain
Italy
To Japan
1.183
To France
3.368
5,315
To Italy
To Japan
To China
To Spain
To Denmark
To France
To Sweden
To Latvia
To South America
9,837
8,379
To Italy
To Belgium
550
4,900
To Great Britain
1,610
2
550
399
1,146
To Norway
4,225
885
-
ORLEANS—
NEW
8,313
—
10,991
To Spain
To Belgium
1,500
-
4,274
6,865
To China
To
7,752
-
NEW
YORK—
1,500
To Great Britain
MOBILE—
To Japan
500
_
91,545
Total
7,551
To China
Market—Our report received by cable to¬
Manchester
night from Manchester states that the market in both yarns
and cloths is steady.
Demand for cloth is good.
We
for previous weeks
give prices today below and leave those
of this and last year for comparison:
The aftermath of the 5c. rise just before
Friday's close proved to be a scramble of both buyers and
as
traders jockeyed for position following an un¬
early January.
sellers
Heavy selling was induced by
and reports of increased
redemption of loan wheat.
Profit-takers also were active.
On the other hand, an unusually low estimate of Argentine
wheat production, placing the crop at the smallest volume
in 24 years, stirred up more buyers, many of whom were
covering "short" sales.
The official Argentine Government
estimate placed the wheat crop at only 118,008,000 bushels,
compared with 146,960,000 bushels forecast earlier in the
season
and 336,000,000 bushels produced last year.
Many
traders thought this may have caused the sudden rush to
buy late yesterday.
Buenos Aires futures shot up 2c. at
usually sharp price change.
and
the
8% Lbs. Shirt¬
8% Lbs. Shirt¬
ings, Common
Middl'g
Twist
to Finest
Upl'ds
d.
Middl'g
to Finest
Upl'ds
32s Cop
Twist
d.
Cotton
ings, Common
Cotton
32s Cop
,
i
d.
s.
d.
d.
s.
d.
s.
s.
opening today.
On
inst.
19th
the
%c.
closed
prices
Nov.
11
9H@12
7.51
8%® 9W
9
@93
6.22
@15% 12
12
8.. 15H@16
@12
3
7.95
8%® 9%
9
@93
unsettled
in
weather
@12
6
8.19
8%@
8%@
8%@
8%@
8 10%@
15..
Nominal
Nominal
8.59
22..
Nominal
Nominal
8.78
16H@16W 12
29..
6
9
@12
8.70
@17 h
6.. ie«
6
1%
@13
9.29
Nomina)
12
3
@12
4
8.98
Nominal
12
3
@12
6
8.75
12
1X@12
4%
8.30
3..
Unquoted
12
1%@12
4%
8.29
9..
Unquoted
12
1%@12
4%
8.29
17-
Unquoted
Unquoted
12
1%@12
1%@12
4%
8.12
4%
8.04
19..
8 10% @
9%
9%
8%® 9%
8%@ 9%
8%@
8%@
8
9
10%® 9
5.24
5.25
5.30
1%
1%
6.19
6.18
23..
12
York
are
9
®
9
6.10
9%
8
9
@
9
5.13
9%
8
9
@
9
5.07
8%® 9%
8%@ 9%
8
9
@
9
5.15
tions of intensified
8
9
@
9
5.15
ing.
Statistics—Regulations due to the war
from abroad.
tables:
to that of last
Quiet
Quiet
Friday
Quiet
Quiet
12:15
P.
■
M.
Futures
pts. St'y;
2
1 pt. dec.to dec.
3 dec.
to
advance
1
to
pt. Q't but st'y Q't but st'y
8 unch. to 1 2 to 4 pts.
Barely st'y; St'y; unch. St'y; unch. Q't
pts. adv.
to 3
11 to 14 pts
M.{
pts. adv.
unch. Q't but st'y
to 2
to 2 pts.
pts.
pts.
to 2 pts.
decline
advance
decline
advance
decline
advance
pts. adv.
t
2
f
opened
Market,
1.
Q't but st'y Q't;
(
j
Liverpool for each day
are
given below:
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
Feb. 17
to
Close Noon Close Noon Close Noon Close Noon Close Noon Close
Feb. 23
New Contract
March (1940)—
d.
d.
*
bushel
a
of this gain
most
sales,
export
and
Swedish
frontier
the basis steady.
net
higher.
close,
the
however, about
result of profit-taking.
war
news
Cash
village.
Receipts
Buy¬
from
Europe,
the
were
wheat
18
cars
was
%c.
higher,
and shipping sales
Traders continued to watch war news from
Reports that Spain ds in the market for 20,000,000
Europe.
bushels of
Argentine and French wheat, and news of heavy
shipping losses the last week, including some grain, were
bullish factors.
Additional moisture was reported over the
domestic
the
belt, with
grain
some
the
in
Southwest,
and
in
spring wheat zone both sides of the Canadian border.
d.
d.
d.
d.
d.
d.
d.
d.
d.
After advanc¬
weeks, wheat
prices lost more than half of the gain today.
Forecast of
cold weather and war news stimulated buying, but this was
ing
almost
2c.
to
the
offset by selling partly
that has been
loan wheat
best
7.75
7.81
7.80
7.83
7.86
7.85
7.84
7.81
7.86
7.84
7.86
7.88
7.91
7.90
7.85
7.83
7.88
7.85
7.87
7.89
7.93
7.92
October
*
7.82
7.72
7.72
7.69
7.76
7.75
tistics indicating the war
December
*
7.67
farm
Jan. (1941)
*
-----
7.71
*
March
-
---
7.68
7.64
--
-
7.61
7.56
-
-
-
7.51
7.49
*
May
July
7.58
7.55
-
#
7.44
7.71
—
-
-
7.73
—
7.63
7.64
-
7.57
7.61
-
-
-
7.42
-
—
—
-
7.65
7.60
7.62
7.53
7.47
-
-
—
-
-
—
—
—
---
7.65
7.56
7.47
7.49
—
—
—
-
was
small lots.
7.64
7.54
Statements of Government
has produced no improvement in
exports attracted attention.
A forecast of rain turn¬
ing to snow, followed by near zero temperatures in parts
of Kansas and Missouri induced much of the buying.
Crop
7.41
7.39
7.40
in
said
experts
♦Closed.
seven
reported substantial, although selling was
experts and sta¬
7.79
7.96
-
in
associated with liquidation of grain
At some markets redemption of
7.95
7.81
levels
under loan.
7.90
that if the snowfall is
insufficient, extreme
damage to wheat.
Lower temperatures
also were predicted for other sections of winter wheat belt.
Open interest in wheat tonight was 83,062,000 bushels.
cold might do some
BREADSTUFFS
DAILY
CLOSING PRICES
Friday Night, Feb. 23, 1940.
Flour—Quite
a
pick-up in demand for flour took place
Scattered bookings of
before the grain futures markets opened
during the early part of the week.
were
made
Wednesday, and all
bakers'
and
in wheat futures late
for
the
new
of the business arranged
jobbers'
on
accounts.
The
was
sharp
for
bulge
Tuesday was responsible in large
buying.
Prices
on
all
bakery flour
advanced 5c. before the holiday following the higher
action of grain futures.
/
OF WHEAT IN NEW YORK
Man.
Tues.
Wed. Thurs. Fri.
122% 124M 125^ HOL. 125%
Sat.
-123
No. 2 red
were
l%c.
to
alarming of which was the Russian bombing raid on
♦
measure
1
wheat prices upward more
before
Just
was lost as a
*
May
smaller
to
up
today, to within fractions of the peaks
July
on
contracts
Today prices closed *4 to %c. net higher.
Prices of futures at
flour
May
closed
prices
buying swept
yesterday.
38,000 bushels.
8.04d.
8.01d.
8.00d.
7.95d.
8.10d.
CLOSED
Mld.UDl'ds
Market
Quiet
.
having stimulated buy¬
as
shot
ing was associated with reports of improved flour business,
a
Market,
warfare
movement
inst.
of
wave
reached
lc.
21st
the
2c.
than
Thursday
sea
for the day.'
On
Wednesday
Tuesday
but
5*/4 from the day's lows, and within about 3c. of
the season high established early in January.
July ad¬
vanced to $1.04*4 and September $1.05%.
Prices tumbled
2c. to 3c. from their peaks almost as quickly as tliey had
soared, but at the closing bell still were l*/4c. to 2%c. up
Canadian
Monday
Saturday
quickly lost,
as
was
up
Another
Liverpool—The tone of the Liverpool market for spots
and futures each day of the past week and the daily closing
prices of spot cotton have been as follows:
advance
Friday, but some of them pointed to indica¬
frenzied
The
$1.07,
Takings of Cotton.
Liverpool Imports, Stocks, &c.
Spot
of the
®
in Europe prohibit cotton statistics being sent
We are therefore obliged to omit the following
World's Supply and
Part
year.
prices finished with net gains ranging to as much as 2%c.
after having spent nearly all of the session drifting indif¬
ferently above and below previous closing levels.
Traders
could ascribe little reason for the upward surge, similar
9
Freights—Current rates for cotton from New
no longer quoted, as all quotations are open rates.
Foreign Cotton
minutes
9
Cotton
the wheat pit in
of trade today, skyrocketing prices 5c. a
bushel from early lows to the highest level since early in
closing
8
Feb.
1*4 to 2%c. net higher.
futures closed
inst.
Without warning a burst of buying struck
8
8%@
8%@
to
attention.
the
12
Nominal
12..
6.16
19 39
10 40
jan.
4.97
9 1%
8 10%® 9 1%
8 10%® 0
1%
8 10%®
1%
9%
9%
9%
9%
tended
buying and some apprehension over war news, which
mill
On the 20tli
3
localities
some
depress wheat.
There was more profit-taking as a result
of Friday's bulge, but this was offset by short covering and
Dec.
1.. 15
*4c. net.
producers a more favorable margin over loan rates, encour¬
aging redemption.
Prices fluctuated nervously during the
session over a range of almost 2c., having rallied from early
net losses of about lc.
to score corresponding gains at
times.
More moisture over the grain belt and forecast of
6.14
24.. 14H@15
lower to
The wheat market was considerably unsettled
today, and this was due in no small measure to marketing
of wheat that has been tied up since last summer's harvest
under Government loans.
Last week's price advance gave
higher.
helped to rally the market at times.
Buenos Aires wheat
weakness, with prices closing 3%c. lower, also attracted
d.
d.
in the Southwest
snow
continued
1938
1939
unchanged to
closed
prices
inst.
17th
the
1940
24,
l%c. off.
With trading in high gear, wheat prices fluctu¬
ated rapidly over a range of 2c. a bushel today.
At one
time wheat advanced about lc. to the highest levels since
rain
Not available.
a
Feb.
Financial Chronicle
DAILY
CLOSING
PRICES
OF
WHEAT
Sat.
FUTURES
Man.
Tues.
IN
Wed.
CHICAGO
Thurs.
Fri.
102 % 102% 104
105%
H
106
100% 100 % 102% 103%
O
104%
-100 % 100% 102 % 103%
L
104
Season's High and When Made
I
Season's Low and When Made
May
109 W
Dec. 19. 1939 May
63%
July 24.1939
July
107 %
Dec. 19. 19391 July
17%
Oct.
9.1939
September
105^1 Feb. 20, 19401 September
92%
Feb.
1.1940
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG
May
July
September-
Sat.
May
July
October
88%
89 %
90%
Man.
88
89
90 %
Tues.
89
90
91%
Wed.
89%
90 %
92 X
Thurs.
90%
91 %
91%
Fri.
90
91%
92%
Volume
The Commercial & Financial Chronicle
150
Corn—On the
17tli
inst.
prices closed unchanged to 14 c.
higher.
Corn showed fractional gains on all deliveries, but
later most of these gains were lost.
Shippers sold only
35,000
from
On
bushels,
but
the country.
10th inst.
advanced
132,000
bushels
to
here
come
Hedging of this weakened the market.
the
Corn
booked
prices closed
with
wheat
at
%c. lower to
times,
but
%c.
higher.
Closing quotations
FLOUR
Spring pat. high protein..6.45@6.65 Rye flour patents
i
5.30@5.45
Spring patents
6.35@6.55 Seminola, bbl., Nos. 1.3-_7.25@7.55
Clears, first spring
5.45@5.65 Oats good
3.10
Hard winter straights
Corn flour
_-6.55@6.75
2.05
Hard winter patents
6.75@6.95 Barley goods—
Hard winter clears
failed
to reflect
the bread cereal's weakness whenever it
appeared;
Export¬
ers bought scattered quantities and sales abroad
were esti¬
mated at 250,000 bushels, but
shipping business from here
light.
was
Country reports said
ratio
and
farm
demand
On
recent
and
20th
the
marketing of
the
unfavorable
hogs
many
had
inst.
large quantities were being stored.
prices closed % to %c. net higher.
light trade, and at times scored
a
gains.
Cash corn was steady, with receipts at
shipping sales 28,000 bushels, and bookings 53,000
the
110,000
21st
were
inst.
68
bushels
prices
closed
unchanged to %c. up.
sales 30,000 bushels, and
shipping
cars,
booked
to
seeming
Wheat, New York—
No. 2 red, c.i.f., domestic.-.12534
Manitoba No. 1. f.o.b. N. Y.103
No. 2 yellow, all rail..
country
Open interest in
be
selling
corn
OF
CORN
Mon.
73%
OF
CORN
NEW
IN
Tues.
73%
Sat.
May
July...
September.
6654
56-65N
by
The receipts at Western
Exchange.
Receipts at—
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bmh 32 lbs
Rye
Barley
focused
Sat.
PRICES
7334
the New York Produce
Chicago
HOL.
FUTURES
Mon.
Tues.
56 %
56%
57%
5714
57
57%
57%
5834
57%
IN
Thurs.
St.
57%
57%
58%
H
O
L
296,000
227,000
92,000
2,000
35"666
46,000
5,000
419,000
110,000
8,000
49,000
19,000
334,000
130,000
20,000
132,000
209,000
138,000
16,000
38,000
Joseph.
Wichita..
Sioux
24,000
305,000
.
•
Total wk '40
29"666
10,000
266,000
73,000
1,362,000
1,067,000
1,418,000
408,000
538,000
3,702,000
3,384,000
Same wk '39
2,199,000
2,426,000
Same wk '38
Season's High and When Made
I
Season's Low and When Made
May
6334
Sept.
7, 1939 May
42
July 26,1939
July
6154
Dec. 19, 19391 July
52%
Oct.
23,1939
September— 6134
Jan.
4, 19401 September5534
Feb.
1,1940
11,000
4,000
25,000
23,000
City.
Buffalo....
57%
57^
58%
33,000
523,000
103,000
100,000
Kansas City
Fri.
130,000
7~6OO
128,000
25,000
Louis..
Omaha
CHICAGO
Wed.
139,000
627,000
55,000
29,000
102,000
Indianapolis
73%
2,000
137,000
~
127,000
18,000
Toledo
Fri.
370,000
90,000
bush 56 lbs bush 48 lbs
369,000
155,000
IO"5"666
Milwaukee.
St.
1,292,000
121,000
Peoria
Thurs.
74
90,000
2,410,000
Duluth
YORK
Wed.
74
225,000
Minneapolis
by the higher prices.
tonight totaled 44,560,000 bushels.
No. 2 yellow
5534
8854
lake and river ports for the week ended last
Saturday and
since Aug. 1 for each of the last three
years have been:
attracted
DAILY CLOSING PRICES
DAILY CLOSING
No. 2 white
Rye, United States c.i.f
Barley, New York—
40 lbs. feeding
Chicago, cash
The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected
values.
increased
Oats, New York—
Corn, New York—
arrive.
to
4.50@6.90
GRAIN
Trading was light in
largely on wheat
Today prices closed %c. lower to unchanged.
The
corn market today was
very sluggish, with prices showing
little change.
Receipts of corn were fairly liberal, with
attention
corn,
Prices Withdrawn
1.2-0.3-0.2
feeding
bushels.
On
Coarse
Fancy pearl (new) Nos.
diminished
moderate
Receipts
Nominal
that
Corn prices were firm in
48 cars,
1309
follows:
were as
425,000
3,201,000
5,419,000
2,000
8,000
17,000
336,000
1,442,000
81,000
902,000
2,066,000
283,000
..
Oats—On the 17th inst prices closed unchanged to %c.
higher.
Heavy shipping sales of oats, totaling 155,000 bush¬
els, strengthened that market, and May oats reached a twopeak
year
changed
to
of ,411,4c.
the
19th
inst.
prices
closed
%e. higher.
lower.
Trading was light and without
On the 20tli inst. prices closed unchanged
Trading was very light, with prices showing
only fractional changes.
On the 21st inst. prices
upturn in oats
Ys
%c.
to
net
higher.
new seasonal peaks.
associated with the sale of 56,000
was
bushels to shippers.
higher.
Today prices closed unchanged to %c.
was
light and without feature.
Good
Trading
premiums for oats and
reports of heavy feeding
steady tone to the futures market.
gave a
DAILY
CLOSING
PRICES
OF
OATS
Sat.
May
July
----
September
-
Season's High and
May
July.....
Feb.
41%
3654
34%
September
DAILY
When Made
Feb.
Feb.
CLOSING
I
Tues.
4054
3554
3354
May
July.
OF
—
— —
OATS
36
3354
of
these
was
not
steady.
New York
4054
3934
3534
,
Thurs.
Fri.
ward movement in
IN
24,1939
9, 1939
Feb.
1,1940
4,000
27,000
Baltimore..
13,000
462,000
24,000
4134
Thurs.
41%
3954
3534
wheat towards the close of the
.
41%
3954
3554
21,000
86,000
80,000
20,000
294,000
232", 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
285,000
1,804,000
240,000
53,000
18,000
51,000
2,103,000
11,215,000
4,836,000
437,000
122,000
326,000
16",000
Boston
Week 1939.
Since Jan. 1
1939
*
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
on
The exports
statement:
Today futures closed Ys to lc. net higher.
advanced more than lc. at times with wheat,
PRICES
OF
RYE
New York
May
7734
July
76
September— 7554
DAILY
CLOSING
PRICES
RYE
7454
7334
7234
-
DAILY CLOSING PRICES
OF
Tues.
6934
6934
6954
CHICAGO
Wed.
6934
7034
7054
—
—
FUTURES
Mon.
7554
Tues.
75>4
7434
7234
7254
IN
Thurs.
H
O
Oats
Rye
Barley
Bushels
Bushels
Bushels
287,000
Philadelphia..^
51,925
24,000
L
Baltimore
_
New Orleans
543,000
294,000
Halifax
Total week 1940.
Same week
a
995,000
50,000
377,000
St. John West
.
1939..
5454
5334
5134
Mon.
5434
52%
5054
Tues.
5434
53
55
5334
5154
140^660
80,000
232,000
25,000
2,339,000 1,690,000
1,690,000
26,000
a59,925
96,302
81,000
9,000
74,000
432,000
41,000
Complete flour export data unavailable from Canadian ports.
The destination of these exports
July 1, 1939, is
as
for the week and since
below:
Flour
Wheat
Corn
Exports for Week
and Since
Week
Since
Week
Since
Feb. 17,
1940
July 1,
1939
Feb. 17,
1940
July 1,
1939
Barrels
*
Barrels
Bushels
Bushels
Total 1940
a59,925
96,302
Total 1939
7054
7154
2,917,561
3,443,799
Since
Week
Feb.
17,
July 1,
1940
1939
Bushels
Bushels
2,339,000
83,202,000 1,690,000 21,651,000
1,690,000
98,600,000
26,000 59,296,000
*
Detailed figures not available.
a
Complete flour export data unavailable from Canadian ports.
The
visible
supply of grain,
comprising
the
stocks
at principal points of accumulation at lake
Saturday, Feb. 17, were as follows:
in
and
seaboard ports
GRAIN
Wheat
United States—
Bushels
Boston:
STOCKS
Corn
Bushels
Oats
Rye
Barley
Bushels
Bushels
Bushels
29,000
272,000
New York
176,000
379,000
162,000
252,000
12,000
254,000
4,000
5,000
Philadelphia
Baltimore
460,000
498,000
23,000
27,000
2,000
563,000
2,831,000
478,000
178,000
2,000
Fri.
Fort Worth
7,498,000
312,000
233,000
10,000
18,000
2,581,000
6,137,000
2,000
Galveston
7534
Hutchinson
7434
St. Joseph
2,698,000
711,000
20,858,000
6,635,000
1,926,000
2,718,000
St. Louis...
917,000
4,972,000
Indianapolis
1,105,000
Kansas
Wed.
157", 000
.
"l'ooo
8,000
86,000
Wichita
Thurs.
7554
7534
73
IN
110,000
228,000
Fri.
70
WINNIPEG
Wed.
BARLEY FUTURES
Sat.
October
Flour
Barrels
264,000
321,000
402,000
New Orleans
OF
October-
May
July--
6854
6854
69
IN
When Made
I
Season's Low and When Made
Dec. 26. 1939(May
43 54
Aug. 12, 1939
Dec. 18, 19391 July
5234
Oct.
9.1939
Dec. 26, 19391 September
6434
Feb.
2,1940
Sat.
May
July
Corn
Bushels
Portland, Me
granary
FUTURES
Mon.
6834
6834
6954
-
Season's High and
Wheat
Bushels
Exports from—
July 1 to
Sat.
May
July
September
from the several seaboard ports for the week
Feb. 17, 1940, are shown in the annexed
ended Saturday,
was
CLOSING
"25",000
Since Jan. 1
were
and held its firmness right up to the close.
DAILY
14O",666
2,000
session,
short covering.
Rye prices
102,000
11,000
210,000
Halifax
maintained.
rye
72,000
690,000
84,000
Fri.
prices closed % to lc. net higher.
The
influenced by the strength displayed
in wheat markets.
During the early trading prices ad¬
vanced 1*4 to l%c. over previous finals, due
largely to
in
12,000
543,000
On the 21st inst.
firmness
11,000
228,000
St. John W.
to l%c. from the low levels
profit-taking, the gains
well
Barley
"2",000
New Orl'ns*
Rye
bush 56 lbs bush 48 lbs
WINNIPEG
previous finals, but later showed
%c.
Influenced by the violent up¬
rye values bounded upward 2*4
of the day.
In spite of heavy
fairly
9,000
9i",666
active, though the undertone of the market was
On the 20th inst. prices closed % to %c. net higher.
to
141,000
269,000
4154
3654
34%
July
Oct.
Wed.
4054
3934
3554
H
O
L
gains were lost.
On the 19th inst.
%c. net lower.
Trading in rye futures
1 Ys
Oats
bush 32 lbs
25",000
so
declines of
Corn
bush 56 lbs
Philadelphia
Prices started off close to
net
Wheat
bush 60 lbs
1940
early
to
Flour
bbls 196 lbs
Receipts at—
When Made
2734
3034
3134
Tues.
farms
on
Rye—On the 17th inst. prices closed %c. off to T4c. up
compared with previous finals.
Following a rather weak
opening, prices recovered and advanced % to l%c. from the
opening levels.
There was profit-taking on the bulge and
most
receipts of flour and grain at the seaboard ports for
Saturday, Feb. 17, 1940, follow:
Total wk '40
4154
3634
3434
FUTURES
Mon.
4054
3954
3554
—
-
prices closed Ys
Total
66,810,000 19,785,000 82,134,000
70,591,000 19.067,000 68,588,000
79,377,000 21,796,000 71,568,000
the week ended
CHICAGO
Wed.
41
21,1940 May
21, 1940 July
23, 1940 September
PRICES
IN
Season's Low and
Sat.
October
FUTURES
Mon.
40%
--3534
3334
-
12,780,000 232,875,000 151,972,000
13,088,000 233,231,000 177,516,000
11,117,000 218,395,000 177,395,000
1937
Portl'd, Me.
closed
May and July oats contracts reached
The
Aug. 1
1939
1938
un¬
%c.
special feature.
to
On
Since
WINNIPEG
Thurs.
55%
Fri.
55%
5334
5134
City
Omaha.
Sioux City
Peoria
1,000
148,000
85,000
17,000
21,000
490,000
26,000
279,000
93,000
513,000
1,370,000
201,000
37,000
19,000
127,000
6,000
139,000
1,422,000
297,000
164,000
292,000
23,000
30,000
50,000
The Commercial & Financial
1310
Bushels
303,000
14,941,000
15,922.000
128.0(H)
90,000
3,814,000
3,447,000
Minneapolis
Duluth....II
Detroit...----.-------afloat.-----------
Buffalo
"
-
afloat."
-
Feb
17
Tot
Feb
10' 1939"
Tot! Feb! 18!
697,000
342',000
1,103,000
2.i'OY.666
2,210,000
2,945,000
6,774,000
1,037,000
2,394.000
1,249,000
5,000
2,000
300,000
802,000
768,om
888",000
138,000
415.000
910,000
7,748,000 9,878,000 13,233,000
7,830,000 10,045,000 13,533,000
92,582,000 47,018,000 14,380,000 7,865,000 9,857.000
included above: Oats—Portland, 47,000 bushels; Buffalo.
1940
Bonded grain not
Note
Barley
Bushels
948,000
199,000
1,838,000
817,000
..102,047,000 39,848,000
...104,221,000 40,259,000
1940
Tnt
973,000
5,263,000
4,428,000
2,000
Rue
Bushels
1,579,000
5,606,000 13,585,000
Milwaukee-IIIIIIlIII-
"
Oats
Bushels
Corn
Wheat
Bushels
Chicago
174,000; Erie, 113,000; total 1,004,000 bushels, against
none In' 1939.
Barley—New York, 382,000 bushels; Buffalo, 943.000; Baltimore,
107 000- Chicago afloat, 68,000;
total, 1,590,000 bushels, against none in 1939.
Wheat
New York, 2,260,000 bushels; Boston, 1,746,000; Philadelphia, 1,993,000;
Baltimore 6 941,000; Portland, 535,000; Buffalo, 3,650,000; Buffalo afloat, 2.571,000' Duluth,' 2.731,000; Erie, 25,000; Erie afloat, 1,034,000; Albany, 7,598,000;.
total 31,084,000 bushels, against 3,971,000 bushels in 1939.
670 0(H)-
Buffalo afloat,
Barley
Bushels
351,000
975,000
1,462,000
904,000
1,439,000
5,491,000
11,456,000
10,925,000
2,756,000
7.232,000
8,547,000
...™
1,054,000
7,958,000
71.256.0(H)
Total Feb. 10,
Total Feb
Rye
Bushels
2,036,000
elev. 174,534,000
17,1940...298.939,000
1940...299,824,000
18, 1939...144,816,000
Total Feb.
Bushels
53,149,000
Bake, bay, river Aseab'd
Ft. William & Pt. Arthur
Other Can. & other
Oats
Bushels
Corn
Wheat
Bushels
Canadian—
2,086,000
6,314,000
2,844,000
7,370,000
Summary—
American
102,047,000 39,848,000
Canadian
298,939,000
7,748,000
11,456,000
9,878,000 13,233,000
2,844,000
7,370,000
Chronicle
Feb.
24,
1940
blown from trees by high winds In
the extreme southern part of this State; the harvesting of cabbage con¬
tinued, but the quality is poor to only fair.
In general, conditions continue favorable from the Rocky Mountains
westward, with additional rain or snow in central and northern districts.
In fact, recent weather has been outstandingly favorable in the north
Pacific area and in much of California.
While heavy snows occurred in the
southern Great Plains; the snow cover has largely disappeared in the
central valleys, but continues d •ep in the Northeast.
North of the Potomac
Valley highway traffic was greatly impeded by heavy, drifting snow, es¬
pecially in Pennsylvania, northern New Jersey, southern New York, and
decidedly beneficial; much fruit was
_
southern New England.
Mild temperatures over most
of the western half of the country, and
especially the Northwest, continued to favor livestock which remain in
generally good condition.
Lambs are doing well in the Pacific Northwest.
There was some increase in snow storage in the western mountains, but it
is still subnormal rather generally.
Small Grains—Precipitation during the
week, in the form of both rain
generally over
and snow, imnroved the topsoil moisture condition rather
the principal Winter Wheat Belt, although at the close of
had disappeared from much of the area.
the week snow
Apparently winter wheat did not
January.
decidedly helpful, while in
16-inches of snow fell in the
State.
In Kansas about 1inch of precipitation occurred in the southeast and some 7-inches of snow
in south-central counties, yielded about half an inch of moisture: elsewhere
it was lighter.
Wheat in this State is beginning to greenup.
In Nebraska
there was considerable melting of snow, which was rather well absorbed,
suffer serious damage from the cold weather in
In Texas rather general precipitation was
Oklahoma progress of wheat was fair; 10 to
north-central and northwestern parts of this
benefiting the topsoil.
In
the
North
Pacific
States the
with practically all sections having
was
some
wheat outlook is decidedly favorable,
ample moisture.
In Washington there
belt, but the
generally good to excel¬
seeding of soring wheat in the drier parts of the
soil is mostly too wet for work.
Winter wheat is
lent in Washington and looks promising in Idaho.
1940__.400,986.000 39,848,000 19,204,000 12.722,000 20,603,000
Feb. 10. 1940.-.404,045,000 40,259,000 18,755,000 12.801,000 20,565,000
Feb. 18, 1939...233,941,000 46,605,000 22,682,000
9,789,000 15,629,000
Total Feb. 17,
Total
Total
of wheat and corn, as furnished by
Exchange for the week
ended Feb. 16 and since July 1, 1939 and July 1, 1938, are
THE DRY GOODS TRADE
New York,
The world's shipments
Broomhall to the New York Produce
shown in the following:
Corn
Wheat
Since
Week
Exports—
July
Feb. 16,
1940
Bushels
Bushels
No. Amer.
Week
July 1,
1938
Feb. 16,
1940
Bushels
Bushels
4,425,000 121,287,000 157,486,000
1,603,000
28,980,000
73,415,000
291,000
1,995,000 109,440,000
11,293,000
45,583,000
2,154,000
Since
July
1,
1939
Bushels
21,592,000
2,684,000
73,219,000
Since
July
1,
1938
Bushels
63,803,000
10,741,000
61,034,000
976,000
Black Sea.
Argentina.
Australia
I,
1939
Since
_
94,079,000
corded.
7,344,000
India
Other
144,000
countries
17,584,000
24,760,000
7,540,000 288,584,000 369,622,000
Total...
197,000
31,923,000
31,277,000
4,245,000 129.418,000 199,900,000
Report for the Week Ended Feb. 21—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Feb. 21, follows:
Weather
week a depression of great intensity developed
area and moved rapidly thence northeastward
England coast.
It was attended by general precipitation east
of the Mississippi River with some heavy falls, largely in the form of snow,
from the upper Ohio Valley northeastward and by strong winds up to gale
force in some localities.
At 7:30 a, m,, Feb. 15, New York City reported a
wind volocity of 50 miles an hour.
With the passing of this storm the
weather became fair and relatively cold over the Eastern States, with the
line of freezing extending well into the northern portions of the East Gulf
area.
Fair weather prevailed in the Midwest but there was general precipita¬
tion in the more western sections of the country.
The second important storm of the week appeared over southern Texas
on the morning of Feb. 16 and moved thence slowly eastward into the lower
Mississippi Valley, then northeastward to the southern coast of New
England at the close of the week.
It was attended by widespread and
frequently heavy precipitation throughout the South and over all sections
from the Mississiopi Valley eastward, with many stations reporting 24hour amounts of from 1-inch up to more than 3-inches, the heaviest being
in Gulf sections.
There were no marked temperature changes reported
At the beginning of the
over
the middle Atlantic
off the New
during the week, although considerably colder weather prevailed in
Northwest near its beginning.
Marked contrasts in temperature conditions in different sections of
the
the
country, in general, the South being relatively cold and the north abbormally
warm.
The greatest plus departures of temperature are shown for a large
north-central area, including the western Lake region, the northern half
of the Mississippi Valley, and the Missouri Valley throughout, where they
averaged mostly from 6 degrees to as many as 14 degrees above normal.
Also the far Northwest was relatively warm, and most stations in, the
Northeast reported mean temperatures above normal.
On the other hand, in all sections of the South, extending
almost to the Pacific coast, the week was
westward
considerably colder than normal,
departures rather uniform over the entire area.
The
relatively coldest weather occurred in the central Gulf States, where the
temperatures averaged from 5 degrees to as many as 9 degrees below
normal,
Southern
Florida
had near-normal warmth,
while southern
with
temperature
California had slightly
higher-than-normal temperatures.
reported from first-order stations, extended as far
of Georgia, Alabama, Mississippi, northern
Louisiana, and south-central Texas.
In Gulf coast sections the minima
varied from 34 degrees at Mobile, Ala., to 44 degrees at Brownsville, Texas,
and 48 degrees at Miami, Fla.
In the Ohio Valley the lowest for the week
ranged mostly from about 4 degrees to 10 degrees, and in the Mississippi
Valley, from 12 degrees at St. Paul-Minneapolis, Minn., to 37 degrees at
New Orleans, La.
Subzero readings were reported from a few limited
areas, including the interior of the Northeast, a few localities of the upper
Lake region, and a more extensive area in the Northwest.
The lowest
temperature reported was 6 degrees below zero at Greenville, Maine, on
the 14th, and like readings at Sheridan, Wyo., and Bismarck, N. Dak.,
Freezing weather,
south
as
as
the cental portions
the 17th.
Substantial
on
**
States and
to
from
heavy precipitation occurred throughout the Southern
Ohio Valley eastward and northeastward,
the southern
the central
totals of 2inchesjto more than 5-inches.
Precipitation was heavy also in much of
Oklahoma and northern Texas, Oklahoma City, Okla., reporting 2.8-inches,
and Abilene, Texas, 2.2-inches.
The northern Great Plains had but little
precipitation, while in a considerable far southwestern area no appreciable
amounts were reported.
Rainfall, however, was heavy in the north Pacific
area, extending as far south as northern California.
NTn the Southern States cool weather continued to retard the growth of
except in the extreme Northeast.
The heaviest falls were in
and east Gulf sections, where most stations reported weekly
vegetation, while persistent and mostly heavy rains prevented active field
operations.
Warm, sunny weather is needed throughout the entire area
from Virginia southward and westward to Texas and Oklahoma.
While
temperatures averaged decidedly subnormal they were rather uniform and
no frost damage of consequence was reported.
In Florida good progress was made in planting, and conditions were
fairly favorable for growth, the temperatures in much of the Peninsula
being less subnormal than in other Southern States.
However, there was
some retardation in field work by heavy rains; citrus are showing new growth.
In other southern districts field work was decidedly inactive and is becom¬
ing much later than usual rather generally.
In some sections seasonal work
is reported to be 3 or 4 weeks behind normal.
Some spring oats were seeded in the Southwest and some corn planted
as
far north as central Texas where precipitation during the week was
Friday Night, Feb. 23, 1940.
Improved weather conditions helped retail business during
the past week.
Early spring promotions of apparel lines
met with a fairly satisfactory response and retailers were con¬
fident that, provided the weather factor does not interfere,
an early strong revival of consumer buying may be antici¬
pated, particularly in view of this year's early Easter date.
Department store sales the country over for the week ended
Feb. 10, according to the Federal Reserve Board, were un¬
changed from the corresponding week of last year.
In
New York and Brooklyn stores the sales volume decreased
3% and in Newark establishments a loss of 1.8% was re¬
Trading in the wholesale dry goods markets improved mod¬
as retailers placed substantial reorders on goods for
the Easter trade.
Piece goods as well as apparel lines were
in better demand.
Wholesalers on their part continued their
erately
previous cautious attitude, and foiward buying of fall re¬
quirements in general was limited to small proportions,
new underwear lines met with a gratifying
Business in silk goods remained quiet.
Slightly
interest existed for sheer prints as prices showed an
although the
response.
more
easier
trend, reflecting the recent reaction in raw silk values.
Trading in rayon yarns continued fairly active, notably in
the finer counts, in which producers are said to be booked up
for the coming month.
Total yarn shipments fell slightly
behind the previous month, but in view of the steady rate
at wnich the current output of yarn is going into consumption
no deterioration in the
present favorable statistical position
of the industry is foreseen.
Domestic
Cotton
Goods—Trading in the
gray
cloths
markets continued in its previous desultory fashion.
While
the belief persists that supplies of users in general are more or
less depleted, no sustained revival of buying is anticipated
until finished
goods markets give indications of a real better¬
prices of raw cotton resuscitate from their present
state of lethargy.
Late in the period under review slightly
more interest was shown in offerings, although transactions
were largely the result of price concessions.
Rumors of con¬
templated production curbs again circulated in the market.
Business in fine goods remained spotty but it was reported
that buyers displayed more interest in goods for quick ship¬
ment and that numerous requests for speedier deliveries on
older contracts reached mills.
Closing prices in print cloths
were as follows: 39-inch 80s, 6% to 6^c.; 39-inch 72-76s,
6%c.; 39-inch 68-72s, 5% to 5%c.; 383^-inch 64-60s, 5}/8
to 5c.; 383^-inch 60-48s, 4%c.
ment
or
P* Woolen
to
reflect
Goods—Trading in men's
between-season
influences
wear
as
fabrics continued
transactions
were
restricted to occasional spot lots, pending the
new fall lines
during the latter part of March.
opening of the
While current
operating ratios showed a further trend towards tapering
off, the long-range outlook is regarded rather optimistically,
in view of the shrunken supplies of goods, both in manufac¬
turers' and jobbers' hands.
Reports from retail clothing
centers made an improved showing as weather conditions
were more conducive to consumer purchases of spring goods,
notably in the Southern sections of the country.
Women's
wear materials moved in larger volume and the backlog of
unfilled orders showed
facture!
a
moderate increase
as
garment manu¬
encouraged by an improved early spring demand,
stepped up their production ratios.
s,
Foreign Dry Goods—Trading in linens continued its
spotty character with disturbed foreign supply conditions
and higher price
demands remaining a hindrance to an ex¬
pansion of trade.
Business in burlap broadened moderately
both for shipment goods and spot lots.
Prices, early in the
W6€ k, suffered another setback, but subsequently recovered
part of the loss in sympathy with better Calcutta cables.
Domestically lightweights were quoted at 5.65c., heavies
at 7.80c.
\
Volume
The Commercial & Financial Chronicle
150
State and City
1311
Department
Only
one of 20
speakers opposed the tax modification
as
embodied In
a
bill introduced by Assemblyman MacNeil Mitchell and Senator Frederick
R. Coudert Jr., both Manhattan Republicans.
Those who supported the
Specialists in
bill presented arguments and statistics to show that the "exorbitant" tax
was
its
Illinois & Missouri Bonds
driving securities business out of New York State and thus defeating
purpose by bringing in less to the treasury than a lighter tax would
own
collect.
Aside from this direct result, they maintained, the damage caused by
the tax in creating rental vacancies and loss of
purchasing power and in¬
of unemployment among financial district employees could hardly
crease
be estimated.
The present stock transfer rate, half permanent and half emergency,
is four cents each for shares sold for $20 or more and three cents each for
shares for less than $20, payable in all cases by the seller.
Half of this
rate was in effect up to
1933, when it was doubled by imposition of the
emergency rate.
The Coudert-Mitchell bill would repeal the emergency part of the tax,
StifelNicolaus & CoJnc.
Founded 1890
105 W. Adams St.
DIRECT
CHICAGO
WIRE
314 N. Broadway
ST.
LOUIS
repeal of double taxation
rate of tax
new
on
on
odd-lot
stock transfers:
trading, and provide the following
One cent for each share sold for less than
$10: two cents each for shares sold for from $10 to $50, and three cents each
for shares sold for $50 or more.
Even this proposed rate still would be higher than that
other State in the Nation, but it would bring the New
News Items
New
York,
Pamphlet—A
N.
Y.—.Assessed
Valuation
Discussed
in
of a letter to Mayor Fiorello H. LaGuardia from William Stanley Miller, President of the City's
Tax Commission, dated Jan. 25, discussing the subject
"Full Value
copy
vs.
Market Value
as
It Affects Assessed Valua¬
tions in the
City of New York," has been reprinted in pamph¬
by the Tax Commission for general distribution.
are
particularly apropos at this time
in view of the current controversy on over-assessment of
let form
Mr. Miller's statements
property.
New
■
York,
-..
N. Y.—Power Plant Bill Introduced in State
Legislature—A bill was introduced in the Legislature on
19 by Assemblyman Crews of Brooklyn on behalf of
Mayor LaGuardia, which would authorize the creation of a
New York City Power Authority to build a $50,000,000
"yard stick" power plant in New York City if the voters
there approve the plan.
Feb.
"If the bill is enacted," the city's memorandum said, "a so-called 'yardstock' plant will be created without the cost of a penny to the taxpayers of
the City of New York and a solution found to the puzzle of why we pay the
high rates
imposed by any
York securities
market
do pay to the utility companies for electric power."
Under the bill the authority would include from one to seven members
appointed by the Mayor for overlapping terms of six years.
The authority
we
could float bonds maturable in 40 years, and the plant, to cost not more than
$50,000,000, would be turned over to the city when all of the authority's
debt had been paid.
The plant would have to be self-supporting within
three years of the start of its or
operation and rates would have to be high
enough to amortize the entire del
iebt, pay interest and operation and maintenance costs.
"some relief," according to William McC. Martin Jr., President
of the New York Stock Exchange, who was one of the
speakers.
While New York securities exchanges are "fighting for existence," Mr.
Martin
said,
the
State's
return
from
stock
transfers
had
declined from
$34,385,000 in 1936 to $17,774,000 in 1939.
United States—Few Cities Have
Developed New Revenues
Relief Costs—Few cities have been able to
develop new sources of revenue to match increases in local
relief and emergency employment costs during the last 10
years, the Municipal Finance Officers Association of the
Meet Increased
to
United States and Canada states.
on
The
study of relief finance methods of
a
report was based
than 50 cities.
more
Only four of the cities—New York, San Francisco, Grand Rapids, Mich.;
and Erie, Pa.—used special sources of revenue to any extent to finance
their relief programs, the study showed.
Almost all of the other cities
used regular tax receipts to pay for direct relief and their share of Work
Projects Administration and Public Works Administration costs.
Different methods of financing the local share of relief costs were noted
by the Association in its survey.
Most cities used tax-supported bonds
for their share of PWA projects, which included large public buildings and
utility facilities.
In most cities, also, a substantial part of general relief
funds
came from regular taxes.
Louisville, Ky., for example, financed direct relief and its share of WPA
work with regular taxes, while utilizing tax-supported bond issues for
PWA
projects.
Baltimore
annually
has
financed
from
30
to
large
35% of
direct relief and all of its share of PWA costs from bond issues, but
has
paid its share of WPA expenses from regular taxes.
New York City became the great exception to the general practice when,
some years ago, it adopted a policy of financing, as much as possible, all
types of relief from current revenues.
In 1939, the city paid 85% of the
cost of its three types of relief from current revenues, obtained mostly from
municipal sales, cigarette, business, utility and conduit taxes.
New York
City used new tax sources or other special methods to pay 60% of its relief
bill in 1938, 97% in 1937.
Grand Rapids financed 55% of its relief load in 1939 27% in 1938 and
10% in 1937 from special sources.
Its share of WPA costs was obtained
from water department funds, special assessments, an estate left the city,
and salvage of street car property.
It financed PWA for 1935, 1936 and
1937 with water works funds and, in 1939, by a water revenue bond issue.
San Francisco obtained money from utility revenues, gasoline taxes and
Golden Gate Exposition funds to finance 40% of its relief Burden last year
The study showed, according to the Association, that the larger cities
and counties of California have generally been paying the entire local share
of relief costs from regular taxes.
Minneapolis, on the other hand, has
financed the entire cost of all types of relief from tax-supported bond issues.
In general, however, most of the large cities have followed no continuing
policy either as to issuing bonds to pay for various types of relief or financ¬
ing them from regular taxes.
Because most of the cities have not levied new types of taxes to finance
their shares of the various relief programs, they have had to obtain money
from traditional sources of revenue, or have had to curtain services, the
J
,
,
Mayor Reports Increase in Number of Industrial Firms—
Mayor LaGuardia answered on Feb. 17 the many charges
that industrial establishments were moving out of New
York City because of high taxes and a multiplicity of oner¬
ous departmental investigations with the announcement that
4,363 new manufacturing firms employing 38,846 persons
either moved into the metropolis in 1939 or started business
in the city, as opposed to 3,625 firms with 34,714 employees
which either moved from the city or went out of business
last year.
The net result, Mayor LaGuardia emphasized, was that at the end of
1939 New York City had 738 more industrial firms than it had at the
beginning of the year and that there was a net gain of 4,129 jobs.
The Mayor said that the gains had continued since the beginning of
1940
and
that
in
January 182 establishments either started business in
New York or came here from other parts of the country, while only 134
firms moved out of the city or folded up.
The research bureau of the city's Tax Department prepared the data
showing the increase in industrial firms, together with the removals and
closures, from the original inspection records of the State Department of
Labor, the Mayor explained.
Commenting on the 3,625 firms which were in New York City at the
beginning of 1939 and were no longer there at the end of the year, the
Mayor said:
"Of this number, 1,682 were reported as having gone out of business,
1,895 moved without leaving any address, and 48 are known to have def¬
initely left the city."
In discussing the 182 firms which began business in New York City last
January, the Mayor said:
"The number of persons employed by these firms is 1,359.
During the
same period
134 firms employing 1,157 workers are reported as having
discontinued business in the city.
The net increase for the month is 48
firms and 202 persons employed."
,
Unified
Transit Expected by May 1—It was stated on
Feb. 17 by Mayor LaGuardia that the unification of the
city's transit lines would become effective on May 1, with
the city operating the present Interborough Rapid Transit
and Brooklyn-Manhattan Transit Corp. properties, with
the possible exception of the surface roads and bus lines of
the Brooklyn-Queens Transit Corp., a subsidiary of the
B.-M. T. operating in Queens.
"We can take over the B.-M. T. without taking the B. Q. T.," said the
Mayor, "and some of us don't care one way or the other."
A minority of B. Q. T. stockholders have not deposited their securities
under the unification plan, and were reported to be holding out for a higher
price.
The Mayor assured the 15,000 employees of the I. R. T. and the 12,000
employees of the B. M. T. that they had "no cause for worry" over the
tenure of their jobs.
"When the lines are taken over, all the employees will be taken care of
under the Wicks Act," he said.
The Wicks Act provides that the employees of the lines in the event of
unification shall be taken into the civil service automatically, but it does
not guarantee them jobs.
„
New York State—Cut in Stock
Transfer Tax Urged—
Representatives of the New York Stock Exchange, the Curb
Exchange, financial district employees, the City of New
York and various brokers and civic associations joined in
Albany on Feb. 20 at a public hearing of the legislative
taxation committees in advocating downward revision of the
State's stock transfer tax and repeal of the double taxation
on odd-lot trading.
Association said.
_
^
Authority—Report on Longfollowing press release (No. 448), was
made public by the above named Federal agency on Feb. 15:
States
United
Housing
Term Bond Sales—The
A
new
goal, planned for and anticipated for two years, was reached today
States Housing Authority's drive to increase the participa¬
in the United
rent-housing projects
for the first time, sold long-term bond
of the capital cost of projects instead of the
law.
Interest rates on this private capital
averages 2-5 of 1 % less than the rate charged for USHA loans.
Local housing authorities in the following cities, participating in today s
issues, and details of the sales, are:
tion of local private capital in slum-clearance and low
when
local
housing authorities,
issues to raise 20% to 25%
minimum 10% required by
Amount
of Loan
by Private
Period
Capital
Name of City-
Maturity
of
Percentage
of Cost Fur¬
Interest
nished by
Private Capital
Private
Rate
of
Capital
Interest
Rate
USHA
Loan
Fla
$993,000
342,000
242,000
26 years
26 years
20%
20%
25%
2.57%
3%
3%
27 years
2.70%
3%
104,000
Syracuse, N. Y.
Allentown, Pa_>
Utica, N. Y
St. Petersburg,
15 years
10%
2.66%
314%
local housing authority bonds was
of the USHA, as "eminently suc¬
cessful" in that the maximum amount offered was in every case eagerly
taken.
For the City of St.' Petersburg, only 10% of the total issue was so
offered, while in the other cases, there were alternate offerings of a much
larger percentage of the total bond issue.
The low interest rates obtained by this public offering and public sale of
local housing authority bonds will mean substantial savings, it was pointed
out.
Bonds purchased by the USHA must, according to the United States
Housing Act, bear an average interest rate of at least 3%.
Commenting on the success of this first permanent financing of public
housing projects with private capital, Mr. Straus said:
"M
"This sale today marks another milestone in the steady progress of the
ITSHA toward increasing participation of private capital in the develop¬
ment cost of public housing projects.
Under the provisions of the United
States Housing Act, local authorities may borrow from the USHA up to
90% of the cost of their projects.
***
"It has always been the aim of the USHA however to reduce the amount of
its capital participation and to increase the amount raised by public offering
of local authority bonds to private investors.
The success of this offering
gives promise of steady reduction of the share of the United States Govern¬
ment in the financing of the public housing program.
It is to be expected
This first public offering of long-term
hailed by Nathan Straus, Administrator
future tests of the market demonstrate the readiness of investors
a larger share of the financing, the participation of the USHA
correspondingly reduced so that before long it may be as low as
60%, or even less.
"It seems significant that this important step in opening up public
housing to investment by private capital should occur at the very moment
when there are the greatest reservoirs of idle capital at any time in recent
history.
This capital, representing the people's savings, will increasingly
find an outlet for investment that is both profitable and socially desirable
in financing the expanding public housing program.
that,
to
as
assume
will be
The Commercial & Financial
1312
of business and government in stimulating economic
has been a goal toward which we have been working
months.
The aid and guidance of some of the best minds in the
banking and business world have been of invaluable assistance in opening
to public housing the private investment market.
► "Just as private capital has always been used to finance private home
construction and industrial building, so too will private capital, flowing
through the usual investment channels, increasingly to used to finance con¬
struction of public housing."
The entirance of private capital into long-term financing of public housing
low-rent projects follows closely and logically the recent heavy investments
of American bankers in short-term temporary loan notes offered by local
housing authorities.
Two issues of these short-term notes totaling $85,000,000 were purchased by private investors in November, 1939 and in
January of this year.
The last issue of these notes amounting to $35.000,000 sold at an interest rate of 45-100 of 1%, contrasting with the rate
of 60-100 of 1% on the previous sale.
Chronicle
Feb.
24,
1940
alliance
"This
revival through housing
for many
Interstate Exchange
of Tax Information Helps Plug Revenue
Loopholes—Mutual exchange of tax information is gaining
wide adoption by State tax agencies as a means of halting
tax evasion, the Federation of Tax Administrators reported
Feb. 15.
on
With
an
increase in the number of levies such as tobacco,
liquor taxes, tax administrators frequently find it
sales and
to check on interstate sales in ordor to
holes and to enforce tax laws, the Federation said
necessary
tion given
plug loop¬
Informa¬
by the tax agencies, it was pointed out, is held
confidential in every respect.
and Atlantic seaboard States are cooperating
in the mutual reporting of gasoline tax information.
The practice was
started a number of years ago by tax administrators in the North American
Gasoline Tax Conference because of organized tax evasion and the "boot¬
legging" of tax-free gasoline.
The reporting system works this way:
Dealer in State A reports to his State tax agency a shipment of gasoline
to purchaser in State B.
State A's tax agency sends information about the
shipment to State B's tax department.
State B reports to State A when the
shipment arrives in the State and collects the gasoline levy from the
Thirteen of the northeastern
recipient,
.
,
State A is sure that the shipment was actually made out¬
State B is informed of a taxable shipment which might
otherwise have gone tax-free.
At least 25 of the income-tax States allow exchange of information on this
In this way.
side its borders, and
Georgia and Iowa both report working agreements in effect, and the
Tax Commission now proposes a coopera¬
Under the plan, when an
that State will be notified
promplty and will check on him, so that he will pay an income tax to one of
levy.
chief of information of the Iowa
tive plan with all other income-tax States.
individual claims residence in another State,
levy.
England St tes are working out a systematic plan for exchanging
the two States with the
The New
reports on cigarette shipments, prescribed by the National
Conference and followed to some extent by other tobacco-tax
Illinois, Iowa and Massachusetts are among
tax information on
Tobacco Tax
States.
the States which exchange
In 21 States tax officials
alcoholic beverage shipments.
cooperate in this way.
Ten States authorize the exchange of sales
information, but eight others specifically prohibit the practice. Nineteen
may
tax
exchange of information on inheritance taxes.
Among miscellaneous agreements in force is Florida's reciprocal arrange¬
other States for the exchange of information on intangible
States permit the
ment with several
property.
Proposals and Negotiations
486 California Street, San
Bell System
OFFICES
IN OTHER PRINCIPAL CALIFORNIA
refunding road bonds to the Merchants National Bank of
p.
LOS ANGELES COUNTY
SCHOOL DISTRICTS (P. O. Los Angeles)
L. E. Lampton, County
Calif.—BOND OFFERINGS—We are informed by
Clerk, that he will receive sealed bids
until 10 a. m. on Feb. 27, for the
5% semi-ann. bonds ag¬
purchase of the following issues of not to exceed
gregating $841,009*.
$88,000 Burbank Unified School District, elementary school of 1938 bonds.
Dated Jan. 1, 1940.
Due Jan.»l, as follows: $4,000 in 1946 to
1961, and $6,000 in 1962 to 1965.
Interest payable January and
July 1.
225,000 Burbank Unified School District, elementary school of 1939 bonds.
Dated Feb. 1, 1940.
Due Feb. 1, as follows: $10,000 in 1942 to
1962, and $5,000 in 1963 to 1965.
Interest payable February and
!
AXlg X*'
• ' ''
•>
• ' • '
200,000 Burbank Unified School District, high school of 1938
bonds.
Dated Jan. 1, 1940.
Due $10,000 in 1942 to 1945, and $8,000 in
1946 to 1965.
Interest payable January and July 1.
"
Unified
260,000 Burbank
School
District,
Ala.—BONDS SOLD—We
are
in¬
"
_
Ala —ADDITIONAL
INFORM
A TION—lt
is
ARIZONA
by A. W. McGrath, Secretary of the Board of Directors, that he
a. m. on March 4, for the purchase of a
Interest rate is not to exceed
will receive sealed bids until 11
$425,000 issue of coupon refunding bonds.
Denom. $1,000.
Dated March 1, 1940. Due July 1, as*
The district reserves
the bonds on Jan. 1, 1950, or on any interest payment
date thereafter upon 45 days' notice at par and accrued interest plus a
premium of H of 1 % of the principal for each year or fraction of year of the
term thereof which has not expired at the date of redemption, provided
the premium shall not exceed 3% of the principal.
The right is reserved
to reject all bids.
Principal and interest payable at the district's office in
Phoenix.
The bonds are registerable as to principal only.
The bonds are
payable from taxes levied upon all taxable real property within the district
without limitation of rate or amount and payment of the bonds, both
principal and interest, is further secure c by Salt River Valley Water
Users' Association whose executed guaranty of payment will be indorsed
upon each bond.
No proposal will be considered at less than 95% of the par
$40,000 in 1960 to 1964, and $225,000 in 1965.
the right to redeem
value of the bonds and accrued interest.
Prin. and int. payable in lawful money at the
Denom. $1,000.
a part of a total authorized issue of $13,000,000 for refunding pur¬
of which $8,214,000 have been issued and sold.
proceeds from the sale of these bonds will be used to refund 1940
maturities of the following issues and maturities of bonds issued
by Salt River Valley Water Users'
Horse Mesa, 6s, $390,000 maturing Aug.
Improvement District No. 1, 6s, $35,000
$425,000.
The district will furnish printed bonds
anteed
Chapman & Cutler, of Chicago.
payable to the district.
or
bonds, the bid shall designate specifically the bonds bid for.
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 %
of the amount of the bonds.
SAN
LUIS OBISPO COUNTY (P. O. San Luis Obispo)
OFFERING—Sealed bids will be received until 3 p. m. on
Calif.—
March 4,
by Gwen Marshall, County Clerk, for the purchase of an issue of $110,000
4% court house bonds of 1938.
Denom. $1,000. Dated Jan. 1, 1939. Due
on Jan. 1 as follows:
$35,000 in 1941 and 1942, and $40,000 in 1943. Prin.
and semi-annual interest payable at the office of the County Treasurer.
Each bid must state that the bidder offers par, and state separately, if
the premiums offered on the bonds bid for.
man
responsible bank for at least 10%
payable to the order of the Chair¬
of the Board of Supervisors, must accompany
each bid.
Colo—PRE-ELECTION SALE—A $30,000 issue of water
bonds is said to have been purchased by O. F. Benwell & Co. of Denver,
subject to the outcome of a pending election.
CREEDE,
GLENWOOD
water bonds
SPRINGS,
which
was
Colo.—BONDS SOLD—A $10,000 issue of
authorized recently is said to have been sold to
the
J. K. Mullen Investment Co. of Denver.
Colo.—BONDS SOLD—We are informed by our
plant revenue bonds
Schlessman, Owen &
Co., Gray B. Gray, Inc., and Boettcher & Co., all of Denver, and Stern
Bros. & Co. of Kansas City, paying par on the bonds divided as follows:
$267,000 as 1%8.
Due from 1940 to 1945 incl.
275,000 as 2s.
Due from 1946 to 1950 incl.
It is also stated that the original amount sold was $603,000, but the city
bought back $61,000 of the bonds.
FORT
COLLINS,
Denver correspondent that $542,000 refunding light
sold recently to a syndicate composed of Brown,
were
GUNNISON, Colo.—PRICE PAID—It is stated by the City Manager
the $47,000 2H% semi-annual electric light and power revenue re¬
Co. of Denver, as
that
funding bonds sold to Brown, Schlessman, Owen &
noted here—V. 150, p. 1160—were purchased at par.
CONNECTICUT
HARTFORD
Conn.—BOND SALE—The $2,775,000 coupon series
C
general obligation public works bonds offered Feb. 19—V. 150, p. 1160—
awarded to a syndicate composed of First National Bank of New York;
R. W. Pressprich & Co., New York; Northern Trust Co., Chicago; Salomon
Bros. & Hutzler, New York, and Lincoln R. Young & Co. of Hartford, as
1Mb, at a price of 100.189, a basis of about 1.48%.
Dated Sept. 1, 1939
and due Sept. 1 as follows:
$138,000 from 1940 to 1944, incl.: and $139,000
from 1945 to 1959, incl.
Re-offered from a yield of 0.15% for the first
maturing bonds to a price of 98 for the last dated obligations. Other bids:
Int. Rate
Bidder—
Co.; Putnam & Co.; F. S. Moseley
R. L. Day & Co. and Edward M. Bradley
Rate Bid
Estabrook &
& Co.;
&Co:
1J^%
100.137
1H%
100.119
1.60%
100.419
1.60%
100.409
1.60%
100.2/9
1-60%
—
Harriman Ripley & Co.,
and Kidder, Peabody
100.2099
1.70%
100.05
Inc.; First Boston Corp.,
& Co., et S.1
Lazard Freres & Co.; Harris Trust & Savings Bank
Goldman, Sachs & Co., et al
Stuart & Co., Inc.; Chemical Bank &
and Union Securities Corp., et al—
Lehman Bros.; Phelps, Fenn & Co., Inc., and
Eastman, Dillon & Co., et al
Halsey,
Trust Co.,
National
City Bank of New York; Mercantile
Bank & Trust Co., and Weeden &
Enclose
Co., et al_
Shields & Co.; B. J. Van
-
Ingen
E. H. Rollins & Sons, Inc., et
& Co., Inc. and
all
guar¬
Association:
1, 1940; Roosevelt Agricultural
maturing Aug. 1, 1940: total,
and the approving opinion of
a certified check for $8,500,
CALIFORNIA
State of—WARRANTS SOLD—An issue of $2,052,527
general fund registered warrants was offered for sale on Feb. 20 and was
awarded to R. H. Moulton & Co. of Los Angeles, at 3 %, plus a premium of
$3,079.50.
Dated Feb. 24, 1940.
Due on or about Feb. 26, 1941.
County
The bonds will be sold for cash only and at not less than per and
Bids will be received for all or any portion of the bonds.
In>the event that the bidder submits a proposal to purchase a portion of the
Treasury.
accrued interest.
Commerce
This is
CALIFORNIA
bonds.
were
SALT RIVER PROJECT AGRICULTURAL IMPROVEMENT AND
POWER DISTRICT (P. O. Phoenix)
Ariz.—BOND OFFERING—It is
poses,
The
of 1939
now
reported by the City Clerk that the $29,000 (not $30,000) street improve¬
ment warrants sold to Roy Gridley & Co. of Birmingham, as noted here on
Nov. 25, were purchased as 4)^s at par.
Dated July 15, 1939.
Due on
July 15 as follows: $1,000 in 1940, and $2,000 in 1941 to 1954 incl.
5%, payable J-J.
high school
1, 1940.
Due Feb. 1, as follows: $10,000 in 1942 to
1949, $5,000 in 1950 to 1955, and $15,000 in 1956 to 1965.
In¬
terest payable February and Aug. 1.
13,000 Palos Verdes School District bonds.
Dated Jan. 1, 1936.
Due
$1,000 Jan. 1, 1941 to 1953.
Interest payable January and July 1.
55,000 Downey Union High School District bonds.
Dated Feb. 1, 1940.
Due Feb. 1, as follows: $1,000 in 1942, and $3,000 in 1943 to 1960.
Interest payable February and Aug. 1.
Dated Feb.
COLORADO
(P. O. Selma)
DECATUR, Ala.—PUBLIC UTILITY OFFERS TO SELL POWER
UNIT TO MUNICIPALITY—A special dispatch from Birmingham to the
New York "Times" of Feb. 16 reported as follows:
"The Alabama Power Co. has petitioned the Alabama Public Service Com¬
mission for authority to sell its Decatur distribution system to the munici¬
pality, which has built a duplicate system and is distributing Tennessee
Valley Authority electricity.
Hearing on the petition has been set for
March 4 at the Commission's headquarters in Montgomery.
The price agreed upon, according to E. W. Robinson, operations manager
of the company, is $193,000.
He said there would be a salvage value of
about $100,000 in the private system.
The Decatur system, once under
option to TVA, was offered at one time to Decatur for something under
$350,000, he said, which is estimated to have been the cost of the dupli¬
cated municipal system.
The two systems have been competing since
March, 1939."
follows:
voted by the
Mobile—V. 150,
Clerk of the Court of County Revenues, that
$250,000 coupon road refunding bonds were offered for sale on Feb. 20 and
were awarded at public auction to a syndicate headed by Marx & Co.,
King, Mohr & Co., both of Birmingham, and the First National Bank of
Montgomery, as 2%s, paying a price of 100.79 plus accrued interest.
stated
of an issue of
be dated and
special session of the Legislature to carry unemployment relief, pending
appropriations of a larger amount for relief during the remainder of the
bfennium which ends June 30, 1941.
A certified or cashier's check of some
formed by L. C. Mitchell,
PRICHARD
Harry B. Riley, State
Comptroller, until 11 a. m. on Feb. 23, for the purchase
$1,600,000 unemployment relief registered warrants.
To
delivered Feb. 26, 1940. Due on or about Feb. 26, 1941.
The current California offering represents the amount
870—was incorrect.
DALLAS COUNTY
CITIES
CALIFORNIA
of the face amount of the bonds bid for,
DALLAS COUNTY (P. O. Selma) Ala.—BONDS NOT SOLD—It is
stated that the report given in our issue of Feb. 3, on the sale of $250,000
Francisco
Teletype SF 469
WARRANTS OFFERED—Bids were received by
any,
ALABAMA
Municipals
Bankamerica Company
BOND
■;
Bond
California
BRITAIN, Conn.—NOTE OFFERING—W. H. Judd, President
of Board of Finance and Taxation, will receive sealed bids at the offices of
the New Britain National Bank until 11:30 a. m. on Feb. 27 for the pur¬
chase at discount of $250,000 tax anticipation notes.
Denoms. to suit
purchaser.
Payable June 20, 1940, at the National City Bank of New
York City.
Legal opinion of Storey, Thorndike, Palmer & Dodge of
Boston will be furnished the successful bidder.
Signatures will be certi¬
fied by the New Britain National Bank.
NEW
SHELTON
Conn.—BOND' SALE—The $50,000 coupon relief
19—V. 150, p. 1160—were awarded to R. K. Webster
offered Feb.
price of 100,329, a basis of about 1.06%.
1, 1940 and due $5,000 on March 1 from 1941 to 1950, incl.
of New York, as l^s, at a
March
bids:
bonds
& Co.
Dated
Other
Volume
The Commercial & Financial Chronicle
150
Bidder
R. L. Day & Co
Cooley &c Co
Putnam & Co
Int. Rate
Rate Bid
1M%,
100.719
100.389
111%
.
"
100.367
100,089
W%
100.10
ad valorem taxes to be levied on all of its taxable
property.
of Matson, Ross, McCord & Ice of Indianapolis will be
FLORIDA
,DSi^NI£EL-£APTIVA SPECIAL ROAD
Legal opinion
furnished the
successful bidder.
AND
BRIDGE
DISTRICT
IOWA
P" J0'4 Myers), Fla.—BOND
SALE—We are now informed by the
Board of County Commissioners that the $20,000
6% semi¬
annual road and bridge bonds offered on Nov.
6—V. 149, p. 2545—were
on Nov. 22 to the William H.
Reynolds Co. of Fort Myers at a price of
95.00, a basis of about 6.53%.
Dated May 1, 1939.
Due $1,000 on
May 1 in 1944 to 1963, inclusive.
>v
1313
until 2 p. m. (CST) on March 18 for the purchase of $24,000 not to exceed
4H% interest school building bonds.
Dated March 1, 1940.
Denom.
$1,000.
Due as follows: $1,000 July 1, 1941; $1,000 Jan. 1 and July 1 from
1942 to 1952, incl., and $1,000 Jan. 1, 1953.
Bidder to name a single rate
of interest, expressed in a multiple of K of 1
%.
Interest J-J.
The bonds
are the first
obligation of the school township, payable out of unlimited
Clerk of the
(This notice supplements the sale report given in
r>^F?X^fALM
BEACH
Fla.—SL PREME
our
VALIDATES
Holders of the bonds
are
understood
refunding operation.
proceedings under which 93% of the city's
indebtedness was refinanced in 1936 and refers to provisions of the
original
agreement with the creditors, which were attacked in the validation suit.
The right of the city to refund the
remaining 7% under a different plan
was upheld
by the court.
The
court
decision
cites
GEORGIA
COLLEGE PARK
Ga.—BONDS SOLD—It is reported that the follow¬
ing 3% bonds, aggregating $65,000, have been sold at a price of 110.11:
$35,000 property purchase, and $30,000 auditorium bonds.
City Treasurer, that $6,929.41 5% semi-ann. sewer improvement bonds
sold recently to Scott, Mclntyre & Co. of Cedar Rapids, at par.
Dated Oct. 9, 1939.
MASON
ing
ISSLE DETAILS—'The
$20,000 5% water
purchased by Lewis, Pickett & Co. of Chicago, at par—
V. 150, p. 1160—mature $2,000 on June 1 from 1950 to 1959. incl.
issue of
TOWNSHIP
(P. O. Potomac), III.—BONDS SOLD—An
$12,000 road improvement bonds has been sold as 3s at par.
COOK COUNTY FOREST PRESERVE DISTRICT (P. O. Chicago)
.
Iowa—BONDS
a
l&s.
MOLINE
any time prior to
SALE—The
$185,000
paving bonds
offered Feb. 19 were awarded to the White-Phillips Corp. of
Davenport, at
a
price of 100.122.
Denom. $1,000.
Due July 1 as follows:
$16,000 in
1941; $17,000, 1942; $18,000, 1943 to 1946, inch; $19,000, 1947; $20,000
in 1948 and 1949 and $21,000 in 1950.
Legal opinion, printing and furnish¬
ing of bonds to be at expense of the successful bidder.
Sale is subject to
approval of loan by the voters.
FLORA
III.—BOND ELECTION—An election will be held Feb. 27 on
the question of issuing $15,000 4^%
swimming pool construction bonds,
previously contracted for by Ballman & Main of Chicago.—V. 150,
FREEBURG
bonds
was
111.—BONDS SOLD—An issue of $45,000
sold to the Municipal Bond Corp. of Chicago.
ILLINOIS
sewer
p.
304.
system
(State
of)—PROPOSED MOTOR FLEL NOTE ISSLE
HELD ILLEGAL—Illinois Supreme Court has held that the issuance
by the
State without referendum, of notes seemed by pledge of motor fuel revenue
taxes is illegal.
City of Chicago and Cook County had hoped to have
issued for them $60,000,000 of the State's revenue notes for
super-highway
construction in their area.
They would have anticipated a large part of
their expected share of motor fuel tax collections over the next 20 years.
Proponents of plan had claimed that while the revenue notes would be
seemed by a pledge of the city's and county's share of the motor fuel tax
revenues, they would not constitute an obligation of the State itself, a
position in which the court refused to concur.
Exception was taken by the comt to provisions of the legislation vesting
in the Governor, State Treasurer and Auditor of
public accounts, the power
to
prevent, through issuance of motor fund revenue notes, succeeding
general assemblies from reducing the tax authorized by the motor fuel tax
laws below a certain rate and would prevent futme
general assemblies from
reapportioning that part of the State's revenues to other purposes.
Corporation Counsel Barnet Hodes has announced that the city will
seek a rehearing before the court.
"By attempting to control the maintenance of the tax rate on gasoline,
the legislature has thus attempted to make the State responsible for the
payment of those notes and they become, therefore, the debts of the State,"
the comt held.
"Under Section 18 of Article 4 of the Constitution," the opinion said,
"the pledging of funds is permitted when it is done imthe manner set
forth,
that is, by the approval of the vote of the peopie'at a
general election
Wanting such vote, the general assembly is without power to delegate to
executive department the power, by the issuance of notes, to
pledge
the motor fuel tax funds for the retirement of those notes over a
period of
years, so as to prevent succeeding general assemblies from repealing the
motor fuel tax law entirely, reducing the rate or
changing the purposes or
fund into which it is to be paid.
Present decision is the result of a test case brought before the comt prior
the
the actual issuance of the notes.
to
JACKSONVILLE
III.—BOND ISSLE DETAILS—The $33,000 3%
funding bonds pmchased by the White-Phillips Corp. of Davenport, at a
price of 104.34—V. 150, p. 1161—matme Dec. 1 as follows:
$7,000, 1940;
$8,000, 1941; $13,000 in 1942 and $5,000 in 1943.
PEORIA
COUNTY
(P. O. Peoria), III.—BONDS DEFEATED—
Sours, County Clerk, reports that an election on Feb. 20 the
proposed issue of $1,500,000 courthouse construction bonds was decisively
Leonard T.
defeated.
RIVER
William
FOREST
PARK
DISTRICT
III.—BOND
ELECTION—
C.
Ladwig, Secretary of Board of Park Commissioners, reports
19 on the question of issuing $22,000
park improvement bonds.
that
an
election will be held March
SADORUS,
III.—BOND SALE—The issue of $4,500 fire department
bonds offered Feb. 20—V.
SCOTT
First
150,
p.
1161—was sold at
a
price of 105.622-
COUNTY
(P. O. Winchester), 111.—BONDS SOLD—'The
National Bank of Chicago purchased on Feb. 5 an issue of $166,000
funding bonds at a price of 1C0.30.
WOOD RIVER, 111.—PROPOSED BOND ELECTION—An election
may
sewer system
be held shortly on the question of issuing $400,000 water and
bonds.
Ms.
maturity.
RUTHVEN, Iowa—BOND SALE—The $2,300
ment
coupon street
improve¬
bonds offered for sale
on Feb.
19—V. 150, p. 1025—were purchased
by a local investor, as 3s, paying a premium of $25, equal to 101.089,
according to the Town Clerk.
Dated Feb. 1, 1940.
Due on Feb. 1 in
1951.
Interest payable M-N.
•
STORM LAKE
Iowa—BOND SALE—The $4,934 semi-annual street
improvement bonds offered for sale on Feb. 19—V. 150, p. 1161—were
purchased by a local investor, as 4M<3» at a price of 100.101, according to
the City Clerk.
Coupon bonds, dated Jan. 4, 1940.
Due on May 1 in 1941 to 1949.
Iowa—MATURITY—It is stated by
the
City Clerk
and Auditor that the $31,631.95 sewer bonds sold to the Carleton D. Beh
Co. of Des Moines, as 5s, at a price of 100.031, as noted here—V. 150,
p.
1161—are due
on
May 1
as
follows: $2,831.95 in 1940, and $3,200 in
1941 to 1949. giving a basis of about 4.99%.
BONDS SOLD—The $3,912.25 sewer bonds offered on Feb. 12—V. 150,
p. 1161—were purchased by a local investor, as 5s at par.
Due on May 1
as follows: $312.25 in
1940, and $400 in 1941 to 1949 incl.
KANSAS
v
-
111.—BOND
in¬
The above named City Clerk does not state what disposition was made
of the $29,463 street bonds.
Due on May 1 in 1941 to 1949; callable at
III.— WARRANT SALE—John Nuveen & Co. of Chicago have
purchased
warrants at par plus $100 premium for $275,000
and $70,000
are
premium of $12, equal to 100.30, a basis of about 1.15%.
Dated
Due $1,000 on Nov. 1 in 1941 to 1944 incl.
Jackley & Co.
$345,000 tax anticipation
EAST
PARTL Y AWARDED—We
Feb. 1, 1940.
of Des Moines bid $10 premium on 1
WATERLOO,
111.—BOND
bonds
BLOUNT
CITY,
formed by Pearl B. Kellogg, City Clerk, that of the total $33,463 coupon
bonds offered for sale on Feb. 21—V. 150, p. 1161—the $4,000 improvement
bonds were awarded to the First National Co. of Mason City, as 1 }4,s, pay¬
ILLINOIS
BENTON
revenue
CITY, Iowa—BONDS SOLD—It is stated by E. B. Raymond,
were
issue of Dec. 2.)
COLRT
REFLNDING PROGRAM—Issuance of $1,439,000 refunding bonds to be
exchanged for outstanding obligations not exchanged in the 1936 refunding
has been validated by the State
Supreme Court.
The new bonds are expected to be
ready to exchange for outstanding
securities within the next two weeks.
to be in agreement with the
IOWA
WICHITA
Kan.—BOND SALE—Of the various issues of 1M% semi¬
annual bonds, aggregating $386,078.40, offered on Feb. 19—V.
150,' p.
1161—the following two issues aggregating $221,821.65, were awarded
jointly to the Harris Trust & Savings Bank of Chicago, and Estes, Snyder
& Co. of Topeka:
$79,821.65 paving and
sewer, series No. 461 bonds at a price of 101.539, a
basis of about 1.21%.
Due on Jan. 1 in 1941 to 1950, inclusive.
142,000.00 refunding, series No. 464 bonds at a price of 101.579, a basis of
about 1.20%.
Due on Feb. 1 in 1941 to 1950, inclusive.
ADDITIONAL SALE—'The $14,256.75 issue of 1 M% park, series No. 463
bonds also offered at the time, were awarded to the First National Bank of
Wichita, at
a price of 101.548, a basis of about 1.14%.
1941 to 1950, inclusive.
Due
on
Jan. 1 in
BONDS NOT SOLD—The $150,000 paving, series No. 462 bonds scheduled
for sale on Feb. 19, were not awarded as the offering was withdrawn, prior
to the opening of bids.
Due $15,000 on Jan. 1 in 1941 to 1950, inclusive.
KENTUCKY
FORT
THOMAS
Ky.—BOND
REFL NDING CONTRACT—It
is
City Clerk that Pohl & Co. and Fox, Einhorn & Co.. both of
Cincinnati, jointly, have contracted to refund $80,000 2M% semi-annual
refunding bonds.
Due $5,000 on April 1 in 1940 to 1955, inclusive.
stated by the
MARYLAND
BALTIMORE
COUNTY
(P. O. Towson)
Md.—BOND OFFERING—
Selfe, Chief Clerk of County Commissioners, will receive sealed
a. m. on March 19 for the purchase of $800,000 not to exceed
5% interest Metropolitan District, 10th issue, coupon bonds.
Dated
March 1, 1940.< Denom. $1,000.
Due $20,000 on March 1 from 1941 to
1980 incl. Rate of interest to be expressed in multiples of % or 1-10 of 1 %.
Each yearly maturity of the bonds shall be considered as a separate series.
It may be provided in the bids that one or more series of the bonds shall bear
one rate of interest and one or more series a different rate of interest, or it
may be provided in the bids that all of the bonds shall bear one rate of
interest up to the date of maturity of one of the series and thereafter a dif¬
ferent rate, but no more than two rates may be proposed in any bid.
The
bonds will be awarded to the bidder naming the lowest rate or combined
rates of interest named in any legally acceptable proposal and offering to
James G.
bids until 11
pay not
less than par for the bonds.
and interest (M-S) payable at the Second National Bank,
The bonds will be issued subject to registration as to principal
only at the office of the Safe Deposit and Trust Co., of Baltimore, Registrar.
The bonds are issued pursuant to the authority of Section 336 of Article
III of the Code of Public Local Laws of Maryland (1930 Edition), as orig¬
inally enacted by Chapter 539 of the Acts of the General Assembly of
Maryland, passed at its January Session in the year 1924, and as last
amended by Chapter 186 of the Acts of the General Assembly of Maryland,
Principal
Towson.
passed at its January
Session in the year 1937, and the bonds are also
issued in accordance with
missioners
on
an
Feb. 14, 1940.
ordinance duly adopted by the County Com¬
The bonds are issued upon the full faith and
credit of the County Commissioners and the full
faith and credit are irre¬
vocably pledged for the payment of the maturing principal and interest
of the bonds.
The primary fund for the payment of the principal and
interest
is
the
proceeds of special assessments and other charges levied
by the County Commissioners pursuant to the authority of Section 335 of
Article III of the Code of Public Local Laws of
Maryland (1930 Edition),
last amended by Chapter 463 of the Acts of the General Assembly of
Maryland, passed at its January Session in the year 1939, against all prop¬
erty located within the Metropolitan District benefited by the construction
or installation of any water, sewerage or drainage systems installed pursuant
to Chapter 539 of Acts of 1924, as amended, the proceeds realized from the
levy and collection of such assessments heretofore and hereafter made con¬
stituting an original fund for the debt service on all of the bonds heretofore
or
hereafter issued by the County Commissioners for the Metropolitan
Distrct, pursuant to the authority of the Acts of Assembly above referred to.
as
In
the
event such proceeds shall at any time prove insufficient for the
of the debt service, the County Commissioners are authorized and
to levy and collect sufficient taxes upon all assessable property
within the Metropolitan District to make up any such deficiency, and in
the event the taxes so levied and collected, together with the proceeds of
the special assessments, shall
prove inadequate, then the County Com¬
missioners are authorized and directed to levy sufficient taxes for the pur¬
purpose
INDIANA
HAMMOND
G.
SANITARY
DISTRICT,
Ind.—
directed
—
B.
Smith, City Comptroller, will receive sealed bids until 2 p. m. on
15 for the purchase of $408,000 not to exceed 4% interest coupon
series E sanitary bonds of 1940.
Dated April 1, 1940. Denoms. $1,000 and
$600.
Due $13,600 on Jan. 1 from 1942 to 1971 incl.
Bidder to name a
March
single rate of interest, expressed in a multiple of
of 1%.
Principal and
interest (J-J) payable at the City Treasurer's office.^The bonds shall not
be in any respect the corporate obligation or indebtedness of the city, but
shall be and constitute the indebtedness of the district of the city as a
special taxing district. The bonds with the interest thereon shall be payable
out of special taxes levied upon all the taxable property in the district.
The bonds shall
be issued and
are
offered for sale under and pursuant to
provision of an Act of the General Assembly of the State, entitled, "An
Act
Concerning the Department of Public Sanitation, &c." approved
March 9, 1917, and all Acts amendatory thereof and supplemental thereto.
The bonds will be sold subject to the approving opinion of Chapman &
Cutler, of Chicago, the opinion to be furnished to the purchaser at the
expense of the district.
Enclose a certified check for at least 3% of the par
value of the bonds bid for.
NOBLE TOWNSHIP SCHOOL TOWNSHIP (P. O. Portland), Ind.—
OFFERING— James J. Wallace, Trustee, will receive sealed bids
BOND
pose
all taxable property within the entire corporate limits of the
The bonds will be delivered to the purchaser within a reasonable
Baltimore
upon
county.
time after the sale thereof at the Court House in Towson, or in
City.
Delivery elsewhere will be made at the expense of the purchasers.
The legality of this issue will be approved bj J. Howard Murray, Attorney
the County Commissioners, and by Niles, Barton, Morrow & Yost,
of Baltimore, and the
approving opinions will be delivered upon request
to the purchaser of the bonds without charge.
Enclose a certified check
for $20,000, payable to the County Treasurer.
for
WASHINGTON
SUBURBAN
SANITARY DISTRICT,
SALE—The $800,000 2M % series
Md.—BOND
TT water and sewer bonds offered Feb. 16
150, p. 1025—were awarded to a syndicate composed of Northern
Trust Co., Chicago; Alex. Brown & Sons, Baltimore; Brarn, Bosworth &
Co., Toledo, and Campbell, Phelps & Co., Inc., New York, at a price of
100.42, a basis of about 2.72%.
Dated March 1, 1940, and due March 1
as follows:
$15,000 from 1941 to 1950, incl.; $20,000 from 1951 to 1970, incl.
and $25,000 from 1971 to 1980, incl.
Re-offered to yield from 0.50% to
—V.
2.90%, according to maturity.
Other bids:
The Commercial &
1314
Bidder—
Richmond
Rate Bid
:
'
-
Legg & Co., Baltimore;
York; Eldredge & Co., New York,
Mackubin,
Phelps, Fenn & Co., New
and F. W. Craigie & Co.,
_
Stein Bros. & Boyce, Baltimore;
R. S. Dickson & Co., Inc.,
--- 100.3977
New
York; First of Michigan Corp., New York; Otis & Co., New
York; Edward Lowber Stokes & Co., Philadelphia, and Mar¬
burg, Price & Co., Baltimore.^___________________
99.39
Harriman Kipley & Co., New York; R. W. Pressprich & Co., and
Robert C. Jones & Co____
98-7099
Y. E. Booker & Co., Washington, D. C.; John Nuveen & Co.;
W. W. Lanahan & Co.; Stern, Wampler & Co., Inc.; Scott,
Horner & Mason, Inc.; Fahey, Clark & Co., and Charles K.
Morris <fe Co., Inc
—97.8-57
'■
Blyth & Co., Inc., New
Securities Corp—
York; Estabrook & Co., and
Equitable
97.61
& Co. of Detroit
purchased $16,000 Sanilac
Bidder—
Bank of Brockton
,
1
First National
Bank of Boston
—
Rate Bid
100.51
100.14
100.05
Int. Rate
1 H%
1
114%
DEDHAM, Mass.—NOTE SALE—The Second National
purchased an issue of $100,000 notes at 0.074% discount,
of $8.
Due Nov. 29, 1940.
Bank of Boston
plus a premium
Mass.—NOTE SALE—The issue of $30,000 notes
the Merchants National Bank of Boston, at
EASTHAMPTON
offered Feb. 20 was awarded to
0.12% discount. Due Nov. 26, 1940. The Second
next best bidder, named a rate of 0.186%.
National Bank of Boston,
EVERETT, Mass.—NOTE SALE—The $500,000 revenue anticipation
notes offered Feb. 20—V. 150, p.
1161—were awarded to the National
Shawmut Bank and the Merchants National Bank, both of Boston, jointly,
at
0.11% discount plus $2 premium.
Dated Feb. 20, 1940 and due Nov. 7,
Bates, Converse & Co. of Boston second high bidder,, named a
1940.
rate of
0.13%.
RIVER, Mass.—NOTE SALE—The $1,000,000 revenue notes
offered Feb. 20—V. 150, p. 1161—were awarded to a group composed of
National Shawmut Bank, Merchants National Bank, both of Boston,
B. M. C. Durfee Trust Co., Fall River, and Harriman Ripley & Co., Inc.,
New York, at 0.32% discount.
Dated Feb. 23, 1940 and due Nov. 7,
1940.
Second high bidder was Leavitt & Co. of New York, which bid a
rate of 0.313% for New York delivery of notes. . Final bid of 0.354% was
made by the First National Bank of Boston.
FALL
anticipation
the Second
and due
8 and $100,000 Dec. 27, 1940. The National Shawmut Bank
GARDNER, Mass .—NOTE SALE—The $300,000 revenue
offered Feb. 19—V. 150, p. 1161—were awarded to
notes
National Bank of Boston, at 0.084 %
$200,000 Nov.
of Boston, second high
discount. Dated Feb. 20, 1940
bidder, named a rate of 0.10% and
$1 premium.
HOLYOKE, Mass .—NOTE SALE—The issue of $500,000 notes offered
Feb. 21 was awarded to the National Shawmut Bank of Boston, at 0.11%
discount, plus a premium of $2.
Dated Feb. 23, 1940 and due Nov. 26,
1940.
■
;;
.
MANCHESTER, Mass .—NOTE SALE—The Second National Bank of
purchased on Feb. 17 an issue of $60,000 notes at 0.077% discount.
Nov. 6, 1940.
Other bids:
National Shawmut Bank of Boston,
0.09%; Manchester Trust Co., 0.12%.
Boston
Due
MEDWAY, Mass.—NOTE SALE—The Home
National Bank of Milford
lov. 20 and
Purchased anDec. 20, 1940. Other bids:0.15% discount. Bank$25,000 on
issue of $50,000 notes at Second National Due of Boston,
jO.18%.
0.179%; First National Bank of Boston,
MILLIS
Mass —NOTE SALE—The
issue of $50,000 revenue
Natick Trust Co. purchased an
notes at 0.07%
discount.
Due Dec. 30, 1940.
Other bids:
Discount
0.075%
0.084%
0.094%
0.17%
Bidder—
National Shawmut Bank
Merchants National Bank of Boston
Second National Bank of Boston
First National Bank of Boston
NORTH ADAMS
bonds
street
offered
Mass .—BOND SALE—The issue of
Feb. 20 was awarded to Newton,
$100,000 coupon
Abbe & Co. of
as l^s, at a price of 101.067, a basis of about 1.05%.
Dated
1, 1940.
Denom. $1,000.
Due $10,000 on March 1 from 1941 to
1950, incl.
Principal and interest (M-S) payable at the Merchants Na¬
tional Bank of Boston.
Legality approved by Storey, Thorndike, Palmer
Boston,
March
&
Dodge of Boston.
Bidder—
>
Estabrook & Co__
Other bids, also for 1}4&, were as follows:
Rate Bid
Bidder—
100.94
R. L. Day & Co
Eate Bid
100.15
100.799
Tyler & Co
1940
and St. Clair Counties highway
at 100.537, with interest
PLEASANT RIDGE
Mich.—BONDS SOLD—The
rejected Jan. 30—V. 150, p.
bonds for which bids were
$249,200 refunding
873—were sold sub¬
& Co.,
$40,200
(M-S),
1954 ■to
1966,
sequently to Campbell, McCarty & Co. and Miller, Kenower
both of Detroit, jointly, at par plus $1 premium, as follows: For
maturing March 1, $4,200 in 1941, $9,000 in 1942 to 1945, as 3s
$132,000 maturing March 1, $9,000 in 1946 to 19o3, $10,000 jn
1959, as 3Hs (M-S), and $77,000 maturing $11,000 March 1, 1960 to
as .3^8.
TOWNSHIP SCHOOL DISTRICT NO. 7 (P. O;
Royal Oak)
Mich.—CERTIFICATES PLRCI1ASED
resulted in purchase of $8,147.70 certificates
indebtedness at 60 flat, according to Edward Parkin, Secretary of Loard
Education.—V. 150, p. 465.
OAK
ROYAL
Branch,
Berkley
—Call for tenders until Feb. 19
of
of
MINNESOTA
Mass.—BOND SALE—The 1130,000 surface drainage and
sewer bonds offered Feb. 20—V. 150, p.
1161—were awarded to Tyler &
Co. of Boston, as 1 j^s. at a price of 100.799, a basis of about 1.10%. Dated
Feb. 1, 1940 and due $13,000 on Feb. 1 from 1941 to 1950 incl. Other bids:
BROCKTON
Estabrook & Co
24,
refunding Road Assessment District 451 bonds
at 1 y2% to Nov. 1, 1944 and 4M% thereafter.
MASSACHUSETTS
Home National
Feb.
Financial Chronicle
DULUTH, Minn.—BOND SALE—The
provement, unemployment relief projects
V. 150, p. 1162—were awarded as 1.60s,
of about 1.44%,Dated April 1, 1940.
"
V,
incl.
■
$150,000 coupon permanent
im¬
bonds offered for sale on Feb. 21—
paying a price of 100.405, a basis
Due on April 1 in 1943 to 1950
A:'-'
,
wil]
MINNEAPOLIS, Minn.—BOND OFFERING—Sealed and open bids
March 13, by Geo. M. Link, Secretary of
the Board of Estimate and Taxation, for the purchase of $100,000 coupon
water works bonds.
Interest rate is not to exceed 6%, payable A-O.
Denom. $1,000.
Dated April 1, 1940.
Due $5,000, April 1, 1941 to I960.
Rate of interest to be in a multiple of }4 or 1-10 of 1%, and must be the
same for all of the bonds. Prin. and int. payable at the fiscal agency of the
city in New York, or at the City Treasury.
The bonds will be issued
under and pursuant to the provisions of Sections 9 and 10 of Chapter XV
of the City Charter, adopted Nov. 2, 1920, and pursuant to the request of
the City Council, expressed by a resolution of the City Council passed
Jan. 12 (approved Jan. 13).
The proceeds of the bonds will be used by
the City Council in the construction of the softening plant of the city water
works.
The credit of the city is pledged for the payment of the principal
and interest of the bonds.
be received until 10.30 a.m. on
OLMSTED COUNTY SCHOOL DISTRICT NO.
Minn.—BONDS SOLD—It is stated by the District
semi-annual
the State.
88 (P. O. Rochester),
Clerk that $1,800 3%
at par by
building construction bonds have been purchased
Due $180 on July 1 in 1945 to 1954, inclusive.
MISSISSIPPI
by the City
construct a
been canceled by the Public Works
MERIDIAN, Miss.—PWA LOAN CANCELED—It is stated
Clerk and Treasurer that the city has abandoned a project to
power
plant and a loan of $780,000 has
Administration.
MISSISSIPPI
OFFERING—It is reported by Greek
Bond Commission, that he will offer for
State of—BOND
Rice, Secretary of the State
L.
by sealed bids on Feb. 27, an issue of $1,500,000 highway bonds.
Dated Feb. 1, 1940.
Due $100,000 on Feb. and Aug. 1 in 1941 to 1945,
on Feb. and Aug. 1, 1950 and 1951, and on Feb. 1. 1952.
Rate or rates of interest to be in multiples of M of 1%.
No bid of less
sale
and accrued interest shall be considered.
Principal and interest
payable at the State Treasurer's office, or at the Guaranty Trust Co., New
York. The bonds shan be registerabie as to principal only.
The bonds are
than par
payable as to both principal and interest from such portion of the gasoline
or motor fuel taxes levied by the State as may be necessary and fully suffficient for such purpose, or in accordance with the provisions and definitions
contained in the aforesaid Chapter 130, Laws of Mississippi, 1938. Under
the terms of and as permitted by said Act, said bonds, together with the
other bonds authorized, issued and permitted under said Act, enjoy a prior
pledge of such portion of said revenues as may be necessary for the prompt
payment of the principal of and interest on said bonds, and it is
covenanted and agreed that said taxes, to the amount necessary as afore¬
said, shall be irrevocable until all of said bonds have been paid in full as to
principal and interest.
The bonds will be issued and sold pursuant to
Chapter 130, Laws of Mississippi, 1938, and resolutions adopted by the
State Bond Commission, reference to which is made for a more detailed
description thereof.
The approving opinion of Chapman & Cutler
Chicago, to the effect that such bonds are valid and legally binding obli¬
gations of the State, payable solely as aforesaid, will be furnished to the
recited,
of
id for, payable to a certified check for
Eurchaser. Enclose the State Treasurer. 2% of the par
value of the bonds
OSYKA, Miss.—BONDS SOLD—It is reported that $1,500 4K% semi¬
annual water works improvement bonds have been sold to Kenneth G.
Price & Co. of McComb.
Dated March 1, 1940.
Due $100 on March 1
in 1941 to 1955, inclusive.
PIKE COUNTY
(P. O. Magnolia)
Miss.—BONDS SOLD—A $27,000
3)4% semi-annual funding bonds is said to have been purchased
jointly by Kenneth G. Price & Co. of McComb and C. B. Walton & Co.
of Jackson.
Dated Jan. 1, 1940.
Due $3,000 on March 1 in 1941 to 1949.
issue of
Mass.—NOTE SALE—The issue of $75,000 notes offered
Feb. 20 was awarded to the Second National Bank of Boston, at 0.146%
discount.
Dated Feb. 23, 1940 and due Dec. 12, 1940.
R. L. Day & Co.
PALMER
of Boston, second high bidder, named a rate
MISSOURI BONDS
of 0.165%.
QUINCY, Mass.—BOND SALE—The $310,000 coupon bonds offered
Feb. 16 were awarded to Jackson & Curtis of Boston, as Is, at a price of
100.266, a basis of about 0.95%.
Sale consisted of:
$35,000 water bonds.
Due $5,000 on March 1 from 1941 to 1947, incl.
50,000 sewer bonds.
Due $5,000 on March 1 from 1941 to 1950, incl.
225,000 street construction bonds.
Due March 1 as follows: $25,000 from
1941 to 1945, incl., and $20,000 from 1946 to 1950, incl.
All of the bonds will be dated March 1, 1940.
Denom. $1,000.
Prin¬
cipal and interest (M-S) payable at the National Shawmut Bank of Boston.
Legality approved by Storey,- Thorndike, Palmer & Dodge of Boston.
Other bidders: (for Is) Tyler & Co., 100.179; Chace, Whiteside & Symonds,
100.139; Grahma, Parsons & Co., Lyons & Co., and Bond, Judge & Co.,
jointly, 100.0199; Quincy Trust Co., 100.019; (for 1 '4s) Newton, Abbe &
Co., 101.035; Whiting, Weeks & Stubbs, 100.90; R-. L. Day & Co., 100.52;
Harriman Ripley & Co., 100.355; Harris Trust & Savings Bank, 100.217;
Halsey, Stuart & Co., 100.076.
Markets in all State, County
LANDRETH BUILDING, ST.
MISSOURI
HURRljCANE TOWNSHIP (P. O. Hale City), Mo .—BONDS DE¬
FEATED—At an election held on Feb. 3 the voters are said to have turned
down
a
proposal to issue $12,000 in
RIDGE
SOLD—The
$500,000 coupon refunding bonds offered Feb. 19—V. 150, p. 872—were
not sold as the bids were rejected.
Dated March 15, 1940 and due serially
on April 1 from 1942 to 1958, incl.
Non-callable.
FERNDALE SCHOOL DISTRICT, Mich.—BONDS NOT
Mich.—NOTE SALE—The Polish National
of)—ADDITIONAL HIGH WAY
of
Due
1026.
REFt NDlko
BONDS AWARDED—In connection with the report in V. 150, p.
1162, of
refunding bonds of various road assessment
districts to H. V. Sattley & Co. of Detroit, and associates, we learnRhat
the remaining $177,000 bonds of the total offering of $1,088,000 onlFeb.
12 were sold as follows: $80,000 Shelby, Sterling and Warren Townships
Road Assessment District 481 were purchased as 3^s at 100.317 by an
account composed of Braun, Bosworth & Co., Toledo; First of Michigan
Corp., Stranahan, Harris & Co., Crouse & Co. and the Peninsular State
Bank.
The same group purchased $81,000 bonds of Royal Oak and War-
the sale of $911,000 highway
r?n3 Townships
at
Districts 471- 473 and 473-A, at 100.067, to bear interes
H% to optional maturity dates and 4% thereafter.
MANOR
SCHOOL DISTRICT (P. O. Clayton),
school bonds offered for sale on Feb. 15—
Miller, Kenower
of St.
Dated
NEBRASKA
LEXINGTON, Neb .—BONDS SOLD—It is reported
refunding bonds were sold recently to an undisclosed
12 years; optional after five years.
NEW
Alliance
Chicago purchased $135,000 tax anticipation notes as 5s, at par.
Aug. 1,1940. They were unsuccessfully offered on Jan 30.—V. 150, p.
(State
WALNUT
150, p. 1026—were awarded to the Mississippi Valley Trust Co.
Louis, as 2Hs, paying a price of 100.19, a basis of about 2.48%.
Feb. 15, 1940. Due on Feb. 15 in 1945 to 1957 incl.
V.
SCHOOL
DISTRICT
(P.
O.
Ferndale), Mich.—BOND ISSUE DETAILS—The $64,000 not to exceed
5 % interest construction bonds to be considered by the voters at an election
on March 4,
would mature June 1 as follows: $11,000 in 1941; $12,000,
1942; $13,000 in 1943 and $14,000 in 1944 and 1945.
MICHIGAN,
road bonds.
CONSOLIDATED SCHOOL DISTRICT (P. O.
Miss.—BONDS OFFERED—It is reported that sealed bids
were received until
Feb. 23, by the Clerk of the Board of Supervisors,
for the purchase of $40,000 school bonds.
GROVE
Gulf port),
WEST
H AMTRAMCK,
LOUIS, MO
Mo.—BOND SALE—The $30,000
MICHIGAN
FERNDALE-PLEASANT
RICHTER COMPANY
SCHERCK,
OCEAN
WELLESLEY, Mass.—NOTE SALE—The issue of $200,000 notes offered
Feb. 19—V. 150, p. 1162—was awarded to the Wellesley Trust Co. of
Wellesley, at 0.06% discount. Due Oct. 25, 1940. The Boston Safe Deposit
& Trust Co., second high bidder, named a rate of 0.073%.
& Town Issues
that $32,000 2%%
investor. Due in
HAMPSHIRE
BERLIN, N. H.—NOTE SALE—The First National Bank of Boston
purchased an issue of $100,000 notes at 0.56% discount.
Due Dec. 20,1940.
of Boston were
discount, plus a
$100,000 each on Dec. 4,
bids: National Shawmut
Bank of Boston, 0.15%; Merchants National Bank of Boston, 0.16%; First
Boston Corp.. 0.189%; Ballou, Adams &Whittemore, 0.193%; F. W. Home
CONCORD, N. H.—NOTE SALE—R. L. Day & Co.
on Feb. 16 an issue of $400,000 notes at 0.13%
awarded
premium of $1.
Dated Feb. 19, 1940 and due
Dec. 10, Dec. 13 and Dec. 17, in 1940.
Other
& Co.,
0.204%.
,
MERRIMACK COUNTY (P. O. Concord), N. H.—NOTE SALE—
The issue of $350,000 notes offered Feb. 15 was awarded to the National
Shawmut Bank of Boston, at 0.15% discount. Dated Feb. 15,1940 and due
Dec. 20, 1940.
Volume
The Commercial & Financial Chronicle
150
NEW
ATLANTIC
JECTED—At
CIXY,
N.
JERSEY
J.—CIT Y MANAGER
special election
a
FORT
on
GOVERNMENT RE¬
Feb. 20 the proposal to establish a city
manager form of government was rejected
BARRINGTON, N. J.—BONDS
by
a count of
SOLD—E.
17,846 to 7,302.
H.
Rollins & Sons, Inc.,
New York, purchased at price of
95, a basis of about 4.94%, a block of
$55,000 4% refunding bonds of 1939 of an original issue of
$76,000 which
was
unsuccessfully offered last Dec. 7—V. 149, p. 4064.
Due Dec. 1 as
follows: $6,000 in 1940; $10,000,
1941; $1,000,
1942; $5,000, 1943; $4,000,
1944; $2,COO. 1945; $4,000, 1946; 3,000, 1947 and
1948; $4,000, 1949 and
1950; $6,000 in 1951 and $3,000 in 1952.
HOLMDEL TOWNSHIP SCHOOL DISTRICT
(P. O.
Centerville),
N. J.—BOND SALE— The $29,000
coupon or registered school bonds
offered Feb. 19—V. 150, p. 1027—were awarded to
the Farmers & Mer¬
chants National Bank of Matawan as
2.90s, at a price of 100.01, a basis
of about 2.89%.
Dated Jan. 1, 1940 and due Jan. 1 as follows: $2,000
from 1942 to 1955, inch, and
$1,000 in 1956.
Other bids:
Bidder—
J. B. Hanauer & Co__
int. Rate
Premium
3%
3%
Farmers Reliance, Trenton.
H. B. Boland& Co
Matawan Bank
M. M. Freeman & Co__
First National Bank of Eatontown
$63.00
29.00
3%
Peoples National Bank of Keyport
36.60
72.50
98.60
Par
85.00
58.00
153.70
116.00
3 14%
334%
3 34% 1
3.70%
Z%%
3%%
3K%
_
Joseph G. Kress & Co
H. L. Allen & Co
Minsch, Monell&Co., Inc
Campbell & Co
MILLBURN TOWNSHIP SCHOOL DISTRICT (P.
Cb'JMillburn),
N. J.—BONDS VOTED—Walter R.
Straub, District Clerk, reports that
an issue
of $20,000 playground bonds was authorized
by the voters on
Feb.13.
LAFAYETTE, FABIUS, TULLY AND ONONDAGA CENTRAL
SCHOOL DISTRICT NO. 7 (P. O. R. D. No. 1, Tully), N. Y.—BOND
OFFERING—Stanley Burt, District Clerk, will receive sealed bids until
1 p. m. on Feb. 27 for the purchase of $16,500 not to exceed
6% interest
or
registered school bonds.
Dated March
1, 1940.
Denoms.
$500 and $750.
Due Nov. 1 as follows: $500 from 1940 to 1960, incl., and
$750 from 1961 to 1968, incl.
Bidder to name a single rate of interest,
expressed in a multiple of K or l-10th of 1%.
Prin. and int. (M-N)
payable at the First National Bank, Tully.
The bonds are payable from
coupon
unlimited ad valorem taxes and
the approving legal opinion of Hawkins,
Delafield & Longfellow of N. Y. City will be furnished the successful bidder.
A certified
OFFERING—Nehemiah
Andrews,
City Clerk, will receive sealed bids until 8 p.m. on March 4 for the pur¬
of $30,000 not to exceed
5% interest coupon or registered bonds,
chase
divided
as
follows:
$16,000 emergency relief, series of 1940 bonds.
Dated Feb. 15, 1940 and
due Feb. 15 as follows: $4,000 in 1941 and
$3,000 from 1942 to
1945 inclusive.
14,000 emergency relief bonds.
Dated Feb. 1, 1939.
Due Feb. 1 as
follows: $4,000 from 1944 to 1946 incl. and $2,000 in 1947.
These
bonds are unsold part of an instalment offered on March
6, 1939.
Denom. $1,000.
Combined maturities of the bonds now offered are as
follows: $4,000 in 1941; $3,000, 1942 and
1943; $7,000, 1944 and 1945;
$4,000 in 1946 and $2,000 in 1947.
Bids are requested only for such
combined maturities as if they constitute a single issue.
Amount
required
$30,000.
Principal and interest
Bank, Pleasantvulle.
Bonds are
unlimited tax obligations of the city and the
approving legal opinion of
Dillon, Vandewater & Moore of New York City will be furnished the suc¬
cessful bidder.
A certified check for $600, payable to order of the
city,
must accompany each proposal.
to
be
(F-A)
obtained
payable
sale
at
of the
Mainland
at
bonds
is
National
WEEHAWKEN TOWNSHIP (P. O.
Weehawken), N. J.—BONDS
PROPOSED—The township plans to issue $460,000 not to exceed
6% inter¬
est general funding bonds.
Dated March 15, 1940.
Due March 15 as
follows: $50,000 from 1943 to 1949,
incl., and $55,000 in 1950 and 1951.
Callable on any interest pajrment date on or after Sept.
15, 1940.
NEW
MEXICO
COLLEGE
for
$330, payable to order of Sarah Millette, District
MOUNT VERNON, N. Y.—FINANCIAL STUDY
ISSUED—Kidder.
Pea body & Co. of New York have prepared a study of the financial
position
of the city in which the firm states that the
municipality's per capita debt
is the lowest among the larger
taxing units in Westchester County and is
perhaps the most fortunately situated as regards future capital needs.
NEW YORK CITY POWER AUTHORITY (P. O. New
York), N.Y.
—CREATION PROPOSED—Amendment of the Public Authorities Law to
?rovide for creation of the above agency is proposed J. Crews of Brooklyn
591) recently introduced in the Assembly by Robert in a bill (A Int. No.
and referred to the Ways and Means Committee.
The authority, members
of which would be appointed
by Mayor of New York City, would be em¬
powered to have outstanding not more than $50,000,000 bonds, proceeds
of Avhich would be used in the construction of a
plant and related facilities
to
furnish public utility service to
public and private consumers.
The
agency would be required to collect service charges sufficient to pay interest
and principal of debts and
expenses, including retirement reserves.
De¬
cision as to whether the authority is to be
operated would be submitted to
voters at general
PORT
OF
election this year.
NEW
YORK
AUTHORITY,
58 members, the principals of which included
Halsey, Stuart & Co., Inc.;
Ladenburg, Thalmann & Co.; Blair & Co., Inc., and the Swiss American
Corp., all of New York.
This group, complete membership of which is
given below, purchased the bonds at a price of 99.188, the net interest
to the Authority being
3.02%.
The bonds are dated Dec. 15. 1936
and mature Dec.
15, 1976.
They are subject to redemption prior to
Dec. 15, 1950, only through operation of the
sinking fund.
Subject to
this limitation, they are redeemable in whole or in
part, at the option of
the Authority, on interest payment dates, at: 103
beginning on Dec. 15,
1941, and thereafter through Dec. 15, 1945; at 102 thereafter through
Dec. 15, 1950; at 101 thereafter
through Dec. 15, 1955; and at par there¬
after to maturity.
Payments will be made into the "Fourth Series, 3%,
due 1976 sinking fund," commencing in
1941, and moneys in the sinking
fund will be applied to the retirement of fourth series bonds
by purchase
cost
call.
or
BONDSREOFFERED FOR
INVESTMENT—Halsey, Stuart & Co., Inc.
underwriting houses reoffered the bonds for public invest¬
price of 100.25 and accrued interest, to yield about 2.989% to
maturity.
Official announcement of the offering appears on page VI.
Proceeds of the financing will be used by the Port
Authority to redeem
New York-New Jersey Interstate Tunnel bonds, series
E, heretofore issued
and associated
ment at
for
a
Holland Tunnel purposes.
of New York
Net income from all facilities of the Port
Authority for January, this year, totaled $365,647.73, or an
increase of 11.8% over January, 1939, when net income
aggregated $327,092.93.
Operations for the year ended January, 1940, produced a net
income of $5,488,465.20, an increase of
22.9% over the $4,464,365.20 for
the same period in 1939.
bonds, currently offered, in the opinion of counsel, are legal invest¬
for New York and New Jersey State and municipal officers, banks
savings banks, insurance companies, trustees and other fiduciaries,
and eligible for deposit with State or municipal officers or
agencies in the
two States for any purpose for which bonds of New York and New
Jersey
may be deposited.
ment
OF AGRICULTURE
AND
MECHANIC
ARTS (P. O. State
College), N. Mex.—PRICE PAID—It is stated by
College President Hugh M. Milton that the $55,000 4% semi-ann. building
and improvement, series E bonds sold
the Charles A. Fuller Co., both of
jointly to E. J. Prescott & Co., and
Minneapolis, as noted here—V. 150, p.
price of 102.60, a basis of about 3.77%.
Due
1162—were awarded at a
Jan. 1 in 1942 to 1960 incl.
on
and
SYNDICATES COMPETE FOR ISSLE—Three banking groups com¬
peted for the issue and the bidding between the successful account and the
runner-up was particularly keen.
In contrast with the.offer of 99.188 on
which
the award
tender
was a
was
made t<5> the
Halsey, Stuart
-
Government Bonds
group,
the second best
price of 99.14, or a difference of only 48 cents per $1,000 bond.
bid figured a net interest cost of 3.023% and was entered on
behalf of the Chase National Bank, Harriman Ripley & Co., Inc., National
The latter
City Bank of New York, Smith, Barney & Co., First Boston Corp., Kidder,
Peabody & Co., Chemical Bank & Trust Co., White, Weld & Co., Union
Securities Corp., Estabrook & Co. and W. E. Hutton & Co.
Third and
final offer of 97.90, or a net cost of 3.05%, came from an account which
included the Bankers Trust Co. of New York, Biyth &
Co., Inc., Manu¬
facturers Trust Co. of New York, Northern Trust Co. of
Chicago, Phelps,
Fenn & Co., Inc., Stone & Webster and Blodget, Inc. and Goldman,
Sachs & Co.
Municipal Bonds
Y.—BOND SALE— The
N.
issue of $33,000,000 3% fourth series
general and refunding bonds offered
Feb. 19—V. 150, p. 1028—was awarded to a
The
MEXICO
HATCH, N. M.—BOND SALE DETAILS—We are now informed by
the City Clerk that the $55,000 waterworks extension and sewer
system
bonds sold to Banks, Huntley & Co. of Los
Angeles, as noted here—
V. 150, p. 1027—were purchased as 4 Ms,
paying par.
Coupon bonds,
dated Feb. 1, 1940.
Denom. $1,000 and $500.
Interest payable F-A.
The bonds are said to be due
serially, being redeemable on Feb. 1, 1944
and any time thereafter up to and incl. Jan.
31, 1948, upon payment of a
premium of 6% of principal, and on Feb. 1, 1948 and any time thereafter
prior to maturity upon payment of premium of 5% of principal.fi
NEW
check
Treasurer, is required.
banking group embracing
J.—BOND
N.
SALE— The
Manufacturers & Traders
Trust Co. of Buffalo purchased on Feb. 9 an issue of $16,000
general bonds
as 2.40s, at a price of 100.18.
Due from 1941 to 1950, incl.
NEWARK, N. J.—DEFEATS CITY MANAGER PLAN—Proposal to
establish the city manager plan of government was defeated
by a vote of
53,322 to 32,596 at a special election on Feb. 20.
PLEASANTVILLE,
1315
Y.—BOND
N.
Par
3.20%
...
ANN,
1
UNDERWRITING GROLP—All of the members of the syndicate which
awarded the $33,000,000 bonds were as follows:
4
was
U. S.
Housing Authority Bonds
Halsey, Stuart & Co. Inc.
H. L. Schwamm & Co.
Ladenburg, Thalmann & Co.
Tilney
76
a
Company
BEAVER STREET
Telephone:
NEW
Charles Clark & Co.
Blair & Co., Inc.
Swiss American Corporation
A. C. Allyn and
Graham, Parsons & Co.
Hallgarten & Co.
YORK, N. Y.
Dick & Merle-Smith
E. H. Rollins &
WHitehall 4-8898
Company, Inc.
Burr & Company, Inc.
Stroud & Co., Inc.
Sons, Inc.
Kaiser & Co.
B. J. Van Ingen & Co.. Inc.
NEW
YORK
BATAVIA, N. Y.—BOND SALE—The $135,000
coupon
bonds offered Feb. 20—V. 150, p. 1163—were awarded to C.
Co. of New York and Perrin, West & Winslow of
Boston,
price of 100.034,
a
basis of about 0.79%.
or
as
0.80s, at
a
Sale consisted of:
1941
to
1945, incl.
Int.
Gordon Graves <fc Co
Harris Trust & Savings Bank
Spencer Trask & Co
_____
Sherwood & Co
Blair & Co., Inc.
Union Securities Corp
__j
George B. Gibbons & Co., Inc
MarineTrust Co. of Buffalo and R. D. White & Co_
Halsey. Stuart & Co., Inc
H. L. Allen & Co.
Manufacturers & Traders'Trust Co
CLINTON
...
Rate
0.90%
0.90%
0.90%
0.90%
0.90%
1%
1%
1%
1%
1%
1%
Rale Bid
100.27
M.
100.18
100.18
100.179
100.156
100.055
Par
COUNTY
1958 incl.
i__ incl.; $5,000. 1951 to 1958 incl.; $6,000 in 1959 and $3,000 in 1960.
All of the bonds will be dated Feb. 1, 1940.
Denom. $1,000.
Bidder
single rate of interest, expressed in a multiple of
or 1-10 of 1 %.
Principal and interest (F-A) payable at Merchants National Bank, Pitts¬
burgh.
The bonds are payable from unlimited ad valorem taxes and the
approving legal opinion of Reed, Hoyt, Washburn & Clay of New York
City will be furnished the successful bidder.
A certified check for $5,480,
payable to order of the County Treasurer, must accompany each proposal.
Eastman, Dillon & Co.
Bloren & Co.
G. M.-P. Murphy & Co.
Carl M. Loeb, Rhoades & Co.
Stein Bros. & Boyce
Schoellkopf, Hutton & Pomeroy, Inc.
Ira Haupt & Co.
Edward Lowber Stokes & Co.
Singer, Deane & Scrlbner
Schwabacher & Co.
coupon or
regis¬
sewer bonds offered Feb. 21—V. 150, p. 1163—were awarded to the
Citizens National Bank of Springfield, as l^s, at a price of 100.10, a basis
of about 1.74%.
Dated Feb. 1, 1940 and due Feb. 1 as follows: $8,000 from
tered
1943 incl.; $10,000,
Other bids:
Marine Trust Co. of Buffalo and It. D. White & Co
Morhous,
to name a
W. H. Newbold's Son & Co.
Hawley, Huller & Co.
Merrill, Turben & Co.
100.21
174,000 road and bridge bonds.
Due Feb. 1 as follows: $22,000 in 1941
and 1942; $28,000, 1943; $29,000, 1944; $4,000 from 1945 to
1950
»
Kean, Taylor & Co.
Spencer Trask & Co.
1941
$35,000 public welfare (home relief) bonds.
Due Feb. 1 as follows: $3,000
from 1941 to 1945 incl. and $4,000 from 1946 to 1950 incl.
65,000 refunding, series of 1940 bonds.
Due $5,000 on Feb, 1 from 1946
to
,
J. S. Bache & Co.
100.169
100.117
100.054
(P. O. Pittsburgh), N. Y.—BOND OFFER¬
County Treasurer, will receive sealed bids until
10 a.m. on March 4 for the purchase of $274,000 not to exceed
4% interest
coupon or registered bonds, divided as follows:
ING—C.
Schlater, Noyes & Gardner, Inc.
Tucker, Anthony & Co.
SPRINGFIELD, N. Y.—BOND SALE— The $150,000
Other bids:
Bidder—
Arrowsmlth Company. Inc.
Wertheim & Co.
registered
F. Childs &
$100,000 public works bonds.
Due Feb. 1 as follows: $18,000 from 1941
to 1943, incl., and $23,000 in 1944 and 1945.
35,000 public welfare (home relief) bonds.
Due $7,000 on Feb. 1 from
All of the bonds will be dated Feb. 1, 1940.
Starkweather & Co.
Merrill Lynch & Co. Inc.
Otis & Co. (Inc.)
Teletype: NY 1-2395
VanAlstyne, Noel & Co.
Shields & Company
Jackson & Curtis
Bell System
to
1944 to 1949 incl. and $11,000 from 1950 to
1955 incl.
•
Bidder—
Rate Bid
Int. Rate
1.80%
Halsey, Stuart & Co., Inc
1.90%
Blair & Co., Inc
2.10%
Manufacturers & Traders Trust Co
2.10%
E. H. Rollins & Sons, Inc. and A. C. Allyn & Co., Inc
2.20%
Union Securities Corp
2.20%
H. L. Allen & Co. and F. W. Reichard & Co
2.20%
Kidder, Peabody & Co
2.20%
Ira Haupt & Co
2.25%
Geo. B. Gibbons & Co., Inc. & Roosevelt & Weigold, Inc 2.40%
SCOTIA
N.
Y.—BOND
100.26
100.157
100.48
100.439
100.319
100.30
100.30
100.133
100.27
100.443
SALE—The
$105,500 coupon or registered
bonds offered Feb. 20—V.
150, p. 1163—were awarded to the Union
Securities Corp. of New York, as 2s, at a price of 100.09, a basis of about
I.99%.
Sale consisted of:
$71,000 general impt. bonds.
follows:
Denom. $1,000 and $500.
Due July 1 as
$6,500 from 1940 to 1942, incl.; $7,500, 1943; $2,000 from
1944 to 1947, incl. and $3,000 from 1948 to
15,000 water refunding bonds.
from
1940 to
Denom. $1,000.
1954, inclusive.
1959, inclusive.
Due $1,000 on July
1
10,000 general refunding bonds.
One bond for $200, other $1,000 each.
Due July 1 as follows:
$700 from 1940 to 1953. incl and $200 in
1954.
9,500 water supply impt. bonds.
Denom. $500.
Due July 1
$2,000 from 1940 to 1943, inci. and $1,500 in 1944.
as
follow^
The Commercial &
1316
All of the bonds will be
dated Jan. 1, 1940.
Bidder—
of the bonds
Other bids:
Int. Rate
E. H. Rollins & Sons, Inc
100.36
2.10%
Campbell, Phelps & Co., Inc. and Sherwood & Co.
George B. Gibbons & Co. and Roosevelt & Weigold, Inc.
Marine Trust Co. of Buffalo and R. D. White & Co.
Manufacturers & Traders Trust Co
*
Kidder, Peabody & Co
Schenectady Trust Co..
H. L. Allen & Co., and P. W. Reichard & Co
Rati Bid
2.20%
100.403
^
100.27
2.20%
100.205
100.198
100.05
25^%
,Aaoo
2.40%
100.33
SYRACUSE HOUSING AUTHORITY (P. O. Syracuse). N. Y.—
BOND SALE—The $993,000 series A first issue housing bonds offered Feb.
15—v. 150, p. 874—were awarded to a group composed of Phelps, Fenn &
Co., Inc.: F. S. Moseley & Co., R. W. Pressprich & Co., all of New York,
and C. E. Weinig Co. of Buffalo, as 2s, 214s, 234s and 234s, at 100.008, a
net interest cost of about 2.48%, as follows: $302,000 2s, due from 1940 to
1948 incl.; $203,000 23*s, due 1949-54 incl.; $338,000 234s, due 1955-62 incl.
and $150,000 2 3*s, due from 1963 to 1965 incl. The bonds are dated Feb. 15,
1940 and mature Aug. 15 as follows:
$89,000 in 1940, $23,000 in 1941,
$25,000 in 1942 and 1943, $26,000 in 1944, $27,000 in 1945, $28,000 in
1946, $29,000 in 1947, $30,000 in 1948, $31,000 in 1949, $32,000 in 1950.
$33,000 in 1951, $34,000 in 1952, $36,000 in 1953, $37,000 in 1954, $38,000
in 1955, $39,000 in 1956, $40,000 in 1957, $42,000 In 1958, $43,000 In 1959,
$44,000 In 1960, $46,000 in 1961 and 1962, $49,000 in 1963, $50,000 in 1964.
^Second Wgh1 bid?of
100.11 for $505,000 2.40s
and $488,000 23*s, or a net
2.65%, was submitted by a
Sachs & Co., K. H. Rollins & Sons, Inc., B.
and A. C. Allyn & Co., Inc.
interest cost of about
man,
AUTHORITY,
TRIBOROUGH BRIDGE
2.20%
234%
23*%
group
composed of Gold¬
J. Van Ingen & Co., Inc.
N. Y.—ORIGINAL TRI-
AND NEW YORK CITY PARKWA Y ISSUE CALLED
REDEMPTION—The above Authority, successor to the New York
City Parkway Authority, announces that funds have been deposited with
the Marine Midland Trust Co., New York, fiscal agent, for the purchase,
BOROUGII BONDS
FOR
parkway authority
bonds due
payment or redemption of the $18,000,000 outstanding
334% serial and 334% sinking fund revenue bonds.
Serial
Oct. 1, 1940 and Oct. 1, 1941 are payable at par and accrued interest to
maturity.
Serial bonds due Oct. 1, 1942 and thereafter and all sinking
fund bonds are payable at 105 and accrued interest to April 1, 1942.
The Triborough Authority also announces that it has elected to redeem
on April 1, 1942, all of its 4% serial revenue and 4% sinking fund revenue
bonds maturing after that date at a price of 105 and accrued interest to
In this connection, the agency has deposited with the Chase
York, fiscal agent funds sufficient to pay or redeem
as of Feb. 21 all of its outstanding 4% bonds by payment of the following
amounts:
4% serials due April 1, 1942, at par with interest to that date;
4% serials due after April 1, 1942 and all of the 4% sinking fund bonds,
payable at price of 105 and interest to foregoing date.
Holders of the original Triborough obligations and the New York City
Parkway bonds, none of which are optional until April 1, 1942, are in
position to liquidate their holdings at this time as a result of the recent
financing by the Triborough agency in amount of $98,500,000—V. 150, p.
1163. The city parkway's should be presented for redemption in accordance
with terms of the official announcement at the Marine Midland Trust Co.,
120 Broadway, New York City; the original Triborough 4s should be
presented at the Central Hanover Bank & Trust Co., 70 Broadway, New
April 1, 1942.
National Bank of New
Feb.
Financial Chronicle
until their respective
accrued interest will
N. Y.—BOND OFFERING—Livings¬
receive sealed bids until 11 a. m. on March
or registered
March 1 as
follows: $2,000 in 1941; $3,000 in 1942and 1943 and $2,000 in 1944.
Bidder
to name a single rate of interest, expressed in a multiple of 34 or l-10th of
1%.
Prin. and int. (M-S) payable at the Essex County National Bank,
Willsboro.
The bonds are general obligations of the town, payable from
unlimited ad valorem taxes.
A certified check for $500, payable to order
of the Town Supervisor, must accompany each proposal.
WILLSBORO (P. O. Willsboro),
Hatch, Town Supervisor, will
8 for the purchase or $10,000 not to exceed 6% interest coupon
road bonds.
Dated March 1, 1940.
Denom. $1,000.
Due
YONKERS
N. Y.—HIGHER
TAX RATE PROPOSED—The
proposed
Whitney, pro¬
compared with
valuation of taxable property is placed at
budget for 1940, submitted by City Manager Raymond J.
vides for a tax rate of $40 per $1,000 of assessed valuation,
last
Assessed
against $311,140,120 in
year.
$302,412,477
as
NORTH
1939.
or
trust company,
received
Local
of
Due $1,000
ROXBORO, N. C.—BOND OFFERING—Sealed bids will be
11 a.m. on Feb. 27, by W. E. Easterling, Secretary of the
Commission, at his office in Raleigh, for the purchase
$15,000 refunding school bonds.
Dated March 1, 1940.
on
March 1 in 1941 to 1955 incl., without option of prior payment.
There
will be no auction.
Denom. $1,000; coupon bonds registerable as to
until
Government
(M-8), payable in legal
principal alone: prin. and int.
tender in New York
obligations; principal and interest are payable from a tax of
$100 valuation; delivery on or about March 18,
at place of purchaser's choice.
Bidders are requested to name the interest rate or rates, not exceeding 6%
per annum in multiples of 34 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 to the town, such cost to be determined by deducting the total amount
of the premium bid from the aggregate amount of interest upon all of the
bonds until their respective maturities.
No bid of less than par and
accrued interest will be entertained.
Bids are required on forms to be furnished with additional information
and each bid must be accompanied by a certified check upon an incorporated
bank or trust company, payable unconditionally to the order of the State
Treasurer for $300.
The approving opinion of Masslich & Mitchell, New
York City, will be furnished the purchaser.
City; general
exceeding 25c. on the
not
O. Statesville) N.
TREDELL COUNTY (P.
C.—BOND SALE—The
sale
Feb. 20—
Co., and the
of $14.85,
equal to 100.022, a net interest cost of about 3.32%, on the bonds divided as
follows:
$20,000 as 334s, due on March 1, 1953; the remaining $45,000 as
334s, due on March 1:
$20,000 in 19.54; $10,000 in 1955 and 1956, and
$65,000 coupon refunding bridge and road bonds offered for
on
V. 150, p. 1164—were awarded jointly to R. S. Dickson &
Southern Investment Co., both of Charlotte, paying a premium
$5,000 in 1957.
WILSON
N. C.—BOND
SALE—The $300,000 issue of coupon semi¬
bonds offered for sale on Feb. 2(>—V. 150,
annual electric light and power
Arnold of
of
1164—was awarded to a group composed of Kirchofer &
Raleigh, Kalman & Co. of St. Paul, and the Branch Banking & Trust Co.
Wilson, paying a premium of $489, equal to 100.163. a net interest cost of
about 2.40% on the bonds divided as follows: $225,000 as 234s. due on
Oct. 1. $6,000 in 1942 to 1944. $12,000 in 1945 to 1950 and $15,000 in 1951
to 1959; the remaining $75,000 as 234s, due $15,000 on Oct. 1 in 1960 to
1964, incl.
The following is an official list of the bids received:
Wachovia Bank & Trust Co., Harris Trust & Savings Bank and Lewis &
Hall, Inc.—First $285,000 234%, balance 234%: price, $300,231.
Estabrook & Co. and F. W. Craigie & Co.—234%: price, $300,891.
*
Branch Banking & Trust Co., Kirchofer & Arnold, Inc., and Kalman &
Co.—First $225,000 234%. balance 234 %: price, $300,489.
R. S. Dickson & Co., C. S. Ashmun & Co. and Southern Investment Co.—
First $240,000 23*%, balance 234%: price, $300,029.55.
p.
*
Successful bid,
PASQUOTANK
COUNTY
O.
Elizabeth City)
N. C.—BOND
SALE—-The $145,000 coupon semi-ann. school building bonds offered for
sale on Feb. 20—V. 150, p. 1164—were awarded to the Branch Banking &
Trust Co. of Wilson, as 3s, paying a premium of $200, equal to 100.137, a
basis of about 2.99%.
Dated Nov. 1, 1939.
Due on May 1 in 1942 to
E. Taylor,
receive sealed bid^
delinquent tax poor relief bonds.
Dated
$7,500.
Due $7,500 on June 1 and Dec. 1,
Rate of interest to be expressed in multiples of
34 of 1 %.
Callable at par and interest on any interest date upon advance
notice to the holder or his collecting agent.
They are issued to pay for
poor relief in 1940 fiscal year and to retire unsecured indebtedness incurred
prior to Jan. 1, 1940.
Printed bonds will be furnished by the city.
A certi¬
fied check for 5% of the amount bid, paybable to order of the Board of
County Commissioners, must accompany each proposal.
CLEVELAND, Oh io—BONDS PURCHASED FROM SINKING FUND
—A total of $1,625,000 bonds offered by the City Sinking Fund on Feb. 20
were sold to a syndicate composed of Field, Richards & Sheoard of Cleve¬
land; Braun, Bosworth & Co., Toledo; Fahey, Clark & Co., Merrill, Turben
exceed 4%
to
April
from
intbrest
coupon
1, 1940.
Denom.
1940 to 1949, incl.
& Co.,
Hayden, Miller & Co.,
Stranahan, Harris& Co.,
McDonald-Coolidge & Co., all of Cleveland;
& Co., both of Toledo,
to 109.209, or a net interest
Inc., and Ryan, Sutherland
plus a premium of $149,651.13, equal
cost of about 2.49%.
Sale consisted of:
at par
$957,000 4% refunding bonds.
Dated Sept. 1, 1936, and due $87,000 on
Sept. 1 from 1941 to 1951, incl.
262,000 234% refunding bonds.
Dated Sept. 1, 1936, and due Sent.
as follows:
$25,000 in 1945 and 1946; $36,000, 1947; $46,000 in
1948 and 1949, and $42,000 in 1950 and 1951.
1
140,000 4% refunding bonds.
Dated SeDt.
follows: $46,000 in 1950 and $47,000
1, 1937 and due Sept. 1 as
in 1951 and 1952.
Person), N. C.—BOND OFFERING—Sealed
bids will be received until 11 a.m. on Feb. 27, by W. E. Easterling, Secre¬
tary of the Local Government Commission, at his office in Raleigh, for the
purchase of a $65,000 issue of refunding school bonds.
Dated March 1,
1940.
Due on March 1 as follows: $2,000, 1941 to 1950 and $3,000, 1951
to 1965, all incl., without option of prior payment.
There will be no
auction.
Denom. $1,000; coupon bonds registerable as to principal alone;
prin. and int. (M. & S.), payable in legal tender in New York City; general
obligations; unlimited tax; delivery on or about March 18, at place of
PERSON COUNTY (P. O.
purchaser's choice.
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum in multiples of. 34 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 to the county, such cost to be determined by deducting the total
amount of the premium bid from the aggregate amount of interest
Second high bid of 107.52
& Co., Inc., Blair &
Stuart
was made by a group composed
Co., Inc., E. H. Rollins & Sons,
Co., First of Michigan Com. and Equitable Securities Corp.
of 107.34 came from First Cleveland Corp. and associates.
&
1,
on
of Halsey,
Inc., Otis
Third bid
EXEMPTED VILLAGE SCHOOL DISTRICT, Ohio—
W. Case, Clerk of Board of Education, will receive
on March 6, for the purchase of $5C,000 3% recrea¬
tional facility bonds.
Dated April 1, 1940. Denom. $1,000. Due $1,000
on April 1 and Oct. 1 from 1941 to 1965, incl.
All bonds remaining unpaid
after 10 years from date of issue will be callable at par and accrued interest
DENNISON
BOND OFFERING—G.
sealed bids until noon
on
interest date on four
of the Board of
FRANKLIN
Interest A-O. A
payable to order of the Clerk
each proposal.
months' notice of redemption.
of the bonds bid for,
Education, must accompany
certified check for 1%
COUNTY
(P. O. Columbus),
proposed sale on Feb. 24 of
POSTPONED—The
Ohio—BOND SALE
$250,000 poor relief
delinquent tax bonds—V. 150, p. 1029—has been canceled, according
Bertha Young, .Assistant Clerk Board of County Commissiorers.
to
HAMILTON, Ohio—BONDS SOLD—Anissue of $75,000 refunding bones
was sold to the City
Treasvry Investment Board as 3s, at, par.
Dated
July 1, 1940. Denoms. $1,000 and $500. Due $7,500 on Oct. 1 from 1941 to
1950 incl. Principal and interest payable at the City Treasi rer's office.
ISLAND, Ohio—BOND SALE— The $1,500 coupon water
Feb. 20—V. 150, p. 1029—were awarded to the Third
Sandusky, as 4s. at par.
Dated March 1, 1940, and due
March 1 from 1942 to 1946, incl.
KELLEYS
works bonds offered
National Bank of
$300
on
CITY SCHOOL DISTRICT, Ohio—EOND SALE—
bonds offered Feb. 20—V. 150, p. 1164—were awarded
Cleveland, as Is, at a price of 100.073. a basis of
about 0.98%.
Dated Feb. 1, 1940 and due Oct. 1 as follows: $5,000 from
1941 to 1944 incl. and $3,000 in 1945.
Second high bid of 100.70 for 134s
was made by the BancOhio Securities Co. of Columbus.
MIDDLEFIELD
Ohio—BOND OFFERING—H. J. Rhodes, Village
Clerk, will receive sealed bids until noon on March 12 for the purchase of
$6,000 5% coupon water works improvement and extension bonds.
Dated
April 1, 1940.
Denom. $500.
Due $500 on Aug. 1 from 1942 to 1953.
incl.
Bidder may name a different rate of interest provided that fractional
MANSFIELD
1959 incl.
/
COUNTY (P. O. St. Clairsville) Ohio—BOND OFFER¬
Clerk of the Board of County Commissioners, will
until noon on March 12 for the purchase of $150,000 not
BELMONT
ING—E.
street widening, city's portion, bonds.
Dated Oct.
1923, and due $21,000 on Oct. 1 from 1941 to 1945, incl.
161,000 534% hospital bonds.
Dated Nov. 1, 1921, and due $23,000
Nov. 1 from 1941 to 1947, incl.
CAROLINA
(P.
BELLAIRE, Ohio—BONDS AUTHORIZED—'The city has authorized
an issue of $15,000 4% series A relief funding bonds.
Dated April 1, 1940.
Denom. $1,000.
Due Oct. 1 as follows:
$1,000 in 1941 and $2,000 from
1942 to 1948, inclusive.
105,000 434%
MILTON, N. C.—BOND OFFERING—Sealed bids will be received unti
11 a.m. on Feb. 27, by W. E. Easterling, Secretary of the Local Govern¬
ment Commission, for the purchase of $9,000 water bonds.
Dated Jan. 1,
1940.
Due $500 on Jan. 1 in 1942 to 1959, incl., without option of prior
payment.
There will be no auction.
Denom. $500; coupon bonds registerable as to principal alone; prin. and int. (J-J) payable in lawful money
in New York City; general obligations; unlimited tax; delivery on or about
March 19, at place of purchaser's chooce.
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum in multiples of 34 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 to the town, such cost to be determined by deducting the total mount
of the premium bid from the aggregate amount of interest upon all of
the bonds until their respective maturities.
No bid of less than par and
accrued interest will be entertained.
Bids must be accompanied by a certified check upon an incorporated
bank or trust company, payable unconditionally to the order of the State
Treasurer for $180.
The approving opinion of J. Lathrop Morehead,
Durham, N. C., will be furnished the purchaser.
*
information
incorporated
the State
Mitchell,
payable unconditionally to the order of
Treasurer for $1,300.
The approving opinion of Masslich and
N. Y. City, will be furnished the purchaser.
bank
OHIO
AUTHORITY (P. O. Utica), N. Y.—BONDSSOLD
Investing Co. of Utica purchased privately an issue
of $242,000 series A bonds as follows: $103,000 234s, due from 1940 to 1953
incl.; $139,000 234s, due from 1954 to 1966 incl.
Mohawk Valley Investing Co., Utica, is offering a new issue of $242,000
municipal housing, series A 2 34% and 234% bonds, dated Feb. 15, 1940,
and due Aug. 15, 1940, to 1966, at prices to yield from 0.50% to 2.60%,
according to maturity.
This issue was the first of four recently sold by
local housing authorities in connection with the Federal housing program
and, according to the bankers, were the only bonds sold at private sale.
The bankers originally agreed to purchase and were awarded the issue in
April, 1938.
The bonds are redeemable at the option of the authority on
any interest payment date as a whole or in part in the inverse order of their
numbers at 103 plus accrued interest, on or before Feb. 15, 1945, and at
decreasing prices thereafter to maturity.
They are legal investments for
savings banks and trust funds in New York State and interest exempt from
all present Federal and New York State income taxes.
UTICA HOUSING
—The Mohawk Valley
$37.27
1940
No bid of less than par and
maturities.
be entertained.
required on forms to be furnished with additional
and each bid must be accompanied by a certified check upon an
Bids are
York City.
ton
24,
upnoalJ
The $23,000 school
to Johnson, Kase
rates are
& Co. of
expressed in a multiple of 34 of 1 %.
A certified check for 1
payable to order of the village, must accompany
the bonds bid for,
% of
each
proposal.
Ohio—BOND SALE— The $8,500 fire
p. 876— were awarded to Charles
at a price of 100.105, a basis of
about 1.48%.
Dated Feb..l, 1940 and due Oct. 1 as follows: $500 from
1941 to 1943 incl. and $1,000 from 1944 to 1950 incl.
Second high bid of
NORTH
COLLEGE
HILL,
apparatus bonds offered Feb. 19—V. 150,
Co. of Cincinnati, as 134s,
A. Hinsch &
/
Volume
101
for l^s
cinnati.
150
was
The Commercial & Financial Chronicle
made by
Browning, Van Duyn, Tischler &
Co. of Cin¬
89,000 2Ks,
1956,
128,000 2 Vs,
1961;
ST.
MARYS,
Ohio—BOND OFFERING— George W.
Hale,
City
Auditor, will receive sealed bids until noon on
March 7, for the purchase of
$230,000 not to exceed 3% interest
coupon municipal light and power plant
system extension first mortgage revenue bonds.
Dated March 1, 1940.
Depom- $1,000. Due Sept. 1 as follows: $15,GOO from 1941 to 1950. incl.
anCi $1,6'000 from 1951 to 1955, incl. Rate of interest to be expressed in a
multiple of
payable M-S. Bonds are payaole solely out of revenues
of the
municipal light and power plant after provision
only for operating
and maintenance
expenses.
A certified check for 1% of the bonds bid
for,
°[e to orderof the city, must accompany each proposal. Legal opinion
of Peck,
Shaffer, Williams & Gorman of Cincinnati will be furnished the
successful bidder without
charge.
Second high bid of 101.023 for $187,000 2
j^s and $155,000 2%s, or a net
cost of 2.599 %, was made
by Burr & Co., Inc., and Edward Lowber
interest
Stokes & Co.
BONDS REOFFERED FOR INVESTMENT—The successful
bidders
to yield from 0.30% to
2.65%, according to maturity.
offered the bonds
ERIE COUNTY (P. O.
tax
a
TRIMBLE. Ohio—BOND OFFERING—M. E.
Christman, Village Cierk,
$2,000,
accompany each proposal.
WILLOWICK
(P. O. Willouehby), Ohio—TENDERS WANTED—
Dettman, Village Clerk, announces that about $5,000 is avail¬
sinking fund for the purchase of refunding bonds, dated Oct.
1,
1936, and is asking for sealed tenders of such securities until noon
on March
22.
Tenders must fully describe bonds offered
and state a price of not ex¬
ceeding face value.
William C.
able in the
OKLAHOMA
GRAYHORSE
CONSOLIDATED
SCHOOL
DISTRICT
NO., 33
(P. O. Fairfax), Okla.—BONDS SOLD—It is
reported that $18,000 build¬
ing and furniture bonds have been purchased
by Carl F. Matzen of Okla¬
homa City.
The bonds are divided as follows: $6,000 as
2^8, due $2,000
on June 15, in
1942 to 1944; the remaining $12,000 as
3s, due $2,000 on
June
15 in 1945 to 1950, incl.
LAWTON
Okla.—BONDS SOLD—It is stated by the Assistant
City
Clerk that $30,000 water works
extension,
sale on Feb. 20 and were awarded to
series A bonds
the
Lawton,
I.72%.
were
offered for
Security Bank & Trust Co. of
a basis of about
l%s, paying a premium of $45, equal to 100 15,
Due $6,000 in 1943 to 1947 incl.
as
OKLAHOMA.
State
of—SUPREME
COURT
OF
ISSUANCE
of claims against the
general fund for this fiscal year.
Mr. Carter had refused to issue such
warrants in excess of $400,000 of
cash on hand,
contending such action was per vented by the constitutional
debt limit restrictions.
The Court action will release
$2,735,000 in claims which have piled up
the Auditor's office.
Mr. Carter estimates a general fund deficit
for
this fiscal year of
$6,000,000.
in
OKLAHOMA
CITY, Okla.—BONDS VOTED—It is stated by F. G.
Baker, City Auditor, that at the election held on Feb.
20, the voters ap¬
proved the issuance of the following bonds
aggregating $6,911,000: $4,345,000 water reservoir; $1,162,000 distribution
system; $1,098,000 pumping
and filtration, and
$306,000 lake improvement bonds.
The "Wall Street Journal" of Feb.
23 commented on the returns as
follows:
Complete returns on Tuesday's election show that
city voters have
approved by the slim margin of 396 ballots a
$6,911,000 Upper Bluff Creek
Water Reservoir bond issue
designed to solve Oklahoma City's supply
problems by supplementing the present lake with construction of
another
and much larger city lake.
Only qualified voters who pay ad valorem taxes
on city
property voted in the election.
Bids on the issue are
expected to be called for on March 5.
PERRY
Carl
STATE COLLEGE, Pa .—BOND SALE— The
$18,000 coupon street
improvement bonds offered Feb. 19—V. 150., p. 725—were awarded
to the
First National Bank of State
College. Dated March 1, 1940. Due March 1,
1945; callable on any interest payment date. The
Peoples National Bank of
State College was second
CASCADE LOCKS Ore.—BONDS SOLD—We are
informed by W. J.
Carlson, City Recorder, that $10,000 coupon semi-ann. street
improvement
were offered for sale on Feb.
13 and were awarded to Tripp & McClearey of Portland, as 5s, paying par.
No other bid was received.
Due
$1,000 on July 1 in 1942 to 1951 incl.
COLUMBIA COUNTY SCHOOL DISTRICT NO. 2
(P. O. St. Helens)
Ore.—BOND SALE—The $49,500 issue of school bonds
offerd for sale
on
Feb.
19—V. 150, p. 1165—was awarded to
Atkinson, Jones & Co. of Port¬
as 2s,
paying a price of 100.07, a basis of about 1.99%.
Dated
March 1, 1940.
Due on Feb. 23 in 1941 to 1952 incl.,
land,
MONMOUTH, Ore.—BOND SALE DTEAILS—It is stated by the
City
Recorder that the $40,000 electric
light and power revenue bonds sold to
Tripp & McLeary of Portland, as noted here—V. 150,
p.
1029—were
pmchased at par, divided as follows:
$22,000 as 3J4s, due $2,000 on
Feb. 1 in 1942 to 1952: the
remaining $18,000 as 3^8, due on Feb. 1:
$2,000 in 1953 to 1958, and $3,000 in 1959 and 1960.
POLK
COUNTY SCHOOL DISTRICT NO. 62
(P. O. Valsetaz),
Ore.—BONDS NOT SOLD—It is stated
by the District Clerk that the
$15,000 not to exceed 4% semi-annual school bonds offered on Jan.
26—
V. 150, p. 724—were not sold as no bids were received.
Dated Feb. 2,
1940.
Due $1,500 on Feb. 2 in 1941 to 1950, inclusive.
PORTLAND,
Ore.—BONDS
OFFERED—Sealed
bids
were
received
until 11 a. m. on Feb. 21 by R. E.
Riley, Commissioner of Finance, for the
purchase of $95,269.37 6% semi annual improvement bonds.
PORTLAND
Ore.—SINKING FLND BONDS SOLD—It is stated by
William Adams, City Treasurer, that various
city bonds (property of the
City Water Sinking Fund), aggregating $302,000, offered for sale on Feb.
20,
have been purchased by several bidders.
PENNSYLVANIA
HOUSING AUTHORITY (P. O. Allentown). Pa.—
$342,000 series A housing bonds offered Feb. 15—
Y. 150, p. 876—were awarded to a
group composed of R. W. Pressprich &
Co., Phelps, Fenn & Co., Inc., and F. S. Moseley & Co., all of New York,
at a price of 100.005 for
lHs, 2s, 2^s and 2%s, or a net interest cost of
about 2.5727 %.
The bonds are dated Feb. 15, 1940 and divided as follows:
SALE—The
$64,000 l^s, due Aug. 15: $30,000 in 1940;
$9,000, 1943, and $8,000 in 1944.
$9,000,
1941; $8,000,
1942;
61,000 2s, due $10,000 in 1945. $9,000 in 1946. $10,000 in 1947, $11,000
in 1948, $10,000 in 1949 and $11,000 in
1950.
March
1949; $3,000,
1950: $2,000, 1951; $3,000,
1948;
1953 and
1952: $2,000,
1957.
Other bids:
IntRate
Prem.
234%
$538.80
452.55
2>|%
2444.50
2%%
147.00
2}4 %
70.00
2K%
17.50
2M%
543.55
2H %
363.30
_.2K%
287.00
23^ %
255.00
2J^ %
230.65
Sy2%
122.50
Beaver County Trust Co. of New
Brighton
Johnson & McLean
Burr & Co
Moore, Leonard & Lynch
Singer, Deane & Scribner
Phillip J. Davidson of Beaver
Falls
E. H. Rollins & Sons, Inc
„
LeachBros
____
PHILADELPHIA
Pa,—COLRT APPROVES
Gerald F. Flood of Common Pleas Court on Feb.
BOND
ISSL E—Judge
19 approved an issue of
$22,000,000 bonds to rehabilitate the municipal water system.
Issue will be
considered by the voters at the
primary election on April 23.
Court ruled
that the bonds, to be issued in serial
form, would not constitute a charge
against the city's borrowing capacity.
The decision lumped outstanding
bonds and the proposed Issue in one total of
$50,438,900 in ruling
their exclusion "from the calculation of the
city's indebtedness."
water
PHILADELPHIA, Pa.— WAGE TAX LAW APPEAL DROPPED—
Plans to appeal the decision of the State
Supreme Court upholding consti¬
tutionality of the city's 1H % wage tax law have been dropped by the At¬
torney for the local worker in whose behalf the statute was attacked, ac¬
cording to report.
Intention was to appeal the ruling to the U.S. Supreme
Court on ground that the tax ordinance violated the 14th Amendment
the
for
an
Constitution.
appeal, it
The
attorney
later
decided
that
there
was
basis
said.
was
PITTSBURGH,
Pa.—BOND" OFFERING— Edward R. Frey, City
Comptroller, Vill receive sealed bids until 10 a. m. on March 5 for the pur¬
chase of $375,000 not to exceed 4% interest
coupon automotive vehicular
equipment bonds.
Dated March 1,1940.
Denom. $1,000.
Due $75,000
on March 1 from 1941 to
1945, incl.
Bidder to name a single rate of in¬
terest, payable M-S.
The bonds
are
exchangeable at the option of the
holder at any time for a registered bond or bonds of the
and denomination or a multiple thereof not
exceeding the
same maturity
aggregate prin¬
bonds surrendered in exchange therefor.
No bid for less than par and accrued interest will be
accepted.
The
bonds are issued to provide funds for the
purchase and delivery of automo¬
tive vehicular equipment to be used in connection with the
collection, dis¬
posal and final disposition of garbage and household refuse within the limits
cipal amount of the coupon bond
or
of the city.
The city reserves the right to deliver to the purchaser a
temporary typewritten or printed bond or bonds for the aggregate prin¬
cipal amounts of the bonds which shall be substantially in the same form as
the definitive bonds with appropriate omissions, insertions and variations
as may be required.
Until their exchange for definitive coupon bonds,
the temporary bonds shall be in full force and effect,
according to their
terms.
The purchaser will be furnished with the opinion of Reed,
Smith,
Shaw & McClay of Pittsburgh that the bonds are direct and
general obliga¬
tions of the city, payable both as to principal and interest from ad valorem
taxes, without limitation as to rate or amount, of all property legally tax¬
able therein.
Enclose a certified check for 2% of the principal amount
of bonds bid for, payable to the city.
SCRANTON, Pa.—NOTE SALE—Brandon
chased
an
&
Co.
of New York pur¬
issue of $750,000 notes at
1940 and payable Dec. 20, 1940.
& Munson of Philadelphia.
0.67% interest rate.
Dated Feb. 20,
Legality approved by Townsend, Elliott
WILLI AMSPORT, Pa .—PROPOSED BOND ISSUE—'The
City
an election on the question of issuing $175,000 flood protec¬
Counci1
plans to hold
tion bonds.
YOUNGSVILLE..
bonds awarded
Pa.—BOND
to
ISSUE DETAILS—The $20,000 3K%
Phillips, Schmertz & Co. of Pittsburgh, at a price
of 107.817—V. 150. p. 1165—mature July 1 as follows: $2,000 from 1949 to
1952 incl. and $1,000 from 1953 to 1964 incl.
Principal and interest (J-J)
payable at the Youngsville National Bank, Youngsville.
by Burgwin, Scully & Churchill of Pittsburgh.
RHODE
ISLAND
CRANSTON, R. I .—NOTE SALE— The $200,000
notes offered
at
Feb. 21
9.278% discount.
were
Legality approved
revenue
awarded to the First National
anticipation
Bank of Boston
Dated Feb. 23, 1940 and due Dec. 3, 1940.
NEWPORT, R. I.—BOND SALE— The $3,100,000 water works system
purchase bonds offered Feb. 20—V. 150, p. 1165—were awarded to a
syndicate composed of Phelps, Fenn & Co., Inc., New York, Northern
Trust Co. of
Chicago, Union Securities Corp., Paine, Webber & Co., both
of N. Y. Boatmen's National Bank of St. Louis, First of Michigan
Corp.,
New York, F. L. Dabney & Co., Boston.
Mackey, Dunn & Co., New
York, Putnam & Co. of Hartford, Chace, Whiteside & Symonds of Boston,
Schwabacher & Co., New York, Martin, Burns & Corbett of Chicago, and
Lincoln R. Young & Co. of Hartford, as 2 34s. at a price of 100.362. a basis
of about 2.22%.
Bonds will be dated March 1, 1940, and mature March 1
as follows:
$74,000 in 1941; $75,000 in 1942; $77,000, 1943; $79,000, 1944;
$80,000, 1945; $82,000, 1946; $83,000, 1947; $85,000, 1948; $87,000, 1949;
$88,000, 1950; $90,000, 1951; $92,000, 1952; $94,000, 1953; $96,000, 1954;
$98,000, 1955; $100,000, 1956; $102,000, 1957; $104,000, 1958; $106,000,
195^; $108,000, 1960; $110,000. 1961; $112,000. 1962; $115,000. 1963;
$117,000. 1964; $11J,000, 1965; $122,000, 1966; $124,000, 1967; $127,000,
1968; $129,000, 1969; $132,000, 1970, and $93,000, 1971.
The bonds were re-offered to yield from 0.15% to
2.40%, according to
maturity.
They are payable from water works revenues and are also
general obligations of the City of Newport.
In the opinion of the bankers,
the bonds are legal investments for savings banks and trust funds in New
York, Massachusetts and Connecticut.
The following other bids, also
for 2 H % bonds, were submitted:
Bidder-—
ALLENTOWN
BOND
a.m.
of $500,000
M. M. Freeman & Co
Glover & MacGregor
sewer
bonds
Dated
Bidder—
high bidder.
OREGON
purchase
Phillips, Schmertz& Co
Hemphill, Noyes& Co
now
sold to
—V.
SCHOOL
DISTRICT (P. O. Perry), Okla .—PRICE PAID
reported that the $22,000 building repair and
equipment bonds
F. Matzen of Oklahoma
City as l%s and 2s, as noted here
150, p. 876—were awarded at an interest cost of
1.895%.
—It is
the
1954; $3,000 in 1955 and $2,000 in 1956 and
to
ORDERS
WARRANTS—The State Supreme Court on Feb. 20
granted the ap¬
plication of Governor Leon C. Phillips for a writ of
mandamus to force
State Auditor Frank C. Carter to issue
non-payable 4% warrants in pay¬
ment
for
funding bonds.
NEW BRIGHTON
Pa .—BOND SALE—The $35,000
funding bonds
offered Feb. 21—V. 150, p. 1165—were awarded to the Farmers
National
Bank of Beaver Falls, as 2s, at
par.
Dated Feb. 1, 1940 and due Feb. 1 as
follows: $3,000 in 1944 and 1945;
$2,000, 1946; $3,000, 1947 and
expressed in a multiple of M of 1%.
printing of the bonds; successful bidder
to pay for
legal opinion and expense of snipping the bonds.
A certified
check for $1,400, payable to order of
the County
Commissioners, must
Hillyer,
10
8
not to exceed 2H%
interest
1, 1940.
Denom. $1,000.
Due
1 as follows: $50,000 in 1942 and
$150,000 from 1943 to 1945 incl.
Rate of interest to be the same for all of the bonds and
expressed in a miltiple
of H of 1%.
Int. M-S.
Registerable as to principal only.
Bonds are
issued subject to legal
approving opinion of Townsend, Elliott & Munson
of Philadelphia.
A certified check for 2% of the bonds bid for, payable to
order of the County
Treasurer, must accompany each proposal.
required.
M.
bidder, named
0.33%.
March
on
March
TRUMBULL COUNTY
WARREN, Ohio—BOND OFFERING—B.
rate of
coupon
(P. O. Warren), Ohio—BOND OFFERING—
H. G. Allen, Clerk of Board of
County Commissioners, will receive sealed
bids until 2 p. m. on March
7, for the purchase of $140,000 3%
refunding
bonds.
Dated March 1, 1940.
Denom. $1,000.
Due $7,000 on April 1 and
Oct. 1 from 1941 to 1950, incl.
Bidder may name a different rate of interest
coupon general improvement
refunding bonds.
Dated March 1, 1940.
Denom. $1,000.
Due Oct. 1 as follows:
$13,000
from 1942 to 1946, incl. and
$12,000 from 1947 to 1951, incl.
Rate of
interest to be expressed in a
mutliple of M of 1 %, payable A-O.
A certified
check for 1% of the
issue, payable to order of the city, must
accompany
each proposal.
re-
of $250,000
LUZERNE COUNTY (P. O. Wilkes Barre) Pa.—BOND OFFERING—
Robert N. Bierly, County Comptroller, will receive sealed bids
until
18 for the purchase of $1,200
4% funding bonds.
Dated March 1, 1940.
Denom. $200.
Due $200 on
March 1 from 1942 to 1947 incl.
Prin. and int. (M-S) payable at
Village
Clerk's office.
Bidder may name a different rate of
interest, expressed in a
multiple of M of 1 %.
A certified check for 2% of the bid, payable to order
of the Village
Clerk, is
City Auditor,
will receive sealed bids until
1 p. m. on March 7, for the purchase of
$125,000
not to exceed
4% interest
Erie), Pa.—NOTE SALE— The issue
anticipation notes offered Feb. 16—V. 150, p. 724—were awarded to
Shields & Co. of New York at
0.244% interest.
Dated Feb. 23, 1940 and
due Aug. 23, 1940.
Fisher, MacEwan & Co., second high
will receive sealed bids
until noon on March
f'rovidedA-O. fractional rates are
that County will pay for
nterest
1317
due $12,000 from 1951 to 1953, incl.; $13,000 from 1954 to
incl., and $14,000 in 1957.
due $15,000 in 1958; $14,000, 1959; $16,000, 1960;
$15,000,
$16,000,1962; $17,000 in 1963 and 1964 and $18,000 in 1965.
First Boston
merce
Rate Bid
Corp.; Harris Trust & Savings Bank; Mercantile Com¬
Bank & Trust Co., et al
Harriman
Ripley & Co.,
Moseley & Co., et al
Inc.;
101.60
Kidder,
Peabody &
Co.;
F.
8.
Bankers Trust Co.; Lehman Bros.; Lazard Freres & Co., et al
101.209
101.20
Halsey, Stuart & Co., Inc.; Blair & Co., Inc.; Dick & Merle-Smith,
et al
EAST
100.304
PROVIDENCE,
R.
emergency relief bonds offered
to the Industrial Trust Co. of
I .—BOND
Feb.
20—V.
Providence,
SALE— The
$80,000 coupon
1165—were awarded
l^s, at a price of 100.75,
150, p.
as
The Commercial &
1318
a
Dated March 1, 1940 and
Other bids:
1.66%.
basis of about
1941 to 1956 incl.
from
due $5,000 on March 1
Rate Bid
2%
100.89
2%
100.426
Inc
__-2%
100.26
2M%
10108
WARWICK (P. O. Apponaug), R. I.—BOND SALE— The $177,500
coupon bonds offered Feb. 19—V. 150, p. 1165—were awarded to Kidder,
Peabody & Co. and Bond, Judge & Co., both of Boston, jointly, as
and 2 Ms. at a price of 101.234, a basis of about 2.347 %. Award was made as
Bidder—
Stephen W. Tourtellot
Stone & Webster and Blodget,
Esta brook & Co
follows:
Int. Rate
Co., Inc_
Halsey, Stuart &
m.
as
$1,500 in 1941 to
follows:
WASHINGTON
Wash.—BOND SALE—The following issues of semi-ann
coupon city hall, 1940 bonds aggregating $73,000, offered for
V. 150, p. 878—were awarded to Tripp & McClearey of Iortland:
CAMAS
2Mb. Due $5,000 on Mar.
Stephen W. Tourtellot..
Halsey, Stuart & Co., Inc
Esta brook & Co
Harriman Kipley & Co., Inc
KING
Int. Rate
—
....
lM-2Ms
Int. Cost
2.351%
2.357%
2.38%
2.384%
2M %
13^-2 Ms
2M%
'
bonds as 2Ms, at a price of 100.27.
and after March 1,
.
1942 to 1955: callable on
of about 2.45%.
1 from 1963 to 1970 incl.
March 1, 1940. Other bids:
will be dated
$22,000 were sold as 2Ms, at par the re¬
2Ms, at a price of 100.09.
Due on March 1
bonds, of which
maining $28,000 as
in 1942 to 1955 incl.
23,000 series B
1962 incl.
Bidder—
sale ori* eb. 16
$50,000 series A
School bonds as 1 %B. Due March 1 as follows: $5,000 from
incl. and $2,500 in 1951.
public works bonds as 2Ms. Due $5,000 on March 1 from 1941 to
All of the bonds
$25,000 issue of not to exceed 3% coupon
Dated March 1,1940. Due on March 1
1950, and $2,000 in 1951 to 1955, all incl.
.
1946 to 1950
40,000 water bonds as
on
mittee, for the purchase of a
semi-ann. refunding and road bonds.
$27,500 Gorton
110,000
received Until
the Town Com¬
Va.—BONDS OFFERED—Sealed bids were
Feb. 23, by G. C. Bishop, Chairman of
VIENNA
8:30 p.
COUNTY (P.
O. Seattle)
1942,
received
for the
bonds. Dated
1948 and
First,
the lowest rate
DAKOTA
INDEPENDENT SCHOOL DISTRICT (P. O. Hosmer)
S. Dak.—BOND OFFERING—Sealed bids will be received until 8 p.m.
on March 1, by Albert J. Huber, District Clerk, for the purchase of a $16,000
issue of 4% semi-ann. funding bonds.
Denom. $1,000. Dated Jan, 15,
1940.
Due on Jan. 15 as follows: $1,000 in 1942 to 1947, and $2,000 in
1948 to 1952, all incl.
The district has the right to call any bond on any
HOSMER
date.
HUMBOLDT, S. Dak.—BONDS
refunding bonds have been purchased
Co. of Sioux Falls.
SOLD—It Is reported that $7,000
by the First National Bank & Trust
if any, above par, at
bonds; and
at which the bidder will purchase the
of interest and premium,
KNOX COUNTY (P.
O. Kmoxville),
Tenn.—BOND SALE—The fol¬
bonds aggregating $35,000, offered for sale on Feb. 17—
877—were awarded jointly to Booker & Davidson, and the
Fidelity-Bankers Trust Co., both of Knoxville, as 2Ms, paying a premium
of $17.50, equal to 100.05, a basis of about 2.49%:
$25,000 welfare building bonds.
Due on Feb. 1 in 1943 to 1953 inclusive.
10,000 Valley Agricultural and Industrial Fair Building bonds.
Due on
Feb. 1 in 1943 to 1950 inclusive,
150, p.
V.
SMITH COUNTY
—It is stated
(P. O. Carthage),
Tenn.—BOND SALE DETAILS
Court that the $100,000 school
by the Clerk of the County
Estes & Co. of Nashville and the Smith County Bank
Carthage, jointly, as 2%b, as noted here—V. 150, p. 878—were sold at
bonds sold to W. N.
of
lclusive.
Ear, are dated
April 1, 1940, and mature $5,000 on Jan. 1 in
1942 to 1961,
DETAILS
2% %
noted here—V.
dated Feb. 1, 1940.
F-A.
WILSON COUNTY (P. O. Lebanon) Tenn.-BOND SALE
—We are informed by the County Court Clerk that the $1*29,000
funding bonds sold to W. N. Estes & Co. of Nashville, as
150, p. 1166—were purchased at par.
Coupon bonds,
Due on Feb. 1, 1941.
Denom. $1,000.
interest payable
TEXAS
Dallas) Texas—WARRANTS SOLD—It is
Tosch, County Auditor, that $280,000 road and
DALLAS COUNTY (P. O.
stated
by Charles A.
bridge, series 1940 warrants were offered for slae on
awarded to Crummer & Co. of Dallas, and associates,
Feb. 17 and were
divided as follows:
the
$125,000 as lMs, due on April 10: $50,000 in 1943, and $75,000 in 1945;
remaining $155,000 as 2Ms, due on April 10: $75,000 in 1946, and $80,000
in 1947.
Dated April 10, 1940, callable at the option of the county on
April 10, 1945, or any internet payment date thereafter.
Prin. and int.
payable by the levy of a continuing direct annual ad valorem tax on all
taxable properties in the county. Legality to be approved by W. P. Dumas,
of Dallas.
HEMPHILL, Texas—BOND OFFERING—It is reported~that sealed
until Feb. 27, by Mayor D. G. Mann, for the pur¬
chase of $30,000 not to exceed 5% semi-ann. refunding bonds.
bids will be received
MEDINA COUNTY ROAD
DISTRICT NO. 2 (P. O. Hondo),
coupon
MERKEL. Texas—BONDS SOLD—It is
bonds have been sold
reported that $130,000
refunding
COMMISSIONERS' PRECINCT NO. 2
(Pj.O. Conroe), Texas—BOND OFFERING—It is stated by J. W. Strode,
County Judge, that he will receive sealed bids until 10 a. m. on Feb. 26,
for the purchase of a $500,000 issue of road, series 1940 bonds. Interest rate
is not to exceed 3M %. payable semi-annually.
Successful bidder to obtain
legal opinion from a recognized firm of bond attorneys of his own selection
and the preparation of such orders and certificates as are necessary for
the transcript of the proceedings of said bonds and the issuance thereof.
These bonds are part of the $2,000,000 issue authorized at the election held
on Dec.
16, 1939.
Enclose a certified check for $5,000, payable to the
County Judge.
TIOGA INDEPENDENT
SCHOOL DISTRICT (P. O.
Tioga) Texas—
that $22,225 4% semi-ann. refunding bonds
purchased at par by the Citizens National Bank of Denison. Due
April 1 in 1941 to 1962.
BONDS SOLD—It is reported
have been
on
VERMONT
National Bank of Boston.
The bonds will be
their legality approved by such attor¬
suggest, and also by the attorney for the town,
Albans.
Duly certified copies of all resolutions,
and records incident to the authorization of the issue will be filed
authenticated as to genuineness and
ney as the bidder may
M. H. Alexander of St.
votes
with the attorneys.
VIRGINIA
Va.—BOND OFFERING—Sealed bids will be received
March 15, by Emmett G. Frizzell, City Auditor and Clerk,
purchase of a $7'5,000 issue of refunding 'M" coupon bonds. Interest
rate is not to exceed 4%, payable J-J. Denom. $1,000. Dated Jan. 1, 1940.
Due $3,000 Jan. 1, 1941 to 1965.
Rate of interest to be in a multiple of
l-10th of 1 %, and must be the same for all the bonds. No proposal for less
than all of the bonds will be considered.
The bonds will 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.
Principal and int.
DANVILLE,
until noon on
for the
payable at the City Treasurer's office.
The bonds are general obligation
bonds issued pursuant to the Constitution and Statutes of the State, in¬
cluding among others, the City Charter, and pursuant to ordinances duly
adopted by the City uouncil.
The aonds will be ready for delivery on or
about April 1, and will be delivered in any city designated by the purchaser,
together with the approving opinion of Reed, Hoyt, Washburn & ^,lay,
of New York.
Bids shall be made on the form to be furnished by the City
Auditor and Clerk. Enclose a certified checi for 2 % of the face value of the
bonds, payable to the city.
Thorgrimson &
and all bids.
,
f
budget and
has irrevocably pledged itself to include in its
annually for the purpose of paying, and which
to pay the principal and interext of said bonds as they
unless a sufficient sum shall be otherwise provided to make such
said tax shall be levied as a part of the 10-mills annual tax
counties without a vote of the people.
King County
shall be sufficient
shall mature, and
payment,
permitted to
levy taxes
Clerk states that
MOSES LAKE
Wash .—PRICE PAID—The Town
$30,000 water system revenue bonds sold to
Seattle, as 5s, as noted here—V.
p.
at a price of 96.00, a basis of about 5.45%.
on
Wm. P. Harper & Son
150,
726—were purchased
Due
Jan. 1 in 1942 to 1960;
optional on and after Jan.
1, 1955.
the City Clerk
bonds sold Jointly to
both of Seattle, as
due on Nov 1 as
$4,000 in 1949, §6,000
1957, and $9,000
SUNNYSIDE Wash.—MATLRITY—It is stated by
$90,000 (not $100,000) water system revenue
Harris, Lamoreux & Norris, and H. P. Pratt & Co.,
4Ms, at a price of 96.42, as noted here on Nov. 4, are
follows: $1,000 in 1940 to 1944; $2,000, 1945 to 1948,
in 1950 to 1952, $7,000 in 1953 to 1955, $8,000 in 1956 and
in 1958 and 1959, callable on and after Nov. 1, 1949.
that the
Wash.—MATURITY—It is
$212,000 refunding court
par, as noted here
1 as follows: $8,000
1947 to 1949, fll.OW
in 1954 and 1955,
$15,000 in 1958 and 1959.
THURSTON COUNTY (P. O. Olympia),
reported by the County Auditor that the
sold to Bramhall & Stein of Seattle as 3s, at
on Jan. 13. are dated Dec. 1, 1939 and mature on June
in 1941 and 1942, $9,000 in 1943 to 1946, $10,000 in
in 1950 and 1951, $12,000 in 1952 and 1953, $13,000
now
house bonds
$14,000 in 1956 and
1957, and
WISCONSIN
4116 W. Silver
OFFERED—Sealed bids were
School Director,
semi-ann. bonds
$60,500 building, and $34,500
CARLETON SCHOOL DISTRICT NO. 3 (P. O.
Spring Drive, Milwaukee), Wis.—BONDS
received until 7 p. m. on Feb. 23, by William Schlotka,
for the purchase of two issues of not to exceed 2M%
aggregating $95,000, divided as follows:
refunding bonds.
both sealed and
City Clerk, until Feb. 29,
bonds. Interest
Dated March 15,
Payable at the City
and the ap¬
Colman & Barber, of
DURAND, Wis .—BOND OFFERING—It is stated that
bids will be received by R. V. Hammond,
p. m. for the purchase of a $39,000 issue of refunding
rate is not to exceed 2M %. Payable M-S. Denom. $1,000.
1940. Due $3,000 on March 15 in 1941 to 1953 incl.
Treasurer's office.
The city will furnish the executed bonds
proving legal opinion of Fletcher, Dorsey, Barker,
Minneapolis. Delivery of the bonds is expected to be on or
at any bank in the city containing the principal offices
Bids may be conditioned upon delivery to the purchaser on or
Enclose a certified check for 2% of the par value of bonds.
open
at 7
about March 15,
of the purchaser.
before April 1.
ETTRICK, Wis.—BOND
2 p.m. on
OFFERING— Sealed bids
March 1, by A. L.
p.
town.
INFORMATION—In connection
Haydon & Co. of
Wis .—ADDITIONAL
in our issue of Feb. 17 that Harley,
purchased $36,000 sewage disposal plant
the report
had
the purchase of a
hall bonds. Denom. $500.
in 1942 to 1946 incl.
ON ALASKA,
with
will be received until
Ofsdahl, Town Clerk, for
$15,000 issue of 3M % coupon semi-annual town
Dated March 1, 1940, and due on March 1, $3,000
These bonds are said to be general obligations of the
1166—City Clerk R. W.
Sjolander states that
bonds—V. 150,
sold,
$2,500
only $25,000 were
will be taken as and if the money is needed.
Denom.
$1,000 and $500.
Due Nov. 1 as follows:
$2,000 in 1951 to 1953,
n 1954 and 1955, $3,000 in 1956 and 1957, and $4,000 in 1958 and 1959.
as
4s, and the balance
WYOMING
informed by Bessie
GILLETTE, Wyo.—BOND SALE—We are now
Streeter, City Clerk, that the following coupon semi-annual
tion bonds aggregating $85,000, offered for sale on Feb. 14—V.
p.
were awarded jointly
to the Casner National Bank of Casper
Stockmen's Bank of Gillette, as 2Ms, paying a price of
a
general obliga¬
150, 878—
and the
100.25, basis of
about 2.45%:
$57,000 water bonds.
Due in 1941 to 1950. inclusive.
28,000 sewer bonds.
Due in 1941 to 1950, inclusive.
The following information is also furnished:
Names of Other Bidders—
Int.
State of Wyoming
2.75%
Peters, Writer & Christensen. Denver
American National Bank, Cheyenne; Stockgrowers'
National Bank, Cheyenne, and Geo. W. Yallery
& Co., Denver
2M'
Coughlin & Co. and Sullivan & Co., both of Denver.
Note—All sealed bids were opened and rejected and bonds
sale to successful bidders.
Same price bid as on sealed bid,
ments made whereby bonds could be delivered in blocks as
Rale
FAIRFIELD,
Vt.—BOND OFFERING—Thomas
B. Ryan, Town
Treasurer, will receive sealed bids until noon on Feb. 29 for the purchase of
$80,000 not to exceed 3% interest coupon refunding bonds.
Dated Feb. 1.
1940.
Denom. $1,000.
Due $4,000 on Feb. 1 from 1941 to 1960, incl.
Rate of interest to be expressed in a multiple of M of 1%.
Prin. and int.
(F-A) payable at the First
bid, or reject any
Madison
recently.
MONTGOMERY COUNTY
be accompanied by
either in cash or certified check,
bid is not accepted.
bond issue.
right to accept any
Texas—
stated by the County Judge that the $60,000 3%
semi-ann. road bonds sold to Garrett & Co. of Dallas, and as¬
sociates, as noted here—V. 150, p. 1166—were purchased for a premium
of $1,462.50, equal to 102.437, a basis of about 2.78%.
Due on Aug. 1
in 1941 to 1959 incl.
'
~
PRICE PAID—It is
.
„,
of Washington, shall
and Co., of
lowing coupon
.
.
that of the State
deposit of 5% of the amount of the bid,
which amount will be returned to the bidder if his
Said bonds will be sold with the opinion of Preston,
Turner, Seattle, approving the legality of said
The Board of County Commissioners reserves the
the
TENNESSEE
.
„
which the bidder will purchase such
Second, the lowest rate of interest
bonds at par;
All bids except
1949,
$138,000.00; 1948, $142,000.00;
a
SOUTH
Commissioners, that
March 12, for the purchase of an
obligation funding bonds. Interest rate is not to
Dated April 1, 1940. Due on April 1 follows:
$119,000.00; 1943, $123,000.00; 1944. $126,000.00; 1945, $130,-
1946, $134,000.00; 1947,
$146,000.00; 1950, $155,000.00.
The bids shall specify:
COLUMBIA, S. C.—BONDS OFFERED—Sealed bids were
Feb. 23, by C. A. Pitts, City Clerk and Treasurer,
purchase of $47,000 not to exceed 4% semi-ann. assessment
Feb. 15, 1940.
Due on Feb. 1 as follows:
$5,000 in 1941 to
$7,000 in 1949.
until noon on
on
of $1,213,000 general
exceed 6%, payable A-O.
issue
CAROLINA
SOUTH
™
^
Due on March 1 in
1945, giving a basis
Wash.—BOND OFFERING—It is
Board of County
stated by Earl Millikin, Clerk of the
he will receive sealed bids until 10 a. m.
000.00;
interest paying
1940
24,
Feb.
Financial Chronicle
Price
Par
2.75%
2.4%
and
thus additional saving in interest,
considerably the best bid to the city.
contracts progress,
ful bidders have
Bid
100.513
100.14
100.14
sold at private
but arrange¬
proposed work
made success¬
will be
Clerk, for the
semi-ann. refunding
1,
follows:
$3,000 in 1941 and 1942, $3,500 in 1943 to 1945, $4,000 in 1946 to 1949, and
$4,500 in 1950. The bonds are general obligations of the town and are issued
to refund sewer bonds issued July 1, 1930, and callable July 1, 1940. Certi¬
fied transcript and opinion of Town Attorney will be supplied.
Enclose a
RIVER,
Wyo.—BOND OFFERING— Sealed bids
received until 8 p. m. on March 4, by C. E. Jensen, Town
purchase of a $37,000 issue of not to exceed 4% coupon
sewer bonds.
Dated July 1, 1940. Denom. $500. Due July
as
GREEN
certified check for
$1,000.
*
CANADA
SOLD—An issue^of
yield of 0.746 %
CANADA, (Dominion of)—TREASLRY BILLS
$25,000,000 Treasury bills was sold Feb. 14 at an average
Dated Feb. 15, 1940 and due May 15, 1940.
NEWMARKET Ont .—BOND SALE—Wood, Gundy & Co .'of
purchased an issue of $10,000 3M% bonds at a price of
serially in 10 years.
Among other bids were: J. L. Graham & Co.,
Gairdne
& Co., 100.87; Aird, McLeod <fc Co., 100.86.
Toronto
101.30. Due
101.275:
@FedFRASER