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2
ays. adm,
1942
Sbrary
SATURDAY
Volume
Number 4040
155
New
York, N. Y., Saturday,
January 31, 1942
STATE AND
CITY
Price 60 Cents
a
Copy
DEPARTMENT
BOND PROPOSALS AND NEGOTIATIONS
ARIZONA
presented
County (P. O. Globe), Ariz.
Warrants
Called—Cyril
Ken¬
nedy, County Treasurer,
states
that the following warrants were
Mr.
to
trustee
roeger,
Gila
C.
and
agent, 410 Olive St.,
Mo., for payment and
ment.
The
endorse¬
which the
payment at that time
amounted
called for payment on Jan. 19:
W.
Diek- offered, if
any.
The highest bid
disbursing will be determined by deducting
St. Louis, from the total amount of interest
to .2.4%
of
the
to
total
pay
bonds, at the rate
rates
or
the
order
of
County
is
the
Treasurer of
DIVIDEND NOTICES
required.
San Francisco
city would be required
to the maturity of the
up
to
the
THE BUCKEYE PIPE LINE
(City and County),
Calif.
Notes
speci¬
COMPANY
Sold—David
Uti
A.
Barry,
Elementary Sch. Dist. No. 10: principal, interest coupons and fied in the bid, the amount of pre¬ Clerk of the Board of Supervisors,
accrued interest on past due bonds mium bid
•Salary, through warrant No. 2045,
therefor, and the award states that $3,000,000 tax anticipa¬
to Aug. 1, 1940.
With this pay¬ will be made on the basis of the tion notes were awarded
registered Dec. 6, 1941. Expense,
on Jan.
ment total liquidating payments lowest net
interest cost to the city. 26 to a group composed of the
^through warrant No. 30193, regis¬
aggregate
6%
of
principal and in¬ The purchaser must pay accrued Anglo California National
tered Nov. 25, 1941.
V
Bank,
.'
terest to Aug. 1, 1940.
v
Elementary Sch. Dist. No. 19:
Salary, through warrant No. 2600, Lawrence County Sch. Dist. No. 45
registered Dec. 23, 1941. Expense,
(P. O. Imboden), Ark".
through warrant No. 30551, regisBonds Authorized—We under¬
/tered Jan. 9, 1942.
1:
'i stand that the State Board of Edu¬
Elementary Sch. Dist. No. 20: cation
recently issued an order
^Expense, through warrant No. authorizing the issuance of
$28,30578, registered Jan. 10, 1942.
671.95 3%%
refunding and con¬
V
Elementary Sch. Dist. No. 24: struction bonds*
;
>
"
Expense,
through
warrant
No.
30563, registered Jan.
10,
1942.
Pine
..
.
Bluff, Ark.
.
to the date of
delivery.
the^ank of America,
N.
T.
S. A., and the American Trust
all of
San
The City
cessful
cisco.
bidder at the
urer's
office,
as
Due
City Treas¬
soon
fail
to
the
tnis
tered Jan. 13, 1942.
bonds.
These
bonds
are
Elementary Sch. Dist. No. 33: the $200,000 that carried at the
Salary, through warrant No. 2654, election on Aug. 6, 1940, of which
registered
Jan,
3,
1942.
Expense,
through warrant No. 30518, regis¬
tered Dec. 29, 1941.
High Sch. Dist. No. 1: Salary,
event
Alvarado
through warrant No. 2798, regis¬
tered
Jan.
9,
1942.
Expense,
through warrant No. 30587, regis¬
tered
>
Bond
for
ney
Jan.
12, 1942.
that
High Sch. Dist. No. 10: Salary,
tion
through warrant No. 2471, regis¬
Co.
tered Dec. 19, 1941.
here
ARKANSAS
Details—The
the
District
the
be
Attor¬
United Shoe
0.41%.
The
states
now
a
3s,
price of
100.012
for
In
the
same
Sale
by
the
prior to
Details—The
of
law, the
suc¬
election,
the
bonds
by the city, be relieved of his obli¬
gations under the contract to pur¬
chase the bonds and in such case
the deposit accompanying his bid
will be returned.^ The legal
$33,000
due
.
.
H.
Program
of
Bond
We
Refunding
understand
that
Moulton & Co: of Los
0.75%, plus
in
Angeles, at
premium of $188.00.
29, 1942. r Due on or
mittee has made two distributions about Feb. 25, 1942.
Legality ap¬
to
bondholders.
Under
date
of proved by Orrick,
Dahlquist, Neff
March 31,
&
1941, the Committee
Herrington of San Francisco.
the
—
Bondholders Protective Com¬
advised
bondholders
available
.were
liquidating
...
to
make
payments
under decree of the
trict Court.
that
to
principal,
interest
3.6%
accrued interest
of
the
past due
on
bonds to Aug. 1, 1940. All bonds
outstanding aggregating $182,000
are
subject to the plan of debt
.
composition.
The
plan
provides
for the redemption and sale of all
land
in
the
district
by
a
trustee
appointed
by the court for this
purpose.
Under the plan $20,884.31
cash
had been collected,
notes
in
aggregating
to
one
mortgages
been
four
on
taken
mained
$25,063.54
due
years
secured
certain
lands
and
up
by
had
there
re¬
approximately 9,000 acres
to the district subject
belonging
to sale by the trustee as
in
provided
the plan.
Additional funds had been col¬
lected under the plan of liquida¬
tion
and
bution
Court,
another
was
order
bondholders
Certificates
of
distri¬
issued by the Federal
according
dated
to
a
Dec.
of deposit
Bond
letter
22,
are*
Bond
We
registered sewer of 1942
Interest rate is not to ex¬
to
1941.
ceed
4%,
payable J-D
Denom.
Dated Jan. 15, 1942.r Due
Dec. 15, as follows:
$10,000 in
$1,000.
on
1942
to
a
to
1961.
1952
and $15,000 in 1953
Rate of interest to be in
multiple of
1%.
to
Bidders
bid
for
or
will
different
different
bonds.
Prin.
lawful money
-
one-tenth
be
rates
of
permitted
of
interest
maturities
of
said
int. payable in
at the City Treas¬
and
that
an
election
City
submit
to
incinerator bonds.
the
San Bernardino County (P. O. San
Calif.
Feb.
9, by Harry L. Allison,
County Clerk, for the purchase of
$24,000 Warm Springs School Dis¬
trict
to
bonds.
Interest
is
rate
not
exceed
4%%, payable M-S.
Denoms. $2,000 and $3,000.
Dated
March 1, 1942.
Due on March 1;
$3,000 in 1943 to 1946, and $2,000
in
1947
to
1952.
Prin.
and
int.
urer's office.
payable at the County Treasurer's
of the
office.
and
General obligations
city, and the city has power
is
obligated
to
levy
■
subject
accrued
(except
certain
by
the
city
city
bonds
will
be
sold
cash at not less than par and
accrued
interest to date of de¬
that
taxation
Said
for
ad
valorem taxes for the
payment of
the bonds and the interest
thereon
upon all property within the
to
connection
$259,000
tem
livery, and
the
each
bidder
interest
bid
must
offers
to
par
date
of
state
will be awarded to the
best bidder
highest and
considering the inter¬
to be est rate specified and the
premium
with
gas
the
sale
plant and
—
A certified
or
sum
Due
1942
1959.
to
of
sewer
at
a
price
March
on
Dated
sys¬
tion
approval
No
as
date
Fort
RFC,
1952 to
are
and
and
Co.,
New
York.
approved
by Caldwell
mond, of New York.
in
part
city-county contract,
for
way
validation
$1,000,000
charity
hospital
the
int.
were
of
Mitchell
law
firm
of
New
York
1942
the
will
is
said
to
Masslich
authorize
based
on
the
hospital
Redemption Calls
Fund
Notices
Dividends
Discount
Rates
and
Foreign
Central
v
Banks
515,519
Weekly Return of N. Y. City Clear¬
ing House
517
,
.......
Bankers'
New
Acceptances
The
Course
of
Bank
Discount Rates of
Bank
of
of
Federal
Stealing Exchange..
England Statement
Market
Brokers'
County
School Districts
Pensacola), Fla.
6%
Crude
.
Note
Statement...
Gas
l
Changes..
Loans
Oil
491
517
515
518
Individually
Reserve
520
516
516
Y.
Weekly Federal Reserve
following
515
Clearings
Reserve Banks,.
Combined
Federal
Sale—The
515
519
Reserve Bank..
Condition of Federal Reserve Banks
under-
project.
O,
515
York
Money Rates
Foreign Exchange Rates.
Foreign Money Rates
grant
of $300,000 has been
approved for
Escambia
516
Weekly Return of Member
N.
A
491
491
of
Condition of
costs.
489
Sinking
...................
Metals
against
Page
497
Non-Ferrous
The $200,000 balance will
cushion
ap¬
News
diately.
(P.
been
and
ment
&
issues, Mayor C. H. Reeder
Bond
have
City Department
Bond Proposals and
Negotiations
General
Corporation and Invest¬
York
said.
bonds,
22,
follows:
and
Banks
also
a
as
the
INDEX
State
Wednesday when the City Com¬
be
1,
to
Nov.
pro¬
The city acceptance of the con¬
terms will be voted on
The
par
on
paying agent for airport
bonds, dated Jan. 1, 1941.
tractual
bond
Dec.
on
in
at
here
pointed
A
Mitchell.
mission
Auditor
Paying Agent Appointed—The
Manufacturers Trust Co. of New
approved by
the
City
Monroe County (P. O.
Key West),
Fla.
City Commission. Terms
of the contract
F.
due
Dade
County
bond issue, was
R.
bond
fixed
•
approved by the County Commis¬
sion Friday after a joint
meeting
with the
been
1943, $3,000,
1944
and
1945, $4,000, 1946 to
1949, $5,000, 1950 to 1954, $6,000,
1955 to 1958,
$7,000, 1959 to 1962,
$8,000, 1933 to 1966, $7,000, 1867,
and $8,000 in 1968.
Legality
Ray¬
paving
of
sold
noted
as
$2,000
&
follows:
as
The
—
certificates
1966, and $14,000
Prin.
has
Clerk states that the
$150,000
semi-ann.
hospital revenue
4%
payable at the Chemical Bank &
Trust
sale
Lauderdale, Fla.
Maturity
1954, $9,000 in 1955, $10,000 in 1956 and
1957, $12,000 in
1958 and 1959, $13,000 in 1960 and
1961, $14,000 in 1962 to 1964, $15,1968.
for
yet.
1, 1941, in the de¬
nomination of $1,000, and mature
Oct. 1, as follows: $4,000 in 1942
and 1943, $5,000 in 1944 to
1947,
$7,000 in 1948 to 1951, $8,000 in
and
stated
was given to bonds
$30,000 and divided
as follows:
$25,000 Sch. Dist. No.
15, and $10,000 Sch. Dist. No. 24.
dated Oct.
1965 and
in
April 1,
aggregating
Leedy, Wheeler & Co., of Or¬
lando, jointly, as 3y4S, A. & O.,
1967
of
31
by A. S. Edwards, Superintendent
of Schools, that at a recent elec¬
the
and
are
of
30,
July,
'v-'
de¬
for, payable
price
June
Dated
Approved—It Js
and
of the par
a
from
bonds
Course
cashier's check for
not less than 5%
value of the bonds bid
a
11
106.50.
Bonds
In
were
purchased
by
Robert Hawkins & Co., of
Boston,
the
The bonds
Information
certificates
terest said bonds shall bear.
amount.
No.
revenues, will total $950,000, only
$750,000 worth to be sold imme¬
livery,
at
Due
1,1938.
9,500 Special Tax School District
1,
refunding
certif¬
icates, noted in our issue of Nov.
4, it is now reported that these
tion of rate
or
March
bonds
1942 to 1954 incl.
revenue
budgeted
sonal
after
6
105.00.
1939.
property, which is taxable
at limited
rates) without limita¬
per¬
No.
follows:
as
145—were purchased by
& Peoples National
p.
$6,500 Special Tax School District
Clearwater, Fla.
and state separately the
premium, if any, offered for the
bonds bid for, and the rate of in¬
intangible
and
on
Additional
posed
School Bond Offering — Sealed
bids will be received until 11 a.m.
on
KEMP, Teasurer:
Citizens
FLORIDA
reported
Bernardino),
Common
..
in
the
to
cf
.
000 in
Contemplated—
understand-
:
Secretary.
Bank of Pensacola.
the
be received until 7.30
p.m. (PST),
Feb. 2, by F. E.
Heple, City
bonds.
r
,
Barbara, Calif.
Election
business
special,
155,
v.
Town
voters" bonds
aggregating Dade County (P. O. Miami), Fla.
$215,000,
and
divided:
Hospital
$50,000
Project
Approved—
fire fighting equipment,
$165,000 The Miami ''Herald" of Jan. 24
on
Clerk, for the purchase of $245,000
;
Council recently met to authorize
Salinas, Calif.
(
Offering—Sealed bids will
coupon or
coupons
Santa
•*
calling
first
bonds
Federal Dis¬
amounted
and
the
The payment at that
time
a
Jan.
funds
on
total,
Dated
issue of Jan. 24.
our
due
are
18-31.
any
,
Progress
8,
deemable
delivery
terms
the tender of
of
semi-ann. bonds
aggregating $16,000, offered for sale on Jan. 24—
$1,000 in 1941 to 1960, $3,000, 1961
to 1966, and $2,000 in
1967; re¬
the
$1,100 from June 20,
opin¬
County Special Sch. Dist. 1942 to 1971, the
remaining $5,500 ion of Orrick, Dahlquist, Neff &
No. 1 (P. O. De Witt), Ark.
as
2%s, due on June 20; $1,100 in Herrington of San
Francisco, ap¬
Bonds Authorized—We under¬
1972; $1,200 in 1973 and 1974, and proving the
validity of the bonds
stand that the State Board of Edu¬
$1,000
in
1976.
Interest
pay¬ will be furnished to the successful
cation recently
issued an 'order able J-D.
bidder without charge,
together
authorizing the issuance of $14,000
with a certified copy of the tran¬
v1
!
California (State
;4% bonds to retire non-bonded in¬
of)
script of proceedings.
Warrants Sold—An issue of
Enclose a
debtedness as authorized by Act
$2,358,253.96 general fund registered certified check for $10,000, pay¬
91 Of 1941.
able
to
the
warrants was offered for sale on
City Treasurer.
Beaver Dam Drainage Dist., Ark. Jan. 26
and was awarded to R.
These are the bonds mentioned
Arkansas
Nov.
on
type and character shall
taxable
close
R. FAST,
this Corporation have de¬
dividend oi
$1.50
per
share
capital
stock, payaole Feb¬
ruary
25, 1942,
to stockholders of
record
at
the close oi
business February 3, 1942.
a
tne
cn
Johnston, Colo.
Bond
All bids
cessful bidder may, at his
purchased
at
to
the
at
Machinery Corporation
Directors
clared
income received
Federal income tax
the $38,500 sewer construc¬
bonds sold to Dean Witter &
of San
Francisco, as noted
last October, were
as
prior
record
,
de¬
by private holders from bonds of
Sanitary District (P. O.
Alvardo), Calif.
Sale
that
of the bonds the
CALIFORNIA
1942
1942.
WALLACE M.
con¬
city shall
bonds for
will be borne by the
city.
must be
unconditional.
$120,000 have been sold.
20,
Dollar per share
Capital
Stock
of
Marcn
14,
*942
to
the
payable
of
January
($1.00)
on
J.
COLORADO
the deposit
accompanying his bid.
The cost of printing of the bonds
of
part
Company,
20,
York,
One
declared
February
Bond Offering Expected
Elementary Sch. Dist. No. 26:
Clerk now states that the
We
$40,000
Salary, through warrant No, 2552, understand that the City Council livery on or before Feb. 24, and in 3%
semi-ann.
refunding bonds
.registered Dec. 23, 1941. Expense, recently decided to advertise for such event the successful bidder sold at par to the First National
through warrant No. 30649, regis¬ sale: an issue of $25,000 airport shall be entitled to the return of Bank of Longmont, as noted here
—
of
practi¬
as
right to cancel the
tender
been
stockholders
on
cable.' The successful bidder shall
have the
at
has
Co.,
May 11, 1942.
Legality
approved by-. Orrick, Dahlquist,
Neff &
Herrington of San Fran¬
Francisco,
dividend
&
Council will take action
awarding
the bonds or
rejecting all bids not
later than Feb.- 3. Delivery of
the bonds .will be made to the suc¬
tract of purchase if the
'
;
interest from the date of the bonds
Broadway
New
A
Outmit
Oil, Distillate Stocks..
November Railroad Earnings.......
517
517
517
515
516
516
514
FINANCIAL CHRONICLE
THE COMMERCIAL &
490
to
poration has purchased at par
the following 4% semi-aim. water
revenue
certificates aggregating
;
Due
190.03 .\
,
vj
.
88,
Bond Sale
v
Sale—The
Bond
$10,000,. semi-
fire
aepartment * equipment
bonds offerea for sale on Jan. 26
ann.
155,
—v.
250-—were awarded to
p.
the Merenants
National
Cedar
as
Lincoln, III.
Rapias,
of
recently
authorizing
'of $18,000 bonds
1
,
.
•orders.
teachers'
u
.
.
nois Electric
y.-..
vY;
& Gas Co. The prop¬
for sale and the
District
city
bonds
'
Bond
(P. O: Benton}r La
(P. O. Mason City), Iowa
up
erty
,
•
Boston,
at
Dated Jan. 29,
Issued in anticipation of
b, 1912.
$40,0097 water and sewer bonds
will be submitted to the voters at
revenue
for
Payable
at
of
Bank
is
III.
Park District,
Chicago
noms.
Election^—The issuance of
was
0.259% dis¬
1942. Deto suit purchaser.
Due Nov.
of
Bank
.
26
National
Second
the
to
awarded
Jan.
offered
notes
000
of $200,-
Sale—The issue
Note
the- gen¬
November.
at
is
Bond Offering—District Secre¬ an election scheduled for / March
being given the first opportu¬
tary R. E. James will receive bids 9, according to D. W. Brownlee.
nity'to make the purchase. Mu¬
of the Parish Police
until Feb. 16, for the purchase of .Secretary
i
Bond Call — R. J. Dunham,
President of the Park Commis¬ nicipal officials have conferred
:', J;YY J J
$100,000
retunding bonas.
The Jury.
Y:;'Y;
with representatives of a Chicago
sioners, announces, the call for
Donas to be refunded are due on
Cotton Valley ,Sch. Dist.
(P7 O
bond house regarding the issuance
payment on March 1, 1942, at par.
April 1, and bear 5%
interest
Minden), La. > ,
YY
,and accrued interest, of various of revenue bonds to provide for it is expected Mat they cam be ;:j,r:'.'"Y..-Y
Bonds Approved—It
is stated
series
B
refunding
bonds,
as the nececcary funds.
refinanced
at
less
than
2%
(City is offering for sale' on
follows:
"*/'
by J. E. Pitcher, Superintendent,
interest.
-7* ' \7..7-.
Parish School Board, that
at a
Nos. B30895-B31361, 5%. $467,000 Feb. 2 an issue of $15,750 judg¬
Sioux City, Iowament funding bonds.—V. 155, p.
■
'<■ recent election $45,000 construc¬
Denom. $1,000.
.
7
Arlington, Mass.
count.
Bossier Parish
'
massachusetts y
;
the
louisiana •
approved by
Champlui, of Portland. <
Can oil S.
IVss,. paying a
.
to pay
-
the
eral election held last
payable at--
(J-D)
of Portland. Legality
$350,003 314% semi-ann. gas sys¬
tem revenue bonds, following the
defeat
int.
National Bank of Commerce, >:
the
Boaru
Louisville, for the sale of
cf
of
Bank
May Purchase Water Plant—It price of 100.25, a basis of about
Board is
reported that the city is con¬ 1.06%.. Dated Jan. 15, 1942.7 Due
passed a sidering the purchase of the local on Dec. 1 in 1944 to 1946,
/7 7"
an
issue water plant of the Central Illi¬
Mascn
City Independent7 School
Education
of
Nullified—City Clerk
p.
and
Prin.
..
Commissioners
repealed the
contract with Stein Bros. & Boyce
,
-resolution
,
E. J. Rhoaes states that tne
Rapids, Iowa
Issue—The
Bond
Plans
'
of
period, al¬
six-year
the
in
Owensboro, Ky.
Y
,
" V' lel.ua-.
Z
...4
iowa
though in total collections 1937
and 1939 were slightly better. Y'
III.
.1%.L
00.
Cedar
and
age
No.
•' * iGrI.07
r'. ltT.02.
1%
l-j*
1043—were purchased
bankers at a price of
a
basis ^of • about 2.08%.
June 1, 1967. Denom. $1,000.
v.
154,
$5,000 in 1942 and $4,000 in 1943
the
to 1946, giving a basis of about by
2.30%: Interest payable J-J.
Y. Y : 103.35,;
and
Jonnscn
&
y
u.
more
illinois
School District
Go.
&
points out that 1935 and 1937—
prosperous years than 1936
it
1941.
Belt wood
S,
rvuveen
.Y'V-
Co.
Noyes
"Kennetn
afreet the averages,
4,72*70-,.
oO.
&s- irfunciiman
'lrust
Hemphill^
1938—recorded higher tax
$40,873.50: $29,000 improvement, collections.
For current collec¬
and
$11,873.00 refunding.
Dated tions", 1940 showed the best aver¬
March 1,
McWurlen
&
Fletcher
general economic
year-,
conditions do
of Huntington
Hugues &
Rafiensperger,
collections
year
Finance Cor-'
Reconstruction
the
First Nafc'l Bk.
survey-states that while
vary little from
1935, the
tax
states
Arnold
&
F.
RFC—City
that
Sold to
Certificates
Clerk
Rate Bid
Int. Rate
Bidder—
Illinois' record since
Reviewing
Opa Locka, Fla.
the
the
year,V
current
First
National
Notes
certified'
Boston.
by the Director of Accounts at the
State House, Boston. Y Y
Y
- / Y
Dedham, Mass.
:Y;7'";Y''
Sale—The
...Note
^
-
$200,000
tax
anticipation notes offered Jan. 28
155,
—v.
the
406—were awarded to
Safe Deposit & Trust
p.
Boston
-
.
Co. and the Second National Bank
of
.
4,000
7
B31362-B31369, 5%_
Jos.
$500.
"/J''
B31370-B31510,
Denom.
Nos.
4%%.__
405.)
Y.
Y:
;
Bond
Postponed—It
Sale
approved. - Tne
bonds
are
to be placed on the
market- in approximately 60 days.
tion
is
bonds
stated
by
C. A, Carlson,' City
'
Details—The $100,- Treasurer, that the sale of the
141,000 000 water supply system bonds $200,000 airport bonds, which had
Louisiana (State of)
'Y *;
sold
last
December to
Lewis, been scheduled for Feb. 4—v. 155,. Y
Paying Agent Appointed—The
<y,7 > < ,,vy Pickett SPCoYof Chicago—V. 154, p. 354—has been postponed until
Manufacturers Trust Co. has been
-
Litchfield, III.
Sale
Bond
*
due $100,000
Nov.
$1,000.
B31511-B31530,
Denom.
*3/4%
'10,000
______
$500.
Denom.
' YYY.Y_1,107,000
7;
Y; <
B31531-B32637,
Nos.
41/2 %
Denom.
$1,000.
B32638-B32932,
Nos.
295,000
Denom.
$1,000.
3,716,000
Refunding, 4%
Dated
Sept.
1955.
Said
1,
terest coupons
Due Sept.
1, 1935.
bonds
wm-e
bankers as
.
4V4%
1578,
u.
■
and all in¬
maturing on March
'
'
•
.
'■•y
Bonds
Said
—
The
"V.
-■
City Clerk
Monroe, La.
YYyYv'
Y;.Y.,
Co.,
Bank
of
;
Boston0.V87-.
Maiden, Mass.
-
H, dated July 15, 1941.
series
Russell, Kan.
7*
Trust
New
England
Trust
Co.,
Boston,.... 0.32
Merchants National Bank of Boston../ >0.34
....
Y
Y-;
Note Issue Details—The $10,000
•
•
County
-National
.First
appointed New York paying agent
for
Confederate Pension bonds
Kansas
;
.941—The
total indebtedness of the city at
the start of the current year was
Debt
Nov. 13 and
on
Bidder—
Norlo.k
,
*
Murphy sboro, III.
Y
>
later in February.
purchased by the
3%s at par. Y -y7 \.Vyy
each
27, 1942,- Other bids:
? \ Dkccunt
Dodham..,.;
0.257^v
R. L.;, Day & Co;; (plus- $1 preraj.-,'.. ' 0.26
Jackson
& -Curtis.0.26 YY
1
,
; Nos.
Boston, jointly, at 0.24% dis¬
Dated Jan. 29, 1942, and
count.
were
defense notes awarded Jan.
20 to
Offering — Sealed the Maiden Trust Co., Maiden, at
states
that
the $85,000 hospitalbids will be received until 10 a.m. 0.40% discount—v. 155, p. 354—
$82,032.57, a reduction of $14,- construction bonds approved ' by
on
Feb. 28, by P. A. Poag, City are dated Jan. 22,1942 and mature
752.86 from the figure which ob¬ the
voters
at
an
election.7 last
Secretary, for the
purchase of Jan. 22, 1943.
tained a year earlier.
An aggre¬ April, have been sold.
j :;;,yY..
$526,000 electric system revenue
Middlesex County (P. O. East
%
gate of $10,000 bonds were re¬
certificates of indebtedness. De¬
tired last year, thus reducing the Shawnee County (P. O. Topeka),
Cambridge), Mass..
y.
nom.
$1,000.
Dated
Feb.
1,
1942.
v/Y
; Kan.
: ■
f
total of such indebtedness to $60,Note Sale—The issue of $1,000,-,.
Due on Feb.; ! as follows: $25,000
500.
The
present funded debt
Bonds Sold—The County Com¬
000 notes offered Jan. 27—v. 155,-in 1944, $27,000 in 1945, $29,000 in
limit
prescribed - by statute Is missioners at a private sale on
p. 354—was awarded to the Sec¬
about $130,000.
Floating debt on Jan. 19 awarded $85,000 1%% re- 1946, $31,000 in 1947, $33,000 in ond National Bank of Boston, at
1948,
$35,000
in
1949,
$37,000
in
Jan. 1, 1942 was $21,532.57.
lunding bonds to five Topeka
9.267% discount.
Dated Jan. 30,
1950, $40,000 in 1951, $41,000 in
bond houses at par.
Due in 1948.
1942, and due Nov.' 6, 1942, Other
r
Toulon, III.
1952, $43,000 in 1953, $45,000 in
bids: yy -7
/
Wichita, Kan,
Pre-Election
Sale—The State
1954f, .$47,000 in 1955, $49,000 in
Bidder-—
Dlrcount
Bank of Toulon and the First Na¬
Bond Sale—The $53,000 coupon 1956, $8,000 in 1957 and 1958, and Merchants National Bank- of Boston., o.269',»
Certificate
-
=
.
-
.
„
.
1, 1942, and after, shall be pre¬
sented for payment at the Park
District Treasurer's office, or at
National Bank, Chicago.
the First
III.
Delayed—Alfred Ny-
Galesburg,
Bond Sale
Clerk, reports that
the $129,000 2V2 %
water revenue construction bonds
mentioned in these columns last
strom, City
the
sale
of
been
a
OPM
joariK,
154,
p.
cently accorded a B-l preference
v/yommg,
of
nave
purchased as 2s, at par, $25,000
water system bonds subject to re—it of on election to be held
011
850, has
delayed pending the receipt
preference rating from the March 3.
office.
The project was re¬
November—v.
of
.,
tional '
Winnetha
■
: "Y.'
station, series 437
bonds offered for sale on Jaru26
$7,000 in 1959 to 1962. Optional
for redemption on and after Feb.
310—were awarded to
Columbian Securities; Corp. of
1, 1947, at par and accrued inter¬
est and a premium of $2.50 per
certificate for each year or frac¬
semi-ami.
—v.
the
155,
•.•••(•j Topeka,
School District No.
fire
p.
1 y4s, at "a price; of
10(1.301, a basis of about 1.19%.
Dated Jan. 1, 1942.
Due on Jan.
36,
II1'
as
Bonds Sold—An issue
1
of $23,009
in 1943 to
1932 incl.
National
0.3C9
Bank of Boiton.........
Bank of Boston.:/.
C.32
Shawmut
"
tion
the
Somerville, Mass.
Bond Sale—The $50,000 coupon
water mains bonds offered Jan.
intervening between 29 were awarded to Halsey, Stu¬
redemption date and the art & Co., Inc., New York, as
thereof
stated maturity date of the certi¬
$156,000 coupon semi-ann. ficates. Rate or rates of interest
refunding, bonds was sold recently refunding, series 438 bonds of¬ to be in multiples of V4 of 1 %. bu ;
to Harriman Ripley & Co., Inc.,
fered at the same time, were pur¬ not more than two rates are to be
Chicago, .as lV2s, at a price of chased by the First National Bank specified. Payable at a bank to
Griggsville Sanitary District, III.
be designated by the successful
101.299, a basis of about 1.37%. of
Chicago, as IV2S, at a price- of
Bonds
Defeated—K. B.
Reed, Due May 1, 1953.
bidder. The certificates are part
100.176,, a basis of about 1.47%.
Clerk of the Board of Trustees,
Dated Feb. 1, 1942.
Due on Feb. of a total issue of $875,000, au¬
Woodstock, III.
reports that the proposal to issue
thorized for the purpose of ex¬
1 in 1943 to 1952 incl.
.
Y Y
Bonds Sold—An issue of $150,$13,000 sewage plant bonds was
tending, enlarging and improving
rejected by
voters at the elec¬ 000 2% power plant bonds was
kentucky
the electric light and power plant
sold to
Ballman & Main, and
tion on Dec. 18 last.
and system of the city, and to¬
Breckinridge County (P. O,
Blair, Bonner & Co., both of Chi¬
gether with the remainder of the
Illinois (State of)
HardinsburgX
Ky.
cago, jointly.
Due in 10 years;
authorized
issue,
are
payable
Local Tax Collection At High
Debt Refunding Plan—The re¬ as
optional after five years.
to
both
principal
and
in¬
Level—That
Illinois
tax collec¬
:
funding
plan
which- has been terest solely from and are secured
tions are continuing
at a high
indiana
worked out provides, for the ex¬
by a first pledge of the net reve¬
level is indicated by the fact that
Calumet City, Ind.
change of voted, road and bridge nues derived from the operation
in 82 of the State's 102 counties,
bonds of the county outstanding of the
system. The certificates will
Seeks < Solution
To
$500,009
collections including
back taxes
in the amount of $206,000 to be be awarded to the bidder whose
were better than 95%
of the cur¬ Judgment Debt—Members of the
exchanged for refunding bonds proposal results in the lowest in¬
rent levy in 1940, according to a local Taxpayer's Association
re¬
par for par.
The new refunding terest cost to the city without con¬
survey made
public Jan. 27 by cently conferred with municipal
bonds
will
bear 4JA%
interest, sideration of premium. The city
Barcus, Kindred & Co., Chicago, officials regarding "the best solu¬
will be dated Oct. 1, 1941, and reserves the right to reject any
specialists in
Illinois municipal tion to the problem faced by Cal¬
mature Oct. 1,1981, callable at par
and all bids and to sell all or part
bonds.- Only seven counties had umet City in the mandated issu¬
better rating
is received no definite steps will
be
taken towarding issuing the
bonds.
v;: ! Yv ;Y "s': \y-:;
until a
and
rating
National
First
-
The
IV2S, at
price of 100.118, a basis
a
1942.
Denom.
Jan.
on
Prin.
?
t«?-J) payable at
int.
and
of
Bank
Legality to be approved
Boston.
..
Due $5,000"
1952 incl.
$1,000.
from 1943 to
1
National' Shawmut
the
Jan...J,
Dated
1.48%.
pf. about
by Storey, Thorndike. Palmer &
Dodge
(for
Bank
of Boston, \ Other bids:
13/4S) " National
Shawmut
of Boston. 100.625; Lyons &
Shafto, 100.40; Robert Hawkins &
100.399; Bond, Judge & Co.,
(for 2s) Tyler & Co.,
100.666;
C.
F.
Childs
& Co.,
Co.,
100.002;
100.561.
Note
rent
Sale—The
offered
Jan.
cur¬
anticipation
27—v.
awarded
406—were
*
$300,000
revenue
year
notes
-;YY-1 YY;
Y-;;'
Taunton, Mass.
*
155,
the
to
p.
Lee
Higginson Corp., Boston, at 0.36%
discount.
Dated
Jan.
28,
1942,
and
Nov.
due
10,
Other
1942.
and accrued interest on any in¬
' ••
-Y., Y',.
y
of the issue. All bids must be bids:-;,.-'worth of bonds
terest payment date subsequent to conditioned upon the approving
Biddpr—
D!"co'n-tt
Mayor John W.
Highest tax collection record on judgments."
Bristol .County' Trust Co.;Taunton.C.'dlC'o
the maturity dates of the original
"Was
achieved
opinion of Chapman & Cutler of First National Bank of Boston.:.;.1... 0 378
by
Lawrence Jaranowski and City Councilmen
Machinists
National Bank,
bonds. • To. illustrate—a bond, now
Taunton,.
0Y8
Chicago. The cost of such opinion First Boston Corp
County; current collections were addressed the meeting. City of¬
;
0.29
maturing on July 1, 1945^ will be and of the printing of the certifi¬
99.4%, with back taxes bringing ficials, it was said, have been
exchanged for a bond callable on cates will be paid by the city. En¬
michigan.
the total up to 102.5%.
Lowest threatened with jail on contempt
Oct. 1, 1945, and any interest pay¬ close a certified check for $10,record was scored by Alexander counts unless the Council passes
Bay City, Mich.
ment date thereafter.
000, payable to the City Treasordinance
authorizing
the
County, with 66.3% current col¬ an
All past due coupons up to and
Bond
Issue
Approved —' The
urer.
lections and 77.8%
total collec¬ bond issue to satisfy the judg¬
than 90%.
total collections less
ance
of $500,000
...
.
.
,...............
.
-
tions.
with
a
record
Illinois
midway
County—
between
highest and lowest—collected
96.4% of its current levy, with
the
bringing total collec¬
98.4%. Contrasted with
performance, Cook
County collected only 69.1% of
its- current
levy and had only
74.9% total collections,
w
Cook County's levy was $14,-
back
taxes
tions up to
this
State
Public
Debt
Commission
including July 1, 1941,' wiU -be
Vermilion Parish Gravity Drainage has
approved the city's applica¬
paid simultaneously with the ex¬
District
No/1
(P~0. Abbeville),
Huntington County (P. O. Hunt- change of the bonds. , The bonds
tion for permission to issue $70,La.
ingtcn), Ind.
will be exchanged in such a man¬
000 operating revenue bonds.
that
the present order
of
Bond Election—We understand
Bond Sale—The $65,000 county ner
Birmingham, Mich^ ' *- • *
hospital
repair bonds
offered serial numbers will - be .main¬ that an election has been called
May Refund Bonds—The City
-/*•
;
for - Feb.
27, to submitto the
Jan.
27—v.
155,
p.
93—were tained.
voters an issue of $30,000 drain¬ Commission has notified the State
awarded to- the- City Securities
Fayette High School Company -.i
age construction bonds.
Corp., Indianapolis, as lVzS, at
Public Debt Commission that it
(P. O. Lexington), Ky,
par, plus a premium of $561.75.
may * issue
$165,009
refunding
Bond
Sale Details—It is now
maine
eaual to 100.86, a basis of about
ments.
median
The
typical
•
•'
■
the $21,000 first
Kennebunkport and Wells Water
bonds sold to the
District (P. O. Kennebunk), Me.
First National Bank & Trust Co.
Bond Issue Details—The $225.101
other counties totaled $14,of Lexington,, as noted here on
000 2V4% water refunding bonds
987,668.
The Cook County levy high bid of 100.038 for.I1/^ was
.
485,176,
did
not
Sanitary
while
the
levies of the
include amounts
District
or
lapping bodies.
for
the
other over¬
J.37%.
Dated
Jan..
1,
1942,
and reported
$2,500 on Jan. 1 and July 1
from 1943 to 1955 incl,
Second
due
made bv the First
National Bank
of Huntington.
Other
bids were
as
follows:
that
chattel mortgage
Sept. 6. were purchased as 3s,
at 101.85, are dated Aug: 25, 1941,
and mature on
July 10 as follows:
sold
last
Ripley &
November to Harriman
bonds.
Ecorse
No, 9
Township
School
District
(P. O. Allen Park), Mich.
Bonds
-Not
Sold
—
Refunding
Co., Inc., New York—< Agent Matthew Carey, of Detroit,
Volume
155.
Number 4040
THE COMMERCIAL &
reports that the sale of the $218,000
refunding
bonds
of
1942,
scheduled
354—was
for
Jan.
26—v.
155,
1273', 1276, 1300, 1303, 1314,1.1390,1 .the,,.following 4% semi-ann. re¬
1398, 1474, 1626, 1635, 1707. funding;'bonds aggregating $53,(The
p.
letter
which
"B"
is
postponed
opening
$24,000
bids.
in
noted below.
as
30,000 series 2 bonds.
1 as follows:
$8,000 in 1942;
$3,000 from 1943 to 1946 incl.
•
and
$5,030 in 1947 and
;/Non-callable.
All
Feb.
of
178
Bonds
incl. of series I
in
inverse
Nos.
time
to
bank for
1942,
1,
be
will
at
par
days' published notice,
and
be
accrued
payment
date
Brandsvold
and
on
-
de¬
9,000
Bond
Offering—W.
bonds
C
Town
Clerk,
until
will
,
; V
r
;
Strand,
Bond
to
Dec.
on
ceive
4
'
1957, and $1,000 in
Road
Due
District
$1,000.
$500 from Dec,
the
of
25,
O. Decatur),
7
Hamtramck, Mich.
:
1
Certificates
ment
City
—
Called
Raymond
Controller,
'call
for
Pay¬
the
announces
redemption
that
Matyniak,
March
1,
1942, at par and accrued interest,
the following refunding inter¬
est certificates, dated
Sept. 1, 1933,
bearing 5% interest and maturing
Sept. 1, 1943: Nos. 33, 53, 62, 212,
363, 393, 394, 395, 396, 397, 398,
399, 415, 421, 439, 440, 441, 449,
454, 455, 490, 492.
on
of
-
,
I ture
;
par
and
$1,000 from Nov. 1,
p.m.
of
on
Feb. 5,
$140,000 not
6%
8
re¬
1946.
p.m.
Bidder
to
name
a
single
Prin.
Bidder to
(F-A)
payable
National
Bank
proposal
must
of
ville.
state
The
bonds
payable
at
Co., Bronx¬
are
unlimited
obligations of the village and
approving legal opinion of
Hawkins, Delafield & Longfellow
of
the
nished
First
Butler.
(F-A)
the
Prin. and
at
int.
tax
name
multiple
a
l/10th of 1%,
or
and
the Bronxville Trust
Due $2,000 on Feb. 1 from
New
York
City, will
be
fur¬
the
successful bidder.
A
certified check for $2,800, payable
Each
the
amount to order of the
village, must ac¬
bonds, which shall be company each proposal.
In the
less than $52,000, nor more event that
prior to the delivery
than
$53,000.
Purchaser to pay of the bonds the income received
not
accrued
interest
of
ment
the
to
1942 to
to
for
quired.
order
date
purchase
certified check for
ma¬
of
the
of
by private holders from bonds of
same type and character shall
be taxable by the terms of
any
pay¬
price.
the
A
$1,040, payable
is re¬
bqrough,
Federal income tax law, the suc¬
Legal opinion of Haw¬ cessful bidder may,, at his elec¬
printing of the bonds, validation kins, Delafield &
Longfellow of tion, be relieved of his obligations
called for Feb. 3, to submit to the
costs and
New York City will be
attorney's fee,
voters an issue of $25,000 hospi¬
jlurnished under the contract to purchase
the
successful
bidcter.'
In
the the bonds and in such ease the
tal bonds,
NEBRASKA
event that prior to the
|
delivery deposit
accompanying
his
bid
Mahkato Sch. Dist. (P. O.
of the bonds the income received will be
i v
:
Campbell, Neb.
returned.
by private holders from bonds of
Mankato), Minn.
!
Bond Sale Details—The
Village
Buffalo, N. Y.
the same type and character shall
Bonds Held In Abeyance—It is Clerk states that the
$7,000 V/06
be taxable by the terms of
Rigid Budget Control Effective
stated by Loretta M. Veigel, Sec¬ semi-ann.
any
refunding bonds sold to
—As a result of rigid
budgetary
retary of the Board of Education,5 the Mortgage Investment Co. of Federal income tax law, the suc¬
cessful bidder may, at his elec¬ controls
in connection with the
during
the
first
six
$1,100,000 Hastings—v.
155, p. 252—were
tion, be relieved of his obligations months of the current fiscal year,
construction bonds that carried at: purchased at par and mature
$500
under
the
the contract
advent of Mayor Kelly's ad¬
to purchase
the election 011 Dec. 16, 1941, the on Dec. 1,
1942, and in 1944 to
the bonds and in such case the ministration
Jan.
1
found
entire matter is
each
being held in 1956.
deposit
department
in
excellent
accompanying
his
bid city
abeyance at present," pending the
Consumers Public Power District will be returned.
shape to carry on for the remain¬
solving of various problems.
!
(P. O. Columbus), Neb.
ing six months, a comprehensive
Mille Lacs County School District
Camden, N. J.
Bond
Call—Chas.
B.
report by Comptroller Frank M.
Fricke,
No. 60 (P. O. Forester), Minn. !
Final Action On Bond Issue— Davis revealed Jan. 21.
President of the Board of Direc¬
;
Bond
'
For
F.
Glencoe, Minn.
at
exceed
bid for the
,
purchased
will
until
bonds, expressed in
y4
int.
.
were
3:30
purchase
,1,
1942, - Denom.
$1,000.
Due
Aug. 1, as follows: $30,000 in 1943
and 1944, and
$40,000 in 1945 and
Bor-
single rate of interest for all of
a
.
.
(P.
F.
Clerk,
bids
1943 to 1968 incl.
1, 1946 to 1957 incl. Denom.
$500. Dated Dec. 1, 1941,; Ini terest payable J-D.
;
•
County
J.
terest coupon or registered sewer
bonds. Dated Feb. 1, 1942. Denom.
1960.
Plymouth
Borough
sealed
until
the
of
..
thereafter to May 1, 1947, and 4%
thereafter until paid.
bids
for
(EST), on Feb, 9, for the purchase rate of interest, expressed in a
$52,000 not to exceed 5% in¬ multiple of y4 or l/10th of
1%.
1; $500
Miss.
at 2 p.m., for the
after May 1, 1946; bonds Nos. 179
Bond Sale Details—The Clerk
purchase of $18,000 road and
to 188 callable on and after
May
of the
Chancery Court now re¬
1, 1944. All of the $218,000 bonds bridge, general obligation bonds.
The
approving
opinion
of ports that the $10,000 3y4% semiwill
bear
interest at a rate or
ann.
funding, second series bonds
rates, expressed in multiples of Fletcher, Dorsey, Barker, Colman;
& Barber of Minneapolis, will be sold to
Kingsbury & Alvis of New
% of 1%, not exceeding 3% per
furnished.
: :n... ■:-■
■annum
to
May
1,
1944, 31/2%
:.;:j Orleans, as noted here on Dec. 27,
Feb.
Offering—Jerry C. Leary,
Village Clerk, will receive sealed
interest coupon or
registered community center and
parking place bonds.' Dated Feb.
Offering—John
mouth,
Due
1946 to
bids Newton
receive
Butler, N.
$1,000, 1952
$2,000 in 1959
Y.
Bond
new jersey
1951,
and
bonds.
^
P.
to
Supervisors District No.
in
(P. O. Fosston,
Bronxville, N.
Boston,
Storey,
,
1960.
which,
R. F. D. No. 2), Minn.
on
any
1958,
1958
minnesota
call¬
on
to
6,000
order,
interest,
1946
and
cease.
to
of
NEW YORK
Na¬
to
in
bonds.
said
Bank
of
the
by
1; $500
payment
after
on
advice
Tuscaloosa Road District
bonds;
Due on Dec.
,
should
bonds
the
interest
all
shall
169
numerical
30
interest
said
March
on
Shawnut
to genu¬
as
validity
under
14,000
•
the bonds will be dated
2, 1942;
able
1948.
The
livered
and
tional
Thorndike, Palmer & Dodge of Boston.
Delivery 011 or about Feb. 5 at
the aforementioned bank.
I960.:
issuance of said bonds.
Due May
Road
District
Due on Dec. 1;
$1,000
1946 to
1954,
$2,000, 1955
1957, and $3,000 in 1958 to
to
,
callable
Artesia
bonds.
.
491
notes will be certified
ineness
000:
pre¬
indefinitely fixed to each number on the
Offering bonds, is omitted in the foregoing
consisted of:
'
enumeration.)
$188,000 series I bonds. Due May
The said bonds were selected for
1 as follows:
$7,000 from 1943
redemption by lot by the National
to 1946 inch; $5,000 in 1947
Bank of. Detroit, the same being
ilv
and 1948, and $10,000 from
the method of selection provided
1949 to 1963 incl.
Partially in the resolution authorizing the
without
FINANCIAL CHRONICLE
Election—We
special
a
understand'
election
has
1951.
Purchaser
to
pay
been,
the
,
.
.
The certificates were selected
for redemption by lot
by the City
Controller in accordance with the
resolution authorizing their issu¬
ance.
upon
the
They
will
be
redeemed
presentation for payment at
Detroit Trust Co.,
Detroit.
Hillsdale, Mich.
Proposed
election
question
Bond
may
be
Election—An
called
the
on
of
authorizing
municipal power
up
.
Bonds Sold—The District Clerk tors, is
City
Commission
calling for payment on The
recently
reports that $1,500 3% semi-anni Feb. 28, at par, plus a
premium, passed on final reading the ordi¬
funding bonds have been pur-i certain revenue
bonds
of
the nance to issue $1,275,000 refundchased at par by the State.
above district, dated April
The State Funding
1, 1941, | ing bonds.
Ramsey County (P. O. St. Paul),
Minn.
to
'
Commission
maturing from April 1, 1942 to
1971,' aggregating $86,000." Said
issue
has
be
must
ruled
that
Exclusive of the Board of Edu¬
cation, city departments spent $6,683,000 on operation and mainte¬
in the first half of
nance
the
of
out
publicly awarded.
1941-42,
appropriation for
total
a
the year of
$14,269,000, the report
shows.
This leaves a balance of
bonds will be redeemed
The bonds will
at the —v. 155, p. 198.
Postponed Chemical Bank & Trust
be dated Jan. 1,
1942, and mature .$7,586,000.
Co., New
Eugene A; Mo- York City, or at the American as follows: $300,000 in 1967 and
Some of the larger
appropria¬
nick, County Auditor, in connec¬ National Bank & Trust
Pontiac, Mich.
Co., Chi¬ 1968; $325,000 in 1969 and $350,- tions and July-through-December
tion with $500,000 public welfare
000
in
1970.
Bond Call—Oscar
cago, or at the First Trust Co.,
Eckman, Di¬
expenditures
are
shown
in
the
relief bonds, the County Board of
Lincoln.
rector of Finance, announces the
Interest ceases on date
Delaware River Joint Commission following tabulation: ...>
:call for redemption on March 1, Commissioners voted not to take of call, yf/f:";'V,:/;
ffy-,
Appropriation
Sp"nt
(P. O. Camden), N. J.
action on the issuance of these
Police
$3,123,882
1942, at par and accrued interest,
$1,384,631
Streets
bonds until the first
V.vSf.iy Hebron, Neb.
2,797,903
1,372,963
To Maintain Present Toll Rates Fire
.of the following series A and B
meeting of;
2,265,501
Bond Election—We understand
1,045,578
the Board on March 2.
'—The
members
of
1,082.988
the
484,210
above Water"...,
refunding bonds of 1934, " dated
that an election has been called
Engineering
1,040,382
605,521
: March
agency
adopted
a
resolution
on
1, 1934, payable March 1,
Buildings
813,365
399,395
for Feb. 17', to submit to the voters
■; Mississippi
Jan. 23 stating that tolls on the Parks
625,804
326,385
'1964, and redeemable on any in$9,800
airport
bonds.
Due
in 20
The report also indicates that
Adams County (P. O.
iterest payment date:
Camden-Philadelphia bridge will
Natchez),
years;;.:-v;,;"';, v;f
■{;
■';y;:: not be reduced during the war total revenues from sources other
Series A, Nos. 30, 140, 200,
Miss.i; ).v;\'.j
210,
Bond Sale Pending—In connec¬
Stratton Sanitary Sewer Dist.
period. Another resolution urged than direct tax will exceed the
281, 308, 315, 328, 330, 466, 477,
i
$100,000
construction
Bond
plant
bonds.
—It
is
Issue
stated
,
Decision
by
•
,
.
.
,
.........
......
*
.........
iff-
•
1498, 505, 624,
636, 650, 666, 671,
1043, 1056, 1078, 1037,
11174, 1215, 1260, 1303, 1454, 1474,
;1586, 1592, 1597, 1603, 1657, 1658,
;
1685, 1736, 1755, 1757, 1782, 1787,
1795, 1861, 1875, 1889, 1915, 1955,
2023, 2068, 2110, 2139, 2159, 2179,
2221, 2243, 2291, 2345, 2368, 2379,
: 2435, 2458,
2477, 2508, 2511, 2528,
*2542, 2551, 2564, 2571, 2575, 2531,
2597, 2770, 2803, 2835, 2861, 2864,
C2929, 3005, 3021, 3031, 3062, 3079,
3104, 3112, 3153, 3228, 3234, 3273,
'3292, 3301, 3302, 3308, 3309, 3314,
•3334, 3382, 3419, 3424, 3461, 3475.
•3485, 3503, 3514, 3571, 3619, 3657,
'3679, 3772, 3777, 3802, 3840, 3855,
3872, 3907, 4005, 4012, 4031, 4078,
4113, 4144, 4216, 4217, 4251, 4279,
4314, 4330, 4335, 4357, 4375, 4391,
,4455, 4479, 4481, 4494, 4655, 4773,
.4810, 4811, 4813, 4861, 4910, 5042,
5159, 5172, 5260, 5269, 5314, 5315,
'5318, 5328, 5348.
(The letter "A" which is pre¬
825,
913,
.
tion with the sale of the
road
No. 1
$200,000
bridge bonds to Scharff
and
(P. O. Stratton), Neb.
the
Authorized—We
demnify the bridge against bomb¬
ings and other war damages.
Bonds
under¬
&
Jones, Inc. of New Orleans, as stand that the Village Council re¬
3s, at 100.05, as noted here last cently passed an ordinance au¬
April, it is now stated that the thorizing the issuance of $28,000
sale of these bonds has not as
yet
materialized.
:>■
Bonds
2V4%
Sold—A
semi-ann.
bonds
is
said
to
have
Bond Call—J. Ross
new hampshire
;!
Bonds
been>pur-j
Co. of;
in the month
providing for an is¬
$75,000 not to exceed 2%
1, 1942. interest
airport
construction
Due on Feb. 1 as follows:
$3,000 bonds, to mature Feb. 1 as fol¬
in 1943 to
1947, and $2,000 in 1948, lows:
$8,000 from 1943 to 1954
to 1952.
incl. and $3,000 in 1955.
sue
of
of
each
number
•
on
the
Logan, Bor¬
the
.
Greenwood, Miss.
r
Bond Sale Details
Clerk states that the
ann.
street
—
The
•Merrimack County (P.
entire
ready
Offering — Alfred
$10,000 semi- ..Note
improvement bonds Cloues, County Treasurer, will
sold to the First National Bank of
ceive- sealed
Memphis—v.
on
purchased
as
155,
2y4s,
p.
at
311—were
100.16,
are dated Jan.
Feb.
3
bids
for
until
the
11
S.
re¬
a.m.
purchase
of
taxes
rate
for
Issued in anticipation of
1942.
Bids stating the
that
bidders
method
to
date
Interest will
at maturity and
number of
the
whole,
part of the loan, must
but not any
include interest
livery.
for
days
and
no
on
360-day
offer
de¬
be payable
figured
on a
of
exact
year
to discount
the loan will be considered.
The
90.84%
of
of the tax
Finance.
municipality closed the
a surplus of
$106,509.
$300,000 notes. Dated Feb. 3, 1942,
and due Dec. 15, 1942.
Payable at
the National Shawnut Bank of
Boston.
Director
or
—
awarded
v.
to
year
1960.
to
1959
or
M.
h.
b.
Co.
coupon
—
and
Union
School
Dis¬
Sale—The $42,000 coupon
building bonds of¬
Jan.
26—v.
155, p. 252—
awarded
of
2.66%.
due
to
to
R.
D.
White
York, as 2.70s, at a
100.26, a basis of about
Dated
$3,000
1956
on
incl.
Feb.
Aug.
Only
1, 1942, and
1 from 1943
one
bid
was
submitted at the sale.
East
Greenbush
No. 1
Other bids:
Rate Bid
Bond
100.44
I
ioo.i9
I of
»
a.0o
Sewer
District
(P. O. East Greenbush),
N.
and
„
.
,
v
&
New
price of
were
$1,000 in
Int. Rate
Freeman & Co.,....,
8%
Boiand & Co
3.40
Free
(P. O. Peekskill), N. Y.
Sale
nr^rv
$28,000
Y.
Details—The
+
(not
issui
«fon
$29,000)
sewe:
Financial Chronicle (Reg. U. S. Patent
Office) William B. Dana Company, Publishers, 25 Spruce Street, New
York, BEekman 3-3341.
Frederick W. Jones, Managing Editor; William Dana
Herbert D. Seibert, Editor and
PublisherSeibert, President,' William D. Riggs, Business Manager.
Published three times a week
issue) with statistical issues on Tuesday and Saturday].
(every Thursday (general news and advertising
Other offices: Chicago—In charge of Fred H.
Gray, Western Representative, Field
& Smith, 1 Drapers' Gardens, London, E.C.
Building (Telephone State 0613).
Copyright 1942 by William B. Dana Company. Reentered as
London—Edwards
second-class matter September 12.
the Act of March 3, 1879,
Subscriptions in United States and Possessions,
1941, at the post office at New York, N. Y., under
$26.00 per year; in Dominion of Canada,
$27,50 per year.
South and Central America, Spain, Mexico and
$29.50 per year; Great Britain, Continental Europe (except Spain), Asia, Australia and
Cuba,
Africa, $31.00 per year.
NOTE: On account of the
fluctuations in the rates of exchange, remittances for
foreign subscriptions and advertisements must be made in New York funds.
u
'
i
u,
^
Commercial
a
registered
fered
the
Bidder—
M.
of
indebtedness
a
were
$35,000
155, p. 252
incl.
$104,244
bonded
Bond
with
Peoples Bank &
Trust Co. of Passaic, as
2%s, at
par.
Dated Feb. 1, 1942, and due
Feb.
1
as
follows:
$2,000 from
1943
net
Cortlandt
registered water bonds offered
Jan. 26
Memorial
was
yielded
trict No. 5
The
Wallington, N. J.
Bond Sale—The
of
1942, was $82,070,771, leav¬
borrowing
capacity
of
$12,544,692.
ing
Up—The
levy in 1941, the highest percent¬
age in recent years, according to
the
$3,831,aid,
Jan. 1,
Collections
collected
a
$10,122,125, but
$176,000 esimate.
Nutley, N. J.
,
far
of
$147,275.
Simi¬
larly, the License Division has al¬
for redemp¬
Haddonfield National
Tax
Thus
The estimate for the
year
The
1941
of
Stadium and
Auditorium.
Bank, Haddonfield.
town
O.
Concord), N. H.
City
estimate
the Civic
353 to 359, both
Sept. 1, 1941, and
Sept. 1, 1956.
Bonds
...
a price of
1, 1942, and
mature on Jan. 1 as follows:
$900
bonds, is omitted in the foregoing
in 1943 to 1951 and
$1,000 in 1952,
enumeration.)
giving a basis of about 2.22%.
Series B, Nos. 7, 52, 130, 136,
Prin. and int. (J-J)
payable at the
153, 156, 189, 192, 240, 251,, 299, National Bank of
Commerce in
336, 424, 465, 529, 544, 596, 638,
Memphis.
"•
'692, 701, 797, 819, 830, 856, 861,
Lowndes County Road District*. •
867, 916, 922, 927, 928, 938, 948,
(P. O. Columbus), Miss.
•1010, 1020, 1021, 1028, 1032, 1073,
Bonds
1075, 1139, 1143, 1157, 1163, 1174,
Solu—Cady & Co. -of
1210, 1221, 1250, 1253, 1258, 1264, Columbus, have purchased at par
to
to
year.
which $3,710,000 is yet to be
paid.
An
example
of the
increase
over estimate is the
$100,462 real¬
ized in the first six months from
Nos.
maturing
the
the total estimate included
000
from
State
school
dated
should be presented
tion
•
fixed
bonds
incl.,
for
$3,348,000 has been realized
total
Clerk, announces the call
redemption, at par and ac¬
interest, on March 1, 1942,
for
Authorized—The
City
extension Council passed a resolution earlier
chased at par by Cady &
Columbus.
Dated Feb.
estimates
in¬
crued
Keene, N. H.
$25,000 issue of
water
to
ough
;
Columbus, Miss. ^
government
Haddonfield, N. J.
bonds.
sewer
Federal
& FINANCIAL
THE COMMERCIAL
492
making a survey to
coihcide with a shift
determine
whether ; tjie ..citizens
of the opening date of the State's
Childs & Co. and Sherwood &
are in favor of his pay-as-you-go
fiscal year from July 1st to April
Co., both of New York, jointly as
1st and be effective in the spring policy, which would provide a tax
1.70s, at 100.41—v. 154, p. 1279—
rate of about $4.23, or of a bond
of
1944.
The Governor's state¬
are dated Dec. 1, 1941, and mature
issue of about $110,000 for roads
ment in this respect, as contained
Dec.
1
as
follows: $1,500 from
and
home
relief, which would
in his message, was as follows:
'1942 to 1949 incl.; $2,000 in 1950
a
tax rate of approxi¬
"In the next place, I wish to permit
and
1951, and $1,500 from 1952
mately $3.75. Mayor Scanlon had
to 1959 incl, '
'
> / "
1. indicate my willingness to coT the "pay-as-you-go" policy as a
operate with the Legislature in
Nassau County (P. O. Mineola), developing a
plan wnereby the major campaign plank, but ex¬
n.
y.;t
..
v.,-' fiscal year 1944 shall be made plained that in-view of the war
Refunding:
Issue
Approved- a nine-month year ending March situation, his administration will
be influenced by the taxpayers'
Joseph V. O'Leary, State Comp¬ 31, 1944, a plan which will, I
feelings in the matter at the pres¬
troller,
recently
approved the understand, make it possible to ent time.* The cash basis program
county's request for permission to extend to taxpayers the privilege
is in the
1942. city budget, but
issue $1,000,000 refunding bonds. of paying their income taxes in
this can be eliminated as no final
Although refunding to that extent four equal quarterly installments
decision
will
be made on
the
has been effected by the county beginning in April, 1944, and for
in
the
past,
the
county has years following without unfavor¬ budget until a public hearing
■Feb. 3.
7-'77v
adopted a new financial program ably affecting the year-end finan¬
November to C. F.
bonds sold last
This
J.
would
Scanlon is
vJ
fiscal
the amount to
cial
1942, accord¬
A
$500,000 starting in
attention only
period of the war on non-de¬
fense
outlays
from
borrowed
(State of)
New York
And
Feature
Governor's Message — Outstand¬
ing points in the annual budget
message
delivered by Governor
Reduction In Income Taxes
Embargo On Bond Issues
the Legis¬
Herbert H. Lehman to
26
Jan.
were:
the
in the summer of
order of the City
to
of any Federal
terms
Comp¬
income
the successful bidder
may, at his election, be relieved
of his obligations under the con¬
tract to purchase the bonds and
charge not mistakenly misunder¬
..
tax
stood the law;•V—
in
v-
law,
such
deposit
the
case
accom¬
is
to panying his bid will be returned.
amortize over five years a defi¬ The bonds will be valid and le¬
ciency . .. in f estimated
revenues gally binding obligations- of the
which arose during the year 1941. city, and the city will have power
This deficiency
arose! primarily and will be obligated to levy ad
valorem taxes upon all the tax¬
out of the expectancy of tax de¬
linquent
property
which; was able property within the city for
somewhat impeded by the refusal the payment of the bonds and
of local loan institutions to loan interest thereon, without limita¬
Of $5,000,000 Bonds
Sale
Plans
able
due
1941, we are now seeking to do
what we could have done under
our- Charter
had the officer in
York Authority, N. Y.
Port Of New
the
ing to report.
lature
position of the treasury
recommended embargo® for
succeeding their
year
must
accompany
each
date...The City Charter prohibits troller,
In the event that prior
the sale of ; bonds on . account of proposal.
to the delivery of the bonds the
unpaid taxes except for those un¬
income received by private hold¬
paid during the preceding fiscal
year.
Inasmuch as this was a ers from bonds of the same type
clerical error, which came to our and character shall be taxable by
,
which will reduce
Saturday, January 31, 1942
CHRONICLE
."The.,
third
program
against the same:
in progress
now
<
A test case is
in the Court of
tion of rate
of
ion
amount. The opin¬
or
Delafield
Hawkins,
&:■;
Appeals which we expect to have Longfellow, of New York City, to
decided1 within
the
next
few this effect will be furnished to
thority has authorized an issue of
money.
On this point, the Gov¬
the successful bidder.
The bonds
weeks, and if decided favorably
$5,000,000
general
and
refunding
ernor
said:
"I propose that we
will be prepared under the super¬
bonds to provide funds for com¬ to the city, will undoubtedly re¬
postpone
all non-defense con¬
sult in the city being able to place vision of and authenticated as to
struction
projects
from
bond pletion of the North Tube of the back on its tax rolls some 1800 genuineness by The First National
Lincoln Tunnel.
It is expected
moneys, whether they be highway
Bank of Boston and a duplicatethat the bonds will be sold
to pieces of property which have
and
parkway
projects, gradeoriginal legal opinion and a cer¬
State
funds of both New York been tax delinquent for several
crossing elimination projects, or
7; ,,;777
1 tified photostatic copy of the
and New Jersey.
The issue will years."' '7:7
housing
projects.
This
bond
Yonkers, JV. Y.
j transcript of proceedings will be
be the
third instalment of the
money
should be conserved in
Bond Offering—W. A. Schubert, filed with the bank where they
fifth series of 3y4% bonds, which
anticipation of the time when it
Comptroller, will receive may be inspected. The bonds will
mature in 1977, and will be sold City
can
be used without
absorbing
sealed bids until noon on Feb. 3. be delivered to the purchaser on
by the Port Authority at a price
men and materials that should be
or
about Feb.
16, 1942, at The
of 99, making a net interest cost for the purchase of $2,157,000 not
diverted to the support of the war
to exceed 6% interest bonds, as First National Bank of Boston, 67
of approximately 3.30%.
effort and to a time when it will
follows:
/7 -:7.;..,'.:'V7"-;-'-;vv Milk St., Boston, or, at the option
supply opportunities for work in
\ Quogue, N. Y.
7'::''-7 $1,300,000 debt equalization bonds, of the purchaser, at the principal
the post-war period for men who
Trust
series of 1941. Due Feb. 1, as office of The New "York
Bond Sale—The Seaside Bank,
will otherwise be unemployed."
follows: $35,000 in 1947; $65,- Company, in New York City.
of Westhampton Beach, purchased
An assurance of ability to rec¬
000, 1948; $150,000, 1949 to
on
Jan. 23 an issue of $30,000
ommend the above income tax
NORTH CAROLINA
1953
incl.;
$200,000,
1954;
bridge approach bonds as 1.90s, at
reductions
in spite of a pros¬
Clarkton, N. C.
$150,000 in 1955, and $100,000
a price of 100.033, a basis of about
pective $60.0 million loss in gas
Bond Offering—Sealed bids will
: in
1956.-5 Issued
to refund
1.89%. Dated Feb. 1, 1942. Denom.
tax
and motor vehicle registra¬
:
j
bonds maturing during
the be received until 11 a.m. (EST),
$500. Due $3,000 on Feb. 1 from
tion fees due to
war rationing
on
Feb. 3, by W. E. Easterling,
7 fiscal year 1942.
1944 to 1952 incl.
Prin. and int.
and restrictions.
372,000 general bonds of 1942, Secretary of the Local Govern¬
(F-A)
payable at the Seaside
An announcement of $7.0 mil¬
issued to pay the city's share ment Commission, at his office in
Bank,
Westhampton Beach, in
lion cash surplus in the treasury
of the cost of public improve¬ Raleigh, for the purchase of $5,000
New York exchange. Second high
at the end of the last fiscal year
ment work relief projects. Due public improvement bonds. Dated
bid of
100.33 for 2s was made
and
an
estimate, from existing
Feb. 1, as follows:
$67,000 in Feb. 1, 1942. Due $500 from Feb.
by the First National Bank of
revenues, of a $26.4 million sur¬
1943; $65,000 from
1944 to 1, 1943 to 1952, incl., without op¬
Southampton. •,
r.v ;;7
*•*.'■ :A,::
plus for the current fiscal year
1947
incl., and $5,000 from tion. Denom. $500. Prin. and int.
and a $9.6 million surplus for the
(F - A) payable in lawful money
To
State
Funds—The1 Port
Au¬
-
presentation of a budget
of
$380.7 million for the next
fiscal year.
This is $5.0 million
below appropriations for the cur¬
rent year and $13.5 million below
the budget for the year ending
last June 30.
The proposed bud¬
The
get includes $5.0 million for war
items, $3.3 million for
an
increase in debt service, $3.1
and defense
higher
for
million
cost
of
food
and $1.5 million for
mandatory salary increments.
The recommended 25% reduc¬
fuel,
and
personal income taxes pay¬
able this spring and in the spring
of 1943.
This reduction and the
elimination of the emergency 1%
tion in
tax
personal incomes already
at the Governor's sug¬
on
abolished
gestion will save taxpayers $86.6
^million
during the fiscal years
1942
and
1943.
In
connection
with
this
recommendation
the
-
.
'
77
1 948 to 1956 incl.
r;Rome, N. Y.
fiscal year 1943. This prospective
163,000 general bonds of 1942,
May Vote on Large School Bond
i
surplus of $43.0 million by June Issue—It
series
I, issued to pay a por¬
is
reported
that the
"The surplus from the gratify- .30, 1943, Governor Lehman pro¬
tion
of
the local
share of
Board of Education may request
Jngly successful financial opera¬ posed
should "be left in the an election on the question of
home
relief
for' the fiscal
tions
of
the
fiscal year
1941 pockets of the taxpayers of the
year,
commencing
Jan.
1,
issuing $500,000 bonds tq pay the
proved to be a source of timely State by reducing the personal
1942.
Due Feb. 1, as follows:
city's share of a $2,500,000 school
iassistance.
We have no accumu¬ income taxes in both 1942 and
$13,000 in 1943; $15,000 from
building; and improvement pro¬
lated deficit from previous years 1943 by 25%."
T >
/
gram,
toward which a Federal 7 7 1944 to 1949 incl., and $20,000
to contend with.
Several of our
A
charge that
the proposed
from 1950 to 1952 incl.
grant of $2,000,000 has been of¬
-important taxes may be expected scheme of permitting the deduc¬
fered.
7 V'
"V
' ',
7' 100,000 water bonds of 1942. Due
"
cto
show
somewhat
increased tion of Federal taxes from the
jf
; -• ••
-MI c,
:rt" $5,000 on Feb. 1 from 1943 to
yields.
As the result of ;the in¬ State income tax base is a "rich
Utica, Ni YJ ' ni ! ■,.»"/!* ; *7 71962 incl. 5
:
teraction of these various factors, man's"
plan, in which 90% of
26,000 land acquisition bonds of
Seeks Legislative Approval Of
the financial outlook is sufficiently the tax
relief would accrue to
1942. Due Feb. 1, as follows:
Financing Program—Bartle ^ Gor¬
good to make it possible for me the benefit of the 5.6% of the tax¬
$6,000 in 1943, and $5,000
man, Corporation Counsel of the r:
to recommend that taxes on per¬ payers reporting
incomes above city, has favored us with the fol¬ :
from 1944 to 1947 incl.
7
sonal incomes earned during 1941 $10,000.
This proposal would re¬ lowing analysis of the purposes
57,000 assessment bonds of 1942,
(returns for which will be filed duce the taxes of a man with a and intent of the various meas¬
issued to pay a portion of the
April 15, 1942) be reduced by $1.0
million income 72%, but ures on which Mayor Corrou and 77,77 the amount to be ' assessed
25%, this cut to be in addition would reduce the taxes of the man other members of the municipal
against the property beneto the relief afforded by the elim¬ with a. $5,000 income only 5%.
7;
fited,
of
certain
improveadministration recently conferred
ination of the emergency 1 % tax Further, if the Federal tax de¬
with legislative leaders at Albany. 7,>77 ments. Due Feb. 1, as follows:
on
personal
incomes,
already duction was permitted, the loss
$10,000 from
1943
to 1947
'"The legislation that the City
abolished at my suggestion.
I in yield of the State income tax, of Utica seeks at Albany comes
incl., and $7,000 in 1948.
■
,
said:
Governor
.
.
,
.
-
,
*
•
.
,
.
.
these
that
estimate
will
alone
reduce
measures
the taxes that
otherwise have been pay¬
would
1942, by the
able before June 30,
at $9.0 mil¬ under three specific heads: (1)
really amount in the permission to finance its home
popularly estimated
lion, would
1943 to
fiscal year
$30.0 million.
approximately
-
;
$41.0 million.
Further¬
A
statement that the State's
I recommend that the next financial assistance to its political
year's personal income taxes (on suodivisions wlil abosorb 53 cents
personal incomes earned during of every dollar of appropriations.
1942, returns for which will be
A
presentation
of Governor
filed April 15, 1943) likewise be
Lehman's
eight-year
financial
reduced by 25%.
The savings to record, during which budgetary
taxpayers during the fiscal year revenues have (a) produced sur¬
1943 because of these 25% cuts in
pluses
exceeding
deficits
by
the personal income tax are esti¬
$101.5 million, (b) met all accum¬
mated at $22.6 million, not taking
ulated deficits,
(c) provided
into account the abolished emerg¬
$375.0 million for unemployment
ency 1% tax.
The proposed per¬ relief, (d) (will have) paid off by
of
sum
more,
the personal
centage reduction in
tax
income
stated
may
be
follows:
as
mendation
is
that
precisely
My
each
recom¬
person
subject to the tax shall first calcu¬
late that tax according to the rate
scale
presently in force, and that
then reduce by 25% his
shall
he
(whether he pays his
sum or according
installment plan),
this percentage reduction to ap¬
ply
for
a
twenty-four month
period, beginning with returns for
the taxable year terminating on
payments
tax
to
in
a
lump
the present
Dec. 31,
The
1941."
recommended
privilege of
paying personal income taxes in
four equal quarterly installments.
the
of
end
fiscal
year
1943
all
$57.0 million of'the un¬
employment relief bonds (aggre¬
gating $215.0 million), (e) left
$7.0 million cash surplus in the
treasury at the end of fiscal year
1941, and (f)
enabled him, in
except
spite of a prospective $60.0 mil¬
lion loss in gas tax and motor
vehicle
the
fees,
relief
to
of
recommend, for
taxpayers
now
relief
in
mission
taxes
full
by bonds; (2) per¬
certain unpaid
bond
to
preceding
the
last
and (3) permission to
certain deficiencies in 1941
year,
fiscal
bond
.
Feb.
1, as follows:
$20,000
1943 to 1947 incl.; $10,-
from
000 in 1948 and
1949, and $4,-
000 in 1950 and 1951.
enues.
matter, the financing®
of home relief by bonding, is a
matter that the city has' always
sought because of the fact that we
adopted several years ago a spe¬
11,000 equipment bonds of 1942.
Due Feb. 1, as follows: $2,000
from 1943 to 1946 incl., and
$3,000 in 1947.
by
which prohibits us from
reduction
program
only; general obligations; unlim¬
ited tax; delivery at place of pur¬
chaser's
choice,
Bidders
ceeding six per cent annum in
multiples of one-fourth of 1%.
Each
bid
part
of
earliest
his
years
new
a
of corporations in
re¬
25%
Oswego, N. Y.
•-
tain taxes
reduction in per¬ organization proceedings for the
income taxes in each of the
years 1935 to 1940, which delin¬
1942 and 1943.
quencies were not reported by tne
gency,
sonal
with
May
Issue
Bonds—Mayor- John
Treasurer
cil
as
to
the Common Coun¬
available for bonds in
bidder
each
and
bid
must
of
amount
the
;
than two rates,
specify in
more
name
may
balance, but no bid
the
for
rate
rate for
one
name
may
the bonds'; (having the
maturities) and another
bonds
of
bonds will be
awarded to the bidder offering to
each
rate.
The
-,
purchase the bonds at the lowest
interest
cost to
the town, such
be determined by
cost to
deduct¬
ing the total amount of the pre¬
mium
bid
from
the
aggregate
All
of the bonds will
entertained.
*
Bids must be
accompanied by a
incorpor¬
certified check upon an
ated bank
trust company, pay¬
or
unconditionally to the order
of the State Treasurer for $100.
able
right to reject all bids is re¬
The approving opinion of
The
be dated
Feb.
the
Washburn & Clay,
City, will be furnished
Hoyt,
Reed,
New York
purchaser.
In
event
the
that
prior to the
delivery of the bonds the income
received
by
priyate holders from
bonds of the
acter
shall
terms
of
law,
same
be
any
type and char¬
taxable
by
the
Federal income tax
the successful bidder may,
election, be relieved of his
at his
obligations under the contract to
purchase the bonds and, in such
case,
the
deposit
accompanying
his bid will be returned.
Marshall, N. C.
.
heavy loads
occasioned by the national emer¬
burdened
requested to name
or rates, not ex¬
are
the interest rate
served.
*
1, 1942. Denom. $1,000. Cou¬
pon in form, exchangeable at the
local law
issuing in any one year bonds option of the holder for a bond
as
to both
in excess of 75% of those paid off or bonds registered
principal and interest.
Prin. and
or to be paid off in that particular
int.
(A-O) payable at the City
year.
The purpose of the Legis¬
office, or, at the
lature in seeking to place home Comptroller's
option
of the holder, at he First
relief on a pay as you go system
National Bank of Boston. Bidders
was to accomplish debt reduction
are requested to name the rate of
in the cities and inasmuch as the
interest to be borne by each of
City of Utica is steadily accom¬
the several issues of bonds, stated
plishing that by its own particular
in a multiple of %■ or l/10th of
plan, we have adhered to the
policy of financing home relief 1%, but not exceeding 6%. Bid¬
ders will be permitted to name
by bonds.
"The second bill concerns cer¬ different rates on the respective
cific debt
Trust
in
Clarkton;
coupon
bonds registerable as to principal
128,000 local improvement bonds amount of interest upon all of
of 1942, issued to pay a por- the bonds until their respective
"7 tion of the cost to the city of maturities. No bid of less than
certain
improvements.
Due par and accrued interest will be
rev¬
"The first
and
Bank
Waccamaw
at
Company
Bond
Offering
—
Sealed
bids
than one rate
will
be
received
until
11
a.m.
for any one issue.
No bid will
(EST), on Feb. 3, by W. E. Easter¬
be accepted for separate issues or
ling, Secretary of the Local Gov¬
separate maturities, or at less than
ernment Commission, at his of¬
the par value of the bonds.
A
issues, but not more
the certified
-
check for $43,140,- pay¬
fice., in
Raleigh,, for the purchase
Volume
Of
the"
155
Number 4040
THE COMMERCIAL & FINANCIAL
CHRONICLE
following bonds aggregat¬
semi-ann.
road- .and
bridge- re¬
funding bonds offered for sale on
.
East
493
Cleveland
City: :• School DisPENNSYLVANIA
ing $10,500:
trict, Ohio
South Fayette Township, Pa.
$6,500 water bonds. Due on Feb. Jan. <27 — v. 155, p. 311 —were
Proposed Bond Issue—The State
/
Bond Offering-—James J. Bar¬
1; $500, 1945 to 1949, arid a w a r d e d to Lewis & Hall of
Board off Tax 'j Appeals has
ap¬
$1,000, 1950 to 1953, all incl. Greensboro, at a price of 100.30,
rett, Township Secretary, will re¬
proved the district's application
ceive
sealed bids at the Municipal
4,000 refunding bonds. Due on a net interest cost of about 3.08%, to issue
$114,000 tax anticipation
;
Feb. 1, 1953. on
the bonds as follows: $36,000
,
Building, Tresveskyn, until 7:30
bonds.
:. \\."V
;
:
Denom.
p.m.
$500.
Dated
Feb.
(EST), on Feb. 11, for the
1, as 3V4S, due on Jan. 1, $4,000 in
1942. Prin. and int. (F-A)
Garfield Heights, Ohio
purchase of $150,000 coupon water
payable 1943 to 1946, and $20,000 in 1964;
in lawful
Note
bonds.
the
Dated Feb. 1, 1942. Denom.
Offering — Thomas Mulmoney at The Citizens
remaining $34,000 as 3s, due
cahy, City Auditor, will receive $1,000.
Bank, Marshall; coupon bonds not on Jan. 1, 1965.
Due Feb. 1, as follows:
7
sealed bids until noon on Feb. 16 $2,000 from
registerable; general obligations;
,4946 to 1948 incl.;
Waynesville, N. C.
for the purchase of
•unlimited tax; delivery at place
$5,000
from
1949 to 1960 incl., and
$33,400 not to
Bond Offering—Sealed bids will exceed 3% interest
of purchaser's choice.
$7,000
from
1961
to 1972 incl. Bid¬
There will
delinquent tax
* 1
Due
'
the
be
;
auction.
no
A
(not
less
than
interest)
^
'
for
each
and
par
issue
to
the
name
the
name
are
interest
bonds
of
for
rate
one
issue
any
of
part
notes.
Dated
Jan.
1, 1942. One
$400, others $1,000 each.
Due Oct. 1 as follows:
$5,400 in
1942 and $7,000 from 1943 to
1946
note
for
Commission, at his office in
Raleigh, for the purchase of $10,- incl. Bonds are
issued for the
000 water refunding bonds. Dated
purpose of paying unsecured in¬
Jan. 1, 1942. Due $1,000 from Jan.
debtedness of the city incurred
1, 1947 to 1956, incl., without op¬ prior to Jan.
1, 1941. Bidder may
or
rates, riot exceeding 6%
multiples of lU of 1%; each bid
may
(EST),
by W. E. Easterling,
of the Local Govern¬
ment
rate
•in
3,
Secretary
accrued
is required. Bidders
requested
Feb.
on
bid
separate
tion. Denom. $1,000. Prin. and int.
(having
(J-J)
name
different rate
a
of
payable
interest,
der
to
name
14
of
1%.
The
will be determined
of
earliest
maturities)
and
an¬
in
for
rate
purchaser
about
present
any
or
able
of
trust company, pay¬
unconditionally to the order
the
State
Treasurer
for
$210.
The right to reject all bids is
served.
In
the
that
event
prior to
bonds of the
same
acter
be
shall
terms of
by
the
Federal income tax
any
offering
bonds
the
at
the
may
name
rates, and each
specify in his bid
to
purchase
the
interest
cost
lowest
town, such
by
be
cost to
de¬
deducting the
total
amount of the premium bid from
the
type and char¬
taxable
bidder
bid
no
two
must
termined
delivery of the bonds the income
by private holders from
received
Hartsville,
17,
the
as
his
at
at
or
on
such
purchaser
expense.
or
may de¬
Enclose a
certified
check
for
able
J.
Nollner,County
to
H.
the
aggregate amount of interest
all of the bonds until their
upon
,
other
$1,000,
pay¬
Trustee.
TEXAS
,
'
'
,:V'
Borger,- Texas
Report
On
Refunding
Progress—The
of
Wichita,
Plan
Dunne-Israel
Co.
Kan.,
reports
that
over 75% of the above
city's bonds have consented to the
holders of
the total.
but
than
bidder
to
re¬
point
sire
at
Feb.
The bonds will be awarded to the
maturities.
or
without
the amount of bonds of each rate.
balance,
more
Bids must be accompanied by a
certified check upon an incorpor¬
ated bank
New York
blanks
the
tance
pursuant to
future law of the
bond
proper
cost to the purchaser.
Delivery of
bonds will be made to the
will
levied
approving opinion of
Cutler, of Chicago,
&
by private holders from bonds of refunding plan. It is
expected that
more than $18,000
and, the same type and character shall the
new refunding bonds will be
according to Harry W, Messner, be
taxable by the terms of any
printed
shortly and the actual ex¬
County Auditor, the law allows
Federal income tax law, the suc¬
change of bonds will take place in
issuance of bonds
aggregate amount of interest
all of the bonds until their
upon
respective
the
Chapman
finally by the
in lawful money provided that
fractional rates are Commonwealth of Pennsylvania.
City; coupon bonds expressed in a
the balance,
but
multiple of 14 of Sale of the bonds is subject to
registerable as to principal only; 1%. A certified
no bid may name more than two
check for 1% of approval of the Department - of
obligations;
unlimited the notes must
rates for any issue, and each bid¬ general
accompany the Internal' Affairs,
Harrisburg.
delivery at place of pur¬ bid.
der must specify in his bid the tax;
Township will pay for printing of
chaser's. choice.
amount of the bonds of each rate.
bonds and legal opinion of
BurgBidders are requested to name
Logan County (P. O. Belief onThe bonds will be awarded to the
win, Scully & Churchill of Pitts¬
the interest rate or rates, not ex¬
taine), Ohio
bidder offering to purchase the
burgh.
A
certified check for $3,Plans Bond Issue—The
county 000,
bonds at the lowest interest cost ceeding 6% per annum in multi¬
payable
to
order
of
the
has requested the State Tax Com¬
to the town, such cost to be de¬ ples of 44 of 1%. Each bid may
Township Treasurer, is required.
for permission to
name
one
rate for part of the mission
issue
In event that prior to the
termined by deducting the total
delivery
bonds
(having the earliest ma¬ $12,000 relief bonds against delin- of the bonds the
amount of the premium bid from
income received
quenrireal estate taxes. The latter
turities}
and
another
rate
for
the
the*
the
other
furnish
and
be payable (F-A) free of all
taxes,
except gift, succession and inheri¬
taxes,
at
largest premium. No bids of less
than par and accrued interest will
considered.
The county will
interest
Township Commissioners and
payable
be
multiple of
a
rate
int.
County Trustee.
rate;
single rate of in¬
a
terest/expressed in
and
between bidders
naming the same
the bonds will be awarded
to the bidder
offering to pay the
,
a.m.
Prin.
rate,
,.
11
1, 1950 to
the rate of
The bonds will be awarded to
the
bidder naming the lowest
-
until
name
office of the
.
received
Bidder to
rate.
•
be
$3,000 from Jan.
1962.
interest in multiples of 14 of
1%,
and all bonds to bear
the same"
amount to
to
up
70%
of
tion,
Marion,
Bonds
Council
cessful
Ohio
Authorized—The
City
Jan. 19 passed an
on
dinance to
or¬
issue the $200,000 4%
respective maturities. No bid of
less than par and accrued interest
will be entertained.
election
Bond
in
to
the very near future.
7
Cochran
1
be
County Road DIst. No.
pur¬
such
(P. O. Morton), Texas
case
Bonds
stand
returned.
Approved—We
that
$150,000
SOUTH
CAROLINA
were
Gregg School District No.
22
(P. O. Aiken), S. C.
Harold
—
contract
elec¬
obliga¬
accompanying his bid
will
Ohio
Offering
his
of
chase the bonds and
the deposit
last November.
Marietta,
the
his
at
may
relieved
under
hospital improvement bonds ap¬
proved by the voters at the gen¬
eral
bidder
be
tions
'
Bond
D.
Sale
reported
Details—It
that
the
$70,000
Hood
County
Bonds
now
under¬
recent
a
elecion
construction
bonds
approved by the voters.
7/ y }}«■
is
at
road
(P.
O.
Granbery),
Texas
Publicly Offered—R.
o-
..
P.
216%
Mangold,
County Judge, states
Auditor, will re¬
law, the successful bidder may,
school
bonds
sold
to
ceive sealed bids until noon on
Johnson, that $15,000 4% semi-ann. road
at his election, be relieved of his
Feb. 10 for the purchase of $22,- Lane, Space & Co. of Savannah, and bridge refunding bonds are
ated bank or trust
company, pay¬
obligations under the contract to
at 100.50, as noted here in
Sep¬ being offered by R. A. Underwood
able unconditionally to the order 000 3% street improvement bonds.
purchase the bonds and, in such
tember, are due on June 1 as fol¬ &
Co.
and
Dated Feb. 1, 1942. Denom.
of the State Treasurer for
James,
Stayart
&
$1,100.
$200.
case,
the
deposit accompanying
lows:
$3,000
in
1942
to
1944.
Davis, both of Dallas, for general
The right to reject all bids is re¬ Due $1,100 on April 1 and Oct. 1
his bid will be returned.
$4,000,
1945
to
1947,
$5,000, 1948 to investment. Dated Jan. 1, 1942. /
served. The approving opinion of from 1943 to 1952 incl. A certified
1952 and $6,000 in 1953 to
1956,
}
check for $250 is required.
New Bern, N. C.
Storey,
&
Thorndike, >Palmer
Lamb County Road Dist. No. 4
giving a basis of about 2.43%
■I': Note Sale—The $3,750 bond an¬
Dodge, Boston, will be furnished
i:
(P. O. OUon), Texas
Painesville, Ohio
4
Prin, and int.
(J-D)
payable
at
ticipation notes offered for sale the purchaser.
', ' V •
Bond Election Contested—It is
Bonds
Sold
The
$16,620.02 the Chase National Bank, New
on
Jan. 27—v. 155, p. 311—were
In the event that prior to the
stated
street improvement bonds men¬ York.
by Stanley Doss, County
77)7
77:';;■•&/%'■
purchased by the First National delivery of the bonds the income
tioned in v. 155, p. 254. have been
Judge, in connection with the
Bank
of
Waynesville, at 3&%; received by private holders from sold to the
SOUTH
$145,000
not exceeding 4% roa:l
DAKOTA
Sinking Fund Trus¬
Bids must be accompanied
by a
certified check upon an incorpor¬
Brooker,
City
—
■■
plus
premium
a
of
$250.
Dated
Feb.
1, 1942. Due on Feb. 1, 1943,
•without option of prior payment.
bonds of the
same
acter
shall
be
terms
of any Federal
type and char¬
taxable
.the
by
income talx
tees,
as 3s, at par.
Dated Jan. 1,
1942,rind due Oct. 1, as follows:
$620.02 in 1943; $1,000, 1944; $2,-
Meade
County (P.
S.
improvement
O.
Sturgis),
Dak.
the
Purchaser—The County Audi¬
law, the successful, bidder may, at 000 from 1945 to 1951
Raleigh, N.rC.
y- -j.ri.? \
incl., and tor states that
his
the$180,000 214%
election, be relieved of his $1,000 in 1952./ Approved ~n, The Local
V/^/^ coupop semi-ann. funding bonds
Government Commission has ap-- obligations under the coritfact, to
sold
Warren, Ohio p
*
Recently—v. 155, p. 357—
purchase the bohds and, in such
proved the issuance of $500,000
were
Bond Offering—B. M.
purchased by the AllisonHillyer,
case,
the deposit accompanying
public improvement bonds by the
City Auditor, will receive sealed Williams Co. of Minneapolis, at
his bid will be returned.
above city, which, must be ap¬
bids until.2 p.m. on Feb. 16 for par.
proved at an election by voters,
Winton, N. C.
the purchase of $86,000 not to ex¬
Montrose Independent Consoli¬
j
March 9 Voting Date Sought— ri Bond
Sale—The $350,000 cou¬ ceed
4%; interest
city's
share
dated School District No. 1
The Raleigh "News and Observer"
pon
semi-ann. water and sewer storm sewer construction bonds.
of Jan. 27
(P. O. Montrose), S. Dak.
reported as follows: bonds offered for sale on
Jan. 27 Dated March
15, 1942.
Denom.
Bond Sale—The $82,000 semiRaleigh City Commissioners yes¬ —v. 155.
p. 407—were awarded to $1,000. Due as follows: $6,000 June
ann. refunding bonds offered for
terday passed a resolution
re¬
the Bank of Harrellsville as
314s, 1 and $5,000 Dec. 1 from 1943 to sale on Jan. 27—v.
155, p. 200—
questing the County Board
of at
1948 incl.; $5,000 June 1 and Dec.
par, it is stated. Dated Feb. 1
were purchased
Elections to set March 9 as the
by Kalman & Co.
1942.
Due $500 from Feb. 1, 1945 1 in 1949 and 1950. A certified
of Minneapolis, and
date for an election on $500,000
associates, as
to 1951 incl.
check for 1% of the amount of
214 s, at par,
worth of municipal improvement
according to the
the bid, payable to order of the
District Clerk.
Dated
March
bonds.
1,
OHIO
city," must
-'v: V('
Bonds
The
week
issue
by
the
Commission and would enable the
city to make additions to the fire
equipment,: enlarge .and
the
water
make
of
supply
other
them
improve
system
and
improvernents,-. most
entailed
by
the
recent
city limits extension.
•
The
the
ordinance
drawn up
by
City Commission contains
10
as
divisions, each of which must be
voted separately. This is in com¬
pliance
with
a
State
law
requires that bonds for
purposes
must
be
"
which
different
voted
upon
separately.
Divisions
ordinance
Fire
under the bond
issue
Belmore, Ohio
bids until
purchase
Clinton),
^
Bond
Sale—The.$70,000
3%
special
March
1
in
1943
incl., optional prior to
turity.
Perkins,
Bond
tion
Sale
with
to
ma¬
for
the 'sale
of
the
$30,000
is
1941,
being
is to
con¬
come
up
Wells
Ind.
Sch.
DisC
(P. O. Mineral Wells), Texas ■
Bonds Approved — We under¬
stand
15,
that
at
$75,000
an
not
election
Jan.
on
exceeding
316%
construction bonds
were approved
by the voters, in connection with
Government grant.
/
a
Montgomery County (P. O.
Conroe), Texas
h-
>
Bonds
2V2%
Sold—A
semi-ann.
is said to
$10,000 issue of
refunding bonds
have been purchased at
par
by Mahan, Dittmar & Co. of
San
Antonio.
Star
Independent School District
(P. O. Star), Texas
Bonds
TENNESSEE
$5,000
Carroll
case
hearing next monh.
a
.:-'-
connec¬
election
Mineral
Okla.
Details—In
carried
Sold—It is reported that
semi-ann.
refunding
4%
County (P. O.
don), Tenn.
Hunting¬ bonds were purchased recently at
public storm sewer system bonds
refunding bonds.
par by Robert E. Levy & Co. of
to R. J. Edwards, Inc., of Okla¬
Bonds
1, 1941. One bond for
Approved—We
under¬ Waco. :
■;/
homa; City, noted here on Sept. stand that
$147.71, others $100 each.
Due
the County Quarterly
West University Place (P. O.
30, it is stated that the bonds were Court on Jan. 5
semi-annually until 1952.
(approved an is¬
sold at par, divided as follows:
Houston), Texas
sue
of $15,000 hospital
Issue matures as follows: $147.71
refunding
Bonds
Approved—It is stated
May; 1 and $100 Nov. 1, 1943, and $10,500 as 4s, due $1,500* from bonds.
•;
by R. B. Allen, Acting City Sec¬
Nov. 1, 1944 to 1950, the remain¬
$100 May 1 and Nov. 1 from 1944
retary, that at a recent election
Trenton, Tenn.
ing $19,500 as 5s, due $1,500 from
to
1952
incl.
Legal ; opinion- of
Bond Sale—The $35,000 semi- bonds
aggregating $459,000 and
Nov.
1," 1951 to 1963.
Interest
Peck, Shaffer, Williams & Gor¬
ann.
city bonds offered for sale divided as follows: $275,000 sani¬
man
of Cincinnati, will be fur¬ payable M-N.
on Dec.
26, were purchased bv the tary sewers, and $184,000 storm
nished the successful bidder.
Union Planters Nat'l Bank & Trust sewers,
OREGON *
were
approved by the
L
Cass
School
District. (P.
O.
Note Offering—N.
N. Rucknrum,
Sale
Not
sale
of
16, for
loan
notes
the
not
Chemical
purchase of
4%
$3,216.63
interest
refunding notes.
to
series
Dated
Aug.. 25,
Due Aug. 25, 1943.
Subject
1941..
to
second
call
after Nov.
the
certified
Board
30
of
check for
payable
to
Board, is required,.
in
any
year
Education.1%
of the
order
y
L
}
of
...
.
T
County
Housing Au¬
thority (P. O. Oregon City), Ore.
District Clerk, will receive sealed
bids until 8 p.m. on Feb.
exceed
Co.
Clackamas
Mansfield), Ohio
sue,
coupon
$2,047.71
7, for the
on
that
Dated Nov.
by
^P. O.
of
Feb.
on
Due
assessment street
Department,
N. C.
noon
1942.
1959
Bond
water
Sampson CcunA~"
bid.
OKLAHOMA
Offering—Jacob Osborn,
Village Clerk, will receive sealed
are:
$162,000;
system, $130,000: incinera¬
tor, $79,000; streets. $55,000; city
lot and buildings, $25,000; street
signs, $10,000; Street Department
equipment, $15,000; Sanitary De¬
partment equipment, $14,000; Po¬
lice Department equipment, $3,500; street lights, $1,500.
each
accompany
approved last
Local Government
was
bond
tested and the
.
;
bonds
at the November election in
A
is¬
the
.7^
New
Consummated—The
Bank
York,
on
&
Trust
Jan. 20,
was
not consummated.
are
being
Feb.
3.
original
reoffered
Due
to
notice
the
of
Co.
of
at 0.60%,
The notes
for
sale
on
fact that the
sale
was
not
Memphis,
to
the
as
as
follows
$5,000.
in
advei;ti?e4,„
on
to
1954,
and
„„
ac¬
Dec. 1,
$6,000
Trousdale
voters.
Bond Offering-—Sealed bids will
be received until 8 p.m. on Feb.
3,
by
for
R.
B.
the
Allen, City Secretary,
purchase of the above
bonds.
1955.
County (P. O.
ville), Tenn.
Hcrts-
Bond Offeriner—Sealed bids will
be received until 2
p.m. on Feb. 3,
bv
H. M.
Cunningham, Countv
purchase
-e'T»"»rUr>g
.
par,
Recorder.
$3,000 in 1948 to 1950;
1951
published in the authority's local i
Chairman, for the
the notes must be re- I ®QQ .000
fonnoi
newspaper,
3s at
City
Dated Dec. 1. 1941. Due
the
$400,000 temporary
(First Series), to the
of
cording
of
UTAH
Moroni City,
Bonds
Sold—City
Johnson
electric
states
light
fered last
that
Utah
Recorder
the
revenue
bonds
March, ha^e been
b^Pd**
Peporq, $1,000. ;p^ted.J^p, l);ll$42. Qq. pf Salt Lake
City.
R.
$40,000
of¬
pun-
Burton
u
&
§
Alexandria, Va.
Bonds
Sold—The
Not
$750,000
^
semi-ann.
public
improvement bonds offered on
Jan. 26—v. 155, p. 150—were not
21/2%
coupon
sold, according to Carl Budwesky,
City Manager. He states that after
of
consideration
careful
received,
Council
City
the
bids
all
on
tenders
which
that all
rejected.
A group
Jan. 27 notified those firms
had
submitted
bids had
been
composed of Alex. Brown & Sons,
of
rate
2%%,
These
award.
official
sales
must, now be canceled.
It
circles
the
Secretary
State and
made
made
to
Federal
Course Of
been
between
$4.0314
and
of
purchase
revenue
any
have
assign¬
Members of the
representatives of Russia, China,
jointly administer the raw materials, munitions
nations.
and other United Nations whenever necessary
for effec¬
joint resources and realization of
•the common war objectives.
Pooling of raw materials,
munitions and shipping facilities is undertaken, with
tive utilization of the
provision
for the fullest exchange, of information in
border to direct, develop and expand all activities in
accordance with strategic needs.
Rear Admiral Emory
Arthur Salters and Lord Leathers will
administer the shipping, Harry L. Hopkins and Lord
Beaverbrook will direct munitions assignments, and the
Land,
Sir
Combined Raw Materials Board
Batt,
Chief
of
the
American
will consist of Wrn. L.
War
and Lord Beaverbrook and Sir Clive
Production Board,
Baillieu represent¬
ing the British Empire.
In
his
address
before, the
House
of
Commons
on
cited the "gigantic"
output of British munitions, which in 1941 was more than
double that of the United States.
He noted the steady
increase in size and quality of aircraft and . stated that
tank production has doubled in the last six months,
while guns, service rifles, and small arms are more than
twice their substantial totals six months ago.
^ord
Beaverbrook announced on Wednesday that Britain is
turning out guns at the rate of 30,000 a year, more than
were produced
in the whole of the last war, and stated
that by the end of this year the rate will reach 40,000.
With the pooling of resources and control undertaken
through the several military and economic boards now
functioning in the interest of a • unified Allied war
strategy, the nature of lend-lease operations will be
somewhat altered.
It is expected that munitions and
supplies will be dispatched pursuant to decisions on
strategy and that as the war continues and American
troops are sent overseas in increasing numbers, the
debits for these supplies will be offset to some extent by
credits for services rendered by the United Nations in
connection with the American forces.
While Britain has
been deprived of about $300,000,000 a year through the
loss of Malayan rubber and tin, it is thought that the
new pooling arrangements will make it unnecessary for
Wednesday Prime Minister Churchill
.
Britain to contract a loan in cash to
offset the resultant
that the loss
will be bridged through some extension of the lendlease principle or through purchase by the United States
of British war supplies contracts made prior to the lenddeficiency in her balance of payments, but
163S6 SCt
and
int.
ers,
,
t...
location in which
given in the "Chronicle.":,
/
were
,
preferred
4Va%
Laboratories
Abbott
First
First
First
refunding
&
cumulative income bonds,
Allied Owners Corp. first lien
due
July
1958
1,
■ %
Jan 31
stock
—___Feb
Diesel Engine Co. 6% gold notes of 1930--Mar
Appleton Company preferred
Atlas Imperial
(B,
8%
Machine Tool Co.
Bausch
Bloedel
1944._
and
1943
Central
of
Central
Pacific Ry.
Georgia
.
jt
Oil Co."2%%
Continental
397
—Mar
Grande
Rio
&
Denver
Equity Corp. 5%
Equity
ctfs. of
v"
debentures.--—,
,11697
1
48
261'
bonds,
refunding
1955__.__
Co.
Paper
series
due
A,
6%
—:_J_Mar
Kentucky Power & Light Co. first mortgage 5
B,
1948._
due
Realty Corp. preferred and common
Lefcourt
1st mtge. 5%
Lexington Ry. Co.
Lexington
due
series
Lexington
fund
Power Co.
Water
1968__
Power
debentures,
Water
gold
Lincoln
Mortgage
Loew's,
Inc., $6.50
Loew's
Inc.
s.f. debentures,
stoclsL.
3 te %
first mortgage 8%
Lukens Steel Co.
to
preferred stock—
oreferred
S6.50
1955)
—
_
Montana
National
Corp.
The
1_____—Feb 15
191
^__Feb 16>
Co.
due
Oklahoma
&
Pacific Western Oil Corp.
Parr
Shoals
Power
Co.
Phila. Elec. Power Co.
*
.
1
\
♦
11599
Feb
1
1st mtge. 5Vi % bonds, due 1972__Feb
1
91
11702
bonds
(A.
Alpha
___Feh
6
of Illinois preferred stpck_T_____,___Ap^
1
Fitch
&
Co.
S.)
6/
368
1
195
Feb
2
Zy *1602
c—
_Feb
2
pref.
stock—Feb
x]:
mortgage
3%
mortgage
$4.50
tRedeemable
and
at
time
any
162
1 vv;,
162
■
prior
to
fin Vol. 154.
follow with
we
-
366
r
308
second
a
in
In the
table
in
many
our
this week
Co.*
are:
Per
When
Holder9
Share
Pay'ble
of Rea.
common
(quar.)^——
(irreg.)
Co.
Portland
Cement
American
Arch
American
Automobile
Co.
(quar.),
—
(irreg.i._—
American
&
Foreign
'
American
Metal
6%
Power,
r_
Furniture
$6
:
———
Co., Ltd.,
preferred
common
Standard
&
Cp,.v<quar.)__^.r__^__
_„J.
25c
3-25<
3-
25c
2-28
2-18
25c
3-15
Co.,
(irregular)
common
3-
1
4-
1
3-16
2-25
t35c
3-16
2-25
3c
2-14
2-12
25c
3-
2
2-20
$ 1 Vst
3-
2
2-20
3-
—
(irreg.)
Locomotive Works, 7% pref.
4
2-
4
10c
2-14
25c
3-14
2-14
50c
3-16
2-28
„
r
$1
3-
3
2-10
$1
3-
3
2-10
25c
3-
2
2-
9
3-
2
$1
.3-16
25C
3-16
2-20
*4c
3-
3
2-14
$3
(s-a)_
2-
...
$1
1
preferred
2-20
-2-14
.
Refining Co. (quar.)——
Aunor Gold Mines, Ltd.
1
40c
—
Atlantic
2-27
3-31
*.
(irreg.)
(initial)
2
3-16
Common B (irreg.)
common
1-23
2
$1%
(reduced)—:
Armstrong Cork Co.. (interim)
4% convertible preferred (quar.)
Baldwin
2-
$1%
Foundries
Trucks,
2-10
50c
1 Hit
Re-Insurance
Participating
1-17
2-15
Sanitary
Corp., common
7% preferred (quar.)
American
1-24
25c
t30c
_
(quar.)_„
Radiator
American
.
(quar.)_—
preferred—
(quar.)— i
Co.
50c
Louis)
__l—_
preferred
7%
Co.,
preferred
(St.
Insurance
,
Can
American
$1.05
■
2-16
2-
5
2-16
2-
5
3-
2
2-14
1
2-16
37 tec
3-
1
2-16
Belding-Corticelli,
**2
3-
2
2-14
Pelding
20c,
3-
3
2-
25c
2-
2
1-23
Site
3-
2
2-20
3-
Beaunit
Mills, Inc.,
convertible
25c
(irreg.)
common
preferred
(quar.)
Ltd. (extra)
Co.
(quar.)
Berkshire Fine Spinning Assn., common
$5 convertible preferred (quar.)
$7 preferred
(quar.)_:
—
—
Berland
•.
t
preferred stock—
Kid
Allied
Autocar
364
364
364
•
55
Rapid Transit Co. 5-6%
Reliance Mf§...Co.
54
1
Philadelphia Electric Co. $5
„
Tobacco
*
1
1st mtge. 5s, due 1952__ —____A
368
Company
of
American
192
.
3te% s.f. debs., due 1949—Feb
Coke Co. first consolidated mort-/
(non-callable) 6% bonds, due 1943—
issue.
announced
Rolling Mill
1
debs., due 1946
2
'
Name
$1.50
Peoples Gas Light &
gage
1
1
1
'
/>«;
dividends
Steel
Feb
4%
195
1948-——-Feb
mortgage
first
Corp.
1942.
Then
American
55
11701
Electric Co.
367
10
grouped in two separate tables.
are
1752
,C' [./
.„.//•
Feb
1,
American
6s, series
-r.
this
in
53
1
1st & ref. mtge. 3Vis of 1936—Mar M
1950
Gas
:
Feb 10
3te%
(Md.)
Co.
Products
Extra
1955—/.I--——Mar .1
Northwestern Light & Power Co. 1st mortgage
B,
11700
bonds (ext. at 5%
—___*i-__i____-Jan 30
debentures, due 1949
;J_Feb
3%% debentures, due 1954
____^^__^___r__Feb
4%
debentures, due 1959
JFeb
-
11700
-
Feh. 15
____
Niagara Falls Power Co.
American
157
*
series
31
Feb
*
$7
A, due 1946____—
North
191
1
1st mortgage 5Vis,
ju„
first
bonds, due 1960
*
■•■•'/A.
.
consolidated
/
Service
'.*1704
1
10
bonds, due I960—Feb
first
dividend payments in
American
.
3/2% debs.__Mar
Co.
367
367
series
,
Feb 20
1946__i_;
Products Corp. 10-year
Fireproofing
363
11700
53
.
sinking
1st & ref. mtge. 3%s, due 1966
Power Co.
National Distillers
due
bonds, due
Mississippi Power Co. 5%
1
1948-1—Mar
Paper
270
:/
show the dividends previously announced, but
which have not yet been paid. Further details and record
Aloe
bonds, due 19491——Feb" 1
debs., due
&
Pulp
week.
Abercrombie
*
1st mtge. 5% gold bonds,y,
________JJ__i.__—Feb 25 V/
10-year 5%
Co.
31
bring together all the dividends announced the
clared..
,
1
stocks—Jan 31
Co. 5te % convertible
due 1953.—.—
31
jan
cases are given un¬
"General Corporation and
Investment News Department" in the week when de¬
11191
11376
*
.
Vis, series-———Mar
——Jan
—Feb
der the company name
11727
debs;, due 1953__Feb? 1
mortgage, s. f.
bonds,
debentures,
Association
/: 160
we
of past
/
1
1954—Jun>11377
88
Gandy Bridge Co. first mortgage 5%s, due T957____L_Feb.;. 1 v,
Hotel Syracuse, Inc., 1st mortgage bonds, due 1955—Mar vl
*
International
6%
Co. 1st mtge. 5%
Chlorine
we
which
bonds, due
Light & Traction Co. 6%
Federal
1
bonds—_ Feb
6%
first lien and
Hospital
Public
current
11698
;
'_l_i____j___Feb"M
.
Corp.-Amer., British & Cont.
May
consolidated
1954
Dividends
first
-
1
.
first
Co.
367
I '.'
DIVIDENDS
-
11697
bonds__Feb 24
——-—-i-Feb
1956___
due
20-year
Inc.
48
1948__.___J_.Feb/ 4
trustees'
RR.
Western
indebtedness, series H, of 1941
Virginia
56
1
27
consolidated
1945
due
*964
1
Jly
;
Pictures.
due
*1731
154
33/4S, due 1961—Feb 15
due
debenture,
1942
•Announcements
2
' 1
mortgage bonds.—Feb 27
Connecticut River Power Co. 1st mtge.
first
Co.
mortgage
Power Co.
and including March
359
3V*% 1st mtge. bonds, due 1966__Feb
Cine. Gas & Elec. Co.
1st
1,
refunding 5V2%
,154
15-year coll. trust
Inc.,
Feb
1948
1st mtge. bonds_.Feb
1965
Light
California
&
Bros.
92
1
mortgage
1959^__
due
Westvaco
&
of
May
Light
due
Co.
U60O
4
gold bonds, due 1944__________^_j.___J(iay
Utilities
Suburban
West
1st
due 1961—^
Traction
Co.
due
Western
1
&
Oil
bonds,
1
Ohio Ry. refunding and improvement
.
mortgage 3te% bonds, series E, due 1996—_1—_—Feb
Chesapeake
1
refunding mortgage bonds- Feb 27
Power
&
bonds,
0/ Rec.
1
v
■,
equip, trust 'ctfs., Series S____Apr
first refunding
Gas
bonds,
Feb
stock....
Light
Holders
When
Payable
bonds, ■>
„_Feb
mortgage 5s__
1st mortgage 5Vis,
mortgage 5%
Union
first
RR.
gold
Haute
Texas
West
*
11590
first
Co.
Water,
Warner
1965.—Feb
4s, due
$2.75 preferred
Ry.
Edison,
States
Central
due
serial bonds,
6%
_
Mills Corp.
Burlington
1
Power
Superior
5 Va s,
11590
11258
'
bonds of 19211i.J_.__-:—Mar
Gas Co. 1st mtge.
Brooklyn Borough
1
Power
&
Pacific
A,
..
Heat
Wesson, Inc., 1st mortgage 5 Vis, due
West Penn Traction
*857
share
4Vi%
bonds, due 1965__Mar ' 1
Southern
United
153
2
1
1
Mills,
Lumber
Donovan
<
notes, due 1947—._____Apr
Sons Co. 5.%
Avery &
F.)
1
*1373
—.—_—May
7s, due 1947—;_1
first mortgage
Autocar
;•
*
*
*
*
1st mtge. 3%%
Per //:
"
'
Pacific Co.-San Fran. Term.
Terre
1
Continental Corp. 5% debs., due 1953—Feb
Amer., British &
.
P **'
mortgage
Feb
1st mortgage 5s,
mortgage
1967
due
i/'." ;.v./ //./:/'
'.•
Light,
Tampa Gas Co.
.
.
4te%
————Mar 10
& refunding mortgage 5% bonds, due 1968—_^Mar 10
mtge. lien & refunding 5% bonds, due 1956__May
1
mtge. lien & refunding 5% bonds, due 1951:-_Jun , 1
1st
Co.
Power
bonds,
authority; of
Chapter 17, of
of West
Southern
mortgage
'•/.//'' ""Z'/y" Date* J Page
stock^Jii-r-i.^r.Feb 11
V-V *
Company and Issue—
under
1947—
River
Smith &
and the page number gives the
the details
office,
City Bank, New York. Registerable as to principal only.
Issued
general
Ry>
Ry.,
due
Salmon
last date for making tend¬
the redemption or
indicates
Joseph
4Vis,
The date
sinking fund provisions.
under
called
at the State Treas¬
or at the National
payable
urer's
Safe Harbor Water Pwr. Corp. 1st mtge. 4Vis, due 1979—Feb
St.
including
stocks called for redemption,
preferred
those
Philadelphia
(Continued On Page 518)
series
list of corporate bonds, notes,
Below will be found a
exchange is not quoted on Germany,
boards will confer with
1, 1961, at 101; and June 1, 1962,
thereafter at par, Prin. and
and
" V
Richmond Term.
...
of the invaded European
ments, and shipping of the two
S.
y#/<// Notices
around
sterling this week has
$4.03% for bankers' sight,
for
and
Churchill
1947, through Dec. 1, 1951, at 103;
1952, through Dec. 1, 1956,
at 102; June 1, 1957, through Dec,
June 1,
Name of Company "
Steel Corp.
B, due 1961
Republic
Alabama
Minister
:&}
Redemption Calls and Sinking Fond
appointed three joint
'British-American boards "to further coordination of the
United Nations war effort."
The new agencies will
Prime
been called
has
election
$24,000
Italy,
countries. Since July
26 exchange on China and Japan has been suspended
by Government order.
In New York, quotations on
China and Japan were similarly suspended on July 26,
.but trading in the Shanghai, yuan was resumed on
'Aug. 4 under special Treasury license.
Simultaneous announcement was made in London and
Washington on Jan. 27 that President Roosevelt and
In London
lor
understand
Election—We
an
bonds.
3.2280-3.2442.
-
that
special for March 10, to submit to the
Interest rate voters $110,000 trade school bonds.
is not to exceed 5%, payable J-J Due in 23 years.
the
$4.04, compared with a range of
between $4.0314 and $4.04 a week ago.
Official rates quoted by the Bank of England con¬
tinue unchanged: New York, $4.0214-$4.0314; Canada,
4.43-4.47
(Canadian official, 90.09c.-90.91c. per United
States dollar); Australia, 3.2150-3.2280; New Zealand,
$4.03
ment
.
.
Sch. Dist. (P.: O.
Spokane), Wash.
Bond
by Darrell E. Pepiot, Secretary of
the the Port Commissioners, for
compared with a range of between $4.03 % and $4.03%
last week.
The range for cable transfers has been
between
for
Spokane
;
exchange is subject to severe
range
be
Enclose a certified
5% of the amount of
bid, payable to the Port.
the
Offering—Sealed bids will
Feb. 6,
The free pound is steady
wartime restrictions.
The
Bond
Sterling Exchange
The market for sterling
rates.
(P. O. Pasco),
are
by lot on
Article 17,
the Official/Code
Virginia, 1931, and Laws
supplemental thereto.
/
Bridge Bond Call—It is stated
/Bridge Bonds Sold—An issue of by State Road Commissioner Er¬
$1,040,000 3% coupon semi-ann. nest L. Bailey that bridge bonds
Silver
Bridge
Revenue
Project Nos. 183-5, 188-9, 194-5, 199-201,
No. 5
bonds was purchased re¬ 205, 209, 212, 217, 219-20, 222, 224,
cently by a syndicate composed 226, 232, 240, 242,245-6,250,253-4;
of
Nelson,
Browning
&
Co., 256-9, 267, 270, 273, 276, 280, 294,
Charles A.
Hinsch
&
Co., and 297, and 299, are called for pay¬
Magnus & Co., all of Cincinnati. ment on March 1, at the National
Denom. $1,000. Dated Dec. 1, 1941. City Bank, New York City. Issue
Due on Dec. 1, as follows: $28,- of March 1, 1940. Interest ceases
000 in 1942, $29,000 in 1943, $31,- on March 1, 1942.
unconditional.
be received until 8 p.m. on
in¬ fund
levies.
tax
official
on
municipal bonds should
subject
of Pasco
callable on 30 days' no¬
any interest pay¬
date as
follows:
June 1,
1966,
tice
Bonds Offered for Investment—
Wash.
Mor-
outstanding
that
Saturday
come
Treasury
suggestions
genthau's
last
the
of
Port
by
caused
unsettlement
shall
bids
All
bids.
all
and
6%.
1942.
check
suffered the full impact
sale had
of
Dated March 2,
Alexandria
that the
Bonds maturing on Dec. 1,
1966.
states
Interest rate is not to exceed
pointed out in municipal
was
bond
will purchase
bidder
such
1955, $43,000 in 1956,
1957, and $466,000 in
in
in
$42,000
$45,000
the following
stood, had sold all but a few of
the bonds, subject, of course, to
the
which
Osburn, County Treas¬
1945, $32,000 in
and
1944
1946, $33,000 in 1947, $34,000 in
1948, $35,000 in 1949, $36,000 in
1950, $37,000 in 1951, $38,000 in
1952, $40,000 in 1953 and 1954,
that the offering of the bonds; or (b) the lowest rate The successful bidders reoffered
construction bonds, of, interest at which the bidder the above bonds for public sub¬
originally scheduled for sale on will purchase the bonds at par. scription, the 13/4S at prices to
and
int.
payable at the
Jan. 27—v. 155, p. 255—has been Prin.
yield from 0.40% to 1.75%, ac¬
postponed until Feb. 10: $69,000 County /Treasurer's office.. The cording to maturity, and the Itys
School District No. 400, $41,000 bonds will be sold to the bidder at a price of 96.00.
The bankers
School District No. 401, and $50,- making the best bid subject to the stated that the offering met With
000 School District No. 402 bonds. right of the Port to reject any very satisfactory demand.
urer,
is under¬
and, it
M.
Reina
Goldman, Sachs & Co. and Kaiser
& Co. had submitted the highest
bid of 101.28 for a fixed interest
in
000
^
WEST VIRGINIA
15, 1942. Denoms. $1,Due Jan. 15, as fol¬
West Virginia (State of)
lows: $500 in 1944, $1,000 in 1945
age
Bond Sale—The $1,000,000 cou¬
to 1953, $1,500 in 1954 to 1960, and
pon or registered semi-ann. road
Bond
Sale—The
$45,000
5% $2,000 in 1961 and 1962. Any and
all bonds maturing according to bonds offered for sale on Jan. 27
coupon
semi-ann. assessment
their terms after three years from —v.' 155, p. 312—were awarded
bonds offered for sale Jan. 29—
the date of the bonds are subject jointly to Phelps, Fenn & Co. of
v. 155, p. 408—were purchased by
to prior redemption on any inter¬ New York, and A. E. Masten &
H. P. Pratt & Co. of Seattle, the
est
payment
date
commencing Co. of Pittsburgh, at par, a net
only bidder, according to J. R.
Jan. 15, 1945, at par and accrued interest cost of about 1.73%, for
Heath, District Supervisor.
interest. Bidders are required to $960,000 ris. .l%s, due $40,000 on
submit their bids specifying
Kitsap County School Districts
(a) April 1 in 1942 to 1965, the re¬
the
lowest rate of interest and maining $40,000 as iy2s, due on
(P. O. Port Orchard), Wash. "
Bond
Offering
Postponed — premium, if any, above par, at April 1, 1966.
000 and $500.
and Drain¬
Improvement District No. 3
(P. O. Seattle), Wash.-J**
King County Sewerage
{Saturday, January 31, 1942
'
,
Dated Jan.
WASHINGTON
VIRGINIA
be
FINANCIAL CHRONICLE
THE COMMERCIAL &
494
7%
Hemingway
Shoe Stores,
preferred
Bethlehem
7%
Bliss
6%
5%
W.)
(quar.)
(quar.)
Steel
preferred
(E.
common
Corp.,
common
(quar.)
Co., common
convertible
convertible
preferred
preferred
(e-a)
(s-a)
(s-a)
1
3-
4
2
2-20
12 tec
2-16
2-10
$1%
2-16
2-10
$1 te
3-
4
2-10
Site
4-
1
$1%
2-27
$1
3-
1
2-14
75c
3-
1
2
62 tec
3-
1
2-14
14
.
Volume 155
Number 4040:
,
Per
Name of
<
Borden
Co.
'•
Company
"*• "
''
(.nter.m
;>
Share
$1.60 class
A
Brooklyn-Edison Co.,
Preierred
'
com.
'■
•
(quar.). (reduced)
lquar.)
.
2-16
2-14
Name
Jefferson
*2-
ilng Co. (quar.)_,
7bc
3-16
$1%
2-28
$iy4
3-
3-
Kable
2
v
1
2-
25c
3-
txiereon
to
March
Water
2,
1942)
Service
Co,—
•6%>
10V2C
Canada
Wire
6V2V0
&
Ltd.
-
Cable
preferred
v.;• Class A common
* Class
.
..Cedar
7 '■(■
t $ 1.9 759
•37V2C
15c
:•
____
3-2
2-14
-
Corp.
Quarterly
Qu a rteiiy
2-28
3-15
3-15
3-15
2-28
75c
2-14
■1-31
Inter-Term.
RR.
1-
.'".n
$i'i
2-2
|"
2-14
15c
&
common
com.
-
iquar.-)
2-2
•1V28
10c
2-13
2-3
;
;
-
_
__
.2./
1
_
preferred A
L ghfc
& Chemical
Common Y (s-ft
2-
2
1-20
Luther.
•3-
1
2-20
Lynch
>
-
.
Co
62VaC
"3-
1
2-20
,.
j6Vi V preferred C (quar.) ______—.
Coniagas Mines, Ltd. ...{irreg;)
'
Connecticut
Light
Co.— '
Power
&
j
,
$2.40
preferred
$2.20
(new)
.
:7
Connecticut
Power
Co.
Consolidated
s
.Extra
of- N.
Cushion
Spring
Continental
Light & Power Co.—
Cook
Paint
Varnish
&
2-
'i
Creameries
of
Convertible
Crown Cork
$5
&
convertible
Ice
preferred
-
Coal,
_______
Co..
Dominion
pref.
!'"
Co.,
Envelope
7rk
$6
preferred
2-
2-17
$5.50 preferred B
(quar.)2.
Meadville Telephone2Co,Y(quar.)4u-i-_w____
2-16
Merchants
A
1
2-13 r
1
3-
'
Midland
6
2-14
1-15
Midwest
2-13
Mitchell
2 '
Y'
Moore
(quar.)Y_,-__rY
C2V2C
4-1
8-10
25c
2-16
2i. 7
Morse
Twist
t30c
2-25
1-31
Motor
Finance
$1%
3"
1
2-20
Cartons
6%
(quar.) ____--___Y
Durham Hosiery Mills., Inc.—
V
6'Y preferred A (quar.)
Co.
Nashau
Drill
&
17*'
Lgt. &
(annual)
preferred
Eastern
$6
Shore
Pwr.,
Public
preferred
com,
annual)
1
■';
______—-
_
Service
Y
__
preferred iquar.)_____.
Eaton Manufacturing Co.-^^,..'
National
Watch
Co
RR.
$5
$5
pref. A
preferred A
preferred A
preferred A
$5
$5
Fairbanks
Morse
Brewing
Famous
Players
First
State
Florida
77r
Fort
<•
Co.
Corp.
Society
(quar.)—1.
(Chi,)
Co.
Co.,
pref. A
(quar.)_„
.
General Iron
iquar.)—
-■
1
.
Co..
Works I7r
(quar.)>^_i
preferred
pref.
Golden
Grand
(H.
,
i
•t
Co,
MinQs
Grant
T.)
(W.
Green
(D.)
Green
Bay
Co.
&
3-
1
2-13
35c
Western
Gas
ctfs.
Wat-h
1-24
3-2
2-17
3-2
2-20
3-
2-20
2
(quar.)
2-
3
2-14
.2-
1
1-20
t$3y2
2-
1
1-20
2-20
2-10
2-20
2-10
40c
3-16
3-
62>/2c
4-1
2-13
1-30
3-10
2-28
3-
2-11.
70c
2-20
2
lc
2-15
1-20
60c
2-1.9
2-
25c
$5'
$50
$10
1-31
3-
2-16
2
2-18
&
57r.
preferred
Hotel
Bar^izon.
Hu^on
■*
$3
(Tom>
2-
2-10
2-
preferred
Idaho-Mar,rland
Imp^r'al
•T.r°lar>d.
Ar»er.
dep.
Indianaoohs
$2
Steel
Inte-^at'o^al
2-
1-22
(moot^hd
of
Great
2-
5
2-
5
2-10
Britain
&
rec.
Pub\
Welfare
(final)
Ln.
Assn.
(quar.)
Co.
Oo._J
""s'nesa
Co'-p.
3-
7
?-
3-
7
2-2
(ouar.)
2
$1
3-
2
2-20
$iy2
3-
2
2-
$iy2
3-
9
2
2-13
4-10
3-23
Int-p^na^onal
5 7c
Pwys. of Central America—
preferred
(N,
.
4-
6
4-
6
2-
2-16
2-
9'
Products,
convertible
5li7e
5
2-13
2-
2
25C
3-
2 "
2-16
1-21
1-31:
:'
2-10*'
3-1
2-
2
2-
2
2-16
1
3-
$14
2-
$14
2-15 7
2
15c
3-
3
2-16
*
50c
2-25
2-11
55c
1
2-18
4-
40c
4-15
&
Accident
S.
Steel
Norman
&
Oil
&
W lson
Line.
first
17*\
second
474Cl.:
3-
2
374c
2-
2-
prior
514 7"
2
1-23
50c
3-10
2-20
$L34
3-14
2-20
3-
2
2"
3-
2
2-14
$iy4
5-
1
4-15
150c
3-10
2.-28
50c
-_:2-16
Below
.
12yPc
2-16
$1
3- 3
$24
j
2-
Co,
2.
3-19
15c
2-
Corp.
(quar.)
$7
preferred
(quar.)
$6
preferred
(quar.)—
13c
»
Alabama
Power
preferred
2
2-19
3-
2
2-14
$5
preferred
Allentown-Bethlehem
1-21
Aluminum
8C
7 2-
2
1-21
$14-
2-
2
1-19
50c
2-
2
1-19
Co.
________
.
—
25c
2-28
■25c
2-28
25c
t$ 14
Co;___
$14
2-24
.
Aluminium,
Ltd.,
2-10
3-
2-23
__
50c
3-
3
2-
7
(cuiar.')__
10c
2-20
2-
2
Pittsburgh Suburban Water Service Co.—
$5.50 preferred Iquar.)'_Y2^___—__—:—Poor & Co., $1250 class A preference___-____
$1 %
2-16
2-
5
1374c
3-
1
2-16
$1
2-
2
1-20
3- 1
2-14
Postage Meter
Co.
Princeton IN; Jy)wWateft Co.';dquai'.) ______x._
Public Service Co;-of Ind.,<^common
(quar.)
'
$iy4
Ref;n;ng ;Coro
15c
47Y non-cum.; 1st pref.
1-26
2
1-26
25c
.3-
2
2-13
3-12
2-39
2-
1-22
50c
com.—
—_
(auar.)
Insurance
3-14
2-28
3c
3-20
3-10
68 %c
2-16
2-
Co.
(extra)
—
30c
2-
2
1-27
r
—
60 c
2-
2
1-27
$14
3-
1
2-11
6
Corp.—
(ouar.)
67"
preferred
D
(quar.)—
Co.
1$1%
1
•
Co..
h
r>'11on
2-2.7
2
2-
$14
preferred
Steel
3-16
■
2-14
2-
(quar.)
F'o.,
1
$14
Lines. 1$6 nref. (.auar.)
Ltd.. 6V*7* ■ pref.
(accum.)
Freight
Corn,
3-
25c
(irreg.)
—2_Y—_—__
6%
Scullih
25c
(ouar.)ai:———
Ra'lwav & Ltght Secur'fes Co., com.
67r
preferred A
(quar.)__
Car
—_
Inc._.
•
17*
—
nreferred
$14
3-
1
2-11
25c
2-
2
1-23
$2
2-
3
1-27
$1%
2-
2
1-26
h'rregular)
50c
3-
2
2-16
(^re^'la^)
40c
2-14
2-
$1
2-16
1-26
Company
2
2-14
2-23
2-16
25c
2-23
2-16
$1
1-31
1-28
$1%
2-28
2-14
25c
2-16
2-
3-
2
2-14
2
1 T31
4
2-10
4
2-10
3-16
2-13
$1VV
4-
1
3-10
$134
4-
1
3-14
$1 y4
4-
1
3-13
75c
4-
1
3-18
$1
3-
2
2-15
$l3/4
3-
2
2-17
50c
Co.—
(quar.)_
$iy8
(interim)_4
,120 c
3-15
$j y8
t$3%75c
$l3/a
:
3-
5
3-15
3-
5
2-16
2-
6
2-15
2-
6
2-16
2-
6
3-34
2-14
4-
3-
1
7
announced in previous
The list does not include divi¬
these being
given
in
the
;7
(quar.)__
(irregular)—
5
w\
Share
(final)
Co.
$1.47
(quar.)
'
(s-a)
com.
2
$2
Gas,
17o
Co.
pref.
Co.
A
Monthly
of
$1V4
5-1
4-17
87'4c
2-10
(quar.)
15c
$1 y2
12»4c
(irreg.)
Home
pref.
A
(quar.)
Y.)
(s-a)
Smelting
■
(quar.)
&
(Chic.) (quar.)
Refining
Co
Co
Thermos
17*
pref.
(quar.)
3-1
2-5
2-
1-17
1
3-16*
1-15'
1-9
2^c
2-2
l-'?1
50c
2-
2
1-23
$1
2-16
50c
3-15
3- 4
$1V4
3-14
3-
$1
3-16
3-
$1
2-
1
1-20'
3-
1
2-23
1-21*
4»
2
-
$i3/4
,6- l
5-25J
$i3/4
9-1
8-P>
$1%
12-
1
50c
2-
2
11-25
1-2J
2-16
?-
62^c
3-
1
2-13
75c
3-
1
2-13
9
50c
3-1
2-13
7^c
3-31
3-20
&
prior
20c
3-
2
2-14*
20c
2-
2
1-15*
°0c
2-
2
2-
2
l-")5
4-15
4-14
$2
FO-.
?_
4-1
2-21
30c
2-
1
1-16"
$137
4-
2
3-
5*
2-2
1-
5*'
50c
$iy4
Smelting—
preferred
common
t$lV4
(semi-annual).
(s-a)
Anglo-Canadian Tel. Co., 5V27o
Antillean Holding Co,, Inc
•
pref.
(quar.)
1-13
25c
fo«
common
(quar.)
Lead
preferred
2-13
1-31
$2
Bottle
American Viscose Corp.,
Co.,
common
Co.
Sugar Refining,
Irregular
Zinc,
5
2-2
37V2c
& Tr.
A"i°ri'"-n
preferred
(quar.)___
'quar.)
Stove
$4.50
(quar.)
(monthly)
Traction,
Stores
Amoskeag
pref.
—
convertible
3-
50c
$1%
______
(N.
$2.50
Products
_7
American
57"
1
50c
«.l V4
preferred
American
$5
1-30
4-
Leather—-
American
American
3-16
1-16
;
American Nat'l Bk.
American
2-16
1
3-13
(quar.)—_____—
&
preferred
2
•
Georgia—
Co., -7%
Corp.,
American light &
6%
3-
4-
3-13
(quar.)__1_
convertible
Ar*pr:r."y\
1:40c
4$13A
1
(s-a)
General
preferred
2-1 1
1$2
com.
Quarterly
:
American Equitable Assurance
67o
1-2J
1
American Export Lines, Inc.
"■
51o preferred (qua.r.)_.
$2
2
2-20
2-2
;
American Hide
2-
4-
(quar.)
Co.
Quarterly
preferred
3-14
25c
4-
(quar.)
Cable
Envelope
Quarterly
$3
of Reo.
3-28
$l3/4
iquar.)___.
American
American
Holder*
2-11
20c
$1V4
(irregular)
Co.,
(quar.)_x.x_
preferred
preferred
When
Pay'ble
—$1V2
Co._
&
Discount
Pitnev-Bownes
_______
5%
Book
Chain
Chicle
2-28
5
American
American
P>»iHips Ptetrtfteunf CoY (Ouarv,)__^____^_x_—
Arms
.3-
2-18
3-
r-6-% pref. (quar.) (payable in U. S. .funis)
Amalgamated Sugar Co., 5%
pref.
(quar.)
Amerada Petroleum Corp. (quarj—
Amerex Holding Corp.
(s-a)__—
American Barge Ldne__l_
American
1-21
Louhs
2-14
2-20
preferred
common
2-16
2-10
St.
2-23
3-
_2_
Goods Mfg.
2-16
2-14
Savage
2-13
75c
$1
(quar.)_.
(quar.)—
2-2
1
Co.
2
Co.—
3-
2
-Mfg.
2-13
2
2
$1
Agnew-Surpass Shoe Stores, Ltd.,
7%
preferred
(quar.)_
2-19
2
2
Sacamore
3-10
3-
6V4c
3-
$14
(quar.)
RR.
(Helena),
1-30
2-20 !
3-20
3-
$10
i
$5
2-
Rub!nstefh
2-20
3-2
3-
1$3%
(J.
6
$14
Co.
Elec.
■
$iy2
com.
4V2%
2-
3-
&
2-28
2-20
50c
Per
Laboratories,
2-16
3-
Gas
3
3-1D;
(quar.)
Name of Company
Aerco
2-2^
t2c
Rochester
2•
20c
•
(quar.)__
D.)
Manufacturing
Adams-Millis Corp.
9
25c
Fire
1
3-20
...
50c
■
"
$1
-
7.
j2y.'"■■"'■'
•>'
Adams
J-°7
Oil & Gas Co., Ltd.-' (s-a)——______
Philadelphia Co., 5"^\ non-cum. pref. (s-a)
(Paul)
J-.31
4-
partic. pref
Y
1-26
t$l3/4
Petrol
A
Sl3/4
40c
(s-a)—_—
2-6
______
Co..vpreferred___2__—~-
Petroleum
1-31
2-25
t$l%
37 Vic
(quar.)—
Tube
5
$l3/4
(quar.)—__—_—___
Gra'n,
$4
(quar.)_
.2-16
________
_2_i__2_'—2
nreferc«d
2-27
5
'
$lVi
■':
(s-a)
$14
—
_______
(quar.)
■
Abbott
9
Co.—
pref,:
,7v
77
—
iquar.)
■
1-28
5lfa 7r
7%
prior preferred
preceding table.
.
i.
1-29
Rel'ance
2-
$1
Mactimerv
&
2-20
■■■»
$1
■
25 c
week,
6
4
give the dividends
we
t$l
Rpcubl'c
2-20
.
Inc.—
weeks and not yet paid.
dends announced this
American Can Co.
Arrow
3
9
American
Red
2-10
$1
Dref.
preferred
.Sheet
6
Read'ng Co.,
2-
2
H.)
common
&
preferred
3
Tnc.
Mfg.,
preferred
2-
Paaon'er.
2
3-
(quar.)
preferred
2-
O!
3-
75c
(s-a)—
Co.,
Knitting M'Jls, Ltd.,
Younmstown
1
$14
9
Co.__
17*
44 %'convert ble
4147"
1.
9
2-
(s-a)___
Co.,
2-17
State
&
Worthmgton Pumn
17*
2-
2-
$1
Co., 67* preferred
Inc.
2-20
•
Corp.
preferred
Tube
2-27
2- .9
9
2
2
—
3-14
2-9
2-
3-
3-
.
Snowdrift
3-20
A
Bond
Bteel
convertible
$1%
2
3- 2
15c
10c
27y2c
(.quar.)_22___-____:________.2:.
50c
preferred
(N.
Grape Juice, 17* preferred (quar.)
7
Mfg. Co., $1 conv. pref. (quar.)
j.Yo.rk
2
2 :
2-13
2-26
(Northam)
2-13
3-
2
2-
2-21
2-16
Machine Tool Co._____
2-13
3-
2-
2-16
10c
Corp.,, ,common_r_____—
preferred
2-28
2-15
2-1.3
2
Shoe
$14
87o
Co.
Leather
3- 2
$1
.2-16
2-15
2-15
'
$1%
Public
$14
Quaker
Ins.
'
$1%
$2
45c
1
3-31
Life
$14
$147
2
$iy4
S;
3-17
1
3-
3-
(quar.)
(irregular)__
...i '$5 convertible prior preferred (quar.)____
Whitman
iWm.) Co., 77r pref. (cuar.)
Wieboldt Stores, Inc., $5 prior
pref. »(quar.)
6'7
preferred
iquar.)—
2-9
3-
75C
2- 6
Wheeling Steel Corp.,
2-14
;
3-
50c
2-27
Westinghouse Elec.
2-14
50c
9
3-31
Western Cartridge
1-29
.
2-16
15 c
Wesson
1-20
2-28
25c
;■
,.
(s-a)______
(quar.)___-__
Vallev
(quar.)____'
nref.
Partic. .units benef. ownership of com. stk.
& Atlas Nat'l Bank
(Boston)
(s-a)
7
2-
3- 2
Improvement, pom.
preferred (quar.)_2__
(irregular)____
Pemi^ewasset
$3
-(annual)
$4
3- 2
3-16
Corp., $3 pref. (quar.)
Foundry & Pipe Corp. (cmar.)
Washington Ry. & Elec. Co., common——
6
2-
:
25c
Virginia Coal & Iron (irregular)___—
Vogt Manufacturing Corp. (quar.)
1-27 !
>2-14.
2-16*
2-16
3
Vanadium-Alloys
1-31/
.
2
2-23
2
Utilities Stock
2-14
2-15
2-14
.3-
3-
'.17*
'
3-16
95C
3-
Gas
Van
2-14
25c
3-
•
2-24
3-1
2-17
75c
Corp.,
(quar.)_—_____
Pacific Portland Cement Coi,;'6'4 pref.
Coal
preferred
Inc.»
:
7 '1-20 7
3-10
2
75c
initial)___
Service, Corp. (spec'al)
Machinery Corp. (special 1
Co.; 77o prior preferred
U. S. Plywood
Corp.—
,,
;
7..
7; $1.50 convertible preferred
(quar.)
3-31 • "3-15
3-20
3-
$1%
United
U.
3-15
2-24
Peahodv
6
t$2y4
United
1-25
.3-31
2-10
Co.
2-16
2
$7 preferred
Gas
.7:
2
2-
2-11
Rust Proof
(new
(irregular)
preferred (quar.
United
2
2-20
Extra
2-
3-
c
10c
com._______u_,
preferred
convert ble
United
1, 7: $5
2-10 1
2-
2-16
'
(quar.)
Common
17*
'
—
3-20
p^o+^on,
t $ 1V4
Unfted /Aircraft,
„
3-13
j-.
3-2
Manufacturing
'
Co.
Chem'cals,
40c
'
Oil
Engineering & Foundry—
•
ii
Oil 2<quar.)_
UnTed
2-27
50c
____________
Y.)
Sem5-anneal
7' W7r
2^
$1
t'aoh.
25c
&
Asso.
United
25c
Parker
4-13
40
37 Vic
Extra
2
20c
Revere
for ord.
Water
Coal
1-20
2
(quar,)_____
(quar.)
Insurance
Pen -Co,
4-15
2-16,
$1%
,
.
2-
4-
7
(s-a)_
________
Service
Insurance
„
12 Vic
.
Co
2-16
Co.. i(4rregular)__—_
Parker
6
Pacific
Common
preferred ■flquar/L:^--——.
Fire
d
3-16
40c
40c
com
Producing
2-
3-
(quar.)
(quar.)
preferred
14,
1-31
1
HOC
(quar.)
(in.'t al.)__—1
2 7
Elevator- CQ.,s commonL^_—___________
67*
■
(quar.)_
Tide
2-10
2-16
:
pref.__.
,'___■
;
2-
2
$1
(quar.)—__
2-16
$24
_________
Consolidated
Outboard Marine & Mfg.
5
Ltd.—
Ingersoll-Rand
Inland
Co.
7
•87y2c
(quar,)__22l———2__'i—
,
4-
35c
Wentworth
Company/", common ' (quar.)—______
Pacific
.1,.
2-18
(oua".)
M'nes
Tobago
6'•if
2-18
—
Texas
Welch
Bridge -Co., Ltd.—
2—2—_________.■
Co.
Public
1-31
0
2
'
Ry.
Oil
State Life
Otis
,2-°7
(quar.)
com.
American
Ontario
7.
2-10
vtc.
PDao>'t,
J
5f>C
(irregular)
Western
&
Ok^nite
2-13
Y.)
710-26
1
1-26
Jk--
2-27
(irregular)_„
(quar.)
Inc.,
Ohio
3^21
(quar.)
(N.
11-
Gulf
Webrter
_______
Ohio River Sand, 17* 1st
1-15
Ltd.___.
Hardart .Co.
■
Nov+hwe-farn
2-18
4 y4 'V preferred A (quar.)__
Hilton-Davia XT-emieM (nupr )
H-rn
Texas
,
(quar.)__i_
Corn, (quar.)
Heyden Chemical Corp., common.....
:
2-
Tampa Electric
Co.,
Preferred A '(ouar.
7-25
—'
1-26
Corp., class A (qUar.)—!
_J—L—2_____.
Northern Insurance
2-18
Haskelite Mfg.
,
North
6
2-14
—
Co.
B
Norfolk
•
;
Arch
.
Nonquitt Mills
3-14
50c
4-25
1
2-14
Hundred
Class
3
25c
$1.40
....
preferred
Lower
Nineteen
9
$$1%
„
(increased)
3-16
3-
1
1
2 7
preferred' (quar:)________—
conv.
Reduced
3-3
(finall__
,
Co.—
Co.,
preferred
2-13
2-
3-
-Crrvular)
3-12
$2.8*7 Va.
RR
Company—
Hamilton
$5
2-10
(quar.)
(quar.)
Corp.
8-
t$24
7:
Lt. & Pwr. Co.—
preferred
2-16
3-
$1%
'
Tianslt
5-
3
—
non-cumulative
Common
..(quar.)
20c
Newport News Shipbuilding & Dry Dock-
■
Light
Bridge
$5
Co
5
*1.1/,
Co.
30c
2-
i_
;
l-2o
(quar.):
preferred,
30c
£34
^
Paper
2-
Corp.—
receipts
Syracuse
Warren
(quar.)
(reduced)
Common
61-. preferred
25c
A_—
non-cumulative
Hamilton
1
s,
Warren
-
lrk, preferred
:
Co.
3-
2-1
1-26
1-26
Co._____
(quar.)12it_
Zinc
5
________—
Dock
debentures
':6r-
$1%
25c
(s-a)
(irregular)______________^_
dahenh'res B
Haloid
2-18
1
Wolver'ne
Jersey
5
tquar.)_
(final) __J
Income
6'A
1
2-
1-26
preferred (quar.)
Co., common—
_i„—_
York & Queens Elec.
2-
-.■I,-,arrear
Income
Greenfield
3-21
3-
75c
;
_______
Co.
Dredge
<te
3-31
25c
30c
20c
(irregular)
New
2-
(irregular)-a-,--
div.
Co.,
Grandview
Great, Lakes
-
2-14
$1%
(quar.)
Coro_—
W.)
Union
2-14
2-15
3
Cor,
2-16
—^
C"ele
2-11
J25c
com.
Gilchrist Co.
Gossard
3
2-28
2-27
2
3
(quar.)___________
New
(Dallas)
Products Dorp.,
preferred
2-
•
Meter
2-16
'
pref.__l.__-_u——1.
Telephone Corp.,
preferred iquar.)
$2-50
3-
15c
3-
40 e
'
35c
—
Ltd., 7%
2-11
120c
i
Machine
3-10
12 V2C
(quar.)
Finch CI
Corp.,"6^ pref,
In,ternat:onal Co£ Ltd.-r,,
Depos't
receipts
(spec all
25c
.
5-214
3-3
Sw'ft
(Columbus,
87*- pr«f. (quar.)
New Amsterdam Casualty Co. (N. Y.)
New Britain Gas Light Co.
(quar.)
8-21
11-20
Swan
Co.—
Biscuit
Neptune
2-18
1
Battery
37'/2c
(quar.)^
53/4''
1
6-
9-1
12-
A
Ol
6Va%
5
2-13
2-
v;,
(quar.)_____—
com.
3-1
5
2
,
.
&*Coated
Co.
preferred
:
Extra
7
f25c
$iy4
Participating
General
1-31
50c
—
—;
iquar.).,
General Steel Wares,
;
3-
25c
,
(quar.)._^____^-™
Corp.
Co„
Hosie-v
2-5
3-23
2-16
87'/2C
—
Acceptance Corp.—
conv. pref.
(quar.)—
General
2-25
25c
9-
12-
3-
75c
National Gypsum Co., $4M> conv. pfd.
(quar.)
National Lead 17* pref. A iquar.)._
______
National Union Fire Insurance Co. (s-a)___
NieTra
(irregular)—
$1.50 series preference
11*
40c
$l3/4
iquar.)-;
common..
preferred
Cigar
2-10
9-15
12-15
;
37 y2c
convertible
National
Dock Co.—
■
Corp.. lf'r
preferred
(quar.)
preferred
1
50c
——
Frueliauf Trailer
7',r.
3-
50c
(quar.)__u^-i_ji.i--;-.
Co
Power
General
$1%
$iy4
'
General
,
1-22
2-10
$iy*
—
(quar.)
America
1
1
1 quar.
Freeport Sulphur
1%
2-
3-
$l*/4
Canadian
General
$7
$iy2
$iy4
Pawners
conv.
$2.20
(quar.)—
Worth Stock Yards
y/*>
National
1-22
iquar.)_„—______
Fite Simons & Connell Dredge &
Common
1-23
1
75c
;
(quar.)__
(initial quar.)
&
Falstaff
'
________
Employers Reinsurance Corp.
Erie
2
2-
Co.—
(quar.)
$6.50
Elgin
2-
$1
i
.
3-10
4-„l
$iy2
Stoa-kl
25c
$1%
(quar^____________2__
(irregular)
Mill;
Acme
$lJ/2
-
>f Rets.
37 Vic
*4*%- J
(Indiana)
(quar.)__
Sterl:ng Products, .Incfl (quar.)____
ne Furniture
Corp. (quar.)-—______
Stromberg-Carlson Tel. Mfg. Co.—
2
5
■
Corp.
Gummed
National
_____
Oregon
5
•
(Irregular)
Co.
.
$3.50-pref.
class
.
'Eastern
5 '
6-
$24
non-cum.
Nashawena
(Western),
1st preferred
Ins.
Drop Forging—
',1-31
-
Warehouse
Life
Monroe Chemical
1-26
2-15
iquar,)____Y~
3-
6-15
$14
______
Piping &^SUpply (extra)
(J. S.) & Co.,"Ltd.il
■i'y si-'A
(quar.)
11-
3-15
$14
(quar.
2
1-20
21.
i-;
A—
Storage
Mutual
Ohio)
(quar.»__
Ltd.
&
3-
3-
11-16
t$3
11c-
4-
2-
25c
$1%
!: 7" $14
(s-a)
Metrooolitan
'
Standard
$1%
2
.
■
preferred
Co.
Hoidert
1
-
.
preferred
convertible
United
2
2- 6C
'
8-5
17c
; -l
Assurance,-com
4-
75c
(quar.)
______
2-16
y
8-15
:
U.
,50c
$134"
.
Dredging
$1.60
183/4
"(quar.)_£___j2___i_
preferred
<s-a)"__2_-x-____
Merritt-Chapman & Scott Corp.—^
30c
(quar.)_____
Coated
Standard
5
50c
>
3-
3-
Standard
5
Co.—
2-10
35c
2-14
5-
10c
A .(quar.)"2iY2
Fire
convert ble
2-
50c
6^" pref. 4<).uat.)
3- 1
$1%
$1.60
,V.;i
87y2c
75c
2
2
(quar.)
3-
2-17-'
(quar.)
Co.,—
Ins.
5-15
2-20
■-
"
YYYY—
pref.
(Indiana),
Bridge
Dominion
Ltd.,
17c
Class
Dodge Mfg. Corp.
>
61^ Y
(quar.)
Wing Paper Co.; 5%
Dixie-Vortex
'
—
(quar.)_____:
Co.
2-16
■
•
.
3-
2-14
.preference-, (quar.); >.<*<■.
$1 .73-1
Mayfair Iny^tment, Cd.;i(LYA.) (quar.) __c_
",50c4 V" 2- 2
Mead Corp.,
eom.22_Y_2__2.____:-4_^u___2225c
3-10
t
3-2
2
$4.i
-.Extra
(quar.)—L-Y
(quar.)
Corp.—
preierred
&
*■
•
Publishing Co., prior preferred (quar.)
& Co., 7'k pref.
(quar.),
~Y
Delaware Rayon, 7% non-cum. pref. 1 quar.),
Detroit Gasket & Mfg., 67*
preL iquar.)__
&
May,' McEwen, Kaiser
3-1
'
6second preferred
•
1 '31 V"
3-3
FieldCo.,
Life
Water
25c
$24
..
(quar.)
6,
1-31 "
■
'3-14'
$1
t$l%
Deere
Diem
3-1
2-15:
Stamford
3-
l-2Y2l'i--i-Y2_2r^h2--_'____Y^__:__
2-18 '**■■■
2-15
20c "
(quar.)
Curtis
Diamond
Extra;
■
Co.
Manufacturers Trading Corp.—
~75c. -convertible
preferred
3c
3-
$4
.
Seal, Ltd.
Zeilerbacn
Crown
2- 5" ■'
Casualty Inc.
Marshall
2C
$1%
preferred______L
Inc.—
'
;
"
$3.50
Manufacturers
'
.
17c
America,
5
2-15 ^
2
'
25c
:y? -\2u'
:
Co.,- common
Box,
Manhattiui
Power
25c
--
_
jCprp.______
Refrigeration Co., preferred-.Shirt ('Co. ,2(quar,'
2-
1
3-
Southwestern
3-
Cov2'22YY^£Yx:4fc-_2_:i_2__4,__:4;;
3-16
3-
40C".'
f;
|
)
'3-1
$1%
preferredf (quar.)__L_Y—-L--Y~wYrV;
$4
Corrugated Paper
*
3-1
,1
(quar.)—
(final)
''
68%c
Y—Yr_Y
__—_
preferred
2-10
62%C
<quarf>r—Y--
Continental
5V27c
2-26
8/10c
Y., Inc. YYL
L—
Diamond Fibre
-
23
Paper Co.' Y_:____1__-Y__YY
Continental
>.
-
/—YLY
(quar.)
Co.
tioc
20c
(quar.)
preierred
2-10*
125c
Square Garden
Manhattan
;
(new)
Cpnsoiidated Edison
3-hi
first
2-11
125c
'
Madison
$1%
^
—
__^_Y___1_Y_:,;-LL
5Va'/</ preferred (quar.)—______
preferred
Macy- ' (R. H.)- &
AAA
CaroLna
$6,
Y;i57<<
)iC'22.2 _iYY_'_2t_____2_ __4
■..
-
1
3-
7-k 20c
Ltd,, class Aiquar.)
_____
;
preferred
Deposit
1
7
preferred '(s-a.)_;_'_^_^v«__^___._______
Manufacturing Co... (irreglilari
Corporation <quar.ix._____
>
$2
When
Pay'ble
(quar.)
C'ty G, & E., .7% preferred
Sivyer Steel Castings Co—
Louisville,«Henderspn.,A St. Louis Ry.—
•-••-S',!*>
(quar.'K__-___;_______L__i.
Utilities—
57c
com.
Sioux
1-20
2-25
.
$1%
_,_C,
Loblaw Groeerterias Co.,
B
Company
Shatterproof Glass Corp.
Sherwin-W,ll'ams
Co.
1-19
1
2-
$1%.
:y2'___L_iY_yv2_^_2i.^t._'_____L
Inc. ,Aquar.
■
5%
Commonwealth
2-15
25c
.
J|quar.)._La2_x____________
"__y 2
.
Bryant,
25c
(quar.I——--
1-31
1-19
1$1%
(.ncr's'd)
i
Quarterly'
Lindsay
3,J
$iy2
1-31
2-15
130c
2- -Class
YY--:
5c
$8
:77: 30c
1-26 '
2-
-
3
$1J4
of
Standard2Cap & Seal—
12-20
1
2-20
$1 s4
,
.
—_________
Inc.,
,_t
Extra
$9%
2-
t$iy4"
Extra
Co.—
(s-a)
Stores,
(quar.)
preierred
Extrq
^
_____——__x.
4%'" preferred
A
Shops, Ltd. (quar.)_^__
Lincoln Natl. Life Ins. CQ.MEt.
Wayne)— :i!
Quarterly i-w—.
2-28
$50c
2-14
2-28
Louth
I.aura Secord Candy
:
Co.,
?». •*»%'■ preferred'-(quar;)
'.Chilton Co.; ——------—v——
Cincinnati
Quarterly, •
I'/o
preferred-
:? ■;■'.
$1
$iy4
pr.or
Name
1-26
25c
Per
Share
•"
Securities Acceptance Corp.,
6 7*
preferred (quar.)
...
Quarterlyv"v_____Yi;__l'Yi____________„_
covers six
Chicago Wilmington & Franklin Coal Co.—-V-
Colonial
flue
(quar.)
'.""Wf
Charis
3-2
(inter.m)
MachineiCO;,
Quarterly
•
3-16
t$l%
t$l
(interim)
Gas
1-31
2-24
9
1-30
495
——
preferred '(quar.i__l'_Ji__
Lane
6V2 7* preferred—
quarterly periods from
July. 1, 1932, to Jan. 1,- 1934)
Central Railway Signal, pref. class A iquar.)'
v.,(Payment
2-15
3-
$37%c
_L___i.Y-i--.--.-~--
40c
1
particY.preferred
Landis
'
tquar.)____1-__-:.Y_
Rapids M.g, & Power Co.
Central Indiana
1-31
.
(quar.)
common
2-14
.
f
B
2
2-15
3-
37 %c
Co., Ltd.—
tquar.)
of Ret.
Milling Co., Ltd.,—
Common
(quar.)u____J2^^_'__-
Vinegars,
Canaua
Pay'ble
(quar..)___i._-_
Co.^ $6
Lake
Dry Qinger Ale
■"'"Class
preierred
*
____
(quar.) _iu
Foundries & Forgings, Ltd.— :
A (quar.)
Sliar*
Co.
(Mo.)—
K nney (G. R.) rCo.,
7hc.,;' $5
of the' "Wobds
1-24
1-31
.;;■/"
■
(quar.)
preferred B
Canada
Canada
C.ty Stock Yards
Kendall
'
6'/i;- preierred A
Insurance
,
.57<*
2-13
3
1
Class A common
•rii'teg.
Byers" I A, M. ) Co., 17* preierred—
-(Representing the quarterly dividend of
$iJ/4
due
Aug. ' lv-. 1939
and
interest
v
Hoidert
Kansas
6
...
California
When
Bros. Co;, jcoiui. .(quar.i_L__l
6^' preierred ,;(^uarJ
City Life Ins. Co, „,(Mo.) (s-a)_^___.
2- 6
2
Kansas
____—____
Capital coip—
Per
Johnson.
1-28
2
'.Bunker Hill &oU>nVan
Mining •& ConcentratBusiness
of Company
Standard Life
!(Greensbora,, N/CCYV.Xs-a-U,
Insurance Co.YN.;Yd:.(«-a
•.
Jersey
":.f
40c
1".
vf Reo,
2
2-25
3-
$3
(quar.)/
Brigfcs & Strauoxi Gorp.'Y.Y
-
Payable
30c
___
7^:
Hoidert
When
"
Loss
Manufacturing Co.
Brentano s BooA'.Loores, Inc.—
THE COMMERCIAL. & FINANCIAL CHRONICLE
:
3
v
o
1.93
2-
2
I-13
2-
2
1-15
2- 2
1-27
7*c
7-
6
6-20
$2.25
7-
6
6-29
16834c
2-
2
1-15
2-1
12-31
57>
!
,
Name of Company
•
Appalachian Electric Power Co;—
4'/a%
preferred (quar.)__*_—
Appleton Co.,
77c
17o
I*.*
preferred
second
Corp.,
$2.50
prior
preference
(quar.)_————-
$2.50
prior
preference
(quar.)—.:—
convertible preferred A
Plywood Corp., common
Atlas
preferred
$1.25
&
Avondale Mills,
Common
common
1_——
1-31
1-22
Colgate-Palmolive-Peet Co., common.—
$4.25
preferred
(quar.)-.
,L
2
1-15
Colorado
$1
3-
2
12-31
6%
$4%
3-
2
2-20
5%
$1%
2-
2
1-
9
2-16
2-
9*
2-
2
1-25
C2V2c
5-
1
4-24
$1
2-
2
1-
of
Oil
Barnsdall
———
2-2
31c
2-
Co
Bendix
Aviation
Benson
&
Corp
preferred
Eank
Boulevard
75c
2-
1
1-21
10c
2-16
1-31
2-14
77c
2-
6ya%
2-11
Mills
Bourne
...
25c
2-
2
1-
7
$1
2-
2
1-
7
t$iy2
2-
2
1-15
$1
3-
2
2-
2-'
2-15
t5c
2-15
:
1-17
Crowell-Collier
1-17
Crown
1-24
Crum
68 %C
2-
1
1-24
50c
2-
2
1-10
16c
2-20
1-20
12c
2-20
1-20
25c
:•
$iy4
(quar.)
(Bronxville, N. Y.) (quar.)
5
1-26
2-
2
12-20
2-10
1-20
1-20
v
$1
2-28
3-16
2-
preferred (quar.) —
Fund, Ltd. (irregular)—
1
1-21
2-
1
1-21
2-
2
2-
2-20
$i»/2
2-
2
1-19
$1%
2-
2
1-15
Feb.
1942
2,
Co
20c
2-
2
1-15
California
California
Packing
Corp.,
*.
■
participating pref. (accumulated)
.
Canadian Breweries, Ltd., $2 pref. (accum.)
Ltd.,
Bronze,
(quar.)
common
preferred (quar.L—
Canadian Celanese, rights (irreg.)
5%
Canadian
Investment
Fund,
;_*_
Ordinary shares
Oil
Cos..
Canadian Pacific Railway
non-cumul.
4%
(A.
Celotex
5%
C^rp..
12-26
t$i%
3-
2
2-19
t75c
4-
1
3-16
t37Vic
2-
2
1-
+50c
2-
2
t$iy4
2-
2
Arizona
Central
Central N.
Central
(quar.)_
-
&
t50C
1-31
12-31
t6c
2-
2
1-16
t5c
2-
2
1-15
.
.*—
preferred
—
Accumulated
*
+5c
2-
2
1-15
tlOc
2-
1
1-17
J25c
2-16
1-31
Centurv Ribbon
Century
Shares
de Pasco
Cerro
Belt
Chain
Chain
pref.
(irregular)
Copper Corp
1-15
5c
2-
2
1-15
Mills, Inc.. 7%
25c
2-10
25C
2-10
25c
1-31
1-23
$1%
1-31
1-23
Copper
57c
preferred
preferred
Citizens
(Los
Citv Net'l Bank
Quarterly
$1%
2-
4
5-15
5-
5
3-
2-14
.
-
2* 2
Extra
1-17
„
"
,
1-10
3- 2
2-16
2-27
3- 2
2-13
2-16
2-2
3-12
3-
3- 2
2-14
2-
2
1-15
2-
2
1-15
1-15
2- 2
2
1-17
2-16
1-30
2-
2
1-10
2-16
1-24
2-13
2-
2-16
1-24
2-16
1-24
2-
$1
5
2
1-24
$1
2-16
$1
'7.-. ' $2
6-17
6-13
710-20
10- 6
50c
;. $1
15c
25c
7
7-
1
2-
6-15
1
1-17
3- 2
2-14
4-10
3-31
2-
2-14:
4
1-15
(quar.$1%
; 1-15
50c
1-31
60c
2- 2
20c
2-
2
50c
40c
2-
2
1-20
2-28
2-13
50c
2-16
1-24
—
Y.)
(N.
(s-a)——
(Bait.)
Insurance
(s-a)__„
Co.i—•—
Co.,
&
A.)
(Geo.
7-1
2- 2
Electrochemical
Hormel
1-10
4- ,l
:
3-16
class A
Fire
1
75c
——————
Hooker
1%
>
1-12
2- 2
$1V4
■
2- 2
Co.
Insurance
Homestead
1-17;
•
V-:
;
$1V2
Orleans)
(New
Corp.; common.
77c, preferred,
2 '
3-
2
common
vf
—
"
1-20
"
1-15
1-15
2-16
1-24
3- 2
2-16
*
50c
■..
*
.
i/, 2-. 2
2-16
.■
,
.
>
<
,
3- 2
2-16
2-
2
1-13
2-
2
2-
2
1-15
3-
1
2-
2-
2
1-21
2-
1
1-15
2-
2
1-15
2- 2
1-15
,.
..
•
'
1-15
2
'
-
30c
——
common
Dow
2
2-
2
1-20
$5
7
Corp.,
2-
6%c
67o
12-30
2- 7
a6 V4c
,
Chemical
Co.,
preferred
Corp.—
Dravo
2-2
1-20
2- 2
1-15
35c
2-1
1-27
10c S
2-
1
1-27
50c
2-1
: .1-27
$1%
2'/5C
(quar.)—
v
y;;
,
i
. ,
.
1-31
t50c
3
- v-3-
»
t$l%
$3
•••
(quar.)>——_———•
,
2
$i'/4
2-16
2-
2
v.-
common
—
5-
1
8-
1
7-21
1
10-20
15c
12-27
4-
1-22
K.
'
1-15
Tea
W.
2
2
1-
6
$1%
2-
2
1-
6
Co.,
(Julius)
Kerr-Addison
Klein
2-
(quar.)
:—**_**—**
Co.—.*,
Co.——
&
Ilings County Trust Co.
Gold
(D. Emii)
—
1-15
f$lV2
2- 2
1-15
i$l'/a
2-
5
1
1-23*
2-1
1-23"
2-2
1-28
1
3-18
2
1-15
2- 2
■
1-3
;
2
1-
3
83/4c
$l'/2
2-
4-1
3-31
87'/2c
2-
1-20
1
1-31
1-19
25c
10c
2-16
2-
2-
2
1-15
20c
2-
2
1-15
2
Mines,
Ltd.
(quar.)
(irregular)—
(quar.)—
1-19
2-
2
2-
1
1-15
3-
1
2-15
2-
2
1-19
2-
2-16
9
15c
2-
2
1-20
25c
2-25
2-13
2-15
2-
75c
50c
87V2c
t5c
—
2-
1
1-19
2
3- 3
2-
2
2-28
2-10
$20
2-
2
1-26
62»/2c
2-
2
1-21
2-20
1-31
&
Co., Inc.,
(quar.)
Knickerbocker Fund
—.7
5 7c
preferred
Knickerbocker
'
40c
1
$l>/4
15c
$iy4
$1.06V*
5c
(irregular)
preferred
Furnace
1-17
15c
*
————
(quar.)*.
&
1-17
—
:
*—
—
common
Inc., 4V4%
Stove
1-31
1-20
preferred (quar.)—_
Fall River Gas Works (reduced quar.)——_
Falstaff Brewing Corp., 6r'0 preferred
(s-a)
Federated Department Stores (year-end)—
4Va% convertible preferred (quar.)_._^___
Fidelity & Deposit Co. of Md. (quar.)
v—
Fidelity-Phila. Trust Co. (quar.)
(reduced)
Fidelity Union Trust (Newark, N. J.)
(s-a)
Fiduciary Corp.
(quar.)
—
Field
(Marshall) & Co. iquar.)_,————
Fireboard Products, 67c prior pref. (quar.)
Firemen's Insurance Co. of Washington and
Georgetown (Washington, D. C.) (s-a)
First Boston Corp. (irregular)—
First National Bank of Hartford (quar.)
First National Bank
(Pittsburgh) Iquar.) —
Foote Brothers Gear & Machine Corp., com.
60c
convertible preferred <quar.)_—:
Forbes & Wallace, Inc., $3 class A (quar.) —
Four-Wheel Drive Auto (irregular)———Franklin Fire Insurance Co. (s-a)
—
Mills,
1-31
$iy2
1-20
2-
,
—
(quar.)—-—
25c
;
**_-—"
:
(quar.)——
common
25c
1-15
—
Kearney & Trecker Corp. (initial)
Kellogg & Bulkelcy Co. (quar.)—
Kentucky Utilities, 77o junior pref.
'
1
convertible
(quar.)
Stores—
(irreg.)
Battery Co.
Kayser
•
12-22
2-
1-20
2-
.
(quar.)
(quar.)—
Knitting
Kalamazoo
2-
1-11
3- 2
(quar.)— *1—$1%
Co.,
preferred
Jewel
2
common——
y
1-15
2-10
2
2-
Manufacturing Co.—
Common
2-16
-
Co.
(irregular)—
Corp.
Ironer
Jantzen
2
2-
Co.,
James
2
-
V
2- 1
2- 2
by SEC)
Department
preferred
3-
$1%
7
'
$l3/4
.
—
Telegraph
preferred
prior
87»
,
2-
$1%
Ltd.—
Canada,
—'
Oce-an
preferred
t$l
ti7y2c
($5
(Approved
+25c
2-
Coe & Gregg,
$3.50
57c
——-
of
(payable in U. S. funds)
par)
(quar.)
(payable in
funds)
Interstate
3-13
y
$1 >/4
40c
$1Mi
$l3/4
40c
^International Utilities Corp.-*--•<7-:.7- 10*
12-17
1
2- 2
15C
iquar.V—a.—
Eastern Sugar Associates, $5 pref. vtc
(less
87c
Puerto Rico withholding tax)
Easy Washing Machine Co., Ltd. (accum.) —
Electric Bond & Share, $5 preferred (quar.)
$G preferred
(quar.)——
—
Employers Group Associates (quar.)_
Faber,
.
S.
Ironrite
11-
Tool
Co;
Nickle
International
Intertype
15c
(quar.)
(quar.)
pref.
7%
«...
■
4-17
15c
,.'$2
convertible preferred
Fairbanks
pref.
77c
.7
Quarterly ——_—:
———-——
Corp., 8% preferred (quar.)——
Duquesne Brewing Co. (Pgh.) (quar.) —
Eastern Steel
Products, Ltd.—
on
conv.
77c
,
2-
pref.
preference (accum.)—.
.***»'.
preference A (accum.) —<
conv.
67?
3-31,
1
2-16
—
Duplan
57c
4-
Machine
International
,
!u 1-16..
.2- 2
•
15c
—
67o
,
2-20
75c
7 7o
*
.,
U.
*,
*—*
Corp,—.—
International) Metal Industries, Ltd.—
-
1-15
2-2
y
'
common—*————
Harvester,
International
1-19
25 c
(quar.)—:
preferred (quar.)*
International
common
■
Quarterly
Quarterly"
preference
.Interchemical Corp.,
12-23
;
.
,
1-16
2-
2
2-
2
1-16
12-31
17c
2-
2
.:' $1%
2-
2
$1%
2-
2
1-15
$1.16%
3-
3
2-14
$1%
2-
2
1-15
1-
9
1-22
2-
2
1-16
2-25
2-10
$1.16%
$1
25c
3-
$1%
25c
2
1-15
3-16
2-28
3-14
2-
$1%
4-
1
70c
2-
1
25C
1-31
1-27
1-31
1-27
25c
3-
2
2-19
25c
4-"15
3-17
7-->S
C-16
2-25
2-
50c
6
Extra
Malting, com. (quar.) —
(ouar.)
Fuller Brush Co., 77c preferred (quar.)
Fulton Indvstrixl Securities Co., common—
$3.50
reference (quar.)
$1.20
$1%
3-
3
$1 %
6-
1
2-16
$3
&
preferred
Gsrdner-De'iver
-
$1%
9-
1
8-15
65c
2-
2
1-22
$1
2-
2
1-20
$1
5-
1
4-20
(quar.)
convertible preferred
General
American Oil
General
$4.50
1-31
1-16
1-31
1-21
$1
1-31
1-19
$2
2-14
1-31
2-
1-23
60c
$1
20c
$iy2
Insurance
Co.
8c
of
N.
Y.
(s-a)
25c
Kokomo Water Works, 67o pref. (quar.)..
Kroger Grocery & Baking, common (quar.)
67® first preferred (quar.)—.
*
$1V2
50c
$ii/2
2
Cable Czrp., 77o
(quar.)
preferred
Foods Corp. (quar.)
preferred (quar.)
77o
second
-77c
•
La
1
Extra
1-21
1-15
Lanston
1
1-16
Le
70c
2-
2
12-24
1-31
1-24
$1%
4-
1
3-21
$2
4-
1
3-31
•_
1-20
pref.
Tourneau
(R.
G.), Inc.,
convertible
2-
2
2-
1-20
2
1-12
3- 2
1-30
4-
1
3-14
5-
1
2-
6%
Rubber
&
Tire
47c
Mines,
2
2
1-20
75c
2
12-24
40c
2-
5
1 -26
Life Savers Corp.
(quar.)
50c
2-
2
1-20
Liggett
Tobacco,
20c
2-
2
1-20
20c
2-
2
30c
-12-
2
1-15
$1%
2-
2
*2-22
Lerner
Stores
&
Class B
N.
4To
2-
2
1-15
87y2c
2-
2
1-15
Lirk
2- 2
1-20
Lion
Printing,
Belt
6y27c
12-20
1-26
50C
2-16
1-91
$iy3
2-2
1-12
common
preferred
Match
Lionel
2
Co.,
Corp.
$3.50
Co.,
9
2-
9
1-15
75c
2-
2
1-15
2-
2
1-14
4-
1
3-14
2-16
1-31
37'/2c
Class
J2c
(quar.)
common
—
(quar.)
B
(quar.)
$iy,
2-
1
87Vac
2-
2
1-21
40c
3-
2
2-
1-20
2
$1
3- 2
2-10
$1
3- 2
2-10
(Rochester,
37y2c
—
(quar.)
preferred
(quar.)
*
*—
;
Loblaw Groceterias Co.,
2-18
2-
(quar.)
(irregular)—
(quar.)
9
2-28
2
com.
Extra
9
1-
1
(quar.)
& Tr. Co.
1-
1-15
1
*
Y.), common (quar.)
convertible preferred
11c
2-
Myers
2
2-
preferred
(quar.)
Alliance Bank
Lincoln
I i""oln
3- 3
Corp., 4l/27c
Liberty loan Corp.. $3.50 pref.
2
3-
(quar.),*
2-
2-
2-
2- 2
3-
$1
Ltd.
2-10
75c
preferred <quar.)_
Gold
2-20
50c
$l»/8
Lehigh Portland Cement, common
Leitch
1-16
12-20
(quar.)
Corp.
2-
15c
$1^/4
25c
(quar.)
pref.
t5c
4-18
2
2-27
(quar.)__
common
preferred
Valley Gas Co.,
2-
t$l%
Jioc
Bryant, 77c preferred (quar.)„
Monotype Machine—..
Lebanon
Lee
5c
'
15c
75c
—
&
50c
1-15
(quar.)—
—„;
2
30c
(quar.)
67c
Champcgne (ouar.)_.
Lamaque Gold Mines, Ltd. (quar.)
*_
1-31
2-
$1%
$i3/4
$iy2
(quar.)—**
preferred
Telephone,
La Salle Wines
I.ane
2-
preferred
second
Crosse
$4.50
Co. of Texas—
convertible preferred
General
4-
$1.06%
Co.—
5-15
Bank
(Chic.) (quar.)
Grain
3c
45c
-
—
Frnedtort
G7o
—
3-16
50c
1
(s-a)
*
2-
S0c
■
Bank
National
Sugar
Home
$1%
2-
(eimr.l
& Trust Co.
2-13
$l3/4
2-14
(auar.)———
;—1
Home Dairy Co.,
!————~—
Inc., 77c pref. (quar.)
$iy2
$1%
Savings
V 1-24
Eureka Pipe Line Co—
52c
(quar.)
&
1-17
2
1-30
(quar.)
(mar.),
T"'ist
'
2-2
1-30
2-20
..
National
Angeles)
1-17.*., t,j;
:
1-26
1-31
Cinn., New Orleans & T'xas Pacific Ry. Co.
57c preferred (auar.)
,
;
.
5 r0
7-22
1-27
2-14
(s-a)_*
Co
8- 3
1
$1%
(nuar^erl").
Chile
2-13
3- 2
3-
75c
(irregular)
1-20
2- 2
3- 2
Holeproof Hosiery Co., 6%% pref. (quar.)
Holland Paper Co., Ltd. (extra)-*;
...
2
*
Chicago Yellow Cab
Chi"kflrha Cotton Oil Co.
1-22
y
2-
3
(nnar.)_.
prefc^d
57c
y.)
■
2
2-
„
-
$l'/a
$1%
3-31
2
Higgins Industries, 6% conv. pref. (quar.)
30c>
Hires (Chas. E.) Co. (quar.)-—,
—7.y;; 30c
y
2-2
2-
1-20
1
2-
preferred
5'/a%
—_—
Hibernia
5 y
2-
2-
Corp.—-
;tsj.
common
.
$1%
2- 2
4-
2-26
(quar.)
Irregular—*
.
$2
2
—
*T"(-ional
$1%;,
2-20
A.)
Times,
Extra
3-18
2- 3
37%c
3-
preferred
$4 conVv preferred
$1
3-
Trust
Investment
* >:
pref.
67c
Co.,
Hettrick Manufacturing Co.
Eppens, Smith Co. (s-a)—
———
Erie &
Kalamazoo RR.
(irregular)——
2-16
(ouar.)„
Champion Paper & Fibre, common.,
67c
prof°rred (cuer.)
:
Oh«so
1
6-28
2
$1%
preferred
Che-ry-Burrell,
1-
1
2-
$1%
.
_
Co
Store
$6.50
2-
7-1
65c
(quar.)
*
Central Vermont Pub. Serv., $6 pref.
Finance
Interim
Co.—
Accumulated
6 %
2-15
2-3.
r
12-26
"
—
Light
&
Power
9
Co.—
preferred
7%
y
3-31
-
2-14
2-
1
Hershey Chocolate Corp., com. (quar.)—
■s;
1-24
2-2
'
preferred
(accumulated^^——
Dominion Tar & Chem., 5Vz7c pref. (quar.)
Dover & Rockaway RR. (s-aU——
67c
Electric, common
Y. Power Corp., 5% pref. (quar.)
Gas
1-
—
Power
'
ioc
1- 9
12-31
-
——
(quar.)
(quar.)
Hudson
9
3-17
$3
(s-a)_a
(quar.)
Ltd.—
57o
5 7o
t$i
2 To.
pref.
(quar.)
Light &
preferred
preferred
$6
2-
2
—
(quar.)"
common
preferred
Central
$7
ti Co,
M.)
2
1-15*
2-
'
Castle
1-15
$iy2
(s-a)
Co.
1-31
1-31
preference
Insurance
1-17
2
2-
Co.—
Capital Finance Corp., 6'A
Caroline
2
2-14
2-
1-31
—
Corp., Ltd. (quar.)
(increased quar.)
ltd.
1-31
(M.
Holly
preferred (quarJ—
Dominguez Oil Fields Co. (monthly)——
Dominion Bank of Canada (Toronto) (quar.)
Dominion Scottish Investments, Ltd.—
2-16
*_
—
—
Investors
Canadian
1-31
5
Ltd.—
.Special shores
Canadian
1-12
1
2-16
Co., Ltd
Canadian Foreign Securities
1-31
y:;10c
registered
(interim)——.—.—Amer. dep. rets, for ordinary reg. (interim)
Distillers Corp.-Seagrams, Ltd.—
57c
preferred (quar.)
■
Dividend Shares (irregular)..
62 Vic
Ltd. (quar.)—:
Converters Co.,
Canadian
1-31
2-15
Ordinary
37Vac
__****.
5%
Canadian
3-
75c
common—
preferred
(quar.)
Canada Southern Ry;' (s-a)
Canadian Bakeries, Ltd.—
15c
25c
(quar.)*
Elec. Power Co., $3 pref. (quar.)
5%
2-
t$lVa
„
1-23
2-14
..
3-
(quar.)—
68a/4c
Hat Corp. of America, 6Va7c pref. (quar.)—
$ls/8
Havana Elec. &> Utilities Co., 67c 1st pref.
t75c
Hecker Products Corp.
(quar.)—— 7 >
15c
Hedley Mascot Gold Mines, Ltd. (quar.)
;
$2c
Hercules Powder, 6%
preferred <quar.)_
$172
Co.—
$2
6% pref.
Co., ltd,.
Power
Calgary
$1%
t$1.9906
...
1-10
2-14
$3ya.-
„
,—
...,s
.1-10
.
2c
'
Domestic
—
Jackson
1-31
U5c
••
Diamond Shoe Corp.
Bullock's,
Byron
(quar.)
2-14
3-
.
1
3-14
Inc.
(Los Angelese)—
;
preferred (auar.)
*_*.
Burroughs Adding Machine
:
Byers (A. M.) Co., 7% preferred 4representing the quarterly dividend of $1.75, due
;May
1,
1939, and vinterest
thereon to
preferred
2
1-22
.
1-24
$1
5%
1-20
.....3.-. 2
Co.,
Instrument
Hartford
2-16..; ,1-30
$2
preferred
Distillers Co.,
.
2
130c
;
2
-
2-
Bullock
Light
;•
'
1-17
1
2-15
1:
———_
&
Power
,15c
50c
20c
$iy4
$1%
25c
$iy2
2-
Co., common
*
25c
(quar.)
——
$l'/4
Hartford Electric Light (quar.).;-.
—a-u—- 68%c ?
Extra
—11 5/10c
Hanna
5
3-30
:, 2- 2
43 %c
preferred (quar.)
——
Co.
1-22
,7.
67a
preferred (quar.)_
—$l,/a
;-4.}';.Horn (A. C.) Co.7.7% non-cumulative prior
participating preferred (quar.)**.L—• 8%c
$2
2- 2 „- ,1-26 *
1-26
j.j.7 67c second participating preferred (quar.) *7? ' 45c
^:.75ci% 2- 2
*Horn & Hardart Co. (N. Y.) (quar.)--*—
■„*.*. - 50c,.".1- 2*
4y4c,,-, .-2-1
Deposited Insurance Shares, series A^——
y 1-26
Houston Light & Power, $6 pref. (quar.)—— • 4; $1 Vi
2* 2
35c
Derby Gas & Electric (initial) . (new)
77c
preferred
(quar.)-'——
*$1%
-1"-4 rJv-y.''iV'
Detroit Michigan Stove Co
Hunt Brothers Packing, 6%
pref. (quar.)—
J30c
2- 5
2-16
50c
57t>
preferred (quar.)
Hussmann-Ligonier Co. .(quar.)—• 15c
5- 57
5-15
;,VV
50c
5 7o preferred (quar.)
Hydro-Electric Sec. Corp., 5To pref; B (s-a)
■
25c
8- 5-1*i,
8-15
50C
5 7c preferred quar.) —
Idaho Power Co., 77c
preferred (quar.)—
$1%
3- 2 v •:
2-10
37%c
Diamond Match Co., common
—
$6 preferred
(quar.)_
$l»/2
2-10
3-2
75C
67c
participating preferred (s-a)_—
Indiana Associated Telephone Corp.—
Power Corp.—
Buffalo Niagara & Eastern
pref.
,
2-
..
i2y2c
'
Pipe Line-—————-—*;V
Buckeye Steel Castings Co., 6% pref. (quar.)
Buckeye
■
77c
2-
3;
1-31
8%
(quar.)—————
Dallas Power & Light, 77c preferred (quar.)
$6 preferred
(quar.)_——_————
Davenport Water 5% preferred (quar.)—.
Dayton Rubber Manufacturing Co.—
$2 preferred, class A (quar.)
—__
Dennison Mfg. Co., 8%; debentures (quar,),
$6 convertible prior preferred
(quar.i--^-
•
••'
•
:_*__
m
$3'/a
preferred (quar.)_—.
preferred (quar.)————„ 11———
Press, Inc., common (quar.)——-
4Vz7o
v
-
$5
67o
2-
1-20
conv.
(quar.)
(s-a)—^
Co.
5 V2 %
Cuneo
6
2-18
Publishing
Drug Co., 7%
Semi-annual
2
2-18
Mng. & Mil.
Gold
& Forster,
Cumberland
1-10
2-
3-
3-20
t$iv2
15c
preferred (year-end)—,
Crunden-Martin Mfg. Co., .7% pref. (s-a)__•
Culver & Port Clinton RR. Cov- (s-a)-_^__._.;
1-19
1
2-
75c
"
(quar.)„
-
:
2-15
$1
—
1
2-
68% C
Bronxville Tr. Co.
Falls Co.
-
1-31
75c
.
(quar.)
———;
Department Stores,, com. (irreg.)
Cons.
Cresson
1-21
1-31
$2
preferred
2
1
2nd pref.
Hills
2
2-
2-
————
British Columbia Tel. Co.—
57c
V 2-
2
2-
w>.
Buck
,
1-10
3-
$1%
60c
.
(s-a)
..25c,.
>-•
1-31
2-
$2
$5c.
2-16
2-
50c
(quar.)
preferred
67a
2; ,1-15
2-
5c
25c
Y.) (quar.)
(N.
Watch
Hamilton
12-26
2
2-
Corn
"
—
1-15
Corporate Investors, Ltd. (quar.)
Cosmos Imperial Mills, Ltd^ (quar.)— „__—
25c
>
2-16
2
$l7/s(
'•
Co.
1-15
2-16-
25c
(quar.)—25c
common—25c
Stores
Brothers
Hale
2
:
———
Trust
5-
1-31
Additional,•
lrl5
!
■
u...
2-
(quar.)——^
Bank
'*
3-
1-15
Exch.
''
$1%
1-15
2-16
Corp.,
Broadway
77a
(quar.)
2-
5-15
•
$1%
(quar.)—__—'
Coon
Co.
2-16
preferred (quar.)
•
34%c
(Dallas, Texas)—25c
convertible
5Vz7c
$5
1-21
B.)
1
Hammond
of
preferred
5-
prior preferred. (s-a)_;——
Griesedieck Western Brewery Co.—
V.2-16
2
2-
\
$1%
1-31
Knight Co., 7%
&
Graton
Y.—
1-31
(W.
(s-a)
i__——-f-u.——
7Gulf Insurance Co.
*y
;':-
America——
Continental 111. Bank & Tr. Co. (Chic.) (s-a)
Continental Oil Co. (Del,).—
6
77.1-
2
'. 3-
2
75c
(extra) ——_—-—*.._*_*>'
/
^
$3»/a
7% preferred (s-a)_
;■
lc
Bristol Silver Mines (initial)
British American Tobacco Co., Ltd.
(Amer.
deposit receipts) —
't;■ 3d
Final for fiscal year ending Sept. 30, 1941
5d
Interim for year ending Sept. 30, 1942— .
t$l J/a
British Columbia
Packers (initial)
6%
,
Lobster
Corp.
Container
2-
5-15
t$iy2
Class
B
(quar.)
———:
t30c
Grace National Bank (N. Y.)
(s-a)—$3
Granby Consolidated Mining, Smelting and
Power Co., Ltd. (quar.) pay. in U. S. funds
15c
Special, payable in U. S. funds5c
1-24
,
2-1
$1 Va
.
(quar.)——,
preferred
$7.50
Consolidated
2
2-
2-2
2-
•"
40c
Brager-Eisenberg
Brandon
1
U5c
1-30
1-15
$3
preferred (quar.)v_>
prior preferred (quar.)
preferred (quar.)——
Consolidated Laundries Corp.—
2-13
2-25
2-16
•
r
4-
2-16
$1.80
6'io pref, (quar.)
Industries, class A
Co. of N.
—;
—
*—
$5 pref. (quar.)__
Globe-Democrat Pub.. Co., 77c- pref. (quar.)
Globe & Republic Ins. Co. of America (s-a)
Gold & Stock Telegraph Co. (quar.)——
Gordon & Jbelyea, ^ta., class A
Co.,
RR.
Corp.
3-14
1-31
37 %c'
Consolidated Cigar
1-14
2-14
40c
25c
Power,
Chemical
1
2
t50c '
^
Consolidated Edison
2
25c
;:
Y.)
50c
..
—„
(s-a)
2-16
3-
$1%
(quar.)
Rivers
23-
4c
(quar.)
2
t25c
——
*,
Bearing
Roller
Bower
9
3-
62 Vic
Hills, N.
.i-
■
50c
(quar.)—:—————
(Forest
Passumpsic
4-15
$1
$1
$172 '
$iya
(s-a)_—
Gillette Safety Razor Co.,
7%
River
2
Extra'.
.Extra
2
(quar.)
Connecticut
2
(quar.)---
$2.75 preferred
Inc.,
Bourjois,
1-20
2-
$iy4
3-15
3-
(quar.)———„——
Inc.
Fund,
2-15
2-16
(quar.)
(quar.)
1
$iy4
Boston Edison Co. .(quar.)-—-—*-_
Boston
$iy4
68 %c
1-15
4-
10c
"
1-15
7c
3-
2-15
1-23
2-15
t$2
Georgia Home Insurance Co,
2-16
1
t$2Va
1-20
t4c
3-
1-12
'
1-15
7c
pref.
$5
$6 conv. preferred—
Castings,
General Steel
2
l-lo
(Del.)
2
25c
f$l V2
;—
1-20
2
1
Telephone,
Co.,
preferred
2-15
$iy2
:
Corp.,.,--
Shoe
General
2
2-
Connecticut
2-11
.
2-
7C
Consolidated
—
common
2-28'
,
Public
1-31
——
Inc.,
Teller,
5'/s%
2-28
25c
2-
Service
preferred
Conde Nast Publications
(resumed)—
Conduits National Co. (irregular)
'
(quar.)_
—
—
:'62y2c
Ribbon corp., 57c preferred (quar,)--—.:
$1.
Ami Co., class A (quar.)—
Bonwitt
25c
class A
participating class AT.
6% preferred (quat-,)
67c preferred (quai.;
2-
1-15
1-10
preferred
(quar.)_
$4
45c
1-26
1-31
>
preferred tquar.)
.
(Phila.)
(resumed)——-
B
3-13
$5
Blauner's
Class
3-31
$1%
2
————
Electric Co., common
Birtman
$1.05 Vi
43 %c
5
2
—
Ltd. (s-a)
& Sons,
$4 participating
—
2-
2-16
$2 conv. pref.
Hedges,
(John)
Bertram
(quar.)
2-
15c
first pref. (quar.)
Beatty Brothers, Ltd., 6 %
1-20
Co.—
Commonwealth Internqt'l Corp., Ltd.
2-
(s-a)——
of N. Y.
6-
2-16
•*; 2-11
1-
2-
$l'/4
(resumed)
Common
4
9*:
2
Advertising-
General Outdoor
1-15
1-31
2-
Corp.—
Gibraltar Fire & Marine Insurance Co,
Commonwealth Investment Co.
6 %
1-21
.
(quar.)
(uuur.)
1272c
——
1-20
&
Motors
nreiened
$5
Corp.—
1-23
Gas
General
Inc.
6-18
$iy4
2
Community
Mills,
*25c
.*
2-2
——i—i-'
..Extra
*___
preferred (quar.)—
5% pref. (quar.).——,
10c
Co., Ltd.—
(interim)—.——
A
Bayside National Bank
(quar.)
Commonwealth Edison Co.
——
—.
Pictures
Concord
General
Electric Corp.—
&
Commonwealth
1-21
2
2-
*3c
.
Columbus Foods,
50c
$iy4
1-31
—
convertible preferred (quar.)
Columbus & Southern Ohio
Electric
30c
;
Co. of N. Y.(quar.)
Bathurst Power & Paper
Class
.
(quar.;——
T.ronto
—
preferred series (quar.j_—
preference (quar.)
6'/2 7c
,
(quar.)
Montreal
of
*
$2.75
5
1-2 J
y
Co. (s-a)——
(quar.)
Iron
&
Gas
Columbia
1-31
Ltd
preferred, series A
5%
62V2c
preferred (quar.)
6%
Fuel
Columbia
12-31
2
2-
———i———i—■—
Bankers & Shippers Ins.
Blue
2-
$2'/a
Hydro-Electric Co. (quar.
Bangor
$3
3-
Ltd.
Breweries,
Coast
'
*.**—
Baltimore American Insurance
Bon
2
2-13
t$l%
—————
Badger Paper Mills,
$7
Cockshutt Plow Co.,
(quar.)
**
Common
Bank
$iy2
2-13
(quar.)——.*
(quar.)
preference (quar.)
5Vzf/c
Bank
2
siy4l
Dreferred (auar.)*—
t$3.16%
Central Mfg. Co., \% pref. (initial)
:
Wiborg Proprietary, Ltd.—
Auburn
Ault
2
2-
Co.. 5%
Powder
Atlas
*.
2-
Refining Co.—
Atlantic
(quar.)**JL*_.**;
prexerred
b'/o
1-20
$5
common
3-2
10c
(resumed J _*
common
semi-annual,
$1%
loc
preferred (s-a)
—_—
Common
(year-end)
.**_-___*—
Atlanta & Charlotte Air Line Ry. (s-a)—Atlantic City Electric,
$6 preferred (quar.)
4%:
1-20
31J/4C
uon-cum.
Rayon
2
;s-a)
SI'A pref. (quar.)
Atchison, Tupexa & Santa Fe Ry. Co.—
Atlantic
2-
t$5%
Associated Telep. Co., Ltd.,
5%
50c
$1%
—-
inc.
r unu,
insurance
1-
:*•
.
(quar.)__
first pref. (quar.)
Associated Dry Goods, 67c
Associa^eu
$lVa
2
(irregular)
common
preferred (quar.)
convertible preferred
7%
—
City of N. Y. Insurance Co. (s-a)
***___ *•
Cinn. Chicago & St, Louis Ry.—•
Cleveland
9
2-
of Rec.
"2-14
40c
$1
(initial s-a)_
General Metals Corp.
1-15
2
2-
65c
Pay'ble
Share
of Company
Holdert
When
Per
Name
of Rev.
Pay'ble
Share
Company
of
Name
of Rec.
Pay'bit
Holders
When
Per
Holdert
When
Per
Share
Saturday, January 31, 1942
FINANCIAL CHRONICLE
THE COMMERCIAL &
496
Ltd., class A (quar.)
2-
2
1-20
50c
2-
2
1-20
f50c
2-
2
1-26
50c
3-
1
2-
$1%
4-
1
3-16
50c
6-20
6-
9
5
isc
2-28
2-11
35c
2-28
2-11
25c
3- 2
2-10
25c
3- 2
2-10
(Continued On Page 513)
Volume
155
A.
Number 4040
THE COMMERCIAL & FINANCIAL
.•
Y (J'Of A*.
**,'■
1
v
General Corporation and Investment News
RAILROAD
Abbott
1
All
of
PUBLIC UTILITY
■
Laboratories—41/2% PrefrStock Called—'V,
the
unconverted
into
common; shares
—V.
155, p. 257.r
'
continues
to
y4
.
and
including
the redemption
-Accounts
"Other
; r Aetna-Standard Engineering Co.—To Expand
new
V, 155,
plants
p. 395.
t
scheduled to be
are
^
'
•
December—
,
Gross
Net
•i;''f-//"'••'
ry.
income
oper.
ry.
income—
oper.
■'•Deficit.—V.
*16,322
38,523
2,048,252
155, p.
45.
634,726
306,009
.'-.V,1.
-
■
728,751
413,297
—V.
stock
Dr21,043
(10c
-154;- p.
par)'
1049;
■in
144,145
24,028,653
$17,447,625
$20,183,086
'
•'
81,566
-
•
,V''
1,524,175
v>r.;«
-
1
all
of
of
the
the
The
directors
have
declared
dividend
a
of
30
cents
share
per
,
.
12
Mos.
•Net
<
-
.
interest,
(A. S.)
;
,
The
:
:
taxes,
$1.68
v
etc.—V.
:■?.. Years Ended Nov. 30—
Gross
stock,
payable
Feb.
dividend of
2
holders
to
50
of
Other
cents
record
share
Jan.
23.
the
on
Depr.
•
The
the
directors
common
During
r
follows:
j: >7;,
have
stock,
the
year
March
25,
declared
payable
1941,
June
a year-end of $1.25.
dividend
a
March
25
to
distributions
25
and
Sept.
See V. 154,
p.
of
Net
cents
holders
of
made
were
25,
25
cents
1257.—V.
record
p.
as
Dec.
20,
reserve
C
Gross
from
Net
ry,
From
Gross
$2,009,413
:
railway„__
railway—xioper. income-..
Net
ry.
155,
:
Assets—
168,605
"•
20,245,864
16,474,713
5,432,431
report for
/\-.v. V,
the year
ended
'
191,571
15,403,994
3,134,655
15,978
920,648
312,863
-'
:
.•'"V^
Dec.
31,
<
shows
3,329,921
amounted
to
in
of
or
'
-
.
-
with
Minerals
&
the
of
its
nor
—v.
Corp.
which
provides,
affiliated companies, will purchase in
than $1,621,700 of convertible
or
.
iv..
•
(American General
The
Corp. owns 870 [87%] of
First
York
1941
1940
$869,954
$811,763
38,306
33,958
,
Inc.—Cash
div.
earned
on
stks.
on
bonds-..;'.
Miscellaneous income...
Corp.
144,378
209,087
,
:
mortgage..—.-.
&
one
;
interest__.^-__-,.r._...__.^_„
.
235,009
$5,898,000
295,559
139,436
142,175
147,450
23,356
28,276
11939
annual
—"
2,473
Operating
Interest
—$908,260
$845,720
$773,858
127,579
$661,588
123,024
152,569
357,948
42,302
55,923
65,175
19,691
43,734
expenses
L
:—___
—
Provision
for
taxes
"
51,061
' *'•
special
with
action
»Over
operating
transactions)
expenses
carried to
.
5,800
$718,687
$623,039
$505,054
$269,480
(without giving effect to results of
security
-[Including American Securities Co.—
surplus.
wholly-owned subsidiary.
Balance Sheet,
L.
in
banks
Accounts
—-—
receivable
for
securities
General
Investment
in
and
interest
received
securities
American
Securities
Corp
Investment in General Investment Corp.
Investment in Utility Equities Corp.
1__
—
$831,283
sold—not
Investment in Fifty Pine St. Corp., 100%
Investment in First York Corp.
Total
$706,190
—
dividends
marketable
1940
owned
301,922
77.954
68,532
11,774,558
13,684,365
1
i
1
l
2,370,721
—
2.620,798
1,505,021
1,592,138
988,184
1,084,048
$17,447,625 $20,183,086
York
has
damages
to
get
.or.
Bond
650,971
,1,128,963
855,209
of
more
the
SEC
limited
the
difficult
for
Share
situation
to
provide
for
of
in
the
have
in
connection
with
suits
certain
by
service
associate
of
Co.
was
of
such
an
suspended
12,
the
of
organization
of
/
-
,
actions
the
would
be
amendment,
future
or
the
in
restricted
the
in
evolution
than
scope
of
a
in
litigation," Mr.
the
persons
many
director
last
a
14
sa[d
wart'me
of
to
to
to
secure
serve
and
as
be
these
155,
retain
the
and
indemnification
of
their
directors
and
or
officer.
Reimbursement
25
the
25
cents
of
actions
cannot
recommenced,
are
45,
April
cents
on
Dec
"because
board
of
cash
position
of
5,
18,
be
compatible
to
\
and
other
such
this
it
con¬
source."
a
< '
"
■
14.
14,
considers
believes
with
on
Feb.
June
1940.
tax
directors
and
share
per
record
on
have
declared
cents
and
$1.25
dividend
a
of
each;
Sept.
of 50
Jan.
on
10.
each
1941.'
Extras
1,
'
75
cents;
155,
$1
declared
a
from
Dec.
also
were
1,
1930,
<:
Demand
of
1941
to
make
H.
W.
shape
in
between
$1
Viscose
fair
a
and
to
distributed
and
to
including
March
on
3
Dec.
on
2,
the
on
holders
1.
1941,
Sept.. 2,
1931,
and
of
one
the
plans
largest pieces of industrial
according to reports in
months,
many
involve the
$80,000,000
and
financing
inventories
through
reported
the
that the
Corp.^—Rayon Staple Fiber Sales—
staple fiber was consistently heavy througout all
to allocate monthly supplies in order
and
27
of
$100,00"'.000
necessary
equitable
in charge of
Jan.
on
cents,
share
per
March
on
bearing securities.
It was
done privately.—V. 155, p. 396.
for rayon
it was
Rose,
and
to $100,000,000 New Financing
up
considering
and
reported
last
28.
31
V.
-
Tentative
be
25
on
Feb.
March
15,
fixed-interest
may
share
per
record
Dividend—
dividend of
B, payable in cash
Planning
ranee
Dec.
This compares with 75 cents paid
.
circles.
American
or
cents
46.
p.
Co.—To Pay $1
28
quarter
of
1932.
15,
cents.—V.
stock
common
March
to
50
stock, payable March 16 to holders of
the company paid dividends as follows:
directors
financing
distribution
rayon
in reviewing
of
staple fiber
1941
the
sales
amounts
of
this
available,
corporation,
developments.
Stoppage of staple fiber imports from Great Britain upon completion
June orders cut off a supply that had been of
great help in pro¬
for the United States market, during the first half of the
year.
In the same period, reserve stocks were heavily reduced.
There¬
of
viding
after,
.
original
in
the
second
half
of
fiber
was
increased, but the
for the loss of imports.
up
revised
the
year,
gain
was
domestic
production of staple
about sufficient to m«*ke
just
In the latter part of the year reserve stocks were
depleted and no
imports were coming in.
As a consequence, available quantities of
staple fiber in that period were below the level of the middle
part
of
of
the
year.
This
getting back to
concluded.—V.
situation
the
level
p.
396.
155,
Ms
continued
reached
and
by July,
there
is
no
prospect
1941, the announcement
services
American Water Works & Electric
Co.,
officers.
desirable
officers,
to
week
of
1941.
Comparative
five
years
be
j
Jan.
3*
Jan.
10
Jan.
17
Jan.
24.,
:
table
of
weekly output of electric energy
for
the
last
follows;
Week End—
that
,
Inc.—Output—
Output of electric energv of the electric properties of- this
company
for the week ending Jan.
24, 1942, totaled 73.280,000 kwh., an increase
of
18.08%
over the
output of 62,056,300 kwh. for the corresponding
made, however,
appeal can no longer be taken and
that, in the judgment of the board of
directors, the particular action
elaosed
strong
declaration
year-end
issuance of
amendment,
against,
or
reimbursement, for, litigation
expenses
incurred or
imposed subsequent to
the
adoption of the
proposed by-law, where the action is
finally disposed of in favor of
has
25
'believed
indemnification
or
ex¬
subse¬
indemnifi¬
p.
paid
that
1257.'
p.
a
financial
;
directors
indemni¬
although
officer,
or
would
holders
share
and
year,
President,
maintain
dividend
a
per
*
Allen
corporations have believed it
the
things, an accounting
expenses,'including counsel
of these
of
of
comnany
Bond
Electric
other
litigation
March
cents
in
The Company is
financing to take
indemnity
at
very
companies
subsidiaries
subsidiaries
among
any
declared
35
Hook,
dividend
-
approval
a
comDany, particularly
under the Public Utility
adoption of the by-law,
payable
with
Said to be
extents.
not, be
case,
the
directors
made
present
any
inherent
of record Feb.
/' and
"The proposed amendments
applies only to present and future direc¬
and officers of the
company and provides for two types of in¬
demnification.
The
first
type, paragraph
one
of
the
will
ordinary
first
Dec.
R.
1941,
29,
The
tors
time
and
oertain
paragraph
American Tobacco
*
specifically requested the companies
resulted
corporations
responsible
such
second
stock,
to
30,
Dec.
appointed transfer
American Hard Rubber
Involving Suits
'''.'i''
expenses
&
and
increase
this
director
the
common
June
Agent—
a letter to stockholders notifying them of the
and requesting their proxy, revealed that
conferences
and
until
directors
actions,
by
directors
the
of the company. In that case, as in the case of the'
cbmpariies, including American Power &
Light, it
obviate
the
the
started, two in the State and two in the
York, .against the company, all of its present
rendered
the
and
154,
The
;;;
"
stockholders
capable
provides
15
During
3,547,300
362,480
in
fines
American Steel Foundries—50-Cent Dividend—
been
5:!"■
'To
varying
24 995
the
directors
71,473
362,480
had
any
■
former
the date
Charles
—V.
stated, "and in
the duties and
responsibilities imposed upon corporate officials,
par¬
ticularly those of registered public utility holding
companies now
confronted with the necessity of
conforming with the requirements of
the Public Utility
Holding Company Act of 1935, it has become more
more
in
V
compares
97,084
654,371
proposal.
of
1941
—
delivered
Accounts,
31
•
for
been
New
its
incurred
servative
Aller," in
staff
of
under
uncertainties
33,976
-
,
*
and
Dec.
Assets—
New
preferred stock of the
Electric
meeting
the
have
of
common
; Sept.
holding
"Because
-
of
meeting
amendment,
28,360
*
'Excess Of income—..
and
of
made known that the SEC had
defer action.
to
than
reorganizations
-
^
under
This
.
holding company
indemnify officers and
against
Howard
Total
Co.
359.
p.
was
1,745
available
American Rolling Mill Co.—Dividend Decreased—
the
affecting
subsidiary
$657,370
be
connec-
proceeding
or
actions may be brought against the officers
in good faith to
accomplish the ends set
corporate
Act."
of
judgments
common
.
ti938
.
.19,269
with
of
;
.
'The
$12,162,200 $12,100,150
; /.;'"■
officers
done
112,373
34,896
in
statutes.
paragraph in the event that
disposed of in favor of such director or officer,—V.
232,040
20,550
140,064
-
668.
p.
common
Previous
not
such
remote
more
acts
Co., and demanding
payment of the plaintiffs'
quent to
the.,, officials';;conduct
complying with orders
under-.the Public Utility. Holding
Company Act, the Federal Power Act,
and State regulatory statutes, will be
submitted to a special
meeting of
stockholders on Feb,. 18, 1942.
V
:
stock)
will
him,
on
action,
suit or
conduct taken
or
regulatory statutes applicable to
one
penses
A proposed amendment of the by-laws of
company,
subsidiary of Electric Bond & Share Co., to
claims
step
to
Share
No
28,276
.
3,543,900
Guaranty Trust
directors
than
for
courts
in
fiable
33,783
;—$5,687,000
;
t
pursuant
still exists that
actions
advisable
stock
Claims—
perhaps
the
fees.
52,827
\
23,356
indemnification
imposed
such
any
om^ss'on,
1940
35,740
account____.
of,
out
act,
company,, attacking payments
for
services
rendered by
the
'■
r
,
arising
But
certain
and
American Power & Light Co.~Offers
Amendment for
/Protection of Officers in Special Cases
•'for
.
I ;
;V
stock
155,
in
and,
.
$10,161,039 $10,452,815
1,588,600
1,300,410
L.
imposed
is
Four
89,050
v
1941
;
special
agent for
'
$754,589 v'
action
an
such
any
connection
and
on undis-
;
Nov. 30
etc.^
receivable
must
above,
thereof in
*
bond
;Co.—V.
•
Inqome Account for Calendar Years
action
indicated
shall'be
faith.
able
,
in
narrower
the
As
approved
directors
out
in
$162,183
and $469 surtax
.
152,
on
stances
250,000
$200,330
; 79,940
<
97,55i
American Hard Rubber Co.—Transfer
v
among
1942 not less
somewhat
by-law
officer.
of
penalties
/and
Y
more
ical Corp."
Cash
$305,245
:
..
Total
debentures of^TJnion
Potash & Chemical Co., a
subsidiary of International Minerals & Chem¬
,
106,317
-;
pBalance Sheet
'""'
'■*
' ■■ '
agreement
things, that under certain circumstances First York
Corp.,
more
$669,500.
Int.
177,804
surplus
Earned surplus
$96.72
Chemical
is
the
or
negligence or
be noted,
should
proposed
amendment
differs considerably from the
general
type'recently adopted by a number of companies, in that its
general
application is much more limited and restricted and its specific
application to conduct
taken pursuant to orders under the Public
Utility
V Holding Company Act, the Federal Power Act, and State
regulatory
/statutes is
unique,
as
being applicable only to the public utility
industry. While the likelihood of Lability arising under such circum¬
*47,877
with First York
International
other
.
35,435
-174,442
Capital
Corp;'s investment in National Postal
Inc., the following developments took place
during the year:
Charles R.
Ogsbury, formerly director and Vice-President of
Inter¬
national Business Machines
Corp., was elected director and President
of National Postal Meter
Co., Inc.
National Postal Meter
Co., Inc.,
was
recapitalized.
In December, .National Postal Meter
Co., Inc., ac¬
quired approximately 93% of the
outstanding shares of Multipost Co.,
which has been engaged in the
manufacture of mailing
equinment in
Rochester, N. Y„ since lfl'10. • This acquisition is a
part of National
Postal Meter Co., Inc.'s, plan to
provide complete mail room service.1
"In November,
1941, First York Corp. entered into an
'Or
33,658
169,683
taxes
in
Common
Meter Co.,
.
by-law
under
director
for
It
•
common
./ "In connection
liable
"The
$12,162,200 $12,100,150
'Preferred
and
;
'*30,653
162,334
long-term debit
Local
per preferred share and $5.59
share at Dec. 31; 1940, and $97.87
per preferred share
$5.72 per common share at Sept. 30, 1941.•'
'
•
•-•'
David M. Milton, President, states in his remarks
to stockholders:
per
be
duties.
with
with,
;'good
3,954
?*?*■: 24,697
/Provision for.Federal income ,taxe&i^_;.__;
Deferred income
as
the
that
the
to
his
or
'
account_.uw__^_i-..r_._..-__^
"k Accounts payable, etc.^_^^^.—_
assets
shown
reports
122,533
$356,804
(closed)
Cash
date equivalent to $83.23 per share of
convertible preferred stock
(preference in liquidation $50 per share and accrued
dividends)
and
per share of common stock.
The net assets as
$3.97
respective
187,429
5,794
charges;^------------------.
^Accrued
''Vv-y*.:'^
net
of
of
faith, subsequent to July 1, 1941, which is required,
by any order or orders issued pursuant to:
Holding Company Act of 1935, the Federal Power
statute regulating the company or its subsidiaries
of their being public utility, or
public utility holding, com¬
any amendments to
any thereof.
In the event that the
officer
based
Liabilities—
v
Other
'.•■■'■Y..
1941,
that
'
'
586,112
$872,720
195,468
181,203
■v
Total
304,427
16,622,809
4,064,782
1,392,757
-
p. ':45..V
626,287
$912,784
$1,298,706
191,607
American General Corp.—Annual
Report—
The
Deferred
1938
375,974
for any amount uaid in
connection with the action, t
is somewhat similar to the
! tion
•
.
adjudged
in
favor of
Holding Company
250,000
Z
pref, stock
on
..
-.4,797
'Includes $2,234 applicable to prior
years
tributed profits for 1937i>
->
First
from
from
$1,437,505
415,284
259,178
r :'
1—
"
'
had
in
good
or
Federal
^1,014,000
not
penses and
1938
250,000
85.
1939
$1,547,632
553,993
income...
Jan.
Net
—V.
railway
railway
0]>er,
620,879
subsidiary„_Y_.
"
1940
-
grounds
this
paragraph are found not to constitute
a
valid
respect to a particular class of plaintiff, each director
reimbursed for, or indemnified
against all ex¬
liabilities incurred by him or
^
* v*"
or
and
$1,458,833
250,000
Cash deposited in special
Notes receivable from
1941
from
Net
1939
$1,539,072
.
61,132
Land, building, equipment,;
RR.—Earnings—
December—
not
statute,
of
'or
reason
on
72,420
deducts.-
Accounts and notes
Alton
'?
income
2.
issue
and
on
Utility
any State
defense
; y.
on
March
this
on
each;
155,
share
per
-
'•
-
bldg. & equip.
on
Miscellaneous
Dividend—^
25
is
section
the
.provisions
Inc.—Earnings
1940
$1,634,879
.
^-4,714-
income- taxes_;-_j
Dividends
Alpha Portland Cement Co.—25-Cent
•
taxes, 'etc.-^ "" 646,062
Amortization
During 1941 the company paid the following dividends: .v Feb.
1,
May 1 and Aug. 1, 50 cents each; Nov. 1, 75
cents, and Dec. 23, a
•year-end dividend of 75 cents.—V. 155, p. 257.
*
y
-
expenses
Federal
per
adminis.
Net oper. income-^$1,091,035
Interest on funded debt- ---.
-T69.954
Aloe Co.—50-Cent Dividend—
a
although the Judg¬
rendered
York
this
in
panies;
.
$1.04
,^;
;
1041
$1,737,098
and
expenses,
'1049'.,^iSi,^t,/ 0.
p.
"
revenue
Operating
Jf 946,000
$1.73-
^
154,
'■
$986,808 V
812,220
-
"bt,-
1938
Y
,
$1,407,658
812,220
$2.40 Y
*
1939
.
$1,362,637
depreciation,
directors have declared
common
--'■1940
-812,220
share__„
per
* After
1941
$1,953,259
stock__.
common
Earnings
■T*'iv:
Ended Dec. 31—
income
•'•••..'■{Shares
•
n> kf
New
that
real hazard
American Furniture Mart
Building Co.,
J*,'- /
the
performance
Public
by
has
<
Allied Mills, Inc. (& Subs.)—Earnings
to
the
than
had
Act,
General
Treasury/ Department,
.
f
be
may
incurred
expenses
in
authorized
the
outstanding 1st ratge.; lien & ref. gold
the $6 preferred-stock, and one of"35
cents per share on the
$7 pre■.}> bonds, 5'^ series due 1951, at 102 Mj and int. Payment of these issues Y<ferred stock, both
payable March 16 ,to. holders of record Feb.
will be made at,the Chemical Bank
25.
& Trust Co.,^trustee, 165 Broad- r«. Dividends are
in arrears on both
issues,;t;V;v...
:--:Y way, N. Y, City.
-i
^
:'1 -v"
During 1941 distributions on these issues were as follows:
30 cents
Holders of the above bond issues
may, at their option, present and
on
the
$6
preferred and
35 cents
on
the
$7
preferred stock on
surrender them to the trustee, at
any time on or before the redempMarch 15, June 16 and
Sept. 15, and 60 cents on the $6tion date of said
preferred,
issue, and receive therefor the full redemption price
and 70 cents on the $7 preferred on Dec.
15.—V. 154, p. 1489.
and accrued interest up to fixed
redemption date.—V, 155, p. 358.
\/
j
Is
the proposed amendment
director
settlement
or
V;
t:
June
on
available
does not constitute
disposition
of the director or
officer* within the meaning of the proposed
by-law.
•:
•
"Paragraph 2 of the amendment is in the form of a
grant of
immunity with respect to any act, omission, step or conduct taken
Treasury Department announced Jani 26 that a staff of
Treasury
representatives- under- Tburman -Hill,--Special Assistant to the
,
and
any
disposed of in
the
<
'
'
j
int.
the
scope
be
begun an investigation of
Power Co.—Redemption of Bonds—
the records and personnel of thev
corporation, whose main plant is
\
^located at Springfield, Mass. The
The company on March 10 will redeem all
of -the-outstanding * 1st
majority of the capital stock of the
/
corporation is "beneficially owned"- by foreign interests.
& ref. mtge. gold bonds, 4% % .-.series due 1967, at I01 and int. and
Accordingly,'
>
the corporatibri is under the
>the 1st & ret.- mtge*
gold bonds, 5%, series- due- 1968, < at .103. and int.
freezing Control of the Treasury DepartPayment will be made at the Guaranty Trust
Co., trustee, 140 Broadway, N .Y. City.
;v,--v^w';- '■ i"The company will also redeem on
American & Foreign Power
May 1 all of the outstanding /
Co., Inc.—Dividends—
--1st mtge. lien & ref.
gold bonds, 5% series due 1956, at 1011/2 and
■
be
officer
General Corporation Law, enacted
spring of 1941, authorizing New York
corporations to :ndemdirectors against expenses incurred in the
defense of suits
however,
<
reimbursement
no
or
part of
misconduct
Bpsrh Corpv^Treasury Department Investi-
V The
i
/; * /
-
will
or
»-
■'"igation—
vr.,-413,497
Y"*
director
a
their
where
,
173,353
140,084
23,573,058
1,524,175
indemnification
of
amendment
the
nify
-
American
r"
-
"This
77,737
168,303
•
__j—_—I.
Counsel
"
Corp.:
36,396
1,694,439
:
settled,
settlement
recent
($1 pari C—_._—'Aia.
favor
favor
69,801
•
Alabama
-
is
<*
Drl,931,429 Drl,681,352
Dr265,235
Drl56,086
Dr49,087
Dr49,087
surplus"U.—_
Deficit'
/,'•-
657,168
:
102,463
$179,587
63,793
2,388,573
-
railway
3,117,206
railway—->1,173,232
Securities
Investment 'Corp.
Common
.1938
$185,009
<■
\
from
;Nct from
Net
*7,115
1939
'
$220,994
35,848
Prom Jan. 1—
•
Gross
;
1940
railway
$252,842
railway—• 65,554
General
Capital
-
..." y
...
84,689
2,900,000
107,177
■
American
/Preferred stock
' y/-'''-0
Ry.—Earnings--
1941
from
from
Net
;
Youngstown
62,052
3,100,000
type of
in
involving any determination of the question Of possible dereliction
on
the part of such
director or officer,
such as procedural defects or
unwarranted delay in bringing action.
In
the event that an action
Dr6,081,978 Dr4,245,985
York Corp.:'.
Utility Equities Corpj
:>
"This
$328,731
and
expenses
banks^_--YJ.^_i_iJxi^-_Y2r
oonting^ni0ie8--«Lvki-ti5i'iiUrj'iji.i',^-
for
First
'
"-*"■-
•
Akron Canton &
accrued
in^e^mettt^i'.^sT^•
In'operation by June, f Bee also
X'V/VT''v.'
•
payable,
MISCELLANEOUS
-
ment
■$169,899
Unrealized depreciation- (net)
-Excess of cost of:
The
company will build large additions to its Warfen and' Ellwood
City plants at once to heip handle its expanded war business, Ernest E.
Swartswelter, President, announces.
Work will be started immediately
and the
•
payable 'to
Reserve
11 V■
-j*
a.vl,i*.-.
-payable for- securities purchased,-not
accounts
Notes
v.:,.
INSURANCE
-
:received:
date.
,
INDUSTRIAL
Liabilities—-
\»
4%%
cumulative, convertible preferred stock,
par $100, has been called for redemption as of -Feb. -11, 1942, at $107,
plus accrued dividends of $1.47 per share.
The right of conversion
:
497
1
tv -l,Vr J.
':»'v;m.
i"v.
CHRONiCLE
1942
72,666.000
73,496,000
1941
1940
1939
1938
60,199,000
53,526,000
44,073,000
39,604.000
61,369,000
54,490.000
45,715,000
40,233,000
73.424.000
61,155.000
54.066.000
44.973,000
40.743.0QO
,_73,280,000
62,056,000
53,526,000
46,455,000
39,727,000
*New Year's Day included.—V. 155, p. 396.
►
from
Net
ry.
income_„
oper.
Net
79,061
30,539
4,762,722
1,225,035
4,141,148
892,264
3,964,804
792,053
3,468,358
524,022
368,563
118,138
450,291
662,367
income
Net
increased
In
needs of the day."
and civilian
war
1,521
income
24,777
$170,920
$144,940
$1,449,713
7,115
5,672
?'• $927,005
$1,379,939
1,176,086
705,609
3
closing.—V. 155,
•Before
■'
$203,852
il
258.
p.
-
$221,396
■■yA.y;-;
•-' ;
.
y.
operat.
Gross
revenues.
expenses
(incl.
and deprec.)_
Operat.
maint.
1941-^-12 Mos.—1940":
$4,871,451
$5,665,619
1941—Month—1940 ^
$444,004
$531,686
Period End. Dec. 31—
>.
share
Feb.
the
on
9.
Distributions
March
lows:
i
261,884
3,852,758
3,686,534
.$212,469..
$182,120
$1,812,861
$1,184,917
53,075
711,978
459,047
319,217
Co.—Weekly Output—
359.'
a
week ended
output of the Associated Gas & Electric group
(kwh.). This is an,,increase of 13,987,460 units
•'
"
Fe
Santa
154,
Ry. oper.
•Railway
expenses-—
tax accruals-
Net ry.
15,844,925 225,043,649
15,275,675
11,561,160 156,910,708
'
;
Carloadings—■
,
9,129,
.
17,159,640
830,263
2,400,000
_
.
with 25,477 same week 1941.
preceding week this year.—V.
cpmpared
31,068
cars
Santa Fe handled total of
155, p. 359.
,..y
Operating
Operating
Net
revenuesreq. 'for
taxes
Net ry.
$3,757,234
in
Steel
3%
promissory notes.
The
of
proceeds
of
proceeds
the
Atlantic
of
rehabilitation
$30,000
the
notes
$170,000
notes
to be used for the
properties and the
are
Ry.
Carolina
East
&
to the
153, p. 236.
be applied
proposed to
are
the Cherry Point RR.—V.
purchase of a spur track from
Austin, Nichols & Co., Inc.- -Earnings—
1941
8 Mos. End. Dec. 31—
Gross
profit
Sell.ng
Other
exps.
gen.
J
Profit
sales—
on
and
—*
Federal
for
Prov,
1938
1939
$1,159,960
1,123,500
$1,507,377
1,544,331
$166,684
$56,056
$36,460
•$36,455
Drl50
Crl,284
~8~000
27,004
—
—
"'
1940
$1,192,012
1,135,956
Deprec'at.on
Interest
■
$1,169,178
1,002,494
net—
income,
to
Cr21
9,200
9,239
13,200
29,779
'25,728
46,854
profit
•Loss.—V.
-
154,
$16,926
$2,777
*$96,488
total
A
of
of
$40,000
any
—v.
accrued
1374.
with
154,
p.
1
"
:
End. Dec.
profit
Earnings
•After
etc.—V.
share
per
depreciation,
154,
p.
$0.24
$0.66
10114,
interest,
provision
for
Federal
income
•
inc.
Same Wk.
Same Wk.
1941
1930
Jan. 17, *42
39,446
33.396
41,496
38,553
connect.
23,431
18.397
21,302
62,877
51,793
62,798
Total
loaded
and
received
—V.
155,
p.
21,953
396.
60,505
$2,208,098
%
'
'
1,482,992
1940
'
$
-v
5,965,997
'
.1,484,209
21,130,000
•
85,300.000- t23,877,318
34,457,796 48,677,524
per sh. of com.
*
:
1 ■ _
stock
$2.96
$2.10
$9.35 '
$14.04
•Other than depreciation on certain equipment provided for through
charge to operating expense.- tRestated for purposes of comparison.
^
7,910,569
10,459,742
,
,—V. 155, p. 153.
129,509
129,535
162.565
,1,202,055
419,509
> 144,374
....
, ....
,
profit
pref. dividendSw—
6% pref. dividends..^.—
Common dividends
stock (par $1) at
8,450 shares of common
share.
V. 155, p. 396.
15% a
.1'.
,
i
56,937
"52,225
141,642
141,642
412,923
412,923
-235,956
Earnings
y
tDeficit.
Balance Sheet, Dec. 31
.
Real
charges
.
1
26,510
40,317
$7,704,081
$6,372,282
'
,
6%
.
--
stock—y-.—
stock
*Common
.
————
*Represented by 235,956 no par
,
219.450
2,360,760
2.360.760
1,179,780
1,179.780
2,116,593
1,727,040
^
$7,704,081
shares.—V. 152, p. 4117.
$6,372,282
Surplus
Total
426,712
T
271,230
reserves
cumulative Preferred
$458,540
$573,664
1,202,055
Reserve for
Sundry
'
95.229
—-———
payable
Federal income taX—
Accounts
2,132,283
1
"y
Total
Liabilities—
133*154
.1,471.971
94,066
—-~-
—-J—-;—
Deferred
•
1,070,791
1,247,937
2,134,744
of raw materials and supplies—-i
estate, plant and equipment (net)—~—
Patents
.
$1,428,536
288,781 '
—
Inventory
Investments'
1940
-
601,200
—y.-.
securities^.—
castings products
Inventory of steel
Nil
$969,285
2,341,556
receivable
Government
S.
U.
238,056
$2.16
1941
Assets—
Accounts
235,956
>;■ ry;
:r;''yy,'-:-'..;;
'
','.yy
,;
$3.34
share;_—
per
•Loss.
t$439,701
$273,936-
$227,857
235,956
$2.71
w
235,956
stock
Shares of common
.•
■
Business Capital Corp.—10%-Cent Dividend—
"-'The directors have declared a dividend of IOV2 cents per share on
'the class A common stock, par $1, payable Jan. 31 to holders of
Jan. 24.
This compares with 1214 cents per share paid in each of the
four quarters of 1941.—V. -152. p, 3015.
' v
■ •••''» • : • •
record
'
(A. M.) Byers
Co.—Preferred Dividend—»
;
y ; -
- -
have declared a dividend of $1.9759 per share on
accumulations on the preferred stock/ payable- March
of record Feb. 14.
This payment' represents the sum of
directors
The
account, of
holders
<2'
with
unpaid dividends due Aug.* 1, 1939, together
interest thereon at 5%.- y .'
r" ' , 1* "
A distribution of $1.9906 per - share is payable on Feb. .2 to, holders
of record Jan.
17, which represents the dividend due May ,;1,«
with interest thereon at'5%.—V. 155, p. 397. *
- ,
'*'
and
accumulated
The
«
Foundry Co., Ltd.—Bomber Contract „
it has received an order for approxi¬
announces
company
y'-i-
,
•
11
Munitions and ~
the company s
Curtiss navy dive bombers from the
Supplv Department.
The bombers will be built' at
Fort William plant.
i' '
The Fort William plant now is producing Hurricane
until
tooling-.up for the "-new
contract is completed
1.000
mately
..
•
.
fighters ana
production of».
will
-Hurricanes
Curtiss
The
continue.
dive
profit
•Net
tEarns.
Co.—Earnings—
•
'
'
'4
5
•
<
L
r
$1.45 ,
$1.21
$2.96
Federal excegs profits
stock, $5 par.—V. 154; p, 1281.
:
I
C
1
'
,:
I
1
1
1
' ,t
r
,--0
Ap41—6^08.-1940
all taxes and
of capital
i
coming into >
$1,067,760
$436,726
$522,136
share
deprfec'at'on,
360,000 shares
(
,1941—3 Mos.—1940
-
per
•After
.
bomber is a new design now
United States.—V. 155, p.<256. ^
navv
production in the
'
—
..; i 3' r:
$708,471-w*$235,834
$782,422
141,642
$375,722
Surplus
165,032
141,642
Prior,
Carpenter Steel
(E.W.) Bliss Co.—Stock Offered—Van Alstyne, Noel &
Co. on Jan. 23 after the close of business, offered and
sold
;
$930,287
Net
*$70,802
$1,015,412
$1,331,467
$2,261,851
'
tax
Canadian Car &
39,270,000
;
■
tax—
income
and
1938
1939
1940
1941
.
deprecia'n
Depreciation
Income
M
Castings Co.—Earnings—
Years End. Dec. 31—
Profits before
.
y
,;y-"
'■
y7,616,132
37,054,707-" 24,884,254
9,814,944
;
Reorganization—
and expenses are sought by individuals,
in reorganization 01 the company in
1939, •
depl.
income
1941
,l
Federal District Court at Portland, Me., Jan. 28.
from Maine, New Hampshire, Massachusetts and ' .
A. Peters, Feb. 10-12, ;'V
the amount.—V. 155,
.' Buckeye Steel
to
40,33.9,722 162,778,F00t 105,055,228
62,533,6°8
11,320,964
;
.
C
be heard before Judge John
individuals and firms seek $379,955 of
Period End. Dec. 31—
.
5.887,365
$7,141,440
(Maine)—Fees Sought In
will
York,
397.
p.
Notes
-Year End. Dec. 31—
'41 Sep. 30) '4b
and
depre.
(incl. amort.)
Prov.
for
taxes
based
for
Net income
Week End.
Jan. 24,'42
rrom
Account
Ended——
corp.
cos._-
partially owned sub¬
was $110,002,700 as
Earns,
Week End.-
$526,126
...
year, or
amounted to $117,532,814 as com¬
1940.* 7 •* ' ~
-
$
other charges-
and
on
taxes.
the
of
its sub.
♦Prov.
1100.
revenue
cars
Dec. 31,
■"*
Period— ' '
$0.92
freight loaded
y
Total cars rev. freight
rec.
$84,027,279 on Dec. 31,
1942
$290,061
1.56
$1,247,375
;
4 673,163
x
and banks for services
petitioners,
The
Maine
1941 on
of direc¬
and United States Treasury
3 Mos.
Int.
$
—
$1,271;979 in fees
totai of
firms
New
and improve¬
•
^
*
"..7. *.•••"
provided for the- year 1941 for taxes
Comparative Income
Baltimore & Ohio RR.—Carloadings—
Total
.
pared with
1941—6 Mos.—1940
$178,324"
$8,095,463
396,959
petition on file in
a
;»
acquisition of such facility.
the
demand and time deposits,
(Tax Series B) as of Dec. 31, 1941,
of
stock
capital
$208,586
$923,085 $11,814,603
,,.
Personnel—
Brown Co.
A
law
facility are'" allowed for tax purposes
the completion or
aggregate amount paid or
Total
$77,257
391,786
Jan. 26 e.ecced E. W. Kells Assistant Vice-President
Mr. iiells has been Secretary of the company
and wiil continue in this capacity also.
;
S. H. Alien, who has been Assistant Treasurer since 1930, was elected
Treasurer and Assistant Secretary.
Mr. Allen joined the company in
November, 1915.;..'
: v". v.,-—'.
E. F. McGee, who has been office assistant in the Treasurer's office
since
1934, was elected Assistant Treasurer.yMr. McGee joined the
company in 1918.—V. 154, p. 859.
*
,
.
)■'/y'''-'7\'.y
which the deductions for
corporation's share of those of
sidiary companies and ore mining corporations)
compared with $41,345,349 for the year 1940.
■
,1941—3 Mos.—1940
31—
income_„—
Changes In
that some
1941.
(including
Co.—Earnings^—
Baldwin Rubber
♦Net
provisions
any emergency
Cash,
set for redemption and receive therefor
interest from Dec. 1, 1941, to April 1,
,
provision for. amortization of such expenditures
should be made for the period prior to the completion of such facilities
and charged to income for 1941.
Moreover, substantial expenditures
were
made in 1939, 1940 and 1941 on other facilities which are not
subject to amortization under such provisions of the Internal Revenue
Code but which were constructed primarily for use during the emer.genoy and which may have little value thereafter, and the, Board of
Directors believes
that some provision should likewise be made in ,
1941 for
amortization of such expenditures.
Accordingly, the total,
amount provided in 1941 to amortize the cost of emergency facilities
was $12,950,000
of which, it is estimated, $2,500,000 will be allowed
as
a
deduction for Federal Income and Excess Profits tax purposes
and
Period
of
tors believes
called
time prior to date
together
$1,639,161
v
Tne directors on
,
substantial expenditures, however,, were made, during
facilities which were either completed late in the
remained uncompleted at the end of the year, and the board
notes due June 1,
sinking fund 5%
10-year
$6,935,242
1,160,221
92,558
-
and Assistent Treasurer.
approximately $4S,000,000 will be subject
under the provisions of the Internal
.y'V
the period over,
begin until after
Payment
interest.
170,966
income
(rentals, la-;.
1,322,005
$830,527 $10,492,598
$1,468,195
n
Brooklyn Edison Co., Inc.—Dividend Rate Reduced—
directors have declared a dividend of $1.75 per share on the
stock, par $100, payable Feb. 28 to holders of record Feb. 6.
This compares with quarterly distributions of $2 per share made irom .
-June 1, 1903, to and including Nov. 29.
1941. ;In addition, an extra
of $1 per share was paid on Nov. 30, 1939.
improvements to
owned, by the U. S.
with $29,994,523
completing constructions authorized and.,
1941 (excluding facilities to bs paid for,
emergency
for redemption as of ADril 1, 1942, at 101V2
will be made at the Fidelity & Columbia Trust
Co.. Fifth & Jefferson Sts., Louisville, Ky.
Holders of the
notes called may present and surrender them at
and
been
have
1947,
2,606,511
136,993
capital
of capacity
the previous
Very
i
Co.—Notes Called—
(B. F.) Avery & Sons
such
Under
330.
p.
,
155, p. 359.
-V.
purposes
\
Code.
amortization
for
$86,680
income
Net
for additions and
Government), is $48,100,000.
that of the expenditures for additions
expected
in 1940 or 1941,
is
does not
45,000
taxes
;
states:'.
the U. S.
amortization for tax
The
Net
cost of
of December 31,
The estimated
Revenue
/ y
.
1
„
preliminary-report'for 1941,
in 1941
expenditures
cash
ments made
its report and order of June
modified
97,804
23,254
U,
Deductions
Corp.—Preliminary Report for 1941
President, in a
progress as
It
19
Dividend—
production (ingots and castings) averaged 103%
fourth quarter, as compared with 99.9%' during
The
RR.—Notes—
North Carolina
Jan.
on
3,277,506
-
231,918
:
32.112
dr._
income-.
oper.
ry.
Total
...
properties (excluding facilities to be paid for and
Government) amounted to $42,127,091 as compared
27, 1941,
so
as
to authorize the
issue, at par, of not exceeding $170,000 of
10-year 3% promissory notes, and $30,000 of 10-year 2% promissory
notes.
The Commission by its report and order of June 27,
1941,
authorized the road to issue, at par, not exceeding $200,000 of 10-year
ICC
273,046
n
/..- terest, etc.)
have
and owned by
Atlantic &
The
Cr369,882
rents, dr._
facil,, rents,
Other
for the entire year,, as compared with
Effective Jan. 1; 1942, the rated steel
capacity was increased- by 850,000 net tons to 12,700,000 net tons per
annum, partly as a result of the construction of five new open hearth
furnaces
during the year and partly to reflect actual capacities Of
existing furnaces demonstrated for the first time in 1941. ^Current
steel production is approximately 98% of the new capacity.
46.
p.
'
$1,415,695 $18,£05,939 $13,339,800
5,038,031
3,661.054
329,996
$1,403,471
revenues-
oper.
Net
yy'y'V,'; /Vy"
V
'■
quarter, and averaged 101.5%
93.3% for the previous year.
2 213,241
$1,034,973 $11,080,953
$733,068
income-
oper.
155,
'■
income for
for 1940.
—V.
^
,
$125,533
$653,725
stock, no par
Grace,
net
The
$5,970,475
1,813,850
195,303
113,663
& joint facil.y
Net
Taxes
Equip,
'
Net
of eqp.
23,624
'
the year 1941, before deducting interest and
.other charges,
was equal to 6.09%
of the total investment of the
corporation as represented by bonds, capital stocks and surplus as of
the beginning of the year,
•:
'
-. , ■
yyy ■
During 1941 $4,130,000 was added to the reserve Established in 1939
and deducted from total inventory
values to provide for a possible
decrease in the market prices
of certain raw materials and supplies
to their estimated normal cost, $3,500,000 was added to the Insurance
Reserve
and $4,000,000 was added
to the contingent reserve. The
amounts so added to reserves were set up out of income.
.
•
The net billed value of products
shipped and of other classes of,:
business done during 1941 aggregated $961,240,737 as compared with
$602,202,618 for 1940.
The total estimated amount of new business
booked during the-year was $1,084,600,000 as: compared with $1,519,-;
300,000 for-1940.
,
?.»- : y y
-y ;,y . y,.,/yy. y,, -iy/
''-S iy;,
The-estimated value of orders on hand Dec. 31, 1941, was $1,327,500,000 as compared with $1,336,600,000 at the end of the previous
quarter, and $1,204,100,000 on Dec. 31, 1940.
:
39.567,509
$1,280,276 $12,694,803
$846,731
.739,608
19,746
first
directors
E. G.
i
$50,087,'984
$1,580,276 $20,544,803 $10.520 475
300,000
7,650,000
4,550,000
Operating income—y
amt.- paid for rent
734,786
during the
$1,746,731
900,000
;
,
$98,660
$124,251
the
common
1
,
$5,111,857 $67,404,252
3,531,581 46,859,449
expenses—r
2,137
;
1941—12 Mos —1940
56,452,374
4,705,643
revenues——
;oper.
Amount
RR.—Earnings—
1941—Month—1940
162,895
declared an extra dividend of $2 per share on
value, payable March 2 to holders of record
Feb. 14.
Regular quarterly payments of $1 per share have-been made
on this issue up to and incl. Jan. 2,
1942.—V. 152, p. 319. .; .v;''!'
the
Steel
Atlantic Coast Line
Period Ended Dec. 31—
-
*
■
31^-..1941—Month—1940
1941—12 Mos.—1940
Operating reyenues_^i,i $5,290,709
$4,407,581 $59,203,411 $47,597,792
Operating expense?—-r " 3,887,238
2,991,886 .v 40,297,472 34,257,992
$888,765
$1,408,257 '
,61,492
Belding-Corticelli, Ltd.-r-Extra
carloadings week ending Jan. 24, 1942, were 23,048
18,245 same week 1941.
Received from connections
compared with 7,232 same week 1941. Total cars moved 32.177,
Santa Fe
compared with
RIl.—Earnings—.
Boston & Maine
$725,870
Corp.—Employees Share Profitsobservable effects of the efficiency, incentive
profit-sharing plan by which workers receive half of the total net
profits, the corporation on Jan. 27 announced' the first payments to'
•employees which amount for November and December to an average
of 17.89% of the total individual worker's earnings for the two months.
The
plan gives wage-earners 90%
of half of the company's net
profits each month, and salaried employees, 10%.—V. 155, p. 46.£;V-
;The
v
10,959,000
\'■}
Ry.
The
40,546,790 w 24,017,625
3,431,666
Cr225,000
464,000
•Includes Fed. inc. tax
68,622
V
4,223,695
income,
oper.
1.
20,982
-
27,626,429
•
•
40,279
920,721
1,979,689
....
credits
Other
21,458.077
Elevated
■
Beech Aircraft
$
170,003,639
129,656,637
;•"■•$
$
revenues--—
oper.
.
$162,289
'
1726.; - •; - y'S.
p.
Marking
1941—12 Mos.—1940
1941—Month—1940
Period Ended Dec. 31—
Ry.
••'.
:>y.307,374
1,057
Bethlehem
Topeka & Santa Fe Ry.; Gulf,
Ry., and Panhandle & Santa Fe By.)
Atchison,
The
$i;i00,883
33,244
60,732
funded debt
on
$129,045
y.;
it'■' $186,040
— -y,wi
income
Net
—V.
Ry.—Earnings—
*
Colorado &
& Santa Fe
Atchison, Topeka
(Includes
1940, and $2 in
Co.—To Receive Bids for Re¬
moval of Elevated Railway Structure— h
^ :
Following the
decision* of the* full bench of the Massachusetts r
Supreme Court a couple of weeks ago that the Atlantic Ave, elevated
structure
must come down, and ;its removal- be paid for by this
.company; the railway is now inviting proposals for demolition of the 5 C
structure..;:
The notice being published by the company - states that
"sealed
proposals for removal of elevated- railway structure from
Atlantic Ave. and other ways and' lands in Boston
and disposal of
the materials resulting from such removal will be received by the comT-.,pany up to 12. nooh, daylight saving time, on Feb,
18 at the office '*
of Edward Dana, President and General Manager;- 31 St. James Ave.,
Room 716,' Boston, Mass.—V. 155, p. 258.^ ■>
Joint
units a year ago.—V. 155,
,y '
V ,yy,'
:
$140,659
45,381
_y
Other deductions
reports that for the
Corp.
Service
production of 109,839,531
above
12.7%
p.
units
123.826,991
was
or
electric
net
23,
-Jan.
Utility
Atlantic
_yyLy_:
income
Interest
stock during 1941 were as fol¬
cents; Aug. 1, 50 cents; Sept. 1,
25 cents, and Dec. 23, 75 cents.—V. 154, p. 1258.
Associated Gas & Electric
The
f.
71,810
income
Gross
-
V
Acquire $3,015,000 Bonds.
Company
has
filed an application with the SEC
(File 70-486)
regarding the proposed acquisition of $3,015,000 of its 414%
gold
bonds, refunding series, due 1956, from NY PA NJ Utilities Co., an
affiliate, in exchange for $1,356,700 of
6% consolidated refunding
gold bonds, due 1981, of the Mohawk Valley Co.
All of the companies are in the Associated Gas and Electric Corp.
system.—V. 155, p. 86.
v;
' 11 y/i.,,
-
'
Operating income
Associated Electric Co.—To
i
opers._
.
accruals
Other
made on the common
25 cents; June 2. 25
Dec. 1,
25 cents;
1
3,
on
Period Ended Dec.
•
,
from
Net' rev.
Tax
cents per
of record
declared an interim dividend of 25
common stock;
payable March 3 to holders
have
directors
i'
•
Aroostook RR.—Earnings-
Bangor &
market which caused
Co.—25-Cent Interim Dividend—
Armstrong Cork
1
.
64,430
69,775
,m
.
pa.d
against $2 per share on Feb. 23, 1941, $4 on Nov. 25,
each of the three preceding quarters.—V. 154, p. 1189;
Boston
•
payable
was
-
declared a dividend- ox $3 per share on
Feb. 25 to holders of t record Feb. 14.
May 26, Aug. 25 and Nov. 29, last, as
27
Jan.
on
stock,
amount
like
A
21,174
$991,435
,,
.
The
directors
common
'
—
Remainder
the
$970,261
$1,424,937
$143,419
2,659
$139,267
$163,805
Net income
>
debent.
Interest declared on ser. A 4% -and 5%
needed to finance the
business,
Mr.
Eastwood reminded the shareholders that the com-3
pany's investment in inventory and receivables increased considerably
during the 1941
fiscal year. Total increase for the year, he said,
was
$51,051,171, which was financed by current bank borrowings of
$27,989,385, by increasing accounts and accruals payable $11,925,582,
and by retaining in the business $11,136,205 of the 1941 earnings.
' i
John E. Sanford, of Atlanta, Ga.,
has been elected to "the board
to replace the late James A. McDonough.—V. 155, p. 86.
: '
;
Co.,'Kewanee; r.l.—$3 Dividend—
Boss Mfg.
1,303,864
1,809,890
$168,260
charges
Fixed
first, whether earnings
which the company
with the
connection are,
this
Pointing to the rising prices in the livestock
substantial increase in the amount of money
a
$2,274,125
132,334'
Borden Co.—30-Cent Interim Dividend^—
"
directors have declared an-^ interim dividend of 30 cents per
on
the common stock, payable March 2 to holders of record
Feb. 16.
During 1941 the company made the following distributions
on
this issue: .
March 3, June 2 and Sept. 2, 30 cents each, and
Dec, 20 a year-end of 50 cents.—V. 155, p. 359.
The
The
Gross
good, and second, the amount of money
maintain its operations on a scale commensurate
need to
will
$3,234,826
$275,753
186,447
Operating income
income.u.'
Co.
weight
greatest
continue
$12,692,512
10,418,387
$354,707
Saturday,. January 31, 1942 %
:
share
1941—Month—1940
$1,423,046 $1,178,634 $14,785,578
1,068,339
902,882 11,550,752
revenue„__
oper.
^
< v •
*
'
(111.)—Dividend Outlook, Etc.—
Business of this company since the beginning of the company's new
fiscal year last
Nov. 1 has been good both in volume and profits,
and there is reason to hope that current dividends can be maintained,
George A. Eastwood, President, told stockholders at'the annual meet¬
ing held last week. "Whether the year will see any payments of back
dividends, however, remains to be determined," he added. "The factors
of
expenses
Non-operating
&
Armour
revenues
Taxes
155, p. 46.
—V.
v
Co.)
'yy
:
'
*1941—12 Mos.—1940
(Including Baltimore Coach
Period Ended Dec. 31—
Operating
Operating
1—
railway
oper.
ry.
58,122
*"1938
$302,496
70,822
34,470
,
railway
from
from
Net
1939
$313,396
65,375
railway
Prom Jan.
Gross
$358,239
114,959
1941." "1940
railway
from
Net
W
Co.—Earnings—
.
*'
$409,629
105,708
'
December—
Gross
Baltimore Transit
Arbor RR.—Earnings-
Ann
CHRONICLE
COMMERCIAL & FINANCIAL
THE
498
C I'
.
,
$757,793
tax.
ton-'
-
; 4
Volume
..
155
Number 4040 fv. r::>
<
r:.^
THE
7
Carrier-Corp.—To Ask Authority to Modify Sinking
Fund Plan—
,
•
iAt the
*
"
""
,
annual
ten
■
ing
»-
-
The
Oct.
with
$3,274,597.
current
assets-
at
$7,449,644
and
of
those companies,
the
at
money
7'•%■',
-
154,
Jan. 25, '41
Jan. 17, '42
25,447
22,260
25,665
10,856
9,811
10,227
36,303
32,071
35,892
7..,.
6,476
connections--—15,400
5,186
6,557
*
;
New
_
York, Chicago & St. Louis
Received
from
::
x
12,516
14,118
17,702
20,675
6,115.
—
,'^V
-
Burlington; Iowa.
•'■'-The
new
Insurance Co.
:
•
;
on
amounts, and the Case Co. pays
V. 154, p. 1629.
''
•
v*.
Calendar Years—
Cars
Net
■
sales
—_
—
less
miscel.
81,519,142
earned—Cr.
paid
3,540,952
2,532,471
2,541,086
2,408,165
$12,054,699
$7,437,314
$4,101,724
192,373
269,088
355,076
121,167
36,448
10,405
9,190,726
44,286,788
1,665,063
1,210,686
1 $7,784,483
$7,839,117
$6,004,890
3,764,480
3,764,480
3,764,480
$3,235,709
3,764,480
145,339
••
Net profit
Common
taxes—
—
divs.
——
paid
Preferred divs. paid.—
572,857 !
-i-
-j
Surplus
$4,020,003
$4,074,637
1,882,240
1,882,240
$4.14
$4.16
Com. shs. outst. (no par)
share
per
„
Balance Sheet, Dec.
,
Assets—;•(
'•••*•/
■■
$2.89
—
•Land,
—
—
1941
1940
$6,693,770
&c.
Prepaid insurance, taxes, tic.
—
——22,186,795
——
23,090
20,797,425
29,288
payable
u_—
—.
$5,420,781
$4,313,311
1,675,482
1,121,960
payroll and expenses
3,000,000
9,236,580
„■
tPreferred stock called for redemption——
stock —-r--—
Capital surplus
Earned surplus
——
1940.
—V.
13,733,577
13,733,577
24,150,290
20,130,287
The
of
depreciation of $17,107,822 in 1941 and $14,649,216
tNot yet presented.
Cedar Rapids Gas Co.—To Be
United Light &
under
See
The
"Chronicle"
above
company
share
on
the
has
on
the*6%%
just
been
An
advised
that
directors
the
of
and
.they
with
the
and
Securities
Ex¬
on
April
retire
to
at
.
Central New York Utilities
The
on
of
Act
pany
;
SEC
investment
an
under
On
Dec.
company
ruled
that
corporation
the
Delaware
in
Investment
Company
management
1941, United
company.
has
ceased
to
State
of
March
Act
of
1927.
8,
1940
as
It
has
the
sole
has paid
distributed
its
stockholder.—V.
provided
or
to
assets
137,
Ind.
closed-end,
a
for
the
The
In
directors have
addition
payable
Feb.
also
■was
to
2
paid
the
to
on
declared
regular
an
the payment
United
extra
Gas
last
dividend
dividend
record
of
of
stock
common
second
and
all
of
and
its
Electric
to
up
refunding
the
old
without
also
year,
of
cents
20
of
like
extra
Jan.
20.
An
and
on
Feb.
1,
38.8 %
in
the
gross
that
the
of
20
cents
p. 262.
"
152,
the
on
notes
do
not
—
4s
ground
constitute
"
•
'
,
v\
....
Chesapeake
group
was
&
'
Ohio
!
:
"
"
:
'
.
Ry.—Certificates
" '
'
-
•
•
J
'
Offered
headed by Halsey, Stuart & Co., Inc.
on
' \ .'
Bank
loan
$604.00
New
Common
$377.50
335.00
335.00
402.00
603.00
356.25
;;
24,
1942—
1941—
—
•Jan.
17,
1942—
——
—V.
155,
The
issuance
and
sale
of
the
certificates
to
be
issued
the
Philadelphia plan Is subject to Interstate Commerce Commission ap¬
proval.
They are to be secured by the following new standard-gauge
rolling stock, whose total estimated cost is approximately $6,544,784;
Gross
$607.66
651.52
47.43
17.50
299.58
829.75
122.78
45.31
775.45
2,147.75
——
Rec'd from
Loaded &
Connect's
Received
23,775
—
—
from
155,
10,536
34,311
20,284
8,813
29,097
23,883
10,560
34,443
—.
——
—1
Jan. 17,'42
Jan. 25,'41
18,157
18,133
14,995
14,822
11,278
33,152
32,955
26,173
Earnings for December and Year to Date
•;■.'•
1941
1940
1939
Gross from.railway
$9,421,079
$8,089,851
$6,870,003
Net from railway——
1,694,859
2,089,814
903,385
14,895
December—
Net
ry.
From Jan.
Gross
:Net
j
i
;
,
Net
income
oper.
1—
f
.
738,000
"
-
*
railway
109,866,461
railway.,
^
28,999,990
oper. income—
16,793,076
1938
$6,768,048
907,277
1,569,400
284,569
199,321
92,800,307
87,250,460
81,055,869
19,637,346
14,975,587
5,722,260
10,009,485
10,094,500
The Uniform Practice Committee
Commerce
1940,
modified
court
in order
of
the
NASD
»
The plan of reorganization
state
*125,511
—
-■
$83,762
$9,469
$35,737
80,000
80,000
80,000
$6.71
$7.54
$6.87
Sheet, Dec. 31,
120,897
80,000
$7.45
,
1941
and
Southern
on
3.
Ry.—Earnings'
1941
1940
1939
1938
$601,877
$625,761
$525,098
$478,856
67,108
150,583
110,382
76,365
5,709
81,980
12,938
35,052
income—
1—
7,946,471
•' 6,577,782
6,505,491
6,396,180
1,976,666
1,097,928
1,628,003
1,043,185
68,062
4o8,241
1,301,543
102,510
188.
The
SEC
Jan.
on
Commission
23
Issued
simplification
been
of
order
an
ihe
system.
approving several steps in the
The
following transactions
approved:
...
(1)
The disposition by Columbia Oil & Gasoline Corp. to Panhandle
Pipe Line Co. and the acquisition by tne latter of the class
preferred stock of Panhandle Eastern Pipe Line Co. in the
Eastern
par
of
$10,000,000;
(2)
The sale by Columbia Gas & Electric Corp. to Panhandle East¬
Pipe Line Co. and the acquisition by the latter of the stock: and
debt of Michigan Gas Transmission
Corp. and of Indiana Gas Dis¬
tribution Corp. at the alleged investment cost of those
companies to
ern
of
Gas
&
Electric
Corp.
plus
undistributed
surpluses
at
the
the
transaction, such prices being, as of Sept. 30, 1941,
Michigan Gas Transmission Corp., and $153,698 for
Indiana Gas Distribution Corp.; and the sale
by The Ohio Fuel Gas
Co., a subsidiary of Columbia Gas & Electric Corp., to Panhandle
Eastern Pipe Line Co. and the acquisition
by the latter of certain
pipe lines and other properties owned by The Ohio Fuel Gas Co. in
$10,780,841
the
states
based
for
of
Indiana
the
on
amount
(3)
Oil
and
Ohio
received
at
for
price
a
the
sale
of
of
$439,326,
similar
The
disposition by Columbia Gas & Electric Corp.
Gasoline Corp. and the acquisition by the
latter,
&
amount
of
which
property
to
is
a
purchaser;
$11,000,000
face
amount
of
debentures
of
to
Columbia
at
principal
Columbia
Oil
8s
Gasoline Corp.
held by Columbia Gas & Electric Corp.;
(4) The issue and sale by Panhandle Eastern Pipe Line Co. of first
mortgage 3% bonds in the principal amount of $10,000,000 and of
cumulative
funds
preferred stock having a par value of $15,000,000 to obtain
to carry out the transactions described in para¬
(2) above as well as for certain additional construc¬
necessary
(1)
and
The
issuer
will
publicly
securities pursuant
The
SEC
ruled,
to
invite
proposals
for
the
purchase
oi
Rule U-50.
however,
(1) that there be excluded from the price
to be paid by Panhandle Eastern Pipe Line Co. to Columbia
Gas &
Electric Corp. for the stock and debt of
Michigan Gas Transmission
Corp. the undepreciated portion of the item of $139,424 representing
the fee paid by the Michigan Gas Transmission
Corp. to The
Construction Co. and (2)
that Panhandle Eastern
report
to
the
required by
the
as
The
Commission
Rule
U-50
Commission
(c)
may
the
results
and
enter
of
comply
in view
with
of
Columbia
Pipe Line Co.
competitive bidding as
the
such
the
supplemental
facts
disclosed
order
thereby.
findings and opinion of the Commission follow in part:
History
Deficit.
New Securities
$56,529
$670,366
•
•
from
from
ry.
$717,665
121,928
560,000
Gas
.
;.
540,000
■
railway
p.
ultimate
have
tion.
-Cars Loaded-
jan. 24,'42
line
Total
520,000
Columbia Gas & Electric Corp.—SEC
Approves Steps
Corporate Simplification Plan—
■
these
Week Ended—
!
120,529
480,000
on
the
■
$724,291
120,477
stock,
Net from railway
Net ry. oper. income—
graph
nounces:
under
Net ry. oper.
From Jan.
•
date
219.40
235.23
398.
Connecting line
$657,006
.
12.82
On Line
25,
'
58,287
241,988
payable
railway
railway—
Columbia
.
13.74
:■
Chicago & North Western Ry.
Jan. 28
65,833
income
preference
from
from
value
New
5% pfd.
570.00
Ending—
Jan.
On
awarded $5,150,000 Equipment Trust of 1942, Serial
Equipment trust certificates on a bid of 99.222 for the
issue as 1 %, representing a net interest cost to the road
of about 1.90%. The certificates, due $515,000 on each
Feb. 15, 1943 to 1952 inclusive, were immediately reoffered at prices to yield 0.65% to 2.15%, according to
maturity. Other members of the offering group are
Blair & Co., Inc.; Ladenburg, Thalmann & Co.; Otis &
Co., Inc.; Equitable Securities Corp.; G. M.-P. Murphy &
Co.; First of Michigan Corp.; Walter Stokes & Co.;
Gregory & Son, Inc.; F. S. Yantis & Co., Inc.; Edward
Lowber Stokes & Co.; and Moore, Leonard & Lynch.
Net
bona
new
'Jan.
•
63,696
137,584
$919,132
56,005
145,462
428,466
—
Federal
December—;
Gross
A
536.00
34.74
t
$871,645
During 1941, the company made the following- distributions: Jan.
15,
April 15, July 15 and Oct. 15, 10 cents each; Feb.
12, June 12 and
Oct 15, specials of 10 cents
each; and Dec. 12 an extra of 15 cents.
—V. 154, p. 538.
that
'■
—* A
1,972
$1,024,566
Chilton Co.—10-Cent Dividend—
and
*
'
$917,160
on
(per $1,000 bond
498.75
37.24
Natl:
follows
469.00
5s„—
c.
as
New
6s
p.
$870,638
;.;"•" 1,007
The directors have declared a dividend of
10 cents per share
the common stock, par $10,
payable Feb. 13 to holders of record Feb.
—V.
Inc. 4%s
$538.50
——
Distribution of
for
non-associated
both
amount,
$1,024,566
Dr 1,128
and
accrued
expenses, $57,206; pro¬
excess
profits
taxes,
$4j0,000;
$7
$1,659,358; common stock
(80,000
no
par
shares), $800,000; surplus, $567,919;
applied in acquisition of
treasury stock, Dr.$71,239; total, $3,443,244.—V. 152, p. 823.
revenues,
of the preferred
plan
Cars Load.
1940.—V.
$1,152,433
_
stock
com.
Colorado &
of
securities is also provided for on pledged Indiana
Stone and Indianapolis & Louisville bonds.
Equipment trust obligations
remain undisturbed.—V. 155, p.- 48.
share
—
Liabilities—Accounts
Con¬
contingent
Corp.,
per
2,794,585
surplus
of
1938
$3,711,745
income
dividends!*'
the meaning of the
Bankruptcy Act,
with respect to the L. & N..and Southern
gen.
Week
1939
3,056,993
within
dividends
gen.
'/
Ry.—Distribution—
1940
$1,151,305
dividends
.
2%
to
equal
owns
participation
value
of
each
&
c.
Louis
$3,927,631
taxes
cumulative
average coverage
in
the accruals
for fixed
bonds,
24,765
3,332,363
_
Preferred
vision
mortgage
stock.
1st 4s
& Louisville
Chase
29,062
Assets—Cash, $236,228; customers' accounts receivable (net),
$69,822;
service
materials
(unused
in
stock)
and
supplies, $321,534;
other
assets, $46,040; property, plant and equipment
(net), $832,257; service
equipment ftowels, supplies, cabinets, etc.) in
service, $982,975; con¬
tracts and
goodwill, $954,388; total, $3,443,244.
stock issued under the
common
froih
account
on
Jan. 17,'42, Jan. 25,'41
$4,356,931
Balance
(2)
13%%.
fund
;lst
R.
debts
profit
Common
Net
company has been filed
and the Federal Court of
or
income
mortgage
betterments
common
excluded
are
St.
1941
591,158
Chicago, Milwaukee, St. Paul & Pacific RR.—Loadings.
quarterly
holders
Feb. 1,
new
&
Chain Store Real Estate Trust—Extra Dividend—
■t
926,695
the
con-i
•
3,832,172
„
outstanding (no par)
Earnings per share—
the
representing
•'1st
105.
p.
the
on
Refunding 6s
Refunding 5s
Refunding • 4s_!
regis¬
Delaware.
Corporation
and
3,506,033
1,257,098
924,597
that
$4,984,605
__
income
Shares
first mortgage bonds is contingent upon earn¬
interest in the event of either (1) sale
Issue:
and
Gas
3,919,833
1,269,177
New
be
Electric Corp., the sole stock¬
holder of the corporation,
duly consented to the dissolution of the
corporation and the liquidation of its affairs.
In accordance with
the applicable provisions of the laws of the State of Delaware, a cer¬
tificate of dissolution was issued by the Secretary of State of the
24,
52,083
1947.
Corp.—Company Dissolved.
the
within the meaning of the Investment Com¬
organized
was
non-diversified
-
21
83,266
113,859
•;! Treatment of the present issues would be
and accrued unpaid interest) :
1940.
Corporation
tered
Jan.
176,784
185,256
obligations of the Monon, are the following claims, including
.-interest: $187,325 L. & N. Railroad Credit Corp. advance; $1,145,000
notes to L. & N. and Southern Ry., account of advances to the
Monon:
;$604,897 L. & N. and Southern Ry. notes on account of dividends;
jiand unsecured claims estimated at $500,000.
maturity $1,000,000 of 5% 40-year gold bonds due
1942.—V. 154, p. 1375.
./V'/- .-V;
t
1,
227,447
fide
change Commission regarding the proposed sale of $1,000,000 of 27/a%
general mortgage bonds, due 1965, to the Metropolitan Life Insurance
Co. at 97.90.
The proceeds, with other funds of the company, will
used
1,
and on the additional ground
notes
be
$356,230
Commission
committee
Louisville & Nashville RR.
Also,
Corp.—Files Bonds with SEC—
application
an
$427,393
plan are to be deposited
a 10-year
trust agreement.
'
•
v;
•' V.
No provision is made in the proposed plaii for tile preferred and
.common stocks of the present company of which the Southern ■
Ry.
"
filed
Total
1938
$478,328
4,771,529
1,735,188
*
in
all
contracts
•Earnings—
Years-
revenues
Net
1939
later
a
contracts
now
Operating
397.
p.
(
.
has
Commerce
the
on
additions
46.71%
issued"
understanding with
;
Expenses
under,
the
Dec. 8, 1941, declared a dividend of $9.75! per
cumulative preferred stock, par $100, covering
N. Y. Power
1940
of reorganization for
the
trusteed
All shares of
r.
disagreements at
"when
clear
31,266
;
—
Chicago Towel Co.
$200,009, whichever is the greater, and deductible prior to interest,
and sinking fund on the second mortgage bonds is
provided for.
quarterly periods July 1, 1932, to Jan. 1, 1934. The dividend
payable Jan. 1, 1942, to holders of record Dec. 20, 1941.—V. 154,
1002.
:
V
Central
by
due July
of
a
Jan. 24,'42
,
—
360.
Calendar
or
six
Corporation
12,407,393
-v
earnings, will be cumulative
1
was
p.
railway——
interest
51%
their
to
Broad
Gross
93,070,136
five-year period of not less than twice
charges, sinking fund and first mortgage contingent interest.
tingent interest, whether earned or not, is fully cumulative.
Central Indiana Gas Co.—Accumulated Dividend—
.
25,982,916
any
Merged—
Power Co.
1,650,048
:Ci
ings, but commutabls to fixed
Interest
■
1,738,974
The plan, to be dated Jan. 1,
1942, provides for the issuance of
$8,375,677 first mortgage bonds, series A 4% fixed interest; $9,191,760
second mortgage income series A 4
Vas; $9,325,237 5% preferred stock
-($100 par); and $9,107,326 no-par common stock carried at $100.
154.
p.
2,741,601
.
fRepresented by 1,882,240 no par shares.
155,
$8,189,622
2,687,765
12,270,452
1941
.
Interstate
gold bonds
come
distributable at the office of The Chase National
Bank,
St., New York, as of Jan. 1, 1942, 20% of the
principal
amount
of
the
prior lien mortgage bonds
(not deposited with
the
bondholders' committee)
pursuant
to orders
entered
in
receivership
proceedings of the company, upon presentation of the bonds with all
unpaid coupons annexed.—V. 149, p. 2364.
1938
$8,065,886
Counties, Mo.—V. 155,
from
the
review
to
Chicago, Springfield &
approximately
and Macon
a modified plan
'
27,540
$66,627,910 $56,875,468
""After reserve for
23,698
25,245,898
from
with
.
Total
from
jurisdiction
9,411,200
155, p.
There is
Chicago, Indianapolis & Louisville Ry.—Modified Re¬
,
4,137,593
'
9,411,200
loaded
—V.
11
organization Plan Filed with SEC—
4,000,000
;a—
icommon
in
30,834
From Jan. 1—
:
to
and
1
railway—— ft 5,404,100
railway—..
2,202,241
ry. oper. income—
1,080,904
—V; 155, .p. 48.
.u.
Notes payable
Reserve for Federal taxes
Adair
December—
Net
In order to avoid
urged
now
on
in
consumma¬
Chicago Rock Island & Pacific
Ry.—Carloadings—
Cars
Federal
miles
are
Week Ended—
to Date
13,082,778
Net
$66,627,910 $56,875,468
Accounts
-8,322
1939
upon
.
7.1
Gross
Liabilities—
Accrued
15,376
11,581
96,131,794
—
issued
concerned
Depreciation
■
1
securities
Jan. 25,'41
A 19,253
97,631,242
25,777,369
$527,911
Net from railway
246,739
»..Net ry. oper. income—.^.; 100,103
8,320,588
members
Jan,. 16 issued; a certificate permitting abandonment
by
the company of a portion of a branch line of
railroad extending from
a
point known as Baiotto Mine Spur to South Gifford,
Gross
•
21,034,395
trade marks and goodwill—,—1
buildings, equipment,
ry.
be
'
18,578
1—
Abandonment
securities will
new
regarding the securities covered by their
and in the future so to
designate the subject of the contract
fusion may not arise.—V.
155, p. 360.
1
■
Chicago & Illinois Midland Ry.—Earnings—
?.'■
$5,380,621
——
Net
date,
69,146
.
12,164
$9,146,236
2,464,997
1,910,430
railway___I 117,521,355
railway—___ *'34,473,430
oper. income— " 19,135,005
from
4;:
31
-;: 'V
;..•••
Notes and accounts receivable, less reserves—8,457,259
Inventories
30,580,144
Patents,
62,191
$1.41
■
:
Jan.
The ICC
t$l,103,738
1,882,240
1,882,240
Cash
;
71,174
1940
from
Net
■
$1,667,553
-
;
37,662
31,484
30,742
1941
t
railway— $10,574,139
railway—
1,812,619
oper. income—
1,461,677
From
Gross
574,967
.
;
from
Net' ry.
•No provision for Federal surtax on undistributed earnings is in¬
cluded, as dividends paid in 1938 were in excess of the net profits,
tIncluding excess profits tax. fDeficit,
■
:
•
—_——
1
Gross from
"
Earnings
33,561
28,630
Earnings for December and Year
,
68,023
•Prov. for Fed.
cars '
December—
Net
Interest
A
Total
41,736,250
48,454,521
58,475,344
$16,897,892
.
Profit
Interest
37,690
33,484
Jan. 24,'42 Jan. 17,'42
__
from connections
which these
these
parties
12,579
;
inc._
Depreciation
12,418
Quincy RR.—Carloadings-
1938
1939
-
&
••"
•
loaded
Received
--$101,957,987 $73,062,514 $58,432,921 $48,246,139
Cost of sales, oper. exps.,
&c.,
1940
*
Since
in
contracts in these securities.
7,139
■
(
——1—
Chicago Burlington
'
-
12 995
;
that:
of the plan depends upon the outcome of
conditions stated
in
plan, and inasmuch as they will be issued either as stocks or as'
voting-trust certificates in their entirety and not in both
forms, it is
the opinion of the Committee
that either stock or
voting-trust cer¬
tificates, whichever is issued, will be good delivery in settlement of
5,440
6,303
—v., 155, p. 398.
the balance of the entire net cost.—
1941
V,
-
connectkms.———V
Total
■
Caterpillar Tractor Co.—Earnings—
...
Total for the Three Railroads—
£ Week Ended—.
4
i
-
_
Originated;,.——
'''
.
.v
Received from.
plan is being underwritten by the Metropolitan Life
a
cooperative basis.
The employees contribute fixed
group
Total
.
'
$2,000,000, and hospital expense and surgical operation benefits.
:.This plan not only enrolls employees of the three
factories at Racine,
Wise., but also employees in Rock Island and Rockford, 111., and
A
-J
■
provides
the
'
Total ,—
——:——. 21,876
Pere Marquette Ry. Co.—
Originated^—
,;
5,767
Received from connections-,—
7,228
L. E. Clausen, President, on Jan. 28 announced that a comprehensive
plan of group insurance available to all. Case employees has just been
put into effect.
The plan includes life insurance totaling more than
further
...
"Voting-trust certificates shall be issued in lieu of stock
certificates
pending termination of the voting trust."
We have received a number oj;
inquiries regarding the proper de¬
scription to be used in confirmations or
long-form contracts covering
transactions "when, as and if issued" in these
proposed new securi¬
ties in accordance with the
approved plan of reorganization.
the form
.f
4V-
the
shall
tion
—
>■
of
■"7
RR. .(Nickel Plate Road):—
might be applied with less discrimina-
I.) Case Co., Racine, Wise.—Insurance Plan—
:
stock
certificates
And
—Weeks Ended
Jan. 24, '42
—
Originated
current
954.
p.
Total.
•
which have spent
Carrier,
as
all of the preferred and
reorganized company shall be placed and
voting-*
be issued therefor.
Such voting trust shall
continue until ten years from the date the
plan is finally confirmed
by the court, or until such earlier time as dividends on
the preferred
stock shall have been
paid in full for each of three consecutive
periods
Of twelve months."
'
Salomon Bros. & Hutzler
.
„
voting trust will be created, into which
common
99.077 for 1 %s; First Boston
Corp, and associates,
for,l%s, and Evans Stillman & Co. and
associates, 99.685 for 2s.
Received from connections-.
profits in the pioneering
industry, t? Management also believes that
necessary to establish a new
the excise taxes created in 1941
tion.—v.
such
of
expense
*
•
sale included:
Chesapeake & Ohio Ry. Co.—
Originated
_L_——
Cash,
tax- burden
"A
1,000
trust
the
increased
much
so
■
.
however, amounted to only $332,837, while invenby $1,500,887 from the end of 1940 to $4,897,279. r.
-i.. Pointing out that > higher taxes are inevitable, the management ex¬
pressed hope that some method will be found for making more equitable
the
and
cars.
at
499
■
liabilities
current
tenders,
hopper
Carloading for Weeks Ended
situation since $5,000 per month, plus
20%
of all net
before income taxes, must be .spent for this purpose. •
- '
capital, the report states, amounted to $4,175,047 on
31,
-
bids submitted
associates,-
99.439
working
tories
;
•
and
type freight locomotives, with
25,000-gallon tenders; fifteen
switching locomotives with 8,000-gallon
ad-steel
Other
■
capital
earnings
'type
50-ton
sinking-fund reqttfrements, Willis H. Carrier,
Lyle, President, state in the annual report.
.
sinking fund requirement is a major factor in company's work¬
'The
x
.<
2-6-6-6
0-8-0
,
meeting stockholder will be asked to authorize direcv
tors
to
modify the
Chairman, and J. H.
>4
COMMERCIAL & FINANCIAL CHRONICLE
District No.
.
of
in
•
13,
an¬
approved by the Intersupplemental order of April 2,
by the court, and as thus modified approved
entered Oct. 12, 1940, provides as follows:
by
the
of
Proceedings
May
20, 1941, we ordered a hearing to be held June 3, 1941,
application by Columbia Gas seeking approval of the acquisition
by it of the securities and debt of certain wholly-owned oil and gasoline
subsidiary companies of Columbia Oil. That transaction was part of
a plan filed with the U. S. District Court for the
District of Delaware
an
on
June 20,
ing
.
the company
its
On
on
the
1939 by the parties to
control
Eastern for
the
by
Columbia
settlement of
Gas
that
a
pending anti-trust action involv¬
and
Columbia
Oil
of
Panhandle
action.
During the intervening period, on May 27, 1941, we handed down
our
findings, opinion and order denying the application of Columbia
Oil to be declared not to be a subsidiary of Columbia Gas and
denying
of Panhandle Eastern to be declared not to be
Co. (Mokan).
aforementioned application of Columbia Gas
was
at its request continued subject to call of the trial examiner.
On June 7, 1941, Columbia Gas, Columbia Oil,
and Mokan entered
into an agreement modifying the plan previously mentioned for settle¬
ment of the pending anti-trust action.
Subsequently, Columbia Gas
amended its applications and Columbia Oil and Panhandle Eastern
filed applications and declarations to obtain our approval of various
transactions embodied in the said plan as modified.
After argument, on Nov. 7, 1941, held at the request of Mokan, we
issued an order on Nov, 14, 1941, overruling the objection of Mokan
to the modifications of the order of procedure and consolidating the
new
applications which had been filed in the intervening time with
the consolidated proceeding.
' '
After consideration of the entire
record, we make the following
subsidiary of Missouri-Kansas Pipe Line
hearing
The
^
„
.
•
findings:
■
i'
Applicants
of
Description
Brief
•>,
and Declarants
subsidiary of Columbia Oil and Columbia
Gas, is a lion-public utility holding and operating company incor¬
porated in Delaware in 1929.
It is engaged in the production, pur¬
chase. transmission, and sale of natural gas.
It taps fields in Texas
and Kansas and its lines run through Texas, Oklahoma, Kansas, Mis¬
souri, and Illinois to a point on the Indiana-Illinois border, near
Dana, Ind., where its line connects
with that of Michigan Gas. It
has outstanding the following securities;.,;.. ),/•/ ''j\
/,V
Eastern,
Panhandle
$12,000,000
1946, to Nov. 1, 1950—
6,250,000
Notes due serially Nov. 1, 1942, to Nov. 1, 1945—J—------5,000,000
Class A ($100 par) preferred stock, $6 cumul. par tic.——— 100,000 shs.
Class B ($100 par) preferred stock, $6 cumul. non-partic— >10,000 shs.
Common stock, no par
(stated value $25 per share)—,*—807,367 shs.
class B is not.
*"'. ■
preferred stock is held beneficially for
Columbia Oil, as are also 404.326 shares, or 50.1% of Panhandle East¬
ern's common stock.
339,475 shares, or 42.0% of the common stock,
Note—Class A stock is redeemable,
owned
is
by
Mokan,
bondsl
hearer
Columbia
has
non-public utility holding company, was incorporated
purpose of acquiring from Columbia Gas
subsidiaries previously owned by the latter. It
the following securities:
"
;;
1930 for the
in
and
oil
gasoline
outstanding
debentures due 1956—
6%
Preferred
Columbia
($1
Gas holds all
ing debentures.
Gas
to Columbia
in
par)_
$20,400,000
—_—-
(stated value $34,087,500)
participating
stock,
stock
Common
same
hands of over
the
in
is
companies.
Delaware
the
7.9%
remaining
The
are
Columbia Oil, a
in
.
The bonds of Panhandle Eastern (many of which are
stated to be held by interests unaffiliated with the
holders.
1,700
Eastern's
Panhandle
of
All
/
—
,
the preferred stock and all
400,000 shs.
2,336,826 shs.
of the outstand¬
It holds none of the common stock. This stock, issued
on the formation of Columbia Oil in 1930. was in the
placed in a voting trust. The voting trust certificates were,
year, distributed
to the holders of Columbia Gas common
a
dividend.
The voting trust was dissolved in 1936 as a
year
that
Stock
as
part of a recapitalization of Columbia Oil, and the common
distributed to the holders of the voting trust certificates.
stock was
Gas, is a non¬
corporation organized in Delaware in 1935.
It owns
gas transmission line connecting with the Panhandle
Eastern line at Dana, Ind., and extending to Detroit, Mich.
The gas
transmitted through its line is delivered primarily to the Michigan
Consolidated Gas Co. for the account of Panhandle Eastern.
Michigan
Gas also owns a pipe line extending from a point on the Detroit line
near Zionsville, Ind., to Muncie,
Ind., where it connects with the line
pf Ohio Fuel which is proposed to be sold to Panhandle Eastern.
>
Indiana Gas, a public utility company incorporated in Indiana in
1931, is also a wholly-owned subsidiary of Columbia Gas.
It owns
distribution facilities in
western Indiana located along the trans¬
mission lines of Michigan Gas from which it receives all of its gas
■requirements. It sells gas at retail to approximately 1,800 customers
tand to one industrial customer.
.'V '• v.l'i'S:'
Ohio Fuel, a subsidiary of Columbia Gas"; is a public utility company
incorporated in Ohio.
It is engaged primarily in the production,,
transmission and distribution of natural and manufactured gas in the J
State of Ohio.
Its distribution area is centered in Columbus, Toledo,
Eanesville, Springfield, Lorain, Mansfield, Marion and the areas con¬
Michigan Gas, a wholly-owned subsidiary of Columbia
utility
public
and
operates
a
Acquisition
>r
and Disposition
Panhandle
of
Eastern Class A'
'•?
Preferred Stock
■; .*
V
\
•
entire outstanding
issue of Panhandle Eastern's class
A, cumulative participating pre¬
ferred stock in the par amount of $10,000,000.
This stock is entitled
-to cumulative preferential dividends of $6 a share.
In addition, after
V' As
common
or
stated,
previously
pertain
paid
tional
reserve requirements
stock to the extent
in any one
dividends
to
Oil
Columbia
have
holds
the
been met and dividends on the
been declared
year, the class A stock participates in. any addi¬
the extent of 25%.
Under the certificate 6f in¬
corporation
of
Panhandle
redeemable
at
any
time
of
$1.50
per
share
have
Eastern, the; class A stock was' originally
at par prior to or on July 1, 1941, or" at
share thereafter.
Various agreements were entered into,
extending the time in which the class A stock may be
redeemed without payment of the $10 premium.
The last such agree¬
ment extended the time until April 1, 1942.
In its proposal to dispose
of the class A stock to Panhandle Eastern, Columbia Oil proposes to
$110
per
however,
accept par for the stock.
class A preferred and the $1,000,000 of class B
stock were issued by Panhandle Eastern on July 1, 1936,
for $11,000,000 of convertible preferred stock. Panhandle
Eastern had previously issued $9,400,000 of convertible preferred stock
and $1,600,000 of notes convertible into convertible preferred for its
6%
promissory notes, in the face amount of $9,891,000, which had
been issued for an equivalent amount of cash, plus the unpaid accrued
interest thereon of $1,440,789, a total of $11,331,789.
Columbia Oil, which received both the class A and class B stock,
had originally, in 1931 and 1932, acquired directly from Panhandle
Eastern one-half of the notes in the face amount of $4,945,500 for
,that amount of cash, which was advanced to it by Columbia Gas.
Mokan, which, like Columbia Oil, at that time owned one-half of the
common stock of Panhandle Eastern, caused the one-half of the notes
to which it was entitled to subscribe to be issued to its subsidiary,
Panhandle Corp., to which it also transferred the common stock.
Pan¬
handle Corp. pledged the notes and stock of Panhandle Eastern so
received by it to a group of bankers (Hillman group) as security for
its
own
collateral
trust
notes in
the
face amount of
$4,940,000.
These notes were guaranteed by Mokan which,
in addition, borrowed
$1,060,000 from the Hillman group on its own notes, secured inter alia,
by 900 of the 1,000 shares of Panhandle Corp. stock.
In March, 1932, receivers were appointed for Mokan.
The claim of
the Hillman group on the Mokan notes was liquidated by the receipt
by it of cash plus 750 shares of Panhandle Corp. stock. The interest
of Mokan, or its receivers, in Panhandle Eastern was thus reduced to
a
one-quarter interest in the pledgor's equity of Panhandle Corp. in
one-half of the common stock and notes of Panhandle Eastern.
On March 2, 1934, Panhandle Eastern failed to pay interest on its
notes.
On March 15, 1934, the Panhandle Corp. notes, whose maturity
"date had been extended, with the consent of 98%
of the noteholders,
for one year from March 15,
1933, became due, but the corporation
defaulted in the payment of both interest and principal.This situation remained unchanged, except for the accrual of un¬
The
In
conditions,
and
of
the
those
involved
$10,000,000
preferred
in exchange
paid interest on the notes of both Panhandle Eastern and Panhandle
until the settlement agreement dated June 1, 1936. During the
intervening period, however, via. in March 1935, a civil anti-trust
suit was brought by the Department of Justice against Columbia Gas,
Columbia Oil, certain of their respective directors, and Hillman, et al,
charging
them
the
with
Eastern.
Panhandle
amount
mismanagement
In
July,
$180,000,000
of
1935,
was
and
financial
strangulation
of
an action for treble damages in
brought by the Mokan receivers
identical contentions.
In June, 1935, after the commencement of the government anti-trust
suit but before the action of the Mokan receivers, Columbia Oil offered
to purchase from the Hillman group and other noteholders their in¬
against
the
same
persons
in
Panhandle
Corp.
on
condition
that
the
anti-trust
providing inter alia for such retention upon certain conditions. More¬
over, after a series of negotiations, an over-all settlement was made
with the Mokan receivers of their various claims arising from the
alleeed
mismanagement of Panhandle Eastern,
the
essential terms
of
which
were
approved
by
the
Delaware
Court
having
jurisdiction
.-v",
'.
the
item,
the
excess
of
The
by
other
groups
even
the
more
a
that
of
redemption.
with
such
no
all
abuse wherever it may be found.
reason to modify the price to be paid
•
cise
of
cial
Ohio
Fuel
Properties
'
V. >'V.
again
seems
instance as an extension of
outlet to the Detroit market.
All the gas sold or transported by Michigan Gas since 1937 has been
gas taken from the Panhandle Eastern line and at the present time
Michigan Gas
is engaged principally in transporting gas for the
account of Panhandle Eastern.
The only portion of the remainder of
the
Columbia
Gas
system to which gas is delivered
through the
Michigan Gas line is Indiana Gas, which it is also proposed that
Panhandle Eastern acquire as part of the same transaction.
Michigan
Panhandle
Gas
was
built
in
the
first
Eastern, giving the latter
an
Ohio Fuel proposed to
operating relationship to
than Panhandle Eastern
and Michigan Gas. In brief, Panhandle Eastern together with Michigan
Gas, Indiana Gas, and the Ohio Fuel lines and property proposed to be
acquired themselves constitute an inter-related gas production, trans¬
mission and distribution system which is entirely separate from and
unrelated to any of the other activities of the Columbia system, deriv¬
ing its gas in a different area and distributing it in different markets.
As an
intra-system transaction, the sale and acquisition will, of
course,
have no
tendency toward interlocking relationships of the
concentration of control of public utility companies so as to contravene
the provisions of Section 10 (b). (1).
So also, not only will the acquisi¬
tion not tend unduly to complicate the capital structure of the Colum¬
bia Gas system
within the meaning of Section 10
(b) (3) but it
should ultimately, at least, result in a simplification of the system
Similarly, Indiana Gas and the pipe lines of
acquired by Panhandle Eastern bear no
any portion of the Columbia
system other
be
and
its
While
we
are
not, at the present time,
and
the Department of Justice
based its contention that the Consent Decree had been ineffective to
achieve the results sought to be accomplished therein,'' principally on
the ground that the control by Columbia Gas of Michigan Gas has
enabled it to exercise a control, contrary to the public interest, over
Panhandle Eastern.
Without making any attempt to pass upon the
previously
entered
in
the action,
even
its
for
and
the time
Gas at
conclusion
Such
Extension."
is
our
its 6%
on
promissory notes,
there is some
breach
of
obligation
fiduciary
in
appropriating
opportunity.
the only persons even con¬
tingently interested in Panhandle Eastern at the time of the "wrong"
other
however,
trol
over
it
be
must
Columbia
than
Hillman
fiduciary
noted
Oil
Columbia
and
Gas
that
the
were
receivers
and
They were therefore the sole beneficiaries of the
group.
obligation
imposed
Panhandle
Eastern.
Columbia Gas by reason of its con¬
Accordingly, the transactions with those
on
1936, approximately
of Michigan Gas and at a time
completed, would seem to
under the settlement agreement of June 1,
months
seven
when
the
make
the
after
organization
extension
Detroit
inappropriate
almost
was
imposition
the
///'■/
theory. ■
' ,'•■■•:
Mokan, however, has
trust
on
the
/": ///////'/
constructive
of
/above
''
the contention that the releases
then given expressly excepted such
rights as might flow from the
agreement itself and from the Consent Decree and that < the/latter
properly construed makes it clear ."that the ownership of Michigan
Gasr stock and indebtedness-by Columbia Gas, cannot be a full bene¬
ficial ownership, but must be only such ownership as will secure the
repayment of advances."
The portion of the Consent Decree relied
for
upon
this
"That
-from
.
the
.
to
contracts,
/.whether
secured
;
contract
is
from
assistance
any
way,
be
Gas,
furnished
the
in
arrange
with
made
terms
new
be
may
conditions
or
Detroit,
to
line
financial
or
contracts
such
upon
perpetually enjoined
freedom of Panhandle
the financing of all
hereby
are
or
the proposed
by it), . . .
owned
and
contracts
Columbia
cial
they
manner
finance
(including
built
not
such
and
any
to
or
follows:
as
be
in
extensions
or
if
"That
position
advanced
defendants
interfering
.
Eastern
assistance
be
made or finan¬
which do not in
directly or indirectly, presently or potentially, . . . confer
rights of ownership in the works or properties of Panhandle
except as security for the investment . .
any
Eastern
is
from
apparent
attempt
to
give
construction
of
the
the
the
reading
the
decree
of
mandate
above quoted that any
effect would involve the
the light of all the cir¬
matter
claimed
a
in
court
cumstances
surrounding its issuance at a time when that very court
is being asked to construe it.
We therefore again find it inap¬
propriate to pass upon the merits of the issue.
Our present ruling
will, of course, not affect any rights of action or to an accounting
itself
which
A
Panhadle
Eastern
its
or
stockholders
have.
may
Gas might
arm's-length bar¬
difficult to assess, are
present.
The rates charged by both Michigan Gas and Panhandle
Eastern giving rise to the present earnings are being reviewed at the
present time by the Federal Power Commission and may be subject
to a downward
revision.
Moreover, the allocation of earnings be¬
tween Panhandle Eastern
and Michigan Gas is based upon
a con¬
tract between the parties, which might be subjected to some question.
capitalization
justify
a
gain.
Here
higher
In
view
of
Michigan
cost
of
The
of
all
the
price
the
is
proposed price for
does
of
such
The
Michigan
in
an
investment
or
factors,
Indiana Gas,
that
conclude
$153,698
therein
and
record
with
the
its
we
based upon Columbia
unreasonable.
Gas's
not
Gas
in
appear
any
of
cost
circumstances
price
a
herein
investment of Columbia
nor
earnings
investment
attendant
at
Gas
present
than
countervailing
again,
adjusted
as
use
as
a
also
the
sale
investment
'
I
represents actual
question has been raised
respect to the computation
no
basis.
price of Ohio Fuel properties is $439,326.
This price
is considerably below the estimated original cost of the lines and is
based upon the sale price in an arm's-length transaction to a nonproposed
affiliate
figure
of
is
similar
available
properties
in
the
far
as
appears
and
so
same
No
area.
from
the
adequate
record,
the
cost
price
reasonable approximation to the value of the property.
The applications
and declarations with respect to these transac¬
tions are therefore
approved except that we direct that the price
represents
to
be
a
paid
of
item
concerned directly with that
subject of an anti-trust suit brought by the Department of Justice
that in its Petition of December 1938, to reopen the Consent
Decree,
Columbia
by
influence
"Detroit
the
record
Trust Co. vs. Deutsch, 73 F/(2d) 121, such finan¬
if it existed would not constitute a defense to
Irving
Gas
corporate
capital structure.
portion of the consolidated proceeding relating to the divorcement of
Panhandle Eastern from Colulmbia Gas,
it has already been noted
that the retention of control over the former by the latter has been
the
in
Again,
It
to be no question among the manv conflicting
interests represented in the present proceeding that it is in the public
interest that Michigan Gas be acquired by Panhandle Eastern.
The
functional relationship of Michigan Gas to Panhandle Eastern and its
lack of such relationship to the remainder of the Columbia Gas system
would seem clearly to support this conclusion.
There
in
Gas
might have been the result of the wrongful exer¬
by the Columbia interests.
Moreover, under the
this
control
inability
the
•
-
that
Columbia
Gas and
Acquisition of Michigan Gas. Indiana
and
,
of
the
the default
from
their
decision
other respects the standards of
.
Sale
from
indication
in the
for the stock
Section 12 (c) and,
to the extent to which they may be applicable, the requirements of
Section 10 are clearly complied with, the application and declarations
with respect to the disposition and acquisition of the Class A stock
at par are approved as filed.
■
t
"
: • '
in
Columbia
of
investment
the
controlling
a
construction
resulting
,
since
to
subject
the
groups
deal
from
previous Findings and Opinion
in passing upon applications of Panhandle Eastern and Columbia Oil
under Section 2 (a)
(8).
It is equally clear that the extension might
well be
considered
a
corporate opportunity belonging to Panhandle
Eastern as a natural and necessary adjunct to its operations, bear¬
ing little relation to the operations of the remainder of the Columbia
system:
While Panhandle Eastern was unable at the time itself to
finance
the construction
of
the extension
by reason of insolvency
of
Since we find
subtracting
inescapable
considerations
claim to cost.
In view of the pendency of a judicial action to cause Columbia Oil
to account for any excessive dividends received by it as a result of
Its refusal to permit the earlier refunding of the Class A stock, Wfe
shall in the present instance make no ruling as to the propriety of
offsetting that item against the price to be paid for the stocky The
matter is one-lending itself to a judicial .determination and Mokan,
by) (far.cthet-largest minority stockholder in. Panhandle Eastern, has
stated that the issues involved should be left to such determination'.
-While so ruling in the present instance, giving weight to the present
acquiescence to the refunding, and without attempting to pass upon
the merits of such claims and defenses as may be present in the
pending action, we take the opportunity to warn against the inter¬
ference by holding companies with desirable refinancing of subsidiary
companies and to indicate that all necessary measures will be taken
and
owner
basis,
was
all claims and cross claims. These
make it unnecessary in the present situation to limit the
to
of
as
Michigan Gas the profits which it has received since its construction.
There would
seem
to be no question but
that Panhandle Eastern
the
settlement
($104,924
item
employed, i.e., investment cost, in computing the price.
suggested that Columbia Gas cannot be considered the
of Michigan Gas, but occupies, instead, the position
constructive trustee and that the price should be computed on
corporation at that time, to wit, the Hillman group and the Mokan
receivers, acquiesced in the purchase of the claims and the issuance
of the securities with full knowledge of the facts and as part of a
total
this
of
has
beneficial
of
portion
undepreciated
to be included in the computation of the price, Colum¬
agreed to the exclusion of this item.
fundamental question arises with respect to the propriety
1941)
Gas
A
interested
/'•
•
into
Sept. 30,
premium per share
place subsequent to
contingently
current assets.
over
an
allow
not
bia
the stock have been
with our policy, heretofore announced
and applied,
of preventing holding companies from exercising their
controlling influence and strategic position with respect to their sub¬
sidiaries so as to profit at the expense of other interests therein. In
the present case,
despite the evident difficulties in any attempt at
allocation of the cost items, there may be some basis for a contention
that Columbia Oil purchased the claims which ripened into the class
A and Class B stock at a discount.
There are, however, two counter¬
vailing factors.- The first is that Panhandle Eastern itself received
full value in money or money's worth for the stock iri the surrender
of the promissory notes and the unpaid accrued interest thereon in
the
total amount of $11,331,000.
The second and more important
only
liabilities
profit which Michigan Gas paid, it cannot possibly be claimed that
it represents a
system expenditure in Michigan Gas, and hence is
not properly included in the investment account, Tt appears from the
record, however, that this item had been depreciated as of Sept. 30,
1941 in the amount of $34,500 since it was set up//We shall, therefore,
with great care in line
the
current
Michigan Gas, to The Columbia Gas Construction Co.?
wholly-owned subsidiary of Columbia Gas^ This item repre¬
intercompany profit.
At
the hearing, a representative of
Columbia
Gas
sought to justify the inclusion of this item in the
investment by reason of the implied" limitation contained in Rule U-90
to
intercompany transaction subsequent to the passage of the Act
since the fee in question was paid prior to that time.
The question
here,
however,- is not whether the
fee was a proper expense to
Michigan Gas or was properly received by The Columbia Gas Con¬
struction Co., but it is whether it properly constitutes an investment
by Columbia Gas in Michigan Gas.
Since Columbia Gas, as the sole
owner of The Columbia
Gas Construction Co., in effect, received the
sents
circumstances
that
application;
in Michi-?
the
another
Columbia Oil by agreement extended such time for
redemption without premium until April 1, 1942, and in its application
waives the premium entirely.
We have no difficulty in approving
such waiver in the circumstances here present, including the interfer¬
Oil with the proposed earlier
surrounding the origin of
in
figure stated
that the
questionable item is the amount of $139,424 paid as a fee
Gas Transmission Corporation, a company subsequently
one
Indiana
merged
1941.
Columbia
the. sale, and acquisition of
for
surplus at Sept. 30,
1941, constitutes actual system
expenditures and is equal to net plant account after depreciation less
plus
been
by
under Section 10 (c);
the effect that all
to
constituting the investment of Columbia Gas
as
Gas
gan
basis
The
indicates
record
$10,780,840,
the
reviewed
applications
in the
fixed
has
ence
submitted
nothing appears to the contrary, the provisions of Section
satisfied.
'v:
'
are
price
of
1,
been
has
counsel
Since
(f)
The
It
July
of
with.
-
originally provided for the payment of a ten-point
if the redemption is not out of earnings and takes
the Columbia
Michigan Gas is "stated to be the actual investment of Columbia Gas
therein plus any undistributed surplus of Michigan Gas at the time
of the consummation of the transaction.
With the exception of one
by
upon
suit be
settled so as to allow Columbia Oil to reain its interests in Panhandle
Eastern.
On Jan. 29, 1936, a stipulation and consent decree were
entered into between t^ie Department of Justice and the defendants,
terests
/
-
be no question but
to
but here again by reason of
Gas system, their sale as
respectively,
to
respect to the proposed transactions
that the retirement of the Class
"
Corp.,
herein.
seems
stock
prove
applicable to the proposed transactions have been complied
Panhandle Eastern is in the interest of the public and of
investors and consumers, in that it will permit the substitution of
securities having far less burdensome terms.
The problems raised by
the application and declarations with respect to the proposed transac¬
tion relate solely to the price to be paid for the stock.
The charter
There
A
the
be adeemed
should
state laws
10
simultaneously consummated.- In its present declara¬
refunding without regard to the
collateral transactions other than
plan were
however, it consents to such
taken with respect to such
tion,
relationship
opinion
An
>,
One
action
of
with
made
the
decree.
consent
lack
but
consumers
step in their divorcement from the system-will tend toward compli¬
ance
with Section 11
(b)
(1)/ Hence, no adverse findings need be
obtained jthe, acquiescence of the Department of
approval of the court having jurisdiction over the
of the provisions of that agreement was that
the
class A stock should be refunded.
A common, stockholder, of
Columbia Gas brought an action to restrain the carrying out of the
settlement plan on the ground that some of its provisions were unfair
to that company.
Columbia Oil refused and continued to refuse to
permit the refunding of the class A stock unless the other provisions
certain
Justice
that
permissible
seems
reasonably
may
of
a
i./'////,.//,/;
Department of .Justice, had. petitioned to
I938f the
of
December
conclusion
acquisition
and
to-the'interests
public-utility companies,
their
reopen-the consent decree on the ground that the decree had failed
to accomplish its objective, the divestment of the control of Columbia
Gas
over
Panhandle Eastern.
In June, 1939, Columbia Gas and
Columbia Oil entered into a new settlement agreement, which,, with
is
tiguous thereto.
i,r
of
among, other
stock.
the class A
retire
to
the
contention,
not to be
beneficial.
Since Michigan Gas is a non-utility operating company, the trans¬
action, • insofar as it concerns it, must be tested under the standards
of Section 10 (cj'„.(.l) rather than those of Section 10 <c)
(2).
As is
apparent from the foregoing discussion, it-not only would satisfy thef
requirements of either subsection1 since the sale and acquisition are
not contrary
to the requirements of Section 11 but might1 well be
required-as a step toward the economical and efficient development
of an integrated Columbia Gas System.
The interests in Indiana Gas
and the Ohio Fuel pipe lines do constitute securities and utility assets
,
due serially Nov. 1,
Series A bonds,
this
sale
detrimental
things, recapitalized Columbia Oil,,
surrendered1 its. claims ,vforr unpaid dividends; reduced
the dividend
rights on the new preferred shares," and reduced interest rates on the,y
debt due to Columbia Gas.
'' /;
*" ■
/ ;> - - t
As has been stated, the class A preferred is, by its terms, redeem¬
able. • During 1938 the* management of Panhandle Eastern discussed
the possibility of refunding it by the "issuance of a security without*
the participation feature and with a lower preferential dividend rate.-/:
These proposals envisaged the substitution of a convertible preferred
and were objected to by Mokan for "that reason,-since the conversion^
of such stock would strengthen Columbia Oil's control- over Panhandle/ Eastern. In July, 1939, however, offers were made by banking groups-. /
to market a cumulative,
non^convertible; non-participating preferred f
bearing dividends of 4% to ,5%, the proceeds of which could be used
Columbia- Gas,
tions.
of
proposed
.
-
a
bonds, due Nov. 1, I960——
Series B 3%
was
securities of Panhandle Corp. from the Hillman group and other holders
of Panhandle Corp. notes, paying,$4,183,394.^for the notes of that cor¬
poration in the face amount of $4,940,000 secured by the notes and
stock of Panhandle Eastern, and paying $693,671 for . the 750 shares
of the Panhandle Corp, common stock held by the Hillman group.
In
addition, it advanced $213,092. to, Panhandle Corpi" for its debts and
expenses,' paid the receivers of Mokan $300,000 in cash, released
Mokan from its guaranty of. the notes of Panhandle Corp. and from
its liability to Panhandle Eastern in the amount of $42,607, recapi- -■'/
talized Panhandle Eastern and. gave to the Mokan receivers half of
the common stock of Panhandle Eastern.
Columbia Oil itself received
the class A and class B stock upon surrender of the convertible pre¬
ferred which in turn pad-been issued for the promissory notes as
aforesaid.
The Mokan receivers, in' exchange, surrendered their 250
shares in Panhandle Corp. and released "Columbia Oil,- Columbia 'Gas,"".-:
their directors and Hillman from all claims and causes of action on /
their own account and, that of Panhandle ,Eastern for.all past derelic¬
_
the
on
and
1936,
application
granted
a
merits
This agreement was consummated on June 5,
dated as of June 1, -1936"/*
For the purpose of carrying, out the terms of the stipulation- and
consent decree as well as the., settlement, Columbia Oil purchased the
receivership.
the
over
be. a. sub¬
order, we
application of panhandle Eastern to be declared not to
sidiary of Columbia Oil and of Columbia Gas. In our same
the
Saturday, January 31, 1942
FINANCIAL CHRONICLE
THE COMMERCIAL &
500
to
Columbia
Gas for Michigan
$104,924 as of Sept. 30,
Gas shall not
1941, described above.
include the
Acquisition and Disposition of Columbia Oil Debentures
By
in
Gas
of
reason
that
3%
when
for
the
sinking
has
year
received
years and increasing 1% a year until February, 1940
rate became 6%.
Through the operation of the
provision, the face amount of debentures outstanding
reduced by $600,000 so that it is now $20,400,000.
In the
two
interest
fund
been
present
of the recapitalization of 1936 and subsequent advances
and 1937 from Columbia Gas to Columbia Oil, Columbia
$21,000,000 of Columbia Oil debentures carrying interest
application
and declarations,
Columbia
Oil
is
to
use
the
$10,000,000 to be received by it from the disposition of the Panhandle
Eastern
class A
preferred stock plus $1,000,000 of cash
now
held by
Volume
for
it
155
the
Number
redemption
4040
THE COMMERCIAL & FINANCIAL
CHRONICLE
of
$11,000,000 face amount of the debentures
at their face amount.
In its declaration, Columbia Gas has agreed
to accept the face
amount, thereby waiving the • four-point premium
now payable on retirement of the
debentures under the terms thereof;
.'.1 The reduction of the1 outstanding debt of' Columbia Oil
by the
amount
proposed
amount
of
investors
tion
well
as
cash
of
in
are
receipt
the
Columbia
by
public
interest
companies as well
with the requirements
the
as
the
both
complies
are
and
standards
applicable.
>.
of
of
as
of
Section
and
the
in
to
12
interest
The
(c)
the extent
amounted
which
sale
Proposed
V
mortgage
Financing
Eastern
bonds
and
by
to
proposes
Panhandle
issue
$15,000,000
and
Eastern
sell
$10,000,000
value- of
par
preferred
of
1941.
was
(1)
Retirement of its
■'//;
Stock
of
and
class
A
preferred stock
Assets—
%
r
(3)
V;1:
Notes
assets—,•*.>'/}
of Michigan
Gas_»»-»-^U---.---^-,\ 10,675,917
Stock and debt of Indiana
Lines of-Ohio Fuel Gas„————
Construction expenditures—
,■
'
Accrued
Panhandle
•>
>/•>'.••.
r»—
Eastern A
--
*_
—;
_
interest
and
Mv
ijCli-i;5'-'-' Total'■
'V,,-
1
:
The
j
■Panhandle Eastern's
natural
to
gas
of its main
>Vl,
.y),L
.146
.
;
nines
into
Consumers
miles
of
looping,
that
1942.—V.
154,
the
to Dana,
and
to
will
'///I;. ;V;;:
completed
capital stock1 tax.
estate
Total
-
to
the
expenses
Reserve
for
December—
Net
Net
1941
from
railway—,
railway—-—
from
1940
is
490
oper. income—- "
*21,682
*2,211
From Jan.il—^
.
from
railway-—
from railway.-
Net
Net ry.
1,177,721
266,869
190,196
1,411,642
217,424
67,202
92,599
income—
♦Deficit.—V. 155, p. 188.
;
oper.
117,586
>
.>/■,. /
////A
/.
8,668
'V':V ••
common
,vf.
•
•
4_',
u;
■■
:'
v'
"
i, ,;>>'>./-
1942
Jan.
■:
-
'
1-«—i"
.Jati/. 17*—-J—;—w-.—
Jan.
155,~p™260.~
—V.
V"
;,V 'eVc'1',1
'
~~
Commonwealth &
'*■
The
of
weekly
this
to
electric
show
1,
general
153,993,000 614.0
'
145,738,000
of
In
have
declared
$10,
the
directors
the
both
1941,
Connecticut Light
-
Power
&
Co.—Initial
Nov.
15,
written
Jan.
on
of.
were
4 Vi cents
■•//
'
•
The directors have
declared
dividend
a
of
common
stock,
amount
was
payable March
paid
Sept.
on
previous, quarter?,.
Output—r'
;
to
16
holders
15 ancj Dec.
against 50
as
r
.
^.
on
the
A
like
.
cents
Net
U.
vitally
S.
Government,
plans
the
metals, has
large generator
a
immediate
KNew York
City)
The
Defense
purchased
each.-
"J
which
1940 had
165, p^ 360.
..
'
.:
from
of
the
the
Freeport,
expedite
-
through
Tex.,
Jan.
*
deliver
been
in
155,000
service
of
r
Defense
t*e
Hell
Dow
of
v
steam
-an
in
End.
Dec.
1941—3 Mos.—1490
•
'Operating income :ji> $2,450,358
Other
.'.
i
■
income;
Gross
;•
income
•Interest
♦
*
and
premium
Other
-
-Not
income
Divs.
on
pref*
•/Divs.
on
common
stock...
84,264
'
$1,903,441
•
319,729
stock--
-
of
(net)
/
$533,055
;
$1.36
r
Ej5, p. 49.
Investment in special
Rail securities
stocks '
Real
-
$1,219,837
situations.^..
C97.248
11675.535
receivables,
etc
net„___.
Investment
Trust
—
At the
value
close of business Dec.
net
a
of
shares
The
,
.
asset
the
had
to
made
31,
value of $35.86 per
assets
1,26 5"
on
that
date.
share based
On
Dec.
on
31.
1940,
the
or
net
assets
$12,013,839
up
of
as
the
Trust
of Dec.
31,
8t
market
1941.
The
of the following types of assets:
or
values
"
-
...
Amount
.
Total v°lue
Investment
1
equities
—.—:
$6,102,303
Per S*are
$18.22
income
3J6,146
595,41tt
26,775,310
7,831,850
5,619,258
25,452,489
21,198,569
7,865,716
5,235,359
5,519,101
3,532,502
1941
1940
1939
1938
$92,239
39,974
$64,835
10,738
$65,404
$60,731
15,643
13,728
>
Income
oper.
155, p. 50.
30,398
2,00o
7,724
5,964
845,559
876,803
202,266
849,681
226,052
105,935
877,856
247,257
\
130,639
233,143
130,876
/
3,021,286
3,999,982
S,
Phillips,
the
varnish
industry depended
imported from China and
•
•;
upon natural bristles,-most
Siberia, for brushes.
:
of
which
werb
The
ofv
26.3%.
on
war
we
are
business,
$3,744,547
the
over
previous
well
as
the
the
as
year,
■'
'
company are now concentrating
requirements of our civilian
heavily
trade, and
very
the
of this issue
fund
the
year
sold 29,000
company
at $101 a share.
used
were
debentures
and
to
its
The
shares
of
proceeds received
continue
>•
5%
cumulative
from
the
the company's
15-year 4%%
cumulative preferred stock.
Income
'
;
its
own
retail
stores
in
42
in the
sale
sinking
.
cities,
Account, Years Ended Nov.
;
returns and
/•cost of goods sold
will
redeem
7%
The company operates 52 of
the oldest paint and varnish
3,599,370
H
1
'/ '•••
President,
Consolidated
'
•
company
■
70,554
3,999,982
1 •
156,722
-Annual Report—
E.
preferred stock
;■
•
50,704
37,364
and is
country.
,
*
30
1941
allowances—$18,008,021
1940
$14 263 474
16,446,169
13,897,176
„
—
——
•
'
Net operating income
on
sales
Balance Sheet;' Dec. 31
1941
-
1940
estate
——--—r———932,434
Discounts
''
in course.ot
cpllection_**--//"Ii--/T/.
interest,
-•
-
903,935
2,919,031
249,170
2,878.448
7,543,368
6,025,322
premiums
adjustment*
J
2,400,000
Rest
1,141,600
973,200
1.100,000
1,100,000
rve
-for taxes and .expenses.
claims
reserve
>
2,400.000
income
•
preferred
5%
preferred
A
B
>>//
-
7%
Class
5,000,000
5,000.000
59,148,902
63,975,922
78,625
•
Crl76,194
,336,998
Crl64,556
t25,229
$1,178,189
$249,920
/'/// v,■'•/>/'■< /
•
874
•
—
78,225
62,580
23 362
common
common
Shares of
common
Earnings
per
/
——_
stock
share
—.—.
—
'
117,879
37,345
.
154,736
161,188
$7.08
—*
30,570
9,727
•
"«
$1.16
♦Including warehousing, shipping/ selling and general
expenses, and
depreciation of $183,482 in 1941 and $243,747 in 1940.
|No liability
incurred for excess profits taxes.
'
1,709,421
surplus
purchases, service income, etc—^
and excess profits taxes
income
Class
176,206
2,489
Dividends—>
3,782.429
Reserve -for dividends
other
on
$366,298
62,936
——
5,038.303
4* f't..
—
—
$23,408,480 $20,948,729
ii
$1,561,852
157,435
•
——*—
debentures
on
Discounts
$98,946,705 $98,180,281
——
——- *
—*
charges
Federal
256.977
and
total
values
based
on
Dec.
.
,
Consolidated
,
■•■/*■■
statement
filed
subject
be
under
the
td
prior
Securities
purchase by underwriters, of such
Act
effectiveness
of
1933
debentures
as
of
and
are
a
The offer to
holders of
at
noon
common
on
registration
conditioned
upon
not subscribed for
stockholders of Dubilier Condenser Corp. will be limited
the close of business on Jan. 28 and will
expire
record at
the
stock
rights Jan.
27.
fifth
of
"
day
Dubilier
;
after
the
mailing
Condenser
/"
-
of
the
Corp/
was
"/•'/.;>
-
prospectus.
quoted
"ex"
'
;
-1942, will mature Jan.
4%
or
more
than 5%
1,
1952, will bear interest at
per annum,
a
thereof,
155, p.
3,071,221
'
340,306
>
361,695
Liabilities—
♦Class
A
cumulative
cumulative
•./'"
■
•
/;/.!
•'
.
stock
common
5%
stock
preferred
stock
($100
par)_.
"
$3,819,658
1,283,818
1,307,398
2,900,000
preferred stock
894,000
§1,800.000
4(4% sinking fund debentures—-—
long-term liabilities __;;
Other
Reserve for
72,333
for
.;
246.680
577,872
1,164.383
922,792
stock
taxes
accruals
36.250
498,710
—
—
surplus
Capital surplus
86 333
"
extraordinary obsolescence, etc.-
Accounts payable —1—.
'
Dividends payable on preferred
-
$3,746,056
T5-year
Earned
1,
' :■
common
7%
Other
•'
$12,891,453 $11,681,435
—
tClass.B
82,995
2,103,638
2,381,357
3,317,166
-
4,262,831
f
Total
Provision
124,73 8
588,271
326,485
1,648 632
1,822,158
706,320
——
rate not less than
will be convertible into shares of the
plus accrued interest.—V.
.
Prepaid expenses, etc.
The
company's common stock'upon terms to be described in the prospectus,
will be entitled to the benefits of a sinking fund, and will be redeemab'e et redemption
prices from 100%. up to 105%
of the principal
amount
*"i
.1,906,246
and notes receivable
Inventories
said
It/is presently contempl°tpd that the debentures will be dated .Tan.
$3,434,583
35,922
/<"
by the stockholders of Cornell Dubilier Electric Corp. or Dubilier Con¬
denser Corp/.. If the proposed debentures are offered the
subscription
rights will not be evidenced by warrants and will not be transferable,
r
%■-,
.—_—•———*_*——
Accounts
proposed ohering to holders of the common stock for subscrip¬
tion to a proposed new issue of debentures will be in the ratio of
$1.90
principal amount of such debentures for each share of common stock.
will
———
Cash
1940
$3,274,928
—
.
The
offering
Sheet, Nov. 30
-t.■■
r'., 1941
Investments
mar-
Gornell-Dubilier Electric Corp.*>Offers Debentures to
■
Balance
Assets—,,
tPlant, equipment, etc.
assets for all
31, 1941,
Stockholders—
«•
.
.j.
/. b'1'1
*et;quotations.—y.^.i54,..Pj.^.1^29.-
outstanding
holdings of the Trust
078,980
manufacturing business
4,399,980
1938
$2,004,394
500,053
1—
railway
railway
-l! During
$70,112i874^$66,035,033
♦Representing diffefehce between total- values carried in
estimated
estimated
OA
-iri•*?
-l''7
bonds and stocks owned
$35.86/.
Share-
1939
$2,110,365
Ry.—Earnings—
.
,
and
: •5
'
*"•'
$2,322,901
637,597
471,258
hojJQful thatjhis type of plant operation
dHrtng ;$4iv-,,-;un
:vv/:
.v.v.w- "/
-—u
6,364,501
$494,833
UMMMT
shares outstanding
market
Jan.
Interest
to
1941, the 335,055
oper.
.
■"
corresponding net asset value of $36.79.
a
total
amounted
were
1.93
,
•
/
.
*,
f
11,402,697
8,497,736
from
Other
The
/
to
'
Total.$98,180,281
2,02
647.436
Report
holders—
ry.
Real
All
10.35
...
,
s';
45,690
declared
;'
Unearned
". 2:08
.
424,673
$12,013,839
..
*■Consolidated
-had
$946,099
"
3,466.655
;
v
Loss in px*ocess of
$6,701,383
$6,255,324
'-1,278,917/ *-M, 106,597
1,050,657
4,202,629 vw4,202,629
$177,084
8,555,646
market
'
!
34,170,493
railway
railway—
From
'Bonds and stocks*.—/—$87,302,703 $88,115,599
81,164 *> -246,084
—1-/-*/-
Governments,
Total
2,345,310
__—
estate
Cash,
2,472,732
665,978
1—
from
ry.
Liabilities—
660,189
$8,846,718
income—.
of
2,074,462
30,970
*1,877
•
$4,336,480
1940
707,632
„
from
Net
$9,255,279
1941
Jan.
Net
.
//>$1J)5:^:«"^4;64^^V$4.41
—V.
Preferred
.'
/
f
62,094
-
88.
p.
increase
- - >
i
stocks
Total
of
'
51,759,597
'
*1,877
$261,325
"Alternate formulations for the
majority of our major products have
been developed and will be
placed in operation as
shortages in raw
materials occur, due to the war
production program," Mr.
Phillips says.
"The plants of the
company have been operating on a
heavy schedule
of production
during the past year, with some
operations running
constantly on a two-shift basis and the balance on
a
six-day week with
overtime.
All divisions
59,939
surplus at Dec. 31 $59,148,902 $64,715,378 $66,076,028 $62,314,404
>ccmed
319,729
x
62,314,404
1.>
2,648,483
sharp increase in earnings; Mr.
Phillips points out-in his' letter
to stockholders, was due
mainly to the largest sales volume in
thb
history of the company; with sales for the 1941
fiscal year
amounting
to
$18,008,021, an
-
428,911
66,076,028
■"
2,812,117
-
-
$2,980,003
from
from
t-
;;'v^
J.
dividends
■':;
$1,547,470-
1,050,657
Balance
Earnings per share
/ . common stock"
582,823
37,309
.
.
•
413,685
64,715,378
:•
590,854
•
$3,145,193
discloses in the annual
report that ■ the
to develop a synthetic bristle
suitable for paint
brushes reached a successful
conclusion during the year.
A synthetic
i bristle, manufactured from raw materials
which are available in
ample
quantities and using a resinous rather
than a rubber
setting,
will soon
be in quantity
production, he states.
Up to .the present .the paint and
stocks
in
♦Contingency
607,019
$4,031,969
$5,719,790
re¬
:
bonds
Net
bonds...
$4,534,848
$5,664,567
'
5,262,490
$7,086,503
■
•
of-
amort,
on
deductions
22,618
$2,116,732
$5,73T,279
•
'
•
155,
railwayrailway
efforts of
8,796,521
$4,941,274
v
'
$854,056
-
$666,661
loss—V.
or
oper.
Net
1
9,216,457
securi-
of
Assets—
$8,791.731 /$8,186.529
$2,214,557
'
$1,543,404
28,045
v
net
from
Gross
;:;;
$3,603,058
bonds-«'
•
(net)
value
hour,
10
157,541c5>;463,549
$2,547,769
1938
35,502
'"
v
62,094 f.: '■
December—
Net
$4,121,163
-«-^
ry.
Gross
$20,152,328
8,818,086
240,891
$8,407,683
'•»
681,417
of
of
—
Gross sales, less
1941—12 Mos.—1940
$2,0^7.016
> .,-97,411
-
:
$2,147,821 $12,344,709
;; 1,293,765
5,258,206
*796,556
8,697,060
$4,720,521-
sale
exc.
Detroit & Mackinac
15
$4,479,629
re- - /z>
special
*f)pprpftsp
r
"
Taxes
'
1
$19,094,052
9,303,175
7,498
3,229,102
per
Aug.
*47,277
V 433,236
3,435,625
^
•'
.
*
$11,486,184 $10,390,209 $43,103,465 $39,195,928
5,737,820
5,506,218
22,518,863
20,940,150
1,577,676
1,025,504'
4,607,959
3,869,013
1,720,32.9
1,801,471 r" 7,184,912 '■ 6,200,237
Operating expenses
'Depreciation
-
"
from
Gross
common
;/>
712,838
$2,591,623
1,305,639
from
from
—V.
9,898,335
:
sales
Cash
31—
oper^ revenues../
•
'
:
railwayrailway——
Net ry. oper. income—
■—V. 155, p. 88.
v:
cents
3 cents;
Crl6,486
886,790
Fed.
value
From
ii
$19,046,775 $19,355,772
1,269,856
:
228,686
*—,'i
on
& bonds
Cash
more—Earnings—
Period
,
$69,913,383 $71,813,306
Decrease
Consolidated Gas, Electric Light & Power Co. of Balti¬
Total
and
sale of
Premiums
-
Net
$4,744,963
"tlCiT-"
serve
Loss
/
Chemical
2,268
»
Delaware & Hudson
RR.—Earnings—
$1.69
f
"
■
.
Cr33,782
December—
$1,267,063
2
for
,
tax.)
than
income
Gross
31.
1939
•;——;/_*—
■ ■
Increase
and
years, and
installed capacity of 605,000 kilowatt hours.
an
-V/JU.UAJ"•r.J*:-*»/;.
•
:
in. special
/Total
Gate
15,797
*•
18.
pre-
year
on
Net
than
from
stocks
om
■
Plant
Edison .Co.
the
more
15,
;•
v;
(net>
22.
pounds
for
the
issue:
■
Increase in market value :
of
31
$2,869,535 $16,197,773 $11,642,015
*25,362
'■
income_____
in
secur.
'Deficit
—
surplus
ceding
"
*•'
on
depreciation-.^
book
Net
the
prov.
prof,
on
&
Net
/.J.?.
„n: ;
production
the
from
site; of
on
.
,
the
Consolidated
equipment
announced
was
has
generator
at the close of
*—'V;
'i/V
to
Feb.
of
on
Jan.
r
-
12,398,840
•
serve
Corporation, in addition to buying the generator,
boilers
six
The
to
plant, it
Plant
efforts
purchased
removal
station
Co.'s magnesium
-
its
necessary
Corporation
*
in
share
1940
interest,
rentsll-i/.l*; $4,993,977
249,016
&
Decrease
...
,
The
/
>
or
in
•'•i/r-i*''.' U'iijtii'-.;-';;
The" company announced
productioh of the electric plants^ ofr its
system for the week ending Jan. 25, 1942, amounting to
160,400,000
kwh., compared with 157,300,000 kwh. for the
corresponding week of
"1941, an increase of 1.9%.
p,'/ /
*"•;l-/
Sells Generator to U, S. Government—
Dec.
$2,844,173 $16,213,570 $11,-644,283
Balance-$1,285,984
and excess profits
dividend
record
earned_^_* $23,339,216 $20,459,159
Balance
*
v
of
follows:
as
10,744,065
Expenses.
Profit
^/: :V;
Lr.
made
-2,459,750
/■
per share
record Feb. 6.
of
15, last,
taxes
'
3,228
$3,444,631
charges
Depl.
1940
$1.93
/
z
cents per
holders
•/
unearned
-
divs.
accumula-
40 cents
"
extra
an
of 3
to
1941,;,.
reserves—&
Investment
Consolidated Edison Co. of New York, Inc,--To
Pay
Dividend—:
COS.,1
Net before fixed chgs.
1, 50 cents.
*$1,448,754
Z|196,3ll^$l,25^49
40-Cent
/
this
1941
.
income
Underwriting profit and
los$ items
155, p. 360.
Ended
-
-
The dividend on the $2.20
preferred stock represents the
tion from Jan. 22—the issuance date—to March
1, 1942.—V.
•
-
and Dec.
;•
$2.40 preferred stock is at the rate of $2.75
per
per annum, or at the same rate as paid on the'old
5%% pre-/
p'ferred stock (in accordance with the terms of-'the recent exchange
offert.
From
March .1, .1942,
dividends itwill accrue
at the
$2.40
rate.
'
■
each'.—V/154, p. 1190.
Losses
share
annual
made'on
$25,798,966 $21,729,016
in
Premiums
r
the
on
cents per share on
of record Feb.
were
cents each,
declared
15
,
Dividends—
•
The dividend
.r
Subs.)—Earnings—
Account—Period
$3,441,403
not
•etc."
,
to holders
distributions
20
Feb.
-
premium
The directors have declared initial dividends of 68% cents
per share
on the newr $2.40 dividend
preferred stock, no par value, and 23.8 cents
per share on the new $2.20 dividend preferred
stock, no par value, both
payable March 1 to holders of record Feb. 5.
•
dividend of 25
a
regular dividend
payable
payments
Increase
subsidiaries
conditions
all
other
Fixed
2,792,455
-r.?;£•'•••« C/
Underwriting—premiunusF'''
t
.
S.
Proceeds
payable March 1
following
Expenses
;v'" 4V
.'9,764,212
-
;
Continental Insurance Co.—Income Statement—
11.2
.
f
(no
exc.
Net
territory served for the week ended Jan. 22,
1942,
amounted
to
203,944,789 as compared with 182,147,520 for the
corresponding week
in 1941, an increase of
21,797,269, or 11.97%.—V. 155, p. 360..
;
-
Cons.
cos.
'
Fed,
inc.
taxes
/-
335,055
,
JunCl and Sept. 1, 25
and
share
and
'
business
■-
Continental Cushion Spring Co.^—Extra Dividend—
The
' 7.6
7.0
energy
V;
$2,906
'
Corp.—Weekly Output—
of
output
adjusted
V
Paper Co.—25-Cent Dividend—Earns.—
Years Ended Dec. 31—
Southern
kilowatt-hour
corporation
for
U.
Net
% Inc.
154,442,000
162,014,000
1
Prov.
$13,023,082
\ !*After provision of
$1,456,28} for Federal
taxes, etc.—V. 154, p. 1262.
/
stock,
152.546,000
-175,528,000
--
1.675
-
•<
:•
group of
1941
164,103,000
165,277,000
'
Calendar Years—
125,786
-:
cos.
of
rev.
Taxes,
K,
—I
.
par
1941
March
-Kilowatthour Output—
Week Ended—
■
«
J
profit
'Earns, per share oil'750,000 shares
outstanding,
electricity output of the Commonwealth Edison
excluding sales to other electric utilities, showed
of
rev.
•-Net
157
P- 1190.
stock,
During
companies,
a
7.6%
increase over the
corresponding period of 1941.
Following" are the
kilowatthour output totals of the past four weeks and
percentage com¬
parisons with. last.;year; -/•<> "^.vA
'
Net
consolidated
27,898
/f,
Net
week's
Income
1941—12 Mos:—1940
—$14,534,706 $12,098,056 $57,833,994
$47,373,794
———11,093,303
9,228,521
41,636,221
35,731,779
Net revenues of
124,085
directors
223.916
.
Consolidated
767,631
,
'expense__r_-_'/i--.„i___.__„—
1
154,
The
1,283,312
v
Commonwealth Edison Co.—Weekly
Output—
Last
•
I——-
faxes4,212
Consolidated
33,649
*62,341
-
1,352,301
•
4,068
i2,38i
•
1938 '
*52,282
ry.
Gross
.'
$105,455-T''■ $154,613
-
Preliminary
Expenses
$310,726
11,898,502
>V
'
$96,018
*25,135
-
Gross
Income ..surplus
—V.
1939
$112,050
total of
a
Delaware & Hudson Co. (&
to
/
.
—
stock" ($1 part v/J—•
Paid-in surplus.
Capital, gain surplus
Capital
middle nf
•'
dividend of $1.75 per share on
account
cumulative
preferred
stock,
payable
Feb. 16.
This compares with
$3.50 per
a
7%
record
1941—3 Mos.—1940
valued $11,016^7301—™
*■
>
supply
"
of
1, last; $1.75 on Sept. 2,
1941, and $3.50 on June 1,
$8.75 per share for the year, which
compares with
paid in 1940.
Arrearages as of Dec. 1, 1941, amounted
per share.—V. 154, p. 795.
or
$14
■
of Dec. 31, 1941
Accounts payable
capacity
•
the
on
holders
total of $1.75
to
Z
Aecrued
It
1941,
***„—
Total
Gross
income
•*
to
share paid on Dec.
a
.
———$13,023,082
Columbus & Greenville
Ry.—Earnings—
*
the
2
.
of
extension
'/ >;v/-.\
'
</,
by
in
v.i.—
real
facilities...
compressor
be
shown
have declared
accumulations
March
comparable net income for the
year
'//
-
estimated
or
Deferred
Ind., through the construction of
additions
are
the
,
the
of
the State of Michigan so as
Co.; theA increase of the
construction
1529.
p.
consists
which
on
••'<
receivable
The directors
of
outstanding
taken
share///'//
as
Corrugated Paper Box, Ltd.—Accumulated
Dividend.
$60,983,
investment
'
Power
line from Texas
estimated
indicated
program
rentals
of
share
losses
j.
Deferred
-i_____J__^$30,016,941
construction
net
net
accounts
Liabilities—
•
'*.w.
*
439,326
8,493,700
254,300
—.
Illinois Natural Gas—
each
reflect
recoveries
The
$1.82 per
'-153,698
/'"'/'A/.
,
on
on
not
taxes,
receivable
Real estate'(estimated value,
$647,436)-—
debt
'../
>
M? >■</
u «.
•
Investments ".(market
$10,000,000
—,——
profits
or
$2.26
or
and
expenses
501
"
miscellaneous
earnings do
'VBalance-sheet
•
.
.V.Wi,;;' >(2) Acquisition
nor
$611,632,
deducting total
and
$758,764.47,
These
securities
at
«competitive bidding.
.v.„
v-•
■■•
«<*
•» /
u
=
<
■;
It proposes to devote the proceeds from these securities, plus cash
kpn hand and to be derived from operations, to the
following purposes;
./'•>
After
stock
to
dividends
shareholders under the Federal income tax
laws.
first
stock
capital
interest,
Dividend payments during 1941 totaled
$2.30 per share and were
paid from current income and income
surplus.
No dividends were paid
from capital.
It is the company's
understanding that all dividend dis¬
tributions made by the Trust
in
1941
represent taxable
.,;
'
,Panhandle
31,
of
1940
12
(f)
latter
the
$819,747.68.
from
capital" gain surplus account.',
of
transac¬
and
that
to
year .1941
amounted
Dec.
on
the
lUClUde
income
equivalent
an
consumers.
Sections
10,
of
Gas
for
Income
360.
Total
$12,891,453
♦Represented by 117,400 (122.280 in
tFermosonted bv 37 336 <38.908 in 1940)
deprecation of
$2,120,238
$100,000 due May 31,
in
1941
and
1940)
shares
shares of
82
no
241,902
1941.—V. 154, p. 1727.
of
par
in
no
$11,681.-185
par
value,
1940.
value.
tAfter
^Includes
.
502
1941
Net
from
Net
ry.
railway-
Net
from
Net
ry.
—V.
$674,642
330,603
226,612
$621,644
420,090
351,582
261,095
V.
4,513,324
3,019,404
income.
50.
p.
,7
1
Cash dividends
Net
■
—
.
1941
31)
(3 mos. Oct.
1941
824,374
.
.
—
:
Operating
Interest
Proceeds—All
net
the
of
Int.
Sheet
Balance
Assets—
Income''
.
$449,639
$465,226
$374,640
77,203
87,848
84.204
112,322
debentures.
167,500
167,500
167,500
167,500
indebted..
to de¬
and
133
21,374
1,344
expenses
Corporate expenses
Capital stock and sundry taxes
1940
loss
Net
Dividend
5,122
$87,452
57,818
$74,377
387,643
-2,603
36,151
stock.^*/.,.43,898 ..
(without5 giving effect to results of security trans¬
expenses
Sheet,
Balance
1941
31,
Dec.
$152,145
$54,720
$220,442; accounts receivable for securities sold (not
$10,948; dividends receivable and interest accrued, $6,026;
general market securities (at. market quotations), $1,802,281; invest-',
ment
in securities of
associated .company (Utility Equities Corp.),
772,996
785,118
$54,558;
1941
1940
accounts payable, accrued expenses and taxes,- $7,804; reserve
for contingencies, $7,099; cumulative preferred stock, $6 dividend series,
$1,463,250; class A stock ($1 par), $100,000; common stock ($1 par),
$950,229; surplus, $2,143,286; unrealized depreciation (netl .of general
market securities owned/(Dr,):; $1,390,300; excess of cost of investment
in Utility Equities Corp. over amount carried herein (Dr.), $1,199,536;
total, $2.094,256.—V. 155, p. 189.
.Assets—Cash,
,
Excess of income over
of
out
divs.
—
$194,094
surp.
315,313
$156,972
>
371,301
.
'
,
Assets—
Cash
receiv.
35,177
sold—not delivered.
for secur.
dividends and interest receivable™.:;
market securities, at market
—.
30,876
23,113
4,162,226
4,685,097
7,669,303
9,155,236
Accounts,
General
l—
Total
associated cos—
of sub. &
Invest's- in securs.
L-.J1—$12,251,063 $14,584,640
——
Liabilities—
4. The
the
,
oc
■'/ 31,410
36,341
($1
stock
par)
stock (10 cents
amount carried herein..Dr288,604
• of investment in /Internatioh^r.-^w 4
■'"/
Capital Co. of Canada, Ltd. _———— _—2.109
"Unrealized appreciation of investment..:——1,077,515
Corp.
Four
directors
new
Phila.—New Directors—
annual meeting as follows:
Kendrick, John B. Knox and
Freeland.
W.
Trigg, filling vacancies, two of which were due to the deci¬
sion of William F. Shriver and Claude E. Taylor not to stand for re-
Dr615,971
T.
'
election.—V;: 144,
937.
p.
•
•
%
Dr251,237
(Adolf) Gobel, Inc.—Securities Reinstated to
Dealings.
1
1,
1941, were
The
1941.
reinstated
796
due
May
the New York Curb Exchange Jan. 26.
dealings on
to
.debentures have
1,060,515
series A,
convertible debentures,
4^2%:
The
.
Cost
suspended; from dealings since May 28,
been
'
No differentiation shall be made in trading or deliveries as
in respect of which the holders have or have not
%
debentures
payable—bank ________—__—
payable—bank
payable—others
Accounts payable—trade
■Notes
$75,000
•_
7,304
Loan
Loans
term
Long
cumulative
'6%
stock
Common
.Earned
-Net
100,000
a,——
-—
155, p. 188.
December—
./.
Net
from
Net
ry,
oper.
From
Jan.
$157,933
41,167
8,478
—i"
railway
income.'.1—
; V:-., "
1
railway
I
1,689,985
railway.—361,527
Net rv. oper.: income—i.v
32,423 4
"Deficit.—V. 155, p. 188.
from
Net
ry.
v
$125,017
1,537,948
338,381
34,584
1,350,774
1,102,202
216,475
*44,407
*51,439
*234,672
38,700
6,369
13,887
no,337
revenues
$743,093
Railway
oper.
expenses
449.149
income
$7,204,036
402,617
4,981,539
4,551,370
759.009
1,046,1351.,
73,057
5,394
$2,024,642
45,261
$1,893,657
59,816
$212,695-
$200,458
$2,069,903
$1,953,473
35,362
41,342
441,611
510,760
■•'•]•'
—
—
$8,052,316
,
$195,064
$208,765
Operating income —i
Other
3,930
income-—
corp.
rents,
etc.
a
before
h>c,
Net
for
vision
ment
$177,333
$159,116
$1,628,292
$1,442,713
95.365
85,003
1,076,108
1,019,567
Ebasco
For
.
the
Fisher Brothers
"Chronicle"
Food Machinery
$81,968
$423,146
$552,184
$74,113
Services, Inc.—Weekly Input—
/-
.
—
1942
1941
Amount
%
132J 48
25.930
19.6
L'ght Corp.—„
76 053
65.959
10.094
15.2
National Power & Light Co.——*_
107,775
86,746
21,029
figures
do
not
-
include the sv^tem
inouts of
any
from
Gross
-Net
from
Net ry.
'ftvi
common
Vave
stock,
of
result
declared
a
payable March
d y'dend
of
cents
per
23 to holders of record
railway
oper.
Net
from
-
—''ss"
Income—^
1—
from
1940
-
-
$793,343
363.062
- 292,916
-
1P39
S
$476,589
$486,108
120,893
»''■ 162,155
National
In
railway
Fort Worth
r
—
6,711.910
2,107,588
5,878.382"
1,228,082
844,699
s^are on
1,675.546
Vice
augurated
March 7.
payable Feb.
The
;
>
■
.
■
.
'V :'
■•
1,000,000
board per year used in shipping
The report was forwarded to the
Advisory-Committee from the office of T. G.!„
usage.
President......
to.
in
intensive
-.'
v
of
conservation
the
the
present
various
in
campaign
of packing board,
types
effort, the company has in-:
its factories throughout the
war
all
boxes.
and
is
company
tubes
be
„
that
urging
now
worn-out
and
discarded
tires
tire stores. / While having no value
except as scrap, the company points out that this material can still
be a contribution to the nation's vital rubber supply.—V. 155, p. 306.
brought
to company
Grant Co.—60-Cent Year-End Dividend— :
84,619
"
on
1942,
Jan., 31,
payable Feb.
19
declared
Jan.- 27
of
a
cents
60
per
share
on
46,192
•
for the fiscal year
final dividend
the
stock,
common
to holders of record Feb. 6.
•
share have been paid
on
this issue from Jan, 1,1938. to and including Jan. 2, 1941, and,
in
addition,
special disbursements were made as follows:
Jan. 20,
1938, 50 cents; Feb. 14, 1939,-25 cents, and Jan. 23, 1940, 50 cents.—
V. 155, p.
156.
Regular
dividends
quarterly
of
35
cents
per
Grand Union Co.—Final Payment on
$463,024
.
directors
ending
"■
■_
6.478.991
1,867,397
6.007,703
1,718.398
' 803,230
"
907,108
'
The
of
directors
cents
70
Certificates,
to
on
on
Jan.
each
Feb,
pavable
„
the company's
sixth
declared-the
29
$5.45
Certificates—
and
final
distribution
Dividend Arrearage
of the certificates
1592).—V. 155, p. 156.
original face value of
20. against surrender
office (see V. 152,
p.
-/
Great
'
the
'
of record Jan. 24.*"-
Atlantic
Jan.
26,
,
,
(
■
.
•
t
■
,
J
,
.
<
I
1
;•
.
V
C
Pacific
Co.—Stock
Tea
Offered—
a
block of 2.272 shares of Common stock
Great Lakes Utilities Co.—To Sell Units—
"
follows;'<Feb;•'!: 37^ cents;
and Dec; 30, $4.50 per share.
The
that
company
plans
subsidiaries
are
for
.
.
&
Hemphill, Noyes & Co. offered after the. close of busi¬
(no par) at 80 V2 net. Dealers' discount 2M>—V.- 155 p. 88.
dividend of 25 cents per share on
1 to holders
distributions were made as
May 1, Aug. 1 and Oct. 31, 25 cents each,
152, p. 2854.
saving at the rate of more than
a
past
upon
needed
an
containers
ness
During 1941
—V.
^
v.country to prevent waste and to salvage all usable materials including
scrap rubber, metals of all kinds,
waste paper, rags, cans, shipping
Co.—^25-Cent Dividend—
Stuck Yards
directors have declared a
stock,
■
and corrugated
Conservation
addition
urgently
now
fibre
based
.Graham,
1938-
;
89,805
59,299
-^
■»
"
railway
Net ry. oper. income_^
—V. 155, p. 51.
■
-
The
Dividend—
25
Merged-
Co."'
1941
; ;
campaign started last year, the com¬
conservation
a
26 reported
omJan.
products,
24.2
com¬
periods.—V. 155, p. 301.
Elgin National Wratch Co.—25-Cent
d're'-to'-s
the listing of $4,000,155, p, 51.
To Be
Electric Co.-
•
railway
From Jan.
common
The
a
The
due Dec. 1, 1956.—V.
fund debentures,
United Light & Power
under
See
Gross
Increase
158 078
panies not appearing in both
.
Stock Exchange has authorised
New York
December—
Ebasco
of
Opernting subsidiaries of—
Prwer & Light Co.-——
P^wer fr,
:
-
/
divisions of this
■',■'"%
Fort Worth & Denver City Ry.—Earnings—
1942, the system inputs of client oper¬
22.
.American
above
:
488.—-V. 154, p. 1053.
page
sales
..•:.
Manager.
•pounds of box,
Corp.—Debentures Listed— ;:
Fort Dodge Gas &
'
^
T^e
29,
.
Thousands of Kilowa tt-Hours
Flectrc
Co.—Registers with SEC—
Jan.
retire¬
week ended Jan.
companies
of
sundries
and
To Salvage Scrap—
and
The
Services. Inc.. which are subsidiaries of
.American Power & Light Co., Electric Power & Light Corp. and Na¬
tional Prwer & Light Co., as compared with the corresponding week
during 1941 were as follows:
ating
been
Vice-President in charge of production, has
goods
have been combined and given a new name, the industrial
division, it. is announced by W. S. Richardson,. Divi¬
General
As
director.—V. 155, p. 88.
000 3%: sinking
pro-
losses
155, p. 50.
—V.
v
mechanical
v.
155, p. 306.
value.—V.
sales
products
/
Rubber Co.—New Director—
&
shares
from
stock
proposal to change the par
of no par value to shares
a
Goodrich Co.—Sales Divisions Combined—
former
company
sion
26 approved
Jan.
on
common'
par
(W. T.)
etc.i
Depreciation —__i
'
^.
The
depre¬
divS.,
ciation,
Tire
Trainer,
E.
James
See
for
Available
Corp.—Regular Dividend—
declared a regular quarterly
directors have
the
fixed
a
(B. F.)
v
i:
?'•'
.
share on the common stock,
14.
In addition to the four
Firestone
Interest on funded debt,
*
'V.'';.; '
:
dividend of ,15 cents
payable Feb. 28 to holders of record
quarterly payments of 15 cents paid
during 1941, the company in the same year paid extras as follows:
Aug. 30, 10 cents; Nov. 29 and Dec. 26, 15 cents each.—W. 154, p. 1377,
Feb.
elected
Gross
./■^•'J-V
1263.
of
with
/'"■
Dividend— "V '.'1
declared an extra dividend of 50 cents per share
regular quarterly dividend of 50 cents per share
on
the common stock, no par value, both payable March 3 to holders
of .record Feb.
11. 1 During 1941, the company made quarterly dis¬
tributions of 50 cents each on March 3, June 2, Sept. 2 and Dec. J,
and on Dec.. 27 paid a year-end dividend of like amount.—V. T54,
p.
stockholders
value
^
y:^;v,./• /%:;■
:y'.
,
the
to
addition
«per
$670,738
,
85,179
i__
Taxes
398.
/./.'//Vv-ii'
Bros.) Inc.—Par Value of Stock Changed—
Goldblatt
The
directors have
The
in
The
oper.
81,217,363
69,509,060
21,844,453
13,405,779
11,464,135 ; 3,214,328
pany
1941—12 Mos.—940
1941—Month—1940
Railway
20,931,583
Falstaff Brewing
Street Ry.—Earnings—
Eastern Massachusetts
income—.
Fairbanks, Morse & Co.—Extra
,.
Period End. Dec. 31—~
106,845,421
34,696,312
155, p.
86,606,612
24,944,566
13,853,996
$6,130,677
1,371,511
545,671
dated Feb.
plan
'
railway——
oper.
1938
-
■
1938
$85,007
$171,563
67,016
40,025
'
from
Gross
from
-
1939
1940
1941
•
•
railway.J'.:,
from
Gross
Earnings—
Pacific Ry.-
1—,
Jan.
from, railway.—a
Net
—v.
.
1,849,706
869,332
income—.
oper.
From
Gross
" 1939
$7,051,757
1,665,722
761,175
1940
$9,038,592
railway
railway
from
from
Net ry.
50,000
$640,278
Duluth Winnipeg &
Net
-Gross
32,017
$7,689,324
2,331,920
1,288,028
1941
December—
12,008
125,084
surplus
•
Total
—V.
will-call balances.
convertible preferred stock..'.-..;
($1 par)
y..
unrealized profit on
Reserve for
*
17,156
liabilities..^...-——
current
Erie RR.- -Earnings-
56,198
between
assented
15, 1941, for the extension and modification
of fuch
debentures.
:>y
4
:
Since the suspension of dealings in the above issue, the- company.has, on Sept. 29, 1941, filed a voluntary petition for reorganization
under
Chapter X of the Federal Bankruptcy Act and the trustee
appointed in such proceedings has advised that the assents- to the
plan dated Feb. 15, 1941, cannot be used in the pendingj reorganiza¬
tion proceedings.
/iv:
...V
-The Exchange rules that the debentures shall be dealt in "flat" and
to be a delivery shall carry no coupons.—V, 154, p, 1492.
the
•to
-
160,391
liabilities •'
Accrued
Other
5,119
.
Total
.
Dr470,139
$12,251,063 $14,584,640
"In General Reinsurance Corp. (less provision for Federal normal in¬
come "tax of $17,000 in
1940).—V.. 154,
3376. 4;:;.;^
y
m
at the
elected
were
Beckman,
McK.
Ernest
over
of
Excess
"
Irland
10,543,411
V'Unrealized deprec. (net! of gen. mark. sec. own. Drl,044,164
Excess
of
costv of
investments in American^ ; ■ -: :
"<•'
General Corp. over amount carried herein.._ Drl,762,125
Excess
of cost of
investment in First York;,,/7:'/.7
"//
similar distribution was
A
V. 152, p. 828.
~
' 479,129
,
30.
Girard Life Insurance Co.,
"
10,089,630
Surplus 'w^2-———_u—
*
217,964
,
common
Jan.
3,350,000
corporation—3,200,000
205.654
par) ——:
479,129
the
Debentures assumed by
44
25 cents per share on
13 to holders of record
made on Feb. 15, last year; none
have declared a dividend of
stock, no par value, payable Feb.
directors
since.
cfli
17,000
for Federal taxes, .etc,
-Provision
......
v,.
..
....
.
„
A:*
:.%?•
t
_
securities purchased (not received),
V- Gilchrist Co.—To Pay 25-Cent Dividend—
■■'■■■')>'•'■■'■■
'■:.•;•'•■',
Acct. pay. for secur. purchased—not received— / '•& $7,628 - ^ $118,991
Other accts. pay., accrued exps. and taxes..—_
; 34,410%;
28,789
Accrued interest on debentures outstanding—
69,792 .,/ 69,792
Debentures assumed by corp., due currentlyu-V; /~ 150,000
35,601
Reserve for contingencies ...a........—4' ! 3°'091
*'»
1
-
$12,424;
$686,016
$388,658
and on hand
banks
in
Accounts
total, $2,094,256.
Liabilities—Accounts payable for
Balance Sheet, Dec. 31;
,
'
•
•
'
preferred
on
"Over
.
securities for year
sales of
on
-r
12.924
actions).
36,847
.expenses
$640,278
Liabilities—.
'
■
-
13,347
2.594
——___
of income
"Excess
t
,3,156
for
Common
—v-''.
,
$103,241.:
."'V: -$118,624
——15,516
—.
10,535
%%
Management
holders
Preferred
•Deferred charges'
assets
:
3,517
■
$65,082
' ;" 91,478
Inventories
______—298,500
'Other ■ current
: 1.943
Fixed assets (less depreciation)115,524
Other
.3,432
.
33,801
"
1941J
at Oct. 31,'
- 7
^
"
id'l'X-.%'^ 1941
15,927
1,781
35,585
2,867
3,352
"
as
*
"
refunded
Pref.
receivable.^
accounts
1941, shows net assets as of
cumulative preferred stock, $6 divi-'"
liquidation to $115 per share and
assets as shown in the respectivereports amounted to $77.32 per preferred share at Dec. 31, 1940, and
to $79.69 per preferred share at Sept. 30, 1941.
1
\,y:■ J/**
v
Income Account for Calendar Years
date ;of $70.62 per share of
series, which is entitled in
accumulated dividends.7: The net
$356,932
•;
17,032
31.06%
in
Cash on hand and
Will-call
$426,210
taxes—_
' y:y;
;
.
Report—
delivered),
Proceeds will be used, to reimburse working capital for
expenditures made and incurred for new stores opened,, for increased
inventories, and for general corporate purposes, including the opening
■of additional stores from time to time as conditions warrant, and the
advisable/ '
'
•
dend
...
f~-taxes- paid at source.
company.
management considers
1938
•
.
$459,314
bank
on
Taxes
financing accrue to the
of this
proceeds
1
'
•
•
,
that
'
— >
1939
.
23,261
'
-
1,872—
expenses.——.
on
,
$423,511
27,447
income.
income
Total
50,000 shsj /
200,000 shs.
pref. stock (par $10)
($1 par)„__——____
conv.
stock
Int.-
Miscellaneous
Provision
%& 30,000 shs.
... 70,000 shs, ,
Sinking Fund—10% of net profits, after preferred dividend require¬
ments, are to be used each year as a sinking fund to retire preferred
stock, either by open-market purchase or callr Call price, $10.50 per
cumcl.
6%
Common
I
1940
$429,995
dividends
earned on bonds
Income—Cash
Outstanding..
-Authorized
'
report for the year ended Dec. 31,
•.%. The
"
Capitalization-—
.
'
Account for Calendar Years"
Income
1941
Jacksonville store, which opened Nov. 1, 1941,
whose sales during the first month of operation amounted to $56,389.
Does not include Waycross store opened Nov. 29, .1941.-::
„•
;/-7 'V
-''
' ./K>T
:
To be
*
306.
,
(preference in liquidation, $50 per share and
The net assets as shown in the-respective
v
not include new
■"Does
'
to redemption or
outstanding under
not later than Jan. 31,"
General Investment Corp.—Annual
;
accumulated divi¬
reports amounted
to $4,272.97 per $1,000
debenture and $50.30 per preferred share at
Dec. 31^ 1940, and to $4,374.09 per $1,000 debenture,
$53.86 per pre¬
ferred share, and $0.02 per common share at Sept. 30, 1941.
* 9.21%
*24,345
plan must be retired by General Foods Corp.
1947.—V. 155, p.
*
dends).
22.04%
28.75 %
37,404
56,726.,
1,343,233
*466,982
.
fund, or other special provisions relating
except the requirement that all notes
sinking
the
of the corporation for the year ended Dec. 31," 1941, shows:
net assets as of Dec. 31 equivalent to $3,737,23 per. $1,000 face value
of assumed debentures and $42.59 per share ox $3 convertible preferred
.'stock
28^ consented
special meeting held Jan.
a
'retirement,
a
The report
Capital
$14,337
$420,772
1939
1941, taken at
the equivalent of $21.83 per
Report—;
Equity Corp.—Annual
at
shareholders
notes
provisions of its certificate of incorporation, to get the, consent of a
majority of its preferred stockholders to such note issuance.
The notes to be issued will have no voting rights, no amortization,
.
corporation at Dec. 31,
the
of
assets
net
quotations amounted to $167,890,
outstanding share.—V; 154, p, 1630.
of
1942,
v/.v.W:
benture
Average-
-
Proposed
by the company, during
Issuance
to
and accrued expenses, $916; capital
paid-in surplus, $202,435; deficit, $15,331; total,
payable
Liabilities^Accounts
$226,480.-,
market
cash, $3,873;
$222,200;
cost),
(at
$226,480.
total,
$408;
______
stock ($5 par); $38,460;
Profit on
.
after Taxes
153, p. 395.
1941.—V.
1940, and
1,
General Foods Corp.- -Shareholders Approve
;
a five-year period starting Feb. 1,
payable to certain banks and maturing not later than*
,
/Jan. 31, 1947, and for such amounts as directors or officers may deter¬
?//.
mine, the total indebtedness so created outstanding at any time during
the above period not to exceed $10,000,000. >
dividends re¬
'■/'/'
,
Since the
notes which may be issued might be for periods which
\,would exceed one year, it was necessary for the company, pursuant to
Balance Sheet, Dec. 31, 1941
Assets—Investments
Note—The
Profits
/L,
•
$10,933
', 10,506
;
—
i
ceivable,
.
Sales
paid
".v"
-v
•
'■
1940
T94V-%V-'.'-J-'
from dividends
Net income
,:
Manufacturers Trust Co.,. 55 Broad
'•;
Each
share of
cumulative convertible preferred stock is con-,;
vert^ble into two shares of common stock at any time up vo ten days
before redempt.on, provision being made for adjustment of conversion
rights in certain events. Dividends at the rate of 60 cents per share
per annum are payable qm on the preferred stock, which is entitled
to
$10.50 in voluntary liquidation or $10 in involuntary liquidation,
plus in either case accumulated dividends before any payments tin
the
common
stock. Preferred stock is
redeemable in whole or in
part on notice at $10.50 per share and accumulated dividends.
.
:V;
Business
and History—Corporation, operates a chain of 25 retail
women's apparel stores, located in Florida, Georgia, North and South
Carolina,
Alabama and Virginia. Company's > executive, control and
buying offices, and its stockrooms, are located in New York City.
Company does no manufacturings Company owns no real estate. All
stores are modern in design and appointments, and all except one are
air-conditioned. '
'
'-" ' -/v''
The business was started Aug. 1, 1938, with 2 stores.: From time to
time thereafter new stores have been added.
From the outset the
growth of the chain has been steady.
All stores are being profitably
operated.
The increase of sales is due to increased sales by individual
stores as well as to the increase in the number of stores.
Sales and Earnings for Fiscal Years Ended July 31
•
6%
par
Note Issue—
registrar,
and
agent
n.'y. City.
per
of 50 cents per share on
$5, both payable Feb: 2 to holders' of record
An extra of 20 cents per share was also paid on Feb.M and
stock,
common
Jan.'20.
Earnings for the Year Ended Dec.-31,
and
(par $10)
preferred stock
20, cents
dividend of
extra
declared an
the regular semi-annual dividend
and
Share
the
have
directors
.The
;
1376.
p.
1,854,559
1,176,310
20,000 shares of common stock (par $1) in units of one
share of preferred and one share of common at $14 a
Transfer
^ Franklin Fire Insurance Co.—Extra Dividend—
fit'was
Preferred
convertible
unit.
made, .'as -against
22, :1941.
Sept;
Equitable Investment Corp. of Mass.—Earnings— r :
5,093,589
syndicate headed by Smith, Burris & Co. and Tobey &
Co. on Jan. 28 offered to the public 20,000 shares of 6%
St.,
and
23,
June
in
stated
Aug.
City—Stocks Offered—A
Y.
N.
Corp.,
Stores
cumulative
154,
24,
March
on
the "Chronicle" of Dec. 6, 1941, that "the divil
the first three quarters of that year were ,75 cents each.l—
in
dends
335,603
254,114
;
6,702,308
2,990,547
1,991,456
7,540,197
3,596,583
2,293,963
8,771,438
railway
oper.
155,
$756,668
each
cents
erroneously
,
railway-
Diana
1938
1—
Jan.
from
Gross
1939
331,670
income-
oper.
From
$707,087
railways
from
Gross
25
1940
•
22, last, a distribution of $2.25 per share-was
On Dec.
Detroit Toledo & Ironton RR.—Earnings—
December—
I
,
J
ij
has
an
the Securities and Exchange Commission
complete for the sale of three of its seven
of around $900,000.
The prospective
advised
virtually
aggregate
i
i
;•
.
1
)
:
•
■
'
•
:
'
'
'
Volume ,155;
purchasers
recess
Number 4040
.
not>named.
were
in-hearings
This
THE COMMERCIAL & FINANCIAL
CHRONICLE
disclosure
has
caused
indefinite
an
Federal
••
plan of reorganization for Great Lakes '.iled
several weeks ago because the
original plan must be revised.
Tentative
arrangements, the SEC was told, call for sale of Gas Corp.; of Michigan.-,
for
$750,000 plus net 'current assets estimated at $50,000,
and
of ; !
on
a.
contract in
and
Virginia
Gas
Utilities
&
Co.
for-a
reached
the
of/
total
$90,000.—v. 155, p. 89.
Green Bay
The
& Western RR.—$5 Div.—Int. Payments—
directors
have
declared
dividend
a
of
$5
share
per
1937.
-.1. -/'I
//The
of
directors
5%
On
Feb.
and
14, last
Vi
will
of ,1%
be
made
/
■.
authorized
A
the
debentures
payment
and
1%
the
class
-
Exchange-Place, N. Y.
announced.—V. 155, p. 190.
'• /!/Yv
B
These
interest
!///:■': '"'■■■
W.
.//'
The, directors, .haYe. declared
.
common
stock,
w.th .$3
compares
$1
payable
per share
March
on
dividend
;
2
d
pa
of
holders
to
Dec.
on
$1.40
of
Feb.
22, last,
$2 on
Other
Dec.
on
23,
1940,
Oct. I.last,/
and 60
cents
Feb.
on
from
Net
railway operating
railways
From, Jan.:
Gross
1941
23,1
-
/
Y/Y.
■//
23,647,846
,
■
18,701,182
Accrued
Capital
4,402,394
4,798,030
3,661,460
1,505,525
2,154,857
^Treasury stock
•
,
m:iled_i.w..a
ore
i- Ope^atl^g
'
profit^
Non-operat.ng
$47,576
37,732
$9,844
+
7
7,605
'
$56,725
61,175
$73 855 '
*$4,449-
$27,186,
revenue-
49,66^'
279
1,314
$4,170
$28,500
•Loss,—V; 154,* p. 864,
The corporation
of
the
that
announces
subsidiaries
H,
as
Sturgeon is
Mr.
will
manager, of t^e small excavator division.—V.
directors
share
the
on
recently declared
common
stock,
extra
an
$25,
par
dividend
addition
in
terly dividend of 68% cents per share on
able^ Feb. -2 to holders of - record Jan. 15.
-■An
extra
Feb.
on
of
4.58
cents
V last .year.—V.
share
per
the
$219,317'
'
*
$90,527 :
11V2
.'
cents
36,714
Cars
—v.
$1,719,183
be
The
$511,277
13,222
14,040
3,207
1.146
14,516
per;.'
Anticipated.
$696,660
abandon-
12,156
Net
362.
;
.
145,498
Net .revenue
stock"';,
-V.
154, pa 1054.
155,
ry.
8,405
178,741
$9,286
$4,380
123,980
of
annual
shares
13,182
The
in
of
the
present
Abraham'
meeting of the stockholders
stock
S.
of 136,818
out
treasury,
directors
shares
represented
were
all-
were
Jan.
on.
26,,
person
total
a
outstanding,
in
of
Walter
proxy.
namely:
Mark
W.
been
elected
$75,587
President
C.
Mack.—V.
152,
to
RR.
Cresap,
44,591 /
34,340
Co.—Earnings-
1941
1940
lf39
1938
$593,729
$505,271
$508,254
$458,872
197,875
152,650
190,503
140,368
lncomeai-.-
•
;
82,428
129,636
101,192
5 901.780
5 301.961
2,729,945
2 048,424
2.024.197
1,526,419'
Net
1,554,573
1,158,488
1,275,333
oper.
ry.
l—i.
>•
.
income.._
oper.
155, p.
52. "•
directors
dividend of
830,691
,
year
the
preceding
830;
have
2Va7>
the
ended
v.
declared
the
on
Oct? 31,1941,
and
year,
151, p.
final
a
ordinary
2$7<>
and
dividend
stock,
to
tax
for the
Bonus of 2x/2%.
a
of
7% 7*
and
extra
an
bringing total payments for
free,
against 20%
as
year ended Oct/31,
1282; ;
1939.—V.
in
152,
.'..v.'
Inland Steel Co.—New Tin Plate Plant—
The
ing
has begun the installation of
Indiana Harbor works with
company
plant
June
$114,900
1
and
an electrolytic tin
plat-,
a
capacity lor platingplate per year.
The new
constructed by the company's own'
its
at
2 000.000
units, it is stated,
Organization, with
base
will- be
the
the second
boxes
largely
first
of
unit
about
tin
scheduled
to
be
two months later.—V.
Business
Machines
in
154,
operation
by
1493,
p.
Corp.—Regular Div.
'
"
succeed
The
f
;
the
directors
on- Jan.-27
declared a regular quarterly cish dividend
capital stock; payable April 10 to holders of !
record March 23.
During 1941 regular quarterly cash payments of
like amount were made on April 10,
July 10. Oct. 10 and Dec. 23.
A
of
late
$1.50 per
5%
Hotel Syracuse; Inc.,
Syracuse, N. Y.—Bonds Called—
Hart,
Jan. 17, '42 Jan. 25, '41
Imperial Tobacco Co. of Great Britain & Ireland, Ltd.
1919.
p.
;•
6 074.219
The
,
-
reelected,
has
.
exclusive
by,
or
Stivers
'•
—To Pay Final Dividend of 7%%
105,000
p., 263.
A.
discontinued
>:
512
Hoover Ball & Bearing Co.—New
President—
Frank
be
109,195
114
'
190,000
"
will
-
from
approximately
30,000
automobiles
7,029,936
;
35,646
.35,000,
of
railway.,...
Net from, railway....-..-
Gross
■
.
full
117,645
15,040
,'30,762
3,824
in
>,
.
sale
>
Terminal
International
i At v the
year.
and
from
From Ja.n
r
$525,317
204,127
,.
1,605
ments—1941'"|i^——
Hart Schaffneiv & Marx^-Directors &
Officers—
»t
one
railway.:.
Net from railway
a.
15,747
cash
first
a
held
manufacture
155, p.
Gross
896,059
$683,438
22,500
by
in
1943.
Comnensation of the original baa,»-d will
Commencing in 1943 directors will be elected by the stock--
Illinois
$1,407,336
1,035,745
1^55"
Depreciation.
Profit and loss___.___I i
Replacements
secured
Week Ended— ,Jan.
24, '42
loaded
......l
45,085
4,243,928
4,017,968
4,112,456
$62,198
is
-;
5,022,458
4,112,456
14,314,830
1941—10 Mos.—1940
operations
Interest
-
which
..
-
common
RFC,
Illinois Central RR.—Carloadings—
;
131,232
$60,933";
;
1,168
regular quar- i ;
issue, both payWl^-
the
-;57L
wholly-owned
in
"
•
14.175.851
v
its
executory contracts relating thereto will be canceled.
(6i
The status of the
outstanding capital stock will not be changed.—
V. 155, p. 362.
:.
s
—V.
101,247
and
mortgage,
^nd. all
$75,361,385 $71,539,776
$162,180
debtor
RFC
19,431,237
131,232
§8,706 shares preferred and 38,958
128,720
fr. .transport;
rev:
way
154; p, 797;"
-
on
holders'to
1,887,291
9,716,190
of, the
holders fqr terms of
continue
the
same
paid
was
of
to
16,945,850
ln41~Month—1940
oper^ expenses.
1 "Net
Hartford Electric Lignt Co.—To
Pay Extra Dividend—
The
claim
the
the
plan.
appointed by the Court.
Three proposed directors are nominated in
the plan, three will be appointed
from nominees of stockholders as
provided in the plan, and one will be designated and
appointed by the
Judge.
These directors will serve until the annual
meeting of stock-s
Canada,-England and-Holland,
tAfter
of $29,950,435 in 1941 and $20,403,207 in 1940. tRepre-
acting head
also
The
against
exception of
the
•
;
now
Sturgeon
16.945.850
2,876,431
claims
the
annum, and
give the RFC assignments of certain rents as set forth in the
plan.
Income from present operations and leases is
adequate for all
required by the plan and no additional financing will be
■'required.. ■
'
" /«—-/,1'/ ■ ■ .'■./■ ;.' ; ; < .'■ ''.£•£. ■ ■■ -.*' •'
(4) Upon confirmation of the plan, management of the
reorganized
company will be in the hands of a board of seveft directors to be
in
*i;^^;:other:than;tranpiL;
Division Head—
R.
$9,619,400
24,161
—II...——1._
Oct, -31^',
Gross-rev. frr transport.
,,
large excavator sales division.
bis duties
$9,619,400
Hupp Motor¬
(3)
12,691,175
Dr1,577,474 Drl,577,474
Period'i^d."
:
>^Harnischfeger Corp.--New
436,314
I.I"
...
1.
'
4
4,674,363
515,318
of
care
Mich.
payments
Hpiioiiilu Rapid Transit Co., Ltd.-
f
Total
':Frofi-trhefoTei:-wrlte^ffS.'3i-i^a3i-^lii...:$9,844'\!:'',):
83,938
6,736,245
___;
".' .depreciation
sented by^l,355,668 no par shares.
' shares common.—V, -155, p. 400.
iq?q
"1940;
>
6,651
,
v-::-V
accounts
.Total
•Including
■
:
...
126,837
Detroit,
will
•
5,000,000
28,519,137
4,987,332
10,309,404
5,161,272
Murphy, trustee,
Ave.,
mortgage
covering the debtor's land, buildings, machinery and
equipment, and
other assets, will be reduced to
$550,000 through the application of
funds presently available.
The debtor will agree to pay this balance
at the rate of $25,000 per month with interest at
4%' per
/■/.
89,618
all
with
December—
T
■
accr.
___-_.__:.JIIII/
ZJ1"
I
J*
surplus
-
(2)
147,327
Milwaukee
Payment of
(5)
surplus
Earned
corre¬
105,428
E.
confirmation of
be limited.
Federal' taxes--:-
-
a
(1)
upon
$75,361,385 $71,539,776
Reserves.;".——
ia,660,835
1
subsidiaries,
39,200
2"
dividends !_!____,
credits ..-.....^.
"■
3841
Corp.,
the
-..147,327
;:
I_£.I__-'.
car
\Y
r__l
stock
_
in
capitalized,
9,674,548
______
securities
stock,,
1940
31
i
companies.....
pref.
Deferred
-.ir-
■
7,521,323'
Guysborough Mines, Ltd.- -Earnings—
3 Mos. Ended Dec. 31—
'
1941
/f
year.
11, 1942, with John E.
powder-'
1940
was
503
before Feb.
Frank A. Picard, U. S. District
Judge, has fixed Feb. 16 for a
hearing'
for the consideration of the confirmation of
the plan of
reorganization.
The salient features of the
plan are as follows:
provision
n941
*1940
$20,740,937 $20,826,302
-
i Contract advances
173,668
"■/
railway.
Net from
railway
Net railway
operating income......
—V. 155, p.
Tons
the
Dec.
'
ICommon
€. 381,687
■Jx
.
from
Net?income;;
costs
Operating
of
in
of
*
the
was*,
//Y-;
-
Liabilities—
.
$1,528,267
-
incomeav—
■--
additions
Sheet
have
with
taxable
period
5,000,000
23,580,312
associated
Preferred
-
Y,! 1939
1940 / :
...
$2,039,387 1 $1,578,957
230,475 : '// 447,980
.134,912
>154,236
/a-v.
a
1— »;,,y
remainder
property.,;.....
Accts.' payable &
''
.' v.,Y::••
railway_A__!Yl/rY!!L;
Net:
plant
Balance
Total
1/
December—
from
the
the
to
the
agreement
Accordingly,
Tais
16.
Gulf Mobile & Ohio RR.-Earnings.
during
of
U. S.- Government
securities...;;..
Materials "fe" supplies
products';
>'
as
the
1941.
receivable
in
;,V Investment
-:
Gross
cost
0 Finished
- dis¬
^Deferred
on
-
amortized
assets
Invest,
>,
share
per
record
funds
during
_
12; 1941, $4
154, p. 1596.
1940—V.
a
March
these
of
May,
matter
an
expense,
of.the
amount
tPlants' and-
'
•
>■)■
.//
in
the
under
deemed
was
of
1941,
Cash
Cox
(Daniel) Green Co.—$1.40 Common Dividend-—
«/.-
1941/fO' consider
received,; instead
commenced
liability
28,
additional Federal tax
liability for the year
$725,000, and in order to prorate this
of
;Aceounts
payments
C.
Feb.
Goodwill;
18
debentures.;
City, Secretary
■.
Feb.
4,
which
which
tax
discussion
a
on
'.H
Consolidated
Assets—.:
class A debentures
the
on
debeutures: ^
b
20
after
class
Following
Revenue
made' for
and- was
J"
and
on
the
on
the company paid 5 %
yeart
our
.
at
Y/
.
also
the class
on
June
on
sponding
capital stock, payable on Feb. 1'8, out of net earnings of the
calendar'^,',;
year
1941, to holders, of record Feb, 7.
A
similar distribution was':
made-on Feb.; 14,.1941, Feb.
19^1940, Feb. 14, 1939 and on Dec. 21,,,.;
Federal income
year.-
Internal
year'in
amount
the/'
on
but;,,-no powder having been delivered
no
that
deliveries,
was
•
taxes
1940,
in
accrued
Bureau, of.
.
Martinsv.ille-.Gas Co.
income
stock
155;
.
the
on
dividend
1941.—V.
Meyer
Kestnbaum,
Dewitt
Millhauser,
All of the
Lessing
outstanding first mortgage bonds due Aug". 1, 1955, have
Rosenthal; Joseplr Halle Schaffner and Joel Spitz.-- '
*
' "
been, called for
redemption as of March 1, 1942, at par and interest
At the annual
meeting of the directors following the stockholders*'"' at the
rate
of
6%, -per annum from July l,r
1941, to the date of
meetingr' the following ^officers were elected, namely : Mark W. Cresap,
redemption.
Payment
will be made at The Continental Bank
Chairman of
share
also
was
paid
Jan,
on
28,
1942,
and
362.
p.
Jan.
on
30,
:
'"
International Paper Co.—Bonds Called—
■''/:■
;
.
the
Boards, Meyer Kestnbaum, President; Abraham S.
Vice-PresidentMorris Greenberg; Vice-President in charge of
manufacturing;'-- Ray > Manuing,
Vice-President in
charge of sales;
-Houston
Electric
A.
Rittersporn, <2nd Vice-President 1n charge of materials; ,-:
R. Richer, 2nd Vice-President in
Period Ended Dec. 31—
charge of advertising; Henry
'
Mayer, 2nd Vice-President in charge of trimmings;.-Abraham S.¬
Operating revenues....
Hart, Secretary; Clay - E. Steele; Treasurer; Samuel Browne,
Comp- * - Operation
troller;-: Morris Neufeld, As3t. Secretary; Morris Neufeld, Asst. Treas.
Maintehance
Bernard
Mark
W.-
Cresap; Abraham S. Hart and Meyer Kestnbaum
by* the bo^rd-of directors to constitute the executive
-
reelected
mittee 0f the corporation.—V.
General
were v.
$870,549
$3,706,142
413,426
1,747,052
135,054
121.676
513 314
473 739
113,374
447,659
427,514
$222,074
$998 118
$816382
76,946
274,902
321,071
taxes
117,423
Period End. Dec. 31—
•Profit
Gross
-
Net
v
y
inc.
61,810
16,082
4
;?y.;'■;.C'i
;;
Gross
<
;
1941—6 Mos.—1940
$301,199 'if $751,755
$356,611
;
provision.:_V"U
bef.
depr.
$298,224
33,779
$618 911
$304,016
Int.
a.__.$294,794
stock
common
$285,118
1,500.000
-1,504,100
Notes—The
No
tax provisions
provision
by
the
shown above
corporation
its
or
;
.
consolidated
excess
profits taxes is considered necessary
Dividends pa.'d by Best Foods, Inc., during the
quarter ended Dec.
1941. and the six months ended at the same date
approximated
a: reserve
against
materials
raw
such
for
six
$172,500
months
$232.500.—V.
income
decline
inventory.!-^Charges
reserve-were
the
possible
a
respective
154,
for
ended
p.- 750.
periods
and
in
after
excess
the
profits
market
taxes
prices
date
such
charges
•
no
46 021
4,283
2,876
1941,
and
V.
i
«;•
directors-have
common
154,
1.
50
made
were
cents ^cach;
Accounts
$545,469
$286,009
$93,959
Balance
Sheet,
Dec.
-
25
cents
follows:
30,
Feb.
3,
and
Dec.
$1;
25
'
share
Materials
from
and
£_i__
.
associated
companies.^......
r
28
28
20.497
20,988
8.805
7 384
:*
140,857
92,251
rr
...
expense.,
;
••
10,184
10,793
13,245
25,591
:
>
During
Accounts
cents; ,Mayk1
25 cents.-I-
Taxes
-::."
Other
Report—
§1940
\.
par value....
$2,000,000
$5,000,000
3,125,744
3,402,614
106,916
100,208
105.195
98 63S
payable
accrued '
crrent
a
and
accrued
liabilities..^^,..—
;
credits
•Net
sources-
IFederal
Earned
1938
10 882
13,773
21,313
19 487
1,663! 090
:.
Capital- surplus
I/ I'!
taxes
aac.w-
$85,612,161
$52,429,191
$41,009,861
$32,829,7i4
20 262,179
10,081,319
6,664,715
3 621,216
tl4,163;467,
profit
4,273,549
>-
Preferred
dividends
Common
Rate of
$6,098,712
dividends
common
;
...
,u_'_
$5,807,770
1,339,722
i
524.928
3,950.130
divs._l
($3,00/
-
.524,928
•-
surplus:'. ./-.;.......-.._______—___.
3,752,624,
($2.85)
$1,623,654
$1,530,218
$1,047,441
16,803,631/
15,273,413
14,225,972
,
524,928
3,752,624
($2.85)
«
153,^:^1:"^"™™""""-
—v.
Preliminary
^
"''•
1,975,055
:
.
:a_
^
surplus
Total
surplus
JShares >of
com.
/"standing
(no
on
$589,024!
/
Earned per sh.
*A'ter
'
./■
v *
-
.
$4.23
com.
on
deducting
all
expenses
$4.01-
incident
to
1,316.710
1,316.710
$3.65
$1.95
-
;
:
<
1941
and
Note—In
funds
1940,
required
contributed
treated
tions
$1,635,116
as
was
to
not
under
to
manufacture
and
sales,
will
selling
to
the
Such
company,
capitalized.
The
Account—Period
31
sold
oc
1941—12Mos —1940
$3,885,48.7
$2,812,580.
V
268,043
1,339,684
$425,577
341,7.76
$2,545,803
290,138
a_.
!" *$17,253
$83,801
$1,214,888
depreciation.
395,666
301,877
1,666,751
;i
:.
deficit
Other
/
!
'
___'
$412,919
1,330,915
1.332,177
$451,863
Government
considered
such
subjects
plant
such
or
addi¬
funds
to
On Jam
.
the
profit4
Earnings -per
-
462,500
tal
dividend
will
and
paid.—V.
155,
p.
306.
01. n.iq
Ost. 2°,'33
$7,036,110
$5,218,347
5,022.534
4,794,552
3,054 27,7
2.895.097
2,817,451
2,121,878.
1,847,623
1,360,835
$1,546,570
$1,244,247
$362,415
53,065
50,397
41,070
$2,275,743
$l,5"Vf>.P35
$1,2-4 c44
$1,009,485
1,012,127
520,171
275,167
*186,273
$1,264.2*6
$1,079,4'-4
$1,0*7,478
$817,211
300,625
263,625
$894,216
$778,839
$755,853
$2.73
$2.33
370,000
share
shares
stock
(par
"Includes
245,125
$572,036'
on
capi¬
$1)—-
$38,879 surtax
on
Balance
.
covered bv
;
undistributed
Sheet,
Nov.
peeoimta
$984,6*^0;
<•«>
qq
$1.76
realized taxable profit.
1..1941
receivofcle
for
installment
poles
lease contracts,
$6,855,4^5; merzhandre inven'-urios,
592; miscellaneous loans and ae^ounbs receivable. (net), $45,2^2; fixed
assets (net), $34.°5ft; c«sh on deposit in closed bank
(less reserve of$8,865,921.
n°nttr.sold.
$150,000:
ou,,v',",t
maturities
five-year note payable, $50,000; accounts payable, $"'87,948; accrued
bonn-""
$v*l,619;„, accr^od- Hx«< • $553,flve-ve«»r note pavable,"
$137,500; reserve for Federal b>"ome end exc°ss nro'lts
rn
unrealized taxable income,
$2,067,480; capital stock
paid-in
•
surnUis/$250,000;
$1 235.243;
154,
p.
surp'us
earned
at
surplus,
•,«4'a
**
$1).
total,
$452,500;^
ad¬
Ip*
$8,865,929.—••
1728.
Iowa City Light & Power Co.—To Be
See
$94,509
fn"r
or^^izati^u
$3,040,241;
United
under
Light &
Power
Co.—V.
95,
p.
Merged—
752.
■
1,552,222
$1,457,713
T^e
Automatics, Inc.—Initial Dividend—
directovs
on
The
have
declared an
'nit'"! divi^e^d of
25
ce^ts
the capital stock, pavable Feh. 28 to holdei of record 'eh.
company
is
a
manufacturer
of
firearms.—V.
152,
p.
r»r
20.^
3971.
19.
£942, the plan for the reorganization, prepared and •filed
Murphv, trustee, was approved by the Ur 8. District Court
Eastern
by
such
$2,139,348
136,995
(net).-—
/
154, p. .751.
District
of
By order of the ;court
writing
of
amount
Nov. 2.'40
surplus
Johnson
$218,076
the
$8,453,109
paid
Balance,
'
by John E,
not
of
I
1.
income
Dividends
$1,480,403
1,385,894
-
Approved—
Net profit before Fed/a:
share
for
were
cost
interest
and
expenses/,;/£/_
Operating
V.
$272,885
funds
the
Bankers
accrued
of
chgs.
charges
supply, smokeless. D^wder*. the
necessary
plant additions were
and
of
may
Equipment Co., Inc.—E^rnin^s—
Liobilitiss—CammefW
Dec.
that
declared
$5,000), $2,000; total,
Ended
■.
1326,147
T
etc.
"Deficit.—V.
to
certain
company.
Income
taxes
before>fix.
Net
notified
Expenses
justed),
■
be
sales, less returns $10,879,413
of goods
Cost
757~590
504,432
-Hupp Motor Car Corp.—Reorganization Plan—
contract
a
-
Deple.
1940.
construct
the
income
in
Fed.!
no
Balance
ordinary and extraordinary repairs, maintenance of plants, accidents,
depreciation,
taxes, - etc.
(-Includes/capital
stock
taxes,
tAverage
number
of
shares
outstanding.
§Ineluding subsidiaries in Canada,
England and Holland.
(Includes $10,012,005 U. S. excess profits tax
In
'
1\
income!
Fixed
4
-
/
1,316,710
office
with
Co.,
Bank
Exchange Commission has approved payment, out
the quarterly dividend of 87 V2 cents ner share
Years Ended—Nov. 1,'41
Gross
1,711,575
13,636,948
$18,427,285 $16,803,631 $15,273,413 $14,225,972
«out-
par)1,316.710/:
Consolidated
Y'v-
'
'..Net
,
"
I 1941—3Mos.:—1940
revenues"•; 1 ji-p-JL-,?'.' $599,032
-$693,620
Net
($1.50)
*
of
dividends heretofore
$7,653,282 $11,105,518
.
Taxes
Surplus
Previous
the
the
tbev
charged to capital surplus and that the amount of such dividend
charged shall be restored to capital surplus from the first avui'ab'e
earnings after Dec. 31, 1938. a'ter providing for 1939. 1940 and 1941
Hudson Coal Co. (& Subs.)—Earnings-—
;
$3,089,01T'
524,928
at
price,
Trust
at
that
so
t532,199 1
$5,324,992
Bankers
holder,
be
115.710
—
t
Net
payment
redemption
the
advised
1596.
p.
and
surplus,
Assetv—Cash,
all
earns,
full
at
of the
are
the $3.50 prior preferred stock of this
corporation, payab'e Feb. 1,
1942, to holders of record at the close of business Jan. 20, 1942.
v
4
Concurrently with the receipt of the dividend the prior nreferred
1.634
Reserves..
'
§1939
be made
immediate
the
-./
accrued
Interest
Deferred
*1941
„
:
154,
$7,653,282 $11,105,518
,
Net .sales..of, goods
service
on,
on
5.464
250,667
:
supplies.....•
Capital stock, $10 (1940—$100)
I,ong-term debt-
24,
Consolidated. Income Account for. Calendar-Years
*
redemption
v
272,579
,
Prepayments
Unamortized/debt
:/
on
I
Inc.—Annual
for
receive
.'.-1940
' 1.002
::
Liabilities—
28.
Payment will
Interstate Home
1941
.
per
for
International Utilities Corp.—Dividend
31-
■;
...
receivable
Receivables
its
totaled
./,/;
Hercules Powder Co.,
•'•V'rtl.v
as-
Sept.
.1596.
p.
of
stock, payable Feb. 2 to holders of record Jan.
distributions
Aug.
dividend
a
drawn
fund moneys, $419,500 of refunding
6%.. gold bonds, series A. due March. 1. 1955,
fund
bonds
and
1.—V.
The Securities
;
declared
trustee,, has
as
Y. City, or, at the option
Montreal,-.Canada-.
Holders
stockholders
liability for Federal income taxes.
"x-
■
.
11-389
investments
Total
the
Co.,
of -sinking
N.
their
Co.
March
out
interest/
St.,
present
Trust
160,405
44.820
r*1
/-The
and
Wall
Montreal,
to
$495,311:
"
695
Cash
and
Helena Rubinstein, Inc.-^25-Cent Dividend—
v-
105
of capital
11,582 *
1,963"
$195,737
company has
Assets—•y.
31,
of
11.577V-:'
4
-
income;
Other
earnings for
the purposes of
quarter ended Dec. 31, 1941, and
the
Net
2.125
;;r;,
debt exps._
the;; Special deposits
charges
all
sinking
Property, plant and equipment, inch intangibles/. $7,186,084
$10,692 352
:
to
at tthe. same
of
'
-
company's earnings for those
including provi ion for Federal
$3,330,091
1,612,456
$145,128$723,216
38,891
117,256
i26,464
Comparative
taxes.;',
subsidiaries fori
Federal
mortgage
•of
to
equip, notes
Note—The
for Federal income
are
on
Amortiz.
per share_^_.a
$0.19
$0.19">
y; $0.41
$0.20
"After ,prov.'ding -for foreign
exchange. .losses .and depreciation, and
including dividends received from Best Foods, Inc. *;'• .■:.
'■.
note
Co.-
1,500,000 ">: 1,504,100
Earnings
,
collate
.v.
$237,862
bonds—..:./
on
on
G.-H.
•
60,362
income
Interest
.
$337,795
.
132,845
Int.
profit
Shares of
1941—3 Mos.—1940
-. 'a
...............
Federal tax
-
Trust
1942,
16
490,798
Bankers
March. 1,
at
1941—12 Mos.—1940
$1,041,500
Depreciation
(& 4^ubs.)— Earnings—
The
Trust
.
com¬
155; p'399.
vHecker Products Corp,
797. "'V
p.
1941—3 Mos.—1940
,
H
-
154,
Co.—Earnings—
Edmond
•
&
-; Co., 30 Broad
St.,. New York, N. Y.—V.
•"
Hart,
all
creditors
Michigan,
acceptance
and
Southern
of
stockholders
the
Division.
plan
affected
may
by the
Investment
The
be
filed
plan
on
in
with
or
$16.24
Co.
npf, ..-""at
securities
per
of
T)°r
owr^
share.
This
America
«"»riTnnn
valued
at
compares
(Del.)—Annual Report—
Fhora
outstanding at D?c. 31,
market
with
a
prices
net
at
asset
that,
value,
datp,
1941,.
was
similarly
Lincoln National Life Insurance
and with $18.59
1941,
of $17.43 per share at June 30,
at Dec. 31, 1940.
percentage of decline during the year
computed,
The
\
——
income taxes——.
for Federal
77,136
$148,171
$183,902
$141,971
Sheet
Assets—Cash
cost,
accumulated
all
out
$1.19
of
Inc.—Accumulated Dividend—
share
for Calendar Years
Consolidated income Account
sales
Cost
of
Interest
operating
and
caarges
expenses——-—
———
charges, tnet)———__
Miscellaneous
Depreciation
amortization—
and
—
income
For
t,.
.
t 'Preliminary.
"
Assets—
Cash
;
,
.
Reserve
Reserve
receivable
Merchandise
$758,067
$306,428
"
210.000
Fixed
etc.-
—
life
value
surrender
assets
i;.:
——
insurance-—
security' deposit
Managers'
'v-j-
taxes
Managers'
Notes
mortgages—i-v-—--
1-19,000
475,000
$8
stock
preferred,
stock
Common
Cost
3,209,750
109,400
201,681
97,495.
par)
Capital
surplus
—,
Ea rned
surplus
n—k.
*
684,
—1
PreliminaryV.
Harold
Edgerton, formerly general
G
Clark. Richard
154, p. 1379.
—V.
been
Co.. has
wood-Elliott-Fisher
Frary fc
sales——
of
Miscellaneous
Total
t
Shares
(no
'?■ 3,193,400
i92
118.550
201,508
:
100.584
v
484,028
.
..
of.
$7,267,541
$6,421,195
announced on Jan. 23.
Div.
5. May 5,
Aug. 5 and Nov. 5,
This compare:; with 10 cents per share paid each quarter
15, 1941, to and including Nov. 15, 1941; 15 cents each on
and Nov. 15, 1940. and 25 cents in preceding- quarters.
In.
Feb.'
Aug.
15
be
may
foreign funds as
*
.
MadisoLLSquarc Garden:Corp;— 25-Qent
paid on Dec. 15, 1941.
dividends of $1.75
the preferred stock, nayable T.Iarch 15. June 15, Sept. 15
to holders of record March 5, June 5, Sept, 5 and Dec. 5,
share on
per
and Dec.
15,
al"o declared four regular- quarterly
respectively.—V.
152,
p.
988.
•
$7,987,743
tc4l
>'
"
:^«:'558,113-»^4i297,761
•
,
.
319,046
December—•'
Net
ry.
oper.
From
Jan.
948.597- '* '> 968.765
yi. Net
-
of
results
figured
the-
at
exchange
average
companies included
rates, except as .to . the <•. *.
subsidiary
foreign
the
Net
from
Net
ry.
—V.
oper.
155,
p.
—
„
income
363.
income
Deduct; (rtls. int.
19414s, an,amount,
•..
Net
Net
From Jan.. .1—'
Net
from
Net
ry.
■.'
25,229.208
6,451,394
26.839 398
income—"" '
155, p.
767,881
53. |4*W. "
*71,739
*135,701
25.558 213
6.387,722
258,095
23.307,691
757,887
.
revenue_>___
Other
from
rev.
from
The
1941,
47.479,837
45 358.987
41.230 143
Net
14,256.252
12.566 741
9.715,941
Taxes
10,093,506
6,883,261
7,149,326
3,906,449
corporation purchased from Phoenix
100,0C0 shares of the common
the
national
Securities Corp. on Sept. 12,
stock of the Auto Car Co.,
emergency.
p.
oper.
manufactures and processes parts
798.
Int.
T^e
its
companv
10-year
Co.—Debentures Called—
plus
r"~
p.
6,864
arn-m.
3613.
86,068
84,154
,
iricome'iiii^
income,-
9,664,863
:
,1,427,024
on
loss
$125,301
79,796
$1,779,506
$1,464,584
1,016,357
962,814
$95(999
$45,505
$763,148
A5^C.'
,
to P.
debt-
&
1,233
177
$504 231
786,200
798,981
12,269
*
-
,
Sheet, Dec.
Road
and
Materials
Other
1,272
tL
pr0perty
jpas
,,
Total
Fed.
71.767
taxes——114,654 1, 150.512
——;
^501,794
277,21f
-
Preferred
Funded
stock
($100
debt
par)—
—4 15,859.130
and wages payable—
- •
814 755
Audited
accounts
Matured
interest
Accrued
interest
Tax
$50,509,7.59 $50,020,870
■>■■.
—$2 000,000
8.954,400
Liabilities—'
:
'
;
:
——
•
—;
liability
-
current
liabilities-
depreciation
;•
tokens
credits—
Corporate
surplus
-
—
——.
,
•
-
>.-■
Balance
(Loss.
reserve
Patents
-———
(less res. for amortization)
Accounts
Accrued
liabilities
626
Pcerve
for
;
101.428
—
1 059,237
Liabilities—
payable
Contract
——
—
■
t$8,532
:•>
1940 >
$1,415,379
76,215 i..
317,545
889,349
33,038
15,326
191,632
$2,713,813
:
....
.4
.
1
—
$372,948
<
$119,746
f
Federal
287,348
taxes———.
& State
(non-current)
Adv. pevs. ree'd on uncompleted contract——
5-yr. 5% 1st mtge. conv. bonds
—
Reserve frr contingencies
I,——;—i-*—^
"CanP/l stock
—
payable
Surplus
Total.
,
_
840
.
913,959
$4,016,690
'
181,682
20,119,566
V
$1,525,845
826,390
525,776
—_u——
—
:>
.
1941
equip, less reserves
151
.
••
Inventories
148,184
1 647
$50,509,759 $50,020,870
1941 and $26,292 in
57,640
$204,362
722.005
1940 deposited as collateral
for an indemnity bond with the Huntington J,and f>. Improvement Co.
(Represented by 200,000 no par shares.—V. 155, p. 53.
♦Includes $26,425 in
89,775
$254,220
Sheet Nov.. 30
521
t$7,542
831
617
Assets—•,* r;
Prepaid expenses
98,293
t$8,062
1,625
Cash
receivable, less
349,296
$264,807
3,136 >.;,■> 3,597
,
'
$90,231
:
,.$266,431,
$14,317 Federal excess profits tax.
■
r
289
.
415
*29,637
taxes
,
$347,748
.
2,299
—
Total
•
.
$22,539
193 517
807,087
377,979
86
1938
$614,103
>•■■■■■.
■
$54,390
,
—
income
♦Includes
•
16,270,05?
674
—
(net)
463,01?
95,312.
-
—
.
inc.
\
737,627
paid-.«c-.—
State
■'
<-i
y;
611,550
141,950
21,030.411
—
——
8,954,400
■\
-i
T'¬ 7 $54,804 > $347,459
profit
Prop, bldgs.
$2,000,000
&
.'.V
income
Accounts
Total
1940
$725,438
—-
deduc.
&
Net
sales
of
—
:.v>> 1939
1941
$792,431
•
income
Interest
unadjusted debits————-
Unredeemed
amount
1948, at
cost
Operating
543.15?
67,413
139, p.
——
expenses
1,160.68?
92,281
623.822 ;
-
Prepaid insurance and
Other
sales
Income
supplies_^^w-—---—-———v
a new corporation at a forclosure sale,
estimated value of more than $1,000.0^0. The
a contract for use
of half of the elevator's
2368.
has
3 Mos. Ended Nov. 30—
Net
1940
1,621,825
64,816
an
Government
S.
Martin-Parry Corp.—Earnings—
equipment—$47,515,435 $47,725,256
and
,
Justice
Tke
$307,019
-$23,0911
1941
assets
1;
eents.-V- 'lSS-
usual quarterly of 25
continued in oneration under George A. Keller
Justice- Hinkley in 1940:,il.-'Xwill require thorough study and a
time. Charles P. Penney, attorney
for a group of bondholders, opposed any plan giving control tempo¬
rarily or permanently to the Marine Elevator, its stockholders or
former management.
A plan presented by Adrian Block, tis attorney
for the Marine Elevator Co. and a group of bondholders, proposes that
31
notes and accounts receivable
Loans,
of
Hinkley said the plans
decision cannot be given for some
^
♦Profit.
Balance
•.
25
appointed-bv
receiver
as
•
other
•> $28,639, ;
>- *$30,898
Dividend—
regular quarterly dividend of
the
declared
Court Justice Alonzo G. Hinkley after a hearing Jan. 21
on
two plans for reorganization of the company.
The Marine Trust Co., as trustee for the bondholders, has a pending
action
to
foreclose
a
trust mortgage securing a bond issue.
The
Total
$764,381
■*
L.^
> t2,462
$45,682
,
$1,249,082,, $439,167:
decision
reserved
$501,769
y
65,1431* >w-»74,321
$96,044
debt;
fnded
$131,729
$12.556,47L.property be bid in by
85,745
$181,743
Assets—
Other
interest from April 1, 1938. to March 1, 1942, at tve rate of
all mte-ct previously paid or provid"-* thereon.
The debentures called bv lot w'll be redeemed on March 1. 1942. at the
Cent*-"1 Hanover Bank & Trust Co., 70 Broadway, N. Y. City.—V. 147,
par
,
,
called for redemption $575,000 principal
cumulative income debe-»t"res d'e April J.
has
5%
revenue—^...
unfunded
on
Net
Other
-
Lincoln Mortgage
Mos.—1940
124,972A:) ;.,..12I,114i:.„.,l,454,123
income
Accrued
of
&;'423;.
>
$162,072
4
Elevator company has
;
;*
Depreciation
tCommon
and equipment for aircraft.
This includes struts, propeller hubs, gear boxes, fuel pumps, vacuum
cylinders
and other plane materials.
The company states that the
Grumman Aircraft Engineering Corp. is by far its most important cus¬
tomer. Grumman having accounted for approximately three-nuarters of
Liberty's business during the fiscal year ended Nov. 30, 1941.—V. 154,
Libertv
.
177,472
Supreme
*217,965
$1,093,438 $13,144,881 $12,469,248
50
? 1,025
1,155
$1,186,986
15
112,932
*
fi'j■„; 4-;.1y v'fitevator Co., Buffalo—Court, Defers Ruling qr
Marine
5,465.033
rail &
other
Operating
5' %
S2,426,738
1.987,571
26,426
$309,201
the common stock, payable March 2 to holders
An extra of 40 cents 'was paid on 4b is issue on Dec.
lOi
capacity.—V.
of the outstanding common stock.
This subsidiary
company, which has been a major motor truck manufacturer, is now
manufacturing scout cars, personnel cars and heavy duty trucks and
tractors
for the Government.
The registration statement says the
work of this subsidiary is increasingly t"rning to war materials, while
their commercial output will undoubtedly decrease during the period
of
transp.:'..
♦Cash
some
$3,154,027
1,904,947
39,146
Reorganization Plans—
•
Operating revenue—$1,193,424 ,$1,100,352 $13,230,060
Operating
expenses—,, .> 886,708^- 853,937?.« „9,996,431
registration statement with the SEC
covering 60 000 shares of cumulative convertible preferred stock (no
par), and 120,000 shares ($1 par) common stock.
•,
The common shares will be reserved for issuance upon exercise of
conversion
rights with respect to the preferred stock... The under¬
writing group will be headed by E. H, Rollins & Sons, Inc., and other
members of this group, together with the offering price per unit will
comprising
€orp|—Earnin^s^:>• r,v
31-^*194i-^Month--i940^ti941—12
Passenger
18 087.327
announced later.
$1,966,206
460,532
share on
last in addiUon to the
341215
404,816 ';
" '
•
Period Ended Dec.
Gross
be
$2,702,482
>, 451,547
{$275,004
etc.J;;;;;,'
directors' have
per
record Feb.
$1,874;503> :$ 1.895.814
Los^Angeles-Ry.
472,311
a
v
$232,775
Manhattan Shirt €o»—Regular
-
...
railway—' 7,054,826
oper.
"Deficit.—V.
56.750.722
filed
,275,367 ^•>> 223,324
lCr3,566
r
1938
1941.
1940
1941.,.,,-.;,.-.,,1940>«•->;•-1939
.......
from- railway.—
Gross
Non-operating
has
$3,312,014 ,«w
1,006,623 v
v103,861 -i -
•
222,272
30,602
j;:
cents
railway_-to^ ;$2,131.319, ,$2,025,401
from railwayw-^^H. ;
429,253
444,004
3,921
ry.. oper. income—*7.965
Interest
corporation
:
15,193
14,104
$235,858
■'Net 'income
n
from
Corp.—Plans Stock Issues—
The
>>
Total
The
$3,973,940
1,280.599
820,918
Liberty Aircraft Products
,
,
is based,on. the dollar..,
the provision for taxes for the year
coach opers.
1—
railway
railway
V
income-
ry. oper.
Other income
Long Island RR.—Earnings—
$3,969,475
1,271,834
816,506
1.209.783
:28,922
Equip: rents^-dr;. Z 'is W'W'ifc- \
Joint ;fae< rents—dr»-ii
^Hlc^iarobhirge^ direetly .^d'boks .br d^
provision^ for doubtful accounts and contin-
$410,609;; $4,444,957
100,798 .'1,244,836
$294,077
Not- -oper. revenues— ;w.
Taxes
stock
1941—12.Mos.—1940 K
,
$1,111,029 $14,726,458 $12,157,074
700,420 10,281,501 ■ 8,845,060
Operating revenuos-x.^
$1,258,487
Operating expenses974,410
'
$4,327,978
1,670 822
696,105
$4,828,2-3
income
from
Gross
—
railway-
from
Net
railway-,
from
dross
4941-Month—1940
End: Dec. 3L—
Period
.
n
$3,529,342, representing est'mated Federal income and excess profits
taxes as compared with $1,015,000 for the year 1940.—V .154, p. 1302.
Gross
j.
;
^50l;5R9—a653^3^^2v46a275-^2,605,188
9481597- i> v9G8)765"A «
in
•
the ^
'
53.
p.
''
1938
1939
1940
Dividend—
dividend of 25 cents per share on
value; payable Feb. 127 to holders of record •
Feb.
during 1941 were as follows:,Feb. 28. 25 cents; May 21, 35 cents; Aug. 29 and Nov. 28, 25 cents each.—V. 155,
ex-
(Including
are
Rev.
Lehigh Valley RR.—Earnings—
have. declared a
stock,-no par
13.
Distributions
common
„
addition, an extra of 10 cents per share was
The directors
31.—V. 155,
The fiscal year ends on Jan.
^Beptenriber and December.
of
superintendent of the Undergo
dividends in the fut«re," the com¬
said, "it simply means that since the dividend of 50 cents previ-.
1 has been postponed one month;i it was thought' :;t
fair to recompense the stockholders by the 17 cents special dividend,
which -is approximately cfne-twelfth" «f the^dividends heretofore paid;. ,
annually."
:
;-v
A',.5j v :■
■':?
■The company had been paying 50 cents quarterly in.March. June,, ...
ously paid .on March
gencies).
above
,
pany
,
par)
Included
Works Mgr.—
'>Vv■■ ">
:;j action to be regarded as a precedent.
"With respect to the declaration of
$1,936,245
"Other than the taxes
accounts.
.
special dividend is not an extra distribution and does not repre-,
in the dividends paid heretofore annually, nor is such
The
;
timings,^,per.'.shai:eA»i.^^';t-'^$1.24«"-r^,VH';^l.-2L's>^r^,$4.30:''^''i;-*'*: $3.57-
':
Lie.—Changes Dividend Dates—,
special
a
nounced—''
.
<
capital
tax, 8fC;^"l;268,762
com.
,
1. This year, for reasons fry.
date of payment has been. - ^
postponed for" approximately* one month, it was stated.. Accordingly,* *
subject to the decision of the directors in the light of then- existing
,
circumstances, it is contemplated that hereafter the schedule for divi¬
dends will be July,
October, January and April, the company an-
l_i^-_'-_i^lvl73;39&^l,169i«nh'>-$4t08lV753.'-. $3,457,293
profit
total,. $9,741,597.
sent an increase
••;,-i_^,^?«::475,013.^Cr85,279:*^-787,446-
charges
Net
preferred
shares),
contingencies, $350,000;
common
(200,000 no" par
by the company for several years on March
deemed advantageous to the company, the
$.2,990,452 $2,207,882 $ 11.191,193 $7,706.353;
128,307—' 87,605'
'436,541 ?V 281,391
-
depletion ; ,——
1Misc.
payable,
profits taxes, $2,229,135;
for social security and
28 declared a dividend of , 50 cents per share
dividend of 17 cents per share on the common stock,
no
par value,
both payable April 6 to holders of record March 13.
The dividend of 50 cents is in lieu of the dividend in that amount paid >
- 1,606,216
depreciaUon^^s-f.^^^^y^>
for
and
;
.
„
$318,113; preferred dividends
$523,800;
shares),
(R. II.) Macy & . Co.#
32,069
quarterly dividends of 25 cents per
F"b. 16, May 15, Aug. 15 and
holders of record Feb.
1942, to
16,
$2,547,691
vV-y 611,446
$3,118,758^ $2,295,487 $11,627,734
income,
profits,
cess
-550,000.
respectively.
from
*
-
income.,
stk. & franch.
140.000
:
;
payable
common..stock,
the
on
bonds, $433,773; U. S. Treas--
$8,384,201
r
income
for
Prov,
102.430
St. Louis—Larger'Common
declared four
directors have
The
shore
Nov.
1941
The directors on Jan.-
ekp;^^93M20.3%i>88M^^:9i94ev2a?>rv''2,904,203:<
adm.
and
December—
Landis Machine Co.,
$1.75
?,
(5,238
and
appointed works manager of Landers,
White, President,
L.
$4,447,752
$3.33
patents,
,
$83,819; reserve for
other taxes.
1941—3 Mos.—1940 --• 1941—12 Mos.—1940
$6,554,084 $30,782,097 $22,674,274
4,455,623 '" 3,457,861 -16,544,637
12,063,718
r
.
—
Operating profit—,
3
1631.
154, p.
>757,564
$4,041,762
provisions for deprecation and depletion which
value of fixed assets at the time of acquisition.
Landers, Frary & Clark Co.—New
500,000
736,370
.Wvl, 180,617
234,000
taxes_
account of such
on
reserve
Notes—The
Total "a—__—a_
$4,777,279
$4.01
Sheet, Dec. 31,
•
The directors
> 225,000
—.
($1
to
—
Selling
-320.479
32,283
prior preferred stock-
$5
$5,206,759
stock.
Liabilities—Accounts payable,
and to year-end
Period End. Dec. 31—
Sales
798,148
673,481
payable
Reserves
» •
•151(057
414,201 >
security deposits (contra)—
banks
(long-terr.i)
for contingencies——
——a—
estate
Real
34,047
250,000
$2,321,168;-deferred and miscellaneous assets,
trade marks, copyrights, etc, $1; total,
(net),
etc.
$9,741,597.
Lone Star Cement Corp. -(&• Subsv)-t--Earnings^ ^'« --
$375,000
$575,000 V.
.income—a—
on
"Subject
"Prov.
l:ab.Uties^_j.-I
miscellaneous
34,047
350,000
$8,512; reserve for Federal income and excess
reserve
for real estate tax, $21,460;
reserve
$3,805,2§5
1,000,000
v
♦Company's share net- profit after taxesii.^ $2,627,-145
per share of com, stk. <&fter .deduct.
.pref.-■ divs.)■■...
$1.4S
$6,421,196«
$7,267,541
payable—banks
(currently)—
payable-r-trade
t—______
Federal
equipment,
$154,552;. goodwill,
•Earns,
;....
Accounts
and
34,047
400,000
notes—tax series B—1943, $1,600,000; other marketable securities,
accrued interest, $3,767; accounts receivable (net), $1,024,724;
inventories, $3,425,564; other assets, $10,500; land, buildings, machinery,
,
pref, .div,-,>$5,7:78,132
"Company's share profit before Fed.
for Fed. income taxes-.
Reserve for excess profits taxes—
1,388,902
>-> 3;v.
goodwill—
—
Accrued
144,903
V 232,165
' • 32,069
1,429,942
(net)
Total-
Notes
222,473
'32.283 •
Lasts, patents, dies, trademarks and
$4,731,799
$759,482; U. S. Treasury
Assets—Cash,
>
1940
$565,498
117,865
3,939,791
257,324
-(contra)
L-'abilities—
\
depreciation
for
restricted,
4,369,094
——————
Prepaid expenses,
Cash
,
—
$5,161,326
r.,.,
15,000
*1941
: > $597,680;
358,742
,r
(net)
4,018
$5,640,806
ury
Nov. 20,'41 Nov. 21, *40
.
Company's share oper. prof, after, .sub.
for contingencies—-——
——
—
Accounts
31
share on com.
Dec.
per
Balance
-County,;Fla;—^.; 135,
Loew's, Inc.—Earnings—
92,000
Consolidated Balance Sheet, Dec. 31.., \
\
.
r.
$384,512
4,343,269
13,715
.
$1,000,000; surplus, $5,206,759;
Gulf .RRi-r-tAbandonmenW
Reserve
—
$699,859
4,447,752
26,581
dividends
Earnings
the ;
stock
12 Weeks Ended—
43,174
32,595
:409,000
————
income—,—.
net
$836,946
4,777,279
_———_—
surplus
Surplus,
'1
,
of 20 cents per share on
'
Live Oak, Perry •&
280,554
$533,067 >$306,428
tBefore appropriation for contingencies. >
of
Total
Thp ICC on Jan. 16 issued a certificate -permitting abandonment
by the company of a line of-railroad; extending Trom a point west
of Perry to the end of the track at Scanlon, approximately 18 miles,
272,660
inventory price
Balance
year
350,000
_j._
Preferred dividends
Common
1530.
p.
14,871,822
decline—
restoration of manufacturing fac.lities-
future
154,
In Taylor
Appropration for contingencies:
For
1940
$94,431
$1.26
Liquid Carbonic Corp.—New Pref. Issue— ;> .,>>>>>•>>
will be
asked as a special meeting next month to
approve the proposal to offer a new issue of 30,000 shares ($100 par)
preferred stock, i. It is expected that proceeds from this financing
will be used for general d^rporate purposes, including expansion of
plant facilities, and may wused in part to pay off some of the out¬
standing bank loans, which stood at $3,150,000 on last Sept. 30.—-
18,550,004
45,193
39,069
(
Prov. for Fed. income and excess profit taxes—
tNet
65,205
.
,
have declared a dividend
Stockholders
■ n941 >;
194o
$20,073,993 $15,b26,573
—-
sales
*1941
$111,779
$1.57
of record Feb. 7. Last year
the company made distributions as follows:.
Feb. 17, 15 cents, and on
May 15, Aug. 18 and Nov. 24, 20 cents each.—V*,l£4, P. 908.
v .
V.
of record Feb. 11.
On Dec. 30, last, a
was made on this issue, wmch wiped
dividends due through Dec; 31, 1940..per
."v"'":''■■■■Met
taxes other
income tax,
holders
to
25
Feb.
distribution
for
Profit
stock, payable Feb. 20 to holders
common
declared a quarterly dividend of $1.25 per
of accumulations on the $5 prior preferred stock,
account
on
payable
,
$449,717
450,073
Surplus balance, Jan. 1—„—
Miscellaneous credit adjustments-
28
Jan.
on
*
.
—
Dividend—
20-Cent
capital stock ($1 par),
surplus, $1,843,010; total,
>>'.f >
••0
reserve
for contingencies, $20,000;
capital surplus, $1,993,646; earned
$4,122,001.—V. 155,. p. 306.
>r
$187,138;
(G. R.) Kinney Co.,
;
stock
contingencies
for
Provision
1
Co.—Earnings—
7
.
1940
$1,149,932
2,229,135
$8,066;
$4,651;
share
$0.67
and dividends receivable,
sold, $3,306; investments—•
payable and unclaimed dividends, $2,741; accrued
income taxes, $6,779; reserve for Federal
The directors
..
depreciation-
after
profit
Federal income tax
-r--
■.
..
.
—,
—
The directors
Federal
than
earnings
"Preliminary.
$0.92
833.
p.
Earnings per share of common
securities purchased, $64,038; other
Liabilities—Accounts payable for
accounts
152,
Calendar Years-—
6,200
interest
$252,109;
banks,
in
accounts receivable for securities
$3,860,637; total, $4,122,001. V .
$5,950;
year.—V.
Lindsay Light & Chemical
1941
31,
Dec.
last
Net
1939
1941
$3,416,081
Years Ended Dec. 31—
each, payable
quarterly dividends of 30 cents
21, and four regular,
2, May 1, Aug. 1 and Nov. 2, all to holders of record Jan. 21.
v.
An extra dividend of 20 cents per share was also paid on- Feb.
1,
Net
common
Balance
at
67,025
$188,402
4,500
pet share on the average number
shares outstanding————...
Equivalent
common
Feb.
1940
$225,308
(-a————uaaaw-..
Balance
Provision
Jan;
.
1941
$255,427
Fed, income taxes
Expenses & taxes other than
of
/.
.
interest income
and
12.6%.
the
on
Statement Years Ended Dec. 31
Income
Dividend
value
in the net asset
of the company's common stock was
share
per
Lunkenheimer Co.—Earnings
Co.—Extra Dividend.
declared an extra dividend of 20 cents per share
stock, par $10, payable Feb. 2 to holders of record
The directors have
share
per
Saturday, January 31, 1942
FINANCIAL CHRONICLE
THE COMMERCIAL &
504
-
—
—
——
-
—
♦Represented by 350,550 no par shares in
242,449
29,846
17A0071
1R~3~900
250,900
38.000
2,262,7^4
841,883
1,432,734
$4,016,690
$2,713,813
492,978-
1941 and 199,550 in 1940.
statements
-Noter-r-The
•
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4040
155
Volume
subsidiaries.—V.
153,
for
include ..the
1941
figures
the
and
consolidated
of
reached
it
"Because
could
Matachewan Consolidated
Mines, Ltd.—Earnings—
1940
50,402
50,003
39,731
$226,904
$231,266
187,021
$218,919
3 Mos. Ended Dec. 31—
of
Tons
milled
ore
metals
from
income
Net
produced
and operating
Development
,
186,984
costs-
.
with
he
in
'account
into
result
the
of
these
today
it
'Stedman
as
"y
;:r'. ■'
?
'
: ■'■/
<^
Estimated
operating
>
profit
$39,920
$44,245
$70,249
2,586
3,932
2,364
$42,503
$48,176
$72,613
7,300
9,000
4,900
revenue
Chief
total
for
profit
taxes—_—
Preferred
Common
1941
Profit
—V.
before
write-offs—
$67,713
$39,176
$35,206
154, p. 908.
-
taxes
First
a
The
','A
11
si
Brooklyn. Real Estate Exchange,
the
at
a.m.
Brooklyn, New York.
.
directors-have
the
on
stock,
common
Jan.
On
15
made
was
the
of
declared
St..
189 Montague
year
-
.
•
,
Jan.
25
'T.
15,
25
cents;
V.
155,
dividends
1941
cents; Feb.
Oct.
15,
Fixed interest
and
Dec.
15,
Net
ry.
Gross
from
Net ry.
$2,406,314
1,041,625
692,137
330,227
621,582
1—
1938
-
preferred stock
$2,267,421
451,438
r
119,896
$2,177,915
464,241
113,766
34,921,770
..9,134,446
3,969,685
*.
•
requirement
Interest
income—_
.
surrender
P.
J.
Pacific
own."
RR,—Alleghany Chairman Outlines
impair
."7
railroad
every
who support the
precedent which
insurance companies
the
bond
Alleghany Corp. is the owner, of $11,152,000 of Missouri Pacific conv.
and holds a controlling interest in the stock of the debtor
'■,,/" >
/7/:77 ■
:
A $7,000,000 Increase in
earnings available for interest—based on
7,1941 earnings—h claimed for the alternative reorganization plan for
.
—V.
$115,000,000
face
"Stedman
.Plan,"
under
°$1,841,452
t$3,573,139
the
1942
7.
Interest
is
payable
at
office
of
amount
1
Name of Issue
1941
in
■'.!
'M,
1
..
'
-
1955-50
5»/4
Indicated
>
amounted
&
1st
—
-
retunding 5%—:
those
of
closes Feb.
^
Indicated
285,500
-
"
one-third
ballot
?
1941.
--
1942
1941
4,670
3,222
2.587
1,547
7,257.
4,769
2,303
1,908
2,764
2,311
5,067
A
4,219
•
839,000
been
..,
Chemical
River
1940
1938
$352,936
$400,575
$369,170
319,380
201,783
251.256
232,632
165,666
75,493
139,817
128,586
5,921.429
3,679,575
4 943,625
2,962,011
1,430,896
'4,155.889
3 440,045
2,091,480
1,989,771
In
to
play
the
time
at
and
"When
to
2.490,851;
1,254,330
81.5%.
agreed,
y.
Warfare
935,507
less
cost
St.'Louis
Service's
and
supervising
than
contracted
we
that
involved.
?
with
supervision of
profit
no
We
hoped
estimates
the
this
should
that
Plant
No.
/
constructing
and
for
contractor,
railroads,
which
we
realize
now
are
of
one
the
industries
to
than
is
the
insurance
control
company
of
railroad
supervising
a
bond
$1,000
2%%
„
alternative
Pacific
first
:
face value
Government
plant
we
accrue
to
loss
'no
for
asked,
the
would be
the
Plait;,,
band
a
entitled
to
contingent interest; $161 face value in
iy*%
a
4%
fixed
interest
$350
four shares of 5%
payment
shares
of
of
$7.00.
face
value
in
4y2%
a
F.
contingent
interest
and
the
Government
for
company
J.
fixed
U.
bond;
r:
In
/
...
S.
support of the tax saving of $7,000,000
feasibility
accrue
is
willing
believe
to
that
Missouri
is
its
upon
meet
jeopardized
its
full
share
claimed
for the
alterna-
Carrol C. Hincks
to
Life
liability
letter
for
taxes
added
which
"Missouri
may
Pacific
the
or
impose
and other mere fortunate
ability to- compete,
requirements."
"The life
of
agency
road's
your
defense
by
The
tax
burden, but we do
judicial body would ark
unnecessarily upon itself taxes which
government
any
Pacific
reorganised
not
consummation."
to
railroads
escape,
thus
the
public,
and
serve
not
the
un-
lessening
to
meet
Companies' Rernonsibility
insurance
companies have a responsibility in this situation
reaches beyond their polinv holders and affects the
public as
whole," Mr. Young declared. "Their voluntary acceptance of a
plan;
which
a
which
can
can
have
"The
the
In
result bvwhat
far-reaching
'Stedman
normal
1941
the
bondholders
tax
Plan*
stood
plan
when
amounts
and
was
at
the
to a confiscation
of private property
damaging effects."
adopted by the committee in
15%.
emerged
and
from
normal
there
the
tax
was
courts
and
G.
for
Court
period,
or
no
for
surtax
excess
time
has
his
submitted
of Utah,
the District
to
report
sixth
Central Division,
time
with
trustee
has
he
attempted
the
About
the
a
to Nov. 29, 1941.
trustee, in order to keep
the
plants
in
that
at
has
all
reported
cooperated.
times
to
the
that
court
In the
first
instance
the company financially by
rehabilitate
to
the
time
group
Meetings
1937,
were
who
Finance
Corporation.
Since
the
a
the
loan
rejection
matter
had
of
been
the
company
it,
handling
was
and it
withdrawn from
was assigned to
presented to the court with a recommendation for
The latest plan contemplates the use of funds which
proval.
tax.
trustee
has
Seattle,
Wash., and
climbed
to
to
the
31%
..1he
who, later in the year,, raised objections to the plan.
held thereafter and a new formula devised which will
when
profits
branch
Jan.
26
($100
to
authorize
par)
order
In
Feb. 9
due
and
March
to the
to
the
be
placed
1,
1949.
the $2i;i08,000
redemption of
repayment
of
the
corporation's
present time amount to $10,750,general funds of the corporation
in the
corporate purposes.
v
*'■.
has been negotiating with a group of investment
Forgan & Co. and Harriman Ripley & Co.,
by Glcre,
convertible
preferred
to
the
155,
90.
p.
/
Stores, Inc.—Final Distribution—
holders of
dated
stock.—V",
May
1,
6V2%
1930,
gold
conv.
Jan.
on
debentures issued
26, said:
under
-
v
6>/a%
debentures issued
by National Family Stores, Inc.
second and' final distribution of $146.48
Payment of such second and final distribution,
bond.
a
will
of
then
be
returned
debentures
63%
has
not
to
which
on
been
paid
secure payment of such
Investors
the
will be made
for
the
at
may,
such
the
time
same
distribution.—V. 133.
Corp.
presenta¬
upon
endorsement.
debenture holders.
first
distribution of
Now
,
and
•!
in
like
3472.
p.
Member
a
The
.
approxi¬
of
Tri-
Group—
investment
companies
member of the Tri-Continental
its stockholders at their annual
a
when
Affiliation, with the Tri-Continental group had' been
proposed by
Y. Presley, President of the National Investors
Corp., who is
retiring to devote his full time to other interests.
"For
many
in
management.
as
its
"It
factors
the
is
by
necessary
such
National
years
stocks
pany'
as
war."
National
Investors has emphasized 'growth com¬
portfolio," said a statement issued by the new
planned to continue this policy tempered in so
recognition of changes that may be
priorities, taxes, and other influences
:
.
Investors
assets valued
at
Corp.
Dec.
.
.
will
bring
occasioned
developing
'
..
to
the
Tri-Continental
a
group
31, last,
at approximately $8,500,000, making the
aggregate investment assets of the companies in the group approxi¬
mately $77,000,000 on the basis of year-end values.
The corporation
a
trustee's
the
of
officials
SEC
for
stock
a board of directors composed of men now
serving as
directors of various companies in. the Tri-Continental
group.
The new
directors
are:
Thurston
P.
Blodgett,
Henry C. Ereck,
Alfred
M.
Ellinger, Bayard F. Pope, Cyril J. C. Quinn, Francis F. Randolph and
Robert V. White.
will become
services to
participant in Union Service Corp., the mutual non-profit
a
organization
increased
29, 1941.
r.eorganizalion
trustee
the
Reconstruction
RFC
new
called
preferred
meeting elected
cover¬
application for a loan, he has suc¬
cessively formulated several plans.
Each plan in its turn seemed to
contain the elements of success, but ultimately was rejected
by one
or
another of the
parties to whom it was submitted.
Early in the
year of
1941 the plan under consideration apparently was approved
bv
most of the creditors of
the company, as well as by the SEC.
the
by
Y.
N.
which
furnishes
National Investors
ated
•
with
investment
Tri-Continental
the
the
group
is the second
research
and
administrative
of companies.
open-end company to become
affili¬
Tri-Continental
group,
the other being Broad Street
these companies the group consists of
Tri-Continental Corp., Selected Industries, Inc., General
Shareholdings
Corp., and Capital Administration Co., Ltd.—V. 155, p. 401.
Investing Corp.
In addition
to
frustrated by
were
which
from
Broad St.,
.
view to the purchase and offering to the
public by them of
and an
initial series of 120,000 shares of pew
a
$1,000
of
group
the
of
plan
11
capital has been postponed to
This corporation on Jan. 29 became
1941,
the
the operating capital of the business was
as of Feb. 28,
1941, to $277,171 as of Nov.
to
a
York,
general
National
by
reorganization. 1 In each instance his expecta¬
circumstances over which he had no control.
Upon his appointment he immediately formulated a
plan of reor¬
ganization, which, pursuant to the suggestion of the court, he sub¬
mitted
to
the principal parties
in interest, as well as to the SEC
file
;
debentures
gold
each
from
presently b«
presentation
had
From
tions
on
11.
May 16
on
'/■■/'
There is thus available
*
manner,
suc¬
.
would
for
Continental
until their
equipment,
$252,737
14.-
Proposed New Financing—
011
debentures,
debentures
headed
notice
mately
working condition, made capital expenditures in the sum of
$26,707.
All of this amount was expended pursuant to court order
first had and obtained.
Notwithstanding these investments in plant
and
of New
quorum.
corporation
Holders
D.
trustee,
•
decision, in which
he said "In these days when tax problems loom
large, I think the
Judge, before approving a plan, should have affirmative assurance that
its
year
-
debentures
Co.—Trustee's Report—
'
tive plan, Alleghany's letter cites the opinion of
Judge
in his recent New York, New Haven & Hartford
City
which Is entirely on account of
principal,
tion of such debentures to
the
trustee
,
Hatch,
the
on
Feb.
,
;*/
tn
Secretary-Treasurer;
Asst.
District
During
'■
w"
Miller,
Eastman
from
•!
Evasion
a
3y2%
indenture
conv.
»
Myers, First Vice-President; Curtiss
F. E. Myers II, Third Vice-President;
A. E. Johnson, Asst. Secretary;
Treasurer.—V. 154, p. 1728.
President;
Myers,
share
Fred
ing period from Feb. 28,
be
No Tax
the ensuing
for
serve
per
record
The Manufacturers Trust
Co., 45 Beaver St., N. Y. City, as trustee,
has received the sum of $3,368.93 in addition to
certain sums previously
received, payable on account of $23,000 principal amount of
far
stock.
1v
of
balance to
new
A
an
elected:
Mutual Creamery
plans;
,
used
'
work
the
involved.
and
substantially the same under both
contingent Interest requirements under the suggested alterna¬
tive plan would amount to $12,800,000 as
against $5,300,000 under the
"Stedman Plan"; but the alternative plan would contain no
preferred
would
to
officers
Kellogg,
G.
good
common
the
150,000 shares of
National Family
This
preferred stock; 2.98 shares of common; and a cash
Fixed interest requirements and the number of
stock
B.
M.
contingent interest
1.6 shares of common stock; and a cash payment of $7.00.
compares with the "Stedman Plan's" $300 face value in a 4%
bond;
and
Ginn, Jr., Second Vice-President;
bond;
interest
the
engineering and
Frentz and F. B. Kellogg. •
-v
after stockholders' meeting the newly elected directors
organized the new board and passed a resolution electing the
were
C.
000;
the
Miller, J. C.
and
cessors
plan
in
W.
following
man¬
suggested by Alleghany, holders of Mis¬
refunding bonds would receive for each $1,000
and
of
additional permanent
cumulative
Immediately
J.
New
Under the
souri
Bank
of
lack
Inc., with
fee less
''
-
ensuing vear, or until their successors were chosen: J. C. Myers, GV D.
Curtiss Ginn, Jr., F. E. Myers, II, W. B. Kellogg, C. D. Leiter,
T.
agements through ownership of stocks which Mr. Stedman prefers."
V
to
Tho
Myers,
met
of
for
•
meeting of the stockholders, held on Jan. 19, a
resolution was adopted fixing the number of directors of the company
at nine and the following directors were elected to serve during the
is
investors
issue
bankers
annual
the
cents
Dec. 16, 1940, and 25 cents each on July 12
154, p. T150.k- a
-»
yv-/
outstanding bank loans, which at the
.
on
(F. E.) Myers & Bros. Co.—Directors—Officers—
At
75
on
special meeting of stockholders
convertible
located-at
1.
for changes in design necessitating minor alterations in
the construction
schedule, the plant was completed and has been
turned over on schedule.
The plant originally contemplated was com¬
pleted for approximately $200,000 less ithan <the; estimate furnished by
=
of
holders
to
is
lot
the
outstanding
industrial community on the banks of .the Mississippi
Louis, lias been turned over to the Army by this
an
3
$500,000
by
of
provide
due
"Allowing
panies which "Mr/ Stedman has involved" in his reorganization plan,
Young—citing their support of an ''obsolete" plan—warned them
that "protection of investment values is obviously more to the interest,
of
1947.
Public offering of an initial series of 120,000 shares of the new
preferred stock- is contemplated together with a new issue of $25,000,000 of 15-year sinking fund debentures to refund the
present 10-year
?
engineering
a
construction
much smaller
a
dividend
a
March
;•.//.
new
from St.
across
company,
Mr.
■
•
a
1,
Aug.
notifying holders of its 10-yeat convertible 3Va%
principal amount of these debentures have
redemption at 102,/a%. on March 1, 1942, for
sinking fund. ./ The bonds will be redeemed at The
that
National
The
a
turning over the plant to the Army, Edgar M. Queeny, President
of Monsanto, on Jan. 28 informed the Monsanto organization:
'
the
"is destined
and
Meeting Postponed
1939
$535,358
In
•
1941
declared
payabie
1940.—V.
corporation
account
'
than the Government's agreement called for.
Commerce Commission
17*
railway-
"railway!
Monsanto, 111.,
our
national defense.
For the first time, the railroad
able to meet its chief competitor on an equal footing."
? :
letter to the presidents and directors of all life insurance com¬
industry
bonds due
City.
Monsanto Chemical Co.—-Turns Plant Over to Army-—
The
85.7%
44^230,000 •
20, last,
19.
drawn
Chase
1941
Net- ry. Oper. income.—
—V. 155, p. 54.
'
|
Returns
97^%
96.8%
: ' 94.6%
5,048,000
9,992,000
•
from
from
have
stock,
-yJ. • The .proceeds ■would be applied
to Total
5,057,000
The Interstate
the automotive industry
vital
most
5%
National Distillers Products'Corpi-^Debentures Called
.
Railroad Prospects Held Improved
,
the
trust
/•,./
Oct.
The
Light & iPower Co.
from
Gross
the nation's economy-because of other uses for steel, oil and
This can only mean an improvement in the competitive posi¬
of
$961,407
1728.
directors
and Aug.
...
tion
229,912
—
_—
$277,000 1st ref. & coll.
p.
common
and
.
rubber.
648,369
31,566... 25,001
Missouri Pacific earned, before -Fed-^y
to
the
War Department.
The fee allowed
by the War
eral taxes, $7,000,000 more than the "average" of $22,000,000 accepted *: Monsanto
by the Con*mJssion in 1937, Mr, Young declared that it might now be 4 .Department to Monsanto to cover cost of supervision exceeded Monsanto's actual cost by an appreciable amount.
Monsanto has returned
proper to allow for the possibility of "a great and unforeseen improvethis sum to the Government."
'----'v
v
ment in
the
future outlook for
railroad transportation."
Declaring
The chemicals to be produced in the plant, according to the Chemical
that over the last two decades the automotive industry—chief com¬
Warfare ..Service's original announcement, are to be used by the service
petitor of the railroads—has been the object of "direct government
in the manufacture' of gas protective equipment I for troops.—V. 154,
subsidy
and of an indirect subsidy through the uncontrolled and
wasteful
p. 1728.
"
'
depletion of the nation's irreplaceable reserves of oil in
.unnecessarily high-powered motors," he said that under a military
-part in
18,030
par)— __Z_„_____
25, last, 50 cents each
1941/
-1942
10,371
from
Net
given issue requires disapproval by more
a
voting.
Pointing ;out that in
economy,
no
The directors have declared a dividend of 50 cents
per share
the common stock, par $1, payable Feb. 25 to holders of record
Feb.
This compares with $1 paid on Nov.
$48.47
to
Acceptances Rejections
■» «
.
Rejection of the plan by
than
"
•
Adj. -1951
MOP
(154,417 shares
National Acme Co.—To Pay 50-Cent Dividend—
.
13,684
railway
railway
Net ry. oper. income,
From Jan. i—
*
for
have
would
i975_—U—$433,500 $15,339,350
5Va 1949_^S^w y759,000
23,832,000
4s'
Convertible
•
20,000
,
*379,760
192.'
p.
Received from ....,;/77/.v7
" connections 7.7
Total
15,230
December—'
stock proposed in the 'J
interest and divi¬
preferred
Earnings., available
plan
new
''
'••MOP General
ION
L
...
_____
151,
the
of
17,882
Northern
under United
Gross
to
"*
-MOP
23,933
—
payable—unsecured
During 1941 the company made the following payments:
March 4 and
May 15, 25 cents each; Aug. 15, 50 cents, and Nov. 15, $1.—V.
155,
Feb. 2, 1942, on Pacific Railroad
gold 4%
bonds, due 1938, on
on
No:
Monongahela Ry.- -Earnings-^"'
Net
Rejections
~
payable—secured—
.
from, operations
The
'•»
Inc., New York, N. Y.
155, p. 363.
See
y
the Missouri Pacific's postcard survey of bondholders'
sentiment on the pending "Stedman Plan", Alleghany's letter listed the
"foliowing ratios of reJectlonstdAccepcances in five Issues;
MOP
10,951
Nashawena Mills—75-Cent Dividend—
3,815,575
Moline-Rock Island Mfg. Co.—To Be
Merged—
against $36.05, under the "Stedman Plan," Alleghany's letter stated.
"
133
510
payable
liabilities
* Includes
H
'
Referring
notes
liabilities
debentures
(jthe Missouri Pacific outlined in Alleghany's letter. This increase re¬
sults from a higher proportion of income bonds and the elimination
as
728
29,903
___—
extended
warrant
Pacific
Intern.-Great
,
,
mortgage
interest
Gulf Coast Lines—
;V:v7-•■>■■■-70;
■
of
No. of Cars—
bonds,
the
$53,002
servicing of equipment sold
installment
certificates
—V.
Pacific RR. of Missouri Bonds—
1%%. will be paid
first
Morgan & Co.,
Missouri
1
dends
balances
certificates
Deficit
7.';/•
77./-777/::
Loaded locally
io. 50,000 Missouri
.eventually
pending
$961,407'
1
Trustee
Deferred
$2,201,911
1,959,475
Loadings Jan. 24th Week—
survey; and warned life insurance companies
"Stedman Plan" or reorganization against setting "a
of
13,003
5,330,340
—
!
common
on
of
Missouri
158.
letter
company.
1,347
440,284
"■>
Trustee
/•:
tDeficit.
Interest
27,857,730
5,453,749
- - 865,737
28,170,695
5,849,865
' 1,284,208
27,892,594
6,488,984
1,937,991
carcl
will
dividend
by
...
<
credit
for
Accrued
,
$7,532,251
preferred stock dividend requirement.—
"Surplus,
Plan"; revealed that System bondholders In five major issues were voting, four-to-one against the "Stedman Plan" in the company's post-
*
Reserve
7,286,804
$14,728,134
12,886,682
for
'
Pacific system bondholders, Robert R.
Young, chairman of Alleghany Corp., on Jan. 28 outlined
a
new
reorganization plan for the road, alternative to the pending "Stedman
i!
7,583,775
—
Available
of
railway
Missouri
1&1
—
$1,841,452
Prior
New Reorganization Plan—
"Vlira
4,914,969
withheld
portion.
payable
Total
-
railway
oper.
1939
> '
$3,284,015
income
"—V. 155, p.
—"1940
1941
/\/7
oper.
Jan.
from
Net
4,311,664
1,219
funds
reserve
$242,436
from
From
9,265,976
cents.—
50
of
extra
an
Accounts
dividends—— $22,311,909 $14,819,055
Contingent interest
paid as follows on the common stock:
25 cents extra; April 15, 15 cents; July 15,
cents,
railway
Net from railway
..
funds
2,376,427
54.
p.
".'December—
Gross
7-—"t
dealers
property (net)
discount and expense____;
bond
Capital stock
Second
.
and capital
L
bonds
and
and
13,891
/
Equipment
taxes
192
19,869
charges____
(issued by purchasing agents for milk and cream).
(issued by office clerks for minor expense items)—
Estimated
1941
deferred
stock
Liabilities—
J $36.05
y
3,039
2,593
238,426
Total
Drafts
1941
*'
«
''
151,841
Goodwill, trademarks, etc.—31,240
Customers
Missouri-Kansas- Texas RR.—Earnings—
.
none
were
24,
35
.80
2.02
of 20 cents per share
*
During
none issued
i
tnet)
Assets—Operating
Drafts
Available for interest and
Feb. 14 to holders of record Feb. 6.
a distribution of 60 cents per share
payable
current
this issue. °
on
Fixed
Earnings Compared in Both Plans
Earnings before Federal taxesi———
$29,000,000 $29,000,000
Sinking
dividend
extra
an
7.50
"7. $48.47
Allocation of
Midwest Piping & Supply Co., Inc.—Extra Dividend—
The
*
;■ Total.....—
"
>t
•
15.75
$44,458
receivable
company—deferred
/ Unamortized
$12.00
.
and
contracts
finance
located
equipment of the corporation,
and
Investments in
Sales
33.95
notes
fund—proceeds from sale of real estate...
1,367,564
issued
1941
deposit with bond trustee_____
5,330,340
$12.50
29,
_J__
expenses
5,775,050
—^
___,
trust
9,235,976
and
(net)
none
_________none
preferred
on
Cash
Prepaid
Refunding Bond Would Have Eearned in 1941
for'common
accounts
1,469,408
2,376,427
__
Nov.
banks
funds withheld by finance co.—current portion
contracts
;
Cash
$7,286,804
in
and
res.
12,886,682
—
shares
interest
preferred
Available
at 95 Dobbin
St., Brooklyn, New York and capable of complete sheet meta.1 produc¬
tion up to one-quarter inch thickness and ten foot lengths, will be sold
by Baron Shutter, auctioneer, as a single unit on Feb. 3, 1942 at
plant
and
Available fop Second
•
-
dividends—
preferred
—_ ___
Contingent
Prior
.
prior
stock—number of
What
""y:\
and
Plan"
Plan
hand
on
Inventories
"Stedman
$7,585,775
—_
Fixed interest
Metropolitan "Steel Products Corp., Brooklyn, N. Y.—»
Foreclosure Sale—
Dealers'
Sales
Characteristics
Fixed interest
cash
Customers'
'
New
Contingent interest
Estimated
Provision
Total
Data
148,670
of
Assets-
plan
with respect to taxes,"
Alternative
Non-operating
Balance Sheet As
fundamental
pessimist's
a
;~
Comparative
transactions, which occurred in the months of December,
January, 1942, will be covered by a subsequent report.
and
Plan' obviously
and
great
stands
respect to earnings and a prodigal's plan
said,
these
1941,
1937,
any
that
of
until
60%."
of
formulated
the
with
which did not become effective
maximum
a
was
take
not
changes,
1939
1941
profits tax,
excess
new
had
1940,
994.
p.
505
and
obtained
the
from
from
the
the
discontinuance
sale
of
the
company's
partial liquidation of
of
business
the
property
National
At
Postal Meter
meeting of company, held July 25, 1941, a plan of
approved.
Under this plan First York Corp. re¬
ceived 22,975 shares of class A stock in exchange for its former hold¬
ings of preferred, preference and common stocks.
In addition, First
York Corp. received 23 805 shares of class A stock in
exchange for its
demand
notes.
stock
to
aggregating $210,500 and its holdings
Corp. also received and exercised
York
4.890
shares
National
of
scribed
shares
notes
First
scribe
was
to
of
an
a
preferred
total
common
stock
stock
and
at
a
Business
ap¬
stock
to
the
tions First York
I.
B.
M.
Corp evaluated at
preferred stock and 4.000
$200,000.
Dec.
31,
As
a
result of
Corp. presently holds 60%
Machines Corp. holds 40%
Postal Meter Co.. Inc.
On
certain
Machines
for
of
common
of $244,500, and subsequently sub¬
shares, of preferred stock and 1,110
total cost of $55,500.
National has ex¬
13,832 shares of its class A stock for
its
of 3-year 5%
rights to sub¬
shares
cost
national
of
4,890
1,110
changed
shares
at
at
of
additional
4.000
Butte, Mont.,
at that point.
The detail
Co., Inc.—Recapit. Plan, Etc.—
stockholders'
a
recapitplization
shares
these
of
and
of
Inter-"
has
sold
its
common
various
transac¬
and International
of the voting power of the
..
assets
$345,800
stock of
Business-
National
..
1941, National acquired approximately
937©
of
the
out-
:
standing
shares
manufacture
This
ing
acquisition is
Dec.
31,
3,
of Los
to
purchase for
to
which
held
were
Angeles.—V. 155,
Corp.
exercised its option, expiring
800 shares of class A stock
by Security-First National Bank
in escrow
264,
p.
Power
in
Stockholders
Co.—Common
Light
&
Interstate
Exchange of Stock — To Offer 2 Shares of
Subsidiary fpr Each Parent Preferred—Offer
Approve
Houston
Tne
of
dissolution
for
program
the
company
1942, Paul B. Sawyer, President,
probably will not be
indicated Jan, 28.
ji
The
trustees,
mon
Ave.
letters
sent
National
Houston
its
to
stock
equity issue.
Lighting
stockholders formally offering
for 90# of their holdings
preferred
the
senior
action
This
was
Revenue
second step in a program
the
the
shares.
of the
stock, 100#
$7 and $6
owned by
Refinancing
(3)
common
Light Co.
(4) Refunding
sale of the common
and
bonds
the
stock
and
of
note
a
West
National of
:investments
and all the
Liquidation of the remaining shares of its $6 preferred stock not
by National through exchange of Houston Lighting shares
by redemption of such unredeemed shares at $100 each.
*
.
(8) Reorganization of Pennsylvania Power & Light Co. and invest¬
ment by National of proceeds received from sales of other assets in ,additional common stock of that concern, and distribution of its hold¬
f7)
reacquired
to common holders of
ings of Pennsylvania common
Lieutenant-Colonel
National Power.
y
,
Robert T.
28
Stevens on Jan.
193,
v\
resigned
months running from Oct.
direc¬
as a
y;
...
sidiaries
.
Niagara Falls Power Co.—Bonds Called-
any;
of
director.—V. 155, p. 402.
first
the
and
been
refunding mortgage
that
notified
being
are
$1,200,000
by lot for redemption at
drawn
,
p.
90.
v.-i-'V,,,'"'>■
■* yy ■ :y,tiii'"j.".''■);y
■'•'■
■
with
the
•
*
Niagara Fire Insurance Co.—Annual Statement—
-w'X-t Balance Sheet,
Dec.
Assets—■
'
and
•Bonds
; v
v
—r^>j$21,815,106.
accrued
Interest
Zinc Co.—50-Cent Dividend-—
New Jersey
Cash
r
55,568
—^
deposit and in office
on
dividend of 50 cents per share on the
a
yyy
record Feb. 20. During
1941 the company paid the following dividends:
March 10, 50 cents;
June 10 and Sept. 10, $1 each, and $1.50 on Dec. 10.
Compare V. 154,
p. io°5.
y.
y,,; ; y
•;/.">
p-p p.p y y
Newport News Shipbuilding & Dry Dock Co.—To
Dividend of 50 Cents on Common Shares—
the
on
common
declared
28
29,
Dec.
The
share
declared,
record Jan.
Subsidiary to Build Shipyard—Ap'pU
plus
for
fixed fee type.
will constitute the second shipbuilding
a
154,
90.—V.
of
(Including
Period Ended Dec. 31—
'
Dec.
PA
Lower Arch
Niagara
The
Feb.
stock,
oper.
6 367.772
•Railway tax accruals..
1.077.769
1 397.936
fr.
rev.
Net
ry.
fac;
joint
rv.
Other
oper.
rents
income.
income
"
y
(
and
and
10
Sept.
cents extra—V.
50
10.
directors have
The
151, p.
declared
1
tions
6,130.414
189 696
charges——
3 900.536
Total
fixed
from
were
payable
made
as
'
J.
of
the
F.
Dalton
has
and
P.
retarv,
91,870.895
33,476,019
14,342,439
57.573,554
44,052,437
19,083,788
18,183,116
9,160,859
76,657.342
402,6341.476.214
62,235,553
1,987,615
48,805,772
48,982,854
charges
-•
4.757,990
dividend of
4,000,235
„—2,040,182
26,375,356
11,265,084
3
during
to
W.
B.
his
own
board.
income
and
.
.
1,504,861
profits taxes..
Crlll,685
PP
7,588,071
1,063,208
Carloadings Week Ended Jan. 24—
Below
from
is
statement
connections
of
for the
revenue
loaded
at
stations and received
leased lines and
week ended Jan. 24, 1942.
Week Ended Jan. 24*
Week Ended
1942
1941
1940
Jan. 17, '42
N. Y. Central,
incl. leased lines—
Loaded
cars
New York Central including
Pittsburgh & Lake Erie RR.,
the
53,126
42 596
45,573
101,096
88,169
47.970
:
Received
J.
Rodman
Pitts. & Lake Erie—
38.623
42,283
47,393
53,013
80,906
100,406
Caroll
M.
8.332
7.397
-
15,729
Total
155,
p.
George,
as
7.179
6,729
6.248
6,464
8.061
7,504
13,908
12,712
Counsel,
-
the
oi
'he
has
hearing
f;
^
National
Chase
Bank
of
the
share on the com¬
Southern
The
Uniform
RR.
J.
that
Ruling
District
P.
-
been
>
on
No.*
U.
on
the
declaration
and
from Feb. 3 to Feb.
application
(File
4,809,046
■,
'**
'v
1940,
20 316
6,773
1940.
r»
—
1,374,013
■.
'S$0.55
.y-vV";
$2.06
.
■' '■ ■*""• V-ir r*
and $95,953 in
1939,
$104,068 ill
Division
Lines
1
(Jan.
income
31,
March
to
tax,
1938, :
$118,855; in-'
normal depreciation)
(in addition to
and $144,749
leasehold
prior
acquired
improvements
,y.':^-y^:-iy
-y
of
from
$14,701
to
"-/.vVy'y•* "•:•-
y;yy.;'-;;yy
'<\yyy
sale of the
the
Maryland plant
idle
S.
;
Balance
: /
*
y
Sheet
:•„.;
.
-
Sept. 30/41 D«c. 31.'40.
;
.
-
:
$18,058,163 $22 440 531*
securities -(short-term)—
2,047,695
-4 542.260'
5,004.000
Treasury notes, tax series-.*
Account
received from Defense
Plant
Corp.-c-L,:
.
V
ap¬
.i
Deposit on purchase
contracts
•Land, buildings, machinery and equipment—v
Deferred
New
13;'
an¬
•!
•
-
charges
payable
Deposits & progress billings
and accrued:
Federal
-
Other
income
Reserve
tCanitnl
*
*•
44,724,246f 32,678,331r
v
"
••
.
——
incentive
under
liabilities
i—
856.529
—
309,813
"
509.2947
"
compen-
1.075 638
—
878.487*
265 820
:
921.119
for contingencies
stock
.
Capital. surplus
surplus
356,054*
2,962 265
bayable—_i——-
liabilities,.-.
planv^,
3,075 692*
profits taxes— ,10.829.540
'
wages
accrued
sation
,
and excess
-
$3 8^7.369
$7 235.986
sales contracts
on
taxes
and
A. '
*'.
—1
—
—
Taxes payable
Other
•*;*
$84,781,407 $54,017,638
"V
Liabilities—
Accounts
Salaries
1,686.595
20 660
2.712,934
233,078
821,399
40 208
2,372 783
1,454,618
—
Experimental projects in progress
^
Earned
"
.
$1,904,086'
-
■
Jan. 17, '42
4- 21.258
6,190
5,893
Jan. 25, '41
21.078
from connections
,407,029*
;
j.—;
1,182.104 .: 1.167,008/
U, S. Government departments.—,
—a—
13.705 884,n 3.535 638Other trade accounts
——L—; ;,1,560 204 ■ 1,177,428.
•Sundry accounts and accrued items, etc.—__
500 539*
240.744
Investments*
iL——
: ,.,y- -; .37.243...*/.' f 37 552.
Inventories
35,502 000 118.717 H2r.
w
3,435,033'
.
3.109.938
9.321.299
...
....
3 435 033
.
3 109 0,,8
5.821,620
"
26,506
27,151
24. '42 Jan. 25. '41
—Decrease—
577
"
72.730
' 0
%
27,851 *
__—
Jan.
Year to—
72
Cars loaded ___!
connections
20,366
21.358
992
4.65%
92,843
94,088
1,145
1.22%
Total
•After
$84,781,407
—
reserves
of
sented by shares of
*
;
Corp.—Hearing Postponed—
the postponement,
4,293,791
$2.06
in
buildings- and
Assets—
Market
y^y;v. "'■■A'"
Jan. 24, '42
11
-
$7.088 092
$1.77
Air
.«
•
The loss
Cash
"■
•
Ry.—Carloadings—
WeekEnded—
Eastern
to
-Estimated
Cars loaded
$7.090 336
.o.';
-:"1
Consolidated
;kT.y
'v,
..i',.;
2,481,000 y -1,501.000
511.000 :•
1 2,576,275
*
28,612
early in 1941 was charged to the reserve for contingencies.
."-.-y;
All "when, as and if issued" transactions in Norfolk Southern RR.
first mortgage 4bonds, series A, due 1998, and general mortgage
5% income bonds, due 2015, shall be settled on Monday. Feb; 2,. 1942,
or mav
be settled prior thereto on one day's : written notice.
On and
after Thursday, Jan. 29, 1942, all transactions in these bonds shall be
regular way unless otherwise specified—V. 155, p; 364.
_'***••
; " y-
Total
announced
of
date:
(2)
.
New York has
155, p. 402.
NASD,
■
Norfolk & Western
$6 075.954
$151,928
;:
depreciation.
^applicable
Sec-
C.; C.
23,910
______
6.551,000
taxes—^
—
since June 10,
R.*„ Pritchard,
$187,039
.
'
'}*■<$»
■
178,481.,
Total
of
304,801
:
t$2.319,688^
^__-_
Delivery
Committee
*
636.861
v
29,549
date of sale) before provision for Federal
terest, discount, scrap sales, etc., $68,184.
....
Practice
'
T
:
■
of
-
;;vy;yy:1
yy Notes—(1) The provision for depreciation and amortization charged "
to costs and expenses for 9 months ended Sept. 30, 1941, amounted to
$368 010. This includes amortiz., based upon a 5-year period, amounting
1 to $81,875 applicable to the cost of emergency plant facilities ac-mired
...
Windholz, Chair-
\
City
-
*
:
*3 381,724*
tax-
paid
-♦•"IPi-ofit
i,
Norfolk
inc.
latter
pointed registrar for the common stock—V.
-
".vyyy'v?
750,000
^Includes surtaxes
1038 for
;
'■ ..yy
$2,624,489
377,807
37,665
-1After, providing
-
been
,■
663,999
,
*
per
share on
3,435,033 cap. shares.
,
A,■,.■..
Registrar
.
345,772
,;
Earnings
.
has
Co.
7,437,857.
$9,746,382
$17,350,492 $10,819,298
$9,288,002
$2,506,727"
under
" w:.■
plan
554,150
707.412
675.000
167,000
...
profits
Dividends
y'xy;
1
designated trustee for $6,009,000
first mortgage series A bonds due 1998
Trust
etc.
income
Net
Bond Trustee
"Manufacturers
4 Vs %
y
":•
$915,929
in
1941
ft">d
$664 451
in
$54.017 633
1940.
tRepre-
$1 par value.—V. 154, p. 1381.
15,565
364.
Newport Water
SEC
per
comp.
for Fed.
Excess
Burnell Bragg succeeds Col.
having been retired at
S.
Treasurer.
General
"
"
The ICC on Jan. 16 issued a certificate permitting abandonment by
the company of its Reed Island branch extending in a southerly direc¬
Abandonment—
The
$1
Vice-President;
Shanks, Newark, N. jy
Received from
—V.
>.
1
request.
664.818
.
_«_:rXi
for paym'ts
Prov*
Boyce; Baltimore; I. Howard Lehman, N.-Y. City ^Andrew L. -Monroe,
Raleigh, N. C.; Richard Morris and Howard Palmer, N. Y. City, and
Total
•.
Loaded
-
V";';
:
The board of directors includes H. D. Bateman, Wilson, N.
Received
Total
Received
;
elected President and L. H.
elected
1938
17,862,269
*' "
1'""-;y:-y.-■': r-Xyy;'
selling.
;
the
cents per share on
•
been
and
incentive
1941: > March
nounces:
Fed.
adm.
"
holders
March
;
iyy"-
1,987,258
y Idle plant exps., etc
Prov, for contingencies.
■
;:-"V
cents each;
follows
Securities—
"fivpH
offnt*
inn
excess
based
h'
Norfolk Southern Ry.—Officers & Directors—
••
43,408.148
15,520,955
654,151
1.127,648
7 085,719
2,075,140
3 892.067
2,238.347
—
deduct,
•Incl.
''
v
dividends as follows;
March 10. -75
Dec. 10, 75 cents regular
3751.
'
a
y
Calendar Years
1940
> ;
1939
r*.-'-'.;";.v.y..'*.'?•«*"
and-:
taxes
Gross income
of record Jan.-27. - Distribu¬
4; 75 cents; May 14,
$1; Aug. 14, $1.25, and Nov. 14, $1.25.
Previously the company paid
regular quarterly dividends of 50 cents per share—V. 154, p. 961.
stock,
mon
34.854,494 447,789 655 370,545,875
25,986,976 331,286,998 278,674,980 ;
inc.
income
Mmc.
50
•
Profit from oper._^_t $17,004 720t$l0,44l,49l1$9,109,521
10 to holders of record
.y.V.;
.
stock
franchise
expenses
Prov,
Ltd.—Smaller Div.
Co.;
payable March
Nonquitt Mills—To Pay $1 Dividend—
1941—12 Mos.—1940
8,867,518 116,502 657
capital
Other. 4ncome
the company paid
1941
June
The
Total
1136. "
153, p.
dividend of 50
a
value,
par
no
28.
During
lines)
all leased
1941—Month—1940
41.316 307
34.948,535
revenues
oper.
&
A;
total- values
between
difference
Bridge
declared
directors have
cents;
■
$
Railway oper. expenses.
Eqp.
.v
by-law.^
representing
31, 1941,-market quotations.—V.
common
man
fa
Net
..'Gen.
Association of Insurance
in the above statement
1632.
p.
Central RR.—Earnings—
York
Ra;lway
yy State
at $533,938
required
purposes
reserve,
M. S. Hawkins has been
New
carried
?
',,,,7/;^4,4,0l$.^52
*
by National
approved
tSecurities
—
30,'41
Sales^y—; 41,208,891/ 25,757,024
Interest,
company
new
total
deposited
on
subsidiary
of the parent company; less than a ve«r ago, a subsidiary, The North
Carolina Shipbuilding Co.,
was formed.
A nine-way yard was bbilt
at Wilmington, N. C., from which two Liberty ships have been launched
to date.
The recent award by the U. S. Maritime Commission to this
company
of 53 additional vessels brings the number under contract
a
•■"Fed.
—L- $24,266,064
basis
on
tContingency
v'v;/Pv'"'
":'P: ■
It is anticipated that the facilities, involving expenditures in excess
of $20,000,000, will be built for the account of the Navy Department
and that the contract covering construction of the vessels will be of
to
^
of
300.000
646 589.
2 000.000 »
reserve
^
9 Mos, End.
-
Gross prof, from sales $19,656,796 $11,105,490
242,200
carried in assets for all bonds and stocks owned and total values
work.
cost
expenses-
claims
"surplus
are
been requested by the
has
company
The
Net
•Valuations
Navy Department to con¬
shipyard on the James River in Richmond, Va.
The directors on Jan. 28 voted to accept this undertaking and to create
a
subsidiary company under the laws of the Commonwealth of Vir¬
ginia, to be named James River Shipbuilding Corp., to carry out
the
and
Total
struct and operate a new
the
all- other
-
Creates New
This
taxes
for
Commissioners.
cumulative convertible preferred stock, payable
15.
A similar distribution, previously
payable on the preferred stock on Feb. 2 to holders of
15.
; *'
<*'* ■ .p.,
-.y.
is
for
$5
the
on
Reserve
Reserve
Cost
,yy;
> 720,732.
'
•
etc^X-:XX^^Xyy^^60-865,68? $36 862,514 $27,608,651 $10,062,346
338; 190 "
_______
adjustment^—..-—
Capital
to holders of record April
May 1
premiums
in process of
Losses
.
the following distributions were made on this issue:
tsents; June 2 and Sept. 2, 50 cents each; Dec. 1, 60 cents,
a special year-end dividend of 50 cents,
directors also declared the regular quarterly dividend of $1.25
40
and
Unearned
■(•Contingency
a
1941
During
March 3,
per
Jan.
on
yy^^_^y;$24^66,D64 ?
J.-:!Liabilities—
Pay
dividend of 50 cents per share
stock, payable March 2 to holders of record Feb. 14.
directors
The
—:
stock, payable March 10 to holders of
common
•
. .
"
; V
#
Sept,
vSales of airplanes, parts
:
.
have declared
directors
The amount actually
this basis.
$22,350 less;, this difference
represents the1
unpaid portion of awards made in prior,
of the
Consolidated Income' Account
,*. y*
y
>
;.y%
1.499.916
———-—-
is
income
to-employees' who have left the company;
years
-
,
days Overdue)895,474
(not 90
of collection
course
the company upon
Income
to
restoration to
i
stocks
in
Premiums
■■
■
.
provisions of the. plan, as amended, has been determined by
auditors to be $576,500, and provision has been made,
accounts of
charged
.yy
1941: yv.
31,
v
.
the
company's
^in the
-
x
The
enter
of the allies of this country*- in the present war, after
7.' 1941, will be eligible for consideration under the plan hp totime of -leaving
the company even though departure was prior,
forces, of
bonds, 3Ms% series of
Dec.
principal' amount*'Of'these ; ' the
10GVi%* on March 1,to the end of a fiscal year.
Without this amendment employees who1942.
The bonds will be redeemed at the principal office of the trustee,'
f enter
the service before the end of a fiscal year would not be eligible
The Marine Trust Co.. of Buffalo, 237 Main St.,-- Buffalo, orv at the
;.to participate in the plan even for the part of the year during which"
option of the holder, at the office of J. P. Morgan & Co. Incorporated,
vthey .were with the company.,;
23 Wall St., N. Y. City.
.v
.,
The actual awards for the fiscal period of nine months ended Sept.
Holders of these bonds may. at their option,'receive immediate pay¬
fr 30, 1941, will not be determined until the amendments to the incentive
ment of the principal, premium and accrued interest to March 1, 1942,
compensation plan are approved by stockholders.'
; .
.
;
;
y
upon surrender of their bonds at either of the paying offices—V. 155,
The amount available for awards for that 1941 period in accordance*
Holders
1936,
bonds have
Gas & Electric Association—Output—
23, this association reports electric output
of 12,097,391 kwh.
This is an increase of 1,530,602 kwh., or 14.49%
above production of 10,566,789 kwh. for the corresponding week a year
ago.
Gas output is reported at 135,578,000 cubic feet, an increase of
13.828,000 cubic feet, or 11.36% above production of 121,750,000 cubic
feet in the corresponding week a year ago.—V. 155, p. 364.
y'-Ai'wA
.
to
or
Government service after Jan. .1,' 1941, or to join the armed*-
y U., S.'
Sv. ■ *
30.,.'••:■ A
or its sub—
1 to Sept.
Employees^ who,leave, or have Jeft the company
to join the armed forces of the United States
;(C>
!;
.y
;
,
ended Jan.
week
the
v
.
.
tor of this company—V. 155, p.
Co.—New Director—y
has been elected a
Jr.,
Havemeyer,
•
dividend of
a
...
New England
For
declared
have
,
outstanding indebt¬
edness in conformity with this program, Mr. Sawyer predicted, but he
cautioned stockholders that this had not been authorized by directors
yet.
The other steps in this program, he said, would be made as cir¬
cumstances permit.
In this connection he pointed out that the Public;
Utility Act gives the SEC authority to order dissolution of a holding
company within a year and the right to grant an additional year for
this purpose.—V. 155, p. 364.".
-";/*;'...'/y
AA^A'A'A** A,
National Sugar Refining
Power (Co.—
&
Common Stock—
on
proceed to retire its remaining
National soon will
Horace
directors
The
—
p.'/-A'''
Gas Co.
Tennessee
/,pp'/'v,yp\PP;pA AyPyAAA
-
Electric Light
Queens
&
,
stock, all owned
National, of Birmingham Electric Co.
Reorganizing Lehigh Valley Transit Co. and sale by
its holdings of that concern's common stock.
:;
(6) Disposition by National Power of its miscellaneous
such as all the common stock of Memphis Generating Co.
Sawyer,-as
B.
Henry
$1.75 per share'on the
common
stock, no par value, payable March 14 to holders of record
loss on this plant, and consequently is not . included in the reported
Feb.
20.
This compares with $2 per share paid each quarter from
y operating results for the period. >=■,-.• ; ' ,
, ,
N »» .
,
*1
March, 1937, to and including Dec. 13, 1941—V. 154, p. 868. p-A'/AA
Incentive Compensation Fund—In view of the incorporation of sub-,
sidiary companies for the conduct of operations outside of California, New York Susquehanna & Western RR.—Earningsand of the change in fiscal year; it has become necessary to modify,
or* clarify certain details of the North American incentive compensation
December—
A'AAAPp
1941
1940
•
1939 - '1938 A
plan.
The board of directors, accordingly, has;, adopted an amend¬
Gross from railway.—_
$314 812
$291,166
$265,699$271,376
ment to the plan containing the following provisions: 'j-yy''
Net from railway.
"v
96,265 ;p. 104,593 ':v 90,797
: v 84,962 •
(A)
The annual amount available for awards is to be computed.-,
Net ry. oper. income—
24,120
•
^42,180
39,470' ^*14,368,
upon the basis of consolidating the accounts of the company with
From Jan. 1—
:
-•..•/
those
of its wholly-owned
operating subsidiary companies, and the
Gross from railway—.
3,692 675
3,198,702
3,005,614
2,957.895
total amount of the awards is to be allocated by the company's com-,
Net from railway-j—
1,464,790
1,138,208
"1,007,097
<927,519
pensation committee among the various companies in. the consolidated
Net ry. oper. income
• >
657,851
439,086
^ 264,337
r' 48,827
group.
y.y.;..
'...y, y v.:» ...y..;
,
•Deficit—V. -155, p. 193.
"y'v.v>:* —-/y'pyip. . ;.pp .
(B>
The incentive compensation fund for 1941 is to be computed '
for the nine months ended Sept. 30,. 1941, as a separate Misca* year.;
New York Telephone Co.—Director Resigns—
In the future/ the fund is to be computed for each period df twelve
by
(5)
York
Dividend Rate Reduced
"
and
Loomis
Lee
James
Palmer,
have sold to the Texas Co. a piece of land between Allen's
Eddy St., Providence, R. I., containing 328,091 square feet.1
stamps attached to the deed indicate the purchase price was
New
.'V'"*'
preferred stock and sale of all
National, of Carolina Power &
tional's preferred
and
approximately $70,000.—V. 155, p. 307.
in exchange
; y/«'yy.y.
approved by the SEC
for liquidation of National.
The program provides for:
(1) Retirement of the remaining balance of $2,370,500 of parent
company debentures and assumed obligations with cash available.
(2) Exchange of Houston Lighting common for up to 90#
of Na¬
of
S.
Howard
exchange two shares of Houston Lighting & Power Co. com¬
stock for one share of National Power & Light $6 preferred stock.;1
to offer to
them
'
■
be
will
hearings
new
•'A Sells Land—
expressed
Sawyer
28
reporting promptly,
The Commission's,
road with a view to
for the company.
the
of
reorganization
of
by the U. S. District Court of
pP*.;PP."',:,/p:
-t
held in the Hotel St. George, Brooklyn,
starting Feb. 17.
Commissioner Charles D. Mahaffie and Examiner
Harvey H. Wilkinson will preside.
-/'-pppy
r :'!'..'
this belief at a special meeting of common
stockholders held at Jersey City, N. J., which authorized the company
Mr.
plan
Commission ordered new hearings Jan.
Commerce
reorganization
H. Kindelberger, President,., and . Ernest. R. Breech, Chairman,in part:-;:-••
v'
rj*. l'
Operations—The
construction programs - described
in last year's
'.report as under way or in propspect at Dallas, Texas, and Kansas
City,-:Kan., were completed during 1941. Production is now going for¬
ward at both those locations as well as at Inglewood, Calif.; •.•'*. .ry
1It again is possible to report sales of airplanes, parts, etc., at an
all-time high.
The increase during. 1941 is due in part to thfe com-;
mencement and-, rapid , acceleration of production at the Texas and
Kansas plants, mentioned above.
The
increase in sales during 1941 has not been paralleled by an.
increase in net income.
There have been substantial rise3 in the
costs,'-expenses,- and other charges incidental to doing business, par¬
ticularly In Federal Income and excess-profits taxes.
The provision,
for such taxes for the period under reveiew amounted to 62# of they
net income before taxes, as against 30#
for the preceding period, vyi-i
The
income
charges in 1941 include $750,000 provision for con-^
j tingencies as explained hereinafter. ;;
....
•
y v.. .. r'r^^rS
The plant at Dundalk, Md., formerly occupied by the company, which-,
has been idle
Since the commencement of operations In California,
was sold during 1941.
The loss of $94,701 which arose in this con¬
nection was charged against the resreve.for contingencies which had .
been provided in prior years against, the possibility of an eventual;
state
reorganization plan was disapproved
Connecticut in mid-December;
/' ■
/:
Expires March 31—
completed before
the
new
a
364.
J.
,A
"y;:
sought by icc—
approximately
track at Betty Baker Mines,
A North American Aviation, Inc.—Annual Report—v A y
.
Haven & Hartford RR.—New Plan is
New York, New
the
$2,485
The
National
10,000 shares
its
end of the
Allisonia to the
consisting principally
of preferred stock.
assets,
remaining
its
of
of Newport Water Corp.- and- the
of cash,' r-12.24 miles, in Pulaski, Wythe and Carroll Counties, Va—V. 155, p.
«>■"
subsidiary of Ogden Corp.—V. 155, p. 364."
dissolution
proposed
of
holders
the
Newport Water Corp. is a
First York
1941,
1941,
National
of
distribution
service.
room
On
Dec.
a
the
regarding
which has been engaged in the
in Rochester, N. Y„ since 1910.
part of National's plan to provide complete mail¬
of Multipost Co.,
mailing equipment
of
Saturday, January 31, 1942
FINANCIAL-CHRONICLE
THE COMMERCIAL &
506
17,
70-415),
tion
from
a
connection
-
with
the
North
Carolina
extension at or
near
North Carolina
Shipbuilding Co., Wilmington N. C.—
Awarded Large Ship
<.•
The. Maritime
Liberty
ships
to
Contract—
Commission
this
on
company
Jan.
at
a
26
cost
:
awarded
of
more
a
cont**^
than
53
$80,000,000,
155 -Number'4G40;.- r^
Volume
dispatch-from-Washington, D. C.;.
according to an Associated Press
-The
company
Most
freighters.
.'i
'i
directors on
share
share on
the
com¬
$1.50
of
the
mon
stock, par $12.50, both payable Feb. 16 to holders of record Feb. 6;
amounts were also paid on Feb. 15 and Aug. 18, last year.—
V.
151,
423.
p.
Maintenance
————
:_.
______
(other than income taxes)
Taxes
—
taxes and State income taxes——_
,f
Net operating
Total
14,125,739
1,558,336
1,564,914
4,169,507
3,979,780
5,197,764
4,873,260
—!
income
5,333,940
—
$12,011,605
151,646
90,339
income
Gross
Pref.
debt
________;
^Interest on bank loans
of
Amortization
(Other
debt
of
Amortization
of
•
577,849
stock
of
fixed
sundry
on
expenses
subsidiary
assets—sales of capital
company-
'v»v:
——
charged to construction.-,.--;;^—<
63,311
Profit
304,600
$10,778,742 $11,560,780
1,762,250
191,633
599,885
24,082
191,000
30,000
:27,5oo
Cr88,698
298,869
34,038
Crl4,763
,Crl2,598
Crl7,423
$7,727,859
$8,238,205
$9,250,295
sub.
1,346,027
$7,380,059
1,346,858
1,351,373
1,353,818
int.—
117
119
154
154
$6,381,716
1,000.000
$6,033,082
$6,886,678
$7,896,323
1,000,000
1,101,729
1,179,990
4,825,893
4,825,893
4,825,893
4.825,893
of
min.
on
pref.
on
Amount
to-
-
per
.
.
surplus
sh.
applic.
$555,823
$207,189
$959,057
$1,890,440
$3.35
$3.13
$3.60
$4.10
Gross
154, p. 754.w.:<.:.'.
120,797
109,627
has
signed
contract
a
has
with
large refinery
a
President
staffs
Cum.
Cum.
Co.
-
(Wise.)
Common' stock
1,375,000
1,375,000
27,135
27,135
the
Government
——
Chippewa
of
Improvement Co.
Flambeau
&
Parr
-
V 29,070
;; ———-————-
;
29,070
at Texas
for
the
income
Net
__—-
income- taxes
1941, includes $1,140,150 for Federal excess
30.
Nov.
1.941 Revenue Act*
the
Electric
construction of
Jan.
profits tax under
24,
-.
t
.
week
corresponding
33,447.000 kwh. »- for the
6.1%—V. 155, p. 365.
of
,
s.
..
.
.
..
system for the
compared with
year, an increase
last
>
,,
Ci i 1939
' V - 1938
$248,121
$211,233
$217,838 ;
*10,675^
'*44,713
*62,548
V *45,186
*74,815
V *88,940
,
Jan.
From
.
Net
Net
*
23,201
>
railway
226,131
income.--'' : *200,340
Deficit.—V. 155, p. 55. i*\,
rv.
3,266,653
3,020,999
*15,025 > *547,983
3,275,791
from
of
•contract
the
oil
tillation
the
December—
'
Net
ry.
Jan.
From
1—
from
Gross
1938
$21,198
$33,571
2,796
9,919
355,014
112,366
23,163
railway—;.
Net from railway
Net ry. oper. income
■♦Deficit.—V. 155, p. 193.
4,801
;
294,444
404,056
433,500
■ ;
60,252
139,149
*17,523
57,447
The
The directors have declared
the
regular quarterly dividend of $1.50 per share on the common
payable Feb. 2 to holders of record Jan. 19.
Like amounts
paid in each of the two preceding quarters.—V. 153, p. 699.
the
and
as
stock, both
Co.—25-Cent Dividend—
Ontario Manufacturing
directors
The
compares
payment
dividend of 25
a
Co.—20-Cent Common Dividend—
declared
have
directors
dividend
a
stock/ payable
common
March
20
of
20
cents
to
Ottumwa Gas Co.-r-To .Be Merged—
'■
«
:See under United Light & Power Co.
under
.
\
.
t
i..
-Earnings-
1941
•,
...
$1,687,065
>Cost of
1940
;
1,610.159
products sold
—
.Provision for depreciation.—.
46.761
.
31,586
profit from operations
Discount on purchases, interest received, etc...
tGain from foreign exchange
$30,145
601
1,334
Net profit before other charges and inc. taxes
$55,131
*$166,090
/>■ 11,578
1,845
Net
6%
:
Interest
paid, service
excess
.
Wis.
Fed.,
for
•Provision
on
discont. products, etc.
and Can.
40,915,160
from ry. oper.
13.963,266
profits taxes ;——v
Net profit
cumulative
;
Demand
'20,100
„
$23,453
Due
8,000
..
t.$175,935
$8,000
•
converted
to
U.
S.
the Canadian dollar.—V.
dollars'at
the
official
rate
of
**
«-i
we>e
■and
directors
have
accumulations
Jam
29
m<uie
on
Jan.
on
declared
on
to, holders
Jen.
the
of
29.
a
6y2%
rtecord
-
:' •
155, p. 402.
April
dividend
of
cumulative
Jan,. 28.
29.- July
per
share
preferred
on
stock,
account
payable
Distributions of like-amount29, Oct. 29 and Dec. 26. 1941,
25, April 29, July 29 and Oct. 29,
$1
arsenals
derive
trust
in
the
to
for
if
with
1940.—V. 154, p. 1530.
taxes—
757,264
543,757
8,054,703
6,239,616
6,535,041
2,232,963
ry,
oper.
December—
Gross
Net
from
should
the
exceed
to
supplies.
1938
;
$
$
40,063,719
32,770,333
railway——„
13,995,131
12,226,484
11,974,856
9,309,917
income.—
8,813,370
9,098,888
8,904,078
6,451,172
1—
from
railway
614,091,163 477,593,408 430,930,778 360,384,241
railway
171,363,888 139,138,730 124,029,943 103,336,998
income—
97,102,488
86,499,486
77,304,328
57,332,896
—V. 155, p. 159.
Net
from
Net
rv.
oper.
Pennsylvania-Reading Seashore Lines—Earnings—
DecemberGross
1941
from
Net
from
Net
ry.
railway—
railway——
income
oper.
From Jan.
Net
ry.
1940
.;
1939
$526,321
$449,127
*24,763
*119,205
*260,396
*162,702
1938
$401,2*,0
*15,483
$381,126
*74,599
*156,860
*203,330
5,830,236
5,341,631
175,245
*1,812,029
*118,050
*2,133,217
1—
from
from
Net
railway-
7,629,929
railway.—
lncome___
oper.
♦Deficit.—V.
155,
1,114,399
6,016,902
*404,028
*990,589
*2,490,814
55.
p.
Peoples Light Co., Davenport, la.—To Be MergedSee
under
United Light
&
Power
Co.—V.
147, p.
3319.
Peoples Power Co., Moline, 111.- -To Be MergedSee
under
United
Light
Pere Marquette
of
&
Power
Co.
1941—Month—1940
$3,233,336
revenues
Operating expenses
Net
certain
$50,000
Ry.—Earnings
Period End. Dec. 31—
Operating
operating
revenue
.
.
Negotiations
Joint
facil.
Net
ry.
rents
>
—
V
f
•
Total
*
*
//J,tj.
•
fj
■■
and .other Government
"vV
-4"
203.224
3,403,389
2,408,698
$616,613
$7,282,099
$5,658,495
1,018,264
87,370
580,297
586,407
577,023
$371,488
$467,568
$6,115,395
$4,063 208
57,147
521,091
539,180
$524,714
$6,636,486
$4,602,388
'
deducts.
,
7.820
8,515
104,250
78,101
276,233
275,172
3,295,329
3,271.220
$137,370
$241,027
$3,236,907
$1,253,067
applied to sink-
bal. to prof. & loss
Inc.
$8,067,193
61,675
$421,422
income
24,939,823
$10,685,488
14.115
charges
Income
-
49,934
W '
income
Miscel.
Fixed
$819,837
$33,007,016
42,085
(net)
Income.,
oper.
$427,689
Other income
$137,370
$241,027
1,250
1,150
$3,235,657
$1,251,917
Obituary—r
George
24.—V.
To'mlinson, President, died in Pasadena, Calif.,
A.
155,
J.
G.
on
Jan.
159
p.
:;Philco Corp.—New Asst. Gen.
also
are
$616,050
188,361
Operating income
Equipment rents (net)
1941—12 Mos—1940
$3,001,478 $39,048,003
2,181,641
28,362,515
2,617,286
Railway tax accruals
in
after which no further payments
required to pay a minimum of
paid
1939
42,007,072
exclusive
character
of
Only
1940
54,779,913
railway
oper.
Gross
Company
$
from
ry.
of
1941
$
From Jan.
to keep them
apply for patents.
sales
6,239,844
86,208,541
him
Milwaukee,
of
Green
Wise.,
Mgr.—
has
been
made
Assistant
General
battery division of this corporation, it was
announced on Jan. 29 by M.;,; W. Heinritz, General Manager of the
division.
Mr. Green plans to begin his work with Philco on Feb. 1.—
of
Manager
operated
Vv'-v'-'
superior
V.
155,
the
storage
::-/v
266.
P.
;
produced
Pittsburgh & Lake Erie RR.—Earnings'
1941—Month—1940
Period End. Dec. 31—
Railway
1941—12 Mos.—1940
$2,068,142 $30,044,031
revenues
$2,589,325
expenses
1,897,324
1,495,225
21,859,604
18.231,615
from ry. oper.
692.001
572.917
8,184 427
5.715.423
accruals,—
joint facility
252,952
314,237
5,318,208
3,084,989
415,407
276,542
4,624,795
2,961,091
$854,456
$535,222
$7,491,014
$5,591,525
261,353
206,539
471,012
407,351
$1,115,809
$741,761
$7,962,026
$5,998,876
oper.
Railway
Authorized
Issued
Net
20,000 shs.
3,020 shs.
Railway
300.000 shs.
140,674 shs.
I
v
(par $10)
$1)—
—
-•
oper.
j
av»'
'•
4_;
_!
$6,650
5,827
_—
market_______
or
employees
cost
at
:
8,140
656
—
(net)
49,250
—
2,950
and
4
AtfnPncn
.
t.
development
and
pro*"
,
$23,947,038
201,187
Total
$274,659
Liabilities—'/■
1
;
'V-
banks____^_____
23 289
to,, officer
:
expenses
rentals. recived--,
220
__i_
____L
Accrued
to
170
i
Advance
2,320
;_
692
bank___Ll__i__
1.916
,
Liability for licenses, excl. of minimum pay. within one year
Mortgage on real estate
6% preferred stock (par $10)!
Common
stock
Advance
Paid-in
Total
_
payment
___________
on
8,100
27.000
30 200
113.960
53.428
stock
surplus.
2,406
_!•*,—
♦Amount
received
$274,659
as
payment
in
Net
income_
oper.
ry.
income
Other
income
Total
deductions
Miscel.
income
from
72.753
1,734 760
878 772
3,350
5.096
77.563
42 823
$947,835
$663,912
$6,147,703
$5,077,281
164 624
—
fixed
Total
'
charges—
fixed
after
inc.
Net
charges
—V.
155, p.
159.
$10,958
.
credits
payable
&
'
expense
to
Equip.
tax
rents—Cr.
1941
________—
—
and
rev.
V>./'
banks
in
Oct. 31,
'
Note
8,054,382
96,824,328
these
the
31,542.872
543,755
completed,
the
138,998,877
757,262
9,083,206
facility
decided
has been
their
concentrate
(par
from officers
motion
*
The
•
-of
is
$8,950
Prepaid and deferred expenses
Formulae, licenses; trademarks
Due
Pacific Portland Cement Co.—Accumulated Dividend
,
of
various
■
Notes, payable
31, 1940, after provid¬
and excess profits taxes, are included in the
for -income
statement
paid,
be
corporation
industrial
receivable
Customers'
profit of $16 022 for the 3 months ended Dec.
above
the
and
contract
advisable
paid
to
formulae
have been
Because of
concentrate
other
Accountants., pavable
ing a net profit of $25,205 for the 3 months ended Dec. 31, 1941, after
-providing $20 100 for income
and excess profits taxes and a net
ing
retirement
12,220,017 171,245,421
1,699,568
50,196,435
2,704,910
taxes
War
oil
deposits
Accounts
to the application of $180,953 as a charge to
the fiscal year ended Sept. 30,
1940.
The operating results of the. Canadian
subsidiary company, show¬
exchange of
oil
Balance Sheet,
effect
give
the
corporation
Paluszek
to
Inventories, at the lower of cost
——
———
rev.
the
■
shipping, selling, general and administrative expenses^ *.
tlncluding gain of $581 in 1941 and $1,334 in 1940 from conversion of
accounts of Canadian subsidiary.
ILoss.
Notes—The net loss for the 3 months ended Dec. 31, 1940, has been-•
to
under
deemed
partic. uref.. "stock
stock
18.491
♦Including
restated
the
placed
shall
$
...
42,103,584 615,253,004 478,631,895
29,883,567 444,007,583 339,633,018
8,770,969
;>
total
materials
these
Property accounts,
(,
then
were
disclosed
certified
System—Earnings—
'v;;
54,878,426
expenses
of
with
868.
p.
program.
Common
and
income
methods
filed
were
were
written
corporation
castor
a
and
castor
Assets—.,
.
154,
revenues
its option
(May
methods and dis¬
corporation, at which time
payments
"V Capitalization—:
*t$185,915
24,385
and
quality and efficiency
exclusively by the corpora¬
tion under its. process-. .>'••7:'/
Purpose—Funds realized- under this offering will be used to retire
accounts payable, and
to provide adequate stocks of raw materials
war
§Loss.—V.
income
a
working capital to support planned sales extension on all its
prod"e.t<!; particularly the materials used by industry engaged in. the
1,227,696
■
14,728
3,784
—
oper.'
Gross
Into
.and
$1,073,367
16,069
allied
2,082,254
v
(Including Subsidiary)
;
3 Months Ended Dec. 31—..
95,329
12,227
of
180,809
1943.
Other contracts are now in force with large tool
working companies operating under war contracts.
These
the
corporation's high carbon steel cutting oils,
oils
of
income
oper,
embrace
the
§$62,523
114,146
Railway
exercised
processes
the
processes.
is
detail
{ :
In
way
Most
from
Outboard, Marine & Manufacturing Co.
It
the
The
with
plants.;*'" v'V.'1 v
+
»-
•
,j/-,,
;
and
and
$22,500 shall
be made;
to
monthlw until
metal
$12,479
26,443
>
185,704
product^ deriving from castor oil concentrate until such time
January,
$35,280
29,004
(Dr.)
further
are
and
$38,843
de¬
rents
provided that Paluszek, or his assigns, be
royalty of 3% of net sales realized by the corporation from the
materials
y.
and
Jt.
during the three year period from the date of contract.
and trademark "Trizol" was also transferred and assigned
$50
to
13,792
6.033.319
The-corporation is now working on one contract for a special gun
grease for«the Army, deliveries on which extend from January, 1942,
on
12,885
168,922
1938, under the title
Activities—During the late summer and fall;
of 1941,: especially during the last three months of the year when the
corporation enjoyed a priority on preference rating certificate No,
AM-2225915,;: carrying preference rating Al-H, extensive plant changes
were made and adequate equipment added to place the corporation
in
position to produce various industrial products and materials needed
by the Army, Navy and other Government agencies in the prosecution
of its defense: and war progrfam.
'v:
;■
>
5,782
Railway
bonds,
the
-
share
per
the
meanwhile
as
corporation.
drawing
'
gold
the
holders of record Feb. 24.
This compares with 40' cents per share on Dec. 20, last, and 20 cents
4n each of the three preceding quarters.—V. 154, p. 799.
the
fund
apply upon
cents per share on the
20
6,720
Pennsylvania RR. Regional
manufacturing
to
processes
accrue
containing
total of
a
deplet.
Net
aforesaid $22,500,
the balance remaining shall be liquidated by
'''application of: royalties in excess of the $50 per month minimum.
:
Otis Elevator
sinking
formulae
complete
and
processes,
time
would
Participation
to holders of record Feb. 10.
This
share paid on Nov, 10. last, the first
when 50 cents was disbursed.—V. 155,
Feb.
with 15 cents per
since Dec. 1, 1939,
p.'402.
The
declared
have
payable
itock,
common
of
The
and
formulae
contract
stock
year
of
9,654
subsid.t
[Excludes Long Island RR. and Baltimore & Eastern RR.]
Period End. Dec. 31—
1941—Month—1940
1941—12 Mos—1940
'
sale
by
787,157
acquired under this
dehydrating and for making
corporation
assigned
formulae
contract
paid a
extra dividend of 50 cents per share
an
in
the
formulae
were
and
the
name
The
§$39,076
10,441
(Dr.)
Corporation
petroleum.
enjoying
such
,
to
were
until
any one
$35,804
4,538
Earnings
5%
degumming,
corporation
the
formulae
products
18,686
for
time
the
the
use
'common
$45,600
5,535
rents
formulae, pro¬
cesses
and manufacturing methods 10,000 shares of the corporation's
common
stock with
the proviso
that an additional 10,000 shares of
116,144
r'
of
of
C;-' Under
$51,098
_
income
Equipment
1938, and
later
to
its
corporation until royalty
to
secret
*1,683 -i.
Okonite Co.—Extra Distribution of 50-Cents—
,
such
Charter amended April 25,
Paluszek.
J.
the
corporation
the
$26,148
-
510
-
*2,673
the
right
,„r-;
•
mortgage
manufacture
the
processes
contents
the
1939
1940
-1941
o
railway—.* $59,790 .t
railway;w4^-w'';;':^;:21,225;
oper. income—
'
7,584 >
from
from
first
with
complete description
Oklahoma City-Ada-Atoka Ry.—Earnings-
and
president
for
Net
Adam
formulae
miscible
1941 jf and
20,
totaling- $1,600,000 annually were granted to ap¬
proximately 9,000 employees of this company as the result of nego¬
tiations between the company and the Ohio Federation of Telephone
'Workers, Inc., an independent union.—V. 155, p. 402.;:;\j
Gross
income
RR.
a
,
Marketing Co., Inc.
corporation, at
;
^
increases
Wage
of
38,446
1952,
with
.contract
castor
Ohio Bell Telephone Co.—Wage Increases—
*
of
name
changed
to
Major
Marketing
Co.,
Inc.,
and
present title, Pawling Refining Corp.
Royalty Contract—On Oct. 1, 1940. the corporation entered
,
processing
i
$47,000
April 1,
of Standard
>354,801^^*921,446^
*361,'703
oper.
construction
History—Incorporated in New York March 24,
'•
1—
railway.:—. v 3,525,670
from
Gross
the
make
fered, 9,000 are for the account of the principal underwriter, and have been contributed by two stockholders
as additional compensation to the underwriter. The issue
is offered as a speculation.
,
1940
-V'l' 194"1 f:';
Gross from railway
$268,211
Net from Tailway
,*60,201
Net ry. oper, income—;
*93,183
December—11;*;
for
to
Pawling Refining Corp.—Stock Offered—Leigh Chand¬
ler & Co., N.Y., on Jan. 27 offered 49,000 shares of the ($1
par) Common Stock at $2 per share. Of the shares of¬
;'Northwestern Pacific RR.—Earnings—
■V
Government
shortly
28,234
27,480
income—___
*Net
Net
-
■:;>
,?
ended
year
.
„
expect
we
27,190
7,932
Railway taxes
Unemploy. insur.
engineering and research,
whereby we will make large
and
12,668
a
"Our
have been called for redemption as of April 1, 1942,
at 105 and int.
Payment will be made at the Irving Trust Co., One
Wall St., N. Y. City.—V. 153, p. 689.
the Northern States Power Co.
1942, totaled 35,494,000 kwh.,Vas
of
output
ended
week
'
Output
; -Weekly
„
Federal
for
Note-—Provision
:
the
for
gasoline,
2,657
8.145
__
Fed.
pay,
Net
said:
proposition
a
5,010,915
by
$
City,:. Texas,
Shoals Power Co.—Bonds Called—
total
A
due
$6,238,723
$5,974,801
are
proposition to the
plant."—V. 137, p. 2117.
i'"
4
Wilson
definite
a
States
5 %v of- Northern
stock,
pref.
Power
*
(Minn.)
Co.
Power
E.
working on
quantities of 100-octane
of subs, held by public—
pref. stock, $5 series, of Northern States
Divs, on capital stock
'
Robert
§$105,757
Corp.
companies
'i'y
which
§$18,866
income
tax,
tNet
Pan American Refining. Corp.—Plans New Plant—
.■:! This corporation,
$25,001
preciation
■V
-
$40,296
Clearfield
Income
Estimated
-
stock
1,463,689
$6,018,706
6,037,571
$4 905 158
1,646,041
com¬
Coal
tAdjusted.
to
common
—V.
„
stock—
$1,488,690
lease)
Sundry
♦After
;
stock—
com.
" Remainder
t
$7,406,006 -I $7,669,928
„_
of
—41940*
1941—12 Mos
$1,686,336
opers
allied
(operated
virtue
large plant for extracting toluene.
Balance
from
from
panies
1,995,000
Cr 166,610
41,843
;
Crll8.387
Miscellaneous;:
1,828,750
22,529
stock divs.
Divs.
^1694455 '^
v
41,843
..
$9,409,761
1,595,090
„
„—
96,828
80,300
.f
expense——
&^36,544
Amortization
Interest
;,,
v
and
discount
interest
263,856
.
Bituminous
Applic. to Pacific Ltg.
corp.;
$11,662,401 $12,101,944
3,487,450
3,487,450
__
funded
on
—
Charges to
Divs.
Interest
,
3,094,826
;
$11,510,756
income
other
$9,178,868
interest
Com. .stock,
—
268,561
&
Interest charged to con:
-struction —
'1
income and excess profits
for Federal
Provision
Other
dlsct.
Subs.)—Earnings.
1941—3 Mos.—J1940
earnings
Operat. exp. & taxes—_
$9,141,200 $10,514,886 $11,256,180
273,928
;
debt—_
of bond
expense
>1940
14,578,271
Depreciation
(net)
funded
on
Amort,
$42,348,574 $39,650,124
Operation
$8,904,941
revenue.;.•
Total
Int.
1941
-'tV"•>
Years End. Nov. 30—•••
Operating revenues
oper.
and not issued at balance
Pennsylvania Coal & Coke Corp. (<&
Period End. Dec. 31—
Gross
tDivs.
(Del.X (& Subs.)—Earns.
Co.
Power
'. Net
Other -ibcome
CX1-:/,;
^
States
Northern
,
per
stock, said stock not authorized
date.
1938
,
per
dividend
sheet
1939
Operating
Dividend—
Jan. 26 declared an! extra dividend of $1
semi-annual
usual
*
1940
Taxes,
and
Like
1941
Gross, open, revenue.';; $48,681,963 $45,229,757 $45,486,347 $45,500,803
expenses.-..
24,149,928 .22,423,585
21,888,746
21,323,916
9,305,039
7,702,252
7,297,433
7,165,909
Prov.J5foh retirement:..
6,322,055
5,962,719
5,785,281
5,754,798
V*>■
Northern Insurance Co. of N. Y.—Extra
\ The
Calendar Years—
507
par common
Pacific, Lighting Corp. (& Subs.)—Earnings—
r
build 37 emergency
be delivered by the
previously had - contracted... to
of the additional 53 are to
1943.
of
end
THE COMMERCIAL <£ FINANCIAL CHRONICLE
::
u
advance
for
53,428
shares
of
$1
Pittsburgh Steel Co.—Expansion—
The
company
struction
and
last week announced an
to expand the capacity
program
Allenport,
additional $7,319 ^0 con¬
of its plants at Monessen
Pa.
Negotiations were reported to be under way with the Defense Plant
Corporation for a $6,500,000 improvement program at Monesren which
will include a 1,200-ton capacity blast furnace and additions to the
present
open-hearth plant.
a
$819,000 plant
construct
The
said.
iron
a
The
blast
furnace
month.
company
already has under ww
plant at Monessen and
facture
The Defense Plant Corporation also will
at the tube division In Allenport, it was
have a capacity of 36,000 tons of pig
will
of
tubular
a
axles
a
$5 500 000 bv-nroducts coke
$375,000 addition at Allenport for the manu¬
raihed cars.
The by-products plant is
for
approximately half completed.—V. 155, p. 266.
Poor
stock,
A
declared
have
accumlations
of
class
the
on
value,
par
no
at
advances
at
16, 1942, to holders of record Feb. 5, 1942,
55). • 1
•
\
.
rules that the common
stock be quoted ,"ex"
Feb.
on
V.
(see
committee
The
155,
40%
now
(&
be
dividend
stock
accompanied
bills
due
must
thereof,
cash
050;
the
by
last
that such
stock dividend, and
1942.
:
\
sale
for
reserve
contingencies,
$4,916,062;
directors
The
declared
have
stock, payable Feb.
common
distribution
made
was
on
"
Exchange
,
The 4,200
to
154,
year.—V.
aside
set
ington
Co. of
mium
Philadelphia-
"
,
E.
are
?
sell
but
1942,
23,
Jan.
Co.—Earnings—
Period
Sleeping
Operations:
$4,984,725
Car
Total
revenues
Total
expenses
^ '
Railway
Total
revenues
Total
expenses
c—
Equip,
net
Total
\
revenue—
accrued
Taxes
$5,327,084
$1,927,420
soon
$67,078
$36,356...
Operating income
*Loss.—V.
154,
—
,
coal
$464,794,
$5,692,503
4,122,560
,.*$256,301,;. *$156,589
$1,569,942
cars
x
40 cents per share on the
payable Feb. 14 to holders of record Feb. 5.
follows during 1941: Feb. 15, 50 cents; May 15;
See also V. .154, p. 756..
at
Jan.
on
stock,
dividend of $1 per share on the
holders of record Jan. 26.
This
declared
26
payable
Feb.
a-
to
16
cents on Feb, 17;
: :;\C ;.
with 40 cents paid on July. 15, last„ and 50
year.—V. 155, p. 367.
Acceptance Corp.—Dividends—
-
.
cents
share
per
cumulative preferred stock, par $25, both
the 6%
on
payable April 1 to holders of record March 10.
A distribution of 20 v
per share was also made on the common stock on Dec. 24, last,
as
against 25 cents each quarter from Dec. 24, 1939, to and including
Oct. 1, 1941.—V. 154, p. 1384.
Dividend.
Security Title Building, Inc.—Accumulated
; v
The
Electric
account
value, to holders of record Dec. 26. This compares with $1 per
paid on July 8, last, and 50 cents on Marcn 31, last.
Total
made on the preferred stock in 1941 amounted to $2.25,
which compares with $3.75 in 1940,
"
^
:
Arrearages as of Jan. 2, 1942, totaled $51.75 per share.—V. 135,
of
if - -:;:y ;f f;.
146.:- :•':.
p.
,
.
,,
70-ton
50
hopper
of
f
investment company, reports 1941
gains and losses) amounting to
$442,763.
This compares with $354,389 in 1940.
Nineteen hundred and forty-one net income from dividends and
•interest
received
by the company
(exclusive of capital gains and ;:'
losses) was the highest for any fiscal year since the company began
open-end management
(exclusive of capital
Company,
income
net
.
•;v'
r
1941—
Selected American Shares, Inc.—Report for
■
•
488.
29, p.
in
operations
Recapitalization—
Postpones Action on
*
V;v.l.;
1933.
based
assets
Net
quotations for securities
market
upon
of Dec. :
as
to take action on a pro¬
31/ 1941, were $6,731,758, or $6.97 per share.
This compares with
posed plan of recapitalization, has been postponed until Feb. 4.
: ' . ' net assets of $8,036,002, or $8.07 per share on Dec. 31, 1940. / v- .
Action was deemed advisable, Clarence L. Collens, President, stated, i,V..« Dividends of 43 cents per share were paid in 1941, compared with
so that corporate action could be made to coincide more'closely 'with
40 cents in the previous year.
\ v
the effective date of the registration statement.
"
j
In the six.months ended Dec. 31, 1941, the following purchases and
v
All directors were reelected at the meeting, and approval was given
sales of portfolio securities were made. MCommon stocks unless other*/.'
to change date of company's meeting from the third Thursday in March,
wise described.)
,v.'
Dec. 31,'41,.
to the third Thursday in January.—V. 155, p. 403.;
I ':V:V
BOUGHT
special meeting of stockholders, called
The
■r
$1,943,957,
<
'
<•
of Jan.
•:
;,v;
distributions
Engineering Co.—Registers with
&
'Vv..
.
•
Dec. 30 paid a dividend of 75 cents per share on :
of accumulations on the $7 participating preferred stock, no *
on
company
share
intof 50 covered cement hopper cars for the handling
a total cost of approximately $130,000.—V. 155, p. 55.
..
,.
cents
"
*
the conversion
authorized
also
"Chronicle"
See
V
3,759,479
■
directors
Securities
President,
$2,500,000.
Reliance
$5,703,436
$45,872
.
Co.—40-Cent Dividend-
$10,
par
common
$1,567,492 $16,152,539 $13,460,806
$1,237,1.92
1,000 Coal Cars—
directors
SEC—
$376,353
403,932-.','■i*; 202,450
$147,630.
.1600....
p.
-
Cr778
income.,
oper.
Scheer,
cement,
1,736,555 ;> 1,551,067
>
...
$1,668,035 $17,326,524 $14,205,678
Drl05,532 Drl,170,796
Dr784,900
Cr4,989
Dr3,189
Cr40,028
Drl46,368
(net)
/''H
The directors have declared a dividend of 20 cents per share on the
stock, par $4, and the regular quarterly dividend of 37V2
,.y
announced that the directors of the com¬
on Jan. 27 authorized the construction of 1,000 additional 55-ton
hopper coal cars in the company's shops, at Reading, Pa., as
as the
material is available, at a total expenditure of approxi¬
W.
steel
$2,201,349
•
1941.—
29,
1
income * $1,382,782
(net)
Build
mately
$5,227,709
135,044
and July
29
par
;
$9,516
:
.
,,
$2,206,158 $26,644,588 $19,745,999
538,123
9,318,064
5,540,321
accruals-*
tax
rents
To
pany
148,336 "
April
compares
last
$1,962,490
579,708
from ry. oper.
Net ry.
-."
f
$171,399
-~~~
.
to continue its maintenance
available and the anticipated in¬
.
/
$80,553
-
revenue
The
common
expects
company
if materials are
rates is granted.
year
facil.'rents
Joint
-
Net
the
that
operating
Ry.
Operation)
1941—11 Mos.—1940
Operations:
Auxiliary
4,
Scullin Steel Co.—To Pay $1 Dividend—
;
♦
$215,414
Net revenue
i
on
freight
Net rev.
$4,228,011 $58,163,006 $52,930,419
4,218,495 52,935,297 47,603,335
4,904,172
-
Feb.
on
Dividends were paid as
30 cents; Aug. 15, $1, and. Nov. 15, 4Q cents.
December and Year to Date
,
1941—Month—1940
1941—12 Mos;—1940
Ry. operating revenues,
$6,999,458
$6,119,453 $79,566,095 $63,797,976
Ry. operating expenses.;"1 5,036,968
3,913,295
52,921,507
44,051,977
The
___
—i—,
arrangements now
that
stated
29
Period End. Dec. 31—
of $1,064,000
and Auxiliary
1941— Month—1940
30—
Nov.
End.
Jan.
on
stock,
common
Earnings for
.;
V
1
and Expenses of Car
(Revenue
the
on
directors have declared a dividend of
The
J
call $2,634,000 outstanding Philadelphia 6c Readextended 4Vis, due Oct., 1,
1943.
<The issue is
to
par
this
in
crease
E.
Pullman
at
program
progressed.—V. 155, p, 267.
the liquidation has
each
$1
share
per
1704.\
p.
Scotten Dillon
,
President,
made
prior, lien
added
He
distribution of 35 cents per share on
suspended from dealings on that date in view
was
of the extent to which
alloca¬
withhold relatively small amounts of pulp from war
p. 1383.
;',■ ]<
154,
April 1, 1942.
•
1
The company will take up at maturity, May 20, 1942, an issue of
$500,000 Delaware River Terminal 5s and on July 1, 1942, an issue
of $534,000 Delaware River Terminal Extension 5s, Mr. Scheer said.
Inc.—Suspended From Dealings»
has. been suspended from dealings on
Exchange.
The stock was originally scheduled to
New
: ;
'
major producers,' Eastern Corp. and Brown Co., informed
Board that they would be able to take care of
Scheer,
RR.
callable
York Curb
"ex" the third liquidating
the
W.
.being
'^inf
(no par)
stock
common
and
$2
Savage Arms Corp.—50-Cent Dividend—
•
Prudential Investors,
The
f
last,
4,
154,
of
VThe directors have declared a dividend of 50 cents per share on the
common
stock, payable March 2 to holders of record Feb. 16.
This
compares with
$1 per share paid on Nov. 21 and Dec. 15, last, as
against 75 cents on Aug. 18, last.
V;;
Prior, to
the
four-for-one
split-up, the company paid $1.50 on ,,
May 19, 1941, and 75 cents on March 13, 1941.—V. 154, p. 1632.
;
amount to $22,024,000, an increase
during the year.—V. 155, p. 55."
Contingency reserves
>
Nov.
-
Reading Co.—To Pay .$2,634,000 in Liens—
•-
$33,601,000.
of
income
/"
regular customers without drawing upon the special relief
their
t
,
''j;
New
paid business of this company amounted to $74,995,000 in
1941, an increase of 7% over the 1940 business, according to President
M.
A.- -Linton, ,in his
report to the annual meeting ofthe policy
owners
held on Jan. 27.
The average size of the 17,151 new policies
paid during 1941 was $4,360.
The amount of insurance in force in¬
creased by $23,575,000 to a total of $1,020,700,000.
This increase was
largely due to a marked decline in terminations by lapse and surrender
which fell to the unusually low leyel of 2.8% of outstanding insurance
in force, as compared with 10% at the depth of the.d®p*®ss*0P:
Assets of the company at the end of the year reached $400,193,000,
an increase of $18,710,000.
During the year payments to policy owners
and
beneficiaries
totaled $26,527,000.
This latter total plus the
amount added to assets held for the benefit of policy owners aggre¬
gated $45,237,000 or $11,636,000 more than the company s 1941 pre¬
Up 7%
:
—
Production
production.—V.
Provident Mutual Life Insurance
194.
p.
dispatch states.
(D. C.)
War
tion, designed to
New Paid Business
155,
tons of sulphite pulp which principal producers were asked
for allocation in January will, be assigned entirely to
other
Two
the
1383.
p.
1942.—V.
6,
Rayonier, Inc., to be distributed among its regular customers, a Wash¬
^ands including
and if present
amount as a
the-present;fiscal
conditions
Feb.
to
dividend
a
3 to holders of record Jan. 27.
A similar
Dec. 24, last, as compared with\ $1.50 on
Rayonier, Inc.—Allocated January Sulphite Pulp—
company's" investment
in the Philippine
as of June 30, 1941, is $3,000,000,
in the Pacific continue,
a reserve of this
maximum will have to be provided at the close of
The
undistributed surplus
prior
v.
statement is the consolidated net earnings of
Procter
& Gamble Co.
and its wholly owned subsidiary- companies,
excluding the earnings (except as they have been made avauabie • in
this country in United States funds) of
Procter" & Gamble Defense
Corp. and all foreign subsidiary companies except the Cuban co., above
Note—The
!
'■
Sagamore Mfg. Co.—To Pay $2 Dividend—
.V
the market value of the stock
the stock on the Chicago Stock
of
of
'.
$409,026; accrued liabilities, $719,$1,150,000; convertible preferred stock
sales contracts,
on
$816,280; common stock ($5 par), $1,047,485; paid-in sur¬
earned surplus, $1,109,384; common stock held in
treasury (at cost), Dr$69,803; total $11,204,474.—V. 155, p. 367.
;
;,
in payment of the dividend.
fractional shares will receive, in lieu
72%
of
20,
payments
plus,
issued,
receive
to
said
Feb.
be
employees for expenses,
($20 par),
1942;
17,
for
on
will
the basis
on
determined
bills
due
redeemed
shares
entitled
Stockholders
as
by
be
fractional
No
Feb.
on
to
Liabilities-Five-year serial loan, balan'ce due Dec. 17, 1942 (interest
2%), $350,000; accounts payable, trade, $756,990; customers' ad¬
vance
p.
that all deliveries after
Feb. 3 in settlement of transactions made prior to Feb. 17, 1942, must
1941—3 Mos.—1940
31—
Dec.
End.
Chicago
said
Subs.)—Earnings—
1941~LM°^lnn°o7
♦Net
profit
$6,040,701 $5,020,035 $13,015,305 $9-610.027
Shs. com. stock, no par
6,409,418
6,409,418
6,409,418 „ 6,409,-418
Earnings per share—
$0.92
$0.76.
$1.98 l
$1.45
* After depreciation, Federal income tax and Federal excess profits
Procter & Gamble Co.
Period
payable
company,
equipment,
ery,
Supplementing ruling issued by the Committee on Security Rulings
of
the New York Curb Exchange on
Dec. 29, 1941, regarding the
declaration of a 40%
stock dividend on the common stock of this
a dividend of 37 V2
cents per share on
$1.50 cumulative and participating
payable March 1 to holders of record
Feb. 16.
During 1941 the following distributions were made on this
Issue:
March 1 and June 1, 37% cents each; Sept. 1, 87% cents, and
Dec. 1, $1.37%.—V. 154, p. 1006. '
V
i;.'. -■
directors
The
account
miscellaneous assets, $552,434; real estate, machin¬
etc.,
$3,297,389;
prepaid
expenses,
$12,448; " cash
etc., $6,336; total, $11,204,474.
value), $3,451,431;
Rath Packing Co.—Dividend Ruling—
Co.—Accumulated Dividend—
&
Saturday, January 31, 1942
FINANCIAL CHRONICLE
THE COMMERCIAL &
508
•
America—Transfer of Licenses—
Radio Corp. of
r
Licenses
■
stations
licenses
1941
in
Late
in
and KGO
Chicago;
San Francisco.
'
■ , ,
to these stations were assigned to RCA
Radio-^eith-Orpheum Corp.^No Dividend
,
At
?
pend¬
p.
Blue Network from the National Broadcasting
Radio Corp.. subsidiary.—V. 155, p. 308.
J
York Stock Exchange has
1703.
sideration
payable
was
1942,
1,
Feb.
plants of this company have been
Two
materials.
defense
Presentation
of
the
iv,
awards
to
the
1
Corp.—Report—
Railway & Utilities Investing
Earnings
-
Cash
Income:
■\
the
for
dividends
six
31,
Dec.
ended
months
Richmond,
'•
income
Net
Write-off
profit
7 Net
.'
*_———1——
.—-
Wabash Ry.
in
invesement
common
Note—The
1941,
based
shown
at
Richmond Terminal Ry.—Bonds
'
^
$17,387
17,850
6,718
..
„
7". $6,255
unrealized net depreciation of securities owned at Dec. 31,
on
the market quotations, was $56,477 more than that
for
June
A
■
.
.
cost basis
V
\
1941.
30,
Balance
;
at Dec.
Sheet
-
,
1941
31,
.
Week Ended—
^
<
expenses,
Chicago
■
loaded ~ll_
155, p.
17,325
17,951
;
>"
-
■
;i
RR. 1st & ref. mtge. bonds & ctfs.
Ry. pr. lien 4%-5% bds. & ctfs. k
Louis-Sau Fran. Ry. con6. m^ge. 4ctfs.__,
Chi., R. L & Pac. Ry. secured 4%s bonds & ctfs.
Chi., Rock Island & Pac. Ry. general mtge 4s___ '
Chi., Milw., St. Paul & Pac. RR. 50-year 5s_
Chi., Mil., St. Paul & Pac. RR., conv. adjustments
St. Louis Southwestern Ry., genl. & ref. 5s
^
$400,000. Missouri Pac.
►
364,000 St. L.-San Fran.
315,000 St.
;
400,000
50,000
200,000
100,000
30,000
'
■
Shares
*
-■
1 4,500
Carrying
200
Electric
300
Middle
6.500
United
10.009 United
3.600
Power
—V.
West
6c
Corp.,
plants
12,804
313
Light
it
p.. 998.
Power,
Power,
Class
Ltd.,
Powei.f Ltd
-
>
A
common
ordinary
cumuiative pfd.__f
chgs.
on
.
90,503
77,649
1
4,218
4,228
99,748
100,796
4,177
idle
„l—™„
4~6OO
——*
———,
2,000
-i—
1,100
—
Harvester
3,500
1~7O6
& Light,
*
v
was
154,
have declared
paid on Jan. 20,
662.
p.
cents per share on
A like v
12%
April 21, June 25 and Oct.
V'''-'-'.-'':.'''';
'•
Corp.
Silesian-American
U.
—
1, last year#
Treasury
S.
i
Denies
;;
Treasury Department
The
dividend of
a
stock, payable Feb. 5 to holders of record Jan. 26.
common
..
announced Jan. 23 that it has denied ah
application for a license to authorize the corporation and. its trustees
to obtain a loan from-European interests for the purpose of paying
the
cations
obtain
to
denied
funds
;
.
from
•
.
sources previously had been1
foreign funds control.—V. ,154, ' •
•
trustees
for this
•
...
'
.
;
Co.—Annual
Report—
;
m". v.-)'•
*' -u * i.,
-r.
t-1
company
"
"1
Other appli- "•
same
of
■■
Simms Petroleum
The
the
division
Treasury's
by- the
964.
p.
bonds, which matured Aug. 1, 1941.
corporation's 7%
v
' ■
•
(in liquidation)
•
I"
v
*
P# '
-t
,
for year ended Dec,
1941 report: *
'
" •
k •.
The following table sets forth a summary of the changes in consolidated assets and liabilities between Dec. 31, 1940 and Dec. 31, 1941
31,
- 1
250,000
——
$883,896
$335,674
41,721
85.454
900,000
.
Expended
—-—
in
Decrease
Conv.
$1,750
1,300
pref.
Com.-stock
"Includes
in
4,500
1,050
1,422
1940
dividends—
*
dividends—
other
income
and $34,848 in
of
(less
No Quoted
Market
•
reserves
on
for
-
101,707
34.,80p—Q
411.059
360.896
$27,897 in 1938, $42,159
in 1939, $36,692
demand,
doubtful
adjustments, etc., $189,112),
tracts in process)
(not in
$0.50
Sheet, Nov. 30, 1941
$2,835,762; inventories (incl. ordnance con¬
excess of the lower of cost or market
1,654
in liquidation:
per
share paid March 17. 1941™
31,
1941
—
231,825
231,825
*
1941—.—!
Cash, U. S. Treasury notes and accrued
Dec.
•
$865,883
—_——
$0.50 per share paid Oct. 21,
$1,048,673; notes and accounts receivable
notes and accounts and for allowances,
3,10a
.
;
—
*
Balance
Dividends
330
1 ""
year/charged against res.
liabilities
(excluding reduction of
from reversal of tax accrual for prior'""
current
$56,938
1941.
Consolidated Balance
Assets—Cash
1,250
defending Simms Oil Co. litigation—™'—: "
resulting
$3.14
year)
income
in
Estimated Federal inc. tax for
•
$949,478
Pro v.. for contingencies-
5,500
capital
common
6c
T,ght &
153,
1
common
Light, $6 pfd
Telephone 6c Telegraph
Corp., common
Li«ht
Mexican
I "m
<k Share,
Bond
1,300 Electric
3,000 International
common™
4,500
1,000
1,500
500
Transportation*;.
Application—
.
Ry.—Partial Payment of Jan.
**44,177
$63,750
Net
Sc Southern,
3,000
"
.
.
...
Public
Utility
8,000 Commonwealth
3,066
Market 4
"" ' ^
i; Saco-Lowell Shops (& Subs.)—Earnings—
< \
1. and reflects the progress in liquidation during that period:*Value
Cash, Dec. 31, 1940™
—
——*
$389,950
$84,671
Dec. 1, '40
Dec. 1, '39
Dec. 1, '38 Dec. 17, '37
Add.; Received from Tide Water Associated Oil Co. on ac"
'•••
38,435
r
".to
to*
to
to
/V> ,
count of sale price of Simms Oil Co. stock*iiic—* ' 1 494,417
35.831
•
Nov. 30, '41 Nov. 30, '40 Nov. 30, '39 Nov. 30, '38
Decrease in sundry receivables—25.
42,920
♦Profit before charges*
$2,575,170 $1,824.911$854,605 ; $525.5^3
r
Realized on collection of accounts previously charged off '* ; ,
149
9,250
Interest charges
"
8.176
17,879
39,746
47,093
17,750
Depreciation —
'
162,303
156,054-.. "153,819
199,590 ■.. -* Total ———L—--—i; • $884,541-:
1,750
Fed. and State taxes—
473,386
422,401
221,401
116,907
Deduct: Excess of expenses over income for year*-*-™——
13,572
'
■
Northern Ky., preferred-,
7,400 International Rys. of Cent. America, common™*
5,000 Chi.. Rock Island & Pac. Ry. common™.™.
3,000 Great
.ooq:,-
(to
r
'
.
..
V-:v•.
•
class A preferred
Illinois Ry,,
Rayon
VThe directors
the
25,'41
14,226
v-
St. Louis Southwestern
f.
J Shatterproof Glass Corp.—12 %-Cent Dividend
;
;.
*
■
Motors
-
estimated,
U
».
2,500
9,500
"*,500,
$5 preferred-**——
100
debentures due 2030-^*50,000
•
Standard Gas & Elec., 6% conv. notes due 1948— *2,000
♦Par value of bonds.—V. 154, p. 1496.
' r. '
•
-
American
—V.
Jan. 24,'42 Jan. 17,'42 Jau.
-—•
-
-
SOLD
—
General
Called—
366.
*..'2,50(1.
Jersey)—,/;.'876
".r500
•
Electric Power & Light, 5%
preferred stock $3 Series (less 50 shares*1 1, 1936 Interest on Gen. & Ref." 5s—'j-V'-V
.held for retirement), $152,325," 21,657 shares convertible preferred ■
Funds will be available
on and after Feb. 2,-1942,
to pay $8.50
'stock
$3.50
Series
(less 30 shares held
for retirementi, $540,675;"
:on
each $1,000 principal amount general and refunding mortgage 5%145,939 shares Class A common stock, (par $1), $145,939; 10,000 shares "
gold
bonds
series
A
due
July
1,
1990,
representing
partial
payment of
Class B common stock
(par $1), $10,000; capital surplus (after dethe interest instalment due Jan. 1, 1936, on said bonds.
The payment
•ducting operating deficit of $17,427 for year ended June 30, 1941,
may be obtained by presenting the Jan. 1. 1936, coupons for stamping
'and adding $1,469 representing excess of par value over cost of pre¬
at the corporate Trust Department of Chemical Bank 6c Trust Co.,
ferred shares held for retirement at Dec. 31, 1941), $1,337,642; net
'
165 Broadway, New York City, accompanied by letters of transmittal
^profit for the six months ended Dec. 31, 1941, $6,254; total, $2,198,867.
which may be obtained at that office.—V. 155, p. 366.
Securities owned by the Corporation at close of business Dec. 31, 1941 i
,
Par Value
Can
International
Francisco Ry.—Carloadings—
.
Cars
.—V,
2,500
200
2°°,v-
Electric & Manufacturing———__;
General
Industrial
3,000
;
2,000
.
California-
(New
Co.
Eastern
&
Continental
$4,974; 6,143 shares convertible
f.
Ou':Cel of
Oil
v:'-.-'" '
$2,143,241; cash in bank, $55,566;
Assets—Securities, at average cost,
.dividends receivable, $60; total, $2,198,867.;* Liabilities—Provision for taxes,' $1,057; accrued
Standard
Standard
amount
St. Louis-San
3,000
*
.
7,000
5,000
3,100
1,200
2,000
2,000
100
1,200
■
commercial,
K total of $28,000 of first mortgage 3%% bonds, due Sept. 1, 1965,
have been called for redemption as of March 1, 1942, at 109 and inter¬
est... Payment will be made at office of J. P. Morgan & Co. Incorpo¬
rated, New York, N. Y., or at the First & Merchants National Bank of
Richmond, trustee, Richmond, Va.—V. 151, p. 1438.
%v,.
period
the
—
Puget Sound Power
4,10.6
stock—i_.—_
profit on sales of secur., computed on avge.
The
service
Elevator
Westinghouse
The Rheem
Jfor outstanding
;;.4
N. J., received similar honors.
Navy "E" is a traditional mark of distinction
in the line of duty.—V. 154, p. 910. .
at Newark,
plant
$3,180
18,313
——*
———
—.
:
$21,493
'
Total
"Expenses
Shrs. Held
3,000
Pennsylvania
Calif., plant of the
marks the first time these have been given to a
manufacturing plant in the San Francisco Bay area.
.
-J-
___
Interest
Net
'
1941
Otis
Power-*—*-——-——
—^
Hudson
Niagara
■>
the Navy Knox has
The awards we're
the manufacture df,
company
?
Total
Bought
3,000
Ohio Ry.
——.—i™——
Electric Power & Light, $6 cumulative preferred—"
Interstate Department Stores——
——
Long Island Lighting, 6% preferred, class B_:
New York Central RR.—_
'
awarded the coveted Navy "E"
penhapt and the Naval ordnahce flag, Secretary of
R. S. Rheem, President df'the company.
made on Jan. 27 for outstanding achievements in
informed
preferred stock, and the board
thereto.—V. 155, p. 308. ;
the 6%
upon
..
'
action with respect
to take no
determined
Action-^,
board of directors held Jahh'26, "1942, conthe matter of the. declaration of 'a* dividend
of the
given to
meeting
a
Co.—Plants Win Navy "E"—
preferred-——
Chesapeake &
•;
Rheem Manufacturing
H-'•
'■
r
Natural Gas, 6%
Arkansas
stricken from listing and regis¬
tration voting trust certificates representing old capital stock.
Dealings
In these certificates were suspended on Dec. 24,
1941. Voting trust
certificates
representing new capital stock remain listed.—V. 154.
The New
;
:
'
Stock—
List—
divorce of the
the
Co., also a
-
Motors, Inc.—Old VTC Off
Reo
transferred by this .cor¬
to its new subsidiary, Blue Network Co., Inc., with the
of the Federal Communications Commission.
The three key
of the Blue Network involved are WJZ, New York; WENR,
poration
approval
ing
have been
stations
key
three
for
Shares
'%•
-
.
—
——
interest thereon,
.,
—
,
$402,233
totaling $1 per share paid during the year
1941, the distributions to shareholders since liquidation was voted in
Including
the dividends
have
155, p. 269.
V.
aggregated $9,388,913,
1935,
June,
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4040
155
Volume
*
'
equal
-'-I /
.
to
$20.25
Per Cent
share.—
per
Investments, Dec. 31,
The directors have declared
stock,-no
common
Feb.
dividend of
a
value,-payable
par
50
Feb.
share on the
7.21
1,000
holders of record
paid on Dec. 20,
6.46
800
cents
to
20
per
Stocks
;
-
American
Tel.
&
Tel.
Quoted
Cost
Value
$125,525
$128,525
114,667
115,304
1929,
from
'
Co
4.96
1,200
Allied Chemical & Dye Corp.—
Union Carbide & Carbon Corp.
4.36
1,500
Sears,
4.33
1,000
J.
John
of
Average
'
Shares
This compares with a year-end dividend of $1
9.
Common
.
Value
Oct. 31,
on
1941, received $116,698,349 for their
services, against
$102,417,011 in the preyious fiscal year.
Net
•
.
Quoted
Sivyer Steel Casting Co.—50-Cent Dividend—
509
ended
of Net
'•
Assets at
V
194!
84,466
88,440
106,322
77,767
84,910
105,878
77,200
76,855
73,480
142,168
68,950
,
Holmes, President, said that in the latest fiscal
year rates
for employees were increased twice and that now
hourly rates
higher than they were in 1929, one of the peak
pay
are.
49%
the
company..
despite
years of
Average weekly earnings, he said, increased 18% over
decrease in the average weekly hours to about 40
155, p. 308.
<
•
■
/;
.
a
50.—V,
,
.
last,- and payments of 25 cents each made
12 and Oct. 25, 1941.—-V. 152, p. 1931.
March
on
20,
10,
June
Sept.
;
4.31
1,000
Roebuck & Co.——*--";
Penney Co..*———
Westinghouse Elec. & Mfg., Co.
4.12
2,000
Kennecott
3.86
3,500
American
1,000
Bethlehem
Steel
Columbian
Carbon
J
.Socony-Vacuum Oil Co,, Inc.—Obituary—
;
C.
Copper Corp—.;
Gas
Rolfe Brown of Dallas, Tex., a Vice-President and director
died late Sunday night, after a--short illness, at the age of 73 years.—
3.63
3.61
1,000
V.
3.58
2,400
Int'l
3.49
1,500
Standard Oil Co.
Edwy
154, p. 339.'
1
•
v
vy*
Southern Pacific
•
1
V 1938 V.
Gross from railway***;. $21,578,500 $16,552,272 $13,828,983 $12,694,854
Net from railway—4,004,308
.5,269,994
3,774,484
3,060,134
Net ry. oper. income—* V. 1,552,192
3,444,551
1,965,076 >1,515,359
1941'
v1940
f'
.1939
Jan.
1—
Corp.—
Co.
75,733
Co.—
of
2,500
1,500
American
2,000
General
1,500
Texas
94,280
Co.
——
3.04
1,200
Chrysler Corp.
3.01
1,000
Com
2.88
1,000
^
j
—
—;
-„■*
Products Refining
Procter & Gamble Co
Net fy.
oper.' income.— ^44,436,280
•^Carloadings—
loaded
«
Jan. 25, '41
^ 27,399
14,452
10,130
2.72
1,000
2.57
1,000
RR.—_,•* 94,741
National Steel Corp.——.
80,460
International Harvester Co.— ■ •
1
2.46
2,000
Commonwealth Edison Co
2.23
1,200
Chesapeake &
33,905 '
33,281
V;"; 15,365
—V.
155, p.
r; ':. :
367.
Southern Pacific SS. Lines—Earnings—
Gross
from
Net
from
Net
ry.
railway
$780,360
♦10,792
'♦184,651
♦11,379
*214,197
income—.
North
1.15
From
from
$540,388
$716,463
24,551
*2,285
Net
ry.
9,154,459
7,378,268
6,565,717
197,387
391,328
360,920
201,182
income—
19,574
77,020
139,497
12,698
oper.
1941
In
Gross
operat.
Total
oper.
Taxes
revenues.
139,926,434 105,905,395
99,845,940
89,419,110
72,870,180
8,391,483
68,413,913
63,592,999
15,552,068
7,886,854
7,369,019
3,037,072
3,186,438
2,914,043
4,113,526
32,789,981
21,457,294
20,631,130
14,343,566
2.879,630
2,718,171
3,047,543
1,883,510
23,678,673
17,190,947
16,227,076
88,547,313
expenses—
—-
—
Equip. & jt. facil. rents
Net
operating income.
Other
income
income
Total
and
Interest
Net
rents
income
♦Loss.—V.
35,669,611
24,175,465
16,299,717
16,823,393
deduction
at
*497,772
price
made
Per
55,193
20,500
$2,419,177
$1,759,871
23,724
than
invested
in
of
the
net
of
the
is
of
based
any
one
assets
gross
of
for
Federal
excess
Net
from
Net
from
Net
ry.
Gross
income.
oper.
Jan.
from
Net
from
Net
ry.
—V.
railways
railway
railway
income
oper.
155,
14,049
.
446
■
9,200
•
5,500
39,400
120,000
-
180,000'
<
66,000
$278,069
$260,253
248,200
255,000
81,500
85,000
..i.
stock
(no par)
....
—
''' Balance Sheet,
in
banks
and
$3.41
,
Dec. 31,
$3.06
1941
;
hand
on
(including $1,574.88 certificate
deposit representing entire assets of inactive subsidiary), $203,695;
(net), $567,885; inventories, $867,812; deposits with
of
mutual
■
companies, $6,600; advances to employees against
insurance policies assigned to the company, $3,200;
land,
machinery, equipment, etc. (net), $882,829; prepaid insur¬
$11,765; total, $2,543,786. — r ;■,
buildings,
ance,
an
represent
insurance
life
group
31,
Liabilities—Accounts
and accrued liabilities, $10,596; pro¬
city taxes, etc., $289,367; capital stock
earned surplus,
$42,525; capital
surplus, $381,914; 18,500 shares of capital stock in treasury at cost,
Dr$180,616; total, $2,543,786.—V. 154, p. 1532.
; ;.'U
1
vision
an
for
(100,000
values,
corporation does
the fund based
Federal,
no
payable
State
and
shares),
par
$2,000,000;
Syracuse Transit Corp.—Initial Dividend—
-Earnings—
The directors have declared
the
on
capital
1941
1940
1939
1938
$66,892
13,630
5,750
$62,964
22,591
$57,709
$57,215
15,548
16,667
14,678
4,928
10,047
945,424
306,501
829,240
798,188
741,198
Operating
251,400
195,700
147,606
Gross
197,702
150,095
96,238
56,461
—V.
149,
stock,
3730.
p.
initial
an
payable
March
2
>
dividend of 75
cents per
to
record
holders
of
share
Feb.
12.
Tampa Electric Co.- —Earnings—
Net
after
.$474,656
$5,944,841
$5,097,640
114,346
122,058
113,645
120,802
1,492,659
1,484,041
1,474,266
—
——*
155, p.
1941—12 Mos.—1940
$553,472
retire,
accruals
income
—V.
1941—Month—1940
revenues——
inc.
reserve
56.
p.
20,369
-
*
•
profits tax.——1*
Period Ended Dec. 31—
„
31,080
$466,248
5,699
-
•
—...
Assets—Cash
1—
railway
$435,168
$532,737
/
income
'-V.:x '*:/;>
/
Spokane International RR.
December—
T
!
tax...
Earnings per share
367.
p.
Provision
757.
p.
81,935
,
30,271
sales of
on
income
Although
quoted
on
.v.*——
Federal
taxes.
based,
added.
individually
assets
2,201
11,395
122,785
.
accounts receivable
y';'
transfer
price
is
*
.
sales and interest expense.—.*
securities
on
Dividends paid
Shares of capital
•
prices on Dec.
and
offering
above
securities
5%
154,
sale
securities
listed
5%
than
more
cost.—V.
the
portfolio
*
.
,
last
•'
114,771
'
2,252
31,329
$502,467
for
23,724
Share, $11.23
brokerage
I,:
>
Provision
"
22,923
<r
,
1941)
at
for
which
on
on
holdings
more
represent
identified
From
6,487,726
7,352,072
19,369,894
155,
of
calculated
been
brokerage
security
amount
not
has
the
for
the
of
Gross
16,724,848
-
33,741
$645,471
28,755
«
$2,442,901... $1,783,595
-
(AS at Dec. 31,
A
arriving
on
$
$ V
$.;■ itV.-1
28,809
64,631
49,826
'!#./<
(Redemption) Value
v,
the
\
1938
1939
1940
j
•
-
Security values have been
1941.
two
Southern Ry.—Earnings—
\v.
(net)__
;
Net Asset
allowance
155, p. 56.
Years End. Dec. 31—
■
assets
-
investment
■
other
13,829
4,444,995
♦Deficit.—V.
and
30,088
44,045
_•
36,969
$792,707
"T :
...— .
disposal of machinery and equipment
Provision for Federal capital„stock
tax..****
■
29,608
railway———
railway
Cash
100.00
1—
Jan.
from
Net
£
expenses.*.
Loss on
39,792
■V4£.35,172«
39,348
general
Total income
Loss
43,840
,
60,401
American Co.£________
Continental Can Co., Inc.——* -V:!
Commercial Inv. Trust Corp.
V
1,000
45,855
65,570
Corp
'
-
Discount
1938
......
Gross
Aircraft
98.67
1.33
1939
*$13,400
railway.——."
oper.
3,000
1,000
^
1940
1941
December—
<
1,000
Pennsylvania RR.
Sperry Corp., vtc—•
'
;
i
United
1,600
1.29
37,529
48,357
48,646
.—-
1,000
1.69
1.61
•;
Total
1.97
1.61
r
»'■
48,525?
i'v
Ry.*_-—**f35,450» ;y
64,046
50,568
i
55,180
Ohio
$743,257
60,011
.133,873
and
-V
1940
$889,687
*
profit from operations
income";..:——i—
Other
51,345
Pacific
.
■
,
Net
53,765
-
sales......——.
expenses
Administrative
54,194
.
58,773
800
Jan. 24, '42 Jan. 17, '42
\
_y———:
received Jw—
Cars
10,947,283
23,115,495
26,751,574
>'>
■
Vv, ;.y
WeekEnded—;
Cars
-
•
-
74,874
-
2.84
Union
61,088
..
on
Social security taxes
■—-i—.———CI.
State, franchise and New York City taxes
61,658
.
58,927
93,446
Co.*_
—_
-
railway*— 232,899,215 177,117,783 166,623,094 151,698,277
Net from railway——
72,901,113
50,437,954
46,356,198
33,451,069
from
Gross
:-,'i
1941
....
.
_
Gross profit
Selling
62,188
.
.
.
68,974
,
J
62,288
91,504
89,519
•
Corp._:
"
••••;••
;
,
sales, before deprec. and taxes.
Property and social security taxes...,—
64,460
63,900
;
66,605
-
Smelt'g & Refin. Co.
Motors
',V„
118,476
■.
Years End. Dec. 31—
Gross profit on
Depreciation
64,710
75,313
—.
Ltd.
Can.,
3.43
'
From
.
3.46
3.30
102,900
•
Co,,
(New Jersey) :»
Montgomery Ward & Co., Inc.
3.49
f
Co.—Earnings—<,•'* V■„ .".-it-J
December—
*
Nickel
Electric
&
(S.) Stroock & Co., Ihc.—Earnings—
1,484,698
161.
Square D Co.—Proposed Changes in Capitalization—
Spencer Shoe Corp. (& Subs.)—Earnings—
—6 Months Ended-
-Years Ended-
Period—
of
Nov. 30,*40
$8,520,925
$4,831,653
3,890,727
$3,301,512
6,820,824
$6,437,194
5,307,314
$1,700,101
$1,129,880
$940,926
$582,036
1,215,354
1,099,611
639,502
540,158
goods sold
Sell., gen'l & adm. exps.
-
stock
$301,424
$41,878
2,234
1,644
1,067
653
—
116,868
134,993
56,654
69,642
♦$103,080
$245,836
*$27,111
22,019
1,543
♦$81,061
$80
income
-
2,891
$373,005
31,265
Income deductions j—
for
Net income
$247;.
"
!
hand
on
'
25,550
Ljd
*$128,726'
and
Nov. 29, 1941
banks,
in
sold
to
(less reserve for
trademarks,
$1;
prepaid expenses and deferred charges, $30,445; total, $3,925,576.
$1,215,000;
accounts
totaled
$2,433:
surance.
stock
common
surplus,
capital
$1,749;
additional
earned
(266,799
surplus,
no
shares).
par
total,
$742,720;
$1,166,328:
$3,925,576.—
apparent," he
cash to
on
for
meet
taxes, it
may be
limited
output
the
of
public
utility
operating
Electric Co. system for the
&
160,739,000
kwh.
compared
as
Account,
,
Ended
Dec.
o
at
$1,94^,065 *$l,l73;7l6
•
104,397
95,686
87,225
187,607
177,253
36,369
32,727
36,657
41,968
$1,564,129
$1,622,116
$867,264
.1,558,679
1,367,263
3,249,990
dividends.
as
::;•/:
fi'...' ■■■,
liabilities and cap. stock
1941
Adjustment of prior year taxes
expenses
Fed.
for
inc.
—
1939
$3,812,848
$9,498,123
1,564,129
23,782
$5,541,621 $11,062,252
Charge to capital surplus resulting from
reac-
quisitions of shares for treas. during the
Change in unrealized deprec. or apprec. of
year
69,853
sees.
3,546,475
Net loss realized from .sales of sees., determined
on the basis of the cost of specefic certif. sold
97,626
1938
*$122,531
*$125,239
$87,680
27,264
25,824
47,957
tax
2,400
income
tefund
for
bal.
stock
of Fed.
$95,372
$95,267
inc.
31
89,828
86,638
$39,723
at
78,931
end
liabilities
over
of
and
year
1,679~419
;
—
(market
—
value),
receivable
—I
—
—
—
$185,200
$182,267
$175,945
$118,377
78,662
89,232
82,886
t61,059
J718
18,918
{Capital
stock
at
end
inc.
in
$106,538
period—
of
$92,318
$74,142
-
—
in
{Additional
New
York
State
franchise
tax
assessment
for
Balance
Sheet, Dec. 31, 1941
Assets—Cash
$9,824;
in
banks—demand
receivable
securities owned,
depositary,
from
sale
deposits,
of
$51,458;
securities,
dividends
$4,618;
receiv¬
marketable
at average cost—deposited for safekeeping with bank
$2,419,177;
total, $2,485,076.
Liabilities—Accounts payable,
for
claim
of
•
only.
in
546,905
r'
'
New
$15,656; accrued taxes, $6,726; reserve
York State Tax Commission for additional transfer
$19,793; capital stock ($1 par, less 247,640 shares
in treasury), $158,810; balance of paid-in surplus, $2,177,552; undis¬
tributed balance of income, $106,538; total, $2,485,076.
taxes of prior vears,
of
June
15
June
on
and Dec.- 15,
16
issued
the
interest.—V.
145,
10
14,
cents
last,
per
share
June
on
1939.—V.
15
on
and
154, p. 965..r
'
certificate
a
1941
.
from
Net
from
Net
ry.
—V.
154,
1940
1939
oper.
..
.
....
20,702,199
income.—
12,981,447
5,637,265
Texas & Pacific Ry.
Period End. Dec.
31—
revenues
$3,350,248
Other
102,879
.:
...
41,806,819
11,414,148
9,171,892
5,173,418
3,337,021
>
1941—12 Mos.—1940
$442,778
$6,938,074
97,998
524,700
619,116
$878,586
$540,776
$7,462,774
$5,494,808
deducts,*
$4,875,692
10,352
5,979
55,809
52,927
320,323
323,860
3,849,264
3,866,853
$547,911
$210,937
$3,557,701
$1,575,028
11,700
11.700
11,700
11,700
$199,237
$3,546,001
$1,563,328
charges
Inc. after fixed chgs.
Contingent, charges
510,923
43,571,527
$766,475
112,111
income
Miscellaneous
Fixed
70,342
income
oper.
income
Total
627,781
r,
$2,320,124 $32,839,670 $26,496,558
1,670,210
21,663,738
18,779,929
186,293
3,252,110
1,868,475
86,922
1,082,452
1,024,447
66,079
96,704 ,
51,985
2,246,137
305,099
Jt. facil. rents (net)—Cr.
ry.
952,626
-Earnings-
1941—Month—1940
Operating expenses
Railway tax accruals.*
Equipm't rentals
(net)
Net
$3,638,436
1,125,12#
57.
p.
Operating
1938
$3,875,423
,
60,442,116
45,660,037
11,834,286
railway
155,
.
railway..—
Net
—V.
income
155,
$536,211
112,566
Operating
27,339,390
Ry.—Earnings of System—
Period End. Dec. 31—
'
$662,497
$45,946
36,718
42,035
27,600
56,000
29,189,676
29,773,327
3,812,848
no
Gross
Total
$1,340,343
$1,251,181
1,022,622
932,795
;
*
159,663
153,598
942,370
903,868
—
$158,058
$164,788
$760,674
$859,977
,
_
'
-
'
'
■
income-
income
19,004
17,990
115,961
107,716
$177,062
$182,778
$967,693
242,607
211,932
$876,635
1,419,083
1,279,728
$65,545
$29,154
$542,447
$312,035
deductions
Combined
net
loss—
railway
and
bus...
profits
excess
'
1941—6 Mos.—1940
$7,578,769
$7,186,129
5,875,724
5,422,284
,,
Note—The above
shares
par
1600.
V
'
1941—Month-—1940
—.
expenses
Non-operating
$30,064,739 $33,730,156
p.
•
161.
p.
Third Avenue
io
{Represented by 536,184
1940.—V.
'
dividend
a
paid
was
from
Gross
figures do not include any provision for income or
taxes, and in the opinion of the management no sub¬
stantial amount of
from
the
income
income
of
the
or
excess
period.—V.
profits taxes will have to be paid
161.
155, p.
The ICC
on Jan.
22 issued a certificate permitting abandonment
by
company
(1) of operation, under trackage rights, over a line of
Pennsylvania RR. between Marsh Hill Junction and West Williamsport, 4.28 miles, and (2)
as to interstate
and foreign commerce, of
Thompson's Spa, Inc.—New President—
the
its
able,
fixed
railway—
$6,198,883
$4,154,776
Net from railway—.
VVf,952,868'
1,419,438
Net ryj; oper.;:jncK>me-W*,'r 1,188,186
-1,177,659
;•
From Jan.. l-r-,.; >!■ :> '
-•
the
prior years.
at
1940
Susquehanna & New York RR.—Abandonment—
charged
be
accrued
$30,064,739 $33,730,156
-
——
receivable
and
•
close of
the
will
1939.
1941
$57,317
the current fiscal year, a portion of the dis¬
to net profit on securities sold.
*Includes
other dividends amounting to $3,431 in 1941, $566 in 1940 and $1,136
tPrior to
tributions
Jan.
on-
Operating revenue
—-
—
Total
♦Dividends
of
bal.
$3,812,848
148,248
tax—
inc.
Fed.
Undist.
ICC
*95,492
)istributions made dur¬
iddit'l
The
$6,182,707
—
taxes.....:—
for
10,
value, payable Feb. 21 to holders of record
par
on
Operating income
payable
Management fee payable
Reserve
:
Feb.
m.,
permitting abandonment
by the company of a branch line of railroad
extending from Luling
to Lockhart,
approximately 14.65 miles, all in Caldwell County, Tex.
■
.
Accounts
5,514
L
$4,456,402
25,494,347
113,980
————
——
Liabilities—
declared
no
amount
Taxes
Total
Total
1,558,679
$148,248
v
362
ing the period
3,121
73,140
cap.
\
,
p.
capital
Dividends and interest receivable**,—**——
tax
yrs.,
Fed.
$97,014
assets
—
Accounts
with int.
stock
tax
for
year
ended
March 31, 1938——
pr.
Ixcess
5,689
Comparative Balance Sheet, Dec. 31
Assets—-V'.-1941
Cash
of
March
at
5,681,915
•
dividends declared
Securities
Net inc. for the period
Jndistributed
14, 1940, and
like
A
...
—1,704,992
——____
Total
Surplus of
1940
$119,906
24,534
'ncome, cash dividends-
Operating
1940
,
year
the year____—
for
3
Texas & New Orleans RR.—Abandonment—
ij.'":
over
beginning of
Net income
and
par
December—
$1,704,992
1,679,419
$19,766 securities received
Surplus of assets
have
stock,
Dec.
Gross
31
174,402
.
1941
'
directors
common
13.
the
:;,ii';.i^4oLjr^'f.j939:, 7!|i938,
64,884
expenses
the
Feb.
Comparative Statement of Surplus for the Years Ended Dec. 31
Cash
Months End. Dec. 31—
price not exceeding
1917.,' ■)■■■.■
•
The
/,
Corp.—Earnings—
162,370
__
income
♦Includes
until
*
in
companies
week ended Jan. 24, 1942,
$1,968,61$ 1 $£875,655
received
;
■
received
Texas Gulf Producing Co.—10-Cent Dividend—
;
some
with
12 Months
1941
■
int.
Co.—Tenders—
be
Earnings for December and Year to Date
State Street Investment
Spencer Trask Fund, Inc.- -Earnings—
Prov.
prudent at
company to obtain some additional capital
amount of common stock."—V. 154, p. 1384.
•'.!
.Diysf:
will
The
lowest
p.
stated.
the
Adjustment of prior year taxes
155, p. 194.
9
President,
satisfactory in every respect,
is
proposals
of
Pennsylvania Co. for Insurances on Lives & Granting
Annuities, trustee, Philadelphia, Pa., for the sale of as many of first
mortgage bonds as can be purchased with the sum of $63,500 at the
preferred
Magin,
139,866,000 kwh. for the
corresponding week last year, an increase of 14.9%.—V. 155, p. 367.
payable-
provision for accrued taxes, $110,833; other accrued
due employees and officers, $44,191; deposits—
clerks, $2,129; deposits—subtenants, $100; fidelity in¬
and
V.
payable—banks,
$601,557;
managers
drains
Standard Gas
and
$1,023,331; other assets, $74,155; fixed assets
depreciation,
$516,546),
$563,867;
leaseholds,
$1;.
$38,537;
capital
future
a
Electric
cash due In connec¬
$130,821;
H.
expenses,
is
for
Cash dividends declared
sion,
trade,
W.
.
*$41,609
$157,249
with accounts receivable of the Marion Shoe Division
Liabilities—Notes
F.
financial condition
Provision; for taxes
Management services
M. Hubshman & Bro., $60,262; accounts receivable
(less
reserve,
$1,308), $409,886;
other accounts receivable, $11,810;
Inventories—manufacturing division, $1,620,996; inventories—retail divi¬
-
shares,
need
'
Net
by
19,000
Sealed
office
the
*$16,058
70,402
$258,489
—
Assets—Cash
the
by selling
J
guaranteed
of
to
convertible
26.
Income
1'9>28'1
47,664
.
83,251
Balance Sheet,
tion
view
in
Other
•LOSS.
shares
5%
substantially increased volume of our business,
necessitating the carrying of larger inventories and receivables and of
11,053
•
Federal
earnings—
on
$42,531
$302,490
$31,914
$370,113
obsolescence & amort.
taxes
reducing the authorized
Jan.
immediate
in
the increased
$30,269
>$486,981
—
Provision
30,000
on
company's
no
"But
and
Standard Gas & Electric Co.—Weekly Output—
profit
(before deprec.)
Prov.
for
depreciation,
Other
from
"The
Total operating
Operating profit
shares,
announced
and
'
revenue—
oper.
600,000
2,719,476
$484,748
Texas Gas Utilities
special meeting of stockholders will be held on Feb. 16 to consider
the
authorized
common
stock
from
500,000
shares
to
increasing
time
Oper.
profit
(before
depreciation)
Other
Nov. 29,'41 Nov. 30,'40
Nov. 29,'41
dlsc'ts,
allowances
&
returns
Cost
less
sales
Gross
A
entire
together
line
with
of
railroad
the branch
between
Towanda
to Miners Run
and
Mine
Marsh
and
Hill
terminal
Junction,
John J. Doyle has
been elected President, succeeding John W.
Stokes,
I. T. Kingman has been elected Treasurer, and S. D. BradAssistant Treasurer.—V. 155, p. 92.
resigned.
way
as
facilities
at
Williamsport. 21.28 miles, in Bradford, Sullivan and Lycoming Coun¬
ties, Pa.—V. 133, p. 1286.
■
'
Tide Water Associated Oil Co.—Extra Dividend—
.
The
Swift & Co.—Number of
15
Employees, Etc.—
The
report of this company to its employees for 1941 shows about
.71,000 men and women on the payrolls, compared with 61,000 for the
fiscal
year
ended
on
Oct.
31,
1940.
Employees
in
the
directors
cents
payable
fiscal
year
6,373,322
of
25
with
per
shares
cents
the
Jan.
on
declared
29
share plus an extra
March
per
2,
1942,
of
common
share
company's
on
policy
stock
the
of
a
regular
dividend of
holders
to
of
10
record
quarterly
cents
Feb.
outstanding.
company's
declaring
This
common
dividends
of
share, both
1942, on the
total
stock
to
dividend
per
9,
is
payment
consistent
stockholders
in
i.
..
amounts
warranted
by
is
it
earnings,
current
company's
the
an¬
nounced..
In
the
1941
Sept.
and
'it
..
i
■■
and
2
also extras of
1;
March 3, June 2,
15 cents per share on
paid
company
Dec.
cents on Sept. 2
155, p. 1306.
10
and Dec. 1,
year-end of 20 cents on Dec. 27.—V.
a
1941
1940
1939
1938
$2,890,170
$3,056,832
$3,114,447
—2,434,864
2,438,275
2,597,040
2,761,469
$595,396
$451,895
$459,792
$352,978
190,178
231,513
260,438
285,031
13,951
15,341
16,654
17,335
101,073
91,541
81,060
38,636
17,369
16,355
15,096
13,690
64,383
65,063
75,029
,_1_'
Operating
expenses
the
stock
common
new
which
have
revenues
number of
not
shares, however,
derived.
been
yet
as
capitalization
increased
was
Despite the
*
Interest
income
by
&
of
expenses
obligations to RFCon deposits
Title losses & provision
-
Interest
_
share on the basis of 2,695,000 shares outstanding at the year-end,'
1940 earnings were equal to $2.76 per share on the 2,295,000
shares outstanding.—V. 155, p. 367.
vV-v,.' ■ <-.
therefor
Fed.
deposit
insurance..
Fed. social sec. & State
unempl. insur. taxes-.
capital stock &
"•
78,195
-
Federal
15,209
7,810
158,061
bldg.
co's off.
on
8,610
1,639
franchise taxes,
State
Depr.
Net
profit before non-'
operating losses ___
7:7'-,V:^7:7%
'
*$253,179
$3,705
$23,471?
$206,802
Chemical
Co.—Arrangements Made
for Sale of Debentures During 1942—See American General Corp.—V. 152, p. 998; V. 154, p. 1732;
^
&
approved an
24
Jan.
cn
pany, Towa-Illinois Gas & Electric Co.
These transactions < are • for the '• .purpose:
March
of
order
.
the top
Power Co.,
*
1941,
20,
:
of carrying out"- an SEC
directing dissolution of United Light &
of this holding -company: system..^?
..
Potash
Commission
Exchange
and
Securities
The
while the
TJnion
Operating
application,'tinder the* Public Utility Holding Company Act, in which:
United Light & Power Co. and 13 of its subsidiary companies propose
a
-series of "transactions; involving
the combination of nine of the
eleven directly-owned subsidiaries of United Light with an additional
affiliated company to constitute a single operating public utility com¬
increased
1941 earnings were equivalent to $2.67
the
Co.—Dissolution Plan Approved
United Light & Power
per
Operating
11.5% .—V. 155,
kwh.,; or
11,973,661
by SEC—Nine Subsidiaries to Unite to Form
Unit of Iowa-Illinois Gas & Electric Co.—
American Co. invested $10,000,000 of
Electric's construction program' from '•
shares when the North
money to facilitate Union
of
increase
an
367.
p.
preliminary earnings statement.'
a
400,000
$3,030,260
Years Ended Dec. 31—
13:6%, according to
1941
During
Title Guarantee & Trust Co.—Earnings—
Income
of
kwh.,
104,268,518
$12,314,465 of earned surplus and $1,192,500 of capital surplus as of
30, 1941, totals $76,006,966, according to the latest available
balance sheet.
This total amounts to $28.20 per share.
Consolidated net earnings on the common stock of Union Electric
for 1941
totaled $7,186,811, compared with $6,324,196 for 1940,' an
Sept.
increase
Saturday,. January 31, 1942
FINANCIAL CHRONICLE
THE COMMERCIAL &
510
company
',. Files Application Providing for Retirement of Deben¬
1' *',v■"
-ri
V
•" v
The United Light and Power Co. on Jan. 20 filed with ithe-SEC an
application'designated
as(
Application
No.
8
pursuant
to 3ection 11
„1941
Increase r
Sales
-(b) (2) with respect to a plan providing for-the payment and retire-?
$3,329,135 t $2,316,826i"$l,012,309
ment of the principal amount ($15,093,800) of Its outstanding debenThere were 75 stores in operation at Jan. 24; 1942, compared* with
71 for last year.—V. 155, p. 57.
;7r.-v
^77 t'.ires; The plan as proposed provides that all of outstanding deoentures
*+■'■''
jof each series will become due and payable at the office of The New
•'\
7,■ ■ -.'■■■ '7;
"7'"'■'::7^ ;7\c.V7.;:''.P77
York Trust Co., 120 Broadway, New York, on May 1; 1942, at their
v
United Aircraft Corp.—Initial * Preferred'' Dividend—
principal amount plus accrued interest thereon to May 1, 1942.
In¬
tures
V Union Premier Food Stores, Inc.—Sales Higher—
4 Weeks Ended Jan. 24—
■: 1942'
;
.
:
~
Z
•
_________—_________________
.
•Loss;
'■
.
.> 0:-
■:
31
Balance Sheet, Dec.
banks
other
and
Bank
due from Federal Reserve
hand,
on
'■■""v.',
-•'■:
Assets—
Cash
—-—--~--
.
$8,770,911
$8,354,519
Government securities .—
State and municipal bonds
——
Other stocks and bonds
—--■-i—.—United
States
the
on
*725,000
1,160,000
3,782,361
448,471
1,073,874
2,213,183
1,043,999
cumulative
5%
holders of record Feb.
initial dividend of 75 cents per share )
an
stock,
preferred
2 to
$100, payable March
par
For offering, see V.
12.
155,- p. 308..
*
;
.
terest
.,
7; United Aircraft Products, Inc.—25-Cent
declared
The directors have
the 7
A like *
stock, payable March 16 to holders of record Feb.-26;
common
J
Dividend— "
—
amount
secured by market-
Demand or short-term loans
collateral
receivable
Accounts
Advances
trustee
as
receivable
Interest
Total
cents
50
cents
in
the
2,447
1,137
57,177
44,036
—
—______
—
offices
estate
92,230
97,828
5,040,135
5,900,000
5,258,673
5,900,000
Executive
Legal
1,905,662
2,745,716
Bad
368,308
332,508
Provision
188,937
Interest'
105,326
24,235
117,415
Capimi11!!!™
$6,000,000
1,539,169
$6,000,000
1,170,972
-
Surplus
5,875,634
notes
__________———
4,755,706
Reserve for contingencies
——1,525,578
Reserve for title insurance .—__—__——_—— .
368,308
Res. for taxes, int., exps. & unearned income__
162,298
Secured debenture
Deposits
checks
and letters of credit
and officers'
Certified
Acceptances
•After
amounting
reserves
152,
to
'
998.
p.
332,508
176,925
21,819,384
;
649,831
——-
125,143
25,142
*
^ $36,894,447 $38,583,973
$1,126,308 in 1941 and $1,116,748 in
Total
1940.—V.
1,976,22.,
22,236,612
_______—.—_e»4——
,
totaling $3,582,672 are reported by the
Capital Co., a subsidiary of Transamerica
Corp., for the 12 months ended Dec. 31, last.
This reperesented an
■increase of approximately 23%
over sales of $2,917,042 reported a
in
$4,766
V,. 155,
1940.
p.
Average size per farm
182
with
270.
acres
year
a
earlier,
sold in 1941 was 152 acres
the announcement said.—
Western
&
.
Air,
Inc.—Listed
on
Chicago—
pany
has approved.the application
of com¬
li&t 1,000,000 shares of coftimori Stock ($5 par), which will
to trading upon official notice of registration under the
to
1934.—V. 155, p. 77.
Securities Exchange Act of
Tri-City Ry. (111.)—To Be
See
United Light
under
&
is
17,382
16,836
assets
It
f
Merged—
Power Co.
^
[
declared
directors have
The
3
^
The
Bond & Share Co.
Electric
United
of
chase
$75,000,000
United
of
and
Gas
a
These contracts
first
-
Power Co. is an electric and gas utility serving the cities
and Rocl; Island, Illinois, and the immediate vicinity with
electric and natural gas services.
Moline-Rock Island Manufacturing Co. owns and operates a steam-
Tri-City Ry.
(Iowa)—To Be Merged—
'
differences between
pending ultimate final deter¬
financing contracts
companies to become
Bond
Corp.
Tri-Continental
—
National Investors Corp.
is
See
corporation above.—V.
that
debt
Twin Coach Co.—Gets Large
403.
p..
Bus Orders—
by the company during all
backlog of the company is said to
Reflecting the greater need for
duced
cities
during the war
allowable production
period, the
for February
of last year, it is stated.
total about $6,750,000.
bus transportation by the
accumulations
par
the
the holders of 20-year
general
account
fixed by
at 3%, payable upon presentation and surrender of
the New York Trust Co., trustee, 100 Broadway New
corporation
such coupon at
the
York
paid to
interest to be
of
coupon
City.—V.
140,
p.
Union Carbide &
988.
•
*
declared
the
on
$7
Carbon Corp.—Stock Offered—Mor¬
Co., and Dominick & Dominick offered
of business Jan. 27 a block of 63,500
shares of capital stock (no par), at a fixed price of 66Vs
net.
Dealer's discount $1—V. 154, p. 911.
•
dividend of $2.25 per share on account
a
Missouri—To Register 2,695,000
of Common Stock — Company Earned $2.67 a
Union Electric Co. of
The
1941—
entire common
pared with $1.75 previously.—V.
155, p. 194.
Co.—Earnings—
Gas Improvement
•"
Interest
}i
;___
Income
from
miscellaneous investments^
Income
from
special fund
Other
income
Total
income
stock of the company, one of the nation's
Net
lead¬
" 301,945
1,090,197
—
—
for Federal
taxes
appropriated to special fund reserve,
on
Dividends
on
15
approval
North
filed
an
application
with
the
SEC
for
the program, proceeds from the sale to be applied by
first to the retirement of its entire outstanding
indebtedness and the balance to be used for general cor¬
of
American
debentures
porate purposes.
and date of sale have not yet been deter¬
value of Union Electric's common stock, repre¬
sented by stated value of $62,500,000 for 2,695,000 shares outstanding,
The
mined.
actual offering price
The
book
■
437,814
$20,801,152 $26,514,618
193,484
121,017
&c.
1,479
2,252
;
_____
$20,606,189 $26,391,349
pref. stock
stock
$5 dividend
common
-
*1940 figures
-
-
Co.
Power
Is
an
a
gas utility serving Ottumwa, Iowa, and the
area with natural gas. ,7
-\y^v7::777h''i;7:'77
Electric Co. is an electric and gas utility serving
Dodge and Manson, Iowa, and the surrounding area with electric
Ottumwa
immediate
,
Co.
Gas
is
surrounding
/ Fort Dodge Gas and
Fort
eervice.
7>..-.7
Iowa-Illinois
ized for the
the
7'v7,-..:77
.
and
Gas
Electric
Co.
-
'
•
is
-77'
•
.,7)
■>■':.
v.
Illinois corporation
an
organ¬
of acquiring the assets and businesses of each of
purpose
foregoing constituent companies.
Applicants
the
above
intra-system
the
(1)
propose
of
subsidiaries
described
Power
sale
and combination
Railways
and
into
a
of
single
Iowa-IllinOis, having aggregate gross assets of
^approximately $41,300,000, and the substitution of Iowa-Illinois for
Power as obligor on the first lien
and consolidated mortgage bonds
of Power, (2) the contribution by Power to Railways of miscellaneous
investments having a cost of $1,744,137 and an aggregate principal or
par amount of $1,850,000, (3)
the disposition by system companies of
-inter-urban bus and railroad businesses,
and (4) the purchase (as
distinguished from redemption) by Power of all or any part of its
outstanding debentures in principal amount of $15,697,800.
(1) Sale and Combination of First Lien Companies and UPM
These transactions involve both the acquisition of securities and
assets, and the issuance of securities.
•
V (A.) Acquisition of securities and
assets.—Iowa-Illinois will acquire
from Power the outstanding securities and indebtedness of the follow¬
ing First Lien Companies; Cedar Rapids Gas Co., Fort Dodge Gas and
Electric
Co.,
Iowa City Light and
Power Co.,
Ottumwa Gas Co.,
Peoples Light Co., Peoples Power Co., Tri City Railway Co. (Illinois),
Tri-City Railway Co. (Iowa), Moline-Rock Island Manufacturing Co.
<■
[La Porte Gas and Electric Co., which does an electric and gas
utility business In La Porte, Indiana and vicinity, and Mason City &
Clear Lake.RR, which:operates an inter-urban freight transportation
business, are also First Lien Companies* but are not included in the
proposed combination.
The filing discloses that negotiations for the
operating
company,
•sale
3,826,080
17,438,831
3.826,080
23,251,774
$658,722
$686,505
of
La
.eluded and
of
,ment
when
the
poses
to
mation
Porte
contract of
application
necessary
dispose
of
.securities
non-affiliated
to
a
the
these
of
La
of
sale is
will
additional
Mason
sales,
Porte
and
&
recently
been
con-
An amend-
shortly with the. Commission
are available. Power also pro¬
Clear
proposes
Mason
have
of preparation.
course
filed
details
City
Power
interests
in
be
City
Lake RR. Pending consum¬
obtain the release of the
Clear Lake RR. from the
to
&
the
of
mortgage
mortgage securing Power's first lien and consolidated
bonds through the deposit of cash
with the indenture
trustee.]
In consideration for the transfer of these securities and
Iowa-Illinois
Deficit
and
and natural gas.
lien
Net income balance
Dividends
dend of
-
1,048,171
416,663
Pennsylvania State taxes—r—___
operating income
Income
1,166,451
302,311
1,203,492
expenses
Provision for
York.
has
1,335
124,776
$23,813,449 $29,469,365
etc.
plies,
General
Provision
will be registered shortly with the SEC, it was announced
Wesley McAfee, President.
Comprising 2,695,000 shares, the proposed offering will mark the
largest common stock distribution ever made under the Securities Act.
The stock, all of which is owned by the North American Co., is to
be distributed to the general public through a nation-wide group of
investment banking houses headed by Dillon, Read & Co., of New
Co.
1,403
159,334
Salaries, traveling expenses, office rentals, sup¬
ing utilities,
American
17,235
51,705
.i.
<
Light
City
,
1941
*1940
$23,412,525 $29,142,702
188,482
183,317
"
Income—dividends
Jan. 30 by J.
North
stock, no
payable March 2 to holders of record Feb. 6.
A dividend
each of the 10 preceding quarters, as com¬
value,
Other deductions from income
Share in
with
,
gan Stanley &
after the close
Shares
exist
cumulative non-voting preferred
Years End. Dec. 31—
income bonds outstanding, dated July 11, 1933, on
which matures on March 1, 1942, has been
rate
The
of
that
of like amount was paid in
nation s
OPM recently boosted Twin Coach's
to 115 buses.—V. 155, p. 270.
United
mortgage
differences
SEC sanction of the
necessary
The directors have
of
Current
Corp.—Interest Payment—
Tyler Building
to the
Accumulated Dividend—
the first 20 days of this month, the company has received
for 200 new buses, or about one-fifth of the 1,000 buses pro¬
During
orders
the
of
refinancing steps,
it will be necessary also to obtain agreement of the insurance com¬
panies to a further extension of the date of the purchase contract to
permit completion of the necessary corporate steps.
addition
In
155,
settlement
final
pending
SEC.
the
New Member of Group—
would be subordinated to the new
'
electric and gas utility
servin|g Iowa City, Iowa, and a smaiRsurrounding area with electricity
/
7<<i-/•''
)/77;:;;.^
Cedar Rapids Gas Co. is a g»# utility serving Cedar Rapids, Iowa,
and a small surrounding area with natural gas,- V"7^7'7'T-:V.7-7
Iowa
reached
That debt
& Share.
Iowa,*'
Clinton,
preferred stock amounting to around $20 a share.
plan now believed to be most strongly advocated as a means
Electric
and
and
111., known as the Tri Cities area. ^
►
United Power Manufacturing Co.
(UPM) owns the Riverside steamelectric generating station, located a short distance east of Davenport
on the Iowa side of the Mississippi River.
The company also owns an
office building in the business district of Davenport which is leased
in part to Peoples Light Co. and The United Light and Power Service
Co., and in part to certain non-affiliated persons.
Tri City Railway Co. (111.) owns and operates a transportation busi¬
ness
furnishing urban bus service in the cities of Rock Island and
Moline, 111,, and adjacent communities in Illinois. •
Tri-City Railway Co. (Iowa) owns and operates a transportation
business furnishing urban bus service to the City of Davenport, Iowa,
and adjacent communities in Iowa.
The company also furnishes interurban bus
service between
the cities of Muscatine, Davenport
and
:
of
expediting the financing
operation would substitute retirement of
United Gas Corp. $44,982,200 of $7 dividend first preferred stock in
place of immediate refinancing of the United Gas debt owned by
Light & Power Co.—V. 82, p. 335.
steam-electric
Rock Island,
and
Moline
expire on Feb. 1, .and provide for the pur¬
mortgage and collateral trust 3'A% bonds
is
in Moline, HI., and operates undeir
generating plant owned by United
Moline-Rock Island Manufacturing Co. sup¬
located
plant
Riverside
Manufacturing Co.
plies all the electric energy requirements of Peoples Light Co.
Peoples Power Co.; these latter companies serve Davenport, Iowa,
it probably will provide for a
revision of the original plans.
These called for a refinancing of all
debt of United Gas,
including the more than $50,000,000 owned by
Electric Bond & Share as well as payment of arrears on United Gas
compromise
a
generating
the
Power
The
See under United
Moline
electric
Gas.
such
If
of ten companies
Peoples
of
Discussed with SEC—
insurance
of
group
properties
Peoples Light Co. is an electric and gas utility serving the City of
Davenport, Iowa, and its immediate vicinity with electric, natural gas
and, steam heating services.
■■■/' 7
"•//"/7'*../77v:-.v'- 7..:7:;;i-7
mination, Can be worked out in time to permit the
effective.
and
business
the
proposed to be combined into one operating company, Iowa-Illinois.
A brief description of the type of business conducted by each company
follows;;
'-vr: •
7 ;vi-:v7'.'-':v7-7.v 7:7'" 7'7't7;
companies appeared before the GEO
proposed sale of $75,000,000 first
and the SEC,
„
'
noted,
heretofore
As
the
with
connection
in
28
affiliated
and
corporation
Jan.
on
.
states.
to
United Gas Corp.—Refinancing
■
.
are
dividend of 75 cents per share on the
a
payable March
■
nies, controls operating public utility companies doing business in ten
Co.—75-Cent Div.—
holders of record Feb. 20.
This
compares with 50 cents paid on
Martih 10, May 13, Aug. 12 and
Nov. 18, last year, and a year-end dividend of $1 per share on Dec. 23,
1941.—V. 155, p. 57.
n
i
■
i * •
*
stock,
common
first
-
owns
lease
Foundry
;...■
(Railways), a registered holding
American
$1,057,474; earned
surplus, $133,806; capital surplus, $33,102; reserve for contingencies,
$50,144; deferred liability, $32,777; due to banks (secured?, $148,212;
Sundry creditors (including accruals), $69,077; reserve for income,
excess
profits and other taxes, $70,135; total, $1,594,728.—V. 155,
p. 195."■
&
•
...
.
,
Light and Railways Co.
is a direct subsidiary of The United Light and Power Co.
all of the outstanding securties of United Power Manufactur¬
ing Co. and through Continental Gas & Electric bo. (Continental) and
Light & Traction Co., subsidiary registered holding compa¬
1941
(704,696 no par shs.),
Engineering
the
company,
America),
/
its principal
United Light
securities and indebtedness of the
in the holding company system;
outstanding common stock of The
company
The United
$38,570
,
top
consist, of
Railways and the outstanding
First Lien Companies. • ■...
plant, machinery, equipment, auto¬
goodwill, trade marks, licenses, etc. (net),
$212,075; bulk and bottled whiskies and beer,
$653,968; barrels and drums, $25,568; materials and supplies, $107,407;
insurance unexpired and prepaid expenses, $25,054; advance to cus¬
tomers, $22,092; trade accounts receivable, $99,477;. amount owing by
a shareholding company, $56,051; cash on hand, $128; total, $1,594,728.
shares
the
and
(net), $300,937;
Liabilities—Capital
11
The 'United Light and Power Co. holding company system.
Proposed Transactions—Before discussing the various transactions
4~8~632
investments,
between
Chicago Stock Exchange
admitted
be
-
.
-
...
(of
Distillers
Sheet, Sept. 30,
mortgage 3(4% collateral trust bonds,, due 1958.
It is now hoped that some compromise of the
Transcontinental
The
United
the
Balance
purpose
proposed in Application No. 5, it is appropriate to set forth briefly a
description of the companies involved therein.
o•
The United
Light and Power Co., a registered holding company,
389
$56,417"
•
'.
28,700
1,399
*77.7 4,486
49,757
the
Section
.in
Assets—Land, $46,971; buildings,
$45,001;
During the year the Capital Co. sold 625 farms comprising 94,390
with an average value per farm of $5,732, This compares with
612 farms comprising 111,639 acres with an average value per farm
compared
——
—
mobile, etc.
acres,
of
_
.
Consolidated
constitute a single" operating public-utility company,
Electric Co. (Iowa-Illinois).
The transactions are
of carrying out our order of March 20,-1941 under
(b>
(2) directing dissolution of Power, the top company
to
company,
-
28,700 7
j
depreciation
and 13 of its
under the Public
companies have filed with the Commission
subsidiary
Utility Holding Company Act of 1935 joint and several applications and
declarations designated Application No. 5.
The applicants propose a
series of transactions involving, among other tilings, the combination
of-nine of the eleven directly-owned subsidiaries of Power, sometimes
known
as
the First Lien Companies,
with , an additional affiliated
for
$150;510
$201,012
salaries
for
/•
Iowa-Illinois Gas &
fees
Note—Figures do not include
Ltd., a wholly-owned subsidiary.
properties
Sales in 1939 totaled $2,034,783.
ago.
cents per share was paid -
Subs.)—Earnings1940
'77'\7'•ii'n1941^^:-
30—
debts
United
California Lands Division of
year
10
____________—__________—7^7 14,821
Provision for income and excess profits taxes—
45,432
Subsidiary Gain—
of 'farm
of
1633.
Land Sales By
Transamcrica Corp.—California Farm
Sales
Sept.
Net profit
$36,894,447 $38,583,973
-
A total
1941.
154, p.
Profit, before depreciation, interest, etc
2,168,467
100,448
2,
1940.—V.
Ended
2,167,879
--
an
otf June
United Distillers of Canada Ltd.,(&
Years
1,037,578
of credit
and
year
2,168,467
157,936
———
for accepts. & letters
—
25
of
317,655
—___________
assets
liab.
of
2,775,298
r
Acquired for other corporate purposes
•Acquired through foreclosure—Mortgage partic. ctfs. and interest in real
Title insurance reserve fund
Stocks of associate companies
Customers'
2,582,640
283,321
—
Real estate and mortgages —
Real estate—acquired for company's
Other
2,544,302
2,841,115
_—————
overdrafts
Depositors'
int.)
(less prepaid
discounts
and
loans
Other
15, last, as against a' quarterly
extra of 25 cents on Sept. 18, last, and a dividend
paid on this issue on Dec.
was
vV
findings and opinion of the Commission follow;
Introductoryx-^The United Light and Power Co.- (Power)
The
dividend of 25-cents per share on
a
after May 1,
;;: '■...
to accrue on and
all the debentures shall cease
on
■1942.
.
,
'
579,224
r,
declared
directors have
The
1940
V 1941
be
will
substituted
pay
for
indebtedness,
Power $13,375,000 in cash and will assume, and
as obligor
on, the first lien and consolidated
Power
mortgage bonds of Power in outstanding principal amount of $16,000,-
restated for comparative purposes.
000.
Dividends—
The
directors
on
"
Jan.
27
declared
cents per share on the common
ments
regular quarterly dividend of
stock and the usual quarterly divi¬
both payable March 31
15 cents per share was
stock on Dec. 23, last, as compared with pay¬
each of the three preceding quarters.
$1.25 per share on the preferred stock,
record Feb. 27.
A distribution of
to holders of
made
a
on
of
the
20
common
cents
in
Weekly Output—
The
electric output for the
U. G. I. system companies for the weel?
as follows;
last year,
Just closed and the figures for the same week last year are
Week ending Jan. 24, 1942,
116,242,179 kwh.; same week
[$17,256,600, principal amount of these bonds are now outstand¬
ing. However;- Power, prior to the assumption of the bonds by IowaIllinois, will deposit irrevocably in trust with the indenture trustee an
amount
of
of
cash
sufficient
to
effect
the
redemption
on
Feb.
10,
1942,
5 % % bonds, Series of 1924.]
transactions in conformity with
the applicable requirements of Article XIII of the indenture dated
April 1, 1922 governing these matters. The First Lien Companies will
be dissolved and their business, property, and other assets acquired
.by Iowa-Hlinois.
Funds to finance these acquisitions will be obtained by Iowa-Illinois
through the issuance of 80,000 shares of Its common stock ($100 par)
$1,256,600,
Power
principal
proposes
to
amount
consummate
of
the
these
L
Volume
to
Railways for $13*375,000 in cash, of which $8,000,000. will
capital and $5,375,000 will constitute paid-in surplus.
con-r.,
.
Iowa-lninois
a<idi inn.
stock
to
in
Railways
will
issue
consideration
52,250
the
for
shares
of
transfer
by
its
by Iowa-Illinois.
by
•t
Fifty shares issued to
Iowa-Illinois
Power
for
$5,000
cash
Railways.
to
will
Cfpon conoummauon of these acquisitions, Railways will own
outstanding stock of Iowa-Illinois.
V'w
f
'■
Balance
.
i-
combined
balance sheet
Jiorma balance sheet of
below:
c"'
Sheet
v..
* * **
the
of
Iowa-Illinois, both
/A"'• C1
v-fv -/Av'aA;.
\
A
under
Investments
,
current
a,
Other deferred, charges-^--—
Total
M
'Liabilities—
w
*#■
*»•
.*
-
+1 «te
~if
77
liabilities
Reserve
:for
reserves
Paid-in
1,640,237
2,648,101
510,083
2,648,101
510,083
47,106
1360,024
-
from
the
Dec.
railway
»
;
'X'./'V.X,' "vA
Account
77
The
income
accounts
Iowa-Illinois
Sept. 30,
on
1941,
a
the
of
constituent
forma
pro
shown below:
are
both
basis,
'
sale
as
or
to
consumers
which
months ended
12
its
have
Illinois
question
interest
exempt
from
and con¬
and for the
Section 6
(a)
standing
and
State
assets
Iowa.:
by
the
which
in
business."
and
The
such
business
proposed
Illinois
subsidiary
between
have
exist,
may
of
therefore,
Iowa-Illinois.
It
"solely"
whether
;
is
company.
not
are
Iowa-Illinois.
.available
filing
the
been
v
evident,
for
the
We
authorization
the
under
as
tion
7
Sec.ion
6
conclude
of
b)
the
that
Act,;
these
v
A
(1)
(c)
the
stock that
and
that
Sections
the
7
(e),
,
„
After
transfer
indebtedness
of
satisified.
The
value
Section 7
a
find
to
as
(ci
both
(1).
the
and 7
(g),
Various
of
For
bonds
Power
the
First
to
of
Lien
Companies,
Power
(in
to
1,002,810
M :i': 979,648
$1,744,138.
1,002,810
_
income taxes.
State
there
will
remain
addition
Other
t
income
(net)
Interest
—-.i——
assumed
income
^
debt——
present
on
Interest on
Other
debt
\
the
to
(net)
.
—
,y
$2,483,356
of
in
of
excess
will
which
annum,
per
the
'expect to realise as a result of the combination, nor
which may . be obtainable through refunding operations.
'
•
It
will
be
Conclusions
(Iowa)
y
,,
Bus
to
Illinois
equipment
The
the
tures
Co*
f ($100
Iowa.
The
of
of
as
in
new
par)
to
$11,525
of
asset
155,
relating
The
Business
to
the
of
Power
property
utility
it may
will
be
and
coverages
instead
company
V
eliminate
structure
that
the
the
extent
be
to
various
of
the
that
the
corporate
holding
stock
common
com¬
company
of
Railways
stockholders
of
Power
transferred
under the plan, their
and,
to the
extent
anticipated
are realized by Iowa-Illinois, their posi¬
through
will
be
the
corresponding increment in the
of Railways,
the principal re¬
the financing of necessary
a
stock
In
addition,
Iowa-Illinois
to
meet
increased
demands
resulting
facilitated.
basis
of
the
forma
pro
income
statement
ended
,
The
stock
in
It
by
this
Railways
will not
of
therefore,
holders
and
be
Railways
contribution
appears,
its
will
of
its
deben¬
result
that
the
in
earn¬
debentures,
adversely affected by the plan.
A
.
Power
United
of
stock
common
'
cancellation
included
savings.
position
367.
p.
under
Manufacturing Co.—To Be Dissolved—
Light & Power Co.
Public
directors
Jan.
on
Corp.—Distribution
This
26
at
of
authorized
the
the
close
net
the
of
payment of $4 per
business
assets
of
the
Jan.
on
31,
corporation
share
1942,
in
to
as
a
of
excess
payable
the
out
corporation
of
earnings,
pointed out,
iks not represent
a
but
is a distribution of the major
by the corporation's stock.
On
30, 1941, the corporation sold its principal assets,
consisting of a
Dec.
the asset
$1,200,000
tucky
the
income
Power
&
value
note
represented
and
Light
16,000
for
Co.,
shares
of
$1,200,000,
stock
common
plus
accrued
of
Ken¬
interest
on
note.
On
Dec.
share
V.
the
stock,
corporation
against
as
paid
10 cents
dividend
a
share
per
of
15
cents
Dec.
on
16,
1940.—
Shoe Machinery
directors
have
declared
Corp.—Special Dividend—
special
a
dividend
of
$1.50
payable Feb. 25 to holders of record Feb.
dividend of 62J/2 cents per share was paid
S regular quarterly
share
per
the common stock,
on
per
1306.
n.
United
The
last,
15,
the
on
154.
inter-urban
Assets
.
distribution,
dividend
of
$4 Per Share—
capital.
portion of
busi¬
,
Service
record
of
distribution
partial
this
finance
by
dividend
United
be
amount
v
common
Railways.
United
■-'=
necessary
its
with
maintained
to Stockholders of
organized
(Iowa)
proceed
bonds
and
operating
Capital
Power.
preierred
preferred and
a
V-'.'v,..
acquisition will be obtained
company through sale of 207 shares of its common stock
to Railways for $100 a share, a total of $20,700.
Three
""
by
and
and
—V.
the
in
inter-urban
-
savings
the
months
and
ings
by
Iowa-Illinois in the proposed com¬
and assets used in the operation of the
will
12
interest
transferred
by
Tri-City Railway Co.
corporation, Muscatine, Davenport and
a
wholly owned subsidiary of Railways.
The new
$18,150 in cash and assume liabilities of Tri-City
pay
funds
?
Clinton,
to
security holders,
upon
consolidated
proposals
enhanced
effort,
war
recorded
business
and
position
plan
,
of the First Lien Companies, owns
furnishing urban bus service
one
out¬
preferred
appears that sufficient cash will become
plan to discharge its indebtedness on
the payment of premium, if found to be
To
Railways—On
stockholders
Railroad
its
of
Sept. 30, 1941, the net earnings of Iowaare
estimated to total 13%
of the amount of the proposed
investment by Railways therein.
Under the plan, Railways will receive
a
capital contribution from Power in the amount of $1,800,653 as
,
and
and
amounts
and
stock
Railways
present
earnings
an
assets
be
other
be
expansion
the
Iowa,
acquired
Co.,
will
business.
.f.
„
by the
will
be
newly
a
Bus
Railway
savings
any
(Iowa),
Davenport
The
to
-"company
'
recalled that Iowa-Illinois
securities
of
these
the
the
the
will
and
the
not
and adjacent communities in Iowa.
also furnishes inter-urban bus service between the cities
inter-urban- business
applicants
*
*
Inter-Urban
Davenport,
not
bination.^.
3.52
$200,000
of
transportation
a
of
City
Muscatine,
ness
$2,350,581
earned.
operates
the
TThe company
932,890
3*293
The pro forma Income account does not reflect operating economies,
»estimated
these
.
Tri-City Railway Co.
and
in
Clinton
yi
transfer
to
and
indicates
value.
equity in
to
for
Power
common
cost
aggregate
an
the
of
.
it
The
record
position
should
As
•
its
900,467
3,293
—
interest
187,685
$3,286,764
—
deductions
Net Income
Times bond
187,685
$3,387,116
j
;
Gross income
will
having
an
from
$3,039,079
*53,199.431
earnings from operations.—
Power
Disposition
•"
-
securities
contribution.
capital
1,030,000
V
Net
various
lien
including
improve
substantial
See
securities
indebtedness
no
the
favorable
of
under
statute.
The
plant
——
Railways)
the
and
Railways
the
have
of
substantial
underlying
maining asset of
com¬
of
in
recalled
system.
*
Power
Iowa-Illinois
__
^investment portfolio
by
first
values
reasons
and
Lake
dispose
dispose of its interest in Mason City
will
a
obligation
Power
plexities
tion
satisfied.
are
Securities
of
equity
otherwise
and
Clear
to
order
our
that the plan is proposed as a method of ac¬
complishing necessary preliminary steps in the dissolution of Power,
to comply with our order of March
20, 1941, under Section 11 (b)
have
stock
common
($100)
par
and
ordered
and
dissolution.
effect
debentures,
to
will be
has
findings are necessary under Section 7 (d)
applicable provisions of Section 7, specifically
by
__
further
we
(f)
7
Contribution
-
has
both
the
securities,
It
(2)
adverse
no
other
-
thus
are
requirements of
forth,
set
mon
Act
Iowa-I lincis
applicable
previously
Pro Forma
the
of
by
City
was
Co.
,
of
security
business
exemption ' is
therefore treat
We
the
by
in
and
the
that
economies
therefore, that these
of financing the
be
will
top holding company.
a
transactions
/necessary,
a
issued
be
meets
H $11,149,338 $11,149,338
Operating revenues
;
—
1,770,380 >
1,770,380
Electricity and Gas purchases for resale____.
2,838,172
2,838,172
Operation
Maintenance
;
^ 485,804
435,804
873,093
Depreciation
■—-i~.—
873,093
Federal and
proposed
Mason
Power
Electric
to
consist
of
available
1
:
.
purpose
accor-Tngl?
thus
noted
and
1941,
and
Power
will
liquidation
f*. As to the
declaration under Section 7.' •
■
As to the bonds, we find that thev will be secured
by a first lien
on
the physical property of Iowa -riinois; the
reouirements of Sec¬
Constituent Iowa^Illlnois ;■
General taxes
the
of
its
stocks.
become
and,, to
of
without
Co.
5,
Gas
will
<r-'
divided
Commission
RR.
considering
protected
^
.
issuances
Commerce
be
;
com-
;
v
Aug.
will direct Power
securities
utimate
In
of
Porte
La
Lake
common
Power
•
Power
Electric
ana
order
in
Clear
and
are
by
outstanding debentures and,
premium), Power will have
outstanding common stock of Rail¬
approximately $1,664,000, and (c) its investments
of
Gas
our
proceedings
program
holding
of
•
Companies
will
the
of
authorized
issuances
and
combined
the
commission
In
interest
its
terms
such
public
cash
Porte
i,a
RR.
exemption
declaration under
a
upon
the
in
is organized and doing
top
A?>."
for
consummation
retirement
(b)
ways;
in
and
Commission
securities
of
(a)
'
the
appropriate
pany
Some
■to
companies
Power—Upon
purposes of this discussion,
its remaining assets
(a)
the
as
are
application for
an
as
"
'
'for
investors
mortgage bonds
of Section 6
provisions
now before us is"'an integral step in the plan of this
system for compliance with Section 11 (b), and more spe¬
cifically, for the carrying out of our order of March 20, 1941, under
Section 11
(b)
(2)
of the Act, directing elimination of Power, the
property."
Income
•
the
alternative,
the
State
The
^
t
consolidated
a
treated
be
in
requires
of
the .business
the expected
of
abandonment
to
("assuming
for
holding
to adjustments to
1941,
31,
As
.
date of consummation of the
combination. AfThis combined deficit arises principally from a deficit in
earned surplus account of one of the constituent companies resulting
at
SUMMARY
Railways
State, authorities
obtained
in
this
instance
satisfies
the
pertinent
statutory-requirement. /We deem it unnecessary, however, to determine
this question for it is clear that an additional
statutory requirement
essential for-exemption is not met.
We refer to the provision that
the-;securities must be issued "solely", for the purpose of financing
be made before the combina-A
tion.
tit is anticipated that this deficit of $360,024 in paid-in surplus
account
will
be
converted
into a credit balance of approximately
$900,000
511
,.
to
the extent of its jurisdiction, by the Iowa Executive Council.
The
authority of the^Iowa Executive Council extends only to the issuance
by Iowa-Illinois of its stock in exchange for the securities of UPM.
The State-, of Iowa has no public utility regulatory
agency with gen¬
eral- jurisdiction..
r,-;'1.:-' -."..rx ■"
'" ,-•
- Vj'.
$41,338,344 $41,338,344
■'After giving effect
and
which
...
Iowa-Illinois
tl,313,647
Total Liabilities
*.
declaration under Section 7 unless
under Section 6 (b).
The applicants have
or,
deems
States* of
213,866
..
47,103
3,685,000
;
(deficit)
surplus
tb),
it
and
-expressly
13,330,000
2,523,003
9,584,393
-154,715
i
aid of construction
-
/
„
.2,523,003
9,584,393
•
•
.-iff*
f
surplus
Earned
.
<
10,578,000
5,422,000
depreciation—
•Contributions in
6
(b)
6
as
issue
-
.
1,840,237
11,842,500
Current
.V.-. ".A/,
$14,815,274
.
•Common stock
Other'
■.
7-
Due to parents—Railways and Power
"United night & Rys. (Me.), Series A, 6%. 1952
•United Light & Power Co, SVas, 1959-
*
stock
common
^solely for the purpose of financing the business of such sr.bsidiary company and have been expressly authorized by the
r
$41,338,344 $41,338,344
.
;:'v" v.:7/,-V
to
filing of
7.
protection
the
r
.
,
•Cash AA—.
Other
,.•
.
its
"
a.a
Companies Iowa-Illinois
Combined
Pro Forma',
$36,221,931 $36,221,931
1111,992:
117,992
v.:
the
is available
Section
Section
/;■
■■
* Constituent
,
,
V;,-*
first'Lien
respect
requested that their filing
pro-
a
the
require
exemption
?an
of'Sept. 30, 1941, appear
as
'"-V AV;-
•Utility plant
,
the- Act
Section
companies and
Of
transactions- .with
all the
vAv,.'A;
constituent
Assets—
•-
Iowa-Illinois
of
ditions
A
*
of
(consisting of 80,000 shares for $13,375,000 of cash, and 53,250 shares
the.^securities and indebtedness of UPM)
and the assumption by
■'"
•
Conclusions
.-.
Iowa-Illinois
for
at date of organization
contributed at this amount
,
by
CHRONICLE
"
Power
be
The ^issuance
-
common
Railways to
Iowa-Illinois of
the interest of Railways in UPM,
a
wholly-owned
suosiaiai\, of Railways*
uPM will ue dissolved and its assets acquired
of
i,k\i***■
t.ju
stitute
In
FINANCIAL
,THE COMMERCIAL &
Number 4040
155
3.
The
on
this
cash ^■additional shares have been issued at the same price to the incor¬
issue on Jan. 5, 1942.
/and will assume bonded indebtedness of $16,000,000, a total considera- 4 porators of the company; these shares will be acquired by Railways
I
On Feb. 25, 1941, the company made a special distribution of $1 per
, tion
of $29,375,000, for assets of the First Lien Companies having an ".'for $100 per share. ..share on the common stock, as against
•" "r.
special dividends of $1.50 each
aggregate book value of $23,699,127; the excess of cost to Iowa-Illinois
-i
The
transfer by
on Feb.
Tri-City Railway Co.
(Iowa) of its inter-urban
14, 1940, and on Feb. 14, 1939.—V. 152, p. 3516.
over
book
value,
amounting
to $5,675,873, will
be written off by * -bus business to Muscatine, Davenport and Clinton Bus Co. is sub¬
Iowa-Illinois against capital surplus.
a...;i
'."'J:-!
ject to the requirements of Rule U-43 as a transaction between affili¬
United States Fidelity & Guaranty Co. Of Baltimore—
Applicants state that the cost to Power (or its predecessors), of its
ates.
We find the transaction consistent with the statutory require¬
1941 Most Profitable Year In
interest in the First Lien Companies is not less than the amount of f
History—
ments.
The
acquisition by Railways of stock in Muscatine, Daven-r'
$29,375,000 which Iowa-Illinois proposes to pay.
The gross income
port and Clinton Bus Co. is subject to requirements of Section 10 of
5; The first of the nation wide casualty-surety insurance companies
; for the 12 months ended Sept. 30, 1941, applicable to these proper¬
to make its report for 1941 was the
the Act.
We find that no adverse findings are necessary under Seccompany whose annual meeting
ties was $2,871,496. - The amount which Iowa-Illinois proposes to pay
was
held
Jan.
Ations'10-(b) or 10 (c) (1).
The provisions of Section 10 (c) (2) are
26,
and which reported one of the most profitable
is therefore approximately 10.2 times such gross income.
•
\
years in its history.
"inapplicable since the stock of Muscatine is not a security of a
,
In
addition,
as
previously
noted,
Iowa-Illinois will acquire
the
The report shows that the net premiums written were
public-utility or holding company within the purview of this statu$39,248,350,
interest of
Railways in UPM, having an underlying book value of
an
'; tory 'provision.
increase of 14.2%
over
the previous vear.
-'.:r••.-r
While increases were
$5,325,000, in consideration lory the issuance of. 53,250 shares of $10
v shown in
all lines, the largest was in workmen's compensation insur¬
Railways intends to dispose of its interest fin Muscatine, Davenport
par
value
common
stock.
,;Applicants state that theamount
of
ance.
and Clinton Bus Co. and has consented to the inclusion of a provi¬
Losses, expenses, taxes incurred amounted to $33,762,463.
Net
$5,325,000 represents the cost to Railways of its interest in UPM.
earned income from underwriting for the
sion
in
our
order
in these proceedings
directing disposition of its
year was $3,542,501, and net
r
On the basis of the foregoing, we find that the consideration which
reamed
income from investments
interest-within one year from the date of the order,
and
Our order will
rents,' $1,611,216,
a
total of
;
Iowa-Illinois proposes to pay Power and Railways for the assets which
-contain a provision to'this effect. ,'Av;,
$5,153,718, or $5.15 per share. This compares with $4.62 per share
,
it will acquire is reasonable and bears a fair relation to the sums
in 1940.
After deducting $1,037,085
Power owns
all of the outstanding securities and indebtedness of
resulting from security transac¬
.invested in*, and the earning capacity of, these assets.
tions and
Mason City and Clear Lake RR., which operates an inter-urban freight
revaluations, the establishment of a voluntary contingent
The acquisition bv Iowa-Illinois of the securities of the First Lien
reserve of
$800,000, and the payment and declaration of dividends of
transportation business between Mason City and Clear Lake, Iowa.
Companies and UPM, and the dissolution and liquidation of, these
The record indicates that the present fair value of the
$1,250,000,
the surplus and undivided profits
investment
increased
$2,006,632,
.companies, is subject to the requirements of Sections 10 and 12 (ci
and on Dec. 31 amounted to $17<294,391,
of Power in this company does not exceed $225,000.
Power lias conwhich, with
<.
$13,375,000
pay
in
*
f
-
.
...
.
,
•
.
J
,
=
■
.
.
of
.
the
(b)
10
10
and
likewise
*
The
t
$2,000,000
reasons
previously
sented
provisions
of
Sections
10
and
<e)
the
Act
,
requirements of Section 12 (c) and Rule
similar findings with
respect to the
the common stock of Iowa-Illinois.
We
acquisitions have the tendency required by
of. the
(2)
to
Railways
Act.
yy- y
•
:
\
these portions of the statute and
of
similar
the
of
do
not
50
shares
11
Section
proposed
conclusion
this
at
r
Power
>
>
of
time
(b)
the
stocktf in
pass
of
(1)
to
as
the
Rules
disposition
by
are
Act
to
application
the
v6%
met.
Power
Iowa-Illinois.
the
upon
the
to
&
of
various
the
provi-
*
the..transactions
integrated
public
Section
(c)
10
as
a..whole
the.
serve
public interest
(2)
tribute .toward
are
met..
compliance
,.
\
and
additional
11
businesses
(1).
(b)
rOur order, will
so
As
provide.
as
to
No
are
retainable
matters,
under
we
the
reserve
standards
bq
--
;
(
and
consolidated
mortgage bonds—
-
■
of
Lightr*&^RysrtMb;),"'series'A-,' 6%1 dueT952 (hon-'-v* :*ti
<
prior-to 1947)
*—
$10,578,000
United Light & Power Co„,;5y2%, series of 1924, due 1959
5,422,000
callable
Common
'
Paid-in
stock
($100
paid,
par)
surplus
900,000
capitalization
and surplus.—
!
>
$30 230 000"
) !>,
"-I
r
i
"It
1973,
1,
than
made
at
public
and
$2,025,900
or
4,458,000
,
that
the
prompt
the
for
use
purchase
cash
of
obtained
debentures
through
increase.
tender.
"The
the
of
sale
interest
,
r
at
It
charges
should 'be
this
as
rapidly
emphasized
relates
time
to
to
as
reduce
its
possible."
that
the
purchase,
indebtedness
•
„
redemption,
reouested
of
by
Power
that
directing it to... redeem such of its debentures as may then
outstanding, by the payment of the principal amount plus accrued
premium.
Power
states
that
since
it
inapplicable.to
No.
5
,
It
principal, -interest
outstanding debentures.
•-
The
find
acnuisition
of
Section
these
bv
12
Power
(c)
of
and
premium,
if
found
necessary,
of
its
debentures. is
Act
and
Rule
subject to
U-42
of
the provi-
thereunder.
on
We
I
1
:r. 1
11
1
'
income
automobiles
in
automobile
many
far
so
men
upon
to
that
until
they
effort to
certainly
of
in
due
continue
to
•
to
peace
war
production
tasks
to
dangerous
to
machines,
experienced
the
is
and
new
unaccustomed
women
become
In
armed
Insurance,
Workmen's Compensation
as
and
operate
abnormally high.
almost
-.
from
themselves assigned
find
the
presents
concerned.
strange.
manual
and
it
accident
is
In
labor
to
be
frequency
this connection, it can be said that the
their safety engineering organizations are
reduce avoidable
accidents.
Compensation
company's
premiums
educational
based.
are
program,
It
might
carried
to
be
its
said
also
agents
and
of
various
because of the
economies."—V.
States
accumulations
Leather
Jan.
of
record
2,
last,
on
the
March
of
business
and
Co.—Accumulated Dividend—
preference
A
like
on
per
stock,
amount
against $3.75 each
as
volume
1633.
p.
dividend of $1.75
a
prior
10.
increased
154,
Oct.
1
share
on
payable
pcid
was
and
Nov.
account
April
on
this
22.
1
to
issue
1941"
July 1, 1941; $2 on May 29, 1941. and $1.50 on Feb. 25. 1941
previous payment was $1.75 on Jan. 3, 1938.—V.
155, p. 271.
-
$3
on
requirements satisfied.
applicable
conditions
United
holders
the
by the
beyond their
of
Compensation
will
.
plants
The directors have declared
all
on
of
the previous year,
in
provide for
pav •
Workmen:^
employment,
called
the
because
be noted that the proposals involved in Appli¬
the availability to Power of sufficient cash
may
sale
and necessary salary adjustments had to be made to
meet in
part the increased cost of living, the expense ratio was no higher than
- to
be involuntary,
the provisions in the indenture for
voluntary ^redemption of. the debentures
(involving pavment
of a
premium of 9%
of the principal amount)
are
deemed by it to be
" cation
and
premium
our
imposed
extend
war
heavier
its
considers
hand,
.
every
restrictions
the
of
production
emphasizing the desirability of selling more complete protection to the
insuring public, brought satisfactory results.
•
'"Die aggregate loss ratio was favorable
and, although taxes were
izing and
without
follows:
as
of
industries will diminish our volume
and possiblv other classes will lose
war
..
will
Workmen's
the-debentures.
Any debentures which Power purchases under the authorization re¬
quested will be canceled by Power.
Power represents that it will
make subsequent application to the Commission for an order author¬
be
volume
"Company's net increase in premiums in 1941 amounted to $4,881 or 14.2%,
Although there were increases in all lines, approxi¬
mately one-half of the total was in Workmen's Compensatoin
Insurance,
due to wider employment
and the
expansion of pa-rolls on which
r..
authorization
not
'
commenced
future
064,
related
and
be
making
.
stockholders
its
profits.
$7,039,266, to $68,786,885, the
necessary
affect
casualty companies through
its
interests in ..the .First- Lien Companies.
It points out t"hat it receives
income from its idle cash and that it is in the best interests of
and
.
new
expected
will
in
conversion
be
The
premiums,
industrial
beginning,
will
constitutes
the
*
increase
an
civilian occupations for service with
other
the
increased
Workmen
with
,
port¬
•
engaging
On
manv
states
the
successful conduct
materially
accident
volume.
usual or customary commissions or brokerage fees
connection, with purchases made directly by Power
of. a broker 01 dealer, no fees or commissions will
fees or. commissions will be paid to an affiliate in
any purchase.
"
; :
available
the
:'.
.,-
or
the
,
underwriter.
will
personal
In
no
how
impact., Curtailment of
tires
forces
$15,697,800
upon
estimate
"Individuals leaving
9,213,900
sale
the
insurance.
1975,. issued ;
private
or
to
difficult
confront
1974, issued
—
is
immediate
■
increased
capi-
$19,294,391.
company's
prices there would be
and undivided
1941
of
the
history
Government for
issued
Febv20,
——
due May
in
in
casualty and
surety business will be affected by premium shrinkages in some classes
and increases in others, but it-is clear that many new
problems will
no
Power
sions
Total
1,
assumed
market
carried
of the company.
his report President E. Asbury Davis
In
liquidation
13,330,000
—
Jan.
and
____;
be
will
and
best
interest,
^-United
,
-""'A';
the
policyholders
and stocks
the surplus
$1,107,425 in
The admitted assets
in
regards
as
if bonds
attDec. 31
valued
were
largest
.
~
-
(Me.)
i'T*.-,—1
paid.-.
Power
-
First lien
be
the
.
,—•>
--Capitalization of Iowa-Illinois As of Dec. 31, 1941
(Giving effect to the cash advances by Power and the retention
estimated earnings for the last three months of 1941)
of
surplus
a
is stated that
folio
" ■T'-';;-'.''-''/';:;
—____
connection
of
of.
due
A,
Rys.
represents
It
provision
a
—-—.—--'
without .services
jurisdiction..
|:tal,
one
to
more
will
.
these
and
*
Purchases
,
Section
series
bonds,
Light
; ::Totai
Moreover,
with
Power
by Power
an
proceed¬
within
l
^ Debentures, 6% :t series of 1925, due Nov; 1,
-
these proposals definitely con- -.
Section 11/, (h) -,(2), through the
•accomplishment
of -necessary
preliminary... steps., in the; • dissolution
of Power, the >top-.holding company, and the, elimination of TO cor-r
porate entities from the holding-companv, system.- > We conclude, therefore,-that we may appropriately consider-.,,(and approve, as we do)the various proposals embodied in Application No.. 5 without at this
( time
passing upon the question of-.-whether the properties of the- %
constituent companies -constitute in all respects an integrated public- •'
utility. system.. .and such additional- integrated.. public-utility ^.systems *;•
j
these
requests
United
by
by
the economical and
efficient
development of,
utility-system, and we find that the provisions
towards
..tending
in
"
transactions
Application
and appear capable
of being operated as an inteelectric utility svstem.
Likewise, the gas assets in this area,;,
constituting a* .substantial" portion of the total gas assets involved,
appear to constitute an integrated gas utility svstem.- We. are satis--
that
order
our
^
1924, : by a Power
.Debentures, series of 1924, CVi'/e,
*
inter-connected
fied
in
Distinfnlshed From Redemption) by Power
/'Civ'Tpf Us Debentures
'T'
(As
debentures
by
'grated
*
provision
a
authority to purchase at the principal amount
thereof, ."(exclusive of commissions), plus accrued interest, all or any
part of its debentures, which as of Sept. 30, 1941, were outstanding
in the following amounts;'
-AY' );i
:
."^,v
v
No. 5.
It may be noted that the electric
f assets in the Jri-city area, constituting a substantial amount of the
aggregate electric utility assets involved in these transactions,
are
in
of
effect.
this
Purchase
Power and Railways of* the securities of the
and UPM, respectively, to Iowa-Illinois is subof Sections. 12 (b), and-12 (d), and 12 (f) of
U-43,. 44 and 45 thereunder.
We find that the
Rules
a
inclusion
disposition of its interest in this company
from the date of the order.
Our order will contain
year
standards
and
reach
the
to
ings directing
•
of
these
that
requirements of
sions
the
Companies
the
to
We
For
disposition, by
1ect
We
the
that
We.make
Railwavs
(c)
Lien
First
.
10
thereunder.
U-42
and
applicable
the
by
find
Section
(1)
satisfied.
are
acquisition
1
Rule
that no adverse findings are necessary under Section
(c)
10
or
(f),
.U-42
;
and
Act
stated we find
,
...
<"
r
1
•'
•
»
.
V
1
i
• •
t
•
;
,
;
The
'T
512
THE COMMERCIAL & FINANCIAL CHRONICLE
United
States
insurance Co,- -1941 .Outstanding....
Life
The
;
of
1941
year
closed
the-company,
'Selser,
for
Co.
the
1941.
year
The1
quarterly
Vice-President.
amounting
to
record
The
total
shows
$19,000,000,
approximately
William
increase
an
Board
over 1940.
Insurance in force was increased by approximately
$12,000,000, a gain of 120% over the increase of $5,351,518 in 1940.
Practically all agencies of the company, according to Mr. Selser, ex¬
ceeded their production in
1941 with the following five leading the
;field; Pascit Underwriters, Inc., Elizalde & Co., Brainard & Black,^
James P.'MacGrath, Jr., and Independence Agency.' \ • V;.' "'
Among the highlights of the company's operations during the year
were the appointment of six new
general agents, namely: Estate Con¬
sultants, Inc., Newark; Robert P. Baird, Hornell, N. Y.; N. A. G. E.
Service, Inc., N. Y. City; Hartford, Conn.;
District Of Columbia;. ;
Joseph G. Orr, Chicago, 111.; W."" Welsh Pierce Agency, Ltd., Chicago,
111., and Engelhard & Co., Chicago, 111.; the election of Mansfield
Wall
President
as
expansion
floor
department
In
commenting
"The iigures tell
statistical
the
'Ed
for
H.
of
Directors
resignation
154,
Yates,
Executive
to
of Albert
549.
p.
Vice-President
has
been
elected
home
Starr
Chairman
as
additions
with
office
the
of
Van Norman Machine
dividend
a
25
of
cents
to holders of record Mar.
paid on Dec. 20, last,
20, June 20 and Sept. 20, 1941.—V.
161.
:
<■
.v.',;
.
directors have declared
stock,
ho
dividend
a
of
20
payable March
distribution was made
satisfactory
in
second
its
the
on
year
Grahams'
loyalty,
our
hard
company,
ward."—V.
155,
U.
and
work
or
other,
any
whom
Life to
S.
we
esprit de
must have
special
pay
Wabash RR.—Abandonment—
tribute
corps—the intangibles
in order to move for-
,t
The ICC
7.
Norman
271.
p.
Jan.
on
B.
16
Pitcairn
issued
and
7'S
certificate
a
Frank
C.
Mo.
S'X'.
■
Carloadings—
Week Ended—
Reporting the earnings of the corporation for the fourth quarter of
;1941, Irving S. Olds, Chairman, announced that the directors, Jan. 27,
declared the quarterly dividend of $1.75 per share on the preferred
Loaded
:% ^
•
\
of
Jan. 24, '42
——I
connections
v:
payable Feb. 20 to holders of record Jan. 30, and a dividend of
share on the common stock [same rate paid quarterly since
Sept. 20, 1940], payable on March 20, 1942 to holders of record
Feb. 20, 1942.
7-.;
■'O'
'
rV •;
Total
corporation continues
inents
to
aid
in
the
production of
demand of the Government.
Shipments
.<■
,1941
of
showed
finished
.quarter of 1941
for
the
of
12
36%
were
months
1940.
the
Both
established
of
than
more
5,%
%
over
subject
'••*•/
ingly,
a
at
the
end
of
reserve of
$11,500,000
contingencies reserve
a
total
the
been
$25,000,000
for
continued.
the
v
Based
year.
The basis
9,585
18,370
14,202
been for
account
the
of
the
being
Net
the
current
>1941,
after
900,000,
total
deducting
compared
Federal
during the
mately $104,300,000.
amounted
ances
to
12
at
.
months
of
31,
the
all
dividends
at Dec.
$3,000,000.
for
On
Dec.
property
1939,
such
10,257
31,
«:?■■■■
1941
Average number of employees—
payroll
were
to
and
the
approxi¬
net
Mos.
End.
.
The
Net
Dec.
earnings
Depreciation,
31—
%/■;
the
new
and
He
class
and
1941.
1941
,r
avers
profit sale
Fed.
A
start
for
31.
amount
capital
1940
V.
1939
$
paid.
7 £ ; ••
—
"48.801.947
19,388,810
17,624,919
50,776,752
550,303
31,177,028
f26,718
6,969,318
—
etc._
assets,
•
263,610
bonds,
and
of-
soon
a.
44,357,737
31.150.310
etc..
1,486,125
4,247,835
2,315,028
profits tax.
36,414,500
7,346,651
profit
dividends
Common
dividends
will
154,
iv
20,331,427
32,763.251
28,835.282
6,304.919
6,304.919
6,304,919
8,703,252
8,703,252
____—
5,323,256
17,755.080
22,530.363
$3.04
$2.59
stock
$1.61
be
V:*.
.
1941
,
Operating results
State, social security
tax,
etc
Total
net
etc.
profit
—
Net loss
sale capital assets, etc
Patent litigation expense, less res._
Expense of future pensions—.—___
for
1939
$
$
435,870,420
280,066,069
72,796,332
59,119,204
and
6
preferred
for
stock
Fed.
bonds,
income
and
to
on
shells,
Common
$
71,168,471
267,258,999
149,778.394
1,507,598
11,035.395
61,133,191
50,565.847
Net
the
pay
class
Mr.
ry.
opinion
an
nof
in
the
U.
reorganization.
a
share of
1941
and
first-out"
of
sales
13,638,150
9,312,931
profits tax.
118,700,000
26,175,000
116,019,518
102,181,321
25,219,677
41.226.039'
25,219,677
34,813,008
34,813,008
55,986,834
42,148.636
16,006 362
com.
stock..
$10.43
$8.84
$1.84
and Federal, State and local taxes.
finished
goods
inventory method
are
7
income.
oper.
income
'
; r
subcontracting work
of
work.—V.
and
155,
repre¬
309.
p.
Common
Dividend—
7777",:,'
777 7;>V
■:
properties
Judge's
in
■».:
war-type
the
also
U4.784.973
12,338,781
$8,025,137
$6,807,423
205,228
188,970
2,525,228
1,548,970
$355,821
7*$564,397
$5,499,909
36,070
13,062
447,424
198,712
12,503
12,969
152,313
150,757
Feb.
on
14,
cents
May
Feb.
15
Inc.—To
Lease
-
share
per
record
7777-
10.
June
25
:
'
20
$379,388
$564,490
12,718
15,906
ing
-si
approved the leasing by this
corporation
space from Willys Real Estate Realiza¬
parts
its
war
u
and
other
equipment
for
the
f
armed
allies
for
the
and
of
When
we
able
were
minimum
a
part 10 months Willys-Overland has^
conversion
production.
production
car
$392,106
$580,396
276,515
278,268
$5,306,408
$5,909,148
3,354,794
$5,442,364
calculated
on
is
the
of
certain
Gross
being
basis
the
its
motor
the
order
car
discon-
comply
with
to
to
war-time
ready to
swing over
7777,;
assembly
came
were
full
'
the
'7:777
of dislocation.
777, '
entire
which otherwise
been
able
loss
no
•I-7
,
$2,554,354
to
would
effect
be
idle
transfer
a
and
of
economic
an
motor
loss.
We
\
assembly labor with
its
on
plants
area,
for
States
$150,000,000.
war
production
and
are
number of people we did
We
from
giving
are
now
a
purchasing
than
more
employment
to
parts and
factories in the
800
than
more
year ago.
three
times
v'
100% Converted To Arms Output—
The distinction of being the first automobile firm to achieve 100%
conversion from peacetime manufacture of motor vehicles to "all-out"
production of armaments was claimed on Jan. 16
by officials of this
corporation, builders of the "standard design" jeep for Uncle Sam.
Announcement of the complete changeover to war work was
made
known in a telegram from
Joseph W. Frazier, President of the com¬
pany, to Donald M. Nelson, chief of the new War Production
Board.
Frazer
said
that
planned
production
during the
"national
7;..;-1)1
77
fense"
period had enabled the company to turn its complete manufac¬
turing facilities to the job of making war materials with a minimum
trouble and no interruption to
employment.
;■ %
He said Willys-Overland Is now
producing more reconnaissance cars,
or
jeeps, in one day than it did in an entire month last summer
,
of
and
that
assembly lines, which formerly produced automobiles and
weight trucks, are turning out mass quantities of the quartercars.
Other parts of the factory are
going "full
blast" on the manufacture of breech
housings, artillery shells, recoil
cylinders and other armaments.
light
reconnaissance
The
company's war orders now total over $142,000,000 and it Is
employing more than three times the number of workers today that
did a year .ago.
Production is going ahead at a rate never before
attained by the Toledo factory.—V. 155, p. 162,
:
.
Wisconsin National Life Insurance Co.—Extra Div.—
3,341,630
7;
,
The directors have declared
$2,100,734
the
regular
.common
fln-
Jan.
154,
22.
semi-annual
an
extra dividend
dividend
of
30
of
2
An
also
par $10,
both payable Feb.
extra of 20 cents per share was
20
cents
stock,
cents per
share
per
holders
to
paid
on
Aug.
•
1, 1941, which together with the regular dividends
that year of $1, the same as in 1940.
for
share
the
on
of
record'
Feb.
made
and
1
a
RR.—Earnings—
Net
ry.
oper.
7
1941
from
7
■■;.-vr
1939
1940
596,655
$1,262,496
431,666
*18,224
400,867
128,833
283,883
24,089,163
18,489,801
4,845,696
16,689,989
3,691,225
14,584,679
1,042,484
$1,734,238
365,381
income—
(F. W.)
1938
$1,351,664
304,435
$2,384,101
;
total
The
tax,
from
railway™.
railway
oper. income—
.
rv.
155,
7,331,658
.
2,646,040
4,223,986
1,674,490
Profit
*932,450
fore
Western Public Service Co.
SEC
ceased
Jan.
on
to
be
27
issued
an
(Md.)—Dissolved—
order
to
the
effect
that
in
effect.
company
was
dissolved
Jan.
2,
1942.—V.
"last-in,
Co.
155,
applied,
which means that costs
of current costs of inventories,
1940
$
1939
$
V.
1938
65%
in
each
of
the
two
preceding
for
and
depreciation,
a
but
1904
be¬
taxes
£6,404,759
£7,958,159
849.
Corp.—Trial of Suit—
stockholders' suit to enjoin a merger of York Ice Machinery
Corp. was heard Jan. 16 In the U. S. District Court at
York
of
Wilminaton.
155, p.
369,094,124 239,431,447 176,858,811 157,953,216
Net inc. after all chgs._
23,117,510
18,985,428
13,854,365
9,052,773
The
50
Sheet
the
Watson
Tube
&
directors have declared
common
1941
Judge
set
Feb.
11
for
argument.-—
162.
Youngstown
$
Sales billed
Westinghouse increased its deliveries more than 50% during 1941.
A major part of the 6cjuif>ment billed by the1 company'was for the
country's war effort.
against
Del., by Judge Albert J. Watson of Scranton, Pa., who
assigned to the case last fall following retirement of Judge John P.
Nlelds
$
as
1941
expenses
provision
152, p.
and
was
1941
7"
.
of
Wilmington,
309.
Calendar Years—
after
Trial of
a
The
1941,
York Ice Machinery
company
holding company under the Public Utility Holding
Company Act of 1935 and that the registration of said company cease
be
dividend
30% and an extra
the ordinary stock, making total dividends 55%, less
on
year
final
a
Calendar Years—
—V.
has
the
declared
years.
195.
p.
for
have
V ■;
7;
-•
directors
dividend of 5%
From Jan. 1—
from
Wool worth & Co., Ltd.—Extra Dividend—
Earnings—
stock, payable March
a
on
June
15,
Spt.
75
were
made on this issue:
15 and Dec.
cents
on
Dec.15.—V.
154, p.
14.
1195.
on
the
During
March
15, 75 cents each,
*
extra of 25
Dividend—
cents per share
14 to holders of record Feb.
following distributions
cents, and
Co.—75-Cent
dividend of
15,
with an
7!
til
de¬
135,956
of defense project,
defense project.—V.
•
in employment."
,
Westinghouse Electric & Mfg. Co. (& Subs.)—Earns.—
Instead of the average cost method used
prior to Jan. 1. 1941.
The
above statement includes results of operations of Federal
Shipbuilding &
$302,128
$117,435 account amortization
$479,589 account amortization of
railway
Net from railway
to
tProfit.
subsidiaries,
$115,591.
f
'
■
"For the
vehicle
approximately
the
$5,258,453
$5,795,020
114,128
L*.
7 7,
Additional
commenting upon the war orders which the company has
Mr. Canaday said;^ "With the
cooperation of scores of
United
1941—12 Mos.—1940
$753,367
of
productive capacity of our
assembly lines is not
jeep production, Willys-Overland has been able to
quantity of single-purpose automobile
machinery for Jeep
vast
a
materials
$22,810,110 $19,146,204
1,083,320
10
which supply us with materials, we have been
able
to undertake for the Government the
execution of war contracts total¬
area
$561,049
issue
of
holders
for
the Toledo
%,V:-
/
to
factory
gun
request
utilized
books
in
v
the
16
7
and
to
and
income™\———
December—
Net
ascertaining the profits for the fourth quarter and the 12
with respect to inventories of certain materials, work
of
process
been
dividend
a
Feb.
this
on
.
production,
Properties—
contiguous
America
lines
In
:
four
anti-aircraft
of
Canaday added:
developing plans
use
the
1732.
p.
Gross
6,031,883
dividends
Note—In
in
has
M. Canaday, Chairman, told stockholders the
availability of
buildings would enable the company to expand its
production of
practically
District
declared
Motors,
square feet of
"While
1732.
S.
22
on Jan.
been
fully
to make the plan oper¬
assents of two-thirds of the
majority of each class of stock.—
*1,444,838
charges__™____
cludes
Net
etc..
25,219,676
'si'*:-
a
payable
paid
was
production with
A
The
stock,
stockholders
Government's
■v
order
In
1941—Month—1940
income—
Net
p.
months
Subcontractors
Corp.—50-Cent
Jan.
on
tinuing passenger
7
309.
7
operating rev
Gross
26,877
•
50.538.970
dividends
per
800
company
it
220,946.865*111,699,038
95,815,089
141,994,471
mortgages,
excess
"After expenses
the
hostilities.
Approves Plan—
"Includes
240,751,401
Surplus
Earnings
Steel
amount
forces
class A but not to
Maryland Ry.—Earnings—
facility rents, net
(Dr)
__u™__™___
-
%
.•
without
constructing extensive new >77777
•factory buildings, which might become idle
following cessation of world1
corpora--'
Monday in March.—V. 154, p.
secure
and
155, p.
Operating income.™
Equipment rents (Cr)_
'
25,000,000
profit
Preferred
v,
•
.
Ward
these
■
The
Net
Than
Corp. for period running from 3 to 5%
years for accelerated
production.
•
"''7v
;'
..
and pay one-fifth of them
and shall pay a dividend on the 6%
revenues.™ * $2,005,887 • $1,836,687
"Deficit.—V.
on
llj
'____
1,850,000
contingencies
ii
'v-i 7
month."
a
More
production
common
of 484,166
ton
31
6,969,318
Profit
Interest
the
obli-'
its
observed
tion
earnings
filed
has
creditors
operating exps.__
Fixed
1940
363,074,088
__
Provisions
$250,000
directors
U The
a time within which the creditors
the plan.
The next step" will be
circularize all the bondholders, other creditors and
Western Pacific
Net
earnings
Depreciation, depletion,
Operating
recognizes
Aug. 15, Sept. 15, Nov. 15 and Dec. 27, 1941.—V,
154, p. 1418.
W.
first
the
necessary
and
Western
Operating
tLoss.
Preliminary Consolidated Income Account for Year Ended Dec.
(Company and Subsidiaries)
•'
•
of
govern¬
*
com.
*After expenses and Federal, State and local taxes.
i
production
war
Willys-Overland
Space—
■/■";■;
Litigation—:
common
seeking their assents.
1732; V.
p.
Other
Surplus —
Earnings per share of
an
directors have declared
like
7 A
Joint
Net
in
affairs
our
more than
19,000 employees had joined the com¬
help handle the record production load. Employment
all-time high of 77,877,
compared with 58,503 at the
about
the
on
'■
Mr.
'
Preferred
emergency.
Westinghouse
this time of need,"
the
member
to
war
$18,546,505,
'-'-The
in¬
precision
the directors have failed and refused to ascertain
Brewster
company to
it
Net
58,232,052
mortgages,
excess
of
-
Central Ave. and South 17th St. in East
Orange, N. J., for the storage and distribution of telephone equipment,
and plans to take possession in February.—V. 154, p. 1532.
11,500,000
—
honored
V Will & Baumer Candle Co., Inc.—10-Cent
Dividend—
construction
for 1939, 1940 and 1941, and to
preferred dividends for those years.
The
company has
leased
bounded by South 16th St.,
$
70,165,562
pensions..
contingencies
administer
so
and
materials
dividend of 50 cents per share on
itie
stock, payable March 16 to holders of record Feb. 13.
During
1941 the company paid dividends as
follows:
Aug. 15, 25 cents; Oct 15
50 cents, and Dec. 15, $1.25.—<V.
154,"p, 1008,- 967.
■
'
:
15,201,482
35,650,413
the
approximately 6,400,000 man-hours
The
is
This
was
;
assembling
Western Electric Co., Inc.—Leases
^105,118,855
etc
valued
a
common
answer
common
Taxes
income
A
approving the pla
the company to fix
holders may assent to
security
$601,117,053
85,367.044
Profit
on
would
Conn.,
Boston
bondholders
304,394
19,199,041
69,468,442
Expense of future
Interest
like
a
" ; ;
i
an
the
returnable
Judge
at
the
ative
1941
.
$156,470,058
.'V
"proposes to
be
that
Wheeling
on
preferred
declaring that declarations of
within the discretion of the directors, that they
earnings for those years, and that declarations of
class
6%
is
case
stockholders
12 Mos.
124,317,896
etc._____
___
depletion,
for
when
share
per
Jan.
Navy.
Between 600 and 1,000 workers
plant, which will contain 100,000 square
the
Period Ended Dec. 31—
Net
cents
convertible
record
^§§P§iated Press dispatch said.—V. 143, p. 2701.
determine
earnings
Federal
for
313,250
1941
nation
increase
sented
have
third
quarter,
3rd Quarter
'■'$'•
Operating profit
Provision
1937,
Warren Brothers Co.—Court
(Company and Subsidiaries)
...
Operating results—.™
State, social security tax,
'
-r
Cambridge,
on.
are
on
and
common
7y:.
$164,943,133
r_
fourth
320,335
Consolidated Income Account
."y:
75
of
preferred equal to four times the amount paid
exceed 6%.
sold,
an
1940
shall
dividends
as
purposes.
4th Quarter
3
loaded.',;
were
They deny the earnings for those years were as set forth by
petitioner, namely, at least $216,019 for 1939, at least $284,500
1940, and at least as large for 1941 as for 1940.
7
The petitioner avers that the Articles of Association provide that
31,
the
said,
will
M
;...
...
possible since the beginning of the national
emergency, Mr.
Robertson said, remarking that "this
policy contributed to the maxi¬
mum
output of apparatus needed for war and civilian use
by supple¬
menting restricted
productive
centers
in
Westinghouse shops and
mobilizing other available productive capacity." "
More than 300 subcontractors have been
engaged by the companv
to produce apparatus or
parts normally manufactured in
Westinghouse *
plants.
Subcontracts amounted in 1941 to
for
1941, unexpended bal¬
additions and replacements
Employment and payroll statistics for
quarter and 12 months of 1941 follow:
of
To
the
opinion directs
■§■
cars
7,;7
•,
to
.
tion.
Court
for
at
it
furnishing
great
•
16,078
.
such dividends would be unwise and not in the interests of the
$491,-
were
and
Army
defendants have filed
dividends
such
Capital obligations retired during the same period
capital obligations
issued
during the 12
to
authorizations
resources
'
25,
of
cumulative
holders
announced it
Crocker,
to
approximately $183,800,000.
In view of these contem¬
plated expenditures it was deemed advisable to segregate $60,000,000 of
Total
$3
to
Waterbury,
the
cash
vv'
2
;;
at
for
have determined
amounted
'•
dividend
a
the
on
Oct.
employed at the
directors
additions
for
plant
years
The
1940.
1941
less credit for properties
be
declare
-
declarations,
Dec.
this
in 1941
now
'
$13,400,000;
amounted
on
liabilities.
dividend
current
$471,300,000
betterments of properties,
'»months
current
that
i
A-'.
A
'
Mass., trading as Percy G. Crocker &
Co., owner of 900 shares of the 6% preferred stock, has brought a bill
in equity in Suffolk (Mass.) Superior Court against the
company and
its directors asking for a decree that the directors are
obligated to
Shipbuilding &
corporation and its subsidiaries
the
with
•
Capital outlays
less
assets
assets of the
since
has
company
Percy G.
Dry Dock Co., interest being paid on the cash advances made by the
Navy Department during the period of its operation.
/
Earnings in 1941, after all charges except interest on funded debt,
were
equal to approximately 7% of the value of the net assets—the
'latter
total of 17,972
a
Waltham 'Watch. Co.—Stock
¬
which the shipyard was returned recognized that
on
1942,
declared
1300.
p.
feet of floor space,
to
operation had
have
on
for the fourth quarter of 1941 and for the year 1941
$20,331,427 and $116,019,518, respectively, after allowance
excess profits taxes.
The net income
for the year 1940 was $102,211,282.
Federal Shipbuilding & Dry Dock
Co.. earnings for that .part of 1941 during which the shipyard was
operated by the Navy Department are included in the fourth quarter
the
17,
payable Feb.
payment
152,
will
net income
results.
first
The
for estimated Federal income and
.
during the year, at the
and.'common stock. >
share of "preferred
•••••'.......
disclosed
rate
Dec. 27, '41 Jan. 25, '41
4,617
5,821
12,240
.!:VI
7'
Christmas by continuing to produce vital war equipment as usual.In addition, our
employee:) are *
purchasing United States Defense Bonds by payroll deduction at the
r
V-'-
accumulations
$50,
struments
Accord¬
engineering studies, the high rate of operation and consequent greater
use of plant
(which resulted in extraordinary wear and tear) necessi
The
of
par
$700,000
^
tated increased depreciation provisions, applicable
throughout the year,
which were also absorbed in the fourth quarter.
amounted
paid
88%.
j
Waterbury Clock Co.—To Build New Plant—
'/, -••.•v '
because of the
has
were
of
shipment totals
set up in the fourth quarter, making
was
of
the
—V.
s'.-.y,• '-7 %.7 ^::7
war
increase
an
.
.
368.
p.
directors
stock,
months
The
policy of providing for those expenses which
high rate of operations must be deferred until a future time, and pro¬
as well for those contingencies arising from the transition to a
basis
The
account
Shipments
12
viding
peace-time
week ended Jan.
155,
1940,
for
compared
Walker Mfg. Co., Racine, Wis.—Accumulated Dividend.
adjustments,
the corresponding
quarter and the 12 months'
records.
in
1940.
year-end
final
to
shipments for
For the
—V.
full all
-i'v77
meet
the same period of
over
1941,
the
fourth
all-time
is
the
all depart-,-,
during the fourth quarter of
the shipments for the third
products
of
17%
and of
materials to
war
77'•' ■■'v'V'-.-
v,
steel
increase
an
utmost efforts in
to exert its
,
,
.
•
——
,
The
<
totaled
for
beginning of 1941. One new employe has been added for
every three
employees on the roll at the beginning of the yar. *
"To meet
production
schedules,"
Mr.
Robertson
said,
"overtime
7* became the
rule for many
employees during the year.
Our plants
stock,
per
•/V.T.V'.v
$419,550,654,-
wherever
6,130
from
He
7
■
•
""
*'
•
•;>'
locally
Received
during
gation to the
permitting abandonment by
receivers
1941,
$14,424,911
companies
engaged in
Jr.,.
being
war.
company
of
pany
%
Nicodemus
totaling
management," he
the
7
the
on
2
Ry., of a branch line of railroad extending from
Salisbury to
Glasgow, approximately 15.37 miles, in Chariton and Howard
Counties,
Report,
Dec. 31, 1941—
•$1
"The
•of
Wabash
United States Steel Corp.—Quarterly Earnings
time of
7-7
and
155,
company's
the
of
placed with the company
operated by Westinghouse
The Year Ahead
in
10.
sSSSS-
cents per share
to holders of
value,
par
plants
$582,808,634, compared
46%.
This amount does
of
orders
>
v'/.V
group
Vogt Mfg. Corp.—20-Cent Dividend—
The
common
of
at -Dec.<31|
at the end of
$223,685,737
ment
and
orders
Dividends
v
,
ordnance
'^-;:^,...
amounted
increase
an
worth
>>
>j Taking a look ahead, Mr. Robertson pointed out that the affairs
oh- ^Jlf.the company will necessarily ;be governed by the needs of the nation
share
per
at
1941
1940,
rate of $5 per share on each
v.
Tool Co.—25-Cent Dividend—
the com. stock, par $2.50,
payable Mar. 20
This compares with 55
cents per share
25 cents per share on March
p.
with
Presidency of the corporation, following the
J. Browning, it was announced on Jan.
27.-?—
•"* " '
during
in
$30,757,103
^(Unfilled
the
'-The directors have declared
board;
personnel
to
include
7^the-Navy,-
the
by
'
their
which
V.
C.
and
the
the
received
$400,477,724
not
gains made by the accident and
record
Feb., 13,'
A
similar
on
March
of operation.
■/ •
v;„.
1,
June
2,
Sept. 2 and Dec. 1, last year, and, in addition, an extra
1941 record, Mr. .Selser said:
payment of
50
cents
was made
on Dec.
a story of gratifying increases but behind the cold—,;
22, 1941.—V. 152, p. -1300. v
picture is the* story of our many hundreds of fieldmen—
space,
health
of
and
with
Paper Factories, Inc.—New President-?—
•
the
v/V.iG>rdefs:
was
production
United
paid-for
•of 60%
Freeman
reflect
figures
an
according
Executive
business
new
outstanding one in the 92-year history
to figures recently released by George M.
as
Dock
Dry
results for the period"Since*Auk. 24,
."1941V"during which the yard
operated by the U. S. Navy Department.—V. 155, p. 404.
Year—
Saturday, January 31, 1942
;
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 404Q
155
Volume
-
.
(Continued from
/.
Joint
Lock
Loew's,
Comvany
Share
Theatres
(quar.),;
Inc., $6.50 preferred (final)
Biscuit fJo——I,.—
Lord
& Taylor, 6%
8%
second
first preferred
(quar.)—.
__
Louisiana Power & Light Co., $6 pref. (quar.)
Louisville & Nashville RR. Co. (irregular)
Lukens
Steel
Lucerne
&
Electric
Nu-Enamel Corp.
1-24'
Occidental Insurance Co.
15c
1-31
1-24
$l'/2
3-
2
2-17
$2
2-
2
1-22
2-
2
1-16
2-28
1-28
,
preferred
(quar,)
$1.31,'A..!
Metal Prod'.tcts, Inc.—
•
;• '
$m
participating preferred (quar.)..--a—Magnin (I.) & Co., 6% preferred (quar.)__
$l'/2
2-2
1-15
2-
1-16
.5-15
:-h SlVa.
Quarterly
Managed Investments, Inc., (quar.)__v--U^-Mandel
Bros.,
Marathon
Marine
stock
Initial
Marshall
■/.
■
&
Co., common (quar.)——
Bonding & Ins. Co. (quar.)
Valley RR. (s-a)
■
Co.
McLellan
6%
Stores
Co
preferred
Ltd.
50c
2-10
1-31
2-2
1-20
6 %
:
2
1-
2-
2
1-16
2-
2
1-16
2
1-15
:
-
t55'/2c
2-
1
1-20
2-
2
1-19
3-
2
2-
1-31
1-24
,.$l'/2
1-31
1-24
t30c
Trust
&
Co.
$6
common
Sl'A
$13A
.
Merchants
(N.
(quar.) ___^-*1—„-_L——-/
7% preferred iquar.)__—
Manufacturers Insurance Co.;
&
Y.)
(s-a)
—
—
Michigan Bakeries, Inc.—
$7 preferred (quar.)
Michigan Central
RR.
prior
1-16
1
3-20
2-15
1-31
2-
1
1
(quar.)
25c
(s-a)——-—«—.—
$25
1-31
preferred
t$l'/a
.
,
.
*•
4-
1
3-14
Sl'A
4-
1
3-14
4-
1
2-
2
5:
—
National
Bank
of
Chicago
(year-end)
Mine Hill & Schuylkill Haven RR.—
Terminal
4- 1
3-21
4-
,1
3-21
Jan.
.12-31
dividend
Plov
ms/B
preferred—
.Mississippi Power & Light, $6 preferred—
Missouri Utilities, 5% preferred (quar.)
Common
(initial quar.)——
.Moline Pressed Steel, partic. A (quar. Initial)
:
—
Monroe
*
Loan Society,
5Va%
preferred
'/
$4.50
preferred
$4.50
preferred
$4
preferred C
Montana
Power,
Co.,
Plan
Morris
(quar.)
common
A
(s-a)
B
(s-a)__———
of
Bank
Mt.
Diablo
2-2
1-15
2'Ac
2- 1
1-15
2-
1-26
3434c
Cleveland
& Co..
$2'A
(quar.)
Ltd.—„
B
(Colo.)
Co.
Detroit
6%
convertible
National
Batterv
National
Bearing
Common,
preferred
j.
,
3-
3
2
-v,
1-15
1
1-20
2
2-16
56'Ac
9
1-15
$2
2-
2
1-27
7c
2-
2
1-15
50c
2-
1
12-10
pref.
(quar.)
(irregular)
-
National
& Mfar.
City Bank
(quar.)
(s-a)
National City Lines, class A
-
$3
preferred
-
(ouar. 1
National
Container
National
$134
2-
2
1-23
25c
3-
2
2-17
$1
4-
1
3-24
2-
2
1-20
2-
2
1-17/
Distiller*
Quarterly
50c
15c
(quar.)^——_J
——————
(quar.)
A
(cm*r.)
preferred
B
(quar.)_—_
National
Ins.
Liberty
National
Oats
Nat'onal
Paper
5%
Co.
&
preferred
preferred
of
Co.
America
[irregular)
T
2-20
1-15*
2
1-23
5-
1
8-
1
7-22
10-30
.10-20
J
2
1-16
2
1-16
10c
2-16
1-31
10c
2-16
1-31
25c
3-
2
2-18
25c
2-16
1-31
Sl'A
2-16
1-31
Sl'A
8-15
7-31
Sl'A
2-
1-15
pref.
conv.
Brunswick Fire Insurance Co.
(s-a)
(quar.)
$1,183A
2-
(s-a)—,
75c
15c
$10
—,—
$5
,
6 '7o
preferred
Co..
Process
New
World Life
York
New
Air
New
York Fire
New
York
Brake
(J. J.)
6%
1
1-15
2-
2
1-16
2-
2
1-16
2-
2
1-
1
2-
2
1-
1
5 '/o
5^
5r/n
River Insurance
Nnr*Wn Illin"'-'
$1.50
Co.,
(C.
(s-a)—
Co.,
Pile
$2
preferred
Reliance
6%
v
——
;
;
*
-
-
—
Inc.
(quar.)
2
1-13
—
—
77a
Co.
gtd.
(s-a)
(quar.)
Corp., com.(irreg.)
(quar.)
convertible preferred
1 -31
1-15
1-31
1-15
1-31
1-15
$1
2-19
1-31
2- 2
1-21
$5
div.)
Co.,
$2
Silica
2-
2
1-
9
2-16
2-
2
(quar.)
common
Standard
A
2
1-20
Stanley
3-
1
2-15
Steel Co.
2y2c
Rice-Stix
(irreg.)
3-
Extra
of
N.
Y.
.50
Button
Rochester
Gas
Electric
&
(quar.)
67c
preferred D
(auar.)
r
57c
preferred E
(quar.v
Pnc'iester
Tel.
Corp.,
Strawbridge
3-14
1-31
:
2-
6%
Suburban
$4
Sun
Rose's
Cable
Bros.,
5.
10
Corp.
Inc..
4'/2%
t75c
2-
1-20
Sunset
2-
1-17
Swift
$1V2
2-
1-12
2-
1-12
3-
2-16
2-16
5%
1-26
Tech
2-10
1-26
50c
2-15
1-23
t5c
2-28
2-14
$4
2-
1
1-17
35c
2-
2
1-26
25c Stores
Sr.
Rovri
Bank
of
Royal
Trust
Co.
Russell-Miller
$2.50
Iron
Canada
Steel
convertible
2-
2
1-20
2-
2
1-20
Texas
./
$6
2-24
Thatcher
preferred
10?
2- 2
1-22
common
37'/2C
2- 2
1-22
77c
Flour
Mills
(increased)
preferred
(quar.)
(quar.)—
Ordinary
'-v-
.
v-' '
—
Toburn
pref.
Gold
<
;
(quar.)
-
R.)
Co.
(quar.)
(resumed)
Trust
Co.,
(final)
Mines, Ltd.
V
—
(quar.)
67o
preferred
(monthly)
5%
preferred
(monthly)-—1
2-13
2-13
Trade Bank
50c
3-16
2-13
Trane
50c
2-13
1-15
r.
$6
Co.,
first
Co.,
77c
& Trust
Co.
(monthly)
Y.)
common
(quar.)—
preferred
(quar.)_
Truax-Traer
2
6%
1-25
t$2'/4
2-
2
1-15
$0.80
50c
2-
2
1-20
Udylite
•
—
$4.50
Co.
(final)
preferred
1-20
1-20
Union
Oil
75c
1-20
Union
Trust
25c
2-12
1-15
United
1
1-22
United Drill & Tool Corp.,
Class B
1-31
1-24
4-
1
3-16
United
25c
2-
2
1-22
\
1-17
—
(irregular)——
2-
3;
5
2-
2
1-
7
2
1-
7
2-16
2-
2
2-
1-23
2
1-31
1-24
3-
1
2-14
t$l
2-
2
1-24
25c
3-16
2-25
2-
2
1-10
3-16
3-
5
30c
4-
1
3-
2
30c
4-
1
3-
2
■
<
$3
.
2-2
1-23
$l'A
2-
1
12-17
5%
2-
2
12-31
flOc
2-
2
1-
$13A
2-
2
1-20
$l»/2
2-
2
1-20
of
California
Co.
Corp.,
(quar.)
90c
2-15
1-31
15c
2-10
2-
11%
3-6
2-23
(quar.)
$1.50
2
class
A
1-22
2-23
1-22
2-
1-20
2
2-
2
1-20
41 %c
2-
2
1-20
15c
2-
2
1-20
25c
2-16
2-
$iy2
3- 2
2-21
25c
1-31
1-15
2-
1
2
1-10
$1%
3-15
3-
5
$i»/2
3-15
3-
5
2-
1-20
'
2
20c
2-
2
1-19
lOc
2-
2
1-15
2-16
1-31
$1'A
(Maryland)
Ltd.,
9
$1 >/8
2-16
1-31
25c
2-10
1-10
25c
2-
5
1-19
(quar.)—
f38c
2-16
1-15
$0.60 cl. A (quar.)
15c
2-
1
1-19
10c
2-
1
1-19
58'/3c
2-
2
58'Ac
3-
2
2-16
58'Ac
4-
1
3-16
Light & Railways Co.—
prior preferred (monthly)
7% prior preferred (monthly)
7% prior preferred (monthly)
6.36% prior preferred (monthly)
7%
-
1-15
2-
1-15
53c
2-
2
1-15
5-
4-15
6.36%
prior preferred
53c
3-
2
2-16
15c
5-
4-15
6.36%
prior preferred
53c
4-
1
3-16
50c
2-
2
1-15
50c
3-
2
2-16
50c
4-
1
3-16
4-10
3-20
1-10
6%
prior
preferred
2-
1-10
6%
preferred
2-16
1-26
6%
prior
prior
(monthly)
(monthly)
(quar.)
(quar.)
preferred
(quar.)
2-
2
50c
2-
1-15
15c
2-
1-12
15c
2-
1-12
$ls/8
3-31
3-16
$2'A
2-
2
1-12
$l'/2
2-
;
United New
Jersey RR. & Canal Co.
Specialties
5'/2%
U.
S.
S.
convertible
Alcohol
Industrial
(quar.)__
—
Pipe & Foundry Co.
Quarterly
Quarterly
(quar.)
i
___*.—_
1
2-11
Universal
Universal Leaf Tobacco Co.,
3-,l
3-1
2-11
$l5/s
4-
2-
Sugar
preferred
(quar.)
$5
preferred
(quar.)
tfvf
Insurance
Co.
Valley Mould & Iron Corp.,
2-14
Knitting
4
$5.50
2-
3
Virginian
2
2-14
3-31
3-10
1
1-15
6%
(quar.)
2
1-31
1-20
Walker
1
2-
2
1-27
15c
3-
2
2-24
62 '/2c
3-
2
2-24
$1.15
2-16
25c
25c
2-20
2-10
2-16
2-10
2-
1-15
1
1-31
|,
3-20
2-28*
6-20
5-29*
9-19
8-31*
50c
12-19
11-30*
$1'A
4-15
4-
2*
7-15
7-
2*
25c
3-
2
2-14
$1
2-
2
1-16
0_
O
(H.)
Gooderham
Common (ouar.)
$1 preferred
Mfg.
Walton
(Chas.)
Warner
Bros.
Washington
& Worts,
2-
$1
2-
1
1-21
$l3/»
3-
2
2-20
37'-/ob
2-
2
1 -17
5-
1
4-18
"8-
1
7-18
2
Co.
———
of Wisconsin, $3 preferred
3% pref°rred (ouar.)
& Co.,
Pictures,
Gas
Inc.,
•
$iv2
3-20
3-10
$13A
4-20
4-10
$1
3-16
2-20
25c
3-16
2-20
t75c
2-
2
1-31
*2
2-
2
1-15
t96'Ac
3-
1
2-13
37'Ac
2-
Ltd.—
(quar.)
Walker
$4.50
1-16
2-16
37'/2c
2
1-20
50c
50c
50c
37'Ac
.3-
1
12-31
6%
2-
2-
12-31
2
6%
t$2
20c
.
.
1-19
2
2-
15c
(quar.)
f80c
2-
2
2-
25c
Railway,
preferred
preferred (quar.)'
preferred (quar.)
Vulcan Detinning Co., com,
(irregular)7%
preferred (quar.)———
15c
$1.62'/2
'
Co
prior preference
2-
2-13
3-
2-
25c
41
1-15
tl5c
(quar.)
"Sugar"Co—II—I—I—I—I
2
3
com.
vq
Utica
2-
2-11
1-23
2
683Ac
Sl'A
(quar.)
Utah-Idaho
2-13
2-26
2-
Corp.—
$5
1
t!5c
*
Quarterly
2-20
2-11
15c
50c
Corp.—
preferred (quar.)
1-15
3-
$2'/2
(quar.)
2
$l'/a
$l'/2
$1'4
(quar.)
(quar.)
Co.
Machinery
Extra
U.
Co.
Insurance
2-28
$3.85 preferred
Light Co., common
preferred (quar.)
convertible
\
2
1-15
$l'/8
2-10
1-31
$1 V4
3-
2
2-16
$11/4
b-
1
5-15
$2'/2
6-
1
5-15
W«rhinvton R^ilwav & Electric Co.—
5%
•
:
2
15c
pref.(quar.) +$1.37'/2c
(quar.)——
2-
15c
t$l'/2
.4.
3-14
2-16
$1
(quar.)_
Missouri, $5 pref.
(quar.)_
1-31
f 15c
——
of
1-31
r
••
(quar.)—*—_
.
Lamp
preference
1-31
1-15
5
5
5c
(quar.)__
Corp., $7 non-cum., class A
Works, Inc.—
25c
87'/oc
pref.
Corp.
Union Elec.
5
Co., 5'/2%
(quar.)
Tubize Chatillon
—
—
(Ltd.)—
Coal
preferred
2-25
1
2-
5-
58'/3C
(quar.).:
1-20
1-31
1-16
2-14
50c
(N.
2-
1-15
2-
12-31
2
5-15
f3c
——
preferred
Corp. (s-a)~
Triumph Explosives, Inc. (quar.)„**._.
2
2-
2-20
1-31
20c
tic
Edison
2-13
2-
3-16
Ltd.—
Extra
.
Toledo
3-16
2-16
2
20c
fiy2c
—
-
registered
3-16
;
2
2-
$l'/8
———
(J.
Hoffman
(quar.)
1-15
'
Light Co., 77c
Securities
S.
(auar.)——
2-
:
Manufacturing, $3.60 pref.
Thompson
U.
(quar.)
Co.
$1'A
1..
(quar.)
preferred
1-15
(auar.)—
Corn,
1-17
3-
25c
A
&
2-
Shops
Lawrence
Power
3-16
2
1-31
1-31
3-14
Co.—
(quar.)
50c
—.
Saguenay Power Co., Ltd., 5'/a70
3-10
Securities
preferred
preferred
$2
2-
1-31
1-15
1
2-20
37'/2c
*
.
Coatings, class A {stock dividend)
Teck-Hughes Gold Mines, Ltd. (quar.)
$134
2-28
2-16
2-
15c
f75c
Binghamton & N. Y. RR. • Co A—
$1 Va
2-
1-20
3-20
$l'/8
-
Fire
(quar.)——!_
$1 convertible preferred (quar.)
St.
50c
2-15
4-15
Tacony-Palmyra Bridge.
1-20
41%c
1-20
2-15
25c
t75c
(quar.)
S.
(auar.)_
Rutland & Whitehall RR.
25c
2
2-20
25c
$l'/2
Ltd
Co.
United
;—
(Montreal)
Milling
&
2-
A
Guaranteed
12-31
tic
Oils,
&
Syracuse
2-
2-10
class
IT.
(quar,)—
2-20
31'Ac
(quar.)
.
Special
3-
t3c
13c
preferred
2-20
2
}50c
(quar.)
1-15
——————-———
$6.50
2
3-
(quar.)
preferred
Co.
1-26
'
preferred (quar.)„—
3-
25c
Clothier—
Electric
second
Oil
$2'/2
V-
&
preference
prior
1-15
—1
30c
30c
2
Wks., Inc.—
4-
37V2C
(auar.)
'2-11
3-
—1-
Co._;
2-
Rockland Light & Power Co
Rolland
Paper Co., Ltd.
(quar.)
B.ome
Phos. & Acid
-V:75c
&
2-16
(quar.)—
1st pref.
■2-14
2-28
common..*-*
7%
Corp.—*
6'4%
2-25
75c
10c
Sterling, Inc., $1.50 convertible pref.
Stouffer Corp., class B
United
preferred C
$l'/2
4r t
2-
(quar.)
67c
2-14
$l'/8
5% pref. (quar.)
Canada, Ltd., com. (quar.)
preferred (quar.) __:_*.
$1
(quar.)—
1st pref.
$6
5
(irreg.)
Stein
Co.—
preferred
conv.
1-22
3-
10c
3-16
50c
——
Riverside Cement Co.,
Rochester
1-22
2-2
37'/2c
(quar.)
2-15
t$l%
C.)
1-31
'•
2-
2
of
31'Ac
Rich's, Inc., 6M>% preferred • (quar.)
National Bank (Washington, D.
57c preferred (s-a)-—i—
2-10
(quar.)
Works,
(quar.)
Riggs
$l3A
$1.20
Ltd.
Co.,
Corp
Corp.,
Wholesale
(quar.)
—
1-23
1-31
*
(A.)
1-31
2
2-10
Co.—
-
12-29
t$1.31V4
common
•
Co.
Electric
1
1
2-
common
1
8c
Goods
Insurance
Ltd.,
1-31
2-15
2-10
25c
37'/2c
(quar.)
4-
15c
—
Co.,
1-21
com.
;
20c
$1
—
(irregular)
Co.
(quar.)
Dry
Richmond
Inc.,
65c
t50c
common
2
Quarterly
2-
2J/2c
25c
(quar.)_
preferred
2-
(quar.)
Common
t$l3A
50c
preferred
Brands,
Standard
$iy4
$l'/2
'50c
(quar.)
*
$4.50 pref.
(quar.)
2-20
9
1-15
1-21
Sons—
&
Chemical
1-
1
2
+$1%
preferred, series A
Standard
1-26
2-
-$l'/2
preferred
Equities
2
40%
i,
Tobacco
(E. R.)
Tung-Sol
—
Rbeem Manufacturing, 5% preferred
Rhode Island Pub. Serv^Co., class A
Saeo-Lowell
$3V2
Squibb
■«
2-25
2-
25c
Co.,
&
common
Standard
2-
14c
;
J.)
Inc.,
convertible
Standard
3-10
$1V2
—
(R.
Gas
2-11
40c
(quar.)
(quar.)
Investors, Inc.
1-20
35c
•
Indiana
-1-21
25c
t25c
preferred
Reynolds
Rustless
$1V4
$l'/4
$iy4
2
Power
2
1-16
J15c
J20c
Spiegel,
3-25
2-10
2-
$1.13
(quar.)
(irregular)—
preferred B (quar.)
preferred A (quar.)
5'/4%
-.
Roos
2-
3-31
$3
2-
1-20*
Co.—
Lines,
preferred
$4.5o
10c
35c
t23c
Transamerica
(quar.)
(extra)
1-16
1-13
1-22
1
1-20
(extra)
Canada
Sovereign
Jersey—
(quar.)^-_
v.t.c.
1-16
2
4.8%
Tobacco
preferred B (quar.)__—_.
Revere Copper & Brass, 77c
preferred
67c
1
2-
tl5c
;
(quar.)
preferred
Manufacturing
Common
1
5%
(quar.)..
(quar.)
common
A.)
Common
2-
1-13
t83c
(quar.)
1-20
$1%
2
58Vac
———;
preferred
1-20
Sl'A
2-
3-
2-
1-26
—
(interim)
preferred
(stock
2
Norfolk & Western Ry. Co., adj. pref.(quar.)
North
first
Packing Co.
2
2-
75c
2-1
3-14
65c
2-
(quar.)
(quar.)
preferred
Southern
Inc.—
class A
Co..
2-
2-16
1-15
$1
25c
12'/2c
pref.
pref.
1-20*
12-27
(resumed)
—*
Original
Co.—
(quar.)
2-
Corp.—
RR. Co.,
Quebec Power Co.
15c
pref.
Carolina
gtd.
pref.
New
Income Shares,
40c
2nd
North
convertible
1-20
3-
12-29
2
50c
r,.:
(monthly)
2
Sl'A
2
2
2-
$l3/4
(monthly)
Products,
2-
(quar.)—
'
pref. A (quar.)
2nd pref. B (quar.)—.——
1st
preferred
preferred
50c
1-21
2-
Works
1
2-
(quar.)
Southern California Edison, com.
Extra
;L__-
1-21
2-
25c
V
(quar.)
1-21
Sl'A
Southern
<s-a)
(quar.)—-.
2-10
—
(quar.)
5
(quar.)
preferred
preferred
2
—
(quar.)
Power
Hudson
preferred
7%
2
Newport News Shipbuilding & Dry Dock—
.$5
convertible preferred
(quar.)
Niagara
8%
of
Corp.
2
Realtv Co.—
B
(monthlv)
Service
3-
2
5
2-
(liquidating)
preferred
2-
preferred A (quar.)
preferred
Inc.
preferred
2-
'
2-
2-1G
(irregular)
57n
30c
(s-a)
2-15
(quar.)
(Phila.)
Investors,
$13A
Co., 5% preferred A (quar.)
Newberrv
6V<>.r/c
Co.
35c
; >t75c
(quar.)—
Ltd.
Co.
Sl'A
Co.——
Insurance
(J.J.)
Co.
Mines,
Trust
(cmar.)—
Merchandise Co., Inc.__^—
Newberry
Gamble
(annual)—
(mmr.)—
7% prefcred
Insurance Co.
1-26
•
67o
New England Water, L'ght & Power Assoc.—
New
10c
2-15
(s-a)
—
43/4%
England Trust Co.
Y.)
Class B
?-
2-
2
1-20
$l'/2
67c
67c
4-21
(s-a)__
(quar.)
&
A
2
$iJA
1-23
1
preferred
com.
Republic Investors Fund
2-
(s-a)-———
Neisner Bros., Inc.,
New
(s-a)
Tyre-Co'., confmon——
National Power & Light Co., $6 pr*f.
New
1-17
1-17
2-
$1 'A
preferred
5%
1
1
Lead Co.,
7%
6%
2
2-
15c
(monthly)
(monthly)
77o
3-16
2c
————————
—
1-15
2-
—_—
Reed-Preptice Corp.,
2C
2c
Quarterly
1-31
$1V4
$1
Chemical
"(quar.)
31'Ac
$iy2
5
2-
2-
(quar.)
Canada
Greyhound
conv.
$iy»
5
2-
30c
Lathe
non-cum.
Erie RR.
5%
Bend
6%
(quar.).*—
preferred
Reed
2-
Southeastern
6 7c
Mines, Ltd,; (quar.)_
Reading
2-
South
1-20
1-15
.
(Maine).
Canada,
67c
1-20
1-20
2
2-
2-16
3-
Pulp Co., common...
preferred (quar.)
2
—
6% preferred
of
Corp.
6%•
2
2-
2-16
50c
10c
Soundview
2-
(s-a
Co., 7%
of
(irregular)
preferred (quar.)____
2-
preferred (quar.)
Procter
$3
50c
2c
—-—_—.
Quarterly
National
,
25c
(hregular)—
Corp.
4
N.
Co.
Agricultural
t75c
40c
1-26
25c
25c
Common
1-20
.
2- 2
i
Smith
32'/2c
(irregular)
Electric Power 5'/2%
Extra
'
./
prodn"ia
15c
50c
(quar.)—
National Elec. Welding Machines Co.
Co.
Ravmond Concrete
1-20
:
2-16
1-26
$ia/4
87'/2c
(quar.)
.ti—
(quar.)—
(irreg.)
Mills, $'/2% pref.
Coke
preferred
Rath
2-10
.——
.
RR.
Randall
2
Co.
<N. Y.)
1-31
2
Quincy Market Cold Storage Warehouse Co.—
57c
preferred
;
'
National Chemical
(Del.)
Quaker Oats Co., 6%
;
2-
—
1-31 v'v
2-16
2
preferred
Quarterly
3- 2
iquar.)
2-16
31V4C
1-20
$4.50
r
a.';;: 75c
,
343/sC
2-
common
&
77o
1-15
2
6 7c
2-15
2-
15c
(B'klyn,
Co.
(quar.)
pref. (accumulated)!City Gas & Electric Co., com. (quar.)
preferred (quar.)
Sioux
1-15
9-30
Purolator
2-
Silex
A
(quar.)
Power, common
preferred (quar.)
07o
1-31
6-30
6%
.
1-24
3-
2
4-30
$5
25c
22-
7-15
Public
$iy2
1-15
5-15
7%
1-16
V.
2
10-15
67c
1
1-30
2-
15c
Prudential
;•
2
2-15
20c
15c
Power
12-31
,
50c
6
Public Service Co. of Colorado—
1-24
2
2-
15c
Provident
;
2
2-20
2
(s-a)
A
Corp.
Pacific
(quar.)
_-w—
Co.,
Proprietary
1-20
2-
$2J/4
•
gtd.
com.
Extra
2- 2
2-
Sherwin-Williams
Sierra
2-
1-20
2- 2
:
Shawinigan Water & Power
1-23
1-23
Common
Privateer
2-
2-
—
Boulevard Bark of Chicago
.National
C
6
Glass
1-31
Common
6%
-
2-16
2-
.
—
7%
I 1-31
Shatterproof
$3.50 preference
Co..
1-31
75c
(participating)
Fashion
Tool
Potomac
///v-'/
■
(quar.)
Co
Metals,
$i'A
t$VA
——
:
9
9
1-12
$1.06'A
(s-a)—.—•:
National Automotive Fibres—
A
Full
7%
—
(irregular)—*——
Bank of
55-
lc
5% first preferred (quar.)
preferred (quar.)—. ——
Narragansett Elec. Co., 4'A% pref, (auar.)
Nashau Mfg. Co.. 2nd preferred (resumed)
Series
Ltd.
(Albert),. Co.,
Portland
,
■/;
•
^—+
Munising Paper,
National
1
1-20
Water
5c
f$iy2
Insulated Wire
Portland Gas
9
1
40c
Muskogee Co., 6%
Nation-Wide Securities
5-
1
i# $1%
of Nova Scotia (quar.)
Min. & Develop. Co. (quar.)
Oil
2-10
6-
6-
Sl'A
—
3- 2
1
Co.,
preferred
Semi-annual
2-20
.
6-
75c'
;
2
2-
*38C
V;
2
$2
$2»A
,
(quar.)_.—
(quar.).—
3-
;50c
—
——
of Rhode Island
preferred
Corp.
32'Ac
$6 preferred
(Philip)
4"4%
1-15
2-14
(s-a)—
Morris Plan Bank
Mortgage
1
2
5c
(quar.)—*—
Montreal Light, Heat & Pow. consol. (quar.)
Moody's Investors Service, Inc.—
$3 participating preference
(quar.)
Moore Drop Forging Co., class A
(quar.)„
Morris
23-
Shasta
2-16
-
Pilot
3
tsi'A
—.—
—
2-
2-16
■■
Sharp & Dohme,
Ltd.—-
Pittsburgh, Bessemer & Lake
1-15
r$t?A
(quar.)—
(auar.)
Chemical
iMonsanto
class A
Corp.,
Potomac Edison,
convertible
$6.50
RR.
Bank
Pick
Plomb
>
Co.—
implement
1-20
:V'$l34
Pfeiffer Brewing Co
*
Philadelphia Electric Co. (quar.)^
$5 preferred
(quar.)_
►
2-2
Moline
1-20
1-30
3-
2- 2
25c
Seaboard Oil
2
3-16
of Rec.
$l'/2
$iy8
2
2
Holders
(quar.)
2-
-'V- $1V2
(quar.)
Common
$1
Semi-annual
Minneapolis
.
(quar.)_—
Stock
Class
V
1-21
$1
75c
;
——————
preferred
National
'
Additional
Mid-City
-
(quar.)
Inc., 5%
Peoples
3-14
<
Co., $4.50 pref.
$4 preferred (quar.)
10c
37V2C
increased)
Phillips-Jones Corp., 7% preferred
Phillips Pump & Tank Co., class B___
3-14
1
4-
50C
Scott Paper
2-
2-
When
Pay'ble
Schumacher Wall Board Corp., com. (resumed)
$2 participating preferred (quar.)_
2-14
50c
.-.•$l1/4
(quar.)_.
Peoples Nat'l Bank of Wash. (Seattle) (quar.)
Peoria & Bureau Valley RR. Co. (s-a)
—^
2-14
$1%
si'A
Co.,
of Company
Co. (Del.)
(quar.)
Security First National Bank (L. A.) (quar.)
Security Insurance Co. (N.; H.)
(quar.)
Scrvel, Inc.
;
50c
I6V4C
:
;
(quar.)__._
Delaware
&
Petrolite
1-15
v
Name
Simpons's, Ltd., 6'/2%
Grinding Wheel (irregular)
Peninsular Telephone, pref. A (quar.)_^
Penman's, Ltd., common (quar.)
v'//.-//; /
Co.—
$1%
—
(quar.)i___
preferred
Philadelphia
2
1-20
Penn
Jersey Shipbuilding, pref.
(initial)
Pennsylvania Power Co., $5 pref. (quar.)
Peoples Industrial Bank (N. Y.) (s-a)
1-15
2- 2
2
Peninsular
,
3
3-
Sl'A
:
—
Milwaukee
prior
Pearson
1-21
2
i
.
1-
25C
—
Products
i
>
t$i%
prior lien
——■——
——.
(s-a)
Electric, 6'/o pref.
preferred (quar.)___
Passaic
1- 3
'V
2-
■
$iy2
&
preferred
6%
1-20
2
2-
lien
Food
1
$1%
Michigan Public Service Co., com. (quar.)
7%
preferred (quar.)—_—
/ 6% preferred (quar.)———
———
:;•* 6%
preferred series of 1940 (quar.j-——
•; $6
junior preferred (quar.)
Midwest Rubber Reclaiming
(irregular)——
Mickelberry's
1-16
7 2-
—
Michigan Gas & Electric Co., 7%
$6
2
A: 4-
—
——
non-cumulative prior
2-
2-
50c
(quar.)
Pacific Public Service Co., $1.30 pref.
Parke, Davis & Co
2
2-16
2-2
1-21
1-20
Co
Pacific Power & Water Co.,
(St.
Mercantile Stores,
Louis)
■;
1-28
1
,
Pacific Lighting Corp. (quar.).
Pacific Power
Lignt, T/o pre*erred
"
50c
2-16
2
(quar.)
RR.
Glass
preferred
6%
Sl'A
Gas
5 V2 %
2
40c
___
(accum.)—
Bank
Syracuse
30c
Per
Share
■
i
County Water Co., $6 pref. (quar.)
St. Louis Screw & Bolt, common
(irreg.)
77c
preferred (quar.)
5
2-
—
&
2-23
2-
• 2-
(quar.)
preferred (quar.)
5%
2
2-
2-
Shoe Corp., common
(quar.)—.
preferred (quar.)—--———
National
—
Finance Corp. of California—
preferred A (quar.)
6V2% preferred C (quar.)
5%
1-15
75c
50c
'
Melville
Mercantile
Bank
2-28
2-16
41%c
;
Filters, class A
Corp.
7V2C
58J/3C
(quar.)
Equipment
National
Pacific
1-28
,
35C
Sl'A
(quar.)—
participating preferred
(monthly)
(monthly)...
preferred
22V2C
1-28
8%
Melchers Distilleries, Ltd.—
5%
first
Farm
12-31
513
St. Louis
Pacific
,
1-20
2-2
$1V2 :
,
(quar.)——
._——
preferred
Owens-Illinois
1-27
30c
1-31
:V-
(quar.—
Mclntyre Porcupine Mines,
2
.
1-31
2-5
Corporation (quar.)——_
McCrory Stores, 5% preferred (quar.)
Electric
2-
2-16
;
20c
McCall
McGraw
5
5
$3
(quar.)—_i—
preferred (quar.)———-v-—w.
$3
8-
11-
87'/2C
—
,
8-15
11-14
30c
-
Field
Massachusetts
Massawippi
Maytag Co., $6 first preferred
7%.
2
2
35c
,
1-15
2-
f37V2C
(monthly)
2
2-
(s-a;
pref.
—
(quar.)
(quar.)——
preferred
Oswego
5
5-
.
$l'/2
50c
(irregular)'-*.
Mills Co., common—..—
Paper
6%
Oswego Falls
5
$l'/2
•v.y 5c
Inc.
Banccrporation, fully partic.
2-
2-14
(quar.)
1-15
~'50c
(s-a)
(quar.).
Extra
1
Co.
preferred
Insurance Co.
service, b'/c
Oliver United
.
6%
$1
Public
Omaha
5'A %
..
Casualty
Onio
5V2%
1-30
2-14
Ohio
Oliver
Corp.—
Lyon
/
1-29*
1
Ins.
\
of Rec.
1-31
2-
50c
O'Connor, Moffat & Co., $1.50 class AA_—_
2-15
2-
20c
V
Gas
6%
Co.,
1-21
1-31
$2
Co.——
Counoy
F.)
(Chas.
(irreg.)
Marine
1-31
Sl'/a
—
Noyes
&
15c
25c
preferred
Fire
Co.
Payable
$ll/2
—
Holders
When
Share
(quar.)
*$1
$1%
Loose-Wiles
H.)
(N.
Northwestern
of Rec.
Payable
RR.
Northwest Engineering
HolderI
When
fer
Pipe Co.___
Boston
Loew's
496)
page
-
Name of Company
-
.
Northern
Per
1
DIVIDENDS
•V
Name of
•
V
p~°ferred
(quar.)
t35c
2-
2
1-20
5%
preferred
(ouar,)—
t$l%
2-
2
1-20
5%
preferred (s-a)
When
Per
Name oj Company
West
Penn
7%
Electric
preferred
6%
Co.,
pref.
(quar.)™
$iy2
1
1
$1%
(quar.)....™,
90c
West Point
Manufacturing Co. iquar.)
"Virginia Pulp & Paper, 6% pref.(quar.)
West
Westchester
Insurance
Fire
Co.
(quar.)__
$iy2
Grocer
Western
Public
Weston
Co.
tlowaj,
Service
(George),
pref. iquar.j™
(monthly),,
5%
Ltd.,
Westgate-Greenland Oil Co.
Chlorine
Westvaco
$4.50 preferred
Weymouth
Products
Corp.,
Whitaker
Co.,
Paper
2
1-21
1
2-14
,254c
2-
2
1-
$1 %
lc
2-
2
1-15
2-16
2-10
5
2-16
$iy8
2-
2
1-15
1-31
6%
1-15
1
1-26
in consideration of the
$1%
2-
1
1-23
$1
4-
1
3-16
$1%
4r
1
3-16
program.
30c
2-14
1-30
ment
10c
2-16
2-10
greater
2
1-16
2-
1st preferred (s-a)™~
4%% pfd. (quar.)
2-14
1-31
$1.18%
1-31
1-15
Power,
81 Mi
preferred (quar.)—_______—____
Co. (s-a)
30c
Wisconsin National Life Insurance
20c
Wisconsin
pref.
5%
Service,
Public
2
1-15
1-15
2
2-10
.
Ltd., common
(quar.)—_______—
preferred (quar.)
—_
Constr.
25c
2-
2
25C.
3-
2
2-20
25c
4-
1
3-20
Bituminous
10c
352,347
1-15
(cars)
/■
351,785 V
-J"
380,347
Earnings of United States
V
.
.
*
V,
; >•
■ -
t
.
(bales) f
Livestock
"
:__
rets.:
;
:
,
459,430
892,122
1,665,269 "1,389,118
>
indicated by
the action of the Interstate Commerce Commission on
Jan. 21, 1942, when the petition of the railroads for an
advance of 10% in passenger fare charges was granted.
Although the fare action is not necessarily indicative for
freight matters, it is at least a fair presumption that the
pervasive circumstances which moved the I. C. C. to
permit the increase of passenger charges will also pre¬
vail in the freight rate advance petition.
In granting the
fare increase tne regulatory agency found tne railroads
in need of additional revenue to meet, in part, increased
operating expenses occasioned by increased wages, in¬
creased costs of materials and supplies, and heavier
charges for safeguarding properties and operations in the
course of the war emergency.
The railroad petition for
advanced freight charges will be the subject sof a further
and more extensive ruling by the Commission. Estimates
situation is not likely to be permanent was
of American Railroads are that some
of the Associat,on
$45,000,000 of added revenues will be realized by the
carriers annually from the passenger fare increase.
Although the action taken by the Commission is quite
in accord with the recommendations of the Presidential
"Fact-Finding" board, and possibly will be followed by
similar measures on freight charges, operations of the
railroads last November naturally were unaffected by
in that month was
stantial gain was
month
similar
carriers
sub¬
Business handled by the
considerations.
these
on
a
fairly heavy scale, and a
the
established in gross revenues over
1940.
of
But
wage
increases
absorbed
virtually all of the added gross revenues and left the
railroads with little in the way of increased earnings to
Gross earnings in
against $347,763,846
November, 1940, a gain of $82,252,703 or 21.95%.
Net
earnings however, advanced only to $121,465,161 in No¬
vember, 1941, from $115,940,536 in the similar month of
1940, a gain of $5,524,625 or 4.77%.
We present these
apply to other and
8,245
2,977
3,765
2,593
2,619
2,482
Flour (000 bbls.)
xl,634
xl,666
(000 bu.)
x!8,348
x9,274
X12.136
xl6,692
x23,834
xl7,982
x25,813
xll,395
bu.)_;
x7,164
x3,743
x5,828
^*2,797^
;; Barley (000 bu.);.
*13,553
x7,272
x7,453
"i"i X3.150.
x2,213
xl,136
xl,410
(cars)r
City (cars)
Omaha
•
(cars)..
flour
Wheat
12,776
19,105
4,503
8,034
3,485
6,168
-
of
Month
(000
Oats
Mileage
of
.29%
+$82,252,703 +.21.95%
+ 76,728,078 +29.64%
—680
232,660
231,980
roads
132
earnings_____$457,016,549 $374,763,846
Gross
Oper.
expenses
Ratio
of
expenses
earnings
335,551,388
258,823,310
(73.42)
(69.06)
'
"
to
—_______
—
Rye
1
$115,940,536
earnings „„_$121,455,161
the general trends which are shap¬
receiving careful study in official circles, as well as in
railroad offices.
To a certain degree it is a matter of
satisfaction to find that the coordination of
tion already
of
the
transporta¬
is being advanced through the new agency
Office
of
Defense
Transportation,
headed
by
Joseph B. Eastman, Chairman of the I. C. C. In a state¬
ment issued by Mr. Eastman on Jan. 16, he indicated that
Government operation of
the carriers probably will not
attempted, unless there is compelling need for such
action.
"Neither the military authorities nor the private
be
there will be any
methods," said Mr. Eastman,
"unless plain need is found to exist, nor, in that event,
without taking counsel of those immediately concerned."
This reassuring statement is appropriate for the trying
shippers of the country need fear that
attempt to change existing
times that
now
impend.
general business considerations
which underline the course of railroad earnings for last
November.
In order to indicate in a simplified form the
We
turn
now
to
the
112,421
Tol. .&"Ironton«-;
Total
(19-roads)
™.-
$5,945,334;
" - "
"
"
arranged in groups, or geograph-
are
,
District showed
gain of 23.68% and the Southern
gross
x
1,620
Xl,502
•:
of 21.64% and the
Pig
^ X 1, 818,
*18,499
V
X17.401
-
indicated in :the footnote to the
1*6.381
«■%<.. x3,02%i
the
group
we
SG '-K
■i-
!V':
*1,498
x403
Gross
1941+
produc.k 4,702,927
ingot prodJL 6,969,987
Lumber (000 ft.):
Production
Shipments
Orders
m
.___
ree'dm
4,166,888
"707,034
3,563,180
6,469,107
6,292,322
1,171,710
4,002,365
.TV
United
for 37
States
x911,151
X914.443
xl,025,474
x892,974
"2618,771 xl,157,509
x861,110 xl,000,119
X733.126
z591,323 xl,072,634
:
;
Census,
b F.
of
Rocky
Mountains);
States
Bureau
east
Railroads.;
ican
the
d United
States
Commission,
of
f Compiled
from
of
W.
f; Total (51 roads.)..
+v
reports,
g
Re¬
Total
attention
our
find the exhibits in
Gross
compilation
our
but
only 31 of the roads were able to show such gains in the
net results and 19 reported decreases in net from a year
gains
over
a
year
ago
of $100,000
or
more
In October 47 roads registered increases in
and 19, decreases.
The Pennsylvania, which we are
previous.
net
accustomed to find at the head of the list of roads with
in its usual place in the gross gains
a decrease in its net earnings
as compared with 1940.
New York Central, which was
second on the gross list, did not record'a sufficiently
large increase in net to appear on the lists of changes.
Southern Pacific, with the third largest gain in gross,
showed the greatest decrease, $1,263,906, in net earnings.
In the following table we show all changes for the
increases,
gross
tabulation
but
was
for amounts in excess of
or decreases, and in both
Total
CHANGES
IN
GROSS
:
%;
Ytj.,
EARNINGS
Pennsylvania
So.
(2
MONTH
(51
;
■
of
Central
s
Ohio_^._
Northern
_____
Nashville.
&
Y.
.3^^.212
2,693,484
Gulf Mobile
2,410,499
Western Maryland
2,211,785
Alton
1,944,566
Rich.
1,861,776
Pere
1,849,766
Alabama Gt. Southern.
Ohio.™
&
337,298
Fred.
&
Potomac "
Nasli.
Chat.
& St.
Spok.
Port.
&
Western™™
1,544,159
Int.
& Iron Rge
1,514,065
Elgin Joliet & Eastern.
&
H.__
Great
288,188
285,119
Northern...
1,398,443
Grand Trunk &
1,364,241
Clinchfieid
1,231,497
Chi.
271,838
'
West;.
234,979
229,762
^""229,254
*
Illinois
Eastern
&
305,288
L.__
Seattle.
-221,038
Orl. & Northeastern
& Quincy___
1,230,093
N.
Chicago & North West.
1,219,629
Maine
Atlantic
1,120,684
Georgia
1,082,499
Chicago St. Paul Minn,
Burl.
4,437,673
region.*. 25,987
26,117
20.477,353
19,961,191
+
24,387
24,507
24,125,688
24,923,156
—
57,063
57,330
48,682,172
49,322,020
33.171
17,606,504
14.472,307
+
6,0i7
12,431,806
10,273,012
+ 2,158,764
44,033.; 44,248
30,038,310
24,695,349 + 6.342,901 +21.64
East,
region.,
Total
Southern
region
Pocohontas
>..4
region;
37.952
,
6,081
,
..
Total
Coast Line™™
Chi. & St. L.
991,423
Chi. R. I. & Pac
L.
St.
Fran.
S.
(2 rds.)
Valley
Lehigh
Reading
_„+
Pacific
&
Texas
Wabash
™_.___.™„™
Boston &
&
Denv.
Del.
Maine
Southwestern.™
L.
St.
Rio
Lack.
Yazoo
&
204,383
Western
City
N.
Texas
O.
(3
Min;
Southern
&
P.
region.
45,628
45,614
12,846,878
11,614,455 +
region.
53,203> 53,332
20,323,617
22,749,962
region.
29,050- 28,106
West,
Southwestern
S.
Ste
M._
&
80.
&
Dul'th
655,646
Long Island
Pitts.
S.
&
2
(
Shore
660,739
168,790
_____
Arkan._™
--
Louisville^
&
Ind.
$5,969,877.
797,463
—
3,20
639,848
—
1.30
3.181.197 +22.08
+ 21.01
Note—Our
of
Commerce
different
the
and regions:
groups
__
137,601
rds.)_
135,173
&
Atl.
120,942
119,491
_____
118,421
West Va
' 107,300
Monongahela
Total
(76
roads)
$81,195,844
ppi—pa on
534,400
525,538
Southern
Bessemer
&
Fla.™
$158,200
Erie...
149,875
&
L.
522,767
Lakes
-•
the
Region—Comprises
to Chicago,
and north of
on
the Canadian
of Lake Michii
Chicago via Pittsburgh to
section
■'
York.
v
,
line from
a
v
f;
section south of the Great
Region east of a line from Chicago through Peoria to St. Loui*
and the Mississippi River to the mouth of the Ohio River, and north
of the Ohio River to Parkersburg, W. Va., and a line thence to the
southwestern corner of Maryland
and by the Potomac River to Its
Central
Region—Comprises the
Eastern
Lakes
mouth.
■.
.
Region—Comprises the section east of the Mississippi River
the Ohio River to a point near Kenova, W. Va., and a
Southern
south
and
line
of
thence
southern
(2
roads)
$308,075
operations of the New York Central and the
Michigan Cen¬
and Evansville Indianapolis & Terre Haute.
Lake Erie,
the result is
an
increase
of
";■ \
district
souittern
following
boundary
the
eastern
Virginia
of
to
boundary of
the Atlantic.
Kentucky
and
;
the
'
%
section north of -the southern;
boundary of Virginia, east of Kentucky and the Ohio River north to
Parkersburg, W, Va., and south of -a line from Parkersburg to the
southwestern corner of Maryland and thence by the Potomac River to
Pocahontas
its
mouth.
Region—Comprises
-
.
.
the
,
,
Omaha
the
and
DISTRICT
WESTERN
.
Northwestern
Lakes
Region;
Portland,
to
north
and by
Central
St.
Western
a
the
adjoining Canada lying,
I ne from Chicago +>
Columbia River to tho
Region
Paso
and
secUon south of the North¬
Chicago to Peoria and thence <7
Region-r-Comprises the
west <of
Louis, and north of
to El
of
I
/
.
''
Pacific.
western
,
Region—Comprises the section
Great
thence
a
a
line from
line from St. Lou's to Kansas
by the Mexican boundary to
C-ty and thence
the Pacific.
section lying between the IMiss'ssippi River south of St. Lou^s and a line from St. .Lou's to Kansas City,
and thence to El Paso, and by the Rio Grande to the Gulf of Mexico.
Southwestern Region—Comprises the
had a greatly:
November, 1941, as compared
month in 1940,
The aggregate movement
Western roads
(taking them collectively)
increased grain traffic in
with the
same
of all the grains in the table below
Total
>
;
the New England States.
England Region—Comprises
Great
597,649
Ga.
821,512 + 1.90
115,940,536 + 5,524,625 + 4.77-
the roads conforms to the classification of
Commission, and the following indicates the
of
grouping
Interstate
1.232.423 +10 61
2,426,345 —10.67
—
41,023,167 +
42,744.679
districts..231,980 232,660 121,463,161
all
166,027
150,112
lines—-Cleveland Cincinnati Chicago & St. Louis,
Cincinnati Northern
Includins
Pittsburgh
&
tral,
516,162 + 2.59
7,558,750 + 2,015,434 +26.56
0,574,184 '
131,032
-130,884
Total
Total
west "of
178,399
523,835
•These figures cover the
leased
683,021
Colo.
Mexico
roads)
St.
Bangor & Aroostook
570,222
_
Vermont
713,204
Chi.
196,494
196,373
,
™™.:_™(
Louisiana
635,018
Pacific
Omaha
Central
635,179
Missouri-Kan.-Texas
Kans.
,
908,929
West.
Val.™_
&
Central
866,263
863,961
Western.
Gr.
&
Miss.
—
Western District-
Northwestern
Central
'
N. Y.
—
Southern District-
330,841
317,50i
Marquette
1,634,757
Erie
377,977
356,038
_™_
*
1.798,265
P. &
H.
N.
.
8 08
4,073,131
New
& Tex.
Pac.
Central
Dul'th Mis.
%
353,542
6,706
region.,
Lakes
*>%■<:
1940
6,639
England
Great
(
Inc. ( + ) or Dec.
488.717
Pitts. & Lake Erie..:
&
1941
Eastern District—
New
1940
+v
of New Jersey.
3,936,305
Ohio.™™
Louisville
+21.95
-Net Earnlngs1941
—Mileage—
November
of
Month
gan
428,249
Pacific
+23.8S
+82,252,703
509,875
462.522
Pacific
+33.079.343
Hudson..™
&
Pac.
Missouri
139,715,009
(132 rds.) 457,016,549 374,763,843
boundary between New England and the westerly shore
Cin, N. O.
Southern
Chi.
IiTence
-
_
Wheeling & Lake Erie.
Northern
roads)„™.._172,794,352
522,411
Delaware
Central
•••
Georgia
4,011,236
Chesapeake .&
+27.60
.'"..District.'. & 'Region'.
•
New
.•
Central
5,051,227
Great
+23.23
+44.66
7,656.037
(16 rds)
J;eastern district
4,079,668
&
9,701,073
15,722,183
+
51,481,024
85,936,879
(15 rds.)
reg.
+
OF
...
rds.)
Pacific
Union
N.
THE
Topeka & S. Fe_
Pac.
Atch.
$10,953,128
Central.™. «5,573,665
York
FOR
NOVEMBER
Increase
New
41,759,951
70,214,693
27,740,362
+
(20 rds.)™ 35,396,449
reg.
reg.
confines
'
+23.53
+
Total all diet.
the
and not:
PRINCIPAL
+16,693,724
87,634,149
vVd'TV-
reported
separate roads and systems
$100,000, whether increases
gross
70,940,425
.
Turning
the general totals.
with
receipts of most of the roads in
showed
Southw'n
have been dealing
the country as a whole.
consonance
+25.57
+19.23;
roads)
(30
West'n
Cent.
to the separate roads and systems, we
now
+32,479.636 +19.79
+12,303,782
+ 4,384,942
reg.
Northwest'n
.
with the railroads of
+21.98
48,139,361
22,801,064
Western District—
I American Iron and Steel Institute.m Na¬
tional Lumber Manufacturers Association
(number of reporting mills
varies in the different years), x Four weeks,
z Five weeks, x r
we
17,750,154
196,588,048 164,108,412
roads)x 60,448,143
(4 roads) -27,186,006
(26
reg.
Pocahontas
Coal
Bituminous
k "Iron Age."
In all that has been said above
+18.75
+17.44
+
80,741,822
Southern District—
Southern
(figures
ported by major stockyard companies in each city. hNsw York Produce
Exchange;
2.681,569
12,047,-913
Association of Amer¬
e
telegraphic
private
;
r
Dodge Corp.
cNational
Mines,
v,V'•+%;;+•-'
+
!+
z529,618 xl.382,103
x928,564
x916,713
Bureau
—
Inc. ( + f or Dec. (—)
'
14,301,251
69,065,339
16,982,820
81,113.252
(18 rds.). 98,491,976
region
East. reg.
Earnings
1940
%
(10 rds.)
(23 rds.)
region
Eng.
Lakes
Gt.
Cent
Note—Figures in above table issued by:
a
New
~;
'
____
m
4,403,230
.'i
-■
-
GROUPS
BY
SUMMARY
Eastern District—
iron
Steel
suffered
is as below;; As previously
roads to . conform with the
classification of the " Interstate Commerce ^Commission.
The boundaries of the different groups and regions are
explained,
Month of November
Seaboard Air Line_„
Before considering
ing the transportation requirements in our war economy,
it is well to note that the many heavy problems are
113,195;
Western™
Gt.
Chicago
Detroit
-
Illinois
$5,524,625 + 4.77%
133,991
of New Jersey.
Central
District £& Region
Chi. Mil. St.
+
142,171.
Chicago & North West.
; Our summary by groups
-
+
bu.)_
(000
Norfolk
Net
149,048
Pac.'u^m -
The Eastern District, however,
reduction in .net of 1,30%..
&
:
bu.)
(000
Baltimore
Inc. ( + ■> or Dec. (—)
1940
1941
November
165,251
1. &
R.
Western, 1.96%.
-
Corn
pressing needs.
figures below in tabular form:
178,212
Pacific
Union
Chi.
*
8,139
November, 1941, totaled $457,016,549,
in
Fla.-i; '- 179,030
&
Pennsylvania
.
121,023
M.
V 190,686
179,657;
Central
Ga.-Southern
net; this District had a net increase
g
7,128
Kan.
1941, reflect an
interim period during which the carriers already were
meeting the higner wage costs granted to railroad labor
last year, while the question of comparable advances in
freignt and passenger rates still was pending.
That this
November,
.
District, one of
23.53%; -in the Eastern District the improvement was
Somewhat less marked, amounting there to 19.79%.
Of
the three Districts, only the Southern was able to translate a substantial portion of the gross increase down to
a
z3,708,292 z2,737,025 z4,891,835
•
;>,•
d.
>,.<•+-:
480,358
N.
Y.
Clearly manifested.^ The Western
more
■-
2,544
Chicago
(net tons)
of
128,239
v;
Ste.
N.
Boston &
results
the
ports
,158,158
S.
:&
divisions, according to their location, the nature of
recorded for the month under review are
ical
>
:'.Z
'
Southern.
Louisville.
P.
Denv.
L
391,013"
% 105,302
169,083
148,613
146,950
&
494,056
Rio Gr. West.
296,822'
H. & H.__-_"_ -,"235,375
& Lake Erie
226,962
Maine
■
196,334
Bessemer
217,562
Potomac
When the roads
>
v;>*,
receipts,
Southern
Iron & Steel
month
808,921
220,895
City Southern.
St.
Minn.
!,' 217,573
59,557
■
299,847
__—__z4,317,738 z3,780,423
e
Cotton
-
operations in the United
the
879,296
Elgin Joliet & Eastern.
Missoiu'i-Kans.-Texas L "
Illinois
V'
Pacific
Kansas
'Decrease-
$1,363,906.
255,851
237,831
179,250
&
Gt.
Western
"
-
48.7,352
458,620
2-
1-31
Fred.
Alabama
1929
1932
'____42,865,000 40,012,000 43,301,000 30,632,000 46,514,000.
anthracite d__ 3,832,000
3,980,000
3,989,000
4,271,000
5,820,000;;
20c
137 VaC
Rich.
1
(2 rds-.)_-_
266,072
Ohio_.:i
&
Sll,294,723
roads)
(31
Pacific
Del. Lack. & Western..-;
_____
Coast'Line_^l>:
.Gulf Mobile
115,655'
107,706
Cni. Brn-l. & Quincy.™
%"X'r" 365,210
<
115,961
'
"•
378,002
<
1
Northeastern.
&
Total
So.
Valley..- -V 299,337
Pacific
Northern
•> Atlantic
■
:
_____
Freight Traffic: .
Car
loadings,
all
Railroads for the Month of November y
for
777,933
0.- & Tex. Pac+%
Cin; "N.
■
States
911,28J
Wheeling & Lake Erie.
c
Pa.
1-15
"
■
were
Coal (net tons):
2-18
1-14
1939
*
„
•
3-20
2
L*
■
a™
grain rets, h
Financial statistics of railroad
Nashville.
Wabash
'
Chi. Ind.
1
1-31
1940
'
4-
120c
same
1941
.
($000):
awarded b
1-20
however,;
month of 1940,
-V;>
receipts,
O.
contracts
Western
Gross and Net
N. <0.
"
cars,
etc)
Building
closed lor this
not
livestock
-
(pas-
g e r
trucks,
dividend,
ton account of accumulated dividends.
tPayaDie in Canadian funds, tax deductible at the source.
Non-realdent tax, effective April 30, 1941 increased from 5% to 15%.
tcemtdent tax remains at 2%
a Less British income tax.
books
•Transfer
-
.
2-28
(irregular)™
Zeller's,
£%
3-
volume;
$1%
(irreg.;™.
Co., common
(quar.)
Yuba Consolidated Gold Fields
s e n
1
40c,
of
November
1-22
2
2-
preferred
7%
2-
Central
Georgia
1,017,953
+3 roads)
+.<■.
•■■■■:
of Georgia ill.-
'
1,144,353
Pacifici._u_™_"
Texas & Mexico
Increase
■
"IllCTCftS©
—'
»
Western._2L
&
&
Yazoo & Miss.
use
of materials required for the defense
There was a marked increase in the move¬
grains last month and cotton also moved in
Automobile (units):
2-
:
Wurlitze^ (Rudolph)
N.
important need of cutting down
civilian
Production"
$1V4
(Del.)—
Co.
(Win.), Jr., .&
Wrigiey
1-15
1-22
2
the
smaller than in the
f$l3/4
(quar.)
1st preferred,
Alexander & James,' 7%
Woolworth ,(F. W.J Co.
1-31
2-
1
n
&
Texas
.
.
$2Ya
Wood.
Norfolk
than in the
2-
t$l'/2
Wisconsin Electric
Louisville
'
.„
NOVEMBER
■-*'
Chesapeake fc Ohio.._j._ $1,216,607
load¬
$1
75c
*
ings for the month of November, 1941, as compared with
Atch./Topeka & S. Fe_'.'
684,423
Missouri Pacific
558,559
the -corresponding month in 1940, 1939, 1932 and 1929.
Baltimore & Ohio__„__
478,510
The various production and construction figures; with
+ N. Yr. Chh & St,
441,894
the exception of automobile production, were all higher 1
St. L. S. Frail +2'rds.431,791
corresponding month of 1940.
The automo¬
bile companies were obliged to curtail their operations
I.™™.;..
"b
*
..
Inc., $6 preferred——
Line, Inc., 5%
Wilson
2
3-
Co......
Candle
Baumer
Wilson & Co.,
livestock receipts and revenue freight car
ton and
35c
common
**
--
3-
(quar.)
common
2
2-
.
preferred --(quar.) ™____',_™^;._D;».._™':''
(S. S.) Dental Manufacturing
&
2-
haye brought together in the subjoined table
DT«'
«
MONTH OF
IN NET EARNINGS FOR THE
\
'
indicative of activity in the more important '/Dul'th Mis. & Iron Age
Southern
industries, together with those pertaining to grain, cot¬
30c
'prior lien iquar.)™________.™___—_
'b'Vz cJo convertible preferred (quar.)
Will
the figure
10c
4%
White
review, we
1-21
& Lake
"Wheeling
7%
1-19
2
2-16
•"
revenues
2-16
2-
30c
(quar.)'™—_d™_
Light & Power Co.™__
Erie Ry.—
1-19
2-16
the
PRINCIPAL CHANGES
of trade activity in relation to-its bearing on
of the railroads during the month under
measure
■•-*>?(
1-21
"
pref, A
$1.50
o1 Rec.
2
common
Co.,
Holders
2-
Extra
Western
Payable
Share
•
Saturday, January 31+ 1942
FINANCIAL CHRONICLE
THE COMMERCIAL &
514
amounted to 65,112,-
with 39,407,000 bushels in the
corresponding month last year.
Flour receipts did not
cbanere materially.
In the table which follows we give
the details of the Western grain movement in our usual
form.
*
'
* 'iAl
' ' > "
000
bushels
compared
•Volume 155
Number 4040
THE COMMERCIAL A FINANCIAL CHRONICLE
^
1199207——^
WESTERN„ FLOUR AND GRAIN, RECEIPTS,.
Four
Year,'
(000 Omitted)
,v
Chicago
Wheat
(bu.)
..(by.)
806
1,032
9,010
838
434
7,484
2,955
•
;
-
(1940
Duluth. ;——(1941
'
Toledo
41941
86
(1940
——j 1941
64
:
J1941
(1940
;
St. Louis
Peoria
_
1,316
334
795
1,086
7,495
1,164
3,303
,1,396
.410
2,733
1,658
852
312
1,559
1,437
•'> 738
533
31
20
6
V 42
1,495
2,306
9
420
36
274
1,830
870
589
348
358
462
199
-
i 1941
534
('1940.
3,433
645;
292
2,517
200
14
3
387
1,042
108
51
263
1,161
142
2,702
1,739
120
260
2.280
998
306
1.281
920
124
141
194
151.
45
351
11941
61
(1940
91
1941
>
(1940 '•
;
.
:
Wichita
41941
60
(1941
1,634
(1940
-
.
:
.;
WESTERN
11
1,666
Chicago
■":
Minneapolis
'•
„—
Milwaukee
—j 1941
(mo
j 1941
(1940
;_jl941
v(1940
9,256
-11941
869
!
746
114
285
60
229
16
321
25
9
64
7,164
2,213
13,553
3,743
1,136
7,272
Wheat
Oats
Corn
Barley
(bu.)
(bu.)
(bu.)
(bu.)
(bu.)
20,037
88,871
19,314
4,682
12,607
27,368
86
133,807
14.312
32
107,716
63,717
17,568
19.313
50,994
11,123.
21
Rye
15,388
28,154
80,350
4,133 .:
2,326
9,851
■9,669
(1941
13,950
2,823
(1940
12,583
4,272
33,827
33,410
.
18,679
2,486
2,618
10,502
17,986
8,288
4,905
48,643
3,556!
,V' 794
364
2?893
5,917
1,541
24,777
20,013
1,098
5,325
:
10,842
.
..
36
■
5,090
107
and
St. Louis
.(1941
25
26,071
(1940
19
21,349
7,821
441
5,944
663
) 1941'
(1940
—.
":■>
5.723
31,286
2,408
947
18,757
2,778
663
—j'1941
2,510
1,102
67,628
7,161
13,868
2,125
3,161
1,271
(1940
5,778
—11941
22,000
(1940
11941
;(1940
21,499
All
3,553
3,109
953
2,274
1,935
2,843
456
135
636
4
77,953
JAN.
—114,635
130,122
New1
216,233
Orleans
i
3,986
•Mobile
etc.-
5,888
567
v—_
6
572
2,200
5,867
ChrlstL.
5,582
4,702
Brownsville —-
185
14
—T;"
—„—•
■
5.877
4,971
1,483
1,645
2,700
Gulfport
—
••■■■■
39
99.268
21,176
3,564
28,829
balances with Federal
16,171 ,
23.503
24,054 <
146
•
485
15
v
>;
5,867
.
■
Loans
Dec. (—-),
Preceding
Given
and
v
1911
$207,816,169
246.650,774
245,651,2*3
241,343,763
243.111,388
1912-
27fi,4*»0.016
244,461.845
1913-
269,220.882
1914-
240,235,841
+$34,299,610
999,511
4
1,767,625
—
31,968,171
+
1915-
306,733.317
1916-
330.258,745
1917-
360,062.052
1918--
438,602,283
278,364.475 —. 9,143,593
272,882,181 — 32.646,340
240,422,695 + 66,310.622
306,604,471 4
+ 23.652,274
326,757.147 4
4. 33.304,905
356,438.875 4-+, 82,163,408
1919-
2.593,438
436.436.551
439,023 989
1920-
592,277,620
1921.
464,440,498
523.748,483
438,038,048 +164.239,572
590,468.164 —126,027,666
192 2^
—
530,108,708
504,589,062
530,724,567
531,7.42.071
504.781.775
246,497
241,452
242,849
23.05,
232,274
232,259
0.59
233,032
232.911
35.21
235,213
233,839
—21.34
236,043
234,972
+
r-r
+
+12.36
236,309
236,122
5.34
236,726
235,917
26,960,296
4
4
1.46
28,736,430 4, 5A1
58.159,905 —10.36
4- 5.35
-- 32.806,074 — 6.18
498.882,517 —100.671,064 —20.18
531,199.465
561,153.956
503.940.776
531,122.993
4
569.935,895
19271928-
502.994,051
530 909.223
1929-
498,316,925
1930-
398.211,463
1931-
304.896.868
398.272 517
—
1932.
253,223,409
260,503,983.
304.829.968
-r-
933-
253,225,641
4
934_
256.629.163
2*7,376.376
—
935-
—
4
300.916,282
357.966.993
256,637.723
300.927,116
+
937_ -317,550.416
357,792.100
—
+
4
26.tf«8,447
.
'237,335
238.142
241,138
239,982
241,695
241,323
242,616
242,625
93.375.649 —23.44
242,734
242,635
241,971
242,027
242,708
238,826
244,143
.
.
747,213
44.278.559
57,039,877
—
0.29
240,838.
+17.25
+18.95
237,308
238,668
236,428
237.485
40,241.684 —11^5
235.104
235,624
0.48
+15.21
+ 1.92
234,166
235,098
233,325
234.095
232.'629
233,321
+21.95
232,078
232,660
319.094.405
939_ -
367,571.031
319,041.859
+
940_
374 P°8.835
367.571.031
4
1^43,989
48,529,172
7.057,804
941-
457,016,549
374,763,846
4
82,252,703
4
115,000,000
444,000,000
—
1.917,000,000
1.147,000,000
-
vault
with
bankers' acceptances has con¬
tinued dull this week.
The supply of prime bills.has f
.been very light and there have been few transactions.
Dealers' rates as reported by the Federal Reserve Bank of *
The market for prime
—
Justed
n
R.
10,507.000.000
3,366,000,000
Domestic
Forelen
—
deposits
i
1,000,000
S.
Govt,
se-
rlirppf
bills
onrl
*'
\
1
'■
<
■
-
.
.618,994,000
621,152,000
632,503,000
621,586,000
623,060,000
635,221,000
18,000
2,512,000
221,699,000
18,000
2,979,000
253,549,000
10,507,000
12,267,000
177,136,000
securi¬
and
——
foreign banks——1
notes
,!'.
,
—
of other banks
10,507,000
12,745,000
—^
Total assets
9,174,640,000
V.
<•••..
.
.v
18,000
2,541,000
8,702,000
14,073,000
9,203,683,000 10,647,365,000
'
.
•••:';
:
•
.*
"
.
.
.
■
•
' .-•••' '
•>
^
•
Liabilities—
f.
F.
R.
notes
:
actual
in
culation.
cir-
;
'
.
:
•
,
2,110,131,000
2,104,940,000
1,548,781,000
5,912,889,000
S. Treas.—Gen. Acct.
49,223,000
Foreign—
——...
282,156,000
Other deposits—504,829,000
5,938,356,000
31,308,000
295,184,000
504,733,000
7,561,553,000
6,749,097,000
6,769,581,000
8,811,314,000
185,969,000
199,914,000
158,763,000
436,000
553,000
——
Deposits:
Member
bank—res.
acct.
U.
Total
Deferred
Other
deposits
——
'
availability items
liabilities
84,009,000
705,370,000
460*382,000
including
accrued dividends.
607,000
9,074,871,000 10,519,411,000
9,045,804,000
Capital Accounts—
Capital paid in
Surplus (Section 7)—
Total
liabilities
Ratio
of
total
deposit
and
<:
F.
dustrial
.
■
•/
94.7%
93.5%
93.8%
in¬
389,000
....
does
cash"
9,203,683,000 10,647,365,000
note
R.
make
advances
t "Other
7,070,000
12,893,000
9,174,640,000
combined—...
to
51,466,000
56,447,000
7,070,000
12,971,000
56,651,000
to
reserves
and
liabilities
Commitments
52,198,000
52,205,000
56,651,000
7.070,000
12,910,000
Surplus (Section 13b)
Other capital accounts.....
not
include
394,000
Federal
reserve
notes
670,000
or
bank's
a
Federal Reserve bank notes.
own
'■These
certificates
given by the United States Treasury for the
gold taken over from the Reserve banks when the dollar was, on Jan.
1934, devalued from 100 cents to 59.03 cents, these certificates be¬
are
31,
ing worth less to the extent of the difference, the difference itself
having been appropriated as profit by the Treasury under the provi¬
the Gold
Reserve Act of
1934.
Returns of Member Banks in New York
52,000,000
—
—
1,000,000
182,000,000
100,000,000
4
—134.000,000
4
208,000,000
383,000,000
+
2,024,000,000
4
4
—269,000.000
7,000,000
+ 222,000.000
—
32,000,000
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER
21,000,000
12,000,000
12,000,000
—
—
BANKS IN CENTRAL
—1,664.000 000
4
15,000,000
+
2,000,000
—
54,000,000
24.426.000 000
+257.000.000
New York
1942
27.000.000.
1,567,000,000
—
33,000,000
4
1,283,000.000
9,236.000 000
38,000 000
+
50 000.000
642.000.000
4,000,000
+
2 000 000
—
—
1,000,000
—
Money Rates
week. Prime
paper h^s been in good supply and the demand has been
brisk.
Rates are unchanged although there has been
a slight stiffening all along the line.
Rates are %%-—
% % for all maturities.
—
10,394
1941
$
2,917
2,877
2.492
3,725
3,054
939
935
695
2,599
1,943
725
720
488
79
80
91
17
19
22
brok. & dealers
310
307
321
42
41
36
55
Loans
to
for
loans
Real
estate
pur.
on
loans
banks
Loans
to
Other
loans
States
United
bonds
Obligations guaran. by the
U. S. Government
168
50
50
113
24
24
20
32
24
456
460
394
81
81
74
414
175
430
396
396
1,468
1,498
1.263
141
143
148
3,569
3,600
2,934
926
824
760
1,460
1,461
1.577
107
115
105
1,471
1,464
1,391'
.'5,106
5,118
6,734
87
41
41
42
dom. banks.
asset#—net ——
92
90
88
278
287
281
299
298
346
40
39
42
10,500
79
vault
in
with
Balances
'J"
Liabilities—
76
■■
/
374
374
378
1,070
1,089
1,080
10,361
10,632
2,290
2,261
2,058
734
730
735
467
469
510
S. Government
728
819
14
202
201
54
banks
3,449
3,476
3,871
1,079
1,094
1,028
deposits—adjusted
Demand
deposits
Time
—-——
deposits.
Inter-bank deposits:
U.
145
102
33
banks..
securities
with Fed. Res.
Other
146
102
468
bills
Treasury
Treasury notes
Domestic
Foreign
Capital
7
577
577
589
8
8
247
247
?oi
"20
~20
Tf
1,533
1,533
1,502
280
280
263
.
—:
liabilities
Other
—
banks
Borrowings
—————
accounts
T"
including 90 days are V>%
bid and 7/16 asked; W bills running for four months,
9/16% bid and Vz% asked; for five and six months, %%
bid and 9/16% asked. The bill biiving rate of the New
Vr,rk Reserve Bank is xk% for bills running from 1 to
12,161
1942
$
$.
2,629
Cash
mercial paper continued very active this
1942
$
3,755
Other
New York
1941
Commercial,
Res.
Dealing in detail with call loan rates on the Stock
Exchange from day to day, 1% was the ruling quotation
all through the week for both new loans and renewals.
The market for time money continues quiet.
Rates con¬
tinued nominal at 1V4% up to 90 days and 1%% - for four
.to six months maturities.
The market for prime com¬
Chicago
lndust. and
agricultural loans.
Open market paper
Loans—Total
J 73 000.000
1,000,000
City
$
12,192
Invest.—total—
Loans and
1,528 000.000
—
1942
$
Assets—
carrying securities
+
5.254.000.000
CITIES
Jan.28 Jan.21 Jan.29 Jan.28 Jan.21 Jan.29
34,000.000
4,000,000.
RESERVE
(In Millions of Dollars)
421,000,000
-
banks—
banks—*.
Borrowings
———-
Foreign Money Rales
New York for bills up to and
90 days.
•
Bank premises—
deposits—ad—
Interbank deposits:
.
U.
!
Other
deposits—.
Gov't
•
Uncollected items—
Liabilities—
Demand
i;."
21,000,000
—
4,000,000
—
4
539,000,000
banks
Time
—•
;
—
ties
domestic
:
Bankers' Acceptances
74,000,000
Federal
Reserve banks
in
'
and Chicago—Brokers' Loans
406,000,000
36.000,000
—
with
236,369
238,711
51.606,559 —16.93
7,278.342 + 2.87
317,550.416
938_
.243.745
-.26,335,505.— 4.92
4
1926^
936_
3.28
235,679
.7,648,500
Reserve
—11.96
245,858
1,666,000,000
4
3,673,000,000
Balances
248,058
4
1,000,000
2,709.000,000
Cash
.241,621
7,000,000
4
1,248,000,000
banks
loans
securities
233,340
242,407
—
427,000,000
Other
233,305
246,010
4 1,912,000,000
Obligations guaranteed
by U. S. Gov't
231,563
248,863
—109,000,000
2.396.000,000
237,376
.7.71
11,199,000,000
9,087,000,000
237,596
+ 10.19
+ 4,527,000,000
bonds————.
s.
234,209
.4
——
Treasury bills
0.73
4 27.68
22,000,000
IT.
0.41
—
to
—
Treasury notes
4 13.07
4
—
Bills
carry-
or
securities
Loans
Other
30,211,000,000
6,721,000,000
Real estate loans
•
222,966
,253.793
57,618,155
+
1925-
226,204
253,589
+
622,458,208
1924.
+ 16.50
lng
$
and
-
•
-
Year
234,748
466,130,328
1923.
,
•
Year
Given Preced'g
191,168,000
1,656,000
Notes———
sions of
dealers Jn securities
Other loans for pur¬
..
Per
191,137,000
372,013,000
260,490,000
—.
Indus¬
agricul-
Loans to brokers
.
Jan.22, 1941
—
Open market paper
-
OesloOO
428,328,000
•
and
investments
—
323,000
427,857,000
$257,-
Since
$
640,000
15,000
rect and guaranteed:
Pliritipo
or Decrease (—)
Since
795,000
——o
1,755,000
Other assets—-i-
direct
Jan.14,1942
$
tural .loans
►
<u_r
cent
Increase (+)
.
,
.
capital accounts.—..
.
Commercial,
trial
and
-Mileage-
+Gross EaraingsYear
Inc. (4 ) or
Year
-
—total
including 1909:
>
-
,
Loans—total
.
810,000
r'..
V
:
1,495,000
.
securities,, di-•
guaranteed
$44,000,000 in New York City.
Jan.21, 1942
892,122 3,525,838 4,303,281 4,560,776
459,430
1909- $242,115,779
1910-
4.77
deposits-adjusted increased $189,000,000 in
$257,000,000* at all reporting mem¬
'
Assets—
40,498
44,336
41,790
2,136
•
*
;
'
Bonds—
body of reporting
System for the
Government
States
i
ings of the railroads of the country for each year back
of
3.47
Deposits credited to domestic banks declined $31,000,in New York City, $31,000,000 in the Chicago dis¬
trict and $38,000,000 at all reporting member banks.
A, summary of the principal assets and liabilities of
reporting member banks together with changes for the
week and the year ended Jan. 21, 1942, follows:
14,833
39,845
30,095
10,150
17,745
270,822
Finally, in the subjoined table we furnish a summary
comparisons of the gross and net earn¬
Nov.
26.71
000
1939
21,057
33.835
15,622
.9,097
35,603
151,894
'
United
of
83,518,000
9,808,674,000
1,098,000
v
:
28.23
Reserve
Reserve Banks and
/ 65,850,000
8,301,303,000
.
Total liabilities.———.
Demand
of the November
Month
entire
Federal
74,010,000
8,305,573,000
bills discounted-
Govt,
F. R.
chasing
480,358
and
4 37.47-
+
■
1,456,000
,
1,495,000
S.
U.
specting the
ber banks.
1939
1940
97,832 :
-
»---—
City————
Total
to
4 33.30
Total
returns of the
1,625,000
Industrial advances—1,097,000
Total
+ 37.77
4
$
9,723,700,000
'
__•
Other bills discounted—
—10.22
+
Jan. 29,1941
$
discounted:
New York City and
Since Jan. 1
22,380
4,413
14,193>•; 2,793
233
—
29
19,667
•—— /
••.•■322
..._26
Jacksonville'
•
5,524,625
Jan. 21,1942
4.54
Bank Condition Statement
banks and declined
the past
1940 AND
^
;
1941
492
1,175
Charles—
Beaumont
:
——-—
2,774
3,131
Wilmington'
Panama
-
115,940,536
business
1,199,000
;
—;
reserves
Total
Holdings
257,651
663,051
895,676 1,200,723
283,616
968,301 1,503,030 1,427,308
299,685 1,530,968 1,550,276 1,323,507
18,398
82,604
105,450
96.988
125,424
105,540
100,620
1,697
'
-
—
1941,
I,
-i
1939
1940
1941
Ports
Lake
4 32
+
Federal
of
8,233,828,000
by U. S. Govt,
obligations,
direct
and
guaranteed.
—
—32.85
4
the
Secured
<
guaranteed obligations increased $60,000,000 in the Chi¬
cago district and $80,000,000 at all reporting member
SOUTHERN PORTS IN NOVEMBER, 1941,
SINCE
AND
1989,
Houston
Corpus
68,915,594
88,374,743
111,985,513
Bills
+ 23.49
Due from
Southern roads, this,
port movement of the staple for
AND
Charleston
—
82,690,190
110,214,702
of
close
8,230,364,000
—.
Total
—19.10
—
the
$
U. 6. Treasury
(Other cash—
6,79
—21.70
at
,
Notes
+ 12.77
+
condition
Redemption fund— F. R.
—20.53
ber banks.
Month of November
Norfolk
—
66,854,615
6.21
5.08
York
Jan. 28,1942
due from
+ 16.19
4
the
New
of
Bank
*Gold certificates on hand
+ 77.80
4
shows
Assets—
+'24.14
16,761
1,453
RECEIPTS OF COTTON AT
Pensacola,
—
the
—35.81
31,243 104,612
338
three years:
'Savannah
—20.80
—
127,125,694
99,557,310
60,061,636
19,927,774
following
28, 1942, in comparison with the previous week and
corresponding date last year.
,
Jan.
0.27
4
—
157,192,289
82,747,438
110,226,942
68(915,594
88,374,131
111,985,638
115,868,592
121,465,161
4 73.53
—17.79
58,042
the
Galveston
125,084,714
131,381,847
148,132,228
158,501,561
127,243,825
Reserve
74,901
900
aggregated 480,358 bales in comparison with
<459,430 bales in November, 1940 and 892,122 bales in that
month in 1939.
In the following table we give the de¬
-
117,623,537
r-12.35
20,830,409
26,848,880
37,533,530
18,934,852
15,846,050
7,307,781
6,350,391
16,775,769
4
10,065,218
32,544,547
4
29,896,691
30,028,982
*4 27,596,760 <
32,706,576
—
2,888,514
4
-.+
2,904,522
46,732,119
4 22,685,802
4 27,536,752 V
41,299,108
19,458,537
23,610,895
3,883,079
78,431,412
97,816,937
—16.15
The
19,292 339,636 205,709
,19
vember
1940
—
ofNewYork
3.68
+ 15.81
19,508 389,860 225,264
"24
find, was slightly greater than in 1940 but greatly
from 1939.
Receipts at southern ports in No-
of
4
—
—
(1940
7
v
'reduced
rails
4
3,018,867
12,701,071
15,069,894
9,578,383
50,002,894
323,090
In the following will be found the comments of the
Board of Governors of the Federal Reserve System re^
serve
3,288
•••
2,964
As to the cotton movement over
<we
—
74,979,347
48,244,641
63,962,092
65,899,592
v
—
95,809,962
66,866,614
59,167,473
.
———.
—
.—^(1941
v
X
66,850,734
63,966,101
—
—11.18
~
000,000 in demand deposits-ad j usted.
Commercial, industrial and agricultural loans de¬
clined $7,000,000 at all reporting member banks.
Loans
to brokers and dealers in securities declined $53,000,000
in New York City and $74,000,000 at all reporting mem¬
—
City
Total
.
1,916
:
99;528,934
10,488,886
t-
changes for the week ended Jan. 21: Increase of $383,000,000 in holdings of United States Government bonds
and' $100;000,000 in Treasury bills, partly offset by de¬
creases of $134,000,000 in holdings of Treasury notes and
$269,000,000 in obligations guaranteed by the United
States Government; and increases of $222,000,000 in re¬
2,038
•V 296
2,603
4.624
i
3,544"
3,943
(1940
117
"j-:v'- 54
355
78,743
.11941
Sioux
v
1,209
f'
Wichita
.2,915
1,811
cSt. Joseph
:
12,407
"10,664
1.883
'7
i
;•
157,140,516
127,163,307
+ 25.59
The condition statement of weekly reporting member
banks in 101 leading cities shows the following principal
'
j 1941
(1940
Peoria
•r
iKansas City
15,871
*18,339
6,159:
-
Condition of the Federal Reserve Bank
Per
Cent
$18,749,484
4
week ended with the close of business Jan. 21.
170,
,
r
Omaha
124,931,318
131,435,105
148,157,616
158,197,446
125,957,014
member banks of the
93
;
;
82,069,166
80,316,771
93,282,860
77,567,898
67,999,131
118,050,446
117,102,625
113,662,987
1937————
35,632
93,778,921
79,050,299
1923———iu————'
1934—————,——
.
'Indianapolis
r
19340
■;
$73,266,874
83,290,035
1922>_
1930™
49
.
—
1929
,312
.
——
1925—w—-1926—^——
4
23,834
17,982
—
1924.————^.—
:
Decrease (—)'
67,989,515
118,002,025
118,373,536
<96,272,216
75,882,188
,48,130,467
85,778,171
97,366,264
1928———.
;<517
9,859
(1940
'Toledo
1
103
•
.124
Months Ended Nov. 29
(bbls.)
Year
-
i
155
„
FLOUR AND GRAIN RECEIPTS
Flour
(000 Omitted)
■
18,348
9,274
■
45
.
-
1916——
1918
Increase (4) or
93,017,842
'78,212,966
1914——.
1915——
.
8
~15
!r 674
(1940
all
1913——
1,060
w-:3' •.■-■.t'-V-"'-11940
Sioux City is—-11941
Total
11
:'V'
487
£- 435
152
/
11199933228675——
1911--—-.—
1912.:
•
Year
Preceding
$92,016,358
1910-
■
560
147
Joseph
1909—
(hu,)
Earnings
Year
Given
•
,1919———L—
521
Kansas City
'Duluth
592
809
11940
'
,
;
1,276
(bu.)
—...—11941
.
St.
Barley
?
'(1940
Indianapolis
and Omaha
.-
Oats
:
-Net
Of
November'.
Rye
(bu.)
4,500
2,101
(1940
Milwaukee
Corn
7,003
3,288
.
IMfonth
V
29
Flour
—.11941
.
'Nov.'
(bbls,)
j 1941
(1940
_—:
Minneapolis
Weeks Ended
515
market discount rates for short bills
In London open
Friday were 11/32%, as against 11/32% on Friday
of last week, and 11/32—11/16% for three months' bills,
as
against 11/32—11/16% on Friday of last week.
Money on call at London on Friday was 1%,
on
'
i
•'
■
•'
.<
i
I
t
•
i
t
.
\
;
:
.
• t
-
.
.1
*'
■.
t
•
,
»
THE COMMERCIAL & FINANCIAL CHRONICLE
Saturday, January 31, 1942
—
>ly
.
,
Chinese
Zinc Control,
Divided-Quicksilver Consumption Curbed
28, inclusive,
separate heads for direction of two important raw materials—copper
and zinc. Conservation orders were issued for quicksilver, aluminum,
and
to
tin
quotation
that will entitle those who can exceed the
what appears
and
£262
for
recommended
three months.
month
'''•
Zinc
Order
M-78
,
branch
zinc
will
be
formed, be¬
the
by
January.
rine
estimated
/
Jan. 24,
i
have
to
been
1942.
'
-
ended Jan.
27, which brings the total for the
month so far to 74,806 tons. The
24
price situation for both domestic
and export copper underwent no
change.
;,
tons.
.
A
of
some
of
ricators
has been, or¬
War Production
copper
dered
by
Board.
The
the
metals
the
in
conducted
be
the third
inspection,
field, will be carried
of
totaled
by a force
on
attorney-examiners
from
the
Commission. These
Federal Trade
industrial investiga¬
have received special train¬
experienced
tors
duction of health
17,104 tons, with ship¬
ments in the
trial
period of 5,861
backlog increased to
The
same
continued at
8V4C., St. Louis.
and
DAILY AVERAGE
tained
the
„
at
not
rate
first
Tin
lamps,
ammunition
and fulminate
manufacturers
to
curtail
de¬
and
cocoa,
North
of
copper
WPB
and
the
West,
Texas
East
Central
during the
either 1940 or
East
option
have
been
operating
compli-
in
J Since with priorities orders,
Lead
From
indications, the
lead that producers
present
of
quantity
price situation here was
unchanged during the last week,
for February will remain at
of
production.
held
the
At
52.000
52.000
52.000
52.000
52.000
The
24___._52.000
52.000
52.000
52.000
U. S. Treasury prices are also un¬
Jan.
26
..52.000
52.000
52.000
52.000
Jan.
27—52.000
52.000
52.000
52.000
changed
Jan.
28—;
52.000
52.000
52.000
spectively.
DAILY PRICES OF METALS
demands for lead have not dimin¬
24
notwithstanding'
pected to change for
continued
New
which
settling
at
was
basis
Smelting
&
ex¬
time.
some
Quotations
contract
6.50c.,
also
the
111.
of
the
for
the
week
2,158 tons, which compares
5,902 tons in the week pre-
vious.
New York
52.000
6.50
6.35
8.25
52.000
6.50
6.35
8.25
6.50
6.35
8.25
6.35
8.25
11.700
11.775
11.700
52.000
6.50
27
11.775
11.700
52.000
6.50
6.35
8.25
28
11.775
11.700
52.000
6.50
6.35
8.25
Average
,
52.000
11.700
11.775
based
on
prices
to
3.4
to 83%
of crude oil up 162,000 barrels to 3,885,000 barrels.
Daily average production of crude oil climbed 265,700
barrels
•
under
.an
to
4,311,300
barrels,
only
about
the record high hit last November.
25,000
16.950
5,100
94,250
91,500
2.400
50,450
40.300
7,000
85,000
75,500
95,800
98,250
47,400
48,200
78,600
91,600
21,500
20.850
5,900
6,500
121,200
vious
Country
1936
5, 1940 2Yt
1, 1940 6
1,
1935
Dec
16,
1936
Colombia
4
Jly
18, 1933 5
■
4
3
Jan
RUNS
of
the
entire
the
M
Office
of
1,100
5,700
3,600
+
50
118,850
100.650
3,541,550
2,988.200
+ 267.300
1,600
614,450
610,900
+ 265,700
4,156,000
3,599.100
.—
Petroleum
the
18.400
+
state
ordered
was
shut
Coordinator
down
Conservation Committee of California
TO
Coast
for
the
PRODUCTION
STILLS;
OF
Jan.
on
Oil
GASOLINE;
11,
4,
15,
Producers.
WEEK
ENDED
JAN.
24,
STOCKS
OF
1942
Crude Rum
Re. '.•51
\
Okla.,
Kans.,
Inland
Texas
2,
Oct
16,
1937 5
1940 4^2
Jun
30,
1932
Oct
26, 1939 3
3ya
Estonia
4Vs
Oct
1,
1935
Finland
4
Dec
3,
1934
5
4ya
France
13A
Mar
17,
1941
2
ZV2 Apr
6
Jan
•
Mines
Basis
Stocks
of
e
"
Stocks f Stocks
Avia¬
ished h
Gas
Unfin¬
Oil
sidual
ished
and
Fuel
Gaso¬
Dis¬
Oil
line
line
tillates
9,615
Avia¬
fineries
Incl.
P. c.
e
Fin¬
of Re¬
port¬
Dally
Oper¬ Natural
tion
Gaso¬
ing
Aver.
ated
Louisiana
No.
La.
Rocky
&
basis
S.
U. S.
S.
6, 1940 4
4. 1937 7
3,828
423
3,971
4,159
418
81.1
346
82.8
1,357
19,754
9,452
1,021
2,129
line":
266
65.0
181
68.0
830
3,348
97
1,391
Stocks
,130
91.3
1,049
92.8
*3,269
16,590
8,141
9,006
Not
3,997
1,508
2,293
Avail¬
821
61
371
94.8
164
95.3
475
97
51.5
88
90.7
270
50.7
105
76.1
376
2,030
290
632
90.9
510
64.8
1,475
16,731
12,144
61,992
3,885
83.0
12,028 c96,363
41,863
92,079
3.723
79.6
12,794
95,617
43,984
92.703
11,430
88,302
39,415
98,178
138
787
B.
B.
-
+
tion
491
172
Gaso¬
able
This
Week
of M,
24,
'42
of
M.
17,
'42
4,680
86.9
4,680
86.9
.
of Mines
Jan.
25, '41
3,605
a Finished,
88,734, 000 bbl.; unfinished. 7 629.000 bbl.
e At refineries, at bulk tcrminals, in transit and in pipe lines.
/ Included in finished and unfinished gasoline total.
Discount Rates of Hie Federal
There have been
count
vances
at
Date
vious
Effective
Rate
3
>_
—
___
—»
„
6
«
Jan
14, 1937 4
Jly
15,
1939
the
to
now
table.
in
different
Reserve
-
'
,
.
Discount Rates of Federal Reserve Banks
'
\
Date
Rate in Effect
.
Federal Reserve Banks
-
Jan. 30
Previous
Established
Rate
Boston
1
Sep
1,
1939
1 '/2
New
1
Aug 27,
1937
l»/3
iya
Sep
4,
1937
2
lVa
May 11,
1935 "
2
1 Va
Aug 21,
1937
2
York
Philadelphia
i
Cleveland
Richmond
Atlanta
•lYz
Aug 21,
1937
2
*\Yt
Aug 21,
1937
2
St.
*1%
Sep
2,
1937
2
Aug 24,
Louis
3>/j
lVa Nov 26, 1936 2
1935 6W
1 Ya
Minneapolis
Kansas
City
Dallas
San
oil-producing states, except
output.
classes of paper
banks:
Chicago
3ya
5
California and Kansas reporting higher
obligations are shown in the
following is the schedule
The
effect for the various
5
Yugoslavia
1,
changes this week in the redis¬
Reserve banks; recent ad¬
4ya
Switzerland
Feb
no
Federal
7
6Ya May 28, 1935 4M
3
May 13, 1940 4ya
4'/2 Dec 17, 1937 5
4
Mar 31, 1941 4Ya
Rumania __ 3
Sep 12, 1940
South Africa 3ya May 15, 1933
Spain
*4
Mar 29, 1939
Sweden — 3
May 29, 1941
the
the
Government
on
of rates
Effect
of
rates
Pre-
confirmed.
rels of the rise with all other
14,207
513
2,663
Ark
Jan,
Bur.
basis
19,812
86.8
87.8
Gulf
Jan.
U.
Tot.
1,700
151
688
Mountain___
U.
Tot.
Blended
84.5
603
84.9
California
is,
the
100.0
84.5
1
Texas
714
174
Mo.__
Gulf
Jan. 30
Java
Norway
Poland
Portugal
Jan
3
Greece
Stocks
ft at Re-"
-
u.
of
Bureau
Reserve Banks
Japan
Morocco
4-
Germany
a
Pruduc'n
■/
£;■
Pi C.
on
Gasoline
to Stills
yVjfi-*-.- .rn
'
•
-
784
Appalachian
Ind.. 111., Ky
Jun 26, 1941 3
Oct 22, 1940 4
Nov 28, 1935 3ft
May 18, 1936 5
3.29 Apr
7, 1936 3.65
3Va
4
officially
21,250
4,311,300
recommendations
Po¬
Holland
2Va
Hungary
3
India —3
Italy
4ya
1936
Denmark
Not
+
634,000
d646,200
646,200
4,138,400
Rate
East
Rate In
1,
Erie
•
+
—
3,677,300
3,492,200
ten¬
basis
Lithuania
2
—
118,850
fore
Delivered
Rate
3
England
70 000
20,650
ing Ciapacify
barrels
Texas, with
added day of production, accounted for, 223,800 bar-
Jan
■
Chile
—
73,400
19,950
footnote
Pre-
5
Dec
2V2 Mar 11,
Danzig
800
+
5,200
Daily Refin~
They are reduced to the
Canada
vakia
12,928,000 barrels.
points
Refinery operations were
of capacity, with daily average
Date
Effective
ZYu Mar
2
74,150
69,800
'
Czechoslo-
week, inventories climbing only 748,000 barrels to
*96,363,000 barrels. This total, however, compared with
;
inventories of 88,302,000 barrels on the comparable 1941
date.
Gasoline output during the week was up 134,000
at
+
Jan. 30
—
289,500
616,000
few exceptions
30 and 31,
a
25,
■'*
Rate in
re¬
219,700
361,750
17,300
_
no
table which follows:
>
279,450
4,850
325,200
121,200
__
are
changes during the week in the
discount rates of any of the foreign central banks.
Present rates at the leading centers are shown in the
Argentina
Belgium
Bulgaria
3,950
+
74,100
Cenlral Banks
the
barrels
_
8.25
6.35
agencies.
There have been
Effect
82,300
+
.
366,350
247,950
1.337,900
u
368.950
Discount Rales of Foreign
Country
1,609,000
900
Figures in this section include reported totals plus
an estimate of unreported amounts, and are there-
quotations for copper are reduced to net at refineries on the Atlantic
business, owing to the European War, most sellers are restricting
offerings to f.a.s. transactions, dollar basis.
Quotations for the present reflect this
change in method of doing business.
A total of ,05c. is deducted from f.a.s. basis
(lighterage, etc.) to arrive at the f.o.b. refinery quotation.,
;
•
;•
321,250
223,800
+
2,050
OIL,
On foreign
the
48,250
+
27,500
r'.
above are net prices at refineries on the Atlantic seaboard.
in New England average 0.225c. per pound above the refinery basis.
sent stocks of gas oil and distillate off
■+
+
..
trade, domestic copper prices are quoted on a delivered basis; that
at consumers'
plants.
As delivery charges vary with the destination,
finery operations, holdings of finished, unfinished and
aviation gasoline showed a less-than-seasonal rise during
runs
..
6.50
sales reported by producers and
Despite higher gasoline production and expanded
up
.
the
seaboard.
346,300
FINISHED AND UNFINISHED GASOLINE AND GAS AND FUEL
New York or St. Louis, as
mid-week report of the
American
Petroleum
Institute.
Holdings of residual
fuel oil were off 624,000 barrels to 92,079,000 barrels.
:
re-
noted. All prices are in cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
In
198.900
of January.
bOkla., Kans., Neb.r Miss.. Ind. figures are for week ended 7 a. m. Jan. 21.
c This is the net basic 31-day allowable as of Jan.
1st but experience indicates that
it will
increase as new wells are completed, and if any upward revisions are made.
f.o.b. refinery, 11.775c.; export copper, f.o.b. refinery, 11.700c;
tin, 52.000c.; New York lead, 6.500c; St. Louis lead, 6.350c.;
St. Louis zinc, 8.250c.; and silver, 35.125c.
The above quotations are "M. & M. M.'s" appraisal of the major United States
of cash,
83,100
376 950
month
Straits
sharply again during the week ended January .24, in¬
ventories dropping to 41,863,000 barrels, off 2,121,000
according
..
Average prices for calendar week ended Jan. 24 are: Domestic
basis
237.750
+
tial
markets,
40,250
228,150
•
(Figures in Thousands of Barrels of 42 Gallons Each)
11.775
\
90,800
404,000
366,950
St. Louis
11.700
Rising demand for heating oils, accentuated by slack¬
•barrels,
_
These
a
~k
319,900
5,650
70.9C0
574,950
_
CRUDE
St. Louis
11.700
ening deliveries because of the submarine menace along
East Coast,
_
Total United States
Zinc
—Lead—
11.775
Again Shew Sharp Contraction
and
California
QUOTATIONS)
*■
New York
11,775
Gas Oil, Distillate Stocks
<
_
-
_
Total East of Calif.
18,
figures shown
to¬
75,689
.__
_
Mexico
New
130.400
60,400
_
„
Colorado
72.450
145,700
incl.
...
Montana
Export
taled
with
lead
73,700
Ind.)__—
Wyoming
With
26
delivered
of
(not
to
89,600
1,500
54,000
;.v
2.650
3,250
+.
386,400
_
District
Refining
Co., and at 6.35c., St. Louis.
Sales
35c.,*
361,111
5,200
+
>'+
283,650
329,300
—
Eastern
199.400
100
82,700'
_
396,000
244,500
1,725.600
_——
__
409,200
650
55,000
r:
1941
■
3,400
—
93,800
L—
Michigan
+
259.300
Indians
copper
price situation is not
A_merican
and
5254,200
Arkansas
the
52.000
be available for distribution dur¬
York,
"...
("E. & M. J."
Straits Tin,
—Electrolytic Copper¬
Exp. Refy.
Com., Refy.
Jan.
meeting
23
The
at 35% c.
and
5409,850
259,900
dRecommendation of
the con¬
servation program now in force
on many lead products. However,
the industry feels that between
,70,000 and 75,000 tons of lead will
•
52.000
Official
York
New
425,000
259,900
348,500
Louisiana
Illinois
price continued at 23V2d.
52.000
23——52.000
15%
ing February.
and the
22—52.000
Jan.
Washington recently, it
developed that consumers'
ished,
April
Jan.
in
•again
March
1942
439,800
Mississippi
coffee,
Feb.
Ended
Week
1942
1,573,500 cl,634,043
Week
Jan. 25
Louisiana
Total
"
y*
Ended
91,100
_
vi * '
4
Jan. 24
Jan. 1
Coastal Louisiana
The
Jan.
will have to set aside for the pool
v,
'
Jan;
Beginning
Texas-
Total Texas
;
4 Weeks
Change
146,800
Coastal Texas
! L«r
T4
f
From
Texas
North
v' ' r
V*
Previous
Southwest Texas
quiet
.
the
weeks
(FIGURES IN BARRELS)
Week
Texas
of
'
determine whether the fabricators
four
Ended
Texas
established
and zinc
compli¬
flask.
This
should
have
read
ance
section.
They will confer Belgian Congo, The market situ¬
with company officials and make ation in tin was unchanged last $202.50.
Silver
comprehensive studies of receipts week.
Straits tin for
future arrival
of copper and copper scrap, and
During the past week the silver
of deliveries and inventories, to was as follows:
market in London has been
the
from
ing
branch
the
Jan. 24
5,600
Panhandle
of
quotations ranging from $202.50
dog
to $208 per flask.
food, petroleum products, spices,
Correction—In the issue of Jan.
condiments, and tobacco. Efforts
are
being made to increase im¬ 15, the market report showed a
New York basis of $200.50
per
ports of tin from Nigeria and the
chocolate
Coordinator for
for
—Actual Production-
415,700
Nebraska
main¬
100%
rate just named.
liveries
to
producers" of baking
powder, beer, biscuits, candy and
confectionery, cereals and flour,
——■—.
\
<
ables
of Dec. 23
Kansas
be
* '
-
PRODUCTION
Allow¬
dations
Oklahoma
to
OPC
a
.
Recommen
of manufacturer;
As part of a plan to restrict the use in fulminate for
blasting caps
use of tin in cans, WPB has asked
may be increased to 125% of the
can
at
.
thermometers,
than
more
quarter
1941,
is
'
CRUDE OIL
State
supplies, indus¬
scientific
fluorescent
for
104,450 tons. Prime Western zinc
nation-wide,
survey
,to
,
plant-by-plant
90 primary fab¬
the week ended Jan.
for
division
figure of 4,138,400 barrels
Petroleum
production
12,928,000 barrels during the week ended
i"'
-
tons for the week
of the
average
4,680,000 barrel estimated daily potential refining capacity of the
United States, indicate that the industry as a whole ran to stills, on
a Bureau of Mines' basis, 3,885,000 barrels of crude oil
daily during
the week ended Jan.124, 1942, and that all companies had in storage
at refineries, bulk terminals, in transit and in pipe lines as of the
end of that week, 96,363,000 barrels of finished and unfinished gaso¬
line.
The total amount, of gasoline produced by all companies is
anti-fouling paint; thermo¬
H. W. Dodge, Vice-President of
cause of the growing demands for
meters
(except
industrial
and
the Texas Corp., has been named
the metal under the enlarged de¬
scientific); treating green lumber
temporary head of the Copper fense
program. Full allocation cf (except Sitka
spruce); turf fungi¬
Branch
of the War Production
zinc by the Government is thought
cide; vermilion; wall switches for
Board.
likely after the present arrange¬ non-industrial use; and wood pre¬
Sales of copper by producers ment expires on March 31.
servatives. Under the Order, con¬
for domestic account totaled 10,Sales by
the Prime Western sumption of quicksilver in pro¬
171
Office
Daily
..
,
Copper
of
4,311,-'
was
compared with
as
24, 1942, is estimated at 4,156,000 barrels. The daily aver¬
for the week ended Jan. 25, 1941, totaled 3,599,100 barrels.
Further details as reported by the Institute follow:
;
Reports received from refining companies owning 86.9% of the
is a
system
265,700 barrels
age output
was
The emergency pool for Feb¬ issued in Washington on Jan. 26
matter of ruary will be raised sharply so to curb consumption of quick¬
great interest to all concerned. far as High Grade zinc is con¬ silver on items in List "A" as of
There
were
no
important price cerned and perhaps moderately Jan. 15, and after March 31 to
revisions
during the last week. in respect to Prime Western, the' stop use of the metal for such
The publication further reported: industry believes; Under the new
purposes entirely. List "A" fol¬
set-up in Washington, a separate lows: Carroting of hat fur;' ma¬
two-price
increase of
an
ended Jan.
Quicksilver
Conservation
;
to be a complicated
spot
was
the preceding week and was also above the
standards
extra-quotq, price. Just how>>
an
the Government ihtends to handle
300 barrels. This
Dec. 8, per long ton,
for
crude oil production for the week ended Jan. 24, 1942
age
quotations." Last
no
on
£259
was.
lead and zinc are awaiting word
Producers of copper,
cans.
official quotas
on
The American Petroleum Institute estimates that the daily aver¬
London Market—Jan. 22 to Jan.
the last week to establish
.
;
Daily Average Srude Oil Production For Week
Ended Jan. 24,1942 Increased 235,709 Barrels
125c.
that
"Metal and Mineral Markets" in its issue of Jan. 29 reported
99%,
spot,
was
nominally
as -follows:- Jan.22,
51.125c.; 23, 5L125c.; 24, 51.125c.;
26, 51.125c.; 27, 51.125c.; 28, 51.-
Non-Ferrocs Metals-Copper And
the War Production Board moved during
tin,
,
on
2
Sep
3,
1937
2
*lVa
Aug 31,
1937
2
lVa
Francisco
•Advances
1937
*1Ya
Government
obliemtions
3,
Sen
bear
a
1937
rate
of
2
i<&.
•
V
'
*/
pffe^Mva
Sept. 1, 1939. Chicago; Sept. 16, 1939, Atlanta, Kansas City and Dallas;
Sept. 21,
1939, St. Louis.
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4040
155
517
••
,
...
...
.
.
•
,
•
.
,
'
.
_
v
...
^
t
,
'
,
-
..
^
.•
.
.
.
Weekly Statement of Resources and Liabilities of the 12 Federal Reserve Banks at (Hose of Business dan. 28,1842
Three
Ciphers
Federal
Omitted
(000)
Reserve
fL
Total
at—
ASSETS
Gold
certificates
fund—Fed.
Redemption
Other
and
Res.
U.
8.
Treasury
bills
Other
>
Boston
-
"
„
t
t
$
1,191,462
8,230,364
1,163,384
12,195
3,914
1,199
579
371,455
32,493
74,010
28,466
1,227,869
8,305,573
325
,1,495
Richmond
Atlanta
$
'
1,192,429 '
t
t
Minneapolis
$
s
3,088
advances
..
-
367,145
540,823
652
1,488
244
800
566
359
688
520
1,186
33,730
18,098
26,549
60,630
22,563
6,828
15,974
16,308
35,806
560,904
3,541,950
651,443
374,332
557,485
397,865
1,623,183
25
85
-
1,684,397
,150
788,236,.
Total
bills
from
Fed.
Res.
and
70
95
1,016
245
banks
1911,137
2,242,655
165,020
•<; 618,994
2,255,624
166,833
621,586
47
3
31,903
;
20
12
20
12
760
519
■ -
3,614
assets
547 '•
632
117
514
85
247
87
.
,
.,
,
>
277
.
v
83
'•;£ .*
I
••
V'M :
301
•
,
122
'■ v.-•••• -. v ,-74:
v
122,391
153,313
92,705
65,939
188,649 :
73,232
46.804
70,866
60,405
54,677
68,490
41,415
29,456
84,276
32,714
20,907
31,656
26,986
221,803
'134,120
95,395
272,925
105,946
67,711
102,522
87,391
193,760
222,325
134,900
273,226
105,946
68,308
103,239
87,755
193,882
See t
1
1
4
687
2,013
783
3,215
23,519
38,768
177,068 V
181,698
133,930
^
>
59,830
;
•
4
I
,
95,926
t.
.1 2
2
3,415
6
1
2,723
2,477
142,368
45,577
•
2,512
1,237
2,183
9,908
221,699
78,614
126,094
77,726
33,567
69,647
10,507
4,855
4,429
3,008
1,945
2,965
2,153
1,338
2,874
1,141
2,766
12,745
3,598
4,999
2,961
1,886
5,274
2,044
1,403
2,029
1,751
4,296
3,968,512
809,641
469,587
706,409
522,863
1,896,993
133,456
712,303
301,427
972,402
.
v-
'
40,759
2,778
46,192
3,206
24,274,828
1,497,716
9,174,640
1,462,436
2,044,431
1,016,741
704,859
8,230,125
672,727
2,110,131
578,561
784,768
421,724
278,338
1,738,033
323,899
210,486
265,694
13,074,608
636,350
5,912,889
656,226
1,007,697
450,495
326,846
1,904,247
377,561
184,463
344,005
302,149
25,413
49,223
21,377
20,361
18,469
17,353
42,952
13,479
18,778
27,253
21,929
25,562
716,060
27,529
282,156
67,845
65,017
31,095
24,735
86,219
21,201
15,548
20,495
20,495
53,725
663,125
22,371
504,829
25,265
17,527
5,797
5,410
3,510
16,587
11,646
1,448
2,356
46,379
14,755,942
711,663
6,749,097
770,713
1,110,602
505,856
374,344
2,036,928
428,828
230,435
393,201
346,207
1,098,068
911,721
87,262
185,969
78,558
114,086
72,657
38,275
144,710
44,952
18,862
36,016
31,559
58,815
2,852
384
607
182
328
322
169
361
73
119
105
132
70
23,900,640
1,472,036
9,045,804
1,428,014
2,009,784
1,000,559
691,126
3,920,032
797,752
459,902
695,016
511,354
1,869,261
V-
«.
.
96,277
assets
Total
.
■vvV:;.
V
18
r
750
%
■V
t
-
30
:
58
.
;
v
994,637
;
:
premises
V
50,956
:—
items
1,097
692,500
?.
banks
i
427,857
1,550,155
securities, direct and guaranteed
of other
notes
1,488
:S;';
securities
foreign
Uncollected
Bank
Govt,
9<024
114,064
—.
S.
...
'
1,495
.
;
Due
Other
- ,
—
Total U.
325
-y
Govt, securities, direct and guaranteed:
Notes.
3,945
;
Bonds
1
1,586,191
628,314
...•
U. S.
$
381,037
3,480,520
946
857
—
bills discounted
Industrial
t
Franclsoe
534,111
_
Total
San
Dallas
City
768,650
•1,650,015
■
St. Louis
Chicago
1
obligations, direct and guaranteed.
discounted
-
Cleveland
Philadelphia
$
20,905,666
„
New York
20,522,016
notes
reserves
discounted:
Secured by U. S. Govt,
V.
from
due
cash*
-Total
Bills
hand
on
Kansas
"
•
Agent
■:
40,781
.
-
-
-
LIABILITIES
F.
R.
notes
actual
in
circulation
Deposits:
Member
U.
bank
Treasurer—General account
s.
--.--i..-.---—
Foreign
Other
deposits
;
Total deposits
Deferred
Other
account
reserve
.........
availability items
liabilities,
Total
incl.
liabilities
accrued
divs
...
•
•
;
.
;
CAPITAL ACCOUNTS
Capital paid in
142,902
Surplus (Section 7)
Other
V
52,205
11,852
14,755
5,739
4,925
15,717
4,449
3,021
4,621
4,374
11,839
10,949
56,651
15,171
14,346
5,236
5,725
22,925
4,966
3,152
3,613
3,976
10,792
26,781
2,874
7,070
4,393
1,007
3,244
713
1,429
530
1,000
1,137
1,263
2,121
capital accounts
47,003
2,452
12,910
3,006
4,539
1,963
2,370
8,409
,v1.944
2,512
2,022
1,896
2,980
24,274,828
1,497,716
9,174,640
1,462,436
2,044,431
1,016,741
704,859
3,968,512
809,641
469,587
706,409
522,863
1,896,993
166
389
2,765
1,073
859
1,698
1.874
1,140
25
1,500
Total liabilities and capital accounts
Commitments
•
'
9,405
157,502
(Section 13-b)
Surplus
to
industrial
make
cash"
"Other
does
not
advances
Include
14,272
Federal
Reserve
notes,
t Less than
2,783
t500.
Federal Reserve Note Statement
Three
Ciphers
Federal
(000)
Reserve
Omitted
1
Kansas
.
Total
of—
Bank
New York
Boston
Cleveland
Philadelphia
Richmond
Atlanta
St. Louis
Chicago
Minneapolis
San
Dallas
City
Franclse*
'
Federal Reserve
Issued to
Held
F.
Bank by F. R. Agent
by Federal Reserve Bank
Collateral held by agent as security for notes Issued to
Gold
oertlflcatos on
£1,749,000 while gold holdings of the bank
\
items for several years.
OF
BANK
V
118,109
25,139
35,449
39,654
26,047
44,148
20,997
6,127
10,343
15,745
73,275
8,230,125
672,727
2,110,131
578,561
784,768
421,724
278,338
1,738,033
323,899
210,486
265,694
133,456
712,303
8,800,50.0 V
720,000
2,240,000
615,000
825,000
475,000
310,000
1,800,000
360,000
217,000
280,000
154,500
3,497
325
1,495
946
108
623
8,803,997
720,325
2,241,495
615,946
217,000
280,000
.■
vf
1942
■■■ '
v
1941
■
£
',
,
.
1940
£
.
•
Feb. 2,
1939
1938
£
£
476,694,175
11,404,084
Other
deps. 202,885,497
Bankers'
'.r-
•
secur.
other
secur.
•
98,144,357 108,306,122 111,382,758
•<
37,136,338
36,590,684
77,901,164
98,078,165
27,590,895
42,674,228
29,150,177
35,904,149
53,005,273
29,275,854
advances.
8,245,643
3,064,190
21,314,064
10,478,552
27,658,506
25,458,125
24,526,705
21,360,164
18,671,625
& coin—
32,014,000
53,250,213
679,651
1,216,754
972,725
55,248,313
50,293,452
full
of the New York Clearing House Association
Thursday, Jan. 29, 1942:
Clearing House
Members
*Capital
/:*
Bank
of N.
Bank
of
Y
the
Co.
•Surplus and
Net Demand
Undivided
Deposits
Deposits
Profits
Average
Average
5
Time
*
14,511,000
233,555,000
20,000,000
27,453,600
635,113,000
35,358,000
77,500,000
95,391,100 a2,572,647,000
154,549,000
15,194,000
20.000,000
—
"
59,161,700
944,424.000
10,428,000
189,470,900 b2,120,277,000
Guaranty Trust Co.
90,000,000
Manuf.
41,891,200
42,233,700
813,072,000
108,328,000
21,000,000
77,530,400 cl,137,245,000
83,768,000
26,690,000
943,000
Trust
Co.
87.774,000
Cent. Hanover Bank
Trust
Co
15,000,000
20,458,200
First Nat. Bank
10,000,000
110,278,400
Irving
50,000,000
54,193,600
——
4,000.000
4,574,900
Chase Nat. Bank__
100,270,000
&
Trust
Co
Trust
Co.
Bankers
Title
Co.__
Trust
Co.
Guaranty
374,220,000
-
742,302,000
709,789,000
Y.
Com.
Nat.
and
71,690,000
140,639,800 d3,417,106,000
500,000
4,384,800
25,000,000
86,203,500
63,383,000
el,164,714,000
Nat.
Bank
Trust
Co.—
Totals
Proportion of
res
to liab.
•As
17.9%
16.5%
29.2%
35%
31.50%
2%
2%
2%
2%
2%
168s.
168s.
Gold value per
fine
oz
168s.
84s.
ll'/ad. 84s.
11 %d.
1941;
6,000,000
1,171,000
18,217,000
2,102,000
5,000,000
10,410,800
156,878,000
2,896,000
12,500,000
28,383,800
477,157,000
33,973,000
7,000,000
9,094,300
148,452,000
1,104,000
per
7,000,000
518,661,200
official
111,440,000
52,436,000
986,605,500 15,911,681,000
746,153,000
11,060,000
reports;
National, Dec.
1941.
foreign branches:
b $63,199.000 latest available
deposits
able
date);
000;
d $97,388,000
circulation
804,000
r
re¬
Reductions
in
from increases of
and
$20,000,000
in Treasury
$18,000,000
ment
securities,
Excess
accounts.
Reserve
on
reserves
of
member
estimated to be approximately
$3,480,000,000, a decrease of $100,000,000 for the week.
The principal change in holdings of bills and securities
was a reduction of $7,000,000 in United States Govern¬
January 28
were
direct
and
guaranteed,
including
the
$6,000,000 of bills held at the beginning of the week and
$1,000,000 of bonds.
■■■/";.
%
Changes in member bank reserve balances and related
items during the week and the year ended Jan. 28, 1942,
were
follows:
as
Increase (+) or Decrease (—)
.■Vv'.":'.
31,
1941;
State,
a$276,702,000
Dec.
31,
(latest avail¬
date); c (Jan. 29), $2,553,(latest available date); e (Dec. 31), $26,318,000.
in
Blnce
Jan. 28, 1942
Jan.
Since
Jan. 29, 1941
21, 1942
$
Bills
discounted
4,000,000
U. S. Govt, direct. oblig._
U.
Govt.
S.
Indus,
guar.
adv.
$14,000,000
Other
Res.
Total
Res.
Gold
2,239,000,000
Bank
credit-
83,000,000
credit
2,339,000,000
22,744,000,000
3,256,000,000
currency
res.
bal
•
circulation.—
Reserve
1,000,000
+
60,000,000
1,000,000
dep.
with
other F. R.
11,097,000,000
38,000,000
50,000,000
44,000,000
111,000,000
634,000,000
—
+
—
+
6,000,000
1,000,000
159,000,000
70,000,000
1,272,000,000
20,000,000
+2,549,000,000
8,000,000
4,000,000
Fed.
Banks
Non-member
13,075,000,000
1,000,000
—
—
2,196,000,000
Treasury cash
Treasury
+
9,000,000
—
Bank
bank
in
1,000,000
7,000,000
4,000,000
oblig-
stock
Member
$
+
—
(not includ.
commit.—
Jan. 28)—
trust companies, Dec. 31,
Includes
in
4,818,000
78,708,000
Bank &
Co._
$70,000,000.
reserves arose
banks
Treasury
127,196,820 326,987,627
154,500
V
804,000
$44,000,000 in Reserve Bank credit and $6,000,000 in gold
stock, offset in part by decreases of $8,000,000 in Treas¬
ury cash and $9,000,000 in nonmember deposits and other
1,384,000
39,033,000
Midland
Trust Co.
decreased
6,669,000
&
Trust Co.
Marine
balances
money
Continental Bank &
N.
360,000
j'j
deposits with Federal Reserve Banks, and decreases of
Money
Bank rate—
f
.
Bank
Exch.
Coin and
bullion—
v
During the week ended January 28 member bank
serve
Federal
$
6,000,000
Man¬
Co.
National City Bank
Chemical Bank &
Public
41,561,000
in
in
Trust
Res. notes
the New York City
Friday afternoon is given
members
of
close of business
Trust Co.
3,817,729
1,800,000
member bank
Statement
at
Discounts &
Securities
on
Fifth Avenue Bank
44,340,678
57,435,553
310,000
475,000
below:
Trust
156,888,000 149,947,838 119,356,164
accounts
;*
;
Reserve Banks
Clearing House
•
'
Other
Govt,
160,889,411 142,485,035 145,442,460 147,973,442
145,449,944 107,884,138
accounts
39,678,426
,,
Clearing House
&
12,261,976
32,374,000
9,220,000
deps.
825,000
The weekly statement issued by
Trust
Feb. 1,
742,437,000 599,203,000 527,722,512 471,948,507
Public
•
The Week with the Federal
Corn
Circulation-
.
785,583
Weekly Return of the New York City
hattan
different
STATEMENT
Jan. 31,
-
216,613
.
;"VV''V
COMPARATIVE
Jan. 29,
9
26,690
v'v\''Vv;
ENGLAND'S
Jan. 28,
$
149,201
344,896
441,723
rose
Following we present a comparison of the
$
276,037
1,782,181
England for the week
week ago.
$
304,385
£89,515. The decrease in reserves was of £1,659,000. There
was a drop of £4,802,000 in public
deposits during the
week and an increase of £23,084,486 in other deposits.
The latter comprises bankers accounts which rose £19,378,842 and other accounts which rose £3,705,644. Gov¬
ernment securities and other securities increased £14,710,000 and £5,249,832 respectively.
This last amount
is the sum of discount and advances which rose £1,992,281 and securities which rose £3,257,551. The proportion
of reserves to liabilities declined to 17.9% from 20.4%
a
$
'•
461,378
increase in notes in circulation
an
$
820,217
England Statement
The statement of the Bank of
$
603,700
_
collateral
ended Jan. 28 shows
of
$
2,228,240
bank:
band and due from U. 8. Treasury—-
Bank of
$
699,417
Eligible paper
Total
(
8,671,848
—
circulation
actual
In
$
%
I
notes:
R.
deposits
302,000,000
+
18,000,000
+
44,000,000
&
accounts—
1,669,000,000
—
9,000,000
—
413,000,000
518
THE COMMERCIAL & FINANCIAL CHRONICLE
Course of
Saturday, January 31, 1942
Weekly Return of the Board of Governors of the Federal Reserve System
Sterling Exchange
(Continued From Page 494)
The
United
States
Department of
COMBINED
Commerce reports
RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF
JAN.
BUSINESS
1942
28.
that Great Britain is relying for imports on
lend-lease
shipments to an increasing extent.
Exports to British
Empire countries from Sept. 1940, to Aug. 1941, were
50% greater than in the preceding year and imports
from them increased 20%.
to all countries were only
1941 amounted to
value
of
all
more
Due to
able in return.
"
ctfs.
hand
on
Redemption
Reserve
Other
Total
British import
Bills
Jan. 7,
1942
Dec. 31,
Dec.
V.1941
1942
Dec.
24,
1941
Dec. 3,
Dec. 10,
17,
1941
1941
$
$
$
1941
fund
20,522,016
19,890,780
20,523,015' -20,488,015
20,490,017
20,490,015
20,515,018
20,516,016
$-:4
20,553,016
20,551,015
(Fed.
12,195
9,825
13,437
13,436
13,669
13,668
14,688
14,586
15,352
15,496
371,455
372,754
353,083
337,653
296,423
260,678
213,759
223,766
231,589
236,263
20,905,666
20,279,359
20*889,535
20,839,104
20,800,109
20,764,361
20,743,465
20,754,368
20,797,956
20,804,775
*
v
reserves
discounted:
Secured by U. S. Govt,
oblig.,
direct
guaranteed
Other
bills
Total
U.
S.
3,088
1,411
2,234
2,518
1,991
1,768
5,104
2,831
1,452
3,147
857
1,255
3,969
1,064
2,129
1,187
1,965
2,473
2,608
2,420
discounted^
3,945
2,666
3,203
3,582
4,120
2,955
7,06ft
5,304
4,060
5,567
9,024
7,871
9,421
9,512
9,619
9,504
9,710
9,711
9,772
9,799
692,500
777,300
777.300
777,300
777,300
777,300
6,000
10,370
10,370
10,370
10,370
10,370
12,370
2,250,105
2,262,729
2,254,475
2,254,475
•
advances
Govt,
and
and
discounted—
bills
Industrial
guaranteed:
.
*
Notes
1,284,600
_
1.
692,500
1,551,605
899,500
Bills
-
.
Total U.
S.
direct
Due
from
Fed.
Res.
Govt,
&
and
sec.
__
2,242,655
2,184,100
2,255,624
2,194,637
foreign banks.
notes
of
777,300
..
.
47
,
2,254,475
2,243,137
2,239,740
2,196,470
2.184,100
2,268,214
2,266,934
2,259,916
2,210,302
2,254,755
2,199,486
47
47
47
47
47
47
39,414
36,287
32,906
29,475
32,071
998,458
1,200,724
1,218,429
1,449,654
935,521
:
2,267,569
47:
--
■
47
other
31,903
25,740
34,036
37,217
994.637
726,775
1,127,981
1,210,160
40,759
40,038
40,785
40,792
40,761
40,767
41,143
46,192
50,529
45,133
45,439
44,035
43,679
42,096
24,274,828
23,317,125
24,400,246
24,440,328
24,191,038
24,352,799
24,338,002
items
Bank premises
Other assets
Total
777,300
-
47
banks
Uncollected
:
sec.,
guaranteed
bills
Total
«
direct
sec.,
Bonds
requirements have been
from United States sources due
to the lend-lease program and the need for conserving
shipping space and expediting cargo trips. In the case
of British Empire countries likewise, the earlier trend
toward exchange control and import licensing dictated
by the need to conserve foreign exchange was followed
by a shift of emphasis to curtailment of civilian con¬
sumption and application of import restrictions so as to
utilize shipping space most effectively.
These areas are
calling for the concentration of buying orders in the
hands of government commissions in order to obtain the
most equitable apportionment of available foreign met¬
als, machinery, and other essential products from the
United States, Britain, and other sources.
Latest London estimates place British war cost to
date at £8,700,000,000, an amount £300,000,000 greater
than their entire appropriation during the 1914-18 con¬
flict.
However, this time the funds raised by borrow¬
ing have been obtained at an interest rate of less than
increasingly
Jan. 14,
1942
and
notes)
cash*.
Jan. 21,
1941
«
-
-
due from U. S. Treas.T
merchandise
years.
supplied
Gold
Jan. 2D,
28,
1942
Assets
than three times the annual
exported to all countries in
the extension of lend-lease aid,
"Britain was able, according to the analysis of foreign
trade policies by the Department
of Commerce, to
abandon in 1941 the intensive export drive it made the
year before in an effort to build up dollar balances to
pay for war imports.
As a result Britain was enabled to
reduce its exports to "the irreducible minimum necessary
to
supply or obtain materials essential to the war
effort," limiting exports to those seriously needed by the
receiving countries and basing them in the case of
neutrals on the amount of food and war materials avail¬
recent
Jan.
Omitted
While lend-lease shipments
$600,000,000 up to the end of
November, lend-lease appropriations voted by the end
of
Three Ciphers (000)
assets
.
31,472
1,010,166
41,154
41,051
41,150
52,484
41,009
49,568
24,570.603
24,069,432
24,136,503
\i ■>'
Liabilities
Fed. Res. notes in actual
circulation
5,845,759 r
8,230,125
———
8,198,916
„
v
8,014,328
7,838,39?
7,730,137
12,497,269
13,219,388
13,178,056
8,178,757
8,192,169
12,450,333
12,446,867
8,202,083.
663,254
787,364
867,493
1774,062
1586,170
157,141
320.557
808,967
852,905
935,053
1.007,931
588,184
.613,028
629,780
678,698
601,253
'*
account
reserve
12,716,754
8,170,584
Deposits—Member banks-
13,074,608
14,347,011
13,145,468
12,991,582
U. S. Treas.—General
account
.—302,149
Foreign
Other deposits
Total
deposits
Deferred
avail,
Other liab.,
258,251
284,180
716,060
1,215,590
729,779
418,609
754,816
663,125
583,657
656,951
640,156
,
925,258.
907,665
14,816,378
14,805,163
14,755,556
14,678,058
14,776,527
14,905,212
14,990,280
15,107,797
911,721
693,526
1,007,506
1,087,392
880,244
1,106,929
979,104
1,271.261
860,131
920,637
2,852
2,953
3,323
3,179
2,550
2,150
5,838
5,564
7,537
5,036
23,900,640
22,946,747
24,026,123
24,066,318
23,817,107
23,979,306
23,963,552
24,196,363
23,696,345
23,763,607
142,114
157,065
157.065
14,755,942
items
'
—
16,404>5091
incl. accrued
dividends
-—
.
,
In
2%.
a
recent address before the Wisconsin Bankers
Association James H. Clarke, of the American National
and Trust Company of Chicago, explained that
Bank
Britain
has
been able
to
finance
the
at
war
such
low
interest because of strict price control and close coopera¬
tion by the nation's banks, which have borne the major
share
Britain's
of
which is expected to reach
£11,250,000,000 by the end of March.
The British Gov¬
has
ernment
Total
Capital Accounts
Capital paid in
Surplus (section 7)
Surplus (section 13-b)
Other capital accounts
found
short
and
securities
medium-term
capital
posits
the steady decline in bank loans in England,
Government's policy of meeting the
bank loans in this country.
industrial
the
metal
and
its
alloys of direct war
manufacture of ships, airplanes, tanks,
shells, bombs, torpedoes, and many other
by the armed forces, such as photographic
materials and pharmaceutical products.
value in the
trucks, guns,
articles used
film, surgical
Bills
In the 26th annual review of the silver market issued
January 26 by Handy & Harman, the bullion dealers
point out that the Treasury absorbed all the 69,700,000
of
ounces
cents
a
United
States
silver
mined
in
1941
at
fine ounce, and bought 70,200,000 ounces of Cana¬
other foreign silver at its day-to-day buying
of 35c., bringing its total acquisitions
during 1941
to 139,900,000 ounces, the smallest annual total under the
silver purchase program,
The Treasury held a total of
3,280,000,000 ounces of silver on Dec. 31, 1941^
The London price of silver during 1941 ranged be¬
tween 23 3/16d. for spot and 23Vsd. for forward silver
in January and 23*4d. for both spot and forward first
reached in March.
The New York quotation remained
at
343/4C. until November 28, when it advanced to
35 %c., holding at that level throughout the year.
The
review points out that on November 19 the Treasury
concluded
an
agreement
to
purchase
a
26,780
-
47,003
47,080
46,969
46,948
46,962
24,274,828
23,317,125
24,400,246
24,440,328
24,191,038
on
at 35c. since
Since United States Treas¬
purchases were already absorbing
the world silver
more
than half
output in 1941, while demand for silver
*for both civilian and industrial
use
had expanded
141,305
141,281
157,065
26,785
157.065
48.353
47,932
47,765
24,570,603
24,069,432
26.785
47,032
24,352,799
24,338,002
^
.
'-J'':
26,785
Res.
*90.8%
91.1%
90.9%
_
-
24,136,503
:*
.
90.7%
90.7%
90.8%
90.3%
90.6%
91.1%
91.1%
14,427
14,834
14,597
14,969
14,937
14,871
14,735
make
advances
14,277
5,207
14,272
—
and
y
Short-Term
•
1-15
days
bills
disc.
16-30
days
days
bills
bills
disc
disc.—
23
31-60
days tills disc
Over 90 days bills disc..
427
T^n1
hni*
-■■■
■
3,173
»ir
1
'
vt
,
•
2,310
2,624
1,878
5,064
2,789
90
37
32
31
55
276
281
166
113
67
48
110
108
107
342
258
285
462
318
219
136
337
311
251
1,617
1,966
3,127
7.v;:v:v
212
327
560
633
778
1.334
1,790
1,740
3,945
.2,666
3,203
3,582
4,120
2,955
7,069
5,304
4,060
3,23ft
3,124
528
676
1-15
days ind. adv
2,680
1,386
3,166
3,133
3,042
3,116
days ind. adv
405
52
321
600
695
378
days ind.
61-90
Over
days
ind.
Tota! industrial
u.
S.
Govt,
v
adv-
v
182
156
5,537
5,428
5,519
7,871
9,421
9,512
9,619
9,504
1,000
1,000
1,000
6~000
95" 170
95476
2,158,305
2,254,475
>
^
ft
221
I
:
1.991
.
464
162
:-v
,
5,377
r
:■
V;
V.
'
-
74*800
days
90
Total
days
U.
203
5,179
9,710
9,711
194
5,567
3,111
¥v-4':^731:1
556
Vv
137
247
593
5,169
5,227
9,772
9,799
2,196,470
2,184,100
.
/;
QV a
"1665
~
Over
562
211
5,452
3,247
securities.
.lavs
61-90
,
1,592
.
471
352
5,884
direct and guaranteed1 «»1
142
418
5,372
9,024
adv
195
215
197
149
adv
days ind. adv
90
283
1,501
249
16-30
S.
curities
Govt,
direct
2,242,655
2,109,300
2,242,651
2,184,100
•'>
2,244,105
2,158,305
95470
2,158,305
2,250,105
2,254.475
2,254,475
"TGOO
95476
»
"95476
-
2,146,967
2,143,570
2,243,137
2,239,74G0£*,96I'2
se¬
and
guaranteed
Federal Res. Noces—
2,184,100
'
.
Issued to Fed. Res. Bank
8,671,848
441,723
6,177,740
8,647,111
8,629,228
8,623,423
8,611,926
8,592,656
8,407,565
8,222,403
Held by Fed. Res. Bank.
331,981
448,195
458,644
444,666
419,757
390,573
393,239
383,745
359,293
actual circulation-
8,230,125
5,845,759
8,198,916
8,170,584
8,178,757
8.192.169
8,202.083
8,014,326
7.838.658
7.730.137
by
In
F.
R.
Agent-
'
Security
as
issued
Gold
ctfs.
on
hand
"Other
tThese
/"
v:;'
-
•
and
,
Total collateral
devalued
-
f
eligible paper
•nce
%
Notes
for
8,089,430
bank—
to
due from U. S. Treas._
By
'
r:;:/'■ P;: -V;
Collateral Held by Agent
cash"
are
from
itself
does
not
8,800,500
3,497
6,329,500
8,790,500
2,696
8,760,500.
2,104
8,803,997
6,331,604
8,793,196
8,763,691-
Federal
include
certificates given by the
100 cents to 59.00 cents
having
appropriated
been
{Revised figures.
war
as
Reserve
V:1-"-
-
'
8,734,000
8,724,000
8,703,000
8,562,000
8,332,000
8,211,000
3,756
2,567
6,527
4,415
3,401
4,987
8,737,756
8,726,567
5,709,527
8,566,415
8,335,401
8,215,987
3,191
.
notes.
United States Treasury for the gold taken over from the Reserve banks when the
on Jan. 31, 1934. these certlf icates being worth less to the extent of the difference,
profit by the Treasury under provisions of the Gold Reserve Act of 1934.
' ■■■
7V.^; ■>Vx:-
under
80,000,000 ounces, and
influences to the huge total of
V.
133,500,000 ounces were available in the
Western Hemisphere outside the United States, the Treas¬
since
only
buying rate at 35c., thereby permitting
to obtain the bulk of Mexico's 79,000,*000-ounce silver output by bidding 35ysc.
The Handy
& Harman report estimates that silver production of
Europe, Asia, Africa, and Australia at 64,000,000 ounces,
about the same as in 1939, as no figures have been
obtained since then for the areas outside the Western
ury
kept its
industrial
Hemisphere,
The report summarizes known silver
production and United States Government purchases as
follows:
dollar
the
Hemisphere
Silver Production
(In millions of fine ounces)
States
1
—
Mexico
South
------
———
—
—
America
—
Central America and the
Total
Foreign
<
Western
—
————
*
West Indies———
Hemisphere.
production
S.
Silver
Government
wai
dlffer-
Col.
-
silver
Total
.
Purchases
——
_
-
John
H.
Jewett,
.
-
"frightful surprises" in the
in
68.3
139.8
139.9
208.1
president of the Aeronautical
Chamber of Commerce of America, promised
new
69.7
70.2
near
the
planes developed by the aviation industry and now
production, which he declared are the best in
mass
the world and capable of such
7
like relics of the
1941
1940
70.
67.
79..
86.3
22.
25.4
28.
30.
4.5
4.5
203.5
213.2
disclosed
combat
so
enemy
future, as the result of
destruction as to make the
dive bombers used in Europe only a year ago
1
Western
United
Domestic
users
Canada
ury
142,037
26,785
48,486
,
and
to
monthly
the date of purchase, which had regained
July 10, 1939.
157,501
to de¬
quota of newly mined Mexican silver at its quoted buy¬
ing rate
142,180
■
71.11
dian and
rate
26,780
142,687
'
'
•
on
157,502
26.780
Securities—
mined in
1941 amounted to 67,052,469 ounces valued at
$47,681,756, 7% less than 1940, when the value was
placed at $51,075,375. The Treasury pays $35 an ounce
for gold and 71.11 cents for domestic silver.
Industrial
consumption of silver in 1941 amounted to 80,000,000
ounces, almost twice the 1940 record of 41,000,000 ounces.
The greatly increased use of silver for both civilian
and industrial purposes is attributed by Handy & Har¬
man to several factors.
With increased employment and
accelerated marriages due to the war, sales of silver
articles have been directly stimulated.
The metal has
proved of great value as a substitute for copper, nickel,
zinc, aluminum, and other strategic metals, supplies of
which have been cut off by the war.
In addition, recent
research has disclosed new and revolutionary uses for
157,502
26,780
Maturity Distribution of
31-60
Preliminary figures published by the U. S. Bureau
Mines indicate that 5,858,871 ounces of gold worth
$205,060,485 were mined in the United States and its
Territories in 1941, 2% less than the 1940 output of
5,984,163 ounces valued at $209,445,705. Domestic silver
of
142,780
157,502
26,785
Fed.
and
61-90
needs of firms engaged on war contracts and curtailment
of public commitments, indicates the probable trend of
142,872
157,065
26,781
note Uabil, combined
Commitments
reflecting
financial
139,448
157,502
_
accounts
Ratio of total res.
satisfactory in attracting investment funds and war
savings.
Mr. Clarke noted that in addition to savings
bonds, defense bonds, and Treasury bills, familiar to
United States investors, England uses Treasury deposit
receipts, which permit the various clearing and Scottish
banks to deposit in units of $2,000,000, on which they
are
currently allowed 1V2% interest. He stated that
both the
142,902
—
liabilities
Total
debt,
most
liabilities
past."
recently
that
"appear
The Office of Facts and Figures
we
now,
have
four types
of
planes better than anything yet produced abroad,
far as is known.
Funds for 33,000
vided in the $12,555,872,575
by the House
071
airplanes
are pro¬
Army Air Corps bill voted
January 23. and approved by the Senate
.
Volume
155
THE COMMERCIAL, & FINANCIAL CHRONICLE
Number 4040
Appropriations' Committee oil January 27.
The Naval
Supply bill sent to the Senate on the same day provides
$19,97.7,985,474. v The two huge appropriations are in¬
tended to implement the President's program ' calling
for the production of I85,000 planes, 120,000
tahks/5^0uu
Foreign Exchange Rates
Pursuant to the
:
Marked
deadweight tons of
y**'V>
of imports
world,
:
V-\
\'.:y
and exports by both the United States-and the countries
with which we have trade relations were noted by Sec¬
retary of Commerce Jones in his annual report for the
1941 fiscal year.
Net movements of merchandise, gold
and silver resulted in an import balance for the year of
$1,650,000,000 due to the continued though diminished
gold inflow, compared with an export balance of $1,750,-
:
it
remained throughout the
prehensive review of the Canadian
that Canada will make
war
of
'r
.
f
'
And
In 1942 this country
Other
t
t
f
t
4.035000
4.035000
1"
4.035000
t
;c-.
t
t
.
'
.
v
'
.;-v:
.
4.035000
4.035000
4.035000
_
t
t
t
t
t
t
t
t
t
t
;;v-
,
t
t f-;--:;. v;:-
t
t
t
§
t
i.-:v
t
§
.
§
•'
_
+
t
*.lz~zz.zZy
■!■>■?:■;
'
t
t
t
t
t
+
t
t
t
t
§
§
§
t
t
t
§
§
8
§
§
-
_
■:o:
w—4
t
f
t
-Z-:
t
t
.
t
+
.
■
JZZ
••
4.035000
,\"
"
_
§
§
§
§
t
t
t
t
V
•
p
■
"V-.
§
§
§
t
t
'
■
■-"."■".-C
■:
"■
China,
Chef00 dollar
(yuan)
China,
Hankow dollar
1 yuan*
China.-Shanghai
Tientsin
China,
dollar
dollar
t
Yen —»
Settlements,
Japan,
Straits
t
(yuan)
t
*
.301215
f#
t
t
t
t
..
t
-
t
t
t
t
t
t
t
t
:-t:
.301215
.301215
.301215
.468600
.468400
.301215
t
.469000
t
.468400
.468409
-
:
3.228000
«~z±—
Free
New
'
t
•
t
t
.463000
:
t
t
.301215
t
—
Official-- ww-w-—
-
v:-V.
pound—
Australia,
-
-
•■-■■:-;>■
"
t
t
•
t
dollar
AUSTRALASIA—
-
r'"..'
t
t
iyi»nn)
Kong, dollar
India
(British), rupee—L..
>
v-
t
t
_
Hong
3.228000
3.215033
Zealand,
pound
3.215033
3.227833
__
>
3.227833
:.
3.228000
3.228000
3.215033
3.215033
3.215033
3.215033
3.227833
3.227833
3.227833
3.227833
3.980000
3.980000
3.980003
3.980000
3.228000
3.228000
AFRICA
of
Union
-■
NORTH
Foreign Exchange
outbuilding the world," the Office of Facts and
Figures reported recently. A scheme to convert millions
of dollars' worth of diamonds seized by the Nazis in
invaded Belgium and Netherlands into dollar credits was
brought to light with a series of indictments issued in
New York on January 28 against highly placed Nazis
and their agents in the United States.
A new 5,000,000,000-franc national credit loan was^
issued on Monday by the Vichy Government to pay for
repair of war damages.
The bonds will be amortized,
lover 50 years and will carry interest at 3%%,
The
extreme abundance of money is reflected in the large ;
increase in two national savings funds, which received
additional deposits of 6,500,000,000 francs despite reduc-,
tion in interest payments to depositors.
•
Reports were received in London cn January 24 that
Denmark had increased ,the value of its currency with-;
lout consulting the Reiclr, thereby increasing the cost of
Danish goods imported into Germany.
The value of a
large amount of German marks now held in the Danish
'Central Bank would, it was declared in banking circles,
South
-'
4
Africa.'pound
3.980000
3.980000
/
AMERICA—
dollar—
Canada,
will produce1 as many planes and
while preparing for war
"we are already on our
Official
«4.u.
.909090
—
.909090
.909090
.909090
.909090
.909090
.381328
.881796
.879296
.880781
V
.880468
.880703
.205625
.205625
.205625
.205625
'.
.205625
.205625
.903090
.909090
.909090
.909090
.878333
.878333
.878333
•
-'v-'
•■.-
Free -.r'aZZZzz-z.-;"
zz+^ZZZZZzZZizZz-
Mexico, peso ——
Newfoundland, dollar
.way to
Free
;
r
4^-—ZZZZ-iz-ZZZ.
Official
—
£.4—zi+ZZzZ*mZZZ~*-Z*z~,4'
..
-
"
.909090
.909090
.878750
.879583
1
.876875
SOUTH AMERICA—
.
'4 :;
■
■
■
Argentina, peso—
+»
J "
Official
:*•:>
Freer;
Brazil,
f
;
—
milrels—
1
•
■
.297733*
.297733*
.297733 *
.297733*
.297733*
.297733*
.237044s1
.237044*
.237044*
.237044*
.237044*
.237044*
.060580s-
.030580*
.060580*
.060580*
.060580*
.050580*
.051335*
.051335*
.051335*
.$51335*
.051335*
,
Official
■■'■it'
'
.
,
4.035000
f
k
t
t
4.035000
t
-t
■■h-
t
§
dinar
4.035000
4.035000
■
-
t
ASIA—
tanks as Hitler's entire output
in the years before 1939, and
*
t
t
peseta
Yugoslavia,
in decreased taxes, since the-Treasury receives
through taxes 40% to 60% of any increase in dividends
and loses the same proportion of any decrease.
Montreal funds ranged during the week between a
Continental
t
t
——
result
?
t
t
t
_
t
t
—
SWedtep, krona
Switzerland, franc
t
t
„.
Spain,
$
t
t
pengo
Italy, lira' ——4
Netherlands, guilder
Norway, krone
.Poland, zloty
Portugal, escudo
Rumania, leu
•
t
4.035000
v
t
t
y..
:
Dividend control he said is inadvisable because it would
<•
t
Jan. 29
$
t
■'^'v
'
Hungary,
Railways
-
drachma
Greece,
securities owned; in Great Britain.
Ilsley told the Toronto Board of Trade
on
Monday that the Government does, not intend to
resort to compulsory loans or savings to finance the
war, declaring that "saving must remain
primarily a r
matter of individual responsibility and initiative.''
He*
predicted that Irving standards will have to be lowered
in order to provide the money needed to finance the war.
1
...
Jan. 28
*
•
—•—
——
Jan.27
Jan. 28
t
•v.v
relchsmark"4.^._-^i.i
Germany,
an
vdiscount of 12% and a discount of II 11/16%.
„•
«—
"France;' franc.-
effort announced
^
t
■v
.
markka
Finland,
Jan. 24
r
$•; -:
,
Free
:
a com¬
in New York
-
England, pound sterling—
•!:, * Official
i— >—
Finance Minister
-
Noon Bhymg" Rate for Cable Transfer?
Value in United States
Monetary Unit
and
Country
v,
Denmark,1 krone
outright gift to Great' Britain
during 1942 of $1,000,000,000 for the purchase of war
munitions, raw materials, and foodstuffs. Prime Minister
Churchill* acknowledged the gift,, equivalent to about
£275,000,000 sterling, in hte address in Commons the
next day.
The Canadian Premier likewise announced a
proposal to convert accumulated sterling credits, of
$700,000,000 into a loan on which no interest would be
charged during the war.
He said that Canada will
purchase about $295,000,000 of Dominion and Canadian
National
JAN. 23 to JAN. 29, 1942, INCLUSIVE
■
Belgium, Belga
Bulgaria, lev vj.——
Czecho-Slovakia, koruna
On Monday
week.
"1
FOREIGN EXCHANGE RATES CERTIFIED- BY FEDERAL RESERVE BANK TO TREASURY UNDER TARIFF ACT OF 1930
EUROPE-4-
year
Prime M. nister Mackenzie King in the course
cer-
We give below a record for the week just passed:
f
::
Jan. 23
of the World War.
The Canadian dollar advanced on Saturday last to
88.25c., but receded to. 88.12 on Tuesday in light dealings,
where
now
tifying daily .to the Secretary of the Treasury the buying rate for cable transfers in the different countries of the
extension- of Government control
000,000 during the second
requirements of Section 522 of the Tariff Act of 1930, the Federal Reserve Bank is
■
,
anti-aircraft; guns, and -18,000,000
.shipping by• theend of. 1943. x
519
'
-•.■■■,.-
Free
Chile,
•
........
peso—
.051335*
—.
•
Official
_
.
_
.
§
Uruguay, pesv
Controlled
Nominal
■
.
'
•
■
•
§
§
.569950*
.569950*
.658300*
.658300*
.524600*
_
+ No
rate.
•
"t
§
§
.■V'.y
.570000*
.570003*
.570000*
!
.
—
Non-contrelled
•
§
**:■■'<■ '
'
.569900*
peso
1
§
§
.
Export
Colombia,
"v
-
■■'■0
•
rates
available.
S Temporarily
=
*524600*
.658300 *
.658300*
.658300*
.658300*
.524600 *
.524600*
.524600*
.524600*
omitted.
,
be
decreased
as
a
which
--J-
themselves.
Figures published in New York on January 24 by the
Swedish-American News
Exchange, Inc., show that-
y
*
'
Exchange on the Latin American countries is generally steady. Secretary of the Treasury Morgenthau last
week explained that the purpose of the currency stabili¬
zation conference proposed at the Rio de Janeiro meet¬
.
ing of American foreign ministers is to work out a per¬
manent international currency of fixed value,'backed by
:
gold or gold arid silver, intended to assist in the revival
of peacetime hemisphere trade. Such an export currency
would be similar, he said, to the old trade dollar used
by the United States in trade with Orient between 1873
'
"If
and 1887,
we
could get some currency unit
common
the Republics and Canada and some kind of fund
back of it to keep the currency stable, it would help
I to
.
the flow of
trade," he said. "It would be purely
an ex¬
port currency, our own dollar or
•
•
'
•>
♦s
a new currency."
If
successful, the arrangement could: be extended to the
rest of the world, Mr. Morgenthau ; suggested. • A plan
was. submitted to Congress last year to create an interrAmerican bank to assist in stabilizing South, American
currencies,
mote
facilitate
investment, • .increase
industrial development and foster
financial
trade,,
economic
cooperation among the republics,
It
pro-,
and
was pro¬
posed that the bank should be capitalized at $100,000,000*
subscribed by the participating countries in proportion
«to the dollar volume of their respective -1933 ^foreign
-'
the status of the proposal disclosed
that the Senate Banking Committee'is planning to con¬
trade. Inquiry as to
duct hearings On
the bill soon.
-
:
Agreements concluded between the United . States and
16 Latin American republics during the conference at
Rio de Jarieiro remove tariff and other trade barriers
(In
Total
Ffederat. Reserve Districts—
,
•
LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS ON JANUARY
ASSETS AND
Swedish imports declined 16%
kroner (about $417,750,000 at
in 1941 from T,671,000,000
par), while exports increased 1% to 1,351,000,000 kroner (about $337,750,000 )
i Rationing of clothing and textiles was begun on Dec. 31.
It was reported that "while export prices in 1941 :*e;mamed constant at 40% above the August 1939 figure,
: import prices continued
to rise. In November 1941 im¬
port prices reached a point 160% above the pre-war
•figures." If* If'
•
-
ing the principal items of resources and liabilities of the reporting member banks in 101 leading cities from
weekly returns are obtained.
These figures are always a week behind those for the Reserve banks
result of the advance in the kroner
•rate from 2.08 to 1.9136 kroner to the mark.
,
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, giv¬
investments—total
and
Loans—total
and agricul. loans
Indus,
Commercial
market
Open
paper
—
Loans to brokers and dealers in secur
for purch.
loans
Other
Real estate
Loans
to
or
carrying securs.
loans,
bills
notes
Cash
U. S. Govt
by
Obligations guar,
securities—.
Reserve with
in
—
Federal Reserve Banks
vault—
—
banks.
Balances with domestic
assets—net
Other
,
Demand
Time
—
/
-
States
Inter-bank
Domestic
Government deposits
banks
San
Mne.- Kansas
apolis
1
Dallas Fr'lM«
City
$
r
13,229
1,412
2,356
917
827
4,329
940
511
858
673
2,658
784
4,136
549
872
337
417
1,410
460
273
463
357
1,141
6,721
430
2,756
289
420
165
233
956
284
151
297
251
489
427
107
95
42
32
19
7
45
24
2
23
2
24
444
12
311
26
15
4
6
45
4
2
4
5
406
15
188
33
17
12
8
57
11
6
10
13
36
1,248
76
190
49
184
52
34
145
59
16
33
22
388
1,917
144
564
110
203
85
127
162
77
96
91
64
1,147
49
444
21
22
9
32
408
18
11
18
32
2,396
42
1.566
27
182
79
51
241
42
15
42
41
68
9,087
452
3,918
444
832
325
159
1,418
244
143
136
141
875
2,709
55
1,555
104
177
102
59
288
64
30
78
40
157
1
$
$
$
$
•'
$
$
1
32
.
2
•
1
»
■
.
'
,
-
1
10
—_' "
194
83
3,673
117
1,610
267
271
65
109
564
112
39
121
62
334
10,507
529
5,333
466
759
287
198
1,512
268
115
255
192
593
18
83
15
8
16
14
31
539
140
103
25
57
29
3.366
182
231
200
338
251
263
625
221
105
320
309
321
68
88
45
49
71
21
15
19
32
305
1,181
70
398
24,426
1,524
11,280
1,254
1,847
715
551
3,463
631
372
669
619
L501
5,254
220
1,094
200
721
202
190
962
186
108
135
131
1,105
1,567
17
863
31
58
48
63
248
20
2
32
36
141
9,236
363
3,567
451
550
420
432
1,483
515
199
516
335
405
642
24
.
—
19
578
6
2
2
9
1
1
766
23
254
13
25
43
18
26
6
8
4
6
340
3,912
250
1,658
216
395
101
99
429
99
64
112
92
397
1
■
—
1
.
'
'
'
-
.
——
—
——^
-
—
*
—
——
maximum production
and provide that each, nation will-
producing the materials and- services for
is best equipped.
Adherence of Argentina,
concentrate .on
Brazil, Chile and Ecuador had not yet been obtained when
the other pacts were announced on Jan. 25, but Brazil's
credit of $25,000,000 was
Bolivia on Jan. 28 for a
program. oL economic development.,
Exchange on the Far Eastern countries is nominally
quoted. It was learned recently that prompt freezing
was
St.
Louis
Chicago
1,501
among the participants for the duration of the war. The
agreements ensure the pooling, of resources to achieve
signature
lanta
deposits:
Capital accounts
it
At¬
mond
•
—
Foreign banks
Borrowings —
Other liabilities
which
Rich¬
land
■
deposits—adjusted.
deposits
United
—
—
LIABILITIES—
Cleve-
11.199
36
banks——
United States bonds
Other
Phila-
delphia
'
Other loans
Treasury
Treasury
New
York
21, 1942
Dollars)
30,211
$
ASSETS—
Loans
Boston
Millions of
assured.
A
granted by the United States to
action
attack
by United States Treasury authorities after the
Pearl Harbor prevented the seizure of some
on
$15,000,000 of war materials originally consigned to areas
now occupied by the Japanese.
Certain Japanese banks
and Philippine banks under Japanese domination have
been reopened in Manila. Japanese capital may not be
remitted to conquored territories, but capital must be
provided by local sources under the control of specially
created
concerns.
Shanghai,
Manila
and
Hong
Kong
dollars
are
not
quoted. Singapore closed at 47 3/16, against 47.25, and
Calcutta at 30.35y against 30.35.
..
r
i
!
■■■
THE COMMERCIAL & FINANCIAL CHRONICLE
520
Saturday, January 31, 1942
Week Ended Jan.
THE COURSE Or BANK CLEARINGS
.
parative
this week show an increase
for the week follows:
summary
Clearings—Returns by Telegraph
Week Ending Jan. 31
■
'
York
New
Chicago
—
-
-
Philadelnhia
Boston
'
Citv
Kansas
*4
'
Sa'n
r
I
"
Louis
St
Francisco
pfttsbureh
'
^
-
ZI
"
Detroit
'
-
"
Cleveland
davs
five
cities
Eleven
—•
—
-
.
days!!!:::::::..
nve
C.—Charleston
Total
(8
Sixth
Federal
L
Sities?one da'y
Total
all
cities
days
five
cities
all
Total
+20.1
+22.9
+19.6
+25.2
+37.6
+ 33.5
+35.9
Reserve
94,505,89673,124,314
ended
24.
Jan.
1,273,507
+ 32.4
69,502,053
60,796,076
'25,335,360
'+ 45.2
19,823,434
18,597,387
217,762,401
167,838,496
+29.7
130,475,678
120,831,863
1,687,63S
District—Atlanta-
6,617,485
5,580,431
+ 18.6
29,858,873
20,811,183
+ 43.5
94,600,000
72,700,000
+ 30.1
37,191,943
25,685,312
+ 44.8
2,418,094
+ 34.8
Total
(10
Seventh
162,648
cities)
Federal
4,161,609,050
+23.2
Mich.—Ann
1.141,771,405
358,525,830
+33.o
Detroit
6,270,789,874 «' 5,020,134,880
+24.9
1,397,419,149
-10.3
1,254,157,975
—
,
.a
,
detailed statement, however, which we present
,
clearings for the whole country having
188,639
39,705,745
40,127,839
262,591,614
203,882,123
+ 28.8
166,839,945
District—Chicago—
429,831
667,012
213,682,987
136,501,162
3,640,714
3,987,545
1,568,271
Terre
Haute
Wis.—Milwaukee
—35.6
595,609
+ 56.5
113,657,236
8.7
3,254,065
—
+ 49.7
furnish
1,304,154
788,343
17,459,000
16,278,000
2,910,182
2,154,795
+
35.1
1,692,250
1,130,807
8,135,219
5,461.723
+ 48.9
4,869,604
4,347,374
25,195,755
20,582,659
+ 22.4
20,896,371
19,688,017
1.487,353
1,232,327
+ 20.7
916,186
+ 85.7
6,979,942
7,138,168
+ 41.1
3,333,360
3,097,907
444,435
402,460
Chicago
401,887,340
325,850,549
+ 23.3
307,257
314,268,811
271,113,643
Decatur
1,441,407
4.4
940,701
968,927
+ 10.4 H
Peoria
4,783,158
Rockford
1,721,327
1,381,288
3,733,563
1,494,503
Springfield
1,553,612
1,348,870
+ 15.2
718,023,121
540,337,034
+ 32.9
(18
cities)
+
+ 28.1
■
3,581,467
+ 15.2
1st
Boston
2d
New
3d
Philadelphia
York
12
.
Mo.—St.
tth
Cleveland
6th
Richmond
497,745,330
6th
Atlanta
7th
Chicago
3,266,995,599
+ 28.2
448,575,981
+ 28.3
465,746,212
377,530,124
+
23.4
296,841,212
268,729,706
217,762,401
167,838,493
+ 29.7
130,475,678
120,831,863
262,591,614
203,882,123
+ 28.8
166,839,945
158,419,670
718,023,121
540,337,034
+
32.9
497,745,330
430,657,213
133,521,068
84,566,186
44
10
..
6th
St.
8th
Minneapolis
Louis
44
18
._
44
4
-
236,048,477
175,637,962
+ 34.4
140,487,564
146,156,120
106,287,958
+
37.5
97,541,019
44
10th Kansas
City_.
11th Dallas
7
-
—U
•
41
10
.
12th San
Francisco
Total
_____
_112
cities
Outside New York City
Canada
119,920,531
71,642,432
128,311.326
+ 34.2
236,530,483
214,895,251
Louis
134,200,000
81,900,000
80,300,000
36,950,267
34.899,236
21,157,297
17,867,832
111.—Quincy
Total
(4
Ninth
Federal
cities)
our
7,848,825,652
+
29.1
5,404,749,353
5,456.294,632
3,807,772,186
2,921,432,730
+
30.3
2,511,956,445
2.300,151,519
422,177,556
336,954,239
+ 15.7
258,675,045
276.609,737
480,000
140,487,564
;
454,000
133,521,068
Reserve District—Minneapolis—
3,164,077
2,432,886
95,739,204
69,824,735
+ 37.1
38,234,026
26,964,491
+ 41.8
+ 30.1
2,508,763
2.116,309
61,749,099
27,629,539
22,269,688
1,966,427
1.873,265
54,967,833
N.
D.—Fargo
3,101,075
2,438,424
S.
D.—Aberdeen
1,151,886
950,136
829,118
+ 38.9
668,802
777,246
+ 22.2
599,309
578,100
3,815,716
3,021,058
+ 26.3
2,419,080
2,178,616
146,156,120
106,287,958
+37.5
97,541,019
84,566,186
^vjTotal (7 cities)
Tenth
Federal
Reserve
District—Kansas
-
+ 27.2
582.375
City—
Neb.—Fremont
-
105,952
Hastings
143,192
3,081,772
2,259,211
Omaha
43,711,524
32,638,688
Wichita
Mo.—Kansas
St.
City
Joseph
Colo.—Colorado
Total
(10
Eleventh
cities)
Federal
Reserve
74,606
98,265
122,926
2,028,626
2,277,141
+ 33.9
27,941.807
29,851,197
2,672,013
2,559,544
+
4.4
2,158,661
3,031,160
+ 48.5
2,677,829
2,206,958
142,212,920
106,779,971
+ 33.2
81,085,872
86,737,088
4,732,151
3,480,794
+ 36.0
2,745,988
3,111,950
8.3
495,043
578,703
2.9
610,086
540,482
119,920,531
128,311,326
521,611
481,737
643,695
662,746
202,334,173
152,128,058
+ 33.0
+
—
2,810,275
District—Dallas—
Texas—Austin
i
1,718,599
1,473,667
+ 16.6
1,548,068
1.504,620
85,831,899
63,441,000
7,194,698
+ 35.3
58,077,033
52.783,312
10,131,184
+ 40.8
5,713,785
7,529.788
1,971,000
2,611,752
2,146,000
+ 21.7
2,275,000
Falls
1,119,439
+ 12.9
1,074,100
849.264
La.—Shreveport
4,630,367
991,766
3,788,965
+ 22.2
2,954,416
2,995.092
106,043,240
79,036,096
+34.2
71,642,432
67,633,076
Wichita
separately for the four years.
78,354
5.5
+ 36.4
+
4,500,932
+
Springs
Pueblo
+ 16.4
91,015
151,603
Lincoln
Kan.—Topeka
week's figures for each city
24
Jan.
Week Ended
50.3
+ 34.4
+
v
Paul
St.
r
6,079,362,070
detailed statement showing last
455,000
1 75,637,962
Minneapolis
Galveston
add
684,000
236,043,477
Minn.—Duluth
Ft. Worth
now
+ 36.2
+ 35.6
+ 26.6
Dallas
We
98,500,000
45,400,266
31,282,696
67,633,076
364,262,438
32 cities
_
361,282,546
271,201,883
•
10
.
+ 34.3
+ 33.0
79,036,093 1
108,043,240
44
-
152,128,058
202,334,173
44
6
_
-
430,657,213
61,573,048
238,399,335
3,249,047,392
547,381,405
44
6
_
255,668,451
3,000.601,653
390,455,055
357,952,368
44
842,323
1,177,276
v
U—
4,187,524,083
<4
1,143,004
39,591,429
$
$
+ 26.9
10
_
3,251,806
1,079,830
.
Ky.—Louisville
1939
1940
ClO
289,910,756
cities
12
_
283,837
Tenn.—Memphis
Mont.—Billings
Inc. or Dec.
$
S
1,048,080
7,766,203
3,712,484
Helena
1941
1942-
Districts
Reserve
1,264,629
1,466,483
+ 26.6
Eighth Federal Reserve District—St, Louia—
by Federal Reserve Districts.
vV^VV^V'^^V.VV.V:^
Week Ended Jan. 24
Federal
2,614,037
5,237,695
Total
SUMMARY OP BANK CLEARINGS
W.
342.201
95.281,778
t
14,420,981
amounted to $6,079,362,070 against $7,848,-
a summary
j
+ 40.2
„
from last year.
In the following we
*'
1,701,614
825,652 in the same week of
Cleveland 23.4%
158,419,670
'
20,790,000
111.—Bloomington
1940. Outside of this city there was an increase of
30.3%, the bank clearings at this center having recorded an increase of 28.0%. We
group the cities according to the Federal Reserve districts in which they are located
and from this it appears that the New York Reserve District (including this city),
recorded an increase of 28.2%.
At the top of the list Minneapolis had a 37.2%
increase in volume of checks cleared over the same week last year; St. Louis was
next with an improvement of 34.4% followed by San Francisco with a rise of 34.3%,
Dallas with 34.2% and Kansas City with 33.0%.
Chicago and Richmond showed
gains of 32.9% and 29.7% respectively; the Atlanta Federal Reserve District had
an
increase of; 28.8%
and Philadelphia of 28.3%. Boston improved 26.9% and
'
2,385,793
Sioux City
further below,
-
26,318,000
_
la.—Cedar Rapids
Des Moines
1,454,693
183,782
+ 28.7
2,347,332
Bend
766,130
19.058,595
+ 12.9
,=■
♦«'" ■(»•., f
Reserve
1,135,154
19,429,000
186,668
Lansing
South
0.7
45,653,732
_
Wayne
Indianapolis
+
58,756,902
Arbor
Ind.—Ft;
+17.3
6,417,554,029
7,524,947,849
for week
1,374,970
Ala.—Birmingham
3,260,084
54,200,000
763,725
19,126,000
21,359,047
1,946.158
+
Orleans
4,564,774
17,494,846-
60,100,000
8.8
1,488,895
28,034,000
La.—New
-
4,772,326
17,508!l92'
,
-'
+ 73.7
1,620,604
28,224,000
Mobile
v:
1,323,808
2,299,075
Fla.—Jacksonville
give final and complete results for the week previous—the week
For that week there was an increase of 29.1%, the aggregate of
able to
are
1,306,509
88,680,492
36,799,557
Nashville
5,129,018,469
v
In the elaborate
we
+ 29.1
117,420,103
Miss.—Vlcksburg
:
+26.3-:; vv'■.
+55.5
+29.1
+29.2
(Saturday) and the Saturday figures will not be available until noon
Accordingly, in the above the last day of the week in all cases has to be
estimated.
2,351,000
37,484,253
Ga.—Atlanta
today
today.
2,496,0(50
36,908,386
Macon
our
ends
329,640
439,296
+ 32.9
+ 16.1
2,178,706
cities)
+ 56.2
554,976
3,661,000
47,919,032
Augusta
Complete and exact details for the week covered by the foregoing will appear
issue of next week. We cannot finish them today, inasmuch as the week
hi
,V
4,866,000
_
_
C.—Washington
v Grand Rapids
All
866,979
Md.—Baltimore
D.
1939V :
$
7V
7
1940,;
' 7
$
55,631,056
_
Richmond
S.
'%
District—Richmond-
Va.—Huntington
Tenn.—KnoxvHle
2,601,948,356
263,199,883
373,000,000
196,142,380
83,884,977
81,000,000
127,599,000
:
127,694,033
V 134,178,520
99,837,582
3,123,953,480
323,347,438
446,000,000
—•
245,472,959
•V;
115,413,907
103,100,000
173,384,000
161,316,853
V 208,597,273
128,926,658
;——
o®«^cuies
Reserve
Va.—Norfolk,,;
1941
v'if 1942
—
W.
Federal
;
„
"
?
Fifth
\
'-vv"
7
$
compared with a year ago. Prelim¬
inary figures compiled by us, based upon telegraphic advices from the chief cities
of the country, indicate that for the week ended today, Saturday, Jan. 31, clearings
from all cities of the United States from which it is possible to obtain weekly clear¬
ings will be 17.3% above those for the corresponding week last year. Our prelim¬
inary total stands at $7,524,947,849 against $6,417,554,029 for the same week in 1941.
At this center there is an increase for the week ended Friday of 20.1%. Our com¬
Bank clearings
24
Inc. or Dec.
'
1941
1942
;
Total
Inc. or Dec.
'Clearing! at— '4
1942
:V. V$
V;,'
First Federal Reserve District—Boston—.
Me.—Bangor
990,156
Portland
Fall
556,736
+
77.9
+
57.1
v
_
312,941,769
898,766
735,019
+
414,015
+
4.9
656,957
+
33.8
River
<
Lowell
—
434,103
___
$
\V-,
'
1,929,284
250,541,401
3,031,810
-
Mass.—Boston
$
!v
464,344
405,543
I,853,452
1,782,042
+ 24.9
219,203,104
'205,162,604
22.3
716,325
V; 595,483
Bedford
Springfield
_____
878,694
-
327,717
340,348
550,427!
786,172
*
_
New
JR.
Haven
___
I.—Providence
N.
—
H.—Manchester..
Total
(12
Federal
Second
+
2,174,331
+ 30.0
2,224,145
11,171,448
+ 82.1
10,069,366
6,209,218
5,030,567
+ 23.4
12,790,100
+ 18.9
580,950
563,240
367,952,368
289,910,756
1
-
cities)
-
Reserve
District—New
II,476,427
7.5
3,347,658
2,826,300
15,213,000
■
\
20,348,488
3,599,114
___
Worcester
Conn.—Hartford
>
3.1
5,004,986
11,365,600
412,558
+26.9
255,668,451
+
Utah—Salt
6,010,857
+ 146.0
1,133,376
+ 19.8
1,156,196
999,405
51,600,000
36,500,000
+ 41.4
35,000,000
30,900,000
i 883,639
638,190
+ 38.7
476,617
497,339
869,494
4,041,053,466
10,925,595
3,157,929,340
8,471,052
5,251,775
4,937,526
+
6,882,265
5,730,752
+ 20.1
Elmlra
____
Jamestown
New
York
_
-Rochester
-
__
_
Syracuse
Conn.—Stamford
902,276
10,489,749
,
3.6
812,587
785,552
+ 28.0
2,892,792,908
; —
+ 29.0
6.4
J
N.
J.
Montclair
N. J.
Northern,
Total
—:
:
(12
Cities)
4,299,665
3,799,703
3,630,622
392,972
3,500,339
332,946
363,880
335,057
17,896,793
+ 2.2.7
17,107,409
14,848,931
31,594,525
26,510,480
+ 19.2
25,770,401
21,049,159
4,187,524,083
—
--
8.6;
+
8,672,527
3,156,143,113
8,270,180
21,955,212
■
——
Newark
3,266,995,599
+28.2
3,000,601,653
3,249,047,392
District—Philadelphia—
Pa.—Altoona
Bethlehem
Chester
-—
Lancaster
Philade'phia
Reading
—
___
Scranton
—
Wilkes-Barre
York
N.
J.—Trenton
(10
cities)
;>
;
Jose
Stockton
Total
Grand
Fourth
Federal
Reserve
(112
cities)
York
New
Cincinnati
-
Mansfield
Youngstown
Pa.—Pittsburgh
+ 38.8
15,347,116
13.359,121
4,042.873
3,836,084
+ 76.1
4,018,022
3,265,397
+ 23.0
2,693,183
3.641.259
196,982,000
3,636,347
155,577,000
+ 26.6
142,485,000
127,749,000
3,153,026
+ 15.3
1,503,941
3,550,028
2,699,693
2,380.622
1,145,324
1,286,399
2,639,209
1,901,488
1,757,852
364,262,438
271,201,883
+34.3
236,530,483
214,895,251
7,848,825,652
6,079,362,070
+ 29.1
5.404,749,353
5,456,294,632
3,807,772,186
2,921,432,730
+ 30.3
2,511,956,445
2,300,151,519
Week
:
V
-•
1942 'V
■
Canada—
455,747
9.4
390,031
101,347,154
35,185,277
+
17,577,641
46,153,771
31,923,457
4,376,048
Halifax
5,289,628
3.734,552
2,984,299
Hamilton
7,163,104
5,833,081
Calgary
6,899,951
2,290,015
2,127,630
6,327,658
+
2,183,305
+
1,944,409
2,890,096
2,523,461
—*
Ottawa
.
•
V
;
Quebec
John
■
361,878
London
308,019
Edmonton
5,933,451
Regina
+ 18.1
+ 14.7
316,861
382,327
+ 18.3
1,060,851
1,267,943
561,000,000
1,265,203
437,000,000
+ 28.4
380,000,000
351,000,000
7.8
1,231,109
1,156,822
Saskatoon
Moose
2,398,511
1,035,160
1,012,974
130,455,060
5.2
+
$
83,046,144
1939
$
92,551,25
+ 18.9
73,169,596
87,857,79
9.6
29,609,842
24,817,93
+ 11.2
15,802,094
17,359,19
+ 44.6
15,038,557
14,616,96
+ 20.9
4,126,141
3,712,22
+ 25.1
2,494,083
4.072.70
+ 22.8
5,899,791
4,793,58
9.0
4,831,779
4,733,36
4.9
+•- 9.4
2,126,938
1,608,432
1.579.06
+ 14.5
2,085,724
2,348,38
1,405,08
4,386,891
+ 35.3
3,415,036
2.810.07
3,956,782
3,514,275
+ 12.6
3,019,929
2,512,72
Brandon
430,318
320,157
+ 34.4
228,550
202,55
Lethbridge
654,278
428,324
+ 52.8
396,667
1,678,057
1,241,749
+ 35.1
1,177,606
969,74
684,729
610,795
+ 12.1
443,846
445,92
1,021,082
1,042,008
846,236
+ 20.7
868,477
749,38
895,263
670,444
+ 16.4
555,659
448,88
833,117
+ 24.3
676,174
575,62
—
369,15
r
Jaw
+ 11.1
2,211,889
2,281,457
2.2
797,420
649,535
Brantford
Fort William
+
1,648,907
1,384,130
+ 19.1
1,100,210
996,565
3,966,000
2,933,900
+ 35.2
2,947,000
2,878,000
574,381,405
448,575,981
+28.3
390,455,055
361,282,546
2,883,601
1940
.
19,549,182
<
22
Dec.
■
38,572,145
Montreal
634,855
—
v
Vancouver
430,698
1,371,613
2,159,279
$
Jan.
or
%
Winnipeg
1,192,785
399,684
Inc.
137,255,589
120,511,394
1,410,954
—
Ended
V
1941
$
Toronto
412,816
749,672
494,192
3,018,717
Cleveland
Columbus
17,731,998
7.7
Victoria
District—Cleveland—
"
24,614,996
+ 22.2
New
I
Westminster
285,411
263,178
+
8.4
180,751
162,98
571,424
+ 40.8
525,393
475,34
708,714
+
51.4
630,037
Kitchener
804,542
1,073,025
1,349,291
1,070,687
+ 26.0
920,601
806,09
Windsor
3,650,028
3.261,355
+
11.9
2,311,654
2.622.71
Hat
Peterborough
1
Sherbrooke
Ohio—Canton
793,696
27,950,599
+
cities)
Total
Outside
31,930,830
734,061
29,401,387
1,396,128
;
(10
36,573,203
3,224,142
Barbara
Santa
;
8.5
+ 44.6
+
'
i
E*.n Francisco
San
+ 51.3
921,240
38,330,582
6,757,019
■
P«.sadena
Medicine
Total
City
Beach
Calif.—Long
St.
Third Federal Reserve
Lake
44,351,219
999,363
55,426.132
7,920,665
14,786,476
1,357,756
_
67,100,476
Yakima
York—
Buffalo
Y.—Albany
District—San Francisco-
Ore.—Portland
422,265
238,399,335
Reserve
Wash.—Seattle
3,492,611
1,892,710
9.181,993
4,339,564
9,998,000
Blnghamton
N.
,
V.
Federal
Twelfth
'
New
,
cities)
(6
1939
1940
%
1941
.V:VV
•
+
4.7
1,973,073
1,660,303
+ 18.4
292,707
537,40
87,678,835
68,251,312
+ 28.5
57,246,731
51,260,967
460,973
389,204
163,585,336
114,107,888
10,333,500
+ 43.4
93,322,678
81,809,935
Moncton
1,284,314
761,033
+ 68.8
794,594
619,61
11,583,900
+ 12.1
9,414,200
8,327,200
Kingston
763,852
600,953
+ 27.1
464,492
451,60
2,645,380
2,155,715
+ 22.7
1,488,841
1,373,757
Chatham
667,253
532,662
+ 25.3
529,112
453,47
3,500,002
193,734,042
3,074,826
+
Barnia
508,508
464,929
+
9.4
417,433
388,23
176,723,282
+
Sudbury
859,480
755,116
+
13.8
987,206
.
13.8
2,165,863
2,466,380
9.6
131,229,826
121,831,164
Prince
Albert
;
;
-
256,44
804,20
"71
Total
("7 r.ities)
ii.
i
L
•
465,746,212!
377,530,124
+23.4
1
296,841,212
268,729,706
^
Total
(32
cities)
> M--4.
—
■
422,177,556
364,954,239
; + 15.7,258,675,045
276,609,737
@FedFRASER