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•
The Commercial & Financial Chronicle
IX
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•
v
Jan. 11, 1941
.,,v
Entering A New Era
1941
With the
ing
resources
solidifying
to
pouring
of the United States turn¬
National
our
Defenses—
orders into the country's busi¬
more
increasing payrolls, stepping
nesses,
duction
capacities—the
up
turning of the
pro¬
year
new
adventures for wide-awake in¬
agents!
The saturation point of fidel¬
represents
surance
ity, surety, burglary and casualty insurance
will be
pushed
even
farther ahead.
For alert
agents and brokers who analyze their custom¬
ers'
new
needs, who cooperate in the
ments of
to be
a
our
mass move¬
business, 1941 will indeed
new era
prove
in the insurance business.
•
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U. S. F. & G.
UNITED
STATES
FIDELITY AND GUARANTY COMPANY
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Vol. 152
JANUARY
11,
1941
No. 3942
CONTENTS
Editorials
The Financial Situation.....
What Waits
;
Beyond the Headlines?
Bulgaria
......
_ _ _
.
...
152
164
^
_ _
_
_ _.
166
Comment and Review
President Roosevelt's Annual Message to
Text of President Roosevelt's
169
Congress..
Message to Congress.....
Budget Message of President Roosevelt
Annual Report
173
of the Secretary of the Treasury
Capital Flotations in December and for the Year 1940.
_
Business Man's Bookshelf
Week
on
the
169
171
175
184
157
European Stock Exchanges..
157
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
—
.162 & 221
Course of the Bond Market
184
Indications of Business Activity
185
Week
on
the New York Stock Exchange..
155
Week
on
the New York Curb
216
Exchange
News
Current Events and Discussions
197
Bank and Trust
213
Company Items
General Corporation and Investment News...
260
Dry Goods Trade
...
State and Municipal
Department
287
288
Stocks and Bonds
1
Foreign Stock Exchange Quotations.
Notices
221
222
Bonds Called and Sinking Fund
Dividends Declared
222
Auction Sales
222
New York Stock
228
238
244
248
250
254
256
Exchange—Stock Quotations
Exchange—Bond Quotations...228 &
New York Curb Exchange—Stock Quotations
•New York Curb Exchange—Bond Quotations.....
Other Exchanges—Stock and Bond Quotations..
Canadian Markets—Stock and Bond Quotations...
Over-the-Counter Securities—Stock & Bond Quotations
♦New York Stock
_
Reports
Foreign Bank Statements
Course of Bank Clearings
.....
....
....
—197 & 225
Federal Reserve Bank Statements
General
161
217
Corporation and Investment News.....260
Commodities
The Commercial Markets and the
278
Crops
281
Cotton
Bread stuffs
•
Attention
—
la directed
284
the new column incorporated
In our tables
on New York Stock Exchange and New York Curb Exchange bond quota¬
tions pertaining to bank eligibility and rating.
Published
to
Every Saturday Morning by the William B. Dana Company, 25 Spruce Street,
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Herbert D. Selbert, Chairman of the Board and Editor: William Dana Selbert,
Other offices: Chicago—In charge of Fred H. Gray, Western Representative,
.
i
The Financial Situation
IN again early this weeknearly two weeks ago and the danger when the people will forget are whirring
HIS radio address in his State of the Nation day and night that wheels of industry great deal
a
to Congress,, President Roosevelt in quite
unmeasured terms denounced the heads of nations
for
with which
is going
that they should
message
nominally at
are
we
and in im-
peace,
and by degrees
moment
a
permit to
never
"prosperity"
on as
their minds
escape
view what
to
come
something akin to it.
or
passioned language told the American people that
The thoughtful student of industry and trade must
they
view this defense
defend themselves
his
annual
mittedly
rather
less
danger and must
in mortal
are
die.
or
Budget Message,
Wednesday last in
he presented
and all
Forced
bill
impressive,
of the costs of what
For
they
do to be saved.
has
It
world
in
the
be that
may
ourselves
we
twenty-five years the world
of political turmoil and
condition
reflected
is
in
unbalanced
in
.
•
It should
must arm
be
borne
mind
in
tional
nomic
adequately, have
debt
upheavals following
ditions
results
of
not
are
from
degree
debt of almost all nations would be far lower
our
heels
fact
is
close to'
today
undeniable,
how¬
competitive
had
armaments
year's birds'
factories
fear and
akin
panic
reactions
govern
There is most
a
great need for clear, calm
consideration of
tion and
cies at this time.
now
presents to Congress and
the
to
public
toward
much
should
do
the
citizen
of
peace
as
our
sits
may
be charged
be said that it
was
"forced
upon
during all the
average
years
since
Had
pre¬
refused to permit
we
rise
1933,
higher than it was
the staggering debt,
present
armament
to
will
down,
would be smaller
clear
for
1933
ously,
reason
of
insistence
sidies and other
upon
continued
any
form
this potion.
Whatever
truth
President's
open
of
the
whereby the
wholly unessential expendi¬
may
be thought to be the
assertion
cup may
mind, to
one or
to
be
suppose
work out
our
own
no
way
our
the
regarded
purpose
as a
of being
a
bitter
burden
secure
economic and social salvation
think best.
of
working out that salvation.
is
lips,
whatever his state
that the draught is not
we
It will add to, not
that
be passed from
that it not at best to be
carried for
that
be found mixed with
it would be foolish for any man,
of
with that which
Germany when
machines
were
available
to
as
devoted to large
necessary
police
expense
but neither
of
this
can ever
by
any
prices
we
Both
must
are
but
pay,
in
our
as
Let
us now
energy
cities
is
a
orderly living,
performing
think
we
eluding the ministering to
be
may
the
as
we
we
any
must
must
the privilege of doing those things which
to do in the way that
every
stretch of the imagina-
burdens
or
destruc¬
in the Reich.
effort
peaceful and
tion be justly considered
service.
forces
of
occupying
man
necessary,
moment suppose
is, obvi¬
one
All
a
at
"pros¬
engendered by
program
tion
recom-
of blessing is to
The
less
sub¬
tures.
mended, let him not for
timp
the West Wall and count¬
already been appropriated,
or
consid¬
a
of
existed in
National
debt, when this armament program is com¬
pleted, will be several billions the greater by
costs
likely to be
for
events.
a
needed
are
period
perity"
de¬
time pursuits—
great
such
value
the degree
they
peace
all
which the
must leave
us
our
real
upon
which is not
us."
with
that
of
in which
whatever it proves to be,
by more than $25,000,000,000.
It is furthermore
that the President says has
authorized
be
pending
the National debt
at the middle of
program
ma¬
chines, machine tools,
ships, steel and the like
erable
to
the $28,480,-
defense
in
it
The
armament.
greater production of
war.
very
shortage estimated for
000,000
sense
time
existing
to the produc¬
are
of
as
man¬
enlargement of plants for
—and been much better off at this moment.
$9,210,000,000
next year, or
the conduct of the
certain
a
weighed
the
or
plants
tion
the
dicted for the current fiscal
year,
ufacture
The simple truth is that had we chosen to do
so we could have lived within our
income on
down to consider the $6,-
189,000,000 deficit
huge scale by ourselves and
adapted to the
products,
never
stimulating
that kind of deliberation.
When
little
conduct
will
be
part
our
In
The bill
of costs the President
a
the
of
costs
"upheavals following war,"
although,
of
course, during the decade immediately fol¬
lowing the World War we actually reduced
our
National debt from $25,482,000,000 to
$16,931,000,000 in 1929.
To whatever we may charge the rise in the
National debt during the thirties, it can
general poli¬
our
on
armament
posi¬
our
war
the
production
most
July 1,1930, our National debt amounted
to $16,185,000,000.
Ten years later it stood
at
$48,528,000,000, including, as we must,
the guaranteed debt of Government agencies.
The increase, this time amounting to some
$32,343,000,000, cannot in any degree be
charged to armament or anything akin to
policy.
evidently
and
armament
On
con¬
cerning public
are
their
Allies.
and
decisions
all
nearly
we
the
of
to
seem
The
nests.
that
us
last
as
for
to
something almost
to
to
else
for
$1,225,000,000.
Three years later it was
$25,482,000,000.
The • increase, running to
$24,257,000,000, may properly be charged
point where passion,
a
the
straining ourselves to erect
some
to
useless
as
to any one
not
century.
a
be
in
asserted, they
now
to
been stirred
now
during the past quarter of
never
human
National debt of the United States amounted
that the rank and
ever,
file have
if
will
or
—President Roosevelt in his Budget Message.
Now for a few facts.
On July 1, 1916, the
The
suppose.
us.
existed
the President
as
to
seems
as
upon
single
a
if that need exists
These con¬
making.
They
The National
disaster stalks
forced
essential
will
When the danger
needing them is passed,
of
eco¬
have
safety,
our
want.
Na¬
our
the
we
quantities,
not
or
satisfy
war.
own
our
that
and
wars
that
rest
prodigious
to
.
been persuaded that stark
been
a
tanks, planes
the
whether
This
in all countries.
Here the first
War, the war against the depression,
the present defense program all resulted in
large additions to the Federal debt.
they
on
preparing to produce
state
a
World
population,
convinced
in
are
budgets
cool-headed, realistic ele¬
however
than
more
been
Upon Us?
its economies have been out of balance.
is difficult to believe that
ments
its effect upon
as
boondoggling
as
The guns,
and
incomplete
far
as
magnificent scale, and as nothing else.
ad-
an
program,
business life is concerned,
our
hazy, but nonethe¬
very
must
On
to
prepare
want to
our
do
other
carry,
pay,
we
for
want
them—in¬
bodily /wants,
turn to the bill of costs.
The first fact
lighten, the task
to greet the
There
promises of large reductions in non-defense expendi-
is
always
observant eye is that despite recent
Volume
tures
no
The Commercial & Financial Chionicle
152
^evidence of important
substantial
effort
in
this
progress or even of
direction
President conceives of "total defense"
all of the fol-de-rol of New Deal
result total defense is
a
many billions
show
that
designed to cost
us a
than otherwise would be
something of
a
as
good
neces-
has
than $7,000,000,000.
more
circumstances is
figures
now
tentative and it has almost
cent years
A reduction of
hardly impressive in
the fact is that the
are very
invariably proved in
re-
that these early estimates were too low.
At this time last year
the President estimated
And again:
non-
running 20% above the
now
there
are
employed
as
"The defense
next.
presents for the year beginning July 1
now
The current estimate for the current year
A
It
is
indeed
Laodicean
labor force and to
a
a
showing" of reduction
of fiscal profligacy in-
Says he:
military expenditures
substantial reduction in
non-defense
fits
are
tions
permit
are
for
Almost
which
legislative
Obliga-
the
as
fixed
the
are
Congress has
appropria-
already made
commitments—security
grants
to
the
States, Federal aid for highways, the 30% of tariff
aside
set
revenue
for
reducing agricultural
sur-
pluses, and similar items.
"Together, these fixed items make
of the non-defense
the
fiscal year
ministrative
expenditures I
1942.
re-
shift from part-time to full-time
But
under the full
even
a
some
people just cannot be
There will be
some
localities
labor shortage at the same time that others
labor surplus.
There will be shortages of
par-
in
are
surplus.
.
.
,
"We must face the fact that
'full
call
employment'
number of
persons
industrial life.
with what
even
there will remain
a
who cannot be adjusted to
For this group, the
we
large
our
Government
provide work opportunities."
Profligacy Without End
If this is the best the President
can
do toward
concerning sound fiscal policies as
respects the ordinary affairs of Government, then
assurances
obviously, we may as well reconcile ourselves to a
continuation of hoplessly 'unbalanced budgets
without interruption so long as he is in control of
our fiscal destinies.
If in the conditions now existing and with the outlook as the President himself
describes it, he finds it necessary to ask for $1,062,-
nearly half
000,000 to pay for aids to agriculture when he
proposing for
asked for only $904,000,000 a year ago, and now
up
am
For the items subject to ad-
rather than
legislative action, I have
expects to spend $1,106,000,000 during the current
year;
if he must now seek $363,000,000 to finance
expenditures by 600 million dol-
"aids to youth" next year when last year he only
asked for $308,000,000, and now expects to spend
The President neglects to say, however, why Con-
$369,000,000 this year; if he now feels obliged to
ask for $1,034,000,000 for work relief for next year
been able to reduce
Jars,
;
15%."
or
gress
cannot alter existing statutes to reduce exto explain that almost without excep-
when a year ago he asked for only $1,248,000,000
expensive statutes were placed upon the
and now expects to spend $1,502,000,000 this year;
well, nothing could appear more certain than that
penditures,
tion these
or
statue book at the behest or at the very
the full
least with
approval of the Administration. He likewise
fails to call attention to increases in the items he is
points the President
the defense program, and it will pinch much worse
list
defense
ment there is
But
no
at
other
ground for hope for any very sub-
stantial reduction in these non-defense items either
at
present or under any predictable
circumstances
Says he:
of
our
war
our
policy to retain the ideals and objectives
social and economic programs
changes.
at
a
Because of the
some
of these programs can be carried
lower cost.
In other cases, no curtailment
defense effort
on
in the face of
The costs of those programs affected
by economic activity are flexible.
possible without sacrificing our objectives.
as
in all probability after that program is completed,
Turn now to those projected expenditures which
can
warrantably be charged to defense account,
reach $6,464,-
The President now expects them to
in the foreseeable future.
"It is
oridnary account (exclusive of defense outlays)
shall never reduce the budget below $7,000,000,-
abundantly clear that under his manage-
part offset his reductions in other items in the nonmakes it
on
we
000 and usually will not escape that well so long
this Administration is in power. Such profligacy
will, of course, pinch badly during the execution of
pleased to regard as "fixed," which in substantial
is
further
to
a
interest, pensions and insurance bene-
as
fixed.
have
made less
by improved economic conditions.
lions such
a
expenditures,
particularly for those activities which
necessary
with
must
increased
lead
further increase in the
defense program we cannot expect full absorption of
others
Effort
ordinary items of outlay, is fully determined to
"The
a
overtime employment.
or
perfectly clear that the President
continue his usual program
tact.
incapable of
or
ficular skills and aptitudes at the same time that
while careful "to make
even
in
is
$7,000,*009,090.
over
will
program
employment, and also to
fitted into the picture.
mates he
workers,
emergency
the labor force because
$89,000,000 below the esti-
level of 1929,
average
steady employment.
at
or some
a
still many persons either unemployed or
defense expenditures for the now current fiscal
year
$6,585,000,000
our
people."
but
any event,
presented
to total
defense in terms of the health and morale of
"The defense program has already resulted in
item of this magnitude in existing
an
of need and that social security, agri-
substantial increase in production, employment and
national income. Although industrial production is
ending June 30, 1942 at some $6,674,000,000 against estimates for the current fiscal year
slightly
areas
cultural benefits and work relief contribute
con-
showing is hardly
He estimates non-defense expenditures for
$326,000,000 in
special
been
the fiscal year
at
"We should realize, however, that even with a
fully functioning defense effort there will remain
brave effort
consequence
done in this direction but his
vincing.
including
as
conception, and
The President, it is true, makes
sary.
1°
more
The
appears.
153
000,000 during the year and $10,811,000,000 during
fiscal year ending June 30, 1942—plus, of
course, the cost of the "Aid-to-Great Britain" pro-
1he
gram now being formulated and expected to run to
several billions as rapidly as it is possible for us to
furnish what is required—plus further billions fequests for which are promised at an early date—
assuming that we can manage to spend it all within
154
The Commercial & Financial Chronicle
the next
eighteen months.
terms of
public debt and
Translate all this into
find
we
natinal debt
our
tion to commit
any
approaching if not reaching $65,000,000,000 by the
middle of 1942.
It may of course be
greater than that.
It will be if
proceed with the program
dent
swing
showing to
with
the
be
knows where it will end
We
Such
than
us.
Must
the Presi-
likely
about
in
on
full
Heaven
program,
to
manage
as
we are not
more
defense
can
rapidly
as
wishes, and by that time
present
we
substantially
Be
the facts.
are
except of
huge task in
a
"dare" proceed in
we
large
a
remarked
the other
To
way.
a
this
in typical American style
we are
other attitude is, indeed,
un¬
assume
Senator Wheeler
as
day, to court charges of lack
patriotism
or worse, so hysterical have many of
people become under the constant prodding of
our
popular figures.
Yet it
reasonable to suggest
in all
is both real and
of
with
they
a
perfectly
us
that American people ought
that the necessity
great, and that the unique danger
are
sort
tanks,
to
appears
conscience to be very sure
to which
and
alleged to be exposed is existent
which
guns,
be
can
crash of
It is
kind of world attainable in
a
a
our
That kind of world is
bomb.
a
"To that
order
new
schemes
further
along this highly costly really quite dan¬
course
themselves.
which
upon
amount to defend
have
our
democracy!
launched
Certainly worth
defended at such
really be defended at such
and
they
$28,€00,000,000, possibly double that
it if it must be
one-half
thirty billions to
our
price and
a
cost.
a
years
"Since the
have been
ful
we
of
the greater concep¬
oppose
order.
A
world
good society is able to
domination
During the past
have
we
can
added
about
national debt in defense of
our
beginning of
and
foreign
American history we
our
engaged in change, in
revolution,
adjusting
without
the
itself
to
concentration
in the ditch.
perpetual,
a
revolution which
a
quietly,
changing
camp
peace¬
steadily,
goes on
conditions
the quicklime
or
The world order which
we
seek is the
cooperation of free countries, working together in
i
a
frjencpy? civilized society.
"This Nation has
heads and
women,
placed its destiny in the hands,
hearts of its millions
of
free
and
men
and its faith in freedom under the guidance
of God.
Freedom
means
rights everywhere.
the supremacy
Our support
goes
of human
to those who
struggle to gain those rights and keep them.
strength is
effectively combated
and the like, before they proceed
gerous
eight
world,
distant millenium.
a
tyranny which the dictators seek to create with the
What is to be said of them?
pride that
that
dertaking
of
physical aggression against
time and generation.
own
1941
the very antithesis of the so-called 'new order' of
face
to stare at their size and swell
course
with
way, or
any
definite basis for
11,
revolutions alike without fear.
Nothing—if popular practice is to be followed—
little
vision of
no
tion—the moral
Certain
act of
an
neighbor—anywhere in the
"That is
only
'
Jan.
unity of
our
"To that
Our
purpose.
high concept there
can
be
no
end
save
victory."
If
we
may
be permitted the sacrilege of attempt¬
ing to assign
phrases,
definite meaning to such fine
any
must, of course, observe that the attain¬
we
ment of any
such objective
gested here—if,
in
all—would
many
we
not all
cost
as
event,
any
appears
to be
times $28,000,090,000.
better "think
sug¬
it is attainable at
again," to
use
Had
Mr. Knud-
sen's vernacular?
"way of living," according to New Deal pleaders.
But
we
cannot understand how sensible
judgment
emotion
can
billions
system,
that
is
not
beclouded
contributed to the
at all events if it
system, and at the
fear
our
to
save
time to wonder in
quiet moments whether, after all, it is really
to spend another similar
sary
or
safety of
was necessary
same
foreign violence.
to
sum
neces-
it from
save
We find it difficult to suppress a
suspicion that the real danger lurks elsewhere.
But at least
to defend
our
we
may
Federal Reserve Bank Statement
whose
men
by
possibly fail to ask whether the thirty
really
or
horribly
and
'REDIT
c
weekly
ended Jan.
accordance with expectations.
of
from
currency
gold,
excess
days which
seek to make
we
world founded upon
secure,
four
es-
freedom
of
speech
his
and expres-
person
to
way—everywhere
own
in
wor-
the
world.
lated
early establishment of
in
a
steady flow.
into
standings
world
which
terms,
will
possessed
from
want, which, trans-
means
secure
to
economic
every
under-
Nation
a
the
tendencies.
for
tion
terms, means a world-wide reduc¬
of armaments to such
thorough fashion that
fear, which, trans¬
no
a
point and in such
Nation will be in
a
a pos-
deserve
powers
corre-
on
credit
the other hand, that
accomodation
still
is
modest, in relation to the vast reservoir of available
funds.
In the
weekly period ended Jan. 8, New York
City reporting banks found their commercial,
$1,918,000,000. The
from
Executive
It remains true,
demand
where in the world.
lated into world
The
spondingly greater attention, in the light of these
dustrial
is freedom
high records.
of various inflationary
by
healthy peacetime life for its inhabitants—every¬
"The fourth
new
the banks is likely to increase
Recent recommendations of the
and relinquishment
effective
"The third is freedom
lesral
over
$220,000,000
in coming weeks and gold can be expected to arrive
now
"The second is freedom of every
in
banks
than
Federal Reserve System for additional credit controls
sion—everywhere in the world.
God
less
established last Oct. 23, and all the prospects point
sential humau freedoms.
ship
no
The President appears
return of currency to
is
of
;n the period, raising the aggregate to $6,840,000,000:
This is only $100,000,000 short of the record total
we
to the
first
of member
reserves
requirements increased
Says he:
"The
the expenditure
Federal Reserve banks, and the continued inflow of
extirpated—everywhere in the world.
a
in
Owing to the return
circulation,
autocracy is
look forward to
the
in
quite
were
need to do
well ask what
democracy.
"In the future
8
Treasury funds from the general account with the
to believe that it will not be safe until
we
developments
currency
period
and
agricultural loans
brokers and dealers
same
on
in¬
$11,000,000 to
banks report their loans to
security collateral down $69,-
000,000 to $350,000,000.
loans is
up
That the trend of business
upward is confirmed week by week in the
statistics for 101 cities.
Volume
The Commercial & Financial Chronicle
152
Monetary gold stocks of the country advanced in
the
'
week
statement
by
total to another record at
in circulation
000.
$39,000,000,
the
raising
$22,034,000,000. Currency
declined $105,000,000 to $8,628,000,-
The
a
whole.
155
It is noteworthy that Mr. Roosevelt's
mes-
Congress, last Monday, was followed by a
decline in price levels. Nor did the budget message
improve matters. The fact became ever more ap-
sage to
Treasury in Washington deposited $54,000,000 gold certificates with the 12 Federal Reserve
parent that a
banks, raising their holdings of such instruments to
$19,804,781,000. Other cash of the regional banks also
from sad experience that power in the hands of Mr.
increased, and total
manner.
advanced
Reserve
of the
reserves
12 institutions
$102,651,000 to $20,138,233,000.
in
notes
actual
circulation
Federal
declined
$53,-
749,000 to $5,877,248,000. Total deposits with the
12 regional banks increased
$117,253,000 to 16,243,820,000, with the account variations consisting
of
increase of member bank
an
personal
new
Roosevelt
is
and ominous concentration of
is taking place, and investors know
power
not
likely
to
benefit
them
In the listed bond market trends
with performances of United
were
States
in
any
diverse,
Government
securities drawing
unusual attention.
Treasury
issues drifted slowly but steadily lower in the first
half of the week, owing in part to the credit control
deposits by
controversy, and in part to the tremendous bud-
$258,729,000 to $14,284,362,000; a decrease of the
Treasury general account by $148,693,000 to $219,788,000; a drop of foreign deposits by $10,378,000 to
getary deficit forecast in the budget message for
$1,122,531,000, and
$17,595,000
improved
to
to
reserve
increase of other deposits by
an
$617,139,000.
91.0%
from
The
90.8%.
ratio
reserve
The
Federal
the next fiscal year.
Secretaries Morgenthau and
Jones intimated that they did not look with favor
the financial program outlined by the Fed-
upon
eral Reserve System, and
issues followed.
ury
a
modest rally in Treas-
Speculative railroad bonds
Reserve banks refrained from open market
operations
were
in the
sharply higher prices occasioned by the heavy buy-
week,
the holdings of United States Treasury
as
traded
actively
in
several
sessions,
with
issues remained
unchanged at $2,184,100,000. Disby the regional banks declined $83,000 to
$2,832,000.
Industrial advances were up $175,000
ing, which lifted bond transactions to best figures
counts
since September, 1939.
to
which
$7,713,000,
while
commitments
to
make
such
advances declined $134,000 to
$5,092,000.
were
year were
fleeted
The New York Stock Market
Foreign dollar bonds like-
wise were in demand, possibly because holdings
ment
liquidated
on a
being replaced.
tax-loss basis late last
Commodity markets
only modest activity, and
in
price
levels.
Leading
a
re-
slow improve-
grains
were
up
MIXED financial week, from the varying trends slightly at unchangedwhile base metalsthe watch on
markets and uncertain politi- mostly in the pits, levels, owing to were quoted
resulted, this
eal and other influences that
shape affairs.
York observers
encouraged by signs
were
of investor interest
bonds.
and
The
which
mand
°n
few
was
highly selective, however,
chiefly in
been
the
carrier
section,
unduly depressed.
specialties also
the New York Stock
on
of stocks and
speculative bonds of the transportation
and in the
A
groups
Sizable
mained unchanged at 1%.
On the New York Curb Exchange the sales on
Saturday were 66,490 shares; on Monday, 127,520
shares; on Tuesday, 107,375 shares; on Wednesday,
99,830 shares; on Thursday, 118,040 shares, and on
Friday, 134,935 shares.
The stock market on Saturday of last week managed to lift the level of stock prices above those prevailing on the preceding day. Equities opened the
session firm and mixed as trading moved in a leisurely fashion. Values improved fractionally to the
current year's best levels, followed by some shading
later. A tapering in demand then set in, producing
an irregular trend which persisted almost to the
close. Following this the list turned weak.
Pivotal stocks were largely affected, while advances
outnumbered losses in the main section of the list,
The President's message to Congress on Monday on
closing quotations yesterday showing minor
figures prevalent
a
week earlier.
as
Trading
against
on
the
Big Board held between the 500,000 and 1,000,090share levels in all the full
sessions, and it is perhaps
significant that the
active periods
in
which
more
buying predominated.
business also
ket, where
were
A good
those
deal of
reported done in the counter
was
some
mar-
sizable blocks of issues found rapid
disposition.
business reports
The
that
the
tained
expected
or
is
of the week made it clear
activity is either being main-
developing, and
as
the defense program
gains impetus it is fairly evident that many important industries will find it difficult to meet the
demands that will be made upon
ordinarily
pect
wmuld induce
them.
This
pros-
active inquiry for
securities, but fresh assurances wrere furnished this
week
by President Roosevelt that no one will be
permitted to become wealthy from the defense program,
and this naturally means added taxation on
top of the tremendous burdens
Not
can
and
much
be
no
inducement for
discerned
further
continued
in
already imposed,
acquisition of equities
the -Administration
attitude,
explanation is necessary for the
„
apathy of the investment community as
;
Call loans on the New York Stock Exchange re¬
some
Exchange.
gains and losses in about equal numbers,
Friday, 751,770 shares.
de-
But the
reflected
great bulk of stocks merely held around previous
levels,
prices maintained at Washington.
Foreign exchanges were dull, with gold still moving toward
this country.
recorded for the week in railroad stocks
were
units.
some
New
On the New York Stock Exchange the sales on
Saturday were 384,970 shares; on Monday, 721,300
shares; on Tuesday, 525,640 shares; on Wednesday,
644,260 shares: on Thursday, 859,860 shares, and
long had
gains
in
inquiry
effective
was
somewhat
the State of the Union tended to depress
prices, and
equities that managed to acquire gains prior to its
delivery found these advances wiped out upon its
conclusion. Mixed prices obtained from the beginning, and with the -warning by the President of
greatly enlarged taxes to come, nervousness entered
trading and became just one more factor to be reckoned with. Some key issues such as United States
Steel and prominent motor shares were at times
under pressure after making progress. This re-
The Commercial <j
156
suited
sizable
from
which
liquidation in these
securities
British-held
through
eventually found their
The market
market.
dent's
budget
on
into the
way
with
message
Sales volume
of
channels,
open
Tuesday awaited the Presi¬
much
and
concern,
prices floundered about in the absence of
trend.
groups
private
a
definite
found
unimportant in the main.
Closing time
equities steady and mixed following
erate
rally in prices in the final hour.
estimated
figures
coming fiscal
immense
With the
proportions, traders got down to business
moderate
a
improvement in prices under the leader¬
ship of the rail issues.
levels above
one
their close.
Carrier shares lifted their
point, with
some
Steel stocks likewise
Central at 15
Southern
in for
Railway at 13% against 12%, and North¬
Steel
United
Chrysler at 70%
some
again took the initiative
tive of the better trend.
in
Most other
was
on
broad
over a
volume, too,
indica¬
The movement took form
Union Pacific RR.
chief
beneficiary to the extent of three points.
bulk of the
The market
with
ency
issues.
The
a
height of the movement
thereafter
but
the
levels
of
issues ruled firm to
shown
earlier
slightly higher, with
closed
last
day
a
ago,
higher
generally
stocks,
copper
Anaconda
yesterday at 26% against 27%
In
aviation
the
yesterday
Curtiss-Wright
group,
9% against 9%
at
on
closed
Friday of last
week; Boeing Aircraft at 18 against 18, and Doug¬
las Aircraft at
an
78%> against 78.
industrial
and
increase of
reports
began
activity in
above levels established
best
by American
record since
on
capacity the figure
Production
prices
Copper
Friday of
on
35%.
Iron
86.1% at this time last
on
J.
week; American Smelting & Refining at 44%
to
some
Jan.
of
suggest
lines,
late last year.
and
Steel
97.2% of capacity, against 95.9%
pref¬
of N.
Refining at 23% against 24%.
the
operations for the week ending today
some
3%
Friday of
on
mated
Comparing closing figures
week
Standard Oil
stocks,
declines
Railroad
at
against 42%, and Phelps Dodge at 34% against
and
Friday of this week with final quotations for the
same
Packard
week; Shell Union Oil at 12% against 11%,
this week
by investors for preferred issues of
utility companies.
Friday of last week;
71%;
attained
was
fractional
favorites.
on
yesterday at 36% against 35%
Trade
progressive tend¬
General Motors closed yester¬
against
oil
Among the
closed
generally higher position.
shift in interest from rails to industrial
a
midday,
erence
a
Friday showed
on
The
altered
the
day's activities occurred in the closing
and left the list in
hour
at
was
69%
Hupp Motors at 11/16 against %.
low-priced rails, and its influence spread to other
parts of the market.
week.
at
against 3%; Studebaker at 8% against 8%, and
Among
Sales
present
Friday of last week; Crucible Steel
on
day at 48% against 48%
finished mixed.
Thursday and made for sweeping gains
yesterday
In the motor group,
last
section of the list.
the
45% against 47; Bethlehem Steel at 88% against
and Atlantic
The railroad shares
lower
closed
89, and Youngstown Sheet & Tube at 40% against
upward revision in their price levels, although they
groups
were
Steel
States
against 70%
at
7% against 6%.
stocks
too closed below the
day's best figures.
against 14%; Union Pacific at 8578
Pacific at
ern
reaction marking
came
Friday of last week; Atchison To-
on
against 79%; Southern Pacific at 9% against 8%;
known quantity, despite their
year a
u, 1$41
the I 41%.
Federal budget for
the
on
mod¬
a
Wednesday, and the list managed to show
on
against 22%
jatlm
peka & Santa Fe at 21% against 18%; New York
tapered off noticeably from
Monday's turnover, and what changes in values-did
occur were
Financial Chronicle
over
Steel
esti¬
were
Institute at
last week, and
The steel rate is the
year.
1929, and in view of increased
record actual output.
means
electric
for the week ended
power
4, which contained the New Year's Day suspen¬
'
orevail.
•
.
V, :•C-
•
General Electric closed
34%.
sion, totaled 2,704,800,000 kwh., according to
yesterday at 34% against
Electric at
53
against
tained
4% against 4%; Public Service of N. J.
50%;
Sears, Roebuck
78%; Montgomery
&
Ward &
Co. at
Edi¬
with 2,622,-
850,000 kwh. in the previous week, which also
22% against 22%; Columbia Gas &
enue
78%
Car loadings of
freight in the week ended Jan. 4
the
by
Co. at 38%
614,171
con¬
holiday, and with 2,473,397,090 kwh. in the
a
corresponding week of 1940.
29% against 28%; International Harvester at
against
This compares
Electric Institute.
son
Friday of last week; Consolidated Edison
on
Co. of N. Y. at
at
■
Association
cars,
an
against 38; Woolworth at 34% against 32%, and
of
American Tel. & Tel. at 168
of
American
increase
over
were
rev¬
reported
Railroads
at
the previous week
week of last year.
Western Union closed
20%
on
against 168%.
yesterday at 22% against
As
Friday of last week; Allied Chemical & Dye
at
cars,
and of 21,246 cars over the similar
indicating the
course
of the commodity
mar¬
kets, the May option for wheat in Chicago closed
163% bid against 163; E. I. du Pont de Nemours
at
68,864
162% against 163; National Cash Register at
yesterday
at
87%c.
Friday of last week.
against
May
87%c. the
corn
close
on
closed yesterday at
13% against 13%; National Dairy Products at 14%
62%c. against .62%c. the close
against 13%; National Biscuit at 18 against 17%;
week.
Texas Gulf
37%c. against 37%c. the close on Friday of last
at
Sulphur at 37 against 36%; Loft, Inc.,
against 18%;
18%
Continental
Can at 38%
Elec. &
at
the
closed
last
rubber
group,
Goodyear Tire & Rubber
yesterday at 19% against 19%
on
Friday of
week; B. F. Goodrich at 14% against 13%, and
United States Rubber at
Railroad
week.
stocks
went
23% against 22%.
into
higher territory this
Pennsylvania RR. closed yesterday at 24%
spot price for cotton here in New York closed
yesterday at 8.74c: against 10.43c. the close on Fri¬
Mfg. at 104% against 103%; Canada Dry
against 11, and National Distillers at 24 against 23.
In
The
6% against 6%; Westinghouse
12% against 12%; Schenley Distillers at 11%
Friday of last
week.
against 39%; Eastman Kodak at 141 against 139;
Standard Brands at
on
May oats at Chicago closed yesterday at
day of last week.
•
The spot price for rubber closed
yesterday at 20.25c.
Friday of last week.
against 20.62c. the close on
Domestic
copper
closed
yes¬
terday at 12c., the close on Friday of last week.
In
London the
price of bar silver closed yester¬
day at 23 5/16 pence per ounce against 23% pence
per ounce
the close on Friday of last week, and spot
yesterday at 34%c., the
silver in New York closed
close
on
Friday of last week.
Volume
In
fers
on
the matter of
has
yesterday at $4.04, the close
behind
_
European Stock Markets
■I
were
were
Trading
the London Stock Exchange,
favorable
impressions
was
at
minimum
a
notwithstanding the
occasioned
Congress.
These satisfactory
by the
war
Italian
borders.
persistence
Kingdom.
roster
of
of
unemployment
Official
unemployed last month still
that
so
in
are
was
much interest
war
gilt-edged stocks
The Amsterdam Bourse
first half of the
in
dull and easy in
was
Indies issues and American stocks remained of
interest to Amsterdam traders and investors.
Berlin
Boerse
in
spurts
Indications
dull throughout,
was
the
so-called German
of
French
market
the
chief;: enunciated by the President is that "we are cornThe
mitted to the proposition that principles of morality
for mild
save
Colonial
trends
to fear direct invasion
thereby keeping war aWay from this hemisphere,
"By this support we express our determination that
the democratic cause shall prevail, and we strengthen
the defense and the security of our own Nation,"
Mr. Roosevelt asserted. The third point of policy
Netherlands East
Thursday.
on
reason
are
week, but recovered the lost ground
quick rally
a
two
displayed in foreign obligations.
was
little
saw
The National policy was formulated by the President in three points. First, he said, by an impressive
expression of the public will and without regard to
partisanship, we are committed to all-inclusive
national defense. Secondly and in tne same manner,
we are committed to full support of all those resolute
people everywhere who are resisting aggression and
neglected, and not
were
He
already here and in Latin America in great numbers,
various issues attained best levels of the last
Industrial stocks
enforced
the
quiet demand during much of the week, and
years.
we oppose
715,279.
that
jobless in the humming
British funds and other
Today, thinking of our
past.
on
of Great Britain proved perturbing to the
market.
were
still
many
went
while the British
were
Although this is the lowest figure since 1921, the fact
economy
attempt to lock us in
United
the
in
disclosed
statistics
any
ancient Chinese wall while the procession
navy retains its power, but remarked
the possibility of action through secret agents and
their dupes, who were said by Mr. Roosevelt to be
indications
offset, in part, by hampered communications, and
by
an
isolation for ourselves or for any other part of the
Americas." The future and safety of our country and
our democracy were described by Mr. Roosevelt as
overwhelmingly involved in events far beyond our
defeat at Bardia and President Roosevelt's message
to
maintained
children and of their children,
the rule this week in leading
generally modest.
times
of civilization
European financial centers, but price movements
on
all
at
definite opposition—to
Friday of last week.
FjMRM markets
as a Nation
opposition—clear,
the historic truth that the United States
foreign exchanges, cable trans-
London closed
on
157
The Commercial & Financial Chronicle
152
issues,
again
were
lacking, this week.
.
and considerations for our own security will never
permit us to acquisce in a peace dictated by aggressors
and sponsored by appeasers." In the light of this
program, the immediate need is a swift and driving
increase of
Foreign Policy
our
armaments
informed Congress.
production, Mr. Roosevelt
He admitted dissatisfaction with
BEFORE a joint session lastthe new 77th Congress, that greatly of the defense program, and authorizasome parts increased appropriations and indicated
President Roosevelt of
Monday defined
once
again the foreign policy to which the country has
been
committed
Europe.
The
which Mr.
as
a
the
of
consequence
war
in
the state of the Union,
message on
Roosevelt read in person, was
devoted
entirely to foreign affairs and their repercussions
upon
this country.
It followed in general outline the
views expressed by the Chief Executive in
chat" of Dec. 29, but
introduced
a
new
emphasized
program
of the globe. As
every part
an
ever
the side
on
conflict.
of
Indeed, the
Great
Mr. Roosevelt maintained.
He proposed that the United States say to the
firmly than
more
the
current
occasioned comments
in London which
clearly foreshadow
of full
military participation in the
American
Berlin withheld comment for
cated
Wednesday that
on
nouncements
ments
German press
made
"untruths."
expressed
war.
days, and indi-
the
the
as
it is
commerce.
and maintain
a
purpose
and
our
pledge."
In fulfillment of this
provo-
as
the threats of dictators that they will regard our
action
as a
breach of international law or an act of
Congress, Mr. Roosevelt found
freedom of worship, freedom from want and freedom
same
on
sentiments
Japanese
were
observers
war,
the President continued.
prepare,
where in the world" of the freedom of speech, the
sense
today."
United States
unpre-
that American security at
as
no
seriously threatened from
Our
wars
in the past
were,
from the fear of aggression.
tions
were
These world specifica-
not to be considered visionary, the Presi-
dent insisted, but as a definite basis for a kind of
world attainable in our own time and generation,
maintained, for the maintenance of
"That kind of world," he said, "is the very antithesis
rights and for the principles of peaceful
of the so-called 'new order' of tyranny which the
President
American
to give you the strength to regain
free world. We shall send you in ever-increasing
numbers, ships, planes, tanks, guns.
That is our
the part of the United
previops time "has been
without
our
pledge the United States will not be intimadated by
"bad logic" and
are
while
present situation of the
cendented, in the
your
pro-
Roosevelt's
State in the address.
In his message to
"We Americans are vitally concerned
defense of freedom. We are putting forth
energies, our resources and our organzing powers
democracies:
in
And we must all
he added, to make the sacrifices that the
emergency demands.
Looking forward to the future,
Mr. Roosevelt called for the establishment "every-
aggression
see
expectation
alleged that the state-
Italy much the
Tuesday,
on
affected to
Mr.
by the President
In
few
an
regarded in Germany
are
The
cative.
a
Repayment in similar materials or
points and
expression of American
message
considerations.
in other goods will follow within a reasonable time,
some
Britain in
for turning over to nations which now are warring
one
against aggressors additional munitions and war
supplies of many kinds, without regard to financial
his "fireside
for American action in
policy, it placed the United States
tions will be requested by the Administration,
Among these requests, it was made clear, will be
"What I seek to
convey," Tie said, "is
dictators seek to create with the crash of a bomb."
The Commercial & Financial Chrotiicle
158
the
Since
dictators
against whom the President
inveighed did not choose to regard his
a
for
cause
message
as
hostilities, the reactions evoked by the
Great Britain plainly are of greatest
That the British people were pleased
"inspired" was made clear in London dis¬
Italian
expeditionary forces have been involved in
such
Winston
and
process
But
noted in
York
New
undercurrent
an
London report
a
"Times"
of American
with
shipments of
of
respect to the
of American convoys to insure
follows:
"The
United
delivery.
to fall.'
says
over
and
to allow Britain
It says over and over
again that Britain
be
must
The views
in this dispatch
States
again that 'we cannot afford
over
tardiness
material and the lack
war
of British experts were summed
up
as
dissatisfaction
of Monday to the
aided in every possible
Britian
should
be
saved
but
because
essential to United States defense.
the United States
not because
way,
Britain
is
If that is what
thinks, then, virtually speaking,
the
as
United States is hiring us to
fight its battles,
we once hired Hessians in an effort to subdue the
thirteen colonies.
The
far
But
United States has
enough.
If
we
not
are
come
getting
our pay.
long and far but not
fighting for the United States
we are
and if it is willing to give us
money or credit on
that basis, we have the
right to ask it to go further.
Since
cannot
we
bring material
overseas
ourselves,
soldiers
people
of
and
possibility
it
Italy.
Ministers
on
The Italian
Tuesday issued
determination to continue the
tions
naturally
These protesta¬
wTar.
not very impressive, in the cir¬
are
cumstances.
The most
war
by the Italians last Sunday,
important Libyan base of Bardia fell com¬
when the
pletely
resounding defeat of the Mediterranean
sustained
was
into
Empire
the
units
hands
of
operating
After two weeks of
the
victorious
from
fighting for the
are
United
States."
appeared that the Italians
unable to defend
posts effectively.
duced the
units
were
added
of
captured
year
the disposition late last
of surplus stocks of Army material.
Tanks,
and other old but serviceable equipment, re¬
leased to American corporations for
subsequent sale
guns
to
Great
against
Britain, netted the Army $22,929,438,
an
original cost of $58,853,179.
as
Also of
importance
was
the departure for London, last
Monday, of Harry L. Hopkins, close friend of Mr.
Roosevelt, as a personal emissary of the President.
No
information
was
made available.
went to
Europe
as
to
the
nature
of
Col. William J.
this
mission
Donovan, who
British
in
the
difficult the
taken
and
Egyptian-Libyan
and in Far Eastern
waters, respectively.
of the Navy Knox announced this
Secretary
step,
expressed the view at the
same
time that the United
States has provided Britain with
as
the
Navy could
spare
and he
as
many
without
destroyers
weakening
our
defenses.
superb
The
forces.
off
in
hot
in their
struggle against the Italian invaders from
Libya and Albania, and hardly a shadow of Italian
military prestige remains.
So serious and pro¬
tracted have been the Italian defeats that the
ques¬
tion
currently under debate in neutral circles is
whether
Premier
political
head.
Benito
It
is
Mussolini
true,
can
of course,
save
his
that only
the
arms
out
with
and
sea
capture
of
the British aerial and tank units
quest of Tobruk, which is an even
important Italian harbor deep within Libyan
more
territory.
Tobruk
reported
was
virtually
sur¬
rounded, yesterday, and it is evident that the next
great battle of the Western Desert will be fought at
point.
General
town
The
Italian
Annibale
Commander
Bergonzoli,
capitulated.
Fall
at
Bardia,
before the
escaped
of Bardia's defenses
was
acknowledged generally by the Italian Government,
fense of the town
as
were
a
made to depict the de¬
"page of glory."
The defeat of the Italians
soil
other African
stated
their
be
to
appears
areas.
that Fascist
positions
an
Churchill's
won
carried
was
Immediately after
Bardia. moreover,
gests
FRESH previouslywere British this week to forces
victories by added and Greek those
action
coordination of the British land,
aerial
they
Italy lost not merely the soldiers
munitions.
set
campaign,
by the British, but also vast stores of
early
on
Cairo
are
own
on
troops in Ethiopia are finding
the conquered natives.
fulfillment
This
Prime
of
Of
particular inter¬
accounts of sustained activities
by the Brit¬
roads
The Italian fleet apparently remained
safely moored in home harbors.
said to have
larly,
steadily
leading to that point, without
opposition from the vaunted Italian aerial
squadrons.
are
sug¬
Minister
prediction that the Italian Empire in
also the
much
in
Thursday
ish fleet, which shelled the Bardia defenses
and
colqnial
repercussions
dispatches
Africa will be torn to shreds.
est
their
occasioning
increasingly hazardous, owing to
restiveness among
Italian Defeats
To
problem of handling the total of 70,000
men.
Tuesday, and efforts
on
itself, last Sunday.
30,000 from Bardia, and found rather
some
ganization of the United States Navy into three
fleets, to be stationed in the Pacific, the Atlantic
reported
on a secret
re¬
40,000 Italian prisoners previously taken by the
mission,
Tuesday in Cairo, Egypt, where
he stayed at the British
Embassy.
Orders were
issued in Washington,
Wednesday, for the reor¬
was
weeks ago
shelling
sea
strongest points, the British mechanized
that
some
soon
Drawing the ring steadily
swept into Bardia
view, meet that argument, the dispatch added.
Incidental light on foreign
policy was furnished
late last week by
Secretary Stimson, in the form
on
move
week, and it
the
report to Congress
bases.
siege, the British began to
toward the Bardia forts late last
The message of the President did
not, in the British
a
British
Egyptian
tighter, while aerial attacks and
we
assur¬
Council of
order reaffirming
an
the
because
be
This
strength of the Axis, and proclaiming Italy's
have the right to ask the United States to do
at all is
now
Saturday to issue
solidarity.
always remembering that the United States has
us
would
last month.
we
helping
that
The German Foreign Office
last
necessary
war
was
the
to
seem
be stimulating German aerial
appears to
of Axis
it would
Italy from the
and other aid to
ances
Minister
been made known
country,
readily feasible than it
found
Prime
weeks
some
defeats have
of that
elimination
the
surrendered.
ago
began the
of severing Italy from the tie with Berlin.
The Italian
more
have
Churchill
so,
said that the only reason it is
1941
battles, but the crack troops of Italy unques¬
tionably have been engaged, and great masses of
importance.
was
11,
the
statements in
patches.
Jan.
Australian forces
distinguished themselves, particu¬
in the Bardia engagement,
which cost the
Volume
The Commercial & Financial Chronicle
152
British, forces only a few hundred
casualties.
extent
of
the
British
preparations
The
for this
cam-
paign is best indicated by the rapid move toward
Tobruk, after the fall of Bardia.
The airport of
Tobruk at El
taken
Adem, 15 miles south of
the port, was
by British forces only two days after Bardia
fell.
While these developments
^
British
were in progress
squadrons bombed Naples, Palermo
aerial
and other cities in
Fighting
cult this
Italy, causing great damage.
the Albanian front again was diffi-
on
week, owing to inclement weather, but the
Greek forces reported
progress toward the Italian
port of Yalona and the establishment
line of defense
secure
the
on
of
fairly
a
slopes of the
moun-
tains
leading to the Adriatic. Heavy rains caused
floods, and when such conditions abated new snow
storms
made
the terrain
troublesome.
The small
but valiant Greek fleet raided the Adriatic
day,
and
shelled
Valona
without
single Italian warship.
assisted
the
There is
to
Greeks
a
due
were
partly to that aid.
definite
no
indication, as yet, of the part
played in the Mediterranean conflict by the
be
German aerial
arrived in
that
encountering
British aerial squadrons
continuously, and the Greek
doubtless
successes
Tues-
on
squadrons which
Italy in force.
German-Greek
tinuing.
Greek
known to have
are
It is significant, however,
diplomatic
relations
Notwithstanding their great
authorities
take
sober
a
view
are
con-
successes,
of the
situa-
dents and indicated that others
gation.
ing to admit responsibility for bombs which
recently
were
reported in
tain about 100
elared last
of
planes.
Premier John Metaxas de-
Saturday that Greek
aims
war
are
those
securing the independence and integrity of the
country, and of preventing foreign domination of
"compatriots."
ing
This suggests
intention of hold-
to Albanian territory recently captured by
on
the Greek forces, if the
pean
an
general
course
of the Euro-
of the week
was
new
new
emphasized that the Ambassador
"in
to
him.
He
being dis-
was
from "the very center of
patched
to de-
British
and remarked
known
were
as
Mr. Churchill
Envoy fulsoinely,
that all British secrets
soon
duties
Ambassador to the United States.
praised the
meeting of
a
tendered to former
Foreign Secretary Lord Halifax, who is
our
counsels,"
expressed the fervent hope that he may prosper
mission
a
as
momentous
archy has entrusted to
time of the oldest of
an
as
here."
us
any
that the
mon-
Englishman in the lifeThe future of the
whole world and the hopes of a broadening civilizafounded
lion
upon
Christian
ethics depend upon
the relations between Great Britain and the United
States, the Prime Minister declared.
of purpose
"The identity
persistence of resolve prevailing
throughout the English-speaking world will, more
and
than any other single fact, determine the way of
life which will be open to
to
centuries which follow
cooperation
between
the
generations, and perhaps
our
own," he said.
United
"If
States land the
Empire in the task of extirpating the spirit
regime of totalitarian intolerance, wherever it
may
be found,
were
to fail, the British Empire,
rugged and embattled, might indeed hew its
way
through and preserve its life and strength for the
inevitable renewal of the
after
an
uneasy
conflict
on
worse
terms
But the chance of setting
truce.
the march of mankind
clearly and surely along the
high roads of human progress would be lost and
might never return."
The speech
was
larded with
praise of President Roosevelt,
conflict makes such action feasible.
The
week
Battle of. Britain
The luncheon
part for Washington and his
and
fell
'
Churchill in London, Thursday, before
the Pilgrims.
British
fighting planes, and arrangements
,
speech delivered by Prime Minister Winston
and
Washington, Wednesday, whereby Greece will ob-
Zurich.
upon
Perhaps the most indicative incident
was a
peals
Apmade for American aid, in the form of
under investi-
were
Swiss authorities found the British unwill-
tion, especially with respect to their supplies.
were
159
most
telling and
apparently
were
destructive raids of the
those of the British air force
against German ports such as Bremen, Emden and
WAR developments in the great struggle be- Wilhelmshaven. ruinedsmartingofunder the incenStill a part central London,
Great
Germany
diary raid which
tween
tinued
to
counter
with
Britain
each
no
indication
for
the
available
were
not
tremendous
of
airplane bombings, but
turned
punished Bremen again and again,
their
attention
also
helmshaven, industrial points,
tions
failing strength,
propitious during the
country suffered when fog and clouds lifted,
British airmen
and
con-
raids, and blockade and counter blockade,
Weather conditions
week
and
consist, this week, of aerial raids and
in
the
Reich.
The
to
Emden, Wil-
and railway junc-
Germans
raided
London
sporadically, and also sent their dread loads of
destruction
coastal
down
upon
points in England.
Midlands
The
war
hazardous for Great Britain than in
weeks,
and
as
some
was
less
previous
the tonnage sunk by German submarines
airplanes
authorities
was
found
it
relatively
modest.
necessary,
however,
British
to
heavily the supplies of meat available to the
lation.
and
centers
at sea
Neutrals
were
spared
further
cut
popu-
airplane
bombings, but continued their efforts to fix responsibilitv
for incidents
State officials
lodged
of recent
a
weeks.
Irish Free
protest at Berlin, late last
week, against bombings of Irish territory, but the
Germans
disclaimed
responsibility for most inci-
two weeks ago, British airmen
made extraordinary
efforts to inflict like damage upon selected German
objectives, and even the German press admitted the
great damage thus occasioned. The so-called invasion ports of France and the Low Countries were
hammered repeatedly by British raiders. German
airmen were foiled by fog during half the week, and
only scattered bombs fell upon London while the
great metropolis was obscured. Three nights of
blessed quiet were enjoyed by
London.^ Beginning
Thursday, however, the Germans again were able
to find their targets and heavy raids were reported
against the capital, and a number of Midlands and
West Coast towns. British authorities found it
necessary to acknowledge the stirrings of the populace and the growing call for a different order of
things after the wTar. A special Ministry to study
the problems of post-war reconstruction was foreshadowed on Monday, when changes in adminison
trative
methods
were
effected to assure better
handling of immediate war problems.
The British blockade of the Continent remained
air-tight, ..and apparently will be relaxed only
slightly to permit some essentials to reach French
160
and
The Commercial & Financial Chronicle
Spanish sufferers.
would
It
however,
seem,
ently
jan.
disregarded by Berlin, and
were
that the German counter blockade of Great Britain
of
begins to be effective in
the Nazi militarists might take.
merchant
are
telling
a
shipping losses suffered by Great Britain
reported considerably under the
in
Actual
manner.
recent
weeks.
But
the
meat
war
average,
ration, which is
highly important in England, was cut down "temporarily," early this week, by Lord Woolton, the
Minister.
Food
unable to meet
last
Some
the ration
even
week-end,
London
and
the
shops
thus
relaxed to
over
caused
supplies without loss of food
ton
to be continued with Vichy.
of
"double
the
food
the
was
forces
in
the
in
scarce
Near
of
supplying the
East.
Other
foods
British
also
are
England, and in view of the British de-
pendence
supplies, it is quite possible
upon overseas
that the arrivals of convoys
Balkans failed to materialize this
the
tension
hereafter will be the
of that
ties will be disclosed tomorrow, when some 30 addresses
are
try by
Premier Bogdan Philoff and other Minis-
to be made in various
after
trip to Vienna for his "health."
a
important Nazi
saw
of his
whether
conquest
vention
by
Disclosure
British
the
Administration
made at
was
consequence
authorities
had
anxieties
probable, owing to inter-
seems
in
Washington,
Washington, Tuesday, that
agreed to permit passage
through the blockade of limited food supplies for
France
and
Spain.
nounced the
will
sail
The American Red Cross
an-
following day that the first relief ship
late
this
month, with
a
cargo
of canned
milk, vitamin concentrates and children's clothing
for
unoccupied France, and
Spain.
sonal
ish
some
It appeared, at the
flour and milk for
same
time, that
a per-
request from President Roosevelt to the Brit-
authorities
had
accomplished this humane
laxation of the blockade in behalf of French
No indication is available
re-
youth.
Rumania
called
to
German
the
suffice to
among
by
that the
quantity will
The incident climaxes efforts
President
former
other
assume
prevent starvation and avoidable disease
the children.
prominent
Herbert
Americans
Hoover
in
and
many
of
relief
behalf
agencies.
coincided
last
by intention
or
our
intentions
cold
arrival
Vichy
at
his
delayed
Lisbon,
but
welcome
Possible
Bulgaria.
Greece doubtless
are
Marshal Henri
Wednesday.
Ambassador
he
none
snow
and
after
his
finally reached
the less emphatic.
Philippe Petain, Chief of the French
The
of
presence
American Ambassador
a
on
fully accredited
possibly will
prove
comfort-
ing to the Vichy authorities in the difficult days
which lie ahead.
Reich forces
are
Reports from the capital of unoc-
collapse.
Investments in Rumania
^VNE of the most interesting and encouraging
\J international financial transactions of the
current
the
period
war
form
of
a
sale
was
will
play in
The limited collaboration
submitted
disclosed last Monday, in
by International Telephone &
Telegraph Corp. of its Rumanian investments for
approximately 113,800,000, United States
for
gress
0f the
some
a
transaction
some
coming
proposals which
weeks ago
appar-
in
prog-
corporation received welcome aid from the
were
sum
0f
ances
currency,
were
time, and it appears that officials
Funds for payment of
found in the "frozen"
Rumania
in
the
United
or
blocked bal-
States,
which
naturally were subject to Washington orders.
The
Treasury Department announced the release of the
money,
and at the
known
the
same
time the corporation made
completion of the sale.
involves,
it is
cietatea
Anonima
The transfer
understood, 1,367,960 shares of SoRomana
de
Telefoane
capital
stock, which carry control of the Rumanian tele-
phone system.
Soon after Rumania
funds
Petain
be, however, that
Italian
found it necessary
Marshal
It may also
against the German back door, in the event
an
between German and French spokesmen
months.
under contemplation, and there
tacks
role
Vichy
a
toward and through
0f
in progress
that
of
are,
preparing for possible British at-
ojye up
the
Europe
The Reich controls
in which aggression might develop
many ways
cupied France indicate that "negotiations" still are
to
re-
by the Germans against
moves
are
the Near East.
jn
moves
the
Deep
State, greeted Admiral Leahy most cordially
as
for
avenue open
Leahy.
when
was
were
Hungary and Rumania completely, and thus has
ready
United States Government.
the
to Bulgaria, Yugo-
Eastern
in
Ambassador to France,
new
Rear Admiral William D.
intense
not, this development
closely with the arrival in Vichy, early
Monday, of
evident,
envoys
Hungary suddenly
Negotiations for such
Whether
were
to the amount of sup¬
as
helpless French and Spanish populations,
but it is reasonable to
and
any conversations
Moscow, last Sunday, for consultations.
plies that will be permitted to flow in this fashion
to
It remains uncertain
the question at issue.
course,
in the
as was aroused is
rumored last week.
however, since the Soviet
glavia,
Although
personages
King Boris engaged in
MODEST relaxation of the rigors to of the with Reich authorities,
which That Russian
France
exposed
a
coun-
journey, he denied all reports of his
his return to Sofia.
011
ranee
parts of the
The Premier returned to Sofia, Wednesday,
ters.
F
as
The fate
the balance, and it
be that decisions reached by the Sofia authori¬
may
course
is
week, but
unrelaxed
by the great Powers.
moves
stuffs of various kinds.
German
remained
area
of Bulgaria appears to be in
Mr. Philoff
or
vast
the indications continue to point toward
all
determining factor in the amount of available food-
poo j f
was
^VMTNOUS predictions of untoward events in the
disturbing
standard," and he indicated,
necessity
are
No information
Balkan Tension
and
meanwhile, that the real occasion for the difficulties
was
press
Government.
man
adjustment
an
that
The tension
vouchsafed, however, as to the attitude of the Ger-
Lord Wool-
coupons.
promptly addressed himself to
good deal
a
measures
degree, early this week, owing to
a
the
was
able to eke out their
were
to
as
reports from Berlin that diplomatic relations
heightened by disclosure that those able to resort
to hotels and restaurants
Vichy
quite
were
stipulation,
unrest
exists in
nervousness
11, 1941
were
sjred
of
that
forced to
to succumb to German influence,
country held
blocked, last year.
to
was
sizable portions of its territory and finally
secure
in the United States
The Rumanian State de-
ownership of the telephone system,
Volume
The Commercial & Financial Chronicle
152
and in contrast with the
ations"
ments
which have
finally
Rumanian company
dent
serves
ican
lately, arrange¬
with blocked funds.
The inci¬
pointed reminder that other Amer¬
companies might be able to realize in like
their
on
ner
as a
common
worked out for purchase of the
were
man¬
foreign investments in various Euro¬
which, because of Nazi domination,
pean coun tries
Bank of Germany Statement
unrecompensed "expropri¬
been
find their balances in the United States blocked
by
official order.
161
THE statement of the Bank for the last quarter of
December showed
circulation
at
notes in
record
high of 14,033,213,000 marks, having increased
compared with
745,404,000 marks in the quarter,
11,797,934,000 marks
and checks
of
Bills of exchange
a year ago.
expanded 1,865,702,000 marks to
obligations, 799,135,000 marks, to
a
total of 2,581,-
Gold and foreign exchange dropped
1,799,000 marks, the total of which is
75,566,000
now
marks, compared with 77,535,000 marks
Foreign Central Banks
total
a
15,419,299,000 marks and other daily maturing
023,000 marks.
Discount Rates of
a new
a year ago.
The proportion
THEREdiscount no changes during the week in
have been
the
of the foreign central
rates of any
Present
banks.
rates
the
at
leading centers
are
of gold and foreign exchange to note
circulation fell
off to
compared with the
quarter and 0.66%
shown in the table which follows:
in
Effect
Date
Effective
vious
Effect
Rate
Country
Dale
tan. 10
vious
Jan. 10
Country
Pre¬
Rate in
Pre¬
Rate in
Effective
Rate
3
Aug. 29 1939
Hungary...
4
Aug. 29 1935
3
Nov. 28 1935
Jan.
5 1940
Bulgaria
6
Aug. 15 1935
7
India
Canada
2H
Mar.11 1935
Chile
3
Dec. 16 1936
A~
Japan
4
July 18 1933
5
Java
3
Jan.
11936
3H
Morocco
4
Jan.
2 1937
5
AH
Eire
May 22 1940
June 30 1932
5H
3
England
2
Oct. 26 1939
AH
Oct.
Colombia
..
~2~H
Danzig
_.
Estonia
of 17,118,000 marks and in other
317,438,000 marks. Following we show the
items with comparisons for previous years:
investments
assets of
various
7 1936
COMPARATIVE STATEMENT
July
4
15 1939
Assets—
■
Sept. 22 1939
Dec. 17 1937
3H
3H
Portugal
A
Aug.
11 1937
AH
Investments
3
Rumania
3 H
May
5 1938
AH,
Other assets.....
1 1935
5
South Africa
3H
May
15 1933
AH
Spain
2H
Sweden
5
5
Notes in circulation...
+ 745,404,000 14,033,213,000 11797 934,000 7,705,172,000
3
Oth. daily matur.obllg.
+ 799,135,000
2
Other liabilities
6H
Propor. of gold & for'n
May
Apr.
6 1940
4
Switzerland
1H
Nov.26 1936
Jan.
4 1937
7
Yugoslavia
5
Feb.
Not, officially confirmed.
851,938,000
803,721,000
32,080,000
1,726,265,000 2,032,890,000 1,373,487,000
17 1940
3H
1
1935
curr.
•
—17,118",660
—317,438,000
Liabilities—
AH
Mar. 29 1939
*A
3 1934
Reichsmarks
Reichsmarks
Gold and foreign exch.
AH
4 1939
30, 1939 Dec. 31, 1938
Dec.
Bills of exch. & checks-
AH
Dec.
31, 1940
Reichsmarks
77.535,000
76,288,000
75,566,000
—1,799,000
+ 1,865,702,000 15,419,299,000 11392 222,000 7,226,242,000
Silver and other coin..
349,652,000
167,873,000
al92,424,000
Advances
30,000,000
44,061,000
a21,465,000
7
AH
Poland
Jan.
Dec.
Reichsmarks
Norway
...
,
for Week
May 28 1935
3H
..
Greece
Changes
5
3.65
14 1937
6
Germany
3H
18 1936
Apr.
6 H
4
...
France
:
6
..
May
Jan.
3
2
Finland
AH
3.29
Lithuania
vakia
Denmark
!
Italy...
Czechoslo¬
last
A decrease appeared
AH
3H
2
...
0.53%,
low, 0.58% the
2
1 1936
Belgium
record low of
a year ago.
REICHSBANK'S
Holland
Mar.
Argentina..
new
a
previous
1:
2,581,020,000 2,018,216,000
646,071,000
8590,468,000
949,532,000
420,402,000
■
'
to note circul'n
0.99%
0.66%
0.53%
—0.05%
.
a
Figures
as of
Nov. 15, 1940.
Foreign Money Rates
New York
Money Market
IN bills Friday market discountagainst for1-32% DEALINGS inform, New York money market was
LONDON open 1 1-32%, as rates 1 short
taking the the at the start of 1941, that are
on
on
were
Friday of last week, and 1 1-32%@1 1-16% for
three months' bills
as
Money
Friday of last week.
Friday
against 1 1-32%® 1 1-16% on
on
call at London
on
1%.
was
familiar
dull
throughout the previous year.
and
of
changes
no
rates
Bankers' bills and commercial paper
Business is
noted.
be
to
are
remain in
poor
supply.
Bank of England Statement
note
a
|100,000,000 91-day defense discount bills,
and
THE statement of the Bank for the week ended
showed
contraction in
circulation
Jan. 8
The Treasury sold last Monday a further
issue of
awards
which
borrowing.
of
£5,402,000, which reduced the total outstanding
another
to
£610,453,000, compared with the record high,
defense
£616,904,000, Dec. 25, and £536,132,242 a year ago.
As the loss in circulation
of
£98,665
in
holdings,
increased
reserves
deposits
bankers' accounts,
other accounts,
The
£47,333,275.
latter
It
at
better than
par
value,
Treasury was paid to do the
indicated in Washington that
was
Exchange held to 1% for all transactions, and time
loans
1
again
114% f°r hO and 90 days, and
were
y2% for four to six months' datings.
New York Money
includes
which declined £50,709,190, and
that the
offering is to be made soon of 1500,000,000
notes.
Call loans on the New York Stock
Public deposits dropped £1,685,000 and
£5,304,000.
other
gold
attended by a decrease
was
made
were
means
Rates
DEALING in detailfrom day toloan rates was the
with call day, 1% on the
Stock Exchange
The pro¬
portion of reserves to liabilities rose to 10.1% from
the record low, 6.0%, a week ago; a year ago it was
24.1 %.
Government securities registered a decrease
of £51,850,000 and other securities of £2,450,116.
loans
Other securities comprise
turities.
and
which gained £3,375,915.
"discounts and advances"
"securities," which declined £72,656 and £2,377,-
No change was made in the 2%
460, respectively.
discount
rate.
Below
with comparisons for
BANK
OF
we
previous
ENGLAND'S
Jan. 8,
1941
the
show
various items
ruling quotation all through the week for both new
and renewals.
The market for time money
continues
up
quiet.
to 90 days
The
10,
11,
Jan. 12,
1939
been
a
little larger.
The
and the supply of paper has
Ruling rates are A@,l% for
Bankers' Acceptances
Jan.
13,
1937
1938
£
1940
improvement this week.
demand has been good
all maturities.
years:
Jan.
and 1A% for four to six months' ma¬
market for prime commercial paper
has shown moderate
COMPARATIVE STATEMENT
Jan.
Rates continued nominal at 1J4%
£
THE market forweek. The demand has been good
quiet this prime bankers' acceptances has
been
610,453,000 536,132,242 475,643, 564 482
19,213, 599 13
Public deposits
15,883,000 27,852,681
Other deposits—... 186,561,543 158,219,707 154,791, 827 160
Bankers' accounts. 130,315,324 115,719,248 118,138, 912 123
Other accounts
56,246,219 42,500,459 36,652, 915 36
Govt, securities
173,002,838 127,356,164 96,171, 164 90
Other securities
26,757,415 31,656,763 44,442 376 36
15
22,121, 700
6,304,551
Dist. & advances..
5,522,995
Securities
21,234,420 25,352,212 22,320, 676 20
Reserve notes & coin
20,591,000 45,013,291 51,422 305 64
Circulation!
-
—
___
Coin and bullion
1,043,145
,132,553 455,047,031
,189,689
12,384,131
,147,732 144,985,659
,368,148 106,720,106
,779,584
38,265,553
,168,165
83,156,199
33,326,515
,302,673
12,520,596
20,805,919
58,986,304
1,145,533 127,065, 869 327 063,811 314,033,335
,795,057
,507,616
,931,258
Proportion of reserve
to liabilities.
10.1%
Bank rate
Gold val. per fine oz.
2%
168s.
29.5%
168s.
84s.
37.40%
2%
24.1%
2%
-
2%
ll^d. 84s.
11 Hd. 84s.
37.40%
2%
llj^d.
but
there
rates
New
are
few
prime bills available.
Dealers'
reported by the Federal Reserve Bank of
York for bills up to and including 90 days are
as
]/2% bid and 7-16% asked; for bills running for four
months, 9-16% bid and ]/2% asked; for five and six
months, %% bid and 9-16% asked.
The bill-buying
rate of the New York Reserve Bank is l/2% for bills
running from 1 to 90 days.
Thc Commercial & Financial Chronicle
162
Discount Rates of the Federal Reserve Banks
an
Jan.
effective way to stop
the gold flow would be to
lower the present price of $35 an ounce.
THERE have been of the Federal Reserve banks;
no changes this week in the
rediscount
rates
recent advances
on
Government obligations are shown
in the footnote to the table.
schedule of rates
of paper
The following is the
cussion
the idea
at the different Reserve banks:
Britain has until
Rate in Effect
Date
Established
Rate
Boston
1/.'
Sept.
New York
i
Aug. 27. 1937
ix
Sept.
such
4, 1937
2
i x
May 11, 1935
2
IX
Aug. 27. 1937
2
*1X
*1X
»1X
Aug. 21, 1937
2
Chicago
/
Minneapolis
Kansas
Aug. 21. 1937
2
Aug. 24, 1937
2
Sept.
3, 1937
Great
the United States
Gold held by Britain at the
both
war,
and under
home
at
as
converted into dollar deposits, and
has been obtained from overseas mines
Empire (at the rate of about $750,000,000
a
In
Sept.
quarters it is asserted that to cut the price of
some
2
IX
close
a
effort.
2
♦IX
•IX
San Francisco
gold has
war
year), is important to British purchases here.
2
3, 1937
Aug. 31, 1937
IX
City
Dallas
gold
of the
2
2, 1937
Sept.
indirectly dis¬
earmark here, or
Richmond
St. Louis
the
beginning of
IX
IX
1, 1939
Cleveland
Atlanta
least
at
been paying
now
goods taken.
Previous
Jan. 10
Philadelphia
been
asserted that the price of
It is
for all the
Federal Reserve Bank
has
couraged by Washington authorities.
relationship to Great Britain's
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Lately dis¬
along this line has subsided, in part perhaps
because
in effect for the various classes
now
11, 1941
gold would impair Britain's ability to buy in the
♦
Advances on Government obligations bear a rate of 1%, effective Sept. 1, 1939,
Chicago; Sept. 16, 1939, Atlanta, Kansas City and Dallas; Sept. 21,1939, St. Louis.
Now that the United States has taken
United States.
under consideration the problem of supplying Great
Course of Sterling Exchange
Britain
on
credit, the argument against lowering the
gold price might
to have lost weight.
seem
THE foreign exchange time since if anything, more
market is, the beginning of
quiet than at
there
the
might have serious effects
any
This
war.
applies to sterling exchange,
than to the few remaining free
units, such
less
no
as
Swiss,
Swedish, and the South American currencies.
Free
market sterling is
especially quiet, with rates hardly
varying, from day to day.
Rates approximate closely
the
registered sterling.
levels
of
official
or
$4.03% f°r bankers' sight, compared with
a range
between $4.03% and $4.03% last week.
The
cable
transfers
$4.04, compared with
and $4.04
a
as
$4.03% and
New
(Canadian
range
of between $4.03%
con¬
York, 4.02%-4.03%; Canada,
official
90.09c.@90.91c.,
per
United States dollar); Australia, 3.2150-3.2280; New
Zealand, 3.2280-3.2442.
American commercial bank
rates for
registered sterling continue at 4.02 buying
and 4.04
selling.
In London
Italy,
or any
New York
countries
on
the sterling-dollar rate
It
might disturb the present link.
United
of the necessity
dollar
However,
change in the gold price
States
prob¬
seems
Treasury is convinced
of maintaining the present sterling-
relationship.
It is
asserted in
quarters that a cut in the
some
price of gold might cause an outward flow of the
It is also doubtful
metal, but this is to be doubted.
if
a
change in the gold price would in
any way
the flow of metal to the United States.
what the price of
gold, whether much higher
the chief factor directing its
ment to this side is the search for
$21.67
or
other
$35
$41
or
an
come
here
safety, and whether
safety remains
not be mined at all.
or
move¬
any
the
the gold would have to
paramount consideration,
not to be mined and
lower
or
in the absence of
ounce,
and while
gold market
reduce
No matter
If the gold were
shipped here at whatever price
prevailed, serious economic difficulties would result
exchange is not quoted
on
Germany,
of the invaded European nations.
exchange is not quoted
of
a
than at present,
a
quoted by the Bank of England
follows:
4.43-4.47
between
week ago.
Official rates
tinue
been
has
of
range
be nb doubt that
able that the
Free
sterling ranged during the week between $4.03% and
for
and
can
In
the invaded
on
Europe, but Germany is quoted in
in those parts
have
of the British Commonwealths which
been the
chief factors in
production, notably
Canada, South Africa, and Australia.
Other factors affecting
a
the British financial situa¬
nominal market at 40.05 for official marks and at
tion,
12.20-12.30 for
Perhaps the most unsatisfactory feature of the British
registered marks.
pegged in New York at 5.05 in
a
Italian lire
are
nominal market.
favorable
adverse,
or
over
United
The
exports.
Commerce made known
on
exchange, is the great increase in the gold holdings
Treasury. On Jan. 8 they reached
more
$22,034,000,000,
while the British countries
of the United States
or
$4,287,000,000
more
than
on
the
On Jan. 31, 1934 the
year.
as
than
60%.
$102,000,000, which
of
gold deposited in their
Reserve banks.
There
$1,807,673,263
own names
can
in the Federal
hardly be
any
question
that most of the
gold
Empire and
sent both for safekeeping and to pay
for the
The
was
now
here
The
from the British
purchase of airplanes and other
Treasury's gold stocks
about
came
are
now
war
materials.
estimated at
peak reached in gold holdings is reviving
a
few
000,000,
students
of the
some
time
problem have been suggesting that
than
with exports to the
was
concentrated largely
a
as
necessary
group
were
valued at $203,-
almost double their value in November,
agricultural products taken by
come
from other countries than
States, largely from the sterling
The fact that
area.
imports in the last fewr months bear
disproportionate relation to British exports is not
that
For
or
the United
to halt the
influence of the excessive supply.
more
Exports in November to
efforts.
Most of the
1939.
as
ary
took
approximately $31,000,000 in
The gain
Great Britain have
discussion of the question as to what might be done
gold flow and arrest the possible inflation¬
group
compares
of
war
British countries
a
as a
non-agricultural commodities made
by the British
80% of the monetary gold stock of the world.
new
Kingdom
November, 1939.
in
Kingdom took
British imports from the United States totaled
United
ments and central banks have about
Jan. 7 that in November
30% of the total United States exports,
The
was $6,829,000,000.
Treasury's gold holdings, however, do not cover
the gold in this country because
foreign govern¬
imports
Department of
States
in other recent months the United
gold stock of the United States
all
mentioned.
business situation is the excessive increase of
Probably the most important item bearing on the
foreign exchange situation, certainly on the future of
corresponding date last
be
may
discouraging
in
the
as
might
sterling
appear,
area
no
when it is recalled
foreign
exchange is
required and that the imports from the United States
have
been amply
covered by funds actually here,
Volume
The Commercial &
152
from this side will be taken
while all further imports
various forms of credits which have not
of by
care
British short-term
yet been worked out in detail.
balances
of
this side
on
now as
in
excess
This does not take into account
$386,414,000.
could be
the preponderant
gold holdings here which
British
large
estimated
are
readily converted into dollars or
being
extremely inactive.
capital issues in Great Britain last year
Only such issues
as were necessary
for the prosecu¬
Industrial
issues maintained a good tone, however, considering
the limited trading and the restrictions which sur¬
tion of the
wTar
permitted in 1940.
were
those in Government
round all transactions except
issues.
Recently
records for the war
price
new
established by several British Govern¬
stocks.
The 3%% war loans changed hands at
period
ment
were
the end of the year as
high
the final level of
above
stocks
displaying
are
as
103or 10 points
Other Government
1939.
The
like favorable trend.
a
activity in Government loans is largely
firmness and
due to the restrictions on
and to the effect of
ordinary stocks and bonds
patriotic motives.
in London is reluctant at this
markets either in the
Financial opinion
time to forecast the trend of
ahead
months immediately
tion of 365
1940
was
of this
a
experienced in 1939
During 1939 there was a deprecia¬
than 90% of the losses
more
recovered.
tion of
than £200,000,000, but
more
regained in 1940.
was
whole
in the later part of
or
The London Bankers Magazine's valua¬
representative securities showed that in
the year.
were
£186,000,000
Prices of securities as
but
their best early in the year,
at
collapsed in May and June as a result of the military
disasters
in
A rally began in July and
Europe.
been
restore prices to the levels they
although it is still in progress, there has not
sufficient
strength to
had reached at their
The London "Financial Times"
stocks
year
no
87.9
was
earlier.
on
The index for rails has shown practically
The
News"
"Financial
on
index
of
30
industrial
stands at 70.4,
Dec. 5, with 76.6 a year ago,
with
with 49.4,
the low record on June 26, 1940,
77.5 at the
beginning of the war, and with the high
record of 124.9
on
1928
Nov. 11, 1936.
as
based
with
on
124.5
on
record of
141.6
It is
regarded
of
from the
Dec.
compared
1940, with 119 a year ago,
beginning of the war, with the high
at the end of January,
with the low of 93.6 at the
Bank
The bond index,
100, stands at 126.3,
Dec. 5,
with 131.4 at the
as
a source
1935, and
end of September, 1931.
of satisfaction that the
England note circulation is now receding
high record of £616,904,000
25.
The present return
registered
on
flow of notes is ex¬
the end
Nevertheless, the decline is regarded
ceedingly small when compared with that at
of former years.
as an
indication that the
assurance.
this
time
costs of all
The
people view the future with
necessity for larger circulation at
arises largely
from increased wages and
available household requirements,
high of 67.0 and the 1932 low of 58.8.
market call money is again
the London open
prevailing rate for many
at
months.
However, at the year-end the call money
rate had gone
and is
to %%@1%%,
now
back at the
Two-months bills continue at 1 1-32%,
bills
three-months
1
the
%%,
lower rate.
Canadian
though
at
1%%.
having improved
quiet,
is
exchange
four-months
1-16%,
1
at
3-32%, and six-months bills at
irregularity of the year-end. The
financial and industrial position on the
somewhat from the
Canadian
whole has shown
steady improvement.
Jan. 6 that the Canadian
gold reached
The Domin¬
made known at Ottawa on
ion Bureau of Statistics
external trade exclusive of
high level last November, when
$220,687,838, compared with $215,-
a new
it amounted to
$183,051,577 in Novem¬
amounted to
$102,283,687, compared with $108,644,852 in Octo¬
ber
and with
$85,561,211 in November, 1939.
Domestic exports last November were valued at
$117,452,172, against $102,972,407 in October, and
against $97,163,176 in
November, 1939.
Un¬
doubtedly the increase in exports represented large
war shipments to Great Britain and cannot in the
last analysis be regarded as a real improvement in
435,662 in October and with
ber,
Imports last November
1939.
commerce.
Montreal funds ranged during
the week between a
discount 'of 1434% and a dis¬
Canadian
of
count
13%%.
gold imports and exports which
The amounts of
follow
are
taken from the weekly statement
United States
GOLD EXPORTS AND
1941.
IMPORTS, DEC. 26 TO JAN. 1,
Imports [
INCLUSIVE
Exports
*$1,399,848
60,811,872
$1,401
...$62,211,720
$1,401
Ore and base bullion
—...
Total
Detail of Refined
Bullion and Coin Shipments—
Portugal
$2,343
_
Canada.
51,579,258
-
_
41,634
51,713
...
British India......
Hongkong.
..j—
$1,401
..
38,823
9,098,101
--- — Canada, $155,924 Chile, $162,711 Ecuador, $182,107
■
,
Japan
*
of the
Department of Commerce and cover
the week ended Jan. 1,
Venezuela.
stocks, based on July 1, 1935 as 100,
compared with 70
91.9 on
reasonably be compared with
This might
Cuba
change in the whole year.
prices,
The index stood at 100.9
available
index of industrial
Jan. 6, compared with 85.7 a
being
higher bank
commodity
British
of
100.
as
Refined bullion and coin...-
peak in March.
are
31, while the low for 1940 was
the 1932
amounted
to only £4,096,000, the lowest total on record, which
compares with £66,294,000 in 1939 and with £384,211,000 in 1920, which represented a post-war record.
New
1927
on
Dec.
on
kinds
Government auth¬
and for cash in hand is the London
index
"Economist"
based
In
are
food and supplies of all
Indicative of the necessity for
orities.
caution.
British security markets
on
note circulation
with great
authorities
British
the
by
liquidated
restrictions
intensified from week to week by
Jan. 30.
volume of British-owned securities which are
163
Financial Chronicle
—
.
Chiefly $394,341
Peru, $287,077 Philippine
Islands.
the Federal Reserve banks was increased
by $3,076,019 to $1,807,673,263.
Gold held under earmark at
during the week ended Jan. 1
sterling exchange on
$4.03%@$4.03% for bankers'
sight and $4.03%@$4.04 for cable transfers.
On
Monday the range was $4.03%@$4.03% f°r bankers'
sight and $4.03%@$4.04 for cable transfers.
On
Tuesday bankers' sight was $4.03%@$4.03% and
cable transfers were $4.03%@$4.04.
On Wednesday
the range was $4.03%@$4.03% for bankers' sight
and $4.03%@$4.04 for cable transfers.
On Thurs¬
Referring to day-to-day rates
Saturday last
day
bankers'
transfers
was
were
was
sight
was
$4.03%@$4.03%; cable
$4.03%@$4.04.
On Friday the range
$4.0334@$4.03% for bankers' sight and $4.03%
@$4.04 for cable transfers.
Friday
Closing quotations on
$4.03% for demand and $4.04 for cable
Commercial sight bills finished at $4.00;
were
transfers.
60- and
90-day bills
are no
longer quoted.
The Commercial & Financial Chronicle
164
Continental and Other
Even after the end of the war,
Foreign Exchange
BUSINESS and from Continental of everycontinue
tion coming economic reports Europe descrip¬
perplexing and unreliable, bearing
bias, and
strong political
a
not reasonably to be compared with the
are
reports and figures available before the
The French provisional
months of 1941
budget for the first four
an
expenditure of 40,000,000,000 francs, but with the
German army of occupation reputedly
of the
cost
amounting to 400,000,000 francs
day, the total
a
of
about
would
270,000,000,000 francs
is
seem,
income
This, it
year.
any
The
Government
Vichy
everything possible to
avoid
possible national
the
is
doing
consequences
of
inflation, but it is impossible for
or currency
the outside observer to
avoided.
at the rate
larger than
today.
banking
a
or
The French
how such results
see
can
be
the
deficit promises to aggravate greatly an
already dis¬
State
Secretary
of
Ministry, Fritz Reinhardt, affirmed in
statement that
no
in contemplation and that
new
taxes
fiscal
1941.
#ear
1939
the
Finance
a recent
public
increase in existing German taxes
was
in
there would be
The return from taxes in
totaled
reach
to
history.
The Latin American
with
cope
large
All continue in the
production
of
prime
same
raw
trade
adverse
basic
difficulty,
materials
surplus, and nations made bankrupt by
be able to
in
The
this
Argentine unofficial
great
will not
V
free market peso has
or
slightly firmer since Jan. 1 and closed
week at
official peso
23.65, against 23.65.
The Argentine
has long been held at 29.78. Brazilian
closed
milreis
war
provide such outlets.
been ruling
at
5.15,
against
Chilean
5.15.
ex¬
change is nominally quoted at 5.17, against 5.17.
Peru is nominal at
16.00, against 16.00.
The Mexican
is quoted at 20.75, against 20.75.
peso
EXCHANGE on the Farimportance. The presents
Eastern countries Chinese
features of
23,600,000,000
26
billion
27
to
German fiscal year ends
marks.
The
March 31.
Far
irregular with
Eastern
weak undertone.
a
currencies
are
sterling and hence show firmness.
The
closely linked to
The Japanese
yen
pegged to the United States dollar.
no
Inflation,
large scale unemployment, and industrial depression,
he added, are impossible under a National Socialist
on
other
Closing quotations for
the
marks.
new
units continue
is
Dr. Reinhardt added that this fiscal
year's return is
expected to
have
abundance but without market outlets to absorb the
no
German
According to
dispatches, Argentina is facing the worst
economic crisis in its
balances.
all imports in the
non-essentials.
or
1941
Government's overwhelming
astrous situation.
The
luxuries
Buenos Aires
Government expenditures for the period will appar¬
ently be close to 90,000,000,000 francs,
of
nature
11,
these nations will still
be under the necessity of limiting
republics
war.
published last week provides for
Jan.
23.45, against 23.45
Chinese
units
have
checks yesterday
yen
were
Friday of last week.
on
The
been
irregular and inclined to
ease.
Hongkong closed at 23.83@23%, against
23.78@23 13-16; Shanghai at 5%, against 5%; Manila
at 49.80, against 49.80; Singapore at
47%, against
47%; Bombay at 30.33, against 30.33; and Calcutta
at 30.33, against 30.33.
—4
economy.
The
Reichsbank's
of
statement
Dec. 31, 1940 shows circulation at
of
k
77';'
14,033,213,000
marks,
the
reorganization of the German
system in
1924.
When
the
1914 the Bank's circulation
condition
a new
bank
the
currency
began in
2,909,422,000 marks
and at the end of the conflict in 1918 it
000,000 marks.
since
and
War
World
was
high record
highest
was
Gold Bullion in European Banks
for
16,959,-
The low point of circulation in 1939
was
7,116,400,000 marks
on
4,687,700,000 marks
on
ll%d. per fine ounce))
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
four years:
Jan. 24 and in 1938 it
was
bullion (converted into pounds sterling at the
THE following table indicates the amounts of gold
British statutory rate, 84s.
in the principal European
Feb. 24.
Banks of—
Exchange
1941
1940
1939
1908
£
£
£
£
the invaded European countries is not
quoted in New York.
German marks in nominal
527,518
*579,296
France y.._
242,451,946
328,600,000
Germany
Spain
trading
Italy
3,778,300
63,667,000
16,602,000
97,714,000
132,857,000
84,758,000
41,994,000
6,505,000
6,667,000
3,873,550
63,667,000
23,400,000
85,352,000
102,654,000
697,521,764
697,661,609
1907
£
744,758,846
official
on
quoted around 40.05 for the so-called
are
gold mark and at 12.20-12.30 for registered
Italian lire are pegged in New York in a
or
marks.
nominal market at 5.05.
trading
23.85, against 23.85%.
The
quoted at 23.21%, against 23.21%.
Finland closed at 2.05 (nominal),
is
on
against 2.05 (nominal).
quoted.
x.
Netherlands
Nat. Belg'm
Switzerland
Sweden
Denmark
...
Norway
Total week
around
are
Swiss franc
Exchange
Swedish kronor in limited
England
Greek exchange is
Spanish pesetas
are
no
longer
nominally quoted at
9.25, against 9.25.
_
Prev. week.
127,065,869
295,812,169
3,007,350
90,464,000
33,000,000
63,667,000
25,232,000
121,770,000
97,941,000
115,584,000
32,856,000
6,500,000
6,534,000
6,666,000
8,487,000
327,063,811
310,172,263
2,516,400
87,323,000
25,232,000
113,820,000
100,701,000
82,160,000
26,145,000
6,544,000
7,515,000
314,033,335
365,810,558
1,928,350
87,323,000
42,575,000
59,963,000
106,515,000
83,351,000
25,524,000
6,551,000
6,603,000
897,956,388 1,089,192,474 1,100,177,243
748,087,387 1,098,642,128 1,087,598,797 1,100,360,845
Note—The
from
many
war In Europe has made It Impossible to obtain up-to-date
reports
of the countries shown In this tabulation.
Even before the present
regular reports were not obtainable from Spain and Italy, figures for which
as of April 30, 1938, and Mar. 20, 1940, respectively.
The last report from
war,
are
France
was
received June 7; Switzerland, Oct. 25: Belgium, May 24; Nether¬
lands, May 17; Sweden, May 24; Denmark, March 29; Norway, March 1 (all as of
1940), and Germany, as of Jan. 10, 1941.
*
Pursuant to the Currency and Bank Notes Act, 1939, the Bank of
England
statements for March 1, 1939, and since have carried the gold
holdings of the
Bank at the market value current as of the statement date. Instead of the
statutory
price which was formerly the basis of value.
On the market price basis (168s.
per fine
EXCHANGE on the Latin American weeks. The
steady and unchanged from recent countries is
ounce) the Bank reported holdings of £1,043,145, equivalent, however
to only about £527,518 at the statutory rate (84s. llHd.
per fine ounce), accord
lng to our calculations.
In order to make the current figure comparable with
former
we
periods as well as with the figures for other countries in the tabulation,
show English holdings in the above in statutory pounds.
Gold holdings of the Bank of Germany as reported in 1939 and 1940 include
*
undertone is
more
buoyant owing to the efforts of
these countries to cooperate with
Washington plans
to assist in stabilization of their currencies.
with respect to
hardly be
business
any
until
strictly economic factors there
at most
can
tuted
March 7, 1940, there are per British statutory pound about 349
francs;
prior to March 7, 1940, there were about 296 francs per pound, and as recently
September, 1936, as few as 125 francs were equivalent to the statutory pound.
For details of changes, see footnote to this table in issue of
July 20. 1940.
as
real improvement in South American
the
fully restored.
ing period,
However,
•'deposits held abroad" and "reserves in foreign currencies."
y The Bank of France gold holdings have been revalued several times in recent
years; on basis of latest valuation (23.34 mg. gold 0.9 fine equals one
franc), insti¬
lost
European markets
can
Efforts being made in the interven¬
even
with United States assistance,
can
only postpone the solution of the economic
problems confronting the Latin American countries.
i
What Waits Beyond the Headlines?
be
In
Ave
some
never
respects
seem
to
we appear
get
eralities of the headlines.
the
President's
radio
to
move
rapidly, yet
beyond the glittering
Those who
address,
now
gen¬
supposed that
almost
v
two
Volume
The Commercial & Financial Chronicle
152
weeks
old, would
to
address
be only the introduction
165
anything other than
a
Congress containing details and
be effected until
one
belligerent
specifications learned how mistken they could be
feated within its
own
when
they heard the address last Monday.
gress
was
Widespread ' dissatisfaction exists, and with
ample justification, concerning the present state
of the
re-armament
program.
That the huge
an
anxious
views
prove to
to
there
.
be
to
ready
receive
and to
begin
to
as
opportunities
concerning
aims
to
enlightened
methods, but the
its
labors
the
President's
was
iota towards definiteness and
and
achieve
to
practicable suggestions
program
Con-
great
as
to
not advanced one
The Presi-
precision.
dent
enlarged upon undescribed iniquities which he
said
exceed
those of
the
Treaty of Versailles, de-
unmeasured sacrifices
manded
the American
from
people, and asked for indefinite billions in money
appropriations,
that
the
but
objectives
specified
he
"defense,"
are
nothing
and
except
"aid" to
"democracies," in undisclosed proportions.
immediate
The
where,
reactions, in Congress and else-
Mrs. Roosevelt, dutifully ad-
varied.
were
miring from the gallery of the House of Representatives, confided to the column which daily retails her
deep thoughts at one dollar a word, and
later at her press
saddened
and
Senator
that he
conference, that she was surprised
because
only Democrats applauded.
Wagner hastened to tell the newspapers
agreed with his party's chieftain, "100 per
Congressman W. D. Barry, New York Demo-
cent."
absurd," but
crat, regarded it as "extravagant and
Sol Bloom,
"blueprint for the victory of democracy."
his
colleague and partisan associate,
saw
it
as a
Vandenberg
Senator
Republicans,
the
Among
thought the address "too nebulous"; Senator Taft
declared that the President is "asking again for
personal authority"; Representative R.
unlimited
Rich, of Pennsylvania, believed that to act as it
recommends
would mean "dictatorship in this
R.
Congressman G. H. Tinkham, of
it as having "declared
seems to be the best summary of the
country"; and
regarded
Massachusetts,
What
war."
Congress is found in Mr. Arthur
of mind in
state
New York "Times."
in the
column
Krock's
This
experienced and candid commentator avers that:
certainly there seemed to be no enthusiasm on
either side of the aisle for the course which the
President charted
crats
and
most
The silence of some Demo-
...
words, appeared
and the re-
Republicans,
of the
others applauded the brave
straint with which the
velt
said
observe and
apparent to
reflect upon forms
any
who
points of emphasis is that, in place
can
forces will ever be sent to
soil
or
the
simple
racies
have
One may
fight upon European
substituted
declaration that the struggling democ-
in European
not
add,
as
waters, there is now
asked
yet.
for
additonal man-power,
The alteration, if it can
regarded as intentional, may prove
significant.
Great
bo
to. be especially
For, although many now believe that
has defensive capacity, certainly
Britain
when accorded
full access to American sources
of
successfully to resist invasion,
there are very few who believe that she has enough
reserves
of man-power to carry the war to Gersupplies, sufficient
many on
land, or that peace
ever
boundaries,
authorized expenditures have not been administered
in such
which
manner as to
effect the utmost practicable,
was the least the public was entitled to ex-
pect, is undeniable and
at such denial.
acknowledged
program,
no
attempt has been made
Indeed, the President categorically
the present backwardness of the
in his address to Congress, and admitted
his own dissatisfaction with the situation. What
he did not do, however, was to announce the immediate application of the only effective remedy,
and the one known to all qualified observers, that
is to say, the abandonment^ of his own position,
which favors to divide powers, and the establishment at once of full and plenary one-man authority,
the method that was proven to be effective and
satisfactory in 1917 and 1918. As to the later announcement of the setting
up
of the "four-man"
Office of Production Management, with two of the
four given superior powers, equal as between the
two, even to deal with the same subject matters,
all that needs be said as to this strange device for
appeasement of labor is that "when two men bestride a horse one always rides behind."
The truth is that the Presidential reluctance to
delegate complete and final authority, which for
almost a full year has prevented the highest efficieney in the procurement of aircraft, ships, and
munitions, is parallelled in the field of legislation
by unwillingness to advocate or suggest measures
involving the full performance by Congress of its
constitutional and desirable functions. If the
House of Representatives, possessing the exclusive
right to originate
venues
measures
for the raising of
and their appropriation to specific
the Senate, which is entitled to become
a
re¬
uses, and
full partic-
ipant in the ensuing deliberations leading to enactment, can be induced to similar disregard of the
attention
to
alternative to
details
a
which
is
the
only
possible
real abdication of the legislative
function in all fiscal affairs, there will exist, in this
ultimate field, precisely that unlimited personal
Monday, would be to assume that the President intends that Congress shall provide vast discretionary
;
change
repeated promise and
can
the other is de-
of the often
protestation that no Ameri-
today"
notable
peace,
of expression and
strong among the
Another
or
executive power which Senator Taft apprehends
and which all adherents of true democracy should
deplore and resist without ceasing. It is possible
that the apprehension is unwarranted, but the
simplest interpretation of the complete absence of
specifications, both in the radio talk of two weeks
ago and in the formal statement to Congress on last
to bear testimony that hope re-
American people that the
aid-to-Great Britain policy can remain 'short of
war.'
The phrase did not recur in what Mr. Roose-
mains
negotiated
with victory, that is
appropriations for military and
naval
supplies,
with the minimum of detailed provisions controlling
their application, leaving to the Chief Executive the
final authority to make the allotments among the
sundry purposes and items that he believes to be
from time to time desirable. Nor is that all. If
this supposition is correct, the discretionary authority would not stop with the procurement of arms
and munitions, but would extend to their use and
Only the President would decide, as
to all and any instrumentalities and materials of
warfare, whether they should be retained by the
distribution.
United; States or loaned or leased to one or the
The Commercial & Financial Chronicle
166
the foreign
other of
countries which, for the pur¬
token currency,
Jan.
11, 1941
of the aggregates of which it com¬
Of the planned assistance, are called "democ¬
that, in the Presidential opinion, are
pletely lost track, and the condition seems to have
racies" and
been
being subjected to unjust attack from the "dicta¬
ing similar to those catastrophes is going to happen
poses
during this generation in the United States, but to
torships."
Once
again
Annual
Wednesday the President in his
on
Budget Message disappointed the American
Little
people in all these respects.
tained in that document cures any
of his
confirms impressions
definitely
nothing con¬
previously given.
hardly more than present estimates of the
amount of money
the President expects the Govern¬
be able to
to
ment
or
of the infirmities
On balance, indeed, this message
position.
It does
expend during the fiscal year
make it
impossible there must be journal and ledger
entries
representing the details and items of all
immense
the
and
and
with
satisfaction
penditures—excluding
treats
as
the
$696,000,000
old
age
which the Treasury for some reason
insurance bill
now
He
slightly less than 117,500,000,000 for ex¬
of
mate
existing tax arrangements.
abundantly clear that his over-all esti¬
it
makes
and expresses vague dis¬
as a
deduction from receipts rather than
expenditure—is to be considered as tentative
an
The
evidently true of receipts and the $9,210,-
is
same
000,000
deficit
predicted.
now
Throughout
the
worked out
some group,
or
The
sooner
that
records, the greater will be the protec¬
the
of
public and posterity against reckless
destructhre extravagance and Avaste.
vide for such
of
obligation
the
neither be too
Congress,
present
promptly begun
remains
of
evasion
pro¬
nor
imperative
and
it
can
too rigorously
In that direction lies all the safety that
pursued.
noAV
To
safeguarding of the public interest is
the most tremendous task and the most
possible; in
other
any
lies
course
duty and the certainty of surpassing
injury of lasting duration.
The
temporary, pending further developments.
and
are
surely it is crvstalized in permanent require¬
more
He warns that requests for
to come,
that
elaboration is undertaken and carried out and the
tion
are
details
placed definitely upon paper.
hopes for
billions
about to be
are
the
Avords
somehow, by somebody
and the amount of collections in taxes he
more
other
being evaded will have to be, somewhere and
now
ments and
existing law.
expenditures which
In
authorized.
ending June 30, 1942 under existing arrangements
under
Noth¬
repeated in the period of the assignats.
Seventy-sixth Congress dared not forsake its
post of duty during the whole period of its constitu¬
In persistent devotion to duty
tional existence.
the
entire document there runs like a scarlet thread the
Seventy-Seventh Congress will do well to emulate
desire of the President to have
its immediate
decisions
vital
to
Congress leave
uncontrolled
his
Washington dispatches late in
doubt that he
and power
campaign
under blank-check
of attorney arrangements.
approximating such
Nothing
an
desirable and
Nation
any
Bulgaria
so
never
at any
Memories
period in history
was
immediately confronted by condi¬
constituted, grievances, especially when concerned
Avith the
have
sharing of mother earth and her wealth,
The set-up
After ten
19th century
the United States at this exact moment.
years
of accumulating Federal deficits that have
added
more
than
of billions to the National
a score
debt, with its enormous acknowledged indebtedness
swollen
by contingent liabilities so that
t"he reality
already exceeds $65,000,000,000, this country stands
at the
beginning of a period, the duration of which
cannot
be
predicted, in which it will be asked to
of the Balkan states resulting from the
decay of the Ottoman Empire had
who
countenanced
or
ment of those states,
mutual
one
the way of
been considerable.
the
contrary
certain to be
not going to
their
be ephemeral but, on
accumulations are practically
passed onward to successive genera¬
tions, reducing the standard of living and comfort
in times that seems far remote from those in which
we
live.
circumstances, high courage is called
as
own
the fine
the attainment of such
had had the
long
smaller sisters at
tion
the basis of
on
form of
a
result would have
Nevertheless, if the great
run
interests of their
heart,
an
might have at least
Russia,
some
It must be admitted that the obstacles in
Austria-Hungary,
powers
younger
and
experiment in that direc¬
bejen tried.
Germany,
If England,
Italy,
and
France had exerted united and sustained influence to
that end, the experiment
Under such
well
they might have welded the Balkan states into
whole—perhaps
its
are
as
points and complexities of the European balance of
power,
yet unmeasured, but sure to transcend anything in
foreshadowed
participated in the establish¬
could have disregarded their
jealousies and distrusts,
federation.
The burdens and sacrifices now plainly
a
If the great European powers
fundamental weakness.
accept responsibilities, pecuniary and otherwise, as
history.
they have been slow
forget.
making it utterly undesirable as in the case of
tions
The Balkans have had their
perennial roots.
share of such grievances which
to
In few places, there,
long in Europe.
are
they longer than in the Balkans. As human nature
are
is
abdication of
Congressional functions could possibly be necessary
or
predecessor.
the week left no
expects to be permitted to manage the
Britain
aid-to Great
many
discretion.
might well have succeeded.
Instead, from the beginning, the influence of the
for, but it must not be the courage of recklessness.
great powers has been disruptive.
Cold
tunity arose to arrange or rearrange the boundaries
judgment and meticulous caution must be, for
at least
a
decade to come, the
calamities
much
There
instances
are
have moved
the
so
beyond
in
sole bulwark against
anything yet
conceived.
history in which Nations
recklessly in their finances as to lose
reckoning of their public debt, but they have
always eventuated in huge disorder and great and
general distress.
venturer, John
the Duke of
France under the gambling ad¬
Law, and the dull and selfish Regent,
Orleans, issued evidences of debt and
of the Balkan states, as,
ence
of Berlin in
last Avar,
cate
1878,
the effort
territories in
balance
of
seems
the
at the conferences after the
rather to have been to allo¬
on
real fidelity to
the
principle—though
purpose
the great
ethnographic
or
basis of the
on
a
smaller
of rewarding the little
countries concerned for their skill
their friends among
oppor¬
for instance, at the Confer¬
that section
power
scale—and for
or
Wherever
or
luck in selecting
powers,
and not Avith
other logical principles.
/
Volume
The Commercial & Financial Chronicle
152
Austria-Hungary, during her existence regarded
herself
the specialist in uniting
as
pean countries more or
less under
south-eastern Euro¬
one
rule. Moreover,
Balkans.
167
Therefore, only some four months after San
Stefano, by the treaty of Berlin (July 13, 1878), Bul¬
garia
created
was
as
under the suzerainty
of the territory below her southern border. She would
territory and population and without
have opposed the formation of any
,
Aegean. Eastern Rumelia
tion in the
Balkans,
tion to the size
later, any considerable addi¬
or
venting her
auto¬
as an
Most of Mace¬
donia went to the latter,
and the balance of the
was
own
Napoleon III—of
have, of late, wit¬
we
her attempt to exploit for her own
ends in
Albania—early in 1939—and in Greece—only
In
pre¬
development, has always eyed ask¬
improve their position, and'
nessed
province subject to Turkey.
nomous
to the
access
established
ephemeral greater Bulgaria
attempt of the Balkan states to markedly
any
was
of the states
and power of anyone
her statesmen—except
ance
of Turkey, with greatly reduced
Italy, though she has accused France
located there.
and
large confedera¬
principality,
autonomous
an
she entertained territorial designs of her own on some
re¬
the
1912, four
given to Serbia.
after the full independence of
years
Kingdom of Bulgaria had been proclaimed,
curred
the
Balkan
first
oc¬
by which Bulgaria,
war,
Serbia, and Greece—the first suffering the heaviest
casualties—drove
Turkey to
line touching the
a
Black Sea within about 70 miles of Istanbul.
Bul¬
cently—the strong position she believed her alliance
garia had made arrangements with her allies whereby
with
she
Germany
her.
gave
England feared, probably with reason, old Russia's
effort^ in the 1870s to create a large Bulgaria as a
Politi¬
step to the domination of the Dardenelles.
to realize
was
large part of her ambitions with
Macedonia and
respect to
Aegean Sea.
more
a
liberal
a
extensive than had been
expected, and because
cally, England's role in the Balkans has been import¬
the powers had required
ant in
Serbia and Greece insisted that
applying there the policies of the great
referred to above.
In the
early 1920s her actions in
blowing hot and then cold
against Turkey
bility and
on
the Greek operations
certainly not conducive to sta¬
were
peace
For
in the Balkans.
the relations of Germany and France
have been much of this
It is not
powers
same
many
made thereof and
with the Balkans
part of the plan,
a
revision should be
a
appeared to be acting in concert
as
objections.
The second Balkan
Bulgaria
was
Greece and
war
then followed in 1913 and
By the treaty of Bucharest,
defeated.
was
Macedonia
surprising, therefore, that in this atmos¬
changes in
though it had been effectuated, in spite of Bulgaria's
decades
pattern.
to the
access
However, because the victory had been
Serbia and
between
apportioned
Bulgaria, which had also to lose southern
phere of international selfishness and chicanery where
Dobruja to Rumania, received only part of the Aegean
the vital interests of the Balkans
littoral she had contracted for in 1912.
As the result
of her unfortunate
participation in the
war
1918
some
,
were
the plans and actions of nations not
in
the region,
directly concerned
that these states made
extent of methods inculcated
controlled by
use
to some
by the example of the
her Aegean section to
by Serbia against Bulgaria
wars
Greece.
the blame for
their consequences many years
or
of 1914—
territory to Yugoslavia and
It is idle to attempt to apportion
great powers, as witness the unsuccessful war waged,
in 1888
Bulgaria lost
later,
the ground that
endangered
by the union of Eastern Rumelia with the then prin¬
fect
cipality of Bulgaria, and the consequent increase in
practices of European nations—not to mention those
the balance of power in
size of the latter.
1908
on
the Balkans
was
Serbia, also, protested when in
Bulgaria proclaimed, with Austro-Hungarian
sympathy, that her nominal vassalage to Turkey was
at an end and that she had become an independent
Serbia's protest was stifled owing to the
kingdom.
good offices of Russia, which did not wish Bulgaria
to be too
friendly with Austria-Hungary.
little later Russia—to keep
ble under her
$25,000,000
Bulgaria
wing—advanced
over
as
In fact,
much
as
a
possi¬
two-thirds of the
indemnity Turkey demanded for the
garia's
war
of
mous
and
By the treaty of San
dictated to Turkey after their
from the start.
Sfcefano which Russia
1877-78, Bulgaria was to have been an autono¬
population of four millions
covering three-fifths of the Balkans. It
principality with
an area
extended from the
harmony with the traditions and
of the rest of the world—in their
tiers of
Bulgaria, largely dictated by the great
are
on
ethnological
a
Black Sea to the mountains of
were
war
allowed great
the Aegean Sea.
the latter for depriving her
Bessarabia, the Bulgarians felt that these frontiers
and
realize their ambition to include in their
large
groups
Austria-Hungary
Great Britain
however, opposed to this
of their
were,
race.
greater Bulgaria, mainly because
mit
a
Russian hegemony over so
can
be
no
substantially the victo¬
The principle of self-de¬
was
given only partial
It is true that racial statistics were,
to
census
taking
western
they feared to per¬
large a part of the
and
an
example.
At the
peace
conferences in
235,950 Bulgarians and 197,863 Turks, and
have
Take
not in vogue.
are,
Bulgaria claimed that in that section there
no
hard
are,
Thrace—the section along the north Aegean
coast—as
1919
were,
and
Scientific methods of
ascertain in the Balkans.
Greeks, though
were
domain all
weight.
termination of nationalities
Rumania to compensate
did not quite
There
them other considerations—such
and weaken permanently the defeated—
must have been
of
economic lines.
the desire to compensate
rious in
ently
on
or
doubt that in tracing
as
powers
not the result of a sincere effort to work them out
To the Bul¬
garians this seemed just, for they believed that the
area corresponded with their ethnographic frontiers.
In fact, as Russia had assigned northern Dobruja to
frontage
dealings with each
Nevertheless, the fact remains that the fron¬
Albania, and from the Danube River down to a sub¬
stantial
per¬
customary
other.
had, with occasional lapses, espoused Bul¬
cause
espec¬
in this case, all concerned acted in
as
application, eked out by lip service.
recognition of the independence.
Russia
ially when
been
many
were
appar¬
of these alleged Turks
Greeks, for actually the Greeks, who
for many
centuries
merchants of those parts,
the sailors and
sea
predominated in the ports
along that coast. Probably the Greek Mohammedans
counted by the Bulgarians as Turks.
other hand
according to the Greeks there
were
On the
then in
western Thrace
59,418 Bulgarians; 285,083 Turks and
70,558 Greeks.
Here, again, the Pomaks (devoted
Bulgarian
adherents of the Moslem faith, located
chiefly in the Rhodopes Massif and engaged in the
timber and
charcoal burning businesses)
were
pre-
The Commercial & Financial Chronicle
168
sumably counted
Since almost everybody
Turks.
as
Jan.
aggression which would endanger Bulgaria's position
agreed at the peace conferences of 1919 that the
should she not at any time
Turks' share of the Balkans
venting the then occasional raids
they
minimum,
were
to be reduced to a
was
hotchpot
convenient
a
for
In any event,
of thousands of
fines of
there
can
Bulgarian
be
no
doubt that hundreds
race are
not within the con¬
had been
selecting her friends
more
among
fortunate in
the
powers,
Because they
on
were
was
from
groups
object being to
and
state,
would
it
Balkan
state
committing
an
a
into
come
which
Greece got most
better
since
a
1937
numerous
when
many
Bulgarian irredentism, especially
the European war, 20th century series.
a
very
strong and sincere movement—not
always within the control of the government.
To
an
increasing extent during the last 10
the
Balkan states have endeavored to cooperate in the
fields of commerce, communications,
public health,
completely
ingly, in the
possible
as
upon
of these
cooperation in
directions, and at times
some
even
political
form of all the Balkan states
was
attempted.
The great obstacle in this last sphere of
cooperation
was
After
tions.
the minority and territorial
Turkey had secured the substitution of
the negotiated treaty
treaty of Sevres
national
ques¬
as
of Lausanne for the imposed
a
satisfactory basis of its
was
the only Balkan state
definitely dissatisfied with the territorial status
There has been
Bulgaria the
onus
general tendency to place
a
of
upon
blocking all efforts towards
political cooperation in the Balkans.
It is true that
quo.
This is hardly
Bulgaria has all along frankly
taken the position that she did not wish to accept any
on
friendly terms.
Accord¬
imposed by the treaty of Neuilly
her armed forces, and permitted her to take
measure
she might deem required
any
for her defense. The
parties also undertook not to employ force to settle
disputes.
for
Greece,
as
an
expression of her good will
Turkey, agreed not to demand performance of
the conditions
imposed, by the treaty of Lausanne,
on
the latter with respect to
in
Thrace.
The aspirations of a
life, Bulgaria, still subject to the terms of the
imposed treaty of Neuilly,
fair.
new
obvi¬
was
agreement with the Balkan Entente—Yugoslavia,
Greece, Rumania and Turkey—which released her
from the restrictions
some
It
an
alities and cultural interests.
in
second act in
a
of 1938 Bulgaria entered into
summer
uniformity of laws, treatment of the various nation¬
Progress had been made
indications
ously in the interests of all the Balkan states to keep
as
years
a
observers began to discern
signs of the approaching opening of
has been
upon
understanding in the Balkans especially
well, thus blocking off Bulgaria from the Aegean Sea.
to Macedonia,
another
of aggression
act
Nevertheless, there have been
of
as
operation
joined
signatory.
the winning side,
as
her
in
power
Yugoslavia got the largest share of Macedonia, and
of the rest, and western Thrace
or
across
Moreover, the protocol declared that it
against
selection
a
pre¬
Yugoslavia
on
guarantee Balkan frontiers against aggression by a
in
which is, however, largely controlled by geographical
position.
by the Macedonian
Balkan
war or
have succeeded in
directed against any power, its
not
case
Bulgaria, and that such would not be the
if that country
Greece
borders.
partisan census taking.
11, 1941
common
frontier
people to be united with then-
brethren, especially when
such aspirations
their
so
carefully nurtured
have been in Europe for
tury, have deep roots and until
some
as
over a cen¬
better system,
adapted to the conditions prevailing in that continent
be
can
devised,
will
Accordingly, last
undoubtedly be
year,
while Rumania
quired to surrender Transylvania to
treaty provision which would estop her from securing
Bessarabia and other territory to
by peaceful
catered
to.
being
was
re¬
Hungary, and
induced her to return all of southern
tion.
in
revision of her territorial situa¬
Actually the smallest of the Balkan states, both
area
lines
means a
and in
were
population, she has felt that if ethnic
followed she would be the largest.
theless, she had offered to enter bi-lateral
sion treaties with her
not include
a
to
accept
neighbors, provided they did
She also
them—especially Yugoslavia—
last week that the
informed
the
reported
Parliamentary Foreign Affairs Com¬
some
unspecified date been
w
torial claims."
with the
moves
do indicate that
Bulgaria will, in line
policy she has publicly formulated and
sistently adhered to during the last 20
Yugoslavia, Rumania,
was
Bulgarian Foreign Minister had
"acquainted" with the "character of Bulgaria's terri¬
groups
On the other hand in 1934
a
mittee that Greece had at
League of Nations Coven¬
provisions relating to racial minorities.
miles with
square
largely composed of Bulgarians. Also it
These
the application to the Bulgarian
within their borders of the
ant
non-aggres¬
guarantee of existing frontiers.
tried in vain to induce
Never¬
1,983
Russia, Bulgaria
Dobruja cohering
population of 378,384—
endeavor to take
advantage of
opportunity to
every
Greece and Turkey entered into the Balkan Pact of
regain the territories which she regards
that year,
been
unjustly taken from her by her neighbors.
does
not, however,
which Bulgaria with considerable justifica¬
tion construed
as aimed at her.
In fact, they not only
mutually guaranteed "the security of all their Balkan
go to war to
frontiers," but also agreed "not to embark in
in the last war,
political action" in respect of
which
was
not
a
any
signatory of the agreement "without
previous mutual discussion, nor to
cal
obligation towards
any
the consent of the other
This
any
other Balkan state
assume any
politi¬
evidently excluded the
bi-lateral
agreements
Bulgaria wished to make, though the pact did include
afford much inspiration for
There is
Botis,
or
no
reason
often in the past, on
15
such
sad experience
years
of almost
a course.
war
that
more
sincerity of King
for their country.
possible, though, that their hands
ing parties."
few weeks—a definition of
some
to doubt the
to avoid the horrors of
In
a
own
of his Premier, in expressing their desire
again the ravages of
tocol—held secret for
That
experience, and Italy's present tribulations, do not
signatures were accepted after being made
"the object of favorable examination by the contract¬
pro¬
Her
followed by
provision for the adherence of Bulgaria and Albania,
however, the pact included in its
having
that she will voluntarily
mean
attain that end.
if their
Above all,
as
kind of trouble that the most unhappy nations
every
other Balkan state without
high contracting parties."
con¬
years, or so,
event,
tossed
on
whether
the
war,
sea
may
It is
be forced.
Bulgaria is to experience
and have her future
of chance will
depend,
once
as so
the actions of other nations, in¬
cluding this time not only Germany but also Turkey,
Russia, and Great Britain.
;
Volume
The Commercial & Financial Chronicle
152
169
President Roosevelt in Annual
Message to Congress Declares Future and
Democracy Are Involved
Armament
Production—Huge Appropriations
to Be Asked to Supply WeaponsJto^Nations
Aggressor Countries—Calls for Sacrifices from Americans—More Taxes
Proposed
War with
at
Safety of Country and
Beyond Our Border—Says Immediate Need Is Increasejin
in Events
Before a joint session of the new
(first) session of the
Seventy-seventh Congress, President Roosevelt on
Jan.
delivered
6
in
person his annual
message "On the State of
Union," describing his message as "unique in our hisstory."
"I find it necessary," he
said, "to report that the
future and the safety of our
country and our democracy
are
overwhelmingly involved in events beyond our border."
the
At
the
outset
of
his
address the
President stated that he
was
addressing Congress "at a moment unprecedented in
history of the Union."
"I
use
the word
'unprece¬
dented,' " he said, "because at no previous time has Amer¬
the
ican
security
it
as
is
been
as
seriously threatened from without
Later, in his message, he noted that
today."
"armed defense of
democratic existence is
lantly waged in four continents.
asserted,
"all
the
population
now
being gal¬
fails," he
If that defense
and
all
the
conquerors."
"We
learn
much," declared the Presi¬
"from the lessons of the past years in
Europe, par¬
ticularly the lesson of Norway, whose essential seaports
were
captured by treachery and surprise built up over a
dent,
series of years."
The
first
phase
He went
of
the
to
on
invasion
of
say:
this
hemisphere
would
be
not
the
landing of regular troops.
The necessary strategic points would be occu¬
pied by secret agents and their dupes—and
great numbers of them are
already here and in Latin America.
recommend
cwn
When
that
of
need
the
actions
our
moment,"
and
the
President
observed, "is
our
policy should be devoted pri¬
marily—almost exclusively—to meeting this foreign
peril.
For all our domestic
problems are now a part of the great
emergency."
The
President
set
forth
our
national
policy
to
impressive expression of the public will and without
regard
an
partisanship,
Second,
regard
by
to
we
committed
are
impressive
an
partisanship,
lesolute
peoples,
keeping
war
all-inclusive
we
the
of
committed
are
national
public
full
to
and
support
of
from
are resisting aggression and
hemisphere.
our
without
all
those
thereby
are
.
impressive expression of the public will and without
regard
we are committed to the
proposition that principles of
morality and considerations for our own security will never permit us to
acquiesce in a peace dictated by aggressors and sponsored
by appeasers.
to
We
know
people's
that
enduring
be
cannot
peace
bought at the cost of the other
"is
the
None
of
will
us
be
Indicating
increased
not
are
that
new
the
satisfied
satisfied
he
until
the
for
world";
lated
its
"is
shall
for
greatly
what
on
we
have
ask
this
Con¬
also
manufac¬
war supplies of
many kinds,
to those nations which are now in actual
over
with aggressor nations."
war
Our
most
well
useful
for
as
and
The
time
cash.
We
because
they
is
not
the
to
act
need
weapons of
as
arsenal
an
They
man-power.
said:
for
them,
do
need
defense.
they will not be able to
will
not,
inability
to
pay for them in ready
they must surrender, merely
the weapons which we know
them
tell
that
for
pay
make
we
them
loan
a
loan to be repaid in
weapons—a
to
the
at
a
annual
third
of
dollars
with
dollars.
moment
During
tions of
Since
and
the
tion,
to
in
the
the
in
Roosevelt,
Jan.
on
thank
history
formation of
God,
most
the
of
affairs.
the
in
without
periods
our
Seventy-seventh
of
of
in
European
nations
Indies,
the
in
American
case,
eafety
6,
we
rights
our
or
a
lock
only
in
us
in
civilization
dren,
we
has
to
at
behind
went
oppose
translated
reduction
such
of
for
They
of
thorough
a
into
world
armaments
fashion
his
the
message
President
We
in
those
for
who
youth
can
need
and
for
others.
work.
who
those
it.
of civil
for
liberties
the
for
few.
all.
of the fruits of scientific
in
progress
wider
a
and
for
a
and
the
serious
convey
is
had
message was delivered before the joint
(in the House chamber) of the Senate and House.
was widely broadcast, here and abroad.
Re¬
pairs have been in progress on the roofs of the Senate and
The
address
House
chambers
for
some
Associated Press advices
under
the
of
maze
weeks,
from
steel
and
it
beams
and
noted
was
Washington
Jan.
on
girders
in
threat
of
the
l*ave
engaged
undeclared
Pacific
of
been
historic
maintained
all
times
an
ancient
dressed
erected
Americas.
Today,
as
a
packed House chamber.
a
From the
advices
same
quote:
we
Members
of
the
Senate and
floor.
were
on
Mrs.
Roosevelt,
way,
who
Princess
House,
The
Crown
drove
Cabinet members and
galleries
Prince
the
to
seated
was
Under
Capitol
directly
and
with
it
broad
Roosevelt
notables
including
Martha
Executive.
the
Mr.
dozens of
listeners,
Princess
Chief
of
one
to watch
tve
with
Crown
the
behind
another head
jammed
were
Olav
Nor¬
of
The
Crown
structural
deliver
give the President's
his
steel
speech.
message
in
Message to Congress
determination
of
ours
proved, for example, during the quarter
was
following the French Revolution.
wars
While the Napoleonic struggles did threaten
interests of the United
States because of the French foothold in the West Indies and in
Louisiana,
while we engaged in the War of 1812 to vindicate our
right
word
Britain
Constitu¬
the
trade,
nor
unity.
Today,
forgotten
points
it
is,
nevertheless,
other
any
nation
was
clear
neither
that
aiming
at
France
domination
to
nor
Great
the
of
whole
world.
security been
for
peaceful
in
two
wars
the
wars
with
the
West
in
maintenance
commerce.
Raised against
our
In
of
like
In
in
fashion
Asia
future
of
from
1815
constituted
threat
American
other
any
1914—99
to
real
establish
fleet
in
itself
the
in
Atlantic
single
years—no
in
war
Europe
nation
a
against
this
hemisphere;
has
been
World
War
a
and
future
our
Except in the Maximilian interlude in Mexico,
to
against
the
foreign Power sought
no
the
or
strength
friendly strength.
It
of
the
is still
British
a
friendly
Chinese
Even
national
truth that the United States
opposition to any attempt to
wall
while
the
procession
of
when
the
broke
out
1914
in
it
to
seemed
contain
only small threat
went
on,
of danger to our own American future.
But, as time
American people began to visualize what the downfall of
the
democratic nations
We
no
thinking of our children and their chil¬
enforced isolation for ourselves or for any part of the
past.
in
6 that
temporary support for the Capitol roof, the President ad¬
States often had been disturbed
even
principles
the
con¬
President's
strength.
number
a
re¬
people of their political and economic
our
for
ending of special privilege
The
or
under
national
States,
no
stantly rising standard of living.
history have related
of these—the four-year
one
to
that
are:
opportunity
our
our
48
the
use
a
independence.
seek
Nation
and
and
I
at
national unity.
continents.
had
Congress,
today.
crisis in
threatened
Americans,
Mediterranean
however,
What 11
as
other
is
Government
our
It is true that prior to 1914 the United
by events
Union.
the
it
as
Fortunately,
States—ever
130,000,000
compass
in
course
simple.
of
Security
peaceful
the
previous time has American
no
permanent
between
of the
of
from
domestic
our
war
healthy peace-time life
full in this issue.
United States:
Members
threatened
1789,
trans¬
understandings
nothing mysterious about the founda¬
healthy and strong democracy."
He continued:
a
are
century cf
the
of
you,
the
fear—which,
world-wide
a
The basic things expected by
systems
delivered
unprecedented
seriously
want—which,
economic
marked that "there is
President
"unprecedented" because at
as
from
means
and
Congress
address
freedom
will be in a position to commit an act of
physical
aggression against any neighbor—anywhere in the world."
That
joint session of the Senate and House
the
I
our
part
The Nether¬
on
or
sacrifice," the President told
to every nation a
from
point
this issue
of
war
nation
which
give the message in full herewith:
To
"is
terms,
secure
means
a
reference is made elsewhere in
message
of
Belgium
or
inhabitants—everywhere in the world"; the fourth
Text of President RooseveWs Annual
While detailed
act
an
act of war."
supports, and peered around
recommend
for these
pay
is
have.
must
do
of
when
and
present
The President further
role
They do not
worth
near
cannot,
of
immediate
ourselves.
billions of dollars'
to
and
made.
war,
session
Congress
carry
"I
far
are
an
world
freedom
such
in
men
ability
done.
this
to
The
thus
authority and for funds sufficient to
to be turned
I
is
made.
training,
progress
of
act
an
of
the
into
which will
He
additional munitions and
ture
as
in
the
job
"ask
will
appropriations
far
best
with
begun," the President added:
gress
thus
progress
represent
program
They
not
The first, he said,
speech"; the second "is freedom of every
worship God in his own way—everywhere in the
person to
preservation
of
"is
unilaterally proclaim it so to be.
ready to make war upon us," he
four essential human freedoms."
freedom
enjoyment
charge
ever
constantly before our eyes to guide our legislation.
"In the future days, which we seek to make
secure," the
President stated, "we look forward for a world
founded
The
patriotism.
time
be
The
tne
the
am assured of the willingness of almost
all Americans to
respond to that call."
He continued:
A pert of tne sacrifice means the
payment of more money in taxes.
In my budget
message I recommended that a greater portion of this
great
defense program be paid for frcm taxation than
we
are
paying today.
No person should try, or bo
allowed, to get rich out of this program; and
the principle of tax
payments in accordance with ability to pay should
The
with
President,
"I have called for
personal
Equality
satisfied
if
Congress, "and I
added:
not
would,
to
our
.
Jobs
am
material
into
President made it clear that "we must all
prepare
to make the sacrifices that the
emergency—as serious as
war
itself—demands.
Whatever
stands
in
the
way
of
speed and efficiency in defense preparations must
give
way to the national need."
The "immediate need," the President
asserted, "is a swift
and driving increase in our armament
I
their
continue
to
fitting their orders
The
freedom.
production."
the
dictators
lands to commit
an
partisanship,
of
States,
defense.
own
said
possible for those nations
"they will not wait for
terms,
defense.
will
everywhere, who
away
Third, by
to
expression
all
it
United
They did not wait for Norway
for
as:
First, by
the
dictator should
the
said,
in
our
aid,"
if a
even
make
we
Neaily
be used for
"Such
upon
"The
that
materials
war
program.
came,
of
resources
Europe, Asia, Africa and Australasia will be dominated
by
the
I
obtain
We
of
need
need
world
was
far
before
not
not
might
on
failure
We
reconstruction.
less
and
tyranny that seeks
than
the
which
unjust
Munich,
to our
mean
over-emphasize
harp
is
to spread
own
the
should
kind
remember
of
directly
assailed
in
every
the
to
Peace
on
of
Versailles.
deal
with
the
Peace
that
"pacification"
being carried
over
in
democracies
under
which
the
of
1919
even
new
continent today.
The
faces against that tyranny.
part
of
way
the
problems
began
every
people have unalterably set their
Every realist knows that the democratic
being
democracy.
imperfections
of
order
of
American
of life is at this moment
world—assailed
either
by
The Commercial & Financial Chronicle
170
arms,
to
by secret tpreadir.g of poisonous propaganda by those who seek
discord in nations still at peace.
16 months this assault has blotted out the whole pattern of
or
destroy unity and promote
During
democratic
and
nations,
in
life
small.
The
number
still
are
the
march,
nations,
great
our
other
your
as
"give to the Congress
borders.
of
resources
the
of
defense
The
like
to
tied
fails,
those
these
populations
total of the population
Hemisphere—many times
immature—and
is
it
be
will
by
dominated
and their resources
and resources of the
over.
incidentally untrue—for any¬
return of t:ue independence, or world disarmament,
freedom of expressiou, or freedom of religion—or even good business.
generosity,
a
"Those,
safety, deserve neither liberty nor safety."
a
Nation we may take pride in the fact that we are soft-hearted;
cannot afford to be soft-headed.
rary
As
but
would
peace
we
We
must
of
wary
must
would
a
the
clip
eagle
American
of the
wings
of selfish men who
in order to feather their
into
bring
midst
very
our
physical
the
from
its
letains
Navy,
it
attack
is
of
no
Obviously,
the seas
any
attack
from immediate and direct
British
the
long as
as
Navy
would be stupid enough
enemy
to
landing troops in the United States from across thousands
ocean, until it
had acquired strategic bases from which to
operate.
;•
whose
Norway,
of
lesson
the
ticularly
The
first
essential
seaports
captured
were
is
is
why
today in serious
future of all American republics is
why the
danger.
this
the
Message to
Annual
is
Congress
unique in
the executive branch of the Government
Congress face great responsibility—and great
why every member of
member of the
accountability.''' •
;;'' J
every
policy should be
primarily—almost
exclusively—to meeting this foreign peril.
all our domestic problems are now a part of the great emergency.
devoted
For
internal affairs has been based upon a
respect for the rights and dignity of all our fellow-men within
our
gates, so our national policy in foreign affairs has been based on a
decent respect for the rights and dignity of all nations, large and small.
And the justice of morality must and will win in the end.
Just
national
our
as
policy in
decent
national
Our
policy is this:
by
other
of
the
between
issue
it
We know that enduring
people's freedom.
appeases.
In
the
election
national
recent
two
great
parties
peace
cannot
was
no
respect
in
there
to
that
be
bought at
substantial
national
fought out on this line before the American
was
the
difference
policy.
No
Today,
electorate.
abundantly evident that American citizens everywhere are demanding
is
and
speedy
supporting
action
complete
and
danger.
in
recognition
of
obvious
•
immediate need is a swift and driving increase in our
production.
of industry and labor have responded to our summons.
Goals
the
Therefore,
armament
'
Leaders
these goals are being reached
ahead of time; in some cases we are on schedule; in other cases there
are slight but
not serious delays; and in some cases—and I am sorry to
say very important cases—we are all concerned by the slowness of the
of
speed
been
have
In
6et.
some
cases
accomplishment of our plans.
enough
I
however,
have made substantial
progress
during
for tomorrow.
am
the
They
l>e
Navy,
part year.
Actual experience -is improving and speeding up our meth¬
of production with every passing day.
And today's best is not good
the
ods
of
and
Army
The
not satisfied with the progress
are
eati&iied
No
thus far made.
The men in charge
the best in training, ability and patriotism.
not satisfied with the progress thus far made.
None of us will
represent
program
until
the
whethei
matter
job is
was
set too high or too low,
our
We
two
give
schedule
in
turning
out
finished
airplanes;
we
are
working day and night to solve the innumerable problems and to catch up.
We are ahead of schedule in building warships; but we are working
to
get even
change
a
when new tools and plant facilities and new assembly
lines and snip ways must first be constructed before the actual material
of
the
begins
program,
to
flow steadily and
of
in
now
do
the
is
net
actual
to
act
need
with
war
as
manu¬
aggressor
arsenal
an
for
them
do
need
They
man-power.
of
weapons
counsel
is
who
for
in
them
loan to
it
defense.
of
loan
a
be repaid
possible
the United
all
our
of
make
we
make
we
Nearly
useful
Taking
what
should
that
weapons—a
thai
materials
war
be
came,
for
make
to
what
expert
Let
us
ready
military
and
our
with
which
nations
would,
if
to
the
continue
our
time
ever
defense.
own
determined
dollars
dollars.
those
material
and
naval
for our
own
security, we are
kept here and how much should be
their
by
of
in
States, fitting their orders into
their
best
be
For
heroic
authorities,
free
to
sent
abroad
resistance
are
considering
decide
how
to
much
friends
our
giving
time
us
in
defense.
own
sent
abroad, we shall be repaid, within a reasonable time
following the close of hostilities, in similar materials, or, at our option,
in other goods of many kinds which
they can produce and which we need.
we
to
say
the
democracies:
"We
Americans are vitally concerned in your defense of
freedom.
We
putting forth our energies, our resources and our organizing powers
to give you the strength to regain and maintain a
free world.
We shall
send you, in ever-increasing numbers, ships, planes,
tanks, guns.
This is
our
purpose and our pledge."
fulfillment of this
In
of
dictators
as
an
act
that
of
war
will
air'
is
the* dictators
When
for
speedily from them.
regard
aid
our
to
Their
in
its
of
act
an
war,
if
even
dictator
a
should
to be.
ready to make
are
only interest
as
the
not
so
is in
war
they will not wait
They did not wait for Norway or Belgium
an act of war on our part.
The Netherlands to commit
mutuality
will not be intimidated by the threats
a
breach of international law and
democracies which dare to resist their
purpose we
they
Such
aggression.
a
us,
act of war.
an
new
observance,
upon
international law, which
one-way
and,
therefore,
becomes
lacks
instrument
an
of
oppression.
The
happiness
how
upon
he
called
We
of
future
effective and
tell
can
one
the exact
life
is
as
in
all
must
hew
of
immediate
character of
to meet.
upon
generations
Americans
we
make
can
the emergency
The Nation's hands
well
may
aid
our
felt.
situations that
must
be
not
depend
tied
No
we
may
when
the
danger.
to
prepare
make
the
sacrifices
that
the
emergency—as
itself—demands.
war
Whatever stands in the way of
speed
efficiency in defense preparations must give way td the national need.
A free nation has the right to
expect full cooperation from all groups.
and
free
and
has
nation
the
right
to look
of
agriculture to take the
groups but within their
other
The
best
fails,
to
As
is,
do
live
not
Those
who
defenses,
our
belief
business,
effort,
of
not
labor,
among
groups.
the
few
them
by
slackers
or
patriotic
trouble
example,
save
makers
and,
if
in
that
government.
they do not fight by armaments
defenses, and those behind them who build
onr
have
in
of
the
the
stamina
of
we
and
which
courage
from
come
an
life
which they are defending.
The
calling for cannot be based on a disregard
manner
are
things worth fighting for.
The
Nation
which
have
stake
in
have
own
leaders
stimulating
by bread alone,
man
must
mighty action which
of all
shame
to
the
in
the sovereignty of government to
use
men
alone.
first,
to
lead
of dealing with
way
midst
our
takes
been
the
great satisfaction and much strength from the things
to make its people conscious of their individual
of democratic life in America.
Those things
done
preservation
toughened
the
fiber
of
people,
our
strengthened their devotion to the
have
institutions
renewed
their
faith
and
make ready to protect.
we
Certainly this is no time to stop thinking about the social and economic
problems which are the root cause of the social revolution which is today
supreme factor in the world.
a
There is nothing mysterious about the foundations of a
healthy and
strong democracy.
The basic things expected by our people of their
political and economic systems are simple.
They are:
Equality of opportunity for youth and for others.
Jobs
for
who
those
work.
can
Security for those who need it.
The ending of special privileges for the few.
The preservation of civil liberties for all.
The
enjoyment of
the fruits of scientific progress in
constantly rising standard of living.
These are the simple and basic things that must never
of
the
in
inner
turmoil
and
dependent
unbelievable
strength
of
complexity of
our
be
wider
and
lost
sight
modern world.
The
economic and political systems is
they fulfill these expectations.
our social
economy call for immediate
our
the degree to which
upon
subjects
Many
and
abiding
a
connected
with
improvement.
As
examples:
We
should bring more citizens under the coverage of old-age pensions
unemployment insurance.
We should widen the opportunities for adequate medical care.
We should plan a better system by which persons deserving or needing
gainful employment may obtain it.
I have called for personal sacrifice.
I am assured of the willingness of
and
all
almost
A
Americans
budget
my
should
message
be
respond to that call.
means
should ivy,
principle of
the
payment of
I recommend that
paid for
be
program
person
the
to
of the sacrifice
part
defense
or
tax
constantly before
be
from
taxation
allowed,
payments
our
eyes
a
than
get rich
to
accordance
in
more
in
money
taxes.
greater portion of this great
we
out
paying
are
of this
with
today.
program;
ability
to
pay
to guide our legislation.
If the
Congress maintains these principles, the voters, putting patriotism
of pocketbooks, will give you their applause.
ahead
In
further ahead of schedule.
whole nation from a basis of peace-time production, of
implements of peace to a basis of war-time production of implements of
war i3 no small task.
And the greatest difficulty comes at the beginning
To
to
when
recommend
not
program.
and
illustrations!
behind
are
of
supplies of many kinds, to be turned
are
They
worth
near
recommend
own
No
objective is quicker and better results.
To
war
immediate Tole
ourselves.
for these
pay
In
done.
the original goal
we have begun.
authority and for funds • sufficient
which
and
dollars'
unshakeable
First, by an impressive expression of the public will and without
regard to partisanship, we are committed to all-inclusive national defense.
Second, bv an impressive expression of the public will and without
regard to partisanship, we are committed to full support of all those
resolute peoples
everywhere, who are resisting aggression and are thereby
keeping war away from our- hemisphere.
By this support, we express
our
determination
that the
democratic cause shall
prevail: and
we
strengthen the defense and security of our own Nation.
Third, bv an impressive
expression of the public will and without
tegard to p&riisar.bhip, we are committed to the proposition that prin¬
ciples of moralitv and considerations for our own security will never
remit us to acquiesce in a peace dictated by aggressors and sponsored
cost
do
I
A
is that our actions and our
the moment
of
need
The
I
serious
is
That
must
have.
must
to
our
history.
and
of
Nation's
That
supporting,
they will not be able to pay for them in ready
cash.
We cannot, and will not, tell them
they must surrender, merely
because of present inability to pay for the
weapons which we know they
of this hemisphere would not be the
phase of the Invasion
troops.
The necessary strategic points would be
occupied by secret agents and their dupes—and great numbers of them
are
already here, and in Latin America.
As long as the aggressor nations maintain the offensive, they—not we—
will choose the time and the place and the methpd of their attack.
That
useful
The time is
or
regular
of
nations
for
as
billions
in Europe—par¬
by treachery and surprise built up over a series of years.
landing
what
on
unilaterally proclaim it
much from the lessons of the past years
learn
we
are
we
I
most
well
as
Even if there were no British
such danger exists.
probable that
not
by
miles
across
power,
us
But
Our
nations
are
except if the dictator nations win this war.
There is much loose talk of our immunity
invasion
modern warfare
which we must
recently pointed out how quickly the tempo of
have
I
could
nations.
which
nests.
own
of
brass and
with sounding
who
those
cymbal preach the "ism" of appeasement.
especially beware of that small group
tinkling
We
be
always
the
are
this Congress for
those
to
to obtain
bring no security for us or for our neighbors.
who would give up essential liberty to purchase a little tempo¬
Such
of
facture additional munitions and
or
or
those
constantly begetting new needs for our safety.
Cor.gress for greatly increased new appropriations and
this
ask
I also ask
behind
realistic
confidence.
in
circumstances
shall
the population
and Australasia
of
gallantly waged
and all the
being
now
all
that an unprepared America, single-handed, and with one
its back, can hold off the whole world.
American can expect from a dictator's peace international
brag
body
hand
Africa
total
is
existence
defense
sum
Western
the
times
No
the
exceeds
of
In
that
Asia,
Europe,
conquerors.
greatly
whole
democratic
If
continents.
four
and
kept
authorizations to carry
over
Armed
in
I
will
security
be
New
keep itself informed at all times
However, there is certain information,
readily recognize, which, in the interests of
program.
Congress itself
own
must rightly
course,
of the
progress
needs
President, performing my constitutional duty to
information of the State of the Union," I find It
necessary to report that the future and the safety of our country and of
our
democracy are overwhelmingly involved in events far beyond our
Therefore,
thy
threatening
independent
of
on
Congress, of
the
small.
and
great
appalling
an
assailants
The
rf
as
Jan. 11, 1941
to
a
the
future
world
The
The
second
means
third
which
upon
we
four
seek
to
essential
make
human
secure,
we
look
forward
freedoms:
freedom
is
wav—everywhere
The
days,
founded
first is
is
economic
of speech and expression—everywhere in the worid.
freedom of every person to worship God in his own
in the world.
freedom from want—which, translated into world terms,
understandings
which
will
secure
to
every
nation
a
healthy peace-time life for its inhabitants—everywhere in the worid.
Volume
The
The Commercial & Financial Chronicle
152
fourth
is
freedom
from fear—which, translated into world terms,
means a world-wide reduction of
armaments to such a point and in such a
thorough fashion that no nation will be in a position to commit an act
of physical aggression against
any neighbor—anywhere in
the world.
That is no vision of a distant millennium
It is a definite basis for a
kind
of
world
attainable
in
our
own
time
and
generation.
world
is the veiy antithesis of the so-called new order
of
the dictators seek to create with the crash of a bomb.
To
A
that
new
good society
revolutions
Since
we
without
perpetual
face
schemes
of
which
cur
domination
and
Nation
its
of
millions
of
tyranny which
the
everywhere.
foreign
peaceful
history
revolution—a
have been
we
revolution
cooperation oi free countries,
of
of
placed its destiny in
l'ree
Our
and
men
God.
means
and
those
to
goes
the
goes
who
high concept there
White House. Jan.
The
freedom under
in
of
struggle
be
can
no
end
rights
those
human
to
gain
victory.
save
FRANKLIN
on
heads and hearts
and
faith
it
supremacy
Our strength is in our unity of purpose.
engaged in
which
working together in a
the hands
women;
Freedom
support
keep them.
or
To that
American
has
guidance
rights
the
?q
civilized society.
This
conception—the moral OTder.
world
seek
we
friendly,
fear.
beginning of
a
the greater
oppose
is able to
alike
the
change—in
order
That kind
171
steadily, quietly adjusting itself to changing conditions—without the con¬
centration
camp
or
the
quick-liine in the
ditch.
The
world order
6, 1941.
■
D.
ROOSEVELT.
:
Budget Message of President Roosevelt—-Expenditures for Fiscal Year Ended June 30, 1942, Esti¬
mated at
$17,485,428,049—Receipts Estimated at $8,275,435,000—Net Deficit Figured at $9,*
210,093,049—62% of Expenditures for National Defense—Rise in Public Debt
at End of Next
Fiscal Year to
$58,367,065,057 Forecast—President Favors Removal of Debt Limit—Appropria*
$995,000,000 for Work Relief Recommended—Additional Taxes Proposed
tion of
Among the schedules accompanying the annual budget
of President Roosevelt, presented to Congress on
—
message
T
o
•
x
x
n
x
Jan. 8, interest centers
p.
„
i,.
1
tix
•
Expansion
plant
——
.
^ii'.sslooo ooo
l'mooo'.ooo
——
Other defense activities
1
the figures of public debt, which
in
-—
oi industrial
at the end of June
30, 1942, are estimated at $58,367,065,057—this comparing with $49,156,972,008 at the end of the
i-nn1
10/1 f
7
ko1
noo
i
10/ln
fiscal year 1941, arid $42,967,531,038 at xi
the close of the 1940
Total
1,287,000,000
-------------
—-
$28,4so,ooo,ooo
; •
President indicates that "it
+,
is our policy to. retain
the ideals and objectives of our social and economic programs in the face of war changes," and he recommends
continuance in full measure of the social-securitv
programs."
An appropriation of $995,000,000 for work
„
f5Cal>yrr;bThe PreS^ntTS ^"the
deficit for the year ended June 30, 1942, at
$9'^Io
relief is recommended inthe
with net receipts estimated at
$8,275,435,000.
The President points out that 62% of the expenditures
proposed in
the budget are for National defense/ and the table
v
supplied
the expenditures estimates such expenditures for
fiscal year at $10,811,314,600, compared with
$6,463,923,900 for the previous year.
The non-defense
expenditures for 1942 are estimated at $6 674,213 449.
In
his comments on the statutory debt, the President
says:
covering
the
congress, by making appropriations and levying taxes,
i^^IsIf the Congress,debti^ai^eM of the erfstfflnpa^a^te^tory debt
the rim oftlm subsequent to the establishment of the statutory
limit*
debt
; ,;
*
1940."
The President also
expect actual expenditures
defense within
a
says:
be stepped up to 4^
actually expend
three-year period.
more
This
can
than
25
billion
dollars
Af^
25
Un
Presidents budget
the
u
the
basis
of $28,000,000,000."
summarized
as
4.1% **4.
1
4^j
%_jh
contrasts
today
for
the
come.
between
the
budget
fiscal year
next
recommended for
which
and
President
current
Roosevelt
expenditures
was
the
sidies.
The President asked for authority to authorize $162,000,000 more
in parity payments if the $49,866,160 which he proposed should not
suffice,
.
even
in
addition
$47,923,960 for
to
$498,921,220
for
soil
conservation
payments
and
sugar control.
The proposed $596,711,340 in benefit payments contrasts with $721,162,380 this year.
The 1942 budget contains an authorization for $40,-
OOO.OOO in borrowing by the
The appropriations, authori-
(June, 1940, 1941, 1942)
start
a
Department of Agriculture, $187,456,390 less than this year, with both figures including crop-control sub-
present time, plus the recommendations for
supplementary
appropriations and authorizations for 1941 and the recommendations contained in this budget for
1942, we have a
zations and recommendations
„j
$1,013,905,493
appropriations and authorizations
enacted for National defense from
June, 1940, up to the
program
meet
also points OUt that individual investors Will
forecast of things to
proposed
message we also quote:
Or
„_**
Among the
for
be accomplished, but only
if management, labor, and consumers cooperate to the
utmost.
«n
ma£e tft8 yea^t0
occur
%
plan,
It charts the course of the
Nation." "The whole program set forth in this budget."
he says, "has been prepared at a time when no man could
ee all the signposts ahead.
One marker alone stands out
all down the road.
That marker carries not so much an
admonition as a command to defend our democratic way
of life."
In an account from Washington Jan. 8 to the New York
"Sun" it Was Stated:
a*
billion dollars
ending June, 1941, and to almost 11 billion in the fiscal
We shall
1942.
year
to
inflationary price rises which may
He adds
n™
In the concluding portion of his
message the
President says, "the budget of the United States
presents
our National
program.
It is a preview of our work
program during the last six months amount to
$1,750,000,000, and this, he says "is 2% times the amount
spent for National defense in the same period of the fiscal
I
which
curities."
defense
in the six months
yet conceive
he given increased opportunities to contribute their share
toward defense through the purchase of Government se-
the program for 1942, "including defense and non-defense
activities, will cost about $17,500,000,000."
The President points out that expenditures under the
year
be
£ P^y*
the President,
says
says, "we cannot
fivtrflordmarv
nf
larger pereentage of
defense payments from current tax receipts.
The additonal
Ux measures should be based on the principle of ability
Tjrt nin_
of these facts, i question the significance of a
statutory debt limit, except
as it serves as a fiscal monitor.
presenting,"
Jfiac!1irA
Voiding
in
should
null and void,
in the first 130 years of our National life, the
Congress
controued the debt successfully without requiring such a limit,
in view
am
t
Xn^ptc ty™oSd"
limit, makes appropriations and authorizations which require borexcess of that limit, it has, in effect, rendered that prior limit
budget I
,
aid
rowing in
"In this
taxation, the President
necesXv ^
fact,
in
Ag t0
th
1942
The
message^$400,000,000,
budget
the President, "less than the amount
required for the
present fiscal year
Rural
Electrification Administration for
rural power projects' comPared with 8100,000,000 currently,
Among the tables accompanying the
following schedule on the public debt:
are
follows:
message
was
the
EFFECT ON THE PUBLIC DEBT OF
FINANCING THE DEFICIT
'
'
\
—
*■'
"
'
\
' ^
'
^
Estimated, Fiscal
L
'
'
Public debt at beginning of year (Supporting Schedule No.
5-A)
in
Increase
To
public debt during
Year 1941
Actual, FIscaX
Year 1940
$49,156,972,007.68
$42,967,531,037.68
$40,439,532,411.11
$9,310,093,049.00
100,000,000.00
$0,289,440,970.00
$3,740,249,136.71
100,000,000.00
129,184,100.00
$9,210,093,049.00
56,189,440,970.00
$3,611,065,036.71
1,083,066,410.14
year;
meet
Less
deficiency in revenues and receipts, general and special accounts.
debt retirements included in deficit...—
«.
„
Decrease in working balance on general and special account
(Supporting Schedule No. 3).....
Net Increase in public debt during
year_»..._.
The
President's
Was not
budget
$9,210,093,049.00
j
message,
released until the day of
while
dated
Jan.
3,
delivery, viz. Jan. 8; it
follows in full:
Congress of the United States:
The Budget of the United States Government for
the fiscal year ending
June 30, 1942, which I transmit
herewith, is a reflection of a world at war.
$6,189,440,970.00
$2,527,998,620.57
$58,367,065,056.68
„„
Public debt at end of year
To the
Estimated, Fiscal
Year 1942
£'
$49,156,972,007.68
$42,967,531,037.68
Total defense means more than weapons. It means an industrial
capacity
stepped up to produce all the materiel for defense with the greatest
possible
speed.
It means people of health and stamina, conscious of their demo¬
cratic rights and responsibilities.
It
means an
economic and social system
functioning smoothly and geared to high-speed performance. The defense
budget, therefore, must go beyond the needs of the Army and
Navy.
It is not enough to defend our national existence.
of life is equally at stake.
Democracy
as a way
The ability of the democracies to employ their full
Carrying out the mandate of the people, the Government has embarked
resources
on a
this
protect our democracy against external pressure and internal
slackness.
effective use of resources which our democratic
system is
expected to yield, and thus justify the expenditures required for its
defense.
program for the total defense of our
democracy. This means warships,
freighters, tanks, planes, and guns to protect us against
aggression; and
jobs, health, and security to strengthen the bulwarks of
democracy. Our
problem in the coming year is to combine these two
objectives so as to
The threatening world situation forces us to
build up land, sea, and air
forces able to meet and master
any contingency.
It is dangerous to prepare
for a little defense. It is safe
only to prepare for total defense.
of manpower and skill and
plant has been challenged.
We meet
challenge by maximum utilization of plant and manpower and
by
maintaining governmental services, social security, and aid to those suffer¬
ing through no fault of their own. Only by maintaining all of these activities
can we
claim the
The National
In this
to
Budget, I
am
presenting
combine these objectives.
Program
a program
for 1942, carefully worked out
This program,
including defense
and
non-
The Commercial & Financial Chronicle
172
activities,
defense
will cost about
17.5
billions of dollars.
For
period, we expect the largest national income for the Nation
and also the largest tax
In addition to,
the
same
whole
a
as
but essentially and rightly
complement to this pro¬
as a
the time has come for immediate consideration of assuring the
gram,
benefits;
con¬
defending themselves against attack and against the imposition of new
forms of government
Such
complementary
a
authorizations
tract
upon
and
over
above this budget.
The
sum
of all these
defense efforts should be geared to the productive capacity of this
Nation
expanded to literally its utmost efforts.
<
predict the ultimate cost of
still in development, for no one can define the future.
that is
a program
When
compensation system of workers not
resulting from defense expenditure, will improve the income positions of
farmers.
many
farmers
program
On the basis of the appropriations and authorizations
authorizations
If
done.
we
can
difficult to visualize in terms of work actually to be
that
prove
gigantic program in
tribution in
establish
we
able to organize and execute such
are
democratic way, we shall have made
a
a
positive
a
con¬
This defense program is summarized beiow:
(,June, 1940, 1941. 1942)
$13,704,000,000
11,587.000.000
1,902,000,000
1,287,000,000
Other defense activities
Total
increase in the number of Army and
over-all
The
In
plants
under contract;
are
submitting
these
I have requested that further contracts
forward to completion.
being deferred until
are
On the other hand, I have recommended
and other projects considered essential
Projects under construction,
or
on
more are
One hundred and twenty-
planned.
recommendations,
I
have
requirements of the civilian training program.
Throughout the Federal service other projects
appropriate time.
a more
This will produce
defense construction,
from
apart
a
list could be submitted to
now
covered
the
full
are
men
and
women
In the current
included in
are
the
various
engineering colleges, work-experience shops, and pilot training.
Expenditures
amount to
under
the
defense
1,750 million dollars.
during
program
same
these expenditures understate
six months
the last
period of the fiscal year 1940.
How¬
the
progress already made.
In six
months, contracts and orders for 10 billion dollars have been placed.
This
factories, large and small,
duction.
are
over-time employment.
Once these preparations
have been completed actual deliveries
billion dollars in the six months ending June, 1941 and to almost 11 billion
fiscal year
the
We shall actually expend
1942.
dollars for defense within
a
3-year period.
only if management, labor, and
This
can
than 25 billion
more
be accomplished, but
consumers cooperate to the utmost.
But even under the full defense program we
expect full absorption of the labor force because some people just
be fitted into
the
There will
picture.
be
localities with
some
labor shortage at the same time that others have a labor sruplus.
shortages of particular skills and aptitudes at the
a
There will
time that others
same
in surplus.
are
I recommend an appropriation of 995 million dollars for work relief for
This is 400 million dollars less than the amount
amount if the defense program
ment than is
It will not be
should result in
presently indicated.
necessary to use this
general reemploy¬
a more
The expenditure
also be reduced if
can
semi-skilled
or
re¬
full
older workers
or
for those jobs where special skills are not required.
We must face the fact that
there will remain
industrial
life.
a
even
with what
call "full employment"
we
large number of persons who cannot be adjusted to
For
this
the
group,
Government
provide
must
our
work
opportunities.
The
increased
military expenditures permit
a
substantial reduction
in
by
improved
economic
conditions.
appropriations for
which
the
are
Obligations
fixed.
Almost
as
such
as
fixed
heights.
Together, these fixed items make
up
nearly half of the nonFor the items
subject to administrative rather than legislative action, I have been able
expenditures by 600 million dollars
or
15%.
higher national income
a
The
revenue
for the fiscal
activities;
the
1941 will reflect
year
revenue
for the fiscal
some
year
are
rising
a greater revenue will
flow, although in the case of most taxes there is, of course,
a
time lag.
of the increase in
1942
will
be affected
larger extent; but the full impact will not be felt before the fiscal
The
year
VC-;
revenue
for the fiscal year 1942 is expected to be 9 billion dollars.
It will exceed the revenue collected in the fiscal year
before
the
start
of
the
present
One-half of this increase will
Congress has already made legislative
defense expenditures I am proposing for the fiscal year 1942.
Economic activities and national income
From
defense
1940—the last
program—by
3
billion
year
dollars.
are
commitments—security grants to the States, Federal aid for highways, the
30% of tariff revenue set aside for reducing agricultural surpluses, and
to reduce
to record
1943.
interest, pensions, and insurance benefits
similar items.
the expected revenue.
to a
non-defense expenditures, particularly for those activities which are made
necessary
Financing The National Program
Estimates of Expenditures and Revenue Compared—The defense program
defense
Non-Defense Expenditures
the
and also to a
shift from part-time to full-time
dominates not only the expenditure side of the Budget, but influences also
I expect actual expenditures to be stepped up to four and three-quarter
less
a
cannot
getting ready rapidly to increase pro¬
and expenditures will be greatly accelerated.
in
as
that in addition to present defense production, all over the country
means
more
employed
or
The defense program will lead to further reemployment,
or
employers will contribute by hiring unskilled
This is two and one-half times the amount
spent for national defense in the
ever,
priorities.
to
running 20% above the average level
further increase in the labor force and to
be
not
At present, surveys
of apprentice training, vocational training in trade schools and
programs
according
emergency workers, or incapable of steady employment.
quired for the present fiscal year.
million
a
and
long list of public work proj¬
a
arranged
of 1929, there are still many persons either unemployed,
the full fiscal year.
over
surveys
substantial increase in production, employment and national income.
a
Although industrial production is
under way which will provide a basis for transmitting an estimate of funds
year,
However,
future Congress for the appropriation of
a
needed for the extension of this essential defense activity.
fiscal
to national defense.
which bids have been solicited, will
cannot
industry is being built with the
financial support of the Federal Government.
new
funds for power
con¬
a great
Navy planes and for training pilots,
whole new defense
a
for reclamation projects.
held in abeyance for the present.
funds to put it into operation
technicians, and ground crews.
Behind the lines
Where possible, without placing the projects or
thereof in jeopardy, reductions are porposed in the expendi¬
users
Work Projects Administration—The defense program has already resulted
Navy and
There is provision for
us to
for the construction of public buildings outside the District of Columbia be
Such
increasing from 250,000 in June 1940 to 1,400,000 in 1942, equipped
template the doubling of naval personnel.
five
the water
in
with the most modern devices of motorized and mechanical warfare.
our
Further, it is very wise for
With this in mind, I am recommending reductions for rivers and harbors
ects,
$28,480,000,000
Navy estimates continue the construction of
and materials.
resumed without delay.
The Army funds provide for the training and maintenance of a force of
men
manpower
the planning of new projects will go forward so that construction can be
and Recommendations
l
definitely main¬
are
will be released by defense industry.
go
Appropriations, Authorizations,
Army
Navy
Expansion of Industrial plant
We
farm
reduction of
a
reservoir of post-defense projects to help absorb labor that later
a
and flood-control work.
world in which the workability of democracy is challenged.
a
markets,
of the
taining the principles of parity and soil conservation.
tures
of 28 billion dollars.
vast sum,
a
of foreign
continuance
priate to defer construction projects that interfere with the defense program
1941 and the recommendations contained in this Budget for 1942, we
a
without the
45 million dollars in the agricultural programs.
enacted for national defense from June, 1940 up to the present time, plus
This is
time the curtailment
plight
After weighing both of these factors, I estimate
by diverting
the recommendations for supplementary appropriations and
have
same
serious
a
realize
we
These expenditures must be seen as a part of a defense program stretching
for
the
At
in
Public Works—During this period of national emergency it seems appro¬
how tentative all present estimates must be.
several years.
covered.
now
recall the
we
staggering changes in the world situation in the last six months,
over
in the
as
Agricultural Programs—The increased domestic market for farm products,
programs.
Sixty-two percent of the expenditures proposed in this Budget are for
one can
In total,
expenditure
increase in grants to the States as
particularly in cotton, wheat, and tobacco, would leave large numbers of
The Defense Program and Defense Expenditures
No
some
same
Furthermore, I deem it vital that the Congress give consideration to the
these
national defense.
for
except
year,
covered by the insurance
and to the physically handicapped.
require approximately the
inclusion in the old-age and survivors insurance system and the unemploy¬
would call for appropriations and con¬
program
fiscal
will
11, 1941
required by law.
ment
them.
aids to children
services
current
tinuation of the flow of vitally necessary munitions to those nations which
are
toward the State aid of old persons not
ments
these
M
receipts.
Jan.
This reduction and
come
from the defense taxes already enacted
by the Congress, the other half from the increase in national income.
The
revenue
expected for 1942 will be 1.6 billions larger than the total
of all non-defense expenditures.
expenditure
on
This 1.6 billions is greater than the annual
defense before the present program started,
but less than
will be necessary for maintaining the Army and Navy at the new level.
Estimates of receipts for 1942 and 1941 are set forth below:
its relation to total expenditures are shown below;
Estimated in
Millions of Dollars
Estimated in Millions
Receipts
of Dollars
Expenditures
Percent
Change
Percent
1942
1941
Change
1942
1941
Progressive taxes
individuals and estates
$1,979
Profit and capital taxes on corporations
Defense
$10,811
3,196
Other activities
2,984
4,094
+7
—15
$13,542
2,839
81,571
1,745
Customs, excise, stamp, and miscellaneous taxes
Employment taxes for Federal old-age and survivors
+ 67
$17,485
commitments
Fixed
$6,464
3,478
program
2,756
2,657
+4
725
668
+9
on
(excluding returns from Gov¬
ernment
Certain reductions
Message
last
are
costs
year,
possible in carrying out the established policies
the
but little change
of Government.
operating
costs
As
I
be made in the
can
indicated in
of the regular
Budget
my
departments
are
already down to the bedrock of the activities and functions ordered by the
Congress.
In spite of the defense
pressure on many
of these regular
expenditures will be kept below the level of the current
grams,
230
+6
429
422
+2
8,971
7,293
+23
696
640
+9
8,275
-
6,653
+24
Total receipts (excluding returns from Government
relating to public works and relief,
regular operating
243
Miscellaneous receipts (including back income taxes)
corporations)
+63
+29
insurance
Other employment taxes.
Total
+26
corporations)
net appropriation for Federal old-age and
Deduct
survivors insurance trust fund
Net receipts
(excluding returns from Government
corporations)
pro¬
Under present tax laws,
year.
deficits of 6.2 billion dollars in
billion dollars in 1942 may be
expected.
1941
and 9.2
The calculations follow:
Social and Economic Programs
It is
our
policy to retain the ideals and objectives of
economic programs in the face of war changes.
affected by economic activity are flexible.
some
no
our
social
and
will
remain
special
areas
of need
Expenditures.
objectives.
and
that
social
security,
agricultural benefits, and work relief contribute to total defense in terms
of the health and morale of
our
of the
social-security
benefits
as
programs.
$13,542
Receipts
8.275
6,653
Excess of expenditures over receiptsLess return of surplus funds from Government corporations..
9,210
6,889
9,210
6,189
Deficit.
measure
This includes not only the payment of old-
required by law but also aid to youth and continued pay¬
1941
$17,485
700
people.
Social-Security Programs—I recommend the continuance in full
age
1942
In other cases,
We should realize, however, that even with a fully functioning defense
there
Summary
Because of the defense effort
of thsese programs can be carried on at a lower cost.
curtailment is possible without sacrificing our
effort
Estimated in
Millions of Dollars
The costs of those programs
In presenting
the above calculations, I
am
assuming that the Congress
will accept the recommendation of the Secretary of the
Treasury that the
Volume
The Commercial & Financial Chronicle
152
earmarking of taxes for retirement of defense obligations be repealed; and
the proposal of the Postmaster General that the 3-cent rate on first-class
postage be continued.
1
>■;'*; \;'-y
.
defense
should
program
by borrowing.
curtails
be
financed
on
a
very
drastic
and
productive capacities.
We have
a
national income under less restrictive tax
financial
course
sumption
I
long
as
am
opposed to
as unused
a
tax
I suggest,
measures.
taxes out of
capacity is available and
long
as
emergency
However,
a start
should be made this year to meet
when
should be based
as a
policy of the Government that
profit out of national defense, I
no
down the road.
command to defend
much
an
admonition
>
ROOSEVELT.
D.
GENERAL BUDGET
SUMMARY
Estimated,
Fiscal
\
Estimated,
Actual,
Fiscal Year
Fiscal Year
1942
1941
1940
$8,500,135,000
$6,817,210,000
$5,203,133,988.29
7,200.000
295,000,000
161,438,830
I, Receipts: •
,J-7'
1. Revenues (Supporting
6,800,000
302,000,000
1 58,030,305
4,918.040.78
348,590.635.21
$7,284,040,305
$5,819,097,596.01
Year
K
Schedule No. 1):
many
in which
ways
our
resort to restrictive tax levies.
tax
system
can
Internal
be improved without
be made
fully effective, as I
We must face the fact that the continued maintenance of
expanded
an
Federal expenditures in the years ahead.
2.
Realization
Our tax system must be made
our
long-run need for
upon
as-
■
-
•
1 62.454.931.73
of
surplus
funds from Govern¬
improved tax
an
$8,963,773,830
sets:
Return
ready to meet these requirements.
much concerned about
revenues
Total revenues
defense debt will call for large
on our
:
Customs..
Miscellaneous
Army and Navy and the interest
!
Unemploy-
ment Insurance Act
believe the Congress intended.
am as
revenue
Railroad
By adjustments in the existing tax laws the
of progressive taxation could
present rates
I
pro¬
BALANCED STATEMENT AS REQUIRED BY THE BUDGET AND
ACCOUNTING ACT
Congress.
see
so
democratic way of life.
our
General and Special Accounts
I hope that action toward these ends will be taken at this session of the
our
One marker alone stands
That marker carries not
in this
are
'
people with
The boundaries of
Jan. 3,1941.
Because it is the fixed
existing laws
defend.
to
FRANKLIN
measures
respect adequate.
I
means
citizen should make any abnormal net
am not satisfied that
of fate places this burden of
could see all the signposts ahead.
no man
larger percentage of
The additional tax
the principle of ability to pay.
on
wry turn
meet the demands of armament because we are a
can
out all
defense and to aid in
a
A
peace-loving people.
The whole program set forth in this Budget has been prepared at a time
avoiding inflationary price rises which may occur when full capacity is
approached.
*'' \
1
defense payments from current tax
receipts.
a
ductive capacity have never been set.
'
*
the backs of
_
We
idle labor
as
,
on
the will to defend and the
policy which restricts general con¬
employed.
It is
It charts the
of the Nation.
defense
therefore, a
We cannot yet conceive the complete measure of
extraordinary taxes
which are necpssary to pay off the cost of
the post-
The necessity for loading the present Budget with armament expenditures
higher level of
a
work plan, a forecast of things to come.
our
is regretted by every American.
higher tax yield from increased
a
policy aimed at collecting progressive
national income.
preview of
which
taxation
choice between restrictive tax measures
applied to the present national income and
be
restrictive
be maintained during the defense
can
difficult task—maintained in
more
The Budget of the United States presents our national program.
and how
basis
consumption would finance defense wholly on a pay-as-you-go
I fear that such taxation would interfere with the full use of our
basis.
can
extraordinary
an
pay-as-you-go
a
defense period, then the fiscal needs can be readily met.
a
Only
high level of economic activity
a
period and—what will be
4'.'.',,/;■'■>
Tax Policy—There is no agreement on how much of such
much
If
173
ment corporations..
Other....
system as I am about the immediate necessity of financing the defense
360,500,000
7,961,170
8,669,695
105,738,806.75
$8,971,735^00
$7,653,210,000
$5,924,836,402.76
......
program.
I have often expressed my belief that no
realiy satisfactory
Total receipts.....
Deduct net appropria-
tax reform
be achieved without readjusting the Federal-State-local fiscal relation¬
can
ship.
tax
I urge a thorough investigation of the possibilities of
reform; I propose that meanwhile
make all
we
a
■
II.
This
future.
raises
Such borrowing is not hazardous
which
measures
assure
a
as
long
as
sufficient tax yield
the question of the debt limit.
subsequent to the establishment of
priations and
authorizations
a
which
Civil
executive
a
of financing
of our
statutory debt limit, makes appro¬
5.
Veterans'
borrowing
in
excess
statutory debt limit, except
as
it
serves as a
the defense program in
The Debt Problem—For
from
8.
Social security
9.
the first World
Work relief:
War, the
war
I understand the
those who
are
13.
disturbed by the growth of
charges in relation to the development of
91,070,763.72
1,100,000,000
1,040,935,696.71
216,215,000
207,853,400.00
100,000,000
Transfers
to
150,000,000
1,801,421,985.35
-
,
„
—
public
trust
Supplemental
ac-
items
—
regular
Total expenditures, ex¬
our resources.
cluding debt retire¬
The fight for recovery raised national income by more than 30 billion
dollars above the depression depth.
In the same period the total annual
Even if these
*24,500,000
70,008,000
274,585,262
the
on
debt.
12.
Yet the main fiscal problem is not the rise of the debt,
Federal interest charges increased by 400 million dollars.
89,006,300
counts...
but the rise of debt
1,501,915,000
1,225,000,000
II. Interest
Here,
-
377,893,084.34
383,615,113.02
?
1,034,139,700
corporations
10. Refunds
This
the Federal debt.
369,325,000 '!
430,279,900
362,590,000
462,520,000
Return of surplus funds
from
Government
against the depression, the present defense
concern of
'
Grossexpenditures...
all resulted in large additions to the Federal debt.
program,
*315,000,000
corporations
Aids to youth
and avoiding Inflationary policies which
world condition is reflected in unbalanced budgets in all countries.
550,692,391,13
1,375,062,905.68
Government
7.
than 25 years the world has been in a state
more
560,110,000
1,106,391,800
Return of surplus funds
fiscal monitor.
turmoil and its economies have been out of balance.
564,570,000
1,061,561,700
Gross expenditures...
would aggravate the problems of post-defense adjustment.
of political
540,785,326.45
1,579,905,425.73
6. Aids to agriculture:
In the first
equitable manner, facilitating full
an
570,002,000
6,463,923,900
10,811,314,600
pensions and
benefits
of that
$36,704,687.17
952,248,927.17
502,884,000
National defense......
require
$38,546,168
965,154,202
works
program
4.
In view of these facts, I question the sig¬
national resources,
$41,328,200
956,028,287
and
If the Congress,
The fiscal policy outlined here would be in accord with our objective
use
537,711,733.00
$5,387,124,669.76
...
departments
agencies
3. General
public
130 years of our national life, the Congress controlled the debt successfully
nificance of
640,280,000
$7,012,930,000
Legislative, judicial and
2.
in the
by
limit, it has, in effect, rendered that prior limit null and void.
without requiring such a limit.
696,300,000
Schedule No. 2):
making appropriations and levying taxes, in fact, controls the size of the
debt regardless of the existence of a statutory debt limit.
.
$8,275,435,000
1.
it is
The
,
survivors
Expenditures (Supporting
opportunities to contribute their share toward defense through the purchase
by tax
and
Net receipts
Borrowing—A substantial part of the defense program must, of course,
be financed through borrowing. Individual investors will be given increased
accompanied
a«re
Insurance trust fund
possible progress in
improving the Federal tax system.
of Government securities.
,
tion for Federal old-
comprehensive
$17,485,528,049 $13,202,370,970
ment
III. Net deficit
$9,210,093,049
$0,189,440,970
$8,998,189,706.47
$3,611,065,036.71
interest charges increase, they can scarcely present a serious fiscal problem
long as a high level of national income
so
Investors
are
Government
fully
are
aware of
can
this fact.
Gross deficit
V.
Our tax burden is still moderate compared to that of most other
It should be borne in mind that
the economic upheavals
all
as
would
our
following war.
They have been forced
nations
existed
be far lower
national debt results from
These conditions
are not
1.
Net decrease in
balance
wars
and
of our
own
2.
during the past quarter of a century
If this
.
war
can
Annual
Treasury Morgenthau
June 30, 1940 "total
Congress
indicates
on
Jan. 8, Secretary of the
that for the
year
ended
and "net receipts, i.
e.,
total
receipts, less net appropriations to the Federal old-age and
survivors insurance trust fund,
totaled $5,387,000,000."
The report adds:
This level of toral receipts represents a
resumption, after
a
reversal in the
Both legislative
contributed
revenue
1940.
internal
Insurance
year
has increased $3,845,000,000 between the
amount,
taxes,
fiscal
$3,801,000,000 is represented
years
1933
by increased
contributions under the Railroad Unemployment
Act, and customs.
Railroad
Unemployment Insurance Act
are
de¬
the
changes and improvement in business conditions have
revenue
increases.
The relative
effects
of the
legis¬
be separated approximately from the effects of business
liabilities under the
same
business
conditions under revenue laws which existed at the beginning and end of
this period.
.
.
.
The table below presents forecasts of the estimated tax liabilities (exclud¬
ing miscellaneous receipts) for the calendar year 1941 (which will, in many
represent tax collections in the fiscal year 1942 or subsequent years)
three bases: (1) The laws in effect immediately prior to June 6, 1932—
immediately prior, that is, to the first major revision of revenue legislation
after the onset of the depression,
...
Of this
revenue
highest (1920) of any
the
conditions by computing estimated tax
on
the 1938 total receipts which were next to the
to
lation itself can
cases,
Total
$3,740,249,136.71
V.-' ;c
in 1940 Amounted to $5,925,000,000,
under
contributions
000,000 in the fiscal year 1933 and comes within $317,000,000 of equaling
and
$6,289,440,970
•
ducted, the increase if $2,963,000,000.
fiscal year 1939, of the rise in total receipts from the low level of $2,080,-
history.
$9,310,093,049
ing.
Excess of credits, deduct.
Compared With Previous Year—Expenditures Reached $8,998,000,000,
receipts in general and special accounts
amounted to $5,925,000,000"
our
129,184,100.00
2,527,998,626.57
$291,000,000 Over Preceding Year—Public Debt Rose to $42,967,500,000
In his annual report to
of
$100,000,000
6,189,440,970
Total, means of financ¬
Only in such
of Secretary of Treasury—Total Receipts
Report
Increase of
$100,000,000
9,210,093,049
ment
*
Increase of $257,000,000 as
$1,083,066,410.14
..."
retire¬
Increasing the public
debt..............
should be followed,
economic stability be restored.
debt
Replacing
I hope it will, by peace in a world of good neighbors, then the complete
world
working
general and
Borrowings:
The national debt of almost
upon us.
on
special account (Sup¬
porting Schedule No. 3)
today if competitive armaments had not
elimination of competitive armaments will become possible.
a
$129,184,100.00
$3,740,249,136.71
VI. Means of financing deficit:
countries.
making.
$100,000,000
$6,289,440,970
the safest securities in the world because they are backed
by the best asset in the world—the productive capacity of the American
people.
$100,000,000
$9,310,093,049
IV. Debt retirement
be maintained.
The bonds of the United States
If the taxes based on employment including
the passage of the
Dec. 31, 1940.
which groups
(2) the laws in effect immediately after,
Revenue Act of 1932, and (3) existing legislation Ss^of
The estimates in this table
Federal receipts from related
cated in the table itself.
are
based
sources.
upon a
classification
The classes
are
indi¬
The Commercial & Financial Chronicle
174
ESTIMATED
FEDERAL
TAX
LIABILITIES
a
for the construction of merchant vessels, passenger and cargo; payments
For Calendar Year 1941,b Based on the Tax Structures of (1) May, 1932, (2) Imme¬
diately Following the Passage of the Revenue Act of 1932, and (3) Dec., 1940
[In Millions of Dollars]
of the 1940
Inc.
(+) or
Dec. (—)
Inc.
Of May,
Of July,
'32,Imme¬ Yd22, Im¬
diately Pre¬ mediately
Of
ceding the Following Dec. 31,
Passage of Passage of
1940
'
(+)
Dec. (—)
or
Laws in
•
.
1940, Over
Dec. 31,
1940, Over
the Revenue
Yl-.
Revenue
Act
Laws Imme¬
diately Fol¬
Laws of
May, 1932
1932
I. Individual Income, es¬
$
tates, and gifts
II. Corporate income and
lowing Pas¬
S
of Rev.
sage
Act
S
Dec. 31,
ence
of 1932
■'■'.<*.
of 1932
S
1,308
2,230
+ 1,636
+ 922
1,211
1,594
3,723
c9
c9
826
+2,129
+816
+50
654
654
704
39
IV. Tobacco
+2,440
+816
+ 50
777
879
+ 840
+ 102
V. Other miscellaneous in¬
ternal revenue
VI. Employment.d
:
957
+957
+957
289
295
+6
+6
2,862
4,631
9,613
+ 6,751
+4,982
-
-
J*
m'::■
'mm*—'■
<
Excluding miscellaneous receipts.
.
In preparing this table the tax base
was
assumed to be Independent of the tax structure.
b These estimates are based upon the same estimated levels of business
activity
for calendar year 1941 as those used In making the revenue estimates contained In
the 1942 Budget Message of the President.
cThls estimate assumes the Eighteenth Amendment In effect.
Application of
the 1932 liquor tax rates to the present volume of liquor consumption would
yield
a much higher amount,
d Includes collections under Railroad Unemployment Insurance Act.
The tax structure of May, 1932, as shown in the table, would have
pro¬
vided $2,862 millions of tax liability, based on business conditions similar
to those estimated to affect liabilities
during the calendar
1941.
year
Under
the tax structure after the passage of the Revenue Act of 1932, it is esti¬
mated that tax liabilities would amount to $4,631 millions,
The strengthening of the tax structure since the passage of the Revenue
Act of 1932 has been principally attributable to taxes collected from
liquor
result of the repeal of prohibition and others levied for special
those collected in conjunction with the insurance
as a
purposes—namely,
features of the Social Security program,
defense
and those levied under the
two
of 1940, which were passed in connection with
financing the
revenue acts
preparedness
These
program.
three
$4,000 millions of the $4,982 millions increased
tax structure over the tax structure
of the Revenue Act of 1932.
items
for
account
revenue
Allotment
nearly
yield of the present
existing immediately after the passage
upon
Dec. 31, 1940, the total
on
in
cotton-price
under the Farm Tenant Act increased $15 millions; and net
payments of the
(payments in
excess
of credits) increased
$2
millions, largely because of diminishing repayments by the regional agri¬
cultural credit corporations in liquidation.
On the other hand, there were
tration, other than under the Farm Tenant Act, of $11 millions in subscrip¬
tions to
paid-in surplus of the Federal Land Banks, and of $3 millions in
to the Federal Land Banks and the Federal Farm Mortgage
payments
as
reimbursement for the statutory reduction in interest
farm mortgages,
making a total decrease of $39 millions.
adjustment in the fiscal
year
on
After making
1940 expenditures for the $120 millions in
payment to the Commodity Credit Corporation for restoration of capital
which was appropriated for the fiscal year 1939, the net increase in expendi¬
tures for
agricultural aid was $92 millions.
The increase of $36 millions in grants to States under the Social Security
Act is explained by the normal growth of the several programs of the Social
Security Board, exclusive of the old-age and survivors insurance benefits
program,
the receipts and expenditures of which
are
handled
funds.
as trust
The increase of $60 millions in "other" payments is accounted for chiefly
by
an
for
Treasury refunds of taxes and duties; and of $15 millions for expenditures
increase of $26 millions for transfers to trust accounts; of $23 millions
for the Panama Canal.
The decrease of $695 millions in the cost of relief and work relief
was
due
almost entirely to a decline of $684 millions in payments on account of the
Work
Projects
Administration.
Decreases
in
the
expenditures
the
of
Civilian Conservation Corps and the regular department (work relief) were
almost wholly offset by an increase of $17 millions in the expenditures of the
National Youth Administration.
The decrease of $44 millions in the cost of public works was due primarily
to decreases in the grants
and net loans of the Public Works Administration
and in the expenditures of the Public Roads Administration.
than
overbalanced
increases
in
the
expenditures
for
These
public
more
buildings,
reclamation, river and harbor work, and flood control.
From the report we also quote:
tax
liability
:'V
■'
Deficit
The increase
increase of $257 millions
an
was
spread throughout the
in
general and special accounts,
debt retirements
are
U:*;.V
millions in current
income tax
result of the fact that income levels in the calendar
year
was
1939,
net deficit for the
If public
amounted to
year
$3,611 millions.
THE
collections
amounted to $3,740 millions.
deducted, the
of receipts with the one exception of income taxes.
sources
The decrease of $51
decreases
were
The deficit (excess of expenditures over receipts) for the fiscal year 1940
$5,925 millions during the fiscal year 1940,
from the previous fiscal year.
increase
incomes, estates,
Fiscal year 1940—Total receipts in general and special accounts amounted
major
Offsetting this
Agricultural Adjustment Administration, and payments
(for capital stock) to the Federal Crop Insurance Corporation.
Payments
is estimated at $9,613 millions.
to
Act.
account of the
on
•
Under taxes existing
gifts.
aggre¬
of the agricultural adjustment program were
adjustment payments, payments under the Sugar Act of 1937, payments
The balance of the strengthening came about
principally by increasing the progressive taxes levied
and
on account
payments and increased payments under the Soil Conservation and Domestic
indicating that
the Revenue Act of 1932 strengthened the tax structure
by $1,769 millions
at the indicated business levels.
largely
Payments
$234 millions more in 1940 than in 1939, mainly because of increased parity
Corporation
Total tax liabilities
The Department of the
decreases of $25 millions in the expenditures of the Farm Security Adminis¬
289
m m
VII. Agricul. adjustment.
VIII. Customs
a
census); Justice, $12 millions; Treasury. $7 millions; State, $5
Farm Credit Administration
profits
III. Liquor
for
Other departments
Commerce, $17 millions (due primarily to the cost
Expenditures for aid to agriculture increased $92 millions in the
gate.
S
594
...
millions greater than in 1939.
were
Interior showed a decrease of $7 millions.
Law sin Exist¬
Existence
Act
•-
this agency were $55
showing increases
millions; Civil Aeronautics Authority, $5 millions.
Under Laws-
Tax Group
Jan. 11, 1941
PUBLIC
DEBT
which
upon
a
part of the fiscal year 1940 receipts are based, were lower than those
existing
Fiscal
The gross public debt
Year 1940
outstanding at the close of the fiscal
1940
year
in the calendar year 1937 which were partially reflected in the
fiscal year
1939 revenues—the calendar year 1938 being common to both fiscal
years.
As corporation income tax rates had been
generally increased by the Revenue
amounted to $42,968 millions, an increase of $2,528 millions since June 30,
Act of 1938 whereas individual rates remained
unchanged, current corpora¬
tion income taxes decreased only $5 millions as
compared to a decrease of
$46 millions in current individual income taxes.
...$3,740,200,000
129,200,000
Excess-profits tax collections
subject to the
are
income taxes and decreased $9 millions,
an
but this
same
was
statutory lag
as
partially offset by
increase of $6 millions in collections of the
capital stock tax which is
complementary to the excess-profits tax.
tax was due to
The increase in the capital stock
higher income levels anticipated by corporations for calendar
1939.
'v.''-
lections.
wines.
The largest increase
Here
an
Excess of receipts over expenditures in trust and miscellaneous accts.
increases
liquors following the outbreak of
receipts
$28 millions
rose
was
in
war
because
products, chiefly cigarettes.
increased
Increase in the gross public
Public issues:
of
debt:
'X? -/■■■:
Marketable Issues
September, 1939.
increased
Tobacco
tax
consumption of tobacco
Rising business activity
was also reflected in
increased receipts from the bulk of manufacturers'
excises, particularly in
gasoline with an increase of $19 millions and in the automotive
group where
collections rose $28 millions.
...
Matured debt and debt bearing no interest
Total
means
V.
1
$470,800,000
1,014,700,000
Special issues
under
purchases of European
$135,600,000
947,500,000
Reduction in the balance in the General Fund
of $32 millions in distilled spirits and
was
additional factor
$3,611,100,000
Non-marketable issues
internal revenue schedule shows
Amount
;
Means of financing:
The upward movement of business was the prin¬
unobscured by the statutory lag which affects income tax col¬
cause,
'/.■
Net deficit to be financed
almost every tax group.
cipal
follows:
as
Excess of expenditures in general and special accounts
Less public debt retirements included in expenditures
year 1939 as compared to calendar year 1938.
The remainder of the
This increase is
1,005,000,000
37,500,000
$2,528,000,000
of financing
$3,611,100,000
Note—Figures are rounded to nearest tenth of
million and will not necessarily
a
add to totals.
The net changes during the year in the various classes of securities which
constitute the outstanding debt are shown in the table which follows.
COMPARISON
OF
PUBLIC
DEBT
OUTSTANDING
JUNE
30,
1939
AND
1940, BY CLASSES OF SECURITIES
[On Basis of daily Treasury Statements (Unrevised)]
Regarding the expenditures the report
says:
Increase
EXPENDITURES FROM GENERAL AND SPECIAL ACCOUNTS
Fiscal
Class
Total expenditures of the Federal Government from general and
special
accounts
excluding
debt retirement
amounted
fiscal year 1940, an increase of $291 millions
to
over
$8,998 millions
in
the preceding year.
Items showing Increase:
a
If this is taken
Total marketable Issues.._. 33,965,100,000
$396,000,000
106,000,000
100,000,000
a92,000,000
36,000,000
60.000,000
public debt...
......
....
Grants to States under the Social Security Act
Other
_
United States savings bonds..
Adjusted service bonds of 1945
Total non-marketable issues
..
Special issues:
Adjusted service
Reflected in the increase of $396 millions in the cost of national defense
payments on account of the War
on account of the
Department
Total special issues
(military), which
1,014,700,000
1.485,500,000
500,200,000
1,983,200,000
1,286,500,000
500,200,000
2,553,400,000
1,721,300,000
570,200,000
434,800,000
4,774,900,000
1,005,000,000
42,376,500,000
204,600,000
411,300.000
386,400,000
2,490,500,000
62,300,000
—24,800,000
Debt bearing no interest
40,439,500,000 42,967,500,000
2,528,000,000
rose
Total gross debt
a
^
of $106 millions in departmental expenses was due princi¬
pally to the large expenditures of the United States Maritime Commission
3,165,700,000
Total interest-bearing debt
39,886,000,000
Matured debt on which int.has ceased
142,300,000
Navy Department, which increased
32%.
The*increase
2,151,000,000
3,769,900,000
Certificates of Indebtedness
$51,000,000
a After adjustment of payment to restore
capital of Commodity Credit Corpora¬
tion applicable to the fiscal year 1939.
36%; and payments
1,036,600,000
—21,900,000
Govt,
Treasury notes
739,000,000
are
bonds,
life insurance fund series
$695,000,000
44,000,000
Net increase..
al,868,100,000 a2,904,700,000
282,900,000
261,000,000
36,116,100,000 37,601,600,000
Total public issues
Items showing decrease:
Relief and work relief.
470,800,000
'
$790,000,000
Public works....
34,435,900,000
Non-marketable issues
Amount
National defense
Departmental
on
$
Pre-war & postal savings bonds
196,500,000
196,300,000
—200,000
Treasury bonds.
25,218,300,000 26,554,800,000 1,336,500,000
Treasury notes. L
7,242,700,000 6,382,600,000 —860,100,000
Treasury bills
1,307,600,000 1,302,200,000
—5,400,000
The distribution of the actual increase of $51 millions is shown below:
Interest
$
Marketable issues:
the actual increase in expenditures for 1940 is $51 millions.
Aid to agriculture.
Decrease (—)
Public issues:
In¬
1939 to restore the capital of the Commodity Credit Corporation,
payment made in accordance with the Act of Aug. 9, 1939.
into account,
June 30,1940
$
Interest-bearing:
the
cluded in the expenditures for 1940 was $120 millions
applicable to the fiscal
year
or
June 30,1939
Year 1940
,
Current redemption value (cash receipts plus earned accruals less
redemptions).
Note—Figures are rounded to nearest tenth of
add to totals.
a
million and will not necessarily
■1
Volume
During the
The Commercial & Financial Chronicle
152
year
the computed average rate of interest
bearing debt outstanding decreased from 2.600%
The
to 2.583%.
puted annual interest charge
on
the
$1,095 millions at the end of the year.
beginning of the
year to
in
the interest-
on
thereafter
Sinking Fund
.
which
millions
with
the
the year.
Of this amount,
$128 millions
caption "Transactions in checking accounts of
on page
amount of $255,615.16,
an
as a
governmental cor¬
Receipts and expenditures in these accounts were
in the
3 of the daily Treasury statement.
Fund balance
liability against the General Fund under the caption
also included in the caption "Transactions in checking accounts
mental agencies
was to
increase the working balance
balance in the General Fund by $82,801,221.70 on the date of
The balance in the General Fund is classified according to
General Fund
and held by the Treasurer of the United States
priation
by
Congress.
source, and every
liabilities,
or
of the
The net change in the balance of
deposited with
to the close of the fiscal year
including the moneys covered
be withdrawn only in pursuance of an appro¬
can
Every receipt
of
Treasury,
the
from
The total amount of the assets
[On Basis ol Daily Treasury Statements (Unrevised)]
amount of the liabilities represents
Balance June
Ordinary receipts:
the balance in the General Fund avail¬
able to meet the Government expenditures for general, special,
General and special accounts
and trust
Trust accounts, increment on
accounts.
The assets
in
the General
Fund consist
of gold,
United
Banks,
States and
special
other
depositaries
of
account
silver, currency, coin,
of
sales
.
$12,829,886,573.44
Deduct:
Reserve
Expenditures chargeable against ordinary receipts:
Gen'l & special accts.
securities,
Government
national and other bank depositaries, foreign depositaries, and
Less
the treasury
.$9,127,373,806.47
public debt retire¬
ments
129,184,100.00
—
of the Philippine Islands.
The liabilities
of the
$8,998,189,706.47
the credit of the
of outstanding Treasurer's
General Fund consist
Trust accounts, Increment on
Government officers composed of balances to
checks, deposits of certain
Total expenditures
the Board of Trustees, Postal
Post Office Department,
Savings System, and postmasters, clerks of courts, disbursing officers, etc.,
and uncollected items,
1940 the
Balance June
heretofore
followed
statement,
as
by it
liabilities
the
on
year
1
of including on page
tinder
books of the
the
balances
Treasurer of the United
funds deposited with him for the payment of the
Corporate
security
and
$226,595,215
October,
volume
when
in
$261,185,785 in
December,
$392,624,870
the greatest
aggregated
November
Except
1939.
placed,
was
last
the aggregate.
of
last
month's
for
months
11
placed.
capital issues totaled $61,monthly volume last
year,
but substantially less than the $168,699,139 new
money taken by corporations in November.
Bond-yields
continued their downward course during December, and
eocouraged a large volume of refunding issues. The month's
total of $328,211,682 refunding issues was only $17,135,088
under October's total, the latter being the largest of any
The month's corporate new
131,558, almost exactly the average
sold privately, while in the first
the year fully a
third of the issues was so
Consequently, the investment banking community
is bound
from
of
to
find encouragement in the
month since December, 1936.
striking shift away
Municipal financing also was ir» large volume
privates sales last month.
There
were
a
number
of
aggregating $50,000,000
Appalachian Electric
Power Co.
or
more
each.
The
sold $100,000,000 of 1st
new
National Dairy Products
Boston Edison Co., $53,-
indebtedness.
Below
mtge. bonds and preferred stock;
Corp., $70,000,000 debentures;
last month,
placed by States and their subdivisions representing the largest total of any month since
June, 1939.
About 63% of the municipal total represented
the $202,147,974 issues
large individual issues during
December, four companies in fact selling, through public offerings, issues
aggregated more than 76% of the month's
capital purposes in December.
In the preceding month no less than 72%
of security placements was
the Month of December
total, and the bulk of the proceeds was for refunding purposes.
There were a large number of small issues for new
month since June,
any
naval vessels and
the Calendar Year 1940
issues together
1937.
A feature of the month's financing was the fact that nearly
the entire amount was placed through public offerings,
private sales totaling only $19,760,000, or about 5% of
was
Social
the Revenue Act of 1940, the Act
of 1939.
Army and Navy aircraft and other Acts.
Balances
the United States During
December
in
flotations
compared With
Year 1940
altering the profits-limitation provisions with respect to
Twelve Months of
and for the
$1,890,743,141.34
LEGISLATION
enacted in the fiscal year 1940 included the
Security Act Amendments
Stages representing
principal of and interest
The Capital Flotations in
$389,343,240,
Revenue legislation
in accounts
obligations sold by governmental corporations and agencies.
on
Fiscal
of the daily Treasury
Fund,
General
-
-
REVENUE
has modified the policy
Department
gold, etc.. 1,940,953,725.63
(excluding retirements of public debt) 10,939,143,432.10
30,1940..
exchanges, etc.
During the fiscal
carried
-
Total funds available
the credit of the Treasurer
officers, in Federal
Government
5,387,124,669.76
2,076,537,744.59
2,527,998,626.57
—
gold, etc
Net increase In gross public debt
unclassified collection items, etc., and deposits to
of the
$2,838,225,532.52
30,1939.
Add:
and above the total
over
is accounted for as follows:
BETWEEN JUNE 30, 1939, AND JUNE 30, 1940
whatever
expenditure, of whatever nature, affect either the assets
Treasury.
increment on
the General Fund from the beginning
ANALYSIS OF THE CHANGE IN THE GENERAL FUND BALANCE
both, of the General Fund shown in the daily statement
or
and the
transfer.
gold, seigniorage, and working balance.
The General Fund includes all moneys of the Government
Treasury which
This is
of govern¬
(net), etc."
The effect of these transfers
The unexpended balance of $2,117 millions
carried forward to the fiscal year 1941.
into the
of Sept. 30,
as
representing the balance in the account
"Redemption of national bank notes (5% fund, lawful money)."
applied to the retirement
were
transferred to the
were
1939, to be held by the Treasurer of
also transferred to the General
was
previously shown
made $2,246 millions available for
of Treasury notes and Treasury bonds maturing during the year and
presented for cash redemption.
was
year
1939,
amounted
year
balance of $1,664 millions
unexpended
brought forward from the previous
There
v,
.
Credits accruing to the cumulative sinking fund during the
at par
included
governmental agencies (net), etc."
Cumulative
$582
of Sept. 30,
as
porations and agencies.
Tha
$1,041 millions.
to
175
$82,545,606.54
amounting to
the United States for the redemption of obligations of
1940 amounted to
year
accounts
General Fund balance
com¬
the debt increased from $1,037 millions at
actual expenditures for interest during the fiscal
these
we
figures since January,
monthly amounts of corporate
revised to date.
Further revisions of the 1940
present a tabulation of
1938, showing the different
000,000 1st mtge. bonds; Detroit Edison Co., $.50,000,000
financing
In addition, Crucible Steel Co.
and Beneficial Industrial Loan Corp. sold debenture issues
figures will undoubtedly be necessary
gen.
& ref. mtge. bonds.
of $15,000,000
and $10,000,000, respectively.
These several
SUMMARY OF CORPORATE
from time to time,
private financing is brought to
light in annual reports and other places.
particularly as additional
FIGURES BY MONTHS,
Capital
Refunding
1940, 1939 AND 1938
*1938
*1939
*1940
New
as
Total
Refunding
New Capital
Total
New Capital
16,312,332
159,948,072
106,867,851
46,364,596
58,179,191
10,386,300
136,115,000
48,688,660
23,995,213
4,141,400
62,224,590
58,643,000
50,505,996
103,076,600
82,638,213
87,938,295
195,189,960
283,128,255
111,211,719
125,008,990
236,220,709
78,200,042
21,740,443
181,769,350
161,502,000
259,969,392
183,242,443
11,683,361
37,574,800
31,241,064
251,798,424
283,039,488
202,315,995
66,750,000
25,691,650
98,791,000
63,266,450
301,106,995
131,181,549
595,069,774
726,251,323
251,574,156
191,232,650
442,806,806
316,241,640
679,027,515
173,464,550
5,926,032
257,345,640
23,833,072
30,527,491
137,994,832
211,341,581
103,799,050
134,326,541
112,001,268
453,135,463
565,136,731
April.
53,925,210
246,278,652
May.
89,287,130
9,771,328
192,353,442
83,810,300
101,476.480
173,097,430
111,247,808
152,983,668
377.640,222
530,623,890
35,469,718
February..
46,004,059
March
First quarter.
June.
Second quarter
Six months
264,984,936
November
Fourth quarterTwelve months.
*
Revised.
790,259,734
1,009,379,578
230,373,325
130,275,506
55,545,325
185,820,831
339,404,500
225,622,950
111,493,538
62,464,785
271,856,400
49,703,366
179,431,672
25,894,844
343,357,485
96,214,150
211,140,930
16,019,150
317,462,641
80,195,000
128,263,570
130,471,250
84,937,241
65,135,600
150,072,841
399,581,273
581,759,322
91,617,360
578,327,600
669,944,960
343,476,317
331,821,855
675,298,172
....
447,162,985
1,230,356,958
1,677,519,943
310,737,204
1,368,587,334
1,679.324,538
706.262,192
648,063,495
1,354,325,687
47,278,100
168,699,139
61,131,558
345,346,770
92,486,646
328,211,682
392,624,870
261,185,785
20,297,396
21,640,375
157,474,063
90,834,833
30,778,057
195,817,158
63,921,610
43,520,873
59,644,275
274,237,144
107.701,800
237,143,300
338,158,754
389,343,240
177,771,459
112,475,208
226,595,215
277,108,797
766,045,098
1,043,153,895
72,715,828
444,126,054
516,841,882
167,086,758
619,082,244
786,169,002
2,720,673,838
383,453,032
1,812,713,388
2,196.166,420
873,348,950
1,267,145,739
2,140,494,689
724,271,782
1,996,402,056
"
NOTE—In addition to the revisions already >oted
219,119,844
362,785,875
182,178,049
Third quarter....
December
78,433,361
68,006,465
August
September.
October
1,095,760,621
40,851,910
180,669.959
46,233,450
67,938,134
July
Nine months
830,775,685
Total
S
$
January.
Refunding
In previous Issues of the "Chronicle,"
the following changes have been made:
151,222,673
296,787.575
176
The Commercial & Financial Chronicle
LONG-TERM
Month
Add
Classification
Jan., 1940
Add
Amount
Public Utility
Feb., 1940
Public Utility
May, 1940
Other Ind. & Mfg.
June, 1940
Public Utility
Correction
Texas
*1,150.000
11
Allocation
of Proceeds
Illinois Valley Telephone Co. 1st
mtge. 4s, 1964
*600,000
Add
Jan. 1941
NOTES
Name of Issue—
*$600,000
Add
BONDS AND
_.
Telephone Co. 20-years 4s, 1960
American Seating Co. 3% notes, 1946-50
*432,000
California Water Service Co. 1st 4s,
B, 1961
aJune, 1940
Other Ind. & Mfg.
*1,700.000
Add
July, 1940
Other Ind. & Mfg.
*1,000,000
Add
July, 1940
Public Utility
*244,000
Add
Mar.,1939
Public Utility
*1,300,000
Add
Union Telephone Co. 1st 4s, 1964
Sept.,1939
Public Utility
*1,000,000
Add
Dec., 1939
Wabash Telephone Co. 1st 4s, 1964
Public Utility
*250,000
Durham Telephone Co. 1st
mtge. 4s, 1961
Feb., 1940
Public Utility
$000,000
Union Telephone Co. 6.000 shares
534% preferred stock,
A. E. Staley Mfg. Co. 2%% debentures, 1941-55
Burlington Mills Corp. 334% debentures, B, 1953
Greenwich Water System, Inc., collateral trust
bonds, 4s, 1959
STOCKS
Add
*
Indicates issues placed privately.
Results for
Originally $2,500,000
a
the
Full
Year
was
Included, but this
1940
only $724,271,782,
year
which, while
almost double the very small 1939
figure of $383,453,032,
did not even
equal 1938's $873,348,950, and
was
less than 1937 and 1936 when
corporate new
considerably
capital issues
aggregated $1,225,012,213 and $1*214,950,299,
respectively.
However, there is this to be said, that the figures for the
latter part of the year showed
decidedly
more
improvement
1939 than those for the first six
months, and also, that
over
each quarter-year
period
brought
greater amount of
a
capital issues into the market than did the
ceding.
Corporate
than
more
quarter pre¬
50% higher than the
third quarter of 1940.
In addition it exceeded,
by a wide
margin, the final quarter of 1938, when
$167,086,758 new
capital issues were sold and the closing quarter of
1937,
when
$149,682,790
Corporate
were
refunding
placed.
operations
last
year
in
were
the
greatest aggregate,
$1,996,402,056, since 1936, comparing
with $1,812,713,388 in 1939 and
$1,267,145,739 in 1938.
Bond yields declined
steadily throughout the year, except
during the period in the spring when Germany was over¬
running the northern and western portions of the
European
Continent, and each month consequently brought additional
issues
into
bonds
yields
Stock
to
as
the refundable class.
were at
the
of
year
year grew
somewhat in favor, both
Nevertheless the total
and preferred issues.
of such issues sold
compared
the end
their lowest.
financing last
common
At
with
during 1940 aggregated only $327,932,538,
$760,408,659 in
exceeded the 1939
1937.
Last
year's
figure of $233,917,420 and 1938
of
total
$97,-
710,794.
Of the various
groups, into which
are
the corporate figures
divided, public utilities easily led all others in volume
of issues sold last
year, with a total of
$1,263,648,310.
Cal. Years
Bonds and Notes
INCLUDING CANADIAN
Preferred Stocks
Common Slocks
$2,392,741,300
1,962,249,000
$246,315,690
161,158.178
1937
2,042,783,895
1,673,283.500
1936
4,064,041,600
78,560,510
468,395,208
285,840,364
123,650,746
3,198,450
$81,616,848
72,759,242
19,150,284
292,013,451
1940
1939
1938
1935
1934
....
1933
1932
1931
2,116,597,775
456,493,100
228,844,700
619,860,300
1930
Total
$2,720,673,838
2,196,166,420
2,140,494,689
282.063,717
2,433,692,159
4,631,945,681
27,180,244
2,267,428,765
31,402,899
137,516,401
13,114,170
643,895,345
195,115,706
1,133,742.653
15,222,555
10,920,875
148,015,667
434,538,230
2,245,834,050
3,904,998,160
2,688,965,423
5,473,279,043
491,094,449
381,583,656
Large Domestic Corporate Issues During the
Calendar
Below
new
quarter of 1939 and
b 5285,000 refunding; S315,000 new
capital
Year
new
capital in the final quarter-year ag¬
gregating $277,108,797, was nearly four times as great as the
same
51,700,000.
DOMESTIC AND FOREIGN.
Despite the increased industrial activity in 1940, which
resulted in record production in
many lines, some operating
at capacity
levels, corporate issues for new capital purposes
aggregated for the
amount should have been
This
we
list
the
principal issues of
during 1940, giving at the
purpose
same
securities
placed
time (in parentheses) the
of the issue.
JANUARY
$20,400,000 Chicago Rock Island & Pacific Ry. 2}4Vo equipment trust
certificates, placed privately (refunding).
22,000,000 American Gas & Electric Co. 334% and
sinking fund
debentures, priced at 10334 (refunding).
15,000,000 Consolidated Telegraph & Electrical Subway Co. 20-year
334% debentures, placed privately (repay loans).
18,594,000 Consumers Power Co. 1st mtge. 334s, 1969, priced at
105K
(refunding).
10,962,000 Pennsylvania Water & Power Co. ref. mtge. coll. trust
33^s, 1970, priced at 105 (refunding).
11,000,000 Libby, McNeill & Libby 1st mtge. 4s, 1955, priced at 100
(refunding $9,167,930).
35,562,300 American Gas & Electric Co. $55.623 shares) 4££% cum.
pref. stock, par $100, priced at 105 per share (refunding).
FEBRUARY
$25,000,000 Dayton Power & Light Co. 1st 3s, 1970, priced at 104
(refunding $19,720,000).
20,000,000 Kentucky Utilities Co. 1st 4s, 1970, priced at 102
(refunding).
16,000,000 Southwest Gas & Electric Co. 1st 3J4s, series A,
1970,
priced at 103 (refunding).
35,000,000 Bethlehem Steel Corp. 10-year (J4%-2.60%) serial de¬
bentures, 1941-50, priced at 100 (refunding).
40,000,000 Bethlehem Steel Corp. consol. mtge. 334s, 1965,
priced at
100 (refunding).
30,000,000 Bethlehem Steel Corp. consol. mtge. 3s, 1960,
priced at
98 (refunding).
10,000,000 Skelly Oil Co. 3% debentures, 1950, priced at 100
(refunding).
20,000,000 Commercial Investment Trust Corp. 2%
notes,
1947,
placed privately (finance operations),
MARCH
$16,000,000 Chicago Union Station Co. 1st 33isS, series F, 1963
(re¬
funding)
19,000,000 Elgin Joliet & Eastern Ry. 1st 3J4s, series A, 1970,
priced
at 10134 ($1,300,000 at
99H) (refunding).
.
group was first, also, in both the new
capital and in the
refunding classifications.
It is interesting to find the rail¬
roads substantially
represented among the borrowers of
new
The roads
money.
of total
new
took
capital, which
$144,456,398,
nearly
way
Municipal flotations totaled last
any
year
since
1931.
proportion of the total, however,
than in the
preceding several
year's volume classified
The aggregate of
new
was
077,745 sold in 1939,
year
A
was
years,
$1,234,916,402, the
substantially greater
for refunding purposes
new
borrowing by this
issues placed by all
groups last year,
the
$5,853,-
account of the great reduction in
a
group
tabulation of the annual corporate
figures
according to each type of secuiity:
for the past 11 years
DOMESTIC CORPORATE ISSUES
Cat. Years
1940
1939
1938
1937
1936
1935
1934...
1933
1932
1931
1930
Bonds and Notes
$2,392,741,300
1,882,749,000
2,042.783,895
1,673,283,500
4,026.041,600
2,116.597,775
455,293,100
227,244,700
619,860,300
2,028,034,050
3,430,572,660
Preferred Stocks
Common Stocks
$246,315,690
161,158,178
$81,616,848
78,560,510
468,395,208
270,840,364
123,650,746
3,198,450
15,222,555
10,920,875
148,015,667
421.538,230
72,759,242
19.0S7.784
292,013,451
282,063,717
27,180,244
31,402,899
137,383,069
13,114,170
195,115,706
1,105,018,763
Total
$2,720,673,838
2,116,666,420
2,140,432,189
2,433,692,159
4,578,945,681
2,267,428,765
489,894,449
379,850,324
643,895,345
2,371,165,423
4,957,129,653
ref.
Electric
mtge.
Co.
1st
334s,
1980,
:
3?4s,
1970,
priced
at
102
sold privately
at 105 (refunding).
36,000,000 Inland Steel Co. 1st mtge. 3s, series F, 1961, priced at
102 (refunding).
10,000,000 Superior Oil Co. (Calif.) 3^4% debentures, 1950, priced at
100 (corporate purposes).
MAV
$10,400,000 New
York
Central
RR. 2% equipment trust certificates
1941-50, placed privately (purchase of equipment).
75,000,000 United States Steel Corp. serial debentures (coupons
ranging
from 0.375 to 2.65%), 1940-55, priced at 100
(refunding).
50,000,000 General Motors Acceptance Corp. 2% notes, 1949, placed
privately (new capital).
10,000,000 General Motors Acceptance Corp. 1J4% serial
debentures,
1941-50, placed privately (new capital).
On account of the decreased
and the municipalities, total
capital failed to equal either 1939 or 1938.
Following is
&
RR.
as
Government agency
financing.
new
APRIL
$81,602,000 Union Pacific
(refunding).
and consequently, last
substantially less than
on
(125,000 shares $4.25 preferred
par) priced at 101 per share (refunding).
16,000,000 Kansas Gas
the
$4,765,219,240,
no
20%
above both 1939 and
new
capital, $757,151,679, fell
corresponding 1939 and 1938 figures of $930,822,000 and $970,613,500, respectively.
below
stock,
v
was
1938.
largest for
13,750,000 Colgate-Palmolive-Peet Co.
JUNE
$46,000,000 Carolina Power & Light Co. 1st 354s, 1965, priced at
10334,
placed privately (refunding).
38,000,000 Jersey Central Power & Light Co.
priced at 10234 (refunding).
1st mtge.
334s,
1965,
JULY
$50,000,000 Cleveland Electric Illuminating Co. 1st mtge.
bonds, 3%
series due 1979, priced at 10534
(refunding and new capital).
32,000,000 Indianapolis Power & Light Co. 1st mtge.
bonds, 334%
series due 1970, priced at
10434 ^refunding).
10,000,000 Iowa Southern Utilities Co. of Del. 1st mtge. 4s, due
1970,
priced at 101 (refunding).
15,000,000 Rochester Gas & Electric Corp. gen.
mtge. 334% bonds,
series K, due 1970, placed
privately (refunding).
20,000,000 Bethlehem Steel Corp. 134%-2.60% serial
debentures, 1943"
50, placed privately (refunding).
10,000,000 Scovill Mfg. Co. 334% debentures, due 1950, priced at 102
(refunding and working capital).
60,000,000 Texas Corp. 3% debentures, 1965, priced at 103
(refunding).
22,000,000 F. W. Woolworth Co. 234% sinking fund
debentures, 1965,
placed privately (refunding, expansion, &c.).
1
Volume
The Commercial & Financial Chronicle
152
AUGUST
$22,150,000 Carolina
ClinchfieM
Alabama Water Service Co.
&
Ohio Ry. 1st
102M (refunding).
series A, 1965, priced at
177
4%
mtge.
bonds,
11,820,000 Southern Pacific Co. 2M% equipment trust certificates,
1944-55, priced to yield 0.50 to 3% (puchase of equipment).
12,600,000 Iowa Electric Light & Power Co. 1st mtge. series A 3Ms,
due 1965, placed privately
(refunding).
Algers Winslow & Western
(Jan.).
American Export Lines,
16,500,000 Tide Water Associated Oil Co. 15-year 2M% sinking fund
debentures, placed privately (refunding).
9,000,000 Narragansett Electric Co. 180,000 shares (par $50), cum.
pref. stock 4M% series, priced at $52.25 per share (pay bank
loans, capitalize expenditures, &c.).
Inc., 10,000 shares 5%
Rolling Mill Co.
10-yr. 3%
American Seating Co. 3%
American
.
15,000,000 Western Massachusetts Cos. secured 2.70%
placed privately (refunding and expansion).
1955»
notes,
$13,000,000 Great Northern Ry. 4% collateral trust bonds, 1952, priced
at 103 (refunding).
7,000,000 Great Northern Ry. 4% serial collateral trust bonds, 1941-51,
priced to yield 0.50% to 3.60% (refunding).
27,333,000 New York Connecting RR. 1st mtge. series A 3 Ms, 1965,
priced at 102 (refunding).
18,100,000 Central Maine Power Co. 1st & gen. mtge. bonds, series L,
3 Ms, 1970, priced at 107 M (refunding and reduce bank loans).
20,000,000 Columbus & Southern Ohio Electric Co. 1st mtge. 3M%
series, 1970, priced at 107 (refunding).
16,500,000 San Antonio Public Service Co. 1st mtge. bonds, 314%
series, 1970, priced at 107M (refunding).
16,000,000 San Diego Gas & Electric Co. 1st mtge. bonds, 3M% series,
1970, placed privately (refunding, construction, &c.).
108,000,000 Southern California Edison Co., Ltd., 1st & ref. bonds,
series of 3s, 1964, priced at 104 (refunding).
45,000,000 Youngstown Sheet & Tube Co. 1st mtge. sinking fund
3Ms. series D, 1960, priced at 103 (refunding).
10,500,000 Youngstown Sheet & Tube Co. 0.40%-2.10%
bentures, 1941-47, placed privately (refunding).
serial
de¬
1950, priced at
10,319,900 Dow Chemical Co. 103,199 shares (no par) common stock,
priced at $100 per share (capital additions, &c.).
NOVEMBER
140,000,000 American Telephone
& Telegraph Co.
2M% 30-year
debentures, placed privately at 98 M (new capital for p'lant
expansion).
8.500,000 General Cable Corp. 1st mtge. 3M% sinking fund bonds,
series G, 1950, placed privately at par (refunding).
Inc., 3% sinking fund debentures,
14,059,100 Indianapolis Power & Light Co. 140,591 shares 5M%
preferred stock, priced at $107.50 per share (refunding).
DECEMBER
$70,000,000 Appalachian Electric Power Co. 1st mtge.
series, due 1970, priced at 107 (refunding).
Bernards Water Co. 1st 3 Ms,
Bethlehem
Steel
■
Blaw-Knox Co. 1st 3Ms, 1950, $3,000,000 (Feb.).
Bond Stores, Inc., serial 1% to 3.10% notes, 1941-50,
(3% discount) 1941 ($836,000 (Sept.).
Burlington Mills Corp. 3M% debs., series B 1953, $1,000,000 (July).
California Water Service Co. 1st 4s. series B 1961, $432,000 (June).
Carolina Power & Light Co.
1st 3Ms, 1965, $46,000,000 (June).
Central Electric & Telephone Co.
1st mtge. & coll. lien
bonds,
3M%
50,000,000 Detroit Edison Co. gen. & ref. 3% mtge. bonds, series H,
due 1970. priced at 107M (refunding).
15,000,000 Crucible Steel Co. of America 3 M % sinking fund debentures,
1955, priced at 99 M (refunding and general corporate purposes).
10,000,000 Beneficial Industrial Loan Corp. 2M% debentures, 1950,
{iriced &c.). 100M (business expansion, reduction of bank
at
oans,
debentures,
1960,
15,000.000 National
Dairy Products Corp. 0.375%-2.10% serial de¬
bentures, 1941-50, priced at 100 (refunding, general corporate
&c.).
Central Hudson Gas & Electric Corp. 30-yr. 3s,
f. 4Ms, series A,
Central Illinois Light Co. 1st &
1970, $2,200,000 (June).
consol. 3Ms, 1963, $9,376,300 (Mar.).
Central Kansas Power Co. 1st 25-yr. 4Ms,
series A, 1965, $900,000 (July).
Chicago Milwaukee St. Paul & Pacific RR. 1M% trustees' certificates of
indebtedness, 1941-44. $5,000,000 (June)
Chicago Rock Island & Pacific Ry. 2% equip, tr. ctfs., seriesT, 1940-50,
$1,236,000 (Aug.).
City of New Castle (Pa.) Water Co. 1st 3 Ms, 1965, $1,000,000 (Aug.).
City Water Co. of Chattanooga 1st 3Ms, series A, 1965, $3,900,000 (Dec.)*
Commercial Investment Trust Corp. 3-yr. Is, 1943,
Commonwealth Telephone Co.
$10,000,000 (Feb.).
7-yr. 2s, 1947, $20,000,000 (Feb.).
Commercial Investment Trust Corp.
(Wis.) 3Ms. 1970. $2,750,000 (Dec.).
Consolidated Telegraph & Electrical Subway Co. 20-yr.
3M% debs., 1960,
$15,000,000 (Jan.).
Continental Can Co.. Inc., 25-yr. 3% s. f. debs.,
1965, $21,000,000 (Nov.)*
Copper District Power Co. 1st 4Ms, series A, 1956, $250,000 (Aug.).
Crown Cork & Seal Co., Inc., 3M% s. f. debs.,
Dedham Water Co. 1st 3Ms. 1965, $400,000
1955, $15,000,000 (Oct.).
(Dec.).
Denver & Rio Grande Western RR. 2% equip, tr. ctfs.,
1942-51, $1,260,000
(Dec.).
Dewey & Almy Chemical Co. 16,000 shs.
Dresser Power Corp. 1st 4s, series A, 1958,
El
Paso Natural Gas Co. 1st 3s. 1955,
(no par), $424,000 (Feb.).
com.
$4,800,000 (March)
$3,000,000 (July).
Elgin Joliet & Eastern Ry. 1st 3Ms, series A, 1970. $1,300,000 (March).
Erie RR. 2M% trustees' equip, tr. ctfs., 1940-49,
Exeter & Hampton Electric Co. 1st 3Ms.
$3,000,000 (March).
1960, $200,000 (Dec.).
Florida Public Service Co. 4M% serial debs., 1943-55
General Cable Corp. 1st s. f.
Calendar
($2,750,000 (July).
3Ms, series C, 1950 ($8,500,000 (Nov.).
General Motors Acceptance Corp. 2% notes, 1949, $50,000,000
General Motors Acceptance Corp. 1M%
(H. L.) Green Co., Inc., 15-yr. 4%
(May).
serial debs., 1941-50, $10,000,000
'»
•'
f. debs., 1955, $5,000,000 (Jan.).
s.
Greenfield Gas Light Co. 3M% notes, 1956, $250,000 (Dec.).
Greenwich Water System, Inc., coll. tr. 4s,
Gulf Public Service Co.
Halle Brothers Co.
Hartford
Times,
1st 3Ms,
series A, 1959, $244,000 (July)*
1941-65, $1,320,000 (Aug.).
2M%-4% notes, 1941-60, $2,100,000 (Sept.).
sec.
M%-3M%
Inc., serial
notes,
due to
1950,
$2,375,00®
(Nov.).
Huntington Water Corp. 1st 3Ms, 1965, $2,225,000 (July).
Illinois Commercial
Illinois Valley
Telephone Co. 1st 3Ms, 1970, $5,750,000 (July).
Telephone Co. 1st 4s, 1964, $600,000 (Jan.).
Indiana Associated Telephone Corp. 2,660 shs. $5 cum. pref.
stock (no par)*
$276,640 (Feb.).
Indianapolis Power & Light Co. 2,500 shs. 6%
$250,000 (April).
International
cum.
Agricultural Corp. 2M%-4M%
pref. stock (par $100),
serial debs.,
1942-56, $4,-
500,000 (March).
Iowa Electric
1970, $2,000,000 (Feb.).
Light & Power Co. 1st 3Ms. series A, 1965, $12,600,000 (Aug.)
Light & Power Co.
$1,980,000 (Aug.).
gen. mtge.
3M% serial notes, 1942-47,
.
Jersey Shore (Pa.) Water Co. 1st
Kansas Gas & Electric Co.
Kendall Co. 3M% debs,
s.
f. 4Ms, 1965, $325,000 (July).
1st 3Ms, 1970, $16,000,000 (April).
(running for 10 yrs.) $3,500,000 (July).
Kimberly-Clark Corp. 1st serial 3Ms, 1951-52, $2,000,000 (Aug.).
Kresge Foundation serial M% to 2M% coll. tr. notes, 1940-45, $3,000,000
(March).
Lehigh & New England RR. 1M%
$640,000 (Nov.).
equip,
tr.
ctfs., series L,
Liberty Aircraft Products Corp. 56,468 shs. com. (par $1),
1941-50.
$338,808 (June).
(R. H.) Macy & Co., Inc., and L. Bamberger & Co. 2M% promissory
notes, 1943-50, $5,000,000 (Feb.).
\
the
s.
1965, $3,800,000 (Mar.)
Iowa Electric
Private Sales of Securities in
$3,000,000 (Dec.).
50,000shs. cap. stock (par $1), $600,000 (Dec.)
53,000,000 Boston Edison Co. 1st mtge. series A 2Ms, 1970, priced at
105 (refunding).
purposes,
(Jan.).
series A, 1965, $250,000 (April).
Interstate Telephone Co. 1st 3Ms. series A,
Corp. 3M%
$140,000,000
1M% to 2.60% serial debs., 1943-50 $20,000,00
Corp.
(July).
30,000,000 Appalachian Electric Power Co. 4M% cum. pref. stock,
par $100, priced at $106 per share (refunding).
55,000,000 National Dairy Products
priced at 104 M (refunding).
debs.,
Baraga County Light & Power Co 1st 4s, 1960, $300,000 (Dec.).
(May).
$10,000,000 Athchison Topeka & Santa Fe Ry. 1M% equipment trust
certificates, series D, 1941-50, priced to yield 0.20% to 1.50%
(purchase new equipment).
Co.,
30-yr.
2M%
Everett Water Co. 1st 4s, 1965, $50,000 (Nov.).
15,000,000 Crown Cork & Seal Co., Inc., 3M% sinking fund deben¬
tures, 1965, placed privately at par (refunding and working
capital).
21,000,000 Continental Can
1965 (refunding).
1946-50, $1,150,000 (May).
notes,
Telephone & Telegraph Co.
Chicago Rock Island & Pacific Ry. 2M% equip, tr. ctfs., 1940-47, $20,400,000 (Jan.).
OCTOBER
10,500,000 Crane Co. 2M% sinking fund debentures,
101M (refunding).
1950, $5,000,000
American Toll Bridge Co. 1st mtge. 3Ms, 1945, $2,400,000
equipment).
10,000,000 Potomac Electric Power Co. 1st mtge. bonds, 3M% series
1975, placed privately (working capital, &c.).
30,000,000 Southern California Gas Co. 1st mtge. bonds, 3M% series,
1970 priced at 103M (refunding and capital purposes)
pref. stock (par $100)
cum.
debs., series A,
(Nov.).
Brown Co. (Me.) trustees' certificates
$8,150,000 Atlantic Coast Line RR. 2% equipment trust certificates,
series G, 1941-50, priced at 0.45% to 2.40%
(purchase of new
equipment).
9,150,000 Wabash Ry. 2M % equipment trust certificates, series H,
1940-47, priced from 0.25% to 2.15% (purchase and repair of
$125,000
(Aug.).
Brewster Aeronautical Corp.
SEPTEMBER
1965, $4,200,000 (Oct.).
4 M% serial debs., 1941-45,
$1,000,000 (March).
American
15,000,000 Public Service
Electric & Gas Co. 1st & ref. 3% mtge.
bonds, 1970, placed privately (improvements).
10,000,000 Youngstown Sheet & Tube Co. 0.52%-2.25% debentures,
1941-47, placed privately (refunding).
25,000,000 Celanese Corp. of America 3% debentures, 1955, priced at
98 (.refunding and general funds).
19,000,000 Tide Water Associated Oil Co. 1-10-year serial M-2M%
debentures, sold privately (refunding).
1st 3 Ms.
Ry. 6-yr.
Year 1940
Massachusetts State College Building Association serial 2M-2Ms,
$450,00®
(Feb.).
Private financing in
1940
volume of any year in
was
the period covered by
tion, which starts with 1937.
year
that
size, it
such
seems
of any year
636,289,
our
issues
safe to
say
to date.
commenced
compila¬
the first
assume
that 1940's volume
was
prominent
the greatest
The year's total of such issuss, $792,-
as
In each
year
covered by
The past
year,
as
total corporate placements, which is evi¬
denced by the fact that the
the total
our
was
the first in which it failed to expand at
was
great a rate
proportion of private issues to
dropped in 1940 to 29.1% from 33.2% in 1939;
1938 the
proportion
The increase in
to
to
compilation, the total has expanded.
however,
in
And since 1937
8.8% above 1939.
was
in the greatest aggregate
was
31.8%, and in 1937, 18.7%.
proportion of private placements from 1937
1938 occurred in face of
a
decrease in the total of
cor¬
porate sales.
Following is
Michigan Consolidated Gas Co. 1st 4s, 1963, $2,000,000 (March).
Missouri Pacific RR. 2% equip, tr. ctfs., DD, 1941-50, $750,000 (July).
Montana-Dakota Utilities Co. 1st 4Ms, 1956, $1,200,000 (Oct.).
Montana-Dakota Utilities Co. serial 1M to 3 Ms, 1941-50, $3,900,000
Mountain States Power Co.
a
list of all the private issues which
we
have
placed since 1937:
(Oct.)*
1st 4Ms, 1965, $7,500,000 (March).
National Fireworks Co. serial 5% notes, 1941-*5, $1,000,000 (Dec.).
National Gypsum Co. 3% s.
Nekoosa-Kdwards Paper Co.
f. 15-yr. debs., $6,000,000 (Dec.).
1st
s.
f. 4Ms, 1955, $1,600,000 (Oct.).
New Bedford Gas & Edison Light Co. unsecured notes, second series,
3%,
1955, $500,000 (Feb.).
New Haven Water Co. 35-yr. gen. & ref. series B 3Ms,
New Jersey
$1,800,000 (June).
Water Co. 1st series A 4s, 1965, $1,550,000 (April).
New Mexico Gas Co. 1st
15-yr.
s.
f. 5s, series B, 1954, $250,000 (Jan.).
New York Central RR. 2% equip, tr. ctfs.,
New York Central RR.
1941-50, $10,400,000 (May).
2M% equip, tr. ctfs., 1940-49, $9,000,000 (May).
Western Refrigerator
1941-50, $700,000 (April).
North
Northern Indiana Power Co.
Line
Co.
2M%
equip,
tr.
ctfs,,
series
L,
1st series A 4M«, 1965, $9,500,000 (March).
Northern Ohio Telephone Co. 3,534 shs.
5% pref. stock (par $100), $353,400
(July).
Ohio Associated Telephone Co. 3Ms,
recorded in the year 1940, which is followed by a summary
of the amounts
Michigan Associated Telephone Co. 3Ms, 1970, $2,950,000 (Nov.).
Ohio Telephone Service
1970, $1,770,000 (Nov.).
Co. 1st 4Ms, series A, 1959, $550,000 (Jan.).
Orange & Rockland Electric Co. 1st 3s, 1965, $1,150,000 (Oct.).
Pennsylvania Dixie Cement Corp. 1st 4Ms, 1953, $3,250,000 t^LUg.).
Pennsylvania State Water Corp. 1st coll. tr. 4s, 1965,
$7,600,000?(June).
The Commercial & Financial Chronicle
178
Pere Marquette Ky. 2%
1941-50, $2,200,000 (Oct.).
equip, tr. ctfs.,
Philadelphia Transportation
$910,000 (June).
Co.
Philadelphia Transportation Co.
1940-50, $1,326,000 (Sept.).
Potomac Electric Power Co.
1 %-2K%
%%
equip,
3%
to
equip,
&
Electric
ctfg., series B,
tr.
$15,000,000 (Aug.).
Corp. gen. 25-yr. 3series K,
1970, $15,-
f. 4)48, series A, 1965, $125,000 (July),
s.
St. Paul Union Stockyards Co.
throughout
since
sold
the
in
inclusive
of
compilation of the
our
entire
an
American
The
market.
the most important one
was
at all
were none
it
However,
year.
is
now
important volume of foreign issues has been
an
foreign issues
1955, $1,200,000 (Sept.).
1st 3)48,
Safeway Stores, Inc., 1,000 shs. 5% cum. pref. stock (par $100), $100,000
(Dec.).
San Diego
placed
the first since
started in 1919 in which there
for in this seven-year
Rumford Falls Power Co. 1st 3Ms, 1950, $1,500,000 (Sept.).
1st
was
10 years
000,000 (July).
St. Augustine Gas Co.
figures
1st 3)4.8, 1975, $10,000,000 (Sept.).
Public Service Electric & Gas Co. 1st & ref. 3s, 1970,
Rochester Gas
The past year was
1942-45.
ctfis,,
tr.
Jan. 11, 1941
period
period 1924 to 1930
covered by
placed here, out of
was
figures
our
of $9,119,051,306
an aggregate
total of $12,-
a
984,551,638 from 1919 to date.
Following is
a summary
of the yearly figures since 1919:
County Water Co. 1st 3%s, 1960, $1,000,000 (Feb.).
San Diego Gas & Electric Co. 1st
Sierra Pacific Power Co.
GRAND SUMMARY OF FOREIGN ISSUES PLACED IN UNITED STATES
3%b, 1970, $16,000,000 (Oct.).
1st 3H», series A,
CANADA.
(INCLUDING
1970, $3,000,000 (Nov.).
PROVINCES
ITS
MUNICIPALITIES)
AND
Southern California Water Co. 1st 3%b, series A, 1970, $3,500,000 (March).
(A. E.) Staley Mfg. Co. 2%% debs., 1941-55, $1,700,000 (June).
Standard Oil Co. of Kansas 3M% 10-yr. debs.,
$59,250,000
...
S147,000,000
$87,750,000
25,062,500
40,000,000
65,062,500
3,250,000
23,000,000
219,000,000
222,250.000
156,500,000
179,500,000
116,000.000
116,000,000
1935
Corp. 1st 3^fs, series A, 1964, $1,950,000 (Jan.).
Oil
Co.
)4%
l-to-10-yr.
214%
to
serial
notes,
$19,000,000 (Aug.).
Tide Water Associated Oil Co. 15-yr.
2% %
s.
f. debs., $16,500,000 (Aug.).
1932
26,015,000
40,000,000
66,015,000
1931
Associated
133,332
61,200,000
61,600,000
61,200,000
1933
Telephone Co. 4s, series A, 1960, $500,000 (Feb.).
Water
1938
1936
Tampa Union Station Co. 1st 4s, 1958, $225,000 (Oct.).
Terre Haute Water Works
Tide
1939
1937
1941-50, $1,000,000
(Aug.).
Texas
Total
Refunding
1940
1950, $1,800,000 (April).
Sutherland Paper Co. 1.50%-3.20% 10-yr. serial debs.,
New Capital
Calendar Years
Southwestern Associated Telephone Co. 1st 3%s, 1970, $3,250,000 (July).
253,722,000
14,500,000
268,222,000
1930
1,009,213,390
126,566,000
1929
757,837,569
1,319,167,987
1,135,779,390
779,870,286
257,652,913
1,576,820,900
1,561,119,925
1,145,099,740
163,564,500
1,724,684,425
204,693,300
1,349,793,040
1934
Transcontinental & Western Air, Inc., 119,154 shs. common stock (par $5),
$1,668,156 (March).
1927
Upstate Telephone Corp. 1st 3%b, 1970, $1,000,000, (Nov.).
1926
Vanadium Corp. of America 10-yr. 2%% conv. debs., $2,000,000 (Nov.).
1925
Vanadium Corp. of America 28,571 shs. common stock (no par), $999,985
(Nov.).
1928
.....
1923
....
1922
Vermont Valley RR.
1st
s.
f. 4s,
1955, $1,500,000 (Sept.).
22,032,717
221,147,000
1,307,307,500
248,225,445
1,086,160,500
996,570,320
280,274,600
1924
61,733,332
1,244,795,765
360,216,279
759,776,034
79,941,679
125,265,000
634,511,034
1921
527,517,000
50,000,000
577,517,000
Virginia Public Service Generating Co. 1st s. f. 4s, 1959, $1,400,000 (Jan.).
1920
383,4.50,887
138,998,000
West Coast Power Co.
1919
342,130,300
263,429,000
522,448,887
605,659,300
1st 4Ms, series A,
1965, $1,000,000 (June).
West Virginia Water Service Co. 1st 4s, 1961, $200,000 (April).
Western Light & Telephone Co. 3%b, 1969,
Issues
$1,500,000 (May).
Western Maryland Ry. 2% equip, tr. ctfs., 1941-51, $2,000,000 (June).
Western
Massachusetts
Cos.
sec.
2.70%
notes, first
series,
1955,
It
$15,"
000,000 (Sept.).
of
Wolverton Brothers Light & Power Co. 1st 6s, 1941-50, $45,000 (June).
Woodward Iron Co. 1st mtge. 2)4,3X, 3\4%
bonds, 1946-55, $4,750,000
Representing New Financing
happens from time to time that
have been
securities which
desiring to liquidate all
do
(Nov.).
Not
so
by making
a
of large blocks
owners
outstanding for
time,
some
part of their holdings, prefer to
or
public offering of the securities involved.
(F. W.) Wool worth Co. 2)4% 8. f. debs., 1965, $22,000,000 (July).
Worthington Pump & Machinery Co. 10-yr. 4% debs., 1950, $3,500,000
(Sept.).
sale of such securities
(L A.) Young Spring & Wire Co. 10-yr. 3 H% serial loan, 1941-51, $2,000,000 (June).
the-counter market, and the company whoso securities are
Youngstown Sheet & Tube Co. 0.50%-2,25% serial debs., 1941-47, $10,000,000 (Aug.).
involved receives
Youngstown Sheet & Tube Co. 0.40%-2.10% serial debs., 1941-47,
500,000 (Oct.).
PRIVATE CORPORATE
$10,-
offerings
tions of
FINANCING
First 6 Months
Of course,
the transaction is
as
nev)
Last 6 Months
Total Year
different, in effect, from the
of the
exchanges
or
in the
over-
Such
part of the proceeds of the sale.
no
these have, of
issues, but
for whatever interest
and present
no
on one
our
compila¬
Lave tabulated them separately
we
they
place in
course, no
may
have
their
on
own
account,
the results in the table below:
ISSUES NOT REPRESENTING NEW FINANCING
1940—Number of Issues
60
134
$319,595,904
Volume.
74
$473,040,385
$792,636,289
Percent of total volume
1939—Number of Issues
29.2
29.1
71
35.3
33.2
51
76
127
5229,828.780
$450,683,000
$680,511,780
33.8
30.8
31.8
64
53
117
$305,991,000
$150,311,094
$456,302,094
17.1
23.3
18.7
Percent of total volume....
937—Number of Issues
Volume..
Percent of total volume
...
January
66,876,758
65,753,462
July
also
December
capital issues in the "Farm Loan and Government
were
in
sharply
compared with the peak
considerably below 1938.
reduced
year
volume
were
Whereas in
1939 issues
group
amounted to $804,304,000,
which $460,707,000 represented new
money and
the
balance, $343,597,000, refunded issues outstanding. In 1939,
when a total of $2,461,560,325 was
disposed of, $924,430,of
000 fell into the
new money classification and
$1,537,130,325, into the refunding category.
In 1938, $1,146,047,000
obligations
were
placed by the
Treasury Financing
the Federal Intermediate Credit Banks.
An
7,499,940
8,808,198
7,085,183
8,962,985
4,405,762
4,600,000
64,662,181 102,766,872
important change in
It
was
Year
1940
only in
any of the large "New Deal" agencies undertook
public financing, and in that month, the Commodity
Credit Corp. floated an issue of
$289,458,000, all new in¬
any
Government
debt
time in
new
history.
tax
as
well
was
by Secretary of the Treasury Morgenthau at
ference
last
month,
at which he
a
pointed out that,
issues taxable.
in November,
repeated the assertion that he made
that he proposed
to
ask the legislators to
confer this power.
The note
offering
$530,838,700
subscribed.
were
was
for about $500,000,000 and actually
allotted,
or
issue carried
The
carried
1%
13% of the $4,071,277,000
a
offering, that of last June.
by
of only
coupon
the
The notes
last
were
debt
that
can
be
present
States
are
tions and governmental bodies.
classification
was
sold
Not
during 1940,
a
single issue in this
nor
inJL939 following the outbreak of hostilities
Continent* in September.
were
on
any
placed
the European
~
'
of
about
amount.
1938,
$100,000,000
As
in
the bills
the
were
negative quantity
only 0.002% and
amount
of
applied against the special
purposes.
The Treasury also sold, last month the
our
note
the first Treasury
outstanding under the $45,000,000,000
general authorization, but
usual annual summary of foreign
security issues placed in the United States by both corpora¬
we
%% in
previous
issue, other than bills, to be designated "National Defense
$4,000,000,000 authorization for defense
P Following
while
Congress authority to make future bond
And he
Series," and they therefore do not affect the
Foreign Issues Placed in the United
reiterated
press con¬
existing law permits issuance of notes subject to taxes, he
$67,000,000, of which $42,000,000 was new and $25,000,000
refunding. These three issues alone comprised $468,557,000,
58% of the year's aggregate.
an
That the Treasury intends to extend the
policy to Treasury bonds
comparison with
or
was
issue of Treasury notes, subject to income taxes, for the first
October, the United States Housing Author¬
ity sold $112,099,000 of obligations, also for new capital,
and in October, the Federal Home Loan Banks borrowed
In
policy
inaugurated in December, with the offering and sale of
July that
debtedness.
lio'ooo
417,885
4,287,175
in December and the
Calendar
must obtain from
group.
In the first six months of last
year, all the financing in
this division belonged to either the Joint Stock Land Banks
or
534,373
12,008.694
17,040,437
11,736,424
4,946,566
12,539,010
6,121,593
14,184,842
12,451,695
12,459,292
343,750
1,572,000
3,546,765
11,573,907
4,867,500
11,833,750
in
comprised about 42% of the grand total, in
they represented only about 17% of the aggregate. Last
year's total of issues in this
4,318,088
1,025,000
3,965,000
2,746,795
1,833,091
611,334
1,702,750
last
1939, and they
Total
this division
1940
.....
8,008,000
4,641,113
126,330,104
June
October.....
Financing in 1940
division
1936
$
.9,919,270
22,0~96~368
April..
November
year, as
1937
2,625,696
5,721,524
3,162,305
12,199,818
3,757,564
14,499,172
1,250,175
5,269,100
1,164,950
5,714,434
March
May
September...
Farm Loan and Government Agency
Agencies"
1938
14,726,274
5,953,125
12,855,884
28,876,706
279,655
251,500
7,127,500
25,487,816
742,500
5,547,372
8,951,969
15,529,803
...
_
February
August_
New
$
$728,557,500
30.7
1939
$
137
8418,577.500
Percent of total volume....
1938—Number of Issues....
Volume
1940
29.1
66
$309,980,000
.........
Volume
on
each,
to
meet
corresponding
months
of
of
like
1939
and
in great demand, and yields
were
a
the last two issues of the month And
0.001%, respectively,
issues of the month.
weekly bill issues
maturities
on
the first
two
Volume
The Commercial & Financial Chronicle
152
Baby bond sales showed greater seasonal expansion last
than they did in December,
1939, and the total
month
sold
in
aggregated
$82,207,227,
compared
with
defense
spending
nitude.
While
the United States embark
saw
Nov. 29Dec.
huge
a
contracts let
arms
out up to the year-end
aggregated about $10,000,000,000, actual spending had not
yet occurred in such great volume.
by the National Treasury during the year aggregated
$2,346,210,238 on account of salds bf securities to the public
$1,136,413,000
on
Amount
Applied for
Due
Accepted
4
91
6Deo. 11
91
days
374,375,000
were
99.999 +
99.999
406,052,000
5
years
4,071,277,000
100,968,000
101,204,000
530,838,700
Dec.
13Dec.
18
91
days
397,913,000
100,272,000
a
Nil
Dec. 20Dec. 26
90
days
422,280,000
100,424,000
a
Nil
years
82,207,227
Dec.
31
Dec.
1
10
Dec. total...
on a
Infinitesimal
par;
75
82,207,227
bank discount basis,
$45,000,000,000 maximum imposed by
the Administration evolved a scheme to avoid this
politically odius action, prior to election, by having various
Government agencies return to the Treasury about $700,000,000 of capital funds previously subscribed.
the
of
a
Slightly above par.
by this
Total Amount
Type of
Security
Accepted
New
Refunding
had
disappeared.
For, after Germany had invaded Scan¬
dinavia and the Low Countries of Europe in April and
May ,
the American
need for
public
was
so
$
%
First six months
July
July
10
July
July
22
17
July
24
July
31—
July
total
3
1..
4,394,061,340
3,607,995,100
100,294,000
100,384,000
Indebtedness-
$
100,294,000
100,384,000
671,319,850
100,098,000
100,407,000
100,098,000
100,407,000
91-day Treas. bills
91-day Treas. bills
2Ji%
Treas. bonds
91-day Treas. bills
91-day Treas. bills
91-day Treas. bills
U. S. Savings bonds
786,066,240
671,319,850
100,424,000
72,997,075
100,424,000
1,245,923,925
501,607.000
Treas. bills
Treas. bills
100,372,000
100,071,000
Treas. bills
100,166,000
100,026,000
100,372,000
100,071,000
100,166,000
100,026,000
July total...
come back to the Treasury
but the need for this kind of circumvention
process,
6 Slightly under
USE OF FUNDS
"72,997",075
At the end
$210,389,100 had
year
*2.90%
yield.
At
law,
H%
9,292,144,238
Average rate
Dated
be raised above the
*0.001%
1,015,913,927
Total 12 months
*
100
1-
$1,582,-
the beginning of the
year, when it appeared that
proposed deficit spending would require the debt limit to
*0.002%
days
18
account of sales to various govern¬
mental funds; the comparable figures for 1939
276,882 and $1,075,390,000, respectively.
Yield
Price
11 Dec.
New indebtedness under¬
taken
and
Amount
Dated
Dec.
Dec.
on
of unpredictable ultimate mag¬
program
Date
Offered
$50,079,932
November, and $76,024,114 in Dcember, 1939.
The year 1940
179
91-day
91-day
91-day
91-day
Aug. 21
Aug. 28
Aug*
completely persuaded of the
large defense spending program that the aversion
to a higher debt limit was overcome and
Congress, in June,
enacted a law permitting the Treasury to sell for defense
7
Aug.
Aug. 14
Treas. bills
U. S. Savings bonds
1
63,358,894
53,358,894
453,993,894
August total.
744,316.926
400,635,000
100,100,000
100,120,000
100,298,000
100,019,000
724,847,900
47,121,644
100,100,000
53,358,894
a
Sept.
4.
Sept. 11.......
additional $4,000,000,000 of obligations other
>
Sept. 18__
91-day Treas. bills
92-day Treas. bills
7.
2% Treasury bonds
1....... U. S. Savings bonds
Sept. 25
Oct.
purposes an
91-day Treas. bills
91-day Treas. bills
Sept.
100,120,000
100,298,000
100,019,000
724,847,900
47",V21",644
than bonds.
Also with
view toward the
a
approaching debt limit, the
Treasury announced in March that sales of United States
Sayings bonds would, starting April 1, be confined to sales
individuals.
to
This type of security which is sold
on
a
Oct.
aggregated
$1,114,693,692,
substantially above
the
the
final month
Treasury
above
rose
$1,841,183,700
bills
designated
were
after
election,
would
ask
cover
the
and
the total, debt of the
year
$45,000,000,000-mark,
notes
outstanding
at
but
16
23
91-day Treas.
Oct.
30
91-day Treas. bills
100,544,000
100,500,000
100,907.000
Oct.
1
U. S. Savings bonds
52,220.676
been reached.
or
next
9
Dec.
31
In November, directly
Nov.
$65,000,000,000, which he estimated would
In the tabulations which follow
financing activities in the current
we
year
1..
Dec.
18
Dec.
18
Dec. 26
1
U. 8. Savings bonds
mos
1942.
*
outline the
Amount
Doled
Due
1940
Accepted
613,045,927
6,945,934,000
2,346,210,238
"50,079,932
50,079,932
530,838,700
82,207,227
FINANCl
Retired
Issued
1940
■
Amount
Applied for
402,868,000
INTERGOVERNMENT
First six months total.............
Date
100,424,000
52,220,676
Treasury's
year:
UNITED STATES TREASURY FINANCING DURING
Offered
100,272,000
100,424,000
82,207,227
December tot al
100,968,000
101,204,000
100,272,000
90-day Treas. bills
u
402,099,000
100,968,000
101,204,000
530,838,700
mmm «...
101,256,000
452,178,932
Treas. bills
Treas. bills
100,130,000
100,411,000
100,302,000
101,256,000
50,079,932
Treas. bills
91-day Treas. bills
91-day Treas. bills
H% Treasury notes
91-day Treas. bills
12
5~2",220"676
505,345.000
100,130,000
100,411,000
100,302,000
Treas. bills
U. 8. Savings bonds
Dec. 4........
Dec. 11..
Total
100,907,000
1,016,913,927
91-day
92-day
91-day
91-day
November to till.........
Dec.
100,544.000
100,500,000
9,292,144,238
6.......
Nov.
47.121,644
557,565,676
Nov. 13—
Congress to raise the limit to $60,-
requirements through the fiscal
101,944,000
bills
October total
as
Secretary Morgenthau announced that he
the
000,000,000
the
101,450,000
101,944,000
Oct.
Nov. 27
"National Defense Series," the general
as
limit had not yet
of
101,450,000
Oct.
Oct.
Nov. 20
$862,124,032 sold in 1939.
In
2
1,125,384,900
92-day Treas. bills
91-day Treas. bills
91-day Treas. bills
discount basis, appears against the debt limit at its maturity
value.
Nevertheless, total sales of these bonds during the
year
1,172,506.544
tal
September to
$;.
%
2,422,565,000
1,879,071,000
Net Issued
$
543,494,000
July—
Price
Yield
First six
June 28
months
%*
total
3
91
days
days
July
4 July
11 July
12 July
19 July
26 July
July
July
July
10
91
337,958,000
287,791,000
100,294,000
100.384,000
22
17
16 years 6,605,071,550
91 days
247,377,000
671,319,850
24
91
days
91
31
25,500,000
12,500,000
90,969,000
25,000,000
65,969,000
128,969,000
50,600,000
78,469,000
July total
y^:v:B9.994''l-";r ♦0.024%
1-
July
July
38,000,000
S
4,394,061.340
July
Certificates
Notes
days
259,942,000
237,621,000
100,098,000
100,407,000
100.424,000
10 years
72,997,075
99.996
*0.017%
100
:
Certificates..
Notes
99.998
72,997,075
August—
99.998 +
99.999
*0.008%
*0.006%
*0.004%
.
„•»
6,130,000
1
total...
75
*2.90%
5,000,000
7
91
9 Aug. 14
91
days
days
91 days
208,956,000
156,332,000
211,381,000
91
days
235,835,000
100.372,000
100,071,000
100,166,000
100,026,000
10 years
53,358,894
53,358,894
91 days
4
91 days
6 Sept. 11
91 days
13 Sept. 18
92 days
20 Sept. 25
7 14 2-3 yra.
25 Oct.
1-
212,900,000
255,518,000
283,273,000
Aug. 16 Aug. 21
Aug. 23 Aug. 28
Aug. 1-
31... Aug.
1
Augu st total.
99.999
99.993
*0.004%
*0.007%
*0.021%
*0.028%
75
•2.90%
100,100,000
99.991
166,040,000
30— Sept.
99.990
1
10 years
*2.90%
2
92
days
91
724,847,900
47,121,644
47,121,644
99.995
4 Oct.
days
600,748.000
11 Oct.
16
91
days
Oct.
18 Oct.
23
91
days
Oct.
25 Oct.
30
91
days
475,559,000
413,289,000
383.907,000
Oct.
99.992
99.997
100
'
75
v'
10 years
52,220,676
101,450,000
101,944,000
100,544,000
100,500,000
9
1
38,213,000
300,000
112,700,000
33,000
6,823,000
*6,790,000
113,033,000
7,123.000
105,910,000
22,300,000
11,500,000
10,800,000
165,220,000
November
30 Nov.
Nil
a
15,644,000
149,576,000
100,907,000
52,220,676
Nil
a
Nil
Total 12 months
6
91
days
92
days
Nov. 15 Nov. 20
91
Nov. 22 Nov. 27
91
a
'J\\
75
Nil
*2.90%
1
b
100,130,000
100,411,000
99.999 +
days
236,456,000
285,555,000
280.833,000
100,302,000
99.999
days
298,636,000
101,256,000
99.999
50.079,932
50,079,932
10 years
total
452,178,932
75
27,144,000
160,376,000
2,027,884,000
1,136,413,000
•
Comprises sales of special series certificates and notes; certificates sold to
Adjusted Service Certificate Fund and Unemployment Trust Fund, and notes to
Old Age Reserve Account, Railroad Retirement Account, Civil Service Retirement
Fund, Foreign Service Retirement Fund, Canal Zone Retirement Fund, Alaska
Railroad Retirement Fund, Postal Savings System, and Federal Deposit Insurance
In the
b
*0.003%
*0.003%
*0.004%
1-
30— Nov.
187,520,000
3,164,297,000
Nil
a
557,565.676
7 Nov. 13
total
December—
Corporation,
total
Nov.
7,213,000
16,827,000
113,000,000
October total...................
December total
100
1-
31— Oct.
Nov.
31,000,000
6,827,000
November—
1,172,506,544
372,466.000
Oct.
Nov.
10,000,000
55,040,000
Certificates
Notes.
Certificates
Oct.
Oct.
129,603,000
41,000,000
14,040,000
Notes
322,058,000
724,847,900
Sept. total
Sept. 27 Oct.
Oct.
36,437,000
October—
Certificates
Sept.
xl8,500,000
148,103,000
Notes..
100,120,000
100,298,000
100,019,000
*0.036%
*0.038%
*0.032%
*0.013%
2%
99.998
453,993,894
Aug. 30 Sept.
Sept.
23,500,000
12,937,000
Certificates
September total
2 Aug.
Aug.
Sept.
80,348,000
161,040,000
August total
1,245,923,925
.........
Aug.
Sept
*4,652,000
10,782,000
......... ....
Notes
Sept.
To",782*666
91,130,000
..
September—
31... July
July
85,000,000
85,000,000
's »-■
.
...........
*2.90%
compare
for
x
Excess of retirements.
comprehensive tables
on
the succeeding
pages we
the December and the 12-month figures with those
the corresponding periods in the four years preceding,
affording a five-year comparison.
Following the full page tables, we give complete details of
the capital flotations during December, including every
issue of any kind brought out in that month.
thus
3
o
o
3
o>
00
0)
&
o
fcj*
Jr*.
*1
S3
Vo
Refundi g 390.576, 3,975,0 1 ,7365 01.4 8,3 6
407, 652 2,60, 049,032870 459.3 ,42
Capital 96,42143,57,0 10,5 50107,63809
218,0573 47,96204 26.1783
38,21450 1,40 09.4S2.07 8,36,214
67,45971 2,70,0 85,2 370575,0 0 175,9 16
20 .0 0 137, 69
Refundi g 1,3450 9,20 , 0
20,852.69 2,70 014,936150 58,63419
Capital 26,90 02,0,0 9,28,07 8,25,45
1936
46,0752 70,286 20 50 ,0 0 17,39 742
150, 0
296,78 5 75,20 14,269 102,65,0 51,932185
$
New
S
Total
S
New
270,1420 2,75.28 3,798,09
Total
150, 0
Refundi g 26,01960 10,973610
$
1938
210,93 0 8,4 ",80 7,20,35
4,90.0 1,609,70S
Total
1940
SOUMFARY
Refundi g
Capit l
New
$
%
$
329,4 0 1,0 ,0 48,0540 1,50 840
.
389,4320 14,36"0 20,1479
3S,21450 20 .0 0 10, .0 1,20.0
1,40 0 825*,480 585,0 0 13,08 561
3, 46,250 17,845291 4,8 0. 0 27,410 8 585,0 0 29,73561 929,60 385.0 0 20 .0 0 3, 46.250 67,45971
1,3450 9,"2O6", 6
9,20 , 0
4,680. 0 6,20 , 0 15,43 0 "385",6 0 20 ,0 0
26,90. 0 20 ,0 0 80 ,0 0 1.20,0
2, 0 , 0
46,378.0 127,8960 1,250, 0 6.7S5.0 87,0160 810, 0
270,1420
150, 0 150, 0
5,037,6 7 9.0 S.09 1,0 ,0
1,38 218 26,53 75 46,3780 132.S56 7 1,250. 0 15,8309 8,07160 810, 0 1,53821 296,78 5
26,01960
150, 0 150, 0
3,473,61
7.50 , 0 10,973610 46,3780 126,95460 816,0 0 5, 87, 40 50. ,0 416,0 0 7,650, 0 237,14 30
4,9 7~, 50 434,0 0 1, 97,16037,0 1,60 L394.0
4,094510
1,563,457 9,0 8,09 1,0 ,0
3,8 .218 15, 49765 6,5 1,207 434,0 0 10,295 0 38,07160 394,0 0 3,8 .218 59,64 275
210,93 0
4,0 ,0 50 ,0 0 5,392,71
5,7 2,504 15,6 215 65,980 124,960 8,410, 0 20,89271 "4 l8~,6 5,916,504 26,59 215
189,307450
4,0 ,0 15,62370",
872,18 6,509,708
4.6S0. 0 16,58 0 15,43 0 929,50 385,0 0 20 .0 0
$
Total
1938
Capital
61,3 58 128,76 148 189, 706
CAHARNDTE
$
New
65,980 120,96 0 7,910, 0 15,0 0 "418,606
14 ,0
Refundi g 60, 0 15,20 13,57 450 386", 65
14 ,0 0
Total
1939
929,50
Refundi g 10,385.0
New
328,1 682 14,3"06, 73,80 26 415,89208
43,78 10 1,0 ,0 9,703,27 6,45,186
67,28.30 18,3 649 27,19 0 36,19804 747, 07 9.174,6 48,610968 10,97416 2,89,0 1,0 ,0 81,43820 218,0573
Capital
"
5,9 8,0 5,760, 0 7,910, 0 1,92 ,5 0 "'32,656
Capital
Total
1940
$
"
2,695,0
12,950792
3,146,250 17,50 2 4,8 0, 0 7,825,480 585,0 0 29,58 792 "385',6 620 ,0 0 3.146,250 46,0752
19,58 6
137, 69 929,50
20 ,0 0
20,852 69
60, 0 19,20 15,24970 "386",56 1.06.18 195,87158
3,75 ,19
066
4,90 ,316 9,15 , 07 5.9 8,0 5,760, 08,410, 0 5,67 , 41 "32", 4,90~316 30,78057
1,0 ,0 32,9756 10, 31260
1,0 ,0
15,804980 58,91 240 12,03 0 25,17 0 21.50, 0 26,31260 l",20",0 4,0 ,0 98,04980 389,4320
8,310,28 42,56 782 20,31 0 15,092 0 14, 8250 1,20 ",60 4,0 ,0 73,204182 328,1 682
Refundi g 187,65 0 15,092 0 12,805 0 1*,20",6 4,0 0 64,893 0 285,64 90
1,0 ,0 "40 ",0 8,453,760
1,0 ,0
18,0610 43,78 10
New
825,480 585,0 0
20 ,0 0 3 7, 69
32,57 0 1,67,50
12,03 0 192,0 21,50 0 15,0 0 l",20",60 4,0 ,0 83,0 0 329,4 0
Capital 12,03 0 4,54,0 6,408,0
137, 69
50 ,0 0
21,6250
New
605,79124'
285,6490 318,27682",3,860,54
3,57 ,0 1,8 0,5 0 747, 07 9,174.6 27,804 8 10,97416
416,0 0
816,0 0
Refundi g 46,3780 12,81 50 5, 87, 4050, 0
1937
ITSGOUNCSORNFRHEPUIAOPFEWAIEDR
CFLFAOGMOORURVPNEERICIGDMPANTLT,,
New
175,0
Total
30,78057 67,892539 98,670596
189,30745
Refundi g
4,7 9,750 13, 548 6 2 ,04 10 359.42,96 19,02 8 0 3 8.3 6 350, 0 6,519,750 407, 652
New
195,87158 18,60 0 2, 2906 236.40,6
Capital 21,6250 3,54",80 5,610,627
1939
3,975,0 3,82 ,0 862,0 0 3, 46,80 3 8,3 6
Capital 23,791 0 34,59304 20,631920 2,89~,6 1,0 .0 13,80. 96.42,14 3.40,0
26,59 215 18,60 09,154 35,106
Total
975,0 0
"
$
59,64,275 5,6 ",0 126.457,10 241,0 385
New
Refundi g 15,2 610 358.62,49 14,708 0 3~5 0",6 1,740. 0 390,576 3,0 ,0
1936
TMODFEYHCNIVABRS
FINTOMDAFEHYCIRVAGBRS
Capital 4,094510 1.751",6753,798,09
S
—
;
237,14 30 20,5",0 14,8250 2,65,0 274.830S
—
72.407,980 13,29 53 49,2360 395, 430 747, 07 9,174",0 67,408 1,3250 3,249,0 1,0 ,0 87,957,980 625,91 35
r°s*"
75,0 0
$
1937
o§93,0803g29, 180 35,o46 3,249,6 :R:o: 1,0 K.0,.15^ 0, 487,0680 §46,0,0 ^ Ci1,56",0 3.:: :a7,50, 0 3,82,0 2.672,50 747,07 9",174:6 31,5084 1,3250
625,91235 2,60, 096,94,34 725,67.29
t3*
487.068,07,50. 02,37,10109.56435
8
Total
■fc.
7,49 ,698 16,3,4458 12,03 0 4,9 4,0 6.408, 0 12, 48760
25,60 798 61,3 58
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corpate
Corpate—
Mtemi,lal,Equp n oatonrsd industrial buildngsR, ub er Ship ing trust ;Miscelan ous Short-Te m Railroads util es cstoeall,,Equipment Moatonrds industrial build ngs,Rub er Ship ing trust ,Miscelan ous. Stocks— Railroads util es Equipment and industrial buildngsR, ub er Ship ing Miscelan ous Total— Railroads util es Equipment Moatonrds industrial buildngs,Rub er Miscelan ous
Can dian foreignLoaann USntaiteeds
Railroads util es sctoe
sctoeall,,
trust , sctoeall,, Ship ingtrust ,
MONTH
Grand
Total
Other
Total
*
OtherFarm
*
Public Iron,
Other
Oil
Land,
Inv.
Total
Public Iron,
Other
Oil
Land,
Inv.
Total
PublicIron, Motors Other Land,
Oil
Inv.
Total
Public Iron,
Other
Oil
Land,
Inv.
1936
4,631958 48,0 0 78,50 0375,2160 1,735 18 3.25,0 6.254,3 79
3.96,2710 62,70. 270,8436 28,06371 38,0 0 15,0 "6
Total
3,41695382 48.0 ,0 78,50 035,1260 382,4 .632 1,750 4,2810 64
Refundi g 3,1468 723 39,7 .50 180,73 80 19,570 9 30, .0
Capital 816.4587 23,0250 89,67284 26,49368 8,0 ,0 15,0b".6
1937
2,436915
Capital 769,17 49 47,81608 204,61 42 03,4628
$
New
Total
1938
$
85,0 0 134,0 . 0 280.714,0 190,678 95 1,57,0
62,50 49 ,689 0 0, 0 0 0, 0 047,0 0 uW 861,0 0
2,03 985 10,490 78,5601 9,087 4
757
7.
40
2,140,
531,254
Refundi g 1,290375 6,908,0 30,61270
25
1,146 1,099
1937
New
2,1069580
4,591608
1938
28,143 4,510, 0 25,974253 70,8436
New
2,369850 2,8460 246.315,90 81,6 84
Total
2,70638 804,3 0 1,234.9602
Refundi g 1,79285 70 10,8360 185,36920 7,543,86
1,96402,56
$
1940
5,325,0
34,5970 47,64723 3,20,0
724, 1782 460,7 0 75,1 679 2,15,0
OSUMFARY Capital 57,01 30 12,0 0 61.78,074,0298
New
467,50
850, 0
60 ,0
350,7490 68.57,0 132,850 3,420. 10,7 .0 14,9605 , 176 5,0 3,410 *250,6 41,580 6,0 0 48,20 3,940
35,90 94,60 92,74381 96,17 53 12,73453 286,3059 167,52480
1,578930
Refundi g 123,6490 543,28 13 4,076 50 4,93~,65 38,67 8 28,7 50 23,78.0 3,20,50 809,476351 1,450, 0 4,62390
72,310 1,94.27 5 160,75 0
NCOREPWATE
2,809637451 COAHGARRNUFPTDINE
bSotainyeds
136,950 30,6710 19,750 135,0 4,~O" ~,6 6,04,0
890, 0
Refundi g 56,3780 928,67 205 5,368,0 4,569 5 82,69305 12,89460 97,82 0
2,03985
1,2903.75
1939
$
40,0 0
2,150 10,49 0 2,358492 1,56,92 5,918 35 1,932,50
120, 0 21 ,0
30,0 0 40,0 0
32 ,0 3,582,0
1,89,0
836,0 0
Capit l 14,56398 237,9437 12, 30 4,2 65 1,80 0 1,032,80 1,350, 0 124,08.170 57.01,30
910, 0
462,0 10 ,0 7,852,438
5,10482 1,56 92 49,5801 1,93250
1,2674539
6.56,830 15,930 27,90472 156,9 2 142,03416 24,103795 6,324,90 37,130 462,0 4,10,0 13,25438 873,4950
2,407,59 137,58.21 10,6380 94,0 7,0 0 47,650 9 170,2653 8,604,120 19,05 0 98,476 59
,265718
2,19640
1,82738
875,0 0
15.0 , 0 2,8460 153,86901 2,934,985 5,40,0 91,57264 1,40,0 3,629,780 68,251439 327,9 538 372,890 1,2634810 364,29 85 5.40,5 248,50 624 18,750 13, 20 1,40,0 3,629,780 5,30, 0 324,701 39 2,70.638
910, 0
1017,3 . 3, 20 5,30, 0 241,50 2,369850 5,0 .0 1,936,0
367,2890 1,086930 361,05 15,0
2 ,83260 870,921 03 49,120 10,7 3510,5 0 12,9 20 4,0 ,0 17,36180 1,7928570 5,0 ,0
7,520,30 31,43964 56,3780 94,730815 6,18,0 51,0971 82,90 35 12,89460 97,82 0 10,237 0
2,50,0 4,510, 0 5,468,304 2,50 , 0 2,680,5 68,31 6 9 1,275,0 10 ,0 213,90 16,20 726 96,758 9 84,9580 61,24 67 20,31 0 3,90 , 0 2,680, 0 108,91403 56,48 7 4,753,8 0213,90 2,0 ,0 38,5 27 6 38,45302
New
$
1,208679435
462,0 0
15,372 38 97,10794 72,310 1,2 638 7 163,0792 193,06 135 07, 410 19,2 50 135,0 0 4,10,0 23,562738 2,140968
50, 0 74,30. 0 132,70549 2,045,63
9.0 ,0
5 0, 0
84,958.0 54,316 72 17,260 3,90,0 39,872 34 5,37 47 4,653,80 2,0 ,0 19,850 28,14 3 1,460
Capit l
Refundi g
3
10,7928 760,48.659 356,7490 827,5184 29,61753 3,8750 23,4 53 432,06459 34,69802 3,410 4,02690 "56649",178, 428
213,90
52,0 78,10 138,7 3 2,50,0 606,2680",70,364 02 1,2750 10,0 213,90 18,60485 23,917420 185,960 1,3269573 15,20 10,9 0 2,680, 0 15,841502 7,350 13,580 21,05'60 137,029485
5 0, 0
176,09. 0 1,8523,0 12,60 10,9 0 85,47"20 217,0 13,2580 21,050 65,910 1,83490 9,50,0 7,260 9,0 ,0
$
1940
462,0 10 ,0
1,827,0 6,908, 0 17,253610 6,370, 54
Refundi g 91, 38.0 1,27 0 48 94,0 7,0 ,0 45,60"46 16,72 53 8,604,120 19,05 0 46,09 0 1,60 254 67 9,50.0 5,80,0
Total
9 ,6 5
3,176",90
9 ,0 0
304,650
35,90 47,81608 6,43,562 41,8564 12,73453 23,81609 46,18037 2,49,490 74,587429 408,7 9$! 231,650 153,0.829 130,59460 3,724,650 18,49 53 0,245 1 94,315 7 10,630 3,4,90 "349",6 0 148,921 9 1,250 13
New
Total
'
682,50
162,850
46,873920 86,31025 54,9109 162,850 62",48 350 12,0675 "682.565 26,591859 352, 9675 125,09 674,21 985 9,067149 4,934,60 10,961238 149,38 265 23,780 29,72359
80 ,0 0
6,0 0 750, 0 150, 0 1,40 0
4,0 0 750, 0
523,90
528,64 15 2,016598 24,517 20,73450 24,93472 59,2684 1,720 17.5 ,0 3.509,30 85,96"350 3,41695382
60 ,0 0
50 ,0 0
23,0250 4,'579,135 7,819,43 7,462,40 13,2430 175,2134 26.17,458 10 ,0 0 lf.925~ o 19,52183 367,4092 267,413 85 123,68409 148,97 681 1,58950 13,2430 236,4750 52,78 95 1,9710 9.529,0 12,950 325,86123 1,24950
481414824,63 85 7,85 963 4,5 24 ,096,5 0 60,531" 64 23,958037 1,260 9,429,0 60 ,0 1,0 ,0 206,3940 824,5687 19,50 1,250, 0 176. 6 2, 12,50 245,0
Capit l 15,930 265,8029 15,3890 92,453 20,982 5 6,284,90 37,130 4,bo",60 5,10, 0 803,2 10 2,0 ,0
5538.43,02 9,20 924.30, 930,82 0 450, 0 2,98405,32
Capital
CFGOOOVRREPERNIGMANTT,,
8,250, 0 195,07 0 1.50,0
1,82738 1,537 0"25 3,5467213
$
7", '50",6 39,7 50 3,82 0 43,0862 6,471.0 523,90 80, 49136 16,897385 3,~5b9~,36 45,0 "780 20,43159
9,"IO ",6 2, 87,50
"
Total
873,48950 25,0 6 480,5 0 970,61350 5,236,0 2,35048.5
Refundi g 1,52 74 6 74,30 0 135,8 925 1,974,896 79,50 0
60 ,0 0
506,817.45 1,957 23 236.041,752 20,73450 152.~98 ,36 240, 1963 1,72 0 17,510 3,160576 3.176,8423 18,0 .0 2,0 ,0
New
2,196 ,42067,50 0 2,46150,32 1 5,901 1.950, 0 5,83.07 45
1,8039 ,078.10, 16,5817 72,5924 -79,50
Total
$
50 ,0 0
200,.75,08 90 20756 .2 37.2 , 4,80 213,5"l6~ 0 264,0 . 0 2,9480 27,0 0 60 ,0 0 1,0 ,0 239,50 4,012760 37,150 1,850, 0 2,0 ,0 9,275,6 4,50.0 245,0 0 7~.50.5 62,70 3,82,0 47,8 763 14,29043 7,462.40 13,7820 256,7049 43,51483 10 ,0 0 3,509,30 1,9250 164,57 63 567,904 81 796,05890 2,1534,96 39.40,3 32,8 40 13,7820 479.361,97 312.04,8323,69 0 27,10. 0 4,109,3 012,95,0 41.82763 4,631.95,681
850, 0
60 ,0 0
27,10 143,29187 8,08950 3,420, 0 5,765,40 103,28612 47,8950 10,630 6"250 56 38, 450 769,1749 4,50, 0 3,576,08 3,140, 0
Capit l
FFGftorevhaomdurgnnicmplaeysl.YD3ITUMESSFT1IONNAVHHOAIRC2EESRD.
LYFFAMFTMDE31IOUNONIAAHVRCR2CDMPRNS.G
Capital
1939
62,50
803,2 10 3,582,0 47,9 80 18,56 30
$
Total
441,267 5,39 0, 0 65,197"0 129,4 0 2,65,0 2,104 ,739
$
$
New
1.90,647 1
3,250, 0 157,"0 0 71,62837 3,80 , 0
Refundi g
Capit l
4,01382
1,250 13
Refundi g 809,476351 46,873920 63,7906 8,5069
8,250 134.0 , 0 437,140 902,37162 5.375,0
1,2086794
1.578,930 94,60 468,395208 92,01345
1936
21,90 0 734,908 6 1.57,0 1,973 4185
1,24950.2
New
Total
Total
375,0 0
125,98369 1,306", 0 34,75 028
5,0 ,0 10.836,0
10, 0 12,0 0 27,85641 2,59,85
1,0,0
New
27,832.60 96,0527 349,5670 l",306", 0 146,38763 105, 0 12,9 20 1,530, 0 4,0 ,0 15,09321 1,964025
1,530, 0 28,"731 89 192,68076
65o,094", 56,817596 875,0 0
"4
.0 ,861 ,0 ,80 ,0 ,780 ,0 .920
1,40 ,6 0 2,09,780 39,51 750 135,21752 14,56398 26,74308 14,672985
4,094
102,139 12,675
1,032 1,400 2,099 1,350
notes . notes notes governmt acies.&t_,Posein 1,94256 fiuncldse 3DE1C. Notes— — manufctrig &holdcing, Notes— manufctrig &hocld.i_ng, &c manufctrig &hocld—ing, &c manufctrig &hocld—ing,
3DE1C.
173,607
724, 1782
bDCTEMNODNHS orpate— omestic— Loonangn-dtedsrmShort-emPresftocrkedComstocoknCandi— bLooanngn-dtedrsm Short-emPresftocrked. Comstocko.nforeign— bLooanngn-dtedsrmShort-emPresftorcekdCosmtocko.n corpate GCoavenrnmdiatnforeignGLooavantn, Municpal—Stes,Staes toal dfignuoorets EMNODNTHS BLooangn-Tdesrm Railroads utiles&ccsoopteaerl,l,,Equminpufmtent aacesnorid. indausntrdl &buildcngs, ttrraudsintg,,Miscelan—o-us BShooarnt-TdesmRailroads utiles&ccsopoteaerll,,,Eqmuainpufmtent aacesnoridindausntrdl —&buildcngs, ttrraudsintg,,Miscelanous Railroads utiles ccsootpeall,,,Eqmuainpufmcterenst anoid indaustrl &buildcngs, trtarudsintg,,Miscelanous Railroads utiles ccospoteal,,l,Eqmaunuifpcmtreesnt anoid inadustrl -&buildcngs, Shipng.trtarudisntg,,Miscelanous seccourpritate
Grand
Total
Other
12
These
Total.
Total
*
Other Farm United
*
12
Public Iron, Motors Other Land, Rub er
Oil
Ship ingInv.
Public Iron, Motors Other Oil. . Land, Rub er
Ship ingInv.
Stocks—
Total
Public Iron, Motors Other Land, Rub er
Oil
Ship ingInv.
otal—
T
Public Iron, Motors Other Land, Rub er
Oil
Inv.
Total
The Commercial & Financial Chronicle
182
DETAILS OF NEW CAPITAL FLOTATIONS DURING
Jan.
11, 1941
*$2,750,000 Commonwealth
Telephone Co. (Wis.) 3)4% bonds due
Purpose, refunding.
Price, 104.92.
Sold privately
eight insurance companies through Bonbright & Co., Inc.;'
Paine, Webber & Co., and Mitchum, Tully & Go.
4,000,000 Connecticut Power Co. 1st & gen. mtge. 3H% series C
bonds, due Nov. 1, 1975.
Purpose, installation of new turbo¬
generator unit, construction, &c.
Price, par.
Offered to
stockholders; unsubscribed portion sold in the market.
1970.
DECEMBER, 1940
LONG-TERM
BONDS
AND
NOTES
THAN
FIVE
(ISSUES
YEARS)
to
MATURING
LATER
RAILROADS
$4,000,000ABe»8cmer
&
Lake
Erie RR. 1% serial equipment trust
certificates, due Dec. 16, 1941-50.
Purpose, purchase of
equipment.
Awarded on a bid of 99.216 and r©offered at
prices to yield from 0.20% to 1.50%, according to maturity,
by Salomon Bros. & Hutzler, Dick & Merle-Smith and
Stroud & Co., Inc.
♦1,260,000 Denver & Rio Grande Western RR. 2% equipment trust
certificates, series G, due 1942-51.
Purpose, purchase of
equipment.
Awarded to Blyth & Co. on a bid of 100.5973.
Not reoffered.
6,770,000 Louisville
&
Nashville
RR.
l%%
equipment trust cer¬
Purpose, purchase equipment.
tificates, series I, due 1941-50.
Awarded on a bid of 100.309 and offered at prices to yield
0.25% to 1.65%, according to maturity.
Offered by Halsey,
Stuart & Co., Inc.; Blair & Co., Inc.; Laden burg, Thalmann
& Co.; Otis & Co., Inc.; Paine, Webber & Co.; E. H. Rollins
& Sons, Inc.; Central Republic Co.; Newton, Abbe & Co.;
Equitable Securities Corp.; McMaster, Hutchinson &
Co.,
and First of Michigan Corp.
$12,030,000
PUBLIC
UTILITIES
$70,000,000 Appalachian Electric Power Co. 1st mtge. bonds, 3)4%
'series, due 1970.
Purpose, refunding.
Price, 107 and int.
Offered by Bonbright & Co., Inc.; A. C. Allyn & Co., Inc.;
Almstedt Brothers; Bacon, Whipple & Co.; Baker, Watts
& Co.; Bankamerica Co.; A. G. Becker & Co. (Inc.); Blair
& Co., Inc.; Blair, Bonner ,& Co.; Blyth & Co., Inc.; Alex.
Brown & Sons; H. M. Byllesby & Co., Inc.; Central Republic
Co.; E. W. Clark & Co.; Clark, Dodge & Co.; Coffin & Burr,
Inc.; Curtiss, House & Co.; J. M. Dain & Co.; R. L. Day
& Co.; Dillon, Read & Co.; Dominick & Dominick; Drexel
& Co.; Eastman, Dillon & Co.; Edgar, Ricker & Co.; Elkins,
Morris & Co.; Equitable Securities Corp.; Estabrook & Co.;
The First Boston Corp.; First of Michigan Corp • Folger,
Nolan & Co., Inc.; Robert Garrett & Sons; Glore, Forgan &
Co.; Goldman, Sachs & Co.: Graham, Parsons & Co.; Hall-
garten (Inc.); Hawley, Huller & Co.; Co., Inc.; Miller & Hall
Harris, Co.;
Co. & Co.; Harriman Ripley &
Hayden,
;
Hayden,
Stone &
Co.;
Hemphill,
Noyes &
Co.;
J.
J.
B.
Hilliard & Son; Hornblower & Weeks; W. E. Hutton & Co.;
Illinois Co. of Chicago; Jackson & Curtis; Kalman & Co.;
Kidder, Peabody & Co.; Knight. Dickinson & Kelly, Inc.;
Kuhn, Loeb & Co.; Laird, Bissell & Meeds; W. O. Langley
Co.; Lazard Freres & Co.; Lee Higginson Corp.; Lehman
Mackubin, Legg & Co.; Laurence M. Marks &
Co.; Mason-Hagan, Inc.; Mellon Securities Corp.; Merrill
&
Brothers;
Lynch,
E.
A. Pierce &
Cassatt;
Merrill,
Turben & Co.;
The Milwaukee Co.; Minsch, Monell & Co., Inc.; Mitchum,
Tully & Co.; Morgan Stanley & Co., Inc.; Moore, Leonard
& Lynch; F. S. Moseley & Co.; G. M.-P. Murphy &
Co.;
W. H. Newbold's Son & Co.; Newhard, Cook & Co.: Newton,
Abbe & Co.; Otis & Co.; Pacific Co. of California; Paine,
Webber & Co.; Arthur Perry & Co., Inc.; Piper, Jaffray &
Hopwood; It. W. Pressprich & Co.; Putnam & Co.; Reinholdt
& Gardner; Riter & Co.; E. H. Rollins & Sons, Inc.; L. F.
Rothschild & Co.; Schoellkopf, Hutton & Pomeroy, Inc.;
Schroder Rockefeller & Co., Inc.; Schwabacher & Co.; Scott
& Stringfellow; Chas. W. Scranton & Co.; Shields & Co.;
Singer, Deane & Scribner; Smith. Barney & Co.; Smith,
Moore & Co.; William R. Staats Co.; Starkweather & Co.;
Stein Bros. & Boyce; Stern Brothers & Co.; Stern. Wampler
& Co., Inc.; Stix & Co.; Stone & Webster and Blodget, Inc.;
Stroud & Co., Inc.; Swiss American Corp.; Spencer Trask
& Co.; Tucker, Anthony & Co.; Union
Securities Corp.;
H, O. Wainwright & Co.; G. 11. Walker
&«Co.; Washburn
Co.; Wells-Dickey Coj White, Weld & Co.; Whiting, Weeks
& Stubbs, Inc.; The Wisconsin Co.; Dean Witter & Co., and
Harold E. Wood & Co.
800,000 Arkansas Western Gas Co. 1st mtge. sinking fund bonds,
4Yi°/o series due 1955.
Purpose, refunding.
Price, 100 and
interest.
Offered by E. H. Rollins & Sons, Inc.
♦300,000 Baraga County Light & Power Co. 4% 1st mtge. bonds,
due Oct. 1, 1960.
Purpose, pay 6% demand note and other
6% note owned by Consolidated Electric & Gas Co.
Price,
par.
Placed privately
with
Northwestern
Mutual
Life
Insurance Co.
53,000,000 Boston Edison Co. 1st mtge. bonds, series A, 2%%, due
1970.
Purpose, refunding.
Price, 105 and interest.
Offered
by The First Boston Corp.; Lee Higginson Corp.; F. S.
Moseley & Co.; Kidder, Peabody & Co.; Harriman Ripley
& Co., Inc.; White, Weld & Co.; Blyth & Co., Inc.;
Goldman,
Sachs & Co.; Union Securities Corp.; Glore, Forgan &
Co.;
Hornblower & Weeks; Stone & Webster and Blodget,
Inc.;
Estabrook & Co.; R. L. Day & Co.; Hayden, Stone &
Co.;
Paine, Webber & Co.; Jackson & Curtis; Harris, Hall & Co.
(Inc.); Tucker, Anthony & Co.; Whiting, Weeks & Stubbs,
Inc.; Spencer Trask & Co.; W. E. Hutton & Co.; The Wis¬
consin Co.; Hemphill, Noyes & Co.; II. M. Byllesby & Co.,
Inc.; Putnam & Co.; Newton, Abbe & Co.; Alex. Brown &
Sons; Blair, Bonner & Co.; Chas. W. Scranton & Co.; Bodell
& Co., Inc.; Aucbincloss, Parker & Redpath, and
Green,
Ellis & Anderson.
*3,900,000 City Water Co. of Chattanooga 1st mtge. 3K% bonds,
series A, due Nov. 1, 1965.
Purpose, refunding ($3,816,000);
reduce indebtedness to
parent).
Sold privately to nine
insurance companies.
50,000,000 Detroit Edison Co. gen. & ref. 3% mtge. bonds, series H.
due 1970.
Purpose, refunding.
Price, 107 M and interest.
Offered by Coffin & Burr, Inc.; The First Boston
Corp.;
A. O. Allyn & Co., Inc.; Baker, Weeks &
Harden; A. G.
Becker & Co., Inc.; Blair & Co., Inc.; Blair, Bonner &
Co.;
Blyth & Co., Inc.; Bodell & Co., Inc.; Bonbright & Co., Inc.;
Bosworth, Chanute, Loughbridge & Co.; Alex. Brown & Sons;
Oambpell, McCarty & Co.; Central Republic Co., Inc.;
E. W. Clark & Co.; Clark, Dodge & Co.; Cray, McFawn
& Petter; Grouse & Co.; Dick & Merle-Smith:
Dillon, Read
& Co.; Dominick &
Dominick; Drexel & Co.; Eastman,
Dillon & Co.; Equitable Securities Corp.; Eastabrook &
Co.;
Ferris & Hardgrove; Field, Richards & Co.; First of
Michigan
Corp.; Goldman, Sachs & Co.; Graham, Parsons & Co.;
Hallgarten & Co.; Halsey, Stuart & Co.. Inc.; Harriman
Ripley & Co., Inc.; Harris, Hall & Co. (Inc.); Hawley, Huller
& Co.; Hayden, Miller & Co.; Hayden, Stone &
Co.; Hemphill,
Noyes & Co.; J. J. B. Hilliard & Son; Hornblower & Weeks;
W. E. Hutton & Co.; The Illinois Co. of
Chicago; Jackson
&
Curtis; Kidder, Peabody & Co.; W. O. Langley & Co.;
Lazard Freres & Co.; Lee Higginson Corp.; Lehman
Brothers;
Mackubin, Legg & Co.; Laurence M. Marks & Oo.; McDon¬
ald, Moore & Hayes, Inc.; Mellon Securities Corp.; Merrill
Lynch, E. A. Pierce & Cassatt; Merrill, Turben &
Co.;
The Milwaukee Co.; Morgan Stanely & Co., Inc.; F. S.
Moseley & Co.; Maynard EL. Murch & Co.; G. M.-P. Murphy
& Co.; Otis & Co.; Paine, Webber & Co.; Arthur
Perry & Co.,
Inc.; R. W. Pressprich & Co.; Putnam & Co.; Reinholdt &
Gardner; Riter & Co.; E. H. Rollins & Sons, Inc.; Schoell¬
kopf, Hutton & Pomeroy, Inc.; Chas. W. Scranton & Co.;
Shields & Co.; Singer, Deane & Scribner; Smith,
Barney &
Co.; William R. Staats Co.; Starkweather & Co.; Stone &
Webster and Blodget, Inc.; Tucker, Anthony &
Co.; Union
Securities Corp.; G. H. Walker & Co.; Watling, Lerchen
& Co.; Wells-Dickey Co.; White,
Weld & Co.; Whiting,
Weeks & Stubbs, Inc.; The Wisconsin Co., and Dean
Witter
& Oo.
*400,000 Dedham Water Co. 1st mtge. 3K% bonds, due Nov. 1,
1965.
Purpose, refunding.
Sold privately to an insurance
•
company.
100,000 Eastern Shore Gas Corp. 1st mtge. & Coll. trust 5% bonds,
series B, due Jan. 1, 1952.
Purpose, construction, expan¬
sion, &c.
Price, 98 and interest.
Offered by Bioren & Co.
and O. T. Williams & Co., Inc.
6,500,000 El Paso Electric Co. (Texas) 1st mtge. bonds, series A
3H%. due Nov. 1, 1970.
Purpose, refunding.
Price, 106.
Offered by Stone & Webster and Blodget, Inc.; First Boston
vv!'.' Corp.; Harriman Rirley & Co., Inc.; Blyth & Co., Inc.;
Bonbright & Co., Inc^; Halsey, Stuart & Co., Inc.; Lehman
Brothers; Mellon Securities Corp.; Smith, Barney & Co.;
Union Securities Corp.; Harris, Hall & Co.
(Inc.); Kidder,
Peabody & Co.; Wbite, Weld & Co.; Bosworth, Chanute,
Loughbridge & Co., and Mahan, Dittmar & Co.;
*200,000 Exeter & Hampton Electric Co. 1st mtge. 3H% bonds,
due Nov. 1, 1960.
Purpose, refunding ($140,000) redeem
bank loans, capital expenditures.
Sold privately.
*250,000 Greenfield Gas Light Co. 3J^% rotes due Feb. 1, 1956.
Purpose, refunding.
Price, 104 and interest.
Sold privately
■
to an insurance company.
$192,200,000
IRON, STEEL. COAL,
COPPER, &c.
$15,000,000 Crucible Steel Co. of America 15-year 3)4% sinking fund
debentures, due Dec. 1, 1955.
Purpose, refunding ($10,192,000); general corporate purposes.
Price, 99)4.
Offered
by Mellon Securities Corp.; Blyth & Co., Inc.; Bonbright &
Co., Inc.; Dillon, Read & Co.; Drexel & Co.; First Boston
Corp.; Halsey, Stuart & Co., Inc.; Harriman, Ripley & Co.,
Inc.; W. C. Langley & Co.; Smith, Barney & Co., and Stone
& Webster and Blodget, Inc.
6,500,000 Pittsburgh Steel Co. 1st mtge. bonds, 4)4% series, due
1950.
Purpose, refunding ($4,900,000); reduce bank loans.
Price, 100 and int.
Offered by A. G. Becker & Co., Inc.;
Harriman Ripley & Co., Inc.; Hemphill, Noyes & Co.;
Merrill Lynch, E. A. Pierce & Cassatt; R. H. Rollins & Sons,
Inc.; Eastman, Dillon & Co.; Riter & Co.; Paine, Webber
& Co.; Central Republic Co., Inc.; A. C.
Allyn & Co., Idc.;
Hallgarten & Co.; Graham, Parsons & Co.; Moore, Leonard
& Lynch; Singer, Deane & Scribner; Glover &
MacGregor,
Inc.; Stern, Wampler & Co., Inc., and Kuhn, Loeb & Co.
$21,500,000
OTHER
INDUSTRIAL AND
MANUFACTURING
$8,000,000 Electric Auto-Lite Co. 2)4 % debentures due Dec. 15, 1950.
Purpose, refunding.
Price, 101 )4 and interest.
Offered by
Lehman Brothers; Smith, Barney & Co.; Hemphill,
Noyes
& Co.; Goldman, Sachs & Co.; Harriman
Ripley & Co., Inc.;
Hallgarten & Co.; Dominick & Dominick; Blair & Co., Inc.;
Hayden, StoDe & Co.; Union Securities Corp.; Wertheim
& Co.; Kidder, Peabody & Co.; Field, Richards &
Co.;
G. M.-P. Murphy & Co.; Bodell & Co., Inc.;
Stern, Wampler
Inc.; Riter & Co.; Schoellkopf, Hutton & Pomeroy,
Inc., and Kuhn, Loeb & Co.
& Co.,
*6,000,000 National Gypsum Co. 3% sinking fund 15-year debentures.
Purpose, retire 314%
debentures
($4,805,000); working
capital.
Price, par and interest.
Placed privately through
W. E. Hutton & Co.
1,500,000 National Oil Products Co. sinking fund 3H% debenturesl
due Dec. 1, 1955.
Purpose, pay promissory notes ($1,208,475) (issued to redeem on June 1, 1940, $822,500 4% deben¬
tures and pay bank loans of $400,000);
repay current bank
borrowing ($150,000); general funds.
Price, 101.
Offered
by Jackson & Curtis; Schwabacher & Co., and Stern, Wampler
& Co., !nc.
$15,500,000
LAND, BUILDINGS. &c.
$650,000 De Paul Sanitarium, New Orleans, La., 1st & ref. 2.
2)4, 2)4% mtge. serial real estate bonds, due 1941-48.
Purpose, refunding.
Offered by Dempsey-Tegeler & Co.
296,000 St. Paul's Hospital, Dallas, Texas, 1st & ref.
2)4, 2%% real estate serial bonds, due 1941-46.
refunding.
Offered by Dempsey-Tegeler & Co.
2,
Purpose,
mtge.
256,000 Servants of the Holy Heart of Mary 1st & ref. mtge. serial
L2%-3M% bonds due 1941-54.
Purpose, refunding.
Offered
at prices to yield from 1% to 3.25%,
according to maturity,
llby Francoeur, Moran & Co.
$1,202,000
INVESTMENT
TRUSTS, TRADING AND HOLDING, &c.
$4,000,000 Railway & Light Securities Co. collateral trust 3)4%
bonds, 12th series, due Dec. 1, 1955.
Purpose, refunding.
Price, 100 H and interest.
Offered by Stone & Webster and
Blodget. Inc.; Estabrook & Co.; Burr, Gannett & Co.;
Kidder, Peabody & Co.; Jackson & Curtis, and Whiting,
Weeks & Stubbs, Inc.
MISCELLANEOUS
$55,000,000 National
Dairy
Products Corp. 3H% debentures, due
Dec. 1, 1960.
Purpose, refunding.
Price, 104%; and int.
Offered by Goldman, Sachs & Co.; Lehman Brothers; A. C.
Allyn & Co., Inc.; Ames, Emerich & Co., Inc.; Arnhold and
S. Bleichroeder, Inc.; Baker, Weeks & Harden; A. G. Becker
& Co., Inc.; Blair & Co., Inc.; Blair, Bonner &
Co.; Blyth
& Co., Inc.; Bodell & Co., Inc.;
Bonbright & Co., Inc.;
Bond
& Goodwin, Inc.; Bosworth, Chanute,
Loughbridge
Alex. Brown & Sons; Frank B. Cahn & Co.; Central
Republic Co.; E. W. Clark & Co.; Clark, Dodge & Co.;
Coffin & Burr, Inc.; Curtiss, House & Co.; Dillon, Read &
Co.; Dominick & Dominick; Drexel & Co.; Eastman, Dillon
& Co.; Emanuel & Co.; Equitable Securities
Corp.; Estabrook
& Co.; The First Boston Corp.; The First Cleveland
Corp.;
First of Michigan Corp.; Francis, Bro. & Co.;
Gerstley,
Sunstein & Co.; Glore, Forgan & Co.; Graham, Parsons &
Co.; Hallgarten & Co.; Halsey, Stuart & Co., Inc.; Harriman
Ripley & Co., Inc.; Harris, Hall & Co. (Inc.); Frederic H.
Hatch & Co
Inc.; Hayden, Miller & Co.; Hayden, Stone
& Co.; Hemphill. Noyes & Co.; Hornblower &
Weeks; W. E.
Hutton & Co.; The Illinois Co. of Chicago; Jackson &
Curtis;
Johnston, Lemon & Co.; Kidder, Peabody & Co.; Kuhn,
Loeb & Co.; W. O. Langley & Co.; Lazard Freres &
Co.;
Lee Higginson Corp.; Mackubin, Legg & Co.; Mellon Se¬
curities Corp.; Merrill Lynch, E. A. Pierce &
Cassatt; The
Milwaukee Co.; Mitchell, Hutchins & Co.;
Moore, Leonard
& Lynch: F. S. Moseley & Co.; G. M.-P.
Murphy & Co.;
The National Co. of Omaha; Otis & Co.; Paine,
Webber &
Co.; Arthur Perry & Co., Inc.; Piper, Jaffray & Hopwood;
R. W. Pressprich & Co.; Putnam & Co.; Reynolds &
Co.;
Riter & Co.; E. H. Rollins & Sons, Inc.; L. F.
Rothschild
& Co.; Schroder Rockefeller & Co., Inc.;
Schwabacher & Co.;
Shields & Co.; Singer, Deane & Scribner;
Smith, Barney &
Co.; Starkweather & Co.; Stein Bros. & Boyce; Stern,
Wamp¬
ler & Co., Inc.; Stone & Webster and
Blodget, Inc.; Swiss
American Corp.; Spencer Trask & Co.; Union Securities
Corp *
G. H. Walker & Co.; Watling, Lerchen &
Co.; Wertheim &
Co.; White, Weld & Co.; Whiting, Weeks & Stubbs, Inc
& Co.;
,
.
and Yarnall & Co.
Volume
$10,000,000 Beneficial Industrial Loan Corp. 10-year 2% % debentures,
Dec. 1, 1950.
Purpose, investments in and advances
subsidiaries for expansion of business; reduction of bank
due
to
$1,410,400 Commonwealth Loan Co. 14,104 shares of 5% cum. pref.
stock (par $100).
Purpose, reduce bank loans; commercial
paper.
Price, 100 and div.
Offered by Lee Higginson
Corp.; Blyth & Co., Inc.; Whiting, Weeks & Stubbs, Inc.;
Indianapolis Bond & Share Corp.; The Hlinois Co. of Chicago,
Paul H. Davis & Co.; Carter H. Harrison & Co., and Piper,
loans, &c.
Price, 100% and interest.
Offered by Eastman,
Dillon & Co.; Smith, Barney & Co.; Blair & Co., Inc.; E. H.
&
Co.; Alex. Brown & Sons; Hayden, Stone & Co.; Merrill
Lynch, E. A. Pierce & Cassatt; Hemphill. Noyes & Co.;
Rollins &
Sons, Inc.; Ladenburg, Thalmann & Co.; Riter
Hornblower & Weeks;
Whiting, Weeks & Stubbs, Inc.; Putnam & Co.; Piper,
Jaffray & Hopwood; Mitchum, Tully & Co., and Rogers &
Tracy,Inc.
Dean Witter & Co.; Jackson & Curtis;
Stores, Inc., serial
*3,000,000 Bond
1%-3.10% notes due Nov. 1,
1941-50.
Purpose, retire bank loan; working capital.
Placed
privately through Lehman Brothers and Wertheim & Co.
15 000,000
National
Dairy
Products
Corp.
0.375%-2.10%
Jaffray & Hopwood.
350,000 (Tom) Huston Peanut Co. 7,000 shares of $3 cum. conv.
pref. stock (par $50).
Purpose, refunding common stock.
Price, $50.
Offered by Clement A. Evans & Co.; J. H.
Hilsman & Co., Inc.; The Equitable Co.; Courts & Co.;
Johnson, Lane, Space & Co., Inc.; Wyatt, Neal & Waggoner;
Milhous, Gaines & Mayes, Inc.: The Robinson-Humphrey
Co.; Andrew Prather, and W. R. Luttrell.
250,000 Lawrence Warehouse Co. 10,000 shares of 6% cum. conv
BONDS AND NOTES (ISSUES MATURING UP TO
AND INCLUDING FIVE YEARS)
*S1 000 000
97,500 Liberty
National
their offering
onn 000
in
'
,
.100 ' 000
'
Appalachian Electric Power Co. 300,000 shares 4%% cum.
f gtock (par 5100).
Purpose, refunding.
Price, 106 per
Offered in the case of 163.380 shares to the prior right
of the holders of outstanding $7 and $6 pref. stocks to exchange
their shares for the new pref.
Unexchanged and balance
(136,620 shares) offered by same bankers that offered the
$70,000,000 1st mtge. 3Ms (see above).
:
.
Co. of Chattanooga 14,000 shares of 5% pref.
$100).
Purpose, refund 6% pref. stock ($1,reduction of open account indebtedness to parent
($168,000); additions, improvements, &c. ($232,000).
Price, 105 per share.
Offered by Equitable Securities Corp*.;
Fred A. Hahn & Co.; Elder & Co.; Courts & Co., and Chat¬
tanooga Securities Corp.
El Paso Electric Co. (Texas) 15,000 shares of $4.50 div.
pref. stock (no par).
Purpose, refunding. Price, $105 per
share.
Offered by Stone & Webster and Blodget, Inc.;
First Boston Corp.; Harriman Ripley & Co., Inc.; Blyth &
Co., Inc.; Smith, Barney & Co.; Union Securities Corp.;
Kidder, Peabody & Co.; White. Weld & Co.; Bosworth,
Chanute,
Loughbridge & Co.; Mahan, Dittmar & Co.;
Coffin & Burr, Inc.; Estabrook & Co.; W. E. Hutton & Co.;
Lee Higginson Corp.; G. M.-P. Murphy & Co.; Spencer
Trask & Co., and Tucker, Anthony & Co.
City Water
(par
stock
000 000);
«V75 000
i
$32 975 000
'OTHER INDUSTRIAL AND MANUFACTURING
'
,
*$600 000
Brewster Aeronautical Corp. 50,000 shares of capital
(par $1).
Purpose, additions to manufacturing facil¬
Price, $12 per share.
Sold privately to Alfred J.
Miranda Jr., I. J. Miranda, and F. William Zelcer (officers
and directors of Brewster Export Corp.).
stock
ities, &c.
4 240 000
343 750
Burlington Mills Corp. 80,000 shares cum. conv. pref.
stock, $2.75 series (no par).
Purpose, working capital, &c.
Price, $53 per share.
Offered by Lehman Brothers; Com¬
mercial Investment Trust, Inc.; Wertheim & Co.; A. G.
Becker &
Co., Inc.; Union Securities Corp., and R. S.
Dickson & Co., Inc.
Carpenter Paper Co. 12,500 shares of common stock (par
$1).
Purpose, reimburse treasury for moneys expended in
purchase of capital stock of constituent company; working
capital.
Price, $27.50 per share.
Offered (10,400 shares)
shares
Pierce & Co., Inc.; Callihan & Jackson; Watson, Lynch &
McEvoy, Inc.; Dallas Union Trust Co.; Garrett & Co., Inc.;
Charles R. Dent:
Muller, Moore & Brown, Inc.; James,
Stayart & Davis, Inc.; Moroney & Co.; William N. Edwards
and Pitman & Co.
& Co.,
conv.
& Co.
Press, Inc., 21,000 shares of 4%% cum. pref. stock
$100).
Purpose, redeem 6%% pref. stock ($1,677,500);
Price, $100 per share. Offered
(as to 16,763 shares) first to holders of 6%% pref. stock.
The unsubscribed portion and the balance offered by Hemp¬
hill, Noyes & Co. and Lehman Brothers.
100 000 Cuneo
9
(par
general funds of company.
240 500
General Industries Co. (Elyria) 37,000 shares of common
stock
(par $4).
Purpose, redeem bank loan ($115,000);
acquisition of additional equipment; working capital, &c.
Price, $6.50 per share.
Offered by Schroder Rockefeller &
Co.,
Inc.; Bond &
Goodwin, Inc., and Maynard H. Murch
& Go.
nnn 000
1
*
'
Tool Co. 100,000 shares of
stock (par $2).
Purpose, enlarge plant facilities;
capital.
Price, $15 per share.
Offered by Hornblower & Weeks; Paul H. Davis & Co.; Piper, Jaffray &
Hopwood; Singer, Deane & Scribner; Stern, Wampler &
Co
Inc.; Alfred L. Baker & Co.; Hoyne, Mellinger & Co.;
Soucy & Co.; Barclay, Moore & Co., and O'Brian, Mitchell
Giddings
& Lewis Machine
common
working
& Co.
1
007 0^0
Co. 35,965 shares common stock
additions and expansion to plant, &c.
National Oil Products
(par
$4).
Purpose,
$28 per share.
by Jackson
Offered first to stockholders and under¬
& Curtis; Schwabacher & Co.; Stern,
Wampler & Co., Inc.; White, Weld & Co.; Brush, Slocumb
& Co.; Singer, Deane & Scribner; Ball, Coons & Co., and
Herbert W. Schaefer & Co.
(R
F.) Sedgley, Inc., 33 330 shares of capital stock (par
50 cents).
Purpose, working capital, &c.).
Price, $3 per
share.
Offered by Eugene J. Hynes Corp.
Price
written
QQ 990
Price,
Bearing Co. 10,000 shares of $1.50 cum.
pref. stock (no par).
Purpose, working capital, &c.
$25 per share.
Offered by Stephenson, Leydecker
& CO.
-
■
-
■
*100,000 Safeway Stores, Inc., 1,000 shares of 5% cum. pref. stock
(par $100).
Purpose, general corporate purposes.
Price,
$109.25 per share.
Sold privately to Philadelphia National
Insurance Co. and Reliance Insurance Co. through Merrill
Lynch. E. A. Pierce & Cassatt.
Co. 115,270 shares of
6,224,580 Standard Accident Insurance
common stock (par $10).
Purpose, refunding ($3,370,654);
general corporate funds.
Price, $54 per share.
Offered by
First Boston Corp.; A. C. Allyn & Co., Inc.; Bosworth,
Chanute, Loughbridge & Co.; Alex. Brown & Sons; Brown,
Schlessman, Owen & Co.; Conrad, Bruce & Co.; Fahey,
Clark & Co.; Ferris & Hardgrove; First of Michigan Corp.;
Fuller, Rodney & Co.; Granbery, Marache & Lord; Huff,
Geyer & Hecht, Inc.; W. E. Hutton & Co.; Jackson & Curtis;
Kalman & Co.; Lazard Freres & Co.; Mackubin, Legg & Co.;
McDonald-Coolidge & Co.; McDonald, Moore & Hayes,
Inc.; Merrill, Turben & Co.; Mitchum, Tully & Co.; Moore,
Leonard & Lynch; F. S. Moseley & Co.; G. M.-P. Murphy
& Co.; O'Melveny-Wagenseller & Durst; Pacific Co. of Calif.;
Paine, Webber & Co.; Schoellkopf, Hutton & Pomeroy;
Inc.; Schwabacher & Co.; William R. Staats Co.; Stein Bros.
& Boyce; Stern, Wampler & Co., Inc.; Watling, Lerchen &
Co.; Wells-Dickey Co.; White, Weld & Co.; Whiting, Weeks
& Stubbs, Inc.; The Wisconsin Co., and Dean Witter & Co.
2,832,500 Union Premier Food Stores, Inc., 55,000 shares of $2.50
cum.
pref. stock (par $15) with common stock purchase
warrants.
Purpose, redeem pref. stock ($1,114,857); re¬
mainder pay bank loans and general corporate purposes.
Price, $51.50 per share.
Offered by Wertheim & Co. and
Hemphill, Noyes & Co.
$15,804,980
FARM
LOAN AND GOVERNMENT AGENCY
$11,500,000 Federal
Intermediate
deoentures dated Jan.
Credit
Banks
ISSUES
%% consolidated
1941. Purpose,
2, 1941; due Oct. 1,
Price, slightly over par,
Dunn, New York, fiscal agent.
refunding.
Offered by Charles R.
2,100,000 North Carolina Joint Stock Land Bank farm loan DOnds
(%% to 1%) due from Feb. 1, 1942 (%%) to Feb. 1, 1946
(1%).
Purpose, refunding.
Price, 100.
Offered by Kidder,
Peabody & Co.
700,000 San
Antonio Joint Stock Land Bank % % Farm Loan
Jan. 1, 1941; due Jan. 1 1943.
Purpose, re¬
Price, 100.
Offered by Kidder, Peabody & Co.
R. K. Weoster & Co., Inc.
bonds dated
funding.
stockholders; unsubscribed portion and 2,100 additional
offered by Kirkpatrick-Pettis & Co. and Burns,
Potter
first to
N. J., 13,000 shares of
250,000 National Motor
share.
1
Co., Hoboken,
Surposes ($315,229). Price, Dallas, Rupeshare. Offered by
loss, Moore & Cecil, Inc.; $105.50 per
& Son; Rauscher,
of a stated par value are taken at par, while preferred
value and all classes of common stock are computed at
pxjbLIC UTILITIES
Finance
700,000 Neiman-Marcus Co. 7,000 shares of 5% cum. pref. stock
(par $100).
Purpose, redeem pref. stock ($184,771); pay
bank loans
($200,000); expansion and general corporate
Fireworks, Inc., serial 5% notes due 1941-45.
capital, &c.
Placed privately.
prices.)
Price»
300,000 Motors Acceptance Co. 3,000 shares of 6% cum. pref. stock
(par $100).
Purpose, finance business.
Price, $104.50 per
share.
Offered by Milwaukee Co.; Morris F. Fox & Co.,
and Bingham, Sheldon & Co.
(Preferred stocks
stocks of no par
capital.
partic. pref. stock.
Purpose, expansion of business.
Price, $7.50 per share.
Offered by Reichart, De Witt &
Co., Inc.
Purpose, working
STOCKS
working
Purpose,
cum.
INDUSTRIAL AND MANUFACTURING
OTHER
$25).
(par
$25 per share.
Offered by O'Melveny-Wagenseller & Durst!
Banks, Huntley & Co.; Lester & Co., and Bankamerica Co.
Purpose, refunding
$83,000,000
stock
pref.
8erial
1, 1950.
($9,893,900); repayment of indebtedness
to subsidiary and advance to subsidiary ($2,012,500); balance
general corporate purposes.
Price, 100 and interest.
Offered
by Goldman, Sachs & Co.; Lehman Brothers; Blyth & Co.,
Inc.; Dillon, Read & Co.; The First Boston Corp.; Halsey,
Stuart & Co., Inc.; Harriman Ripley & Co., Inc.; Hayden,
Stone & Co.; Hemphill, Noyes & Co.; Kidder, Pea body & Co.;
Kuhn, Loeb & Co.; Lee HiggiDson Corp.; Mellon Securities
Corp.; Smith, Barney & Co., and Union Securities Corp.
debentures, due semi-annually June 1, 1941 to Dec.
SHORT-TERM
183
The Commercial & Financial Chronicle
152
and
$14,300,000
ISSUES
NOT
REPRESENTING NEW FINANCING
$1,560,000 Aluminum Co. of America 10,000 shares of common stock
(no par).
Price, 156 per share.
Offered by Mellon Se¬
curities Corp.
1,771,875 Bond Stores, Inc., 75,000 shares of common stock (par $1).
Price (approximately) 23%.
Offered by Lehman Brothers;
Wertheim & Co.; A. G. Becker & Co., Inc.; Hornblower &
Weeks; Merrill Lynch, E. A. Pierce & Cassatt; Otis & Co.;
Hallgarten & Co.; Emanuel & Co.; Graham, Parsons & Co.;
Laurence M. Marks & Co.; G. M.-P. Murphy & Co.; L. F.
Rothschild & Co.; Bear, Stearns & Co.: R. S. Dickson &
Co., Inc.: The First Cleveland Corp.; Henry Herrman &
Co.; I. M.. Simon & Co.; Stein Bros. & Boyce, and Stroud
& Co., Inc.
180,000 Central Aguirre
Associates 10,000 shares of common
stock.
Price, $18 per share.
Offered by Blyth & Co., Inc.,
and F. S. Moseley & Co.
520,130 Central Paper Co., Inc., 52,013 shares of common stock
(par $1).
Price, $10 per share.
Offered by Riter & Co.;
Carlton M. Higbie Corp., and American Industries Corp.
2,732,070 Chesapeake & Ohio Ry. 65,833 shares of common stock
(par $25).
Price, 41%.
Offered by Smith, Barney & Co.
and associates.
560,000 Colonial
(.par $5).
as
Stores,
Inc., 40,000
Price, $14 per share.
offered the preferred stock (see
shares of common stock
Offered by same bankers
above).
.
3,870,875 Consolidated Edison Co. of N. Y., Inc., 179,000 shares of
common stock
(no par).
Price, 21%.
Offered by Smith,
Barney & Co. and associates.
Co. (Elyria) 44,250 shares of common
Price, $6.50 per share. Offered by Schroder
Bond & Goodwin, Inc., and Maynard
289,380 General Industries
$10,131,260
MISCELLANEOUS
$2,800,000 Colonial Stores, Inc., 56,000 shares of 5% cum. pref. stock
(par
$50).
Purpose, redeem pref. and partic. stock of
Southern Grocery Stores, Inc., and class A stock of David
Pender Grocery Co. (in accordance with merger agreement).
Price, 50 rer share (with common stock purchase warrants).
Offered by Hemphill, Noyes & Co.; Robert Garrett & Sons;
E. H. Rollins & Sons, Inc.; Graham, Parsons & Co.; Kirchofer
& Arnold, Inc.; Van Alstyne, Noel & Co.; Stroud & Co., Inc.;
C. T. Williams & Co., Inc.; Bosworth, Chanute, Loughridge
& Co.; McDonald-Coolidge & Co.; Riter & Co.; Wertheim &
Co.; Courts & Co.; Cohu & Torrey; Glenny, Roth & Doolittle;
Investment Corp. of Norfolk; Stein Bros.
& Boyce; Hill
Richards & Co.; Oscar Burnet & Co., Inc.; G. H. Crawford
Co., Inc.; Lloyd D. Fernald & Co., Inc.; Frost, Read &
Co., Inc.; Alester G. Furman Co., and McAlister, Smith
& Pate, Inc.
490,000 Colonial Stores, Inc., 35,000 shares of common stock
(par $5).
Purpose, redeem pref. stock of constituent com¬
panies.
Price, $14 per share.
Offered by same bankers
as offered the pref. stock (see above).
stock
(par $4).
Rockefeller & Co., Inc.;
H. Murch & Co.
768,750 Hammermill Paper Co. 30,000 shares of common stock
(par $10).
Price, 25% per share.
Offered by A. G. Becker
& Co. and Merrill Lynch, E. A. Pierce & Cassatt.
Co. 22,372 shares of common stock
Price, $12.50 per share.
Offered by company to
279,650 (Tom) Huston Peanut
(no
par).
stockholders, employees, officers, and the public.
122,900 National Motor Bearing Co. 4,916 shares of $1.50 cum.
conv. pref. stock
(no par).
Price, $25 per share. Offered
by Stephenson, Leydecker & Co.
1,500,000 Parke, Davis & Co. 50,000 shares of capital stock (nopar).
Price, $30 per share.
Offered by Merrill Lynch, E. A.
Pierce & Cassatt.
358,328 Pennsylvania Water & Power Co. 6,745 shares of common
stock (no par).
Price, 53%.
Offered by Stroud & Co. and
E. H. Rollins & Sons, Inc.
99,600 Rieke Metal Products Corp. 12,000 shares of capital stock.
Price, $8.30 per share.
Offered Dy Webber-Simpson & Co.
The Commercial & Financial Chronicle
184
{281,250 Procter & Gamble Co. 5,000 shares of capital stock (no par)
Price, 56 M per share. Offered by Alex. Brown & Sons and
Clark, Dodge & Co.
F.)
49,995 (R.
Sedgley,
Inc.,
50
cents).
Price,
Hynes Corp.
$3
Jiave
been
more
16,665 shares of capital stock (par
share.
Offered
by Eugene J.
amount
of
000,000
Indicates issues placed privately.
issue
new
The
has
been dull
and
slightly
tionary, except for buoyancy in the rail list.
lost ground
%% notes
rallied
trading in
instances
York Central,
issues
have
issues
of
week
has
highs
have
been
high of 63%
4%s,
and closed
2013, advanced to
at 62%,
have
been
rail list showed
fractionally
week,
higher,
wide gains in
Ohio junior issues gained
the
in¬
and
New
New
the
than
five
debentures
and
last
the
1940-41
the
U. S.
1941
Govt.
Daily
Averages
All
Bonds
120
an
gains of 1%
advance
zilian
issues
ernment
six
exception
continuance
with
of
of
This
refunding
changes
fractional.
a strong
spot,
Italians have been better,
while German bonds continued
points;
leans
changed
advancing
Sao
but
fractionally,
up to two points.
with
Among Bra¬
Paulo
6%s five points up to 71.
bond
(Based,
Baa
RR.
P. U.
All
1941
112.05
125.66
121.04
112.05
93.53
100.70
116.21
111.84
125.42
121.04
120.82
112.05
93.21
100.35
116.00
120.82
Jan.
prices and
bond
yield
averages
111.84
125.42
121.04
111.64
93.21
100.18
116.00
111.84
125.66
120.82
121.04
111.84
100.18
116 21
120.82
120 Domestic
by Ratings
Corporate by Groups
Aaa
Aa
2.74
3.36
2.94
A
Baa
RR.
3.36
4.39
3.96
3.16
2.95
P. U.
Indus.
3.37
7
2.75
2.94
3.36
4.41
3.98
3.37
8
93.06
120 Domestic Corporate
Co? p.
9
118.12
Individual Closing Prices)
tic
10__
8.. 117.81
120
on
Domes¬
Daily
Averages
Indus.
117.97
7_.
the
point at 103%.
MOODY'S BOND YIELD AVERAGES
Jan. 10.. 118.03
9__
a
given in the following tables:
are
Corporate by Groups *
A
by
mixed,
points,
the
PRICES f
by Ratings
Aa
of
Moody's computed
120 Domestic
Aaa
1959,
coffee 7s have been
strong
again, but the balance of the South American list continued
unimpressive.
A rally in Japanese loans carried the
Gov¬
higher
Average Yields)
tic
Corp*
caused
been
Canadian
Australian bonds
points during
120 Domestic Corporate *
Domes¬
com¬
West Indies 5s,
European list Belgian issues have been
with
Lower grades, particularly speculative
issues,
on
&
generally higher.
by shipping
Certain-teed 5%s, 1948, gained
2% points at 89%.
bonds extended their gains of last week.
In
mixed.
High-grade utility bonds have been soft during most of
week, although some recovery took place at the end
MOODY'S BOND
been
have
with
defaulted
at
been
made
Foreign
the
(Baaed
sold
The
prices.
of the week.
A $10,-
been
General Steel Castings
5%s, 1949, Pressed teel Car 5s,
1951, and Celotex 4%s, 1947 (w. w.), gained large
fractions,
Baltimore
closed
have
fractionally higher, with
has
Oils
rumors.
High-grade rail
and
steady to
doubt
no
many
over
new
active trading.
more
Haven
a
week
the Republic 5%s, 1954, which lost
1940-41
a
gain of 3%
a
high of 53, up 7\i points since last week.
&
In
registered.
New England RR. 4s, 1945, closed at
issues
the
particularly active, while the underlying
bankrupt roads commanded marked inter¬
Central
has
the
Southern Pacific and Illinois Central junior
many
Utilities
stantial parts of these gains
having been registered toward
close of the week.
Steel company obligations have
issue
been
New York
week.
been
bonds this
obligations, the Atlantic Gulf
been
the
lower-grade railroad bonds.
1940-41
new
defense
new
later.
outstanding feature of
creased
est.
fractionally, and the
above par
The
gains.
4%; In¬
having gained 8% points at 83%, while the International
Mercantile Marine 6s, 1941, were
up 5 points at 86%, sub¬
erac-
The Govern¬
quoted below par for the first time, but
was
Montana-Dakota
outstanding gains have been
pany
ments
notable
were up
this week.
The Course of the Bond Market
of
scored
some
2030, at 58
1941
offerings in the immediate future.
of
Industrial
bond market
and
11,
ternational Telephone &
Telegraph 5s, 1955, gained 5% at
42%; New England Gas & Electric 5s, 1948, advanced
3%
to 66%%.
Additional registrations indicate a considerable
per
$15,529,803
The entire
active,
American & Foreign Power
5s,
585,000 Shatterproof Glass Corp. 120,000 shares of common stock
(par $1).
Price, 4% per share.
Offered by Allison & Co.
*
Jan.
3.17
2.75
2.95
2.94
3.38
4.41
3.99
3.17
2.95
3.37
2.74
2.94
6..
118.30
121.27
111.84
93.06
100.18
116.21
4.42
121.27
112.05
92.90
99.83
116.21
2.74
2.95
125.42
3.37
3.16
111.84
6
3.99
118.51
121.04
3.37
4__
3.37
4.42
111.84
92.90
99.83
116.21
2.75
2.94
121.27
3.37
3.16
125.90
4
3.99
111.84
121.04
2.93
3- 118.65
2.93
121.27
3.36
4.43
4.01
93.06
100.00
3.37
3.16
112.05
3
116.64
2.73
2.93
121.49
3.37
4.43
2
4.01
3.35
3.16
2.72
2.93
2.91
3.36
4.42
4.00
3.14
2.92
2..
119.05
1-
125.66
111.84
Stock
112.25
126.13
121.72
Exchan ge Clos ed
112.25
126.13
121.72
Hlgh 1941 119.05
—
1
112.05
93.53
Stock
Exchan ge
2.94
Clos ed
100.70
116.64
117.81
111.84
121.49
125.42
121.04
111.64
92.90
High 1941
99.83
116.00
3.37
2.75
2.94
4.01
112.25
93.06
100.00
3.36
3.96
3.14
115.57
103.93
81.35
3.81
3.05
2.92
118.60
High 1940.
4.39
103.38
121.72
2.91
Low 1940 113.02
117.07
2.72
2.95
121.94
3.35
3.17
126.61
Low
4.43
112.25
120.82
3.38
High 1940 119.63
112.05
3.19
Low
3.78
5.24
4.68
3.42
3.35
2.70
3.36
2.90
3.35
4.42
4.00
3.12
2.91
117.07
Jan. 10. 1940--.
2 Years Ago—
3.61
2.86
3.07
3.67
4.82
4.37
3.33
3.12
3.85
3.01
3.33
3.96
5.10
4.67
3.57
Low 1941
89.10
110.83
1
Yr. Ago
Jan.10'40 116.12
107.11
122.86
118.16
1
105.98
87.07
93.85
112.66
2 Yrs.Ago
Jan.10 '39 112.92
102.66
119.47
112.66
100.70
83.19
89.25
107.88
113.07
1941
1940
Year Ago—
Jan.10,1939-1.
*
These prices are computed from average yields
level or the average movement of actual price
on
the basis of
nno
"tvniooi" v.™,*
quotations.
They merely
yield averages, the latter being the true picture of the bond market.
t The latest complete list of bonds used In
computing these indexes
serve to
was
tAm
musVate'ln^^rp1^
3.31
.
.
-
?° years>• and do not
mF ?>
ihustrate in a more comprehensive
Purport to show either the
way the relative levels and the relative
average
movement of
published in the issue of
July 13, 1940, page 160.
The Business Man's Bookshelf
Principles of Public Finance
leading imposts. He appraises their economic, social and
political values, showing them from different
angles so that
the difficulties of
administration, the attitude of
By Mayne S. Howard.
Chicago and New
York:
Commerce Clearing
House, Inc.,
460 pp. 61/2 x 9^g,
fabrikoid, $5
Here it might be said is
altogether different
an
the tax¬
payer,
sort
book in the field of political science, a new kind of
book
public finance.
It is the kind of
a
book that raises
of
on
questions,
provokes discussions, and starts
men
thinking.
Mayne S. Howard, well known for his work
Editor of "Tax Systems of the World" and
Research for the
panoramic
General
rightfully be termed
of the American tax scene,
Federal,
It is novel in conception and
approach, new
survey
State and local.
in
as
objectives, and frank in
end of each chapter
For example, at the
instead of convential
comment.
bibliography and
reference notes the author appends
a
unique, detailed
pro-
proposal for further specialized investigation and
study of
that particular topic.
The book is logically arranged,
easy to read.
start the author pictures in
Right at the
unique "balance-sheet" form
the manifold factors that control
governmental expenditures
on the one side,
and the means of financing them on the
other.
sales,
One by one, the author taxes
up for discussion the
income,
franchise,
property,
death
tax,
and
other
success
obtained stands
out
for each tax.
Then, with the roll
clearly
call of taxes
completed, the author turns
the related matters of
government debts, budgets,
shifting
and incidence of
taxation, and the effects of public revenue
and disbursements on business
activities.
Moreover, the author points
Director of
Department of Taxation and Finance of
New York, has written here what may
a
as
and the actual
tax issues under
plea for
the
out
the
major conflicting
present setup and makes
an
eloquent
balanced system of taxation.
a
is devoted to
for
our
"blueprinting"
Federal,
State
Comprehensive charts
a
and
and
One entire chapter
unified, workable tax program
local
tables
jurisdictions
combined.
prepared by the author
show in exact, precise detail what must
be done to acquire
the tax facts and data involved.
With the national defense
program forcing taxes upwards
to
peace-time
sources
of
highs
revenue,
and
there
causing
is
information about America's
one
who
has
even
the
speculation
pressing
system
of
as
need for
taxation.
to
new
unbiased
Every¬
slightest connection with taxes as
taxpayer, administrator, economist, teacher,
writer, or
student of public affairs can profit from this new
book.
It
should be a constructive, even
inspiring, force for the
advancement of modern tax
thought and action.
*
Volume
185
Chronicle
The Commercial & Financial
152
Indications of Business Activity
STATE
THE
EPITOME
TRADE-COMMERCIAL
OF
Friday Night, Jan. 10, 1941.
Business
the
/lull, and indicated a January total of at least 450,000 assem¬
blies.
The highest previous January output was 449,492
units
a
ago.
year
past
A
week, having recovered some of the loss experienced during
full
Christmas holiday
winter market events
resumed
activity
Commerce'
trend
upward
week, and according to the "Journal of
latest
the
its
weekly
index
figures
103.6,
are
as
sharp spurt in wholesale purchasing marked the first
tions
high of the index, registered
show
industries
Most all heavy
Dec. 14.
on
gains, and with the lavish expenditure of
billions, the outlook is for record-breaking figures in many
mediators
ment
threats
in
vital
industries
of major labor
from
warnings
committees—Naval
number ol" strikes
of
chairmen
the
Military
and
are
defense
national
the
to
notice served
The
Affairs—that
of
efforts may be necessary
National
the
the price
Advisory
governmental authority since 1917-18, according to the
any
"Iron
The notice said that prices must be reduced
Age."
level
a
exceed $20 a
to
not
Pittsburgh, for No. 1
ton,
melting steel by voluntary action or Government
price control will be recommended.
During the last week, the review states, scrap prices
have continued their upward trend.
Advances of 50c. to
heavy
$1
ton were announced in
a
day there
several districts, but on Tues¬
stoppage of transactions pending the ex.
was a
pected downward adjustment of prices.
The magazine
predicts a decline in scrap prices during the coming weeks.
"No mention was made in the Government statement of
other grade than No. 1 heavy melting steel at Pitts¬
burgh, which suggests that a system of differentials be¬
districts and between grades may have to be worked
any
tween
prevailed during the price-fixing
out
similar to that which
era
of 1917-18," the survey
"The
of
concern
National
the
also with the question
upward if costs
advances
"The
or
price
division
stabilization
over
estimates
a
survey
a
Christmas
exceptional
business,
it
considered
was
speding freely, Dun & Bradstreet, Inc., reported.
promotions were
drawing excellent consumer
but sales increases for these events were checked
response,
somewhat
of promotional merchandise.
by lack
Comparison of this week's retail trade with sales volume
the
in
corresponding period a
mated
increase
average
ago
year
for
whole
the
revealed an esti¬
country of 7%
12%.
to
There
were
unusual weather developments during the
no
The first week of the new year was charac¬
terized by moderate temperatures for the season and wide¬
week.
past
spread precipitation.
Because of widespread rains and wet
together with rather low temperatures in the in¬
terior and Northwest, the latter patr of the week, con¬
ditions were unfavorable for outside operations on farms,
fields,
work
Government
inactive,
was
agencies
In
report.
South, while fields are mostly too wet for work, ample
moisture
and
moderate
temperatures
promoted
normal
the
growth of winter vegetation, except in some sections where
there was too much moisture, especially in the lower Mis¬
sub-zero temperatures were experi¬
While
sissippi Valley.
enced in the Northeast and over a considerable Northwest¬
ern
the
the minima, in general, were not unusually low
In the New York City area the weather
area,
for
season.
and
clear
was
On
fine during most of the week.
Friday the weather was clear and cool, changing to
cloudy
partly
recorded
a
in
the afternoon.
Prevailing
temperatures
maximum of 30 degrees and a maximum of 38 de¬
The forecast for Saturday is for cloudy, followed
and colder weather.
Sunday partly cloudy,
grees.
clearing
by
with
Tonight lowest thermometer
temperatures moderate.
reading in the city is placed
in
lower
the
at 30 degrees, and 5 points
suburbs.
Overnight at Boston it was 25 to 33 degrees; Pittsburgh,
18
34; Portland, Me., 15 to 29; Chicago, 21 to 31; Cin¬
to
Cleveland, 26 to 33; Detroit, 24 to 32;
Charleston, 40 to 58; Savannah, 38
to 85; Kansas City, Mo., 32 to 39; Springfield, 111., 17 to 33;
Oklahoma City. 31 to 47; Salt Lake City, 24 to 43, and
cinnati, 29 to 38;
Milwaukee, 16 to 30;
scrap
of
the
prices has to do
of steel prices, which might be forced
too high
rises.
go
wage
survey
continues.
Commission
Defense
for
and
by
Defense
drastic action on prices taken by
Commission is the most
to
unless the
It is believed that
steel scrap trade
the
cn
division
defense
House
strike situation.
prevent a runaway
stabilization
brought
decreased congressional action would
mediation
Government
vigorous
difficulties in
program
key
two
be taken to curb the activities of labor.
to
defense,
out national
turning
plants
Increasing threats
year,
opened with
especially encouraging that shoppers were still in a mood
doing all possible to end strikes and
are
strikes
of
orders
After
Clearance
Govern¬
However, labor trouble is looming large again.
of
ahead
neAV
week, with featured sales events drawing heavy attendance.
with national defense.
especially those connected
lines,
to a
rose
well
115.6, the
the previous week and
with 97.2 for
compared
showed today.
Mid¬
bang as buyer registra¬
record high level.
Early commitments ran
last year.
Retailing had a fairly active
of the
week
Seattle, 35 to 60.
either through raw material
steel
ingot
production
at 97.5%
Bank Debits for Week Ended Jan. 1,
a
Year
of
capacity at mid-wqek.
Defense orders, it says, continue
to play an increasingly prominent part in a volume of steel
business which exceeds shipments, piling up larger backlogs
and lengthening deliveries still further."
Electric
production
rebounded partially in the week
ended Jan. 4 from the low reached in the Christmas week,
1941, 0.5% Above
Ago
Debits to deposit accounts
as
(except interbank accounts),
reported by banks in leading cities for the week ended
Jan. 1, aggregated $10,608,000,000. Total debits during the
13 weeks ended Jan. 1 amounted to $122,213,000,000, or
8% above the total reported for the corresponding period a
At banks in New York City there was an increase
of 7 % compared with the corresponding period a year ago,
and at the other reporting centers there was an increase of
prevented it from reaching the
earlier record levels, the weekly report of the Edison Elec¬
tric Institute shows.
The electric light and power industry
year ago.
2,704,800,000 kilowatt hours in the latest week,
of 9.4% over the 1940 comparative of 2,473,397,000 kwh., and a gain of 81,950,000 units over the pre¬
8%.
but
the
Jan.
1
holiday
produced
an
increase
vious
These figures are as reported on Jan. 6, 1941,
Board of Governors of the Federal Reserve System.
SUMMARY BY FEDERAL RESERVE DISTRICTS
(In Millions of Dollars)
week's total.
Loading of revenue freight for the week ended on Jan. 4
totaled 614,171 cars, according to reports filed by the rail¬
roads
made
with
the
Association
of
American
Railroads
Week Ended
Jan. 1,
1941
public today.
period two years ago.
total was
103.08% of
This
loadings
for
the
corresponding week of the 10 preceding years.
Engineering construction awards for the week total
$157,823,000, the third highest weekly volume reported
since the defense program began, and 145% higher than
the corresponding 1940 week, "Engineering News-Record"
reported yesterday.
Private awards for the week are
119% above a year ago,
due to the increased volume of industrial building; and
public construction tops the 1940 week by 154% as a result
of the high volume of public buildings.
Construction volume for the two weeks of 1941, $240,367,000, is 104% above the period last year.
Private work
is 76% higher, and public construction gains 117%, due to
the 795%
increase in Federal work.
Ward's Reports. Inc., today estimated output of the auto¬
mobile plants for the current week at 115,935 cars and
trucks, for the highest January production week in the
industry's history.
The previous January high was 111,330
assemblies this week a year ago.
Last week's production
total was 76,690.
The trade publication said the gain was
greater than had been anticipated following the holiday
Jan. 3,
1940
$591
$584
4,484
4,496
Philadelphia..
670
603
Cleveland
average
13 Weeks Ended
Federal Reserve District
and
This was an increase of 68,864 cars
from the preceding week this year, 21,246 cars more than
the corresponding week in 1940, and 84,800 cars above the
same
by the
792
683
Richmond
378
380
Boston..
New York
Atlanta
321
323
Chicago
1,638
1,618
307
285
St. Louis
Minneapolis
171
177
Kansas
328
347
Dallas.
290
295
San Francisco
739
City
Centers for which
Revenue
bank
1,
1941
$7,291
51,455
6,432
8,546
4,680
3,809
17,861
3,772
2,186
3,631
Jan.
3,
1940
$6,578
48,240
5,881
7,676
4,239
3,501
16,361
3,523
2,187
3,613
766
3,045
9,505
8,899
$10,608
$10,557
$122,213
$113,597
4,150
4,133
47,225
44,210
5,667
5,605
64,841
59,912
790
Total, 274 reporting centers....
New York City *
140 other leading centers *
133 other centers
*
Jan.
819
10,147
9,475
debit figures
are
2,899
available back to 1919
Freight Car Loadings for Week Ended Jan. 4,
1941, Total 614,171 Cars
Loading of
revenue
freight for the week ended Jan. 4
totaled 614,171 cars, the Association of American Railroads
on Jan. 9.
This was an increase of 21,246 cars
announced
3.6% above the corresponding week in 1940 and an in¬
of 84,800 cars or 16.0% above the same week in 1939.
Loading of revenue freight for the week of Jan. 4 was an
increase of 68,864 cars or 12.6% above the preceding week.
or
crease
The Association further
reported:
The Commercial & Financial Chronicle
186
Miscellaneous freight loading totaled 274,355 cars, an increase of 40,261
Jan.
(Number of Cars)
above the preceding week, and an increase of 40,760 cars above the
cars
11, 1941
FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
REVENUE
corresponding week in 1940.
Loading of merchandise less than carload lot freight totaled 125,101 cars,
an
4,755
increase of
cars
cars
above the preceding week, and
Loaded
Jan. 4
Goal loading amounted to 123,127 cars, an increase of 9,509 cars above
Received from Connections
Own Lines
Dec.
1941
28
Weeks Ended—
1940
Jan. 6
Jan. 4
Dec. 28
Jan. 6
1940
1941
1940
1940
preceding week, but a decrease of 26,395 cars below the corresponding
the
Atchison Topeka & Santa Fe Ry
Baltimore & Ohio RR
week in 1940.
Grain and grain products
cars
loading totaled 26,806
increase of 4,823
cars, an
above the preceding week, but a decrease of 237 cars below the corre¬
In the Western Districts alone, grain and grain
sponding week in 1940.
products loading for the week of Jan. 4, totaled 16,046 cars, an increase
of 3,042 cars
above the preceding week, but a decrease of
the corresponding
seven cars
below
week in 1940.
but
above the preceding week,
10,187
a
cars,
increase of 1,505
an
decrease of 2,223
below the
cars
cars
stock for the week of Jan. 4 totaled 7,043 cars, an increase of 969 cars above
preceding week, but a decrease of 2,124 cars below the corresponding
week in 1940.
Coast
above the preceding week,
and
increase of 5,638
an
increase of 3,699
an
above the
cars
cars
Lines
cars
14,024
19,336
7,048
7,279
15,483
6,592
6,690
12,171
12,362
9,618
1,840
2,766
9,454
1,366
1,179
3,109
11,510
34,146
4,271
1,403
3,418
2,057
1,639
2,204
2,245
13,653
8,551
7,842
8,703
33,800
38,626
35,914
38,059
2,922
1,409
3,504
13,190
36,889
International Great Northern RR.
RR
Missouri Pacific RR
N. Y. Chicago A St. Louis Ry—
Norfolk A Western Ry
17,979
13,854
17,041
Pennsylvania RR
60,701
54,388
53,814
x
Pere Marquette Ry
Wabash
Ry
4,808
7*111
Pittsburgh A Lake Erie RR
6,374
23,571
20,083
4,726
——
Total
increase of 1,939
an
27,124
16,096
12,951
4,342
5,251
14,176
5,578
15,338
7.255
7,255
9,351
9,145
1,257
1,711
1,341
2,500
9,883
4,255
4,009
34,804
4,983
37,461
36,109
x
4,941
x
5,737
22,399
4,772
6,127
8,113
8,000
5*431
6,508
7,693
7,666
6,927
8,048
corre¬
sponding week in 1940.
amounted to 12,623 cars,
26,841
5,705
15,080
16,431
12,912
Chicago & North Western Ry___
Gulf
15,316
13*742
Chic. Mllw. St. Paul A Pae. Ry—
14,049
29,026
—
Southern Pacific Lines
Forest products loading totaled 29,819 cars,
Ore loading
15,926
New York Central Lines
corre¬
In the Western Districts alone, loading of live
1940.
sponding week in
Chesapeake A Ohio Ry
Chicago Burl. & Qulncy RR
Missouri-Kansas-Texas
Livestock loading amounted to
the
on
Weeks Ended—
increase of 1,827
an
above the corresponding week in 1940.
above the
x
260,039 257,495 246,965 151,367 175,750 158,581
Not available.
and an increase of 3,254 cars above the corresponding
preceding week,
TOTAL
week in 1940.
Coke loading amounted to
12,153 cars,
an
increase of 434
cars
LOADINGS AND
RECEIPTS FROM CONNECTIONS
(Number of Cars)
above the
preceding week, and an increase of 561 cars above the corresponding week in
1940.
Weeks Ended—
All districts reported increases compared
with the corresponding week
Northwestern.
1940 except the Pocahontas and
in
with the corresponding week in 1939.
increases compared
1941
4*.
Week of Jan.
Jan. 6, 1940
27.798
12,639
19,212
24,643
10,911
61,277
54,677
60,669
1941
Chicago Rock Island A Pacific Ry.
1940
614,171
—
Dec. 28. 1940
Jan. 4,
Ail districts reported
1939
592,925
529,371
railroads to report for the week ended
260,039 cars of revenue freight
with 257,495 cars for 18 roads
in the preceding week and 246,965 cars for 15 roads in the
seven days ended Jan. 6,1940.
A comparative table follows:
The first 15 major
Jan. 4f 1941, loaded a total of
on their own lines, compared
20,448
Illinois Central
28,198
System
St. Louis-San Francisco Ry—
Total
In the
20,107
11,764
undertake to show also the loading,
ended Dec. 28,
increases when
compared with the same week last year.
following
we
for separate roads and systems for the week
1940.
During this period 62 roads showed
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(NUMBER OF CARS)—WEEK ENDED DEC. 28
Total Revenue
Total Loads Received
Freight Loaded
Railroads
from Connections
1939
1940
1938
1940
1939
1940
TT
Eastern District—
Ann Arbor..
Central Indiana
437
1,205
161
170
5,941
8,428
1,274
9,661
2,178
Nashville Chattanooga A St. L.
Norfolk Southern
1,810
7
16
22
41
61
1,058
Cblcago Indianapolis A Loulsv.
514
1,476
6,722
1,251
..........
1,060
1,145
1,786
5.032
4,884
7,281
6,277
6,838
1,112
4, 48
8,516
954
...
Delaware Lackawanna A West.
7,605
6,454
6,113
217
195
187
72
83
Detroit Toledo A Ironton......
1,759
2,273
2,216
Detroit A Toledo Shore Line...
252
246
178
1,258
3,392
11,530
7,639
1,137
3,087
Central Vermont
.....
Delaware A Hudson..
Detroit A Mackinac
Erie
10,430
4,667
...
.........
Maine Central
....
Monongahela
....
...
Montour
...
9,216
138
118
1,313
7,389
2,575
3,852
.....
10,367
3,963
105
........
Grand Trunk Western.
Lehigh A Hudson River
Lehigh A New England.......
Lehigh Valley
1,518
7,552
2,612
4,650
1,580
33,928
8,348
1,488
1,340
35,113
8,541
........
New
York Central Lines......
N. Y. N. H. A Hartford
852
3,732
1,376
29,129
7,367
1,439
3,552
4,468
294
7,390
2,386
947
4,271
New York Ontario A Western.
N. Y. Chicago A St. Loul«
N. Y. Susquehanna A Western.
3,514
374
1,893
1,071
6,847
2,351
197
1,595
from Connections
1938
1940
1939
T
484
Boston A Maine
1939
Southern District—(Concl.)
Mobile A Ohio z
1,134
6,281
1,098
..........
Bangor A Aroostook..........
Total Loads Received
Total Revenue
Freight Loaded
Railroads
1,437
2,254
2,046
675
667
642
946
786
Piedmont Northern
299
349
468
1,192
Richmond Fred. A Potomac—.
Seaboard Air Line
253
211
253
1,027
3,416
11,355
722
2,086
2,330
1,954
*
Total.
6,360
14,939
333
283
563
94
Southbound
6,455
15,421
365
97
99
584
447
76,934
Winston-Salem
7,481
15,919
Southern System
Tennessee Central
3,915
4,901
13,361
78,557
77,242
60,644
53,564
11,715
2,059
10,301
1,850
15,148
9,618
2,907
6,690
3,124
2,693
8,320
2,364
6,560
2,547
3,827
10,221
6,480
1,442
1,348
5,892
1,945
171
9Q
27
34,947
11,203
31,926
9,703
1,569
8,818
1,383
4,799
4,449
26
6,443
4,808
5,930
5,098
3,774
1,764
9,883
1,376
5,439
4,941
Pittsburgh A Shawmut
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia
506
335
341
35
374
369
355
183
156
583
731
725
1,733
463
1,423
Rutland
449
406
850
811
Northwestern District—
Chicago
Chicago
Chicago
Chicago
A North Western.....
Great Western
Mllw. St. P. A Pacific.
St. P. Minn. A Omaha.
12.171
2,010
15,483
3,193
15,432
3,490
Dulutb Mlssabe A I. R
659
692
501
Duiutb South Shore A Atlantic.
523
392
242
354
281
8,307
7,702
5,402
7,481
6,061
293
274
263
102
144
7,509
7,441
7,230
2,767
2,016
448
512
459
545
530
Elgin Jollet A Eastern
138
224
7,190
Pittsburgh A Lake Erie
Pere Marquette
.....
3",471
4,342
3,124
4,650
2,986
4,109
2,698
7,927
3,249
2,909
125,545
Wabash
128,062
111,489
148,431
132,584
448
356
321
849
712
20,235
1,131
15,338
1,682
12,258
1,644
...
Wheeling A Lake Erie........
Total.
Ft. Dodge Des Moines A South.
Great Northern
Green Bay A Western
Lake Superior A Ishpemlng
...
190
Minn. St. Paul A S. S. M
Northern Pacific
259
307
5
1,530
5,616
.....
25,196
253
1,526
5,680
1,467
4,538
8
14
11,030
10,665
1,605
5
Chicago A Eastern Illinois
Colorado A Southern
463
473
46
43
236
202
30
26
134
117
41
19
Long Island
588
395
399
2,283
Penn-Readlng Seashore Lines.
Pennsylvania System
983
851
2,132
816
1,441
54,388
12,938
17,120
53,114
12,401
16,262
2,758
1,186
44,010
34,804
17,063
2,872
6,886
32,752
Nevada
15,193
2,047
5,740
North Western Pacific.—
Peoria A Pekin Union
Western
3.060
Maryland..........
Total.
126,536
121,236
16,096
13,854
3,096
17,472
14,133
17,685
17,199
7,255
4,255
3,792
3,227
4,267
1,040
......
....
Total.
33,046
Southern District—
Alabama Tennessee A Northern
Atl. A W, P.—W. RR. of Ala-
1,221
63,366
57,314
41,446
35,824
14.049
13,740
2,430
15,028
2,031
5,578
2,010
4,539
1,635
491
404
96
68
12,951
12,497
6,416
2,258
12,467
1,823
7,279
2,218
8,496
2,179
778
613
9,291
2,239
8,952
2,199
654
2,472
3,118
2,717
7,405
2,461
1,198
2,445
7,171
2,163
752
Denver A Rio Grande Western
Denver A Salt Lake
667
841
961
10
Fort Worth A Denver City...
Illinois Terminal
1,118
2,089
4
662
740
686
630
639
1,311
1,590
1,468
1,414
1,129
691
1,056
117
112
343
322
241
284
4
8
18
0
0
16,120
17,613
16,121
4,623
3,925
265
252
261
11,824
Southern Pacific (Pacific)
Toledo Peoria A Western
991
1,308
387
Northern
752
1,556
Missouri-Illinois
11,367
12,119
1,119
7,433
1,003
6,124
34,832
93,088,,
39,151
94,378
84,436
Union Pacific System
Utah
346
435
158
564
536
6
11
1,075
1,159
1,329
2,001
1,568
80,931
—
83,353
82,143
47,190
41,036
6,109
Total.
Southwestern District—
12,550
10,980
83
137
154
103
2,084
2,445
1,222
Birmingham A Coast—
Coast Line..........
Central of Georgia
Atlantlo
International-Great Northern.
1,179
1,226
Charleston A Western Carolina
Cllnchfield
Columbus A Greenville
532
540
480
1,233
989
457
400
422
Kansas Oklahoma A Gulf—.
831
706
7,058
2,614
6,678
4,038
2,574
4,862
2,569
Kansas City Southern
Louisiana A Arkansas
293
2,182
.296
Litchfield A Madison
370
277
974
960
770
Midland Valley
514
1,012
1,958
1,671
104
124
171
481
Missouri A Arkansas
3,109
11,524
3,036
60
7,118
2,684
177
305
1~,026
1,519
189
172
136
125
113
Missouri-Kansas-Texas Lines.
349
208
793
Missouri Pacific
789
1,049
789
16
15
Quanah Acme A Pacific..
17
59
55
729
557
St. Louis-San Francisco
542
1,257
227
1,218
265
St. Louis Southwestern
204
402
323
Illinois Central System.......
Louisville A Nashville
2,572
16,431
16,099
yl,164
17,572
18,177
2,180
8,718
2.314
Texas A Pacific
9.379
Wichita Falls A Southern
Macon Dublin A Savannah...
2,333
18,255
18,139
5,016
4,152
104
Wetherford M. W. A N. W...
150
151
792
118
107
277
261
198
747
781
1,522
1,771
1,607
1,228
1,71?
1,285
1,630
1,071
315
315
816
578
753
124
323
105
344
290
3,236
11,300
2,245
1,983
11,119
7,842
6,838
40
50
137
80
5,988
1,846
5,120
2,788
6,254
1,762
5,352
3,051
5,923
o,758
2,199
3,646
1,728
5,324
3,185
2,554
3,398
2,221
2,701
114
128
179
40
69
12
14
29
267
17
38,658
39,028
30,510
27,035
757
459
80
129
1,718
38,282
...
154
1,706
618
*
213
1,341
1,483
183
x
Gulf Coast Lines
138
121
1~,840
Burlington-Rock Island
Fort Smith A Western
160
452
Western Pacific.
1,161
Atlanta
Durham A Southern
Florida East Coast
Gainesville Midland
146
1,298
1,079
Pocahontas District—
Chesapeake A Ohio—
Norfolk A Western..
Virginian.......
150
1,031
715
Chicago Burlington A Qulncy.
Chicago A Illinois Midland
Chicago Rock Island A Pacific
152
6,673
2,502
74
1,203
462
...
Bingham A Garfield
245
........
6,714
38
1,199
Central Western District—
Cumberland A Pennsylvania..
Llgonler Valley.............
9,968
7,101
1,379
1,773
2,197
2,375
Total.
Cornwall
....
61
1,612
2,090
2,948
61
521
Reading Co
Union (Pittsburgh)
53
1,227
3,601
7,045
International
Alton
26,841
1,953
Buffalo Creek A Gauley
Cambria A Indiana
Central RR. of New Jersey...
147
1,306
3,851
64,033
Spokane
Spokane Portland A Seattle...
Atch. Top. A Santa Fe System
Alleghany District—
Akron Canton A Youngstown.
Baltimore A Ohio
Bessemer A Lake Erie
158
1,288
3,654
Minneapolis A St. Louis...
Georgia
Georgia A Florida...........
Gulf Mobile A Ohio
Mississippi Central
Note—Previous
year's
figures
revised.
♦Previous
figures,
x
Texas A New Orleans
Total.
Discontinued Jan, 24,1939.
y
Gulf Mobile A Northern only,
z Included In Gulf Mobile A
1,778
Ohio.
Volume
The Commercial & Financial Chronicle
152
stock and
further increases in building
brought the index to
79.9% of the 1926 average, the high point of the year and the
highest level reached since early in February, 1938," Mr.
Lubin said.
The Labor Department's announcement also
had the following to report regarding changes in the week
Moody's Commodity Index Advances
was as
follows:
Jan.
3
Sat.,
Jan.
4
Mon.,
Jan.
6
Tues.,
Jan.
7__
Wed.,
Jan.
8
Thurs., Jan.
9
Fri.,
Jan. 10
172.4 Two weeks ago, Dec. 27
172.7 Month ago, Dec. 10
-173.2 Year ago, Jan. 10__
172.8 1939 High—Sept. 22
-.
173.9
174.4
174.6
-
some
"The advance
ended Dec. 28:
(Dec. 31, 1931—100)
Fri.,
poultry, and
materials and metals.
Moody's Daily Commodity Index rose from 172.4 a week
ago to 174.6 this Friday.
This is the highest level since
Oct. 7, 1937.
The principal individual changes were the
advances in cotton, hides and wool prices.
The movement of the index
187
In addition to
170.5
168.8
166.8
172.8
138.4
171.8
149.3
Low—Aug. 15
1940 High—Dec. 31
Low—Aug. 16
lighting
advance of 1.2% in the farm products group, fuel and
an
materials and
building materials
0.4%; metals and metal
rose
0.2%; and chemicals and allied products,
products,
The foods
0.1%.
declined 0.4%, largely because of weakening prices for dairy products
group
and fruits and
vegetables.
The index for the
materials group advanced 0.8%
raw
as
result of
a
higher prices for agricultural commodities, cocoa beans, copra, scrap steel,
and
Commodity
Price Indexes of 10 Countries Compiled
by General Motors and Cornell University
General Motors Corp. and Cornell University, which,
prior to the European war, had collaborated in the publi¬
cation of a world commodity price index, have resumed issu¬
ance
of international price statistics, but on a different
basis than before the war.
Instead of a composite index of
world prices, these organizations now are publishing the
information only as individual country indexes.
The index is built upon 40 basic commodities and the list
is the same for each country, in so far as possible.
Each
commodity is weighted uniformly for each country, according
to its relative importance in world production.
The actual
price data are collected weekly by General Motors Overseas
Operations from sources described as "the most responsible
agencies available in each country, usually a government
department." The commodities involved include "a com¬
prehensive list of several groups, including grains, livestock
and livestock products, miscellaneous foods (coffee, cocoa,
tea, sugar, &c.), textiles, fuels, metals, and a list of other
miscellaneous materials (rubber, hides, lumber, newsprint,
linseed oil, &c.).
Weights assigned in the index to the
different commodity groups are as follows:
Grains, 20;
livestock and livestock products, 19; vegetable fats and other
foods, 9; textiles, 12; fuel, 11; metals, 11; miscellaneous, 18.
✓ The indexes, which are based on prices as expressed in the
currency of each country, were reported Jan. 6 as follows:
Average prices for manufactured and semi-manufactured
tankage.
commodities also
fractionally higher than
were
a
week ago.
During the week higher prices were reported in grain markets for barley,
corn, rye,
for
wheat, and flaxseed, rice, and cattle feed; in the livestock markets
cattle, hogs,
Prices of wool,
and lambs, and for fresh pork, lard, and live poultry.
and of onions, sweet potatoes,
vegetable oils also advanced.
Quotations
were
oleo oil,
sugar,
and most
also higher for duck and tire
fabric; for coke, fuel oil, gasoline; and for pig iron, pig tin, most lumber
products, and naval stores.
Among the important commodities for which price declines were recorded
oats, cotton, eggs, citrus fruits, fresh milk at Chicago, potatoes, butter,
were
cheese, and flour, and for calfskins, cotton yarns, quicksilver, flooring and
yellow pine lumber, and shellac.
(1) index numbers for the principal groups of
The following tables show
commodities for the past three weeks, for Dec. 7 and Jan. 6, 1940, and the
percentage changes from a week ago,
a
month
and
ago,
a year
(2)
ago,
percentage changes in subgroup indexes from Dec. 28, 1940 to Jan. 4, 1941.
1
.-K-.-
(1926=100)
jan.
Dec.
Dec.
Dec.
Jan.
4,
1941
Commodity Groups
-;.r
:
28,
1940
21,
7,
1940
1940
'
Percentage Changes to
Jan. 4, 1941 from—
6,
1940
Dec.
28 Dec.
7, Jan. 6,
1940
—
1940
+0.4
+0.5
+0.9
products..
..
80.2
79.9
79.7
79.8
79.5
71.2
69.9
69.1
69.8
69.6
+ 1.9
+2.0
73.2
All commodities
Farm
1940
73.1
73.4
73.9
71.8
+ 0.1
—0.9
+ 1.9
102.5 102.7 102.7 103.0 104.0
—0.2
—0.5
—1.4
Foods
Hides and leather products.
+2.3
74.3
Textile products
74.2
74.2
74.3
78.3
+0.1
0
—5.1
72.6
72.9
72.6
72.8
73.3
—0.4
—0.3
—1.0
97.8
97.8
97.6
97.5
96.0
0
99.4
99.6
99.2
99.1
92.9
—0.2
Chemicals & allied products.
78.0
77.8
77.7
77.6
77.8
+0.3
+0.3
+0.3
+0.5
+ 1.9
Building materials
Housefurnishlng goods
90.2
90.2
90.2
90.2
89.8
0
0
+0.3
+0.4
Miscellaneous
(August 1939=100)
materials...
Metals and metal products..
77.1
77.1
77.1
77.4
77.5
0
—0.4
—0.5
Fuel & lighting
74.2
Aus¬
Can¬
Eng¬
tina
tralia
ada
land
Java
116
Swe¬
Switz¬ United
Semimanufactured articles
Zeal'd
den
erland States
Manufactured commodities.
.
120
143
113
112
131
132
112
118
118
120
144
116
113
114
131
136
109
July
118
118
120
145
115
112
114
132
140
118
119
120
150
115
111
120
132
144
109
74.1
+ 1.0
+ 1.1
+0.1
81.9
—0.1
+0.2
—1.5
83.1
82.1
0
+0.1
+ 1.3
82.1
82.0
82.1
81.7
0
0
+0.5
84.5
84.4
84.4
84.2
—0.1
0
+0.2
109
August
73.4
80.5
83.1
.
farm products
118
72.9
80.7
commodities other than
All
1940—
.
83.2
84.4
New
ico
80.8
83.2
82.1
Mex¬
73.5
80.7
Raw materials
Argen¬
+ 7.0
120
May
June
......
116
.
120
121
145
116
110
122
135
153
123
122
145
117
110
120
139
158
farm products &
PERCENTAGE
foods
IN
SUBGROUP
INDEXES
1940 TO JAN. 4, 1941
CHANGES
111
113
September
October
commodities other than
All
114
end;
Nov.
2__
rll2
124
123
rl45
117
110
rll9
141
162
115
Grains
Nov.
9..
110
123
124
rl45
117
110
118
141
rl63
115
Meats
Nov. 16..
114
117
110
117
141
rl63
116
Cattle feed
142
Fertilizer materials
Livestock and poultry
113
7..
Dec.
126
125
rl47
118
111
118
163
118
127
125
rl47
rll9
111
117
142
164
rll9
112
_
Dec.
143
rll3
Nov. 23..
Nov. 30.
rl25
126
125
145
119
111
119
143
*164
*147
*164
119
mm
rll8
14..
112
126
125
*119
111
119
144
rll3
126
125
*149
rl20
111
120
*144
Dec. 28..
112
126
126
*150
*120
111
119
144
*
Preliminary,
m
118
...
-
-
Labor Statistics'
Index of
Wholesale
products, largely
grains and livestock, and slightly higher prices for chemicals
and allied products were mainly
responsible for an advance of
0.4% in the Bureau of Labor Statistics' index during the week
ended Jan. 4, Commissioner Lubin reported on Jan. 9.
"The index is now above 80% of the 1926 average (80.2)
for the first time since early in February, 1938," Mr. Lubin
said.
The cumulative gain from the low point directly
preceding the outbreak of war amounts to 7.5%.
The
Bureau's announcement further explained the changes as
follows:
and allied
0.7
an
Price increases were widespread throughout the commodity list last week,
with seven of the principal group indexes advancing and only one
In the food group
of 1.0%.
Average prices
for
semi¬
Manufactured commodities
Prices for all grains rose sharply during the week.
eggs,
sweet
representing
Market advances also
materials,
Important food items for which rising
flour, cornmeal, meats, coffee, pepper, edible
Quotations
the
Increases also took place during the week in the
prices
of textiles, fuels,
in the second
Complied by the National Fertilizer Association. (1935-1939=100)
Latest
cylinder oil and paraffin
sewer
wax.
pipe declined.
Prices
were
lower also for
The metal market was steady except for
Jan. 4,
1941
PrecetFg
Month
Week
Dec.
Ago
28, Dec. 14,
1940
Ago
1940
91.3
94.9
70.4
70.4
68.9
79.4
68.6
66.1
94.4
93.3
89.6
90.8
93.6
91.5
91.5
103.1
Grains
87.7
85.7
85.0
91.5
Cottonseed oil
23.0
Farm products
Livestock
91.0
Year
Jan. 6,
1940
70.9
Foods
Fats and oils
jute, tire fabric, and rubber. Among the building materials, yellow pine
lumber, oak flooring, and
Week
Group
Cotton
25.3
Prices of lime, naval stores, and paint
On the other
drugs,
in lumber
preceding week there were 23 advances and 28
Percent
linseed oil, tung oil, and lithopone were higher; as were
tanning materials, fertilizer materials, and fats and oils.
and
drop
WEEKLY WHOLESALE COMMODITY PRICE INDEX
potatoes.
commodity markets wholesale prices for drills, duck,
A
declines.
Toted Index
were
chemicals
and miscellaneous commodities.
Bears to the
as
81.5
97.4
95.1
94.4
88.6
83.7
17.3
Fuels
101.5
101.4
101.1
102.6
10.8
Miscellaneous commodities..
110.6
110.4
110.6
115.9
products of copper and brass.
Commissioner
Lubin announced Jan.
2
that
during the
previous week (ended Dec. 28) the Bureau's index of nearly
900 price series advanced 0.3% due to a marked advance in
wholesale prices of farm products, particularly grains, live¬
Textiles
112.4
112.2
111.5
119.1
7.1
Metals
103.7
103.7
103.4
103.5
6.1
prices for malleable iron castings and higher prices for manufactured
8.2
Building materials
1x7.9
118.2
118.5
106.4
1.3
lower
a
quo¬
11 declined; in the preceding week there were 35 advances and seven
hand, markets weakened and prices were lower for skins and leather and for
raw
With cotton, grain, and livestock
Each Group
burlap continued to advance.
declining.
in price while only six declined, resulting in
Thirty-one price series included in the Index advanced during the week
and
lower for dressed poultry,
materials such
also
rose
quotations caused a slight decline in the building material average.
buttsr, cheese, milk, lard, oleo oil, raw sugar, apples, oranges, and
In the industrial
and
11 items
point reached since 1938.
were up
occurred in prices for livestock, cotton, lemons, hops, flaxseeds and potatoes.
tallow, and most vegetable oils.
0.1
was another advance in the general level of wholesale
commodity prices in the first week of 1941, according to the
price index compiled by the National Fertilizer Association.
This index in the week ended Jan. 4 advanced to 100.2% of
the 1935-39 average.
The index was 99.8 in the preceding
week, 98.8 a month ago, and 100.8 a year ago. The announce¬
ment by the Association, under date of Jan. 6, went on to say:
declines;
were
0.1
Foods and textile products
prices were steady.
Cattle feed averaged 1.1% higher.
Leather..
Other farm products
tations moving upward, the index of farm product prices rose to the highest
manufactured commodities were slightly lower.
prices were reported
0.5
0.3
....
_
1.9% during the week and chemicals
higher prices for agricultural commodities
increase
0.1
Association
fertilizer
to
0.2
Other building materials...... 0.1
Iron and steel...
0.1
There
dropped 0.2%.
largely
Petroleum products..
Other miscellaneous
0.7
Wholesale Commodity Prices Further Advanced During
Week Ended Jan. 4 According to National Fertilizer
indexes
contributed
0.1
0.1
1.1
.
0.1%. On the other hand, hides and leather products and building materials
In the raw materials group,
Cotton goods
Anthracite-...
1.6
..
-—
Crude rubber
slight upturn in the group index.
rose
products advanced 0.3%.
0.5
0.7
Fruits and vegetables
Hides and skins
Continued advances in prices of farm
index
0.1
Com¬
modity Prices Advanced 0.4% During Week Ended
Jan. 4—Figures for Previous Week
The farm products group
0.4
Chemicals
Decreases
Dairy products..
of
0.5
0.9
Paint and paint materials
Other foods.................
Bureau
Oils and fats
Cereal products
Nonferrous metals
1.1
--
4.3
1.5
—
Lumber
r Revised.
28
2.7
....
119
Dec. 21..
DEC.
Increases
Weeks
123
FROM
Chemicals and drugs
103.9
103.8
103.8
0.3
Fertilizer
105.8
104.7
104.3
106.8
0.3
Fertilizers
103.3
103.3
103.0
102.6
0.3
Farm machinery
99.6
99.6
99.6
100.4
100.2
99.8
98.8
100.8
100.0
materia
i.
All groups combined
100.0
The Commercial & Financial Chronicle
188
The National Fertilizer Association also
announces:
The base period for the commodity price Index compiled
by the
National
Fertilizer Association has been changed from the three-year period, 1926-28
five-year period, 1935-39.
to a
advantages of using a
kwh., an increase of 13%
46,250,000,000 kwh.,
production was stimulated
This change has been made because of the
base period, as well
more recent
and to facilitate comparison with the business indexes
compiled by Govern¬
agencies, which
ment
now use the
1935-39 base.
of
A booklet describing the
price index and giving the various group indexes
the
on
base for past
new
of
grand
1940,
total
by
improved
electric
of
increase
an
previous year.
Output for Week Ended Jan. 4, 1941, Totals
2,704,800,000 Kwh.
There
of
At
of
the like week
a
the
Week Ended
the
to
in
clined
averaged
during
New England
Week Ended
a
Total
1
Jan. 4,1941
Dec.
Middle Atlantic
Dec. 14, 1940
6.7
6.2
7.2
6.1
8.6
11.3
12.6
11.7
West Central
7.2
6.0
8.7
9.3
10.8
10.1
10.7
Rocky Mountain
Pacific Coast
8.2
7.8
12.3
7.9
5.2
Total United States
.
8.5
9.4
-
9.1
9.0
sales
FOR
RECENT
WEEKS
(THOUSANDS
OF
1939
1940
1937
1932
1929
from
1939
Oct.
5
2,465.230
2,494,630
2,086,799
2,711,282
2,734,402
2,719,601
2,493,993
2,538,779
2,636,765
2.513,099
Nov. 16
2,751,528
2,514,350
Nov. 23
2.695.431
2,481,882
2,638,777
+ 8.6
2,065,378
1,520,730
1,531,584
1,475,268
+ 10.1
2,152,643
2,190,105
2,202,200
2,085,186
1,998,135
1.510,337
1,618,922
1,563,384
1,654,473
1,414,710
12
__
Oct.
19
mm
Oct.
26
Nov.
2
Nov.
__
9
..
Nov. 30
«_
Dec.
7
„„
Dec.
14
+7.1
+8.2
+ 9.4
2,224,213
+ 7.8
2,585.560
+ 9.8
2,604,558
+ 9.9
2,641,458
2,404,316
+ 10.2
2,622,850
1,507,503
1,628,145
1,633,028
1,525.410
2,281,036
2,254,947
2,202,451
2,170.657
2,910,914
--
2,270.123
+7.7
2,795.634
2,838,270
Dec. 21
1.606,219
+ 0.8
2,862,402
Dec. 28-
2,280.065
+0.8
+ 9.1
the
at
end
of
the
close
service.
end
the
of
About
The
year.
one-third
of
the
reached
all-time low
electricity
for
levels.
residential
or
compared with 4.00c. in 1939,
as
residential
The
industrial
average
customer
revenue
lowest
used
952
customer
per
carried
payrolls
of
arising
taxes.
1940,
1939
in
1940
and
Taxes
None
1.23c.
Virtually
retail
this
for
the
war
investor.
More
coal
which
was
industrial
of
emergency
$65,000,000
taken
was
during
represent
now
and
of
increased
the
dollar
every
commercial
from
rose
increase
an
of
available
increased generation.
necessary
sales
$73,0j0,000)
for
year.
balance
to
expended.
increased
increased
previous
over
naturally made
Prices
in
de¬
rates
power
history.
1.12c.
$2,413,000,000
the
over
in
with
in 1917.
approximated
was
point
compared
as
industrial
use,
the year to a
17%% of every
over
revenue.
Statistics
of
the
Electric
Light
1,819,276
1,806.403
1,798,033
1,840,803
1,860,021
1,837,683
Power
The following statistics for the month of October, covering
100% of the electric light and power industry, were released
on Jan. 2 by the Edison Electric Institute:
MONTH OF OCTOBER
Data undergoing revision
as to classifications of Industry generating plants and
The generation for the U. S. power supply (in kilowatt hours)
whole for the month of October was as follows:
form of presentation.
as a
1,824,160
1,815,749
1,798,104
1,793 684
1,818,109
1,718,002
1,800,225
and
Industry
SOURCE AND DISPOSAL OF ENERGY DURING
2.640,949
2,065.064
Oct.
1939.
the
to
KILOWATT-HOURS)
Chanqe
1940
half
the
9.9
Percent
Week Ended
897 in
for
average
high figure of $405,000,000 and
October
DATA
the
these.
1940
kwh.
The
ago.
o.4%,
and
through
dollar of gross
9.3
10.2
number
at
of
price
per
war emergency
or
however,
by
away
new
second
at
30,091,500
electric
uses
customers
average
kwh.
per
similar
(about
power
8.3
Southern States
year
price
average
burned,
gained
7.8
11.6
Central Industrial
now
1,500,000
large increase in
1.04c.
Increased
was
7.8
reaches
the
over
electric service in
decades
revenues
revenue,
Week Ended
Dec. 21,1940
28,1940
6.1
—
Week Ended
the
two
$124,000,000.
Major Geographic
Regions
the
pro¬
power
taking electric service.
now
compared with
as
Due
PREVIOUS YEAR
during
power
Water
$36.27.
was
year ago.
PERCENTAGE INCREASE FROM
are
of
end
7.45c.
kwh.
is 9.4% above the output of the corresponding
1940, when the production totaled 2,473,397,000
kwh.
The output for the week ended Dec. 28,
1940, was
estimated to be 2,622,850,000 kwh., an increase of
9.1%
output
over
farms
farm
domestic service stood at Z 81c
and
water
1939.
over
rainfall
customers
986,200
serving
are
Average prices for
light
week
2,100,000
utilities
occupied
and power industry of the United States for the week ended
Jan. 4, 1941, was 2,704,800,000 kwh.
The current week's
and
year,
In many of the States along the North Atlantic Seaboard
are
private
The Edison Electric Institute in its current
weekly report
estimated that production of electricity by the electric
previous
increase of 7%%
an
practically the entire population
Electric
11, 1941
year.
The
will soon be available for distribution.
years,
the
the
over
duced
broader base,
as a
Jan.
Output of electricity in 1940 by all agencies, private and public, con¬
tributing to the public supply, amounted to 140,750,000,000 kwh., com¬
pared with 126,666,317,000 kwh. in 1939.
Fuels produced 94,500,000,000
P. C.
1940
Fuel
1939
9,144,930,000
Total
8,484,984,000
3,594,695,000
Hydro
3,052,658,000
1937
00 6.664.683,000
+
12,739,625,000 11,537,642,000
CLASSIFICATION OF SALES
1938
Change
6.880,888,000
3,288,050,000
00 3,324,248,000
+ 10.4 9,988,931,000 10.168,938,000
(REVISED SERIES)
DURING MONTH OF
OCTOBER
1941
1941
1940
from
1939
1932
1929
Per
1940
1940
Jan.
4
Jan.
2,704,800
2,473,397
2,592,767
2,572,117
2,565,958
11
Jan.
18
Jan.
25
..
--
+ 9.4
2,169,470
2,269,846
2,289,659
2,292,594
1,619,265
1,602,482
1,598,201
1,588,967
1,542,000
1,733,810
1,736,729
1,717,315
Number of Customers as
or domestic
The
Edison
stated
that
Electric
the
Institute,
increase
in
in
its
year-end
681,000
review,
in 1940
16 %% above
were
were
up
the previous year.
Retail
com¬
7%, and sales for residential service
up 10%.
The total power output was
up 11%.
Institute, in its annual review, further stated:
were
For
service
the
return
of
whole
u
this
ever
his
on
the
investment
lower
than
at
any
time since the bottom
capacity
and
year,
the
below, give
assurance
perhaps
isolated
in
and
proved
large
to
supply
installations
new
for the future
locations.
munitions
new
ample
of
New
an
under
adequate
army
factories,
the
highest
way,
loads
200
Residential
or
31
30,083,421
29,032,284
1,922.085,000
179,687,000
1,770.983.000
+8.5
152,375,000
+ 17.9
1,886,147,000
5,447,165,000
188,813,000
232,744,000
1,767,327,000
4,848,262.000
+ 12.4
183,085.000
+3.1
231,692,000
+0.5
320,928,000
318,185.000
+0.9
166,779,000
57,674,000
161,264,000
+3.4
46.344.000
+24.4
10,402,022,000
9,479,517,000
+ 9.7
$207,033,800
$196,832,500
+ 5.2
domestic
industrial:
Small light and power
Large light and
.
power
Street and highway lighting
Other public authorities
.......
+6./
Railways and railroads:
Street and Interurban
railways
Electrified steam railroads
Interdepartmental
Total ultimate customers.
Revenue from ultimate customers.
supply,
RESIDENTIAL
except
and
camps
OR
DOMESTIC
SERVICE
(REVISED
SERIES)
air
wherever
they have been located
the country, practically without
exception, have been found
reasonably within reach of existing power lines which have
provided
adequate and dependable electric power
supply as
Average Customer Data for the 12 Months
throughout
tc
+3.6
During Month of Oct.-
Rural (distinct rural rates)
or
209
1,122
Total ultimate customers.
Commercial
r
27
mentioned
as
power
cantonments,
peak
88,601
+ 1.0
1,268
KUoioatt-hour Sales
years
depression.
the
bases
for
24,077
Interdepartmental
shorter
Generating
of
as
4,209,047
188,162
24,989
78,861
182,005
Street and interurban railways
Electrified Steam railroads
The
industry the consumer received more
before, at the lowest prices on
record; the employee
hours, at the highest hourly wages; the
taxing bodies
the largest levies in
history; and the investor received a rate of
than
worked
made
year
+4.0
+9.4
Railways and railroads:
business
power
23,907,244
622,619
4,252.510
-
Street and highway lighting
Other public authorities
activity, which has
accompanied the national defense program, the
placing of
foreign war orders and the buying by private business for
inventory purposes, has been reflected in a
considerably
enlarged demand for electricity
Sales of industrial
mercial sales
1
24,853,733
Large light and power
Light and Power Industry in 1940
Ct.
Change
of Oct. 31—
Residential
Rural (distinct rural rates)
Commercial or industrial:
Small light and power
The Electric
1939
Ended Oct. 31
be
an
1940
1939
P. C. Change
required.
Generating capacity added in stations contributing to the
public supply
in 1940 amounted to
1,790,000 kw.
The net gain in
generating capacity,
after deducting for equipment retired
from service or reduced in
capacity
rating, was 1,380,000 kw., bringing the total
generation capacity at the
end of the year to
-10,330,000 kw.
Generating capacity to be installed in 1941 by plants
contributing to
the public supply amounts to
3.412,000 kw.
In 1942 these plants will
add 2,302,000 kw.,
according to reports so far received.
New installations
are
already being scheduled for 1943 and 1944 as well.
Because of the part they
play in the defense program, it is noted
isolated industrial steam plants, which added
120,000 kw. of
1940,
will
installation
add
of
253,000
110.000
kw.
kw.
in
1941
in
and
1942.
have
already
that
capacity in
scheduled the
Thus
the
grand total of new
capacity which will be installed in the next two
years is 6,076,000 kw.
For the country as a
whole, the sum of the peak loads on the various
systems was abcut 10% above the similar
figure for last year, and the
total
installed generating
capacity of the country was about 30% in
of
excess
the
of
sum
the
individual
load
figure is significant only
and
of
its
approximate
as
an
relation
to
peak loads.
This nation-wide peak
indication of the trend of load
growth
total
installed
capacity.
The
excess
represents unused capacity which
is available to carry additional load
capacity held in
breakdowns,
capacity
there
is
which
reserve
can
sufficient
be
against
depended
stream
upon
only
<fec.
a
It
part
also
of
flow.
It does not, however,
capacity of generating equipment, which can be called
important and substantial resource in case of need.
includes
the
year,
include
upon
and
hydro
when
overload
and
is
an
Kilowatt hours per customer
939
$36.34
S35.83
+ 1.4
3.87c
Average annual bill
889
4.03c
—4.0
Revenue per kilowatt hour
+ 5.6
Production of Electric Energy in the United States for
October and November, 1940
The production of electric energy for public use
during the
of November, 1940 totaled 12,501,262,000
month
lnvh.,
according to reports filed with the Federal Power Commis¬
sion.
This represents an increase of
9.1% when compared
with the same month of the previous year.
The average
daily production of electric energy for public use was 416,709,000 kwh. during November which is 0.8% more than
the average daily production during
October, 1940.
The
production of electric energy by electric railways, electric
railroads, and other plants which generate principally for
their own use totaled 249,553,000 kwh.,
making a total pro¬
duction reported to the Commission for the month of
Novem¬
ber of 12,750,815,000 kwh. or an average
daily production
of
425,027,000
kwh.
The
Commission's
report
further
showed:
The production by water power in November
amounted to
kwh.
or
32% of the total output for public
use.
4,000,150,000
Volume
f Reports
received during December, 1940, indicating that the capa¬
were
city of generating plants in service in the United States
totaled 41,448,699 kw.
This is
net increase
a
on
made in plants
reported promptly
which
are not
Oct. 31, 1940.
month do not necessarily
that
over
Occasionally changes are
that the figures shown
so
and
the total
sales
was
last
since
March,
but
up
TREND
OF BUSINESS
IN
3% in
rise in occupancy since last
the rate is the best in several
HOTELS IN NOVEMBER, 1940. COMPARED
WITH
NOVEMBER,
Sales —Percentage of Increase
FOR
PUBLIC
Decrease
THE
IN
USE
Total
Rooms
Restau¬
rant
Total
By Fuels
New York City
Nov.,
Oct.,
Nov.,
Oct.,
Nor,,
1940
1940
1940
1940
1940
1940
Bever¬
Month
Year
ages
+9
+9
Last
Inc.
Of
UJ
(+)
or
Dec.
(—)
+ 10
69
63
—2
+1
+2
0
+1
—1
67
66
+1
+ 17
+ 17
+ 18
+ 17
+ 19
52
46
+4
+ 11
+9
+ 17
68
58
+ 13
+ 11
+ 19
71
70
0
Chicago
Oct.,
+7
+7
°7r,
/o
Same
Food
Room
Rate
(Percent)
Total
(In Thousands of Kilowatt-Hours)
Division
Occupancy
(+)
(—)
i
STATES
By Water Power
1939
reported to the Commission
were
or
UNITED
smallest
the
and
months.
since the previous monthly report was issued.
PRODUCTION OF ELECTRIC ENERGY
"All others" had the smallest increase in
2%.
only
July,
improvement of
the
all the changes were made
mean that
during that month but only that they
Nov. 30, 1940,
on
of 163,035 kw.
previously reported in service
for any one
189
The Commercial & Financial Chronicle
152
Philadelphia
East North
Central
West North Central
173,049
522,837
190.857
111,425
__
__
South Atlantic
East South
292,274
+3
West South Central
__
Pacific
Detroit
+6
+9
+3
+5
0
65
58
—3
Pacific Coast
+4
+4
+4
+6
0
56
52
—3
Texas
+2
+ 1
+4
+4
+2
68
68
+1
All others
+6
+4
+8
+5
+ 14
63
62
+3
Total
+6
+5
+7
+6
+ 10
64
61
+ 1
644,617
777,115
615,056
808,599
786,007
Year to date
+4
+3
+6
+5
+7
65
63
—1
630,589
246,441
620,605
164,220
237,343
588,420
158,613
215,950
541,561
539,772
24,012
26,636
627,394
644,379
1,079,770 1,053,936
Mountain
+6
+20
+2
771,388
479,114
803,638
627,550 2,629,846 2,421,937 3.152.683 3,049,487
248,442 2,826,4.50 2,762,660 3,017,307 3,011,102
133,873
572,393
706,266
619,263
730,688
450,273 1,220,988 1,098,235 1,575,354 1,548,508
354,366
Central..
+ 15
Cleveland..
New England
Middle Atlantic
Washington
182,397 1,295,720 1,236,333
788,002
United States total. 3,642,256 4,000,150 9,174,352 8,501,112 12816608 12501262
PRODUCTION OF ELECTRIC
ENERGY FOR
United
PUBLIC USE
States
Foreign Trade with Geographic Areas
Countries In November
and Leading
Production
United States exports to Latin America
% Change from
Kilowatt-Hours
12 Months Ended
increased during
Previous Year
November and also showed gains to Australia and Africa.
Dec. 31, 1939
Jan.
128.037,000,000
129,625,000.000
31, 1940.
29, 1940
Feb.
+ 12
Neverthless, decreases in shipments of a comparatively few
+ 13
131,051,000.000
+ 13
Mar. 31. 1940
131,989,000.000
+ 13
30, 1940
May 31, 1940
+ 13
+13
June 30, 1940
133.208,000,000
134,453,000.000
135,404,000,000
July
Apr.
31, 1940
items to Canada, the
+ 12
136,777,000,000
+ 12
Aug. 31,1940
137,930,000,000
Sept. 30, 1940..
138,729,000,000
139,876,000,000
+12
+ 12
+ 12
+ 11
Oct.
31, 1940
Nov. 30, 1940...
140,914,000,000
Note—Since the above data show production by 12-month periods, all seasons ol
the year are Included In each total and the effect of seasonal variations Is largely
eliminated.
TOTAL MONTHLY PRODUCTION
OF ELECTRICITY FOR PUBLIC USE
(In Kilowatt-Hours)
% Change
Month
% Produced by
Water Power
1940
1939
1938 to
1939 to
1939
1940
United Kingdom, and Japan brought
trade during November down to
approximately $328,000,000 from $344,000,000 in October.
Imports rose to $223,000,000 in November from $207,000,000
in the preceding month primarily because of large receipts
of goods from Canada, Japan, the U. S. S. R. and Belgian
Congo.
Exports to Canada decreased from approximately $77,000,000 in October—the highest figure reached in this trade
during the war period—to $64,000,000 in November.
Ex¬
ports to Japan declined substantially from $26,000,000 to
$16,000,000.
Shipments to the United Kingdom showed a
relatively small decline from $108,000,000 to $102,000,000,
and remained at a figure more than three times as great
the total value of export
1939
1940
10,421,000,000
12,009,000,000
+ 10
+ 15
36
26
9,463 000,000
10,889.000,000
+ 10
+ 15
40
29
a
as
year ago.
Canada from
mainly the result of a falling off in shipments
of crude petroleum, heavy steel, motor truck tires, aircraft,
automobiles, and corn. These reductions followed expansion
during October; the November shipments of each of these
products and of many others were considerably larger than
a year ago.
Among other 1 ading commodities in the trade
with Canada, exports of unmanufactured cotton increased
during November, while those of electrical apparatus and
metal-working machinery were approximately as large as in
The decline in the total value of exports to
January
February
March
10,357,000,000
11,295,000,000
+ 11
+9
43
35
April
9,783,000,000
10,178,000.000
11.002.000.000
45
41
11,423,000,000
+ 11
+ 14
+ 12
May
+ 12
41
40
June
10,360.000,000
11,311,000,000
+ 14
+9
36
37
July
10.482.000,000
11,855,000,000
+ 11
+ 13
33
35
August
11,056,000,000
12,209,000,000
+10
+ 10
32
32
September
10,944,000,000
11,743,000,000
+ 13
+8
28
33
October
11,670,000,000
12,817,000,000
+ 16
+ 10
27
28
November.
11,463,000,000
12,501,000,000
+ 13
+9
28
32
11,860,000,000
+ 11
27
128,037,000,000
+ 12
34
December
Total
.
October
was
October.
Note—Above data solicited from all plants engaged in generating electric energy
for public use, and, in addition, from electric railways, electrified steam railroads,
and
certain
miscellaneous
plants which
generate energy for their own use.
Aomonth, representing approximately 98% of the total
production shown; the remaining 2% of the production Is estimated and corrections
are made as rapidly as actual figures are available.
Thus, the figures shown for
the current month are preliminary while those for the preceding months are corrected
in accordance with actual reports received and vary slightly from the preliminary
curate data are received each
data.
Coal Stock and Consumption
The total stock of coal
1940
was
Of the total stock,
hand at electric utility power plants on Dec. 1,
and
an
This
increase of 0.8%
an
was
increase of 25.7%
11,413,042 tons
stock decreased 0.2%
as
compared
compared with Dec. 1,1939.
as
bituminous coal and 1,195,010 tons
were
Bituminous coal stock increased 0.9%
anthracite.
were
on
12,608,052 tons.
with Nov. 1, 1940
when compared with Nov.
while anthracite
1, 1940.
Electric utility power plants consumed approximately 4,799,987 tons of
coal in November, 1940, of which 4,580,461 tons were bituminous coal
219,526 tons were anthracite, decreases of 5.2%
and
and 6.3% respectively,
when compared with the preceding month.
In terms of
was
United Kingdom took
and British countries,
as a group, took more than 60%.
Since the French armistice with Germany
and Italy and the spread of the war to the Mediterrenean last June, the total
value of the United States exports to the United Kingdom has increased
In
enough bituminous coal on hand Dec. 1, 1940 to last
75 days and enough anthracite for 163 days' requirements.
November,
more
than
30%
substantially,
$100,000,000.
to
as
in other recent months, the
of total
gain
United
States exports,
being valued during each succeeding month
at more than
The November total of $102,000,000 compares
the United Kingdom of
the
days' supply, which is calculated at the current rate of con¬
sumption there
Exports to the United Kingdom, which in total were down
$5,000,000, showed decreases in aircraft, electrical
apparatus, raw cotton, and foodstuffs. Among other exports
to the United Kingdom, tobacco, aviation gasoline, motor
trucks, firearms, and ammunition were larger in November
than in October, and those of iron and steel and machine
tools reached approximately the October level.
The Com¬
merce Department also noted:
about
concentrated
Exports in November, to
with exports
approximately $31,000,000 in Nov. 1939, with
in a few non-agricultural commodities.
British countries, as a group, were valued at $203,in Nov. 1939.
largely
000,000, nearly double the value
Europe, which showed a decline from $73,$15,000,000, represented only 5% of total United
States exports in Nov. 1940.
Shipments were reported to the U. S. S. R.,
Switzerland, Spain, Portugal, Sweden, Finland, and Greece; shipments
to German-occupied areas remained nil.
Exports to the continent of
000,000 in Nov. 1939 to
Trend of Business in Hotels, According to Horwath &
Horwath—Total November Sales 6% Above Year
declined from $5,400,000 in October
valued at $2,600,000 In October
were negligible in November; exports of iron and steel-mill products declined
from $3,200,000 to $1,100,000; and exports of raw cotton dropped from
$477,000 to $157,000. The trade with Japan showed, however, an increase
of $1,700,000 (from $7,200,000 in October to $8,900,000 in November)
in petroleum exports, mainly in lubricants and in fuel oil.
Petroleum
products comprised more than M of the total exports to Japan in Nov.
1940, a much larger proportion than is usual. In Nov. 1939, for example,
these products represented one-fifth of the total.
The negligible shipments
of cotton and scrap iron this past November and decreases in other iron
and steel products, in copper, and in metal-working machinery mainly
account for the decline in the value of total exports to Japan from $25,000,Exports to Japan of refined copper
Ago
to
In
their
monthly
of
survey
trend
the
of
business
in
hotels, Horwath & Horwath state that all groups reported
more business this November
than last, though for six of
nine
the
The
Restaurant
beverages
As
to
three
sales
at
sales
little
five
rates,
rates
of
In
last
year
little
were
was
to
nine
had
York
increase
a
little
groups
no
than
rooms,
and
showed
increases
over
a
year
ago,
change.
The November increases in both
for the first 11 months.
Occupancy
three points higher than a year ago, whereas the
to
date
in two points.
City the sales increased over the corresponding month of
for the first time since last spring.
The transient hotels fared
better than the residential®.
However, the rates in both types
in this
In Chicago about two-thirds of
again off, as they have been all year, and the rate situation
city is the poorest among all the groups.
the hotels had higher sales than in November,
increase
was
game,
1939,
but the aggregate
only 1% and the occupancy was up only one point.
Philadelphia had rather marked increases,
Navy
more
the average
increase for the year
New
October.
smaller than in
tlxan food, as has been the case most of this year.
the
one
exceeded
were
continued:
continues
more
64% of capacity
average
a
a
report
decreases, and
and
the gains
groups
firm's
which last
year
was
caused largely by the Army-
played in December.
Of course such a
big event has a great effect on a place with a normally low occupancy.
All of the hotels reporting from Washington and three-fourths of those
from Detroit had increases, but in the latter city the rate fell off 3%.
In
Texas
the
increases
and
decreases
in
total sales
were
evenly
divided,
$1,500,000; iron and steel scrap exports
000 in
Nov. 1939 to $16,000,000.
Exports of Latin America in
November, reached approximately $70,since last June, when Argentina was
500,000 the highest monthly total
quantity than recently. Ship¬
with nearly
$15,000,000 last June, although the November figures represented a slight
increase over the recent low recorded in October.
Exports to Brazil of
automobiles, rails, and various other iron and steel products increased
substantially in November, and the total for all United States merchandise
sent to that country reached $10,800,000.
This represented a considerable
gain over the smaller totals reported for the months from July through
October and a slight gain over the high figures for the first half of 1940.
Exports to other South American countries and to Cuba also advanced
to relatively
high levels during November.
Although Mexican trade
purchasing United States goods in larger
ments
to
Argentina
of $5,900,000
in November compares
190
The Commercial & Financial Chronicle
dropped off
compared with October, the November shipments to that
as
which
The Latin American countries took 21.5% of total United States
exports
higher percentage than during the months immediately
a
preceding the outbreak of the
November of last year.
after
the
month,
beginning of the
with
percentage as in
but that during 1940 the total for each
war,
the exception
Southern
to
same
It should be recalled that United States exports
in value within a few months
aggregate of $44,000,000.
value
but about the
of June,
dropped below the
November exports
December
$36,700,000.
were
North
America, which advanced about 60%
$32,000,000 during the first few months of the
of
to
Exports
monthly
a
and
war
1939
Increases in United States imports from a few countries accounted
prim¬
arily for the rise in the value of total imports to $223,000,000 in November
from $207,000,000 in October.
The U. S. S. R. and New Zealand furnished
increased amounts of fur skins
compared with October, Japan supplied
and the Belgian Congo sent us increased
larger quantities of
of
raw
as
silk,
metals—tin,
cobalt,
uranium,
features of the November trade also
and
tantalum.
the entries of
were
Interesting
prior to the outbreak of the war, and arrived in the United States
purposes
1940.
in
the corresponding month
of
1939.
Arrivals
however, than
of
merchandise
from the continent of
Europe
1940, whereas
before imports from the continent reached $46,000,-
a year
were
stated
The
:
units provided
during 1940 represent an increase of 17% over
465,000 non-farm units provided in 1939.
The permit valuations of these
for
new
units
new
estimated
are
at
Pacific
104,000
and
divisions
East
and
South
were
down from $14,-
103,000
also
North
With
Atlantic
units,
respectively,
new
registered
Central
States led
the
States
and
from
Africa
Following
are
$36,000,000
increased
the
from
to
complete
months of November and
$44,000,000,
$12,000,000
to
while
those
While data
defense
on
housing projects started by the Navy Department
during the fourth quarter of 1940 are
not
complete,
considerable
present information
before
volume
the
financed
started
units
IMPORTS
ESTIMATED
Oct.,
Nov.,
Nov.,
Oct.,
1939
Nov.,
1940
1940
1939
1940
1940
South America
Asia
Oceania
...
...
Africa
Total.
$
15,154
37,053
75,057
2,722
1,618
9,037
9,714
24,600
44,122
14,884
33,383
90,354
2,896
13,191
9,718
4,371
Belgium
Brazil
India..
British Malaya
Burma
5,151
5,044
5,920
6,342
7*76
6,689
1,458
5,497
5,010
1,278
5,483
10,608
4,849
1,137
Australia
10"807
6,121
1,427
6,863
1,441
12,395
6,990
12,892
9,896
8,329
6,902
1,360
1,366
9,340
7,037
23,967
20,791
520
158
Chile
495
5
66
100
76,844
64,262
34,827
147
Ceylon
1,328
50,441
Canada
146
170
3,389
4,081
4,641
4,520
7,811
1,629
6,611
5,809
4,744
5,107
38,046
3,600
6,378
7,109
42,533
3,774
4.435
7,374
3,584
5,890
3,625
4,453
4,706
7,964
2,465
China
Colombia
Cuba.......
Denmark
Dominican Republic
Ecuador
5,616
4,028
6,853
2,991
6,500
489
"601
630
"656
1940
France
26.300
83,000
29,200
20,000
13
234
7
560
415
1,870
2,683
241
613
145
687
739
800
139
3,670
174
606
504
508
194
276
358
656
467
936
509
745
Hongkong
Iran (Persia)......
629
907
1,237
1,123
251
114
99
764
907
848
360
Ireland
852
677
670
1,453
839
269
134
52
weeks
orders
new
weeks
of
shipments
of
10%
were
1940
1939;
12
3
Mexico
Netherlands Indies
Netherlands W. Indies (Curacao)
Netherlands—
74
to
236
158
166
184
16,443
18,985
18,361
21,676
630
104
236
263
6,346
5,987
8,700
3,379
1,940
12,987
1.393
9,772
1,477
1.365
780
1,531
3,825
1
1,729
2,536
2,269
7,620
1,018
2,837
10,800
2,846
1,589
4,886
1,642
6,836
1,066
1,046
672
1,191
250
1,048
925
626
202
5,709
7,282
31,488
10,776
Panama, Republic of
Panama Canal Zone..
Peru
Philippine Islands
Portugal...
Spain
Sweden.....
Switzerland
Turkey
Union of South Africa
949
1,200
1,492
1*682
5,173
2,409
7,116
1,351
768
11,827
7 844
9,644
107^802 102,375
686
836
1,052
5,898
5,827
6,123
U. S. S. R. (Russia)
United Kingdom...
Uruguay
Venezuela
5,105
12,380
1,222
2.366
1,265
1,201
1,914
New Zealand
Norway
5,340
11,904
11
a
849
469
4,811
13,043
452
on
Dee. 21.
same
417
481
23
1.436
7,318
1,224
1,170
61
1,864
1,049
2,960
2,178
10,428
611
4,078
93
9,873
2,009
4,055
1,598
4,370
of the United States
during
Secretary of Labor Frances Perkins reported
"This number exceeds the volume
achieved dur¬
ing 1929," she said.
"In that year 509,000 units
were
pro¬
a
times
as
that
at
the
bottom
of
the
depression.
ended
low
as
of
high
These estimates,
9%
the
above
was
6.4%
was
above
1939
above
shipments,
period.
For the
production
and
Comparisons
stocks
gross
31%
was
Unfilled orders
Dec.
Dec.
on
28,
1940,
42% greater than
were
a
V
production,
from
79
above
totaled
hardwood
7,214,000 feet,
or
mills
give
for
was
business
as
reported
orders
137,940,000 feet, and
hardwoods,
ago
79
7,218,000
174,163,000
identical
feet
mills
Federal
Reserve's
December
and
Reports
feet,
Production
19%
or
week
same
were
7,218,000
was
1940, of 364 identical softwood
ago
it
feet
121,827,000 feet; ship¬
160,039,000 feet,
and
was
and
168,418,000
reported
7.819,000
and
6,419,000 feet, and orders,
the
for
Reports
28,
year
feet
8,602,000
as
of the
173,724,000
were
:.
Mill
171,002,000
respectively,
received,
a
1940, by 387 soft¬
the production
139,843,000 feet.
1% below production.
during week ended Dec.
were,
28,
week
same
was
new
Shipments
,
ments
the
Production
Identical
mills
147,061,000
180,938,000
feet;
figures for the preceding week
feet; shipments, 264,690,000
27% above
or
reported
as
feet.
Production
produced
shipped
for the week ended ..Dec.
177,512,000 feet,
0.1 of
mills
feet.
Shipments
production.
454
Revised
216,819,000
24% above pioduetion.
or
1940,
combined;
186,114.000 feet.
Lumber orders reported
feet,
23,
hardwoods
197
3,858
date
11% less.
were
220,579,000
mills.
7,691
1,102
1,187
to
8%
the
Demand
orders to
and
465;
feet; orders,
19
22
vided, from which point construction
dropped to
54,000 units in 1933.
Thus the 1940 level is 10
of
Mills,
were:
2
dwelling units will have been
areas
week
booked orders
311
1,536
1940
were
business
a year ago.
stocks
softwoods
mills
Dwelling Units Provided in Non-Farm Areas of
United States During 1940 Totaled
545,000 Accord¬
ing to Secretary of Labor Perkins
new
of
wood
New
Approximately 545,000
28,100
31,400
48,300
5,000 to
10,000..
39,700
32,000
2,500 to
5,000..
30,400
25,600
Rural non-farm
148,300 122,700
Softwoods and Hardwoods
During the
feet
263
33
1,431
5,967
4,034
6,673
4,744
2,267
13,597
1,493
1,896
gross
1,460
1,349
1,633
6,566
622
of unfilled
compared with 20%
year ago;
101
b For purposes of statistical
comparability trade with Austria
Czechoslovakia and Poland and
Danzig has been combined with Germany for both
years.
the year 1940,
31,500
43,300
62,500
the orders of
new
Supply and
The ratio
965
Less than $500.
provided in the non-farm
50,000..
25,000..
25,000 to
10,000 to
shipments
above
date,
23
264
26,195
1,257
10,061
Newfoundland and Labrador..
a
4,964
534
25,243
1,143
Kwantung
101,200 104,700
88,100
72,200
over
100,000 to 500,000..
50,000 to 100,000..
7% above production.
were
286
6,029
+ 17
Year-to-JJate Comparisons
and
314
Italy
500,000 and
•
Reported production for the 52 weeks of
917
Greece
Jamaica
^
396,700 342,300
ments *7%
greater, and new business 6% greater.
The
industry stood at 90% of the seasonal weekly average of
1929 production and 94% of average 1929
shipments.
The
Association further reported:
581
Honduras
Japan
Percentage change....
Total urban
40
354
Haiti
....
1939
23% and new
27% above production.
Compared with the corre¬
sponding week of 1939, production was 12% greater, ship¬
1,627
1,632
...
1940
orders
corresponding
"224
Population Group
National Lumber Manufacturers Association from
regional
associations covering the operations of
representative hard¬
wood and softwood mills.
Shipments were
455
'
IN
production
during the
holiday week
ended
28, 1940, was 32% less than in the previous week;
Shipments were 32% less; new business 16% less, accord¬
ing to reports (incomplete due to the holidays) to the
765
160
PROVIDED
Lumber
502
946
pre¬
Dec.
425
a
are
Report of Lumber Movement Week Ended Dec. 28, 1940
1,087
1,358
6,283
a
104,400
...
548
8
51,100
Mountain
2,137
2,073
show
Total non-farm area... 545,000
465,000
20,100
92,900
73,400
30,600
77,500
25,900
46,500
16,500
81,600
93,900
33,700
103,400
Pacific
404
3
1939
545,000 465,000
+ 17
New England
1,685
Germany, b.
Gold Coast..
also
areas
OF NEW DWELLING UNITS
NON-FARM AREAS, 1940, 1939
Geoyraphic Division
589
Finland
units
USHA
publicly-
(1940 Prel Unary)
1,503
1,020
3,239
...
Egypt
reach
with
$
18,330
39,159
16,440
33,452
88,225
292,453 343,848 327,685 235,458 206,939 223,430
Argentina
British
$
60,331
36,104
Privately-financed
NUMBER
East South Central
Nov.,
$
projects will
Combined
the number of
over
by geographic division and population group:
West South Central
$
1939.
these
year.
great increase
a
during
that
the
of
The 1940 and 1939 estimates for non-farm
sented below
East North Central
GeoorapMc Division
$
indicates
end
substantial gains in 1940 as compared with 1939.
Middle Atlantic
October:
105,347 122,209 118,695
51,292 78,047 65,609
29,507 31,552 33,792
38,817 29,471 36,749
53,405 60.310 48,045
5,212
6,674
7,848
8,873 15,585 16,945
with
levels
Public Buildings Administration
West North Central
Northern North America.......
Southern North America
same
decrease from 1939
construction.
South Atlantic
Europe
during 1940.
These
the preceding year,
over
The only
the
Percentage change
the
Thousands of Dollars (000 Omitted)
Country
$1,591,000,000
geographic divisions with
the
All divisions
covering
EXPORTS
all
from
$16,000,000.
tabulations
and
.
and
$75,000,000 to $90,000,000; those from Canada and other Northern North
and
largest gains
following.
imports from other areas, particularly in strategic and crude materials,
largely counterbalanced these declines.
Imports from Asia increased from
advanced
1940
exception of cities over one-half million all city-size groups,
rural non-farm areas as
well, provided more new dwelling units
during 1940 than during the previous year.
The drop in the largest cities,
preliminary reports indicate, was due to decreased activity in apartment
and
Imports from Latin America also dropped off—
from $52,000,000 in Nov. 1939 to $48,000,000 in Nov.
1940.
Gains in
Australia
for
in the Middle Atlantic States.
was
000,000 to $11,000,000.
America
$1,833,000,000
1939.
The
valued at less than $14,000,000 in Nov.
Those from the United Kingdom and Ireland
000.
of the United States
area
as
projects, these totals will show
The value of the November imports was
slightly smaller,
imports
The non-farm
including all incorporated areas and all unin¬
corporated areas except farms."
Secretary Perkins further
large shipment
a
of French art works and increased entries of
Belgian cut diamonds
The
French art collection was allegedly sent to South America for
exhibition
in late
is defined
then
dropped to lower levels during the greater part of 1940, advanced to ap¬
proximately $33,800,000, in November the highest figure for the entire
war period.
amounts
partment of Labor.
America approximately doubled
South
to
war
Jan. 11, 1941
building permits issued,
on
are prepared
by the Bureau of Labor Statistics of the United States De¬
country were among the highest for the year.
in November,
based
are
feet.
production
this
feet;
shipments,
In
year
the
case
and
7,214,000
a
of
year
feet
and
Production
for
8,602,000 feet and 4,047,000 feet.
Index
Shows
of
Industrial
Further
Index for 1940 Shows
Advance—Preliminary
Sharp Advance
over
Previous
Year
The Board of Governors
announced
December
on.
Jan.
indicate
8
a
of the
that
figure
Federal
estimates
of
about
Reserve
now
136
for
the
seasonally adjusted index of industrial production
pared with 133 in November and 129 in October.
ing to the Board,
declines
in
actual
November
and
during this period and
volume
of
about 7%
for
Board's
as
output, which
December,
was
System
available
showed little
greater than
com¬
Accord¬
usually
change
in
the
Volume
peak period at the end of the previous year.
In December
the seasonally adjusted index of durable manufactures ap¬
parently.
about
points to 160%
manufactures
remained
minerals
For the year
122
unchanged
1940
The
rise
but,
1939
over
as
increased
table
the
output
The increase
of
durable
manufactures
non-durable
in
for the
1929
over
manufactures
and
1940 was
year
but
minerals,
in
over
of
periods
measure
.long
production, in foreign trade, in the size and composition of the
of
REPORTS—ORDERS,
popula¬
528,155
579,739
167,240
72
420,639
453,618
137,631
70
449,221
129,466
69
April
429,334
520,907
456,942
193,411
70
May
682,490
624.184
247,644
76
June
508,005
509,781
236.693
79
mm
mm
*1940
1938
1939
103
113
88
108
122
113
87
108
123
122
78
108
135
106
95
108
113
97
106
117
Industrial production..
Manufactured
110
58
587,339
196,037
487,127
162,653
74
468.870
470,228
163,769
72
mm
October
670,473
184,002
79
mm
November
488,990
648,611
509,945
161,985
77
mm
479,099
151,729
71
mm
135,801
132.249
184,002
80
73
120.470
130,203
172,460
78
120,155
123,639
130,222
152,355
77
73
73
124,726
127,704
132,312
125,701
162,228
161,985
77
76
73
129,151
162,760
78
73
132,734
164,566
79
74
123,908
133,123
156,823
80
73
80,613
84,091
151,729
48
73
153,111
59
December
464,537
Week Ended—
...
Nov. 23
No v. 30
7
14
/
110
57
68
Durable manufactures
133
41
54
108
93
70
79
100
107
66
76
99
112
Non-durable manufactures..
Minerals
104
estimates.
All 1940 figures are preliminary
the year,
ments of unfilled orders.
Marks 1940 for Textile In¬
dustry—Silk the Only Exception—Domestic Cotton
Consumption Largest in History—Rayon Use Also
leather, and
Says
The
PRODUCTION
1933
1932
1929
1936
1938
1937
*1940
Manufactures—
prospects
135
33
55
114
123
68
114
144
130
43
50
105
126
82
104
135
equipment..
134
38
48
111
125
70
100
134
pands.
Non-ferrous metals & prod's.
136
52
60
104
124
80
114
145
■Costs
113
90
106
116
Iron and steel
Machinery
Transportation
Lumber and products
146
51
63
105
Stone, clay and glass prod'ts.
Non-Durable Manufactures
110
51
54
103
114
92
114
120
Textiles and products..
94
71
88
104
106
85
112
115
Leather and products
95
76
; 88
103
102
93
104
95
101
Manufactured food products
:
mm''
■
■"'-'■'mm
98
103
108
113
109
108
96
98
101
80
99
103
102
106
109
83
79
101
Alcoholic beverages
:
Tobacco products
96
79
Paper and products
85
65
76
98
107
95
114
122
104
74
75
99
109
96
106
110
Petroleum & coal products..
96
69
74
97
108
100
no
116
Chemicals
89
68
76
99
112
96
104
115
Rubber products
Minerals—
100
64
77
107
104
83
113
118
Fuels..
103
72
80
99
109
99
105
114
Metals.
134
35
50
102
127
86
113
*
Ended Dec. 28, 1940
/
Manufacturers Association on Jan. 7:
ended Dec. 28, 1940:
gain.
in
storage,
Orders
Shipments
Production
1940
1939
1940
1939
1940
1939
786,967
913,035
726,948
862,135
41,246
733,371
47,487
46,042
35,702
43,952
733,959
31,225
828,213
780,858
959,077
762,650
906,087
was
the record
weeks ended Dec. 28,
1940, as reported by
of comparable mills
during
the
same
period of 1938.
production of the 1939 period.
Dec. 28, 1940, were 26% above
corresponding weeks of 1939, softwoods showing a gain of 26%
Shipments during the four weeks ended
and hardwoods, a gain of 29%.
Orders received during the four weeks
above those of corresponding weeks of
ended Dec. 28, 1940, were 18%
1939.
Softwood orders in 1940 were
and 12% above the same weeks of
gain of 41% as compared with corre¬
17% above those of similar period of 1939
1938.
Hardwood orders showed a
sponding weeks of 1939.
On Dec. 28,
1940, gross stocks as reported by 372
softwood mills were
3,065,841,000 feet, the equivalent of 92 days' average production (threeyear average
1937-38-39) as compared with 3,416,949,000 feet on Dec. 30
1939, the equivalent of 103 days' average
On Dec. 28, 1940, unfilled orders as
977,804,000 feet,
the
equivalent
production.
reported by 368 softwood mills were
of 30
days'
average
production, com¬
days'
pared with 680,472,000 feet on Dec. 30, 1939, the equivalent of 21
average
production.
Weekly
Statistics
of
Paperboard
Industry
received by us from the
Chicago, 111., in relation
activity in the paperboard industry.
We give herewith latest figures
National Paperboard Association,
to
hog production
this
year
last,
as
with
guarantees
programs
in response to low
are
of
mills of the country have been spinning at an
unprecedented
though consumption by mills this year will set a
high record.
This increase in domestic consumption helps, but does
not go all the wav, in offsetting the loss of cotton exports.
. .
. The
United States supply cf wheat for
1940-41 has been increased to 1.1
rate, and it looks now as
billion
bushels.
Carryover
on
July
Government record.
the largest on
1 next may be 400 million bushels,
Possibility is that the supply of wheat
current season.
"-lightly larger than during the
will be
1941-42
for
in December Advanced Five Points
Year—Prices in 1940 Were Relatively
Farm Product Prices
from
Softwood
7% above that of the same weeks of 1939 and 22%
Hardwood output was 13% below
those of
have reduced
practically the
conservation payments to
participating producers.
Good yields will undoubtedly increase the supply
cf products stored against future needs.
The good crop yields in recent
years are
attributed to favorable weather conditions, improved farming
practices, and the letter cultivation of crops.
Better varieties of small
grains, soybeans, and sugarcane are being used.
.
6% above that of corresponding weeks of 1939.
production in 1940 was
above
farmers
because
765,184
Production during the four
mills,
A near-record supply of feed for livestock is on the farms and
but the production of meats may be smaller in 1941 than in
new
(In 1,000 Feet)
the66
expected to go up.
Farm income
but higher costs will offset part of
immediately
The cotton
of 462 mills reports as follows to the National Lumber Trade
Total lumber
are
paid is about 17% below
1940,
We give herewith data on identical mills for four weeks
ended Dec. 28, 1940, as reported by the National Lumber
Hardwoods
also
than last,
Currently, the ratio of prices received by farmers to prices
the pre-World War base of 100. In the months
preceding the outbreak of the European war in September,
1939, the ratio was about 25% below the pre-World War base.
Year-end reports indicated that total supplies of food are adequate for
civilian and military needs during the coming year.
Hogs are practically
the only major commodity which will be in smaller supply in 1941 than
in
1940.
Large supplies of wheat/ potatoes, citrus fruits, dried fruits,
canned
foods, truck crops and dairy products are in existence or in
the
same
Softwoods
this year
.'prices received during the past year.
Acreage
allotments under Government
estimates.
Lumber Production and Shipments During Four Weeks
Barometer for the four weeks
production
farm
higher
prospect.
All 1940 figures are preliminary
An average
The Bureau goes on to say:
of
be
will
133
Printing and publishing
of 1940, but with
for some advance as consumer incomes
increase, it was reported on Jan. 6 by the Bureau of Agri¬
cultural Economics.
Greatest stimulus is the increased in¬
dustrial activity as production for national defense ex¬
better
1939
1941,
1941 begins with the average of prices of farm
year
products about the same as at the outset
(1935-39 Average=100)
Durable
Income, Production Costs, to Rise in
Bureau of Agricultural Economics
Farm Prices,
alcoholic beverages.
INDUSTRIAL
Record
a
For text of this article see advertisement page v.
compared with 1939, were in the metals, ma¬
the principal exceptions being lumber,
groups,
/
Activity
Record-Breaking
chinery, and transportation equipment groups of industries.
Production was larger than for any previous year in most
--
orders received, lees production, do
not necessarily equal the unfilled orders at the close.
Compensation for delinquent
reports, orders made for or filled from stock, and other Items made necessary adjust¬
which points out that the largest increases for
as
101,099
100,798
4
Note—Unfilled orders of the prior week plus
Preliminary annual estimates for the various group in¬
dexes are shown in the following table, made available by
the Board,
123,819
73
1941—
Jan.
69
+
544,221
Dec. 28
1937
m
452,613
Dec. 21
1936
...
mm
■
August
September
Dec.
100)
mm
July
Dec.
PRODUCTION
<
72
9
1933
Cumulative
March
2
1932
Current
Month of—
Nov. 16
1929
Tons
of Activity
Remaining
Tons
February
Nov.
(1935-39 Average
Production
January
Nov.
INDUSTRIAL
Percent
Orders
Received
Tons
preliminary industrial production index for
1940 compared with previous years follows:
Board's
The
ACTIVITY
MILL
Unfilled
tion, and in the division of income.
*
PRODUCTION,
minerals
the economic well-being of the Nation.
considerable allowance needs to be made,
oniy for changes in the nature and quality of industrial products,
also for many other developments, including changes in other types
adequate
Especially
but
so
STATISTICAL
manufac¬
and
mill based
These figures are advanced to equal
that they represent the total industry.
Orders
in
non-durable
indicates,
materially.
entirely
single
figure which indicates the activity of the
a
the time operated.
on
P-iod
marked
most
was
by
December, 1940, production of durable manufactures was substantially
above the high point reached in the summer of 1929.
As has been indi¬
cated elsewhere, particularly in the Federal Reserve "Bulletin" for Septem¬
ber, 1940, the index of industrial production should not be taken as a
almost
not
also
100%,
118.
at
whole the Board's index averaged
as a
93% of the
this Association represent
industry, and its program includes a statement each
week from each member of the order and production, and
The Board further says:
1929.
also
statement, showed a rise of
of the 1935-1039 average, and
two points to 122, while
rose
of
members
The
total
compared with 108 in 1939, 113 in 1937, and 110 in
as
tures
Board's
the
says
five
non-durable
191
The Commercial & Financial Chronicle
152
Last
Stable
producers for farm commodities in
101% of the 1910-14 level, the
Agricultural Marketing Service of the Department of Agri¬
received
Prices
mid-December
culture
higher
level
by
averaged
reported ou Dec. 31.
This average was two
dairy and poultry
x>roducts more than offset
prices of other groups
nouncement further stated:
the
in
points
than in mid-November and five points above the
of December, 1939.
Gains in the prices of fruit,
minor declines
The an¬
of commodities.
declines in corn,
cotton and
lower and
seed prices higher.
Meat animal prices averaged one point lower during
the month, with sheep and lambs registering the only advances in that
group.
(However, hog prices at terminal markets have advanced sub¬
stantially since Dec. 15.)
Dairy product prices, which usually advance
seasonally from November to December, were up seven points.
Prices
of eggs rose contra-seasonally in many sections of the country, lifting
Grains
wheat
the
averaged two points lower
and
cottonseed
rye
than in November,
outweighing advances of other cereals.
The
was
unchanged, with lint prices slightly
index
indfx o? chicken
and egg prices two points.
Compared with a year earlier, the
general level of farm product prices
Poultry product prices averaged 25 points
higher; and fruit, meat animal, and dairy product prices were all up 10
points.
Declines in price* of other commodities, however, offset the
was
five
points
higher.
The Commercial & Financial Chronicle
192
June
of
1910-14
their
month
in
available regarding tax payments per acre.
prices received to prices paid, interest, and taxes, at 79%
relationship on Dec. 15, was one point higher than a
reflecting the more rapid increase in prices received than
ratio of
The
1910-14
earlier,
prices
paid,
of
interest,
farm-product
and
taxes.
prices
In
only
was
mid-December, a year ago, the
75% of the general average of
prices paid, interest and taxes.
Farm-product prices were relatively stable during 1940,
Marketing Service stated in a brief year-
the Agricultural
review.
end
While holding most of the gains made in
1939, when prices increased sharply with the
of hostilities in Europe, the price index for all
September,
outbreak
farm
products declined from 101 in February to a low
for the year of 95 in June' and July.
From that
point on the index rose steadily and ended the year at 101.
It was further reported:
point
Prices
earlier
#
13
up
received
for
all
than
in
bushel.
price
prices
two;
dairy
prices,
by farmers for
This
48.7c.
of
eight
was
higher
eight
were
products,
at
than
108,
a
year
Grains
were
points
higher;
nine,
and
three
were
points
chickens
lower
from the 1939 crop averaged 50.7c.
than the 1938 season average
corn
higher
cents
bushel,
per
the average
at
corn
cottonseed
fruits,
animal
averaged
except meat animals.
1939.
Prices received
per
and
Meat
1940
commodities
of
points;
two.
eggs,
during
farmers
cotton
14
crops,
and
by
groups
points;
truck
Texas.
Severe criticism of the lower court
was
information
recent
level
in December, 1939.
The index of prices paid,
adjusted upward from the Nov. 15 level at 127%
average to
128 on Dec. 15, on the basis of the most
States
as
same
and taxes
the
of
the
and
interest,
including
allowance
an
of
unredeemed
loan
loan rate.
1941
a decision handed down by the United
Supreme Court on Jan. 6, dissolving iniunetions
previously granted Rowan and Nichols Oil Co. and the
Humble Oil & Refining Co, in Federal District Court in
part
grain
lower,
11,
East Texas field in
of these gains.
Truck crop prices averaged eight points
prices were down six points, and cotton and cottonseed
prices averaged three points lower.
The general level of prices paid by farmers for commodities in midDecember was
122% of the 1910-14 average, holding unchanged since
greater
Jan.
was
voiced by Justice
Felix Frankfurter, who wrote the majority opinion, on the
basis that it had substituted judicial opinion for opinion of
on technical questions of oil proration.
Chief Justice
Hughes and Associate Justices McRevnoids and Roberts
majority verdict as they did last
term when a similar question was unsuccessfully raised by
Rowan and Nichols before the Supreme Court.
Justice Frankfurter's majority report stressed that the
challenged order of the Commission "concededly" satisfied
all procedural requirements and was "part of a continuous
process
of administrative responsibility, preceded by a
specific hearing affecting the immediate situation, with full
opportunity given to the oil company to develop the facts
and agreements which it later renewed."
Justice Frankfurter also pointed out, in speaking of the
decision in the previous term, that the Supreme Court had
experts
dissented from the 6 to 3
said that the ad-'ustment of production between wells was
"as thorny a problem as has challenged the ingenuity and
wisdom of legislatures."
At that time, it will be recalled,
it
was
claimed
that
an
hourly
potential formula fatally
omitted other relevent factors, especially acre-feet of sand,
and that the minimum allowable of 20 barrels, which nearly
the
absorbed
legitimate
production,
was
an
illegitimate
discrimination against highly productive-thinly drilled areas.
"We rejected these arguments as an attempt to substitute
judicial judgment for the expert process invested by the
a State so peculiarly dependent on
specialized judg¬
ment," Justice Frankfurter continued.
"We said in effect
that the basis of present knowledge touching proration was
so uncertain and
developing, that sounder foundations are
only to be achieved through fruitful empiricism of a con¬
tinuous administrative process."
In ordering the dismissal of the case, the justice also de¬
a
Farmers' Cash Income in
November Totaled
$943,000,Bureau of Agricultural Economics—
000, Reports
Compares with $1,126,000,000 in October and $884-,
000,000 Last November
Cash income from farm
in
ments
of
marketings and Government pay$943,000,000 compared with
November, 1939, and the revised estimate
November
$884,000,000
in
totaled
$1,126,000,000 for October this
year, the Bureau of Agri¬
Economics reports in its December issue of "The
Farm Income Situation."
Income from both crops and
livestock and livestock products was
higher in November
this
year
than
last,
and
Government
payments
were
$3,000,000 larger than a year earlier.
The decline in in¬
cultural
from crops was
come
from
slightly
more than
usual, but income
and livestock products declined
less than
seasonally adjusted income from dairy and
products increased more than the income from
livestock
usual
as
poultry
meat
the
animals
declined.
The
Bureau's
report
goes
on
to
state:
from
farm
marketings in November totaled $864,000,000 and
was
$56,000,000 higher than in November last year.
Income from sales
of crops of $404,000,000 was
$26,000,000 higher than in November, 1939,
increases
offset
the
in
income
declines
from
all
with
increases
income
livestock
products
eggs
November
decline
in
in
index
seasonally
seasonal
and
number
decrease
ments
000,000
months
of
Government
year.
products.
hogs,
dairy
income
larger
from
payments
of
cf
for
1939.
1940
to
marketings from October
and
farm
after
in
to
November
allowing for seasonal
income
79.0%
Cash
declined
from
November.
animals,
the
first
from
The
changes
80.5%
of
the
decline
in
the
and
year
of
the
than "in
of
in
products.
1940
marketings of $7,562,earlier.
During the first
principal groups of farm
the
occurring
dairy
months
farm
a
all
increases
11
from
than
higher
was
greatest
income
higher
income
tobacco
the
meat
fanners
corresponding period
the
income
Government
amounted
to
with
from
with
in
the
first
half
December will
ment
payments
ments
and
of
December.
relatively stable prices,
in
be
may
December,
Government
These
indicate
heavier
that
income
payments
$696,000,000
marketings,
from
of
grains,
$716,000,000 from January to November last
year.
Marketings of livestock and livestock products have continued
during
in
largely from the greater-than-usual
marketings of cattle, sheep and lambs, grains, cotton,
in
except
with
cotton,
the
resulted
$561,000,000
was
products
pared
in
livestock
to November, 1940, cash income and Government
pay¬
$8,258,000,000 compared with $7,717,000,000 for the corre¬
totaled
1939,
of
prices
January
sponding period
11
index
tobacco
From
factors
this
usual,
cash
October
adjusted
classes
higher
year.
than
of
in
average
important
income from farm
slightly greater
all
as
$79,000,000 compared with $76,000,000 in October
last
the
in
well
as
November
to
was
1924-29
reported
were
November amounted
cottonseed, and vegetables more than
grains, tobacco, and fruits.
Income
higher than in November last year,
from
$30,000,000
marketings
and
The
cotton,
income
was
in
heavy
products,
in
from
in
livestock
Continued
and
clared that "a State's interest in the conservation and
ex¬
ploitation of a primary natural resource is not to be achieved
by assumption by the Federal courts of powers plainly out¬
side their province and no less plainly beyond their special
competence," adding, "the Constitution does not provide
that the Federal courts shall strike
tainable
facts
dubious
and
a
balance between
influences
complicated and illusive situation
as
ascer¬
underlying such a
is presented by the
Texas oil fields in order to substitute the Court's wisdom for
that of the
legislative body."
The verdict
industry with
was
received with interest by the petroleum
some
oil
men
interpreting it
as
placing the
Texas Railroad Commission and similar State control boards
Income
as
field in
to
com¬
heavy
together
farm
marketings
slightly larger than in December last year.
Govern¬
be shghtlv smaller than the
relatively heavy
pay¬
1939.
It
payments
000,000 to $9,075,000,000.
larly hogs, in the last three
for
now
the
The
1940
year
heavy
months
likely that cash farm income
appears
of
total
may
movement
1940
of
has been
about
$9,050,-
livestock,
particu¬
an
in
important factor
raising farm income during this period above that of the
corresponding
Thi3 heavy movement of livestock
may be followed by a
relatively light movement in the first quarter of 1941.
Thus it is possible
that farm income during the first
quarter of next year may not be any
larger than in the corresponding period of 1940.
period of 1939.
Petroleum and Its
Products—Supreme Court Upholds
Texas Railroad Commission—Rowan &
Nichols Lose
Decision in East Texas Proration
Dispute—Crude
Output Slumps Below Estimated Demand—Crude
Inventories Decline—Oil
Companies Motion
Oil
Granted—Texas Allowables
End Concession to
The Texas Railroad Commission
formula for establishing
and
Set—Mexico Seeks
to
Japanese Company
was
upheld in its policy
proration
allowables
in
the
as
the final arbiters of proration, and thus those disagreeing
with proration decisions made by such control agencies find
themselves without any recourse to the Supreme Court for
relief.
The unsuccessful attempt of the oil companies to
change in the "law of capture" basis which has always
ruled in establishment of proration schedules leaves the in¬
dustry in the same spot it was before the litigation started.
A decline of more than 18,000 barrels in dady
average
production of crude in the nation during the initial week of,
January pared the total to 3,367,200 barrels, according to
the mid-week report of the American Petroleum Institute.
Moderate gains were shown by Oklahoma and Louisiana with
all other major oil-producing States reporting lower totals.
The Jan. 4 figure was about 225,000 barrels below the
January market demand estimate of 3,591,000 barrels set
by the United States Bureau of Mines in its regular monthly
effect
a
forecasts.
Illinois, which last week reported the first upturn in
pro¬
duction in months, resumed its downward path again, pro¬
duction there easing 6,350 barrels to drop to 330,350 barrels.
Oklahoma's gain of 3,600
barrels lifted the daily average
flow to 403,350 barrels, and Louisiana was up 4,650 barrels
to
293,150 barrels.
As usual, Texas showed the sharpest
17,750 barrels to a daily
figure of 1,118,850 barrels. A decline of 5,900 barrels pared
the California total to 596,700 barrels daily, while Kansas
was off 4,1)00 to 181,450 barrels.
Inventories of domestic and foreign petroleum held in the
United States dropped 936,000 barrels during the final week
of 1940, the Bureau of Mines report for the week ended
Dec. 28 showing a total of 261,552,000 barrels.
Domestic
stocks were drawn upon to an aggregate of 1,129,000 barrels
but this was offset somewhat by a gain of 193,000 barrels
in holdings of foreign crude.
Heavy crude oil stocks in,
California, not included in the "refinable" figures, were up
nearly 200,000 barrels at 11,904,000 barrels.
Federal Judge P. T. Stone, on Jan. 7 in Madison, Wis.,
granted defendent oil companies' motions for a bill of par¬
ticulars in 12 civil suits filed against them, asking approxi¬
mately $2,550,000.
Convicted in 1938 of conspiracy to fix
Midwest gasoline prices, the companies were sued for tripledamages under the Clayton Anti-trust Act by 12 jobbers
and consumers' transport companies in Wisconsin.
Judge
Stone, presiding judge in the 1938 trial but since disqualified,
held that the defendent companies are entitled to know where
the plaintiffs do business and from whom they purchased
their gasoline.
On the same day, in Danville, 111., Federal
Judge W. C. Lindlev, who replaced Judge Stone in the
movement, output there easing off
Volume
The Commercial & Financial Chronicle
152
Madison, Wis., oil cases, entered fines of $14,000 and $1,000
respectively against the Texas Co. and an unnamed official
of the
The fines
concern.
levied after the defendents
were
193
Gasoline, Service Station, Tax Included
x
New York
x
Brooklyn
x
had entered nolo contendre
pleas to
the Sherman anti-trust law.
5.171 Newark
171
$.1661 Buffalo
5.17
17
1851 Chicago
Boston
Not including 2% city sales tax.
charges of violation of
Charges against two other
officials of the Texas Co. were dismissed.
The Texas Railroad Commission announced in Austin on
Jan. 8 that the current oil production
proration order will
be continued in effect
through February and March.
Readjustments of allowables for various fields may be made
from time to time, however, to
keep the production within
the market demand for Texas crude as estimated
by the
Bureau
of
Mines.
Earlier
in
the
week,
Commission
the
ordered the
closing of all oil wells in the State on January,
raising the total number of shutdown days for January from
9 to 10 days.
It also wras disclosed the Commission will
hold a State-wide proration meeting in Austin on Jan. 16.
The United Press reported from Mexico
City on Jan. 8
that "It was reported
today that the Mexican Government,
determined
to
cancel the contract recently granted
to
Japanese interests for exploitation of petroleum lands in
the Veracruzana district, has carried the case to the Supreme
Court.
The Japanese company had obtained an injunction
against the act of the Government in inserting a clause in
the contract after it had been signed, providing for the
posting of a good-faith bond of 3,400,000 pesoes (about
$700,000).
basing its
It
understood
was
case
that
the
Government
alleged non-compliance
on
is
with the bond
clause.
Jan. 4,
The
daily
American
1941, Off 18,300 Barrels
Petroleum
Institute
estimates
the
that
crude oil production for the week ended
Jan. 4, 1941, was 3,367,200 barrels.
This was a decline of
18,300 barrels from the output of the previous week.
The
current week's figures were above the 3,591,000 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various
oil-producing States during December.
Daily average pro¬
duction for the four weeks ended Jan. 4, 1941, is estimated
at 3,488,200 barrels.
The daily average output for the week
ended Jan. 6, 1940, totaled 3,584,450 barrels.
Further
details as reported by the Institute follow:
average gross
Imports of petroleum for domestic use and receipts in bond at
United States ports, for the week ended
a
principal
Jan. 4, totaled 1,650,000 barrels,
daily average of 235,714 barrels, compared with a daily average of 242,571
barrels for the week ended Dec. 28, and 257,143 barrels daily for the four
weeks ended Jan. 4.
or
These figures include all oil Imported, whether bonded
for domestic use, but it is
impossible to make the separation in weekly
statistics.
Receipts of California oil at Atlantic Coast ports during the week ended
Jan. 4, amounted to 223,000 barrels, a daily average of 31,857 barrels, all
of which was
gasoline received at the port of Philadelphia.
Reports received from refit in? companies owning 86.2% of the 4,535,000
Price
barrel
changes follow:
Jan. 6—Retroactive to Jan. 1,
ranging
Daily Average Crude Oil Production for Week Ended
up to
20 cents
a
Continental Oil today posted reductions
barrel in crude postings in six lower Texas Gulf
Coast oil pools, meeting reductions posted by other companies in December.
Wells
Bradford, Pa
Corning. Pa
...52.15
—
...
1.02
...
Eldorado, Ark., 40
Rusk, Texas, 40 and over
$1.03
.J... 1.10
1.05
Western
.
as
of the end of the week,
The total
STOCKS
1.35
Kettleman Hills, 39 and over
SPURT—MARKETS
of gasoline
produced
by
all
companies
Daily Refin¬
ing Capacity
District
Crude Runs
to Stills
Stocks at
a
Refineries, &c.
fineries
Total
Ind.
Oper¬
Natural
Fin¬
Aver.
ated
Blended
ished
Unfin.
17,320
2,777
14,536
18,193
15,835
3,204
15,112
522
339
4,340
3,120
2,118
1,611
8,256
2,368
583
90.7
156
91.0
116
81.7
458
743
90.2
624
93.1
2,450
76.9
262
643 100.0
East Coast
Stocks of Fin¬
P. C.
port¬
ing
Rate
Gasoline
Produc'n ished & Unfin¬
at Re¬
ished Gasoline
Daily
Re¬
ten¬
QUIET
Refinery operations during the final week of 1940 showed
1941
C.
P.
Po¬
GENERALLY
tial
1,415
Oill Resid.
Gas
Total
Fin.
■>Fuel
&
tUlates
10,811
further expansion, rising fractionally to 83.3% of capacity
which lifted daily average runs of crude oil to stills 15,000
barrels to a total of 3,600,000 barrels, according to the
Appalachian
Ind., 111., Ky.
Okla., Kans.,
c938
6,898
7,327
1,386
American
Inland Texas
280
59.6
111
66.5
485
Texas Gulf—
1,071
89.2
901
94.3
2,765
1,671
11,613
1,916
12,972
7,260
111
69.4
344
2.354
2,697
1,345
Institute
Petroleum'
is
(Figures in Thousands of Barrels of 42 Gallons Each)
LIGHT FUEL OIL STOCKS SHOW CONTRA-SEASONAL RISEFUEL
com¬
85,053,000 barrels of finished and unfinished
amount
WEEK ENDED JAN. 4,
-
REFINED PRODUCTS—REFINERY OPERATIONS "TOO HIGH"—
MOTOR
States,
FINISHED AND UNFINISHED GASOLINE AND GAS AND FUEL OIL
.73
Darst Creek..
Michigan crude
-
.73
United
Bureau of Mines'
CRUDE RUNS TO STILLS; PRODUCTION OF GASOLINE AND STOCKS OF
.76-1.03
1.03 Sunburst, Mont
.90
.125 Huntington. Calf., 30 and over— 1.18
.90
a
estimated to have been 11,960,000 barrels during the week.
Illinois
Kentucky
Mld-Cont't, Okla.. 40 and above..
Rodessa, Ark., 40 and above
Smackover, Ark., 24 and over
whole ran to stills, on
panies had in storage at refineries, bulk terminals, in transit and in pipe
gasoline.
(All gravities where A. P. I. degrees are not shown)
daily potential refining capacity of the
basis, 3,600,000 barrels of crude oil daily during the week, and that all
lines
Prices of Typical Crude per Barrel at
estimated
indicate that the industry as a
This is about a
quarter-million barrels in excess of what refinery runs should
be at this time of the year, in the opinion of the industry's
statisticians, if a top-heavy supply situation is to be avoided
report.
.
420
Missouri-__
81.1
493
164
97.6
No. La. & Ark
101
51.5
46
88.5
146
488
509
Rocky Mtn.
Californla
121
56.0
32
47.1
193
1,026
1,104
152
435
836
87.3
471
64.5
1,331
14,136
15,869
10,190
71,187
86.2
3,257
83.3
10,525
72,819
6,050
78,903
0,150
41,628 100,698
775
1,750
Louisiana Gul
453
305
next March.
The expansion in refinery operations is easily understood
was indicated that most of the gain was in the in¬
terior where inventories of heavy fuels are tight and stocks
since it
need
building-up. Rising stocks of gasoline are/an inevitable
companion of increased refining of heavy fuel oils which
means that as one
"tight" market situation is alleviated,
another "evil" in over-supply of motor fuel is created.
The fact that light fuel oils showed a contra-seasonal ex¬
pansion during the Dec. 28 week is accepted as proof that
the belief held in many quarters in the industry that the
coastal refineries have been operating at too high a percentage
is accurate.
While stocks of heavy fuel oils showed a con¬
traction of 172,000 barrels during the week, holdings of light
fuel oils were up 137,000 barrels which is definitely contrary
Reported
Est. unreptd.
343
4,535
4,535
Jan.
11,887
78,869
77,304
85,053
83,274
42,403 102,448
42,266 102,620
bll,317
78,277
83,911
32,782 105,239
*U.S.B. of M.
Jan.
4,'40
January, 1940, dally average.
bThis
Is a week's production based on the U. S. Bureau of Mines January, 1940, daily
average,
c 12% reporting capacity did not report gasoline production.
*
Estimated Bureau of Mines'basis,
DAILY
a
AVERAGE CRUDE OIL PRODUCTION
(Figures In Barrels)
Actual Production
a
B.
Four
of M.
Weeks
Ended
from
Ended
Ended
Allow¬
Previous
Jan. 4,
Jan. 6,
ments
ables
Jan. 4,
1941
Week
1941
1940
Calcu¬
a
barrels.
Change
State
Require¬
sharp
during
the week, higher production of gasoline adding momentum
to the rise engendered bv the increased refinery operations.
The 1,779,000-barrel gain lifted the nation's total holdings
of motor fuel to 85,053,000 barrels.
Production of gasoline
rose 73,000 barrels to hit a total for the week of 11,960,000
(Jan.)
Oklahoma--.--—-.
439,000
Kansas
191,000
390,000 b403,350
194,000 bl81,450
—4,900
396,700
191,650
2,000
b2,300
—250
2,650
50
75,600
100,300
87,800
-
Nebraska.—
...
trends
were
the ruling factors
in the nation's
principal refined product markets.
Lubricating oils were
aided by the increased industrial activity as a result of the
gigantic rearmament program of the Government.
Heat¬
ings displaved normal winter strength despite some slump
in demand due to the abnormally warm weather which af¬
90,900
North Texas..
29,000
174,300
70,700
301,250
164,000
210,700
West Central Texas.
sections of the country during the holidays.
This warm weather was a strengthening factor in the motor
fuel markets, since it provided additional consumer demand.
East Central Texas.
East Texas
Southwest Texas.
-
-
Coastal Texasw—...
1,297,500 cl316,057 1,118,850
Total Texas.
St.OnN.J_5.06
Socob y-Vac.
T.Wat. Oil.
-5.04#-.05#
New Orleans. .06#-.07
Gulf ports...
.05#
Tulsa
04#-.05#
Chicago
5.07 #-.08
Gulf—
.08 #-.08 #
Shell East'n .07 #-.08
Texas
-.06 #
-.00#
.06
.08 #-.08#
RlchOfl(Cal) .08 #-.08#
Warru r-Qu. .07 #-.08
New York—
(Bayonne)
Fuel Oil, F.O.B.
Bunker C
Diesel
51.00-1.25
$1.25
.51.00
I New Orleans C
Phlla., Bunker C—
-
Wyoming--
-
Montana.
—-
i
5.041
Chicago—
28.30 D
I Tulsa
5.0531
f ,02#-.03
+ 1,000
+3,650
68,600
221,200
60,750
202,300
292,756
293,150
+4,650
289,800
269,050
70,666
69,150
+650
08,750
15,000
09,450
2,450
330,050
bl4,900
—150
330,550
—6,350
bl9,750
—800
94,800
96,450
41,850
+ 5,900
93,700
—300
42,050
68,150
76,650
+3,250
—50
3,550
101,400
+ 100
104,000
73,050
18,150
3,500
101,400
64,650
18,150
109,100
2,770,500
590,700
—12,400
2,8^9,050
2,982,450
—5,900
609,150
602,000
3,367,200
—18,300 3,488,200 3.584,450
330,000
20,050
99,400
40,100
73,900
19,000
3,900
100,000
Total East of Callf- 2,990,200
Callfornla
These are Bureau of Mines'
oil based upon
Gas OH, F.O.B. Refinery or Terminal
(Bayonne)—
—
Michigan
a
—17,750 1,232,600 1,346,900
Illi¬
nois and Indiana)
January
203,350
228,050
287,400
3,591,000
2.00
394,550
20,000
-
Eastern (not Inch
Refinery or Terminal
California 24 plus D
N. Y. (Harbor)—
180,400
340,300
— —
-
Colorado--
| North Texas...
5.041 New Orleans.5.05#-.05#
...5.0551 Los Angeles.... .03#-.05| Tulsa
04 -.04#
228,650
594,800 d571,000
Illinois
New Mexico
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
+2,000
—1,350
79,350
31,250
240,800
81,750
66,100
15,200
Total Louisiana.-.
Arkansas
Indiana
Other Cities—
New York-
New York—
—100
30,650
198,450
80,350
338,200
—7,300
—3,350
224,200
Coastal Louisiana...
Mississippi..
Car Lots, F.O.B. Refinery
-—6,650
—1,000
435,700
106,400
08,950
North Louisiana.
many
U. S. Gasoline (Above 65 Octane), Tank
+3,000
71,400
Panhandle Texas—
West Texas
Seasonal
Week
Week
lated
Stocks of finished and unfinished motor fuel showed
7 plus
11,960
a3,427
4,'41
Dec. 28,'40
better-than-seasonal rise of nearly 2,000,000 barrels
N. Y.
3,600
3,585
*Est.tot.U. S.
to the normal trend at this time of year.
fected
1,435
16,950
4,150
calculations of the requirements of domestic crude
forecast for the month of
supplied either from stocks, or from new produc¬
from
certain premises outlined in its detailed
As requirements may be
tion, contemplated withdrawals from crude oil Inventories must be deducted
the Bureau's estimated requirements to determine the amount of new crude
produced,
b Oklahoma, Kansas,
to be
Nebraska, Mississippi, Indiana figures are for
The Commercial & Financial Chronicle
194
week ended 7
Jan.
m.
1.
Pending otficial calculation by the Texas Railroad
Commission of the Jan. 1, 1941, figure, the Dec. 1, 1940, net allowable is presumed
a.
c
to continue since the original order was for two months.
ables have risen
as
new
wells
were
Indication
are
tnat allow¬
solidated
Jan.
of
statement
the
two
11, 1941
aforementioned
organiza¬
tions follows:
completed and as upward revisions were made.
Statewide shutdowns without exemptions were ordered for 10 days, namely Jan. 1,
4, 5, 8, 11, 12, 18, 19, 25 and 26.
d Recommendation of Conservation Committee
Number
Working
for
Month
Note—The figures indicated above do not include any estimate of any oil
Average per
of
Total
of California Oil Producers.
which
(Net Tons)
Days
40,600,000
25
might have been surreptitiously produced.
Cat.
Year
End
to
of
Day
December
(Net Tons)
(Net Tons)
Working
December, 1940 (Preliminary)—
coal.a
Bituminous
Weekly Coal Production Statistics
Anthracite, b
Beehive
The current
weekly coal report of the Bituminous Coal
Division, U.S. Department of the Interior revealed that the
total production of soft coal in the week ended Dec. 28—
Christmas week— is estimated at 7,735,000 net tons.
This
is in comparison with 8,360,000 tons produced last
year.
When figures are available for the two remaining days of
the year, Dec. 30 and 31, the total output for the calendar
year 1940 will be slightly above 450,000,000 net tons, as
against 393,065,000 tons in 1939. This total of approximately
450,000,000 tons is the largest production in any year since
1930 and compares with 445,531,000 tons in 1937, the former
high mark for the decade.
The U. S. Bureau of Mines reported that the estimated
production of Pennsylvania anthracite for the week ended
Dec. 28 was 865,000 tons, a decrease of 289,000 tons from the
week of Dec. 21.
Compared with the output in the corre¬
sponding week of 1939 there was a decrease of 169,000 tons.
ESTIMATED
UNITED STATES PRODUCTION OF SOFT
1,624,000
4,671,000
458,400
coke
50,024,000
2,883,500
November, 1940 (Revised)—
Bituminous
coal.a
25
1,523,000
1939 (Revised)—
December,
Bituminous
Beehive
1,667,000
3,869,000
393,600
coke
coal.a..
38,066,000
3,914,000
328,800
b
Anthracite
24
40,012,000
Anthracite.b
Beehive
coke
51.487,000
1,444,300
Includes for purposes of historical comparison and statistical convenience the
a
production of lignite and of anthracite and semi-anthracite outside of Pennsylvania.
b Total production, Including colliery fuel, washery and dredge coal and coal
shipped by truck from authorized operations.
Note—All current estimates will later be adjusted to agree with the results of the
complete canvass of production made at the end of the calendar year.
December Production and
The American Zinc Institute
Shipments of Slab Zinc
on
Jan. 7 released the follow¬
ing tabulation of slab zinc statistics:
ZINC STATISTICS
SLAB
(ALL GRADES)—1929-1940
(Tons of 2,000 Pounds)
COAL
(In Thousands of Net Tons)
Retorts
(a)
Shipped Operat¬
for
ing End
Export of Period
Average
Produced
Calendar Year to Date
2S Dec. 21 Dec.
Dec.
1940
c
Shipped
Stock at
During
During
End of
Period
Week Ended
Period
Period
75,430
6.352
143.618
129,842
196
57,999
31,240
41
19,876
124,858
170
21,023
'105,560
119,830
83,758
239
27,190
68,491
47,769
23,099
18,560
23,653
1940
1939
1929
148
32,944
28,887
Year
1929
1930
Year
1939
a—
1931
631,601
504,463
300,738
602,601
436.275
314,514
7,735
9,870
bl,547
Daily average
1,645
8,360 449,592 393,065 532,591
1,476
1,287
1,738
218,517
344,001
352.663
Includes for purposes of historical comparison and statistical convenience the
b Average based on five working days,
c Sum of 52 weeks
a
28,1940; Dec. 30,1939, and Dec. 28,1929.
ESTIMATED
PRODUCTION
OF
Year
213,531
1933
1934
18,585
26,651
18,273
8,478
PENNSYLVANIA
ANTHRACITE
AND
Year
1936
324,705
866,933
431,499
523,166
42,965
32,341
37,915
1937
689,619
669,241
44,955
66,333
0
Year
bl,672
production of lignite,
ended Dec.
1932
Year
Year
Total, including mine fuel
Orders
End of
Period
Period
30
Year
Bituminous Coal
1940
Unfilled
Retorts
During
0
48,812
45,383
78,626
48.339
1938
456,990
395,554
126,769
20
38,793
34,583
40,829
128,407
128,192
127,985
130,380
133,075
39,500
39.459
39,365
39,191
34,179
0
0
38,251
39,379
29,987
38,447
0
38,763
36,331
38,617
29,314
Year
1935
Year
465,746
561,969
69
38,329
15,978
30,783
51,186
BEEHIVE COKE
1939
(In Net Tons)
.v\.
January
44,277
February..
Calendar Year to Date
39,613
42,639
39,828
March.......
45,084
45,291
April
Week Ended
43,036
40,641
28
1940
Dec. 21,
1940
May
Dec. 30,
1939
1940 b
1939
1929
c
c
42,302
June
39,450
39,607
37,284
July....
Dee.
39,669
43,128
0
0
135,241
131,782
0
0
38,041
36,291
35,491
29,250
35,874
36,331
incl.
__
Beehive Coke—
United States total.. 108,200
average
122,814
0
95,615
0
73,327
0
34,443
37,729
43,109
November
53,524
64.407
72,405
61,522
0
46,867
45,428
66,197
December
865,000 1,154,000 1,034,000 49,599,000 51,487,000 73,828,000
Coram'l production*! 822,000 1,096,000
982,000 47,122,000 49,073,000 68,527,000
Dally
49.928
69,424
50,117
57,941
53,468
65,995
0
48,159
47,340
53,751
Total for year.
538,198
44,850
598,972
49,914
September
colliery
_a
40,960
Monthly avge.
fuel
42,225
August
I'enn. Anthracite—
Total,
35,865
35,416
33,655
41,366
21,640
93,000
63,200
12,640
15.500
2,840,400
9,163
1,444,300
6,472,000
20,800
4,700
Includes washery and dredge coal, and coal shipped by truck from authorized
b Sum of 52 full weeks ending Dec. 28, 1940.
c Total for the year,
d Excludes colliery fuel.
October....
__
49,379
44,773
93,116
79,539
39,333
—
a
operations,
1940
(Revised Figs.)
January
52,399
54.862
63,532
of
47.287
47,863
*43,674
*43,614
53,387
51,050
65,869
50!
47,188
*43,663
47,287
*43,732
March
56,184
49,909
72,144
Of
49,744
49,513
134,580
*44,802
53,055
46,803
78,386
364/
49,805
145,326
*44,936
*44,727
49,524
*44,665
May.
(The current weekly estimates are based on railroad carloadlngs and river ship¬
ments, and are subject to revision on receipt of monthly tonnage reports from
district and State sources or of final annual returns from the
operators.)
February
April
ESTIMATED WEEKLY PRODUCTION OF COAL, BY STATES
51,457
57,224
72,629
2,800/
48,989
*44,179
49,197
*44,387
June.
48,213
53,935
66,907
2,342j
46,577
46,536
*41,834
47,545
*42,498
50,715
*41,793
(In Thousands of Net Tons)
Week Ended—
•.
State
Dec.
Dec.
21 Dec.
1940
14 Dec.
1940
23 Dec.
1939
24 Dec. 21
1938
1929
Avoe.
1923e
''
-
./
•
July
Alaska...
3
3
3
3
Alabama
345
330
317
291
417
349
Arkansas and Oklahoma
105
83
64
65
138
195
174
145
168
268
253
1
1
1,225
1,240
1,167
1,192
1,511
1,535
497
485
414
433
420
76
85
79
110
61.399
1,710/
August
51,010
64,065
48,344
2,935/
514
80
57,606
83
Colorado
52,098
Georgia and North Carolina
Illinois
Indiana
Iowa
Kansas and Missouri
*
f
1
1
f
;
121
186
Maryland
161
173
155
52,869
67,650
33,563
4,023/
October
56.372
65,713
24,222
2801
750
684
677
959
584
200
216
209
338
November
56,459
62,295
18,386
560/
December
59,883
65,385
12,884
of
204
34
37
164
38
32
60
9
8
13
11
12
80
64
71
83
64
New Mexico
30
28
26
28
49
*50,008
52,444
*47,179
63,552
*48,253
54,718
*49,438
55,288
55,229
*50,169
21
78
55.288
*42,216
48,991
*42,884
*50,110
147,496
155,389
159,043
163,726
169,508
j95,445
(116,420
jl26,120
|l25,132
37
Michigan
Montana
53,164
*47,705
53,979
*48,680
159
727
Western
September
f
228
Kentucky—Eastern
*44,427
47,231
136,808
56
North and South Dakota
Ohio
79
78
55
62
169
436
425
572
599
2,520
2,339
1,904
2,756
2,818
136
Tennessee
484
2,460
136
121
112
118
103
Texas
14
14
16
17
16
21
Utah.
116
98
72
105
115
100
Virginia
312
317
296
277
274
avge.
643,386
696,497
53,616
58,041
Note—To reflect
f27
480
Pennsylvania bituminous
Total for yr.
Monthly
conditions,
the
a true
1940
12,823
picture of the domestic slab sine situation under existing
have been adjusted to eliminate some production
figures
from foreign concentrates shipped for export, Inadvertently Included, and to Include
all production from foreign concentrates when shipped for domestic consumption.
*
Equivalent retorts computed
193
Washington
44
35
41
60
1,494
2,047
595
666
692
152
113
144
138
173
2
1
1
f9
9,870
9,915
9,274
8,610
1,224
1,249
1,030
11,360
1,795
9,900
1,154
11,024
11,139
10,523
9,640
13,155
11,706
a
Includes operations
on
Included
Steady Volume of Sales in Non-Ferrous Metals—Lead
Firmer
on
Good Business
"Metals and Mineral Markets" in its issue of Jan. 9
Pennsylvania anthracite-d
Total, all coal
Export shipments
f5
Total bituminous coal
and
a
1,132
640
24-hour basis,
57
1,750
640
3
Wyoming
Other Western States.c
38
1,780
163
Northern, b
1,695
625
West Virginia—Southern.a
on
In total shipments.
1,806
the N. & W.; C. & O.; Virginian; K. &
M.; B. C. & G.;
the B. & O. in Kanawha, Mason, and
Clay counties, b Rest of State, includ¬
ing the Panhandle District and Grant, Mineral, and Tucker counties, c
on
Includes
Arizona, California, Idaho. Nevada, and Oregon, d Data for Pennsylvania anthracite
from published records of the Bureau of Mines,
e Average weekly rate for
entire
month, f Alaska, Georgia, North Carolina, and South Dakota
included with "Other
Western States." * Less than 1,000 tons.
re¬
ported that the price situation in major non-ferrous metals
underwent no change during the last week.
Producers of
copper and zinc continued to parcel out supplies to coosumers
to stabilize quotations.
Lead was firmer than in the preced¬
ing week on a good volume of business. Tin was featureless.
Wide interest was shown in all divisions of the metal market
in the request from the National Defense Advisory Commis¬
sion that a voluntary reduction of at least several dollars
ton on future sales of iron and steel scrap take place.
Commissioner Henderson stated that unless voluntary action
per
Preliminary Estimates of Production
of
Soft
Coal for
Month of December, 1940
According to preliminary estimates made by the Bureau
is
of Mines and the Bituminous Coal Division of the
United
States Department of the
Interior, bituminous coal output
during the month of December, 1940, amounted to 40,600,000
net tons, compared with
38,066,000 net tons in the corre¬
sponding month of 1939 and 40,012,000 tons in November,
1940.
Anthracite
production
during
December,
1940,
totaled 4,671,000 net tons, as
against 3,914,000
tons a
year ago and 3,869,000 tons in November, 1940.
The con¬
successful, drastic steps looking toward control will be
The publication further stated:
recommended.
Copper
Allocation of copper in steady volume by large producers during the week
at
the
12c.
Valley basis made the market somewhat of
a
routine affair.
Custom smelters, however, sold to consumers demanding metal for
nearby
delivery at prices ranging from 12H
the
12He. level, however,
was not
to
large.
12He., Valley.
The volume at
Total sales for the week
were
18,359 tons, against 16,744 tons in the previous seven-day period.
The
export
market
was
quiet at the close, with quotations below the
10.25c. level on competitive business.
Volume
V Monthly sales of
by producers for delivery to United States con¬
copper
"
1939
1940
1939
147,112
March
28,618
20,305
April
59,874
May..
59,026
66,786
41,701
83,879
110,453
58,577
-
183,151
July
38,299
183,877
67,632
254,277
68,423
125,531
November..
51,630
28,798
85,004
August
15,399
23,361
June
-
October
24,987
February
January..
1940
September
December
90,164
807,242 1,109,622
Total...
Lead.
Demand for lead
was
was
fairly active during the last week, and the price
Sales of common lead for the last week,
generally accepted as firm.
10,254 tons, which
totaled
material,
-excluding contract
covered to the extent of slightly more
Orders
compares
Among the furnaces blown in were a Campbell unit
Youngstown Sheet & Tube Co. and Palmer ton No. 2
New Jersey Zinc Co.
with
NET TONS
have reached
Shipments of lead to consumers during December may
observers believe.
The figure covers both domestic
and
foreign pig lead.
the con¬
settling basis of the American Smelting & Refining Co., and 5.35c.,
tract
5.50c., New York, which was also
1939
23,302
2,307,409
2,681,969
3,302,918
1,923,618
2,372,665
43,240
38,720
46,260
43,384
44,973
44,631
21,083,600
14,025,053
261,208
102,470
4,053,945
4,238,041
4,176,527
4,445,961
4,403,230
4,414,602
2,639,022
2,978,991
3,223,983
4,062,901
4,166,888
4,220.530
43,341
37,003
33,024
32,270
31,155
35,666
23,758
23,103
24,583
26,817
33,999
40,654
35,317,374
473,667
275,384
4,032,022
3,311,480
3,270,499
3,137,019
3,513,683
3,818,897
January..
February.
March
May
June.
St. Louis.
1940
1939
1940
April
The quotation continued at
Ferromanganese y
PiQ Iron x
industry.
in the construction of
military bases.
some
FERROMANGANESE
PRODUCTION OF COKE PIG IRON AND
industries,
branch stood out in the week's business it was the cable
Lead-covered cable is being used on a large scale
-65,000 tons,
of
of
than 90%, with February at 40%.
received for lead from a wide range of consuming
were
but if any
32.2% daily, or from an average daily
output of 96,760 tons in 1939 to 127,912 tons in 1940.
The
operating rate for the year was 84.4% of capacity.
There were 202 furnaces in blast on Jan. 1, operating at
the rate of 142,480 tons a day, compared with 201 on Dec.
1, making 148,000 tons.
The Tennessee Coal, Iron & Rail¬
road Co. blew out its No. 3 Ensley furnace for relining.
last year was
Consumers' needs for January have been
7,260 tons in the week previous.
195
The gain
high of 47,360,320 tons produced in 1929.
record
over
in short tons, follow:
sumers,
v
Chronicle
The Commercial & Financial
152
Half year.
2,436,474
20,894
17,928
12,900
8,835
18,611
Zinc
July
The December statistics of the domestic zinc industry
revealed that the
Stocks
Shipments
of 65,385 tons held close to the high for the year.
The trade got a little
encouragement out of the gain in production to 59,883 tons.
Allocation of business continued all last week, and the price of Prime
situation
the year ended was even
as
tighter than a month previous.
of domestic metal, including all grades,
Western
maintained
was
on
dropped to 12,884 tons.
the basis of 7Kc.,
Prime Western division for the last week totaled
tons in the week
previous.
November.
December.
46,815,906
Year
x
These totals do not Include charcoal
5,750 tons, against 2,817
Shipments for the last week amounted to
substantial premium.
are
1938
Tin-plate mills
No news on the pro¬
130,061
114,189
85.8
February
March
105,500
68.9
April
104,567
May.
113.305
74.8
127,297
83.9
78,598
82,407
86,516
76,764
02,052
79,089
W. R. Grace & Co. has been named to represent
118,844
76.1
9,358 tons, against
130,772
136,711
139,218
143,418
146,774
142,407
86.3
during December amounted to
Deliveries of primary tin
1940 totaled 115,497 tons, against 71,896 tons in
The world's visible supply of tin, including
tinental carry-overs,
68.0
Half year
originating in Bolivia.
12,505 tons in November.
this country during
1939.
the United States
the Eastern and Con¬
amounted to 44,677 tons at the end of December,
July
August
September
October
November
December
against 40,046 tons a month previous.
Straits tin for future arrival was as follows:
January
February
March
50.100
50.050
50.050
66.8
50.4
40.8
51.7
85,130
55.8
96,096
62.9
70.4
97.1
107,466
131,061
138,877
94.4
136,146
89.4
84.4
90,760
94.8
51,632
51,931
52,476
51,376
45,343
39,648
48,717
92.2
127,912
Year
51.5
64.0
90.4
MERCHANT IRON MADE,
85.9
90.9
—
43,417
53,976
62,737
74,147
84,746
79,872
57,633
DAILY RATE—NET TONS
April
1930
1940
,
Jan. 2
%
Capacity
77.486
the Metals Reserve Co.
75.1
'
June.
posed tin smelter.
in
Tons
Capacity
January
Spot Straits was available at 50.10c. all week.
of tin
Net
%
Net
Tons
operating at between 45 and 50% of capacity.
Deliveries
1939
1940
without, however, disturbing the price
in Chile to clear tin concentrate shipments
Included In pig Iron figures.
Some outside lots
Tin
situation.
y
PRODUCTION OF COKE PIG IRON
DAILY AVERAGE
Zinc is being used in the production of dies
Buying improved moderately,
pig Iron,
4,849
stamping aluminum for airplane production.
for
in
October...
Sales by the
St. Louis.
Grade is well in excess of supply.
Demand for High
a
September.
undelivered contracts on Dec. 31 involved 121,409 tons.
tons and
sold at
August
1939
1938
1937
11,875
18,039
11,801
18,496
18,432
12,652
50.050
Jan. 3
50.100
50.050
50.050
50.050
January
16,475
Jan. 4
50.100
50.050
50.050
50.050
February
14,773
10,793
50.050
March
11,760
10,025
11.911
9,916
9,547
13,056
16,521
9,529
9,266
16,259
15,565
7,883
June..
13,602
8,527
21,821
17,774
July
10,619
9,404
August
17,395
September
17,571
11,225
12,648
7,203
6,020
6,154
7,408
12,550
14,352
15,914
13,013
13,006
14,029
15,282
Jan. 6
50.100
50.050
50.050
Jan. 7
50.100
50.050
50.050
50.050
April.
Jan. 8_
50.100
50.050
50.050
50.050
May_
99% spot, was nominally as follows: Jan. 2, 49.25c.; Jan.
Chinese tin,
3, 49.25c.: Jan. 4, 49.25c.; Jan. 6, 49.25c.; Jan. 7, 49.25c.;
DAILY
PRICES OF METALS ("E.& M. J."
Jan. 8, 49.25c.
QUOTATIONS)
Straits
Zinc
Lead,
Tin
New York
New York
St. Louis
St. Louis
11.800
10.200
50.100
5.50
5.35
Jan.3_
11.900
10.200
50.100
5.50
5.35
7.25
Jan.4_
11.757
10.100
50.100
5.50
5.35
7.25
Jan.6
11.850
10.200
50.100
5.50
5.35
7.25
Jan.7
11.800
10.175
50.100
5.50
5.35
7.25
11.775
10.125
50.100
5.50
5.35
7.25
11.817
10.167
50.100
5.50
5.35
7.25
Jan. 8
..
Average.
_
Domestic copper, f.o.b.
refinery, 11.810c.; export copper, f.o.b. refinery, 10.205c.; Straits tin, 50.100c.;
New York lead, 5.500c.; St. Louis lead, 5.350c.; St. Louis zinc, 7.250c.: and
Average prices lor calendar week ended Jan.
4
are:
silver, 34.750c.
The above quotations are "M. & M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduced
to the basis of cash, New York or St. Louis, as noted.
All prices are in cents per
pound.
Copper, lead and zinc quotations are based on sales for botn prompt and future
deliveries; tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered basis; that is
delivered at consumers' plants.
As delivery charges vary with the destination, the
figures shown above are net prices at refineries on the Atlantic seaboard.
Delivered
prices in New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic seaboard.
On foreign business, owing to the European War, most sellers are re¬
stricting offerings to f.a.s. transactions, dollar basis.
Quotations, for the present,
reflect this change in method of doing business.
A total of 0.05 cent is deducted
from f.a.s. basis (lighterage, &c.) to arrive at the f.o.b. refinery quotation.
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: Jan. 2, spot, £256%;
three months, £259%; Jan. 3, spot, £256%, three months,
£259%; Jan. 6, spot, £256%, three months, £259%; Jan.
7, spot, £256%, three months, £259%, and Jan. 8, spot,
£256%, three months, £259%.
14,793
21,224
17,541
16,912
10,266
12,280
United
States
Iron Output Drops 3% in
The Jan. 9 issue of the "Iron
Shipments
8.4%
Above
Shipments of finished steel products by subsidiary com¬
panies of the United States Steel Corp. for the month of
December, 1940, totaled 1,544,623 net tons.# The December
shipments compare with 1,425,352 net tons in the preceding
month (November) an increase of 119,271 net tons, and with
1,443,969 net tons in the cori esponding month in 1939
(December) an increase of 100,654 net tons.
For the year 1940 to date, shipments were 14,976,110 net
tons compared with 11,707,251 net tons (year end total after
adjustments) in the comparable period of 1939, an increase
of 3,268,859 net tons.
In the table below we list the figures by months for various
periods since January, 1929:
1939
1940
522,395
1937
1938
570,204
1,208,403
1,252.846
1,563,113
March
931,905
870,866
747.427
845.108
April
907,904
771,752
550,551
May
1,084,057
795.689
609,811
1,443,477
June
1.209 084
July
1,296,887
607,562
745,364
885,036
524,994
484,611
015,521
635,045
730,312
749,328
705.868
1,405,078
1,315,353
1,225,907
1,161,113
875,972
048,727
639,553
January
1.145.592
February
1,009,256
August
...
September ....
1,455,604
1,392,838
October...
1,572 408
November....
1.425.352
December
1,544,623
Tot. by mos.
Yearly
December
Age" disclosed that produc¬
tion of coke pig iron in December totaled 4,414,602 net toDs,
-compared with 4,403,230 tons in November.
On a daily
basis production in December dropped 3% from that in
November, or from 146,774 tons to 142,407 tons in December.
The operating rate for the industry also dropped from 97.1%
of, capacity to 94.4.
Production for the 12 months totaled 46,815,906 net tons
and came within a little more than half a million tons of the
Corp.,
16,508
16,634
November
•
Pig
Steel
12,095
16,409
18,694
1,080,083
1,345,855
1,406,205
1,443,909
14,976,110 11,752.110
♦44,865
adjust.
Total
Daily
10,642
19,779
.....
December.
7.25
Dom.,Refy. Exp., Refy,
Jan.2
22,792
October
November
Electrolytic Copper
21,962
19,971
22,473
12,131
......
11,707,251
627,047
1,485,231
7,286,347 14,184,772
♦87,106
29,159
7,315,506 14,097,660
1932
464,524
449,418
422,117
429,905
369,882
365,575
294,704
318,417
340,610
336,720
299,076
250,008
1929
1,364.801
1,388.407
1,605,510
1,617,302
1,701,874
1,629,241
1.480,008
1,500,281
1,202,874
1,333,385
1,110,050
931,744
4,329,082 16.825.477
♦5,237
•12,827
4,323,845 16,812,650
Decrease.
Note—The monthly shipments as
duriDg the year 1940, are
reconciliations.
These will be
stated In the annual report.
currently reported
subject to adjustments reflecting annual tonnage
comprehended In the cumulative yearly shipments as
Steel Output in
1940 Sets New Record
Production during December of 6,300,768 net tons of open
hearth and Bessemer steel ingots brought output for 1940
to the
a
record-breaking total of 65,246,953 tons according to
8, 1941, by the American Iron and
report released Jan.
Steel Institute.
The Commercial & Financial Chronicle
196
The total for 1940
was
7 % higher than the previous
peak
in 1929 of 60,829,752 tons of open hearth and Bessemer ingots
and exceeded by 26% the 1939 figure of 51,584,986 tons.
In producing its new record output last
year, the steel
industry operated at an average of 82.22% of its capacity
as of Dec. 31, 1939.
In 1929, operations averaged 89.05%
of capacity, while during 1939 the industry operated at an
average of 64.70% of capacity.
During the final quarter of
last year the industry operated at an average of 95.49% of
capacity.
Ingot production in December was slightly ahead of the
November total of 6,282,824 tons, and was 8% greater than
December, 1939 when 5,822,014 tons were produced.
The
rate of operations in December was
93.92% of capacity,
compared with 96.49% in November and 86.13% in Decem¬
ber, 1939.
prices, which might be forced upward if
material advances
or
costs go too
week, as against 1,464,528 tons per week in Novem¬
1,317,198 tons per week in December, 1939.
PRODUCTION
OF
OPEN
HEARTH
AND
BESSEMER
(Reported by companies which In 1939 made 97.97% of the
STEEL
INGOTS
open hearth and
100%
of the Bessemer ingot production)
high either through raw-
dictatorial attempt to control prices, its previous efforts having been con¬
fined to persuasion.
if that should
The legal authority to establish war-time price fixing,
be found necessary, might be derived from the
dustry" law passed by Congress last
That
more
power
from
sentence
at any
Production
Weekly
Per Cent
Tone
Weeke In
(Net Tone)
Net
Number of
Production
Period¬
Month
President
Roosevelt's
to
message
Congress:
"Whatever
time, must give way to the national need."
Next on the agenda of the Defense Commission is a
report on steel
capacity, which President Roosevelt said last week would be forthcoming
Tentative studies made for the Commission indicate
soon.
total demand
a
for steel ingots in 1941 of 93,500,000 tons, or fully 10,000,000 tons in excess
of the country's extraordinarily high capacity, but such estimates are based
all
on
civilian
requirements being carried
on
greatly accelerated rate
a
Up to this time the Govern¬
ment has made no formal request of the steel
industry for enlarged capacity
except in a few special instances, such as electric furnace steel.
Steel ingot
production this week has risen
highest in percentage and tonnage since the
of open hearth
and bessemer steel in
half point to
a
war
1940,
as
began.
97 H%, the
Total production
reported by the American
Iron and Steel Institute, was 65,246,953 net tons, an all-time record which
7% above the 1929 output and 26%
over
that of 1939.
Even
Co., idle for
some years,
Corp. The plant's ingot capacity is 268,000 net
will be put back into service Feb. 1 by Carnegie-
tons annually.
Pig iron production in 1940 totaled 46,815,906 net tons, according to the
"Iron Age" calculations. The December total was 4,414,602 tons
compared
of Capacity
with 4,403,230 tons in
November.
On
daily basis, output dropped 3%
a
5,655,315
84.11
1,276.595
4.43
4,409,035
70.16
1.064.984
4.14
last month, or from 146,774 tons to 142,407 tons in December.
March
4,264,755
63.42
962,699
4.43
there were 202 furnaces in blast, a gain of one
Defense
First quarter.
14,329,105
April
72.62
13.00
1,102,239
3,974,706
4,841,403
5,532,910
Second quarter...
First six months.
61.04
926,505
1,092,867
1,289,723
72.66
1,102,922
continue
to
13.01
an
28,678,124
72.64
1.102.581
<
26.01
5,595,070
83.40
out
6,033,037
89.72
September
5,895,232
90.75
1,377.391
87.93
1,334,603
13.13
Mass., has put into effect
advance of $1
an
THE "IRON
AGE"
a ton.
COMPOSITE PRICES
4.43
46,201.463
77.77
1,180,416
39.14
6,461,898
96.10
1,458,668
Finished
Steel
Based
on steel bars, beams, tank plates
wire, rails, black pipe, sheets, and hot
These products represent
One week ago
One month ago...
2.261c.
rolled strips.
One year ago
2.261c.
85% of the United States output.
2.261c.
4.43
6,282.824
96.49
1,464,528
4.29
December..
6,300,768
93.92
1,425,513
4.42
High
Low
Fourth quarter.
19,045,490
95.49
1,449,428
13.14
Total
65,246,953
82.22
1,248,029
52.28
1940
2.211c.
1939
2.236c.
May 16
1938
November..
2.211c.
Oct.
18
Jan.
4
1937
2.512c.
Mar.
9
2.249c.
3,578,863
3,368,915
3,839,127
March
52.83
807,870
4.43
55.07
842,229
4.00
866,620
4.43
2.016c.
Mar. 10
2.056c.
Jan.
8
1.945c.
Jan.
2
1.792c.
May
2
2.118c.
Apr. 24
1932
1.870c.
10,786,905
1.981c.
Jan.
13
1.883c.
Dec.
1930
2.192c.
Jan.
7
1.962c.
Dec.
2.192c.
Oct.
4.29
743,829
4.43
53.71
821,417
4.29
51.13
781,846
13.01
First six months
52.98
810,155
25.87
12,576,289
.....
Third quarter
Nine months
December.
806.522
4.42
62.62
957,561
4.43
72.87
1,114,362
4.28
62.63
957,829
13.13
859,872
39.00
22.61
1,372,500
1,433,050
1,317,198
4.43
86.13
93.71
89.83
1,373,666
13.14
989,355
52.14
Note—The percentages of capacity operated are calculated on
weekly capacities
of 1,517,856 net tons based on annual capacities as of
Deo. 31, 1939 as follows: Open
hearth and Bessemer ingots, 79,353,407 net
tons, and In 1939 are calculated on weekly
•apacltles of 1,529,249 net tons based on annual capacities as of Dec.
31, 1938 as
follows: Open hearth and Bessemer Ingots,
79,735.033 net tons.
Stabilization
"orders"
Division
Reduction
of
of
Defense
Scrap
on
prices that has been taken by
authority since 1917-18 is the notice served
19.61
July
6
1937
23.25
Mar.
9
20.25
Feb.
16
1936
19.73
Nov. 24
18.73
Aug. 11
18.84
Nov.
1935
17.83
May
14
May
16.90
Jan.
27
16.90
Dec.
13.56
Jan.
-
governmental
on
the iron and
Defense
a
Advisory Commission that prices must
level not to exceed
be
recommended.
The
"Iron
Age" further
reported:
During the past week
pending
the
up
scrap prices have
Advances of 50c.
on
to
$1
the
downward
time
of
the
continued the upward trend of
a ton
Tuesday, Jan. 7, there
expected
to
have occurred in
was
adjustment
Defense
a
of
a
number of
stoppage of transactions
prices.
Reflecting the
Commission's
"Iron Age" scrap composite
price had advanced 17c.
Events clearly foreshadow a decline
Jan.
13.56
Dec.
6
Jan.
14.79
Dec.
15
18.21
Jan.
15.90
Dec.
16
1929
18.71
May
18.21
Dec.
17
Steel
One year ago
over
and Chicago.
17.67
—
$22.00
—
Low
Jan.
7
1940
21.83
Dec.
30
1939
22.50
Oct.
3
14.08
May 16
1938
15.00
Nov. 22
11.00
June
$16.04
Apr.
9
7
during the price fixing
era
of 1917-18.
On the basis of
Tuesday's quotations, No. 1 heavy melting steel at Pitts¬
$3 above the Chicago average and $2.25 above
Philadelphia.
The concern of the Price Stabilization Division
of the National Defense
scrap
prices has to do
also
with
Mar. 30
12.92
Nov. 10
17.75
Dec. 21
12.67
June
1935
13.42
Dec. 10
10.33
Apr. 29
13.00
Mar. 13
9.50
12.25
Aug.
6.75
Sept. 25
Jan.
3
-
8
9
the
1932
8!50
Jan.
6.43
July
11.33
Jan.
6
8.50
Dec. 29
1930
15.00
Feb.
18
11.25
Dec.
9
Jan.
29
14.08
Dec.
3
1929
question of steel
17.58
American
The
nounced
that
indicated
that
Iron
and
telegraphic
operating
Steel
Institute
reports
rate
of
12
which
it
on
Jan. 6
had
5
an¬
received
steel
companies having
27% of the steel capacity of the industry will be 97.2% of
capacity for the week beginning Jan. 6, compared with
95.9% one week ago, 96.0% one month ago, and 86.1% one
year ago.
This represents an increase of 1.3 points, or
1.3%, from
the preceding week.
Weekly indicated rates
since Jan. 1, 1910, follow:
of steel operations
1940—
1940—
Jan.
Jan.
of differentials between districts and
between grades may have to be worked
out similar to that which prevailed
over
21.92
last week to $22.
during the coming week.
Commission
on
No.
1
heavy
melting steel
quotations at Pittsburgh, Philadelphia,
21.33
High
1941_
Jan.
No
was
Based
..$21.83
——
14
Scrap
Jan. 7, 1941, $22.00 a Gross Ton
One week ago
One month ago——
the
statement,
mention was made in the Government
statement of any grade other
than No. 1 heavy melting steel at
Pittsburgh, which suggests that a system
burgh
3
14.81
15.90
1931
a
$20, Pittsburgh, for No. 1
heavy melting steel by voluntary action or government price
situation
5
17.90
1933
1933
trade by the Price Stabilization Division of the
but
2
Sept.12
21
1934
Com¬
Prices
The "Iron Age" in its issue of Jan. 9
reported that the most
districts,
Jan.
20.61
June
1936
mission
previous weeks.
$22.61
Sept. 19
23.25
1937
Steel—Price
will
and
Low
22.61
4.42
64.70
control
Valley,
1939
4.29
18,049,974
be reduced to
Buffalo,
High
$23.44
Dec. 23
1930
89.75
51,584,986
National
Southern Iron at Cincinnati.
1932
Fourth quarter
steel scrap
Valley
foundry Iron at Chicago,
and
1931
Total
drastic action
average for basic Iron at
Philadelphia,
1934
56.23
6,080,177
6,147,783
5,822,014
November.
on
furnace
22.61
1938
52.74
33,535,012
October
Based
$23.44
—-
1940
3,664,827
4,241,994
4,769,468
September......
9
29
Pig Iron
Jan. 7, 1941, $23.44 a Gross Ton
One week ago.-..--.....
One month ago..
One year ago
Second quarter
July.
August
781,532
20,958,723
June.
51.11
48.64
29
12.86
10,171,818
May.
838,795
3,352,774
3,295,164
3,523,880
April.
54.85
Mar. 15
1931
1929
First quarter
16
1935
1934
56.67
Apr.
1936
1933
1939—
January..
February.
a
larger backlogs
by structural steel shops, which have ample
Jan. 7, 1941, 2.261c. a Lb.
October
up
surplus capacity for such work.
4.28
17,523,339
months.
shipments, piling
The 200-ship program to be carried
by the Maritime Commission will take qbout 600,000 tons of steel,
much of which will be fabricated
4.42
August
1,265.853
1,361,859
Third quarter.
As of Jan. 1
during the month preceding.
increasingly prominent part in
Another merchant pig iron producer, the Mystic Iron Works, of
Everett,
July
Nine
play
and lengthening deliveries still further.
4.29
4.43
orders
volume of steel business which exceeds
4.29
72.00
84.97
14,349,019
May
June...
now some
producing capacity.
The abandoned and high cost Pencoyd, Pa., plant of the American
Bridge
February
.
In¬
efficiency in defense, in defense preparations
Illinois Steel
ic—
January
"Draft
summer.
for governmental authority will be provided by this
stands in the way of speed and
was
Calculated
1941
wage rises.
individual steel plants are not operating at full ingot
Calculated Monthly
11,
This is the first time that the Defense Commission has really made any
because of greater consumer buying power.
During last month ingot production averaged 1,425,513
tons per
ber and
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
Mar.
Mar.
Mar.
..85.7%
-.86.1%
15
..84.8%
22...
82.2%
29... ..77.3%
5
..71.7%
12
-.68.8%
19
..67.1%
26.. ..65.9%
4...
64.6%
11
64.7%
18
..62.4%
1
8
...
.
Mar. 25...
Apr.
1
Apr.
8..
60.7%
..61.7%
..61.3%
1940—
1949—
15... ..60.9% July 29... ..90.4%
22... ..60.0% Aug.
5... ..90.5%
Apr. 29... ..61.8% Aug. 12... ..89.5%
May
6... -.65.8% Aug. 19......89.7%
May 13......70.0% Aug. 26......91.3%
May 20......73.0% Sept. 2......82.5%
May 27......76.9% Sept.
9......91.9%
Apr.
Nov. 11
Apr.
Nov. 18
Nov. 25
Dec.
2
Dec.
9
Dec.
16
Dec. 23
3......80.3% Sept.16._ ...92.9% Dec. 30
10......84.6% Sept.23......92.5%
June 17...
1941—
Sept. 30.. ...92.6%
June
96.1%
96.6%
96.6%
96.9%
96.0%
96.8%
80.8%
95.9%
June
June
24.. ...86.5% Oct.
July
1.. ...74.2% Oct.
July
July
8.. ...86.4% Oct.
15.. ...86.8% Oct.
July
22..
Nov.
7.. ...94.2% Jan.
14..
—94.4%
21.. —94.9%
28.. —95.7%
4..
6...
97.2%
Volume
"Steel"
The Commercial & Financial Chronicle
152
of
Cleveland,
in
its
of
summary
the
and
iron
demand
defense
steel markets, on Jan. 6 stated:
exceedingly and unexpectedly brisk and widely diversified.
For
makers and products December shipments
exceeded
November.
many
Shipments of
for
On
plates,
several
first
steel
formally withdrew
quarter
sold
out
enable
keep
material
the
action
companies
the
in
ingot
is
week.
out
of
the
week
was
not
recovered
Majority
of
delivery when
-
15%
points
95%%,
to
higher than immediately preceding the holidays.
structurals
placed the last week of
were
the
double
were
weekly
average
Sales
1940.
for
the
year,
mainly because of placement of 23,000 tons for shipbuilding extensions at
Fore
the
River
yards,
Quincy,
with
Mass.,
13,500
tons
thousand
of
No.
2
St.
A
tons.
York
pending
steelmaker
Louis
heavy melting steel
Steel
work
is
Co.,
of
one
bridges
heavy,
bought
20,000
25,000
to
trends in the
the
beginning of a year.
Production apparently will be much higher than
for the first half of 1940.
Whereas in 1940 large percentages were used
in
industry
materials
loss
diverse
of
will
ratio will be
at
tin-plate
Stocks
many
active,
soldiers,
and
Wire
containers.
The
inactive in
relatively
was
been
have
since the defense building
1940, it may be otherwise
foods will be used to
More canned
reduced.
military uses, such as for oil
products should be more active early this year as farm
there
will
be
many
Federal
the
with
Week
Reserve
increase of $220,000,000 for the week.
The statement in full for the week ended Jan. 8
will be
pages
Increase
4c.
(+)
Dec. 31 1940
Jan. 8 1941
Bills discounted.
U. S.
Detroit
87%,
\
•
i
$
3 000,000
..
be active.
and
90,
to
eastern
Pennsylvania
,
steelworks scrap to $21.71
$38.47, remaining at $56.60 for finished steel.
prices
and steel
for iron
14
-
..
to
25c.
rose
for
Subsidiaries of the United States Steel Corp. in the week
produced steel ingots at a shade under 102%
according to the "Wall Street Journal" of
Jan. 9. This is the highest level attained by the corporation
in the current upswing, and represents an increase of almost
22 points over tlm 80% rate credited to the corporation for
the Christmas holiday period. In the week before Christmas
the corporation was estimated at 100lA%.
The "Journal"
further reported:
ended Jan. 6,
of capacity,
whole production in the week ended Jan. 6 is placed \
For the industry as a
at
97% of capacity, compared with 81% in the previous week and 98% two
94%, in
Leading independents are credited with a rebound to
weeks ago.
before and 96%% two
week, against 81%% in the week
the most recent
table gives a comparison of the percentage of production
The following
with the nearest corresponding week of
or
Decrease
previous years, together with the
approximate changes, in points, from the week
immediately preceding:
U. S. Steel
Industry
Independents
102
+22
94
+ 12%
+ 10
84
+ 11
86
+
+ 12
48%
+ 13%
52%
+ 10%
31
+ 10%
27
+
7
1941
97
+ 16
1940
85
1939
51
1938...
28%
+
1937
80
+
1
1936
51
+
3
1935
46
+
1934
32%
1933
16%
24%
4%
+ 1%
+ 1%
+ 2%
40
+
1930
65
+
1929
82%
1928
74
1927
76%
8% '
(—;
Jan AO 1940
$
7
72
—
1
86
+
2
43
+
2
58
+
4
39
+
51
+
5
29
+
35
+
2
15
+
17
+
24
+
25
+
1
3%
4
44
+
37
+
5
5%
67
+
3
1
1
2
1
5
65
+
6
1%
85
80
+
2
+
3
78
+
69
+
2
+
1 %
85
+
—
'
-
3
3
68%
8
31
Dec.
-Chicago-
Jan. 10
Jan.
8, Dec. 31
Jan. 10
1941
Assets—
-
:
1940
1940
1941
1940
1940
$
$
$
$
$
$
;
Loans—Concluded
24
24
44
391
165
1,214
394
203
1,169
373
288
704
"76
"76
"51
400
294
291
Treasury notes
146
146
166
United States bonds.
2,899
2,852
2,307
762
762
709
1,588
1,574
1,379
6,749
1,215
1,167
5,735
379
378
336
986
1,056
932
Loans to banks
Other loans..
.....
Treasury bills.....
........
guaranteed
Obligations
by
the
United States Government...
1,388
6,796
Other securities
Reserve with Fed. Res. banks..
115
113
177
A
90
91
81
44
45
44
Balances with domestic banks..
81
80
79
358
314
329
255
40
41
45
Cash In vault..
Other
330
assets—net..320
I
*
-■
'
■'
-. •
'
'•
10,486
731
29
10,410
737
29
8,407
654
50
1,977
1,964
1,790
510
511
495
95
95
83
3,942
3,920
3,409
1,005
997
885
...
605
633
669
....
----
Demand deposits—adjusted
Time deposits...
U. S. Government deposits
Inter-bank deposits:
Domestic banks......
Foreign banks
Borrowings
:
our
five points to 85%.
week fell
last
New York City
226 and 227.
Changes in member bank reserve balances and related
items during the week and year ended Jan. 8, 1941, follow:
on
keep
to
as
Jan.
circulation, $148,000,000 in Treasury deposits with Federal
Reserve banks, and $9,000,000 in Treasury cash, and an
increase of $39,000,000 in gold stock, offset in part by a
decrease of $37,000,000 in Reserve bank credit and an
increase of $8,000,000 in nonmember deposits and other
Federal Reserve accounts. Excess reserves of member banks
on Jan. 8 were estimated to be approximately $6,840,000,000,
found
and
to
composite
Banks
During the week ended Jan. 8 member bank reserve bal¬
ances increased
$258,000,000.
Additions to member bank
reserves arose from decreases of $105,000,000 in money in
an
eight
95.
"Steel's"
employed as
:'V'V''-
1941.
Merchant pipe should
England
1941.
Alloy steel will stand among leading
adaptations to defense.
Sheets and
such as roofing for cantonments and
equipment, service automobiles and
kitchen
military
structures,
Though
feed
usual
destined to be continually brisk due
seem
have many defense uses,
will
trucks.
in
greater
continue
the
of
New
in
they gained, and
1931
Bars
because
find,
1932
ships.
Shapes
uses.
descriptions
other
in
plants
new
is by no means completed.
program
strips
a
those
for
than
discernible
plates may be the {scarcest finished steel item, partly because of
Wide
extensive
to
plainly
more
equipping plants,
extending and
raw
perhaps
are
needed
weeks ago.
scrap.
outlook in world affairs generally,
Despite the uncertain
steel
Bethlehem
for 20,000 tons, shipyards for 25,000 tons, and shop additions
accounting
Eeveral
New
At
tons.
the
districts
Louis
to
13
A bridge award at New London, Conn.,
largest contracts of the year.
involved
be
will
Despite increase of welding, bolts, nuts,
diversified uses in airplane, truck, railroad
consumption.
production
other
St.
and
market.
accessories
and
follows: Pittsburgh 20% to 95%%,
Chicago 20 to 99%, Youngstown 14 to 92, Wheeling 20 to 96, Cleveland
12 to 84, Buffalo 15 to 93, Birmingham 16 to 100, Cincinnati 14 to 87,
for
flexibility
company
books for
on
,
last
products
will
screws
miscellaneous
Ingot
In
the little still available.
on
placing orders
large tonnage orders
fabricated
the
his
promote
to
•
production
all
on
Though
designed
was
virtually
are
market,
half point
a
Several
of
start
the
available.
is
Steel
cf
have been the largest
may
the market
from
efficient allocation of orders
other
Some
makers
the
at
completely,
more
which
pipe
products, particularly wide plates, bars and sheets, producers
sold out for first quarter.
An independent maker of flat-
virtually
rolled
bars and merchant
month tor all time.
any
are
and
was
197
Rails
transportation adequate.
and
rivets
Placing of steel orders both immediately before and after the two holi¬
days
revived.
is
.
306
316
288
1,502
1,503
1,485
Other liabilities
Capital accounts
7
8
8
"13
"l4
"*13
266
266
247
—4,000,000
....
Government securities, direct
2,184,000,000
—
—293 000,000
8,000,000
...
—3,000,000
42,000,000
—38,000000
+33,000,000
2,237,000,000
22,034,000,000
—37,000,000
+ 39.000,000
—267,000,000
+ 4,287,000,000
and guaranteed
Industrial
advances
(not
Including
$5,000,000 commitments, Jan. 8).
Other Reserve bank credit.
....
Total Reserve bank credit
Gold stock
3,088,000,000
+1,000,000
+123,000,000
14,284,000,000
+ 258,000,000
+2,454,000,000
Treasury currency
Member bank reserve balances..
Money in circulation
8,628,000,000 —105,000,000 +1,165,000,000
2,203,000,000
—9,000,000
—138,000,000
220,000,000 —148,000,000
—435,000,000
.....
Treasury cash.....
;
........
Treasury deposits with F. R. banks.
Non-member deposits and other Fed¬
Member Banks in New York City and
of
Returns
+ 8,000,000 +1,097,000,000
2,024,000,000
eral Reserve accounts...
Below is the statement of the Board of Governors of the
System for the New York City member
banks and also for the Chicago member banks for the cur¬
rent, week, issued in advance of full statements of the mem¬
ber banks, which will not be available until the coming
Monday:
Federal
Reserve
REPORTING MEMBER BANKS
IN CENTRAL RESERVE
CITIES
The condition statement of weekly
cities shows the following principal
A decrease of $121,000,000 in
increase of
Commercial,
Chicago
8, Dec. 31 Jan. 10 Jan. 8, Dec. 31 Jan. 10
1940
1940
1941
1940
1940
*
$
1941
»
Loans and investments—total..
Commercial,
industrial
10,314
3,060
Loans—total...
10,298
3,121
8,709
3,028
2,489
687
2,384
691
2,245
566
and
agricultural loans....
Open market paper
Loans to brokers and dealers..
382
18
1,918
95
1,907
93
' 1,693
111
481
20
480
19
350
419
519
37
42
36
169
171
176
53
54
65
113
113
112
20
20
14
Other loans for purchasing or
carrying securities..
Real estate loans
industrial
brokers
York City and
Reserve banks, a
in demand deposits-adjusted, and an increase of
$146,000,000 in deposits credited to
and
domestic banks.
agricultural loans increased $7,000,000.
increased $32,000,000 in New
and dealers in securities
$39,000,000 at all reporting member banks.
York City, $21,000,000
New York City
Jan.
holdings of United States Treasury bills, an
$82,000,000 in reserve balances with Federal
decrease of $83,000,000
to
reporting member banks in 101 leading
changes for the week ended Dec. 31:
Holdings of United States Treasury bills
(In Millions of Dollars)
~~
Member Banks of the Federal
for the Preceding Week
of
System
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
Loans
ASSETS AND LIABILITIES OF WEEKLY
Returns
Reserve
close of business Dec. 31:
Loans
Chicago—Brokers'
Complete
decreased $78,000,000 in New
in the Kansas
in the Chicago district, $13,000,000
all reporting member banks. Holdings of
bonds increased $17,000,000 in New York City
City district, and $121,000,000 at
United States Government
and $20,000,000 at
Demand
all reporting member banks.
deposits-adjusted decreased
$69,000,000 in New York City,
$18,000,000 in the Chicago district,
and $83,000,000 at all reporting member
banks, and increased $37,000,000 in the San Francisco district and $23,000,000 in the Cleveland district. Time deposits increased $13,000,000.
Deposits credited to domestic banks increased $113,000,000 in New York
City, $21,000,000 in the Philadelphia district, and $146,000,000 at all
$24,000,000 in the Kansas City district,
$17,000,000 in the Boston district,
The Commercial & Financial Chronicle
198
Deposits credited to foreign banks increased
banks.
reporting member
$28,000,000 in New York City and $29,000,000 at all reporting member
amount of
127,580 shares, which
Increase
(+)
Decrease
or
Dec. 31,1940
Assets—
Dec. 24,
S
$
Loans and investments—total
These reports are classified as follows:
Week End
New
(—)
Loans—total
Jan. 3, 1940
1940
J
cultural loans
a+ 7,000,000
—2,000,000
584,000,000
+39,000,000
loans for purchasing
carrying securities
—1,000,000
Real estate loans
+42,000,000
1,230,000,000
37,000,000
1,755,000,000
Loans to banks
Treasury bills
Treasury notes
—3,oob"666
—13,000,000
a—4,000,000
—121,000,000
+ 191,000,000
—8,000,000
+ 20,000,000
+374,000,000
+626,000,000
+ 3,000,000
611,000,000
......
+331,000,000
2,129,000,000
United States bonds
6,979,000,000
+ 16,000,000
Obligations guaranteed by United
States
Government
2,743,000,000
Other securities
3,675,000,000
Reserve with Fed. Reserve banks.. 11,797,000,000
Cash in vault.
535,000,000
....
Balances with domestic banks
Curb
Ezchanoe
821
1.065
103
193
206
47
200
247
91
269
103
548
597
538
578
sh owing
1,067
4. Reports
—7,000,000
+1,966,000,000
+ 31,000,000
+ 322,000,000
3,462,000,000
showing
107
39
trans-
no
Note—On the New York Curb Exchange, odd-lot transactions are handled solely
by specialists In the stocks In which they are registered and the round-lot transactions
specialists resulting from such odd-lot transactions are not segregated from the
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
specialists in stocks in which they are registered are not directly comparable on the
two exchanges.
The
than
number
the
of
number
entries in
more
reports
in the various classifications may
of reports
than
received because
a
single report
total
more
may
carry
classification.
one
TOTAL
Liabilities—
Demand deposits—adjusted
22,299,000,000
—83,000,000
5,432,000,000
+ 13,000,000
—1,000,000
—112,000,000
9,065,000,000
692,000,000
+ 146,000,000
+ 875,000,000
+29,000,000
—48,000,000
U. S. Government deposits..
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
ROUND-LOT STOCK SALES ON THE NEW YORK STOCK EX¬
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
OF MEMBERS » (SHARES)
+3,733,000,000
+156,000,000
474,000,000
Time deposits
Week Ended
Week Ended
—Dec. 21, 1940—
Total for
Per
Cent
Week
a
—Dec. 28, 1940—
Total for
Per
Week
Cent
•
....
Short sales
Dec. 24 figures revised (Chicago district).
90,580
4,563,640
Extended
Exchanging City of Montevideo
(Uruguay) 6% and 7% Gold Bonds
B. Round-lot
members,
Holders of City of Montevideo, Uruguay, external sink¬
ing fund 6% gold bonds, series A, dated Nov. 1, 1926, due
Nov. 1, 1959 and 7% sinking fund gold bonds dated June
1,
1922, due June 1, 1952, are being notified that the Republic
has extended the period for exchange of these bonds to
June 30, 1941.
Copies of the amended prospectus may be
obtained from Hall gar ten & Co., 44 Pine St., New York,
exchange agent for the 6% bonds, and Dillon, Read & Co.,
28 Nassau St., New York, agents for the
7% bonds.
for
account
for
the
odd-lot
except
counts of odd-lot dealers and
386,130
44,360
transactions
5,239,550
289,300
Total sales
for
84,720
5,154,830
4,654,220
Other sales.b..
Time
"v;
of
+377,000,000
+82,000,000
—27,000,000
+ 75,000,000
821
transactions
—39,000,000
or
Other loans
York
New
Ezchanoe
2. Reports showing other trans¬
actions initiated on the floor
—116,000,000
465,000,000
securities..
York
Stock
Ezchanoe
3. Reports showing other trans¬
actions initiated off the floor
—14,000.000
Loans to brokers and dealers in
Other
New
194
1. Reports
+ 665,000,000
301,000,000
York
Curb
Total number of reports received...
—77,000,000
5,018,000,000
...
New
Ezchanoe
Commercial, Industrial and agri¬
Open market paper
Week End. Dec. 28. *40
Dec. 21, *40
York
Stock
+2,440,000,000
+36,000,000
+ 716,000,000
25,527,000,000
9,390,000,000
reports filed with the New
York Stock Exchange and the New York Curb Exchange by their respec¬
tive members.
Since
a
11.42% of total volume
was
The data published are based upon weekly
of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended Dec. 31, 1940, follows:
summary
11, 1941
of 1,117,120 shares.
banks.
A
Jan.
46,900
244,740
of
ac¬
specialists:
1. Transactions of specialists in stocks in
which they are registered—
Total purchases
Short sales
Other sales.b
243,960
Total sales
2.
Other
initiated
floor—Total purchases
133,210
New York Stock
Total sales
in December
Exchange announced on Jan. 9 that
the short interest existing as of the close of business on the
Dec. 31 settlement date, as compiled from information ob¬
tained by the New York Stock Exchange from its members
and member firms, was 459,129 shares,
compared with
515,458 shares on Nov. 29, both totals excluding short posi¬
3.
Other
Nov. 29.
initiated
off
2.53
107,780
the
floor—Total purchases
rl20,205
142,974
16,900
115,840
Other sales.b
159,100
24,850
Total sales
rl33,640
4. Total—Total purchases
tions carried in the odd-lot accounts of all odd-lot dealers.
settlement date, the total short interest
in all odd-lot dealers' accounts was
on
2.78
125,210
transactions
Short sales
r542,715
686,474
73,060
473,210
78,559
504,820
As of the Dec. 31
shares,
6,800
100,980
Exchange Decreased
The New York Stock
with 69,396
157,370
11,800
113,410
Other sales.b
on
6.47
291,640
the
on
Short sales
Short Interest
6.21
288,320
transactions
Short sales
Other sales.b
68,568 shares, compared
The Exchange's announce¬
Total sales
2.70
11.69
r547,170
3.12
183,950
12.12
583,370
ment further said:
Of the 1,230 individual stock issues listed
there were 33
existed,
or
issues in which
in which
a
a
TOTAL
on
the Exchange on Dec. 31,
short interest of
more
change in the short position of
more
ROUND-LOT
CHANGE
than 5,000 shares
BERS ♦
AND
STOCK
STOCK
SALES
ON
than 2,000 shares
a
short interest
31, exclusive of odd-lot dealers' short position,
on
was
was
reported
as
421 compared with 429
1938—
1939—
Aug. 31
729,480
June 30
Sept. 30
588,345
July
31
651,906
481,599
669,530
Aug. 31
435,273
Nov. 29
587,314
Sept 29..
Deo. 30
500,961
Oct. 31
570,516
523.226
447,543
536,377
Dec.
28
imn
Nov. 30
Jan.
31
Feb. 28
Mar. 31
529,559
♦662,313
Apr. 28
May 31..
♦
29
479,344
381.689
Week Ended
Cent
a
transactions
of members:
the
77,245
5,140
for
1,117,120
71,105
Total sales
B. Round-lot
6,800
80,545
account
1. Transactions of specialists in stocks in
Mar. 29
488,815
Apr. 30
May 31
428,132
June 28
446,957
July
479,243
Short sales
Aug. 30
474,033
Other sales.b
Sept. 30
530,594
31
31
*517,713
530,442
Jan.
31
454,922
Nov. 29
29
485,862
Dec.
459,129
104,640
515,458
Feb.
Total purchases
1940—
Oct.
31
Total sales
Other
transactions
109,780
Initiated
on
floor—Total purchases...
8.63
....
20,765
19,550
225
New
York Stock and
Total sales
New
Exchanges—Figures for Weeks Ended
Other
and Dec. 28
26,550
8,650
i
1.26
30,742
950
175
24,820
Total sales
Exchange Commission
on Jan.
6, which amount was 11.69% of total transactions
on the
Exchange of 4,654,220 shares.
During the following
week ended Dec. 28 (as announced
by the SEC on Jan. 10)
round-lot purchases and sales of stocks for the account of
the members, except odd-lot
dealers, totaled 583,370 shares;
this amount was
12.12% of total transactions for the week
of 5,239,550 shares.
1.62
the
Other sales.b
amounted to 546,270 shares
during the week ended Dec. 21,
was announced
by the Securities and
31,410
25,770
Total—Total purchases
2.49
31,585
118,420
Total sales
2.79-
127,537
6,315
142,470
Short sales
Other sales.b
120,405
148,785
7,175
12.74
127,580
11.42
t
specialists:
Customers' short sales...
Customers' other sales.c.
14
10
74,043
78,666
Total purchases.
74,057
78,676
Total sales
36,712
35,503
also
promulgated figures showing the
trading by members of the New York Curb Ex¬
change for their own account to total transactions on the
relation of
Exchange.
During the week ended Dec. 21, the member
trading was^ 148,785 shares, or 12.74% of total transactions
of 1,048,545 shares, while in the
following week (Dec. 28)
the Curb members traded in stocks for their
off
Short sales
it
Commission
Initiated
floor—Total purchases...
Trading in stocks on the New York Stock Exchange by
members, except odd-lot dealers, for their own account,
The
transactions
8,450
13,235
York
Dec. 21
200
13,010
Other sales, b
on
7.37
87,345
the
Short sales
Curb
Cent»
7,475
1,109,645
1,048,545
Other sales.b
667,804
Trading
Week
6,540
1,042,005
Revised.
Member
EX¬
MEM¬
—Dec. 28, 1940—
Total for
Per
Week
1940—
Oct.
OF
A, Total round-lot sales:
Short sales
In the following tabulation is shown the
short interest
existing at the close of the last business day for each month
since Aug. 31, 1938:
CURB
YORK
ACCOUNT
Week Ended
of Dec.
Nov. 29.
NEW
FOR
—Dec. 21, 1940—
Total for
Per
occurred during the month.
The number of issues in which
THE
TRANSACTIONS
(SHARES)
owrn
account in
*
The
term
"members"
includes all
Exchange members, their firms and their
partners. Including special partners,
a Shares in members transactions as
per cent of twice total round-lot volume.
In calculating these percentages, the total of members'
transactions is compared'
with twice the total round-lot volume on the
Exchange, for the reason that the total,
Volume
of
members' transactions Includes
both
purchases and sales, while the Exchange
volume Includes only sales.
b Round-lot short sales which are exempted from restriction
rules are Included with "other sales."
by the Commission
c
Sales marked "short exempt" are Included with "other sales."
r
Revised—as corrected figures have not been received for the subsidiary items
"short sales" and "other sales," these do not add up to the revised figure of total
sales.
Odd-Lot Trading on New York Stock Exchange During
Weeks Ended Dec. 28 and Jan. 4
The Securities and Exchange Commission on Jan. 6 made
public a summary for the week ended Dec. 28, 1940, of com¬
plete figures showing the daily volume of stock transactions
for the odd-lot account of all odd-lot dealers and specialists
who handle odd lots on the New York Stock Exchange, con¬
tinuing a series of current figures being published by the
Commission.
The figures are based upon reports filed with
the Commission by the odd-lot dealers and specialists.
The Commission also made public yesterday (Jan. 10)
the figures for the week ended Jan. 4; these are incorporated
with the previous week,
STOCK
199
The Commercial & Financial Chronicle
152
TRANSACTIONS
FOR
THE
ODD-LOT
ACCOUNT
ODD-LOT
OF
DEALERS AND SPECIALISTS ON THE NEW YORK 8TOCK EXCHANGE
■
Total for
Total for
Week Ended
Week Ended
Dec.
Jan. 4,
.
Odd-lot sales by dealers (customers' purchases):
Number of orders
28, '40
'41
New York Stock Exchange member
borrowings in New York City on collateral amounted
to $362,322,660. The ratio of these member total borrowings
to the market value of all listed stocks on this date was
therefore 0.87%.
In the following table listed stocks are classified by leading
industrial groups with the aggregate market value and
average price for each:
As of Nov. 30, 1940,
total net
Dec. 31, 1940
20,718
20,126
Number of shares
566,673
554,911
$20,398,259
Dollar value
$20,519,651
Financial
.
15,878
2,198
5,107
533,832
Customers'other sales.a
28A8
334,061,006
31.49
Farm machinery
597,194,406
45.56
Amusements
264,269,161
12.31
14,328,132
2.93
1,530,177,220
1,635,633,342
23.93
Rubber and tires.......
....
Land and realty
...
Machinery and metals
Mining (excluding Iron)...
.....
Petroleum
36.47
22.71
36.36
51.05
22.36
259,347,562
22.54
24.84
25.56
19.19
421,393,706
2,268,912,067
2,985.460.130
Ry. oper. A holding co's A eqpt. mfre.
60.29
1,426,980,220
2,626,353,067
334,068,590
615,981,656
257,857,337
14,783,877
1,538,233,014
1,609,743,713
3,639,814,721
438,420,294
2,262,117,372
2,972,850,793
2,555,617,657
3,692,608,589
....
Paper and publishing
Retail merchandising
30.55
19.47
26.06
28.11
31.49
47.00
12.01
3.02
24.06
25.04
18.85
20.26
29.97
25.95
50.82
Textiles
2,568,400,066
258,049,925
Gas and electric (operating)
Gas and electric (holding).
2,146,274,228
1,114,404,672
25.25
2,111,586,740
11.63
Communications (cable tel. & radio)..
Miscellaneous utilities
3,647,007,011
85,108,205
88.17
604,966,054
20.31
275,972,963
7,340,031
102,149,295
24.07
110,420,984
158,462,975
19.92
1,127,699,278
3,620,344,073
85,318,829
619,172,923
269,005,215
7,228,452
88,119,946
113,582,596
...
...
Shipping services
Ship building and operating.......
Miscellaneous businesses
11.05
4.00
23.83
21.23
11.77
87.53
11.07
20.80
23.47
3.94
22.79
20.49
50.74
161,118,634
1,401,595,034
21.68
1,400,713,763
38,798,991
23.16
38,601,510
23.04
493,853,108
628,359,856
Tobacco...
14.46
488,658,795
14.32
15.62
635,217,201
15.69
28.80 41,848,246,961
28.72
Foreign companies (incl. Cuba & Can.)
536,030
50.14
41,890,646,959
419,767
$13,121,352
We
\
give below
and
value
the
a
two-year compilation of the total market
price of stocks listed
average
change:
Number of shares:
20
on
the Ex¬
<
300
125,710
Short sales
16.87
414,660
.$15,791,963
Customers' total sales..........................
Round-lot sales by dealers:
29.89
871,115,384
5,600,326.713
493,056,397
2,633,401.356
Foods
All listed Stocks
Dollar value
3,564,329,368
16.24
60.85
equipment manufacturing..
U. S. companies operating abroad
Customers'short sales...
,
S
29.19
21.84
Electrical
Garments
Number of shares:
Price
474,228,086
1,431,454,131
....
Building..
Leather and boots
18,327
Customers'total sales........
Value
5,652,093.029
Chemicals.....
....
220
15,658
.... —
Aver.
Price
3,481,165,986
833,984,485
Autos and accessories...
Business and office equipment
Customers' short sales-....—.
68
Customers' other sales.*.................18,259
,,
Market
$
Aviation
Odd-lot purchases by dealers (customers' sales):
Number of orders:
Avge.
Value
Steel, Iron and coke..
i
Nov. 30, 1940
Market
108,940
...
Total sales..
125,730
Market
Average
Market
Averaae
Value
Other sales.b
Price
Value
Price
109,240
1939—
1938—
$43,526,688,812
47.001,767,212
46,081,192,347
47,490.793,969
180,230
..................
184,610
Oct.
31
Nov. 30
a
Dec.
Sales marked "short exempt" are reported with "other sales."
a
round lot
are
Nov. 30
$45,505,228,611
$31.79
32.96
Deo. 30
4^,467,616,372
32.37
31.50
32.30
liquidate a long position
reported with "other sales."
Jan.
1940—
33.34
31
45,636,655,548
31.68
Feb. 29--..
31
1939—
b Sales to offset customers* odd-lot orders and sales to
which Is less than
$30.54
44.884,288,147
Sept.30
Round-lot purchases by dealers:
Number of shares............
46,058.132,499
31.96
Mar. 30
46,694,763,128
32.34
46,769,244,271
36,546,583,208
38,775,241,138
39,991,865,997
40,706.241,811
Jan.
31
Amends
SEC
Interlocking Directorate Rule
Public Utility Holding Company Act
and
Securities'
The
nounced
amendment
minor
a
Exchange
to
Commission
the
rules
Jan.
under
Under
32.44
April 30
40,921,074,970
28.69
May 31
Apr. 29
May 31..—
40.673,320,779
28.51
June 29
43,229,587,173
41,004,995,092
30.29
July
28.70
Aug. 31
44.761.599.352
31.31
41,652.664,710
47,440,476,682
47.373,972,773
29.12
Sept. 30
Oct. 31
33.15
Nov. 30
33.11
Dec. 31
June 30
31
Aug. 31-
July
3
an¬
Section
of the Public Utility Holding Company Act of 1935,
interlocking directorates.
The amendment ex¬
tends until March 1, 1941, the expiration date of the ex¬
17
46,270,987,418
Mar. 31
Feb. 28
—
Sept. 30
Oct.
31
31..—
32.35
25.26
26.74
27.51
28.00
28.56
41,491,698,705
42,673,890,518
41,848,246,961
41,890,646,959
29.38
28.72
28.80
(c)
relating to
provided in Paragraph (h) of Rule U-17C-1, in
lieu of Dec. 31, 1940, the present expiration date of such
Value
Market
The extension of this exemption is subject to
exemption.
any
action the Commission may take in connection with the
revision of general rules and regulations under
The draft revision which has been released for
comment omits this exemption.
The text of the Commis¬
proposed
the Act.
sion's
Acting
particularly
Sections
action
not
will
investors
amends
the Public Utility Holding Company Act of 1935,
pursuant to
or
17
(c)
adversely
consumers,
Paragraph
(h)
Listed
and 20
the
(a)
thereof, and finding that such
public interest
Securities and Exchange
affect
the
of Rule U-17C-1 to read as
the interest of
Commission hereby
or
follows:
New
on
York
New
The
that
as
York
Stock
Stock Exchange announced on Jan.
of the close of business Dec. 31,
1940, there
8
were
1,295 bond issues, aggregating $54,169,265,287 par value,
on the New York Stock Exchange, with a total market
listed
value of
$50,831,283,315.
This compares with 1,307 bond
issues, aggregating $54,237,356,842 par
follows:
action
Bonds
of
Exchange Dec. 31 Above Nov. 30
emption
value, listed on the
$50,755,classified
aggregate
Exchange Nov. 30, with a total market value of
887,399.
In the following table listed bonds are
by governmental and industrial groups, with the
market value and average price for each:
"(h) A person (1) whose only financial connection is with one or more
banking institutions having their principal offices within the
State in which such company conducts at least 90% of its public-utility
Nov. 30, 1940
Dec. 31, 1940
commercial
resides, and (2) who was originally
elected to his position in such company prior to April 1, 1939, pursuant
to an order of, or stipulation approved by, the Public Service Commission,
Corporation
Commission, or similar regulatory body of such State:
Provided, however, That this exemption shall expire March 1, 1941."
Market
Dec.
Effective
31,
Market
Value
Listed
Stocks
on
New York Stock
Dec. 31, $41,890,646,959, Compared
$41,848,246,961 on Nov. 30—Classification of
Exchange
with
of
on
Listed Stocks
As of the close of business
aggregating 1,454,761,737 shares listed on the
total market value of
$41,890,646,959, the Exchange announced on Jan. 4. This
compares with 1,234 stock issues aggregating 1,457,084,734
shares listed on the Exchange on Nov. 30 with a total market
value of $41,848,246,961, and with 1,233 stock issues aggre¬
gating 1,435,404,562 shares listed on the Exchange on
Dec. 30, 1939 with a total market value of $46,467,616,372.
Jn its announcement of Jan. 4, the Stock Exchange said:
Stock Exchange with a
Exchange
member total net borrowings in New York City on collateral amounted to
$413,467,342. The ratio of these member total borrowings to the market
value of all listed stocks, on this date, was therefore 0.99%.
Member
borrowings are not broken down to separate those only on listed share
collateral from those on other collateral; thus these ratios usually will
exceed the true relationship between borrowings on all listed shares and
As of the
close of business Dec.
their market value.
31, 1940, New York Stock
Value
Price
Ac.)— 36,027,793,013
—...
j
Building
—
Electrical equipment manufacturing..
Food
Rubber and tires----
*
Amusements
Land and realty
Machinery and metals
Dec. 31, 1940, there were 1,230
stock issues
New York
0.8. Govt. (incl. States, cities.
United States Companies—
Autos and accessories—
Chemical
♦
Aver.
Price
%
$
Financial
1940.
Market
Value
operations and in which such person
Aver.
Mining (excluding Iron)
Petroleum--
Paper and publishing
Retail merchandising
Railway operating and holding com'
panles A equipment manufacturers.
Steel, Iron and coke
Textile
(operating)
Gas and electric (holding)
Communication (cable, tel. A radio)-.
Miscellaneous utilities
Business and office equipment--—_».
Gas and electric
Shipping services
Shipbuilding and operating
Tobacco
U.S. companies
operating abroad—.
Miscellaneous businesses
104.50
73,434,250 104.46
45,872,108 97.83
9,118,084 37.81
24,378,462 94.48
84,875,091 50.38
613,614,317 104.38
72,272,200 101.19
20,374,413 85.34
15,460,671
38,041,688
73,329,403
20,383,751
36,973,048
231,959,047
73,573,300
45,351,866
10,792,520
25,837,952
85,055,020
618,795,002
73,125,610
20,085,834
6,349,165,302
59.87
6,203,441,693
58.64
526,822,981
26,084,750
3,099,573,618
177,980,563
1,063,944,507
89,520,883
19,604,000
14,750,253
16,833,023
43,150,008
90,312,905
34,032,813
103.26
6,138,788 105.75
37,753,371 102.99
82,129,830 97.68
20,231,845 84.60
26,999,049 106.62
174,001,305 105.11
companies— 12,842,968,725
1,219,977,245
government—
---•
Total United States
Foreign
Foreign cos. (Incl.
All listed
Cuba and Canada).
bonds.
109.81 35,977,065,975 109.66
740,544,332
50.831,283,315
98.02
107.76
105.67
108.53
58.46
104.00
52.48
73.38
126.66
44.77
103.92
103.74
95.75
85.15
107.71
105.01
104.15
96.72
55.29
94.95
50.32
105.12
101.54
83.43
527,929,348 103.41
33,867,286
3,110,729,592
178,473,561
1,069,322,029
86,589,456
19,368,375
14,619,171
17,177,078
42,896,587
82,984,559
34,366,250
99.28
108.12
105.96
109.06
56.52
102.75
52.01
74.88
125.92
40.45
104.94
75.50 12,790,529,697
74.93
40.12
1,223,491,514
764,800,213
40.15
93.84 50,755,887,399
93.58
56.59
68.26
200
The Commercial & Financial Chronicle
The
following table, compiled by us, gives a two-year
comparison of the total market value and the total average
price of bonds listed on the Exchange:
Martsi
Martel
In
order
staff
Average
Value
Price
Price
of
S
%
47.053.034.224
91.27
1939—
*
Deo. 30
the
reports
49.678.805.641
49,605,261.998
50.006.387.149
for
The
the
annual
the
02.86
Jan.
31
Jan.
31
46.958,433.389
91.03
Feb.
29—
Feb.
28
47.471.484.161
91.85
Mar. 30
1
48.351.945,186
48.127,511,742
91.80
Apr. 30
Apr. 29
91.56
May 31
May 31
48.920.968.566
92.92
June 29
June 30
49.611,937,544
46.936.861.020
47.665,777,410
48,570.781.615
49.007.131.070
47.297,289.186
92.08
July
31
48.601.638.211
90.90
annual
93.15
Aug. 31
49,238,728,732
91.33
the
of
engaged
in
companies
the
preparation
file
may
their
cf
a
annual
Exchange Act and the Investment Com¬
90.59
46,430.860.982
47,621.245.885
47.839.377.778
88.50
90.79
Sept. 30
Oct. 31
49.643,200.807
50,438.409.964
92.84
Nov. 30
60,755.887,399
60,831.283,315
the
Commission's
full
report
Mar.
31--__
July
Aug. 31..—
Sept.30-...
Oct.
31
Nov. 30
91.24
Dec.
—
31
92.02
91.97
SEC
92.08
93.84
On
Temporary Exemption to Certain Regis¬
Companies with Respect to Se¬
Independent Public Accountants
Jan. 2
the
the
fact
that
companies
that
reporting
those
Securities and
requirements
should
date
not
Section
for
(a)
followed
investment
selected
by
Directors
neither
this
of
the
Investment
in
the
companies,
majority
a
who
an¬
to
respect
investment
reporting requirements
those
employees,
of
persons
companies
of
After
the
the
Nov.
1,
Act
sets
certain
up
independent public
is
the
members
requirement
of
the
advisers
independent
1941,
of
adviser.
they be
Board
is,
who
are
nor
the
when
the
provisions
(a) of the Act become effective, at least 40% of
registered investment company will have to consist of
time
present
directors needed
10
of
company,
the
At
pro¬
accountants
that
company's
management—that
investment
an
do not have
requirement.
of
investment
nor
such
to
meet
companies
under
the board of
The
effect
of
Rule
of
Directors
of
N-6C-7
those
ia
Nov.
until
to
1,
permit
1941,
companies
by
which
SEC
the
selection
not
32
of
independent
majority of the whole Board
a
are
strictly with the requirements of Section
presently able to
comply
(a) of the Act.
Securities and
Exchange Commission announced on
adoption of four rules under the Investment
Company Act of 1940 and two rules under the Securities
Exchange Act of 1934 relating to the filing of annual re¬
Jan.
2
stockholders
the Investment
The
for
rules
new
periodic
An
reports,
constitute
aspect
reports
required
the
step
for
which
The
the
the
is
Commission's
and
the
investment
emphasis
made
in
eliminating
Section
various
statutes
30
(d)
of
the
further advance
a
duplication
program
companies.
stockholders'
upon
rules also represent
new
of
in
trusts
is
program
policy
under
first
in
the
administered
filing
by
the
of
Com¬
mission.
additions to
or
these
rules
may follow upon the basis of
adopted under related provisions, such
as
Section 31 (c) of the Investment
Company Act, which deals with the
accounting principles to be followed by registered companies.
further
experience and
rules
as
are
From the Commission's announcement
we
also quote:
30
4:00
Rule
reports.
the
the
N-30D-1,
financial
companies
minimum
information
which has
and
other
include
must
in
been
be
to
contained
adopted under this
information
these
which
reports.
The
in
such
section,
pre¬
management investment
rule
does
not
apply to
ending prior to Dec. 31, 1940.
However,
management companies having a fiscal year or half-year ending on or
after
for
Dec.
fiscal
any
31,
1940,
period
will
be
required
make
to
reports
to
their
stock¬
holders.
Copies of these reports must be filed, pursuant to Section 30
(2) of the Act and Rule N-30B2-1 adopted thereunder, within 10
days
(b)
alter
their
Rule
this
transmission
relates to reports by unit investment trusts.
Trusts of
being required to report to their shareholders only if they
"top trusts," that is, unit investment trusts whose entire
are
so-called
are
consist
of
securities
issued
by
management
a
company.
Simple
than
"top trusts" may
eventually be adopted, but since these organizations, which have virtually
no
management activities, present a special problem, they will be made
the subject of further study before
the promulgation of further regu¬
reporting
requirements
for
unit
trusts
does
not
Annual
Section 30
under
ing the
the
whose
Section
30
it
(c)
will
Act
to
file
information
under
panies
additional
Reports
to
the
Commission
(a) of the Investment Company Act requires companies regis¬
same
filed
which
as
under
an
the
to
Reply
them
for
the
transaction
3:30
at
m.
p.
above
as
the
Exchange
on
the
as
banks
and
during
the
all Saturdays of the
on
Realizing that changes in
Saturdays
of
business
m.
;V"
Close
to express
which
have
v.,
and
close
it
A
at
'
months.
summer
year.
is headed by Edgar Scott, says in
our
hours, such
as those indicated above,
may
business and that of other organizations
your
the
press, we are hopeful that in
expressing your
on
these proposals consideration will be
given to the convenience
customers, operating costs, and the impact of the change on allied
organizations.
opinion
your
We
that
hope
respond
The
all
firms
as
member
rather
for
doing
business
individual
with
the
public
will
partners.
letter
requests that replies be made not later than
Appointment of the committee was mentioned in
Jan. 15.
these columns Jan. 4,
New
firms
than
York Stock
109.
page
Exchange Urges Companies
to
Sepa¬
Provisions for Federal Excess Profits Tax and
Normal Federal Income Taxes
rate
The
New
York
Stock Exchange on Jan. 2 sent to the
corporations having securities listed on the
letter suggesting that in computing the amount
Presidents of
Exchange
a
of
earnings subject to the Federal excess profits tax this
provision be reported separately from the normal Federal
income taxes.
The following is
the letter sent out by
P. L. West, Acting Director of the
Exchange's Department
of
Stock List:
of
effect
the
of
corporations i«?
have
received
current
Federal
of
matter
a
numerous
great
inquiries
in
excess
profits tax
interest
regard
to
upon the earnings
security holders, and we
thereto.
We
appreciate that corporations may experience difficulty in
computing
of earnings subject to this tax, and the
exemptions granted
but we believe it would be in the interest of your
security
holders to report, in the published annual income
accounts, the provision
for Federal excess profits tax
separately from the provision for normal
the
amount
hederal
income taxes.
to
As
for
interim
statements,
deduction
for
advisable
no
in
computing
misunderstanding
sons
of
interim
earnings
the
excess
the
amount
We
for
do
profits
of
not
to
tut
security
Exchange
requirements
do
not
that
holders
in previous
either
that
it has been
years,
in making compari¬
it is suggested that
deduction
no
has
been
made
made, and, in the latter
for
case,
deduction.
\7ish
earnings,
Stock
of security
part
like period
tax or
such
corporate
the
on
a
indicate
statements
the
profits taxes in the computation of quarterly
However, corporations may deem such deduction
interim earnings.
In order that there should be
excesc
semi-annual earnings.
over-emphasize
it
holders
seems
makes
suggested above.
to
the
that
ua
desirable
\
effect
the
some
of
Federal
necessity
such
for
taxes
upon
adequately
treatment
as
that
.
Trust Co. of New York Had Net Op¬
Earnings in 1940 of $6,460,446, President
Reports—Summarizes Favorable and Un¬
Manufacturers
erating
Gibson
favorable
Factors
in
Year—Comments
on
German
Obligations
as to which the Investment Company
generally become effective until Jan. 1, 1941, also present
special problem, and accordingly are not included in the present rules.
are
urging
recommendations
in.
other
Fact amount certificate companies,
tered
certain
deeply affect the conduct of
i,uch
lations.
Act
to
(d)
These include:
informing
stockholders,
N-30D-2
class
assets
to
file
to
statements
Exchange Asked
Trading Hours
questionnaire
a
on
(d) Close the Exchange
or
reports
4
The committee, which
its letter to members:
limits,
specified
all
p.
(c)
call
prescribe
15
the Securities
on
(a) Open the Exchange at 10:00 a. m.
Monday to Friday,, inclusive, and close, it
(b) Open the Exchange at
10:00 a.
(d) of the Investment Company Act of 1940 requires com¬
registered under that Act to transmit semi-annual reports to their
stockholders, and authorizes the Commission, within certain
scribes
Jan.
been made.
panies
to
rules under
registration
subject
Section
or
therefrom,
Reports to Stockholders
Section
13
permit such companies
full
Questionnaire
opinions
The
Changes in
to
their
years.
already
are
Section
Company Act.
on
their
transmittal of reports
registered under
The Commission says:
investment
this
Company Act.
Commission's
the
by
of
provision
express
Investment
the
firms
by investment companies
Company Act.
reporting
important
in
of
the
ports with the Commission and
to
to
annual
an
New York Stock Exchange committee making
study of trading hours sent to all members and member
a
of
Adopts New Rules for Investment Companies
Relating to Filing of Annual Reports with Com¬
mission and Sending Them to Stockholders
The
copies
to
every
the
public accountants
which
either
Exchange Act, the Commission's
report
Investment
Section
of
persons independent
management, but the legislative history of the Act clearly indicates
that until that date there should be no
legal compulsion to change the
composition cf existing directorates.
of
file
to
The special
Company
which
among
of
aimual
..
selection
independent
are
officers,
affiliated
certain
1
.
be
required
subsequent
With
annual
of the Securities
Exchange Commission
directly concerned in
In explaining this action the Commission
32
to
be
the company files its fuil registration statement.
As a
those companies having a fiscal year ending on Dec.
31, 1940,
to file an annual
report for the fiscal year 1940, though
they will have to file 6uch a report for 1941 and
Members of New York Stock
cedures
Investment
subject
have
directors of the company who are not
•.
the
already
which
upon
not
Exchange Act have been amended
said:
under
not
are
during the intervening period.
Rule N-30A-1 accordingly requires
the filing of annual reports
pursuant to Section 30 (a) of the Investment
Company Act only with respect to fiscal years ending on or after the
nounced the adoption of Itnle N-6S-7 under
the Investment
Company Act of 1940, temporarily exempting certain
regis¬
tered
investment companies
from the requirement
that
their independent public accountants be
selected by those
its management.
registered
which
companies
consequence,
Investment
lecting
of
feels
mission
90 14
93.58
view
Company Act will shortly be filing full registration statements, the Com¬
will
Gives
tered
In
92.48
87.87
♦
a
requirements
policy expressed in these sections, the
presently
investment
Securities
reporting
staff is also
engaged in preparing a 6ingle
registration of investment companies both under Sec¬
tion 8 (b) of the Investment
Company Act and Section 12 of the Securities
Exchange Act.
These forms will be
promulgated some time during the
first quarter of the year 1941.
92.33
1940—
1939—
Act.
is
v/hicb
both
the
into effect
Commission
upon
under
form
%
49,919.813.386
to carry
fcrm
pany
1938—
Dec. 31
to comply with
Exchange Act.
Securities
single
Aver a{;9
Value
Act,
pany
Jan. 11, 1941
the
be
copies
reports
with
that
contained
in
Securities
securities
of
annual
as
possible
of
requires
for
annual
listed
are
the Act
Exchange
on
the
registered
reports
Act of
a
the
the
1934
national
Commission
investment
required
Commission
annual
under
contain¬
reports
by investment
securities
to
com¬
exchange.
adopt rules
companies,
the
which
under
by
filing
Investment
Com¬
Harvey D. Gibson, President of Manufacturers Trust Co.,
York City, reported at the Annual Meeting of the
Stockholders on Jan. 8, that net operating earnings, not in¬
cluding net profits from securities sold or other assets dis¬
posed of during the year 1940, before charge-offs or additional
reserves set up, but after all expenses and taxes, and after
deducting dividends on preferred stock outstanding as well
as the amount set up for amortization on bonds
purchased
above par, had amounted to $6,460,446.36 or $3.92 per
New
common
share.
This, he stated, compares with $3.71 per
share for the year
1939.
Of the 1940 total, $3,299,836
was
Volume
The Commercial & Financial Chronicle
152
paid in dividends to common stockholders and the remain¬
ing $3,160,610.36 was credited to Reserve Accounts.
Security profits less losses during the past year amounted
to $1,653,625 which amount at various times as
realized,
Earnings, while not
as
year-end
credited to Reserve Accounts and in
part redistributed
reserves and for other
purposes, Mr.
Gibson reported, pointing out that
possible future losses which cannot
cover
determined
or
foreseen.
be
;;■■■}
On Feb.
operations
\; \V;
..
net
.
In
market
open
before
the
then to make
necessary
fund
in
was
The amount
1940
When the Feb. 1, 1941, sinking
$762,763,244.22
a year
year were
bank's
fund
$953,709,060.08,
as
as
its
a more
His further observations
Considerable progress was made
in
are
indicated
this
respect
as
follows:
during the past year.
As of the close of the year 1940, the Government Bond portfolio was made
follows: bonds maturing
callable from one
or
from five to ten years, 18.79%; over ten years,
that this diversification of maturities is such
to
five years, 48.08%;
The bank believes
33.13%.
as to
enable it to have in hand,
bonds become due, sufficient funds to meet any
as
increased demand for loans which is likely to develop in the years
The bank's position in other securities has changed little
the increase in
the total portfolio
ahead.
during the year,
being accounted for almost entirely by
additional holdings of United States Government Bonds.
Mr.
Gibson, who is Chairman of the American Committee
of Short
Term
Creditors of Germany, reported that as at
the end of last year, the bank's total
man-American Standstill Agreement
claims under the Ger¬
had a face value of
$9,294,298.56; in addition to this, the bank has commitments
which could, under certain conditions, be used for further
advances up to a total of $879,640.85. Mr. Gibson pointed
For all these commitments and unavailed lines the bank had either pro¬
vided full
reserves
bank's Standstill
were
was
bank
or
had made
During the year 1940, the
charge-offs.
reduced by $354,367.50 so that
as
one to
new
German-American
Agreement negotiated in May of last year cancels the bank's
commitments to make further advances
by $437,323.06.
additional smaU item, the bank improved its
with that of last year,
in the so-called Lee
by
a
of an
total of $809,481.81.
German
position
amounts
to
$835,535.77.
charge to that account made in 1939 when
items.
By the
The undivided profits
thereby restoring in part the
reserves were set up
The bank continues to receive interest
on
against these
the total face amount of
all German indebtedness in United States dollars in full at the rate
upon, an average
of slightly in
excess
of 3 %.
with
an
r
made, Mr. Gibson stated that
the bank has not in recent years been in healthier condition.
He summarized the progress as follows:
reviewing the
Government
States
maturity cf
13 years at
classified
were
as
follows:
Due within
five years, 30.6%; five to ten years, 40.6%; 10 to
had
an
maturity of five years and seven
average
deposits
in
was
Mr.
Gray pointed out that less than
insured.
amounted
1940
to
8%
of the
He said the FDIC assessment against the
$893,000, compared with
$723,000 in
1939.
Colt
of
—♦
r
Trust
Bankers
Co.
of
New
York
.
of the statement
•v;
••
,
•
'!
'''V
were:
-iY
ItlCTCCLSCS
•
.
'
Y
United States Government securitiesLoans and bills discounted
—
—
—------
.Y : "Y
Decreases
V.
_
Cash and due from banks--
'-V
$206,726,745
90,484,407
25,595,247
28,200,657
Y Y-.---'Y
—
14,639,588
4,876,829
The United States Government
obligations in the invest¬
State and municipal securities.
Banking premises and other real estate.
ment account at the end of the year
represented the following
percentages of deposits:
Maturing in less than five years, 22.7%
11.4%;
over ten years,
of deposits; five to ten years,
5.6%.
U
Mr. Colt said:
The progress of the v ar in Europe
operations,
of regulations,
were
restrictions and licenses.
Our exchange contracts, which
beginning of the year, were reduced to nominal
substantial at the
proportions
has increased the complexity of our
due to the closing of European markets and the imposition
by the end
of the year.
We have no outstanding foreign
exchange contracts in continental European currencies,
balances
as we
During recent months the increase in our loans
to
and such deposit
have in that area are nominal.
the indirect effects of the defense program on
the country, but we have also
has been primarily due
the general economy of
made a number of loans which have been
directly connected with that program.
progress
Resources have reached
The
United
average
previous year.
These earnings were equivalent to $3.36
per share on the 2,500,000 shares of the bank's capital
stock, compared with $2.80 per share earned in 1939.
The
balance in the undivided profits account at the end of the
year, Mr. Colt said, reflected an increase of $2,365,519 over
the previous year-end figure, bringing total capital funds to
$108,413,247 compared with $106,047,727 on Dec. 30, 1939.
Undivided profits of $33,413,247 at Dec. 31, 1940 compared
with $31,047,727 at the end of 1939.
Deposits continued
to grow and at the end of the year amounted to $1,460,558,560, an increase of $335,148,502 over the Dec. 30, 1939
total.
:V;;.
.f,'? YY YY/Y:' Y;. v'•'!~'YY'S.Y'Y'Y'; Y.'Y
The principal changes during the year on the asset side
agreed
During the past year, interest
received amounted to $420,224.72.
In
of
S. Sloan Colt, President of Bankers Trust Co. of New
York, reported to stockholders at their annual meeting on
Jan. 9 that the bank's net operating earnings for the year
1940 were $8,399,166 an increase of $1,410,660 over the
Higginson Credit, amounting to $4,000,646.03, remains
has been increased by this amount,
lower
Reports Net Operating Earnings of $8,399,166 in
1940—Capital Funds Increased to $108,413,247
The bank's participation
receipt of $26,053.96 in connection with this credit, recovery in the bank's
total
added
Standstill position compared
unchanged, and it too is fully covered by write-offs and reserves.
account
a
larger commissions
The average yield on securities held by
$390,224,000
..
As a result of these
repayments, and cancellations of commitments, and by the recovery
He
same.
1940 in the face of
On this basis of callable dates the bank's holdings of
securities
President
of Dec. 31 the amount outstanding
In addition to this reduction, the
of
He estimated that the assessment in 1941 •would be more than $1,000,000.
claims, by cash repayments in dollars at full face value,
$8,939,931.06.
Standstill
so
substantially the
Other securities and investments.---
out:
rate
average
The loan volume
In discussing the costs of insurance of deposits by the Federal Deposit
holdings of Government Bonds
attain
an
On the basis of maturity to the nearest call date, the
Insurance Corporation,
markets have risen, to endeavor to
diversified balance of the maturities of its hold¬
by payments received
13.5%.
Government
as
ings.
received
months, compared with ten years and eight months at the end of 1939.
compared with
Mr. Gibson informed the stockholders that the bank con¬
up as
of
This compared
15-3%;
15 years,
throughout the year and in practically every department.
Early in the year aggregate loans were lower than at any
time since 1936. Since that time, however, loans have gained
steadily and as of the end of the year they were about 13%
higher in total amount than a year ago.
prudent,
bank
was
holdings at the end of 1940
one year,
Gibson stated that loans had increased consistently
it
the
;
holdings
of 1939.
the end
This increase in deposits is evidenced in all
ago.
have increased and
1939, he reported,
bank's
bank's
sidered
disclosed,
loans, compared with 2.11 % in 1939.
loans and investments in part was owing to
nine months.
departments of the bank.
Mr.
Gray
on
i
,
Deposits at the end of the
Mr.
2.08%
and
The
total of $3,375,000 of the $25,000,000 of preferred stock
a
originally issued.
Year
securities at the end of 1940 had an average maturity of seven years and
becomes effective, the bank will have retired, through the operations of the
sinking fund,
Previous
compare
YYIYY VY
year.
becomes effective, it will be
issued in 1936, the bank has retired 58,559
issued.
was
Over
the bank amounted to 1.47% in 1940, compared with 1.81% the previous
purchase additional stock in the
in force during the period, and against the price of $50 a
share at which the stock
of living and
way
V'YY
Gain
and reduced operating expenses.
The average cost has been $50.64, as against the redemption prices
of $53 and $52
including banks, must stand
readjustments in their
that the increase in net operating earnings in
further call for redemption.
a
Since the preferred stock
shares.
to
requirement
corporations,
Show
1940
in
1940,
return of
acquired, however, is considerably less than necessary for the Feb. 1, 1941,
sinking fund and if the bank is unable
make such
be necessary to meet the situation."
meeting on Jan. 9.
The 1940
with $5,408,000, or $5.15 a share, in 1939.
Gray indicated that the 1940 earnings included $497,000
profit from the sale of securities from the bank's portfolio.
The following further account of Mr. Gray's remarks was
given in the New York "Times" of Jan. 10:
earnings
able to purchase 6,700 shares in the open
approximately $50.88 per share.
defray in
had
operating earnings in 1940 of $6,558,000, equivalent to
a share, William S. Gray Jr., President,
reported to
return on
average price of
years, to
Mr.
of 50 cents per share.
an
*
during the coming
shareholders at the annual
It, therefore, became necessary on April 15 to call
11,750 shares at the redemption price of $52, plus the accumulated dividend
market at
objectives.
$6.24
unable to purchase any of this stock in the open market at a price as low as
was
to
as may
Co.
fixed for redemption.
Shortly, thereafter the bank
neces¬
The Central Hanover Bank & Trust Co., New York,
definitely
the bank was
year,
an emergency
Operating Earnings of Central Hanover Bank & Trust
1, 1940, the bank required 11,750 shares of its preferred stock
During the first quarter of the
is
Government and the perpetuation of our
our
+*
He further noted:
Y.Y
National Defense
on
we are
Both individuals and
ready willingly
For the present the bank will continue to credit all earnings
for the sinking fund.
$1,050,459,262.45.
part the extraordinary expense to which our Nation has become com¬
mitted.
in excess of dividends paid to Reserve Accounts rather than to Undivided
Profits.
stability of
"Taxes will unavoidably be higher
some
unpredictable that it is good judgment to continue to build
are so
up reserves.
assure the
of living, and
sary to carry out these
The bank continues to feel that present conditions and uncertainties of
the future
of
leaving no stone unturned to cooperate with the
Administratioh in Washington in anj plans which seem to it wise and neces¬
way
all known losses,
now
resources
"We realize that the National Defense Program
sity to
also additional valuation and unallocated contingent reserves
to
total
Cooperating with Government
security profits must not
earnings or a part of earning capacity.
the bank disposed of various miscellaneous
items at an aggregate loss of
$360,688, as compared to book
value; of this amount, $217,077 was charged against reserves
previously set up.
In 1940 he reports the bank charged
down or set up reserves against bank
premises and safe
deposit vaults aggregating $718,233.
Recoveries on items
which had heretofore been charged down or off on the books,
amounted to $862,948.
None of these amounts was in¬
cluded in the reported earnings; they were charged or credited
directly to Reserve Accounts.
Mr. Gibson stated that
cover
previous years, show an increase
some
speaking of the bank's role in the National Defense
Program, Mr. Gibson said:
year
the books to
shows
In
be regarded as current
set up on
in
as
V
statement
Thus another milestone in the bank's progress has been reached.
was
reserves are now
great
as
compared to 1939.
The
in the form of valuation
During the
201
an
all-time high.
general quality of assets has been further improved.
An announcement
Mr.
Colt
reported that
1940, the undivided
profits
items of $616,893.
compared to last year.
on
in addition to the net operating earnings for
profits account was credited with $1,694,771 of net
investment
Deposits are higher than ever before.1
Loans have increased
as
bearing on the report to stockholders
state'd:
securities
and with recoveries and miscellaneous
The amount of the contingency fund, shown at $5,000,
..
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$
and
%
Total
3.07 1.38 2.07
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43.04
1.20
"1,69657,035",
2, 90,846
"2^815,4 .0
L_>
.
smS 2? et- _B-n
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64.30
2s
p
62.67 56.87 53.21 40.23 34.93 16.92
"lO,60",205 2,732,189 70,365073 302,87.045
"207.48,163
317,150
1,071, 0
8,5210,46 8,3014,2 7,48301,7 5,698214,6 4,1729514 3,594,17 816,2 71
3,41 52,71 3,4870,56 3,421 7,0 1,0632 0 953,215
51,0829 1,61,72 417,682 04 185,74 5 345,01 58 6,0739, 0 21,76 51 159,62 15
All
Other Money
$
for Federal Reserve Banks Agents
fl.935,7 2 1,748097 10,94380 6,71430672 5,126 7,436 ,4593.174 816,2 71
19,628^46 1,465,214 82 ,78 1,629,458 13,02765 16 ,931 63 ,017
e2,036458 2,03189,723 ,10386,24 352,80.36 17,350216 8,39025 90,81762
^80,5986 *865,43*85
""1
~~2
dl,93287165
(167035,84)
%
and
Held
b(16,7085S4) 16,473.5802 1,6054397 1,2360,791
•
be
TSOTAEMFN REASUY
Notes
United
Notes
Amt.
$
of
Includes resulting Includes The moneyThe United
d
e
g
f
this
of
Cand
$
Security and Treasury
1890)
of
Gold
$
Total
$
TOTAL
$E1,x8c0hangeIfrrweonduimctiot$la59mw,30ofnueygsaoaimolnvlufrdntbecawomfmoobtriunhntgIUSthanteed.iinaccmnrluodateoyesyStaes.
156,03941 156,03941 56,03941 52,97026 152,97026 150, 0 10, 0
1890) 156,0394 1
RAegsaeirnvset Sta es Treasury
MONEY
0*3
*
Jp©
cog's
FbiS$n1taca4oub2rle,i9lnmz65dfo3tghd;PfdSerappevsstigt1bT8cuor9nf0duyomtrel lhtimcpcooheunartsledfsnay
SUM31TONNA9EI0Y4—ED.V
bhTtreeasalyudy. hgsoogaeiinolcvucilndrdlty,1n839teef0s, USTItroenhpceanaisfuefabdtssGFiRyhovmruvl,,61oo5nt4rd08.
by Federal Reserve Banks Agents
Held
5©0^ ,g C"i°aS:P 3&l^g HTIENHLED Haelsd Against SilverC(e<rtifcfactes Notes
® CIRULATON
wn S9
ShWp1o3>a gP OJTQg^S *p-P^f^©I©^i- I-sp?gjj'o- 'gg >t-*p.vP®^®oJo5S^PcL3*"*£§ Jcgoft® ^cg| 3®-w^as.3gPPd/lPd->k03-^^Ja
®<5: 11
"
12.51
65,14 89 48,71 46 1,61,72 407, 649 183,02 65 274,68 45 5,704 2,685 21,49365 158,91 5
$
Amount
In
MONEY
Z
O
.01
.37
"
..
cn
2
l>Sts g
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132,590 132,49.0 13,5720 107,960 103,760 9,027 0 48,2310
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Population Contie al United States (Estimaed)
CO
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$
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19,654873 476, 1463 1,39024,1
23,704 958 23,407.5821 9,168730 2,4368,530 2,950 31 ,8456904 21,40 2
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21,8075369 b(16,7085 4)
82 ,78 16 ,931 63 ,017
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OF MONEY
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2
CP
the
(1)
Volume
203
The Commercial & Financial Chronicle
152
Change in Classification of Banks in New York Reserve
District Made by Board of Governors of Federal
Reserve System
Announcement
made
was
Jan. 2
on
by Beardsley Ruml,
bank
trust company.
or
the closing hour
to
wiU be opened and public announcement
Chairman of the Board of the Federal Reserve Bank of New
acceptable prices will follow
following morning.
change made by the Board of Governors of the
Federal Reserve System in the classification of member banks
in the Second (New York) District.
The announcement
follows:
right to reject
the amount
funds
Change in Classification of Member Banks for Voting Purposes
banks
for the purpose of electing class
in
Second
the
Federal
Reserve
District
A and B directors of the Federal Reserve
1, 1941,
final.
or
or
other immediately available
V'7?'v-;V...
15, 1941.
as
(Attention is invited to
estate and inheritance taxes.
except
gift tax.)
IS
o
.r\
,
to principal and interest, and any
other disposition thereof will also be exempt, from all
are not
exempt from the
loss from the sale or other disposition of the Treasury bills
shall be allowed
as
of any tax now or
a
deduction,
otherwise recognized, for the purposes
or
hereafter imposed by the United States
or
any
of its
possessions.
Group 1 will consist of banks with capital and surplus of $10,000,000
i|::
of tenders, and to allot less than
Treasury Decision 4550, ruling that Treasury bills
that effective Jan.
so
or parts
be advised of the acceptance or rejection
Treasury bills will be exempt,
taxation,
Second Federal Reserve District;
The Board of Governors of the Federal Reserve System has changed the
Bank of New York
Jan.
gain from the sale
To Member Banks in the
of member
all tenders
any or
applied for, and his action in any such respect shall be
Payment at the price offered for Treasury bills allotted must be
on
The
classification
possible thereafter, probably on the
as soon as
made at the Federal Reserve banks in cash
[Circular No. 2159, Jan. 2, 1941]
of the
The Secretary of the Treasury expressly reserves the
Those submitting tenders will
thereof.
FEDERAL RESERVE BANK OF NEW YORK
13,
Immediatejy after the closing hour for receipt of tenders on Jan.
1941, all tenders received at the Federal Reserve banks or branches thereof
up
York, of
a
incorporated
accompanied by an express guaranty of payment by an
are
and
Treasury Department Circular No. 418, as amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions of their
over;
Group 2, of banks with capital and surplus of more than $300,000
and less
issue.
than $10,000,000; and
Group 3, of banks with capital and surplus of $300,000 and less.
RUML, Chairman of the Board.
BEARDSLEY
Gold Production in Alaska Valued
1940
Sets
Institutions in
Twenty-One State
St. Louis Reserve
1940
District Joined Federal Reserve System During
1940, 21 State banks and trust companies
joined the Federal
Reserve System, which equals the number admitted in
1933, and is more than in any other year since 1920.
This
was revealed after the First Bank & Trust Co., of Cairo, 111.,
During the
joined the System on Dec. 31 and the First State Bank of
Olmsted, Olmsted, 111., had joined on Dec. 30.
The Cairo
institution has a capital of $250,000, surplus of $50,000, and
total resources of $2,319,811.
O. B. Hastings is Chairman
of the board; Jesse A. Beadles, President; H. W. Cade, W. P.
Halliday and C. L. Keaton, Vice-Presidents, and H. E.
Emerson, Cashier.
The First State Bank of Olmsted has
a capital of $25,000, surplus of $5,000, and total resources
of $241,530.
E. C. Hogendobler is President; Lloyd Cannon,
Vice-President, and J. A. Rutherman, Cashier.
The addition of these banks brings the total membership
of the Federal Reserve Bank of St. Louis to 415.
The
deposits in these member banks aggregate approximately
$1,732,000,000, and amount to 75% of the deposits of all
District.
commercial banks in the Eighth
$560,547,000 Received to Offering of $100,Treasury
Bills—$100,002,000
000,000
of
91-Day
Accepted Above Par
the Treasury Morgenthau announced on
Secretary of
offering last week of $100,-
Jan. 6 that the tenders to the
thereabouts, of 91-day Treasury bills totaled
$560,547,000, of which $100,002,000 was accepted at prices
above par.
The Treasury bills are dated Jan. 8 and will
mature on April 9, 1941.
Reference to the offering appeared
in our issue of Jan. 4, page 33.
The following regarding the accepted bids of the offering
is from Mr. Morgenthau's announcement of Jan. 6:
000,000,
or
Total
applied for.---
-—-$560,547,000
100,002,000
—
Total accepted.
The accepted bids were
—.—...*
tendered at prices in excess of par, all but $27,
Of the amount tendered at that price,
550,000 being tendered at 100.003.
66%
accepted.
was
Also
Increased
of
Bureau
of
Internal
a new
offering of 91-day Treasury bills*to the
$100,000,000, or thereabouts, to be sold on a
discount basis to the highest bidders were invited on Jan. 10
of
by Secretary of the Treasury Morgenthau. Tenders will be
received at the Federal Reserve banks, and the branches
thereof up to 2 p. m. (EST), Jan. 13, but will
at the Treasury Department, Washington.
National Defense
designated
15
For text of this article
and will
mature
on
April
not be received
The Treasury
Under that authority of that section
16,
1941, and
on
cident to National Defense Limitation
Treasury Department made public on Jan. 6 its
monthly report showing that the face amount of public debt
obligations issued under the Second Liberty Bond Act (as
amended) outstanding Dec. 31, 1940, totaled $45,348,549,450, thus leaving the face amount of obligations which may
be issued subiect to the $49,000,000,000 statutory debt
limitations, (including the $4,000,000,000 National defense
limitation), at $3,651,450,550. Under the general limitation
of $45,000,000,000, a total of $44,112,858,750 of obligations
were outstanding on Dec. 31, leaving the balance issuable
under this limitation at $887,141,250.
The net face amount
of obligations issuable under the National defense limitation
is $4,000,000,000, of which $1,235,690,700 were issued up
to Dec. 31, 1940—thus the balance which may be issued
being $2,764,309,300.
In another table in the report the
Treasury indicates that from the total face amount of out¬
standing public debt obligations under the general limitation
($44,112,858,750) should be deducted $911,709,008 (the un¬
earned discount on savings bonds), which, after adding the
defense limitation total of $1,235,690,700, brings the total
to $44,436,840,442.
However, to this figure should be
added $587,791,046, the other public debt obligations out¬
standing, which, however, are not subiect to the statutory
limitation.
Thus the total gross public debt outstanding
on
Dec. 31 is shown as $45,024,631,488.
following is the Treasury's report
or the
funds to meet any ex¬
national defense, or to reim¬
general fund of Treasury therefor.
Under
Section 21 of the Second
Liberty Bond Act,
They (the bills) will be issued in bearer
of
$1,000,
The following table shows
Amended
as
the face amount of public debt obligations
the United States authorized, outstanding,
limitations
of
offering,
o*
and balance issuable under the
of the Second Liberty Bond Act, as
Section 21
imposed by
amended.
>
I.
General Limitation—Section 21 (a)
certificates of Indebtedness, and
be outstanding at any one time
...$45,000,000,000
Total face amount of bonds, notes,
Treasury bills that may
Outstanding as of Dec. 31, 1940;
\
Interest-bearing:
;
Bonds:
,
,'V-
: ;
V
-.$27,960,167,200
Savings (maturity value)*..
4,106,501,675
Adjusted service
749,531,925
-$32,816,200,800
Treasury notes
$8,561,802,300
Certificates of Indebtedness...
1,954,800,000
Treasury bills (maturity value)
605,493,000
11,122,095,300
Treasury
Matured obligations on
which Interest has ceased...
$43,938,296,100
174,562,650
"
44,112,858,750
Face amount of
obligations issuable under above authority
$887,141,250
11. National Defense Limitation—Section 21 (6)
Total face amount of notes, certificates of Indebtedness, and Treasruy
bills that may be outstanding at any one time
$4,000,000,000
Less retirements under Section 301
Revenue Act, 1940
-
No tender
for
$10,000,
form only, and in amounts or
$500,000 and $1,000,000
$100,000,
an
$4,000,000,000
Net face amount Issuable
Outstanding as of Dec. 31, 1940:
Interest-bearing:
amount less than
the basis of 100, with not more
$1,000 will be considered.
•[;.
\
Certificates of Indebtedness
Each
704,852,000
Treasury bills
The price offered must be expressed
than three decimal places, e.g., 99.125.
•
$530,838,700
Treasury notes..
.
tender must be in multiples of $1,000.
$1,235,690,700
Matured obligations on which
Interest has ceased.
1,235,690,700
Fractions must not be used.
Tenders will be accepted
without cash deposit from incorporated banks
and trust companies and from
of
as
said:
(maturity value).
ment
of Dec. 31, 1940;
"National Defense Series" obliga¬
Morgenthau, in his announcement of the
denominations
on
as
Statutory Debt Limitation
the
be issued to provide the Treasury with
penditures made, after June 30, 1940
further
advertisement page vii.
see
The
Series, will be dated
provisions of Section 302 of the Revenue Act of 1940, ap¬
proved June 25, 1940.
The Treasury's announcement adds:
Mr.
for
Treasury Explains Outstanding Debt Subject to Debt
Limitation of $49,000,000,000—Includes Figures In¬
Treasury bills on Jan. 15 in amount of $100,544,000.
This new issue of bills will be issued pursuant to the
burse the
Forms
Year—10% Defense Tax Applies to Incomes Under
and Over $5,000
maturity date the face amount of the bills will be payable
without interest.
There is a maturity of a previous issue of
tions may
Distributes
Revenue
,
Tenders to
Jan.
advertisement page x.
Dec. 31, 1940
1941
bills,
see
Reporting
1940
Federal
Income
Tax—Embody
Changes Made in Internal Revenue Laws During
The
of $100,000,000 of 91-Day Treasury Bills
National Defense Series—Will Be Dated Jan. 15,
amount
$25,375,000
/
For text of this article
New Offering
•
at
Record—Output of Other Minerals
year
in the St. Louis Federal Reserve District
Tenders of
Ail-Time
securities.
responsible and recognized dealers in invest¬
Tenders from others must be accompanied by a deposit
10% of the face amount of Treasury
bills applied for, unless the tenders
Face amount of
♦
obligations Issuable under above authority
Approximate maturity value.
$2,764,309,300
Principal amount (current redemption value)
$3,194,792,667.
according to preliminary public debt statement
The Commercial & Financial Chronicle
204
Recapitulation—Section 21 (a) and (6)
just
*49,000,000,000
45,348,549,450
Total that may be outstanding....
Total outstanding..
_
....
—
Balance issuable:
it is intolerable for capital to seek a selfish advantage by reason
as
the present emergency, so must
*3,651,450,550
The whole principle
and the rights of labor under our system of govern¬
is being challenged.
ment and economy
world
If the totalitarian forces of the
are
victorious, all the hard-won
rights of labor will be destroyed and both capital and labor will
Reconcilement icith Daily Statement of the United Slates Treasury, Dec. 31,1940
Total face amount
involuntary vassals of an all-powerful
outstanding public debt obligations issued under
this crisis
authority of the Second Liberty Bond Act, as amended, as limited
by Section 21 of the Act:
General Limitation
sacrifice too great to make
no
*44,436,840,442
if it will contribute to a more successful and
efficient defense.
It is this spirit which we seek to invoke, and it
similar spirit that we
undertake this great task which the Commander-
a more
a
in-Chief has committed to our hands.
public debt obligations not
Add other outstanding
subject to the statutory limitation:
Interest-bearing (pre-war, &c.)
on
which the country expects from the OPM, we ex¬
have the kind of cooperation from everybody that counts
pect and must
is in
Matured
contribution to a democratic victory in the world.
To achieve the results
*43,201,149,742
1,235,690,700
National Defense Limitation....
become the
Labor has as great a stake in
State.
capital, and both must work together harmoniously if the United
States is to make its
*44,112,858,750
911,709,008
Deduct unearned discount on savings bonds
as
of
labor avoid any attempt to make improper
world-wide emergency.
of its position in the present
use
of collective bargaining
*887,141,250
2,764,309,300
21 (a)
National Defense Limitation—Sec. 21 (b)
General Limitation—Sec.
Jan. 11, 1941
which Interest has ceased
Bearing no interest
........
Following is President Roosevelt's Executive Order es¬
tablishing the OPM and defining its duties, as reported by
*196,208,460
14,187,240
....
/
—
the Associated Press:
377,395,346
587,791,046
—
By virtue of the authority vested in me by the Constitution and the
outstanding as of Dec. 31, 1940
Total gross debt
*45,024,631,488
.....
and in order to define further the functions and duties
statutes,
as
Second Liberty Bond Act, as amended, provides as
of the
Section 21
certificates of indebtedness, Treasury
Act, and of certificates
of Section 6 of the First Liberty
Act, shall not exceed in the aggregate $45,000,000,000 outstanding
There shall be in the Office for
1.
bills, and notes issued under the authority of this
i'resident
of the
of indebtedness issued under authority
tive office
Bond
if hall consist of (1) a
time.
In addition to the amount authorized by the preceding paragraph
5* ariu 18"" of this
Act, as amended, not to exceed in the aggregate $4,000,000,000 outstand¬
ing at any one time, less any retirements made from the special fund made
available under Section 301 of the Revenue Act of 1940, may be issued
under said sections to provide the Treasury with funds to meet any ex¬
penditures made, after June 30, 1940, for the National Defense, or to
reimburse the general fund of the Treasury therefor.
Any such obligations
so issued shall be designated "National Defense Series."
at any one
*
Sec. 5 authorizes certificates of indebtedness and Treasury
**
Sec. 18 authorizes notes of the United States (Treasury
Emergency Management of the Execu¬
Office of Production Management which
an
Director General and (2) an Associate Director General,
appointed by the President; (3) the Secretary of War, and (4)
each to be
(b)
entitled to actual and necessary transportation,
but shall be
pensation,
The members shall serve as such without com¬
Navy.
the Secretary of the
of this section, any obligations authorized by Section
through mobilization of material resources
of the nation, it is hereby ordered:
and the industrial facilities
The face amount of bonds,
(a)
exist on Sept. 8, 1939, and to increase pro¬
declared by the President to
duction for the national defense
follows:
of the
Management with respect to the national emergency
Office for Emergency
subsistence and other expenses incidental to
the performance of their duties.
With such advice and assistance as it may require from other depart¬
2.
agencies of the Federal Government, and subject to such regu¬
ments and
lations
or
directions as the President may from time to time prescribe, and
subject further to the general policy that the Departments of War and
bills.
notes).
and agencies of the Government
and other departments
Navy
will be
utilized to the maximum extent compatible with efficiency, the OPM shall:
Formulate and execute in the public interest all measures needful
(a)
New York State Department
of Taxation and Finance
Use in Report¬
ing
and
For text of this article see advertisement page
vii.
Powers of
Defines
Roosevelt
(2)
New Office
directly concerned therewith.
(b)
of
Survey,
and coordinate
consolidate
the various activities
orders and contracts and to keep informed of the progress of the various
programs
are
adequate supply of raw materials essential to the production of finished
products needed for defense.
Formulate plans for the mobilization for defense of the production
(e)
facilities of the nation and to take all lawful action necessary to carry out
such plans.
Determine the adequacy of existing production facilities and to assure
(f)
to form and execute
their maximum use;
in the
public interest all measures needed to increase the
production and supply of defense materials; survey the re¬
quirements of the War and Navy Departments and of
foreign governments; coordinate the placement of major
defense orders; take steps to provide an adequate supply of
raw materials; make plans for the mobilization of the Nation's
production facilities; determine the adequacy of existing pro¬
duction facilities; determine when priority on delivery of
materials shall take place and serve as the liaison between
various government departments.
:
The following divisions of the OPM and their directors
were
of production and supply.
Plan and take all lawful steps necessary to assure the provision of an
(d)
reported in these columns of Dec. 28,
page 3825.
The OPM consists of William S. Knudsen as
Director General, Sidney Hillman as Associate Director
General, Secretary of War, Henry L. Stimson, and Secre¬
tary of the Navy. Frank Knox.
The functions of the OPM
Dec. 20, as was
described in the President's order
of materials, articles and equip¬
required for defense, to coordinate the placement of major defense
ment
now
operation to provide an adequate national defense.
The
President announced his intention of establishing this agency
as
Advise with respect to the plans and schedules of the various de¬
(c)
partments and agencies for the purchase
in
on
needed for defense.
articles and equipment
providing for the Office of Production Management which
will
and other departments and
and of foreign governments for materials,
Government,
agencies of the
Jan. 7 issued the Executive Order
on
and summarize for purposes of coordination the
analyze,
requirements of the War and Navy
stated
Executive Order—New
Agency Appeals for National Cooperation
Production Management in
President Roosevelt
effective coordination of those activities of the several
to insure
departments, corporations, and other agencies of the Government which
are
President
and equipment and the provision
plant facilities and services required for the national defense,
of emergency
Employees' Salaries
on
(1) to increase, accelerate and regulate the pro¬
and appropriate in order
duction and supply of materials, articles
Issues Revised Form for Employers'
and, when necessary to stimulate and plan the creation
of such additional facilities and sources
essential to increase and
of production and supply
as may
be
expedite defense production.
Determine when, to what extent, and in what manner priorities shall
(g)
be accorded to deliveries of material as provided in Section 2 (A) of the act
entitled
"An Act to Expedite National Defense and for Other Purposes,"
approved June 28t 1940.
Deliveries of material shall take priority,
issued in pursuance thereof by the
Perform
(h)
President
(i)
as pro¬
accordance with, such determinations and the orders
vided in said act, in
OPM.
and exercise the authoricies vested
the functions
in the
by Section 9 of the Selective Training and Service Act of 1940.
Serve
the liaison and channel of communication between the Ad¬
as
visory Commission to the Council of National Defense and the Departments
announced:
with respect to the duties imposed upon the commission
of War and Navy
Division of Production—John Biggers.
by the following named acts, and with respect to all other matters pertaining
Division of Purchases—Donald Nelson.
to defense
Division of Priorities—Edward R. Stettinius, Jr.
and Public Resolution
purchasing and production: Public Nos. 667, 781, 800 and 801,
No. 95, Seventy-sixth Congress.
Perform such other functions as the President may from time to time
(j)
Following the issuance of the order, the members of the
issued a statement saying that the cooperation of
everybody is needed to make the United States the "arsenal
of democracy" for the "successful defense of democracy and
shall discharge
freedom."
required to carry out the functions specified in Paragraph 2, subject to
assign or delegate to it.
OPM
Their statement follows,
3.
of Production
To create such
an
than we, who are
all that
we
can provide.
have to the fulfillment of this order from
Chief, but aU that
we
our
to
America
of
only
for
anywhere
new
a
be sternly
If there
a
are
those who think they
for any selfish advantages,
Democracy is fighting for its
of
a
very
can
normal
any
make
secure
the
principle
employ this
serve
the placing of
they must dismiss such thoughts.
as
an
man
the machines is vital.
bargaining
under the administration of the OPM
mandatory orders, the assignment of preference ratings, the
related matters.
In making its findings
no
sacrifices will be asked of it that
economic
would have upon the
Laws now in effect
will not be matched by a corresponding sacrifice on the part of capital, but
and
social
6.
and throw about the
Labor must know that
A chairman and three other members
advisory body and, from time to time as may be
and recommendations, the
of collective
Office of Production Management a Priorities
members.
or
allocation of deliveries and other
life in its struggle to retain the principles
interests of the workingman adequate protection.
appointed
Board shall
successful defense program the active, intelligent and patriotic
cooperation of the men who
There shall be within the
required by the Office of Production Management, shall make findings
and submit recommendations with respect to the establishment of priorities,
free economic system.
In
Management shall be in charge
by the Office of Production Management with the
designated by the President; the Director General and
Associate Director General shall be members, ex officio.
The Priorities
subconscious, unexpressed hope for wartime profits, that must
repressed.
emergency
It must be satisfied with
director appointed
Board composed of six
If there is in industry and management
capital required.
A Division of Priorities
shall be
Industry must subordinate its concern over the possible future effects
of tremendous immediate expansion.
a
5.
that in the immediate future everything in
national life must be subordinated to the necessity for defense.
return
,
Production Management the fol¬
approval of the President.
adequate to the successful defense of democracy and
This
mean
be issued by the President) prescribed by the Office
Management.
Each division of the Office of Production
make this
arsenal in
can
Director
time determine:
(c)
freedom.
our
Associate
(b) A Division of Purchases
Commander-in-
we are to
the
(a) A Division of 1'roduction
have will be far from sufficient.
and child in the United States if
with
more
We promise
We shall have need of the active, aggressive and enthusiastic cooperation
of every man, woman
association
lowing and such other operating divisions as the President may from time
arsenal and to establish and maintain
charged with its management,
in
There shall be within the Office of
4.
The President has said that the United States must become the arsenal
of democracy.
General,
and perform the administrative responsibilities and duties
such regulations as may
only of critical importance but also one of surpassing urgency.
production that will insure its efficiency and adequacy require far
Director
conformity with the policies and regulations (not inconsistent with
and in
according to the Associated Press:
The task which confronts the Office of Production Management is onenot
The
General, and serving under the direction and supervision of the President,
.,
dent
Priorities Board shall take into account general
considerations and the effect the proposed actions
civilian population.
Within the limits of such funds as may
on
the recommendation
Production Management may
vision
for
the
necessary
be allocated to it by the Presi¬
of the Bureau of the Budget, the Office of
employ necessary personnel and make pro¬
However, the
supplies, facilities and services.
Volume
Office of Production Management shall
statistical,
services
informational,
and
facilities
as
Emergency Management
7.
fiscal,
or
use
personnel
in
far
so
and
general
business
the Office for
other agencies of the Government.
Order No. 8, 612 of Dec. 15, 1930, is revoked.
ROOSEVELT.
D.
At the
7 issued
Administrative
an
an
order issued May 25, 1940.
is
composed of the Secretaries of War, Navy, Interior,
Agriculture Commerce and Labor, issued an order revoking
an order issued June 27, 1940,
setting up the Office for the
Roosevelt's
proclamation
to
a
national emergency was given in these columns of Sept.
9,
1939,
page
1561.
respect
--a
The
bill forbids
a
brief message to
the Senate
on
9 asked that it give early consideration to ratification of
the inter-American coffee marketing agreement, which was
Jan
.
signed in Washington on Nov. 28 by representatives of 14
Latin-American producing countries and the United States.
Adoption of this pact was referred to in these columns of
Nov. 30, page 3148.
Regarding the President's message,
Washington Associated Press advices of Jan. 9 said:
In
a
brief message to the Senate the President referred to an accompanying
Secretary Hull declaring that
by
report
correct the situation
"As
agreement
as a
was
designed, to
other country
"the agreement aims at providing an equitable and
of dealing
without the consent of the President.
"It
is
measure
would confer upon him.
speed it
was
few hands
essential that the power of administration be centered in as
.V
possible.
as
United States"
and
was
of great
■
entitled "An Act to Promote the Defense of the
contained
clause
a
that its basic provisions could be
carried out "notwithstanding the provisions of any other
This
law."
authoritatively interpreted to waive the neutrality and Johnson
was
or
the
communication
outfitting of belligerent battleships in United
States harbors.
By permitting aid to
any
Government "whose defense the President deems
vital to the United States" instead of naming specific nation, the measure
would not have to be
changed if other countries than Britain, Greece and
China should enter the
against the Axis.
war
Such action may be accomplished on terms
"which the President deems
satisfactory and to the benefit of the United States."
The bill contains nine sections, the first of which is
devoted to the title.
The second defines the words "defense article" and "defense information."
A defense article is defined
as
"any
production,
processing,
munition, aircraft, vessel or
weapon,
boat; machinery, facility, tool, material
facture,
or
repair,
supply necesasry for the manu¬
or operation" of any
servicing
defense article; any component material, or part of, or equipment for, any
defense article; any "other commodity or article" for defense.
The bill provides repayment of loans of defense articles "in
kind or prop¬
President deems
erty, or any other direct or indirect benefit which the
satisfactory."
♦
Senate
practicable importance that
which the
But he indicated that in the interest of
7
'
.
commodities
of the Western Hemisphere.
matter
a
bill, Mr. Roosevelt renounced at a press
with the distress situation which has arisen,
result of the war, with regard to one of the most important
in the economy
which obtains defense articles or
conference any personal ambition for the "blank check" authority
result of the European War.
pointed out in the accompanying report of the Secretary of State,"
effective method
as a
facing the coffee market
Roosevelt said,
Mr.
the
foreign country
any
defense information from the United States from transferring them to any
Acts only insofar as to permit the lending of munitions, the
President Roosevelt Asks Senate to Ratify Inter-Ameri¬
can Coffee Marketing Agreement
with it a
Act, the Walsh-Healey Act, the Wagner Act and
similar domestic legislation.
of defense information
President Roosevelt in
materials on hand or
order which could be lent to Great Britain, China or Greoce.
The measure itself
with
emphasized that it does not authorize
vessels to deliver war materials to combat areas.
war
The bill, however, placed no limit on the amount of
Coordination of National Defense Purchases.
President
of American
Prior to the introduction of the
time the Council of National Defense, which
same
use
waiver of the eight-hour
Jan.
Order modifying and further defining the duties and func¬
tions of the Office for Emergency Management, which was
formally established by
Messrs. Barkley and McCormack
Messrs. Barkley and McCormack said the bill does not carry
The White House, Jan. 7, 1941.
on
7
on
FRANKLIN
President also
United Press Washington
the
amended by Executive
as
Congressional leaders.
advices of Jan. 10 reported:
defense officials and the Democratic
practicable such
as
other
be made available through
may
Executive Order No.8, 572 of Oct. 21, 1940,
The
205
The Commercial & Financial Chronicle
152
Officially
Confirms
Re-election
of
President
Roosevelt—Electoral Votes Counted—Senator Pat
the Senate give
early consideration to the agreement."
Elected
Harrison
President
Tempore of
Pro
Sen¬
ate—Rep. Rayburn Re-elected Speaker of House—
President
Hopes France Will Soon Enjoy
Liberty—Exchanges New Year's Greet¬
ings with Marshal Petain
a New Year's greeting to Marshal
Philippe Petain of France, expressed the wish that the
French people "may soon once again enjoy the blessings of
peace with liberty, equality and fraternity."
The exchange
of greetings was made public by the State Department on
Jan. 9.
The President's message was sent on Jan. 8, as
Marshal Petain's greeting, dated Jan. 2, had been delayed
President Roosevelt in
Henri
in transmission.
The re-election
year
message:
which is beginning I wish to extend to you the personal
good wishes I feel for you and your family, as well as for the prosperity
of the United States.
The text of the President's
Your
very
reply
was as
follows:
kind message of good will for me and for
for the prosperity of
my
family, and
the United States was delayed in transmission and
I hasten to convey to you my deep appreciation.
has just reached me.
My heart goes out to France in these days of her travail and
I pray
that the French people may soon once again enjoy the
blessings of peace
with
'
liberty, equality and fraternity.
,
,
Please accept my most cordial personal wishes for
President
Roosevelt
Loan
to
Wide
Given
Munitions
-
the coming year.
Power
Under
Bill
Democracies—Measure
to
Introduced in Congress
Legislation, embodying President Roosevelt's 'lendlease" proposal for aiding Great Britain and other warrying
democracies was introduced simultaneously in the Senate
and the House yesterday (Jan. 10) by the Democratic lead¬
ers,
Senator Barkley; of Kentucky and Representative
McCormack of Massachusetts.
The measure gives the
President authority to have manufactured and procured
"any defense article for the government of any country
whose defense the President deems vital to the defense of
the
United
Press:
.
Virtually giving Mr. Roosevelt un¬
the bill also provides, according to the United
;;v
.
;
■'V,;'-v-V
Authority to test, repair, outfit or otherwise place in good working order
any
defense article of a friendly belligerent.
The manufacture of war materials for
and
friendly foreign government-owned
privately-owned arsenals, factories and shipyards.
The
communication
to
any
friendly government any information per¬
taining to any defense article actually furnished to that government,
cluding designs, blueprints, and information for using the
The release of any defense
in¬
equipment.
article for export, eliminating restrictions in
the Espionage Act of 1917 and in
the Embargo Act of July 2, 1940.
Defense
but this
matter it is understood will come up after the present bill
is approved.
."'w- '"\VAt his press conference yesterday (Jan. 10) President
Roosevelt emphasized that Congress should act with the
utmost speed, declaring each week's delay in shipment of
Final
held at
the democracies is dangerous.
drafting of the plan was worked out at a conference
the White House in Jan. 9.
Attending this meeting,
called by the President, were
five Cabinet members, key
a third term
Vice-President'was
Roosevelt for
as
joint meeting of the Senate and House that
and Mr. Wallace had received 449
votes and Wendell
L. Wilkie and Charles
L.
nounced to
a
Roosevelt
President
electoral
McNary, the Republican candidates, had received 82
elec¬
toral votes.
6 the Senate,
by
a
vote of 55 to 21,
elected Senator Pat Harrison, Democrat, of Mississippi, its
President pro tempore for the Seventy-seventh Congress.
Senator Arthur H. Vandenburg, of Michigan, was the
Republican nominee for the post.
Senator Harrison, who
is 59 years old, succeeds the late Senator Key Pittmen.
He is also Chairman of the Senate Foreign Relations Com¬
Representatives has re-elected Rep¬
Democrat, of Texas, as its
Speaker during the new session, as noted in our issue of
Jan. 4, page 37, in which item we also referred to the con¬
vening of the Seventy-seventh Congress on Jan. 3.
Hundreds of bills have been introduced in the new session
of Congress, most of them of minor nature and many re¬
introduced from last year. It is expected that most of them
will be promptly and permanently pigeon-holed in com¬
mittees. Among more important measures presented to the
present session are: a bill proposing reciprocal taxation of
Federal, State and municipal securities; a bill proposing Fed¬
eral ownership of the Federal Reserve Banks; a bill to provide
for a study of means seeking the orderly financing of the
national defense and to maintain an even flow of purchasing
mittee.
The House of
resentative
Sam
Rayburn,
power.
United
States
Supreme
tions
Upholds
Court
Award in Case of Black Tom
$50,000,000
andKingsland Muni¬
Explosions
of approximately $50,000,000 in the
Kingsland (N. J.) munitions explosions in
1916-17 was unanimously upheld by the United States
Supreme Court on Jan. 6.
The ruling, writing by Chief
Justice Hughes, sustained a decision handed down last June
by the U. S. Court of Appeals for District of Columbia;
this was referred to in these columns of June 15, page 3755.
The following regarding the case is taken from a Washington
dispatch of Jan. 6 to the New York "Journal of Commerce":
Awards
of
claims
Black Tom and
The award
The measure, entitled "An Act to Promote the
of the United States," contains no request for funds
munitions to
President
officially confirmed by Congress on Jan. 6 with the counting
of four tellers of ballots cast by 531 Presidential electors
in the 48 States.
After a half-hour of tallying, it was an¬
States."
limited power
of
and the election of Henrv A. Wallace
At its session Jan.
Following is Marshal Petain's
In this nexv
Introduced in Congress
Many Bills
Roosevelt
Peace with
as
was
made in 1939 by Supreme Court
Justice Roberts, acting
only the American member sitting,
responsible for the munitions explosions before
umpire, after the commission, with
found that Germany was
this country
entered the war.
The awards have been bitterly protested by
Germany.
The decision sprang from a suit
American Hawaiian
the grounds that they
had claims for approximately $63,000,000 against
Germany which should be given
awards were paid out
the fund would be
When the
ago,
by the Z. & F. Assets Corporation and
Steamship Co. to enjoin payment of the awards on
precedence.
They argued that if the
of the special deposit accounts set up in the Treasury
stripped and collection of their claims would be barred.
litigation growing out of the blasts was first instituted 13 years
150 claimants participated.
The claims were first rejected by the
The Commercial &
206
decided that
commission sitting in Hamburg in October, 1930, when it was
the blasts
In
industrial accidents.
were
been advanced that the first decision was induced by fraud.
Germany
protested reconsideration and in the argument Or. Victor Huecking, the
German commissioner, withdrew. The American commissioner Christopher
,
B. Garnett, went
ahead with the case and the awards
were
Jan. 11,
Congress, in enacting the National Labor Relations Act, had before
The House committee recommended the
it the record of this experience.
legislation
into law
'an amplification and clarification of the principles enacted
as
by the Railway Labor Act and by the National Industrial Recovery
Act.'
•
-
"We think that Congress, in thus incorporating in the new legislation the
made.
The two litigants in the present case lost their efforts to stop payment of
colective bargaining requirement of the earlier statutes included as a part
the signed agreement long recognized under earlier Acts as the final
the awards from the sequestered funds held by the Treasury when the Cdurt
of it,
of
step in the bargaining process.
Appeals held that the questions were political and beyond the power of
the courts.
Chief Justice Hughes in affirming the decision stated, however,
that there
"certain preliminary questions which are undoubtedly ap¬
are
1941
bodying a wage and hour agreement as the final step in the bargaining
process.
1939, the commission met again after the contention had
January,
Financial Chronicle
It is true that the National Labor Relations
Act, while requiring the employer to bargain collectively, does not compel
But it does not follow, as petitioner argues,
him to enter into an agreement.
propriate for judicial consideration and we think that the proper answer to
that, having reached an agreement, he can refuse to sign it, because he has
these
never
questions is determinative of the whole case."
Texas
Railroad
Commission's
Sustained
Production
Orders
Prorating Oil
by United States Supreme
Commission prorating
The ma-
J'ority opinion, written to dismiss the complaintdirected the
federal District Court bv Justice Frankfurter, challenging
the order, brought by the Rowan &
Justice Hughes,
dissented.
Nichols Oil Co. Chief
McReynolds and Roberts
Justices
ana
The
Supreme Court had upheld the proration orders in a
on June 3,
1940; this was
reported in our issue of June 8, page 3590.
Concerning the latest decision, Washington Associated
similar decision handed down
Press advices Jan. 6 said:
"A
interest in the conservation and exploitation of a primary
State's
natural resource," Justice Frankfurter said, "is not to be achieved through
assumption by the Federal courts of powers plainly outside their province
and no less
plainly beyond their special competence."
He also said that "the Constitution does not provide that the Federal
courts shall strike a
balance between ascertainable facts and dubious in¬
fluences underlying such a complicated and illusive situation as is presented
by the Texas oil fields in order to substitute the court's wisdom for that of
the legislative
"The real
to
body.
'
answer to any
claims of inequity
or
to any need of adjustment
shifting circumstances is the continuing supervisory
power
of the expert
A
decision
similar
also
was
delivered
in
a
companion
case
involving
decision last June 3, also written by
a
to
Assist
in
Department made public in Washington on
the note which Secretary Hull sent to
Gaston Henry-Haye, the French Ambassador, on Dec. 27
rejecting a French plea that the United States assist in the
solution of the problem of refugees, primarily those of
German origin, now in unoccupied France. The note, which
was in reply to the Ambassador's note of Nov. 25 stated that
"no useful purpose can be served by discussing migration
problems bi-latterally with the French Government or multilaterally with the several governments at this time" due to
present world conditions, which operate to cause govern¬
ments in many instances to forego the free exercise of their
authority. Mr. Hull's note added that "the essential require¬
ments for a constructive solution of the fundamental prob¬
lems of migration and resettlement do not prevail." The note
also recalled that the American Government's basic principles
on refugees is that "no distinctions shall be made between
refugees on grounds of race, nationality or religion" and that
"no country shall be asked or expected to receive a greater
number of immigrants than is permitted by prevailing
practices hnd existing laws." The note follows in part:
9 the text of
this
appreciates the serious predicament in which
government
the French Government finds itself as a consequence of the forced migra¬
tion in mass of German nationals to French territory and while it is disposed
Humble Oil & Refining Co.
In
Appeal
State
The
Jan.
"""While
commission."
French
Rejects
Solving German Refugee Problem in Unoccupied
France—Secretary Hull Says No Useful Purpose
Can Be Served at This Time
The United States Supreme Court on Jan. 6 upheld the
the production of oil in the East Texas oil fields.
States
United
Court
orders issued by the Texas Railroad
agreed to sign one."
Mr, Frankfurter, the Supreme
assist in solving the refugee problem to the full extent of the existing
to
Court said that "it is not for the Federal courts to supplant the commis¬
laws
and
sion's Judgment even in the fact of convincing proof that a different result
may
be no misunderstanding of its position, it is desirable to reiterate
would have been better."
That decision
&
Nichols
different.
was on a
Co.
The
two
contended the
companies
present
cases
were
consult
Supreme Court Upholds Labor Board
Signed Contract—Unanimous Ruling
Holds J. H. Heinz Co. Stand "Refusal to Bargain"
on
Authority of the National Labor Relations Board to com¬
pel employers to sign contracts with their workers embody¬
ing terms of agreements reached in collective bargaining
negotiations was upheld Jan. 6 by the U. S. Supreme Court.
In a decision of vast importance to labor growing out of the
litigation between H. J. Heinz Co., Pittsburgh, and the
Labor Board, the Court held that refusal of the employer
to
sigpo. the agreement after its terms had been agreed
an
upon
"refusal to bargain collectively" and therefore
unfair labor practice within the meaning of the Wagner
constituted
Act.
President
Roosevelt's
of relieving the pressure brought to bear on
means
unregulated migration from Germany and
chaotic
religious reasons were regarded by the German
or
States
Order
by the
underlying
1938/to the American "governments and others to
the countries under its control of German citizens who for political, racial
+
United
ways and
on
countries
principles
basic
the
invitation of March,
all
/
occasion
this
on
challenge of another commission order by Rowan
practices of this country, it believes that, in order that there
a
The
sirable.
accepted
principles enunciated at
Government
as
between this government and the other American governments are
distinctions shall be made
no
tionality
receive
a
unde¬
fhat time and which were
fundamental by the Intergovernmental Committee throughout
and are controlling in the relations in respect to migration
as
sessions
its
basic
religion;
or
greater
between refugees on
(a) that
grounds of race, na¬
(b) that no Country shall be asked or expected to
number of immigrants than is
permitted by prevailing
practices and existing laws.
In
other
words the fundamental principles on which action
looking to
orderly migration of numbers of people to the Western Hemisphere
the
have
been
and continue to
be founded are
resettlement of refugees from
the
(a)
equality of treatment in
Europe of all
races,
nationalities and
creeds; (b) full respect for the sovereign rights of the immigration States
in
regulating migration currents according to their individual interests and
in strict accordance with their
respective laws.
'
Philip Murray, President of the Congress of Industrial
Organizations, hailed the decision and said it "completely
the C. I. O.'s strike against "Little Steel" in
United
vindicates"
1937 which resulted from refusal of steel manufacturers to
sign contracts with the Steel Workers Organizing Committee.
William Green, President of American Federation of Labor
described the ruling as "a sound and constructive decision."
Justice Stone, who wrote the unanimous decision said that
while the Wagner Act did not require the Wagner Act did
not require an employer to enter into an agreement with the
workers "it does not follow that having reached an agreement,
he can refuse to sign it, because he has never agreed to sign
one."
"He may never have agreed to bargain, but the statute requires him to
do so."
To that extent his freedom is restricted in order to secure the legis¬
lative objective of collective bargaining as the means of curtailing labor
disputes affecting interstate commerce.
"Freedom of the employer to refuse to make an agreement relates to its
States
Atlantic,
Navy Reorganized Into Three Fleets—
Pacific and Asiatic Units Created
Secretary of the Navy Frank Knox announced on Jan. 8
Navy has been reorganized into the
Atlantic, Pacific and Asiatic Fleets.
The Secretary de¬
scribed the changes as a "rearrangement which really fits
that the United States
the
Rear Admiral
facts."
Husband
E.
Kimrael
becomes
Commander-in-Chief of the Pacific Fleet and the combined
fleets, replacing Admiral James O.
report to Washington.
The
new
Atlantic
section
will
Richardson, who is to
be commanded
by Rear
Admiral Ernest J. King, present
Commander of the Atlantic
squadron, and the Asiatic fleet will continue under Admiral
Thomas C. Hart.
Reporting on the matter, Washington
United Press advices of Jan. 8 said:
Secretary Knox said that in addition to these changes the Navy went down
terms in matters of substance and not, once it is reached, to its expression
the line to shake up the command of its fighting units, including the
in
of several rear admirals.
a
signed contract, absence of which,
as
experience has shown, tends to
frustrate the end sought by the requirement for collective bargaining."
The
litigation sprang from the fact that while the company
bargained collectively with representatives of the local union
of the canning and pickle workers (A. F. of L.) it refused to
reduce the agreement to writing in the form of a contract to
be signed with the union but posted the agreement in the
form of
an
official bulletin
The agreement is still in
on
company
a
substitute contract."
The decision
sus¬
tained the ruling
of the Sixth Federal Circuit Court and acted
bring about uniformity in the decisions of the lower courts
on the question.
to
"Before the enactment of the National Labor Relations Act," Justice
Stone recalled, "it had been the settled practice of administrative agencies
dealing with labor relations to treat the signing of
a
There will be further increases as the fleets are added to.
He said in
this connection that he soon will ask Congress to provide funds for 280 new
auxiliary vessels.
Secretary Knox said the Atlantic fleet now includes 125 warships.
additions
are
contemplated at this time, but other quarters said rapid
No
ex¬
contended
that objectives of the Wagner Act had been met. The Labor
Board order, the company contended, constituted a "com¬
mand to make
He said the three units will be brought to war-time strength immediately
by addition of 40,000 enlisted men and necessary officer complements.
pansion could be expected as vessels now building are completed.
the bulletin boards.
effect and the
shifting
written contract
em¬
Defense
Spending
on
Large
Scale
in
Last
Half
December—Total for Half Year $10,937,610,053
Defense
contracts
and
expenditures since July 1, last,
passed the ten billion mark in the last half of December,
when both the Army and Navy let exceptionally large
amounts of contracts, the former $397,248,728 and the latter,
$690,008,170. The total placed by these two departments
in the second half of 1940 aggregated $10,754,420,451 and
Volume
additional amount of $183,189,602 was placed by gov¬
an
ernmental
agencies during the same period.
Following is a summary of the figures issued Jan. 9 by
the Office of Government Reports:
NATIONAL SUMMARY OF DEFENSE CONTRACTS AND EXPENDITURES
(Based
',|,,J
''.'if '
&'/*'.(•'
,
on press
? r
-1
•
.
f
releases of July 1-Dec. 31. 1940)
V
•'
July 1 to
Army contracts
Dec. 16 to
July 1 to
Dec. 31
Dec. 31
Dec. 31
C$41,64,356,170
$397,248,728 $4,561,604,898
5,502,807,383 ae69C,008,170 80,192,815,553
Navy contracts
Federal Works Agency—
WPA defense authorizations
^--99,109,402
b99,109,402
16,638,500
24,144,000
PBA Army housing
6,310,700
22,949,200
24,144,000
8,884,017
21,087,071
15,899,929
USHA defense houslng.d.,..;
Federal Security Agency—
15,899,929
Office of Education Defense Train¬
ing.b
12,203,054
Federal Loan Agency Defense Plant
Corporation
Coverage—Army, total; Navy, contracts of $5,000 and
a
over,
In addition, the Navy Department has allocated approximately
for armament
appear In
on
naval vessels being constructed In private yards.
"Navy contracts"
as orders are
$1,000,000,000
This sum will
placed for materials.
1 t> In addition, the Work Projects Administration has authorized $11,211,030 for
defense training, and the National Youth Administration has received a supple¬
appropriation of $30,485,375 for defense training with emphasis on metal
mentary
and mechanical work experience.
'
c$8,000 adjusted difference Included In prior release.
d In addition to these loan contracts approved, the United States Housing Au¬
thority has made housing allotments to the War and Navy Departments totaling
$7,225,000.
e
Includes
$265,765,500 for 31
breakdown of
sum
207
The Commercial <Sc Financial Chronicle
152
auxiliary
increasing need of capital,
themselves bring pressure to
government's financing facilities
beyond their present limits.
"The example will be set, the
need will be urgent," he observed, "and it will look like the
most natural thing in the world to ask Washington for funds,
to agitate for an extension of credit facilities previously
reserved for a special class of borrowers. Whatever is done,"
he said, "the initiative rests largely with the business men
and industrialists of the United States.
If they throw their
influence in the direction of direct government financing,
they will find plenty of allies to help them among those with
bear for
a
may
extension of the
an
socialistic bent of mind."
;'i^
Mr.
Connely said he hoped that a finance section will be
added to the National Defense Advisory Commission in
line with repeated requests for it by the Investment Bankers
Association.
He described the function of such
a
section
as
"surveying the requirements,- anticipating needs, and facili¬
tating the movement of capital." Just as other divisions of
the commission act as "agencies through which industry
under private management is being lined up in government
service," a finance section would bring "private savings to
bear upon the Nation's requirements for defense production,"
he said.
■•;■■■
>;
■■
1 V
♦
Faced
Shipbuilding Industry of United States Is Now
with
vessel contracts awarded, for which
is not available on a State basis.
Greatest
Peace-time
Task
of
All
Time—Na¬
American Shipbuilders Presents
tional Council of
Analysis of 1940 Activity
Cooperation Lies at Center of Problem of Defense
Program Says E. F, Connely of Investment Bankers'
Association—Expresses
Hope
for
Addition
of
Section
Finance
National
to
Defense
Advisory
Commission
In
address yesterday (Jan.
an
10) before the Executives
Emmett
Club of Chicago, at the Hotel Sherman that city,
F. Connely, of Detroit, President of the Investment
Bankers'
discussed the defense program as
which he said: "cooperation lies at the center of the
Association
to
"a better job of
national defense will inevitably result from a
higher standard
which is likely to be a by-product of defense spend¬
ing." He added that "this, as I understand his message to
Congress, is the aim of President Roosevelt.
Talk as we
will about pulling in the belt and cutting out non-essentials,
we very quickly collide with the fact that preparation for
war will inevitably involve an upsurge of the national life,
an enlargement of needs, a shaking off of the torpor in which
we have lain as in a trance for ten years."
Mr. Connely went on to say that "workers who have been
unemployed or who have been on short rations for a long time,
who have accumulated debts, and deficiencies in clothing,
of living,
housing, medical care, education, cannot be expected to cut
consumption still further.
They are going to live
better, at least until the tax collector and the cost of living
catch up with them."
And one of the surest ways to raise
the cost of living, he declared, "is to put ten billion dollars
into the hands of our people without at the same time mak¬
ing provision, as far as defense requirements permit, for the
goods which they will demand in exchange for their ten
their
billion dollars."
The
"vital
expanding demand for consump¬
Mr. Connely included in what he termed the
satisfaction of the
tion goods,
area
of national defense" which is beyond the scope
governmental operations and which business must take
over.
"The government has taken care of its end of the
program," he said. Continuing he said;
of
It is going to spend 20
billion dollars or more for defense equipment, and
make capital advances to industries which
and which cannot otherwise finance themselves.
it is going to
tracts
That is
far as it should go
as
it had proposed to go any
The question which
investor
are
or
when the present emergency is over, corporation
held predominantly by the American private
going to be
by agencies of the
Thus far the path
and easy.
the government to go further in supplying capital.
of private versus governmental financing.
The
one
whether,
is
question
criticised the government sharply if
further in financing general industry.
confronts the American business man now is whether
he is going to expect
The issue is simply
hold direct con¬
and those who believe in preserving free
enterprise in this country would have
securities
builders,
United States Government.
toward government financing has been made smooth
A company having a defense contract
finds it relatively simple
financed in Washington.
Before this trend develops much further, it would be well if business men
happen to these new government-financed
plants when the emergency ends.
There will be people who will insist that
the government
make use of them.
Under any one of
several sets of conditions which may exist a few years
hence, there will be a powerful
incentive to convert those plants, regardless
turning out goods. Suppose, for instance, there
recession and a large amount of unemployment.
What sounds
of cost, and put them to
is
a
business
people to work adapting and
institutions ?
Or suppose there is an inflation, with high prices, high cost of living, and
a scarcity of goods.
With a lot of productive capacity available, the allur¬
ing possibility will present itself of stabilizing the price level by increasing
the supply of goods.
That would be a totally new social experiment which
more
reasonable than that the government put
operating these facilities as government
business would certainly view with
A somewhat different,
plants
are not
but still a disturbing, situation would exist
where
recaptured by the government under option, but where the
government or the
Reconstruction Finance Corporation merely holds the
If a slump occurs the corporation would
creditor.
corporation's securities.
the influence or dominance of the
A fundamental
Mr.
misgivings and discouragement.
be unde
r
and immediate danger in the situation,
Connely said, is that business enterprises, feeling the
National
the
of
decision
Council
of
Ship¬
American
to provide
Congress
for
two-
a
Navy and the continued orders for commercial ves¬
sels by the Maritime Commission and by private interests
has confronted the shipbuilding industry of the United
States with the greatest task ever before it in peace-times,
and is comparable only to the World War shipbuilding
The statement,
program.
part:
of
yards
of
on
Jan. 2, continues, in
the
j
the United
shipyards of
States
are
busy;
very
>
the larger
the construction of vessels for the Navy and for merchant vessels
on
seagoing type, and the smaller yards in the construction of miscel¬
the
and
harbor
laneous
the
issued
,
All
inland
waterway craft and small auxiliary vessels for
Navy and other Government
departments.
ship repairing industry is also very active in the repair and recon¬
The
ditioning
to
assist
in
and has been called upon by the Navy
reconditioning of naval vessels of various
the
Vv-V, \
r:;:v
types.
vessels
merchant
of
Department
-i; "V■■■Y—o
■
v-:
y''
in the private shipbuilding and ship repairing yards
increased about 45% over the figure of a year ago.
Employment
Whereas
facilities
a
year
handle
to
ago
the
shipyards
the work then
of
the United
in sight,
and
at
The
other sites.
.
large program
.
States
had
has
ample
the enormous naval program
requires a large expansion of facilities both at private
yards now operating
.
ahead
important of which are:
involves many problems, amongst the most
'
(1) The production of machine tools as required in the furnishing of
and equipment by allied marine groups, and as needed by the
shipyards themselves.
(2) Training of employees for supervisory and mechanical jobs, both
in the shipyards and in allied industries to meet the demand as work
proceeds, and
(3) Priorities.
:
\v v:'
material
the shipbuilding program depends upon the ability of the
his material and equipment at the time needed to
orderly construction program, which cannot be done if the
first order of priority is given to other defense industries.
.
.
.
During 1940 new contracts were awarded private shipyards of the
country by the Maritime Commission or private operators for 95 steel,
seagoing commercial vessels of 1,000 tons or more, which comprise a total
of 836,440 gross tons.
There are only three small ships in this group,
the others ranging from 6,200 tons to 11,600 tons each.
They are of the
tanker, cargo and passenger and cargo types.
Progress
in
shipbuilder to receive
on
carry
an
Figures compiled at the close of tlie year
by the Council
H. Gerrish Smith, President of tbe
Council, show that 68 seagoing commercial vessels, totaling
541,505 gross tons came from the ways in 1940, and that 51
vessels of seagoing types aggregating 449,659 gross tons
(which were launched either in 1939 or 1940) were de¬
livered to their owners in 1940.
This 1940 tonnage does not
include the large number of smaller vessels, tugs, ferry¬
boats, barges, &e., built on the seacoast or great rivers,
nor Great Lakes ships, launched for private owners during
the year.
All 1940 figures are for steel, seagoing merchant
and
made
vessels
public by
1,000 gross
of
eays:
and cheap to get
asked themselves what is going to
to
the
ocean
of America,
According to Mr. Connely,
problem."
According
In
to this commercial
addition
construction
at
gating
were
the beginning of
241,725
vessels
year.
of
a
tons or more.
,-.V..
The statement also
work, the private shipyards had under
1940 a total of 36 naval vessels aggre¬
displacement tons.
Of this new naval construction, 18
during the course of the
delivered to the Navy Department
Contracts for 284 additional chips (excluding small auxiliaries)
total of 1,454,375 displacement tons were received by private ship¬
yards from the Navy in 1940.
Of the 51 commercial ships delivered during the year
of
the
latest
higher speed
vessels,
and
"V
17 were tankers
28 were the new,
cargo ships, and five were combination passenger and cargo
one passenger vessel, the S.S. America.
type
American
Manufacturers Asked
by President Fuller
Cooperate in Survey
Facilities of Nation—Week
Association
Defense
design and construction,
to
of National
of Potential
of Jart. 19
Production Week"
"the serv¬
ice of supply for embattled democracy" and simultaneously
proclaiming Jan. 19 through 25 as "Preparedness Through
Production Week," Walter D.
Fuller, President of the
National Association of Manufacturers, on Jan. 7 called
"Preparedness Through
Rallving every
manufacturer in the Nation to
The Commercial & Financial Chronicle
208
for
nation-wide facilities
a
fense
ion,
decline
the
in American plants.
Mr. Fuller, in his
Chairman of the N. A. M., sponsored National
Council, addressed his message to manufactur¬
in
the
not put
"disturb"
est
to
cooperation
weeks
"industry's
of
census
itself"
launched
We American
of American
industry to
degree not equaled since World War days.
Factories and facilities, even to
every back-alley machine shop,
every
obscure country foundry, every hole-in-a-eorner parts
shop, every employer
cf two
ice
three
or
the
to
urgency"
In
nor
or
defense
building
be
must
perform
can
which
mustered
the
into
are
conducting
Nation.
Not
manufacturing
started
was
National
by
of
eupplv
exhaustive survey of potential
foot of industrial capacity
should be overlooked.
a
National
Council
the
S.
Knudsen.
Association
before
The
plea
earnest,
serious,
its
Manufacturers
of
necessity
The
It
importance of such
to
the
Nation
by
by Defense
a
survey
the
was
President,
must be completed by Jan. 25.
duty as President of the National Association of Manufacturers
muster
is my
each
on
of you
one
Government
does
defense-production
know
not
Major industry
does
Council
is industry'?
survey
what
all
The
are.
not—now—know
potential
our
but
Jan.
1
called
Association
to
production.
upon
do
their
the
So
than
"patriotic
members
problem"
National
members
best"
Iioosevelts broadcast
the
"vast
to
of
defense
and
Govern¬
of
of
terms
Sunday night, Dec. 29.
the
pro¬
President
He said:
the grounds of advices to which only Govern¬
ment can have access, that the
urgency is so great that our task "can only
bo accomplished if we discard the notion of 'business as usual."'
"This
he said,
"cannot
be
(tone
merely
by superimposing on the existing
productive facilities the acJJed requirements for defense."
This is a sharp change in orders, to meet which will
require massive
changes in many manufacturers' plans.
In so far as the
task
was
defined
ment,
into
within
industry has
defense
oone
a
and
the
at
time
same
Now
everywhere
defense production
as
should
much
inventory the conditions within and
individual control under which
at
manufacturers
up
additional
defense production
as
every
last
should
be
night,
had been
we
"business
upon
plants.
told
American
over,
defense
the
efforts
future
of
consequences
by
bids
us
their
defense
that
the
be
defense
overloaded
super¬
emergency
with
useless
'
blocked,"
surplus
defense
from
be
must
program
when
and
he
plant
efforts
said,
"by
capacity.
now
those
The
much
are
who
to
be
orders.
They present a problem to be carefully worked out
by .management to avoid eventual colossal economic dislocation and conse¬
are
human
invested
be
suffering.
will be
capital
taken
by
committees
Government.
of
relaxations
of
your
existent
To
make
required.
In
it
To
possible
to
obtain
anticipation
Association
of
work
that,
this
them
certain
need,
already worked out
regulations must be.
out,
steps
the
have
Government
new
must
appropriate
what
these
is
prepared
there
national
a
to
will
make
be
sacrifices,
it
as
must
be
evidenced
national
a
by
Mr.
sacrifice.
Green's
Labor
promises
is
that
strikes
in defense industries.
Industry has made sacri¬
in brr-sd outline, the President's speech pointed out.
Self-denial, greater will, and integrated effort is the part of all of us.
no
fices—what they are,
System's Anti-Inflation Proposals Caused Decline
in
Government Bond Prices—Jesse Jones Opposes
Plan to Increase Excess Reserve
Requirements
The Federal Reserve System's proposals for
strenghtening
ment
of
over
credit, in
an
effort "to forestall the develop¬
inflationary tendencies",
Jan. 9 when
had caused
ernment bonds.
the
on
(Jan. 8) by Jeses Jones, Secretary
of Commerce and Federal Loan
control
with criticism
"unwarranted" decline in the price of Gov¬
This statement followed an announcement
made the previous day
opposed to<
met
Secretary of the Treasury Morgenthau said it
an
conferring^
level
of
upon
excess
Administrator, that he
was
the Reserve Board_power to
Mr.
reserves.
Morgenthau",
however, refused to make any direct statement on the Board's
proposals, which, among other things, asked for new powers
to control
excess reserves
and called for
a
curb
on
the Presi¬
dent's monetary powers.
The Reserve System's report was
our issue of Jan. 4, page 37.
Regarding Mr. Morgenthau's remarks on the subject, we
take the following from Associated Press
Washington advices
given in
Jan. 9:
prices
of Government
bonds.
again that he did not want to make
any
Reserve
position
my
that time."
at
and
belief that the Board's plan for statutory doubling
a
requirements,
reserve
supported
which
unanimously
was
by
approved unanimously by the
the
of the
presidents
of the
Federal Advisory
Federal
12
Council .would
decrease unwisely the lending power of banks.
"I
haven't
should
seen
indication toward inflation and
any
expect
such tendency," the
any
get the banks to lend
I want to
more.
I don't
Secretary said.
see as
why
see
"I'm trying
much bank credit available
possible."
Treasury Will Soon Offer Another $500,000,000 Issue
of National Defense Notes, Secretary Morgenthau
Reveals
Secretary of the Treasury Morgenthau disclosed on Jan.
that the Treasury will offer another $500,000,000 of
6
National Defense notes before the end of this month.
Mr.
Morgenthau explained that the Treasury's working balance
is nearing the $1,000,000,000 mark, under which he does
not
like
to
the
see
defense notes
fall.
amount
offered
The first issue of these
Dec.
11 in amount of $500,They bear %% interest and represented the first
that Treasury notes were subjected to all Federal
was
time
income taxes.
on
This
offering
was
referred to in
our
issue of
Dec. 14, page 3479.
Majority of
American
People
Favor
General
Federal
Sales Tax to Meet National Defense
Costs, Accord¬
ing to Survey for Nation? 1 Association of Manu¬
facturers by Elmo Roper Organization
Of 11 suggested types
of taxation by which the national
defense program can be paid for, a general Federal sales tax
is
widely favored by the American public, according to
nation-wide survey of public oninion made for the National
Association of Manufacturers by the Elmo Roper Organi¬
a
zation.
In announcing the survey results on Jan. 2, Walter B.
Weisenburger, Executive Vice-President of the N. A. M.r
said:
Politicians have steadily thought of the general sales tax
the
teered by
defense,
but
our survey
the public
a
as a means to meet
unpopular
not
this
the extraordinary costs of national
general sales tax outstripped all other methods
ferred by the most people.
cated
as an
findings indicate clearly that this is
Out of II types of taxation suggested by interviewers or volun¬
case.
as
the form pre^
Thirty-two per cent of those questioned indi¬
preference, rating it in
taxes on present
desirability
over
a
raise in individual
income taxpayers, taxing all business profits more, broad¬
general
a
survey
of public opinion
on
defense problems
the N. A. M. asked: "If taxes must be increased, how should
money
be
preference is
as
more
raised?"
follows:
The percentage breakdown of
General Federal sales tax, 32%;
raise individual income taxes
17%; tax all business profits
more,
Secretary of Treasury Morgenthau Says Federal Reserve
its control
the
over
Federal
Reserve Banks and the members
In
effort, and
month, and "prob¬
of 1% interest rate he placed
ening the income tax base and other suggested methods.
Mr. Fuller continued:
It
in
and
the
on
form of taxation,
These
M
possible
more
feared."
quent
Board
reap¬
be placed
can
spokesman
expand.
be
of
our
the
go
would not
not
consequences
failyre of
that
economy
must
responsible
every
usual,"
as
Now the President
"Our
fear
Sunday
source,
imposed
bank
possible
without
the disposal of their Government.
Until
decline
a
Mr. Jones indicated
of
and time limits specified by Govern¬
herculean job in the six months since it went
production.
cause
testify and will state
defense orders placed
praise their situations to speed
the
000,000.
The President told us, on
job,"
He said he planned to sell $500,-
notes some time this
opposition to the excess reserva phase of the
Reserve plan was reported on as follows in a Washington
dispatch Jan. 8 to the New York "Times:"
the
speed
labor,
dimensions
in
measured
as
Mr.
Industrial
7,000
"Together—management,
Association
duction
decline,
Mr. Jones'
not.
ment," Mr. Fuller's letter read, "can make certain it is not
too late to make America strong."
Mr. Fuller made plain
to
market
plan at this time, the Secretary
said, "If Congress takes the proposals seriously, I will probably be called
as
does
itself.
more
bond
Treasury to increase interest
similar issue last month.
direct comment
unused
Commission
Mr. Fuller, in his first act after taking office as the new
President of the National Association of Manufacturers,
on
increase
or
Mr. Morgenthau declined to explain why the Federal Reserve statement
to
of
Defense
either.
of
census
Government
pay more" than
After saying over
we
to speed the work.
facilitiec
a
should
publicly
was
Industry,
Sunday night of Christmas week.
to call
plan to harden
a
an
square
power
the
industrial
William
in
service
on
serv¬
"terrible
present
the
urged in mid-December at the Congress of American
Commissioner
re-echoed
productive
a
as
to force the
forthcoming securities issues.
on
ably would have to
to
we
the
of
of
ounce
survey
sponsored
who
democracy.
do this
to
facilities
an
of
a
mechanics
demands Ik? done
order
The
dozen
a
program
embattled
for
defense
One of the first results of the
Morgenthau predicted, would be
rates
to integrate the facil¬
upon
when
"I don't believe in taking any artificial means
000,000 worth of national defense
manufacturers have been called
started
harden interest rates."
ago,
Mr. Fuller's message read:
groups.
ities
in
the procedural details of which have
completed and made available to all
State
been
bonds
him.
He described the Federal Reserve plan
interest rates, and added,
several
of Government
made."
was
into figures how much the value of Government
bonds had dropped since New Year's, but added that it was not sufficient
to
ing organizations in all industrial States, urging their full¬
now
prices
Reserve statement
lie said he could
as
Industrial
that
Federal
the
production
capacity
Jan. 11, 1941
The Secretary told a press conference that "it is a fact, and not an opin¬
inventory by manufacturers to
make known every "square foot of industrial
capacity" and
every "ounce of manufacturing power" now unused for de¬
but
many
more
leave
other
people
present income tax payers,
15%; tax defense profits
on
more,
business
pay
taxes alone,
14%; make
income tax by taxing much
13%; tax luxuries, amusements,
an
smaller incomes than now,
liquor, 4%.
A combined
of slightly more than 2% listed other
including taxing the rich more, taxing
Federal employees and taxing government bonds.
Seventeen
percent had no opinion.
Mr. Weisenburger pointed out that percentages totaled
over 100% because more than one answer was
given by a
number of persons interviewed.
Answers to another question in this survey revealed that
the large maiority of American people recognizes that the
defense program will have to be paid for and has, as well,
some tangible idea as to the manner in which revenue for
specific
total
methods,
^
defense should be raised.
The question was asked: "How do you
ment should raise the money
The
replies: by
taxation,
think the Govern¬
to pay for national defense?"
55%; by cutting government
costs, 11%; by financing, 5%; miscellaneous suggestions, 3%;
don't know, 35%.
Commenting
burger said:
on
the
answers
listed above, Mr. Weisen¬
The public took this question very seriously because there
who volunteered
was
crackpot ideas about "share the wealth" and
although the 35%
which has
no
opinion
as
to how
only 3%
so
forth,
the costs'of defense
Volume
The Commercial & Financial Chronicle
152
should be handled may appear to be
discouraging.
Also, on the disquieting
side is the fact that only 11% of those
replying reasoned that
economy
the
ordinary
expenses
of government is
However, the 55% which believes that
paid out of taxation indicates
a
a
means
to
in
help finance defense,
Regardless of whether
the costs of defense will have to be
large group of people who
in the form of
facing the
are
facts realistically.
209
Completion of the waterway phase of the project as a defense measure
would take even longer than the
power plant and because of its vulnerability
would require military defenses
comparable with those at the Panama Canal.
a
treaty
the St. Lawrence project comes before the Senate
or before
Congress as a whole, it should be submitted
searching scrutiny to determine its actual, if any, defense value
to the most
in the real
emergency we are now
value some five or
Taxation
Committee
of
New
York
Chamber
of
The Chamber of Commerce of the State of New York has
declared itself against the St. Lawrence
Waterway Project
on several occasions and
reference thereto was made in our
Com¬
Adopts Report Warning of Financial Ruin
Unless Spending Is
Curtailed—Urges Reduction in
Local, State and Federal Expenditures Except for
merce
Defense—Tax
issues of Dec.
Program Suggested
14, page 3490, Nov. 9, page 2740, Oct. 26,
page 1980.
2427, and Oct. 5,
page
A warning that unless local State
and Federal expenditures
except for defense are "cut to the bone" the present rate of
such spending will bring "national and
Present-Day Safeguards for Securities Investors Dis¬
cussed by SEC Chairman
Frank, E. A. Pierce and
personal financial
contained in a report by the Committee on Taxa¬
tion of the Chamber of Commerce of the State of
New York,
made public Jan. 6.
The report, which was in the form of a
suggested tax and economy program to be sent to business
ruin,"
arming for, not in the light of its potential
hence.
more years
was
K. C.
In
for
Hogate
round-table
a
the
Investor
discussion
in
Listed
of
"Present Day
Safeguards
Securities," broadcast
over the
Columbia network from Washington, on Jan.
4, Jerome N.
associations, labor organizations and chambers of commerce
throughout the country was adopted by the New York
Frank, Chairman of
the Securities and
Chamber at its monthly
meeting held on Jan. 9.
The
report, in pointing out that the Nation is united in demanding
adequate defense, but is not facing the self-denial and individ¬
make
ual sacrifice which the cost of the defense
program
before," those at- the SEC "are still not wholly satisfied"
tates, has the following to
necessi¬
say:
with
To the New York Chamber it
appears that a major task before organiza¬
tions of labor and business is to convince
the people that even
customers'
the
public improvements such
will
either
again
as highways, parks, new school
buildings, and
things for the public welfare, must be put off until the world
at peace; that the alternative is national
bankruptcy with its
destructive effect
on
a
by the Chamber
we
quote:
to have."
It urged a
a
manu¬
Mr.
served
least
open
sense
every
of
his
William J. Schieffelin Jr., is chairman of the committee which drew
the
The other members are George W. Bovenizer, Thatcher M,
The
New York Chamber of Commerce
Opposes Government's
Class St. Lawrence Waterway Project
as Defense Measure—Wants
Proposal Submitted in
Form of Treaty Requiring
Two-Thirds
Vote of
thatjin
shouldjbe
expedi¬
face.
No sound argument or evidence has been advanced to show that
the St. Lawrence project is vital to the national defense of
either the United
States or Canada.
What support there is for the
.
.
project among the people
of Canada has been built
up on the fostered belief that the United States
needs it.
The Chamber regards the
stampede it through
attempt of the proponents of the project to
Congress
as
a
national defense
measure
as
a
move
which will reflect discredit upon our
preparedness program by using it as a
blind for selfish undertakings which cannot be
justified as sound emergency
proposals.
on
The Chamber is opposed to having the label "Defense
Measure" placed
the St. Lawrence waterway and
among
power
others:
project for the following
reasons,
It is admitted that power cannot be developed
by the proposed plant for
Modern steam plants located at more strategic
points
be constructed and put in operation in half this time.
No general shortage of electric power in the American
at least five years.
can
territory which
the plan would serve has been shown.
Canada's war need for more hydroelectric power is now and in the imme¬
diate future, not in 1945 or later.
New dams and turbines
capable of supply¬
power needs could be constructed within two or three
years
the Ottawa and Madawaska rivers in Ontario and the
Saguenay and
Sr. Maurice in Quebec.
ing prospective
on
The St. Lawrence project would place an
additional, unnecessary burden
our defense program by diverting money, labor and materials and
facilities now badly needed to speed up defense activities.
upon
The huge size and location of the St. Lawrence power
plant are contrary
policy of decentralization of essential war industries in the interior, as
formulated in Washington.
to the
like
take
Mr.
his
to
and
the
public
Also,
case
is
Mr.
willing
to
the
the
basic
of
each
remarks
Columbia
Broadcasting
lights, efficiently, but, that fie
effectively as he now does is at
as
is
the
best
possible tonic
for
a
dealer recognizes more keenly
or
knows
the
of
the
for
the
to
better
what
to
expect
in
was
public previously
almost
totally
the
added
safeguards they give the investor.
facts placed before the customer,
well as the client, don't you agree,
pertinent
broker
as
Undoubtedly the
other
legitimate
protecting
such
him
act.cn
against
he
as
trend
is
toward
businesses—giving
making the securities
the
fits—without
sees
complete
customer
misrepresentation,
then
and
attempting
letting
"high-
to
Is that correct?
Pierce:
Mr.
Yes,
Hogate, I believe that is the situation today.
There may be a place for high-pressure selling in some lines but not in
the
securities business.
Only fundamentals should count and so-called
"tips" of the old days should be taboo.
One should try to learn what
value
behind
is
security
a
responsibility is two-sided.
It's
him
to
up
to
before
buying.
util:ze
the
which
facts
other
In
The investor has
a
are
words,
example,
such
things
Frank?
goodwill
as
and
can
and
see
feel.
tangibles—for
How about it, Mr.
management.
as
.
Frank:
Mr.
investment
responsibility to himself.
made available to him.
Security buying is far different from buying things one
Buying securities always involves ini/angibles as well
That's
right, of course.
But, as you know, the SEO is
primarily designed for those investors who are not in the fortunate position
of
knowing
The
intimately.
management
average
knowledge of the fact that those figures
oath
with
and
protection
Mr.
real
Pierce:
Yes,
Mr.
in
judging
the keystone of investor
Pierce?
Mr.
agree,
you
sworn
That's
legal responsibility
don't
today,
are
investor,
their limitations—plus a
to by management under
management, must rely on cold figures—with all
•
And, as I said
before, while there are provisions of the Securities Exchange Act which
the financial community and perhaps the public itself would like to see
altered, there exists no good ground for belief that inequalities can't be
ironed out and differences resolved if the approach by both sides is sympa¬
thetic.
Mr. Hogate, as an editor and publisher, you have watched
this situation since the inception of the SEC—don't you think that the
Commission
and
the brokers should be able
to work together
in the
Frank, speaking generally, I' do.
^
.
future
.
.
smoothly?
Mr.
And
I have watched the SEC, with
Hogate:
more
than casual interest.
is that I do think the SEC, the stock exchanges and their
members should and will be able to work in harness efficiently in the
my answer
interest
of
the
investor.
mission, isn't it,
Mr.
„
the
was
:■
information,
the
The Chamber of Commerce of the State of New York
believes
that
Hogart and
weakens
way
of
the
hit client
of
number
is
Hogate:
business
protesting against the Govern¬
most
the
it
any
by
according
Hogate?
Mr.
on
The report, which was approved by the Chamber at its
monthly meeting Jan. 9, states in part:
Mr.
by
Part
Today the broker
addition
in
pressure" him
Senate.
The opinion
safeguards that ahd been adopted by the New York Stock
These requirements actually help protect the broker's
itself.
greater
him
effectively and
law
K. C. Hogate,
were
Commission
Factual publicity
service.
to
as
better
Mr.
to
Senate
.
effective
of
the
we
the
to
Others who partici¬
before the days of the SEC the representative broker
responsibility.
reputation
on
in
the
in
public
interests
doubt.
to
Exchange
Sutton.
project and urging
Governor Lehman and the Legislature to reaffirm New
York State's opposition to the
undertaking. Drawn by the
Executive Committee of the Chamber, the
report voices
opposition to the steps being considered by the Government
to gain congressional
approval of the project as an emergency
defense measure without submitting it in the form of a
treaty
which would require ratification
by a two-thirds vote of the
joined
investors."
Even
the
uninformed
George H. Coppers, Cleveland E. Dodge, Otto E. Reimer and Harold S.
The Chamber of Commerce of the State of New York
Jan. 5 made public a report
of
responsibility
way
Brown,
against the peril
are
acceptance of Government regulation
saying that
honorably and,
then
human being in our country," the report concluded.
rearm us
"we
that
and adherence
the SEC."
or
kind which
any
Pierce:
operated
we may all be able to back our elected representatives in produ'ing
sound tax law which only means one that is best for the
future of
the present emergency the resources and
energies of the nation
devoted to those objectives which will most
solvency
was
speaker, as made
System, follow:
"Then
ment's attempt to place the label of "national defense"
St. Lawrence Waterway and Power
was
proposed amendments to the Securities Act, Mr.
protection
organizations
tiously
on
of
posal
and their local press and that the New York
chamber be advised of their
reactions and suggestions.
Attempt
added
ever
Frank emphasized that "we will not go along with
any pro¬
The committee suggested that the proposed
program be brought to the
attention of the membership of the various business and
labor
report.
ago
While
confer
"While these suggestions do not pretend to be
all-inclusive they are pre¬
sented in the belief that the world
emergency calls for coordinated action
by the leaders of labor and business," the report said.
a
years
Pierce.
facturers sales tax and to larger excise taxes.
^
Frank
it
part of the brokerage fraternity than
further lowering of personal
increase in the flat corporation income
tax; and opposition to
for
real
more
a
several
a
Mr.
than
Lynch, E. A. Pierce & Cassatt.
is
the
on
nationwide campaign
income tax exemptions; a reduction of highest bracket
individual surtaxes;
the abolishing of capital gains and losses and the
Federal capital stock tax;
an
examined
by the Exchange
Merrill
bring this home to the public.
The suggested tax program in part called for
be
there
majority of citizens realized they must "wait for
things they would like
many
to
when
Act.
safer
publisher of the "Wall Street Journal," and E. A. Pierce, of
The report declared that non-defense expenditures could
be reduced by
billions of dollars
Securities
lot
a
pated with _Mr. Frank in the discussion
the life and home of every citizen.
From the announcement
property
gradually working to the point where all brokerage firms
desirable
many other
is
Exchange Commis¬
sion, declared that while "many steps have been taken to
Frank:
Mr.
That
is
Com¬
objective of your
important
an
Frank?
1
The primary
objective of the SEC is to give the investor the kind of protection which
will induce him to "invest his savings in American industry with a justi¬
fiable
feeling
the
as
by
that
fair
receive
are
same
and
objective,
eagerly sought
honest
community
they
are
Such
after.
treatment.
So^ long
truly motivated
are
not only welcomed by
cooperative efforts
foster
enterprise.
Mr.
part
will
has always been.
It
cooperative efforts of the financial
SEC—they
free
he
Hogate.
Mr.
desire to reach this
a
the
Exactly,
Pierce:
of
seem
to
the
In
other
SEC—as
think—of
words,
some
Mr.
I
that
people
putting all of
Frank,
us
out
there is
have
met
no
intention
around
the
on
the
country
of business.
^
Mr.
is
just
Frank:
the
basis which
Well, hardly.
reverse—to
will make
keep
for the
I
am
the
sure
that
securities
ultimate
you
know that our intention
business
on
a
sound,
good of all concerned.
lasting
-
The Commercial & Financial
210
Country's Cotton Problem Lies in Increased
Solution of
Consumption, Dr. Murchison Tells Farm Economic
Association—A. G. Black Urges Development of
consumption rather than in an attack upon the
entire groundwork of our agricultural policy.
He said he
the continuation of the
Government's present
con¬
but scored the current proposals for high
loans, processing taxes and a marketing certificate plan.
Regarding Dr. Murchison's further remarks, a New Orleans
dispatch of Dec. 27 to the New York "Times" said:
program,
right place for an attack is upon the cotton surplus itself, he con¬
tinued.
Cotton, he added, should not be considered as a farm product
alone, but as an item of consumption.
parity loan policy, he explained, would necessitate the
payment of subsidies estimated at $100,000,000 a year on exports of only
2,500,000 bales.
He said the marketing certificate plan would increase
the cost of cotton as a raw material from 60% to 75%.
This, he said,
would result in the widespread use of cotton substitutes.
A.
G.
told
tion,
29
Dec.
Governor of the Farm Credit Administra¬
Black,
"agriculture is
defense and to our
on
less vital to our national
national well-being than is industry, and
agriculture
of the future must be
added
"we
that
the foundation
that end and
a
build
can
of
a
Mr.
dynamic."
strong
national
life
on
soundly administered public policy in farm
play an important part."
The New Orleans
"Times-Picayune" of Dec. 90 also reported Mr. Black as
credit
The
Credit
Farm
agriculture
"Government
out, but policemen were
was
issued
by Barnet D. Hodes, Corporation Counsel.
Representatives of 13 American Federation of Labor unions, to which the
striking city employees belong, called the strike because the City Council's
sliding scale of pay cuts for civil service
The pay cut would affect about
employees.
S3,000
or more
1,800 workers who make
annually, reducing their incomes by 4 to 10% as part of
a
general economy campaign to reduce the city budget S2,000,000 to about
$53,400,000.
provides for wage cuts of 4% in the $3,000-$3,549brackefc;
The agreement
7% in the $3,550-$4,100 bracket; and 10% for all earning over $4,100.
by the City Council Finance Committee
as
the city on a "pay-as-you-go" basis.
above union scales."
Mayor Kelly said.
step in an effort to put
one
"The cut leaves aalaries still
"We
not cutting any one
paid less than $3,000
I
am
taking the
Unions involved included those of the electricians, operating
engineers,
are
a year.
reduction along with the others."
elevator
operators,
fitters,
steam
plumbers,
janitors,
street
laborers,
chauffeurs, bricklayers, painters, machinists, window washers and refuse
collectors.
/
J,
..
farm ownership
For text of this article
including low interest
Increase
if
or
Public Becomes
Restive
at
Size
of
Corporate Profits
For text of this article
be the earning power of the farm and not its
investment proposition, Mr. Black said
"Since all
from income, this is a sound basis for security.
We
credit to build a better balanced, a more diversified and a
as
advertisement page vi.
see
Study by "Law Review" Editors of Excess Profits Tax—Regard Revision of Act Inevitable if Revenue Needs
by operators and the building of agriculture, as an
for loan should
basis
Changing World of Finance"
has been done to industry and home building, he
lending to private enterprise apparently is here to
should accomplish several broad purposes,
possibilities
"The
on
as
far we have not developed a national policy in the extension
The time has come to develop such a policy.
In agri¬
so
Research to Conduct Series of
New School for Social
industry."
The
Commissioner, estimated that 4,351 city
A formal warning of possible dismissal
workers went on strike.
to civil service workers
Fifty downtown traffic lights went
assigned to replace them.
Hewitt, Public Works
Oscar
Administration should be able to provide low interest
credit.
this
culture it
rates,
and garbage truck drivers abandoned their
vehicles in the Gold Coast district.
Lectures
stay, and
of
City Hall elevators stopped running, street cleaners left
can
to
said.
addition,
In
saying:
rates
regular intervals.
brushes and cans on the streets
Black
only
In accomplishing
strong agriculture.
a
kept down, but that blocked shipping traffic on the
The bridges were
Chicago and Calumet rivers, which War Department regulations require
to be maintained at
no
by the same token our policies in the development of the
historic
principal business area.
traffic snarl in the Loop, Chicago's
The cuts were recommended
Association's agricultural credit section
the
that
involved In the brief strike when
bridges and leaving them up, a move which would have caused a
finance committee had proposed a
of a
City
cleaning jobs and
policemen were assigned to prevent bridge tenders from raising 37 draw¬
The
Adoption
City Council would ratify the settlement im¬
the
employees had abandoned elevators, drawbridges, street
electrical service posts, beginning at 8 a. m.
The United States War Department was
creased
trol
said
Kelly
Mayor
Jan. 11, 1941
mediately, while the unions began calling their men back to jobs.
Farm Credit
Speaking before the American Farm Economic Associa¬
tion, in New Orleans, La., on Dec. 27, Dr. Claudius T. Mur¬
chison, President of the Cotton Textile Institute, declared
that the solution of the Nation's cotton problem lies in in¬
favored
Chronicle
see
advertisement page ix.
an
be repaid
loans must
need
to
more
stable
use
S. C. Mead to Retire
of
tion
agriculture."
New
as
Secretary of Merchants' Associa¬
York—Has Served
as
Secretary and
General Administrative Head Past 44 Years
A. F. of L. Metal Unions
Offer
Plan
Avert
to
Strikes
Defense Industries—Proposes to Employers Ar¬
bitration of Disputes Without Stoppage of Work
in
The Metal Trades Division of the American Federation of
Labor
Jan. 5 adopted a policy of calling no strikes in
on
defense
industries if
employers will agree to arbitrate all
disputes without stoppage of work. The Division, which is
headed by John Frey, is composed of 13 unions having a total
850,000. Mr. Frey did not
employed on defense jobs.
The
following concerning the program is from Washington As¬
membership, it is said, of
over
estimate how many were
sociated Press advices of Jan. 5:
In
a
statement
"The
question of international defense
involves the most speedy
now
production of all goods, materials required for
developed
a
war to
Great Britain
pressing necessity for
a
our
.
own
protection, and
.
There has de-
.
.
unification of policy and methods in
industry which will provide the speediest production of which Americans
Under the "no strike" program, Mr. Frey said the metal division would
"carry out
a
years
the Secretary and general
York, announced
Jan. 6 his retirement from that position
15.
Mr. Mead, who celebrated
his 73rd birthday on Nov. 26
informed the Board of
Directors of the Association that the pressure of work has
on
become effective Jan.
to
become
so
that he desires to retire in order that the
severe
responsibilities may be taken over by a younger man.
In
announcing that the Directors had accepted with regret
Mr. Mead's decision, John Lowrv, President of the Associa¬
tion, stated that in order not to lose the value of Mr. Mead's
judgment, counsel and adyice, based on his long experience,
The election took place on Jan. 9. As a member
Board, it is expected that Mr. Mead will continue
in an advisory capacity to the Association.
It is
Directors.
of the
to
act
expected also that he will continue his active participation
behalf of
on
the Association in the work of the Chamber
of Commerce of the United
capable."
are
Christy Mead, for 44
the Directors had recommended his election to the Board of
announcing their decision, the officers of the unions said:
supplying munitions of
S.
administrative heaa of the Merchants' Association of New
long-time policy to have ail department of the metal trades
negotiate one agreement in
an area
for
one
industry."
For example, he said, single agreements would be sought for each of the
four major shipbuilding regions—the Pacific Ooast, Great Lakes, Gulf of
Mexico and Atlantic Ooast.
As stated by the union
States, the National Association
Organization Secretaries, the National Insti¬
tute for Commercial and Trade Organization Executives,
and other groups with which he has previously acted as a
of Commercial
liaison officer.
The directors,
These, he added, would be sought first.
leaders, the plan would provide:
_____
"Without loss of time those who produce for national
defense-^manage-
and labor—meet at the conference table for the purpose of
negotiating
working rules agreements, the intent and effect of which will be to unify
andi stabilize industrial relations, and the terms of
employment in such
distr cts.
Such agreements must contain provision for
voluntary arbitration,
and that there shall be no stoppage of work
The entering into of such
•agrements are the guarantee that there will be neither strikes nor lock¬
ment
former directors, committee chairmen and
members of the staff of the Association will join in a dinner
in honor of the retiring Secretary to be held at the Uni¬
versity Club on the evening of Jan. 14.
Mr. Lowry said:
This dinner has been arranged in order
In announcing this
that the directors
may
in
a very
.
outs.
inadequate
way express
Thorough-going cooperation must be established between management
and labor through direct contact between their chosen representatives
Where their efforts fail to bring adjustment, of questions which
may
arise, the services of the division of conciliation, department of labor, must
be speedily secured.
Should this conciliation not establish prompt results,
then arbitration must be applied."
In his talk with
reporters, Mr. Frey said that during the "present emer¬
gency" the metal trade unions would not attempt to limit the hours of
labor, adding that our protection over the 8-hour day and 40-hour week
shall be the overtime payment."
organized in 1897 it has had 12 presidents.
spirit for all of them.
for building the
five and one-half hour strike
Mr. Mead has been
a
guiding
More than any other man he has been responsible
Association, for the maintenance of its high standards and
for the continual service that it has rendered to the business of New York.
He is leaving behind him a
for any successor to
record for devoted service which will be difficult
match.
We are fortunate in being able to make
an
arrangement whereby we wiU not lose the benefit of his long experience.
Frank Dunne
Municipal Strike in Chicago, 111., Ended
Chicago municipal operations were restored to
after
their appreciation of Mr. Mead and his services to
New York.
Since the Association was
the Association and to the City of
...
Reelected President of New York Secu¬
rity Dealers Association—Other Officers and Gov¬
ernors
Elected for 1941
normal
Jan. 9, engaged in
Frank Dunne of Dunne & Co. was elected President of
than 4,000 city employees who walked out in
a proposed wage cut.
After conferring with
heads of 26 unions, Mayor Edward J. Kelly announced that
the wage reductions, on salaries over $3,000 would go into
effect on a sliding scale of 4 to 10% but that it had been
agreed to arbitrate all wage disputes through a seven-man
committee to be selected jointly by the mayor and the
New York Security Dealers Association for the fifth
consecutive year at the annual meeting held at the offices
of the Association on Jan. 9.
Other officers elected for the
by
a
on
more
protest against
labor
unions.
United
.
Press
dispatches from Chicago, 111.,
said:
on
Jan. 9,
the
eisuing
&
Co.
year are
Clarence E. Unterberg of C. E. Unterberg
and John J. O'Kane Jr.
of John J. O'Kane Jr. &
Co., Vice-Presidents; Tracy R. Engle of Engle, Abbott &
Co., Inc., Secretary, and Fred J. Rabe of F. J. Rabe & Co.,
Treasurer.
Newly elected Governors of the Association to
serve for three years include Fred J. Rabe of F. J. Rabe
& Co., John F. Sammon of J. F. Sammon & Co., Rober
Volume
The Commercial & Financial Chronicle
152
Strauss of Strauss Bros.,
Oliver J. Troster of Hoit, Rose
Swope left San Juan, P. R., by plane on Jan. 8 for
Washington to confer with President Roosevelt and Secre¬
& Troster; Meyer Willett of Bristol
& Willett.
In ac¬
knowledging his election for the fifth term, Mr. Dunne stated
that, in his opinion, there
Street
"All
far
as
no
tary of the Interior Ickes.
political parties in Wall
Juan
the matter of National defense is concerned.
the financial
as
elements
are
as
Mr. Swope had gone to San
Auditor by Presidential appointment a year ago.
In
commenting on the nomination of Mr. Harwood as Governor
of the Virgin Islands, the New York "Herald-Tribune" of
following to say, in part: 1
of
community, in accordance
tradition, will subordinate every consideration to the
primary one of National defense," he said.
with
Jan. 7 had the
Mr. Harwood
and
of
Chairmen
Reserve Banks
and
Branch
and Deputy Chairmen of Federal
Appointed to Serve for 1941—Class C
Directors
also
Named
by
Board
and
of
New
York
St.
Louis
Kansas City
Dallas
San Francisco
Boston
FOR
Cleveland
Richmond
Chicago
Louis
Minneapolis
Kansas City
San Francisco
CLASS
C
appointed referee by both Democratic
special assistant to the Attorney General of the
In
a
period of approximately one year
Islands comprise St. Thomas,
St. Croix and St. John, with
St. Thomas is the capital and the islands
was conferred on the natives Feb.
25. 1927.
Jan. 7 that he had ap¬
on
to the Senate at the November elections.
had been elected to the Senate in 1934.
The
He
following
/
garding his appointment
six
administrative
as
one
of
President
re¬
Roosevelt's
assistants
is from Washington
Jan. 7 to the New York "Times" of Jan. 8:
advices
Mr. Minton, who often led verbal assaults
by Administration supporters
upon those who opposed its
policies, will not
serve as liaison
agent between
the President and Congress, the President said.
He added that Mr. Minton
possessed of the "passion for anonymity" which he required of these
assistants and said that he would act as the President's
eyes, ears and legs.
Mr. Minton was a member of the Senate
was
DIRECTORS
Military Affairs Committee,
(Appointed for 3-year terms beginning Jan. 1,1941 unless otherwise
stated)
and, the President recalled, with this experience
Federal Reserve
military matters.
Bank
Boston
Cleveland
Richmond
Atlanta
Chicago
Chicago
Mr. Minton conferred with the Chief Executive
shortly before today's
conference, at which the appointment was announced.
He is ex¬
pected to
(for unexpired
three-year term ending Dec. 31, 1941)
Oscar Johnston of Scott, Miss.
W. D. Cochran of Iron Mountain, Mich.
R. B. Caldwell of Kansas City
St. Louis
Dallas
San Francisco
United
Name of Appointee
Frank A. Brown of Chillicothe, Ohio
George T. Ladd of Coraopolis, Pa.
Pittsburgh
Richmond:
Baltimore
W. Frank Roberts of Baltimore
Charlotte
Charlotte
George M. Wright of Great Falls, S. C.
L. Creech, Sr., of Winston-Salem, N. C. (for
unexpired portion of three-year term ending Dec. 31,
1941)
Charles
Atlanta:
Birmingham
Nashville
New Orleans
Clarence W. Avery of Detroit
St. Louis:
Little Rock
Louisville
x
I. N. Barnett, Jr., of Batesville, Ark.
Memphis
Minneapolis:
Perry B. Gaines of Carrollton, Ky. '
Rufus C. Branch of Pecan Point, Ark.
Helena
Alex Cunningham of Helena, Mont.
Kansas City:
Oklahoma City Phil Ferguson of Woodward, Okla.
Omaha
W. H. Schellberg of Omaha
Dallas:
San Antonio
San Francisco:
Los Angeles
W. S. Rosecrans of Los Angeles
Portland
A. E. Engbretsen of Astoria,
R. C. Rich of Burley, Idaho
Seattle
Fred Nelsen of Seattle
x
i
Branch directors
of these Federal
were,
President
Charles
as
usual, ap¬
1, 1941).
Roosevelt
Nominates
of
Virgin Islands—Also
Representative G.. T.
Swope to
Admiral Leahy
as
Harwood
Names
as
Former
Succeed
Governor of Puerto Rico
Rear
President Roosevelt sent to the Senate on Jan. 6 the nomi¬
nations of Charles Harwood of New York to be Governor of
the Virgin Islands, and that of former Representative
Guy T.
Swope, Democrat, of Pennsylvania, to be Governor of Puerto
Rico.
Mr. Harwood, a lawyer and former District Judge
in the Canal Zone, was named to succeed Lawrence W.
Cramer, who has resigned, while Mr. Swope has been nomi¬
nated to replace Rear Admiral William D. Leahy, retired,
now
Ambassador to France.
Southampton Closed—
Assigned to Wind¬
Being Opened at
Donald
on
Southamp¬
ton, England, and the assignment of George K. Donald of
Mobile, Ala., who has been Consul General at Southampton,
as
Consul General at Windsor, Ontario, Canada.
It was
explained in Associated Press advices from Washington,
Jan. 4, that State Department officials said that the
closing
of the office resulted from the lack of consulate business
there because of the stoppage of shipping to and from the
United States.
The work of consular officers there was
largely dealing with Americans entering England as tourists
visitors, the advices said.
Announcement was also made by the State Department on
Jan. 4 that Angus L. Ward, First Secretary of the
Embassy
and Consul at Moscow, had left there on Dec. 27 to
open a
new
consulate at Vladivostok, through which American
shipments to Siberia now move.
American Ambassador to France.
Admiral Leahy, who
formerly Governor of Puerto Rico, arrived in Vichy on
Jan. 5 from Lisbon, Portugal; the new Ambassador had
journeyed to Lisbon from the United States aboard the
United States naval cruiser Tuscaloosa.
His departure from
the United States was noted in these columns Dec. 28,
was
pointed for two-year terms (beginning Jan.
Governor
at
The State Department in
Washington announced
Jan. 4 the closing of the American Consulate at
as
Ore.
Reserve banks
K.
Admiral William D. Leahy was welcomed at Vichy,
France, by Marshal Henri Petain, French Chief of State, on
Jan. 8 when the retired Naval officer presented his credentials
George G. Chance of Bryan, Texas
Dolph Briscoe of Uvalde, Texas
Salt Lake City
G.
Admiral Leahy Presents Credentials as Ambassador to
France—Receives Welcome From Marshal Petain
Jack B. Martin of Tucson, Ariz.
Houston
Consulate
General
or
Ed L. Norton of Birmingham
E. W. Palmer of Kingsport, Tenn.
E. P. Billington of Meridian, Miss.
Chicago:
Detroit
duties immediately.
Canada—New Consulate
Vladivostok, Russia
Howard KeUogg of Derby, N. Y.
Cleveland:
Cincinnati
new
sor,
BRANCH DIRECTORS
x
his
States
Consul
(Appointed for 3-year terms beginning Jan. 1,1941, unless otherwise stated)
New York:
Buffalo
assume
portion of
J. B. Cozzo of Dallas
St. George Holden of San Francisco
Federal Reserve
Bank and Branch
familiar with many
press
Frank J. Lewis of Chicago
Simeon E. Leland of Chicago
Minneapolis
Kansas City
was
Mr. Roosevelt cautioned that it should not be deduced
that Mr. Minton would devote his energies
only to national rearmament.
He will act in a general capacity, the President said.
Name of Appointee
Henry I. Harriman of Newton, Mass.
Warren F. Whittier of Douglassville, Pa.
George C. Brainard of Youngstown, Ohio
Robert Lassiter of Charlotte, N. C.
Rufus C. Harris of New Orleans, La.
Philadelphia
x
are
United States citizen¬
reelection
1941
Roger B. Shepard of Newport, Minn.
J. J. Thomas of Seward, Neb.
Jay Taylor of Amarillo, Texas
St. George Holden of San Francisco
Dallas
office
After his
pointed Sherman Minton, former Senator from Indiana, as
one of his
administrative assistants at a yearly salary of
$10,000.
Mr. Minton, who is a Democrat, was defeated for
W. G. Wysor of Richmond
J. F. Porter of Williamsport, Tenn.
Clifford V. Gregory of Des Moines, Iowa
Oscar Johnston of Scott, Miss.
Atlanta
a
President Roosevelt announced
YEAR
law
President Roosevelt Appoints Former Senator Sherman
Minton of Indiana as Administrative Assistant
Henry S. Dennison of Framingham Centre, Mass.
Edmund E. Day of Ithaca, N. Y.
Alfred H. Williams of Wallingford, Pa.
R. E. Klages of Columbus, Ohio
York
Philadelphia
St.
ship
R. B. Caldwell of Kansas City
H. Merritt of McKinney, Texas
Raymond C. Force of Piedmont, Calif.
DEPUTY CHAIRMEN
New
own
Assembly.
actively engaged in the diversified and
was
situated 1,442 miles distant from New York
City.
J.
Boston
appointed
The Virgin
Wm. T. Nardin of St. Louis
W. C. Coffey of St. Paul, Minn.
Minneapolis
was
about fifty smaller islands.
Beardsley Ruml of New York, N. Y.
Thomas B. McCabe of Swarthmore, Pa.
George C. Brainard of Youngstown, Ohio
Robert Lassiter of Charlotte, N. C. i
Frank H. Neely of Atlanta
Frank J. Lewis of Chicago
Chicago
State
the law firm of Jenkins & Harwood.
Name of Appointee
Cleveland
Richmond
Atlanta
was
He
the
County Lawyers' Associa¬
tion, the Westchester County Bar Association, the Federal Bar Association
and the American
Legion.
For the last 20 years he has been a member of
Federal Reserve
Philadelphia
Assembly he
District Judge of the Canal Zone.
CHAIRMAN AND FEDERAL RESERVE AGENTS FOR YEAR
1941
or
elected to
he gained great
popularity among the members of the bar, the press and
the citizens of the Canal Zone
generally.
He is a member of the American
Bar Association, the New York State Bar
Association, the Association of
the Bar of the City of New
York, the New York
preceded by an asterisk (*) were
filled by reappointment of the
present incumbents):
Frederic H. Curtis
early 20's when he opened his
was
United States for special work in connection with
the defense of the Guffey
Coal Act and he also acted as special assistant to the
Attorney General in
connection with mortgage fraud cases.
On June 10, 1937, President Roosevelt
appointed him United States
item of
branch directors of the 12 Federal Reserve
banks, we give
below the list of the
designations and appointments at the
various banks as announced
by the Board of Governors on
Jan. 2 (all positions not
Bank
Boston
he
Republican judges.
He
a week
ago—Jan. 4, page 45
—regarding the appointment by the Board of Governors of
the Federal Reserve
System of Chairmen and Federal Re¬
serve
agents, Deputy Chairmen, class C directors and
our
in his
litigated practice of law.
Governors of Federal Reserve
System
In furtherance of
was
few years later
a
return from the
List
211
Mr.
page
3829.
In addition to presenting his credentials to Marshal Petain
Admiral Leahy also delivered to the French Chief of State
a personal note from
President Roosevelt.
A wireless ac¬
count from Vichy, Jan. 8, to the New York "Times" of
Jan. 9, described as follows the ceremonies incident to the
presentation by Admiral Leahy of his credentials to Marshal
Petain:
The envoy had been received by the French Chief of State in
ceremonial of presentation of credentials.
no
formal
a
striking
Contrary to custom, there
speeches, and the actual proceedings went off with
v ere
great
in¬
formality.
The
reception
Sevigne.
took
place
in
Marshal
Petain's office
in
the
Pavilion
A heavy snow had been swept from the paths of the Sevigne
The Commercial & Financial Chronicle
212
garden, where a company of 120 Fuseliers
Marines
in charge of a frigate
commander was drawn up to render honors.
There
of
cheer from the small crowd that had been waiting for an hour
was a
glimpse the ceremony when the four big American
to
bugle corps sounded "Attention" and
Leahy stepped from his
He
car.
was
billions
arms were
cars
rolled up.
presented
The
dollars
of
delayed
plant
Jan.
.A
required
take
to
replacements
and
the
of
care
that
expansions
1941
11,
accumulation
enormous
have
piled
since
up
1929.
Since that year investments in private plant and
equipment have
averaged less than one-third of those made in the 1920's."
Ambassador
as
dressed in civilian clothes and top hat
but wore his medals.
Association
National
He was accompanied by the French Chief of Protocol, Henri Loze, and
by United States Charge d'Affaires H. Freeman Matthews and the entire
Five
embassy staff.
The visitors were immediately taken into the Marshal's
The Marshal rose and greeted the Ambassador
warmly, grasping
his hand in both of his.
office.
As Ambassador to
France, Admiral Leahy succeeds Wil¬
liam C. Bullitt.
President Roosevelt has nominated Guy
T. Swope to succeed Admiral
Leahy as Governor of Puerto
Rico; Mr. Swope's nomination is noted elsewhere in our issue
of today.
Manufacturers
of
Points in Sound Labor
fundamental
principles
Lists
relations
in
Five
Policy
between
em¬
ployees and management to avoid labor difficulties in in¬
dustry
outlined
were
"Suggested
National
the
five
points
(1)
in
revised
a
Employment
edition
Procedures,"
Association
of
Manufacturers.
of
booklet,
a
published
9 by
Jan.
Briefly,
the
originally
fol¬
are:
Mutual
respect.
(2) Recognition
of
of
commonness
interests.
(3) Free interchange of ideas.
(4) Adherence
Harry L. Hopkins Arrived in England—Special Repre¬
of
sentative
President
Roosevelt
Reaches
Following the disclosure by President Roosevelt at a press
Harry L. Hopkins would shortly leave
for England as his special
representative, Mr. Hopkins de¬
parted from New York on Jan. 6 aboard the Yankee Clipper
of Pan American Airways bound for
Lisbon, Portugal.
He
arrived in Lisbon on Jan. 7 and from there traveled
by plane
to a small English town where he boarded a train for London.
Mr. Hopkins arrived in a blacked-out London on Jan. 9
during an air raid. In United Press accounts from London
yesterday (Jan. 10) it was stated that Mr. Hopkins told
conference Jan. 3 that
British newspapermen after
conferring with Prime Minister
Churchill, that United States aid to Britain would
Winston
reach its peak at the end of
advices added:
1941,
early in 1942.
or
Questioned about the purpose of his mission, Mr. Hopkins replied:
am here as the personal
representative of President Roosevelt to dis¬
of mutual urgency and interest to our two nations."
He said he would remain here "until I finish
my mission" and speculated
it would take from two to four weeks.
cuss matters
Reference to the President's plans to send Mr.
Hopkins to
England as his special representative, appeared in our Jan. 4
issue, page 43.
Eleven Economic Fallacies Have Been
Major Factor in
Preventing Substantial Recovery in United States,
According to Report Issued by National Association
of Manufacturers
Eleven
ment
The
economic fallacies
which
.report published Jan. 6 by
Manufacturers.
The report
in a
Association of
National
issued
was
in
by
the
N.
A.
factor
In
preventing
States during recent
_
fallacies
which
substantial
hag
yean,
have
economic
been
in
recovery
the
the
persistence of certain
themselves in Igislation, and in
reflected
the thinking of many important
groups in the Nation.
Similarly, it is
highly important that every effort be made during the armament period
to
avoid
'after
policies
its
which
could
cause
and other
factual
of the American
the
recession
each
fallacy in the report is
evidence
presented to refute
The 11 fallacies "that threaten the sound prog¬
fallacy.
welfare
of
all
system of free private enterprise and
American
(1) That wealth and
income
people":
in
the
national
States
are
income
be
can
increased
becoming
without
more
increasing
has
failed.
competition
(10) That
(11)
the
That
business
is
average
longer
no
man
"oversavings"
pays
in
the
"It
view"
45% of
said
the
recent
a
ican
Nation
the
It
study by Dr.
83%
is
pointed out that
production
so
as
a
whole
also
of
the
families
own
80%
of
the
jobs
in
mechanization
have
been
connection
has
created
with
the
lowered
not
only
prices
in
business
makes
involves
day-to-day risk-taking
thousands
1929,
of
41%
ventures
of
all
fail
active
The
in
and
distribution of
goods
in
On
Nation
the
This includes both
November
Home
Bank
Loan
Re¬
figures of
quotes preliminary
This increase, it is pointed out,
farm
Dwelling
figures show.
census
totaled 37,211,463.
non-farm units; that is, city
1,
April
on
and
1940,
residence units of all types.
Advances
Chicago
Excess
by Federal Home Loan Bank of
Member
Associations
Reported
in
to
of
Previous November
any
Lending half
million dollars
a
more
than in any previous
November, the Federal Home Loan Bank of Chicago
sup¬
$1,609,900 to its member savings, building and loan
plied
associations
in
Illinois and
Wisconsin this past month,
according to its report to the Federal Board in Washing¬
ton, Nov. 11.
This was the fourth consecutive month, it is
stated, in which volume of advances had surpassed that
for
the like
President
period
of
the
in all previous years.
Chicago
the Bank's
A. R. Gardner,
that the gain
There has been only one
Bank,
November, 1939, was
over
indicated
142%.
previous Novembers when as much as
$1,000,000 was in demand from it, and that was in 1935.
Last month's volume was slightly above that of October,
just as October was a larger loan month than September.
An
net
in
one
of
seven
announcement
A
gain
regional
number
for
those
funds
of
has
associations
the
by
confidence
to
buy
of
bank
been
due
of
out
institutions
of
supplementary
$7,842,148.25.
borrowing
Volume
close
larger needs
which
of
in
1940,
all
the
77
and
Wisconsin
already
237
more
Illinois
associations
were
Recorded
Reached
District
home-owner
when
various
likewise
out¬
only
the part
on
people
November,
Home-Mortgages
mortgages
$30,202,000 of
Record
in
High
recorded
credit
to
in
a
was
the
the
new
used
Federal
Illi¬
record
from
Home
There were 9,414 separate borrow¬
than
more
new
according
sources,
Loan Bank of Chicago.
ers,
of
areas
gives
nois-Wisconsin district established in October
for
loans
borrowing $20,668,337 from the Bank's
were
funds,
of
the
increase
situated
business
the
of
in
an
showing that the increased
to
main
members
in
by
Says Chicago Home Loan Bank
1940,
of
the
456
As
$1,000,000
accompanied
borrowing,
in
its
upswing
homes.
than
more
was
institutions
definite
savings and loan
reservoir
by the Bank, Dec. 11, continued:
the month
for
the
the
conduct
consumers.
and
their
even
of
in
business
years
pursuit of
x-orporations
showed
enterprise
of
profit.
no
The
The
in
largest
associations,
greatest
In
inherently
prosperity
the boom
year
of
the
block of
money
$11,655,000,
past several
total
months in
The
issued
announcement
leaders the
profit.
In 1932 there
82% in the no-profit class, and in 1937 nearly 60%."
"pump-priming" the report stated that Government spending could
never
be
more
than
"a
drop in the bucket compared to the many
were
"Federal
the
December, which
of 4.1 in 1930, the
average
units
manu¬
customarily speak of the profit system, in reality ours is a
profit and loss system," said the report.
There is never a time when all
profit.
during the
other month
any
of the year,
according to A. R. Gardner, President of the regional bank.
we
a
increased
Nation
the
the average number of persons per household in 1040 was
3.8 for the United States as a whole as compared with an
depressed
is
furnishing of varied services offered.
"Though
Country Increased 16.3% in
Federal Home
Loan Bank
the Bureau of the Census.
for
cause
of
industrial
that
in
Illinois-Wisconsin
entirely fallacious.
Not 2%, but
the wealth of this country according
Willford I. King, former President of the Amer¬
own
facturing industries but
and
"This
report.
families,
2%
ad¬
is considerably more than the 7% gain in total population
between 1930 and 1940.
The "Review" also states that
taxes.
Statistical Association."
increased
for
Volume
sometimes claimed that
wealth/"
to
households
16.3%, according to
conditions.
is
with
past decade from 29,904,663 to 34,772,673, or approximately
effective.
little
Some of the factual evidence to refute the
major fallacies
were given by the Association as follows:
(
Says
October
(9) That
collaboration
in
Review
affected
(3) That wage rates alone determine a wage earner's Teal income.
(4) That labor gets only a small share of what it helps produce.
(5) That technological improvements create unemployment.
(6) That prof:ts are not necessary.
(7) That economic recovery can be achieved by Government
spending.
(8) That 10 years of depression prove the private enterprise
system
-
in
Decade,
Private
demand
the
Households
Past
standing at
United
.concentrated.
(2) That
production.
Committee
groups
Private
of
Following the statement of
ress
business
a
conclusion.
.statistical
the
accentuate
or
published
was
of the best known employment experts in
industry.
W. M. Angle, President of the Stromberg-Carlson
Telephone Manufacturing Co., Rochester, N. Y., is
Chairman of the Employment Relations Committee.
visory
M.
on Study of
Depressions after months of study
popular basic misconceptions, and many of the Nation's
ablest economists, it is stated, collaborated in its
prepara¬
tion as an advisory subcommittee.
Malcolm Muir, Presi¬
dent and publisher of "Newsweek" and Chairman
of the
Depressions Study Committee, states in the foreword :
major
stated,
Relations
ployment
Committee
A
is
represents results of a continuing study by N. A. M.'s Em¬
of
United
it
intensive survey of employer-employee relations
American industry by N. A. M., and the new edition
have restricted employ¬
recovery are analyzed
the
defined employment policy.
a
an
and country
expansion and industrial
economic
booklet,
lowing
The
"I
*
to
(5) Atmosphere of mutual confidence.
London
or
Dec.
38.6%.
years
21
further
from the savings,
came
While
of
building and loan
these institutions
have
all but two other
May and September, in both of which they did 39%.
all home-owner mortgages over October, 1939, was
32.9% and continued the trend which has been characteristic of the
for
more
period
Mr.
of
money
to
been
in home financing, their October proportion
supply of home mortgage money surpassed
the year,
margin
said:
be
borrowed
for
home ownership
than
in
the
year
same
1939.
Gardner
reported
that
for
every
$2.00
borrowed
on
residential
properties in the metropolitan areas of the two States, $3.00 was borrowed
in the smaller oitieg and towns.
Cook County's home mortgages recorded
Volume
this
152
October
past
The Commercial & Financial Chronicle
represented
1939,
being $8,822,000
County the sentiment in
this
October
about
1%
than
compared
favor
of
Mr.
Gardner
of
more
the
said
total
with
that
the
$20,000
figures
statistical
analysis
counted
are
based
are
of
detailed
from
he
Milwaukee
marked,
accounted
this
all
those
estimated
On Jan. 6, the Officers and Directors of
the Bank of the
Manhattan Co., New York
City, tendered Stephan Baker
a
testimonial dinner at the
Metropolitan Club
under
The
78%
of
the
that
basis
for
the
October
district.
,
upon his
completion of 50 years of active service as an officer of the
company.
Mr. Baker was elected Vice-President of the
Bank of the Manhattan Co. in
1891, became President in
1893, served until 1927 when he became Chairman of the
Board.
Comparative Figures of Condition of Canadian Banks
In the
following we compare the condition of the Canadian
banks for Nov. 30, 1940, with the
figures for Oct. 31, 1940,
and Nov. 30, 1939:
STATEMENT
OF
CONDITION
OF
THE
BANKS
OF
THE
DOMINION
OF CANADA
Assets
Nov.
Current gold and subsidiary coin—
In Canada
30, 1940 Oct.
31,
S
1940 Nov. 30, 1939
8
$
Elsewhere
6,189,832
3,686,863
6,033,837
4,107,118
4,677,939
6,021,690
Total.
9,876,695
10,140,955
10,699,629
75,844,824
82,477,135
221,680,684
3,289,274
28,835,634
128,475,974
66,515,658
223,492,057
4,161,393
33,572,868
-
at $15,000,000 but surplus and
stand at
for
said.
on
now
$20,356,562, compared with
$21,021,270 at the end of June, 1940.
October
having
areas
213
June.^ Capital is unchanged
undivided profits
$3,037,000 the
areas
recordings
mortgagee,
reports
October,
less
recorded
.
of
In
was
compared with
mortgages
population of Illinois and Wisconsin, and
entire
$5,889,000.
borrowing
mortgage
home-owner
as
on
as
those
over
metropolitan
home
last.
In
gain
increased
seeing $3,338,000 borrowed
before.
year
as
substantial
a
In 1932 he
Board and
was
elected
was
succeeded
Short Hills, N. J.
Northern Railway
son J. Stewart Baker of
Mr. Baker has been a director of Great
Co., New York Clearing House Associa¬
tion, Trustee of the Bowery Savings Bank, member of Board
of Trustees of Columbia
University, President and Trustee
of St. Luke's Hospital.
During Mr. Baker's association with
the Bank of the Manhattan Co. he has
seen the
company
grow from an institution of $20,000,000 in
deposits to one
with deposits of
$730,000,000, and the stockholders from
540 to 31,000.
The bank's customers have increased from
1,200 to
37 to
300,000 and the number of employees from
over
1,915.
«
Dominion notes
Notes of Bank of Canada
Deposits with Bank of Canada
231,193,497
Notes of other banks
3,167,612
United States & other foreign currencies
Cheques on other banks
Loans to other banks in
27,651,818
121,091,028
Canada, seemed,
including bills redlscounted
Deposits made with and balance
124,235,845
4,299,370
4,217,313
4,244,838
ents in the United Kingdom
40,088,487
35,507,856
30,986,985
151,511,858
164,446,980
199,887,726
Due from banks and banking correspond¬
ents elsewhere than in Canada and the
United Kingdom
Government
and
Provincial
Government securities
Canadian municipal securities and Brit¬
foreign
ish,
and
colonial
public
sufficient
marketable
value
Elsewhere
Loans to the Government of Canada...
Loans to Provincial governments
cities,
towns,
135,527,407
101,031,125
177,805,729
124,279,866
55,514,234
45,338,557
972,784,147
143,323,894
13,967^670
vided for...
99,366,176
112,132,928
6,115,095
7,322,976
Mortgages on real estate sold by bank..
Bank premises at not more than cost
3,597,366
7,063,418
7,277,262
3,658,545
8,546,476
7,705,816
4,101,678
less amounts (if any) written off
Liabilities of customers under letters of
credit as per contra
70,493,647
71,093,520
71,967,983
...
the
Minister
of
67,293,296
68,047,529
52,658,331
4,829,171
11,415,563
4,826,410
11,220,195
5,065,607
11,451,416
1,946,013
1,854,901
Finance
security of note circulation
Shares of and loans to controlled cos
Other assets not included under the fore¬
going heads
Total assets
3,682,026,578 3,711,076,139 3,871,913,432
Liabilities
90,903,096
91,624,793
93,126,044
ducting adv. for credits, pay-lists, Ac.
151,024,563
95,649,754
176,379,820
73,497,553
60,491,202
56",900",374
962,492,339
941,278,748
865,786,256
Advances under the Finance Act
Balance due to Provincial governments.
Deposits by the public, payable on de¬
mand In Canada
Deposits by the public, payable after
notice or on a fixed day In Canada... 1,625,878,423
1,599,463,510 1,734,837,368
Deposits elsewhere than in Canada.....
398,783,923
405,307,597
from
other
banks
in
486,816,997
Canada,
Deposits made by and balances due to
other banks in Canada
11,533,021
than
in
Canada
and
and
letters
of
credit
or reserve
26,900,012
52,788
40,158,914
371,238
67,293,296
5,643,244
68,047,529
4,601,739
2,782,540
133,750,000
145,500,000
52,658,331
4,625,629
for
fund
Capital paid up
Defense"
was
held
yesterday
Jersey and Philadelphia
the meeting.
were
as
well
as
those
expected to attend
Employees of the Bank of the Manhattan Co. and Bank
of Manhattan Safe
Deposit Co., both of New York City,
on Jan. 6 received a new
contributory annuity plan for their
consideration.
The plan is to be substituted in
respect of
services after Jan. 1, 1941, for a
non-contributory pension
system which has been in force since 1914.
Regarding the
announcement the bank says:
In general, the new plan provides a
retirement income for
be purchased from
bank
and
the
an
eligible
em¬
for
services after Jan. 1, 1941, to
insurance company on a
contributory basis by the
employee concerned.
The contributions of the bank and the
employee participant to the pur¬
are based on
percentages of annual salaries.
chase of annuities
of the
contributions
amended
and
benefits
Federal Social
take
into
consideration
Securities Act
the
provisions
and the normal retirement
date is the 65th birthday of the participant.
At the annual meeting of the Trustees of the
Bank for
Savings in the City of New York, held Jan. 8, Lewis Gawtry
retired as President, and was elected to the
newly created
position of Chairman of the Board, and DeCoursey Fales
elected President of the
Bank, effective Feb. 11. Mr.
a member of the law firm of
Cadwalader, Wickersham & Taft, Attorneys to the Bank since its
inception in
1819.
Mr. Gawtry is the senior member of the
Board of
The Bank for Savings, having been elected a trustee
in 1903.
He became First Vice-President in 1920
and was elected
President in 1926.
He is a Director of the
Fales is
Guaranty Trust
Co., North British & Mercantile Insurance Co., and other
corporations, Treasurer of the Boy Scouts of
America, and active on the Boards of various charitable
organizations.
The Bank for Savings, chartered 1819, is
the oldest savings bank in the State of New
York, the third
largest in Manhattan and fifth largest in the United States.
When Mr. Gawtry became President 15
year ago, the Bank
had
out¬
standing
Liabilities not incl. under foregoing heads
Dividends declared and unpaid
Rest
78,762,416
the
United Kingdom
Bills payable
Acceptances
12,288,219
29,073,025
correspond¬
ents in the United Kingdom
Elsewhere
12,714,407
26,265,133
26,842,630
43,013
and banking
Rebuilds
financial
secured, Including bills redlscounted..
Due to banks
"America
Members from New York and
nearby towns
was
Notes in circulation
Balance due to Dominion Govt, after de¬
Loans
the
(Jan. 10) at the Bowerv Savings Bank. The announcement
said that the speaker on this occasion
would be Randolph
E. Paul, partner in the New York law firm
of Lord, Day and
Lord, on the subject "The Taxation Outlook for 1941."
The
1,858,917
with
of
ployees in the form of insured annuities
92,622,309
Real estate other than bank premises...
for the
Division
Association of Bank Women, announced
early this week that the second in the series of
meetings
10,6681825
13,805,251
municipalities
and school districts
Deposit
Hoffman, Bowery Savings Bank, New
York, and Regional Vice-President of the Middle Atlantic
-4-
134,999,031
98,824,940
41,310,618
40,933,817
35,324,392
42,539,880
1,021,276,282 1,024,278,286
127,579,727
126,245,970
Other currents loans & discts. in Canada
to
M.
from New
1,278,632,696 1,282 >980,818 1,362,915,934
t<
cover
Elsewhere than in Canada
Loans
Hilda
se¬
curities other than Canadian
Railway and other bonds, debs. & stocks
Call and short (not exceeding 30 days)
a
Miss
on
due
from other banks in Canada
Dominion
Honorary Chairman of the
by his
2,263,055
133,750,000
145,500,000
2,224,012
133,750,000
145,500,000
3,666,338,525 3,697,967,761 3,858,830,412
Note—Owing to the omission
of the cents in the official reports, the
the above do not exactly agree with the totals given.
footings in
assets of
$162,000,000, deposits of $137,000,000 and
125,000 depositors.
Today its assets are $236,000,600 and
deposits $213,000,000, with 226,000 depositors.
of
The statement of condition of Colonial Trust
Dec. 31, 1940, reveals total assets of
pared with total assets of $16,336,373
$12,799,141 on Dec. 30, 1939.
Deposits
on
on
Company as
$18,255,838 com¬
Oct. 2, 1940 and
Dec. 31 amounted
to
ITEMS
ABOUT
Arrangements
New
York
BANKS,
were
made
TRUST
Jan.
6
COMPANIES,
for
the
transfer
Stock
Exchange membership at $35,000,
changed from the previous transaction on Jan. 3.
&c.
of
a
un¬
$16,654,794 compared with deposits of $14,758,781 three
months ago
and $11,212,540 a year ago.
Capital stock
remained unchanged at
$1,000,000, while surplus and un¬
divided profits stood at $491,047
against $475,770 on Oct. 2
and $470,837 on Dec.
30, 1939.
Loans and discounts were
$9,040,769 on Dpc. 31 compared with $8,328,485 on Oct. 2
and
A
sold
membership
Jan.
on the New York Cotton Exchange was
4, for $2,800, up $200 from the last previous
transaction.
The
June
29.
$5,675,538 and $5,193,930; U. S. Government, state and mu¬
securities, securities, $2,054,794 against $1,971,532
and $1,712,749.
nicipal
Corn
Exchange Bank Trust Co., New York City,
reported as of the close of business Dec. 31, 1940, total
deposits of $383,641,997 and total resources of $418,998,559,
compared with $342,544,006 and $378,565,276, respectively,
on
$5,441,496 on Dec. 30, 1939. Other asset items compare
follows with the figures for three months
ago and a year
ago:
Cash and due from banks. $6,794,736
compared with
as
Cash
items
totaled
$209,651,106,
against
$186,622,098; holdings of United States Government securi¬
ties, less reserve, ("direct and fully guaranteed) amounted
to $106,689,844, against
$94,149,844, and loans and dis¬
counts to $28,298,613,
against $27,297,996 at the end of
»
The first of th* 1941 series of Safe
meetings
of
New
York
Chapter,
Deposit Round Table
American
Institute
of
Banking, was held at Chapter quarters in the Woolworth
Building on Jan. 9. It was announced on Jan. 8 by James
A. McBain, group leader and Assistant Treasurer of the
Chase Safe Deposit Co., that various questions of
opera¬
tion would be
discussed, and that guest speakers would be
The Commercial & Financial Chronicle
214
editor of the "Safe Deposit Bulletin"
Lubbers,
Edward S.
and Vice-President of the Bank of Manhattan Safe
The
Second
Vice-President
Deposit Association
of the
Secretary
and
Safe Deposit Co.
of the Empire
following
William L.
Brand,
Safe
State
York
New
O.
Frank
and
Co.,
Deposit
announcement was
issued
on
Jan.
6
by
President of the Union Dime Savings
DeBost,
Bank, New York City:
the
Under
banking
it will
bank
savings
a
cannot
what
state
rate
of
until the earnings and expenses for the
been determined and the dividend declared by a
majority of the Board of Trustees.
For the quarters ending March 31,
1941, and June 30, 1941, however, it is anticipated that the dividend
interest
dividend
be
will
and
at
the
the
at
have
2%
of
rate
ll/z%
of
rate
allowed
Interest
to depositors
pay
period
from
day
annum
per
per
annum
amounts
in
to
$1,000.
the end
Beginning July 1, 1941, it is anticipated that dividends
will be credited semi-annually on Dec. 31 and June 30 on deposits made
of
the
quarter.
business day of July, October, January and April,
the third
before
or
cn
remaining until the end of the dividend period.
if
J.
P. Morgan & Co., Inc.,
condition
31.
Dec.
of
as
New York, in its statement of
1940, reports
total
resources
of
$772,864,193 and total deposits of $719,913,403, compared
with $712,972,715 and $664,010,381 on Sept. 30.
The bank
reports cash on hand and on deposit in banks at $271,914,851, against $202,614,023 three months ago; United
States Government securities (direct and fully guaranteed)
$361,333,144
at
872,016;
New
Department
issued
City, to engage in business as
private bankers, it is learned from the Department's
"Weekly Bulletin" of Jan. 3.
The new certificate was
of the retirement of one partner,
A. Lovett.
The other partners are:
Thatcher M.
Moreau Delano Brown,
Prescott S. Bush, Louis
W. Averell Harriman, E. Roland Harriman, Ray
issued by
Robert
reason
statement
Brown,
Curtis,
Morris
The capital of the firm is $2,000,000.
Knight Woolley.
condition
of
of
the
Trust Co.
Guaranty
1940, issued Jan. 6, shows total
resources and deposits at their highest points in the com¬
pany's history.
Total resources are $2,718,966,914, as com¬
pared with $2,584,742,898 on Sept. 30, 1940, the date of the
last published statement, and with $2,401,634,265 on Dec. 1,
1939.
Deposits are $2,423,223,952 as compared with $2,291,011,486 on Sept. 30, 1940, and with $2,088,427,346 a year
ago.
The current statement shows holdings of United
States Government obligations of $1,137,212,693, as com¬
of New York
pared with $1,045,273,927 on Sept. 30, and with $729,600,979
year ago.
The company's capital and surplus remain
unchanged at $99,000,000 and $170,000,000, respectively, and
undivided
profits
$14,701,954
a year
$16,946,499,
total
as
compared
with
ago.
♦
announced by Manufac¬
those of F. Sedgwick
the year-end promotions
Trust
Co.
New
of
York
are
Williamson, Arthur J. Halleran, C. F. O'Neil and Gardiner
S.
Robinson.
Secretaries.
Williamson
Mr
Vice-President,
and
These
has
been
elected
The statement of the Public National Bank and Trust Co.
1940
$1,234,542. which is equivalent to $3.08 per share. This
compares with $1,154,699, which is equivalent to $2.88 per
share for the year 1939.
Deposits on Dec. 31, 1940 stood
of
at $170,134,589, as compared with $157,360,983, as of Dec.
31, 1939.
Cash and due from banks as of Dec. 31, 1940
totaled $71,905,000, as compared with $67,481,000 a year
U. 8. Government obligations stood at $38,310,000 on
31, 1940, as compared with $32,617,000 a year ago.
ago.
Dec.
Loans and discounts at the year end amounted to $61,958,-
with $57,856,000 on Dec. 31, 1939.
Total
of Dec. 31, 1940 amounted to $190,917,000, as
compared
000,
resources
as
compared with $178,287,000 a year ago.
At the regular
monthly meeting of the Board of Directors
City Bank Farmers Trust Company held on Jan. 7, W.
Randolph Burgess was elected a director.
He is ViceChairman of The National City Bank of New York, of
of
which
Bank
City
Farmers
Trust
Commercial
The
Trust
officers
are
Co.'s
affiliated with the
correspondents
National Bank
Company
is
the
trust
in various parts of the
also announces that Edward S. Travformerly Assistant Trust Officer, has been elected a
Trust Officer.
Company of
reported as of Dec. 31,
York
1939.
of
The
United
cash on hand
Bank held
$70,144,090
compared with
States
Government
and due from banks
$41,176,380; investments in
securities
of
$53,931,784
com¬
and discounts of $34,058,811 compared with $34,382,683.
The Bank's capital
account was unchanged at $7,000,000 and its surplus and
undivided
profit account increased to $8,746,907
from
$8,524,953, after the payment of the regular 8% dividend of
pared
with $43,260,418;
and loans
$560,000.
.
.
4
statement of The Continental Bank & Trust
New York shows that collateral loans in¬
creased
to
$S,773,796 from $8,003,769 a year ago, and
$7,628,291 on Sept. 30, 1940; commercial loans of $15,864,813 compare with $14,582,288 on Dec. 31, 1939, and $18,307,607 last September: while call loans to brokers amount
to $6,365,129 against $7,160,028 a year ago and $6,199,877
on
Sept. 30, 1940.
Deposits increased to $78,081,708 from
$66,919,623 a year ago, and are $13,370,698 more than they
were on Sept. 30, 1940.
Cash on hand and due from banks
amount to $38,051,682 compared with $30,810,360 on Dec.
31, 1939 and $21,844,062 last September.
Holdings of Gov¬
ernment Securities are $5,635,000 against $5,180,000 a year
ago and on Sept. 30, 1940.
Capital remains unchanged at
$4,000,000, and surplus and undivided profits of $4,490,838
compare with $4,409,913 a year ago, and $4,470,646 last
September.
The year-end
Company
of
♦
The
bank's
The trust company
and Trust
1940 total deposits of
$148,033,218 and total assets of $167,129,674 compared
respectively with $107,832,331 and $127,607,801 on Dec. 30,
New
Assistant
United States.
ers,
were
of New York indicates earnings for the calendar year
others have been made Assistant
the
Development Department and are well known to Manufac¬
turers
States
John Sloane, Barklie Henry, Hamilton Hadley,
John Hay Whitney, and G. Forrest Butterworth Jr.
of Dec. 31,
as
a
Among
class
of the United
Jan. 7, the following trus¬
reelected for a term of three
on
years:
on
certificate of authorization to Brown Brothers
& Co., New York
Harriman
turers
of the third
tees
of trustees
York, held
I.',-'-
.
Banking
State
York
a new
The
election
annual
♦
♦
and
the
affiliate.
$314,489/
The
At
at the latest date, compared with $377,and municipal bonds and notes are now
State
$67,623,066, against $71,912,763, and loans and bills pur¬
chased are reported at $35,849,992 on Dec. 31 compared
with $30,235,156 on Sept. 30The capital and surplus are
unchanged from the previous quarter at $20,000,000 each,
and
the
latest
statement
shows
undivided
profits of
Jan. 1
$21,850,000, while loans totaled $21,099,022 against $16,Capital and surplus are unchanged at $2,000,000
and $26,000,000, respectively, but undivided profits, after
paying the Jan. 2
dividend of $500,000, amounts to
$2,860,764. as compared with $2,853,796 on Sept. 30, after
paying the Oct. 1 dividend of $300,000.
422,789.
$1,000,
of
remaining until
deposit on money
of
$5.00
excess
amounts of
on
on
11, 1941
against $85,602,873 three months ago; holdings of United
States Treasury bonds and notes to $22,500,000, against
Trust Co. of New
law
Jan.
year-end
statement
of
Sterling
National
Bank
&
Company of New York reveals that $250,000 has been
transferred from undivided profits to surplus, raising sur¬
Trust
$2,000,000 as against $1,750,000 on Dec. 30, 1939.
deposits are both at the highest levels in
the bank's history.
Assets at the close of 1940 amounted
plus
to
Total assets and
$40,975,026, compared with $34,003,833 on Dec. 30, 1939,
deposits totaled $36,301,462, against $29,832,789 a
year ago.
Capital, surplus, and undivided profits as of
Dec. 31. 1940 were $3,717,038, while a year ago they totaled
$3,570,011. Reserves at the end of 1940 were $586,628, com¬
pared with $425,106.
As of Dec. 31, 1940, loans and dis¬
counts were $17,780,402, compared with $15,595,058; cash
and due from banks was $18,293,923, compared with $12,945,445 a year ago; U. S. Government Securities were $3,112,658, compared with $3,106.429; and state, municipal and
corporate securities were $1,278,253 against $2,139,994 on
Dec. 30, 1939.
to
while
of
The Bank of New York, New York City, in its statement
condition as at the close of business on Dec. 31, 1940,
reports total assets of $305,500,601, as compared with $279,-
972,985
against
bank,
Sept. 30,
$255,873,770.
and total deposits of $280,718,815,
Cash on hand, in Federal Reserve
from banks and bankers, including ex¬
on
and
due
changes for clearing house and other cash items, amounts
to
$130,277,787,
against
$93,955,693; holdings of United
$96,562,665, compared with
States Government securities to
$114,599,471;
and
loans
against $43,872,815 at the
capital and surplus
ter
are
and
discounts
end of
total
September.
$47,744,322,
The
bank's
unchanged from the previous quar¬
at
$6,000,000 and $9,000,000, respectively, but undivided
profits
were
$5,147,762 compared
with
$4,977,572 on
Sept. 30.
*
,
•
.
The
statement
Co. of New York
of condition
of Dec.
of
the
United
States
Trust
31, 1940, shows total deposits
of $130,865,903 and total assets of $163,711,925, as com¬
pared with $117,723,716 and $150,143,118, respectively, on
Sept. 30 last.
Cash in banks amounts to $94,341,124,
as
«
Lafayette National Bank of Brooklyn reported as of Dec.
1940, total deposits of $11,286,991 and total assets of
$12,801,790 compared respectively with $10,485,690 and $12,120,575 on Sept. 30, 1940.
Cash on hand and due from
banks amounted to $3,850,262 against $3,317,759; holdings
of Government Securities to $3,978,048 against $3,901,690;
and loans and discounts to $3,801,983 against $3,443,053.
31,
Capital and surplus were unchanged at $800,000 and $100,respectively
and
undivided
profits
were
$227,197
000
against $173,948 at the end of September.
r'r
The Commercial & Financial Chronicle
Volume 152
The Niagara County Savings Bank of Niagara Falls, N.
Y., is celebrating its 50th anniversary having been founded
on
Jan. 2, 1891.
Deposits of the bank are reported cur¬
rently at
all-time high of approximately $6,050,000 and
loans have increased to more than $4,300,000,
an
its mortgage
according to Edson P. Pfohl, President of the institution.
Niagara County Savings Bank, the only mutual sav¬
ings bank in Niagara Falls, has been recognized as a
pioneer in several types of service, notably for one of the
The
first
school
savings
in 1924 and
departments,
numbers
now
over
which
was
inaugurated
15,000 accounts, and for its
industrial savings plan, begun in 1925 and now
to over
amounting
$113,000,
Total
in The County Trust
Co., White Plains,
N. J., as of Dec. 31, 1940 were $21,816,634.35 compared
with total resources of $17,315,437.98 as of a year ago.
Deposits are now $19,616,292, compared with $15,197,465.
Capital funds increased from $1,666,565.06 to a present
total of $1,725,722.86.
Reserve for contingencies now total
$324,952. Andrew Wilson, Jr. is President of the institution.
resources
♦
In its
condensed statement of condition
as
of Dec. 31,
1940, covering all offices and foreign branches, the First
National Bank of Boston, Boston, Mass., reports total
deposits of $837,063,044 and total assets of $939,646,451,
as compared,
respectively, with $774,051,939 and $878,605,395 on June 29, last.
In the present statement, cash and
due from banks total $490,407,523 (comparing with $470,175,963 on the earlier date); loans, discounts and invest¬
ments to $272,530,595 (against $247,581,124); United States
Government securities to $126,986,186 (compared with $121,-
263,571), and State and municipal securities to $13,025,755
(against $12,078,024).
No change has been made in the
bank's capital which stands at $27,812,500, but surplus
and profits have risen to $54,848,544 from $53,813,198 on
The figures of Old Colony Trust Co., which is
June 29.
beneficially owned by the stockholders of The First National
Bank of Boston, are not included in the above statement.
The
in
its
Fidelity-Philadelphia Trust Co. of Philadelphia, Pa.,
of condition as of Dec. 31, 1940 reported
statement
total
deposits of $135,842,729 and total resources of $158,203,242, compared respectively with $131,044,303 and $153,152,312 on Sept. 30 last. Cash on hand and due from banks
amounted to $38,104,988, against $40,819,722; holdings of
securities
$25,876,022, comparing with $25,$28,437,152, against $26,669,456.
Capital and surplus are unchanged at $6,700,000 and $12,000,000, respectively, and undivided profits are $2,107,752,
against $1,906,787 three months ago.
Government
889,
168
and
loans
to
to
Total deposits
of $115,399,775 and total resources of
$126,717,210 are reported by the First National Bank of
Philadelphia, Philadelphia, Pa., in its statement of condi¬
tion as of Dec. 31, 1940, contrasting with $110,911,496 and
$122,364,486, respectively on June 29 last.
In the current
statement the principal items making up the assets are:
Cash and due from banks, $42,336,017
(comparing with
$41,029,290 on the earlier date) ; United States Government
securities, $29,911,029 (against $28,728,023); time loans and
$21,119,596 (comparing with $18,666,786),
$15,894,661
(against
$14,152,637).
Capital and surplus remain unchanged at $3,111,000 and
$4,000,000, respectively, but undivided profits have declined
to $1,607,605 from $1,620,626 on June 29.
discounted paper,
demand
loans,
Federal
Savings
Loan
&
Association
of Philadel¬
phia, Pa., reports total assets on Dec. 31, 1940 amounting
to $1,695,526 compared with $1,126,901 at the close of 1939,
or an increase of 50%.
First mortgage loans held by the
Association
at
the
close
of
1940
amounted
to $1,530,517,
compared with $1,015,428 a year ago; savings and invest¬
ment share accounts amounted to $1,263,985, compared with
$945,589, and reserves and undivided profits increased from
$34,612 to $55,109 during the year.
Samuel A. Green is
Secretary-Manager of the Association, which is the oldest
Savings & Loan Association in Pennsylvania.
A
dividend at the rate of 3%% per annum was paid Jan. 1
for the last six months of 1940.
Federal
The Fifth Third Union Trust Co. of
its
condition statement
as
Bank
&
Co.
Trust
of
against $1,543,917,193 on June 20 last), of which the prin¬
cipal items are:
Cash and due from banks, $670,627,861
(against $660,976,022 on June 29); United States Govern¬
ment
obligations, direct and fully guaranteed, $675,321,192
with $645,413,466), and loans and discounts,
$188,836,340 (against $156,347,094).
On the liabilities side
(compared
of
the statement, total deposits are given as $1,491,577,548
(up from $1,421,459,289 six months ago).
The bank's
capital remains the same at $50,000,000, but surplus ac¬
count has been increased to $40,000,000 from $30,000,000,
undivided
$20,213,035
profits
total
237,
are
now
$15,221,863,
Co. of Chicago,
at the close of business
as
down
from
June 29.
on
The Northern Trust
statement
111., in its condition
Dec. 31, 1940, reports
deposits of $397,232,948 and total assets of $422,600,against $389,748,385 and $414,357,824, respectively
as
at the close of business
comprising the
and
due from
the
earlier
Sept. 30, 1940.
resources
The principal items
in the current report, are: Cash
banks, $161,903,069 $against $168,600,814 on
United States Government securities,
date);
$110,454,878
(up from $105,392,424) ; other bonds and
securities, $103,154,197 (against $94,360,745), and loans and
discounts, $44,500,037
(comparing with $29,682,609).
No
change has been made in the company's capital and surplus,
which stand at $3,000,000 and $6,000,000, respectively, but
undivided profits have risen to $4,894,956 from $4,696,275
three months ago.
The Harris Trust &
condition
Savings Bank of Chicago, 111., in its
of Dec. 31,
1940, reveals total
$314,405,424 and total assets of $338,282,781,
comparing, respectively, with $305,856,204 and $329,832,759,
on Sept. 30, last.
The chief items comprising the resources
in the later statement are:
Cash on hand, in Federal Re¬
serve Bank, and due from banks and bankers, $115,669,156
(against $127,279,375 on the earlier date) ; time loans and
statement
as
of
deposits
bills discounted,
$65,573,540 (contrasting with $56,618,798) ;
securities at par, $55,454,000
(against $51,609,500); state and municipal securities, not
exceeding market value, $45,740,495 (comparing with $44,430,476), and other bonds and investments, $43,973,233
(comparing with $39,761,219).
The bank's capital and
surplus continue at $6,000,000 and $8,000,000, respectively,
but undivided profits are now $4,021,907, up from $3,891,758
United
States
Government
three months ago.
4
deposits of $175,496,963 and total assets of $184,(537,056 are shown in the statement of condition of the City
National Bank & Trust Co. of Chicago, Chicago, 111., in its
as of Dec. 31, 1940, contrasting respec¬
condition statement
tively, with $159,365,408 and $168,217,379
Cincinnati, Ohio, in
of Dec. 31, 1940, reports total
deposits of $127,154,414 and total assets of $138,938,793,
as against $119,949,044 and $131,945,678, respectively, on
Sept. 30, last. The chief items comprising the resources in
the current report are: Cash and due from banks and United
States
bonds, $75,989,580 (against $69,733,130 on the
earlier date); loans and discounts,
$42,965,799 (against
$42,001,458), and other bonds and securities, $13,602,441
(contrasting with $12,872,355.) Capital debentures, capital
3toek and surplus account remain unchanged at $1,500,000,
$5,000,000, and $3,500,000, respectively, but undivided
profits have risen to $851,024 from $793,728 three months
on June 29,1940.
comprising the resources in the present
Cash
and due from banks, $102,395,816
The principal items
statement
are:
(against $82,100,666 three months ago); United States Gov¬
ernment securities, $31,740,959
(down from $34,578,813),
and loans and discounts, $39,718,310 (against $41,304,088).
The bank's capital is
account
has
risen
to
unchanged at $4,000,000, but surplus
$3,200,000 from $3,000,000, and un¬
divided profits have dropped to
the
$501,404 from $559,906
on
previous date.
«
The
♦
First
National
Total
»
and
Continenral Illinois
The
Chicago, Chicago. 111., in its condition statement as of Dec.
31, 1940, reports total resources of $1,620,004,121
(as
and
♦
215
Industrial
Personal
Loan
National
&
Bank
of
Chicago—the
Bank—has
Savings
completed
former
its
re¬
capitalization program announced a few weeks ago.
The
Comptroller of the Currency has authorized the reduction
of the common capital of the bank from $2,000,000 to $1,000,000, and the issuance of $1,000,000 of 4y2% cumulative
preferred stock, with a par value of $100 per share.
Con¬
currently with the recapitalization of the bank's capital,
the par of the common stock has been reduced from $100
per share to $20 per share.
As the result of this change,
the Industrial National Bank now has 50,000 shares of com¬
mon
capital amounting to $1,000,000, and 10,000 shares of
preferred capital amounting to $1,000,000.
The surplus of
the bank is $1,100,000, and the undivided profits $586,000.
An announcement in the matter goes on to say:
In
way
effecting
the
recapitalization
of rights or subscription
there
has
been
no
new
financing
by
The equity of the stockholders has not been
For each share of the former stock, the stockholders have re¬
ceived ^3 share of preferred stock, and 2% shares of common stock.
The industrial National Bank assumed its present name on Dec. 2, 1940,
changed.
and
continues
to occupy
the quarters of the former Personal Loan & Sav¬
ings Bank at 81 West Monroe.
Reference
columns
on
was
made to the affairs of this bank in these
Nov. 2. page
2591 and Nov. 30, page 3173.
#
4, the Drexel State Bank of Chicago,
State member Bank, was converted into a
national bank under the title of Drexel National Bank.
Effective
Jan.
Chicago, 111.,
a
The
American
National
Bank & Trust Co.
of Chicago,
of Dec. 31, 1940
reports total deposits of $79,089,872 and total assets of
$84,433,857, as compared with $69,160,944 and $73,653,340,
respectively, on June 29 last. The chief items comprising
Chicago, 111., in its condition statement as
the
assets
in
the current
report are Cash and due from
banks, $33,287,139 (against $26,322,249 on June 29); loans
and discounts, $21,399,701
(contrasting with $19,681,288),
financial Chronicle
Commercial 6
216
and United States Government
pioneer in
guaranteed,
San
obligations, direct and fully
$14,601,018 (against $12,910,566 six months
ago).
The bank's capital continues the same at $1,600,000,
but surplus account has been increased to $2,000,000 from
$1,000,000, and undivided profits are now $551,036, against
$651,580 on June 29.
national
banks
National
Bank
were
of
business
consolidated
with head
office
Dec.
in
Michigan
The institu¬
the
comprising the consolidated bank are: Lansing Na¬
tional Bank
(capital $350,000), First National Bank of
Battle Creek, Battle Creek
(capital $542,000), First Na¬
tional Bank & Trust Co. of Grand Ilapids, Grand Rapids
(capital $685 000), First National Bank in Marshall, Mar¬
shall (capital $90,000), First National Bank of Port Huron,
Port
Huron
(capital $985,000), and Saginaw National
Bank, Saginaw (capital $357,000).
The capitalization of
the new Michigan National Bank is $3,134,000, consisting
of
$1,634,000
par
value
of
preferred
stock
(R.F.C.),
divided into 163,400 shares of the par value of $10 each,
and $1,500,000 par value of common stock, divided into 150,000 shares of the par value of $10 each.
consolidated
the operation
Bank
is
authorized
of the three branches of the
Port
of
institutions
First National
Huron, located at 2401 Conner
Street, 1601
Street, in the City of
Port Huron, and the branch of the First National Bank of
Battle Creek, West Michigan and Washington Avenues, in
the City of' Battle Creek, all of which branches were in
Jan.
on
committee,
bank's
D. Ivey, President of the bank, joined
2, 1903, 38 years ago.
E. T. Pettigrew,
director
celebrated
staff
Jan.
on
and
his
2,
From
the
the
that
Feb. 25, 1927.
"Michigan Investor"
on
new
bank
opened for
$57,000,000.
approximately
Jan.
of
business
4,
it
is
learned
2.
Jan.
on
J.
Howard
President.'
A
Its
Stoddard
is
Both
have
men
metropolis,
the
eeen
and have
outstanding
city
Angeles from Texas, while be
bank
as
a
Mr.
Pettigrew
Iowa and
several
spent
the
then
absorbed
then
still
tional
by the
granted
was
Comptroller of the Cur¬
Dec. 31 to the First Security Bank of Idaho, Na¬
on
Boise,
Association,
Ida.
The
organization,
new
which represents a conversion to the national system of the
First Security Bank of Idaho, Boise, is capitalized at $1,-
200,000.
G.
E.
Bennett
is
President
C.
D.
Rankin,
close
of
4
its
condition
statement
as
at
the
Dec.
31, 1940, the First National Bank in St. Louis, St.
Louis. Mo., shows total assets of $310,072,998 (contrasting
with $281,769,088 on June 29, 1940) of which $147,186,710
represents cash and due from banks (against $127,073,290
six months ago); $68,751,582 loans and discounts (as com¬
pared with $63,087,046), and $56,438,881 United States Gov¬
ernment securities (against $50,864,235).
On the debit side
of the report, total deposits are shown as $289,688,108 (con¬
trasting with $260,999,650);
No change has been made in
the bank's capital, which stands at $10,200,000, but surplus
and profits have been
latter year has
The annual statement of the
Hibernia National Bank in
Orleans,
flects
New Orleans, La., as of Dec. 31, 1940,
continued improvement in business conditions
a
the New Orleans trade
date
$62,354,531,
were
year ago—a
Deposits of the bank
area.
compared
as
gain of $7,015,000,
and Governments
or
with
re¬
in
on
that
$57,762,668
one
approximately 8%; cash
increased from
$41,478,000 to $42,822,000
68% liquid, while loans were $15,591,534—
gain of $572,000 since Dec. 31, 1939.
During the year the usual dividends on capital stock
totalling $111,000 were paid, in addition to which $40,000
was
added to surplus; $45,000 to undivided
profits, and
$60,000 to reserves. A. P. Imahorn is President of the in¬
and the bank is
a
stitution.
4
New
I
end
San
high levels in deposits were revealed by the yearstatement of Wells Fargo Bank & Union Trust
Co. of
Francisco. Calif.
$316,708,451,
were
Total
deposits
on
Dec.
$43,032,618 higher than
a
31, 1940, at
year
earlier.
Demand deposits this year-end
time deposits
aggregated $188,849,211 and
$118,025,467, with the balance in public funds.
A year earlier the demand
deposit figure was
and
$156,546,940
time
amounted
deposits
to
$110,783,148.
were
$342,919,238,
an
Total
resources
increase of $42,262,854
over
1939
the
year:end figure, with cash ($77,118,827) up $16,708,345, and holdings of United States Government securi¬
ties
on
($179,512,589), rising $23,844,953.
Dec.
born
with
Loan
He
&
in
Illinois,
Dakota.
the
old
Trust
same
as
Ettore
First
National
Bank
of
and
a
director
of
San
Francisco, San
Francisco, Calif, died on Dec. 26. Mr. Avenali, who was 58
years of age, was a native of
Italy. After being graduated
from the University of
Rome, he went to San Francisco
and entered the
banking business. In 1911 he became Man¬
ager of the foreign department of the First
National Bank
of San
Francisco, which merged with the Crocker National
Bank in 1926 to form the Crocker
First National Bank.
Los
Co..
moved
came
both
of
with his family
Angeles in 1888, and
west
to Los
California
which
National
have
served
a
as
came
Cashier
in
1903,
from
when
1911
to
long
His
he
was
1918,
Bank
since
and
been
first official
elected
As¬
and since the
Vice-President.
*
Ore.,
re¬
ports in its statement of Dec. 31, 1940, deposits of $162,522,442
against deposits of $150,565,209 on June 29 of this
and deposits of $133,190,344 as of Dec. 30, 1939, the
past six months representing a gain of $11,957,233 and
for the year of $29,332,098.
as
It is stated that defense
operations of the United States
Georges, Bermuda, where a naval base is
being constructed, have resulted in great business activity
in that part of Bermuda.
In order to provide the necessary
banking facilities, the Bank of N. T. Butterfield & Son,
Limited, of Hamilton, announce they will open a branch at
St. Georges in leased quarters during the latter part of Feb¬
ruary.
Land has been purchased and the bank will erect its
own building in due course.
The original firm of N. T.
Butterfield was in business in St. Georges 140 years ago
when it was the capital of Bermuda.
4
According to cable advices received at the New York office
of the representative of Barclays Bank Limited (head office
London) dividends for the year 1940 remain unchanged for
the "A," "B" and "C" shares, namely 10% on the "A" and
"B" and 14% on the "C" shares, which are the same rates
which have been distributed for many years.
Net profit for
the year 1940 amounted to £1,525,666; amount brought
forward to £568,727, making a total of £2,094,393,
An
amount of £150,000 has been appropriated to contingency
account and £200,000 to reduction of premises account.
♦
Nov.
1, 1940, has been received.
The report, which was
presented to the shareholders at their annual general meeting
Dec. 19, shows net profits, after deducting expenses of
management at head office, London office and 190 branches
and sub-offices, allowing for rebate, interest and Govern¬
ment taxation and after making provision for all bad and
doubtful debts, of £279,434.
To this sum was added £86,363, representing balance brought forward from the pre¬
ceding fiscal year, making together £365,798 available for
distribution, which was allocated as follows: £112,700 (after
deduction of income taxes) to pay dividends of 16% per
annum
on
the consolidated capital stock and of 5% per
annum on the
"A" stock; £50,000 added to reserve fund;
£50,000 added to investment reserve fund; £30,000 to
heritable property account; £30,000 contributed to officers'
pension scheme, and £5,000 to staff widows' fund, leaving a
balance of £88,098 to be carried forward to the current
fiscal year's profit and loss account.
Total assets of the
institution are given in the report as £52,702,177 (as com¬
pared with £47,152,629 a year ago) and deposit receipts,
savings accounts, current accounts, and other creditor
balances, as £41,959,529 (as against £37,849,751 the pre¬
vious year.)
The bank's paid-up capital remains the same,
on
at
£1,500,000, but the reserve fund is now £2,000,000
(against £1,950,000 last year.) The Marquess of Zetland is
Governor of the bank and John T. Leggat, General Manager.
THE CURB MARKET
Further advances
were registered this week on the New
Exchange, and while the tone of the market
continued strong, the volume of transfers dropped con¬
siderably below the high of the preceding week. Gn Tuesday
the advances and declines were about evenly divided.
In¬
dustrial stocks and public utility preferred shares were the
York
4
Avenali, Senior Vice-President
Crocker
to
joined the
a
earlier, while undivided profits at the year-end stood
at $2,875,466, as
compared with $2,754,554 a year earlier.
the
but
He
Southern
The United States National Bank of Portland,
year
;'
came
Loans and discounts
31, 1940 total $39,130,147, practically the
•
Ivey
The annual statement of the National Bank of Scotland,
Ltd. (head office Edinburgh), covering the fiscal year ended
—4
.
Mr.
and first
South
to
been
mighty
job in the organiza¬
in
by others in the banking progress of the city.
Cashier.
a
every
increased to $9,027,560 from $8,762,-
223 six months ago.
New
today.
into
teens,
business
and
Cashier.
In
town
humble office to the
an
his
was
capacity with Citizens National
sistant
small
its President since 1929.
was
years
State
a
He has held practically
messenger.
tion, and has been
to
from
grow
the bank progress from
seen
financial institution that it is
Government at St.
,
.
charter
executive
resources
4
rency
the
year;
capital funds are in excess of $5,000,000 and its
total
of
milestone; he joined the
The bank's announcement
1901.
Pine Grove Avenue and 934 Griswold
operation
member
a
40th
in the mater further said:
continue
to
Herbert
bank
Vice-President,
tions
The
Vice-
Los Angeles, Calif., started the
by celebrating their anniversaries with the in¬
year
stitution.
the
Lansing.
clearing house in
many years as
Two senior officers of the Citizens National Trust & Sav¬
31, six Michigan
form
to
bank
a
ings Bank of Los Angeles,
new
the close
the establishment of
Francisco, Mr. Avenali served for
President of the San Francisco Clearing House Association.
»
Effective at
Jan. 11, 1941
A
Curb
most active and recorded numerous substantial advances.
Aircraft issues moved within a narrow range, oil stocks were
quiet
and
paper
issues
were
unsettled.
Curb
trading
stocks
on
and
cardboard
shares
and
shipbuilding
again advanced during the brief period of
Saturday, but the volume of sales dipped to ap-
Volume
proximately 66,000 shares against 208,000 on the preceding
short session.
Public utility preferred stocks were strong
especially the Puget Sound Power & Light Co. $5 pref. and
$6 pref. both of which broke into new high ground, the former
with a gain of 5 A points to 111 and the $6 pref. with an
advance of 2% points to 66%.
Metropolitan Edison $6
pref. moved upward 3 points to 108^ and Northern Indiana
Public Service 7% pref. advanced 1 point to 119.
Industrial
shares also were active Chicago Flexible Shaft gaining 2%
points to 72, Colt's Patent Fire Arms 1% points to 81,
Godchaux Sugar A, 2 points to 21 and
Quaker Oats, 2 points
to 103.
Aircraft stocks were quiet, shipbuilding issues were
unsettled and paper and cardboard shares moved within a
narrow
?
range.
industrial issues and public
utilities, curb stocks again moved upward on Thursday, and
while there were no spectacular features, more than 30 shares
registered gains of a point or more. The bright spot of the
day was Scranton-Spring Brook Water Service, $6 pref.
which climbed 734 points to 9134Oil issues were moder¬
ately higher but aluminum stocks were mixed. In the ship¬
building section Todd Shipyards moved ahead 1 point to 96,
but New York Shipbuilding (founders shares) did not appear
on the tape.
Aircraft issues were generally unchanged ex-6
cept Brewster which was fractionally lower and the paper
and cardboard stocks were inclined to move downward.
Prominent on the side of the advance were Alabama Great
Southern, 134 points to 77; Babcock & Wilcox, 2 points to
3034; Columbia Gas & Electric pref., 2 points to 59; Eastern
Gas & Fuel, 6% pref., 2 points to 40; Eureka Power & Light,
434 points to 2834; Monarch Machine Tool Co., 2 points to
36; New York Water pref., 2 points to 39: Utah Power &
Light $7 pref., 334 points to 8334 and Western Maryland
pref., 4 points to 65.
Curb stocks continued their
while there
upward climb
were a score or more
on
Friday, and
of the market favorites that
registered advances of around a point, a goodly number of
changes in the general list were in minor fractions.
Air¬
craft stocks were unsettled, Beech and Bellanca recording
fractional gains while Bell declined and Brewster was un¬
changed. Todd Shipyards improved 134 points to 9734 But
New York
Shipbuilding (founders shares) was absent from
the tape.
Paper and cardboard stocks closed on the side of
the advance and the oil issues were moderately higher.
The
gains included among others Scranton-Spring Brook Water
Service, $6 pref. which climbed upward 334 points to 95 and
Cities Service pref. which forged ahead 3 points to 6934As compared with Friday of last week prices were higher,
Babcock & Wilcox closing last night at 3134 against 2734 on
Friday a week ago; Cities Service at 5 against 434; Chicago
Flexible Shaft at 72 against 6934; Consolidated Gas Electric
Light & Power Co. of Baltimore at 73 against 6934; Ford of
Canada A at 1034 against 934; International Petroleum at
1034 against 934; New Jersey Zinc at 6834 against 6634;
Niagara Hudson Power at 334 against 334; Singer Manu¬
facturing Co. at 111 against 10934; South Penn Oil at 3934
against 3834, and United Shoe Machinery at 6034 against
5834.
Foreign
Corporate
Government
Total
$458,000
944,000
953,000
4,000
6,000
963.000
1,432,000
25,000
9,000
1,466,000
Thursday__
118,040
1,291,000
3,000
35,000
$5,000
$5,000
915,000
24,000
134,935
Total
1,619,000
11,000
8,000
1,329,000
1,538,000
654,190
Friday
$6,563,000
$48,000
$87,000
$6,698,000
Jan. 1 to Jan. 10
Week Ended Jan. 10
Sales at
New York Curb
1940
1941
Exchange
1939
1940
654,190
859,210
855,850
1,516,435
$6,563,000
$10,601,000
$8,418,000
Stocks—No. of shares.
Bonds
48,000
Foreign government
-
_
94,000
68,000
87,000
110,000
98,000
$16,503,000
189,000
188,000
$6,698,000
Domestic
$10,805,000
$8,584,000
$16,880,000
-
Foreign corporate
Total..-..—.....
Course of Bank
Clearings
Bank
clearings this week show an increase compared with
a year ago.
Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
indicate that for the week ending today (Saturday, Jan. 11)
clearings from all cities of the United States for which it is
possible to obtain weekly clearings will be 0.6% above those
for
the corresponding week last year.
Our preliminary
total stands at $6,048,578,054, against $6,013,652,270 for
week in 1939.
the
same
the
week ended
mary
At this center there is
Friday of 3.4%.
a
loss for
Our comparative
sum¬
for the week follows:
Per
Clearings—Returns by Telegraph
Week Ending Jan. 11
1941
Cent
1940
$2,619,376,603
$2,711,557,599
—3.4
Chicago
269,592,720
265,465,014
Philadelphia..—
364,000,000
192,815,640
86,774,102
83,700,000
129,252,000
122,931,527
335,000,000
186,884,557
82,672,657
+• 69,600,000
118,598,000
4-1.6
4-8.7
4-3.2
New York.
Boston ....-..-.irf———i.*,
Kansas
City
St. Louis
San Francisco-—-..
Pittsburgh
;
—
-
•
96,160,356
4-6.0
4-20.3
4-9.0
4-27.8
4-26.9
+ 15.6
Cleveland--..-------....—..
96,831,000
Baltimore--.---—-—--——--—.—..
72,533,118
84,301,297
83,753,129
60,301,563
$4,144,756,798
812,391,580
$4,094,294,172
798,615,835
$4,957,148,378
$4,892,910,007
+ 1.3
1,091,429,676
1,120,742,263
—2.6
$6,048,578,054
$6,013,652,270
+ 0.6
Detroit-
-
.
.
106,950,088
.
Eleven cities, five days
Other cities, five days
—
Total all cities, five days.
All cities, one day
Total all cities for week.
+20.3
+ 1.2
+ 1.7
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
them today, inasmuch as the week ends today
furnish
(Saturday) and the Saturday figures will not be available
noon today.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
until
present further below, we are able to give final and complete
for the week previous—the week ended Jan. 4.
For that week there was an increase of 21.1%, the aggregate
results
clearings for the whole country having amounted to
$7,102,824,727, against $5,866,222,989 in,the same week in
1940.
Outside of this city there was an increase of 16.9%,
the bank clearings at this center having recorded a gain of
24.8%.
We group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
of
that in the New York Reserve District (including
city) the totals register an expansion of 24.3%, in the
18.3%, and in the Philadelphia
Reserve District of 13.5%.
The Cleveland Reserve Dis¬
appears
this
Boston Reserve District of
gain of 31.9%, the Richmond Reserve Dis¬
and the Atlanta Reserve District of 11.5%.
Reserve District, there is an improvement of
16.7%, in the St. Louis Reserve District of 24.5%, and in
the Minneapolis Reserve District of 16.3%.
In the Kansas
City Reserve District the totals are larger by 10.2%, in
the Dallas Reserve District by 3.9%, and in the San Fran¬
cisco Reserve District by 14.6%.
In the following we furnish a summary by Federal Reserve
tricts
enjoys
a
trict of 13.9%,
In the Chicago
■.1
districts*'
■ •
*..■ \*
SUMMARY OF BANK CLEARINGS
Inc.or
Week Ended Jan A, 1941
Federal Reserve Dists.
1st
12 cities
Boston
1941
1940
Dec.
1939
$
$
%
S
333,195,502
281,748,719
+ 18.3
+24.3
+13.5
+31.9
+13.9
+ 11.5
+ 16.7
+24.5
+ 16.3
1938
$
247,803,024
302,407,727
3,819,366,202
4,084,839,079
405,296,465
438,064,881
268,435,580
322,269,012
2d
New York.-13
"
4,018,261,952
3,232,240,356
3d
PhlladelphlalO
432,763,310
Cleveland..
7
"
**
491,400,040
4th
407,744.961
309,122,002
5th
Richmond.. 6
"
180,468,927
158,461,329
6th
Atlanta..—10
"
210,125,261
188,449,477
"
M
657,799,483
563,588,868
181,086,057
145,466,222
"
"
114,169,857
150,957,498
136,948,737 +10.2
135,393,423
"
80,432,669
+3.9
241,880,161 +14.6
67,693,831
77,134,355
238,858,206
272,053,145
18
7th
Chicago
8th
St. Louis...
9th
Minneapolis 7
4
10th Kansas City 10
Uth Dallas
6
12th San Fran.„10
Total
"
-.113 cities
Outside N. Y. City
Canada..
32 cities
277,182,520
7,102,824,727
3,232,653,545
396,512,760
98,136,305
77,417,203
130,003,421
150,218,665
167,737,281
186,035,893
467,752,298
580,838,286
131,788,024
156,576,931
93,876,223
108,597,356
152,143,364
5,866,222,959 +21.1
2,764,652,687 +16.9
6,174.003,978
6,831,178,694
2,493,185,114
2,885,870,788
+ 1.5
385,014,700
356,258,684
390,621,249
today a summary of the clearings for the
of|December.x For that month there was an increase
P We also furnish
month
.
Domestic
127,520
107,375
99,830
below the
Under the leadership of the
Bonds (Par Value)
Wednesday.
Monday
Tuesday
mixed.
upward on Wednesday, and while the
previous session, there was a strong
tone to the trading and there were a number of the speculative
favorites that closed with gains up to 2 or more points.
In¬
dustrial stocks were active and advances were registered by
American Hard Rubber which climbed upward 234 points
to 20, Chicago Flexible Shaft, 2lA points to 7834 and May
Hosiery pref., 634 points to 5934Aircraft stocks were
fractionally higher and most of the paper and cardboard
issues were unchanged.
Oil shares were generally quiet and
shipbuilding stocks moved within a narrow range.
In the
aluminum section prices were generally unchanged.
were
EXCHANGE
$453,000
the trading on
transfers
CURB
YORK
66.490
cardboard shares were fractionally higher and
aircraft stocks were moderately stronger.
Prominent on the
side of the advance were New Jersey Zinc, 1 Yi points to 68;
Virginia Public Service pref., 2lA points to 92^; Sullivan
Machinery Co., 1% points to 13; Colt's Patent Fire Arms,
AlA points to 823^; Borne Scrymser,
points to 38; and
Bell Tel. of Canada, 134 points to 10334-
The market turned
NEW
Foreign
of
Shares)
Saturday.,.,
Paper and
Irregular price movements were apparent during much of
Tuesday. There were a moderate number of
gains ranging up to a point or more and a goodly number of
recessions, the advances and declines being evenly divided
as
the market closed.
Industrial specialties were fairly
active Corroon & Reynolds pref. moving forward 3 points
to 73 on a small turnover, Quaker Oats, 2 points to 105 and
Eureka Pipe Line, 3 points to 2434Aircraft shares were
quiet and most moves were fractionally lower.
Great
Atlantic & Pacific Tea Co. n. v. stock moved upward 1
point to 100 and oil issues were generally down. In the public
utility preferred section Long Island Lighting pref. B moved
ahead 134 points to 2734 and Eastern Gas & Fuel pr. pref.,
234 points to 5534-
»
Jan.10.1941
.
were
THE
Stocks
,
down and the oil issues
AT
(Number
Week Ended
gains dominated the trading on Monday with
industrial specialties and public utilities leading the upward
swing.
The transfers totaled approximately 128,000 shares
against 102,000 on the last preceding full day. Shipbuilding
stocks were again unsettled, Todd Shipyards moving down¬
ward 2 points to 95 due to profit taking, while N. Y. Ship¬
building (founders shares) was unchanged at the close.
were
TRANSACTIONS
DAILY
Moderate
Aluminum stocks
217
The Commercial & Financial Chronicle
152
The Commercial & Financial Chronicle
218
for the entire body of clearing houses of 4.3%, the 1940
aggregate of clearings being $30,804,921,153 and the 1939
aggregate $29,540,962,371.
In the New York Reserve Dis¬
trict the totals record an increase of 1.3%, in the Boston
Reserve District of 5.7% and in the
District of 12.1%
In the Cleveland
totals
Our usual monthly
Month
Reserve District the
Federal
December,
Dec.
1938
Stocks, number of shares.
Boston
1.373,037,150
"
10,771,385,483
16,549,591,310
3d
PhUadelphlal7
Cleveland.. 18
"
2,256.331,621
2,012,543,736
4th
••
1,779.495,830
1,623,172,130
5th
Richmond.. 9
M
6th
Atlanta....16
M
994,373,465
874,855,608
7th
Chicago
M
2,654,199,792
2,549,733,551
8th
St. Louis...
7
"
816,912,331
747,151,011
9tb
Mlnneapolls16
"
532,422,240
517,130,430
%
+5.7
+ 1.3
1,299,468,153
New York.. 15
....
10th Kansas
14 cities
31
818,287,996
713,132,296
S
Total bonds—
1,499,600,339
652.170.601
the clearings by months
CLEARINGS
Clearings Outside New York
676,212,907
789,974,019
1940
665,694,940
485,067.402
1939
$
2,272.486.165
672,965,523
472.934,863
Month
$
756,917,917
2,288,686,850
"
886,642,414
849,492,050
+4.4
808.668,578
609,615,956
+ 2.5
556,041,611
1,195,076,140
+8.6
1,175,436,078
30,451,389,232
13,544,872,787
12,500,765,451
12,48 ••,554,832
1,686,060,407
1,617,048,969
+4.3
1,586,511,089
1,653,414,836
—4.4
1st qu. 75.769.569.240 74,992,605,154
28,633,299,192
14,608,570,912
+4.3
+7.9
Mar.. 26.247.301.104 27.459.974,767
1,266,458,301
29,540,962,371
1939
$
%
$
%
+3.9 12,620,502,357 11.076,265.314 + 13.9
+4.6 11,029,309,130
9,617,767,064 + 14.7
Feb—_ 22,834.951.138 21.840.482,419
536,5 8,219
30,804,921,153
1940
26.687.316.998 25.892.147.968
Jan..
808,998,921
625.134,980
1,297,697,851
32 cities
covers
Clearings, Total AU
1,775,914,097
1,417,649.226
-
Canada...
following compilation
16,727,282,951
1,866,029.678
"
Outside N. Y. City
262,029,599
$211,237,000 $176,100,000 $1,669,438,000 $2,046,083,000
MONTHLY
11
191 cities
1939
207.600,249
1,162.117,033
City 18
Total
17,773,413
Bonds
S
1,260,654,268
12thSan Fran...19
11th Dallas
18,397.158
1940
since Jan. 1, 1940 and 1939:
18,490,177,937
+ 12.1
+9.6
+ 14.7
+ 13.7
+4.1
+ 9.3
+3.0
1939
Railroad & misc. bonds.. $190,149,000 $146,192,000 $1,414,418,000 $1,479,987,000
Foreign govt, bonds.....
18,882,000
25,586,000
216,171,000
254,964.000
XL S. Government bonds.
2,206.000
4,322,000
38,849,000
311,132,000
1937
$
1st
2d
Twelve Months
of December
1940
December,
1939
%
Reserve Dists.
Inc.or
on
The results
Description
The
December,
appended.
for December and the 12 months of 1940 and 1939 follow:
Philadelphia Reserve
larger by 9.6%, in the Richmond Reserve District
by 14.7% ana in the Atlanta Reserve District by 13.7%.
In
the Chicago Reserve District the totals show an improve¬
ment of 4.1%, in the St. Louis Reserve District of 9.3% and
in the Minneapolis Reserve District of 3.0%.
In the Kansas
City Reserve District the gain is 4.4%, in the Dallas Reserve
District of 2.5% and in the San Francisco Reserve District
of 8.6%.
1940
detailed statement of transactions
the New York Stock Exchange is
are
December,
Jan. 11, 1941
+ 1.0 36.007,787,654 32,143,069,934 + 12.0
Apr... 26.036.643,067 24,156,251,694
12.357,976,167 11,449.037.566
+7.9
May.. 26.861.893.622 24,639.280.005
+ 7.8 12,098.713,499 10.773,253.307 + 12.3
+ 9.0 12.708,644,053 11,159,259.737 + 13.9
June.. 24.249,954,403 25,501.376,432
—4.9 11,915,737,157
2d qu. 77,148,490,992 74,296.908,131
+ 3.8 36,723,094,709 33.376.596,332 + 10.0
6
We append another table showing the clearings by Federal
Reserve districts for the 12 months for four years:
+4.1
152918.060,232 149289,513,285
+2.4 72,730.882.363 65.519,666,266 + 11.0
25,423,251,336 23,848.853,208
23,377,079.031 24,961,692,543
+6.6 12,448,091,645 11,197,200,633 + 11.2
—6.3 11,989.477.307 11.324,361.453
+ 5.9
mos
July
11,444,083.288
.
Aug
Sept.. 23,432,233,319 26,380,267,085 —11.2 11,920,433,542 11,970,139,075
—0.4
12 Months
12 Months
Inc.or
12 Months
12 Months
1940
1939
Dec.
1938
1937
3d qu. 72,232,583,686 75,190,812,836
—3.9 36,356,002,494 34,491,701,161
+ 5.4
S
f
9 mos. 225150623,918 224480,326,121
+0.3 109086,884.857 100011,367.427
+ 9.1
Federal Reserve Dists.
1st
Boston
S
14 cities
$
14,240,386.650
13.492,173,819
2d
New York.. 16
"
3d
Philadelphia 17
"
22,617,087,446
20,897.797,933
4th
Cleveland.. 18
"
17,765,151,674
15,741,835,379
5th
Richmond..
9
"
8,325,909,545
7,307,901,646
6th
Atlanta
16
"
9,851,081,729
8,895,556,532
7th
Chicago
31
"
27,753,290,918
8th
St. Louis...
7
M
8,105,212,530
Minneapolisie
9th
%
+5.5
166,963,683,785 171,588,715,596
—2.7
12,384,370.798
13,970,672,590
170,701,956,647 *93,342,655,354
7,974,307,098
8,500,283,844
24,922,876,190
+ 8.2
+ 12.9
+ 13.9
+ 10.7
+ 11.4
22,911,117,438
+8.2
6,879,519,576
7,728.793,846
Oct... 28.081.856,816 25,041,942,693 + 12.2 13.876,944,494 12,515,142,178 + 11.1
Nov
27,940,805,210 25,270,228,098 + 10.6 13,527,768.426 12,348,533,462
+ 9.5
Dec... 30,804.921,153 29,540,962,371
+4.3 14,608,570,912 13,544,872,787
+ 7.9
27,258,503,244
7,488,090,194
19.005,127,063
20,869,872,171
14,199,255,547
17,640,302,782
8,770,497,819
7,622,630,175
"
6,016,935,555
5,521,836,755
+9.0
5,175,835,474
City 18
"
9,619,895,216
9,230,741,889
6,712,217,893
6,299,325,946
5,771,302,039
6,073,786 064
12thSan Fran...19
M
14,007,365,156
12,946,607,404
+ 8.2
12,261,887,471
14,346,579,222
4th qu. 86,827,583,179 79.853,133,162
+8.7 42,013,283,832 38,408,548,427
+ 9.4
\2 mos 311978207.097 304333459,283
+ 2.5
151100168,689' 138419915,854
+9.2
9,987,800,720
"
+4,2
+6.6
8,675,688,693
11
..
10th Kansas
11th Dallas
Total
191 cities 311,978,207,097 304,333,459,283
Outside N. Y. City
Canada
151,100,168,689 138,419,915,854
32 cities
18,509,509,914
17,665,0.7,809
5,742,461,878
+2.5 292,710,865,663 333,084,341,890
+9.2 127,554,968,367 146,344,564,369
+4.8
17,264.888,007
The course of bank clearings at leading cities of the country
for the month of December and since Jan. 1 in each of the
last four years
BANK
18,854,552,327
is shown in the subjoined statement:
CLEARINGS AT LEADING
<000,000
The
volume
of
New York Stock
transactions
in share
properties
Exchange for the calender
to 1940 is indicated in the
of
years
the
on
1936
following:
SALES OF STOCKS ON THE NEW YORK
omitted)
1937
Philadelphia
Louis
Pittsburgh
1936
8an Francisco
No. Share8
No. Shares
No. Shares
No. Shares
No. Shares
Baltimore
15,990,666
—.
February-
13,470,756
16,270,368
March
25,182,350
13,873,323
24.563,174
24,151,931
58,671,416
50,248,010
14,526,094
22,995,770
67,201,745
60,884,392
51,016,548
50,346,280
Kansas
City
Cleveland
Minneapolis
New Orleans
Total first quarter.
1
to
1939
Dec. 31
1938
1937
....
Cincinnati
Month of January
1940
...16,196 15,996 17,951 16,149 160,878 165,914 165.156 186,740
1,542
1,621
1,434
1,427
16,685
15,556
14,561
17,013
1,163
1,101
1,072
988
12,106
11,516
10,507
11,914
2,131
1,901
1,759
1,669
21,455
19,823
17,969
19,724
468
437
410
404
4,822
4,528
4,211
4,815
725
661
566
618
7,075
6,119
5,561
7.387
720
686
688
733
7,774
7,350
7,053
7,914
415
353
319
323
4,202
3,586
3,274
3,643
305
281
265
263
3,245
2,985
2,780
3,230
460
440
406
411
4,998
4,767
4,406
6,258
678
520
434
451
5,734
5,028
4,352
5,128
327
326
296
304
3,787
3,467
- 3,256
3,686
201
203
183
183
2,150
2,067
1,905
1,973
667
516
477
471
6,312
5,054 i 4,420
5,868
193
174
167
160
1,933
1,779
1,636
1,786
149
141
143
134
1,614
1,566
1,468
1,611
Chicago
1938
1939
-Jan.
1937
1938
$$$$$$$$
Boston
STOCK EXCHANGE
CITIES IN DECEMBER
of December
1939
1940
.
New York
St.
1940
Month
45,731,788
63,618.847
61,673,796 159,265,706 179,102,685
Detroit
Month of April.....
26,695,690
17,119,104
14,004,244
34,606,839
18,549,189
Omaha
38,964,712
June..
15,574,625
20,246,238
12,935,210
11,963,790
39,609,538
May......
24,368,040
16,449,193
21,428,647
Louisville
Providence
59
63
56
66
603
548
Milwaukee
104
102
93
97
1,051
992
1,095
Buffalo
20,613,670
168
159
146
150
1,663
1,539
1,329
1,576
1,258
1,887
1,348
45,145,238
55,491,388
69,605,221
81,651,855
Month of July
7,304,820
7,614,850
11,940,210
August
September.
18,067,920
38,773,576
20,728,160
23,826,970
17,372,781
57,091,430
20,722,285
17,212,553
33,854,188
34,793,159
26,563,970
135
126
113
123
147
145
141
140
Indianapolis
102
90
86
80
Richmond
81,235,027
Total six months.. 126,966,815 108,764,085
117,165,183 228,870,927 260,754,540
St. Paul
Denver
Total second quar.
1,136
1,833
1,459
1,627
1,063
213
205
187
191
2,237
Memphis
148
129
89
95
Seattle
196
165
152
153
1,256
2,113
525
571
1,486
1,666
977
888
956
2,106
1,100
1,982
2,112
956
1,043
1,842
Total third quarter
26,859,880
92,532.131
83,328,705
71,789,026
1,709
1,986
Salt Lake City
84
79
77
84
843
787
708
857
Hartford
30,872.559
64
63
53
44
629
581
550
605
92,229,688
Total..
Total nine months 153,826,696 201,296,216
200,493,888 300,659,953 352,984,228
Month of October
14,489,085
20,887,311
18,397.158
23,734,934
19,225,036
17,773,413
41,558,470
27,922,295
27,492,069
Total fourth quar.
53,773,554
60,733.383
80,633,434 153,305,514 180,301,539 180,593,643 235,292,329
Other cities
December.
mos
43,995,282
50,467,182
48,600,177
28,422.380
3,145
Total all
96.972,834 108,804,617 143,062,741
Tot. second six
November.
51,127,611
29,254,626
27,660 26,673 27,763 25,901
add our detailed statement showing the figures
city separately for December and since Jan. 1 for
207,600,249 262,029,599 297,466,722 409,464,570
496,046,869
CLEARINGS FOR
13,545 12,501 12,485 151,100 138,420 127,555 146,345
now
for each
two years
Total full year
2,688
30,805 29.541 30,451 28,633 311,978 304,333 292,711 333,084
Outside N. Y. City 14,609
We
2,868
279,569 274,665 265,108 301,816
2,732
32,409
29,668
27,603
31,268
and for the week ended Jan. 4 for four
DECEMBER> 12 MONTHS ENDED DEC. 31, A ND FOR WEEK ENDING JAN.
1'
Month of December
''
•'
12 Months Ended Dec. 31
Inc.
or
Week Ended Jan. 4
Inc.
or
Inc.
or
1940
Rese
Maine—Bangor
Portland
Mass.—Boston
Fall River
| Holyoke
Lowell
rve
1940
1939
Dec.
1941
1940
Dec.
1939
$
%
%
$
%
$
$
%
$
District— Boston—
2,026,579
3,695.619
——
2,473,873
10,638,628
1,101,118,181
3,397,989
1,745,516
1,950,167
16,599,760
11,510,378
64,028,387
22,132,709
8,323,300
59,073,700
3,608,990
3,399,866
15,773,367
10,354,664
63,229,358
20,702,070
8,402,600
53,213,800
3,068,074
1,373,037.150
1,299.468,153
Springfield
Worcester
Conn.—Hartford
New Haven
Waterbury
R. I.—Providence
N. H.—Manchester
(14 cities)
Dec.
2,847,176
10,101,176
1,163,474,592
3,826,267
1,788,517
New Bedford
Total
1939
$
Federal
+ 15.1
—5.1
+ 5.7
+ 12.6
+2.5
+3.9
+8.7
31,104,587
105,480,724
12,105,845,689
37,585,232
26,802,607
+ 16.1
107,628,935
—2.0
825,341
2,209,487
11,515,739,001
36,553,173
+ 5.1
278,878,357
+2.8
1938
$
468.408
+76.2
2,822,098
235,862,759
749,392
—21.7
2,772,197
+ 18.2
+ 13.7
205,311,903
807,428
253,356,277
851,869
"532",810
"384",509
+38*6
*440,127
"421*167
+4.0
848,311
+6.1
4,132,596
2,672,663
717,418
3,707,854
19,953,944
18,759,079
21,991,241
—0.2
671,385
731,634
3,379,669
838,852
+ 6.4
21,946,359
+6.9
37,872,163
176,702,698
114,107,872
629,035,116
238.658.841
—0.9
86,849,700
+ 11.0
+ 17.6
602,506,100
32,736,625
36,406,093
166,491,678
100,610,385
580,950,771
220,600,323
81,636,700
547,523,300
30,480,533
+5.7
14,240,385,650
13,492,173,819
+ 5.2
+ 11.2
+ 1.3
4
\
Clearings at—
First
years:
+ 13.4
+8.3
+8.2
19,605,821
6,118,593
2,429,904
14,618.203
5,613,296
+ 18.2
657,397
807,869
+ 11.5
+ 10.0
3,661,545
2,416,330
4,208,235
2,470,739
+34.1
+9.0
13,879,222
5,220,680
17,530,961
5,366,042
15*2
11,291,900
12,623,400
+6.4
+ 10.0
13,719*900
+ 7.4
711,854
654,978
+8.7
672,910
672,882
+5.5
*
15,807,800
333.195,502
281,748,719
+ 18.3
247,803,024
302,407,727
+
219
Financial Chronicle
The Commercial &
152
Volume
CLEARINGS (Continued)
12 Months Ended Dec.
Month of December
7"
^ y /
„
•
Inc.
■'
,
—
Elmira
—
Jamestown
+ 3.3
Rochester
Syracuse
+5.8
1,833,258,977
1,663,327,802
28,375,003
45,776,125
26.343,237
40,179,388
165,913,543,429
413,768,659
223,408,529
43,087,151
201,247,173
221,035,796
22,572,494
938,029,461
+ 1.3 160,878,038,408
+ 13.5
433,319,284
252,517.598
+ 14.1
48,019,564
—12.7
—1.0
199,256.249
249,020.533
23,675,867
995,444,247
—3.4
1,341,355,253
+ 11.9
36,393,618
+6.0
4,324,668
16,304,244
25,886,876
3,791,718
18.683,029
17,366,592
1,940,550
98,659,735
140,630,505
2,229,716
99,666,048
145,607,560
3,470,510
—13.0
16,771,385,483 16,549,591,310
+ 1.3
Utlca
Westchester County .
-Conn.—Stamford
N. J.—Montclair
Newark
Northern New Jersey
3,881,932
Oranges
(15 cities)
+49.1
rve
Bethlehem
Chester
Harris burg
Lancaster
Lebanon
Norrlstown
Philadelphia
—
7,109,969
York..—..........
10,676,976
5,719,797
6,884,757
Reading
Scranton
Wilkes-Barre
1,293,620
Potts vllle
Du Bols..-.
658,053
....
Del.—Wilmington
2,832,214
27,569,316
N. J.—Trenton
30,263,200
Hazleton.—-—.
2,255.331,621
cities)
Total (17
Fourth Federal Re
serve
Cleveland—.——..
——-
Hamilton. .
.w*.
Lorain
Mansfield
Youngstown
Newark..—......—
Toledo
Pa.—Beaver County—
519,053
21,294,592
117.804,586
18,587,271
112,583,812
599,086
66,195,122
+ 3.2
1,386*471
1,4*80*423
—6.3
1,218,722
1,418*,021
—2.4
68,339,379
26,644,612
22,529,139
24,556,459
22,565,696
—0.2
21,455,000,000
80,277.333
19,823,000,000
77,672,386
+ 8.2
470,000.000
416,000,000
+ 13.0
3897000*666
+ 12.1
+ 1.3
2.180,758
1,925,486
125,890,816
57,549,405
69,616,361
122,368,803
+24.0
+ 12.3
+8.7
1,915,295
1,864,703
2,628,063
1,274,980
1,401,684
+ 16.9
—9.0
+3.4
+ 2.9
+8.1
2,614,466
1,689,064
1,159,570
422,000,000
2.528.873
3,036,716
1,403,248
1,807,359
+6.4
—0.1
+ 11.5
—5.8
+ 18.5
—12.8
+ 2.7
30,766,006
+ 13.5
222,700,537
235,472,300
+22.1
+ 12.1
22,617,087,446
+ 1.0
+9.6
2,610,369
13,175,000
205,276,438
6,090,516
10.739.683
5,342,722
352,771,391
1,737,817
115,388,360
+ 9.6
—3.0
6,801,174
23,317,000
1,083,669
—1.6
+8.5
+ 11.2
+ 7.1
+ 10.1
+0.1
+ 11.9
+8.7
+6.4
+ 7.5
+ 9.7
1,623,172,130
Richmond
8. C.—Charleston
Columbia
Greenville
6,595,948
Frederick...
D.
139,843,555
C.—Washington...
Total (9
818,287.996
cities)..—
Sixth Federal Rese
23,416,767
101,672,034
Ga.—Atlanta
Augusta
—
363,500,000
7,282,550
8,104,661
6,402,545
Columbus
Macon
Fla.—Jacksonville
—
Montgomery..
Jackson..-.. .
Meridian
------
VIcksburg
La.—New Orleans
serve
667,099,504
5,779,737
Flint
Grand Rapids
16,412,249
Jackson
2,903,129
8,759,773
3,296,336
3,323,084
9,411,511
19,409,189
Lansing
Muskegon
Bay City....-——
Ind.—Ft. Wayne
Gary
Indianapolis
102,053,651
11,299,859
29,321,258
6,809,067
104,161,733
1,754,993
3,003,125
522,087
1,700,477
6,910,535
45,484,890
16,561,894
929,400
2,236,809
1,713,891
South Bend
Terre Haute
Wis.—Madison
Milwaukee
Oshkoeh
Sheboygan
Watertown
Manitowoc
Iowa—Cedar Rapids..
Des Moines
Sioux City
—
HI.—Aurora
Bloomington
Decatur..
Peoria
Rockford—
1,541,695,504
5,217,671
19,160,261
7,342,902
Sterling
A 7,092,934
fe 658,462
Total
2,654,199,792
Springfield
(31 cities)
+ 26.8
5,614,400
4,643,500
+8.2
+ 13.5
405,296,465
438,064,881
108,871,171
2,985,475.888
5,028,185,163
553,890.300
25,828,268
11,998,775
86,444,453
+ 13.7
2,355,605
68,963,182
140,504,543
2,262,511
+4.1
58,426.461
104,353,980
+ 18.0
+34.6
12,658,600
10,109,000
+25.2
2,516,516
53,646.804
89,553,491
11,008,800
3,847,335
63,160,000
97,296,226
13,705,400
1,927,156
3,325.484
1,860,300
+ 13.8
1,986,734
3,094,694
+ 3.1
133,480,352
—6.9
2.094,521
1,594,441
2,952,915
67,165,912
234,611,728
i
+2.7
+ 9.3
+20.7
+ 8.1
+ 14.3
+ 15.6
+2.3
178,181,603
128,717,410
+38.4
107,755,148
139,712,695
407,744,961
309,122,002
+ 31.9
268,435,580
322,269,012
10,251,439
4,565,871
7,820,990
6,118,971,448
80,627,987
118,423,968
+8.7
+ 14.0
+ 4.1
+9.8
—2.4
+ 8.9
+7.3
21,388,785
+44.5
833,885
500,762
+ 66.5
320,812
309,575
30,910,507
160,651,000
133,172,000
4.347,000
+4.0
2,237,075,581
69,919,460
51.412,345
+49.3
+ 18.7
1,443,151
1,501,444
—3.9
2,763,000
36,382,689
1,416,047
3,098,000
43.530,277
1,059,552
+ 16.9
123,440.964
2,106,109,984
64,263,959
111,141,752
2,911,000
43,305,972
+ 17.0
+23.5
+ 17.7
66,849,724
59,835,855
+20.6
+6.2
+8.8
+ 11.1
+ 11.7
3,586,289,022
+ 17.2
75,262.424
4,201,984,900
—1.7
92,669,468
84,987,500
+9.0
65,37*6*124
20,744,525
19,612,259
+5.8
1,414,332,884
+ 17.3
29,763*678
25,254,651
+ 17.9
23774*4*749
267958*837
+21.2
1,206,088,030
+ 13.9
180,468,927
158,461.329
+ 13.9
130,003,421
+ 14.7
7,307,901,646
150,218,665
8,325,909,545
—1.9
240,285,947
1,056,329,939
3,431,400.000
220,066,276
+9.2
+8.6
5,082,014
21,180,636
3,009,800,000
64,448,828
+ 14.0
78,700,000
4,859,677
19,791,577
58,400,000
+ 11.9
1,725,310
5,147,199
19,827,149
65,700,000
1,799,283
—1.3
972,802,866
5,639,260
19,801,967
62,400,000
1,484,970
49,641,269
51,609,665
+ 31.7
+ 5.1
l",351*027
*25,500,000
<
v
6,997,362
6,094,075
4,909,155
94,655,163
+ 10.5
+23.5
72,107,226
65,382,204
64,229,942
+4.1
+59.3
+ 30.4
+22.0
+ 1.9
1,106,184,174
970,049,545
63,737,496
+ 14.0
77,024,675
+ 15.5
1,230,395,089
1,103,197,228
+ 11.5
27,491*619
+ 12.5
111,861,047
57,001,301
64,486,000
95,092,066
+ 17.6
2,434,339
48,666,985
58,431,000
93,368,399
19,757,638
7,829,241
2,308,267
516,341,734
4,585,072
14,656,138
2,160,063
7,126,574
2,985,369
3,234,314
9,123,487
18,338,276
90,122.318
8,554,568
+ 13.7
+20.8
1,152*897
f,148*084
+2.1
19,686,000
25,586,000
21,89+408
2,981,446
+25*6
20754l",265
25,283*800
—18.4
2,089,686
2,211,316
+ 10.4
189,000
193,614
46,524,574
198,941
44,776,638
—31.8
2,067,058,030
+3.9
39,530,818
42,286,982
8,895,556,532
+ 10.7
210,125,261
188,449,477
+ 11.5
167,737,281
186,035,893
9,851,081,729
+2.9
+24.9
329,450
174,501,994
581,718
122,204,216
43.4
6,312,233,603
21,530,668
5,053,800,370
622,667
22,156,819
496,251
—5.8
+42.8
102,682,193
116,460,911
+29.2
+26.1
+ 12.0
+ 17.8
+ 12.0
3*955*,192
3,2*15*154
+ 2*3*6
2,969,091
3*.280,671
1,766*115
1779*3*168
—1*5
1,658*216
1,857*835
3,035,878
2*.096*,391
+"4*4*8
*901*235
1,428*661
+8.8
+34.0
24,29*1",000
267233*666
—7*4
23,2*18,000
24,373*666
3,237.021
2,104,990
6,886,802
2,633,304
6,809,069
+22.9
+ 13.1
+ 1.1
5,984,471
1,764,605
6,487,842
24.864*,586
21*511*,Oil
+
1*5*6
19*,69*5*724
247295*,529
1,471,812
13,948,466
3,663,111
1,264,280
11,259,888
+ 16.4
1,253,165
+23.9
9,914,143
3,512,213
+4.3
3,804,037
1,508,800
9,931,835
3,870,978
—0.8
+ 13.7
—8.8
1,738,649
3,239,898
—7.3
6,312,197
102.021,048
1,496,421
+ 18.0
+9.8
+20.5
+5.8
+4.0
102,523,171
23,809,719
8,285,643
2,149,775,652
—7.9
+ 17.9
+34.4
+22.9
+ 10.4
+ 2.7
+ 3.2
+ 5.8
+ 13.2
+32.1
+7.3
+ 7.9
+2.1
+0.9
27.331,150
1,145,413
24,979,000
+6.8
+19.8
—4.1
+ 17.1
District —Chica go—
2,173,877
Detroit-.
Chicago
6,546,800
432,763,310
+ 18.9
+39.8
874,855,608
Mich.—Ann Arbor
Ames.-—.——
8,304,200
491,400,040
-f 12.9
—26.3
Total (16 cities)
Seventh Federal Re
—2.1
+ 14.0
+8.5
15,741,835,379
2,322,524
732,967
201,407,074
4,037,000
9,287,744
..... w.
+36.6
+9.3
17,765,151,674
7,986,864
109,087,484
9,594,625
5,032,880
5,476,000
10.088,935
1,969,211
803,804
202,959,498
MissHattles burg—
+37.1
—1.4
994,373,465
Tampa
Ala.—Birmingham
Mobile
115,501,050
8,141,889
126,042,844
10,797.746
5,724,070
3,257,592
1,747.840
83,900,957
81,320,709
—11.7
713,132,296
23,880,632
92,019,920
294,300.000
389,797
+8.5
20,897,797,933
District— Atlanta^
rve
Tenn.—Knox vllle—
Nash vllle
+ 10.3
+4.6
District— Richmond—
415,348,040
1,904,668
Md.—Baltimore
53,229,357
61,994,644
13,446,872
7,164,275
31,441,347
195,312,683
217,004,400
14,622,530
7,833,813
+9.4
+20.0
3,104,616
18,420,000
213,390,884
7.123,941
12,556,344
+24.3 3,819,366,202 4,084,839.079
318,315
7,841,472
11,686,515
12,442,758
7,263,554
rve
4,018,261,952 3,232,240,356
990,213
387,702
Pittsburgh.
Fifth Federal Rese
Va.—Huntington—
Va.—Norfolk
—7.0
696,842
+ 22.4
W.
41,972,801
4,987,426
+63.9
+63.8
14,519,680
1,779,495,830
21,458,273
44,698,920
+71.4
123,750,533
3,245,328,861
5,734,407,235
576,783.400
28,360,974
11,716,383
94,153,278
151,948,817
68,961,635
256,482,157
12,376,786
4,934,911
8,942,932
7,074,774,997
82,483,146
127,107,350
82,733,821
79,904,458
Total (18 cities)....
18,923,375
38,717,592
660,146
•
+ 30.9
12,884,662
10,982,663
7,333,352
+24.7
+ 9.4
365,681
9,744,386
281,072,461
519,919,706
53,980,400
2.514,626
1,131,516
7,801,725
Oil City———
Ky.—Lexington.-.-..
Va.—Wheeling
547,902
19,836,226
540,830
402,968
W.
568,700
927,035
804,593
660,843,927
8,428,755
5.024,945
—15.8
1,081,763
965,169
.
+3.6
553,573
+23.3
+ 14.6
493,171
Erie
47090*544
3,971,709
4,937,557
+ 15.5
725,154,878
_______ ...
i
805,606
22,292,376
28,382,430
Greens burg
Franklin.
+6.1
+ 1.9
+24.6
/
District —Cleveland—
;
+ 12.7
+4.9
712,140
1,680,818,864 3,945,307,896
11,138,125
9,187,056
5,153,383
4,569,931
4,177*819 —15*2
3,543,948
5,113,388
465,986
24,745,189
45,905,518
—1.0
+22.2
+24.8
+ 11.1
25,757,310
34,988.727
\
+81.4
+48.4
+26.6
2.012,543,736
12,755,108
304,851,179
577,951,062
57.796,500
2,767,343
1,132,931
8,727,347
14,088,932
6,694,824
25,334,706
1,153,248
•Ohio—Canton
Cincinnati
Columbus
1,896,307
y2,681,008
1,833,846
10.316,368
6,145,563
2,219,096
2,047,709
1,901,000,000
7,019,273
11,728,256
6,071,512
5,808,485
1,182,907
754,991
2,756,667
24,293,808
24,787,940
+ 11.4
585,681
+ 19.0
+21.0
—2.7
District— Philadelphia
3,440,232
3,979,205
2,322,462
10,972,275
6,137,619
2,473,585
1,998,341
2,131,000,000
1,315,875,983
39,144,348
554,787
933,764
1,141,338
—3.0 3,870.171,182 3,101,570,302
10,046,209
11,158,538
+ 4.7
5,165,678
6,438,630
+ 18.0
+ 13.9
7,981,070
1,561,765
36,400,000
718,269
24,770,662
1,415,547
30,100,000
—7.2
+ 20.9
166,963,683,785 171,588,715,596
.
Third Federal Rese
Pa.—Altoona
+8.4
+22.0
6,457.715
1,333,925
34,700,000
5,994,127
1,612,970
41,300,000
671.138
+ 14.4
+ 10.2
+ 7.7
2,301,240
3,617,840
+ 11.1
%
60,069,414
158,832,039
16,196.350,241 15,996,089,584
38,286,513
40,587,879
18.744,653
21,280,830
New York
Total
5,260,646
1938
1939
Dec.
1940
1941
%
467,082,732
534,115,922
65,117,138
+ 15.7
Inc. or
or
Dec.
*
%
35,643,622
41,222,821
5,436,863
168,053,198
2,806.920
4,018,221
A
Bingham ton
Buffalo-.
1939
1940
District —New York—
erve
N. Y.—Albany
or
%
*
%
Second Federal Res
Inc.
Dec.
1939
1940
Week Ended Jan. 4
31
Clearings at—
59,621,705
175,501,139
26,072,284
87,654,734
34,114,514
33,711,895
95,496,985
194,122,916
50.626,765
305,139,071
74,647,022
156,697,038
23,369,155
77,795,564
29,486,346
30,250,301
60,969,664
165,659,192
976,591,207
82,475,706
269,697,882
69,309,385
1,135,774,599
1,051,448:012
17,631,942
+8.0
+4.9
35,077,931
—0.2
»
1,062,796,249
110,507,720
865,448
+ 7.4
2,087,491
1,768,860
+ 7.2
—3.1
18,487,159
35,015,401
5,447,269
16,709,566
64,685,707
513,572,962
196,679,410
11,190,270
25,724,315
20,032,424
1,620,710,709
—4.9
16.684,672,188
5,066,825
17,951,157
5,624,259
6,379,125
+3.0
+ 6.7
+30.6
+ 11.2
648,671
+ 1.5
57,225,077
220,598,617
71,755,285
74,476,627
7,467,386
6,228,260
15,030,554
62,189,245
481,630,053
185,303,352
10,792 154
22,417,943
19,137,489
15,556,139,464
59,270,094
197,260,128
60,315,770
68,637,282
7,107,274
2,549,733,551
+4.1
27,753,290,918
24,922,876.190
485,998
+ 7.4
1,454,137
+ 16.9
5,456,000
44,224,477
+26.7
+2.9
16,831,272
—1.6
135,742
+ 11.6
+ 12.7
+ 15.7
+ 11.4
+ 56.6
+ 17.2
+ 7.7
+4.2
+ 11.2
+4.0
+6.6
+6.1
+ 3.7
+ 14.7
+4.7
+ 7.3
—3.5
+ 11.8
+ 19.0
+8.5
+5.1
+ 11.4
339,671
415,857
—18.3
338.371
407,612
387,297,238
1,115,638
3,774,193
1,718,895
1,602,421
352,593,314
1,054,974
3,908,989
+9.8
1,209,007
1,293,315
+42.2
376,965,431
1,255,445
4,594,108
1,281,317
+23.9
285,884.117
1,066,147
3,513,577
1,055,484
1,313,086
657,799,483
563,588,868
+ 16.7
467,752.298
580,838,286
+5.7
—3.4
1,451,799
220
The Commercial & Financial Chronicle
Jan. 11, 1941
CLEARINGS (Concluded)
Month of December
12 Months Ended Dec. 31
Week Ended Jan. 4
Clearings at—
Inc.
1940
Federal
Re
Mo.—St. Louis
111.—Jacksonville
Qulncy—Total
Dec.
1941
1940
Dec.
1939
S
%
$
S
%
S
S
%
S
468,700
+ 15.8
173,583,633
+ 11.1
129,287,354
353,944
2,523,000
+ 14.3
St. Paul
Winona
1,076,000
1,056,056
4,130,965
7,847,578
857,066
Minot
S. D.—Aberdeen
Huron
3,984,712
3,736,739
16,684,605
337,014
Mont.—Billings
Great Falls
Helena
532,422,240
Omaha
Kan.—Kansas City...
Parsons
Wichita
City
+8.6
6,941,280
122,340,432
13,189,000
11,198,540
44,095,149
78,404,464
9,715,686
—4.2
+26.2
+ 17.4
+ 11.6
+0.6
852,200
3,608,540
+ 10.4
4,029,847
—7.3
45,301,469
44,428,791
+ 15.7
177,191,695
+ 3.5
4,877,726
CasDer
(18 cities)
Eleventh Federal R
/
Beaumont..
Dallas
—
El Paso
Fort Worth
Galveston
...
Port Arthur
Wichita Falls
Texarkana
La.—Shreveport
(11 cities)
Seattle...
Yakima...
Idaho—Boise
Ore.—Eugene
Portland
Utah—Ogden
Salt Lake City
Calif.—Bakersfleld
Berkeley
Long Beach
38*.229:841
18,996,295
22,067,090
601,000
+6.7
572,000
780,000
145,466,222
+24.5
131,788,024
156,576.931
3,550,784
72,697,629
3,096,217
62,895,660
+ 14.7
+ 15.6
3,126,165
61,170,432
69,894.150
29,962,110
25,543,438
+ 17.3
23,114,729
28,759,156
2,309", 661
+ 9.2
+27.4
+ 9.7
+2.6
+ 5.0
+ 3.6
1,863", 117
+2V.0
2",007:412
2",408:363
+25.8
"674",860
"727:429
+ 1.9
+ 14.1
3,104,353
"
"m392
+ 10.4
770^318
—1.4
+6.1
+ 11.7
+ 2.0
+ 10.1
"
"764", 723
754*310
+"l".4
"775",925
"70b:270
3",915",558
3",~213~245
+"2l".9
3,006,700
3,003,635
+28.7
5,521,836,755
+ 9.0
114,169,857
98,136,305
+ 16.3
93,876,223
108,597,356
603,239
12,502,632
141,303,539
18,777,092
776,940
898,527
9,829,666
14,723,774
2,467,424
440,298,470
14,314,164
+ 3.5
107,996
+4.3
5,073,799
7,165,889
116,877
127,488
2,783,496
—7.6
129,581
167,518
3,214,726
29,555,863
+7.5
128,764
160,624
2,736,276
28,970,641
31,344,371
2",922*,744 —26*.6
2","869",814
3",788:146
2,908,658
+21.0
3,406,152
4,097,450
+4.7
+ 5.8
+ 16.5
+ 6.3
+0.8
—5.8
+ 10.1
+ 13.7
+35.0
+ 1.6
San Francisco
Stockton..
(19 cities)
Vancouver
Ottawa
Quebec
Halifax.
Hamilton
...
Calgary
St. John
Victoria
London
Edmonton
Regina
..
Brandon
Lethoridge..
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat..
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
1,843,183
+7.7
52,236,539
58,544,736
5,736,304
2,585,000
6~,924",394
—'17.2
6",535",499
8*.53~2~,734
3,252,000
—20.5
2,551,000
2,846,000
+4.0
+22.8
+0.7
+2.5
6,712,217,893
27,486,201
2,112,872,959
57,897,946
68,153,979
.
Kingston
Chatham
+ 13.7
+ 19.0
—13.1
+ 10.7
+21.5
+ 17.5
16,676,000
1,889,940,046
36,362,812
842,612,824
172,885,103
97,197,466
112,906,070
198,332,271
47,156,422
162,110,717
39,142,735
7,773,877,326
148,134.927
74,106,038
129,503,314
—3.6
+ 5.6
—9.5
—0.6
+2.8
+ 5.0
+ 7.8
+ 8.6
(32 cities)
x
14,007,355,156
+7.0
i,"o"7i:i49
1,397,856
+ 8.6
3,377,456
3",969:846
80,432,669
77,417,203
+3.9
67,693,831
77,134,355
+ 14.7
43,070,275
35,337,315
+2l".9
34",024",952
+6.4
37,836", 810
988,390
1,034,479
—4.5
1,250,715
938,023
38,520,038
29","502:338
+ 30.6
27,604,300
31,249", 73 5
20",763",209
17",224",802
+20.5
14,799,693
17","682",821
—9.3
4,136,259
3",801:407
+ 8.8
+ 5.9
—11.2
4","405",033
3,856,558
37808",724
3,*169,061
+ 20.2
3,916,412
4,870,786
3",847",297
6,299,325,946
+6.6
23,129,218
1,842,375,027
54,410,520
62,435,411
13,765,000
1,602,816,358
34,513,965
787,415,119
163,096,727
94,466,408
92,487,034
218,616,388
44,523,000
182,538,672
39,930,913
+ 18.8
•
+ 9.2
+21.1
+ 17.9
+ 5.4
+ 7.0
+6.0
+ 2.9
+22.1
—2.0
7,350,410,134
+ 5.8
157,59V, 000
145,612",000
+8.7
146,992,442
76,549,463
116,135,605
+0.8
145",247",000
167,139,000
3,133,076
1,937,742
3,233,807
2,747,482
1,749,407
2,302,170
+ 14.0
—3.2
+ 10.8
+40.5
3,090,202
2,197,958
2,321,941
3,800,006
2,187.473
2,491,933
277,182,520
241,880,461
+ 14.6
238,858,206
27^,053,145
+ 11.5
7,102,824,727 5,866,222,989
+21.1 6,174,003,978 6,831,178,694
+ 9.2
3.232,653,545 2,764,652,787
+ 16.9 2,493,185,114 2,885,870,798
ENDED
DEC.
31, AND
FOR
12 Months Ended Dec. 31
or
WEEK
ENDING
Inc.
or
1939
Dec.
1941
1940
Dec.
1939
S
$
%
S
S
%
S
+ 4.8
+ 11.0
—31.6
5,680,786,868
5,227,824,609
2,451.458,922
5,658,180,698
5,306,897,388
2,379,667,846
+ 0.4
118,983,676
—1.5
116,946,701
+ 3.0
43,211,706
132,356,934
115,141,124
49,249,521
+3.8
—10.1
—12.3
33,591,323
21,586,281
28,983,507
912,079,670
888,885,942
+2.6
18,847,634
18,154,435
1,041,873,213
+ 58.1
43,959,127
21,588,460 + 103.6
+6.1
+23.0
1,646,954,059
260,549,649
162,177,604
301,380,568
289 115,103
110,414,986
93,191,417
137,393,049
217,964,792
236,194,333
18,197,284
+ 9.8
26,425,880
—1.4
74,327,851
31,483,325
48,584,907
+ 12.9
—1.8
+ 8.7
+ 1.5
+5.0
+2.5
+ 3.5
+ 7.2
+ 1.1
+ 19.9
41,175,118
+ 16.8
36,599,096
14,054,394
+ 9.6
+ 7.5
31,278,818
5,191,361
+4.0
12,201,168
1,564,946
3,991,128
+ 17.5
42,683,524
58,598,321
154,023,628
18,793,732
44,330,340
32,927,160
32,335,733
22,990,524
53,214,650
+ 34.6
+ 12.1
2,735,901
+ 9.5
3,402,927
—4.6
—0.1
4,755,000
—4.1
1,617,048,969
Calculated
+4 3
on
18,509,509,914
basis
of weekly
+6.3
4,568,827
5,287,662
—13.6
+ 24.1
2,721,514
6,086,261
3.421,477
—20.5
6,276,712
—3.0
4,800,300
+3.4
5,249,558
1,945,888
1,743,062
5,649,161
2,110,067
—7.1
+ 19.0
—7.8
4,934,567
1,914,389
+4.3
127,963,282
+ 7.4
+ 7.9
236,614,247
16,972,436
26,996,736
69,199,123
31,805,491
—0.2
44,722,991
+8.6
17,665,087,809
figures.
121,042,788
107,787,279
34,271,198
19,284,028
24,171,715
2,673,442
+ 12.5
201,977,800
34,157,614
33,076,134
12,903,438
30,242,390
36,637,764
53,778,981
137,314,911
16,795,057
38,648,684
29,484,374
30,137.349
23,470,146
51,126,332
S
121,305,338
+6.9
245,139,004
130,677,114
267,959,422
279,663,913
92,751,127
89,366,862
1938
133,152,037
+ 1.6
+ 75.9
+ 8.1
2
Inc. or
1940
%
'
JAN.
Week Ended Jan. 2
Dec.
2,205,582
1,118:034
3,542,819
+ 3.1
+3.5
+8.2
+43.0
y
l.ioe'oie
+ 13.6
+2.5
3,494,466
No figures available,
+ 7.6
+6.8
+ 7.9 151,100,168,689 138,419,915,854
%
1,686,060.407
—4.8
12,946,607,404
3,246,730
Sudbury
—2.5
+4.3 311,978,207,097 304,333,459,283
2,202,374
4,560,014
Sarnia
+ 7.1
+ 11.0
SCO—
1939
4,472,778
2,996,596
152,143,364
"831~,172
60,766,047
DECEMBER, 12 MONTHS
1,409,089
"780:332
+ 1.2
65,"469", 133
—7.6
1,195,076,140
2,424,005
6,629,754
2,885,794
4,367,654
3,427,802
2,806,375
1,059,524
2,693.668
650,683
"768:629
"
2,789,440,238
243,061,734
365,169,864
123,078,000
2,386,748,464
22,379,875
47,443,198
15,568,184
167,790,973
Inc.
Montreal
—0.4
2,986,774,000
269,876,127
355,864,410
117,154,000
2,568,518,417
23,899,288
53,900,631
16,049,647
173,690,304
7,211,709
11.375.773
497,328,090
429,214,740
296,918,021
74,260,441
92,637,356
22,244,564
yl2,713,386
27,473,249
28,992,008
8,370,600
7,637,208
12,640,090
19,591,122
yl9,781,950
—53.7
1,922,188
—3.2
$
825,561
"700:538
+ 3.2
+ 7.5
135,393,423
+ 15.6
1940
382^029
"697",568
—0.2
+ 9.9
Clearings at—
Winnipeg
3,212,812
47,968,549
11,742,179
521,344,968
476,258,870
203,225,525
79,417,420
162,965,199
24,055,735
14,347,966
26,977,645
31,524,627
8,497,532
8,017,060
12,959,773
20,286,229
20,993,580
1,733,462
2,662,150
6,538,089
3,094,329
4,414,084
4,110,026
3,276,464
1,515,510
2,953,251
3,755,976
5,400,130
16,418,008
1,838,307
3,474,441
52,708,550
Month of December
Toronto
+2.9
"
+ 10.2
+ 30.2
Canada—
3,604,954
+ 3.9
—11.9
+2.3
14,608,570,912 13,544,872,787
/v.:
3,708,989
6,055,824
404,704,213
1,813,909
14,149,595
3,205,977
685,780,623
CANADIAN CLEARINGS FOR
+ 3.8
+ 16.9
104",577",256
136,948,737
—20.6
Grand total (191 cities) 30,804,921,153
29,640,962,371
Outside New York
92","227",399
1,598,919
+48.4
1,297,697,851
+ 13.2
150,957,498
+ 13.2
+ 7.0
12,258,490
937402",558
+0.8
164,640,772
5,419,238
6,300,799
1,269,000
141,870,752
3,759,958
79.435.772
16,670,064
11,597,182
6,981,167
1057740",742
+4.2
+ 31.2
+ 5.7
2,090,568
720,175,804
13,571,867
+ 4.8
+ 3.4
15,141,313
San Jose
4,766,827,148
158,687,160
2,144,509
3,520,487
+6.2
90,676,867
3,778,000
Santa Barbara
+ 15.8
+ 18.2
609,615,956
4,173,584
—1.3
25,169,655
....
9,230,741,889
7,489,002
17,289,177
Riverside
—14.6
115,479,387
151,025,023
93,782,519
4,278,296
Pasadena—
+ 3.5
9,619,895,216
'
Francl
+ 7.0
+4.4
231,118,468
2,201,416
4,394,318
1,409,085
16,348,537
District —San
+8.6
—1.2
+ 3.3
7,534,312
4,502,157
274,148,000
23,529,451
31,623,212
12,807,000
2,376,882
195,907,160
4,709,722
6,972,094
1,542,000
2,751,040
31,765,744
+ 3.0
31,322,243
1,576,367,398
33,086,746
18,159,789
—3.1
138,394
+ 6.8
7,901,251
11,101,483
+0.9
—3.8
+ 12.4
+ 32.7
849,492,050
—3.0
138,936,193
1,566,341,518
207,337,170
4,997,592,832
164,707,318
7,079,944
420,385,855
31,244,067
1,627,431,421
35,558,367
18,369,772
Distric t—Dallas—■
7,781,418
5,322,876
276,208,000
30,872,212
33,439,210
10,172,000
236,544,383
2,034,086
4,569,111
1,730,558
16,461,126
serve
29,136,050
+4.6
554,496
Modesto
Estimated,
32,319:729
X
5,250,424
6,951,412
148,365,267
1,613,983,020
221,867,397
8,181,162
9,477,438
113,950,096
160,363,374
166,630,168
3,626,028
83,861,873
15,084,201
11,526,992
11,110,421
17,769,789
Ariz.—Phoenix
•
+28.0
+22.4
181,086,057
+8.7
+ 15.1
6,016,935,555
625,134,980
Twelfth Federal Re
Wash.—Bellingham...
Total
35", 145*226
23,419,996
+ 6.3
+ 14.2
40,548,709
43,558,162
160,872,127
3,789,731
39,472,072
2,623,550
144,982,635
3,079,902
1,785,030
eserve
Texas—Austin
.
95,500,000
+20.1
79,487,575
9,155,292
14,423,198
325,505
*
886,642,414
Denver
Total
+ 4.5
+ 8.7
837,000
735,551
—
Pueblo
Total
163,266,004
3,466.995,971
18,191,497
1,329,397,228
19,151,518
6,613,429
118,125,141
12,938,000
9,811,936
39,934,435
+ 10.0
3,518,143
7,033,260
38,255,556
3,543,102
147,244,727
3,108,201
1,716,832
...
Colo.—Colo. Springs..
Houston
170,548,381
3,787,087,981
23,169,323
1,458,791,222
19,654,416
+0.4
+0.5
+ 7.0
79,900,000
+ 3.0
16,085,368
Joseph
Total
+8.2
44.97L541
28,673,516
$
+ 23.8
—1.5
2,805,386
460,391,830
Okla.—Tulsa
\
7,488,090,194
86,300,000
498,898
9,254,783
16,209,271
Topeka
—
8,105,212,530
—0.9
517,130,430
905,632
.....
Mo.—Joplin
Wvn
+ 9.3
District— Kansas City-
13,094,549
149,479,142
21,865,976
825,715
Lincoln.
Carthage
641,000
106,800,000
629,301
rve
Hastings..
fit.
+ 11.7
+ 6.5
1938
491,492
Tenth Federal Rese
Neb.—Fremont
Kansas
28,784,000
+27.4
15,125,721
325,878,462
1,776,923
126,018,553
1,658,966
573,978
10,347,134
1,123,000
623,896
11,380,816
Fergus Falls.
N. D.—Fargo
(16 cities)
4,527,899,785
42,501,339
6,138,439
1,778,585,961
1,100.488,998
3,691,672
+7.0
4,822,016,474
51,059,233
6,522,297
1,932,731,685
1,256,490,270
4,249,571
32,143,000
+24.0
747,151,011
14,989,133
327,239,433
1,785,219
134,892,183
1,800,825
Minneapolis
Rochester
+ 7.0
District— Mlnneapolis-
rve
Minn.—Duluth
Total
Louis—
436,853,252
4,081,128
816,912,331
(7 cities)
Ninth Federal Rese
or
1939
192,863,654
147,742,293
451,040
2,699,000
Independence—...
Inc.
1940
467,554.822
5,058,966
542,556
Ky.—Louisville
Tenn.—Memphis
or
Dec.
District —St.
serve
Inc.
1939
%
Eighth
or
+ 7.2
—2.1
+ 7.4
2,842,070
5,158,130
5,802,087
419,177
545,411
1,566,204
646,767
1,227,896
976,511
5.110,099
1,752,405
—0.5
1,760,391
3,543,365
—19.8
2,915,286
4,814,107
+7.1
4,165,221
4,330,234
+34.0
371,952
3,138,926
313,892
496,636
+ 12.7
+9.8
1,768,134
—11.4
4,173,465
2,850,070
5,931,563
5,315,475
'
1,878,305
1,787,543
3,114,792
4,288,392
3.562,183
350,060
446,227
478,991
1,419,709
972,698
721,760
846,628
+ 14.9
+ 11.7
642,845
+ 12.3
+ 7.3
1,250,713
609,591
1,026,179
678,749
731,663
230,997
618,745
763,581
1,116,369
3,504,801
305,360
772,798
587,250
679,138
684,219
—0.7
—2.0
570,126
440,051
606,020
489,721
—10.1
+4.1
1.346,454
1,096,043
+22.8
503,810
952,742
960,452
396,512,760
390,621,249
+ 1.5
385,014,700
356,258,687
—1.0
+20.5
+ 10.7
+8.9
674,358
—4.1
1,088,212
827,142
+ 12.8
679,766
+ 13.0
274,510
+ 18.1
705,559
—16.4
993,600
—5.0
+ 18.1
+ 9.0
767,983
324,242
590,184
943,653
1,389,338
1,350,793
+ 12.2
4,476,030
3,589,360
+ 24.7
+ 11.9
413,022
366,107
+ 12.8
+ 3.4
+ 16.5
+ 14.7
+4.8
+2.9
680,986
1,209,351
823,201
661,081
205,714
706,017
720,295
1,421,766
4,276,498
334,101
736,223
620,242
589,184
Volume
The Commercial &
152
Pursuant to the
requirements of Section 522 of the Tariff
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
give below
CERTIFIED
RATES
BANK TO TREASURY UNDER TARIFF ACT
British Amer Tobacco.
78/9
/88/9
38/88/9
£57%
£57%
£58%
£58%
£10%
£10%
£10%
£10%
£58%
£10%
OF 1930
Co
Distillers
York
Cable Transfers in New
Noon Buying Rale for
Ford
Value in United States Money
Country and. Monetary
7/9
17/4%
22/100/-
Jan.
4
Jan.
Co
Imp Tob ofGB&I...
Metal Box-
Jan. 10
9
Jan.
8
Jan.
7
Jan.
6
Closed
Ltd
Hudsons Bay
Unit
Belgium, belga
S
A
$
S
$
>•
a
AAAa
a A; a a a.
a
"#C
I
•
a
a
a.'-
70/-
70/£7
-
-.
a
-
'
a
'A-
a
a
a
■aa
■
a/a
a
a
a
a
V"?r
Rolls Royce
a
a
a;,.';;:
a
a
a
krone
Denmark,
a
''''A'
a
73/9
Shell Transport
39/4%
23/7%
United Molasses
Official
4.035000
4.035000
4.035000
4.035000
4.035000
4.035000
Free
4.035000
4.035000
4.035000
4.035000
4.035000
4.035000
.020116
.020116
.020116
.020116
.020116
70/£6%
£7
a-
£7
73/9
45/7%
24/15/3
73/9
45/7%
24/—
15/3
.020116
a
£15%
70/-
73/9
41/3
24/15/3
15/4%
15/1%
Vickers
EngI'd, pound sterl'g
£15%
£6%
£7
73/9
41/3
23/9
*
Bulgaria, lev
Czechoelov'la, koruna
22/3
100/-
17/1%
£6%
£6%
£7%
£6%
Rand Mines
Rio Tlnto
£13%
66/v
7/10%
17/1%
22/3
100/-
66/—
7/10%
65/9
7/9
17/1%
22/3
100/£14%
70/-
,A
22/100/-
£13%
London Mid Ry
$
Europe—
65/9
7/9
17/-
65/9
-
Electric & Musical Ind.
£413i6
£413ie
£41sib
£413h
38/9
31/9
38/1%
31/9
38/1%
31/9
38/1%
31/9
£4%
Beers
De
88/1%
38/1%
32/-
Courtaulds S & Co
38
39/9
88/9
38/-
38/9
Boots Pure Drugs
Cons Goldfields of S A.
10, 1941, INCLUSIVE
JAN. 4, 1941, TO JAN.
Jan. 10
9
Central MIn & Invest
FEDERAL RESERVE
BY
Fri.,
Thurs.,
Jan.
8
Jan.
Jan.
6
Jan.
4
Wed.,
Tues.,
7
Mon.,
Sat.,
Jan.
Cable & Wire ordinary.
record for the week just passed:
a
EXCHANGE
FOREIGN
received by cable
Quotations of representative stocks as
each clay of the past week:
t
1930, the Federal Reserve Bank is now certifying
Act of
STOCK EXCHANGE
LONDON
THE
RATES
EXCHANGE
FOREIGN
221
Financial Chronicle
a
Finland, markka
France, franc
Greece, drachma
.399920*
.197700*
.197700*
.050414*
.050414*
.197700*
.050414*
.050414*
.050414*
Netherlands, guilder.
Norway, krone
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
.039975
.039950
.039975
.039975
.039962
.039975
a
a
a
Portugal, escudo_Rumania. leu
:A.
a
a
a
as
.091300*
.091300*
.091300*
.091300*
.091300*
.091300*
.238257
.238207
.238207
.238178
.238192
.238200
Switzerland, franc
.232028
.232042
.232045
.232035
.232028
.232042
Yugoslavia, dinar...
.022400*
.022400*
.022380*
.022400*
.022400*
.022400*
>
&
Shanghai (yuan) dol
Tientsin (yuan) dol
Hongkong, dollar.
A
r
.054625*
a
a
a
a
a
.053950*
.054625*
.054625*
::V
a
AA/a
:
"
a'.
a
a
'
£108%
£103%
£103 5-16
£113%
£113%
£113%
£113%
'aaaa
.054625*
.054625*
States
.235843
.235843
.235687
.235718
.236187
.236187
India (British) rupee-
.301783
.301783
.301783
.301783
.301400
.301100
Japan, yen
Straits Settlem'ts, dol
.234387
.234387
.234387
.234387
.234387
.234387
.471000
.417000
.471000
.470866
.470866,
3.228000
3.228000
3.228000
3.228000
3.228000
3.228000
Free
3.215000
3.215000
3.215000
3.215000
3.215000
3.215000
New Zealand, pound. 3.227500
Africa
3.227500
3.227500
3.227500
3.227500
3.227500
South Africa, pound. 3.980000
3.980000
3.980000
3.980000
3.980000
34%
3.980000
34%
34%
34%
34%
34%
71.11
BarN.Y. (for.)
71.11
71.11
71.11
71.11
71.11
.470866
Official
cents) in thq United
on
a
a
a
price of silver per ounce (in
the same days has been:
The
23 5-16d.
168s,
£77%
£108%
£113%
Closed
1960-90
'
Chefoo (yuan) dol'r
Hankow (yuan) dol
Jan. 10
Jan.
23 5-16d. 23%d.
168s. >
168s.
£77%
£77%
23%d.
168s.
£77%
£103%
Closed
War Loan
Fri.,
Thurs.,
9
Jan. 8
7
Jan.
6
Jan.
23%d.
168s.
£77%
British 4%
•'
'•
Azla
China—
4
Wed.,
Tues.,
Mon.,
Sat.,
Jan.
Closed
Gold, p. fine oz.
168s.
Consols, 2%%. Closed
British 3%%
Silver, per oz_.
Spain, peseta
Sweden, krona..
CABLE
FINANCIAL MARKET—PER
closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
The daily
a
Poland, zloty
;A
£3%
£3%
£3%
£35ie
£35ie
ENGLISH
a
a
Wltwatersrand..
Areas
.197700*
.197700*
.050414*
.399920*
a
a
a
.197700*
Hungary, pengo
Italy, lira
.399820*
.399820*
.399820*
a
a
a
a
a
.399820*
Germany, relchsmark
West
S. Treasury
U.
(newly mined)
Australasia—
THE
Australia, pound—
•
STOCK EXCHANGE
BERLIN
Closing prices of representative
each day of the past week:
'
,
'
"
Jan.
6
Canada, dollar—
170
217
146
151
.909090
peso..
.909090
.909090
.909090
.859609
Free
.858203
.858671
.860000
.859609
.858125
Allegemeine Eiektrlzitaets-Gesellschaft)6%)172
Berliner Kraft u. Llcht (8%)
218
.204750*
Official
Mexico,
.909900
.204875*
.205000*
.205000*
.205000*
.204000*
Commerz Bank (6%)
.909090
.909090
.909090
Deutsche Reichsbahn (German
.857500
.857187
.855468
Dresdner Bank (6%)-
.297733*
Farbenlndustrle I. G. (8%)---.
Relchsbank (new shares)
Siemens & Halske (8%)--.
,909090
146
151
Deutsche Bank (6%)
Newfoundl'd, dollarOfficial
.909090
.909090
.909090
Free
,857187
.855781
.856250
South America—
.297733*
,297733*
Argentina, peso
Brazil, mllrela—
.297733*
.297733*
.297733*
Official
.060575*
.060575*
.060575*
.060575*
.060575*
.060575*
Free
.050566*
.050566*
.050566*
.050566*
.050566*
.051680*
.051680*
.051680*
.051680*
.051680*
.040000*
.040000*
.040000*
.040000*
.040000*
.572350*
.572350*
.572350*
.571812*
.658300*
.658300*
.658300*
.658300*
.658300*
.394810*
.394810*
.394810*
.394810*
.394810*
J
145
...205
126
287
144
203
127
287
145
204
128
...
146
145
146
147
205
129
288
148
146
205
128
290
147
(6%)—--.
Death of J. J.
Murphy, Jr., American
.572125*
.658300*
.394870*'
147
151
-
--
Verelnlgte Stahlwerke
.040000*
.572350*
-
146
151
170
171
217,217
147
148
151
152
172
148
209
129
287
,
148
.050566*
.051680*
Rys., 7%)--
171
10
9
7
8
per Cent of Par
,
Jan.
Jan.
Jan.
Jan.
Jan.
4
V
•
.
,
North America—
stocks as received by cable
Chile, peso—
Official
Export
Colombia,
peso
Uruguay, peso—
Controlled
Non-controlled
*
Nominal rate,
a
No rates available.
ENGLISH GOLD AND SILVER
THE
MARKETS
the following from the monthly circular
Samuel Montagu & Co. of London, written under date
We reprint
Dec. 2,
1940:
of
of
GOLD
The amount of gold
held In the Issue Department
of the Bank of England
November, 1940, was unaltered at £241,575.
England's buying price for gold remained unchanged
Consul General
in Hamburg
Consul General in
Murphy, Jr., American
James Joseph
announced by the
7. Mr. Murphy
was born in Philadelphia 53 years ago and was graduated
fiom the Law School of the University of Pennsylvania in
1911.
He entered the consular service in 1916 and served
in Genoa, Lucerne and Santo Domingo.
Until his assign¬
ment to Hamburg on Aug. 2, 1940, Mr. Murphy had for
several years been in charge of the commercial work of the
State Departmeot, having been appointed chief of the con¬
Hamburg, died at his post op Jan. 6, it was
State Department in Washington on Jan.
sular commercial
office in March, 1931.
during the month of
The Bank
of
The
with the previous record of 1,199,699
fine ounces produced in August, 1940. The output for September, 1940 was
1,166,152 fine ounces and for October, 1939, 1,102,212 fine ounces.
a new
NATIONAL BANKS
at
at which figure the above amount was calculated.
Transvaal gold output for October, 1940 was 1,211,277 fine ounces—
168s. per fine ounce,
monthly high record; it compares
following information regarding
from the office of the Comptroller of the
The
National banks is
Currency, Treasury
'■
//--v v
Department:
CHARTERS
ISSUED
Amount
.
SILVER
.
During November, there was a gradual decline in prices from
for cash and 23 7^16d. for two months' delivery quoted on Nov. 1, to
for both positions
l-16d.
Cash silver was at a premium of
week of the month, but on Nov. 8, due
quoted on Nov. 29.
%d. during the first
or
for near delivery, prices were
month, there was some carrying
chiefly to Indian reselling
Later in the
23 5-16d.
were
first time since
March 29 last.
offerings were very moderate
Cash
Nov.
1
4
5
Nov.
6
Nov.
7
8
Nov.
Nov. 11
Nov. 12
Nov. 13
Nov. 14.
Nov. 15_
.
.23%d.
.23 7-16d.
23 7-16d.
23%d.
23 7-l6d.
23 5-16d.
23 5-16d.
23%d.
„_23 5-16d.
23 5-16d.
23 %d.
Average—Cash delivery,
23.2381d.
IN
NEW
Standard)
2
Cash
Nov.
18
Nov. 19
Nov. 20.
Nov. 21
Nov. 22
Nov. 25
Nov. 26
Nov. 27
Nov. 28
Nov. 29
-23 3-16d.
23 3-16d.
23 %d.
23 3-16d.
.23 %d.
23 l-16d.
23 l-16d.
23d.
23d.
22 %d.
Mos.
23 %d.
23 %d.
and
$200,000 preferred)
President, E. G. Bennett.
of First
Cashier, C. D. Rankin.
Boise, Idaho.
Conversion
Security Bank of Idaho,
>
1,200,000
1
CONSOLIDATION
National Bank, Lansing, Mich. (pref. stock,
$100,000; common stock, $250,000)
Dec. 31—First National Bank of Battle Creek, Battle Creek,
Mich, (preferred stock, $392,000; common stock, $150,000- Dec. 31—First National Bank & Trust Co. of Grand Rapids,
Grand Rapids, Mich, (preferred stock, $165,000; common
23 %d.
23 l-16d.
23
l-16d.
31—First
common
Consolidated
350,000
542,000
685,000
90,000
985,000
357,000
1918, as
Bank (Charter No. 14032),
The capital of the
$1,634,000 par value of
amended, under the charter of Lansing National
and under the title of "Michigan National Bank."
consolidated bank is $3,134,000. consisting of
(Reconstruction Finance Corporation), divided into 163,400
value of $10 each, and $1,500,000 par value of common
1.50,000 shares of the par value of $10 each.
consolidation became effective close of business Dec. 31, 1940.
preferred stock
23d.
shares of the par
22 %d.
stock, divided into
YORK
(.Per Ounce .999
Mich. (pref. stock,
$200,000
today under the provisions of the Act of Nov. 7,
National Bank, Saginaw,
$157,000; common stock,
23d.
23.2262d.
or
branches
St., 1601
consolidated association is authorized, under the provisions
Sec. 36, to continue the operation of the three
National Bank of Port Huron, located at 2401 Conner
Pine Grove Ave. and 934 Griswold St., in the City of Port Huron,
The
Title 12, U. S. C.,
of First
Fine)
price, 35 cents. Market price, 34% cents.
The official dollar rates fixed by the Bank of England during
were as follows: Buying, $4.03%; selling, $4.02%.
Marshall, Mich.
stock, $205,000-,
Dec. 31—Saginaw
The
Two months, delivery,
National Bank in Marshall,
(preferred stock, $40,000; common stock, $50,000)
Dec. 31—First National Bank of Port Huron, Port Huron, Mich.
(preferred stock A, $480,000; preferred stock B, $300,000;
23 %d.
23 3-16d.
branch of First
U. S. Treasury
Mich.
pref.)-$1,005,000
Cashier, A. G. Ropp. To suc¬
ceed, Industrial Morris Plan Bank of Detroit, Detroit, Mich.
Dec. 31—First Security Bank of Idaho, National Association,
Boise, Idaho (capital stock consists of $1,000,000 common
W. Lewis.
stock, $520,000-.
'
2 Mos.
23 7-16d.
23%d.
23 5-16d.
23 5-16d.
23 %d.
23 5-16d.
23 5-16d.
23%d.
23 5-16d.
23 5-16d.
23 %d.
National Bank-Detroit, Detroit,
of $1,000,000 com. and $5,000
(capital stock consists
President, Eugene
Dec.
LONDON
(Bar Silver per Ounce
-
Nov.
and of a general character, but met
1940:
IN
Nov.
sagging tendency seen during
to lack of interest than to pressure
resistance.
Quotations during November,
31—Industrial
Dec.
Dec 31—Lansing
of the month was due more
with only poor
the
c
be quiet and the
Conditions continued to
the latter half
of selling;
quoted level at
forward of bull
de¬
18 and 19, when quotations for the respective
23 3-16d. and 23 %d. cash silver was at a discount for
contracts and on Nov.
liveries
23%d.
22%d.
November
of
National Bank of Battle
and the
Creek, located at the corner of
of Battle Creek, all
and Washington Avenues, in the City
which branches were in lawful operation on Feb. 25,
West Michigan
1927.
The Commercial & Financial Chronicle
222
BRANCHES
DIVIDENDS
Dec. 31—First Security Bank of Idaho, National Association, Boise, Idaho.
Location of branches:
All in the State of Idaho—396 Park Ave., Idaho
Dividends
first
Falls; 100 South Arthur St., Pocatello; corner of Broadway and Pacific,
Biackfoot: Payette; 102 West Main St.. Emmett; 101 Eleventh Ave.
South, Nampa; Jerome; Gooding; Shoshone; Hailey; corner of State
and Oneida Sts., Preston; Mountain Home;
Montpellar. Certificates
Nos. 1485A to 1497A, inclusive.
Dec. 31—Industrial National Bank-Detroit, Detroit, Mich.
we
No. 1509A.
National
Bank
at
St.
follow with
second table in which
a
are:
Bank of
Chicago,
Feb.
34c
24
68 %c
Feb.
1 Jan.
15
75c
Feb.
1 Jan.
13
25c
Jan.
Feb.
27 Jan.
1 Jan.
16
13
20
$1H
$1%
SIVs
Dec.
31—Industrial
STOCK
ISSUED
National
Bank
of
Chicago,
Sold locally
Chicago,
111.
$1,000,000
_.
AUCTION
The
Bartgis Bros. Co. 6% conv. pref. (quar.)
Beverly Gas & Electric
Birtman Electric Co, (quar.)
Preferred (.quar.)
Bloomingdale Bros, (quar.)
Amount
10c
following securities
SALES
Wednesday
Ordinary (interim)
Stocks
REDEMPTION
CALLS
AND
23%
-$2% lot
SINKING
Company and Issue—
Date
Akron & Barberton Belt RR. 1st mtge. 4s..
Alabama Power Co. 1st mtge. 5s
Alaska Pacific Salmon Oo. preferred stock
Allied Owners Corp. 1st mtge. bonds
Allied Stores Corp. 4H% debentures
♦American District Telegraph Co. N. J.
Jan.
Jan.
29
..Jan. 31
7% pref. stock..Jan. 15
Appalachian Electric Power Co. 4M% bonds
Jan. 20
4%
bonds
Jan. 20
♦Appalachian Electric Power Co. $6 pref. stock
Jan. 20
17 preferred stock
Jan. 20.
Arkansas Western Gas Co. 1st mtge bonds..
..Jan. 18
Bates Valve Bag Corp. 6% debentures
Feb,
1
Bear Mountain Hudson River
Bridge Co. 1st mtge. 7s. ..Apr.
1
Bedford Pulp & Paper Co. 1st mtge. 6 He
Feb. 14
Catholic Bishop of Chicago, series D notes
Jan. 18
♦Central Pacific Ry. 1st mtge. bonds
Feb. 28
Cincinnati Gas & Electric Co. 1st mtge. bonds
Feb.
1
City Water Co. of Chattanooga 1st mtge. bonds
Jan. 11
Commonwealth A Southern Corp 6% debs., series A
Feb.
1
Commonwealth Telephone Co. 1st mtge. bonds
Jan. 20
Crucible Steel Co. of America 10-year debs.
Jan. 31
Cuban American Manganese
Corp. 8% conv. pref. stock. .Jan. 15
Daniels & Fisher Stores 4%% bonds
Jan. 15
Denver & Rio Grande Western RR.
3H% ctfs__
Feb.
1
Detroit Edison Co. 4H% bonds..
Mar.
1
El Paso Electric Co. (Del.)
7% pref. stock A
Jan. 27
6% preferred stock B
Jan. 27
Electric Auto-Lite Co. 4% debentures
..Feb.
8
♦El Paso Electric Co. (Texas) 1st
mtge. 5s_
Feb.
6
Federal Enameling & Stamping Co. 1st coll. bonds
Feb.
1
Fontanu Power Co. 1st mtge. 68
Feb.
1
Germanl-Atlantic Cable Co. 1st mtge. 7% bonds
....Apr. 1
Great Consolidated Electric Power
Co., Ltd.—
First mortgage bonds
Feb.
1
Greenfield Gas Light Co. 1st mtge.
4% % bonds
Feb.
1
First mortgage 4%% bonds
Feb.
1
Gruen Watch Co. class B pref. stock
Feb.
1
♦Guelf Carpet & Worsted
Spinning MLls 6H% pref. stock. Jan. 10
Gulf Public Service Co. 1st mtge. 6s
Apr.
1
Hawaiian Electric Co., Ltd.,
6% pref. stock
Jan. 15
Inland Steel Co., 1st
mortgage oonds
Jan. 15
Island Falls Water Co. 5H% bonds
Feb.
1
Kansas City Gas Co. 1st mtge. 5s
Feb.
1
Lexington Railway Co. 1st mtge. 5s
|
Feb.
1
♦Lukens Steel Co. 1st mtge. 8s__
Feb.
6
McCrory Stores Corp. 6% preferred stock
Feb.
1
♦Matthiessen & Hegeler Zinc Co.
6% bonds
Mar.
1
♦Montana-Dakota Utilities Co. 1st mtge. oonds
Feb.
8
New York Connecting RR.
4H% bonds...
Feb.
1
Niagara Falls Power Co. 3H% bonds
Feb.
1
♦North American Car Corp. 4^ °/, certificates
Immediate
North American Gas & El. Co.
6% cum. income debs
Jan. 20
Oklahoma Gas & Electric Co.
4% debentures
Feb.
1
Penn-Ohio Edison Co.
See Commonwealth & Southern
Corp
Philadelphia Electric Power Co. 1st mtge. 5Hs
♦Phillips Petroleum Co. 3% debentures
Pinellas Water Oo. 5H% bonds
Pittsburgh Steel Co. 20-year 6% bonds
Poli New England Theatres, Inc., 1st
mtge. bonds
Railway & Light Seci.rities 4% % bonds
Safe Harbor Water Power
Corp. 1st mtge. 4Ms
St. Joseph Ry., Light Heat & Power Co. 1st
mtge. 4Hs
Southern Ice Co., Inc., 1st mtge. bonds
♦South Pittsburgh Water Co.
6% preferred stock
7% preferred stock
♦Southern Pacific RR. 1st
mtge. bonds
San Francisco Terminal bonds
Standard Lime, Ltd., 6% bonds
♦Stern Brothers 6% bonds
♦Tennessee Coal Iron & RR. Co.
gen. mtge. bonds
♦Unified Debenture Corp. debentures
♦Union Premier Food Stores
preferred stock
United Telephone Co. 6% debs
Co. 1st mtge. bonds..
♦Western Maryland Dairy
Corp. $6 pref. stock.
Wheeling Steel Corp. 1st mtge. 4Hs
x
V. 152
Feb.
1
3265
3120
3120
.
2655
3405
3272
3127
3897
xiig
Feb.
1
Jan.
21
3898
3274
3573
3898
3898
Jan.
11
3129
Feb.
1
1
3130
3900
1
3756
3275
3275
Feb.
Jan.
Feb.
Feb.
Jan.
Jan.
..Feb.
Feb.
.Feb.
Jan.
Jan.
11
21
15
15
28
3275
3902
30
27
3276
3276
3276
July
1
Mar. 15
Jan.
22
Jan.
14
Feb.
Feb.
3275
28
1
5
1
3276
3133
3134
3277
3905
Milling
Series B
3119
3269
3400
3270
3270
$1%
52c
$1
Cumulative preference (quar.)
Dominion Tar & Chemical pref. (quar.)
Elizabeth & Trenton RR. (s.-a.)
5% preferred (s-.a.)
Employers Group Assoc. (quar.)
Extra
Eureka Pipe Line Co
Extra
Exeter & Hampton Electric (quar.)
Faber, Coe & Gregg 7% pref. (quar.)
Federated Department Stores (quar.)
Additional
Federated Department Stores pref. (quar.)..
Fidelity Fund, Inc. (quar.)
Fidelity & Deposit of Maryland (quar.)
First Boston Corp
Fitchburg Gas & Electric Light (quar.)
Flambeau Paper pref. (quar.)
Forbes & Wallace, Inc., class A
(quar.)
Franklin Fire Insurance (semi-ann.)
_
Extra
General Shoe Co
Green (H. L.) Co. (quar.)
Extra
Hammond Instrument Co. 6% pref. (quar.)
Haverhill Electric
Hawaiian Electric (monthly)
Hawaiian Pineapple Co
Hawaiian Sugar (liquidating)
Hires (Chas. E.) Co. (quar.)
Hollinger Consolidated Gold Mines, Ltd
Homestake Mining Co. (monthly)
Honolulu Finance & Thrift Co. (quar.)
Extra
Horder's, Inc. (quar.)
Horn & Hardart (N. Y.)
Horne (Joseph) Co. preferred (quar.)
Houston Lighting & Power 7% pref. (quar.)
Extra
7% preferred (quar.)
International Pulp Co. 7% preferred
Feb.
Jan.
25c
Jan.
2c
$1.16
25c
$1H
7%c
t$2H
5Hc
30c
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Jan.
Jan.
Feb.
Feb.
Jan.
Jan.
Feb.
Feb.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
$1%
Feb.
2c
15c
Feb.
Jan.
$35
35c
Feb.
40c
Feb.
15
20
22
i Jan.
1 Jan.
17
2 Dec. 21
Jan.
Mar
4%c
$6 preferred (quar.)
Humberstone Shoe, Ltd. (quar.)
Hydro-Electric Securities pref. B (s.-a.)
Hygrade Sylvania 4 H
%, pref. (initial)
Idaho Maryland Mines (mo.)
Industrial Credit Corp. (N. E.) (quar.)
Feb.
$1%
25c
Diamond Shoe Corp. (quar.)
Distillers Corp .-Seagram pref. (quar.)
Dividend Shares, Inc. (quar.)
Dixie Home Stores (quar.),
Dold (Jacob) Packing (initial,
liquidating)..
Domestic Finance Corp. (quar.)
Extra
3119
3267
1573
3890
2801
3891
3399
3124
31
15
15 Dec.
Feb.
1 Jan.
Feb.
1 Jan.
Mar. ; i Feb.
$1%
$1H
$1%
$1%
(quar.)
Davidson Bros., Inc
Dejonge (L.) & Co. 2d preferred
Dennison Mfg. Co. debenture stock (quar.)
Deposited Insurance Shares series A
zll9
2352
1 Dec. 31
x
x\\7
3232
xll7
zll8
3886
Mar. 15 Mar. 10
Feb.
1 Jan. 17
Feb.
1 Jan. 17
Feb.
10c
Preferred B
1
1
18
Jan.
Commonwealth Edison
45c
Commonwealth Investment Co. (quar.)
4c
Concord Electric (quar.)
75c
Preferred (quar.)
$1H
Coniagas Mines, Ltd
tl2Hc
Consolidated Chemical Industries class A (qu.). 37Hc
Consolidated Lobster, Inc. (quar.)
5c
Consolidated Royalty Oil (quar.).
5c
xll6
3742
3889
3889
3889
1 Jan.
25c
l2Hc
Cunningham Drug Stores (quar.)
1433
Feb.
$1.06%
Preferred (quar.)...
Columbia Gas & Electric Corp
6% cum. pref., series A (quar.)
5% cum. pref. (quar.)
5% cum. preference (quar.)
Colorado Fuel & Iron
3740
Feb.
15 Feb.
15 Feb.
60c
Colgate-Palmolive-Peet (quar.)
Cresson Consolidated Gold Mining &
Cuneo Press 6H% pref. (final)
Feb.
4
20c
Extra
3878
zllO
3385
x261
3879
3879
z261
z261
3737
3830
2036
3387
3739
z262
z 115
15
$1%
$1H
Cerro de Pasco Copper
Chemical Products 7% pref. (quar.)
Coca-Cola Bottling (St. Louis) (quar.)
1424
2
1 Jan.
%
Century Shares Trust
3736
1
5
15 Jan.
Feb.
tl2Hc
6% cumulative preferred
Century Ribbon Mills, Inc., 7% pref. (quar.)...
Page
15
Mar,
Feb.
15 Jan.
Jan.
20c
..
the "Chronicle."
Jan.
25c
-
Below will be found a list of corporate
bonds, notes, and
preferred stocks called for redemption, including those called
under sinking fund provisions.
The date indicates the re¬
demption or last date for making tenders, and the page
number gives the location in which the details were
give in
•Announcements this week,
9d
Extra
FUND
15
25 Jan,
31 Jan.
10c
Canadian Investors Corp. (quar.)
Carter (Wm.) Co. preferred (quar.)
Central Arizona Light & Power $7 pref. (quar.).
$6 preferred (quar .)
Central Hudson Gas & Electric (quar.)
Correction: Reported as 10c. in Jan. 4 issue.
Central Kansas Power Co. 4 % % pref. (initial)
Central Power & Light 7% cum. pref
NOTICES
Vertientes-Camaeu^y Sugar
3d
Brompton Pulp & Paper Co., Ltd. (quar.)
Bullock Fund, Ltd
Canadian Oil Cos. (quar.)
$ per Share
5 National Shawmut Bank, par $12.50
74 104-200 H. F. Staples & Co. common..
1 Jan.
25 Jan,
15
15
Jan.
15
Jan. 31 Jan. 15
Mar. 20 Mar. 7
Feb.
7 Jan.
6
Feb.
7 Jan.
6
75c
ord. (final)
.
Free of British Income tax.
Brockton Gas Light (quar.)
By R. L. Day & Co., Boston:
Feb.
62 He
Bower Roller Bearing
British American Tobacco Co.,
Ltd,
1 Jan.
1 Jan. 15
15 Feb.
1
Feb. 15 Feb.
1
Dec. 30 Dec. 20
Jan. 14 Jan.
7
Feb.
1 Jan. 15
Feb.
Feb.
Jan.
Jan.
1215
Class B (quar.)
on
of the current week:
Shares
25c
$1 %
18%c
Additional
Bon Ami Co. class A (quar.)
sold at auction
were
37fi
-—
16
14
10
Feb.
10c
.......
PREFERRED
18
15
10 Jan.
Dec. 30 Dec.
Feb.
1 Jan.
Mar. 26 Mar.
$2
20c
Arnold Constable Corp
Atlantic City Electric $6 pref. (quar.)
Atlas Powder Co. preferred (quar.)
Ault & Wiborg Proprietary 5H % Pref. (quar.)..
Baltimore American Insurance (s.-a.)
Extra
Amt. of Red.
Chicago, III.
.$1,000,000
25 Jan.
Jan.
Feb.
—
Hinsdale, Hinsdale, 111.
of
Jan.
15c
25c
5-month period, Nov. 1, 1940, to Mar. 31, '41
Anglo-Canadian Telephone preferred (quar.)
Appalachian Electric Power—
4H% cumulative preferred (initial)
$200,000
50,000
31—Industrial National Bank
From $2,000,000 to $1,000,000
$2
(quar.)
Holders
Payable of Record
American Enka Corp
American Home Products Corp (monthly)
American Machine & Foundry Co
CAPITAL STOCK REDUCED
Dec.
When
Share
Addressograph-Multigraph (quar.)
St.
$100,000 to $150,000--.
COMMON
Company
Abraham & Straus, Inc
Adams (J. D.) Mfg. Co.
Amt. of Inc.
Petersburg,
From $200,000 to $400,000
31—The First National
From
we
Per
'
Dec.
Then
dividends
Name of
i
Florida
the
The dividends announced this week
COMMON CAPITAL STOCK INCREASED
28—The
show
All in the State of Michigan—77 Monroe
Ave.,
N. W., Grand Rapids, Kent County; 501 Lapeer St.,
Saginaw, Saginaw
County; 1 West Michigan Ave., Battle Creek, Caihoun Co.; 800
Military St., Port Huron, St. Clair County; 124 West Micigan Ave.,
Marshall, Calhoun County. Certificates Nos. 1504A to 1508A, incl.
Dec. 31—State National Bank of Decatur, Decatur, Ala.
Location of branch; Town of Oneonta, Blount
County, Ala. Certificate
Petersburg, Fla.
are
grouped in two separate tables.
In the
bring together all the dividends announced the
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¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
of branches:
All in the City of Detroit, Mich.—13244 East
Jefferson, corner Coplin; 9900 Gratiot, corner Pennsylvania; 9550
Grand River, corner Dundee; 4101 Fenkell, corner
Petoskey; 6550
Cass near W. Grand Boulevard; 7900 West Vernor
Highway, corner
Springwells. Certificates Nos. 1498A to 1503A, inclusive.
Dec. 31—Michigan National Bank, Lansing, Mich.
Dec.
we
current week.
Location
Location of branches:
Jan. 11, 1941
AUTHORIZED
.
20
20
15
31
Jan. 10
Jan. 10
Jan. 21
Mar. 11
15 Jan. 20
15 Jan. 20
15 Jan. 20
15 Jan. 20
28 Feb. 14
Jan. 15
Jan. 14
Jan.
4
Jan.
4
Jan. 20
Jan. 15
31 Jan. 11
15 Jan. 15
15 Jan. 31
17
20 Jan.
20 Jan.
20 Jan.
27 Jan.
15
15
10
20
Jan. 20
Jan.
1
Jan.
1
1 Jan. 20
Jan. 17
Jan. 15
15 Jan.
4
1 Jan.
1 Jan.
r
27
27
27
50c
Feb.
$1%
Feb.
1 Jan.
1 Jan.
$1
Apr.
Apr.
1 Mar. 20
1 Mar. 20
•IK
Jan.
31 Jan.
25c
Jan.
31 Jan.
50c
Feb.
1 Jan.
1 Jan.
$3
Feb.
$2H
$1^
Jan.
Feb.
15 Jan.
1 Jan.
Jan. 31 Jan.
40c
Jan. 31 Jan.
$1.06% Jan. 31 Jan.
15c
Feb.
1 Jan.
$1
Jan. 31 Jan.
$1.60 Jan. 28 Jan.
68c
Jan. 15 Jan.
$1 %
Jan.
2 Dec.
75c Jan.
2 Dec.
50c
Feb.
1 Jan.
20c
Feb.
1 Jan.
20c
Jan. 31 Jan.
50c
Jan. 22 Jan.
35c
50a
Jan.
75c
85c
Feb.
15c
25c
4
20
21
21
21
20
16
18
■
4
23
24
20
20
15
16
16
1
Jan.
14 Jan.
7
25 Jan.
31 Jan.
15 Fen.
15
$12
Feb.
Mar.
37 He
17
17
15*
15*
Jan.
Jan.
30c
5c
22 Jan.
15 Feb.
16
Jan.
Jan.
21
5
1 Feb.
15
28 Jan.
25 Jan.
14
20
20
40c
Dec.
31 Dec.
40c
Dec.
2.5c
Jan.
31 Dec. 20
27 Jan. 15
50c
Feb.
1 Jan.
11
$1K
$1%
$1%
Feb.
1 Jan.
14
Feb.
1 Jan.
1 Jan.
2.5c
25c
45c
5c
32c
6Hc
87 He
$1%
15
15
Feb.
1 Jan. 15
Feb.
1 Jan. 15
Jan. 15 Jan.
8
Jan. 21 Jan. 10
Jan.
2 Dec. 18
Jan.
2 Dec. 18
Jan.
2 Dec. 18
Jan.
2 Dec. 17
Feb.
Volume
The Commercial & Financial
152
40c
Feb.
1 Jan.
SIM
Feb.
1 Jan.
Interchemical Corp
Preferred
(quar.)
Internationa Cigar Machinery Co
5-months period, Nov. 1,1940, to Mar. 31, '41
James Manufacturing Co
Series B preferred (s.-a.).
Series A preferred (s.-a
Jantzen Knitting Mills
Preferred (quar.)
Keystone Custodian Fund, B-3 (s.-a.)
Series S-4 (serai-ann.)
Knickerbocker Insurance Co. (N. Y.) (quar.)_
Lanston Monotype Machine
Lazarus & Co. (F. & R.) (quar.)
Lawrence Gas & Electric (quar.)
Lehigh Portland Cement Co. (quar.)
4% preferred (quar.)
Lincoln Telep. & Teleg. (Del.) class A (quar.)__
Class B (quar.)
Class B (extra)
5% preferred (quar.)
Loew's, Inc., $6M cum. pref. (quar.)..
Affiliated Fund, Inc. (quar.)
Air Reduction Co., Inc. (quar.)
Mar. 26 Mar. 10
SI
S2M
27 He
Dec. 31 Dec. 20
Dec. 31 Dec. 20
10c
SIM
Dec.
Feb.
Extra
Jan.
12Mc
Jan.
Jan.
25c
Feb. 28 Feb.
25c
Jan.
18
6
14
Jan.
13 Jan.
Feb.
1 Jan.
SI
Apr.
1 Mar. 14
50c
Jan.
25c
Jan.
25c
Jan.
10 Dec.
Jan.
10 Dec.
15 Jan.
31
Feb.
SIM
Apr.
$2M
Feb.
15 Feb.
Tan.
7% preferred (quar.)
!5% preferred (initial)
Div. is SI M on new 5% pref. under exchange
offer, subsequent payments will be SIMAmerican Fork <& Hoe Co., 6% pref. (quar.)
American Furniture Co., preferred (quar.)
American Light & Traction (quar.)..
Preferred (quar.)
—
1 Jan. 18
1 Mar. 18
Extra
Maiden Electric.
Marquette Cement Mfg. Co. (Md.) 6% pf.(qu.)
Massachusetts Power & Light, $2 pref. (quar.)_Maytag Co., $3 pref. (quar.)
$6 preferred (quar.)
Melville Shoe Corp
t
Preferred (quar.)
Michigan Central RR. (s.-a.)
Midland Life Insurance Co. (Kansas City)
Moore Drop Forgings, class A (quar.)
....
National Battery Co
National City Bank of New York (s.-a.)
National Liberty Insurance (s.-a.)
Feb.
11 Jan.
Jan.
Jan.
Jan.
Dec.
SIM
Dec.
Dec. 23
25c
Jan.
Dec. 27
SIM
SIM
SIM
Dec.
Jan.
Dec. 20
Jan.
Dec. 31
50c
Jan.
Jan.
American News Co
6
Dec. 23
7
12 Mc
(quar.)
Amer. Rolling Mill Co., 4M % cum. pref. (quar.)
American Sugar Refining
American Telep. & Teleg. (quar.)
Amoskeag Co. semi-ann
$4 M preferred (s.-a.)
Arlington Mills (irregular)
Atchison Topeka & Santa Fe Ry.—
5% preferred (semi-annual)
Atlantic Refining Co., preferred (quar.)
Atlas Thrift Plan Corp. 7% pref. (quar.)
Artloom Corp. (resumed)
Baldwin Rubber Co. (quar.)..
—
Feb.
Jan.
16
Feb.
Jan.
16
50c
SIM
$25
Feb.
Jan.
Feb.
Jan.
17
Jan.
Jan.
21
80c
Jan.
SIM
Feb.
Dec. 30
Jan. 20
75c
Feb.
Jan.
50c
Feb.
Jan.
17
20
18
Extra
10c
Feb.
Feb.
Feb.
Feb.
1
Feb.
Jan.
15
Jan.
20
10
t$2
tS1.83*
3c
Northern Illinois Finance Corp
Preferred (quar.)
Feb.
1 Jan.
15
1 Jan.
15
Jan.
Jan.
3p
Northern RR. (N. H.) (quar.)
Northwestern Public Service, 7% pref.
Mar.
50c
Mar.
Jan.
tSIM
tSIM
6% preferred
Northwestern Fire & Marine Insurance (sa.-an.)
Occidental Insurance (quar.)
7% pref. (monthly)
6% preferred (monthly)
5% preferred (monthly)
5M % preferred (quar.)
10
7
7
8
15 Jan.
3 Feb.
20
3 Feb.
Jan.
20
2 Dec. 31
5
15 Feb.
1 Jan. 15
1 Jan. 15
1 Jan. 15
1 Jan. 15
Feb.
30c
58 l-3c Feb.
Feb.
50c
41 2-3c Feb.
Feb.
20
Jan.
1 Jan.
24 Jan.
24 Jan.
Jan.
24 Jan.
21
Jan.
24 Jan.
15 Jan.
21
Feb.
Oliver United Filters class A (quar.)
Outlet Co. (quar.)
75c
50c
Extra
1st preferred (quar.)
ii|
32k
2d preferred (quar.)
Pacific Lighting Corp. (quar.)
Pacific Public Service 1st pref. (quar.)
(quar.)
Panhandle Eastern Pipe Line pref. A & B
Penman's, Ltd. (quar.)
Feb.
Feb.
Jan.
Jan.
(qu.).
Feb.
SIM
Preferred
(quar.)
Pennsylvania Gas
Pennsylvania Glass Sand Corp. 5% pref. (initial)
Peoria & Bureau Valley RR
Phoenix Acceptance Corp. class A (quar.)
Pittsburgh Bessemer & Lake Erie RR. (s.-a.)—
Potpmac Edison 7% pref. (quar.)
6% preferred (quar.)
Prentice (G. E.) Mfg. (quar.)
Public Electric Light Co. (quar.)
Puget Sound Pulp & Timber
Raymond Concrete Pile Co
Preferred (quar.)
Reliable Fire Insurance Co. (Ohio) (quar.)
Reliance Manufacturing Co
Reynolds (R. J.) Tobacco Co. (interim)
Common B (interim).
Jan.
Feb.
1 Jan.
15 Jan.
21
21
20
15
10
2 Dec. 16
5
15 Feb.
1 Jan. 21
40c
Jan.
SIM
S3M
12 Mc
Jan.
2
14 Jan.
2 Dec. 30
Feb.
10 Jan.
Feb.
15 Feb.
20
5
Apr.
1 Mar. 15
SIM
SIM
Feb.
1 Jan.
20
1 Jan.
20
Feb.
15 Dec. 31
1 Jan. 23
25 Jan. 17
50c
Jan.
25c
Feb.
50c
Jan.
25c
Feb.
1 Jan.
20
75c
Feb.
1 Jan.
90c
2 Jan.
15c
Jan.
Feb.
20
2
1 Jan.
21
50c
Feb.
Feb.
SIM
Jan.
15 Jan.
15 Jan.
23 Jan.
25
50c
Rike-Kumler Co
18c
Rockland Light & Power (quar.)
Royalty Income Shares series A
Russell-Miller Mill 4M% pref. (s.-a.)
St. Lawrence Flour Mills (quar.)
Preferred (quar.)
San Carlos Milling Co., Ltd. (quar.).
Saratoga & Schenectady RR. (s.-a.)_
Sharp & Dohme, Inc., pref. A (quar.).
Southern Franklin Process Co. 7% pref. (quar.)-
24c
S2M
25c
SIM
35c
S3
87 Mc
.
25
10
15
Jan. 25 Dec. 31
2 Dec. 23
Feb.
Feb.
1 Jan.
1 Jan.
Feb.
1 Jan.
Feb.
Jan. 25 Jan.
20
20
15
Feb.
15 Dec. 31
1 Jan. 17
SIM
Jan.
10 Dec. 27
S1.20
Feb.
1 Jan.
15
Jan.
2 Jan.
Feb.
1 Jan.
2
17
Jan.
Southern Indiana Gas & Electric Co.—
4.8% preferred (quar.)
South Western RR. Co
Spiegel, Inc
$4M preferred (quar.)
Sports Products, Inc. (quar.)
Springfield Gas Light (quar.)
Standard-Coosa-Thatcher (quar.)
Sun Ray Drug Co. (year-end)
Preferred (quar.)
Texamerica Oil Corp. (quar.)
Texas Power & Light 7% preferred (quar.).
$6 preferred (quar.).
Toburn Gold Mines (quar.)
—
.
Extra
$m
SIM
20c
Jan.
30c
Jan.
37 Mc
40c
Jan.
Jan.
(monthly)
6% preferred (monthly)
5% preferred (monthly)
(s.-a.)
Triumph Explosives, Inc. (quar.)
Tung-Sol Lamp Works
Preferred (quar.)
United Corp. class A (quar.)
United New Jersey RR. & Canal (quar.).
Van Sciver (J. B.) Co. 7% preferred
Transamerica Corp.
_
Walker & Co. class A
-•
Washington Oil Co
Weill (Raphael) & Co. (annual)
Extra
-
20 Jan.
15 Jan.
1
10
4
2 Dec. 20
25 Jan.
25 Jan.
15
15
37 Mc
Jan.
lMc
SIM
Jan.
2 Dec. 31
Feb.
1 Jan.
14
"8
Feb.
1 Jan.
14
Feb.
22 Jan.
22
58 l-3c Feb.
Feb.
50c
Feb. 22 Jan.
1 Jan.
22
15
1 Jan.
15
41 2-3c Feb.
1 Jan.
15
15
20c
Jan. 31 Jan.
1 Jan.
Feb.
1 Jan.
Feb.
Feb.
1 Jan.
38c
Feb.
$2
tSl
t62Mc
Apr.
Jan.
Op
;
Toledo Edison Co. 7% pref.
Mar. 15 Mar.
25c
5c
10c
20
20
20
15 Jan. 31
10 Mar. 20
Feb.
15 Jan.
1 Jan.
15
50c
Jan.
10 Jan.
6
S3
Jan.
25 Jan.
18
$5
50c
Jan.
25 Jan.
18
10 Jan.
6
4
Wilson & Co. $6 preferred
Wool worth (F. W.) Co. (quar.)
+S3
Jan.
Feb.
1 Jan.
15
60c
Mar.
1 Feb.
10
Yuba Consolidated Gold Fields, Inc
30c
Feb.
1 Jan.
8
Williams Oil-O-Matic
Following
we
give the dividends announced in previous
The list does not include dividends
announced this week, these being given in the preceding table.
weeks and not yet
paid.
4
20
15 Dec.
20
Jan.
Feb.
23 Jan.
15 Jan.
24
Feb.
1 Jan.
11
Jan.
15 Dec.
15 Dec.
15
10
SIM
SIM
Jan.
SIM
Jan.
4
Jan.
14
15
15
4
30c
37 Mc
30c
15 Jan.
15 Jan.
1 Jan.
Feb.
1 Jan.
Jan. 15 Jan.
Feb.
15
Apr.
SIM
SIM
Mar.
1
Jan.
27
6
14
Jan.
Jan.
31 Jan.
20 Jan.
20
15
Jan.
20 Jan.
15
Jan. 10
15 Dec. 31
15 Dec. 31
Jan.
15
Dec.
Jan.
Jan.
Feb.
15 Dec. 23
15 Dec. 20
31 Jan. 20
31 Jan. 20 '
Jan.
Jan.
Jan.
Jan.
Jan.
31
Jan.
17
10
15 Dec. 31
15 Dec. 31
15 Dec. 31
15 Dec.
Feb. 27 Feb.
Jan.
Feb.
Co., com..
Jan.
-
Jan.
SIM
Feb.
15 Dec. 31
15 Dec. 31
Jan. 17
20c
Jan.
13 Jan.
3*
Feb.
Jan.
Jan.
31 Jan.
Jan.
15
21
15
31
31
31
31
31
3
31
31
201
Jan.
5% prior preferred (s.-a.)
Jan.
British Columbia Power class A (quar.)—;
Telephone 6% preferred (qu.)
Budd Wheel Co
Buffalo. Niagara & Eastern Power—
1st preferred (quar.)Business Capital Corp., class A (guar.)...
Calgary Power Co., Ltd., 6% prer. (quar.).
California-Oregon Power 7% preferred
Feb.
Jan.
Jan.
Jan.
Feb.
-
-
Feb.
Preferred (quar.)
Jan.
Campbell, Wyant & Cannon Foundry
Canada Northern Power Corp., Ltd
7% cumulative preferred (quar.)------.
Canadian Bronze Co., Ltd., common
Common (interim)
—
Preferred (quar.)
Jan.
Jan.
Canadian Converters Co., Ltd
Canadian Fairbanks-Morse, preferred
(quar.)
Canadian Light & Power
Central Power Co. 7% cum.
_ -
(quar.)
-
15 Dec. 26
Jan.
1
19 Dec.
20 Jan.
15 Dec. 31j
1 Jan. 10
15 Dec. 31
15 Dec. 31
Jan.
Feb.
Jan.
Jan.
Jan.
Co——
Jan.
Feb.
—
-
Cine. New Orl. & Tex. Pac. Ry.—
5% preferred (quar.)
5% preferred (quar.)
6% preferred (guar.)
Cincinnati Postal Terminal & Realty Co.6M% preferred (quar.)
Cleve. Cfn. Chicago & St. Louis Ry. (s.-a.)
5% preferred (quar.)
Clinton Water Works Co. 7% preferred (quar.).
Columbus & Southern Ohio Electric Co.—
6M % preferred (guar.)
Commercial Alcohols, Ltd., pref. (quar.)..
Concord Gas Co.. preferred
Conde Nast Publications (resumed)
-
preferred—
Connecticut River Power Co. 6% pref. (quar.)-Consolidated Car Heating Co., Inc. (quar.)
Consolidated Cigar Corp.—
cumulative prior preferred (quar.K. j—
7% cumulative preferred (quar.)
'—
6 M %
Consolidated Edison Co.'of N. Y.. pref.
(quar.)
(quar7).
Consolidated Oil Corp
Consolidated Royalties, Inc., 6%
Coon (W. B.) Co. (quar.)
Jan.
Jan.
(quar.)
Consolidated Laundries, pref.
20
Jan. 20
31 Jan. 10
Jan. 15 Dec. 31
Jan. 16
Feb.
Jan. 15 Dec. 31
Jan. 15 Dec. 31
Jan.
(quar.).
Conn (C. G.) Ltd
Conn. & Passumpsic River RR. 6%
Jan.
Jan.
Jan.
Jan.
(quar.).
pref. (quar.)
Chase National Bank (s.-a.)
Chemical Fund, Inc....
25 Dec.
15 Dec.
Feb.
6% cumulative preferred (quar.)
Central Republic
Chain Belt Co
Dec.
Jan.
Jan.
(s.-a.)
Central Aguirre Assoc. (quar.)
Central New York Power, pref.
Dec.
15 Jan.
24 Jan
Feb.
Canadian Pacific Ry., preferred (final).
Canadian Wineries Ltd. (year-end)
Carolina, Clinchfield & Ohio Ry.
Dec.
Feb.
Canadian Foreign Securities Co
Canadian General Investments (quar.)
Canadian Industries, 7% preferred
15
15
15
15
Feb.
-
Chilton Co.
12 Dec.
Feb.
Bridgeport Hydraulic Co. (quar.)
British Columbia Electric Ry., Ltd.—
6% preferred
6% preferred ((1927)
California Packing Corp.
16
15
16
3 June 21
3 June 21
2
15 Jan.
Feb.
Mines, Ltd. (quar.)
British Columbia
24
15 Dec.
Jan.
7% preferred (quar.)
Extra---
1 Feb.
15 Dec.
1 Jan.
Jan.
July
July
(quar.)
Biltmore Hats, Ltd. (quar.)
Birdsboro Steel Foundry & Machine
Boston Edison Co. (quar.)
Bralorne
Feb.
Jan.
50c
Feb.
10
Jan.
15
15 Jan.
15 Dec.
Jan.
Borland Shoe Stores, inc.
75c
25c
(quar.)
10
Jan.
Bangor Hydro Electric (quar.)
Bankers Securities Corp. 6% preferred
10
5c
75c
Extra
North Boston Lighting Properties..
Packer Corp.
1
20 Jan.
15 Jan.
15 Jan.
Jan.
Jan.
20 Jan.
20,Jan.
20 Jan.
1 Jan.
31 Jan.
1 Jan.
Feb.
Jan.
Bayuk Cigars, Inc., 7% prer. (quar.)
Beatty Bros. Ltd., 6% 1st pref. (quar.)
Bell Telephone Co. or Canada (quar.)
Bell Telephone Co. (Penna.) 6M % Pref. (quar.)
Feb.
Jan.
Feb.
Jan.
——
-----
Feb.
North American Investment Corp., 6% pref
5%
preferred
North American Oil Co. (quar.)
7
20
10
17
SIM
Preferred
10c
Ohio Public Service Co.
-
5% cumulative preferred (quar.)
75c
Neisner Bros., pref. (quar.)
New York Merchandise (quar.)
1 Jan.
22 Dec.
15 Jan.
Jan.
American Radiator & Standard-
7
Jan.
Jan.
Feb.
American Oak & Leather Co.—
SIM
Extra
Preferred
1
7
14
15 Dec. 31
15 Dec. 31
Jan.
75c
A (qu.)
American Cities Power & Light S3 cl.
31
Feb.
30c
Jan.
Jan.
25c
20c
25c
$1
Opt. div. 1-32 shs. cl. B or cash.
American District Telegraph (N. J.)—
31
SIM
SIM
75c
$1.06M
American Can Co. (quar.)
10 Dec. 31
10 Dec. 31
25c
Jan.
American Box Board Co
Louisville Henderson &
St. Louis Ry.
(semi-annual)
Lowell Bleachery, Inc
McGraw Electric Co. (quar.)
McKales, Inc. (semi-annual)
McLennan McFeely & Prior class A & B (quar.)
6M% preferred (quar.)
MacWhyte Co. (quar.)..
SIM
5c
12Mc
50c
50c
-
Extra
75c
25c
Preferred
16 Dec. 31
15 Dec. 31
-
37Mc
Loose-Wiles Biscuit Co
15 Jan.
Jan.
-
25
2
Jan.
10c
5c
25c
25c
12 Mc
—
Mining
Albany Packing Co. 7% pref. (quar.)
All-Penn Oil & Gas (quar.)
Amalgamated Sugar 1st pref. (quar.)-.--—--*
Amerada Corp. (quar.)
Amerex Holding Corp. (s.-a.)
American Airlines, Inc.—
S4M preferred (initial) (quar.)
American Alliance Insurance (quar.)
1 Jan. 10
1 Feb. 25
15 Dec. 31
15 Dec. 31
25 Jan. 15
Mar.
Holders
When
Payable of Record
SIM
Alaska Juneau Gold
31 Dec. 20
65c
5c
Share
Company
Abbott Laboratories 4M% pref. (quar.)
Aeronautical Securities (quar.)--..
20
20
84c
.
Preferred (quar.)
Per
Name of
Payable of Record
Share
of Company
Holders
When
Per
Name
223
Chronicle
pref. (quar.)..
7% preferred (quar.)
Cooper-Bessemer prior preferred (quar.).
Corn Exchange Bank Trust Co. (quar.).
Corn Products Refining (quar.)
-.
Preferred (quar.)
Crowell-Collier Publishing Co., 7% pref. (s.-a.)
Crown Drug Co., pref. (quar.)
Crum & Foster (quar.)
8% preferred (quar.)
Cypress Abbey Co. (year-end)
Dayton Rubber Mfg. Co
Preferred (quar )
Dejay Stores, Inc
Detroit Edison Co. (final)
Detroit Gasket & Mfg
Detroit Michigan Stove (quar.)
Quarterly
Quarterly
19
10
15 Dec. 28 '
25 Jan. 10
1 Jan. 17 •
15 Dec. 31
3
15 Jan.
Mar.
1 Feb.
June
15
2 May
Sept.
15
2 Aug. 15
Jan.
15 Jan.
31 Jan.
31 Jan.
20
20
Jan.
15 Jan.
2
Feb.
1 Jan. 15
15 Dec. 31
Jan.
Jan.
Jan.
4
31
15
4
1
Feb.
1 Jan.
Mar.
1 Feb. 15
Jan. 15 Dec. 31
Feb.
Jan.
Jan.
15 Jan.
31 Jan.
15 Jan.
Jan.
Feb.
Mar.
Feb.
15
Feb. 15
1 Dec. 27
Feb.
1 Jan.
Feb.
15
15 Jan.
Jan.
Feb.
15
15 Dec. 31
1 Jan. 11
Jan.
11
Jan.
24 Jan.
10
Feb.
1 Jan.
17
Jan.
20 Jan.
15 Jan.
3
24
Feb.
Jan.
17 Feb.
Jan.
15 Jan.
2
Feb.
Jan.
Feb.
1
1
3
8
Mar. 31 Mar. 17
Jan.
15 Dec. 31
Jan.
25 Jan
10
Jan.
25 Jan.
10
15
Feb.
1
Jan.
Jan.
15 Dec. 27
Jan.
20 Jan.
4
Feb.
15 Feb.
5
May
15'May
May
15'Aug.
_
224
The Commercial & Financial Chronicle
When
Name oj Company
25c
Feb.
$1X
$1M
SIM
SIX
$1
Jan.
12 Dec. 16
Feb.
Jan.
6
Feb.
Jan.
6
Jan. 25 Jan. 10
Jan.
15 Dec. 31
Jan.
15 Dec. 31
Jan.
15 Jan.
4
Jan.
15 Jan.
4
Jan.
15 Jan.
4
Feo. 15 Jan. 31
SIM
$1)4
Electric Household Utilities
El Paso Electric Co. (Del.)
7% pref. A (quar.)..
10c
SIM
SIM
50c
-—
$3il
33
Apr.
Apr.
3c
5c
SIM
Firestone Tire & Rubber
25c
Fisher (H.) Packing Co. (quar.)
25c
5% preferred (quar.)
37Mc
Federal Service Finance (Wash.. D.
C.) (quar.)
75c
6% preferred (quar.)
SIM
Fenton United Cleaning & Dyeing
7% pref
tSIM
Fidelity Fund, Inc. (year-end)
23c
Filene's (Wra.) Sons
25c
Preferred (quar.)
$1.1 SH
Fireman's Fund Insurance (quar.)
$1
Fishman (M. H.) Co., preferred
(quar.)..
$ IX
Foundation Co. (Canada) (quar.)
%25c
Four-Star Petroleum
lc
Froedtert Grain & Malting
20c
Preferred (quar.)
30c
Fyr-Fyter, class A
25c
Gardner-Denver Co. (quar.)
25c
Preferred (quar.)
75c
Gardner Electric Light Co.
(s.-a.)
$4
General Finance Corp. (quar.)
5c
General Foods Corp., preferred
(quar.)
SIX
General Industries Co. (initial quar.)
—
.
—
—
Mar. 15 Feb.
1 Jan.
Jan.
20 Jan.
15 Dec. 31
15 Dec. 31
15 Dec. 31
15 Dec. 31
Jan.
Jan.
Jan.
50c
30c
(quar.)
Jan.
Jan.
25 Jan.
25 Jan.
1*
Jan.
15 Jan.
15 Dec.
6
31
Jan.
18 Dec.
31
Jan.
15 Jan.
1 Jan,
15
Jan.
Feb.
Feb.
Jan.
Feb.
Jan.
Jan.
(quar.)
Harbison-Walker Refractories, pref. (quar.)
Hartford Electric Light (extra)
Common (irregular)
10
1 Jan.
20
31
15 Dec.
18 Jan.
10
1 Jan.
15 Feb.
1 Jan.
5
10
5
15 Feb.
15 May
5
15 Feb.
15 May
May
5
1 Feb.
15
Mar.
Mar.
Feb.
5
1 Feb.
15
1 Jan.
2
10
20c
Jan.
25c
Jan.
15 Dec. 15
15 Dec. 20
20c
60c
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
SIM
XSXX
t$2M
Feb.
15
15
15
15
Dec. 20
Dec. 31
Dec. 31
Dec. 31
15 Jan.
8
20 Jan.
6
1 Jan.
1 Jan.
1
Jan.
1 Jan.
30c
Jan.
Jan.
15
15
17
15
20c
15
25 Jan.
4
15c
Feb.
1 Jan.
10
SIM
Feb.
Feb.
14 Feb.
15 Jan.
3
75c
SI
Feb.
15
$1
50c
Feb.
15
July
1
lc
Jan.
25
-
Feb.
~'yl
$
Light (quar.)
Institutional Securities (ins. shares)
Insurance Co. of N. A.
(semi-ann.)
Jan.
40c
3.1c
&
Jan.
Feb.
Jan.
SIM
Jan.
50c
Extra
Jan.
1
25
Jan. 25
Jan. 25
June 17
Dec. 31
1 Jan.
15
15 Dec. 31
15 Dec.
15 Jan.
1 Dec.
15 Dec.
15 Dec.
International Bronze Powders, Ltd.
(quar.)
37 Mc
Jan. 15 Dec.
6% cum. part, preferred (quar.)
37 Mc
Jan. 15 Dec.
International Business Machine stock
5% Jan. 30 Jan.
International Harvester (quar.)
40c
Jan. 15 Dec.
International Metal Industries, Ltd.—
6% cum. conv. preferred
1 Jan.
tSIM Feb.
6% conv. preferred A__
Feb.
tSIM
1 Jan.
International Milling Co., 5% Pref.
(quar.)
Jan. 15 Jan.
International Nickel Co. of Canada,
pref. (qu.)>
Feb.
1 Jan.
International Products Corp. 6% pref. (g.
a.)
Jan. 15 Dec.
International Utilities Corp., $1 M
preferred.--1 S1.81M Jan. 15 Jan.
$3 M prior preferred
87Mc Feb.
1 Jan.
Interstate Department Stores
15c
Jan. 15 Dec.
Preferred (quar.)
Feb.
1 Jan.
SIM
Interstate Home Equipment
20c
...
31
4
31
31
31
31
31
15
20
15
-
—
15
3
2
31
6
20
30
-
5)4% preferred B
6% preferred C
Joplin Water Works Co. 6% preferred
(quar.)
Julian & Kokenge
(semi-ann.)
Kalamazoo Stove & Furnace
Class B
Preferred (quar.)
Lee Rubber & Tire
Corp.
Lerner Stores Corp.
—
15 Dec.
31
t87Mc
t81Mc
t75c
SIM
Jan.
Jan.
Jan.
Tan.
20 Dec. 31
20 Dec. 31
20 Dec. 31
15 Jan.
2
15 Jan.
2
Feb.
Jan.
31 Mc
Jan.
Jan.
Jan.
SIM
Jan.
SIM
...
62 Mc
J2c
SIM
12Mc
5c
1 M%
50c
----------
15c
75c
75c
50c
SIM
SIM
87 Mc
—
(quar.).
Jan.
15c
Preferred (quar.)
Little Schuylkill Navigation RR. &
Coal (s.-a.)Louisville Gas & Electric
(Ky.) 7% pref. (qu.)
Preferred (quar.)
Mc Call Corp. (quar.)
Jan.
15c
Preferred (quar.)
Lexington Telephone Co., 6%
pref. (quar.)
Liberty Loan Corp. $3 M pref. (quar.)
Link Belt Co. (quar.)
Extra
2
75c
20c
(quar.)
6% preferred (quar.).
5% preferred (quar.)
MacAndrews & Forbes Co.
15 Jan.
SI
Investment Foundation Ltd..
6% cum. pref.(qu)
Iowa Electric Light & Power Co.—
7% preferred A
Kaufman Dept. Store.
Kellogg Switchboard & Supply
Preferred (quar.)
Kennedy's Inc., $1.25 conv. pref.
(quar.)
Kentucky Utilities, 6% preferred (quar.)
Klein (D. Emil) Co. pref.
(quar.)
Kootenay Belle Gold Mines, Ltd. (quar.)
Kroger Grocery & Baking, 7% pref.
(quar.)
Krueger (G.) Brewing
K W Battery Co., Inc.
(quar.)
Lane Bryant, Inc.,
7% preferred (quar.)
Langendorf United Bakeries, class A (quar.)
16
Jan.
25c
SIM
$1
SIM
m
50c
50c
1 Jan.
28
31
31
15
20
Jan.
10
Jan.
Jan.
7
7
Dec. 31
15 Dec. 31
Feb.
1 Jan. 20
Jan. 22 Jan. 15
Feb.
1 Jan. 17
Jan. 16 Jan.
9
Feb. 15 Feb.
8
Feb.
1 Jan. 15
Jan. 15 Dec. 31
Jan. 15 Dec. 31
Jan. 15 Dec. 31
Feb.
1 Jan.
15
Jan. 15 Jan.
3
Feb.
Jan.
Feb.
Mar.
Apr.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
SIM
Jan.
35c
Feb.
1 Jan.
20
15 Dec.
31
1 Jan.
1 Feb.
21
7
1 Mar. 15
15 Dec. 13
15 Dec. 31
15 Dec. 31
15 Dec. 31
15 Dec. 31
15 Dec. 31
15 Dec. 31
Jan.
15
11. 1941
Per
Name of
McColi Frontenac Oil Co.
6% pref. (quar.)
Preferred
Holders
Share
Company
of Record
SIM
tsix
SIM
SIM
31 Jan.
24
Jan.
15 Dec.
31
Jan.
15 Dec.
11c
Mc Lellan Stores, preferred (quar.)
Mahon (R. C.) Co., class A
(quar.)
Preferred (quar.)
Jan.
50c
55c
(quar.)
McCrory Stores. 6% pref. (final)
Jan.
15 Jan.
Jan.
Jan.
15 Jan.
15 Dec.
30
J an.
1o Dec.
20
10c
15 Dec.
20
Jan.
15 Dec.
20
10c
Jan.
31 Jan.
—
Midland Oil Corp., $2 preferred
Midwest Piping & Supply-Mississippi Power & Light, $6 pref
Monsanto Chemical Co., S4.25 pref. A
(s.-a.)
$4.25 preferred B (semi-ann.)
Montana Power Co., $6 preferred (quar.)
62 Mc
S3
15c
SIM
25c
37c
5c
20 Dec.
31
15 Dec.
31
Dec.
31
Feb.
1
Nov. 28
Jan.
15 Dec. 31
Feb.
1 Jan. 20
Feb.
1 Jan. 20
Jan, 31 Jan. 10*
Jan. 31 Jan.
10*
15 Dec.
Jan.
15 Jan.
8
$2
—
Jan.
25c
Feb.
1 Jan.
15
S2M
S2M
SIM
June
2 May
2 May
1 Jan
10
10
June
Feb.
31
50c
Jan.
15 Dec.
13
13
38c
31 Dec.
31
15 Dec.
15 Jan.
25 Dec.
31
3
6
50c
Jan.
Jan.
Jan.
Jan.
Jan.
75c
Montreal Telegraph Co
Montreal Tramway (quar.)
Monroe Loan Society, class A
Morrell (John) & Co
Morris (Philip) & Co. (quar.)
Jan.
15 Dec.
t55c
tSIM
5c
Development Co. (qu.)
Mar.
37Mc
SIM
5c
—
Jan.
Jan.
Feb.
Jan.
50c
-
Munsing (Paper Co., 1st pref. (quar.)
Mutual System, lnc
8% preferred
;
National Automotive Fibres—
—
lc
25c
Mountain States Telep. & Teleg. (quar.)
Jan.
15c
Jan.
40c
25c
Jan.
Jan.
Jan.
15c
National Biscuit Co
National Bond & Share Corp
National Cash Register
National Chemical & Mfg.
(quar.)
National City Lines, S3 preferred
Feb.
15c
(quar.)
27
15
20 Dec. 31
15 Dec. 31
1 Jan.
15 Dec.
20
31
15 Dec. 31
15 Dec. 24
15 Dec. 13
15 Dec. 31
15 Dec. 30
Jan. 15
Feb.
Feb.
Jan.
Jan.
18
50c
2c
Feb.
15
Feb.
Jan.
Jan.
May
Aug.
Apr. 21
Juiy 22
•
National Power & Light, $6 pref.
National Shirt Shops (Dela.)
31
1 Feb.
75c
50c
•uarterly
National Fuel Gas (quar.)
National Lead Co. pref. B (quar.)
National Money Corp., class A
(quar.)
SI )4 preferred (quar.)
National Oil Products
15 Jan.
2c
2c
2c
$2 class A (quar.)
National Distillers Products
(quar.)
National Electric Welding Machine Co.
(qu.)__
25c
SIM
10c
37Mc
'.
50c
(quar.)
SIM
1
Oct. 30
Jan. 15
Feb.
1
Jan. 15
Jan. 15
Jan. 20
Feb.
20c
Jan.
Jan.
(initial) (quar.)
lc
Quarterly
lc
95c
Newberry (J.J.) Realty Co., 6M % pL A (quar.)
6% preferred B (quar.)-.
Newport News Shij
ipbuilding & Dry Dock
Preferred (quar.).
Niagara Hudson Pow. Corp., 5% 1st pref. (qu.)
'
SIM
SIM
SIM
North Penn Gas $7 prior pref. (quar.)
Northern Central Railway
(semi-annual)
12
12
16
1
31
1 Dec.
16
Feb.
1 Jan.
16
Feb.
1 Jan.
16
Jan.
Jan.
15
Feb.
Feb.
$1sl
17
Jan.
Jan.
Jan.
15 Apr.
Feb.
15c
20
31
15 Dec.
SIM
15c
Oct.
Dec.
Jan.
Apr.
Feb..
SIM
SIM
15c
Quarterly
Quarterly
22
Jan.
SI
5% 2d series A & B preferred (quar.)
Norfolk & Western Ry., 4% pref. (quar.)
Norma-H Bearing Corp. (quar.)
18
1 Dec. 30
15 Dec. 26
15 Dec. 31
15 Jan.
7
Jan.
50c
Corp., Ltd. (quar.)
New Bedford Gas & Edison
Light Co
New England Power Co. preferred
(quar.)
Feb.
15
Jan.
Jan.
15
31
Mar.
June
Mar. 23
Sept.
Jan.
Sept. 21
June
Dec.
22
31
31
Jan.
Dec.
tSIM
Jan.
Dec.
31
J 12c
Jan.
Dec.
31
SIM
SIM
SIM
Northern Ontario Power Co.,
6% pref. (quar.).
Common
Northern States Power Co. (Del.)
Jan.
Jan.
Jan.
20c
Northern
Jan.
Dec.
Dec.
Dec.
Jan.
Jan.
SIM
Jan.
Jan.
25c
-
5% preferred (quar.)
■_
Oahu Railway & Land (monthly)
Monthly
Oahu Sugar Co., Ltd. (monthly)
Oneida Ltd. (extra)
Pacific Finance Co., 8% preferred
(quar.)
6)4% preferred (quar.)
5% preferred (quar.)
Pacific Gas & Electric (quar.)
Pacific Lighting Corp. preferred
(quar.)
Pacific Telephone & Telegraph Co.—
Preferred (quar.)
Paraffine Cos. pref. (quar.)
Paterson & Hudson River Railroad
(s.-a.)
Patino Mines & Enterprises Consol. Inc.
Div. of 3s. per sh. paid in U. S. funds at the
—
rate of 60c. per share
!
Payne Furnace & Supply, pref. A & B
Pearson Co., Inc., 5% pref. A (quar.)
Pelham Hall Co
Penn Traffic Co. (semi-annual)
10c
Feb.
10c
Mar.
Jan.
Jan.
5c
5Cc
20c
16Mc
SIM
50c
31
15
15
15
Fob.
Mar.
7
Jan.
4
Dec.
31
7
Feb.
Jan,
15
Feb.
Jan.
Feb.
Jan.
Jan.
15
15
SIM
Jan.
Dec. 31
Dec. 31
SIM
Jan.
Jan.
Jan.
15 Dec. 31
15 Jan.
2
15 Jan.
2
SI
SIM
Jan.
Jan.
1"30c
Jan.
Jan.
2
Feb.
Jan.
20
10c
Jan.
Jan.
Jan.
Jan.
10
10
Feb.
Feb.
Jan.
15
Mar.
Mar.
15c
—
Peninsular Telephone pref. A (quar.)
Pennsylvania Sugar Co. (quar.)
Peoples Gas Light & Coke (quar.)
SIM
35c
37 Mc
50c
Philadelphia Co
Philadelphia Electric Co. (quar.)
Preferred (quar.)
Pick (Albert) Co
Piedmont & Northern Ry. Co
Pilot Full Fashion Mills, Inc.—■
6)4% cum. preferred (semi-ann.)
Pittsburgh Cincinnati Chicago & St. Louis (s.-a.)
Plume & Atwood Mfg. Co.
(quar.)
Plymouth Cordage Co. (quar.)
Plymouth Rubber Co., Inc., 7% pref. (quar.)
Portland Gas Light Co. $6 preferred
Potomac Electric Power Co., 6% pref.
(quar.)
5)4% preferred (quar.)
Power Corp. of Canada (interim)
6% preferred (quar.)
6% partic. preferred (quar.)
Premier Gold Mining (quar.)
Preston East Dome Mines (quar.)
Jan.
15c
Jan.
2-4-41
1
Dec. 21
Dec. 31
Jan.
10
Jan. 10
45c
Feb.
Feb.
Jan.
Dec.
31
Jan.
Jan.
6
Apr.
50c
Jan.
Mar. 16
Jan.
10
Jan.
Dec.
Jan.
Dec.
31
Jan.
Dec.
31
Jan.
Dec.
27
Mar.
Feb.
15
Mar.
—
Feb.
Dec.
31
Feb.
26
15
Jan.
Dec.
Jan.
Dec.
31
Jan.
Dec.
Jan.
Dec.
Jan.
Jan.
Extra
Procter & Gamble Co.. pref. (auar.)
Prudential Investors $6
Dec.
Dec.
26
31
31
31
Jan.
—
6% preferred (mo.)
Puget Sound Power & Light, $5 prior pref
Quaker Oats Co. 6% pref. (quar.)
Quarterly Income Shares, nc
24
Dec. 31
Jan.
prel. (quar.)
Public Service Co. (N. J.),
6% pref. (monthly)
10
SIM
12Mc
—
Dec.
Feb.
Jan.
13
Jan. 15
Dec. 20
Feb.
Feb.
Feb.
Quebec Power Co
Jan. 15
Jan. 25
Dec. 20*
Dec. 31
Feb.
Corp. of America
Railroad Employees Corp.. preferred
(quar.)
Railway & Light Securities Co.—
6% preferred (quar.)
Feb.
31
31
31Mc
Pennsylvania Power Co., $5 preferred (quar.)
Radio
14
Jan.
Jan.
t25c
Montgomery Ward & Co
Montreal Light, Heat & Power Consol.
(quar.)_
Northwest Engineering
Nunn-Bush Shoe Co
15
Jan.
Class B
Naybob Gold Mines
Jan.
6
17Mc
(quar.)
Massawippi Valley RR. (s.-a.)
Michigan Bakeries, Inc
$7 preferred (quar.)
$1 non-cum. prior preferred (quar.)—
Middle States Petroleum, class A
National Steel Car
31
1
17Mc
7% preferred (quar.)
Marshall Field & Co. (quar.)
Marvens. Ltd., preferred (quar.)
Massachusetts Investors Trust
Massachusetts Utilities Assoc., pref.
Quarterly
15 Dec. 31
Feb.
2c
Extra
-
15 Dec.
Jan.
50c
Extraordinary
Manufacturers Trust Co. pref. (quar.)
Maritime Telep. & Teleg. Co., Ltd.
(quar.)
Mt. Diablo Oil Mining &
Mountain States Power
Jan.
31
6
Manhattan Bond Fund, Inc.,
ordinary
10
25 Tan.
SIM
-
15
31
Jan.
.0458
68 Mc
Hartford Times, Inc., 5)4% pref.
(quar.).
Hat Corp. of America, 6)4%
pref. (quar.)
Hawaiian Electric, 6% preferred
(final)
Hayes Industries, Inc., (quar.)
Hecker Products Corp. (quar.)
Hercules Powder Co. pref.
(quar.)
Hershey Chocolate (quar.)
Convertible preferred (quar.)
Convertible preferred (additional)
Hibernia National Bank (N.
O.) (s.-a.)
Holly Development (quar.)
Holly Sugar Corp., preferred (quar.)
Household Fiance Corp. (quar.)
5% preferred
2
Feb.
Feb.
$1M
Great Lakes Power Co. Ltd. ser. A
pref. (qu.)
Guarantee Co. of North America
(Que.) (quar.)Extra
Halle Bros. Co.. pref.
16
1 Jan,
15 Dec.
20 Jan.
Jan.
.0458
.—
4
16 Jan. 14
1 Dec. 30
Feb.
May
SIM
SIM
Extra
16
Jan.
Jan.
Feb.
Great American Insurance Co.
(N. Y.) (quar.)—
28
Feb.
Feb.
'0
—
1 Mar. 15
1 Mar. 18
Feb.
General Mills, Inc. (quar.)
General Outdoor
Advertising Co. class A (quar.)
Class A (quar.)
Preferred (quar.).
Preferred (quar
r.).
Gibraltar Fire & Marine Insurance Co.
(s.-a.)
Extra
Gillette Safety Razor pref.
(quar.) J
Gimbel Bros., 6% preferred (quar.)
Golden State Co
Ltd.
25 Jan. 10
15 Dec. 31
21 Dec. 31
21 Dec. 31
1 Jan. 15
Jan.
Jan.
Jan.
Feb.
Jan.
25c
17
15
15
Jan. 16
15 Dec. 31
15 Feb.
1
15 Feb.
1
Jan.
Feb.
—
6% preferred B (quar.)
Ely & Walker Dry Goods
1st preferred (s.-a.)
2nd preferred (s.-a.)
Employers Reinsurance (stock div.)
Eversharp, inc., new 6% pref. (quar.)
Falstaff Brewing, preferred
(semi-ann.)
Farallone Packing Co. (quar.)
Fibreboard Products, prior preferred
(quar.)
31 Jan.
31 Jan.
31 Jan.
Feb.
SIM
1M%
Du Pont (E. I.) de Nemours & Co.-
20 Dec. 31
Jan.
SIM
$4.50 preferred (quar.)
Duquesne Light Co. 5% preferred (quar.)
East Pennsylvania RR. guaranteed
(quar.)
East Pennsylvania RR. Co.
(semi-ann.)
Eastern Steel Products (year-end).
Eastern Steel Products, Ltd., 5% cum
pf. (qu.)
Electric Bond & Share, $5 pref.
(quar.)
$6 preferred (quar.)
Indianapolis Power
Jan.
Jan.
Jan.
75c
—
8
10
Feb.
Apr. 21 Mar. 31
30c
10c
Extra
Dominion Tar & Chem. Co.. Ltd.,
5M % pf.(qu.)
Dominion Textile, Ltd. pref. (quar.)
15 Jan.
Mar.
X50C
I50c
(Quarterly)
Dominguez Oil Fields (monthly)
Dominion Oilcloth & Linoleum Co., Ltd.
(quar.)
,
Jan.
$4
75c
Dome Mines, Ltd--.
Dow Chemical Co. (quar.)
Preferred (quar.)
Holders
Payable oj Record
Detroit River Tunnel Co. (s.-a.)
Diamond Match Co., pref. (seml-ann.)
Jan.
Jan.
Jan.
SIM
Feb.
1 Dec.
1
23
Volume
The Commercial & Financial Chronicle
152
Company
Share
Reading Co. (quar.)
Regent Co
When
Holders
25c
Richmond Fredericksburg & Potomac
11
37)4c
Apr.
Apr.
Feb.
I Jan.
The
1 Mar. 22
15c
6% preferred A & B (quar.)
Revere Copper & Brass, Inc., 51* % pref
7% preferred
:
Rice-Stix Dry Goods
13 Jan.
15 Jan.
Jan.
12}4c
III
Feb.
Jan.
10c
$1.3114
$1 H
50c
Dec.
following shows the condition of the Federal Reserve
close of business Jan. 8, 1941,
comparison with the previous week and the corresponding
16
10
Bank of New York at the
31
in
1 Mar. 22
date last year:
15
1 Jan.
1 Jan.
8
Feb.
Assets—
$3
1 Apr.
1 Apr.
May
May
Redemption fund—F. R. notes
Feb.
1
Jan.
11
Feb.
1
Jan.
11
Dec.
21
8c
25c
Jan.
15 Jan.
Jan.
15 Jan.
2C Jan.
Total
Bills
6
20c
Rochester Button Co. (quar.)
Preferred (quar.)
...
861,000
6
10
reserves
by
...
U.
8.
9,825,953,000 9.809,823,000 7,472,533,000
...
Govt,
obligations
349,000
direct and guaranteed..
Other bills discounted
Preferred (quar.)
St. Lawrence Corp. 4% pref. (quar.)
St. Lawrence Paper Mills Co 6% preferred
St. Louis County Water preferred (quar.)
San Diego Gas & Electric 5% pref. (initial)
135,000
Jan.
15 Jan.
4
2
Jan.
Jan.
20
Bonds..
31
Notes.
645,355.000
752,337,000
647,847,000
756,741,000
U. 8. Govt, securities, direct and guar¬
t50c
15 Jan.
15 Jan.
408,181,000
Industrial advances
Jan.
379,573,000
265,782,000
6
$1 H
$1
25c
2,363,000
2,041,000
635,101,000
20
15 Ian.
736,000
1,756,000
632,503,000
1 Feb.
Jan.
2,228,000
372,013,000
260,490,000
Jan.
Mar
$1
245,000
491,000
1,755,000
25c
St. Croix Paper (quar.)
86,987,000
discounted:
8ecured
37MC
I
Royal Typewriter Co., Inc
1,619,000
972,000
51,324,000
65,646,000
11
Jan.
$
9,759,446,000 9,757,527,000 7,383,927,000
Other cash t
15c
(qu.j
1940 Jan. 10, 1940
$
hand and due from
on
United States Treasury.*
30
30
15c
Extra
Dec. 31.
$
Gold certificates
$3^
8, 1941
10
22 Jan.
Jan.
10
Feb.
Jan.
RR.~
7% gtd. preferred (s.-a.)
6% guaranteed preferred (s.-a.)
Richmond Insurance Co. (N. Y.) (quar.)
Special
Rickel (II. W j & Co. (s.-a.)
Rochester American Insurance Co. (N. Y.)
York
New
Payable of Record
50c
21
Reliance Steel Corp
Reliable Stores Corp., common (quar.)
5% convertible preferred (quar.)
Republic Investors Fund, Inc.—
of
Bank
of the Federal Reserve
Condition
Per
Name of
225
Jan.
$114
Feb.
23.1c
Jan.
15 Tan.
1
15 Dec.
Total
6
bills
494,000
843,000
discounted
anteed:
2
344,156,000
Covers
period beginning Oct. 8 and ending
Dec. 31, 1940.
-Scott Paper Co., $4)4 cum. pref.(quar.)
$4 cum. preferred (quar.)
Shatterproof Glass Corp. (quar.)
Shawinigan Water & Power Co. (quar.)
Sheep Creek Gold Mines, Ltd. (quar.)
Silbak Premier Mines
Smith (Howard) Paper Mill,
pref. (quar.)
Solar Aircraft, class A pref. (semi-ann.)
South Pittsburgh Water Co., 4)4% pf. (quar.)_
7% pref. (final)
6% preferred (final)
Total U. 8. Government securities,
1 Jan.
1 Jan.
20
2C Jan.
10
23c
Feb.
25 Jan.
25
4c
Jan.
15 Dec.
t4c
Jan.
25 Jan.
$1)4
Feb.
Due from foreign banks
Federal Reserve notes of other banks
Jan.
25c
Jan.
Jan.
15 Jan.
Jan.
Other assets
15
Jan.
Uncollected items
15 Dec. 31
SIM
Bank premises
25c
Feb.
25c
Apr.
15 Mar. 20
Jan.
Jan.
20
Union Electric of Missouri, $5 pref. (quar.)
„
United Light & Railways 7% pr. pref. (mo.)
7 % prior preferred (monthly)
7 % prior preferred (monthly)
6.36% prior preferred (monthly)
6.36% prior preferred (monthly)
6.36% prior preferred (monthly)
6% prior preferred (monthly)
6% prior preferred (monthly).
6% prior preferred (monthly)
United States Fidelity & Guaranty Co
United States Hoffman Machine, pref. (qu.)
United States Plywood Corp. (quar.)
U. 8. Smelting, Refining & Mining Co., common
Preferred (quar.)
United States Sugar Corp., pref. (quar.)
Preferred (quar.)
Preferred (quar.)
United Stockyards Corp. conv. pref. (quar.)
Preferred (quar.)
Universal Leaf Tobacco
(quar.)
Valley Mould & iron pref. (quar.)
Vapor Car Heating Co.. Inc. 7% pref. (quar.)
Vertientes-Camaguey Sugar Co
Virginian Ry preferred (quar.)
Preferred (quar.)
Preferred (quar.)
Vulcan Detinning Co., 7% pref. (quar.)
Washington Gas Light Co. (quar.)
$414 cum. conv. pref. (quar.)
Wash. Ry. & Elec. Co. 5% pref. (s.-a.)
5% preferred (quar.).
5% preferred (quar
West Penn Electric Co. 7% pref. (quar.)
6% preferred (quar.)
West Penn Power pref. (quar.)
Western Grocers. Ltd. (quar.)
Preferred (quar.)
Western Pipe & Steel Co. of California—
7% preferred (semi-annual)
Westgate-Greenland OH Co. (monthly)
Weston (Geo.). Ltd., pref. (quar.)
West vac o Chlorine Products Corp. (quar.)
$414 cum. pref. (initial quar.)
Wichita Union Stockyards 6% pref. (s.-a.)
Wichita Water Co. 7% preferred (quar.)
Will & Baumer Candle Co., Inc. (quar.)
Wilson Line, pref. (s.-a.)
-
-
,
10666 025,000 10719,915,000 8,406,245,000
F. R, notes In actual circulation..
Deposits—Member bank
Jan.
Jan.
15 Dec.
reserve acc't..
1,549,880,000 1,576,404,000 1,241,394,000
7,640,081,000 7,556,979,000 6,436,686,000
8, Treasurer—General account
Foreign
15 Dec. 20
15 Dec. 20
15 Dec. 31
15 Dec. 31
15 Jan. 3
15 Dec. 20
Feb.
60,055,000
624,803,000
....
Total deposits
...
Deferred availability Items
6 % preferred (cash or common stock)
Wisconsin Gas & Elec. 414 % cum. pref. (quar.)_
Wood. Alexander & James, Ltd., 7% 1st pref
Woodall Industries, Inc
Wright-Hargreaves Mines. Ltd. interim
Wrigley (Wm.) Jr. (monthly)
Monthly
I
Monthly
Zeller's, Ltd., preferred (quar.)
*
138,725,000
179,005,000
8,831,204,000 8.814,760,000 6,904,240,000
138,967,000
156,767,000
201,083,000
365,000
Other liabilities, lnd. accrued dividends.
455,000
175,000
31
Total liabilities
Jan.
15 Jan.
Jan.
15 Jan.
Jan.
15 Jan.
3
Feb.
1 Jan.
15
14
Jan.
Jan.
23 Jan.
15 Dec.
16
Surplus (Section 13-b)
Other capital accounts..
Mar
15 Mar.
Feb.
Feb.
15 Jan.
1 Jan.
Feo.
1 Jan.
7
Feb.
1 Jan.
7
10538216,000 10592,422,000 8,285,056,000
Surplus (Section 7)
Mar. 15 Feb.
14
3
...........
Capital Accounts—
Capital paid in
51,407,000
56,447,000
7,070,000
12,885,000
.....
51,141,000
51,096,000
56,447,000
7,070,000
12,880.000
53,326,000
7,109,000
9,613,000
31
Total liabilities and capital acoounts.. 10666 025,000 10719,915,000 8,406,245,000
5
31
7
15 Tan.
15 Dec.
20 Jan.
of
F. R.
total
and
deposit
to
reserve
94.7%
94.4%
91.7%
693,000
700,000
1,793,000
note liabilities combined
Commitments
make
to
ad¬
Industrial
vances
31
Jan.
Ratio
2
Jan.
Jan.
Jan.
15 Jan
Jan.
15 Dec.
Dec.
18
24
Feb.
12 Feb.
15 Jan.
31
Jan.
20 Dec.
31
Jan.
15 Jan.
Feb.
Mar.
1
Reserve bank notes.
These
z
over
are
certificates given by the United States Treasury tor the gold
taken
from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
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
100 cents to 59.06
cents,
these oertlfioates
8
Jan.
21
15 Dec.
31
Feb.
Jan.
Federal
t "Other cash" does not Include Federal reserve notes or a bank's own
7
4
31
1
Feb.
1 Jan.
15
$1K
Feb.
Feb.
15 Jan.
10 Jan.
31
25c
15c
Jan.
Jan.
15 Dec.
31
$1
58 l-3c. Feb.
Mar.
58 l-3c
58 l-3c
Apr.
15 Dec.
19
1 Jan.
15
Feb.
15
1
1 Mar. 15
53c
Feb.
1 Jan.
15
53c
Mar.
1
Apr.
Feb.
1 Jan.
Mar.
1 Feb.
15
50c
25c
Apr.
MEMBERS
OF
THE
OF
15
50c
STATEMENT
NEW YORK
CLEARING
HOUSE
1 Mar. 15
50c
The weekly statement issued by the New York City
Clearing House on Friday afternoon is given in full below:
15
53c
York City
Weekly Return of the New
Clearing House
10
Jan.
Feb.
ASSOCIATION
AT
CLOSE
BUSINESS
OF
•
Clearing
•
THURSDAY,
Net Demand
Surplus and
Undivided
Capital
9,
JAN.
1941
Time
Deposits
Deposits.
Profits
House
Average
Member*
1 Mar. 15
15 Dec. 31
Arerage
$
689*c
Feb.
1 Jan.
17
30c
Jan.
20 Jan.
11
Bank of New York
6,000,000
14,147 ,800
217,022 ,000
$1
Jan.
15 Dec.
12
Bank of Manhattan Co.
20,000,000
26,884 ,500
613,819 ,000
87Mc
$1)4
$1)4
$1)4
1714c
ny*c
Jan.
27
2
National City Bank
77,500,000
80,275 ,900 a2.595.466 ,000
Jan.
15 Dec.
15 Jan.
Chem Bank & Trust Co.
20,000,000
Apr.
July
15 Apr.
15 July
2
Guaranty Trust Co.....
90,000,000
Manufacturers Trust Co
41,748,000
800,860 ,000
57,904 ,700
186,946 ,500 52,226,581 ,000
780,449 ,000
40,986 ,600
Cent Hanover BkATr Co
21,000,000
75,103 ,700 cl,175,223 ,000
Corn Exch Bank Tr Co.
15,000,000
20,356 ,600
329,091 000
$1
Feb.
2
3
3
17
First National Bank....
10,000,000
109,720 ,700
794,480 ,000
816,000
Irving Trust Co
Jan.
15 Jan.
Jan.
15 Jan.
1
Jan.
Feb.
SI H
Mar.
1
$1*4
Mar.
9
Feb.
1
Jan.
Feb.
1 Jan.
May
Aug.
1
10c
37}4c
37]4c
3714c
$15*
37Kc
$1H
$2 y2
$114
$1)4
$1%
$114
$1H
75c
Apr.
1 July
Jan.
20 Jan.
Feb.
1 Jan.
Feb.
10 Jan.
June
Mar.
June
Feb.
Feb.
2 May
1 Feb.
2 May
15 Jan.
17,799,000
38,406,000
183,040,000
6,838,000
79,156,000
110,277,000
58,925,000
29,122,000
50,000,000
53,692 ,500
719,329 ,000
5,536,000
Continental Bk A Tr Co.
4,000,000
4,490 ,800
64,614 ,000
15
Chase National Bank...
100,270,000
1,028,000
43,384,000
18
Fifth Avenue Bank
19
Bankers Trust Co
19
Title Guar A Trust Co..
20
3-1-41
136,482 ,200 d3,263,576 ,000
63,124 ,000
4,207 ,5001
500,000
3,787,000
74,227,000
2,427,000
3,143,000
38,539,000
2,049,000
83,413 ,200 cl,227,658 ,000
16,719 ,000
1,539 ,200
25,000,000
6,000,000
10
Marine Midland Tr Co..
5,000,000
10,005 ,900
143,884 ,000
15
New York Trust Co
12,500,000
28,015 ,400
456,096 ,000
31
Comm'l Nat Bk A Tr Co
7,000,000
132,461 ,000
15
Public Nat Bk A Tr Co.
7,000,000
8,746 ,900
10.544 .800
97,272 ,000
53,380,000
953,465,400 15,717,724,000
751,879,000
15
15
Totals
518,518,000
17
Jan.
15 Jan. 17
15 Dec. 20
Jan.
15 Dec.
20
$1%
Jan.
15 Dec. 20
35c
Jan.
15 Jan.
*
As
per
companies,
31, 1940; trust
National, Dec. 31, 1940; State, Dec.
official reports:
Dec. 31, 1940.
,
follows: a $297,609,000 (latest available
date): b $64,383,000 (latest available date); c (Jan. 9) $3,083,000; d $77,625,000
(latest available date); e (Dec. 31) $20,787,000,
Includes deposits in foreign branches as
15 Dec. 31
lc
Jan.
SI l4
35c
Feb.
1
Tan.
15
Feb.
1
Jan.
10
$1H
Feb.
1
Tan.
10
Jan.
$3
10
15 Tan.
15 Jan.
2
Feb.
14
3
$2}4
Feb.
15 Feb.
1
$114
$IH
t$15*
Jan.
31 Jan.
are
15
Jan.
Stock
Below
15 Dec. 31
the
10
Ian.
10c
$15*
Feb.
and
stocks and bonds listed
as
Bond
daily closing
on
Averages
averages
of representative
the New York Stock Exchange
compiled by Dow, Jones & Co.:
4
Feb.
1
Tan.
10c
Jan.
31
Jan.
15
tlOc
Jan.
20 Dec.
2
1 Tan. 20
Bonds
Stocks
14
2.5c
Feb.
25c
Mar.
1
Feb.
25c
Apr.
1
Mar. 20
37)4c
Feb.
1
Jan.
10
15
Transfer books not closed for this dividend,
10
30
20
15
Total
10
First
Rail¬
Utili¬
65
Indus¬
Grade
Grade
trials
roads
ties
Stocks
trials
Rails
Rails
10
Second
Indus¬
Date
20
t On account of accumu'ated dividends.
t Payable in Canadian funds, and in the case of non-residents of Canada
deduction of a tax of 5% of the amount of such dividend will be made.
149,824,000
131,605,000
633,979,000
492,197,000
506,265,000
Other deposits.....
Wisconsin Electric Power—
-
9,895,000
17,386,000
Liabilities—
20
10c
Udylite Corp
Union Oil of Calif, (quar.)
United Bond & Share Ltd. (quar.)
United Fruit Co
-
Jan.
Jan.
17,000
4,639,000
145,034,000
*
—
U.
Original preferred (quar )
37Hc
34 V»c
5)4% series C preferred (quar.)
Southern California Gas, 6% pref. (quar.)
37 Mc
37c H
6% preferred A (quar.)
Southern Canada Power (quar.)
J20c
Preferred (quar.)
:$i H
Southern New England Telephone
$1H
Southwestern Life Ins. Co. (Dallas) (quar.)
35c
75c
Spicer Mfg. Corp
$3 preferred (quar.)
75c
Squibb (E. R.) & Sons, $5 preferred (quar.)...
$1H
Standard Brands. Tnc., pref. (quar.)
$1H
Standard Fire Insurance Co. (N. J.) (quar.)
75c
Standard Oil (Ohio) $5 pref. (quar.)
S1K
Standard Wholesale Phosphate & Acid Wks.(qu)
40c
31 He
Stanley Works, preferred (quar.)
Steel Co. of Canada (quar.)
t43Kc
Extra
t$2
Preferred (quar.)
t43%c
Stetson (John B.), preferred
t$2
Sun Glow Industries, Inc. (quar.)
12Mc
50c
Super Mold Corp. (quar.)
Superheater Co. (quar.)
124c
25c
Symington Gould Corp
Tacony-Palmyra Bridge pref. (quar.)__
$114
Tennessee Corp., common (resumed)
25c
Thatcher Mfg. Co., $3.60 preferred (quar.)
90c
Tivoli Brewing Co. (quar.)
5c
Towle Mfg. Co. (quar.)
$1H
Trade Bank & Trust (N. Y.) (quar.)
15c
Tuekett Tobacco Co., 7% pref. (quar.)
$1*4
9,701,000
13,294,000
Total assets............
-
Southern Calif. Edison Co., Ltd.—
,
...
17,000-
4,773,000
234,525,000
9,701,000
13,229,000
2
W
15
15 Jan.
15 Jan.
Feb.
17,000
2,988,000
178,971,000
....
3
15 Dec. 31
$1 H
Original preferred (special)
Total bills and securities
31
%l}4
37)4c
.
Southern California Edison (quar.)
Extra..
direct and guaranteed....
20
Feb.
Jan.
$1%
$1
12Hc
Total
Utm.
-•
;
40
ties
Bonds
10.
133.59
20.55
44.92
107.85
52.94
110.04
Jan.
9.
133.39
29.65
20.21
44.77
107.83
96.29
53.09
109.91
91.78
Jan.
8.
133.02
28.78
20.08
44.39
107.81
95.84
51.53
109.84
91.26
109.83
91.04
Jan.
29.73
96.65
91.87
Jan.
7_
133.02
28.39
20.07
44.27
107.99
95.75
50.58
Jan.
6.
132.83
28.40
20.05
44.22
108.14
95.67
50.30
109.62
90.93
Jan.
4.
132.40
28.40
19.90
44.09
108.03
95.50
50.04
109.69
90:82
226
The Commercial & Financial Chronicle
Jan. 11, 1941
Weekly Return of the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of resources and liabilities of the reporting member banks in 101
leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comments of the Board of Governors of
the Federal Reserve
System
the figures for the latest week
upon
immediately preceding which
appear in our department of "Current Events and Discussions,''
also give the figures of New York and Chicago reporting member banks for a week later.
we
Commencing with the statement of May 19, 1937, various changes
were made In the breakdown of loans as reported in this statement, which were
an announcement of the Federal Reserve Bank of New York
on April 20,1937, as follows:
changes in the report form are confined to the classification of loans and discounts.
This classification has been changed primarily ta shew the
of (1) commercial, industrial and agricultural loans, and
(2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
described in
The
amounts
The revised form also eliminates the distinction between loans to brokers and dealers in
securities located In New York City and thoss 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 bought In open market" under the revised
securities.
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,"
3590.
page
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER
BANKS IN 101 LEADING CITIES BY DISTRICTS ON
Federal Reserve Districts—
Total
ASSETS
Boston
New York
Phila.
%
$
$
%
Loans and investments—total
Cleveland Richmond
$
DEC. 31, 1940 (In Millions of Dollars
Atlanta
Chicago
St. Louis
$
$
%
%
Minntap. Ran. City
$
Dallas
$
San Fran.
%
$
25,527
1,219
1,981
744
706
3,629
758
425
715
581
9,390
644
11,190
3,487
1,212
Loans—total
2,367
477
760
298
372
377
216
Commercial, Indus, and agrlcul. loans
Open market paper..
1,085
349
318
5,018
316
1,007
2,033
230
319
137
197
657
218
113
208
219
301
371
60
100
33
9
11
4
35
10
3
Loans to brokers and dealers In secure.
Other loans for purchasing or carrying
21
1
14
584
27
425
25
19
3
8
48
5
2
4
5
13
465
17
219
33
22
14
11
64
13
1,230
80
192
50
181
48
33
133
59
37
4
24
1
1
2
1
3
117
147
69
4
294
14
securities
Real estate loans
Loans to banks
Other loans
1,755
140
494
Treasury bills
Treasury notes
611
23
211
2,129
40
1,222
28
147
151
40
281
United States bonds..
Obligations guar, by U. S. Govt
38
6,979
338
638
174
111
1,099
150
57
3,077
1,657
340
2,743
90
137
53
62
283
7
65
Other securities
3,675
Reserve with Federal Reserve Bank..
vault
209
85
18
'mmmm
—
14
mmm
41
23
32
mrnmm~~
387
1
mmm
79
m
m
m
*
74
56
180
-
13
27
7
-
53
20
38
71
118
97
99
738
29
77
40
193
'
117
535
277
281
68
117
587
114
42
126
59
351
6,928
514
761
229
157
1,406
246
115
200
150
464
148
•.
1,538
627
11,797
Cash In
105
10
12
'-m~m
112
24
50
25
15
83
13
7
18
12
28
Balances with domestic banks...
3,462
205
250
281
380
237
201
Other assets—net
682
194
132
295
282
343
1,211
71
430
81
90
38
49
74
22
16
20
30
290
22,299
1,343
11,153
1,080
1,566
*560
445
2,962
527
331
545
508
5,432
231
1,279
1,107
259
745
201
191
1,002
193
116
144
136
474
14
1,107
54
41
43
36
40
136
12
3
13
30
52
9,065
392
4,013
474
503
348
343
1,333
401
176
436
287
359
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks..
Foreign banks
692
22
634
.
5
1
2
9
______
748
27
322
17
16
29
11
19
5
8
3
3,822
Borrowings
241
1.627
216
388
99
96
413
95
60
107
rnrnmmm
mm'
m
m
mm
1
Capital accounts
~
m
-
mm
1
m
17
mm*
•
Other liabilities
mm
mm
m
mm
mm mm.
mmmrnrnrn
4
287
89
:■
391
'
Weekly Return of the Board of Governors of the Federal Reserve System
The
following was issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, Jan. 9,
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.
returns
for the latest week
appear
in
COMBINED RESOURCES AND
Three Ciphers (000) Omitted
LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JAN.
Jan. 8,
1941'
on
Dec.
31,
Dec.
24,
Dec.
18,
1940
1940
1940
$ '
$
S
$
19,804,781
19,750,781
9,692
275,109
19,680,782
324,344
20,138,233
20,035,582
900
851
1,932
ASSETS
Gold ctfs.
The comments of the Board
of Governors of the Federal Reserve System
department of "Current Events and Discussions."
our
hand and due from U. 8. Treas.x.
Dec. 11,
1940
%
Dec.
4,
1910
%
Nov. 27.
1940
19,594,780
11,515
11,515
228,561
248,004
269,522
19,920,571
19,920,013
2,064
1,799
2,401
2,832
2,915
7,713
7,538
1,284,600
1940
$
J
19,660,781
11,228
19,629,780
11,228
Nov. 20,
8,
the
upon
1941
Nov. 13,
1940
Jan.
10,
1940
S
$
19,491,799
19,393,798
15,384,025
10,672
274,483
19,546,295
11,153
298,738
304,688
9,894
308,168
370,419
19,910,817
19,880,778
19,856,186
19,807,159
19,711,860
15,764,347
1,810
2,539
2,257
2,529
1,585
1,209
606
2,626
1,207
2,899
951
2,550
3,293
6,236
4,200
4,349
4,786
4,135
3,835
7,598
7,433
7,492
7,569
1,284,600
899,-500
1,284,600
899.500
1,284,600
899,500
1,284,600
899,500
2,184,100
2,184,100
2,195,898
2,184,100
2,194,553
2,195,882
47
47
47
31,628
912,398
40,062
47,596
26,542
914,424
41,188
46,931
22,893
1,024,464
41,221
46,545
21,465
785,658
41(220
23,196,337
23,261,866
23,145,601
23,251,065
5,877,248
14,284,362
5,930,997
14,025,633
219,788
1,122,531
368,481
1,132,909
617,139
599,{544
5,964,938
13,837,243
481,494
1,111,262
600,207
16,243,820
703,292
16,126,567
832,779
2,109
2,196
22,826,469
139,143
Redemption fund (Federal Reserve notes)....
9,108
Other cash *
Total reserves.....
Bills discounted:
.............
9,903
Secured
by U. S. Government obligations,
direct and guaranteed
Other bills discounted
•
Total bills discounted
Industrial advances.
United States Government
securities, direct and
guaranteed:
Bonds
.......
Notes
Total
899,500
U,
8.
Govt
securities,
guaranteed
direct
2,184,100
2,194,645
.......
banks................
47
Federal Reserve notes of other banks..
Uncollected Items
Bank
__
premises
4,244
6,842
7,912
8,215
10,843
1,295,900
899,500
1,299,700
904,500
1,314,700
1,330.000
1,344,045
916,600
924.100
1,133,225
2,184,100
2,196,378
2,195.400
2,207,104
2.204,200
2,215,651
2,231,300
2,243,318
2,254,100
2,266,559
2,494,955
47
47
47
47
47
and
......
Total bills and securities
Due from foreign
4,106
,616
*
.
Other assets
Total assets
30,183
745,196
40,076
47,957
•
20,661
23,608
21,678
788,713
41,248
876,632
59,047
773,326
41,193
56,253
55,851
41,274
55,374
22,979.362
22,981,304
23,045.482
23,041,638
5,773,207
14,153,573
5,703,129
14,291,954
254,916
198,606
1,132,478
575,976
1,153,293
532,137
5,669,742
14,126,719
309,577
1,152,579
5,642,700
14,051,798
403,851
1,125,150
562,736
47
23,784
942,969
41,274
55,145
23,014 632
2,477,270
30,623
618,796
41,734
59,104
19,009,607
LIABILITIES
Federal Reserve notes In actual circulation
Deposits—Member banks' reserve account...
united States
Treasurer—General account..
Foreign
Items
....
liabilities, tool, accrued dividends..
Total liabilities
CAPITAL ACCOUNTS
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)
_
_
Other capital accounts
Total liabilities and capital accounts
Ratio of total reserves to
deposits and Federal
Reserve note liabilities combined
Commitments
to make Industrial advances
235,468
1,105,580
16,030,206
773,925
5,437
16,077,111
16,075,309
741,558
16,116,943
16,175,990
13,162,115
727,957
883,710
609,799
4,972
5,088
16.185,046
818,146
4,656
16,143,535
714,660
7,761
4,935
1,518
22,892,539
22,774,506
22.800,081
22,643,961
22,609,782
22,612,164
22.677,590
22,674,880
18,659,661
157,065
26,785
138,579
157,064
26,785
138,213
151,720
26,839
54,212
137,944
151,720
26,839
54,168
137,890
151,720
26,839
53,131
137,775
151,720
137,750
137.719
151.720
151,720
26.839
48,899
138,267
151,720
26,839
54,269
26,839
26,839
52,806
26,839
51,583
50,480
35,346
20,198,307
23,261,866
23,145,601
23,251,065
23,014,632
22,979,362
22.981.304
23,045,482
23.041,638
19,009,607
91.0%
5,092
90.8%
90.6%
90.9%
5,226
90.8%
7,106
90.5%
87.3%
6,429
90.8%
6,505
90.6%
6,253
90.7%
6,304
7,114
7,269
8,403
1,294
1,370
2,059
2,111
209
2,614
2,055
1,690
933
721
Total deposits..
Deferred availability
Other
5,819,333
14,152,454
570,452
1,140,085
562,138
1,312
467
503
424
320
366
226
Other deposits
5,883,575
13,804,436
46,875
...
1,188
500
693
205
810
762
788
781
705
730
960
1,563
914,266
5,129
581,807
596,171
151,720
4,886,229
11,829,930
655,434
409.375
267.376
136,041
Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills
discounted..............
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted..
'
'•
200
154
224
229
251
262
259
316
391
476
489
640
744
709
717
815
939
996
464
.2,832
2,915
4,200
4,349
4,786
4,135
3,835
4.106
4,244
6,842
,
Total bills discounted
T
796
r
3,814
Volume
The Commercial & Financial
152
the Federal Reserve System (Concluded)
Weekly Returns of the Board of Governors of
Three Ciphers
Nov. 13,
Jan. 10,
1940
1940
1940
$$$$$$$$$$
1,479
1,528
1,477
1,518
1,314
1,316
1,244
1,399
1,411
1,407
216
49
196
213
341
321
186
188
120
■» 154
128
125
110
95
276
302
490
573
515
205
402
170
156
86
76
82
103
165
296
522
5,488
5,666
5,659
5,521
5,485
5,548
5,593
5,587
5,873
8,555
Jan. 8,
Dec. 31,
Dec. 24,
Dec. 18,
Dec. 11,
Dec. 4,
1940
1940
1940
1940
1940
1940
—
(Concluded)
1-15 days Industrial advances
16-30 days Industrial advances......
31-60 days Industrial advances
61-90 days Industrial advances
Over 90 days Industrial advances
8,215
10,843
2,254,100
2,477,270
7,912
7,616
7,569
7,492
7,433
7,598
7,538
7,713
Total industrial advances
:
U. S. Govt, securities, direct and guaranteed:
1-15 days
_
16-30 days
......
...
..
31-60 days
Over 90 days
'
.
...............
_
.
i
."m,.
111
■■
mi
■■■
"
Federal Reserve Notes—
2,184,100
6,239.665
362,417
6,256,650
325,653
6,247,538
282,436
6,190,277
306,702
6,135,348
316,015
5,930,997
5,965,102
5,883,575
5,819,333
2,184,100
.
:■-
issued to Federal Reserve Bank by P. R. Agent
Held by Federal Reserve Bank—....
In actual circulation..
"
' '
2,477,270
6,064,953
291,746
.V- .v-'. ':
5,996,665
293,536
5,962,586
292,844
5,935,887
293,187
5,773,207
5,703,129
5,669,742
5,642,700
5,227,565
341,336
4,886,229
■■
Agent as Security for
•
'
Total collateral
6,379;500
6,364,500
6,302,500
6,261,500
6,176,500
6,095,500
6,070,500
3,045
3,459
2,770
2,719
5,341,000
2,912
2,458
6,034,000
1,688
6,376,159
By eligible paper
6,374,500
1,659
hand and due from U. 8. Treas...
on
6,381,188
6,367,412
6,305,545
6,264,959
6,179,270
6,097,958
6,073,219
6,036,772
5,342,374
*
"Other cash" does not Include Federal Reserve notes.
z
These are certificates given by the
visions of the Gold Reserve Act of
gold taken over from the Reserve banks when the dollar was
extent of the difference, the difference itself having been appropriated as
United States Treasury for the
1934, these certificates being worth less to the
cents on Jan. 31,
1934.
2.772
1,374
devalued from 100 cents to 59.06
profit by the Treasury under pro¬
.
RESOURCES AND LIABILITIES OF
WEEKLY STATEMENT OF
Three
"
2,254,100
Notes Issued to Bank—
Gold ctfs.
' 1 "-
2,231,300
'v':v
v
-v.'-:
'
2,204,200
2,195,400
2,184,100
2,184,100
2,184,100
5,877,248
and guaranteed
'
1
—
-
2,231,300
2,204,200
2,195,400
2,184,100
11 11
'■
Total U. S. Government securities, direct
Held by
74,800
2,109,300
74,800
2,109,300
74,800
2,109,300
74,800
2,109,300
61-90 days
Collateral
Nov. 20
Nov. 27,
1941
(000) Omitted
1
Maturity Distribution of Bills and Short-Term
Securities
227
Chronicle
(000) Omitted
Federal Reserve Agent at—
Ciphers
EACH OF THE 12 FEDERAL RESERVE
Cleveland Richmond
Phila
Boston
Atlanta
BANKS AT CLOSE OF BUSINESS JAN. 8,
Chicago
it. Louis Minneap. Kan. City
Dallas
1941
San Fran
ASSETS
Gold
certificates
hand
on
and
due
from United States Treasury
Redemption fund—Fed. Res. notes..
Other cash *
Total reserves
...
Bills discounted:
Secured by U. S. Govt,
obligations,
direct and guaranteed
Other bills discounted....
Total bills discounted
Industrial advances
...
U* 8. Govt, securities, direct & guar.:
Bonds
Notes....
Total
U.
S.
Govt,
securities,
direct and guaranteed
Total bills and securities
Due from foreign banks
Fed. Res. notes of other banks
Uncollected items
Bank
premises
Other
assets.......................
1,454,586 10666 025
Total assets.....................
LIABILITIES
circulation.....
F. R. notes In actual
Deposits:
Member bank reserve account
U. 8. Treasurer—General account.
Foreign
deposits....
....
Other
Total deposits..
Deferred availability Items
.......
Other liabilities, lncl. accrued divs...
10538216 1,297,302
Total liabilities
CAPITAL ACCOUNTS
Capital paid In
Surplus (Section 7)....
Surplus (Section 13-b)
Other capital accounts
10666025 1,331,726
Total liabilities and capital accounts
Commitments to make
*
693I
Indus, advs
"Other cash" does not
include Federal Reserve notes,
a
159
Less than J500
FEDERAL
Three Ciphers (000) Omitted
Phila,
Boston
Federal Reserve Bank of—
RESERVE NOTE
STATEMENT
Cleveland Richmond
Chicago
Atlanta
Dallas
Minneap
St. Louis
San Fran
Federal Reserve notes:
Issued to F. R. Bank by F. R. Agent
Bank....
Held by Federal Reserve
In actual
Collateral
circulation..
held by agent as seourlty
banks:
for notes Issued to
Gold certificates on hand and due
from United States
Eligible paper
Treasury
....
...
570,000
Total collateral
United States Treasury
Rates
quoted
are
Bills—Friday, Jan. 10
Asked
0.06%
0.06%
0.06%
0.06%
0.06%
0.06%
0.06%
States
225,000 1,310,000
244,000
Quotations for U. S. Treasury
Figures after decimal point
111,000
225,630
165,652
574,000
Notes—Friday, Jan. 10
represent one or more 32ds
of a point.
for discount at purchase.
Asked
United
315,010
Government
York Stock Exchange—See
Securities
following page.
on
the New
Asked
Maturity
Mar. 15 1941
1 H%
June
15 1941
Dec.
15 1941
1H%
IX %
IH%
Mar. 15 1942.
Sept. 15 1942
Deo.
15 1942.
June
15 1943.
2%
1 H%
1 H%
Asked
Mar. 15 1944...
June
15 1944...
Sept. 15 1944...
Mar. 15 1945...
Nat. Defense Nts
Dec. 15,
1945.
at the
New York Stock
and Yearly—See page 243.
Transactions
Daily, Weekly
Maturity
Sept. 15 1943
Dec. 15 1943...
Exchange
I
228
Jan.
Stock and Bond Sales—New York Stock
1941
11,
Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded In the day's range, unless they are the only transactions of the day.
computing the range for the year.
No
account Is taken of such sales in
United States Government Securities
Below
furnish
the New York Stock
on
Exchange
daily record of the transactions in Treasury, Home 0Winers' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after'.decimal point represent one or more 32 ds of a point.
we
a
Daily Record of U. 8. Bond Prices Jan. 4 j
High
Jan. 0 | Jan. 7
121.18
Low.
Treasury
121.10
Jan. 8
Jan. 4
Daily Record of U. 8. Bond Pricesi Jan. 4
Jan. 9 Jan. 10
121.12
120.30
121.12
Treasury
2Mb. 1945
Jan. 8
| Jan. 6 j Jan. 7
Jan. 9
10
(High
121.18
121.10
121.12
120.30
121.12
Close
121.18
121.16
121.12
120.30
121.12
(Close
Total sales in II,000 unUs...
I
1
6
1
7
Total sales in 31,000 units...
SifHIgh
113.18
4Mb. 1947-62
—w—-■
113.10
113.0
113.6
Low.
113.18
113.10
113.0
113.18
113.10
113.6
113.6
3
2 Ms, 1948
Low.
115.1
115
(Close
115.1
Total sales in 11.000 units...
101.23
Low.
101.24
101.21
101.22
101.24
101.23
1
(High
3 Ms. 1943-47
ji Low.
mm
105.14
1
Low.
102.18
102,18
Close
3M8. 1941
102.18
102.18
>
1
(High
Close
-
108.0
Total sales in 11,000 units...
•
-
v
~
-
108.0
3Ms, 1943-45..........' Low
-
-
-
108
-
-
-
---
-
•
mmrnrn
1
109.8
(Close
109.8
2
2
109.2
11
50
'
■
108.31
-
mm
104.19
105.5
104.19
71
-
'mm
10*5.21
mmrnrn
■mmmm
105.8
105.9
105.3
m
1
1
t
*5
-
m
mmmm
mmmm
mmmm
i
1
m
mmmm
36
l
m
'
104.20
10
t
105.21
mmmm
104.15
(High
■( Low.
105.21
mmmm
|
5
11
105.3
1
mmmm
mm
mmmm
109.2
109.3
mm
m.m
mmmm
Total sales in 31,000 units..
109
5
——
105*25
105.22
rnrnmm
105.25
105.22
■mmmm
105.25
105.22
3
*3
(High
2s. 1948-50
12
mmmm
105.4
2
105.9
109.3
«---
mm
109.9
_
Total sales in 31,000 units...
-
(Close
mmmm
109.9
-
—
-
—
105.8
2s. 1947
-
—
104*. 19
i Low.
108
109.9
109.7
108
107.31
■mmmm
105*5*
105.5
2
—
—
104.20
..
—
•
■■mmrnrn
105.3
108
rnrnmm
.'
mmmm
(High
mm
107.31
108
•
107.31
—
—
-
—
—
I Cl ose
Total sales in 31,000 units
mmmm
108
---
-
.
—
105.9
2MB, 1954-50
1
_
--
| Low.
3 Ms. 1944-40
'
■
108.0
-
—
105.8
(High
"5
Total sales in 31,000 units...
-
-
—
—
—
2
1
105.10
105.14
102.18
107.1
—
105.14 *105.5
Low.
(Close
Total sales in 31,000 units...
107* 1"
10
107.23
'
(Close
102.18
....
—
107.1
107.23
mm
—
Total sales in 11,000 units...
(High
109.22
mmmm
.
107.13
107.23
■
^ciose
2Mb. 1951-53
.
mmmm
----
(High
Low.
.
107.13
mmmm
mmmm
Total sales in 31,000 units...
(High
.
107*. 13
1
y
—
107.22
107.22
2MB. 1950-62
— —
....
107.22
101.22
2
Low.
Total sales in 31.000 units...
5
t
mmmm
Low
101.22
Close
Tetal sales in 11,000 units...
—
.
Total sales in 31.000 units...
1
101.24
..
Close
28
(High
3 Ms. 1941-43
2MB. 1949-53
1
109.22
.
(High
115
1
....
109*22
Low.
■
I11 1
I11i
•
I
-—
Close
Total sales in 31,000 units...
11
115
115.7
(High
3 Mb. 1940-66
25
....
■
(High
113.6
Close
Total sales in 11,000 units...
4s. 1944-64.
Low.
'
—
—
—
mm
—
—
-
—
'■mmmm
—
mm
—
mmmm
—< —
'
(High
112.10
'mmmm
112.9
112.12
Low.
112.10
mmmm
mm m m
112.2
112.10
(Close
3 MB, 1940-49
112.10
rnrnmm
mmmm
112.9
112.12
—
Total sales in 31,000 units...
mm
1
1
(High
3 MB,
«
1
1
1949-52..Low
1I11
t
II 11
1
1t1»
1
1
(Close
„
I
1
Total sales in 31,000 units...
Federal Farm Mortgage
ift
103.7
1
1
I
I
3 Ms. 1944-04
»
Total sales in 31.000 units...
111.10
111.18
nY.n
111.18
111.10
111.18
111.21
111.20
(Close
111.18
111.20
3s, 1940-48..Low
111.18
111.10
111.18
111.21
8
2
Total sales in 31.000 units...
4
1
1
High
112.24
112.14
mmmm
112.24
112.14
mmmm
—
112.24
112.14
....
...
...
3s. 1951-55
Close
Total sales in 31.000 units..
■
110.5
109.24
109.31
109.12
110
110.8
110.14
110.2
109.19
110
110.10
12
Total sales in 11,000 units...
Home Owners' Loan
3
7
109.22
2Mb, 1945-47.Low.
66
109.22
Close
Total sales in 31.000 units...
""
110
36
2
109.10
mmmm
—
109". 12
109.12
5
(Close
2
109.18
109.18
109.18
Total sales in 11,000 units...
...._■
*
109.14
....
3
109.13
108.30
109.17
3
108.13
4
108.31
109.17
1
9
mmmm
107.19
107.6
107.16
107.19
107.6
5
107.12
mm m
m
■'■■■m:m,m
107.12
1
—
■
*14
----
'
103.5
-
''mmmm
103.5
mm
mmmm
*2
-
—
-
-
mmmm
-
—
-
-
—
mmmm
—
mmmm
mmmm
"mmmm
— —
'
mmmm
mmmm
(High
102.28
102.28
109.10
l
'
m
—
—
—
mmmm
'mmmm
ll
m
;
■mmmm
mm
m
±m"m
—
mmmm.
Odd lot sales,
t Deferred delivery sale,
mmmm
mmmm*
■
-----
mmmm
t Cash sale.
above table includes only sale
Transactions in registered bonds were:
of
Treasury 2Mb, 1955-1960..
Treasury 2Ms, 1949-1953
coupon
109.27 to 110.7
5
109.23
----
109.19
109.29
109.24
109.22
109.8
109.14
Close
109.24
109.24
109.23
109.10
109.191
109.24
12
31
5
,
mmmm
mmmm
102.281
bonds.
—
Low.
Total sales in 31,000 units...
'
107.12
Note—The
—
109.17
2Mb, 1900-05..........' Low.
m
103
107*6*
•
| Low.
109.14
108.31
110
mmmm'
103
....
107.16
2!
6
107.22 to 107.22
United States
Treasury Bills—See previous
United States
Treasury Notes, &c.—See previous
page.
page.
New York Stock Record
LOW
AND
Saturday
Jan.
53
*37%
5H2
034
*2234
*15i4
4 4058
*6712
478
53
Jan.
978
*8
1912
2434
*1078
164
*10
078
2278
10l4
4078
$ per share
53
634
*22%
*15%
40%
74l2
5
107
978
8%
20
2478
1114
978
8%
1934
24%
11%
164
11
*10
7512
37
12i2
7h
*75
1712
30l2
1712
1%
1%
5214
38i4
51
51
2234
403s
40%
*%
5
478
*106
h
16
9i2
87«
*8
193^
*19
253g
24
11%
*11%
164
165
11
*10
1
9*8
85s
1978
24i8
1H4
165
11
12l2
7%
I2I4
714
7512
75
36%
1712
lh
10l2
36
3034
17l2
*ll4
17l2
1%
1512
123s
714
75i2
1012
405s
*15
405s
4734
48
48
48
1534
1534
17
16%
1058
5714
734
57%
57
57
43
57%
818
43i2
105s
5734
8i8
44i2
8
734
43%
flk* Bid and asked prices
*1414
7%
45
no
sales
*2212
15%
40%
*102
...
45
on
Jan.
CENT
Sales
8TOCK8
NEW YORK STOCK
53
5078
53
Shares
*52
5278
*118% 121
40
40
*51
52
2278
1578
7%
22%
1578
*1538
4038
3934
4038
40%
*%
74l2
5
*%
I
914
10
*S38
87«
19%
19%
24%
2434
*11%
11%
16434 165
11
*10%
*12%
1234
7%
758
75
74%
36%
3634
17%
1734
*1%
1%
1438
1438
48% 49
17
16%
57%
57%
8
8%
46
461;.
this day.
$ per share
7»4
23
...
*
52
74i2
5
*
5
*102
Range for Year 1940
1,100
30
150
600
300
*3*300
*102
h
h
9%
878
105s
10%
10%
9%
914
9%
900
2034
20% 21%
24M
24%
24% 24%
lli4
IH4 *10%
11%
16418 165
*163% 164
*1014
Ills *1078
11%
12%
12%
1234 1278
73g
7%
7%
7%
7412
74% *74%
75
36%
37
36% 36%
1734
1734 *17%
1734
*1%
1%
*1%
1%
1434
1434 *14%
15
48%
49%
48%
48%
17
17
17%
1734
58
58%
5634
57%
8%
8%
8%
8%
45%
45% *46
46%
2,500
9i«
Bie
19%
Def
1,000
4,400
9,500
300
1,500
"""900
10,300
800
3,400
1,600
100
per
share
3 per
70% Feb 14
May 22
May 22
147
Feb
8
347* May 25
00
Nov
8
4% May 28
16%June 5
9
Jan
3
No par
Corp
10
Air Reduction Ino
..No par
Air Way El Apptlanoe..Na par
Alabama <fc Vicksburg Ry.100
Alaska Juneau Odd Mlo_. ir
Albany & Susque RR Co. .100
Allegheny Corp
30
40% Apr
May 21
77
68
May 21
7
100
Dec 31
100
3gJune
4
1%
14%
634June 10
4% May 21
12%
7
24
1
Allied Mills Co Inc
Allied Stores Corp
No par
No par
5%
preferred
AUls-Chalmers Mfg
100
No par
Alpha Portland Cem__No
Amalgam Leather Co Inc
0%
conv
preferred—
Amerada Corp
par
1
50
No par
Am Affile Chem (DA)..No par
Am Airlines Inc
10
American B*nk Note...—.10
6% preferred
n
New stock.
r Cash sale,
27% Jan
4
May 21
15%May
034June
135%June
878May
10
June
21
11
10
15
5
4%May 21
55
May 28
3
Jan
4
8
Apr
9
Jan 25
10*4 Apr 23
9% Jan 2
68
10
Jan
Apr
130
Dec
% July
5% Aug
4% Sept
2
Sept
117
79
Apr
Apr
Apr
Deo 10
54%
Jan
28
Apr
Apr
Apr
4
Nov 20
9
Apr 22
58% Apr
5
21
Jan
4
75
Apr 16
0
June 10
12% Apr
9
35
June 18
50
3
x
Sx-dlv.
Ex-right.
10
0
2% Jan
18
6%
151% Apr
9%
50
v
Jan
Apr
Apr
14
Jan
T
Mar
Sept
Feb
14
182
08
Dec
20%May 10
1234 Apr 10
18
15
Jan
Jan
11% Sept
25
%
June
417*
28
28
22
12
Dec 31
49% No«
60% Oct
0%
8
11
l%May
9% May
38%May
12%May
41>4 Jan
8
Dec 10
21*4May 22
Juno 10
Jan
share
71% Sept
149% Sept
60
Mar 20
per
Apr
Apr
33% Apr
31% Mar
0% Aug
19
Sept
157s Sept
45% Apr
6M % Pi A with 330 war. 100
Allied Chemica. A Dye.No par
Allied Kid Co
5
63
120
27% Apr 8
19% Jan 4
58% Jan 2
78 Mar 11
No par
Allen Industries Inc
5
Highest
share 3
12%June 15
36%June 10
%May 23
5M % pf A without war. 100
12.50 prior conv pref.No par
Algbny Lud St: Corp..Ne par
270
delivery,
49% Dec 17
110
3
25
200
1,200
3,800
2,700
5,500
tha'f
No par
Addrees-Multgr
%
per
No par
200
16,400
S
Adams
300
5
Year 1939
Lowest
Highest
Abraham A Straus
Acme Steel Co
22%
16
No par
4M% convpreferred.—. 100
Express
Adams-M 1111s corp
74%
a
Par
Abbott Laboratories
15,800
478
t In receivership,
Lowest
7%
42%
Range for Preeien
On Basis of 100-fliars Lou
EXCHANGE
Week
*5078
714
*22i2
*1514
714
the
Jan. 10
$ per share
52
'Friday
9
*118% 122i2 *11818 121
38%
383g
40i2
41
*»ie
74l2 *—
5
478
»ie
10
52
Thursday
8
3 per share
5078
078
7
22»4
*1514
»16
mmmm
Jan.
120
078
NOT PER
for
7
38%
7
2278
16%
4078
%
164
*7434
120
74% *....
"x478
*100
>_
1218
712
*1412
5214
SHARE,
Wednesday
3 per share
53
%
12l8
73g
3058
17l2
1%
0
12212 *120
122%
39l2 *36%
39%
51
51%
5134
*»16
PRICES—PER
Tuesday
*#1«
*100
SALE
Jan.
4
3 per share
*120
HIGH
Monday
—
mmrnrn
103
-mmmm
10*7*19
mmmm
Total sales in 31,000 units...
109.14
mmmm
109.13
(High
,
-...
-
•
1
mmmm
''.■"mmrnrn
—
■
103
—
""
(Close
mmmm
mm mm
■
•1
Close
Total salesjn 31.000 units...
W
—
1
103.5
j Low.
1MB, 1945-47
High
2Mb, 1958-03.....
mm
1
mmmm
(High
—
mmmm
--
107.21
(Close
mmmm
109.12
Total sales in 31.000 units...
mmmm
*1
107.21
109". 12
109.12
109.12
2MB. 1950-59..Low.
102.31
g
Total sales in 31,000 units...
High
Low.
_
mmrnrn
103
103
—
(Close
.
1
.mmmm
.7.
107.20
—
----
Low.
2MB, 1942-44
—
mmmm
10*7*16
---«
— —
*1
....
(High
Low.
Close
Total sales in 31,000
units...
—
107*20
107.20
'
107.24
102.31
107*21
—
—
******
*'
102.31
■
-
(High
High
mmmm,
—
mmmm
Close
Total sales in 31,000 units...
2
55
Low.
3s, series A, 1944-52
109.10
27
mmmm
.
109.10
109.10
mmmm
■
2Mb, 1942-47
109.13
109.10
■
109.22
nb'ii
—
'mmmm
Close
High
2Mb, 1951-64..
■'
----
110.14
110.11
—
-
107.24
-
14
mmmm
103.3"
(High
110.11
-
1
mmmm
107*24
107.25
mm
8
110.9
^mmm
—
-
—
''
103.3
110.9
Total sales in 31,000 units...
2Mb, 1948-51
mm
(Close
Low.
—
mmrnrn
m
■
Total sales in 31.000 units...
High
.
-
....
107.25
103.3
dose
2Mb, 1955-00.
—
■"'mmmm
Jb
Low.
....
mmrnrn
■
....
108*""
(High
3
■
-mmmm1
mmmm
Total sales in 31.000 units...
3s. 1942-47
-
'mmrnrn
mm
%
}.-.
(High
\ Low.
I Close
——
Low.
3s, 1944-49.
'
-
'
m
m
■mm m
107.28
■mmmm
mmmm
■mmmm
■
24
107.28
(Close
llY.26
(High
_
| Low.
"
■mmmm
107.28
(High
Total sales in 31,000 units...
„
...•j Low.
'
'mmmm
103.7
103.14
1ft1
1
103.14
103.14
I Close
10
1
103.14
(High
2s, 1953-55..
12%
1% Sept
Feb
20% Sept
18
Sept
23% Sept
28% Jan
117« Oct
200% Sept
1478 Sept
15% Sept
11% Jan
71
Aug
48% Jan
I97g Jan
3% Sept
1% June
12
Aug
Apr
10
Apr
74% Sept
24% Sept
20
June
47
Dec
9% Sept
40% Dee
17%
Jan
00
Jan
50
21
Called for rede mot ton
Sept
Volume
LOW
New York Stock Record—Continued—Page 2
152
Jan.
HIGH
SALE
Monday
4
6
Jan.
$ per share
S per share
PRICES—PER
Tuesday
7
Jan.
$ per share
Jan.
Friday
Thursday
Jan.
8
$ per share
$
9
share
ver
Jan. 10
Week
8
8
8
8
8
*7%
8
*7%
8
*7%
8
37%
37i2 *3714
37i2
3734
37%
37%
37%
37%
3734
3778
»1285s 132
♦1285s 132
*128% 132
*128% 132
128% 128% *128% 132
*1%
1%
1%
15s
1%
1%
1%
1%
1%
1%
1%
1%
91
94
897g
91
91%
9034
9134
95%
91%
92%
93%
9434
♦182
186
184
185
185
*184
185
*184
188
18412
*184% 186
30 %
30%
31%
30%
3H8
30%
31%
3034
30%
3078
30%
31%
63
62
627s
63
625s
63
6334
61%
6234
63%
62%
62%
227g
23
2234
2278
23
23%
22%
23
2234
2278
2234
23
115
*110
115
*110
♦119
121
121
121
*119% 120
♦10
12
12
12
♦83s
81
♦6
83s
6
*9%
♦78
*158
♦312
Us
16%
16%
3%
*13%
38i2
♦378
♦2834
51
378
6
1034
78
4i2
*334
4%
*334
1*8
1%
16%
16%
3
3
3%
1434
38i2
4
30
51
1%
*134
21
15%
7334
154
54
151%
27U
1078
1234
71
7278
73%
157
7%
*82
4
1%
*21%
4%
27g
'
4%
4,200
83
83%
*13%
168
71%
73%
156
1434
I6834
72%
7334
156
6%
8%
59
98%
8%
59%
8
734
*55
58
14%
....
13%
2%
29
29
111
111
434
49%
*40
5
4934
60
727g
7334
*99% 100%
8%
8%
57%
7%
*54
2634
*34%
14
*11134
12%
*134
*29%
111%
434
4934
*45
31%
31%
834
*8%
5%
*80%
7%
83
58
734
57
27%
35
14
....
12%
2%
2934
111%
47g
50
60
3178
834
534
95
7
7%
83
6%
67g
6%
634
*8
534
95
73%
74%
159
*156
31
*5%
*80%
83%
1478
16734 168%
6%
7
678
98%
82%
*1378
*83
94
7%
85
94
19
19%
*35
38%
387g
38%
38%
43%
44%
*152
74
*157
73%
74%
3%
434
5%
♦24
.10
*6%
7
*6%
*28%
29
*28%
6
634
67g
*99% 100
*8%
8%
5834
5834
7%
*53
2634
34%
*14
84
84
50
*47
32
51%
60
3234
38
4434
85
84
74%
158% 159
634
7
5,500
Common claws B
67g
20,200
15,300
159
6%
7
6%
678
*98% 100
8%
8%
58%
5934
7%
*98% 100
8%
8:
59%
7%
5934
9434
19%
62%
14%
334
5
5%
26
10%
7
29%
3%
434
*5%
478
53g
5
5%
5
24%
23%
24%
29
29
29
*28
*113
114
*112
114
114
114
114
114
24
24
24
23%
23%
*103
107
*104
110
*104
33
*31
*123
127
*56
57
*13
*80
14
*13
*81
14
8634
130
25
29%
88
130
200
5%
*47
5
111%
5%
52
5278
60
*47
33%
*8%
60
95
*90
343g
834
"4",600
100
87
95
7%
~8~,l66
86%
500
7%
7%
.
*85
400
96
9634
*96
*35
36%
♦35
36%
94
9434
""HO
2134
64%
15%
*17%
22%
50,900
3,500
12,500
94%
2178
65
1578
18%
4
5%
534
*6%
67g
*2734
29%
9
9%
24%
2834
113
4%
5%
534
27
97
534
5%
27
10%
6%
*2734
10%
6%
29%
9%
23%
28%
9%
24%
29%
113%
24%
107
107
113%
24%
243g
24%
*104%
*104% 107
30%
30%
88%
88%
89%
12938
20%
934
12%
207g
97g
1834
13
80
80
*20%
9%
*18%
207g
21
10
978
18%
18%
*18%
137g
*78%
137g
13%
84%
73
153% Oct
6% Nov 14
132
130
4
June
2%May 21
5% May 21
83%June 11
6
May 21
25%May 21
4%May 22
26
21%
10%
19%
15
3034
89%
12834 130
30%
88%
26
21
26
21
10%
*18%
10%
19%
*12
15%
C
8
ArmourACo(Del)pf7% gtdlOO
conv
600
2,300
4,200
100
3,900
300
400
May 21
May 21
68% Jan
No par
6
100
.1
6% 1st preferred
7% 2d preierred
100
100
Investments Co. No par
100
5% preferred
Atch Topeka A Santa Fe-.100
..100
6% pi ef err red
Atlantic Coast L
ne
RR...100
Ati G & W 1 88 Lines
1
5% preferred ..........100
Atlantio Refining
25
6% preferred
50
..No par
15 prior A
Aviation Corp
Nt par
of Del (The!.3
Baldwin Loco Works v t c... 13
Baltimore A Ohio
—..100
700
4% preferred
100
Bangor A Aroostook—....50
Conv 6% preferred..... 100
Barber Asphalt Corp..
..10
300
Barker
N« par
Brothers
50
5H % preferred...
8,800
11,900
1,000
110
700
Barnsdail Of) Co
....5
Bath Iron Works Corp
1
No par
....100
Beatrice Creamery
..25
16 preferred w w
No par
Preferred x-warrents.No par
Bayuk Cigars loo
1st preferred
Beech Creek RR
50
100
Beech-Nut Packing Co
400
Beidlng-Hemlnway
—
20
No
par
May 21
39%May 21
0%May 22
8%June 6
9%June 5
18%May 21
7
Austin Nichols—..—No par
50
13
102
200
32,000
16,500
7,400
5,200
1,000
29%June 18
82
May 23
...........6
Atlas Powder
4
22%May 21
6%May 22
3%May 22
96% Jan 12
4%May 22
05
Aug 29
49%May 22
pref series A... 100
600
80
6
4
6% conv preferred.....100
Atlas Tack Corp
No par
60
97%June
35
No par
7% preferred.
Associated Dry Goods
4% oonv
Adas Corp
5
par
Constable Corp
Artloom Corp
Assoc
June
...5
No
prior pref
Armstrong Cork Co
Arnold
23
100
Armour <fe Co of Illinois
$6
4
June
May 21
l%June 17
5
Inc
c
12%May 21
107
7% preferred
1,500
*90
26
148
89% Apr 15
9184 Apr
~
20
1,200
10,500
3,100
25%
175% Mar 12
No par
111
*134
52%
5
51%
29%
25%
AncborHock Glass Corp. 12.60
$5 dlv preferred
Ande* Copper Mining
111% 111%
8634
25%
May 28
4% 8ept
8% Apr
12% Jan
101% Apr 16
12
Apr
Apr
Oct
Sept
75%
78
Apr
3%
Apr
28%
Apr
Aug
Apr 23
01% Dec
4
"""160
Archer Dameiv Midl'd.Nr par
129
Mar 13
9
Apr
15% Apr
751# Mar
137, Deo
13%
29%
12934 12934
23% Feb 23
Feb 23
93
Apr
June 24
4314June
57
7
May
6
May 23
112%June 11
4
May 21
17, Feb 7
10
May 21
2l",600
1,600
300
1,300
22,900
1,300
1,000
1,100
3,500
100
1,310
10
pfd$2.60dlv ser*38No par
Best A Co
Bethlehem Steel
No par
(Dei).No par
7% preferred
100
Blgelow-Sanf Corp Ino. No par
Biack A Decker Mtg CoN> par
Bfaw-Knox Co
Bliss A Laughlin Ino
4
July 23
102
Jan 11
9
Dec
84
95
9
5
Deo
Mar 20
45
14
May
15
May
5s4May
5
l3%May
11
May
t%A
funA 07
Apr
97
May
3%
33%
Aug
Apr
60
Mar
31% Sept
7% 8ept
Apr
5%
73
6%
Jan
Apr
70
Jan
41
Apr
30
Apr
Jan
21
Sept
Deo
Apr
Aug
Aug
Sept
Apr
Apr
111
Jan
Dec
4
9% Mar 19
61
Feb 14
80%May 13
124% Jan 10
8% Mar
6% Mar
32% Mar
4
4
4
15
10
2
x49%
16
684
9%
18%
104%
7
43%
Apr
50
Aug
110
June
4%
2
Apr
Apr
10
Nov
147, Jan
3% Aug
9% Aug
37, Aug
4»4 Sept
11% Dec
62% Jan
49
16% Apr
8% Jan
10%
0% Jan
8
Jan
30% Dec 13
13%
Dec
Aug
Apr
24% Apr
0
11%
ird
Aug
2534 Dec 30
30% Apr 17
115'4 Mar 12
105
25
21
23
22
21
15
15
21
14
Apr
3
64% Dec 13
23% Jan 3
22% Apr 20
22% Aiw 20
27%May 7
25%
May 28
49%June
22%May
63% May
l09%May
Apr
1%
90
June 17
Nov 26
8*4
21
8
100% Mar
102
29%May 14
102
May 22
7%June 11
13%
4
Apr
9% Jan
105
No par
Bloomlngdale Brothers.No par
Btumenthal A Co wef_... 100
4
11
35a4 Al' 10
112% Apr 22
24% May 28
17%May 22
Pr
43% Apr
8% Apr
7%June 10
23% Dec 23
20%May 21
lll%June 10
18%May 21
27
11
22
22
Apr 20
08
1978May
Bendlx Aviation
5
35% Feb
111% Dec
7% Apr
04% Apr
Aug 16
4
10
Beneficial Indus Loan..No par
22% Mar 8
113% Aug 23
15% Nov 12
4% Apr 10
l2%May 23
2%May 15
3% May 15
4% Dec 24
24% Dec 31
8%May 21
4
May 15
20
May 21
Belgian Nat Ry* part pref....
...
29%
Oct
8%
Aug
Apr
Apr
Apr
*104% 107
*104% 107
*104%
*104% 107
*104% 106% *104% 107
*31
*3 1
*31
32%
*31
33
32%
3234
126
*124
*124
126
126
127
126% *124
*124% 127
*734
8
734
778
*734
734
734
*734
77g
77g
*10%
*10%
*1038
*10%
*103g
35
36
3534
36%
34%
34%
34%
35%
34%
347g
201'
20%
20
20
2034
2034
20%
20%
20%
20%
57
*56
*56
57
56%
56%
56% *56%
*56%
5678
30 < *29%
2934
877g
89%
87% 89%
130% 130% *129% 130
25
25
*2478
2534
*20%
20%
20% 20%
10
10
10%
10%
*18%
19% *18%
197g
14% Apr 12
17% Jan
18
Apr
20%
Apr
32%
*29%
69%
140
Jan
24
107
*31
Feb
33%
20%
A P W Paper
*112
70
152%May
35
100
2378
Aug
~
300
28%
25%
35% Apr
127% 8ept
8
2%
24%
Apr 1
Apr
1
pref
3034
29%
107
*100
*23%
23%
41% Dec 13
155% Dec 26
41% Apr
10
24
Sept
May 21
10
9
Dec
9
11% Feb 23
54
Apr
10%
20
10
29
11%Judo
50
Anaconda W A Cable..No par
6%
87g
18% Nov
74% Nov
12% Mar
680
15 prior conv
*30
534
Jan
10% Jan
103
Mar
35
14%
6,300
3034
5
Apr
32
Apr
28
Apr
8% Sept
140
Sept
3434
14% *13^8
*U134
3434
7%
58
*134
20%
Oct
3%
8% Nov 14
54% Dec 27
*53
Amer Zinc Lead A Smelt
*30%
7%
112
21% Sept
5% Jan
03% Jan
54
Deo
32
*934
*27%
100
Mar
26
Apr
Apr
22%
66% Dec 24
68% Dec 17
145
No par
Preferred
2%
Mar 19
121
Aug
11
Mar 20
25
Aug
41
May 21
7
29
9%
No par
*12
86
13
Dec 27
June 10
9;
634
16 1st preferred
American Woolen
2% Mar
18
26%
934
10
May 25
Apr
25% Apr
41% Apr
1% Jan
14% Jan
3% Sept
35
26
*6%
100
13%
2%
334
5%
6% preferred
Am Type Founders Ino
Am Water Wks A Eleo.No par
\
19%May 21
0%May 22
11
May 18
12% May 28
70% Deo 7
ll%May 21
Apr
Apr
12
25
26
27
*27%
3%
....25
189
Apr
6
10
Anaconda Copper Mining..50
26
*25%
9
9
334
2.300
4,100
25
9%May 15
21
534 Dec 27
6
May 21
23
May 15
30%May 21
122
May 28
49% Dec 21
48L May
12%
32", 100
27%
*34
7%
2034
100
....
June 12
Feb
2% Sept
4% May
1% Dec
27%
58
2678
834
95
400
Co.—100
135
01
267g
7%
73g
*53
33%
36%
9434
Am Sumatra Tobacco..No par
7334
8%
95
N* par
74
6
*35
American Stove Co
var
American Sugar Refining.. 100
Preferred
100
Amer Telep A Tel eg
32%
85
_N"
American Tobacco
578
7%
American Stores
1,800
834
85
100
100
8,000
57g
95
300
1,800
1,300
...25
6% preferred
73%
*8%
*90
600
26
Amer Steel Foundries..No par
73
74%
15
50
5,100
168%
*12
29
1934
par
Seating Co ..No par
168
14%
*11134
13%
134
134
*29
3034
111% 111%
47g
5%
29
34%
No
*13%
*12
24%
....
No par
16 preferred
15
168%
73%
73%
*11134
29
*10%
34%
19-%
16 preferred
Am Rad A Stand San'y.No par
Preferred
...100
16 734
734
58
27%
34%
14%
24
8
No par
*13%
159
159
6%
4434
*150
156
83%
83%
14%
14%
16734 168
73%
443g
62%
65%
62%
62%
637g
64%
64%
14%
14%
15%
14%
1434
14%
15%
15%
17
*16
17
17
18%
16%
16% *16
17%
18%
19
19
19%
19%
18%
19
17%
17% *1734
18% *17% • 18%
24
24
23%
24
2334
2334
23%
2334
23%
237g
2378
24%
110
110
111
*108% 111% *108
*109% 110% *110
111% *108
110%
7
7
7
7
7
7
7
7
7%
7%
7%
7%
49
49
*48%
49%
*487g
*4834
49%
49% *4834 49%
*487g 49%
71
*71
71
68
68
*68
70
72%
*6778
70
72%
72%
*117
123
*117
123
*117
123
119%
121% *117
118% 118% *117
7
7
634
6%
6%
6%
6%
*6%
678
7
*2
2%
2%
*2%
2%
*2%
2%
2%
2%
2%
*2%
2%
*15
16
♦15
16
16%
18
*15%
16% *15
16%
16%
16%
5%
5%
5%
5%
434
478
5%
5%
5%
47g
5%
5%
18
17%
18%
18%
18%
1834
1778
18% / 18
18%
18%
18%
*734
No par
Amer Power A 1 lght
American Snuff.
9478
24%
15,300
100
....
American News Co
200
19%
*23%
6,500
2,800
3,600
Amer Ship Building Co.No par
187g
9
6% preferred
"""430
No par
Amer Smelting A Refg.No par
Preferred
...100
154
154
19%
64
14%
834
Amer Metal Co Ltd
100
154
36%
95
10
900
l*4May
12%May 28
90
July 3
20% June 11
2
May 15
34%May 21
28%May 21
4%May 21
Aug
6% Sept
6% Apr
Apr 27
600
410
43%
77g
67
147, Jan
3% Jan
8,000
43%
12% Sept
41%May
May
45
154
155% *152
*51%
54
*51%
54
5234
5234
*52%
53
*52%
53
*149
151% *149
151% *148
151%
151% *148
14934 1501
28
28%
27%
27%
27%
27%
27%
27%
27%
28%
11
11
11
11
10%
10%
10%
107g
107g
1078
*13
13
*13
*13
1334
13%
13%
13%
*13%
1334
15%
15%
15%
15%
157g
15%
1534
1 534
15%
1534
*38%
43%
0% Jan 6
13% Aug 24
10
Amer Mscb A Fd>
8%
38%
39%
39
4278
8
1
Mar 29
Co-No par
Amer Mach A Metals..No par
2,200
American
8
3
37. Apr
35
22% Jan
800
8
Apr 22
92
4H% conv preferred
100
American Safety Ra»or..l8.60
8
4
8
May
5
4
6
16% Apr 18
91% Mar 25
3% Mar R
0% Apr 16
2% Jan 8
28% Jan 8
May
American Rolling Mill
8
Der
9% Apr
8% Jan
May
500
6%
Apr
9
10
1,290
6:
109%
Feb 23
38
Preferred
7,600
15%
72%
*6%
9
13
100
3,600
15%
15
72%
June
30% Aug
13% Apr
140%May
06% Apr
_
Apr
Sept
Aug
16%
100
38
1% Dec 24
May "
83%
16O
4
No par
American Locomotive
7234
97
10
60
3
May
45%May
3% Aug
31% Apr
125
Apr
Nov
May
3
1
5% conv preferred...
Nov 15
23% Jao
3
18
Amer Invest Co of 111
4
23
par
N
Dec
33%May 10
50%May 3
0% Apr 23
100
non cum pref
Amer Internat Corp
6%
8%
95
5%
100
9%May
May
23
Ni par
6%
15
36%
5%
25?8
American Ice
72%
95
*434
Home Products... 1
American
900
200
6%
15%
73%
634
8
387g
*92
*5
60
185
7% Jan
24% Jan
2%May
Leather... 1
15%
*6%
*34%
*24
American Hide A
10
72%
15
72%
634
8
l%May 22
3% June 17
a4 Dec 21
10% May
No par
15
1578
7334
96
334
16 preferred
72
15%
73
36%
95%
3%
No par
Amer Hawaiian SS Co
900
51
134
22
19
19
*187g
18%
19%
*112% 115
115
*112T% 115
*112% 115
*112% 115
25
25%
25%
25%
*23%
25
25%
25%
25%
2%
2%
2%
2%
234
3
2%
2%
278
44%
457g
43% 44%
43%
44
43%
44%
44%
*36%
37
36%
37
37%
37%
38%
37%
7
7
7%
7%
67g
67g
7
7%
7%
162
162
*16C
162
*160
*160
162
162
*160
*91
18%
62%
1%
22
18%
*35%
*94
51
51
1%
*21%
N* par
6% conv preferred
3
7%
83
4
22
4%
7C0
1334
278
*137g
'11134
*12%
*134
5%
*80% 100
334
*134
*21%
4%
30%
1334
27g
14%
3078
834
334
*50%
4
13%
278
35
5%
17g
22
*29%
50%
13%
34
*8
*1%
30%
13%
278
34%
30%
*4
13%
27g
34
60
50%
*4
*29%
36%
*29%
*21%
37
13
37%
4%
307g
51
178
4
*29
37
14%
37
307g
51
4
V
13%
3734
4%
*13
1334
2734
*40
4,300
2,800
14%
38
Amer European Sees
Amer A For n Power
1
5%May 18
4%May 18
8
May 21
75
Sept 30
No par
13%
27
*134
2%
28%
2834
110% 110%
434
478
*48%
49
No par
17 2d preferred A
9234
1334
*234
19%
8
13%
17 preferred
1,300
~T,5o6
93
8%
...
3,300
1
3%
147g
92
27%
*12
18%
3%
92%
27
*14
»16
16%
92
6%
678
9834
100
Tiling
1
92
2%
10
6% 1st preferred
American Encaustl*
3
13%
1
1
91
19
American Crystal Sugar
16
lIi.
92
*150
71
*11134
4%
200
734
39i2
43
58
*334
90
500
4,700
*6%
734
4%
900
3
15i2
8334
84%
*13%
1434
16734 168%
*55
2
American Chide
1534
4%
1%
*334
17%
93
1334
3
19%
*160
59%
*17g
.
*234
2
13%
162
8%
1%
conv pre)erred
2%
*1%
*334
52%
7
59
1,300
16 34
37%
634
*9778
79%
*49%
44%
6
10%
79
57g
*13
7
♦154
5%
10%
79
1634
38%
1234
15%
10
79
5%
13%
45
27%
♦10%
10
79
52%
38
*50%
"10%
163g
45
*149
5%
*9%
*78
*49
25
*150
American Colortype Co
10
Am Comm'l Alcohol Corp..20
8%
*13
*112%
39
900
*8%
16%
25i4
25g
42%
40
13%
*112i8 115
15%
7314
*6%
734
"""366
12
50
1834
*160
123
*10
16%
19
May 23
*119
12
50
3
May 23
9
120
*10
*12%
1314
112
120
12
16%
91
No par
Am Coal Co of Allegh Co NJ25
120
13%
50
91
100
120
16%
90l4
13%
678
115
*49%
16%
2l2
13% May 28
May 21
34
H>0
*10
8%
June 28
65
Am Chain A Cable Ino.Nc par
5%
3
3
Jan
2% July 18
4,200
115
$ per share $
116i2 Jan 20
May 28
May 21
*110
8%
*534
135
18
115
Lowest
share
9%May
45%
American Car A Fdy__N* par
Preferred
100
*110
8%
1% Oct 2
85% Dec 27
per
7,200
2,600
Preferred
115
8%
5%June 26
May 21
128
May 24
28
I
May 27
*13
16
...25
Highest
share
164
13%
13%
*49
1698
Corp__l
I per
100
50
13i8
50
1534
3
American Can
400
16%
378
334
Amer Cable A Radio
5,000
2%
37%
51
8.200
*15%
*13%
21
100
oonv pre!
3%
1
14
307g
5% %
*2%
38
4,4
1
*1534
Us
38
*29%
American Bosch Coro
Am Brake Shoe A Fdy.No par
1%
4%
1%
16%
*13%
17g
22
37g
6
*9%
1%
*49
*25
*5%
78
20
100-Stare Lou
Lowest
Par
*110
8%
1034
17S
♦1234
18%
8%
lh
51
♦1>2
*21%
12
79
*9l2
*78
2
12
8%
57g
10
79%
115
500
1,700
Range for Prevlon$
Year 1939
Range for Year 1940
On Basis of
Shares
37%
♦110
EXCHANGE
$ per share
8
-
8TOCJK8
NEW YORK STOCK
the
NOT PER CENT
SHARE,
Wednesday
Sales
for
AND
Saturday
229
98
Apr
27»4 Sept
Jan 24
I047, Sept
7% Apr
9
2
9
22% Mar 13
60% Jan 18
Jan
3
93% Nov 9
Nov 20
134
34% Jan
22% Apr
6
4
11% Jan
23% Jan
10
Apr
4
95
Oct
Apr
3
0% Apr
67% Apr
30% Apr
39
Apr
17
May
32% Oct
127
15%
109%
62
Nov
10%
177,
48%
Apr
Apr
Apr
32
Sept
50% June
99%
157,
14
8%
Apr
Apr
Apr
Apr
3
3
22
Deo
13%
Deo
Nov 23
35
Apr
per
8
share
Jan
57% Sept
140
Aug
New York Stock Record—Continued—Page 3
230
LOW
HIGH
AND
SALE PRICES—PER
fan.
Jan
4
Jan
6
$ ver share
$ per share
17*4
18
17*4
31
31
32*4
109
•107i2 no
53*2
*51*2
21*4
17*2
32i2
*107
110
53*2
53*j
21*8
21*4
7
Jan
$ per share
18*8
*29%
2178
$
17%
109
107
53%
21*4
21
9
$ per share
18
17*4
$ per share
18*s
34*,
35
110
*108
53%
21*4
*53
17%
34%
*108
20*4
21*4
19%
19%
1*8
38%
21%
197g
19*4
19%
19*4
19%
19*4
20
19%
20
19*2
19
19%
19
19%
19%
20
20
20*4
1*8
*34
**4
38
38*2
1
1
39*8
1
1
1
*38
39
38
38
1
1
38%
38*2
4U
4*4
12ig
24*4
12*4
12*4
12%
12
12%
12
4*4
12*8
12
24%
24*4
25%
24*4
*39*4
44*4
2*4
0*8
24%
24%
24%
24*8
41
39*4
41
*40*2
•38*4
4*4
41
*39
437g
•2lg
437g
018
6*8
13*8
13*8
41
44%
2*8
6*4
13*8
2*4
4*4
44%
2*8
6*4
137s
4*4
4%
4*4
*43*2
44*4
*43%
2%
2%
*2*4
6*4
6%
6*4
13%
13
•30
32
32
*30
32
2212
22i2
22*2
*22%
12*4
12%
12*8
12%
22*2
12*4
*30
5
5*8
60
*29*2
66
66
66
33*s
32*4
32*4
18*4
18%
18*2
*32*2
*17*4
8*2
812
8*8
8%
8*2
3
3*8
3*4
3*8
19*4
19*4
21
*5
5*8
20*2
20
20
5*8
21
*20
130
116% 117
5
5%
67*2
6,400
710
67*2
7%
7%
33
32%
32%
33
33
18
18
18%
18*8
1,300
8%
8*2
6.000
8*2
8%
3*4
3%
21*2
22*4
5*8
5%
3%
384
10,200
23*4
5%
2,480
1,200
3%
22
5%
300
4%
20%
4*4
4%
4%
10*4
4*4
1078
20*8
4*4
20*4
4*8
10*4
81*2
11*2
11
11
11
11
11
1184
11%
4*8
11%
5,400
82
82
84*4
83*4
11*4
84%
11%
18*2
84
85
84*2
11*4
85
85
85
1,200
1134
1,000
19*2
800
1118
11*4
11*4
*18
18*4
•51U
*U4
078
*14*8
125s
55
*38
4%
12
18
18
*18
*51*4
55
7*4
*51*4
1*4
7*8
14*4
14%
1%
1*8
1*2
7
6%
14%
14*2
12*4
125s
*38
40
*11*2
18*2
55
7*4
*51*4
1*4
7*8
14%
14*4
1%
12%
12*4
12%
40
40
40
12*4
*39
20*4
4*4
4*4
11*4
18%
1%
19*4
*51*4
U4
7*4
14*4
7*8
14%
55
II84
12%
12%
*39*4
21
II84
19%
*51*4
1*4
19*4
55
1*4
V
40
21
20%
4%
55
1434
12%
12%
40
*39*4
Jan
123ia Jan
701* Mar 20
29% Apr 25
24% Mar 27
257g Jan 3
4
38*4 Nov 16
191, Apr
2*4 Jan
7
Mar 16
Jan
301, Aug
0%May23
12*4 Nov 26
7
3%May 22
No par
17%May 21
12%May 22
Jan 19
7i4 Dec 23
2
1
May 21
6%May 21
4%May 21
dep7%pf-100
10
119
151, Aug
211, Apr
111, Apr
3514N0V 15
21*8 Jan 10
187, Apr
2i, June
9
May 21
Jan
4
May 21
Feb
Mar
Feb
Feb
Apr
Apr
9
13
11
...6
Canada Southern By Co..100
11% Dec 27
34
40
2%May22
29%May 28
1
1
Canada Dry Ginger Ale
May
4%May 21
May 21
July ~
7
Ap.
251,
llU
13U
481,
Apr
Aug
13*4 Jan
par
4,800
01, Mar
57g Apr
21
21
18
8
Apr 17
651,
Jan
014 Nov
Jan
3414 Mar
20*8 Dec
18*4 Jan
7*4 Sept
20
Sept
918 Jan
23*4 Mar
6U Sept
16*8 Nov
847, Nov
177,
Jan
Apr
30
Sept
Mar
53
July
*8 Feb
47g Aug
91, Apr
12
Jan
Jan
30
Apr
7*8 Jan
Nov 13
Calumet A Hecla Cons Cop__5
June
1
Sept
8
Apr
11
12i2 Jan
5U Apr 22
16*4 Oct 23
15i2
207g
52ic
17,
81,
19i2
231,
Campbell W A C Fdy—No
3
2314 Apr
60% July
1061, Aug
291, Apr
Oct 31
14
Sept
13ig
Apr
72*4 Nov 14
8I4N0V 9
82
41
94*4 Apr
4
May 22
151, Dec
25U Nov
36
5
Jan
Jan
Apr
Apr
Jan
39
60
9*8
Dec 10
6*4
l7i2May 28
2%May 24
0%May 22
30
Butte Copper A Zinc
6
Byers Co (A M)
..No par
Participating preferred-.100
Byron Jackson Co
No par
California Packing...-No par
1,100
Jan
47, Sept
Oct
7*4 Feb
34*4
13*8 Apr
3lig JaD
Burlington Mills Corp
1
Burroughs Add Mach_.No par
4,400
Dec
Aug
32
Aug
May 21
2,400
24
22
2
21
.5% preferred
Callahan Zl no-Lead
5ig Sept
7*4 Aug
13*4 Apr 29
20*4 Nov 12
631, Dec
53
20
5% conv preferred.
JaD
1211, Dec
41*4 Apr
Hg Apr
7*8 Apr
May 28
Butler Bros
61
121, jac
161, JaD
18*4 Apr
11, Apr
May 23
Bush Terminal
1001, Sept
Aug
3
1*4
20
Jan
281,
Sept
157S
317,
97
7*4
40
34*4
16
Nov
41
No par
Bush Term Bldg
10*4 Aug
34
Apr
No par
Buiova Watch
share
per
28*8 Apr 15
31
100
—
Highest
$ per share $
41% Nov 13
63*< Apr 6
418 Nov 1
24*4 Sept 11
25% Jan 4
37i2 Apr 30
29i2 Apr 0
May 22
No par
100
7% preferred
share
10U Apr
—6
14%
12%
7
7*4
14%
700
1,000
May 21
May 23
1*2 Jan 6
No par
7% preferred
Budd (E G) Mfg
Year 1939
Lowest
j5*4 Nov 20
12*4 Dec 24
27 May 21
14*4May21
Bruns-Balke-ColIender.No par
Budd Wheel
33
8
No par
Bucyrua-Erle Co.
per
4ig Deo 26
5
Brooklyn Union Gas
Buiiard Co
33
8%
38
May 22
13%May 22
Brooklyn A Queens Tr.No par
Bklyn-Manh Transit—No par
5,100
33
8*2
27
9
0
5s Dec
20
Co
5
Brewing Corp of America
3
Bridgeport Brass Co ...No par
Brlggs Manufacturing .No par
Brlggs A Stratton
No par
1,900
33
18
18
5*8
300
7,100
34
*3212
18%
12
11%
12%May 21
6
100
Brown Shoe Co
31%
8%
33
600
23%
33
5*8
1,700
*22
I8I4
7*2
18*8
13%
*29%
116*2 116*4 *116% 116%
5
5
434
5*4
65
63*2 65
68*8
7%
7%
7%
7%
34
478
2,900
12,300
12
7*4
17*4
500
2*4
6*4
32
34*4
10i4
4*4
44%
22%
7*2
3*8
17*4
41
11%
33*4
3*4
18*4
434
1,900
7,300
6,500
4%
June 10
17
15
Bristol-Myers Co
12%
24%
221,
*29%
7*8
2*4
Bower Roller Bearing
12
3312
7*2
Boston & Maine RR
800
22%
7*8
33*2
•32*4
34
600
thare
61*8 Dec 30
19 May 22
1
38*2
11%
63*2
63*2
32
Bond Stores Inc
Borden Co (The)
Borg-Warner Corp
per
Range for Previous
Highest
12*4 Aug 10
19*4 May 22
99 May 23
Bon Ami Co class A ...No par
Class B
No par
6,600
2*4
6*4
13%
13%
6
7,200
22*2
110*2 116*2 *115*2 116*2
5*8
5*8
5*8
4%
116*4 lieu
13%
6
Bohn Aluminum A Brass
20%
43%
6%
13%
1,600
Boeing Alrolane Co
20%
1%
41
2%
6%
90
*4*4
12%
24%
4%
12%
24%
41%
44%
•22
12*4
4%
44*4
2*4
13
180
110
$
Par
9,100
3,400
53%
197g
38
18%
34%
53
19
Lowest
Shares
53*2
20*4
Range for Year 1940
On Bart* oi IQO-Shaie Lota
EXCHANGE
Week
10
Jgn
34
109
53*2
21*2
Jan
ver share
Friday
NBW YORK STOCK
the
NOT PER CENT
Thursday
8
17iz
32%
32%
*53
SHARE,
Wednesday
STOCKS
for
Tuesday
Sales
JVJ
Monday
Saturday
1941
11,
Apr
30i, Dec
314 Sept
10*8 Sept
17*4 Jan
20*g Jan
47
June
v
3l2
*30*8
*3
3*2
3%
3*2
3%
3*2
3%
3*4
3*4
37*4
3*2
*36*8
37%
37*4
3*4
37*4
*3*4
37*4
3*4
37*4
3*4
37*4
*3*4
4*8
3734
*3*4
3%
3*4
3%
4%
23,900
3734
3%
39%
38*4
3*4
39*2
500
Canadian Pacific Ry
Cannon Mills
200
Capital Admin class A
•39
42
*39
42
*39
42
*39
42
*39
*9112
29U
92*2
*91*2
92*?
*91*2
92%
*90
92
29*4
29*4
*90*2
29*2
92*2
29*4
29*2
30
*29*4
29%
2934
2984
400
•27g
3*8
*2*4
3*8
*2*4
*29*4
*2%
2%
2%
*2%
58*4
3
100
3
3%
42
*90
56
57
56*2
59
*55*4 56*4
56*2
57*4
59*4
*120*2 125
124*4 *123
124
*123
124
*120*4 124*4 *123
49*2 49*2
49*4
49*4
49*4 49%
49*2 49%
49%
50*4
49% 50*4
27i2 27*8
28
27*2 28%
28
27*4
27*4 27*4
28*8
28%
28%
•120
120
120
120*4
120%
120
120*4
120
120
120*4 120*2
120*4
778
8*4
8*8
8%
8*4
8*8
8*4
8*2
8*4
8'4
9%
8%
70
70
09
70
70
69
70
69% 69*2
69*2 69%
69%
18*4
♦18*s
18*4
18*8
18*4 18*4
19
18*4
18*4
18*4
1834
18%
2*2
2i2
*2*2
2*4
2%
*2*2
2*2
2*2
2*8
2%
2%
2%
*113
113*4 113*4 *114
114*2 114% *114%
*114*2
2
2
2
2
•1*4
*1*4
*1*4
2*8
2*4
2%
*1%
2%
5
5
*4*4
5
5*2
4%
4%
5*4
*5*8
534
534
*5*4
3
3
3
3
•2*8
*2*8
3
3
*2*8
*2%
*2*4
*2%
*90
*90
100*8
*90
*90
100*8 *90
*90
100%
100%
100%
100%
31*4
31*4
32*2
33%
34
32*4 33
32*2 33
33%
34%
3334
4*8
4i2
4*4
4*4
4*2
4*2
4*2
4%
434
4% :*: 4%
4%
55U
125
35
55*4
35
34
3434
z21
21
104
104
20%
**18
*8
*8
*8
**16
*32
*9
9l2
**11
*8
*8
*9
9*4
13
**i#
*8
*%•
*i«
*i«
*8
*8
**«
9*2
*9
*9
9*2
*11*4
12*4
*11%
*214
2*2
2%
26*2
*25
2*2
29*2
71
71%
25*4
09*4
9*2
25*4
71*4
*26*4
71*4
9*2
9%
9*2
9*2
4334
13,700
300
1*2
600
34
700
8*8
14%
8*4
14%
500
43%
44
52%
52%
9*2
70
2,600
800
1,500
*8
500
*8
**16
«l«
1,200
*8
200
9
9
*8*2
12%
13%
*12%
9*2
12%
1,300
2%
9*2
12%
2%
29%
**!«
*8
2%
2%
*26
,
29%
70%
9%
*26
*9%
95*4
71
69%
9%
70%
9%
100
2%
29%
500
71%
25,700
9%
1,300
*94
96
95
95
*95
96
95
96
*95
96
*45
50
*45
50
*45
50
*45
50
*45
50
*45
3
3
3
*37%
3734
30
50
3
2*4
*37
*
3
38*4
145
*70"
*2*2
85
*36*2
*
3*4
38
145
*70"
85
*11314 115
*113*4 115
34
32*2
*32*8
*32*4
*82
84*2
*82*2 84*2
50
50
*48*4
*48*4
28*4
28%
*33
34
*144
147
28*4
33
*144*4
29%
33*4
----
1057g 106
106
*60*4
*60*4
62%
12
12%
12
6278
12
*101*2 101*4
29
29*4
*110*4 112
*19
*1
20
106
101*4 101*4
29
29
*110*2 112
*18*2
*1
20
*2%
3*4
*37*8
38*4
*—.
145
*70
85
113*4 113*4
33
33*2
*82*2
84*2
*48*4
50
29*4
28%
*33
*144*4
33*4
29
*110*2 112
19
*
38
145
*70 ~
85
19
*125
*
2%
37%
*125
85
♦
49
49
29*4
29%
33%
33*8
106
*61%
12*8
29%
33*2
*144%
L06
62*2
12%
101*4 101*4
29
29*4
Lll*4
111
*18%
*48*4
20
106
*61%
12%
IOI84
29%
112
19%
113*4
3334
*82*2
50
*4884
30
30%
34
3334
149
*144%
106
IO584
62%
6134
1234
1234
102
*101%
30*4
2934
112
*110%
19%
1*8
1*4
1*4
*1%
1*4
1*8
*1%
1*4
*1*2
1*4
1%
2
1%
1*4
1*2
1*2
*1*4
1*4
1*2
1*2
1*2
1*2
20*8
207g
21*4
21*4
207g
2078
21
4*8
4%
20
1%
*1*2
*20
4*2
1*8
4*4
1*4
21*4
21*4
*20*2
21*2
4%
4%
*7714
78
78
78
*78
79*2
*66
73
*66
72
*66
71
79
80
6*8
6*4
79*2
6*2
*23*8
29*2
24%
24*2
Chain Belt Co
100
No par
Cham Pap A Fib Co 6% pf. 100
Common
No par
Cab Mfg
{Chesapeake Corp
Chesapeake A Ohio Ry
6
No par
25
Preferred series A
100
{Chic A East 111 Ry 0% pf.100
{Chic Great West 4% pi—100
Chicago Mall Order Co
6
Chicago Pneumat Tool.No par
conv
Pr pf
preferred...No par
($2.60)
cum dlv No par
1,100
6134
200
1234
6,900
103
500
30
1,700
114
60
20
1,000
40
79
79
80
82
82
82
800
*66
72
69
69
*69
74
10
30%
78*4
6*2
6%
104
21
4%
1,500
600
17,300
7834
900
634
4,200
26
3084
*102% 104% ♦102% 104*2
37
36*4 37
37*4
37%
36%
112
109*4 109*4
108% 109*4 *109
11
11
11*8
11*8
11%
11%
*»18
**16
%
H
34
50
49*4 50
50*4
5184
50*2
30
29% 29%
29%
29%
29%
300
7,300
June 12
1% Dec 19
4
May 21
2% Oct 15
88
Sept 4
22%May 24
3%May 22
15%May 21
15 May 28
99%June 22
17%May 22
lO%June 10
2i2 Oct 16
30%May 28
84%June 17
%May 15
*8 Dec 18
0i2May21
8*8 May 15
23%May 21
41
May 22
{Chic Rock Isl A Pacific—100
45
Chlckaaha Cotton Oil
Chllds Co.
10
7%May 21
9
May 21
No par
1*8 Aug 28
Chile Copper Co
Chrysler Corp
City Ice A Fuel
25
No par
20
Aug 16
63%May 28
87g Oct 28
6
May
75
501, Jan
35i2 Apr 29
72
Apr 16
4H2 Jan 10
8*s Feb 15
May 16
Specialgtd 4% stock
60
Molybdenum..No par
Coca-Cola Co (The)...No par
Class A
No par
Colgate-Palmollve-Peet No par
$4.25 preferred
No par
Collins A Alkman
No par
6% conv preferred
100
Colo Fuel A Iron Corp.No par
Columb Br'd Sys Inc cl A.2.50
Class B
.2.50
Columbia Gas A Elec.-No par
6% preferred series A
100
5% preferred
100
Columbian Carbon Co.No par
Columbia Pictures
No par
$2.75
conv
preferred.No par
Commercial Credit
10
_
46%May 16
25%May22
25%May 21
June 10
May 23
12%May 21
•14 Dec 17
1% Dec 18
lig Oct 24
10
May 21
16
May 21
4i4May22
07%May 28
59
June
3
71
May 29
3%May 21
14*4May 24
27%June 10
95
June 13
32
June 10
600
97
10,900
Commercial Solvents..No par
8
24,200
Commonw'lth A Sou..No par
5,400
$0 preferred series
No par
Commonwealth Edison Co..25
4t\i % conv preferred
June
4
May 21
% Dec 28
42
May 21
257g June 10
32
June
6ig Aug
22
18
98
17
Sept
Sept
Apr
Aug
6*8 Apr
z3*8 Dec
6U
8
*43
{In reoelverahlp.
a
Def. delivery.
n New stock,
r
Cash sale.
* Ex-dlv.
v
Sept
Sept
851, July
33
Sept
4
Sept
941, Mar
122U Mar
64i, Sept
30% Deo
1097, Aug
19ig Jan
72i, Mar
30*4 Sept
514 Jan
1131, Aug
12U Sept
14*4 Sept
07g
90
Oct
Sept
627g
Jan
13
Jan
47i,
Jan
221, sept
106
Deo
30
Jan
2U,
44
Dec 10
27
Apr
101
Deo 30
85*4
Oct
95i, June
2i2 Jan
21,
1218
15*8
4414
61*8
3
Jan 24
Jan 4
Dee 13
Dec 31
Deo 13
*8 Jan 9
*4 Apr 3
*8
Jan
138 Sept
H4 Aug
91, Apr
10
Apr
Aug
60U Nov
14 June
1, Aug
1, Aug
I7g Jan
1*8 Sept
71, Apr
34
25
Feb
6
Apr
4*8 Dec
Apr
41
Apr
Apr
94% Oct
147g May
79
Jan
97i, June
461, Sept
214 Apr
Nov 14
74*4 Nov 15
114i2 Jan 10
43i4Mar 8
83i2 Deo 2
48
Mar 26
411, Apr
1
4
9*8 Mar
15U Sept
1318 Jan
9
Jan 80
133
7g Sept
63*8
418 Apr 20
4014 Apr 18
Jan
44
10
9
Oct
20U
39i, Sept
111, Mar 28
101, Apr IF)
6*8 Mar 25
Nov
Sept
4*g Sept
30*8 Aug
3
91*8 Apr 8
I414 Jan 26
4
14
15
Apr
140
May
68
68
438
341,
Sept
Mar
Oct
Oct
140
May
Feb
69
Feb
lO07g Sept
20ig Apr
115
09
Sept
42
Jan
34*8 June
2U4 Apr
Feb
39
Oct
78
Mar
4514 May
60ig Jan
38
Dec
4
125
Sept
135
Mar
131
Mar 30
105
Sept
133
03
Feb 27
58
Jan
20
Feb 21
111, Apr
451, Apr
Dec
Jan
621, Dec
18
Dec
37i,
Oct
1201, Dec 20
351, Apr
8
1121, Feb 10
24
May 10
4*4 Apr
5*4 Apr
6
Apr
4
4
4
26*8 Mar 12
26% Mar 12
71, Apr 8
931, Apr 8
79
Jan 26
98*4 Apr 4
81, Mar 15
26
48
Dec 11
Jan
3
1081, Feb 21
68
Apr 8
Mar
6
10*8 Apr
6
113
l*4June 28
7314 Jan 8
33
Apr
8
20U Apr
100
111,
2*4
37,
31,
Apr
Apr
Aug
llli2 Dec
2478 sept
Sept
81, Sept
9*4 Sept
Aug
818 Sept
14
Apr
14
Apr
25*8 Dec
2514 Dec
5U
741,
621,
Apr
9
Feb
Jan
91
Mar
Jan
83
Feb
73
Apr
96
Oct
15*8
Jan
6*8 Dec
I5i, Dec
38*4
Apr
981,
Oct
42
Apr
103%
8*8
Us
45*4
x25*s
Sept
Aug
Dec
Jan
Apr
301, Mar
67
Ex-rights.
Jan
10958 Aug
60
Jan
110*, June
16
2ig
Sept
Feb
*721, Aug
32 ig Dec
J..
•Bid and asked prloes; no sales on this day.
Jan
4li, Sept
Oct
291, sept
4714 Sept
10%May 21
10%May 21
Oct
18i« Apr
2*8 Apr
1031, Sept
3*4 June
31, Apr
31, Apr
8514 June
4
99%May 21
50 May 24
94
68
9
30*4 Apr 18
29i2Mar 23
47g Apr 3
145
108
Apr
77, Aug
Oct
May 22
131
13*8 Apr
May
24
.
Apr
381, Apr
84
22
Clark Equipment
No par
CCC A St Louis Ry Co
100
74
110
106
98
Clev A Pitts RR Co 7% gtd.60
Apr
137, Apr
2*8 July
631, Aug
2
z60
May 21
July
77
38*4 Dec
Sept 10
May 21
7
100
Sept 26
60
Mar
0
May 15
May 21
26
1
3
114% Mar 9
67, Apr 5
ll*4May 10
2
108
May
3*8 Jan
44
6%
preferred....
100
Clev El Ilium $4.50 pf.No par
Clev Graph Bronze Co (The).l
4
26*4 Apr 22
85
8
June 19
Deo
121, Feb 15
5
July
4
Dec 27
121
100
124
Jan
120
3ig Sept
29i, sept
4i, May
35
921, Dec 30
82*4May
3I4N0V 8
100
6H% preferred
City Investing Co
City Stores
6 '
3
Apr
Deo 14
100
14,200
0
*n Deo 31
Comm'l Invest Trust..No par
$4.26 conv pf ser '35.No par
500
7,500
05, Mar
40i2 Jan
Dec 28
100
0% preferred
100
Chicago Yellow Cab—No par
7% preferred...
Cluett Peabody A Co.-No par
Preferred
100
21%
434
*24%
**16
6% prior preferred
Climax
21%
*2084
4%
106
100
100
30%
29*2
Preferred
1,900
10534
U2May 15
Cerro de Pasco Copper.No par
Certaln-teed Products
1
100
30*2
49*4
Aug 15
100
30%
h
49*4
29%
June 15
17
4% 2d preferred
79
1J10
48
par
4% 1st preferred
24%
29*?
100
Assoc. No
6% preferred
Central Agulrre
Central Foundry Co
1
Central HI Lt 4H% pref—100
{Central RR of New Jersey 100
Central Vloleta Sugar Co.—..
4,000
21
30
par
30*2
21*4
104
No
3334
149
21
78*4
42%May 15
20 May 21
105i2May 22
5
May 21
Colorado A Southern
79
49*2
50
50
21
4%
par
par
100
520
6%
24%
»u
.......
21*4
4%
4*2
7% prior preferred
Celotex Corp
480
6%
49%
29*4
50
600
1%
24*2
*4
8334
---w--
21
20*4
*21
Caterpillar Tractor
No
Celanese Corp of Amer.No
$3
June 10
100
1%
6*2
50%
m
113*4
3334
_
100
2
78%
29%
200
-
Preferred
1*4
24*2
49*4
37%
*1%
79*2
29*4
800
<***
$3 preferred A
10
Carolina Clinch A Ohio Ry 100
Carpenter Steel Co
5
Carriers A General Corp
1
Case (J I) Co
100
2
1*4
6%
24*2
*77*2 80
6*2
6%
*24*2 ,25
30
30
2978
30%
30%
103
103
104
L04
103*4 104
36*4
36*4
36*2 37
36*8
37*4
*108*4 110
*108*4 109*4 *108*4 110
11%
Ills
11*4
11
11%
10%
*4
1*4
410
3
85
113*4 113*4 *113*4 115
32%
33%
*32%
33%
*82
84*2
*8212 8384
*144%
-
105*4 105*4
62% 62*2
12%
12%
101*4 101*4
29
*37%
95*2
i ""
2% Dec 28
301* Aug 1
76%June 3
22%May 21
2
May 24
89%May23
..1
Checker
**!6
*8
11*8
2,600
1*2
*18
*8
*2*4
7,000
101*4 101%
52*4
*14
11*8
2*2
52*4
%2
*8
*32
mmmmrnm
400
43%
No par
Century Ribbon MUls.No par
3
51*4
52
700
500
18
51
52
110
20%
*2%
51
52
130
900
1,300
40
20%
1*2
52
17,500
600
*17*4
3
14
7*4
300
20*2
19%
43
714
14*4
2,400
104*2
20%
105
*1*4
**2
7*2
4,400
1,660
*20
14*2
®16
*1114
*2%
26*2
71*4
104
10
35%
*17*4
*2%
44*4
•u
*101
1*2
50*8
34*2
42%
43*4
*101% 105
*101*8 103
*101*4 102
1*2
*1*4
1*2
*1*4
1*2
1*2
*16
»ie
**2
*%
%
8
7*2
8
7%
*7*8
*8*8
8*2
14*2
14*2
14*4
14*4
14%
1434
*14%
43
43
43
44
44%
043*4 43*4
105
•1*8
•42
1,900
125
34
34*4
35*4
34*4
34*2 35*4
21
21
21
21*4
21*4
21
*20*4
21*4
♦103*2 104*2 *103*2 104*2 *103*2 104*2 *104
104%
*20
21
20
20
•19*8 21
20
20%
*17
19
*17
20
*17*4
*17
18*4
19%
3
3
*2*8
3
3
*2%
*2*8
*2%
43
427S
42*4 43*8
42*2 42%
42% 43
♦101
30
92
25
1 Called for redemption
Volume
231
New York Stock Record—Continued—Page 4
152
AND
4
Jan.
SALE PRICES—PER
HIGH
Tuesday
Monday
Range for Previous
6
Jan.
$
% per share
per
3*s
1714
3*8
17l4
26*4
*13%
2714
13*4
*95
96
95
4U
1714
2714
13i2
9514
96l2
96
96
*96
7
1714
2678
13*2
7
7i8
*»!«
8
*75s
*2%
57g
57g
7ig
96%
7*8
96*2
'! 7
2212
58
39*4
7i2
38i4
7l2
38
7l2
53
176
176
478
478
*11
19
1914
8
8
8
7*2
278
3
3
3
*3*8
57g
6
5%
6
£%
7*8
38*s
19
22l2
18*4
19l2
2212
1814
18
57
555s
52
55*8
5214
46%
51*A
45*4
45
4
378
19*8
2314
45*4
21
"16
#»4
%
700
4%
4%
4%
800
*19%
2034
100
*19*2
21
178
*170
17034 177
4%
4*4
4%
478
•i«
*»!•
*4
%
19
19*8
1878
19i2
83
83
83*2
84
38*2
40l2
38%
39
*7*4
38*8
37g
7*4
7*4
7*4
38%
38%
3%
38*4
19*8
20*8
20
20*4
23
22
22
4
*22
3%
20*8
2234
18
18%
54%
55
52%
52%
52*2
46%
46%
46%
*i«
»i«
19
%
27
26*4
*26
*4412
45
*44i2
45
*4412
45
45
4514
45
45
45
45
45
45
2614
18*4
5
14*4
15
15U
1514
1478
15*8
15
15
91U
91i4
9012
91
91
91%
91*2
91*8
14%
91%
47%
4614
45*4
46*8
45%
46*8
98i4
4714
98l2
3i2
414
45*8
97i2
457g
90l4
95*4
95*4
95
97
96*4
97
*2%
312
414
*2
3i2
414
*7412
*42iZ
414
*214
4%
70i2
14
25
25
1*8
*4212
25
13*8
*24l2
4412
14*4
*42l2
14%
*24i4
178
1*4
14%
1*4
14%
25
*24%
178
*43
47
*45
*32l2
9*8
33*8
*32*8
33
9*8
9l2
29
2812
7%
*3i2
*17*2
7i2
18
11*4
2*4
12U
14i2
*27l2
12ig
1H4
1U2
3
3
3
*»1«
*8
*14
14*8
14l2
28
28
2834
40*2
9U
17i8
17*2
40i2
914
1712
17*4
88
80
86
10
3614
*87S
36U
36U
22
2214
2214
22*8
1512
77*s
15i2
15*4
77*8
77U
141*4 *139i2 141*8
139
958
163*4
12478 1247s
11014 H6I4
86
37
22%
1578
78*4
15*4
16
22%
15*4
22*4
15*4
16*4
16%
16%
78
77
78%
78
79
78l2
79
163
164i4
125
125
4*8
4*8
9%
34*4
*1414
3378
32*4
1078
17i8
16*4
*%«
33*8
*412
15
33*4
17*8
6*8
9%
33*8
434
,
33
1612
1678
**8
7I«
11534 115*4
33*4
4%
*33%
4*2
141
mm~m
36*4
15
4
3H2
*2714
32%
32
3212
32
32i8
29
28
28
28
3312
*29i4
33l2
34
34
33i2
33*2
33%
30
29*8
29*8
29l2
29*8
30
30
*41
417fi
417s
42
6*8
6*8
66 I2
*70
66%
7212
82%
72
*77
*65
72
*63
*78
80
**11
%
"u
**4
1
1*8
lis
*72
78
*72
*%
1*8
»34
*72
78
7*4
*3i2
7*4
8
30i2
30*8
30*4
*8
3i2
2312
2312
*1314
13*8
*%
*5*8
4514
*2114
*11*8
*9012
23i2
13*8
4
4
*%
*6i2
45l2
*2U2
*11*8
7
45%
22
12%
99
99
*3*4
*8
19i2
*96
97
*12*4
38
•
127g
38
*8
7
4512
22
19
7%
30*4
*8
6%
si#
95i2
*2
"is
16%
1034
*16
*2
*2
600
4%
5,900
2,700
1,500
28%
33*2
4
29
33*2
30
15
......
34
35
29%
30*2
34
34
900
30*4
79%
*%«
31
2,200
1,000
1%
*%
1
*72
78
*72
78
1%
2,800
1,700
3*2
1%
100
1
3*2
3%
8*4
*3*4
8*4
3%
8*4
8*4
8*4
30*4
30%
30*4
*30*2
30%
21
21
14*8
98*2
24*4
14*4
14
14
14
4*4
4*4
4
4
4
**8
»i.
*19%
19*8
*b
20%
95*2
12*8
12%
38
14%
12%
*96*2
24%
14I4
38
14*8
21
*11%
4
13
24*4
20%
127g
98*2
14%
38
24%
2434
21*4
*8
95*4
*12%
38
sales on this day.
21
21%
2l3g
96%
*95
13
*12%
38
38
.100
t In receivership,
98i2May
12i2May
2578May
32 May
4*4May
12i2May
60% May
22
21
22
21
16
21
24
Dec 23
9
Jan
125ig Jan
2314 Jan 10
303s Apr 10
4314 Feb 3
lOig Feb 21
20i8 Nov 12
Dec 30
80
148g Apr
0
2
3
Boat
shares—
Electric Power A Light-No par
No par
No par
Elec Storage Battery ..No par
El Paso. Natural Gas
3
Endlcott Johnson Corp..—50
97
preferred
90 preferred
5% preferred
—100
Engineers Public Service
1
95 preferred
No par
9478May 10
Apr 9
171
Apr 24
Mar 30
13*4 Jan 18
Jan 17
120
8
1208s Deo 2
118*4 Jan 19
Dec 10
17ig Jan
9
4
10i2May 28
May 21
lOUMay 21
3s Dec 16
3 May 15
l8i2May 21
155sMay 21
*24%June 0
20
May 21
35 May 22
102 May 22
40
Apr 13
112
Marl9
58s May 21
May 31
83
26
63
No par
60
No par
Equitable Olflce Bldg..No par
fErie Railroad
100
77
95)4 preferred
preferred..
90
28
Apr
36*4 Sept
Sig Aug
13*4 Sept
00
Sept
9*4 May
Apr
37
Edison Bros Stores Ino
May 31
Dec 31
41*4 Apr 10
183s Apr 20
1*4 Jan 4
8% Jan
20% Sept
65
Aug
19U
Apr
Apr
108
12014
112
Apr
Sept
II lig Sept
12U
Apr
3*4 July
138is Apr
156% Sept
15U Apr
15i2 Sept
22U
Apr
8ig Apr
lis Sept
014 Apr
8
36
Sept
80% June
89
Aug
Apr
95
Aug
Jan
09
*4 Aug
7g Jan
3*8 Sept
5
96*8
preferred.—100
Enamel oorp
T
4H% oonv
Ferro
Fidel Phen Fire Ins
n New
stock,
N Y.92.50
r Cash sale.
79
June
6
10 May 21
27i2May 21
* Ex-div.
Jan
137* Aug
Apr
Apr
Jan
3
111
Apr
97
III4 Apr 25
34%May 10
♦2*4 Nov
Sept
65
7
Us Apr
0514 Sept
Federal-Mogul Corp..
Jan
Jan
Feb
128s Aug 27
2%May 15
'uMay 22
15 May 28
3i8 Mar
12*8
Apr
82U Aug
*10318 Mar
07ig Aug
July 24
40*8 Oot
I8I4 Nov
Jan
7
0
21
15
24
10
June 10
Jan
1831* Feb
3078 Oot
197b July
Feb
178 Septl
10
Deo
8*8 Sept
38
lSg Apr
85
317s
1801s
Apr
3*g Jan
Traction—16
June
411*
84 Dec 21
9h preferred
No par
Federal Mln A Smelt Co
2
14
110*8 Nov
1881* Sept
12418 Aug
1181* Feb
Apr
8* May 15
H Oct
3% June
Deo
Deo
Jan
17ig
100
29i2June 6
17i2May 21
11 May 23
13i* Nov
3514 Jan
2214 Jan
34
July
87*4 Nov
14458
89
Jan
10i* Nov
201* Mar
July
90
Apr
021*
65*8
1
Jan
34i* July
447g July
Dec
4% 1st preferred.....—100
5 May
20i2 Jan
1251*
32*8
28
3014Nov
33i2May
417g Jan
5
Jan
Oot
li*
Mar
1
0712 Aug
2% Deo
Oot
87g Sept
0
1*4 Jan
Eureka Vacuum Cleaner
Oet
Deo
28
lOHg
14 Dec 20
6sMay 15
4% 2d preferred
June
10*8 Sept
112*4 Deo
20i2
18*4
23i2
4078 Nov
12*g Jan
Jan
7
17i* Mar
181*
Mar
180
Electric Auto-Lite (The)..—5
Nov
561* June
25
Sept
271* July
10
Apr
91
251*
30
189% Apr
13U Nov
321* Nov
Apr
Feb 29
Oc 122
19i* Sept
Deo
7ig Sept
031* Sept
28 U
Apr
38
113
Jan
81* Sept
Sept
93
Sept
13
Apr
248s Apr 23
237g Jan 10
10
Deo
94
11 <4
14
30
Jan
40ig Feb
371* Mar
17*8 Deo
15*4
30i2May 22
May 21
411*
23
I
May 22
Elec A Mus Ind Am
4*8 Apr
103
Sept
9
June 10
Federated Dept Stores -No par
Del. delivery,
Nov 22
22
300
a
114
Jan
13*8 Apr
3i2 Aug
14% Sept
6i2Mar
155
3,400
300
June 13
45
4
I8I4N0V 12
83g Apr 4
Apr
19U Apr
73U Apr
May 10
Oct
Deo
4U Aug
Mar 29
60
Aug
3ig Sept
88
0% cum preferred......100
Co
4
Eaton Manufacturing
Electric
9
28
4
92
23
Jan
321* Aug
13
Apr
90
June
27g Aug
Apr
48
Aug
36i2 Oct 28
113s Mar 8
323gMar 14
7
Jan
110
52*8 Sept
3
45i2 Dec 31
17
Apr 22
293g Feb 24
4i2 Jan 4
May
Deo
2ig July
62
6
87gMay 10
01i2 Feb 24
51
.Apr
5
38
24ig Apr
May 15
21%
2,100
75
June 10
21%
12%
3
3
Federal Water Bert A.No par
38%
Sept
414 Jan
Jan
078 Aug
20% Apr
33
Sept
28
Apr
9
Apr
Deo 13
z99
Sept
Apr
208s
117
Federal Motor Truck—No par
12%
93
5
2
67i* Sept
Aug
177
*8 Sept
Eastman Kodak (N J).No par
Eastern Rolling Mills
500
37%
Nov 29
l48sMay 15
3 May 21
13«4 May 22
3%May 22
1
6
Eastern Airlines Ino
200
13
16
44i2May 8
0% Nov 12
166*4 Jan 2
3%
38%
42
2584June 10
"it
*95
June 10
140i2May 28
ll4May 22
112i2May 22
Federal Light A
1,900
2,100
75
Co.—20
94.50 preferred
No par
Duquesne Light 5% 1st pf.100
*%
%
95*4
.....No par
preferred
8%
Du P de Nem (E I) A
3%
4
%
21*4
Dunhii> International
No par
.1
100
260
1,600
June 17
2984 Deo 23
0i2 July 25
21%May 21
ll%May 22
9C0
300
98%
21*4
2334
38
*96*2
44%
2312
*12*4
*11%
%
6*8
44%
23i2
1278
99
%
7%
4412
21%
12%
**2
6%
44
*8
6
*11*8
*96*2
24*4
*11*8
**2
6%
44%
6
43*4
*8
6*2
19i2June 6
li2 Oct 10
65's July 3
I2714N0V 27
14<4 Jan 12
5 May 21
9f2June 10
Duplan Silk
6
3
32*4 Feb
7>4 Jan
887s Apr
Ne par
50
5
Evans Products Co.....——5
Ex-CeU-O Corp
3
Exchange Buffet Corp.No par
Fairbanks Co 8% pref
100
Fairbanks Morse A Co .No par
Fajardo Bug Co of Pr Rloo—20
1,100
1,400
1,600
li2 Apr
...No par
Co
3
100
01ig Sept
Sept
8
2414 Jan
Douglas Aircraft
Dresser Mfg
Apr
Sept
7i2 Apr
Dome Mines Ltd
Erie A Pitts RR Co
78
8*8
3*8
200
800
30*8
*96%
♦"is
200
*2
778
3*2
45
Bid and asked prices; no
1%
1*8
78
190
8,100
......
30*8
44
95l2
1
1*8
80
*%e
*2
1*8
*72
78
*77
1
1
1
5,500
7,300
12,900
78
1*8
1
1278
95%
100
36%
32%
*77
*«u
«i«
99
19
2,200
33%
4%
33%
«u
58
*18*8
3*8
3*4
*7*8
30i2
3i2
*1
l
80
*77
80
hi
1
1
*84
*34
141
6%
*77
700
182
110
%
*«,,
4%
44
43
42
*42% 44*4
43*4
110*2
110*2 *110
110*2 *110
110l4 *110
6%
6%
6%
6*8
6%
6*4
6*4
66%
*05% 66%
66*4
*64%
*64%
657s
65*2
74
*72
72
*71
*70
72
72%
72
42
11012 110%
5,000
3634
29%
43%
3218
*27i4
6i2
4
800
130
33
4%
30
*14%
33%
16%
15
*%
4%
5,500
36*4
*8
4*s
32%
28%
33%
6*8
36*2
33*4
4
162% 164
125% 125%
434
33*8
16*2
4%
400
32
No par
Dow Chemical Co.....No par
2,700
116
100
No par
Co
600
1,000
116
6% pref with warrants
Class A
Doehler Die Casting Co No par
6%
9*4
140
140% 141
182
182% *179
*14%
22
Ltd. No par
2,100
2,200
4,500
9%
119
*6
*117
34
33*8
1678
4
110% 11012
33%
*4*2
32*2
16*4
b
4%
21%
,
4
29
9*2
117
540
26
6% partlc preferred
Dlxle-Vortex
10*4
138% 138*2
6%
9*2
162
10334
163*2 164*4
125*8 125% 2124*4 125
141
141
*6
117
119
*115*4 117
32l2
*16
.
*137% 139
21%
21% 2134
6*8
9*2
1801s 180*8 *180
35*4
3578
35%
15
*14%
*1414
36
22
139
*117
164*4
125*8
141
142
180% 180% *180%i
7I«
163
*125
45s
*8
6%
119
U6I4 116% *115*4 117
*4%
15
018
918
*117
33%
3412
Distil Corp-Seagr's
*9%
*36*2
22*4
9*8
33*4
Diamond T Motor Car Co—2
100
*84
6i2
Match......No par
4,100
10%
119
100
7,300
37
Jan
647g
150
Deo 10
3*8 Sept
*8 Deo
103
Apr
18
Sept
18
*84
86
65ig Jan
12U Aug
10*8
18
49
01i2 Jan
184
67S Jan
700
18
32*8 Sept
May
238g Jan
400
10
70
8%May 21
23s Deo 20
ht Dec 10
41%
9*4
Apr
25%May
100
50
29%
1734
10*8 Jan
407g Deo
6% Nov
31% Jan
Apr
193g Apr
41%
9*4
5
5114 Sep*
29ia Apr
1% Apr
1978 Aug
10i8 Apr
117gMay 22
Raynolds A ..No par
Diamond
Mar
28%May
29%
157g
9
1,390
Jan
100
2378 Apr
*40
86
33*4
3412
17%
2
June 10
JDenv A R G West 6% pf.100
Delaware Lack A Western
Dec
Dec
10
Delaware A Hudson
Deo
22ig Mar
»87% Sept
3212 Apr
9
Jan
33
Sept
17U
1
4
07ii Jan 10
25
Sept
Apr
l3%May 22
Dlesel-Wemmer-Gilbert
Devoe A
lSg Apr
9
84
1017g
11%
478s Dec 13
21
July
1*4 Apr
8% Aug
88
Sept
9ig June
16«8 Jan 10
May 21
751* Oct 10
l%May 24
3i2 Aug 15
60 May 21
45i2 Deo 31
9% May 23
107
Detroit Edison
IfiSv
1
4514 Dec 30
4514 Deo 27
2H8May 4
95%May 9
81
97g Sept
58g Sept
0i2 Aug
4078 Mar
4*4 Feb
20
Preferred
*29
1734
21*8
500
7*4 Sept
3*4 Dec
10812 Deo 11
19ia Apr 24
49U Apr
914 Apr
Dayton Pow A Lt 4H % Df-100
Co
No par
Deere A
700
114% 115
*9*8
21*2
6
25
preferred
*8
*1n
*4
*33l
37
21
20
Conv 6%
Davison Chemloal Co (The).l
200
10*2
21*4
preferred
Cutler-Hammer Inc...No par
16,300
7,300
37
139
98
7% pref.. 100
No par
3%
*9
139
A
Class
Cushman's Sons
13*4
36%
217g
87
Curtis Pub Co (The).._No par
Preferred.
......No par
3%
3*2
115*4 115*4
163s
15%
41
9*4
*17*8
*85*2
100
1234
13
3*4
10
33*8
*1418
10,100
1,800
78l4
*6i8
141
1,500
113% 113% *113% 114
22%
21%
22%
22%
2734
27% 28*2
27*4
18
17%
17% *16%
115% 115*4
15
14%
29%
*28*4
41
200
7%
11%
100
Packing Co.......
Cuneo Press Ino
......6
Davega Stores Corp
4
36'4
22*4
*9
3314
140*4 142
9%
*hs
4,800
1734
734
Preferred
5K% conv preferred
Cudahy
Prior preferred.....No par
7%
18
7%
*35l2
22U
*8512
10
21*8
*117
28*4
4012
4012
914
163
*8
116
116
19%
.100
preferred
Curtlss-Wright.............1
*338
1734
.4*4
*3%
12*4
3*8
*4
11*2
3
28i2
6*8
29*2
conv
900
*17%
*11512 115*4
14i2
14%
1412
119
28»4
100
6%
Cuba RR 6% preferred
100
Cuban-American Sugar.... 10
00,100
4,100
18
i#*8
*6
958
934
mmmmm*
18is
*9i2
48*2
3234
32
3,100
46*2
41
*117
1%
*43*2
19%
2%
2178
I84
200
19%
177g
*8512
*878
*35i8
2178
25
46%
*40i2
9*8
140
25
280
19*2
11*4
278
Is
2,700
*43*2
2114
110i« 116*8
300
14%
76*2
1,200
46*2
19*8
4*4
♦113U 114
*27%
44%
14%
-
3*2
218 Jan
12is Mar
77g Mar
4
9
3
25
6
4%
97
19%
*3*8
7%
Crown Zellerbaoh Corp
108% Aug
Dec
4
80i2June 12
12 May 22
75 May 21
No par
4%
70%
4458
*43*2
*17*2
7*2
No par
ex-warrants
Mar
Jan
*4
233* Nov 15
2
3%May 22
188s June 11
30
July 17
No par
35
Apr
Feb
01*4
6U Nov 14
17% Deo
Crucible Steel of Amer.No par
19l2
4
Crosley Corp (The)
Crown Cork A Seal
14.900
2,800
4612
1712
.100
6% conv preferred
Cream of Wheat Corp (The) .2
Sept
'
%»Sept 28
13 June 5
75 June 13
25
Co
Crane
46%
*43l2
1912
*3i2
1712
*7i2
18
1
1
Coty Ino
Coty Internet Corp..
95 oonv preferred...No par
mm—---
7*8
7i2
*113U 114
*113*2 114
♦113U 114
21
21
21*4
21*8
21*8
21*8
27*4 27*4
27*4
27*4
27*4
27*4
27*4
18
*18
18*8
18*8
18%
18
*17l2
7*8
3,500
90
19l2
4U
2114
15
*70
4612
26
100
Pref
90
19
pref. 5% series
60
Corn Exch Bank Trust Co. 20
conv.
92.26 oonv pref w w..No par
*70
*43l2
5
Copper weld Steel Co.....
350
90
78
4
9*8
29%
6
Continental Steel Corp. No par
600
*70
40l2
18
9*4
Continental Oil of Del
Aug
11
5
Apr
Apr
Apr
Jan
2778May 25
2 May 15
l6%June 10
18i2May 21
I5tj Mar 16
47 May 21
41 May 28
40% Deo 10
165 May 26
4 May 21
1
540
32%
9*4
29%
29
3.000
Continental Motors
Preferred......
10i2
4i2
8i8
214
May 21
48sMay 21
Continental Diamond Fibre. 6
Corn Products Refining
li8 Jan
6
June
91
27
3278 Apr 6
lids Mar 25
33
45*2
96%
*2%
45
32
70
20
91%
*43
45
32*2
100
preferred
45
90
*70
18*4
32*8
9%
28*4
8%
No par
45%
*70
*43i2
*3l2
*17*4
9*8
28%
1*4
18%
538
27%
90
*70
19
918
28*4
134
1,200
5,200
1.250
1,900
1,500
19%
24% 1
1*4
*24
47
*45
47
33
44%
14%
25
1%
76%
44%
14%
.76
44%
47
29
76
%
10534
4%
14*8
Class B
91*2
3%
*4%
*42%
*43
914
*2%
4*8
44l2
14*4
*32
28*4
3*2
*2*4
*4lg
76
76
76
76
76
44i2
414
800
5%
26«4
44%
*44%
14%
15%
91%
46%
4%
18*2
1834
5
180
19
45
4*8
280
6,300
105
45*2
45
18*4
458
52%
181
%
26*4
44*4
18*8
600
4%
19%
19%
105% 105*4
19%
2714
4l2
2714
4*8
106
105
14,100
18,800
1,000
4,200
47%
52%
46%
434
%
44l2
*44
4l2
105U 105*8
19
19
20*4
2234
18*4
4*4
Continental Bak Co el A No par
Continental Insuranoe...f2.50
55
177*2 178
Container Corp of America.20
3,400
17%
4%
.100
7»4
4
55
4*8
6% conv preferred
Continental Can Ino
54*2
178
Consol RR of Cuba 6% pf. 100
Consolidation Coal Co
25
39%
7b
38%
181
No par
1,700
7,400
1,400
39*2
18%
178
5
Consol Oil Corp
85
Apr
7% Nov
9% Feb 21
6%May 22
2%May 23
5%May 22
78 Dec 28
2%May 21
8%May 22
93% May 22
9%May 21
7%May 21
8s Dec 27
92 partlc preferred—No par
Consol Laundries Corp
Consumers Pow 94.60 pfNo par
2,300
18
52*4
1
Apr
79%
Deo 11
32*4 Nov
9*8 Oot
73
8
Apr
Feb
Jan
8%
30*8
15i2 Aug
58s Apr
99i2 Deo 11
100
97%May 21
% Aug 20
No par
6,500
54*2
46
$5 preferred—.'
Consol Film Industries
Apr
Apr
10
May 29
May 29
4%May 21
213s Nov 29
Consol Edison of N Y..No par
3,300
85
83*2
38%
4
03
75
preferred
5
19
7% Jan 29
100
7%
Highest
shart $ per share
per
3
0% Jan
14
CH % prior pref
.100
Consol Copperminea Corp
6
100
105*2
105*2 *105
105*8 105% *105
15*8
153s 15%
15%
15*2
15*2
9
9
9%
9*8
9*8
8*4
%
%
78
"4
%
**4
38i8
39*4
30,400
4*4
1
4*8
21
800
2,100
3%
6
78
*«H
4*8
27
19
19
*41g
734
8
278
105% 105*4
187g
*18*4
478
4*4
26*4
26*4
105*s 1055«
300
6
83i2
40U
7*4
*5H2
45*4
45U
84
8
4
57l2
1834
*%
*4
5%
8118
38
*51
18*4
7,000
29,800
1,100
22%
107
278
38i4
39*4
*56
2178
*b
7%
22%
107*8
7
7%
22*4
22%
107% 107*8
8
81%
40i4
7*4
19%
2212
18*4
♦55*8
19*8
19i8
2178
230
1334
6
4
4
378
>
100
96%
13%
3ig
*80
80
80
*39
92
96
8
1
*"11
1
78
414
414
4%
4i2
21
*19
21
*19
*19
2II4
105*4
*10414 105*8 *105
*104l2 106
1578 : i5i2
15*8
15l2
15i2 15*4
8
8*8
8I4
9*8
7*4
7*4
»n
h
*4
"l,
a4
*4
%
*418
92
96
7
22%
107% 107*4
h
*b
58
92%
18,100
1,200
Lowest
248s Feb 17
31i2 Apr 16
2%May 22
May 18
17% June 10
Congoleum-Nalrn Inc..N« par
CodboI Aircraft Corp
1
Consolidated Clear
No par
29
29%
9 per share
Conde Nast Pub Inc...No par
400
18
*17%
Year 1939
Highest
t per share
Par
200
4
4
4%
17*2
13*2
7*4
7*8
22i2
22*8
107
107
28*4
29%
13%
*94%
13*2
94
96
*8
*7*8
*278
578
*78
414
3i8
13*4
93
96%
*®i«
*8
13*4
95
27%
Shares
Lowest
*90
28
94
10718 10718
10718
*3*2
17*2
28*4
27i4
13U
2234
2212
22l2
2214
*107
4*4
17*4
*3*2
*17
Week
$ per share
$ per share
$ per share
4%
17*8
*3i2
*17
Jan. 10
9
Jan.
Range for Year 1940
On BatU of 100-Share Lett
EXCHANGE
Friday
Thursday
8
Jan.
$ per share
share
*312
7
Jan.
STOCKS
NEW YORK STOCK
the
NOT PER CENT
SHARE,
Wednesday
1
Sales
for
LOW
Saturday
0
Aug
Apr
14U Apr
b Deo
2*4 Apr
17s Sept
3
Sept
0
Sept
31* Sept
0514 Sepr
5*8 Mar
13
Jan
2514 Nov
'<14
Jan
8
31ig Apr 18
187g Apr 3
24
Apr
20
Apr
Apr
87« Sept
437s Jan
38i* Sept
18i* Aug
Mar 27
81
Jan
98
29U Jan 15
29
Dec
31U Deo
8*8 Mar 11
49% Apr
102
15i2 Oct
47g Jan
2
4
1
Jan
25
Jan
9
3
98 ig Deo
20
Jan
21
8
408g Feb 14
v Ex-rights,
11
2is Aug
Deo
6*8 Nov
*4 May
l*s
18*4 Apr
82*4 Sept
17% Nov
27*4 Apr
271*
89*4
Jan
Oct
Feb
231« Nov
40U Deo
f Called for redemption.
New York Stock Record—Continued—Page 5
232
Jan.
4
Jan.
Jan.
*1284
20i2
17»4
17*4
♦1027s 104l4
4012
401?
*12%
1778
103% 103% *104
1478
1434
*33%
23
634
*27
3114
31l4
*107%
I8I4
24
*22
7
29
3134
125
125
3
3
*41
18%
3134
19%
234
105
1434
33
24
24
24
*23
*22
132
24
*6%
6?s
*27%
28%
*31%
3134
107% 107%
19% 20
131
27g
*2%
234
131
45
46
38%
38
38%
2
1012
1912
16i2
19l2
*2%
16%
16%
38%
20%
203s
12
*11%
12
*11%
12
*11%
*46
52
*47
50
*47
50
*47
*7
7
6
6
3%
6
55%
7%
137
7%
137
3%
3%
6%
3%
*6
6%
15
15
15%
15%
*1514
1612
87%
*85i2
86">s
86%
86% *85
18
18
18%
18%
*1712
I8I4
*121
1241
122
122
*12014
34%
3434
34% 3434
3414
34%
387g
3934
38%
39%
38%
39
*11134 112% *111% 112% ♦112% 11234
%
%
%
»<
*14
40
*36
*124
12434
*42%
4%
44
43#
634
634
*36
40
*36
*85%
853,.
12834 1287s
477s
48%
48%
125% 125%
12434 125%
*43
44%
*4%
4%
634
678
*4234
44
*101
""700
600
5%
5%
%«
6i»
*36
*8234
129
%#
40
84
129%
5
%e
si«
it
1778
177«
18
18%
26%
11%
26%
11%
26
26%
26
19
26%
11
11
11
11
*1734
.
48%
*«16
%
19
*18
19
18
2834
18%
29
11%
61
22%
15%
11%
11%
60%
60%
27%
11%
60%
22
15%
*11%
5934
217S
1478
617g
59
59%
59
2134
21%
21%
147g
16%
21%
1434
15%
*21%
14%
65%
1378
*45
65%
65
65
6534
6534
66
67
1378
13%
13%
1334
14%
14
14%
46%
134
*45
48
*134
*2%
*45
178
*1%
*2%
*45
46%
1%
2%
2%
*85
90
13%
*62%
19%
14
14
14%
64
*6234
1%
*2%
*85%
63%
19%
86%
86
90
19%
86
*1%
*25%
%
534
*13%
12%
193g
85%
1%
31
'1%
%
%
6
*87
*14%
12%
88
1%
*1%
*28
»16
%
*6
6;%
1334
*12%
*1234
35%
35
35%
*24%
1534
25
1534
26%
26%
2034
2034
26%
2034
*24%
*140
15%
55
*35
3234
3234
*32%
11%
1134
11%
11%
17%
134
15%
*11
1634
*1%
*24%
1534
26%
20%
*140%
*35
35
25
15%
25%
20%
*35
19%
8734
1%
19%
20%
12,200
87%
88
*27
30
%
« 16
6
6
15
13%
13%
*34%
*24%
35%
25
15%
25%
15%
27
21
21
*142
145
*35
55
»i«
*57g
*14%
13%
1234
*34%
*24%
15%
26%
1%
1%
*27
1
>%«
1
6 -
6
6%
15
13%
1234
*14%
13%
*12%
35%
*34%
25
15
13%
13%
35%
2434
1534
2434
15%
15%
277g
2734
21
21%
21%
*140% 146
*141%
*35
55
28%
21%
33%
2,100
18,400
11%
11%
11
11
*11%
17%
*1%
1778
1#4
*12%
17%
134
14
11%
17%
134
11%
17
14
14
14
15
134
17%
*1%
15%
1%
134
*14
*14
1434
*10534 106% *106
__.*106
150
23 %
*139
6%
*97% 102
3%
3%
*93%
95
7
'164
94
*92
*164
16%
1434
—
*15%
134
23%
*139
10%
32%
*32
11%
3234
36
36
15%
15%
16%
1434
*14%
23%
150
33s
95
7%
3%
95
7%
*92%
96
7%
96
*164
16%
16
*106%
6%
6%
*97% 102
94
1%
*1%
11
106
106
24
...
14
*106%
—
150
1%
36
1434
1434
*6%
634
*97% 102
3%
3%
7%
92%
11%
1734
....
*139
150
*6%
6%
*97% 102
16%
11%
*32%
33%
*36
40
*36
40
16
16
*14%
*106%
15
24
150
7%
96
7%
*93%
*93%
...
16
*139
...
*6%
6%
*97% 102
3%
3%
93% 93%
3%
1
16%
27
*166
I63g
7%
96
...
*106
...
24%
*139
25%
'14%
30
*8%
9%
*107%
51
*37%
*13%
*60
*110%
4%
*35%
*%
*234
*17
4%
%
*
36
600
6%
3%
preferred
100
Hanna (M A) Co 35 pf.No par
Harbison-Walk Refrao.No par
6%
95
95
166
7%
96
iee
2,900
flecker Products
10
900
71
72
71
70%
7is4
75
73%
74
76
7334
76
128
128
128
128
128
128% 128% *126% 128%
57
*56
55% *53
57
*54-%
57
*54%
57
*56
57
115
115
116% *113
115% *114
115%
*113
115
*113% 115
*14%
15
15
*14%
15
*14%
15
*14%
15
*14%
15
30
*30
30%
30%
30%
30%
30%
30% 30%
3034
3034
8%
8%
8%
8%
8%
8%
8%
7%
8
8%
8%
10
10
*10
9%
*934
10
10%
10%
*10
10%
10%
*107%
*107%
*107%
*107%
*107%
51
52
52
51%
5134
5134
52%
51% 51%
51%
51%
*37
38%
37%
37% *37%
3734 *37
37%
38
38
3734
13%
1334
13%
13%
13%
13%
13%
133s
13%
13%
1334
63
*61% 62s4 *61% 62%
62%
62%
63% 64
*6234
64
111
*110% 111%
11034 11034
11034 11034 *110% 112
*110% 112
4%
4%
4%
4%
4%
438
4%
4%
4%
438
4%
36
36
37
36%
37%
37%
37%
37% 37%
37%
37%
34
*®l«
*%
%
8ie
8
34
*%
a4
*%
84
334
3%
3%
*3%
334
*3%
4
*3%
4
*3%
4
17
1734
17%
17%
17%
17%
1784
17% 17%
17%
17%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
434
3,100
16%
«
"1
34
Bid and asked price:
3,
no
3
34
s4
sales on this day.
a,,
11
2 In receivership,
%
a
Hercules
6%
500
300
400
10
2,000
2,500
100
100
5%
No par
....No par
No par
preferred
v
10—25
Howe Sound Co
6%
preferred
100
5,600
fHupp Motor Car Corp...—1
Def. delivery,
n New stock,
r
Cash sale,
Aug
127% Mar 23
60
Dec
9
7% Apr
112
8
10
110
Jan
Sept
28
Apr
7
Mar
3
105
Apr
1% Jan 11
19% Jan
4
106% Dec 20
"u Apr
2
18% Apr 5
33% Jan 4
% June
12% Sept
85% Aug
% June
14
Sept
19% Apr
12% Aug
106
16
Apr
Apr
8% Sept
Aug
May
1
23% Jan
4
15%
Apr
6% Mar 6
51% Mar 14
5%
Apr
43%
9
Jan
45
3
Nov 14
97% Nov
6%
Oct
Aug
July
126% Jun*
38
3% Sept
Jan 10
Jan
99
Feb
6%
Jan
1078 Jan
111% Nov
1% Sept
28
Jan
92%
1%
20%
Apr
41
Jan
Jan
Jan
15% Oct
43% Sept
20% Nov
15%
18
Jan
Nov
99% Feb
27% Mar
8% Jan
54
Mar
13%
Jan
43
Sept
4
14
Sept
66% Mar
24% Jan
Dec 31
34
May
47
4% Apr 22
3% Apr 11
90 Sept 19
20% Apr 4
69% Mar
7
24% Apr 4
97% Feb 21
4% Feb
71% Jan
8
9
2%
1%
Jan
Apr
0
Jan
86
13%
Apr
Apr
Apr
24%
53
21%
87
Nov
2% June
67
Aug
Apr
Dec
Deo
4
14%
12%
16%
36%
25%
18%
Dec 30
Apr 8
Apr 8
July 17
Jan t>
9%
10
30
Nov
2
109% Jan
5% Sept
Mar
1% Nov
107« Sept
15% Deo
10% Deo
22% Sept
%
4%
29% Jan
Jan
80
1% Jan 30
7
Nov
74% Mar
38% Jan
Dec
9% Apr 10
14% Jan
Mar
3% Mar
2% Jan
Apr
Jan
35
Aug
22%
Jan
25
Aug
12%
16%
Apr
22% Sept
83% Sept
24%
23%
Apr
Aug
37% 8ept
129% Sept
141% July
29
May
3
x
May 15
igMay 14
Ex-div.
y
63% Deo
35% July
32% May
2
Jan
38
8
Apr
18%
Dec
17
8
6
Apr
18
Oct
106% Jan 12
9
Apr
105
Oct
96
May
4
17
Apr
Apr 12
123
106
Jan
Jan
Dec 16
28% Jan
138
9% Apr
104
Apr
5
9
4% Apr 16
113% Jan 29
11% Apr
167
June 26
%
May'
9
Jan 12
8
Jan
42
20% Feb 19
110
Dec 30
6
Jan 29
14% Nov 12
34% Apr 22
37
June 111
June 11
Feb
30% Apr 18
2%Nov 9
June 25
% Deo 3
2%May 22
12 May 24
100
3,300
Dec
Jan
47%
Sept
28
Hud Bay Mln A 8m LtdNo par
Hudson Motor Car
No par
1,900
%
44%
118% July
1% Jan
65% July
Sept
3%May 22
Aug 15
6
Hudson A Manhattan
Jan
107% Sept
6
101
100
Houston Oil of Texas
36%
49% Apr 16
118% Jan 6
% Jan
25% Jan
130% Mar
36
4% July 15
8
May 21
103
May 13
35
May 21
28
May 22
8%May 21
64% May 22
100
Class B
Apr
Apr
Apr
69
6
Household Finance.
Oct
31
2
9
126% Aug
Mining
12.50
Houdallle-HerBhey cl A. No par
500
106
Jan
25% Apr 29
3% Apr 18
May 21
12% May 23
Homes take
3,300
16
Dec 26
Apr
94% May 21
12% July 16
19
May 21
preferred
Nov 23
41
10
No par
7%
"V.Ioo
Dec
22
120
3
May 29
34 conv preferred
Holly Sugar Corp
Jan
12
155
HlndeA Dauch Paper Co... 10
Hollander A Sons (A)
Jan
75
21% Ma
12% June
50
2,300
Jan
35
Jan'
86
100
Holland Furnace (Del)
18
Apr
Apr
9
Apr
No par
100
Mar
17%
43
14%
Hershey Chocolate
"706
Mar
July
5% Sept
24%
6% Dec 26
1
No par
preferred
11
149
Apr
5
Aug 16
89%June 6
Motors......No par
cum
2%
4
2
25
100
Hercules Powder
30
100
Dor
8ept
7%
128
Sept
17% Jan
May 27
5% May 21
83%June 27
26
Corp...
Helme (G W)
Preferred
8
Jao
65
35% Apr
130
1
2
Hazel-Atlas Glass Co
200
June 11
16% May 23
100
Hayes Mfg Corp..
29% Apr
9
103% Mar
55
95
.100
9,300
1,000
16%
16-%
preferred
Hat Corp of Amer class A
6H% preferred
3%
7%
*93%
25
6%
300
4
89% Nov 14
19% Jan
1% Dec 19
8 >g Nov
1
29%June 5
30
May 20
9% May 21
10% May 22
100% June 18
Hall Printing co
10
Hamilton Watch Co..-No par
*97% 102
Apr
Jan
142
11
.....25
1,100
Jat
40
8
Jan
May 21
1% Aug 22
"""26
96
Jan
Jan
52
June 13
9
...No par
Water
3
4% Sept 23
11% Jan 3
65
14% June 26
7% preferred class A
145
May 22
1
100
preferred
Hackensack
150
6%
9
No par
preferred
Dec 30
67% Jan
8% Jan
De«
L84«
9% May 22
ll
Aircraft Corp
7% Apr
105
15% Sept
104%
7%
27% July 30
23
May 22
100.
Gulf Mobile A Ohio RR No par
...
1273g *127
*112
8%
1C0
*14%
*106%
16%
15
2,700
2,400
100 xl23
Guantanamo Sugar
3,000
16
12
10
Western Sugar..No par
Grumman
30
2%
1
5
Greyhound Corp (The).No pari
5M% conv preferred
10
100
*32%
11
95
3%
95
16
400
2
1134
34
106% 106% *106
24
23%
24
*166
*15%
17g
500
2,900
Sept
1% Dec 19
May 22
%May 14
4%May 22
9%June 7
6% June 10
10 May 18
26
May 21
21%May 29
ll%May 22
15% May 21
18% May 22
20
Preferred
12%
11%
17%
134
9
25
No par
Green Bay A West RR
Green (H L) Co Inc
33%
69
dlv otfs.No par
No par
Great
12
Feb
12%May 22
100
1,200
55
3
May
10%
45
Gt Nor Iron Ore Prop..No par
Great Northern pref...No par
20,900
61
Ap
r9% Sepi
45% Aat
6% May
23% Apr 27
May 21
1% Dec 17
May 21
No par
preferred
Apr
8%
15
July 16
6%
1,800
33%
14%
55%
100
94
65% Nov 14
24% Mar 7
13% Jan 4
3
Without dlv ctfs
500
105% Mar 27
6% Apr 22
14% Apr 24
May 21
May 21
May 21
w
July
15% Jan 11
10
Granite City Steel
Grant (W T) Co
200
9
July 22
77
Grand Union
100
1,700
....
*35
I
June
2
Graham-Paige Motors
Granby Consol M 8 A P
1,300
Jalj
7% Auc
4
Oct
l0%May 22
preferred
No par
Goodyear Tire A Rubb.No par
35 conv preferred
No par
"9",800
Sept
3% Sept
5% Sept
18% Oct
Deo
May 22
30
Preferred
Jan
86
Ap
56%
30% Oct 17
4%May 21
1
Gotham Silk Hose
2
65
Apr
128%
1
300
Sep*
18%
1%
Apr 30
Sept
Jan
90% Jan
9% Sept
Apr
60
800
27
29*4
38%
98
5%
30
Dec 30
39% Dec 27
3ig8ept 30
6% Apr 24
66% An;
1% Arv
87% Sept
108% Jan
56% Apr
Gold A Stock Telegraph Co 100
Goodrich Co (B F)
No par
30
12%
14%
70%
1834
*86%
*1%
1%
41
Ap>
Aar
Jan
No par
..
400
Dec 18
6% Apr iv
Apr
14
Dec
43
11
4H% conv preferred
Gobel (Adolf)
10,800
33%
14%
*127
1434
65
11%
*35
*15%
91
30
118
21
103%
125%
7%May 23
13% May 28
No par
Goebel Brewing Co
700
14
87%
107% Apr *
21% Aor 29
14
No par
preferred
Glidden Co (The)
Oct
Dec
16%May 28
No par
36
4,200
91
preferred
Brothers
25
10
100
conv
Glmbel
200
2
2%
33%
33
7
48
1%
64%
87%
*1%
35
5,600
1,100
2,900
1134
11%
17%
134
36
91
500
May
131
May 28
% Dec 17
13% July 23
20
May 21
General Tire A Rubber Co...5
Gillette Safety Rasor.. No par
5,400
14
1938
1
preferred
17
72%
% Nov 26
9%June 10
86% Jan 15
100
Gen Steel Cast 36 pref. .No par
General Telephone Corp
20
Gen Theatre Eq Corp..No par
2,500
64
91
No par
6%
4
89
100
Gen Time Instru Corp. No par
1378
*90
No par
$6 pref opt dlv ser
No par
General Refractories...No par
General Shoe Corp
1
700
6,700
1,000
5,000
1,100
26,300
Jan
July
Aor
32% June 10
3%June 10
5%May 21
1
Gen Railway Signal....No par
1,500
38
31%
Jan
37% May 28
No par
6% preferred
Gen Realty A utilities
Apr
44
116
Gen Public Service
30
63%
19%
*27
Common
Aug
Sep*
101
No par
General Printing Ink
36 preferred
MOO
2%
*45
U
51
16
25
Sept 19
118
Gen Outdoor Adv A...No par
"
33%
36
*6
17g
2%
Jan
Dec
9
35
Apr
share
per
21%
25% Sept
105% June
77%May 21
28
100
10
preferred
35 preferred
20
11%
11%
32%
*139
46
17g
*2%
14%
33% Dec 9
lll.gMay 22
%May 17
No par
General Motors Corp
700
11%
34
24
6%
800
33
36
*23
46
14%
Foods corp.—No par
No par
General Mills
100
32%
36
*106
1434
66%
100
Electrlo Co
34.50 preferred
No par
Gen Gas A Electrlo A..No par
210
11%
*33
*14%
14%
*66
preferred
36 conv pref series A .No par
33
11
11
2134
15
*21
22%
21%
107
*103% 107
12%
12%
13
3-%
3%
3%
36
35%
35%
7
7
7%
67%
2134
1434
11% May 24
48% Feb 6
l2%May 23
102
May 21
26% May 21
No par
General
"""306
134
2
7%
100
1334
*14%
26%
2034
267
%
Cable Corp...No par
A
5
l%May 15
4% May 15
6
General
42,400
6,800
64
13%
13%
*12%
25
15%
20
1134
11
*134
90
90
*63
1334
55
17%
1%
*12%
1%
10%
32%
*14
1%
2%
13%
13%
35%
*140%
55
46
134
2%
»i«
6%
14%
*35
1%
30
13%
12%
12%
13
13%
63%
19%
12%
*12%
90
13%
*6234
1834
30
*28
534
14%
90
2%
7x«
28
27%
11%
59
7i«
%
*18
26%
21%
*20%
200
129% 129%
48
6
No par
Bronze Corp
June
35% May 25
5% May 22
118
May 27
6
7% cum preferred
100
General Cigar Ino
..No par
500
147S
2134
Class
125% 125% *125% 126% *125% 126%
*43
44
44
44
*43%
44%
4%
4%
4%
4%
*4%
4%
47%
*21
*2C% 2134 *20% 2134
*103
107
*103
107
107
*103% 107. *103
*103%
12%
12%
12%
12%
1234
12%
12%
12%
12%
3%
3%
3%
3%
3%
3%
3%
3%
3%
35
35
36
*35%
*3434
36%
35% 36%
*35%
7
678
67g
6%
6%
6%
6:
678
*20%
General
300
400
44,000
61%
21%
14%
1,100
1,300
84
94
General
40
84
No par
No par
38 preferred
80
48%
21%
61
1,100
*%e
*36
June 14
preferred
60
Gen Am Transportation..
General Baking....
2,400
124% *122% 125
*122% 125
34%
34%
34%
3434
35
39
39
39
39%
39%
39%
112% 112% *111% 112% *111% 11234
8
6
45%June 14
3%May 21
86
"V.ioo
34%
3% May 28
Gen Amer Investor*
700
106
'121
39
f 6 pref No par
3
38%
Highest
I
8
June 19
conv
Industries Ine
2
Nov
97
Co
Jas
Jan
20
5)4 % conv preferred
55
5434
55%
55%
7
7%
7%
7%
7%
7%
137
137
*134% 137
*134% 137
384
3%
3%
334
*334
3%
6
6
6
6
6
6%
*15
15%
15%
15%
*15%
15%
85
85
8e% 86%
8684
8634
*18
*18
1834
18%
*18%
18%
«i»
Dec 28
99%
25% Apr
8% Nov
20
Gaylord Container Corp
6i
*101
2
10
.....
Apr
32
May 21
Gar Wood
60
4%
4%
*7
6%
6%
6%
7
*6%
7
7%
108% *106% 108% *106% 108% *106% 108% *106% 108%
*106i2 108% 108
*%
%
*%
*•%
%
%
*%
*%
12
%
16
1434 *14%
14%
14%
15
*14%
1478 *14%
15% 15%
16%
109
106
106
*106
♦106
109
*106
109
*106
109
109% ♦106
s1«
"Tioo
5%
12
106
46
10%May 21
preferred
16% Sep"
17%
21% Apr
38% Mar 2f
Ganne
107
*47
May 24
t
3
shar>
per
Jan 24
106
2% Aug 12
UjMay 14
I
22% Jan
21% Jan
12
$3
Year 1939
Lowest
share
per
Gamewell Co (The)....No par
1,600
20%
50
No par
No par
20
1634
12
6
24% May 28
2%
5%
*11%
June
9%May 21
01
May 22
F'k'n81mon&Co Ino 7% pf. 100
16%
*103
102
Free port Sulphur Co..
10
Gabriel Co (The) cl A..No par
Galr Co lac (Robert)..
1
2
2%
5%
May 20
6%8ept 23
Sept 25
181« June 10
120
38%
20%
May 21
4,000
50
55
*36
17 conv preferred
Francisco Sugar Co
7
22
10
....—
550
*134
5%
5%
106
54%
85%
84%
84% *84
129% 129% *129% 129%
47%
48%
48%
48%
84% 84%
1287g 12934
48%
39
*47
*5
*101
106
5434
134% 134%
3%
5%
*101
5534
50
Foster-Wheeler
3C0
38%
107
12
5%
80
38%
2
2%
20%
.514
*11%
5%
5%
*5
5%
106
7
7i8
137
107
5
5%
2%
*103
107
*11
*3
*103
*103
5
300
17
17
20
*103
*134
107
2%
16%
*43
50
38%
*134
16%
5
*5
5% conv preferred
100
Food Machinery Corp..... 10
4H% conv preferred
100
*2%
107
19
Florshelm Shoe class A.No par
2%
20%
par
Follansbee steel Corp..... 10
6,900
Sept
82%May 22
l0%May 22
24% June 10
par
100
17
20%
84
No par
No
No
600
2%
*16%
19%
2%
_.
Fllntkote Co (The)
Florence Stove Co
500
200
*134
5
55%
2
First National Stores.
900
24%
*43
50
38
t
12%May 21
684
6'
6%
*28%
29
28%
31%
31%
31%
107% 107% *107%
19% I984
1984
20
130
131
131% 132
*284
*27g
3%
3%
2
share
14
Robber... 10
6% preferred seriee A—100
3,500
*684
28%
*31%
*134
*103
*101
2%
2%
*43
43
5%
400
14%
per
Range for Previous
Highest
Firestone Tire A
"3.066
41
*134
5534
18%
33
3
Par
20%
18
337g
41%
Lowest
Fllene't (Wm) Son* Co.Ns par
*15
41
14%
38%
106
1734
17%
10434 101'4
33%
43
*5
Shares
*40%
14%
39
2
2i2
*55
t per share
J434
40%
43
*101
20%
17?8
$ per share
*15
20%
3334
38*2
*134
*23s
19%
1734
Week
104% 105
*40%
4134
1434
147g
*32%
33%
127
128
125
*1234
*104
6%
634
*27% 28%
*31%
3134
107% 107%
19%
20%
684
29
*107%
18»2
105
4034
14%
3378
7
20%
1778
Jan. 10
9
Jan.
8
Range for Year 1940
On Basis sf lOO-<JAar« Lois
EXCHANGE
Friday
♦33
40%
147g
3384
23
40%
Jan.
STOCKS
NEW YORK STOCK
the
NOT PER CENT
Thursday
*22
143,
3334
*26
% ;per share
*1234
1734
20%
17%
Wednesday
% per share
6
$ rer share
$ ver share
SHARE,
Tuesday
Jan.
7
Monday
Sales
for
SALE PRICES—PER
HIGH
AND
LOW
Saturday
1941
11,
Jan
8
8
Dec 13
21% Apr 22
100%
133%
67%
115%
Apr
9
Jan 30
9
4
4
8
16% Apr 20
Mar 30
Jan 12
38% Dec 19
16*4 Apr 15
71% Apr 25
112
92
2
Apr
Apr
93
8% Apr
100
Sept
148
Oct
Dec 20
6% Jan
3
10%
May
Oct
Nov
4% Nov
12% Deo
13% May
117
Mar
167
June
10
Apr
18% Nov
63
Apr
101% Sep
135% Mar
65% Aug
128% Apr
100
Jan
60%
144
Jan
54
18% Jan
110
Sept
Feb
Apr 16
35% Apr
9% Nov
103% Nov
38% Sept
71
4%
Nov
Jan
Sept
14% Apr
29% 8ept
5% Nov
8%
Aug
95
May
47% Sept
27
Apr
8% Apr
60% Oct
102
Sept
4% Sept
Apr
% Dec
2% Sept
115
July
19
Jan
51
Jan
11% Mar
21% Sept
110
Oct
66% May
36% Mar
17% Jan
73% July
110% Aug
9% Sept
50% Feb 21
1% Feb 20
7% Feb 20
40
57
27
5
21% Sept
5% Jan
35% Sept
6% Feb 17
4% July
% Aug
1
Jan
Jan
Ex-rlghts
2
1%
Sept
Jan
87«
Jan
2%
Jan
1 Called for redemption.
1
i
I
Volume 152
New York Stock
LOW AND
HIGH
Saturday
Monday
Tuesday
Jan.
Jan.
Jan.
4
% per share
SHARE,
Wednesday
7
Jan.
% per share
7
634
PRICES—PER
6%
*13%
Jan.
$ per share
7%
13%
7%
7%
.
14
14
14
36
34%
34%
3534
3634
3634
3%
3%
3%
3%
3%
2034
20%
20%
*534
20%
24
24%
107
24%
108%
159
160
*20%
*5%
*23%
*107
*3
20%
20%
534
6%
24%
109
*160
36
20%
*534
24%
24%
6
24%
108
....
108
*100
....
6%
90%
*8934
12%
*6%
*23%
13
24%
13
13
13%
<13%
*6%
7%
*6%
7%
2334
2384
*2384
24%
112% 112% *112
112%
*334
4%
*334
3%
11 /
11
11%
1034
2%
2%
2%
2%
*111% 112%
*3%
4%
11
11%
*2
2%
41
41%
163% 163%
51
170
1%
9%
3%
24%
42
41
3%
24%
15
15%
66%
39
*39
40%
2%
29%
*28
29
95
95
2%
*2%
2%
234
*7
7%
95
*85%
*7%
8%
32
52%
170
32
*130
14%
107
42
*40%
61% 6134
*125% 126%
107% 108
11% 11%
*120%
*4%
*14%
5
16
14
105
*103
37
*13%
37%
*1%
*24%
25%
*2%
14
37%
1%
25
26
3%
*26
26%
29
29
6
13
61%
125%
107%
*12%
*120%
4%
6134
12%
*6%
13%
634
24%
24%
24%
25%
25%
210
112% 112%
220
112
112
384
10%
52%
2
53
62%
62%
62
105
*104
8
8
105
105
*106
18
18
104
8
109% *104
105
1734
1734
0%
21
7%
20%
13
1234
21%
1234
734
:
8%
3734
3734
16%
2
2%
34
*1%(
334
2%
*ul«
34
4
21%
2134
*37
12%
24
16%
53
16%
25%
*103%
24%
I
s
10
1
4,500
No par
Kroger Grocery A Bak.No par
960
6% preferred
Lambert Co (The)
No
Lane Bryant
No par
100
18%
18%
3934
3%
*3%
3%
160
*160
162
*104
25
10
5%
preferred
..100
Lorillard (P) Co
3,100
80
-
10
7% preferred
....100
19%
193g
600
Louisville Gas A El A ..No par
67
67%
1,300
Louisville A Nash ville... .100
30%
30%
200
*135%
33%
3234
25%
25%
333s
3,000
1234
*11%
12
1%
1%
7
*6
*30%
1%
*6%
31%
30
*13
14%
14%
%
1%6
5
11%
•
9%June10
1175gMay 28
3%May 21
11 May 23
No par
400
10
5
33
87
May 21
June 10
May
May
May
May
15
28
22
22
13%May 21
May 21
9 May 15
10%May 21
22% July 3
20i2May 21
97
May 22
15%May 21
29
2
June
3
May 15
13% June
105%May
17% Dec
138%May
15%May
10
23
24
31
21
38 May 18
2534May 22
128
Sept 4
17 May 24
20%May 21
8%June 6
21%May 22
1% Aug 10
4
May 21
ll%May 23
900
Maracalbo Oil Exploration.. 1
a4May 31
5%
18,800
0,980
Marine Midland Corp
5
Market St Ry 0% pr pref.100
No par
3%May 22
2%May 21
8%May 21
11
10%
10%
10%
25
15%
15
15%
3034
12,100
Martin (Glenn L)
1
20%June 25
12%
1134
12%
30%
11%
27%
11%
12,700
Martin-Parry Corp
No
par
Masonite Corp
No
par
0%May 21
21% June 10
•
mm
53
2734
28
28%
28%
*173
28%
*173
52%
*2 34
52%
3
25
*25%
26%
*104
13
13
14%
28
*25%
*104
-
-
m
100
26%
mm
mm
13
13
13%
14%
14%
1434
1484
U1»X#I11»J5 111««111»K Ul1,»jlll1*M
*2434
9
834
3334
3334
33%
33%
33%
8%
8%
8%
9
9
3%
24%
3%
24%
3%
24%
3%
24%
June 12
$3 preferred....
$6 1st cum pref
mprmmmm
No par
No par
No par
McCall Corp
800
1,400
McCrory Stores Corp
500
0%
preferred
conv
1
100
McGraw Elec Co
25%
,1.400
9
*8%
8%
500
33«4
934
33%
3334
1,200
9%
3%
24%
9%
27,000
Mclntyre Porcupine Mines..5
McKeesport Tin Plate
10
3%
3,400
2434
1,100
25%
3?4
24%
25
June 10
160
300
13
25
21
7% preferred
100
May Department Stores...10
Maytag Co
No par
3,100
3
Co
Mathieson Alkali Wks.No par
mm mmm
53
1434
*8%
Marshall Field A Co
1,500
1,700
28%
m-m
52%
*234
3
3,800
'
3%
24%
( In receivership.
1"
a
Def. delivery.
=5:
:
...1
McGraw-Hill Pub Co..No par
Jan
36% May 22
2%May 22
20 May 23
96%June 14
10%May 22
20
Sept
40»4 Sept
9%
9%
Jan
Feb
H84
87
jan
June
10'4
Jan
3284 sept
125
Mar
Oct
13
Sept
18
59
105
Jan
133
June
83
Sept
Jan 15
122
Sept
Aug
109% Deo 16
35
Apr
132
10
Apr
121
13
Maris
Apr
Jan
117%
7% Apr
20% Nov 15
6%
Apr 18
18% Nov 14
Apr
Apr
11
838
Apr
Sept
7% Apr
9% Apr 23
19%
I2I84
11%
24
Jan
jan
Jan
Sept
I684 Nov
99%
Jan
18
July
100% Dec
1484 Mar
38%
5
Aug
Dec 26
79
June
Jan
28
Apr
Sept
40% Sept
Apr
Apr
38
Dec
4
Sept
16% Nov
9
884
40% Apr 18
284 Jan 24
31»4 Apr
20
26
Feb 16
20
4
Feb 26
1'4 Apr
12% Apr
Apr
384
Dec
29% Jan
34% Apr
2384 Sept
20% Aprt
9% Jan
21% Sept 12
7
Apr
12% Sept
10%
12
Jan 11
7% Nov
3534 Jan
9
Jan
3%
Apr
10% Mar
99
16% Sept
30%
Oct
26% Aug
5% Jan
2984 July
29% Oct
13% Jan
23% Jan
18% Mar
5% July
37% Oct
25
Jan
Dec 26
17
Apr
25
Mar
116% Dec 27
112
Dec
118
Mar
25
4
3
Jan
1% Jan 5
4% Nov 14
24% Nov 8
14
Feb 19
29
Jan 11
63% Jan 3
9% Apr 20
45
Apr 15
109
Apr 15
109% Apr 5
188% Dec 28
23% Apr 4
3034 Dec 27
41
0
Apr
14% Apr 27
18%
41%
37%
109%
39%
46%
4%
Apr
4%
13% Nov
Apr
Apr
36%
3284 Mar
6684 Mar
Apr
10
Sept
33
Sept
43% Aug
95
Sept
108% Aug
95% Sept
0984 Aug
May
152
Sept
15
Apr
19
2084 Aug
31% Apr
47
10
18% Sept
Aug
*80
Nov
40% Sept
Mar
Apr 15
2934 Dec
30% Sept
54%
Mar 15
101% Sept
0
Mar
38% Sept
2
Aug
16% Sept
105
Jan
19% Apr
138
Sept
Jan
3284 Dec
Jan
109% July
2l84 July
62
Jan
6% Sept
22% Mar
110
June
24% Feb
159% June
20% Mar
Mar
1584
Jan
Apr
Apr
35
Sept
Aug
124
Feb
135
Nov
18
Aug
3384
Oct
25% Sept
Feb
11% Sept
43%
19%
26%
Jan
36%
28
Nov 14
130%May 10
3134 Dec 30
31
Apr 15
1284 jan
38
Sept
9%
23
19
109%May 3
25% Apr 2
163% Dec 11
21% Jan 4
35
20
6% Sept
3% Sept
884 Sept
2784 Jan
13% June
Apr 8
Apr
Jan
Apr 10
18 «4 Jan 11
65
2% Sept
% May
1% Apr
Mar 27
40
Apr
67
Jan
Sept
4% Apr 18
7% Mar 11
1
Apr
5
Apr
16% Jan 17
10
Apr
1
Apr
2% Sept
4% Apr
3% Aug
684 Sept
8% Mar
17«4 Nov
45% Nov
8% Dec
57% Jan
37% Sept
l%May
9
5% Oct 23
1334 Deo 3
16% Nov 18
4784 Apr 10
1484 Apr 15
9®4
Apr
20% Aug
2
May
8
30
Sept
3234 Apr 16
173% Dec 11
155
40% Jan
2084 Aug
63% Jan 4
4% Feb 23
40»4
30% Apr
2484
105
3
Mar 29
May 21
June 20
47% Jan
3
5%May 16
12% Jan
8
(McKesson A Robblns, Inc..5
3% Deo 23
*3 series conv pref...No par
n
Apr
May
Mar 27
16% Jan 8
17% Apr 8
93 May 21 lll»uDec 11
29
17%May 21
Apr 3
6 June 0
9% Apr 25
10
18
119% Sept
105
1316
Manhattan Shirt
Dec 31
Dec 23
21
22
20
21
May 21
5%
300
—1
No par
33
Apr
Si4May 23
11% Dec 27
3%May 28
l0%May 21
15%May 22
l00%June 10
l%May 23
% Deo
2 May 17
l5%May 21
9%May 18
18%May 21
30
Sept
7% Nov
Jan
130
17
6%
Sept
7% Aug
Apr
13ie
Manatl Sugar Co...
Mandel Bros
mm'
4
70
12%
h
5
4%
mm
4% Jan
10% Jan
92% Dec 13
8%
1434 jan
67% Dec
3% Sept
85
14%
1,000
mm
Jan
109
27%May 21
l%May 22
17%May 20
l9i2May 23
2 May 21
22% Aug 13
23%May 22
4
31% May
9
Jan
14%
1%
7
4%
2514 Aug
3% Jan
90
1%
*6%
14%
1%
7
Deo
Aug
15% Jan
104% Dec 20
15% Jan
30%
*104
■■
122i4May 22
48i2May 15
1434
28
♦ Bid and aaked prices; no sales on this day.
Mack Trucks Inc
Macy (R H) Co Inc
No par
Madison Sq Garden...No par
Magma Copper...
10
m
30%
100
Nov 19
109
52
2934
28
25
*
preferred..
.
77% Jan
June 10
14%
28
*234
6%
10
Apr 29
5% Jan 24
44
30%
*27%
53
MacAndrews A Forbes
21,600
25%
9
-
par
19%
*8%
1
...... .v... ........1
Lone Star Cement Corp No par
67
mum- — **
25
Loft Inc
3,200
29%
25
1434
400
7,900
40
66
25%
12%
Lockheed Aircraft Corp
l
Inc
No par
10.50 preferred
No pur
29%
*173
12%
Loews
19%
*%
14%
10,000
par
31
4%
10%
14%
30%
11%
3
Liquid Carbonic Corp ..No
088
73
9 May 21
34«4May 22
27
65%
*135%
June 21
May 22
19%
19%
122
June 19
64%
*29%
4%
52%
*160
Oct
Dec
10
Long Bell Lumber A...No
159
33
107
87
1,800
10,600
Jan
May
Jan
109
Lion Oil Refining Co...No par
1,300
6684
138
84
25
Loose-Wiles Biscuit........25
1*16
27%
200
Sept
Apr
Lima Locomotive Wks.No par
Link Belt Co
No par
4,600
Sept
Jan
10
19
par
—
Lily Tulip Cup Corp..No
Dec
123
8%
17% Sept
30
100
Preferred
300
29%
39%
*3%
15%
Series B
400
37
1
5
No par
100
30%
2734
2,000
20%
60
600
30%
*172%
52%
5234
*2%
2%
25%
25%
97%
187
par
3%
1%
_
400
Corp
60
15%
*15%
15%
*15%
15%
108% 108% *108% 110% *108% 110%
18%
18%
1834
18%
18% 1834
7
28
200
95%
33%
108% 108%
18%
18%
40
31%
27%
39%
(Lehigh Valley RR...
Lehigh Valley Coal
No
0% conv preferred
Llbbey Owens Ford Gl.No par
Llbby McNeil A LIbby
7
Life Savers Corp..
__5
Liggett A Myers Tobacco..25
900
33%
18%
39%
*0
12
3,300
7
28%
*134
27
4434
28
*30%
10%
Lerner Stores
33%
12%
1434
100
27%
*1134
"it
24%
34
12%
434
10%
Lehman Corp (The)
Lehn A Fink Prod Corp
27%
*1134
14%
200
27
18%
100
6,200
33%
39%
*3%
4% conv preferred
1234
16
1081s 108%
6
22%
10%
32
*13
500
par
I6684 Aug
Apr
2% Aug
6% Apr
60% June
Laclede Gas Lt Co St Louis 100
1,400
10%
25%
*1134
3%
2434
par
Kress (S H) A Co
%
15%
25%
30%
334
24%
mm'm
m
334
11
32%
mm
m
900
2%
16%
28%
32%
*25%
14%
t
rn
8%
16
1%
*25
3,300
■
700
1034
7
2%
120
Sept
384
Oct
Oct
I9584 Mar
71% Sept
38
8%May
4%May
87%June
24%May
1
45% Sept
3%
41
Jan
Dec 19
No par
Apr
Bept
Jan
7
Kimberly-Clark
16% Sept
Apr
29
20% May 28
25 May 23
l3i2May 21
97% Jan 15
l'4May 15
l%May 15
4%May 21
74i2June 11
6%May 21
20%May 23
May 23
May 21
Kinney (GR)Co
15 prior preferred...No
Kresge (S S) Co
Kresge Dept Stores
5% Sept
35
Jan 11
Oct
109% Dec
1%
Jan
38% Jan
Dec
Apr
9
5% Jan
14% Apr 20
133
Sept
5%
46%
2% Apr
7% Aug
4
Dec 30
21
39%
Class B
l
Kendall Co $0 pt pf A ..No par
300
12% Jan
2% Deo
98»4 Sept
Apr
90
5% Nov 14
44
Apr
9%
4% Apr
17% Apr
50% Feb
39% Dec 27
30% Jan
June 10
1,500
600
Mar 28
67
37
9
Kennecott Copper
No par
Keystone Steel A W Co.No par
113
Jan
21%May
95
19,600
47% Mar 20
29%
10% May 21
40%May 21
l84May 18
Kelsey Hayes Wh'l
20
9
7
3
Jan
9% Sept
Aug
3%May 23
19%June 5
June
11%
Sept
142
109
Jan
Mar
131
173
May 22
Jan
49
157
May 25
ls8 Dec 11
5%May 22
38
145
2084
Apr
145
June 11
92
cl A.l
Nov
15% Apr 11
7% Nov 18
86
191% Mar 12
62% Jan 4
130
thare
per
35
147% May
16
1
conv
94
4
Dec 17
Kelth-Albee-Orpbeum pf_.100
1,300
16%
3134
52%
334
25
110
13
29%
*3634
33%
108% 108%
2i4July 9
0i2May 21
1 May 21
l8%May 21
1,200
25
16%
*135%
30%
11%
27%
27%
*103%
36
32%
13
*12%
13 ~
*12%
*14%
14%
14%
14%
*1H1,mJ1111IB *U1»3J 111%
24%
24%
2434
2434
*7%
8%
8%
8%
33% 33%
*33% 34
7%
7%
7%
8%
3%
31
14%
3
25%
162
3034
12%
27%
53
*2%
100
June 10
5% conv preferred......100
Kayser (J) A Co
5
230
95%
30
12%
*172
700
*3734
96
36
25%
1
27%
par
4% preferred...
Kaufmann Dept Stores..
44%
6%
39%
29
31%
1034
City Southern. No
2,100
1,200
97
97%
97%
186% 186% *185
*20
19%
1934
25%
434
100
*23%
7
96
32%
2534
1
27%
24%
*3734
*135
4%
27%
1234
21%
684
19%
1
Kansas
900
8%
s4
334
2134
*12%
45%
634
64%
11%
34
4
45
45%
19%
14%
m.
800
2%
%
634
*63%
*29%
10%
14%
2%
3%
21%
*12%
*23%
44%
19%
30
8%
2%
2%
4
■
91
22
22
11
10
•
734
23%
116
7
■
64%
*27%
mm m
1,300
109%
1734
17%
8%
Preferred
60
64%
434
*172
m
No par
-
Jones & Laughlln St'l pref.100
Kalamazoo Stove A Furn
10
Kan City P A L pf ser B No par
400
m
-
116
*19%
*135
12
10
4,400
•
-
*114
*158
31
7%
Johns-Man ville
*114
115% *114
160
10%
700
3,200
116
114
*158
14%
$0 preferred
1
Jarvls (W B) Co.
l
Jewel Tea Co. Inc.....No par
Lehigh Portland Cement...25
15
14%
15%
*108% 110% *108%
18%
18%
18%
30%
12%
Island Creek Coal..........1
3^900
"
Lee Rubber A Tire
27%
27% 27%
34
34%
33%
108%
108% *108
19
1834
18%
39%
39%
39%
3%
3%
*3%
15%
15%
15%
110% *108% 109
18%
18%
18%
14%
30%
800
1,100
*16
*%
No par
3,400
11%
*13
Intertype Corp
27%
16%
434
10%
""206
25
*16
14
Foreign share ctfs...No par
Interstate Dept Stores.No par
Preferred
100
1,000
25
3734
*13
par
2634
*36%
11%
*6
Telep A Teleg...No
25%
96
31%
25%
*1134
*3034
1%
Inter
25
39%
1%
69,500
2,600
...100
8%
2634
97
*29
7% preferred
8%
*94
7
400
25
*3734
*1%
2,500
26%
96
160
International Shoe....No par
International Sliver
50
8%
38
*534
500
1,100
26%
97
*107% 108% *108
18%
19%
18%
39% 391,1
*39%
*3%
3%
3%
5% preferred
100
International Salt.....No par
24%
95%
i
6% conv preferred
100
Internat Rys of CentAmNo par
■
"""360
8
97
34
6,000
15
24%
96
27%
Inter Paper A Power Co
26
98
27%
par
8
97
34%
Agricultural..No
24%
*95
27%
No par
No par
...
mm
Jan
Jan
Internat'l Mining Corp
1
Int Nickel of Canada..No
par
Preferred
.....100
14~600
8
*106
1734
13
97%
187% 187% *185
187% *186
187%
*20
*20
20%
20%
*20%
20%
29% 29%
28%
28%
28% 28%
37
37
*36
37
*3538 36%
11
11
11%
11%
11%
11%
30%
106
1734
23%
45%
30%
106
13
7
7
33 %
1,200
29
43a Apt
1684 Apt
Apr 16
66%May
7%May
45gJune
21% Aug
Highett
Nov
9% Apr
158
par
26,900
mm
l038May21
23
Aug
484 Sept
118
Preferred
..100
Int. Hydro-Elec Sys class A.26
Int Mercantile Marlne_N©
11,100
104
8 %
22
45
7
12%
104
8
13
7
44%
7
3*l"
104
*784
2234
45
21%
44%
25%
400
5,800
43% Apr
0f> Jan
May 23
9
10% Apr
38% Sept
May 26
Prior preferred
100
Int. Business Machlne8.No
par
Internat'l Harvester
No par
6,100
2%
mm
13
22%
30%
5334
170
1%
834
3%
21%
22%
25%
53
*164
Internat
Dec 20
5
3
Jan
May 31
26
4
3%
8
12%
*11%
800
20
13% Jan
24%
thau
per
72
12%
8%
2634
734
26
734
*22%
*135
104
1734
*17%
12%
19%
900
8%
8%
8%
8%
8%
8%
8%
8%
8%
8%
104
103% 103% *102
103
103
*103
109
*103
109
36% 37%
37
36%
36%
36
36%
36%
36%
30%
14
*13%
13%
13%
13%
13%
13%
13%
1334
*13%
*37
37%
37% 37%
39
38
38
*37% 39%
*37%
*
184
*134
1%
1%
*134
1%
*134
1%
*134
1%
26
24
24%
24%
*24%
24%
*24%
25%
*24% 26
26
26
26
26
25%
26
25%
2534
25% 26
*234
3%
3% :: *234
*2%
3%
*234
3%
3%
*234
27
27
26% 26%
26%
26%
*27
26%
27%
27%
29
29%
28%
29%
28% 28%
28% 29%
29%
29%
19%
*12%
Intercont'l Rubber
Interlace Iron
1.100
2
mm
104
8
21
30%
53%
2%
42%
62%
8
*12%
64%
*2
2«4 Dec 23
Lowetl
than
140
Insuranshares Ctfs Ino
1
interchemlcal Corp
No par
0% preferred
100
200
June 12
per
100
Inland Steel Co...
No par
Inspiration Cons Copper
20
7,100
42
170
2
3%
10%
m mmm
105
-
12%
*19%
53%
900
167% 167%
41%
167
*165
134
90
3%
10%
2
41%
*164
170
134
21%
*29%
2
41%
167
52%
23
*64
112%
*3%
3%
10%
10%
334
170
2
*112
11
2
*89
90%
13%
31
9
No par
6% preferred
200
*23%
Inger8oll-Rand_____
5,600
634
*12
162
90
•
*22%
44%
187% 187%
*1934 20%
29% 30
900
65gMay 21
May 21
12
1000
Indianapolis P & L Co.,No par
Indian Refining
10
Industrial Rayon
No par
3,100
110
161
25%
161
*6%
12%
37%
700
13
21
96%
1,700
6%
26
6%
23
98
2034
13%
20%
37%
RR Sec ctfs series A
6%
12%
*22%
98
480
12%
334
21%
*95
4
6%
163
....
26
4
20%
5%
120
6% preferred series A__. IOC
Leased lines 4%
100
Range for PrsHom
Year 1939
Highest
9 per store
100
38%
*36%
3%
20%
334
1,500
63
63
62%
6234
128
*125
125% *125
127% *125% 127% *125% 127%
109
109%
109
109%
10934
10934110%
109% 110
*12
*12
12%
*12
12%
12%
12%
12%
12%
*120%
*120%
*120%
*120%
5
4%
5
*4%
*4%
5%
5%
5%
*15
1534
1534
*14%
1534
1534
16%
1634
16%
14
14
14
14
£14
*13%
14%
14%
14%
25
24% 24%
24%
116% 116% *115% 117
2
2
2
*134
*%
%
*%
34
4
3634
minota Centra! RR Co
7,400
16
107% 108% *109
-
8
734
26
16
Lowest
Par
■
6%
1834
15
8%
9
9%
9
93s
8%
9
8%
834
3%
334
334
3%
334
*3%
3%
3%
24% 25%
24% 25%
25
25»4
2534
26%
26% 2634
*12884 140
*131
*130% 140
140
*131
*130% 140
140
15
14%
14%
14%
14%
1434
14%
14%
14%
15%
66
67%
65%
65%
65% 66%
66%
67
67%
66%
*2
2%
*1%
2%
2%
*1%
*1%
2%
.2%
*2%
38
37%
38%
3834
38
*37% 3834
38%
38%
38%
39% 39%
3934
43
3934
3934 40
*40%
41% 41%
30
30
2934
30
30
30
30
30%
30
30
29
29
29%
29%
29% 30%
31
30% 31
30%
98%
98%
100
*97% 100
10034
*97% 100%
*97% 100%
2%
2%
2%
3
2%
2%
234
3
234
2%
3
234
2%
2%
3
2%
2%
2%
3%
3%
7
7%
*7%
7%
7%
7%
7%
7%
7%
7%
*88
95
*87
*89
95
95
95
*88% 95
*88%
8
*7%
*7 ■"
7%
7%
7%
7%
7%
7%
*7%
*32% 33
33
32% 32%
32% 32% *32
32% 33
*130
i
*130
*131
*131
*130%
13
14 ~
13%
13%
13%
1334
13%
13%
1334
13%
41
41%
41
42
41%
42%
42% 42%
4234 4234
6
18%
*12%
*7%
*25%
8
3%
*13%
109
36%
8%
9%
*104
7%
7%
*104% 105
17% 18
8%
8%
Week
Shares
'
*14
14
*104
Jan. 10
90
*
12%
Range for Year 1940
On Batu of 100-Share LoU
EXCHANGE
S per share
25%
*160
STOCK8
NEW YORK STOCK
89%
41%
170
1%
73s
14%
36%
334
20%
5%
25%
107
'
1234
233
the
8934
42
51%
•
6%
165% *162
*168
2
1%
66%
*1%
*37%
29%
5134
170
9%
90
165
2
*128% 140
,
42
8934
163% 165
51%
*166
90
14
*159
*89
6%
6
Sales
Friday
9
$ per share
14
3%
Record—Continued—Page
CENT
Thursday
8
*34
*3
NOT PER
for
6
% per share
7
6%
SALE
17% May 28
834 Apr
32% Apr
Nov
Apr
3% Sept
Dec
6% Sept
784 Oct
16
Oct
176
July
5384
Oct
6% Mar
36% Mar
93
Jan
105
10%
Apr
984
Jan
15%
17%
108%
25%
Aug
Nov
10«4
Jan
88
Jan
15% Apr
6% Sept
39
Sept
884 Apr
June
Dec
Dee
1
1
New stock,
,
1
E
r
Cash sale,
:
x
Ex-dlv.
y
Ex-rlghta.
69% June
18% Sept
T Called for redemption.
;
E:
,
1
....
Ea
New York Stock Record—Continued—Page 7
234
4
Jan.
$ per share
1,600
33%
109%
2,000
700
*73
80
*73
80
*73
78
*75
79
*66
68
*66
68
*66%
6778
*66%
6778
*66%
6778
*30*4
31%
4%
25
32%
32%
32%
32%
4%
25%
18%
*17%
36
*35
36%
*378
*24%
*17
24i2
*16i2
*35*2
18
36
36
4
4%
25
18*2
3612
4%
*17%
3434
*109
4
9%
14%
38
37%
36
44%
45
59
11
*1034
10%
%
10«4
1«4
1%
1%
134
134
1%
%
*18
*:U
%
1«4
158
1%
1078
%
*%
%
%
*%
%
*%
h
1378
14
%
*13%
88
88
88
>4
8714
%
.
1412
88
*14%
u,
%
14
88%
*115% 116
116
116
*115
116
*115
119
119
*119
121
*119% 121
24
24
24
24
III4
24
*11%
17%
23%
4<%
11%
17%
12
17%
1738
23%
4'%
1134
*10%
*70
73
*71
*22%
*10%
73
54
54
52%
*22%
23
4%
54%
11%
*70
*10%
4%
11%
73
4%
*53%
4%
*53%
*10%
*70%
*110%
*110% 115
111% 111% *110% 115
7%
734
7h
7%
734
*7%
*50%
51%
*50
51%
*50i4
51%
5
5%
5%
5%
5%
5%
7%
„
*15
*15
15%
23
23
7
10%
9
10%
* 103s
17%
18%
18
8%
834
10%
1734
10%
1778
175
*834
.
*12«4
13%
*1234
*85%
88%
1734
13%
10%
1 378
88%
*1634
88%
18
*86
13%
13%
13%
10
10%
1334
14
10%
13%
578
5%
6
*1634
*13%
10%
1334
23%
23%
14%
8%
8
8%
23%
*13%
8
*90%
*5%
8%
23%
*7%
8
14%
*1634
23%
14%i
8%
*13
94%
*91%
8%
*90
94%
17%
8
1634
17%
1734
*172
175
175% *172
*150% 15334 *150% 15334 *150%
*23
22%
23%
*22% 23%
31
31
30%
3034
31
634
6%
6%
634
6%
17%
*172
6734
68
♦934
6%
1034
*934
*43
63s
45
*45%
*4%
46
10
*8%
*1434
*77%
*9%
....
*2934
30%
9
27%
H109% 109%
44% 44%
13%
14%
*14%
15
30% 3034
*23%
24%
6%
6%
*8%
*10
— _
2334
14%
23%
*1334
30%
834
834
26% 27%
109% 110
45
14.
*14%
30%
23%
6%
45
14%
15%
30%
24%
6%
*10
*8%
1,100
300
17%
22%
884
14%
16%
13%
10%
14%
534
*5%
10%
8%
*8%
2334
1434
24
1434
9,700
1,700
Nat Dept Stores..
300
%
%
%
*5U
*%
30%
%
30%
32
32
*213
213%
116% 116%
1634
16%
*57%
*56%
16%
*9534
6%
58 %
57
17
97
6%
*11134 114
36
*34
*2%
2%
*%
30%
*3134
%
3034
3234
212% 213
900
36
National Oil Products Co
4,900
National Pow A Lt
6,COO
6,200
National Steel Corp
500
900
National Tea Co
9%
*9%
600
8%
*14%
44
44
*44%
79
46%
*109%
....
*109%
""
3134
3134
8%
8%
26%
26
31
31%
31%
2334
11%
*6%
11%
6%
11%
*23%
6%
112
112
15
15
*10
*111
112
900
79
*44%
46%
*109%
....
_
_
"""166
~
3134
1~800
8%
26%
26%
10934 10934
1.6C0
11,000
*31
31
43%
15%
15%
33%
23%
43%
14%
15%
33
3234
2334
6»4
23%
*5%
1.7C0
900
55,400
700
700
12
80
16,300
*32
3234
200
214
32%
3234
213
213
*34
2%
*34
36
2%
2%
*25
30
*25%
30
*25
30
*25
*12%
13%
*12%
7%
1634
7%
16%
13%
7%
17
*12%
7%
1634
13%
734
17
*12%
7%
17%
*934
9%
9%
10
104% 104% *103% 104%
*3%
17
*148%
10%
*44
4
17%
*3%
17
*25%
26%
*51
53
10%
*44
26%
51
*116
*116
47%
9%
48
9%
10%
2%
14%
6%
10%
28%
28%
38
38
2%
14%
534
4
17%
*148%
10%
46
3234
21334
47%
9%
3
14%
7
10%
28
*38
*13
13%
*
Rid anoask
13%
7%
16%
9%
9%
104% 104%
*3%
17%
*148%
9%
10%
45
46
*25%
26%
51
51
.....
26%
51
non-cum pref
N Y Lack A West Ry
tN Y N H A Hartford
100
Corp part stk._l
IN Y Ontario A Western
N Y Shlpbldg
Adjust 4% preferred
North American Co
100
..10
7%
24,600
100
North States Pow 95 pf No par
100
Northwestern
£00
Norwalk Tire A Rubber No par
6%
7%
6% preferred series
6)4 % pref series
*12%
13%
7%
18%
*1234
13%
7%
18%
7%
17%
7%
*1734
934
Norwich
18,700
4,200
1,200
934
934
Yo%
10%
10
48%
26
48
9%
9
15%
15%
1534
*15%
7%
*10%
3
*51
52
*116
*116
49%
100
49%
9%
3%
*1038
10%
10%
7%
10%
28%
28%
38%
13%
28%
2834
28%
1534
7%
11
28%
40
40
3934
39»4
13%
13%
13%
13%
In receivership
10%
53%
3,800
1,300
26%
52
*26
300
.....
4834
8%
7%
*10%
28%
3934
13%
Oef
Co..2 50
Co
No par
Equip....No par
Corp (The)
6
8% preferred A
Oppenheim Collins
No par
Otis Elevator
No par
100
100
6% preferred
Otis Steel
Co
No par
85.50 conv 1st pref..No par
Outboard
Marine A Mfg
Outlet Co..
100
Pacific Amer Fisheries Inc
1st
300
delivery
3-
5
10
preferred
..No par
2d preferred
420
1,260
5,300
2,100
1,000
Co.12.50
Paciflo Coast Co..
850
5
......No par
Preferred
Owens-Illinois Glass
3,300
15%
7%
11
2834
3934
14
50
50
Y.eoo
3%
15%
<
110
50
100
arm
Omnibus
"
49
9
*3
1
Telegraph
Pharmacal
Ohio OU
Oliver f
10
30%
51%
50%
26
*51
170
8,600
*150
*150
50
60
Preferred
13%
75s
17%
:
100
Noblltt-Sparks Indus Inc....5
Norfolk A Western Ry
100
30
3%
100
Conv preferred
No par
Pacific Finance Corp (Cal).lO
Pacific Gas A
Electric
25
Pacific Ltg Corp
No par
Paciflo Mills
No par
n
New stock,
r Cash sale,
64
Mar
Jan
2%
Jan
Jan
Dec
Apr
May 21
May 21
Apr 27
June 6
»i. Dec 4
% Oct 24
1>t Dec 12
13% Jan 15
20 May 23
175 May 22
105 May 25
14%May 21
45
47%May 22
47%May 22
15 May 14
84%June
4%May
101 May
27 May
2%May
25% Aug
6
15
24
22
15
13
Dec 18
5%June 10
10%May 21
11
7%May
95 May
2%May
11% June
21
23
22
11
12434June 11
7 May 21
21 May 21
19 June 10
47
May 24
115%May 24
42
June 10
4%June 10
2 May 22
8 May 22
3%May 22
9%May 21
25%May 22
33 May 22
8 May 21
x Ex-div.
y
-S5—
4-
1
Apr 18
16
1% Sept
2% Sept
Oct
21
Oct
Sept
19
Jan
Apr
177s
Oct
Apr
30
Jan
Aug
Jan
7%
30
Apr
44% Mar
9
Sept
14% Sept
Mar 29
50
Apr
111% Dec 28
105
Sept
8% Nov 14
Apr 8
7% Feb 15
4
Aug
43% Sept
53
5% Sept
Dec
70%
111% Nov
Jan
9%
Dec
62
Jan
9%
Aug
267s Nov
77g Aug
18% Sept
14
3
Jan
47
37% Mat
378
15% Mar 20
22%
67%
10
5% Nov 14
56% Nov 14
83
May
121
16%
4
9
18% Apr
2678 Jan
2334 Dec 30
8348ept 23
Sept 25
10
7% Sept
21% 8ept
1477„ Oct
16% Apr 15
24% Jan 24
Dec 16
176
19
87
99% Apr 17
Jan
Apr
17% Nov
95% May
Apr
23% Sept
17%
3
8
20% Jan
Nov
15
28% Mar
175
Sept
10%
1
Apr
JaD
Sept
14% Dec
x8% July
26%
13% Mar 12
18% Apr 17
12%
Jan
18%
8
4%
Apr
8%
Oct
734 Oct 26
4%
Jan
6%
Feb
28%
Jan
JaD
16% Jan
7% Nov
96
19
21
23
22
22% Sept
9% Apr
3078 Feb
19
22
29
110
112% 112% *112% 114
34%
35
*34%
3534
2%
2%
2%
2%
*26
51
104
Jan
6%
9%
85%
19% Jan
21
July 31
36 May 22
100 June 12
20% July 20
6%May 24
23 % Nov 20
10534 Nov 9
30%May 21
9%May 21
878May 21
15 May 21
20%May 21
3%May 21
4% May 22
50
114
Aug
%
10%
78 Jan
10% Sept
8% 8ept
83
Sept
Jan 31
22% Apr
9
Dec
3
176
Sept)
4
20%
6
3
12% Jan
72
60
Co—100
North Amer Aviation
98
30
149
No par
—
N Y A Harlem RR Co
Northern Central Ry Co
Northern Pacific Ry
17%
*96
*26
934
No par
11,300
56%
56%
17%
98
7%
46%
26
".hip day
New York Dock
17%
16%
3%
28,000
100
56%
56%
*96%
9%
*3%
ate-on
6% preferred series A
NYC Omnibus Corp..No par
600
15%
n »
NY Chic A St Louis Co... 100
500
48%
1234
No par
17%
9%
3%
13%
No par
New York Central
58
9%
7
N Y Air Brake
58
48%
38%
310
30
*116
7%
1,400
1
N'port News Ship A DryDock 1
85 conv preferred
No par
17%
9%
7
214%
116% 116%
100
10
17
45%
*2534
51
6% pref series A
Mining Corp
Newport Industries.
Jan
July
85%
1478
1
% Jan
2678 Apr
1578 Jan
8% Oct 14
Newmont
Deo
120% Nov
2% Aug
% July
2
Jan
lis
4% Jan
6
7%May 21
58%
16%
*57
4734
40
<>«
9%
46
2%
200
934
*102% 104
103% 10334 *102% 104
3%
3%
*3%
4
*3%
4
17%
1714
1734
17%
1734
17%
934
149
*116
48%
9%
3%
16
7%
10%
28%
d nH
4
17%
36
*32%
3234
21334 214
*116% 117
5,100
11
21
8
25
22
21
6
28
23
10
May 21
4%May 24
8 May 23
14
44% Sept
122% May
No par
4H % conv serial pref
100
Newberry Co (J J)
No par
110
Apr
8
Apr
Apr
No par
1
Nelsner Bros Inc
64
Aug
48
40
101
124% Dec
Sept
Nehl Corp
2,600
40
40%
N atom as Co
10%
80
Apr
31%
26%May 24
34
Aug 5
3% Jan 4
5% preferred
18%
112
..No par
1,000
118
*111
1,300
25
5)4 % prior preferred.... 100
6% prior preferred
100
12,000
6'
11%
11%
118
1,000
15
*77%
8%
834
263s
26%
109% 109%
42%
42%
14%
15%
,14%
15%
109% 10934
10
4
No par
82 conv preferred...
680
167s Sept
18
Sept
9
Dec
2
June
12% Dec
86 Nov
15% Oct
9%May
6 May
ll%June
3 May
6%May
17 June
7%June
5%May
66 June
l4%May
rlfiO May
132 June
13%May
y2834 Dec
5%May
National Supply (The) Pa_.10
1,200
8%
8%
15
*77%
8%
*14%
30%
2334
2%
Nat Mall A St'l Cast Co No par
1,300
46
4%
14%
100
100
preferred B
44
79
10
7% preferred A
6%
4434
14%
*77%
....
1
preferred-No par
44
_
*2%
Co
4434
434
10
116% 116% *116% 117
117
117
1634
17
1634
16%
16%
17
5834
5834
58%
5834 *57% 58%
57
56%
56% *563s
56-%
57
17%
16%
17%
1634
17
17%
98
*96
98
*96
*96
98
634
6%
6%
6%
6%
6%
*112% 114
*112% 113% *112% 114
*34
conv
43%
14%
*31%
84.50
National Lead Co
44%
43
213
Nat Gypsum
43
4%
No par
Nat Enam A Stamping No par
4434
4%
*9%
No par
Nat Distillers Prod
45
434
No par
10
6%
67%
1
preferred
100
117%
117% *112
117% *112
117% *112
53
*48%
53
*48%
53
48%
48%
5
%
%
%
%
%
%
%6
%6
%
3g
!
h
*U
%J
*33J
%
%
%
29%
29%
29%
30%
29%
30%
29%
30%
%
%
® 32
%
Products
100
117% *112
117% *112
*45
47
47% 47%
47
6%
100
7,300
No par
National Cylinder Gas Co
300
e,3co
Register
*43%
4434
*4%
9
15
79
44
100
6% pref series A
Nat Dairy
Apr
45
3
155
Nat Bond A Share Corp No par
Nat Cash
10%
1334
11-2
*534
8%
2334
*1334
200
11%
Oct 24
7%June 20
9 June 10
Nat Bond A Invest Co.No par
1,500
3,400
Apr
9
Jan
16% Dec 19
100
6%
43
112
17%
13%
10%
14%
6%
8%
24
14%
8%
93%
17%
13%
10%
14%
Apr
6%
17%May
Feb
5
Biscuit Co
7% preferred
100
89%
*16%
25
x38% Dec 13
12% Apr 10
21% Sept
39% Jan
45
10
10
6% conv preferred
Nat Aviation Corp
10%
14
14%
3034
23%
*112
*86
100
11% Sept
7
28%May
Aug
66
1,400
100
14
Feb 21
26
122
6% July 15
6
9%
8%
5
100
Nasbv Chatt A Pt Louis
National
3
21
21
11 June 10
13% Jan 13
1634
13%
10%
14%
6%
8%
24%
1434
8%
93%
68
No par
Nash-Kelvlnator Corp
300
Jan
Jan
Jan
6%
27
1
4,600
11,300
Dec
6%
28%
34% Mar
23
Nat Automotive Fibres lno--l
140
10
44
♦111
Myers (F A E) Bro
6
6C34
1334
6%
11%
100
1
No par
No par
No par
preferred
10
6
6734
44
14%
5,900
Nov
6
5
30%
114% Sept
8%May 22
12 May 21
15 May 21
2%May 14
20 May 21
8%May 22
66 May 28
97%May 22
4 May 21
41 June 15
3%May 21
100
Murray Corp of Amerlca_-10
5%
Nov
63
Dec
July
Apr
Sept
National Acme Co....
89%
*86
preferred
Munslngwear Inc
Murphy Co (G O)
20
73
28%
110
2.700
10%
10%
18
18%
18%
175%
174% 174% *170
13%
13%
*12%
13%
13%
87
July
397S Aug
July 31
10,500
7%
834
10%
18%
7%
834
7%
8%
10%
Mulllns Mfg Co class B
110
66
2
May
21%June 20
5
1
Mueller Brass Co
900
6
May
119
5%
17
2234
7%
7%
Motor
700
May
82
119
17%
2234
5
5%
5
17
2234
16%
22%
Wheel Corp
700
86
Nov 25
110 May
113%May
3l»4May
33%May
Motor Products Corp..No par
400
6734
6%
10%
66%
*79
No par
No par
84 60 preferred
Preferred series B
9%
68%
6%
10
31%
30%
5% conv preferred
Mohawk Carpet Mills.....20
Monsanto Chemical Co
10
90
5,400
8%
8%
26%
26%
109% 109%
11
112
123
1% Dec 20
%« Dec 26
%June 21
9%May 21
100
100
...100
7% preferred series A
1 Missouri Paciflo RR
42%
26%
18
534
9%
*2334
No par
42%
13%
89%
14
434
31
Mo-Kan-Texas RR
50
116
*120
8%
7%
8%
734
8%
95
93%
*91%
*92%
95
17
17%
17%
17%
17%
16%
175
174%
174% 174% *172
174% *172
153
153
*150% 154
*150% 154
154
23
23%
23
23
2234
23
22%
31
31
31
31
31
31
30%
7
6%
7
6%
7
6%
9%
30%
*111
11%
13%
10%
*4%
*42%
*109%
*115
120
14% 3ept
8% Aug
42
*16^4
45%
8%
*14%
*77%
116
700
Aug
1134NOV 15
42
*87
45
9
*42%
*109%
2634
13%
10%
14
6%
8%
*4434
1434
79
44
3,000
6
6478 Dec 12
Montg Ward A Co. Inc.No par
Morrell (J) A Co ......No par
Morris A Essex
50
9
*12%
*42
9
87%
3
May 21
7%May 21
*t» Dec 23
26
No par
10
12,000
10%
13%
89%
18
45%
434
10
1434
*77%
15%
44
*42
45%
4%
79
*109%
6%
10
%
14%
8634
!4%May
2% Sept
36
Sept
39%
10%
,
4434
*42
4%
10%
9%
6734
5%
*9%
68%
67%
*%2
*14
14
88%
101% Nov
103% Sept
86.50 preferred
Oct
Jan
Jan 20
Mission Corp
share
10%
88
4% Apr 24
38%
18%
18%
175% *172% 174%
13
100
2,000
6% Aug
4
2%May 15
39%
18%
*1234
%
Jan
108% Dec 30
100
38%
9
.
10%
%
120
5%
7%
9
,
175% *170
'170
5
7
7
7
7%
*7%
834
*170
22%
2%
2534
25% 25%
*1134
12
*11%
12
11%
17%
17%
17%
17%
17%
23
23
23%
23%
23
*4%
4%
4%
4%
4%
56
56
55
50
54%
11%
*10%
11% *10%
12
*70
73
*70
73
73
*110% 115
*110% 115
115
8
8%
7%
8%
7%
£0
50
*50
51
51%
15%
2234
15%
22%
*15%
15%
23%
22%
*50
4,000
2%
25
*17
>,'■ 17
17
%
9%
share % per
per
Impt—1
4% conv pref series B
Minn Mollne Power
I
share
ll%May 21
23%May 21
103 May 24
33%May 21
95 June 26
Minn-Honeywell Regu.No par
700
3,200
1,500
6
41%
41%
1134
*11%
23%
4%
52%
11%
*22%
24
2,200
4
Aug 13
May 22
6%May 21
10
24
6
Mid-Continent Petroleum..10
Midland Steel Prod
No par
8% cum 1st pref
100
10
63
11
ll%May 22
Miami Copper
39%
3834
24
*40
42
*40
41
*40
1,700
45%
116
120
120
39
41%
38%
3834
38l4
38*2
38%
240
*109% 124
%
14
87%
Mesta Machine Co
38%
2%
%
1
60
(The)
800
37%
*%
Co
Mengel
5% conv 1st pref
Merch A M'n Trans Co.No par
124% 124%
4
1
Melville Shoe Corp
100
540
1434
62%
10%
87%
*1334
14
88%
*115
%
%
%
86 preferred series A .No par
14%
45
May 31
> 7%May 28
64
Feb 5
63% Feb 6
24%May 24
2%May 22
No par
Mead Corp
May 21
Highest
Lowest
Highest
8 per
share
90
100
preferred
85.50 pref ser B w w.No par
2,600
2,500
1,800
4
*60%
700
9
9
61%
1034
%
4
4
3%
57
1034
1034
25%
44%
....
44%
%
1034
4%
1434
14%
38%
38%
124% 124%
108% 108% *109%
57
33
9%
9
124%
124
4
57
17%
35
9%
1434
44
4
*547«
57
11
17%
35
110
57
4
4
4
*5478
44
*109
44
44
4312
— .
25
25
9%
14%
1434
37% 38
124% 124%
4%
25%
*17%
4%
4%
9%
9%
9%
9%
14l2
1434
1412
1412
37%
37%
37%
38
12412 12434 *124% 12412
43
4%
25
18%
3578
2458
9U
*109
32
32
3132
8%
*75%
*66%
6 % conv
v«r
5
1
McLeilan Storee Co
60
4%
25%
18%
87S
87S
100-Share Lots
Lowest
S
Par
7%
109%
8%
79
67%
109% 109%
*8%
8*4
*75%
79
110
*108
On BatU of
Week
7%
Range for Previous
Year 1939
*
EXCHANGE
Shares
7%
7%
NEW YORK STOCK
the
Jan. 10
% per share
$ per share
7
7%
108
*109% 110
IO8I4 *108% 110
*8%
8%
8%
8%
834
878
7
634
6%
6*2
$ per share
7
7
$ per share
$ per share
STOCKS
for
Friday
Thursday
Jan. 9
Wednesday
Jan. 8
Tuesday
Jan.
7
Monday
Jan.
6
Saturday
Range for Year 1940
Sales
SALE PRICES—PER SHARE, NOT PER CENT
HIGH
AND
LOW
1941
11,
Jan.
15334 Dec 16
177s June
152
Sept
Oct
132
4
Apr
14%
3834Sept 18
878 Jan 3
6%
Jan
27
73% Jan
3
9% Jan
4
14%May
3
49% Nov
8% Apr
10% Apr
10%June
25% Mar
14
2
11
24
13
Apr 29
91
63% Apr
6
Jan
4
110
July
62
5% Aug
10
Nov 14
48
Apr'
Apr
16
18%
167s
106
27%
173%
145
Aug
Jan
Mar
JaD
Aug
Feb
35% Sept
10
Aug
82
Sept
15%
JaD
20
JaD
33% July
59%
Jan
Dec
60%
Apr
Apr
5%
8% Sept
11%
Oct
Feb
41
2%
18%
Apr
73% Mar
32
Apr
105% Sept
29% June
87% Aug
42
July
112%June
30% Dec 23
14% Feb 20
~"5%
Apr
17% Sept
Apr
62
27% Dec 31
110% Dec 14
Sept
Jan
3
27
187g Jan
11% Sept
23% Sept
21% Jan
3
4
39
3
60
10%
18%
Apr
Apr
25% Sept
45>4 Sept
33% Mar 9
8% Apr 22
12% Apr 22
30
Apr
43%
115%Mar 11
117% Aug 15
58% Nov 4
% Jan 3
2
Jan
Jan
4
% JaD 11
31% Dec 28
6
226%May 4
117
Dec 31
35% Apr
Feb
1% May
10% Sept
47g July
15% Sept
108
Nov
118% Mar
119
May
120
Mar
47
July
62
Mar
Dec
17t Sept
1% Dec
% May
6% Sept
%
1% Sept
Sept
17
8% June
31% Dec
168
Jan
217
Nov
103% Sept
113
June
33%
Dec
Feb
23% Jan
3
Apr
26%
59
Jan
8
623s Sept
697s
Aug
68
Jan 10
59
Aug
26*4
Jan
60% Sept
12% Apr
3
18%
29% Nov
89
97% Dec 20
9% Jan 3
82
Jan
7
June
Sept 26
Nov 23
100
Sept
113
29
Sept
40
114
39
5%
42%
3
2%
Apr
Jan 12
32%
Apr
Jan
16%May 29
834May 7
23% Apr 4
14% Mar
112
4
Mar 28
678 Apr
Jan
18%
4
4
6
Aug
14% Sept
12
Sept
100% 8ept
4«4 Aug
15% Sept
Oct
14%
Nov
Jan
Dec
Oct
6% NOV
4434
Aug
101% Sept
30
Jan
20% Mar
113% May
8%
Jan
27% Jan
148% July
16
Sept
Dec 30
128
12% Jan 3
Nov 15
33
32% Apr
4
16%
Apr
55
Jan 22
40%
Jan
54
Dec
120
Jan 17
114%
Jan
Apr
120
Dec
70
Jan
150
47
7%
6
50
10% Apr 26
6% Jan 6
Apr
July
3
64%
Jan
23% Feb 13
12% Jan 4
14
Apr 15
34% Apr 15
Jan
3
16% Jan
4
50
Ex-rlghcs.
Aug
2% Apr
11%June
334 June
934 Apr
27%
41
9%
65% Sept
26% Dec
7% Sept
7?s Nov
25
Nov
15% Sept
12% Mar
Apr
Apr
3434 Mar
Apr
21% Sept
62
T Called for redemption.
Oct
Volume
LOW
AND
New York Stock Record —Continued—Page 8
152
HIGH
PRICES—PER
SALE
235
Jan.
Monday
Jan.
4
$ per share
*123
130
*158*4
3%
Tuesday
Jan.
S per share
*123
——
6
4
4%
6%
6%
678
3%
15*2
3*4
15%
16
9*2
%
*7%
4*4
7
3*8
15*4
*7%
*%
*3454
3%
15%
7%
%
8*4
%
35%
*34
35%
*104
7
3%
15*4
7%
%
35
*104
*6%
3%
*%
35
*104
—
11%
11%
11
11%
10%
11%
96%
97
97
97
11%
16*2
10%
11
97*4
10%
97*4
11
*15
*15
2
*178
29%
20*4
11
*15
2
1%
1%
20%
20%
20
20*4
20*4
30%
20*4
*78
9%
1
*%
1
*%
1
9%
9*4
9*4
9%
9*4
9*S
9%
2%
27g
*41%
*12*8
9%
9
47
47%
48
85%
86
85
9%
2%
2*4
2%
3
3
9
9*4
;
48
42%
44
*12%
13
22%
23%
23
22
22
22%
*21%
*2%
*42%
*12%
22%
22
22
37%
37%
2*4
8%
38
39
39%
*1%
8%
39*4
2*4
*45%
45%
*24%
*20%
*42%
25%
22%
6*2
7%
35%
43%
*85
88
85*2
%
11%
%
12%
79*2
5%
*7%
35%
%
11%
40%
43%
25
22%
6%
7%
35%
24%
22%
*6*4
*7%
35*4
43*2
86*4
6%
*7%
35*4
*43%
56
*49%
45%
25
22%
791?
534
*5
*1%
45
■
*78%
2*4
8%
5
*3
3%
*3%
49
74
75
*3*4
75
■
.
8%
42%
8%
*40%
8%
14%
-
J
m
-
»
14%
■«.
«.
«r
*179
56%
71
12
10%
*160
4c
'rntm-
-
1
*%
16%
*19%
*7%
21
8%
%
6%
*6
;
61%
63%
61
43%
75%
12%
42%
62%
42%
74
74
74
12
13%
12%
12%
«ie
12*2
*160%
*%
16%
16%
16%
16%
16*2
16%
*1934
16%
20%
19%
8
19%
*7%
*%
20%
; *7%
%
7
7
13%
13*2
12%
*19%
20%
7%
*%
7%
%
13%
13%
*38*2
41%
57*2
57
118*4 118%
29
28%
109% 109%
121% 121%
138
158
158
*156
159
158
158
*117
118% *117% 118% *117*4 118%
26
26
26
26%
26%
25%
8%
8%
8*4
8%
8*4
8%
*95
99
96%
96%
96%
96%
87
86*2 86%
87%
86*4
86*2
10%
11*4
*10*4
11%
10%
11%
*10
*10
*10
10%
10%
10%
4%
4%
4%
4%
4%
4%
*77
61%
95
3*2
42
*19
20
*27*2
29
*27
13%
14
3%
16%
8%
63%
55
1%
1*4
22%
22%
100% 10078
*95% 96%
28%
27
9
9*4
*7%
12%
8%
*63*2
*56%
*1%
21%
*27
9
*8
8%
12*4
12*4
834
63%
63%
*56
1%
22
8«4
59
1*4
22%
27
*23
26
107% 107% *108
111
12%
94%
10*4
33%
*52
60
*71
72*2
8%
7%
17
17
*16%
12%
12%
*13
13%
49
*46%
49
*%
%
38
37%
*8
*8
3%
%
%
*2%
*3
-
*117% 118% *117% 118%
27%
27%
26%
27%
8%
8%
8%
8%
101
101
*100% 101%
90
90%
89*2 90
18,600
Pullman Ino
18,200
11%
4,500
11%
*10
10%
4%
3%
61%
13
%
38%
*8
V."
*8
*2%
*8
%
3*4
*3
*%
*14
*%
*2*4
*3%
44%
5,500
400
19
19
No par
$3.50 conv 1st pref—No par
Radio-Kelth-Orpbeum ...... 1
6% conv preferred
-100
Raybestos Manhattan. No par
Rayonler Ino
1
S2 preferred
...
25
Reading Company........60
4% 1st preferred..—.50
4% 2d preferred.........50
2,600
61%
3%
43
900
1534
16
*27%
14
14%
1434
3,100
25
14%
24%
26
1,500
21%
22%
22%
1,300
2
*1%
2%
28%
*24%
21
*1%
28%
*27
9%
1,900
16%
*8
29
*27
9%
*7%
8%
*7%
*10%
12%
Real Silk
66
60
9
*64
66
*57
60
60
9
9
96
*23
•
95 preferred B._
1%
21%
'
1%
1%
21%
22%
94
33%
33%
8%
33%
8%
33%
33%
*52
60
*52
60
-
Common
J
8%
8%
9%
4,500
3,200
5%
2,200
17
5%
*16%
17%
200
Roan Antelope Copper Mines.
Ruberold Co (The).—.No par
13
13
1,000
Rustless Iron A Steel Corp..l
%
38%
3,200
St Joseph
*,ht
%
400
%
%
3%
800
9%
5%
5%
*16%
17
12%
12%
13
49
*46%
*%
38*4
48*4
%
*46%
48%
7«
*46%
48%
*%
*%
38%
38%
38%
**16
%
%
%
*2%
3%
*2%
*4
*%
3*4
*2%
3%
*16
**16
*3
44*4
48
—
-
—
44%
44%
111% 112
46
Bid and asked prloes; no sales on tbli day.
47%
10
—
)9%
8%
8%
9%
9%
5*2
17*4
38%
%
*4
100
—.1
Reynolds (R J) Tob class B. 10
Richfield Oil Corp
No par
Rltter Dental Mfg.....No par
8%
%
38*4
10
...
6 H% conv preferred
Reynolds Spring
13,100
•
A
7% preferred.
...—100
5H% preferred....——100
Reynolds Metals Co—No par
340
34
60
v to
6% conv prior pref ser A. 100
Revere Copper A Brass.....5
1,300
-
*3
*3
44%
47%
mirnm.
w
-
"w----
4434
1,200
8,000
44%
t In reoeiversblp
a
Del
1
620
delivery
'
8
30%
Jan
9
2
Apr
8
7%
Apr
May
45
Oct
6% Sept
19% Sept
45
Sept
Apr
Apr
Apr 25
87g Nov 14
10% Feb 2
40% Jan
2
Jan
6% Sept
5% Apr
28% Apr
10*4 Sept
8% Mar
47*2 Sept
Apr
48%
Aug
Jan
91
Aug
Dec 12
% July
74
Sept'
2% July
1% Sept
103*2 Mar
7
Jan
35
July
41% Jan
31*4
Apr
Apr
0% Feb
66
Feb
2
Aug
3% Sept
36
36
Jan
45% Mar
22
287g Apr 26
23
Apr
3112 Sept
2%May 24
May 28
May 29
35
May 21
107% Feb 10
3i2May 22
16
May 24
6%May 24
6484May 22
13i2Nov
May
6
16
May 28
12% Jan 13
6%May 21
i2May
434 Oct
6l2May
6%May
21
May
53
29
2
21
21
21
June
5
112i2May 22
28% Dec 24
100 May 21
1107gMay 22
46*2 Sept
85*4 Deo 13
16% Nov 15
60
Apr
95
Sept
158
Sept
175
Aug
June
5
9*i Sept 19
4%May 231
2
47g Aug
4
6%
Jan
57
Deo 11
18
16*4 Apr
8
3
142
Sept
20% Dec 31
12% Jan 4
2% Feb 27
Apr
17
Sept
7*2 Aug
*2 Aug
8
July
128
Apr 20
Mar 29
Apr
Jan
2
l%May
May
23
June 26
May 27
June 10
May
21,
96
May 21'
17
Mav 21
x Ex-div.
y
June
Sept
117% Deo
41% Sept
11% Sept
90% Mar
81% Jan
18% July
Sept
Aug
Aug
86% June
63%
Apr
16
Nov
8%
Jan
85% June
677§ Jan
16%
6%
12%
10%
207g
16%
6%
Apr
10
9
Apr
14% 8ept
17*8 Jan
76% Mat*
76
NoV
2% Nov
28*2 Sept
95% Deo
89% Oct
20% Jan
10% Jan
3
9% Dec
50
Dec
69
Jan
6
60
Apr
2
Apr
4
7g July
12% Apr
24% Nov 9
105% Sept 10
97% Dec 10
14% Jan 3
30% Apr
117
9
Nov 19
Oct
3
9*4 Nov 27
7% Jan 3
12
23% Sept
Apr
63% Dec 31
Feb 27
22% Apr
4
43
42
9%
Apr
Apr
Apri
19
27
Deo
Sept
5*4 Sept
Mar
Oct
Nov
Jan
21% July
40%
63
Aug
84
Sept
37% July
56
8ept
7% June
78% Jan
6% Apr
35
8ept
52
July
6%
Apr
6% May
10
8opt
16% 8ept
14%
Jan
87
Deo
11%
Jan
46
Jan
68
Jan
10*4
Jan
Oct
9%
17*2 Sept
Jan
34
15% Nov 12
48% Nov 26
1% Feb
9
% Apr
2% Nov
Jan
3
2
27*4 Apr
*4 June
% Aug
1% May
49% Sept
% Jan
3% May
27% Apr
82 % Jan
6*2 Sept
61% Nov
109
Aug
42
*g Oct 15
34
Aug
166
7
8% Nov 16
13% Feb 9
7
*u Deo
143
Sept
Jan 12
13
56
lll2May 28
12% Dec 28
Apr
147
111
64
62
67gMay 22
Aug
129
Dec
8%May 21
757g Mar 28
6igMay 21
30i2 Deo 23
4>4May 22
3% Aug 8
Sept
Deo
Feb
Aug
Aug
40
74% Dec 27
15% Feb 20
96% Apr 8
11% Nov 14
44
May 8
May 22
112
Sept
4
3
25
17i2July26
31% Apr
101% Sept
119%
41%
114%
128%
8
Oct 31
Jan
70
Mar
28% Deo
22% Sept
28% Oct
4
3
4
8
4% Feb
55
Mar
39
112
Apr
June
June
Apr
Sept
16
July
2% Deo
Apr
29?gMay
23
70%May 21
60 May 21
7%May 21
49
66
3% Dec 30
43% Deo 16
27
x3784June
Jan
16% Sept
Apr
Apr
6
17
5
22
7
28
15
21
6% Sept
18
11
15% Feb
7*4 Apr
1934June
6%May2l
2*4
" Aug "16% Sept
63% Aug
10% Jan
15% Feb
37%May
17% Apr
6
16% Sept
60%
70
97%May
89
0
£22% Aug
6% Aug
32% Jan
1
6*2
5
147g Jan 3
14% Jan 3
4514NOV 8
71% Apr 16
118% Jan 2
43*2 Apr 8
115% Jan 11
24
June
Deo
24
8
Dec 30
9
2*4 Sept
17% Sept
48%May21
2% Nov 22
8
May 22
l'gMay 21
1
9
22% Feb
A pr
May 28
978May 28
Sept
Aug
% Apr
1*4 Mar 12
69
16%May 22
13isMay 21
June
6
151% July
"15
June 19
48*2 Oct
25*2 Oct
40*2 Sep 1
20% Sept
12% Aug
73% Dec 18
Apr
34
22
11% Sept
16*2 Sept
Apr
Apr
41% Nov 18
90
Dec 31
Caeb gale
8
11
Apr 15
90
3
Nn va-
Oct
8% Jan
32% Sept
14% Sept
6
118
5% preferred..—.....100
Safeway Stores...—No par
5% preferred
.—.*—100
..
May
114*1 Oct 14
l67gMay 21
634 Oct 21
9
sept
Apr
Mar
165
733gMay 28
Bept
4
145
June 12
Apr
12
6
84
51
*i2
36% Mar
""2%
7
97g Nov
May 22
Jan 30
r
Jan 17
June
2
n New stock,
Deo 23
7*4 Nov 14
46% Dec 31
143
45% Oct 22
% Dec 19
Arms Corp.
75
110
126
26
Savage
Nov
4*2
13*4
25
30
Jan 10
27%May 22
Lead...—.10
JSt Louts-San Francisco— .100
6% preferred—
—.100
fgt Louis Southwestern... 100
'
43
5% Sept
Nov 27
49
1134 Dec 30
May 21
3% May 18
68
f2 50 conv preferred. No par
tRutland RR 7% pref
100
111% 112
4734
47%
44%
111% 112
47%
13
23
75
May
2,500
27% Sept
Aug
36
14
Class
Dec
15
257gNov 15
Jan 11
Republic Steel Corp—No par
6% conv preferred
100
80
Mar
17
47
May
80
33
11% Sept
87% Deo 21
%Mar
1
14*4 Nov 25
«7%May 9
7% Apr 4
June It
1
Reo Motors
27
*106% 112% *107
112%
72%
*69% 72%
*69%
13%
13%
13%
13%
13%
94
94
94
94
93%
9%
978
9%
9%
9%
2% Aug
17% Aug
5
16% Jan
Sept
1
73
Feb 17
46% Dec 10
Sept
May
540
Deo
40
May
800
59*2
25
6
1,300
4
%
17
60
....—
'
Sept
13% Sept
Rensselaer A Sara RR Co.. 100
24,300
21
21
00
22%
Apr
Aug
Apr
24
Aug
1,900
11%
1*4
5%
46% Dec 14
29% Apr 9
8
1%
25
22
18
22
May 22
200
10C% 100%
96%
96%
10%
10%
*23
27
...5
.....100
Reliance Mfg Co
2,500
Sept
4% Sept
10
Remington-Rand
1
Preferred with^ warrants..25
200
47
94% Aug
6
12%
9%
Apr
Apr
Eels (Robt) A Co 1st pref.. 100
Reliable Stores Corp..-No par
70
113
72%
12%
Hosiery...
Preferred
60
10%
8%
*5%
5%
111% 112
17,500
13
38
46
3%
*42
19
-I'
4%
......
95
61%
3%
5,000
10%
4%
*80
43
19
*10
4%
95
61%
11%
11%
.—No par
(The).
No par
6% preferred—........100
5% conv preferred..
100
Purity Bakeries.
No par
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer—.No par
1,100
28%
1%
22*4
—5
50
No par
Pure OH
6434
*52
17
*46%
*%
38
44
44
*43%
44%
111% 111% *111% 112
47%
47%
48%
47%
*
70
60
934
8
300
157
1
5% pf (ser of Feb 1 '29). 100
Pub Serv Corp of N J—No par
$5 preferred—
No par
6% preferred...—.....100
7% preferred..
—100
8% preferred..........100
Pub Ser El A Gas pf 96-No par
600
13
95%
10%
:•
8%
111
28%
9%
8%
1%
21%
12%
5% conv 1st pref
5% conv 2d pref
Procter A Gamble
15%
*27%
2%
No par
Pressed Steel Car Co Inc
200
122% 123
*110
.5
400
*153
*23
8%
7%
5*2
*16*4
Postal Teleg'b ino pref .No par
*10%
9%
*04%
111
60
MQO
i, 400
8%
72*2
34*4
634
157
26%
*52
tPorto Rio-Am Tob cl ANo par
157
26*8
33%
34
60
Foor A Co class B
100
Plymouth Oil Co
200
*10*4
10
Pond Creek Pocahontas No par
000
%
138
100% 100%
96% 961?
10%
10%
94
300
8%
*135
10%
10
7
110
100% 100%
94
1934
137
10%
10%
5%
*109
*121% 122%
100% 100%
96
*95%
13%
*18%
8%
%
6%
12%
*135
Jan
4% Sept
36
Apr
Apr
178
2,100
8,900
Jan
Jan
26
8
June 10
16%
40
Jan
107%
13%
4% Jan
4%May 15
5
May 15
l6UMay 22
10 May 21
19 May 21
7 May 21
151% July 3
% Feb 14
16%
4,100
Jan
Feb
14%
Dec
167
200
64%
*56%
22
94
8%
118% 118%
29*8 29%
21%
*10
57*2
1*4
12%
*52
57*4
24%
9%
*7%
*108% 110
5%
17%
*46%
9*2
8%
12%
8%
64%
13%
40
104
74
12% Mar 4
!0%May 13
...100
2,920
1278
13%
*12%
*38% 41%
57
57%
*118% 118%
29%
29%
6
2% Nov 12
154
1516
14
*25
93%
10%
33%
8%
6%
5%
27
13
57
*42
19%
16%
*1%
72%
12%
5%
8%
*6
*1%
12%
*12%
8*8
%
6%
H%b
44% Apr 9
23% Nov 7
2% Mar 12
6
1334
28
*21
2
*34
6%
16%
19%
*23
*23
10*4
33%
13%
23*4
21
100*2 100%
95% 9534
10%
10%
94
15%
*27%
21
11
72%
12%
*18%
16%
23%
*10%
*70
19*4
24*4
21%
2*8
24
21%
*134
42
28%
8
*80
61%
3%
15%
*27%
13%
23*2
25
4%
95
42
13%
22%
2*4
27%
10%
4%
61%
3%
3%
14
*21%
8%
*10
-
19
16%
28%
11%
11%
260
18
154
7% pref class B
....100
5% pref class A....
100
1st ser conv pr pf.100
Pittsburgh A West Va
100
Pit Youngs Asbt Ry 7% pflOO
Plttston Co (The).....No par
1,510
75
1
100
Pittsburgh Steel Co—No par
670
62
Nov 25
11% Deo 18
No par
7% guar preferred
Pitts Screw A Bolt
3,400
1.300
42%
13
preferred..
Pittsburgh Forgings Co
'**
-
7%
9%
61
1
40
57%
118% 118%
29
28%
*108*2 109%
*121
122%
*135
137%
156
156%
*117% 118%
26*4 26%
8%
8%
99% 101%
88
89%
42
42
40
*80
13%
*24%
55
3*4
3%
12%
57
62
62
42
*16
43*2
19%
16%
7
12%
127k
*38
95
*80
62
3%
*42%
19*2
7
12%
12%
2,200
*161
*%
%
7*4
0%
Pitts Ft Wayne A C Ry Co.
42%
*74
100
100
Pitts Coke A Iron Corp No par
S5 conv preferred
No par
900
30
1434
100
Pittsburgh Coal of Pa.
*%
*161
1
8
*135
*63
7 t.
9%
42
;
86
m'~
7%
9%
25
Pitt C C A St L RR Co
834
*179
6%
9%
43
121
8%
12%
*179
75
136
*7%
„
7%
....5
.—...100
Flour Mills
Pirelli Co of Italv "Am shares"
30
99
60%
..........
Hosiery
Pills bury
W
9%
05
136
*10
^
Phoenix
105% Deo 26
10% Deo 14
8% Sept
2
Sept
Apr
Sept
•92
Sept
6% Sept
72
Sept
7% Sept
14*4 Sept
l't Apr
8
June
i8 Deo 20
...3
Preferred.
-
1,200
2,800
40
*164
73
121
9
m
*160*4
*7g
6%
12*2
14%
'
-
-
700
6'%
8%
*81%
14%
82
14%
*164
41%
121
26*2
*8%
82
15
«.
135
40
8%
61
137
*1%
82
-
'
"~0%
40
-
'
75
*68
*
6
*8*4
378
June
%
35
70
Philip Morris A Co Ltd
10
Phillips Jones Corp....No par
No par
c
5
2
37%May 25
preferred
No par
Pbila & Reading C A I-No par
Rights
%4 126,100
Jan
JaD
6
71
534 Dec 19
6%May 18
25%June 10
Phelps-Dodge Corp
25
Philadelphia Co 6% pref...50
....100
June 12
Jan
Dee
15
Petroleum Corp of Amer
5
Pfelffer Brewing Co..-No par
Phllco Corp.
1
4Aia Apr
9% Sept
HijMay 21
No par
7% preferred
Plllhlps Petroleum
9,200
23
75
39
10
49
23
135
40*4
8%
15
*3%
*41%
72
137
62
*68
*
6%
82
-
3%
23
6
7
7%
9% •/ ,'v 9
121
62
74
135
200
40%
*64
49
*3%
*41%
*22%
%
.
95
3%
22%
1,500
58
*49%
39%
*66
41%
*13
13%
13%
40
40
*39*2
41%
57
57
56%
57%
118% 118% *118*4 118%
28%
29
28%
28%
*108% 109%
109% 109%
*77
40
12%
13
12%
5%
10
4
Apr
Deo
11%
4%
19%
Dec
?5U
l%June 13
5%May 21
l7%May22
5% prior preferred..
100
5% preferred
....100
Pet Milk Cc
25*4 Apr
7
3«<
48
4
984 June
15
May
15
May
23 May
$6
3,800
1,400
12%
797s
*5%
11%
*160*4
%
16%
*%
12%
79%
5%
*66
49
7,600
32
12
38%
8%
8%
8
%
80
61
56
40
Hi i/;::
39%
ii'i
*179
7
*8%
190
.
*5%
~~6%
6%
41%
-
7*8
9%
300
34%
12
*160%
9
44
87
58
74
*
135
14%
6%
34
*49%
*3%
300
87
80
*64
22%
1,000
44
40
*42
82
9
72%
3%
22%
200
34%
55
%4
;
1,300
1,400
27%
22%
6%
734
87
Hi
32
47
26%
44%
86%
578
*5%
%2
14%
6%
40
5
46
27
''
5%
*160%
9
*55%
35%
44%
86%
34%
*179
*160%
6%
*70
7%
*%
82
82
*81%
14%
7%
86
75
*68
*
135
42*8
-1—
*7*2
34*2
*43%
*43%
49
22%
~~6%
'
7%
39*2
""6*4
83
*80%
14%
6%
4034
8%
*160
*6%
55
*42
100
1,900
6%
55
39%
*« 4
1%
9%
*21%
6%
*49%
Hi
1%
9%
45%
Mar 11
June
7*2
5
Deo
l%May 22
1184May 21
No par
50
Pennsylvania RR_
Peoples Drug Stores lno._L. 5
Peoples QLAC C(Chlo)_.100
tPeoria A Eastern Ry Co.. 100
Pere Marquette Ry Co
100
1,000
1,100
9%
22%
1
26,600
878 Nov 18
4
6% Dec
l%May 22
<
No par
Corp
4
share
62% Jan
96%May
43
...No par
17 conv pref ser A
Penn G1 Sand
^
7*4 Jan
per
132
166i2 July
2% Feb
13% July
11% Mar
'
13
2%
25
1
Patino Mines A Enterprises. 10
Penlck A Ford
500
41
12
6*4
8%
41
80
42*2
42
40
12
3%
*68
6%
39*2
*1%
80
23
*
135
""6%
23
12%
49
*41%
*22%
22%
23
45%
Park & TUford Inc....
Parmelee Trans porta* n. No par
Pathe Film Corp...........1
400
23
*21%
100
10
Penn Coal A Coke Corp....10
Penn-Dlxle Cement
No par
3
24%
23%
9
.1
400
43%
24
%May
26% June
99
Sept
4%May21
64 May 23
0%May 21
15 May 21
l%May 21
29% Dec 27
13%May 22
84 May 28
6%May 21
5%June 26
>..100
Penney (J C) Co......No par
234
3
preferred
lu
18
16
21
16
22
11
13
6»4 Jan
1
2,700
23%
80
41
*2%
3%
43%
85
45%
25%
22%
43*2
86*4
900
500
2%
Sept
Parke Davis A Co.....No par
Parker Rust Proof Co.—2.50
8,700
84%
Apr
128
Park Utah Consol Mines....]
1,500
3,000
500
39%
*7%
__■
8%
84%
114
Dec 17
No par
6% 1st preferred
6% 2d preferred..
49%
8%
Mar 12
Transp..5
Paramount Pictures Ino
1,000
6%
'
Parafflne Co Ino
1
8%
43%
24%
*21*2
43%
24%
22%
6%
7%
35%
Panhandle Prod A Ref
9%
23*2
22%
8%
Pan-Amer Petrol &
300
20%
*48
139
160
278June
5% Oct
2%May
12 May
Hiohtst
share I
per
May 25
Airways Corp..__5
400
i*.
I
June 18
Oorp-.il
800
2,000
8,600
share
115
13,600
conv
oer
144
Pan Amer
4%
S
Lowest
100
Pacific Tin Cunsol'd
61,200
Year 1939
Highest
share
per
Range for Previous
100
preferred
Paoiflc Western Oil Corp—10
Packard Motor Car
No par
1
*3
2
6%
9%
13
Pacific Telep <fc Teleg
26,600
;
178
20%
9
Par
4,700
1,600
30%
43%
*12%
24%
12
55
1%
Lowest
20
16%
30%
49%
*42%
*12%
13
79%
5%
534
*15
♦
230
11%
11%
84%
*2%
2%
43%
12%
1n
22%
23
8%
32
85
793,
40%
Shares
9%
8%
rSh
2%
S32
43*2
85%
*49%
40%
*41
*8
13
*8%
*48
2%
*42%
*12%
22%
22%
*38%
*1%
3'8
44
*20
%
2%
22
6%
8 per share
16%
1%
30%
20%
%
1%
30%
49
*48%
84%
85*2
2%
13
*1%
8%
*15
16*2
30%
46%
86%
2%
278
42%
Week
11%
11%
30%
9
86
S per share
11
20%
46%
1%
11%
1%
30%
1
Jan. 10
9
•
30
9*2
EXCHANGE
1261s
124% *123
126% *123
158*2 *156*2 158% 158% 160
4*4
4*4
4*4
4%
4%
4%
7
7
7
*6%
6%
*6%
3*4
3%
3%
3%
3*4
3%
15*4
15%
15%
14%
15%
15%
9
9
*8
*7%
8%
8%
%
*%
%
*%
%
*%
37
34% 3534 *36% 37t4
37%
*105%
*105%
*105%
12
12
12%
11%
11%
11%
99
98
97*4 97%
99% 99%
30
1
*178
Jan.
30*4
*9*8
*
8
8 per share
16%
*15"
16%
1%
On Baste of 100-Shdre Lou
the
Sales
CENT
Thursday
124% 124% *123
159
159
158
*158%
3%
Jan.
$ per share
128
Range for Year 1940
NEW YORK 8TOCK
Friday
SHARE, NOT PER
Wednesday
7
STOCKS
for
Saturday
6
% Jan 3
May 10
4%May 18
63
Mar 14
111% Dec 31
43
Dec 31
Ex-rlghts.
10%
Apr
h Sept
2
Jan
6
Sept
23
Sent
1 Called lor redemption.
New York Stock Record—Continued—Page 9
236
Saturday
Jan.
HJOH SALE PRICES—PER
Monday
Jan.
4
$ per share
Tuesday
Jan.
6
$ per share
11
86
*85
87
36*2
*36
36*2
11
*2%
7734
10l2
38
*»ll
%
14*4
13%
1334
2*2
*2*g
7734
78
10%
1034
78*8
10*2
$ per share
2*2
1034
10*8
107g
11
1158
11%
11%
87
87
87
87
87
87
87
14
14
14
14
14
14
14
14
14
14
67*2
68
68
68
68
67*2
67*2
6784
6734
4
4
4
4
4
4
54
54
54*2
54%
5
5*4
54*2
5*4
5478
5
538
38*2
5%
*38
38*2
38*2 38*2
38*2
1134
1134
11*8
11*2
11*2
11*2
1051g 105*8 *104*2 105*4 *104% 106*8
5
5
*5
5
5*8
5
20
20
20
*1%
*265g
22
2
*17g
*27
28
22*4
*107
22*4
112
112
*112*2
*18*1
*8&s
*1478
9
*15,
1334
*1838
19
9
*112*2
*18*4
*8*8
15*2
9*8
17S
13*4
*15
9*8
1*4
2
28
223g
112
*109
9*2
*18
*8*8
20*4
2034
2
*17g
2
27*4
*2658
22%
22
111*2 ♦110
93g
15*2
9
9*8
18*2
*14
18*4
17«
14*2
18*2
*142*2 150
*1421, 150
*14212 150
28
28
2734
28*8
*2778 28*4
8
8*2
8*4
8i4
8*8
8*2
1278
125g
1234
12*4
12*2 1234
21
21
21
21*2
21*4 22
*26
28
*26
2734
2734 ♦26
2
*2
2
2
*17g
2*8
5
*4
5
5
*414
*4*4
*55
12%
104% 105
20%
2
*18
18*2
18*2
900
4,000
2134
...t
1,800
No par
Socony Vacuum Oil Co Inc. 16
134
1%
1%
1434
2
8,200
South Am Gold A Platinum..1
15
700
18*4
18%
1,900
S'eastern Greyhound Lines..6
So Porto Rloo Sugar
No par
28*8
1,600
Southern Calif Edison
9%
1334
40,100
12,400
23%
13,700
*16g
14*2
1%
14*2
14%
15
18
1734
18*4
18*4
*143% 146
*142*2 150
2778
28
834
28
•
28
28%
9%
123g
13
1234
13*2
21
22%
22
23%
*26
2734
2734
28
2
*4*4
2
2
434
*4*4
9%
13*2
23%
*28*2
1,100
2
2
4*2
4*2
20*4
20%
600
38*2
37*2
36%
*3634
37%
37*2
5,100
1,600
377g
3734
37
36*2
59
6%
6%
54
547g
59
034
56
*58*4
65g
57
58*2
65g
58
658
57
57
58
57
634
734
678
5*8
34
3*2
•
3*2
3*2
9
397fi
32
87g
9%
9
39%
39*2
*3*8
39%
3%
365s
37
3658
4*8
4*8
*7*4
4*4
834
4
8*8
8*4
8*4
*25g
234
2 34
234
43*2
*3834
43*2
*4*2
434
4*2
*31*2
4*2
Stone A Webster
4%
7%
*36
8
8
39
2 34
234
*39*4
4*2
*31*8
4*8
43*2
4%
31*2
31*2
4
32
4%
234
*40
4%
32
*4
*534
6
6
6
534
*234
33*4
33*2
33*2
33%
1*8
177S
10*8
99%
33%
1%
*1%
1*8
1*8
1*8
18*2
*17*4
18*2
103s
10*4
99*2
333s
9934
50
5014
5
17
8%
1*2
*74
34*4
5*8
17
8*2
1*2
7478
10*8
103s
*99*4 100*8
34
33*4
50
50*8
50%
5
5
*5
17
17
17
834
*1*2
74
834
15s
74
*8*4
158
74
31*2
4%
134
5%
17
9
Tlmken Detroit Axle
5%
2,000
2,200
Traracont'l A West Air Inc..6
300
Transue A Williams St'l No par
Tri-Contlnental Corp__No par
*8*4
134
9
2
134
2,600
75
74%
7434
230
5
5%
5
*9
10*2
7%
7
7%
22,900
19*8
19*2
1958
1958
19*2
195g
*19%
20%
*19%
20%
134
1*4
1*4
*1%
1*2
*1%
1*2
1*2
1*2
200
$6
preferred
Truax-Traer Corp
1,000
*1*8
793s
80
*84*4
85
1334
2S34
2884
43*4
4334
16
1638
133«
*13*4
*111*4 112*2
*48*2 49*2
19
13g
29*4
4%
*9
5
10*2
5
*9
4%
22
24
19
22
20
22
21*4
*1934
21*4
21*4
834
85s
834
8*2
8*2
8%
834
8*2
85S
8*2
34
34
34
34*2
34*4
32*8
34% 34*2
33*2
34*8
12*2
1234
12%
12*2
12%
1234
12*2
1212
12%
12%
69
70
70
70*4
707s
70%
69%
70%
70%
703g
114*2 114*2 *114
117*2 *114*2 117*2 *114% 117% *114*2 117*2
14
13%
1334
13%
1378
1378
£1334
13%
137g
1334
80
85
82
85
8058
79*2
85%
80*2
80*2 8l34
84%
84%
84%
84%
84*2
*84*4 84*2
84*4
84*4
84*4
*13
13
13
13*2
*13%
13*2 *13*8
13%
133g
13%
29
29
29
29
29
29
2934
29%
2934
2834
43
43*2 44
441.1
43*2 44%
44%
435S
4338
43%
17
1634
1634
1634
16%
16%
16*8
17%
16*2
16*4
14
13%
13*2
1278
13*4
1334
13%
13%
13%
13*2
*111*4 112
*111*4 111*2 111*2 111*2
*111*4 112
*111*4 112
50
49
49
50*2
493g 49%
49*2 495g
49*4
49*4
*1834
1*4
28
19
l'%
2834
19
1834
18%
18*2
1*2
1%
138
1%
1*2
28
28*2
28%
2834
28%
29%
Bid and aexed orloes; no sales on this day.
19
1834
1*4
I In receivership.
1,800
-
-
-
2i2May
2078May
6% Oct
334 July
1
Nopar
Union Carbide A Carb.No par
Union El Co of Mo$5 pf No par
Union Oil of California
4,800
Union Pacific RIt Co
25
100
100
preferred..
Union Prem. Food Stores,Inc.1
1,600
Union Tank Car
9,000
United
No par
81
May 28
18
May
35igMay
4i4May
10%May
4%May
l%May
64
Aug
5
21
21
21
21
22
22
5
May 21
14
May 22
ligMay 22
137gMay 22
United Biscuit Co
-
11,600
Def. delivery.
$3
n
preferred
New stock.
June 10
13
Dec 28
__
2234 Jan 21
100
No par
No par
No par
r Cash sale.
3
12
No par
6% preferred
United Corporation
70
6
Un Air Lines Transport
United-Carr Fast Corp.No par
3034
53
Dec
8>4 Aug
5784 Dec
16*2 Mar
75i2 Mar
18*2
Apr
3458
5*8
Dec
7U
Dec 14
94
Oct
2
Dec
4*t
7i2 Jan
Apr
40i2 Jan
3834 Dec 30
8O84 Jan
3
87, Feb 15
8*4 Apr 2
12% Jan 5
12% Feb 21
108
Dec
Jan
June
5U
Jan
Apr
103,
Apr
207,
Jan
Oct
1
May 21
l2t2May 28
1087g Nov 22
42i2May 23
12
May 24
1*4 Deo 13
26
Dec 19
Et-dlv.
y
30
Sept
38
Aug
531, Sept
20%
Apr
30
Sept
66
Apr
80
Dec
012 Aug
3%
Apr
8%
Apr
5%
125, Jan
7*4 Sept
17*8 Jan
Apr
10
Oct
4
4584 Sept
60
Jan
Dec 23
118*2 Scot
057gMay
125
107g Jan 20
6
2i2 Jan 3
18% Nov 8
353g Feb 28
7ig Mar 25
247, Apr 22
32U Jan 26
9% Jan 3
7*gMay 3
0
Apr 11
277g Jan
40
Mar
6
6% Mar
6
9U Dec 26
47% Apr
4i4 Apr
37% Nov
8% Jan
6% Jan
12i2 Jan
18i2 Jan
12
311, July
United Carbon Co..
1,400
Apr
Nov
4
4
20
8
4
8
8
9
Apr 8
Dec 13
Apr 10
23
5
Aircraft Corp
1,000
10,700
Apr
42
May 18
May 21
6%May 22
4,800
1*2
Apr
11
8'4May 28
8
6%May 23
19*2
30
3
75g
Jan
4
Jan 27
May
0
30i, Mar
57g Sept
17
9
4
7
5% Apr 15
371, Sept
4lg Aug
3% Aug
47g Aug
123, Sept
33% Oct
35g Aug
4
Apr
82l2 Aug
3U Aug
28
Sept
7
Aug
9
Jan
Jan
24
Oct
48
01
Oct
3U
21,
Dec
Dec
41
Oct
Apr
6
Nov
Apr
33
Nov
1*2 Jan
2*4 Sept
17
Apr
11, July
712
Apr
912 Aug
5
014
Oct
1814 Dec
14U Mar
96
Feb
Apr
25
Dec
Apr
Sept
54*4
Apr
127,
107,
61,
Apr
2
Mar
74
Apr
Apr
4
8
37g
4*4 Nov
33i4 Nov
3*4 Jan
Sept
30
Apr
534
Oct
Sept
4
98
5*4 Jan
38i2 Sept
118, Sept
22i,
Apr
Apr 22
Jan 4
Deo 9
Jan 8
Mar
Sept
60»4 Sept
684 Nov
ll«g Dec
19*4 Sept
1*8 Apr
18*4
88*8
116%
17i2
Mar
July
8i2 Sept
Apr 24
Jan 4
Jan 23
Feb 19
9*2 Sept
71,
431,
014
918
l6i2 Dec
10ig
1314
25U
3U
13i4Mar 14
Jan
25U Sept
24'4 June
284 Jan
82i2Mar
45
105,
Apr
IO84
34U
4
Jan
22*4 Sept
34i2 Dec 30
5212Nov15
Mar 14
38*2
3*8 Sept
221, Jan
83
7
1281, June
11*4 July
Apr
10
99*4 Dec 14
217g Apr
93g Nov
Apr
19U Sept
184 Aug
71*
0i2
38%
2i2
2U2June 10
9%May 21
6978June 10
105 May 27
12
May 21
71
May 26
10
9
6
1
1,500
517, sept
34*8 Dec
Feb
2
Jan
...100
19,100
9', Sept
70U Nov
2212 Deo
38*4 Apr
4
Jan
Apr
58% Dec 12
11% Jan 3
00l2 Apr 9
40i2 Apr 10
112i2 Dec 2
77g Apr 0
113
Jan
Sept
4
preferred
200
Apr
Dec
141,
234 Feb
2634May 28
3%May 21
$1.50 preferred
4%
2334 Apr 11
11, Aug
4*4
60
14
10
Twin City Rapid Tran.No par
800
6
35
Twin Coach Co
20
Jan
May 14
5
June
Under Elliott Fisher Co No par
Union Bag A Paper
No par
13,800
3ig Apr 24
30
__No par
20th Cen Fox Film CorpNo par
280
3,100
43*4 Sept
3*a Jan
42i2 Feb 16
6*4 Mar 8
1,800
1%
a
...No par
Truscon Steel Co
7%
May
3,800
19*2
30
.No par
10
16%
10*2
5
pref
Tlmken Roller Bearing.No par
Transamerlca Corp
2
7
5
5
*8*4
75
100
Thompson (J R)
26
Thompson Prods Inc.-No par
Thompson Starr ett Co .No par
15,200
4,600
33
21
20
18
14
25
21
23
23
11
20
500
50
334May 22
4igMay
28i2May
27g Dec
4i4May
10
preferred
100%
34%
434May 21
May 16
6,400
33%
3
June 19
10%
4934
5*8
1634
20
*17%May 29
3
$3.60 cum preferred.No par
5034
Mar
2igJune 11
Tide Water Associated Oil-.10
34%
29
15
21
4
22
May 21
May 22
118i2May
7igMay
12i2May
lig Oct
9%May
30
400
50
0
1
900
33%
4034 Aug
.100
1*8
5084
34
Jan
Feb 16
17*2
337g
39
Mar 21
No par
conv
Dec
36*8 Nov
4
Third Avenue Ry
$4.60
Sept
143
Apr
53
500
*99
Apr
34% Jan
Dec 27
1,400
10*4
127
Sept
July
Apr
36
1%
17%
1*4
18
Apr
111,
15*2
20i2 Jan
May 22
Dec 24
Co
conv
14
Sept
Apr
6
6
99%
15s
$3 dlv
Sept
Sept
15ig
3U
185g
35*8
10*2
No par
pref
The Fair
Thermoid
13
24
29U
21*8
23U
No par
Mfg
conv
121, Apr
10*4 Aug
1% Sept
Jan
7
34
*5%
99
87g
400
1
34
99*4
747g
$3.60
Sept
1714 Mar
23ig
100
Texas A Pacific Ry Co
70
*4
10
Preferred
31%
10%
5%
800
1,400
10*4
17
1,900
Coal A Oil
Texas Pacific Land Trust
Thatcher
------
,434
18
5%
900
41
177g
10*4
17
700
4%
3334
1*8
*17%
2%|
*40
5%
33*4
4,000
9
8
4*4
6
33
4*4
38*2
32
6
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
Teixas Pacific
8
434
33
6
25
2,700
*36%
234
41
w.l
9
8
*36
w
4%
'9
38
234
434
8*2
Symington-Gould Corp
5*4May 21
10% Aug 20
Swift International Ltd.
4,700
*9
137g
...10
Sweets Co of Amer (The)—.50
Swift A Co
26
6
3%
7*4
7038
1001
preferred
Sunshine Mining Co..
37
10*2
114*2 114*2
May 21
6
678
1234
6
Studebaker Corp (The)
1
Sun Oil Co
..No par
Telautograph Corp
Tennessee Corp
Texas Corp (The)
7*8
21*4
No par
Stokely Bros A Co Inc
300
078
134
Dec 19
60
7*4
19
1
4
6>$% partlc pref
10*2
1234
•
Sterling Products Ino
10
Stewart-Warner Corp.......6
6
3%
5%
4*4
Dec
21
Dec
22*4 Aug
37
3%
37
112
9
24U Sept
210
3,700
Jan
11*« Apr
101
29
Sutherland Paper Co
19,800
127
20ig Jan
No par
700
7
834
29
4*8
834
9
39*2
Oct
Jan
Sept
Apr
70
253, Oct
335, Sept
600
*9
331?
1*4
4*8
8*2
43*2
*4*2
4
578
5%
9
39%
Jan
3U June
Apr
10c
Superheater Co (The)--No par
Superior Oil Corp...
.....1
Superior Steel Corp....... 100
7*8
5
8%
*18
4*8
*2%
*39
734
38
*3*4
578
3%
2812
291,
1338
Standard Oil of New Jersey.26
Starrett Co (The) L 8--No par
10*2
*32%
*13
4
33
734
*3534
3*4
37
36
*3*2
9
38%
4*4
*3834
*32
3%
878
39%
4*4
8*8
*7*4
734
3*2
87g
39
6
38
35s
*4%
4%
32
*3*2
6
734
32
35g
3*8
*35
434
32
*3*2
3634
3*8
434
32
17% Apr
214 Dec
16*2 Apr
161, Aug
12igMay 21
16% Oct 10
2024 May 28
297gJune 1
23
May 21
60 May 21
4i2May 15
434
41,
32
Nov
8*8 Sept
3284
No par
1
5*8
16% Jan 3
3084May 10
1621* Apr 23
30i2May 0
153, Jan
1077g
10
9
32
9
2
2% Mar 11
Feb
38i, Aug
1714 Sept
1812 Jan
22^ Jan
Without warrants
*458
4
Oct
II84
97gMay 25
Talcoft Inc (James)
32
Jan
77, Sept
54
No par
500
18%
18*2
June
No par
preferred
$6 cum prior pref
0%
37, May
43
Jan
Jan
Sept
25g Jan
1,400
6
134
$4
May 21
June 10
72
May 18
2%May 22
734
3*8
8*2
1
preferred
634
3738
74l2
98
$4.60
7%
6
5
No par
Standard Gas A El Co .No par
634
37
17*8
5
7%
578
51
112
6%
18%
May 22
20%May 23
Deo 3
100
75g
18*2
4»4May 22
No par
preferred
conv
Standard Brands
6%
*4%
314
1*8
Square D Co..
678
187«
19
May 21
46U May 28
40
73i
37*4
18*2
*1734
10*4
10*8
*9938 100*8
3334
33*4
2
7%
18*2
Dec
7i8May21
1*8 July 1
10 May 22
10
Aug 13
128 May 28
23%May 22
034May 21
8
May 21
l3%May 21
17i2Nov 0
U2May 21
No par
__1
Conv $4.60 pref
*6%
1834
*3*8
4*2
6*4
Spiegel Inc
734
18
14
6
Oct 29
11*2 Jan
24*4 Feb
12% Jan
47
Standard Oil of Indiana....26
5,600
22
May
May 21
1
No par
No par
20,200
1,300
114%May
5
33
(The) vte
Spicer Mfg Co...
$3 conv pref A
20,800
2,600
May
10i2May
8 perry Corp
38,700
6,900
23»4May 10
Apr 8
120
105
18*8
21*4
Dec
98*i Aug
484 Apr
Not 12
May
Spencer Kellogg A Sons No par
$7 cum prior pref
Standard Oil of Calif
1,700
3
7
300
1,100
7,200
2,100
7,000
22,300
Jan
67
72
2,200
1,000
7
9
Feb
Sept
3i, Jan
857g Nov
51
97, Aug
Not
1
3ig Sept
24*g Sept
Apr
Apr
Apr
28
Feb 13
Jan 4
521, July
117U May
6OI4
11%
10%
012 Dee
2ij Apr 29
3*iJune 12
300
2,700
7% Mar 13
60% Oct 14
14%May 29
No par
6%
4r>8
18
3678
5&8
33
No par
..1
preferred
734
85g
1384
Sparks Wlthlngton
Spear A Co
634
39*2
70
Mobile A Ohio stk tr ctfa 100
734
834
32
100
63.1
40*4
73.4
preferred
6%
1,700
No par
734
*85g
38
3,300
10,400
Ry
4,900
1,600
18
39*2
*20
6%
500
.
100
..26
634
1734
734
*1*8
Southern
-
*125*4 127*2 *125*4 127*2 *125*4 127*2 *125*4 127*2 *125% 127*2 *125*4 127*2
9
9
9
8%
8%
834
834
87g
8%
878
8%
87g
21
20
20
20
20
19*8
20*4
20%
18*8
1934
19% 20*4
134
1%
1%
158
15s
1%
15«
158
134
134
1%
1%
17
16%
17
1658
16%
16*2
1634
16%
16*2
1634
*16*4
*16*4
*22
24
22
22
23*4
*2212
22%
2234
22*4
22%
*2214 23*4
5
*4
5
5
5
5
5
*33.i
*334
*334
*334
*334
2234
2234
2238
22*2
22*4
22*2
22*2
22*4
22%
2218 22*2
22*4
*658
*4%
8,600
6%
57
547« 55
36%
35*2
35*2
3578
35% 36*2
35*2
357g
35*2 3534
*113*2
*113*2
*113*2 117
*114*4 117
*114*4 117
6%
65g
6%
6*2
6*2
6*2
6*2
6l2
6*8
63s
6*2
6%
112
112
*111*2 112*2
*11134 114*2 *11134 114
11134 HI34 *111*2 112*4
1
1
*1
1%
1%
1%
1*4
1%
1*4
1*8
1*8
1*8
3
3%
3
3
3%
2%
3*4
*234
3%
3%
27g
278
13
13
13
*12
13
1334
1334
13*4
*12*2
13*4 *12*4
*12*4
16
15
15
15
15
15*4
15*2
16%
15*4
*14%
145g 15
20
20
20
20
20%
20*4
20*4
20*4
20*8
20*4
20*8
20*2
27%
26% 27%
26%
2634
2634
27%
26r>8 26%
26*2
26*2 26%
36
36
36%
36's
3534
3534
35%
36*4
35*4
35*2
35*2 357«
40
40
40
39*4
39%
39*4
39%
3934 3934
39*2
39*2 39*2
64 34
64 34
65
65
64
64
64
6434
*63*2 643s
643g
64%
834
8
8
8*4
8%
8*2
734
8%
*73g
73.1
8*2
83g
434
4*4
4*4
4*4
4*4
4*4
4*4
4*2
4*4
*4*8
4*8
4*8
8
8
8
8*4
7%
734
77g
778
734
778
8*8
77g
8
8%
8*2
8*4
8*2
8*2
8*4
8%
8*8
8*8
8%
8%
57
*58
57
57
57*2
57*2
5834
5734
58*4
58*2
5834 5834
---
380
58
58
6%
57%
357S
*114U 117
19
200
preferred
Southern Pacific Co—.No par
200
2
37
634
8%
30
434
37%
,*9
Snider Packing Corp
*143*2 146
8*2
8
3734
6*2
10
50,500
37*2
*58
O) Corp
9%
367g
*58*4
*8
100
Smith A Cor Type v t c-No par
9*2
37%
1*2
*74*4
*47,
Smith (A
1534
3734
6*2
No par
100
9%
38*s
5
$6 preferred
------
19
*834
3734
37*4
*17
Sloes Sheffield Steel A Iron. 100
75
58
16
Skelly OH Co
$6.60
37*2
No par
1534
3778
5078
40
Petroleum
9*4
375g
*36l2
*1
2,700
111
*18
20
*6
31
Slmonds Saw A Steel
9%
20
33
l%May **"
17%May
12%June
Slmms
100
1534
1934
*31*8
*4*8
12iaMay 23
10
Simmons Co
800
9
1934
*35
No par
24
15
*834
20
*3*4
3%May 22
9
20
*32
96igJune 14
Oil
oonv
Apr
15% Aug
1% June
6
I6«g Jan 11
101, Nov 8
73i,Novl6
634 Jan 11
60
Apr 6
...16
6H%
28
2134
111
Am*
Sept
1
3
27gNov 14
88.
105
'*4 Aug
2
2
Jan
Highest
$ per share $ per share
10
177, Mar
Aug
01
70i, Aug
Sept
4412 Sept
3g Jan
preferred-.100
Shell Union
4
1U Jan
20
Silver King Coalition Mines. .6
2
♦26%
Jan
40i2
13ig
IO8I4
0%
600
6,900
May 21
Dec 17
115i2 Jan 11
111*2 Dec 23
4012 Aug 16
43<May 21
34
May 29
7%June 6
$3.60 conv pref eer A .No par
Shattuck (Frank G)
No par
Sheaffer (W A) Pen Co-No par
1,200
%May 16
U Oct 16
May 21
U2Sept 26
61% May 21
3
No par
Sh&rpe A Dob me
500
420
49
8%May 21
61*4 Aug 1
900
5,000
88
8%June 10
No par
$6 conv preferred
14«!4 Mar 27
2
No pat
Sharon 8teel Corp
share
per
May 14
107i*June 25
lOlUJune 24
34
1
....
9%
20
1734
Servel Inc
15«4
20
547,
3534
No par
Sears Roebuck A Co—No par
9
9
20*4
63g
Seagrave Corp
7,200
340
7*2May 21
64% July
11
15«4
20*4
68
{Seaboard Air Line
No par
4-2% preferred....
100
Seaboard Oil Co of Del-No par
3,400
21%
*112*2
*112*2
19
2,300
2,500
4,100
5
2
27*2
*26%
27%
22
2134
2134
111*2 ♦110
111*2
No par
5%
21
21*4
$4 preferred
Ns par
55%
5
2
•
b
Lowest
Highest
$
S per share
100
-.No par
preferred
$4.60
80
38*2
12
12%
104% 104%
5
preferred.,.
6H%
Scott Paper Co
30
4%
4%
5*4
*3734
*484
*112*2
19
*15
183«
400
14*2
*55
5*4
38*2
*3734
1134
12%
105*8 105*8
2058
9*4
1«4
14
39
37*4
1134
4%
55%
5*4
Schenley Distillers Corp
1,000
6734
*13*2
67%
55%
5%
5
15*2
1%
4
4%
55
*5*8
5
*112l2
T»~
14
19
20*4
*178
2714
22lg
203g
4
55
Pai
43,600
37
37
37*2
37*2
30*2 36*2
*111*2 113*2 *111*2 113*2 *111*2 113*2 *111*2 113*2
*11134
*11134
11134 m%
♦111«4
*14
»u
**!»
*8
*4
«I«
*»!«
%
%
*»l.
%
%
♦14
14
14*4
15%
14i2
15*4
1484
15%
*2*8
2*2
2%
2*2
*2%
2%
*2*8
*2%
78
78
78
78%
77*2
77*2
77*2 78*4
10%
10%
10%
105g
1034
1058
105g
10*2
100-Share Lois
Lowest
Shares
36
67*2
On Basis oj
Week
$ per share
% per share
Range for Previous
Year 1939
Range for Year 1940
EXCHANGE
Jan. 10
9
36
1034
....
*»lg
Jan.
*85
11112 111*2 111*2 111*2
*11134
*11134
*4
*»!«
*4
*4
*1334
8
Jan.
% per share
11
11
*84
*30
7
Friday
Thursday
NEW YORK STOCK
the
NOT PER CENT
SHARE,
Wednesday
STOCKS
far
AND
Sales
Jul
LOW
Jan. 11, 1941
3
Apr
0
Apr
1712 Apr
7ig Apr
341, Sept
6
AUK
651,
Apr
IO884 Sept
151, Aug
8D2 Apr
Jan
8ig Sept
Dec
Jan
43, sept
88
Jan
7*4 Sept
14U Sept
2614
Jan
3414
Jan
3*4 Aug
35U Aug
1212
Jan
66
Jan
I3ig
Dec
94% Sept
118
19*4
July
Jan
105
Sept
90
July
89% Feb 10
10
July 13
78
297gMay 11
533g Apr 16
20ig Mar
2414 Sept
31
61
23*4 Apr
18
4
Apr 17
Apr
Aug
Nov
Apr
16*2 Dec
USg Sept
18*4 July
Apr
69i,
Apr
20
77g
1117g Dec 27
65% May
2
62
20i2 Dec
27, Apr
3
13*8
4
42
Ex-rlghta.
Feb 13
Oct
Mar
2
Apr
3*4
Feb
30*8
Apr
397«
Aug
? Called tor redemption
Volume
LOW
AND
New York Stock Record—Concluded—Page 10
152
HIGH
SALE
PRICES—PER
237
Monday
Tuesday
Jan.
Jan.
Jan.
4
$ per share
45s
212
6
$ per share
45g
43s
412
2%
♦212
»28i8
434
27s
29l2
434
4112
•23
32
434
405s
♦6958
41
434
41
70
70%
10
10i8
11412 114%
95g
95s
*312
334
33s
33s
*8618
12i2
*914
67i2
984
334
90%
14
314
*314
*86%
13l2
9%
33g
07i2
934
68*2
9%
314
3%
90i8
1378
9%
6834
68
685S
29%
434
42
6934
182
6
6
36i2
2712
36*2
2634
36*2
27i2
412
4%
4%
26%
4%
27%
4%
8
8
8%
8%
8%
♦59
64
*59
64
*59
64
*57
29
29
29%
30
30
30
3114
3134
32%
24%
13s
25i2
25
25
2214
87i2
2258
22
15s
2234
1%
21%
1%
217s
8712
87l2
87l2
88
89
32%
251?
1%
21%
9034
64
64
2634
43s
8
♦63
64
73i8
*72%
68%
48
12918 129i8
3134
3134
32
48
48
48
47
182
*534
*36%
26%
31%
240
4%
41%
70%
10%
1,000
1,600
1,400
10,900
1,200
4,100
1,100
1,700
36%
8%
64
*58%
7334
69
129
*47
H4
H4
1%
50
*46
50
*46
50
*46%
18
*16%
17%
*16%
17%
*16%
50
*16%
**56
18
*165s
;
*1%
60
*55
60
*57
62
*58
62
*59
♦154
155
*154
155
*154
155
*154
155
*154
M140
144
140
142
*136
139% *136% 139% *136
%
*%
j
17
17
7
♦173s
7
'u
17
18l2
ht
'it
*17
17
ht
♦58%
2i2
257s
2i2
♦25
85
23%
*2i4
25i8
19
20l8
42
42
32l2
32l2
*92
967s
♦135
...
*14
«ie
*uie
3212
32%
9678
314
8ie
78
1055s 1055s
57s
29l2
1338
33s
1714
3%
*51
6%
8I4
*2812
8i4
2978
£*22%
2312
»157s
»1914
334
1634
1612
1934
37s
1934
4l8
32%
*92
*135
8i«
*8%
105% 105%
6
6%
30
30
13%
13%
5%
7s
434
434
%
17%
3%
3
1
87s
29i2
2234
1012
20!4
4%
*80
3%
*51
5
3%
*80
53
%
/8
8
*28
....
53
*8
20
*514
%
203s
1834
612
%
2012
217s
2H2
10334 I0434
134
3418
*35
110
*62
100
2978
134
34%
3634
110
76i2
100
297s
183s
*5U
%
21%
2134
104U
103
104
*133
134
*17%
75
*62
75
*62
75
100
100
*99
100
*99
100
29%
*95s
1634
IOI4
♦22
23
*17S
2%
4U
412
*665s
♦120
30
129
*95s
1634
678
47g
10%
10%
17%
16%
16%
678
478
6%
6%
7
4%
4%
6934
69%
6934
125
32ig
333a
2234
3234
343g
23U
*116
5
55%
24%
2%
2%
2
24
16%
500
Washington Gas Lt Co.No par
Waukesha Motor Co
..5
1934
1934
900
Wayne Pump Co......
4%
900
Webster Elaenlohr
*59
61
100
100
*79
80
22%
22
2214
22
22
17
J634
17
1634
16%
*117% 118
118
11
11
*1034
41
*91
4134
96
41
*91
96
40%
*91
41%
175g
183s
1734
1734
15
1434
1434
214
1434
2%
1434
2's
Bid and asked prices: no sales
2%
on
22%
16%
1634
*116% 119%
11%
11%
40%
41%
*92
96
18
2's
80
22%
1734
.1 2%
96%
*79
11834 *116% 119%
lUs
*11%
11%
42i8
*85
*95% 100
*1434
x
*36
10934 10934
109% 109%
*62
75
*62
99
99
29%
29%
*99% 100
29% 29%
126
126
7
23
*1%
7%
7%
5%
5%
55%
*45
23
70
1734
*15
*2%
this day.
96
23%
*85
90
5634
60%
70
2,800
40
100
79
72
79
11%
41%
1158
4034
96
18%
15%
17%
15
15%
*2%
*91
18
2%
120
1734
*15%
2%
t In receivership,
u
Westlnghouse Air BrakeNo
33%
34%
24
57%
61
100
79%
22
17%
120
12
41%
60
60
_
12.60
Westvaco Chlor Prod..No par
54.50 preferred
No par
Wheeling Steel Corp
6% preferred
May 23
22%June 10
2
July
35%May 28
22
23
35% July
29% Sept
10% Sept
74
39
Apr
Nov 29
24
117
Nov 22
39% Apr
No
Apr
48
July
60
0% Mar
5234 Jan
11484 Nov
68% Sept
Jan
*70
41% Aug
39
Oct
4034 July
Deo
4
Apr
Apr
May
64
Deo
17
Sept
70
Jan 15
84 Apr
Oct
Aug 22
31% Mat 14
4% Jan
31*4 Jan
120
40
9
Nov 12
15% Apr
86
July
Sept
163
J une
Apr
78
Feb
Jan
1
Sepi
Aug
45%
%
10
21
Sept
10
40
Sept
40
Nov
Apr
25
Apr
109
Sept
110% July
44% Deo
56% Aug
34% Apr
54% Aug
05
65
Sept
35
23
110
Nov
135
May
Apr
2%
Apr
684 Sept
Apr
33«4 Sept
17
July
15
Sept
Jan
2%
Apr
101
Mar
131
Mar
84 July
3
Sept
04%
125
1% Jan
Jan
May 22
35% Jan 11
14%
8
30'4 Sept
16% Feb
3% Dec 18
%May 16
13% Aug 30
2
May 15
30 May 22
%May 21
334May 16
May 23
20
May 21
13% May 21
14 May 21
2%May 21
22
80
Dec 16
15%May 22
5834 Aug 16
9% Jan 10
1% Jan 10
25% Jan 10
4% Feb 19
50% Dec 13
2% Sept 13
1234Sept 13
34% Nov 13
2834 Feb 7
20% Apr 22
24
Jan
4
85
Apr
20% July
Dee
1%
Deo
21
14% Mar
44
Dec
36
Feb
68
0%
19%
3%
1%
24%
3234
384
Jan
Apr
28%
Jan
79
Jan
Apr
Sept
29% Apr 16
10
75
55% Aug
Jan
4
85
Apr
90%May 22
95
90
June 10
108
Jan
8
Apr
Apr
l08%May 23
11
May 21
l00%May 17
120
Oct
3
25%May
3
June 10
234May 15*
26
Jan 20
27«4May 21
108
Dec
2
105
Jan
88
107% Deo
112% Deo
106
Deo
116
105% Sept
15% Nov
Nov
19%
Deo
4
Jan
2884 Jan
28% Jan
118
Jan
140
36% Nov
034 Sept
Nov
20%
2%
Apr
3%
%
10%
18%
82%
4
8% Apr
1
Oct
Apr 29
40% Apr
5
Jan
Dec 10
9
21
Jan
July
1484
20
Apr
3
Jan
July
1334 May
3634 Oct
Apr
Apr
110% Apr 12
June
Jan
Mar
6%
1% Nov
116
91
2%
.
3% Deo
4% Feb 23
80
98% July
9% Jan
6O84 Jan
Oot
7
Oot
23% July
Jan
4
Dec
3% Sept
1% July
6% Apr
15% Apr
10
4
Deo
118
112% Sept
4% July
l8%May 22
June
Sept
2934
18%
9% Nov 18
23%May 9
104% Deo 21
6% Nov 9
3
Oot
Jan
29
June 26
Sept
2%
00% Sept
140
0
Feb 29
43%May 10
39% Mar 16
117% Apr ~
49%May
% Oct 23
89
June
82'4 Sept
120% Sept
37% June
98% May
30
Sept
13g
Apr
Deo
11% Sept
2
Sept
Apr
37
120
Apr
38% Feb 13
109% Deo 28
121
Sept
145
Mar
28%
39%
Apr
Deo
76
Apr
15%
Sept
37% Sept
Apr
Apr
May
10%
37%May
Oot
Deo
May 24
103
Nov 15
74
Apr
97
Oct
18%May 21
9334June 13
15%
Apr
38%
Oot
Dec 23
80
Jan
80
Jan
74% Nov 14
45
July
78
Oct
par
...6
—No par
51
May 29
7«4 Aug
7%May
4% Mar
3%May
16
21
23
22
35% Apr
125
11% Apr 18
17% Dec 30
July
11% Apr 10
7%May 3
3% Sept
1«4
Jan 15
3% Apr 22
684 Apr 13
7% Apr 22
3
70
0% pref. 100
116
Jan
2
121% Mar
1584May 21
May 18
13%May 21
34% Nov
42% Apr
24%May
30
65
June 17
60
July 25
700
0% preferred B
..100
Prior pref 4)4% series.. 100
Prior pf 4)4 % convserleslOO
29
June
6
95
58
39
June 17
60
Wright Aeronautical...No par
91
June 10
129
Wrlgley (Wm) Jr (Del).No par
73
May 23
93
1,900
16,500
Yale 4 Towne Mfg Co
25
Yellow Truck 4 Coach ol B..1
25
..
100
l5%May 28
9»4May 21
98
May 25
2,900
8,600
Young Spring 4 Wire..No par
Youngstown 8 4 T
No par
5)4% preferred ser A—100
6%June10
26%June 10
80 May 28
"V.ioo
Youngst'n Steel Door..No par
Zenith Radio Corp
No par
Zonlte Products Corp
1
12%May 21
8%May 21
2
Mar
z Ex-div,
y
1
Mar
Oct
14
Aug
Apr
Sept
2% Aug
June
2% June
2%
Aug
0
32
Aug
1
7
6
8
105%
Apr
102% Oct 22
500
Cash sale
Apr
334May 21
l4«4May 22
1«4 Oct
1% Jan
7
Preferred
7
1
4
June
10
Dec
14
Jan
45
.10
8%
67% Mar 8
24%May 2
3% Jan 11
38
No par
r
Deo
Apr
8684
1»4
48
Worthlngt'n P4M(Del)No par
7% preferred A
100
New stock,
1%
31%
2% Apr 11
18
8,700
n
37% July
234 Apr 24
14
""lb
Def delivery
Oct
85
...20
Woolworth (F W) Co
900
Oct
Mar
31%
par
100
Woodward Iron Co
1,300
6
Dec 31
07
49
'"42
6% conv preferred.......10
290
5
41% Jan
130
15% Sept
Apr
32% Sept
Jan
1
Wilcox Oil 4 Gas Co
21,100
40
May
38%
Oct 14
Willys-Overland Motors..... 1
600
Apr
June 10
120
7% July
13% Apr
3% July
60
May
109 May
5
May
3634June
28%May
71
May
Apr
23
62
14
Jan
Mar
4
Apr 25
6
l»4May 15
Sept
113
180
80
1
preferred
14
5% Aug
05% Sept
14934 Sept
Dec 26
Aug 22
May 24
19
Jan
May 28
White Rock Mln Spr C0N0 par
White Sewing Mach Corp
1
50
Mar
100
No
White Motor Co
Wilson 4 Co Inc
7% Sept
11
8712 Mar
17% Sept
28
19
25
Sept
35
•uNov 27
12 June 24
112
Nov
14
June
5
Sept
15
60
55 conv prior pref
No par
White Dental Mfg(The 88).20
54 conv preferred
Prior preferred
95
100
Wheeling 4 L E Ry Co
5)4 % conv preferred
"T,I6o
96
18%
15%
2%
par
Jan 25
Jan 22
4%May 18
3,800
11,700
4,100
100
96%
60%
*98
*21%
16%
40-%
3,600
1
Nov
89
Deo 31
% Dec 23
14%May 22
15%May 21
70
May 21
110 May 21
"""400
2%
4%
110
57%
22%
1634
17
117% 119 I
*91
23%
2%
11
75
Feb
117% June
6% Apr
3>4 Aug
684 Mar
6
128
100
Wis onsln El Pow
23%
79
22
11%
17,300
1,600
2,600
*116
5634
60%
101%
4% 2d preferred
Weston Eleo Instrument
""226
12% Dec
169
June
Western Pacific 6% pref.. 100
Western Union Telegraph. 00
100
5%
72%
2
72
5%
100
6% preferred
100
Western Auto Supply Co.—10
Western Maryland
100
55%
23%
*1%
2%
2%
7%
preferred
West Va Pulp 4 Pap Co No par
800
75
126
100
Westing house El 4 Mfg
1st preferred..
3,700
3634
*85
61
163s
36
*82
2334
23%
*60
*21
*35%
90
79
61
34
33
105
600
11,700
9,200
134
3334
79
%
*33
34
24%
96%
*100
*5934
6%
6%
%
21%
22%
No par
preferred
WestPennPowCo4)4% pf-100
200
33
57
60i2
800
33
80%
100
900
3%
134
5%
7%
6%
410
""766
26%
22%
22%
104
104%
133% 13334
34
34%
*45
54 conv preferred
West Penn El class A..No par
210
3%
33%
*55
111
50
100.
Wesson Oil 4 Snowdrift No par
600
26%
333s
55
60
72
106%
115
107
118
17%
107
lV,8o6
3%
34%
55
*79
2134
2634
33%
110
*101
«
333s
*75
56i2
21
2134
72
71%
105% *105
114%
114
106% 106%
118% *116%
17%
17%
104% *10434
6
..1
No par
7% preferred
34%
2334
200
*80
33%
110
o
*4
4%
34%
23%
*85
*55
No par
33
*75
5734
Warren Fdy 4 Pipe
90
16%
*116
99
*55
300
4%
110
6
No par
5%
*85
Warner Bros Pictures
No par
No par
5%
*75
...100
preferred
53.85 preferred
4%
99
7%
{Warren Bros Co
53 preferred
5%
110
par
No par
160
4%
*89
Baking Co cl A ..No
Class B
1,600
5%
*75
par
No par
8%
9"
May 11
5
59
No par
%
55
*52
97
8i» Deo 27
%
53
2%
4%
*116
96%
3%
16%
434
*120
338
17
7
12%May 24
45
May 24
l34%June 8
6%May 21
l0%May 22
Dlv redeem pref
Ward
02%
13»4 Mar 12
7% Apr 10
7% Jan 3
63% Deo 11
18% Nov 9
June 26
No par
No par
Walk(H)Good 4 W Ltd N
3,500
13,300
10%
4%
67%
68
17
500
*22%
*1%
67
17
11
17%
23%
1%
2%
4%
43s
100
*10%
17%.
*22%
1%
2%
4%
2is
400
*a4
10%
17%
5
2
5%
"I#
*5
Sept
41
....100
System
Co
Walworth Co
200
6%
100
4)4 % pref with warrants 100
8,400
1,100
1334
10%
*45
47s
2
30%
*13%
300
23
23
6
500
75%
4%
....25
5% preferred A..
Waldorf
Walgreen
74
Apr
Apr
110
50
tWabash Railway Co.....100
500
*29%
3%
preferred
900
75%
55%
4%
1,500
74%
*45
6%
...25
Preferred
7i«
%
716
*8%
8%
8%
22%
22% *22
106% *105% 107
17
No par
6% pflOO
Virginian Ry Co
Vulcan Detlnnlng Co.....100
74%
55l2
*45
Va El 4 Pow 56 pref
Va Iron Coal 4 Coke
30
11
9
42%June 5
1% Dec 20
1
May 18
No par
6% dlv partlc preferred-100
700
6%
30%
1334
Chem
*23%
*125
May 21
l03%May 21
29% Dec 13
Va-Carollna
%
10334 104
a;
42
400
540
6
Oct
3
April
67% Nov 14
*73% Deo 20
76% Nov 9
56% Jan
1,100
2,300
3
Jan
1>4 Jan
60
1,200
Jan
15
08%May 22
39%May 23
60
May 22
6% non-cum pref
100
Victor Chemical Works.....6
74%
16%
4%
33%
235s
126
*73%
10%
45g
32i4
2934
126
129
74%
45g
675s
32l4
29%
*72%
*178
3234
23%
*125
29%
74l2
10%
2%
2%
4%
125
29%
5
Deo 10
3
May 21
700
—
816
2234
*62
24
2%
*92
8i0
22
22
102% 104%
134
134
♦133% 134
33% 33%
*33% 34%
*35
*35
3634
36%
110
...100
Vlok Chemical Co
85
*133%
%
110
7% 1st preferred
100
85%
118
%May
15
Vicks Shreve 4 Pac Ry_..100
21%
110
45
*23%
2%
9634
%
110
Vanadium Corp of Am.No par
Van Raalte Co Inc
6
10
*
—
2134
110%
40
2,300
*43
No par
8% preferred
100
Universal Pictures 1st pref. 100
Vadsco Sales
Ne par
Preferred
100
1,500
33%
2%
26
27
25%
118% *116% 118%
18% 18%
19
42
41% *41
32% 3234
32%
7u
110
*73
6%
47s
21%
103%
33
%
19
*25% 26%
114% 114%
23%
22%
3634
73
55l2
21%
Universal Leaf Tob
270
1934
6
6%
*%
21%
2134
*3 5
73
6l2
%
2134
Universal-Cyclops Steel Corp 1
*7i«
%
*80
34l2
*125
*45g
*%
100
23%
16%
*4
*80
*33%
129
♦45
6%
21
*125
17
6%
*%
2034
2112
6
8%
31%
16%
I934
4%
*5
1
*30
1834
*5
.25
30
19
18%
19
20%
20%
71
71
71
*70i4
71
*70%
72
71%
71%
*105
106
106
106
*105% 106% *10514 106%
105%
♦113
115
*113% 115
114% 114% 113% 114%
11334
106
IO6I4
106l2 106% 106% 10634
105% 106%
106%
*115
»11738 II8I4 *1173s II8I4 *117
118% *116% 118
18
18
17
*17U
1734
17%
18
17%
17%
♦1047s 107
*10478 107
*104% 107
*104% 107
104%
2634
27l2 2734 *2634
275g
2634
2e%
2634
2634
*3
*3
*3
3i2
*31S
33S
3%
3%
3%
I8I4
preferred
23%
20
4%
U 8 Tobacco Co.......No par
United Stockyards Corp
United Stores class A
29%
29%
23%
16%
*22%
16%
50
60,
No par
100
Corp
Preferred
62
3%
Preferred
16%
137
5%
3%
%
U 8 Smelting Rtf 4 Mln
16%
"u
17
17%
...100
.
155
*34
22
10
56 conv preferred... No par
137
*434
%
17
8%
4%
5
*34
29%
23%
ie:,4
1034
4%
*19%
22%
105% 105% *105
6
6
6%
30
30%
30%
*13%
13%
13%
1
*16
*%
8%
8%
22%
.1
100
*59
*%
«
8%
53
53
*%
*7%
29%
*22%
32%
*92
*133%
8
*22
%
17%
32%
96%
...
%
8x«
8%
22%
*22
133s
1778
41
*2%
2l34June 11
27%June 14
50
*154
85
23%
*%
8i«
30
55
78
*8%
*28i2
2234
♦80
;
8:
22
*34
1
32%
96%
*%
6to
%
834
22
5
55
*50
32%
*92
1%
35% Sept
684 Aug
No par
600
7%
8% Sept
Apr
1234 Apr 23
May
284May
25% July
14 May
3%May
10
800
1,000
1,100
Apr
2584
May 21
Aug 19
20
8% 1st preferred
130
1%
64%
3%
Dec
3
Deo 26
5H Jan
41
7% Apr 23
5
USRubberCt
63
23%
2%
26
41
41
4134
73
50
05% Mar 14
182%May 14
6% Mar 9
50
17
*24%
25%
116% 117% *116% 118% *116%
18%
18%
17%
17%
1734
*41
64%
73
62
*
85
23%
*2%
25
'135
7!
17
16
25
....
*92
5
*4l2
2%
*135
5
9
2214
105l2 105i2
534
57s
*29l2
30l4
*13
133s
*2%
20
4178
*8i2
*22
23%
18%
4134
8x«
*
85
23%
2534
*117%
*11714
»
23%
2i2
94
155
*
*
23
{US Realty 4 Imp
32%
Dec
23
21
17
21
21
U. 8. Plywood Corp..
64%
34
34
33
32%
33%
33% 34i8
33%
33% 331;
*26
27
*26
27
*25%
27
*25% 26
*25%
26%
*114l2 11512 *114l2 11512 *114% 115% *114% 115% *114% 115%
*4212 44
*4234 44
*4234
44
*43% 44%
44% 44%
85
1,900
7,400
17,300
1%
1%
May 18
5%May 22
48
1%
2334
U 8 Steel
Jan 15
6
100
800
75,300
3,000
2,400
3
May 21
3% Dec 28
7% Mar
884 Jan
4%
June 10
U 8 Pipe 4 Foundry
U 8 Playing Card Co
2,800
June 10
share
per
4% Aug
Mar 13
50
Prior preferred
64
33%
25
32%
9% Deo 17
6
107%June
0
"V,900
*47
26% Dec 28
2%May 21
25%May 22
60 May 21
cl A..No par
31%
69% 70%
129% 12934
6
Highest
share I
ver
165
Corp
2238
:■
23
conv
S
20
*32%
2434
1%
139%
17
Partlo 4
S per share
.100
preferred
3034
134
1%
50
17%
7ie
19
1,500
Lowest
7% April
80
5)4 % conv preferred
60
U 8 Industrial Alcohol .No
par
U 8 Leather Co
No par
700
share
Sept 23
6
U 8 Hoffman Maob
10,800
8%
No par
U S Gypsum Co
200
2834
4%
8%
49%
*1%
1%
1%
1%
200
2734
*4%
6
Year 1939
Highest
2
J6 first preferred
No par
U S Distrib Corp conv pref. 100
U 8 Freight Co
No pat
"""366
6
5
Range for Previous
3'4May 28
United Mer 4 Manu Inc ▼ 101
United Pa per board
10
U S 4 Foreign Seeur
No par
7%
40
*36
32
32
47
*1%
United Fruit Co..
2,200
129%
134
♦47
69
__100
United Gas Improv't__Aro par
15 preferred
No par
182
*9%
73%
69%
*1%
*1%
*47%
69
64%
*72%
H2
Preferred
1,080
93
*63%
7334
69%
47
13
10%
134
22%
93
129% 129%
32
32%
32%
47%
1%
1%
12%
per
10
United Electric Coal Coa
United Eng 4 Fdy
100
88
%
5
Con?
93
22%
134
22%
9034
64
3%
3%
8%
64
30%
33%
25%
*32%
*2434
1%
10%
3%
88
434
30%
115
10%
3%
36%
27%
*4%
8
6334
10%
*5%
27
U%
1%
*1%
69%
115
*177
182
27
68%
United Drug Ine
United Dyewood
4%
6
25%
Par
800
41%
*534
4%
Lowest
4,000
28%
5%
39
8%
4%
3%
4%
234
434
41%
*177
4%
63%
63%
*72% 7334
68%
69%
129% 129%
7034
727s
*176
534
36%
*34
7334
69i4
705s
129is 12912
31%
31%
^
*
1%
♦55s
Shares
434
33
2418
138
3134
24i8
♦34
182
% per share
4%
2%
29%
41%
30%
31
29%
*3178
6is
*176
Week
4%
*2%
*28%
2%
*176
♦6
Range for Year 1940
On Basis of 1W-Share Lois
EXCHANGE
Jan. 10
9
69% 70%
10
10
10%
10%
114% 115
*114% 115%
9%
10%
10%
10%
*3%
3%
3%
3%
3%
3%
3%
3%
*87
*87% 91
90%
13%
13%
12%
13%
9%
*984
10%
9%
69% 69%
69% 69%
115
97s
♦9
182
70
10%
4%
STOCKS
NEW YORK STOCK
the
CENT
Friday
$ per share
434
41%
69%
434
115
Jan.
*28%
42
10
10%
115
8
4%
*2%
28
NOT PER
Thursday
I per share
4%
278
28
*86%
13%
13i2
Jan.
434
*41i8
69%
97s
*3l4
3%
9012
♦176
4%
27s
70
10
115
7
S per share
SHARE,
Wednesday
i
Sales
for
Saturday
2
Nov 15
65% Oct 31
15
Apr
36
Sept
10% Apr
47% July
43
May
Apr
76
Mar
4
11%
Apr
126% Sept
4
98
Apr
Apr 10
9% Aug
3
30
Apr
99% Deo 16
28% Jan
4
74
May
8
12
Apr
4% Apr 22
2
Aug
48% Jan
1734 Apr
Ex-rlghts
7% Sept
00% Nov
115
Sept
3134 Sept
60% Jan
23% Jan
74
69
21%
85
17
Apr
Jan
20% Deo
4% Nov
3% Feb
0% Feb
I884 Sept
9
19% Jan
14
7
4% Nov
3484 Nov
38%
63%
124%
85%
33%
23% July
31% Apr
Apr 26
Jan
3
Apr
12% Mar
15«4 Oot
127
Oot
Oot
Sept
Sept
Nov
Deo
Mar
Oot
Nov
21% Jan
66% Sept
92
Sept
34
Sept
22% Jan
3% Sept
f Called for redemption
1941
11,
Jan.
238
———
Stock Exchange
Bond Record—New York
YEARLY
FRIDAY, WEEKLY AND
disregarded In the
shown in a footnote
Interest"—except for Income and defaulted bonds.
Cash and deferred delivery sales are
week's range, unless they are the only transactions of the week, and when selling outside of the regular weekly range are
In the week in which they occur.
No account is taken of such sales in computing the range for the
The Italic letters in the column headed "Interest Period" Indicate in each case the month when the bonds mature.
NOTICE—Prices are "and
Range or
Range
Sale
Friday's
ti\d
ac
Asked
for Year
Week Ended Jan. 10
Price
United States Government
1947-1952
.>1944-1964
1946-1956
..1941-1943
1943-1947
1941
..1943-1945
1944-1946
1946-1949
1949-1952
rreasury 4%a
Treasury 4s
Treasury 3 Me
Treasury 3%s
Treasury 3 He
Treasury 3%a...
Treasury 3 %s
Treasury 3 %a
Treasury 3 His
Treasury 3%s
Treasury 3s—
Treasury 2%s
Treasury 2lis..
Treasury 2 lis
Treasury 2 lis
Treasury 2 lis.
Treasury 2lis...
Treasury 2lis—
Treasury 2 %»._
Treasury 2mb
Treasury 2Mb
Treasury 2Mb—
Treasury 2 lis
Treasury
2lis...
121.12
121.30
16
117 2
d
113.6
113.18
44
111.18115 0
m 8
115
115.7
29
111 16116.11
m 8
101.21
101.24
5
101.25 104.24
j
107 16 109.30
*107.24 107.27
D
/
102.18
107.31
108
2
102.18
108.6
M
112.14
8
iiojo
107.30110 21
15
108.23 113 19
109 14115.1
Treasury 2s
Treasury 2s
16
112.24
9
8
107 20113 23
A
O
10%
10%
1
10
14%
\f N
*10%
11%
16%
ms
10%
11%
10%
1' %
*9 %
15
9%
16%
j
D
j
d
j
D
*9%
17%
j
D
9%
.1961
A
O
*9%
A
O
10
1957
1901
♦0%s assented
100 20 110 10
•Guar sink fund 6s
1961
♦6s assented
104 16 110.25
8
103 24 111.3
D
108.30
109.17
15
103 13 111.4
110
28
103.16111 27
M
106 18 109 22
♦Chinese (Hukuang Ry) 6s
j
105 13110.31
♦Coiogne (City) Ger many 0 %s. I960
*108.22108.25
8
109.22
109.22
107.1
107.23
105.14
/
D
104.15
103 2
108 28
103 4
108 28
♦6s
101 7
166.18
♦0s of 1927
24
106.21
102 2
50
105.9
102 28107.15
t)
105.22
105.25
~"6
D
103.7
103.14
25
*106.18106.22
101
13 106.28
101.26104 20
Colombia
1951
♦Sinking fund 7b of 1926
(City) 5e
8
May
Jan
15 1944-1949
15 1942-1947 j
2 lis
Mar
107.28
107.28
2
106 22 108 .24
108
103.3
10
103 6
105.16
♦Coeta Rica (Rep of) 7a
103
5
103.7
105.2
Cuba (Republic) 5s of 1904
107.12
d
j
107.21
103.5
j
103.5
102.28
102.28
47
25
*22
30
105 4
108.12
External loan 4%s ser
2
103 1
104 26
102 m
101 5^
102 M
103 25
100 5
1
j
D
22
22%
21
22%
12
15%
49
73%
74
5
65%
85
17%
4
s
alOl
1101
2
A
101
101
8
100
103%
98%
4
93
101%
52%
119
D
J
d
a
o
o
......
*8%
J
37%
33%
37%
14
40
38%
31%
40
26
35
13
34
27%
34
34
32
34
6
56
56
57
6
49
58
1
50
75
15
60
75
2
49
75%
28%
20
28%
20
29
4 %s
...Apr 15 1902
With declaration
*28
39
40
60
Dominican Rep Cust Ad 5%a._1942
j
J
9 m
8%
9m
9m
15%
7%
29
7%
16
15%
33
7%
15%
5 %b
8
10
7%
14%
5 lis 2d series
7%
8m
23
7
7%
7%
4
7%
"9m
1946
8m
~~8m
•External sec s f 7s 2d series. 1957
♦External sec s f 7s 3d series. 1967
"l6 ~~
1968
Argentine (National Government)—
M n
8 f externa] 4 lis
1948
MA'
B f external 4 lis
1971
f
A
16
10%
9m
7%
14
O
O
57
79%
80
64
70%
67%
31
01%
63
64%
57
54%
90%
95
87%
87%
a
o
29
65%
57 %
63%
53%
64%
j
57 %
55
39
01
8
56%
53%
56%
32
38
S
56%
56%
A
O
A
Customs Admin 5%a 2d ser.. 196)
1st aeries
O
..1969
190P
48
52
63
34
64 m
51%
j
8m
F A
25%
1949
8%
0%
j
7
J
47
47
48
12
43%
43%
s
f 7s .....1955 j
49%
48%
26%
50
7
48%
1960
26%
5
"26""
"26%
"4
AO
j"d
With declaration
26
J E>
A 0
1957 A O
♦Brazil (U 8 of) external 8s
1941
♦External s f 6 lis of 1926... 1957
♦External
s
f 6 lis of 1927...
•7s (Central
Ry)
1962
J c
8
A
D
D
1957
Sinking fund gold 5s
20-year s f 6s
♦Budapest (City of) 6s
Buenos Aires (Prov of)
♦6s stamped
1961
External
1977
1976
1970
1976
1984
M e
M 8
F A
A O
MN
-1 J
1907
J
s
18%
18
18%
57
15%
15%
15%
89
16
82
16%
17%
16
17%
f 4 4-4He
Refunding b f 414-4148
External read] 4%-4 %s
External e f 414-4lis
3% external s f S bonds
66
30% 100%
4
49
75%
50
76
11%
27
"36~~ 108"
"12 " "
"7%
26 £
27""
"10
%
"23%
8%
8%
18%
18%
8%
18%
79
52%
"54""
"3
33
78
59%
5%
59%
5
42
87%
4%
5%
65
*55
7 lis unstamped
10
27
99
D
*78%
d
*61%
75
**
*6%
11
63
-at
s
♦Stabilisation loan 7 lis
.1968
♦German Rep extl 7estamped.. 1949
♦7s unstamped
1849
J
63
♦7s part paid
65
7%
91%
30
96
83
90%
90%
1
72
14
15
Hungarian Cons Municipal Loan—
J
♦7 %s secured s f g_.
...1946
j
J
J
♦7s secured
s
f g
..1940
♦Hungarian Land M Inst 7 %8.1901
♦Sinking fund 7%sser B
1901
Hungary 7 %s ext at 4%s to... 1979
Japanese Govt 30-yr
a
Extl sinking fund 5%s
1966
9%
4%
A
23
F
ms
*64%
4%
45
87
11
25
28%
29%
20
23
71
66%
71
62
58
54
54
55%
53
44%
8%
1
101%
2
107
♦Lower Austria (Province) 7 %a I960 J
d
1954 J
1954 J
D
89
♦4 %8 stam ped assented
1943
♦Mexico (US) extl 5s of 1899 £. 1945 Q
8%
7
70
17%
*62
12%
27
15%
7
64
14%
53
8%
J
1946 Q
54%
91%
12
d
88%
11%
72
78%
129
30%
26%
69%
92
34%
46%
29
8%
68%
9
9
32%
44%
26%
(Colombia) 0%s
9%
16
23
A
5
6
"28~"
25%
~25m
"25%
25%
26%
14%
14
27%
10
27
9%
10
24
27%
10
♦6s Apr. 1987 ooupon on.. 1960
82%
♦10%
14%
11%
17
1942 MA
1960 A O
*11
11%
10
10%
10%
10%
14%
17
10%
11
10
14%
10%
*10%
10%
*10%
*3%
3%
%
4%
J
3%
3%
3%
10
%
4%
d
3%
3%
30
%
4%
3%
3%
3%
%
*3%
4%
4%
4%
M A
♦Assenting 5s of 1899
J
♦Assenting 4s of 1904....... 1954
1946
♦Assenting 4s of 1910
1
3%
3
25
1942 MA
17
10
14%
...
{♦Treas 6s of *13 assent
1933
y'j
♦Milan (City. Italy) extl 0%a_. 1952 A
Ml 11 as
Geraes
♦Sec extl 8 f 6 %s
♦Sec extl sf 0%s
♦Montevideo
%
27
O
29%
28%
8
9%
8%
9%
26
s
9
8%
9
12
30
1
23
63%
(State)—
(City) 7s
♦08 series A
1958
m
1959 M
...1952 j
1959
New 80 Wales (State) extl 5s..1967
External a f 5s
For footnotes see pa«re 243
*4
24
♦6s Jan. 1937 ooupon on..i960
*16%
ms
78%
♦Farm Loan s f 6s...Oct 15 i960 AO
A
5
78%
*
A
6
78%
26%
Feb 1961 f
5%
o
♦Medellln
10%
5%
*5
77%
j
♦Extl sinking fund 6s..Feb
5
5%
*4%
MS
Mexican Irrigation—
*10%
11
27
♦Jugoslavia (State Mtge Bk) 7a 1957
f
♦Leipzig (Germany) a f 7a
1947
Mendoza (Prov) 4b read]
o
90
*48
1960 M A
f 0 %s.._1964
90%
i960 a
1901 f
58
27
61
♦6s assented
65
75
78
♦External sinking fund 6s
64
22%
o
5
♦7s assented
10
57
♦Heidelberg (German) extl 7 %sl960
a
Helslngfors (City; extl 0%s
1960
37
♦Chile (Rep)—Extl s f 7s
20%
21%
10%
10
92%
f 6s... July 15 1960 J
27
22
7%
9%
27
82%
1950 M s
9
18
26%
92
♦Cent Agrlo Bank (Ger) 7s
11
j
81%
78%
10
J
J
78%
20
7
a
99%
J
6%
7%
25%
18%
28
"29%
91
J
10%
*8%
A
45%
17
35
26%
6%
20%
O
f
7
99%
1964 /
13
5
A
194©
J
91%
1968 MA
12%
8%
7%
65
j
99%
...1967 j
9
♦Hamburg (State 0s)
With declaration
J
30-year 38
62
6%
O
1944 /
30 year 3s
9%
A
46%
O
•Carlsbad (City) 8s
9%
*9
A
Irish Free State extl s t 5s
8%
109
Haiti (Republie) s f 6s ser A... 1952
...1961 j
26-year 3lis
45% 118
1968
90%
93%
7-year 2lis
1964
1968 F
♦6s part paid
J
d
♦Italy (Kingdom of) extl 7s
1951
♦Italian Cred Consortium 7s serB 47 m 8
8%
27
92%
92
100
*9%
07%
31
09
Aug 16 1946
2
26
7%
j D
♦(Cons Agrlc Loan) 0%s
1958
♦Greek Government a f ser 7a..1904 MA
40
38
*8
12%
00
2
*6%
AO
66%
63%
1962 ms
F A
68
♦6s assented
uu
41
51
80
"
6
9%
39%
4
*34
M A
i960 A
Canada (Dom of) 30-yr 4s
♦Farm Loan s
juuiuci;
♦Italian Public Utility extl 7a.. 1962
f 7s
10-year 2lis
D
38%
50
51
51
10%
Bulgaria (Kingdom of)—
♦Secured
j
34
52
51%
50
63%
40
9%
1
75
j
1941
159
50%
50%
50%
40
33%
75
10
7
9%
German Prov & Communal Bks
33
*55
75%
6
1
15%
m
1958 P
i960 J
1962 J
Brisbane (City) s f 6s.
26
-
5
J
French Republic 7 %s stamped. 1941
♦Sink fund secured 6s
♦Externa! sinking fund 6s.-.1958
-
58
~26"
ms
102%
1
d
With declaration..
♦Berlin (Germany) s f 6lis
With declaration
'32"
1
48
-
With declaration
27
1
43%
-
With declaration
External 30-year
49
7
•
27
*
jM 8
Finland (Republlo) ext 6s.
-
12
12%
1
27
43%
M s
1955
f 6s.
*
03%
58
*7%
....
With declaration
Externa)
.....
18%
56
German Govt international—
Belgium 25 yr extl 6 lis....
73
20
27
J
84
1966
J
1957
-.1946
13%
57
"56"
M A
90%
ms
♦Bavaria (Free State) 6lis.
With declaration
14%
8%
28
57
M
77
12
6
66%
80
"64 %
4
J
16
J
1966
...1967 M
External g 4 lis of 1928
'Austrian (Govt) s f 7s
81%
8%
3
:
58
14%
*9%
1946
1972
70
....
4
14%
8%
..1957
External 6s of 1927
9%
02
104
98
4
75%
9%
8
W
{♦1st ser 5 lis of 1928
1940
{♦2d series sink fund 5%a...l940
8
9%
1946
B f extl conv loan 4s Apr
74%
74%
O
A
External g
26 m
*22
Australia 30 year 5s
102
61%
4
102
With declaration
*22
8 f extl conv loan 4s Feb.... 1972
52
101
FA
8
Antwerp (City) external 5s
"52%
....
a
f 7s 1st series
98%
a
j
A
o
s
21
13
97% 102%
m
j
m
♦External s f 7s series C
17%
MA
Sinking fund 6%s._.Jan 15
♦Public wks 5%s
June 30
a
♦External
j
62%
16
5
F
1948
♦External s f 7s series D
"22%
A/N
;
j
..1947 F
f 7s series B
27%
26%
22%
1977
♦Old sink fund 6s
s
20%
20%
"§
22%
C
♦Qtd sink fund 6s
♦External
34
20
»
A
With declaration
Agricultural Mtge Bank (Colombia)
♦Antloqula (Dept) coll 7s A... 1946
—
f
88% 104%
565
Municipal
Akersbus (King of Norway) 4a. 1968
*
34%
f
4 %b external debt
Transit Unification Issue—
D
15%
15%
12
31
♦Sinking fund 8s ser B
j
0%
27
20
31%
30
*22
♦Czechoslovakia (Rep of) 8a... 1961
..1980
13
12%
j
22
City
8% Corporate stock
30%
l"
26%"
30%
External 5s of 1914 ser A
ms
26%
------
3
..
30%
1944
J
17%
8
J
1951
103
1942-1944
1945-1947
13%
6
o
j
107.20
1 1944 1952
10
9
11
O
Cordoba (Prov) Argentina 7a..
102.31
Home Owners' Loan Corp—
10
1
1
'«►'
105 20108.21
J
1
1
10
10%
—
M A
1953
m N
m 8
14
*
4
1952
16
1 1942-1947
9
8%
10
*8%
S
\
194P
1947
♦Sinking fund 7s of 1927
2i
j
Oct 1961
Jan 1961
25-year gold 4%s
m
m
13%
9
9%
9%
10
D
10
10%
-
10%
10%
8%
.......
8
-
13%
9
3
23
9%
♦Colombia Mtge Bank 0%s.._1947
Copenhagen
"0
10
9%
(Republ! i of)—
1928
of
ims
1902
•6s assented
1
107.23
105.21 104.19
d
m
......
.
1962 ms
m s
♦Guar sink fund 0s
13
107.22
8
d
J
J
"~5
'
'
1961
104 20 111.30
d
13
9%
7
M
17
11%
109.18
J
14%
1
11
9%
♦6%s assented
84
109.24 109.8
10
10%
109.12
d
5
10%
110.12
j
16%
11
o
109.14
j
14%
10%
11
A
1957
♦Sink fund 0%s of 1920
126
106 24111.14
10
1
8
100?
♦Chile Mtge Bank 6%s
17
29
11
S
♦External sinking fund 0s... 1903
♦0s assented
10%
5
M
109.12
8s-..
A
190?
•0s assented
Nigh
Low
M
*110.8
8s
Govt.
1962
External sinking fund 6s
1940
10%
10%
10%
10%
------
for Year
No
Nigh
10%
J
8
16 1944-1964
Foreign
1901
Bept
♦0s assented
j
8
Mar
New York
Extl sinking fund 0s..Sept 1901
J
Range
is
Asked
a
Low
1
j
d
8 lis
May
Jan 1961
110.14
J
O
1 lis series M
♦0s assented
109.22
d
2 lis series
Jan 1961
j
M
Bid
.
•Ry extl s f 6s
109.12
Federal Farm Mortgage Corp—
3s series A
Price
M
...1963-1955
.
112 28
108 0
111.21
(Rep)—Conclvded—
Friday's
***•!
Foreign Govt. & Munlc. (Cont.)
Chile
109.10
M 8
m
111.10
107 12 110 1
77
108.31
109.9
109.3
112.12
112.12 112.2
*113.27113.31
111" 21
102.22 105 17
10
194" J
j
1948-1950
Treasury 2s
122.20
0
A
1946-1948
..1951-1966
1955-1960
1945-1947
...1948-1951
1961-1954
1956-1959
1958-1963
1960-1965
—1946
1948
1949-1953
1960-1952
1961-1963
1954-1956
Treasury 3s
Nigh
Low
Range or
Sale
is T
EXCHANGE
Week Ended Jan. 10
N. Y. STOCK
1940
no
High
Low
BONDS
Week's
Last
Week's
Last
!i
EXCHANGE
N. Y. STOCK
Friday
•5
Friday
h
BONDS
D
Apr 1968 A
A|
O
12%
12%
44
*54
'53"
"1
71%
40
71%
62%
57
63%
14
33%
90%
59%
56
59%
12
35
89
M A.
P
4%
4%
53
Volume
New York Bond Record—Continued—Page 2
152
Last
BONDS
N.
STOCK
y
Range or
Sale
EXCHANGE
Bid
Price
Week Ended Jan. 10
52
52
Week Ended Jan. 10
High
Low
29
"51H
1956
36
36 h
34h
34h
36 h
32 h
23 H
20 H
7
1965
1
97 H
"90"~
Railroad & lndu«
a r 4
if*
.......
With declaration.
33
....
4s s f extl loan....
F
.......1963
1970
/
F
31h
*27 h
D
1952
Municipal Bank extl« f 5s
♦Nuremburg (City) extl 6s_.
32 h
A
A
11
21H
1953
M 8
45 h
44
43
42 h
43
A
O
27h
24 h
J
D
12
46
MN
"73
MN
71
100
68h
65h
7%
103h
94
1
9
♦Stamped assented..
.....1963
♦Ctfs of deposit (series A)......1963
♦Pernambnco (State of) 7s
...1947
67 h
64 h
65%
67 h
Af"s
7h
7h
♦Pern (Rep of) external 7s
♦Nat Loan extl st 6s 1st ser
1959
M
8
8
8
1960
J
7
7h
68
1961
A
7h
7h
74
♦Nat LoaD extl
s
f 6s 2d
ser
AfN
S
D
"7h
0
A
O
A
O
A
O
♦12
.1968
♦4Ha assented
♦Stabilisation loans
f7s
A
O
11
12
4%
1
5
8H
I0H
10H
8 H
3%
10H
16H
9H
4%
*3
♦4Hs assented...
%
4H
10 %
11
V*
7
*5h
*4h
1940
...1958
1947
(♦Poland (Rep of) gold 6s
27
39H 65
37 H
58
19 H
75
96H 105 H
59H 82
50
74 H
53
60 H
29
27%
103h
73 %
80
9H
"""6
27
1958
Oslo (City) a f 4 Ha
1955
•Panama (Rep) extl 6 Ha
..1953
♦Extl s ( 5s ser A..............1963
Oriental Devel guar 6s....
Extl deb 5 Ha
"26"" "so"
14
32
27
80 H
8
.....
4
♦External sink fund g 8s.........1950
J
♦4Hs assented
1963
♦Porto Alegre (City of) 8a..
.1961
♦Extl loan 7Hs...
........1966
J
J
*3H
3h
3h
4
i
D
8%
8%
1
6
11H
J
J
8%
8%
1
6%
11
8%
11
♦Prague (Greater City) 7Hs
♦Prussia (Free State) extl 6 Ha
s f
8%
UN
1952
1951
M
1952
With declaration
♦External
J
~Z"o
a
Queensland (State) extl s f 7s..
1941
25-year external 6a..
.....1947
F
♦RhlDe-Main-Danube 7s A
M
1950
♦Rio de Janeiro (City of) 8s
♦Extl sec 6 Ha
26H
...1946
1963
15
92
8
12
♦8s extl
1968
f g
a
♦7s extl loan of 1926...........1966
♦7a municipal loan
♦Rome (City) extl 6 Ha
.....1967
...1962
1959
♦Roumanla (Kingdom of) 7a
D
M N
9h
59
8%
35
5H
34
4H
11H
10H
9h
10K
31h
30
*8H
a
6
8%
9
"31h
10 H
7
13
24
5H
11H
33
6
12
7
12
"36
27
61
16
6
5H
5H
5h
12 H
9H
22
25h
53 H
"62H
60
80
8ao Paulo (City of, Brasll)—
...1952
AfN
♦6 Ha extl secured s f
10H
8H
*9%
8H
AfN
1967
♦8s extl secured s f
8%
J
J
J
S
J
J
*17h
16%
.....1968
♦6s extl dollar loan....
•Secured
a
J
16H
1940
a
0
1946
J
D
1946 J
D
AfN
........1962
AfN
♦7s series B
see
extl
.
26H
17H
'""3
17
15%
4H
286
20 H
1
12 H
1
8H
43 H
27 H
26H
7h
7
3
7
7h
1
6H
6H
4
*3H
*3 %
15H
14H
62 H
106
8
34 H
76 H
bb
3
73 H
71
73 H
148
ccc4
42 H
38
43 H
802
15 H
37 H
D
z
ccc4
47 H
42
H
48 H
226
18
42 H
z
ccc4
42 H
37
H
43 H
342
15
H
37H
z
ccc4
42 H
38
43 H
280
F
15 H
cc
3
18H
15
19H 1557
7H
37 H
16
bb
3
60 H
58
61
151
40
49H
45 H
169
32
57
52 %
92 H
49 H
58
2
89
*101
47H
92 H
49
20
47
70
47 H
49
25
46
72
45
a
z
z
*99H
b
y bb
x
96 X
99 H
22
72 H
709*
73 H
263
_
bbb3
bb
2
bb
2
2
x
Bell Telep of Pa 5s series B—1948
1st A ref 5s series C
I960
x
aaa3
X
aaa3
Belvldere Del cons 3Hs
1943
♦Berlin City E! Co deb 6 Hs.1951
With declaration.
x
b
49
102 H 107 H
82
96h
56H
74«
55
75H
112H
137
1
z
I960 J
b
{
J
67 H
112H
136H
*104 H
26 H
26 H
bbb3
x
112
36
127 H 136 %
"27
26
14 H
*27H
?1
H
"27 H
13 %
27 H
27%
H
26 H
27
51
"l03H
a
a
105
106H
107
105
a
x
x
72H
117H
57
137
9
106 H
H
60
113H
cccl
x
_
A
F A
37
84
27
z
.
49
46 %
45
26
zbi
A 9.
61H
*82
......
♦Deb sinking fund 6Hs... 1959
♦Debenture 6s
1955
83
*40
aaa3
z
"49"
bbb4
105H
29
100
108H
103 H
105
104 %
105 H
17
99
105 %
86
102
103 H 112
107
.A
x
*108H
aaa2
108
109H
I62"
37
92
M
78
75
78
45
41 H
76
81H
84 H
75
10
A
84 H
75
10
41 %
40 %
IVA
76
71H
68 H
37
66%
74 H
23 H
F
xbbb3
S y b
Boston A Mains 1st 5s A C—1967
MN
latM 5s aeries II—
1955
lat g 4Hs seriew JJ
let mtge 4s series RR
1961
1960
t*Bo«ton A N Y Air L 1st 48.1955
Bklyn Edison
J
J y bb 3
y ccc3
24
A
cccl
10 H
x
aaa4
109 H
x
bbb3
AfN
F
MN
M 3Hs—1986
F A
.1950
AfN
Bklyn Un Gas lat cons g 6a..1945
cons
101H
101
75
_
26 %
27
1st Uen A ref 6a series A. .1947
70
75
40 H
87
J
J
45%
44
45 h
35H
63
Debenture gold 5s
..1950
MN
1st Hen A ret 5a series B...1957
S
23
20 H
23
20
41
54
49%
54
39
62 H
Buffalo Gen Elec 4 Hs B....1981
Buff Nlag Elec 3 H* series C.1967 J
*51
52 H
65
42
63
48
63
z
18H
9H
108 H
104
71H
24
754
10H
8
109 H
104
28
111H
11
3
101
17
6H
12%
110H
H
I0»H 1I3H
111
115H
84
98 H
102
107 H
109H H2H
107H 109 %
105
88 % 107
Buffalo Rochester A Pgh Ry—
*49h
*49h
4
h
3
9
8HS-4-4H8 (9 bonds of *37)
external readjustment—.....1979
AfN
41h
40 h
41 %
32 H
65H
AfN
38
35 h
38
33
63
1978 J D
...1978 F a
...1984 / J
♦
Venetian Prov Mtge Bank 7s...
1962 a O
♦Vienna (City of) 6s
1952 M N
♦Warsaw (City) external 7a
1958 F a
♦4 Ha assented
............1958 F a
Yokohama (City) extl 6s......
1961 J D
38
8%-4-4%b (3 bonds of *37)
Bklyn Union El at g 6s
35 h
Stamped
modified (Interest
at 3% to 1946) due —-1957
fBurllngton Cedar Rapid A Nor—
.1934
(♦1st A coll 5a
38
31H
51H
41%
44 %
34
66H
40 h
36
66
Busb Term Bldga 5s gu
Calif-Oregon Power 4s
28
24
61
Canada Sou
12h
12H
8
*3
"3 %
7
57%
3h
50h
57 h
106
41H
13H
5H
2%
2%
7H
69
Consolidated 5a
A
x
aa
D
x
aa
AfN
z
b
A
x
O
SaU
Range or
Friday's
See i
Week Ended Jan. 10
Week's
Last
Rating
Y. STOCK EXCHANGE
Friday
Price
Bid
gS
0
(§
for Year
Ask
&
1940
cc
2
bb
1
bb
1
10-year deb 4H® stamped.1946
♦Adriatic Elec Co extl 7s.... 1952
bb
1
1943
1943
aa
4
aa
4
49
46
48
23
—
—
-
»
«• -
—
100 %
100 %
3
101%
m ~
102
6
107H
107H
2
♦110H
110H
110H
------
-----
----
llOH
8
Albany Perfor Wrap Pap 6s.. 1948
6s wltb warr assented.... 1948
b
2
b
2
Alb A Suaq 1st guar 3 Hs_. ..1946
bbb3
82
81 %
82
Alleghany Corp coll trust 68.1944
Coll A conv 5a—.......1949
bb
2
97
96%
97%
b
3
85%
85
86
84
I960
1998
cc
2
62
59 %
62 H
69
69
Allegh A West 1st gu 4s
AUegb Val gen guar g 4s.... 1942 Af B
Allied Stores Corp deb 4 Ha.-1950 A O
4 Ha debentures
1961 F A
Allls-Chalmers Mfg conv is. 1952 m a
♦Alplne-Montan Steel 7a
1955
Am A Foreign Pow deb 5a...2030
Amer IQ Cbemconv 5HS...1949
Am Internal Corp conv 5H8.1949
Amer Telep A Teleg—
20-year sinking fund 5HS.1943
3Hs debentures
.1961
3*8 debentures
.1966
Am Type Founders conv deb. 1950
bb
2
aa
2
56
««
--
bbb2
a
3
b
-
-
------
bbb2
Af S
54H
*46
--
103%
108 H
80 H
109
110H
105
108H
45
60
61
68 H
87
90
69
97 H
68
86
26 %
63 %
68 %
203
5
10
103M
103H
106H
62
104H
106H
107 %
-----
Af 8
b
2
58
53
jkn
bbb3
104
104
/
b
73
....
58 H
104H
%
100
46
----
-----
-----
97% 104 %
98 H 104H
14
104
2
189
40
59
103% 107 H
99
102H
89
103%
106% 111
17 H
26
44
68 %
100H 105 H
102M
102H
3
MN
aaa3
104
104
104^2
78
104»ie 109 H
A
O
aaa3
109H
108H
109k
66
104
J
D
aaa3
109H
108H
109M
73
I
J
106
108
8
103 H 1.10 H
93 H 107
110H
109
110H
6
96
110H
105H
106
8
102
107H
J
1
.—
91
105H
bb
3
bbb2
bbb2
Anaconda Cop Mln deb 4 Hs.1950 A O
♦Anglo-Chilean Nitrate—
8 i Income deb..........1967 Jan y cc 2
{Ann Arbor 1st g 4a........1995 Q
Ark A Mem Br A Term 58—1964 Af
41
5
27 H
32
5
97 %
99 H
105%
106
68
95 %
106
106H
36
95
32
32H
1
50 %
51
bbb4
98%
98%
J y bb
8
31
F
A
aa
2
f 4a ser c (Del).... 1967 J
J
aa
2
105H
106H
111
50
106
106H
Atchison Top A Santa Fe—
.........1996 A
O
aa
2
bbb3
bbb3
aa
aa
2
Conv deb 4 Ha.
aa
2
92%
2
Conv gold 4s of 1910..
92
2
aa
109H
Conv gold 4s of 1909.—.1955
1955
Conv 4a of 1905
1960
1948
Rocky Mtn Dlv 1st 4b ...1965
For footnotes nee page 243.
aa
2
109H
91
90%
99%
------
11
92
90
92 %
5
99 H
99%
104
148
109 %
*95%
103%
100H
18
100
104
-
-
-
-
100H
-
-
-
-
35
1
101H 109H
77 %
88 H
76 %
91
92
100
90H 100
95
100
99
96
105 %
102H
4H
4
'"44H
b
10 9
2
48
133
25%
33
33
2%
2H
0H
7
65 %
70 H
44
%
3H
3H
68 H
42H
69 H
68
a
107M
107
89 H
86
•a
92 H
92
J
aa
Guaranteed gold 5a.—Oct 1969 a
F
Guaranteed gold 5s
..1970
o
aa
a
J
D
aa
aa
94 H
95 H
93 H
F
A
aa
91H
J
J
•a
104H
J
J
bbb2
Can Pao Ry 4% deb stk perpet
U 8
Coll trust 4 Ha.
1946
..1944
1 1954
Collateral trust 4Hs..... 1960
f♦Carolina Cent 1st guar 4s. 1949
Carolina Cllnoh A Ohio 4s.. 1965
Carriers A Gen Corp 5s w
w..1950
a
aa
D
a
2
J
J
a
/
J
M
S
a
4
MN
b
1
F
5s?1942
Certain-teed Prod 5 Hs A
84h
79
106 %
100
"54
19
6
8
98 %
15
73%
2
30H
2
2
6
6
%
H
4H
z
c
z
cc
2
98
1
7
58
lH
J
z
cc
4
4H
Af 8
z
aaa3
*109
106
109 %
o
X
aaa4
*110
109H IHH
/
a
*4H
b
ccc3
15
z
ccc3
14
z
a
y bb
H
31
16
1O0
14
24
107
107
3
2
62
13
11H
56
2
z
z
*71H
66 %
71H
67
64%
67
y b
AfN y b
MiV x bbb2
48 H
43
49 %
53 H
3
89 H
y
bb
53 H
1
232
17
460
1
b
M 8
x
bbb3
M 8
x
aaa4
MN
x
aaa2
105
F
A
x
aaa2
105
131H
103%
104H
J
D
X
aaa2
108H
107H
87 H
J
x
"89 k"
"67
x
1989
1st g 5s—1941
♦Cbtc A Alton RR ref g 3s-.1949
Chic Burl A Q—III Dlv 3 Hs 1949
Illinois Division 4s
1949
General 4s
1958
3
20H
18
105 H 110
57
H
59
73 H
66
31H
54
50
62 H
89H
66
104%
131 %
105
23
118
131H
64
94
105
108H
40
04
105H
105%
8
103
I09H
109
131X
aaa3
J
58
12
10 %
101H 106H
(02
104H
107
110
aaa2
J
*106H
104H
37
106 H 112'w
*105x6«
bbb3
J
♦120H
♦111H
2"--
""9"
"12k
113H I20H
116
106
x
aaa3
M 8
x
aaa2
A
O
z
ccc3
12
J
J
x
aa
2
94
93
94
58
90%
16%
98
J
J
x
aa
2
99
96%
99
88
93 H
102 %
3
87 H
84 H
88 H
130
82%
93
78
145
71
84 H
85%
101
75
90
M 8
x
a
F
A
x
bbb4
78
72
F
A
s
bbb4
85 H
80
....
1st A ref 5a aeries A
63%
99%
90%
19%
4
x
1977
1971
8H
24
10
J
B
40
148
30
1946
let A ref 4H9 aeries
101
90
1H
1H
1H
y
2d conaol gold 4a.
45
102 % 105M
6
6
c
M 8
Warm Spring V
113H
31
69 %
57 H 89%
87 H 108 H
5H
1%
1%
2
2
z
4a...1989
Potts Creek Br 1st 4a
87
35
Champion Paper A Fibre—
4Hs (1935 issue)..1950
8 r deb 4Hs (1938 lsaue)..1950
Chesapeake A Ohio Ry—
General gold 4Hs—......1992
Ref A imp mtge 3Hs D..1996
Ref A Impt M 3 Hs ser E. . 1996
Ref A lmpt M 3 Hs ser F..1983
71% 103
54
29
1941
.1948 M 8
8 f deb
75H 107%
74 % 107
72% 105 H
72% 103 %
48
53
Through Short L 1st gu 4s.1954
Central Steel 1st g a 8s..
93
72 H 103 %
75 H 106 %
9
99 H
89 H
17H
47
88%
107H
12
98
*24
7
73 H
52 %
88-
16
46H
65 H
45
98 H
89 H
Central N Y Power 3H®
1982
Cent Pac 1st ref gu gold 4s..1949
1960
102
53
{♦Cent New Engl 1st gu 4s.. 1961
{♦Central of N J gen g 5s...1987
♦General 4s.........—.1987
Central RR A Bkg of Ga
3
7
3
zee
4
"r7
77 H
4
MN
43
148
2
ccc2
65
8
8
70%
65H
*35H
105H
46 H
53
16
77
32 H
100
92%
100
ccc3
10
104 %
56 H
a
z
35
47
91%
91H
b
(♦Consol gold 5s.........1945
A O
B..1959
A O
1959
J D
♦Chatt Dlv pur mon g 4s..1951
1966
93%
91%
bb
A
♦Ref A gen 5Ha series
♦Ref A gen 6a aeries C
Illinois Llgbt 3 Ha
95%
95%
D
A
Cent
106H
92 H
95
A
D
F
73 H
4H
4
70H
44H
69 H
107H
89 H
104 H
52 X
101H
ccc3
f Central of Georgia Ry—
♦lat mtge 5a....—-Nov 1945
Cent Hud G A E 1st A ref 3 Hs '65
77 H
2
J
1946
56
2
J
1
Oelotex Corp deb 4Hs w W..1947
J
♦Cent Branob U P lat g 4s..1948
♦Mobile Dlv lat g 5s
2
J
Cart A Adtr 1st gu gold 4s...1981
F
Celanese Corp of America 3s 1955
94 H
95
*95
4 Ha
1956
M 8
...Sept 1951
Canadian Northern deb 6 He. 1946
Attention is directed to the new cotuoin incorporated In tola tabulation
47 H
8
109
b
Canadian Nat gold 4Hs-.-!957
J
Guaranteed gold 58—July 1969
2
105 H
nm
bbb3
R A A Dlv lat con g
Adjustment gold 4s ..... .1996 NOV
Stamped 4s
1995 MN
"95H "~n
105 M
J
5s A
Guaranteed g 5a
Am Wat Wks Ac Elec 6sser A.1975 MAT
1955
5
56
54H
*"103
60
30
39
*28
cccl
27 H
2
bb
1960
1966
1962
Coll trust gold 5s..Deo
f (♦Abltlbl Pow A Pap 1st 5s. 1953 / D
Adams Express coll tr g 4s... 1948 Af 8
Coll trust 4s of 1907......1947
105H
'109*
cc
5s equip trust ctfs—
RAILROAD and INDUSTRIAL
COMPANIES
111H
*113H
"94%
/
eons ga
Guar gold 4 Hs
Range
"lilH
111H
bbb3
cc
.......1966
Guaranteed gold
Bans
4s B
bbb3
1952
Bush Terminal lat 4s....
*26 H
44 h
Elig. &
BONDS
—
a
z
D y bb
F
Guar gold 4Xs—Jane 15 1956
4s series B
x
J
*24 h
8H-4H-4*i»aextl conv
4-4 H-4 Ha extl read J...
3 Ha extl readjustment —■
Ala Gt Sou 1st eons A 6s
AfN
♦Certificates of deposit
external conversion...—.....1979
General 4s
70
x
26
AfN
m a
41
23 H
z
A
AfN
1st
70H
28
14
D
A
..........
Armour A Co (Del)
55
29
84
105 H
bb
Big Sandy 1st mtge 4s
1944
Rlaw.Knox 1st mtge 3Hs.—1950
63 H
80 %
O
D
f 6a
♦6a 8tamped
76
77
41
61H
3
F
1964
cons
34
31
122
bb
F
5H
5H
3H
1960
1st
112
bb
J
♦External a f 6a
N.
189
y
1965
5Hs——...1971
...
f 5Hs
Tokyo City 5s loan of 1912........1952
External s f 5 Ha guar
...1961 a C
♦Uruguay (Republic) extl 8s
1946 F A
•
65
79 H
68 H
y
*
M
♦External
61H
_
A 0
.....1958
1947
♦4Ha assented
Taiwan Elec Pow st
64
64 H
a
/
♦Sllesian Landowners Assn 6s....
s
283
101H
Q3
x
.....1968
♦Silesia (Pro v of) extl 7a
Sydney (City)
78H
81H
72 H
37H
33 H
99
92
19
101
b
y
AUndergr6Hl'56
99 H
100 H
74
77 H
114
114
99H
y
y
♦Berlin Elec El
104H 1UK
*112
101
Bio*
111 H
108
*111
99H
72H
y
...
1940
No. Low
HI H
33 H
83 H
.1951
4s stamped
♦inc mtge 4H® ser A. July 1970
D
*
High
37 H
bb
y b
Battle Cr A Stur 1st gu 3s..1989
Beech Creek ext 1st g 3 Ha..1951
Cod a mtge 3Hs ser F
6
13H
y
Range
for Year
Ask
81
2
T b
J
{„ I
** sw
to Jan 1 1947) due... 1950
Conaol mtge 3s ser Q
I960
Consol mtge 3Hs ser H...1965
4H
47h
26h
26 h
26 H
g6Hs
Serbs Croats A Slovenes (Kingdom)
♦8s secured extl.
............1962
47h
9
6
2LH
16%
43h
26 H
f 7s
♦Saxon State Mtge Inst 7s....
♦Sinking fun
Feb 11960
10H
18
17h
M
.1956
*
J„
1946) due...1995
Ref A gen ser T> (lnt at 1%
to Sept 1 1946) due..2000 M 8
Ref A gen ser F (lnt at 1%
to Sept 1 1946) due..1996 M 8
12
21
26 %
26
1936
.............1950
(♦8s extl loan of 1921
♦7s extl water loan—..
MN
*
J
to Deo 1
Beth Bteel 8Hs conv debs..1952
San Paulo (State of)—
♦8a external
bb
y bb
A (lnt at 1%
Dec 1 1946) due.. 1995 J
Ref A gen ser C(lnt at 11-5%
103
7%
8H
60
y
PghLE AWVa System
Ref g 4s extended to—1951 UN
S'west Dlv 1st M (lnt at 3 H %
"IIH ~27H
>""3
1964
" 4s
bbb3
Toledo Cln Dlv ref 4s A..1959
10
M 8
s
x
Bangor A Aroostook 1st 5s..1943
Con ref 4s
1951
10H
8%
Santa Fe extl
®
to
98
7
♦February 1937 coupon paid.....
♦Saarbruecken (City) 6s..........1953
bbb3
Ref A gen ser
27
7%
O
*
1st mtge g (lnt at 4% to
Oct 1 1946) due.July 1948 A
15
"T%
D
J
Baltimore A Ohio RR—
1st mtgs gold 4s ....July 1948
Stamped modified bonds—
41H
O
A
J
Atlantic Refining deb 3a....1953
Austin A N W 1st gn g 5a...1941
4
a
F
bbb3
..1948
Atl Gulf A W 188 eoll tr 5S..1959
2
a
J
x
..1948
64 h
F
J
2
x
General unified 4 Hs A
1964
10-year coll tr 5s—Mav 1 1945
LAN coll gold 4a...Oct 1952
27
8
O
2
x
4s. July 1952
Atl A Dan 1st g 4s.—
Second mortgage 4s
a
aa
8
D
J
"
62 %
S
a
1946
cons
A
HI H
)
♦Conv due
Rio Grande do Sul (State of)—
♦8a extl loan of 1921
Atl Coast L 1st
111
J
5s.....1946 J
27
a
%
»
13
2
27
88 H
~64h
27
26
27
o
27
,
27
8H
4
26H
S
...
6s
?*
fir
Atl A Char! A L 1st 4 Hs A..1944
1st 30-vear 5s series B
1944
Bid
(jOW
Cal-Arls 1st A ref 4 Hs A..1962 ™
Atl Knox A Nor tst
Range or
Friday's
Sale
Co*. (Conf.)
Atch Top & Santa Fe—(Condi.)—
Trans-Con Short L 1st 4s..195*1
11
External sink land 414®
97H
29H
External
Last
Price
n. r. stock exchange
1940
No.
h
-iO,
BONDS
Year
or
oqi
High
51%
♦51h
51%
20-year external 6s.............1944
With declaration
Range
Friday's
A
Ask
Low
Faralgn Gov*. & Mun. (Concl)
Norway 20-year extl 6s....
—1943
239
Week'e
Friday
Week's
Friday
H
——
163
'7%
pertalotng to bank eligibility and rating of bonds,
See a.
[
Range or
J
STOCK
Rating
1?
Sale
3
Price
3
Friday's
Last
Elig. 6
8m i
EXCHANGE
Week Ended Jan. 10
y.
Bid
Ask
A
A
O zb
1
z
♦Certificates of deposit
16
cccl
M
8
J
/
♦Refunding g 5s series B—1947 J
/
21
gold 5S..1982
(♦Chicago Great West 1st 4s_ 1959
(♦Chic Ind A Louisv ref 6s_.1947
AfN
♦Refunding 4s series C—1947 J
♦
1st A gen 5#
z
cc
8*
J
z
cc
8*
series A
1966
B_.May 1966 J
1956 J
♦1st A gen 6s ser
Chic Ind A Sou 50-year 4s.
_
1936
2037
2037
2037
1949
8*
61
27
63
71
♦Certificates of deposit
ccc3
ccc3
34*
30*
35*
195
z
A
ccc3
34*
30*
35
z
cc
o
21
•
19*
10 M
10M
z
c
2
1*
536
16
'18*
19*
19*
100
10
18
East T Va A Ga Dlv 1st 6s... 1956
112
10
18 M
19
12
18*
Ed El Til (N Y) 1st cons g 5s. 1995 J
F
Electric Auto Uteconv 4s. .,1952
11*
10M
18*
19*
El Paso A S W 1st 5s
13
16
12M
21M
-
-
------
18*
1
18*
18*
*
-
21
*17*
-
224
-»*•
—*
*
2*
19*
23*
177
2
13
11
13*
206
6
11*
2
13*
11
13*
253
6
11*
J
D
cc
2
13
11
13
215
6M
11M
c
2
bb
1
23*
ccc2
MN
2*
761
2*
1*
45*
48
49
14*
13*
15*
68
17
508
1
4
36*
9M
10*
51
♦Gen
conv
4s series D
2
c
♦Erie A Jersey 1st s f 6s. .1955
b
♦Oenessee River 1st sf 6s. .1957
2
7*
♦Ernesto Breda 7s
2M
Fairbanks Morse deb 4s—_
9*
7*
8*
7*
8
1
1*
*
bbb2
75*
3*
328
*
74
75*
4
*64
bbb2
73
1*
-----
80*
67
3
49
49
49
45*
51M
bb
3
60
55*
61*
72
48
63*
b
2
49*
44*
49*
49
40
54
x
106*
108*
aaa3
1
103
107 M
109
53
104
110
12
1964
.1956
J
87
96*
a
2
93*
91*
87
95*
33*
33
93*
35*
42
3
8
27
59
(Fonda Johns A Glover RR—
(Amended) 1st cons 2-4s..l982
MN
(♦Proof of claim filed by owner.
♦Certificates of deposit
13*
Fort 8t U D Co 1st g 4 *s
11
11
7
99 *
8
104*
------
109*
9*
108*
109*
109*
7
105 M 111
109*
2
106
5
105
x
aaa4
x
aaal
x
aaa4
110
110
1
104 M
110M
x
aaa4
113
113
6
107
113M
J ybb
*84
2
78*
105 M
75
79
76*
47
91
*84
85
56*
60*
294
3
55*
54*
77*
77
55*
77*
6
1990 M N y bbb2
J
x
aaa4
0
x
aaa2
108*
3
109
107*
61
81*
70
59*
J ybb
86
Gas A El of Berg Co com g 5s 1949 J
Gen Am Investors deb 5s A. 1952 F
J
♦Gen Elec
(Germany) 7s
1945
(♦Sinking fund deb 6Ms.. 1940
Series C 8Mb guar
x
Series D 3 Ms guar..
.1960 F
A
x
91
37
58M
43 M
67
,78
106* 110*
60
107* 108*
105*
1
106*
4 *sl941
J
Grays Point Term istgu 5s.. 1947
aaa2
109
107
107
.1977
A
x
aa
2
*106*
J
x
aa
2
*106
Cleve Short Line 1st gu 4 Ms .1961
O
x
bbb3
82
82
82
1
Cleve Union Term gu 5*8. .1972
O
x
bbb3
88
84*
88
38
72
90*
.1973
O
x
bbb3
78
75*
78
59
64
82*
106 M 107*
107*
'
.1977
0
x
bbb3
Coal River Ry 1st gu 4s— .1946
D
x
aaa2
Colo Fuel A Iron gen s f 5s_ .1943
A
x
bbb3
O y b
Colo A South 4Mb series A. .1980 AfN y b
.1970 A
3
70*
-----
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-
-
—
69*
-
-
*
-
-
82*
-
-
-
-
70*
-
--
-
-
-
—
-
87
—
-
105*
105*
5
80*
82*
56
17*
703
3
17*
14*
Columbia G A E deb 5s_May 1962 AfN
Debenture 6s
Apr 16 1962 A O
x
bbb3
105*
105*
x
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106
106
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Jan 15 1961 J
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J
x
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0
x
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A
x
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103 * 106*
66
83*
66 M
74*
106* 108
102 M 107*
65
12
1st A gen sf 6*s
I960
Great Northern 4*s ser A..1961
General 5*s series B
1952
General 5s series C
-.1973
General 4 Ms series D
1976
General 4 *s series E
w.__Apr 1 1969 May y b
105*
------
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35
106
1
105*
59
1
42
x
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1961
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108*
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76
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108
109*
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108
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104* 109*
x
a
>
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ser
17*
------
20*
98*
3
108*
107
108*
38,
104
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104*
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ser
A—1962
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J
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1955
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104* 111*
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19*
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44
329
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45*
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92
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——————
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86
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bbb4
J
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1950
1966
——————
ccc2
108*
Attention Is directed to the
38*
100
109*
aaa4
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49*
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36*
47*
53
22
40
35*
42
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41*
------
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61*
28*
61*
2
79
58
62
66*
46*
70
----
65
65*
56
8t Louis Div A Term g 3s..1951
Gold 3*s
1951
bb
y bb
ybb
ybb
Springfield Dly 1st g 3*8 1951
xbbb3
Western Lines 1st g 4s
ybb
3
64*
64
64*
5
53
65
50*
1951
4
2
4
4
78*
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98*
18
65*
104*
3
b
O
1951
Extended 1st gold 3 Ms.—1951
1st gold 3s sterling
1951
J
O
Litchfield Div 1st gold 8s..1951
107
81*
*85
1st A ref Term M 5s stpd..1952 J
y b
2
A
Gulf States Bteel s f 4 *s
x bbb3
1961
Gulf States Utll 3 Ms ser D..1969 AfN x a
3
/
J z cccl
Loutev Div A Term g 8 Ms. 1953
Omaha Dlv 1st gold 3s
1961
15
5
87
79
63*
"81*
68 V
68
17
Gulf A Ship Island RR—
111
"l8~~ "32
-----
6*
87
3
3
2
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64
5*
6*
611
105
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1
2
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133
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106
105*
51
95*
93*
bbb3
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A
95*
94
94*
95*
x
105
----
18*
107*
53*
107*
_
x
10
104*
18*
bb
x
109*
19
Dayton P A L 1st mtge 3s..1970 J
%
110*
♦Deposit receipts
♦7 Ms series A extended to 1946 j d
♦fls series B extended to 1945 J D
Curtis Publishing Co 3s deb. 1955 A O
bbb3
108*
107*
101
J y b
bbb3
x
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1948 F A
b
x
~
110*
------
a
b
J
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ser
107*
_
4
a
196n
Ohio 4s
yb
J y bb
Purchased lines 8 Ms
1952 J
Collateral trust gold 4s.—1953 MN y bb
17*
18*
aa
y
18*
19*
aa
243.
2*
38*
4
1956
20
1966 MN
1969 MN
For footnotes see nage
bbb3
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Refunding 4s
33
1970 MN
Del A Hudson 1st A ref 4s..1943 AfN
x
19
20
—1967 MN
J
24
36
2
cccl
x
\
£
40-year 4*s
1952 J
45
7*
101*
cccl
1952
18
78
aa
♦Deposit receipts
8*
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1
c
Collateral trust gold 4s
Consumers Power Co—
♦Cuba RR 1st 5s ft
6
66
"39"
aaa3
of Upper Wuertemberg 71.1956 J
Consol Oil conv deb 3Ms.. 1951 J
1942 J D
122
43
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ccc2
105
Cruolble Steel 4 Ms debs
♦Cuba Nor Ry 1st 5 Ms
102*'
7*
y
108*
D
104
104*
8
8*
MN x
Hudson Co Gas 1st g 5s
1949
Hudson A Manhat 1st 5s A..1957 F A y
A O z
♦Adj income 5«
Feb 1957
Illinois Bel! Teip 8 Ms ser B.1970 A O x
IUlnois Central RR—
J x
1st gold 48
—1951
108*
J
103
65*
Hudson Coal 1st sf 5s
104
2MB—1948
37*
105*
*34
108* 110
110*
105
conv
104
cccl
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82
103
cccl
z
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J
44
102*
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104*
115* 119
108*
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bb
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D
15
18
102*
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62*
4
-
y
z
D
575
♦103
MN z b
2
((♦Housatonlc Ry cons g 58.1937
AfN
Houston OH 4*s debs
y bbb2
1954
4
1st mtge 3ms
1st mtge 3 Ms
103
109* 130*
88* 100
aa
1st mtge 8Mb
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104*
103
183
aa
1st mtge 8 Ms
105*
aaa3
J
8
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19*
♦93*
107*
119*
x
1 1966 AfN
105
——————
x
May
x
J
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19*
88*
106*
♦lOl
2
J
1st mtge 8Mb
88*,
106*
♦Harpen Mining 6s
1949
Hocking Val 1st eons g 4 Ms—1909 J
A
Hoe (R) A Co 1st mtge
1944
O
1955 J
-—1956 J
1960 J
17*
88
585
39*
18*
19*
106* 111*
8 Ms debentures
1958 J
♦Consolidated Hydro-Kleo Works
5s
~19*
3
O
46*
♦28
8
*109*
A
1946 A O
s f
298
206
Consol Edison of New York—
♦Debenture 4s
40
43*
*117
1951
♦Debenture 4s
41
38*
cccl
'
Gulf Mob A Nor 1st 5MsB..1950 A
105*
110M 112*
*qq
Consolidation Coal
40
39*
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b
J
34*
99 M
113
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.1958
3*s debentures
8 Ms debentures
8 Ms debentures.
38*
2
z
A
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♦
Debentures ctfs B
Commonwealth Edison Co—
Conn Rlv Pow s f 3Ms A
44*
40
z
y
J
J
83
♦Commercial Mackay Corp—
Conn Ry A L 1st A ref 4 Ms--1951
J
F
1977
General mtge 4s series G..1946 •
Gen mtge 4s series H
1946
Gen mtge 3*s series I ...1967
1st mtge 5s series C
1968
46
M 100*
aaa2
(Japan) 7s..1944
A
D
AfN
(♦Georgia A Ala Ry 5s.Oct 11945 J
J
({♦Ga Caro A Nor 1st ext 6s. 1934
♦Good Hope Steel A Ir sec 7s. 1945 A
J
Goodrich (B F) 1st 4*s
1956
Gotham Silk Hos deb 5s w w.1946 Af
Gouv A Oswegatchie 1st 5s..1942 J
J
Grand R AI ext 1st
GtCons EI Pow
104
Gen A ref 4mb series B_ .1981
Stamped guar 4Mb
J
D
12
141
...
gu g
*105*
106*
Conv debs 3Ms..
84*
88
1
c
105*
106*
11
~88
3
1941
Francisco Sugar col! trust 6s. 1956 MN y ccc3
♦20-year s f deb 6s
1948
Gen Steel Cast 5Ms w w... 1949 J
.1993 J D x bbb3
.1993 J D x bbb3
J y b
2
z
104*
9
56
1
cc
88
35
57
109 M 111M
106
2
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♦Certificates of deposit
5
104*
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8
39
100 M 107
bb
107
55*
ccc2
D
143
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45
♦107*
99*
♦147*
1
a
D
103*
109*
49*
79
3
bbb2
stamped....1942
Af 8
1942
30-year deb 6s series B
1954
Firestone Tire A Rub 3 Ms..1948 A
J
(♦Fla Cent A Pennin 6s
1943
(Florida East Coast 1st 4 Ms. 1959 /
Af
♦1st A ref 6s series A
1974
15
106*
2
bb
1st Hen 6s stamped
90*
103
♦103*
w
D
Af S
105*
_„----
aaa2
1st mtge 8Mb series I
A
J
102*
3
aaa2
Income deb
F
Federal Light A Trac 1st 5s..1942
5s International series.. 1942 Af 8
Af 8
1st lien s f 5s
91*
aaa3
x
108
♦N Y A Erie RR ext 1st 48.1947 AfN. bb
Af Si b
(♦3d mtge 4Mb
1938
3
aa
x
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x
106*
O
a
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J
J
M 8
69
bb
3
A
72*
108*
106*
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67
2
1975
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3*
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2
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—
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4
5
29
2
308
1
1
c
AfN
c
1967
.
205
19*
2
cccl
1963
♦{Ref A imp 5s of 1927
♦
| Ref A Im pt 5s of 1930
7*
16*
cccl
1953
7*
x
mtge.—
♦Series B
cc
95
107
103*
cccl
3*
4*
x
Income
ccc2
229
c
2
5M
5M
23
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2
bb
1965
1*
1*
108*
101*
3
4s prforl996
cons g
6*
7*
9*
aa
bb
O
104
11
♦25
2
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1996
♦Conv 4s series A———1953
(♦Erie RR 1st
7*
0
♦5s
j
A
104
495
9
♦35
bbb3
Af S
1
109*
aaa4
a
108*
9*
105*
108*
bbb3
J
—1965
5» stamped
aa
MN
Elgin Jollet A East Ry 3*8.1970
1
1942
4M« series C
O
8M
J
.1942 J
.1948 MN
1st sf
A
Duquesne Light 1st M 3 *8..1965
4
.1942
lst s f 5s series B guar
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560
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-1970 J
series A
x
8*
J
-1977 J
-1991 J
Series B 3M" guar
Gen 4Mb
J
7*
Cleveland A Pittsburgh RR
Ms series B
4
ccc2
8*
19*
18
Louis Ry-
Series A 4 Ms guar
aa
1
c
M~5
Clearfield A Mah 1st gu 5a.. 1943 J
Gen 4
2
x
z
cc
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3 Ms D.. 1971 AfN
1969 F a
E
Cleveland Eleo Tllum 3s
xaaa
J
16*
15*
45
3
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107
2
72*
3
aa
0
ccc2
ccc2
aa
x
No.
105*
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ccc2
x
Dul Miss A Ir Range Ry 3 Ms 1962 A
J
((♦Dul Sou Shore A At! g 5s 1937
J
East Ry Minn Nor Dlv 1st 4sl948
21
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Dow
1
—
2
Ms. 1961
Chemical deb 2*s
1950 M S
1*
ccc2
cc
7*
.
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108*
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1*
6*
1*
2
1965 A 0
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32 *
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J
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Detroit Edison 4Ms ser D-.1961 F a
ser
1 *
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O
15 M
cc
A
A
37
cc
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_
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912
D
(♦Choctaw Ok A Gulf con 5s.
F A
Cincinnati Gas A Elec 3Ms.. 1966
1967 J D
1st mtge 3 Ms
MAT
Cln Leb A Nor 1st con gu 4s. 1942
4s_.
z
6*
19
1943 A O y b
1952 AfN z cc
4 Ms series E
A
17
D
J
St L Dlv 1st coll trg
(♦Deny A R O W gen 5s. Aug 1955
♦Assented (subj to plan)...
♦Ref A impt 5s ser B.Apr 1978
5*
ccc2
AfN
1963
series E
1951
8Mb guaranteed
1963
1st mtge 3 M« series F
Chlo A West Indiana con 4s. 1952
1st A ref M 4*s series D_. 1962
Cln Wab A M Dlv 1st 4s
cccl
x aa
3
Gen A ref mtge 3 Ms ser 0.1960
Detroit A Mac 1st lien g 5s..1995 J D y b
3
J D z ccc2
♦Second gold 4s
1995
AfN x a
2
Detroit Term A Tunnel 4
J
1st mtge 3*s
General g 4s
z
6
ccc2
0
General 5s series B
J
32*
31M
32*
30 M
J
1944
Cleve Cln Chic A St
cccl
3
Chicago Union Station-
Ref A Impt
16 M
18
z
(♦Secured 4Mb series A—1952
♦Certificates of deposit
AfN
♦Cony g 4Mb
1960
/ D
Ch St L A New Orleans 5s.-1951
Gold 3 Ms
Judo 15 1951 J D
Memphis Dly 1st g 4s
1951 J D
J D
Chic T H A So'eastern 1st 5s_ 1960
M S
Income guar 5s
Dec 1 i960
Cln Un Term 1st gu
z
cc
1934
(♦Refunding gold 4s
Chllds Co deb 5s
15M
46
437
((♦Chicago Railways 1st 5s stpd
r a
Aug 1940 25% part pd—1927
J
J
(♦Chlo RIA Pac Ry gen 4s. _ 1988
♦Certificates of deposit
Guaranteed 4s
218
35*
35
ccc2
May 1
1
♦1st A ref 4 Ms C—May 1
♦Cony 4M« series A
£6
35*
M N
1st Aref4Msstpd.May
8*
30*
ccc2
(♦Secured 6 Ms..
6*
28*
ccc2
♦1st ref g 5s
♦
1
29*
M N
1987
6
18*
35
M N
♦4Mb stamped
70
21*
35
1987
M N
stpd Fed lno tax.-1987
♦Stpd 4s n p Fed lnc tax .1987
♦Gen 5s
J
299
35*
(Chicago A North Western Ry—
♦General g 3 Ms
.1987 MJV
♦Genera! 4s
-----—1987 M N
♦Gen 4 Ms stpd Fed lno tax
((♦Den A R G 1st cons g 4s_.1936
(♦Consol gold 4 Ms
1936
32*
ccc3
ccc3
z
a
3
109M
z
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♦Gen g 3 Ms ser B.May
♦Gen 4Ms series C_M\y
F
aa
Gen A ref M 4s
(Chic Milwaukee A St Paul—
♦Gen 4s series A -.-May 1 1989
1 1989
1 1989
♦Gen 4Mb series E.May 1 1989
♦Gen 4Mb series F.May 1 1989
(Chle Mllw St Paul A Pac RR—
♦Mtgc g 5fl series A
-1975
♦Cony adj 5s
Jan 1 2000
x
86
6*
Bid
♦108*
104*
108*
7*
9*
9
8*
3
J
1st mortgage 4 Ms
70
J y bb
Friday's
A
Ask
Sale
3
19M
21M
aa
aa
10
30*
x
x
118
19M
12M
12M
12M
3H
3*
J
J
1st A ref 4*s
18*
/
Range or
Last
Price
(Cont.)
1969
-.1969
19*
20
At N
Railroad & Indus. Cos.
10*
6
8ee i
Del Power A Light 1st 4 *8-1971
212
22
Rating
Low
124M
16*
113
15
Kilo. &
EXCHANGE
16*
14*
16*
►
8TOGK
Week Ended Jan. 10
High
Low
117
*109*
29*
32*
22
21*
Chicago A Erie 1st
No
-
cccl
Y
N.
1940
High
Low
Rallraad * Indus. Cat. (Coni.)
((♦Chicago A East III 1st 6S.1934
M N
(♦Chic A E 111 Rt gen 6s
1951
BONDS
Range
for Year
Week's
Friday
Bank
Week's
Friday
Bank
11.
bonds
N
Jan. 11, 1941
New York Bond Record—Continued—Page 3
240
*
43*
------
45
43*
45
♦48
53
*75
----
20
43
42
45
95
54
66
47*
----
-----
-
-
-
--
III Cent and Chic 8t L A N O—
ybb
2
45*
41
46*
288
33
1963
ybb
2
43*
37*
44*
349
30
47
1948
a
31*
33
19*
36*
74
75*
44
54
74
17
17
11
Joint 1st ref 6a series A—.1963
1st A ref 4 Ms aeries C
♦Ilseder Steel Corp 6s
Ind 111 A Iowa 1st g 4s
cccl
1950
(♦Ind A Louisville 1st gu 4s. 1956
17
2
8M
17*
102* 109*
37*
63*
column Incoroorated In this tabulation pertaining to bank
eligibility and rating of bonds.
Sea 4.
Volume
New York Bond Record—Continued-Page 4
152
Friday
Bank
BONDS
N.
Y.
Elig. dk
Railroad
&
Ind Union Ry 3 Ha series
3s
Inland Steel 1st mtge
I
Price
Bid
Friday's
4
Ask
Loto
B.1986 M 8
F1961 A O
x
aa
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A...J
1974 A
1978 M S
1946 F
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3-year 6% notes
1941 A
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61
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345
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64
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gen gtd 4Hs
1945 J
113
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ccc2
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53
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30
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65
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81
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119
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67
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1956 A
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93 %
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101
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78
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112
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29 h
92 h 105H
100
83
64
20
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51h
2
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82 H
aa
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1955 J D x bbb3
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1954 AO z ccc2
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2
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112
90
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Lorlllnrd (P) Co deb
1955
4s
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10
97h
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41
96 h
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149
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30
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—1954
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1951
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1960
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1949
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1949
80
196 5 A O
47 H
18H
22
Llbby McNeil 4 Lib by 48.-1955
Liggett 4 Myers Tobacco 7a. 1944 A
5s debenture
Natinal Steel 1st mtge 3s
49 h
•»
35
37
4
46 H
ccc2
MN
-—2003 M N
5sstamped modified—---2003 MN
Leh Val Term Ry ext 5s—1951 A 0
Lex 4 East 1st 50-yr 6s gu.—1965 A O
♦General cons 5s—-.
Lion Oil Ref conv deb
*
31H
2
a
Nash Chatt 4 St L 4a aer A—1978 F A ybb
Nat Distillers Prod 3 Ha
1949 M S x a
{♦New England RR guar 5s. 1945
M N
MN
J
87
34 h
bbb3
43
50
bb
J
2003
4Hsstamped modified
"47H
bb
....
37
36 H
aaa2
x
24 h
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b
—
x
50
37
_
37H
40 h
36 h
38
40
x
20 h
1
37H
63 H
*34
b
Mutual Fuel Gas 1st gu g 5s. 1947 MN
Mut Un Tel gtd 6s ext at 5% 1941 MN
20 h
39
37H
b
Mountain States T 4 T
36 h
40
23
b
b
3H8-1908 / D
70
37 h
27
39H I39H
*37 H
43H
b
5a————1954 F A
♦5s stamped.-—1954
♦1st 4 rer a f 6s
1964 f" A
\
*58 stamped————1964
♦1st 4 ref a f 5a—.—-—1974 y a
♦5s stamped
1974
♦Sec 6% notes extended to 1943 7"i
♦6s stamped-—
1943
Leh Val Harbor Term gu 5a.. 1954 FA
22
80
80
b
stamped—-----—1944
♦1st 4 ref a f
4s8tamped modified
♦General cons 4 Hs
1955 MN y b
1955 MN y b
Constr M 5s series A
"68"
21
15 H
O y b
3
y
Marlon Steam Shovel a f 68—1947 A
b
2
86
88
"3
64 H
66
94H
91H
z
ccc3
85
85
12
84 H
z
b
76
79 h
39
52 H
57
Stamped
{♦Market St Ry 7a aer A April *40 Q J
(Stamp mod) ext 6s—..1945 Q A
For footnotes see page 243
y aa
1
25
*86 H
76
25
89
Attention Iz directed to the new column
83
Incorporated la thiz tabulation pertaining to
bank eligibility aad rating of bonds.
See^i.
New York Bond Record—Continued—Page 5
242
Jan, 11, 1941
T_
*
BONDS
N.
Y. STOCK
ho
EXCHANGE
Railroad A Indue. Cos.
e
fe
Last
Bale
Sea 4
Price
A
A y b
3
O y cccl
57
46*
46
60*
108
A
O
x
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109*
J
D
(♦N Y A Greenwood Lake 5sl946
N Y A Harlem gold 3*s
2000
N Y*Lack A Weet4a ser A...1073
4 *s series B
1973
♦N Y LE A W Coal A RR 5*s'42
♦N Y LE A W Dk Almptfii 1943
N Y A Long Branch gen 4s..1941
z
cc
MN
x aa
2
MN y bbb2
J
9
105
125*
2
118*
13
120* 126*
113* 119*
96
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bb
3
♦79
{♦N Y New Hav A Hart RR—
mm
43*
m~~
79*
90
05
95
90
....
81
19
79*
73
71*
73
74
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3
72*
72
74
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3
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z
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14
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11*
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22
19
22
39
11
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205
10
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106
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41
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109
109
109*
cccl
1949 M 8
J
{(♦Philippine Ry 1st s f 4S..1937 J
♦Certificate*) of deposit.—..
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cc
1
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1
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22
19
72*
72*
166* 111*
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112
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196
115
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100
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108
111*
137
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3*
309
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*102*k
54
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18*
5
8*
4
4
102*m 102"at
80
45
♦3*
Phillips Petrol cony 3a
1948
Pitts Coke A Iron cony 4*s A *52 M 8
19*
19*
20*
20*
107
107
High
51*
45
102* 112*
93* 104*
103*
104
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107
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168
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cony
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Phi la Electric 1st A ref 3*8.1967 M 8
/
J
64
1
82*
3
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General 4 *s Berles D
1981 J
60
50
71
96
97
24
3
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26
100*
3
54
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111
9
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65*
J
1947 M 8
3 *• 1947 M
3*8—..-.1954 A O
J
♦Non-conv debenture 4s..1955 J
♦Non-conv debenture 4s..1960 MN
♦Conv debenture 3*s
1950 J
J
♦Conv debenture 6s.....-1948
A O
|♦Collateral trust 00
1940
♦Debenture 4s—
—1957 MN
J
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♦1st A ref 4 *s ser of 1927-1967
MN
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7
38
100*
51*
53
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104* 110*
30
38
2
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110*
125*
118*
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107*
109*
1940
No. Low
171
1st g 4*s series C........1980 M 8
61*
10
Asked
J
Pere Marquette 1st ser A 5s. 1956
1st 48 series B
1956
62
Range
for Year
A
Low
Railroad & Indus. Cos. (Conf.)
62
Bid
High
83
High
56
aaal
F
Price
Range or
Friday*1
Bale
See k
00
x
Last
Rating
Week Ended Jan. 10
62
0
Elig. A
N. y. STOCK EXCHANGE
1940
No. Low
ffigfi
BONDS
Range
for Year
S'S
0)1?
62
A
E—
N Y A Brio—See Erie RR
N Y Gas El LtH A Pow g 50.
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2
5 V
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F
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Bid
Week's
Friday
Bant,
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Friday's
Rating
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D
Week's
Friday
Elig. A
-.ft.
10
Week Ended Jan.
N Y Edison 3*s ser
Bank
z
40
cccl
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3
40—1992
—.1955
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M 8
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cc
2
5*
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1942
N Y A Putnam 1st con gu 40.1993 A
N Y Queens El Lt A Pow 8 *s *65 MN
J
N Y Rys prior lien 6o stamp.1958 J
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N Y Steam Corp 1st
J
J
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...1954 F A
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x
a
4
x
a
4
x
aa
2
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104*
105*
*122*
A—1974 M 8
x
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2
18
76
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Norf A W Ry 1st cons g 4s—1996 O
North Amer Co deb 8*8—1949 F
Gen A ref 4 *s series
{Northern Ohio Ry—
A
♦lstgtdg 5s.....—.....1945
♦1st mtge g 5s (stamped can¬
cellation of guarantee). 1945 A
"l20*
4
105*
105*
0
z
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105*
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mSrnmm
13
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12
m
mm
m
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.....
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79
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56*
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74
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2
69
63
J
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2
59*
57
Ref A lmpt 5s seriefl D
2047 J J ybb 2
Northern States Power 3*8.1907 P A X aa 4
Northwestern Teleg 4*s czt 1944 J J Xbbb3
59*
109*
57
61*
97
109
109*
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4*
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4
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Ontario Power N F 1st g 5S..1943 P A
Ontario Transmission 1st 5s. 1946 MN
x
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3
3
2
x
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Oregon RR A Nay coo g 4s..1946 J D
x
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x
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J
x
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100*
107*
109*
108*
105*
105*
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111*
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33
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(♦2d ext gold 58—.....1938 J J
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b
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110*
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m
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Penn Co gu 3*s coll tr ser B.1941 F A
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96
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...1903 F A
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a
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4
x
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Pennsylvania RR cons g 4s.. 1943 MN
Consol gold 4s......
1948 MN
4s sterl stpd dollar May 1 *48 MN
x
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2
96
3*
8*
107* 108*
106
109*
104* 110
107
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3
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96
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16
3
90
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152
1
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104*
81*
107*
196* 110*
79
97*
1*
63*
5
63*
113
108
140
153
214
220
106
110*
Gen A ref 4*8 seriee A...1997
Gen A ref .4*8 series B—.1997
bbb3
67*
78*
80*
85
bbb3
79*
78*
80
90
00*
62*
Remington Rand deb 4*s w w *56 M 8
4*s without warrants....1956 m 8
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104*
103*
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23
89* 104*
Rensselaer A Saratoga 6s gu.1941 MN
Republic Steel Corp 4 *s ser B '61 r a
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♦3*8 assented
1946 J
4
bbb3
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70
27
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50
77
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106*
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J
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104
90
32
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103
106*
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92
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109
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20
26
26*
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107
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1967
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8*
10*
30
40
38*
20
41*
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2
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12*
130
131
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108*
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Roch Gas A El 4 *s ser D
1977 M
M
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1967
M
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15*
12*
27
36*
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16
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1939 J
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27*
27*
27*
26*
29*
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14
26
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4s s f cony debentures
1952 M 6
♦Rlma Steel 1st s f 7s....... 1955 F A
1948 A
81*
104*
104*
104*
J
1952 MN
1953 F A
1955 A O
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104*
82
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104*
104*
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f 6s..
111
360
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C
2
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Baguenay Pow Ltd 1st M 4*s *66M O
St Jos A Grand Island 1st 4s. 1947 J
J
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112*
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1950
124
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1950
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110* 115*
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♦Gen A ref k 5a series A... 1990 J
St Paul A Dul 1st con g 4s.. 1968 J
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♦1st 4s bond ctfs
72
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106
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109* 113*
General 4*8 series A.....1965 J D
General 5s series B
1968 J D
Debenture g 4*8
1970 A O
Apr
40
45
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1981 A O
40*
76*
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55
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Gen mtge 3*s series C...1970 A O
Consol sinking fund 4 *s..l960 F A
59*
31*
33*
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3
A
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23
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44
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1944 J D
Guar 4s ser E trust ctfs...1952 MN
Pa Ohio A Det 1st A ref 4 *s A *77 A O
4 *s series B
......1981 J J
72*
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3
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64*
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118
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114
23
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31
Paramount Broadway Corp—
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Gen mtge 4*s series E—.1984 J
Conv deb 3 *s........... 1952 A
bb
738
85*
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♦108*
69*
80*
105*
mm
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Penna Pow A Lt 3*s—..1969 F
4*s debentures
....1974 F
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93
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85
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102 ^12
x
3
•a
106*
110* 117
Purity Bakeries s f deb 5s...1948
Reading Co Jersey Cent coll 4s '51
2
108*
110*
105*
J
aa
aa
64
40
102
108*
104*
mmmtm
80
Panhandle East Pipe L 4s...1952 M S
*107
152
{♦Rut-Canadian 4s strap
1940 J
{♦Rutland RR 4*« stmp...l941 J
104
*107*
109*
*103*
3
53
69
*218
♦Ruhr Chemical
85
110*
aa
aa
107* 110*
111*
110*
109*
61
aaa4
101* 112
*116*
111*
55
aaa4
102*
60
55*
60*
j
♦Certificates of deposit
3
00*
2
1968
105*
117*
106*
86*
2
b
~58
60*
60*
2037
1st A ref mtge 8s
28
"60*
bbbl
7
109
mm
mmmmmm
2
1st A ref mtge 3*s ser H.. 1961 J D
1st A ref mtge 3 *s ser I... 1966 J D
(♦Pac RR of Mo 1st ext g 4s. 1938 F A
Paramount Pictures 3*s deb '47
Parmeiee Trans deb 6s.....1044
Pat A Passaic G A E cons 58.1949
♦Paulleta Ry 1st s f 7s.
.1942
m
107
108*
109*
aaa2
Otis Steel 1st mtge A 4*s—1902 J
Ref mtge 3*a series C....1966 J
Paducah A 111 1st sf g 4*s..l956 J
117* 128*
102* 107*
101
106*
102* 108*
95
4*
4*
aaa2
Ore Short Line 1st cons g 5s. 1946 J
Guar stpd cons 6s
1940 J
Ore-Wash RR A Nay 4s.....1961 J
170
69* 1043
61
52
*100*
aaa3
MN
Pacific Coast Co 1st g 6s
1940 J
Pacific Gas A El 4s series G.1964 J
79
105
55
2
b
guar
110
115
119*
114* 119*
§9* 113*
99* 113*
92
105*
108* 108*
40
63*
40
63*
75
....
mmm~
70
78*
46*
2
1948
Ohio Connecting Ry 1st 4s.. 1943
Ohio Edison 1st mtge 4«
1906
1st mtge 4s...
—.1967
1st mtge 3 *s—
1972
Oklahoma Gas A Kieo 3*8.. 1966
54*
45
J ybb
J ybb
gu g 4s.
14
107
mm.m~~
Ref A lmpt 4 *s series A.. .2047 J
Ref A lmpt 6s series B....2047 J
{(♦Qg A L Cham 1st
12
09
127*
126
*70
....
2047
.
112*
b
deb 4s 1057 mn
{♦Providence Term 1st 4a...1956 M 8
J
Public Service El A Gas 3*81968 j
1st A ref mtge 5s
2037
{♦Providence Sec
112*
104*
*108*
aaa2
A
♦Rhine-Ruhr Water Serv 68.1953 J
0
z ccc2
♦Certificates of deposit.....
North Pacific prior lien 40—1097 Q V x bbb2
Gen Hen ry A Id g 3s Jan...2047 Q P ybb 2
Ret A lmpt 5s series O
78
111
*110
2
2
104*
2
aa
D
.......
92
97*
119
aa
D
1950 j
Potomac El Pow 1st M 3*8.1966 j
Pressed Steel Car deb 5s
1951 j
112
119
aa
112
108* 111
119
1977
1960 m a
Port Gen Elec 1st 4 *8.
1st 5sextended to
164* 108
100* 108*
105
'19
aaa2
D
J
1st 4*s series D_.
62*
3*
6*
107* 112
107
109*
96* 104*
8
18*
7* 17*
aaa2
aaa2
aaa2
cons guar
gen 5s series B
....1902
1st gen 5s series C—.....1974 /
12
14
80*
.....1957 M N
1960 P A
F A
1903
Pub Serv of Nor 111 3*s.
.1961
manager).......1941
106
guar 48
4*8
Pitts Y A Ash 1st 4s ser A...1948 J
F
1st
30
5*
5*
39*
.
{(♦Norfolk A South 1st g 50.1941 MN
♦Ctfs of dep (issued by reorgan¬
isation
9
cons
cons
4 *s....l904 KN
Gen mtge 5s series A.....1970 / D
Gen mtge 5s series B.....1975 A O
j
J
Gen 4*8 series C_.
—1977
Pitts Va A Char 1st 4s guar. 1943 mn
Pitts A W Va 1st 4*s ser A. 1958 j D
1st mtge 4*s series B....1959 A O
1st mtge 4*s series O—-1960 A 0
Series J
108*
100* 106*
101
109*
37
11
10*
67*
111*
110*
Series I
105
14
gold...—1953
Series G 4s guar..
Series H
54*
110*
107
95*
6*
guar
100
3
30
65
99
85
2
93
1
4*
43
9*
110*
2
8*
1*
107
10
67*
aaa3
3
32
22
28
mmmm~
2
z
x
47
109*
108*
105*
105*
2
ybb
81
2*
54*
109*
mm~m.mm
m
58
123
99
*107*
mm+rnmm
55
3
*91
2
F
♦Certificates of deposit.......
lzatlon manager)
109*
aaa4
x
12
4*
1*
54*
2
x
MN
A—1951
3*8—1963
{(♦N Y Suoa A W 1st ref 50.1937
(♦2d gold 4 *S—
-1937
{♦General gold 5s——1940
♦Terminal 1st gold 5o..—1943
N Y Telep 3*s ser B
1907
N Y Trap Rock 1st 6s——1940
6s stamped
.....——1940
{( »N Y West A Boot 1st 4 *s 1940
Niagara Falls Power 3*s—1900
Nlag Lock A O Pow 1st 5o A.1955
Niagara Share (Mo) deb 5*81950
{(♦Norf South 1st A ref 6e—1961
--
19*
106
434
aaa2
Berles C 4*8 guar........1942 MJV
Series D 4s guar.........1945 KN
Series E 3*s guar gold—1949 F A
j d
Series f 4s
24*
86*
6*
23*
5*
3*
1942 A O
Series B 4 *s guar
20
12*
40
80*
A O y b
0 yb
{♦N Y Ont A Weot ref g
10
621
5*
24*
82*
20
82
1
cc
z
34
5*
24*
cccl
z
22*
20*
25*
Pittsburgh Cine Chi A St Louis—
48
21
3
89
115
(♦lstg 4s unstamped
(♦4s g stamped
♦Certificates of deposit..
{(♦Atl A Birm 1st gu 4a... 1933
41
54
71*
107
....
109*
114* 125
10*
"m
z
cc
2
z
M~fi
76*
cc
1
5*
z
cccl
12*
11
9*
*
3*
3*
4*
4*
12*
11*
178
6*
*
12
4
*
1*
4*
120
2*
2*
2*
0*
5*
8*
4
6*
5*
12*
57
411
138
1
8
15
3
8*
15*
7*
15*
I
105
75*
93
110* 116
111
118*
mmrnrnm
m
-
3*
10 "
106* 110*
4
f or
footnotessee page 213.
Attention ta directed
to cue new column
incorporated la tnta tabulation pertaining to bank eligibility and rating of bonds.
See 4
Volume
y
STOCK
Bank
Friday
Week's
I"
EXCHANGE
Elig. <t
Last
Range or
Rating
Sale
See a
Price
Friday's
Bid
A
Ask
Week Ended Jan. 10
F
A
1935 F
♦6a 8erles B certifiestea
z
A
♦Slemena A Halake deb 6 Ha .1951
4
1
54
S
217
27
1
14 H
27 H
70
70
15
.12 %
.1952 A
.1950 F
sbbb2
103 H
13
x
bbb3
103 H
103 H
104
13
.1964 J
aaa4
106 H
105%
106 %
34
Socony-Vacuum Oil 3s debs
South A Nor Ala RR gu 5s. .1963 A
x
x
a
A
South Bell Tel A Tel 3%a_. .1962
.1979 J
3a debentures
Southern Colo Power 6s A . .1947 J
x
aaa3
Slmmona Co deb 4a
Skelly Oil 3a debs
bbb3
D
Southern Kraft Corp 4Ha.. .1946 J
107H
107%
aaa3
x
-
-
m
lat mtge pipe line 4 %a_.
0
x
D ybb
M 8 ybb
J
101H 109
106
101
Gold 4 Ha
Gold 4 Ha
1st cons g 5a..
x
O ybb
1956
o y bb
o y bb
30
50 H
{♦Warren Bros Co deb 6s
1941
50 H
61H
58H
*
i,
*
-
m
90H
61H
59 H
79 H
76 H
83%
81 H
42
61 H
245
63
79 H
West Va Pulp A Paper 3s... 1954 J
158
57
D
x
aaa4
105 H
I05H
1953
J
x
aaa4
105H
105
105%
36
105 H
109
41
100
IOOH
37
105
106
83
128H
J
Tenn Coal Iron A RR gen 5s. 195
Term Assn St L 1st cons 5s_. 1944
109
bbb3
1950 M N
Swift A Co 1st M 3 Ha
A.
...
4
aa
x
aaa3
128H
*113H
110%
110H
x
aaa4
x
aa
1960
x
bbb3
1959
x
aaa4
x
aaa4
.1965 MN
8s debentures
1943 J
Texas A N O con gold 5s
gold
Gen A ref 5s series B
x
x
Tex Pae Mo Pac Ter 5 Ha
A.
90
88
4
-
_
62 H
bbb3
♦AdJ income 6s._
68—1937
J
23
10! H
128H
76 H
4
53 H
72 H
82 H
81
27
12
10 H
27 H
West Shore 1st 4s guar
3 Ha *60
let 4s.. 1960
Tol W V A Ohio 4s series C-1942
Toronto Ham A Buff 1st g 4a. 1946
Trenton G A El 1st g 5a
1949
Trl-Cont Corp 5s conv deb A. 1953
Tol A Ohio Cent ref A Imp
Tol St Louis A West
J
bb
55 H
51
56
73
35
54 %
2361 J
J
bb
51 %
48
52
28
32
50H
1949 M
Registered
J
8
aa
26 %
29
M
8
r
j
aaa2
a
x
aaa3
J y bb
z
b
A
z
82H
6
65 H
*
cccl
1
101
96
UJlgawa Elec Power a f 7a.-.1945
J
Union Electric (Mo) 3Hs.—1962
1
106%
3
J
x
aa
O
A
z
106 %
cccl
F
13 H
21H
60
99 H
A
x
aa
17
107
-----
«.
«■
M
I05H 109
7H
-
3
1947
84-year 3 Ha deb
1970
85-year 3Ha debenture...1971
Ref mtge 3 Ha ser A
1980
United Blsoult 3 Ha debe
1955
United Clgar-Whelan Sts 58.1952
United Drug Co (Del) 6a
1953
U N J RR A Canal gen 4a... 1944
1st A land grant 4s..
2
J
A
aaa3
113%
O
J
aa
3
107»«112%
T—1 0 10 *
10
100H 100%
113H
114
76
110
100%
aa
MN
J
D
A
O
99%
100H
38
3
99 %
99 H
aaa3
106 H
105H
115
3
106 %
106H
101 H
106H
106%
a
73
24
14
4
74 H
bb
4
89%
89 H
90 H
M S
aaa4
*107 H
aa
2
*99 %
.625s
.75s
.875s
1.00s
1.125s
1.25s
1 375s
1.50s
May
1.625s
Nov
2
*100
aa
O
1.95e
3
106
107 %
107 %
107%
9
107 H UOH
102H
103%
20
101H 109H
103
103%
53
D
a
4
J
c
2
x
a
x
a
103 H
9
14
8
*5H
103 H
10H
110H
n
current week,
a Deferred delivery sale;
Odd lot sale, not Included In year's range
only
t The prloe represented Is the dollar quota¬
Aooroed Interest payable at exohange rate Jof
I Negotiability Impaired by maturity,
200-pound
per
of
unit
bonds.
Stock Exohange bond Issues which have
1 The following Is a list of the New York
None.
{ Companies reported
May
Nov
May
....Nov
May
Nov
May
11941
1 1941 MN
11942 MN
1 1942 MN
1 1943 MN
1 1943 MN
1 1944 MN
1 1944 MN
1 1945 MN
1 1946 MN
1 1946 MN
1 1946 MN
1 1947 MN
2
127
108
•
90 H
Friday's bid and asked prloe.
♦
2
*100
aa
2
*100H
aa
*100 H
aa
*i00 H
♦
aa
aa
100H 100 H
101
-----
-
.
.
No sales transacted during current
Cash sale transacted during the current
week.
week and not Included In the year's range.
100
-—-
-
aa
m
-
-
-
-
-
100
--
103
100 H 103
*101H
*101 %
102 H
100 H 102 H
100 H 102 H
-----
*102
aa
... -
100 H
100
-----
100H
100
--
--
100 H 102 H
103
102H
aa
102M
102 H
102 H
2
100 H
aa
103
103
103H
5
102 %
102%
5
100 H 102 H
103
100
aa
k
103
103
5
100 H
Bank Eligibility and Rating
100 H
3
100 H
104H
2
100 H
103
104
7
100 H
104
aa
104
104
1
100 H 103 H
103 H
102
y
Indicates those bonds we believe are not
or some
s
aa
m
m
m *
»' -
aa
*103 H
aa
*103H
104
5
104H
aa
*102H
aa
*103 %
A great
majority of the Issues bearing
*104 H
100
33
33H
b
*
1
33
3
18
104 H
36 H
33 H
36 H
1
20
Transactions
the
at
New York Stock Exchange,
United
Total
Mis cell.
Municipal
States
Bond
Bonds
For'n Bonds
Bonds
Slats
Railroad dk
Stocks
Number of
Shares
Week Ended
33
8
221,000
127,000
791,000
170,000
883,000
83,000
751,770
18,932,000
18,336,000
706,000
47,000
9,436,000
14,160,000
19,898,000
19,089,000
3,887,800
$70,741,000
$3,920,000
$698,000
$75,359,000
Saturday
384,970
Monday
721,300
36H
Tuesday
525,640
35
Wednesday
7,320,000
8,644,000
13,199,000
84
93 H
Thursday
91 H
91 H
92 H
104 H
103 H
96
104H
104%
104 H
104 %
105H
16
bbb3
47
95
644,260
859,860
105H
—
Friday
-
Total
aa
aa
*109 H
*109 H
112
109
109H
109
109
Week Ended Jan. 10
Sales at
1940
1941
Exchange
Jan. 1 to Jan. 10
1940
4,921,210
7,413,580
$1,558,000
$61,596,000
Bonds
Railroad and industrial
Total..
incorporated In this tabulation pertaining to
—
$698,000
$1,022,000
3,920,000
70,741,000
29,505,000
$1,084,000
4,942,000
82,459,000
$75,359,000
Government
State and foreign
1939
4,200,640
3,887,800
Stocks—No. of shares
directed to the new column
Sales
$4,630,000
8,146,000
665,000
30%
34 H
20 H
20
10
$50,000
$270,000
605,000
$4,310,000
20
-----
10, 1941
Jan.
New York Stock
Vltention 1s
All Issues
Daily, Weekly and Yearly
35 %
33
*33 H
cccl
x
symbols ccc or lower are In default.
In default.
bearing ddd or lower are
100 H 103 H
aa
bbb2
MN
reorganisation.
In this column are based on the ratings assigned to each bond
The letters Indicate the quality and the numeral Immediately
following shows the number of agencies so rating the bonds.
In all cases the symbols
will represent the rating given by the majority.
Where all four agencies rate a b nd
differently, then the highest single rating Is shown.
The rating symbols
100 H 104 H
101
104 H
aa
x
or In process of
by the four rating agencies.
99 % 103 H
-----
104H
104H
%
bbb3
A
bank eligible due either to rating statue
it speculative,
provision In the bond tending to make
Indloates issues In default, in bankruptcy,
103
aa
bonds which we believe
103 H
103
aa
103H
103H
104 H
aa
33
F
Column—x Indloates those
eligible for bank Investment.
103
103 H
103H
3
aa
'
.
-
*102 H
aa
MN
A..1955
1957
100H
*101H
*101H
aa
1947
United Stockyds 4Ha w W..1951
Utah Lt A Trac 1st A ref 5s_1944
Utah Power A Light lat 5e—1944
Cons a f 4s aeries B
under
Bonds selling flat
110H
100H 100H
100H 100H
100
100H
*100
aa
♦3Ha assented A
Vandalla cons g 4s series
bankruptcy, receivership, or reorganized
securities assumed by such companies.
being In
as
Section 77 of the Bankruptcy Act, or
e
1 1947
1 1948 MN
1 1948 MN
2.05s
1 1949 MN
2.10s
Nov 1 1949 MN
2.15s
May 1 1950 MN
2.20s
Nov 1 1950 MN
2.25s
May 1 1951 MN
2.30s
Nov 1 1951 MN
2 35s
May 1 1952 M N
2.40s
.Nov 1 1952 M N
2.45a
May 1 1953 MN
2 60s
Nov 1 1953 MN
2 65s
May 1 1954 MN
2 60s
Nov 1 1954 MN
MN
2.65s
May 1 1955
♦Un Steel Wka Corp6 He A..1951
♦3Ha assented A
1951
♦Sec a f 6 Ha aeries C
1951
♦3Ha assented C
1951
♦Sink fund deb 6 Ha aer A. 1947
1.90a
2.00s
108%
None
May
Nov
May
Nov
May
Nov
May
Nov
.50a
1.85s
108 H
1
3
100 H
aa
77 H
58 H
75H
—~
MN
115
92 H 101H
92 H 101H
101H 106 H
104 H 108 H
67
75
b
M 8
A
debentures—
1.80s
4H
*4.8484
United States Steel Corp—
1.75s
8
been called In their entirety:
Union Pac RR—
Serial
7%
Cash sale; only transaction during
r
tion
9
1062#«
1—1 O
A x aaa4
F
*4H
106 2t«
7H
" "99%
19
90
7H
104
30
87
4H
121H 125
108H
14H
27H
1
107
transaction during current week,
M 8 yb
22
*.
~
27
*
30
7%
95 H
77
72
97 H
107
31H
14
22
7H
cc
.
115
13H
7%
aa
0
_.194« M 8
1st mtge s f 3%s ser D__.I960 MN
103 H
90
110
66 H
100
*123H
1
M N
♦Tyrol Hydro-El Pow 7H8..1955
♦Guar sec ■ f 7......
1952 F
tf*Unlon Elev Ry (Chic) 58.1945
Union Oil of Calif 6a aeries A. 1942
3a debentures
1969
*
4
x
AT 8
J
x
Conv deb 4s
100H 107
cccl
l*8u A Du dlv Aler 1st 4s.1930 AfN
{♦ Wor A Conn East 1st 4 Hs 1943 J
Youngstown Sheet A Tube—
16
189
29
66 H
m*
8
cccl
♦Certificates of deposit
97 H
-t*
4
103%
30%
45
95 H
106%
103
27 H
88 H
-----
96 H 107 H
30
86
94%
71H
72
ccc2
99 H
*104H
106%
{♦Wis Cent 60-yr 1st gen 4s.. 1949
64H
3
106H
*113
aaa2
96 H
bbb3
103 H
110H 110H
bb
63
x
106 %
3
1
106 %
bbb3
1955
106 H
114H
Conv deb 3Hs
...1947
Winston-Salem 8 B 1st 4s...I960
63H
D
114H
bbb2
A
2
AO ybb
2
65;
2361 J
2
40
251
25H
bb
♦Certificates of deposit
76
19;
69
19H
16
103%
108 H
107
18H
OH
iOH
18H
79
25 H
a
48 H
107
18H
93 H
112
104 %
106H
b
20
46
103 H
107
104 H
72
bb
99 H
48H
104 H
2
98
30-year 5s.
1950 M 8
J
♦Westphalia Un El Power 6s. 1953 J
Wisconsin Elec Power 3 Ha.. 1908 A
Wisconsin Public Service 4s..1901 J
1
11
199
95
79
72
25 H
104 H
93 H
51
72
11H
H
53 H
53 H
95
104H
94
60
53 H
7
107H 112
113
96
403
1
129
28
23H
110 %
79 H
67 H
22 H
110H
114H 120
80 H
67 H
100
128 H
104 H
23
76%
62H
23
104
120
3
H3H
110H
77%
62 H
3
4
2
108 %
113H
«.
128H
108H
«.
79 H
I04H 110H
43
68
~
«
80 H
Wilson A Co 1st M 4s A
92
108 H
102
109 H
bb
Wheeling Steel 4 He series...1966 F
5
107H
a
Western Union Teleg g 4HS.1950 M N
25-year gold 6s
1951 J D
Wheeling ALE RR 4s
103 H 107 %
77 H
55
78
aaa3
aa
70
00
106H 109H
19
67 H
J ybb
65
H
79
67 H
O y cccl
A
37
65
97
15H
.
I ♦Third Ave RR 1st g
31
95
75 H
bbb3
Tokyo Elec Light Co Ltd—
1st 6s dollar aeries...
1953 / D yb
02
40
82
18H
bbb3
x
16
50
63 H
79
J y b
J
54
cccl
x
1964 M 8
1960
Jan 1960
Third Ave Ry 1st ref 4s
61
ccc2
104 H 111H
50
111
90 H
x
x
1946 M 8
111H 115H
-----
60
68
58
-
A.. 1946 M 8
ser
♦5s assented
33
122
114
107 H
.78
«
bbb3
103 H 106%
1
105H
78
28
113H
J
109H
99 %
106 H
W -
M
95 %
128 H
aa
aaa3
O
101H 107
100H 107 '!
81
113H
105H
3
a
62
105%
105%
94 H
3
x
x
D
x
1979 A O
1980 J D
Gen A ref 5s series D
4
J y bb
6s.. 2000 J D
1977 A O
Gen A ref 5s series C
105
H
x
J
1953
Gen refund s f g 4s
29 H
13
108 H
78
{♦Western Pao 1st 5s
109 H
108H
30 %
105%
107 %
101H 100 H
66
94 H
bbb3
15
cccl
8
81
91 %
*108H
O
102
aaa4
z
2
105H
79
65
1952 A
108 H 112
x
J
bb
104 H
*30
Western Maryland 1st 4s
20
J
x
9H
61
82
136
1968
30
D
1st A ref 6 Hs series A
1977 J
West N Y A Pa gen gold 4s..1943 A
{♦Spokane Internat 1st g 5s. 1955
1961
Standard Oil N J deb 3s
z
4
84 H
1
J
137
aaa4
393
5
O
9H
95 %
x
West Penn Power 1st 6s E..1963 M 8
1st mtge 3Hs series 1
J
1966 J
78 H
Studebaker Corp conv deb 6s 1945
1950
Superior Oil 3 Ha debs
9H
8H
94 H
D
95 H
78
2debenture
3H
aaa3
65 H
109 H
9H
4
81
x
83
73 H
63
9%
125
301
2
A
62
J y bbb2
D x aaa4
1st A ref 3s series C
1st 40-year guar 4s
1945 F
Westchester Ltg 5s stpd gtd.1950 J
Gen mtge 3 Ha
1967 J
159
93H
62 H
80
84 H
4
9H
8 y bb
M 8 z cc
517
62%
60
+
93
1951
4s
So'western Bell Tel 3 Ha B_. 1964
8t Louis Dlv 1st g
68
80H
13
53
9H
9H
Warren RR 1st ref gu g 3 Ha.2000 F A y b
Washington Cent 1st gold 4s. 1948 Q M y b
Wash Term 1st gu 3 Ha
1945 F A x aaa3
1955 A
14H
47 H
38 H
105
bbb2
40 H
7
Texas A Pacific 1st
x
O ybb
O y b
6s debentures
63H
8%
(Hiram) G A W—
Walworth Co 1st M 4s
42 H
8
5
8H
1948 M
82
deb
D
Warner Bros Plct 6s debs
81%
Texarkana A Ft 8 gu 5 Ha
1945 J
1955 A
50 H
71H
48
47
"_22
8%
cc
30
J y bbb2
Texas Corp Sa
z
46 H 626
45% 1725
45% 1063
498
56
95
75H
49 %
11
7%
9H
9
O
40%
30
14H
9
cc
53
1996
1st g 5s
51H
cc
z
48 H
75H
2
41
4
9H
z
O
30 H
2
1956
31
52 H
cc
A
35
54 H
2
Devel A gen 6s
20
25H
9%
533
40 H
_
Devel A gen 6 Ha
A... 1956
z
44 %
bbb3
10H
11
48
45
J y bbbl
J
b
316
2
1955
cc
z
42%
50
3
1994
z
45H
3
J y bb
4s... 1955
1st 4a stamped
48
75
11
37 H
J ybb 2
1946 J
1950 A O x bbb2
10-year secured 3%s
San Fran Term 1st 4s
30 %
17
33
*12
49 H
3
197
109H
15
cc
23
2
.1969 M N y b
.1981 M N y b
Dlv
z
1976 F
Walker
49H
68H
H
30 %
b
♦Ref A gen 4 Hs series C... 1978 A
♦Ref A gen 5s series D
1980 A
107H
54
102
16 H
106 %
104
84
70
3
25
68
52 H
z
♦Ref A gen 5s series B
97 H 102 H
111H
52 H
33
1941 J
{♦Wabash Ry ref A gen 5 H8 A *75 Af 8
9
89 H
108H
47 %
48 H
1
42
3
.1968 M 8 y b
Mem
2
ccc2
b
106 H
bbb4
Gold 4 Ha
Devel A gen 4s series
b
z
Convertible deb 4 Ha
.1949
coll)
1st 4 H* (Oregon Lines) A .1977
4s (Cent Pac
Southern Ry
108H
81
102 %
Southern Pacific Co—
So Pae RR lat ref guar
110H
105H
Southern Natural Gaa—
.1951 A
104
*105
-
«.
bbb3
x
11
*102 H
_
z
z
♦Omaha Dlv 1st g 3HS-..1941
♦Toledo A Chic Dlv g 4s.. 1941 M 8
119
107 H
40
68
A
1954 J
A
107
7
107 H
M
aaa2
1939 F
1
63 H
87
89 H
TJioh
Low
108%
60
63 H
1940
No.
Hioh
108H
2
x
f*Des Moines Dlv 1st 4s..1939 J
102 H 108
115
107H
------
104 H
aa
108 H
♦1st lien g term 4s
♦Det A Chic Ext 1st 5s.
103%
99 H
x
...1939 AfN
!♦ 1st gold 5s
f*2d gold 5s
71
94
♦119
3
x
J
102 H
8
Virginian Ry 3Ha aeries A...1966 AT 8
{Wabash RR Co.—
65
27
103 H
Indus. Cot.(Concl.)
Va Elec A Pow 3 Ha ser B... 1968 M
54
70
cccl
&
Ask
A
Low
Va Iron Coal A Coke 1st g 5s. 1949 M 8 y ccc3
Va A Southwest 1st gu 6s...2003 J
J y bbb2
1st cons 5s
1958 A O ybb 2
50 H
■.
z
y
Railroad
for Year
Bid
Price
See i
Range
Friday's
Sale
Rating
ft.
Range or
Last
Elig. <St
EXCHANGE
3H
IN
z
A
STOCK
4
93 H 100H
43
67
8
Y
Week Ended Jan. 10
26
yb
M
3
98
98 H
N.
High
1H
8
99
2H
aa
Ill
3H
2H
c
x
.1946 F
.1941 F
SIleslan-Am Corp coll tr 7s.
3H
c
Z
Shell Union OH 2 Ha debs.. .1954 J
J
Sblnyetsu El Pow let 6 Hs.. .1952
♦811esla Elec Corp 6 Ha
High
Low
(CorU.)
Rallrurf & Indus. C«s.
{♦Seaboard All Fla 6a A ctfs.1935
No. Low
h
BONDS
Range
for Year
1940
0305
Week's
Friday
Bank
II
BONDS
N
243
New York Bond Record—Concluded—Page 6
152
$34,442,000
$88,485,000
3,915,000
bank eligibility and rat'ng of
bond*. See note * above.
7,120,000
52,918,000
New York Curb
244
NOTICE—Cash and deferred delivery Bales
are
Exchange—Weekly and Yearly Record
disregarded In the week's range aniens they
of the regular weekly range are shown In a footnote In the week In which they occur.
In the following extensive list we furnish
are the
Jan. 11, mi
only transactions of the week
and when selling outside
No account is taken of such sales In computing the range for the
year
complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Jan. 4, 1940) and ending the present Friday
(Jan. 10, 1941).
It is compiled
entirely from the daily reports of the Curb Exchange itself, and Is intended to include every security, whether stock or
bond, in which any dealings occurred during the week covered.
.
Friday
Sales
Last
Week's Range
of Prices
Low
High
Week
20
Acme Wire Co common-10
Aero
Friday
for
| Sale
Par\ Price
STOCKS
a
20
Range for Year 1940
Shares
Low
10
1
65*
65*
55*
(NJ)..l
"l254
Air Investors common—*
1H
125*
15*
Alnsworth Mfg common..6
Air Associates Inc
Conv preferred—
Warrants...
May
225*
Jan
205*
45*
3,100
July
Jan
225*
7
Mar
May
Nov
800
4
May
75*
700
10
Jan
145*
15*
175*
Dec
Jan
Dec
35*
305*
600
»
*
*11
....
79
Alabama Ot Southern..60
1045*
Alabama Power Co $7 pf-*
56 preferred
Allegheny Ludlum Steel
7%
65*
55*
125*
15*
preferred
755*
79
1035* 1045*
300
z58
*
.
Apr
1115*
July
2
Feb
3
conv
Feb
*
pref
2
Allied Products (Mich)..10
Class A conv com
25
Altorler. Bros
225*
155*
8
150
[May
17
July
150
225*
155*
225*
Nov
1505*
6% preferred
100
735*
1605* 165
1165* 116
900
250
6% preferred
735*
750
955*
5*
300
5*
35
20
*4 5*
100
715*
95
Aluminium Ltd common.*
55*
1,000
American Beverage com__l
American Book Co
35
100
Amer Box Board Co com.l
»!•
Common class. B .... 10c
53 preferred..!..
100
Class A
1925*
Apr
1195*
185*
Nov
65* May
425* May
90
Sept
115*
Feb
1105*
5*
1
Amer Cynamld class A.. 10
Class Bn-v
10
Amer Export Lines com.-l
Amer Foreign Pow warr
<S*Hoe com...*
American Gas A Elec
"37
195*
285*
preferred
185*
Tu
*18
27
125*
800
Seal-Kap common. .2
Superpower Corp com *
65*
66
60
»
32
200
""766
65*
35*
65*
35*
2,600
5*
6t
»
12
400
CoaatfRR Co pref
100
Atlanta Gas Lt 6% pref 100
Atlantic Rayon Corp
75*
85*
400
55*
55*
65*
"l5*
15*
200
600
65
65
17
18
95* May
255* May
July
Apr
Apr
•it
Jan
145*
395*
Apr
1145*
Dec
Apr
25* May
4
Jan
225* May
265* May
315*
345*
Mar
11
May
135* June
22
Nov
20
Nov
115* May
25
May
13 5* May
Mar
255*
66
73
May
165*
295*
5* June
May
60
Dec
45*
35*
Aug
Dec
5*
48
Jan
Jan
Apr
May
"it
36
Jan
Jan
5*
Jan
1095* Apr
105* May
65* Mar
Dec
5* June
June
75
6
I May
25* May
1
May
5* May
17
2
Feb
15
Apr
1
*ii
35*
25*
Feb
15* May
15* May
6 5* May
855* Dec
85* Dec
5*
25*
Jan
Jan
Feb
Deo
Jan
Apr
25*
Apr
85*
Apr
99
Jan
4
May
115*
65*
Mar
May
65*
Jan
Dec
*11
85*
65*
165*
65*
155*
25*
65*
3
Aug
Feb
Oct
■u
Jan
*11 Nov
5*
Jan
May
55*
Jan
"900
Apr
May
5*
Apr
25*
Apr
Oct
68
100
July
108
15* June
12
5*
155*
3
1,000
1,400
100
4,100
June
35*
Dec
5*
Dec
2
May
115* May
15* Sept
45*
235*
6
Apr
Oct
Apr
Jan
Feb
25* Mar
55* Nov
195* May
35*
Nov
354
17
17
15
15
4
60
65*
Feb
75*
Mar
13
100
54
100
45*
18,200
5*
25*
33 54
Ayrshire Patoka Collieries 1
15*
Dec
3*
145*
54
Aviation A Trans Corp
1
Axton-Flsher Tobacco—
Class A common
10
300
June
35* May
35*
Warrants
3354
50
275*
3154
6,000
335*
65*
36
65*
35 5*
75*
36
4,900
1,600
5*
15*
15*
"360
154
"75* ""754" "lleoo
18
July
Aug
Mar
Sept
15*
Feb
45*
Apr
Dec
63
Jan
35*
305*
Apr
Oct
45* May
May
45* May
Tu July
18
For footnotes see
page 249.
385*
385*
100
•1#
*i«
33 opt conv pref...
Blumenthal (S) A Co
*
375*
*
7% 1st preferred
Borne Scrymser Co
100
Bourjols Inc
Bowman-Blltmore
..*
7%
2d
25
85* May
36
Dec
75*
38
65*
55*
1st preferred
preferred
5
11
45*
54
46 5*
465*
50
700
*i«
Dec
250
20
May
105* May
30
85*
85*
May
May
10
100
75*
100
Nov
Mar
Apr
Mar
36
150
25*
95*
15*
15*
15*
Jan
145*
Mar
17
Apr
Feb
205*
20
Dec
July
22
15
May
Dec
36
15*
700
15*
Apr
34
Dec
7
Dec
15* May
30
1
Jan
45*
Oct
154 May
5554
Dec
Dec
400
*
Nov
Apr
35*
49
75*
65*
200
95*
Brown Forman Distillers. 1
165*
25*
85*
Feb
Feb
85*
16
16
100
Brown Fence A Wire com.l
Class A preferred
•
Mar
85*
175*
J*
Am dep rets ord reg._10s
British Col Power cl A
*
June
Feb
15*
Mar
Feb
May
65*
Feb
185*
Feb
254 May
88
May
60
Dec
454
July
115*
Jan
35*
15*
15*
65*
15*
Dec
354
Dec
1,100
(EL) Co common. .5
Bruck Silk Mills Ltd...
395*
39
395*
100
19
185*
965*
125*
12
19
97
125*
1,900
97
28
Jan
Jan
43
Feb
16
May
905* May
225*
Jan
108
Buff Niagara A East Pow—
31.60 preferred
...25
36 1st preferred
»
Bunker Hill A Sullivan 2.50
Burma Corp Am dep rets
450
9
800
May
•u
Dec
Burry Biscuit Corp..125*c
»i«
Deo
Cable Elec Prod com...60c
5* June
Vot trust ctfs
Jan
145*
25*
15*
15*
Jan
Jan
Jan
Apr
60c
•i«
Dec
1
Mar
Cables A Wireless Ltd—
Am dep 6 5*% pref she £1
Calamba Sugar Estate..20
5*
Sept
Dec
35*
185*
Mar
Feb
25*
Apr
Calllte Tungsten Corp
1
Camden Fire Insur Assn. .6
Canada Cement Co Ltd..•
115*
15*
11
15*
115*
15*
600
10
15*
1,600
17
May
20
Apr
Oct
55*
Apr
95*
45*
July
22
Jan
Dec
115*
Apr
June
254
15*
Dec
15*
Feb
65*
Apr
Canadian Car A Fdy Ltd—
7% partlo preferred
25
Can Colonial Airways.... 1
155*
5
5
200
Canadian Dredg A D Co. *
13
13
25
155*
25
Canadian Indus AlcoholClass A voting
....*
Class B non vot
Canadian
Marconi
1
...»
15*
•11
..1
Capital City Products
Carlb Syndicate
..25c
Carman A Co class A
700
5*
85*
1
85*
"it
50
95*
1315*
35*
129
50
85*
preferred
•
preferred B
....♦
36 preferred BB
•
Cities Serv P A L 37 pref.*
36 preferred
.....*
Dec
109
2,100
325
55*
100
10
600
"93k
'""326
85*
100
25
55* May
65* May
1554
Jan
754
Apr
May
12
June
23
15* May
98
May
25* June
205*
Jan
695*
Jan
125* Nov
1065*
Jan
875* Nov
654 May
955* May
Feb
Nov
354
Nov
1345*
Dec
65*
Nov
49
Dec
103
Dec
175*
Feb
112
Dec
10554
1054
Apr
Apr
118
Nov
Dec
LlOO
»»»
Deo
54
5*
Jan
5*
200
5*
Dec
25*
Jan
Dec
85*
Jan
5* May
H Dec
25*
25*
Jan
25*
200
5*
54
45*
45*
300
2
""'50
25*
25*
45*
10
109
July
Sept
June
705*
110
725*
"4k "4k
95*
5
95*
45*
100
95
May
117
400
66
June
83
May
11
""400
he June
10
425
7
Aug
5
2,100
4
Jan
69 5*
65
695*
500
49
85
65
675*
30
45
1005* 1005*
955*
65*
96
65*
8
10
85
May
8154
11554
30
75
May
110
100
45* May
Jan
Dec
Apr
Apr
Oct
54 Apr
295* Mar
65* May
675*
May
45* May
May
Jan
45* May
754 Mar
1354
6
72
60c
Chief Conaol Mining.....1
Chllds Co preferred
100
Cities Service common.. 10
Deo
May
5*
100
Strip Co
...6
Corp oommon
10
Cherry-Burrell common
6
Chesebrough Mfg
26
Chicago Flexible Shaft Co 6
Chicago Rivet A Mach...4
975* May xll2
hi
Charts
36
35*
1165* 1165*
25*
Dec
100
135*
"k
75*
65*
96
x92~
100
35* May
1,600
135*
*
Conv preferred
100
Conv pref opt ser '29.100
Chamberlln Metal Weather
Oot
95*
132
65*
Cent Ohio Steel Prod
1
Cent Pow A Lt 7% pfd 100
Cent A South West Utll 60c
Cent States Elec 00m
1
preferred
preferred
May
75* May
405*
Apr
15
35*
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
6%
7%
95*
65*
96
com
Jan
Feb
6
partic pref
Cent Hud G A E
Jan
Dec
27
Carter (J W) Co common. 1
Casco Products
•
Castle (A M) common
10
1st
95*
Jan
86
1105* 1105*
...
7% 1st partlo pref...100
Celluloid Corp common. 15
37 dlv. preferred
•i«
3,700
Class B
Catalln Corp of Amer
Celanese Corp of America
Dec
May
65* May
54
185* May
45* May
1
•
Carnation Co common...*
Carolina P A L 37 pref...*
36 preferred
Carrier Corp common...
15*
Jan
*11
May
Dec
75*
115*
6
Apr
9
25*
315*
1)* May
154
Am dep rets ord bearer £1
Buckeye Pipe Line
45
15*
May
Apr
Nov
Jan
Aug
Y,906
Am dep rets ord reg...£l
British Celanese Ltd—
com
6
Nov
""266
100
Mar
35* May
Feb
85*
225* May
15*
Jan
25* June
35* May
115*
May
5*
5*
Apr
8
"2k "2k
Apr
Dec
29
25*
Feb
Mar
Sept
1,800
115*
Bruce
145*
40
75*
5*
85*
36
British Amer Oil regis....*
British Amer Tobacco—
preferred
Brown Rubber Co
Apr
Apr
xii
5*
25*
7,800
*
36
465*
•1.
485*
"660
•
IBrown Co 6% pref
Jan
June
5,200
105*
5*
100
Mar
435*
Dec
""15* "Ik
._.*
preferred
Jan
125
Sept
July
55*
75*
115*
7
75*
Class B
7%
136
45* May
20
150
900
....100
Brlllo Mfg Co common
Class A
Feb
28
200
*
Brill Corp class A
Apr
85*
5*
"35* "45*
100
Brazilian Tr Lt A Pow...*
Feb
325*
45* May
25* May
Aug
5* Dec
335* June
35* May
15* June
165* May
*
com
Preferred
65*
Apr
Mar
85*
12
500
25
37
25
15
105*
365* June
8,600
1
55*
June
*it
75
85*
City Auto Stamping.....*
Jfc
30
900
205*
5*
385*
Apr
Apr
Nov
8
"754"
20
Jan
185* May
3,800
5
Nov
Dec
Jan
3
315*
Barium Stainless Steel...1
Barlow A Seelig Mfg—
Basic Dolomite Inc com..]
Dec
1075*
100
730
•i«
25
Baumann—See "Ludwlg"
Beau Brummell Ties Ino
1
5*
Apr
Nov
20
"25* "3"
5*
*
7% preferred
30
Baldwin Rubber Co com.l
Bardstown Distill Inc
1
85* May
60
"~3"
25
Babcock A Wilcox Co....*
Baldwin Locomotive—
Purch warrants for com.
Jan
375*
395*
195*
5*
Avery (B F) A Sons com.5
x-w
5*
Jan
2,000
15*
5
.
Mar
May
1
*
.
80
31
1
1
w w
Jan
200
li«
Atlas
Corp warrants
Atlas Drop Forge com...6
Atlas Plywood Corp
*
June
205*
26
'"'266
1,100
5*
65
Atlantlo Coast Fisheries.. 1
Atlantic Coast Line Co..50
Dec
Mar
100
15*
5*
.....1
385*
Bridgeport Gas Light Co.*
Bridgeport Machine
*
4
_
25
54
85*
Jan
2
Class A
.1
55 preferred
Assoc Laundries of Amer *
Assoc Tel A Tel class A.-*
34
*1.
185*
Apr
335*
15*
200
15*
5
(Associated GastA Elec—
34
185*
25*
225* June
5* June
700
55*
125
1
Breeze Corp common
1
Brewster Aeronautlcal___l
-Apr
200
75*
"l5* "VA
6
200
Feb
35* May
135* July
3
May
88
July
114
Apr
23
May
.»
Apr
85* May
3
5*
1
4,400
*
com
common
Apr
35
150
*
Atlanta Birmingham A
1095* May
15*
Apr
5* May
6.200
•is
Dec
255* June
200
25*
15*
85*
4,400
45*
5*
♦
75*
65
100
75*
Ashland Oil A Ref Co
1
Associated Elec Industries
Amer deposit rets
£1
A com
215*
12
10
Auburn Central Mfg
Automatic Products
Automatic Voting Mach
27
25*
1
Arkansas Nat Gas com...*
Common cl A non-vot..*
Common
1,200
1,800
3
*
6% preferred
"2OO
3
..*
A Machine Co
Hip*
Nov
lu
5* Nov
*11 Nov
150
20
135*
285*
52
Angostura-Wupperman _.l
Arkansas P A L 57 pref
Aro Equipment Corp
Art Metal Works com
35*
295*
75*
56 series preferred
*
American Thread 5% pf..6
Anchor Post Fence
19 5*
13
""5*
*
Apex Elec Mfg Co com
| Arc turns Radio Tube
400
Oct
Dec
10
24
45*
34
.»
495*
23
Amer Pneumatic Service. *
Amer Potash A Chemical. *
1st $6 preferred
6,100
650
32
*
Amer
29
•i«
1
23
16,400
*
Dec
4
200
125*
285*
215*
135*
L#to
1025* 1055*
116 5* 1175*
105
65*% pf.100
May
335*
2,300
"175* "20"
20
Amer Mfg Co common. 100
Preferred
100
American Republics
7~806
195*
295*
...25
Amer Maracalbo Co
Amer Meter Co
conv
~365* "38"
111 1125*
Amer Lt & Trao com....25
51.20
""400
25*
Amer Hard Rubber Co..60
Amer Laundry Mach
20
6% preferred
6% preferred
""»n ~""k
100
Amer General Corp com 10c
52 conv preferred
..1
52.60 conv preferred... 1
Am
275
*I«
"125*
10
preferred
285*
275*
Class A with warrants.25
Class B
600
5*
25
75*
Bliss (E W) common
Blue Ridge Corp com
Blauner's
Mar
85*
""
6%
Nov
Sept
Jan
100
*
Amer Centrifugal Corp
1
Amer Cities Power & Lt—
5*%
175*
23
May
165* June
1385*
108
American Capital— ClasB A common....10c
55.50 prior pref
Range for Year 1940
Bohack (H C) Co com...*
Aluminum Goods Mfg—*
Aluminum Industries com-*
4
May
com
Aluminum Co common... *
Amer Fork
4
75*
235*
45*
1
100
Berkey A Gay Furniture. 1
Aug
15*
Allied Intl Investing—
53
for
Shares
12 54
1
Bell Tel of Canada
12.60 preferred
Birds boro Steel Foundry
July
5* May
High
35*
75*
Mar
98
Lois
Week
Purchase warrants...
Blckfords Ino common.
1115*
*
.
»u
Pries
Corp
Benson A Hedges com
Conv preferred
Nov
A lies & Fisher Inc com...*
Alliance Investment—.
Aircraft
Bell Aircraft Corp 00m
Bellanca Aircraft 00m
Bell Tel of Pa
845*
May
Beech
Apr
1085*
Sales
Week's Range
of Prices
Beaunlt Mills Ino com.. 10
SI.50 conv pref
20
Apr
Apr
June
82
100
May
905* May
60
Sals
Par
13
1
Class B
Last
High
Supply Mfg—
Class A
STOCKS
(Continued)
75*
Oct
Oct
Nov
Mar
Mar
Nov
Volume
New York Curb Exchange—Continued—Page 2
152
Friday
STOCKS
Week's Rangt
for
Sale
of Prices
Lore
High
City A Suburban Homes 10
1
Co
Clark Controller
Range for Year 1940
400
5X
♦
"41
~40~
*
40
Mar
Oct
Equity Corp common.. 10c
S3 conv preferred
1
30
May
48 X
Feb
Esquire Inc
4
May
7X
Feb
Eureka Pipe Line com..50
1
May
2X
Nov
100
2
May
3X May
Sept
6
Feb
6*
May
8X
Jan
FalrchUd Eng A Airplane. 1
Falstaff Brewing
1
X
May
2X
Jan
Fanny Farmer Candy
3X
May
4X
Jan
Fansteel
3X
Dec
7X
May
Fedders
May
£1
Patent Fire Arms.25
82
4*
82 X
3X
80
1,600
650
May
67
88
Columbia Gas A Eleo—
1*
70 X
IX
51
June
1,700
1
Dec
»64
Dec
»M
OCt
J&n
June
Dec
'"2066
IX
21X
IX
24*
56 X
950
38 X
Apr
X
60 *
1
60*
IX
4,000
—100
Dec
*
Apr
Warrants
Distribution.. 1
Community Pub Serrtoe 25
23*
23*
1
Community Water Serv
1
10*
Common
*
S3
*
Dec
42 X May
X
Aug
preferred
IX
2
IX
Consol G E L P Bait com.*
73
70 X
4X% series B pref
4% pref series C
Sept
Consol Gas Utilities
1
Florida P A L S7 pref
Ford Motor Co Ltd—
1,000
5,700
25 X
150
10X
1,200
8X
300
June
12*
5H May
8X
Apr
2
17 X May
8
June
4
Apr
31
3*. Dec
25
Mar
5X
Dec
Dec
IX
Oct
7* May
May
6X May
10*
Apr
Sept
28
Apr
15*
Mar
9*
Deo
36*
May
Mar
21
Jan
Deo
68
10
51X May
70
Feb
117
300
84 X May
116
Deo
IX
IX
IX
9X
10X
iox
iox
1
1,200
Feb
125
June
3*
8X June
800
10X
Am dep rets ord reg...£1
Class A non-vot
..*
Class B voting
•
17*
Jan
17
Apr
July
8X
Apr
Fruehanf Trailer Co
Feb
Fuller (Geo A) Co oom...l
900
24X
3X
200
50
90 H
1
8*
Roll A Steel
7 X
8*
"iox
*
Copper Range Co
*
Cornucopia Gold Mines 5c
Corroon A Reynolds
1
St) preferred A
♦
May
Jan
Deo
5X
13X
15X
Croft Brewing Co
I
""'it
5X
4
Jan
May
May
"4"506
X
6* May
X
9X Nov
UX
Dec
11X May
33 X
Nov
$6
3X May
6 X
Nov
1
Nov
May
X
Dec
IX
Feb
May
X
55
77 X
Dec
2X
Feb
Apr
2,300
Dec
13 X
6,900
11*
Aug
24 X
3X
May
6X
300
6
X
Jan
IX
Deo
IX
Jan
Crown Cork Internet A..*
3X
July
»i»
700
75
5X
5X
300
X% pref-100
IX
100
IX
4
400
4X
Davenport Hosiery Mills.*
1
Dayton Rubber Mfg
UX
xii
"650
"iix
Decca Records common.. 1
1
Stores
5X
2H
Dennlson Mfg d ▲ com. .6
5X
3
200
IX
2,700
60
30X
50
Llauors
IX
X
IX
100
X
X
300
8X
Feb
11*
350
ux
Apr
Apr
100
X
Deo
IX
Jan
June
81
Apr
98
58X
•
Aug
106
May
55
20
Genera) Tire A Rubber—
6% preferred A
100
8
33
preferred
98X
125
May
87
98X
Georgia Power 36 pref...*
35 preferred
*
May
88
*
May
82
Gen Water G 4 E oom___1
Nov
UX
44 X
101*
Deo
Deo
Feb
Mar
91
112
Feb
Godchaux Sugars class
Nov
Aug
8
2X May
July
Jan
Gold field Consol Mines..1
Jan
•14
19
Feb
Goodman Mfg C0......OO
25
Feb
28 X
Oct
x8X May
19 X
32
Jan
Gorham Ino olaas A......*
1
Oct
IX
Nov
May
4X
4X
May
3
IX
June
*u May
Nov
Oct
Feb
Jan
Apr
IX
Feb
14
Feb
33
Nov
Feb
103
Oct
Dec
Sept
*
33
...10
Nov
Greenfield Tap A Die
IX
2X
Nov
24
22 X
24
250
'~2X "3
"566
Nov
Guardian Investors
IX
Apr
28
Apr
Apr
10 X
15X Sept
IX Apr
Mar
June
Mar
75
150
56X June
20 X May
107 X Mar
IX
Jan
64
7X
100
7%
300
May
X Dec
X May
6
July
74X
Durham Hosiery cl B com
*
Duro-Test Corp oommon.l
*
Deo
Nov
Nov
13 X
Jan
Eagle Plcher Lead
10
East Gas A. Fuel Assoc—
10 X
iox
10X
3,500
OH May
*
3X
2X
3X
1,700
IX May
78
32X
110
Mar
Jan
Apr
Gt Northern Paper
Gulf OH Corp
♦
June
18
Oct
400
18
June
33
Dec
4
June
8
Apr
"Tx 'Tx
'11800
4X
Sept
11X
Jan
May
123 X May
114H
Apr
101
88
275
50
129
36
Hall Lamp Co
5
Hammermlli Paper.....10
Jan
10
Hartman Tobacoo Co
6H May
2,000
100
'•4
Dec
X
Jan
32 X
33 X
2,700
25 X
June
39 H
102
June
107 X
3
May
111*
UBX
Jan
Jan
6X
Feb
20 X
May
40 X
62
May
70*
Apr
•14
32 X
Dec
X
Nov
IX
X
Jan
Feb
IX
Jan
2X
July
4X May
16
May
8X
Apr
11214 112 3^
50
""I "Tx "Tx
'""106
(
24X
25
65
24X
65
To
X
IX
»u
IX
IX
400
6%
conv
preferred
Heel a Mining Co
25c
Preferred
26
100
2
2
200
22
5X
5X
ux
iox
*
*
Class A
Preferred
2
60
22%
6
100
2,200
11 X
100
iox
100
2
25
w w
ex-warr
25
58 X
1,275
26
May
60 X
Nov
35
42
3,900
12*
May
40 X
Nov
13 X
12
8X
May
14X
Nov
X
Dec
IX
15X
100
Apr
Apr
Apr
Apr
15X
56 preferred series B
Easy Washing Mach B
3X
12
Elec Bond A Share oom..5
4X
"~3~X "~3X """800
12
12 X
300
4
4X
56
64 X
14,200
56
54X
64 X
63
-
700
1,400
13
May
28
14
57 preferred series A
May
28
2H
12
May
Jan
May
51
IX
IX
12X
100
* May
100
12 X
warrants....
Electrogra phi o Corp
10X May
May
21
1«
4
3X
"3X "~3X
T,2o6
2H
76
Empire Diet El 6% pf 100
Sept
July
Oct
75X
Oct
Humble OH A Ref
*
20
Jan
Hummel-Roes Fibre Corp
3X
14
33
Jan
6X May
80X
Oct
74
67
73
73
75
40
10
57
75X
25
25
73
73
X
74
249
I
June
88 X
89
Oct
Illinois Iowa Power Co
Oct
6% conv preferred
55X June
91
Oct
Dlv arrear ctfs
66
91
Oct
May
June
May
May
Nov
May
22 X
10
10
10*
300
x8X
900
z6H May
9X May
12
ux
Apr
Dec
Jan
14
Jan
Feb
14 X
Feb
Jan
36X
3X
Apr
Aug
120
x30X
31X
300
Jan
26
May
108
30X
July
59
63
3,700
6X
6X
100
7
200
35 X
114
7
7
50
19 X
47 X May
Feb
4H
68
Oct
8
7*
Jan
June
X
Deo
Dec
7X
Dec
Feb
Dec
6X
Deo
"ix "ix
"""766
1H
Dec
2H
3
37 X
250
47 X
3X
30 X
1,300
28 X
2X
May
3X
29 X
1,600
21X May
6X
900
29X
6
4*
Apr
8X
36 X
*
Apr
Deo
9X May
X
IX
Apr
Jan
120
13 X May
60
..1
50
13X
92
8
7
Hydro-Electric Securities *
Hygrade Food Prod.....5
Hygrade Sylvanla Corp..*
Deo
13 X May
June
6
Huyler's new com
V tcfor 1st pref
5
60
Hussmann-Llgonler Co..
Jan
Jan
Mar
Deo
100
preferred
Deo
27 X
300
5
66
Emplie Gas A Fuel Co—
73
*
Mar
11
27
500
..100
Hubbell (Harvey) Ino
5
6%
Apr
13X
14 X
Horn A Hardart
Jan
Apr
12 X
June
A Co com*
8X
Jan
,5*
77 X
18X
Horn A Hardart Baking..*
17X
May
3X May
22X Sept
18X
8X
Sept
Nov
Jan
29
13X
8X
Jan
Apr
76 X
Horn (A O Co common
3X May
42
May
7X May
Eleo P A L 2d pref A...
4X
June
3X
14
18X
Horder's, Inc
Hormel (Geo A)
Jan
May
7X May
23X May
2X
77
Holophane Co common
125
300
13 X
4*
7
3X
Hewitt Rubber common..6
53
•14
Nov
IX May
11
May
4
May
24
Henry Holt A Co part A..*
57
.*
Deo
'"goo
26
Hanoi tine
41
Mar
10Mi
Apr
Apr
Me
B non-vot common.... 1
Heyden Chemical
10
Hires (Chas E) Co
1
Hoe (R) A Co class A...IO
Holllnger Consol O M
5
4
Nov
Hat Corp of America—
Corp..
..*
Hearn Dept Stores com..5
Jan
X
49 X
86
100
10X
*
Harvard Brewing Co....2
135
Aug
June
X
1,700
1
Hartford Eleo Light
25
Hartford Rayon v t C....1
12X
Jan
Apr
Jit
42
he
iox
•
preferred
Gypsum Llme&Alabastlne*
Heller Co common
2X
8X
X
42
Gulf States UtU 35.50 pf.*
79X May
Jan
Feb
11
1
Helena Rube ostein
IX
Apr
Apr
Apr
200
33
6X
25
25
Apr
Sept
3X
11 Mi
106
Apr
15*
33 X
14*
Grocery Sts Prod oom..25c
67
100
17
91X
129
18X
Nov
Dec
50
20
99
May
IX
Feb
X
Dec
12
Nov
99
*
Non-vot oom stock
May
Nov
Apr
9X
32 X
*14
7% 1st preferred....100
23
6X
21
Greater N Y Brewery.... 1
Nov
Apr
6X May
2,600
Great Atl A Pac Tea—
Jan
2
Mar
Dublller Condenser Corp.l
9
4H
Gorham Mfg oommon..lO
Grand Rapids Varnish... 1
May
5X
100
8X
5H
98
*
Gray Mfg Co
Apr
May
Oct
21
.*
preferred
7X
49
6X
8X
*
preferred...
July
4
A.*
Class B
37
4X May
40 x
•
87 X
12 X
29
6H
67
X
58X
1
May
IX
Mar
For footnotes see page
36 conv preferred
Mar
48
Glen Alden Coal
6X
6% preferred....... 100
6 H% preferred
100
7% preferred
100
8% preferred..i
100
X
General ShareholdlngsCorp
Common
1
90
May
25X
200
Gladding MoBean A Co..*
Dominion Tar A Chemical*
Emerson Eleo Mfg...
X
May
X May
65
30
31
X
Jan
Jan
Elgin Nat Watch Co
29X
Gen Rayon Co A stock..
Apr
Apr
Mar
Apr
12X
•
31
120
83
82
Gen Outdoor Adv 6% pf 100
Gen Pub Serv $6 pref
*
its
Mar
2X
June
preferred....
*44
Apr
65
10X
Dominion Steel A Coal B 25
preferred
Feb
Dec
Apr
9X
7X Apr
26X May
*
*
*
Economy Grocery Stores.*
60
July
Dec
Eastern States Corp
20
6
May
Eastern Malleable Iron..25
*
Gilchrist Co
3X
100
100
preferred
th
Feb
25 X
4
4X% Prior pref
6% {Referred
Deo
X June
200
55X
Mar
41
8X
Dominion Bridge Co Ltd.*
Common
55X
X
15*
xl7X
Feb
Nov
Dobeckmun Co common. 1
Duval Texas Sulphur
"""x""
Dec
May
Gilbert (A C) common
*
Preferred
.....—*
13
Dlvco-Twln Truck com_.l
Duke Power Co
X
4
9
25
100
Oct
IX June
£1
preferred..
200
16X
Feb
*10
UX
2X
Preferred
4X
16X
Oct
Nov
May
Distillers Co Ltd—
Draper Corp
........*
Driver Harris Co....
10
4X
IX
IX
X
12X May
21X Sept
10
Am deprcts ord reg
Jan
Deo
X May
400
IX
X
De Vllblss Co common..10
preferred
IX
22 X
16X
10
Diamond Shoe common..'
Apr
Apr
May
X
1
Detroit Steel Prod
IX
7X May
30 X
Det Mich Stove Co com__l
Detroit Paper Prod
X
IX
4
Apr
May
Dec
84 X
35
20
1
w w
Detroit Gray Iron Fdy
78
Jan
400
35
*
1
Detroit Gasket A Mfg
5X
2X
IX
50
8% debenture
100
Derby Oil A Ref Corp com*
56 prior pref
A conv preferred
July
July
Deo
21
35
A conv
»i« May
18
6X
6
5
Darby Petroleum com
Nov
90
16
1,400
22X
X
I
Curtis Llght'g Inc com 2.50
Curtis Mfg Co (Mo)
54 X
Feb
108
5*
22X
*
Cuban Tobacoo com
May
1
IX
1
22 *
5
56 preferred
Cuban Atlantic Sugar.
30
76
Jan
4
1
25
*
10
7% conv preferred
Crystal OH Ref com..
Deo
Warrants
Crowley, Mliner A Co—*
Crown Cent Petrol (Md).5
Crown Drug Co com...25c
37 X
IX
General Investment oom.l
May
23
1,000
6
May
52
Amer dep rets ord reg.£l
Gen Flreprooffng oom
»
Gen Gas A El 6% pref B_*
40
6%
July
12
Gen Electric Co Ltd—
84
'""466
15 *
Deo
12
25
...100
98
500
6
*
6% preferred
May
37
60
Apr
Apr
85X
General Alloys Co
100
Crocker Wheeler Elec
20X
32 X
44
Gellman Mfg Co com...
700
X
6X
50X
Jan
73
X
conv pref erred. ..100
Dec
"ix "ix
"~x
Nov
4%
IX
150
70
xllX
Nov
16 X
18
300
Gamewell Co S6 conv pf..*
Gatineau Power Co—
8
X
IX
105
Jan
Dec
32X
51X
Oct
5X
5
-
Apr
100
39
32X
May
'i»
"io% 'iox
4
300
1,400
38
IX
8X
8
35X
1
6% conv preferred
2X
39 X
May
May
7
S3 prior preference
Creole Petroleum
IX
"38
9X
20X
22 X
»
conv stock
3X
240
*u
•i«
com—♦
Coeden Petroleum com..
Jan
June
IX
18
S3
1
4,000
*
Cook Paint A Varnish
Nov
Conv partlc pref.....16
'""266
91
90
120
U2X
Common
9X
20X
21X
9X
83 X
Sept
Nov
1*
Froedtert Grain A Malt-
Dec
May
Jan
25*
Jan
8X May
May
Fox (Peter) Brewing Co..6
Franklin Co Distilling....
Feb
45
1*
Jan
X
Amer dep rets...100 free
Dec
X
12*
X June
Feb
18
65 X
111
"ix "Tx
7X
Cont G A E 7% prior pf 100
Continental Oil of Mex
1
Option
10 x
25*
Ford Motor of Canada-
600
75
preferred
100
Consol Royalty Oil
10
Consol Steel Corp com—*
55
2X
20 X
100
Jan
Feb
68
•
Oct
8%
56
300
350
2x
Jan
*14
116
68
(Phlla>.10
Feb
108
3X
7%
2%
28 X
9 H
IX
20
24X
6X%
2%
21X
33
3X
20
1
Consol Retail Stores
Distilled
"8X
May
U8X
118
Consol Mln A Smelt Ltd. .6
7%
700
9
»
5
IX
1,100
109X 109*
IX
IX
100
100
6% preferred
11
X May
19
Aug
6
700
IX
2
73
IX
1
Consol Biscuit Co
Delay
Metallurgical
Jaq
2X
X
Conn Telep A Elec Corp..
ClasB
20 X
3X
25X
1
Mfg Co
Dec
20
10
1
Fire Association
Conn Gas A Coke Secur—
Cuneo Press 6
Falrchlld Aviation
26
Ford Motor of France—
Compo Shoe Mach—
Vtcextto 1946
Cooper-Bessemer
1
com
Feu
Commonwealth A Southern
Cont
1
Everaharp Ino
Nov
6
1,100
Flat Amer dep rets
Columbia Oil A Gas
Commonw
100
he
Fed Compress A W'h'se 26
500
4
5% preferred
2X
150
800
1,200
X
High
Low
hi
20 X
2*
2X
Colon Development ord..
Colorado Fuel A Iron warr.
Range for Year 1940
Share
7
«u
5%
Cohn A Rosenberger Inc.*
Colt'
Emsco Derrick A Equip..6
Mar
2X
2%
Cockshutt Plow Co com..*
6% conv preferred
Dec
X
3X
Club Alum Utensil Co—*
7
7
17X
5X
"~2 X
Corp.'.lOO
High
20 X
May
6
Low
for
Week
Empire Power part stock.*
May
12
400
Clayton A Lambert Mfg..4
CllnchOeld Coal
Apr
X
50
X
si«
Cleveland Tractor com
7
3X
17
17
Claude Neon l ights Inc..!
Cleveland Elec Ilium
Nov
of Prices
Price
Par
High
Low
Week's Range
Sale
(Continued)
Shares
5X
5X
Last
STOCKS
Week
Price
r*ar
Salt
Friday
Sales
Last
{Continued)
245
Mar
Mar
Jan
Apr
5X May
23X Apr
9X May
New York Curb Exchange—Continued—Page 3
246
Salei
rrvtay
STOCKS
Last
Week's Ranoe
Sale
of Prices
Low
High
Weet
Par
Price
Zlno Co
Illinois
Friday
for
(Continued)
9%
Illuminating Hharee A
9%
9H
Ranoe for Year 1940
Shares
Low
150
3%
•
Par
June
9%
63%
Dec
Mar
6%
—
0%
6%
6%
6%
9
7%
Line
9
12%
Jar
Jan
Michigan Steel Tube..2.60
Michigan Sugar Co..
*
8
Sept
3%
3%
1,100
16%
14%
16%
190
14%
16%
70
July
24%
4%
Feb
July
Apr
Apr
Dec
Feb
Dec
Feb
Dec
%
Ap.
16%
Apr
73
72%
60% May
17% June
75
Dec
23%
Apr
250
750
International Cigar Macb
60
6%
6%
1
lnternat Industries I no
9
6%
1 %
800
6%
lnternat Paper A Pow wan-
2%
Dec
2,700
1
June
"2% "2%
3~700
4%
1%
June
May
10%
8,400
1%
Internal Metal Indus A..*
16%
Jan
2%
Apr
12%
Jan
6% May
International Petroleum-
10%
9%
8% June
8% Dec
3%
3%
3%
Class A
Class B
1
$1.76 preferreo
$3.60 prior pref
*
•
"~3%
Investors Royalty
1
Irving Air Chute
Italian Superpower A
Jacobs (F L) Co
Jeannette Glass Co
6%
400
6%
Nov
9
3%
1,100
2%
4%
*16
700
July
Mar
June
• %
Dec
%
18
300
16%
17
200
12
25
97
117
1%
1,
117
4%
June
Mar
7%
May
19
May
121
2%
8%
Min&Mfg
*
Minnesota P A L 7% pf 100
53%
9%
'16
650
7i6
200
55%
16
13%
Dec
Oct
Nov
JaD
May
May
Mining Corp of Canada.
Jan
Jan
Apr
1 %
M Innesota
Jan
»i6
0%
Midwest Piping <fe Sup..
Apr
May
Deo
1
Feb
43%
May
70%
May
90
9%
Mar
%
18%
Jan
37
Jan
preferred
116
May
94%
Nov
lu
Dec
May
3%
10
400
3,400
6%
June
10%
Apr
May
13%
Mar
"3% "3%
%
'"~50
Aug
May
2%
300
Jan
107% June
118%
5%
Dec
4%
Dec
6%
July
Jan
300
o
May
8
1,600
5%
May
11%
9%
36
200
24%
Jan
47%
7%
36
"%
7i«
200
""25
Jan
Oct
Feb
%
July
May
3%
2%
Dec
May
Dec
139%
May
May
July
173%
Dec
Apr
May
%
common
...»
Mountain Sts Tel A Tel 100
22
500
H
3%
3%
%
3,000
Mar
%
Feb
Murray Ohio Mfg Co
*
Muskegon Piston Ring.2%
80
May
98
Dec
20
90
May
103
Sept
70
97
May
111
Oct
*16
Oct
'~9,W0
18
June
Nov
39%
27%
Nov
23
103
104
110
109% 110
"37"
"34% "37%
113
June
Mar
National Candy Co
6
May
8%
Dec
Dec
6%
Apr
Jan
112%
National City Lines com. 1
$3 conv preferred
50
National Container
»i»
116% 116%
8
8
100
300
2%
111
Dec
120
Dec
"ii
Mar
Jan
Mar
Muskogee Co common.
*
0% preferred
100
Nachman-Sprlngfllled
2%
2%
May
4%
Feb
1,100
4%
May
4%
May
15%
15%
200
15%
16%
16%
700
May
11%
"67"
"67
"67"
"40
%
1,900
%
%
44
12%
11
12%
7,300
12
11%
12
1,500
150
11%
Jan
%
Nov
16*
7%
1
May
300
1% June
10%
100
10%
8%
3%
Sept
11
Nov
104%
360
75
May
101
Dec
Nat Union Radio
Navarro Oil Co
49
Oct
75
Apr
Nebraska Pow 7% pref. 100
Nehl Corp 1st preferred._*
Nelson (Herman) Corp...5
110%
1
Neptune Meter class A
»
Nestle Le Mur Co cl A...*
4%
4%
4%
41
37
41
13%
12%
5%
4%
13%
5%
100
50
1,400
8,800
7% pref..100
Aug
Dec
11% June
4% May
34% Dec
10
June
2% May
r71
Lane Wells Co common..1
Sept
Jan
9% June
Jan
Nat Rubber Mach
•
National Steel Car Ltd...*
National Sugar
91
!
92%
800
National Refining com...*
2%
1%
Jan
16
Apr
10%
8%
Jan
Apr
13%
Nov
r6%
Apr
44%
Oct
25%
4%
Jan
100
Mar
May
12% May
Langendorf Utd Bakeries-
Refining.*
National Tea 6% % pref. 10
National Transit
12.50
Nat Tunnel A Mines....*
*
15%
4%
1
Apr,
16%
Feb
Aug
Dec
6%
Mar
%
Feb
6%
6%
100
2%
Nov
6%
Dec
2%
2%
2%
2,000
1%
May
3%
Oct
*16
2,500
29%
28%
%
_.*
Leonard Oil Develop...26
%
8%
8
29%'
300
8%
900
Dec
%
Jan
May
21
36%
12%
Apr
7% June
Jan
Ino—
26
13
1%
1%
1%
6
14%
14%
350
Lone Star Gas Corp
•
10%
9%
14%
10%
July
100
Locke Steel Chain
5,500
%
10
7%
22%
June
May
May
1%
Apr
14%
Dec
10%
May
Mar
Long Island Lighting—
Common
%
Deo
%
28%
%
31%
600
100
24
27%
27%
28%
300
4%
4%
4%
5,600
23% Dec
1% May
3% May
100
100
Loudon Packing
»
Louisiana Land 4 Explor.l
Louisiana P 4 L $6 pref..*
June
1%
48%
Jan
Jan
44%
Jan
June
2%
6%
108%
Mar
Apr
92
com*
1
Mar
2
Apr
Conv 7 % 1st pref
100
Conv 7 % 1st pf v t c. 100
21
Jan
25
Jan
20
Lynch Corp
common
6
Manatl Sugar opt warr...
22%
400
23
7.*
7.
1
Jan
*16
25
cum
"4% ""4%
"_4%
"466
23
0%
$2
"Il%
Dec
54%
700
6%
Oct
11%
Feb
7%
75
5%
May
8%
Mar
Jan
12%
3%
Dec
1%
July
12%
117%
84%
May
10%
2,400
8%
2,900
1
10%
10%
200
3
3%
12
New Jersey Zinc
25
New Mex A Aria Land
1
New Process Co
1
N Y Auction Co
com....*
2
Oct
Mar
10
Jan
Mapes Consol Mfg Co...*
25
May
29
Feb
Marconi Intl Marine
$0
N Y
3
%
5
36%
41%
1%
Dec
1%
preferred
2
1
33
2
30
33
59%
59%
May Hosiery Mills—
$4 preferred
McCord Rad & Mfg B_._*
McWilliams Dredging
•
6%
143
Memphis Nat Gas com..6
1,000
50
6%% preferred
.100
New York Transit Co
6
N Y Water Serv
0% pf.100
Participating preferred.*
Merrltt Chapman 4 Scott *
Warranto
0%% A preft rred_..100
June
4%
Dec
2%
Jan
May
5
Jan
Jan
42
Apr
Sept
54
Sept
21%
54
340
%
July
4%
May
May
200
123
3% May
11
3%
3%
3%
100
25
"5%
"5"
"5%
"80"
"80
May
3%
2:866
2
25
60
>
Mar
May
%
80
Apr
2%
9%
170%
Apr
5%
May
18%
Apr
4
6%
%
May
89
Jan
Jan
30%
July
Feb
Jan
4%
Dec
400
1%
Jan
18%
June
Dec
13%
400
7%
49%
17%
Dec
70%
Jan
Dec
25%
130%
Jan
52%
110
June
Dec
Jan
Apr
200
3%
June
8%
600
10%
May
15%
May
Apr
49
May
July
750
69%
Dec
20
July
1%
30
Apr
2
1
1
68%
1%
60
39
Feb
3%
Apr
%
1,700
Jan
17%
18%
250
7%
7%
100
Sept
15
May
28%
Jan
May
9%
Mar
103% May
1)8%
Jan
8%
15%
7
Apr
115
115
105
105%
80
98
May
109
Jan
28
28%
800
11
May
29
Dec
106% 106%
115
10
98
May
109
"36% "4l"
"336
17
10
,
5%
40%
Jan
May
Deo
7%
43
Apr
Dec
3%
3
78%
3%
79%
63
63
10
9,100
2%
73
Dec
0%
Jan
May
92
Mar
87
Apr
*iti
Dec
Dec
*61
Feb
%
Dec
1
Feb
3%
Dec
5%
Feb
85
250
June
50
May
Sept
99%
71%
10
100
Class A opt warrants
Class B opt warrants
00%
Niagara Share—
Class B
common
3%
Class B common
.
.
»
"460
8
""*16 ""%
Oct
Northern Sts Pow cl A..25
"760
%
May
1%
Jan
400
3%
May
5%
Jan
*16
%
600
16
Dec
1%
Jan
•16
83%
83
84
100
57
May
103%
Mar
23
22%
23
600
15
May
20%
Apr
15
"52"
Engineering._*
Novadel-Agene Corp....*
..4
"52"
"3% "3%
May
20%
Jan
""20
44%
May
62%
Nov
Dec
*16
Jan
"760
%
2%
3%
Mar
95
119
100
Northwest
May
Mar
3%
*
10
Feb
9%
3%
Nor Central Texas Oil...5
Nor Ind Pub Ser 0% pf.100
com....
800
100
0% prior preferred... 60
No Am Utility Securities.*
7%
3%
"60% "60%
5
Nor Amer Lt A Power—
Common
.....1
$6 preferred
*
North Amer Rayon cl A
•
Ogden Corp
249
Dec
1
475
100
Jan
Mar
Jaa
9%
5%
100
preferred
Northern Pipe Line
Nov
6
Niagara Hudson Power-
Niles-Bement-Pond
%
1%
300
1,900
*
1
2
2%
5%
7
142% 147
4%
4%
100
67%
68%
Nineteen Hundred CorpB 1
N1 plying Mines
5
Noma Electric
..I
2
1
Massey Harris common..*
17
May
Aug
Jan
Apr
41%
126% 126%
5%
5%
13%
14
14
•
Apr
Feb
Jan
May
May
May
May
Apr
Shipbuilding Corp—
Dec
10
51
51%
Founders shares
.1
New York State El A Gas—
Class A preferred
Communication Co Ltd.
8
84%
Jan
N Y City Omnibus—
Warrants
N Y A Honduras Rosarlo 10
N Y Merchandise
10
N Y Pr A Lt 7% pref..100
6% 1st preferred
6% 2d preferred
39
May
% May
200
»
Common
Jan
Margay Oil Corp
Marlon Steam Shovel
100
New England Tel A Tel 100
New Haven Clock Co....*
New Idea Ino common
•
Jan
May
Feb
8%
3%
%
preferred
Apr
1% May
Apr
4%
8
10
Apr
10
Jan
97%
3%
7
8%
•
Pow Assoc
preferred.
1%
30
May
July
3% May
%
4% non-cumlOO
29%
*
May
70% June
30c
Common
3%
Dec
Manlschewltz(The B) Co.*
Feb
17%
Apr
47%
Apr
14% May
Jsn
13%
Feb
3%
Nevada-California Kleo—
June
20
400
Deo
11%
2
New Engl
•
Nov
June
100
Jan
Jan
June
Dec
2
31
May
10
Jan
July
35
1%
91%
Apr
81%
54
Mar
Mar
May
30
73%
Mar
10
May
8% May
52%
1%
1%
Mar
May
11
41%
Apr
May
13%
17%
75
6%
•
21%
142
June
0
•
(Del). 1
May
July
6%
Nat Bellas Hess com
..1
National Breweries com
•
National Fuel Gas
*
Nat Mfg A Stores com...*
National P A L $0 pref
*
12
125%
52%
1%
1%
95
Nov
5460
5%
79*
Nov
5
3%
8
common...
Jan
May
5%
30
"i03"
Le Tourneau (R G) lnc.,1
Line Material Co
6
Jan
30
3%
73
tj« June
•
26
5%
10%
52%
Lakey Foundry A Mach..l
Jsn
3%
73
Lackawanna RR (N J). 100
Lake Shores Mines Ltd
1
1
{Mountain States Power-
1%
11.
%
Mountain City Cop com.5c
Mountain Producers
10
Apr
Dec
9%
Mtge Bank of Col Amahs..
18%
17%
2%
May
15%
(Tom) Diet Stmp.l
May
Jan
Apr
Sept
Dec
%
1% June
300
25
Moore
Apr
0
%
174
May
Knott Corp common
1
Kobacker Stores Inc.....*
8%
25
12
Koppers Co 6% pref...100
Kresge Dept Stores—
4% conv 1st pref
100
Kress (S H) special pref. 10
com
Nov
169
12
Klelnertd B)Rubber Co. 10
Merchants 4 Mfg cl A
3
*
Montgomery Ward A
150
Kelln (D Emll) Co com..*
•
400
Montreal Lt Ht A Pow..*
Moody Investors part pf.*
1,000
Klrkl'd Lake G M Co Ltd.l
Class B
com. 1
Monroe Loan Soo A
Montana Dakota Utll.-.10
1
Kingsbury Breweries
1
Kings Co Ltg 7% pf B.100
6% preferred D
100
Kingston Products
1
Klrby Petroleum
1
A
8
1
Monarch Machine Tool..*
116%
4%
8%
8%
Monogram Pictures
140
3%
100
Pub Serv com..*
Mock Jud Voehrlnger
Common
$2.50
18
6
see page
3
1,200
Apr
23%
2%
Kimberly-Clark 6% pf.100
For footnotes
Apr
Apr
Apr
200
1,800
1%
100
Ken-Rad Tube A Lamp A *
Mercantile Stores
Nov
1%
4%
1%
14
Kokenge com..*
Kansas O A E 7 % pref. 100
Mead Johnson 4 Co
1
8
Dec
8
0%
700
Julian A
Master Electric Co
May
May
%
1%
%
17%
3%
Jones 4 Laugbiln Steel. 100
t c
%
4%
7%
%
preferred
100
preferred
100
7% preferred
100
Johnson Publishing Co.. 10
v
Jan
.50
%
Missouri
%
6%%
Mass Utll Assoc
108%
10
50c
13%
0%
preferred
Jan
Aug
103
17
16%
*
Mid-West Abrasive
May
33%
*
conv
%
*
dlv shares.*
Mid vale Co
6%
Jersey Central Pow A Lt—
Mangel Stores
80
6
13 %
1
*
1
Conv preferred
Feb
300
6%
.1
"is"
Iron Fireman Mfg vtc_—*
$6
non cum
Feb
9
10
Interstate Power $7 pref.*
Lehigh Coal 4 Nav
3%
42%
1,000
4
x3
preferred
conv
$2
Fei
%
8
Vltam In... 1
Ludwlg Bauman 4 Co
t 0
19%
33%
3%
9%
H
Interstate Hosiery Mills..*
7% pref olass A
6% pref class B
v
Sepi
6
Interstate Home Equip..1
Lit Brothers
B
Sept
%
...•
Lefcourt Realty com
Jan
Oct
Dec
%
1
3%
t c
19%
International UtUlty—
Lip ton (Thos J)
6% preferred
v
May
3
1,200
Razor B_*
Kreuger Brewing Co
%
1%
400
6%
6%
%
Molybdenum Corp
international products—•
Kennedy's Ino
1%
Mississippi River Power
—•
Registered shares
Class
A
Midwest Oil Co
Pref 13.60 series
High
Oct
Midland Steel Products—
Jan
Class
$2
insurance Co of No Am. 10
*16
Middle West Corp com
Midland OH Corp—
%
11%
73%
6%
1
22
21%
%
10%
Low
800
108% 108%
%
%
10
Mar
lnternat Hydro Elec—
Lane Bryant
Preferred
Mlcromatlc Hone Corp
Middle States Petroleum
%
100
International
•
Mar
1
preferred
lnternat Safety
preferred
10
Industrial Finance—
Coupon shares
$6
10%
1
1
V to common
Range far Year 1940
Shares
Metropolitan Edison—
Class
Non-voting class A
Class B
for
Week
33%
Michigan Bumper Corp
13%
Ja»
Jan
Indian Ter Ilium OH—
7%
1%
12%
8
High
Metal Textile Corp....25c
Partlo preferred
15
Jnn
3
16%
Low
%
Dec
800
..100
preferred
Price
1941
11,
Sales
Week's Range
of Price*
1
May
7% June
300
pf.100
Indiana Service 6%
7%
£1
Ireland...
A
Mesabl Iron Co
6%
6%
5.300
Imperial Tobacco of Great
Britain
Sale
6tt
6H
Imperial Tobacco of Can
Indiana Pipe
Last
Hioh
Sept
66
CTOCK1
(Continued)
Imperial Chemical indue—
Am dep ret* regie
£1
Imperial Oli (Can) coup..*
Registered
•
Jan.
9%
8%
119
"3%
22
30
9%
23%
9%
9%
23%
30
8%
3
3%
10
97
1,300
6
May
May
May
May
111
Dec
120
Dec
1,300
7
May
9%
16%
400
12
May
23
100
20%
June
38%
May
1% June
8%
Aug
1.600
Apr
Jan
Nov
Volume
t
Last
Week's Range
t
Sale
of Prices
Low
High
Par
Pries
21
Oblo Brass Co d B oom..*
|
Shares
117
117
50
51%
51%
116
116
2%
SI.30
1st
2%
May
117
Sept
May
116%
Mar
June
109
American shares
8%
Apr
Dec
Savoy Oil Co
50
39
May
54
Deo
Schlff Co
common
May
117
Mar
Schulte (D A) com
100
200
67%
July
3%
Feb
Feb
15%
May
28
May
May
34%
31%
108%
Nov
26%
Dec
95%
6%
Dec
20
Feb
170
100
June
30
72
May
8%
3
3%
7,000
6
6%
400
"34% "34%
"266
Corp.l
Dec
38
May
33
%
May
Pennsylvania Sugar oom
3%
800
Dec
•
8%
8%
50
3%
8%
Nov
1
hi
%
200
%
Aug
2%
Jan
May
Sept
175
175
50
1
55
150
550
53
13%
53%
3%
1,400
3%
6
6
100
May
1
A. 10
6%
35%
6%
35%
Pierce Governor common.*
17%
1%
Nov
July
Dec
8%
8%
120
Jan
Jan
Jan
31%
0%
Feb
Feb
6% cum pref ser AAA 100
33
conv
pref
Singer Mfg Co.
..100
Singer Mfg Co Ltd—
Amer dep rets ord reg_£l
Sioux City G A E 7% pf 100
Skinner Organ —.......6
6%
47%
Apr
May
Sonotone Corp....
9%
May
Jan
1
June
20%
18%
1%
2,200
6%
900
50
Pitts Bess ALE RR
Pittsburgh A Lake Erie. 60
"69%
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
13%
"95"
Wine Co.l
7.50
Plough Inc com
"66~
94%
3%
*16"
8%
Polaris Mining Co
Powdrell A Alexander
5
May
""600
43
May
100
9
May
1,200
3,100
June
65
300
4
10
7
1% May
Sept
June
10
%
4%
4
%
4%
7
200
4%
800
"78% "78% "80%
"600
110% 110%
70
110%
18%
2
Jan
Apr
Boss Mfg oom
2%
1%
2%
100
1%
200
"III"
62% June
106
Deo
Jan
Jan
100
Apr
May
114%
Jan
11%
Mar
May
15%
Apr
Jan
25%
Nov
1%
Jan
% June
5%
Oct
1%
9%
Mar
"440
Mar
Apr
111'"
2
2
200
%
Dec
4
1,000
3%
%
Dec
Deo
3%
1%
1%
3%
1%
1,200
1%
Jan
2%
3%
May
Aug
99
1%
155
July
2% May
105% Mar
%
Feb
May
95
Jan
5
Dec
Jan
Apr
Apr
3%
100
"38% "39%
T066
28
May
44
Jan
250
21
Aug
35
Feh
50
35
May
48
600
27
May
31%
Nov
24% June
30%
Mar
%
30%
30%
30%
29%
29%
29%
200
30%
Dec
2%
Jan
Calif Edison—
Feb
16
18%
109%
24%
5% original preferred.26
0% preferred B
26
5%% pref series O
25
Southern Colo Pow cl A.26
3%
Apr
Apr
Sept
May
May
3%
2
30%
Nov
ll
8%
6%
6%
9%
Southwest Pa Pipe Line. 10
73%
Deo
Mar
19
2%
39%
Southern
Mar
Mar
May
25
Nov
14%
Dec
1%
2%
8
1
1
South Coast Corp com
8%
46%
104
%
Jan
3%
10
...1
Jan
Southern
40
46
%
Dec
400
%
May
1%
1%
Apr
2%
May
4%
Jan
Southern Union Gas
Mar
Dec
4%
300
4%
May
4%
2%
Oct
200
4%
Southern Pipe Line.....10
800
Dec
66
164
7% preferred
...100
South New Engl Tel... 100
%
25c
5
Potero Sugar common
May
13%
10
Pneumatic Scale oom
6
~7<j~"
96%
6%
4%
Dec
May
Mi
500
Solar Mfg Co........... 1
300
900
4%
1
Mar
39
6%
%
1
Simplicity Pattern oom..l
Simpson's Ltd B Btock
•
16%
2.200
Pltney-Bowea Postage
*
%
•
Simmons H'ware A Paint. •
May
5
7%
37
Jan
Apr
Apr
Simmons-Boar dm an Pub—
South Penn Oil
Meter
%
Shawlnlgan Wat A Pow..*
192
Deo
Jan
60
May
June
3
Pioneer Gold Mines Ltd..l
Phosphate Co. 10
•
14%
Jan
Jan
Oct
2
»
72
170%
0%
11%
Jan
Apr
Mar
Jan
Apr
4% May
20
May
Corp. of Canada..*
3
Dec
8%
Feh
65
July
Jan
Southland Royalty Co...6
7%
Apr
Apr
Spalding (A G) A Bros—1
1%
100
1%
Dec
•
May
5%
1%
MOO
16
2%
Mar
May
81%
24%
1%
July
100
*
7%
7%
50
7%
Dec
May
42
>11
Jan
hi
Jan
Dec
2%
Mar
6% 1st preferred
Pratt A Lambert Co
22%
Premier Gold Mining
ui«
23
lli»
300
32
Metals of Am
Pressed
%
900
Prentice-Hall Ino com
8%
Jan
Mar
Feb
10
'9%
Prudential Investors
$6 preferred
"""566
4%
May
1,000
hi
Dec
»n June
Stahl-Meyer
4%
4%
100
2%
May
5%
8%
100
8%
May
9%
Feb
Standard Brewing Co
23,100
4%
May
9%
Apr
Standard Cap A Seal com. 1
8%
9%
.
150
May
103
May
107
June
95
113%
Oct
rl04%
100
100
7% 1st preferred
109
May
Mar
*
36 preferred
•
625
07
May
100% May
51%
1,175
35
May
69% May
109% 109%
70
99
109% 110%
98%
51%
160
96%
47%
99
6% prior lien pref
100
7% prior lien pref...100
Puget Sound P A L—
35 prior preferred
*
*
36 preferred
Puget Sound Pulp A Tim *
Pyle-Natlonal Co com...6
Pyrene Manufacturing.. 10
Quaker Oats common
*
6% preferred
100
Quebec Power Co
*
June
111
Nov
June
113%
May
104%
105%
62%
May
105%
2.600
112
105
68
7%
59%
59%
67%
13.775
17%
17%
18%
600
13%
11%
May
Jan
May
4%
May
......
""0% "7"
""360
Nov
10%
7%
*
Mar
%
2,500
*11
Oct
%
June
50
6%
June
Feb
Dec
10%
%
350
17
1%
1%
400
17%
45
%
5" 700
hi
14
200
14
1%
1%
400
%
hi
Stetson (J B)
Jan
Stlnnes
Dec
Jan
0
%
Feb
0%
19%
Mar
x5%
2%
Apr
in June
May
4
July
12% June
3%
Aug
1% May
18
Oct
%
hi
Jan
Jan
May
105
Nov
94
May
107%
Deo
Feb
116%
Feb
110%
Oct
11
May
14%
6
5
May
12%
Jan
Jan
3%
Mar
Dec
3%
Feb
...6
1%
1
1%
1%
200
~"~H ""%
"466
*55"
"366
1%
3%
20
*
%
Dec
7%
Ml
Apr
13
*
Dec
13
42
June
Jan
Feb
Dec
•
6
Stroock (S) Co
*
Sullivan Machinery....—*
Sun Ray Drug Co...
1
Sunray Oil
1
6%% conv pref
50
Superior Oil Co (Calif)..26
Superior Port Cement—
Class B common
•
8wan Finch Oil Corp
16
Co
common.*
Texas P A L 7% pref.. 100
Texon Oil A Land Co..—2
Tbew Shovel Co com
6
Tilo Roofing Inc..
1
Tishman Realty A Constr *
Tobacco A Allied Stocks—*
Tobacco Prod Exports
♦
Technicolor Ino
"56%
2%
Ryerson A Haynes com._l
249
2%
100
1
Petrol
1
100
65
Mar
May
Mar
Dec
5
July
1%
May
3
Dec
£1
registered..—-_6e
Todd Shipyards Corp
*
May
2
Feb
%
24
Mar
2%
14%
No"
U
Mu
May
May
% June
Aug
100
l18
100
%
%
12
12
Oct
111
%
Jan
Jan
10%
Apr
hi May
hi
Jan
19
May
Jan
May
*u May
200
100
Feb
41% May
May
39%
12
Nov
Dec
0
100
27%
20%
%
27%
17%
June
10% June
41
jan
Deo
1%
21
Feb
Fab
1%
Jan
Fab
62
200
18%
Dec
Fab
May
Jan
6
2%
2
33
2%
May
9%
May
Jan
9%
Apr
4%
40
Oct
8%
1,400
5%
%
Aug
2
Jan
"l% "1%
""206
1%
Dec
3%
4%
Feb
7%
2% May
Jan
3%
115
»u
Mar
%
Jan
"14% "14%
"TOO
7%
18%
Dec
1,900
0%
May
May
13%
Apr
8
May
3%
13
14%
10
13%
10%
200
1%
1,300
16
Apr
1%
Aug
2
Jan
33%
1%
Feb
41
Dec
May
30
Jan
Dec
13
21
11
Jan
6
6
100
5
July
9%
Jan
3%
3
3%
800
2%
May
6
Jan
24%
9%
24
24%
.500
9%
2,500
19%
18%
23
Dec
3
"5§"
3
200
Jan
Feb
2
May
3%
Oct
May
July
24%
Apr
15
Apr
12%
4%
19%
8%
300
Dec
*53"
""25
48%
May
4%
100
3%
MAy
100
7
10%
Ordinary reg
%
Def
97%
16%
May
May
8%
%
8%
4%
36%
103
9%
Tobacco Secur Tr—
2%
1
Dec
100% June
15%
com
Taggart Corp com
1
Tampa Electric Co com..*
Dec
Mar
•ii
8%
Jan
2
hi
8% May
7% June
100
21
Anr
16%
May
16%
26%
10
Jan
Dec
1
(Hugo) Corp
4%
*
2%
Oct
Apr
95
100
For footnotes see page
Deo
8ept
11%
100
Phos¬
..*
common..*
*
3
700
li«
60
5% 2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Ino—..1
Sterling Ino
1
Jan
May
600
%
Roeser A Pendleton Ino..*
Consol
S16
6% 1st preferred
2%
20%
May
10
Rochester Tel 0 % % prf 100
Co
107% 108
27%
Sterchl Bros Stores
Feb
%
400
"in "5%
Feb
Stein (A) A Co
1%
4%
1
Russeks Fifth Ave
300
phate A Add Wks Ino. 20
June
10%
Voting trust ctfa
..1
Rochester OA El 6 % pf C100
Ryan Aeronautical
Wholesale
%
400
1%
May
May
6%
34
1
Rio Grande Valley Gas Co-
Royal Typewriter
3,500
Starrett (The) Corp v t o.l
7%
16
17
...1
Royallte Oil Co Ltd
40%
Steel Co of Canada—
>11
1
pref.
Standard
Feb
%
Rice Stix Dry Goods..._.*
conv
19% "26"
38%
8%
1
Dec
125
Reiter Foster Oil Corp. .60
International
100
1.400
21
•
Products Co
159 %
13
9%
Reliance Elec A Engin'r'g 5
31.20
12%
12%
%
Feb
May
common.*
Root Petroleum Co
1,300
%
125
May
*
Roosevelt Held Inc
15%
1
7%
*
Reed Roller Bit Co
Rome Cable Corp com
15%
Ordinary shares
Red Bank Oil Co
0% preferred D
MOO
•
Common class B
Standard
108
1
6
8
*
Richmond Radiator
5%
1
Standard Tube clB
142
9
60c
Republic Aviation...
Rheem Mfg Co
—100
Standard Pow A Lt
June
Raymond Concrete Pile—
Reeves (Daniel)
39%
Standard Steel Spring
70
159%
%
....
12%
'~20"~
Standard Silver Lead
Apr
130
105
159
Railway A Utll Invest A.l
„
4%
1
10
Deo
94
103
159"
warrants
preferred
15%
Standard Oil (Ohio) com 25
Standard Oil (Ky)
May
29
Radlo-Kelth-Orphuem—
conv
31.60 conv preferred..20
Nov
%
5
—1
Common
Preferred
Ry A Light Secur com...*
Raytheon Mfg com
10
Conv preferred
%
300
•
•
Inc
35 preferred
Public Service of Okla—
6
1
Standard Invest 35% pref *
Public Service of Indiana—
$7 prior preferred
1%
Standard Dredging Corp—
Public Service of Colorado
6% 1st preferred
5%
1%
...*
Spencer Shoe Corp
Jan
101% 103
5%
Spanish A Gen Corp—
Am dep rets ord reg._£l
8%
"4%
Prosperity Co class B
Common..
..26
6% 1st preferred..
%
%
Providence Gas...
Option
Preferred A
"1H "8%
Producers Corp of Nev._20
Ryan
37
Solar Aircraft Co
Conv $3 pref series
Rossla
100
•
4%
29%
•
Common
33
45
•
Phoenix Securities—
Power
45
.
1
Silex Co common
3%
Jan
45
Allotment certificates.
Am dep rets ord reg
Sherwin-Williams of Can
113% June
Mar
Jan
Selfrldge Provinc'l Sts Ltd-
Feb
Mar
11
59%
Dec
May
Apr
Dec
112
Dec
Apr
1%
8%
May
114%
Jan
Nov
1
2
May
Apr
Nov
40
35
May
10%
72%
91%
28%
Oct
June
Deo
150
Jan
Oct
13%
1%
600
2
Dec
95
45
•
50
Dec
Mar
29%
2%
5
100
Dec
May
44%
Sh at tuck Denn Mining
110%
16
2%
May
110
Deo
34
116
44%
66%
38%
113% 113%
Jan
"is
6
1
Dec
Jan
14
26
stock
15.60 prior stock
1
g% pref.25
Pleasant Valley
Convertible
Serrlck Corp class B
Seton Leather common
%
103%
97%
rl58%
10%
Jan
Jan
May
•n May
%
May
%
6%
Common...
Sentry Safety Control
Oct
Deo
June
4%
35
3%
82
Selected Industries Ino—
Oct
May
Phillips Packing Co
44
3%
*
oom
Apr
Phlla Elec Co 35 pref
Phlla Elec Pow
July
Jan
22%
22
1
19
%
bherwin-Williams oom..26
55
'""30
475
"26"
*
Jan
Apr
Philadelphia Co common.*
•
"26"
•
May
100
Pharls Tire A Rubber
"26"
Dec
2,400
Securities Corp general
Seeman Bros Ino
1%
June
Dec
22% May
116
"is
Mai
3
MOO
%
Oct
H
3
29%
1,800
11%
....*
Perfect Circle Co
28%
4,800
1,300
63
Pepperell Mfg Co
13
29%
1%
3,200
64
Penn Water A Power Co.»
Dec
13%
2%
Pennsylvania Qas A Eleo—
Class A common
*
Penn Salt Mfg Co...
%
9
96
14%
33
113%
1
12%
1%
2%
♦
*
50
20
35
1,800
1%
.
13%
*
*
Deo
Aug
May
26
84
Pennsylvania Edison Co—
preferred
1%
13%
Deo
Mar
2%
S6
9%
Dec
95
•
com
Warrants
Selby Shoe Co
36%
30
25
Penn Pr A Lt 17 pref
Dec
%
Sculln Steel Co
Feb
Jan
May
50o
15 series pref
$2.80 series pref...
2%
200
%
Jan
Deo
May
2%
2%
48%
3,700
%
80
3
Feb
3%
27
Penn Traffic Co
14
150
3%
79
*
Lace common..*
12%
10%
May
5%
Penn-Mex
1
Scran ton
Selberllng Rubber
6%
20
Peninsular Telephone com*
com.l
25
Apr
Apr
2%
25
Mfg
Scranton Elec $6 pref
Feb
2% June
3
Sept
8
10
Cent Airlines
Conv preferred
Scovlll
Jan
15%
4H
May
5,100
May
May
2%
Scranton Spring Brook
Water Service $6 pref..*
Jan
25
Patchogue-Ply mouth Mills ♦
Penn
3%
Segal Lock A Hardware..1
Parkersburg Rig A Reel-.l
Pennroad Corp oom
Feb
Nov
1%
4%
%
80
2%
1
■
High
Aug
9
2%
*
100
Low
1%
6
3%
17%
3%
11.40 preferred
Fuel..
1
21%
'4" 100
67%
Range for Year 1940
High] Shares
Low
Samson United Corp oom. 1
Sanford Mills
*
Oct
*
Parker Pen Co
Salt Dome Oil Co
Oct
May
*
Page-Hersey Tubes
*
Pan tepee Oil of VenezuelaParamount Motors
1
Corp Ltd
•
Class A $2 oonv pref..60
St Regis Paper oom
6
7% preferred
100
13%
900
34%
31%
100
preferred
Nov
104
31%
107% 108
84
86%
"34 % "33%
1st pf.25
1st preferred...25
Paolflo Lighting $5 pref..*
.
Mar
111
4%
2 %
6%%
Pacific Public Service
110%
June
13%
•
Pacific P & L 7 % pref.
May
94
110%
Pacific Can Co common. _•
Pacific Q A E 6%
95
Price
St Lawrence
May
10
1
Securities
Overseas
Week
25
21%
20%
15 H oonv prior pref—*
Omar Inc
for
of Prices
5%
Oklahoma Nat Qas com. 15
preferred
24%
100
Oils toe ks Ltd common...5
$3
Week's Range,
Sals
Par
10
113% 113%
Sales
Last
High
May
17
100
6% 1st preferred
Low
96
100
Ohio P 8 7% 1st pref—100
,
STOCKS
(1Continued)
Range for Year 1940
200
110
110
for
Week
200
109% 109%
"Ho"
preferred-_100
Ohio Power 6% prei
21
21
•
Ohio Edison $6 pre!
Friday
Sales
Friday
STOCKS
(Continued)
Ohio Oil 6%
247
New York Curb Exchange—Continued—Page 4
152
95
98
230
55
Mar
1%
5%
10%
%
•-» 0 0
Apr
Jan
69
Apr
May
Mar
114
May
Jan
Apr
Deo
248
New York Curb
Friday
stocks
Last
(Concluded)
Wssk't
Sals
Par
Hangs
ror
Low
Sfiarss
107% 108*4
7% preferred
100
Tonopah-Belmont dev. 10c
95
'is
Tenopah Mining* of Nev.l
%
1
Transwestern Oil Co.-..10
2*4
'it
*it
2x
7
2 *4
m
Trl-Contlnental warrants
1
8
%
Truns Pork Stores Inc..
2
7*4
'ii
2
2%
4*4
800
*
Series b pref..—
1%
3%
Jan
May
39 %
Feb
Dec
3%
Jan
8
Jao
♦Issue of
6%
Apr
h
100
%
Nov
Jan
1
Jan
300
1%
Feb
4
Oct
9
100
Mtge Bk of Denmark'5s '72
♦Parana (State) 7s
1958
♦Rio de Janeiro 6*4s.l959
♦Russian Govt 0*4s__1919
7% May
2% Mar
13 %
0%
s3 cum a part pref
♦
Un Clgar-Whelan Sts-.lOc
May
16
06
*4
112*4
*4
5,500
%
May
May
'it
700
»i#
Nov
"is
%
800
'1«
200
79
a..*
*
%
%
25%
so 1st preferred
*
United Milk Products...*
%
2.000
%
%
%
23%
25%
10% preferred
10
United Shoe Mach com.26
United Specialties com
u 8 Foil Co class b
1
10
9
..1
u 8 Graphite com
6
u 8 and Int'l Securities..*
3%
conv
29
com
1
u 8 Rubber Reclaiming..*
1st s7
conv
2 *4
3%
pref
Class b
bbbl
1
Utah-Idaho Sugar
~49
Jan
Deo
%
July
Dec
1%
16*4
700
14% May
1
19
Dec
38
June
100
20*4
16*4
*4
3,500
14%
Dec
600
%
May
92*4
90
11
11
225
16
July
03
200
7
8*4
600
6%
200
3
5
3% June
% July
%
500
%
2
1%
J% \%
~3%
"3% "3%
1
5%
July
May
1%
"406
3%
60%
66
60
20
20
100
Mar
10
1
6%
Wichita River Oil Corp..lo
Williams (r c) a Co
*
6
6%
6%
4%
1%
Williams ou-o-Mat Ht_.»
Wilson Products Inc
1
6%
150
6%
4%
800
100
1%
800
8%
"766
5%
100
6%
1,400
5% I 5%
100
4Hlg4%
*
2,500
8
Wisconsin p a l 7% pf 100
Wolverine Portl Cement. 10
Wolverine Tube oom....2
Woodley Petroleum
1
5%
5%
5%
Woolworth (f w) Ltd—
Amer dep rets
6e
T%
80%
1%
1%
55%
Jan
Apr
•i«
2%
1%
3
108
b
3
123
aa
3
x aa
3
29
15%
1%
97%
9%
6%
10
Broad River Pow 5s
Canada Northern Pr 5«...
bbb3
3
ybb
a
2
x
Jan
3
x
a
2
ybb
4
1
y cc
654s.
y cc
29*4
b
2
96
z
Jan
1
y
49
bb
1
Deo
y bb
y bb
4
b
3
Sept
y
Apr
y
b
3
y
b
3
b
3
y
b
4
y
Jan
6%n
b
4
Community Pr & Lt 5s
1957 ybb 3
Conn Lt A Pr 7s A
1061 x aaa4
Consol Gas El Lt A Power—
Jan
x
7%
Apr
x
77
aaa4
6s._.
1944
Apr
Sept
7%
7%
7%
2
4
b
2
x
a
x
bb
b
4
Sept
x
a
4
Mar
xbbb2
Feb
Jan
Eleo Power A Light 5s
Nov
z
9%
Mar
x
116*4
Deo
5%
Nov
7%
6%
Federal Wat Serv 5%n
June
12 %
Feb
6%
Jan
m m
a
-
-
105*4
45
3
4
x
75
104*4 108*4
103*4 ho
1,000
95*4 105
8,000
92*4 100*4
95
130*4
88
116
18,000
9,000
104
138
90
102*4
89
104
95
103*4
100*4
83*4
105
It
•
79*4
25,000
73
46,000
102*4
29
29*4
97
49
89*4 117
6,000
37,000
19,000
102*4
2,000
27,000
53,000
217,000
39,000
65
63
95*4 103*4
25*4 41
25*4
4m
64*4
94*4
37
50
77
93*4
1.000
78*4
95*4
88
5,000
70
88
65*4
85*4
85*4
83*4
96*4 298,000
85*4
47,000
85*4
19,000
94*4
95*4
99,000
94*4
96*4
38,000
100*4 102*4
37,000
83
60
83
60
for
Georgia Power ref 5s
Georgia Pow A Lt 5s..
81
8,000
13,000
128
1,000
105
111*4
104*4 111*4
124*4 130
17,000
75
93*4 176,000
80
94
54
45
01*4
93
102*4
98*4
1,000
30,000
101*4 102*4
106 *4 106 *4
5,000
87
88*4 174,000
86*4
61.000
88*4
104
4,000
110
105
105*4
9,000
101*4 106
1,000
5,000
100*4 109*4
45
105*4 105*4
105*4 106*4
102*4
$41
11,000
45
9,000
81,000
22*4 57
98*4 100*4
106*4
2
79
80
7,000
1
102
102
102
1,000
64
2
102
101*4 102*4
10,000
83
Week
s
1978
y
b
1961
k.26%
8%
Cent Bk of German State a
♦Prov Bankp 6s b..i951
J
8%
27
1952
*20
1955
60%
*21*4
1963
For footnotes see page 249
23*
22%
26%
8%
27
28%
60%
26
20%
20
3,000
12
Jan
1,000
7
5,000
14
Tjooo
12%
18
20
Dec
Feb
Aug
May
May
29
28 hi
20 %
15
Feb
Feb
Nov
Jan
b
1
y
Sept
Aug
bb
3
Gobel (Adolf) 4*4s
1941 y ccc4
Grand Trunk West 4s
3
1960 x a
Gr Nor Pow 5e stpd......1950 x a
2
Green Mount Pow 8%n
Grocery Store Prod 6s
1963
x
aa
1945 y b
y b
Nov
Guardian Investors 5s..
1948 y
26%
Deo
♦Hamburg Elec 7s
1936 zdd
Deo
Mar
74
«
mm -
•
1
c
1
72
-
11~000
107*4 108*4
50,000
36,000
68*4
*20
80*4
65*4
77
*108
74*4
35
«...
«,
»
81*4 112,000
68*4
22,000
77*4
6,000
110
60
25
28
60
25
25
*25
2,000
1,000
6,000
28
..
89
102
101*4
75
101
103*4 107*4
59
75
18
29
65*4
80*4
62*4
57
100
*105*4 107*4
60
97*4 102
50
87*4
67*4
100*4
100
72
-
81*4
2
26*4
49
108*4
2
2
Guantanamo a West 0s—1958
53
"100*4
4
z
t21%
*21*4
165
3,000
49
103
100
3
101*4 101*4
125*4
23
89
a
1
88*4
89
126
x
a
107
70
125
105*4
......
99
74*4
ybb
x
97
96*4
101*4
96*4
92*4
102
bbb3
1907
85
70*4
75*4
125*4 135*4
108*4 109
bbb3
♦General Rayon 0s A.....1948 z ccc2
Gen Wat Wks A El 6s
y bbb2
156
92*4
93*4
102
Gary Electric
A Gas—
6a ex-warr stamped.....
34*4
1,000
111*4
45
Finland Residential Mtge
Banks 6s-5e stpd
1901 y cccl
x
3% June
«
cccl
y b
Jan
Jan
88*4
87*4
♦Eroole Mare 111 Elec Mfg—
12%
28*4
10*4
1,000
54
2
y
96*4
93*4
bbb4
y
10
53
62,000
26,000
108*4 111*4
110*4 111
2
y
26*4
28*4
13*4
156
28
128
4
ybb
Deo
11 %
109
Consol Gas Utll co—
Oct
19%
14
30
10
10
$128*4
aaa4
91
79
110*4
99*4 108
52
63*4
29*4
63
23
42*4
15*4
26*4
--
♦Hamburg el Underground
a St Ry
5%B
1938
z
cccl
*20
t
Attention Is directed to the
new
62*4
11
66*4
City)—
Apr
6%
Consol Gas (Bait
102*4
aaa4
x
Feb
Dec
86*4
85*4
85*4
94*4
95*4
108
111
86
y
Apr
Aug
5% May
1%
Apr
1%
Feb
15 h May
129
38%
125*4 163,000
93*4
45*4
*91
93*4
4
75
3%
aa
x
Apr
12
123
90% 105*4
102*4
45,000
102*4 102*4
101*4 102
110*4
111*4
156
155*4
102*4
102*4
104
103*4
tl03?4
79*4
77*4
72
69*4
102*4
27*4
2
x
Apr
Apr
Dec
102*4
108 % 112
46,000
108
111
ybb
13*4
13*4
109
121
2,000
*100*4 107*4
2
I
13*4
64*4
2
ybb
Agricultural Mtgs Bk (Col)
♦20-year 7s
Apr 1940
♦20-year 7s
Jan 1947
♦0 series a
2
aa
13*4
12*4
12*4
12*4
13*4
3
a
x
Mar
Bales
BONDS
Danish 5*4s
Ext 68
104
106%
107$4 109%
3,000
yb
FOREIGN GOVERNMENT
AND MUNICIPALITIES-
♦Baden 7s
b
*
Feb
2
10 %
5
10,000
J109 *4 110*4
104*4 105*4 122,000
129*4 129*4
2,000
106*4 106*4
31,000
45*4
51
159,000
Bell Telep of Canada-
Gatlneau Power 3%n a...
Bogota (see Mtge Bank of)
♦Cauoa Valley 7s
1948
dddl
ybb
Apr
May
Nov
14
7% May
5% May
08
May
3% May
4% May
4% Sept
99
106%
98% 104%
13*4
13*4
y bb
Cuban Tobacco
May
9% May
Sept
3% May
5%
Jan
3% July
% May
21,000
29,000
102*4 103*4
dddl
x
Dec
10
20
dddl
y b
May
104 % 107%
103
106%
13*4
13*4
x
Mar
102
Statlon'y
Common
dddl
z
6%
May
May
1% May
3% May
3%
Oct
31
50*4
z
Jan
15%
23 %
2
50
106*4
3
y
Assoc t a t deb 5%» a...
Jan
24
92
3%
105
b aid win Locom Works—
4
1,600
Apr
Apr
5,000
105*4 105*4
107*4 107*4
zdddl
Mar
Oct
T.566
5%
2
|Associated Gas A El Co—
z
105
9,000
Avery A Sons (b f)-
1
100
5%
66
•i»
12 %
Wellington Oil Co...
1
Wentworth Mfg
1.25
West Texas Utll $6 pref..*
Wright Hargreaves Ltd.
May
July
May
May
Apr
74
__.*
Wilson-Jones Co
May
4*4
8*4
4*4
Feb
2
1% May
% May
1,700
15*4
%
91*4
15%
4
H
Apr
2% May
0
Sept
Dec
Walker Mining Co
...1
Wayne Knitting Mills...6
Westmoreland Coal
Westmoreland Ino
Weyenberg 8boe Mfg
0
Aug
z48% May
1%
Feb
*
Western Grocer oom
20
Western Maryland Ry—
7% 1st preferred
100
Western Tablet a
May
May
4
"260
7% preferred
100
Watt a Bond olass ▲....*
*
%
2% May
"166
1*4
y bb
6% May
Aug
4,000
35%
2%
May
6*4
1%
*
West Va Coal a Coke
Western Air Express
May
May
3%
"l% "1*4
2
z
26
300
200
2
aa
Feb
Feb
49
aa
x
Mar
1
""hi
x
Jan
0
2%
825
aa
Apr
1% May
1.300
83*4
1 x
71
1,200
48%
6
v t c
h
2.000
103*4
American Gas A Elec Co.-
Feb
June
1*4
5*4
ht
7
Waoo Aircraft'Co
Dec
200
78%
Vogt Manufacturing.*....*
Vultee Aircraft Co
1
...
bbb3
Tb
2,200
"l% "T*4
83%
...1
preferred
Class b
x
Apr
8
107*4 107*4
106
106*4
104*4 104*4
104*4 104*4
bbb3
15
Van Norman Mach Tool2
%
Venesuelan Petroleum...!
Va Pub Serv 7% pref.. 100
Wagner Baking
x
Feb
'le
10c
com
Conv preferred...
Valspar Corp oom
oonv
Nov
3%
"l6~
6
$6.60 priority stock
1
Utility a Ind Corp com..6
$4
Dec
9%
7%
%
Utah Pow a Lt %7 pref...*
Utah Radio Products
1
Utility Equities
46%
May
High
co—
83%
6%
"l6
Power
Nov
150
8
Universal Products Co...*
Alabama
May
1%
0%
Jan
39% June
3% May
3% May
5
1
Low
y
'l«
1*4
1940
Pries
a
Feb
Nov
29
2%
•
Universal Corp ▼ t e
Universal Insuranoe
Universal Pictures com
Range
for Year
%
See
5%
245%
1%
7%
»
United Stores common.50c
United Wall Paper
2
Universal Cooler class a..*
Jan
Bales
106
2,000
60c
oomrnoa
for
Week
bbbl
3%
28*4
2%
3%
Jan
of Prices
y
2%
preferred...20
u 8 Radiator
u 8 Stores
3
1%
1%
Weeks' Range
Sals
107*4
47
Feb
Mar
Last
1
75
Oct
%
17%
| Friday
1
59
Jan
Bank
1
1,000
Dec
"v,000
Dec
Rating
a
.
Mar
Jan
Elig. A
BONDS
a
hi
u 8 Plywood Corp—
Jan
a
2,400
5%
58
July
tii
89
x
*1#
69
113%
x
64
17%
10%
%
June
%
%
Jan
x
3
S51st pref with warr...*
u 8 Lines pref
.*
$1*4
10
5%
Jan
Apr
270
Jan
9%
5
Feb
2%
Apr
45*4
Mar
Apr
Dec
6
45*4
Mar
46%
12
27
"975
45%
Mar
14 %
Apr
9%
%
*8
70
"59*4 ~hb%
"60*4
26
Oct
Dec
5,000
%
%
39
Jan
Apr
6,000
7
Feb
Dec
Jan
20%
20 %
Sept
10
17%
Xht
May
May
May
Dec
15
Nov
16
Dec
h
14
20%
10%
•is
2
Apr
June
7% June
84
16 %
20
200
10 %
8
5,000
Jan
20
100
%
Nov
27%
26%
84
2,200
239
%
Dec
Nov
5% May
9%
Dec
Am dep rets ord reg
Apr
14%
7
%
Nov
26 %
12
17%
1921
12
26%
11
*28
1949
Mar
Mar
%
8%
May
70
-|.~
*5%b
♦Santiago 7s
High
7% May
7% May
7
•is
--*
United njrra Canal 100
United Profit Sharing..26c
6
Apr
1%
6%
Jan
%
Dec
87% June
%
Dec
5,200
110% 112*4
Option warrants..
United g4b7% pref.100
Preferred
Jan
H
United Gas Corp com
1
1st 17 pref. non-voting.*
s3 partlc pref
United Molasses co—
6%
8%
69 %
200
8i«
United Corp warrants
United Elastlo Corp.....*
com
9%
Feb
3h
Feb
64%
Jan
16% May
Jan
27
2,000
4,000
t21%
\21%
X8%
♦Mtge Bk of Cbile 68.1931
Dec
3%
9
1
Common class b__
May 1927
%
United Chemicals com...*
27
♦Issue of Oct 1927—
64 %
11,000
27
X6%
tl3%
9%
Jan
Jan
.
18
27
*20
•is
1%
Law
+5
•Hanover (City) 7s... 1939
♦Hanover (Prov) 6*4s.l940
Lima (City) Peru—
10%
1%
Range for Year 1940
$
26
•&%b stamped
1958
♦Maranhao 7s
1958
♦Medellln 7s stamped. 1951
Mtge Bk of Bogota 78.1947
Apr
Feb
x8 %
20
High
25*4
.1947
*4
Union Investment com...*
Un Stk Yds of Omaha. 100
United Lt a Pow
♦Secured 6s
3%
3*4
*
Low
Danzig Port a Waterways
♦Ext 6%b stmp
1952
♦German Con Munlo 7s '47
Dec
*
10
United Aircraft Prod
Apr
Apr
6%
1
Unexcelled Mfg Co
Union Gas of Canada
li«
1941
Wssk
Nov
4%
*
Udyllte Corp
lUlen & Co ser a pref
for
of Pricss
May
700
37*4
%
Wssk's Hants
Beds
May
3% May
40*4
2
40
80c conv preferred
1,000
1,000
4
1
Tung-Sol Lamp Works..-1
Jao
May
8
Tublte Chatlllon Corp..
Class a
Mar
Oct
Dec
200
3,300
1,700
109
Apr
%
%
100
%
1
Last
Pries
115
11,
Balst
BONDS
High
May
May
104
Jan.
(Continued)
Low
200
5
Friday
Hangs for Year 1940
ssi
£
of Pricss
High
Pries
Toledo Edison 0% pref 100
Trans Lux Corp
Exchange—Continued—Page
Sales
column In this tabulation
pertaining to bank
eligibility and rating of bonds.
See k.
Volume
New York Curb
152
Bank
Elig. A
Rating
Price
Par
Houston Lt A Pr 334s
1966
♦Hungarian Ital Bk 734s,._1963
Hygrade Food 6s A
*
a a
c
73
72 X
*
bbb3
x
bbb3
1956
bbb3
x
5Ha...May
1957
y
bb
Indiana Hydro Elec 6s
Indiana Service 5s
1958
y
bbbl
3
1940
10734
105H
1025*
101J4 10234
7,000
1,000
5,000
16,000
12,000
79
52,000
102
93
77
57
7334
75J4
93,000
66
7354
90
14,000
80
a
3
10834 109
20,000
l
b
73 H
2034
1
1734
21
2134
3
7134
71
72 34 303,000
40
45.000
ccc2
y
40
3834
y
bbb4
105
bbb4
Iowa Pow A Lt 434s
x
aa
♦Isarco Hydro Eleo 7s.
Italian Superpower 6s
1952
z
cccl
1963
y cc
1934
5134
3
10634
10534
29
26
26
26
33
3534
51
4"000
__1942 ib
3
1966
x
aa
x
a
2
x
a
4
z
cccl
1945
x
bbb3
10534
1957
x
a
4
10734
107
$20
McCord Rad A Mfg—
6e stamped
30
81
5,000
5834
103
103
4,000
99
3434
x
bbb2
y
b
2
Metropolitan Ed 4s E
1971
x
aa
2
108
19
108
11034
102J4
9534
1965
x
aa
2
110
1945
y
bb
bb
2
102
1943 y
2
58
56
9534
2,000
11,000
6,000,
12,000
58
bbb2
10534
10534 10534
24,000
1978
x
bbb3
103
10234 103 34
26.000
x
bbb3
106
106
10634
22,000
10334
104
12,000
105
106
9,000
109
109
6,000
;_1967
Mississippi Power 6s
1955
bbb2
x
Miss Power A Lt 6s
1957
x
bbb3
Miss River Pow 1st 5s
Missouri Pub Serv 5s
Nassau A Suffolk Ltg 5s
1951
x
Nat Pow A Lt 6s A
2026 y bbb2
aa
4
bb
2
1945
Deb 5s series B
"ios
2
1960 y bb
x
2030 y bbb2
|*Nat Pub Serv 5s ctfs
1978
1981
x
11234
10734
9754 100
40,000
10134 10234
11,000
11234 112341
9,000
10734 10734
8,000
noli
11034 11134
»
Nebraska Power 434s
"9934
6s series A
26
aaa2
2
2022
x
aa
Nelsner Bros Realty 6s
Nevada-Calif Elec 5s
1948
x
bbb3
New Amsterdam Gas 5s
1948
x
aaa2
1947
y
1956 y bb
N E Gas A El Assn 6s
3
26
$124
10834
4,000
8,000
130
98
106
9834 10454
10234 108
96
98
95
10254
11334
101
109
20
28
115
7134
7134
7134
62
b
4
"6534
6234
66
93,000
61
1948 y b
4
6634
64 34
66 34
1950 y b
4
6534
6234
6654
8,000
97,000
95
51
New Eng Power 334s
1961
x
aaa3
1948
y
bb
3
*9634
100
1954 y bb
3
6s stamped
1942 y bb
3
♦Income 6s series A
1949
bb
4
New Orleans Pub Serv—
y
10054 10054
10334 10434
New
York Penn A Ohio—
♦Ext 43^8 stamped
1950 y bbb2
N Y State E A G 4348
4
1980 x a
1st mtge 334s
4
1964 x a
N Y A Westcb'r Ltg 4s
Debenture 6s
2004
1954
x
aa
Nippon El Pow 634s
1953
y
10354 10354
10534
b
x
aaad
10934 109 34:
1.000
97
9634
33,000
9934 100
60,000
"10634
3
105
10534
$10654 11134
106 34 10634
$112
43
45
10234
97
81
10454
is766o
40
65
12,000
94
10334
2,000
9734
9534
26,000
6,000
41,000
9,000
102 34 10234
58
5134
195 34 106
10534 10534
4,000
9634 10334
102
37
46
8,000
40
60
7534 113,000
49
7534
71
75 34
7234
1454
7434
7434
74J4
7434
7434
7434
2434
<N !>
55
63,000
75
71
7534
7534
70 34
70 34
20
30
4434
46
4934
7534 56,000
7534 119,000
7534 99.000
7534 218,000
21
I 12,000
30
y
b
x
bbb4
x
a
1
2634 2634
10634 107
10734 108
12134 12134
9734 9834
107
2
1979 ybb
3
9834
4
TIets (L) see Leonard—
Twin City Rap Tr
6134
6034
z
1949
x
aaa4
1956 ybb
♦United Industrial 634s
1941
32,000
5,000
5,000
23
cccl
z
Debenture 634s.
$20
1
10834
48
48
48
49
bb
89
9134
10834
8634
2
cc
aa
534
45,000
17,000
5
9,000
bbb3
8934
9434
7434
107
aaa2
108
117
89
7234
16.000
23,000
11,000
95
104
94
10234
11,000
2,000
40,000
4
1034
10934
10734 109 34
10434 10834
10734 11734
43
6034
n"666
10234 10734
30,000
117
2
2
bbb3
3434
73
9534 102
85
10634
9934 10434
$10734 110
10834 10834
2
x
34
5,000
17.000
101
1013410134
x
4534
9734
10134
aa
119
2034
12034
3
Waldorf-Astoria Hotel—
bb
1234
114
78
10634 10634
10134 10134
x
69
634
110
10234 103
x
66
13,000
10634
10134
y
46
2134
10134 10734
34 10834
109
12134
88 34 10334
104
12034 12034
8634 8634
12034
103
x
1
10434 110
9734
3
z
1
3,000
83,000
9634
3
x aa
1
16
1946 ybb
♦5s income deb
1954
Wash Ry A Eleo 4s
1951
Washington Water Pow 334s'64
West Penn Elec 5s..
..2030
West Penn Traction 5s.. 1960
West Newspaper Un 6s...1944
l
16
...
..1950 ybb
1946 y b
Deb s f 68
«
101
...1952 x bbb3
Deb 6s series A
1973 yb
Utah Power A Light Co—
1st lien A gen
434s..
1944 x bbb3
x
108
9734
6s series A
2022
8634
8934
9134
_
1st lien A oons 534s
1959 xbbb3
Un Lt A Rys
(Del) 5348—1952 ybb "
United Lt A Rys
(Me)—
Deb 6s series A
Va Pub Service 534 A
1st ref 5e series B
23 34
$20
89
1974 y b
1,000
24,000
49,000
1
♦1st 8 f 6s
1945 z b
United Light A Pow CoDebenture 6s
.....1975 yb
2,000
27,000
12,000
834
11734 11834
7
834
...
1,000
3,000
6134
|»Ulen A Co—
..I960
10554
10834
71
2022 y bbb2
Conv 6s 4th stp
United Elec N J 4s
53
90
105
46
1946
Tide Water Power 5s
113 34
10234 10534
107
l'ooo
105
1955 y bbbl
99
$35
1977 * bbb2
1962 x aa
2
10534
10834
1959 y bb
4
10534
1947 x aa
2
2
...1954 x aa
1981 * bbb2
4s series D
1961 * bbb2
1972 x aa
3
1962 y bb
Pledm't Hydro El 634s..I960 y b
♦Pomeranian Elec 6s
1953 z b
Portland Gas A Coke Co—
104
114
2954
4I"66O
3,000
18,000
10534 10534
108
10834
6,000
10534 10534
11,000
103
1940 z bb
Wheeling Eleo Co 5s
1941
Wise Pow A Light 4s.....1966
i^York Rys Co 5s stmp—1937 z bb
♦Stamped 5s
1947 ybb
5934 62 34
$100
10934
10734
107
10734
9734 9734
9934 10034
1
2
100
102
106
7,000
90
100
18,000
94
101
109
11034
10654 112
86
9734
39
4334
9634 10554
101
10734
100
10634
10454 10854
10154 10834
106
10834
105
10834
24,000
91
A
10434
14,000
95
105
11334 114
10254 103
10,000
2834
95
94
89
2954
2634
95
8934
1966 * a
109
1961 * a
10954 10954
1947 y ccc2
10434
10434
10334 10454
2634
1950 z bb
37
106
10354 106
35
5334
10734 11334
10334 11054
103 54 10954
6234
I
10434
103
♦
7o"o66
$10634 10734
$10754 10854
Peoples Gas L A Coke—
4s series B
7,000
10454 10534
2
Penn Ohio Edison—
387665
106
1971 * a a
Deb 634a series B
Penn Pub Serv 6s C..
64
87
10034 105
8,000
9834
5,000
2,000
5,000
Corp—
10334
10234 10554
10434 11034
102
10654
11154 11534
10334 10434
..1979 * bbb2
etpd
10034 10354
,10454 10454
$10734 10834
9634
99
1942 * aaa4
1st 6s.—
434s series f
Potrero Bug 7
10034
23,000
10,000
4,000
1964 z ccc2
Penn Electric 4a F
6s series H
6s stamped extended
Potomac Edison 5s E
93
9954
1941 * aaa2
1st 6sseries B
Pacific Ltg A Pow 6s
Pacific Pow A Ltg 6s
Park Lexington 3s
Penn Cent LAP 434s
5s stamped
~66o
110
8834
4
Okla Power A Water 58—. 1948 x bb
Pacific Gas A Elec Co—
Phlla Elec Pow 534s
Phila Rapid Transit 6s
j
105
10234 10254
$10434 105
"54~~
51 34
5454
11234 11234
10854 109
10834
10834 109
10754 10834
Ohio Pow 1st mtge
334»-,—1968 * a>
Ohio Public Serv 4s
1962 x a
Okla Nat Gas 354s B
1955 * bbb3
6s series D
3,000
11,000
...
No Amer Lt A Power—
634 s series A
1956 y bb
No Boat Ltg Prop 3348—_1947 * "a
Nor Cont'l Utll 534s
>1948 V b
Ogden Gas 1st 5s
1945 y bb
4,000
6,000
62
64
8734
75
b
y
7-43 3d stamped
1946
Certificates of deposit
♦Ternl Hydro El 6
34s
1953
Texas Eleo Servioe 5s
I960
Texas Power A Lt 5s
1956
122 H
3,000
7,000
83
46
1951 y b
♦United El Servioe 7s
10854 11134
120
12834
110
1948
57
7434
5348—1952 yb
109
102
(stamped)
6s series A
97
10534
10754 11034
2
1948 y b
Deo 1 1986 y b
6s gold debs
1957 y b
Standard Pow A Lt 6s
1957 yb
♦Starrett Corp Ino 5s
1950 z ccc2
Stlnnes (Hugo)
105
86
10534
10534
7-4s 2d
70
6134
4
b
104
94
10334
11034 11034
11034
bbb4
z
26,000
103
2022 y bb
1989
39
10034
93
~5§"
(stamped)
2634
23
33,000
8734
2
x
10534 10934
127
13734
37
10134 10134
82 34
86 34
8734 88
84 H
2
1946
l^OOO
12
$34
...1951 ybb
x
1
$20
2
3
Spalding (A G) 5s
111
9154 10234
Conv deb 5s
New Eng Pow Assn 5s
cccl
108"
Standard Gas A Elec trio—
83
10834 10934
7,000
93
9134
344,000
12134!
aaa2
aa
1968
So'west Pow A Lt 6s
S'west Pub Serv 6s
Conv 6s
103
106
5s
Debenture 534 s
Sou Counties Gas
434s
Sou Indiana Ry 4s
Debentures 6s
Debenture 6s
121
9234
16
x
z
10734
$13734
Shawlnlgan WAP 434s...1987 x a
2
1st 4 34s series D
2
1970 x a
Sheridan Wyo Coal 6s
1947 yb
2
Sou Carolina Pow 5s
1957 y bbb2
Southeast PAL 6s
2026 ybb 4
23
81
9634
10434 10934
6,000
x
—.1955
1st A re! 6s
10334
10334 108 54
11,000
77
1952
Mtlw Gas Light 4 34s
Minn PAL 4^8
33
106
$20
1947
4s series G
10434 10954
4
434s
Middle States Pet 634s
Midland Valley RR 5s
53 34
3,000
Memphis Comml Appeal—
Deb 4 Ha
30
1951 y b
I
1948 yb
99
18
1334
cc
12834
14,000
80
bbb2
39
9034
$20
$20
x
6s
,—>1941 idd
88
1
3
z
117
8T660
90 34
10234
cccl
1943
40
10534
10754 10734
102
10034
86
aa
b
z
...1951
10254 10754
105
83
81
161
x
Scullln Steel Ino 3s
1T666
107
128
16034
z
Scrlpp (E W) Co 534s
44,000
12834 12834
Long Island Ltg 6s
♦7s mtgesf
48
JJ0434 HO
12834
Lake Sup Dlst Pow 3 348— .1966
♦Leonard Tleti 7 34s
1946
Louisiana Pow A Lt 6s
Mansfeld Mln A Smelt—
47
4734
2
2022
6,000
10434 15,000
10134 10234 101,000
10134 10234 22,000
10034 10034 190,000
4
10634
—
6s Btamped
Kansas Elec Pow 3 34s
Kansas Gas A E ec 6s
10534 109 J4
10434 10734
10134
106 34
10634 10934
52
2534
42
2934
2,000
16,000
2,000
159
102
103
14,000
10534
10634 107
I
4734
7234
10834
10534 10534
100 34
103
$105
1958
14,000
9134
2634
14
2.000
104 34
1952 ybb
1953
♦Ruhr Housing
634s
1958
Safe Harbor Water 4348—1979
San Joaquin L A P 6s B
—1952
♦Saxon Pub Wks 6s
1937
4934
1957 y b
bb
534 b series A
♦Ruhr Gas Corp 634s
61
35
108
a
y
1940
5,000
16034
3
ser O
...1950 y bb
1st A ref 434s ser D
1950 v bb
Queens Boro Gas A Elec—
4334
7,000
21
x
♦8cbulte Real Est 6s
4,000
25
2134'
1966
Range
for Year
$
10834
1949 xbbb4
yaa
for
Week
7234
$20
2
1st A ref 5s
9954
2034
1
aa
72 34
Puget Sound PAL 5348—1949
10854 10934
1934
b
y
b
x
Sales
Week's Range
of Prices
Low
High
a
z
1964
4s series A
25
!
x
Public Service of N J—
6 % perpetual certificates
Pub Serv of Oklahoma—
9634 10654
87
81
10134
Corp(Can)434sB_..1959
1st mtge 334s
s f debs 4s...
10534 10934
101
10754
9834 107
75J4
76 34
y
oonv
81
90
1957
Mengel Co
64
66
1
y
1952
Power
♦Prussian Electric 6s
1964
Public Service Co of Colo—
2
1961
Jacksonville Gas
Price
x
1952
6s series B
See 1
bb
| 101
101
2
1967
Interstate Power 5a_—
Debenture 6s
Iowa-Neb LAP 6s
{Concluded)
x
International Power Sec—
♦6 34s series C
1966 yb
♦7s series F
Sale
10134
7434
1963 y b
:
Last
27,000
2,000
55,000
1950 y b
♦Indianapolis Gas 5s A
1952
Indianapolis Pow A Lt 33481970
♦7s series E
Friday
Rating
10634 1113k
7234
7234
107 H 10834
107 M 10734
10734 108
105H 10634
3
ua
1954
Bank
Elig. dk
$
"73"
72
249
BONDS
Range
$3
2
1967
High
6
for Year
for
$11034 11134
2
1963
1st lien A ref 5s
Sales
1
1949 y b
1st A ref 534s ser B
1st A ref. 68 ser C
Exchange—Concluded—Page
Week
Low
3
z
Sale
1949 y b
6s series B
Idaho Power 354s
111 Pr A Lt 1st 6s ser A
\
Week's Range
of Prices
I
Last
Bee a
bonds
{Concluded)
S f deb
Friday
50
109
50
11034 115
7,000
92
5,000
24
13
27
No par value,
a Deferred delivery sales not included In
year's range,
d Exinterest.
n Under the rule sales not included in
year's range,
r Cash sales not in¬
cluded In year's range,
z Ex-dlvldend.
4834
1,000
*
17,000
6,000
105
7834
9534
75
90
1,000
10754 HI
1,000
45
5334
No sales being transacted during ourrent week.
Bonds being traded flat.
I Reported In receivership.
t Called for redemption:
10634 110
4,000
t Friday's bid and asked price.
♦
None
e
Cash sales transacted during the
yearly
current
week
and not lnoluded in weekly
or
range:
No Sales.
V Under-the-rule
sales
transacted during
weekly or yearly range:
No sales.
▼
the ourrent week and
not lnoluded
in
,
Deferred delivery sales transacted during the current week and
not lnoluded In
weekly or yearly range:
No sales.
Abbreviations Used Above—"cod," certificates of deposit;
"cons," consolidated'
"cum," cumulative; "conv," convertible; "M," mortgage; "n-v," non-voting stock:
"v t c," voting trust certificates; "w I." when
Issued; "w w," with warrants: *"x-w"
without warrants.
A
Bank
Eligibility and Rating Column—x Indicates
those
bonds
which
we
believe eligible for bank investment.
y
Indicates those bonds
status or some
%
we
believe
are
not
bank
eligible due either to
provision in the bond tending to make it speculative.
rating
Indicates Issues In default, in bankruptcy, or in process of reorganisation.
The rating symbols In this column are based on the ratings assigned to each
bond by the four rating agencies.
The letters Indicate the quality and the numeral
immediately following shows the number of agencies
so rating the bond.
In all
cases the symbols will represent the rating given by the majority.
Where all four
agencies rate a bond differently, then the highest single rating Is shown.
A great majority of the issues bearing symbols ccc or lower are all in
default.
Issues bearing ddd or lower are In default
Attention Is directed to the
new
column In this
tabulation pertaining to bank eligibility and rating
of bonds.
See note
a above.
Chronicle
The Commercial & Financial
250
Jan. 11, 1941
kSS
Other Stock Exchanges
Baltimore Stock
Exchange
CHICAGO
both inclusive, compiled from official sales lists
Jan. 4 to Jan. 10,
Last
Par
Week's Range
for
Sale
Stocks—
of Prices
Low
High
Price
Range for Year 1940
Low
Shares
High
15%
16
470
11
May
17
18
96
12
28c
30c
16
23e
71
18
(Conn). .50
Bait Transit Co com * t C *
Consol Gas E L 4 Pow
•
Atl Coast Line
71X
114
100
118
118
20
4% pref C
100
Davison Chemical com ... 1
110
110
Paal H.Davis & Go
Aug
21%
20%
Jan
Apr
July
65c
Jan
Dec
83%
119%
Apr
Feb
66
Member*
Preferred vtc
Fidelity & Deposit.....20
Fidelity & Guar Fire
10
Finance Co of Am A com.5
preferred.
Houston Oil
375
5
Dec
325
16
May
120%
208
101
June
30
147
25
May
9
June
17
120
119
20
29
6%
Sept
10
8
Apr
14
Apr
Apr
Frxaay
Jan
Last
Week's
Feb
Sale
of Prices
Low
High
130
14% June
32%
10%
19%
Aug
Apr
1%
Mar
2.15
Oct
9%
Aug
13
17 H
100
1.10
104
16 54
3
1754
330
3
50
1.15 June
4%
Nov
Athey Truss Wheel cap...4
Aviation Corp (Del)
3
71
100
Mt VerWood Mills pref 100
New Amsterdam Casualty 1
Nor Amer Oil Co com..
1
Northern Central Ry—50
71
72
Nov
Aviation A Transport cap.l
17%
329
Apr
45%
12% June
75%
17
Mt V-Woodb Mills com
17%
1.15
1,400
94%
4
1.10
—
94%
54%
22
2
54%
46
21%
Penna Water & Power com*
22%
1,192
1.00 Sept
84% May
Oct
54%
14%
May
27
May
17%
Apr
1.45
Jan
97
Dec
Stocks (Continued)
Par
Barber Co (WH) com
Jan
Belden Mfg Co com
Jan
Belmont Radio Corp
Bendlx
Aviation
Ctfs of Indebt
Mar
23
May
30
May
36%
42%
Nov
34
35%
20,000
41%
7,900
100% 100%
1975
1975
B 5s
87
40%
5%
Bait Transit 4» flat...1076
A Be flat
Nov
2,000
90
June
79%
Nov
101
Oct
Boston Stock
Week's Range
Last
Sale
Par
Stocks—
100
Amer Tel A Tel
A
Assoc Gas & Elec class
_.
Price
168%
Boston A Albany
92%
33%
47%
.100
.25
Boston Elevated
100
Boston Herald Traveler..*
Range for Year 1940
Week
Shares
1,903
Jie
20
Low
144%
12
100%
88%
93
h#
100
Boston Edison Co (new)
594
May
hi
80
Dec
6
Common.
6%
1,529
4%
Dec
1%
Nov
1%
2
1%
701
100
1st prefst—100
B pref
100
1st prefst—100
1st pref
100
1%
1%
42
1
Dec
Class B
Class
1%
1%
2
625
1
Dec
1%
in
i%
1%
Dec
Class C
Class D
1 %
Dec
Boston Pers Prop Trusts.*
Providence—100
Calumet A Hecla
—6
Boston A
•
2
2
"T%"
1%
11%
15%
11%
6%
6%
12%
15
80
30
2
11%
15%
7
225
151
83
1%
Dec
11% June
10%
Jan
2% May
2% May
2,739
24%
8%
900
7%
Oct
4%
50
3%
May
30%
11%
5%
Nov
Jan
18%
22
13%
May
23%
18%
20%
1,700
13%
May
25%
Jan
2%
1%
Dec
5%
Feb
Central 111 Recur Corp—
Conv preferred
350
7%
Dec
1,650
5%
June
11%
Feb
3%
200
July
4%
Mar
657
Dec
20
5%
21%
2%
3%
650
17%
June
7%
23%
Apr
14%
475
10%
May
19%
Apr
20%
100
14%
Nov
95%
540
71
May
May
24
90%
95%
Nov
3%
~21~~
95
*
5%
Common
50c
Preferred
*
4%
July
8%
Apr
1,550
%
Mar
Sept
%
Jan
77
Central A 8 W—
45
41
45
7%
%
300
37
21
Jan
%
7%
10
4%
May
11%
Oct
21%
7%
260
15%
May
21%
Nov
600
%
Dec
1%
Jan
1
28
28%
500
25%
June
37
Feb
71
72
300
55
June
84
Apr
93
May
116
Chicago Towel—
Convertible pref
111
*
3% May
Cities Service Co com...10
"b"
Club Alum Utensil com...*
20
111%
9%
9
69%
175
71%
672
7%
May
63% May
Feb
4%
5
1,200
4
2%
2%
1,300
2%
May
12,550
25%
May
11%
91
Apr
Mar
Jan
6% May
3% Mar
Commonwealth Edison—
Capital
26
16
Apr
Consolidated Biscuit
9
Nov
19%
Jan
Consolidated Oil
4%
May
8%
Feb
com.
1
29%
30
30
1%
1%
500
1
5%
1%
6
950
5%
May
33
Apr
3%
Jan
8
Jan
5%
Dec
Consumers Co—
Corp...*
Dec
5
220
3% May
0%
Nov
Vtc pref part shares..60
Container Corp of Amer.20
50
2
May
15%
16
275
10
May
19%
2%
3
326
1%
3%
Nov
Crane Co com
19
19%
266
24%
84
85
140
13% June
51
May
81
Dec
18%
19
650
12
19
Feb
53
58%
382
20
May
60
Nov
40%
35%
41%
425
12%
May
40
Nov
1.00
930
1.00
75c
1st pref
100
85
81
85
100
14%
14
14%
Eastern SS Lines
*
4%
Employers Group Assn
*
*
24%
General Capital Corp
Gilchrist Co
*
Gillette Safety Raior
•
3%
Mergenthaler Linotype..*
N arraganse ttRacgAss nl nc 1
New England Tel A Tel
100
4%
May
82%
Dec
7
May
17%
7%
26%
Jan
Apr
Diamond T Mot Car com.2
Apr
31%
Jan
Elec Household Utll Corp.6
Elgin Natl Watch Co___15
5%
Apr
Eversharp Inc
Mar
Fairbanks Morse com
285
10
3%
439
35c
25%
5%
5
35c
4
127%
382
5
38
16
4
85
"i%
2%
Aug
10% May
23% May
3
June
2%
Sept
25c
Feb
10
28
16%
70
15
May
May
4%
140
4
Dec
12
May
375
24%
25%
4%
5%
285
126% 127%
467
4%
108
Jan
June
0%
45c May
44
July
1
com
*
9%
Apr
Dec
2%
2%
1,400
Dec
2%
Dec
44%
44%
45%
29% June
49%
Apr
7
7
11%
Feb
"~6%
6%
6%
27%
Nov
General A
55%
54%
55%
11
11
General Candy Corp cl A.5
com
he
%
358
hi
Nov
%
Feb
37c
920
35c
Aug
92o
May
100
10c
10c
10
6c
Dec
60c
Apr
Goodyear T A Rub com..*
20
*
12%
22%
1%
13%
270
Apr
25%
Nov
Gossard (H W) com
.*
Great Lakes DAD com..*
10%
1,205
May
May
16%
24%
7%
14%
16%
1%
200
Oct
1%
Jan
Hall Printing Co com...10
16%
50
25
24%
Qulncy Mining Co
Reece But Hole Mach
10
"16""
Reece Fold Mach
10
Pennsylvania RR
9%
1%
1%
10%
Hhawmut Assn T C
10%
10
1%
11
200
1
7%
300
1
Aug
July
441
7%
May
12
Feb
Heileman Brewing cap
1
Heln-Werner Mtr Pts cm.3
May
12%
Jan
Horders Inc
May
33%
35%
Dec
Dec
Houdallle-Hershey cl 13...*
84%
Jan
Hupp Motor Car corn
46
Oct
Illinois Brick Co cap
8%
430
30%
29%
30%
1,182
5%
22%
35
34%
35
180
25%
60%
59%
61
614
55
25
44%
45
15
30% June
Utah Metal A Tunnel Co.l
43c
43c
15
106%
57
36c May
70
June
Torrlngton Co (The)
Union Twist Drill Co
•
5
8
*
United Shoe Mach Corp.26
pref
75c
Jan
Feb
104
100
Waldorf System
85
*
Warren (S D) com
28%
...
10
28%
5% May
25
July
9%
225
2%
443
10%
450
15%
16%
2,100
15%
Dec
14%
16%
600
9%
7%
350
5
6%
8%
100
9
14%
14%
31%
*
31%
B
2%
6%
8%
27%
29%
20%
34% May
7% May
2% May
Dec
Adams Oil A Gas Co com.*
3%
.3%
150
Advanced Alum Castings.5
3%
3%
800
2%
May
8
May
70%
58%
11
370
38
May
49%
1
3%
*
26
Cumulative pref
Field
Jan
Aug
26
9%
July
12
Oct
9
May
14%
Apr
May
18%
Mar
July
28%
16%
Dec
10%
Dec
15%
10%
10%
20
11%
250
135
11%
16%
23
50
20%
14%
15%
1,025
8%
May
10%
14%
2,070
3%
36
36
Jan
Apr
30
34
39
Apr
5%
6%
700
5
Dec
8
Apr
3%
"~6%
May
July
3%
250
3%
Apr
24% June
4
29
20
30
Jan
Jan
5%
Nov
Feb
Middle West Corp cap. ..5
6%
6
6%
5,400
5%
May
Midland United conv pf A*
4%
4
4%
1,050
1%
Mar
9%
6%
Aug
Nov
Jan
90%
92
14
;_*
29
J an
17%
20
3%
41%
For footnotes see page 253
Apr
17
350
May
60
73
May
100
1,106
146
May
175%
Mar
4
May
7%
Apr
Miller A Hart Inc conv pf*
Jan
1%
Apr
Minneapolis Brew com
Jan
Jan
Midland Util—
2,000
1,000
%
Apr
3%
5%
May
1%
8
May
Nov
9
1
4%
8%
1%
June
5
100
5
22%
1%
5
240
1%
MIckelberry's FdProdc oml
30
...1
150
7%
Oct
100
Asbestos Mfg Co
Sept
7%
6%
July
15%
167% 168%
4%
5%
Mar
4%
36%
5
30
4%
15%
35%
6
23% May
23
Mer A Mfrs Sec Co A coml
Allied Products CorpcomlO
Armour A Co common
Mar
13%
McQuay-Norris Mfg com.*
McWilliams Dredging com*
300
Amer Tel A Tel Co cap. 100
Jan
4%
15%
Apr
12%
American Pub Ser pref 100
1%
July
16%
*
Nov
12
Co..*
Sept
2%
10%
10%
5
com
$2 cumul part pref
%
50
130
26
17
*
Liquid Carbonic com
Lynch Corp com
Jan
100
1%
7
*
Lindsay Lt A Cliem pref.10
Jan
7%
10
com
$3.50 pref..
Marshall
Aetna Ball Bear Mfg com.l
AUis-Chaimers Mfg.
Jan
50%
5
McCord Rad & Mfg A._
49%
Oct
Nov
1
High
20
17
02%
3%
Range for Year 1940
52
94
49%
Week
28
May
June
Jan
"3%
50
I^eath A Co com.
Lion Oil Ref Co cap..
11
23%
"50%
Sales
51%
66%
38%
Dec
Ky Util Ji cum pref
both inclusive, compiled from official sales lists
53%
120
265
Jan
29%
Aug
13%
Lincoln Printing Co com..*
10
343
May
20%
Dec
Feb
Chicago Stock Exchange
52%
50%
18%
Apr
cap_____l
LI bby McNeill ALlbby com7
25
400
Feb
6%
Dec
com*
May
6%
306
Acme Steel Co com
6%
Dec
June
Abbott Laboratories com *
1,000
5%
13%
May
LeRol Co
Adams Mfg Co (J D)
May
Apr
May
86
Low
2
1
9
1,150
for
Apr
10
7ie May
3
103
Shares
16%
9
La Salle Ext Univ com
High
Jan
May
30
4
Nov
of Prices
Apr
100
104
Low
Apr
15%
35%
750
June
Sale
Feb
10%
400
87
Price
10
June
3%
6,000
Par
May
7
4%
53,000
Stocks—
8
100
29
Jan
Feb
10% May
565
14
102
104%
Week's Range
Nov
3%
22%
Last
6%
Apr
4%
18%
Friday
Mar
1,550
12%
101%
4 to Jan. 10,
Feb
May
6%
..1
1948
.
Apr
12%
27%
20%
Ken-Rau Tube A L'pcm A*
1948
5s
25
May
Apr
Aug
1970
Nov
Sept
May
9%
%
2%
90%
53%
Katz Drug Co com
17%
12%
13%
100
Jan
49% Apr
66%
%
8%
Dec
Jan
May
13%
13%
50%
Eastern Mass St Ry—
4%%
200
38
1
89%
Jar vis (VV 13) Co
4%....
1
100
9
9
8%
3%
Inland Steel Ooeap......*
SI,700
74%
23%
33%
20
20%
70
July
2%
10
Indianapolis Pr & Lt com.*
68%
67%
57%
12%
May
18%
Nov
BondS—
..I960
May
May
1%
"
Indep Pneumatic Tool cap*
Boston A Maine RR—
4s
Apr
8%
215
Oct
Feb
35%
2,916
Illinois Central RR com 100
30
60
48%
Nov
102
Apr
Feb
50
international HarvestCwii*
Vermont A Mass Ry
18
39%
Harnlschfeger Corp com. 10
com
5
May
300
2%
3%
Oct
May
14%
47%
Horrnel A Co (Geo A) com*
Jan
May
7%
Stone A Webster
9%
1%
3
8
300
38%
Gillette Safety Razor com *
Old Colony RR—
June
48%
*
com
Gen Motors Corp com.. 10
Oct
3%
1,150
2%
cap.l
35c
General Foods
5
6%
350
17%
4%
5
%
...
150
1%
50
17%
Transp com 5
Feb
4%
34%
17%
mer
10%
Jan
May
Fuller Mfg Co com
General Finance
Jan
3
Gardner Denver Co com..*
0% May
Apr
May
Jan
Feb
21
Feb
137
4%
2
30
23%
200
Feb
1
Dec
May
1,000
36c
Common.
170
Dec
13%
Jan
3%
8%
25
22
259
Apr
31%
3%
29
..2.50
Pacific MUls Co
9%
May
1
10
22%
9%
31%
2%
N Y N H A Hart RR..100
North Butte...
50
1%
24
21%
Fltz Sim A Con DAD com *
Four-Wheel Drive Auto.10
1%
4%
24
Decker A Cohn (Alf) pf.100
Deere A Co com
•
26%
3%
3%
Curtis Lighting Inc com 2 %
4
25
38
1.00 Jan
Cudahy Packing 7% prflOO
Cunningham Dg Sts cm2 %
75
24
3%
-
100
4%
4c June
4%
25
160
26%
Hathaway Bakeries cl B__*
Hathaway Bakeries pref .*
Maine Central pref
100
Common
Aug
57
Preferred B
Jan.
Jan
350
6
*16
Feb
5
4%% prior pref
100
0% preferred....—100
Eastern Mass St Ry
100
Series
20
9%
11%
8%
11
5
10
5% cumul conv Dref..30
Camp WyantACanFdycap*
550
20
9%
11%
3%
Butler Brothers
4
*
Common
A
Apr
Mar
14%
*
5
Burd Piston Ring com...
3
East Gas A Fuel Assn—
cum
36%
8
*
Copper Range
6%
Oct
May
Sept
6
2%
1
9%
3% July
3% May
Nov
18%
20%
Chicago Yellow Cab cap..*
Chrysler Corp common..6
Apr
Oct
18%
4%
Convertible preferred..*
Chicago Flex Shaft com..5
5%
11%
Brown Fence A Wire—
Jan
1%
19
May
May
Borg Warner Corp—
Jan
Dec
Dec
May
May
1
6%
Class A 1st pref
12%
34%
2%
..100
.100
—100
8%
350
Chicago Corp common...l
%
preferred
50
17%
35%
8%
Apr
%
Class A 1st pref St..
10
17%
12
Mar
25
Preferred—
10
17%
May
May
50%
20%
119
Apr
Apr
7%
Central State Pr & Lt pfd.*
Chain Belt Co com
*
%
4%
3%
Nov
1%
Jan
May
2%
15%
100
Sept
%
100
7
8%
500
30%
%
stamped—100
17
17
Dec
Aug
5%
93
Mar
Maine-
A
3,200
Mar
2%
4
11%
60%
May
30%
Dec
38% May
16% May
1%
%
409
Jan
%
4%
45%
5%
103
3,351
18%
Mar
3%
High
June
10%
July
35
47%
18%
618
175%
2,300
Low
30
"~5%
Castle A Co (A M) com..10
Cent 111 Pub 8er $6 pref..*
High
33%
46%
18%
Common
Prior
165% 168%
1
Blgelow-San Carp pref. 100
Boston
of Prices
High
Low
for
5%
Bliss A Laughlln Inc com.6
Bruce Co (E L) com
Sales
Friday
400
3
4%
1
Class A pref
Exchange
both inclusive, compiled from official sales lists
4 to Jan. 10,
150
35%
3%
5
com
Common
Jan.
Shares
*
Berghoff Brewing Corp-.-l
$2,000
Range for Year 1940
for
Week
3%
10
Blnks Mfg Co cap
84
Range
5%
1
Bastlan-Blessing Co com.*
Sales
35%
Barlow Seellg Mfg A com.5
72%
Bonds—
Price
Associates Invest Co com.*
23%
Atlantic Coast Line (Conn)
84
St., CHICAGO
31%
17%
Mercb & Miners Transp_ _*
Municipal Dept. OGO. 621
Salle
La
S.
9%
1.05
Teletype
Trading Dept. CGO. 405-406
9%
Maryland <fc Pa RE com 100
O 8 Fidelity 4 Guar
183
6%
5%
20
100
_
7 X
7%
6%
vtc__l
1
111% June
Principal Exchanges
Bell System
!
7
East Bug Assoc com
(JnlUted
Week
Arundel Corp—
4% pref B
SECURITIES
LUted and
Sales
Friday
6% prior lien..
7% prior Hen
100
10U
1
4%
4
10%
3%
3%
10
6%
4%
250
3
Dec
4%
200
3
Dec
6%
Jan
10%
270
3%
Jan
10%
Dec
6%
100
6%
Dec
11%
Apr
6%
Jan
Volume
152
The Commercial & Financial Chronicle
Friday
Last
Week's
Range
of Prices
Sale
Stocks
(Concluded)
Par
Modlne Mfg com
Price
Low
*
Montgomery Ward
com
39 X
100
38%
670
1054
ivitt y
Mav
on xc
Nov
868
32
May
6534
Jan
30
20
June
28
Mar
1234
3034
Nov
10%
32
32
32
350
23
32
32%
545
20 X
0%
1,850
Jan
12%
14
1,850
7H
June
12
55
55
110
June
70
Jan
10 X
10
9 X
Aug
1234
Jan
10
40
834
May
1434
Jan
7)4
1234
May
1334
Dec
Sept
16
Dec
10%
9%
12%
12X
50
Penn Eles Switch conv A 10
16
16
50
50
•
22%
24%
512
15
May
40 X
1,093
25
May
2594
4334
26
26
2334
May
29
-
-
-
7%
-
12%
104%
100
•
«,
-
10
«
5
m
150
70
1234
13
410
6
May
1494
JaD
June
123 34
Feb
June
15994
Dec
Goodyear Tire & Rub
180
"10
141
50
33
57%
1
%
30
pref
77%
1%
rnmrnmm-
Spiegel Inc
653
100
25
Stewart Warner
..6
Sunstrand Mach T'l com.5
Swift International cap._16
Swift A Co
25
Texas Corp canltaJ
25
7%
pref
cum
220
May
6
80
Sept
Feb
88
Aug
31
Apr
May
May
34
34
Dec
255
250
1
8
May
8%
17%
6
May
Nov
10134
May
200
19
Apr
Mar
234
May
2
3534
22%
1
Feb
June
95
8
11
Jan
22%
39
-
-
100
*
a7%
Nov
17
June
3234
Feb
Mar
Walgreen Co
*
com
22%
22%
Westn Tnion Teleg cm. 100
Westnghs El A Mfg com.50
3,650
2894
Apr
Feb
9
17 34
May
2594
May
4794
Apr
4
Jan
654
Dec
11%
200
10
June
16 34
Apr
70%
704
6034
June
88
Jan
17
503
1234
May
23 94
69%
233
8734
Jan
70%
4,350
5094
4134
June
68%
May
7534
Nov
132
10334
May
200
34
May
128% 129%
1
1%
100
1J4
Apr
130
Nov
Jan
1%
May
33
22
22 24
1,000
16 34
May
20 %
22%
216
1494
June
7694
June
May
7
Williams OIl-O-Matlc
1%
5%
com *
..2
com
101
19
Jan
Yates-Amer Mach cap...5
Zenltb Radio Corp com..*
3134 Dec
2334 May
Jan
2894
Jan
11794
7
250
10
88 34
June
1%
2
2,000
%
Aug
194
5%
554
700
May
May
9334
434
1794
Ohio Oil common.....
4%
5%
15%
750
194
June
700
8%
Mav
5
14%
500
Cincinnati Stock
4 to Jan.
*
Twin Coach
1
com
Union Metal Mfg
U S Steel common
.
*
c
Stocks—
Par
CinBall Crank
5
Cln Gas & Elec pref...100
CNOtTP
20
Cincinnati Street
Price
4X
Weinberger Drug Stores.. *
White Motor
50
Youngstown Sheet & Tube*
"aA OX
Low
Shares
134
105%
90
20
459
20
185
134
134
18
10394 10534
157
90
334
90
394
Stock
Apr
42%
Nov
4
29
Jan
12%
Jan
44
Apr
Feb
17%
June
4
May
37
360
1334
May
2034
187
2334
May
45
73
13X
Jan
23%
Dec
200
1%
Dec
3 %
Dec
41 %
Apr
July
113
2%
29
109
9% May
Jan
Dec
Nov
Dec
18%
Jan
30%
Feb
4
30
Feb
20
17
May
June
May
17
May
May
24 X
Nov
4034
Mar
Dec
May
8X
13%
Mar
July
18 %
Dec
185
5%
7
Exchange
257
14
1,043
31
87
3%
30
6
20
12
157
%
8%
May
May
12%
42
May
3
150
4
May
Aug
6%
7X May
7% May
26% June
Jan
7634
1,936
Jan
42
366
275
Nov
5
July
Dec
10 X
Jan
1734
Dec
48%
Jan
New York Curb Associate
Exchange
Ford
Chicago Stock Exchange
Building
DETROIT
Randolph 6530
Nov
Nov
Mar
10 34
1094
'21X
2134
2894
29
*
IX
134
12
594
100
12
30
2134
__*
*
19
175
Jan
Jan
22 34
Dec
May
2994
Apr
86
July
634
May
1394
25
Jan
Jan
134
100
X
Jan
594
100
434
Jan
634
Mar
6
Jan
May
Mar
50
1
Sept
25
30
21
June
45
106
29
June
43
2854
30
504
23 94
May
3494
Apr
21
2134
16
June
45
Jan
22 34
Nov
34
50
94
Dec
194
Mar
56%
5754
732
June
7134
Apr
3
52 34
113
118
*
8
10
33
116
Dec
224
May
235
Sept
18
Feb
23
Apr
75
834
3134
U 8 Printing
Feb
1
21
22934 22934
22 34
2134
*
Playing Card
142
2134
12
118
100
Rapid.
794
93 34
1294
X
"57X
.....100
Randall A..
May
14 34
27
*
P & G
3%
Mar
42
*
National Pumps
Nov
25
5
...»
Lunkenheimer
634
May
1194
2
5
Hobart A
Mar
85J4
343
6
9334
Kroger
6
116
14
93 34
Hilton-Davis pref
May
494
10034
14 34
97 34
93 X
Prior preferred
Feb
9694
6
29
Apr
294
110
May
590
Partic preferred
Exchange
4 34 May
27% June
39
265
10, both inclusive, compiled from official sales lists
154
194
94
134
May
834
834
15
6
Sept
Feb
834
Apr
Feb
294
Sales
Stocks—
Par
Week's Range
Sale
Apr
Oct
June
14
*
30
June
534
Hatfield
1%
Jan.
Last
134
454
*
1334 June
1854
Dec
100
to
Friday
Nov
7994
534
Gibson Art
Jan. 4
High
20
457
Dayton A Mich pref gtd. _*
Eagle-Picher
100
of Prices
Price
Low
Allen Electric common...1
234
694
18c
18c
18c
Brown, McLaren com
1
Burroughs Adding Mach_*
Consumers Steel
0%
6 34
75c
Low
634
75c
Feb
234
6,545
Aug
534
Nov
100
16c
July
26c
May
156
434 June
794
134
1294
134
494
134
Apr
75c
100
52c
Aug
894
1,900
734
66c
195
55c
Dec
July
4
740
2 34
May
834
Continental Motors, com.l
Det & Clev Navcom
10
"3%
334
70c
75c
613
53c
Detroit Gray Iron com...5
"lX
134
134
134
100
1
425
134
Det-Mich Stove
1
com
194
1
Frankenmuth Brew
com.l
Fruehauf Trailer com
1
Gar Wood Ind.f common.3
General Finance com
1
General Motors
5X
10
com
Goebel Brewing com
1
Graham-Paige
1
95c
Grand Valley Brew com..l
Hoover Ball & Bear com. 10
"19 X
com.
Hosklns Mfg com
2%
Houdaille-Hershey B
Hurd Lock & Mfg com
1
Feb
Jan
Jan
Feb
Apr
194
Apr
Nov
45c
Dec
2%
1%
1734
134
234
2234
534
234
4794
234
1734
125
July
17%
Nov
194
234
220
87c June
Nov
300
22 34
450
534
525
694
Apr
234
4834
294
1,841
2
May
1934
Dec
394 June
134 May
37 34 May
1%
294
3234
87c
95c
600
900
305
986
25c
13
2
50c
May
July
294
56
334
134
Apr
Jan
Jan
Jan
Apr
Apr
Jan
40c
50c
500
30c
Sept
80c
Apr
1934
235
14%
May
1994
Nov
10
May
1434
Jan
1334
260
9
June
"4%
1934
1234
1334
434
1634
Apr
,454
550
3
May
694
Feb
42c
38c
45c
14
*
Hudson Motor Car com..*
Nov
May
May
Nov
40c
Det Paper Prod com..—1
Dettoir Steel Corp com..5
Durham Mfg com
High
134
234
66c
8X
1
com
Range for Year 1940
500
594
6 X
Auto City Brewing com..l
1
for
Week
Shares
2%
Atlas Drop Forge com—5
Baldwin Rubber com
High
14
1,585
...10
8X
13
Mar
Unlisted—
Amer Rolling Mill
City Ice
25
—
15%
*
9X
1534
994
1534
954
446
134
994
May
934
Dec
Nov
1834
14
Jan
Columbia Gas.—.......*
General Mor'ors
10
434
434
365
434
Dec
754
Apr
48
4734
4834
492
May
5694
Apr
Timken Roller Bearing
50 X
50 X
5094
110
3734
3594
May
5194
Apr
*
Cleveland Stock
Jan.
475
32c
Kingston Products com__l
134
134
125
1
May
134
Jan
KInsel Drug com..
Wurlitzer
1
58c
60c
1,500
35c
Feb
60c
Mar
Lakey Fdry & Macb com.l
434
5
1,344
294
494
Mar
134
LaSalle Wines
—
com.
..1
Exchange
Friday
Sale
Stocks-
Par
Price
Akron Brass Mfg
50c
Amer Home Prod com—1
78%
113%
Cle Graphite Bronze com 1
Cleveland Ry
High
534
6
a5034 c51
a4X
a4%
c
Brewing Corp of Amer—3
City Ice & Fuel..
..*
Clev Cliffs Iron pref
*
Clev El III $4.50 pref
*
Range
of Prices
Low
"29"
a9%
7794
1 7 94
1234
*
General Electric com—*
General T & R Co
a34%
Dec
Nov
18c
2,600
Dec
27c
"lX
Apr
134
154
275
134
Nov
65c
65c
65c
150
60c
2%
1%
Apr
1%
194
794
194
325
234
Apr
834
334
3034
2094
2,584
134
4%
July
Jan
May
May
834
Nov
Packard Motor Car com.*
58
*
Parker-Wolverine
17c
8X
3%
30 X
.....
com—*
20 H
1
4X
434
Apr
Scotten-Dlllon com
.7
Mar
40
834
Oct
14
Jan
484
1,638
110
5
125
18
10
a3494 a3534
309
al234 <*1294
35
May
1734
1234 May
1034 May
109 34
Dec
22
May
3834 May
6634
434
Timken-Det Axle
com..
10
3334
3394
Tom
36
May
20
Nov
13
Apr
Apr
Moore Distill com..l
1
9X
U 8 Radiator common___l
Universal Cooler A..
1
*
2
Jan
Apr
Jan
194
Apr
3
Jan
234
Apr
25
334 June
7
Apr
230
1
2
Nov
100
463
1834
250
26c
400
4
5
Mar
Nov
340
63c
9
434
4494
2394
1434
240
434
434
954
234
234
Aug
Feb
234 May
134 May
1734 Aug
56c
*
United Specialties...
110
Dec
18
July
834 Mar
134 May
434
434
1
United Shirt Dlst com
922
2034
Jan
Udylite
108
100
Dec
Mar
234
2994
500
194
4334
690
194
194
15c
1,924
134
294
154
com._.l
167
May
May
34
Jan
Dec
Jan
60c
May
Dec
4%
5%
Nov
9
Nov
234 May
1,435
4
Jan
700
1
June
294
Dec
Apr
Apr
61
Dec
334
Feb
26 34 May
8
Dec
Warner
41
1034
2394
B
Aircraft
100
334 May
6
134
134
300
1
Mar
3
3
100
294
May
July
294
*
Walker & Co B
5
*
37
May
11
Standard Tube B
34
7834
11434
117
Sheller Mfg common
2094
10
Dec
Dec
5
com
3%
3034
1034
194
134
294
194
2034
5
May
May
434
934
934
Fir footnote* see page 253
allO
a3594 <*3634
25
4
4 5 34
May
58
2
1
Reo Motor
70
May
Jan
alio
July
Rickel (II W) com
2
River Ralson Paper com. .*
56
46
29
Fostoria Pressed Steel.
360
26
12
*
*
75c
1
High
108
1734
100
134
225
Prudential Invest com—1
Low
25
28
pref
Week
Shares
942
MX
Elect Controller
Range for Year 1940
130
12 X
Eaton Mfg
for
11334 113%
a32% a33%
Colonial Finance
1
625
134
McClanahan Oil com
Parker Rust-Proof com .2 X
a9%
79
Cliffs Corp eommon...._5
100
2
134
Jan
Michigan Silica com
Murray Corp common..10
Sales
Week's
2
1%
52c
Michigan Sugar com
*
Mid-West Abrasive com50e
10, both inclusive, compiled from official sales lists
Last
-
Oct
May
May
2
com
Masco Screw Prod
Parke, Davis corn
c
Dec
Members
York
Detroit Stock
APT
20
394
.._*
Formica Insulation
Low
96
*
Crosley Corp
High
1994
50
Cohen (Dan)
Dow Chemical
Apr
Apr
26
26
16
210
1834
a<?8% a 70X
4X
434
6
5%
9X
9X
10% 17X
a40X a41%
July
24%
Watling, Lerchen & Co.
New
Apr
Range for Year 1940
1934
Cincinnati Telephone...50
Cin Union Stock Yards...*
c
12X
29%
Week
Laundry Mach.__20
Champ Paper & Fiber
*
to
30
Detroit Stock
for
of Prices
Amer
4
100
18 X
*
Van Dorn Iron Works...*
Vlchek Tool
^
Sales
West's Ranor
Sale
Jan.
275
July
2%
Dec
16% May
5% May
34 94 May
Jan
Exchange
Last
U S
60
-
19%
10, both inclusive, compiled from official sales lists
Friday
5%
8%
30
100
1,498
(MX
9% al034
a21X a22 %
35 X
35%
a3X a3%
a8%
a8%
Telephone:
Jan.
Feb
a7X
35%
Seiberling Rubber
Oct
May
13 %
39
a20% 021
com.
Richman Bros..
Apr
1234
4
4 X
Dec
214
5
mm
8
95
10
188
a
Republic Steel
High
May
May
a3034 a3QX
Otis Steel.
Apr
79 %
394
334
7234
5X
*
Nov
May
694
694
c
c
Jan
4
78%
mmmm
Wrigley (Wm Jr) Co cap.*
Apr
234
91
ox
91
Wisconsin Bank shares cm*
Woodall Indust
90
103% 104%
Wleboldt Stores Inc com..*
Cumul prior pref
.*
29
11
30
37
19
1834
a37% a38X
a'22% a23
2X
2%
29
27%
al394 al5
a3834
Low
35
15J*
3%
19
*
38 34
33
1%
15 J*
a2094
Jan
32
'
*
*
Feb
15%
420
7
Medusa Portland Cement *
Midland Steel Prod
43
37
Ohio Brass B__
2 34
750
Viking Pump Co—
Common
4X
*
*
3,150
Utility A lnd Corp—
Convertible pref
*
43
1534
Lamson & Sessions
McKee (A G) B
*
May
550
1
43
*
*
6%
mm-—mm
al094
Jaeger Machine
1
67%
-
%
129X
clnterlake Iron common.*
Interlake Steamship
*
Prior pref 6%
c NY Central RR com
Nineteen Hundred A.
16%
-
69
a25%
National Acme
11X
-
com..*
Range for Year 1940
Shares
a20
41X 41X
3X
3X
a24% a 25X
ai094 a)l%
*
Industrial Rayon
National Refining new
70
•
c
Mar
2094
40
5%
Harbauer Co
a20
Mar
234
14
715
22%
+ m.mmrn
rn
United States Steel com..*
Utah Radio Products coml
20
35
mm-mmm
June
24
1,150
Trane Co (The) com
25
Union Carb A Carbon cap •
United Air Lines Tr cap..5
com...20
90
27%
al9X a20
100
100
134
350
26 X
al9X
Great Lakes Towing
Halle Bros pref
0%
2
Thompson Co (J R) com-25
U 8 Gypsum Co
29
35J4
10034
12%
rnm
-
High
*
Jan
Feb
62
1%
12%
m
Low
al4X
134
May
78 34
8%
35X
m
Price
*
5594
65
27 X
m
Week
al3% al4%
al3% a 14%
June
134
70
6%
-rnmmmm
20
Standard Oil of lnd
100
mmmmmm
1
Preferred
35
-mmmmm
2
common
Standard Dredge com
28%
35%
for
of Prices
*
common
%
650
70
Glidden Co
Feb
500
4%
67
c
34
350
%
434
95
Slgnode Steel Strap—
Cumulative
Par
Goodrich, B F
-mmmmm
Sou Bend Lithe Wks cap.6
Southwest Lt <fc Pwr pfd._*
Sales
Week's Range
Jan
mmmmm-
1
(Concluded)
May
1
4%
St Louis Natl Stkyds Cocp*
Sears Roebuck & Co cap..*
Stocks
524
%
OLEV. 665 & 566
Sale
140
159
57%
— rn
mm+mmm
Rollins Hosiery Mills com 4
Serriek Corp com B
-
mmm'm
A. T. & T
Last
Nov
8
105
103
57%
Raytheon Mfg Co com.50c
12%
100
Building, Cleveland
Friday
Mar
W
-
Union Commerce
Telephone: OHerry 5050
Nov
37%
1
6% pref
May
24%
.......
Quaker Oats Co common.*
Preferred
45
1534
40%
Peoples G Lt&Coke cap 100
RUSSELL c'o.
Jan
Nunn-Bush Shoe Co cm2 X
Rath Packing com
Dec
734
Omnibus Corp (The) ccm_6
Perfect Circle (The) Co...*
Poor A Co cl B
*
CILLIS
Apr
6
55
In pflOO
Members Cleveland Stock Exchange
Dec
36
Feb
100
133*
*
com
May
May
3
12
Parker Pen Co (The) com 10
Pressed Steel Car
Dec
12
Northern Paper Mills cm.*
RR eapital
75
10%
6%
Ohio Listed and Unlisted Securities
High
17 IC
•
*
27 X
North American Car com20
Penn
Low
27X
Noblitt Sparks lnd Inc cp-5
North Wast Utll pr
Range for Year 1940
39%
27%
-m-mm-
Natl Cylinder Gas com.__l
National Standard com. 10
com
for
Week
Shares
10%
Muskegon Mot Spec cl A_*
Northweet Bancorp
High
27
.*
251
Sales
4
May
194
134
1,635
90c
May
134
Jan
lie
11c
1,500
Aug
25c
Apr
1134
1134
100
June
1334
Apr
1
1%
Jan
Wolverine Brewing com__l
11c
Jan
Young Spring & Wire
com
*
9c
7
Sept
The Commercial & Financial Chronicle
252
Jan.
Friday
Sales
Last
Stocks {Concluded)
Par
Swift A Co
639 South
1921
Spring Street, Los Angeles
Loe Angelee Stock Exchange
Los
60c
Bandlnl Petroleum Co—1
Blue Diamond Corp
2
Bolsa-Chlca Oil cl A com 10
Class B com..
10
Bucheye Union Oil com—1
Byron Jackson Co---—-*
Central Invest Corp—100
Chapman's Ice Cream Co.*
Week's
Sale
of Prices
Low
High
Price
1%
•
Warner Bros Pictures
Low
20
60c
Feb
1.00
lc
Nov
2c
11%
9%
11%
9%
100
10% May
8% May
14)4
Jan
a70c a70c
a69% a71%
6
6
a77%
19%
7
a21c
0408
47%
1.05
1.05
19%
19%
32%
com.—*
32%
1
55c
688
30
20
86
1,505
1,063
242
47%
1%
Dec
2%
Dec
1% May
1% Aug
95o
1
848
4
15c
Dec
375 May
38%
1.75
400
14
100
Mar
27
7c
2,000
a 10%
15
23c
20c
23c
28
5%
5%
41c
41c
41c
2%
2%
392
438
Oct
June
May
45c May
5c Sept
9%
Jan
17,900
28
7)4
20
6
10)4
330
6c
5%
June
8
$8)4
1.05
al0%
12
Nov
19%
6c
28
11
43c
56
259.
259.
14)4
24)4
40
80c
Jan
12c
American Inv com
Jan
26o
83 % June
3 % May
41)4
6)4
Aug
Apr
Sept
*
Puget Sound Pulp A Tlmb *
Republic Petroleum 00m .1
5%% preferred
50
40
40
40
484
Jan
4% May
Oct
47c
Feb
July
5)4
Sept
Dec
10c
Jan
9% May
2694 May
29
May
36 >4
Dec
13)4
34)4
34)4
Apr
Mar
Nov
49 %
Jan
3%
lc
12
1.30
Jan
28)4 May
Dec
2)4
40)4
9)4
10%
12
30
May
8%
2,133
6
May
9%
300
28
28
25
116
410
1,465
7%
Jan
7
Apr
Apr
Nov
Van De Kamp's H D Bak.*
Vega Airplane Co——1%
8%
8
Vultee Aircraft Inc......1
8%
8%
May
Aug
7)4 June
Feb
Jan
11%
269
12
Dec
86
9
Nov
10
18
15
July
19%
4
725
91
60
7 34
11)4
%
235
6%
10%
20
8
30
60
688
5%
100
35%
35
35%
1,358
420
4)4
6)4
Jan
July
14
36%
Jan
15%
Mar
5
35
Nov
14
14
60
9
June
Jan
Mo Portland Cement cm 25
"io"
15
16
577
10
8
July
Jan
National Candy com—
*
Rlce-Stix Dry Gds com...*
Jan
6)4
5%
7
Dec
June
20
Nov
40
Dec
14
Dec
16%
12%
6%
Mar
4%
5)4
May
100
101
69
1
1
26
Nov
Scruggs-V-B Inc com
1st preferred
2nd preferred
6
100
100
11
48
Jan
Jan
Scullin Steel com
*
11
13 )4
96%
94
12 %
100
7
50
13%
195
1.37
1.32
Warrants
Securities Inv pref
Mar.
Apr
9)4 Sept
8)4
1.10
1.10
27)4
27)4
28
170
86
84
84
69%
68)4
69%
11)4
1134
Vardaman Shoe com
8
90
15
8 34
995
1.10
275
July
100
80c June
6
1.61
June
Dec
Jan
May
Nov
Oct
11%
Jan
82
98
Dec
July
87%
180
100
100
1
Sterling Alum com
,
Dec
3%
1
94
Aug
15
165
100
96%
Apr
28% May
316
6)4
5)4
St Louis P S com cl A
2nd preferred
Dec
50
37
.
Apr
9
Sept
37
.20
Apr
25% May
12% Dec
37
.
Apr
Feb
12%
McQuay-Norrls com. ...»
Mldwst Pipng& Sply com.*
.
Wagner Electric com....15
8%
10%
15%
45
Dec
July
50
Laclede Steel com—
Jan
17)4
15)4
9)4
May
125
Apr
11
98
Dec
6)4
30)4
13%
June
Sept
Dec
7%
8)4
Jan
4
Jan
81
35
Oct
Aug
2%
45
25
13%
5)4
Dec
27
Nov
7
Mar
6%
Apr
19%
195
20
Sept
12
Apr
34
7
7
250
4
Dec
32
20
18
600
Oct
25
9)4
17%
29%
35)4
33%
3
20
*20"
Aug
1,732
30)4
Apr
Apr
May
20
8
*
Jan
Aug
25
8
8)4
29
15
7
11
Jan
12%
25
com.*
Apr
May
8%
9
8%
8%
11)4
66%
36%
3%
3%
"7 34
14
33 %
26
91
1
Dec
Oct
1%
Oct
21
May
7)4 June
16%
3%
.1
Falstaff Brew com.
4)4
May
292
13
100
Preferred
11)4
4)4
14
4
30)4
17)f
8%
Emerson Elec com
Johnson-S S Shoe com
7
27%
17
Key Co com
*
Knapp Monarch pref
Laclede-Chr ClayPrd cm.*
31)4
29)4
15 %
26)4
44
28
Ely&Walker Dry Gds cm25
Apr
48
15
100
9
Dec
May
May
May
May
May
May
50
*
52)4
17
13%
Pepper com
Elder Mfg com
36
May
8)4 May
2)4 May
2,796
9
High
Oct
30
33%
3H
25)4
12%
25)4
"15
3% May
5094 Mar
5
5%
016% al6%
175
Low
12
27
"27)4
5
com
Dr
26
200
50
Columbia Brew
120
49%
49)4
..*
Huttig 8 & D com
5
International Shoe com..*
1%
1%
a28% 028%
a9%
a9%
a28%
a9%
5%
al6%
13%
8%
Preferred
Century Electric Co
10
Coca-Cola Bottling com.. 1
Hussmann-Llgonler
16%
Sunray Oil Corp.—.
.1
Superior Oil Co (The)—-25
Taylor Milling Corp.—.*
Transamerlca Corp..
.2
Trans con & Western Air. .5
Union Oil of Calif.—..25
Universal Consol Oil—..10
1
...
Aug
1,680
2,947
8%
20
Burkart Mfg com
Nov
9%
20%
9%
Range for Year 1940
for
Week
Shares
13 )4
13)4
Griesedieck-WestBrew cm*
855
20%
50
General Shoe com
798
Southern Pacific Co.—..*
High
30
6% preferred
Jan
a47% a47%
30% 30%
29% 29%
Standard Oil Co of Calif..*
1
Apr
23)4
38)4
27)4
24H
21
Low
Brown Shoe com...
to
33%
412
Price
Feb
Nov
34
1,462
Par
Stocks—
12)4
25
8%
9%
4
4%
033% 044%
37% 38
11%
11%
3%
3%
Sales
of Prices
493
200
Friday
Week's Range
330
600
Exchange
10, both inclusive, compiled from official sales lists
Sale
10%
28%
34
1%
4 to Jan.
Last
10%
28%
18
Jan.
Feb
10%
28%
30
Phone
Apr
5,000
17%
1%
1922
Building, ST. LOUIS
St. Louis Stock
Apr
Aug
300
30
Boatmen's Bank
Jan
Apr
a5c
415
Established
Jan
405
4%
1
page
page
New York Curb Exchange Associate
a5c
a47%
30%
29%
Dec
Apr
4%
26
25
25
Apr
104 )4
Apr
Mar
a5c
OrlgPgd——
6% pref B
5%% preferred C
4)4
Dec
CEntral 7600
4%
28
May
104)4
Postal Long Distance
A. T. T. Teletype STL 693
60c May
Safeway Stores Inc..—*
Security Co units ben int.*
Shell Union Oil Corp
15
Solar Aircraft Co
—1
So Calif Edison Co Ltd—20
2X
65
Chicago Stock Exchange
39c June
Ryan Aeronautical Co—1
100
Dec
1%
27c
8%
9%
4%
a44%
37%
11%
3%
Feb
Members
1,700
Richfield Oil Corp com.—*
Nov
St. Louis Stock Exchange
1,993
Roberts PubUc Markets—2
May
Jan
1,000
18
45
Investment Securities
Jan
31c
1%
30
Jan
471
38)4
76)4
Deo
2%
Pacific Lighting Corp com
2)4
Aug
1)4
Jan
31c
6% 1st pref
Apr
Dec
18
Edward d. Jones & Co.
Jan
31c
Pacific Gas A Elec com—25
Aug
170
Nov
May
6%
Dec
32%
55<s\
55c
100
2)4
90)4
8%
al0%
Intercoast
34
20
a2H
a22)4
68)4 68H
3)4
3)4
Feb
57« May
5%
Deo
3% May
7
May
84 %
Jan
1*
1.00
5
1,100
3)4 May
Dec
256
100
a21c
a408
47%
510
500
412
7%
8
19% 20%
5%
5%
a77% 077%
19%
19%
7
7
a21c
a408
alH
St. Louis Listed and Unlisted Securities
Aug
11%
19%
5%
a43% a43%
022
Pittsburgh Stock Exchange—See
Apr
1,000
6
Apr
20
23)4
51H
Feb
High
lc
*
Creameries of Amer v t c..l
Douglas Aircraft Co
*
Electrical Products Corp.4
Erasco Derrick A Equip—5
Exeter Oil Co A com—-.1
Farmer's A Mer Nat BklOO
General Motors com
10
Globe Grain & Milling Co25
Goodyear Tire A Rubber.*
Petroleum—10c
1
Lincoln Petroleum Co—10c
Lockheed Aircraft Corp—1
Los Angeles Investment-10
Mascot Oil Co
1
Menasoo Mtg Co————1
Oceanic Oil Co
1
Pacific Clay Products
*
Pacific Distillers Inc.—1
Pacific Fin Corp com--.10
676
a55c
8
Apr
Feb
Range for Year 1940
lc
a70%
Lane-Wells Co
for
a55c
9%
47)4
35
Week
Shares
lc
Chrysler Corp
-——5
Consolidated Oil Corp.—*
Consolidated Steel Corp..*
HpUy Development Co—
1%
2%
Range
a 55c
a70c
33 %
Oct
63)4 June
12)4 May
82 H
22
a43%
alH
23H
Philadelphia Stock Exchange—See
1%
1%
2%
1%
1%
High
June
23
al7
a2234
68)4
5
Low
18
550
3)4
Westlnghouse El A Mfg.50 al03)4 al0334al03)4
1%
2%
1%
1%
Aircraft Accessories
— —
10
22)4
a39)4
Range for Year 1940
Shares
Sales
Last
Hancock Oil Co A
al7
US Steel Corp—
Teletype LA 23-24
Friday
Preferred
al7
Angeles Stock Exchange
Par
High
a7034
10, both inclusive, compiled from official sales lists
Stocks-
Low
22)4
a38% a39)4
a70)4 a70)4
U 8 Rubber Co
Telephone VAndlke 1071
Jan. 4 to Jan.
Price
22)4
United Corp (The) (Del).*
MEMBER
System
Week
25
United Air Lines Transpt 5
United Aircraft Corp
5
STOCKS—BONDS
Bell
for
of Prices
Texas Corp (The)..——25
Union Carbide A Carbon
Akin-Lambert Company
Established
Week's Range
Sale
California Securities
11, 1941
88
Sept
14
5% May
70c May
99
Oct
1.60
101
9
Nov
Nov
May
Sept
5)4
Jan
40c
Aug
2
Jan
21% May
30
Apr
Mining—
Blk Mamth Cns Mg Co-lOc
5c
5c
5%c
2,000
Consol Chollar G <fe S Mg 1
1.20
1.20
1.25
300
5c
Dec
14)4c
Jan
1.00 May
2.25
Jan
Bonds—
Scullin Steel 3s..
1941
St Louis Pub Serv 5's_1959
Unlisted—
Amer Rad & Std SanI
*
7
7
7
a43% a44%
Amer Smelting A Refining. a44%
Amer Tel A Tel Co. —100 al68% al67%al68%
Anaconda Copper..
27%
27% 27%
50
Baldwin Locomotive v 10.*
5%
21%
a5%
17%
Barnsdall Oil Co
5
9%
Bendix Aviation Corp
5
Armour A Co (111).......6
Atchsn Topk A 8 Fe Ry 100
Aviation Corp (Del).....3
35
Bethlehem Steel Corp....*
a86%
Borg-Warner Corn......6
Canadian Pacific Ry—..26
a20%
Caterpillar Tractor Co...*
a39%
Cities Service Co...—..10
a4%
Columbia Gas A Elec
*
a4
a4%
6%
20
5%
21%
Intl Tel A Tel Corp..
*
Kennecott Copper Corp..*
Loew's Inc....
—.*
Montgomery Ward A Co.*
Mountain City Copper..5c
39
3%
a4 %
4%
34% 34%
a38% a39%
al3% al3%
a24% a26%
2%
2%
a36% 036%
a33% 033%
Sears Roebuck A Co...—*
Socony-Vacuum Oil Co..15
Southern Railway Co
*
Standard Brands Inc.....*
Standard OU Co (N J)
25
Stone A Webster Inc.....*
Studebaker Corp..
.1
22%
fl77%
9%
013%
6%
35%
a8
8%
For footnotes see page 253,
08
'00 X
which
are
Schwabacher & Co.
Members New York Stock Exchange
111
Apr
Apr
Broadway, New York
Oortlandt 7-4150
Jan
Private Wire to own offices In San Francisco and Loo Angeles
11%
Feb
Jan
Francisco Stock Exchange
San
Mar
29 H
'an.
4 to Jan. 10,
both inclusive, compiled from official aales lists
Sales
38
July
215
7
Oct
48
4 H June
365
14)4 May
68)4 June
Jan
35)4
47)4 May
4)4 Apr
18)4
Jan
26
26 H
Apr
Apr
7)4
Deo
4
10 H
25)4
9
7)4
24)4
87)4
12)4
Low
High
Range for Year 1940
Shares
1.85
1.85
1.85
Anglo Calif Natl Bank—20
9%
4%
7%
9%
4%
9%
5
6%
7%
1,327
1,513
Assoc Insur Fund Ino
.
10
Atlas Imp Diesel Engine—5
Low
High
Calamba Sugar 00m
Nov
pref.25
Apr
Jan
Creameries of Am Ine com
Crown Zellerbach 00m...6
Preferred
5
7)4
Jan
30
June
43)4
fl 8
20
8
12
00
370
July
5)4 May
Feb
Jan
12 %
Feb
....
Di Giorgio Fruit
pref.—100
El Dorado Oil Works.....*
3,75 May
9
5%
7%
Dec
Nov
Feb
1.75
200
U%
200
11%
240
10
Dec
19
Mar
30
5
Dec
9
Mar
35
May
May
5
40
40
110
19
19%
27%
545
27%
50
50
488
4
1,400
71
71
659
29%
19%
27%
Caterpillar Tractor com..*
Central Eureka Mln com.i
Chrysler Corp com
5
Commonwealth Edison.25
Consol Chemical Ind cl A.*
Apr
5% June
3% May
3% May
1.20 July
9
May
5
Calif Packing Corp com..*
Jan
905
Dec
1.75
California In Co cap.....*
Apr
1.80
11%
—_*
20
Calif Art Tile cl A
Calif Water Service
100
11
.....2
Bishop Oil Co.
Byron Jackson Co
Dec
Nov
120
17)4
Price
Aircraft Accessories....50c
Mar
228
iiH
Par
Stocks—
Jan
Apr
Feb
May
Sept
May
25
Exchanges,
24)4
289
134
Stock
for
Dec
513
Coast
Nov
6)4 Sept
7)4 Apr
16)4 Apr
20)4 May
8
Pacific
Week
June
405
6
61)4
on
of Prices
11%
8%
8%
a4% a4%
22% 22%
fl77% a78%
9
9%
a 13% al3%
6%
6%
35% 35%
Jan
5i39 P. M. Eastern Standard Tlaae (2 P. M. Saturdays)
Weeps Range
37
124
24)4
solicited
Sale
23
23
90
Orders
open until
Last
22
176
Apr
Apr
24)4 Apr
Apr
8)4
19)4 May
12 %
Apr
34)4 Apr
Friday
9)4 May
15)4 Aug
16)4 June
5 % May
2 % May
5)4 May
19)4 July
7%
3%
11%
Dec
Nov
Mar
Apr
195
328
69%
12%
Jan
12)4 Sept
20)4 June
Dec
1)4
232
345
May
Jan
652
23
Republic Steel Corp.....*
15
81
May
8
Feb
45
420
Jan
55
Jan
174)4
31)4
7)4
67
400
40
Nov
266
10
47 H
3,000
6,300
47)4
20)4
38 %
4)4
May
37
15
17%
17%
7%
3%
Paramount Pictures Inc.. 1
8%
04%
Dec
27
85
14%
Pennsylvania RR
*
3)4
380
2)4 May
17
Radio Corp of America...*
300
Oct
17)4
Aug
6)4
24)4 June
200
17
Pure Oil Co—
100
150
5% July
4)4 June
9)4 July
3%
17%
7%
3%
11%
50
39
100
238
Apr
3%
15
Packard Motor Car Co..*
40
3
4
17
*
75
40
9%
a29% 029%
39
205
a4 %
8%
*
Ohio Oil Co—
Aug
51
Nor Amer Aviation Inc... 1
North American Co......*
New York Central RR
4)4
13
94
20
a26%
2%
a36%
a33%
50
25
11
Intl Nickel Co of Can....*
May
a4
a4
a4%
al3%
15
039% a50
1
34%
a39%
760
35
'
General Foods Corp.....*
Goodrich (B F) Co
♦
June
35
a86% a89%
al9% a20%
11
4
July
4
May
7% Aug
25)4 June
68)4 June
15)4 Aug
3)4 Dec
a4%
Elec Pwr & Light Corp...*
General Electric Go-
May
19
420
20
—1
148
547
225
270
11
Class a....
5% May
35% July
365
9%
20
9%
a29%
100
a5%
18%
Solvents....*
Curtiss-Wrlght Corp.....l
100
a5%
17%
9%
Continental Oil Co (Del).5
Commercial
1964
Income...
29%
640
26
26
257
5%
14%
5%
15%
91%
300
3%
71
*26~
91
6
6
3%
3%
20
1,078
408
20
1.009
14
2.25 May
15%
40% Mar
26% Feb
24% June
27
45
May
55
2%
57%
28%
19%
May
June
4
Jan
Deo
Jan
4%
Mar
87%
Apr
June
33
Apr
May
26% May
June
6
Apr
12% May
75% May
5
May
21
May
May
3
Dec
95
10%
Jan
8%
Jan
Volume
The Commercial & Financial Chronicle
152
Friday
Sales
Last
(Concluded)
Week's Range
for
Sale
Stocks
of Prices
Week
Price
Par
253
Low
High
Range for Year 1940
Shares
Low
Canadian Markets
High
(Continued from
Emporlum-Capwell com..*
Preferred (w w)
19
19%
50
19%
44%
43%
.....
14% May
1,165
35
125
May
Emsco Derr A Equip Co..5
Fireman's Fund Indem._10
7
7
100
48
48
60
36
Fireman's Fund Ins Co..25
98%
99%
250
77
7%
350
6
48%
5%
1,495
38
620
4%
7%
9%
525
2,045
3% May
7% May
11%
165
Gen Metals Corp cap..2 >4
General Motors com
10
'T%
Genl Paint Corp com
*
"5 %
5%
Gladding McBean A Co..*
7%
6%
Golden State Co Ltd.
Greyhound Corp
7%
48%
*
9
*
com
Hale Bros Stores Inc
11%
*
14%
Holly Development
15%
16%
52c
1
Honolulu Oil Corp cap...*
Hunt Brothers com
10
Preferred-...
14%
16%
Hawaiian Pine Co Ltd...*
14
Apr
Apr
12
June
15%
14%
May
20%
Jan
76c
Feb
17%
Jan
200
50c May
45c
Dec
1.15
Feb
July
4.00
Mar
897
6
10%
200
6
July
Oct
8%
Apr
2.75
2.75
141
2.50
Nov
3%
Apr
14%
14%
292
16%
8%
Feb
100
11% May
4% June
Feb
140
21
35
Jan
175
23% June
5
5
28%
28
80c
28%
28
80c
80c
8
18%
2.25
2.35
21%
.....
21%
.
15
25
5
5%
4
410
Pacific Coast Aggregates.6
Pac G A E Co oom
25
1.60
1.65
Apr
1.30
Apr
July
9%
19%
Apr
Jan
Jan
4% May
June
28
May
11
Jan
27%
5%
Apr
19%
3%
157
4
*
41%
Jan
7% June
10
26%
26%
1.75
300
Oliver Utd Filters
May
12% May
574
1,540
9
9
7
200
8
„
18
2~25
50c
305
O'Connor Moffatt cl AA__*
3
June
June
Oct
5%'May
May
1.65
Dec
34%
34%
Apr
31%
517
39%
427
34
50
4%
454
18
18%
806
16
May
124
124%
106
113
June
312
28
June
180
12%
Jan
32,744
1.50
Apr
28
28%
4,455
2,831
6% 1st preferred
26
6%% 1st preferred...25
34%
33%
34%
2,105
31%
31
Pacific Light Corp com...*
Pac Public Service com...*
39%
39
.4%
4%
*
Pacific Tel A Tel com..100
124
*
34%
34%
Puget Sound P A T com..*
17%
17%
*
5
5
May
3% May
31%
5%
21%
138%
43%
Nov
Jan
Jan
Feb
Jan
Mar
Feb
29% May
5
Deo
100
Rayonier Inc
20
19%
20%
245
11
July
24%
1
16
16
16
251
14
May
29% May
37% May
com
Preferred...
28
.....25
14
1
Richfield Oil Corp com...*
com
1
8
1.50
"4% V'
4% May
23%
34%
34%
20
8%
9%
4,745
7%
20%
8,807
10%
460
99
99
7%
5
5%
13%
8%
8
5
1
14%
15%
7
12
100
410
6%
6%
239
3
Mar
42
May
8
Jan
35
Oct
Jan
June
15%
7%
Oct
26%
June
June
12
99
6%
Dec
Jan
May
Dec
Mar
May
17%
Jan
Sept
10
Apr
Aug
15%
Jan
Jan
4%
Nov
15%
887
8%
240
7
265
June
15
Aug
25
300
Feb
Apr
6%
30%
4% May
8
8%
299
Wells Fargo Bk & U T..100
80
8%
4%
:
4%
1
9
16
14
13%
"~8%
10
5
16%
8,167
3,902
5%
May
May
28% May
6% May
220
20
25
May
9%
301
Nov
Sept
Apr
22%
50
22%
1,125
15
June
22% May
21%
22
Western Pipe & Steel Co.10
ser.
180
6
10%
25
Yel Checker Cab Co
17%
; 3% May
21
*
Vultee Aircraft
12% June
680
930
20%
2
Victor Equip Co com
Preferred
9%
22
Tidewater Ass'd Oil comlO
Oil
May
9%
Spring Valley Co Ltd
*
Standard Oil Co of Calif..*
Consol
Nov
6%
34%
100
Union Sugar com
Jan
23
So Cal Gas Co pref ser A .25
Union Oil Co of Calif
Feb
192
Soundvlew Pulp Co com.6
Preferred
2.75
19%
26%
26%
Tranaamertca Corp..
Dec
236
4%
4
Signal Oil & Gas Co cl A..*
Co
694
8%
18
6
8chlesinger(B F) 7% pref 25
1.40
Mar
12% May
408
18
Ryan Aeronautical Co...l
24% May
545
14
8%
Roos Bros
Southern Pacific
150
28
1.50
14
Republic Petroleum com.l
Rheem Mfg Co
22%
250
15
May
22
7%
240
Feb
*
7
American Tel & Tel Co. 100
168
Am Rad A St Sntry
Anglo Nat Corp A com
0
Atchison Top&Santa FelOO
Atlas Corp com
5
Aviation Corp of Del
"22~"
1.35
*
1
975
May
25%
Jan
Oct
9%
8%
Mar
Aug
4%
Apr
Apr
35%
Apr
6%
4
200
.386
2% Aug
26% May
75c
12%
470
a4%
6
"22%
04%
22%
June
9% May
70
5
340
May
4%
21%
2
Apr
Jan
14%
Jan
91%
Nov
Feb
6% May
Nov
82%
Apr
6
6
100
5%
Oct
9%
9%
373
6%
July
7%
11%
Mar
30%
335
May
36
22%
""T%
Noranoa
04%
50
34%
700
3% Dec
28% June
41
24%
20%
630
19
25%
Dec
20
Honokaa Sugar Co
20
3
3
Idaho Mary Mines Corp..l
Int Nick Co Canada.....*
6
6%
20%
Montgomery Ward A Co.*
Mountain City Cop per ...6
e'ept
6%
Apr
5
June
7
Apr
56
a36%
a36% 036%
130
3%
100
a39%
a38% 039%
73
3%
a4%
3%
3%
a4%
3%
Nash-Kelvlnator Corp—6
a24
National Distillers Prod..*
10
27
Dec
8%
Apr
Nov
55%
Jan
Apr
2%
May
26%
Feb
23%
14%
17%
Sept
23%
18
37%
37%
Oct
1.00
200
1.50
4%
100
5%
50
4% May
2.75 Aug
90
16% June
7%
Apr
18% June
5%
29%
Dec
Oct
028%
110
24
May
30%
May
30%
20%
569
25
May
31
Nov
Standard Brands Inc....*
6%
6%
150
May
Studebaker
8%
8%
590
25
fl39% a39%
United Aircraft Corp cap.5
043% 044%
So Cal Ed 6% pref.
25
*30%
Corp com....1
Texas Corp com
5
May
7%
12%
Apr
Feb
59
5%
35%
Aug
46%
May
70
39
June
51%
Apr
55c May
1.15
Jan
1.05
1.25
United States Steel corn..*
69%
70%
930
42%
May
76%
Nov
Westates Petroleum com.l
11c
lie
190
60
Dec
16c
Jan
80c
81c
565
75c June
1.55
Jan
U 8 Petroleum Co
1
Preferred......
1.20
1
•
57%
57%
57%
80C
55
North Star pref
5
3%
3%
60
O'Brien
1
1.09
1.15
Okalta Oils
*
Omega
1
Ont Loan
1.14
Pandor a-Cadill ac
Paymaster
No par valtis.
a
50c June
1.81
Jan
60c June
1.35
Apr
11c June
340
Jan
10
..1
1.67
Pioneer
1.58
16%
60
2.95
3.00
4,555
1
2.22
2.15
2.30
2,200
95%
96
Powell-Rouy n
1.00
1
6
*
-
Prairie Royalties
25c
1.04
6
5%
8%c
8c
Pressed Metals
E Dome
3.40
100
Gold
1
Royal Bank
Royalito
3.4
4c
4%c
4,500
Odd lot sales. * Ex-stock dividend,
year.
d Deferred delivery,
t Admitted to
zEx-dlvldend.
y
Ex-rights.
The Wahl Co. to Everaharp. Inc.
sale—Not included
r Cash
« Listed,
tin default,
-
Oct
60o
9
21
275
10
14
14
15
95
100
151
150
151
100
Jan
2 45
Nov
101
Jan
Jan
22c
Feb
6
June
1.30
June
July
July
2%c June
9,500
166
Jan
Feb
4.25
2.19
12
21
2.12
24
11%
Dec
24
166
Jan
July
11
21
111
6% June
14,570
Nov
Fei)
12%
3.70 Deo
30
May
Jan
57
Jan
6%o
145% July
17% June
.15
July
190
18
Nov
130
190
Apr
June
Mar
Jan
36%
1
Sand River
10c
8%c
9,600
7%c
July
210
Feb
__i
San Antonio
2.62
V.:; 6c
2.58
6,470
1.25 June
2.80
Deo
5%0
4,500
51c
46 %c
1
...
Senator-Rouyn
—..1
Shawinigan...
16
*
Shawkey
10c
5c
16%
2c
Aug
10c June
33,750
16
270
16
June
15c
Jan
67o
Jan
24
Jan
Jan
500
l%c
Aug
5%c
83%c
1,100
80c
July
1.24
Sherrltt-G or don
1
83c
80c
7,793
50c
July
1.18
Jan
Sigma
1
8.75
8.70
1,241
4.00 June
9.00
Deo
Feb
1
Sheep Creek
......50c
4
4%
147
3
Sept
6
6%
490
5
July
5
102
4
Aug
12%
99
100
146
79
July
Preferred
Simpsons B...
Jan
6%
7%
5
Silver woods
...*
Feb
Apr
Preferred
100
99%
Siscoe Gold
1
54c
52c
9,865
470
Oct
950
Sladen-Malartic
1
43c
38%c
5,600
20o June
610
Jan
..1
14 %c
12c
109,900
2%c June
l%c Aug
150
Dec
Slave Lake
.....
South End Pete
2c
*
Standard Paving...
65
3%
Stedman
3)
»
Preferred
68%
25
Steep Rock Iron MinesStraw Lake
72%
25
70
105
71
150
4
155
4%
7%c
Jan
2.00
Jan
Dec
6%
Jan
Dec
28%
Mar
01% June
86%
Jan
63
55
72%
150
4
*
Apr
17
20
67
Mar
July
40c
15
152
25
Steel of Canada
105
3
1,500
65
Preferred....
83
May
1.05
June
July
8%o
9c June
Jan
3.10
3o
9,750
20 %c
45,800
Apr
Apr
Mar
*
Sturgeon R
1
Sud Basin
17C
~
1~.50
*
Sudbury Contact
1
Sylvanlte Gold
Tamblyn
.......1
Teck
"~2*. 90
July
2.05
3c
Dec
8%c
Feb
2.80
760
1.90
June
3.45
Feb
135
12
Apr
100
Toburn
11
10%
3.65
::
7
8%
62%
July
Sept
53
10,725
2 40
June
4.15
Jan
30
9%
Dec
13%
Mar
9%
107
1.60
9%
5
107
1.55
1.61
1,200
Toronto General Trusts 100
75%
76%
30
Toronto Mortgage......50
75
75
1
Towagmac
—1
Gas
12c
46
*
Uchl Gold
Union
12c
1
Transcont'l Resources
~~38c
36c
»
14%
14
United Fuel class A pref.50
37%
37%
5%
Class B
pref..
25
United Steel
1
*
5%
»
Upper Canada....
Ventures
Vermilata Oil
......1
Waite-Amulet
*
....
Preferred
Wendlgo
3%
100
Wlltsey Cogh
Winnipeg Electric A
2.13
Sept
35c
Jan
Dec
46o
Dec
1.12
Jan
14%
38%
5%
411
12
May
17
150
30
June
42
Mar
Aug
10
Mar
15
530
4
2.18
24,921
3%
3
4.10
2,185
45%
47%
487
20%
20%
187
2,650
21c
26c
25%
25%
10%
11
275
97
97
115
1.75
110
7%
8%
1.75
115
55
1,500
337
7%
10
May
6%
Jan
2.41
Deo
4.35
Jan
2.70 June
29%
10%
June
June
20c
Dec
17 %c May
0.05
Jan
47%
20%
Deo
290
Nov
Feb
July
47
Apr
July
15
Apr
June
99
Apr
21
9%
76
l%c
Nov
75c
Jan
3%C
Oct
2.62
Jan
July
11%
Feb
8c
1,260
3,010
Feb
55o June
Nov
97
Feb
10c
2c
25c
Jan
May
98
33c
7,000
.....
1.90
90
25%o June
2%c
3.75
Jan
9,325
2%C
4.10
110
38C
July
20%
Jan
July
Nov
July
70%
1.95
1
Wood-Cadillac
1,600
2,200
1.00
70
3,028
*
100
Win Elec pref
1.
46
•r
Sept
3.15
1
Western Can Flour pref-100
Westons
.....*
Preferred..:
3%
2.15
3
100
3.65
»
*
Jan
3.40
*
Preferred
85c
2,000
52%
..50
.—1
T T Tailors
335
5c
..*
com......
Hughes
2,700
1.50
July
300
Jan
5
»
7.00
6.90
8%
7.00
4.70
July
8.15
Jan
..*
7c
6%c
6%
7c
5,200
4c
Nov
40
5%
Dec
7%o
11%
Dec
5%
101%
99
101%
98%
Dec
0,600
...1
Wright H argreaves
Ymlr Yankee......
York Knit
*
Jan
Bonds—War Loan.....
101
........
Second
98%
Toronto Stock
98%
$250
to
99
July
99%
Dec
Dec
Exchange—Curb Section
Jan. 10, both inclusive, compiled from official sales lists
unlisted
Sales
Friday
Last
Par
Stocks—
*
Beath A
Brett-Tretheway
for
of Prices
Week
Price
*
Canada Vinegars
...*
1
Canadian Marconi
Consolidated Paper.——*
Dalhousie
.—*
....*
Montreal Power
Ontario Sllknlt
Range for Year 1940
In range for
2%
50
lc
5
7%
2,000
%c
Dec
l%c
Jan
40
4%
Nov
6%
Feb
May
15%
Jan
200
65c May
3% May
1.40
Mar
1,127
8%
aim*
700
20c June
55c
26%
190
18
18
"28%
28%
2%c
28%
2%C
40
45
t Title changed from
11
25% June
1% Nov
30
%C
500
1 95
4%
7c
8%c
1,985
5,412
1,700
*
No par value.
1
June
20
%C
Temiskamlng Mining
June
31
2%
-1
22
600
1.80
.
June
30c
3%
-
5
85c
1.95
-
.......
5
Oct
4
26
10
2%
3%
1
Pawnee-Klrkland.
High
2%
"26"
pref....100
Pend-Orellle
Low
Shares
30c
*
Humberstone
High
85c
3%
*
Dominion Bridge.
Low
%c
4%
7%
2%
1
Bruck Silk
Week's Range
Sale
Rogers Majestic A—.*
trading privileges,
July
3,100
4%C
Dec
July
7%c
385
166
8t Anthony
Jan
145
200
100
Preferred...
Apr
95
900
._*
Russell Ind
Jan
10c
63o
2.12
26
24
13 %c
1
Roche L L
3.20
24
1
Real Estate Loan
9%
Jan
10%o
14
5,100
9
Nov
20o May
1.01 June
2,450
16
2.95
70
2%c May
2o July
11,588
16%
100
Jan
2.35
July
80c
14,500
1.63
112
June
90
3,800
4%c 4%c
May
2%c June
52
13,000
*
Gold
Power Corp
Reno
7,000
1.50
1
P Rico pref
106
15
8%
103% 105
~4%c
Engraving
Apr
4,000
24%c
Pickle-Crow
4%
2,085
2,200
7%c
1
-
Perron
Photo
1.57
-.1
-
Apr
3% May
'
75c.
4c
.104
»
Cons
Jan
1.30
16c
8%
1
Partanen-Malartic.
78%
Feb
15c
*
*
Nov
July
60c
105% 105%
50
Page-Hersey
Pamour Porcupine
43
1.45
75c
~l5c
Ontario Steel Car pref-.100
Pacalta Oils
High
85c June
753
80c
Oils Selections
*
Low
300
Mar
Nov
5%
028
1.18
Mar
4%
25%
50
225
4%
Bo Calif Edison oom....26
1.18
*
Jan. 4
Aug
03%
24%
29
1.18
Jan
May
3
a3%
24%
29
25
100
1.50
Range for Year 1940
Shares
North Star
Mar
8
45
18
10
for
Week
Jan
al4
20
Pacific
29
Feb
Dec
al4
Onomea Sugar Co
"5%
7%
May
Oahu Sugar Co Ltd cap..20
Riverside Cement Co A..*
4%
4% June
14%
16%
152
1.45
May
Apr
320
24%
May
22
26
17%
com..
35
Apr
June
17
Pennsylvania RR Co
50
Radio Corp of America..
Nov
19
17
Pacific Port Cement com 10
Jan
4%
37
3%
87%
20
17%
1
88%
111
a24
Nor American Co com...10
pref..*
20% June
1%
Dec
24% July
500
27
McKesson & Robbins com 5
Jan
3
100
Matson Navigation Co...*
Jan
14
2%
2%
8%
955
024% 026
Inter Tel A Tel Co com ...»
Oct
Price
Range
»
Mines
Walkers
Jan
34%
General Electric Co com..*
Kenn Copper Corp com..*
25
of Prices
Low
High
5
Niplssing
Apr
a4%
Elec Bond A Share Co...5
Hawaiian Suga( Co
Schumach Wall Bd
Jan
1,634
30
Indemnity Co
Aug
4.00
1.35
086% 086%
Domlnguez Oil Co.
North Amer Aviation
12%
14
164
12
6% pfd '27.100
Curtiss-Wright Corp
Apr
Sept
1.00 May
80
5
1.10
Cities Service Co com..10
Consolidated Oil Corp
a7
174%
31%
Aug
4%
4%
fl34% 036%
c35%
Bunker Hill & Sullivan_2%
Cons Edison Co of N Y._*
22
June
18%
3%
130
5
9%
149
200
19%
......
5
1
Blair A Co Inc cap..
4%
2.00
a7
3
1
Aviation & Trans Corp
Bendlx Aviation Corp
680
July
Mar
5%
220
27%
2.00
4%
*
Argonaut Mining Co
168
27%
4%
Anaconda Copper Mln..50
Packard Motor Co
Par
Tamblyn pref
Unlisted—
Cal Ore Pr
Stocks (Concluded)
Week's
Sale
Preston
95c May
25% June
28% May
25% May
1.55
28%
Universal
Mar
1.75
Occidental Insurance Co 10
Preferred
11%
17%
100
*
com
Dec
320
5
R E A R Co Ltd com
6%
50c
14%
Menasco Mfg Co com
1
N Amer Invest 6% pref 100
Nor American Oil Cons..10
Parafflne Go's
Feb
827
14
6
1
1st preferred
Apr
7%
Sales
Last
Nov
2.05
*
...
56
Exchange
Friday
Oct
50c
LeTourneau (R G) Inc
1
Lockheed Aircraft Corp_.l
cl B
7%
Toronto Stock
Jan
Nov
2.00
2
March ant Calcul Mach
Aug
48%
2.05
"
Langendorf Utd Bak cl A.*
Magna vox Co Ltd
Magnln & Co (I) com
11
100
13
Hutchinson Sugar Plant. 15
Class B
Dec
July
May
May
May
May
105)
Feb
14
...10
IXL Mining Co
11
44%
page
Apr
520
52c
52c
5%
20%
19
%c
Sept
Jan
40
Jan
17
Dec
31%
Feb
3
Dec
35
Mar
Aug
2c
99c May
2.35
Jan
1% July
2%c June
3%
8%c
Apr
Apr
Jan
Chronicle
The Commercial & Financial
254
Jan. 11, 1941
Canadian Markets
and
listed
unlisted
Montreal Stock
Industrial and Public Utility Bonds
Closing bid and asked quotations,
Exchange
Sales
Friday
Friday, Jan. 10
Last
Sale
(America o Dollar Prices)
Stocks
Ask
Bid
Ask
Bid
Pat
(Concluded)
Abltlbl PAP ctfs
46
48
67
Gen Steel Wares
Gt Lakes Pap
1949
4H»-1952
Federal Grain 6e
65
fie.. 1953
Grain 6s.. 1946
Algoma Steel fie
1948
64 H
67
65 H
68
67 H
70 h
Co 1st fis '65
Co
62
64
4^8.1960
66 h
68 H
1961
M assey-Harris 4 Hs._. 1954
60
61H
62 H
64 H
4H8-1951
Canada 8S Lines fie—1957
Canadian Vlckers Co 6e '47
68 M
71
McColl-Front Oil 4Hs 1949
67 H
69H
64 h
67
38 h
41
N Scotia Stl A Coal 3H«
Power Corp of Can 4Hs '69
64 H
66 H
71
74 H
Price Brothers 1st fie.. 1967
63
66
67
69 H
British Col Pow
I.4ike St John Pr A Pap
Canada Cement
Dom Steel A Coal
Dom Tar A Chem
0
1955
4 He 1951
6Hs
48 h
51
67
.1966
4s
4Ha_.1951
58 H
56 H
69 H
67
69H
4 Hs
Famous Players
1962
Quebeo Power 4s
Saguenay Power—
Paper Co—
Dorinaoona
'63
1966
series B
74 H
71H
5%
of Prices
Low
High
Price
9%
....*
Gatlneau
Alberta Pac
Week's
...100
100
preferred
5H% Pref
"0"
5X
6
93 H
93 H
3H
j4H
*
Holllnger Gold Mines
6
Howard Smith Paper
Bid
42
80
82
5s
June
16 1943
16 1961
75
78
6Hs
Nov
4HB
Oct
15 1946
1 1951
86
88
82
4H«
Province
92
4Hs
75
78
75
78
Province of Nova Scotia—
16 1952
Mar
1 1960
Sept
4 H*
19H June
34
Jan
34H
35H
675
27 H
May
17H
Sept
5
15
16
16
100
74
74 X
425
14 X
15 X
1,025
3
25
Lindsay (C W)
Massey-Harrls
Sept
6
Jan
June
94
Feb
15
10
14
May
27
Jan
12
10
10H
16 H
Feb
May
9H
Mar
Mar
5H
Jan
9
460
2
4H
115
2H
3H
1,130
SX
530
5X
Natl Steel Car Corp
82
Ogilvle Flour Mills
*
64
66 H
Ontario Steel Products
64
67
Ottawa Car Aircraft
4%
60
62
Ottawa L H A Power
28 H
28H
29
2.094
25
May
Breweries
25
52
52
51
40
June
56 H
26H
26M
582
25
June
38 H
Jan
38
38 H
400
33
June
41H
Mar
60
34
June
69
Jan
60
20
May
32 H
Apr
43 H
20
July
77 H
June
38M
37H
37 H
25
25
57 X
57
57 X
340
21
21
21X
1.095
10
10
*
8X
10
10
Jan
12
Apr
6% June
13H
350
50
10
995
12H
12H
540
9
5% pref 100
68
12 M
68
70
14
14
14 H
4s
08
perpetual debentures.
Sept 15 1942
4Hs
16 1944
1 1944
Deo
fis
July
69
62
101 H
70 H
65
70
fis
Dec
1 1954
69 H
63 H
4H«
July
1 1960
64
101H
Government Guaranteed
Dominion
Closing bid and asked quotations,
Bonds
91X
454 s
92 H
93
1 1951
June 16 1965
fie
fie
6 Ha
July
104 H 104H
91X
92 H
92 H
92 X
4s
Jan
1 1962
86
89
1969
94
94 X
3s
—Jan
1 1962
70
79
1969
95
95 X
1970
95
96
Par
Acme Glove Works
115
20
May
52 H
16
May
24 H
25
7
May
15
Mar
115
52
114
July
126
Mar
20
103H
Mar
103H
Mar
May
103 H
Apr
68 H
74
10
10H
68H
65
80
62
74
25
63
68
72
3H
Sales
Week's
Range
of Prices
Low
May
3H
300
2H
May
30
11H
Aug
6H
14M
1.00
10
58
Jan
70
Mar
Canadlenne
100
147
147
3
137
Aug
164
Apr
100
162
162
19
139
July
176 H
Mar
100
191
193
57
171
July
212
Mir
281
283
40
277
Oct
311
Mar
165
165
48
150
June
190
Mhr
Bank*—
....
100
283
100
Montreal Curb Market
10, both inclusive,
Jan. 4 to Jan.
compiled from official sales list*
Range for Year 1940
for
Sales
Friday
Week
Range
High
Low
Shares
Last
High
Par
May
57
3
Mar
Aug
35
Jan
160
7
May
16H
Apr
Abitibi P A P
Feb
Aluminium Ltd
Week's
of Prices
Low
High
Price
May
Aug
9H
50
10
93
60
35
85
Aug
100
0%
cum
7%
cm
100
pflOO
6H
*
pref
llOH
*
*
80
June
145
Apr
Dec
26 X
Jan
2.50
2.50
70
12 X
May
19 H
Mar
Beauharnols Power Corp.*
9H
9X
6H
May
15H
Jan
Brews & Dlstlrs of Vane. .5
5
5
47
48
20
25 X
Feb
47
Jan
Brit Amer Oil Co Ltd
158
6H
25H
159
7%
25H
289
5,872
85
130
July
3X
June
Aug
23
1.25
Oct
169
10 H
30
3.00
Mar
Apr
Mar
Mar
B*
*
Canada A Dom Sugar Co
7%
cum
*
pfd 100
1.75 May
5.00
Jan
10 H
Dec
5
85
4
July
5H
Feb
17H
18
305
15
May
23 H
Jan
10
1
10
July
19 X
27
95H
540
24
May
35
Jan
165
95
July
111
Feb
1.50
8
26 H
26 H
95
95
1.50
t.100
Canada Starch Co
2.50
152
Jan
10
18
British Columbia Pckrs..*
Can North
115
9X
155
9H
6.50
Dec
Feb
6.50
Jan
Feb
1.25
10
Jan
Canada Vinegars
7
7
June
Jan
May
17 H
15
12
6
15X
180
11
15
125
June
23H
Feb
Canadian Breweries pref..*
90c
90c
30
May
31 H
Apr
18
10
22
17
Cndn General Invests
8 X
8H
206 H 207
25
9H
Feb
8H
Jan
Oct
May
1.25
15
"~6H
6
100
15H
sx
4H
20H
9
4 H
19
sx
6X
100
15H
sx
June
101
Nov
116
177
Aug
235
Mar
80
11
May
23
Feb
CndnIntlInvTr5%cmpfl00
48
48
48
15
30
Aug
45
100
Apr
Jan
ColOO
Canadian Marconi Co
1
12
12
12
4
17H
Feb
17H
Feb
Dec
18
57
2H
Oct
8H
Mar
1,744
9X
June
21H
Apr
9%
1,759
24
565
28 H
28
28 H
190
26 H
26
SX
1,423
23
124
May
16H
Jan
May
28 H
Jan
May
6
12 X
20
37 H
Feb
124
124
45
106
June
18
18
40
14
May
110
110
3
100
July
10
10
65
5
June
2.50
2%
415
2.25
2.25
25
5X
5X
38
6H
5X
39
29
29
26
27 X
26
26
128
19H
116
14X
1.65 May
3H
IX
May
3H
4
May
9
210
4
May
216
29
May
4,573
10
880
245
9
48 X
Mar
50c June
1.50
2H
2H
100
2
July
5
3H
3X
50
2
May
8X
14H
14 H
80
33
Jan
44H
44X
20
41
Nov
52 H
Feb
1.90
1.90
25
1.55
May
3X
Mar
*
100
pref
*
Westinghouse
3 X
"44 H
4H
4H
5H
130
3
May
8X
9
8
9
50
5
May
7
2H
2H
3
250
2
June
6H
5H
520
15 X
553
Pr7%cmpf-100
Apr
Fairchild Aircraft ltd
5
Dec
Fleet Aircraft Ltd
*
5H
June
Ford Motor of Can A
*
*
15 h
Jan
May
22
Feb
129
Sept
5H
235
81
6
Fraser Cos Ltd
15 X
Jan
May
6M
Nov
*
Int Paints (Can) Ltd A..*
International Utilities B..1
June
90 H
Mar
Lake St John P & P.
May
4
12 H
"
11X
15H
Feb
May
Feb
..*
B
40 H
5H
Jan
9H
May
3H May
32
12 H
Apr
3.75
July
957
29
70
Jan
8H
75c June
5
7X
5H
May
June
6H
3H May
650
7X
June
3H
65
1,436
95c
4%
19X
6H
6
4
5H
EKootenay
Jan
*
No par value,
r
5h
15
9
9H
Fraser Cos vot trust
*
Jan
90c
"7 H
Jan
Apr
3H
Donnacona Pap Co Ltd A *
Jan
Apr
Apr
6
"ZH
21
22 H
7H June
Dominion Woollens pref.20
June
*12H
60
Cub Aircraft Corp Ltd...*
16
424
50c
Jan
113
82
50c
Jan
10
80
*
Aug
50
80
1.40
Consolidated Paper Corp.*
20
95
Cndn
cum
70c May
Commercial Alcohol pref_5
126
1,091
7%
20
Mar
20
5
pref
85c
May
126
9H
cum
Canadian Vlckers Ltd
85c
*
Cndn Pwr & Ppr Inv
5%
206 H
Commercal Alcohol Ltd..*
20
5
Cndn Light A Power
Feb
126
9H
7H
116
3H
20 X
4H
Ltd—.*
*
Cndn Industries Ltd cl B_*
1,185
23
18
Converters—100
100
Invest..25
Cndn Ind Alcohol
*
Class B
*
6
Canadian Paciflo Ry—26
Cockshutt-Plow
*
"39""
uousol Mining A Smeltlngfi
29
Crown Cork & Seal Co—6
Foundation Co of Can
Jan
445
110
510
Canadn Foreign
Dry den Paper
32
15H
Candn Cottons pref
Bridge....—*
Dominion Coal pref
26
Dom Glass
100
Dominion Steel A Coal B 26
Dominion Stores Ltd
*
Dominion Textile
—*
17 H
June
13
Canadian
Dominion
June
6
15 H
Bathurst Pwr A Ppr Co
Apr
2
10
12H
14
2H
600
1,216
13
1,911
0.50 June
85c
7K
12 H
93
15H
1940
High
Low
Shares
6H
12H
93
14 X
Range for Year
for
Week
70c
Abltlbl Pow A Paper Co..*
MM
•
Jan
45
1
Distillers Seagrams..
Jan
2H
45
28
Celaneee-.-...*
Preferred 7%
100
H Apr
2.50
..100
50
Canadian
24
Apr
10
(new).*
6% preferred
60
Cndn Car A Foundry
*
Preferred
25
Aug
July
12
45
Canada SteamBhlp
May
90c
111
July
1.50
m-m MM •» M
16
104
1.00
6
25 X
.
150
1.15
90c
Jan
Jan
Apr
61
1.25
7
Jan
8
25X
50
158_
Jan
86 H
8
....
100
Algoma Steel.
— *
Preferred
...100
Asbestos Corp..
*
Assoco Breweries
12
Bathurst Pow A Paper A.*
Bawlf N Grain Pref
100
Bell Telephone
..100
Brazilian Tr Lt A Power.*
Brit Col Power Corp cl A
*
OlftSS B
W*
MM*) ^
Building Products A~ (new) *
Bulolo
5
Canada Cement
*
Preferred
100
Can Forgings class A
2
Can North Power Corp..*
10
15
83
1.15
1.00
July
Jan
Exchange
Ltd—
—100
9H June
Apr
100
Preferred
Stocks—
Preferred
80
99
10H
HH
*
Jan
1,693
18
Alberta-Pacific Grain A..*
6H% Pref
Jan
12
Sale
Price
125
17
11H
Montreal
Friday
Stocks—
Apr
Dec
Sept
X
40 H
18
inclusive, compiled from official sales lists
Sale
21
108
16H
*
Nova-Scotia
Last
5
May
Grand Trunk Paciflo Ry—
1956
Jan. 10, both
May
15
*
Woods Mfg pref
Montreal Stock
to
May
2
10 H
110
99
Winnipeg Electric cl A...*
Royal
Jan. 4
100
Commerce
11946
94
Feb
fie
35
1,318
105H 105 H
*
B
Oct
4 Ha
Jan
112
Weston Geo
Ask
1957
Feb
..July
July
4 Ha
25
Preferred
Canadian Northern Ry—
Sept
4 Ha
Canada
Feb
17H
265
Wllsils Ltd
Bid
Ask
Canadian National Ry—
of
United Steel Corp
Friday, Jan. 10
(American Dollar Prices)
Bid
Co
80 H
June
17
115
pref. 100
100
Southern Canada Power..*
Steel
Jan
May
13
12
..100
Preferred
Simpsons pref
24
40
16H
Sber Williams of Canada.*
Simon (H) A Sons
Jan
May
60
111
St Lawrence Paper preflOO
Shawinlgan Wat A Power.*
Jan
11H
20
17
100
Feb
131
Dec
428
107
2H
Mar
16
Nov
5H
St Lawrence Corp A pfd.50
78 H
July
9H
120
5Vs
2H
Jar
33 H
5H
104 H
Jan
8H June
5X
"2%
Feb
10
8H
50
31H
25
Quebec Power
*
Saguenay Power pref... 100
St Lawrence Corp...
*
Ask
Jan
Mar
Jan
100
76
»H
81
60
100
Penmans pref
Bid
Dec
25
*
1 1946
Jan
2H May
63
*
Sept
Jan
July
6H
3H
13
9
63
100
Noranda Mines Ltd
4Hb
Oct
5
"10 H
4X
9
Niagara Wire Weaving...*
Ask
62 X
Feb
2
70
"26 H
Montreal L H A P Cons. .*
81
Canadian Pacific Ry—
SIX
Dec
10
12
*
St Lawrence Flour pref.
Bid
Apr
81
33
10 H
100
Power Corp of Canada...*
Canadian Pacific Ry—
23H
24
3H
12
3H
_
87
Jan. 10
Jan
87 H
10H
*
79
Railway Bonds
<6H
Jan
15
*
84
Closing bid and asked quotations, Friday,
(American Dollar Prices)
Feb
3H
1 1958
91
Feb
29
May
12 H June
Price Bros A Co Ltd
88
15 H
16 H
51
Price Bros A Co
fie
June
June
8H
12
86 H
100
Preferred
80
Apr
35 H
Montreal Tramways
1 1961
106
Dec
National
May
May
16 H
92 H
4 Hk
85
25
86 H
Prov of Saskatchewan—
Apr
120
16
91
Feb
Jan
23 H
15H
85
4s
/
15.00
16
1 1962
Jan
8H
July
310
Intl Paper A Power
Apr
May
May
3,865
*
Mar
9.60
2,210
iDti Nickel of Canada....*
Feb
Feb
6H
11 H
14
15 1965
of Quebeo—
Mar
2 1960
4s
80
88
1 1959
Mag
June
86
96H
3
10 H
96
50
10H
McColl-Frontenac Oil
95'
308
26H
Indust Accp Corp
Jan
Feb
Feb
105
510
9H
Montreal Cottons
88
Apr
4 He
56
J* May
13H
100H
100
15 1943
Sept
6s
44
Oct
1 1966
Prov of British Columbia—
fig
..July 12 1949
4H>
Oct
1 1953
Province of Manitoba—
4
Aug
1 1941
fie...
June 16 1964
fie
Dec
2 1959
Prov of New Brunswick—
fie
Apr
15 1960
4 Hi
May
2
26H
100
99 X
1 1942
Oct
5s
45
July
78
14H
100
4H
62
10H
13H
Laura Hecord
Province of Ontario—
43
166
525
26 H
Legare pref
Ask
Bid
province of Alberta—
fia
Jan
1 1948
Nov
16 H
June
96
»
Lang A Sons Ltd (John A) *
Ask
80
Imperial Oil Ltd
•
Imperial Tobacco of Can.6
Hudson Bay Mining
Lake of the Woods
(American Dollar Prices)
13
100
...100
International Power
Issues
12H
14 J*
13
*
Preferred
3H
5
High
Defc
4
94
3H
4%
Wares
Preferred
Low
9H
51
95 H
100
General Steel
Intern Power pref
Friday, Jan. 10
93
90
Gypsum Lime A Alabas..*
Hamilton Bridge
*
Preferred
Closing bid and asked quotations,
88
Range for Year 1940
for
Week
Shares
9H
95 H
89
Intl Petroleum Co Ltd...*
Provincial and Municipal
Range
2,00
2.00
15c
"II
11
Canadian market
9
25
5
4
3H June
13H
6
July
May
10
Jan
Feb
20
Jan
Jan
7H June
2134
30
1.00 May
3.50
15c
50
20c May
12
June
Jan
10
913
90
Jan
22 H
10H
2H
11
Jan
May
60c
28
Jan
Jan
Jan
Volume
The Commercial & Financial Chronicle
152
Montreal Curb Market
Friday
Lake Sulphite Pulp Co
♦
of Prices
Low
High
Week
»
Mackenzie Air Service
for
Price
75c
75c
Range for Year 1940
15%
Maritime Teleg & Tel ColO
2%
Massey-Harrls 5% cmpf 100
Shares
Low
20
1.00
860
10c
July
15%
15%
2%
545
9
May
200
16%
30%
215
25
2%
Stocks (Continued)
High
75c
30
65c June
Mar
June
2.00
Jan
1.05
Nov
Jan
22
17%
Mar
Jan
59
McColl-Frontenac Oil
0%
100
Melchere Dists Ltd pref
95
10
_
Moore Corp Ltd
r*
Noor Duyn Aviation
86
Page-Hersey Tubes Ltd..*
103%
6%cmlstpf 100
Provincial Transport Co
Sou Can
47%
5%
9%
47%
5%
85
9%
25
47%
55
86
21
Aug
93c
103% 104
131
91
July
111%
35
91
Aug
106%
Mar
98
*
23
98
82
June
25
Canadian Wall B
*
Canadian Wlrebound
Cariboo
pref
6%
Mar
15%
Jan
Apr
Apr
Commoil
4
May
89
95
June
13
4
12%
Jan
13
1
12%
47
20%
15c
Cndn Malartlc Gold
1.95
2,445
11c
9%c
11c
3,700
30c
32c
3,500
15c June
1
L64
1.47
1.74
81,983
41c June
98c.
95c
1.04
42,650
31c
July
1
425
3%
May
9%
Jan
15c May
16c June
33c
Apr
30c
Apr
1.70
Dec
1
5
Coniagas
25c
1,000
21c
4,000
5
Feb
Conlaurum
1.55
Consolidated
Mar
Mar
Cons
29% June
45%
Dec
Consumers
162
16% June
20%
Feb
Cub Aircraft
Bakeries...*
Smelters
5
Gas
..100
Apr
1.00
1.18
19,600
57c
Sept
1.35
Apr
3c
2,500
2,500
July
52c
Apr
Dominion Bank
48c
200
35c
July
87c
Jan
Dominion Coal pref
25
"26"
2%c
Feb
Dominion Foundry
*
Dominion Steel class B..25
""9%
Jan
50c
3c
2 %C
25%
28
24
24%
50c
300
25c June
Jan
Duquesne Mining
1,700
20c May
68c
Jan
East Crest
%c
570
lc June
4%c
Feb
East Malartlc
1
19%
19%
31
July
31%
Jan
2.28 June
4.80
Feb
Eldorado
57c June
1.45
Mar
1.49
Jan
4.20
4.20
4.30
700
Mai Gold Fields
1.14
1.10
1.14
5,000
lv.20
1.20
100
McKenzle Red Lake G M-l
O'Brien Gold Mines
1
Pandoa-Cadlllac Gold
mm*
15%
1.00
May
59c
Extension Oil
1.10
1.09
1.10
700
July
1.82
Jan
8%c
8,700
2c June
10%c
Jan
May
22%
23%
145
19
May
36%
6% June
3
July
3
July
15%
Jan
0%
Nov
9%
4%
7%
9%
965
5
485
8
215
3%c
4%c
4,705
2.60
2.90
69,030
13
2.70
6,350
1.55 June
2.65
Apr
Fernland
Pickle-Crow Gold
1
3.00
3.00
3.00
100
2.46 June
4.15
Jan
1
3.25
3.25
300
1.40 June
3.75
Dec
Ford
1
16c 215,815
49c
10
.tan
27%
27%
27%
20% June
30
Mar
5c
500
1%C July
4c
7,000
5%
A
351
5o
5%
45
15%
15
15%
July
1.15
Jan
Francoeur
48c
48c
54c
Oct
95c
Apr
Gatineau Power
9%
9%
9%
40c
100
61c
Jan
1
62c
64c
1,900
47c June
1.00
Jan
Teck Hughes Gold Min Ltd
3.45
3.45
20
2.48 June
4.15
Jan
Gillies Lake
2.90
June
6.00
Jan
God's Lake
8c June
31c
Jan
Goldale
8.20
Jan
Golden Gate..
8%c
8c
8 %C
3,500
Wright Hargreaves Mines*
7.00
7.00
7.00
100
4.80
July
Preferred
100
5%% pref
100
89
Oil67c
67c
1,100
50c May
1.03
Jan
19%c
Apr
10c
400
1.35
1,700
2.35
Jan
Great Lake vot trust
2ic
500
27 %c
Jan
27 %c
Jan
Great Lake
18c
18c
15
18c
Jan
40c
Mar
2.20
2.42
4,217
1.30 May
3.10
Jan
*
Home Oil Co Ltd._
*
2.42
Preferred
Jan. 4 to Jan. 10,
Sales
Friday
Last
Stocks—
Weel's Range
of Prices
Low
High
91
Aug
ll%c
13c
10,800
10c
4,700
Jan
Jan
22o
Jan
26c
Jan
2%c
Deo
June
87
Jan
July
57%
Feb
54
116
51%
148
Week
Range for Year 1940
Jan
23o
58
119
Feb
80 June
500
3%
97
103
Jan
215
18%
Feb
09c
7%c June
5c July
%c
Oct
3%
18
16%
10 %c
80
79
Jan
July
25c May
3%c
2% June
13
8
Apr
June
27%
31 %c June
64c
Jan
Mar
Jan
37c
Gypsum
*
37c
37c
100
3%
3%
l%c
l%c
3%
320
2%c
16,500
l%c
500
%c
Oct
5%
3%o
3%c
5.25
5.40
400
5.00
July
7.75
Feb
5%
879
3
July
21
60
May
8%
72%
Apr
Feb
July
4%
Jan
1.48
Jan
....
1
w
5.25
Hamilton Bridge
4%
4%
Hamilton Theatre pref. 100
Hard Carpets
__*
65
65
3%
3%
150
2%
May
%c June
2%
Hard Rock
1
1.09
1.00
1.09
6,730
Harker
for
Sale
79
Dec
July
16c
53%
Gunnar
9%
3,790
3,800
.*
Hall nor
both inclusive, compiled from official sales lists
147
39c
*
pref
Halliwell
Exchange
Jan
36 %c
50
v t
Halcrow-Swazey
Toronto Stock
70o
10
95
2c
10c
Dalhousle Oil Co
lfto June
6,000
80
Goodyear
21c
1.10 June
Jan
6,100
9c
12c
1.30
6%c June
22%
15%c
37c
*
Petrolm.*
Jan
10%
2,975
3% June
13% July
4%C
Calgary & Edmonton Crp*
Commonwealth
Dec
5%c
89
95
Goodflsh
Anglo-Canadian Oil Co..*
6%c
Aug
2c
8
89
Gold Eagle..
Brown Oil Corp
June
3%c
55c
1
1 75
5c
47c
Wood-Cadillac Mines
6,370
3%c
700
200
Jan
Apr
2.80
1,650
4.05
18%
6.00
2.00
55c
3.95
Jan
May
Feb
84c
4.05
Apr
8
26c
55c
1
Dec
8c
4.10
15c May
84c
Walte Amulet Mines
13o
July
2,000
55c
20c June
July
3c
1 23
82c
40c
2o
1.96 June
21o June
Slscoe Gold Mines
m
A ug
12,255
Sherrltt-Gordon Mines—1
~
10
Jan
50c
Fleet Aircraft
Preston-East Dome
12c
Jan
Feb
16 %c 16%c
Federal Kirkland
2.60
Jan
July
16
2.50
Fanny Farmer
7 %c
2.65
Sullivan Cons
210
150
15
15%c
3%c
*
Falcon bridge....
7%c
Bladen-Malartic Mines—1
2P
121
49c
.......
1
1
Jan
Deo
June
13
Pato Cons Gld Dredg Ltd-1
Ltd
8c
28%
16
20
Eastern Steel
Macassa Mines Ltd
Dec
18% May
940
2,210
2.90
*
Jan
195
8
55c
3c
3.75
23
Dominion Woollens pref_20
%c
July
70c June
20
5
52c
141
195
Dominion Stores
49c
Lake Shore Mines Ltd
283
27
100
*
1.25
145
24%
*
J-M Consolidated Gld Msl
Francoeur Gold
Feb
1.18
10c
4.10
178
Jan
36o
8c
1.95 June
Jan
Aug
Dome
2.70
49
10 %c
Dlst Seagrams
2.90
Feb
28% May
112
1.98
3,100
Denlson
2.90
19
2,450
Jan
Jan
July
16c
Jan
Mar
June
1.05
Jan
21c
Oct
1.00
90c
13c
20C
Dec
14 %c
35c
Aug
Deo
142
16%c
Nov
Jan
1.52
15 %c
July
lc June
54
143
*
..*
July
8c
Jan
1.25
39%
4c June
5c
Jan
14c
12%
38
3%c
500
2.55
65
39%
500
500
Jan
1.45 May
5o Aug
500
14
1,500
4,000
3,800
Apr
75c
2,900
13%
6,000
lc
2.67
Dec
1.55
1.50
13%
7c
7c
55c
1.55
1.55
Sept
lc
Eldorado Gold
5%
25c
20 %c
...
*
7c
Apr
1.89
Com Petroleum
16c 17%c
Mar
May
1.95
_
240
16c
22
600
16c
Central Cadillac Gld Mns-1
Oct
2,200
7 %c
Cartler-Malartlc Gld Mnsl
Century Mining Corp
East Malartlc Mines Ltd.l
1.65 June
7
55c
48c
*
13% May
10
8H
13
2.40
7%c
Bidgood Kirk Gld Mns__
55
May
..1
Central Porcupine
Chemical Research..
13%
12%
10 %c
20%
4
55c
7c
15c
7c
6,870
20%
8%
7%C
1
High
6%
8%
2.35
Feb
7%
112
Low
5%
8%
Cockshutt
Jan
85c
Range for Year 1940
Shares
55c
Delnlte
Copper Corp.
6
High
2.40
Cochenour
20%
Beaulor Gold Mines Ltd_.l
Low
1
Chestervllle
47%
Mines—
Arntfleld Gold Mines
Price
1
.....
Davles Petroleum
Aldermac
Week
1
3% May
45%
*
for
of Prices
1
Castle-Trethewey
5% May
36% June
13
13
Week's Range
*
Apr
13
Walker-Good & Worts (H)»
cum
C P R
101%
80
6%
6%
103% 104
Pow6%cm prf 100
United Amusement Crp A*
$1
95
86
5%
9%
Mitchell (Robt) Co Ltd—*
Pwr Cpof Cn
Par
Central Patricia
pref
cum
Sales
Last
Sale
1.00
mm»m
MacLaren Pow & Paper. _*
Exchange
Friday
Week's Range
Sale
Par
Toronto Stock
Sales
Last
Stocks (Concluded)
25 5
1
8c
4%C
8c
47,550
65o May
3c Aug
12
Hinde & Dauch
_.*
10c
Jan
Feb
Abitlbl Pow & Paper
Abltibl pref
Price
70c
*
100
6%
*
6%
10 He
Acme Gas
Alberta-Pacific Grain prflOO
Aldermac Copper
*
Algoma Steel
1
Anglo Canadian
*
Anglo Huron
1
6%
8
OHc llHc
50c
13,000
1,535
11
26
2
High
Oct
June
2.38
Jan
July
"lXc
Bankfleld
Home Oil
*
2.45
2.25
2.45
7,856
1,000
1.30 May
3.10
Jan
Co
2c
*
28%c
16c
3,0.50
10c
July
38o
Jan
Hudson Bay
9%
10
7H
June
16%
Hunts B
l%c
lHc
4,500
lc
Sent
6%c
Apr
Jan
68c
13,750
Imperial Bank
100
64e
1.03
Jan
Imperial Oil Co
*
2.60
2.75
635
1.40
Aug
3.00
Jan
7 He
4,100
4c
July
Aug
17c
Jan
Imperial Tobacco ord
Inspiration
6
6 He
41c June
2c
Apr
4,017
91c June
2.68
Jan
16c
7,600
3c June
18%o
Dec
7 He
18,400
7c
1
193
6%c
2,000
7c
2.27
5c
193
"9Hc
*
193
5
170
245
247
6
200
9HC 10%c
12 H
12 H
July
28c
Jan
July
211
Mar
July
268
Feb
Preferred
*
Aug
33c
Jan
Jack Walte..
15%
Apr
Jacola
H June
Jan
Jelllcoe
J M Consolidated
Dec
Kelvlnator.
Blue Ribbon
Bobjo
50
B
1.01
*
*
1
5.00
5.00
3
"l6%
555
7.40 June
11.00
May
5,679
20
92c
June
10%
Apr
Lebel Oro
3
May
5%
Apr
Legare pref.
May
23%
14%
30
Jan
Mar
40
23%
Aug
200
1.25
Nov
3%
Apr
1.03 107,900
28c
May
99c
Dec
6%c June
19%c
1.25
Laura Record (new)
3%
1,845
18
1
Broulan-Porcuplne
96c
19%
5%
26
1.25
3.75
20
1.02
10 %
17 H
4,717
500
l%c
lc
19%
Lapa Cadillac
26
2%c
lc
9
1
Jan
26
T_*
500
17o
1
11 %c
18
British American OH
20c
1%C
1
7%
5%
)
21,545
1.05
21,690
310
l%c
5,000
57c
57c
60c
9,450
2.06
3,560
2.06
2.00
26%
26%
27
746
25%
25%
26
85
8c
Jan
Macassa
Mines
1
4.15
4.00
4.30
5.70
4.90
5.85
2,695
2.75
July
8.60
Jan
McL Cockshutt
1
2.35
2.20
2.35
4,616
4%c
3c
4%c
25,000
1H
Oct
4%
Feb
Madsen Red Lake
1
60c
58c
61c
17,523
Building Prod
*
14 H
14
14%
225
May
Jan
Malartlc (G F)
1
1.13
1.10
1.14
19,600
Burlington Steel
*
10%
10%
15
6%
6%
14
Jan
Manitoba & Eastern....
7,500
1.31
1.45
5,950
2.39
Jan
Maple Leaf Gardens preflO
Maple Leaf Milling
*
*
.100
Canada Bread A
Tao
97 H 100
May
1.00 June
10
90
20
July
35
Dec
1,282
3
June
..100
100
100
30
78
June
Canada Malting
*
38
38
25
29% June
Canada Packers
*
50
B
Canada Cement
Preferred
*
Can Permanent Mtge._100
134
*
Preferred
Canada Wire A
4%
50
Canada Steamships...
20 %
60
*
Breweries
*
Tlanadlan Breweries
pref.*
Cndn Bk of Commerce. 100
Canadian Canners A
*
Can Car A Foundry
•
Preferred
»
C G E_
*
215
*
Canadian Malartlc
*
Preferred
—
*
100
65
85 H
85 H
134
134
19
4%
4%
20%
60
60
23
90c
1.00
June
58
8%
100%
40
104%
Feb
Jan
Nov
Nov
Apr
Preferred
*
Maralgo
*
Preferred
..100
McColl
lc
7%
75
2%
2%
777
4%
2,702
1%C
l%c
"~3%
3%
1,460
31
30
5%
31
4%
100
5%
436
Mar
McColl-Frontenac Oil pflOO
319
2%
June
8%
Mar
McDoug Beg
5
6c
June
21%
Apr
Mclntyre
6
50%
50%
52%
300
40% June
65
Apr
McKenzle-.
1
1.25
1.17
1.25
3,400
15
24
Apr
25
5
500
90c
July
June
Dec
150
2.75
95
20
95
6c
McVittie
1
9c
6 %c
9c
McWatters
*
23c
4,850
Apr
7
22 %c
7
23c
*
7%
375
Jan
13
Jan
5%c
Apr
9%
Mar
41o June
880
Jan
May
3.40
Jan
28%
Jan
20
May
20%
Jan
2.25 June
4.75
1.00 June
Feb
2.74
Oct
July
70c
Nov
54c June
1.45
Mar
20 %c
July
l%c
Apr
4
Aug
1%
July
7%
5%
Dec
Jan
3% May
9%
Jan
lc June
4%c
%c
2%
25
4%
80
6%
Jan
59%
Jan
Dec
9%
Feb
June
July
101
Apr
14 %c
58
85c June
1.47
4c June
15%c
20c June
5
Jan
July
July
5c May
37%
9,700
Apr
22 %o
Aug
1.71
'
6c
Jan
Jan
20% May
1,000
9%
117
June
Jan
7.25
lc May
4
2,000
3%
4%
1
Massey-Harrls..
%c
7%
""2%
239
June
Jan
Jan
Jan
Jan
58c
Jan
12%
Apr
25
94
163
42
135
June
178
Feb
Mercury Mills
Mining Corp
*
76c
76c
82c
4,300
July
1.33
Jan
20
25
17
July
22
Feb
Moneta
1
53 %c
8,900
Jan
64
7% June
14
Feb
Moore
*
47%
460
34%
July
June
93 %c
10
53 %c
47
54c
10
200
145
May
189
24 H
2H
10
755
22
9
"29"
.50
Canadian Dredge
6%
lc
9
July
1.54
32
20
10
21
Cndn Ind A1 A
40
Jan
5,725
5o
July
160
25
25
Canadian Celanese
Canadian Oil
90c
20
B
6
23
*
B
Canadian
38%
6%
105
Dec
70c June
10%
8%c
Calgary & Edmonton
4.10
1.20 June
10%
1
14
Jan
6,800
*
B
Jan
Feb
11c
..*
Jan
19c
4.75 June
160
Nov
5c
9%
475
9
Jan
42c
4%c
5.10
7
65c
Aug
June
15%
*
12,000
Jan
%c June
5
761
Buffalo-Ankerlte
9c
15%
Aug
l%c
25
Leitch
Little Long Lao
Loblaw A
3.95
20
Ma?
10c
...........1
,
3.70
B uff alo-Canadlan
Brown Oil
Dec
6,100
Kirkland Lake.
3%c June
10%
7%
Apr
116
2,900
Kerr-Addison
2,500
5
114
22c
Lake Shore
Lamaque (G)
7c
British Columbia Pow cl A*
Mar
Apr
7c
5%
Nov
9%
20
•
6
169
July
5%
.5
July
Apr
5H
*
Brazilian Traction
Sept
May
June
2%C
1
9
62 %c
1
Bralorne
7 He
5
90
111% May
2%c
..1
Dec
*
Brew & Dist
130
Apr
2c
Dec
327
40
Apr
41o
20c
15s
65,300
30
50
Jan
16%
Jan
May
7c
9%
105
15%
Oct
17c June
Feb
5
8
9%
105
115% 115%
8% June
12
24
1.20
9Hc
2,100
3,420
47
July
160
400
23c
12% June
150 Aug
July
7
13%
27% May
2
7 He
10%
20c
1,470
70c
3
157
9%
Feb
2,427
2%c
9c
220
15%
8,200
8
July
11
Jan
35%
44,900
158
150
203
15c
15c
i
Apr
14%
1.20
*
Jan
10%
15
Feb
Mar
34%
12c
100
May
May
34
5
390
5
7%c
25
40%c
15%
1.14
Bidgood Kirkland
19%
27
Oct
35%
15c
Bell Telephone Co
July
l%c June
15
*
1.16
Beatty class A
21 %c
International Petroleum..*
1
2H
2,100
13%
...100
International Nickel
1
2H
6
29c
10%
13%
Int Util B
Beattle Gold
....*
2c
17%
203
203
100
Bear Exploration
B
2c
20c
International Metals A
Int Mill pref..
7
6,300
30
-
17%
28%c
26%
5
26%
68c
100
10%
Homestead
15c
5Hc
*
Jan
Honey Dew
14c
Batburst Power cl A
15
Howey
2.20
Base Metals
9% Juni
Jan
5Hc
100
1,560
Jan
14c
Bank of Toronto
13
Dec
2.27
Bank of Montreal
12%
7Hc
1
Mines
Jan
13
15c
36
1
Gold
Bagamac
16
5
17%
3c June
20
Apr
1
Ashley
Aunor
1,100
Low
9%
15c
*
Arntfleld
90c
26
*
Amm Gold
26
Shares
7% June
Hollinger Consolidated
Par
24
495
28 H
29
50
17%
21
8%
215
215
1,312
25
2H
2%
400
50c
50c
1,200
17
17
25
118
118
15
21%
5%
May
Dec
31%
16%
Jan
Corp
Class A
.100
12% June
29
Jan
Morris-Kirkland
20
May
37%
Feb
Murphy
July
32
Jan
National Grocers
Oct
240
9%
195
1.65 May
32c
12
109%
July
Feb
National Steel Car
Jan
Naybob..
85c
Jan
May
21
Apr
June
123
Mav
188
188
40c
37%c
48
Apr
May
.
......1
5c
4%c
5%c
43,701
2c
...1
3.62
»
47
3c
3c
3%c
5,500
lc
July
Aug
3%c
Dec
211
4%
Nov
8%
Mar
5
*
*
"38 %
...1
30 %c
38
29c
5
38%
35
31c
41,700
No par value.
(Concluded
on
page 253)
35
12o
June
July
8c
69
37 %o
Jan
Jan
Jan
The Commercial & Financial Chronicle
256
Quotations
Bid
Bid
1
<245*8 Mar
100
1
15
1970.
15
1954.
1
1960.
109
1104
a45*8 Nov
1970.
111
a4
1957.
1164
116*4
117
1205*
1
1977.
a3s
June
1
1980.
a35*» July
a35*s May
a35*» Nov
1
1975.
1
1
a35*« Mar
1954.
May
1
1959.
<z4s
May
1
1977.
119
a4s
Oct
1
1980.
1
1960.
120
1215*
119*4 1215*
120 5* 122
a45*8 Sept
1958.
1962.
1
«45*a Mar,
1981.
1225* 124
1235* 125
124
1255*
1245* 126
125
1205*
126
1275*
a45*s May
1957.
121
1957.
a4 5*8 June
1965.
1907.
1215*
1245*
1255*
1265*
1971.
Ask
<245*8 June
230
1
5*8 Mar
a45*8 July
15
a4 5*8 Dee
1977.
1978.
1 1979.
a45*s Dee
33 1-3
Bank A Trust
First National
271
100
61.85
Bid
Par
1275*
Bank of Manhattan Co. 10
62.00
...
13.55
Canal Imp 45*8 Jan 1964..
148
Can A High Imp 45*8 1965
146
<—
355*
335*
175
181
100
690
First National of N Y„ 100 1680
1720
100
...
125
295*
13
10
Penn Exchange
14
17
10
Peoples National
60
48
175*
315*
335*
Sterling Nat Bank A Tr 25
255*
275*
New York Trust
Ask
Bid
General A Refunding—
1st
4fl
ser Mar
Bankers
1 '76
350
10
Bronx County
Brooklyn
Port of New York-
110
Bid
Bank of New York....100
Ask
109
285*
125*
National Safety Bank.125*
140
1125*
San Francisco-Oakland—
1970..
National City
139
4s Mar A Sept
Authority Bonds
California Toll Bridge—
4s September
45
*
mmm
Bid
Ask
40
Public National
Par
Public
Bid
730
Merchants Bank
Barge O T 45*s Jan 11945.
395*
139
Canal Imp 4s JAJ '60 to '67
148
Highway Imp 45*8 Sept '03
51.00
Par
mmm
100
Ask
Improvement—
1958 to'67
Highway
5s Jan A Mar 1904 to '71
375*
National Bronx Bank...60
165*
42
Fifth Avenue
45*8 April 1941 to 1949.
Bkof Amer N T A S A 12 5*
Ask
155*
85
Chase
Bid
100
FRANCISCO—
127
World War Bonus—
less 1
Canal A Highway—
533
SAN
278
Commercial National..100
38 1981
520
92
New York Bank Stocks
126
1305* 1325*
Ask
less 1
Northern Trust Co
240
895*
Bank of Yorktown._68 2-3
Bid
Ask
330
Illinois Natl
Continental
Bensonhurst National...50
b 1.80
Bid
320
1205* 1285*
a45*s Apr
New York State Bonds
38 1974
Psr
Harris Trust A Savings. 100
100
A Trust
1225*
1963.
Bid
American National Bank
122 >4
<24 5*8 Nov
a4 5*8 Mar
a4«
1095*
1145*
11514
1155*
Par
Ask
1215* 122 *4
1215* 123
1974.
a45*B Feb
<245*8 Jan
15
o35*« Jan
1
o4s
May
1
a4e
Nov
Jan
1904.
1 1906.
15 1972.
<24 5*8 Apr
101H 1025*
102 5*
102
104 H 1064
109 5* 1114
110
1114
a3*
Chicago &San Francisco Banks
City Bonds
Ask
99
15 1969.
a25*8 July
Over-the-Counter Securities—Friday Jan, 10
on
New York
Jan. 11, 1941
Companies
Ask
360
59
57
Par
Fulton
Ask
14
17
83
Kings County
220
295
300
Irving
78
200
100
Guaranty—......
35
100
10
115*
...100 1510
Lawyers
1045*
Bid
100
.25
125*
1560
32
29
'
3 5*8 2nd ser May 1'76
3s
4th ser Deo 16 '76
Holland Tunnel 45*8 ser E
1941
M AS
1942-1900
1055*
M AS
mmm
Central Hanover
20
104
505*
ser Aug 16 '77
30
35
1015* 1025*
Colonial
25
mmm
3 5*8 8 f revenue
1980
1055*
MAS
—
99
3s serial rev 1953-1976..
62.40
61.25
Philippine
Ask
U 8 Panama 3a June 11901
109
112
45*8 July
5s
Apr
1952
109
112
1955
100
101
4 5*8 July
118
114
6e
1075* 1095*
Feb
1962
111
1941
5% preferred
Govt of Puerto Rico—
1952
July 1948 opt 1943.
U 8 conversion 3a 1940
118
115
Trade Bank A Trust
10
17
D n derwrlters
100
80
48
United States
100 1495
Bid
111
mmm
3s 1965 opt 1945
JAJ
3s 1950 opt 1940
3s 1950 opt 1940
MAN
,
Bell Telep of Canada... 100
Bell Telep of Pa pref
109
104
100
114
Bid
1075* 1085*1 35*8 1955 opt 1945—MAN
JAJ
1085*11085* 4s 1940 opt 1944
JAJ
1085*1109
4s 1904 opt
Joint Stock Land
bid
Atlanta
Atlantic
5*8,15*8
15*8, 15*8..
Denver
First
mmm
99
Burlington
mmm
11
no
r25*
25*
995*
15*s, 3e
Emp A Bay State Tel..100
46
99
mmm
99
99
86
■mmm
Lincoln 5s
89
mmm
Lincoln 55*s
90
130
185*
354
32
335*
138"
100
1145*
So A Atl Telegraph——.25
Sou New Eng Telep...100
1625*
'Par
-
Ask
Bid
Par
B/G Foods Incoommon—♦
24
35*
Kress (S H) 0 %
Bohack (H C) common
15*
15*
17
19
Bid
Reeves (Dan el) pref...100
*
84
66
pref
100
Ask
125*
1354
99
m
25
7
7% preferred
90
29
United Cigar-Whelan Stores
85*
$5 preferred-
•
195*
215*
86
North Carolina 5*8, 15*8—
100
Flshman (M H) Co Ino..»
r37
mm
40
995*
SPECIALIZING
99
mmm
Phoenix
5s
101
mmm
...
Phoenix
45*8
101
—
St. Louis
99
5*8, 35*s
99
mmm
Fremont 45*8, 65*8
Illinois Midwest 45*8, 5a._
Indianapolis 5s
72
mmm
995*
■
mmm
100
Iowa 4 5*8, 4 5*8
335*
Rochester Telephone—
$0.60 1st pref
mmm
99
Is, 15*8
25
mmm
Lincoln 4 5*8
Pennsylvania 15*8,15*8
la, 2a
Preferred A
Chain Store Stocks
V;':
Ask
Lafayette 5*8, 2s
Oregon-Washington
First New Orleans—
First Texas 2a, 25*8
First Trust Chicago-
24
164
mmm
First Montgomery—
3a. 35*8
Pac A Atl Telegraph...25
Peninsular Telep com
*
28
Bank Bonds
Bid
—
75
1085* 1095*
1105* 110J*
1105* 3105*
New York 5s
15*8, 2a
Ask
Bid
Ask
mmm
Carolina—
Fletcher
JAJ
Ask
99
Chicago
1944
Par
New York Mutual Tel..25
117
Int Ocean Telegraph... 100
Mtn States Tel A Tel.. 100
Ask |
Ask
112
1115* 1135*
.100
Franklin Telegraph..—100
Federal Land Bank Bonds
Bid
90~"
1545
m mm
112
Conversion 3s 1947
108
121
1025* 1035*
Hawaii 4 5*8 Oct 1956
Par
Am Dlst Teleg (N J) com. •
1959
65*8 Aug
Title Guarantee A Tr___ 12
145*
535*
10
1255* 126 4
45*s Oct
5s
12
135*
525*
'
Telephone and Telegraph Stocks
Ask
Government—
385* 405*
515*
535*
1075* 1105*
25*
35*
2.30%
Bid
20
25
5*
United States Insular Bonds
Bid
20
Empire
1045* 105
Preferred
45
Corn Exch Bk A Tr
25*8 serial rev 1946-1952
1942-1960
20
New York
Continental Bank A Tr.10
625
Manufacturers...
485*
50
Trlborough Bridge—
Inland Terminal 45*8 ser D
1941
M AS
107
Chemical Bank A Trust. 10
Clinton Trust..
6th series...1975
3a
—
1035*
1015* 1025*
1045* 100
3 5*8 6th
6.25
98
mmm
r22
San Antonio 5*8, 2s
99
Southern Minnesota
rl4>*
Southwest (Ark) 5s
Union Detroit 25*9.......
99
24
The best
mmm
**Hedge" security for Banks and Insurance Co's.
15
Circular
80
Virginian
F.H.A. INSURED MORTGAGES
Is
on
request
99
STORMS AND CO.
MMM
Commonwealth Buildln,
Joint Stock Land Bank Stocks
PITTSBURGH, PA.
Phone Atlantic 1170
Par
Bid
Atlanta........
100
80
84
Linouiu..
3
Atlantic
100
48
52
New York
1
5
Dallas
100
74
78
North Carolina
95
102
Denver.....
100
60
64
Pennsylvania.
100
35
40
Des Moines......
100
First Carollnaa....... 100
65
60
Potomac
100
115
130
14
18
San Antonio
100
115
125
2
5
Fremont.....
100
Ask
Par
_
_
_.
Virginia
5
Fid
25*
Ask
6
35*
FHA Insured
Bid
Alabama 4 5*s
Arkansas 45*s..........
6s
Federal Intermediate Credit Bank Debentures
Bid
5*% due
H % due
5*% due
5*% due
5*% due
Ask
Feb
11941 6
Mar
1 1941 b. 30%
.30%
Bid
5*% due
Apr
.30%
May I 1941 6 .35%
June 2 1941 b .35%
H% due
5*% due
5*8 due
Nov
Dec
Louisiana
45*8
Maryland 45*8..
Bid
|
Ask
Federal Home Loan Banks
5*s
Call May 10 '41 at 1005* 101.18 101.22
15*8 Jan 3 1944—
1015*
5*8
A servicing tee from
Asked
New Jersey 45*8
5«
102
New Mexico 45*8
N Y (Metrop area) 45*8..
1015* 1025*
102
Texas 45*s
103
1015* 1025*
1025* 1035*
Minnesota 45*s......
1035*
104
101
1025*
1035*
1035*
1015* 1025*
102
103J*
102
4J^g
New York State 45*s—
North Carolina 45*8..—
102
Pennsylvania 45*8
Rhode Island 45*8
102
1035*
1015* 1025*
...
South Carolina 45*8
Tennessee 45*8
101 H 103
1015* 103
Insured Farm
101
Mtges 4 5*s
Virginia 45*s
West Virginia 45*s
101
1025*
1035*
1015* 1035*
...
5*% to 4% must be deducted from Interest rate.
As
*
Loan Corp
No par value,
/ Flat price
May 15 1941 100.5
...
Michigan 45*8.......
Bid
1015* 1025*
1015* 1025*
102
1035*
1015* 1025*
102
1035*
101
1025*
1015* 102 4
1015* 1024
1015* 103
1015* 1025*
102
1035*
100.7
Reconstruction Flnanoe
maturities,
n
a
a
Interchangeable.
Nominal quotation,
i When Issued
ee-s
& Basis price,
r In reoelvorshlp.
With stock,
y
« Ex
interes|
Quotation shown is for all
Ex-stock dividend.
Now listed on New York Stock Exchange.
t
x
d Coupon.
Now selling on New York Curb Exchange.
Corp—
100.4
15 1941 100.2
5*8
Apr 15 1942 100.12 100.14
2a
Apr
11943 103
103 6
Federal Natl Mtge Assn—
2s May 16 1943—
Apr
Jan 3 1941 at
Bid
Home Owners'
......
Massachusetts 45*8
1 1941 b .40%
1 1941 b .40%
Obligations of Governmental Agencies
Commodity Credit Corp—
5*%
Aug
1 1941 100 8
100.10
1%
Nov 15 1941 100.22 100.24
5*%
May
11943 100.26 100.28
Georgia 45*s
Illinois 45*s
Indiana 45*8—.......
Aug 1 1941 b .36%
Sept 2 1941 6 .35%
Oct 1 1941 b .40%
5*8 due..
11941 6
Ask
Delaware 45*8
District of Columbia 45*8.
Florida 45*s
Mortgages
Asked
101.30 102.2
54% notes July 20 1941
4%
Nov
1 1941
H%
Jan
15 1942
1%
July
1 1942
100.13 100.15
100.20 100.22
100.21 100.23
101.4
101.6
U 8 Housing Authority—
100.3
5*% notes Nov 11941— 100.1
15*% notes Feb 11944.. 102.18 102.21
♦
Quotation not furnished by sponsor or issuer.
If Chase Natl. Bank announced
on
on
Dec. 31
a
distribution at the rate of f77.50
each original $1,000 principle amount of debentures; $75.98
ciple and $1.50
on account of
interest.
on account
of prin¬
Volume
257
The Commercial & Financial Chronicle
152
Quotations
Over-the-Counter Securities—Friday Jan. 10 -Continued
on
Insurance Companies
Guaranteed Railroad Stocks
i
29
81 H
Ins Co of North Amer—10
72 H
73
45 H
25H
Jersey Insurance of N Y.20
42 H
19H
21 H
Knickerbocker
....6
8H
9H
11
12H
OK
Lincoln Fire
....6
IK
1
Bonding A Ins.. 12H
1K
06 K
2H
2H
69H
48
52
4K
Maryland Casualty
13
14H
Mass
45 K
Merch Fire Assur oom
25
49H
15H
51H
Meroh A Mfrs Fire N Y..6
American Surety...
Automobile
10
39
41
Baltimore American
2H
2H
Asked
Bid
105H
National Liberty ........2
National Union Fire
20
New Amsterdam Cas
22 H
New Brunswick
10
34 H
36 K
28 K
30 H
New Hampshire Fire
10
44 H
46 H
24
25H
New York Fire
6
14H
9
6
8
Connecticut Gen Life... 10
24
25H
Northern
36 H
North River
80
Continental Casualty....5
34 H
Eagle Fire
2H
Employers Re-Insurance 10
56
2.00
31
33
8.75
92
94
8.50
14
18
100
3.00
38 H
100
5.00
90 H
92 H
5.00
75
80
Fire Assn of Phlla
41H
Excess
1
10
Fidelity A Dep of Md.__20
82
85
48
61
Firemen's of Newark
51
100
5.50
61
9.00
147
152
4.00
41H
39H
800
600
50.00
3.875
25
27
5.00
49
52
4.00
96
98
Northern Central (Pennsylvania)
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U 8 Steel).
4.50
36
40
1.50
44
47
National .25
124
128
25
122
38
125H
40 H
Pacific Fire
5
12H
15
35 H
37 H
Reinsurance
43 H
5
9t Paul Fire A Marine..25
24
27
Seaboard Fire A Marine..5
Gibraltar Fire A Marine. 10
24 H
26 K
Seaboard Surety
Glens Falls Fire
45 K
47 K
Security New Haven
10
Georgia Home
5
Globe A Republic
5
Globe A Rutgers Fire...15
10 H
9H
.
10
10
Springfield Fire A Mar..25
.10
14
Standard Aooldent
15
UH
60 H
65
....6
2d preferred
Great American
27H
29
Stuyvesant
Sun Life Assuranoe.
5
100
100
3.00
86
90
7.00
179
182
100
7.00
162
100
8.64
58
63
138
143
100
6.00
100
3.00
68
6.00
137
10.00
248
6.00
44
100
5.00
52
62
5.00
67
67
5.00
64
68
3.50
21
24
3.00
67
60
U S Fidelity A Guar
28H
U S Fire
87H
90 H
U S Guarantee.......
57
59
Westchester Fire
10
10
Hartford Fire
Hartford Steam Boiler. .10
48
Vloksburg Shreveport A Pacific (Illinois Central).. 100
11H
26 H
253
100
10
10
142
100
Travelers
10
Great Amer Indemnity... 1
Co..2
6H
8H
27 H
29
26 H
27H
.
4
2H
246
256
8
6
37 H
39 H
35H
37 H
130
126
50
48 H
3
H
4
215
265
416
426
21H
22
K
51
53
10
72 H
74 H
2.50
33H
35H
4
71
100
12
Halifax
Hanover
50
100
91
87
Providence-Washington .10
Preferred Accident
Rhode Island...
General Reinsurance Corp 5
5H
101H 105H
24 H
26H
Paolflo Indemnity Co.—10
Phoenix
10
Northwestern
Corp (N Y).2
Republic (Texas)
10
Revere (Paul) Fire
10
64
100
100
2.50
41
5
48
69H
12.50
98H 101H
11
9H
32 H
34 H
6
Franklin Fire..
54
67 H
Fireman's Fd of San Fr.25
2.00
9
119H 124H
10
3.50
2H
58
7H
51K
5
Federal
16H
4H
,
77
2.00
6
Northeastern
72
100
Preferred
18H
20 K
105
100
9
158
16H
10
6.00
.60
8
150
10
10.50
100
2
Carolina
100
Georgia RR A Banking (L A N-A O L).
8H
City of New York
City Title
100
Betterment nock.
63 H
635
110
100
61H
615
68
6.00
60
31
...10
103
100
Central).
27 H
25
7H
8
7
10
National Casualty..
National Fire
Camden Fire...........5
Dividend
100
5
.......100
Bankers A Shippers
Par in Dollars
Beech Greek (New York
20H
43 H
14
Boston
2H
19
10
10
American of Newark
(Guarantor In Parentheses)
35 H
1H
23 K
10
American Reserve
Guaranteed Railroad Stocks
Ask
33H
Homestead Fire
78
American Re-Insuranoe.10
i
Bid
10
Security
6
American Home
2-6600
STOCKS
■
Home Fire
27 H
Amer Fidel A Cas Co com 5
.Since 1855
1
i
>
57
10
American Equitable
Tel, RE ctor
Par
.......5
Home....
55
.....26
American Alliance
GUARANTEED
NEW YORK
126H 130H
...10
Agricultural
Extheugt
Dealers In
120 Broadway
10
Aetna Life—
3oscpb ttJalker $ Sons
Mjtmktn New Yerh Stotk
10
Aetna
Ask
Bid
Par
Aetna Cas A Surety
St Louis Bridge 1st pref (Terminal RR).....
100
Preferred
Warren RR of N J (Del Lack
A Western).........
West Jersey A Seashore (Penn-Reading)
Industrial Stocks and Bonds
Amer Bern berg
Ask
Bid
Ask
18 K
12 K
UH
3H
12H
4K
11
20
Pan Amer Match
52
54 K
Pepsi-Cola Co
24H
26
Permutit Co
series
25
American Hardware
Atlantic Coast Line 4Hs..
b 1.00
0.50
Missouri Pacific 4 Ha
61 50
1.10
Amer
Baltimore A Ohio 4 Hs
51.40
1.10
Nash Chat A St Louis
2Ha
New York Central 4 Ha—
62.00
1.50
61.40
1.10
61.95
1.50
62.60
2.00
Pilgrim
9 K
30 H
33
Exploratlon_-.._1
Manufacturing...*
Remington Arms com
»
Safety Car Htg A Ltg...50
Scovlll Manufacturing..25
2H
Pollak
64.50
64.50
3.75
N Y N H 4 Hartford 3s
62.20
1.60
16H
18H
0.75
North Amer Car 4Ha-5Hs
64.25
3 75
Autocar Co oom.......10
14H
15H
Botany Worsted Mills cl A5
2H
3H
3K
4H
3.00
Northern Paclflo
2Hs-2Ha
61.70
1.30
0.90
No W Refr Line 3Ha-4s—
63.25
2.60
61.40
1.00
62.50
Chic Burl A Qulncy 2Hs_.
Chic Mllw A St Paul 5s...
1.75
61.60
Chlo A Northwestern 4Ha.
Cllnchfleld 2Hb
11.25 preferred
4s series E
62 00
1.50
Del Lack A Western 4s.
62.50
1.50
Denv A Rio Gr West 4 Ha
62.00
1.25
Erie 4 Ha
61.70
1.20
Fruit
Growers
Brown A
1.40
Buckeye Steel Castings..*
1.50
61.85
2H» aeries G A H—
Cessna Aircraft
49
52
5
Tampax Ino oom
1
6K
Taylor Wharton Iron A
City A Suburban Homes 10
Coca Cola Bottling (N Y) •
Columbia Baking com...*
60 H
12H
14H
Tennessee Products
SI cum preferred
Consolidated Aircraft—
•
24
27
Thompson Auto Arms
1
Time Ino
»
•
63
66
•
23 H
25H
Manganese.2
8K
9K
61.60
St Louis S'western 4 Ha—
61 50
1.15
Shippers Car Line 58.—_
Southern Paclflo 4 Ha
63.00
2.00
1.10
61.90
1.50
Kansas City Southern 3s..
61.95
1.50
Southern Ry 4s
Lehigh A New Engl 4Hs._
61.45
1.10
Texas A Pacific 4s-4
61.50
1.20
62.25
61.40
Great Northern Ry 2s
5
1.25
St Louis-San Fran 4s-4 H8-
Illinois Central 3s
Talon Ino oom
3H
1.60
4
5K
1.10
1.15
Cuban-Amer
1.30
1.20
Dentists Supply oom...10
57
62.00
Ha—'
61.35
61.90
,
61.50
61 65
2Ha
S3 conv pref....
Crowell-Coiller Pub
1.50
Devoe A Ray nolds B oom *
65
15
31H
United Artists Theat oom.*
H
17
62 00
1.25
Western Pacific 5s
4H8-4HB-
61.40
1.10
Dictaphone Corp
1.75
Wheellng A Lake Erie 2 Ha
61.40
1.10
Dixon (Jos) Crucible... 100
Domestic Finance cum pf. •
32
35
28H
76
31H
80 H
36H
Railroad Bonds
Dun A Br ad street com
1945
6s
Baltimore A Ohio 4s secured notes
Boston A Albany 4Hs
1944
....
1943
........
1955
Cambria A Clearfield 4s
Chicago Indiana A Southern 4s
1956
...
Chicago St Louis A New Orleans 5s
Chicago Stock Yards 5s
•
75 H
74
61
1951
••»
73 H
105
-
mm
/20
1966
102
Florida Southern 4s
1946
82
84
1946
51
56
1963
59
62
.....
Illinois Central—Louisville Dlv A Terminal 3Hs.
74 H
1978
95
1959
116
New Orleans Great Northern Income 5a.
2032
/13
15
New York A Harlem
2000
100
103
1946
36
43
1948
101
103
Norwich A Worcester 4Ha
1947
100
Pennsylvania A New York Canal 5s extended to.
Philadelphia A Reading Terminal 5s..
1949
61
1941
Pittsburgh Bessemer A Lake Erie 5s.....
1947
118
3Hs
...
New York A Hoboken Ferry 5s
New
—
....
Yori Philadelphia A Norfolk 4s
Portland Terminal 4s
Providence A Worcester 4s
...
...
......
................
1960
1961
1947
1965
Richmond Terminal Ry 3Ha
92
6H
55
57
Wilcox A Glbbs com....50
4H
OK
16
17
Worcester 8alt
100
43
22 H
23H
York Ice Machinery.....*
3
preferred.......100
39
15H
17
.—.2
3H
Good Humor Corp
...1
Graton A Knight com.... •
IK
3H
4H
100
57 H
61H
40
43
Great Northern Paper..25
41
44
15
16H
5
Welch Grape Juice oom
7%
preferred
Amer Writ Paper
100 K 100 K
45 K
/44H
Crane Co 2Hs
...1950
Crucible Steel 3H8---1955
101K 101K
99H
10 K
Elec Auto Lite
27
29
Minn A Ont
13H
16
Monon Coal 5s...
Stamped
...
2H8-..1950
1945
1955
Pap 8s
Long BelJ Lumber.......•
16
17
Nat Dairy
preferred........100
80
84
1 NY World's Fair 4s. 1941
Old Ben Coal 1st mtg 6s '48
|!06H
Pittsburgh Steel 4HS-1950
3 Hs'60
Mfg3Hs deb..1950
3Hs'55
Yngstn Sheet A T 3 Hs 1960
Revere Cap A Brass
Scovill
83HI
Merck Co Inc common.. 1
100
15K
Prod 3Hb .1960
62K\ 64H
Western Auto Supp
118
1
85H
...
93 H
95H
1937
Deep Rock OH 7s
1K
25 H
13K
73 K
6s..1961
'60
A..1946
Carrier Corp 4Hs-—1948
IK
106
"
Brown Co 5Hs ser
Benef Indus Loan 2Hs
9H
5% pref w w
...100
Mai lory (P R) A Co
*
Marlin Rockwell Corp
1
4
42 H
Bonds—
23 H
McCrory Stores—
18
/49 K
51K
101 H 101K
50 K
/50H
13
/9
103H 103 K
14H
13H
55
57 H
100H 100H
100H 101H
106H 107 H
99H 100
103
103H
65
-
■
Sugar Securities
----
95
94
Bid
Bonos
ASk
Stocks
Par
Bid
Ask
105 H
60
106
107
1951
6s
Toledo Peoria A Western 4s.....
1967
101
Eastern Sugar Assoo com. 1
Toledo Tenrjnal 4Hs
110
112
96
Toronto Hamilton A Buffalo 4a
1946
93
United New Jersey Railroad A Canal 3Hs
1951
106
V lets burgh
1968
78
46
65
66
48
1989
6s
New Niquero
m
H
3HS
50
1
Sugar
6
18
i
5H
30
6H
* 19*
K
*
Corp.*
1
1
"OK
H,
32
6
2 'A
2
West Indies Sugar Corp._l
3K
4
12~"
Refg
Vertie ntes-Camaguey
/20
23
Sugar Co
For footnotes see page 256.
I
Punta Alegre Sugar
Savannah
Sugar—
1940-1942
Preferred
/29
/io
48
1990
1954
Haytlan Corp 4s
12H
Haytlan Corp com..
80
1954
/II
Baraqua Sugar Estates—
6s
1947
103
1957
Swasey
Interstate Bakeries com..*
56 preferred
1942
.....
Veeder-Root Ino oom
Warner A
7%
Glddlngs A Lewis
Lawrence Portl Cement 100
2K
5H
Gen Machinery Corp oom *
preferred
IK
16H
108
Garlock Packings com...*
Gen Fire Extinguisher...*
55
1957
Bridge 1st 4-6s..
Washington County Ry 3Ha....—......
West Virginia A Pittsburgh 4s
6H
H
Wlckwlre Spencer Steel..*
31
7
Antllla Sugar Estates—
Tennessee Alabama A Georgia 4s.
Terre Haute A Peoria 5s
1i«
8
K
12H
102
.....
8H
5H
•
King 8eeley Corp com
1
Landers Frary A Clark-.25
98
Memphis Union Station 5s............
Indiana Illinois A Iowa 4s
7H
.*
66 H
27
S5
76
Kansas Oklahoma A Gulf 5s
m
*
Class B
26H
0
m
Class A
United Piece Dye Works.*
Preferred
100
63 K
10H
Tool
4K
1
24 K
Federal Bake Shops.....*
Preferred
....30
Machine
Explosives
*
2H
100
2
IK
Preferred
21H
Trlco Products Corp
*
33 H
Harrisburg Steel Corp
-
63
Dayton Union Railway 3Hs...................
Hoboken Ferry 5s
*
*
Farnsworth Telev A Rad. 1
Great Lakes S3 Co com..*
•
112
I960,
Connecting Railway of Philadelphia 4s
Cuba RR Improvement and equipment 5s.
94H
72
1961
!
60
93 H
103
1951
...
53
59
1995
....
Cleveland Terminal 4 Valley 4s
53
f51H
/51H
_..
35
Foundation Co Amer shs •
Asked
Bid
1945
Akron Canton A Youngs town 5Hs
•
13K
35 K
United Drill A Tool-
Western
West Fruit Exp
12H
60
Union Pacific 2 Ha
1.25
Despatch
2Hs. 4Hs A 5B
115
112*
5
Common
3 K
Draper Corp
Merchants
3 K
Tokhelm Oil Tank A Pump
33K
61.50
Maine Central 5s
%
11H
2K<
2K
33 H
34 %
*
1.25
Maryland 2s
.*
2K
6
10
.2
61.75
3H»
•
Steel common....
Triumph
61 75
Long Island 4 Ha
Louisiana A Ark
Indus Corp
1.25
1.00
43
55
Sylvania
1.00
3.00
39H
20 K
25
Stanley Works Ino
Stromberg-Carteon—...»
61.70
64.00
.
5 K
6K
62 K
30H
28H
110H 112
5H
4H
59 K
*
30
26
.
K
3
5K
18 K
21 H
61.35
2Ha-2Ha and 4Ha—-Reading Co 4 Ha
2
11H
53
188
2H
...1
Singer Manufacturing..100
Skenandoa Rayon Corp..*
Standard Sorew
...20
Chic Burl A Qulncy...100
Chilton Co common
10
61.35
_
20
0.50
Pere Marquette—
Express
4s, 4Hs and 4Ha
Grand Trunk Western 6s
184
61.00
61.80
Pennsylvania 4 Ha series D
1.25
10
Sharpe Mfg...60
6H
15c
7c
3H
41H
2H
Canadian Pacific 4 Ha
61.25
Con version... 1
12H
181
5H
39H
Canadian National 4Hs-5s
61.25
..l
9H
10H
175
1H
J3 partio preferred
Arlington Mills
...100
Art Metal Construction. 10
64.00
*
46 K
11
Petroleum
1.10
Central RR of N J 4He...
•
Corp..25
44 K
Petroleum Heat A Power.*
1.25
Chesapeake A Ohio 4Ha..
Ohio Match Co
5K
32
18H
61.40
Central of Georgia 4s
94
4 K
29
84
62.00
_
preferred
60
New Britain Machine....*
6%
16H
Boston A Maine 5s
N Y Chlo 4 rit Louis 4s
19
78H
Products..-*
Bessemer A Lake Erie 2 Ha
3.75
ASk
16H
16H
100
American Mfg 5% pref
Arden Farms com v t o
2Hs
1
Nat Paper A Type com
Amer Distilling Co 5% pflO
American Enka Corp
*
Bid
15 K
89
Preferred
10K
series....
Maize
Parj
Muskegon Piston Ring. 2 H
National Casket
....*
12
A com...*
5% conv pref 1st ser--10
3d
Equipment Bonds
Bid
3H
35
32
American Cyanamld—
2d
Railroad
2
*
*
American Arch
Alt
Bid
Par
Alabama Mills Inc..
1
H
The Commercial & Financial Chronicle
258
Quotations
Public
Jan. 11, 1941
Over-the-Counter Securities—Friday Jan. 10-Continued
on
Utility Preferred Stocks'
Investing Companies
Par
Aeronautical Securities-
Bid
Ask
par
8.54
9.28
2.73
2.99
12%
Affiliated Fund Inc
13%
Amer Business Shares
Bought
.
Sold
•
1%
♦Amerex Holding Corp
*
3.31
6.36
7.01
Axe-Hough ton Fund Inc..
Aviation Capital Inc
1
Jackson & Curtis
2.99
Amer Foreign Invest Inc..
Assoc Stand Oil Shares
2
Quoted
Series k-l
19.48
21.17
Series k-2—.
4%
4%
5%
5%
Series 8-3
...
3.51
Arkansas Pr ALt
Ask
7% pf..1*
90
87%
Atlantic City El 6% pre! ~ *122%
Bar
National Gas a el Corp. 10
New
EngGAE6%% pf.*
New Eng Pr Assn 6% pf 100
New Eng Pub Serv co—
s7 prior lien pref
80 h
88%
63 %
Birmingham Eleo 17 pre!.0
Birmingham Gas—
13.60 prior preferred..60
55%
'
$7
preferred—.
*
s6 prior lien pref
*
56 cum preferred
..*
New Orleans Pub Service.*
37 preferred
.*
New York Power a Light—
Carolina Power, a Light—
110% 112%
85
82%
.*
Cent Indian Pow 7% pf 100
Central Maine Power—
fo preferred..
.100
103
105%
111% 113%
116% 118%
8%
9%
preferred
100
Cent Pr a Lt 7% pref—100
Community Pow a Lt..lo
7%
Consol Elee a Gas so pre!.*
8%
9%
107% 109%
36 cum preferred......*
7%
cum
preferred...100
n y Water Serv 6% pf .100
Northeastern el Wat a el
34 preferred..........*
Northern States Power—
(Del) 7% pref.
.100
Bid
Ask
4
5
21%
51 %
23
66%
62%
7%
67%
64%
63
9%
21
23%
198% 111%
104% 106
114% 115%
40
42%
62
64%
85%
86%
Consumers Power s6 pref.*
90
Federal Water Serv Corp—
so cum preferred......*
62%
100
...100
100
110%
113
116
121
118%
123%
7% pf—100
Panhandle Eastern Pipe
86 %
6%
7%
preferred
preferred
Okla'g a e 7% pref
Pacific Pr a Lt
42% 44%
43% 46
116% 118%
so.60 cum preferred...*
Florida Pr a Lt s7 pref..*
Line Co
*
Penna Edison 35 pref
*
Penn Pow a Lt 37 pref—*
Hartford Electric Llgbt.25
64% 66%
113% 114%
24% 26%
Ind Pow a Lt 5%%..100
Interstate Natural Gas...*
Peoples Lt a Pr s3 pref.25
Philadelphia Co—
36 cum preferred..—..*
89
43
40%
64 %
66%
113% 114%
24% 26%
31%
33%
109% 111%
Kansas Pow a Lt 4% % 100
105% 106%
70%
73%
Kings Co Ltg 7%
pref.100
57 prior lien pref
—*
Queens Borough g a e—
6% preferred.
100
Republic Natural Gas
Long Island Lighting—
80%
7%
100
preferred.
2
29%
32
preferred
6%
6% preferred d_.
100
105% 107%
19%
Southern Nat Gas com.7 %
—.....*
16 %
21%
17%
19%
20%
s'western g a e 6% pf.100
29
30
Texas Pow a Lt 7% pf.100 *112% 115
80%
83%
93%
108% 110%
Mass Utilities Associates—
6% cony partlo pref..60
Mississippi Power so pref.*
s7 preferred...
.*
Mississippi p a l so pref.*
Missouri Kan Pipe Line..6
Monongahela West Penn
91
77%
5%
Pub Serv 7% pref.... 16
Mountain states Power...
29%
14%
30%
16%
5% preferred-—..*
Narrag el 4% % pref...60
Nassau a Suf Ltg 7% pf 100
47
49
65%
56
West Penn Power com.—*
21%
23%
West Texas uttl 36 pref..*
Public
Bid
Amer Gas a Pow 3-58.1953
62%
91%
93%
107% 107%
24%
26%
26%
28%
83
85
Washington Ry a Ltg co—
-
Participating units.....
18%
19%
24% 25%
101 % 103%
57
A4%
115
A5%
A5%
/23
/24%
Income deb 4s.....1978
Income deb 4%s...l978
...1973
Con? deb 4%s.—1973
1973
Conv deb 5%s
1973
Conv deb 5s
15
15%
16%
16%
26"
125%
8s without warrants 1940
a8800 Gas a Elee Co—
Oonsref deb 4%s...l958
27
/25%
/59
27%
A0%
IS
s f lno4%s-6%8.
1986
Sink fund lno 5-6s..1986
is
is
IS
Biaokstone Valley Gas
a Electric 3% 8—1968
Boston Edison 2%a—.1970
Iowa Southern Utll 4a. 1970
Gen Mtge 4%s
1950
Jersey Cent p a l 3 %s '65
1st lien ooll tr 5%s..l946
1st lien coll 6 rust 68.1946
Cent 111 el a Gas 3%a.l964
Central Publlo Utility—
Inoome 5% a with stk '52
Cities Service deb 6s.. 1963
1969
1970
104% 105%
64%
83%
85%
4%s
Lehigh Valley Tran 6s 1960
Lexington Water Pow 5s'68
Michigan Pub Serv 48.1965
Montana-Dakota Utll—
—.1961
3%
12%
10
10
10
1st mtge
3%s
197
Consol e a g 6s a.
8s series b
105% 105%
103% 104%
102%
98% 100%
99% 101%
105% 106%
3%s—......
1964
Northwest Pub Serv 4s '70
90%
92 " "
106
107
108
108%
—.1950
1
2.21
1%
86%
107% 107%
59
106% 107
86%
88%
109
Series aa
1
2.11
Accumulative series
1
Series aa mod..—
68% 70%
108
109%
110%
78%
81%
106% 107
107% 107%
94%
96%
104% mx
170
105% 106%
4.05
1
5.81
6.40
Manhattan Bond Fund Ine
Maryland Fund Inc
10c
Mass Investors Trust
1
7.09
Knlckbocker Fund
Mass Investors 2d Fond..
Mutual Invest Fund.—10
7.82
3.45
4.40
18.49
19.88
(Colo) ser b shares.—.*
(Md) voting shares. .25o
5.77
Agriculture
Automobile....
Aviation
♦Crum a Forster com..10
27%
29%
100 118
7.41
30
16.63
Delaware Fund........
32
5.56
Insurance stock
Metals
17" 98
............
8.32
11.02
6.86
9.40
7.57
Oils—...
6.66
7.35
2.70
Railroad
2.92
3.22
6.33
6.99
1
3.40
Railroad equipment....
Steel
7.12
7.86
2.50
25c
5.20
5.85
No Amer Bond Trust ctfs.
43%
1.13
1.24
No Amer Tr Shares 1953.*
1.98
Deposited Ineur Shs a
1
Diversified Trustee Shares
d
...
1
2.49
Series 1956—........1
2.44
Series 1958
2.03
Series 1955
EatonA
6.15
8.96
7.54
10.01
8.63
equipment...
Machinery
4.31
9.30
8.131
supplies
Electrical
112
5.32
12.25
8.44
Bank stock..
Building
8.18
4.81
11.13
Chemical
100
1.24
12.40
2.53
♦7% preferred
3.50
1.10
5.36
2.11
Cumulative Trust Shares. *
10.31
11.50
2.53
♦8% preferred
9.52
9.43
National Investors Corp. 1
1
♦Crum a Forster Insurance
♦Common b shares, i—10
8.85
Nation .Wide Securities—
Series acc mod....—1
Howard—
17.88
Balanced Fun.d
^19.01
10.89
25.15
27.04
Equity Corp $3 conv pref 1
Fidelity Fund Inc
*
20%
20%
16.72
17.99
First Mutual Trust Fund..
6,03
6.69
1
11.56
Eqult Inv Corp (Mass)..6
Stock Fund..
—....
Fiscal Fund Inc—
Bank stock series... 10c
2.34
Insurance stk series. 10c
Fixed Trust Shares a
10
8.91
Foundation Trust Shs a.l
3.55
4*05
Fundamental Invest Inc. 2
15.96
17.49
4.46
5.24
3.22
Plymouth Fund Inc... 10c
Putnam (Geo) Fund......
Quarterly lno Shares.-10c
5% deb series a
Representative Tr Shs.. 10
Republic Invest Fund
.37
.42
12.48
13.35
5.80
6.75
100
103
9.30
9.80
3.52
3.92
2.59
3.57
Scudder, Stevens and
Clark Fund Inc
81.24
82.88
Selected Amer Shares..2%
Selected Income Shares.. 1
8.26
9.01
Sovereign Investors... 10c
Spencer Trask Fund
*
6.03
6.67
13.85
14.69
Standard Utilities Inc. 60c
4.07
♦
.21
.26
62%
2.23
65%
•
27.26
29.31
General Investors Trust. 1
4.61
5.03
♦State St Invest Corp...*
Super Corp of Amer aa..1
4.79
5.28
3.83
Trustee Stand Invest Shs—
General Capital Corp
Group SecuritiesAgricultural shares
Automobile shares.....
Aviation shares
4.17
4.60
7.99
8.78
Building shares.....—.
5.12
5.64
.....
5.88
6.47
8.27
Electrical Equipment...
Food shares
3.91
2.77
Investing shares
Merchandise shares
♦Series
c..—........1
♦Series d
....1
2.15
2.09
Trustee Stand Oil Shs—
9.09
Chemical shares
♦Series
1
5.15
♦Series b.—.......1
4.311 Trusteed Amer Bank Shs—
3.06
Class b........
25c
4.88
4.90
5.40
Mining shares....—.
5.36
Petroleum
3.94
4.34
rr Equipment shares..
Steel shares...........
3.77
4.16
5.36
5.90
Tobacco shares——
4.47
a
....
Trusteed Industry Shs 25c
.50
.75
u s el Lt a fr Shares a...
.55
14%
5.90j
4.93
,>
shares
♦Huron Holding Corp
.1
Income Foundation Fd Inc
.05
.15
1.90
Wellington
Fund
l
13.88
15.26
Investment Banking
1.31
1.42
15.47
♦Blair a Co.............
2.08
2.32
♦Central Nat Corp cl a..*
♦Class b—...... ...*
21
23
1
2
18%
Bank Group shares
Corporations
1.09
♦First Boston Corp....-10
1.22
1.35
17.51
18.93
1%
1%
♦Schoellkopf Hutton a
Pomeroy Ine com...10o
.99
Insurance Group shares.
Investm't Co of Amer.. 10
b
.84
14.39
20%
%
Water Bonds
Bid
Ask
Ashtabula Water Works—
5a-.
105%
Atlantic County Water—
5s
1958
105%
—
Butler Water Co 6s... 1957
1951
Calif Water Servioe 4s 1961
5%s series b
105%
—
107% 109
95%
71
76
104%
Phila Suburb Wat 4s..l965
1st 5s—
Indiana pods Water—
1st mtge 3%s
107
Richmond Water Works—
1966
107% 109%
99% 101 %
Joplln Water Works—
1st 5s series a.—.1957
105%
22%
Kankakee Water 4 %s. 1959
104
106% 107
92
94%
1951
74,
76%
...
...
1958
107% 109 %
1st a ref 6s a
1967
ser
104% 104%
105% 105%
55%
56%
108
.1956
i960
.1935
104
i960
United Pub Utll 6s a. 1960
Utlca Gas a Electric Co—
5s
1957
West Penn Power 3s.. 1970
West Texas Utll 3%s.l969
108%
1-4
00 X*
nnlon Water Serv 5mis *61
:::
i960
5%s series a
1951
98% 101%;
103
100
New York Water Service—
5e
...
1951
1961
103
107% 109%
Western n y Water co—
104
19 50
102
—1951
101
1st
conv
5s
deb 6s extended
1950
94
Westmoreland Water—
99% 102% i
5s
—
1952
103
Wichita Water—
Ohio Valley Water 5s. 1954
Oregon-Wash Water Serv
5s
1957
For footnotes see page
102% 104%
105%
West Va Water Service—
1st 4s...
106
105
1st 5%sseries a....1950
1951
107% 108
Western Publlo Servioe—
83
111
1st 5s series b—
5s series b
Ohio Water Servioe 4s. 1964
134
1956
4s a
Texarkana Wat 1st 5s. 1958
*-«
New Roohelle Water—
81%
103% 105%
107% 107%
107% 108%
102% 103%
103% 105%
...1965
Springfield City Water—
101
108%
79%
77
103
Spring Brook Wat Supply
Muncie Water Works—
5s
b.1961
105%
100%
100% 103%
102%
South Bay Cons Water—
5s
105%
Monmouth Consol Water—
5s-..-
101
104
Water Service 5 s. 1981
Kokomo Water Works—
1st 5s series a
105%
Ontario
4%b
1958
Scran ton-Spring Brook
Shenango Val 4s
/2i%
.1957
Water 5s_—
St Joseph Wat 4s ser a1966
Scranton Gas a Water Co
Sou Calif Edison 3s
Toledo Edison 1st 3%sl968
1st mtge 3%a
1970
106
103
Rochester a Lake
..1948
5%b
...1950
Morgantown Water 6s 1965
Tel Bond a Share 5s.. 1958
Texas Publlo Serv 5a. .1961
104
1951
6s
1st 5s series a
Gulf Coast Water—
106% 107%
5%s
102
1948
93
91%
Monongahela Valley Water
debs 3%a
102
1st consol 5s.......1948
Plalnfleld Union Wat 6s '61
89
1946
...1946
103
..1965
Sou Calif Gaa 3%s.— 1970
Sou Cities Utll 5s a... 1958
s'western Gas a el 3 %s *70
Ask
101 %
1st consol 4s.....—1948
—
5s
.
f
1950
1st a ref 5s
Prior lien 5s
St Joseph Ry Lt Ht a Pow
4%s1947
Sioux City"gTe iii 11966
s
Bid
Peoria Water Works co—
1958
108
59
Crescent Public Service—
10.31
3.64
New England Fund.—..1
n y Stocks lno—
Republic Service—
Collateral 5s
91%
6%s 8tamped
1952
Iowa Pub Serv 3%s..l969
Corporate Trust Shares
12
Portland Eleetrlo Power—
Pub UtU Cons 5%a—1948
58
Inland Gaa Corp—
11
1u% 112%
i08
3%s 1964
3%s
1970
Peoples Light a Power—
1st lien 3-68—
..1961
Pub Serv of Indiana 4s 1969
90
Federated Ucll 6%s...l957
Houston Natural Gas 4s '55
♦Continental Shares pf 100
6s series a—
Penn Wat a Pow
109% no
107% 107%
/%
84%
13.88
9.36
...
Series 8-4
Pittsburgh Sub Water—
105
107% 108
57
Detroit Edison 3s....1970
El Paso Eleo 3%s....1970
3.86
Community Water Service
Public Service 3%8.1969
6s
1962
Dallas Ry a Term 68.1951
10.20
65
Nor States Power (Wise)
Old Dominion Pow 5s.1951
1962
Coll inc 68 (w-8)
1954
Cnmberl'd Co pal 3%s'66
Dallas Pow a Lt 3%s.l967
27.60
9.42
3.55
102% 102%
101
12.81
105%jl06%
Northern Indiana-
10
25.66
111%,112%
1965
3%a
Kentucky Utll 4s
n y State Elee a Gaa Corp
4s
1965
Columbus a Sou Ohio Eleo
Cons Cities Lt Pow a Trac
58—
..1982
104
11.60
106% 107%
104% 105%
61
Central Illinois Pub Serv—
1st mtge 3%s1968
Cent Maine Power 3%s '70
Central Pow a Lt 3%g 1969
Ask
104% 105
103
Parr Shoals Power 5s_1952
Cent Ark Pub Serv 5s. 1948
Central Gas a Eleo—
,
Kansas Power Co 4a..1964
New Eng g a e Assn 6s ot
ny pa nj Utilities 6s 1966
109
■
Century Shares Trust.—*
Chemical Fund
—;
1
Commonwealth Invest... 1
Institutional Securities Ltd
Bid
17.02
12.62
...
7.71
15.54
...
3.45
Incorporated Investors. .5
Independence Trust Shs.*
Kan Pow a Lt
55
Corp—
Income deb 3%s—.1978
Income deb 8%s—.1978
Sink fund lno 4%s—1983
1983
»
a Lt 17 pref—*
Ask
Assoc Gas a Eleo
Sink fund lno 5s
♦
Utility Bonds
60%
Amer Utility Serv 6s..1964
Appalach el Pow 3%s 1970
Associated Eleetrlo 58.1961
Conv deb 4a
32.75 pref
Utah Pow
14.23
—
United Pub Utilities Corp
*74%
4%
$3 pref
15.39
2.65
18%
5%
15.38
7.02
-
12.98
b
16%
Sierra Pacific Pow com...*
s2
100
98
Rochester Gas a Eleo—
Mass Pow a Lt Associates
-
Fundament'l Tr Shares a 2
78%
Pub Serv Co of Indiana—
Jamaica Water Supply...*
Jer Cent p & l 7% pf.-loo
-
1
c
Ohio Publlo Service—
92
60
preferred
.100
Derby Gas a el s7 pref..*
7%
.25
23.26
Dividend Shares
.
Continental Gas a Elee—
.10
21.52
-
Canadian Inv Fund Ltd.. 1
Utility Stocks
104
106
5j_
6%
14.31
British Type Invest a...
Broad St Invest Co Inc..5
,
Teletype N. T. 1*1800
Bid
Alabama Power 17 pre!..*
Amer Utll Serv 6% pref.25
Basic Industry Shares..10
Boston Fund Inc
Bullock Fund Ltd
Par
24.79
13.98
Series s-2
New York City
Public
31.01
11.73
♦Common....—...
♦5% preferred
Tel. B A relay 7*1800
28.27
22.60
10.91
Bankers Nat Investing—
Principal Stock and Commodity Exchanges
115 Broadway
Series b-l
Series b-2———
Series b-3
Series b-4
ESTABLISHED 1879
Members
Ask
10.00
5
4%
Bid
9.38
Investors Fund c—
1
Keystone Custodian Funds
6s series b
99% 102%
1956
101
5" series c......—.1960
105
6s series a
00
—1949
103
w'msport Water 5s._ .1952
103
Volume
259
The Commercial & Financial Chronicle
152
Quotations
Over-the-Counter Securities—Friday Jan. 10 -Concluded
on
Real Estate Bonds and Title Co. Mortgage
If You Don't Find the Securities Quoted Here
Id
which
our
have interest, y«u will probably find them in
you
moDthly Bank and Quotation Record.
cation quotations are
stocks and bonds.
Bid
125
16%
119
Alden Apt 1st mtge 3s. 1957
Beacon Hotel lno 4s.. 1958
B'way Barclay lno 2S..1956
Bid
Metropol Playhouses I no—
Sf deb 5s
1945
mmm
7
4-6s
....
.
71
15M
17
.1956
3M
..
.
'
20%
N Y Athletic Club—
24
2s
26
63
1st leasehold 3M-5b 1944
Broadway Motors Bldg—
The classes of securities covered are:
...
68
1955
...
....
B'way a 41st Street—
In this publi¬
carried for all active over-the-counter
Certificates
Ask
66
N Y Majestic Corp—
—1948
4s with stock stmp.
5%
Brooklyn Fox Corp—
Banks and Trust
5%b series BK
Public Utility
Canadian
Bonds
Railroad Bonds
Industrial Bonds
Railroad Stocks
Industrial Stocks
Real Estate Bonds
Insurance Stocks
Real Estate Trust and Land
5%b series C-2
35M
37M
52
5%b series F-l
56
58
5Ms series Q
47%
49M
18
1948
1950
23
1st 2%a
Ollcrom Corp v to
1 Park Avenue—
mm
2
—
3
28
5s 1952
28
Deb 5s 1952 legended
Sec
U. S. Government Securities
Mining Stocks
U. S. Territorial Bonds
Dept. B, Wm. B. Dana Co.. 25 Spruce St.,
1961
5%b stamped
59
13%
Realty Assoc Sec Corp—
15%
6Ms (stamped 4s).. 1949
61
62 M
1957
60 M
63
1956
10
12
1950
/10
60 Park Place (Newark)—
1st 3Ms
1947
28
39
32
Film Center Bldg 1st 4s '49
Income
1st mtge 4s
'mm
112%
125
m
13%
Savoy Plaza Corp—
3s with stock
mmm
Sberneth Corp—
1400 Broadway Bldg—
1948
33
Fuller Bldg debt 6s... 1944
18
1st 4s stamped
1943
5s
7%
Roxy Theatre—
36
40 WaU St Corp 6s... 1958
42 Bway 1st 6s
1939
New York City.
30
mmm
12
1946
52d A Madison Off Bldg—
1st leasehold 3s. Jan 1 *52
Your subscription should be sent to
22
28
f ctfs 4Ms(w s
■
600 Fifth Avenue—
Quotation Record Is published monthly and
s
Prudence Secur Co—
50 Broadway Bldg—
1st Income 3s
Stocks
ties
20
'58
165 Broadway Building—
Title Guarantee and Safe Deposit
Mill Stocks
54
30
....
Eqult Off Bldg deb
/I
2d mtge 6s
1951
103 E 57th 8t 1st 6s... 1941
26
Eastern Ambassador
Hotel units
Co—
20
24
Dorset 1st A fixed 2s..l957
Stocks
Investing Company Securities
Joint Stock Land Bank Securi¬
per year.
31
49
Court A Remsen St Off Bid
Foreign Government Bonds
$12.50
52
29
1st 4s (w-s)_._
Public Utility Stocks
Federal Land Bank Bonds
The Bank and
50
Chanln Bldg 1st mtge 4s '45
Cheseborough Bldg 1st 6s '48
Colonade Construction—
Canadian
Out-of-Town)
sells for
110
Domestic
Domestic (New York and
N Y Title A Mtge
12%
1957
3s
Municipal Bonds—
Companies—
31%
1st 2M-4s (w-s)
1949
Graybar Bldg 1st lshld 5a '46
1st 5% e(w-s)
mmm
'mmm
76%
■mmm
-
11M
--
61 Broadway Bldg—
Foreign Stocks* Bonds and Coupons
14
112
Harrtman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s' 42
"
Hotel St George 4s.—1950
29
43
19
47
1955
77
Textile Bldg—
1958
22
24
1939
Bldg 1st 4-6b'46
/22
25
1st 3-5e
35
Trinity Bldgs Corp—
1951
Lexington Hotel units
Building—
Income 5Ms w-s
1963
34
1st 5M8...
44
1st 4s
(Syracuse)
1st 3s
Lefcourt 8tate Bldg—
1st lease 4-6 Ms
1948
Lewis Morris Apt Bldg—
Tel. HAnover 2-5422
02 William St., N. Y.
18
1957
with stock
3s
Syracuse Hotel
& CO., INC.
BRAUNL
27%
Lefcourt Manhattan Bldg
1st 4-5a
1948
Inactive Exchanges
20
1950
3Ms with stock
616 Madison Ave—
27
2 Park Ave
—
42
Lincoln
Foreign Unlisted Dollar Bonds
Due to the European situation some of the quotations
shown below are
bid
Ask
f25
mm m
..—1946
Antloquia 8s
Bid
1
1946
f53
mmm
•Housing A Real Imp 7s '46
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7Ms '32
Bank o 1 Colombia 7 %.
1947
1948
7s..
/21M
/21M
Bavaria 6Ms to
f25
mm-
Bogota (Colombia) 6Ms '47
8s
1945
J22
f 17M
■
-
/16M
18M
17M
1947
f4%
5%
1968
A
4M
7s
1969
4M
6s
1940
f4
f4%
Brandenburg
Elec 6s. 1953
5s..1931-61
Brazil funding
5M
1963
35"
f25
mmm
—
1943
125
Caldas (Colombia) 7 Mb '46
Call (Colombia) 7s__.1947
7Ms...1944
1946
Ceara (Brazil) 8s
1947
Central Agrlo Bank—
(Peru)
Cauca Valley 7Ms
mmm
15
'mmm
fSH
/17M
/4
f8%
/3
9%
18M
9%
mmm
Leipzig O'land Pr 6 Ms '46
Leipzig Trade Fair 7s. 1953
Luneberg Power Light A
125
125
\
1948
125
Water 7s
Meridionals Elec 7s..1957
31
•••
J25
---
Munlo Bk Hessen 7s to '45
125
125
(A A B) 4s... 1946-1947
(C A D) 4s... 1948-1949
Nat Central SavlngB
Hungary 7Ms
Bk of
1962
1948
Mtge 7s...
162
mmm
13
mmm
13
mmm
/32
Costa Rica funding 5s. '51
112
14"
Costa Rica Pac Ry 7Ms '49
114 H
16 M
112
14
8%
125
Dulsburg 7% to
1945
125
East Prussian Pow 6s. 1963
125
125
125
'60
1953
European Mortgage A In¬
vestment 7Ms
.1966
7Ms Income
1966
Electric Pr (Ger'y) 6Ms
8Mb
f25
mmm
1952
150
122
11
1968
Protestant Church (Ger¬
many) 7s
1946
Prov Bk Westphalia 6s '33
7s
6s 1938
1941
5s
18
1967
IB
1967
7s Income
Mtge 7s. '63
16%
R C Church Welfare 7s '46
125
Saarbruecken M Bk 6s.'47
26
...
—
...
...
17
7s 1957
mmm
1948
8s
1947
Fe 4s stamped. 1942
Sao Paulo (Brazil) 6s.
3%
May
8%
442
1%
Oct
32%
47%
34%
998
25
June
4%
22%
Apr
48%
388
38
May
55%
Apr
111M May
125%
35%
Apr
1M May
3%
3%
Feb
1M
Mar
3
14%
May
1943
-mm
Graz (Austria)
8s
26
27 M
12
1946
Funding 3s
German scrip
1964
38
119% 120
35
31
207
30%
HornAHardart (NY) com *
2%
2%
2
2
v
.50
1
2M
50
t c_„
24 H
2%
22%
2%
2M
2%
7,659
24M
1,899
15
2%
*
Salt Dome Oil Corp
1
3%
*
35%
37%
Tacony-Palmyra Bridge..*
Tonopah Mining
1
Transit Invest Corp pref...
45%
43"
159
112
30
Phila Insulated Wire
46
June
1M
100
15
15
27
1,262
175
175
50
Penna Salt Mfg
May
May
2%
14
May
Sept
20
6s
Water Wks
1957
125
10
*
*
'\2~
14
*
Haiti 68
1953
50
Hamburg Electric 6s
1038
f25
Oct
25%
Nov
Oct
190
2%
Mar
Jan
16
mmm
mmm
19
17%
mmm
9
Jan.
18
170
112%
7%
mmm
mmm
14
8%
200
125
*49
Apr
48%
Mar
%
Feb
%
May
2%
41%
15%
Feb
28%
30%
430
9%
10%
7,080
9 %
1% June
26% June
Nov
Jan
1
Jan
Jan
366
107 %
117%
Oct
11%
12
132
0%
12%
Nov
13%
14
112
12%
Apr
June
May
9%
Jan
Last
Par
Price
Week's Range
of Prices
Low
High
Range for Year
for
309
16
25
10
10M
76
*
Clark (D L) Candy Co...*
11%
7%
10%
11M
7%
115
6%
850
5
Columbia Gas A Elec com*
4%
Byers (A M) Co ccm
Electric Products
3M
*
Hoppers Co pref
100
Lone Star Gas Co com...*
Penn Federal Corp com..*
Pittsburgh Brew Co com.*
mmm
Pittsburgh Coal Co comlOO
6M
103 % 105
10
9M
90
11%
Aug
13%
4%
June
Dec
300
9% June
150
3
Dec
270
x 75
June
8
7M
14
6%
102
Jan
Feb
Dec
Apr
Apr
Mar
Dec
10% May
6M May
2,320
7%
May
5%
5%
628
4%
May
85c
90c
210
60c
Dec
1.50
Apr
2
80
1M
July
1M
2%
July
6M
Pittsburgh Screw A Bolt.*
Jan
1
Dec
300
4
May
7%
Dec
50
22
Jan
45 %
Dec
66
June
104 %
May
8%
1%
100
6M
40
40
94M
7%
Pittsburgh Plate Glass..25
17
3M
40
100
17
4%
12
May
May
5% May
1%
1%
10
5%
90c
10
Fireprooflng Corp..*
Mt Fuel Supply Co
Natl
7M
4%
11%
High
Low
24 M
24%
Allegheny Lud Steel com.*
—.*
1940
Week
Shares
Blaw-Knox Co
Preferred
110
no
125
official sales lists
Sales
Fridag
mmm
Jugoslavia
1956
May
Oct
473
10, both inclusive, compiled from
Duauesne Brewing Co—5
Slem A Halske deb 68.2930
1956
8%
Pittsburgh Stock Exchange
to
Stocks-
5%
94 M
96 %
320
6%
293
4%
Apr
1946
1955
66
Tolima 78
1947
...
Jan
Reymer A Bros com
*
1%
7%
1%
Shamrock Oil A Gas'
Stettin Pub Utll 7s
1
2M
2%
2M
1,100
1%
May
2M
Oct
Westlnghouse Air Brake..*
22%
21M
22 %
2,247
16M
May
28%
Jan
2%
2%
50
1
Oct
2
May
/17
...
Vesten Elec Ry
7s
1947
/35
125
125
...
Wurterabere 7» to
1945
725
...
Oct
May
...
Unlisted—
Hanover Harz
Jan
%
38
%
1%
210
Nov
24% May
978
114% 115%
30%
mmm
mmm
Mtge Bk
184
516
%
1%
...»
mmm
mmm
5s
2%
80
3%
3i«
Preferred
mmm
14%
Toho Electric 7s
112
Jan
mmm
3M
1948
Guatemala 8s
.10
General Motors
Westmoreland Coal
125
2d series 5s_
125
34 M
Electric Storage BatterylOO
mmm
12 5
State
1938
Conversion Offloe
Jan
15
1%
Preferred—
1961
Statq. Mtge 6s.. 1947
6Ms
Saxon
Bank
Agricultural 6s
Jan
6
7%
Westmoreland Inc
Santa Cathartna (Brazil)—
Sant&nder (Colom) 7s. 1948
Building A Land-
May
1%
mmm
1%
4s scrip
Santa
35"
125
German
3
mmm
Saxon Pub Works 78—1945
German Central
260
Salvador
8s ctfs of depo8it-1948
...
mmm
1948
Jan
125%
9% June
7%
Sale
122
bank 6Ms
175%
Apr
5
United Gas Improve com.*
125
German Atl Cable 7s.. 1945
German
May
113%
mmm
—
/25
25
Apr
146 %
339
758
mmm
125
f25
125
/3
1946
French Nat Mall SS 6s '52
Frankfurt 7s to
14%
133
118%
5%
mmm
125
—-
8%
Farmers Natl
11%
168%
116%
*
United Corp com
125
Rio de Janeiro 6%
1933
Rom Catb Church 6Ms '46
7s ctfs of deposit.. 1957
/16
12
m
12
10%
167%
Curtis Pub Co com.._.__*
Budd Wheel Co
Jan. 4
1945
High
Low
Shares
Nov
Penn Traffic com
mmm
6% scrip
Cordoba 7s stamped..1937
Duesseldorf 7s to
~UH
"117%
*
Pennsylvania RR
125
1956
City 6Ms
Porto Aiegre
Dortmund Mun Utll6Ms'48
*
Bell Tel Co of &a pref-.100
mmm
160
1946
Poland 3s
17%
W ore
High
Lehigh Coal A Navigation *
1945
/3
125
1940] ,7:
Range for Year
for
ikroob
ol Prices
Low
Lehigh Valley
Pennroad Corp
125
Oldenburg-Free State—
Panama
6M8..1969
Range
National Hungarian A Ind
76
Cundlnamarca
Price
Horn&Hardart (Phil) com*
mmm
Nat Bank Panama—
Oberpfals Elec 7s
1949
Sale
Par
Stocks—
Week's
mmm
Municipal Gas A Elec Corp
Recklinghausen 7s..1947
1946
6s
35
122
1953
Budapest 7s
Sales
Fridat
Budd (E G) Mfg Co
...
City Savings Bank
official sales lists
10, both inclusive, compiled from
American Stores
1945
scrip
Panama
Colombia 4s
Philadelphia Stock Exchange
Jan. 4 to Jan.
American Tel A Tel.... 100
mmm
125
7s to
/25
40
mmm
-
Central German Power
1934
35
Scott Paper
5M
German Central Bk
Madgeburg 6s
19
Westlnghouse Bldg—
1st mtge 4s
..1948
256.
'.mmm
f3
Land
Nassau Landbank 6Ms '38
f45
Burmeister A Wain 8s. 1940
—
-i—
mmm
M Bk Warsaw 8s *41
Koholyt 6Ms
Munich 7s to
Buenos Aires scrip
page
Last
Montevideo
/3
see
15
mm —
f25
see
10
mmm
....1940
Callao
15
Mannheim A Palat 7s. 1941
British
6Ms
73
/25
7Ms
For footnotes
10
/50
Hungarian Bank—
J
1962
Brown Coal Ind Corp—
68
mm
mmm
Jugoslavia 5s funding. 1956
1935
funding sorip
Bremen (Germany) 7s.
/24
/34
17
mmm
.
7s
Bolivia (Republic) 8s.
43
66
13
11
1961
mm
Bavarian Palatinate Cons
Brazil
1947
.1951
mmm
Jugoslavia 2d series 5s. 1956
m
1945
Wall A Beaver St Corp—
Ask
change Bank 7a_.—1936
/28
Cities 7s to
Walbrldge Bldg (Buffalo)—
3s
1950
31
Hungarian Discount A Ex¬
Barranqullia 8a'36^40-46-48
1946
125
/3
/3
70
1st 4Mb w-s
Ludwlg Baumann—
1st 5a (Bklyn)
let 5s (L I)
nominal
Anhalt 7b to
68
29
London Terrace Apts—
1st A gen 3-4s
.1952
Uruguay conversion scrip..
Unterelbe Electric 6s_. 1953
...
Pennroad Corp vtc__
—
1
-
...
...
—
No par
value,
x
Ex-dlvidend.
1H May
Nov
The Commercial & Financial Chronicle
260
Jan.
11, 1941
General Corporation and Investment News
RAILROAD-PUBLIC UTILITY—INDUSTRIAL—INSURANCE-MISCELLANEOUS
NOTE—For mechanical
it is not
reasons
However, they
FILING
OF
REGISTRATION
are
always possible to arrange companies in exact alphabetical order.
always as near alphabetical position as possible.
STATEMENT
SECURITIES
UNDER
ACT
The following additional registration statements
(Nos.
2624 to 2627, both inclusive) have been filed with the Securi¬
ties and Exchange Commission under the Securities Act of
1933.
The amount involved is approximately $105,000,000.
New York corporation and its wholly owned
subsidiary.
However, the
balance sheet of the company as at Oct. 1, 1940,
immediately following the
consummation of the merger, shows no change from the above statement
other than an adjustment of $7,192 for expenses incident to the
merger
consolidation.—V. 151, p. 3736.
Akron Brass Mfg. Co.,
Inc.—Earnings-
Earnings for Year Ended Dec. 31, 1939
Gross profit
Jones & Laughlin Steel Corp. (2-4624, Form A-2), of Pittsburgh,
Pa.,
filed a registration statement covering $28,000,000 of 3H% first
series C, due Jan. 1, 1961.
Filed Jan. 3, 1941.
(See
subsequent page for further details).
$234,338
94,975
Net other deductions—Income
Consolidated Gas Electric Light & Power Co. of Baltimore (2-4625,
Form A-2), of Baltimore, Md., has filed a registration statement
Non-recurring charges
Provision.for Federal income tax
has
Selling.and administrative expense
mortgage bonds,
covering
and
Operating profit
$139,363
14,281
38,255
15,828
$12,000,000 of 2% % first refunding mortgage sinking fund bonds, series Q,
due Jan. 1,
1976.
Filed Jan. 7,
details.)
1940.
Net'profit to earned surplus.
(See subsequent page for further
Total
$155,559
62,375
Dividends paid
Earnedjsurplus Dec. 31,1939
Illinois Bell Telephone Co. (2-4627, Form A-2), of Chicago, 111., has
filed a registration statement covering $50,000,000 of 2 % % first
mortgage
bonds, series A, due Jan. 15, 1981.
details.)
Filed Jan. 9, 1941.
(See subsequent
page for further
in
The last previous list of registration statements
our issue of Jan. 4,
page 110.
Abitibi Power & Paper Co.,
given
was
Assets—Cash, $50,145; investments (at cost), $10,975; cash surrender
value life insurance, $6,520; accounts receivable (net), $32,766; inventories,
$71,319; miscellaneous current assets, $548; permanent assets (net), $151,231
other assets, $1,395; deferred charges, $1,267; total, $326,167.
Liabilities—Accounts payable, $8,405; accruals, $13,697; Federal income
tax, 1939, $15,828; miscellaneous liabilities, $367; capital stock (49,900
shares no par), $92,000; capital surplus, $102,685;earned surplus,$93,183;
total, $326,167.—V. 152, p. 110.
Alaska Juneau Gold
investigating the affairs
"You'd think they'd wait until the war is over."
The three-man commission under the
chairmanship of Justice
Period End. Dec. 31—
x
P.
McTague, was appointed by the Ontario Government to find a plan of
reorganization "equitable to all" concerned in the vast affairs of the com¬
Sept. 30—
1940
on
Sell., adm. &
1939
*
$1,860,774
1,384,077
sales...
$996,325
$476,697
expsll
$1,018,494
507,044
$511,450
gen.
Operating profit
1938
$1,450,367
1,099,796
13,797
$428,406
16,893
$350,571
14,250
$490,494
333,987
$445,299
307,216
$364,821
262,929
$156,507
$138,084
3,849
4,882
1,536
$160,356
$142,965
$103,428
for
Fed.
taxes
15,301
8,917
4,111
yl0,045
2,638
on
93,700
24,500
24,000
17,400
$409,265
217,431
»
$126,940
146,802
$104,809
$83,390
x85,433
'
Miscellaneous credit
118,488
z340
Total
1
$626,696
$7 pref. stock (old) divs.
1st pref. stk. (new) divs.
Common dividends
Taxes (prior years)
N. Y. Curb Exch. listing
$274,081
$223,297
18,201
52,175
19", 194
19", 194
37,457
55,737
Cr82
719
fees and expenses
Earnings
$555,600
111,618
per
share
$217,431
99,884
$3.50
stk. (par $1)
com.
$168,823
2,742
14,396
33,168
29
Total income
$10,477
2,776
1,283
Other deductions—
Foreign exchange adjustment (net)
$6,419
Consolidated Balance Sheet Oct. 31, 1940
Assets—Cash, $13,021; subscribers' instalment accounts receivable (less
for cancellations and collection expense and reserve for salesmen's
commissions), $313,082;: sundry accounts receivable (less reserve), $3,429;
due from officers and employees, $10,288; due from International Account¬
ants Society, Inc., $21,154; investment in International Accountants Society
Inc., $52,114; furniture, fixtures, &c. (less reserve for depreciation of $2,896)
$3,943; deferred charges, $49,010; manuscripts, plates, &c. (including
goodwill, copyrights, &c.), $2; total, $466,043.
Liabilities—Accounts payable, trade (incl. accrued expenses), $6,920;
accounts payable (sundry), $1,151; accrued taxes (other than Federal in¬
come taxes),
$6,686; capital stock, 8% cumulative preferred stock (par
$100), $83,050; common stock (par $1), $23,032; capital surplus, $23,703;
earned surplus, $6,419; reserve for estimated unrealized income from sub¬
scribers' accounts receivable, $313,082; total, $466,043.—V. 140, p. 465.
$1.08
$146,802
99,884
$0.86
American Gas & Electric Co. (&
Period End. Nov. 30—
$118,488
82,921
$0.77
Subs.)—Earnings—
1940—Month—al939
1940—12 Mos.—al939
Subsidiaries Consolidated-
Operating
Operation
1,646
Balance, Sept. 30
revenue
Maintenance
Depreciation
Taxes
$7,526,235
2,452,665
401,200
1,057,539
1,265,721
$7,040,768 $85,590,648 $77,188,453
2,295,128
26,986,596
24,552,371
355,652
4,671,901
4,338,684
929,835
12,129,619
10,967,925
1,025,899
13,935,336
11,034,279
$2,349,111
23,512
$2,434,255 $27,867,197 $26,295,193
6,049
167,996
158,125
$2,372,623
After
x
adjustment, .$618 of estimated provisions for Federaf tax o"n
for special compensation,
y Costs
of proceedings before
.National Labor Relations Board,
z Excess provision in
previous year for
cost of
proceedings before NLRB.
^
Note—Provisions for depreciation of buildings,
machinery, &c., and for
amortization of leasehold
improvements, charged to manufacturing and
other expense
classification, $28,675.
income
and
1940
Accts.
1939
J.940
$245,751
&
558,294
Accounts payable.
Note payable
437,706
205,125
1,012,351
582,111
Acer, taxes, wages,
commis'ns, &c._
Prov.for Fed. tax
13,505
7,469
578,251
211,026
89,293
38,276
notes
receivable
Inventories
Sundry deposits &
advances
Inv. in other
Property,
cos_.
1,254
plant
& equipment
New product devel¬
income
Res. for
new
$156,027
50,000
38,466
18,765
24,500
cata¬
log costs..
Other reserves
14,075
Long-term debt
1st pref. (par $9)..
improvements
Sund. prepd. exps.
$406,987
230,000
1939
93,700
(est.)
Customers deposits
opment costs.__
Unamort .leasehold
.
on
23,494
85,626
270,000
19,575
~13~905
24,678
Com. stk. (par $1)
113,613
101,879
9,539
Capital surplus
553,701
..$2,390,761 $1,117,795
Total
555,600
217,431
$2,390,761 $1,117,795
reserve for depreciation in the amount of $166,455 ($141,843
for revaluation of
$42,880 ($45,699 in 1939).
Note—Unissued shs. of common stock were
reserved at Sept. 30, 1939, as
follows:
(a) 22,489 shares for conversion of 1st
pref. stock; (b) 12,375
shares under options granted to officers at
$8.50 per share, exercisable at
reserve
dates to Oct. 1, 1942. (c) 1,750 shares under authorization given
President of the parent company to
grant options to officers and em¬
ployees (not granted to Sept. 30, 1940).
Tu1
the
Acquisition, Merger, Ac.—On Oct. 1, 1940,
pursuant to the approval of
a special meeting held on
Sept. 4, 1940, the company
merged and consolidated with and into its New
Jersey subsidiary of the
the stockholders at
same name.
The effect of the consolidation was
to create a New
Jersey corporation
which would thereafter own all of the
property and conduct all of the cor¬
porate activities in New Jersey, without
change in the consolidated assets
or liabilities and
capital of the old New York corporation and without
change in the preferences, privileges and voting powers of each class of stock.
Since the merger and consolidation was
effected on Oct. 1, 1940, after the
close of the last fiscal
year, the financial statements pertain to the old
424,394
$2,440,304 $28,035,193 $26,453,318
801,276
9,567,336
9,449,857
424,394
5,092,519
5,092,519
$1,153,554
$1,214,634 $13,375,339 $11,910,942
Amer. Gas A Elec. Co.—
b Balance
$1,153,554
Int. from subs. consol..
129,166
$1,214,634 $13,375,339 $11,910,942
126,761
1,550,964
1,682,335
on
preferred stocks
Preferred dividends from
subs, consolidated
Other income.-Total income
Taxes & expenses (net).
Divs.
on
preferred stock.
Balance
a
for doubtful accounts of
$14,5C0 in 1940 and $10,700 in
1939) and less
794,675
Divs.
510,440
May 5,1931)...
«193£om Aft,er
Total income
Int. & other deductions.
Balance
Earned surp. (since
Total
Other income
Int. & other deductions.
4,701
.
Operating income
b Balance
Balance Sheet Sept. 30
Assets—
Cash
was
$5,272
5,205
iT_
--1
Profit---
6,816
Previous earned surplus.
In
Net profit from operations
Other income
$463,626
458,354
reserve
income (est.)
z
Instituted Inc. (& Sub.)—Earns.
Expenses
$101,892
Extraordinary charges.
x
$4,537,000
1,354,5^0
after
Cash collected on subscribers' accts. receivable & miscell. sales--
1937
$1,844,522
1,416,116
$518,266
Total
Prov. for doubtful accts.,
r
int. paid, &c
Shares
is
$4,291,000
1,187,600
operating expenses and develop¬
ment charges,
but before depreciation, depletion and Federal taxes.—
V. 152, p. 110; V. 151, p. 3548.
Alexander Hamilton
sale of secure.,
on
int., divs. & sund. inc.
and
1940—12 Mos.—1939
$385,000
123,100
Earnings for Year Ended Oct. 31, 1940
22,169
Gross prof,
Commissions
Prov.
Includes other income
Associates, Inc.—Earnings—
$4,065,112
3,068,787
Prof,
$338,000
78,500
Profit
pany, in receivership since 1932.—V. 151, p. 3878.
Years End.
Mining Co.—Earnings—
1940—Month—1939
Gross income
x
C.
$93,184
Balance Sheet Dec. 31,1939
Ltd.—Hearing Ended—
The hearings of the McTague Royal Commission
of the company were concluded Jan. 8 after Gordon
Taylor of Toronto told
the commission that bondholders bad a legal right to
payment of interest
and principal, but added:
Air
$70,999
84,560
Earned^surplus Jan. 1, 1939---
(
Standard Oil Co. of Ohio (2-4626, Form A-2), of Cleveland, Ohio, has
filed a registration statement covering 150,000 shares of 4% cumulative
preferred stock, par $100.
Filed Jan. 8, 1941.
(See subsequent page for
further details.)
165,681
4,110
165,681
4,524
1,988,170
73,768
1,988,170
55,111
$1,452,511
65,694
$1,511,599 $16,988,240 $15,636,558
19,114
856,906
659,544
$1,386,816
97,050
140,767
$1,492,485 $16,131,335 $14,977,014
128,140
1,211,484
1,566,443
177,811
1,739,836
2,133,738
$1,148,999
$1,186,533
Restated for comparative purposes,
$13,180,014 $11,276,833
b Of income for
of subsidiaries owned by American Gas & Electric Co.—V.
common
stocks
151, p. 3385.
American
Car
&
Foundry
Co.—Stockholder
Merger of Brill with Motors Corporation—
Fights
Oscar B. Cintas of Havana, Cuba, a large stockholder in the
company,
petitioned Jan. 9 the New Jersey Chancery Court to enjoin the company
from
merging with the Brill Corp. and the American Car & Foundry Motors
Co., both controlled.
bill of complaint alleged that all three companies had
interlocking
directorates and that the American Car & Foundry Co. owned
64% of the
voting stock of the Brill concern which, in turn, controlled
52%
The
class B
of the stock of American Car &
It
was
concern
Foundry Motors Co.
further alleged that the Motors company owes to the
Foundry
$6,100,063 secured by capital stock of the Hall-Ecott Co., an
enterprise absorbed by the motors company.
On Dec. 5 last, it was said,
the defendant corporation promulgated the plan by which it would
surrender
the debt and its collateral in exchange for $1,500,000 worth of stock
in the
company that would result from consolidation of the Brill and Motors
corporations.
Charging that the debt could have been easily liquidated by the Foundry
company since Dec. 5, the bill of complaint contended that dividends from
the stock in the proposed company would, at most, be less than
one-third
of the Motor company's earnings and profits applicable to
paying off the
The Commercial & Financial Chronicle
Volume 152
debt.
Collection of the debt, it was said, was essential to the Foundry
company's operations, while the consolidation plan would impose a need¬
less
tax
liability
the Foundry and Motors corporations.
It also was
notice of the transaction had been given to stockholders.
on
charged that no
—V. 151, p. 3385.
American
Associated
Telegraph
Co.,
J.—Preferred
N.
All of the outstanding 7
% preferred stock has been called for redemption
Jan. 15 at 110.—V. 151,
p. 3736.
American Machine & Foundry Co.—Dividend Change—
The board of directors have deemed it
advisable to change the dates on
which the recent
quarterly dividends of 20 cents a share have been paid,
from the usual time of the first
days of
about the 26th of March,
Feb., May, Aug. and Nov., to on or
June, Sept. and Dec.
meeting held Jan. 8
a
dividend of 34 cents
a
share has been declared
Payable March 26, 1941
March
10, 1941.
Atlantic
to stockholders of record as at the close of business
be considered as an extra dividend over
share that has in the last few years been paid quar¬
five months period from Nov. 1, 1940 (when the last
■
American President
Line—New President,
&c.—
Henry F. Grady was elected President of this company at the recent
meeting of stockholders.
Mr. Grady succeeds Joseph R. Sheehan,
annual
deceased.
also
elected
M.
J.
Buckley,
H.
E.
Frick
and
Hugh
of the line, to fill vacancies on the board
The meeting alsoTaccepted the resignation of James Reed, a
director, who recently became President of Cramp Shipbuilding Corp. and
named Mr. Grady.to fill Reed's vacancy on the board.—V. 147, p. 3149.
American Telephone & Telegraph Co.—Gain in Phones
In
The total number of telephones in the United States which can be inter¬
connected, including ithose of the Bell System and several thousand in¬
dependent telephone^companies, was>bout 21,830,000 at the end of 1940.
—V. 151, p. 3548.
f
Net oper. revenue
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended Jan. 4, 1941, totaled 60,199,000
kwh., an increase of 12.5% over the output of 53,526,000 kwh. for the
corresponding week of 1939.
Comparative table of weekly output of
electric energy for the last five
years follows:
Wk. End.—
1940
1939
1938
1937
Dec. 14.._ 60,839,000
56,222.000
46,947,000
42,701,000
Dec. 21... 62,722,000
56,160,000
47,564,000 x.38,240,000
Dec. 28
x55,439,000 x50.129.000 x42,574.000 y36,991,000
1941
1940
1939
1938
Jan.
x
4
y60,199,000 y53,526,000 y44,079,000
Includes Christmas Day,
y
1936
49,479,000
50,201,000
x43,821,000
Steamship
Lines
(&
1940—11 Mos.—1939 '
$1,558,049 $23,757,161 $23,006,104
1,763,842
22,098,039
21,565,605
$75,878
33,997
Other income
Gross income
Interest, rentals, &c
706,342
463.329
x$200,979
Dr 10,897
$952,780
99,837
$977,169
45,563
$48,030
105,959
Operating income
x$205,793
Cr4,814
$41,881
6,149
„
x$211,876
104,140
$1,052,617
1,183,198
$1,022,733
1,230,492
$316,016
$207,759
$57,929
$130,581
x Loss.
Note—These operating earnings are before Federal excess profits taxes
and year-end audit
adjustments, and do not include profits or losses
arising from disposition of capital assets or purchase of the company's
obligations.
Included in the above results are earnings of the New York & Cuba
Mail Steamship Co. (a wholly owned subsidiary) before adjustments as
provided in the Merchant Marine Act.—V. 151, p. 3550.
Aviation Corp.—Deal
Up for SEC Decision—
The Securities and Exchange Commission concluded Jan. 4 a hearing on
application under which the Aviation & Transportation Corp. proposes
an exchange of stock with the Aviation
Corp., an affiliate, through which
an
the former company eventually would be
was waived and the case will
go directly to
dissolved.
An examiner's report
the Commission for decision.
Involved in the transaction, among other things, would be the transfer
to the Aviation Corp. of voting control and a 20% interest in the New York
Shipbuilding Corp. and of a 50% interest in the Auburn Central Manu¬
facturing Corp.
The Aviation Corp. would pay for these through the
issuance and sale of 1,400,000 shares of common stock.—V. 151, p. 2933* *
Baltimore American
Insurance
Co.—Extra Dividend—
Directors have declared
an extra dividend of 10 cents per share in addi¬
regular semi-annual dividend of like amount on the capital
stock, par $5, both payable Feb. 15 to holders of record Feb. 1.
Like
amount was paid on Aug. 15 and on Feb. 15, 1940.—Y. 151, p.'98.
-
tion to the
Bangor Hydro-Electric Co. (& Subs A—Earnings—
Operating
45,260
63,980
$2,455,347
742,592
453,706
228,410
$2,259,179
720,137
380,500
$97,796
26,491
$92,269
25,499
$1,030,639
307,686
$979,999
304,130
$71,305
25,483
$66,770
25,483
21,702
$722,953
21,702
260,424
$675,870
305,794
260,424
$24,121
$19,585
$156,735
$109,652
17,067
.
Depreciation
Net operating revenue
Fixed charges
Surplus
Dividend on pref. stockDiv. on common stock-,
Balance
151,
$202,465
34,229
35,450
40,517
$224,103
expenses
Taxes accrued
—V.
1940—12 Mos.—1939
1940—Month—1939
Period End. Dec. 31—
Gross earnings
American Water Works & Electric Co., Inc.—-Output—
Indies
1940—Month—1939
Taxes
of directors.
1940 there was a net gain"of about$49,900 telephones in service in the
principal telephone subsidiaries of the American Telephone & Telegraph
Co. included in the
BelliSystem.
►-This was the largest increase for'one
year"in*the history of the Bell System.
The largest previous annual
gain* was $76,000 in!1937.
The! gain in 1939
was 775,000.
At the end of December, $1940, there were about 17,483,800
telephones in"the Bell [System.
►*The gain'during the monthfof December, 1940, was about 111,100. The
gain for the previous month wasT90,500,*andfor December, 1939, 80,800.
By the end of 1910, all the operating telephone'companies in the Bell System
had passedltheir
predepressionlpeak'numbers of telephones in service,
West
&
Period End. Nov. 30—
MacKenzie, three Vice-Presidents
•
Gulf
Operating revenues
$2,155,149
Oper.exps. (inc.deprec.)
2,079,271
a
terly, but covers the
dividend of 20 cents was paid) until March 31, 1941.
Thereafter such dividends as may be declared will be declared on or
about the first part of
May, Aug., Nov. and Feb., payable as above.—
V. 151, p. 1132, 979.
Stockholders
Inc.— Unlisted
America,
Subs.)—Earnings—
This is not to
and above the 20 cents
of
The New York Curb Exchange has removed from unlisted trading the
voting trust certificates representing common stock (no par).—V. 130.
on
a
Laundries
Trading—
p. 3716.
District
Slock Called—
At
261
305,794
178,543
3386.
P.
1937
Beatrice
39,604,000 y48.763,000
Includes New Year's Day.—V. 152, p. 111.
Creamery
Co.
(& Subs.)—Earnings—
3 Months
11 Months
(incl. storage earnings, excl. inter-com¬
pany sales)
$19,023,380 $67,934,920
Cost of sales
15,107,545
52,705,261
Period End. Nov. 30, 1940—
Net sales
Applachian Electric Power Co.—Preferred Stock Called—
All of the outstanding
redemption
on Jan. 20 at
$6 and $7 preferred stock
110.—V. 151, p. 3879.
has been called for
Arlington Mills—To Pay $1 Dividend—
have declared a dividend of $1 per share on the common
stock payable Jan. 15 to holders of record Jan. 2.
This compares with
50 cents paid on Jan. 17, 1940 and on Jan. 15, 1938, and 75 cents per
share paid in each of the three
proceeding quarters—V. 150, p. 830.
Arnold Constable Corp.—25-Cent Dividend—
Directors have declared
dividend of 25 cents per share on the common
stock, par 35, payable Jan. 27 to holders of record Jan. 16.
This compares
with 12Yi cents paid on Dec.
16, Sept. 27, June 27 and March 25, 1940:
25c. paid on Jan. 25, 1940: 12
Mc. paid on Dec. 29. Sept. 25, June 27 and
March 21, 1939, and 25c. paid on Jan. 27, 1939.—V. 151, P, 1564.
a
Artloom Corp.—To Pay Stock Transfer Tax—
Company is advising^common stockholders who own stock not registered
in their names that
they shouldthave such stock transferred into their names
not later than'.Jan. 18,1941. Jan.
20,1941, has been fixed as the record date
for the determination fof
common stockholders entitled to the dividend of
25c. per shareipayable Jan. 31,1941.
>*Many common stockholders own stock'certificates registered in names of
prior owners ;because the Pennsylvania 2c. per share transfer tax, which is
required for a transfer on the books of the corporation, had not been affixed
at the time of sale, inasmuch "as it is not
required for a good delivery on the
New York Stock Exchange.
,
The corporation
has made arrangements under which it will bear the
Pennsylvania12c per share transfer tax on one transfer for
stockholderlmade upltoUan. 18, 1941.
^Stockholders anayttherefore obtain one such transfer free of the cost of
expense of the
each
such
Pennsylvania transfer "tax by presenting, not later than Jan. 18, 1941,
for transferfto^the transfer agent, the Commercial National
Bank & Trust Co. of New York, 46 Wall St., N. Y. City.—V. 151, p. 3879.
certificates
Associated
Gas
&
Electric
Corp.—Hearing Adjourned
to Jan. 21—
Federal District Judge Vincent L. Leibell on Jan. 3 adjourned until
Jan. 21, the hearing on the
proposal of the co-trustees for expediting liti¬
gation to test the legality of the 1933 recapitalization plan.
Lewis M. Dabney Jr., counsel for Stanley Clarke, trustee for Associated,
advised Judge Leibell that it is unlikely he would be prepared at that time
to introduce his
petition for a determination of controversial matters.
Judge Leibell stated that if the two different approaches to framing the
issues of the litigation could not be compromised, he might order consolida¬
tion of both.He also said it is his intention to appoint a special master
in the case.
Adjudication of the 1933 Recap plan will establish whether holders of the
corporation's securities or owners of the company's obligations are to receive
preference in the reorganization of these two top holding companies of the
Associated Gas & Electric System.
Judge Leibell consented to the withdrawal by the trustees of Associated
corporation of their application for authority to acquire $1,056,767 of
promissory notes of Northeastern Water Companies, Inc., from Associated
Utilities Corp., and cancellation of that note in part payment for 155,547
shares of Northeastern Water & Electric Corp. common stock now held by
Northeastern Water Companies, so that they might proceed with dissolu¬
tion of Northeastern Water Companies.
Counsel explained the question
would be submitted first to the Securities and Exchange Commission for
consideration.
The court also signed an order authorizing Dr. Willard L. Throp, one of
the trustees of Associated Gas & lElectric vCorp. to employ Howard K.
Halligan as his assistant, at an annual salary of $7,500, to replace Alfred
Friendly, who is resigning.
1,643,416
677,304
104,732
71,509
211,726
4,861
367,561
289,005
806,744
21,718
1,555,638
606,884
256,360
5,905,786
2,497,201
$602,774
$1,861,811
Insurance
Rent
Taxes
Interest
Other selling and
delivery
Howard C. Ilopson, Former Head, Sentenced—
Profit
—
37,664
Total income
195,625
$2,057,435
xl69,500
$1,623,435
$0.93
Consolidated net profit
434,000
$470,939
Estimated provision for Federal income tax
$3.00
Earnings per share on common stock
x
1,159,114
$640,439
&c.)
Other income (divs., rents, discounts, int.,
Subject to adjustment at the end of the fiscal year.—V. 152, p. 113.
Beech Aircraft
Corp.—Earnings—
1940
Years Ended Sept. 30—
Net sales-
$2,345,255
68,193
Net income
Earns, per share on
$0.17
400,000 common shares
1939
$1,328,296
def91,479
Nil
Company has entered into the program of national defense and is pres¬
ently undertaking a major expansion of its facilities and personnel in order
to attain production necessary to fulfill contractural commitments, says
Walter H. Beech, President.
This plant expansion program is covered
by
Government emergency facility contracts
whereby the cost of such
facilities will be recovered over a period of 60 months
following the com¬
pletion of the same.
To facilitate substantial increases in inventories caused by the defense
funds were provided in part through the sale of 40,353 shares of
during the year, which provided an additional $231,288
and increased outstanding capitalization to 400,000
shares.
In addition, the company Is using a portion of the bank credit
available at a reasonable cost.
A substantial development program on new
products has been carried on during the year, which is responsible for a
program,
the company's stock
in working capital
major portion of the present contracts.
unfilled orders was about $22,600,000.
2,000 persons as of Nov. 16,1940,
year ago.—V. 151, p. 3881.
As of Nov. 22, 1940, backlog of
The company employed nearly
compared with about half that number a
Telephone Co.—Gain In Phones—
Bell
totaled 820,062 as of Dec. 31, 1940.
This was a gain
during December and 77.907 during 1940.
Company's
61,604.—V. 152, p. 125.
Stations operated
of 9,577 stations
1939 station gain was
Birmingham Electric Co.—EarningsPeriod End. Nov. 30—
Operating
Operating
1940—Month—1939
1940—12 Mos.—1939
revenues
$681,912
$690,323
expenses
441,835
94,042
425,062
88,206
$7,823,043
5,124,776
1,010,133
$7,765,207
4,952,261
50,000
50,000
600,000
600,000
Direct taxes
retirement re¬
appropriations-.
994.075
Property
serve
Amort,
of
limited-term
309
Net
oper.
revenues.
1,186
297
$127,042
45,750
4,225
$1,089,926
549,000
54,449
$1,219,843
549,000
52,541
$46,757
$77,067
stocks for the period
$486,477
429,174
$618,302
429,174
$57,303
$189,128
Interest on mtge. bonds.
Other int. and deduct'ns
the system of
Divs. applicable to pref.
Balance
3,722
$1,215,149
4,694
$96,912
Other income
—V. 151, p. 3227.
3,709
$126,745
$1,084,425
5,501
.
Net income
310
$95,726
investments
Howard C. Hopson, former head*of Associated Gas
Electric Co., was
sentenced Jan. 9 to five years' imprisonment by Federal Judge Alfred C.
Coxe.
He was convicted]Dec. 31.on 17 mail fraud counts and with cheating
nearly $20,000,000.
Hugh Fulton, Assistant U. 8. AttorneyGeneral, stated the Government would not recommend a fine because "we
do not believe he has sufficient assets to pay the just claims of the Associated
System and of the Government for income taxes."—V. 151, p. 3550.
expense
Other administrative expense
Provision for depreciation
Gross income—
361,971
139,381
Advertising.
Directors
f
-
Repairs and maint. (incl. milk bottle replacements
and case and can maintenance)
45.750
4,405
The Commercial & Financial Chronicle
262
Jan. 11,
Bloomingdale Bros., Inc.—Extra Dividend—
Authori ed
Directors have declared an extra dividend of 12
% cents per share in addi¬
tion to a quarterly dividend of 18% cents per share on the common
stock,
both payable Jan. 25 to holders of record Jan. 15.—V.
151, p. 1564.
Brill
414% cumulative preferred stock (par $100)
Common stock
Corp., with the approval of the holders of the proxies solicited by said
corporation, have concluded to adjourn to Jan. 22 the special meeting of
originally called for Jan. 8.—V. 151,
*
stock for sale for cash within
1939
£5,165,453
Celanese, Ltd.—Reports Increased Profit—
report.
preferred stock held by stockholders.
Kirkpatrick-Pettis Co. and Burns, Potter & Co., Omaha, Neb., entered
an
underwriting agreement with company, under which the under¬
writers agreed to purchase all stock purchase rights offered
by the stock¬
holders desiring to sell the same at $4 for each share which the stockholder
Although earnings of the company, after depreciation, showed an increase
for the fiscal year ended June 29, 1940 compared with £259,302
to £955,913
so
entitled
to
purchase; the underwriters agree
to
In addition, the underwriters
year
Comparative Income Account
—Years Ended Dec. 31-
amounted
"Trading conditions during the year were on a more favorable basis than
previous years partly due to collaboration between producers resulting
a more stable demand,"
according to the directors' report.
"The profit of £955,913 for the year, with income tax at 8s. 6d. in the
pound, would have been sufficient to provide a substantial
surplus after
meeting the annual dividend requirements of the first and second preference
1937
Cost of goods
more
than sufficient to
provide the year's dividend requirements of both classes of preference shares.
"In view of the difficulties of the present time and of the uncertainties
of the future, the directors have deemed it advisable to
apply £115,000 of
the balance of profit for the year to contingencies reserve
account which
stands at £145,000."
The directors reported
Other income.
Total income
Income deductions
Fed.
normal
&
Sept. 30,'40
$7,895,085
6.547,471
1,340,783
1,454,586
1,101,540
27,577
24,976
47,532
$117,170
23,196
$269,461
29,234
$198,541
$140,367
6,801
$298,696
4,707
$245,930
45.498
Prov. for doubtful accts.
after making adequate provision for this item is still
9 Mos. End.
1939
$9,676,428
7,927,404
$362,797
14,141
sold
Sell., gen. &adm.exps..
in
The provision for excess profits tax,
however, has made substantial
on the balance otherwise
available, but nevertheless the amount
1938
$9,100,353
7,614,822
$311,155
51,641
Gross sales, less disc'ts.
in
inroads
rights
purchase
to
agree
$25 per share the number of shares of common stock
representing the difference between the total number of shares which
stockholders were entitled to purchase through the exercise of stock pur¬
chase rights and 12,500 shares. The underwriters further
agreed to purchase
from the company at $24 per share all shares reserved for purchase by
stockholders but which were not taken up through the exercise of stock
purchase rights.
The underwriters' participation in this issue is as follows:
KirkpatrickPettis Co., 54%; Burns, Potter & Co., 46%.
£165,000.
In addition the company set up a reserve for
contingencies
amounting to £115,000, leaving net profit for the year of £205,913.
all
exercise
acquired by them.
from the company at
for the previous fiscal year, provision for excess
profits and income taxes
took £635,000, or 66% of the profit. Taxes for the previous
shares.
reserve 2,500 shares of common
to certain of its officers and employees
Company was to issue stock purchase rights to its preferred
and common stockholders, permitting stockholders to
purchase one share
of common stock for every 10 shares and fraction
thereof, of common and
was
1940
£4,865,441
Net profit for the fiscal year ended June 29.
1940, after all charges includ¬
ing depreciation, excess profits and income taxes, amounted to £205,913
compared with £94,302 for the previous fiscal year, according to the annual
to
one year
at $20 per share.
into
p. 3882.
Ltd.—Earnings—
Year Ended Sept. 30—
Net profit (after taxes and charges)
—V. 151, p. 1272,
British
Outstanding
*9,453 shs.
93,369 shs.
10,000 shs.
150,000 shs.
Underwriting—Company proposed to
Charles J. Hardy, President, in a notice to stockholders Jan.
3. stated:
For the purpose of allowing the various interests to be
affected by the
proposed plan for the merger of Brill Corp. and American Car & Foundry
Motors Co. further time for study of such
plan, the directors of the Brill
British-American Tobacco Co.,
*
As at 8ept. 30, 1940, 9,293 shares, including 30 shares subscribed and
paid for but not issued until Oct. 1940.
Corp.-—Meeting Adjourned—
the stockholders
(par $1)
1941
23,507
50,356
58,300
$9,186,120
7,408,005
1,442,571
24,387
v
47,389
2,969
excess
profits taxes
—
Other Federal inc. taxes.
2,115
State income taxes
3,367
"l",37i
3,058
"2", 500
$297,674
$108,686
$240,430
$182,160
144
now
that
negotiations
for
an
between
arrangement
Courtaulds Limited and British Celanese, Ltd. have been
interrupted owing
to the fact that the two companies came to the conclusion
that the financial
regulations which have been established since the last meeting, particularly
related to the tax position, made it impossible to consider
any arrange¬
ment which would be satisfactory for both sides.
as
However, the two
panies continue to work together in
a
harmonious
Canadian Colonial Airways,
Inc.—Transfer Agent—
Empire Trust Co. has been appointed transfer agent
stock, 81 par value, of this company.—V. 152, p. 114.
Canadian
Pacific
com¬
manner.
for
the
capital
Ry.—Earnings—
1940
—V.
152, p.
1939
84,980,000
$4,241,000
Increase
$739,000
114.
Cariboo
Gold
Quartz
Mining
3 Months Ended Oct. 31—
Gross income—bullion sales less Pro¬
vincial mineral taxes & mint
Co.,
Ltd.—Earnings—
1940
hand and
as
at
Sept. 30, 1940
in
banks, $599,919: notes and accounts re¬
ceivable (net), $1,251,336: other accounts receivable, $20,157; merchandise
inventories, $2,257,818; investments, $284,334: fixed assets (net), $682,453;
deferred charges, $36,205; other assets, $52,206; total, $5,184,428.
Inabilities—Accounts payable, trade, $476,743; other accounts payaole,
$34,420; taxes payable, $11,356; accrued liabilities, $195,749; dividends
declared, $33,795; accounts payable, stockholders, $16,676: reserve for
contingencies, $50,000: 4cum. preferred stock (par $100), $929,300;
common
stock
(par $1), $93,369; paid-in surplus, $3,222,147; earned
surplus, $120,873; total, $5,184,428.—V. 151, p. 3229.
on
Carreras, Ltd.—Final Dividends—
Earnings for the 10 Bay Period Ended Dec. 31
Traffic earnings
Balance Sheet
Assets—Cash
1939
1938
Company paid a final dividend of 34.1 cents per share on the class A
a final dividend of 3.3 cents per share on the class B shares on
Dec. 27 to holders of record Dec. 17.—-v. 149, p. 3711.Jf
at**
shares and
Celanese
Guy
Jan.
Cary,
Corp. of America—New Director— n
member
6 elected
a
of Shearman & Sterling, was on
board of directors of this corporation.—-
of the law firm
member of the
V. 151, p. 3556.
charges
development
$406,468
$435,874
$1,102,719
& admin. & gen. expenses.
Provision for depreciation and deple¬
tion and
234,889
222,259
557,670
•Cost—mining,
milling,
ipcome taxes
per
77,444
70,201
196,943
$94,135
$143,414
10.756 cts.
$348,106
26.11 cts.
way,
Net earnings—
Earnings
Central Pacific Ry, Co.—Tenders—
share
7.06cts.
—V. 151, p. 3229.
Period End. Nov. 30—
1940—Month—1939
$1,101,233
New York, before noon on Feb. 28, 1941.—V. 146, p. 104.
Central Power & Light Co.-—Dividends—
Directors have declared a dividend of $1.75 per share on the 7% cumu¬
lative preferred stock and $1.50 per share on the 6% cumulative preferred
stock of the company as payment on the dividend accumulations in arrears.
Carolina Power & Light Co.—Earninqs—
Operating
Operating
Company announced that it will entertain bids for surrender of its first
refunding mortgage bonds for redemption to the amount of $25,451 in the
sinking fund.
Bids should be sent to the company's offices at 165 Broad¬
1940—12 Mos —1939
These dividends
will be payable Feb. 1 to stockholders of record at the
15.—V. 151, p. 30841
A
$1,391,308
569,133
90,346
393,611
Property retirement re¬
serve
appropriations.
90,000
90,000
1,080,000
1,080,000
Net oper. revenues...
$641,829
$452,619
1,116
$6,041,115
21,196
$4,667,091
20,133
Feb. 1, 1940.—V. 150. p. 274.
$453,735
191,667
5,486
$6,062,311
2.186,977
Company had a net gain of 23,549
with 18,080 in 1939 and 13,493 in 1938.
40,388
$4,687,224
2,300.000
70,685
$3,834,946
1,255,237
$2,316,539
1,255,237
$2'579'709
«.<» 1,8«
revenues
expenses....
Direct taxes
Int.
on
843
income..$642,672
mtge. bonds
Other int. and deduct'ns
143,750
C'r.3,727
Net income
$502,649
$256,582
Dividends applicable to pref. stocks for the
period
—V?'l51?p.
3~2~2~9.
Carpenter Paper Co.—Stock Offered,-—Kirkpatrick-Pettis
Co., Omaha, Neb., recently offered
approximately 12,500 shares of common stock (par $1) at
$27.50 per share.
Co. and Burns, Potter &
Of the 12,500 shares offered 2,100 shares were
to be sold to the under¬
writers by the company and 10,400 shares were
offered to stockholders at
$20 per share under stock purchase rights to the extent the
rights are
exercised by stockholders or their
assigns. Should none of the stockholders
or their assigns exercise their
rights the 10,400 shares (estimated) are to be
sold oy the company to the underwriters at
$24 per share and to be sold
by the underwriters at $27.50
per share.
History and Business—Company was incorp. in
Delaware, Nov. 22, 1937,
successor to the Carpenter
Paper Corp.
Company is engaged in the
warehousing for sale at wholesale of paper and
paper products of various
While its principal business is dealing in
paper, it also ware¬
houses and sells at wholesale such kindred
products as wrapping paper,
paper bags, paper cups, household papers, toilet
papers, towels, tissues,
wax paper, stationery, school
supplies, floor coverings, twine, corrugated
cartons, paper containers, and other lines
usually handled by wholesale
paper merchants.
descriptions.
Company's merchandise is distributed in 17 States west of the Mis¬
sissippi River.
These States are adequately served from 24 warehouses'.
In November, 1940, the
company became sole owner of all the capital
stock of Carter, Rice & Carpenter
Paper Co. and its wholly-owned sub.,
New Mexico Paper Co., division of
Carter, Rice & Carpenter Paper Co.
As a result, additional warehouses were
acquired in Denver, Colo.; Pueblo,
Colo., and Albuquerque, N. M. The business of the
Carter, Rice & Car¬
penter Paper Co. and its subsidiary is the
warehousing for sale at wholesale
of paper and paper products of various
descriptions.
Purpose—The purpose of this offering is to reimburse the treasury of
Carpenter Paper Co. for moneys expended by it in the acquisition of all of
outstanding capital stock of Carter, Rice & Carpenter Paper
Co. and to provide additional
working capital. The acquisition of all of the
the issued and
outstanding interests in the Denver company required
approximately
$248,803. This stock was acquired from the United States National Bank,
Denver, Colo., agent and depositary under a voting trust agreement dated
Nov. 6, 1925. The net proceeds from the sale of the common
stock, in excess
of the amount necessary to reimburse the
treasury, will be used as additional
working capital for the company's subsidiary, and to provide funds for the
retirement of
a
real estate mortgage in the sum of
$34,000 on the Denver
property.
Capitalization—The capitalization of the company
(before giving effect to this financing) was as follows:
Chain Store Real Estate Trust—Extra
an
Dividend
extra dividend of 20 cents per
—
share in addi¬
tion to the regular quarterly dividend of like amount on the common stock,
both payable Feb. 1 to holders of record Jan. 20.
Like amounts naid on
Chesapeake & Potomac Telephone Co.—Gain in Phones
'
as
close of business on Jan.
Directors have declared
Other income (net)
Gross
$14,348,920 $11,993,216
5,536,194
4,353,707
165,003
1,691,611
1.892,418
stations
during
1940,
compared
During December the company had a net gain of 2,285 stations, compared
with 1,326 in December, 1939, and 1,435 in December, 1938.—V. 151,
p. 2796.
Chicago & Great Western RR.—ICC Approves Transfer
of Properties to New Company—See Chicago Great Western
Ry.—V. 152, p. 115.
Chicago Great Western Ry.—Reconstruction Loan—
The Interstate Commerce Commission on Dec. 30 approved a loan of not
exceeding $6,396,870 to the company by the Reconstruction Finance
Corporation for specified purposes.
The report of the Commission states part:
The applicant requests a loan of $6,396,870 for a term of 10 years, to be
evidenced by its promissory note, bearing interest at a rate not exceeding
4% per annum, and to be secured by the pledge of $7,996,100, first-mort¬
gage 50-year 4% bonds, to be dated Jan. 1, 1938, which are part of an issue
contemplated in the confirmed plan of reorganization, limited in total
principal amount to $20,000,000, of which (approximately $10,130,100 will
be issued and outstanding (not including pledged bonds), secured by a first
lien upon all the property to be owned by the applicant and all afteracquired property, subject, however, to certain lieas, equipment-trust
agreements and leases, and other leases of equipment, and easements,
leases, and contracts affecting such property, all as more fully appears in
the proposed first-mortgage indenture of the applicant.
To enable it to carry out the confirmed plan of reorganization and to
insure the permanency of its financial structure, the applicant requests
that the entire proceeds of the loan be made available immediately upon
approval thereof, to be applied and used as follows:
(1) to purchase the
properties of the St. Paul Bridge & Terminal Ry., $1,500,000; (2) to pay off
in cash the principal of and accrued interest on the loans made by the
Finance Corporation to the Chicago Great Western RR. in the amount
produced by the terms of the court's order entered on Sept. 27, 1940, with
respect to proof and allowance of the former's claim against the debtor,
approximately $1,707,442;
[This amount is based on the assumption that
the date of settlement of this claim will be Dec. 31, 1940.]
(3) to pay off
in cash the principal of and accrued interest on the loans mdae by the
Railroad Credit Corporation, to the Chicago Great Western RR. in the
amount produced by the aforesaid order of the court with respect to proof
and allowance of the former's claim against the debtor, approximately
$1,139,427; [This amount is based on the assumption that the date of settle¬
ment of this claim will be Dec. 31, 1940.] and (4) to provide the reorganized
company with additional working capital, $2,050,000.
ICC Appioves
Transfer of Property, &c.,
ization Plan—
Under Reorgan¬
.
Dec. 30 approved:
(1) Acquisition and operation by the
Chicago Great Western Ry. of the railways and properties of the Chicago
Great Western RR. and of the St. Paul Bridge & Terminal Ry., in effect¬
The
ICC
on
ing a plan of reorganization,
as
of Nov.
5,
1940
(2) Issue by the Chicago Great Western Ry. of (a) not exceeding $10,130,100 first mortgage 4% bonds, series A, (b) not exceeding $6,113,600
Volume
general income mortgage 4)4% bonds, <c) not exceeding 366,104 shares of
5% preferred stock (par $50), and (d) not exceeding 352,639 shares of
common stock (par $50).
(3) Procurement by the Chicago Great Western Ry. of the authentica¬
tion and delivery of $9,000,000 of its first mortgage 4% bonds, series A,
for pledge "with the Reconstruction Finance Corporation to secure a loan
in the principal amount of $6,396,870.
(4) Assumption of obligation and liability in respect of ta) $500,000
Wisconsin
Central
Minneapolis Terminal purchase money mortogage
3)4% bonds of Wisconsin Central Ry., tb) $2,281,000 of Chicago Great
Western RR. equipment-trust certificates, series A, B, C, and D, (c) $320,528 of equipment notes evidencing rental payments due under an equip¬
ment lease from the Pullman-Standard Car Manufacturing Co.
to the
Chicago Great Western RR. and its trustees, (d) obligation of the Chicago
Great Western RR. in respect of one-twelfth of principal of, and interest
on,
$50,000,000 of Kansas City Terminal Railway first-mortgage 4%
bonds, (c) obligation of the Chicago Great Western RR. in respect of oneninth of the principal of and interest on $15,000,000 of St. Paul Union
Depot Co. 1st and ref. 5% bonds, (f) obligations of the Chicago Great
Western RR. and its trustees under four several leases of equipment, rental
payments for which are not evidenced by notes or other
securities, (g) other
Great Western
contracts, claims, liabilities, and obligations of the Chicago
RR. and its trustees to the extent
—V.
152. p.
provided in the plan of reorganization.
115.
Coca-Cola Bottling Co.
Directors have declared
of St. Louis—Extra Dividend—
extra dividend of 25 cents per
an
share in ad¬
25 cents per share on the common
both payable Jan. 20 to holders of record Jan. 10.
Extra of 15
cents was paid on Oct. 20, last; extras of 25 cents paid on July 20 and
dition to the regular quarterly dividend of
stock,
1940 and extras of 15 cents were paid on
20,
Jan.
1939.—V.
151,
Oct. 20 and Jan. 20,
2185.
p.
extensive investigations
Georgia Power Co. and of the books of
transactions by which the bonds were acquired and
paid for by the corporation, of the adequacy and accuracy of Georgia
Power
Co.'s property, maintenance and depreciation accounts, of the
necessity or appropriateness of the proposed transaction to the capital
structures of Georgia Power Co. and of the corporation and to the economical
and efficient operation of their respective businesses, &c.
Hearings were
held on Dec. 19 and 20, 1940, but it was found impossible to complete the
hearings by Dec. 31, 1940, and they were adjourned until Jan. 7, 1941.
Subsequent to such adjournment, the corporation has succeeded in making
arrangements with the insurance companies and the banks for extensions
of time, so that the sale of the bonds and the bank loans may be consum¬
mated if a favorable order is received from the Commission in time to permit
the sale of the bonds by Jan. 31, 1941.
We are hopeful that as a result of the subsequent hearings the SEC will
approve the plan and authorized the proposed sale and bank loans, which
will permit the redemption of all of the debenture- debt of the corporation
and provide Georgia Power Co. with funds to finance its present construc¬
tion program.
In the meantime the corporation has been able to carry
out a part of the redemption program.
As stated above, it received ap¬
proximately $6,788,000 of cash from Tennessee Utilities Corp., and at a
meeting held Dec. 27, 1940, the directors called for redemption on Feb. 1,
1941, at 104)4% and accrued interest to P'eb. 1, 1941, $5,721,500 PennOhio Edison Co. 6% debentures, series A, due Nov. 1, 1950.
The amount
required to effect such redemption has been deposited with the Central
Hanover Bank & Trust Co., the paying agent, 70 Broadway, New York,
N. Y., and a holder of said debentures may surrender them at any time
to that bank and receive payment thereof, including the premium of 4)4%
and accrued interest at 6% from Nov. 1, 1940, to Feb. 1, 1941.
The re¬
demption of the remaining debenture debt of the corporation is being held
in abeyance pending the disposition by the SEC of corporation's application.
The staff of the Commission at once began making
of the books and property of the
the corporation, of the
Statement
Colonial Stores,
Income from
Inc.—Sales—
Dividends
Company reports sales of its constituent companies, David Pender
Grocery Co. and Southern Grocery Stores, Inc., for the year 1940 amounted
to $46,239,556 as compared to $40,079,756 for year 1939, an increase of
$6,159,800 or 15.3%.—V. 152, p. 115.
Commonwealth
Edison
Interest
of Income Year Ended Dec. 31, 1940 (Corporation
subsidiary companies—
preferred and common stocks.
on
on
'
Co.—Weekly Output—
-Kilowatt
'
This
Week Ended—
Jan.
4, 1§41_-_
28, 1»40
Dec. 21, 1940-..
Dec. 14, 1940--.
Hour
General
145,738,000
-144,481,000
157,437,000
-153,000,000
—
-----
Year
7.0
8.6
Net income
10.6
Corp.— Yeai-End
Southern
__
1,053,881
'$7,377,073
-
— - — — -—
—
Dividends declared on preferred
Balance, Dec. 31, 1940--
stock ($3 per share)
$2,110,582
- —
- —
— — -—-
13,242,411
-$20,619,484
14,010,031
4,498,872
______
Transfer to reserve account...
a
State¬
ment—Subsidiary Bonds Called—Financial Statements—Justin
R. Whiting1, President, in a circular letter to stockholders
By resolution of the board of directors of the corporation adopted
27, 1940, there has been transferred the balance of $1,089,969 in
"suspense" account and $14,010,030 from "earned surplus" account or an
aggregate of $15,100,000 to an account entitled "reserve for estimated
possible loss (based on determination of the board of directors) in connection
with the liquidation of Tennessee Electric Power Co."
a
states:
Dec.
Subsidiaries)
Consolidated Income (Corporation and
(Excluding the Tennessee Companies)
1940
v:;
12 Months Ended Nov. 30—
Gross
—
-
Balance, Dec. 31, 1939
8.4
Total income.
&
$65,115; Federal
—
operating income.
— ——— — — — — —
$ 10,534,935
Interest on long-term debt, $3,072,700; other interest deduc¬
tions, $1,595; taxes assumed on interest and State taxes re¬
funded to bondholders, $83,567—
— —
--------3,157,861
—V. 152, p. 115.
Commonwealth
taxes,
Net
Increase
136,249,000
133,077,000
142,325,000
141,172,000
general
$713,766;
$275,000
expenses,
76,609
$11,588,816
- —
____
income taxes,
P. C.
Output-
Last
Year
2,084,260
bonds and loans
Total income
Company has furnished us with the following summary of weekly kilowatt
output of electrical energy adjusted to show general business con¬
ditions of territory served by deducting sales outside of territory to other
utility companies:
Only)
$9,427,947
_-
Other income—principally profit on sale of and interest earned
on U. S. Government and Federal agencies' securities.-
hour
Dec.
263
The Commercial & Financial Chronicle
152
revenue
Operating
expenses
Taxes,-——
1939
$151,127,1661139,574,011
60,274,617 54,070,489
23,350,492 19,347,213
18,043,692 16,473,527
Provision f«r depreciation and
amortization
Balance Sheet Dec. 31, 1940
;
—
—
(Corporation Only)
*
$355,233,550
Cash
—
22,408,604
U. S. Government and Federal agencies' securities
4,425,000
Accrued interest and dividends receivable, &c.—Sub. cos—
848,043
Others
—
' .8,761
Prepaid interest and premium paid on long-term debt called
for redemption (to be amortized monthly to the extent to
,
subsidiary at book value
Investments in and loans to
—
i ncome
Gross
Interest and other
—_
„.
deductions..
———$49,458,366 $49,682,782
36,223,291
36,449,917
--$13,235,075
end-of-year adjustments.
be noted that
It will
by
over
although the consolidated gross revenue increased
$11,500,000 the consolidated net income was
practically the same
in 1939, in part because of increased taxes of over $4,000,000 and in part
because of increased operating expenses due to the lowest water conditions
suffered by the southeast in 35 years.
as
Liiuidation of Tennessee Electric Power Co.—Pursuant to order of the
Securities and Exchange Commission in accordance with corporation's
application, the Tennessee Electric Power Co. has now been entirely
liquidated and its remaining assets distributed to its stockholders.
Ten¬
nessee Utilities Corp. received all of the physical property and part of the
cash so distributed and it in turn distributed on Dec. 17, 1940, to Common¬
wealth & Southern Corp. $6,788,035 and reduced its capital stock from
$9,400,100 par value to $3,230,000 par value.
Tennessee Utilities Corp.
nows the capital stock of the Nashville Coach Co. (operating the transporta¬
tion business in Nashville), the transportation properties in Chattanooga,
and certain water and ice properties, the appraised value of which together
with other net assets equals $3,230,000, the par value of its capital stock.
Such stock is now owned by Commonwealth & Southern Corp.
The SEC
has ordered these properties or such stock be sold to interests unaffiliated
with Commonwealth & Southern Corp. on or before July 1, 1942.
Plan for Redemption of the Debenture Debt of the Corporation—On Dec. 3,
1940, the corporation filed an application with the SEC for the approval of
plan under which the corporation proposes to sell $34,231,000 Georgia
Power Co. bonds held by it to a group of insurance companies and to use
the proceeds, together with other funds, in the redemption and payment of
$51,857,500 of debentures assumed by the corporation.
As it has been
impossible to complete this plan by the date stipulated in the agreements
for the sale of the bonds, i.e. Dec. 31, 1940, we feel that the stockholders
should be informed of the present status of the matter.
In addition to funds to be derived from the sale of Georgia bonds, the
a
plan contemplates that the further amounts necessary
are
to
be obtained from
the proceeds of proposed
for the redemption
bank loans by the cor¬
poration of $17,000,000, and from $6,788,035 received in
the Tennessee Utilities Corp.
The proposed transaction
distribution from
will leave as the
only debt of the corporation the 2H% bank loans of $17,000,000, payable
semi-annually over 10 years, with the privilege of making prepayments of
principal at par at any time, and it is estimated that the resulting cash
savings in interest payments will meet a substantial part of the principal
instalments of such bank loans.
Credits for the savings during the first
proposed to be applied by the corporation to amortize the
premium paid in redemption of the debenture debt.
The plan also contemplates that Georgia Power Co. will receive as a
result of the sale of its bonds, approximately $3,800,000, the difference
between the amount paid by the corporation to Georgia Power Co. for the
bonds and the net amount to be received on the sale thereof.
This is in
accordance with the corporation's usual practice and the arrangement under
which the bonds were originally purchased by the corporation from Georgia
Power Co. under which arrangement Georgia Power Co. retained the right
to secure for itself the benefit of any increase in the market value of the
bonds, either by obtaining from Commonweaith any amount paid to Com¬
monwealth on a resale of the bonds, in excess of Commonwealth's cost
four years are
thereof, or by reacquiring the bonds from Commonwealth, at
wealth's cost, and reselling the same for its own account.
The
received by Georgia Power Co. will be used by it to finance in part
Common¬
money so
its needed
construction, which includes the installation of two additional electric
generating units, aggregating 100,000 kw. rated installed capacity, to come
on the line in 1941 and a 40,000 kw. unit for completion in 1942.
Under the date of Dec. 6, 1940, the SEC issued an order calling a hearing
on application or the corporation, to be held on Dec. 19, 1940.
One of the
such order was the following:
"Whether the present claim of Commonwealth
issues raised by
& Southern Corp. against
by the holding of $34,231,000 of first mort¬
amount or any portion thereof, a claim
the rights of the holders of other first
bonds and of preferred stock outstanding in the hands of the
Georgia Power Co. evidenced
gage bonds is, either as to its full
which should be subordinated to
mortgage
public."
—
-
.
$13,232,865
Note—The consolidated net income includes the entire net income of
the consolidated subsidiary companies applicable to the common stock
of such companies owned by this corporation, all of which was not dis¬
tributed in dividends.
With respect to the companies included, this state¬
ment reflects the usual accounting practices of the corporation
and its
subsidiaries on the basis of interim figures and is subject to audit and
Consolidated net income
net interest
savings)—-
— —
286,075
_
— —
——
$383,210,033
'
Total,
*
-
vl''V
- -
J4(ihj
'"'■■■ ''y
v.,,'
./i,'
•.
$6«cumulative preferred stock—
Common stock
Long-term debt
Accrued taxes.
debt
Dividends payable——
Miscellaneous current liabilities
Reserve for estimated possible loss
-
-
— —
'
-
— - —
in connection with liquida¬
15,100,000
Electric Power Co—
Capital surplus
Earned surplus.
'' *
945,324
352,616
11,821
59,268
—
-
—
tion of Tennessee
■
$150,000,000
168,366,640
46,136,000
—
- —
Accrued interest on long-term
Total
*'
—
(33,673,328 shares, no par)
127,782
—
2,110,582
-
-—.
_$383,210,033
-----—-
in and Loans to Subsidiary Companies—Dec. 31,1940
DBscvipti07i~m
'.'•••■ .!• ■ '■"'.V.< •
■'
•:r*
*' /
Consumers Power Co.: Common (no par)-1,811,716 shs.
$5 preferred (no par)..
—
—
.
325shs.
Central Illinois Light Co.: Common (no par)
210,000 shs.
Southern Indiana Gas & Electric Co. common (no par)- — -400,000 shs.
Ohio Edison Co.: Common (no par)
1,436,920 shs.
Details of Investments
preferred (no par)
preferred (no par)j_--_
—
preferred (no par)
—
—
preferred (no par)
—
Pennsylvania Power Co. common (no par)____—— — — —
Alabama Power Co.: Common (no par)
----$5 preferred (no par)
$6 preferred (no par)
— ------ —
—
$7 preferred (no par)___
Georgia Power Co.: Common (no par)
$5 preferred (no par)
■;
$6 preferred (no par)--1st & ref. mtge. 5s, 1967
—
Gulf Power Co.; Common (no par)
—
$6 preferred (no par).
1st & ref. mtge. 5s, 1968
— Loan under liability agreement dated June
16, 1937,
interest no payable at 3)4 %
Mississippi Power Co.: Common (no par)
$6 preferred (no par)
$7 preferred (no par)
— ---------1st & ref. mtge. 5s, 1955
South Carolina Power Co.: Common (no par)
_
$6 preferred (no par).
1st lien & ref. mtge. 5s, 1957
Loan under liability agreement dated June
16, 1937,
interest now payable at 3)4%
—
Tennessee Utilities Corp. common (par $100)
— —
Transportation Securities Corp.: Common (no par)
6% income note due on or before Aug. 1, 1956Demand income notes—interest not to exceed 6%- -----The General Corp.: Capital (no par) —
Demand income note—interest not to exceed 6%
Southeastern Fuel Co. advance on open account
Savannah River Electric Co. advance on open account
$6.00
$6.60
$7.00
$7.20
a
Under contract of sale
subject to approval of the
1,162 shs.
l,365shs.
10,663 shs.
106 shs.
110,000 shs.
3,775,000 shs.
340 shs.
5,282 shs.
5,680 shs.
2,500,000 shs.
45,430 shs.
7,856 shs.
a$34,231,000
410,000 shs.
14 3
$1,157,000
^
,
$810,000
450,000 shs.
483 shs.
264 shs.
b$3,031,500
600,000 shs.
5,550 shs.
$5,261,000
$200,000
32,300 shs.
1,000 shs.
$5,852,404
$805,000
1(lshSo
$6,949,628
$10,500
$5,500
SEC.
due March 1, 1941, from $3,000,000 of these
surrendered to New York Trust Co., trustee, for cancella¬
and have been canceled in accordance with terms and conditions of an
b At Dec. 31, 1940, coupons
bonds have been
tion
agreement entered into by this corporation and Mississippi Power Co.
under date of June 29, 1934; the coupons due Sept. 1, 1941, and subseauent
from said $3,000,000 of bonds have been deposited with New York Trust
Co. as agent, and payment thereof is subject to certain terms and conditions.
Weekly Output—
kilowatthour output of electrical energy of subsidiaries of
Commonwealth & Southern Corp., adjusted to show general business
The weekly
the
conditions of territory
served for the week ended Jan, 2, 1941,
amounted
The Commercial & Financial Chronicle
264
173,603,231, as compared with 156,748,331 for the corresponding week
itt 1940, an Increase of 16.754,900, or 10.69%V. 152, p. 116.
to
Jan. 11, 1941
Dejay Stores, Inc. (& Subs,)*
■Earnings—
Earnings for Nine Months Ended Oct. 31
1940
Community Power & Light Co. (& Subs.)—Earnings—
Period. End. Nov. 30—
1940—Month—1939
$454,641
$416,964
146.457
131,673
Oper. revs.—sub. co.'s.Gross Income—sub. co.'s
Net profit—
x
1940—12 Mos.—1939
$5,164,528
$4,814;757
1,672,793
1,559.317
764,268
698,030
Ac.,
but
Denver & Rio Grande Western
surplus of Community
Light Co
64,553
49,926
The Interstate Commerce Commission
RR.—Equip. Trust Ctfs.
Dec. 27 authorized
on
100.5973 and
certain
accrued
dividends
connection
in
with
the
procurement
addition requests for bids were sent to 43 parties.
In response thereto two
bids were received.
The highest bid, 100.5973 and accrued dividends, was
The Directors have declared a dividend of $2 per share on account of
on the 7%
cumulative preferred stock, par $100, payable
Dec. 31 to holders of record Dec. 30.
Arrears after current payment will
annual cost of the proceeds to the railroad trustees will be
amount
1.88% —V. 152,
accumulations
made by Blyth A Co., Inc., of New
151, P. 1889.
Consolidated Edison Co. of New
York, Inc.—Output—
from the sale of the bonds will be used
as
Diamond State
(c)
(W. S.) Dickey Clay Mfg. Co.—Earnings—
Cost
1940
1939
1938
1937
$2,777,335
Years End.
$2,973,880
$2,170,158
$2,638,388
Oct. 31
sales
of
(excl. of
prov. for deprec. and
1,618,947
betterments, extensions and additional property made
Sell.,
new
bonds to be
underwritten by each are:
White, Weld A Co
$2,600,000
The First Boston Corp.
1,850,000
*
Minsch, Monell A Co., Inc
Bonbright A Co., Inc
1,000,000
775,000
775,000
Harrlman Ripley A Co., Inc..
Lee Higglnson Corp....
Mackubln, Legg A Co
Jackson A
5525,000
Curtis
325,000
Kidder, Peabody A Co
325,000
Frank B. Cabn A Co
275,000
Robert Garrett A Sons..
275,000
775,000
W. W. Lanahan A Co
275,000
600,000
Spencer Trask A Co
275,000
Joseph W. Gross A Co
550,000
Stein Bros. & Boyce
275,000
Baker, Watts A Co
525,000
Alex. Brown A Sons
1,710,036
1,323,277
1,538,628
$1,158,388
495,559
$1,263,843
522,404
$846,881
460,405
$1,099,760
532,799
$662,829
39,210
$741,439
34,159
$386,477
29,951
$566,960
25,941
$702,039
91,921
$775,599
$416,428
93,205
$592,901
93,360
141,407
A admin, exp.
142,958
142,877
112,182
$180,346
z211,375
6,337
y$370,981
-
Net prof,
before int.,
deduct., depreciat'n
The remainder of the proceeds will be applied to general corporate
of the underwriters and the amount of the
gen.
Net profit from operOther income (net)
purposes.
names
and depletion-.
Interest deductions
Prov.
for
deprec.
The redemption provisions and the
offering price of the bonds will be
assurance, it
states, that the price of the bonds will be stabilized or that the stabilizing,
if commenced, may not be discontinued at
any time.—V. 152, p. 116.
depletion
-
Prov. for Fed. and State
income taxes
52,000
Class A dividends
1940—Month—1939
$1,045,028
$996,929
—V. 151, p. 3885.
$494,281
a211,775
15,215
x211,225
$105,613 paid in cash and $105,613 paid in class A stock (105.613 shares
of $1 par),
y Before deducting special charges (loss on liquidation
of in¬
ventories at abandoned plants in excess of reserve provided at date of
reorganization).
z $63,413 paid in cash and $147,963 paid in class A stock
(147,962.5 shares of $1 par).
a $42,355
paid in cash and $169,420 paid in class A stock (169,420 shares
of $1 par),
b $148,278 paid in cash and $63,548 paid in class A stock
(63,547 shares of $1 par).
Balance Sheet Oct. 31
i940
Assets—
1940—12 Mos.—1939
$9,946,467
$9,367,420
Cash-.
a
1939
Liabilities—
$861,412
—
Receivables--—
sold
264,514
Payroll
Directors at a regular meeting held Jan. 8 decided to
postpone consid¬
eration of the initial interim dividend for 1941 on the common stock
until
the March meeting of the board of directors.
Although it has been the
usual practice for the directors to declare a dividend at the
January meet¬
on Feb.
15, no action was taken at the current meeting in view
of the possibility that any dividend action taken
prior to March, 1941
might result in an increase in the company's excess profits
taxes, if any,
for the year.
Reason for postponement of the dividend consideration
appears to rest
provision of the Second Revenue Act of 1940, that any dividends paid
in the first 60 days of the
year shall be considered as being paid out of
earned surplus from the preceding
year.
This, in turn, would mean that
total invested capital at the year-end, on which the
exemption for the
ensuing year under the excess profits levy is based, would be reduced in
the amount of dividends paid.
A reduction in total invested capital, if
that option under the law is used, of course would
reduce slightly the ex¬
emption allowed the company.
Dividend of 50 cents was paid on Nov. 15 last.—V. 151,
p. 3392.
on a
Continental Gas & Electric Corp.—$6.25 Common Div.
Directors have declared
a dividend of $6.25
per share on the common
to holders of record Dec. 30.
Last previous distri¬
Dec. 30, 1938 and amounted to $8.50
per share.—V.
11,300
909,835
Notes rec. for prop.
sold (non-curr.).
8,100
Sink, fund depos__
248,800
44,710
payable
36,803
A
23,752
38,181
108,087
104,968
Stateinc.taxes
Funded
48,248
deferred charges
44,994
44,719
2,101,059
2,379,052
plant
81,597
45,000
1,593,250
1,711,500
13,513
14,413
1,694,600
1,694,200
486,543
and
422,995
long-
term debt
b Plant and equip.
Res. for coming's.
for reval. of
Res.
24,814
43,136
plant and equip.
c$lnon-cum.conv.
1
A equipment. Ac
Goodwill.-..
$44,602
Reserve for Federal
Prepaid exps., and
Abandoned
1939
$73,924
sales¬
Bonuses payable.Accrued liabilities.
133,676
44,522
Investments
and
men's commis'ns
11,200
731,079
(current)..
Inventories
1940
Accounts payable-
$675,731
425,825
Notes rec. for prop,
Continental Can Co., Inc.—Dividend Postponed—
ing, payable
45,000
$416,710
b211,825
25,.380
Net profitPreferred dividends
Consolidated Retail Stores, Inc.—Sales—
Period End. Dec. 31—
109,738
and
x
filed by amendment.
To facilitate the offering, the prospectus states that it is intended to
stabilize the price of the bonds.
This statement is not an
Sales
average
approximately
follows:
$5,850,000 toward the retirement of a like principal amount of
3H% first refunding mortgage sinking fund bonds, series M, due July 1,
1965, which are to be called for redemption on or about March 19, 1941.
(b) $6,150,000 to reimburse company's treasury for capital expenditures
The
On this basis the
Telephone Co.—Construction Budget—
(a)
for improvements,
since Feb. 1, 1938.
York, N. Y.
118.
p.
Company has budgeted a gross total expenditure of some $4,200,000 for
telephone construction in Delaware in 1940 and 19il.
"Because of its rapid growth and its active part in the Nation's defense
program, Delaware needs more telephone service—and more telephone
equipment—than ever before," the company states.—V. 150, p. 1432.
Consolidated Gas Electric Light & Power Co. of Bal¬
timore—Files Registration Statement jor $12,000,000 Bonds—
Company of Baltimore on Jan. 7 filed with the Securities and Exchange
Commission a registration statement (No. 2-4625, Form A-2) under the
Securities Act of 1933 covering $12,000,000 of 2%% first refunding mort¬
gage sinking fund bonds, series Q, due Jan. 1, 1976.
The net proceeds
of
equipment.
The certificates were offered for sale through competitive bidding and in
Consolidated Dry Goods Co.—Accumulated Dividend—
Consolidated Edison Co. of New York announced production of the
electric plants of its system for the week ended Jan. 5, 1941,
amounting
to 151,900.000 kwh., compared with 147,300,000 kwh. for the
corresponding
week of 1940, an increase of 3.1%.—V. 152, p. 116.
thevcom-
obligation and liability in respect of not exceeding $1,260,000
equipment-trust certificates, series G, to be issued by the Pennsylvania
Co. for Insurances on Lives A Granting Annuities, as trustee, and sold at
any.—V. 151. P. 3392.
$9.75 per share.—V,
152,
pany to assume
Notes (1)—General Public Utilities, Inc., and subsidiaries, are excluded
except to the extent of dividends received.
(2)—No provision has been
made for Federal excess profits tax pending determination of
liability, if
to
$58,473
before Federal income taxes.—V.
P. 118.
Bal. avail, for divs. and
Power &
1939
$25,776
„
After depreciation,
x
1
preferred stock.
8,334
CI. Astk.6% cum.
(par $1)
d Common
stock
518
Total
a
After
$4,501,808 $4,506,674
for
Total..
518
374,792
388,144
.
Earned surplus
$4,501,808 54,506,674
bad debts of $45,596 in
1940 and $37,288 in 1939.
reserves for depreciation and depletion of $575,473 in
1940 and
$498,023 in 1939.
c Represented
by 211,825 (211,775 in 1939) no par
shares at stated amount,
d Represented by 51,806 no par shares.—V.
151,p. 2041.
reserve
b After
stock, payable Dec. 31
bution
was
made
on
151, p. 3885.
Crown Drug Co.—Sales—
Period End. Dec. 31—
1940—Month—1939
m2M3
$906'638
1940—3 Mos.—1939
$2,392,261
$2,330,249
Crown Zellerbach Corp.—Reduces Loans—
.The corporation has
announced that since Jan. 2, 1941, an additional
long-term bank loans has been prepaid.
The prepavment
maturity due Feb. 1, 1942, and reduces total indebtedness to
banks to $10,150,000.
Company made a similar payment of $1,000,000 on Nov. last.
Total
$1,000,000
on
represents the
,e loans during company's current fiscal
3,650,000.—V. 151,
year
to date is
p. 3557.
Diesel Plants, Inc.—Stock Offered—Initial public financ¬
ing for the company was announced Jan. 7 with the offering
of 2,500 shares of 5% cumulative preferred stock ($100 par),
and 10,750 shares of common stock (12 cents par), by Chas.
M. Kemper, Inc., New York.
The stock is offered in units
comprised of 7 shares of common stock and 1 share of pre¬
ferred until the first 1,000 units are sold, 4 shares of common
and 1 share of preferred until the next 750 units are sold, and
1 share of common and 1 share of preferred for the
remaining
750
units.
.
f.'
The price per unit at which such units are offered is the aggregate par
value of the shares comprising the unit, or $100.84 for each unit of the
first
Curtis Mfg. Co., St.
Years End. Nov. 30—
Gross profit on sales
Louis—Earnings—
1940
1939
1938
1937
$540,142
Gen. and admin. exps„_
$749,660
337,658
144,625
319,549
142,096
$467,577
247,898
195,536
$836,857
249,535
213,220
Profit on operations-.
Other income
$267,377
38,530
$78,497
20,982
$24,143
7,746
$374,102
2,527
Total income
Other expenses
$305,908
$99,479
$31,889
$376,629
283
952
4.648
17,495
2,894
X64.381
$250,720
193,365
$81,700
48,341
$28,043
48,632
$307,601
243,206
193,365
193,365
194,536
$0.14
194,565
$1.58
Selling
expenses
Prov. for Fed. and State
income taxes
Net profitDividends paid
Shares of capital
(par $5)
55,188
stock
Earnings
x
per share
$0.00
$0.42
Includes $7,089 for undistributed profits tax.
Balance Sheet Nov. 30,1940
to banks and
on
hand, $648,559; marketable securities, at
cost, $206,729; notes, acceptances and
accounts receivable
(less reserves for
doubtful items and discounts of
$8,500), $253,188; sundry receivables,
$734,904; fixed assets (less reserve for depreciation of
$824,164), $435,775: patents and trade-marks, amortized to
date, $7,407:
deferred charges. $35,616; total,
$2,330,085.
Liabilities—Accounts payable, Ac.,
$66,417; accrued salaries, wages,
commissions, Ac., $33,476; accrued general taxes,
$19,498; Federal and
State taxes on income
(estimated), $55,189; capital stock (par $5), $1,000,000; surplus, $1,190,050; deduct cost of 6,635 shares of
Treasury stock,
$34,545; total, $2,330,085—Y. 151, p. 2350.
1,000 units: $100.48 per unit for the net 750 units and $100.12 per
unit for each of the remaining 750 units offered.
The primary purpose for
decreasing the numoer of shares of common stock offered with each share
of preferred stock, as sales progress, is to facilitate sales of the first units so
that the corporation may rapidly obtain sufficient capital with which to
engage in active operations.
Transfer Agent—Registrar and Transfer Co., New York, N. Y.
Company was incorporated in New York in September, 1940, primarily
design, install, sell and, directly and through loans to subsidiaries, to
finance installation and sale on time payment plans of Diesel and steam
boiler plants for the generation, production and distribution of electricity
and steam.
The company's purchasing, designing and installing sub¬
sidiary will oe known as Power Equipment Corp.
An feature of the
company's plan provides for che offering of Diesel and steam plants to pur¬
chasers on a basis allowing for payment, prior to the end of the contract
period, only when savings shall have resulted.
Offices are located at
521 Fifth Avenue, New York.
Net proceeds of this financing will be added to working capital and used to
finance the purchase of equipment and installation costs in the case of cash
sales of plants, and in addition to finance plant purchases under deferred
payment sales contracts.
All proceeds from the present sale of stock wili
be deposited in a special account until sufficient sales to produce a net
minimum amount of $10,000 have been made, according to the prospectus.
to
Should such
chased
will
sales
not
be made within
be returned
on
one year, the cost
surrender of stock certificates.
of shares pur¬
Outstanding capitalization on completion of this financing will consist
of 2,500 shares of 5% cumulative preferred stock and
94,083 shares of
common stock.
The preferred stock is entitled to dividends at the rate
of 5% per annum and no more.
It is redeemable, in whole or in part by
lot, on any dividend date on 60 days' prior notice, at 102H%, plus an
amount equal to accumulated dividends.—V. 151, p. 2494.
Discount
Following
has retired
a
as
Corp. of New York—Official Retires—
meeting of directors, it
a
was announced that John
director and Chairman of the Board.—V.
McHugh
151, p. 3234.
The Commercial & Financial Chronicle
Volume 152
Distillers
Corp.-Seagrams, Ltd. (& Subs.)—Earnings—
EI Paso Electric Co.
3 Mos. End. Oct. 31—
1940
1939
Net sales
$26,270,159 $25,475,083
Gross profit after costs.
Other income
1938 "
1937
$19,999,017 $23,302,528
8,495.322 *
6,368,035
6,778,400
32,829
37,467
26,560
7,392,700
33,756
__
265
(Del.) (& Subs.)—Earnings-
Earnings of El Paso Electric Co. (Texas)
Period End. Nov. 30—
1940—12 Mos.—1939
1940— Month—1939
Operating revenues$286,385
$262,260
$3,115,537
$2,945,131
Operation..
109,936
99,932
1,180,850
1,250,706
Maintenance.
14,690
184,207
13,332
176,100
Depreciation
366,522
31,130
30,847
369,937
a41,205
33,015
381,287
439,728
Taxes . . ______________
______
_
Total income
Expenses, Interest, &c—
x Depreciation.____
Federal income tax, &c_
Loss on disp. cap. assets
Prov. for exchange adjust
__
Net profit._________
Earn, per sh. on Com—
$7,426,455
5,206,310
43,718
819,244
53,831
9.059
$8,528,151
3,946,120
40,804
/
1,033,014
60,311
$6,405,502
4,273,830
51,713
578,409
43,296
$6,804,960
3,754,356
26,482
594,155
:
60,000
$1,294,295
$0.62
$3,447,902
$1,458,254
$0.72
$2,369,967
?L$?7b£S!? charted to
s
_
Net oper. revenues.
/
$85,133
1,271
$879,066
$85,460
37,552
$86,405
37,533
$887,881
436,874
Balance
Interest (El Paso Electric
$1.25
cost of production in 1940, $240,250
$47,908
$48,872
$451,007
_____
Co., Del.)
Acquisition—
were purchased in the deal are the "Wilson
Distilling Co., Inc., the Hunter Baltimore Rye Distillery, Inc., and Browne-
a
nue
25,000
$376,458
$398,325
$329,748
/
being made over the last three months
12 Months Ended Nov. 30—
1940
$398,325
Earnings of El Paso Electric Oo. (Texas).
99,591
_________
_
Balance for
common
stock and surplus
El Paso Electric Co. (Texas)—Bonds Called—
Company has been awarded a $23,000,000 contract by the War Depart¬
ment to increase facilities for the manufacture of smokeless powder at the
of these bonds outstanding, at 102% of their principal amount, plus ac¬
crued interest to the redemption date.
Interest on the bonds will cease on
and after Feb. 6, 1941.
The series A bonds, with the June 1, 1941 and subsequent coupons,
Indiana Ordinance Works, Charlestown, Ind.
This added contract brings the total cost of this plant to approximately
$74,000,000.
The original project announced last July 17 was to cost
approximately $25,000,000 and a later award for additional facilities to
cost $26,000,000 was announced last Oct. 18.
Terms of the new contract are similar to those originally announced last
July.
The contract was cleared by the National Defense Advisory Com¬
mission.—V. 152, p. 118.
should be presented for payment at the State Street Trust Co., Boston, or
at the Guaranty Trust Co., New York, or at the Northern Trust Co.,
Co., Chicago.
Holders of the series A bonds may present their bonds for
payment as
aforesaid at any time and receive immediately the full redemption price,
including interest accrued to Feb. 6, 1941.-—V. 152,
Dwight Manufacturing Co.—Earnings-
Engineers Public Service Co.
1937
1938
Period End. Nov. 30—
Mfg. prof, before deprec.
or
inc. tax prov-
$650,069
161,849
57,900
$401,521
$238,217
$1.67
—
$448,054
151,936
86,700
—
$0.99
Depreciation
Operating revenues._
Operation.
Net operating profit-_
Earns, per sh. on 240,000
shs.
of
capital
(par $12.50)
—
Cash____„
1939
Liabilities—
567,691
1,125,308
Deferred charges—
55,661
Real est. & mach,,
less deprec'n... 2,549,016
$173,162
Balance
106,893
86,788
105,306
Dividends
_
Total.
—___.
82,718
144,500
3,000,000
639,528
1,119,487
Net income.
x
$246,767
414,529
$8,592,980
8,552,538
$8,766,908
7,972,589
x$167,762
977
54,303
1.852
46,614
$40,442
28,412
581,272
$794,319
13,871
579,049
x$179,607
x$212,524
x$512,418
$229,141
.
-
_
Balance
capital gairm or losses and other non-operating adjustments.—V.
151,
Inc.—-Weekly Input—
•
ItlCTCCLSC
t
Operating Subsidiaries of—
1940
1941
American Power & Light Co-131,258,000
Electric Power & Light Corp. 65,807,OoO
National Power & Light Co. 86,633,000
Amount
12,629,000
118,629,000
78,252,000
62,277,000
The above figures do not
include the system imputs of
appearing in both periods.*—V. 152, p. 118.
'
3,530,000
8,381,000
any
Total....-
on
6,163
7,574
sources-
—
-
—
_____
_______
pref. stock of Eng. Pub. Service Co
Balance for common stock and surplus
Earnings per share of common stock
9,145
8,719
181,695
57,413
102,726
178,713
68,863
102,838
$5,611,127
332,964
$5,547,369
256,0i9
$5,278,163
2,285,192
$5,291,320
2,297,980
$2,992,971
$1.57
$2,993,340
$1.57
a Applicable to Engineers Public Service Co.,
before allowing for un¬
earned cumulative preferred dividends of a subsidiary company.
b Charges applicable to securities of subsidiary companies owned by
parent company, included above.
c Includes
Federal income taxeg of $2,342,453
(1939—$1,249,919).
Provision for the additional Federal taxes imposed by the Second Revenue
Act of 1940 enacted in October is being made over the last three months
of the
year.—Y. 151,
Erie
p.
3395.
^
RR.—Interest Payments—
The following interest payments are now being made:
(a) Interest from July 1, 1940, through Dec. 31, 1940 ($27.31 per $1,000
bond),
on such securities as may be issued to holders of Genessee River RR.
mortgage 6% 50-year sinking fund bonds, due 1957, under the plan
reorganization on presentation for stamping of the coupon due July 1,
1938.
interest is payable at office of City Bank Farmers Trust Co.,
first
.
Edison Brothers Stores,
—-
$5,179,090
incl.
Balance applic. to stocks of Eng. Pub. Serv. Co.
10.7
5.7
10.7
companies not
cos.,
Expenses and taxes
,
For the week ended Jan. 2, 1941 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
compared with the corresponding week during 1940, was as follows:
sub.
Interest.
p.
:
from
Earnings from other
Divs.
Ebasco Services,
17,590
$5,255,554
in charges above:
Preferred dividends declared
Deficit.
-r.
a
Earns,
Note—The above statement covers operations after depreciation, interest ,
rentals and local taxes, but before Federal income tax, capital stock tax,
3394.
2,131,237
$5,196,680
b Preferred dividends not declared
b Amortization on bonds
1940—11 Mos.—1939
x$126,281
Operating income
Other expenses.-,
$7,327,917
1,651,300
$5,267,991 $5,264,702
$627,677
753,958
Operating revenues
Operating expenses—...
$9,648,823
2,320,906
"$6,926,147
_______
$9,620,418
2,694,270
Balance.________________$5,274,847
Amount applicable to minority interests
19,293
Eastern Steamship Lines, Inc. (& Subs.)—Earnings—
1940—Month—1939
$859,824
$890,690
preferred stocks, declared—
on
Balance.
.
Period End. Nov. 30—
634,461
Cumulative pref. divs. earned but not declared-.
—V. 151, P. 3234.
Other income.—
$1,536,629 $17,217,478 $17,725,109
645,938
7,597,060
8,076,285
$181,610
59,342 Res. for contlngs—
Capital stock
3,000,000
2,514,488 Capital surplus
639,528
Earned surplus
1,253,172
$5,267,991 $5,264,702
.
$1,494,284
Balance
Interest & amortization.
1939
1940
,
$688,293 Accounts payable635,236 Accrued items.___
1,367,343 Res. for Inc. taxes.
$970,415
Inventories.
Total...
$1,568,504 $17,366,990 $17,993,540
Dr31,875
Drl49,512
Dr268,431
343,035
Net oper. revenues—_
$2.59
Comparative Balance Sheet Nov. 30
1940
Accounts receiv'le.
$1,532,199
Dr37,914
1,777,840
Other income (net)
stock
Assets—
527,295
778,692
$621,652
Nil
1940—12 Mos.—1939
Taxes
114,500
Ioss$42,555
119.
$4,640,490 $56,691,840 $54,073,880
1,685,631
20,808,304
19,499,662
281,699
3,802,234
3,567,882
552,718
6,395,649
6,052,571
551,938
c8,318,664
c6,960,225
___
Maintenance
Fed. & State income tax
provision
1940—Month—1939
$4,959,061
p.
(& Subs.)—Earnings—
Depreciation
$872,265
136,113
$110,232
152,787
182,972
Holders of first mortgage gold bonds series A 5%, due June 1, 1950,
which are outstanding to the principal amount of $8,000,000, are being
notified that the company has called for redemption on Feb. 6, 1941 all
(E. I.) du Pont de Nemours & Co.—Government Contract
1939
$221,580
—V. 152, p. 119.
dividend of 40 cents in addition to the
1940
$404,552
$289,136
_
$439 >809
35,258
$472,108
182,972
_______
Balance.
Preferred dividend requirements.
85,061
$503,888
31,780
Total
Expenses and taxes.
1939
$329,748
25,000
5,972
_____
Earnings of other subsidiary companies applicable
to El Paso Electric Co. (Del.)....___________
regular quarterly dividend of 35 cents per share on the common stock,
both payable Feb. 1 to holders of record Jan. 27.—V. 151, p. 3558.
Years Ended Nov. SO—
46,710
Earnings of El Paso Electric Co. (Del.)
Note Interest deducted from above earnings
Corp.—Extra Dividend—
an extra
5,972
$445,035
46,710
Provision for the additional Federal taxes imposed by the Second Reve¬
Act of 1940 enacted in October is
,
2938.
Directors have declared
$401,458
of the year.
Horse Scotch and Cointreau.
In the transaction the corporation acquired
plants at Gwynnbrook, Md„ and Bristol, Pa., to add to the already large
Seagram organization.
No details of the transaction were disclosed but it
was said that the operations of the
companies acquired will be continued by
their own organizations.
Distillers Corporation-Seagrams now does a volume of business aggregat¬
ing about $103,000,000 and the new companies will swell this total.
The
corporation previously operated plants at Lawrenceburg, Ind.; Relay, Md.,
and Louisville, Ky., and has distilleries at Montreal and Waterloo, Canada.
Seagram's V. O. and several other brands are produced in Canada.—V. 151,
Domestic Finance
437,031
,
2,083
Balance applic. to El Paso Electric Oo. (Del.)__
^The companies whose assets
$838,489
$46,789
Balance
$47,908
Preferred dividend requirements (public)
Vintners Co., Inc., all of which were jointly owned.
The Seagram group obtained the Wilson and Hunter brands and such
other items as Remy-Martin Cognac, Piper-Heidsieck champagne, White
$832,265
6,225
8,815
Balance
;
Int. & amort, (public)__
_______
$1.86
Officials of this corporation, announced on Jan. 7 that
corporation had
acquired control of three large liquor companies, including their trade
names, and trademarks and contracts involving seVeral of the best known
brands in the domestic and import fields.
i
$89,425
Dr3,964
__
Other income (net),
in 1939, $221,808 in 1938, and $193,088 in 1937
P.
__
_
__________
of
Inc.—Sales-
JSTgw York.
Period Ended Dec. SO—
1940—Month—1939
1940—12 Mos.—1939
Sales
$3,000,958
$2,740,382 $26,483,447 $24,911,899
(b) Interest from July 1, 1940, through Dec. 31, 1940 ($22 per $1,000
bond), on such securities as may be issued to holders of Erie RR, first
—V. 151, P. 3558.
consolidated 4% prior lien bonds, due 1996, under the p»an of reorganiza¬
tion on presentation for scamping of the coupon due Jan. 1,1939.
Interest
—
—
Elastic Stop Nut Corp.—Stock
Offering—
is
H. M. Byllesby & Co. is expected to make public offering next week of
100,000 shares of common stock at $12.50 a share.
The shares were ac¬
quired from a minority stockholder and the offering does not represent new
financing by the company.
The
company,
located at Union, N.
J., manufacturers patented self-
locking nuts and special self-locking fittings used in airplanes, pneumatic
tools, electrical apparatus and other equipment where vibration is a factor.
An addition to its plant, which will approximately double present capacity,
is nearing completion.
The company reports a net profit for the 10 months ended Oct. 31,1940, of
$587,932, after Federal income and excess profits taxes, equal after preferred
dividend requirements for the period to $1.49 a share on the 389,002 shares
of common stock outstanding.
For 1939, net profit after taxes was reported
as $402,024 or $1 a share on the common.
Elgin Joliet & Eastern Ry.—Equip. Trust Certificates—
The company has asked the Interstate Commerce Commission for
authority to issue $2,900,000 serial equipment trust certificates.
Proceeds
are to be applied to the purchase of 1,250 new freight cars costing about
$3,950,000.—V. 152, p. 119.
Employers Group Associates—Extra Dividend—
Directors have declared an extra dividend of 25 cents per share in ad¬
dition to the regular quarterly dividend of like amount on the common
stock, both payable Jan. 31 to holders of record Jan. 17.
were
paid on Jan. 31, 1940 and 1939.—V. 150, p. 276.
Similar amounts
payable at office of City Bank Farmers Trust Co., New York.
(c) Interest from July 1, 1940, through Dec, 31, 1940 ($23 per $1,000
on such securities as may be issued to holders of Erie & Jersey RR.
bond),
first 6% 50-year sinking fund bonds, due 1955, under the plan of reorganiza¬
tion on presentation for stamping of the coupon due July 1, 1938.
In¬
terest is payable at office of City Bank Farmers' Trust Co,, New York,
(d) Interest from July 1, 1940 through Dec. 31, 1940, on New York &
Interest
payable at office of City Bank Farmers' Trust Co., New York.—V. 152.
p. 120.
Erie RR. 3d mtge. bonds extended at 4K %. due Mar. 1, 1938.
is
—
Eureka Pipe Line Co .—Extra Dividend—
Directors have declared an extra dividend of $3 per share in addition
a regular quarterly dividend of 50 cents on the common stock, both
payable Feb. 1 to holders of record Jan. 15.—V. 150, p. 3819.
to
Morse & Co.—-Block of Common Offered—
approximately 9,000 shares of common stock
(no par) was offered "3Fan. 3 at 453^ a share by Lazard
Freres & Co.
The offering does not represent new financing.
Fairbanks,
A
block
of
—V. 151, p.
3395.
First Boston
Corp.—Dividend—
board of directors held on Jan. 8, a dividend
declared, payable Jan. 28 to holders of record Jan. 18.
At the regular meeting of the
of $1.60 per
share
was
The Commercial & Financial
266
Chronicle
Statement of
This compares with 50 cents paid on July 23, last; $1 paid on Jan. 22,1940;
40 cents paid on July 25, 1939, SI paid on Jan. 23, 1939 and a dividend of
50 cents per share paid on June 29,
11, 1941
Surplus Years Ended Dec. 31
1939
1938
1937
1940
Capital
1937.—V. 151, p. 1142.
ous
Federated
Jan.
Department Stores, Inc.—Extra and Larger
Dividends—
surplus—previbalance
$14,264,031 $14,363,022 $14,454,522 $14,554,247
.
-
Excess of amt.
paid
on
Directors have declared an extra dividend of 40 cents in addition to a
quarterly dividend of 35 cents per share on the common stock, no par value,
both payable Jan. 31 to holders of record Jan
21.
Previously regular
quarterly dividends of 25 cents per share were distributed.—V. 151, p. 3888.
Total capital surplus_$14,169,944
Z>r91,500
Dr98.991
Z>r94,087
pref. over stated value
Z>r99,725
$14,264,031 $14,363,022 $14,454,522
Profit and loss on securs.
sold, previous balance
applic. to security
profits of prior years—
Dr208,368
Dr7Z7,643
Dr720,781
-----
Dr229,223
------
ur ib.lAA
Taxes
(M. H.) Fishman Co., Inc.—Sales—
Sales.
—
———
—V. 151, p.
1940—12 Mos—1939
$4,738,188
$4,481,410
1940—Month—1939
$819,699
$764,778
Period End. Dec. 31—
3395.
Miscellaneous credit—_
Ndu?ingySr8!fI^—1-
Franklin Process Co.—$1 Dividend—
aCrl44,664
b34,697
'
—
Dr739
aCr494,578
aCr437,591
$373,887
$229,223 loss$208,368 loss$737,642
$160,172
-
$373,208
Directors have declared a dividend of $1 per share on the common stock,
payable Dec. 24 to holders of record Dec. 17. This compares
paid on Oct. 1, July 1 and April 1, last; $1.40 paid on Dec.
23, 1939; 50 cents paid Oct, 2, July 1, and April 1, 1939; $1 paid on Dec.
23, 1938 and dividend of 25 cents paid on Oct. 1, July 1 and April 1, 1938.
See also V. 148, P. 127—V. 150, p. 128.
*.
par value,
with 50 cents
no
639,405
1940 the company produced approximately 850,000 tons of
sulphur at its
837,686
$822,908
$837,686
449,700
461,250
$178,993
$160,172
$373,208
$376,436
Total undistributed
current income
After provision for taxes of $29,147 in 1940, $27,654 in
1938.
b Credit for difference between tax reserve
a
The announcement was contained in a letter,
made public
on
Jan. 2,
and
prices, of the National Defense Advisory Commission.
"Confirming the policy which the Freeport Sulphur company has adopted
as a voluntary contribution to the Government's effort
o.prevent an upward
spiralling of prices, and which I outlined to you at our conference in Washing¬
ton," Mr. Williams wrote, "there will be no increase in the base price of
our product with respect to an amount of sulphur sufficient to meet the
of commodity
demands of our customers for one year at the current rate of sales.
glad to have had your assurance
S
Cash
—
—
82,174
84,777
Diva, rec.&int. acc.
95,700
87,780
taxes
Fundamental Investors, Inc.—Underwriter & Distributor
Philip J. Roosevelt, President has announced that Hugh W. Long &
Co., Inc., has been appointed underwriter and exclusive wholesale dis¬
tributor of the capital stock of the company and that Hugh W. Long has
been elected a director of Fundamental Investors, Inc. and Investors
Fund C, Inc.
Fundamental Investors, Inc. is a mutual investment company which
was incorporated in 1932.
Its investments are under the supervision of
Investors Management Co., Inc., an organization formed in 1924 by the
Roosevelt group for the purpose of managing investment funds.
Funda¬
mental Investors, Inc. as of Dec. 31. 1940 had 456,385 shares of capital
stock outstanding, its total outstanding capitalization exclusive of shares
in the treasury.
Net assets on that date amounted to over $7,000,000.
—V. 151, P. 3559.
General Industries Co.—Initial Dividend—
Directors have declared an initial dividend of 12 H cents per share on the
stock, payable Feb. 15 to holders of record Feb. 5.—V. 151, p. 3747.
General American Investors, Co.,
—Plans to
Inc.—Annual Report
Refund $6,600,000 5% Debentures—
this decrease does not take into account $194,087 paid for 2,000 shares of
preferred stock acquired for the sinking fund.
The net decrease in assets for the year resulting from the depreciation in
the value of securities as compared with cost was $3,602,512.
There was,
however, a net profit, after taxes, of $144,664 on securities sold and the net
income from interest and dividends (before deducting $7,920 for amortiza¬
tion of discount on the debentures) was $26,742 In excess of the dividends
paid for the period.
The resulting decrease in net assets was thus, as men¬
tioned above, $3,431,106.
Valuing securities, as heretofore, at bid prices, the net assets of company,
as of Dec. 31, 1940, applicable to outstanding securities were
$25,533,047.
This amount is equivalent to $3,868.64 per $1,000 of debentures, or, after
providing for the debentures, $270.47 per share of preferred stock.
On the
same basis, the net asset value per share of common stock was $9.17; the
amount as of Dec. 31, 1939, was $11.81 and as of Sept. 30, 1940, $9.28.
The directors have under consideration the refunding of the outstanding
$6,600,000 5% debentures due Feb. 1, 1952, which are redeemable at any
time on 30 days' notice at 100 and int.
An exchange offer to the holders
of the debentures is contemplated in the form of 3H % debentures with the
same maturity.
Income Account for Calendar Years
1940
Dividends
on
1939
stocks-—x$l,212,043 x$l,087,143
24,814
y33,804
Interest on bonds,
$1,236,857
330,000
Amort, of disc, on/debs.
7,920
Taxes apid and accrued.
56,653
Tra n s f e r, registration,
Interest
on
debentures.
.
$1,120,947
330.000
7,920
37,510
1938
1937
$872,878 z$l,482,197
yl7,942
58,602
$890,820
330,000
7,920
55,358
$1,540,800
330,000
7,920
191,428
p
General Electric
Co.—Official Promoted—
The assignment of responsibility to D. S. Mix for Media and Publishers
Relations, General Electric Publicity Department, Schenectady, has been
announced by R. S. Peare, Manager of G-E's Publicity Department and
Broadcasting.
Under his new duties, Mr. Mix will have responsibility for
the work formerly handled by the late F. R. Davis.—V. 152, p. 120.
Motors Corp.—December Car Sales—The
Jan. 8 released the following statement:
*
General
pany on
38,059
164,820
Net income for year—
x
42,258
149,535
$553,724
$326,178
43,010
r
130,756
Sales to Dealers in
1940
Includes
stock.
z
$4,671 ($10,715 in 1939) realized on sale of securities received
y Includes $7,900 ($6,476 in 1938) received in preferred
Including $18,294 received in preferred stocks.
Notes—(a) Net profit from sale of securities (on the basis of flrstin, first-out)
_
Less—Provision for taxes thereon
1939
1937
1938
207.934
198,064
204,473
92,890
159,573
150,005
70.901
49,674
216,606
199,532
180,085
162,390
187,869
157,000
58,181
136,370
153,184
108,232
1,860,354
1,364,426
935,163
1.680,024
164,925
160.458
March-
181,066
-
183.900
AprilMay
-
171.024
151,661
June.-..
July
August
...
September............
99,664
-
October
November
December............
Total..
.21,154
116,031
56,938
63,771
76,142
78,525
71,676
72.596
61,820
34.752
16,469
Sales to Consumers in United States
1940
March
April..
——
May...
June
1939
1937
1938
63,069
62,831
100.022
103,534
92.593
76,071
78,758
64.925
40,796
92.998
....
—........
July
August
September
October.......
November...
December
.......
Total.
120,809
123.874
174.025
183.481
165,820
173.212
145,064
100.782
97,527
186,016
181,421
174,610
88,865
83,251
142,062
132,612
129,053
124,618
102,031
76,120
56,789
110,471
162,881
156,008
131,387
118,888
196.095
198,146
178,521
153.866
163,818
156.322
88.564
107,210
117,387
89,682
1,827,241
January.....—
February—
1.364,761
1,001,770
1,594.215
68.896
51.600
Net profit credited to special account under surplus.
-
181,088
—174.572
193,522
136,489
133,511
196,747
185.548
January
February-...
142,002
1938
76,665
77,929
89,392
91,934
226,169
217,406
223,611
128,453
139,694
84,327
12,113
53,072
144,350
200,071
207,637
85,855
84,885
73,159
41,933
19,566
108,168
185,852
172,669
89,010
59,962
244,230
221,592
201,192
185,779
208,825
175,264
65,423
151,602
180.239
145,663
$173,812
29,147
2,025,343
1,542.776
1,108,007
1.928,786
April
May
June
July.....
August....
September...
October..
November
(b)
United States
116,964
115,890
142,743
126,275
112,868
124,048
71,803
7,436
47,606
129.821
180,133
188,839
January.-.-.—
—
February-. —————
March
$837,686
dividends,
as
State?
totaled 223,611 compared with
207,637 in December a year ago.
Sales in November were 217,406.
Sales
for 1940 totaled 2,025,343 compared with 1,542,776 in 1939.
Sales to dealers in the United States totaled 204,473 in December com¬
pared with 188.839 in December a year ago.
Sales in November were
198,064. Sales for 1940 totaled 1,860,354 compared with 1,364,426 in 1939.
Sales to consumers in the United States totaled 174,610 in December
compared with 156,008 in December a year ago.
Sales in November were
181,421. Sales for 1940 totaled 1,827,241 compared with 1,364,761 in 1939.
1940
38,278
133,086
$639,405
-
com*
December gales of General Motors cars and trucks in the United
and Canada, including export shipments,
legal, auditing and re¬
port expenses
26,450,545 26,475,146
Total
Represented by 1,300,220 no par shares,
b The value of securities
of Dec. 31, 1940, $22,384,738.
c The value of
securities owned at bid price was, as of Dec. 31, 1939, $28,478,965.
Note—-Outstanding warrants entitle holders to subscribe to 500,000 shs.
of common stock, as follows: 100,000 shares at $10 per share, 100,000 shares
at $12.50 per share, 100,000 shares at $15 per share, 100,000 shares at
$17.50 per share and 100,000 shares at $20 per share.
These warrants
expire Oct. 15, 1953.—V. 151. p. 3889.
a
Total Sales of General Motors Cars and Trucks from AU Sources of Manufacture
United States and Canadian Factories—Sales to Dealers and Export Shipment:
trustee .custody of sec.,
Other expenses
137,500
86,000
debs.
owned at bid price was as
Frank Altschul, President, states:
The decrease for the year in the net assets applicable to the outstanding
securities of the company (after interest on the debentures and dividends
on the preferred and common stocks, aggregating $950,583) was $3,431,106;
accr. on
Pref. divs. payable
26,450,545 26,475,146
Total
3,600,000
1,300,220
6,600,000
137,500
76,000
105,000
108,000
Capital surplus.-.14,169,944 14,264,031
Profit on sees, sold
373,888
229,223
Undistrib. income178,993
160,172
Int.
Res. for taxes, &C.
Unamort. dtsct. on
that this action will be of value to
"I wish the Commission the greatest success in its effort to hold down
commodity prices, and, as I expressed myself to you in our conference, I
firmly believe that voluntary action on the part of individual companies
can be a most effective method of obtaining this objective.'—V. 152, p. 120.
$
6% pref.Stock
debentures
price
policy," the letter continued, "we hope that there will be no nessity for
Increasing the base price of sublhur after this tonnage has been sold, and we
shall adhere to our present policy insofar as we are able to do so, taking into
consideration costs of material and labor, and the effect of Federal and
S
Liabilities—
3,500,000
b22,850,956c24,633,671 a Common stock. 1,300,220
6,600,000
3,427,032
1,663,600 25-yr. 5% debs.
cost
1939
1940
1939
$
Securities owned at
in your effort to stabilize commodity prices," he said.
"In addition to making this definite commitment regarding our
common
for prior years
Comparative Balance Sheet Dec. 31
1940
As set 8—
you
Btd't/8
1939, and $86,-
requirements as subsequently determined.
from Langbourne M. Williams Jr., President of the company to Edward
E. Stettinius Jr., in charge of raw materials, and Leon Henderson, in charge
am
326,178
$926,932
441,705
325,055
246 in
mines in Texas and Louisiana.
"I
553,724
$799,576
425,550
195.033
Freeport Sulphur Co.—No Price Increase—
As a "voluntary contribution to the Government's effort to prevent an
upward spiraling of prices," this company on Jan.2 annnounced that therewill
be no increase in the base price of an amount of sulphur sufficient to meet
the demands of its customers for one year at the current rate of sales.
In
$376,436
al20,294
Net inc. for year ended
$144,664
-
Aggregate unrealized depreciation or appreciation in value
as compared with cost:
December
Total.
of securities
At Dec. 31, 1940:
Appreciation in value of securities held 18 months or more
Less allowance for taxes at present rates on appreciation, if
realizfd
........
—
110.059
24,019
124,692
161,057
1937
Chevrolet Operations—
$163,577
36,000
167.310
-
1939
The second neatest sales year in the history of Chevrolet was announced
Jan. 7 by W. E, Holler, general sales manager, with the report that a
of 1,046,069 new Chevrolet passenger and commercial cars were
retailed by dealers during the calendar year 1940.
This figure represents a
on
total
Appreciation (after allowance for taxes)
Depreciation in value of securities held less than 18 months.
—
_
$127,577
629,794
gain of 32% over 1939, he said, when dealers sold at retail
a
total of 791,886
and trucks.
Chevrolet sales topped the preceding jvar in all departments and were
second only to 1936 in company history, Mr. Holier said.
Used car sales
totaled 1,909,972, an increase of 21.7% over 1939, when dealers sold
new cars
Depreciation, Dec. 31,1940
At Dec. 31, 1939:
Appreciation in value of securities
Less allowance for taxes
(other than declared value
profits tax) on appreciation, if realized
Appreciation (after allowance for taxes) Dec. 31, 1939
Depreciation for
year
(after allowance for taxes)
$502,218
$3,845,294
excess
745,000
$3,100,294
$3,602,512
1,569,201 units. New and used car sales combined were 2,956,041.
Truck sales, likewise, showed a substantial gain during the year, the
report shows, totaling 197,202, an advance of 11.9% over the 176,090
sold during 1939.
During the final month of the year, dealers retailed 95,119 new cars and
trucks, a gain of 6,395 units over December, 1939. They sold 138,581 used
V&Iume 152
The Commercial & Financial Chronicle
°f 121356 over December, 1939, and 18,896 trucks,
33
a
New President—
***
Chaltpan announced that at a meeting of the Board
°.r,Dixwtors held on Jan. 6 Charles E. Wilson, who has been Acting President
c®
Knudsen retired to assist in the national defense
program,
elected President of this corporation.
was
Official Resigns—
resigned that position to
of Canadian
assume a key position in the wartime mobiliz&tio
industry and become what has been described as the "Knudse
of Canada.'
_
Relinquishing command of four large factory plants of General Motors
Canada, Ltd., at Oshawa, Windsor, St. Catharines and Begins, Mr.
Carmichael will leave at once for Ottawa to assume
production responsi¬
bilities as wide as the whole
industry of the Dominion, it was announced
P»
S* McLaughlin, President of the Canadian corporation.—V. 152,
ion
120*
General
Telephone Corp.—Gain in Phones—
# l§PSi?xc\us*,ve of Purchases and sales)
or 5.74% as compared with a gain
of 23,771 telephones or 4.96 % for the
year 1939.
The gain for the calendar
yearof 1940 was the largest in the history of the company.
The
subsidiaries
have
now
in operation
number of other cities in the United States.
a
Capitalization—As at Sept. 30, 1940, the company's authorized capital
(no par), of which 134,652
shares were outstanding, and 10,000 shares or 7% cumulative preferred
stock (par $100) all outstanding.
Since that date amended articles of
incorporation have been filed increasing the authorized common stock to
250,000 shares and creating 20,000 shares of convertible preferred stock,
(par $100). Giving effect to the issuance of the convertible preferred stock
now offered and to the retirement of the outstanding shares or 7 % preferred
stock and elimination thereof from authorized capital, the capitalization
of the company will De as follows:
♦
Authorized
Outstanding
Convertible preferred stock (par $100)
20,000 shs.
20,000 shs.
Common stock (no par).
a250,000 shs. 134,652 shs.
consisted of 200,000 shares of common stock
531,953 company-owned tele¬
70,000 shares of
a
are
reserved for conversion of the con¬
Convertible Preferred
Stock—Entitled to cumulative dividends at the rate
of 4M% per annum, payable Q.-M.
Holders are entitled on involuntary
liquidation to $100 per share and on voluntary liquidation to $105 per share,
Slus dividend^.the initial dividend being will accrue as to1, 1941. Red.from
Preferential dividends payable March these shares as a
15, 1941,
an.
or
time or times on 30 days' notice at $105 per share,
in part at any
30, 1941 or
the April 1
less than 5% of the amount
by which such net earnings exceed $400,000 in the purchase or redemption
of convertible
preferred stock, credits (in some instances greater than
amounts expended) being allowed for previous purchases, redemptions and
If net earnings in any fiscal year ending Sept.
thereafter exceed $400,000, company is required on or before
—Week Ended Dec. 31
1940
1939
$26,945
stock
plus dividends.
Georgia & Florida RR.—Earnings—$27,125
common
vertible preferred stock.
whole
Operattag revenues (est.)
—V. 152, p. 120.
a
--
Corporation reports for its subsidiaries a gain of 2,515 company-owned
telephones for the month of Dec., 1940, as compared with a gain of 1,851
tetepbones for the month of Dec., 1939.
The gain for the year 1940 totals
phones.—V. 151. p. 3889.
267
wide range of chemicals, some produced by it
and others
purchased by it for resale, both of domestic ana foreign origin, which are
required by numerous industries, including some of the above industries
and manufacturers of rubber products, textiles, leather goods, paper and
wallpaper, stock foods, veterinary remedies, fireworks, insecticides,
fungicides, &c. Certain of the raw materials used Dy the company in its
operations are obtained directly or indirectly from sources outside of the
United States.
Company has manufacturing plants in Cleveland and
Elyria, O., and Philadelphia. Pa., and sales offices and warehouses in those
and
Drafted by the Canadian Government,
Harry J. Carmichael, Yice-Presi
Manager of General Motors of Canada, Ltd., on Jan.
dent and General
of
and distributes
Jan.
1
to Dec.
1940
31
1939
$1,153,033
$1,194,319
next
succeeding each such fiscal
year to use not
25cents
conversions in excess of requirements.
Convertible preferred stock is convertible, at the option of the holder
into common stock of the company on the following basis:
on or before
June 30, 1943, into 3)4 shares; thereafter, and on or before Dec. 31, 1945,
into 3 1/3 shares; thereafter, and on or before Dec.31.1950, into 3 shares and
thereafter into 2)4 shares. Provision is made intended to protect the con¬
1, 1939, and
version privilege and to compensate
Gibraltar Fire & Marine Insurance Co.—Extra Div.—
Directors have declared
tion to the regular
mon
extra dividend of 30 cents per share in addi¬
semi-annial dividend of 50 cents per share on the com¬
an
stock, both payable March 1, to holders of record Feb. 15. Extras of
were paid on Sept. 3, and on March 1, 1940; Sept. 1 and March
on Sept.
1 and March 1, 1938.—V. 151, p. 245.
Globe Grain &
Milling Co.—Liquidating Dividend—
A
liquidating dividend of $1 a share was ordered distributed by directors
payable Dec. 30 to holders of record Dec. 28. Liquidating
dividend of $3.50 was paid on Oct. 10, last, and an initial liquidating
dividend of $9 was paid on Aug. 29, last.—V. 151, p. 2193.
of this company
(W. T.) Grant Co.--Sales—•
Period End. Dec. 30—
1940—Month—1939
1940—12 Mos.—1939
.$20,029,698 $18,868,317 $111050,295 $103361,729
Sales.
—V.
151,
p.
3397.
for dilution.
Purpose—Concurrently with the delivery of the shares of convertible
preferred stock to the underwriters the company will call for redemption the
unexchanged portion of the 7 % preferred stock now outstanding.
Of the
net proceeds not required for redemption, the company intends to use
$300,000 to pay short-term bank indebtedness incurred by the company for
the carrying of additional inventories and receivables, and an estimated
amount of $400,000 for construction of or additions to buildings and the
addition, improvement or replacement of machinery or equipment at the
Cleveland, Elyria and Philadelphia plants.
The balance of the proceeds
will increase working capital, and may be applied to the acquisition of
inventories, the carrying of additional receivables and for other corporate
purposes.
Great Atlantic & Pacific Tea
Co.—Adopts Informative
Labels for Fruit and Vegetable Lines—
are as
Further co-operation with organized consumer groups seeking simplified
labeling of canned foods has been announced by the company following a
series of conferences with the National Consumer-Retailer Council.
The company is extending to its full line of canned fruits and vegetables
in this line for which standards
Marketing Service of the U. S.
Department of Agriculture, an informative panel which will explain differerences between various grades, and
the standards by which they were
graded.
These informative labels were worked out in
technical committee of the consumer-retailer group
co-operation with
whose member
the
consumer
organizations have long advocated the use of informative labels of this type.
These labels, therefore, bear the legend: "This is the type of label recom¬
mended
by the National Consumer-Retailer Council, Inc."—V.
152,
P. 121.
(H. L.) Green Co. Inc.,—Sales—
Period End. Dec. 31—
Sales
_
.
1940—Month—1939
$7,971,910
Field, Richards & Co., 20%; McDonald-Coolidge & Co., 20%; Otis &
Co., 12%; Merrill, Turben & Co., 12%; Hawley, Shepard & Co., 8%;
Hayden, Miller & Co., 8%; The First Cleveland Corp., 8%; Curtiss, House
& Co., 6%; Fahey, Clark & Co., 6%.
Extra Dividend—
Directors have declared
an
extra dividend of 50 cents per share in addi¬
amounts
were
sale
on
or
Mills,
Ltd.—
Gulf States Utilities
Period End. Nov. 30—
revenues
8,000
Cr300
Co.—Earnings—
1940-Montfi—1939
1940—12 Mos.—1939
$863,550 $10,680,230 $10,296,511
$864,782
281,667
283,480
3,323,778
3,181,031
Maintenance
52,701
123,338
142,323
50,768
142,033
69,866
594,894
1,475,019
1,621,824
555,441
Liabilities—
Assets-
Cosh
—
—
$608,203
$264,753
$317,404
Dr4,891
$3,664,715
28,544
$4,069,687
9,558
Deposits & sund. receivables.8,212
Fixed assets (net)
1,546,144
Goodwill, pats. & processes—
1
1,371,507
1,118.844
a
Taxes
Net oper. revenues
Other income (net)
Balance
Interest & amortization.
$287,410 def$354,027
70,000
70,000
53,861
100,989
$553,495
70,000
201,978
Net profit
Notes & accts. rec. (net).—-837,369
Inventories
2,053,958
Operation
Depreciation
62,630
2,800
Crl2,616
140,000
Consolidated Balance Sheet Sept. 30, 1940
All of the outstanding 6)4 % preferred stock has been called for redemp¬
on Jan. 10 at 105.—V. 151,P.3561.
tion
Operating
$344,810 loss$337.480
4,587
16,547
60,000
profits taxes
State taxes
Stock Called—
$331,788 loss$353,152
13,021
15,672
$762,355
1.161
—
Interest
Prov. for general contingencies
Fed. income & declared value excess-
Common dividends
Spinning
1,630
2,164
$745,559
16,796
profit.
Other income
Carpet
Worsted
822,357
216
3,941
assets
Gross
1938
$7,281,569
6,808,569
8,187,238
844,567
7,853
of fixed
retirement
dividend of 50 cents per share on the common
both payable Jan. 22 to holders of record Jan. 16.
Like
paid on Jan. 18, 1940.—V. 151, p. 3397.
&
1939
$9,371,664
—
Loss
Preferred dividends.
Guelph
(Including Sub. Co.)
1940
$11,287,072
9,597,163
Selling, general & admin, expenses—
935,953
Bad debts, less recoveries
4,453
Adjust., of over-prov. of prior years—
tion to the regular quarterly
stock, par $1,
Consolidated Income Ajccount
Years Ended Sept. 30—
Gross sales, less discounts, &c
Cost of goods sold
- -
Total income
1940—11 Mos.—1939
$7,821,115 $44,320,538 $42,591,245
convertible preferred stock underwritten
follows:
the A, B and C system of grade labeling, which it adopted several years
ago.
It; will also place on every product
have been established by the Agricultural
principal underwriters and the per¬
of the
Underwriters—The names
centage of the 20,000 shares of
Dr 10,757
$312,512
108,435
$3,693,259
1,282,008
$4,079,246
1,444,980
$204,077
$253,996
105,970
$2,411,251
584,968
$2,634,265
584,968
99,098
Deferred charges
Notes payable to banks
Accounts
.
$300,000
667,503
99,629
66,857
148,000
taxes,.
139,207
7% preferred stock..
1,000,000
Common stock (134,652 shs.). 1,346,520
Paid-in surplus550,453
Earned surplus..-.-934,918
Reserves
—
—
—V. 151, p.
Total—
$5,152,985
Total
$5,152,985
-
3890.
Haverhill Electric Co .—To
Balance
$ 148,026
Preferred dividend requirements
-_
payable—trade.
Payrolls commis. Ac., accrued
Taxes, other than inc. taxes—
Prov. for Fed. & State Income
Pay 85-Cent Dividend—
the common
14 to holders of record Jan. 7. This compares with
$1 paid on Oct. 11, last; 75 cents paid on July 13, last; $1 paid on April
13, last; 75 cents on Jan. 13, 1940; $1 on Oct. 14, 1939; 75 cents on July
14, 1939, and 63 cents paid on April 14, 1939.—V. 151, p. 2193.
Directors have declared a dividend of 85 cents per share on
stock, payable Jan.
Balance for common stock and surplus
a
$1,826,283
$2,049,298
Provision for the additional Federal taxes imposed by the Second Reve¬
Act of 1940 enacted in October is
being made over the last three months
of the year.
Federal income taxes for the taxable year 1939 were substan¬
tially reduced as a result of the redemption of series C bonds on July 31,
1939.—V. 151, p. 3561.
nue
Harshaw
Chemical
Co.—Preferred Stock Offered—An
offering of 20,000 shares of 4)^% convertible preferred stock
was made at par ($100) and dividends
Jan. 6 by a group
of underwriters headed by Field, Richards & Co.
and
McDonald-Coolidge & Co., and including Otis & Co., Merrill,
Turben & Co., Hawley, Shepard & Co., Hayden, Miller &
Co., First Cleveland Corp., Curtiss, House & Co. and Fahey,
Clark & Co/., all of Cleveland.
Holders of company's 7% preferred received an offer to
exchange each old share for one new share plus $16.75.
For
this purpose 10,000 new shares were reserved until the offer
terminated Jan. 7.
Any new shares not required for tlie
exchange were then added to the shares offered publicly.
Helena Rubinstein,
Inc.—Earnings—
Earnings for Nine Months Ended Sept. 30, 1940
x Net profit
Earnings per share on 157,658 shares common stock
-
$434,575
$2.28
amortization, Federal & Canadian income taxes,
After depreciation,
&C.—V. 151, p. 3397.
x
Hygrade Food Products Corp. (& Subs.)—Earnings—
Oct. 26 '40
Years Ended-
Sell., adm.& gen. exps__
Oct. 28, '39
Net oper. income
Other income
$5,616,734
5,002,059
$5,369,078
4,499,094
$614,675
74,319
Gross profit from oper._
Oct. 29, '38
$4,072,137
Oct. 30, '37
3,860,313
$4,576,286
3,961,242
$869,984
49,598
$211,824
78,517
$615,044
40,098
$688,994
202,406
353,711
$919,582
193,389
337,052
$290,341
191,025
289,540
Interest on bonded debt-
139',328
147",398
152",326
Company—Incorporated in 1897, in Ohio. Company produces and sells
chemicals and chemical products principally for industrial consumption.
Other interest, net..—
72,310
20,932
45,446
34,970
Products which it manufactures include chemicals for use in the treating and
Prov. for income taxes.
60,455
29,267
28,000
$655,142
178,818
238,435
206,953
162,467
52,037
15,931
$99,694
x$124,020
$422,967
$199,497
274,288
276,508
$0.45
276,514
276,610
>Nil
plating of metallic surfaces; opacifiers, colors and other chemicals used
the manufacture of ceramics; driers and pigments used in the manu¬
products; catalysts used principally in
in
facture of paints, varnish and other
the petroleum industry; and fluorine
derivatives used in the metal industry,
glass industry and many other essential operations.
Company also is a
refiner of crude glycerol.
In addition to the foregoing, the company sells
Total income...--
—
Provision for deprec'n..
Other taxes
—-
Repairs & maintenance.
Other deduc'ns from inc.
_
Net oper. loss
Shares capital stock, par
$5, outstanding—.—
Earnings per share
x
Profit.
Nil
Nil
The Commercial & Financial Chronicle
268
International Standard Electric Corp.—New President
Consolidated Balance Sheet
Oct. 20 *40 Oct. 28 *39
Assets—
Cash j.
a
3219,922
Accts. payable and
3610,744
$763,674
1,405,251
1,675,362
Due to Jacob Dold
Packing Co....
Prov. for Fed, inc.
323,000
Advances on mdse.
48,612
82,309
1,149,660
Other assets......
262,769
b Land, buildings,
1,412,732
raach., eq„ &c. 4,478,401
1
4,608,711
136,440
International
136,489
purchases......
Inventories
Goodwill
......
315,060
Prepaid expenses..
taxes &
Capstk. (par 35) 1,371.440
Capital surplus... 3,710,098
443.526
c
1
...
Total
Henry M, Pease, former Vice-President, was on Jan. 7, elected President
Colonel Sosthenes Behn, Chairman of the
had also been serving as President.—
V. 131, p. 1430.
of this corporation.
He suceeds
Board of the corporation, who
1.50,833
contlng's
326,000
lst4feref.conv.6s. 2,288,019
accrued accts...
Notes and accts.
—
Oct. 26 '40 Oct. 28 '39
LiaMliOes—
5381,640
——
receivable
Jan. 11, 1941
Deficit..........
2,421.019
1,382,536
3,753,355
343,831
Total ...——$7,862,775 $8,450,587
$7,862,775 58,450,587
a After allowance for doubtful accounts, discounts, &c.,
of $69,585 in
1940 and $70,644 in 1939, but including $64,914 ($59,636 in 1939) miscel¬
laneous.
b After allowance for depreciation of $2,192,192 in 1940 and
Authorized 500,000 shares, of which reserved for
1939); shares issued,
300,709 shares, including 306 (317 in 1939) shares reserved for final settle¬
ment under plan and agreement dated Nov. 1, 1928, 25,097 (22,871 In
1939) shares reacquired, held in treasury, and 1,324 shares held by the
trustees in connection with conversion of series A bonds.—V. 150, p. 279.
$1,981,733 in 1933.
c
conversion of series A and B bonds. 44,534 (47,274 in
Hygrade Sylvania Cor p.—Initial Preferred Dividend—Directors have declared an Initial dividend of 45 cents per share on the
preferred stock, payable Jan. 15 to holders of record Jan. 8.—V. 151, p.
3891.
Illinois Bell Telephone Co.—Registers $50,000,000 Bonds
Company on Jan. 9 filed with the Securities and Exchange Commission
registration statement (No. 2-4627, Form A-2), under the Securities Act
of 1933 covering $50,000,000 ol 2%% first mortgage bonds, series A, due
Jan. 15,1981. Of the bonds registered, $46,250,000 are to be publicly offered
and $3,750,000 are to be sold on or before Jan. 41, 1941 to Bankers Trust
Co., N. Y. City, as trustee of pension funds established by the company.
Of the net proceeds to be received from the sale of the bonds, $44,750,000,
together with $250,000 in the sinking fund applicable to the company's
a
3h% first and refunding mortgage bonds, series B, will be used to pay the
principal ($45,000,000) of the series B bonds which the company intends
to call for redemption on April 1,1941, at 107 H % of their principal amount
and accrued interest.
The remainder of the net proceeds will be applied
toward reimbursing the treasury of the company for funds not obtained
through the issuance of securities, which had been used for extensions,
additions, and improvements to its telephone plant. In this connection, it
is sttitod *
"Thereupon, the company intends to use $3,375,000 to
meet the re¬
demption premium on its series B bonds, and $1,500,000 to repay to
American Telephone & Telegraph Co. .parent, an advance now outstanding.
This advance, obtained in June, 1940, was used by the company to re¬
imburse its treasury in part for funds which had been used for capital
The company may borrow additioral amounts from the
American company from time to time as occasion therefor arises."
The bonds are redeemable at the option of the company, in whole or in
part, upon at least 30 days' notice, on any date at the following prices
with accrued interest: to and including Jan. 15, 1946, 108%; thereafter
to and Including Jan. 15, 1951, 107%; thereafter to and including Jan. 15,
1956, 106%; thereafter to and including Jan. 15. 1961, 105%; thereafter to
and including Jan. 15, 1966, 104%; thereafter to and including Jan. 15,
1971, 103%; thereafter to and including Jan. 15, 1975, 102%; thereafter to
and including Jan. 15, 1977, 101%; and thereafter at 100%.
Rumanian
Telephone
Telegraph
&
Corp .—Sells
Subsidiary—
that it has completed the sale of its entire
Rumanian
The corporation announced
interest in the Societatea Anonima Romana de Telefoane (the
Telephone Co.) to the National Bank of Rumania.
Payment has been
received in United States dollars of over $13,500,000 to cover the approxi¬
mate amount of I. T. & T, investments in capital stock and advances on
current account, together with its equity in the undistributed earnings of
Societatea Anonima Romana de Telefoane.—V, 151, p. 3241.
Interstate Department Stores,
Sales
—
—V.
151, P.
3891.
Inc.—Sales—
1940—Month—1939
Period End. Dec. 31—
1940—11 Mos.—1939
$3,444,154 $23,470,051 $22,836,153
$3,531,999
•
(F. L.) Jacobs Co.—Exchange Offer—
Holders of this company's five-year 534% dividend notes dated Dec. 1,
1937, due Dec. 1, 1942, whether registered or in bearer form, are being
notified that at a meeting of the board of directors of the company held
Dec. 16, 1940, a resolution was adopted to offer to the holders of such notes
the right to exchange the same for common capital stock of the company
of the par value of $1 per share, on the basis of 25 shares of common capital
stock for each $100 par value of the notes, the company to pay to such
noteholders accrued interest to the date of exchange.
By the same resolution it was resolved that the time within which note¬
holders shall have the right to issuance and right of exchange be limited to
expire Jan. 31,1941, the board of directors reserving the right at its option to
extend the time of exchange beyond that date or to reduce the basis of
exchange so that the number of shares into which the notes may be ex¬
changed shall be less than 25 shares for each $100 of face amount of notes.
Any noteholder desiring to avail himself of the exchange should forward
his notes to the National Bank of Detroit, note agent, Detroit, Mich., for
surrender and delivery to him in exchange therefor of the applicable cer¬
tificates of stock and scrip certificates for fractional shares.—V. 152, p. 123.
Jamaica
Ltd.
Service
Public
(& Subs.)—Earnings'
1940—Month—1939
Period End. Nov. 30—
•
1940—12 Mos—1939
$1,078,749
$1,000,025
473,626
428,382
98,232
90,976
95,630
75,099
$95,310
39,970
8,126
9,307
$37,906
$411,261
Z)r664
$405,568
Dr2,309
$26,266
7,500
$410,596
90,000
$403,258
90,000
$18,766
$320,596
$313,258
7,107
7,225
85,894
87,208
762
774
344
1,469
9,204
10,621
9,340
6,542
$21,563
a Utility oper. income
Other income (net)
Dr298
$37,277
7,500
Taxes
$26,564
Dr629
—
$80,491
37,035
$29,777
Operating revenues
Operation
Maintenance.
$9,298
$214,877
$210,168
29,463
21,992
13,152
91,350
22,591
16,494
2,319
8,136
8,755
expenditures.
The names of the underwriters and the principal amount of tne bonds to
be underwritten by each follow:
Morgan Stanley & Co., Inc—$5,545,000 Knight, Dickinson
Inc
A. C. Allyn & Co., Inc..—...
500,000
500,000 Kuhn, Loeb & Co
Bacon, Whipple & Co.
230,000
750,000
370,000
Baker, Weeks & Harden
A. G. Becker & Co., Inc......
Blair <fc Co., Inc..
Blair,Bonner & Co.
Blyth & Co., Inc
BonbrightA Co., Inc.
—
—
Alex. Brown & Sons.
E. W. Clark & Co...
—
370,000
250,000
280,000
—
R. L. Day & Co
Dick & Merle-Smith—
Domlnick & Dominlck
280,000
460,000
835,000
230,000
...
Drexel & Co
Eastman Dillon & Co
Equitable Securities—'
Lazard Freres& Co
Lee
140,000
370,000
Farwell, Chapman & Co
250,000
The First Boston Corp
2,175,000
First of Michigan Corp..
185,000
Glore, Forgan <fc Co
800,000
Goldman, Sachs & Co.
835,000
Graham, Parsons & Co
185,000
HarrimanRipley & Co....2,175,000
Harris, Hall & Co. (Inc.)—.
900,000
Hawley, Shepard & Co
140,000
Hayden, Miller & Co
»■
230,000
Hayden, Stone &Co._
370,000
Hemphill, Noyes & Co
370,000
Hornblower «fe Weeks
370,000
W. E. Hutton & Co..
370,000
The Illinois Co. of Chicago
500,000
Indianapolis Bond & Share
Corp
140,000
...
Estabrook & Co
_
__
.
370,000
835,000
1,340,000
230,000
.
...
280,000
2,495,000
140,000
370,000
Paine, Webber & Co
280,000
230,000
140,000
Arthur Perry & Co.
R. W. Pressprich & Co
185,000
Relnholdt«fe Gardner...
—
_
E.H. Rollins & Sons, Inc.
L. F. Rothschild & Co
Salomon Bros. &Hutzler
Schoellkopf, Hutton &
—
..
...
370,000
140,000
370,000
230,000
370,000
Pom-
eroy, Inc
280,000
Shields & Co—
370,000
Sills, Troxell & Minton, Inc
Smith, Barney & Co
Smith, Moore <fc Co—
250,000
...—
Inc
_
Spencer Trask & Co.
Tucker, Anthony <fe Co
Union Securities Corp........
—
2,176,000
140,000
Stern, Wampler & Co., Inc...
Stone & Webster and Blodget,
—
Kidder, Peabody & Co
....
Higginson Corp
F. S. Moseley & Co
G. M.-P, Murphy & Co.
W. H, Newbold's Son & Co
-
Jackson & Curtis.
.
Cassatt..
185,000
—
Paul H. Davis & Co
$2.50,000
2,960,000
Ladenburg, Thalmann & Co.
460,000 Merrill, Turben & Co
—.
Coffin & Burr
Kelly,
500,000 Lehman Brothers
835,000
230,000
1,340,000 Laurence M. Marks & Co
1,340,000 Mellon Securities Corp....... 2,175,000
185,000 Merrill Lynch, E. A. Pierce &
—
Clark, Dodge & Co
&
......
G. H. Walker & Co
Whiting, Weeks &Stubbs, Inc.
500,000
460,000
280,000
280,000
460,000
230,000
280,000
The Wisconsin Co
230,000
Dean Witter & Co...
230,000
Yarnall & Co
145,000
....
The offering price of the bonds to the public and the underwriting dis¬
commissions will be furnished by amendment.
To facilitate the offering, the prospectus states that it is intended to
stabilize the price of the bonds.
This statement is not an assurance, it
counts or
states, that the price of the bonds will be stabilized or that the stabilizing,
if commenced, may not be discontinued at any time.—V. 152, p. 122.
Industrial Credit Corp.
Directors have declared
of New England—Extra Div.—
extra dividend of 6
H cents per share in addi¬
tion to the regular quarterly dividend of 32 cents per share on the common
stock, both payable Jan. 2 to holders of record Dec. 18.
Similar amounts
were paid in preceding quarters.—V. 151, p. 1898.
Inland Steel
an
Co.—Options Granted—
Final action in
Investments, Inc.—Action Postponed—
the matter
of this
bankrupt company, including the
question of a final liquidating dividend, has been postponed until Jan. 21
at 10 a. m., Referee Garfield Charles announced Jan. 7, following a general
creditors' meeting.—V. 151, p. 3398.
International Cigar Machinery Co.—Dividend
Change—
The board of directors have deemed it advisable to change the dates on
which the recent quarterly dividends of 50 cents a share have been paid from
the usual time of the first days of Feb., May, Aug. and Nov. to on or
about the 26th of March, June, Sept. and Dec.
At a meeting held Jan. 8 a dividend of 84 cents a share has been declared
payable March 26, 1941, to stockholders of record as at the close of business
March 10,1941.
This is not to be considered as an extra dividend over and
above the 50 cents a share that has in the last few years been paid quarterly
but covers the five months period from Nov. 1, 1940 (when the last divi¬
dend of 50 cents
was
paid) until March 31,1941.
Thereafter such dividends
as
may
be declared will be deqlared on or about
above.—V. 151,
the first part of May, Aug., Nov. and Feb., payable as
p.
3090.
res.
accruals
Gross income..
Int.
on
S.
deb. stock—J. P.
Co., Ltd..
Amort, of debt dis.
and
expense
Other income charges..
Net income
Dividends declared—
—
J. P. S. Co., Ltd.—Preference shares
Preference "B" shares
_
Preference "C" shares
J. P. 8., Ltd.—Common shares
a
Before retirement
reserve
67,500
accruals.
Note—The
converted
operating companies' figures included in this report have oeen
from £ sterling at the rate of $4.86 2-3 to the £—V. 151, p. 3399.
Mills—10-Cent Dividend—
Jantzen Knitting
Directors have declared
a
dividend of 10 cents per share on the common
payable Feb. 1 to holders of record Jan. 10.
Like amount was
paid on Nov. 1, last, this latter being the first dividend paid since May 1,
1938, when 25 cents per share was distributed.—V. 151, p. 3892.
stock,
Jones & Laughlin Steel
Corp.—Registers with SEC—
Corporation on Jan. 3 filed with the Securities and Exchange Com¬
mission a registration statement (No. 2-4624, Form A-2) under the Securities
Act of 1933 covering $28,000,000 of 3H% first mortgage bonds, series C,
due Jan.
1,1961.
The net proceeds from
the sale of the bonds, together with $14,000,000
of bank loans and such of the general funds of the corporation as may be
required, will be applied as follows:
(a) $26,869,440 to the redemption on March 1, 1941, at 104%, of
$25,836,000 434% first mortgage bonds, series A, due March 1, 1961;
(b) $6,817,500 to redemption on or before March 1, 1941, at 101%, of
$6,750,000 4% first mortgage bonds, series B, due serially July 1,1940-1946;
(c) $5,508,000 to redemption on or before March 1, 1941, at 102%, of
$5,400,000 434% first mortgage bonds, series B, due serially July 1,
1947-50;
(d) $4,750,000 to pay, at 100% of the principal amount, one to 10 year
334% instalment bank loan notes of Frick-Reid Supply Corp., a subsidiary.
The names of the underwriters and the amount of the new bonds to be
taken by each are as follows:
Mellon Securities Corp
Blyth & Co., Inc—
Bonbright & Co., Inc
— —
Alex. Brown & Sons..
Coffin & Burr, Inc—
Dillon, Read <fc Co
Drexel&Co
—
—
$5,000,000
1,000,000
1,000,000
300,000
500,000
1,675,000
700,000
300,000
Estabrook & Co—
The First Boston Corp
1,550,000
Goldman, Sachs & Co
700,000
Halsey, Stuart & Co., Inc
1,000,000
Harriman Ripley & Co., Inc.. 1,300,000
Harris, Hall & Co. (Inc.)
500,000
Hayden, Miller & Co
300,000
Kalman <feCo., Inc..
200,000
,
—
.
-
Kidder, Peabody & Co
600,000
1,675,000
Kuhn, Loeb & Co
W. C. Langley & Co
500,000
A. E. Masten & Co
200,000
Moore, Leonard & Lynch
200,000
3,100,000
300,000
Morgan Stanley & Co
Paine, Webber & Co-——E. H. Rollins & Sons, Inc_
300,000
Shields & Co.
500,000
Singer, Deane & Scrlbner
200,000
Smith, Barney & Co
3,100,000
Stone & Webster and Blodget,
Inc—
-
500,000
White, Weld & Co
500,000
The Wisconsin Co
300,000
The price at which the bonds are to be offered to the public, the under¬
writing discounts or commissions, and the redemption provisions are to be
furnished by amendment to the registration
The prospectus states that to facilitate
statement.
the offering it is intended to
This is not an assurance, it states, that the
price will be stabilized or that the stabilizing, if commenced, may not be
discontinued at any time.—V. 151, p. 3748.
stabilize the price of the bonds.
Company has notified the New York Stock Exchange that options to
purchase an aggregate of 4,480 shares of capital stock at a price of $50 per
share have been granted to 51 officers and employees of the company.—
V. 151, P. 3398.
Insull Utility
Gross income
a
Retirement
Kalamazoo Stove & Furnace Co.—IB-Cent Dividend—
Directors have declared a dividend of 15 cents per
share
on
the
common
stock, par $10, payable Feb. 1 to holders of record Jan. 20.
Dividend
of 50 cents was paid on Dec. 23, last and regular quarterly dividend of
12>4 cents per snare was paid on Nov. 1, last.—Y. 151, p. 3399.
Kaufmann
Department Stores, Inc.—Price of Stock—
AThe block of 33,530 shares of 5% cumulative preference stock (par $100)
being sold by present holders, will be offered publicly at $104 per share,
according to amendment to Securities Act statement filed with Securities
and Exchange Commission.
Of the shares offered 22,893 shares are owned
by Edgar J. Kaufmann and 10,637 shares are owned by A. G. Becker &
Co., Inc., and Merrill Lynch & Co., Inc., who will respectively receive the
proceeds from the sale.—Y. 151, p. 3892.
Knudsen Creamery Co. of
The company has issued rights to
Calif.—Issues Rights—
stockholders to subscribe for 100,52734
shares of (no par) common stock at $2.50 a share.
Both preferred and common stockholders of record
Dec. 28, 1940,
are
eligible to purchase the stock on the basis of one new share of common
share for each five common
stock for each preferred share held and one new
shares held.
Rights will expire Jan. 17.
Volume
The Commercial & Financial Chronicle
152
The estimated net proceeds of
approximately $238,241 will be used sub¬
stantially
as follows: $50,000 for building additions to enlarge bottling
facilities; $52,650 for additional
machinery and plant equipment; $45,000
5J4 % sinking fund bonds; $13,000 to exercise option on
lease; $20,000 for additional automotive equipment and
$57,591 for general
269
Income Account for 6 Months Ended Dec. 31
1940
working capital.—V. 151,
p.
Operating
Operation
revenues.
Maintenance
Depreciation
Taxes
Net oper. revenues
Other income (net)
1940—Month—1939
$21,074
$16,192
5,563
5,844
1,706
1,775
2,970
2.G44
a4,336
1,566
$6,498
$152,688
961,799
$145,083
1,631,688
106,274
$1,541,480
$1,114,486
$1,883,045
307,876
316,904
310,455
$229,563
70,978
409,952
$1,377,251
539,513
$1,224,575
1,279,568
18,805
$195,333
58,600
16,892
36,905
24,110
31,149
$64,582
Dr2,098
35,035
$4,963
Dr274
$6,501
1,938
$4,689
1,864
$70,349
23,563
$62,483
Balance..
$4,563
Preferred dividend requirements.
$2,825
$46,786
24,374
$39,316
24.374
$22,412
$14,942
Interest & amortization.
secur—
Expense, franchise and
capital stock taxes
..—-3
—
Taxable divs. in
y
1940—12 Mos.—1939
$67,841
2,508
Balance
23,167
Net loss
on
sales of seer.
...
a Provision
for the additional Federal taxes imposed
by the Second
Revenue Act of 1940 enacted in October is being made over the last three
months of the
year.—V. 151,
p.
3564.
on real estate
loans written off
21,314
Dividend payable
the Sonman company.
spokesman said, "extensive" improvements will be made,
including the instalation of mechanical equipment.
The Sonman Slope Mines turn out approximately 1,000,000 tons of soft
coal annually.—V. 151, p. 1899.
v.;;,-;;..
(S. S.) Kresge Co.—SalesPeriod End. Dec. 31—
---
.
in
1940—Month—1939
1940—12 Mos.—1939
.$26,363,483 $25,887,725 $158162,394 $152737,839
—
operation
American and 61
were
745 of which 686
were
Dec.
31, last, totaled 743 of which 682 were
Canadian.
A year earlier stores in operation totaled
American and 59 were Canadian.—V. 151, p. 3564.
on
$73,134
Kresge Department Stores, Inc.—New Official—
(S. H.)
Cress & Co.—Sales—
Period End. Dec. 31—
—V.
—
.
151,
—
p.
—
1940—Month—1939
1940—12 Mos.—1939
.$15,732,229 $15,232,484 $88,299,960 $84,851,373
—
3564.
2,068,380
standing ($1 par)
Earns.per sh.on cap.stk.
—
—
Stores in operation—
—V. 152, p. 123.
Lane Bryant,
1940—4 Wks.—1939
Sales..
$7,131,182
Net profit after Fed. tax
xl88,240
$6,879,592
40,696
1938
$6,282,748
lossl74,020
x
After
excess
$1.27
$0.08
Nil
Sales1940—Month—1939
-
—V. 151, p.
$1,383,031
3564.
Lee Rubber & Tire
1940—12 Mos.—1939
$1,306,281 $14,184,429 $13,862,512
'y.
■:
Corp.—To Amend By-Laws—
140,612
93,967
a Capital Stock—.
2,086,884
2,086,884
Capital surplus.—83,673,396 83,673,396
398,750
3,372,483
3,647,987
3,088,067 Profit & loss acc't
deficit—
stocks49,047,026 52,361,825
018,753.286 18,713,363
Inv, In real estate.
975,687
Dr87,710
975,688 b Treasury stock. Z>r334,607
Equities in real est.
1
Preferred
stocks 4,228,360
Common
Divs. rec. and int.
accrued
303,191
Misc. inv. & adv..
318,916
51,701
Receivable for sec.
sold.
43,789
75,545
-
-.—67,466,737 67,469,489
Corp.—Sales—
Period End. Dec. 31—
Sales.
1940—Month—1939
1940—11 Mos.—1939
$6,741,612
$6,659,414 $40,061,241 $38,232,056
—V. 151, p. 3399.
Telephone & Telegraph Co. (Del.)—Extra Div.
dividend of 25 cents per share in addi¬
an extra
tion to the regular quarterly dividend of 25 cents per share on
the class B
stock, both payable Jan. 10 to holders of record Dec. 31.—V. 151, p. 2049.
Expanding its oxygen and acetylene producing activities, corporation
recently acquired the business and assets of two companies operating in
those fields, it was announced on Jan. 7 by O. G. Carter, President. •
The business and assets of Independent Oxygen Co. of Cincinnati have
been acquired for cash and merged with Liquid's wholly-owned oxygen
subsidiary, Wall Chemicals Corp.. Mr. Carter said.
The business and assets of Wall Chemicals, Ltd., operating in the oxyacetylene field with plants in Montreal, Toronto and Windsor, Canada,
have been acquired for 16,100 shares of Liquid Carbonic capital stock and a
cash payment made in Canadian funds.
These will be owned and operated
by a direct subsidiary of Liquid Carbonic, Wall Chemical's Canadian
Corp., Ltd., which has been organized for that purpose.
These acquisitions will give Liquid Carbonic a.total of six oxygen and
seven acetylene producing plants.
The remaining contingent liability of $571,599 for the purchase of goodwill
which was assumed by Liquid Carbonic in the acquisition of the oxygen
and acetylene manufacturing firm of Wall Chemicals, Inc. in 1939, has
been fully paid and discharged by the issuance of 12,000 shares of Liquid
capital stock, Mr. Carter stated.—V. 151, p. 3749.
Kingslancl fire cases in favor of the Lehigh Valley RR., the agency of
Canadian Car & Foundry Co., Ltd., Bethlehem Steel Co. and others.
Efforts of the A. & Z. Assets Realization Corp. and the American Ha¬
waiian Steamship Co. to set aside the awards of the Mixed Claims Com¬
mission in favor of the Lehigh Valley and other corporations were defeated
when the court decided that in view of the statutory provisions governing
this case "we have no occasion to consider the circumstances in which
Loew's, Inc. (& Subs.)—Earnings—
an
international agreement or action thereunder may be deemed to vest rights
in private persons, or the scope of such rights in particular cases.
Peti¬
tioners must claim solely by virtue of their interest in the fund created by
the statute and under its terms they are not entitled to complain of pay¬
$9,841,531
1,665,713
1,665,713
$5.48
Earnings per share
Bankers Trust Co., as trustee for first mortgage 20-year 8% bonds
(extended to Nov. 1, 1955 at the rate of 5% per annum) announced that
department of its New York office up
to Feb. 6, 1941, sealed proposals for the sale to it of sufficient of these
bonds to exhaust the sum of $148,463 now in the sinking fund, at prices
not to exceed par and accrued interest.—V. 150, p. 1284.
it will receive at the corporate trust
McCrory Stores Corp.—Sales—
Sales——
the
Stores in
i
Corp.—Six Months' Report—Value Up to $29.64
Share—
&c.—V. 151, p. 3749.
Lukens Steel Co.—Tenders—
that fund of awards which the Secretary of State has certified
.
$9,924,934 $14,426,062
1,599,053
1,599,053
$5.65
$8.46
xtAfter interest, depreciation, Federal income taxes,
In the lower court Secretary Hull and Secretary Morgentbau moved to
dismiss the bills of the steamship company and the A. & Z. Assets Corp.
Both the district court and the court of appeals did dismiss the bills and
Supreme Court affirmed this action.
The awards involved in the decision were:
To Leihigh Valley RR.,
$9,900,322; Agency of Canadian Car & Foundry Co., $5,871,105; Bethle¬
hem Steel Co., $1,311,023; and Delaware, Lackawanna & Western RR.,
$32,376.
Insurance underwriters also received awards.—V. 151, p. 3893.
Period End. Dec. 31—
—
1940—Month—1939
1940—12 Mos.—1939
$8,027,760
$7,654,981 $45,571,603 $43,193,608
operation.
—V. 151, p. 3400.
—
204
......—
$27.46 per share as of June 30, 1940, the end of the corporation's
previous fiscal year.
Comparison of the portfolio at Dec. 31, 1940 with that at Sept. 30, 1940
shows little change as between the major categories of investments, cash
and United States Government obligations, other bonds, preferred stocks
and common stocks.
However, within the common stock group partic¬
ularly there was considerable shifting from some stocks into others and
acquisition of new holdings in certain issues.
The classification of assets
showed 94.9% as being assets valued at market quotations, 4% cash and
receivables and 1.1% assets valued at fair value in the opinion of directors.
In his letter to stockholders Robert Lehman, President, reveals that the
corporation purchased for retirement during/the quarter ended Dec. 31,
1940 3,600 shares of its own capital stock at an average price of approximaterly $20.75 per share, making a total, together with the shares previously
purchased, of 13,200 shares purchased since May 22, 1940, when the
corporation's policy as to such repurchases was announced to the stock¬
holders.
Mr. Lehman also states in connection with the increase in rate
of quarterly dividend payments from 20c. to 25c. per share that present
indications are that income from interest and dividends will be sufficient
to permit payment of regular dividends at the increased rate of $1 per share
per annum.
The corporation's report, in accordance with the provisions
of the Investment Company Act, for the first time shows the market value
as well as the amount of each security holding.
from
200
McKeesport Tin Plate Corp.—Retires Debentures—
Following the prepayment, for sinking fund account, of $300,000 on
Oct.
1, last, the corporation redeemed the remaining $5,700,000 of its $6,000,000
of 10-year, 4% sinking fund debentures to Oct. 1, 1948, with advance in¬
terest to April 1, next, on Dec. 30, last, it was announced Jan. 9 by George
F. Doriot, President.
'
The redemption, Mr. Doriot explained, marks the prepayment, nearly
.
Net asset value of $29.64 per share on 2,068,380 shares outstanding at
This representes an increase
Dec. 31. 1940 is reported by the corporation.
1937
1938
1639
1940
$8,908,470
$4.82
31—
Net profit ——
Shares common stock—
x
The U. S. Supreme Court on Jan. 6 decided the Black Tom explosion and
per
67,466,737 67,469,489
Total
Capital stock outstanding 2,086,884 shares par $1.
b Represented
by 18,504 shares in 1940 and 5,304 shares in 1939.
c The debit balance at
Dec. 31, 1940, is made up as follows:
Dividends declared from date of
organization to Dec. 31, 1940, $29,707,957; accumulated income and
profit and loss (profit) from date of organization to Dec, 31, 1940,
$10,954,671.
Note—The corporation has purchased commitments under which it may
make investments which will not exceed $15,000.—V. 151, p. 3565.
a
Years End. Aug.
Lehigh Valley RR.—Company Wins Black Tom Case—
Lehman
135,967
ex-
and taxes
.
Stockholders will be asked to vote at the annual meeting Jan. 23 on a
proposal to amend the by-laws of the corporation indemnifying each director
and officer against expenses reasonably incurred in connection with any
action, suit or proceeding to which he may be made a party by reason of
having been a director or officer (whether or not he continues to be a
director or officer at the time of incurring such expenses), except in rela¬
tion to matters as to which he shall be adjudged in such action, suit or
proceeding to be liable or to have been derelict in the performance of his
duty—V. 152, p. 124.
ments out of
Res. for accr'd
nenses
Bonds-
sees.
purchased
owned
416,316
has
The balance sheet as of Nov. 30, 1940, showed current assets of $3,960,346
(including cash of $926,712), and current liabilities of $1,246,362, a ratio
Period End. Dec. 31—
4,628,453
for
$
$
517,770
Liquid Carbonic Corp.—Acquisition—
Nil
profits tax.
Sales
Payable
Directors have declared
1937
$7,160,093
loss21,760
of 3.2 to 1.
''
sees,
(at cost):
Municipal
1939
1940
Liabilities—
$
2,404,763 Dividends payable
cost)-———- 6,924,609
Other
Earns, per share on com.
after pref. dividends,.
1939
S
Cash in banks—— 2,089,382
U. S. securities (at
Lincoln
'
1939
1940
a,
Assets—
Inc. (& Subs.)—Earnings—
1940
2,081.580
$0.89
2,081,580
$0.07
Nil
$0.41
Includes provision for Federal, State and miscell. taxes.
Note—'The net unrealized depreciation of the corporation's assets on
Dec. 31, 1940, based on market quotations or, in the absence of market
quotations, on fair value in the opinion of the directors, was approximately
$5,370,622.
The net unrealized depreciation, computed on the same basis,
was
approximately $9,888,798 on June 30, 1940.
Lerner Stores
1940—52 Wks —1939
.$21,414,118 $20,419,121 $258111,609 $243356,605
3,734
3,961
6 Mos. End. Nov. 30—
2,081,580
832,632
$694,240 sur$287,866
y
Kroger Grocery & Baking Co.—Sales—
Period End. Dec. 28—
Sales-
$866,084
—
Total
H. Gordon Selfridge Jr. has been appointed assistant to the president of
this company it was announced on Jan. 2.—V. 151, p. 2502.
Sales-
$1,849,051
1,561,185
Shares capital stock out¬
a
—
8,328
$138,392
Balance Sheet Dec, 31
delphia, and the acquisition of leases on which the Sonman company
operated two mines near Portage, Pa.
Koppers said it would take over direct operations of the two mines, which
it had operated under sub-lease for the last five
years, and would dissolve
Stores
24,420
loss$33,452
832,632
-
Deficit,
Company announced purchase of the Sonman Shaft Coal Co., Phila¬
Sales-.
21,540
$859,052
932,186
Profit
Koppers Coal Co.—Acquisition—
Later,
$804,031
$1,473,093
690,059 prof367,631
Recovery
——
Balance
1937
1938
$164,495
1,353,239
23,746
$1,685,127
3092.
Key West Electric Co.—Earnings—
Period End. Nov. 30—
1939
$161,259
1,520,019
3,850
for retirement of
,
_
eight years in advance of maturity, of the debenture issue sold privately
to the Travelers Insurance Co, of Hartford, Conn., under an indenture
dated Nov. 3, 1938.
"In consequence of the prepayment," Mr. Doriot
pointed out, "the corporation's cash position currently approximates $3,000,000.
Moreover, the corporation and its wholly-owned subsidiary, the
National Can Co., now have only common stock outstanding,
fne cor¬
poration has no loans, bank or otherwise, outstanding.
Its only indebted¬
ness outstanding now is the usual current amounts.' —V. 151, P. 3893.
TlcLellan
Period End
Sales—_—
Stores Co.—Sales-
Dec
— —
31—
-
—
1940—Month—1939
1940—11 Mos.—1939
$4,445,180
S.4,351,862 $22,572,167 $21,778,416
—V. 151, P. 3565.
Madison
Square Garden Corp.—Earnings—
Period End. Nov. 30—
x
Net profit----------x
1940—3 Mos.—1939
$83,081
$154,702
After depreciation_and
1®t(fr$n¥0?-"~~}2PnrA
loss$12,574 loss$82,0o4
all other charges.—151, p. 2049.
...
..
_
Malden"Electric Co.—Dividend— **
of $1,25 per share on the common
Dividend of $1.20 was
holders of record Jar ^
Directors have declared a dividend
..
_
.....
stock, payable Jan. 14 to
paid on Oct. 11, last,—V. 151, p.
-
2196.
,
.
The Commercial & Financial Chronicle
270
Manhattan Shirt
Co.—Earnings—
Years Ended Dec. 31
1940
$8,968,735
456,915
208,106
$2.20
Years Ended Nov. 30—
Net sales
.
a
Net income
-
...
Shares outstanding
Earnings per share
—....
—
1939
$7,943,831
445,976
218,133
$2.04
After all change and provision for Federal income taxes.
The balance sheet of the company as of Nov. 30,1940, shows
a
total current
assets of $6,377,440, against total current liabilities of $1,064,487, a ratio
of nearly six to one.
Cash amounted to $788,809.
At the close of the
previous fiscal year, total current assets were $5,562,760, against total
current liabilities amounting to $1,119,408.
Earned surplus of the com¬
pany increased during the latest fiscal year $202,174 to $4,256,936 at
Nov. 30,
Oct.
197,233
12,654
5,927
425,771
403,053
647,242
92,759
111,042
496,504
109,883
400,897
535,709
111,814
$1,377,573
5,105
$1,652,278
4,527
$1,632,130
$1,382,678
350,700
$1,656,806
$1,638,141
593,429
583,412
$1,705,178
601,017
138,818
14,646
153,855
17,991
136,423
15,533
144,142
28.535
73,127
78,531
6,946
&
Prov. for retirement
Prov. for depletion
from oper..
Other income
Int.
Augustus Blagden has been elected President of this corporation to succeed
Small, who has become Chairman of the Board.—-V. 151,
3244.
Masonite
Corp.—Earnings—
$1,698,103
7,074
6,011
common
17, '38 Dec. 18, '37
$219,512
$339,847
539,210
536,740
$0.35
$0.58
$441,059
539,210
539,210
$0.77
stock...
$0.58
Earnings per share
x After depreciation, Federal income taxes, &c.
Sales for the four periods amounted to $3,256,389 as against sales of
2,619,316 for the corresponding period of last year.
This is an increase
of $637,072 or 24.3%.—V. 151, p. 2355.
Matthiessen
Hegeler Zinc Co.—Bonds Called—
&
Medford Corp.—Initial
an
Prov.
for
Fed.
42,503
43,460
Cr458
3,385
"
7,852
"3",689
8,115
119.000
70,821
49,347
39,301
$734,545
$770,350
$776,606
$805,533
Sundry deductions
State
&
income taxes
Net income....
(exclusive 6f amortization of debt
expense) on bonds and notes to be outstanding upon com¬
pletion of the proposed financing will be as follows:
The maximum annual interest charges
discount and
On $2,500,000 of
$62,500
262,500
110.175
first mortgage 2 }4% serial bonds
On $7,500,000 of first mortgage bonds, 3 Yi %
On $3,900,000 serial notes (1H % to 3H %)
Dividend—
initial dividend of $1 per share on the common
19.
stock, payable Dec. 28 to holders of record Dec.
$435,175
Total
Business—Company is a public utility operating company
natural gas public utility business in Montana, North Dakota,
South Dakota and Wyoming, and an electric public utility business in
Montana and North Dakota.
Company was incorp. in March, 1924, in
Delaware as Minnesota Northern Power Co. and until 1935 was principally
History &
carrying
Meridian & Bigbee River
Ry.—Trustee's Notes—
The Interstate Commerce Commission on
Dec. 27 authorized the
pany to issue 17 promissory notes aggregating $3,400,
Illinois Central KR. to evidence the unpaid balance
locomotive.—V.
and
expense..
1945 have been called for redemption on March 1 at
Directors have declared
of debt dis.
Cr21,418
Amort, of prem. on debt
($1,676,000) 10-year sinking fund 6% bonds due
100.—V. 120, p. 1468.
All of the outstanding
chgd. to construct'n
Amort,
$343,257
1st mtge. bonds.
on
Other interest
Dec. 21, *40 Dec. 23, '39 Dec.
16 Weeks Ended—
xNet profit.....
on
other long term
debt...
Int.
Int.
a
191,139
3,808
361,598
542,907
Taxes (other than Fed.
State income taxes)
Frederick M.
of
$4,430,463
1,579,004
Uncollectible accounts..
earns,
$4,579,719
1,564,530
262,736
$4,607,424
1,576,141
Maintenance..
Net
1937
1938
1939
'40
157,415
Operation
Total income
Shares
31,
$3,936,528
1,397,328
Total oper. re venues
1940.—V. 151, p. 3244.
Martin-Parry Corp.—New President—
p.
11, 1941
Jan.
Comparative Income Account
com¬
to be delivered to the
of the purchase price
151, p. 558.
a
on a
public utility holding company.
to
In 1935 the company changed its name
Montana-Dakota Utilities Co. and became an operating
public utility
and in 1935 and 1936 acquired through merger or purchase the
properties and business of its principal subsidiary companies.
Company
is not now a public utility holding company.
Company is engaged principally in the production, transmission, dis¬
tribution and sale of natural gas and electricity.
It also does a limited
manufactured gas and steam heat business and sells gas and electric ap¬
pliances to its customers.
For the calendar year 1939 the total operating
company,
Montana-Dakota Utilities Co.—Securities Offered—New
financing of $10,000,000 for the company was' carried out
Jan. 8 with the offering of $7,500,000 first mortgage 3lA%
bonds by an underwriting group headed by Blyth & Co.,
Inc., and Merrill Lynch, E. A. Pierce & Cassatt, and
$2,500,000 first mortgage 2lA% serial bonds by Blyth & Co.,
Inc., and Merrill Lynch, E. A. Pierce & Cassatt.
The
3lA% bonds, which are due Jan. 3, 1961, were priced at
103^2 and int.
The 2lA% serial bonds with maturities
ranging from May 1, 1942, to May 1, 1949, were offered at
prices ranging from 101.88 and int. to 103.39 and int., ac¬
cording to maturity.
Both issues have been oversubscribed.
The $7,500,000 3XA%
are due Jan. 1, 1961.
first mortgage bonds are dated Jan.
1, 1941 and
The $2,500,000 first mortgage 2\i% serial bonds are dated Jan. 1, 1941;
maturing annually on May 1 as follows; 1942, $270,000; 1943, $280,000;
1944, $295,000; 1945, $305,000; 1946, 320,000; 1947, $330,000; 1948,
$345,000; 1949, $355,000.
Interest payable May 1 and Nov. 1.
Coupon bonds in denom. of $1,000
registerable as to principal only.
The 3 H% bonds are red. on at least 30 days' notice, on any date prior
to maturity in case of the redemption of all 3^% bonds due 1961, or on
first day of any month prior to maturity in case of redemption of part
of the 3J^% bonds due 1961, in each case at following percentages of the
Srincipal amount thereof; 107% if red. on 30, before April 30,red. thereafter
'red. thereafter and
before April or 1944; 106% if 1943; 106K %
on or
red. thereafter and on or before
April 30, 1946; 105% if red. thereafter and on or before April 30, 1947;
104 H % if red. thereafter and on or before April 30, 1948; 104% if red.
thereafter and on or before April 30, 1949; 103)4% if red. thereafter and
on or before
April 30, 1950; 103% if red. thereafter and on or before April
30,1951; 10224 % if red. thereafter and on or before April 30,1952;1023^ %if
and
before April 30, 1945; 105K % if
on or
red. thereafter and
on
or
before April 30,
1953; 102}4% if red. thereafter
30, 1954; 102% if red. thereafter and on or before
April 30, 1955; 101 %% if red. thereafter and on or before April 30, 1956;
1013^ % if red. thereafter and on or before April 30, 1957; 101M% if red.
thereafter and on or before April 30, 1958; 101% if red. thereafter and on or
before April 30, 1959; 100^ if red. thereafter and on or before April 30,
1960; 10014% if red. thereafter and prior to maturity, together in each
and on or before April
case
with accrued interest to the redemption date.
The
2
34% serial bonds
are
redeemable, at option of
company,
on
revenues of the company were derived approximately 70% from the sale
of natural gas, 28% from the sale of electricity, and 2% from the sale of
steam and manufactured gas and from other sources.
Company
serves
served at retail in Missoula, Mont., Valley City, N. D.
Minn.
Electricity is served at retail in 28 communities in
North Dakota, 1 in South Dakota and 2 in
non-affiliated utility for distribution in 5
retail
and Crookston,
Montana, 61 in
Canada, and at wholesale to a
wholesale had
or
1940 population of 227,666.
a
Underwriters—The names of the principal underwriters
amounts of bonds
and the principal
severally to be purchased by each, are as follows:
2y2% Ser. 3H% Bds.
Bonds
Due 1961
Name—
Blyth & Co., lnc
Merrill Lynch, E. A. Pierce & Cassatt
.
Kidder, Peabody & Co
a$l,625,000 $1,650,000
b875,000
925,000
825,000
.....
625,000
585,000
540,000
W. E. Hutton & Co
E. H. Rollins & Sons, lnc
The Wisconsin Co.........
Wells-Dickey Co
,„i_;
....
......
500,000
.1
Thrall West Co...
400,000
Whiting, Weeks & Stubbs, lnc
Stifel, Nicolaus & Co., Inc.
350,000
350,000
Kalman & Co
250,000
200,000
150,000
The Illinois Co. of Chicago
150,000
a Divided between maturities as follows:
1942, $176,000; 1943, $182,000;
1944, $191,000; 1945, $198,000; 1946, $208,000; 1947; $215,000; 1948,
$225,000; 1949, $230,000.
b Divided between maturities as follows: 1942,
$94,000; 1943, $98,000; 1944, $104,000; 1945, $107,000; 1946, $112,000;
1947, $115,000; 1948, $120,000; 1949, $125,C00.
Equitable Securities Corp
Laurence M. Marks & Co.
at
.........
Consolidated Balance Sheet, Oct. 31, 1940
ft
..
..
'
Intangible assets..
4,557
Investments
Cash and cash Items
Accounts & notes reo.
755,962
.....
(net)491,460
.
_
5% series pref. stock.
Common stock ($10 par)
Deferred charges
....
13,284,000
Funded debt
Purchase contract obligations
Consumers' deposits..-
16,004
1,633,222
Current liabilities
248,806
....
51,773,900
5,959,260
6,766,525
6% series pref. stock..
561,895
Inventories..
Other assets
Liabilities—
t
$34,150,953
...
494,015
Fixed assets.
679,582
280,031
12,277
6,358,349
...
Unamort. prem. on debt
Reserves
—
Minority stockholders' equity
84,696
1,218,965
subsidiary
Earned surplus
follows:
May 1, 1950, $355,000; May 1, 1951, $365,000; May 1, 1952,
$375,000; May 1, 1953. $385,000; May 1, 1954, $395,000; May 1, 1955
$405,000; May 1, 1956, $415,000; May 1, 1957, $425,000; Mav 1
1958
$440,000; Mav 1, 1959, $460,000; May 1. I960, $480,000.
There is an
additional sinking fund based upon excessive withdrawals of natural gas
17
communities in Montana.
A
total of 134 communities are served at retail with natural gas, electricity,
manufactured gas, steam heat, or 2 or more of these services.
The communities served by the company with one or more services at
least 30
days' notice, on any date after May 1, 1941 and prior to their
respective maturities, either as a whole or as to all the outstanding 234%
serial bonds of any maturity, upon payment of the following respective
percentages of the principal amount thereof; 103% if red. after April 30,
1941 and on or before Apil 30, 1942; 102 34% if red. thereafter and on or
before April 30, 1943; 10134% if red. thereafter and on or before April 30,
1944; 10134% if red. thereafter and on or before April 30, 1945; 10134%
if red. thereafter and on or before April 30, 1946; 101% if red. thereafter
and on or before April 30, 1947; 40034 % if red. thereafter and on or before
April 30, 1948; and 10034% if red. thereafter and on or before April 30,
1949; together in each case with accrued interest to the redemption date.
Company covenants that it will retire as a sinking fund 334 % bonds due
1961 on or before the dates and in the aggregate principal amounts as
natural gas at retail in 25 communities in Montana,
in North Dakota, 11 in South Dakota, and 3 in Wyoming.
It supplies
natural gas to a non-affiliated company at wholesale for distribution in
Great Falls, Mont.; to the Anaconda plant at Great Falls: and to the U. S.
Government for use at Fort Peck, Mont.
Manufactured gas (Butane) is
$37,387,230
Total.
$37,387,230
Total
Bonds Called—
All of the outstanding first mortgage s. f. bonds, 414% series, due 1954,
from certain fields.
Purpose of Issue—The net proceeds will be applied to the redemption of
and 4H
% series due May 1, 1956, have been called for redemption on Feb. 8
Payment will be made at the New York
the Northwestern National Bank & Trust
Co., Minneapolis, Minn., or at the Harris Trust & Savings Bank, Chicago,
the $10,000,000 outstanding first mortgage bonds (consisting of $8,800,000
of first mortgage sinking fund bonds, 4 34 % series due 1954 and $1,200,000
of first mortgage sinking fund bonds, 4 34 % series due May 1, 1956)
These
at
bonds
111.—V. 151, p. 3750.
are subject to redemption on any date upon 30 days' notice and will be
on the earliest possible date in Feb., 1941 at 10434 % and int
Funded Debt and Capitalization—The funded debt and capitalization of
the company as of Oct. 31, 1940, with adjustments to give effect to the
1043^ and accrued interest.
Trust Co., New York City, at
redeemed
retirement of $1,812,000 10-year
434% convertible debentures, due Oct. 1.
1946, and $2,100,000 434% serial promissory notes, due March 15, 19411946, and the issuance of $3,900,000 serial notes, are as follows:
Authorized
1st mtge.
1st mtge.
234% serial bonds (1942-1949)
bonds, 334% series 1961
(134 %-3 34 %, due $390,000 serially
a
a
a
The
$2,500,000
7,500,000
'
Serial notes
March 15, 1941-1950)
6% series preferred stock ($100 par)
5% series preferred stock ($100 par)
Common stock ($10 par).
Outstandina
$3,900,000
20,000 shs.
80,000 shs.
b800,000 shs.
3,900,000
17,739 shs
59,592 shs!
676,652 shs.
334% bonds due 1961 and the 234% serial bonds
aggregate
principal amount to
$7,500,000 and
are limited in
$2,500,000, respectively.
Additional bonds of other series may be issued upon compliance with the
provisions of the indenture, provided that not in excess of $20,000,000 of
bonds of all series may be outstanding at any one time.
K b 54,360 shares reserved for
conversion of outstanding $1,812,000 1034 % convertible debentures, due Oct. 1, 1946.
The conversion rights
terminated Jan. 1, 1941 upon the redemption of the debentures.
On Oct. 31,
1940 company's outstanding funded debt, exclusive of
amounts held in the treasury, consisted of $8,800,000 first mortgage sinking
fund bonds, 434 % series due 1954, $1,200,000 first mortgage sinking fund
bonds, 434% series due 1956, $1,812,000 10-year 434% convertible de¬
bentures, due Oct. 1. 1946 and $2,100,000 434% serial promissory notes,
due serially March 15, 1941 to 1946.
Montana Power Co.
(& Subs.)—Earnings—
1940—Month—1939
Period End. Nov. 30—
$1,538,232
Operating revenues
Operating expenses
4.58,647
Direct taxes
461,611
Prop, retire. & depletion
reserve appropriations
1940—12 Mos.—1939
$1,424,694 $17,419,497 $14,825,317
401,686
239,726
5,275,187
3,491,331
4,601,147
2,556.752
154,236
141,202
1,764,383
1,616,826
$463,738
Dr5,750
$642,080
Dr2,591
$6,888,596
Dr.533
$6,050,592
Dr9,164
$457,988
157,170
44,125
40,300
Crl.222
$639,489
158,151
44,125
50,495
$6,888,063
1,891,143
529,495
475,404
Cr3,823
$6,041,428
1,907,554
529,495
435,872
Cr8,477
Net income.
$217,615
$386,718
Divs. applic. to pref. stock for the period
$3,995,844
$3,176,984
Net oper. revenues
Other income (net)
Int.
on mtge. bonds—
Interest on debentures
Other int. & deductions.
Int. chg'd to construct'n
957,533
957,528
$3,038,311
$2,219,456
year 4
Balance
—V. 151, p. 3245.
Montgomery Ward & Co.—Sales—
Period End. Dec. 31—
Sales
—V. 151, P. 3894.
1940—Month—1939
1940—11 Mos.—1939
$70,850,185 $66,025,061 $512514,216 $471840,169
Volume
The Commercial & Financial Chronicle
152
Moore-McCormack
Lines-
-Kuhn,
Loeb
Group Acquires
Interest—
Albert V. Moore, President, has announced that he and his associate,
_
Jfimmet
group
terest
J. McCormack, had concluded
arrangements whereby a banking
headed by Kuhn, Loeb & Co., had acquired a substantial stock in¬
m
the company.
The company is the
operating company of the American Republics Line,
Republics Line, and American Scantic Line.
The company operates
stops, and 10 are under construction.
The fleet now consists
250,000 deadweight tons and when the building
program now under way
completed in 1941, the fleet will total 404,000 tons.
Pacific
oi
is
Murray Corp. of America—Earnings—
3 Months Ended Nov. 30—
Gross profit.
Other income.
1940
x
$500,694
_
36,420
11,417
$533,036
$512,110
242,768
8.360
61,750
226,119
42,322
40,600
$220,158
$0.23
__
$203,069
$0.21
______
Total income
Expenses, &c
—.
Idle plant expense, &c.^.__
Federal income taxes
Net profit.
Earnings per share
x
1939
*
$496,616
_____
After depreciation of $158,358 in 1940 and $174,653 in 1939.—V. 151.
p. o895.
Mutual Broadcasting System—Sales—
r,,
■^^em^)er. time sales of this
system amounted to $576,983, an increase of
like 1939 month when billings were $317,699. Cumulative time
1940 amounted to $4,767,054, an increase of 34.3%
a year ago when
billings were $3,329,782. Mutual's time sales last year
new high for the network.—Y.
151, p. 2198.
81.6%
over
sales of Mutual for
over
set a
Mutual
Investment
Fund—Asset
Vqlue—
The company reports net asset value on Dec. 31,
1940, after all expenses,
and distributions, was $9.16 per share.
This compares with
$10.70 per share for period ended Dec. 31, 1939.—V. 151, p. 3895.
reserves
Nashua
Nov. 2,'40
Nov. 4,'39
$12,440,487 $11,319,763
12,137,390
10,691,438
Cost of sales
tions
and research and development.
The case against this tax was
perhaps best stated by Carter Glass in 1919, then Secretary of the Treasury:
The Treasury's objections to the excess-profits tax even as a war ex¬
pedient
have
been
repeatedly
voiced.
Still
more
objectionable is the operation of the excess-profits tax In peace times.
It
encourages wasteful expenditure, puts a premium on overcapitalization and
a penalty on
brains, energy and enterprise, discourages new ventures, and
confirms old ventures In their monopolies.'
.
$303,097
375,5^6
52,772
101,567
8,087
12,269
$628,326
$247,184
37,673
$6,365
x98,545
.....
Interest
Capital assets sold and scrapped
Capital stock and other taxes paid
or
accrued
Net loss—...
Dividends
companies
$
$
245,174
405,004
126,186
86,914
6,157
10,429
Prem.
4,320,694
deps.
Cash
suit.
3,676,625
with
val.
Notes pay., bank. 1,975,000
Notes payable, new
machinery
Accts.
Mutual Ins. Co.
157,037
Nov. 2, '40 Nov. 4, '39
$
$
Liabilities—
197,102
1,814,503
Accts. receivable 1,984,168
Inventories
123,214
of
pay.
800,000
10,736
...
& ac¬
crued Items.
734,443
—
740,849
Res. for Fed. taxes,
insurance
7,170
commitments
1st mtge. notes rec.
Invest. & deposits
300
at book value
6,549
Co....
6,567
54,478
Prepaid
and
ferred items
their
intermediate
stages
of
development.
These
young,
During the year 1940 the asset value declined from $6.05
per
share to
a depreciation of 12.2% compared with a depreciation of
12.7% in the Dow Jones Averages of Industrial Stock Prices over this
same period.
At Dec. 31 approximately 96 % of the assets were represented
by common and convertible preferred stocks and 4% by cash items.
During the closing quarter of the year Merck and Pathe Film were added
to the portfolio and International Business Machines eliminated.
Other
portfolio changes during the year 1940 included the purchase of Allied
Laboratories, Copperweld Steel, Fruehauf Trailer, International Nickel,
Master Electric, Sangamo Electric and U. S. Plywood; and the sale of
Abbott Laboratories, Armstrong Cork, Colgate-Palmolive Peet, Crane,
Johns-Manville, Masonite, Sears Roebuck, Sperry and Union Carbide.
—V. 151, p. 3750.
National
Liberty
Insurance
Co.
America—Extra
of
Directors have declared an extra dividend of 10 cents per share in ad¬
dition to the regular semi annual dividend of like amount on the capital
stock, par $2, both payable Feb. 15 to holders of record Feb. 1.
Similar
paid on Aug. 15 and Feb. 15, 1940, and on Aug. 15, 1939.
151, p. 111.
—V.
National Oil Products Co.—Shares Taken—
Rights issued to stockholders of the company to subscribe to 35,965
common capital stock at $28, which expired Jan. 2,
were over 94% subscribed, C. P. Gulick, President, has announced.
The
issue had been underwritten bv Jackson & Curtis, Schwabacher & Co, and
Stern. Wampler & Co.—V. 152, p. 126.
additional shares of
PeriodEnd. Nov. 30—
Subsidiaries—
contingencies
Capital stock
Surplus
Direct taxes
Prop, retire,
6,576
84,399
6,904,867
5,151,040
5,416,702
7,959,577
144.735
124,167
.
Net oper. revenues.__ $6,954,281
Rent from lease of plants
1,084
Operating income
$6,955,365
Other income
i,
26,785
Other income deductionsi
8,639
$6,973,511
$6,554,943 $26,505,733 $26,060,270
6,273
6,049
1,891
$6,556,834 $26,511,782 $26,066,543
227,729
30,847
137,233
144,021
17,199
47,672
$6,570,482 $26,601,343 $26,150,251
Int. to public & other de¬
Total
14,767,726 13,957,554
Portion
25
12
99
689
$2,540,064 $10,704,469
$8,901,711
$2,540,064 $10,704,469
6,808
130,305
$8,901,711
62,898
$3,198,197
168,867
256,213
$2,546,872 $10,834,774
102,752
533,056
256,448
1,021,485
$8,964,609
382,786
1,058,840
$2,773,117
-—..
10,301,028
Cr27,459
5,623,206
$2,187,672
$9,280,233
$7,522,983
$0.43
$0.32
$1.39
$1.07
5,853,66.6
Nat. Power & Light Co.
a
Gross client expenditures on NBC Networks rose 14.7% in December
compared with the same month last year, totaling $4,909,873 against
$4,279,748 during December of 1939.
Red Network billings for December amounted to $3,786,901 as compared
with $3,400,383 for the same period last year, an increase of 11.4%
Blue
Network billings increased 27.7% and totaled $1,122,972 as compared with
$879,365 for December, 1939.
Total billings for both NBC Networks for the year 1940 set a new high
11,404,661
Crl0,476
Cr2,999
1,405,802
8.882
interests
x After reserve for
discounts, allowances and doubtful accounts of $24,781
in 1940 and $23,519 in 1939.
y After reserve for depreciation of $8,441,420
in 1940 and $825,710 in 1939.—V. 149, p. 4180.
Co.—Billings Up 14% in Dec.—
public
applic. to min.
2,627,603
$3,189,315
Int. chg'd to construct'ni
Pref. divs. to
2,389,582
Crll,213
1,405,802
$3,189,315
ductions
14,767,726 13,957,554!
National Broadcasting
.
Gross income
55,499
7,847,719
1940—12 Mos.—1939
.
res.
(net)..
6,900,667
(& Subs.)—Earnings—
1940—3 Mos.—1939
$20,495,968 $19,070,036 $78,369,592 $78,730,078
37,677,189
37,794,636
9,657,301
9,138,177
7,889,575
7,946,619
2,252,919
1,853,039
6,297,095
6,928,553
1,631,467
1,523,877
approp.
Operating revenues
Operating expenses
de¬
Total
.
$5.31 per share,
SomereworthMfg
Plant..........
.
growing companies and of discouraging the continuation of vested position
of old line companies."
Asset Value
&
Inv. in & ad vs. to
y
in
National Power & Light Co,
Nov. 2, *39 Nov. 4,'39
x
.
aggressively managed companies have furnished, in many cases, the only
effective competition to these old and deeply rooted corporations.
Sucn
discrimination is contrary to the prevailing philosophy of encouraging
human initiative, energy and enterprise, which characterize small and
Comparative Balance Sheet
Cash
.
"The excess profits tax was obviously never intended to discriminate in
favor of old and powerful companies whose growth has long since come to
an end and to
Impose hardships and restrict the expansion of small, growing
Cash dividends of $2.75 and $1 in stock.
Assets—
.
amounts were
Gross trading profit.
Depreciation in full....
Maintenance of idle plant
x
companies which have been able to show substantial earning power on their
capital investment through ingenuity of management, efficiency of opera¬
Dividend—•
Manufacturing Co.—Earnings—
Years Ended—
Sales, less discounts and allowances
271
"The excess profits tax in its present form
decidedly favors large and over¬
capitalized companies which have been unable to utilize effectively their
excess plant and equipment except In
periods of full industrial prosperity
On the other hand, this tax imposes a
heavy penalty on young and growing
Net equity
income
Other
Expenses, incl. taxes
Int. & other deductions.
.
of
$50,663,000 as compared with $45,244,354 for 1939.
Red Network
billings for 1940 are $39,955,322 as against $36,600,736 for 1939, an increase
of 9.2%.
The Blue Network shows an increase of 23.9% for the year 1940
with $10,707,678 as compared with $8,643,618 for 1939.—V. 151, p. 2198.
National Dairy Products
Corp.—Listing of Sl{% Deben¬
tures Due 1960—
The New York Stock Exchange has authorized the listing of $55,000,000
3V\% debentures due 1960, maturing Dec. 1, 1960, which are issued and
outstanding.—V. 151, P. 3568,3402.
Period End. Nov. 30—
Operating revenues
income
tirement
after
(& Subs.)—Earnings—
1940—Month—1939
a
Of National Power &
Light Co. in income of subsidiaries.
Note—Certain properties of subsidiaries were sold during 1938 and 1939,
and consequently the statement of consolidated income of National Power
&
Light Co.
and subsidiaries includes the operations of these properties
only to dates of sale.
Statement of Income (Company
PeriodEnd. Nov. 30—
1940—3 Mos.—1939
Income—From
subs.—
consolidated....... $1,621,762
$1,626,349
$139,319
$1,617,592
$1,449,933
35,476
27,345
26,721
18,778
304,860
210,030
268,561
172,165
Net income....
Only)
1940—12 Mos.—1939
Note—No provision has been made for Federal excess profits tax pending
determination of liability, if any.—V. 151, p. 3895.
Gypsum Co.—Transfer Agent—
The Marine Midland Trust Co. of New York has been appointed fiscal
registrar and transfer agent for $6,000,000 principal amount
3% sinking fund debentures due Dec. 1, 1955.—V. 152, p. 126.
agent,
National Investors
—
...
of
Corp.—Report for 1940—
Expenses, incl. taxes—
Int.
&
other
from income
8,882
6,808
$6,710,849
130,305
$6,725,350
62,898
$1,630,644
168,867
$1,633,157
102,752
$6,841,154
533,056
$6,788,248
382,786
$1,461,777
Other.
1940—12 Mos.—1939
$151,236
re¬
reserve accrs.
National
earned surplus
$1,530,405
$6,308,098
$6,405,462
256,213
256,448
1,021,485
1,058,840
$1,205,564
National Gas & Electric Corp.
Gross
Bal. carried to consol.
Earns, per share of com.
stock
$1,273,957
$5,286,613
$5,346,622
$0.14
$0.15
$0.66
$0.67
deducts,
....
Earns, per share of com.
stock
—
—V. 151, p. 3404.
National Steel Corp .—Construction Program—
Construction of a new blast furnace and additional coke ovens that will
Further advantages of "growth" stocks and the undermining effects of
the excess profits tax are pointed out by Fred Y. Presley, President of the
Corporation, in the 1940 annual report.
"The immediate effect of the excess profits tax has been to reduce the
add
earnings of young growth companies by a substantially larger amount than
the earnings of large, established companies, particularly those engaged in
the capital goods industries.
It is not improbable, however, that the
readjustment of earnings necessitated by this tax has been largely or wholly
discounted by market prices and that from this point forward the common
stocks of both classes of companies should tend to approximate the relative
position with respect to future earnings which they occupied prior to the
imposition of this tax.
These growth companies, with their earnings derived primarily from the
recurring requirements of our economic system, should hold or continue to
improve their position over the duration of this war; and when the excess
profits tax is ultimately repealed a part or all of the earnings thus recaptured
will again accrue to these companies.
On the other band, companies whose
earnings are largely dependent 6n this huge armament effort are in a
vulnerable position since they may well find themselves without markets
to absorb their current capacity output when this period of emergency
This program will be in addition to the rebuilding
blast furnaces in other National Steel Corp. plants at
terminates.
"The fundamental consideration in common stock selection is regularity
and growth of earnings, and it is on this principle that the investment
policy of this company continues to rest.
"The recently inaugurated defense program has created the necessity of
new and larger taxes, certain Of which are distinctly discriminatory in
character.
approximately 300,000 tons to the annual pig iron capacity of the
Weirton Steel Co. has been approved by the board of directors of this
corporation, parent organization of the Weirton Co., it was announced
on
Jan. 8.
and enlargement of
Detroit and Buffalo
Weir, Chairman.
The improvements at the three plants, which will cost about $15,000,000.
will increase the annual pig iron capacity of National Steel Corp. by ap¬
proximately 700,000 tons.
The expansion of blast furnace facilities has been undertaken because of
the increased demand for steel products that is resulting from the war
overseas and the defense program and also because of the shortage in steel
scrap which must be replaced with pig iron.
Without additions to primary steel producing facilities, the new pig iron
capacity will make possible a substantial increase in the production of steel
ingots with existing equipment.
.
in addition to the blast furnace and auxiliary equipment, the Weirton
Steel Co. program will include the construction of 45 coke ovens, extension
of the ore yard, extension or construction of a number of plant buildings, and
installation of cranes, power lines and other types of equipment.
Company officials expect the new facilities to be ready for operation
late in 1941. According to preliminary estimates, the program will increase
the Weirton Steel Co.'s pig iron and coke capacity by more than 40% and
will add approximately 240,000 tons per year to ingot capacity.
Also underway at the Weirton plant is reconstruction of a semi-continuous
strip mill so that it may be utilized for the production of either strip steel
that was announced recently by E. T.
.
,
it_
„
x
The Commercial & Financial Chronicle
272
structural
shapes. This will give the Weirton Steel Co. three mills, with a
total capacity of 600,000 tons per year, with which to meet the growing
or
demand for structural steels that
—V.
has resulted from the defense program.
151, P. 3896.
Nebraska Power
1940—Month—1939
$758,423
$709,054
319,607
314,003
143,105
103,344
52,500
52,500
Direct taxes
Amort,
of
res. approp.
1940—12 Afos.—1939
$8,594,720
$8,398,472
3,580,312
3,813,700
1,300,834
1,416,731
630,000
625,834
limited-term
investments
800
1,945
14,745
23,348
Net oper. revenues
Other income
$242,411
$237,262
80
96
$2,719,544
1,485
$2,868,144
2,251
W Gross income
$242,491
$237,358
61,875
17,500
9,215
$2,721,029
742,500
210,000
112,485
Cr3,845
$2,870,395
742,500
210,000
110,866
Prl,601
Int.
on
Int.
on
mtge. bonds
debenture bonds.
Other int. & deductions.
61,875
17,500
8,929
0340
Int. chgd. to coustruct'n
Cr382
York
New
Net income
$154,527
$149,150
Divs. applic. to pref. stocks for the period
$1,659,889
499,100
$1,805,428
499,100
$1,160,789
$1,306,328
City Transit System—Earnings—
[Includes BMT, IRT and IND Divisions]
Period Ended Sept. 30, 1940—
Total operating revenues
Operating expenses
Operating rentals
Month
3 Months
$9,246,195 $26,576,914
6,860,042
20,999,843
21,527
64,576
Income from operations
Non-operating income
$2,364,626
31,535
$5,512,495
65,312
$2,396,161
$5,607,807
Excess of
operating expenses..-.
revenues over
New York Hanseatic
Neiman-Marcus
Co.,
Dallas, Texas—Preferred Stock
Offered—Moss, Moore & Cecil, Inc., and Dallas, Rupe &
Son, Dallas, recently offered $700,000 5% cumulative pre¬
ferred stock (par $100) at 100.50 per share plus dividends.
or
Liabilities—
hand—
$565,713
Commercial bills (short term)U.S. Government no tea
500,000
on
390,000
-
History and Business—Company is a mercantile establishment which was
incorp. May 4, 1907 in Texas. When founded 33 years ago it started doing
business with six departments, which catered to the supplying of only
exclusive outer clothing for women.
In the intervening period it has
developed its business until it now has 65 departments, with large stocks of
merchandise, and is fully equippped to outfit men, women and children.
Approximately 80% of the sales of the company are made uron a credit
basis, but credit losses are comparatively small.
Purpose—Proceeds will be credited to the capital account of the company.
The net proceeds of sale will be used for the following purposes:
fa) Retire¬
ment of first preferred stock at 105,
$184,771; (b) payment of Unsecured
bank loans, $200,000;
(c) payment on building and fixture contracts,
$58,561; and (d) general corporate purposes, $210,528.
The proceeds of the new $900,000 first mortgage bonds dated Nov. 9,
1940 (Porter Lindsley, trustee) have been used for the purpose of dis¬
charging the balance due on the first mortgage note payable to Great
Southern Life Insurance Oo. and the balance thereof, together with $58,561
of the proceeds of sale of the new
5% cumulative preferred stock, will be
applied to the payment of the contracts for the erection of the additions
to its building now
being constructed by the company and for furniture and
fixtures to be installed therein.
Comparative Income Account
8 Afos. End.
Total
.
$20,966
13,215
-Year Ended Jan. 31
Sept. 30, '40
1940
1939
1938
$2,886,332
.38,651
_
Cost of goods sold....
$4,662,359
53,716
$4,497,881
54,371
$4,675,066
56,117
$2,924,983
1,735,975
comm...
37,909
Reserve for contingencies
$4,716,076
2,826,525
$4,552,253
2,744,997
Capital stock
Surplus
794,631
Total
$3,189,179
9,084
432
Deferred items
Total
$3,189,179
-V. 151, p. 251.
New York & Richmond Gas Co.Period End. Nov. 30—
Operating re venues
Gross
income
after
-Earnings—
1940—Month—1939
$107,843
$101,061
32,980
18,124
1940—12 Mos.—1939
$1,244,350
$1,206,871
27,420
14,420
re¬
tirement res. accruals-
Net income
332,808
155,966
$1,889,550
$1,807,256
$1,807,508
Selling, general & admin¬
istrative expenses
977,177
1,484,744
1,448,354
1,408,482
Uncollec. acc'ts charged
off........
24,498
37.289
Prov. for depreciation..
25,769
42,706
38,755
37,6 76
34,962
46,330
$161,563
37,143
$323,343
38.774
$283,936
49,172
$317,733
39,733
.$198,706
$362,116
53,544
$333,107
31,256
50,095
$357,466
67,757
42,000
56,200
47,922
56,333
Operating profit
Other i ncome
and
normal
..
income
?
profits taxes
undistributed
excess
Surtax
on
determination of liability, if any.—V. 151, p.
New York
3897.
Telephone Co.—Earnings—
1940—Month—1939
1940—11 Mos.—1939
.$18,440,438 $17,965,545 $200394,862 $194129,138
70,039
56,246
803,830
791,452
Period End. Nov. 30—
Operating revenues.
—
Uncoil, oper. revenues..
Operating revenues...$18,370,399 $17,909,299 $199591,032 $193337,686
12,652,284
11,926,930 129,576,047 127,846,910
Operating experses
Net oper. revenues—
$5,718,115
Operating taxes
$5,982,369 $70,014,985 $65,490,776
3,161,849
Net oper. income
Net income
$2,556,266
2,235,730
2,843,932
36,522,267
North
American
Car
Issue Placed
Corp.—Equipment
Privately—The corporation has placed privately (through
Glore, Forgan & Co.) an issue of $4,790,000 3-314% equip*
trust
certificates, 1940 series.
The certificates mature
$350,000 semi-annually, May 15, 1941 to Nov. 15, 1945, and
$215,000 semi-annually thereafter to Nov. 15, 1948.
In¬
terest rate is 3% on 1941-45 maturities and 3^% for 1946-48
maturities.
Trustee, Continental Illinois Bank & Trust
Co., Chicago.
Proceeds will be used to redeem existing
equipments.
To
Redeem
Funds
are now
Certificates—
available at the office of the Marine Midland Trust Co.
North American Co.—Block
Common
$252,371
14,273
112,500
10,063
dividends
$235,090
14,364
112,500
$209,950
15,155
112,500
Comparative Balance Sheet
Assets—
Sept. 30'40 Jan. 31 '40
Cash...
$177,590
Acc'ts rec. (net).. 1,119,105
Inventories
997,947
Sundry unlisted
b
$176,534
1,310,992
813,877
Liabilities—
curity investm'ts
8,885
Fixed assets (net).
1,094,158
Prepaid insur., com¬
missions,
Other assets
.
trading at the New York Stock Exchange,
price was 17.
Stock Distributed—Street Journal," Jan.
Dlock of arsund 60,000
it was revealed Jan. 9
This latter does not repre¬
British account.
Smith, Barney & Co. and Blyth & Co., Inc., are distributing through
their own organizations and not making any dealer-puDlic offering a sub¬
stantial part of this second block although around 100,000 shares of it is
that another block of 170,000 is being placed.
sent domestic holdings and presumably is for
496,727
Accrued liabilities.
49,833
15,581
stood that this placement cleans up all of the
which had been overhanging the market.
share.—V. 151, p. 3897.
taxes
Real
on
In¬
20,709
216,893 Bank loan,
70,100
56,201
88,478
507,789
150,000
200,000
4,248
3,834
understood to have been taken bv
unsec.
for
parcel
post losses
7% pref. stock...
175,000
200,000
750,000
$100)
Paid In surplus...
5,300
on
Investment
Total
Directors have declared
tion
to
common
11,109
11,417
1,049,706
$3,737,356 $3,632,852
the
regular
an
extra dividend
quarterly dividend
Period End. Dec. 31—
Sales---
P
1
p.
2950.
1940—12 Afos.—1939
$4,021,879 $22,492,523
$22,638,655
Per iod
iSnd.
Dec. 31....
New
England
-Sales
1910—Afomb—1939
1940—12 Afos.—19.39
$9,931,799
$9,061,071*$55,879,053 $52,269,905
Gas
&
Electric
Association—System
Output—
For the week ended Jan.
3, New England Gas & Electric Association
reports electric output of 9,514,548 kilowatt hours.
This is an increase of
792,577 kilowatt hours, or 9.09% above production of 8,721,971 kilowatt
hours for the corresponding week a year ago.
Gas output is reported at 105,175,000 cu. ft., a decrease of
11,020,000
cu. ft., or 9.48 % below production of
116,195,000 cu. ft. in the Corresponding
week
a
Prop, retire,
Co.—Earnings—
1940—Month—1939
—
res. approp.
$408,189
$443,015
204.932
_
212,968
73,367
25,000
64,306
25,000
1940—12 Mas.—1939
$4,531,586
2,294,566
746,373
300,000
$4,762,276
2,327.289
777,857
300,000
Amortiz. of limited-term
24
23
18.747
$131,680
17,894
$1,190,623
220,570
$1,357,107
212,221
$95,204
$113,786
Dr 165
264
$970,053
2,067
$1,144,886
2,108
$95,039
22,333
10,063
2,172
$114,050
30,292
10,500
2.555
$972,120
307,794
125,563
65,781
$1,146,994
326,529
12,250
223,648
Cr77
GY17
GY254
Cr 198
$70,720
Divs. applicable to pref. stocks for the period
$473,236
334,202
$584,765
334,188
$139,034
$250,577
investments
(J. J.) Newberry Co.-
-V. 151, p. 3569.
Period End. Nov. 30—
Direct taxes
151, p. 3104.
Sales
1
1940—Month—1939
$3,649,144
of five cents per share in addi¬
of three cents per share on the
Jan. 1Q.—V. 151,
stock, both payable Jan. 20 to holders of record
Operating revenues—Operating expenses
Neisner Bros., Inc.—Sales—<■
—V.
share on the 6%
10.—V. 150,
935.568
-V. 151, p. 3246.
r
Corp.—Accumulated Div.
dividend of $1.83 1-3 per share on account of
a
the 5K% cum. pref. stock and $2 per
Northwestern Electric
$3,737,356 53,632,852
Tt is under¬
large blocks of North American
The stock was priced at $17 a
North American Oil Co.—Extra Dividend—
Surplus
from
revaluat'nof bldgs.
investment trust direct.
pref. stock, both payable Jan. 20 to holders of record Jan.
p. 2S3.
i
750,000
5,300
Directors have declared
accumulations
Common stock (par
Earned surplus...
American
North
mtge.
note
an
150,435
456,217
estate
Reserve
Total
10, had the following:
On the heels of the placement late Jan. 8 of a
shares of stock out of investment trust portfolios,
577,365
come (est.)
8,885
1,084,964 Other curr. liabll.
19,109
320,503
60,000
sold at
17 after the close of
where the final
Notes payable
Accounts payable.
Fed.
se-
Sept. 30 '40 Jan 31 '40
$350,000
5300,000
of Stock Sold—Union Securi¬
ties Corp. Jan. 8 sold, as agent for unspecified sellers,
shares of common stock (par $10).
The stock was
The "Wan
$125,450
H% equipment
certificates, series O, and the Feb. 1, 1941, interest warrants ap¬
purtenant thereto and for immediate payment of all corporation's 4H%
equipment trust certificates, series P, and the June 15, 1941, interest
warrants.
Series O certificates due Feb. 1, 1941, and series P certificates
due June 15, 1941, are payable at par, while certificates of each series due
subsequent to those dates are payable at 102%.—V. 152, p. 127.
trust
23.425
Net profit
Preferred dividends
30,959.110
$3,138,437 $33,492,718 $34,531,666
2,775,892
31,073,943
31.581.991
—V. 151, p. 3405.
'
profits
310,568
154,861
Note—No provision has been made for Federal excess profits tax pending
$4,731,184
2,923,675
$1,189,007
Federal
285,219
2,000,000
Due from banks and others.17,420
Accrued interest receivable—
of New York for immediate payment of all outstanding 4
Income deductions
50,454
reserves
were
$900,000 Bonds Placed Privately—The company recently
placed privately an issue of $900,000 1st mtge. 4% bonds with
the Aetna Life Insurance Co.
The bonds mature monthly
from Dec. 10,1940, to Nov. 10,1957.
Proceeds were used to discharge the balance due on a first
mortgage note ($494,695 Sept. 30, 1940) and for additions
to buildings, &c.
Leased depart,
Due to customers
Securities purchased not yet re¬
ceived
1,443,355 Unearned discount,
for taxes, &c
249,960
Other securities (at cost)
Securities sold not yet deliver'd
given the preemptive rights to subscribe for
purchase their prorata portion of the shares offered, at $100 per sh.
Gross sales (net).
.
Corp.—Bat. Sheet Dec. 31, 1940—
A ssets—
Marketable stocks and bonds.
Balance
-V. 151, p. 3247.
_
-V. 151, p. 3569.
Cash In banks and
Common stockholders
11, 1941
or
Co.—Earnings-
Period End. Nov.
Operating revenues
Operating expenses
Prop, retire,
Jan.
10.14% above production of 41,402,226 kilowatt hours for the
corresponding month a year ago.
Gas output is reported as 501,634,000 cu. ft., an increase of 25,514,000
cu. ft., or 5.36% above production of 476,120,000 cu. ft. In the corresponding
month a year ago.—V. 152, p. 126.
hours,
Net oper. revenues—
Rent for lease of plant--
Operating income
Other income (net).
Gross income.
Interest
on
Interest
on
mtge. bondsdebentures.
.
Other int. & deductions.
Int. chgd. to construct'n
Net income
$113,951
$60,548
year ago.
For the month ended Dec. 31, the Association reports electric
output of
kilowatt hours.
This is an increase of 4,199,508 kilowatt
45,601,734
Balance
—V. 151. p.
3570.
Volume
The Commercial & Financial Chronicle
152
Northern States Power
273
Ohio Leather Co. (&
Co.—Weekly Output—
Electric output of the Northern States Power Co. system for the
A *941, totaled 31,992,977 kilowatt hours,
week
compared with
as
29'685,298 kilowatt hours for the corresponding week last year, an increase
of
7.8%.—V. 152,
128.
p.
Northwestern
Sheet
Dec.
National
Life
31—
Assets—
1939
s
S
4.474,631
LiaWiiies—
Res've
U. S.
Govt, sees.,
and bonds
24,480,820 24,313,613
Canadian Govern¬
securities.
Other bonds
437,747
9,418,224
\2,771,991
Prems. due & def'd 2,130,395
2,009,826
115,000
13,149
22,678
$281,118
10,207
$131,860
17,446
$32,349
9,943
before
$42,291
Federal
$161,854
$291,325
$149,306
23,017
54,000
26,500
6,169
$138,838
34,128
43,225
63,306
$237,324
34,128
43,225
56,002
$122,806
25,596
32,419
36,523
$36,122
34,128
43,225
58,436
def$ 1,821
$103,969
$28,268
def$99,667
48,697
$1.26
48,697
$3.28
48,697
$1.20
48,697
Nil
taxes
„
4,278,366
in instal'ts 4,842,085
Prov. for est. normal in.
343,384
335,597
in advance
Divs.
on common
stock.
Surplus....
622,966
290,944
296,115
Shares
2,913,745
3,475,093
par)
policyholders... 2,975,473
2,780,703
Res. for taxes pay.
Other reserves
655,726
reserve
1,541,931
Including $1,650,000
1,914~431
4,128,360
holders
80,784,203 75,205.180
3,543,487
80,784,203 75,205,180
Total
($1,010,000 in 1939)
per
stock (no
share
After deducting $49,798 ($42,466 in 1938)
918,502
;
Surplus to policy¬
x
x
fluctuation
Asset
common
Earnings
Misc. conting. res.
paid in capital.—V.
152,
page 128.
for depreciation.
Consolidated Balance Sheet
Assets—Cash, $74,398; trade accounts receivable (net), $543,834; in¬
ventories, $1,880,682; investments and otner assets, $81,183; property,
plant and equipment (net), $998,663; prepaid expenses, $17,861; total,
$3,596,621.
Liabilities—Notes payable
(incl. amounts due within one year on long
notes), $144,298; accounts payable, $177,810; accrued taxes, $9,806;
taxes on
income—estimated, $47,607; long term indebtedness,
$489,382; reserves, $207,287; 8% first preferred stock, $426,600; 7% second
preferred stock, $617,500; common, without par value: authorized 125,000
shares; issued 48,697 shares. $678,609; capital surplus, $97,561; earned
surplus, $700,160; total, $3,596,621.—Y. 150, p. 3983.
term
Federal
Northwestern Public Service Co.—Accumulated Divs.—
Directors have declared a dividend of $1.75 per share on the 7% cum.
pref. stock and a dividend of $1.50 per share on the 6% cum. pref. stock,
both payable on account of accumulations on March 3 to holders
Feb. 20.
Dividends are in arrears.
Unlisted
of record
Omnibus
Trading—
Nunn-Bush Shoe Co.
$2,254,979
1,805,962
exps
$2,128,291
1,782,246
$1,997,778
1,720,229
$2,182,177
1,719,924
$449,017
Gross profit
Selling & adm.
$346,045
6,394
$277,550
14,583
$462,253
5,379
104,719
Operating profit
Other deductions, net
44,963
Adjustment of inventory
Res've for possible future
► inventory losses
an
operating franchise and an agreement for continuation of bus leasing
from the Chicago Motor
77,334
46,977
40,000
62,077
$262,172
758,912
$262,317
696,876
$215,990
678.749
$250,077
791,340
_
$1,021,084
al99,545
on common
$959,193
a200,281
$894,739
al97,864
shares
2,878
held by company
$1,044,295
y236,490
Add'l Fed. income taxes
'
1,319
paid for prior years,
Charges arising from
financing
^
Directors have declared an extra dividend of 50 cents per share in addi¬
tion to
quarterly dividend of 75 cents per share on the common stock,
Jan. 24 to holders of record Jan. 21. Extra of 25 cents was
Nov. 1, last; one of 50 cents was paid on Jan. 25, 1940, and extras
of 25 cents were paid on Nov. 1, 1939, and on Jan. 24, 1939.—V. 151,
p. 2202.
a
both payable
paid
on
——m
—WW-
—
income for year..
Previous surplus
Coach Co.—V. 151, p. 3406.
Outlet Co.—Extra Common Dividend—
50,000
91,882
Prov. for income taxes..
Gray Line Sight-Seeing Co. of Chicago
President, for an undisclosed price.
Involved in the transaction was the transfer of one bus and one limousine,
1937
1938
1939
holding company for the Chicago Motor Coach Co.,
of New York and others, on Jan. 2 sold the
to Harry Dooley, Gray Line's
the Fifth Avenue Coach Co.
(& Subs.)—Earnings—
1940
r Years End. Oct. 31—
Corp.—Sells Sight-Seeing Line—
This corporation,
The New York Curb Exchange has removed from unlisted trading the
first mortgage gold bonds, series A 5%, due Jan. 1, 1957.—V. 151, p. 3752.
Divs.
14,017
Prems. & int. paid
Profits for dist. to
FNet
93,301
Net profit
Dividends on first pref..
Divs. on second pref
158,955
of
value
pay.
contract....]
and other assets
V
39,676
1,817
115,000
death, disability
Int. due & accrued
x
$85,174
29,708
and excess profits tax.
162,448
and other claims
]
Total
x$175,585
16,734
Other income
not
reported
Present
2,882,675
der
•
x$391,153
22,067
$139,176
Profit
received
7,292,650
9.565,148
Real estate soldun-
proofs
but
Oct. 31,'38
x$163,061
debentures__
on
Profit
reported,
Res. I or claims un¬
24,207,088 23,567,508
Real estate
$
$
Year End.
Dec. 31/37
10 Mos.End
Ocf.31,'39
policies.62,560,118 58,299,646
on
Claims
443,403
1st mtge. loans...11,535,507
Policy loans
Interest
1939
1940
5,179,465
Cash.
Operating profit (after
deducting mater'1 costs
and expenses)
Other charges
1940
ment
Co.—Balance
Insurance
Subs.)—Earnings—
Years Ended
Oct. 31, '40
Pacific
Srr3.!'1".11
-U*U
Telephone
& Telegraph
1 ■ ;
1
~—
,
<M|
Co.—New Director—
Rossetti has been elected a director of this company,
announced Jan. 3 by N. R. Powley, President.—V. 152, p. 128,
Victor E.
it was
Pantepec Oil Co. of Venezuela, C. A.—Depositary—
Empire Trust Co. has been appointed successor depositary under deposit
agreement dated Nov. 15, 1938 for American shares representing deposited
bearer shares.—V. 152, p. 128.
re¬
-----
...
Total surplus Oct. 31-
$758,912
78,633
$821,539
79,600
Capital surplus
-
zl27,738
.
$678,749
77,510
$696,876
77,510
(J. C.) Penney Co.—Sales—
1940 were $45,715,702 as compared
$43,215,848 for December, 1939.
This is an increase of $2,499,854
05.78% and represents the largest December and the largest volume of
business for any year in the history of the company.
Total sales from Jan. 1 to Dec. 31, 1940 inclusive were $304,536,737 as
compared with $282,133,934 for the same period in 1939. This is an increase
of $22,402,803 or 07.94%.—V. 152, p. 3571.
Sales for the month of December.
with
or
Total surplus.
$901,139
$837,545
$756,258
$774,385
pref. stock, $33,542; 1st and 2d pref. stock redeemed or
$39,219, and common stock, $163,728.
z Includes
premium on preferred shares redeemed, $99,495: expenses and under¬
writers' commissions, $72,413, and dividends required to be paid on pre¬
ferred stock redeemed from date of redemption to July 31, 1937, $5,933;
total, $177,841, less charged to capital surplus, $50,104; balance (as above),
$127,738.
a
5% cum. pref. stock, $72,665 in 1940, $73,862 in 1939 and $75,000 in
1938: and common stock, $126,880 in 1940, $126,419 in 1939 and $122,864
5%
y
cum.
converted during year,
Penn-Ohio Edison Co.— Unlisted
The
Pennsylvania Power & Light Co.—Earnings—
in 1938
A ssets—
1940
LiaWiiies—
1939
$209,500
717,683
2,163,149
Value of life ins...
2,016,988
105,149
Prepaid expense._
74,799
Notes
$150,617
29,992
Accts. receivable.
_
Inventories
Invest,
in
cor pa.,
and broker
696,316
Accts.
Acer,
outside
56,564
at cost..
225,720
285,506
73,799
profit-sharing
to subsidiaries..
5.802
27,500
26,500
476,404
equipment
for
stock
Lasts, dies & pats.,
50,000
&
Fed.
&
93,404
80,468
1
goodwill
1
Prov.
for
Total
x
After
758,912
79,600
Dr74,783
Dr80,229
of $958,972 in 1940 and
no par shares,
z 5,946
$929,376 in 1939.
y
Represented by 175,268
(6,379 in 1939) shares common stock, at C03t.—V. 152, p.
Period End. Nov. 30—
Operating revenues
Uncollectible oper. rev..
O perati n g re ve nues
Operating
78,633
for depreciation and amortization
Ohio Associated Telephone
expenses
-
Net oper. revenues.
Operating taxes
$66,437
$70,782
128.
Co.—Earnings—
1940—Month--1939
12,876
5,229
$1,400,714 $14,468,182 $14,888,241
7,862
93,609
117,669
$1,298,637
$1,408,576 $14,561,791 $15,005,910
4,902,639
Int. on mtge. bonds
277,083
277,083
3,325,000
106,875
94,871
1 06,875
90,444
1,282,500
1.274,269
808,542
584,103
Int. charged to construe.
Cr4,132
CV843
0 27,449
010,475
~$823^940
$935,017
applicable to pref. stocks for the period
$8,707,471
$8,721,101
Balance-
—V.
-
3,846,53 2
3,846,533
$4,860,939
$4,874,568
151, P. 3571.
Pennsvlvania RR.:—Asks Bids on Equipments—
The company has invited bids for the purchase of $11,925,000 equipment
trust certificates to finance the construction of 4,500 freight cars, 200 cabin
cars and five electric passenger locomotives.
This equipment is to be constructed in the company's shops, at an esti¬
mated cost of $14,915,000 and constitutes part of the program announced
by the road following a meeting of directors Jan. 8.
The balance of the
provided by the company.
will be known as Pennsylvania RR. equipment trust
Feb. 1, 1941 and to mature in 15 annual
instalments of $795,000 each, the last maturity to be on Feo. 1, 1956.
cost will be
1940—11 Mos .—1939
$756,240
Dividends
438,165
$3,678,845 $3,717,587
Total
$3,678,845 $3,717,587
reserve
2,869,167
14,170
Net income
17,710
821,539
Capital surplus
Treasury stock..
z
2,841,667
1,142
Interest, on debentures..
sundry
other taxes pay.
Earned surplus
229,167
1,246
Net oper.
Other income (net)
1,461,700
Wis.inc. taxes..
and
237,500
limited-term
Other int. and dedct'ns.
2i~7 li
capital
5% cum. pref.stk. 1,444,900
y Common stock..
438,165
mark
of
Gross income
Acer, local taxes..
Prov.
348,649
....
retirement re¬
appropriations.
revenues..."$1,293,408
&
price declines
7,659
481,660
from employees.
trade
Amort,
Res. for inventory
Prop., plant and
$3,675,372
1,794,569
investments
retirement fund-
15,954
Notes receivable
expenses..^.
27,511
sals.
Due to employees'
90,708
Property
serve
and bonuses
Invest, in & advs.
x
wages,
revenues
Direct taxes...
$600,000
$500,000
trade
pay.,
creditors, &c__»
97,486
1939
1940
bank
pay.,
Operating
Operating
1940—12 Mos.—1939
$3,450,234 $40,655,677 $39,246,704
1,603,464
20,206,740 19,019,864
215,747
3,124,918
2,456,556
1940—Month—1939
Period End. Nov. 30—
Balance Sheet Oct. 31
Cash
Trading—
6% gold debentures, series A, due Nov. 1, 1950, have been removed
by the New York Curb Exchange.—V. 130, p. 288.
from unlisted trading
$714,673
167
157
1,760
1,664
$70,615
43,443
$66,280
44,369
$754,480
$713,009
492,801
484,442
$27,172
8,977
$21,911
$261,679
4,330
90,902
The certificates
certificates, series L, to be dated
$228,567
76,425
They will bear dividends at the rate of'lH% per annum.
Bids will
by the company up to 12 noon, EST, on Wednesday, Jan.
1941.—V. 152, p. 128.
received
Peoria & Eastern
be
15,
Ry.—Exchange—
The first consolidated mortgage
4% bonds, due April 1,1940 (stamped as
payment of $450 on principal), and certificates of deposit therefor, may
be presented at the office of Central Hanover Bank & Trust Co. accom¬
panied by a letter of transmittal, for exchange, in respect of each $550
to
Net operating income.
—V. 151, p. 3405.
$17,581
$18,195
$170,777
$152,142
reduced principal amount
Ohio Bell
Telephone Co.—Earnings
Period End. Nov. 30—-
1940— Month—1939
Eastern
1940—11 Mos.—1939
Uncollectible oper. rev._
$4,155,647
11,290
$3,820,304 $43,914,526 $40,660,042
100.228
70.985
8,295
Operating revenues.
Operating expenses
$4,144,357
2,513.742
$3,812,009 $43,814,298 $40 589,057
2,255,124
26,138,687
24,959,071
Net oper. revenues.
$1,630,615
$1,556,885 $17,675,611 $15,629,986
Operating revenues.
Net oper. income.
Net income
—V- 151, p. 2951.
.
...
$954,014
955,685
7,372,630
5,755,509
$991,432 $10,302,981
987,689
10,258,677
$9,874,477
565,453
676.601
Operating taxes
.
9,786,806
Ry.
thereof, for $550 principal amount of Peoria &
4% bonds, extended to 1960,
first consolidated mortgage
pursuant to a decree entered July 29, 1940, in the U. 8. District Court
for the Southern District of New York confirming the plan of adjustment
dated Jan. 10, 1940, and supplemental indenture dated April 1, 1940,
extending the bonds.—V. 152, p. 129.
Petroleum Exploration
Co.—Dividend Record—
Company paid an extra dividend of 25 cents per share in addition to a
regular quarterly dividend of like amount on the common stock, on Dec. 14
to holders of record Dec. 4.
Extra dividends of 15 cents were paid on
Sept. 14 and June 15, last; extra of 10 cents paid on March 15, last; extras
of 25 cents paid on Dec. 15, Sept. 15 and June 15, 1939 and an extra of
10 cents in addition to regular quarterly dividend of 25 cents was distrib¬
uted on March 15, 1939.— V. 151, p. 1907.
The Commercial & Financial Chronicle
274
Phillips Petroleum Co.—Securities Offered—An under¬
writing group headed by The First Boston Corp. on Jan. 6
offered 815,000,000 serial notes
maturing semi-annually
from July 1, 1941 to Jan. 1, 1951, inclusive.
The notes were
priced at par with annual interest rates ranging from 0.25%
to 1.90%, according to maturity.
The issue has been over¬
subscribed.
■,
Incident to the
,
current
financing, company is offer¬
ing to stockholders of record Jan. 9 rights to subscribe to a
new issue
of 820,000,000 convertible 1%% debentures at
the rate of
stock
same
S4.50 of debentures for each share of
common
held.
The company has approximately
stockholders.
Any unsubscribed portion
41,000
of the
debenture issue will be underwritten and offered by The
First Boston Corp. and associates, after the subscription
now
common
warrant orivilege expires on Jan. 23, 1941.
Maturity—
July 1,1941
Jan.1,1942
July 1,1942
Jan.1,1943
July 1,1943
Jan. 1,1944
July 1,1944
1199337658587-
Int.
0.25%
0.35%
0.45%
0.55%
0.65%
0.75%
0.85%
are as
are
due
follows:
Maturity
Int.
Jan. 1, 1948 —1.55%
July 1, 1948—1.65%
Jan. 1, 1949 —1.70%
July 1, 1949 —1.75%
Jan. 1, 1950 —1.80%
July 1, 1950 —1.85%
Jan. 1, 1951 --.1.90%
Maturity—
Int.
Jan. 1, 1945 —0.95%
July 1, 1945 —1.05%
Jan. 1, 1946
1.15%
July 1, 1946 —1.25%
July 1, 1947 —1.35%
July 1, 1947 —1.45%
History & B siness—Company was incorp. in Delaware June 13, 1917.
Company and subsidiaries comprise an integrated unit in the petroleum
industry, owning reserves of crude petroleum in a number of fields in the
Mid-Continent and Gulf Coast areas, natural gasoline plants and crude
oil refineries, oil pipe lines, gasoline pipe lines extending from Borger, Texas,
to East Chicago, Ind., and marketing outlets in 17 States located for the
most part in the greater Mississippi Valley area of the United States.
The business was founded in 1917 by Frank Phillips and L. E. Phillips
of Bartlesville, Okla., at which time the principal business of the company
was the production of crude oil and natural gas.
Company in the early
development of its business, was among the pioneers in the manufacture
and production of gasoline from natural gas, and today is one of the largest
domestic producers of such gasoline.
Following close upon the production
of a stabilized natural gasoline came the utilization of the lighter hydro¬
carbons obtained in the stabilization process.
These are sold as liquefied
petroleum gases to domestic consumers in various areas as well as for
industrial purposes.
In 1927 the company
instituted a program of expansion and diversification
for the purpose of becoming an integrated unit in the petroleum industry,
acquiring in that year a refinery at Borger, Texas, and beginning the
distribution of refined products through company-owned and controlled
stations and dealer outlets.
In 1930 it acquired all of the properties and
assets of the Independent Oil & Gas Co.
In 1932 the transportation and
distribution system was further enlarged by the acquisition of 736 miles of
pipe line for the transportation of gasoline, in part 8 inch and in part 6 inch,
extending from Borger, Texas, to East St. Louis, 111., with incident tankage
and other terminal facilities.
During 1939, this pipe line was extended
to East Chicago, Ind., through the construction of 274 miles of 8 inch line
and additional terminal facilities.
In 1935 the company was instrumental
in forming the Polymerization
Process Corp. with the objective of licensing the polymerization process to
the industry, and in 1940 the company and the Universal Oil Products Co.
consummated
an
agreement covering the exchange of certain patent rights
which substantially enhanced the patent position of the company.
Under
this agreement company acquired the right to use in its own operations
all of Universale patents, including its well-known catalytic process.
The
company commercializes and licenses its patents
industry.
Company, for several years one of the largest domestic producers of
natural gasoline, has expanded and improved its facilities
during the period
to produce more efficiently the various grades of natural
gasoline required.
The volume of gas processed and the production of natural
gasoline, meas¬
ured in 26-70 grade equivalent, are as follows:
M. Cu. Ft. of
Approximate
Gas Processed
Gallons
313,312,000
312,580,000
365,023,000
311,063,000
305,532,000
253,992,000
1939--.
1940 (10 months)
At Oct. 31, 1940, the company owned all
Interest in 5,302 producing oil and gas wells.
268,000,000
288,000,000
334,000,000
314,000,000
295,000,000
240,000,000
period, the average daily production of natural gas was approximately
283,500,000 cubic feet.
Production, purchases and sales of crude oil have been as follows:
Gross
_
1936
Net
Purchases
Production
Production
From Others
(Barrels)
20,058,704
1 9,974,254
24,678,946
20,593,758
Barrels)
14,883,487
15,830,14 9
23.326,811
18,387.064
21,249,190
19,664,014
Others
(Barrels)
21,772,185
24,151,752
28,129,239
24,657,286
27,361,883
23,134,053
thereto.
The
new
acquires from Goodrich the results of its
research and experience in the production and use of
synthetic rubbers and
from Phillips the benefits of its resources of natural raw materials
and its
background of hydrocarbon research.
Following small scale operations, a
company
Elant installed at Akron, O. A plant synthetic rubber for the basic hydro¬
to produce six tons per day of to supply a part of special uses has
een
carbon butadiene is under construction at
Borger,
for completion March 1, 1941.
Texas, and is scheduled
Purpose of Issue—The minimum net proceeds from the sale of the serial
1^% debentures (estimated at $34,285,370),
will be applied $25,500,000 to redeem
$25,000,000 convertible 3% deben¬
notes and of the convertible
tures, due Sept. 1, 1948, at 102, and $6,822,000 to redeem a like amount of
IM% serial notes maturing Feb. 1, 1941 to Aug. 1, 1942 at 100.
The
balance of the net proceeds will be added to the
working capital.
Serial
Conversion Rights of
20,000,000
4,449,052shs.
10 Mos.End.
Calendar Years
Oct. 31, '40
1939
1938
1937
Gross operating income.$95,966,734
$112,928,532 $111,899,260 $118,722,218
Oper. income before
serves
debentures so converted and at any time on or after Jan. 1, 1946 and
prior to maturity or until the close of business on the third day before the
date, if any, fixed for redemption, whichever may be earlier, convert such
debentures into full-paid and non-assessable shares of common stock of the
company at
debentures
28,342,466
Reserves and retirements 16,873,892
30,562,694
18,630,908
30,550,298
20,149,208
43,212,487
1 7,387,061
$11,931,786 $10,401,090 $25,825,426
1,344,510
617,826
670,342
1,740,787
Income before deduct-$12,813,084
*
Income deductions.3,329,217
Description of Debentures and Serial Notes
The debentures and serial notes will be issued under an indenture to
be
as of Jan. 1, 1941.
Manufacturers Trust Co., trustee.
dated
% to Be
% to Be
15
Purchased
W. E. Hutton & Co..
W.
Co.
2
9
Kidder, Peabody & Co
4
Blyth & Co., Inc-—-
Laid & Co
—
—
Harriman Ripley & Co., Inc
4
Goldman, Sachs & Co
4
W. C. Langley & Co
Hallgarten & Co
Harris, Hall & Co. (Inc.)
Hayden, Stone & Co
Hemphill, Noyes & Co
4
4
Union Securities Corp
G. H. Walker & Co
4
Dick & Merle-Smith
4
Francis, Bro. & Co
-
-
Laird, Blssell & Meeds
...
4
Laurence M. Marks & Co
Smith, Barney A Co
Bond & Goodwin, Inc
4
2
G. M.-P. Murphy & Co
Otis & Co
H. M. Byllesby & Co., Inc
2
Domlnlck & Dominlck
2
Swiss American
Glore, Forgan & Co
Green, Ellis & Anderson
2
Morgan Stanley & Co., Inc..
Lazard Freres & Co
-
Riter & Co
Corp
2
Consolidated Balance Sheet Oct. 31, 1940
Liabilities—
Assets—
Cash
hand and
on
deposits
$13,982,750
-
(net)
.
8,737,406
22,418,631
-----
Inventories.
Due from officers & directors
10,918
Notes & accounts receivable
2,539,606
(not current)
Investments
3,536,374
Fixed assets (net)
Pats. & trade-marks (net)
Prepaid
&c.
expenses
172,596,130
1,786,368
_
-
...
Total
$1,000,000
Accounts payable (trade)...
Accrued liabilities
6,801,683
6,613,274
Other current liabilities
4,317,396
Deferred income
298,541
Serial notes (1H%)
Convertible 3% debs
5.931,000
25,000,000
Purchase obligations.-
2,066,892
Deferred credits
1,487,206
Common
3,578,766
Btock
(4,449,052
132,686.674
38,974,764
Earned surplus
414,638
$227,510,028
Total
$227,510,028
Bonds Called—
All of the
241,036
-
Reserves
shs.)
deferred
items
Debt discount & expense--
,
Notes payable
demand
Notes & accounts receivable)
°
outstanding convertible 3% debentures due Sept, 1, 1948 have
been called for redemption on Feb. 11 at 102 and accrued interest.
Payment will be made at the Manufacturers Trust Co., New York City.
Listing
oj
Convertible 1 %% Debentures—
The New York Stock Exchange has
authorized the listing of $20,000,000
convertible \ %% debentures due Jan. 1, 1951, upon notice of
issuance and
distribution, and 439,560 additional shares of common stock (no par) on
official notice of issuance upon conversion of the debentures making the
total amount of common stock applied for to date 4,888,612 shares.—V. 151,
p.3898.
Pittsburgh Coal Co.- -To Refund $9,831,000 6% Bonds
with Notes—
The entire issue of $9,831,000 6% debenture bonds will be called for re¬
demption Feb. 1, 1941, at 105 and interest, according to Ernest F. Rumpf,
Finance Vice-President.
,
,
The refunding will be accomplished, Mr. Rumpf stated, by an issue of
$9,000,000 in notes, maturing serially over a 7-year period and bearing
interest averaging 3 M %
A group of banks, including Union Trust Co.,
Pittsburgh, Mellon National Bank and Farmers Deposit National Bank,
Pittsburgh; Chase National Bank, New York Trust Co., New York, will
•
take the note issue.
"This refunding will result," said Mr. Rumpf, "in substantial savings m
interest and other charges.
Over the 7-year period these savings amount
to an annual average of approximately $170,000."
Under the terms of the
agreement, additional savings may be effected by the prepayment of por¬
tions of the loan at par, provided the
action.—V. 152, p. 129.
Portland Gas & Coke
Period End. Nov. 30—
earnings of the company justify such
Co.—Earnings—
1940—Month-—1939
1940—12 Mos .—1939
$299,560
191,685
12,736
$277,621
176,048
19,631
$2,458,296
2,001,534
439,781
$3,438,882
22,916
22,916
275,000
275,000
10
158
271
6,726
$72,213
$58,868
$769,531
Dr500
Dr 182
$741,710
Z>r2,434
$71,713
39,413
2,395
$58,686
40,604
4,589
Cr92
$739,276
481,784
27,320
Crl,140
$770,254
487,250
53,770
Net income
$29,905
$13,585
Dividends applic. to pref. stocks for the period.
$231,312
430,167
$229,575
Balance, deficit
$198,855
$200,592
Operating
Operating
revenues
expenses
1,956,543
431,082
Property
serve
Amort,
retirement re¬
appropriations.
_
of
limited-term
investments
Net oper. revenues—
Other income (net)
Grsoss income
Interest
on mtge. bonds.
Other int. and deducts.
Int. charged to construe.
Net income
$9,483,867
$9,833,314
$9,049,122 $24,113,874
♦Includes, among things, interest on funded debt, amortization of debt
discount and expense, provision for income and
excess-profits taxes, mis¬
cellaneous interest and losses on sale of capital assets
(net).
amount of such
Purchased
_
$12,549,612 $11,071,432 $27,566,213
2,716,298
2,022,310
3,452.339
share for each $50.50 principal
one
converted.
The First Boston Corp
Mellon Securities Corp
Net operating income.$11,468,574
Non-operating income-.
the rate of
so
Principal Underwriters—The respective names of the principal under¬
writers, the percentages of the debentures not subscribed for by exercise of
subscription warrants and the percentages of each series of serial notes, to
be purchased severally by each of the principal underwriters are as follows
re¬
and retirements
debenture may'at
be earlier, convert such debentures into full-paid and non-assessable shares
common stock at the rate of one share for each $45.50 principal amount of
Direct taxes
Summary of Earnings for Stated Periods
any
of
Capitalization Outstanding Giving Effect to Present Financing
(.25%-L90%)
$15,000,000
Capital stock (no par)
Debentures—The holder of
such
notes
Convertible \ %% debentures, due Jan. 1, 1951
or
any time prior to Jan. 1, 1946, or at any time until the close of business on
the third day before the date, if any, fixed for redemption, which ever may
Sales
To
21,456.852
19,986,983
Synthetic Rubber Development—Hydrocarbon Chemical & Rubber Co. was
formed in July, 1940, by Phillips Petroleum Co. and B. F. Goodrich
Co.
to merge certain of their interests in
sythetic rubber and chemicals related
1940 (10 months)
fund provisions with respect to the
all series of serial notes may be redeemed at the election of the
company as a series in entirety, at any time on at least 30 days' notice
thereof at a redemption price equal to the principal amount thereof and
accrued int. thereon to the date fixed for such redemption, plus a premium
for each of the respective series if red. on or before the respective dates,
equal to the respective percentages of the principal amounts of such serial
notes (all as given in the trust indenture).
If redeemed after Jan. 1, 1946 no premium will be payable for the re¬
demption of any series.
Any
a portion of the working
The average daily net pro¬
duction of crude oil for the first 10 months of this
year was approximately
65,500 barrels, produced under State proration restrictions.
During the
(Barrels)
32,126,141
35,493,129
45,462,717
36,086,626
36,697,755
33,042,950
digits.
There are no amortization or sinking
or
same
Years Ended Dec. 31—
two
for processes and equipment
used in the
Years Ended Dec. 31—
11, 1941
1H% debentures are due Jan. 1, 1951 and the serial
notes ($750,000 semi-annually) 1941-1951.
Debentures may be redeemed all or part at any time, on at least 30 days'
notice, at a redmption price equal to the principal amount thereof and
accrued int. thereon to the date fixed for such redemption, plus a premium
of 2^% of such principal amount if red. prior to Jan. 1, 1942, or of 214%
if red. on or after Jan. 1, 1942 and prior to Jan. 1, 1943; or of 2% if red.
on or after Jan. 1, 1943 and prior to Jan. 1, 1944; or of 1 %% if red. on or
after Jan. 1, 1944 and prior to Jan. 1, 1945; or of 1H% if red. on or after
Jan. 1, 1945 and prior to Jan. 1, 1946; or of 1% if red. on or after Jan. 1,
1946 and prior to Jan. 1, 1947; or of %% if red. on or after Jan. 1, 1947
and prior to Jan. 1, 1948; or of
if red. on or after Jan. 1, 1948 and
prior to Jan. 1, 1949; or of M % if red. on or after Jan. 1, 1949 and prior to
Jan., 1950; and without premium if red. on or after Jan. 1, 1950.
4
In the event of redemption at any time of a part only of the debentures,
the trustee shall select by lot from the numbers of the dentures then out¬
standing the debentures to be redeemed, according to such method as it
shall deem proper, which may include the selection of the particular deben¬
tures to be redeemed by lot in entire groups of debentures consisting of all
debentures having numbers ending in the same digit or in the same last
debentures.
The annual Interest rates on the $15,000,000 serial notes which
semi-annually in principal amounts of $750,000
Jan.
The convertible
a
723
CV341
430,167
accumulated and unpaid to Nov. 30, 1940, amounted to
Latest dividends, amounting to $1.25 a share on 7% preferred
share on 6% pref. stock, were paid on Oct. 1, 1938.
Dividends on these stocks are cumulative.—V. 151, p. 3407.
a
Dividends
$2,870,648.
stock and $1.07 a
Volume
The Commercial & Financial Chronicle
152
Pittsburgh Coke & Iron Co.—New Official—
,
275
Rike-Kumler Co.—To Pay $1.25 Dividend—
Richard M. Marshall has been
appointed Executive Vice-President of the
who died Dec. 25. last.—V. 151,
COlSP£?y* succeeding Albert P. Meyer,
p. 3573.
Directors have declared
a dividend of $1.25
per share on the common
value, payable Jan. 23 to holders of record Jan. 10.
This
50 cents paid on July 15, last; $1 paid on Jan. 23, 1940;
50 cents on July 17,
1939, and a dividend of 25 cents paid on Jan. 23,1939
this latter being the first dividend
paid since Jan. 25, 1936 when $1 per
share was distributed—V.
151, p. 257.
stock
no
par
compares with
Postal
Telegraph, Inc. (& Subs .)—Earnings—
Period End. Nov. SOTelegraph & cable oper.
1940—Month—1939
revenues
$1,794,731
Repairs
Deprec. & amortization.
1940—11 Mos.—1939
$1,711,695 $19,265,634 $19,232,903
124,267
199,273
121,962
117,928
159,691
116,165
1.373,013
47,808
38,772
All other maintenace
Conducting operations.
_
Relief depts. & pensions.
All other gen. & miscel.
expenses
1.322,651
50,313
1,317,648
2,152,714
1,262,989
15,007,042
531,195
1,145,675
1,756,605
1,200,190
14,296,653
544,857
34,050
472,758
Rochester American Insurance Co.—Extra Dividend—
Directors have declared an extra dividend of 20 cents
per share in addition
the regular
quarterly dividend of 25 cents per share on the common
stock, both payable Jan. 15 to holders of record Jan. 6. Similar
payments
were made on Jan.
15, 1940, Jan. 14, 1939, and on Jan. 15, 1938, 1937
and 1936.—V.
150, p. 286.
389,841
to
Sanborn Map Co.—Extra Dividend—
Directors have declared
Net tel. & cable oper.
an
loss
$110,364
5.000
89,800
$89,103
5,000
87,236
$1,478,712
Taxes assignable to oper.
Operating loss
Non-oper. income
$205,164
1,872
$181,339
1,345
$2,523,767
39,620
$1,072,835
23,053
$203,292
21.900
$179,994
247,823
$2,484,147
433,166
$1,049,782
2,732,969
Depreciation.^
$427,817
$2,917,313
$3,782,751
Provision for Federal income taxes
Uncollect,
oper. revs
Loss
Deductions..
Net loss
$225,192
-V. 152, p. 129.
$100,918
55,000
916,917
55,000
990,055
Prudential Investors, Inc.—To Vote
on
on
4» 1941, to vote upon this recommendation.—V.
P. 2361.
Puget Sound Power
&
151,
Light Co. (& Subs.)—Earnings
Period End. Nov. 30—
1940—Month—1939
1940—12 Mos—1939
$1,482,073
$1,409,098 $16,691,889 $16,367,637
530,615
478,856
6,225,028
5,619,883
84,692
.74,872
1,021,030
988,251
121,367
113,644
1,453,921
1,391,143
Taxes..............
214,532
171,771
2,463,015
2,351,901
Operating revenues.
_
Net oper. revenues
$530,866
Drl6,309
$569,955
Dr21,597
$5,528,895
Drl24,703
$6,016,459
Drl73,110
$514,557
285,487
Other income (net)
$548,358
293,405
$5,404,192
3,397,812
$5,843,349
3,730,392
Balance
Interest & amortization.
Balance
$229,070
------
$254,953
Prior preference dividend
requirements
$2,006,380
550,000
ZZZZZZIIIIIII
Balance, deficit
$2,112,957
$1,456,380
1,583,970
Balance
Preferred dividend requirements
$1,562,957
1,583,970
550,000
$127,590
$21,013
a Provision
for the additional Federal taxes
Revenue Act of 1940 enacted in October is
imposed by the Second
being made over the last three
months of the year.
Sale
Operating
Co.—Earnings—
1940
Operation
Maintenance and repairs
Amortization of limited-term investments
Taxes.
1939
$9,289,570
3,252,601
650,267
1,394,851
revenues
$8,666,359
3,097,660
742,891
1,380,000
429
1,141,967
276,636
$2,753,689
operating income
Other income
460
1,140,178
97,555
$2,026,744
24
$2,029,216
$2,079,811
Miscellaneous deductions
2,472
$2,753,713
608,889
61,130
11,024
CrT6,198
9,057
Gross income
Interest on funded debt
Amortization of debt discount and expense
Other interest
Interest charged to construction
$1,349,964
620,000
61,954
7,093
Cr 17,613
7,817
...
Operation...
Maintenance
Depreciation
a
San Diego Gas & Electric
Years Ended Nov. 30—
Net
Dissolution—
The
board of directors has voted to recommend to the stockholders that
the corporation be dissolved
and has called a special meeting of stockholders
/
extra dividend of $1 per share in addition to
on the common stock, both
regular quarterly dividend of like amount
payable Dec. 16 to holders of record Dec. 10.
a
Net Income
Note—In the above figures provision for Federal income and State bank
and corporation franchise taxes for the taxable
year 1940 have been adjusted
subsequent to Jan. 1,1940, to give effect to deductions which will be claimed
in 1940 tax returns for unamortized debt discount and
expense, redemption
premium and expense and duplicate interest applicable to bonds redeemed
in 1940.—V. 152, p. 130.
Savannah Electric & Power
Period End. Nov. 30—
Operating
Co.—Earnings—
1940—Month—1939
1940—12 Mos.—1939
$221,846
78,401
17,559
26,825
a30,952
$197,094
72,775
27,271
324,986
$2,334,830
828,163
132,577
290,393
308,569
Net oper. revenues
Other income (net)
$68,109
$60,278
1,556
DrSQ
$669,401
8,293
$775,127
736
Balance
Interest & amortization.
$69,665
31,195
$60,192
31,189
$677,694
374,814
$775,863
376,021
$38,470
$29,003
$302,880
149,115
$399,842
149,115
$153,765
"$250/727
revenues
Operation
Maintenance
;
Depreciation
Taxes
12,070
24,700
$2,443,235
922,384
175,784
350,680
Conferences—
The following statement was
issued Nov. 9:
Representatives of the Bonneville Administration have conferred with
of Engineers Public Service
Co. in reference to possible
acquisition of the Puger. Sound Power &
Light Co. system, of which com¬
pany Engineers Public Service Co. owns
substantially all of the common
Balance
Debenture dividend requirements
representatives
stock.
Discussion
was
confined
to
consideration
of the
mechanics
and
procedure.
Further studies will be prosecuted
diligently and if an offer is made, the
security holders and the public will be advised
promptly, it is announced.
All
those
present deplored the speculative activities in the
company's
securities, which either the buyer or the
seller, one or the other, is sure to
regret.—V. 151, p. 3899.
Puget Sound Pulp & Timber Co.—Common Dividend—
Directors have declared
dividend of 50 cents per share on the common
stock, payable Jan. 25 to holders of record Jan.
17.
This compares with
$1 paid on Sept. 3, last; 75 cents
paid on June 1, last; 50 cents on April 1,
last, and previous common distribution was made on Oct.
11, 1937, and
amounted to 25 cents per share.—V.
151, p. 3899.
Pullman
a
Co.—Earnings—
Period End. Nov. 30—
.
car
$4,228,011
4,218,495
revenue
Total
1940—11 Mos.—1939
$4,093,805 $52,930,419 $54,027,053
4,310,299
47,603,335
48,583,987
Total
x$216,495
$171,399
135,043
$160,883
138,902
$5,327,084
$5,443,066
-
revenues
-
revenue
$1,927,420
1,551,067
$1,914,199
1,562,814
$36,356
Total net revenue
Taxes accrued
Loss.—V. 151,
$21,981
$376,353
$351,385
$45,872
__
x$194,514
137.501
$5,703,436
3,759,479
$5,794,451
3,872,809
202,460
Operating i nco me
.
p.
..
*$156,588
$x332,015
$1,943,957
$1,921,642
3574.
The company reports net assets totaled
$3,621,000 at the year end, com¬
pared with $3,226,000 on Sept. 30 and $2,430,000 a
year ago.
Net assets
per share were equal to $12.26 on 295,546 shares
outstanding at the end
of 1940, compared with
$12.52 on 254,288 shares on Sept. 30, and $14.03
on 173.175 shares at the
end of 1939.—V. 151,
p.
3754.
Rand's, Pittsburgh—Sales—
Sales of Rand's in
December amounted to $216,680, a gain of
27.5%
sales of $170,012 in the same month of last
year.
December sales were
largest for any month in the company's history.
over
Sales for the full 1940 calendar year totaled
$1,738,433, largest in the
company's history, and a gain of 22% over $1,425,331 in 1939.
Rand's operates a chain of retail
drug stores in Pennsylvania, Ohio,
West Virginia and Maryland, with a
majority of stores located in the
Pittsburgh area.—V. 141, p. 3408.
Regal Shoe Co.—Preferred Dividend—
Directors
have declared a dividend of $5.25 per share on account of
on the 7% cumulative
perferred stock, par $100, payable
Dec. 24 to holders of record Dec. 14. Dividends of $1.75 were
paid on Dec.
accumulations
26, 1939, Dec. 23, 1938 and
21, 1937—V. 151, p. 427.
Reynolds
additional
Federal
taxes
imposed by the Second
being made over the last three
Sears, Roebuck & Co.—Sales—
Period End. Dec. 31—
Sales
1940— Month—1939
Metals
a
dividend of $5.25 per share
was
paid
on
Dec.
New Vice-President—
Arthur S. Barrows has been appointed Vice-President in charge of the
Pacific Coast territory, General Ii. E. Wood, Chairman of the Board of
Directors, announced
on Jan.
6.—V. 151, p. 3409.
City Stock Yards Co.—Extra Dividends—
a Special meeting held Dec. 27, declared an
Yi cents per share each to both the preferred and com¬
stockholders, payable on Dec. 28, to stockholders of record Dec. 27.
During the year 1940, this company has paid regular dividends in the
amount of $1.50 plus an extra dividend of 50 cents per share or a total
of $2 per share each to both the preferred and common stockholders.—
See also V. 151, p. 2810.
mon
South
Pittsburgh Water Co.—Preferred Stock Called—
outstanding 6% preferred stock has been called for redemption
on Jan. 15 at 115.
All of the outstanding 7% preferred stock has been
called for redemption on Jan. 15 at 105.—V. lol, p. 3577.
South Western RR.
(Georgia)—Dividend-—
Company paid a dividend of $2.50 per share on its capital stock, par
$100, on Jan. 2 to holders of record Jan. 2.
Dividend of $5 was paid on
Sept. 13, last and on July 1, 1937.—V. 151, p. 2514.
Southern
Natural
Gas
Co.—Plans
to
Offer
484,379
stockholders
484,379 shares of common stock.
In a letter
mailed to stockholders,
C. P. Rather, President, states that under the proposed terms of the offer¬
ing each stockholder of record at the close of business on Jan. 15, 1941, will
be entitled to subscribe, in the ratio of 7-lCths of a share for each share then
held, at a price of $10 per share.
The offering will be subject to the final
effectiveness of the registration statement now on file with the Securities
and Exchange Commission covering the additional shares to be sold.
The letter also states that a meeting of stockholders has been called
for Jan. 20 to approve the necessary increase in the number of shares of
authorized stock by amendment of the company's certificate of incorpora¬
tion.
A vote by a majority of outstanding shares is required.
The Federal
Water Service Corp., which owns approximately 52.31% of the outstand¬
ing stock, has agreed to vote in favor of the amendment.—V. 151, P. 3756.
own
Southern Pacific Co.—Reduces Bank Debt—
Company has repaid $2,000,000 of its bank debt, reducing the amount
to $18,000,000, which will mature Nov. 1, 1941.
It has also paid $1,800,000 on its Reconstruction Finance Corporation loans maturing May 1,
1941.
The balance due on that date is now $10,000,060.
An additional
$8,000,000 of RFC loans mature April 28, 1942.—V. 151, p 3902.
Southern
Pacific
RR.—Tenders—
Company is inviting bids for the surrender of Its first refunding mort¬
Co.,
Inc.—To
Prospect
and
Mine
Bauxite—
bonds for redemption, to the amount of $12,433 in the sinking fund.
Bids will be received at the company's offices, 165 Broadway, New Yom
up to noon on Feb. 28, 1941.
Company is also asking bids for the surrender of San Francisco Terminal
first mortgage bonds for redemption, to the sum of $5,118 in the sinking
fund.
Bids will be received at the company's offices, 165 Broadway, New
York, up to noon on Feb*. 28, 1941.—V. 151, p. 3902.
gage
,
Company has formed a subsidiary, the Bauxite Mining Corp., to engage
in prospecting for and the mining of bauxite, from which aluminum
is
Sroduced. The new company has already world's largest manufacturerthe
tate of Arkansas.
The company is the put experts into the field in
of
light
gauge metals and their products.
The company's new aluminum re¬
duction plant, located at Lister, Ala., will be in production this
spring.
Southern
—Fourth Week of Dec.—
1940
pro¬
duction of strong aluminum alloys in sheet, rod, tubes, and extruded
shapes
for the aviation and other defense industries.—V. 151, p. 3754.
_
_
.
,
Ry.—Earnings—
Many years of experience in the rolling and fabrication of light gauge metals
contribute to the company's present expansion into the large volume
1940—11 Mos.—1939
$95,874,765 $82,427,139 $699336,949 $617239,861
Company has announced its intention to offer to its
r
r
the
Revenue Act of 1940 enacted in October is
months of the year.—V. 151, p. 3576.
Common Shares to Stockholders—
(George) Putnam Fund—Asset Value—
the
for
$190,727
All of the
expenses
x
Provision
60,000
$93,765
and surplus
extra dividend of 37
Auxiliary Operations]
$9,516
Auxiliary operations:
Net
a
common stock
60,000
The Board of Directors at
and
1940—Month—1939
operations:
revenues
Total expenses
Net
Balance for
Sioux
[Revenues and Expenses of Car
Sleeping
Total
Balance
Preferred dividend requirements.
Gross earnings (est.)—.
—V. 152, p. 132.
$3,963,569
1939
—Jan. 1 to Dec. 311940
1939
$3,519,728 $140579,286 $132720,621
The Commercial & Financial Chronicle
276
December, 1940 were $6,758,542, compared
compared with $52,860,465 for the same period In 1939, which is an increase
of 1.71%.—V. 151, p. 3756.
Standard Gas & Electric
Co.—Weekly Output—
would not be reoffered
The issue was
corporate purposes.
v
The redemption provisions of the 4% cumulative preferred stock, the
the public offering price and the names of the other underwriters will be
furnished
by amendment.
To facilitate the offering, the prospectus states it is intended to stabilize
the price of the 4% cumulative preferred stock.
This statement is not an
assurance, it states, that the price
stabilizing, if commenced,
P. 3902.
of the stock will be stabilized or that the
be discontinued at any time.—V. 151,
may not
Co.,Ltd.—Special Meeting
Special meeting of shareholders has been called for Jan. 17 to approve
proposal whereby United Steel Corp. would acquire remaining minority
interest in Standard Steel Construction Co., Ltd.
Plan calls for issuance
of $1,500,000 United Steel bonds, of which $900,000 is to be used to retire
remaining $149,000 first mortgage bonds of United Steel outstanding, to
acquire remaining minority interest in Standard Steel which is already
controlled by United and to acquire minority Interest in Farand & Delorme,
Ltd., of Montreal, now controlled by Standard Steel.—V. 151, p. 2514.
Stern
Bros.—Bonds Called—
A total of $670,000 sinking
on
Premier Food
Inc.—Sales—
1940—52 Weeks—1939
$2,325,167 $29,197,331 $24,501,178
72
67
$2,344,440
Sales
-
Preferred Stock Called—
All of the outstanding
preferred stock has been called for redemption on
3903.
March 15 at $27 per share.—V. 151, p.
Union Premier Food
Stores, Inc.—Sales—
Weeks—1939
1940—52 Weeks—1939
$2,344,440
$2,325,168 $29,197,331 $24,501,178
Period End. Dec. 28— 1940—4
Sales
72
Stores in operation
Unified Debenture Corp.—Tenders—
Corporation is notifying all holders of its debentures of a purchase offer
interest, this price being considerably above the market
which has heretofore existed.
Up to $750,000 principal amount of deben¬
tures will be purchased on or before July 1, 1941. in addition to debentures
to be purchased from National Union Mortgage Corp. and the National
Union Co., the largest holders of such debentures.
Debentures will be
acquired in order of receipt until available funds are exhausted.
An offer
of 60 and accrued interest is also applicable to debentures of the Interstate
at 60 and accrued
Debenture Corp.
Debentures may be forwarded to the
tional Bank & Trust Co., New York.—V. 142, p. 3696.
United
Corp.—No
Action
on
Commercial Na¬
Preferred Dividend—New
Director—
on
the matter of preferred
dividend at their
meeting held Jan. 6.
The question will again come up for consideration at
meeting to be held Jan. 15.
Regular quarterly dividend of 75 ceata was
paid on last Oct. 17.
•
,
""
Prof. Wesley A. Sturges, New Haven, Conn., was elected a director.
He succeeds Edward H. Luckett who resigned as a director, but will con¬
tinue as Vice-President of the corporation.
a
New Director—
Professor Wesley A. Sturges was elected to the board of director* *f this
corporation, at a meeting of the board held on Jan, 6. He succeed* Edward
H. Luckett, who resigned as a director but will continue as Vie*President
of the corporation.—V. 151, p. 2516.
bonds due 1947 has been called for
151, p. 1913.
United
Co.—Weekly Output—
Gas Improvement
The electric output for the U. G. I. system
(Hugo) Stinnes Corp.— Unlisted Trading-
67
—V. 151, p. 3903.
fund 6%
Jan. 30 at 10c Yz.—V.
Stores,
Period End. Dec. 28— 1940—4 Weeks—1939
Directors took no action
Standard Steel Construction
redemption
$1,000 bond.—V. 152, p. 133.
Union
Stores in operation
Ohio—Registers with SEC—
Company on Jan. 8 filed with the Securities and Exchange Commission a
statement (No. 2-4626, Form A-2) under the Securities Act of 1933 cover¬
ing 150,000 shares of 4% cumulative preferred stock (par $100).
Company is making an offer to the holders of its outstanding 5% cumula¬
tive preferred stock under which they will be entitled to receive one share
of 4% cumulative preferred stock plus a cash payment in exchange for each
share of old stock.
The amount of the cash payment will be equal to the
excess of the redemption price per share of the 5% cumulative preferred
stock (including all unpaid cumulative dividends accrued thereon to the
redemption date) over the initial public offering price per share of the 4%
cumulative preferred stock.
Further details regarding the exchange offer
will be furnished by amendment.
Shares of the 4% cumulative preferred
stock not taken under the exchange offer will be offered publicly.
F. S.
Moseley & Co. of Boston is the principal underwriter.
Proceeds from the sale of the 4% cumulative preferred stock will be used
for the redemption of the 5% cumulative preferred stock not exchanged
under the offer.
The balance of the proceeds will be available for general
Blyth & Co. group's bid of
98.051, the First Boston Corp. group's bid of 97.676, and tnat of 97.279
submitted by the Halsey, Stuart & Co. group.
The difference between the winning bid and the second bid was one cent
per
721,429 kilowatt hours, as compared with 126,884,878 kilowatt hours for the
corresponding week last year, an increase of 10.1%.—V. 152, p. 132.
the entire issue had been sold.
as
sold at competitive bidding, four groups participating.
The winning bid of 98.052 was followed by the
Electric output of the public utility operating companies in the Standard
Gas & Electric Co. system for the week ended Jan. 4, 1941, totaled 139,-
Standard Oil Co.,
The bankers announced that the certificates
non-callable.
Spiegel, Inc.- -SalesNet sales for the month of
with $6,650,149 for December, 1939, and show an Increase of 1.62%.
The net sales for the 12 months ended Dec. 31, 1940 were $53,768,803,
Jan. 11, 1941
companies for the week just
follows: Week
closed and the figures for the same week last year are as
The
7% gold notes, due Oct. 1, 1936, stamped to indicate reduction of
interest to 4% and extension of maturity date to July 1, 1940, bearing an
additional stamp to indicate the further extension of maturity date to July 1,
1946, and carrying new deferred interest certificate for $400, have been
admitted to unlisted trading. The 7% gold notes due Oct. 1, 1936, stamped
to indicate reduction of interest to 4% and extension of
maturity date to
July 1, 1940, and the certificates of deposit representing 7% gold notes, due
Oct. 1, 1936 (stamped 4%) and stamped to indicate extension of maturity
of date to July 1, 1940, have been removed from unlisted
trading.—v.
151, p. 1440.
j
ending .Jan. 4, 1941, 115,987,912 kwh,; same week last year, 109,026,900
kwh., an increase of 6,961,012 kwh. or 6.4%.—V. 152, p. 133.
United Light & Power Co.
(& Subs.)—Earnings—
1940
1939
earnings, of subsidiaries (after eliminating intercompany transfers)
$96,282,617 $90,339,450
General operating expenses
44,395,163
41,799,928
Maintenance.
4,690,918
4,724,168
Provision for depreciation
9,712,482
9,844,614
Gen. taxes & estimated Fed. income taxes
13,985,550
11,358,310
12 Mos. Ended Oct. 31—
Gross oper.
^
_
Strathmore Paper Co.—Accumulated Dividend—
Directors have declared
a
dividend of $1.50 per share on account of
on the 6% cum. pref. stock, payable Jan. 2 to holders of
Dec. 28.
Dividend of $2.50 was paid on Oct. 15, last; dividends
of $1.50 were paid on July 15 and
April 15 last and Dec. 27, 1939; $2.50
paid on Oct. 16 and July 15, 1939, and $3.50 paid on April 1, 1939.—
accumulations
$23,498,504 $22,612,431
2,043,764
1,418,333
Net earnings from operations of subsidiaries
Non-operating income of subsidiaries
record
V.
151,
15,684,293
15,713,368
$9,857,975
$8,317,396
2,206,620
1,934,097
Equity of United Lt. & Pow. Co, in earns, of subs $7,651,355
of United Light & Power Co. (exclusive
of income received from subsidiaries
15,701
$6,383,299
$7,667,056
$6,400,846
Balance
Sun
Ray Drug Co.—Year-End Dividend—
a year-end di vidend of 40 cents per share on the
payable Jan. 25 to holders of record Jan. 15 bringing
dividend payments for company's fiscal
year which ends on Jan. 31 to
$1 per share as against 80 cents paid in previous fiscal year.—V. 151,
p. 1737.
common
of earnings, attributable to
stock
Operating
Operating
revenues
Property retirement
1940—Month—1939
Total...
1940—12 Mos.—1939
$97,424
66,199
9,988
expenses
Direct taxes
$96,051
59,114
14,035
$1,102,082
700,715
153,744
$1,086,690
4,000
4,000
48,000
48,000
_
160,039
Interest
on
$17,237
expense,
Long-term debt, bond discount and
&c., of holding company
—
$199,623
$208,961
39
$18,902
$199,662
454
454
7,077
6,864
5,450
83,979
CrS5
on
mtge. bonds.
Other int. and deductions
Int. charged to construe.
Net income
$9,706
$11,584
Dividends applicable to pref. stocks for the
period
$110,318
35,000
Cr67
397,287
$6,003,559
2,375,062
2,398,342
$3,605,216
1940
$5,629,977
$3,667,622
554,186
397,287
2,334,938
40,123
2,359,603
38,738
$2,700,729
$871,993
Earnings of Company Only
115
$209,076
5,450
83,618
$17,237
554,186
$4,737,808
Balance transferred to consolidated surplus
$18,902
.
Gross income
Expenses and taxes
....
Int. and amortization of debt disct. and expense..
Other deductions
Net income
$120,075
35,000
-
....
Note—Federal income taxes
on
$75,318
151, p. 3255.
i940 earnings reflect increased income
1940.—V. 151, p. 3579.
$85,075
United
Tennessee Coal Iron & RR. Co.—Tenders—
Central Hanover Bank & Trust Co., will until Jan.
27 receive bids for
the sale to it of sufficient general
mortgage gold bonds dated 1901, maturing
1951 to exhaust the sum of $119,360 at
prices not exceeding 105 and accrued
interest.—V. 151, p. 2958.
Life
States
Co.—Stock
Insurance
The
City Terminal Ry.—Reconstruction Loan—
Interstate
to exceed
Corporation.
Commerce Commission on Dec. 30 approved a loan of
$1,897,000 to the company by the Reconstruction Finance
There are outstanding in the hands of the
public $1,897,700 of first
mortgage 6% bonds which will mature on Jan. 26, 1941.
On that date the
entire
principal amount of these bonds, together with six months' interest
thereon, will become due._ The loan sought, together with such additional
as may be required, is to be used to
discharge these bonds when they
mature and prevent a default under the first
mortgage and a consequent
foreclosure or reorganization.
As evidence of and security for the
loan, the company agrees to deliver
to the
Finance Corporation an equivalent amount of its
20-year first
mortgage 4% bonds/series A, dated Jan. 24, 1941.
The ICC has approved the issue by the
company of these bonds.
The
bonds will be issued under and secured
by a first mortgage and deed of
trust covering the physical
properties and franchises of the road, including
all the capital stock (2,750
shares), of the Terminal Industrial Land Co.
The recorded value of this stock on
company's books is $275,000.
The maximum principal amount of bonds at
any one time outstanding,
secured by the first mortgage, will be limited to
$3,000,000, and the maxi¬
mum principal amount of such bonds of series A
at any one time outstanding
cash
will
be limited to $1,897.000.^V.
Union
151.
n.
2958.
Fully
Sub¬
scribed—
The 25.000 capital share issue
offered to stockholders by the company
special meeting on Dec. 17, 1940, has been fully subscribed and paid
by stockholders, George M. Selser, Executive Vice-President and
Secretary, announced .Tan. 6.
The issue wTas part of the company s plan to increase surplus by $100,000
for further expansion of its newly established accident and health depart¬
ment, and at the same time to maintain the corporation's capita] at $500,000.
The increase in surplus was provided by a reduction in the par value of the
corporation's 100,000 shares of capital stock from $5 to $4. the resulting
$100,000 being transferred to surplus.
The 25,000 additional shares at $4
par value, brought the company's capital to $500,000 with a total of 125,000
capital shares.
The new shares were issued with pre-emptive rights to
stockholders to subscribe for one additional share for each four shares owned.
Stockholders were offered the privilege of subscribing proportionately for
shares not taken under the pre-emptive right.—V. 151, p. 3904.
at
a
for
,
,
not
1939_o
taxes under the Second Revenue Act of
Balance
Texas
17,547
$7,112,870
Balance
12 Months Ended Oct. 31—
Gross income
-
-
Expenses and taxes of United Lt. & Pow. Co--,.
669,690
re¬
appropriations.
Net operating revenues
Other income
-V.
^
Income
Superior Water Light & Power Co. —Earnings—
Interest
minority
-
stock,
Period End. Nov. 30—
serve
-
Proportion
Directors have declared
common
$25,542,268 $24,030,764
Total income of subsidiaries
Int., amortiz. & pref, dividends of subsidiaries—
2209.
p.
United States Steel
See
under
"Indications
of
Corp.—December Shipments
Business Activity"
on
preceding page.—-
a
V. 151, p. 3904.
Utah
Light & Traction Co.—Earnings—
Period End. Nov. 30—
Operating
1940—Month—1939
1940—12 Mos:—1939
$93,973
82,942
expenses
Direct taxes
Net oper. revenues
Rent from iease of plant
$91,092
88,479
$1,096,459
986.619
6,121
revenues
Operating
6,742
80,587
87,274
$4,910
def$4,129
55,697
$29,253
$12,204
589,837
607,707
$51,568
$619,090
609,150
13,798
$619,911
614,595
9,211
$3,858
$3,895
46,778
$1,116,021
1,016.543
Pacific
RR.—Equipment Trusts Sold—Salomon
Dick & Merle-Smith and Stroud & Co.,
Inc., on Jan. 8 purchased $12,570,000 equipment trust
certificates series F, llA%, dated Jan. 1, 1941 and due
$838,000 annually, Jan. 1, 1942 to 1956, inclusive.
The
certificates are unconditionally guaranteed as to
principal
and dividend warrants by the Union Pacific RR.
They are
Bros. & Hutzler,
Gross income.
Interest on mtge. bonds.
Other int. and deduct'ns
Balance, deficit
-
$51,688
50,763
1,246
$321
50,768
1,122
$322
been made in the above statement for unpaid
interest on the 6% iqcome demand note, payable if, as, and when earned,
amounting to $1,963,199 for the period from Jan. 1, 1934, to Dec. 31, 1939.
—V. 151, p. 3258.
Note—No provision has
Volume
The Commercial & Financial Chronicle
152
Utah Power & Light Co. (&
Period End. Nov. 30—
Operating
Operating
Subs.)—Earnings—
1940—Month—1939
1940—12 Mos.—1939
$1,177,927 $14,377,181 $13,459,099
613,495
6,173,767
5,957,761
169,398
2,346,737
2,147,096
91,000
1,092,000
1,092,000
res, approp.
$1,244,676
540,449
206,463
91,000
Net operating revs...
Other income (net)
$406,764
253
$304,034
1,038
$4,764,677
4,269
$4,262,242
5,587
$407,017
189,028
25,000
14,552
$305,072
189,039
$4,768,946
2,268,330
$4,267,829
2,295,331
25,000
15,220
300,000
181,973
300,000
192,574
Net income
$178,437
$75,813
$2,018,643
Divs. applic. to preferred stocks for the period1,704,761
$1,479,924
1,704,761
revenues...
expenses
Direct taxes
Prop, retire,
Gross income.
Int.
bonds.
Int. on debenture bonds.
Other int. & deductions.
a
on mort
a
e
Balance
Vanadium Corp. of
Underwriting—Company
and 47,004 shares of
version of the 2%%
capital stock, on official notice of issuance, upon con¬
convertible debentures proposed to be issued; making
the total number of shares of capital stock applied for 454,443 shares.
Directors on Dec. 19, 1940, authorized the issuance of 28,575 shares of
the authorized but unissued capital stock at $35 per share, or for an aggre¬
gate purchase price of $999,985, and the issuance of not exceeding 47,004
shares, as may be necessary to effect the conversion into capital stock of
any or all of the 2%% convertible debentures due Jan. 1, 1951, authorized
at the same meeting to be issued in the principal amount of $2,000,000.
Both the shares of capital stock, and the 2%% convertible debentures due
Jan. 1, 1951, are to be sold privately for cash to Air Reduction Co., Inc.,
which has agreed that the purchase is made for investment and not with a
view to
distribution.
The
net
proceeds of approximately $2,986,985
(after deducting expenses in connection with the financing payable by the
corporation) to be received by the corporation from the sale of shares of
capital stock and of the debentures will be applied to the payment of out¬
standing bank loans and towards the cost of certainplant betterments and
increase of facilities, principally at the Niagara Falls plant of the cor¬
poration.—V. 151, p. 3258.
exhibits to the registration statement.
Norman
Machine
Tool
company is
The company has agreed that, of such net proceeds:
$541,350 will be used for the redemption and payment of $540,000 serial
ZK% notes, due 1941-49. The balance will be used for additional working
capital in the financing of increased inventories and accounts receivable.
Company's serial Z%% notes were sold to Connecticut General Life
Insurance Co. on Dec. 22, 1939, for $600,000 in cash.
The proceeds of
such gale were used approximately as follows: (a) To discharge current bank
indebtedness, incurred to finance increases in inventories and accounts
receivable. $100,000; (b) to defray the cost of constructing and equipping
addition to the company's manufacturing plant, $200,000;
(c) To add
general funds of the company for working capital, $300,000.
opposite its
name
stated
unit. The
as
per
and to pay
names
the company therefor at the rate per share
of the underwriters, and the number of shares
of common stock which each has
Common Slock—As of Nov. 2, 1940 company's authorized capital stock
of 100,000 shares ($5 par) of which 88,829 shares were out¬
standing.
Since that date company's charter has been amended by (a)
changing the par value of the shares to $2.50 and by correspondingly in¬
creasing the number of shares with the result that the authorized 100,000
share* of common stock ($5 par) were, effective Dec. 23, 1940, changed into
200,000 shares ($2.50 par);1 and (b) by Increasing the authorized capital
stock by $100,000, such increase being represented by 40,000 shares of
common stock ($2.50 par).
The result of these amendments is that since
Dec. 23, 1940 the authorized capital stock has totaled $600,000, consisting
of 240,000 shares (par $2.50) of which 177.658 shares are issued and out¬
standing and the 62.342 shares now offered are authorized but unissued.
Capitalization—After giving effect to the issue and sale by the company
of the 62,342 shares of common stock offered and the redemption of the
$600,000 serial 3K% notes, capitalization will be as follows:
Authorized
Outstanding
240,000 shs. 240,000 shs.
f:;
V Earnings and Dividend Record
Company's sales and net income, prepared from the company's records
(by Scovell, Wellington & Co., independent public accountants, except in
respect of the year 1940) are shown in the following tabulation. The figures
given for the three years 1937, 1938 and 1939 and for the year 1940 to
Nov. 2 should be read in conjunction with the financial statements herein¬
after set forth together with the notes attached thereto.
Calendar Years—
1935--
-
Gross Sales
(Less Returns
& Allows.)
$735,103
1,047,150
1,244,120
1,661.799
2,059,715
2,019,611
Before Prov.
for Fed. Inc.
Taxes
$77,398
124,148
202,316
350,766
441,137
368,597
312,546
After Prov.
for Fed. Inc.
2,170,616
256.546
3.496.485
b726,614
a457,614
a Provision for Federal taxes on income (including Federal excess
profits
taxes) estimated on basis of law in effect Nov. 2, 1940.
b Includes non¬
recurring income ($33,333) from cancellation of contract.
Between Oct. 1, 1936 and Dec. 23, 1940, the company had outstanding
88,829 shares of common stock and has paid quarterly thereon cash dividends
per share aggregating as follows:
1936 (during last quarter), $1.20; 1937,
$2.20; 1938, $1.80; 1939, $2.00; $1940. $2.20.
was
incorp. in Massachusetts, May 8,1912. Company
is engaged in the business of manufacturing and selling certain machines
and tools, and replacement parts therefor, for production, development,
Shares
Coburn & Mlddlebrook
3,000
Drumheller, Ehrllchman Co
3,000
3,000
Glenny, Roth & Doolittle
2,500
Miller &
2,400
Wads worth & Co
Laurence M. Marks & Co..
Stein Bros. & Boyce
6,300
—
3,800
.-
Herbert W. Schaefer & Co
Tifft Brothers
Mlnsch, Monell & Co., Inc
I-
2,000
_
2,000
1,500
1,500
1,000
-
George
1,000
1,000
----------
1,000
.
2,300
Balance Sheet
as
at Nov. 2, 1940
Assets—
Liabilities—
Cash
$517,398
Life Insurance
15,999
Notes&accts.rec. (net)
755,467
927,777
Inventories
Accounts receivable, empl's
Prop., plant & equip. (net)--_
687
1,113,487
Patents, goodwill, &c
154,531
Prepd.exps.&def.chgs
Notes payable, bank
Accounts payable
$75,000
299,311
Accruedliabilities__-
538,317
Customers'deposits
200,059
Other current liabi itles
540,000
Res. for unascertained losses &
29,367
expenses
-
Common stock
25,000
444,145
566,355
736,783
Total-..
$3,514,713
-
-
Surplus
Total
89,744
3M% notes 1941-49
Paid-in surplus-.
$3,514,713
Listing & Registration—
The New York Curb Exchange
common
has removed from listing and
stock, $5 par.—V. 152, p. 133,
Vultee
registration
Aircraft, Inc.—Earnings—
Earnings for the 10 Months Ended Sept. 30, 1940
Net sales.
Net loss after
$4,117,820
102,956
charges, &c
—V. 151, p. 2960.
,
,
Walgreen Co.—Sales—
Period End. Dec. 31—
1940—Month—1939^"
Sales
$8,440,131
1940—12 Mos.—1939
$7,985,504 $75,594,086 $71,273,027
—V. 151, p. 3580.
Walker & Co.—Accumulated Dividend—
Directors have declared
accumulations
Feb.
1
to
a dividend of 62 H cents per share on account of
the $2.50 cum. class A conv. stock, no par value, payable
15.
This compares with 50 cents paid
on
holders of record Jan.
Dec. 2 and Oct. 15, last; 62^ cents paid on Aug. 31, June 1, and March
1, 1940; dividends of 75 cents were paid on Dec. 23, 1939, and dividends of
1939, and on
on
50 cents were paid Dec. 1, Sept. 1, July 15, and March 1,
Dec. 20 and Dec. 1, 1938.—V. 151, p. 2960.
Warren
Co*—Bondholders
Brothers
Submit
Valuation
Assets—
on
Arthur Black, Special Master appointed by the Federal Court to value
the assets of company in connection with the reorganization proceedings,
received a valuation report Jan. 6 of the Stewart bondholders committee.
This report which was prepared for the Stewart committee by Coverdale &
Colpitts shows
On
total value of $7,187,053 for all the Warren assets.
a
basis of this estimate, each Warren Bros. 5H% note and 6%
a value of approximately $1,200.
As these securities are
the
debenture shows
entitled
to principal plus accrued interest or a total of about $1,280 per
bond, no equity is shown for the preferred shares or common stock of the
■'
•
:v • ■ " •
'
preparing a reorganization plan
which is expected to be submitted to bondholders shortly.—V 151, p. 3580.
company.
•:
;■
The Stewart bondholders committee Is
}|
Western Auto Supply Co.—Sales—
Period End. Dec. 31—
Retail
The products manufactured include column
1940—Month—1939
1940—12 Mos,—1939
$4,410,000
$3,851,000 $32,619,000 $29,312,000
2,293,000
1,664,000
21,307,000
16,024,000
6,703,000
5,515,000
53,926,000
45,336,000
-
Wholesale.
—
Combined
—V.
151,
2812.
p.
Western
Cartridge Co.—Pays $24 Dividend—
.
Company paid a dividend of $24 per share on Its common stock, on
Dividend of $6.50 was paid on Oct. 15, last.—V. 151, p. 2367.4
Dec. 28.
~Western* Maryland Dairy Corp.—Preferred Stock CaUed
rAll
on
and bed-type milling machines
for general production work, universal milling machines ror die, pattern and
tool work, and contour milling machines for rotary milling; oscillating
grinders for grinding the spherical curvature in ball and roller bearing
rings; and machines and tools for the repair of automotive units and internal
combustion engines.
The automotive repair equipment Includes boring
machines for the reconditioning of cylinders; valve refacers and reseaters;
preferrecfstock has Ceen callecTfor redemption
Western Public Service Co.
Net oper. revenues
Other income (net)
Balance
_
_
_
_
.
...
-
Balance
,19,562
285,166
18,905
224,357
205,168
$55,887
Drl,938
I'w*/.
Interest & amortization-
$48,599
Dr7,224
$536,226
Dr37,007
$574,990
Dr74,486
$53,949
$41,375
$499,220
26,280
26,259
318,463
$500,504
328,685
$15,116
$180,757
119,453
$171,819
119,453
$61,304
$5.4,366
$27,669
Preferred dividend requirements.
Balance for common stock and
Provision
for
the
additional
-
surplus
Federal
Revenue Act of 1940 enacted in October is
months of the
E.
Imposed by the Second
being made over the last three
taxes
year.—V. 151, p. 3581.
White Rock Mineral
A.
129,937
231,049
137,445
22,092
—
Taxes
lathes and grinders.
$2,138,581
997,438
11,405
16,752
Depreciation
a
1940—12 Mos.—1939
$2,169,572
986,378
10,135
Maintenance
a
(& Subs.)—Earnings—
1940—Month?-1939
$188,955
$182,231
84,088
83,760
Period End. Nov. 30—
piston grinders; clutch plate grinders; surface grinders; and brake drum
Castings, electric motors and many small parts used in the company's
products are not manufactured by the company but are purchased from
other manufacturers.
Company also purchases from another manufacturer
for resale under the Van Norman name a complete line of electric drills and
electric sanders and accessories therefor.
Purchases of such products are
made on an order basis and, except for commitments resulting from accept¬
ance of orders placed by the company, the company has no contractual
obligations regarding such purchases.
At the present time several manu¬
facturers arermachining castings used by the company to the company's
specifications on a job work basis.
At Nov. 30,1940, the company's backlog of orders totaled well in excess of
$2,000,000, approximately 20% of which represented orders for machine
tools for the British Government and British subjects, to be shipped to
England and other parts of the British Empire, and practically all of the
balance'of the backlog consisted of domestic business.
In respect of the
foreign machine tool business included in the backlog the company has
either received an advance payment of not less than 25% of the contract
price or the contract price is covered by confirmed irrevocable letters of
credit issued by New/York banks. Contracts with the British Government
of the outstanding $6
Feb. 5 at 100.—V. 143, p. 2703.1
Operating re venues
Operation
and service work.
follows;
Taxes
$66,655
105,285
169,205
287,460
347,329
302,930
1940 (to Nov. 2)
History—Company
are as
McDonald-Coolidge & Co
Murphey, Favre& Co..
Brush, Slocumb & Co
Wyeth.Hass&Co---.-----Ball, Coons & Co
Net Income
'
agreed to purchase
25,042
-
•;
-.vvv-''
so
Shares
Jackson & Curtiss
consisted
Common stock ($2.50 par)
Subject to the terms and conditions
underwriting agreement each underwriter has a several firm commit¬
ment to take the number of shares of common stock hereinafter set forth
Purpose—The amount of estimated net proceeds which the
to receive is $857,203.
an
underwriting agreement
Co.—Stock
Offered—Public
offering: of 62,342 shares of common stock (par $2.50), at
$15.25 per share, was made Jan. 10 by an underwriting group
headed by Jackson & Curtis.
In addition to Jackson &
Curtis, the bankers offering the stock include Laurence M.
Marks & Co., Stein Bros. & Boyce, an 1 Riter & Co.
to the
an
of the
the old
Van
has entered into
with the underwriters named below, and a writing determining the pur¬
chase price of the common stock offered hereby, copies of which are filed as
Riter & Co-..-
America—Listing—
The New York Stock Exchange has authorized the listing of 28,571 shares
of capital stock (no par), on official notice of issuance, and sale for cash;
1934678
totaling about $250,000 as of Nov. 30, 1940 provide that the buyer may
cancel as to any article which is not delivered within a specified period after
the contract delivery date, but the company does not expect any cancel¬
lations on account of delayed deliveries.
All foreign contracts and orders
provide for payment against delivery in the United States.
On Oct. 28, 1940, the company acquired all the property and assets of
National Equipment Co., including a three-story manufacturing plant of
brick and reinforced concrete construction having a floor area of approxi¬
mately 200,000 square feet and located on a plant site in Springfield, Mass.
$313,882 def$224,837
Dividends accumulated
and unpaid to Nov. 30, 1940, amounted to
$7,671,425, after giving effect to dividends of $1.75 a share on $7 preferred
stock and $1.50 a share on $6 preferred stock declared for payment on Jan.
2, 1941.
Dividends on these stocks are cumulative.—V. 151, p. 3412.
a
277
Springs Co.—New President—
Philips has been elected President of this company to succeed
resigned.—Y. 151, p. 3260.
R. O. Harrison,
(R. C.) Williams & Co.—15-Cent Common Dividend—
Directors have declared a dividend of 15 cents per share on the common
stock, payable Jan. 10 to holders of record Dec. 30.
Last previous dis¬
tribution also amounted to 15 cents and was paid on Aug. 21.1939.—V. 151,
p.
1296.
«*■*»<#'
-
g Wilson &>Co.,
Inc.—To*Pay Accumulated Dividend—
"Directors have declared a dividend of $3 per share on account of
accu¬
mulations on the $6 pref. stock, payable Feb. 1 to holders of record Jan. 15.
This payment reduces arrears to $6 per share.—V. 151, p. 2060.
(F. W.) Woolworth Co.—Sales—
Period End. Dec. 31—
Sales
—V.
151,
p.
3413.
1940—Month—1939
1940—12 Mos.—1939
$54,571,092 $52,332,123 $335460,253 $318832,968
The Commercial & Financial Chronicle
278
Williams Oil-0-Matic Heating
Wellington Fund, Inc.—Assets Increase During 1940
The preliminary report for the 12 months ended Dec. 31,1940 shows total
Years End. Oct. 31—
assets of $5,508,770
compared with $5,169,139 on Dec. 31, 1939.
In commenting on the report, Walter L. Morgan, President, pointed out
that net asset value amounted to $13.67 per share after payment of divi¬
dends amounting to 80c. per share during the year.
This compares with
$14.49 per share at the close of 1939, indicating a nominal decline of only
14-lOOiths of 1 % after taking into consideration the dividends paid during
the year.
Jan,
Net sales
Cost, of sales
-
Corp.—Earnings—
1938
1939
1940
$1,464,701
1,321,956
506,153
$1,292,920
946,399
$1,196,068
851,140
11, 1941
1937
$2,628,012
1,888,267
708,356
403,300
456,897
$58,372
32.443
$110,376
32,488
$363,408 prof$31,389
48,090
50,265
$25,929
$77,887
21,998
45,310
$315,318 prof$81,654
8,105
22,691
21.921
$47,928
Selling expenses
$123,198
Operating loss.Other income
The number of shares outstanding at the close of 1940 reached 403,093,
the
highest since establishment of the fund in 1928.—V. 151, p. 717.
Western Tablet &
Years End. Oct. SI—
Net earnings
,
$293,372
42,749
$594,386
122,232
123,351
for
145,651
.
70,689
-----
$525,824
$472,154
$250,623
8hs.com.stk.out. (no par)
Earnings per share
134,854
$2.65
134,854
$2.25
134,854
$0.61
*
$755,588
135,874
inventory
price declines-
—
Net income.-
Net loss
Dividends paid
— Earns, persh. on 430,000
shs. com. stk. (no par)
-—_
$474,063
134,854
1940
Assets—
Cash-.
——
1939
$590,536 $1,615,189
650,067
659,811
Cash sun*, value of
181,052
201,549
life insurance...
1,618,652
2,342,740
Other assets.—...
11,241
Inventory
x
12,347
Land, bldgs., ma¬
2,297,233
chinery, & c.
Deferred assets—
1939
$174,414
42,066
$387,713
176.920
44,117
123,351
43,207
122,232
3,365,300
1,666,459
Income taxes
6% cum. pref.stk. 3,365,300
yCommonstock
1,666,459
Earned surplus—
738,377
Accounts payable-
$860,000
50,972
85,024
124,147
16,270
17.191
Dealers' deposits—
Notes payable
165,000
Cash—
Investments
Customers'
91,985
recelv. (less res,)
Inventories
x
-
-
3,098
Accruals
accts
134,300
475,419
370,059
209,834
-
Other assets
357,824
32,944
Other liabilities
Customers'
-
-
60,000
-
credit
r
4,723
8,349
2,545
Earned surplus
33,650
def280,358
Paid-in surplus
650.525
$860,000
24,402
2,640
200,000
31,911
balances
Other
Prepaid expenses &
supplies
—$1,234,504 $1,620,777
Total..
After
depreciation,
V, 149, p. 4046.
x
1
369,200
reserves
32,371
35,629
369,200
59,426
$6,154,085 $6,412,357
Total
19391 "■«
1940
Capital stock.
$497,114
1
2.265,879
60,720
1940
payable-
Dividends payable
Accrued taxes
$0.12
Sheet Oct. 31
$465,217
Perm't assets
Patents
Liabilities—
Accounts
Nil
,
Liabilities—
1939
1940
Assets—
y
$338,009 prof$51,627
322,500
-----
Nil
Nil
Comparative Balance
$2.27
Balance Sheet Oct. 31
Notes & accts. rec,
—
Other expenses.
1937
1938
1939
1940
$719,865
Federal tax
Provision
Total loss__
Fed. inc. taxes accrued-
Stationery Corp.—Earnings—
y
.$6,154,085 $6,412,357
Total
Represented
by
134,854
(no
par)
shares.—
Total
-------
.
.$1,234,504 SI ,620,777
Represented by 430,000 shares of no par value at declared value of $2
per share,
y After reserve for depreciation of $378,457 in 1940 and $414,801
in 1939.—V. 150, p. 706.
x
The Commercial Markets and the
Crops
'
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
Friday Night, Jan. 10, 1941.
Coffee—On the 4th inst. futures closed 9 to 11
points net
higher. Sales totaled 50 lots. Buying by trade interests
and covering by shorts promoted the rally.
There was
nothing for sale except on a scale up.
This rally put the
market for the week 7 to 9 points net higher.
The July
position today sold up to 6.S3c., equalling the season's
previous high.
It closed at 6.81c.
Announcement of a
further rise in the official minimum export prices for Colom¬
bian coffee, ranging from 24 to 79c. a bag, was made over
the week-end.
Private cables confirmed by the Colombian
Coffee Federation here, said that the f.o.b. per bag price of
Manizales was lifted to $13.40, up 24c.; Medellios $14.68,
up 38c.; Armenias $13.65, up 36c.; Bogotas $13, up 79c.;
and Buearamangas $13.95, up 61c.
On the 6th inst. futures
closed 3 points up to unchanged for the Santos contracts,
with sales totaling 32 lots.
Santos coffee went to new sea¬
sonal highs, with gains of 3 to 6 points added to the advance
of 9 to 11 points on Saturday.
The advance occurred despite
a holiday in Brazil, which prevented a reflection of the new
minimum export prices announced by Colombia—15 to
55-lOOc. per pound above the previous mini mums.
The
rise in coffee futures has been without benefit of any outside
participation, but traders believe investors will sooner or
later be
attracted
to
the market.
American roasters
are
hesitating at the moment after substantial purchases.
On
the 7th inst. futures closed 3 to 5 points net higher for the
Saatos contract, with sales totaling 34 lots.
In Brazil the
spot
price
milreis.
on
Rio 7s advanced 200 reis
Costa Rica
per
10 kilos, to 12.400
reported to be asking the United
States for the loan of $1,000,000 to finance surplus coffee.
It was said that the current export tax of 10c. per bag would
be increased to 25c. to finance such a loan, if made.
Traders
wonder if this is the opening wedge in a series of loans by the
United States for such a purpose to other nations in Central
and South America.
The actual market here is quiet as
roasters pause after substantial purchases.
Business in
Brazils for January shipment is said to be restricted by the
shortage of freight space due to the increase of 15c. per bag,
to take effect Feb. 1.
Some purchases for Feb. shipment
have been ordered sent instead in Jaa. by buyers.
On the
8th inst. futures closed 9 to 15 points net higher for the
Santos contract, with sales totaling 106 lots.
One Rio
July contract was traded, this delivery closing 9 points net
higher.
Santos coffee rose to new seasonal highs in active
trading.
Gains of 15 points were held to the end of the third
hour.
The buying stemmed from wholly unconfirmed
rumors, hardly believable, that Brazil would fix minimum
of 7^c., f.o.b., for hard Santos 4s.
This would be nearly
2c. per pound above the current market.
Cost and freight
offers from Brazil were scarce.
The spot price of Rio 7s
advanced 200 reis per 10 kilos.
On the 9th inst. futures closed 25 to 23 points net higher
for the Santos contract, with sales totaling 193 lots. There
were 4 contracts traded in the Rio
division, prices ending
11 to 17 points net higher. Santos coffee in the active trading
forged into new high ground.
Gains of 16 to 23 points in
the early trading were registered.
Colombia for the second
time within a week announced new and higher minimum
export prices.
An active trade in spot Colombians took
was
place late yesterday, with 10c. paid for Manizales.
Bra¬
zilian spot prices in Santos were up 500 reis per 10 kilos today.
There were reports that Brazil might ratify the Inter-Ameri¬
can agreement today.
In Rio de Janeiro spot 7s were 100
reis higher.
Today futures closed 9 to 5 points net lower for
the Santos contract, with sales totaling 65 lots.
Therefwere
three contracts
traded
in
the March
Rio.
Santos coffee
3 to 5
points higher, in new high ground again, but the
pace of trading slackened.
Hesitation in the actual market
after a good business in Brazils and milds yesterday ^affected
futures.
In Brazil Santos spot prices were up 400 reis per
10 kilos, while the Rio 7s spot was up 500 reis.J Nothing
were
further
was
heard
as
to when and if Brazil will fix minimum
what the "minimum" basis will be.
Meanwhile
freight offers from Brazil were scarce and some
marked up as much as 25 points.
prices
cost
were
or
and
Rio coffee prices
closed
March ,1941
May
as follows:
4.801 July-—
-——4.921
.—5.07
Santos coffee prices closed as follows:
March, 1941
May
July—
6.91 September
7.05 December
-7.19
-
7.29
-
7.39
Cocoa—On the 4th inst. futures closed 3 points
net
higher.
Sales totaled 18 lots
or
241 tons.
toUfpoint
Cocoa prices
declined 18 to 21 points for the week ended Jan. 3 on the
New York Exchange.
Selling was attributed to tired longs
both in the futures and spot markets.
In the closing days
of Dec. the market had aggressive manufacturer support,
but this interest
was
withdrawn after the turn of the
new
Throughout the decline, primary markets continued
firm, with asking prices too far above existing New York
levels to warrant hedging operations.
The Exchange an¬
year.
nounced
that United
all time record
States arrivals for
1940
were
at the
4,982,901 in 1939.
As an illustra¬
tion of how cocoa usage has increased in this country, it
was pointed out that arrivals in 1930 were only 2,400,000
bags. Licensed New York warehouse stocks were up 18,000
bags for the week, bringing the total to 1,352,055 bags.
Local closing: Jan., 4.22; Mar., 4.98; May, 5.04; July, 5,10;
Sept., 5.16.
On the 6th inst. futures closed 7 to 5 points
net lower, with sales totaling 125 lots.
Liquidation of Mar.
broke cocoa futures 9 to 11 points, Mar. selling at 4.87c.,
off 11 points.
The high for that position was 5.32, regis¬
tered Dee. 10th.
It seems that many longs have grown tired
of waiting for the expected further advance, including some
members of the trade.
Primary pressure continues light.
Warehouse stocks registered a gain of 16,703 bags, bringing
them to 1,368,113 bags against 1,104,364 bags a year ago.
Local closing: Mar., 4.91; May, 4.97; July, 5.04; Sept., 5.11;
Dec., 5.22. On the 7th inst. futures closed 5 to 3 points net
higher.
Sales totaled 106 lots.
The cocoa market rallied
standing 1 to 3 points net higher during early afternoon.
During the forenoon manufacturer buying came into the
market along with Wall Street demand, but on the ensuing
bulge importer-dealer selling put a damper on the rise. It is
suspected that some back-door transactions with primary
countries is in progress as >that selling looked like hedges.
Open market prices asked by primary countries are out of
line with quotations here. Warehouse stocks decreased 3,300
bags.
They total 1,364,821 bags against 1,102,606 a year
ago.
Local closing: Mar., 4.95; May, 5.02; July, 5.08; Sept.,
5.14.
On the 8th inst. futures closed 12 to 13 points net
high of
Volume
higher, with sales totaling 189 lots.
Renewed buying by
manufacturers put cocoa prices up 9 to 12 points.
Demand
centered on Alar., which advanced 12 points to 5.07c. Wall
Street also took
new
interest in the market.
The turnover
to
early afternoon totaled 175 lots. Primary countries con¬
tinued to withhold offerings.
Recent sales previously lunted
at came from some of the small producing countries exporting
flavor grades.
Warehouse stocks decreased 4.800 bags.
They total 1,360,099 bags against 1,102,606 bags a year ago.
Local closing: Alar., 5.07; Alay, 5.14; July, 5.20; Sept., 5.27;
Dec., 5.38.
vv.;'.v.;;.... /,
•/,;
h'J's..'On
the 9th inst. futures closed 5 to 2
points net lower,
Trading in cocoa was light,
turnover to early afternoon being only 23 lots.
Prices at
that time were unchanged to 2 points lower.
Traders gen¬
erally were marking time and manufacturers displayed no
interest. Primary countries were out of the market. Ware¬
house stocks decreased 4,700 bags.
They now total 1,355,309 bags against 1,195,890 a year ago.
Arrivals so far this
year 16,427 bags against 79,118 a year ago.
Local closing
Alarch 5.03: Alay 5.09; July 5.17; Sept. 5.24; Dec. 5.36.
Today prices closed 2 points up to 1 point off, with sales
totaling 103 lots.
Only moderate interest was taken in
cocoa, turnover to mid-afternoon having been only 65 lots.
Manufacturers continue to limit operations to routine buying,
primary markets are not offering and all are waiting for
expected developments looking to quotas. Warehouse stocks
were about
unchanged at 1,355,262 bags compared with
1,092,791 bags a year ago.
Local closing:
Alarch 5.05;
Alav 5.11; July 5.18; Sept. 5.24; Dec. 5,35.v;Vv;^ V^kY^/:'
with sales totaling 63 lots.
Sugar—On the 4th inst. futures closed 1 point higher, with
sales of only 45 lots in the domestic contract.
The world
unchanged to Yz point lower, with
trading quiet.
There was some Cuban short covering in
Alar, and hedge selling through a Wall Street commission
house for producer account.
In the domestic contract trade
houses bought Sept. and a refiner was believed to be fixing
prices through purchases of Alar.
The selling was entered
by commission houses and was seen as hedging.
The trend
of raws and refined will be watched closely in the immediate
future, it was statedOn present prices refiners' apparent
margin is only 87 points approximately.
On the 6th inst.
futures closed 1 point net lower for the domestic contract,
with sales totaling 254 lots.
The world sugar contract closed
1H to Yz point lower, with sales totaling 44 lots.
Rather
heavy hedge selling caused domestic sugar to sell off 1 to 2
points during early afternoon.
Demand, while good, was
not sufficient to absorb offerings without some price con¬
cessions.
The question now is whether Philippine sugars
afloat will be absorbed bv refiners before they assume a
"distress" aspect.
Some 12,000 tons are offered, of which
8,500 due Jan. 11 might be bought at 2.93c. a pound. Forty
transferable Jan. notices were issued, but they were quickly
stopped. Demonstrations in Alexico were reported centering
around an alleged shortage of sugar. On the 7th inst. futures
closed unchanged to 1 point off, with sales totaling 208 lots.
The world sugar contract closed
y point up to Yz point off,
with sales totaling 208 lots.
In the raw market 8,500 tons
of Philippines due Jan. 10 were still on offer at 2.93c., 2
points over the last spot sale, while Jan. or Feb. shipment
Cubas might also be obtained at that price.
A!ore distant
Philippines and some Feb. Puerto Ricos were at 2.95c. The
announcement by Savannah that it would accept a "thirtyday" business at $4.35 in "Southern" territory, with the
usual four payment guaranteed terms, was expected to bring
a general "move" in that section of the country which might
possibly spread to the Eastern market. World sugar futures
were H point higher to Yz. point lower in slow trading.
The
market was not affected by the news that Warren Pierson,
head of the United States Export-Import Bank had flown
to Havana, presumably to discuss the
proposed $50,000,000
loan from this country.
On the 8th inst. futures closed 4
points net higher to 2 points net lower, with sales totaling
sugar
contract closed
434 lots in the domestic contract.
closed
279
The Commercial & Financial Chronicle
152
The world sugar contract
1 Yz
points higher to Yz point net lower, with sales
totaling 61 lots.
The domestic sugar contract registered
gains of 4 points in active trading as the raw market ad¬
vanced on buying by refiners and operators.
In the raw
market the spot price advanced 3 points.
Three sales were
made to National as follows: 4,600 tons Philippines due Jan.
20, 2.91c.: 20,000 bags Cubas. loading Feb. 1, 2.93c.; 4,600
tons Puerto Ricos, loading Jan. 24, 2.93c., and 3,600 tons
of Philippines, Jan.-Feb. shipment were sold to an operator
at 2.95c.
This cleared up all koown offers.
Alore sugar
was
believed available at 2.95c.
The absorption of the
greater part of afloat Philippines has fired the market.
Refined business has picked up and a buying movement in
the East is coDsidered due soon.
It is said that negotiations
for shipments of food into unoccupied France and Spain may
be broadened to include sugar.
/
On the 9th inst. futures closed 1 point up to 2 points off,
with sales of 380 lots in the -domestic*contract.
The world
contract closed lYz to 3 points net higher, with sales
totaling 238 lots.
The sugar markets were firm today.
sugar
Higher freight rates from the Philippines and Puerto Rico
were an influence.
Operators paid 2.94c. for 2,500 tons of
Philippines due the end of Jan. and 2.95c. for a cargo of
Puerto Ricos, first half Feb. shipment, while Sucrest got
2,000 tons of Philippines due Jan. 20, at 2.95c. and General
Foods 1,000 tons of Philippines Feb .-Mar. shipment, at 2.98.
It
was
believed that little additional sugar was
offered under
3 to 3H points higher on short
covering.
Jesse Jones was reported to have said that the
only foreign loan being considered was one of about $50,000,000 to Cuba "to pay labor costs of cutting and grinding sugar
cane."
Peru and Canada were reported discussing a barter
deal involving sugar and wheat.
Today futures closed 3
points up to unchanged, with sales of 398 lots registered for
the domestic contract.
The world sugar contract closed
unchanged to Yz point lower, with sales totaling 75 lots.
Domestic sugar was 1 to 3 points higher during early after¬
3.00c.
World
The
noon.
sugar
sugar
advance
was
stemmed from
a
further
sale of
raw
at 2.95c. and the announcement by Savannah of an
advance in the refined
price to $4.40 at the close tonight.
buyer of raw, taking 21,000 bags
Cubas, loading Jan. 27.
While it was believed further
bids of 2.95c. for Feb. sugars were being entered, most
sellers either withdrew or asked at least 3.00c.
Savannah
That refiner
was
also the
of
before
going to $1.40 from $4.35, will accept business for
delivery by the end of the month at the lower price. There
was no further news on the negotiations understood
to be
taking place regarding a loan by the United States to Cuba
for the purpose of helping finance the new crop and thereby
aiding Cubas poor economic condition.
i4 :v*
Prices closed
as
follows:
January, 1941
.
May
2.00 July
September
-
March
2.07
--2.13
„
2.00
2.05
_•
Lard—On the 4tb inst. futures closed 12 to 22
points net
Active buying for speculative account caused another
upturn in lard futures at Chicago on Saturday . The strength
in the spot month was due to support by packing house
interests.
Hog quotations at Chicago and the other leading
packing centers in the West remained very steady and
scattered sales were reported during the morning at prices
ranging from $7 to $7.35.
Western hog marketings were
slightly larger than the same day last year and totaled
24,000 head, compared with 18,400 head for the same day
last year.
No improvement in the export lard trade has
been reported recently outside of the purchase of 500 tons
by Japan and the buying of Jan. contracts in the futures
market by Russian interests near the close of last week. On
the 6th inst. futures closed 17 to 30 points net higher.
higher.
registered in lard futures at Chicago at
despite the somewhat bearish develop¬
ments that made their appearance last week.
New highs
were
again attained today under active short covering.
Prices finished at the best levels of the day.
Hog receipts at
Chicago and other packing centers in the West were slightly
below trade expectations and this caused hog prices in the
West to advance slightly. Sales ranged from $6.90 to $7.45.
Western marketings totaled 118.000 head against 119,400
head for the same day a year ago.
On the 7th ins. futures
closed 10 to 15 points net lower.
The market ruled heavy
during most of the session.
Trading was light.
Hog sales
ranged from $6.90 to $7.35.
Western hog marketings
totaled 114,800 head against 137,500 head for the same day
last year.
Hog receipts at 11 of the principal markets in
the West, including Chicago, last week totaled 373 639 head
compared to 481,055 head for the same period last year. On
the 8th inst. futures closed 17 to 20 points net higher.
The
Further
gains
were
the start of the week
sharp advance in hog prices at Western markets today and
the independent strength in cottonseed oil futures on the
report that the Government was considering a plan to curtail
cotton production this year, were major influences in the
upturn in lard futures today.
Confirmation of the report
issued last week that Japan had purchased American lard in
recent weeks and additional inquiries for Japanese account
also contributed to the advance in lard.
New highs for the
upward movement were reached on the upturn and
gains were maintained at the close.
Hog prices at
Chicago also rose to new highs for the 1940-41 season. The
top price reported was $7.55 and the bulk of the sales un¬
covered throughout the day ranged anywhere from $7.10 to
current
most
$7.55.
On
lower.
■
.
the
'V;:-k- r:kv
9th inst. futures closed unchanged to 5
Chicago lard futures sold off today after the
.
■,
points
opening.
before
However, practically all of the losses were regained
the close.
Commission houses were credited with
a
fair
liquidation during the early part of the day and
this pressure resulted in a setback of 5 to 10 points.
Further
gains were recorded in hog prices at Chicago and other
packing centers owing to the rather light receipts. Market¬
ings for the Western run as reported today totaled 82,200
head, compared with 80,500 head for the same day a vear
ago.
Hog sales ranged from $7.20 to $7.70.
The latter
price is another new high, the previous high being $7.55,
reached on Wednesday.
Today futures closed 3 points off
to 2 points up.
Trading was relatively light, with the under¬
tone of the market steady.
amount of
PRICES OF LARD FUTURES IN CHICAGO
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
4.80
5 27
5.12
5.22
5.20
5.17
6.47
6.35
6.52
6.50
6.50
6.15
6.65
6.55
6.72
6.67
6.67
6.35
6 82
6-72
6.92
6.87
6.87
6.55
7.02
6.92
7.10
7.05
7 07
—
6.72
DAILY CLOSI.NG
January, 1941
March
May
July
—
—
:
September..
Pork—(Export), mess $24.25 (8-10 pieces to barrel);
(Ha
family (50-60*pieces to barrel), $16.75 (200 pound barrel).
Beef: (export), steady.
Family (export), $25.25 per barrel
(200 pound barrel).
Cut Meats: Firm.
Pickled Hams:
Picnics, loose,
c. a. f.—4 to 6 lbs., 11 Yc.; 6 to 8 lbs.,
11 He.; 8 to 10 lbs., 11c.
Skinned, loose, c. a. f.—14 to
,,
,
;
The Commercial & Financial Chronicle
280
Bellies: Clear, f. o. b. New
lbs., 15Hc.; 12 to 14 lbs.,
14 He.
Bellies: Clear, Dry Salted, Boxed, N. Y.—16 to
18 lbs., not quoted.
18 to 10 lbs., llHc.; 20 to 25 lbs.,
11 He.; 25 to 30 lbs., 11 He.
Butter: Firsts to Higher than
Extra and Premium Marks: 27He. to 31 He. Cheese: State,
Held '39, 25c. to 25He.
Eggs: Mixed Colors: Checks to
Special Packs: 18c. to 23He.
16 lbs., 19c.;
18 to 20 lbs., 18c.
York—6 to 8 lbs., 15Kc.; 8 to 10
Oils—Linseed oil continues firm and unchanged at a basis
of 8*8e. inside for tank
cars.
Quotations: Chinawood; tanks,
spot—26H bid, drums—27H bid. Coconut: tanks—.03H
bid; Pacific Coast—.02 H to .02 H- Corn: crude: West, tanks,
nearby—.06H bid, nominal. Olive: denatured: drums, spot
—$2.35 bid. Soy bean: crude: tanks, Decatur basis—.05H
bid; New York, 1. c. 1., raw—.07 bid. Edible: coconut: 76
degrees—.08H. Lard: ex. winter prime—8H offer; strained
—8 offer.
Cod: crude: 50c. offer.
Turpentine: 47 to 49c.
Rosins:
$2.15 to $3.40.
yesterday, including switches, 85
Crude, S. E., val. 5HPrices closed as follows:
Cottonseed Oil sales
contracts.
January, 1941---February
6.64 @
6.64(5
March
6.68©
6.74@
June
6.78©
6.84(a)
6.88©
6.64(5
April
6.68 May
n
n
July
August
n
Rubber—On the 4th inst. futures closed 3 to 12 points net
lower.
The market ruled heavy today, due to general lack
of interest and the absence of any
stimulating news.
Sales
in the old contract totaled 50 tons, while transactions in the
new standard contract totaled 40 tons.
The outside market
quiet and steady. Shipment offerings from the Far
limited and proved too high for the local trade.
Spot standard No. 1-X ribbed smoked sheets in cases, was
offered at 20He. per pound.
Local closing: Old contract:
Jan., 20.25; Mar., 20.14; May, 19.99; New contract: Jan.,
20.25; Mar., 20.14; May, 19.99; Sept., 19.68.
On the 6th
inst. futures closed 4 to 5 points net higher for the No. 1
Standard contract, with sales totaling 23 lots.
Trade and
dealer buying gave rubber a lift, prices during early afternoon
standing 4 to 7 points higher. Sale were small, totaling only
21 lots to that time.
Both London and Singapore closed un¬
was
also
East
were
changed to l-16d. lower. Washington reports that Govern¬
ment agencies are far behind their buying program for build¬
ing up rubber reserves. Local closing: No. 1 Standard: Mar.,
20.18; May, 20.04. On the 7th inst. futures closed 1 point
lower to 2 points higher, this range covering both old and
new
standard contracts.
Sales totaled 40 tons in the old
contract and 30 tons in the new standard contract.
A cable
from London stated that the
Ministry of Supply purchased a
certain amount of rubber in the Far East for Jan .-Feb. ship¬
ment at lid. f.o.b.
This is equal to 18.52c., importers here
state.
Extension of the war to Greece during Oct. reacted
in the Singapore market for rubber, contributing to firmer
spot prices.
Scarcity of nearby rubber has indicated con¬
tinued over-trading, which is likely to extend into early
1941, it is said.
Local closing: Jan., 20.28; Mar., 20.17;
Sept., 19.72. On the 8th inst. futures closed unchanged for
the No. 1 Standard contract, with sales totaling 26 lots. The
New Standard contract closed 2 points off, with sales of 32
lots.
Rubber was steady in a moderately large turnover.
Dealers and trade interests were credited with hedging ship¬
ment rubber, holding in check a rising trend.
The market
this afternoon was 2 to 5 points net higher, with May selling
at 20.05c., up 2 points.
Twenty tons were delivered on the
old contract and 20 on the new.
London closed unchanged
to l-16d. higher.
Singapore was l-16d. to 3-32d. higher.
On the 9th inst. futures closed 6 to 8 points net lower for
the No. 1 Standard contract, with sales totaling 22 lots.
There were three contracts traded in the New Standard May
delivery, which closed 8 points off. Interest in rubber was
limited owing to a holiday in the primary market of Singa¬
pore.
While commission houses were moderate buyers of
March, selling pressure was sufficient to cause the market to
sell off approximately 6 points on May at 19.97.
However,
March was 2 points higher at 20.18.
Sales to early afternoon
totaled 9 lots, of which 8 were on the old contract. London
closed 1-16 to Hd. lower.
Local closing: No. 1 Standard:
Mar., 20.10; May, 19.95. Today futures closed 2 points up
to 2 points off.
Trading in rubber continued quite slow, only
20 lots having been done to early afternoon.
Prices then
stood 10 points lower to 3 points higher, with March, old
contract, selling at 20c., off 10 points.
Ten tons were ten¬
dered on January.
Singapore cables were late, tending to
hold up trading here.
Dealer buying of July was one of the
few features.
It is said that a steady but moderate business
is being done daily in the actual rubber at slightly better
than 20c a pound.
Shipments continue to come through,
but the shipping situation is rather tight.
London closed
unchanged to l-16d. lower.
Singapore was dull l-16d. to
3-32d. lower.
Local closing: No. 1 Standard: Mar., 20.08;
May, 19.97.
Hides—On the 4th iist. futures closed 12 to 14 points net
higher. As a result of the continued heavy sales of actual
spot hides, despite the poorer quality of hides at this season,
the futures market moved higher today.
Short covering,
commission house and trade buying made up the bulk of the
activity. Sales totaled 100 lots, equal to 4,000,000 pounds.
At one time during the session prices showed gains of over
20 points, but scattered selling near the close took the edge
off the market.
Last week there
sold in the western
were
about 200,000 hides
packer market at steady prices.
Pacific
1941
coast hides advanced
slightly, while frigorifico steers showed
gains of H to He. per pound. Certificated hides in licensed
Exchange warehouses decreased 6,917 to 356,788 hides todav.
Local closing: Mar., 13.63; June, 13.33; Sept., 13.24; Dec.,
On the 6th inst. futures closed 7 to 16
13.19.
points net
Transactions totaled 163 lots. The opening range
was 7 to
12 points higher.
The market continued higher
during the morning and by early afternoon gains of 25 to 30
points above the previous close were in evidence.
New
speculative buying was reported.
Transactions amounted
to 2,880,000 pounds.
Certificated stocks decreased by 3,664
hides to 353,124 hides.
Local closing: Mar., 13.70; June,
13.43; Sept., 13.40.
On the 7th inst. futures closed 2 points
up to 4 points off.
Sales totaled 126 lot3.
The opening
range was 7 points higher.
Additional advances were scored
following the opening and gains of as much as 16 points
above the previous close were registered.
By early after¬
noon, however, most of these early advances had been erased
but prices were about 4 points higher.
Transactions totaled
higher.
80 lots.
Certificated stocks of hides in warehouses licensed
by Commodity Exchange Inc., decreased bv 3,786 hides to
349,338 hides.
Local closing: Mar., 13.71; June. 13 45;
Sept., 13.36; Dec., 13.31.
n
Jan. 11,
On the 8th inst. futures closed 5
points up to unchanged. Sales totaled 66 lots. The ooeuing
prices were about 4 points net higher.
Prices continued
higher during the morning and advances of 14 to 19 points
were registered by early afternoon.
The rise was due to
speculative buying on stiength of spot hides. Transactions
totaled 48 lots to early afternoon.
Certificated stocks de¬
creased bv 700 hides to 348,638 hides.
Local closing: Mar.,
13.76; June, 13.45; Sept., 13.37,
On the 9th inst. futures closed 10 to 7 points net lower.
Transactions totaled 168 lots.
The opening range was 4
to 9 points higher.
Following the opening, prices declined
and by 12.30 p. m. losses of 9 to 14 points were in evidence.
Heavy profit taking caused the reversal in the market.
Transactions amounted to 4,520,000 pounds.
Local closing:
March 13.66; June 13.34; Sept. 13.30. Today futures closed
1 point up to 5 points off, with sales totaling 71 lots.
Raw
hide futures opened 1 to 3 points advance.
Following the
opening, prices declined and losses of as much as 11 points
were registered.
By early afternoon, however, most of the
losses were regained and prices were 1 point lower to
points higher.
Profit taking and hedge selling accounted
for the forenoon reaction.
lots.
Transactions to
noon
totaled 52
Local closing: March 13.62; June 13.35; Sept. 13.25.
Ocean Freights—Tonnage demands continue active in
practically all markets, but ships are not so plentiful, it is
said; charters included: Time: Vessel fixed for six months,
delivery and redelivery North Pacific Jan.; $5 per ton.
Vessel, round trip east coast South American trade, midJanuary, delivery North of Hatteras, $5.25-5.50 per ton.
Vessel reported fixed for period, delivery Far East, Jan.,
$4.25 per ton, no other details given. Another vessel, same
details.
Another vessel, round trip Canadian trade, midJan., $5.50 per ton (war risk owners account.).
Another,
round trip Chilean nitrate trade, delivery North of Hatteras,
prompt, $4 per ton.
Another vessel, delivery Far East, re¬
delivery North of Hatteras, Jan., $4.75 per ton (fixed last
week). Net form: North Pacific to Vladivostok, end Jan.early Feb., 55c. per cubic foot.
Corn: Plate to Halifax,
13.50 per ton.
Ore: South Africa to Hatteras, $12 asked per
ton.
Brazil-United States, $12 per ton, Takoradi to Balti¬
more, $10 per ton.
Coal—Stocks
on
both anthracite and bituminous coal at
lake ports at the end of November were lower than the
same period a year ago, the
Department of the Interior re¬
ports.
Bituminous coal supplies at the end of November at
Lake Superior and Lake Michigan amounted to 8,346,091
tons, which compares with 8,628,332 tons the corresponding
period in 1939, a decrease of 3.3%. Anthracite coal supplies
upper
the end of November amounted to 258,832 tons, a re¬
duction of 21.4% from the Nov. 30th, 1939, figure of 329,328
tons.
The tidewater railroads have filed with the Interstate
Commerce Commission, to take effect on Feb. 1st, new de¬
at
tidewater anthracite. The new tariff con¬
day's free time and monthly accounting
periods, with a new provision which permits the carrying
over of excess credits from one month to the next
succeeding
month only.
murrage
tinues
rules
the
on
five
Wool
Tops—On the 4th inst. futures closed 6 to 13 points
higher. The market continued firm today and in mod¬
erate dealings moved up to closing gains of 6 to 13 points.
The opening range was 1 point off to 6 points higher. Trade
buying and short covering appeared while hedge and Boston
offerings on a scale up supplied contracts.
The spot cer¬
tificated top price was chalked up at 117.0c. bid and 120.0c.
asked.
An exchange official reported that the bid was a
basis par bid for any certificated top, while the
offering was
reported a basis par offering of minus 2 top. Business in
net
domestic wools in the Boston market continued
sales
of
slow and
only moderate proportions.
Local closing:
Mar., 115.1; May, 110.0; July, 107.9; Oct., 106.8. On the
6th inst. futures closed 1 to 9 points net higher.
Opening
range was unchanged to 5 points lower based on bids, with
no sales on the call.
Later, the market varied from trading
lows of 1 down to 6 points up to highs of 4 to 15
points ad¬
vance.
Some of the improvement was lost in the later
dealings, however, and the market closed steady at 1 to 9
were
Volume
The Commercial & Financial Chronicle
152
points advance
on
the active months.
Sales for the day
were
estimated around the ring at about 125 contracts or 625,000
pounds.
Officially reported sales for Saturday's short session
450,000 pounds. Certificated spot tops based par type
quoted at 117.0c.
bid and 119.0c. offered.
Boston
reported little interest shown in domestic wools there, but
were
were
said
a
fair amount of South American wools
were
sold at firm
Local closing: Mar., 115.2; May, 110.8; July, 108.8;
Oct., 107.6. On the 7th inst. futures closed 12 to 13 points
net decline.
Wool top futures experienced a sharp break in
the early dealings today, falling at one time to loses of 22
to 32 points, with the greatest losses ii the May position.
Later the market recovered partially, but best prices of the
dav were 3 to 12 points off. The market ran into commission
house liquidation and other offerings in the early dealings,
which uncovered stop loss orders under the market, notablv
in the May position.
Spot houses and trade iaterests bought
prices.
at limits
wool
on a
tops
which it
scale down.
was
Talk in the trade to the effect that
"bottleneck" in the armaments program,
expected would be eased within a short time,
were
a
attracted attention in the market.
Sales of futures today
estimated at about 225 contracts
Oi 1,125,000 pounds.
They compared with 570,000 officially reported for Mondav.
The Exchange's quotation for spot certificated tops was
116.0c. bid and 118.0c. offered, both lc. or 10 points under
were
the previous
July, 107.5;
points up to
mixed, with
day. Local closing: March, 114.0; May, 109.5,
Oct., 106.3. Oo the 8th iast. futures closed 5
3 points off. Trading in this market today was
prices confined to a narrow range.
Sales for
the day were privately estimated at 80 lots or 400,000
pounds, comparing with 915,000 officially reported for Tues¬
day. Certificated spot tops were quoted by the Exchange at
116.0c. bid and 119.0c. offered.
Local closing: March,
114.3; May, 110 0; July, 107.5; Oct., 106.0.
On the 9th inst. futures closed 10 to 3 points net higher.
Wool tops continued to advance in a rather limited turnover
today.
Total transactions on the New York exchange to
noon were estimated in the trade at approximately 200,000
pounds of tops. The nearby March options were in demand
at the best prices of the morning.
Trading on the opening
was
confined to the May position, but shortly afterward
business spread to all of the other usually active contracts
and prices were 3 to 5 points net higher.
Around mid-day
the market registered gains of 4 to 12 points over the last
quotations of the preceding day.
Local closing: March
115.3; May 110.3; July 108.1; Oct. 106.5.
Today futures
closed 5 points net higher to 3 points net lower. Wool tops
moved in a narrow range in fairly active dealings today.
The widest spread between the high and low of any posi¬
tion was 6 points. Total sales on the New York exchange to
mid-day were estimated in the trade at about 400,000 pounds
of tops.
The market was inactive on the opening, but
shortly afterward business was transacted in all of the
usually active contracts, with prices showing an advance of
2 points to a decline of 3 points from the closing levels of
the previous day.
Local closing: March 115.8; May 110.0;
July 107.8; Oct. 106.3; Dec. 104.8.
Silk—On the 6th inst. futures closed unchanged to
3^c.
higher for the No. 1 contracts, with sales totaling only 3
contracts.
Speculative demand rallied silk after the market
had opened as much as lc. lower.
During early afternoon
prices were unchanged to lc. higher on sales of two lots.
Forty bales were tendered on contract.
The price of crack
double extra silk in the New York spot market remained
In Yokohama Bourse prices
were 2 to 6 yen lower as compared with Dec. 27 when that
market closed for the New Year's holidays.
The price of
Grade D silk was unchanged at 1,350 yen a bale.
Local
closing: Jan., 2.49; May, 2.52; June, 2.52.
On the 7th
inst. futures closed 1 point up to unchanged for the No. 1
contracts, with-sales totaling 22 lots.
Switching operations
characterized mixed trading in silk futures.
Prices during
early afternoon were steady, about 3^ to lc. net higher on a
turnover of 17 lots.
The price of crack double extra silk
in the New York spot market remained unchanged at $2.56
a pound.
Prices in Yokohama dropped 1 to 11 yen.
The
price of grade D silk in the outside market was unchanged
at 1,350 yen a bale.
Local closing: Jan., 2.50; Mar., 2.51 H;
May, 2.52.
On the 8th inst. futures closed 13^ to 3c. net
higher for the No. 1 contract, with sales totaling 32 lots.
Silk was firm on absorption by mills, possibly stimulated by
news that the Japanese Government is considering making a
permanent cut in acreage devoted to silk culture by diverting
part of it to rice and potatoes. During early afternoon prices
were 13^ to 3c. higher, Mar. selling at $2.5334, up 2c.
Sales
unchanged at $2.56 a pound.
to that time totaled
14 lots.
Yokohama
D silk was
unchanged at 1,350 yen a bale, the official minimum. Local
closing: No. 1 contracts: Jan., 2.52; Mar., 2.533^; May,
On the 9th inst. futures closed
Friday Night, Jan. 10, 1940
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 41,434
bales, against 33,323 bales last week and 62,544 bales the
previous week, making the total receipts since Aug. 1, 1940,
2,292,365 bales, against 5,028,390 bales for the same period
of 1939-40, showing a decrease since Aug. 1, 1940, of
2,736,025 bales.
The
Movement
In the spot market crack double extra
unchanged at $2.56 a pound. Yokohama closed 1
to 3 yen lower.
Spot grade D silk was 1,350 yen a bale, un¬
changed. Local closing: No. 1 contracts: Jan., 2.51; Mar.,
2.52; Apr., 2.53H; May, 2.53June, 2.54; July, 2.54.
the
of
Mon.
Sat.
Receipts at—
Galveston
Houston
M
29
1,595
911
1,758
506
320
4,891
6,407
8,805
1,896
1,454
2,130
8,051
2,130
16,384
30
2
216
1
352
_
m.
mm
352
—
Beaumont
New Orleans
1,288
857
3,233
207
Mobile
2,838
1
Savannah
Charleston
3,304
43
Lake Charles
Total
Fri.
886
4
37
6
6,967
47
1
90
1
135
261
16,860
41,434
.
^
^
.
.
^
^
^
m
126
Norfolk
Totals this week.
5,924
5,023
3,660
8,161
1,806
The following table shows the week's total receipts, the
total since Aug. 1, 1940, and the stocks tonight, compared
with last year:
1939-40
1940-41
Stock
Receipts to
Since Aug
Week
1, 1940
452,601
15,596
952,870
145,986
8,556
579,887
10,529
22,199
6,407
Galveston
Brownsville
8,805
Houston
352
Corpus Ohristi
2,130
16,384
Beaumont
New Orleans
Gulfport-
37
Mobile
Jacksonville
90
261
40
14,189
Charles
4,900
Wilmington
Norfolk
1, 1939
1941
1940
957,585
872.259
760
40,618
856", 882
30,156 1,516,390 1,009,068
621
176,076
74.775
66,133
105,328
522,556
113",583 1,636,853
61,251
49,585
105,370
7_, 988
25,809
1,971
5
1,791
1,215
150,766
1,688
49,311
358
35,015
38,031
16
45.855
23.776
61
10,500
6,415
32,103
279
12.351
43,303
14,910
26,055
6,967
Savannah
Charleston
Since Aug
25,662 1,295,498
758
26
Pensacola
Lake
This
Week
This
Jan. 10
50,871
94,935
911,236
65,132
86,099
*
1,696
133,220
39,738
10,373
10,055
26.937
New York
382
2,650
Boston
991
813
1,096
Baltimore
*
11,889
975
41,434 2,292,365 181,553 5,028.390 3,037,6273,163 871
Totals--
Included in Gulfport.
In order that
comparison
may
be made with other
years,
give below the totals at leading ports for six seasons:
we
Orleans.
Mobile
Savannah
Charleston
1938-39
1936-37
1937-38
6,967
90
—
25,662
30,156
113,583
7,988
1,688
10,755
10,975
8,911
1,796
2,882
40.081
358
23
61
6,407
8,805
16,384
37
Houston
New
1939-40
1940-41
Receipts at—
Galveston
2
2,291
2,720
1,396
2,476
Wilmington
261
279
696
2,483
1,778
2.787
Norfolk
All others
1935-36
10,494
7,624
31,103
2,867
37,741
29,830
4,639
4,167
1,209
540
25,417
34,431
23,471
4,898
730
1.016
82
607
1,647
2,047
1.844
342
38,827
61,240
92,756
121,714
41,434
181,553
1-- 2,292,365 5,028,390 2,862.992 5,740,900 5,114,257 5,544,037
Total this wk_
Since Aug.
The
exports for
the week ending this evening reach
a
bales, of which 1,935 were to Japan, 500 to
China, and 500 to other destinations.
In the corresponding
week last year total exports were 538,159 bales.
For the
season to date aggregate exports have been 119,886 bales,
total of 2,935
against 3,253,375 bales in the same period of the previous
season I
Below are the exports for the week:
Exported to—
Week Ended
Jan.
10,
1941
Ger¬
Great
Exports from—
Britain
France
many
Italy
Los Angeles
^
Total
Total 1940
Total 1939..
Japan
China
Other
500
New Orleans
1*935
m «»«•
"500
1,935
mm**
49,631
6,220
9,963
31,978
9,571
..
10~37C
4,427
500
6,252
19,343
650
10,478
Total
500
2,435
500
2,935
21,412 119,886
15,025
75,434
Exported to—
From
Aug. 1, 1940to
Jan.10, 1941
Britain
Ger¬
Great
Exports from—
Galveston
Houston
Mobile
Norfolk
New York
France
many
Italy
Japan
1,617
7,022
1,680
2,180
16,481
117,394
23,225
113,139
28,461
3,074
China
415
Total
Other
19,684
38,197
352 107,320
232,088
600
25,505
154,732
39,413
28,461
3,074
5*.906
314
6,220
602
Boston
602
Los Angeles..
"600
25", 748
2*924
6,446
35,718
Francisco
2,781
6,284
1,850
2,642
13,557
305,469
44,531
San
5
Seattle
was
Thurs.
261
419
Corpus Christ!..
Wed.
Tues.
2,695
941
New Orleans.
13^ to lAc. net lower for
the No. 1 contract, with sales totaling 41 lots.
The market
ruled heavy during most of the session.
During early after¬
noon the market was unchanged to lc. lower.
Turnover to
silk
COTTON
Corpus Chrlstl
2.54^; Aug., 2.55.
that time 15 lots.
Today futures closed 3^c. up to }4c. off.
Sales totaled 18
lots, all in the No. 1 contract.
Silk had a steady tone in
narrow fluctuations.
Sales up to early afternoon totaled only
10 lots.
Fifty bales were delivered on contract.
The price
of crack double extra silk in the spot market was unchanged
at $2.56 a pound.
Trading was slow, affecting the contract
market.
Yokohama Bourse prices were 3 yen lower to 2
yen higher.
The price of grade D silk in the spot market
was unchanged at 1,350 yen a bale.
Local closing: No. 1
contracts: Jan., 2.513^; Feb., 2.52: Apr., 2.53; May, 2.53M;
July, 2.533^; Aug., 2.53^.
Crack double extra silk in the
spot market held unchanged at $2.56 a pound.
closed unchanged to 6 yen higher.
Spot grade
281
Total
Total
Total
1939-40 1064,299 400,102
1938-39 285,388 317,056
41,986 296.545
296,187 187,820
5
5,541 182,618
538,159
459,027 207,528 783.888 3253,375
494,677
37,364 380,552 1999,044
282
The Commercial & Financial Chronicle
In addition to above exports, our
telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named;
Shipboard Not Cleared for—
Great
Ger¬
Coast-
many
'France
lirilain
Galveston
Other
Foreign
taise
2.000
Stock
Total
2,000
4,000
1~306
1,300
3,075
Houston
New Orleans.
3",075
"47
105
Savannah
m
m
Charleston
MobileNorfolk
.
Other ports
Total
1941
--
Total 19*0
Total 1939
♦
953,585
lo2 1.008,916
_
521,256
150,766
31,940
49,585
32,103
280,949
47
44", 263
7",403
6,007
6,375
8,527 3,029,100
6,170 263,504 2.900,367
8,362 76,994 2,692,249
101,561
46,021
Estimated.
Speculation in
cotton
for future
delivery
not very
active the past week, though the undertone ruled firm dur¬
ing most of the period.
In the spot markets it was re¬
was
ported that the basis
was tightening in the South, and mills
largely waiting for a reaction on which to buy more
cotton.
Farmers, however, were turning down bids of $3
and $4 a bale above the loan
levels, and the interior was
were
talking
11c. cotton in
On the 4tn
the
it
country,
in.st. prices
closed 6 points off to 1 point higher.
More Southern selling appeared today in the cotton futures
market
months approached the 103^c. level and
eased from moderate early advances to close
as near
prices
barely steady.
During the early trading July contracts touched a new
high for the season of lu.22c., while nearby deliveries were
within a few points of their Dec. 31
highs.
Prices registered
advances of 2 to 4 points at a time when
offerings proved
light, while trade price-fixing orders were in evidence.
However, with Mar. at 10.45c., selling through spot cotton
houses
noticeable and prices reacted a few
points.
During the greater part of the morning quotations held within
a range of a few
points as trade buying orders proved to be
was
more
sufficient to absorb the
the demand
ever,
prices
eased
interests also
was
offerings.
Toward the close, howor less
persistent and
either satisfied
further Southern offerings.
Bombay
credited with selling moderate amounts.
prices closed 2 points higher to 3 points lower.
The opening range was 3 to 5
points net lower.
Bombay
brokers sold less than 5,(DO bales of
July and Oct., and soon
the market had recovered
early losses.
Leading spot in¬
ter esr.s were moderate
ouyers of May cotton later, steadying
the near months, but the distant months were
sluggish.
A
leading spot House also sold several thousand Mar.
The
failure of the President's message to
specifically mention the
farm problem led to the belief that it
might be treated
separately later on, but there
in Washington and in the local
be
months.
was
than
anticipated earlier in the
Sales
The
season.
in leading
spot markets 21,282,
bales, compared with 10,9d2 last year.
The average price
at the 10 designated spot markets for 15-16
inch middling
was 10.05c.
On the 7th inst. prices closed 5 to 10
points net
higher.
As a result of some improvement in demand for
gray goods, and persistent demand for contracts from mill
shorts, the local cotton market again pointed upward
today
and closed virtually at the best levels of the
season.
The
opening range was 1 to 5 points higher, with a moderate
volume of business, which continued
throughout most of tne
day.
Bombay sold less than 5,000 bales of July and Oct.
during early trading, and toe hedge selling was
extremely
light, except for spot house selling on the scale
up.
What
months
the
was
advance
the
through the
several
thousand
be for
sale every
Mar.
Selling pressure was
steady tone all day.
a
very
better
were
10.50c.
bales
point advance from
business for
indications of
actual
a
level
that
for
near
appeared
10.45 to
October
on
ering tendencies in check.
There still is no export demand
while prospects for the remainder of the
regarded as poor.
Texas has more cotton in
for Texas cotton,
are
the loan, as a result, than any other State by a substantial
margin.
Today prices closed 5 points off to 12 points up.
Further
heavy buying to fix prices caused cotton to forge steadily
ahead into new high ground for the season, prices
during
early afternoon standing 5 to 10 points net higher.
Ac¬
tivity in the goods market continued.
high price for the season
for
the
of
rest
on
the
July sold at
points net higher.
market,
The higher prices
were
mill
fix
buying
by
a
new
the opening, setting the pace
which had a range of 1 to 5
accounts
to
due to continued
prices
and trade
houses, along with Wall Street commission firms and local
professional
registered
initial
high
Spot
gain.
with
firm
traders.
new
Southern
After
the
opening March and May
while July added to its
quotations,
houses
sellers,
were
connections,
which
particularly
put
out
one
July
con¬
tracts at droits
on the advance.
Bombay, although not par¬
ticularly active, was on both sides of the market.
Al¬
though spot interests continued to offer old crop positions
at limits, particularly July, the demand for that and other
contracts was so persistent that the market slowly
gained,
standing 5 to 10 points net higher in early afternoon.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Jan. 4 to Jan. 10—
Sat.
Mon.
Tues.
Wed.
Thurs.
10.58
Middling upland % (nominal)._10.41
Middling upland 15 16 (nom'l)_ 10.61
10.60
10.62
10.61
Fri.
10.63
Premiums and Discounts for Grade and Staple—The
following table gives premiums and discounts for grade and
staple in relation to the grade, Basis Middling 15-16 inch,
established for deliveries
contract
on
on
Jan.
16.
Premiums
and discounts for
grades and staples are the average quota¬
tions of 10 markets, designated by the Secretary of
Agri¬
culture, and staple premiums and discounts represent full
discount for
inch and 29-32 inch staple and 75% of the
average premiums over 15-16 inch cotton at the 10 markets
Jan. 9.
on
H
29-32
15-16
31-32
Inch
Inch
Inch
Inch
1 Inch
and
Up
to
high levels for the
in the South, and there
consumption for Dec.
On the
23 points net higher.
Talk of a
acreage, and renewed
in the local market to
season
today, and resulted in a
considerable broadening in
trading.
Final prices were 6 to
23 points higher, but at one time the
market was 10 to 31
points net higher, with distant months showing the most
strength.
The market opened 2 to 7 points
higher, and
continued slowly to move
upward.
Advances into new
high levels encouraged profit-taking, and
heavy selling in
Mar., May and July by leading spot houses.
Sales of up¬
wards of o5,0*J0 bales of these months
was construed as in¬
dicating that cotton was being repossessed from loan stocks
in the South.
As the market moved
Mills
were
higher, trade demand
covering against a bigger demand for
goods, and there seemed to be increased
speculative
support in the new crop months.
Total spot sales in the
gray
leading spot markets of the South today
compared with 17,845 last year.
the 9th
were
24,328 bales,
inst. prices closed 1 to 11
points net higher.
selling by spot houses, presumably
putting out
hedges, checked the rise in cotton, but the undertone was
steady, supported by large goods sales in Worth Street.
Prices during early afternoon were 4
poi nthe lower to £
Heavj
White—
Middling Fair
.35 on
.46
on
.58 on
Strict Good Middling
Good Middling
.29
on
.40
on
.52
on
.60
on
.66
23
on
.33
on
.40
on
53
on
.00 on
Strict
.11
on
.21
on
.34
on
.41
on
.48 on
.11
off
.06
on
Middling
Middling..
.
.21 off
.
Strict Low
Middling
Middling
Low
Extra
65 on
Basis
.72 on
.14
on
on
.73 off
.63 off
.54 off
.48 off
.40 off
1.38 off
1.29 off
1.21 off
1.16 off
1.14 off
White—
*
Good Middling
.23
on
.33
on
.46
on
.53
on
.60
on
Strict Middling
.11
on
.21
on
.34
on
.41
on
48
on
Middling
.21 off
.00
on
14
on
Strict Low Middling
Low
Middling
♦
.11 off
Even
.73 off
.63 off
.54 off
.48 off
.40 off
1.38 off
1.29 off
1.21 off
1.16 off
1.14 off
Spotted—
Good Middling
.14 off
.05 off
.00
.12
on
.19
.29 off
.19 off
.09 off
02 off
.81 off
.71 off
.61 off
.50 off
a
Middling spotted shall
culture «stabllsbes
a
be tenderable only
type Tor suon grade.
on
.05
on
Strict Middling
aMiddllng
on
.50 off
when and If the Secretary of Agri*
Futures—The highest, lowest and closing prices at New
York for the past week have been as follows:.
10.49c. for
cotton
to reduce further the cotton
traae support, carried cotton
prices
On
Trade
while selling nearby positions.
both sides of the market.
Buying to
fix prices dominated the trading all through the
forenoon,
but profit-taking continued in large volume and held recov¬
Saturday
heavy, and the market had
Spot houses reported a slightly
plan
increased.
with buying
Spot houses were
not
record
8th inst. prices closed 6 to
new
ited
feeling prevailing both
a
cotton trade that little
change
in the program at least for the next two
There was better demand from mills who
need
spot basis is firm.
checked
1/point higher.
made
cotton
more
were
nearby months, especially March and
May, and eventually bid March up from 10.50c. to 10.53c.
as they absorbed all offerings.
Bombay brokers were cred¬
under
were
On the 6th inst.
would
months
crop
the
active
said.
was
new
bought
season
2.105
111,510
9,201
1941
points higher.
Yesterday's advance brought hedge selling
profit-taking into the market this marning, with the
result
that
prices opened as much as 4 points lower,
firms
Leaving
11,
and
although
On
Jan. 10 at—
Jan.
Jan.
Jan.
4
Monday
Tuesday
Jan.
Jan.
6
7
Wednesday
Jan.
8
Thursday
Jan.
Friday
9
Jan. 10
(1941)
Range.
Feb.—
10.41-10.47 10.40-10.40 10.53*10.53
_
Closing.
10.2977
10.31n
10.3777
10.4477
10.4577
10.4977
10.3477
10.3677
10.4277
10.4977
10.5077
10.5377
%
Range..
Closing.
Mar.—
Range.
.
Closing
.
10.40-10.45 10.37-10.43 10.41-10.49 10.49-10.58 10.48-10.55 10.56-10.62
10.40-10.41 10.42n
10.48-10.49 10.54-10.55 10.55
10.58
April—
Ranee..
Closing.
10.38n
10.4071
10.5377
10.4577
■
j
10.5477
10.5877
May—
I
Range..
Closing.
10.36-10.40 10.32-10.38 10.37-10.45 10.45-10.57 10.47-10.53 10.55-10.61
10.36
10.38 —
10.43 —
10.52
10.53
10.58
June—
Range..
Closing.
10.2771
10.3477
10.2877
\
10.4377
10.4677
10.5277
July—
Range..
Closing.
10.17-10.22 10.14-10.20 10.19-10.26 10.27-10.41 10.32-10.40 10.41-10.49
10.17-10.19 10.18 —
10.25-19.26 10.35-10.36 10.40
10.47-10.48
Aug.—
Range.
.
9.97n
Closing.
Sept
9.9971
9.7977
9.87n
9.54- 9.60
9.60-
9.5977
10.2077
10.0677
10.22n
10.3171
10.0577
10.1577
—
Range..
Closing.
9.78w
10.0477
Oct.—
Range..
9.59-
Closing.
9.59
9.63
—
9.72-
9.98
9.83- 9.90
9.90-
9.68
9.87-
9.89
9.88
9.99
9.69
—
9.90
Nov.—
Range..
9.5771
9.5677
9.6577
9.8571
9.8577
Range..
9.56- 9 58
9.53- 9.57
9.58- 9.64
9.70- 9.94
9.80-
Closing
9.56
9.53
9.63
9.83
9.83
Closing.
9.97tx
Dec.—
n
.
Nominal.
—
—
9.86
9.889.95
9.92
Volume
The Commercial &
152
Range for future prices at New York for the week
and since trading began on each option:
283
Financial Chronicle
ended
same
week last year.
New York
Range Since Beginning of Option
Range for Week
Option for—
1940
10.63c.
11.26c.
1939
8.85c.
10.40 Jan.
9 10.53 Jan.
10
8.26
June
6 1940 10.53 Jan.
10 1941
10.37 Jan.
6 10.62
Jan.
10
8.10
May 18 1940 10.62 Jan.
10 1941
10.32 Jan.
January
March
6 10.61
Jan.
10
8.00
10.61 Jan.
10 1941
13.04c.
May 18 1940
June
6 10.49 Jan.
10.14 Jan.
July
10
10 1941
7 1940 10.49 Jan.
8.59 Aug.
11.85c.
12.55c.
1922
1921
1917
_24.30c.
34.35c.
27.80c.
18.25c.
17.65c.
1916
1913
1912
1919
1918
31.70c.
32.65c.
1911
20.70c.
1941 quotation is for
—
—
1914
-13.40c.
1926
—
-
-18.05c*
-12.50c.
8.05c.
12.60c.
13.10c.
9.65c.
14.90c.
14.95a
1915——
39.25c.
19.45c.
1927
11.65c.
—
1923
1920 .1
1928
1935
*
1924—
1929 —17.25c.
1934
May
1925
5.90c.
6.15c.
9.60c.
'
1930
8.63c.
1937
1936
April
6.25c.
1931
1938
February
Quotations for 32 Years
1933
1932
1941 *
1941—
80,598 bales more than
receipts of all the towns have] been
in the
Jan. 10,
-
1910
15-16ths.
August
September
Market and Sales at New York
_
9.54 Jan.
6
9.90
Jan.
9
8.70
Oct.
18 1940 10.59 Nov. 22 1940
9.53 Jan.
October
6
9.94
Jan.
8
9.28
Dec.
19 1940
November._
December..
9.94
Spot Market
Volume of Sales for Future
Market
Closed
Closed
Delivery—The Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
sales'
Futures
8 1941
Jan.
Barely steady.
Nominal
Saturday
Steady.
Nominal
Monday
Tuesday
Wednesday
Thursday
Friday-
Nominal
_
— — —
Very steady—
Steady
Very steady
Steady
■
—
Nominal-
_
"166
-
Nominal
"loo
300
—
Nominal
Total
Contr'ct
Spot
1,100
1.700
66 984
"800
500
500
week.-
1,300
400
Since Aug. 1
46.584
20,400
Total
Open
Contracts
Jan. 9
Jan. 8
Jan. 7
Jan. 6
Jan. 4
Jan. 3
New York
Jan. 9
1941—
200
100
ti.ioo
12,900
8~600
13", 500
33400
43,100
17,400
24,600
34,300
55,000
11,000
37,000
8,000
31,700
8,800
800
500
400
900
9,100
29,600
27,400
24,200
16,000
5,000
362,900
360,900
15,700
9,300
12,800
9,400
1,800
56,300
33,100
200
January.
March
May
.
...- —— —
July
October
December
25,400
341,100
152,600
14,900
Overland Movement for the Week and Since Aug. 1—
We give below a statement showing the overland
for the week and since Aug. 1, as made up from
reports Friday night.
Aug. 1 in the last two
years are as
57,500 109,100 169,800 102,300 1,233,500
*
Jan. 3
Jan. 2
Jan. 1
New Orleans
Jan. 7
550
1~7(X)
2~400
l",7 50
1~950
2*450
Holi¬
4,000
3,500
9,400
5,050
1,850
3,700
3,150
1,300
3,200
1,600
day
2,400
850
1,550
8,450
5,050
March
May
.
— —
....—... .
July
October
100
12,750
12,750
Total all futures
Volume of trading Dec. 31, 1940: March,
♦
50
500
207,395
123,630
7,768
8,965
9,771
9,275
520
472
187,069
166,925
7,891
4,997
3,292
51,545
82,135
311,357
4,715
38,160
90,341
390,506
.78,387
7R as7
741,250
741 ssn
62,913
A9 cna
847,729
1,096
7,550
25,850
253,650
6,650; May, 5,700; July, 4,200; Octo"
t Includes 100 bales
against which notices have been Issued, leaving net open
1,000 bales.
,
:
Supply of Cotton—Due to war conditions,
are not permitted to be sent from abroad.
The Visible
statistics
cotton
therefore obliged to omit our usual table of the
supply of cotton and can give only the stock at
Alexandria and the spot prices at Liverpool:
We
are
Middling uplands,
8.74d.
8.98d.
13.35d.
7.45d.
8.17d.
9.64d.
7.55d.
5.02d.
11.77d.
Liverpool
Egypt, good Giza, Liverpool
Broach, fiDe, Liverpool
—
Peruvian Tanguis, g'd fair, L'pool
O. P. Oomra No. 1 staple, super¬
fine, Liverpool—
1938
1939
5.19d.
1940
1941
4~.19d".
9.33d.
5.89d.
6.27d.
8.13d.
4.11d.
4.34d.
the movement,
that is,
corresponding periods of the previous year—is set out in
detail below:
...: "Hvi
Total to be deducted
Leaving total net overland
*
Movement to Jan.
10, 1941
ments
f..:;
Ala., Blrm'am
3,486
Eufaula
570
Montgom'y
108
31
Selma
807
596
9,406
96,220
6,424
100
Newport
Bluff.
1,921
Walnut Rge
629
Pine
67,177
177,920
49
481
42,346
26,551
431
38,993
145,653
38,595
99,217
1,222
12,424
81,936
46,252
109,446
60,919
89
1,583
10,062
67,881
41,938
220
Rock..
642
38,521
Hope
Little
455
2,806
767
31
12
Week
2,739
4,926
53,544
119,806
29,216
Jan.
27,076
980
1,296
Stocks
1,620
2,675
151
Jonesboro
9
672
Ship¬
32,637
15,314
42,801
26,523
162,392
29,973
64,308
856
506
624
Season
28,436
Helena
2,180
City
Week
10
164
19,879
14,754
40,410
23,827
121,986
35,343
47,603
Ark., Blythev.
Forest
12,
537
shows the week's net overland movement
been 59,948 bales, against 59,339 bales for
last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 207,892 bales. •
■ >■
59,565
45,968
34,136
156,991
47,376
106,290
489
683
47,179
100
8,017
88,957
38,095
119,787
62,293
12,133
38,386
100
47,608
5,862
46,820
5,254
84,460
3,435
118,217
2,243
1,198
114,410
2,825
500
8,500
900
685
235,977
29,800
33,726
570
30,036
2,774
75
6,022
2,012
144,180
31,300
31,539
38,559
75,660
78,698
4,230
1,000
2,157
1,219
212
8
3,545
49,067
88
11,604
771
3,041
2,300
10,291
1,422
109
Augusta...
Columbus..
500
Macon
....
275
10,226
33,452
78,142
205,216
15,100
21,570
330
15,276
400
41,152
57
.....
332
86,966
4,613
104,883
11,744
165,954
18,071
4,683
18,771
4,065
5,038
2,506
228
86,366
74,403
27,172
429
16,064
104,679
142,838
17,292
8,302
119,552
1,622
217,064
7,524
207
19,988
12,546
206
382
129
19,397
74
784
41,357
3,347
2,938
36
30,611
7,236
25,420
47,565
10,102
189,935
9,771
155
2,379
7
293
Athens
Rome
La., Shrevep't
Miss., Clarksd
Columbus..
222
Greenwood...
1,971
176
Jackson
19
Natchez
2
Vicksburg..
City
91
Mo., St. Louis
N.C., Gr'boro
12,547
Yazoo
has
385
500
32,700
206,495
4,228
220
12,822
362
100
1,000
22
1,174
993
Spinners'
Takings
excess
Southern
S. C.,
Gr*ville
Tenn., Mem p.
7,150
2,658
372,276
77,111
10,556
2,498
122,752 2418,750 122,513
465
32,229
311
Austin
34
19,878
70
Brenham
40
10,434
55,390
56,428
6,778
7,551
44,255
36,495
75
Texas, Abilene
North, spinn's' takings to
Jan. 10. 96,271
Bales
1.939—Jan. 10
1938—Jan. 13
1937—Jan. 14
—
-
..
Dallas
556
Paris
482
Robs town..
San
....
Marcos
Texarkana
.
"529
773
576
4
"510
V*
New Orleans.
15-16
%
15-16
Vt
15-16
%
15-16
In.
In.
In.
In.
In.
In.
In.
In.
682
15-16
In.
In.
10.14
10.03 10.23
10.54
10.03 10.23
10.23
10.24 10.39
10.48
10.10 10.30
10.40
9.80
9.85 10.05
10.15
10.20 10.45 10.22
10.28 10.53
10.63
Montgomery.
Augusta
9.80 10.00
10.05
9.95
Memphis
9.60
9.85
9.60
9.70
9.75
9.95
9.77
9.82 10.02
10.11
Houston
10.00
9.86
Little Rock..
9.60
9.80
9.60
9.70
9.90
Dallas
9.44
9.69
9.46
9.52
9.77
New Orleans
Contract Market—The
leading contracts in the New Orleans
the past week have been as follows:
for
2,253
35,056
December. 9.606-9.62a
31.698
17,432
In.
9.97
580
45
14
9.95 10.15 9.97
Savannah... 10.15 10.30 10.18
10.05 10.25 10.05
Norfolk
Mobile
Saturday
Jan.
1941—
January
—
March
May—
July
4
Tuesday
Monday
Jan.
Jan.
6
7
closing quotations
cotton market for
Wednesday
Jan.
8
10.456
10.406
10.346
10.58
10.47-10.48 10.466-.47a 10.536-.54a
10.496-.50a 10.67
10.43 —
10.44
10.236-.25a 10.30-10.31 10.42
10 23
9.94- 9.97
9.73
9.65 —
10.366
9.616
9.696-9.70a
Tone—
Spot
Steady
Quiet
Futures...
220
Waco
Friday
15-16
9.85 10.05
9.80
9.80 10.00
9.97 10.17
1,572
75
Thursday
In.
October... 9.646-9.66a
445
8,012,025
11,341,371
10,739,349
Middling Cotton on-
%
645
1,801
-
Wednesday
Tuesday
Jan. 10
Galveston—
39,347
Bales
Since Aug. 1—
Closing Quotations for
47,907
15,199
122,869
25,290
18,853
25,304
54,514
5,201
|
154.099 1938—
295,272 1937
162,607 1936,.
Monday
Saturdag
Week Ended
4
406
;Nv''
;•
Quotations for Middling Cotton at Other Markets—
are the closing quotations for middling cotton at
Southern principal cotton markets for each day of the week:
1,576
1,225
898,728
17,138
1,400,944
Below
1,398
83
10,717,469
'■
-■■■•■
281,050
79,048
902,025
13,329
3,034
2,708
37,666
39,463
15,392
41,031
72,055
6,518
3,731
32,663
65,018
304,802
8,386,943
Decrease.
31
16
929,208
764,043
week—251,160
7,890
2,377
79,707
2,986
72,049 1450,276 105,335
1,916
24,959
1,934
7,318
301,471
9,029,306
758,955
*76.090
mill
Came into sight during
Total in sight Jan. 10
344,263
96,723
1003,815
22,181
7,001
3,962
57,972
48,997
2,770
4,005
40,077
1,830
5,028,390
670,916
3,330,000
380,892
6,275,389
1,347,511
463,024
takings
consumption to Jan. 1....
of
Aug. 1
181,553
59,339
140,000
3,520,000
246,382
4,778
Total marketed
Excess
Week
2,292,365
41,434
59,948
145,000
10
South'n consumption to Jan.
Since
Since
Aug. 1
Week
Receipts at ports to Jan. 10
Net overland to Jan.
10
Oklahoma—
15 towns *_
1939-40-
-1940-41
In Sight and
63,210
2,302
2,797
4,756
23,563
Ga., Albany._
Atlanta
1940
ments
Receipts
oan.
Week
Season
Week
•
Movement to Jan.
;
670,916
Movement into sight in previous years:
-
Stocks
176,813
59,339
•
172
The foregoing
this year
the week
Week—
Ship¬
"239
Including movement by rail to Canada.
*
Receipts
Towns
3,574
643,024
.18,439
.59,948
'
the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
I:
278,226
.18,200
Y., Boston. &
Interior stocks in
Towns,
11,911
4,612
160,290
;
Inland, &c., from South
over
Interior
the
At
2,306
Between interior towns
to N.
.
4.iid.
■
2,285
4,684
271,257
visible
Jan. 11—
Shipments—
Overland
ber, 2,150.
contracts of
...
Total gross overland
Deduct
1,950
7,200
150
December
72,900
77,450
73,300
27,500
Aug. 1
12,822
8,500
1,056
1,172
Island
Via Virginia points
Via other routes, &c_
1941—
January
Since
Week
Aug. 1
Via Mounds, &c_.
Via Louisville
Contracts
Jan. 7
Jan. 6
Jan. 4
-1939-40-
Since
Week
Shipped—
Via Rock
Open
follows:
1940-41Jan. 10—
Via St. Louis
Total all futures
movement
telegraphic
The results for the week and since
Steady
Steady
9.92
Thursday
Jan.
9
10.456
Friday
Jan. 10
10.516
10.586-.59a 10.64
10.58
10.63
10.46
10.51-10.52
9.93
10.026-.03a
9.886-9.90a 9.986-10a
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
195,844 3189,004
TotaJ,56 towns 200,352 4815,047 195,574 3306,088 119,754 4909,237
*
Includes the combined totals of 15 towns In
The
above
totals
show
that
interior stocks
have
during the week 4,778 bales and are tonight
117,084 bales more than at the same period last year. The
increased
Wool Top Futures Declines—
Administration announced on Jan.
4, that trading in wool top futures on the New York Wool
Top Exchange aggregated 10,820,000 pounds in December,
December Trading in
Oklahoma.
the
The
Commodity Exchange
The Commercial & Financial Chronicle
284
representing
12% decrease compared with November and
% compared with December, 1939.
a
increase of less than 1
an
The CEA further announced:
Open contracts increased 300,000 pounds from Nov. 30 to Dec. 31,
1940, with the daily open contracts averaging 7,535,000 pounds
during
December, 1940, as compared to 13,128,000 pounds in December, 1939.
Futures prices showed a net increase from 5 to 8 cents
per pound from
Nov. 30 to Dec. 31, 1940, with the March future
closing at $1.14 on
made up
Days
Inches
4
0.89
0.05
Texas—Galveston.
Amarillo
1
..
Austin
2
...
Corpus Christi
Del
1
Bio
Ivm
High
Bales
ORLEANS—
LOS
ANGELES—
To Australia
200
To Japan
To Java
300
To China
1.935
500
Total
2,935
Cotton
Freights—Current rates for cotton from New
longer quoted, as all quotations are open rates.
are no
55
39'
20
66
34
50
60
29
53
63
67
46
in Europe prohibit cotton statistics being sent from abroad.
We aie therefore obliged to omit the following tables:
45
72
dry
Foreign Cotton Statistics—Regulations due to the war
Mean
46
58
0.18
0.07
0.29
2
shown
-Thermometer-
dry
Abilene..
Brownsville.
News—As
Bales
NEW
York
Rainfall
1941
on
a
previous page, the
United States the past week
The shipments, in detail, as
from mail and telegraphic reports, are as follows:
Shipping
Returns by
Telegraph—Telegraphic advices to us this
evening indicate that it has been mostly dry and cold over
Rain
11,
exports of cotton from the
have
reached 2,935 bales.
Dec. 31.
the cotton belt.
Jan.
57
68
World's Supply and Takings of Cotton.
India Cotton Movement from All Ports.
al
58
2
0.10
62
33
48
2
Fort Worth..
0.88
0.10
66
63
40
53
36
40
50
31
48
31
39
Liverpool—The tone of the Liverpool maiket for spots
and futures each dav of the past week and the daily closing
prices of spot cotton have been
._
Houston
Palestine
San Antonio.,
2
.
dry
dry
dry
dry
dry
dry
Waco
Oklahoma—Oklahoma City—
Arkansas—Fort Smith
Little Rock.
Louisiana—New
Orleans
Mississippi—Meridian
Vicksburg
68
65
47
55
2
Birmingham
Florida—Jacksonville
Miami
1
Georgia—Savannah
3
62
Augusta
Macon
2
Chattanooga
Nashville
49
29
49
70
50
63
54
30
42
57
33
31
45
56
60
1.28
31
60
47
31
46
56
32
44
38
23
26
Thursday
Friday
Moderate
Moderate
Moderate
Moderate
Moderate
demand
demand
demand
demand
demand
Mid. upl'ds
Market
26
8.60d.
8.66d.
Barely st'y;
decline
3 unch.
to
pts. adv.
to
Q't but st'y Q't but st'y
4 4 to 6
f
Q't but st'y
4:00
\
1
to
3
pts. adv.
14 to 18 pts 8 to 14 pts. unch.
P. M.
pts. unch.
advance
pts. adv.
Market,
8.74d.
8.73d.
8.71d.
Steady;
Quiet;
9 to 13 pts. unch.
•
opened
39
45
CLOSED
Futures
38
51
Wednesday
12:15
47
59
Tuesday
P. M.
44
56
as
Monday
Market,
46
38
Saturday
Spot
44
31
60
dry
dry
dry
dry
dry
Wilmington
Tennessee—Memphis
34
59
dry
dry
dry
South Carolina—Charleston—
North Carolina—Raleigh.
44
43
60
0.40
0.44
Atlanta
27
follows:
50
23
Liverpool Imports, Stocks, &c.
40
40
62
dry
dry
dry
Montgomery
43
25
60
61
0.08
31
54
dry
dry
Alabama—Mobile
54
Alexandria Receipts and Shipments.
Prices of futures at
36
Steady;
decline
advance
Q't but st'y Barely st'y; Q't but st'y
to 3 2 pts .dec .to 3 pts .dec .to
1
pts. adv.
Liverpool for each day
adv. 1
pt.
are
pt.
adv.
given below:
The
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:
Jan. 10, 1941
Feet
New
Orleans
Memphis
Nashville
...Above
zero
of gauge.
of gauge-
Jan. 12, 1940
Feet
14.1
3.7
9.6
Shreveport
Above
zero
of gauge.
of gauge.
1.3
0.7
9.3
16.4
1.2
Vicksburg
Above
zero
of gauge.
9.6
.Above
Above
Receipts
from
zero
zero
Jan. 4
Receipts at Ports
d.
d.
d.
d.
d.
d.
d.
d.
8.17
8.16
8.21
8.24
8.26
8.25
8.23
8.20
8.29
8.30
8.31
8.30
8.33
•
8.30
8.33
—
d.
d.
8.25
8.29
8.26
8.28
—»
8.32
8.31
8.20
8.19
8.26
8.30
8.30
*
8.19
8.16
8.25
8.30
8.30
8.30
8.32
8.28
8.30
8.30
*
8.02
8.00
8.08
8.13
8.16
8.16
8.22
8.16
8.18
8.15
*
7.97
7.95
8.02
8.08
8.10
8.10
8.11
8.14
8.10
8.08
8.09
...
Deoember
*
Frl.
Thurs.
.Wed.
*
May
July...
October
Plantations—The following
Stocks at Interior Towns
Tues.
*
Jaauary, 1942
the
d.
1941..
March
—5.7
Mon.
Close Noon Close Noon Close Noon Close Noon Close Noon Close
New Contract
January,
table
indicates the actual movement each week from the
planta¬
tions.
The figures do not include overland
receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
Week
Sat.
to
Jan. 10
*
..
..
7.94
__
8.07
8.28
8.33
8.30
8.08
Closed.
BREADSTUFFS
Friday Night, Jan. 10, 1941.
Flour—Demand for flour
Receipts from Plantations
in the local
continues at
area
End.
1940
1939
1938
1940
1939
1938
1940
1939
1938
11.
128,793 290,322 205,107 2378,831 3202,486 3110,218 322.379 1904035 433,993
18. 114,751 230.932 200,040 2670,000 3399,830 3275,815
200,530 308,270 360.043
25. 112,180 243,288 150,872 2776.573 3480,871
3387,084 317,147 330,829 263.641
Nov.
1-
120,952 231,212 250,332 2980.289 3533,182 3460,497
8. 120,753 237,671
92,125 3084,210 3549,918 3510,301
15. 105,452 202,570 125,857 3163,982 3549,579 3518,088
22.
98,228 178,607 88.143 3202,231 3530,990 1624,821
29.
83,853 227,545 89,957 3258,633 3534,887 3508.828
Dec.
0.
20.
27.
Jan.
80,554 210.127
85,302 257,101
01,0.15 240.088
02,544 189,049
1941
1940
1939
1941
1940
230,074 241,407 141,936
.224 288,237 133,837
140,475 108,018 94,*70
140,255 225,422 73.964
42,590 3301,310 3265,094 3400,270
41,434 181,553
38,827 3306,088 3189,004 3369,048
1940
nil
30,873
31,339
1939
89,026
7.896
46,212 105,463
7,605
Manchester Market—Our report
by cable tonight from
Manchester states that the market in both
yarns and cloths
is steady.
Demand for home trade is improving.
We give
prices today below and leave those for previous weeks of
this and last year for comparison:
1940
1939
32s Cop
ings, Common
Middl'g
Twist
to Finest
Uplds
d.
d.
d.
s.
14.50
12
0
d.
8.
d.
32s Cop
8* Lbs. Shirt¬
ings, Common
Middl'g
Twist
to Finest
Upl'ds
s. d.
s. d.
Oct.
18.
14.47
12
6
25.
14.56
12
6
@12
@12
@12
1.
14.56
12
0
@12
9
8.
14.01
12
0
13
@13 * 11
3
@11
0
6.27
9
9
8.13
13
@11
0
6.35
13
@13* 11
@13* 11
3
8.22
3
@11
0
6.38
8.17
13*@14
3
@11
0
6.22
14.72
12
@12
4* @12
4* @12
9
14.05
22.
29.
12
11
8.23
14
@14* 11
4*@11
7*
7.01
7*
8.07
14
@14* 11
6
9
7.10
7*
8.38
14* @15
9
8.41
15
15*@10
@11
11
9*@12
@15* 12
@12
3
7.95
@12
0
8.19
14.95
12
0
@12
0.
15.14
12
0
@12
9
8.54
13.
15.22
12
0
@12
9
8.37
Nominal
20.
12
6
@12
9
8.43
Nominal
Nominal
8.53
16*@10*
7.51
Nominal
15.25
Dec.
27.
Not
available
1941
12
12
3
6
1
3.
15.70
12
15.68
12
7*@12 10*
7*@12 10*
@12
8.69
8.78
9
8.70
1*
4
9.29
1940
Jan.
11.
d.
7.99
15.
'
Cotton
9
Nov.
are
many
be
sales
who feel
delayed
last
week
8.77
16*@17*
12
6
8.74
Nominal
12
3
@13
@12
trade.
■
that
much
was
8.98
narrow
a
range.
definite
longer.
The
spurt
in
pick-up
traceable largely
its
backing
However, ,there
interest will
in
Northwest
to the family
flour
'
.
Wheat—On
39,901
(1) That the total receipts
from the plantations since Aug. 1,
1940, are 3,651,336 bales;
in 1930-40 there were 5,854,619
bales, and in 1938-39 were
4,387,145 bales.
(2) That although the receipts at the out¬
ports the past week were 41,434 bales, the actual movement
from plantations was 46,212
bales, stock at interior towns
having increased 4,778 bales during the week.
Cotton
stimulus to flour buyers, with
the
4th
65.209
The above statement shows:
8* Lbs. Shirt¬
a
filling and relatively
17
1941
33,323 169.951
The action of the wheat market has been
low ebb.
not
1939
11.
and
325,06* 277.523 329.745
77,815 3260,298 3498,072 3496,222 88,219 173,332
04,534 3284,305 3449,968 3471,589 109,399 208,997
54,230 3323,840 3389,006 3448,220 101.100 179,786
44,595 3339,502 3340,020 3434,970 78,200 232,096
3
n,
very
anything but
Oct.
13.
a
higher.
inst.
prices closed
% to
Early gains that lifted prices almost
a
^c. net
cent, Mav
contracts
reaching 883^c., highest since early last month,
today knocked the grain market out of its new year lethargy.
Buying came partly from interests who sold "short" yester¬
day to meet improved demand from flour and milling trade
sources.
Purchases were inspired by reports of improved
flour business, strength of securities and fears of possible
crop damage in areas without snow protection during the
cold wave.
Brokers traced some of the wheat buying to
mills, as was the case yesterday, only there was a let-up in
the substantial local offerings that kept prices from advancing
Friday.
However, lifting of hedges against flour business
has brought open interest in wheat down to 49,309,000
bushels as of the close yesterday, lowest on record.
On the
6th inst. prices closed % to
net higher.
Gains of
almost a cent a bushel were tacked onto wheat prices in
the final hour of trading today.
Brokers attributed part
of the market's strength to traders' interpretation of the
President's message.
A rise in selected securities issues
and reports of moderate flour business together with down¬
ward revision of the Canadian crop estimate were con¬
structive factors.
Some buving of wheat was attributed to
mills and traders who have been taking the "short" side to
supply commercial interests with offerings the last two or
three
sessions.
Traders
said the subnormal movement of
cash
to
grain to market and the tendency of spot premiums
advance, indicated there is a close technical adjustment
between
supply and demand for the time being.
On the
7th inst. prices closed % to %<s. net lower.
Wheat futures
suffered the first major price reverse of the year
today,
losses running as
much as a cent a bushel at times, and
closing figures for all deliveries were virtually at the session's
lowest levels.
Buying by houses with Eastern connec¬
tions advanced wheat minor fractions at the start, but later
selling from professional sources, together with general
realizing, proved too much for the market.
Early in the
session May wheat encountered support at around 88c.
but buying interest tapered off after the price dropped below
Volume
The Commercial & Financial Chronicle
152
that level.
Failure of the long expected milling demand to
develop, except for minor purchases on setbacks, the sharp
break in soy beans, passing of the cold weather in the South¬
west and the drifting tendencies of the stock market, were
contributing factors in the downturn.
On the 8th inst.
prices closed 3^c. lower to
higher.
The wheat market's
attempt at a rally today fell short of restoring prices to the
best levels of the last month and finally was nullified by re¬
newal of prof it-taking late in the session.
Gains ranging
from y2 to %e. were registered at times, but before the close
these had been erased and small fractional net losses
Truckers and feeders
and in
best
levels
effect
three
largely as
inst.
gains
a
in
to %e. net higher.
wheat market today,
the
result of scattered buying attributed to mills,
despite modest profit-taking and "short"
Pit brokers said the mill purchasing probably rep¬
selling.
resented
trades
tion
future
for
the
stock
sales
requirements.
attracted
market
traders expressed
well
offset flour
to
or
to
Strength
provide protec¬
in
attention.
some sections
Although some
belief millable stocks in processors' hands
flour
supplies in bakers' possession are low in
there were no signs of concern on the
part of these interests.
Dealers regarded this situation as
as
as
instances,
many
merely another phase of restricted activity throughout the
trade, encouraged in part by the withdrawal of large quan¬
as by the
tities of wheat from commercial channels as well
unusual
situation.
world
Today prices closed y±c. lower to %c. higher.
After fluc¬
closing levels, wheat
The market's ability
to retain its firm undertone despite scattered profit-taking,
hedging and short selling, was attributed to small-lot
orders originating with mills or buyers following the higher
trend in securities.
The strong premiums quoted for spot
wheat, ranging up to Gc. or better over futures, constituted
an
important market support.
Recent indications of in¬
above and below previous
prices closed slightly higher today.
tuating
creased
of
movement
free
wheat
in
some
sections
of
the
grain belt causpd little comment, in so much as the volume
of marketings
showed no internal aggregate expansion.
In some localities, however, offerings were reported more
liberal, but were met with good demand from processors.
Traders
said
tinued
about
the same,
ering
that
is
marketing
slow
of
recovery
prices to
past week encouraged
48,552,000 bushels.
sales.
some
Sat.
DAILY
CLOSING
PRICES
OF
87*6
8256
8256
—
—
Man.
Tues.
110*6
WHEAT
Sat.
May.
July..
September
levels
of tlie
Open interest in wheat,
OF WHEAT IN
——10956
.
the best
around
DAILY CLOSING PRICES
No. 2 red
10956
NEW YORK
Wed.
FUTURES
Mon.
8856
82*6
8356
Tues.
87 *6
8256
8256
Thurs.
10956 10956
IN
Wed.
8756
82*6
82*6
Frl.
109*6
CHICAGO
Thurs.
8756
8256
83
Fri.
8756
82*6
8356
Season's High and When Made
1
Season'$ Low and When Mads
May
89*6
Nov. 15.1940! May
70
Aug. 16,1940
July....—.. 8556
Nov. 18. 1940 July..
76*6
Sept. 27, 1940
September-.— 83*6
Jan.
7, 19411September-— 78
Dec* 23,1940
DAILY CLOSING
PRICES
OF
WHEAT FUTURES
Sat.
May...
July—
October-
Today
which is
—
—
—
7756
79*6
....
Mm.
7756
79*6
Tues.
7756
78*6
IN
Wed.
77*6
79
—
WINNIPEG
Thurs.
7756
79*6
Fri.
7756
79*6
....
prices closed unchanged to He. up.
Corn trade was very quiet, but futures as well as the spot
market were firm, due to limited receipts and fair demand.
Only 39 cars arrived here, and shippers sold 65,000 bushels.
The slump in receipts, however, resulted in firmer bids to
the country, which have brought a marked expansion in
bookings to arrive the last two days.
Today's total was
163,000 bushels.
On the 6th inst. prices closed A to Mc.
net higher.
Strength of corn was associated with a steady
to lAa. higher spot market and increased bids to the country,
resulting in bookings of 138,000 bushels to arrive.
Re¬
cently small arrivals of corn at Chicago were blamed for
increased bids to the country, especially since truckers re¬
ported active in down-State Illinois taking grain to the South.
The cold snap was believed to have stimulated country move¬
ment, due partly to the freezing of muddy roads.
Shippers
sold 36,000 bushels of corn.
On the 7th inst. prices closed
A to Ac. off.
Corn futures eased in sympathy with wheat,
although there was some selling by houses with elevator
connections.
Cash corn prices were steady.
The country
offered more freely, however, and more than 200,000 bushels
were booked to arrive.
Shipping sales were 76,000 bushels
and receipts amounted to 77 cars.
On the 8th inst. prices
closed unchanged to ]|c. lower.
Corn prices fluctuated
within A to Ac. range, but the market showed ability to
absorb increased hedging sales in connection with large
bookings from the country.
Dealers booked 225,000 bushels
to arrive and 150 cars were received.
Recent bookings have
been the largest in more than two months, but much of the
grain has been taken by industries for immediate use and the
selling has been offset by maintained shipping demand.
accumulate
from
month
to
month.
Traders attributed this partly to the light volume
of trade and availability of large quantities of Government
in the country.
corn
Open interest in corn
22,528,000
was
bushels.
DAILY
CLOSING
OF CORN IN NEW YORK
Mon. Tues.
Wed.
Thurs.
PRICES
Sat.
No. 2 yellow
8156
—
8156
81
81
81
Fri.
80*6
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed.
Thurs. Fri.
May
July
September
63
,
62*6
63*6
63
6256
6256
—
6256
6256
62*6
6256
62 56
Season's
Season's Low and
High and When Made
May
66
Nov. 18. 1940 May—..
54*6
July
6556
Nov. 18. 1940 July
68 56
September--— 62*6
Jan.
7, 1941 September-— 5956
6256
6256
6256
6256
62*6
6256
When Made
Aug. 16. 1940
Sept. 23,1940
Dec. 23,1940
.
Oats—On the 4th inst.
prices closed unchanged to Ac.
Trading in oats futures was quiet, with the under¬
tone of the market reported steady.
On the 6th inst. prices
closed A to Ac. net higher.
The firmness of wheat and
corn had its effect on oats futures, though trading in the
latter was light.
On the 7th inst. prices closed A to Ac. net
lower.
Trading light and devoid of feature.
On the 8th
inst. prices closed unchanged to Y%c. higher.
Trading light
higher.
and
more or
less routine.
On the 9th inst.
little
was
doing in
reported
prices closed %c. net higher.
There was
though the undertone of the market
oats,
as
DAILY
Today prices closed %e. net lower.
steady.
Trading very light, and
feature to the news.
no
CLOSING PRICES
OF OATS
FUTURES IN CHICAGO
Mon.
Sat.
May
July.
September-
Tues.
Wed.
37i6
3756
37*6
33
——.
-
33*6
33
——
— -.
Thurs.
37*6
33*6
37*6
33*6
—
—
—
Fri.
37*6
33*6
32
Season's High and When Made
May
38
July
3456
September-— 32
I
Season's Low and When Made
Nov. 15, 19401 May
2856
Aug. 16,1940
Nov. 15, 1940 July
30*6
Oct.
9, 1940
Dec. 31, 19401 September-— 3156
Jan.
3,1941
OF OATS FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
DAILY CLOSING PRICES
May
July....
——
—
October.
34*6
3256
34*6
33
34*6
32*6
34*6
32*6
34*6
3456
33*6
31*6
—
31*6
—
Rye—On the 4th inst. prices closed Ac. net higher.
Trading in rye futures was not very active, though the
undertone of the market was strong, influenced by the
strength displayed in wheat futures.
On the 6th inst. prices
closed lc. net higher.
There was a fair demand for rye
futures, influenced largely by the strong action of wheat and
corn markets.
On the 7th inst. prices closed Ac* net lower.
Rye futures moved over a narrow range despite selling by
commission houses and elevator interests.
On the 8th inst.
prices closed A to Ac* net lower.
This market ruled heavy
during most of the session, registering a drop of almost a
cent from the highs of the day.
The heaviness of the other
grains had their influence on rye values.
On the 9th inst. prices closed % to %c. net higher.
Trad¬
ing in rye futures was not very active, and prices ruled
within
Corn—On the 4th inst.
unusual circumstance consid¬
an
charges
storage
there
apparently is no. change in producers'
policies, although it is likely that the recent
corn.
while hogs are the highest since September,
Sharp improvement recently in the corn-hog feeding
expected to improve country demand for corn.
country sales to Chicago dealers recently have in¬
principally high moisture grain ineligible for loans.
prices closed %c. off to VsC. up.
Corn prices con¬
to hold to a narrow range, with all futures prices
ratio
%
closed
maintained
were
of
prices
recorded
Government
closed unchanged to Ac. up. The
livestock and lard prices to the
the season continued to have a steadying
Cattle are around the highest in more than
years,
1939.
Heavy
9th
of
on corn.
volved
the
some
On the 9th inst. prices
recent sharp upturns in
were
On
reported active in the country
were
localities in Eastern sections of the belt local
some
demaad has resulted in release of
reported.
Early strength was associated with a reduction
in4the estimate of the Argentine crop, Washington reports
of probable increased Government efforts to keep domestic
production under control and milling trade estimates of
better flour business.
Strength in securities also attracted
attention.
The price advance was too attractive for dealers
with small profits to resist, however, and reports that
formers in some localities can liquidate loan wheat at a
slight profit also increased bearishness.
Fractional
285
an
extremely
narrow range,
with the undertone
re¬
firm towards the close.
Today prices closed un¬
changed to Ac. off.
There was very little interest dis¬
played in this market.
ported
DAILY
CLOSING
PRICES
OF
RYE
.
—
.
—
FUTURES
Mon.
Sat.
May—
July
September
48
49*6
Tues.
49
60*6
.
IN
CHICAGO
Wed.
4856
4956
Thurs.
48*6
49*6
4856
4956
-—
-—
Fri.
4856
49*6
61
62*6
5256
|
Season's Low and When Made
Nov. 16. 1940(May
42*6
Aug. 19, 1940
Nov. 14, 19401 July—
4656
Dec. 16, 1940
51
Jan. 10, 1941 {September
Season's High and When Made
May
July
—
September
—
—.
61
Jan. 10, 1941
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG
Sat. Mon. Tues.
Wed. Thurs. Fri.
MayOctober-..—-
5056
—-
60
51*6
49*6
-
July
5056
——
-—
5056
60*6
-—
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
May..-.July
44*6
—
—
October
Closing quotations
45*6
4356
45
—
were as
4456
43
45
45*6
—
-—-
—
follows:
FLOUR
Spring pat. high protein..5.35@5.50 Rye flour patents..—....4.05 >4.15
Spring patents
5.10®5.30 Seminola, bl., bulk basis..5.60 >6.10
Clears, first spring
4.50 ($4.75 Oats, goods.............2.99
Corn flour
....2.10
Hard winter straights...
($
Hard winter patents.
4.75 @5.00 Barley goodsCoarse
Prices Withdrawn
Hard winter clears....... Nominal
Fancy pearly (new) Nos.
1.2-0.3-0.2
4.25 @5.75
...
GRAIN
Wheat. New York—
No 2 red, c.i.f., domestic...109
Cera New YorkNo 2 yellow, all rail.
Oats, New YorkNo. 2 white
.........
52
Rye. United States, c.i.f
66
Barley, New York—
40 lbs. feeding............. 67*6
Chicago, cash—......... 56
80*6
Manitoba No. 1, f.o.b. N. Y. 87
The Commercial & Financial Chronicle
286
All the statements below regarding the movement of grain
—receipts, exports, visible supply, &c.—ate prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and liver ports
for the week ended last Saturday and since Aug. 1 for each
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ended Jan. 3 and since July 1, 1940, and July 1, 1939, are
shown in the following:
Wheat
Oats
Corn
fl
Rye
Since
Since
Jan. 3,
Barley
July 1,
July 1,
Week
Since
Since
Jan. 3,
1
Week
Exports
Flour
Corn
Wheal
of the last three years:
Receipts at—
Jan. 11, 1941
July 1.
July U
1940
1939
1941
bbls 196 lbs
bush 60 lbs
Duluth....
Louis..
129"6OO
Peoria..—
39,000
Kansas City
Omaha....
16,000
Same wk '40
068,000
Same wk'39
....
1938
1,980,000
Black Sea.
112,000
Argentina.
1,000
"4*666
27,000
"l5"666
32,000
6,000
18,000
15~.666
1,773,000
1,932,000
2,238,000
1,757,000
728,000
115,000
1,209,000
2,777,000
540,000
1,164,000
583,000
221,000
1,320,000
1,021,000
8,220,000 52,741,000
43,218,000
59,436,000 17,186,000 72,172,000
61,118,000 17,803,000 59,329,000
of flour and grain at the seaboard ports for
1940, follow:
Total receipts
the week ended Saturday, Jan. 4,
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
Boston
Phil'del phia
Baltimore..
Rye
Barley
1,000
4,000
li'ooo
"e'ooo
337,000
63,000
15,000
14,000
16,000
"2*666
54,000
Galveston..
Canadian
754,000
Atl. ports
209,000
855,000
423,000
39,000
17,000
2,000
209,000
855,000
423,000
39,000
17,000
2,000
311,000
880,000
590,000
53,000
12,000
107,000
311,000
Tot. wk. '41
880,000
590,000
53,000
12,000
107,000
Since Jan. 1
1941
—
Week 1940.
Since Jan. 1
1940
....
*
Receipts do not Include grain passing through New Orleans for foreign ports on
through bills of lading.
The exports
from the several seaboard ports for the week
ended Saturday, Jan. 4, and since July 1, are shown in the
annexed statement:
Wheat
Corn
Flour
Oats
Bushels
Bushels
Bushels
Bushels
Exports from—
Albany
Rye «
Bushels
Barley
Bushels
54,185
04,000
254,000
Can. Atl. ports-
754,000
New York,.
a54,185
1,072,000
53,716,000 20,448,000 2,279,700
Total week 1941Since July 1,1940
Since July 1,1939
314,000
visible
46,000
2,639*000
8,303,000
supply of grain, comprising the stocks in
at principal points of accumulation at lake
seaboard ports Saturday, Jan. 4, were as follows:
GRAIN STOCKS
Bushels
United States—
Bushels
Rye
Bushels
Bushels
Barley
Bushels
41,000
mmm
Philadelphla.a
43,000
-«.«
afloat
39,000
287,000
146,000
12,000
2,000
16.000
92,000
1,000
......
rn
m
.
mm
8,000
m
mmmmmm
538,000
70,000
1,128,000
336,000
201,000
mmm
1,057,000
... mmm
9,229,000
100,000
1,048,000
138,000
1,000
16,000
174,000
11,000
363,000
10,000
60,000
32,000
3,000
Baltimore
mmm
New Orleans
Galveston
Fort Worth
Wichita..
---
Hutchinson
4,189,000
7,860,000
2,747,000
4,309,000
8,213,000
32,484,000
8,398,000 13,529,000
737,000
1,690,000
1,477,000
6,818,000
771,000
2,039,000
mmmmmm
St. Joseph...
Kansas City
Omaha
Sioux City
......
St. Louis
Indianapolis
Peoria
.
Chicago
m
mm
mmm
afloat..
,mrnm
794,000
283,000
646,000
Minneapolis
95,000
Detroit.
.......
afloat........
......
423,000
6,000
647,000
1,492,000
5,151,000
251,000
a
1,223,000
1,664,000
5,000
1,000
29,637,000
Volume
196,000
755,000
in
end
40,000
572,000
the
on
1,918,000
625,000
170,000
4,000
A
258,000
2,000
1,232,000
in
530,000
197,000 1
344,000
871,000
Note—Bonded grain not Included above: Oafs—Buffalo, 492,000 bushels; New
York, 84,000; Erie, 258,000; total, 834,000 bushels, against 1,412,000 bushels in
55,000; Duluth, 122,000; in
transit—rail CO*. S.), 219,000; total, 524,000 bushels, against 2,450,000 bushels in
Of the 336,974,000 bushels traded in all grain futures during December,
225,003,000 bushels, or 66.8%, was in wheat; 61,152,000 bushels, or
18.2%, in corn; 12,964,000 bushels, or 3.8%, in oats; 12,195,000 bushels,
of 3.6%, in rye; 25,660,000 bushels, or 7.6%, in soybeans.
May was the
most active future for all grains accounting for 63.2% of the total volume
of trading.
Open contracts in wheat futures decreased 5,280,000 bushels between
Nov. 30, 1940 and Dec. 31, 1940, and the daily average open contracts
for December was 53,803,000 bushels. Open contracts in corn decreased
1,871,000 bushels for this month with a daily average of 23,990,000 bushels.
Open contracts in oats decreased 1,196,000 bushels with a daily average of
9,932,000 bushels.
Open contracts in rye futures decreased 1,833,000
bushels from Nov. 30, 1940 to Dec. 31, 1940, with daily open contracts
averaging 12,306,000 bushels.
Wheat prices from Nov. 30 to Dec. 31, 1940 declined % to l\i cents
per bushel net, with May closing at 87 cents on Dec. 31.
For the same
dates, corn futures advanced IX to 1% cents per bushel net, closing at
63M cents for May: oat futures advanced % cent per bushel net, closing
at 37 X cents for May; rye futures declined IX to IX cents per bushel
net, closing at 47Vs cents for May.
1940
Reports
on
of wheat under loan stored
A total of
Oats
Rye
Bushels
Bushels
Barley
Bushels
Colorado
Delaware
Idaho
Indiana
Iowa
Kansas
...
Ohio
2,533,000
6,590,000
6,705,000
South Dakota
5,899,000
8,441,000
6,590,000
Tennessee
231,626
3,075,334
332,464
7,470,809
...
5,352,640
69,009
8,693,018
361,682
2,426,215
782,823
497
41,207
3,042,966
439
885
Texas
19,567
Utah
477
Virginia
*
Washington.
West Virginia
1,498,884
637,849
624
....
"Wisconsin
8,432,000 15,031,000
8,913,000 15,237,000
12,806,000 21,970,000
409,566
7,716,960
91,531
12,203
31,225
2,091
...
North Dakota
4,1941. .440,293,000
7,103,000
Total Deo. 28,1940. .438,456,000
—
7,214,000
Total Jan.
6,1940. .309,632,000
10,004,000
Summary—
American.......—.. .146,815,000 62,600,000
5,681,000
Canadian
.440,293,000
7,103,000
2,533,000
1,691469
640,326
304,752
118
1,490
26,241
20,907
25,142
32,934
1,269,000
7,282,000
34,095
888,667
4,004
26,987
11,314
5,497
66,097
1,584
Kentucky..
Maryland
Michigan
3.813,000
f N. !»-
Storage
3
.
Illinois-
597,000
4,1941. .687,108,000 62,600,000 12,784,000
pro¬
Warehouse
4,276
California
Oregon.,
Pennsylvania
2,540,000
2,531,000
Farm
Storage
30
39
Oklahoma
Total Deo. 28, 1940. .586,994,000 63,064,000 13,364,000
Total Jan.
6,1940. .426,907,000 44,470,000 20,429,000
as
farms.
Loans
Arkansas..
1,508,000
Total Jan.
on
Number
State
452,000
1,484,000
Total Jan.
wheat
compared to 235,216 on the same date last year for
total of 166,180,086 bushels valued at $116,259,395.72.
Farm storage and warehouse loans by States follow:
1,731,000
2,101,000
3,271,000
Other Can. & other elev.288,841,000
stored
432,369 loans were made under the 1940
New Mexico
Bushels
warehouse
gram
53,288,000 bushels, againstJ17,518,000 bushels in 1939.
Bushels
and
31, 1940, the date on which the time for farmer
application for such loans expired, totaled 271,410,744
bushels of grain against which $195,915,388.10 had been
advanced, the Commodity Credit Corporation announced
on Jan. 3.
Officials pointed out that while the period in
which applications for loans under the 1940 program expired
on Dee. 31, 1940, loans which were in
process in the county
committees and the field offices of the Corporation on the
date of expiration would be cleared and that these loans
would likely increase the final figures somewhat.
The
smallest number of loans in any given State was in Wis¬
consin where only one loan was made. The largest number
of loans and the greatest volume of grain appeared in North
Dakota where 91,531 loans were made for a total volume of
56,348,383 bushels. North Dakota also leads in the amount
Minnesota
Missouri
Montana
Nebraska
Canadian—
Wheat Loans Total 271,410,744
farm
of Dec.
Wheat—Hew York, 4.Q17.000 bushels; New York afloat, 1,468,000; Boston,
2,271,000; Philadelphia, 1,580,000; Baltimore, 4,123,000; Portland, 1,211,000;
Buffalo, 11,102,000; Buffalo afloat, 1,898,000; Duluth, 12,007,000; Erie, 1,989,000;
Albany, 8,364,000; Albany afloat, 204,000; In transit—rail (U. S.), 3,054,000; total,
1939.
Lake, bay, river & seab'd 78,059,000
Ft. William &Pt. Arthur 73,393,000
Futures—Trading in grain
974,000 bushels during December, 1940, compared with
444,510,000 bushels for November, 1940 and 1,106,943,000
bushels for December, 1939, the Commodity Exchange Ad¬
ministration announced on Jan. 4.
Trading in soybeans is
included only in the volume reported for December, 1940.
Details were announced by the CEA as follows:
4,174,000
53,000
5,681,000
5,899,000
8,441,000
6.150,000 6,373,000
8,532,000
6, 1940.-117,275,000 44,476,000 10,425,000 10,275,000 14,688,000
Corn
Grain
on
Chicago Board of Trade amounted to 336,-
1,249,000
1,138,000
4,1941.-146,815,000 62,600,000
Wheat
44,154,000 105,793,000
199,000
mmmmmrn
Barley—New York, 128,000 bushels; Buffalo,
Minor
reports
December Trading in Grain
a
Philadelphia also has 1,000 bushels Argentine corn in store.
1939.
2,520,000
1,110,000
Loans Reported by
the 1940 loan programs for
rye, barley, and grain sorghums disclosed relatively small
amounts of these crops entering the loan in the past season,
the Commodity Credit Corporation announced on Jan. 4.
On Dec. 31, 1940, closing date for applications on rye and
barley loans, barlev loans totaling 7,117,062 bushels valued
at $2,269,981.57 had been reported.
Rye loans totaled
3,933,371 bushels with a value of $1,478,469.73.
There
was a total of 9,874 barley loans and 7,556 rye loans.
Only
25 grain sorghum loans were reported for total of 20,328
bushels valued at $5,882.13.
Closing date for application
on the grain sorghum loans is Jan. 21, 1941.
5,000
Total Deo. 28, 1940--148,538,000 63,064,000
Total Jan.
16,736,000
CCC—Year
11,000
239,000
2,000
4,461,000
Buffalo
91,000
653,000
11,698,000 12,530,000
3,680,000
27,225,000 10,165,000
18,463,000 2,564,000
Milwaukee
Duluth
Total Jan.
Oats
mmm
New York
78,000
and
'
*
Corn
5,792,000
Bushels—Loans
granary
Wheat
l.iio'ooo 21.3*31*666
3,520,000 146,822,000 240,566,000
211,000
cExport data not available from Canadian ports.
The
92,637,000
11,293,000
128,000
Total...
CCC
20*666
059,000
115,726
52,000
1,124,000
03,777,000 12,420,000 2,670,241 2,166,000
Total week 1940.
1,300,000
12,198,000
1,802,000
62,156,000
.
futures
38",odd
17,000
20,303,000
countries
bush 56 lbs bush 48 lbs
'¥,000
9,000
NewOri'ns*
5,000
3,000
120,000
29,000
34,000
New York.
96,520,000
23.380,000
Small
15*666
Bushels
Bushels
84,664,000
3,992,000
52,374,000
Other
54,000
2,000
9,519,000 180,895,000 141,287,000
10,176,000 218,109,000 132,173,000
9,912,000 210,901,000 158,188,000
Australia
"Y.OOO
56,000
3,708,000
Bushels
No. Amer.
12,000
369,000
388,000
Tot.wk.Ml
1941
Bushels
47,000
346,000
41,000
26,000
50,000
7,000
226,000
1939
Bushels
510,000
4,000
16,000
166,000
76,000
270,000
108,000
86,000
67,000
Wichita—
Sioux City.
1939
65,000
133,000
11,000
4,000
40,000
45,000
103,000
7,000
228,000
St. Joseph.
Since Aug. 1
1940
282,000
52,000
—.
Indianapolis
St.
39,000
47,000
193.000
7,000
83,000
2,000
168,000
ii"666
Milwaukee.
Buffalo
1940
Bushels
bush 56 lbs bush 48 lbs
bush 32 lbs
645,000
62,000
10,000
20,000
—
Toledo
bush 56 lbs
249,000
401,000
271,000
174,000
Chicago
Minneapolis
'
Wyoming
Total
4,131
1,303,738
Amount
3,654,136
18,106,235
4,886,233
127,533
10,747,685
278,824
17,147,015
201,968
176,836
9,927,455
9,687
$9,407.47
89,024.46
2,117,804.74
1,327.13
3,704.586.27
10,146,563.22
2,695,389.59
2,149,307.72
33,638.450.62
467,687.77
40,853.14
266,409.50
8,058,825.66
6.537.482.98
18,918,777.51
11,030,699.62
294,658,48
42,787,926.94
3,213,979.22
14,718,607.85
3,318,440.92
95,056.00
10,299,985.83
218,572.97
13,6 0,937.66
414,052.69
134,540.91
6.360.765.99
8,354.04
12,677
96,799
2,326,897
1,625
5,248,581
12,062,663
3,178,404
2,474,733
39,292,355
611,640
57,353
151,710
7,140,896
8,370,381
19,535,619
9,909,310
344,971
47,655,365
24
1
"""172
804
320,085
390",309
496,795.96
432,369
47,284,849
224,125,895
$195,915,38840
115.24
Volume
First
The Commercial & Financial Chronicle
152
Report
1940
Corn
Loan—The
Commodity
of returns on the
announced on Jan. 4 that as of
Dec. 31, 1940, 4,618 loans for a total of 4,657,362 bushels
valued at $2,837,474.71 had been completed
The Corpora¬
tion also reported that 114,754,644 bushels of Corpoiation
Credit
1940
on
Corporation, in its first
summary
loan program,
corn
THE DRY
.
owned
loan stocks had been sold
or
or
redeemed in the year
Corporation has taken title to 160,131,285
bushels of the loan stocks. In addition, 182,727,892 bushels
have been repealed by farmers with approximately 90,000,000
bushels of the 1938 and the 1939 loan stocks in the process
of being resealed or delivered to the Corporation.
loans under the 1940
corn
corn
loan program
by States
follow:
The
markets
after the turn of the year materialized
past week.
Illinois
active with the
booked
ness
3.991.42
liberal
459.94
Ohio
59
South Dakota
33
2
754
10
Minnesota
Missouri
357
144
Nebraska
153
North Dakota
4
Wiscoasin
Total
4,618
general
the
16,618.23
11,413.87
4,657,362
Week
Ended
$2,837,474.71
Jan.
8—The
of the weather bulletin issued by the De¬
partment of Commerce, indicating the influence of the
weather for the week ended Jan. 8, follows:
summary
The first week of the new year was characterized by moderate
tempera¬
tures for the season and widespread precipitation.
During the first few
days a depression moved from the Southwest northeastward to the upper
Lake region and was attended by extensive rains over central and southern
States and
more or less snow in the extreme north.
At the same time there
reaction to warmer weather in the East and Southeast.
During the
latter half of the week an extensive mass of polar air moved from the North¬
west southward and eastward to the Atlantic coast, attended
was
a
by
a
sharp
drop in temperature, but without unusually low readings.
In the more
western States, fair weather prevailed during the first few days, but with
the approach of a disturbance to the north Pacific coast,
precipitation was
frequent and rather widespread the last half of the week.
While subzero temperatures were experienced in the Northeast and
•
over
a
considerable northwestern
participated in
on all of the active items.
The chief buyers included
corporation printers, converters, shirt manufacturers, mail
order houses and chain
with
accumulating
scale.
the wanted
volume
there
Demand
cloths
of business
is
little
believed
that
in
production will
sold
their
3 degrees to 4 degrees warmer than normal.
to
fairly
heavy
precipitation occurred everywhere from
the
Great Plains eastward.
The heaviest falls were reported from the
Lake re,ion, the north-central Mississippi
Valley, and from the
Missouri Valley southward where most stations reported from 1
western
lower
to about 2 inches for the week.
In Atlantic coast sections the totals
ranged
generally from about half an inch to slightly more than an inch.
Because of widespread rains and wet fields, together with rather low
temperatures in
conditions
were
inactive.
the interior and Northwest the latter part of the week,
unfavorable for outside operations on farms and work was
In the
South, while fields are mostly too wet for work, ample
and moderate temperatures promoted normal growth of winter
vegetation, except in some sections where there was too much moisture,
especially in the lower Mississippi Valley. Dry, sunshiny weather is needed
throughout the southern States.
moisture
In Florida seasonal temperatures and moderate rainfall were rather
generally favorable, with truck showing improvement; some potatoes are
being seeded in the northern part of the State and strawberries are im¬
proving. with citrus showing much new growth.
The week was favorable
for citrus in California and much windblown fruit in the lower Rio Grande
Valley has
been salvaged.
No material frost damage
was
there is
reported,
a possibility that some harm has resulted to tender
vegetation
low temperatures in the interior of the south Atlantic area.
While much of the western range is still open, some areas
available
but
by
previously
for
grazing
closed in the Rocky Mountain States and far
feeding necessary.
Stock continu3 in generally
good condition, although there was some slight shrinkage in the colder
areas.
At the beginning of the new year soil moisture conditions are more
favorable than for a long time in most midwestern sections.
In the lower
Northwest,
with
are
heavier
Great Plains the subsoil
while
the
precipitation
recent
outlook
is moister
there.
in
than
the far
Considerable
at
any
Southwest
snow
time for the last decade,
has decidedly improved
reported in the higher
storage is
elevations of the Northwest.
Small Grains—While
temperatures
of
material
in
much
harm.
the latter part of the week had abnormally low
winter wheat belt, there is no indication
of the
The
wheat crop generally continues in
satisfactory
condition, and in much of the western belt it is excellent.
Fields con¬
tinue too wet for pasturing in the southern Great Plains.
In the ectreme
Mississippi Valley, especially southern Minnesota, ice-covered fields
unfavorable, while wheat was subjected to subzero temperatures, with
only scanty snow protection, east of the Divide in Montana.
There is a
light to moderate snow cover in eastern Washington which affords some
protection.
In the southern States and the south Pacific area conditions
upper
are
favored normal growth of small grain crops.
Temperatures During 1940
Except for January, which was abnormally cold in the eastern States,
temperatures for 1940 were mostly moderate.
It was the coldest January
of record in most of the South and the previous low records for this month
were approached in the interior of the country, but at the same time the
Far West was abnormally warm. Aside from January, winter
temperatures
were moderate,
December being warmer than normal practically every¬
where and February also in most sections.
The spring season (March-May) was decidedly cooler than normal from
the Mississippi Valley eastward and abnormally warm over the western
half of the country.
The largest plus departures were in the far North¬
west and the largest minus departures fiom the upper
Mississippi Valley
eastward.
The summer
(June-August) was slightly cooler than normal
in the Northeast and most of the South, but elsewhere it was
decidedly
warm, especially in the Northwest and Far West.
Over a considerable
northwestern area, the temperature for the summer averaged from 3
degrees
to as many as 6 degrees above normal. The fall
(September-November)was
relatively cool in the Northeast and along the Atlantic and Gulf coasts,
aboVv elsewhere it
was warmer
than normal, with the greatest
plus departures
in the Great Plains and Missouri and upper
Mississippi Valleys. The first
month of the present winter was generally warm as Indicated on Chart I.
Temperatures for the entire year of 1940 averaged below normal rather
generally over the eastern half of the United States and decidedly above
normal over the western half.
From the Ohio and lower Missouri Valleys
southward the mean annual temperatures were 1 degree to 2 decrees sub¬
normal and also in a considerable northeastern area.
On the other hand,
from the western Great Plains westward the
plus departures were mostly
the
to
large
in operations
off
In fact, it is generally
the
current
the
as
year,
mills
rate
war
are
of
high
lasts.
In
said to have
complete production of certain items and have
business booked for second quarter
,
of
fully convinced that
are
falling
long
regard to the first quarter of the
a
a
first
result
any
as
on
largely for
instances unable
divisions
some
continue
credited
items
many
the first quarter of the year.
over
be
to
booked, mills
of
were
kindred
As
deliveries.
likelihood
whom
and
said
was
shipment with mills in
quarter
supply
stores, all of
piint
Wholesale markets
were
delivery.
active and
very
firm during the
past week due to a resumption of buying which spread to
all
sections.
Judging from the character of the demand,
inventories in distributive channels
are
unusually light for
It has been pointed out that in
hope of securing price concessions.
the
was
the
buying, with price advances
experienced as far south as the Gulf coast. In the Ohio Valley the minima
generally from 5 degrees to 12 degrees, while in the Mississippi Valley
range was from —6 degrees at Minneapolis-St. Paul, Minn., to 44
degrees at New Orleans, La. In Gulf and Flo -ida coast sections the lowest
ranged from about 45 degrees in the west to 60 degrees at
Miami, Fla.
The mean temperature for the week was siightiy below normal in
parts
of the Ohio Valley, and moderately below in the far Northwest.
In the
Southwest about-normal warmth prevailed.
In most of the South, the
trans-Mississippi States, and from the upper Mississippi Valley eastward
were
Moderate
weekly output
practically all sections of
this
eastern
the week
as
confined to gray
was not
area, the minima, in general, were not
unusually low for the season.
In the Northeast, the lowest reported was
—10 degrees at Portland, Me., on the morning of the 7th; in the Northwest
—24 degrees at Big Piney, Wyo, on the 3rd. The zero line extended as far
South as northern Iowa and northern Nebraska, but freezing weather was not
the week
during the
particularly
scored
_
for
activity, however,
the
$1,064,011.42
42,804.92
1,367,273.01
3,460.53
168.703.63
52,532.79
106,204.95
Amount
1,744.318
70,172
2,241,453
5,673
278,748
86,484
174,149
8,677
27,243
19,691
87
2,202
Report
than doubled the current
more
The
as
1,567
Iowa
Weather
trading gathering momentum
markets
Bushels
Indiana
Kansas.
were
progressed and, according to estimates, the amount of busi¬
of Loans
i
.
Gray goods and print cloths
goods and print cloths,
Number
Friday Night, Jan. 10, 1941
predicted resumption of activity in the dry goods
of mills.
Stale
GOODS TRADE
New York,
1940 and that the
New
287
with the relatively warmest weather in the far Northwest,
the western slope of the Rockies and the Great Basin where locally the year
was as many as 4 degrees warmer than normal.
substantial,
period of the
some
year.
instances, this has been due to the fact that
some
buyers had been withholding the placing of orders in the
be forthcoming,
to
and pay
they
were
When the latter failed
forced to enter the market
higher prices for certain
weaves than they would
obliged to pay at the beginning of the year.
Bag manufacturers and the heavy industries were liberal
buyers of sheetings and various specialty Weaves, while
heavy goods such as twills, ducks and drills were in active
have
been
demand.
Much of the demand was for first quarter de¬
livery, but it has become quite evident that the business
booked from now on will be mostly for second quarter
delivery owing to the sold up condition of mills.
Prices
were firm throughout all sections of the markets and senti¬
ment was cheerful.
The awarding of contracts by the
Army
on upwards of eight million yards of various kinds of cotton
goods resulted in a tightening of deliveries on a number
of heavy goods
items.( Demand for rayons showed further
improvement with prices firm.
More inquiry was noted
for staple spun rayons with some business placed for de¬
ferred delivery.
Prices for print cloths were as follows:
39-inch 80s, 7^c.; 39-inc 72-76, 7^c.; 39-inch 68-72s, 6 Me.;
38^-inch 64-60s, 5%c., and 383^-inch 60-48s, 4%c.
Woolen
mills well
Goods—Woolen
goods
booked with business.
half of the mills' men's
wear
were
quite active with
It is elaimed that about
orders
for
Army materials.
number of cloths for men's
clothing are unobtainable before March.
Thus, under these
conditions, it was considered only natural that clothing
manufacturers should make the necessary preparations for
securing their requirements for the second quarter.
In the
meantime, labor costs have risen and producers in some
instances are finding it more difficult to secure skilled labor
as employees
who are qualified are accepting positions in
shipyards and metal industries.
It is therefore quite pos¬
sible that there will be no formal openings of fall goods such
as take place in normal times.
Instead, mills will be more
likely to accept orders for fall materials when they consider
the time is ripe for their so doing.
According to predictions,
demand for fall goods will exceed that of a year ago.
Busi¬
Spot goods are scarce, and
ness
in
women's
wear
was
are
a
moderate
with
cloak
and
suit
makers
reporting a steady call for merchandise.
Sweaters
and wool hosiery moved in good volume with mills operating
at capacity.
Foreign Dry Goods—All sections of the domestic linen
markets continued extremely firm, the feature being a 5%
advance in prices on men's and women's handkerchiefs.
The handkerchief section of the trade is in a somewhat tight
position
because of
used for
the sheer handkerchief cloth
the Continent,
the scarcity of suitable
yarns.
Yarn
normally comes from
that it is not available, the trade
but now
depend upon the less suitable Irish yarn.
As the
Irish yarn is not so plentiful, the handkerchief section of the
trade is
experiencing continued price strength.
Burlaps
ruled slightlv easier in tone with business more or less quiet
and spot goods closely held.
Domestically lightweights
were quoted at 6.05c. and heavies at 8.15c.
has
to
The Commercial & Financial Chronicle
288
Specialists in
Illinois & Missouri Bonds
Founded 1890
ST.
LOUIS
DECEMBER
MUNICIPAL BOND SALES IN
FOR THE
$55,000,000 New York, N. Y., new capital bonds awarded to a syndicate
managed jointly by the Chase National Bank of New York
and the National City Bank of New York, as 2Ms at a price
of 101.01, a basis of about 2.67%.
The bonds mature serially
from 1941 to 1970, incl., and were reoffered at prices to yield
from 0.30%
to 2.85%, according to maturity.
City also
awarded in Decemoer a total of $1,500,000 corporate stock
and serial bonds.
-
WIRE
AND
1941
314 N. Broadway
DIRECT
CHICAGO
11,
27,750,000 Port of New York Authority, N. Y., 3% sixth series (second
instalment) gen. & ref. bonds sold to a syndicate headed by
Halsey, Stuart & Co., Inc., and Laden burg, Thalmann & Co.,
both of New York, at a price of 101.831, a basis of about
2.914%.
Due Dec. 1, 1975, and subject to prior redemption.
The bonds were reoffered at a price of 102.75 and accrued
interest, to yield about 2.875% to maturity.
Stifel, Nicolaus & Cojnc.
106 W. Adams St.
Jan.
YEAR 1940
25,000,000 New York (State of) new capital bonds awarded to a group
headed by J. P. Morgan & Co., Inc. of New York, as lMs
at a price of 101.033, a oasis of about 1.449%.
Due annually
from 1941 to 1980, incl., and reoffered from a yield of 0.15%
for the 1941 maturity to a price of 98.50 for the final maturity.
Calif., revenue
Angeles,
13,391,000 Los
refunding
electric plant bonds purchased by
and new capital
Lehman Bros, of New York
and associates, to bear various rates of interest, at a price of
The
closing month of the calendar year 1940 witnessed
this
being the largest output of any month
during that
period and the heaviest on record since June, 1939.
The
extraordinarily impressive total resulted largely from the
appearance
the City
in the market of such prominent borrowers as
of New York, State of New York, Port of New York
Authority, N. Y., Los Angeles, Calif., and Kansas City,
Mo. Sales by this group accounted for no
000 of the total bonds awarded during
figure assumes added significance when it is considered
that the average monthly output of municipal loans for the
1940 period was no more than $102,909,700.
The hugeness
This
total graphically reflects
the exceptionally
prevailed for the marketing of
new offerings in that period.
Not only was there no dim¬
inution of the strong demand for tax-exempts that had
obtained in the earlier months, but the trend toward lower
of
December's
favorable conditions which
S'elds on such securities showed no* signs oflist of issues
abatement.
Ldeed, the year-end found a representative
selling at the highest prices and, conversely, lowest yield
basis, on record. Under the circumstances, it is not surpris¬
ing that a number of municipalities, notably the City of
New York, anticipated in December their future long-term
capital requirements.
The wisdom of such action was
palpably evident in the remarkably favorable cost basis
on which the financing was contracted.
•
With the passing of the year 1940 it is appropriate to briefly
comment on operations in the municipal bona field through¬
out that period.
The record shows that the various States
and municipalities, also quasi-municipal bodies, placed an
aggregate of $1,234,916,402 bonds on the market.
This
was the largest output for any year since 1931 when the
disposals reached $1,256,254,933. The 1940 total compares
with emisions of $1,125,901,000 in 1939, $1,099,757,500 in
1938, $902,307,162 in 1937, $1,117,351,518 in 1936 and
$1,220,150,097 in 1935. A table showing the yearly grand
totals since 1892 appears further along in this study.
A significant feature of the recent year's awards is the
strikingly large amount of issues in the refunding category.
Financing of that character amounted to no less than
$477,764,723, this being the largest total on record and
greatly in excess of the previous peak figures established in
1935 and 1936. In considering the figure for 1940, however,
it is important to take into consideration the fact that the
total was greatly expanded as a result of refinancing opera¬
tions by various revenue authorities. The Triborough Bridge
Authority, N. Y., alone was responsible for no less than
$98,500,000 of the grand aggregate, while offerings by the
Port of New York Authority, N. Y., footed up to $75,034,000.
The City of Detroit, Mich., also contributed impor¬
tantly to the year's refunding total.
Mention has already been made of the extent to which the
New York City sale influenced the aggregate disposals in
December of last year.
It is equally important, however,
to point out that public awards by the city throughout the
year amounted to no less than $155,670,000.
In addition,
the city issued $309,664,300 of long-term corporate stock
on an exchange basis incident to its acquisition of the private
transit systems.
This latter amount, incidentally, is Dot
included in our aggregate total of long-term State and
municipal bonds brought out in the calendar year 1940 nor
does it take into account issues placed with city sinking
funds.
The State of New York also contributed importantly
to the year's grand total, having placed $40,000,000 bonds.
Other large emissions were made by Los Angeles, Calif.,
Department of Water and Power and the City of Miami,
Fla., all of which, by the way, was made up of refunding
loans.
Finally, in considering our total of financing for 1940
and previous years, it is to be observed that in no instance
does the total include issues taken by Federal agencies and
stilly in their possession.
It is only when such issues are
liquidated by the agencies in question that they
in
our
The
are
included
tabulations.
December, 1940, output included the following issues
of $1,000,000 or more:
or
1959, incl., and were reoffered at prices to
to
10,000,000 Kansas City, Mo., water works refunding bonds sold to an
account headed by the Chase National Bank of New York
as 28, 3s, and 4Ms, at a price of 106.91, a net interest cost of
about 1.899%.
Due serially from 1943 to 1961, incl.
Re¬
offered to yield from 0.40% to 1.90%, according to rate of
interest and maturity date.
6,250,000 Galveston, Texas, issued on an exchange basis by the city
incident to its acquisition of properties of the Galveston Wharf
Co.
Total includes $3,750,000 series A 3Hs and $2,500,000
series B 4s.
less than $132,641,the recent month.
a net interest cost of about 2.01%.
Interest rates
from 1% to 3%.
Bonds mature serially from 1941 to
yield from 0.20%
2.25%, according to rate of interest and maturity date.
par,
range
marketing of $202,147,974 of State and municipal bonds,
the
4,379,000 Metropolitan Water District of Southern California,
Calif., 4% Colorado River water works refunding bonds pub¬
licly offered by the Chase National Bank of New York and
associates at prices to yield 2.70% to 2.75%, according to
maturity.
Due serially on April 1 from 1976 to 1988, incl.
4,300,000 San Diego, Calif., water distribution system bonds purchased
by Halsey, Stuart & Co., Inc., New York, and associates, as
1Mb and 3s, at 100.025, a net interest cost of about 1.71%.
Due serially from 1942 to 1972, incl., and reoffered to yield
from 0.15%
to 1.90%, according to rate of interest and
maturity date.
3,900,000 Chicago, III., serial water system revenue certificates and
refunding oonds were awarded as follows:
$2,400,000 cer¬
tificates, due in 1958 and 1959, sold to a syndicate headed by
Halsey, Stuart & Co., Inc., New York, as 2Mb at 101.585,
a
basis of about 2.14%.
Reoffered to yield 2.10%.
The
same house also managed a group which was awarded $1,500,000 refunding bonds, due serially from 1945 to 1949, incl.,
on a bid of 100.054 for Is, a basis of about 0.99%.
Reoffering
in this instance was from a yield of 0.70% to 1.10%, according
to maturity.
2,575,000 Delaware River Joint Toll Bridge Commission, N. J.,
Easton-Philiipsburg bridge revenue refunding bonds sold to a
group composed or Smith, Barney & Co.; Harriman Ripley
& Co., Inc., and Drexel & Co., Philadelphia.
Issue consisted
of $1,650,000 2Ms due from 1942 to 1956, incl., and $925,000
2s due in 1961.
Fla..
2,300,000 Bradenton,
Nicolaus
a
&
refunding
bonds
purchased
by
Stifel,
Co. of St. Louis and associates as 4s at 102.26,
Due serially from 1942 to 1670, Incl.,
basis of about 3.84%.
on and after Jan. 1, 1956.
Reoffered to
3.80%, according to maturity.
and optional
from 1% to
yield
2,092,000 Seminole County, Fla., 3M%, 3M%. and 4% road and
bridge refunding bonds pin-chased by R. E. Crammer Ac Co.
of Orlando, at a price of 103.14, a basis of about 3.76%.
Due
serially from 1942 to 1973, incl.
(R. E. Crammer Ac Co. made
public offering on Jan. 2 of an aggregate of $14,000,000 4%
non-callable refunding bonds of four large Florida counties.)
1,822,000 Onondaga County, N. Y., refunding and home relief bonds
awarded to an account headed by Lehman Bros, of New York
asl.10s at 100.09,a basis of about 1.088%.
Due serially from
1944 to 1951, incl., and reoffered from a yield of 0.10% to a
price of 99.25, according to maturity.
1,812,000 Mississippi (State of) highway bonds awarded as 2s, 2 Ms*
2 Ms ana 2 Ms to a syndicate headed by John Nuveen & Co.
of Chicago at a price of 100.001, a net interest cost of about
2.45°*.
Due semi-annually from Aug. 1, 1961 to Feb. 1,
1963, and reoffered to yield from 2.23% to 2.47%, according
to interest rate and maturity date.
1,551,000 Euclid,
Ohio,
refunding
bonds
by
purchased
Teachers' Retirement System, as 3Ms, at par.
from 1946 to 1955, incl.
1,500,000 Nueces
the
State
Due serially
County, Texas, highway improvement bonds sold
an
as
yet unreported purchaser at par as follows:
$1,125,000 2Ms, due from 1942 to 1959, incl., and $375,000 2Mb,
due from 1944 to 1955, incl.
to
1,400,000 Abilene,
Texas, refunding bonds reported sold to a group
composed of Callihan & Jackson of Dallas, William N. Edwards
& Co. of Fort Worth, and R. H. Underwood & Co. of Dallas,
3s, 3 Ms,
1963, incl.
as
and 3Ms,
at par.
Due serially from 1942 to
1,350,000 Richmond, Va., public Improvement bonds awarded to an
account headed by Shields & Co. of New York as Is at 98.063,
a basis of about 1.20%.
Due serially from 1942 to 1961 incl.,
and reoffered to yield from 0.10% to 1.30%, according to
maturity.
IL 1,130,000 Albany County, N. Y., refunding and new capital issues sold
to a group managed by Phelps, Fenn. & Co., Inc., New York,
as
1.40s at 100.48, a basis of about 1.34%.
Due serially
from 1941 to 1960, incl., and reoffered to yield from 0.20%
to 1.50%, according to maturity.
1,000,000 Savannah, Ga., 2% various purposes bonds awarded to
Smith, Barney & Co. of New York and associates, at a price
of 106.094, a basis of about 1.64%.
Due serially from 1951
to 1970, incl., and reoffered to yield from 1.10% to 1.75%,
according to maturity.
Following
are
the issu~upsuccessfully offered in December:
Int. Rate
4%
3M%
not exc. 6%
Name
Page
148
Green Township S. D„ Ohio.-not exc.
3599
Hubbard, Ohio
3599
Jonesboro, N. C
3921
Lawrence County Bridge Com¬
mission, Ohio
not exc.
3595
Louisville, Ky
3781
McKees Rocks, Pa
146
3919
x
not exc. 4%
Muskegon, Mich
Seaside Heights, N. J.
146
Slmmesport, La
300
Wellington, Texas
3433
x
3%
not exc. 2M%
...
Wilkes-Barre S. D., Pa
Rate of Interest was to be
4%
4%
3M%
not exc. 3M%
named by the bidder.
Amount
Report
$112,800
5,000
16,000
Offering canceled
Offering canceled
No bids
2,275,000
2,000.000
50,000
70,000
12,000
5,500
20,000
50,000
Offering canceled
Offering canceled
Bid rejected
No bids
Not sold
Not sold
Offering canceled
Bids rejected
Volume
The Commercial &
152
financing in December amounted
$97,042,565 was due largely to the borrowing in that
period of $45,000,000 by the City of New York and $25,000,000 by the Commonwealth of Pennsylvania.
The city
issue, as is true of all such offerings, was subscribed for
by a group of local banks and investment houses.
The
borrowing was effected at an interest cost of 0.25%. The
Pennsylvania loan, consisting of \lA% tax anticipation notes
dated Dec. 1, 1940 and due April 30, 1941, was awarded to
a syndicate headed
by the Mellon Securities Corp., Pitts¬
burgh.
The premium paid to the borrowers reduced the
effective rate to 0.247% and in the re-offering the notes
were priced to yield 0.15%.
With long-term credit being available to States and muni¬
cipalities during 1940, at record low levels, the cost of
temporary credit naturally was reduced to minute levels.
The point was perhaps best illustrated in a review of the
municipal bond market in 1940 written especially for the
Boston News Bureau by John W. Agnew, manager of
municipal department of the First National Bank of Boston.
While referring specifically to the matter as it related to
various communities in Massachusetts, Mr. Agnew's factual
evidence of the extent of the decrease in interest cost on
The
The fact that short-term
to
borrowings by such units can well be accepted as reflecting
experience of States and municipalities generally. We quote
from the article in part as follows:
The volume of tax-anticipation notes issued each year is quite amazing*
municipalities in Massachusetts issuing approximately $150,000,000 an"
nually with the rest of New England bringing the total to about $275,000,000.
Undoubtedly the tax of H% on uninvested funds for most savings
banks in New England has materially affected the (low
interest rate)
situation as the bulk of notes are tax free in the state in which they originate.
Just what the difference in these rates really amounts to is best illustrated
when we consider the following:
In 1929 the city of Worcester, Mass., borrowed $11,425,000 in antici¬
pation of taxes and the interest costs on these loans amounted to $309,738.
In 1940 the same city borrowed $8,150,000 with a total interest cost of
$7,452, or a decrease of over $300,000.
In 1933 Worcester borrowed
$12,165,000 with a total interest cost of $200,786.
The city of Lynn, Mass., in 1932 borrowed $6,506,000 for a total interest
cost of $232,250.
The same city borrowed in 1940 $4,100,000 at a total
Beverly, Mass., in 1932 borrowed $1,300,000 for a total interest
and in 1940 borrowed $1,300,000 at a total interest
cost
cost
$4,338,800 tax-antici¬
sold $250,000,000 1K% 23^
year
(optional) notes to chartered banks in December,
thereby increasing the volume of Canadian municipal financ¬
ing for the month to a total of $253,740,984.
Virtually
all of the remainder was occasioned by the public award of
$3,045,000 bonds by the Province of Nova Scotia.
Shortterm financing consisted of the issuance by
the central
government of $75,000,000 Treasury bills. It is of interest
that
neither the
Canadian government or any of
public bodies disposed of obligations in the
its
United States
in the recent year.
this country
Below
April
we
$
103,823,188
September..
53,799,855
119,325,184
75,058,037
101,548,623
273,343,713
83,248,680
October
June
84,814,605
July
81,757,912
75,019,089
August...
year
new
1940
Possessions sought credit in
States
during December.
furnish
a
comparison of all various forms of
1939
we
$
.
_
1,234.916,402 1,125,901,000
Total
Average
per
month...
69,059,582
102,909,700
$3,750,736,099, including $1,234,916,402, of
bonds by the States, counties and
divisions of the United States, $1,450,510,061
civil
furnish
comparison of all these forms of securities put
a
of the last five years:
1
1939
1938
$
$
$
Permanent
$
l'ns
1234,916,402 1125,901,000 1099,757,500
(U. 8.)
902,307,162 1117,351,518
loans
Temp,
x
1495,510,061 1181,237,632 1210,295,692 1060,407,627
(U. 8.)
884,297,770
Canadian loans
(permanent):
395,746,770
40,000,000
248,481,673
None
88,250,000
48,000,000
5,325,000
505,538,386
67,500,000
1,950,000
432,725,713
Placed tnU.S
Bds.U.S.Poss's
7,861,000
5,375,000
3,325,000
None
None
None
None
1059,984,636
Placed In Can
Gen. fd. bonds,
(N. Y. City)
x
in
$
munio. loans,
202,147,974
(United States)
•
Temp, munic. loans
(United States)... 97,042,565
Candn. loans (temp.)
75,000,000
in New York City as follows:
in 1939; $367,100,000 in 1938; $482,647,000
Includes temporary securities issued
1940; $302,650,000
Following is
a
record of the financing negotiated in Decem¬
ber, 1940:
Name
Rale
3
,
3777 Aberdeen, Miss
3782 Abilene, Texas
Ada, Okla
3
1H
Alabama (State of)
1M
Alameda Co., Calif. (2 issues)..214-5
Albany County, N. Y
1.40
Albany County, N. Y. (2 iss.)___1.40
(2 issues)
3916 Adams Twp., Ind.
144
147
147
Akron, Pa
Maturity
Amount
1953-1958
r50,000
1942-1963 rl,400,000
100,000
1943-1954
100.57
1.40
100.81
1.14
100.48
370,000
100.48
1.34
1.34
1941-1955
1941-1980
1941-1959
1941-1960.
Aledo Com. 8. D. No.
3776
Allegany County, Md...
Altoona 8. D., Pa
144
148
3434
3781
3781
3781
3781
3780
3776
3597
rl7,000
1941-1957
42, Texas._4
3434
3426
—1
1H
Amber ley, Ohio
l)i-l)$
Anniston, Ala. (2 issues)....
2)4
Anniston, Ala
2M
Anniston Housing Auth„ Ala._.2)4-3
Apple Creek, Ohio
2
Aransas County, Texas...
..3
1945
22,000
1942-1951
rlOO.OOO
1942-1958
41,000
1941-1950
1942-1951
66,000
40,000
1941-1954
15,000
50,000,000
253,740,984
14,257,826
22,790,280
8.818,900
None
None
None
None
None
None
None
None
None
None
2,625,000
575,000
Candn. loans (perm.)
Placed in Canada.
Placed in U. 8
Gen.fd.bds.(N.Y.C.)
B ds .of U .8 .Possess' ns
26,320,150
Boynton, Okla...—
1944-1949
None
•
None
None
3433
3594 Bradenton,
3601
*
Includes
temporary
securities Issued by New York City
000,000 In 1940; $35,000,000 in
$41,000,000 In 1936.
In December: $45,-
1939; $28,100,000 In 1938; $83,047,000 in
1937, and
3922
147
3916
3781
3916
3602
The
number
of
municipalities emitting bonds
and the
number of separate issues made during December, 1940, were
348 and 450, respectively.
This contrasts with 214-260 for
November, 1940, and with 309-365 for
December, 1939.
following table shows the aggregate of State and
municipal permanent issues for December as well as the
12 months for a series of years. The 1940 figures are subject
The
to
revision by later advices;
Month of
December
1915
1,125,901.000
1,099,757,600
902,307,162
1913
90,115,445
1939
1938
141,269,610
1937
85,222,370
96.994,934
133,567,228
121,702,118
1936
1935
1934
1931
45,217,320
117,952,271
45,760,233
1930
186.773,236
1933
1932
290,827,938
149,428,822
111,025,235
144,878,224
1929
1928
1927
1926
1925
1924
1923
1922
1921
1920.
1919
1918
1917
1916
*
12 Months
$202,147,974*51,234,916,402
1940
157,987,647
93,682,986
113,645,909
66,049,400
220,466,661
55,476,631
62,082,923
22,953,088
32,559,197
35,779,384
stock in connection
..
1914
44,635,028
1912
1,117,351,518
1,220,150,097
939,453,933
520,478,023
1911
849.480,079
1907
1,256.254,933
1,487,313,248
1,430,650,900
1,414,784,537
1,509,582,929
1,365,057,464
1,399,637,992
1.398,953,158
1,063,119.823
1906
1,100,717,313
1,208,548,274
1897
683,188,255
691,518,914
296,525,458
1895
451,278,762
1892
...
1910
...
36,028,842
36,621,581
1909
1908
...
_.
1905
...
1904
...
1903
1902
...
.
,
1901
...
1900
1899
...
.
.
1898
1896
1S94
1893
28,050,299
13,718,505
21,260,174
8,254,594
9,985,785
13,491,797
11,567,812
15,456,958
22,160,751
...
..
7,306,343
17,855,473
.,
,.
.
...
...
8,545,804
13,486,375
17,306,564
3,297,249
For the
12 Months
$498,557,993
474,074,395
403,246,518
3595
3595
80,240
101.33
r72,000
105.65
549,000
104.64
1.34
100™
4.66
100
3.00
6,500
75,000
4,300
3780
3775
3433
3595
3780
3596
3781
3777
227,643,208
3782
3921
3915
146
3922
201,743,346
of $309,664,300 New York
Chesapeake-Union Ex. 8. D„
(2 issues)
0_.3)4
2)4
1
Charleston County, 8. C
2-2)4
Charlotte, N. C
1)4
Cherokee County, Kansas
1)4
Chillicothe, Ohio
2)4
Choctaw County, Miss
3)4
Clarion 8. D., Pa
3
Columbus, Miss
2%
Columbus Twp. 8. D., Pa
--1)4
Contra Costa County, Calif..-.-.3
Corinth, Miss
2)4
Covington, Tenn
2)4
Cress kill, N. J
2)4
Cypress-Fairbanks
Con.
8.
D.,
Chicago, 111
1.40
Texas
183,080,023
3774 Dade Co. Spec. Tax 8.
250,754,946
132,846.535
149,498,689
131,549,300
145,733,062
3601
Dallam County,
3922
Danville, Va
D. 6, Fla..4
Texas....
2)4
3775 Davenport, Iowa
3916 Davis County, Iowa
3599 Dayton,
Ohio
3780 Dayton, Ohio
149 Dayton Ind. 8. D.,
149 Delaware, Okla—
114,021,633
117,176,225
3778 Delaware River Joint
Commission, N. J
3778
83,823,515
City corporate
1)4
...—1)4
1)4
—-.1
1)4
....
3775 Davenport, Iowa
137,984,004
106,406,060
77,421,273
r37,500
d200,000
3776
150
-
Texas
1)4
1)4-2
—-
lbo'io"
3.72
100.26
0.92
100.21
0.29
100
5.00
3,000
102.53
102.26
75,000
101.57
1949-1961
3.84
1.63
180,000
100
2.00
84,000
1941-1957
100
2.54
50,000
1942-1956
1941-1950
92,496
1941-1950
150,000
loo'.ie"
LIS
100
3.50
1943-1947
5,000
1946
20,000
1943-1952
20,000
100.43
1.68
1950-1959
r499,000
100.26
2.73
1942-1951
40,302
4,383
r374,000
100.68
1942-1946
1946-1953
1,700
15,000
15,000
1942-1951
1.88
100.15
1.96
100.56
2.14
100
2.50
100.20
1.96
1942-1951
19,500
1958-1959
101.58
2.14
100.05
0.99
1945-1959
2,400,000
1,500,000
76,000
100.08
2.16
1943-1948
18,000
100.23
1.21
1941-1949
9,000
1942-1951
15,000
1945-1949
1941-1960
16,000
1941-1953
20,000
107.35
1.96
25,074
100.04
2.36
1942-1951
9,500
100.58
1.64
1947-1971
100.60
2.98
100
2.75
1942-1961
125,000
r39,500
1941-1949
r45,000
100.32
1941-1947
11,500
100.21
1941-1950
200,000
46,000
1943-1960
290,000
1942-1951
1.40
102.72
3.71
100
2.25
1.37
98.61
72,000
r74,000
102.07
102.07
1.36
25,000
7-304,000
'
1942-1947
2*43
100
100,000
1941-1965
1951-1958
1958-1960
100.04
0.99
1.36
1942-1951
60,000
l66".4i"
1.19
1941-1952
60,000
100.04
1.94
11,000
100
--
Toll Bridge
2)4
Delaware River Joint Toll Bridge
Commission, N. J
2
Dickson City 8. D„ Pa
4)4
Donaldsonville, La
3)4
3)4
Douglas County, Wis
1.36
100.27
f2,300,000
Brisco County, Texas
3775 Chicago, 111.
3778
118.113,005
103,084,793
45,000
3,000
95,000
3429 Chaffee 8. D., Mo
3781
with acquisition of private transit systems.
3599
3429
386,551,828
396,859,646
320,036,181
339,424,560
313,997,549
457,140,955
Does not include private placement
3597
3599
3599
Month of
December
For the
1%
2
Bristol Housing Auth., Va_..2H-3>£
Brookfield, Mo
—-—3
Brookhaven, N. Y. (2 issues)
1.20
Brownsville 8. D., Ill
3)4
Bryan County Con. 8. D. C. D.
No. 4, Okla
2M
Butler County, Kan..
1 )£
Camas, Wash
1M
Camden, N. J
J
2%
Campbell, Ohio
2
Campbell, Ohio
2
Cape May County, N. J
2.20
Cedar Falls, Iowa
-.2)4
Cedar Rapids, Iowa
2
2.21
100.12
100,000
1942-1970
3781 Bridgeville, Pa
146
627.931,523 217,546,929 281,889,713 258,589,595 294,322,785
Total
--
4
Fla
1941-1943
1.64
5,000
1941-1950
3915
3917
65,204,823 113,973,325 121,007,701
50,000,000 50,000,000 50,000,000
63,173,658
1.68
15,000
1942-1956
1941-1945
1.45
1,38
2.30
2.25
2.54
1.93
20,000
1941-1956
--3J4
Benton Harbor, Mich.
1
Berks County, Pa
0.50
Big Bear Lake San. Dlst., Calif..5
4.00
0.85
1.65
1.73
1.73
60,000
30,000
.....
145 Benton, Ky
100.57
50,000
15,000
1943-1950
Ardmore, Okla
1943-1952
Ardmore, Okla
1943-1952
Ardmore, Okla
1943-1950
Ardmore, Okla..
-1943-1947
Aurora, Mo
-2 X
1941-1956
Austintown Rural 8. D., Ohio.—21945-1958
1942-1959
Bangor, Me
2
1942-1966
Bangor, Me. (3 issues)...
1%
Barlow 8. D., Ohio
3
1942-1962
Bay St. Louis, Miss
4
Beaver Crossing, Neb
3
Lewlsboro and North
10, N. Y
1H
Co. 8. D. No. 43, Ore
2
100
100.70
100.27
100.12
100.99
100
63,000
1942-1965
Ardmore, Okla
Salem 8. D. No.
96,994,934
1.69
5,000
18,000
r868,000
160,000
r760,000
30,000
3781
3780
v 7:
Basis
3.00
1941-1942
3774 Alamosa, Colo
3426
Price
100
1943-1951
3921
85,222,370
$294,600,000
in 1937, and
$359,488,000 in 1936.
3433 Benton
90,115,445 141,269,610
None
/
3795,736,099 2882,127,018 2753,660,962 2489,065,502 2301,455,961
Total
3778 Bedford,
Perm,
1936
1937
$
1940
$
$
93,825,088
was
out in each
3599
1936
1937
1938
$
December
cluding $1,120,000,000 temporary issues), and $5,325,000
bonds of United States Possessions.
In the following table
3596
1940
November..
issues of long-term
minor
146
five years:
177,777,181
77,615,185
202,147,974
■_
24,003,498
52,480,059
80,095,136
90,115,445
temporary municipal loans negotiated, $1,059,984,636 obliga¬
tions of Canada, its Provinces and municipalities (not in¬
3777
obligations sold in December during the last
69,642,652
municipal loans put out during the calendar
The total of all
3781
of the United
None
March
May.....
3426
The Dominion government
note
February.
S
S
5
149
$3,700,000.
is
1939
1940
1939
1940
84,737,177
171,946,014
88,570,146
75.745,615
50,142,852
January..
3921
Lowell, Mass., in 1932 paid $158,078 interest on
pation notes, and in 1940 $11,111 for
to
monthly output in each of the years 1940 and 1939
table:
shown in the following
Pace
interest cost of $10,150.
of $31,920,
of $739.
289
Financial Chronicle
1942-1956
rl,650,000
1961
1941-1950
r925,000
45,000
10,000
1942-1951
200,000
1941-1950
100.11
4.22
100.15
3.47
3916 Downers Grove, HI————IX
.-2%
1942-1963
4
1
Amount
Maturity
1941-1948
1942-1956
1941-1949
1941-1942
1943-1950
1944-1946
Rate
——-4
Name
Page
3599 Dover, Ohio--.—-3920 Doylestown, Ohio-——
Dunraore 8. D., Pa..—
3921
3698 Eastchester, N. Y
3598 Eastchester, N. Y.i.............I
145 East Chicago, Ind———
4#
3595 East Baton Houge Parish Sewerage
District No, 7, La
2X-3X
3776
3596
3921
3780
3922
3602
3778
3781
144
3782
3922
147
3782
149
3595
147
IX
Elm River, III.—
fX
-
J——1X
~.5X
3782
3597
160
160
146
3601
3916
3919
145
3782
3434
3918
3918
3918
3779
3597
3919
3920
3775
3599
3778
3922
3777
—3
3X
6,000
20,000
10,000
95,000
200,000
17,000
—
9,000
37,500
%
....3X
—
1942-1943
1943-1964
8,000
30,000
1941-1950
—
—
1.23
150
......
100
3.25
100.53
2.15
3918
101
3.91
145
100
2.84
3597
3922
101.56
2.07
37,500
3597
3781
3597
3778
3781
—...
101.34
1.36
3774
2.22
3916
3699
—
3602
——
150
—.—
3600
....
145
100.50
—
—
2.04
Special
10(T"
1.50
—
3919 Lewlston, N. Y. (2
issues)
2
r67,000
3921
Rusbville Union
60,000
101.97
2.35
3777
1-67
3921
Litltz, Pa
0000 Little Ferry, N. J
2X
35,000
100
2.45
18,600
100
4.60
7*234,000
100.07
2.49
8,000
r 16.000
100.62
1.85
100
5.75
3922
Calif
Sandusky. Ohio
Seminole Co., Fla. (6
.3
—
.
2
4
IX
.1X
IX
—.1.70
-1.70
1.20
IX
2)4-3
—.3
3
3922
149
1.JO
0.58
3776
3426
0.93
3777
3427
3777
3919 Moorestown Twp., N. J.........2
o917 Morgantown, Ky
....AX
778 Morristown, N. J...............IX
1941-1954
33,000
101.31
1-25 yrs.
1955-1957
59.000
r86,000
101.34
.—
...
3433
1.66
101.75
100.06
3433
3431
102
12,000
15,000
25.000
3781
3922
3597
100.25
2.23
..
.
1.83
1.65
2.21
lbl".43~
"f.03
102.82
1.27
.
30,000
101.03
1.58
rlOO.OOO
102.10
1.55
r550,000
320,000
100.03
100.03
1.09
75,000
100.02
2.04
14,000
100.79
1.62
fooio"
2*.90
1942-1961
3916
3601
3432
3433
3777
3431
1948-1948
—
—
—
(2 Issues).
Versailles. Ohio
—2
Virgil S. D.. 8. Dak...
—
—
Walden. Colo.
—
Waid wick, N.J
AX
Warren, Mich
3)4-3)4
Warwick, R. I
..IX
Warwick, N. Y
IX
Washington Co. S. D. No. 106,
Ore........
IX
West Bend. Iowa
2)4
West Homestead. Pa
IX
Westervllle. Ohio
154
West May field. Pa—
West Point. Miss
3
West Seneca S.D. No. 5, N.Y—2.10
—
1.09
rl5.000
112,000
15,326
—
2-3X
3)4-4
—254-3
Toledo, Ohio
..AX
Topeka, Kan
1
Tuckahoe, N. Y
—I X
Union County, S. C
-2)4
Union Co. Pub. School Corp., Ky.3
United States Housing Authority
(Issues sold by local units)
—
Valley Con. 8. D.. Miss—
AX
1.67
1943-1950
-
3775 Valmeyer, 111.
2.45
1.66
100.33
1945-1954
Issues) ..1.10 1941-1950
1954-1956
Sullivan County, Tenn—
2-2X
Summit Twp. School Twp., Iowa AX I 1941-1954
Sweetwater, Texas
4
1942-1958
Taylor, Pa
3
146 Thibodaux, La
100.28
1960
1942-1965
—
3434 Terry County, Texas—
3434 Texas (State of) (6 issues)
100.60
1942-1946
1951-1960
3776 Storm Lake. Iowa...
IX
148 Stutsman County, N. Dak..—..2)4
3598 Suffolk County, N. Y
1.10
144 Tempe, Ariz
3781 Temple, Okla
1.87
100.31
3.00
3595
....
V.ii
100
3922
—
1.60
100.04"
17,600
12,000
30,000
100.63
--2X
1941-1960
T.60
100.31
1941-1950
1.28
80.000
3777 Montgomery County, Miss
3433 Mooreland, Okla
1942-1946
100.31"
1.91
15.000
100.26
1942-1951
2.90
35.000
13,000
1942-1951
100.25
75,000
1941-1953
1942-1951
IX
2X
IX
1.70
10,000
2.37
100.27
3.76
1946-1962
100.03
270.000
1.64
103.14
r70,000
143,000
r289,000
43,000
180,000
1.24
85.000
....
106.09
7*2,094,000
100.07
3920
3781
7*105.696
1,000,000
1942-1973
rl80.000
1.87
-
1951-1970
1942-1959
100.33
100.001
1.23
1.45
1.67
1942-1961
100.03
100.15
100.575
100.06
3780
100.27
r68,000
150.000
3598 Suffolk County, N. Y. (5
—
1.71
1948
1942-1966
1942-1945
3428
7.600
3.24
1.41
1.24
150.000
100.06
100.02
r231,000
100.08
3.72
1943-1957
3.62
r99,000
4,300,000
1961-1965
10,000
11,000
103.35
3
95.25
1965-1967
1942-1972
i
1941-1950
100.06
4,379.000
50,000
1.48
100.08
r80,000
100.21
6.00
16,025
3.68
1*20,000
1.63
100
100.23
1942-1945
r236,000
47,500
1961-1963 rl,812,000
3781 Montgomery. Pa
1X
ioV.il"
101.10
r440,000
1.70
4
53,000
211,000
175,000
75,000
1942-1951
1942 1961
AX
2.13
10,000
—
•
2.46
.2-2%
1%
3429 Missoula, Mont
3597 Missoula County, Mont....
3779 Montgomery. N. Y
4.00
100.02
0.98
.......3X
Mississippi (State of).
100
38,000
2.76
1942-1946
3602 Mineral Wells, Texas.
25.500
1943-1959
100
3774 Metropolitan
Y......
1940-1969
..
1947-1949
1942-1961
Mllle Lacs County, Minn......1M-2
1.42
2.70
100.08"
2.98
3.01
1946-1955
100.81
100.23
103" 26 ~
27,500
4,500
25.000
12,500
"f.20
100.32
149 South MiddletonTwp. 8. D., Pa..
1
1942-1955
98.06"
rl30,000
145 Somonauk, HI
Water District of
Southern California. Calif.....4
3919 Middle Twp Sew. Dist. 1, N. J..3
1,350,000
1944-1956
Scranton S. D.. Pa...—
3915 Stanislaus County, Calif
3777 Stark vllle, Miss..
100.09
1.74
10,000
1942-196i
rl7,000
IX
3X-A
IX
%
2.18
100.12
100.11
4.75
2.01
3433 Mercer. Pa
......
100.05
600,000
250,000
100
2.01
IX
Masstllon, Ohio..
rlOO.OOO
1942-1961
100.19
100
3428 Medford, Mass
3921 Media, Pa
1955-1960
1953-1960
6.000
100
1942 1960
1942-1947
1941-1945
1942-1961
102,000
1941-1954
100.04
2X-2X
1.87
1943-1970
1945-1953
...1.90
...
1.32
107.09
58. S.C.3K
2X
3600 Mahoning County, Ohio
3594 Manatee Co., Fla. (2iss.)...
101.65
175,000
20,000
17,000
1941-1959 rlO .891,000
1942-1966
50.000
7*506 000
1959-1964
2
issues)..3)4-4
2.25
Co. Road Dists,, Miss.
(4 Issues)
1941-1960
1942-1961
3X
AX-3
IX
IX
C
100
riso.ooo
2.91
1.50
3775 Sioux City, Iowa
3920 Sloan. N. Y. (3 issues).
3920 Sloan, N. Y
45.000
150 Madison County, Va
3782 Madison. Va
101.83
1941-1959
&
..3X-3X
10.220
1942-1963
0.99
1.98
3916 Southington, Conn
—
1.44
100.03
(215,000
3428 Sioux City Ind. S. D.t Iowa
3775 Sioux City. Iowa (3 Issues)
100.56
100.06
2.47
100.55
750.000
1975 7*27760.000
2
IX
2X
3922 SilverstreetCon.H.8. D.
3.35
100.25
100.04
16,000
1943-1950
3600 Silverton. Ore—.......—.....2%
6.00
2.32
r82,600
7*750,000
1942-1948
1941-1955
3.50
r25.000
1942-1949
1943-1963 *f
1.49
100
410,000
1.00
AX
2X
4
2-2X
3779 Somers. N. Y
rl65.000
100
1941-1950
1941-1950
....
16.000
7*382,000
100.11
rl85,000
1942-1971
1941-1945
100
1.26
1941-1945
IX
2X-2X
2X
2*73
3.600
109.15
3777 McCook, Neb
149 McMinnville, Tenn..
100.13
1942-1955
3916 Savaunah. Ga (12 issues)..
....
102.18
11.800
1942-1951
3782 Sevlerville, Tenn
103.52
100.35
2.25
100
1941-1946
...
Power District, Ariz
5.000
1941-1963
0.89
100.22
5.500
IX~IX
148 Saline vllle. Ohio
36,000
3433 Lykens, Pa
2X
3917 Lynn, Mass. (2Issues).....AX-1X
149 McKenzie, Tenn
100.66
44.500
3593 Salt River Project Agrie. Impt.
7*24,000
50,000
78.000
150,000
1944-1961
1.86
3432 Shadyside, Ohio......
146 Shreveport, La..
i—
3431 Sidney, N. Y. (2 issues)
1951-1960
—3
1942-1951
1.55
105.25
3922 Scranton S. D.. Pa—>
Lufkin, Texas..
2*.67
1941-1943
4.00
3782
100.60
112.01
100
7.500
47.500
r35,000
r68.668
11,690
1941-1975
3.20
100.37
1946-1961
3696 St. Louis Park, Minn...
3916
101.02
100.87
r52,000
118.000
101.67
1941-1950
100.36
1.62
100
30,000
1942-1958
90.000
145 San Diego County,
4,000
1941-1945
35,000
125.000
2.25
1942-1956
2.21
101.76"
1961
100.28"
1942-1944
4.50
100.31
1944-1961
100
3600
100
3,000
3921
2,500,000
15.000
100"22~
15.000
150,000
1.13
1942-1951
12.500
1941-1950
100.36"
1942-1956
2.12
1941-1960
r360.000
Liverpool, N.Y—
2X
Locust Creek Twp., Mo..
2
Los Angeles, Calif
.....1X-3
Los Angeles, Calif....
1-1X
Lowndes County, Miss
2X
Lowellvllle, Ohio
.........2X
Lucas County, Ohio....
...1
2.12
100.53
40,000
6
IX
1941-1946
3X
100.53
11,500
1941-1950
1.24
150 8t. Johnsbury Town S. D„ Vt
2.44
40,000
r9.000
1941-1943
2.33
3597 St. Joseph 8. D„ Mo..
lbb~25~
2.14
100.13
Rye, N. Y
3774 St. Francis County, Ark....
13,000
1.65
2.36
100.62"
8. D., Ohio—-1M
3599 Sampson County, N.
145 San Diego. Calif
1942-1955
r 58,000
100.90
93.000
1941-1952
100.84
3779
23.750
15,000
1941-1947
100.06
Ryan Con. S. D„ Miss
100.82
1.89
1941-1964
60,000
1943-1957
......A
7*124,000
1.10
Liberty 8. D. No. 11, 8. C......3X
146 Lincoln Co. 8. D., Miss. (2 iss.)..4-5
1951-1965
1942-1955
106.91
3601
r265,000
75.000
1.24
r 18,000
1951-1965
3,662
150 Roxton Ind. 8. D„ Texas
100.65
1943-1956
r30,000
61,000
7*48,000
3597 Lauderdale County, Miss.......3X
3432 Leeds, N. Dak
3X
1.08
1951
3
100.01
68.000
1.08
100.09
Roekmart 8. D., Ga
95,000
—
1.04
100.09
100.000
3432 Rowan County. N. C
7*8,212
Latimer Co. 8. D. No. 22. Okla..
400.52
1942-1951
Rocky Mount. N. C
3434 Rogers, Texas....
148 Rolette County, N. Dak
3434 Rosen Heights, 8. D.. Texas
156
100
70.000
670.000
1942-1949
3432
100.33
5.50
1941-1950 rl,152.000
——
Rocky Ford. Colo
149 Rockland Twp., Pa..
—
l".69
100
and
R.
100.56
30.000
1942-1955
Fla. (3 issues)
8,655
35,000
8,892
1,500,000
1944-1951
B.
4
2X-2X
Portage County, Ohio
IX
Portland. Ore.....
--1
Port of N. Y. Authority, N. Y...3
Pottstown, Pa
IX
Pulaski Co. Spec. S. D., Ark
,3X
Putnam County. Tenn
3X
Quindaro Twp., Kan...
...A
Raleigh, N. C.
2-2X
Refugio Co. R. D No. 6, Tex.AX-2
Rensselaer County, N. Y.......AX
Richland Springs S. D., Texas
4
Richmond, Va.....
1
Richmond School City, Ind
.AX
Rlttman, Ohio
2X
Robeson Co.. N. C
I%-2
County
1943-1961 rlO .000,000
1942-1966
20,000
100.81"
1946-1952
Pontiac. Mich.—
3774
19,300
1943-1960
3434
3916
4
3
3433
....
100.14
55,000
La
2X-3
3602 La Grange, Texas (2 issues)
3
3782 Lake County Levee & Drainage
District, Tenn...........
6
1941-1960
1942-1950
2X
1
Mich..—
1941-1950
3427 Lafayette, Colo..
146
3779
3599
1948-1960
3776 Lafayette,
146
3600
3782
1-8 yrs.
1.44
7*9,000
7*80,000
—
Pleasantvilie, N. Y.—
Dists.
1.18
1948-1956
101.03
1942-1950
-
]45 Polk
100.06
12,000
58,500
10,000
24,600
2.84
0.80
1942-1948
,
....
2.67
101.01
1941-1980 25.000.000
145 Polk County Special R. and B.
Dists
Fla. (5 issues)—.—-.4
36,000
18.223
7*35,000
3430 Milton F. D., N
3431
....
1.73
100.56
Miss
146 Pleasant Ridge,
....
3920
200.000
3921
Pierson Spec. Tax S. D„ Fla
1.57
2.39
103.16
reo.ooo
....
....
111.36"
100.005
102.11
750.000
750.000
1980
1941-1960
....
..—
2.57
1941-1970 55.000.000
1941-1945
—4^
3427
102.53
100.11
101
50,000
2.34
r 12.000
40.000
1941-1959
101.43
rll8,000
345,000
40.000
261.000
r33,000
15,000
60,000
13.000
1942-1961
1942-1955
1941-1957
3921
....
Bast
12,000
1944-1961
2X
AX
—.....—2X
Pendleton Co Bridge Corp., Ky._3 X
Peninsular I). D. No. 2, Ore
AX
Pennsauken Twp., N. J
--3 X
Pen Argyl, Pa
...IX
Peoria, 111
IX
Pequannock Twp., N. J
2%
Peak as ie, Pa
1
Petersburg, Mich
2-2X
3921
7*38,750
70,000
7*150,000
15,000
3776
450,000
'
1941-1955
1942-1950
3782 Pecos County. Texas
1.99
680,000
400,000
1958-1963
8.000
7*210.000
3597 Pemberton, N. J
....
Price
360,000
—
3917
1.36
Amount
Maturity
1942-1949
......
146 Pascagoula,
100.17
100.09
rl45,000
Jan. 11, 1941
Name
.
Rale
Moulton, Texas
3-3X
Mount Auburn, 111
....AX
Mount Clemens, Mich
.—2X-2X
Nanty-Glo, Pa
Neleigh 8. D., Neb
3X
New Cumberland, Pa
2H
New Iberia, La.............2X-2X
Newport City 8. D., Ky......__2
New York, N. Y. (4issues)
2%
New York, N. Y..
....3
New York, N. Y
..1
New York (Stateof)
IX
Niles, Ohio..
-..-4
Norfolk 8. D., Neb
IX,
North Carroll ton, Miss
5X
North Newton, Kan...
...2X
Nueces County, Texas
..2X-2X
Oneida, N. Y...
1.10
Onondaga County, N. Y.
1.10
Onondaga County, N, Y
...1.10
Orange County, Va..—
...2X
Orovllle-Tonasketlrr. D., Wash
Oroville-Tonasket lrr. D.f Wash..
Osseo, Minn. (2 issues)——...IX
PaducahMun.Hous.Comm.,Ky.2-3
Palisades Park, N. J—
2X
Palmyra, N. J—
.2^
Palmyra, N.J
2X
3775 Pana, 111...—
....
3777
194l"l960
3430 Manlius, N, Y.
3776 Mansfield, La
3778
3778
......
5.77
r
Kingston, Okla
Madison
3922
4.50
1941-1950
146
3598
2.69
..IX
3780
100.15
94.50
5X
149 Kingsport, Tenn, (3 Issues)
3920 Kulm, N. Dak.—.
3777
3598
100
IX
2X
3777
3779
....
100.60
2
3426
3922
1.90
14,000
3782 Kiigore, Texas
3597 Kimball Co. H. 8. D., Neb
3426
3595
....
100.85
3.19
3919 Kearny, N, J. (4 issues)...
147 Keith County, Neb
148
3429
......
0.70
11.000
IX
3919
100.27
1945-1960
2-4 X
3600
100.50
2X
2X
—2
....
1.21
2.17
100.33
10,000
—
3429 Kansas City, Mo
100.16
3779
25,000
rlO.OOO
15,000
10-20 years
—2
1943-1957
Granite Falls, Wash
.—5
1943-1959
Greenfield, Iowa
2%
1941-1968
Groesbeck Ind. S. D., Texas....AX
1946-1960
Guilford County, N. C
2
Hamilton County, Texas
1942-5.981
Hartford Co. Met. Dist., Conn...lM
Hartley County, Texas..
..
Haskell Ind. 8. D., Texas
3^-4
1941-1950
Haworth, N.J—
2X
1945-1958
Harrisonburg, Va
2X
1958-1959
Harrisonburg, Va
2X
1942-1956
Hawley, Minn
3
1942-1961
Hazle Twp. S. D., Pa
2X
1943-1954
Hendricks Twp. School Twp., Ind.IX
Herkimer, N.Y..
1.20 1941-1945
Henry Co. Public School Impt.
1942-1957
Corp., Ky
;
3X
Hidalgo Co. R. D. No. 5, Texas
1941-1958
3^-4
(2 issues)
1942-1960
Hockley County, Texas
2-2 X
Holbrook, Neb.—
........3X
Holbrook, Neb
3X
Hollandale, Miss
3X
Homer, N. Y
—.1.60 1941-1959
Honey Creek Con, 8. D., Neb—
1942-1945
Hoosick Falls, N. Y
——IX
1942-1951
Hubbard, Ohio—
2X
1942-1960
Indianapolis, Ind
.AX
1942-1971
lronton, Ohio..
———
2X
1951-1952
Irving ton, N.J
IX
Island Co. 8. D. No. 204, Wasb..2.45
1941-1959
itawamba County, Miss...
AX
Jefferson Twp. 8. D., Pa
148 Jonesboro, N. C_.—
3431
46,000
225.000
—
3601
1.33
15.000
3,750,000
2,500.000
5,000
1943-1958
-.—6
102.25
T10.500
1942-1964
Mass
100.40
18,000
1970
—
3779
10,000
1941-1945
A
3
3781 Jackson Twp. 8. D., Pa
144 Jefferson Co., Ala. (3 iss.)
3921
3430
1.43
0,36
100.56
7*10,000
1941-1965
3777 Itawamba Co. Sup. Dist. 4, Miss.5-6
3921
0.99
0,99
1.16
r103,000
..
3918 Gothenburg, Neb
3782
10,000
1941-1948
8,000
1946-1949
rlOO.OOO
17,000
1946-1955 rl,551,000
——
Glencoe, Okla
3915
1943-1956
3X
1941-1952
Fairfield, 111
-3X
1942-1949
Falrmount, N. Dak..-—.—
2X
1943-1963
Fall River, Wis
-4
1-10 years
Fallsburgh 8. D. No. 6, N. Y—2V»
1941-1958
Flndiay Twp. S. D„ Pa. (2 Issues)2^
10 years
Flagstaff, Ariz
——
2X
Floresville, Texas (2 issues).
—
1942-1946
Floyd County, Texas...
4
Forestport W. D. No. 1, N. Y...1.40 1941-1949
Fort Stockton, Texas.
...4
Foster Township S. D., Pa.......
1942-1950
Frederick Ind. 8. D„ Iowa—
214
1941-1947
Fremont, Neb
-.1%
Gloucester,
3779
1960
—
Euclid, Ohio (2 issues)—.
3781
3782
1941-1950
—
———
—
—————2
3777 Gordon, Neb.
150
2.73
100.03
100.03
100.42
35,000
3596
3434
Page
3782
* 3916
3917
149
3597
149
3428
Basis
100.40
100.22
3776
r28,000
6,000
50,000
91,000
60,000
6,000
r460,000
48,000
3922 Gainesville, Texas——
3782 Galveston, Texas.
3434 Galveston, Texas....
3920 Geneva Township, Ohio...
3775 Gibson City, 111
—
148 Girard City 8. D., Ohio—
3428
5,500
135,000
250,000
7-170,000
7*26,000
1941-1980
3430 Englewood, N,
146 Ethel/Miss
3594
3432
75,000
1948-1951
IX
Easthampton, Mass.-.-—-1...0.50 1941-1945
1943-1965
East Greenville S. D. No. 1, Va.AX
1942-1950
East Liverpool S. D., Ohio———1
1943-1947
Ector County, Texas
214,
3782 Edna, Texas,.
3596 Elmlra, Minn
3432
Price
18,000
East Grand Rapids, Mich
3595 Eldorado, Kan—
144 Eldorado 8, D.,' Ark
3916
Financial Chronicle
The Commercial &
290
103.30
6,000
1942-1951
290,000
31,600
175,000
38,000
100.31
1.45
1941-1945
65.000
101.05
0.58
1941-1955
26,876
50,000
rl25,000
.
1948-1955
1942-1961
1941-1957
100
100
1.50
100.13
2.24
100
3.00
1,613,000
1941-1960
18.000
25 years
35,000
1942-1961
10,000
1943-1955
rl3,000
1953-1955
22.000
100
4.25
foYii"
Y.88
101.50
8.000
100.60"
4.44
1941-1959
r45,000
100.03
3.40
1949-1953
r75,000
100.07
1.49
1942-1946
6.500
100.07
1.47
1941-1947
8,000
100.11
1.47
1941-1958
18,000
101.56
2.22
1942-1953
65.000
100.67
1.41
1945-1950
rl2.500
101.05
1.60
1944-1952
18,000
1942-1951
6,000
100.25"
2*97
1941-1970
119,520
100.37
2.07
Volume
Page
The Commercial & Financial Chronicle
152
Name
,
Rate
146 West Point, Miss. (3 issues)
3776 West Union, Iowa
Maturity
1941-1960
2X
1%
3429 Wheaton, Mo
3601 White, 8, Dak..
6,900
12,000
24,000
30,000
512,500
<2r65,000
....
3
1942-1960
2H
IX
3434 Whitewater, Wis
145 Wichita S.D., 1, Kan
3429 Wilber, Neb
Amount
$25,000
1947-1952
1942-1961
2X
1955
3918 Willmar, Minn. (2 issues)-«->___3
3919 Woodlynne, N. J
3X
1941-1945
1941-1959
1941-1950
3428 Worcester, Mass. (4
issues).—^.-
3781 York Twp. Rural S.D., Ohio
3432 Zanesville, Ohio
X
2
10,120
19,000
526,000
48,000
18,094
1942-1965
IX
1942-1951
Total bond sales tor December (348 munici¬
palities, covering 450 separate Issues
$202,147.974
Basis
2.75
Price
100
1.75
100
-
101.62
110.33
100.29
2.75
1.40
1.22
2.50
1.83
3.23
0.73
1.90
1.22
100
103.01
100.17
100.11
101
100.20
\
'
>
k Not including $97,042,565 temporary
loans or funds obtained by States and municipalities from agencies of the Federal
Government,
r Refunding bonds.
additional sales for
previous months:
Page
Name
3777 Aberdeen
Rate
Sep. S. D., Misa
1941-1960
,.-.2-2)*
1943-1949
1943-1949
10-20 yrs.
Amount
30,000
Price
100
100.17
100.05
100
100
100
100.20
Basis
2.75
1942-1947
1942-1954
20,000
45,000
15,500
2,295
3,000
3,500
1941-1965
1941-1950
r60,000
150,000
1942-1946
2,500
1949
1941-1950
r33,000
100.13
4.00
1.73
100,000
100.05
0.99
1942-1947
6,000
100.75
16,000
T69.000
r666,000
3,500
17,000
100.31
100.003
3.79
1.70
1.44
-2
1942-1951
1942-1946
1-10 yrs.
1940-1945
1943-1959
100
100
2.50
2.00
_.l
-
1941-1946
10,000
100.06
0.98
1942-1953
15,000
T30.600
101.12
100.03
1.58
3.99
,2X
3597 Cascade Co. S.D. No. 35,Mont..3 J*
3599 Cass Co. S.D. No. 17, N. Dak.—3J*
3599 Englewood, Ohio..
3596 Erin
Warren
&
Clinton
3
-AX-1X
4
3434 Kenosha, Wis. (4issues). —-.—1%
3434 La Crosse, Wis
——.1
3921 Lorain. Pa
4
3429 Mayville, Minn
3427 Pensacoia, Fia
IX
1X-1X
-
3426 Phoenix, Ariz
3427 Scherervllle, Ind----.
IX
—
•— 2J*
D., Okla—
3432 Tiffin, Ohio
3432 Upper Sandusky, Ohio
3776 Walton, Ky.
-
2.23
2.50
3.50
3.60
2.97
Twps.
S. D.No. 1, Mich. (Oct.)—2M-4&
3434 Gregg Co., Texas—
3599 Hoople, N. Dak
3433 Stroud S.
Maturity
'..2%
2X-2X
3429 Amory, Miss..
3921 Anadarko, Okla. (May)
3921 Anadarko, Okla. (May)-.-
AX
——————4
1942-1965
100
the total sales (not including temporary or RFC and PWA
loans) for that month $77,615,185
The following items included in our totals for the previous
months should be eliminated from the same.
We give the
page number of the issue of our paper in which reasons for
these eliminations may be found.
Name
Rate
3429 Fremont, Neb. (Nov.)
3922 Gainesville, Texas (May)
3430 Manlius, N. Y.
Maturity
—
-
(October)--
Amount
37,500
10,000
40,000
Price
Basis
;
...
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN DECEMBER
Page
Name
Rate
3922 Barrle, Ont
3922 Barton Twp., Ont
—
3782 Canada (Dominionof)-.-_150 Canada (Dominion of)
150 Canada (Dominion of)
3922 ChlUiwack, B. C
3922 Halton Co., Ont
—3)*
4M
Maturity
1942-1956
1941-1950
-
-
3602 HamUton, Ont
3602 Leamington, Ont—
150 Nova Scotia (Prov. of)
150 Nova Scotia (Prov. of)
4)*
%X
-2H-3
3X
4
Basis
3.07
99.69
same manner
ligations of the United States, the District of Columbia, or any Possession,
or any agency or instrumentality of any one or more of the foregoing, issued
after Sept. 1,1939."
Meanwhile, Henry Morgenthau Jr., Secretary of the Treasury, disclosed
at a press conference that John L. Sullivan, Assistant Secretary, has com¬
pleted preliminary work for a bill to remove tax exemption from future
issues of Federal, State and municipal securities.
Mississippi—Highway Bond Refunding
Plan Declared
Legal—The State Supreme Court ruled on Jan. 4 that the
State Bond Commission is empowered to refund bonds
authorized under the $60,000,0G0 issue of 1938 for highway
The last of the $60,000,000 issue, $1,812,000, was sold on Dec. 30 at an
annual average interest rate of 2.44%, the lowest rate in the State's
history
for that
type of securities.
Action by the high court grew out of a test suit instituted by the Bank of
The litigation was appealed from the Hinds County
(Jackson) Chancery Court which had upheld the validity of the proposed
Morton at Morton.
refund.
Chapter 109 of the laws of 1940, which amended Chapter 130, Laws"of
1938, designed to pave the way for refunding under the $60,000,000 issue of
1938, was at issue under the ruling.
*
Associate Justice Griffith asserted that under the constitution the Legis¬
lature was powerless to impose restraints upon future legislative power.
The Legislature in 1938 had imposed restraints in connection with the
$60,000,000 issue declaring that "so long as any of the bonds herein auth¬
orized may be outstanding and unpaid, the State will not authorize or issue
any other obligations or securities payable from gasoline tax revenues,
except that if and to the extert that after Jan. 1, 1940, the gas tax revenues
of tne State increase over the present revenues in such amount that one-third
of the proceeds of the gasoline taxes now levied will be sufficient to pay
principal and interest on other bonds.
.
.
New
1953
3 years
2,045,000
1,000,000
48,207
104.96
3.29
15 years
109,000
Dec_-$253,740,984
100.77
3.89
2.80
—
News Items
Highway Debt Refunddispatch from Little Rock to the "Wall
Street Journal'' of Jan. 9 reported as follows:
special
The Arkansas
Legislature, convening Jan. 13, is expected to reach a
personnel of the State Refunding Board which will direct the
$137,000,000 highway debt refunding, and to determine whether an emer¬
gency clause should be attached to the Administration bill, if enacted.
Homer M. Adkins, Governor-elect, has proposed a board personnel to
include constitutional officers and 24 citizens named with the Senate's
to
approval, or to accept a board composed of constitutional officers.
After the Legislature in 1939 approved a refunding bill offered by
Governor Carl E. Bailey, the Arkansas Supreme Court invalidated the
emergency clause, and some attorneys believe similar action would be
taken if the new bill is passed in this form.
Proposed allocation of $7,175,000 for debt service indicates the sale of
3% refunding bonds.
Conference
on
State Defense Assails Treasury State¬
Tax-Exempts—-Austin J. Tobin, Secretary of the
on State Defense, issued a statement od Jan, 6
characterizing recent United States Treasury statements on
Federal taxation of State and municipal securities as "mis¬
informing and misleading."
ments on
Conference
Composed of
some
1,200 State and municipal officials throughout the
country who are opposing Federal taxation of such securities the conference
is headed by Henry Epstein, solicitor general of New York, as chairman,
and Charles J. McLaughlin, State Tax Commissioner of Connecticut, as
vice-chairman.
i
"We are being regaled once again with Treasury releases designed to
give the public the impression that the constitutional immunity of our
State and municipal bonds from Federal tax control is a source of wide¬
spread tax evasion," Mr. Tobin says. "On the contrary, any fair presenta¬
tion of the Treasury's own statistics would disclose at once that this is not
in accord with the facts.
issued a statement that there
were outstanding today
$70,000,000,000 of exempt securities, of which
over $58,000,000,000 were in the hands of the public.
The statement
could have, but it did not carry, the further and more revealing information
that of this amount only a little more than $3,500,000,000 were State and
municipal securities in the hands of individuals with incomes of over $5,000
"Thus earlier in the week, the Treasury
^Readily
available statistics show, too, that a very small portion of this
$3,500,000,000 was purchased for the purpose of tax evasion.
"State and municipal officials are convinced that irreparable financial
harm will be done to the States and cities if this tax is levied," Mr. Tobin
continued.
"By far the greatest part of public financing is done by the
Federal government, but so far no State or municipal officer has been seen
running down Pennsylvania Avenue into the Treasury Department to tell
how the Treasury ought to issue its bonds.
We should be pleased if the
Treasury would adopt a similar attitude toward local financing."
Congressional Bill Introduced to End Issuance of
Tax-Exempt Securities—A bill proposing reciprocal taxa¬
tion of Federal, State and municipal securities has been
Lehman
Demands
Fullest
In
place of the usual annual message on peacetime affairs, the Gov¬
concentrated solely on the defense situation.
In many Ways his
message,
personally, parallelled that of President Roosevelt
It contained denunciation of the aggressor nations
delivered
Congress on Jan. 6.
on defense.
It held that neither neutrality nor
appeasement could insure peace.
Total defense is the only answer to total war," Mr. Lehman declared.
He reported much accomplished in the State to coordinate local, countv
and State defense efforts, but outlined additional needs.
His principal recommendations were as follows:
That the State Council of Defense, now functioning on an unofficial
basis, with Lieut.-Gov. Charles Poletti as coordinator, be established by
the
statute
same
as a
attitude
State agency.
That the local defense councils, which have been recommended by
the State Council of Defense, be expanded and encouraged by legislative
Arkansas—Board to Be Named for
as
State—Governor
Defense"—Governor Lehman outlined on
Jan. 8 to the opening session of the Legislature steps which
the State had taken to implement national defense and fur¬
ther steps which he thought should be taken to make sure
that total war as waged by European dictatorships was met
by total defense on the part of our democracy.
and
2.65
York
State Aid in " Total
enactment.
decision
extent„asjnterestj>n other obli¬
The United States hereby consents to the taxation, without
discrimination, under an income tax of any State, territory, or political sub¬
division having the taxing power and jurisdiction to tax, of interest on ob¬
to
100.17
102.43
100.77
Temporary loans, not included in month's total.
ing—A
and to the same
"Sec. 2.
ernor
1.62
1942-1956
4
gations issued after Sept. 1, 1939, by the United States, a State, or Terri¬
tory, the District of Columbia, or a political subdivision or agency or in¬
strumentality or any one or more of the foregoing, shall be subject to Federal
income taxation and included in gross income under the applicable revenue
4.24
------
1941-1945
1942-1951
1941-1956
Total Canadian municipal bond sales in
*
Price
103.13
101.25
22,500
5,000
338,897
108,022
,3X
—3
3922 Owen Sound, Ont_._
3434 Shawlnlgan Falls, Que
48,000
16,358
----*40,000,000
1943 250000,000
*35000,000
;-:u-
IX
-
Amount
The full text of the bill follows:
"Be it
enacted by the Senate and House of Representatives of the
United States of America in Congress assembled, that interest on obli¬
construction.
100
Ail of the above sales (unless otherwise indicated) are for
November.
These additional November issues will make
Page
subject all Federal, State and municipal securities issued
Sept. 1,1939, subject to taxation.
after
gations.
•
Subject to call prior to maturity,
We have also learned of the following
introduced in the House of Representatives by Hep. Rudolph
G. Terenowicz, Democrat, of Michigan. The measure would
Act in the
'
d
291
.
„
„
■
That the jobs and pay of draftees be protected through legislation.
This legislation would compel reemployment by private industry of draftees,
without loss of seniority rights; encourage private industry to give compen¬
sation in part to draftees by allowing deduction of such payments from
State income taxes; give to all public employees the difference in their nay
so that they would suffer no financial loss while in service.
That civil relief be provided for draftees, this relief to bar eviction of
their families for a limited period; allow the courts to exercise wide discretion
in instalment payment cases and mortgage foreclosures; allow draftees or
others in the national service to defer payments on their income taxes if
is, in the judgment of the Tax Department, impaired
by virtue of their military service.
That adequate provision be made for absentee voting of those in
military
their ability to pay
86TViC6
•
That the civil life of those not in military service be more adequately
protected by strengthening of the tentative police mobilization plan now
in effect by giving local police, shifted to another community for an emer¬
gency, authority to operate outside their statutory limits; by passage of
a State anti-sabotage law, and conspiracy laws, and by adoption of a State
explosives Act.
Mayor Says He May Relinquish Office for Defense Post—
on the City Council,
in his annual message, that he may resign before the expira¬
tion of his term on Dec. 31 and devote himself to work re¬
lated to some phase of the national rearmament program.
Mavor La Guardia served notice Jan. 8
The Mayor, delivering his 20,000-word message extemporaneously in
the Council Chamber of City Hall, said he was not indispensable to New
York and that he had arranged to leave his affairs in order in the event of a
This is the first time that Mayor LaGuardia
publiciy acknowledged that he may forsake City
If he should resign he would be succeeded by Newof the City Council.
change in administration.
on
his own initiative has
HaU for Washington.
bold Morris, President
United
States—Ao
Drastic
Over-All
Tax
Limitations
Adopted Since 1933—With the defeat of a proposed taxlimitation amendment in Arizona on Nov. 5, 1940, not a
single State has adopted a drastic constitutional limit to^the
amount of taxes on property since New Mexico, in 1933, the
Municipal Finance Officers' Association reported on Dec. 31.
Two other important tax limitation measures were voted upon Nov. 5,
however.
In Washington, a statutory measure limiting to 40 rnin« the
total levy on real and personal property for State and local purposes was
re-enacted.
In Alabama, the voters defeated a proposed amendment which
would have liberalized the limitation in that State by allowing certain cities
to increase their tax rates up to
1 % of the value of
the
property.
The most drastic of tax limitations, the over-all rate limits which set the
bounds for all State and local property taxation, exist in eight States—
in Indiana, Rhode
New Mexico, Ohio,
Island and Washington by statute, and in Michigan,
Oklahoma, and West Virginia by constitutional restric¬
tions, according to the Association.
"Binding over-all constitutional tax
in injury to local Government morale
their sources of revenue, the transfer of
A
limitations have generally resulted
through temporary destruction of
functions from cities to States, and
State taxes, usually some
the replacement of local taxes on property with
form of the general sales tax," the Association
cities cut salaries and wages
cut out
said.
following adoption of an over-all limitation In 1932,
drastically, discharged many employees,
street lights, discontinued garbage collection, curtailed fire protec-
In West Virginia,
some
The Commercial & Financial Chronicle
292
tion, and closed schools, said the Association.
State grants-in-aid were
necessary in the readjustments which followed.
In Washington, where the situation was less difficult, the State levied a
general sales tax, a cigarette tax, and taxes on the gross of business enter-
Erises following the limitation of taxes on property. Inmust first agree
Michigan, the
mitation act applies to all local units except cities, which
by local referendum to accept the limitation.
In this State, the schools
were first to suffer and the sates tax was used to reimburse the State school
fund for its loss of real estate taxes.
Rhode Island adopted an over-all limit of 2.5% in 1878.
The 3.15%
limitation adopted by Oklahoma in 1907 was cut to 1.7 % by a constitutional
amendment in 1933.
The cut "was accompanied by the development of
other sources of revenue, including the cigarette and retail sales tax, and
an increase in the rates of certain other State taxes.
Voter8
Reject Three-Fifths of Tax Proposals Submitted
on
Nov. 5 Ballots—Voters of 19 States rejected three-fifths of the
50 or more proposals submitted on Nov. 5 ballots as consti¬
tutional amendments
or
as
initiated
referred measures,
or
study of official returns by the Council of State Govern¬
ments showed Jan. 3.
The approved and rejected measures
covered property tax exemptions, sharing of State-collected
revenues by municipalities, tax limitations, new tax sources,
and other subjects.
/
a
Graduated land tax proposals were rejected in Oklahoma and North
Dakota; both amendments would have resulted in application of low prop¬
erty tax rates on small holdings and higher rates on larger holdings. Arkan¬
refused to approve an amendment exempting single and married persons
$100 worth of personal property respectively.
In Florida,
however, voters expanded property tax exemptions for widows by making
the exemption $500 regardless of dependents.
Arizona rejected an amendment granting homestead exemptions up to
$5,000; California voted down an amendment to exempt from local taxation
until 1955 all vessels—except yachts—of more than 50 tons registered and
operating out of California ports; and Louisiana rejected four tax amend¬
ments, including a proposal to exempt certain new industries from property
sas
from $50 and
taxation until 1944.
Arkansas approved amendments allowing cities of 5,000 or more popula¬
tion to levy a 1-mill property tax to maintain public libraries, and authoriz¬
ing first and second class cities to levy a tax of not more than 2-mills for
pensions for police and firemen.
Washington approved a referred statute
raising the property tax limitation to 40 mills.
Colorado turned down an
ad valorem tax on intangibles.
Two States rejected proposals concerning their income taxes—Colorado
defeating an amendment to make the present income tax rates mandatory,
and Louisiana refusing approval of a proposal to impose a graduated income
tax and to authorize the taxation of the income of public officials.
An initiated statute which would have resulted in a new source of
State revenue through legalization of horse and dog racing under a parimutuel system of betting was rejected, as was a similar initiated proposal in
Arizona to authorize the licensing and operation of gambling devices and
games.
Only one out of four proposals for local sharing in State-collected revenues
approved—Florida voters authorizing by an amendment the distribu¬
or race
track revenues among counties.
Arizona and Oklahoma
rejected initiated pr posais for greater sharing by localities of gasoline and
motor vehicle revenues, and California turned down an amendment to
allow local governments a share of revenue from the State Alcoholic
Beverage Act.
Three States—Idaho, Nevada and South Dakota—approved proposals
prohibiting use of State highway funds for purposes other than construc¬
tion and maintenance of State highways.
Other results:
Louisiana approved an amendment raising the State
gasoline tax from 5 to 6 cents, and another prohibiting local taxes on motor
rueis; Missouri rejected an amendment to reduce motor vehicle license fees
and abolish municipal gasoline taxes; and Maryland defeated a proposal
which would have resulted in a tax on oysters.
was
tion
United States Housing Authority—Local Units to Sell
$101,307,000 Notes—Sealed bids will be received for the pur¬
chase of a total of $101,307,000 temporary loan notes, to be
issued by the local housing authorities of various cities around
the country.
Public participation
in the temporary financing of the
United States Housing Authority slum clearance program was
initiated about a year ago with the first sale of local autho¬
rities' notes. In all, more than $547,409,000 such notes have
been placed through public competitive sale at interest rates
averaging about 0.50%, thus effecting substantial savings
over the rate of interest the USHA is required to charge for
its loans,
With part of the funds thus obtained, the local
housing authorities will repay to the USHA. all moneys
already advanced to them, with accrued interest. With the
remainder, they will meet the costs of construction of their
USHA-aided projects during the term of the notes.
In November, about $145,000,000 similar notes of various
local authorities were sold at rates ranging from 0.31% to
0.39%.
The current public offering is being presented in two groups
of issues.
Local housing authorities in the following cities
will participate in this financing as follows:
Bid
Opening Jan. 13 (Notes Dated Jan. 27, 1941)
Amount
City—
Amount
$
Alexander Co., HI— 1,610.000
Maturity
Boston, Mass—...21,500.000
Bremerton, Wash— 1,985.000
Bridgeport, Conn— 5,560.000
Brunswick, Ga.—
885.000
Danville, Va—i—
875,000
Columbus, Ga
2,815,000
Hartford, Conn
2,070.000
Henry County, 111350,000
10-31-41
3-27-41
City—
$
Hopewell. Va
297,000
JerseyCity, N. J— 3,800,000
Newark, N. J
9,800,000
Newport News, Va_ 1,927,000
Norfolk, Va
1,961,000
Maturiyt
6-15-41
7-29-41
6-15-41
1-27-42
1-27-42
11-15-41
3-27-41
Portsmouth, Va--- 1,967,000
Spartanburg, S. C.
785,000
1-27-42
5-27-41
1-27-42
1-27-42
6-14-41
—
6-14-41
Total
6-15-41
Amount
Bid
4-30-41
$
City—
Selma, A.a
600,000
Maturity
2- 3-42
10-31-41
1-27-42
Total
(90%) of the development costs. Under these loan contracts the
IJSHA has agreed that; prior to the issuance and delivery to it of definitive
bonds, it will make advances of funds to the issuers on account of said loans
per cent.
upon their
contract.
filing requisitions and complying with the provisions of the loan
The temporary loan notes are
issued in order to obtain the participation
private capital in the development of the projects and to reduce the
carrying charges of the issuer during construction by the sale of short-term
no es bearing in erest at very much lower rates than the USHA is required
to charge.
The proceeds of these notes are used to pay costs incurred in
the development of the project.
The pian is to borrow funds from others
than the USHA in anticipation of the advances to be made by It under the
loan contract.
The notes are Issued after the USHA has approved a
requisition for an advance of funds to the issuer in an amount which will
be sufficient to pay the principal of the notes with interest thereon to
maturity, and after the TJSHA has deposited with the Federal Reserve
Bank of the district in which the issuer Is located an authorization (which
is irrevocable as provided in a requisition agreement between the USHA
and the issuer) to pay the amount of such advance to the issuer on a date
which will be three (3) days prior to the maturity of the notes.
The notes
are payable out of theproceeds of the advance to be made by the USHA.
Security for Notes—The notes are valid and binding obligations of the
issuer and are secured by a requisition agreement between the issuer and
the USHA under which the USHA agrees to make available to the issuer,
on a date three (3) days' prior to the maturity of the notes, funds in an
amount equal to the principal of said notes and Interest thereon to marutity.
The issuer irrevocably directs the USHA to pay such funds to the bank at
which the notes are payable for use in the payment of the principal of and
interest on the notes when same become due and payable.
Tax Exemption Features—Under the provisions of Section 5 (e) of the
United States Housing Act as amended, the interest on these notes is
or
exempt from all Federal income taxes.
are
In practically all instances the notes
also tax-exempt in the State under the laws of which the issuer was
created
Shipping
Costs—The
expense of
shipping the notes from the Federal
Reserve Bank at which payment for them is made will not be charged to
the
purchaser.
Other Details—The notes are awarded .to the bidder offering to pay the
lowest interest cost.
In computing the lowest interest cost, the Authority
purchaser agrees to pay.
Proposals for the purchase of notes are required to be submitted in a bidding
form which is set out in each of the formal notices of sale.
No bid for less
takes into consideration any premium which the
than par and accrued interest
will be considered and no proposal will be
received for less than the full amount of each separate issue of notes offered.
USHA Legislation and
Bonds Discussed—The "funda¬
United States Housing Authority legis¬
lation, its legal and fiscal functions, the manner in which
the cooperation of private capital is enlisted through the
issuance of Local Housing Authority bonds and the security
behind these bonds" are discussed in a pamphlet issued by
Harvey Fisk & Sons, Inc.
The study includes a "Legal
corollary" on USHA legislation which was prepared for the
firm by J. N. Mitchell of the law firm of Caldwell & Ray¬
mental purposes of
mond,
University of Denver Offers Graduate Fellowships—
Ten graduate
ment
from
fellowships in the field of government
manage¬
offered by the University of Denver under a grant
the Alfred P. Sloan Foundation, for the academic
are
period beginning September, 1941. The fellowships, awarded
on a competitive basis, carry maximum stipends of $100 per
month for single persons and $150 per month for married
men.
Tne training period covers six quarters, from Septem¬
ber, 1941, to March, 1943.
Application forms may be
obtained by addressing the
Committee on Fellowships,
Department of Government Management, School of Com¬
University of Denver.
Applications must be filed not later than March 10, 1941.
merce,
Bond Proposals and
Negotiations
ALABAMA
SHEFFIELD, Ala.—BOND OFFERING—It is stated by Hoyt Greer,
President of the Board of Commissioners, that he wiU offer for sale on
Jan. 16, at 11 a. m./a $976,000 issue of 4% semi-ann. secured refunding
bonds. Dated Jan. 1,1941. Denom. $1,000. Due Jan. 1, asfoUows: $15,000
in 1943, $16,000 in 1944, $17,000 in 1945 and 1946, $18,000 in 1947, $19,000
in 1948 and 1949. $20,000 in 1950, $21,000 in 1951. $22,000 in 1952, $23,000
in 1953, $24,000 in 1954, $25,000 in 1955, $26,000 in 1956, $27,000 in 1957,
$28,000 in 1958, $29,000 in 1959, $30,000 in 1960, $31,000 in 1961, $32,000 in
1962, $34,000 in 1963, $35,000 in 1964, $37,000 in 1965, $38,000 in 1966.
$41,000 in 1967, $42,000 in 1968, $44,000 in 1969, $45,000 in 1970, and
$200,000 in 1971.
The $200,000 of bonds due in 1971 may be called for redemption in
inverse order of their numbers at the option of the city after 30 days* pub¬
lished notice, on any interest payment date on or prior to Jan. 1, 1946, at
105; subsequent to Jan. 1, 1946 and on or prior to Jan. 1, 1951, at 104;
subsequent to Jan. 1, 1951, and on or prior to Jan. 1, 1956, at 103; sub¬
sequent to Jan. 1,1956 and on or prior to Jan. 1,1961, at 102; subsequent to
Jan. 1, 1961, and oh or prior to Jan. 1, 1966, at 101; and subsequent to
Jan. 1,1966, at par. The bonds will not be sold for less than par plus accrued
interest to the date of delivery mid no conditional bids will be considered.
The city will furnish to the purchaser the opinion of recognized bond attor¬
neys approving the validity of the bonds, which opinion will contain the
customary reference to the constitutional limitation on the taxing power
of the city. The bonds will be delivered to the purchaser on or about Feb, 10.
A certified check for 2% of the face amount of the bonds, payable to the
city, is required.
SYLACAUGA, Ala.—BONDS PUBLICLY OFFERED—A $40,000 issue
payable at Chase National
addition to being direct obligations of
against property abutting the streets
bonds.
Legality to be approved by
and int.
Amount
Maturity
(herein caUed the USHA) has entered into loan contracts with the issuers to
assist their development of the projects by loans in amounts equal to ninety
public subscription. Dated
Dec. 1, 1941 to 1950.
Prin.
The bonds, in
the city, are secured by. assessments
Improved from the proceeds of the
Bradley, Baldwin, AH & White of
offered by Marx & Co. of Birmingham for
Dec. 1, 1940.
Denom. $1,000.
Due $4,000
Bid Opening Jan. 20 {.Notes Dated Feb. 3, 1941)
City—
$
Birmingham, Ala_, 8,800,000
High Point, N. C- 1,500.000
Newport, R. 1
1,095,000
Jan. 11, 1941
Purpose of Financing—The United States Housing Authority
ot2H% semi-ann general obligation public improvement bonds is being
68,187,000
-
Plan and
Birmingham.
11,995,000
Bank, New York;
.
Opening Jan. 20 and 27 CNotes Dated Feb. 3, 1941)
Amount
CUv—
$
♦Alexandria, Va.—
770,000
Allegheny Co., Pa. 1,600.000
Chester, Pa.——— 2,900,000
Amount
MaturUy
10-28-41
CUy—
*
8- 5-41
$
North Little Rock,
Ark
-
450,000
MaturUy
ARIZONA BONDS
10-28-41
8- 5-41
Phoenix, Ariz
1,600.000
8- 5-41
San Antonio, Texas 7,750,000
8-30-41
1,210,000
2- 3-42
Stamford, Conn
1,060,000
4-15-41
Hamtramck, Mich. 1,250,000
♦ Los
Angeles City,
Calif...
3,850,000
New Britain, Conn. 1,350,000
New York, N.Y... 1,400,000
2- 3-42
*
Texarkana. Texas
750,000
Washington, D. G 3,285,000
10-28-41
Markets in mil Municipal Issues
6-15-41
1,900,000
Dallas, Texas.——
Detroit, Mich
—
*
*
-
8-30-41
2- 3-42
REFSNES, ELY, BECK A CO.
6-14-41
8- 5-41
Total
PHOENIX, ARIZONA
31,125,000
To be opened on Jan. 27.
Outstanding features of these note issues may be summarized as follows:
The Issuers—-The notes are obligations of local public housing agencies
(the issuers) which are public bodies corporate and politic created by or
pursuant to the laws of one of the States and engaged In the development of
low-rent housing projects.
ARIZONA
■
FLAGSTAFF,
Ariz.—BOND SALE DETAILS—It is now reported
that the $200,000 water line construction bonds sold to Refsnes, Ely, Beck
& Co. of Phoenix, as 2&s, as noted here—V. 152, p. 144—were purchased
Volume
The Commercial & Financial Chronicle
152
at a
price of 100.3716, are dated Dec. 1,1940 and mature Dec. 1, as follows:
$16,000 in 1941, $17,000 in 1942, $18,000 in 1943, $19,000 in 1944. $20,000
1945 to 1948, and $25,000 in 1949 and 1950, the last $100,000 bonds
maturing are callable as follows:
$50,000 on and after Dec. 1,1943, $25,000
on and after Dec. 1, 1944 and $25,000 on and after Dec. 1,
1945.
in
ARKANSAS
ARKANSAS,
State
of—SCHOOL
DISTRICTS REDUCE BONDED
series of refunding and refinancing operations in the four
districts in Arkansas have
savings in interest estimated
at $375,000 annually by the State board of education, which is manager of
the revolving loan fund.
G. C. Floyd, director of finance, in releasing the report said the operations
were made possible by a favorable bond market.
Among the debt adjustments, Mr. Floyd cited the recent sale of $506,000
of refunding bonds by the Pulaski County district at a premium of $35,800
for a 3H% rate, compared with 4 to 6% on outstanding bonds.
School districts assisted by the revolving loan fund deposit their bonds
as collateral.
The fund is replenished by the sale of bonds by the depart¬
ment of education, which in turn uses district bonds as security.
DEBTS—By
a
years to Dec. 31, approximately 750 school
reduced principal $1,250,000 and have effected
ARKANSAS,
COLLECTIONS SET RECORD—Col¬
$27,221,017, topping the former record by $2,052,345, are
shown in a preliminary report of the Arkansas department of revenue for
1940.
December collections of $3,099,574 represent a record for a single
month.
Gasoline tax in December totaled $1,030,000, the fourth con¬
lections
State
of—TAX
of
secutive month in which it has exceeded $1,000,000.
293
purchased by the undersigned from the
respective issuing taxing units under contracts which are spread on the
Minutes of the Board of County Commissioners of Lake County.
Sale will be made of such portion of bonds of the above identified Issues
as may not have been confirmed by the above named firm on account of
subscriptions received 24 hours prior to the date and hour referred to above,
detail of said remaining bonds being obtainable by those having a bona
fide interest at its office after 9.00 a. m. of the day named for the sale.
All bids must be on an "all or none" basis and in unconditional form with
The
above
bonds
have
been
the distinct understanding that the successful bidder will
be obligated to
subject
accept delivery of such an amount of bonds of each issue as may be
to
confirmation under the paragraph next above.
Bidders must accompany their bids with a cashier's
check issued by a
responsible bank and payable to the above firm in the amount of $200,000,
which amount will be applied as part payment on the bonds awarded to the
successful bidder.
MIAMI, Fla.—BONDS VALIDATED—A decree was entered recently
by Circuit Court Judge Paul D. Barnes, validating the $8,000,000 water
system acquirement bonds and it is said that city attorneys are
proceedings to place the bonds on the market next month.
These
must
be
also
taking
bonds
approved by the State Supreme Court before they can be
offered for sale.
MONROE
COUNTY
(P. O. Key West), Fla.—BOND ELECTION—
proposed
bonds.
An election is said to be scheduled for Feb. 4 in order to vote on the
issuance of $40,000 county airport
PALM BEACH COUNTY SPECIAL TAX SCHOOL DISTRICTS
(P. O. West Palm Beach). Fla.—BOND SALE—The $600,000 issue of 4%
Special Tax School District No. 1 bonds offered for sale on
Jan. 6—V. 151, p. 3775—was awarded to a syndicate composed of the
First National Bank of Palm Beach, F. L. Dabney & Co. of Boston, Chil¬
dress & Co. of Jacksonville, and Leedy, Wheeler & Co. of Orlando, paying
a premium of $58,656, equal to 109.776, a basis of about 3.22%.
Due on
semi-ann.
California
Municipals
1 in 1944 to 1970.
Jan.
4H% semi-ann. Special Tax School District No. 4
the same date, was awarded to a group composed
Goss, Thomas M. Cook & Co., both of West Palm
Beach, and Carlberg & Cook of Palm Beach, paying a premium of $997.50,
equal to 101.425, a basis of about 4.36%.
Due from Jan. 1 1944 to 1970.
The $70,000 issue of
bonds offered for sale
BANKAMERICA COMPANY
Los Angeles
San Francisco
BRIDGE DISTRICTS
INFORMATION AVAILABLE— The
Districts Nos. 2, 3, 4, 5, 7, 8, 9 and 11,
refunding 5%-6% bonds are being requested to communicate with the
Clyde C. Pierce Corp., Barnett National Bank Building, Jacksonville, for
information relating to a refunding program covering the districts.
PINELLAS COUNTY SPECIAL ROAD AND
New York Representative
62 Wall St.
(P.
Telephone WHitehall 3-3470
COUNTY
(P.
O.
Eureka),
Calif.—SCHOOL
O.
Clearwater), Fla—BOND
holders of Special Road and Bridge
CALIFORNIA
HUMBOLDT
on
of Sullivan, Nelson &
BOND
OFFERING—Sealed bids will be received by Fred J. Moore Jr.,
County
Clerk, until 11 a. m. on Jan. 14, for the purchase of $5,000 not to exceed
5% s«mi-ann. Myers Elementary School District bonds.
Dated Feb. 1,
1941.
Denom. $1,000.
Due $1,000 Feb. 1, 1946 to 1950.
Prin. and int.
payable im lawful money at the County Treasurer's office.
Rate of interest
to be in a multiple of % of 1%.
Bidders will be permitted to bid different
ratee of interast for different maturities of the bonds.
The bonds will be
sold at not less than par and accrued inteest to date of delivery, and will
be ready for delivery on or about Feb. 1, at the County Treasurer's office.
Enclose a certified check for not less than $600, payable to the County
COUNTY (P. O. Sarasota), Fla.—BOND TENDERS
by J. R. Peacock, County Clerk, that he will
sealed offerings of courthouse refunding bonds, Series A & B, dated
Oct. 1, 1932, on Jan. 20, at 11 a. m.
The amount of bonds to be purchased will be determined by the Board
of County Commissioners and offerings must be firm for at least 10 days
in order to be considered.
The Board of Commissioners will have the right
to reject any or all offerings.
SARASOTA
INVITED—It is stated
receive
ILLINOIS
Treasurer,
OILDALE
SANITARY
DISTRICT
(P. O.
Oildale), Calif.—BOND
ELECTION—The issuance of $215,400 sewer system and plant bonds is
said to bs scheduled for a vote at an election to be held on Jan. 21.
MUNICIPAL UTILITY DISTRICT (P. O. Sacra¬
Calif.—BOND SALE—The $300,000 issue of semi-ann. revenue,
of 1938, series E general obligation bonds offered for sale on Jan. 7—
V. 151, p. 3915—was awarded jointly to Blyth &, Co. of Los Angeles, and
Dean Witter & Co. of San Francisco, as 1 %h, paying a price of 100.106, a
basis of about 1.74%. Dated April 1, 1938. Dre on Aug, 1 in 1945 to 1958.
SACRAMENTO
mento)
power
BELLWOOD SCHOOL DISTRICT NO. 87, 111— BONDS DEFEATED
an election on Dec. 7 the voters refused to authorize an issue of $40,000
—At
construction bonds.
EUREKA, 111.—BONDS SOLD—An Issue of $70,000 3% water revenue
of Chicago, at a price of 100.21.
bonds was sold to Benjamin Lewis & Co.
SANTA
BARBARA, Calif.—BOND ELECTION—An election is re¬
ported t« be scheduled for Feb. 3 in order to have the voters pass on the
issuance of $148,000 airport improvement bonds.
SANTA
AURORA, 111.—BOND SALE—Harriman Ripley & Co., Inc., and Paul
H. Davis & Co. of Chicago, jointly, purchased an issue of $240,000 2%
judgment funding bonds at a price of 104.589, a basis of about 1.39%.
Due
as follows: $10,000 from
1942 to 1944, incl.; $15,000 in 1945 and 1946;
$20,000 from 1947 to 1950, incl., and $25,000 from 1951 to 1954, lncl.
MARIA, Calif.—BONDS SOLD—A $35,000 issue of fair
sit®
purchase bonds approved by the voters at the general election in November*
is said to have been purchased on Dec. 16 by Lawson, Levy & Williams of
San Francisco, as
l%s, paying a premium of $102.93, equal to 100.294, a
Due $3,500 in from 1 to 10 years.
basis of about 1.32%.
COLORADO
FLANAGAN
111.—BONDS
COMMUNITY
VOTED—An
HIGH SCHOOL DISTRICT NO. 10,
of $100,000 construction bonds was
issue
authorized at an election on Jan. 2.
ILLINOIS
(State of)—BUDGET LARGEST ON RECORD—Surpassing
in Illinois history, a biennial
the half-billion-dollar mark for the first time
budget for $523,664,374 was presented to the 62d General Assembly
convened Jan. 8.
Governor John Stelle's provisional budget, which probably will be
which
pared
by Governor-elected Dwight Green when he takes office, compares with
$495,640,646 appropriated by the last Legislature.
In his message to the Assembly, Governor Stelle approved Mr. Green's
proposals to remove the sales tax from food items and reduce State expendi¬
tures by $35,000,000.
He predicted that financial matters will be the
most important questions to be considered by the new Legislature.
His
recommendations included enactment of a natural resources tax to be
levied on oil, coal, fluorspar, and other natural resources, if new taxes are
the
BERTHOUD, Colo .—BONDS SOLD—It is reported that $37,000 2K%
refunding bonds have been sold as follows: $30,000 to the Berthoud Na¬
tional Bank, and $7,000 to the Greenlawn Cemetery Endowment Fund.
CONNECTICUT
HARTFORD HOUSING AUTHORITY (P. O. Hartford),
Conn.—
needed.
NOTE OFFERING—Above authority will receive sealed bids until 1 p, m.
loan notes consisting
of $1,000,000 sixth series and $1,070,000 seventh series, all dated Jan. 27,
1941 and due June 14, 1941.
Notes will be sold in connection with con¬
struction of a low-rent housing project in the city.
Bidder to name rate
of interest and submit separate bids on the respective series.
No bids for
less than par and accured interest (interest to be computed on a 360-day
basis) will be considered.
on
13 for the purchase of $2,070,000 temporary
Jan.
TORRINGTON, Conn.—CERTIFICATE SALE—F. W. Home & Co.,
Inc. of Hartford purchased on Jan. 8 an issue of $350,000 tax certificates of
indebtedness at 0.229% discount.
Due $100,000 May 2 and $150,000
Nov. 30,1941, and $100,000 Jan. 10, 1942.
WEST
HAVEN, Conn,—BONDS SOLD—An issue of $180,000 2J*%
funding and street improvement bonds was sold during July, 1940, the loan
having been authorized previously on June 19.
The bonds are dated
July 1,1940, and mature $9,000 on July 1 from 1941 to I960,
inclusive.
BELLE
that
an
Fla.—BOND ELECTION—The Town Clerk states
been called for Feb. 4 to vote on the issuance of $140,000
bonds.
1946, incl.
INDIANA
STATE
TOOL
BRIDGE COMMISSION
(P. O. Indian¬
apolis), Ind.—PLANS NEW BOND ISSUE—Edgar L. Miles, member of
the Commission, announced Jan. 2 that the Commission will issue bonds
for a bridge across the Ohio River at Mauckport if a survey to be started
immediately indicates that traffic in Road 135 and Kentucky 60 is sufficient
to make the proposed structure financially successful.
Following the survey
Miles said, engineers will examine several sites along the river at and near
Mauckport to determine at what point the span should be constructed.
INDIANAPOLIS,
Ind.—TEMPORARY WANS AWARDED—'The
loan issues aggregating $985,000 and offered for sale on
3916—were awarded to Campbell & Co. of Indiana/polis,
all to bear 3% interest.
The issues mature May 15, 1941. A group com¬
posed of the Fletcher Trust Co., Union Trust Co., Indiana National Bank,
Merchants National Bank, American National Bank and the Indiana Trust
Co., all of Indianapolis, was the next best bidder, naming an interest rate of
0.375% on each loan and specifying premiums ranging from $1.40 to $22.56.
Jan. 7—V. 151, p.
GLADE,
election has
street and sidewalk
1942 to
various temporary
FLORIDA
r
INDIANA
CENTER TOWNSHIP (P. O. Beech Grove), Ind.—PROPOSED BOND
ISSUE—The township recently discussed the question of issuing $370,094
not to exceed 6% interest judgment funding bonds, to mature July 1 from
t
JACKSONVILLE, Fla.—BOND SALE—The $260,000 issue of semi-ann'
refunding, issue of 1941, coupon bonds offered for sale on Jan. 3—V. 151,
p. 3774—was awarded to John Nuveen & Co. of Chicago, as 2s, paying a
premium of $2,953.82, equal to 101.136, a basis of about 1.91%.
Dated
Jan. 15, 1941.
Due on Jan. 15 in 1954 to 1957.
The second best of eight proposals was that entered by the Harris Trust
& Savings Bank of Chicago, the Trust Co. of Georgia, of Atlanta, the
Mercantile Trust Co. of Baltimore, and Childress & Co. of Jacksonville,
bidding jointly, offering a premium of $329.94 for $70,000 bonds maturing
in 1955 as l%s, the remaining $190,000, maturing in 1954, 1956 and 1957,
as 2s, giving a net interest cost of about 1.92%.
BONDS OFFERED FOR INVESTMENT—'the bonds were reoffered for
INDIANAPOLIS, Ind.—NOTE SALE—The $100,000 temporary loan
6—V. 151, p. 3775—were awarded to the Albert McGann
Bend, at 0.40% interest rate, plus a premium of
$5.
Dated Jan. 6, 1941 and due May 12, 1941.
Local banks submitted
the next best bid, naming a rate of 0.45% and $5.46 premium.
issue offered Jan.
Securities Couof South
MARION COUNTY (P. O.
Indianapolis), Ind.—WAN OFFERING-
Ralston, County Auditor, will receive sealed
(CST) on Jan. 15 for the purchase of $625,000 not to
exceed 5% interest temporary loans, divided as follows:
BOND OFFERING—Glenn B.
bids until 10 a. m.
public subscription at prices to yield from 1.70% to 1.80%, according to
maturity.
It was stated subsequently that Blair, Bonner & Co. of Chicago, was
associated with the above firm in the purchase.
$225,000 county welfare fund warrants, dated Jan. 28, 1941 and due
June 15,1941. Part of an authorized issue of $450,000, the balance
to be dated April 30, 1941.
Warrants and interest thereon are
Fla .—BOND BIDS INVITED—RE, Crummer & Co. will receive sealed bids at its offices, 300 First National
Bank Building, Orlando, until noon on Jan. 11, for the following 4% semiann.
non-callable refunding bonds, dated July 1, 1939, of the following
400,000 generalfund warrants, dated Jan. 28,1941 and due June 15, 1941.
Payable out of taxes heretofore levied for the general fund and m
course of collection.
,
.
LAKE COUNTY (P. O. Tavares),
identified taxing units:
General
$229,000
402,000
-
Road and bridge.
Leesburg Special Road and Bridge District No. 1
South Lake Special Road and Bridge District No.
543,000
250,000
2
Special Road and Bridge District No. 3
East Lake Special Road and Bridge District No. 6
Special Road and Bridge District No. 7
Special Road and Bridge District No. 8
Special Road and Bridge District No. 9
Special Road and Bridge District No. 10
Special Road and Bridge District No. 14
Lady Lake Special Road and Bridge District No. 15.
139,000
469,000
--
514,000
1,083,500
946,500
803,000
466,000
51,000
payable out of taxes heretofore levied for
and in course of collection.
Warrants
will be issued in denoms.
of $5,000.
the county welfare fund
Principal and interest
payable at the County Treasurer's office at maturity. .Bidder to
legal opinion as to the validity of the warrants. A certified Check
of the amount of each issue bid for, payable to order of the Board of
Commissioners, is required.
BOND
B. Ralston, County Auditor, will receive
(CST) on Jan 29 for the purchase of $23,000 not to
Michigan St. bridge bonds of 1941. Dated Feb. 15,
Due as follows: §2,000 June 15 and Dec. 15 from
OFFERING—Glenn
sealed bids until 10 a. m.
exceed 5% interest West
1941.
Denom. $1,000.
1942 to 1945 incl. and $4,000 June
J-D. The bonds are unlimited tax
must
furnish
for 3%
County
be accompanied
payable to order of the
15 and $3,000 Dec. 15, 1946. Interest
obligations of the county and proposals
3% of the bonds bid,.for,
Board of County Commissioners.
by a certified check for
The Commercial & Financial Chronicle
294
VANDERBURGH COUNTY (P. O. Evansville), Ind.—BOND SALE
—The $560,000 poor relief advancement bonds offered Jan. 9—V. 151,
p. 3427—were awarded to Spencer Trask & Co. and Wood, Struthers &
Co., both of New York, jointly,
1 Ha at par plus a premium of $5,600,
1.08%.
Dated Jan. 2, 1941, and due
as
equal to 101, a basis of about
$28,000 on June 1 and Dec. 1 from 1942 to 1951 Incl.
from 0.20% to 1.15%, according to maturity.
&
Savings
Bank,
\M%
Chicago,
and
Rate Bid
100.54
100.267
1M%
101.096
100.769
Vincennes), Ind.—BOND SALE—
The $10,500 refunding bonds offered Jan. 2—V. 151, p. 3775—were awarded
to McNurlen & Huncilman of Indianapolis, as 2^s, at par
plus a premium
Dated Jan. 1,
1941
The Fletcher Trust
Co. of Indianapolis, second high bidder, named a premium of $64 for
2Ms-
YORK TOWNSHIP SCHOOL DISTRICT (P. O.
Lawrenceburg),
Ind.—BONDS TO BE REOFFERED—'The $15,900 not to exceed 4 % interest
1940, will be reoffered at an
early date, according to the Township Trustee.
school bonds unsuccessfully offered in May,
NEWELL CONSOLIDATED INDEPENDENT SCHOOL DISTRICT
(P. O. Newell) Iowa—BOND OFFERING—It is stated
by the Secretary
of the School Board that he will receive bids until 2 p. m. on .Jan.
14, for the
purchase of $20,000 building bonds. Dated Jan. 2, 1941.
Denoms. $1,000
and $500. Due Nov. 1, as follows: $1,000 in 1943 to
1950, $1,500 in 1951,
$1,000 in 1952 ar.d 1953, $1,500 in 1954, $1,000 in 1955, and $1,500 in 1956
to 1959. Interest payable May and Nov. 1. These
are the bonds authorized
at the election held on June 10.
The district will furnish the printed bonds
and the approving opinion of Chapman & Cutler of
Chicago. The bonds are
issued under authority of Chapter 227, Code of Iowa.
No certified check
required.
OFFERED FOR
BOND
Beecroft,
Topeka, are offering for public subscription $62,621.99 2%
semi-ann. internal improvement bonds at prices to
yield from 0.30% to
1.40%, according to maturity.
Dated Dec. 1, 1940.
Due as follows:
$3,760.59 on Aug. 1,1941; $2,861.40 on Feb. 1 and $4,000 on
Aug. 1, 1942;
$3,000, Feb. and $4,000, Aug. 1 in 1943 to 1945: $3,000, Feb. and
Aug.
1,1946 to 1949; $2,000, Feb. and $3,000, Aug. 1, 1950, and $2,000 on
Dec.
1, 1950. Prin. and int. (F-A) payable at the office of the State
Treasurer
in Topeka.
These bonds are being offered, subject to rejection
by the
State School Fund Commission.
Legality to be approved by Bowersock.
Fizzell & Rhodes of Kansas City, Mo.
KENTUCKY
(P*
°I Paducah,)> of
Ky.—BONDS
composed
Stein
OFFERED
account
Bros.
& Boyce,
purchased
house, first mtge. bonds offered
for sale on Dec. 30—V.
151, p. 3917—and the bonds are
being reoffered
for general subscription at
prices to yield from 2.00% to
3.65%?according
to maturity. Dated Dec.
1, 1940. Denom. $1,000
Due Dec 1. as follows:
$8,000 in 1943 to 1945, $9,000 in 1946 and
1947, $10 000 in 1948 to 1950
$11,000 in 1951 and 19.52, $12,000 in 1953 to
1955 $13 000 in l956 and
1957, $14,000 in 1958, and $15,000 in 1959 and
I960*, callable after'Dec. 1,
1945, on any interest payment date upon 30
days'
Co.. all of Louisville,
coupon court
accru^ nterest
published notice at 102
and int. payable
m inverse order of maturities. Prin.
4ke Peoples National
Bank, Trustee, Paducah.
by Woodward, Dawson & Hobson, of Louisville.
Legality approved
PIKE COUNTY (P. O.
Pikeville), Ky.—BOND CALL
It is stated hv
Esther Hopkins, County
Judge, that the county is calling for
payment as of
Feb 1 at the county treasurer's
office in Pikeville,
4scVool
bonds to the amount of
$125,000, at a price per bond equal to the
principal
bSLdlng
LOUISIANA
SrSmJui' ?' 3595—were purchased
Bank & Trust Co.
bonds
rec^?vl?e?1ed!S
ealed bids untl1 11
Iwnds
offered
by the Concordia
O
for
Par' according t0 the Secretary of the
$50,000
sale
Jan!
on
School Board.
AUGUSTA,
Me.—NOTE OFFERING—Alfred J. Lacasse, City Treas¬
will receive bids until 11 a. m. on Jan. 14, for the purchase at dis¬
anticipation of revenue for the year 1941.
Dated Jan. 16, 1941 and payable as follows:
$150,000 Sept. 10, 1941,
and $50,000 each on Oct. 8, Nov. 7 and Dec. 19, 1941.
Notes will be
authenticated as to genuineness and validity by the National Shawmut
Bank of Boston, under advice of Ely, Bradford,
Thompson & Brown of
urer,
count of $300,000 notes issued in
Boston.
election held
an
sewer
on
Dec
bonds, according
31
the
to report.
Stated h% J*a/°T G A- Maraist that he will
a m- on Feb. 4, for the purchase of the above
as
net Interest cost of
at a
about 2.73%.
Due
on
Jan.
003
WATER LOAN—
Having been informed by engineers that it will be necessary to expand the
municipal water supply system in the near future. Mayor Jackson on
Jan. 2 decided to seek authority from the State General Assembly to issue
a $20,000,000 water Joan.
A bill providing for such authority will be pre¬
pared by Charles C. G. Evans, City Solicitor.
If the legislature sanctions
the loan, the question will be submitted to the voters at the general election
in 1942.
f89Tf^ OOnmoandrtvfien$7()?'?00
iQl7nnd«?^
$135,000
Of
of 1917 and
nno
on
MASSACHUSETTS
BOSTON, Mass.—1940 TAX COLLECTIONS HIGHLY FAVORABLE—
The "Boston Municipal
Municipal
Letter," dated Jan. 3, published by the Committee
Finance of the Boston Chamber of Commerce, stated as
1931
has the record of collections of the current years tax
levy at the end of the
year, surpassed that for 1940.
In the following table
the last column shows the trend back to 1935.
The other columns show the
actual figures for each year:
Tax
Collected, Dec. 31
*Levy
(Property &
Rate
Year—
Poll Taxes)
of Levy Year
P. C.
Amount
_$37.00
71.737
$61,632,000
$44,213,000
38.00
62,099,000
45,905,000
1937_
38.70
62,055,000
44,885,000
1938.
41.30
64,626,000
50,059,000
39.90
61,371,000
47,319,000
40.60
60,753,000
48,306,000
*
Includes supplementary December assessments.
'tax
collections
day'
over
on
1939.
73.922
72.331
77.460
77.102
79.512
Nov. 1, 1940, we reported a strong gain in 1940
We stated that this gain might be more apparent
than real, due to the late billing of the 1939 levy, but we suggested that the
end-of-the year figures would reveal the soundness of the increase.
"It is now clear that the gain is real.
Better economic conditions are
an
his
important cause.
Credit must be given to City Collector Thompson for
part in the improvement.
The record during the three years of his
term of office is
BRISTOL
consistently good one."
a
COUNTY
(P. O. Taunton), Mass.—NOTE OFFERING—
Ernest W.
Kiiroy, County Treasurer, will receive bids until 10 a. m. on
14, for the purchase at discount of $300,000 notes issued in anticipa¬
tion of taxes for the year 1941.
Dated Jan. 15, 1941 and payable Nov. 12,
1941 at the National Shawmut Bank of Boston.
Notes will be certified as
Jan.
to
genuineness and validity by the aforementioned bank, under advice of
Ropes, Gray, Best, Collidge & Rugg of Boston.
ESSEX COUNTY (P. O.
Salem), Mass.—NOTE SALE—The Gloucester
National Bank of Gloucester
notes
as
was
awarded
on
Jan. 3
a
total of $1,190,000
follows:
$900,000 temporary loan notes, due Nov, 6, 1941, sold at 0.05% discount.
290,000 tuberculosis hospital maintenance notes, due Jan. 6, 1942, sold
at 0.094% discount.
An issue of $280,000 tuberculosis hospital maintenance renewal notes,
due April 1, 1941, was sold Jan. 3 to the Security Trust Co., Lynn, at
0.02% discount.
<
Other bids
for
the three loans
were
as
follows:
$900,000
Bidder—
Gloucester
$290,000
$280,000
Discount Rate
National
Bank
0-05%
Manufacturers Trust Co., Lynn_.
Merchants National Bank, Salem__^
0.07%
0.11%
0.086
0.116
0.086
0.092
0.12
0.125
0.15
0.099
0.12
:
0.06
0.139
0.149
0.09
0.15
0.18
0.13
HAMILTON, Mass.—NOTE SALE—R. L. Day & Co. of Boston pur¬
chased on Jan. 8 an issue of $500,000 notes at 0.03% discount.
Dated
Jan.
10, 1941 and due Nov. 20, 1941.
Town will pay $13.08 for the loan
compared with $1,041 on $80,000 borrowed in 1934.
Other bids for the
Day Trust Co., 0.04%; Beverly National Bank, 0.068%;
Naumkeag Trust Co., 0.08%; Merchants National Bank of Salem, 0.083%;
Second National Bank of Boston, 0.18%.
as
ail0.000,000
court house bonds, $145,000
OLLA SEWERAGE
DISTRICT NO. 1 fP
O
(J-J) payable at the National Shawmut Bank of Boston.
Legality to be
approved by Storey, Thorndike, Palmer & Dodge of Boston.
MASSACHUSETTS
coitiSS? Issue
Ollni
T
no at n
«
rrp
received until Jan. 21
sewer
BOND ISSUE—A
bonds.
i
(State
of)—SUGGEST
$25,000,000
TUNNEL
bill filed with the State Legislature by Representative
William P. Coughlin of East Boston calls for an issue of $25,000,000 bonds
to finance the purchase by the State of the East Boston vehicular tunnel
and the abolition
of
on a $9,000,000 issue
sewerage and water board bonds of
1939, series E.
by the Town Clerk, for the
b^y^h^fewnClerk°rfoi?thhat se^led bids win be
purchase of $25,000
HAVERHILL, Mass.— BOND OFFERING—Gertrude A. Barrows, City
Treasurer, will receive sealed bids until 11a.m. on Jan. 13 for the purchase
of $30,000 coupon water main bonds, 133rd issue.
Dated Jan. 1, 1941.
Denom. $1,000.
Due $2,000 on Jan. 1 from 1942 to 1956, incl.
Bidder
to name rate of interest in multiples of H of 1%.
Principal and interest
1, 1942 to 1966.
RETIREMENT—The
Board of Liquidathe City Debt of New
Orleans is retiring $1 000 000 of the citv's
bonded indebtedness, Horace P.
Phillips, Secretary has announced
Pavor
MARYLAND
Md.—RECOMMENDS $20,000,000
current issue:
thaAh^T^\^7 refunding bonds sold to the Equitable Finance states
Pr?ID77The\. T™Btee of
$5S,bb7.50
Securities Corn
2?s il6noted her^V^M67^^^?8' S14-d{)0 as 2^8- and $16,000
fiifv
noted here—-V. 1,51, p.3776—were sold
price of 100
tlon
1943605
0.21%
0.12%
0.24%
Second National Bank of Boston
Vid«li»l
tnat the
a
Discount
Gloucester Safe Deposit & Trust
2fP
KAPLAN, La .—BONDS VOTED—At
'
Beverly National Bank
CONCORDIA PARISH SCHOOL
DISTRICT NO
La.—BOND SALE
The $6,000 school
voters approved the issuance of
100.174
100.049
Cape Ann National Bank
Naumkeag Trust Co
SSSVSftS
Due in10 years
100.30
100.26
$375,000 Notes:
"After
COVINGTON,
—.yK
SALE
BOND
—It is now reported that
the $350,000 coupon semi-annual
funding bonds of 1940 sold on Jan. 2 to
Assel, Goetz & Moerlein of Cincinnati, and associates, as 3s, for a
premium
of $3,155, equal to 100.901, as noted here—V.
152, p. 145—-were awarded
to them with a proviso that
$7,000 is to be paid by the purchaser to the
city s fiscal agents.
These bonds were issued to liquidate a
floating debt
of
D,aHcI Jul7,1',1940- Due on July 1 as follows: $16,000 in 194.3
to 19o7, and $22,000 in 1958 to 1962.
Associates of the above firm in the
purchase are: Nelson, Browning & Co. and
Seasongood & Mayer, both of
Cincinnati.
Legal approval by Chapman & Cutler of
Chicago.
INVESTMENT—An
Bank of Boston
Bidder—
"Not since
RUSSELL, Kan.—
A!?1®onntn?n0oSG^n<i tJ?e Bankers Bond
the $200,0003 % % semi-ann.
0.75%
0.75%
1%
1%
follows:
Cole& Co. of
and
For
Rate Bid
Int. Rate
National Rockland Bank of Boston
E. H. Rollins & Sons
on
KANSAS
FOR
'
BALTIMORE,
IOWA
is
$50,000 Bonds:
Bond, Judge & Co
R. L. Day & Co
100.125
1 Vi%
of $74.55, equal to 100.71, a basis of about 2.18%.
and due $5,000 July 1, 19o2 and $5,500 Jan. 1, 1953.
Boston.
Bidder—
100.179
114%
—
(J-J) payable at the Merchants
Legality approved by Ropes, Gray, Best,
Payable Nov. 4,1941 at the Merchants National Bank of Boston.
Second National
\\i%
\Y\%
fensperger, Hughes & Co—
Halsey, Stuart & Co., Inc., and First of Michigan
Corp..
int.
E. H. Rollins & Sons, Inc
1 H%
Lazard Freres & Co. and Paul H. Davis & Co
Blair & Co., Inc.; Mullaney, Ross & Co., and Raf-
VINCENNES TOWNSHIP (P. O.
discount.
For
Chicago, and Old National.Bank, Evansville—
First Boston Corp. and Illinois Co. of Chicago..
Harriman Ripley & Co., Inc.; Mercantile-Commerce
Bank & Trust Co., and Almstedt Bros
of
and
|gg|J0g
100.88
First National J3ank of Chicago, Northern Trust Co.
of
Bank
Jan. 11, 1941
Prin.
Coolidge & Rugg of Boston.
NOTE SALE—The issue of $375,000 tax anticipation notes also offered
Jan. 2 was awarded to the First-Auburn Trust Co., Auburn, at 0.19%
the
National City Bank of Evansville
1946 incl.
OTHER BIDS—Following are the other bids submitted for the respective
Int. Rate
Trust
1942 to
National
Other bids:
Bidder—
Harris
Reoffered to yield
from
of the present
15-cent toll.
MIDDLESEX COUNTY (P. O. East Cambridge), Mass.—NOTE OF¬
FERING—Charles P. Howard, County Treasurer, will receive sealed bids
urtil 11 a.m. on Jan. 14 for the purchase at discount of $1,500,000 notes
Dated Jan. 17,1941.
Denoms. to suit purchaser, but no note will be smaller
tbar $10,000.
Payable Nov. 14. 1941 at the First National Bark, Boston,
at the Central Hanover Bank & Trust Co., New York City.
This
or
NOT3MfPRT)PAf^IS!XTH WA?G
:SPECIAL SCHOOL DISTRICT
sji^nn^lfTmnL1"
^SSSl'bSSTSgS SKfcS'jST!?
di^'deS
M
fnllnSS:
1947-$5 0rn
remaining
iQ4»
*64 ran
Job1 Pane of No"
*n*i
as
premium of
?,6'000' 1?53 to 1957
ac
proceedings
on the bonds
$4,000 in 1942 to
and $7,000 in 1958: the
°n Jan* 15:
•
ta 1959 a"d
SS
s<2iSaby a Wld? margin
soon
a
Snn m ???' S086 of about 2-59%,
oko
MM®
A*
As
Orleans?paying
I?," *
are
196°j
nisi
0.48%.
at an election-held
on
Dec. 31.
will be offered for sale.
is borrowed ir
of the
currert
anticipation of and will be repaid from the county
Legal opinion of Ropes. Gray, Best, Coolidge
year.
Rugg of Boston will be furnished the successful bidder.
NATICK, Mass.—NOTE SALE—Award of the $225,000 notes offered
Jan.
6
was
divided between the Merchants National Bank of Boston and
the Second National Bank of Boston, as each named a rate of
the issue.
Notes mature $125,000
on
Nov. 5 and $100,000
on
0.09% for
Nov. 18,1941.
PLYMOUTH COUNTY (P. O. Plymouth), Mass .—NOTE OFFERING
County Treasurer, will receive sealed bids until 11 a.m.
Jan. 14 for the purchase at discount of $300,000 tax anticipation notes.
Dated Jan. 7, 1941.
Denom. $20,000.
Due Nov. 20, 1941.
These notes
Denom. $1,000.
were authorized by vote of the County Commissioners on Jan. 7, and have
the legal opinion of Ropes, Gray. Best, Coolidge & Rugg of Boston, and
certificate of the Second National Bank of Boston, where the notes will be
payable.
AWARD—'The
$50,000
coupon
bonds offered Jan. 2 were awarded to Frederick
n,£ ofBostonas
Dated Jan. 1, 1941. O^Os, at a price of 100.06, a basis of about
&
on
completed they
N°TE
'il/
tax
—Avis A. F.well,
MAINE
v
monev
Due $10,000
I
on
Jan. 1
SPRINGFIELD, Mass.—NOTE SALE—City Treasurer George W.
Rice on Jan. 6 borrowed $2,000,000 at 0.04%.
The note®, which mature
$1,000,000 Nov. 6 and $1,000,000 Nov. 12, were sold at a private sale to
a Boston bank.
The rate of 0.04% is the lowest rate the city has secured
Volume
the interest charge for the first maturity being
This loan is part of a city
this year to meet
current bills prior to collection of taxes and other revenue due the city.
For $2,000,000 borrowed a year ago, the successful bid was 0.065% and
in January, 1939 a similar loan was made at the rate of 0.11 %.
for
use
of
much
so
money,
$341, while the Nov. 12 maturity cost $347-
council authorization for borrowings up to $10,000,000
WATERTOWN,
Trust Co.
was
Mass.—NOTE SALE—The
awarded
Jan. 8
on
an
Boston
Safe
Deposit
&
issue of $300,000 tax notes at 0.047%
1941.
Other bids:
Second National Bank of
Boston, 0.086%; Merchants National Bank of Boston, 0.09%; National
Shawmut Bank, 0.11%; First National Bank of Boston, 0.22%.
Due
discount.
Nov.
28,
ST. LOUIS COUNTY
BERRIEN COUNTY (P. O.
St. Joseph), Mich.—BOND SALE—'The
WANTED—Secretary
Board
of
the Board will
14 at 10 a. m.
in the amount of approximately $350,000 under the following conditions:
All offerings shall be in writing and shall be sealed.
Offerings shall show
the purpose, the rate of interest, date of maturity, the dollar value and
the yield.
The Board of Trustees reserves the right on bonds purchased
which are delivered subsequent to Jan. 21, to pay accrued interest up to
that date only.
Offerings will be accepted on the basis of the highest yield.
The Board of Trustees reserves the. right to reject any or all offerings.
Offerings shall remain firm until 1 p. m. Jan. 15.
BONDS PURCHASED—Reporting on outcome of the call for tenders
on Jan. 7 of city bonds for the W^ater Board sinking fund, Mr. Slutz re¬
vealed that $190,000 bonds were purchased at an average yield of 2.729%.
Mich.—OFFERINGS
DETROIT,
Trustees Retirement System Donald Slutz announces that
receive sealed offerings of city non-callable bonds until Jan.
GROSSE POINTE,
Mich.—BOND SALE—The $32,500 coupon bonds
awarded to Crouse & Co. of Detroit,
equal to 100.284, a basis of
offered Jan. 2—V. 151, p. 3917—were
1Mb, at par plus a premium of $92.53,
about 1.19%.
Sale consisted of:
as
$12,500 general obligations paving bonds. Due May 1 as follows: $2,000
from 1942 to 1946 incl. and $2,500 in 1947.
20,000 general obligation sewer bonds.
Due $2,000 on May 1 from
Jan. 21, by W. H. Borgen,
payable in legal tender at the County
Treasurer's office, or at the Irving
Trust Co., New York, or at any other place elected by the purchaser.
sale of the bonds may not be at a sum below the par value thereof,
accrued interest to the date of delivery.
bonds
The
are
to
be issued
Minnesota for 1939, subject to
The
with
Chapter 161, Laws of
Chapter 131, Laws of Minnesota for 1927,
under authority of
to fund overdraft in the County
bonds to be paid for within 10 days after
amended,
The
$69,000 refunding highway improvement bonds offered Jan. 3—Y. 151,
p. 3776—were awarded to Crouse & Co. of Detroit, at a price of 100.117
for the bonds to bear 1M% interest to Nov. 1/1941,0.75% to Nov. 1,1943,
and 1% to May 1, 1945, making a net interest cost of about 0.912%.
The
bonds are dated Feb. 1, 1941 and mature Mayl, 1945.
Callable at par
and accrued interest on any interest date on 90 dajs' notice.
Second
high bid of 100.038 for Is was made by Miller, Kenower & Co. of Detroit.
(P. O. Duluth), Minn.—BOND OFFERING—
Sealed bids will be received until 1:30 p. m. on
County Auditor, for the purchase of a $482,000 issue of county welfare
deficiency bonds.
Dated March 1, 1941.
Denom. $1,000. Due Nov. 1,
as follows: $100,000 in 1942 to 1944, and $182,000 in
1945. The interest
rate bid must be some multiple of l-10th of 1%.
Prin. and int. (M & N)
as
MICHIGAN
295
Chronicle
The Commercial & Financial
152
Welfare Fund for 1940.
notice that the same are
ready for delivery, the delivery and payment to be made at the County
Treasurer's office, in the County Court House.
If payment for or delivery
of the bonds is desired at any other place, it shall be at the expense of the
purchaser.
Blank bond forms will be furnished by the county at its own
expense and no allowance will be made for the same, if furnished by the
purchaser.
The legality of this issue of bonds will be passed upon by
Thomson, Wood & Hoffman of New York.
A copy of such approving
opinion will be furnished the purchaser.
ST. LOUIS PARK,
Minn.—WARRANT OFFERING— Sealed bids will
Joseph lustad, Village Recorder, for
be received until 8 p. m. on Jan. 20, by
the purchase of $3,000 not to exceed 5% semi-ann. street
orders. Dated Jan. 20,1941. Due $1,000 on Jan. 20 in 1942
improvement
to 1944.
PARK, Minn.—WARRANTS NOT SOLD—We are in¬
formed by the Village Recorder that the $5,000 not to exceed 5% semi-ann.
street improvement orders scheduled to be offered on Dec. 30—V. 151, p.
3918—were not sold as the issue was withdrawn.
He states that another
issue will be offered for sale in the near future.
LOUIS
ST.
WANAMINGO INDEPENDENT SCHOOL
DISTRICT NO. 165 (P. O.
Wanamingo), Minn.—BOND OFFERING—It is stated by F. A. Engstrom,
sealed and auction bids until
Jan. 16, at 8 p. m., for the purchase of $34,000 building bonds.
Denom.
$1,000.
Dated Feb. 1, 1941.
Due $2,000 from Feb. 1, 1944 to 1960.
Bidder to name rate of interest.
Prin. and int. (F-A) payable at any suit¬
able bank or trust company designated by the purchaser.
The district will
furnish the printed and executed bonds and the approving legal opinion of
Fletcher, Dorsey, Barker, Colman & Barber of Minneapolis, without cost
to the purchaser.
These bonds were authorized at the election held on
Dec. 12, and will be delivered on or before Feb. 10, or thereafter at the
option of the purchaser and such delivery will be made either in Wanamingo,
Minneapolis, or St. Paul, as requested by the purchaser. A certified check
for $680, payable to the district, is required.
Clerk of the School Board, that he will receive
1942 to 1951 incl.
Second high bid of 100.166
Sutherland & Co. of Toledo.
All of the bonds will be dated Dec. 30, 1940.
for
1Mb was made by Ryan,
PARK CITY
HIGHLAND
Park),
SCHOOL
Mich.—TENDERS FOR
O.
Highland
DISTRICT AND
DETROIT
DISTRICT
SCHOOL
(P.
S. Reilly, Secretary of the Board of Education,
that sealed tenders of bonds of the distrcit and of non-callable
BONDS SOLICITED—C.
announces
bonds of the
City of Detroit due before Dec. 1, 1956, will be received by
the board up to 7.30 p.m. on Jan. 14.
About $50,000 is available in the
sinking fund for investment.
Tenders should state kind of bonds, bond
numbers, date of issue, date of maturity, rate of interest, dollar price and
rate of interest yield to maturity.
Offerings should be firm for three days.
Mich.— BONDS NOT SOLD
—The $1,000,000 not to exceed 5% interest coupon water supply system
revenue bonds offered Jan. 6—V. 151, p. 3917—were not sold, as no bids
could be accepted due to an injunction served on the Township Board.
A hearing on the injunction will be held on Jan. 10.
LANSING TOWNSHIP (P. O. Lansing),
ORION TOWNSHIP SCHOOL DISTRICT NO. (P. O.
Lake Orion),
SOLD—The $36,000 coupon refunding bonds offered in
November, 1940—V. 151, p. 2827—were awarded to Crouse & Co. and
Miller, Kenower & Co., both of Detroit, jointly, on a bid of 100.208 for
$1,000 2s, due Dec. 15, 1941, $5,000 ZMb, due $1,000 from 1942 to 1946
incl. and $30,000 4s, due $1,000 from 1947 to 1954 incl. and $2,000 from
Mich.—BONDS
1955 to 1965 incl.
MISSISSIPPI
BOLTON, Miss.—BONDS SOLD—The Town Treasurer states that
$15,000 3% semi-ann. paving bonds have been purchased at par by the
Merchants Bank of Bolton.
Dated July i, 1940.
Due $1,000 on July 1 in
1941 to 1955, incl.
Legality approved by Charles & Trauernicht of St.
Louis.
JACKSON,
p.
as
Mich.—
revenue
bonds offered Jan. 6—V. 151, p. 3917—were awarded to a group composed
of Siler, Koose & Co., Toledo, Wright, Martin & Co., Detroit, and the
1952 to
1965 incl.
Bonds maturing in the years 1961 to
1965 incl.
interest date on or after Jan. 1, 1944.
Second high
bid of 98 for 3Mb was made by a group composed of Polk Peterson Corp.,
Carleton D. Beh Co. and Pohl & Co., Inc.
are
redeemable
on
any
WOODSTOCK, ROLLIN, SOMERSET AND WHEATLAND TOWN¬
SHIPS FRACTIONAL SCHOOL DISTRICT NO. 7 (P. O. Addison),
Mich.—BOND SALE—The $45,000 coupon refunding bonds offered Jan. 6
—V. 151, p. 3918—were awarded to Crouse & Co. of Detroit, as 2Mb, at
par plus a premium of $37.80, equal to 100.084, a basis of about 2.24%.
Dated Jan. 15, 1941 and due April 15 as follows: $2,000 from 1941 to 1962
incl. and $3,000 in 1963.
NOTICE—In
an
announcement
the district stated that
amended by omitting the
dated Jan. 4,
the official notice of the bond offering is hereby
redemption of bonds maturing in 1962 and 1963
at par and accrued interest on any interest date on or after April 15, 1946,
in inverse numerical order," and substituting the words "without option of
prior redemption."
MINNESOTA
CHIPPEWA COUNTY
(P. O. Montevideo),
on
Feb.
FARIBAULT, Minn.—BONDS NOT SOLD—It is stated by T. A.
Mealia, City Recorder, that $11,648.16 permanent improvement bonds were
offered on Jan. 7 but were not sold as no bids were received, and the bonds
will be purchased by the sinking fund.
MINNEAPOLIS, Minn.—BOND SALE— The $1,745,000 coupon semi¬
annual refunding bonds offered for sale on Jan. 9—V. 151, p. 3918,—were
awarded to a syndicate composed of Phelps, Fenn & Co., Stone & Webster
F. S. Moseley & Co., Paine, Webber & Co., the First
Michigan Corp., Riter & Co., all of New York, the Mississippi Valley
Louis; Stern, Wampler & Co. of Chicago; Campbell, Phelps
& Co. of New York; the Wells-Dickey Co. of Minneapolis, and Chace,
Whiteside & Symonds of Boston, at public auction, as 1.70s, at a price of
100.255, a basis of about 1.65%,
Dated Feb. 1, 1941.
Due on Feb. 1 in
1942 to 1951 incl.
and Blodget, Inc.,
of
Trust Co. of St.
semi-annual bonds aggre¬
public auction on the same date—
above syndicate as 1.90s, at a price
ADDITIONAL SALE—The following coupon
gating $1,819,000, offered for sale at
V. 151, p. 3918—were awarded to the
of
100.3545,
a
basis of about 1.85%:
$1,000,000 public relief bonds.
Due on Feb. 1 in 1942 to
819,000 permanent improvement bonds.
Due on Feb.
1951 incl.
1 in 1942 to 1961
inclusive.
BONDS
FOR INVESTMENT—'The successful bidders rebonds for public subscription; the 1.70s at prices to yield
i.70%, and the 1.90s priced to yield from 0.30% to 2.00%,
OFFERED
offered the aboye
from 0.20% to
according to maturity.
as
alt
1963;
,
$1,812,000 highway bonds.
PRENTISS, Miss.—BONDS SOLD—The
Town Clerk states that $12,000
ZM% semi-ann. sanitary sewerage system bonds have been purchased
the Max T. Allen Co. of Hazlehurst, for a premium of $127.50, equal
basis of about 3.06%.
1 in 1941 to 1952, incl.
a
Dated Oct. 1, 1940.
by
to
Due $1,000 on Oct.
WINONA, Miss.—BONDS SOLD—An $18,000 issue of 3% semi-ann.
have been purchased at par by M. A. Saun¬
refunding bonds is reported to
ders & Co. of Memphis.
MISSOURI
KIRKWOOD
O.
(P.
St.
Louis), Mo.—BONDS VOTED— The City
held on Jan. 4 the voters approved the
Clerk states that at the election
issuance of the following bonds
aggregating $148,000: $65,000 city
acquirement, $33,000 city hall construction,
ment and $15,000 sewage plant bonds.
park
$35,000 water plant improve¬
NEBRASKA
Neb.—BONDS SOLD—The National Company of
Omaha is said to have purchased $9,000 water works bonds as 2Mb, paying
a price of 101.60.
Due in 20 years.
BEND,
NORTH
NEW
HAMPSHIRE
Berlin), N. H.—SALE OF SERIAL FUNDING
NOTES—The $570,000 1 M% serial funding notes offered Jan. 6—V. 152,
p.
147—Were awarded to a syndicate composed of First Boston Corp.,
Goldman, Sachs & Co., First of Michigan Corp., all of New York, Ballou,
Adams & Co., Inc., Boston, and F. W. Home & Co., Inc., Hartford, at a
price of 104.21, a basis of about 0.96%.
The same bid was made by two
COOS COUNTY (P. O.
separate bidding accounts and they
The notes mature $57,000 annually
joined forces in accepting the
award.
on Dec. 1 from 1941 to 1950, incl.
re-offered by the purchasers at prices to yield from 0.10% to
1 10%, according to maturity.
The notes are stated to be guaranteed as
and
were
to both
Assessed
$45,597,626.
$904,000.
principal and interest by the State of New Hampshire.
valuation of the county, as officially reported for 1940, totals
Total bonded debt, including the current issue, amounts to
Other bids at the sale were as follows:
Bale Bid
Bidder—
Minn.—BOND SALE—
drainage funding bonds offered for sale on
awarded to the Baum, Bernheimer Co. of
Kansas City, as Is, at a price of 100.045, a basis of about 0.99%.
Dated
Jan. 1, 1941.
Due on Jan. 1 in 1943 to 1948.
Second best bid received was an offer of $460 premium on 1Mb, tendered
by the Northwestern National Bank & Trust Co. of Minneapolis.
The $65,000 coupon semi-ann.
Jan. 3—V. 151, p. 3777—were
$1,045,000 highway
1, 1946.
.,
,
.Best bid was that of John Nuveen & Co. of Chicago, which provided
an interest cost basis of 2.523%.
R. W. Pressprich & Co. of New York,
was second high bidder at 2.574%.
The Governor rejected the bids as
unattractive in view of the 2.44% basis at which the state recently sold
callable
words "with the option of
BRAINERD, Winn.—CERTIFICATE SALE—The $40,000 storm sewer
certificates of indebtedness offered for sale at public auction on Jan. 3—
V. 152, p. 146—were awarded to Harold E. Wood & Co. of St. Paul, as
1Mb, paying a premium of $51, equal to 100.127, a basis of about 1.22%.
Dated Jan. 1, 1941.
Denom. $1,000.
Due $4,000 Jan. 1, 1942 to 1951.
All certificates maturing after Jan. 1, 1946, subject to redemption and
prior payment on said date and any interest payment date thereafter at
par and accrued interest.
Payable at the City Treasurer's office.
$270,000 refunding bonds
MISSISSIPPI, State of—BONDS NOT SOLD—The
Wachob Bender Co. of Omaha, as 3Ms, at a price of 99.58, a basis of
about 3.30%.
Dated Jan. 1, 1941 and due Jan. 1 as follows: $8,000 from
1945 to 1948 incl.; $12,000, 19*9; $13,000 in 1950 and 1951, and $20,000
from
SOLD—The
refunding bonds offered on Jan. 6—V. 152, p. 146—were not sold
bids received were rejected.
Dated Jan. 1, 1941.
Due on Aug. 1,
101.062,
REDFORD TOWNSHIP (P. O. Redford Station, Detroit),
BOND SALE—The $350,000 coupon water ard sewer system
Miss.—BONDS
by the City Commission on Dec. 20, as noted here—V. 151,
3918—have been purchased by the First National Bank of Memphis,
1Mb, according to report.
authorized
Ripley & Co., Inc., Chace,
Sons, Inc
Lazard Freres & Co. and Bond, Judge
Harriman
E.
Whiteside & Symonds, and
-104.152
II. Rollins &
& Co
...
--—103.853
and Spencer Trask & Co.------103.80
& Savings Bank, Whiting, Weeks & Stubbs, and
Wood, Struthers & Co.
Harris
Trust
Perrin, West &
F.
Winslow
Ii. W. Pressprich & Co.
S. Moseley & Co.,
& (jo
----------103.77
and F. L. Dabney
-
_«
Nationa'fCity Bank of New York and National Shawmut Bank of
Boston
-
-
Halsey, Stuart & Co., Inc
H. D. Greenwood & Co
-
103.614
103.40
—----102.878
102.18
(P. O. Plymouth), N. H.—NOTE OFFERING—
Harry S Huckins, County Treasurer, will receive bids until noon on Jan.
14 for the purchase at discount of $200,000 notes issued in anticipation
of taxes for the year 1941.
Dated Jan. 17, 1941 and payable $50,000 on
Nov 27, 1941, $100,000 Dec. 22, 1941, and $50,000 Jan. 16, 1942, at the
National Shawmut Bank of Boston.
Notes will be certified as to genuine¬
GRAFTON COUNTY
ness
and
validity by the aforementioned
Palmer & Dodge of Boston.
bank, under advice of Storey,
Thorndike,
H.—NOTE SALE— The Indian Head National
Bank of Nashua was awarded the $350,000 notes offered Jan. 8, taking
$250,000 due Sept. 15, 1941, at 0.1594% discount, and $100,000 due
Dec
16
1941, at 0.1674%.
Other bids:
Merchants National Bank of
Boston and the Second National Bank of Boston, each 0.23%; Ballou,
PORTSMOUTH,
Adams & Co.,
N.
0.25 %.
STRAFFORD COUNTY (P. O. Dover), N. H.—NOTE SALE—The
Indian Head National Bank of Nashua was awarded the $100,000 notes
offered Jan. 8, as follows: $50,000. due Dec. 10, 1941, at 0.1574% discount;
$50 000 due Dec. 22, 1941, at 0.1598%.
Lincoln R. Young & Co. of
Hartford, second high bidder, named a single rate of 0.182%.
The Commercial & Financial Chronicle
296
NEW
N.
BELMAR,
will
JERSEY
J.—BOND OFFERING—J.
bids until
sealed
receive
NEW JERSEY (State
10.30 a'm.
Joeck.
A.
Jan.
on
Clerk,
Borough
28 for the purchase of
$75,000 not to exceed 6% interest coupon or registered sewer improvement
bonds.
Dated Jan. 1, 1941.
Denom. $1,000.
Due $5,000 on Jan. 1 from
1942 to 1956 incl.
Bidder to name a single rate of interest, expressed in
a multiple of U, of 1%.
Prin. and int. (J-J) payable at the Borough Treas¬
urer's office.
The sum required to be obtained at sale of the bonds is
11, 1941
Jan.
of)—SCHOOL DISTRICTS IN DEFAULT—As
of June 30, 1940, there were 12 school districts imNew Jersey in default
on bonds and notes, having a principal amount of $215,270 and past due
aggregating $189,449.31, according to the State of New Jersey
Department of Public Instruction.
The districts listed as in default on
(or) interest payments on that date are:
interest
principal and
Atlantic
County—Brigatine, Hamilton Township.*
Bergen County—Lodi (Borough), South Hackensack.
Burlington County—New Hanover.
Camden County—Chesilhurst, Lawnside, Mt. Ephralm, Runnemede.
Cape May County—Lower Township.
$75,000.
The bonds are unlimited tax obligations of the borough and
approving legal opinion of Hawkins, Delafield & Longfellow of New
York City will be furnished the successful bidder.
A certified check for
2% of the bonds offered, payable to order of the borough, is reported
the
Gloucester—Woodbury Heights.
Monmouth
County—Union Beach.
be paid July 1, 1940.
♦Default will
CARTERET,
bonds of 1940
J.—BONDS SOLD—An
N.
was
DELAWARE RIVER
Camden),
BONDS—Funds
IMMEDIATE
PAYMENT
available at the Marine
are
or
JOINT TOLL BRIDGE COMMISSION
3.—OFFERS
N.
$82,000
rerundmg
sold to the State Funding Commission ©n Dec. 30, at par.
issue
(P. O.
CALLED
OF
Midland Trust Co.
of New
York for immediate payment of $2,575,000 principal amount of 4H%
bridge revenue bonds at 105% of their principal amount with interest to
Feb. 1, 1941.—V. 151, p. 3919.
DISTRICT (P. O. Toms River),
$18,000 coupon or registered school bonds
offered Jan. 2—V. 151, p. 3919—were awarded to Schmidt, Poole & Co. of
Philadelphia, as 2s, at par plus a premium of $58.68, equal to 100.326, a
basis of about 1.93%.
Dated Jan. 1, 1941 and due $2,000 on Jan. 1 from
1942 to 1950, inci.
Other bids:
DOVER
N.
TOWNSHIP
J.—BOND
SCHOOL
SALE—The
Int.
Bidder—
Rate
Rate
Bid
First National Bank, Toms River, and Ocean County
Trust Co., Toms
Ira Haupt & Co
River
2H%
2 H%
3%
-
M. M. Freeman & Co
100.26
100.294
100.16
LODI,
N.
3.—REFUNDING BONDS
AUTHORIZED—Both the
Borough Council and the State Funding Commission have authorized the
$3,113,000 in refunding bonds in connection with a proposed
general refunding of the borough's indebtedness.
The new bonds are to
PALISADES
follows:
as
$2,229,000 general refunding.
Due as follows: $15,000 in 1945 and 1946,
$16,000 in 1947, $24,000 in 1948, $28,000 in 1949, $34,000 in
1950, $26,000 in 1951, $29,000 in 1952, $34,000 in 1953, $41,000
in 1954, $61,000 in 1955, $62,000 in 1956, $71,000 in 1957,
$77,000 in 1958, $85,000 in 1959, $89,000 in 1960, $94,000 in
1961, $98,000 in 1962, $101,000 in 1963, $106,000 in 1964,
$113,000 in 1965, $130,000 in 1966, $136,000 in 1967, $141,000
in 1968, $146,000 in 1969, $150,000 in 1970, $140,000 in 1971,
$142,000 in 1972, and $25,000 in 1973.
621,000 school.
Due as follows: $17,000 in 1945 and 1946, $16,000 in
1947, $8,000 in 1948, $4,000 in 1949, $8,000 in 1950, $19,000
in 1951, $21,000 in 19.52 and 1953, $19,000 in 1954, $9,000 in
1955, $18,000 in 1956, $19,000 in 1957, $22,000 in 1958. $24,000
in 1959, $25,000 in I960 and 1961, $26,000 in 1962, $28,000 in
1963 and 1964, $30,000 in 1965, $23,000 in 1966, $22,000 in
1967 and 1968, $21,000 in 1969, $22,000 in 1970, $32,000 in
1971, $22,000 in 1972, and $53,000 in 1973.
263,000 water.
Due as follows: $8,000 in 1945 to 1950, $10,000 in
1951 to 1957, $11,000 in 1958 to 1964, $7,000 in 1965, $2,000
in 1966 to 1968, $3,000 in 1969 to 1971, $11,000 in 1972, and
$35,000 in 197.3.
All of the above bonds will be dated July 1, 1940.
MONMOUTH
COUNTY
(P.
O.
Freehold),
N.
J.—BOND
SALE—
RAH WAY,
N. J.—BOND SALE—The $83,000 coupon or registered
series of 1940 water system extension bonds offered Jan. 8—V. 152, p. 147
—were awarded to J. S. Rippel & Co. of Newark, as 2s, at a price of 100.56,
a basis of about
1.94%.
Dated May 1, 1940 and due May 1 as follows:
$3,000 from 1941 to 1949, incl.; $8,000 in 1950; $5,000 from 1951 to 1959,
incl. and
1971.
The
successful
bidders
reoffered
2.50%, according to maturity.
bonds
the
to
Robinson
&
581
Int.
2)4%
2Vi%
WEST ORANGE, N.
P. E. Kline Inc.
_______________
JSfMacBride, Miller
& Co.
First National Bank of Freehold.
2.70%
585
2.70%
No. Bonds
Bidder-4
109
1
Inc
seven or
MEXICO
NEW
Municipal Bands
Government Bonds
-
Housing Authority Bonds
Tilney & Company
NEW YORK, N. Y.
76 BEAVER STREET
Telephone: WHitehall 4-8898
System Teletype: NY 1-2395
Bell
584
581
ADAMS
YORK
(P. O. Adams Center),
N. Y.—BOND OFFERING—Kay F.
TAX
school taxes and suggestion that
1951, incl.
a
distribution of
uniform instead of merely a maximum
penalty be fixed for delinquent taxes
by the Local Government Board.
were
made to the
Principal and interest (J J) payable at the Citizens o& Farmers
New York exchange.
A certified check fsr 10%
Trust Co., Adams, with
required.
BROOKHAVEN
O.
(P.
Patchogue),
N.
Y.—BONDS
of
Legislature Jan. 2
declares that though the
majority of mandatory laws are
sound, many others are
ill-advised, unnecessary and thrust upon local
governments in the interests of
special persons or
No wholesale
elimination is justified
but a careful study would, for one
thing, point
the way to some
possible relief of the heavy burden borne by real estate,
groups.
the report states.
N»The formula now
employed in distributing school taxes has worked
municipalities in financial difficulties are receiving
less than they
contribute, while others in sound condition are getting more,
jointly,
as
1.20s, at 100.16,
a
basis of about 1.15%—V. 152, p. 147—were
yield from 0.20% to 1.35%, according
re-offered by the successful bidders to
to
maturity.
Other bids:
Int. Rate
Bidder—
Halsey, Stuart & Co., Inc
Stevenson & Co
H. L. Allen & Co
penalty,
or
delinquencies, the Board stated.
better still,
a
uniform penalty to apply
without variation in every
municipality.
The report suggested the
Legislature be prompt in announcing its relief
policies in order to facilitate preparation and
adoption of municipal budgets.
Emphasis again was placed as in the first annual
report, on special
treatment for municipalities in unsound fiscal
condition, on discouragement
of creation of new
municipalities, and on further legislation with respect
to redemption and foreclosure of tax
liens.
Rate
1.30%
1.30%
1.30%
1.40%
1.50%
1.50%
2.00%
Bacon,
C. F. Childs & Co., Inc. and Sherwood & Co
Geo. B. Gibbons & Co., Inc_
Roosevelt & Weigold, Inc
____
Manufacturers & Traders Trust Company of
BROOKHAVEN
$15,500
coupon
or
(P.
O.
Patchogue).
Buffalo,
N.
Y.—BOND
152,
registered bonds offered Jan. 8—V.
1 $0,089
110.07
100.01
100.026
ICO.19
100.015
100.10
SALE—The
147—were
p.
awarded to Gordon Graves & Co., New York, as 2.70s, at 100.611, a basis
of about 2.65%.
Sale consisted of:
Brook Water District bonds.
Due Feb. 15 as f#llows:
$200 in 1942 and 1943 and $300 from 1944 to 1975, incl.
5,500 Stony Brook Water District Extension No. 1 bonds.
Due Dec.
15 as follows: $300 in 1941 and $200 from 1942 to 1967, i*cl.
$10,000 Stony
All of the bonds will be dated Dec.
15, 1940.
ELLICOTT
BOND
Other bids:
Int. Rale
Bidaer—
Peoples National Bank of Patchogue
Roosevelt & Weigold, Inc
A. C. Allyn & Co., Inc
Oystermen's Bank & Trust Co., Sayville
SEWER
DISTRICT
NO.
Rate Bid
3
(P.
2.70%
100.451
2.70%
2.90%
4J£%
—
100.36
100.133
100.127
O.
Falconer), N. Y.—
SALE—The
$120,000 coupon or registered sewer bonds offered
152, p. 147—were awarded to Roosevelt & Weigold, Inc., New
York, as 2s, at a price of 100.71, a basis of about 1.94%.
Dated Jan. 15,
1941 and due Jan. 15 as follows: $4,000 from 1942 to 1951, incl., and $5,000
Jan. »—V.
from
1952 to
1967, incl.
Other bids:
Int. Rate
Bidder—
Rate Bid
E. H. Rollins & Sons, Inc., and A. C. Allyn & Co.,
Inc
2%
Blair & Co., Inc., and Bacon, Stevenson & Co
George B. Gibbons & Co., Inc.
Manufacturers & Traders Trust Co., Buffalo
Marine Trust Co. of Buffalo and R. D. White &
Co
some
the report said.
No minimum penalty now is set for
tax
It suggested a minimum
PUBLICLY
OFFERED—OTHER BIDS—The $92,496 public works bonds awarded Jan.
3 to the Marine Trust Co. of Buffalo and Ii. D. White & Co., New York,
The report
that
14,
of the issue is
PENALTY— Recommenda¬
mandatory legislation and
Jan.
100.27
100.84
-Albright said this would complete retirement
UNIFORM DELINQUENT
on
2.75%
-3%
would constitute free funds at the
disposal of the Legislature.
study of present
m.
100.40
Mr. Murphy said Mr.
would reduce the payments even further.
according to the Finance Director, would have four
•
a.
2.75%
eight points in the tax rate.
,P,0,re'
in
100.088
BAYARD, N. Mex.—BONDS PUBLICLY OFFERED—A $60,000 issue
of 6% semi-ann. water works system, first mortgage revenue bonds is being
offered by Kir by L. Vidrine & Co. of Phoenix, for general investment.
Dated Sept. 1, 1940.
Denom. $1,000.
Due Sept. 1, as follows: $1,000
in 1941 and 1942, $3,000 in 1943 to 1956, and $4,000 in 1957 to 1960,
callable at the option of the village on Sept. 1, 1950, at par and accrued
interest.
Prin. and int. payable at the Village Treasurer's office.
Legality
approved by Gust, Rosenfeld, Divelbess, Robinette & Coolidge, «f Phoenix.
____
Inequitable
100.77
100.169
the purchase of $15,000 not to exceed 3% interest registered bonds.
Dated Jan. 15, 1941.
Denom. $500.
Due $1,500 on Jan. 15 fro* 1942 to
$45,000,000 highway extension issue with prospect that the surplus
the sinking fund for the bonds
would approximate $7,000,000.
This
for
109
109
Crandall, Town Clerk, will receive sealed bids until 10
NEW JERSEY (State of)—DEBT HALVED IN SIX-YEAR PERIOD
Albright on Jan. 3 announced retirement of
an additional
$7,915,000 of State debt, bringing the total reduction between
January, 1940, and the present to about $22,000,000.
I igures released
by Mr. Albright indicated that in a period of six years
since 1934 a net debt of more than
$100,000,000 had been nearly halved.
*Retirements accomplished within the past few days included: $625,000
°S,1^!2 emergency relief bonds, series A; $1,250,000 of 1934 emergency
s» series A; $1,000,000 of educational aid
bonds, series A; $3,000,000 of 1922 road and bridge bonds, series
F; $2,000,000 of 1922 road and
bridge bonds, series E, and $40,000 of highway improvement bonds, series B.
Next July, the State
issuing officials will redeem an additional $6,000,000
of highway extension bonds and
in January, 1942, expect to be in a position
URGES
101.01
108
Halsey, Stuart & Co., Inc.
—8tate Treasurer William A.
tions
108
for
objectives:
To save as much as possible on the
sinking fund debt, not to
impair the city's credit and to settle all legal questions amicably, liquidate
the city s indebtedneas as
quickly as possible and protect the interests of
the taxpayers, the
sinking fund and the city.
in
Bid
101.78
As C. Allyn & Co., Inc., and E. H. Rollins & Sons,
NEW
N.
3.—OFFERS
FOR
REFINANCING
MUNICIPAL
FUNDS—Norman Taber, consultant on municipal finances,
Vincent J. Murphy, Director of Finance, on Jan. 2, a proposal
I!■
Rale
Bid For
108
C. A. Preim & Co. and MacBride, Miller & Co
100.058
Taber asserted his plan
Mr. Taber's plan,
? Su
and $10,000
100.333
refinancing the city's sinking fund.
Mr. Murphy said Mr. Taber
promised to give him the plan in writing at an early date.
A plan already has been
proposed by Arthur N. Pierson, under which
the city's payment to the
sinking fund would be reduced by $475,000,
of the
Feb. 1. 1941
Other bids, all for 2H% bonds, were as follows:
H. L. Allen & Co. and Minsch, Monell & Co
J. S. Rippel & Co. and B. J. Van Ingen & Co., Inc
M. M. Freeman & Co.;
NEWARK,
amounting to
J.—BOND SALE—The $109,000 series B coupon
of $771.72, equal to 100.708, a basis of about 1.94%.
Dated
and due Feb. 1 as follows: $11,000 from 1951 to 1959, incl.,
in 1960.
100.809
100.52
Kean, Taylor & Co., Spencer Trask & Co.,
Campbell, Phelps & Co., Inc., and Van Deventer Bros., Inc.
583
Blair & Co., Inc., Bacon, Stevenson & Co. and
for
100.28
100.19
101.47
2)4%
or
registered refunding bonas offered Jan. 7—V. 151, p. 3778—were
awarded to H. B. Boland & Co. of New York as 2s, at par plus a premium
Bid
584
_____
outlined to
2)4%
—
M. M. Freeman & Co
Co., Buckley Bros, and Stroud
&Co
SINKING
101.13
100.91
2 H%
MacBridge, Miller & Co., and Julius A. Rippel, Inc.
H. B. Boland & Co
100.26
2M%
2 V\%
Minsch, Monell & Co., Inc
Rate
Rale
582
H. L. Allen & Co., Minsch, Monell & Co., Inc.,
J. S. Rippel & Co., C. C. Collings & Co. and
t
2%
-
yield from 0.30%
No. Bonds
Bid For
__
Rate Bid
Int. Rale
Other bids:
Bidder—
B. J. Van Ingen & Co., Inc.. E. H. Rollins &
Sons, Inc., and Dolphin & Co., Inc
H. B. Boland & Co
Shields & Co., Julius A. Rippel, Inc., Oolyer,
Other bids:
$3,000 in 1960.
Bidder—
A. O. Allyn & Co., Inc
H. L. Allen & Co
Halsey, Stuart & Co., Inc., New York, were successful bidders for the
$585,000 coupon or registered Navesink River Bridge bonds offered Jan. 8—
V, 151, p. 3919—their bid being for a total of $580,000 bonds to bear 2)4
%
interest at a price of $585,317.65, equal to 100.909, a basis of about
2.43%.
The bonds are dated Jan. 15, 1941 and mature Jan. 15 as follows: $16,000
from 1942 to 1956, incl.; $23,000 from 1957 to 1970, inci., and $18,000 in
to
1941; $6,000,
payable at the National Bank of Palisades Park.
Legality approved by
Hawkins, Delafield & Longfellow of New York City.
<
„
Dated Dec. 1,
1942; $15,000, 1943; $16,000, 1944; $18,000, 1945 to 1947, incl.; $21,000 in
1948 and $20,000 from 1949 to 1952, incl.
Principal and interest (J-D)
issuance
mature
PARK, N. J.—BONDS SOLD—H. B. Boland & Co. of
New York purchased $202,000 3% refunding bonds of 1940.
1940.
Denom. $1,000.
Due Dec. 1 as follows: $10,000 in
100.316
100-419
100.339
2.20%
H. L. Allen & Co. and F. W. Reichard & Co
Halsey, Stuart & Co., Inc
106.358
2%
2.10%
2.10%
100.69
2.20%
2.30%
100.60
100.559
FORT EDWARD, N. Y.—BOND SALE—The issue of $5,000fire truckpurchase bonds offered Jan. 3 was awarded to the Fort Edward National
Bank, the only bidder, as 1.50s, at par plus a premium of $1.
The bonds mature Jan. 1 as follows:
$1,000 in 1942, $1,500 in 1943 and
1944 and $1,000 in 1945.
GRANVILLE WATER DISTRICT NO. 1 (P. O. Granville), N. Y.—
SALE—The issue of $40,000 water bonds offered Jan. 8—V. 152,
BOND
p.
147—was awarded to Roosevelt & Weigold, Inc., New York,
as
2.40s,
Volume
at a
price of 100.70.
a
basis of about 2.35%.
Dated Jan. 15, 1941 and due
incl..
$800 from 1942 to 1951 incl.; $1,000. 1952 to 1905
Jan. 15 as follows:
and $1,200 from 1966 to 1960 incl.
Bidder—
Other bids:n
int. Rale
Union Securities Corp
E. H. Rollins & Sons, Inc
Manufacturers & Traders Trust Co.
Blair & Co., Inc..
HARRISON
Rate Bid
100.65
100.488
100.429
100.293
100.15
2.40%
2.40%
2.70%
2.70%
2.90%
,
Marine Trust Co. of Buffalo..
Harrison), N. Y.—BOND SALE—1The $111,000
series of 1941 refunding bonds
147—was awarded to Halsey,
Stuart & Co., Inc. of New York, at a price of 100.30 for 1.40s, a basis of
aboutl.355%. Dated Jan. 15, 1941. Due on July 15 in 1946 to 1948.
(P. O.
of coupon or registered semi-annual
for sale on Jan. 10—V. 152, p.
issue
offered
LANCASTER,
297
The Commercial & Financial Chronicle
152
Y.—TO ISSUE BONDS—Albert Madson. Village
an issue of $121,125 bonds will be offered for sale
N.
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 district, such cost to be determined by deducting the total
amount of the premium bid from the aggregate amount of interest upon all
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 $500.
The right to reject all bids is reserved. The approving
opinion of Reed, Hoyt, Washburn & Clay, New York City, will be furnished
the purchaser.
In the event that prior to the delivery of the bonds the income received
by private holders from bonds of the same type and character shall be taxable
by the terms of any Federal income tax law, the successful bidder may, at
his election, be relieved of his obligations under the contract to purchase
the bonds and, in such case, the deposit accompanying his bid will be re¬
turned.
Treasurer, reports that
within the next weeks.
DUNN, N. C.—BOND OFFERING—Sealed bids will be received until
a.m. on Jan. 14, by W. E. Easterling, Secretary of the Local Govern¬
Commission, at his office in Raleigh, for the purchase of bonds
aggregating $136,500, dated Feb. 1, 1941, maturing as follows, without
11
NORWICH, N. Y.—CERTIFICATE SALE—An issue of $9,629.10 pav¬
ing certificates was sold on Dec. 2/ to the Chenango County National Bank
& Trust Co. and the National Bank & Trust Co., both of Norwich, jointly,
ment
at a
$60,000 water and sewer refunding bonds, maturing annually, Feb. 1»
$2,000 1946, $3,000 1947 to 1950, inclusive, $4,000 1951 to 1956»
inclusive, $5,000 1957, $5,000 1958, $6,000 1959 and $6,000 I96076,500 general refunding bonds, maturing annually, Feb. 1, $4,500 1946'
$4,000 1947 to 1956, inclusive, and $8,000 1957 to 1960, inclusive.
price of 101.038.
P»RENSSELAERVILLE, N. Y.—BOND SALE—The $17,000,000 coupon
or registered Water District No. 1 bonds offered Jan. 3—V. 151, p. 3920—
E. H. Rollins & Sons, Inc., New York, as 2.40s, at par
$57.80, equal to 100.34, a basis of about 2.38%.
Dated
1, 1940 and due $500 on Dec. 1 from 1941 to 1974 incl.
Other bids:
—were awarded to
plus
a premium of
Dec.
Int. Rate
Bidder—
2.40%
2.50%
Fremmel &Co
Manufacturers & Traders Trust Co
Roosevelt & Weigold, Inc
Premium
$32.64
69.70
2.60%
75.00
National Commercial Bank & Trust Co
2.75%
2.80%
47.57
69.70
Smith, Barney & Co
2.90%
30.60
R. D. White & Co
OFFERED—OTHER
awarded Jan. 3 to
Philadelphia, jointly
as Is, at a price of 100.209, a basis of about 0.925%—V. 152, p. 148—-were
re-offered by the successful bidders at prices to yield from 0.15% to 1.20%
for maturities ranging from 1942 to 1950 incl.
Unsuccessful bids for the
ROCHESTER,
N.
Y .—BONDS
$1,214,000 various new
BIDS—The
Dick &
bonds
PUBLICLY
capitol
issues
Merle-Smith, New York, and Drexel & Co.,
were
as
follows:
For 1% Bonds
Glore, Forgan & Co.; Ladenburg, Thalmann & Co., and
Weld & Co., jointly
White,
100.1237
100.11
$
National City Bank, New
York, and C. F. Childs & Co., joinlty.
For 1.10% Bonds
& Savings Bank, Chicago; Northern Trust Co.,
Chicago; Graham, Parsons & Co.; Eldredge & Co., and Granbery, Marache & Lord, jointly
Goldman, Sachs & Co.; B. J. Van Ingen & Co.; Swiss American
Corp., New York, and R. D. White & Co., jointly
Harriman Ripley & Co., Inc.; Blyth & Co.; L. F. Rothschild &
Co.; H. C. Wainwright & Co., and H. L. Allen & Co., jointlyLehman Bros.; Blair & Co., Inc.; Schoellkopf, Hutton & Pomeroy; Tucker, Anthony & Co., and Sage, Rutty & Co., jointly
Geo. B. Gibbons & Co., Inc.; Stone & Webster and Blodget, Inc.;
E. H. Rollins & Sons; Bacon, Stevenson & Co.; Roosevelt &
Weigold; Equitable Securities Corp., and A. C. Allyn & Co.,
jointly
Chase National Bank, New York; Barr Bros. & Co., and Marine
Trust Co., Buffalo, jointly
First National Bank, New York; Lazard Freres & Co.; Mercan¬
tile-Commerce Bank &
Trust Co., St.
Louis; Boatmen's
National Bank, St. Louis; R. L. Day & Co., and Newton,
Abbe Sc Co., jointly
Halsey, Stuart & Co.; Otis & Co., and F. L. Dabney & Co.,
jointly
Harris Trust
brook
no
auction.
accrued interest)
rate or rates, not
exceeding 6% in multiples of M of 1%; each bid may name one rate for
part of the bonds of any issue (having the earliest maturities) and another
rate for the balance, but no bid may name more than two rates for any
issue, and each bidder must specify in his bid the amount of the bonds of
each 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.
Bids must be on a form to be furnished with additional information
and must be accompanied by a certified check upon an incorporated bank
or trust company, payable unconditionally to the order of the State Treasurer
for $2,730.
The approving opinion of Masslich and Mitchell, New York City, will
be furnished the purchaser.
In the event that prior to the delivery of the bonds the income received
by private holders from bonds of the same type and character shall be
the terms of any Federal income tax law, the successful bidder
may, at bis election, be relieved of his obligations under the contract to
purchase the bonds and in such case the deposit accompanying his bid
100.23
will
DURHAM, N. C.—BOND SALE—The various coi pon semi-arm. street
improvement, water, sanitary sewer and public improvement bonds aggre¬
gating $168,000, offered for sale on Jan. 7—V. 151, p. 3779—were awarded
to the First Securities Corr. of Durham, at par, a net interest cost of about
1.31 %, on the bonds divided as follows: $56,000 as 1
due $14,000 from
Jan. 1,1944 to 1947; the remaining $112,000 as 1 Ms, due on Jan. 1: $20,000
in 1948 and 1949, $15,000 in 1950 to 1953, and $12,000 in 1954.
100.20
100.1313
be returned.
EDGECOMBE COUNTY DRAINAGE DISTRICT NO.
2 (P. O.
Tarboro), N. C.—BONDS NOT SOLD—The $136,000 issue of not to exceed
100.079
4% semi-ann. improvement district bonds offered on Jan. 3—V. 151,
p. 3779—was not sold as no bids were received.
These bonds will be pur¬
chased at a later date by the Reconstruction Finance Corporation, according
to the Secretary of the Local Government Commission.
Dated July 1,
1940.
Due on Feb. 1 in 1944 to 1960.
100.061
,
100.038
O. Snow Hill), N. C.—BOND OFFERING—
14, by W. E. Easterling,
Commission, at his office in Raleigh,
for the purchase of $50,000 school refunding bonds.
Dated Dec. 1, 1940.
Due on Dec. 1 as follows: $5,000 1941, $10,000 1942, $5,000 1943, $15,000
1944, $5,000 1945, and $10,000 1946, without option of prior payment.
There will be no auction.
Denom. $1,000; prin. and int. (J-D) payable
in lawful money in New York City; coupon bonds registerable as to prin¬
cipal only; general obligations; unlimited tax; delivery at place of pur¬
GREENE COUNTY (P.
Sealed bids will be received until 11 a.m. on Jan.
Co., and Esta-
Co., jointly
&
will be
A separate bid for each issue (not less than par and
is required.
Bidders are requested to name the interest
100.2299
1.20% Bonds
Salomon Bros. & Hutzler; R. W. Pressprich &
,
Denom. $1,000, except general refunding bond numbered 1 which i8
(F-A), payable in New York City in legal tender]
general obligations; unlimited tax; coupon bonds registerable as to principal
alone; delivery on or about Feb. 3, at place of purchaser's choice. There
for $500; prin. and int.
taxable by
100.2799
*
For
option of prior payment:
Secretary of the Local Government
100.09
-
For 1H% Bonds
Cheminal Bank <fc Trust Co., New York; F. S. Moseley &
Co.;
Kean, Taylor & Co., Hemphill, Noyes & Co., and Geo. D. B,
Bonbright & Co., jointly
100.10
SYRACUSE, N. Y.—BOND OFFERING—Thomas E. Kennedy, Com¬
missioner ot Finance, will receive saled bids until 11 a. m. on Jan. 14 for
the purchase of $1,900,000 not to exceed 6% jnterest coupon or registered
chaser's choice.
bonds, divided as follows:
part of the bonds (having
$1,400,000 general
1 from
refunding-1941-bonds.
1942 to
Due $140,000 annually on Feb.
1951, incl.
400,000 Federal Aid'project-1941-series A bonds.
on Feb. 1 from 1942 to 1951, incl.
Due $40,000 annually
100,000 Federal Aid project-1941-series B bonds. Due $20,000 annually
on Feb. 1 from 1942 to 1946, incl.
All of the bonds are dated Feb. 1, 1941.
Denom. $1,000.
Bidder to
name rate of interest in multiples of M or l-10th of 1%.
Different rates
may be bid for the separate issues, but all of the bonds of the same issue
must bear only one rate.
Principal and interest (F-A) payable at the Chase
The bonds are general obligations of the
city, payable from unlimited ad. valorem taxes.
A certified check for 2%
of the bonds bid for, payable to order of the Commissioner of P'inance, is
required.
Legal opinion of Caldwell & Raymond of New York City will
be furnished the successful bidder.
Bonds will be delivered to the purchaser
at the Chase National Bank, New York City, on Feb. 1, 1941 or as soon
thereafter as possible.
National Bank, New York City.
Y.—CERTIFICATE SALE— The $1,000,000 tax anticipa¬
tion certificates of indebtedness offered Jan. 9 were awardexl to Barr Bros.
& Co., l*c„ New York, at 0.112% interest rate.
Certificates are issued
against and will be redeemed out of the tax levy for the fiscal year of 1941.
They are dated Jan. 10, 1941 and payable July 10, 1941 at the Chemical
Bank & Trust Co., New York City.
Interest payable at maturity. Other
UTICA,
N.
bids at the sale
were as
follows:
Int. Rate Premium
0.12%
$7
0.144%
—
Bidder—
Banker* Trust Co. of New York
First National Bank of New York..
7
0.15%
Bank ef "Manhattan Co_
National City Bank of New York.„____.0.15%
Chase National Bank of New York__0.159%
'
—
N. Y.—BOND SALE—The 87,600 fire ap¬
3—V. 151, p. 148, —were offered to R. D.
bidder, as 1.70s, at a price of 100.069. a
basis of about 1.67%.
Dated Jan. 1, 1941 and due Jan. 1 as follows:
$1,600 i* 1942 and $1,500 from 1943 to 1946, incl.
WEST
paratus
HAVERSTRAW,
bonds offered Jan.
White & Co. of New York, only
WESTCHESTER
VALLEY
COUNTY (P. O. White Plains), N. Y.—BRONX
SEWER DISTRICT BONDS OFFERED FOR
SANITARY
INVESTMENT—Gregory & Son, Inc., New
on
Jan. 7 of
York, made public offering
district, the 4s due
$366,000 4% and 4^ % bonds of the above
yield from 1.65% to 2.40%, according
to maturity,and the4Msdue Jan. 1,1952-1982, to yieldfrom2% to2.50%.
Legality approved by Hawkins, Delafield & Longfellow or Clay & Dillon.
Jan.
1, 1949-1974, being priced to
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum in multiples of M of 1%. Each bid may name one rate for
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 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 $1,000.
The approving opinion of Storey, Thorndike,
Palmer, & Dodge, Boston, will be furnished the purchaser.
In the event that prior to the delivery of the bonds the income received
by private holders from bonds of the same type and character shall be
taxable by the terms of any Federal income tax law, the successful bidder
may, at his election, be relieved of his obligations under the contract to
purchase the bonds and in such case the deposit accompanying his bid
will be returned.
C.—BOND OFFERING—Sealed bids will be re¬
W. E. Easterling, Secretary of the Local
at his office in Raleigh, for the purchase of
$240,000 general improvement bonds.
Dated Feb. i, 1941. Due on Feb.
1, without option of prior payment, as follows:
$16,000 1942, $16,000
1943, $15,000 1944, $11,000 1945, $11,000 1946, $16,000 1947, $10,000
1948, $11,000 1949, $14,000 1950, $14,000 1951, $16,000 1952 to 1956,
inclusive $5,000 1957 to 1960, inclusive, and $6,000 1961.
Denom. $1,000; prin. and int. (F-A), payable in New York City in
legal tender; general obligations; unlimited tax; coupon bonds registerable
as to principal alone; delivery on or about Feb. 1, at place of purchaser's
choice.
There will be no auction.
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum in multiples of M 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 city, such cost to be determined by deducting the total amount
of the premium bid from the aggregate amount of interest upon all of
the bonds until their respective maturities.
No bid of less than par and
accrued interest will be entertained.
Bids must be on a form to be furnished with additional information
and must be accompanied by a certified check upon an incorporated bank
or crust company, payable unconditionally to the order of the State TreasGREENSBORO,
N.
ceived until 11 a.m. on Jan. 14, by
Government
UrThe
Commission,
approving opinion of Masslich
and Mitchell, New York City,
will
be furnished the purchaser.
NORTH
BESSEMER
CAROLINA
SANITARY DISTRICT (P. O. Bessemer), N. C.—
bids will be received until 11 a. m. on Jan. 14,
BOND OFFERING— Sealed
by W. E. Easterling, Secretary of the Local Government Commission, at
his office in Raleigh, for the purchase of $25,000 water and sewer bonds.
Dated Jan. 1, 1941.
Due on Jan. 1, $1,000, 1945 to 1989, incl., without
bonds the income received
by private holders from bonds of the same type and character shall be
taxable by the terms of any Federal income tax law, the successful bidder
may, at his election, be relieved of his obligations under the contract to
purchase the bonds and in such case the deposit accompanying his bid
In the event that
will
be returned.
coupon or
registerable; general obligations; unlimited tax; delivery at place of
purchaser's choice.
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum in multiples of M 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
a
MOUNT, N. C.—BOND SALE—The $1,200,000 issue of
registered semi-ann. water and sewer bonds offered for sale-on
ROCKY
option of prior payment. There will be no auction.
Denom. $1,000; prin.
and int. (J & J) payable in lawful money in New York City; coupon bonds
not
prior to the delivery of the
7—v. 151, P. 3920—was awarded to the First Boston Corp., Estabrook
& Co., both of New York, the Equitable Securities Corp. of Nashville, F.
jan
W Craigie & Co. of Richmond, and Kirchofer & Arnold of Raleigh, at par,
net interest cost of about 2.4048%, on the bonds divided as follows:
$64,000 as 5s. due $16,000 from Jan. 1, 1944 to 1947; $736,000 as 2V2h. due
on Jan.
I, $16,000 in.1948 to 1953, $30,000, 1954 to 1957, and $40,000,
The Commercial & Financial Chronicle
298
1958 to 1970; the remaining $400,000 as 2^8, due $40,000 from Jan.
HUBBARD, Ohio—BOND OFFERING—Dale F. Butler, Acting Village
Clerk, will receive sealed bids until noon on Jan. 18 for the purchase of
$5,000 3M°/o coupon street improvement bonds.
Dated Dec. 1, 1940.
Denom. *500.
Due $500 on Nov. 1 from 1942 to 1951 incl.
Bidder may
1,1971
to 1980.
BONDS
OFFERED
FOR
INVESTMENT—The successful bidders reoffered the above bonds for general subscription at prices to yield from
0.80% to 2.50%, according to maturity.
different rate of interest provided that fractional rates are expressed
multiple of M of 1%. Interest M N. A certified check for $200, payable
village, is required. (These bonds were previously offered on
Dec. 5, although the sale was not made because of an error in the maturity
schedule.)
name a
in
a
SMITHFIELD,
N. C.—BOND SALE—The $42,000 iasue of coupon
semi-ann. refunding bonds offered for sale on Jan. 7—V. 151, p. 3920—was
awarded jointly to the Equitable Securities Corp., and Vance, Young &
Hardin, of Winston-Salem, as 2Mb, paying a premium of $46.20, equal to
100.11, a basis of about 2.74%.
Dated Jan. 1, 1941.
Due $7,000 from
Jan. 1, 1948 to 1953 incl.
LORAIN, Ohio—BOND SALE—The issue of $13,500 alley bonds of¬
fered Jan. 7—V. 151, p. 3600—were awarded to Ryan, Sutherland & Co.
of Toledo, as 1Mb, at par plus a premium of $53.50, equal to 100.39, a
basis of about 1.40%.
Dated Dec. 15, 1940 and due Oct. 15 as follows:
$1,500 in 1942 and $2,000 from 1943 to 1948 incl.
Jan.
14, by W. E. Easterling, Secretary of the Local Government Com¬
mission, at his office in Raleigh, for the purchase of $10,000 school refund¬
ing bonds.
Dated Jan. 1, 1941.
Due on Jan, 1, 1950.
Denom. $1,000.
Prin. and int. (J-J) payable in New York City.
General obligation bonds,
payable from an unlimited tax; coupon bonds not registerable; no option of
The bonds will
delivery at place of purchaser's choice.
be awarded
multiple of K of 1%.
be accompanied by a certified check upon an incorporated
payable unconditionally to the order of the State
Treasurer for $200.
The approving opinion of Reed, Hoyt, Washburn &
Clay of New York City will be furnished the purchasers.
The right to
reject all bids is reserved.
Oct. 1, 1942; $3,000, April 1 and $4,000, Oct. 1 from 1943 to 1964 incl.
Second high bid of 101.12 for 2s was made by VanLahr, Doll & Isphording
In the event that prior to the
delivery of the bonds the income received
by private holders from bonds of the same type and character shall be tax¬
able by the terms of any Federal income tax law, the successful bidder may,
at his election, be relieved of his obligations under the
contract to purchase
the bonds and in such case the deposit
accompanying his bid will be returned.
and Provident
DAKOTA
j
OHIO
Ohio—PROPOSED
All of the bonds will be dated Jan.
int.
BOND
on a
ISSUE—The Village Council was
proposed issue of $100,000 water system
NORTH
OHIO
BRYAN,
the first of
101.66
100.87
BarcOhio Securities Co
2
100 81
AUTHORIZED—Village"" Council*passed
December an ordinance for
bonds.
Denom. $1,000.
CAMDEN, Ohio—BOND
an
issue
of
$20,000 3%
only
foll™?:
the
rate of
interest, provided that fractional rates are expressed in a
multiple
M of 1%.
Prin. and int. (J-D) payable at the Citizens National
Bank,
Board of Education will furnish at its own
expense the approving
legal opinion of Squire, Sanders &
Dempsey of Cleveland.
A certified
check for $750, payable to order of the
Board, is required.
of
total of .>3,032,490. or 11%, carried, according to
or the Ohio 65% electior law which appeared
60% majority vote, had to be sanctioned by 65% of the votes cast
This has been the State law since 1933 ard the
a
PORTSMOUTH, Ohio—BOND SALE—The $325,000 bonds offered
3—V. 151, p. 3780—were awarded to Braun, Bosworth & Co. and
Stranahan, Harris & Co., Inc., both of Toledo, jointly, as follows:
$25,000 poor relief bonds as 1 Kb, at par plus a premium of $88.77, equal to
100.355, a basis of about 1.69%.
Due Oct. 1 as follows: $2,000
in 1942 and 1943 and $3,000 from 1944 to 1950, incl.
50,000 Federal aid bonds as 1Mb, at par plus a premium of $177, equal to
100.354, a basis of about 1.69%.
Due $5,000 on Oct. 1 from 1942
of
CHESTER RURAL SCHOOL DISTRICT
(P. O. R. D„ Wooster),
Ohio—BOND OFFERING— Harold W.
Norton, Clerk of the Board of
Ration, will receive sealed bids until 8 p. m. on Jan. 18 for the purchase
«a 55^1 % coupon school bonds.
Dated Dec. 15,1940. Denom. $1,000.
Due $2,000 on Dec. 15 from 1942 to
1963, incl. Bidder may name a different
a
series of articles
a
Jan.
to 1955, incl.; $4,000 Jan. 1
t'ate of interest to be expressed in a
multiple of
Princfpal and interest (J J) Payable at the legal depositary
incl.
1951,
to
.
250,000 flood defense bonds as 2 Mb, at par plus a premium of $4,177, equal
to 101.67, a basis of about 2.08%.
Due Oct. 1 as follows: $12,000
from 1942 to 1951, incl. and .$13,000 from 1952 to 1961, incl.
All of the bonds will be dated Oct. 1, 1940.
Other bids were as follows.
Wooster.
ND
HEIGHTS
(P.
mature
$5,000 annually
on
Oct. 1 from 1942
to
1946, incl.
■<*..,«
Hawley,
Toledo
Ohio—REPORT ON BOND LITIGATION—Tn con¬
proposed issue of $824,961.91 municipal electric
light plant
bonds, now bdng contested by the Columbus & Southern
Ohio Electric
Co., City Attorney John L. Davis reports that the
litigation
raises several questions which will
require considerable time for adjudication
by the courts.
R1 A,
authorized
Oh i o
an
issue
BONDS
AUTHORIZED— City
Council
of $9,000 not to exceed
2M% interest
storm water sewer bonds.
on
Dated Jan. 1, 1941.
Sept. 1 from 1941
recently
sanitary and
Denom. $900.
Due $900
to 1950, incl.
Callable in whole or in part at par and
accrued interest at
any interest paying period on 30 days' notice.
Principal
(M-S) payable at the Chemical Bank & Trust
Co., New York,
legally qualified or designated successor.
^ |
and interest
or
at its
,
™£ORI, LARAMIE, Ohio—BOND OFFERING—Martin J.
i lonennA ^
1 receive sealed bids until noon on Jan. 18 for the
o
Due $500
3% wafer "works bonds.
Sept. 1 from 1942
on
to
Dated Jan. 15, 1941.
Romie,
purchase
Denom. $500.
1981, incl.
Bidder may name a different
rate of interest, provided that
fractional rates are expressed in a
multiple
ofM of 1%
Interest M-S.
Bids shall be subject to approval of issue
by
Ihomas M. Mdler,
Esq., of Columbus, and the successful bidder will be
required to pay for the legal opinion.
A certified check for $500, payable
.
to order of the
Village Treasurer, is required.
SCHOOL DISTRICT (P. O.
Jackson), Ohio—
1ssue of $28,000 school bonds offered Jan. 6—V. 151,
Irving Co., Cincinnati, as 2 34s,
100.371, a basis of about 2.45%.
Dated Jan. 15,.1941, and due
Sept. 15 as follows: $1,900 from 1942 to 1951,
Incl., and $1,800 from 1952 to 1956, incl.
Second high bid of 100.28 for
2%b was made by Pohl & Co., Inc., of Cincinnati,
fl0^nSAL£~The
p. 3920—was awarded to the Wei), Roth &
at par plus a premium of
$104, equal to
GIRARD,
Ohio—BOND
SALE—The
$28,250.79
coupon
street
provement bonds offered Jan. 6—V. 151, p. 3920—were awarded
?^HSTl.and,
100.209,
.
•
Toledo,
as
to
im¬
Ryan,
1 Ms, at
par plus a premium of $71, equal to
Dated Jan. 15, 1941 and due Oct. 1 as
basis of about 1.20%.
follows: $5,000 in 1942 and
1943; $6,000 in 1944 and 1945, and $6,250.79
in 1946.
Other bids:
a
~T*dder—
int. Rate
1M%
Ellis & Co__
Provident Savings Bark & Trust Co
BancOhio Securities Co
...
State Teachers Retirement System
Premium
$121.48
1U %
Weil, Roth & Irving Co
Pohl & Co_
71 00
W%%
1M%
1M%
2%
17 00
28.25
57.00
84.00
HAMILTON, Ohio—BONDS AUTHORIZED— City Council authorized
an issue of $78,000 2% incinerator
plant improvement and enlargement
bonds.
Dated Feb. 1, 1941.
1956, Incl.
Due $5,200 annually on Oct. 1 from 1942 to
Principal and interest (A-O) payable at City Treasurer's office.
Securities
2.25
$205.00
2
22o.00
2
2
Co.,
National
and
Bank of Portsmouth
'
2,250
2.25
350.00
1,975
2.25
133.70
'
2
2.25
nr
„
66.50
2.25
20.00
2
Van Lahr, Doll & Isphording,
Provident
Inc.,
Bank
coupon park improve¬
offered Jan. 7—V. 151, p. 3780—were awarded to
Pohl & Co.,
inc. of Cincinnati, as
2s, at par plus a premium of $165. equal to 101 10.
a hafiis of about
1.90%,
Dated Dec. 1, 1940 and due Dec. 1 as follows:
1942 to 1955 incl. aDd $1,000 from
1956 to 1963 incl.
The
Weil, Roth & Irving Co. of Cincinnati bid a
premium of $18.50 for 2s.
%
Prem. Rate
Co.,
Pohl & Co., Inc., Cincinnati,
and
Fox, Reusch &
Co,
Cincinnati..
9hio—BOND SALE—The $15,000
ment bonds
&
-
Columbus,
a
$415.00.
$25,000
$50,000
Prem. Rate %
$2,350
Shepard
BancOhio
4
COLUMBUS,
nection with
$250,000
Prem. Rate %
Bidder—
Ryan, Sutherland & Co, and
O.
Warrensville), Ohio-PROPOSED
Ji UJc—^lty Plans t0 issue $25,000 2% fire equipment bonds, to
LAST
plant improvements.
The 11% of approvals at the 1940 election compare
with the 1939 figure of 16%, From 1933 through 1938 only one-third of all
of the proposed bonds were authorized, according to the newspaper study.
ClerkTwM
*4-000 Jan- 1 and July 1 from iy42
villtige
Ton"
in order to be approved.
receive sealed bids until noon on Jan.
20, for the purchase of $111,600 not
to exceed 6% interest electric
light and power first mortgage revenue bonds.
Dated Jan. 1, 1941.
One bond for $600, others $1,000 each.
Due as
and $3 ,600 July 1, 1956.
O.
(P.
newspaper is conducting a survey to determine the extent to which the
statute has affected the operations of taxing units with respect to physical
in
sewer construction
OFFERING— S. M. Beaton, Village
DISTRICT
in the Jan. 5 issue of the Cincinnati "Enquirer." All of the issues submitted
to the voters, with the exception of a few public utility loans which need
100.524
Ohio—BONDS
SCHOOL
of)—ONLY $3,032,490 BONDS APPROVED AT
(State
general election, only
Tint,, ju(i
Paine, Webber & Co
TOWNSHIP
GENERAL ELECTION—Of the $27,993,990 in bond issues up for approval
in various communities throughout the State at the November,,1940,
follows:
Co
TROY
togany), Ohio—BOiVD SALE—The $30,000 coupon school building bonds
Jan. 3—V. 151, p. 3780—were awarded to the State Teachers
Retirement System.
Dated Dec. 1, 1940 and due $2,000 on Dec. 1 from
1942 to 1956, incl.
Ohio—BOND SALE—The $50,000 coupon water works
Improvement bonds offered last Nov. 29—V. 151, p. 3278—were
awarded
to Fahey, Clark & Co. of
Cleveland, as 2s, at par plus a premium of $1,143,
£3u«JLto 102.286, a basis of about 1.80%. Dated Oct. 1, 1940 and due
$2,000 on Oct. 1 from 1942 to 1966, incl.
Other bids, also for 2s, were as
Bidder—
and
1, 1941 and payable as to prin.
(A-O) at the City Treasurer's office.
offered
ASHLAND,
Seasongood & Mayer
Ryan. Sutherland &
1948.
sewer bonds.
One bond for $1,211.77,
others $1,000 each.
Due as follows: $1,211.77 Oct. 1, 1941,
and $1,000 April 1 and Oct. 1 from 1942 to 1944, incl.
7,211.77 storm and sanitary
on
ADA,
Investment
$20,000.00 street, alley and sewer bonds.
One bond for $2,000, others
$1,000 each.
Due as follows: $2,000 Oct. 1, 1941, and $1,000
April 1 and Oct. 1 from 1942 to 1950, incl.
14,691.42 street improvement bonds.
One bond for $1,691.42, others
$1,000 each.
Due as follows: $1,691.42 Oct. 1, 1941: $1,000
April 1 and Oct. 1 from 1942 to 1947, incl. and $1,000 April
paying Jan. 7, 1941.of Due equal to in 1944 tol959. of about
a premium
$476, Jan. 6 101.904, a basis
scheduled to take action Jan. 7
purchase revenue bonds.
Savir.gs Bank & Trust Co., Cincinnati, in joint account.
MARTINS FERRY, Ohio—BONDS SOLD—City Treasury
Board has purchased $41,903.19 2% bonds, as follows:
GRAND FORKS PARK DISTRICT (P. O. Grand
Fork,). N. Dak.
—BOND SALE—The $25,000 park bonds offered for sale on
Jan. 7—V.
151, p. 3780—were purchased by the First National Bank of Grand
Forks,
as 2Ms.
2.06%
$33.75
28.50
15.00
27.95
MADISON RURAL SCHOOL DISTRICT (P. O. London), Ohio—
BOND A WARD HELD UP—Roland Plymell, Clerk of the Board of Edu¬
cation, reports that award of tne $160,000 building bonds offered Dec. 20
last—V. 151, p. 3432—has been held up pending outcome of a taxpayer's
suit which was scheduied to be decided during the past week.
Seasongood
& Mayer of Cincinnati submitted the highest bid for the issue, offering a
premium of $2,848 for 2s, equal to 101.78, a basis of about 1.84%.
The
bonds are dated Dec. 1, 1940 and matt re as follows: $3,000 April l and
trust company,
NORTH
Premium
1M%
1M%
1M%
134%
There
at
must
or
Int. Rate
Paine, Webber & Co
Seasongood & Mayer
a
Bids
bank
Other bids:
Bidder—
Provident Savings Bank & Trust Co., Cincinnati
BancOhio Securities Co
the highest price, not less than par and
accrued interest, offered for the lowest interest rate bid
upon, not exceeding
6%, in
a
to order of the
WASHINGTON PUBLIC SCHOOL DISTRICT (P. O. Washington),
N. C.—BOND OFFERING—Sealed bids will be received until 11 a. m, on
payment before maturity;
will be no auction.
Jan. 11, 1941
&
Roth
all
Cincinnati
of
Charles
j
Savings
Co., and
Irving Co.,
Trust
Weil,
A.
&
"•
.
800
&
2.25
40.00
2,625
Hinsch
2.25
255.00
Inc., Paine, Webber & Co.,
Inc., Fullerton & Co., and
Einliorn
_
2
Co.,
& Co.
_
^
127.50
2.25
0_
2.25
REPUBLIC, Ohio—BOND SALE—The $38,000 bonds offered Jan. 6-7V. 151, p. 3921—were awarded to Nelson, Browning & Co. of Cincinnati,
at par.
Sale consisted of:
$15,000 4M% municipal water works system bonds.
Dated Dec. 1, 1940.
Denom. $500.
Due $500 on Dec. 1 from 1942 to 1971, incl.
23,000 4% first motge. water works revenue bonds. Dated Nov. 1, 1940.
Denoms. $1,000 and $500.
Due Nov. 1 as follows: $500 from 1945
to 1950, incl.; $1,000 from 1951 to 1958, incl. and $1,500 from.1959
J
to 1966, inclusive.
Only
one
bid
was
received at the sale.
SANDUSKY, Ohio—BOND OFFERING—C. F. Breining, City Treas¬
will receive sealed bids until noon on Jan. 27 for the purchase of
$42,000 3% coupon pipe force main and appurtenances bonds.
Dated
Feb. 1. 1941.
Denom. $1,000.
I)i;e $2,000 on Aug. 1 from 1943 to 1963
incl. Bidder may name a different rate or interest provided that fractional
rates are expressed in a multiple of M of 1 %. Interest F A. A certified check
for $500, payable to order of the city, is required.
urer,
SANDUSKY, Ohio—BOND SALE— The $16,000 coupon water front
improvement bonds offered Jan. 3—V. 151, p. 3780—were awarded to Ellis
& Co. of Cincinnati, as 1 Ms, at a price of 100.387, a basis of about 1.46%.
Dated Dec. 1, 1940 and due $1,000 on Dec. 1 from 1942 to 1957, incl.
Second high bid of 101.172 for lMs was made by Ryan, Sutherland & Co.
of Toledo.
Other bids:
Int. Rate
Bidder—
BancOhio Securities Co
—
State Teachers Retirement System
Seasongood & Mayer
^
TOLEDO, Ohio—BONDS SOLD—Ryan,
purchased $244,000 bonds, as follows:
2%
2%
2%
1, 1940.
$177.00
165.00
45.85
Sutherland & Co. of Toledo
$122,000 2M% refunding bonds.
Due Dec. 1 as follows:
and 1947 and $20,000 from 1948 to 1951, incl.
122,000 3M% refunding bonds.
Due Dec. 1 as follows:
and $20,000 from 1948 to 1951, inclusive.
All of the bonds bear date of Dec.
Premium
$21,000 in 1946
$21,000 in 1946
Denom. $1,000.
Principal
and interest (J-D) payable at the Chemical Bank & Trust Co., New York
City.
The bonds, according to bond counsel, constitute direct obligations
of the city, payable from a tax which may be levied against all of its taxable
property within the limits imposed by law.
Legality to be approved by
Peck, Shaffer, Williams & Gorman of Cincinnati.
Volume
**
bonds offered Jan. 2
1960 incl.
Callable in
103% of the principal
Legality approved by Saul, Ewing, Remick & Saul of Philadelphia.
Tcvciren (from 1941 to 1948 incl. and $8,000 from 1949 to
inverse numerical order on any interest date at
awarded to the State Teachers Retirement System,
were
amount.
par p,us a Premium of $48, equal to 100.137. a basis of about
Dated Jan. 1, 1941.
Denoms. $1,000 and $500.
Due $3,500 on
2.23%.
Jan. 1 from 1943 to 1952 incl.
Bale Bid
299
The Commercial & Financial Chronicle
152
WELLSTON, Ohio—BOND SALE—The $35,000 street imp
Interest J-J.
HAMPTON TOWNSHIP SCHOOL DISTRICT (P. O. R. D. 2,
Other bids:
Bidder—
int. Rate
-
10067
100.77
100.65
100.21
Middendorf & Co
3%
3%
3M%
Walter, Woody & Heimerdinger
First Cleveland Corp
Pa.—BOND
Dec. 27—V.
ZANESVILLE, Ohio—BOND OFFERING—Henry F. Stemm, City
Auditor, will receive sealed bids until noon on Jan. 24 for the purchase of
^74,000 2M% coupon storm sewer and street improvement bonds. Dated
Denom. $1,000. Due Sept. 1 as follows: $4,000 in 1942 and
$o,000 from 1943 to 1956 incl. Bidder may name a different rate of interest
PHILADELPHIA, Pa .—FAVORABLE CREDIT FACTORS CITED—
Expressing the opinion that bonds of the above city are under-priced on
s market, the firm of Yarnall & Co. of Philadelphia declare that this
view "is based upon a comparison with available comparable bonds, but—
which is more important—upon the fundamental improvement in the
financial condition of Philadelphia and its business outlook."
The bond
house cites the following information with respect to the fiscal strength
of the municipality:
The report of the Sinking Fund Commission recently submitted shows a
consistent reduction in the net debt of the city, aggregating about $47,-
today
frovidedM S. fractional rates are expressed in a multiple of the of 1%.
nterest
that A certified check for $750, payable to order of M city, is
required. .Legal opinion of Taft, Stettinius & HoUister of Cincinnati will be
furnished the successful bidder at the city's expense.
000,000 for the past four years.
The stimulation from the defense program has
OKLAHOMA
BONDS OFFERING FOR INVESTMENT—The successful group imme¬
diately reoffered the above bonds for public subscription and it was reported
that the entire issue had been sold before the close of business on the 9th,
at prices
yielding from 0.80% to 2.15%, according to maturity.
Shortly after the holding of the election at which these bonds were
a taxpayer's suit contesting the leection was instituted and carried
to the
Supreme Court of Oklahoma.
The Supreme Court decided in
favor of the validity of the bonds.
Another taxpayer's action was insti¬
tuted in December, attacking the election on substantially the same grounds.
On Dec. 30 the lower court ordered the action dismissed.
The plaintiff
has six months from that date in which to appeal the lower court decision
to the
Supreme Court of Oklahoma.
Arrangements have been made
pursuant to which a suit is to be instituted immediately in the Supreme
Court of Oklahoma for the purpose of obtaining a decision on the questions
involved in this litigation and in order to render of no significance this
right to appeal.
It is hoped to obtain this decision within two or three
voted
weeks.
OKLAHOMA, State of—SPENDING TO BE CURTAILED—Further
additions to the State of Oklahoma's general fund deficit may bring a con¬
drive
the legislature,
in
which will
be convened this month for a
hand, according
constutitional amendment to limit expenditures to cash on
Oklahoma City.
Statutes now in force place a limit of
$400,000 upon deficits which may be incurred without the sanction of an
election, and limit appropriations to revenue estimates.
The State Supreme Court recently ordered Auditor of State Frank C.
Carter to issue warrants up to the limit of appropriations.
In a warning,
however, the court said that hereafter it would follow a more strict interpre¬
reports from
tation of the
COUNTY
Ore.—BONDS VOTED—At
voters are said to have approved the issuance
of the $180,000 highway bonds that were sold subject to the outcome of the
balloting.
iMi
DALLAS,
on
(P.
on
Jan.
$4,276.10 improvement bonds
152, p. 149—were awarded to the Federal
lMs, at a price of 100.18, a basis of about
1941.
Due from Jan. 15, 1942 to 1952; callable
1.68%.
SALE—The
6—V.
Securities Co. of Portland,
on
O. Silveeton),
Dec. 28 the
Ore.—BOND
offered for sale
Dated Jan. 15.
■»
,
ESTACADA, Ore.—BOND SALE DET AILS—The City Recorder states
bonds soid to E. M. Adams & Co. of Port¬
as noted here on Nov. 2, were purchased as 4s, at par, and mature
on Nov. 1 in 1943 to 1960; callable on and after Nov. 1, 1950.
that the $35,000 water revenue
land,
Ore.— BOND ELECTION—The
City Council
have called an election for Jan. 17 in order to vote on
i
for $320.
MULTNOMAH COUNTY SCHOOL DISTRICT NO.
1
(P. O. Port¬
land), Ore.—NOTE OFFERING—Sealed bids will be received until 7:30
p. m. on Jan. 23, by Andrew Comrie, District Clerk, for the purchase of a
$500,000 issue of not to exceed 1% coupon school notes.
Dated Feb. 1,
1941.
Denom.
$50,000.
Due April 1, 1941.
Principal and interest
payable at maturity at the County Treasurer's office.
The notes will be
sold at not less than par value and accrued interest, in amounts of not less
than $.50,000 each; provided that bids placed for more than $50,000 par
value of such notes shall be for exact multiples of that sum.
The highest prices offered will be accepted in full down to the principal
sum of $500,000, and, if the same price is offered in two or more bids, and if
necessary, in order to complete the sale in full, to accept only a part of the
total amount so bid for at identical prices, the amount so accepted in so far
as issuance of the notes in denominations. of not less than
$50,000 will
permit, will be apportioned ratably in accordance with the respective
amounts bid for at such price.
The notes will be furnished complete by
the district and will be delivered to the purchaser or purchasers therefore
Feb. 1.
All bids must be unconditional,
specify in their bids that if they are the purchasers of the
thereof, the legality of the notes awarded shall be subject
to approval by their attorneys at bidders' expense.
Enclose a certified
check for 1% of the par value of the notes bid for, payable to the district.
the District Clerk's office on
but bidders may
notes or any part
MULTNOMAH COUNTY SCHOOL DISTRICT NO. 3
PENNSYLVANIA
SCHOOL DISTRICT,
Pa .—BOND OFFERING—E. T.
until 7 p. m. on Jan. 20
Larson, District Secretary, will receive sealed bids
for the purchase of $40,000 coupon school bonds.
Denom. $1,000. Due $4,000 on Jan. 15 from 1942
name the rate of interest in a multiple of M of 1 %.
Dated Jan. 15, 1941.
to 1951 incl. Bidder to
Sale of the bonds will be
subject to approval of proceedings by the Pennsylvania Department of
Internal Affairs. District will furnish the bonds and legal opniion of Burgwin, Scully & Churchill of Pittsburgh. A certified check for $1,000, payable
district, is required.
BUTLER TOWNSHIP SCHOOL DISTRICT (P. O.
—BONDS TO BE EXCHANGED—'The $168,000 3%
Ashland), Pa.—
refunding bonds
authorized in December, 1940, by the Pennsylvania Department of Internal
Affairs, will be exchanged with holders of the original indebtedness.
Ro-
fundings will be dated
on real estate, representing the peak of delinquency.
At the
tax collections for the year had risen to 90.6% of the levy.
During the first 10 months of 1940, 85.6% of the levy had been collected,
as against 84.4% in the first 10 months of 1939.
Earnings of the water system available for debt service during the past
nine years are estimated at an average of approximately $4,250,000.
The
survey says that the annual cost of carrying the water debt is believed to
be about $1,550,000, so that almost $3,000,000 from the 1939 water revenues
was available for general fund purposes.
"Total principal and interest costs on the debt in the 1949 fiscal year
should be approximately $8,000,000 below such costs in 1940, if no new
debt is incurred," according to the analysis.
"Budgetary requirements for
debt service are scheduled to decline materially in the near future by
city's levy
end of 1939,
reason
Dec. I, 1940 and mature Dec. 1
of heavy term
maturities and the refunding of
as
high-coupon callable
bonds.
the limit.
"In
,
.
"The outlook is for a continued
,
to devise a set-up for
.
A
t
downward movement in the debt
trend
the proposed
bonds
limit. In this event the
about $36,000,000 within
only the new proposed sewer
*
.
addition it would have the
power
to sell not
only the $22,989,500
bonds already authorized but not yet issued, but also the new sewer
to be authorized.
To exempt the sewer bonds from the limit, sewer
bonds
rentals
have to be imposed
...
In spite of the sewer loan question, the
situation as a whole is encouraging from the viewpoint of the bondholder
and the outlook is better than it has been for many years past."
may
PITTSBURGH
DISTRICT,
SCHOOL
Pa.—BOND
SALE—The
$1,500,000 coupon building bonds offered Jan. 6—V. 151, P- 3921—were
a syndicate composed of the Mellon Securities Corp., Union
Trust Co., Mellon National Bank, all of Pittsburgh, and Drexel & Co.
of Philadelphia, as 1M», at a price of 100.78, a basis of about 1.43%.
Dated Feb. 1, 1941 and due $60,000 on Feb. 1 from 1942 to 1966 incl.
Re-offered to yield from 0.20% to 1.50%, according to maturity.
Other
awarded to
kicl8:
r,
Bidder—
_
For 1M%
Boston
First
n-j
„
,
Bonds
Trust Co.; Dolphin &
Co., jointly.
Corp.; Peoples-Pittsburgh
Co., and Barclay, Moore &
For 1.60%
100.148
BondB
Kidder, Peabody & Co.; Yarnall
11. Newbold's Son & Co., and Merrill Lynch, E.
Cassatt, jointly.
-
Harrlman Ripley & Co., Inc.;
&
Co.; W.
A. Pierce &
For 1.70%
E.
H.
Rollins & Sons; Moncure Biddle & Co.; Stroud &
& MacGregor; Schmidt, Poole & Co.; S. K.
Glover
Co.;
Cun¬
ningham & Co.; George E. Snyder & Co.; E
Lowber Stokes
& Co., and Rambo, Keen, Close & Kerner, jointly
Halsey, Stuart & Co.; Blair & Co., Inc.; Stone & Webster and
Blodget, Inc.; Darby & Co., Inc., and Roosevelt & Weigold,
jointly
100.267
Bonds
101.079
.
100-478
-
New York; Mercantile-Commerce Bank &
Co., St. Louis; Dougherty, Corkran & Co., and Singer,
National City Bank,
Trust
100.197
Deane & Scribner, jointly
Van Ingen & Co.; Eastman, Dillon
Leonard & Lynch, jointly—
For 1.80% Bonds
Lazard Freres & Co.; B. J.
Co., and Moore,
Chemical Bank & Trust Co., New
&
100.159
York; Northern Trust Co.,
Salomon Bros. & Hutzler; First National Bank
Pittsburgh, and BraUn, Bosworth & Co., jointly
Glore, Forgan & Co.; Ladenburg, Thalmann & Co.; Schoellkopf,
Ilutton & Pomeroy; G. M. P. Murphy & Co.; C. F. Childs
& Co., and H. M. Byllesby & Co., jointly.,
Chicago;
100.17
100.16g
SCHOOL DISTRICT, Pa .—BOND SALE—The
issue of $50,000 refunding bonds offered Jan. 6—V. 151, P. 3433—was
awarded'to Blair & Co., Inc., Philadelphia, as 1 Ms, at par plus a premium of
$500, equal to 101, a basis of about 1.31%.
Dated Dec. 2, 1940 and due
$5,000 on Dec. 2 from 1941 to 1950 incl.
Second high bid of 100.712 for
lMs was made by Halsey, Stuart &Co.t Inc.
WILKES-BARRE
(P. O. Park-
rose), Ore.—BOND SALE—The $20,000 issue of semi-annual school bonds
on Jan.
6—V. 151, p. 3921—was awarded to AtkinsonJones & Co. of Portland, as Is, paying a price of 100.37, a basis of about
0.88%.
Dated Jan. 15,1941.
Due$4,000from Jan. 15,1942 to 1946, incl.
offered for sale
to order of the
court decision
to
the issuance of $60,000
MERRILL, Ore.—BOND OFFERING— Sealed bids will be received unti1
8 p. m. on Jan. 16, by Uel Dillard, City Recorder, for the purchase of
$16,000 not to exceed 4% semi-ann. general obligation refunding bonds.
Dated Feb. 1, 1941.
Denom. $500.
Due $1,000, Aug. 1, 1942 to 1957.
Payment of entire issue of the bonds is to be optional on Aug. 1. 1944, or
on any interest paying date thereafter.
Prin. and int. payable at the Merrill
Branch of the First National Bank of Portland, Merrill. The bonds cannot
be sold for less than their par value, and are offered for the purpose of
redeeming and paying sewer bonds, second issue. Enclose a certified check
AMBRIDGE
improved constantly since 1933, according
"further improvement is expected because of a recent
declaring taxes to be prior in lien over all mortgages.
This
should correct the one great defect previously existing in tax collection
practice."
Tax collections for 1933 at the end of the fiscal year were 72.4% of the
The tax collection record has
to the analysis, and
is said
airport improvement bonds.
at
jin it/S GstiinciX(3s **
as
and after Jan. 15, 1944.
MEDFORD,
souDd tax and financial program.
FINANCIAL SURVEY ISSUED—A good tax collection record that has
improved steadily for seven years, a tendency to switch from term to serial
issues for new debt, and profitable operation of the water system are some
of the favorable elements that now entitle obligations of the City of Phila¬
delphia to a "fairly high credit rating," according to a survey just released
by Lazard Freres & Co. Not only has there been considerable progress in
clearing up the city's finances during the past two years, but Philadelphia's
new
administration is apparently determined to face its fiscal problems
conscientiously and realistically, says the report.
"The future outlook for Philadelphia finances is rather encouraging,
says Lazard Freres in its analysis, "especially respecting the budget situa¬
tion.
After many years of loose and costly financial practices, conservative
procedure has at last been restored, judging from 1940 budget operations
and the prospects for 1941.
The 1940 budget was a revelation in realistic
procedure for the city, and the 1941 document, is even more conservative
but also the existing sewer debt from the debt
city would find itself with a borrowing margin of
OREGON
BRISCOE
a
of business
unless the city succeeds in its effort
sewer bonds which would exempt not
debt limitation statute.
the election held
the city's receipts from its payroll taxes.
buildings and housing in connection with the
defense program should increase taxable property values.
The City Administration has confirmed its pre-election pledge of fostering
Expansion
Okla.—BOND SALE—The $6,911,000 semi-ann.
water works bonds offered for sale on Jan. 7—V. 151, p. 3921—were offi¬
cially awarded on Jan. 9 to a syndicate headed by Halsey, Stuart & Co.,
Inc., of New York, on its bid of 100.069, giving a net interest cost of about
2.1148%, on the bonds divided as follows: $1,920,000 as 3s, due $384,000
on Jan. 15 in 1944 to 1948; the remaining $4,991,000 as 2s, due on Jan. 15,
$384,000 in 1949 to 1960, and $383,000 in 1961.
F*Associated with the above named firm in the purchase were: C. Edgar
Honnold of Oklahoma City; Blair & Co., Inc.; Stranahan, Harris & Co.,
Inc.; Roosevelt & Weigold, Inc.; the Fort Worth National Bank; R. S.
Dickson & Co., Inc.; Stroud & Co., Inc.; Stern Brothers & Co. of Kansas
City; Farwell, Chapman & Co. of Chicago; Baun, Bernheimer Co. of
Kansas City; Mullaney, Ross & Co. of Chicago, and Daniel F. Rice & Co.
of Chicago.
to
expanded payrolls which,
in turn, is augmenting
OKLAHOMA CITY,
certed
Allison
SALE—The $75,000 coupon school bonds offered
151, p. 3601—were awarded as lMs to E. H. Rollins & Sons
Inc., Philadelphia.
Dated Dec. 15, 1940 and due $3,000 on Dec. 15 from
1941 to 1965. incl.
Park),
Rate Bid
2^%
—
follows:
$9,000
SOUTH
CAROLINA
PROVIDENCE SCHOOL DISTRICT NO. 12 (P. O. Orangeburg)
S. c.—BONDS SOLD—It is stated that $10,000 gymnasium-auditorium
bonds have been purchased by the First National Bank of Holly Hill.
Dated Feb. 1. 1940.
SPARTANBURG, S. C.—BOND SALE—The coupon semi-ann. bonds
aggregating $300,000, offered for sale on Jan. 8—V. 152, p. 149—were
awarded jointly to the Equitable Securities Corp. of Nashville, and the
Wells-Dickey Co. of Minneapolis, paying a premium of $115.75, equal to
100.038, a net interest cost of about 2.36%, on the bonds divided as follows:
$75,000 airport improvement bonds as 2Ms.
Due on Jan. 15 as follows:
$3,000 in 1946 to 1950, and $5,000 in 1951 to 1962.
30,000 incinerator improvement bonds as 2Ms.
Due $2,000 on Jan. 15
in 1946 to 1960, inclusive.
15,000 fire protection improvement bonds as 2 Ms.
Due $1,000 from Jan.
15, 1946 to 1960, inclusive.
25,000 sewerage and drainage improvement bonds as 2Ms.
Due on Jan.
15, as follows: $1,000 in 1946 to 1950, and $2,000 in 1951 to 1960.
155,000 street and sidewalk improvement bonds as 2M8.
Due on Jan. 15
as follows: $5,000 in 1946 to 1950, and $10,000 in 1951 to 1963.
I
•V
The Commercial & Financial Chronicle
300
BONDS
FOR
OFFERED
INVESTMENT—1The
successful
bidders
re-
offered the above bonds for public subscription, the 2M% bonds priced to
yield from 1.50% to 2.40%, according to maturity, and the 2H% bonds
yielding from 1.50% to 2.50%, according to maturity.
NEWTON
DAKOTA
inaugural address on Jan. 7 at the opening session of the 1941 Legislature.
In a message which urged a number of reform proposals, Governor
Bushfield declared that "the best government is that which places the light¬
est burden upon its people."
"The stupendous national defense program will place the heaviest burden
of taxation upon our people that we have ever known," he said.
"For that reason, wo nave an added duty to cut our taxation burden
to the lowest possible minimum."
Among the reform proposals he advocated was a reduction of the power
of the Board of Charities and Corrections, an administrative storm center
during the past year, and placement of the Plankington training school
under the administration of State Child Welfare Director.
SCHOOL
TENNESSEE
MEMPHIS, Tenn.—BOND OFFERING—It is stated by F. T. Tobey,
City Comptroller, that be will receive sealed bids until 2.30 p.m. (GST),
on Jan. 21, for the purchase of an issue of $150,000 coupon city hospital
bonds. Dated Jan. 1, 1941. Denom. $1,000. Due Jan. 1, as follows: $6,000
in 4942 to 1956, and $5,000 in 1957 to 1968. Bidder to name rate of interest
in a multiple of
or one-tenth of 1%.
No higher rate of interest shall be
chosen than shall be required to insure a sale at par, and all bonds of this
Bidders must bid for all of the
Comparisons of bids will be by taking the aggregate of interest
bonds.
therefrom the premium bid to determine the net interest cost
city.
The bonds will be awarded upon the bid most advantages to
the city.
Prin. and int. (J-J) payable at the City Treasurer's office, or
at the Chemical Bank & Trust Co., New York.
The bonds will be sold
and deducting
to the
for par,
face value plus interest to time of delivery and a premium if
any be bid.
The bonds are all general liability bords, the full faith and
credit of the city being pledged for the prompt payment of both principal
and interest as they respectively become due.
The city will have all
bands prepared without cost to the purchaser.
The bonds may he regis¬
tered as to principal only and may be discharged from registration and
again registered at will. The bonds will be delivered by the city in New
York, or equivalent at the option of bidder if bidder so states in bid, nam¬
ing point of delivery. Delivery will be made within 15 days of award. No
proposal blanks are furnished and bidders are required to submit bids in
triplicate.
No arrangemehts can be made for deposit of funds, commis¬
sion, brokerage or fees.
The bonds on delivery will be accompanied by a
full transcript of the proceedings on the passage of all ordinances, proceed¬
ings of the Board of Commissioners making sale.
Treasrrer's receipt for
or
Eroceeds, signature certificate andof Newopinion. fall within the provision
legal York to The city is considered
y the State Banking Department
of subdivision 5
(d) of Section 235 of the Banking Law of New York, as
amended.
The approving opinion of Thomson, Wood & Hoffman, of
New York, will befurnished. Enclose a certified check for 1% of theamount
of bonds bid for, payable to the city.
ONEIDA, Tenn.—BONDS NOT SOLD—The $3,500 4% semi-annual
funding bonds offered on Dec. 20—V. 151, p. 3434—were not sold, accord¬
ing to report. Dated June 1, 1940. Due on June 1 in 1945 to 1948.
SPRING.
Texas—BONDS
COLLI NSVILLE
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Collinsville), Texas—BONDS SOLD—A $30,000 issue of school bonds
approved by the voters at an election held last October, is said to have been
purchased recently by Garrett & Co. of Dallas.
bonds
CAMPO, Texas—BONDS SOLD—The following 23^ % semi-annual
aggregating $75,000, have been purchased jointly by George V.
&
Co.,
Milton
R.
Underwood
&
Co.,
and
McClung &
COUNTY
(P.
O.
Crowell), Texas—BONDS DEFEATED—
The County Judge states that at tne election held on Dec.
turned down the proposal to Issue $365,000 highway bonds.
GOLIAD
COUNTY
(P.
O.
Goliad),
Texas—BONDS
28 the voters
will not be considered. Prin. and int. (J-J) payable at the State Treasurer's
Newton, or, if the purchaser
prefers some other place of payment, his wishes can be complied with. All
bids must be submitted on the uniform bid blank.
Only one copy need
be submitted.
The county will furnish the printed bonds, a copy of the
proceedings, the approving opinion of Gibson & Gibson, of Austin, or of
Chapman & Cutler of Chicago, and will deliver the bonds to the bank
designated by the purchaser without cost to him.
It is anticipated that
delivery
be effected
can
by approximately Feb. 10.
check for $500, payable to-the County Judge.
PECOS COUNTY (P.
At the election held
on
iONDS SOLD—A $65,000 issue of
semi¬
Enclose
certified
a
>
O. Fort Stockton), Texas—BONDS VOTED—
Dec. 28 the voters
Issuance of $1,060,000 not to exceed
In 20 years.
are
said to have approved the
5% road improvement bonds.
Due
SHERMAN COUNTY (P. O. Stratford), Texas—BONDS DEFEATED
—At the election held on Dec. 31 the voters are said to have rejected the
issuance of $350,000 road improvement bonds.
SMILEY
INDEPENDENT
SCHOOL DISTRICT
(P.
O. Smiley)
Texas—BONDS SOLD—It is reported that $28,000 semi-ann. improvement
bonds have been purchased jointly by George V. Rotan & Co., asd Milton
R. Underwood & Co., both of Houston, as 3s and 3j^s, paying a price of
100.06.
Due $1,000
on
Oct. 1 in 1941 to 1968 incl.
SONORA, Texas—BOND ELECTION—It is reported that
will be held
power
on
Jan. 11 in order to'vote
election
an
the issuance of $175,000 light and
on
plant bonds.
TEXAS (State of)—1941 LEGISLATIVE MATTERS—Openmg a 120day session Jan. 14, the Texas legislature is said to face abeut the same
problems as handled two years ago, when the lawmakers deadlocked on
transaction-sales
a
tax
and
increased levies
natural
on
resources.
Since
than Governor W. Lee O'Daniels has won re-election snd seme critics
of the transaction-sales tax proposal have been defeated.
If the tax pro¬
posal is adopted, old
ago
the state
set
age
UP
pensions are expected to be increased. Six years
machinery for a teachers' retiremeat plan by
the
which the state would match funds deposited by the teachers.
Tfce atate.
however, has neglected to make its contribution and it will repair* $10.000.000 to redeem the pledge
UVALDE, Texas—BONDS SOLD—An $85,000 issue of 4% »f*i-am*ua
gas
system
revenue
bonds has been purchased jointly by Russ, Rae k, Ca.
reported,
of San Antonio, and Crummer & Co. of Dallas, it is
VENUS, Texas—BOARDS SOLD—It is stated by Mayor J. Rice Fiuley
that $24,500 2% and 3% semi-ann. street improvement bonds have
sold.
Dated Aug. 15, 1940.
heen
WACO, Texas—BONDS TO BE SOLD—The City Secretary s>atM that
following refunding bonds aggregating $626,000, authorised by the
City Commission on Dec. 3, will be taken by various city sinkixg fuads:
the
$250,000 2K % series C bonds.
8,ftGr Dec,
1
Due
June 1 in 1952 to 1958;
on
•ptUna*
1950,
199,000 3%
series C bonds.
ziftei* Dec
1
1950
Due
on
June 1 in 1959 to
1962; *ptional
49,000 3% series I) bonds. Due on Dec. 1 in 942 to 1970 incl.
128,000 3% series E bonds. Due on Dec. 1 in 1942 to 1970 incl.
Hoffman
Dated Dec. 1, 1940.
of New
Prin. and int. (J-D) payable at
'Legality approved by Thorns**, Wood
York.
*
WELLINGTON, Texas—BONDS NOT SOLD—The City Secretary states
that the $20,000 3lA% semi-ann. municipal building, series 1940 bonds
offered on Dec. 16—V. 151, p. 3602—were not sold, as the approval of
a Works Progress Administration grant has not been forthcomiag as yet.
Due on April 10 in 1942 to 1960 incl.
YOUNG
COUNTY (P. O. Graham), Texas—BONDS DEFEATED—
are reported to have defeated the proposal to issua $450,000
improvement bonds at the election heud on Dec. 31.
The voters
in road
WISCONSIN
MARINETTE COUNTY (P. O. Marinette), Wis.—BOND SALB—The
$75,000 coupon semi-ann. general obligation hospital bonds offered for
sale on Jan. 3—V. 151, p. 3782—were awarded jointly to three Marinette
banks, as lMs, at par, according to the County Clerk.
Dated Jan. 1,
1941.
Due $5,000 on Dec. 31 in 1941 to 1955 incl.
The Milwaukee Co. of Milwaukee offered $100 premium for 1H*.
VOTED—The
issuance of $551,000 road improvement bonds is said to have been approved
by the voters at the election held on Dec. 28.
HEMPSTEAD, Texas-
Newton)
office in Austin, or at the First National Bank,
Knicker¬
bocker, all of Houston, at a price of 100.135: $40,000 sewer improvement,
and $35,000 street improvement bonds.
Due on March 1 in 1942 to 1956.
These bonds were approved by the voters on Nov. 30.
FOARD
O.
sell the bonds at the lowest interest cost that will bring a
price of approximately, but not less than|par and accrued interest. Bidders
required to name the rate or combination of two rates with their bid
which is nearest par and accrued interest.
Any rate or rates named must
be in multiples of
of 1 %. Bids specifying interest at a rate more than 5%
&
City Secretary
$30,000 23A% semi-annual water works refunding bonds were
exchanged with the orgiginal holders.
Dated Nov. 1, 1940.
Due $3,000
in 1941 to 1950, incl.
Legality approved by W. P. Dumas of Dallas.
Rotan
(P.
are
the First National Bank in Waco.
EXCHANGED—The
states that
EL
8
fully described as follows:
Dated Jan. 1, 1941.
Due Jan. 1, as
$500 in 1942 to 1949, and $1,000 in 1950 to 1970. Alternate pro¬
on bonds with 10-year option. It is the intention of
Denom. $1,000.
TEXAS
BIG
NO.
the Court to
DISTRICT
(P.
O.
Virgil),
S. Dak .—INTEREST RATE—We are informed by the Clerk of the Board
of Education that the $13,000 coupon semi annual refunding bonds sold
to Gefke-Dalton & Co. of Sioux Falls, at 101.50, as noted here—V. 151,
p. 3922—were purchased as 3Ms. giving a basis of about 3.04%.
Due
$1,000 from Jan. 1, 1943 to 1955, incl.
'
issue shall bear the same rate of interest.
more
follows:
SOUTH DAKOTA, State of—GOVERNOR URGES CUT IN TAXES—
INDEPENDENT
DISTRICT
posals will be considered
Governor Harlan J. Bushfield urges a 1% reduction in the South Dakota
State sales tax and the abolition of the individual net income tax in his
VIRGIL
Jan. 11, 1941
ROAD
Texas—BOND OFFERING DETAILS—In connection with the offering
scheduled for Jan. 13 of the $25,000 road bonds, notice of which was given
in our issue of Dec. 21—V. 151, p. 3782—it Is now reported that the bonds
are
SOUTH
COUNTY
PORTAGE, Wis.—BOND OFFERING NOT CONTEMPLATED—It, is
by Frances Wright, City Clerk, that the $32,000 not to exceed 2%
stated
semi-ann. refunding bonds offered for sale without success on May 24, as
noted here at the time, will not be reoffered for sale.
annual
light and power s>etem revenue bonds is said to have been pur¬
chased jointly by George V. Rotan & Co., and McClung &
Knickerbocker,
both of Houston.
Due on June 1 in 1943 to 1958.
HARTLEY COUNTY
(P. O. Channing), Texas—BONDS VOTED—
At the election held on Dec. 28 the voters are said to have approved the
issuance of the $450,000 highway improvement bonds that were contracted
for prior to the election, as noted in our issue of Dec. 21.
JACKSON COUNTY ROAD DISTRICT NO. 14 (P. O.
Edna), Texas
—BONDS SOLD—A $50,000 issue of improvement bonds is said to have
been purchased jointly by George V. Rotan & Qo,
and Milton R. Under¬
,
wood
&
Co.,
both of Houston, as 2Hs and
Due $5,000 on March 1, in 1942 to 1951,
2^s, for
a
price of 100.03.
LAMB COUNTY ROAD DISTRICT NO. 1-A (P. O.
Olton), Texas—
an election held on Dec. 21 the voters are said to have
approved the issuance of $300,000 road improvement bonds by a wide
BONDS VOTED—At
WYOMING
GOSHEN COUNTY SCHOOL DISTRICT NO. 11 (P. O. Fort Laramie), Wyo.—BOND SALE—The $19,000 issue of 3% semi-annual c*upon
building bonds offered for sale on Jan. 2—V. 151, p. 3602—was awarded to
Coughlin & Co. of Denver, at a price of 104.55, a basis of about 2.63%.
Dated Jan. 1, 1941.
Due $1,000 from Jan. 1, 1947 to 1965, incl.
ROCK SPRINGS,
Wyo.—BOND OFFERING—Sealed bids will be
re¬
ceived until 7.30 p.m. on Jan. 20, by Reuben L. Meacham, City Clerk,
for the purchase of the following 4% semi-ann. curb and gutter bonds
aggregating $16,000:
$9,000 District No. 5, $2,000 District N*. f, and
$5,000 District No. 7 bonds.
Denom. $500.
Dated Feb. 15, 1941.
Due
in 5 years; optional in one year.
Prin. and int. payable at the City Treas¬
urer's office.
margin.
LA SALLE COUNTY (P. O. Cotulla), Texas—BONDS VOTED—At an
on Dec. 14 the voters are said to have
approved the issuance
election held
of
$360,000 not to exceed 5% road improvement bonds by
a
wide margin.
LAVACA COUNTY ROAD DISTRICT NO. 2 (P. O.
Hallettsville),
Texas—BONDS SOLD—The Peoples State Bank of Hallettsville is said
to have purchased $20,000 2^% semi-annual road bonds.
LIBERTY, Texas—BONDS SOLD—It is reported that $95,500 electric
light and power revenue refunding bonds have been purchased by R. AUnderwood & Co. of Dallas.
f*
McMULLEN
COUNTY
a
wide margin,
NEUCES
COUNTY
(P.
O.
Corpus
Christi) Texas—BOND SALE
DETAILS—-In connection with the sale of the $1,125,000 highway improve¬
ment bonds as 2>*s, at par, as noted here—Y. 152, p. 150—-it is reported
that these bonds were purchased by a syndicate composed of Barcus
Kindred & Co., of Chicago, Ranson-Davidson Co., of Wichita, Stranahan,
Harris & Co., Inc., of Toledo, Cravens & McCulIough, of Austin, Boettcher
& Co., of Denver, Charles B. White & Co., and Dunn <fc Co., both of
Houston, are dated Jan. I, 1941, in the denom. of $1,000 and mature
Jan. 1, as follows:
$45,000 in 1942. $46,000 in 1943, $47,000 in 1944,
$48,000 in 1945, $49,000 in 1946, $56,000 in 1947, $57,000 in 1948, $61,000
in 1949, $68,000 in 1950, $71,000 in 1951, $80,000 in 1952, $82,000 in 1953,
$84,000 in 1954, $86,000 in 1955, $87,000 in 1956, $92,000 in 1957, $32,000
In 1958 and $34,000 in 1959, bonds maturing in 1952 to 1959, optional
Jan. 1, 1951. or any interest date thereafter.
Prin. and int. payable at
tne State Treasurer's office, Austin.
Legality to be approved by Dillon,
Vandewater & Moore of New York.
(Province of)—ANNOUNCES INTEREST PAYMENT—
The Province will pay interest to holders of debentures which matured
Jan. 15. 1939,.at the rate of 2 H%. in respect of the half-year ending Jan.
15, 1941, being at the rate of $12.50 for each $1,000 bond.
Interest will
be paid upon presentation of bonds, for notation thereon of such payment,
at any branch of the Imperial Bank of Canada in the Dominion of Canada,
or
at
the Bank of the Manhattan Company in New York City.
CITY OF
OTTAWA
URGED
G. Percy Gordon, Ottawa City
(P. O. Tilden), Texas—BONDS VOTED—At
the election held on Dec. 13 the voters are said to have approved the issuance
of the $414,000 not to exceed 4% semi-ann. highway improvement bonds
by
CANADA
ALBERTA
TO
RETAIN MATURED
COUPONS—
Finance Commissioner, told the Board of
Control the city should not cash its matured Alberta bond coupons .ponding
the Dominion-Provincial conference to open at Ottawa Jan. 14.
The City
of Ottawa holds Alberta bonds to the value of $555,000.
"One of the most important recommendations of the Sirois Commission
report is that the Dominion Government take over the funded debt of the
Provinces under certain stipulated conditions," Mr. Gordon said in a
report.
"If this recommendation is adopted the
the Alberta debenture debt should be solved."
situation with reference to
A. Bourque said that, since the majority of Alberta
bondholders were refusing to accept the half-interest being offered by the
Province, the city would be "well advised" toehold its coupons for the time
being.
Comptroller E.
NOVA SCOTIA (Province of)—BOND
SALE DETAILS—In
connec¬
tion with the report in—V. 152. p. 150—of the award of $3,045,000 new
capital bonds to W. C. Pitfield & Co. of Toronto, and associates, we learn
that the award was made as follows:
$2,045,000 3K% bonds, due Jan. 2, 1953, were sold at
a
basis of aoout 3.69%.
1,000,000 3% bonds, due ir three years, were sold at
a basis of about 3 21%.
a
price of 98.14,
a
price of 99 41,
\
@FedFRASER