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Financial
Thf
ontmmW j
RCO. U. S
JAl\j R
COPYRIGHTED IN 1G41 «Y WILLIAM 8.
DANA COMPANY, NEW YORK,
ENTERED AS SECOND-CLASS MATTER JUNE
33, 1879, AT THE POST OFFICE AT NEW YORK, NEW YORK, UNOER rate ACT OF
William B. Dana Co.. Publishers,
65oen^his issue
VOL. 152.
NEW YORK, JANUARY 4, 1941
BANK
.3941
Spruce St., New York City
CHASE
THE
BROOKLYN TRUST
COMPANY
25
BANK
NATIONAL
OF THE CITY OF NEW YORK
Chartered 1866
^
OF
George V. McLaughlin
Maintaining effective cor¬
President
BROOKLYN
NEW YORK
N E W
policy of
the Chase National Bank.
Member Federal Deposit Insurance
YORK
Corporation
respondent hank service
is "a traditional
Broaden your customer
service
with
Chase
cor¬
respondent facilities.
Hallgarten & Co.
Member
Federal
Deposit Insurance
Corporation
Eatabliahed 18S0
United States
NEW YORK
Government
I
London
Chicago
Securities
City of
Philadelphia
PUBLIC UTILITY
Bonds
INDUSTRIAL
7*hc
RAILROAD
FIRST BOSTON
CORPORATION
MUNICIPAL
BOSTON
NEWYORK
BONDS
CHICAGO
Moncure Biddle & Co.
PHILADELPHIA
'
SAN FRANCISCO
PHILADELPHIA
AND OTHER
.
PRINCIPAL CITIES
A-CALLYN^COMPANY
INCORPORATED
CHICAGO
Boston
Detroit
Philadelphia
Milwaukee
New York
Omaha
PACIFIC NORTHWEST
The
SECURITIES
New York Trust
Company
Capital Funds. $37,500,000
^Drumhellcr, Ehrltchman
Company
eattle
Exchange Bldg.
OTIS & CO.
(Incorporated)
IOO
Established 1899
NewYork
CLEVELAND
BROADWAY
City of Philadelphia Bonds
Comm.of Pa.Turnpike Rev.
Chicago
3%s,'68
Lehigh Coal & Nav. Funding 4s, '48
Lehigh Coal & Nav. Cons. 4*^8, '64
Phila. Suburban Water 1st 4s,
MADISON AVENUE
R. H. Johnson & Co.
AND 40TH
STREET
'63
Lehigh & New Eng. Gen'l 4s, 1965
Strawbridge & Clothier 1st 5s, 1948
Members
*
1965
Buffalo & Susquehanna 1st 4s,
New York Stock Exchange
New York Curt* Exchange
64 Wall
St.
PHILADELPHIA
BOSTON
Yvrnall & Co.
NewYork
ONE EAST
1528 Walnut
Street,
Philadelphia
57TH STREET
Canadian Securities
CariM.
Loeb,Rhoades&Co.
61
BROADWAY
Member of the
NIW YORK
London
Gonovo
Buenos Aires
Federal Deposit
haurance Corporation
HART SMITH & CO.
52
Montreal
William St.
NEW YORK
Toronto
B
/'
The Commercial & Financial Chronicle
II
Jan. 4, 1941
Dividends
DOMESTIC
FINANCE
CORPORATION
DIVIDEND
NOTICES
STOCK
COMMON
A quarterly
dividend of 35c
a
share, plus an extra divi¬
dend of 40c a share, has
been declared
the
on
com¬
stock of the company,
mon
payable February I, 1941, to
holders of record Jan. 27,1941.
49TH
CONSECUTIVE
DIVIDEND
Cumulative Preference Stock
The 49th consecutive quar¬
terly dividend
lative
the Cumu¬
on
Stock
Preference
of
the company
sor
and predeces¬
constituent company has
been declared at the rate of
50c
a share, payable Feb. 1,
1941, to holders of record
January 27, 1941.
L. E. MICKLE,
Vices-Pies, and Treasurer
34
OFFICES
IN
STATES
9
Foreign
THE CANADIAN BANK
OF COMMERCE
HEAD OFFICE:
TORONTO
Established 1867
Paid-Up Capital
$30,000,000
Reserve
20,000,000
This Bank is in close touch with
Our
are
Government, industrial, financial, labor and educational leaders
making comprehensive plans for
paredness
in the
greater progress
'Collectively, and
individuals, it is
as
our
may
corporations,
dividuals
firms
interested
and in¬
Canadian
in
business.
our
duty to THINK,
TALK, and ACT constructively in doing our part so that greater
speed
commercial and financial life
of Canada and is well equipped to
serve
pre¬
of the United States.
program
the
be made in the advancement and strengthening of
Branches
in
every
important
city and town in Canada and New¬
foundland, also in Portland, Oregon;
San Francisco; Seattle; Los An¬
geles; London, England; Havana;
Kingston,
Jamaica; Bridgetown,
Barbados,
and
Port
of
Spain,
Trinidad.
country.
NEW YORK
AGENCY
Exchange pi. & Hanover St.
INTERNATIONAL
BUSINESS
510
MADISON
AVENUE,
NEW
CORPORATION
MACHINES
World Headquarters Building
Branch Offices
YORK,
PRINCIPAL
IN
N. Y
CITIES
OF
TIE
WORLD
BANK OF MONTREAL
Established l8l7
Peat, Mar wick, Mitchell & Co.
Certified
Head
Montreal
Office
Public Accountants
70
pine
new
street
Capital
Rest
york
->
136,000,000
-
-
-
Total Assets in
we
mr.
r
-
Excess
of
$39,000,000
-
$950,000,000
President
are
pleased
walter
a.
to
m.
announce
cooper,
that
Huntly R. Drummorul
Vice-Presidents
certified
Maj.-Gen. The Hon. S. C. Mewburn, C.M.G.
public accountant, has been admitted
W. A.
Bog
General Managers
to partnership in our firm. mr. cooper
will
continue
to
specialize
Jackson
Dodds*— G.
Branches and
federal and state taxation
W. Spinney
in
matters.
In
Canada
and
Agencies
Newfoundland—
More than 500 Branches.
In London:
Peat. Marwick. Mitchell & Co.
47 Threadneedle St., E.C. 2;
9 Waterloo Place, S.W. 1.
In the United States—New
offices
of the
in
the
united
principal
states
of
cities
america.
York, 64 Wall St.;
Chicago: 27 South La Salle St.;
San Francisco:
(San
Street.
Bank of Montreal
Francisco),
333
California
1
1W
I
ommftrial §■
Vol. 152
JANUARY 4,
No. 3941
1941
CONTENTS
Editorials
The Financial Situation.
The
President's
1
13
Speech
Guns and Butter.
14
Comment and Review
Monthly Range of Prices
Week
on
the
on
New York Stock Exchange.
European Stock Exchanges
5
Foreign Political and Economic Situation.*..,
Foreign Exchange Rates and Comment
49
6
10 & 72
Course of the Bond Market
17
Indications of Business Activity
18
Week
on
the New York Stock Exchange
Week
on
the New York Curb Exchange..
4
70
News
Current Events and Discussions
Bank and Trust
1
Company Items
29
46
General Corporation and Investment News
110
Dry Goods Trade
143
State and
144
Municipal Department.
Stocks and Bonds
Foreign Stock. Exchange Quotations
72
Bonds Called and Sinking Fund Notices
72
Dividends Declared
73
Auction Sales
72
New York Stock
Exchange—Stock Quotations
•New York Stock
Exchange—Bond Quotations
New York Curb Exchange—Stock
•New York Curb
Quotations
78
78 & 88
....
Exchange—Bond Quotations........
94
98
Other Exchanges—Stock and Bond Quotations
100
Canadian Markets—Stock and Bond
104
Quotations
Over-the-Counter Securities—Stock & Bond Quotations.
106
Reports
Foreign Bank Statements
9
Course of Bank Clearings
70
Federal Reserve Bank Statements
29 & 75
General
...
Corporation and Investment News
Commodities
Crops
110
The Commercial Markets and the
135
Cotton
137
Breadstuffs
*
Attention Is directed to the
141
column incorporated in our
tables
on New York Stock Exchange and New York Ourb Exchange bond quota¬
tions pertaining to bank eligibility and rating.
Published Every
new
Saturday Morning by the William B. Dana Company, 25 Spruce Street,
Herbert D. Selbert, Chairman of the Board and Editor; William Dana Selbert,
Other offices: Chicago—In charge of Fred H. Gray, Western Representative,
Edwards & SmithTl Drapers' Gardens, London, E.C.
Copyright mi by
New York City, N. Y.
President and Treasurer; William D, Riggs, Business Manager.
208 South La Salle Street (Telephone State 0613).. London—
William B Dana Company
Entered as second-class matter
June 23, 1879, at the post office at New ifork, N. Y., under the Act of March 3, 1879.
Subscriptions
bar year. $10.00 for 6 months; in Dominion of Canada, $19.60 per year, $10.75 for 6 months.
South
in United States and Possessions, $18.00
and Central America, Spain, Mexico and
Cuba, $21.50 per year, $11.75 for 6 months, Great Britain, Continental Europe (except Spain), Asia, Australia and Africa, $23.00 per year,
$12.50 for 6 months.
Transient display advertising matter. 45 cents per agate line.
Contract and card rates on request. NOTE: On account
of the fluctuations in the rates of exchange, remittances for foreign subscriptions and advertisements must be made in New York funds.
fan. 4, 1941
The Commercial & Financial Chronicle
XVI
CHASE
THE
BANK
NATIONAL
OF THE
Statement
CITY
OF
NEW
YORK
of Condition, December 31, 1940
RESOURCES
Cash
Due
and
Banks
from
U. S. Government
.
.
Obligations,
.
.
.
.
.
$1,672,535,043.37
.
direct and fully
1,098,107,661.27
guaranteed
State
and
Stock
of
Municipal Securities
.
Federal Reserve Bank
.
.
.
....
Other Securities
Loans, Discounts
Banking Houses
.
.
and
6,016,200.00
.
Bankers7 Acceptances.
173,132,797.85
664,189,467.87
.
.
.
.
.
.
...
.
.
.
.
.
.
.
.
.
35,302,430.54
.
.
.
.
.
.
7,370,349.59
10,379,106.94
...
Customers7 Acceptance Liability
Other Assets
.
...
Other Real Estate
Mortgages
131,015,063.03
.
...
...
.
.
.
.
15,987,575.78
.
.
.
.
.
10,367,650.56
$3,824,403,346.80
LIABILITIES
Capital Funds:
Capital Stock
Surplus
.
.
.
.
.
.
.
.
.
$100,270,000.00
100,270,000.00
.
Undivided Profits
36,212,199.17
$
Dividend Payable February
Reserve
Reserve
Contingencies
for
for
Deposits
.
15 1941
.
Taxes, Interest,
.
.
.
.
.
.
.
.
.
etc.
.
.
.
11,271,350.40
.
.
.
.
1.396.654.73
3,543,337,564.42
.
Acceptances Outstanding
Liability
as
Endorser
Other Liabilities
.
on
.
236,752,199.17
5,180,000.00
.
17,854,436.92
Acceptances
.
.
.
.
.
and
.
.
Foreign Bills
...
.
.
.
230,671.42
.
8.380.469.74
$3,824,403,346.80
United States Government and other securities carried
public and
trust
deposits and for other
at
purposes as
Member Federal Deposit
$181,325,330.00
required
or
are
pledged
to secure
permitted by law.
Insurance Corporation
The Financial Situation
have set
IT IS with thoughtful elements inofthe population
concern this
that no ordinary degree
the
await
budget
week.
next
message
of
For ten years we
the
The
President; due
have been
accumu¬
of
debt
that
have
during that
$34,000,000,000
obligations
or
evidence of^very'material
no
Government
in
guaranteed
arising from this trebling
lating deficits and debt in Washington, and evi¬
dences
ourselves, show
reduction.
year
by
the
of the debt has
tributed itself among institutional
period in
securities,
Government,
dis¬
so
holders, especially
greatly disproportionate degree found their way into
commercial banks,
the portfolios of the commercial banks of
troublesome than ordinarily would be the case even
to
the country
that its
with
enlarge deposits and lay
excellent basis
an
for
inflationary boom the like
of which this country
not
has
at least since the
seen
days of the Civil War and
the greenback era".
poor
In this
financial diathesis the
country finds itself faced
with
a
ment
of
program
arma¬
production which
equals, if it does not sub¬
stantially exceed, that of
the World War
advance
come
which
have
in
all
we
Now
era.
reports,
must
recently
ordinary
reduce
expenditures
bottom
rock
figures
now
mitted
carry
reductions
the
be sub¬
but trifling
to
anywhere in the
show estimates of
for
to
budget
list of items and of
outlays
almost transcend the prac¬
tical imagination.
the
brief review of
a
decade
immediately
past during which we have
known
not
a
public debt has been
steadily and rapidly
mounting to higher figures
each
year
pose
face
of
the
is sufficient to
problems
the
now
us
as
a
that
result
extraordinarily
reckless
Dec.
of
management
On
fiscal affairs.
our
31,
1930,
still further
Because
have
rates
the
of
fallen
excess
to
the
Na¬
Some of them
at
future
the
for
well below the
well-being of
our
and for the national
this
low
include:
than
and
of potential increases in
be removed.
These
larger portion of the defense
debt,
gations,
was
000,
a
owned
a
Federal
the
this
decade,
are
held
a
had
a
larger
last
during the
years
the
Throughout all
total
insur¬
companies, chiefly
life
companies,
in¬
creased their holdings from
$608,000,000
System,
approach to
expenditures which
four billion
National
something
over
to
a
little
$7,000,000,000,
increase
from
less
an
than
4% of the total debt to
about 14.5%.
investors,
Individual
trustees,
and
over
debt in
of institutions
52.5% of the
1930; today they
own
only
25%.
Much is sometimes made of the fact that Govern¬
past few years
dollars, have
expanded to seven and eight and more and, quite
apart from the defense program upon which we
30
$3,-
some
The
160,000,000.
Na¬
June
on
held about
immediately preceding 1930 aver¬
aged between 3and
debt;
other types
included.
Annual
than
more
they owned
ance
specific
"report"
to Congress, we are certain that few sensible
people will find much to criticize in these
sentences which have been quoted here.
although during the
budget.
little
a
tional
Whatever may be thought of other
balanced budget or even an
balanced
pri¬
$70Q,000,000 of the
recommendations contained in this
receipts have increased enormously, not once have
we
and
savings
banks ten years ago
vate
the Presidents of the Federal Reserve Banks,
and the Federal Advisory Council to Congress.
later, it exceeds $50,000,000,000 if the guar¬
obligations
little
The Re¬
later, $2,450,000,000.
Mutual
026,0.00,000; today, ten
anteed
over
or a
held $591,000,000; in
year
tional debt stood at $16,-
years
something
banks in the earlier
serve
expenses
Reserve
Of
more.
than 34%.
.more
by tax
the
$48,500,000,-
little
$16,500,000,000,
the
of
or
this the commercial banks
revenues rather than
Whatever the point may be
budget should be balanced,
there can not be any question that whenever
the country approaches a condition of full
utilization of its economic capacity, .
•
.
the budget should be balanced.—Board of
Governors
or
On June 30 last the
should
the National income increases
which
the
of
little less
30%.
by borrowing.
at
a
$4,800,000,000,
the
should be met
banks
a
completely changed inter¬
national situation during the past year, the
power further to devalue the dollar in terms
of gold is no longer necessary or desirable
and should be permitted to lapse.
.
.
.
The financing of both
the ordinary re¬
quirements of Government and the extraor¬
dinary needs of the defense program should
be accomplished by drawing upon the existing
large volume of deposits rather than by
creating additional deposits through bank
purchases of Government securities.
.
.
.
As
Of
com-
somewhat less than
The power to issue three billions of
of
direct debt the
country owned
greenbacks; further monetization of foreign
silver; the power to issue silver certificates
against the seigniorage .
.
.on previous
purchases of silver.
view
guaranteed
no
consequence.
including contingent obli¬
sources
reserves
30,
debt
$16,185,000,000.
mercial
...
Various
excess
serve
June
National
was
debt of
reas¬
as
the
There
will
On
stood at
charitable
economy
date
well.
1930,
and educational institutions, for the holders
of insurance policies and savings
bank ac¬
counts,
whole.
a
30
changes taking
that
as
ex¬
unprecedentedly
are
for
June
place in the decade ended
interest
reserves,
but
than
to
as
hand
at
later
last,
Government securities have
become the chief asset of the banking system,
and purchases by banks have created addi¬
tional deposits.
balanced
budget and during which
the
have
not
date
pansive effects.
In
course
military purposes which
Only
will
completeness
phase of the matter
are
of
program
basis;
expressed
to
Government
the
burden of
a
Figures approach¬
this
onable requirements of an easy money policy,
and are raising serious, long-term problems
fact, strongly suggest¬
determination
necessarily large defense
levels.
ing that despite the Presi¬
dent's
The
more
ing
and cur¬
is 50% greater than in any other
period in our history.
Excess reserves are
huge and are increasing.
They provide a
base for more than doubling the existing
supply of bank credit.
Since the early part
of 1934, $14,000,000,000 of gold, the principal
cause of excess reserves, has flowed into the
country and the stream of incoming gold is
continuing.
rency
hope
substantial
no
Financial Preparedness
volume of demand deposits
The
large
so
debt.
an
is much
presence
ment
the
agencies such as the old-age insurance fund,
unemployment compensation trust fund, and
the postal savings system
of
the
National
with less than
debt
hold nearly $7,100,000,000
at
this
time,
$1,000,000,000 ten
as
years
compared
ago.
One
would suppose from some of the discussions that it
is necessary to
deduct these holdings from the out-
/
standing National debt to obtain
however, is obviously not the
these
by
net figure.
a
case,
the
Such,
the
Government
holding
promise to
much
for
the
different
a
They
pay.
utmost
for the most part,
part of the public debt
a
Government
Bond
during this
ceipts
than
period
Purchases
economy
the
from
commercial
banks
creating deposits against
growing
a
plished
Yet
a
defense
year
This gold inflow, in turn, while partly
Nation
a
had and still
in substantial part a
gold content of the dollar.
holdings
years
took
later
which
control, is also
during
the
first
and savings
companies
earlier
the
from
tributed
in
been
commercial
various
in the
non-
the rate of
at
or
or
outlays during the first half
nearly
very
about
$7,000,-
this
of
in
nature
about
"defense
Work
ex¬
amount
It is
1942.
of the expenditures listed elsewhere
purposes,
Projects Administration and
agencies
some
reporting
are now
projects," but the difference will not be
large.
very
Examination
of
the
details
the
of
during the first six months of the
•
this
ended June 30,
year
some
of the other Government
bond campaign,
Word from Wash¬
budget will be effected for defense
the
since
dis¬
by the
the President estimated
have amounted to
year
during the fiscal
Despite
notwithstanding the larger purchases
accom¬
In his budget
is that the President will suggest
now
possible that
was
then
public.
the so-called baby
of
success
the
to
ways
and
fiscal
penditures
by the Govern¬
banks
expenditures
consequence
the year at this latter amount.
inflationary funds
borrowed
the
ington
six
institutions
or
year.
The Secretary of the
Treasury recently estimated such expenditures for
as
The increase in banking
chiefly
more
000,000 for the entire
an
development which is, by and large, to be
had
ment
and
we
tinkering with the
our
considered but the investment of
the
which
of the period, while the accumulations of the
insurance
a
place
little
have
result of
over
nothing of
Such
more.
of
gold.
concerned.
time ago took
scrutiny of current Treasury state¬
ago
$3,500,000,000,
outgrowth of world conditions
some
non-defense
are
expenditures at around $6,500,000,000
little
a
ac¬
abnormal influx
an
ordinary,
Government
immediately in prospect.
count, which incidentally kept growing and is still
result of
obviously calls for the
as
cognizance of this fact, and proclaimed
increasing largely
as a
far
the
reveals
or
message
process
reserve
week
next
the
of
country which paid for them by the simple
of
be semi-official outgivings
concerning the budget estimates to be announced
who had saved them from their current
but
income,
need
ments and what appear to
re¬
more
third, not from the pockets of individuals
a
groups
:
.
have
his intention to cut such non-essential
supplement inadequate
to
■
and above that which
this
as
as
of
to the bone.
Treasury
'
Jan. 4, 1941
certainly
over
Indeed, the President
in the amount of substantially
came,
money
situation
a
expenditures
as
other.
as any
It is thus clear that the funds afforded the
of
; ;
'
likely to raise through taxation.
Such
of ^Government
kind
are,
it is
various
of
account
of
sums
less official
of
'■ /
,
Treasury will almost
large
since most of
holdings represent "investment" of funds held
parties
or
'
'
The Commercial & Financial Chronicle
2
expenditures
confirm the impression that little
year
fiscal
current
nothing
of reduction of
or
various institutions
is
the
non-essential
quate to its needs and the needs it must continue
this year, against less than
$486,000,000 last year.
The Farm Security and the Rural Electrification
holding the savings of the people,
Treasury has yet to develop a public market
among bona fide investors for its obligations ade¬
to have
so
long
certain to do
in the
proportions
The
huge deficits persist
as
while the defen
now
e
they
as
are
continues
program
planned.
position in which all of this has placed the
commercial
banks
of
the
country
be
can
readily
by the scrutiny of the weekly reports of the
member banks.
As of Dec. 18 these
seen
reporting
banks held loans of all kinds in the amount of
what
than
more
$9,340,000,000.
some¬
Compare
this
figure with the following list of holdings of Govern¬
ment
obligations:
Treasury bills, $759,000,000;
being accomplished in the
Program
outlays.
has
way
The Agricultural Adjustment
taken
upwards
of
$525,000,000
administrations have expended somewhat less than
last year, but the cost of the Farm Tenant Act
has risen.
less,
Reclamation projects have taken
but the old pork barrel,
a
River and
little
Harbor
Work and Flood
Control, has cost us nearly $130,against less than $122,000,000 last year.
Expenditures of the Civil Conservation Corps have
000,000,
been
reduced from
but
the
pended
National
Roads
year
has
against
ex¬
about
$35,000,000
States
Administration
$46,000,000 this
over
Treasury notes, $2,093,000,000; United States bonds,
$6,956,000,000; obligations guaranteed by the United
$147,000,000 to $136,000,000,
Youth
Government,
be deceived for
of
these
a
$2,734,000,000.
moment
obligations held by
nically short-term.
They
Let
are
banks
the
or
to
refund
reduce their extended
degree that
outside
the
a
banks.
them.
In
of
of
banks
their
assets
the
banks
and
can
thus
position correspondingly only
extreme
the
The
amounts
these
to
call
country
frozen
in
circumstances
the
current
"liquid."
every
real
it
is
position
Not only
sense
of the
term, but their deposit liabilities
are extraordinarily
high in relation to their capital funds.
Enormous
Treasury deficits during the coming year and the
years
which follow simply must
recklessly into the portfolios
of
not
be
the
banks.
shoveled
Yet
Administration $114,000,000,
000,000.
Despite
the
rapid
against $105,-
increase
in
general
business activity the outlays of the WPA have been
reduced
choice
no
market for them is developed
foolish in the
are
tech¬
that technically only.
dispose of them in substantial
in the
one
many
are
When they mature, the Government has
but to fund
no
by the fact that
last; the Social Security Board some
$215,000,000, against $180,000,000, and the Public
The
by only $86,000,000 to $651,000,000.
Secretary of the Treasury has recently again
estimated
fiscal
defense
year
at
expenditures during the
$5,000,000,000.,
Current
place them at $10,000,000,000 next
run
to such
a
current estimates
total
as
good
we
as
they
are now
as
named
the
One man's
another's
accept what
are per¬
running and
as
suggest that they will next year,
outlays would reach
$17,000,000,000.
if
If they
year.
figure and ordinary outlays
mitted to continue
current
estimates
as
to
appears
staggering
guess
sum
of
is probably about
receipts next year, but
to be the most generally
figure, $9,000,000,000, we should have to
deficit next year of around $8,000,000,000.
expect
a
When
we
recall the interest rates which the
Treasury
Volume
has been accustomed to pay on
do
not
only
its obligations, and
tutions, raising their holdings of such instruments
to $19,750,781,000.
Other cash moved up as cur-
the
future,
readily
we
see
that the
Treasury has its work cut out for it if it is to avoid
the
in
large additional amount of its obligations
a
portfolios of the banks during the coming
It is for
year.
to such
the public which gives its attention
matters, is awaiting the words of the
this week with
with
of this sort that the public,
reasons
that portion of
or
The Treasury deposited
$69,999,000 gold certificates with the regional insti-
matter of rates but also of general
a
confidence in
placing
500,000 Treasury notes.
remember that willingness to invest
not fail to
is
3
The Commercial & Financial Chronicle
152'
President
extraordinary interest not unmixed
concern.
rency
to $20,035,582,000.
;
Federal Reserve notes in actual
circulation declined $33,911,000 to $5,930,997,000.
Total deposits with the regional banks increased
$96,361,000
to
$16,126,567,000, with
the account
variations consisting of an increase of member bank
reserve deposits by $188,390,000 to $11,025,633,000;
a
Die
Federal Reserve Bank Statement
returned to the banks, and total reserves of
the 12 Federal Reserve banks advanced $115,011,000
t*ie Treasury general account by $113,-
decline
013,000, to $368,181,000 ; an increase of foreign de-
WITH the holiday bulge of currency in circula- positsofby $21,617,000 to $1,132,909,000, and a debeing modified, and gold still flowcline
other deposits by $663,000 to $599,511,000.
tion
now
ing toward the United States in heavy volume, the
The reserve ratio improved to 90.8% from 90.6%.
expected advance in idle credit is amply reflected
Discounts by the Federal Reserve banks were off
in
$1,285,000
official
the
Excess reserves of member
period ended Dec. 31.
banks
This
urged,
for last year, but it was the largest
Federal Reserve
In
this
document,
which
the
deserves
greatest study and consideration, policies are urged
legislation suggested which would remove some
of the anomalous
aspects of the present monetary
situation and make
possible effective counter moves
Added
developments.
inflationary
power
is
sought to increase reserve requirements of member
banks.
to
Means
asked for "insulating" the
are
from the
credit system
A closer
impact of further gold receipts.
approach
to
Federal budget is sug-
balanced
a
gested, and termination is proposed of the special
presidential authority to devalue the dollar, issue
to $3,000,000,000 of greenbacks and issue cur-
up
rency
against purchases of foreign silver.
The
weekly banking statistics indicate that cur-
declined $84,000,000
circulation
in
rency
in the
period between Christmas and New Year's Day, to
a
total of
the
Monetary gold stocks of
$8,733,000,000.
$65,000,090
increased
country
to
$21,995,-
Also contributing to the advance of memreserve deposits was a sizable reduction
000,000.
bank
ber
general account balance with the
of
the Treasury
12
Federal Reserve banks.
There
were
no
offsets
significance, and the increase of $180,000,000
excess reserves thus is not surprising.
On the
of any
in
demand
noted
of
side
only
a
The national
of
course,
credit picture there is to
the loan
and
Weekly
found
banks
member
the
be
modest week-by-vreek increase of loans.
defense program still is in its infancy,
observation.
totals will
reporting
their
bear careful
New
business
York
City
loans
up
$1,000,000 in the period under review, to a total of
$1,907,000,000.
and
dealers
on
Loans by the same banks to brokers
security collateral increased $32,-
000,000 to $419,000,000.
12
The
train
ovem er
investors, rather than to banks, is
$7,000,000,000 mark.
prospect gives point to the special report and
tration.
ties
.
Foreign Trade in
securi-
the
over
System, Wednesday, to Congress and the Adminis-
to
fell $1,027,000 to $5,226,000.
Sale of United States Government
move
recommendations submitted by the
and
advances
'HE country's exports in November dropped off
1
a little from October, but remained substantTally above the year previous.
Imports, on the
other hand, rose above October, but did not quite
come up to the level of a year ago.
The two items
of trade, however, together aggregated $551,
.115,060, approximately the same as October and
nearly 5% greater than November, 1939.
November's export trade had an aggregate value
of $327,685,000, compared with $343,848,000 in October and $292,453,000 in November, 1939.
The
month's aggregate was somewhat less than average
records and
oils
to make such advances
likelihood that the total soon will top previ-
every
Industrial
$2,915,000.
to
dropped $60,000 to $7,538,000, while commitments
There is
$6,620,000,000.
000,000 in the week to
$180,-
increased
requirements
legal
over
weekly
banking statistics for the
Federal Reserve
from open
period.
banks continued
to
re-
market operations in the weekly
Holdings of United States Treasury obli-
gations again are reported at $2,184,100,000. consisting of $1,284,600,000 Treasury bonds and $899,-
' I
ber since 1929.
for any Novem-
The decrease from October was
and
grain, but chiefly to a dropping off in exports of
iron and steel, ncn-ferrous metals, and aircraft,
The tightening of the export restrictions on iron
and steel scrap, effective Opt. 16, apparently had
its effect, for scrap exports dropped to only
$1,304,000 from $4,650,000 in October and $5,173,000
in November, 1939.
Compared with a year ago,
however, total shipments of both ferrous and nonferrous metals and aircraft as well as such other
items useful in a war economy as machine tools,
firearms and motor trucks, continued substantially
higher. The total value of exports of these six
items in November amounted to about $130,000,000,
partly due
or
twice
as
to
smaller shipments of cotton
much as in November, 1939.
Farm
products continued to compare unfavorably with
last year, particularly cotton.
Exports of the
staple dropped to only 146,363 bales, valued at
$7,703,000, from 197.112 bales, valued at $10,541,000
in October, and 597,565 bales, worth $30,563,000,
in Novemlx>r, 1939. In the four months ended
Nov. 30 the United Kingdom took only a little
more than a third as much cotton as in the same
period of 1939, and Japan, another large purchaser
ordinarily, reduced, its purchases by 93%.
Of
course, to several European countries which in the
past have taken substantial quantities, no shipments at all have been possible. The Soviet Union,
on the other hand, which has since 1935 taken no
consequential amount of American cotton, pur¬
chased $2,600,000 worth in November and $3,000,000
in October.
The Commercial & Financial Chronicle
4
General
value of
imports in November had
aggregate
an
$223,430,000, compared with $206,939,000
in October and
$235,458,000 in November, 1939.
It
was
the second successive month in which the total
was
under the year
showing
gains
amounts
of
tinued
to
previous, following 19 months
the
over
preceding
so-called
the
in
come
Large
year.
strategic materials
during the
con-
including
month,
motor shares
and
of
only
minor
im-
scarcity
absence is likely to be felt in
or
households, were imported in sharply reduced
many
The former dropped to only
quantity in November.
35% of
An
and the latter to 55%.
a year ago
months to
dar year
bringing the total for the 11
trade,
$1,331,117,090.
efpected
is
to approximate $1,490,909,090,
which would be the
In 1939 the
United
November, raising the total for
months, which already was well above
previous entire year, to $4,612,289,000.
any
Exports of
gold in the 11 months amounted to only $4,992,090.
Silver
imports in November totaled $4,721,009,
about the
month
totaled
1940 level.
average
Exports during the
virtually nil,' and in the 11 months
were
only $3,551,000.
ket movements is
...
,,
,
«
,
New
the
changes
upward tend-
an
speculative securities, while
among
high-grade investment issues drifted lower.
dation of
Liqui-
ceased, of course, as the
new year
Relaxation of this downward pressure pos-
dawned.
sibly accounts in part for the slightly better trend
of
securities
the
much
affected.
uncertainty
the advent of
dictions of
a
The
there
on
arrived.
requirements.
The spirit of
was
indicated,
first
two
sessions
of
as
this
1,000,000-share
Day
suspension,
hardly
more
Most
small
There
managed
over
were
the
on
the
British
sizable blocks
for purposes
xhe
close
levels
over
Year's
dwindled
to
prevalent
a
at
week
which
was
sharply
Rumors' circulated that
were
being arranged in
authorities, who
of
yesterday
noteworthy exceptions,
group,
Thursday.
large sales of such stocks
of
New
turnover
to
some
especially in the motors
behalf
the
than 500,000 shares in the full sessions,
advances
depressed
After
however,
equities
earlier.
level.
1941
week
equity turnover continued to range somewhat
the
pre-
prompt decline of stock and bond
the
American
are
stocks
of augmenting the dollar
recede,
advances,
Wednesday of the Federal Reserve
on
authority brought about
a
slow downward drift of
States Government obligations and other
high-grade
of
bonds
bonds.
investment
speculative
the
quiet demand.
Cheaper
classifications
Some of the specialties
proved,
notably
International
tures.
Foreign
dollar
railroad
were
also
Telephone
securities
were
in
im-
debenmarked
owing to relaxa-
year,
tion of tax loss liquidation.
Commodity markets
inclined to advance, leading grains developing
were
strength in the pits.
Base metals
doubtless would advance sharply
restraining
watch
influence
of
quotations.
on
firm and
were
it not for the
careful
a
were
Washington
Foreign exchange dealings
remained modest, and official controls held rates in
their previous
narrow
Gold continued to
range.
the Atlantic toward the United States.
across
on
the New York Stock Exchange
re-
unchanged at 1%.
On the New York Stock Exchange on Monday,
the sales on
892,109
shares;
Saturday
were
1,178,177 shares:
Tuesday, 1,072,670 shares;
on
Thursday, 527,470 shares, and
on
Friday, 505,940
on
shares.
On the New York Curb Exchange the sales
Saturday
shares;
208,040 shares;
were
on
on
on
Monday, 332,233
Tuesday, 270,589 shares;
on
99,705 shares, and
stock and bond issues in which
on
Thursday,
Friday, 191,955 shares,
time to extend them in
turnover in
short session
was
of
The leading
a
degree in the heavi-
month.
Trading for the
the broadest in
was
more
of
final period.
On the day, steels
a
improved, and rail,
copper
were
Monday proved
effect it had
equities
was
price levels
witnessed
purposes,
on
end,
on
negligible factor in the adverse
prices.
A consistent demand for
raised moderately.
The first hour
demand for stocks for reinvestment
and it was at this period that the list
received its greatest support.
volume
Motor and ship-
Tax-loss selling
present a greater part of the day, and
were
a
a
moderately
and rubber stocks ruled
unchanged to fractionally higher.
run
seven
few isolated instances in the
building issues closed mixed.
an
than
present from the
Opening gains held through the closing with
the exception
was
groups,
improvement.
on
Thereafter trading
fairly well maintained, but
moderate
over
a
Firmness of prices
months.
start.
over
taken
resources
liquidation of the
holdings had been completed.
est
took place in most
London
to
small
System recommendations for added credit control
liquidating
Government.
T. J. Carlyle Gifford,
special agent of the British Treasury in New York,
made public on
Tuesday a list of 68 United States
British
showed
same
the New York Stock Exchange,
In
bonds
two-way affair,
a
inclined
Congress brought prompt
importance of the tax selling
trading
Disclosure
was
media
On Saturday of last week the market held to its
rising deficits and still larger tax
a
pur-
gains of the previous session and managed at the
was
buying of stocks to small proportions,
meanwhile, in
or
again
exactions for defense
caution held
But
small sales
on
to moves in Washington, where
as
new
ever
even
investment
speculative
while
low-priced stocks and bonds for establish-
ment of tax losses
best
with
mained
stock
mostly modest, with
were
the rule
ency
York
for
course,
chases.
Call loans
,
CONFLICTING influences developed and price
market, this week
on
question, of
open to
able changes possible
flow
TheJNew York Stock Market
that
the thin markets which currently prevail make siz-
higher after the turn of the
$330,113,900 of gold entered the
States in
the 11
largest of any year since 1921.
export excess totaled $859,095,009.
additional
An
The excess for the calen-
the rumors
to
The validity of such explanations of mar-
motors.
United
export balance of $164,255,906 resulted from
November's
rise
gave
British selling might next be concentrated in the
The listed bond market
items
relation to total imports, but items
portance in
whose
wines,
not included in the group, and
were
this circumstance
rubber, tin, manganese, &c.
Cheese
Jan. 4, 1941
some
easing
and they closed with
As the old
year
came
to
Tuesday, trading volume continued to
above the 1,000,000-share mark, with values
firm, though mixed,
on
the day.
Reinvestment de-
mand and evening-up operations were again in evi-
dence.
Cash transactions
able where large blocks
were
were
particularly notice-
involved in the day's
Volume
The Commercial & Financial Chronicle
152
trades.
United
favorite
at
continued
to
be
day at 70% against
a
and chemical shares.
the first session of the
market
in
declined from
new
527,470 shares, the smallest in
In the motor group, General Motors closed yes-
Tuesday last to
on
a
terday at 48% against 48% on Friday of last week;
Some un-
Chrysler at 71% against 72%; Packard at 8%
against 3; Studebaker at 8% against 7%, and Hupp
month.
certainty was dissipated after the close of trading
Motors at % against %. '
Among the oil stocks, Standard Oil of N. J.
closed yesterday at 35% against 33% on Friday or
last week; Shell Union Oil at 11% against 10%,
and Atlantic Refining at 24% against 24%.
Tuesday when the special agent for the British
on
the liquidation in their en-
Treasury announced
tirety of
British
news,
prime securities formerly held by
many
Notwithstanding
owners.
this
welcome
it failed to afford the market any great stim-
ulation
Among the copper stocks, Anaconda Copper
closed yesterday at 27% against 26% on Friday of
last week; American Smelting & Refining at 42%
against 43, and Phelps Dodge at 35% against 34%.
In the aviation group, Curtiss-Wright closed yesterday at 9% against 8% on Friday of last week;
Boeing Aircraft at 18 against 17%, and Douglas
Aircraft at 78 against 76%.
Making due allowance for holiday influences, it
would appear that trade and industrial reports for
the week are fairly favorable. Steel operations for
Motor stocks were particu-
Thursday.
on
larly affected by liquidation in the final hour, and
General Motors
slumped 2% points, while Chrysler
Corp. dropped 2%
were
points.
not mentioned
dated
by the
shares
were
in this
market.
States
Steel, however, dropped
2% points from its previous closing.
fact that stocks closed
were
liqui-
Aircraft
firm, and oil issues enjoyed a good
United
demand.
foregoing issues
The
in the list of securities
British
confined
to
a
Despite the
irregularly lower, declines
small
of favorites.
group
A
the week ending today were estimated by American
Iron and Steel Institute at 95.9% of capacity
against 80.8% last week, 96.9% a month ago, and
85.7% at this time one year ago. Production of
electric power for the week ended Dec. 28 was
majority of issues reflected higher levels on the
On Friday the list moved in a half-hearted
day.
manner
on
shares.
Price
a
turnover
of
approximately 500,000
changes in the main were not sig-
nificant, and the list closed irregularly higher on
the
■
reported by Edison Electric Institute at 2,622,-
A comparison of closing prices on Friday
week with final values at the close on Friday
day.
of this
Friday of last week;
at 41% against 40%.
evident
interest, and trading volume
1,072,670 shares
on
at 89 against 85, and Youngstown Sheet & Tube
Thursday,
year, saw a very
69
Crucible Steel at 47 against 47; Bethlehem Steel
closing, while heaviness characterized
the motor, copper
let-down
Steel
States
5
850,000 kwh. against 2,910,914,000 kwh. in the pre-
ceding week and 2,404,316,000 kwh. a year earlier.
Oar loadings of revenue freight for the week ended
32% on Friday of last week; Consolidated Edison
Dec. 28 were reported by the Association of AmerCo. of N. Y. at 22% against 22%; Columbia Gas &
ican Railroads at 545,307 cars, a decrease of 152,448
Electric at 4% against 4%; Public Service of N. J.
cars from the preceding week and of 2,757 cars
at 28% against 28%; International Harvester at
from the same week in 1939,
50% against 49%; Sears, Roebuck & Co. at 783/8
As indicating the course of the commodity maragainst 77%; Montgomery Ward & Co. at 38
kets, the May option for wheat in Chicago closed
against 37 ;' Woclworth at 32% against 31%, and
yesterday at 87%c. against 853%c. the close on FriAmerican Tel. & Tel. at 1683/8 against 166%.
"
'lay of last week. May corn closed yesterday at
Western Union closed yesterday at 20% against
62%c. against 61%c. the close on Friday of last
20 on Friday of last week; Allied Chemical & Dye
week. May oats at Chicago closed yesterday at
at 163 against 164; E. I. du Pont de Nemours at
37%c. against 36%c. the close on Friday of last
163 against 164%; National Cash Register at 13%
week.
bid against 12%; National Dairy Products at 13%
The spot price for cotton here in New York
against 13%; National Biscuit at 173,4 against
closed yesterday at 10.43c. against 10.26c. the close
16%; Texas Gulf Sulphur at 36% against 36; Loft,
on Friday of last week. The spot price for rubber
Inc., at 18% against 17%; Continental Can at 39%
closed yesterday at 20.62c. against 20.63c. the close
against 37%; Eastman Kodak at 139 against
on Friday of last week. Domestic copper closed
133%; Standard Brands at 63/8 against 6%; Westyesterday at 12c., the close on Friday of last week,
inghouse Elec. & Mfg. at 103% against 102; Canada
In London the price of bar silver closed yesterDry at 12% against 12; Schenley Distillers at 11
day at 23% pence per ounce against 23% pence per
against 11, and National Distillers at 23 against 23.
ounce the close on Friday of last week, and spot
In the rubber group, Goodyear Tire & Rubber,
silver in New York closed yesterday at 34%c., the
closed yesterday at 19% against 18% on Friday
close on Friday of last week,
of last week; B. F. Goodrich at 13% against 13%,
In the matter of foreign exchanges, cable transand United States Rubber at 22% against 22%.
fers on London closed yesterday at $4.04, the close
Railroad stocks for the most part show fracon Friday of last week,
tionally higher changes this week.
Pennsylvania
European Stock Markets
a
week ago
show further progress.
General Electric closed
yesterday at 34% against
.
RR.
closed
yesterday at 22% against 21% on Fri-
/"\UIET dealings marked the final stock market
day of last week; Atchison Topeka & Santa Fe at
sessions of 1940 in European financial centers,
14%
against 13%; Union Pacific at 79% against 75%.;
and equally modest trading was noted in the initial
18%
against
Southern
17%;
Pacific
New
at
8%
York
Central
against
7%;
at
Southern
sessions of 1941.
year
The sobering realization that a full
of warfare is likely to be succeeded by another
Holiday influences
Railway at 12% against 12, and Northern Pacific
kept turnover to a minimum.
at
the
also tended to keep attendance down on the various
exchanges.
The London Stock Exchange was heart-
United States Steel closed yester-
ened last Monday by the address of the American
6% against 5%.
Steel
stocks
present week.
made
further
improvement
The Commercial & Financial Chronicle
6
President, but dispirited by the incendiary bombing
the
of
held
generally at previous closings, and
of consequence
market continued
Dealings
to reflect
the Amsterdam
on
nervousness,
chiefly in
that Netherlands East Indies and American
sense
securities
in keen demand.
were
occasional
for
An upward trend
The Berlin Boerse
prevailed in such issues.
save
changes
little in London but trading re-
a
minimum.
a
no
After the holi-
appeared Tuesday.
day prices firmed
mained at
the
Prices
"City," during the previous night.
in so-called
spurts
was
New Year's Day assurances of a
securities.
dull
"Colonial"
German
Jan. 4, 1941
makers should not gain control of the oceans which
lead to this hemisphere, and for that circumstance
Mr. Roosevelt gave due credit to Britain,
"The experience of the past two years has proven
beyond doubt that no nation can appease the Nazis,"
Mr. Roosevelt remarked. "No man can tame a
tiger into
kitten by stroking it.
a
with ruthlessness.
appeasement
reasoning with
There
There
incendiary bomb.
an
be
can
be
can
We know
no
no
now
that a nation can have peace with the Nazis only at
the price of total surrender." The new European
order of which the Nazis talk
was
denounced by Mr.
"an unholy alliance of
victory, extended by Chancellor Hitler, apparently
Roosevelt
impressed the Reich financial market to a degree,
to dominate and to enslave the human race." Against
for
upswing promptly developed in issues related
an
available
as
No indications
colonies.
to the former German
were
to the French financial markets.
as
and pelf
power
that unholy alliance the British people and their allies
conducting
are
active
an
and
war,
curity is greatly dependent
future
our own
se-
the outcome of that
on
fight, the President said. "Thinking in terms of today
National Security
anc|
tomorrow," he added, "I make the direct state-
PRESIDENT ROOSEVELT set forth with a de- ment to the American people thatinto theis farifless
of precision, last Sunday, the developing
chance of the United States getting there
gree
war
viewpoint of the Administration on the foreign policy
be
to
pursued in the present world crisis, and the
naturally provoked
statement
treme interest and
pressed
a
belief, based
on
ex-
national
over a
network, Mr. Roosevelt
ex-
"the latest and best infor-
mation," that the Axis Powers
this
world debate of
Speaking
gravity.
and international radio
a
are
not going to win
He made it clear that the official policy
war.
do all
themselves against attack by the Axis than if
quiesce in their defeat, submit tamely to
tory, and wait
another
war
with ourselves,
course
that
we ae-
Axis vic-
an
turn to be the object of attack in
our
later
we
to support the nations defending
we can now
If
on.
are
we
completely honest
must admit that there is risk in
we
take.
we may
the great majority of our people agree fhat the
of the United States Government will continue to be
that I advocate involves the least risk
that of all reasonably
course
greatest hope for world peace in the future.
possible aid to Great Britain,
and asserted that there will be
no
No dictator
that determination.
"bottlenecks" in
combination of
or
people of Europe who
not ask
to do their
us
any
But I deeply believe that
are
now
and the
The
defending themselves do
They ask
fighting.
us
for the
dictators will weaken that determination by threats
implements of
of
the freighters which will enable them to fight for their
how
they will construe that determination, the
The address occasioned few criti-
President said.
cisms in the United
States, while in other countries it
received entirely in accordance
was
British reactions
tions.
in all
parts of the British Empire encomiums
heaped
the address.
on
official
answer so
was
are
The indi-
that the address will
regarded by the Axis Powers
declaration of
a cause
as
for
a
he
was
not
but
on war
emphasized that his
and hereafter "out of
now
national
on
purpose
a
security, and
is to keep the country
last-ditch
for the
war
our
the planes, the tanks, the
security.
Emphatically,
guns,
must
we
get these weapons to them—get them to them in suf-
ficient volume and quickly enough so that we and
children will be saved the
agony
and suffering of
our
war
which others have had to endure."
Certain facts
and first
are
self-evident, said Mr. Roosevelt,
these he listed the British resistance
among
to world conquest.
There is, said the President,
demand for sending an
borders, and
our own
of
war.
At the outset President Roosevelt stated that his
address
liberty and for
a
expressed, but
far has been essayed.
cations of the moment thus
not be
were
In Germany and Italy
good deal of unofficial resentment
no
with expecta-
highly favorable, and
were
war,
the
Government
no
to
intention by
send
such
a
any
member
Our
force.
National policy is
not directed towards war,
Roosevelt added.
Its sole
away
from
our
no
expeditionary force outside
purpose
Mr.
is to keep
war
country and away from our people,
"Democracy's fight against world conquest is being
preservation of American independence and all of the
greatly aided, and must be
things that American independence
the rearmament of the United States and by sending
and to
many,
ace
me
and to ours."
Italy and Japan
to the United
was
to you
means
The Axis alliance of Ger-
described
as a
great
men-
States, and Mr. Roosevelt declared
we
fenders who
specifically that the Nazi masters of Germany intend
continued.
to dominate not
do that
world
as
well.
only Europe, but all the rest of the
President
The
made in Berlin
a
quoted the speech
month ago by Chancellor
Hitler,
in which Hitler boasted that he could beat
any
Power in the world.
In the
other
light of this undeniable
and
every ounce
plies that
nations
are
possibly
in the
"And it is
near
to help the de-
Sweden,
unneutral for
us
to
Russia and other
Germany to send steel and ore and oil
war
in the week.
spare
front lines," the President
no more
than it is for
and other
greatly aided, by
ton of munitions and sup-
every
can
more
materials into Germany every day
We
are
planning
our own
the utmost urgency and in its vast
defense with
scale
we must
threat, Mr. Roosevelt continued, the United States
integrate the war needs of Britain and the other
has
free nations which are resisting aggression."
no
right
or
reason
to encourage talk of peace
"until the day shall come when there is a clear intention
all
on
the part of
the
aggressor
thought of dominating
world."
or
nations to abandon
conquering the whole
The forces of the States that
against all peoples who live in freedom
away
from
our
are
leagued
are being held
shores, and it is vital that the war-
Ap-
pealing for increased production, Mr. Roosevelt
"declared that "we must be the great arsenal of
democracy."
be shown
is
as
The
same
resolution and spirit must
if the country were at war, for this
an emergency
President said.
as
serious to us as war itself, the
Volume
The Commercial &
152
London
clear that the British
made it
reports
"bucked up"
were
by the tone and content of the
Greece, like¬
speech delivered by Mr. Roosevelt.
wise,
the
fired with
was
but
comments
Rome.
At
Tuesday,
the
war
in Berlin
seen
was
Berlin Foreign Office press con¬
a
terized
controlled
the
in
These suggested broadly
occasion for formal
ference
a
appeared
of those countries.
no
and
determination to fight
new
permitted to know little of the address,
were
some
presses
that
a
German and Italian people ap¬
The
Italians.
parently
.
Government spokesman charac¬
a
address
"unworthy of the head of
as
big nation, undignified in tone and unconvincing
in its
were
in the
seen
speech by the German spokesman,
who made their views
German press,
country not the least to its liking,
official statement
an
was
issued in Stockholm
Wednesday to the effect that
not been
exported to
and
materials have
war
of the belligerents excepting
any
In Latin America the
Finland.
Roosevelt's ref¬
Sweden found Mr.
to that
erence
additionally clear through the
which accused Mr. Roosevelt of dis¬
torting facts.
and
Irritability and nervousness
argumentation."
speech
heartily
was
Other incidents
last week of
American
The
the position of the
upon
reports
of the sinking, late
Panamanian oil tanker manned by an
a
of
crew
sinking
bearing
include
States
United
but two being rescued.
42, all
said to have taken place in the
was
Atlantic two weeks ago,
today,
as
the ship neared
In Far Eastern waters, some
of warfare.
and children
women
where
500 men,
rescued, Wednesday, from
were
the Bismarck Archipelago,
tiny Emirau Island, in
they had been landed previous^ by German
raiders which sank 10
commerce
recent
Pacific
waters
This
months.
or
occasioned
rumors
vessels in
more
of the
extension
to far
war
that Count Felix
Luckner, who commanded the German raider
von
Seeadler in the first World War, again was
similar
and
capacity
much
in
th§
active in
a
region.
same
Reports that the German raiders were being sent out
from
Japan
It
discountenanced in London.
were
the British
was
capital that took the heaviest
punishment from aerial raiders, this week.
British towns and cities, some
because of
less
southeast
of which remain name¬
England
raided
Areas in
censorship requirements.
bombed,
were
Liverpool
and
But London
to have been attacked once more.
seems
was
German
appeared sporadically over a number of other
fliers
savagely late last Sunday, on one of the
most destructive of the
bombings to date. Incendiary
missiles
the City, or
rained
were
on
financial district,
the most ancient part of the great
which comprises
British
generally applauded.
7
inancial Chronicle
and terrible havoc was caused
metropolis,
Much of this central
by the thousands of fire bombs.
part of London was a great flaming
tense
indignation
of hoary monuments
attack
The Nazi
torch, and in¬
occasioned by the destruction
was
which
can never
be replaced.
regarded in England as a de¬
was
destroy the heart of thq Empire,
liberate attempt to
but valiant efforts
by the fire fighters in London kept
greeting from King Victor Emmanuel of Italy, Mr.
the loss down to
degree.
Roosevelt sent
gutted, however, and
African
an
In
port.
a
to
response
message on
New
a
Year's
Tuesday expressing the
hope that during 1941 "the Italian peolpe may be
enabled to enjoy the
There
as
to
laid
much
was
possible
in American harbors
up
by
for
righteous peace."
by the nationals of
other countries occupied by German
and action
this question
on
was
forecast
In most circles the
Washington observers.
many
belief
a
for obtaining control of ships
means
Denmark and
troops,
blessings of
conjecture throughout the week
prevailed that the vessels will be purchased
American
United States
Great
and
use,
corresponding amount of
a
merchant tonnage made
available to
The ancient Guildhall was
number of fine churches went
up in smoke.
Censorship restrictions were lifted
sufficiently to inform the outside world that the con¬
a
flagration could be compared only to the great
fire of 1666.
But the work of London went
any
curtailed
British
bases"
but
was
air
engaged in
the
bombed
a
on
London.
Some 20,000 fire bombs were
the German city, and much of the
On the high seas
a
"invasion
determined raid against the
more
port was said to be a "raging
to
so-called
repeatedly, this week,
city of Bremen, Thursday, in retaliation for
the attack
Widespread Warfare
and
The rapidly growing
disappointed.
force
Northern France
of
German
London
on,
belief that British war efforts might be
Nazi
sent down upon
Britain.
a
furnace."
the battle seemed to favor England
greater degree than in some
FROM many parts ofof the world taken bywere
reports the
available this week
the
mighty battle between Great Britain and Germany,
vessels in
weeks.
German
submarine and airplane
course
which
The
now
has been in progress more
intense
most
activity still is in the
England, but German cities also
air
Of
raids.
than 16 months.
especial
interest
are
are
air
over
suffering from
reports
from
sinkings of British and Allied
the week ended Dec, 23 were placed offi¬
cially in London at 43,300 tons, which is
the
average
issued at the
tion of meat,
much under
But warnings were
time against excessive consump¬
recently noted.
same
imported cereals and other products
No secret is
shipping is
becoming one of the more difficult of Britain's
problems.
Of interest in this connection were an¬
Rome, Thursday, that German airplanes and pilots
that
have arrived
being made of the fact that merchant
naval
fight
in
Italy, to "help in the bitter
developing in the Mediterranean
now
This suggests
basin."
aero-
German activity against the
British naval armada which holds the Mediterranean
almost without
The
Irish
a
challenge from Premier Mussolini.
Free State
number of air raids,
casualties
resulting
was
the unlucky \ictim of a
Wednesday and Thursday, some
as
the
"unidentified aircraft"
dropped their missiles, at least
found
have
to
followed
a
German
one
markings.
British decision,
of which was
This incident
Wednesday, to treat the
exports of Eire like those of any other
Navicerts
are
neutral, if
lacking., Altogether, the developments
brought vividly home to neutral Eire the bitter aspects
require undue shipping space.
nouncements
that
a
in
London
and
Berlin, last Sunday,
naval encounter had taken place some days
earlier in
the
North Atlantic
cruiser Berwick and
an
between the British
unidentified but "powerful"
attack a
convoy.
The German ship was driven off after a hit
was scored, according to the London account, which
German
warship
which
endeavored
to
admitted that the Berwick had suffered slight damage
and
a
few casualties.
tons, was
was
that
The Nazi ship Baden, 8,204
sunk by the Berwick, and the assumption
this vessel wras acting as a supply tender to
The Commercial & Financial Chronicle
8
the German
The German dictator, Adolf
warship.
Hitler, issued
New Year's proclamation
a
Tues¬
on
day in which he promised victory to Germany in
Lord
1941.
Aircraft
day
that
flowm
Beaverbrook,
the British Minister of
as
Production, remarked in London
bombing
American
the Atlantic in
across
airplanes
Thurs¬
on
being
are
steady stream, and will
a
cerned, but the
Jan. 4, 1941
conflict and there is still
rumors
German
satisfactory explanation of the events.
no
troops continued to pour through Hungary and into
Rumania, with
reports indicating merely that
some
they constituted replacements of troops sent home
after service in that country.
declared
servers
that
But Yugoslavian ob¬
concentrations
taking
were
enable the British to intensify the fury of the counter-
place not far from their borders, and Bulgarian dis¬
offensive against
patches
Nazi objectives.
but the indications of Italian
to
multiply.
Announcement
Thursday, that
aerial
inadequacy continued
uaspecified number of German
an
squadrons had arrived in Italy to participate
Mediterranean operations.
in the
officially is still at
that
surmise
the
Since the Reich
with Greece, it is
peace
arrivals
a
intended
are
British naval and aerial forces.
reasonable
combat
to
Almost all Italian
airplanes operating against England from Channel
airports
were
recalled at the
same
These
time.
Italy, and the
suc¬
that London has achieved in this connection.
cesses
British
warships
reported early this week to
were
have raided the Adriatic Sea again, and to have sunk
several Italian transports.
day,
came
reports of
a
From Cairo,
on
for
out
Palermo
was
particular attention, and Naples
so-called
"Western
Africa, British forces laid
of
Bardia, which is
conducted
also
was
Libya.
attacks
emphatic in
on
which
before long in
In
event.
any
was
said.
It is
pre¬
quite
that the newly arrived German
course,
hand in the North African fight¬
a
The Italo-Greek
war
which
Albanian soil favored the Greek
pears
not
were
costly assault, British troops
a
pilots will take
ing.
British,
since the base in cut off and
waiting policy, it
possible, of
air
siege to the Italian base
key point in the operations
by the
probably will fall
a
Northern
The Italian force at Bardia
any sense,
preference to
ferred
of
by the British from Egypt and by the
Italians from
resisted
a
Desert"
that bitter cold prevailed
is
being fought
forces, but it
over
week, and only minor movements
resistance
probably
move
Germany and Russia
in.
over
Bulgaria appeared to offer the main
the Associated Press
garia,
quoted informed
increased, Monday, and
was
the fact that this
Nazi
secret
no
represented
preparations for
sources
in Bul¬
Hungarian mobilization
saying, yesterday.
as
a
war or any
was
made of
phase in the vast
other sort of
con¬
The Russian Government
tingency in the Balkans.
maintained complete silence as to these momentous
developments
Balkans,
the
in
and
the
Turkish
authorities; likewise appeared anxious to make
of
move
the
no
The Nazis, who hold
provacative nature.
a
key to the situation for the time being,
were
entirely uncommunicative.
Franco-German
Negotiations
DISCUSSIONS appearauthorities andonthe Vichy
to be going
haltingly
between German
Government of France
the
that
singled
battered.
In
on
hope to this country for retaining its independence,"
against Italian forces in Libya, and naval bases at
Taranto and other Italian ports.
Sofia
But Sofia dispatches yesterday
grimly
between
their interests in
Wednes¬
series of British aerial attacks
rather
"Differences
moves
possibly reflect the increasing boldness of British
naval and aerial attacks against
left
would be futile if the Germans decided to
made in Rome,
was
suddenly
journey to Berlin, undertaken for
a
of "health."
reasons
remarked
The Bulgarian
effect.
same
Philoff,
Bogdan
Wednesday for
FEW important changes the Mediterranean in the
struggle centering in occurred this week basin,
the
were- to
Premier,
Mediterranean Basin
ap¬
the terrain this
reported.
dispatches state that Greek troops are filter¬
ing into the main Italian defense positions in the
were
manent"
"new order"
these conversations, but it
to
weeks
several
for
regarding terms for
a
"per¬
a
European
in
Little actual information is made available
affairs.
as
and
peace
that
they
are
has been evident
none
too
cordial.
Since Marshal Henri Philippe
Petain suddenly dis¬
missed Pierre Laval from the
Government,
have
rumors
circulated continuously that the Nazis might
cut off the
negotiations abruptly and
of France.
that
a
had
It
been
was
occupy
indicated at Vichy,
set of "limited collaboration"
new
proposals
placed before the Germans by Marshal
Petain, and the
reply from Berlin
was
contemplating
a move
anxiously
was
The French Chief of States
awaited.
the rest
Wednesday,
said to be
of the Government to Northern
Africa, if the Germans failed to relax their demands
Even if the French authorities
for full collaboration.
Athens
Klisura
region.
The Evzones also are moving
steadily, if slowly, along the coastal front toward
Valona.
There
were
fewer reports
weeks about the growing
than in previous
discontent of Italian citizens,
but it is hardly to be supposed that the defeats suf¬
fered
Italy.
by Italian forces
Announcement
are
occasions for rejoicing in
was
made
in
Rome,
last
Sunday, that food supplies will be doled out by
of Agriculture Guiseppe
Tassinari, who
ordinary
a
powers to
are
move
bleak.
In
a
from Vichy, it
New Year's
seems
message
that
to the
French
people, Marshal Petain asserted that 1941
will be
a
"hard" year.
because of poor crops
and
appeals
were
from the soil
the
Frenchmen will
and the
war
go
hungry
blockade, he added,
made to French peasants to draw
everything possible in order to fill out
A provisional budget
public diet.
was
announced
by decree, Wednesday, covering the first four months
of
the
new
year.
francs for the
Expenditures of 40,000,000,000
period, if added to the maintenance
costs of the German army
of occupation, would in¬
simil¬
dicate that
running at
decree, Tuesday, giving extra¬
lent to full
Rationing of industrial materials in Italy
arly indicated by
obliged to
prospects
Minister
received powers of a dictatorial nature for the
purpose.
not
are
was
outlays still
war
are
a
rate equiva¬
costs.
Minister of Corporations Renato
Ricci.
Colombian Debts
Balkan Peninsula
PORTENTOUS developments inthis Balkanincoun¬
the week
again
suggested
dis¬
tries
were
patches from all capitals of the small countries
con¬
PROPOSALS for default
Government's adjustments of the Colombian
approximately $50,on
100,000 dollar bonds of that country
in
were
advanced
Washington, last Monday, through three Depart-
Volume
United
the
of
ments
The Commercial & Financial Chronicle
152
Government
States
presumably engaged in negotiations
The
State
and
Federal Loan
reputedly
Treasury
and
joined in this
the
move,
"friendly intermediaries between the
as
Republic of Colombia and the Foreign Bondholders
Protective
Council, Inc."
that the actual amount of
bonds
outstanding
now
A statement recounted
now
Colom¬
$6,100,000 of the accumulated interest, with $50,100,000 of
3% bonds of
new
To service the
years.
to make available
and
new
maturity of 25 to 30
a
bonds, the debtor
proposes
$1,800,000 annually for five
$2,000,000 annually thereafter.
required for interest
are
years,
Amounts not-
to be devoted to
the market and cancelation of the
new
purchase in
bonds.
In
setting forth this proposal, the three Federal Depart¬
disclaimed direct interest in the matter and
ments
then
expressed the opinion that in view of conditions
prevailing since 1932, the Colombian offer constitutes
fair effort to
a
advised
were
Bondholders
adjust the obligations.
that
they must make their
de¬
own
cisions.
The
Foreign Bondholders Protective Council added
epilogue to this little tale
of
a
the
of
ceptance
Colombian
found the Colombian plan
because it
is
based
not
the
with
obligations.
protest
against
The
offer.
ac¬
Council
"inadequate and unfair,"
on
Colombia .plainly
what
The cut in interest
pay.
as
Friday of last week.
Friday
on
call at London
on
Money
1%.
was
against 1 1-32%@1 1-16%
on
-
Bank of England Statement
THE statement of the in circulation week ended
Bank for the £615,855,showed
Jan. 1
000,
at
notes
loss of £1,049,000 from the record high, £616,-
a
904,000,
week
a
ago;
last
circulation aggregated
year
A slight decrease in gold holdings of
£547,427,024.
£4,828, together with the reduction in circulation,
resulted in
deposits
£5,050,000 and other deposits £46,-
The latter consists of "bankers' accounts"
947,789.
and
accounts," which increased £45,289,178
£1,658,611 respectively.
to
serve
liabilities dropped to
June 5,
the
with
compared
record,
The proportion of
6.0%, the lowest
previous
on
6.8%
A further
holdings of £46,-
Government security
in
re¬
low,
1940 and 16.9% Jan. 3 a year ago.
increase
Public
gain of £1,045,000 in reserves.
a
rose
and "other
"discounts
which gained £4,646,002, is divided
and advances" and "securities,"
which increased
£1,581,208 and £3,064,794 respec¬
Other securities,
into
No change
tively.
Below
rate.
we
was
made in the 2% discount
furnish the various items with
com¬
parisons for previous years:
BANK
held to be out of
was
OF
capacity of the country to meet its
in
full,
the
Council pointed out,
as
against the 50% of contractual interest offered in
the debt settlement
question also
under
three months1' bills
ENGLAND'S
Jan.
1,
COMPARATIVE STATEMENT
Jan.
3,
Jan.
4,
Jan.
Jan. 6,
5,
1937
1938
1939
1940
1941
Intejnal bonds and short-term credits
serviced
are
Tuesday, in the form
on
strong and well-reasoned
line
as
were
325,000 raised the total outstanding to £224,852,838.
an
can
on
Friday of last week, and 1 1-32%@1 1-16% for
6% Colombian Government
to refund the $44,000,000 debt and
proposes
IN bills Friday market discountagainst for1-32%
LONDON open 1 1-32%,
rates 1 short
on
is $44,000,000, while accumu¬
lated and unpaid interest totals $ 12,200,000.
bia
Foreign Money Rates
the default.
on
Departments
Administration
which
9
the long term issues.
on
raised
was
as
The
to rights of bondholders
covering Colombian decrees, which imply
.
Public deposits
Other deposits
_
Securities
a
547,427,024 488,071,153 492,575,899 462,702,625
14,441,735 13,525,577
17,193,067 20.503.163
181,331,687 173,196,671 166,621,433 148,630,726
128,637,206 135,955,180 129,234,522 110,230,114
37.386.911 38,400,612
37,241,491
52,694,481
153,136,164 71.381.164 108,338,165 93,294,853
36,224,516 35,517,960
29,614,742 71,285,998
14,412,881
15.087.912
4,556,625 48,905,835
23,611,880 25,058,117 22,380,163 21,136.604 21,105,079
33,701,287 69,029,456 54,533,445 51,421,512
15,287,000
1,128,311 327,100,609 327,109,344 314,124,237
1,141,810
615,855,000
17,568,000
233,894,818
B ankers' accou nts
181,024,514
Other accounts
52,870,304
Govt, securities
224,852,838
Other securities
29,207,531
Disct. & advances.
5,595,651
Circulation
Reserve notes & coin
Coin and bullion.
surrender by bondholders of their rights if the offer
Proportion of reserve
is
Bank rate
to
accepted.
Council
Also pertinent to the discussion, the
found,
was
168s.
168s.
2%
ll^d. 84s.
84s.
Sl.»g
3Qil
ll^d. 84s.
llHd.
the disregard by Colombia of
Departmental and municipal dollar bonds which
in default.
35.6%
16.9%
2%
6.0%
2%
liabilities
Gold val. per fine oz.
In contrast with
New York Money
are
Market
the attitude of three
United States Government Departments, which pre¬
sumably act in the interests of American citizens,
YEAR-END business in the usual York money
the New sizable turn¬
dull,
the Council declared that it will continue to do what
over
of funds occasioned
it
ness
in the entire week now
properly may to bring about a realization on
of Colombia that its own best interests lie in
the part
treating
its creditors
fairly and equitably.
The comment was
added that "the soverign powrer unilaterally to pay
out only a fraction of what was stipulated does not
confer the right to do so."
Discount Rates of
Foreign Central Banks
'
market
rates
Present
rates
any
at
the
leading
centers
are
shown in the table which follows:
Effect
J an.
3
Rate in
Pre¬
t
Dale
vious
Effective
J an. 3
Rate
Dale
from
over
ury
Effective
issue of
pay
3
Aug. 29 1939
51940
Bulgaria
6
Aug. 15 1935
7
India.
Canada
2H
Mar.11 1935
Chile
3
Dec. 16 1936
4
Japan
4
July 18 1933
5
Java
3
Jan,
11936
3H
4
Jan.
21937
5
4^
May 22 1940
5K
Eire
3
June 30 1932
3M
Portugal
England
2
Oct. 26 1939
3
Rumania...
Estonia
4H
Oct.
11935
5
South Africa
4
Dec.
31934
4H
Spain
2
Jan.
41939
2>*
Sweden
3H
May 17 1940
3K
Apr.
6 1940
4
Switzerland
1H
Nov. 26 1936
6
Jan.
4 1937
7
Yugoslavia
5
Feb.
■
Danzig
Denmark
Finland
..
...
France
Germany
Greece
*
..
—
3
4H
Italy
3.29
Not officially confirmed.
Nov. 28 1935
May 18 1936
Apr.
7 1936
the Treasury for borrowing the money
being
due, of course, to tax situations in various States.
Call loans on the New York Stock Exchange held
1% for all transactions, while time loans again
1%% for 60- and 90-day maturities, and 1 y2%
datings.
New York Money
3X
5.
Rates
■
3.65
3
Jan.
14 1937
6
July
15 1939
6X
May 28 1935
4H
Norway
4-X
Sept. 22 1939
3^
Poland
4X
Dec.
4
Aug.
3H
3H
Lithuania
Czechoslo¬
...
Hungary
value for the non-
4H
1 1936
Jan.
vakia
all above par
2
Aug. 29 1935
Mar.
2
Colombia..
were
obligations, the willingness of buyers to
Rale
4
Holland
3M
Belgium
2H
The Treas¬
$100,000,000 91-day defense discount bills,
for four to six months'
Argentina..
...
previous weeks and months.
in Washington awarded on Monday a further
were
vious
Busi¬
ending remained on a
Bankers' bills and commercial paper
Pre¬
Effect
Country
strain whatever.
supply and rates were merely carried
at
Rate in
Country
no
in poor
were
and awards
THEREdiscount noof
have been changes during the week in
the
of the foreign central
as
modest basis.
interest
banks.
was
Morocco
__
—
...
;
*4
4
7
17 1937
5
11 1937
5 1938
4H
May
May
15 1933
DEALING in detailfrom day toloan rates oiTThe
with call day, 1%
Stock Exchange
the
was
ruling quotation all through the week for both new
4X
Mar. 29 1939
1
1935
4X
5
3
2
6 X
loans
and renewals.
continues
up
quiet.
The market for time money
Rates continued nominal at 134%
to 90 days and 134% f°r f°ur to six months' ma¬
The market for prime commercial paper
turities.
The Commercial & Financial Chronicle
10
has shown little
The demand con¬
change this week.
good but the supply of prime paper is still
tinues
light.
Ruling rates
%@1% for all maturities.
are
Countries heretofore entering
cation.
tion
special
agreements
very
practically
demand has been good but there is
no
Dealers' rates as
reported by the Federal Reserve Bank of New York
for bills up to and including 90 days are %% bid and
7-16% asked; for bills running for four months,
9-16% bid and %% asked; for five and six months,
%% bid and 9-16% asked. The bill-buying rate of
supply of prime bills available.
from 1 to 90
United States (including the Philippine
other territories under the
days.
The object of London in
States), and Uruguay.
are
made through
"special," "registered,"
its trade
Trade with the sterling area is
involve the use of
possible.
as
financed with sterling and does not
foreign exchange.
week the Bank of England made
Early last
business purposes to carry
Banks
THERE have been of the Federal Reserve banks;
no changes this week in the
rediscount
rates
shown
recent advances on Government
obligations
in the footnote to the table.
The following is the
now
are
in effect for the various classes
the different Reserve banks:
RATES
DISCOUNT
from the
reason
that it
Date
Previous
Established
Rate
Rale in Effect
3
Jan.
Federal Reserve Rank
countries
to
notes
Sept.
1
York
1M
4, 1937
Cleveland
IX
May 11, 1935
In the future travelers must apply for
1 H
Aug. 27. 1937
2
*iy
Aug. 21, 1937
'
Minneapolis
Kansas
Advances
3, 1937
Aug. 31, 1937
.
1H
2
3. 1937
2
Sept.
Chicago; Sept. 16,1939, Atlanta, Kansas City and Dallas; Sept. 21, 1939. St. Louis.
Course of Sterling
Exchange
BUSINESS in the foreign exchange market, which
had been steadily growing
and
limited since the beginning of
dull
the
more
war, was
especially
during the last few weeks owing to the Christmas
holiday and the approach of the year-end.
This
The free
applies particularly to sterling exchange.
regulations is not
difficulties by
from the pressure
tions
British
on
lowest for any
only 58%
of
large
as
more
a
as
have
November
year
been
and augment exports.
sterling.
between
sterling;
Free
ranged
pared with
a range
'The
of between
Canada,
New
London
or any
countries
York,
official
rates
3.2280-3.2442.
for
con¬
90.09c.@
American
registered sterling
con¬
exchange is not quoted
on
Germany,
on
In
the invaded
Europe, but Germany is quoted in
nominal market at 40.05 for official marks
for
registered marks.
pegged in New York at 5.05 in
The New York Bankers
mittee announced
on
a
a
and at
Italian lire
are
nominal market.
Foreign Exchange Com¬
Dec. 31 the receipt of cabled
advices from London to the effect that
Paraguay has
based
importers
on
act
international trade
was
nor
exporters can take a single step
every
invoice, whether of
proceeding
incoming
or
outgoing materials.
The British Board of Trade has
effective
as
of Jan. 13
from
linters
just made
on
imports of
the
British
raw
a
ruling
cotton and
Empire
(except
Hongkong), Palestine, Transjordan, Egypt, AngloEgyptian Sudan, French Cameroons, French Equa¬
torial
Africa, French possessions in India, and French
possessions in the Pacific.
These imports will be
subject to license by the Board of Trade. Hitherto an
open
that
At
general license for such imports existed, implying
permission
the
same
was
time
not required to make them.
regulations stipulated that
the
the satisfaction of the customs
dispatched to Great Britain
Jan. 1, 1941 and imported into Great Britain
March 1, 1941 will not require such import
goods proved to
authorities to have been
before
before
raw
previous trade transactions, even the latest.
on
licenses.
account classifi¬
and
food,
munitions,
which British survival depends.
The authorities must be consulted before
to
a
clearly evident in the past few months. Neither
countries in the special
area
this time represent
they reflect the flow of
The disruption of Britain's
made
been added by the British authorities to the list of
sterling
on
since
supplies,
indispensable
materials
cotton
of the invaded European nations.
need
critical
more
British
buying and 4.04 selling.
exchange is not quoted
of
12.35-12.50
a range
ago.
$4.02%-$4.03%;
(Canadian
Zealand,
bank
tinue at 4.02
New York
week
a
United States dollar); Australia, 3.2150-
per
commercial
Italy,
New
4.43-4.47
3.2280;
compared with
quoted by the Bank of England
follows:
as
com¬
doubt that Britain's imports at
for cable transfers has been
$4.03% and $4.04
Official rates
In
week
of between $4.03% and $4.03%
range
between $4.03% and $4.04,
90.91c.,
the
$4.03% and $4.03% for bankers' sight,
last week.
tinue
during
registered
although extra¬
made to
There can be no
ago,
constantly
maintain
or
the
were
than 20 years and were
but
closely approximate the levels of official
It has been
shipping and industry.
month in
comes
requirements and restric¬
war
British exports in
shown that
of the constantly
reason
efforts
from day to day and
from
British
Not all the trouble
changing regulations.
ordinary
vary
is clear.
war
readily comprehended.
so
sterling market has become virtually non-existent,
quotable rates hardly
by
cargoes
importing and exporting merchants are experiencing
the greatest
more
ships and
necessity for strict financial control and trade
the
Government obligations bear a rate of 1%, effective Sept. 1, 1939,
on
The
is readily understood.
But that Great Britain suffers in its economy
2
Sept.
*ly
City
Dallas
San Francisco
*
2
of
2
Aug. 24, 1937
•••
destruction
2
2, 1937
Sept.
foreign exchange for
difficulty of the British trade position because of the
2
Aug. 21, 1937
*1H
necessary
ing foreign exchange
2
Richmond
Chicago
re¬
dispose of British bank notes abroad at fair rates of
iy,
Philadelphia..
St. Louis
their
their needs.
2
Atlanta
the export
where
from
The wisdom of the London authorities in conserv¬
Aug. 27. 1937
Sept.
excepted
This made it difficult to
importation is forbidden.
1, 1939
1
Boston
are
for the revocation was
considered illogical to permit
was
bank
of
The
ruling.
exchange.
FEDERAL RESERVE BANKS
OF
Travelers to Eire
permission to get the
New
a
Bank of England notes to
the total value of £25.
of paper at
"ster¬
or
ling area" accounts, is to canalize as large a part of
ruling revoking permission to British travelers for
Discount Rates of the Federal Reserve
schedule of rates
Islands and
sovereignty of the United
entering into these agreements, whereby all payments
%% f°r bills running
the New York Reserve Bank is
Portugal and Portuguese
Peru,
colonies, Spain, Sweden, Switzerland, Turkey, the
THE market for little activity this week. The
prime bankers' acceptances has
shown
this classifica¬
include Argentina,
Bolivia, Brazil, Canada and Newfoundland, Chile,
by
Greece, Hungary,
Bankers' Acceptances
Jan. 4, 1941
Volume
The Commercial &.
152
AnotheF regulation recently promulgated relates to
British tea
shipments and to
Netherlands
with
British
East
nine months of the
merchants.
Indies
U
£752,418,136, against £544,474,103 in the first
was
contracts arranged
sugar
had
Government
inancial Chronicle
of
arranged
for
The
shipment
£207,944,033.
April 1.)
previous fiscal
year, a
(The British fiscal
net increase
begins
year
on
Total ordinary expenditures for the nine
during 1940 of 40,000,000 pounds of tea from the
months of 1940
Netherlands East Indies.
corresponding period of 1939 ordinary expenditure
These
shipments have been
delivered, but it is not expected that
tract will be
arranged in the
is needed for other
space
exists with
regard to
near
uses.
such
any
future,
con¬
shipping
as
A similar situation
contracts made with the
sugar
Expenditures
March
A
London
regulations have caused havoc in other
commodity
fluctuations in thin
for
silver, Spanish
markets,
causing
wide
price
markets, especially in the markets
zinc, tin, lead, and other
mercury,
metals and in fur and tobacco transactions.
The
entirely to Board of
England regulations.
chief silver market,
Trade
Bank of
or
£1,849,227,883.
year
ending
of
financial
full
estimated at £3,466,790,000 and
are
£1,360,191,000.
further
indication
financial situation
of
was
on
pressure
seen
in the
the British
London has always been the
the
increase in
Bank of
England's circulation for the week ended
Dec.
to
25
record
a
previous high
The
high of £616,904,000.
£613,906,516
was
The
Aug. 14.
on
highest circulation during the World War
disruption of the silver market cannot be
ascribed
increase
an
the
for
31, 1941
income at
Netherlands East Indies.
Similar
£858,835,463,
was
£2,708,063,346, whereas for the
were
£64,-
was
900,000, reported in November, 1918, but currency
notes
(the Bradburys) then outstanding
£293,-
were
790,000.
Washington
but lost much business after the
asserted
sources
a
week
that
ago
a
in the United
United States Treasury discontinued silver purchases
preliminary audit of British
in the open
States has disclosed that Great Britain will be short
silver
market at the end of 1935.
bullion
further
was
of the British
duction
Trading in
by the intro¬
import and export licensing
The two factors have resulted
system, late in 1939.
in
restricted
restricting the volume of trade and widening the
On
price fluctuations.
weeks lack of supplies
tions
on
very
many
small demand.-
Reserve Bank has shown
rise in the London
occasions in recent
has caused advances in quota¬
The British Indian
price at 23 %d.
troy
per
ounce
by
There had been
but this
speculation
on
the prospect
requirements might limit India's offers,
prospect disappeared
some
weeks
in December the Indian banks
for dollars
was
were
Early
obliged to advise
correspondents that the buying rate
329%
flat. This
rupees
to 30.326 cents per rupee,
was
equivalent
and American banks
were
asked not to sell rupees lower than this equivalent.
As
result
a
quotations
since early in
fluctuation.
Bombay and Calcutta have
on
December been at 30.33 flat, without
This change has not affected the official
link of the rupee
with the pound, which continues at
The British
necessity for imposing regulations has
more or
less unfavorable effects upon various
which
commodities
were
ury
essential
factors
the
in
Government's power to
London open
from
bills
without
and acquire dollar exchange
uisition of United
gold position
its
weakening
was
the
req¬
securities held by British
States
market
Canadian
few
a
continues quiet and steady,
fractionally weaker since
Christmas.
before
Canadian dollar eased
off
the
rate
was
the
in
accounts
of
to
pressure
of the Canadian
diminution in the already
any
of offerings appeared
pressure
nature
due
The slight
due to offerings
The
quiet demand.
be
adjustments of Canadian
year-end settlements.
Immediate
is
Montreal funds ranged during the week
expected.
between
a
of
discount
14%%
and
a
discount
that
on
In this connection it is interesting to note
Jan.
1,
1941, Mr. T. J. Carlyle Gifford,
follow
are
gold imports and exports which
taken ffom the
United States
weekly statement of the
Department of Commerce and cover
the week ended Dec. 25, 1940.
GOLD
EXPORTS
IMPORTS,
AND
Ore and base bullion
DEC.
February, 1940 has been charged with the
responsibility
United States
liquidating
British
holdings
of
securities, announced that 66 United
of
States issues had been
sold, most of them through
Since February, 1940 the total
by the British Treasury
private negotiation.
issues called in this manner
were
242.
Thus, 172 issues
are
still subject to liquida¬
19
TO
25,
INCLUSIVE
The
British Treasury
nine months of 1940
increased revenues,
greatly in
excess
of
on
made returns for the first
Dec. 31 which, while showing
indicated that expenditures
revenue.
were
Revenue for the period
*$895,639
...
Exports
$1,295
7,230,149
Total..
$8,125,788
........
Detail of Refined Bullion
$1,295
and Coin Shipments—
$3,033,828
Canada.
British India........
-
4,196,321
......
*
Chiefly $170,955 Peru, $149,904 Venezuela, $212,512 Philippine I lands.
Gold held under earmark at the Federal Reserve banks was increased
during the week ended Dec. 25 by $4,245,956 to $1,804,597,244.
Referring to day-to-day rates sterling exchange on
Saturday last
was
$4.03%@$4.03% for bankers'
On
$4.03%@$4.03% for bankers'
sight and $4.03%®$4.04 for cable transfers.
On
Tuesday bankers' sight was $4.03%@$4.03% and
sight and
$4.03%@$4.04 for cable transfers.
Monday the
tion.
__
Refined bullion and coin.._
Special Agent of the British Treasury in New York,
who since
of
13K%.
Imports
investors.
the
market, the lowest since Dec. 11, making a
dollar, rather than to
to
Dec. 31
On
l-16c. to 86.06 cents in
decline of 7-16c. for the year.
on
at
1 1-32%, three-months
1%%.
are
exchange
days
the free
available
is
money
are
the whole has been
on
require¬
1-16%, four months bills 1 3-32%, and
1
are
every
rates show no change
money
Call
Two-months bills
six-months bills
but
negotiate for
wish to fill in this country.
weeks.
recent
resources
permitted to impair the British
The amounts of
noteworthy efforts of the BritishTreas-
to conserve sterling
be
not
ment which it may
trade of the Latin American countries.
One of the
will
It is confidently believed,
weakening of British
any
strengthening and steadiness in Canadian exchange
the rate of Is. 6d. per rupee.
also had
here
when
ago
India reduced the silver content of the rupee.
their New York
however, that
%%.
some
for munitions by early autumn of 1941.
study of the British Treasury's "balance
sheet" is still under way.
inclination to halt the
an
offering its holdings.
that minting
of cash to pay
A detailed
resources
range was
cable transfers
$4.03%@$4.04.
Year's Day, there was no
On Wednesday, New
market in New York.
On
The Commercial & Financial Chronicle
12
Thursday
the
bankers' sight
On
Friday
range
$4.03%@$4.03%
was
for
and $4.03%@$4.04 for cable transfers.
the
range
$4.03%@$4.03%
was
for
bankers' sight and $4.03%@$4.04 for cable trans¬
fers.
Closing quotations
Friday
on
$4.03% for
were
demand and $4.04 for cable transfers.
Commercial
tion of farm
States.
Continental and Other Foreign
The
LTnited
America for
products of the United
States
Interior has sent groups
Department
of geologists to
of
deposits of such strategic minerals
The inter-American coffee quota agreement
Washington
as
signed
Nov. 28 has already produced
on
improvement in the coffee producing States.
Exchange
the
Latin
survey
chromite, tin, tungsten, and antimony.
manganese,
in
longer quoted.
products in various countries which will
be non-competitive with farm
sight bill's finished at $4.00;, 60- and 90-day bills
are no
Jan. 4, 1941
an
Loans
recently granted to Argentina have helped to stabilize
IT receive be a intelligible information world can
MUST
long time before the regarding
any
Continental European
exchange and financial affairs.
French reports from Vichy on Jan.
lieu of
annual
an
estimate
by
finances
budget, which it is impossible to
of
reason
and
publishing
1 state that in
related
the
disruption
Government is
the
services,
French
of
provisional budget for the first four
a
months of 1941.
It provides for the
expenditure of
approximately 40,000,000,000 francs, including 24,500,000,000 francs in the ordinary budget of the
Government departments plus 12,000,000,000 francs
for
special
works
expenses
arising from the
of well
program
It does not include any
of the cost of maintenance of
which
are
000,000 francs
first since the
day.
a
The current budget is the
founding of the Third Republic which
has not been submitted to Parliament.
sional
the
covered
The
provi¬
budget maybe altered by circumstances, since
ministers
charged
with
drawing
it
up
were
hampered in their work by lack of information.
Italian official figures
been
published in
interest
Bullet
to
note
than
the
a
but it ik of
year,
United
States
Treasury
reported in December that the total capital
n
inflow into the United States for four weeks ended
Oct.
2
amounted
to
$53,542,000,
of which
Italy
supplied $20,093,000, nearly half of -the total.
the
same
were
selling their securities, Italy showed net
$20,260,000, mainly American bonds.
pur¬
In
lira in the New York market at 5.05.
Exchange
quoted
marks
of the stringent restrictions
some
applied to
imports from the United States.
The coffee agreement
in
has been
stabilizing factor
a
Brazil, but the country is still in difficulty because
of the loss of
European markets for its coffee and
cotton, which together created 60%
exchange in normal times.
United
States,
of its foreign
The recent loans by the
including
a
$25,000,000 credit for
purchases in the United States, have eased the situa¬
tion somewhat.
The position
of Bolivia has been improved by the
agreement of the United States to take its surplus tin.
Chile
is
conducting
an
aggressive
develop trade with Latin America.
been sent to
Conferences
Santiago
campaign tp
Delegations have
Argentina, Brazil, and other nations.
also
were
On Dec. 28 the
the
at
opened with Great Britain.
Marquess of Willingdon arrived in
head
experts composed of
of
a
British
delegation
of
former ambassador, bankers,
a
and trade experts.
Argentine
unofficial
closed at 23.65, againsU23.65.
peso
or
free
at
5.15,
Brazilian milreis
nominally quoted at 5.17, against
is
peso
Chilean exchange is
against 5.15.
nominal at 16.00, against
market
The Argentine official
has long been held at 29.78.
closed
In
the movement of Italian funds to this side
may be
discovered one reason for the fixed peg of the Italian
market
previously reported
as
bringing about modifica¬
16.00.
5.17.
Peru is
The Mexican
peso
quoted at 20.75, against 20.75.
$—
four-week period while most other countries
chases of
not
tion of
The
relating to finances have not
more
that
country's exchange and
have been instrumental in
public
Treasury account providing for 400,-
special
a
a
3,000,000,000 francs.
over
the German armies of occupation,
in
and
war
that
is
on
the invaded European countries is
in
New
quoted
around
quoted at
are
York.
The
40.05,
12.35-12.50.
pegged in New York in
a
German
while
official
EXCHANGE steady if Far Chinese units
on the the Eastern countries is
especially
are
tuate, showing a downward trend on the whole which
might
are
nominal market at 5.05.
Swedish kronor in limited
trading are around 23.85%,
The Swiss franc is steady at 23.21%
against 23.21%@23.22. Exchange on Finland closed
at 2.05 (nominal), against 2.05
(nominal).
Greek
exchange is no longer quoted.
Spanish pesetas are
against 23.85.
nominally quoted at 9.25, against 9.25.
seem
to
indicate that the Chinese Govern¬
ment, which recently received loans from the United
States and Great Britain for the purpose
of strength¬
ening exchange, has thus far been inactive.
registered
Italian lire
ex¬
Shanghai and Hongkong continue to fluc¬
cepted.
The British
said that the
Broadcasting Corporation
on
Dec. 30
Anglo-Chinese short-term credit
guar¬
anty arrangement had been extended for six months
in order to encourage
Chinese purchases from Great
Britain.
.
Tokio
progress
dispatches
say
~
that negotiations
still in
are
between the Yokohama Specie Bank and the
Bank of Java for
an
exchange agreement fixing the
♦—
value of the yen
EXCHANGE on the Latin American countries is
steady, unchanged from recent weeks. While
there is
of
no
these
among
visible
change in quotations, the undertone
currencies
the
reflects
countries
toward economic
of
the
the
active
cooperation
western
hemisphere
a
vigorous
response to
the
loans to support trade and
program
exchange
are
show¬
of temporary
upon
which the
United States has embarked in recent months.
;
The United States
backing
a
Department of Agriculture is
research project, a special Latin American
division of the
department to
be
encourage
the produc-
made
ment
is
with subsequent cross-rate changes to
after "consultation.
East
The
exchange
agree¬
part of a series of agreements designed to
between Japan and
increase trade
solidarity, and the business affairs
of the South and Central American nations
ing
current rates,
and the Netherlands guilder at their
the Netherlands
Indies.
Closing quotations for yen checks yesterday
23.45, against 23.45 on Friday of last week.
kong
23
closed
at
23.78@23 13-16,
against
were
Hong¬
23.80@
13-16; Shanghai at 5%, against 5%; Manila at
49.80,
against
49.80;
Singapore
at
47%,
against
47%; Bombay at 30.33, against 30.33; and Calcutta
at
30.33, against 30.33.
»
Volume
Gold Bullion in European
Superficially, the President's speech appears to be
Banks
remarkable when attention is directed to its
most
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
many
British
tended,
statutory rate, 84s.
the
in
13
The Commercial & Financial Chronicle
152
llj^d.
principal European banks
dates of most recent statements,
fine ounce)
per
of respective
as
reported to
by
us
If it
and very obvious omissions.
as
dress of
in¬
was
Mr. Roosevelt himself described the ad¬
1933, with which he invited comparison, as
"an intimate talk with the
people," it
appears
to be
singularly lacking in the clarity and definiteness,
special cable yesterday (Friday); comparisons are
shown for the corresponding dates in the previous
not to
four years:
in
conference and make
in
practical and beneficent consequences. Last Sun¬
1940
;
1939
£
1937
1938
£
1941
Banks of—
£
'<
£
*577,413
England
France y
3,868,250
63,667,000
Italy
16,602,000
Netherlands
97,714,000
Nat. Belg__
132,857,000
84,758,000
41,994,000
6,505,000
Switzerland
Sweden
Denmark
Total week.
63,667,000
87,323,000
25,232,000
25,232,000
113,820,000
99,923,000
81,326,000
26,118,000
6,545,000
59,963,000
83,297,000
25,466,000
7,552,000
impossible to obtain up-to-date reports
from many of the countries shown in this tabulation.
Even before the present
war, regular reports were not obtainable from Spain and Italy, figures for which
are as of April 30, 1938, and Mar. 20, 1940, respectively.
The last report from
France was received June 7; Switzerland, Oct. 25; Belgium, May 24; Nether¬
lands, May 17; Sweden, May 24; Denmark, March 29; Norway, March 1; Ger¬
many, Dec. 27.
*
Pursuant to the Currency and Bank Notes Act, 1939, the Bank of England
statements for March 1, 1939, and since have carried the gold holdings of the
Bank at the market value current as of the statement date, Instead of the statutory
price which was formerly the basis of value.
On the market price basis (168s.
the Bank reported holdings of £1,141,810, equivalent, however,
to only about £577,413 at the statutory rate (84s. 11 Hd. per fine ounce), accord¬
ing to our calculations.
In order to make the current figure comparable with
former periods as well as with the figures for other countries in the tabulation,
we show English holdings in the above in statutory pounds.
* Gold holdings of the Bank of Germany as reported in 1939 and 1940 Include
"deposits held abroad" and "reserves in foreign currencies."
per fine ounce)
The Bank of France gold holdings have been revalued several times in recent
basis of latest valuation (23.34 mg. gold 0.9 fine equals one franc), insti¬
y
years; on
tuted March
7,
francs;
there are per British statutory pound about 349
1940,
in
Asia; it added
prior to March 7, 1940, there were about 296 francs per pound, and as recently
as September, 1936, as few as 125 francs were equivalent to the statutory pound.
For details of changes, see footnote to this table in issue of July 20, 1940.
fare
Speech
three-quarters of an hour last Sunday eve¬
For
ning the President of the United States addressed,
bv
radio
reached at any one
ever
It
by
broadcast,
was
a
audience
largest
the
far
time by any human voice.
speech that had been announced well in
advance and
awaited by
was
anywhere,
millions, not only in
within
either
neutrality
to
South
the
that
certainty
man
no
although all
sequences
consequences
could predict their con¬
could
spoke, indeed, with about his usual
effect,
his first radio
situation,
contrasted with
although, when
appeal to the country's citizenship,
the "fireside chat" of March
ing
perceive that their
must be tremendous.
The President
rhetorical
un¬
12, 1933,
which
comparison
a
the bank¬
the
speaker
deliverance
this latest
specifically invited,
on
seems
distinctly lacking in intrinsic evidences of certainty
as
to
methods
difference may
confidence
and
be
a
of
of the
consequence
labors which have intervened or,
visions
to results.
as
years
and
possibly, the Pres¬
limited
methods
which,
ident
has
could
they be evolved out of the reactions of the
immediate
future,
immediately preceding the declaration of
against Germany on April 6, 1917, when Presi¬
war
Wilson
dent
see
might evoke much more of his
Those whose memories revert to the
enthusiasm.
months
less
That
no
aims
sharp
and
]>elligerents,
"too proud
was
to fight" and could
distinction between the announced
evident
can
purposes
of
the
European
scarcely avoid pondering whether
in
manner
should be met,
the
without
of
limitations
Even where
pointed out; as with relation
nothing
There
which
those
reassertion
was
was
of
offered concerning
problems might or
if and when they do arise.
burden of the broad
affairs
of the immensity
of the
participation in European and
which, for a long time, has been
postulated, without argument or demonstration, as
an
essential of the Presidential program; of the
obligations of citizenship which that bur¬
common
den
of the inviolability of supposed ad¬
entails;
hitherto
vantages
by wage-earners and
suggestion that the right
the items entitled to pres¬
gained
workers; but, unless the
to
strike is not among
and that the
was
complexity and
were
America;
there
of such
or
internationally defined.
as
problems
profound
anxiety.
For it was realized upon all hands that
whatever policies might be announced, they must
operate in fields of such transcendent importance
conditions
it described no means
Ireland, the Azores, and the northern regions
to
under
;
specific possibilities of the origin and location of
new
have
with extraordinary interest and
policy
by which the advocated aid to the friendly bellig¬
erent could be made broader and more effective,
America, but throughout all the continents of the
and
definition of the public
suggestion for its amendment or
no
former definition of
ervation
earth,
new
no
enlargement, and no clarifying comment upon any
Asiatic
The President9s
con¬
policy of the United States in connection with war¬
,
,
store of available information
common
cerning the progress of the conflicts in Europe and
6,603,000
in Europe has made it
war
to the
106,734,000
748,087,387 1,098,642,128 1,087,598.797 1,100,360,845
748,253,202 1,098,523.958 1,083,837,252 1,095,109,667
697,664,051
Note—The
council luxuriant
42,575,000
7,515,000
9,209,000
6,666,000
697,661,609
Prev. week.
1
121,770,000
97,856,000
115,586,000
32,867,000
6,535,000
85,362,000
102,654,000
92,114,000
34,666,000
6,500,000
6,667,000
Norway
295,812,169
3,007,350
common
day's address contributed not one additional fact
£
314,124,237
365,810,558
1,913,050
87,323,000
327,109,344
310,172,153
2,515,300
327,100,609
*570,587
328,603,000
3,884,800
63,676,000
23,400,000
242,451,946
Germany *.
Spain
the candor, Avhich illuminate intimacy
say
which the
to
limited
be
no
production of luxuries may
are
recognized as
exceptions,
helpful elucidation of the manner in
should be adjusted
tremendous burden
capacity of the people, so that it may be
the
carried.
-
But those sincere and
that
sider
patriotic citizens who con¬
heavy responsibilities and
great emer¬
gencies impose at least equivalent obligations to
sober consideration of resources and of economies
available at
points otherwise unrelated to the new
inescapable demands, received no word of en¬
and
If over $2,000,through economies
in no way impairing war strength, but rather in¬
creasing it by augmenting financial security and
strength, as recommended after painstaking in¬
vestigation by the National Economy League, that
fact has
made no impression in White
House
circles, or not enough to induce any suggestion in
this address of any possibility of Federal retrench¬
couragement in the whole address.
000,000 might annually be saved
short, the President confronted a;
great
opportunity to take into his confidence a vast
audi¬
In
ment.
of
ence
women
lems
earnestly
patriotic
Americans, men and
deeply conscious of the urgency of the prob¬
before
immediately
determined to accept
them,
unanimously
all the sacrifices which they
legitimately entail, their minds attuned to unselfish
deliberation
over
their collective and separate con¬
actually weaker at the
tributions to the common effort, and he gave them
present time than during those months of planless
nothing but resonance enveloping descriptions of
yielding to propaganda and
the
the
drift
towards
war
is
pressure.
evils
which
he
has
determined
they must
en-
■
■
,
;
■
;
:
.
,
'
■
'
^
..
'
,
counter, the enmities lie desires them to envisage,
exhortation
which
intends
he
induce the emotions
tending to
them
to
After all,
experience.
however, it has never been Mr. Roosevelt's practice
take the
to
.
-
'
■
v.
'
/
.*
;
^
The Commercial & Financial Chronicle
J4
and
■
people deeply into his confidence as to
the details of his
plans,
to anticipate their
or even
candid definitions of his
curiosity by early and
objectives.
The Presidential address of last
Sunday preceded
^
,
Jan. 4, 1941
It is only too easy to see the broader consequences
of such a subversion if it should be effected at this
juncture. Whether, from the point already attained, war with Germany can now be avoided,
despite the early and unabandoned determination
of the great masses of the American people to avoid
involvement, is a question that no sensible man
would not hesitate to answer with an unqualified
affirmative. Much must hereafter depend upon the
Whatever
further formal and practical expressions of sympathv extended to Great Britain and, also, upon the
the matters suggested
future determinations of Germany itself upon the
by his discourse, it is certain that he cannot pro-
question whether it is desirable to turn a 11011is frankly and strongly sympathetic with its adversary into an admitted foe.
Unquestionably, the entry into the war of the
United States could not long be concealed from the
German people and its realization would affect
their morale very adversely while destroying much
of their probably already dwindling confidence in
their leadership. That fact may explain wrhy Hitler
by only five days the opening, yesterday, of the first
session of the
Seventy-Seventh Congress.
the President
intends,
eeed very
as to
far without new legislation and that his
legislative recommendations, whenever they come,
and
discussions to
the
lead,
be made
can
revelatory
is
as
which
they will inevitably
be broadly and effectively
to
to some at least of his intentions. There
connection between these facts that may
a
have
escaped the attention of many of those who were
disappointed by the generality and indefiniteness of
the
The truth of the situation is
npdio address.
that the President
heavily Democratic
although
in
and
perceives that the
both
in
Congress,
new
its
membership,
belligerent/ that
has not already asserted that this country has become un
How much more of what he would
neutral.
call provocation would be endured before such a
the date of his first inaugura-
But it can be prehis part would
certainly be followed, if not preceded, by overt acts
of violence against this country, and that, if and
tion, to yield subservient obedience, actually with-
when any such overt act occurs, all inhibitions upon
branches, is not at all likely to be
a
body supinely amenable to executive direction and
ready, like the Seventy-Third Congress, which
into existence upon
out deliberation
mand
and
he
countered
frantic
tions
adroitly
directs
attention,
acquiesence
responsibilities
he
and
of
deliberative
now
legisla-
anticipate both
opposition.
No self-confident chief
executive, in such
situa-
a
tion, if he is also self-willed and reckless of
representative
populace.
ever
fail
to
legislature
to
to
appeal
the
fort, for which
from the
represented
attempted last Sunday.
there
is
Should that extremity ensue, the
United States, under its present laws, and other
laws certain to be immediately enacted, would at
once become a near-dictatorship, with the President
vast blaze of war.
the dictator.
Even then, the importance of a
functioning Congress, retaining at least the ultimate power of the purse and preserving the right to
know what the executive does and that of voicing the
thoughts and even the criticisms of a people sure
as
to be restrained, as individuals, in their freedoms
pervasive
compelling that Congressmen and Senators
H, at the worst. Congress should be left with but
little else of its constitutional authority, it could
precedent
wherever
perpetuating its form,
atmosphere of
any
sought to sabotage the substance of
parliamentary system of representative
would
His ef-
the Atlantic would immediately be removed,
The whole world would then be enveloped in one
an
ever
raent while
so
across
of speech and of the press, would be beyond measurement.
Already, Mr. Roosevelt has, almost in
terms, appealed for recklessness in expenditures
based upon the public credit and upon taxation,
ruler has
and
prec-
That is precisely what the President of
the United States
the
en-
really
searching inquiry and at least potential
edent, is likely
upon
full participation in the struggle in Europe and an
tion, he recognizes that he must
and
declaration
expeditionary force recruited in the United States
under the present conscription law and transported
every
anxiety to abdicate in his favor all the func-
and latent
a
Where in 1933, the period
unquestioning
and
bold
dieted that such
executive de-
caution, to
suggestion.
which
to
or
came
declaration cannot be foretold.
was
apprehension
nervous
be subdued 'by its coercion.
reduced to that level of
not
executive
deft
adaptation of the
govern-
to dreate
so
Congress
impotence in 1933.
persuasion,
conveniently
new
resource
was
Might
aided
of the
by
radio
always attempt to provide such protection against
irretrievable bankruptcy as lies in cautious supervision of the expenditures chargeable against the
public
purse
broadcast, induye that history to repeat itself in
through
1941 ?
In that case,
capacity to
would
be
effective
complete executive domination
re-established,
it
in
as
the
untrammelled and
as
and of the renewals of its resources
necessary
pay
taxation reasonably limited to
and sound borrowings when the
just potentialities of taxation must be exceeded.
A
1933, but in the
public frenzy inimical to the independence of Con-
wholly different and much less popularly compreherfsible field of international affairs, extending
Ihroughout all the continents. If the emergency is
srress, esnecially at this stage of the country's af
fairs, would constitute a very bad start towards
meeting the vicissitudes and dangers of the future
which now apears so dark and so threatening,
as
was
year
in every respect as broad and
as deep as it is
proby the President's appeal to the peo¬
ple, there is just so much additional reason why the
calamity of such subversion of the American sys-
claimed to be
tern and
philosophy of government and of
fundamental and
they
are
the great
everlasting principles upon which
founded ought resolutely to be resisted and
finally to be prevented.
Guns and Butter
Ever since we set ourselves in earnest six months
or more ago upon
the task of large scale armament
there has been almost incessant discussion of the
question
too."
whether
we
can
"have
Among the more realistic
guns
and
butter
the subject has
Volume
The Commercial & Financial Chronicle
152
Can
usually been broadened to read:
butter and the extended
and
workmen
have
tudinous
restrictive
become
accustomed
regulations
unions fostered
Deal
and
upon
the production process?
the
and discussions have
ments
helpful
than
rather
reached,
been
as
these
complished only if
destructive
or
we
more
guns,
can
be ac-
discard the notion of 'busi-
usual'."
ness as
But what has he now in mind?
of
one or more
many
things.
It might be
any
But his next sentences
clearly reveal the limitation and the weakness of
his position.
Said he:
ing on the existing productive facilities the added
to
as
port
wether
"Our defense efforts must not be blocked by those
resolute formula-
a
who fear the future consequences of surplus plant
capacity. . . .
set
decisions
such
be
can
at all event effectively enforced, only by
there has of late
reason
increasing demand that the President, who for
in existing conditions is that
purposes
able at all essential
"After the present needs of
It has, of course, been
that
Government make his
requirements of the Nation for defense,
our
should
we
of action best suited to the par-
first
the
toward inducing a
that, and
or
course
or
practical
policies clear and unmistak-
a proper
did six months ago.
stand
we
defense
are
past,
America shall delay the immediate expansion of
those industries essential to defense."
The
most if not all these matters
our
handling of the country's peace-time needs
will require all of the new productive capacity, if
not still more.
"No pessimistic policy about the future of
points.
Yet it must be said in all candor that
to
argu-
constructive and
invariably
say,
Government, and for that
been
New
more
And this
"This job cannot be done merely by superimpos-
objective chosen.
from
clear
multi-
the
planes—more of everything.
been di-
decision
sails for this
ficular
our
by it have imposed
So far
have
public policy, that is to
tion of the
"We must have more ships,
guns
objective of determining the course of
rected at the
definite
the
and
which
essentially
academic, they
merely
have
we
leisure to which
15
abandonment of
the
"business
as
usual"
as
notion, then, consists, in the mind of the President
precisely
in this case at least in surrender by business of all
today
The impression seems
thought of the morrow, and the placing of complete
prevail in some quarters that in his "fireside
trust in "proper handling of the country's peace-
where
to
chat"
we
Sunday evening last the President went
on
defintiely
too,"
butter
and
record that
on
abandon that
called
and
cannot "have guns
we
the country to
upon
A careful perusal of what the
hope.
Chief Executive had to say upon
time needs" to keep expanded plants profitably oc-
It is of a piece with Mr. Knudsen's cry
cupied!
a
week or two ago: "Let's forget everything but the
welfare of our country."
that occasion will,
When
the President finally gets down to the
however, quickly dispel that notion, and reveal the
question of "guns and butter," he says:
fact, for fact it is, that, while the President at sev-
confident that if and when production of
luxury goods in certain industries requires the use of machines and raw materials that
eral
points approached
his
been
than
has
them
gracefully,
and
still
he
wont
more
skirted
much
as
a
mystery
give
were
His annual "State of the Nation"
spoke.
more
around
they
as
Budget messages early next week
not
nearly
leaving the official attitude to-
ward them about
before he
these topics
concrete meaning to
"I
are
of the
gen-
essential for defense purposes, then such pro-
duction must yield, and will gladly yield, to our
primary and compelling purpose."
In fine, the President now with more emphasis
may or may
some
am
consumer or
than ever before demands the guns; he is silent as
eral terms to be found in his radio
address, but the
fact remains that at this time the
country is still
have been such that we must in the absence of posf-
waiting light from the White House
,
on
virtually all
tive evidence to the contrary suppose that he-still
these vital
His
in
his
radio
address,
parent reference, to these subjects
said
leisure
and
reform,
but his past utterances
expects and insists that the "gains" of labor be
questions.
first reference
to
came
or ap-
when he
preserved; he again defers decisions as to the but*
ter.
The very nature of the tasks that we have
undertaken in the name of defense has enabled the
:
"This Nation is
great effort to produce
Administration to avoid or to defer decisions in
everything that is necessary in this emergency—
these matters to date without irreparable, al¬
though not without appreciable, injury to the cause
and with all
making
a
possible speed.
And this great effort
and to the country, but the time is now approaching
requires great sacrifice."
Excellent—so
pears
far
it goes!
as
Belatedly, he
ap-
to be taking a leaf from Mr. Willkie's note
book, but like Mr. Willkie's utterances last autumn
his
I
statement
immediately
does
now
not
succeeding
"carry through."
he
passages
determination to "defend every one
in the Nation
against want and privation" and much
order which is
same
been
gram.
which
threaten
He demands
reciprocate
by
doing
a
the
that the
now
Nation, but within
more
wage
their
part
very
as
to
earners
protect
pronow
the
few sentences it becomes clear
production by strikes
a
"social
armament
that what he has in mind is avoidance of
of
of the
precisely what has in the past
repeatedly said in defense of the
reforms"
In
expresses
or
lockouts.
stoppage
Good enough
beginning, but—.
Once again a few moments later he seemed to be
approaching the vital question when he said:
when further deferment cannot be afforded.
Alforced action in a
limited and tentative way as is evidenced by informal priorities. Already the defense program at
several points has suffered from lack of forthright
and constructive action concerning labor matters,
as in the case of cantonment construction and in
the machine shops of the country.
As the mass
production procedure reaches its second or really
productive stage probably during the coming year,
all these questions will be presented upon a much
broader scale and in a more pervasive fashion.
In the initial stages of any such program the
ready,
circumstances
have
pressure falls chiefly upon the engineers, the
laboratories, the draughtsmen, and then upon the
machine shops—that is, of course, apart from the
matter of camp
site construction and the main-
tenance of what men are placed in the field.
In
The Commercial & Financial Chronicle
its strain
upon
but
fected
the materials markets are
and others who are being given these
In these limited fields the limi¬
and restrictive policies of the
particular skills.
of
tations
hours
taking their toll.
unions have taken and are
take still greater
will
doubtless
of
Willingness
of
terms
such
specially
certain
of
outside
slightly
skilled groups
on.
empoyment is af¬
With limited exceptions
limited.
if
and
strictly
stages its effect upon industry generally
these
toll
time
as
Government to
the
They
goes
in
pay
prices for the "reforms" it has fostered,
manifest, would
willingness is presently
perhaps in part ameliorate the situation but will
and cannot
not
than
more
this, however, now appears in a strictly lim¬
ited, although very vital, degree.
,
now
can
used in
be
vastly larger quantities of steels,
alloys and the other materials will be required, and
in
much
larger degree the armament program will
demands
make
Relatively small
building tanks, heavy
industries which
those
upon
nor¬
mally supply the materials and the parts for the
ordinary articles of peace-time consumption.
it will be that
tween guns,
shall have to make
we
tanks, planes and the rest,
Then
choice be¬
a
the
on
one
hand, and many of the articles of ordinary con¬
sumption
the other—or the surrender of the
on
luxury of partial idleness in the form of absurdly
of
hours
short
labor,
and restrictions
of multitudinous rigidities
imposed in the
much
of the red tape
name,
which
of reform, of
name
under the
now passes
and of boondoggling wherever found.
Nothing in human affairs is plainer than that
we
cannot have them all.
The
quantities of steel and the other component ma¬
terials
Then
same
partially eliminate the
impediments placed in the path of production.
All
old.
the
Jan. 4, 1941
greatest danger perhaps is that Government,
failing to face these questions
lacking in under¬
or
artillery, and all the other paraphernalia of a mech¬
standing of their manifold implications
anized
ingness to assume its share of the risks imposed
made
since these things are not yet being
army,
011
and the
refrigerators,
machines,
employed in
now
machinery,
farm
automobiles,
making
Labor
large scale.
any
washing
cannot be
rest,
employed in large numbers in fashioning the tools
of
because the
war
is not
machinery for such fashioning
There is
yet ready.
upon power sources, upon
or
upon
as
yet little pressure
transportation facilities,
the other services growing out of the arma¬
ment
program
gram
is in
for the simple reason that the pro¬
physical
a
sense
not yet really under
It would be foolish, generally speaking, to
way.
the
restrict
making
the distribution
or
of these
peace-time goods, or to suggest that restrictions be
Such
imposed at this time.
exerted
production facilities
upon
has been
pressure as
or
labor
upon
in will¬
or
by them will go blunderingly ahead to do
injury if not
economic
(one
President's
the
must suppose
the
Already this
country.
limited but definite way
a
Consider
head.
of the
structure
hazard has in
severe
almost irreparable damage to
call
raised its
to
industry
are
that his remarks
directed
primarily at the machine tool industry) to place its
faith in "a proper
handling of the country's
time needs" and construct
be for the
may
feared"
be
The
defense efforts
than
hard-headed
still have his
future
consequences
now are
much
more
surplus plant capacity.
business
man,
suspect,
we
private doubts about "a
own
as
of facilitating the defense
purposes
our
peace¬
rapidly
as
warning that "the possible
program,
of failure of
to
plants
new
will
proper
supply outside of a limited group of industries, has
handling of the country's peace-time needs" and its
arisen
power
largely if not wholly from anticipatory buy¬
by
ing
peace-time
and
consumers
trade—certainly apart from
called
The
rivalry
between
machine
of
limited list of
a
so-
perform
future, perhaps
as
we
for
probably
like available now;
even
of them, and
relative
now
possibly two
or
isms
not, for this reason
in the number of them available next
in the prices of such articles, in the
absence
of
new
instruments
or
mechan¬
designed for man's comfort, next year and the
next, will
we
see
the marks of this diversion of
human effort from the normal
occupation.
But
course
dramatic
of
program
runs
automatic
and
as
may
is
it may.
Let
the year, if the
its hoped-for
course,
a
When the
semi-automatic, i
us assume
for the
mo¬
right, at least about the
son
of the over-all
ages
in this
or
are
in
year
hence it is found,
old
rea¬
unproductiveness of labor, short¬
that key material, lack of carefully
prepared plans for
in
ma¬
*
certainly not altogether unlikely, that by
products
products
new
as
a
or
consequence
improvements
of the present
absorption of engineers and designers with defense
works,
or
for
are
reduce
their
of
any one
causes, con¬
By this time makers of defense
matereal should be
severe
dozen other
a
to reduce or voluntarily do
consumption of the ordinary articles
peace-times?
first
of
called upon
sumers
fairly well "tooled up," and the
the machine tool indus¬
pressure upon
try emanating from this "tooling up" process will
be
passed.
What then of the added plant in the
machine tool
change in this picture is due.
machines,
peace-time
: ?
presently, perhaps within
armament
as
chinery and machine tools.
What then?
Suppose a
the next; but in the improvements, or lack
year or
But be that
the
biles, washing machines, farm tractors, refrigera¬
tors and the
the
urgency" of the existing defense situation.
of :the existing state of affairs, and that
that the
not
of -busi¬
concerning
be right about peace-time needs for
industry
average man
a year,
and
he
The full effect
must,
consequences
urgency
Not in the number of automo¬
hence.
"terrible
now—yes,
the
and butter,
designers,
directly
win, will be felt by the
three years
the
consumer.
rivalry, assuming,
but in the
guns
services which
those
engineers,
the
shops
use.
and
to save him from the
recklessness
ness
ment that the President is
is not between
indirectly for the
this
guns
now
guns
laboratories,
and
and
strategic materials under accumulation by
Government for future
but
industry
industry?
It
may
be that it is
now
impossible for the Government to foresee the situa¬
tion likelv to exist at that
able that it
defer
butter, too,"
and
time, and hence unavoid-
decisions
concerning "guns and
assuming the "terrible urgency"
depicted, it is necessary to proceed
the Presi¬
large part complete*} and in place, and the actual
mass
production of guns, tanks, and the other
as
equipment begins in real earnest, then new produc¬
fair, is it other than in accord with the "welfare
tion and
assembly lines will compete for labor with
dent
as
demands, but in that event is it
(Continued
on
page
18)
more
than
Volume
The Commercial & Financial Chronicle
152
The
Course of the Bond Market
Illinois
A report to
System
Congress by officials of the Federal Reserve
made
was
public
Jan.
on
changes in monetary and
bank
direct sale of Federal bonds
1.
Some
outlined.
were
It
well
as
was
recent
creases
absorb
that
high
excess
be
in
excess
removed
the
on
bonds
recom¬
rail
more
Pacific
Lower
30c.
(short
bill
to
national
37%.
the
other
possible
existing
Mixed fractional
prices changes have been the rule this
bonds, but with the up side favored.
However, a number of changes of a point or better have
been registered, including the United
Drug 5s, 1953, up 3
points at 89%, and McKesson & Robbins 5%s, 1950, up 1%
at 105%.
■;'.T\
executive
week among industrial
an
the
on
close
above
remained
1908,
advanced
employees
of
last
Government
Friday.
the
Corpo¬
week,
weeks
practically
2%
minimum
hourly
the rail
Me¬
by about $7,000,000.
by the increase
are
The
120
U. S.
AU
1940
Govt.
Bonds
on Average
Domes¬
DaUy
Averages
had
The reported debt adjustment plan has been
responsible for a two-point advance in Colombian issues,
and
South¬
an
Corp.*
hour
wealth
the South:
are
.
120 Domestic
Corporate by Groups *
AU
1940
Aa
Baa
RR.
U.
111.84
92.90
99.83
116.21
121.27
2— 119.05
112.25
126.13
121.72
112.05
93.06
100.00
116.64
1—
Exchan ge Clos ed
~
112.25
126.37
121.94
Stock
Dec. 31.. 119.47
A
P.
Jan.
121.49
3.35
Stock
3.35
93.06
100.00
116.64
121.72
Dec. 31
112.25
93.06
100.00
116.64
121.72
30
112.25
92.75
99.83
116.64
121.49
28
112.05
92.75
99.66
116.64
121.49
92.59
99.66
116.64
121.27
112.25
126.37
121.72
112.05
126.13
121.72
27- 119.48
112.05
126.13
121.72
26- 119.36
111.84
125.90
121.49
111.84
25—
Exchan ge Clos ed
112.05
3.37
2
112.25
28— 119.52
24— 119.27
Corp.
3-1
30— 119.58
Stock
120
YIELD
Individua
AVERAGES
Closing Prices)
120 Domestic Corporate
120 Domestic
by Ratings
Corporate by Groups
27
126.13
121.49
111.84
92.75
99.66
116 64
121.27
126.37
121.49
112.05
92.59
99.66
116.64
121.27
23
126.37
121.72
112.05
92.59
99.66
116.64
121.49
21
20— 119.16
112.05
126.37
121.49
112.05
92.59
99.66
116.64
121.27
20
19— 119.38
112.05
126.37
121.72
111.84
92.59
99.66
116.86
121.49
19
18— 119.48
4.01
3.16
2 93
2.72
2.91
3.36
Exchan ge Clos ed
2.71
2.90
3.35
4.42
4.00
3.14
2.92
4.42
4.00
3.14
P. V.
Indus.
2.91
2.91
3.35
4.42
4.00
3.14
2.91
2.91
3.35
4.44
4.01
3.14
2.92
2.72
2.91
3.36
4.44
4.02
3.14
2.92
2.73
2.92
3.37
4.45
4.02
3.14
2.93
3.14
3.36
24
112.05
RR.
4.43
2.72
3.37
112.05
Baa
2.93
2.71
Stock
21— 119.10
A
Aa
3.37
2.73
3.35
25
23— 119.26
Aaa
3.36
—-
26
"
on
c;/
tic
Averages
Indus.
121.27
(Based
Domes¬
Daily
125.90
moderate
been
given in the following tables: -V
MOODY'S BOND
111.84
showed
has
issues
Yields)
3— 118.65
also
points.
t
by Ratings
loans
firmed up with gains ranging up to two
Japanese loans closed irregular.
Moody's computed bond prices and bond yield averages
wage
120 Domestic Corporate *
Aaa
American
a
strong
as well
as in
some
German municipal and corporate loans, while Italian bonds
have
been
fractionally lower.
Canadian and Common¬
In
tic
Jan.
South
Among European issues there
rally in Norwegian and Danish bonds
standards
their
other
gains.
roads principally
located largely in
MOODY'S BOND PRICES
(Based
wage
the close
of the year.
unchanged,
and 33c.
industry
Foreign bonds have been generally better after
high-
level.
to 40%.
points
(trunk line employees)
employees)
increased
affected
issues
hour
line
certificates.
unchanged.
been
Hydro-Electric 6s, 1944, gained 1% at 49; Inter¬
Telephone & Telegraph 5s, 1955, were up 5% at
national
speculative rails have been higher.
4%s,
granting rail
silver
toward
issues have
dium-grade
while the
of
virtually
Despite weakness
of
necessary
System,
grades likewise moved in a narrow range, but re¬
lease of tax selling pressure was reflected in various
specu¬
lative issues after the close of the
year.
As a result Inter¬
in¬
further recommended
reserves
rescinding
further
that
from
report
Thursday and again
on
were
grade rail
ern
by
issuance
declined
issues
rate
and
Southern/; Pacific
a
to issue $3,000,000,000 of greenbacks and by restric¬
power
tions
The
reserves.
increases
sources
May, 1937,
double these rates be made if
to
up
level of
Seaboard Air Line, $088,000;
$443,000;
High-grade utility bonds have been quite steady, although
softening tendency was perceptible following disclosure
of credit control plans of the Federal Reserve
authorities.
as
mended that statutory reserve requirements be increased to
the
Central,
$580,000.
far-reaching
policies
reserve
17
Atlantic Coast Line, $611,000;
18
Exchan ge Clos ed
3.36
2.92
4.44
4.02
2.71
2.92
3.36
4.45
4.02
3.14
2.71
2.91
3.36
4.45
4.02
3.14
2.92
3.36
2.71
2.92
3.36
4.45
4.02
3.14
2.93
3.36
2.71
2.91
3.37
4.45
4.02
3.13
2.92
3.36
-
2.72
3.36
3.36
—
3.37
2.93
2.93
1
112.05
126.37
121.72
112.05
92.75
99.66
116.86
121.49
2.71
2.91
3.36
4.44
4.02
3.13
17— 119.51
112.25
2.92
126.37
121.72
112.05
92.90
99.66
117.07
121.49
17
3.35
2.71
2.91
3.36
4.43
4.02
3.12
16— 119.60
112.05
2.92
126 37
121.49
112.25
92.75
99.83
116.86
121.49
16
3.36
2.71
2.92
3.35
4.44
4.01
3.13
14— 119.61
112.25
2.92
126.61
121.72
112.05
92.75
99.83
116.86
121.49
14
3.35
2.70
2.91
3.36
4.44
4.01
2.92
13- 119.63
112.25
126.61
121.72
112.05
92.75
99.66
116.86
121.72
13
3.35
2.70
2.91
3.36
4.44
4.02
3.13
3.13
12
3.36
2.70
2.92
3.36
4.45
4.02
2.92
11
3.36
2.71
2.91
3.36
4.45
4.03
3.13
3.12
4.03
12—
2.91
119.60
112.05
126.61
121.49
112.05
92.59
99.66
116.86
121.49
11— 119.54
112.05
126.37
121.72
112.05
92.59
99.48
117.07
121.49
10— 119.56
112.05
126.37
121.72
112.05
92.43
99.48
117.07
121.49
io
3.36
2.71
2.91
3.36
4.46
112.05
126.37
121.49
112.05
92.43
99.48
117.07
121.27
9
3.36
2.71
2.92
3.36
4.46
4.03
3.12
3.12
2.92
9— 119.35
7— 119.08
112.05
126.37
121.72
112.05
92.43
99.48
117.07
121.27
7
3.36
2.71
2.91
3.36
4.46
4.03
3.12
2.93
v,-:-
i
2.92
2.93
6— 118.98
112.05
126.37
121.72
112.05
92.28
99.31
117.07
121.27
6
3.36
2.71
2.91
3.36
4.47
4.04
3.12
5— 119.00
112.05
126.37
121.72
112.05
92.28
99.31
116.86
121.27
5
3.36
2.71
2.91
3.36
4.47
4.04
3.13
2.93
4-. 118.95
111.84
126.37
121.49
112.05
92.12
99.14
116.86
121.27
4
3.37
2.71
2.92
3.36
4.48
4.05
3.13
2.93
3— 118.86
111.84
126.37
121.49
112.05
92.12
99.31
116.86
121.27
3
3.37
2.71
2.92
3.36
4.48
4.04
3.13
2.93
2.. 118.82
111.84
126.37
121.49
112.05
92.12
99.31
116.86
121.27
2
3.37
2.71
2.92
3.36
4.48
4.04
3.13
2,93
1— 117.00
110.43
124.48
119.69
110.24
91.35
98.11
115.78
118.81
3.38
2.72
2.94
3.37
4.47
4.05
3.13
2.95
22
3.38
2.73
2.95
3.38
4.47
4.06
3.13
2.96
15
3.39
2.75
2.95
3.39
4.47
4.05
3.13
2.98
8
3.41
2.77
2.97
3.42
4.49
4.09
3.00
3.44
2.79
3.00
3.45
4.53
4.11
Weekly—
Nov. 29
WeeklyHoy.29.. 118.80
111.64
126.13
121.04
111.84
92.28
99.14
116.86
22- 118.67
111.64
125.90
120.82
111.64
92.28
98.97
116.86
120.59
15- 118.53
111.43
125.42
120.82
111.43
92.28
99.14
116.64
120.14
110.83
91.97
98.45
116.21
119.60
110.04
91.20
97.78
118.29
111.03
124.95
Oct. 26— 116.92 / 110.24
124.72
819—
116.85'
11- 116.64
120.35
119.69
-
120.80
v
•
.
3.45
Oct.
115.78
118.81
124.72
119.69
109.84
91.20
97.61
116.00
118.81
19
109.84
124.48
119.03
109.44
90.75
97.28
115.78
117.94
...
11
26
-
2.78
3.00
3.46
4.54
4.13
3.16
3.18
3.18
3.45
1
110.24
2.93
2.78
3.00
3.47
4.64
4.14
3.17
3.47
2.79
3.03
3.49
4.67
4.16
3.18
3.08
3.04
8.04
3.04
5- 116.83
109.84
124.48
119.25
109.44
90.75
97.28
116.00
117.94
5
3.47
2.79
3.02
3.49
4.67
4.16
3.17
3.08
Sept.27— 116.67
20- 116.54
109.44
124.02
119.25
108.85
89.99
96.61
115.78
117.50
Sept.27
3.49
2.81
3.02
3.52
4.62
4.20
3.10
108.66
89.55
3.18
3.19
109.24
123.79
119.47
96.11
115.57
117.72
20
13- 116.17
108.85
123.66
119.25
108.66
88.80
95.62
115.57
117.29
13
3.52
2.83
3.02
3.53
4.70
4.26
6- 116.17
109.05
123.56
119.69
108.85
89.10
95.78
115.67
117.72
6
3.51
2.83
3.00
3.52
4.68
4.25
3.19
3.19
3.09
Aug. 30.. 115.70
23— 115.56
108.46
123.33
119.03
108.46
88.36
95.13
115.14
117.29
Aug. 30
3.54
2.84
3.03
3.54
4.73
4.29
3.21
3.11
108.27
123.33
118.81
108.46
87.93
94.81
114.93
117.29
23
3.55
2.84
3.04
3.54
4.76
4.31
3.22
16- 115.14
108.08
122.86
118.81
94.65
114.72
116.64
16
3.56
2.86
3.04
3.56
4.79
4.32
3.23
8.14
108.46
122.86
119.25
108.08
108.46
87.49
9- 115.45
88.07
95.29
114.93
117.07
9
3.54
2.86
3.02
3.54
4.75
4.28
3.22
3.12
2— 115.68
108.27
123.10
119.25
108.27
87.93
95.29
114.72
116.88
2
3.55
2.85
3.02
3.55
4.76
4.28
3.23
July 26.. 115.56
108.08
122.63
119.47
107.88
87.64
95.13
114.51
116.43
26
3.56
2.87
3.01
8.57
4.78
4.29
3.24
3.15
19— 115.63
108.27
122.63
119.47
107.88
87.93
95.13
114.72
116.43
19
3.55
2.87
3.01
3.57
4.76
4.29
3.23
3.15
12— 115.66
107.88
2.88
3.15
3.15
119.47
July
3.50
—
2.82
3.01
3.53
4.65
4.23
3.09
3.11
3.11
3.13
107.69
87.49
94.65
114.93
116.43
12
3.57
8.01
3.68
4.79
4.32
3.22
5.. 115.58
107.69
122.63
119.25
107.69
86.50
93.69
114.72
116.43
5
3.58
2.87
3.02
3.58
4.86
4.38
3.23
June 28— 115.21
106.92
122.17
118.81
106.73
85.52
92.75
114.09
115.78
June 28
3.62
2.89
3.04
3.63
4.93
4.44
3.26
21- 115.37
106.17
122.17
118.38
106.36
84.28
91.81
113.48
115.57
21
3.66
2.89
3.06
3.65
5.02
4.50
3.29
3.19
14- 114.73
105.04
121.27
117.50
105.41
82.66
90.44
112.45
114.72
14
3.72
2.93
3.10
3.70
5.14
4.59
3.34
3.23
81.87
89.40
111.43
3.75
7— 113.15
103.93
122.40
3.18
119.47
116.43
104.48
113.27
7
3.78
3.01
3.15
5.20
4.66
3.39
3.30
May 31_. 113.14
103.56
118.60
116.21
103.93
81.61
89.25
111.03
112.66
May 31
3.80
3.05
3.16
3.78
5.22
4.67
3.41
3.33
24- 113.06
103.56
118.81
115.57
104.11
81.87
89.69
111.03
112.25
24
3.80
3.04
3.19
3.77
5.20
4.64
3.41
3.35
17— 113.73
105.79
112.66
2.97
120.37
117.72
105.79
84.96
92.28
114.72
17
10- 115.51
108.46
123.33
119.25
107.88
88.36
94.97
114.72
117.72
10
3— 116.36
109.24
123.79
120.37
108.66
88.95
95.29
115.57
118.81
3
Apr. 26— 116.18
108.85
123.79
120.14
108.08
88.51
94.81
114.93
118.81
19- 115.94
108.46
123.56
119.92
107.30
88.07
94.33
114.51
118.38
12- 116.38
5— 117.10
Mar.29
116.87
21
3.68
3.09
3.68
4.97
4.47
3.33
3.23
3.54
2.84
3.02
3.57
4.73
4.30
3.23
3.09
3.50
2.82
2.97
3.63
4.69
4.28
3.19
3.04
Apr. 26
3.52
2.82
2.98
3.56
4.72
4.31
3.22
3.04
19
3.54
2.83
2.99
3.60
4.76
4.34
3.24
3.06
—
108.27
123.56
119.69
107.11
87.93
94.33
114.30
118.38
12
3.55
2.83
3.00
3.61
4.76
4.34
3.25
3.06
108.66
124.25
119.92
107.30
88.51
94.81
114.61
118.81
5
3.63
2.80
2.99
3.60
4.72
4.31
3.24
3.04
107.88
123.56
119.25
106.92
87.49
93.85
113.89
118.38
Mar. 29
3.57
2.83
3.02
3.62
4.79
4.37
3.27
3.08
2.83
4.79
116.36
107.69
123.56
119.03
106.36
87.49
93.85
113.68
117.94
21——
3.58
3.03
3.65
4.37
3 28
3.08
15-. 116.74
107.49
123.33
118.81
107.17
87.35
93.69
113.68
117.50
15
3.59
2.84
3.04
3.66
4.80
4.38
3.28
3.10
8— 116.03
107.49
123.10
118.38
106.17
87.21
93.69
113.07
117.72
8
3.59
2.85
3.06
3.66
4.81
4.38
3.31
3.09
—
1— 115.42
107.11
122.63
118.38
105.79
87.07
93.53
112.86
117.07
1
3.61
2.87
3.06
3.68
4.82
4.39
3.32
Feb. 23- 115.32
107.30
123.10
118.60
105.79
86.92
93.85
112.66
117.07
Feb. 23
3.60
2.85
3.05
3.68
4.83
4.37
3.33
3.12
16- 115.48
107.49
123.33
118.81
105.98
87.07
94.01
112.86
117.50
16.
3.69
2.84
3.04
3.67
4.82
4.36
3.32
3.10
9— 115.44
107.30
122.86
118.81
105.98
86.92
94.01
112.66
117.29
9
3.60
2.86
3.04
3.67
4.83
4.36
3.33
2— 115.43
Jan. 27— 115.54
106.92
122.63
118.60
105.41
86.78
93.69
112.45
116.86
106.92
122.63
118.38
105.41
86.64
93.69
112.25
116.86
20- 115.65
106.54
122.40
117.94
105.41
86.21
93.21
112.25
116.43
106.73
13- 115.96
3.12
3.11
2
3.62
2.87
3.05
3.70
4.84
4.38
3.34
3.13
27
3.62
2.87
3.06
3.70
4.85
4.38
3.35
3.13
20
Jan.
3.64
2.88
3.08
3.70
4.88
4.41
3.35
3.15
122.40
118.16
105.60
86.50
93.53
112.25
116.64
3.69
4.86
4.39
3.35
3.14
116.03
106.92
122.86
117.72
105.60
87.07
93.85
112.45
116.64
3.62
2.86
3.09
3.69
4.82
4.37
3.34
3.14
High 1940 119.61
112.25
126.61
121.94
112.25
93.06
100.00
117.07
121.72
High 1940
3.81
3.05
3.19
3.78
5.24
4.6 a"'
Low 1940 113.02
103.38
118.60
115.57
103.93
81.35
89.10
110.83
112.05
Low 1940
3.35
2.70
2.90
3.35
4.42
4.00
2.91
High 1939 117.72
106.92
122.40
118.60
105.22
87.78
94.33
112.05
116.43
High 1939
4.00
3.34
3.55
4.10
5.26
4.76
Low 1939 108.77
-.3.64
100.00
112.45
108.27
98.28
81.09
87.93
104.30
106.54
Low 1939
3.62
2.88
3.05
3.71
4.77
4.34
3.36
J.15
6-
1 Yr. Ago
13
3.63
6
1
—
2.88
3.07
\3.42
3.36
Year Ago—
Jan. 3 '40 115.81
106.73
122.17
117.72
105.41
86.64
93.37
112.25
116.43
Jan. 3, 1940
2 Years Ago—
3.63
2.89
3.09
3.70
4.85
4.40
2 Yrs.Ago
Jan. 3 '39 112.78
3.35
3.15
101.94
118.60
111.84
100.18
82.40
88.36
107.30
112.45
Jan. 3, 1939
3.89
3.05
3.37
3.99
5.16
4.73
3.60
3.34
•
level
These prioes are computed from average yields on the basis of one "typical" bond (4% coupon, maturing In 30 years), and do not
purport to show either the average
the average movement of actual price quotations.
They merely serve to Illustrate In a more comprehensive way the relative levels and the relative movement ol
or
yldd averages, the latter being the truer picture of the bond market.
t The latest complete list of bonds used In computing these Indexes was published In the Issue of July 13. 1940, page 160.
The Commercial &
18
Financial Chronicle
Jan.%4, 1941
tempt merely to prevent economic causes from hav¬
and Butter
Guns
ing their natural effects?
(Concluded from, page 16)
•of
Would
cedure?
as
betray
its part to
on
or
their equivalent, should find their way
the
as
either
part of industry?
point the President appears to
of understanding of fundamentals
lack
plague him and the country before a
In calling for
bending every effort to maintain stability of
prices, and with that stability of the cost of liv¬
If full production of the ordinary articles of
is
to
be maintained,
why should higher
prices be expected in any event—save, of course,
as
of
result
a
inflationary practices on the part
of the Government itself and of
higher costs flow¬
ing from governmentally imposed
strictions
result of this pro¬
gram,
fully
uninterrupted production he assures labor that "we
ing."
Theoretically incre¬
ordinary peace-time goods.
reprehensible in any
may
commerce
the
income received
great deal more time has passed.
are
and the volume of consumption of
edness program
of
on
a
pro¬
relationship between the
financing this gigantic prepar¬
ments
At still another
which
unwillingness
a
methods chosen for
"pessimistic policy about the future of
a
America"
not
risks be
such
assume
in such
of the risks involved
Its due share
event
There remains the close
country" for Government itself to assume.
our
or
inspired re¬
or
If there is to be
labor exactions?
a
the
as
a
through taxation or Treasury borrowing into
financing of the
Obviously, in
program.
any
probable circumstances income so derived will con¬
stitute
substantially larger percentage of total
a
income than in the
It is not probable that
past.
Government will find
way
to take it all, or the
equivalent of it all, in taxes.
It will therefore be
for it to borrow the remainder, or its
necessary
The form that taxation takes and the
Treasury has in borrowing savings
equivalent.
the
success
than
rather
a
specially created
have much to do with
ture in
If the
bank deposits will
keeping the economic struc¬
healthy condition during this trying period
vast
armament
sums
we
planning to spend upon
are
created out of thin air, distributed
are
to millions of workers and others who
demand but¬
if the Government is to continue to
of curtailment of ordinary production, or
practice infla¬
ter, these latter may or may not get all the butter
tion
and
cost-raising burdens
they want—depending upon how much can be pro¬
upon
industry, why should an effort be made none¬
program
theless
not
to
Are
prevent prices from responding?
higher prices a well recognized brake upon con¬
higher costs from reflecting themselves
or
in the normal
be
duced—but the cost of both butter and
be
Is not harm rather than good
way?
expected of
artificial restraints which at-
guns
inordinate, and the entire economic
will suffer
These
Is anything to be gained by preventing
sumption?
inflation
to
induce
impose or
this
accordingly.
but
are
old
will
structure
of the basic
some
implications of
question of "guns and butter too," impli¬
cations which the President either does not grasp
or
They should be faced.
prefers to ignore.
Indications of Business Activity
THEjSTATE
OF TRADE—COMMERCIAL
EPITOME
Friday Night, Jan. 3, 1941.
the
close
of
the
news
favorable.
at
With
Business
industry booming and
was
year
of business still maintaining their recent
generally
the major indices
high levels, it was
the securities market would show considerable
life and buoyancy at the close of the year, but no spec¬
tacular doings were in evidence, the market ending the
expected
goods
other less essential needs will suffer drastic cur¬
or
tailment.''
The Christmas holiday
week ended
reduced power production in the
a string of successive
Dec. 28 and interrupted
all-time highs,
it is indicated in the report of the Edison
The power and light industry produced
2,622,850,000 kwh. in the week ended Dec. 28, off 288,060,000
kwh. from the preceding week's record level.
The current
Electric Institute.
week
9.1% above the 1939 comparative of 2,401,316,000
was
relatively quiet way.
One of the outstanding developments of the week was
the recommendation by the Federal Reserve System, as
kwh., however.
part of "a vastly important
than
in
year
a
program
designed to head off
Engineering construction awards for the short week due
Year's Day holiday, $82,544,000, are 54% higher
to the New
inflation, of repeal of presidential power to make further
value of the dollar and to issue $3,000,000,000 of greenbacks under the so-called ^homas Amend¬
ment.
However, a spirited congressional fight by the infla¬
tion bloc looms against the Federal Reserve program.
A great deal of the steel on order is not wanted until
the last half of 1941, or even as far away as 1942, "Iron
in
week,
18th
changes
in the
Age" states in its weekly review, as it warns against draw¬
ing
unwarranted
conclusions
from
the
extremely
large
backlogs of the industry.
While steel companies are "sold
out" for the first quarter, sufficient capacity is being held
in
by all mills for defense requirements, including
those of the British, it is stated.
reserve
The
trade
publication says that the President's call to
war-time production finds industry ready
the country for
and anxious to do whatever it is asked
to do.
There is
a
general agreement that "business as usual" must
the
corresponding 1940 week, and 10%
"Engineering
consecutive
topped
their
News-Record"
week
which
in
respective
volumes
of
above last
reports.
This
current
awards
a
year
is
the
have
Private
ago.
awards gain
45% over the initial 1940 week and are 74%
higher than in the preceding week as a result of the in¬
creased volume of industrial
by 61%,
tops a year ago
Federal awards,
over
a
year
which
ago,
building.
Public construction
but falls 11%
under last week.
responsible for the public gain
523% higher than last year, but
are
were
22y2% under last week.
The
Association
American
Railroads reported to£ay
freight were loaded during the
week ending last Saturday.
This was a decrease of 152,448
cars, or 21.8%, compared with the preceding week; a de¬
crease of 2,757 cars, or 0.5 of 1%, compared with a
year
ago, and an increase of 45,852 cars, or 9.2%,
compared
545,307
cars
of
of
revenue
be rele¬
gated to the background during the emergency, and strikes
and lockouts must not be permitted to interfere with de¬
with 1938.
fense output,
by 10%, the National City Bank of New York said today
in its monthly letter
The outstanding fact is that payrolls
are
rising,
living costs holding steady, and purchasing
"In
"Iron Age" observes.
steel industry there has
the
doubt
that
all
of
the
at
no
time been
any
steel
requirements for national dedefense and for aid to Great Britain can be promptly met
and
without
nance
or
garding
causing
other
the
industry's
treme pressure
"Iron
"It
for
potential
performance
under
ex¬
have drawn other conclusions," observes the
Age."
has been
so-called
delays
there
delays in fabrication of ships, ord¬
Only those poorly informed re¬
materiel.
even
is
no
obvious for
non-essential
beyond those
suggestion yet
some
weeks
that
requirements may
originally
that
steel
ordered
be subject to
contemplated,
production
of
but
consumer
The record of .1940 will
exceeded
spreading
power
more
that
clared.
show
that industrial
output has
1939 by 13%, and 1929, the previous record year,
around
the industries
the
circle,
demonstrating
once
support each other, the bank de¬
Although there is
a
clear prospect that
industrial
activity will move still higher in 1941, the bank sees ele¬
ments of danger in the general forward
buying. First, pro¬
ductive facilities
may
be unnecessarily overloaded, and
second, buyers may be caught with excessive stocks.
With consumer interest
shifting rapidly from holidav
goods to January sales events and clearances, retail trade
showed less
than
the
seasonal
decline
in
the
week
follow-
Volume
ing
The Commercial & Financial Chronicle
152
Christmas,
leased
according to the weekly trade review
by Dun & Bradstreet, Inc.
today
re¬
19
PERCENTAGE CHANGES IN SUBGROUP INDEXES FROM
DEC. 21,
Wholesalers reported that their business continued above
the expected seasonal
lows, due to replacement demand and
pre-market orders
new
DEC.
14 TO
1940
Increases
Fruits and vegetables
2.5
Fertilizer materials
0.3
Industrial production re¬
bounded sharply to pre-holiday rates of
output as backlogs
were maintained in record volume.
Retailers reported that following the
biggest Christmas
Livestock and poultry
1.4
Shoes
0.2
Other farm products
Petroleum products
0.7
Dairy products
0.4
Leather
Lumber
0.1
0.3
Other textile products
0.1
trade
Hosiery and underwear
2.3
Crude rubber..
Grains
2.1
Cereal products
Cattle feed
2.0
Other foods
0.3
Meats
l.o
Hides and skins
0.2
Oils and fats
0.5
Paint and paint materials
0.1
in
mal.
on
11 years,
It
was
requested
Dollar
a
lines.
exchanges and returns
noted
about
were
nor¬
that
shoppers making exchanges often
higher-priced article.
volume
of
trade
in
automobile,
department,
0.1
\
Decreases
0.5
0.4
„
ap¬
parel and grocery stores was estimated up 8% to 11% on
an
Revenue
average.
The
weather
velopments
of
sections of
of
news
interest
the week
outside
showed
of
the
little
fact
or
that
in
and
in
buses
causing
the
city's history, slowing down automobiles
the highways, endangering navigation and
on
estimated
an
out of LaGuardia
disruptions
1939.
$1,000,000 loss to airlines operating
Field, which had one of the most serious
schedules
of
since
its
dedication
Oct.
on
15,
during the four days of fog and rain.
Dur¬
ing the past week in the New York City area the weather
has been very unsettled, with temperatures generally above
the
freezing point.
on Friday
Loading of
characterized by early morn¬
ing rain and the presence of fog the remainder of the day.
was
Temperatures ranged from 38 degrees to 42 degrees.
The
and Saturday is for cloudiness chang¬
ing to fair on Sunday.
No perceptible change in tempera¬
forecast for tonight
looked
is
ture
night
both
for.
for
Lowest
the
city
thermometer
suburbs
and
reading
Friday
placed at 35
was
on Jan. 3.
This was a decrease of 2,757 cars
10.5% from the corresponding week in 1939 and an in-;
crease of 45,852 cars or
9.2% above the same week in 1938.
Loading of
31 to 36 degrees; Pittsburgh,
34 to 52; Portland, Me., 22 to 33; Chicago, 23 to 44; Cin¬
cinnati, 32 to 57; Cleveland, 32 to 52; Milwaukee, 22 to 40;
Charleston,
58
70;
to
Savannah, 60 to 71; Kansas City,
Mo., 28 to 44; Springfield, 111., 21 to 42; Oklahoma City,
30 to 41; Salt Lake City ,10 to 29, and Seattle, 31 to 47.
1940 totaled
from
modity
Dec.
Statistics
Prices
Index
Unchanged
of
Wholesale
During
Week
Com¬
Ended
Increases
unchanged
wholesale
of
the
Bureau
"This
1926
average,"
index
Lubin
Mr.
ucts,
and
were
reported
fresh
21,
prices
remained
said.
were
and less than carload merchandise.
Miscellaneous freight loading totaled 234,094 cars, a decrease of
63,082
from the preceding week, and an increase of
7,719 cars above the
corresponding week in
cars, a
12,999
1939.
of merchandise
decrease of 28,607
cars
1
79.7%
on
cars
level
present
is
0.5% higher than the
month ago and
a
The principal price ad¬
in farm products, petroleum prod¬
were
fertilizer
for
materials.
grains,
Labor Bureau's
There
was
in
chemicals
advance
an
hides
and
and
allied
miscellaneous
of
leather
The
silk
principal
hosiery,
continued
announcement
decreases
cattle
and
feed,
:
-
0.4% in market prices for farm products and
products, fuel and lighting materials, and
products.
Textile
products
0.1%.
commodities
Indexes
declined
for
the
0.3% and foods
remaining
groups
unchanged.
Higher
in
prices
for
petroleum
agricultural
caused
the
commodities,
materials
raw
calf
skins,
rise
to
and
jute
raw
index
group
Grain
5,950
and
cars
most
potatoes,
grains,
hemp,
cotton,
beans,
cocoa
flaxseed,
eggs,
lard,
most
wool,
raw
vegetable
oils,
cereal
cotton
white
yarns,
quicksilver, pig tin, red cedar shingles, Douglas fir lumber,
crude rubber.
rosin, turpentine, boxboard, and
following tables show
commodities
for
the past
(1)
1939, and percentage changes
(2)
ago;
Dec.
21,
percentage
index numbers
for the principal
three weeks, for Nov.
from
changes
in
a
week ago, a
subgroup
groups
23, 1940, and Dec.
month
indexes
ago,
from
and
Dec.
a
23,
year
14
to
1940:
cars,
decrease
a
loading
sponding week in
Dec.
Nov,
Dec.
Dec.
21.
All commodities
14,
7,
23,
23,
1940
Commodity Groups
1940
1940
1940
1939
79.7
Farm products
Percentage Changes to
Dec. 21, 1940 from—
sponding week in
amounted
and
to
a
8,682
cars,
decrease
a
decrease of 1,277
cars
of 3,350
below the
79.7
79.8
79.5
totaled 24,181
cars,
a
decrease of 13,273 cars
+0.3
an
increase of 2,393
68.5
69.8
68.8
67.8
+0.4
73.4
Hides and leather products.
cars
above
73.5
73.9
72.8
72.1
-Lo.i
+0.8
+0.1
—0.4
corre¬
corresponding
preceding week, and an increase of 134
cars
cars
from the
above the corresponding week
1939.
All districts except the Alleghany and northwestern re¬
ported decreases compared with the corresponding week in
1939
All districts except the eastern, Alleghany and north¬
western reported decreases compared with the
corresponding
week in 1938.
The first 18 major railroads to report for the week ended
Dec. 28, 1940 loaded a total of 257,446 cars of revenue freight
on their own lines, compared with 324,586 cars in the
pre¬
ceding week and 255,372 cars in the seven days ended Dec.
30, 1939.
A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars) 1.
Loaded
on
Own Lines
Received from Connections
Weeks Ended—
Weeks Ended—
Dec. 28 Dec. 21 Dec. 30 Dec. 28 Dec. 21 Dec. 30
1940
1940
1939
1940
1940
1939
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR
14,049
17,601
26,841
32,628
16,096
20,862
Chesapeake & Ohio Ry
Chicago Burl. & Quincy RR
12,951
16,133
13,632
25,196
17,472
12,497
Chic. Milw. St. Paul & Pae. Ry..
15,483
19,840
15,432
12,171
14,950
11,715
1,840
2,622
2,084
1,179
1,551
1,226
Missouri Pacific RR
3,109
11,510
3,759
14,137
3,036
11,100
New York Central Lines
34,097
42,501
5,158
19,223
66,570
6,308
7,628
27,630
33,069
Gulf
Coast
Lines
International Great Northern RR.
Missouri-Kansas-Texas
RR
4,271
13,854
54,388
4,808
Pittsburgh & Lake Erie RR
6,374
Southern Pacific Lines
20,083
4,342
Ry
Total
5,485
4,468
14,133
53,114
5,098
5,578
15,338
7,255
7,279
6,690
9,618
1,341
1,639
2,245
7,842
35,844
9,883
4,255
34,804
4,941
6,412
18,145
9,220
4,481
12,258
6,109
8,799
6,416
8,436
6,560
8,320
11,578
1,298
1,026
1,997
1,519
1,983
2,630
9,631
44,220
6,838
32,785
11,882
8,818
5,263
41,775
3,792
32,752
5,926
4,449
5,672
.
5,508
6,196
21,778
7,693
9,244
6,660
4,650
7,927
10,096
7,190
5,057
257,446 324,686 255,372 175,680 212,747 156,003
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
+ 1.8
102.7 102.6 103.0 103.1 104.4
the
Coke loading amounted to 11,719 cars, a decrease of 967
+0.5
69.1
Foods
the
1939.
week in 1939.
Dec.
79.3
cars
corre¬
Ore loading amounted-to 10,684 cars, a decrease of 2,257 cars from the
Wabash
14 Nov. 23 Dec. 23
1940
1940
1939
of
below
1939.
Pennsylvania RR...
Pere Marquette Ry
Dec.
cars
corresponding week in 1939.
below the preceding week,
N. Y. Chicago & St. Louis Ry—
Norfolk & Western Ry
(1926=100)
from
cars
corresponding
decrease of 4,457
a
Chicago & North Western Ry...
products,
goatskins,
120,346
Increase of
an
decrease of 34,962
a
grain products loading totaled 21,983
prices were reported for most livestock and poultry products,
fruits, onions, sweet potatoes, molasses, black pepper, sole leather,
The
cars,
below the preceding week, and
0.3%.
drillings, tire fabrics, men's underwear, burlap, yellow pine and red gum
lumber, maple and oak flooring, and linseed oil.
Quotations were lower
of
freight totaled
V
Higher
manila
lot
below the preceding week, but
113,618
1939.
Average prices for semi-manufactured articles were unchanged during the
week, while manufactured commodities declined 0.1%.
for
carload
above the corresponding week in 1939.
Coal loading amounted to
week
of the
meats."
citrus
than
less
the preceding week, and a decrease of 14,742 cars below the
in
The
crude
The Association further
cars
preceding week, and
reported
at
"The
was
cars
1938.J
from
reported:
Commissioner
Statistics
corresponding week of last year.
of the week
Dec.
Labor
of
week's
0.3% above that of
vances
commodity
during the week ended
of
28.
were
cars
coal, forest
Forest products loading
level
Dec.
and
5,896,531
registered chiefly by loadings of coke and ore"
products and miscellaneous freight also
showing increases. There were decreases for grain, livestock
21
general
Lubin
0.1%
increase of 2,442,111
cars, an
increase of
an
below the preceding week, but an increase of 4,474 cars above
The
a,
cars or
36,353,609
and
1939
Live stock
Labor
Was
21.8% below the preceding week..
The AAR reported that loadings of revenue
freight in;
the
of
Bureau
freight for the week of Dec. 28
revenue
decrease of 152,448
Loading
was
freight for the week ended Dec. 28
revenue
or
degrees.
Overnight at Boston it
Cars in
announced
with
The weather
Total 545,307
totaled 545,307 cars, the Association of American Railroads
More than 700 flights in and out of LaGuardia Field
canceled
were
Car Loadings
Week Ended Dec. 28
many
the country,
especially the Northeastern areas,
temperatures have been unseasonably high.
An unusually
heavy fog blanketed New York on the warmest Dec. 29
recorded
Freight
de¬
no
—1.6
74.3
Textile products..
Fuel & lighting materials
74.2
74.4
72.6
72.5
72.8
Metals and metal products..
97.6
97.6
97.5
Building materials
99.2
99.2
Chemicals <fc allied products.
77.7
77.6
+0.4
+ 1.9
74.2
77.8
—0.3
0
73.5
+0.1
+0.3
—1.2
97.4
96.1
0
+0.2
+ 1.6
99.1
98.8
93.6
0
+0.4
+6.0
77.6
77.5
+0.1
+0.3
Weeks Ended—
—4.6
72.4
b
x
Dec. 28, 1940
90.2
90.2
90.2
90.2
90.0
0
0
+0.2
77.1
77.2
77.4
77.5
77.4
—0.1
—0.5
—0.4
Raw materials
72.9
72.7
73.4
72.7
73.3
+0.3
+0.3
80.7
80.7
80.5
80.5
82.1
0
+0.2
—1.7
Not available
10,911
13,663
10,200
35,554
Central 8ystem
23,535
32,650
69,848
37,461
27,261
—0.5
Semimanufactured articles..
nilnols
Dec. 30, 1939
Not available
24,643
Chicago Rock Island & Pacific Ry.
Dec. 21, 1940
Housefurnlshlng goods
Miscellaneous
commodities.
commodities
farm products
All commodities
other
other
farm products and
x
83.1
83.2
83.1
82.9
82.2
—0.1
+0.2
82.1
82.1
81.8
81.8
—0.1
+0.2
+0.2
84.4
84.4
84.4
84.3
84.3
0
+0.1
+0.1
than
than
foods..
Total
+ 1.1
82.0
Manufactured commodities.
All
St. Louis-San Francisco Ry
No comparable data.
In the following we undertake to show also the
loading!
for separate roads and systems for the week ended Dec. 21
1940.
During this period 91 roads showed increases whei
compared with the
same
week last
year.
The Commercial & Financial Chronicle
20
Jan.
RECEIVED FROM CONNECTIONS (NUMBER OF
CARS)—WEEK ENDED DEO. 21
REVENUE FREIGHT LOADED AND
Total Revenue
from Connections
1,184
—....
Chicago Indianapolis A Loulsv.
3,009
2,474
1,600
2,198
1,077
1,180
942
1,105
992
Piedmont Northern
406
353
351
1,472
Richmond Fred. A Potomao...
354
292
300
10,695
22,497
8,792
20,940
8,359
18,529
5,338
6,119
1,266
4,423
4,789
14,333
461
485
383
697
758
147
122
121
833
708
109,010
99,360
90,508
78,426
66,231
14,950
2,336
19,840
3,955
13,454
2,390
18,143
3,791
12,490
11,578
2,172
17,541
3,148
8,436
3,682
9,565
2,622
7,765
2,897
549
1,372
1,467
6,661
1,583
191
165
11,439
2,462
9,863
2,127
14
51
65
1,065
4,780
8,200
2,066
8,668
8,111
1,954
Seaboard Air Line.......
7,758
7,351
Southern 8ystem.
1,432
21
25
1,356
5,874
1.307
5,702
8,868
-
Central Vermont
Delaware A Hudson...—
Delaware Lackawanna A West.
9,112
299
278
223
108
73
2,766
2,606
2,415
1,447
Detroit Toledo A Ironton
3,808
13,975
9,341
2,370
399
299
213
13,545
6,918
11,804
4,696
11,050
Detroit A Toledo Shore Line...
..........
Grand Trunk Western........
4,233
170
151
132
1,902
9,166
3,029
1,771
8,869
2,889
4,131
1,701
43,690
10,484
1,126
5,158
4,748
1,547
39,743
9,478
1,130
5,626
1,543
8,406
2,540
3,778
Lehigh A Hudson River.......
Lehigh A New England.......
Lehigh Valler
Maine Central...............
......
Montour
New York Central Lines......
N. Y. N. H. A Hartford
New York Ontario A Western.
3,676
7,777
1,801
1,260
7,169
2,328
1,276
8,085
2,613
213
234
19
13
43,031
14,094
1,463
32,690
8,406
1,567
4,349
39,070
11,771
1,954
10,559
1,662
6,149
5,036
36
1,979
403
449
Pittsburgh A Lake Erie..
7,692
Pere Marquette
6,308
7,049
5,872
4,520
665
419
316
36
N. Y. Susquehanna A Western.
Pittsburgh A Shawmut
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia....
4",170
444
376
393
243
202
829
864
753
2,106
1,713
542
512
476
979
924
5,485
3,774
5,454
3,787
4,830
3,067
10,096
3,687
8,798
3,397
156,259
147,614
125,852
179,445
159,693
547
421
341
885
799
32,628
3,099
29,474
24,555
1,427
18,145
1,835
15,089
1,807
Rutland....................
Wabash......
Wheeling A Lake Erie........
Total.
Winston-Salem
Total.
Northwestern District—
Chicago
Chicago
Chicago
Chicago
A North Western.....
Great Western
Mllw. St. P. A Pacific.
St. P. Minn. A Omaha.
.....
2,571
7
3,413
549
Duluth Missabe A I. R
881
800
Duiuth South Shore A Atlantic.
630
527
402
446
375
Elgin Joliet A Eastern
Ft. Dodge Dee Moines A South.
9,515
8,730
6,001
7,769
7,141
336
325
320
151
142
Great Northern
9,755
8,916
8,731
3,075
2,437
452
562
488
704
592
Green Bay A Western
188
295
254
158
174
68
61
1,557
5,004
9,879
1,481
4,339
9,132
1,590
Northern Pacific
1,549
4,347
9,355
2,148
Minn. St. Paul A 8. 8. M
2,603
3,461
1,927
2,747
Lake Superior A Ishpemlng
Minneapolis A St. Louis...
97
Total
109
110
223
206
1,415
1,620
1,543
1,325
74,571
68,963
49,223
41,687
17,601
2,728
17,328
2,697
18,546
2,419
6,412
2,390
5,307
2,192
422
386
353
99
63
16,133
2,797
10,513
2,778
14,997
2,576
10,947
2,745
14,340
8,799
6,834
2,111
776
678
9,741
2,441
9,076
2,606
722
Spokane Portland A Seattle—
1,993
81,434
Spokane International
664
730
3,902
3,002
3,252
1,527
3,114
7,648
2,572
1,212
2,461
Central Western District—
Atch. Top. A
Ohio
Southbound...
Santa Fe System.
Alton
Alleghany District—
Akron Canton A Youngstown.
Bessemer A Lake Erie.......
16,801
2,358
12,239
11,882
1,619
6,131
5,926
N. Y. Chicago A St. Loul«
.........—
Tennessee Central
3,193
1,511
Detroit A Mackinac
Baltimore A
a...
569
1,347
7.386
Central Indiana............
Monongahela..........
Nashville Chattanooga A St. L.
Norfolk Southern
Mobile A Ohio
553
1,255
7,633
1,390
...........
Erie
1939
1940
Southern District—(Concl.)
Bangor A Aroostook.........
Boston A Maine
from Connections
1938
1939
1940
Eastern District—
Ann Arbor...
Freight Loaded
Railroads
1939
1940
1938
1939
1940
Total Loads Received
Total Revenue
Total Loads Received
Freight Loaded
Railroads
1941
4,
......—
Bingham A Garfield
Chicago Burlington A Qulncy..
Chicago A Illinois Midland
239
266
295
6
1,906
6,974
1,718
6,415
1,554
5,078
12
13
13,699
12,082
Cornwall
634
685
512
69
64
Denver A Rio Grande Western.
Cumberland A Pennsylvania..
288
285
222
41
26
Denver A Salt Lake
885
547
Fort Worth A Denver City
725
978
936
816
933
1,713
1,861
1,722
1,524
1,424
814
937
912
488
342
1,820
1,857
1,780
100
128
678
451
468
341
424
18
19
27
0
0
25,483
20,777
17,505
462
277
14,215
12,658
14,071
6,260
1,309
9,085
4,522
349
Buffalo Creek A Gauley
Cambria A Indiana....
.....
...
Central RR. of New Jersey...
173
Co
......
Union (Pittsburgh)
Western Maryland
121
42
28
556
604
2,834
1,003
742
61,477
49,764
11,368
7,859
3,335
2,685
1,560
38,898
18,058
2,607
7,204
1,157
66,570
15,667
19,953
3,804
....
Reading
151
740
Llgonler Valley.......
Long Island
Peno-Reading Seashore Lines.
Pennsylvania System
...
13,462
18,662
3,836
107,825
140,882
164,379
Total.
1,638
41,775
19,613
3,422
7,697
100,927
111,713
Chicago Rock Island A Pacific.
Chicago A Eastern Illinois.....
Colorado A Southern
Illinois Terminal
Missouri-Illinois
...
....
Nevada Northern............
North Western Pacific
Peoria A Pekln "Union
Southern Pacific (Pacific) ♦
Toledo Peoria A Western
Union Pacific System
...
....
Chesapeake A Ohio..
Norfolk A Western...........
Virginian
19,335
22,005
18,062
3,819
20,862
19,223
4,332
4,287
7.252
590
480
586
7
9
1,485
.......
1,559
1,549
2,212
1,913
97,928
94,644
56,950
47,073
105
240
134
221
337
7,814
9,220
5,263
1,810
18,413
1,155
106,371
Utah
Western Pacific........—
Pocahontas District-
9
838
4,847
1,060
Total
Southwestern District—
Total.
42,035
43,886
44,417
13,721
16,293
Burlington-Rock Island.......
Fort Smith A Western
171
z......
Gulf Coast Lines
2",622
2",894
1~,255
305
193
211
142
202
International-Great Northern..
1,551
1,666
2,888
1,581
l",298
Alabama Tennessee A Northern
1,997
2,232
Atl. A W. P.—W. RR. of Ala..
775
658
622
1,270
Kansas Oklahoma A Gulf—..
197
161
162
944
871
Atlanta Birmingham A Coast..
Atlantic Coast Line
666
690
482
2.269
2.270
2,033
1,773
1,716
1,269
2,044
1,395
1,816
1,505
Litchfield A Madison
362
373
282
853
807
Midland Valley
701
619
658
174
Missouri A Arkansas....
117
170
124
347
309
3,759
14,152
3,703
13,883
3,726
12,335
2.630
2,476
8,390
Southern District—
1,417
1,350
1,146
1,562
1,037
6,148
3,550
1,273
2,621
341
259
645
290
331
MIssourl-Kansas-Texas
Missouri Pacific
4,042
9,320
3,525
7,913
3,250
404
348
308
11,061
....
Central of Georgia
Charleston A Western Carolina
Cllnchfield
Columbus A Greenville..
690
4,968
2,787
1,186
2,165
Durham A Southern..........
183
162
129
616
468
Florida East Coast.....
958
848
841
1,163
1,065
29
29
25
92
68
960
872
653
1,676
1,404
Gainesville Midland...
Georgia.
385
287
283
517
454
3,434
21,870
3,379
20,967
yl,535
19,432
....
23,271
21,611
19,954
3,171
10,189
5,314
Macon Dublin 4 Savannah....
144
174
150
2,671
11,572
6,472
1,048
Mississippi Central
119
150
146
418
274
Georgia 4 Florida
Gulf Mobile 4 Ohio
Illinois Central System
Louisville 4 Nashville
Note—Previous
November Truck
revised,
figures
year's
• Previous
figures,
z
a
steady climb that began at mid-vear and
freight
transported
by
the
ap¬
volume
suffered
truck
motor
of
a
slight seasonal decline in November, according to tonnage
reports compiled and released on Dec. 30 by the American
Trucking
Associations.
The
November
5.9% below that of October, but
volume hauled in
was
November, 1939.
volume
dropped
15.2% above the
in 40 States.
tons
in
tons in
were
received by A. T. A. from 241 motor carriers
The reporting carriers transported an aggregate of 1,533,639
November,
1,629,678 tons in October and 1,331,013
against
as
November of last year.
The A. T. A. index figure, computed on
average
tonnage of the reporting
139.33 for November.
in
November, 1939, it
the basis of the 1936 monthly
carriers
representing
as
100,
In October, the index figure was 149.51
was
stood
at
(revised);
144.10.
Approximately 75% of all the freight transported during the month by
the reporting carriers was "general
in
this
crease
category decreased
6.9%
merchandise."
under
October,
Transporters of petroleum products,
as
The volume of freight
but represented
an
in¬
of 14.9% over November of last year.
accounting for slightly less than
9% of the total tonnage reported, showed
a
decrease of 5.7% in November,
compared with October, but their volume increased 14.5% over Novem¬
ber, 1939.
Movement of
new
automobiles and trucks,
6% of the total tonnage, increased 19.5%
November, 1939.
The increase
over
constituting
over
October
a
little
more
than
October, and 19.2% over
was
attributed to continued
heavy movement of 1941 models.
Iron and steel products represented about
3% of the total reported ton¬
The volume of these commodities decreased 13.9% under October,
nage.
but represented a
19.6% increase
over
November of last year.
Almost 6% of the total tonnage reported was miscellaneous
commodities,
including
cement
under
tobacco,
and
textile
household
products,
goods.
October, but held 13.5%
bottles,
Tonnage
over
in
.......
St.
4,272
3,898
4,366
2,275
2,900
3,499
75
75
6,022
4,059
133
196
25
14
215
30
48,372
—.
Wetherford M. W. A N. W
119
4,567
2,566
3,212
78
7,151
2,268
13
Texas A New Orleans.....
Wichita Falls A Southern
129
6,419
2,073
6,258
93
7,903
2,444
6,153
3,501
160
—
Louis Southwestern.......
Texas A Pacific
9.631
330
47,251
44,371
36,196
33,592
93
Total...............
y Gulf Mobile A
Northern only,
a Included In Gulf Mobile A Ohio.
Moody's Commodity Index Rises
Moody's Daily Commodity Index gained 1.9 points this
The principal gains were in wheat,
week, closing at 172.4.
hogs, steel scrap and cotton.
The movement of the index was as follows:
Fri.,
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
27
28
30----31-Jan.
1
Jan.
2
Jan.
3
Dec.
Dec.
Dec.
Dec.
---170.5
170.9
171.1
171.8
Holiday
171.9
172.4
Two weeks ago, Dec. 20
Month ago, Dec. 3
Year ago,
Jan. 3
1939 High—Sept. 22
Low—Aug. 15
1940 High—Dec. 31
Low—Aug. 16--
168.3
167.8
169.4
172.8
138.4
171.8
149.3
The A. T. A. further
reported:
Comparable reports
Lines..
St. Louis-San Francisco.......
Discontinued Jan. 24, 1939.
.
October,
—
....
Quanah Acme A Pacific
Loadings Aheadjof 1939: Decline 6.9%
proached the all-time record in
revenue
Southern
698
from October
After
Kansas City
Louisiana A Arkansas.
building
this
class
materials,
decreased
coal,
11.6%
the volume hauled in November, 1939.
Commodity Price Indexes of Ten Countries Compiled
by General Motors and Cornell University
General Motors Corp. and Cornell University, which,
prior to the European war, had collaborated in the publi¬
cation of a world commodity price index, have resumed issu¬
ance
of international price statistics, but on a different
basis than before the war.
Instead of a composite index ofworld prices, these organizations now are publishing the
information only as individual country indexes.
The index is built upon 40 basic commodities and the list
is the same for each country, m so
far
as
possible.
Each
commodity is weighted uniformly for each country, according
to its relative importance in world production.
The actual
price data are collected weekly by General Motors Overseas
Operations from sources described as "the most responsible
agencies available in each country, usually a government
department."
The commodities involved include "a com¬
prehensive list of several groups, including grains, livestock
and livestock products, miscellaneous foods (coffee, cocoa,
tea, sugar, Ac.), textiles, fuels, metals, and a list of other
miscellaneous materials (rubber, hides, lumber, newsprint,
linseed oil, Ac.).
Weights assigned in the index to the
different commodity groups are as follows:
Grains, 20;
livestock and livestock products, 19; vegetable fats and other
foods, 9; textiles, 12; fuel, 11; metals, 11; miscellaneous, 18.
Volume
The Commercial & Financial Chronicle
152
The indexes, which are based on
currency
of each country,
were
prices as expressed in the
reported Dec. 30 as follows:
21
PERCENTAGE INCREASE FROM PREVIOUS YEAR
Major Geographic
Argen¬
Aus¬
Can¬
Eng¬
tina
tralia
ada
land
Mex¬
New
Swe¬
Switz¬ United
ico
Zeal'd
den
erland States
Java
Week Ended
Week Ended
Week Ended
Week Ended
Regions
(August 1939=100)
Dec. 28,1940
Dec. 21,1940
Dec. 14, 1940
Dec. 7, 1940
New
England
7.8
Middle Atlantic
6.7
6.7
5.2
6.1
8.5
7.8
9.3
11.3
12.5
11.7
11.9
6.0
Central Industrial
1940—
8.7
8.3
6.3
.
West Central
May
120
118
120
143
116
113
112
131
132
112
Southern States
10.8
10.1
10.7
10.5
June
118
118
120
144
116
113
114
131
136
109
Rocky Mountain
7.8
12.3
7.9
3.6
July
August
September
118
118
120
145
115
112
114
132
140
109
Pacific Coast
8.5
9.0
9.3
7.0
118
119
120
150
115
111
120
132
144
109
116
120
121
145
116
110
122
135
153
111
9.1
10.2
9.9
9.8
113
123
122
145
117
110
120
139
158
114
115
_
October
Weeks
Total United States_
end:
Nov.
2._
Nov.
9
rll2
124
123
r 145
117
110
rll9
141
162
110
123
124
rl45
117
110
118
141
rl63
114
123
rl25
143
117
110
117
141
rl63
116
Nov. 23..
113
126
125
rl47
118
111
118
142
163
118
Nov. 30..
114
127
125
rll9
111
117
142
164
rlio
Dec.
7..
112
126
125
145
119
111
119
143
*164
119
Dec.
14..
112
126
125
*147
*119
111
119
144
*164
119
Dec. 21..
*112
*126
rl26
*147
rl20
111
120
*144
Nov. 18—
•
Preliminary,
Wholesale
145
115
119
...
r Revised.
Association
There
was
Total
tems
level of wholesale
compiled by the National Fertilizer Association.
This index
in the week ended Dec. 28, rose to 77.7 from
77.0 in the
preceding week.
It
was
77.1
a
month
and 78.1
ago,
higher than in November, 1939, a more
comparison than in the past two
months, the New York Reserve Bank reported on Dec. 28.
The
An advance in the price of
Grains were
A sudden spurt in livestock prices took the index to the
prices of butter, cheese, and chickens
13%
and
ten-cent
registered
the
variety,
of
sales
and
shoe, and candy chain stores
favorable
sales
comparisons since
most
year
a
stores continued sub¬
The Bank's announce¬
chain
grocery
stantially higher than
ago.
ment continued:
There
in
was
reduction of about
a
operation
5% in the total number of chain stores
November,
between
and
1939,
November,
1940,
owing
to
continued
large reductions in the number of grocery and candy chain units
with
bined
result that
sales
average
showed
the
larger
November
in
a
chains
store of all
per
increase
last
over
year
com¬
than
in total sales.
gain
.
the
.
.
Percentage Change November, 1940
Compared with November, 1939
No. of
Total
Stores
Sales
store
—15.3
+29.0
Sales per
mainly responsible for
cotton raised the cotton index to the level of two weeks ago.
highest level reached since March, 1939.
store sys¬
Federal Reserve District
year-to-year
Type of Chain
were
last week's rise in the all-commodity index.
moderately.
about
reporting chain
(New York)
operated,
a year
based on the 1926-1928 average as 100.
The highest
point recorded by the index during the year was 78.5, in the
first week of January; the year's low of 74.1 was reached in
August.
The Association's announcement, under date of
Dec. 30, further stated:
ago,
Higher prices for farm products and foods
November Chain
13% Above Year Ago
Reports
the
of
sales
Second
the
August,
increase in the general
an
Bank
Reserve
November
in
were
commodity prices last week, according to the price index
up
York
Store Sales in Second District
favorable
Commodity Prices Advanced During Week
Dec. 28, According to National Fertilizer
Ended
New
+ 1.0
+9.2
+ 13.6
—0.2
+ 14.8
+ 16.1
—10.3
+3.6
+ 15.4
—4.9
Gsocery
+ 12.8
+ 18.6
Ten-cent and variety
Shoe
Gftnrly....
+ 12.4
In the food group declines in the
were more
flour, rice, meats, lard, and vegetable oils.
All types..
than offset by increases in
With six
items included in
the group advancing and none declining, the textile price index registered
its third consecutive advance.
and tin resulted in
advance
a
also registered
was
group average to
upturn
price average.
in the metal
by the fertilizer material
decline during the week
of miscellaneous commodities,
which
An
The only
index.
that representing the prices
was
dropped fractionally as a result of
Thirty-five price series included in the index advanced during the week
in the preceding week there were 23 advances
and 28 declines.
WEEKLY WHOLESALE
Engineering Construction Highest in History
The rush to get
peak ever reported by "En¬
News-Record," according to a report issued by
that organization Jan. 3, 1941.
The 1940 volume, $3,987,243,000, topped the previous high of 1929 by 1%, and ex¬
ceeded 1939 by 33% after trailing by 11% at the end of
struction awards to the highest
the first half.
COMMODITY PRICE INDEX
Compiled by the National Fertilizer Association. (1926-1928=100)
More than
contract
Percent
Latest
Week
Dec.
Group
Month
Preced'g
Week
Each Group
Bears to the
national defense construction under way
year's engineering con¬
in the last half of 1940 carried the
gineering
lower hide and rubber quotations.
while only seven declined;
1940
Rising quotations for pig iron, steel scrap,
moderate
28, Dec.
Ago
21,
Year
Ago
Dec. 7,
Dec.
result of the
1940
1940
1939
70.7
70.4
70.9
73.3
47.9
46.4
46.9
53.7
57.5
55:9
56.0
67.0
65.4
65.7
speed-up in defense construction awards.
Private and
30
1940
Total Index
$2,500,000,000 in new construction reached the
in the last half of the year, largely as a
stage
public construction awards both participated
in the gains over
The public volume, $2,824,989,-
last year.
86.1
86.2
86.5
89.6
8.2
Textiles
76.0
75.8
75.3
81.3
gaining 34% over the record
The
tremendous federal
total,
$1,451,726,000, also a new all-time high, was responsible
for the public gain, and topped last year by 311%.
Private
awards, $1,162,254,000, climbed to the highest point reached
since 1930, and increased 31% over a year ago.
Industrial building construction was the important factor
7.1
Metals
93.6
93.4
93.4
93.8
in
6.1
Building materials...
97.8
97.8
98.0
87.6
1.3
Chemicals and drugs
Fertilizer materials
97.9
97.9
97.9
94.2
Foods
25.3
Fats and oils
Cottonseed oil.
23.0
...
Farm products...
53.6
54.1
64.3
65.9
72.2
70.6
66.9
66.1
62.5
Fuels
80.5
80.5
80.3
81.2
Miscellaneous commodities..
10.8
65.6
53.8
65.1
Livestock
17.3
68.0
Cotton
Grains
59.9
000,
set
a
last
established
the
high mark,
new
year.
The total,
private gain.
1929 and
of
record
$594,064,000, eclipsed the
doubled its volume of 1939.
than
facilities,
71.9
72.3
73.8
Construction
0.3
Fertilizers
78.8
78.8
78.6
78.2
0.3
Farm
94.1
94.1
94.1
94.9
particularly in aircraft, engine, public utility, process, ma¬
chine and machined parts plants that are closely allied to
77.7
77.0
77.1
78.1
0.3
72.3
machinery
All groups combined
100.0
Week Ended Dec. 28, 1940, Totals
2,622,850,000 Kwh.
electric light
industry of the United States for the week ended
Dec. 28, 1940, was 2,622,850,000
The current week's
kwh.
and
of
gains in the public construction
three
a
week of
is
9.1%
of
above the output
1939, when
the
the production totaled 2,404,316,000
kwh.
The output for the week ended Dec. 21,
estimated to be 2,910,914,000 kwh., an increase
the like week
over
DATA
FOR
RECENT
a
1940, was
of 10.2%
year ago.
WEEKS
OF
KILO WATT-HOURS)
buildings
for
Week Ended
1940
1939
1940
1937
1932
1929
from
1939
Sept. 7__.
Sept. 14
2,462,622
2,638,634
Sept. 21
Sept. 28
2,628,667
2.669,661
Oct.
5
Oct.
12
2,640,949
2,666,084
Oct.
19
Oct.
26
Nov.
2
9
+ 7.9
2,280,792
2,448,888
2,469,689
2.465,230
2,265,748
+8.1
2,275,724
+7.1
2,280.065
2,276,123
+6.8
2,734,402
2,719.601
2.513,699
2,761,628
2,696,431
2,796,634
...
Nov.
+7.5
+ 7.3
2,494,630
2,493,993
2,538,779
2,636,765
2,514,360
2,481,882
+8.6
2.538,777
+ 10.1
2,686,799
2,711,282
....
Nov. 16...
Nov. 23
Nov. 30...
+ 7.7
+6.8
+ 7.8
+8.2
+9.4
Dec.
7
12,838,270
2,585,660
+9.8
Dec.
14
2,862,402
2,604,558
+ 9.9
2,910,914
2,641,458
2,404,316
+ 10.2
+ 9.1
Dec. 21
Dec. 28
1
2,622,850
2,154.276
2,289,960
2,444,371
2,281,636
2,254,947
2,202,451
2,176,557
2,224,213
2,065,378
2,152,643
2,196,105
2,202,200
2,085,186
1,998,135
1,423,977
1,476.442
1,490,863
1,499,459
1,506.219
1,607,603
1,528.145
1,533,028
1,525.410
1,620,730
1,531,584
1,475.268
1.510,337
1,518,922
1,563,384
1,554,473
1,414,710
1.674.588
1.806.269
1,792,131
1,777.864
1,819,276
1,806,403
1,798,633
to unprecedented heights, topping the previous high
rose
volume.
airport, shipyard and shipway construction aided materially in
boosting unclassified construction to its new pinnacle.
This class of work
topped the recotd year of 1930. and gained 54% over 1939.
The third new record established in the public field was in streets and
They reported an increase of 5% over last year, the former high.
to these record-breakers,
earthwork and drainage reports an
Toads.
addition
increase
Middle
Change
of
1%
the total reported in
over
section
Atlantic
the
of
States.
1,837,683
The
1939.
participated
South
turned
in
in
a
these gains
total
except
volume of
the
$863,-
and a gain of 88% over 1939.
Far West
with
$493,000,000 also established a r.cw high record for itself, a gain
of 59% over 1939.
West of Mississippi States set another all-time high
with $702,000,000 a 28% gain over the previous year.
Middle West, with
a volume
of $743,000,000 has the highest volume since 1929 and a 38%
gain over 1939, and New England, with $244,000,000, tops all years since
1930 and shews a 39% gain over 1939.
Engineering iconstruction during
1940
in
the
Middle Atlantic
volume.
,
New
in the last
decade.
appropriations
The
mental
$951,000,000,
was
New
3% under the 1939
Capital
for the year, $3,894,743,000, ex¬
mark by 62%, and reached the highest volume recorded'
Private investment was 24% above last year; Federal
capital for construction purposes
ceeded last year's
federal
States
,
■
1,816,749
country
000,000, the highest on record,
1,824,160
1,798,164
1,793 584
1,818,169
1,718,002
1,806,225
1,840,863
1,860,021
widely distributed
by 102%.
The construction of barracks, cantonments, de¬
housing, government-owned manufacturing plants, etc., re¬
preparedness and production of munitions brought about the
record
Every
Percent
were more
ago
Airbase,
In
(THOUSANDS
field
high marks were established in individual classes of work.
workers'
quired
corresponding
new
year
fense
new
output
new
The report also said:
The
Public
estimated that production of electricity by the
and power
manufacturing
production, boosted the industrial building volume
peak.
Commercial building and large-scale pri¬
housing reported an increase of 3% over last year.
vate
Electric Output for
weekly report
of
expansion
defense
to the
The Edison Electric Institute in its current
and
more
for non-federal work increased 31%
appropriations for federal work topped 1939
year's financing is made up of
appropriations;
$320,000,000
over
a
year
ago;
and'
by 102%.
$1,891,961,000 in Federal Depart¬
WPA funds for construction;
in
The Commercial & Financial Chronicle
22
municipal bonds; $390,212,000 in corporate
in USHA loans for slum-clearance; $193,320,000 in RFC loans to private industry; $184,000,000 in federal-aid for
highway construction; $40,000,000 in REA loans; and $4,628,000 in RFC
leans for public improvements.
$581,918,000
security
in
and
State
8218,704,000
issues;
Analysis of Imports and Exports of the United States
in November and 11 Months Ended November
report of the character
of the country's foreign trade reduces the export and im¬
port figures into five separate groups, ranging from crude
materials to finished manufactures, in each of which the
Department of Commerce's
totals are shown sepa¬
13.6% of domestic
exports and 50.6% of imports for consumption were agri¬
cultural products; 86.4% of domestic exports and 49.4%
of imports for consumption were non-agricultural products.
We present the tabulation below:
non-agricultural
and
agricultural
In the first 11 months of 1940,
rately.
THE UNITED STATES
AND 11 MONTHS ENDED NOVEM¬
DOMESTIC EXPORTS FROM AND IMPORTS INTO
FOR THE MONTH OF NOVEMBER
BER, 1940 AND 1939
Analysis
by Economic Groups
(Value In 1,000 Dollars)
General
1939
1939
1940
1940
Value
Value
1940
Value
Class
to
November
exports
imports
Per
Value
Value
valued
at
United
were
bonded
less
imports
than
fcr consumption
goods
was
entered therein; consequently
smaller in the aggregate than
and reached about $217,000,000.
Changes in
the
in
Commodity Exports
is to be expected under present war conditions, a
Although it
of
increased
continued above $100,000,000.
customs
warehouses during November
imports
from
States
$207,000,000
from
$6,000,000
general imports
trade in November,
export
as
in October,
feature
the low proportion
was
agricultural products comprised of the total.
Their value dropped
than $27,000,000 from $33,000,000 in October, 1940, and approxi¬
that
less
to
1939.
In contrast with 22% in Novem¬
of agricultural commodities in November, 1940, made
up only
8.3% of total United States exports.
Cotton exports were
unusually small, amounting to less than $8,000,000, or approximately
one-fourth
of the value of cotton exports in
November of last year.
Unmanufactured tobacco exports were valued at $2,500,000, approximately
one-half the total of November a year ago.
As a group, exports of food¬
stuffs were also substantially smaller than
in November, 1939.
Meats,
mately $64,000,000 in November,
1939,
ber,
exports
canned and dried fruits, grains, feeds and sugar all
Only oranges, wheat flour and vegetables among
apples,
marked declines.
showed
leading
levels closely comparable to those of a year
exported reached
and only canned milk showed a substantial increase.
of cotton to Europe, including the United Kingdom
the
Soviet Union,
amounted to $5,000,000 in comparison
with
ago
Cent
substantial declines in a few
8% in value during
October.
The value of
the third highest for the year—only those for
higher—nevertheless the excess of merchandise
merchandise
withdrawn
value .of
the
In November exports
Per
Cent
change reflects
the
was
July
over
Goods
were
into
$223,000,000
and
foodstuffs
Nov.,
Jan. 4, 1941
November
imports
November
lard,
11 Months Ended November
Oct.,
Nov.,
The
important commodities.
January
♦
The
October.
in
and
4.3
1940, and $19,000,000 in November, 1939.
United
cotton to the U. S. S. R. reached a
value of $2,600,000 in November as compared with $3,000,000 in October.
These United States shipments of cotton to the Soviet Union in 1940 have
been the first of any consequence since 1935.
Shipments of cotton to
the United Kingdom were valued at $2,395,000 in November and those to
Japan at $157,000; both figures represent unusually small exports for
3.8
this
$8,800,000 in October,
Domestic Ezvorts—
Crude materials
68,318
Agricultural
41,650
Non-agricultural
16,768
6,386
5,308
Crude foodstuffs
Agricultural
Non-agricultural
11,965
12,635
3,603
67
74
10,832
16.8
11,047
10.6
6.2
3.7
3.7
156,927
139,085
19.5
6.2
15,824
1,441
1,312
947
63,173
81,424
70,651
171,285
14,680
539,940
Agricultural
Non-agricultural
541
455
338
4,379
0.2
535,561
80,969 70,313
62,632
142,619 207,195 211,373 1,473,736
884
647
7,518
1,301
141,971 205,894 210,489 1,466,218
19.4
Finished manufactures...
Agricultural
Non-agricultural
Total
of
exports
1.9
638
Agricultural
Non-agricultural
10,100
7.4
4.7
2.0
70,017
6*7
Semi-manufactures
9,520
12.1
437,798
267,884
169,914
70,654
1,142
185,965
3,529
78
17,265
Mfd. foodstuffs and bev_,
463,423
292,593
170,830
102,972
101,830
24,600
29,188
14,678
14,510
7,521
7,454
0.5
0.5
23.2
837,421
23.1
November.
53.3 2,116,076
0.3
11,881
68.4
metals,
53.0 2,104,195
58.1
0.1
0.3
Agricultural..
Non-agricultural
Mfd. foodstuffs and be v..
Agricultural
22,625
21,738
887
21,176
22,444
15,584
16,316
899,817
39.1
23.3
10,893
283,565
221,672
61,893
431,153
941
25,087
32.2
476,189
181,884
265,160
254,266
22,695
21,754
21,777
14,917
Agricultural
Non-agricultural
67,254
21,452
756
Crude foodstuffs
88,706
54,042
21,417
27,881
27,125
Agricultural
Non-agricultural
658,073
93,838
68,751
75,460
0.5
3.0
54,664
2.4
21.1
506,627
22.0
655,885
28 5
8.9
243,931
10.6
13.0
259,232
11.3
12.4
247,835
11,398
258,044
203,380
13.9
10.8
10.8
0.5
11.2
8.8
Non-agricultural
6,860
5,592
6,128
Semi-manufactures
48,590
4,394
46,042
44,383
3,512
42,530
34,383
62,347
2.3
41,985
40,298
390,856
2.0
44,196
40,795
19.1
405,413
19.8
885
403
447
0.3
39,911
33,980
33,369
6,025
399,387
454,280
377,921
6,066
19.7
33,816
19.5
371,855
16.2
Agricultural
Non-agricultural
Finished manufactures
Agricultural
Non-agricultural
2,397
16.4
0.3
2,043,364 100.0 2,301,641 100.0
50.6
48.8 1,165,513
998,451
101,362 108,490 109,666
113,140 104,441 107,510 1,044,913 51.1 1,136,128 49.4
Tot. Imports for consum'n 214,502 212,932 217,175
...
Non-agricultural
large
relatively
a
part
Corresponding Week
25, 1940, 9% Above
Year Ago
a
deposit accounts (except interbank accounts),
as reported by banks in leading cities for the week ended
Dec. 25, aggregated $9,971,000,000.
Total debits during
the 13 weeks ended Dec. 25 amounted to $121,323,000,000,
8% above the total reported for the corresponding period
At banks in New York City there was an in¬
crease of 8% compared with the corresponding period a year
ago, and at the other reporting centers there was an increase
of 9%.
These figures are as reported on Dec. 30, 1940, by
the Board of Governors of the Federal Reserve System .
or
a
year ago.
SUMMARY BY FEDERAL RESERVE DISTRICTS
(In Millions of Dollars)
items,
metals
a
dropped
group,
and
as
totaled
Manufactured
Dec. 27,
25,
1940
Dec.
$586
$493
4,490
4,178
538
Boston
467
840
641
8,466
Philadelphia
Cleveland..
-
299
4,667
Atlanta
289
266
Chicago
1,283
358
1,303
3,762
17,570
St. Louis
263
253
Minneapolis
156
154
Kansas City
271
263
Dallas
223
214
3,749
2,198
3,568
2,965
673
619
9,522
$9,971
$9,150
3,832
$121,323
4,167
46,990
valued at
was
5,031
4,629
64,182
59,067
689
10,151
9,436
,
San Francisco
16,009
3,521
2,195
3,560
2,815
8,820
in
$1,300,000.
in
Commodity Imports
Imports of crude materials, as a group, advanced about $5,000,000 over
October to a total value of $94,000,000 in November, while semi-manu¬
declined
imports
nearly. $2,000,000 to $44,000,000.
Crude ma¬
taken together (including newsprint and
semi-manufactures;
and
terials
ordinarily classified as manufactures) made up 70%
imports
in 1940 as compared with 65% in
1939; the value of total unfinished imports increased from
$139,000,000 in November
1939, to $153,000,000 in November, 1940.
Imports of burlaps and newsprint have increased this year notwithstanding
the curtailment in supplies from Europe.
The value of the imports of finished manufactures (exclusive of burlaps
which
burlaps,
are
United
total
of
States
November.
dropped to approximately $19,000,000 in November, 1940,
in November. 1939.
Negligible amounts of manufac¬
received from the war area of Europe since last
June, and even the much reduced amounts of such articles as leather
manufactures
and coal-tar products appearing
in current statistics of
and
newsprint)
from
$26,000,000
tured
goods
have been
for consumption very largely represent withdrawals from
warehouses.
Imports of various foodstuffs, especially of
and
year
show
drastic
curtailment
compared
bonded
cheese,
with
a
ago.
The
also
wines,
export
in
Eleven
Months
trade of the United
Ending
as
November
*
States in the first 11 months of 1940
comparable period since
the whole of 1940.
Import
with a 12 months'
aggregate of about $2,600,000,000 indicated.
The net export balance of
merchandise for the year
will approximate $1,400,000,000, the largest
excess
of exports over imports in any year since 1921.
The cumulative
11 months'
figures showed an increase of 32% in the value of total
exports and a 15% increase in general imports.
reached
$3,700,000,000, the largest total for any
promised to exceed $4,000,000,000 for
trade totaled $2,400,000,000 for 11 months,
and
1929,
$112,180
43,676
Richmond
$282,000,000
the curbing
and
products
Trade
47,683
5,774
7,632
4,203
3,456
at
of non-essential imports by the United
Empire countries are restricting foreign sales
States commodities.
The increase in leather
exports from $703,000 in October to $2,049,000 in November resulted
from a large shipment of heavy bends to the U. S. S. R.
This shipment
States
$6,512
$7,239
51,243
*
valued
Kingdom and other British
of a varied list of United
customs
27,
articles,
approximately seven-eighths of total United States
six groups specified in the preceding paragraph,
United
States
exports of manufactured and
semi-finished articles in
November advanced to approximately $150,000,000 from $140,000,000 in
November, 1939.
Exports of wood pulp, paper manufactures, rayon and
coal-tar products, on the one hand, were considerably larger in value
than a year ago, but exports
of pigments, paints, toilet preparations,
office appliances, lubricating oil, and gasoline, on the other hand, were
smaller.
While shipments to neutral countries of some of these com¬
modities have increased, the closing of a large area of Europe to United
comprised
1939
6,374
...
New York
Dec.
25,
1940
1939
non-ferrous
Omitting the
exports.
fish
Dec.
steel,
off as compared with October, these six
approximately $130,000,000, or double the
November, 1939.
and
temi-finished
value in
imports
13 Weeks Ended
Week Ended
Federal Reserve District
States exports in
and
iron
motor trucks—those exports which have been in¬
creased substantially since
the outbreak of the war—represented about
two-fifths of the total United States exports.
Although shipments or
factured
Debits to
In a war economy com¬
total United
heavy
and
firearms,
Changes
Bank Debits for Week Ended Dec.
the
of
aircraft,
Machine-tools,
November,
Imports for Consumption
Crude materials
Agricultural
prised
aircraft
286,761 336,160 321,275 2,766,036 100.0 3,623,154 100.0
20.9
13.6
493,145
577,605
63,871
33,408 26,816
79.1 3,130,009 86.4
222,891 302,752 294,458 2,188,431
merchandise
other
in
As
the year.
recent months, materials essential
of
season
17,842
841,699
4,277
S.
U.
shipments of unmanufactured
States
Exports
Total, 274 reporting centers
New York City *
140 other leading oenters *
133 other centers
* Centers
for
which
Country's
Washington
foreign trade of
11
months
months
high,
figures
are
available back to
of
to
and
Dec.
the
United
with
1935.
United
27
States
issues
States
November,
The
for
statement
November
with
on
the
and
the
comparisons
by
report follows;
exports in
$328,000,000
from
$344,000,000
export
trade
during
1940
resulted largely from the
Allied
Powers
purchased heavily cf these products through June and
shipments to the United Kingdom have remained heavy in recent months.
Moreover, exports to Latin America and Canada of various commodities
have increased during the year.
Despite a falling off in exports to mar¬
kets in
the war area, of some commodities, namely, passenger automo¬
biles, gasoline, office appliances, and lubricating oil during
1he value of total exports of non-agricultural commodities
to
a
value of
recent months,
advanced 43%
$3,130,000,000 in the first 11 months of 1940 from $2,188,-
in the corresponding period of 1939.
Notwithstanding relatively large cotton shipments to
600,000
first
November remained comparatively
although the total dropped 5% to
its
in
expansion in shipments of a relatively few commodities—especially of
aircraft, machine tools, iron and steel products, and non-ferrous metals.
The
1919
Statistics of the Department of Commerce
on
ended
back
The value
773
debit
Foreign Trade in November—-Imports
Exports
The Bureau of
at
bank
increase
The
from
Europe during the
year,
exports of agricultural products during the 11
November, 1940, declined 15% in value to $493,000,009
$578,000,000 in the corresponding period of 1939.
Exports of cotton
half
months
of
the
ending
Volume
have
been
The Commercial & Financial Chronicle
152
small
recent
in
products—tobacco,
grain,
months,
fruit,
and
exports
other
of
Exports
agricultural
ties
have
1940.
and
shown
$1,564,000,000,
of
1939
were
60%
been
moderately smaller in
of
total
June,
the
in
laps)
South
finished
in
the corresponding
America
and
manufactures
November,
1939.
In
1940,
view
of
from
the
food
in
declines
in
curtailment
the
imports
of
of
products
a
relatively
from
high level
other
European
Including
Reexports,
and
General
include
Imports
13,743
81,512
3,696
4,770
4,653
67,769
(for
50,193
BY
CUMULATIVE
Silver
Month or
1937
1938
1939
1940
1937
1938
1939
1940
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Period
finished
Exports—
5,007
81
22
174
11
January
16
53
March
39
20
53
18
April
13
145
231
33
from
4
212
36
3,663
81
131
19
1,249
206
65
9
8
....
169
17
13
10
278
129
11
15
13
285
June.
July
August
232
16
15
14
10
6
16
191
11
1,071
2,054
1,923
250
2,054
317
611
177
254
303
884
193
640
15
401
937
180
1,403
1,292
139
1,259
233
380
17
30,084
15,052
Deoember..
Months Ended November
355
214
m— — —
May
Merchandise
Dollars Dollars Dollars
2,112
1,811
1,546
1,668
1,841
1,144
February...
consumption)
1940
—10,192
—27,768
PERIODS
period
withdrawals
of
3,551
53,744
452
298
657
594
1,773
87
823
487
68
1,344
887
11,806
5,738
13,743
12,042
7,082
14,630
2,846
14,080
5,589
2,821
28,708
15,488
14,440
10,328
9,927
7,207
7,143
627
236
..
Nov.,
1940
68
4,721
Cold
November..
1939
87
4,857
SILVER TRADE BY MONTHS AND
October
11
Oct.,
1,000
Dollars
487
bur¬
Comparative Summary
Nov.,
1,000
Dollars
497
4,183
Import balance
previously imported stocks held in bonded warehouses in this country.
Exports,
1,000
Dollars
September..
and that imports
countries
4
GOLD AND
articles from the continent of Europe since last June, a
larger decline might have been expected, but it should be borne in mind
that imports of manufactured articles from the
United Kingdom have
on
6
of
manufactured
continued
1,000
Dollars
17
167,980 325,964 330,107 3,122,978 4,607,297
Exports
Imports
for the 11 months
corresponding
the
in
1,000
Dollars
lower.
and
newsprint
of
Dec. (—)
Silver—
from
imports
prices of coffee have been
(exclusive
1940
4,992
+4,495
167,991 325,981 330,113 3,123,476 4,612,289 +1488,813
Import balance
have
products
also
$274,000,000
marked
Inc. (+)
10
Imports
months'
11
various other
have also declined and dropped to $221,000,000
ending
of
of
1940
1,000
$1,221,000,000,
beverages
been
have
Nov.,
1940
Dollars
Gold-
from the Philippine Islands and, since
sugar
There
Oct.,
1939
Exports
result of declines in imports of whisky from
cheese and
wines,
Europe.
from
meats
Imports
of
of
Summary
Months Ended November
commodi¬
semi-manufactured
materials, valued at
Imports of foodstuffs and
value than
a
Kingdom and of
imports
continent
canned
as
Comparative
1939
and
these
imports.
period of 1939, mainly
the United
crude
(including newsprint and burlaps) reached a value
68% of total United .States imports.
In the
or
period
Silver,
Nov.,
Exports and Imports
outstanding increases in the import trade during
first 11 months of 1940 imports of crude materials
semi-manufactures
of
and
11
the
During the
corresponding
other
and
Gold
ot
since the outbreak of the
ever
Imports
materials
Imports
and
and meat products—have been moving to
foriegn markets in relatively small volume
war in
September, 1939.
Strategic
23
Exports and Imports
11
Inc. (+)
1939
1940
end.
mos
30,968
5,873
497
46,020
Nov
Dec. (—)
5,889
508
7,155
8,211
52,947
71,230
52,987
55,438
63,880
165,990
156,427
223,296
865,436
4,992
3,551
12 mos. end.
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dec
1,000
Dollars
Imports—
Exports, incl. reexports.... 292,453 343,848 327,685 2,809,131 3,703,099 +893,968
General Imports
January
56,995 136,909 104,255
737,857 1,331,117
MERCHANDISE TRADE BY MONTHS AND BY CUMULATIVE PERIODS
120,326
March
154,371
April
Export balance
121,336
February...
235,458 206,939 223,430 2,071,274 2,371,982 +300,708
215,825
Month
1935
Re-exports—
January.
February
1938
1939
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
198,564
182,024
195,113
192,795
200,772
185,026
April
May
June.......
164,151
165,459
170,244
173,230
172,126
198,803
221,296
269,838
223,469
—
July
August...
September
October
November..
Deoember
185,693
180,390
178,975
220,539
264,949
220,364
229,800
222,665
233,125
256,566
268,945
289,922
265,341
268,184
277,031
296,679
332,710
314,697
323,403
289,071
261,935
275,308
274,472
257,276
232,726
227,535
230,790
246,335
277,668
252,381
268,943
212,911
218,716
267,781
230,974
249,466
236,164
229,631
250,102
323,981
325,402
350,551
316,928
350,899
288,956
331,978
292,453
295,252
February
April
May
June
July.
August
September
October
November..
12
mos.
192,774
198,701
202,779
191,697
191,077
195,056
193,073
215,701
212,692
196,400
169,385
186,968
December
11 mos.
187,482
166.832
152,491
177.356
170,500
170,633
150,754
178,031
169,030
161,647
189.357
.
March
245,161
240,444
277,709
307,474
286,837
284,735
286,224
265,214
245,668
233,142
224,299
223,090
208,833
170,089
162,951
173,372
159,827
148,248
178,246
158,072
190,481
186,300
202,493
145,869
178,866
140,809
168,910
175,623
181,536
215.289
235,458
246,807
165,516
107,592
178,024
170,187
171,347
ended Nov... 1,860,517 2,177,431 2,874,835 1,789,082 2,071,274 2,371,982
ended Dec.
2,047,485 2,422,592 3,083,668 1,960,428 2,318,081
_
.
Exports of United
201,475
459,845
249,885
438.695
1164.224
519,983
15,767
17,952
19,186
18,326
4,985
3,165
6,025
4,476
4,964
8,427
351,563
5,701
0,162
14,770
5,531
4,865
24,098
25,072
10,633
23,161
334,113
325,981
330,113
5,799
4,070
5,724
5,170
4,689
4,673
5,378
4,107
4,656
4,857
4,721
24,987
21,633
4,639
7,268
4,183
3.795
11 mos. end.
1598,490 1738,915 3123,476 4612,289
68,726 208,999
81,512
1631.523 1979,458 3574,659
Nov
12
91,877 230,531
85,307
53,744
end.
mos.
Dec
December
Engineering Awards
Second Highest
Record—Top All Previous December Totals
construction
Engineering
241,992
199,926
216,755
212,352
211,415
211,422
232,393
220,523
194,835
206,939
223,430
429,440
240,450
278,645
259,934
320,089
69,740
167,991
451,183
562,382
177,782
240,542
52,194
33,033
December..
606.027
520,907
145,623
90.709
November-
368,046
General Imports—
January
105,013
....
October
343,848
327,685
370,081
347,060
351,424
3,025,764 2,825,496 2,809,131 3,703,099
2,282,874 2,455,978 3,349,167 3,094,440 3,177,176
12 mos. ended Dec
July
August
September..
ended Nov... 2,059,405 2,226,178
mos.
155,366
262,103
175,624
1940
1,000
176,223
163,007
March
11
1937
1,000
Dollars
Exports Including
1936
1,000
Period
or
May
June
236,413
awards
December,
for
on
$308,-
the second. highest ever reported, being ex¬
ceeded only by the record volume of October, 1940.
They
are
the highest on
record for any previous December,
704,000,
are
110% above the total for the corresponding 1939 month,
4% over a month ago according to a report issued on
Jan. 3, by the "Engineering News-Record."
Almost half of the month's
volume is made up of
and
public building construction/and this is primarily responsi¬
ble
Public construction is 132%
6% above a month ago. Pri¬
awards gain 62% as compared with last year, but are
for
the
high
volume.
higher than a year ago, and
vate
Federal work makes up the hulk of
public figure and is 904 and 18^% higher, respectively,
than December, 1939 and November, 1940.
2% below last month.
the
States Merchandise and Imports for Consumption
Values of awards for the three
months
are:
Comparative Summary
November, 1940
December, 1939
11
Nov.,
1939
Exports and Imports
Oct.,
1940
Inc. (+)
1939
1,000
1,000
1.000
Dollars
Dollars
1,000
Dollars
1940
1,000
Dollars
Dec.
\—)
Private construction
State and municipal
The report
December
or
1935
1937
1938
1939
1940
1,000
1,000
1,000
1,000
1,000
Dollars
Merchandise—
1936
1,000
Period
Exports—17. S.
Dollars
Dollars
Dollars
Dollars
Dollars
173,560
160,312
181,667
160,511
159,791
167,278
167,865
169,683
January....
February
March.....
April.
May—
June
July
August
September
196,040
October.
218,184
267,258
220,931
_
November
December
11 mos. ended Nov
12 mos. ended Dec.
_
.
195,689
179,381
192,405
189,574
197,020
181.386
177,006
175,825
217,925
262,173
223,920
226,666
219,063
229,671
252,443
264,627
285,081
256,481
264,613
273,561
293,374
329,373
311,212
319,431
285,772
259,160
270,429
271,508
253,713
229,554
224,866
228,312
243.595
274,059
249,844
266,358
210,260
216,191
263,995
227,624
246,119
233,465
226,740
247,412
284,392
323,077
286,701
857,307
360,583
338,920
343,711
316,491
318,109
344,536
312,250
342,841
288,277
336,160
321,275
....
May
June.
July
August.............
September
October.
November
December
11
mos.
ended Nov
12 mos. ended Dec
166,070
166,756
155,313
173,096
180,381
168,683
189,806
162,828
179.760
186,377
189,590
194,296
199,776
189,008
194,311
197,458
200,783
218,425
213,419
200,304
240,230
228.680
260,047
295,705
280,899
278,118
278,300
262,919
248,730
233,959
226,470
212,382
203,644
163,312
155,923
173,196
155,118
147,123
147,779
147,767
171,023
172,909
178,447
171,668
165,359
169,353
152,577
191,269
185,916
194,185
178.373
170,430
180,226
199.404
207,131
214,502
232.736
234,610
189,922
206,456
203,077
203,738
205,170
217,897
214,407
196,256
212,932
217,175
totals
the
in
classified
groups
show gains
over
19%; and
unclassified construction,
8%.
Georgraphieally, ell sections except New England report gains over last
138%; Middle West, 205%;
61%; and Far West, 197%.
20% increase over the preceding month;
South is up 40%; and Middle West gains 25%; while all the other sec¬
tions report losses ranging from 12% in the Far West to 58% in New
England.
year.
West
Middle Atlantic is up 104%; South,
of
Mississippi,
Middle Atlantic states record a
New
Capital
New capital
for construction purposes for Decemebr totals $283,753,000,
than 5ys times the volume that was reported for the corresponding
month.
The
month's
new
financing is made
up
of $163,572,00O In
security issues; $118,137,000 in State and municipal bonds;
$2,020,000 in RFC loans for private industrial construction; and $24,000
in RFC loans for public improvements.
corporate
Britain's
Foreign Trade at Year's Low in November
Both imports
and exports of the United Kingdom dropped
sharply i l November to the lowest level in more than a year.
T
~J.~
/"TO
non
AOa
1,859,145 2,183,747 2,806,209 1,784,265 2,043,364 2,301,641
the start of the war, the
2,038,905 2,423,977 3,009,852 1,949,624 2,276,099
month
construction
public
in
large-scale private housing, 12%; and decreases in industrial buildings,
7% ; bridges, 27%; waterworks, 22%; sewerage, 0.2%; earthwork and
1939
168,482
152,246
175,485
year
drainage,
more
February
March.—..........
April
also said:
mercial
2,022,149 2,192,303 2,979,498 2,790,811 2,766,036 3,623,154
2,243,081 2,418,969 3,298,929 3,057,169 3,123,343
Imports for
Consumption—
January..
99,686,000
299,018,000
80,581,000
218,437.000
buildings, 513%; industrial buildings, 110%. com¬
buildings and large-scale private housing, 27%; and unclassified
construction, 69%.
Losses are in streets and roads, 3%; bridges, 34%;
waterworks, 41%; sewerage, 12%; and earthwork and drainage, 1%.
Comparisons with the volumes for a month ago reveal increases in
streets and roads, 7%; public buildings, 13%; commercial building and
last
Month
$398,704,000
96,738,000
184,396,000
21,769,000
Federal.....
1,000
Dollars
MERCHANDISE TRADE BY MONTHS AND BY CUMULATIVE PERIODS
128,785,000
107,016,000
Public construction...
286,761 336,160 321,275 2,706,036 3,623,154 +857,118
Exports of p. S. mdse
Imports for consumption.. 214,502 212,932 217,175 2,043,364 2,301,641 +258,277
$382,724,000
101,590,000
281,134,000
$190,327,000
61,542,000
Total construction—.....
1940
Dollars
December, 1940
Months Ended November
Nov.,
was
a.
—
j_l_
•
i
t
.
largest amount of imports in a singL
the £109,985,390 of April last.
The £22,389,421
The Commercial & Financial Chronicle
24
any month for a number of years
with£52,734,113 last April, the war time peak.
Following we present a tabulation of the monthly figures
exports
are
the smallest of
11 Mos. Ended Nov.
and compare
since
Jan. 4, 1941
Economic Class and Commodity
Nov.,
January, 1938:
Hides and skins
4,748
5.243
Crude rubber
4,670
15,795
2,771
28,480
1,738
Undressed furs
OF BULLION AND
SPECIE
..........
Oilseeds.....
.......
1939
831
603
£
....
Feb
March..
April...
May...
June...
July....
Aug
Sept....
Oct....
Nov....
Dec....
75,571,817 104,961.147
65,438,402 95,638,991
78,021,721 108,543,354
84,879,549
75,793,898
84,853,649
73,707,229
75,398,794
76,540.222
73,897,561
74,112,624
74,991,477
79,078,903
77,973,618
74,132,368
£
£
£
70,049,098 *109985390
78,509,294 105,552,962
82,172,862 90,779,141
78,251,309 87,007,530
81,073,119 95,019,856
49,894,916 80.632,023
61,841,464 85,095,565
83,988,000 72,930,436
86,582,440
1940
45,984,546
43,086,428
47,623,642
42,276,828
45,341,989
41,880,695
42,025,182
41,375,526
43,846,909
48,005,979
48,037,135
43,877,133
£
44,075,551
42,824,539
46,557,865
39,728,564
47,285,713
44,203,023
44,080,278
41,565,346
25,457,923
26,620,986
40,106,404
42,670,205
44,730,987
39,835,044
45,053,511
52,734,113
48,713,558
38,215,027
33,008,508
33,946,697
32,369,032
24,357,657
22,389,422
Cotton, unmanufactured......—.
Jute and Jute butts
Flax and hemp, unmanufactured
Wool, unmanufactured..
Silk, raw.....
839
3.344
1,285
Includes United Kingdom produce and manufactures and
Imported merchandise,
z Ten months' total.
* Corrected figure.
The monthly totals are revised when full Information as to dutiable imports Is
available, and corrections are made in the total for each year on the completion of
%
y
Corrected total for year,
the "Annual Statement of Trade."
Commerce showing the value of each of the chief items
of
of
the
export
economic
import
and
trade,
arranged
according
to
BER,
421
417
786
21,274
7,363
8,853
1,590
14,798
2,298
13,131
4,705
12,824
126,219
32,477
140,773
1,553
1,832
1,840
19,692
15,714
563
550
509
981
230
470
2,265
....—
2,471
2,677
8,614
2,065
2,178
5,583
5.124
27,092
5,528
5,993
26,975
28,526
114,792
20,579
41,125
Commodity
Cattle, except for breeding
Wheat for milling and export
Vegetables, fresh and dried..
—
2,602
13,485
2,039
4,393
Cocoa or cacao beans
Coffee............................
All other crude foodstuffs
Oct.,
Nov.,
1939
1940
1940
1939
1,077
419
432
1,390
1,302
Vegetable oils, edible
—
Cane sugar—From Philippine Islands.
From foreign countries...
662
405
282
2,204
2,185
Whisky and other spirits
4,198
3,144
3,888
4,173
3,430
4,046
4,789
Wines
1,054
753
585
5,862
5,927
6,300
782
445
433
3,650
2,684
1,972
594
513
728
1,008
62
270
2.259
30,563
4,922
8,293
6,623
Crude petroleum
Undressed furs
10,541
2,132
7,703
2,544
199,224
5,909
5,796
5,165
59,124
86,677
6,823
72,437
2,134
4,285
2,996
Leather
Expressed oils, lnedlble.d
Wool semi-manufactures...
Rayon filaments, short and tops
Sawed boards, sidings, and lumber
1,964
9,812
—
...
213
72
235
8,869
9,638
7,704
All other crude materials..
Crude Foodstuffs—
3,711
3,157
37,092
35,643
926
Vegetables, fresh and dried.
Apples, fresh......
Oranges..
371
36,436
787
3,572
592
16,262
1,081
845
9,554
824
..........
851
915
.....
238
173
494
441
845
685
10,139
10,413
10,950
491
.......
All other crude foodstuffs
432
1,011
....................
Other fresh fruit.
3,961
2,834
554
Gas Oil and fuel oil.g
Diamonds, cut but not set
2,510
752
3,679
2,691
7,413
1,567
1,465
2,159
8,742
8,222
........
Fertilizer .d
1940
208,706
40,243
78,227
65,341
440
496
9,218
1,141
28,184
18,860
6,534
11,651
22,975
7,964
6,001
20,904
24,083
10,972
25,728
11,711
1,842
7,281
6,803
6,317
26,055
12,030
18,896
10,196
48,714
63,027
42,285
7,709
54,653
16,408
7,137
15,246
7,325
41,499
67,322
39,143
7,368
56,596
SemirM anufactwres—
8,813
35,439
6,380
7,740
16,722
67,347
9,947
25,246
34,916
22,603
58,418
17,634
16,075
29,696
74,177
1,868
5,801
3,665
11,128
3,344
10,682
577
.560
1,036
1,232
7,439
1,178
783
6,582
5,158
46,357
5,689
2,814
19,180
55,950
25,421
19,198
63,192
31,734
112,906
8,549
11,647
25,830
73,002
Finished Manufactures—
662
191
160
6.125
3,082
3,226
2,316
2,481
789
366
556
3,608
1,938
1,669
3,986
1,725
2,689
1,518
1,758
26,432
5,610
42,354
17,014
17,281
5,107
6,894
...
655
761
420
11,372
10,338
11,711
653
658
650
Steel-mill manufactures
470
79
193
Machinery..
853
851
786
34,439
7,670
25,913
19,556
17,150
6,914
7,866
105,602
6,172
10,055
12,095
1.244
513
2,077
15,895
11,315
8,567
2,267
6,919
108,921
1,994
28.710
—
Cotton cloth.
...
1.278
All other manufactured foodstuffs
Crude Materials—
Corn
4,186
2,515
Cotton manufactures
Cotton, unmanufactured
125,767
18,619
37,543
1,996
3,615
Ac.)
Leather manufactures
Tobacco, unmanufactured
25,740
9,775
1,575
1,522
All other semi manufactures
Domestic Exports
2,312
Manufactured Foodstuffs—
Meat products
Coal-tar products.d
Nov.,
13,396
Crude Foodstuffs—
Industrial chemicals.d
11 Mos. Ended Nov.
Wheat.......
18,322
1,323
3,034
1,494
2,163
Nickel and alloys.
Tin (bars, blocks, pigs)
(Value In 1,000 Dollars)
.
2,878
Copper _e__
1940 AND 1939
Coal
2,269
43,522
107,046
14,187
Manganese, chrome, and other ferroalloylng ores.
All other crude materials
Wood pulp
Analysis by Leading Commodities In Each Economic Group
Economic Class and
7,718
45,216
65,261
279,746
30,202
13,530
33.754
10,020
5,720
2,219
71,703
114,447
19,555
28,655
10,566
9,503
627
Diamonds, rough, uncut
(except railroad ties)—
groups:
DOMESTIC EXPORTS FROM AND IMPORTS INTO THE UNITED STATES
FOR THE MONTH OF NOVEMBER AND 11 MONTHS ENDED NOVEM¬
3,417
85
7,388
15,669
14,016
2,104
1,860
2,456
Cheese
Supplementing other data on the Nation's foreign trade
in November, given in today's issue, we present here an
arrangement of the figures given out by the Department
71
124
Diamonds far Industrial use.—..—
Fish A shellfish (canned, prepared,
Aircraft, Iron and Steel Shipments in November Less
than
Previous
Month—Machine
Tools
Exports
Larger
280
5,021
...
Bananas
Total y. 919,508,933 885,512,602 Z963215 959 632,279,966 485.569,302 Z392964134
812
46
245
Other textile fibers.c
Crude petroleum.
41,851
45,562
151,054
30,212
17,627
34,303
7,545
2,567
765
Tobacco, unmanufactured
1939
1938
1940
x
4,232
6,893
28,086
1,963
3.343
3,375
Flaxseed...
Exports
Imports
Jan
1940
1939
Crude Materials—
THE VALUE OF IMPORTS AND TOTAL
EXPORTS FOR EACH MONTH IN THE YEARS 1939 AND 1938, AND
THE COMPLETED MONTHS OF THE CURRENT YEAR, EXCLUSIVE
£
1940
Imports for Consumption
SOMMARY TABLE SHOWING
1938
Nov.,
Oct..
1940
1939
Burlaps.
...
Manufactures of flax, hemp and ramie
Wool manufactures
1,562
569
695
Silk manufactures....
Shingles
Newsprint
Pottery
Works of art
All other finished manufactures
2,435
Non-commercial Imports _f—
Total imports for consumption.....
460
115.057
6,306
3,286
9,099
13,128
88,094
24,787
214,502 212,932 217,175 2,043,364 2,301,641
Manufactured Foodstuffs—
Meat products.......
.........
Lard, Including neutral lard...
Dairy products, except fresh milk....
Fish, canned, prepared, &c
1,824
1,076
Oilcake and oilcake meal
Vegetables, canned and prepared....
596
601
608
1,683
1,201
2,152
1,540
1,089
2,088
872
Wheat flour.
1,925
65
629
2,332
66
527
597
505
1,671
Dried and evaporated fruits
Canned fruits
657
444
1,774
184
1,958
2.753
582
958
11,316
2,458
2,500
27,529
1,520
704
2,049
11,704
1,211
1,329
....
Sugar and related products
All other manufactured foodstuffs....
795
910
763
784
13;555
10,715
5,173
188
20,792
12,002
15,574
15,410
19,933
4,508
6,829
6,380
9,162
16,882
29,455
Semi-Manufactures—
Leather.
.....................
Naval stores, gums and resins.a
Cotton semi-manufactures......
Sawed timber..........
220
Boards, planks, &c
Wood pulp.
Gas and fuel oil..
Iron and steel semi-manufactures
Iron and steel scrap.b__
......
Tin plate and taggers' tin
Ferro-alloys..
Aluminum semi-manufactures
Copper (Ingots, plates, rods)
...
Brass and bronze semi-manufactures
Coal-tar products
__
....
Industrial chemicals.
Pigments
All other semi-manufactures
293
2,185
2,694
2,452
35,830
5,173
5,030
2,280
1,861
9,547
4,650
2,253
1,854
2,421
30,420
1,304
1,546
194
1,813
4,476
1,334
10,290
Finished Manufactures—
Leather manufactures.
Rubber manufactures
1,275
4,467
2,254
Automobile casings
Tobacco manufactures
230
2,302
1,077
3,785
19,934
....
.......
Cotton manufactures
Cotton cloth, duck and tire fabrlo.
Rayon manufactures......
Paper and manufactures...........
...
Gasoline.
Lubricating oil.
.....
Glass and glass products......
Steel-mill manufactures.
Iron and steel advanced manufactures.
Electrical machinery and apparatus..
Household refrigerators
1,016
5,558
3,660
2,165
1,625
5,666
146,082
51,847
26,203
15,786
18,544
73,223
2,134
12,682
587
516
6,816
6,775
2,094
4,391
1,101
12,382
3,308
5,449
2,214
4,670
1,070
11,872
677
728
9,570
5,396
3,489
1,121
4,707
2,885
4,558
2,550
1,047
5,570
3,338
1,500
5,298
6,851
5,895
1,777
13,377
32,377
967
1,396
3,113
7,014
10,014
1,072
7,823
5,167
5,272
9.754
568
31,253
50,696
5,710
5,385
1,454
15,266
6,280
10,495
8,007
10,572
31,467
12,343
98,917
14,607
13,659
49,817
32,211
13,048
26,729
87,572
78,097
9,358
55,815
44,210
94,384
Well and refining machinery......
Metal-working machinery.........
Office appliances
Agricultural machinery & Implements.
Automobiles, parts and accessories
Motor trucks and buses (new)...
Passenger cars (new).............
Aircraft, Including parts, Ac
.....
Medielnals and pharmaceuticals.....
Paints and varnishes
...
Explosives, fuses, <fco
Soap and toilet preparations.....
Scientific and professional Instruments
Firearms and ammunition, Ac.......
....
All other finished manufactures......
552
690
704
8,999
2,152
21,830
...
Radio apparatus
Industrial machinery
1,892
43,567
1,627
27,610
1,408
5,188
22,531
7,431
4,530
2,137
45,252
1,758
28,325
1,734
4,763
26,828
10,316
6,760
2,169
31,389
26,738
2,562
19,779
260,547
34,424
104,175
26,703
63,726
228,896
63,164
77,152
88,912
19,799
913
612
616
8,279
1,940
9,051
2,296
4,070
19,870
4,689
6,241
141
2,605
880
6,408
-
899
3,568
1,062
715
736
9,262
1,223
1,393
5,071
28,677
1,304
11,471
4,556
233,381
499
24,546
5,457
29,304
11,670
11,394
14,780
4,449
25,486
27,190
32,826
340,731
47,057
41,976
16,820
17,542
86,065
27,566
26,284
48,834
13,445
136,617
7,821
37,779
18,955
12,287
55,355
34,744
15,054
60,156
59,128
89,275
13,218
130,625
61,402
106,922
7,515
19,884
404,551
23,267
226,123
19,319
71,794
229,838
79,667
51,914
279,646
26,707
7,333
19,122
7,891
14,818
56,834
h329,201
a
Includes
a
Includes sisal, manlla, kapok, New Zealand fiber, crln vegetal,
e Chiefly unrefined copper
for refining and export,
f Chiefly merchandise returned,
g Partly oil used for
refueling vessels and for refining and export,
h lncludes merchant vessels valued
at 339,427,000 in 11 months ending November.
and waste,
Ac.
d Includes
c
few items not semi-manufactures,
a
Life Insurance Policy Loans
286,761 336,160 321,275 2,766,036 3,623,154
Decreased 4.5% During 1940
Some
improvement in the stability of family financial
conditions in 1940 is indicated by the fact that the volume of
life insurance policy loans outstanding decreased by $131,000,000 during the year, to the lowest aggregate in 10 years,
according to the monthly bulletin of the Institute of Life
Insurance, issued Dec. 28.
The year's reduction on a
percentage basis amounts to about 4.5%.
The Institute
also reported:
$2,767,000,000, which is
Total policy loans now outstanding amount to
On the basis of
$650,000,000 less than at the bottom of the depression.
percentage of total life insurance assets,
the loans are
now
which reflects the actual trend,
nearly 50% smaller than in 1932.
During the depression, these life insurance loans constituted a major
contribution to the relief of family
financial pressure,
during
000,000 being loaned for this emergency use
sion
Reduction
alone.
in
as
much as $1,000,-
of the depres¬
one year
policy loans reflects an improvement in the
budget situation of American familities.
Life insurance
undertake some plan for
beneficiaries of their policies will
Repayments of outstanding loans are also increasing.
companies constantly urge their policyholders to
repayment
of these loans, so that the
receive the full amounts intended for them.
that loans
on
Experience has shown, too,
policies which are not reduced often lead to lapses.
Conference
Reports Manufacturers'
Board
Level
Record
Orders at
November:1—Shipments and In¬
in
ventories Also Increase
New
to
rose
month,
to
a
new
high
manufacturers
by
receeived
Orders
record
the
for
November
in
second
consecutive
according
month compiled by the
after allowance for seasonal influences,
indexes
preliminary
for that
Division of Industrial Economics of the Conference Board.
The
but
value
at
Board's
a
of
shipments
more
and
moderate
inventories
rate
than
also
new
increased,
orders.
The
report, issued Dec. 29, further stated:
Additional
large
direct
defense
awards,
as
well
as
growing
indirect
requirements, were reflected in a 5% gain in the Conference
Board's seasonally adjusted new orders index (1935-39 equals 100) to 208
from 198 for October.
(The aggregate of the actual reports received by
defense
the Board showed
Total domestic exports..
b Includes tinplate
small Item which is not a semi-manufacture,
scrap
usual
November
a
slight decrease from October, but it
decline.)
The index
now
records
a
was
gain of
less than the
an
even
100
Volume
points
the
over
The Commercial &.
152
been
marked
a
participated
October.
March.
been
increase has
That
in production, and the result has
The non-durable goods industries
orders
unfilled
in
for
108
of
the advance
than
rise
liberally in the advance in Noveihber than in that for
more
The
low
years
considerably greater
that
largest increases in
group
shown by the textile
were
recorded
gains, after allowance for seasonal influences.
Among the heavy indus¬
tries, the best showings were made by the railroad equipment, iron and
steel and building equipment industries.
The electrical equipment, metal
products and machinery; industries recorded declines on a seasonally ad¬
justed basis, but in each instance the decreases occurred from high leevls.
boot
and
and
shoe
although
industries,
all
other
Shipments Near Record
2%
of
gain
Inventories
month
since
period
of a 2.1% increase in
durable gocds, the index of the value of inventories,
on a seasonally
adjusted basis, rose to 124.7 from 122.7 for October.
It compared with
107.0 for November, 1939, and with the 1937 high of 126.7 in October
outbreak
the
of
that
9.3%,
gain
the
the
undertaken
last
war
by
end of
January inventories have increased
low amounts to 23.5%.
In view
of much of the defense work
last
the
over
and
size
Largely because
year.
Since the
year.
while
both
of
A
1939
long-term
ticularly in durable goods, is not as significant as
The
inventories,
100,
as
average
inventories, par¬
it might be under more
of
are
528,155
579,739
167,240
72
420,639
453,518
137,631
70
429,334
449,221
129,466
69
520,907
456,942
193,411
70
May
682,490
624.184
247,644
76
mm,
June
508,005
509,781
236,693
79
mm
'■
mm
.
j 72
--
mm
587,339
196,037
452,613
487,127
162,653
74
mm
468,870
470,228
163,769
72
mm
670,473
488,990
648,611
509,945
184,002
79
mm
161,985
77
m m
151,729
71
•
544,221
July
August
September
October
November...
December
464,537
479,099
Week Ended—
mm
'
•
v
Oct.
5
131,737
128,203
167,953
78
73
Oct.
12
134,149
132,322
170,669
174,906
73
19.
130,483
127,271
79
Oct.
78
73
130,405
132.249
180,439
80
74
80
73
78
Oct.
Nov.
26
136,464
2
135.801
184,002
.
73
9
120,470
130,203
120,155
130,222
172,460
152,355
77
73
123,639
123,819
162,228
77
73
73
73
Nov.
Nov.30
124,726
125.701
161,985
70
Dec.
127,704
129,151
132,734
133,123
162,760
78
164,566
79
74
156,823
80
73
84,091
151,729
48
73
Dec.
7
132,312
14
123,908
Dec. 21.
80,613
Dec. 28
orders received, less production, do
not necessarily eaual the unfilled orders at the close.
Compensation for delinquent
reports, orders made for or filled from Btock, and other Items made necessary adjust¬
Nots—Unfilled orders of the prior week plus
ments of unfilled orders.
♦
Petroleum and Its Products—Industry
Watches Wash¬
Developments—Cole Sub-Committee Re¬
news
Probe, Ickes Sees "Resource Raids"—West
Coast Oil Men Seek Compact Membership—Barnsdall Revises Crude Prices in Texas—Holiday Pares
Daily Crude Flow—Farish, Seubert Bullish on 1941
Outlook—Mexican Oil Quota Increased by U. S.—
Japanese Oil Firm Loses in Mexico
These indexes, all based on the 1935-39
adjusted for seasonal variation.
Percentage Change from
With the
October,
November
1940
November
Oct., 1940
Nov., 1939
1940
(.Revised)
1939
to
to
Nov., 1940
Nov., 1940
124.7
122.7
107.0
+ 1.6
+ 16.5
Durable goods
131.0
128.3
111.1
+ 2.1
+ 17.9
Non-durable goods
116.3
115.8
102.1
+ 0.4
150
147
131
+2
+ 15
168
164
136
+2
+ 24
130
129
126
+ 1
+3
208
198
133
+5
+ 56
Inventories
Shipments
Durable goods
>,
Cumulative
Month of—
new
together with percentage changes.
monthly
Current
February.
Conference Board's indexes of the value
orders and shipments for November,
tables give the
following
Tons
Activity
Remaining
Tons
January
for the preceding month, and for the corresponding month of 1939,
1940,
Production
Tons
ington
manufacturers'
of
Percent of
Orders
Orders
Received
Period
conditions.
normal
ACTIVITY
MILL
PRODUCTION,
Unfilled
nature
the current high level
manufacturers,
REPORTS—ORDERS,
Nov.23
accumulation
of
STATISTICAL
Nov. 16
the greatest gain for any single
which followed heavy buying at
November
in
registered
the
a
the time operated.
April
Level
in Inventories
Gain
on
March
November raised the
m
figure which indicates the activity of the mill based
These figures are advanced to equal
100%, so that they represent the total industry.
also
members also
index of the value of
shipments (1935-39 equals 100) to 150 from 147 in October, or to within
one point of the record high of 151 established in July,
1929.
Compared
with November, 1939, the index showed a gain of 15%.
Durable goods
continued to lead the advance, rising 2% over October,
1940, and 24%
over
November, 1939.
Non-durable goods, on the other hand, gained
only 1% and 3%, respecitvely.
Most industries reported increased shipments in November, after allow¬
ance for seasonal changes.
Those holding large defense contracts generally
showed the greatest gams.
Thus, among the durable goods group, the
railroad equipment, building equipment, electrical
equipment and metal
products industries turned in the best reports.
further
A
25
inancial Chronicle
Non-durable goods
New orders
_
+ 13.9
new
year
of the petroleum
with the disclosure that
at hand, attention
was riveted on Washington
the House Committee on Domestic
industry
and Foreign Commerce
Sub-committee, which had
been investigating the oil industry, at the direct request of
President Roosevelt in a letter to the subcommittee, made
had extended the life of the Cole
public late in December, President Roosevelt said that he
thought that previous objections on the part of the industry
to Federal control of crude production could be overcome
importance of oil in the national defense picture.
Secretary of the Interior Ickes, credited with the author¬
ship of the bill for Federal control of the oil industry in¬
troduced unsuccessfully last year by Representative Cole,
in view of the
Report of Lumber Movement Week Ended Dec. 21, 1940
during the week ended Dec. 21, 1940,
11% less than in the previous week; shipments were
Lumber production
was
3% less;
new
business 16% less, according to reports
complete
due
to
the
holidays)
Association
Manufacturers
from
(in¬
Lumber
National
the
to
regional associations cov¬
ering the operations of representative hardwood and soft¬
wood mills.
Shipments were 23% and new orders 2%
production.
Compared with the corresponding week
1939,
production was 6%
greater, shipments 35%
above
of
despite the fact that it was a White House "must," warned
report that the Administration's conservation
in his annual
principles will face their severest test in the coming months
as the pace of defense quickens and short cuts in the form
of "resource-raids" are threatened.
"Our people are finally
alert to the nature of the problemjwe face in the administra¬
tion of our resources; they have begun to weigh the social
the looting
he said.
"The wisdom
at
consequences of individual action when it involves
of the heritage which we have received from nature,"
further
"One thing
of the policies
The industry stood
greater, and new business 8% greater.
79% of the seasonal weekly average of 1929 production
and
105% of average 1929 shipments.
The Association
reported:
Year-to-Datc
Reported
production
weeks
corresponding
and
new
orders
of
weeks
the
51
and
shipments
for
of
wee
1940
to
date was 7% above
1939; shipments were 8% above the shipments
10% above the orders of the 1939 period.
For
1940
were
the 51 weeks of
date
to
new
business
9%
was
production
above
7% above production.
compared with
a
ago;
year
32%
on
Unfilled orders
were
41% greater than
19%
year age.
a
stocks
were
11% less.
Softwoods and Hardwoods
During the
feet
of
booked
week
softwoods
orders
end
of
feet.
production,
493 ;
orders,
combined;
hardwoods
209,658,000
Mills,
were:
954,000 feet;
21, 1940, 432 mills produced
week ended Dec.
Revised
figures
229,199,000
204,944,000
251,252,000
shipped
feet;
feet;
preceding
shipments, 258,-
for
the
wood
reported for the week ended Dec. 21, 1940, by 369 soft¬
totaled 201,860,000 feet, or 3% above the production of the
mills
mills.
Shipments
as
reported for the same
week were 241,907,000
Production was 196,859,000 feet.
Re¬
ports from 74 hardwood mills give new business as 7,798,000 feet, or 4%
below
production.
Shipments as reported
for the same week were
9,345,000 feet, or 16% above production.
Production was 8,085,000 feet.
feet,
or
23%
above
production.
Identical
Mill
Reports
21, 1940, of 353 identical softwood
mills was 195,314,000 feet, and a year ago it was 181,148,000 feet; ship¬
ments were, respectively, 240,185,900 feet and 179,176,000 feet, and orders
received, 199,796,000 feet and 186,227,000 feet.
In the case of hard¬
woods, 74 identical mills reported production this year and a year ago
8,085,000 feet and 9,949,000 feet; shipments, 9,345,000 feet and 5,762,000
Production
feet,
during week ended Dec.
and orders,
7,798.000 feet and 5,535,000 feet.
We
.
this
vital—and
give herewith latest figures received by us from the
Paperboard Association, Chicago, 111., in relation
to activity in the paperboard industry.
The members of this Association represent 93% of the
We
total industry, and its programs includes a statement
week from each member of the order and production,
each
and
limited—resource."
of President Roosevelt, to place the domes¬
petroleum industry under Federal control, the industry
girded itself for an intensified drive to retain control of the
industrv.
California, one of the largest oil-producing States
in the Union, moved to join the Interstate Oil Compact as
the Oil Producers Agency of Los Angeles announced this week
that it is asking California to adopt an enabling act which
will permit the oil industrv of the State to join.
On the final
tic
National
definitely
Pointing out that the Division has no authority to enforce
Federal regulation of the oil industry, and has never at¬
tempted to do so, Mr. Ickes added: Conservation of our
petroleum resources continued to gain importance during the
year as the outlines of our defease program were formulated.
The mechanical implements of defense which we propose to
increase so drasticadv are all dependent upon gasoline and
oil for their operation, and as a consequence, heavy new
demands face our petroleum industry.
Warships, tanks,
mechanized units, and aircraft all need gasoline and oil.
The large addition to our Navy, the mechanization of the
Army make an adequate supply of gasoline and oil more
imperative than ever before."
As the Federal Government renewed its efforts, under the
direct supervision
Weekly Statistics of Paperboard Industry
we
limited field of action, the Secretary s
report pointed out, the Petroleum Conservation Division has
been vigorous in its efforts to produce sensible conservation
of the Nation's vital supplies of petroleum.
The experience
of the Division in dealing with the industry and with State
bodies governing petroleum production "continued to show
the desirabilitv of some form of Federal regulation to assure
that there should be nojunnecessary wastage in the extraction
of
249,142.000 feet.
Lumber orders
same
that
bearing fruit.
Within its sharply
Dec. 21, 1940,
unfilled orders to gross stocks was
gross
now
future."
Supply and Demand Comparisons
ratio of
The
have followed for the last seven years
are rich in resources, because we
have put our house in order.
Our natural wealth forms the
sinews and muscles of our defense machinery.
We will contion to administer prudently our resources for present use,
and for defense when we must, and guard them for the
is
Comparisons
is clear," Mr. Ickes continued.
The Commercial & Financial Chronicle
26
day of the vear, the Interstate Oil Compact Commission, at
a spec;al
meeting in Oklahoma City, drafted a model con¬
servation law.
All member States, with the exception of
Michigan, were represented at the meeting.
"The Interstate Oil Compact, which has been in existence
since 1935, consists of a group of
oil-producing States each
of which has agreed to nrevent
physical waste in the pro¬
duction of oil," L. L. Aubert, President of the Agency,
stated.
"California, through its natural resources code and
its division of oil and gas, which administers the code, alreadv has the requisite legislation on its statute books.
For
us
to join the compact requires only the passage of an
enabling act by the State Legislature.
Members of the
compact are not bound by the action of the Interstate Com¬
pact Commission, which functions purely in an advisory
capacity, nor is it necessary for member States to have laws
controlling the production of oil."
Barnsdall Oil Co. on Dec. 31 announced revised price
postings for its purchases in southwest Texas, reducing prices
covering 12 grades and setting a new top for 28 gravity and
above crude oil.
The
new
schedule meant
a
decrease in the
price of crude oil of 29 gravity and above ranging from 2 cents
to 22 cents a barrel, with no changes in grades below 28 de¬
grees.
The new top in the Greta fields is $1.09 against
$1.33 posted in the same field for top gravity by Humble
Oil & Refining.
Pure
Oil
of 10 cents
Transportation Co.
a
barrel
on
on Jan. 2 posted an advance
crude oil from Central Basin fields in
Michigan, effective immediately with all other companies
meeting the advance the same day.
The markup, which
affects approximately 50% of the State's daily average
pro¬
duction of crude oil, was held due to the tightened market
conditions brought about by lower output during the final
three months of 1940.
Postings in the Temple-Clare field
moved up to $1.17, from $1.07.
A slump of more than 225,000 barrels in
daily average pro¬
duction of crude oil during the Christmas period
pared the
Nation's net
output to 3,385,500 barrels.
The mid-week
report of the American Petroleum Institute disclosed that
production for the week ended Dec. 28 was off 236,200
barrels and at 3,385,500 barrels was
approximately 175,000
barrels under the December market demand estimate of the
U. S. Bureau of Mines of 3,560,000 barrels.
Predominating factor in the sharp break-in production
a
was
decline of 205,750 barrels in daily average
production in
Texas,
where output slid off to 1,136,600 barrels.
Cali¬
off 16,200 barrels to a daily total of 602,700
barrels, while Kansas daily production dropped 13,350
barrels to 186,350 barrels.
Louisiana was off 1,500 barrels to
fornia
was
a daily
figure of 288,500 barrels.
Illinois showed its first
gain in months, rising 9,800 barrels to a daily total of 336,900
barrels.
Oklahoma
was
up
250 barrels to 399,750 barrels.
Prospects for 1941 were seen as definitely bullish for the
industry by W. S. Farish, President of Standard Oil Co. of
New Jersey and E. G. Seubeit, President of Standard Oil Co.
of Indiana.
Despite the loss of a greater part of the nation's
export markets for crude oil due to the Second World War,
both oil executives foresaw increasing demand sufficient to
take up most, in not all, of the slack thus created.
Mr.
Seubert stressed the point that the
do
industry, if permitted to
demand, both
is perfectly capable of meeting all
ordinary consumer ana defense demands.
so,
Succeeding Lon A. Smith, former Chairman4of the Texas
Railroad Commission, on the Commission on Jan.
2, Oilen
Culberson said in his inaugural speech that he would
urge
his colleages to join with him in unalterable
opposition to
Federal control of the petroleum
industry. He charged that
dead wells in the State are on the production schedules,
and promised that these would be eliminated. Mr. Culverson
many
also
fair
declared
that
adjustments of
he would do
gas rates
his
utmost
both to the
to
bring out
consumers
and the
companies.
Jan.
4,
1941
Prices of Typical Crude per Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
Bradford, Pa
Corning, Pa
$2.15
1.0$
Illinois
...
Eldorado, Ark., 40
Rusk, Texas, 40 and
1.05
Darst Creek
Western
Kentucky..
.90
Mld-Cont't, Okla., 40 and above.. 1.03
Rodessa, Ark., 40 and above...... .125
Smackover, Ark., 24 and over
.73
REFINED
1.10
.73
Michigan crude
.75-1.03
Sunburst, Mont...
Huntington, Calf., 30 and
.......
over...
Kettleman Hills, 39 and over
PRODUCTS—SOCONY
BUNKER FUEL CONTRACT
$1.03
over
CUTS
PRICE
GASOLINE
.90
1.18
1.35
PRICES-
LIFTED—HEAVY FUEL
OIL IMPORTS HURT MARKET—MOTOR FUEL INVENTORIES
RISE—W.
S.
FARISH
PROPOSES
INCREASED
OUTPUT
OF
AVIATION GASOLINE
Reductions ranging from l-10th to 3-10th cents a gallon in
car and tank wagon prices of gasoline were a New Year's
tank
present to consumers in the New York-New England market
by Socony-Vacuum Oil Co., Inc.
The reductions, posted
Dec. 28 and effective Dec. 31, did not affect western
on
New York
prices
or
were
other
areas
in this
marketing territory where
sub-normal.
'
An advance of 10 cents
barrel in the top contract price
a
for Grade C bunker fuel oil, effective Jan. 1, was posted on
Dec. 31 by leading marketers, setting the price at $1.25 a
barrel, equal with the spot price of $1.25 a barrel, which
has been'in effect during the latter half of 1940.
Continued mild weather plus the arrival of heavy ship¬
ments of South American fuel oil brought a further weaken¬
ing in the New York fuel oil market as the Defense Com¬
mission announced in Washington on Thursday that recent
fuel oil price increase were caused.by rising demand for home
and office heating and not by the defense program, adding
"there is no justification for a further rise."
Standard Oil Co. of Indiana announced on Jan. 2 that it
would advance to normal all tank-wagon prices on Perfection
kerosene that are one-half cent or less subnormal.
All other
special tank-wagon prices on this product will be advanced at
least one-half cent per gallon, leaving none more than 1 cent
subnormal.
At the same time, all remaining subnormal prices
on standard heat oil
(range oil) will be advanced to normal.
The changes, effective Jan. 6, will be effective throughout
the company's entire marketing area.
Year-end
inventories
fuel showed
of
finished
and
unfinished
motor
gain of 1,404,000 barrels, pushing stocks to
83,274,000 barrels on Dec. 28.
The American Petroleum
Institute
a
this total with the 82,277,000the comparable 1939 date, and stressed the
fact that current stocks are less than 1,000,000 barrels ahead
of last year, against a 15,000,000-barrel spread on April 1.
Refinery operations held unchanged at 83% of capacity,
with daily average runs of crude oil steady at 3,585,000
barrels.
Production of gasoline during the Dec. 28 week
was up
397,000 barrels to 11,887,000.
Stocks of residual
fuel oil were off 221,000 barrels but stocks of gas oil and
distillates were up 6,000 barrels.
barrel
report compared
figure
on
The addition of aviation-fuel refinery capacity at a cost of
$30,000,000 would enable the petroleum industry to double
its present output of 100-octane aviation-fuel, W. S. Farish,
President of the Standard Oil Co. of Newr Jersey and Chair¬
of
man
the American
Petroleum
Institute's Committee
on
Defense Policies, pointed out Dec. 30 in a letter addressed to
15 refiners making this grade of fuel.
Mr. Farish's suggestions
released by Axtel J.
for increasing aviation-fuel output
Byles, President
the American
Petroleum Institute, who pointed out that a substantial
additional increase could be gained by augmenting the lead
content.
Mr.
Farish advanced the thought that while
present refining capacity for this particular fuel is, if prop¬
erly utilized, more than adequate to meet all needs during
1941, installations of additional refining equipment to manu¬
facture 100-octane fuel wisely might be commenced now
because increased quantities probablv will be required in
were
1942.
In
a
proclamation issued by President Roosevelt through
Department of State on Dec. 31, an increase of slightly
better than 1 % in imports into the United States of Mexican
the
oil was authorized as the President established the
import
quotas for crude petroleum and fuel oil during the calendar
year 1941 under the reciprocal trade agreement of Nov.
6,
1939, with Venezuela.
Quotas for other nations also were
changed somewhat in the proclamation since all are based on
proportion of 5% of crude petroleum processed
in refineries
the Continental United States and in 1939 this was
higher
than in 1938, when it amounted to
61,812,000 barrels.
The proclamation provided allocations of tariff
"It is my
belief," explained Mr. Byles, "that the public
petroleum industry, in
addition to supplying other industries with essential defense
materials, is fully capable also of meeting present and future
demands for 100-octane fuel for both military and civilian
aviation.
The Defense Commission and the Army and Navy
have only to provide adequate storage facilities, order this
gasoline, and the petroleum industry will keep those tanks
will be interested to know that the
full."
in
crude petroleum and fuel oil in 1941
quotas on
as
follows: Venezuela,
70.4%, against 71.9% in 1940; The Netherlands, and her
Overseas Territory, 21.3%, against
20.3%; Colombia, 3.2%,
against 4%; other foreign companies, which virtually means
Mexico alone, 5.1%, against 3.8% in 1940.
The tax on the
products falling within the quota limits as specified in the
trade agreements will be M cent a
gallon. Import* above
these amounts will be taxable at the rate of
]/2 cent a gallon.
The United Press reported from Mexico
City on Jan. 2
that "The Government is reported to have canceled
the fiveyear contract of the Japanese-controlled Veracruzana Oil Co.
to explore 250,000 acres in the State of
Veracruz."
Price changes follow:
Dec. 31—Barnsdall Oil revised Southwest Texas crude
prices.
Jan. 2—Pure Oil Transportation initiated a
10-cent a barrel advance in
crude oil postings in the Central Basin fields in
Michigan, which lifted
Temple-Clare prices- to $1.17.
Price
Dec.
changes follow4:
28—Socony-Vacuum cut tank car and tank
l-10th cent to 3-10th cents
a
wagon
prices
of gasoline
gallon in the New York-New England market,
with the exception of areas where prices already were subnormal, effective
Dec. 31.
Dec. 31—Top contract
cents to
price for Grade C bunker fuel oil
Jan. 2—Standard
prices of Perfection
Oil
of
Indiana
kerosene that
other special tank-wagon prices
none
raised 10
was
$1.25 by all marketers.
more
advanced
were
than 1 cent subnormal.
be advanced to normal.
14
All these changes
are
-.06 K
Socony-Vac. .06
-.0614
T.Wat. Oil. .08H-.08M
all
tank-wagon
less subnormal.
All
effective Jan. 6.
Car Lots, F.O.B. Refinery
New York—
New York—
normal
or
All subnormal prices on range oil will
U. S. Gasoline (Above 65 Octane), Tank
St. OU N. J.$.06
to
cent
will be advanced at least H cent, leaving
Texas
Gulf
Shell East'n
Other Cities—
$.07H-.08
08X-.08H
.07H-.08
Chicago
$.04^-.05H
New
Orleans.
Gulf
ports
Tulsa
RichOU(Cal) .08 ^-.08%
Warru r-Qu. .07)4-.08
.06>$-.07
.05)4
04J4-.05M
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
(Bayonne)
I North Texas
__$.055lLoe Angeles
$.041 New Orleans-$.05)£-.05)4
.03)4-.Q5|Tulsa
—
.04
-.04X
Volume
The Commercial & Financial Chronicle
152
Fuel Oil,
F.O.B. Refinery
New Orleans C
California 24 plus D
N. Y. (Harbor)—
Bunker C
$1.00-1.25
$1.25
Diesel
December.
Terminal
or
$1.00
PMla., Bunker C
_2.00
Gas Oil, F.O.B.
N. Y. (Bayonne)
$.041
.
Refinery
Terminal
or
Chicago—
I
7 plus
f .02 J*-.03
I Tulsa
$.053|
28.30 D
27
requirements may be supplied either from stocks, or from new
production, contemplated withdrawals from crude oil Inventories must be deducted
from the Bureau's estimated requirements to determine the amount of new crude
to be produced,
b Okla., Kansas, Neb., Miss., Ind. figures are for week ended
7 a. m. Dec. 25.
c According to calculations of The Texas Railroad Commission,
As
this is the approximate net 31-day allowable as of Dec. 1.
Past experience Indicates
It will Increase as new wells are completed and If any upward revisions are made.
In the
original order all fields in the State (with
few exceptions, were ordered
Subse¬
Panhandle, which was formerly
the exceptions, was ordered shut down on Dec. 24, 25 and 31.
a
shut down for nine days, namely, Dec. 1, 7, 8, 14, 15, 21, 22, 25 and 31.
Gasoline, Service Station, Tax Included
xNew York
s
$.171 Newark
.171
Brooklyn
quently Dec. 24 was added to the shut-down days.
$.17
17
$.1661 Buffalo
„
.1851
Boston
Chicago
Included among
d Recommendation of Conservation Committee of California Oil Producers.
Note—The figures Indicated above do not include
might have been surreptitiously produced.
xNot Including 2% city sales tax.
estimate of any oil which
any
CRUDE RUNS TO STILLS; PRODUCTION OF GASOLINE AND STOCKS OF
Summary
Gas
of
Company
Statistics
October, 1940
The American Gas Association reported
manufactured
natural
and
gas
utilities
FINISHED AND UNFINISHED GASOLINE AND GAS AND FUEL OIL
of
Month
for
DEC. 28,
WEEK ENDED
1940
(Figures In Thousands of Barrels of 42 Gallons Each)
that revenues of
amounted
Daily Refin¬
Crude Runs
Gasoline
Stocks of Fin¬
ing Capacity
to StUls
Produc'n
ished & Unfin¬
at Re¬
$64,-
to
the
corresponding
$22,311,100 a
gain of 5.3%.
year
ago
1939,
of
month
Revenues from industrial
of
users
Revenues from domestic
1940,
ing, water heating and refrigeration, &c., amounted to $41,-
492,600 in
October, 1940,
of 5.9%
gain
a
reported in 1939
The
;
manufactured
month
of
reported revenues of
increase of 3.4% from the
an
the
preceding year.
Revenues for indus¬
trial purposes increased 10.4%, while commercial revenues
increased 3.6%.
Revenues from domestic uses were 1.4%
than
more
for the corresponding
month of 1939.
gained 4.5%, while the increase in revenue from sales for
domestic
purposes
Rate
The
daily
-Petroleum
American
estimates
that
the
crude oil production for the week ended
Dec. 28, 1940, was 3,385,500 barrels.
This was a decline of
235,700 barrels from the output of the previous week.
The
current week's figures were above the 3,560,000 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various
oil-producing States during December.
Daily average pro¬
duction for the four weeks ended Dec. 28, 1940, is estimated
at 3,549,550 barrels.
The daily average output for the week
ended Dec. 30, 1939, totaled 3,545,000 barrels.
Further
details as reported by the Institute follow:
1,698,000 barrels,
daily average of 242,571 barrels, compared with a daily average of 295,000
barrels for the week ended Dec. 21 and 270,536 barrels daily for the four
bonded
in
Dec.
ended
weeks
or
These figures
28.
for domestic use,
weekly statistics.
include all
oil
imported,
28
of which
was
received at New York.
Reports received from refining companies owning 86.2% of the 4,535,000
barrel
estimated
daily
potential refining capacity of the
indicate that the industry as a
whole ran to stills,
on
a
7,057
1,898
13,109
2,845
1,353
7,467
1,456
2,096
1,560
8,191
2,244
76.9
c890
254
78.6
280
59.6
119
71.3
531
89.2
902
94.5
2,723
345
408
164
97.6
121
75.6
51.5
44
84.6
530
556
306
121
56.0
43
63.2
214
986
420
836
87.3
492
67.4
1,369
13,955
1,057
15,642
154
California
10,189
71,598
86.2
3,244
83.0
341
10,462
1,425
71,404
5,900
77,274
6,000
3,585
3,585
11,887
11,490
77,304
75,960
83,274
81,870
42,260 102,841
a3,414
bll,657
76,751
82,277
34,122 106,079
♦
Reported
unreptd.
117
420
41,491 100,865
775
1,755
♦Est.tot.U. S.
Dec. 28, '40
4,535
4,535
Dec. 21, '40
42,266 102,620
♦U.S.B. of M.
based on the U. S. Bureau of Mines December, 1939 dally
12% reporting capacity did not report gasoline production.
week's production
a
average,
c
♦
World
Production
Tin
Above
November
in
Month—Total Output for 11
Previous
Months Far Ahead of
1939 Period
production of tin in November, 1940, is estimated
World
21,800 tons, compared with the revised figure of 21,000
at
in
tons
the
of
issue
Institute,
is
controlled by the Inter¬
Development Council, London.
which
Research
Tin
and
brings the total production in the first 11 months of
This
the
Bulletin"
"Statistical
to the December
published by the Tin
according
month,
previous
the
Research
national
current
to approximately 209,800 tons, compared
year
with 156,200 tons in the corresponding
period of 1939.
Inter¬
and under-exports at
exports from the countries signatory to the
The
national Tin
Agreement and the over-
the end of November
are
given below in long tons of tin:
End
November
November
October
September
United
2,035
3,615
4,784
♦
*
*
Malaya
9,056
5,604
6,845
4,058
1.687
4,486
4,265
1,112
318
+ 1,174
1,288
1,579
1,624
—3,988
The total amount of gasoline produced by all com¬
—
French Indo-China
Nigeria
Thailand
States
panies is estimated to have been 11,887,000 barrels during the week.
DAILY AVERAGE CRUDE
*
Not yet available.
United
cf
1940
mclude
tin
World
by
Actual Production
Week
Weeks
Change
,
Week
lated
Stale
Ended
from
Ended
Ended
Require¬
Allow¬
Dec. 28,
Previous
Dec. 28,
ments
ables
1940
Week
1940
Dec. 30,
1939
in
11
months
in
the
as
compared with deliv¬
This year's deliveries
106,139
acquired for the emergency reserve stock.
of tin, including smelters' stocks and carryover,
during November,
end
1940,
increased
to 55,278 tons at the end of the
1939, amounted to 50,607.
of November,
for standard tin in London was
£258.4 in
£258.1 in the previous month and £230.0
November, 1939
':•
;
The average price for Straits tin in New York was 50.56c. per pound
November, as against 51.50c. in October and 52.24c. a year ago.
cash
average
November,
in
first
tons
Stocks at the
The
Four
B.ofM
totaled
;'
stocks
1,388 tons
month.
+ 230
increase of more than 75%
deliveries
States
showing an
*
—7.330
following:
60,530 tons in the first 11 months of 1939.
eries of
—17,501
/Vy'■
.
The announcement also reported the
OIL PRODUCTION
(Figures In Barrels)
Calcu¬
*
1,200
3,149
Belgian Congo
Bolivia
Bureau of Mines
of the end of the week, 83,274,000 barrels of finished and
unfinished gasoline.
6,704
1,634
11,706
2,520
2,175
on
11,064
101
companies had in storage at refineries, bulk terminals, in transit and in
as
313
2,959
493
84.2
Fuel
Rocky Mtn
basis, 3,585,000 barrels of crude oil daily during the week, and that all
pipe lines
541
4,433
84.5
& Dis¬
Netherlands East Indies.*
crude oil received at Savannah and 51,000
barrels other petroleum products
3,216
14,353
120
&
'"v-f
y./ +
30,000 barrels
15,184
564
but it is impossible to make the separation
81,000 barrels, a daily average of 11,571 barrels,
amounted to
17,541
1,605
Fin.
whether
Receipts of California oil at Atlantic Coast ports during the week ended
Dec.
16,855
2,782
13.732
91.0
91.0
420
No. La. & Ark
Imports of petroleum for domestic use and receipts in bond at principal
a
Unfin. tillates
90.2
Louisiana Gulf
average gross
United States ports for the week ended Dec. 28 totaled
ished
585
Dec. 28, *39
Institute
Blended
1,071
Inland Texas,
Resid.
Oil
Gas
Total
Fin¬
ated
Aver.
156
Texas Gulf
is
Daily Average Crude Oil Production for Week Ended
Dec. 28, 1940, Off 235,700 Barrels
Total
lncl.
Natural
743
_
Ind., 111., Ky
Okla., Kans.,
11.1%.
was
ing
643 100.0
Appalcahlan
Est.
The natural gas utilities reported revenues of $33,296,000
for the month, or 7.9% more than for October, 1939.
Rev¬
enues
from sales of natural gas for industrial purposes
fineries
Oper¬
port¬ Daily
East Coast
a
Refineries, dkc.
P. C.
Re¬
tial
Missouri
:
industry
gas
$31,689,000 for the month,
same
the figures
over
P. C.
ten¬
a
such as cook¬
uses
Po¬
from
$23,492,400 in October,
to
District
5.7%.
rose
increase
an
and commercial
Stocks at
ished Gasoline
985,000 in October, 1940, as compared with $61,493,400 for
1940,
as
price
against
(Dec.)
Oklahoma
422,600
Kansas
188,400
390,000 b399,750
192,400 bl86,350
—13,350
2,000
b2,550
—150
Panhandle Texas
71,400
North Texas..
97,550
—11,750
—8,400
Nebraska..
30,600
181,600
West Central Texas..
+250
—600
401.400
192,050
2,650
418,200
178,600
77,950
73,600
76,350
106,050
80,050
East Central Texas..
Southwest Texas
Coastal Texas
'V
—3,200
301,350
162,000
212,050
West Texas
East Texas
—73,750
—34,500
30,950
209,050
81,550
356,600
189,900
t—36,450
237,000
—38,100
26,850
227,150
81,600
394,400
202,550
223,400
1,277,000 C1316 657 1,136,600 —206,750 1,289,050 1,305,900
Total Texas
Weekly Coal Production Statistics
partment of the Interior in its
280,300
287.248
288,500
66,100
13,900
363,600
70,176
68,500
Coastal Louisiana
Total Louisiana
Arkansas
....
Mississippi
Illinois
Indiana
Michigan
Wyoming
288,800
267,050
—200
68,650
—1,550
15,550
70,650
1,700
+ 9,800
331,050
337,850
+450
report
production of bituminous coal continues to show
little change.
The total output in the week ended Dec. 21
is estimated at 9,900,000 net tons.
This is in comparison
with 9,274,000 tons produced in the corresponding week
of 1939.
The
,
United
States
•
68,200
Dec.
21
estimated
was
90,900
89,550
—6,450
42,150
+ 350
74,500
73,400
—400
19,700
18,200
+ 50
3,450
+ 50
42,900
71,500
18,150
3,500
101,300
a
decrease of
In comparison with
corresponding week of 1939 the output showed a decrease
the
of 95,000 tons
ESTIMATED
(about 8%).
UNITED
COMPARABLE
DATE
STATES PRODUCTION OF SOFT COAL WITH
ON PRODUCTION OF CRUDE PETROLEUM
(In Thousands of Net Tone)
91,600
47,100
tons,
70,000 tons from the week of Dec. 14.
103,600
.....
anthracite for the week of
1,154,000
at
,
of Mines reported that the
Bureau
Pennsylvania
of
20,400
—750
.......
Montana
.....
Colorado
.....
New Mexico
—1,500
b20,550
15,500
Eastern (not lncl. Illi¬
nois and Indiana)..
198,850
336,900
;
68,500
220,300
bj 5,050
V
current weekly coal
stated that
production
67,950
220,550
—750
\
North Louisiana
United States De¬
The Bituminous Coal Division of the
3,900
100,600
104,000
101,400
Calendar Year to Dale
Week Ended
67,300
62,750
17,050
4,200
109,050
Dec.
21
Dec.
14 Dec.
1940
1940
c
23
1939
1940 d
1939
1929
Bituminous Coal a—
Total east of Calif. 2,966,100
California.
593,900
d571,000
2,782,900 —219,400 2,938,550 2,943,900
601,100
611,000
602,600 —16,300
fuel
Daily average
9,915
1,653
9,274 441,887 384,705 524,775
1,650
Total, Including mine
5,800
5,733
6,196 300,173 279,785 224,507
9,900
1,546
1,475
1,281
1,741
Crude Petroleum b—
Total United States 3,560,000
a
3,385,500 —235,700 3,549,550 3,545,000
These are Bureau of Mines' calculations of the requirements
oil based upon certain premises
of domestic crude
outlined In Its detailed forecast for the month of
Coal equivalent of
a
weekly output .
Includes for purposes of historical comparison and statistical convenience the
production of lignite,
b Total barrels
produced during the week converted to
The Commercial & Financial Chronicle
28
equivalent coal, assuming 6,000,000 B. t.
per pound
of coal.
u. per barrel of oil and 13,100 B. t. u.
Note that most of the supply of petroleum products Is not
Open contracts in zinc
("Minerals Yearbook, 1939," page 702.)
c Sum
of 51 full weeks ended Deo. 21, 1940, and corresponding 51 weeks of 1939 and 1929.
d Subject to current adjustment.
OF
PENNSYLVANIA
AND
ANTHRACITE
the Belgian
of
Week Ended
Congo
tin smelter in
a
Calendar Year to Date b
are
1940
1939
1939
1940
Bolivia and
Plans for the construction
an announce¬
expected in the next week.
follows:
was as
1929
January
Dec. 26
liery fuel a
1154,000 1224,000 1249.000 48,734,000 50,453,000 72,236,000
Comm'l production c 1096,000 1163,000 1187,000 46,300,000 47,930,000 67,035,000
100,600
16,767
93,000
15,500
Daily average..
1,331,200
April
50,050
50,050
20,944
50,100
50,100
50,050
50,050
Dec. 28
50,100
50,100
50,050
50,050
Dec. 30
6,387,800
4,365
2,732,200
8,958
67,600
11,267
March
50,100
Dec. 27
Beehive Coke—
United States total..
February
50,100
Anthracite—
Total, including col¬
50,100
50,050
50,050
50,050
50,100
50,050
50,050
50,050
Dec. 31
Jan.
a
exporting larger tonnages.
Straits tin for future arrival
Dec. 23
1940
officially estimated at
was
the, United States have been completed, and
ment to that effect is
Pa.
Quotations showed virtually no
21,800 tons, compared with 21,000 tons (revised) in October.
(In Net Tons)
Dec. 14
inactive last week.
was
World production of tin for November
change.
BEEHIVE COKE
Dec. 21
the Commodity Exchange involve 4,140 tons
Tin
Trading in tin
PRODUCTION
on
of the metal, it was announced last week.
directly competitive with coal.
ESTIMATED
Jan. 4, 1941
1_.
HOLIDAY.
—.
Includes washery and dredge coal, and coal shipped by truck from authorised
b Sum of 51 full weeks ended Dec. 21,
c Excludes colliery fuel.
operations,
1940, and corresponding 51
Chinese tin, 99%,
weeks of 1939 and 1929.
spot, was nominally as follows: Dec. 26th, 49.25c.>
27th, 49.25c.; 28th, 49.25c.; 30th, 49.25c.; 31st, 49.25c.; Jan. 1st, holiday.
ESTIMATED WEEKLY PRODUCTION OF COAL, BY STATE8
DAILY PRICES OF METALS
(The current weekly estimates are based on railroad earloadlngs and river ship'
ments, and are subject to revision on receipt of monthly tonnage reports from
district and State souroes or of final annual returns from the operators.)
("E. & M. J." QUOTATIONS)
Electrolytic Copper
Straits Tin
Dom.,Refy. Exp.. Refy.
Neva York
(In Thousands of Net Tons)
Zinc
Lead
Neto York
St. Louis
5.35
St. Louis
Dec. 26.
11.775
50.100
5.50
Dec.
Dec. 27
11.825
10.325
50.100
5.60
5.35
7.25
11.775
10.325
50.100
5.50
5.35
7.25
1929
Avge.
1923 e
Dec. 28
Dec. 30
11.800
10.325
50.100
5.50
5.35
7.25
Dec. 31
11.775
10.200
50.100
5.50
5.35
7.25
f
t
Jan.
HOL.
HOL.
HOL.
HOL.
HOL.
HOL.
11.790
10.305
50.100
5.50
5.35
7.25
Week Ended—
Slat*
14
Dec.
Dec. 7
1940
1938
•1939
1940
17 Dec.
16 Dec.
Dec.
3
2
3
3
330
337
324
293
Alaska...
Alabama...
•
14
436
83
106
42
69
170
131
164
1
1
1
1
1,240
1,295
1,102
1,146
1,570
458
402
410
468
514
76
78
64
74
112
121
Georgia and North Carolina.
Illinois...
Indiana
Iowa.........................
83
146
253
249
f
Average prices for calendar week ended Dec. 28
f
187
149
157
181
750
783
674
671
988
206
179
192
342
Western
40
37
30
159
New Mexico
North and South Dakota
...
64
9
13
14
20
74
80
64
26
26
31
53
56
75
53
54
f63
37
f27
484
466
448
443
570
2,445
2,348
1,856
2,837
2,818
136
129
114
108
128
—
103
Texas.....
14
13
16
17
46
21
Utah
98
89
73
104
128
100
317
311
269
285
288
193
Virginia
.....
38
45
36
42
61
1,759
1,663
1,410
2,124
1,132
640
578
636
575
706
692
152
152
107
126
140
173
2
2
1
f5
f5
Total bituminous coal
9,915
9,840
8,979
8,348
11,805
9,900
Pennsylvania anthracite _d
1,224
1,003
1,114
957
1,920
1,806
11,139
10,843
10,093
9,305
13,725
11,706
West Virginia—Southern.a
Northern, b
Wyoming
Other Western States _c
Total, all coal
*
o.
b. refinery, 10.345c.; Straits
.
57
1,780
Washington
11.785c.; export copper, f.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered basis; that is
delivered at consumers' plants.
As delivery charges vary with the destination
the figures shown above are net prices at refineries on the Atlantic seaboard.
De¬
livered prices in New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬
board.
On foreign business, owing to the European war, most sellers are restricting
offerings to f .ajb transactions, dollar basis.
Quotations, for the present, reflect this
change in method of doing business.
A total of 0.05 cents is deducted from f.aji.
basis (lighterage. Ac.) to arrive at the f.o.b. refinery quotation.
599
2,520
Ohio
Pennsylvania bituminous
Tennessee
b. refinery,
The above quotations are "M. & M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduoed
to the basis of cash, New York or St. Louis, as noted.
All prices are in cents per
pound.
21
65
78
....
88
28
Michigan..
31
8
80
Maryland
o.
Domestic copper
zinc, 7.250c.; and silver, 34.750c.
204
161
Kentucky—Eastern
f.
are:
tin, 50.100c.; New York lead, 5.500c.; St. Louis lead, 5.350c.; St. Louis
584
200
Kansas and Missouri
Montana........
Average..
1,535
485
Colorado......................
7.25
349
174
Arkansas and Oklahoma
1
10.350
"ThlS" tJTtli?European war the usual table of daily London
prices is not available.
Prices on standard ti'i, the only
prices given, however, are as follows: Dec. 27, spot, £256%;
three months, £259%; Dec. 30, spot, £256%; three months,
£259%, and Dec. 31, spot, £256%; three months, £259%
a Includes operations on the N, & W.; C. & O.; Virginian; K. & M.; B. C. & G.
Kanawha, Mason, and Clay counties,
b Rest of State, in¬
cluding the Panhandle District and Grant, Mineral, and Tucker counties,
c In¬
cludes Arizona, California, Idaho, Nevada and Oregon,
d Data for Pennsylvania
anthracite from published records of the Bureau of Mines,
e Average weekly rate
for entire month,
f Alaska, Georgia, North Carolina, and South Dakota included
and on the B. & O. In
with "other Western States."
* Less than 1,000 tons.
#
'
.
J -u
Age" in its issue of Jan. 2 reported that Presi¬
for war-time production
industry ready and anxious to do whatever it is asked
to do.
There is general agreement with the thought that
"business as usual" must be relegated to the background
during the emergency and with the admonition that strikes
and lockouts must not be permitted to interfere with defense
output.
The "Iron Age" further reported:
dent Roosevelt's call to the country
^
as
1940
"Metals and Mineral Markets" in its issue of Jan. 2
reported that the week's business in major non-ferrous metals
was in good volume,
despite the holiday period.
Prices
hardly moved. The general tone was firm, largely on
expectations of continued record consumption m metals as a
result of British war orders and the defense program here.
Copper and brass products were advanced in price by fabri¬
cators.
This
action
brought immediate response from
Washington, calling on fabricators to justify the move. The
publication further reported:
'
In the steel
a
other
Export
Only
those
poorly
informed
pressure
regarding
the
date, the Nation's defense effort has not been delayed by any shortage of
steel and
no
such delays from that cause are anticipated by the industry."
Mr. Olds likewise voices the thought of the industry in promising "willing
obedience to the obligation to make the public interest and
public need
Although steel companies' backlogs of orders are extremely large, un¬
warranted conclusions may have been drawn from that fact.
sold at 10.25c. f.
a. s. on
so
A great deal
of the material on order is not wanted until the last half of the year or even
far away as
as
far
1942.
While in
out" for the first quarter,
Tuesday.
many
products steel companies
mills for defense
American Bureau of Metal Statistics reports.
essential requirements may be subject to delays even beyond those
copper from the United
contemplated, but there is
States during October and
To—
Oct.
Nov.
Mexico.........
163
Brazil
326
British India
goods
.27,815
451
513
Africa
2
701
Elsewhere........... 1,229
56
3,226
858
740
China and Hongkong.
Copper and brass products
were
.......
Total
31,887
advanced Mc. on Dec. 26.
industry will be asked to justify the advance
Washington soon.
are
no
weeks that steel ordered for so-called, non¬
originally
suggestion yet that production of consumer
There
other less essential needs will suffer drastic curtailment.
always be sufficient steel for accelerated production of non-es¬
not to be had.
The President's declaration that civilian demands must, if necessary, give
way to
13,389
defense requirements is looked upon as further indication of
priority system
The higher
schedule resulted from increased production
costs, fabricators claim.
some
sential goods, but no serious shortages are expected even where priorities
66
5
or
may not
7,483
141
...
1,511
Argentina....
Great Britain
Japan.—....
"sold
requirements, including those of the British.
It has been obvious for
November (foreign copper refined in bond), in tons:
are
sufficient capacity is being held in reserve by ail
Estimated copper content of shipments by mills and foundries during
November accounted for 106,000 tons, against 114,000 tons in October, the
Exports of refined
industry's
have drawn other conclusions.
Irving S. Olds, Chairman of the U. S. Steel Corp., comments that "to
Sales for domestic account for the
copper
time been any doubt that all of the
paramount to all other interests and aims.
last week involved 16,744 tons, bringing the total for the month
(Dec. 30) to 85,667 tons.
material.
potential performance under extreme
Custom smelters sold several lots of nearby
premium.
no
promptly and without causing delays in fabrication of ships, ordnance or
Copper
Valley, with demand active.
industry there has at
steel requirements for national defense and for aid to Britain can be met
Producers released fair tonnages of copper daily on the basis of 12c.,
copper during the week at
Industry Ready to Further Defense Output
The "Iron
finds
Demand for Non-Ferrous Metals Holds Up Well
Ends—Undertone Firm
I
Steel
soon.
a
broad
The question of priorities is still being studied by the
National Defense Advisory Commission, Which has not yet announced the
The
expected formation of
at a meeting to be called in
an
iron and steel priorities board.
One effect of steel priorities
on
Lead,
might be to change the character of rollings
continuous flat rolled mills, some of which now roll a variety of products
including, platos, sheets, strip, skelp and cold reduced black plate for tinn¬
Inquiry for lead improved during the last week, sales totaling 7,260 tons,
against 1,868 tons in the previous week and 7,632 tons two weeks ago.
ing.
Producers estimate
January requirements of consumers about 70 % covered.
Quotations closed steady at 5.50c., New York, which was also the contract
settling basis of the American Smelting & Refining Co;, and5.35c., St. Louis
Imports of pig lead during November totaled 2,843 tons, of which 2,687
tons came from Peru.
If necessary, some of these mills can turn out larger tonnages of
plates to relieve a temporarily tight situation, particularly in the wider
plates.
completed.
An inference from the President's radio address is that ships interned in
/
American harbors
Zinc
I
possible.
St. Louis. Sales of the
ment
7Hc.,
to
grades for the week ended Dec. 28 amounted
2,817 tons, with shipments in the
same
period of 4,385 tons.
Unde¬
livered contracts of the Prime Western division totaled
120,509 tons at the
end of the week.
may
be commandeered and either turned
over
to the
British or that American ships of like tonnage will be transferred to Britain,
Producers continue allocating tonnages to consumers in need of zinc.
The quotation for Prime Western was maintained on the basis of
common
A tight situation exists also in electric furnace alloy steels, but
this will be relieved when new capacity now in process of installation is
which would mean that increased shipments of steel to Britain would be
To facilitate such expected increased shipments, the Depart¬
of State has
approved
a
system whereby blanket licenses covering
nearly 100 different designations of iron and steel products and their
materials have been issued to the British Iron & Steel Corp.
will permit shipments
raw
This method
to be cleared promptly without the necessity of
Volume
The Commercial & Financial Chronicle
152
steel suppliers applying for individual licenses.
This is the first time that
blanket licensing has been permitted since the export licensing system was
established.
Steel ingot production this week snapped back to the
97%.
The Pittsburgh district climbed two points
of 98%,
rate
the highest level
operations also
operations
are
rose two
Chicago
years.
are
accompanied by rising scrap prices in some dis¬
At Pittsburgh there has been a gain of 75c. in No. 1
heavy melting
steel and one of 50c. at
for
recent
In four districts of the country
•
above practical rated capacity.
High steel operations
tricts.
its pre-Christmas
The
10 weeks.
Philadelphia, where the price has been stationary
"Iron
Age" composite price has risen to $21.83, its
highest point of 1940, but 67c. below the 1939 peak.
Steel bookings in
44,260
orders
and
tons
37
were
Fabricated structural steel awards in the week totaled
projects
new
total
45,000
Outstanding railroad
tons.
been
Diesel-electric switching locomotives placed by the New
York Central and 15 fast freight locomotives placed by the Union Pacific.
if
Dec. 30, 1940, 2.261c. a Lb.
One week ago
One month ago
One year ago..
rolled strips.
2.261c.
though
1939
2.286c.
Jan.
1938
2.512c.
May 17
1937
2.512c.
Mar.
9
1936
2.249c.
Dec. 28
1935
2.062c.
Oct.
1
2.0560.
Jan.
8
2.236c.
16
May 16
2.211c.
Oct.
2.249c.
Jan.
2.016c.
Mar. 10
2.211c.
2
3
Apr.
18
4
1934
2.118c.
Jan.
2
1.953c.
Apr. 24
Oct.
3
1.945c.
1933
1.792c.
May
2
1932
1.915c.
Sept.
6
1.870c.
Mar. 15
1931
1.981c.
Jan.
13
1.883c.
Dec. 29
2.192c.
Jan.
7
1.962c.
Dec.
9
2.2360.
May 28
2.192c.
Oct.
29
1930
1929
.
there
would
be
orders
are
$22.61
One month ago-.
on average
for basic Iron at Valley
furnace and foundry iron at Chicago,
22.61
One year ago...
Philadelphia,
22.61
....
Southern iron at Cincinnati.
High
$22.61
Jan.
1940
Buffalo,
and
Valley,
Low
2
2
$22.61
1939
22.61
Sept. 19
20.61
1938
23.25
June 21
19.61
July
1937
23.25
Mar.
9
20.25
Feb.
1936
19.73
Nov. 24
18.73
Aug. 11
1935
17.83
Jan.
Sept.12
6
16
18.84
Nov.
5
1934
17.90
May
1
16.90
iron
16.90
Dec.
5
13.56
Jan.
3
1932
14.81
Jan.
5
13.56
Dec.
6
15.90
Jan.
6
14.79
Dec.
18.21
18.71
Jan.
7
15.90
Dec.
May 14
18.21
Dec.
15
16
17
1931
1930
-
1929
May 14
27
30, 1940, $21.83
a Gross
One week ago
One month ago-
-
One year ago
Scrap
$21.83
22.50
Dec. 30
Oct.
3
$16.04
1939
15.00
Nov. 22
11.00
May 16
June
7
21.92
17.75
13.42
13.00
Mar. 30
Dec. 21
12.92
Nov. 10
12.67
June
Dec. 10
10.33
Apr. 29
Mar. 13
9.50
Sept. 25
8
12
6.75
Jan.
3
6.43
July
5
8.50
Dec. 29
11.25
Dec.
9
29
14.08
Dec.
3
1938
-
—
1936
1935
1934
12.25
1933
Aug.
8.50
Jan.
1931.-
11.33
Jan.
1930
15.00
6
Feb. 18
1929
17.58
Jan.
14.08
1932
The American
Iron
and
Steel
Institute
on
Dec.
Apr.
9
1940
1937
30
9
an¬
which it had received
of steel companies having
97% of the steel capacity of the industry will be 95.9% of
capacity for the week beginning Dec. 30, compared with
80.8% one week ago, 96.9% one month ago, and 85.7% one
year ago
This represents an increase of 15.1 points, or
18.7%, from the preceding week.
Weekly indicated rates
of steel operations since Dec. 4. 1939, follow:
nounced
that
indicated
that
Dec.
92.8%
91.2%
90.0%
73.7%
4
11
Dec.
18
Dec. 25
operating
1940—
Jan.
1
8
Jan.
15
64.6%
June
64.7%
June 24
Mar. 25
1
Apr.
8
85.7% Apr. 15
88.1% Apr. 22
Jan.
22
Jan.
29
Feb.
5
12
Feb.
84.8%
82.2%
77.3%
71.7%
17
4
Mar. 18
Apr. 29
6
May 13
May 20
68.8% May 27
May
3
19.—.67.1% June
Feb. 26
65.9% June 10
Feb.
1940—
1940—
Mar. 11
Mar.
Apr.
Jan.
reports
rate
j94Q_
1939—
Dec.
telegraphic
encouraging,
several
87.7% Sept. 30
92.6%
86.5%
Oct.
7
1
74.2%
62.4% July
8
60.7% July
86.4%
86.8%
61.7% July 15
88.2%
61.3% July 22
90.4%
60.9% July 29
60.0% Aug. 5
90.5%
89.5%
61.8% Aug. 12
89.7%
65.8% Aug. 19
91.3%
70.0% Aug. 26
82.5%
73.0% Sept. 2
76.9% Sept. 9—.91.9%
.92.9%
..80.3% Sept. 16
92.5%
84.6% Sept. 23
Oct.
14
94.2%
94-4%
Oct.
21
94.9%
Oct.
28
4
95.7%
96.0%
Nov. 11
96.1%
Nov.
Nov. 18
New
2..—96.9%
Dec.
9
96.0%
96.8%
Dec. 16
Dec. 23
80.8%
95.9%
Dec. 30
on
other
would
Even
probable
feel
however,
York
to
as
structural
Week with the Federal
Reserve
com¬
that
but
that
is of
periods
sheets
weeks.
has
famines
staved
may
respects
as
delivered
are
various
10
in
Thus
Off,
in
nearer,
set-up
maker
a
coke and pig
which
still be merely
into
more
just sold
consideration
little
be
new
may
set
an
question of
districts and periods of time.
It
consumers,
come
a
defense orders.
threatened
been
from
working at 80% now goes at
the
a
limelight.
An
Ohio
7,000 tons for two projects in
the Chicago dis¬
Cross shipments add to
has sold into the East.
Chicago, in turn,
price,
into
now.
products
are
widening.
Whereas
weeks, wide plates often specify 20 to 24
third quarter
delivery.
Steelmakers are more careful than ever on sales for second
quarter or beyond to specify "prices at time of shipment."
By some this is interpreted as an innate belief of steelmakers that
prices will be higher.
Contributing to this is the fact that Congress of
Industrial Organizations wage contracts expire in February and may be
renewed at higher levels, though Washington and industry are committed
if possible to unchanged prices.
Where adjustments in extras and dis¬
counts are made they
are invariably higher.
Certain stove bolts, cap
Many
and
sales
set
been
thus
have
screws
for
made
now
are
will
what
prove
5%.
advanced
production last week declined 15 points to
80% of capacity,
75%% for Christmas week of last year.
The pig iron market generally has by now accepted the $1 per ton
advance, though on rare occasions sales are being made at old levels.
For
many
producers and agents sales have increased.
Shipments this
month promise to be equal to, or better than, November.
Just
before
the holidays galvanized sheet production reached 84%,
which compares with
up
point and the highest in several years.
Zinc producers estimate
will balance consumption in first half 1941, relieving tension
one
production
for
galvanizers.
;v
assertions that Lake ore carrying capacity is
Despite
sufficient, Pitts¬
ready
burgh Steamship Co. will build two record large ore carriers, to be
for service in 1942.
More steelmakers announce plans to increase
and
allied
capacities.
ingot
.'■/.%■; :?v--V';';
2,000 box cars for the
r,
.
far award of the week was
Pacific, to be built in their own shops.
freight
Largest
•
production for the week ended Dec. 28 is 82,545
against 89,365 for the corresponding week of 1939.
The decline for
the holiday week is to be 42,805 tons.
Sales of fabricated structural steel fCT the year will have been approxi¬
automobile
as
100
according to "Steel's" compilations of orders for
1,475,000 tons,
mately
tons
more.
or
is
This
about
325,000
tons
above
last
year.
A
study reveals that
into industrial buildings, bridges and manufacture
and servicing of aircraft, while 14% went into engineering, such as dams,
and 12%
into shipbuilding.
Remaining entered direct armament, rail¬
road work, public buildings and residences.
Operating rates in steel districts last week dropped as follows:
Pitts¬
burgh, 20 points to 75; Chicago, 18 points to 79%; eastern Pennsyl¬
vania, 13 points to 82; Youngstown, 13 points to 78; Wheeling, 22%
about
17%
points
each went
72; Buffalo, 15 points to 78;
10 points to 90; Cincinnati,
to 70.
$21.46
accounted for iron and steel rising 11c. to $38.43, the rest
iron.
Finished steel was unchanged at $56.60.
76;
to
Cleveland, 14% points to
Birmingham, 16 points to 84; New England,
points to 73; St. Louis, 8 points to 79%, and Detroit, 14 points
Rises
in scrap brought "Steel's" scrap composite up 9c.
to
14
and
partly
due to pig
Steel ingot
production for the week ended the morning of
placed at 81% of capacity, according to the "Wall
Street Journal" of Jan. 2.
This is a decline of 17 points from
Dec. 30 is
the 98% rate of the previous week.
Two weeks ago the
industry was at 97H%.
The "Journal" further reported:
Subsidiaries of U. S. Steel are estimated at 80%, a loss of 20%% from
the preceding week, when the rate was 100%%.
Two weeks ago the
corporation was at 100%.
Leading independents are
was
reduction of 15
a
credited with 81%% in the latest week.
This
preceding weeks, when these
points from the two
companies were at 96%%.
U. S. Steel went down 18
75%.
to
-
dents lost
showed a drop of 14 points
points to 70%, and leading Indepen¬
week of 1939 the industry
In the Christmas
10% points to 79%.
For the same holiday
for the industry, to
:•
During the week ended Dec. 31 member bank reserve
increased
$189,000,000.
Additions to member
bank reserves arose from decreases of $84,000,000 in monev
in circulation and $113,000,000 in Treasury deposits with
Federal Reserve banks, and increases of $65,000,000 in gold
stock and $5,000,000 in Treasury currency,-offset in part
by a decrease of $62,000,000 in Reserve bank credit and
an
increase of $16,000,000 in non member' deposits and
other Federal Reserve accounts.
Excess reserves of member
banks on Dec. 31 were estimated to be approximately $6,620,000,000, an increase of $180,000,000 for the week.
The statement in full for the week ended Dec. 31 will be
year
Increasing proportion of
City; another Ohio fabricator has sold
35%, while leading
Banks
a
produc¬
encouraged
more
drawing boards.
ago was
have
steel
confusion
of seven points
U. S. Steel recorded a loss of nine points, to
week of 1938 there was a decline
39%.
independents dropped 5% points to 42%.
Increase
The
of
of
factors
subsidiary fabricating
benefits.
large scale of
a
distribution
of
of
96.6%
Dec.
and
shipbuilders, cannot get sufficient
as
greater
three weeks
trict;
96.6%
Nov. 25
whether
for by
months
distribution
proper
Scheduled
Based on No.
1
heavy melting steel
Ton
$21.42
quotations at Pittsburgh, Philadelphia,
and Chicago.
21.17
17.67
Low
High
1
Industry
sight.
such
for defense fresh off architects'
these
Union
Steel
Dec.
in
example for the industry generally.
Jan.
1933
iron
the
scarcity of steel at the end
transcends all
prices.
were
question
is
Steel ingot
Based
has
This
makers,
because of start
is
It
screws
Dec. 30, 1940, $23.44 a Gross Ton
and
relief
bolts and nuts who
100%
.Pig Iron
One week ago
War
now.
compensated
Delivery
1940
of
summary
particularly plates, from their home supply sources.
Industry concedes that Washington-imposed priorities may
steel
Low
its
steel,
85% of the United States output.
High
2.261c,
Jan.
as
sales
some
Methods
on steel ban, beams, tank plates
wire, rails, black pipe, sheets, and hot
These products represent
..2.261c.
least
in
Dec. 30 stated:
World
the
shipments,
at
fabricator
Based
2.261c.
.
since
pronounced
so
tion,
THE "IRON AGE" COMPOSITE PRICES
Finished Steel
Cleveland,
panies of parent steel
of
December compared favorably in total volume with
those of November.
of
steel markets, on
Never
pre-holiday rate of
over
attained there in
points to 99%%
"Steel"
29
(+)
or
Decrease
(—)
/7_., —Since
Dec. 31, 1940
Dec 24,1940
Jan. 3, 1940
balances
found
on pages 76 and 77.
Changes in member bank reserve balances and related
items during the week and year ended Dec. 31, 1940, follow:
.
3,000,000
Bills discounted.----------------U. S.
Government securities,
direct
and guaranteed..—------------
(not including
$6,000,000 commitments, Dec. 31)
—mr
—
Other Reserve bank credit
—1,000,000
—4,000,000
n/M
^
2,184,000,000
nMt
----------
300,000,000
—61,000.000
+18,000,000
advances
Industrial
■
„
-
Total Reserve
bank credit.—.
Gold stock
Treasury currency..
——
8,000,000
80.000,000
2,274,000.000
—21,995,000,000
3,087,000,000
...
...
—3,000,000
—62,000,000
—290,000,000
+ 65,000,000 + 4,298,000,000
+5,000,000
+124,000,000
14,026,000,000 +189,000,000 + 2,305,000,000
8,733,000,000 —84,000,000 +1.152,000,000
2,212,000,000
—1,000,000
—155.000,000
deposits with F. R. banks.
368,000,000 —113,000,000
—283,000,000
Member bank reserve
balances..
Money In circulation
Treasury cash
Treasury
Non-member deposits and other Fed¬
eral Reserve accounts.
2,016,000,000
+16,000,000 +1,112,000,000
The Commercial & Financial Chronicle
30
Member Banks in
Returns of
New
Chicago—Brokers'
York
Jan. 4, 1941
securities in this market, announced Jan. 1 that as a result
of sales made to date the British holdings of the following
City and
Loans
issues have been
Below is the statement of the Board of Governors of the
liquidated in their entirety:
Reserve
Federal
System for the New York City member
banks and also for the Chicago member banks for the cur¬
rent week, issued in advance of full statements of the mem¬
ber banks, which will not be available until the coming
Monday:
STOCKS
American Car A Foundry Co. common.
American Car & Foundry Co. 7% pref.
RESERVE CITIES
Dec. 31
Dec. 24
Jan. 3
1940
1940
1940
1940
1940
«
t
Loans—total
3,121
Commercial,
Industrial
$
10,323
3,093
S
8,703
3,025
*
2,384
091
$
2,392
2,182
686
564
and
agricultural loans
1,907
93
1,906
91
111
19
19
18
419
387
538
42
39
National Lead Co. common.
Norfolk A Western Ry. common.
North American Aviation, Inc.
172
1 76
54
54
66
112
20
1,672
a477
480
372
Other loans for purchasing or
Ohio Edison Co. 7% preferred,
Otis Elevator Co. common.
Chesapeake A Ohio Ry. common
Chicago Pneumatic Tool Co. common.
Cleveland-Cliffs Iron Co. $5 preferred.
Commonwealth Edison Co.
Paramount Pictures, Inc., 6%
common.
Consolidated Edison Co. of N. Y., Inc.,
R. J. Reynolds Tobacco Co. common B.
Safeway Stores, Inc. common.
Schenley Distillers Corp. common.
Spiegel, Inc. common.
common.
Consolidated Oil Corp. common.
carrying securities
Real estate loans
113
Loans to banks
114
20
14
"
24
26
42
394
397
374
76
a77
51
203
281
300
294
312
222
1,169
1,167
2,835
706
146
147
176
2,279
762
762
709
Other loans
Treasury bills
Treasury notes
United States bonds
2,852
....
by
the
United States Government,..
Illinois
Continental
National
Other securities
1,574
1,379
Reserve with Fed. Res. banks..
6.749
Cash in vault
1,567
1,380
6,645
91
Balances with domestic banks..
,
80
Other assets—net
„
330
1,233
1,160
5,735
80
96
88
113
378
1,056
107
378
1,103
175
336
A
Trust Co. of Chicago common.
Starrett Co. (L. S.) common.
Tide Water Associated Oil Co. common.
Corn Products Refjning Co. common.
Crane Co. 5% preferred.
United Air Lines Transport common.
Worthlngton Pump A Machinery
Crown Zellerbach Corp. common.
Corp.
common.
Yale A Towne Mfg. Co. common.
common.
Georgia Power Co. $6 preferred.
Greyhound Corp. common.
Youngstown Steel Door Co.
common.
934
82
45
329
47
324
286
354
322
Bank
Continental Insurance Co. (N. Y.)
Continental Oil Co. common (Del.)
Douglas Aircraft Co., Inc.,
1st conv.
preferred.
J. C. Penney Co. common.
Prudential Investors, Inc. $6 preferred.
Public Service Corp. of N. J. 6% pref.
common.
43
171
.
Loans to brokers and dealers..
guaranteed
Central Hanover Bank A Trust Co.
Chartered Investors, Inc. $5 preferred.
Chemical Bank & Trust Co. common.
Colgate-Palmolive Peet Co.
Open market paper
Obligations
Louisville A Nashville RR.common.
Midland Steel Products Co. 8% 1st pref.
Mississippi Power & Light Co. $0 1st pref.
National City Bank of New York.
Central Power A Light Co. 7% pref.
Jan. 3
10,298
common.
Bethlehem Steel Corp. common.
*
Chicago
Dec. 24
1940
Assets—
Loans and Investments—total..
Corp.
Jersey Central Pow. <fe Lt. Co. 534 % pref.
Jones A Laughlln Steel Corp. common.
Baldwin Locomotive Works, v.t.c. com.
,
New York City
Guaranty Trust Co. of New York.
Bethlehem Steel Corp. 7% preferred.
Bohn Aluminum & Brass Corp. common.
(In Millions of Dollars)
Dec. 31
Internat'l Business Machines Corp.. com.
1st pref.
Atchison Topeka & Santa Fe Ry. common
Aviation & Transportation Corp., com.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL
Household Finance
Amer. Superpower Corp. $0
41
41
BONDS
45
45
Atchison Topeka A Santa Fe Ry. adj. 4s,
July
1995.
Topeka A Santa Fe Ry.
mtge. 4s, Oct. 1, 1995.
Liabilities—
Demand deposits—adjusted
10,410
10,479
8,301
1,964
1,997
1,748
Time deposits
•
737
723
659
511
514
496
29
28
51
95
95
83
3,920
633
3,807
3,501
997
1,011
605
672
8
8
8
316
318
285
14
18
1,514
1.485
266
264
247
New York Central RR. ref. A lmpt. 4 J4 %
gen.
A, Oct. 1, 2013.
13
1,503
Kansas City Terminal Ry. 1st mtge. 4%»
Jan. 1, 1960.
1,
Atchison
U. S. Government deposits
Inter-bank deposits:
Foreign banks
Borrowings
'
Revised figures.
Returns
Reserve
of
Member
Banks
Federal
the
of
System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System
respecting the
returns of the entire body of
reporting member banks of
the Federal Reserve System for the week ended with the
close of business Dec. 24:
The condition statement of weekly
cities shows the following principal
reporting member banks in 101 leading
changes for the week ended Dec. 24:
Increases of S15.000.000 in commercial, industrial and
agricultural loans,
$42,000,000 in
000,000
in
balances
reserve
demand
deposited credited
5% debs.,
P. L. A L. G. 4s.
develop.
Ry.
<fc
general
4%,
April 1, 1956.
Union Pacific RR. 4%, June 1, 2008.
5s, April 1, 1950.
Capital accounts
Complete
Southern
Feb. 1, 2030.
Kansas City Southern Ry. ref. A lmpt.
....
Other liabilities
a
897
Northern Pacific Ry.
Jan. 1, 1997.
1949.
Electric Power A Light Corp.
>
Domestic banks
Baltimore A Ohio RR. 1st 4%, July 1/48.
Central Pacific Ry. 1st A ret. 4s, Aug. 1,
with
Federal
deposits-adjusted, and
to domestic
banks.
Reserve
banks, and
decrease
a
of
$103,-
$53,000,000 in
The British Treasury has issued three separate lists of
sequestered securities since the start of the war and these
were published in the "Chronicle" as follows: Lists
(1) and
(2), May 11, 1940 issue, page 2964; list (3), Dec. 21, 1940
issue, page 3667.
President
Vargas
World
Brazil—Wants
A
warning that Brazil would not countenance any outside
with its affairs, and would not permit the
exploitation of the country's workers and natural resources
by foreign capital unless it benefited the industrial progress
of Brazil, was contained in an address by President Getulio
Vargas, made in Rio de Janeiro, Dec. 31, on the anniversary
of the 10th year of his regime. According to a United Press
account from Rio de Janeiro, Dec. 31, President Vargas
said that Brazil desired to maintain its neutrality, and
asked that it be respected "just as we respect the rights of
billigerents." The advices quoted went on to say:
interference
Speaking at
'
Warns
Against Interfering
Country's
Neutrality
Re¬
spected—Asserts
Only
Foreign
Capital
Aiding
Progress is Welcome
with
a
dinner given by Army and Navy chiefs on the anniversary
,
Holdings of United States Government direct and guaranteed obligations
increased $27,000,000 in New York City and
$26,000,000 at all reporting
of the
member banks.
good-will to those responsible.
Holdings of "Other securities" increased $40,000,000 in
Dr.
New York City and $33,000,000 at all
reporting member banks.
$103,000,000 at all reporting member banks, and decreased $50,000,000 in
the Boston District, $25,000,000 in the Cleveland
District, and $21,000,000
in the
San Francisco District.
Deposits credited
to
Time deposits increased
City and $53,000,000 at all reporting member banks.
foreign banks decreased $5,000,000.
.
was
Increase
(+)
or
Decrease
(—)
Vargas.
shipments,
Assets—
Loans and investments—total
1940*
$
5,016,000,000
303,000,000
4
/ +15,000,000
+ 616,000,000
545,000,000
Loans—total
+2,344,000,000
+596,000,000
—13,000,000
Commercial, industrial and agri¬
cultural
loans
Open market paper
Loans to
was
believed that
Speaking
said,
of
Other
loans
for
purchasing
carrying securities
^
Loans to banks
40,000,000
1,754,000,000
73^000,000
2,137,000,000
6,959,000,000
Treasury bills
Treasury notes
United States bonds..
Obligations guaranteed by United
States Government...
2,740,000,000
Other securities
3,682,000,000
Reserve with Fed. Reserve
Cash in vault
banks..11,715,000,000
562,000,000
3,387,000,000
Balances with domestic banks
position
we
—1,000,000
^
+2,000,000
..........
+10,000,000
—27,000,000
+44,000,000
+ 3,000,000
-
—40,000,000
+41,000,000
—3,000,000
+171,000,000
+137,000,000
+372,000,000
+ 571,000,000
we are
our
neutrality, and
+33,000,000
+42,000,000
—15,000,000
—39,000,000
+326,000,000
+342,000,000
+2,026,000,000
+18,000,000
+326,000,000
hope for good-will
in
incident and the warning in¬
international
the
affairs,
remain faithful to
we
ready to make sacrifices for the
"We
are
"and
obligations of solidarity,
our
common
ask that it be respected,
we
not insensible
accept
we
this
secure
to
We will maintain
good.
just
as
respect
we
Ut 8. Government deposits
Inter-bank deposits:
Domestic banks..
Foreign banks
Borrowings
8,919,000,000
663,000,000
+103,000,000
+14,000,000
+ 3,662,000,000
+145,000,000
—1,000,000
—107,000,000
53,000,000
—5,000,000
—1,000,000
+ 942,000,000
—
—73,000,000
was
permitted.
We
can
are
was
obtained through
of international
labor and
time offering
our
industrialize
our economy,
our raw
materials."
which they have treated
"The property and income of the fatherland
privileges from former regimes by voracious agents
finance."
Government's
Dollar Bond
with
States
Liquidation
by British—Complete List
Issues Entirely Disposed of at Year End
of
T. J. Carlyle Gifford, who as
Special Agent of the British
Treasury has been in charge of the sale of British owned
possi¬
natural resoucres
through with firms "that remain foreign."
vertable parasites on
their own," he explained.
was
our
foreign capital," he went
same
well, however, to recall times
only regard as welcome visitors those capitalists
He anounced that Brazil
"They
the
at
It is
who propose to aid in our progress and
New
Offer
to
Holders
of
6%
Issues to Refund Total of $50,100,000
3%
25-30
Government
Year
Bonds—-Three
Agencies
United
Approve
PlanForeign Bondholders Protective Council Does Not
Recommend It
The Colombian
Securities
the
sympathy, because this is our
or
the collaboration of
collaboration,
renumeration.
long past when colonial exploitation of
Colombian
22,382,000,000
5,419,000,000
475,000,000
President
peoples.
Lia bil it ies—
Demand deposits—adjusted
Time deposits
money,"
rights to impede these
our
duty in the face of conflicts outside this continent."
on,
as
+6,000,000
pur¬
this right without pretending to interfere in the
use
of other
"Within the continent
—19,000,000
—170,000,000
materials
"We have the liberty to govern under the inalienable right of our
bilities for it to
466,000,000
1,230,000,000
Other loans
violation of
rights of belligerents without preference
or
Real estate loans
a
the reference to the
Brazil's
sovereignty, and
brokers and dealers In
securities
war
ordered by us and purchased with our
were
"It would be
and
+72,000,000
+13,000,000
German-manufactured
dicated that similar shipments might be made to Brazil,
Dec. 27, 1939
$
25,604,000,000
9,354,000,000
with
and whoever attempts to do that cannot
organization
Dec. 18,
the loss of Brazilian
cause
spirit of friendly cooperation from us."
a
It
Dec. 24, 1940
$
Brazil
materials
war
said Dr.
*
of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended Dec. 24,
1940, follows:
Vargas also referred to the halting
British forced to stop at Gibraiter for blockade inspection.
and
•
-
A summary
to
route
en
"The
Deposits credited to
-
Dr.
chased and paid for before the present war in Europe started, which the
$14,000,000.
domestic banks decreased $70,000,000 in New York
of his regime,
Vargas apparently referred to the steamer Siquiera Campos, which
.
Demand deposits-adjusted increased $165,000,000 in New York
City and
tenth year
of Brazilian ships and said that such acts would
Government will
shortly issue
a
detailed
offer to provide service on two dollar bond issues—Republic
of Colombia 6% bonds due Jan. 1, 1961 and Republic of
Colombia 6% bonds due Oct. 1, 1961. In a joint statement
issued in Washington on Dec. 30 by the State and
Departments .and
the
Federal
Treasury
Loan Administration,
who
Volume
have been
acting merely
announced
refund
The Commercial & Financial Chronicle
152
the
"friendly intermediaries," it
as
Colombian Government
that the
was
offers
now
to
of $44,000,000 outstanding of both
issues and accumulated interest at 3%, amounting to $6,100,000, with new 3% bonds of a maturity of 25 to 30 years. To
service
principal
the
bonds,
new
available $1,800,000
the
Government
for the first five
offers
make
to
and $2,000,000
thereafter, using the amounts not required for interest at
3% to the purchase in the market and cancellation of the
new bonds.
The joint announcement said the intermediaries
are of
the opinion "that in view of conditions that have
prevailed since 1932 the offer of the Colombian Government
constitutes
on its part to
adjust its obligations."
the following day (Dec. 31), the Foreign
Bondholders Protective Council, Inc., New York, which
has been negotiating withthe Colombian Government in an
announcing
will make any more
United
States
stituting
a
Up to
,
.
.
of
favorable proposal to the bondholders in view of the
Government's characterization of the present offer as con¬
fair effort
Colombia's part to adjust its obligations.
on
all the Council's efforts to have the Colombian Government
now
meet its
obligations to service the bonds of the Agricultural Mortgage Bank
Colombia, which
guaranteed by the Republic, have been unavailing,
are
has the Council been able to have the Colombian authorities make any
nor
adequate offer of service
present
offer
default
out
covers
of
total
a
on
only
the Municipal and Departmental debts.
"just, fair and equitable offer." The Council
as a
the following
Colombian
Departmental,
indebtedness—Federal,
Colombia's resumption of interest on both bond issues was
referred to in these columns of Feb. 24, 1940, page 1206.
Republic of Chile Has $9,457,782 Available for Its Debt
Service—Amortization
reasons:
what Colombia
do and not in
can
consonance
Payment of I
Institute
Use
to
50%
for
nterest
Advices received from the Autonomous Institute for the
with her position as a credit
risk;
Amortization of the Public Debt of the Republic of Chile
The offer discriminates against the bondholders in
(b)
providing only
50% interest while serving internal bonds and short-term credits in full;
(c)
The plan,
manent
as
based
on
Colombian Decree of July 17,
a
1940, is per¬
regards the surrender by the bondholder of his rights, but the
Colombian Government by that decree has the right to stop payments if at
time economic
any
and
or
fiscal conditions prevent the country from promptly
completely servicing the
The
issue.
new
Council
declined
to
give
approval to three previous suggestions of this nature.
The joint statement issued by the three governmental
agencies, describing the plan and the events leading up to the
proposal, follows, according to Washington advices Dec. 30,
the New
The
York "Times":
Government
debt service
its
on
of the
Republic of Colombia, after
6% bonds, $25,000,000 of which
the usual private financial channels in 1927 and
maintaining full
report that in accordance with the provisions of Article 6
of the
regulation of Law No. 5580 of Jan. 31, 1935, approved
by Supreme Decree No. 3837 of Oct. 24, 1938, the total
receipts of the Institute in 1940 available for debt service,
amount to $9,457,782.
Of this amount, it is stated, $3,468,354 represented the receipts from the Government's
par¬
ticipation in the profits of Chilean Nitrate and Iodine Sales
Corp.; $5,864,979 represented receipts of taxes on the profits
of the copper enterprises; $60,161 the quota of duty o l petro¬
leum imported for the nitrate industry; $64,286 the
quota
of duty on petroleum imported for the copper industry.
The announcement, under date of Dec. 30, further said:
Fifty
issued through
were
$35,000,000 in 1928. finally
(50%) of the total will be applied by the Institute, under
per cent
the terms of the Chilean
law, to the payment of interest at the rate of $15.39
$1,000 bond, and Sw. Fr. 1.539
100 Swiss franc bond and £1-10-9.36
Before suspending payments,
per
however, approximately $3,800,000 of the first issue and $5,000,000 of the
per
second issue had been
in part to the purchase and retirement of $6,215,500
1933
forced to suspend payments.
was
paid, reducing the amount of bonds then outstanding
In
1933
Colombian
the
Government
made
additional
an
in
payment
non-interest-bearing deferred interest certificates of $1,799,534, which
were
that
time
the
Colombian
Government
has
carried
on
prolonged
agreement as to payment and an interest rate that the Colombian Govern¬
ment felt it would be able to meet.
The
amount
No permanent agreement has yet been
the Department of State, with the cooperation of the
year ago,
of
bonds
bonds,
and
Fr.
principal amount of
30,000
of
Swiss
franc
of Santiago amortized Fr. 236,000
outstanding after
The interest disbursement
paid
on
the
1940 retirements
will
be
Treasury Department and the Federal Loan Administrator, acting merely
as
friendly intermediaries, began meeting with representatives of the
about
or
Feb.
declared
on
Dec. 28,
1940, will probably be
1941, and will be applicable to the following
1,
bonds;
All
a
of Sterling
the Municipality
Swiss franc bonds.
reached.
About
£1,100
addition
Swiss franc bonds in 1940.
effort to reach
an
In
per
The balance less expense has been applied
$170,208,500 dollar bonds, £27,762,471 sterling bonds, and Fr. 108,728,000
funding certificates of $3,743,145, which it has regularly serviced.
negotiations with representatives of the bondholders, in
bonds,
bonds.
redeemed at maturity in 1937, and in 1934 a further payment in 12 year 4%
Since
100 pound sterling bond.
dollar
from $60,000,000 to approximately $51,020,000.
an
The
$56,000,000 of principal and interest in
some
Municipal and guaranteed—of nearly $240,000,000.
(a) A very substantial cut in interest is provided, entirely out of line with
in
the bondholders.
Notwithstanding the foregoing facts and the position of the Council, the
Council does not feel justified in expecting that the Colombian Government
permanent agreement, issued a statement
it cannot recommend this plan to the
a
that
bondholders
to
against
on
effort to reach
gave
that accords with its ability to pay and constitutes a
one nor one
discrimination
years
fair effort
a
However,
equitable
31
Republic of Chile external bonds,
Water Company of Valparaiso
bonds, all Mortgage Bank of Chile bonds, bonds of the Chilean Consoli¬
dated
Municipal loan, and the bonds of the two City of Santiago, Chile,
loans.
Colombian Government and the Foreign Bondholders Protective Council,
Inc., of New York in the hope of finding
ment
some common
$253,600 to Be Paid
Some progress was made and in the expectation of
reaching
issues—amounting to
on
These bonds and
approximately $6,000,000 face value of bonds theretofore purchased by the
Colombian Government have been canceled
amount at the present
time
on
so
that the total outstanding
both issues is about $44,000,000 with accrued
interest at 6% of $12,200,000.
The Colombian Government
now
offers to refund the principal of $44
000,000 and accumulated interest at 3%, amounting to $6,100,000,
a
bonds it offers to make available $1,800,000 a year for
new
interest at 3%, are to be devoted
The amounts not required for
entirely to the purchase in the market and
the cancellation of the new bonds.
While the Government of the United States has
no
Morgan & Co., Inc., is notifyiag holders of Republic
of Cuba external debt
5% gold bonds of 1914, due Feb. 1,
1949, that $253,600 principal amount of the bonds have been
drawn for redemption on Feb. 1, 1941, by operation of the
sinking fund, at 102 lA% of the principal amount and accrued
interest.
$50,100,000, with new 3% bonds of a maturity of 25 to 30 years,
the exact date to be indicated in the formal detailed offer to be issued shortly.
five years and $2,000,000 a year thereafter.
Feb. 1 Coupons of Republic of
5% Gold Bonds of 1914
Interest
on
the
drawn
bonds
will
cease
on
the
,-
total
of about
To service the
J. P.
approximately $1,350,000—and has expended
about $400,000 in the purchase and retirement of bonds.
on
Cuba External
a permanent
1940 the Colombian Government this year has paid 3%
agreement in
both
ground of adjust¬
that would be acceptable to both parties.
direct interest in the
redemption date.
The drawn bonds will be payable on and
after Feb. 1, 1941, at the office of J. P. Morgan & Co.,
Inc., New York City, or at the offices of their agents,
Morgan Grenfell & Co., Ltd., London, the Reichsbank in
Hamburg or Berlin, or their agents in Paris.
On Dec. 24, 1940, $5,700 principal amount of the bonds
previously called for redemption were still unredeemed.
matter, the Department of State, the Treasury Department and the Federal
Loan
Administrator
have
acted
as
friendly
intermediaries
assist
to
the
parties in reaching an agreement, and they are of the opinion that in view
of conditions
that
have prevailed since
Government constitutes
They recognize,
of
a
fair effort
on
plained
as
objections to the plan
follows:
were more
fully
ex¬
The data and figures submitted to the Council by the Colombian Govern¬
1939 show that Colombia could service the bonds in full and that
it is serving internal and short-term obligations (with one exception) in full,
10% annual interest
even up to
recently made
Colombia
to
on
certain internal bonds.
by the Export-Import Bank,
an
Credits
agency
of
the United States
Government, draw 4% annual interest.
discrimination
the part of Colombia against the foreign bondholders who
are
asked to
dollar bonds
United
on
bear the whole sacrifice.
was not
States
was
This is
In the years when
a serious
interest
on
the
10
times
interest
these
Without
requirements.
purposes^/
Member
debt service
provided
in the
budget—that is by not
the bonds and there would be a balance for amortization.
interest
and
amortization
on
the
dollar
bonds
would
ordinary budget receipts (9.5% of the estimates for
had
a
paid.
take
but
8.6%
of
Colombia has
budgetary surplus every year but one while no interest was being
The budget for 1939 provided full service on the internal and external
debt excluding the foreign
bonds.
of the estimated
The full contractual service
would
FujI contractual
1941).
revenues.
This constituted approximately 11.1%
bring this total to approximately 20%
(23% of the budget estimate for 1941).
Many other countries devote
over
The Council has not insisted
on
a
revenues to
full service
on
the dollar bonds
of the estimated
This is not
30% of
on
the bonds, but it is evident
a
Trading
Securities
yesterday
on
New York Stock
(Dec.
and
27)
and
New York
Week Ended Dec. 14
Exchange
Commission
made
Xigures showing the volume
public
of total
on the New York Stock Exchange and
New.York Curb Exchange for the account of all mem¬
round-lot stock sales
the
bers of these exchanges in the week ended Dec. 14, continu¬
series of current figures
ing
a
the
Commission.
other sales in
Trading
burdensome service.
not
'
-
Short
sales
being published weekly by
are
shown
separately
from
the Stock Exchange for the account of
mem¬
these figures.
revenues
debt service.
from the above that the Colombian Government's offer is
The
discriminating
against them—the scrip could be paid in full, 5% interest could be paid
on
(Banking and Currency Re¬
Curb Exchanges During
increasing the budget at ail, but by giving the bonds their due percentage of
the
of Estonia
Republic
form) 7% loan of 1927, have been authorized by the League
Loans Committee (London) through Eliot Wadsworth, its
American member, to announce that since July 1, 1940, no
instalments of service in respect of the Estonia 7% loan of
1927 have been received by the paying agents in London
or New
York and that in consequence there are no funds
available for the coupon due Jan. 1,1941, or for sinking fund
the
paid, Colombia's favorable balance of trade with the
over
Payment of Jan. 1,1941, Coupons
Republic of Estonia 7% Loan of 1927
Hallgarten & Co., New York, as American fiscal agents
own
for
The Council's
paying
of
its part to adjust its obligations.
decision.
ment in
No Funds Available for
the offer of the Colombian
the bondholders must make their
that
course,
1932
fair and
on
bers during the. week
tions)
of
totaled
total
ended Dec. 14 (in round-lot transac¬
629,910 shares, which amount was 14.38%
transactions
on
the
Exchange of 4,578,980 shares.
The Commercial & Financial Chronicle
32
This
with
member
trading during the previous
week ended Dee. 7 of 50G,G20 shares, or 15.13% of total
trading of 3,380,620 shares.
On the New York Curb Ex¬
compares
member
change
during the week ended Dec. 14
shares, or 13.88% of the total volume
on that Exchange of 910,360 shares;
during the preceding
week trading for the account of Curb members of 105,430
shares was 14.24% of total trading of 750,695 shares.
The
Commission
made
available
the
following
data for
Dec. 14;
The data published are based upon weekly reports filed with
the New
York Stock Exchange and the New York Curb Exchange by their respective
members.
These reports are classified as follows:
New York
New York
Slock
Total number of reports received
1.
Exchange
1,064
Reports showing transactions as specialists
Reports showing other transactions Initiated
2.
Curb
Exchange
825
190
on
106
the
floor
3.
219
49
263
96
630
floor
...
4. Reports showing no transactions.
are registered and the round-lot transactions
Jan. 4, 1941
Exchange
Loans
at
Stock
(2)
on
the
two exchanges.
Outstanding
Dec. 31—$51,$180,821,596 Below
as
STOCK
The detailed tabulation follows:
OF MEMBERS ♦
ON
THE
NEW
YORK
STOCK EX¬
200,000
$9,886,000
$413,467,342
Total face amount of "Government securities" pledged as collateral
for the borrowings included in items (1) and (2) above
$27,933,750
The scope of the above compilation is
exactly the same as in the loan re¬
Week Ended Dec.
port issued by the Exchange a month ago.
14, 1940
Total for
Week
Per
Cent
Below
we
furnish
two-year compilation of the figures:
a
a
A. Total round-lot sales:
Demand,
Short sales
87,400
4,491,580
1939—
Jan.
Loans
Mar. 31
registered—Total purchases
617,191,932
Apr. 29
515,173,525
515,483,090
June 30
509.021,637
July
Transactions of specialists in stocks in which they are
526,691,740
31
356,240
478,060,007
Sept. 30
Other sales.b.
Aug. 31
433,556.992
51,780
269,760
Short sales
Oct.
502,025,629
31
Total Loan
$
632,513,340
646,178,362
May 31
4,578,980
—
B. Round-lot transactions for account of members, except for
the odd-lot accounts of odd-lot dealers and specialists:
Time Loans
$
31
Feb. 28
1.
$9,686,000
$403,581,342
(SHARES)
Total sales
Time
collateral from New York banks
or trust companies
$364,124,242
Net borrowings on collateral from private bankers,
brokers, foreign bank agencies or others in the
City of New York
39,457,100
Combined total of time and demand borrowings
SALES
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
collateral*
on
the number of reports received because a single report may carry entries
TOTAL ROUND-LOT
on
of the close of business Dec. 31»
Demand
(1) Net borrowings
The number of reports in the various classifications may total more than
in more than one classification.
on
Exchange member total net borrowings
specialists in stocks In which they are registered
directly oomparable
but
contracted for and carried in New York
specialists resulting from such odd-lot transactions are not segregated from the
specialists' other round-lot trades.
On the New York Stock Exchange, on the
other hand, all but a fraction of the odd-lot transactions are effected by dealers
engaged solely in the odd-lot business.
As a result, the round-lot transactions of
are not
30
above the Nov. 30, 1940 total of $362,322,660 but is $180,821,596 below the Dec. 30, 1939 aggregate of $594,288,938.
During December both demand and time loans were above
a month ago but below a
year ago.
The Exchange reported
the demand loans outstanding on Dec. 31 in amount of
$403,581,342, as compared with $352,471,660 on Nov. 30
and $564,642,938 on Dec. 30, 1939, while time loans at the
latest date are shown at $9,886,000, contrasting with $9,851,000 and $29,646,000, respectively, a month and a year
ago.
The following is the report for Dec. 31, 1940, as
issued by the Exchange on Jan. 3:
1940, aggregated $413,467,342.
of
Reports
$413,467,342
Nov.
Outstanding brokers' loans on the New York Stock Ex¬
change increased during December to $413,467,342 at the
end of the month, the Exchange made known on Jan. 3 in
issuing its monthly compilation. This figure is $51,144,682
New York
Note—On the New York Curb Exchange, odd-lot transactions are handled solely
bylspeclallsts In the stocks in which they
Stock
144,682 Above
Dec. 30, 1939
519
Reports showing other transactions Initiated off the
York
Brokers'
trading
amounted to 134,760
the week ended
New
%
33,983,537
37,254,037
37,663,739
32,269.650
30.492,889
28,240,322
27,075,500
30,517,547
666,496,877
683,432,399
654,855,671
547,443,175
545,975,979
537,261,959
553,767,240
508,577,554
33,502,875
32,202,875
467,059,867
534.228.504
*2. Other transactions initiated
on the
floor—Total purchases
543,875,683
30.996,000
573,871,683
29,646.000
594.288.938
533,004,900
529,478,347
549,692,430
27,046,000
559,505,870
391,388,100
317,187,605
19,981,000
17.521,000
14,666,000
329,833,543
315,979,600
347,950,062
12,451.000
Sept. 30
7.40
564,642.938
Oct.
321,540
Nov. 30
Dec. 30
Total sales.
339.689.800
9,336.000
352,471.660
9,851,000
9,886,000
560,050,900
555.474,347
569,813.480
579,486,870
408.909,100
331.853.505
342,284.543
327,190,600
358,686,562
348,925,800
362,322,660
413,467,342
1940—
Jan. 31
Feb. 29
189,880
Mar. 30
Short sales
13,610
160,990
Other sales, b.
Apr. 30.
May 31
June 29
Total sales
174,600
3.98
July 31
Aug. 31
3. Other transactions initiated off the floor—Total purchases
Short sales—
10,270
123,500
Other sales, b.
Total sales
.
133,770
....
Total—Total purchases.
Total sales..
ROUND-LOT
BERS *
AND
Nov. 30
629,910
STOCK
STOCK
SALES
ON
THE
TRANSACTIONS
(SHARES)
NEW
FOR
YORK
ACCOUNT
Holders
MEM¬
-
Total for
Week
Total round-lot sales:
Short sales
Per
Cent
a
7,070
Other sales.b
903,290
Total sales.
910,360
Round-lot transactions for the account of members:
1. Transactions of specialists in stocks In which
B
they are
registered—Total purchases
76.230
Short sales...
4,220
88,130
Other sales.b.
Total sales
...
2. Other transactions Initiated
on
the floor—Total purchases
Short sales
92,350
9.26
18,920
1,250
11,650
Other sales.b.
Total sales......
12,900
3. Other transactions initiated off the floor-Total
purchases
on
1.75
29,510
4. Total—Total purchases..
1941;
134,760
13.88
74,767
•
The
term
"members"
34,263
includes
partners, including special partners,
all
Exchange members, their firms and their
Shares in members' transactions as
per cent of twice total round-lot volume.
In calculating these
percentages, the total of members' transactions Is compared
with twice the total round-lot volume on the
Exchange for the reason that the total
of members' transactions Includes both
purchases and sales, while the Exchange
volume includes only sales.
a
b Round-lot short sales which are
exempted from restriction by the Commission
are Included with "other Bales."
rules
c
Sales marked "short exempt" are included with
"other sales."
delivery
due July 1 1934, to July 1, 1938, inclusive.
York
Stock
Exchange Rules
Bids and Offers in
Be
Expressed in Fractions of Thirty-seconds
74,767
Total sales
a
1941, must
Stocks Selling Below 25 Cents per Share Shall
0
....
Total purchases.
2,
the Jan 1, 1932, and subsequent coupons, with the exception of the
New
C. Odd-lot transactions for the account of specialists:
Customers' short sales
Customers' other sales.c.....
of Exchange contracts made beginning Jan.
2.87
6,620
128,140
Total sales
7%% Gold
13% of July
Dec. 31;
carry
117,870
Short sales
(Brazil)
That the bonds be quoted ex-interest $4.87 per $1,000 bond on Jan. 2,
coupons
Total sales
Alegre
Receive Payment of
That the bonds shall continue to be dealt in "flat" and to be
22,720
1,150
28,360
Other sales, b.
Porto
Ladenburg, Thalmann & Co., as special agent, is notifying
holders of City of Porto Alegre (United States of Brazil)
40-year 714% sinking fund gold bonds, external loan of 1925,
that funds have been deposited with it sufficient to make a
payment, in lawful currency of the United States of America,
of 13% of the face amount of the coupons due July 1, 1938,
amounting to $4.87% for each $37.50 coupon and $2.43%
for each $18.75 coupon.
It is pointed out that pursuant
to the provisions of the Presidential Decree of the United
States of Brazil, such payment, if accepted by the holders
of the bonds and coupons, must be accepted in full payment
of such coupons and of the claims for interest represented
thereby.
No present provision, the notice states, has been made for
the coupons due Jan. 1, 1932, to Jan. 1, 1934, inclusive, but
they should be retained for future adjustment.
With regard to this payment, the Committee on Floor
Procedure of the New York Stock Exchange, ruled as follows
in settlement
Short sales
City of
1, 1938, Coupon
14.38
Week Ended Dec. 14, 1940
A.
of
Bonds of 1925 to
CURB EX¬
OF
403.581.342
„
11,211,000
10,736,500
3.00
75,660
554,250
Other sales.b.
CHANGE
31
Dec. 31
687.260
Short sales
TOTAL
141,140
25,996,000
20,121,000
The
Committee
on
Floor
Procedure
of
the
New
York
Stock Exchange ruled on Dec. 31 that orders for the purchase
and sale of stocks below 25 cents shall be entered at fractions
of thirty-seconds.
In the Dec. 31 announcement, issued by
John C. Korn,
Acting Secretary of the Exchange, the atten¬
tion of members is called to the fact that pursuant to Rule
124 of the Rules adopted by the Board of Governors, the
Committee
Floor Procedure
on March 26,1940, ruled that
purchase or sale of stocks below $1 shall be
entered at fractions of sixteenths, regardless of the current
selling price."
This week's announcement continues:
on
"orders for tho
The
Committee
on
in stocks selling below
of thirty-seconds.
Floor
Procedure
further rules
that
bids
and offers
25 cents per share shall be expressed in fractions
Volume
Thus,
The Commercial & Financial Chronicle
152
and transactions
bids, offers
in stocks within the price ranges
United
States
Houses
Above $1 per share: variations must be made In fractions of eighths,
Above K of a dollar and below $1 per share: variations must be
made in fractions of sixteenths,
(3) Below ^ of a dollar per share: variations must be made in fractions
of thirty-seconds.
Few Years
The
has
Committee
and offers
be made
also
specifically
bids
determined that
variations
of thirty-seconds.
These
are
Will
of
text
Be
Built
Than
this
article
advertisement page viii.
see
Reported
in no way affected
For
of
text
Building and Loan Asso¬
22.9% Above Year
Ago
this
ciations
see
article
advertisement page ix.
by the change referred to above.
Governor's
The
action
stocks
on
reported in these columns March 23,
selling below SI
1854.
was
Custom
Been
Has
October Savings in Savings,
certain stocks which have been called for redemption shall
in
in
heretofore
For
and Loan League Says More
Speculatively During Next
Savings
below must be made in the variations indicated:
(1)
(2)
33
Semi-Annual
page
Survey
Program
Defense
Real
of
Market
Estate
Cause for Activity
as
in
Shows
Many
Cities
SEC
Public
Orders
Multiple Trading—
Officials of New York Stock Exchange to Present
Their Views
The
Hearing
latest
Commission's
this
action
taken
was
pursuant
Section 19 (b) of the Securities and Exchange
which authorizes such procedure.
to
Act of 1934,
For text of
this article
Bank
Savings
New
Offering of $100,000,000 of 91-Day Treasury Bills
Defense Series—Will Be Dated Jan. 8,
of National
1941
-
Tenders to
of
amount
a
125th anniversary
The
will
observed
be
2
Jan.
made
ment
bank sys¬
1941.
by Secretary of the Treasury Morgenthau.
Tenders will be
the Federal fteserve Banks, and the branches
thereof up
the
at
to 2 p. m. (EST), Jan. 6, but will not be received
The Treasury
Defense Series, will be dated
Jan. 8 and will mature on April 9, 1941, and on the maturity
date the face amount of the bills will be payable without
bills,
announce¬
according to an
by the National Association of Mutual
$10,500,000,000 of small savings
15,500,000 of accounts.
This
sum
is something less than one-sixth of American bank
deposits and constitutes the greatest accumulation of sav¬
ings ever brought together by one group of banking institu¬
tions, the announcement says; it adds:
hold
States,
distributed
capital,
The
of
than
more
Treasury
Department, Washington.
designated
National
regular account, $843.07, reflects the very wide distribution
funds.
Since each account usually involves the welfare of at
pass books
population.
Collectively, mutual institutions make up the oldest group of banks in
the country.
These banks early developed the mutual principle, when the
least
two
persons,
the
in
entered
total
savings bank
mutual
represents readily available capital for probably one-fourth the
United
States
was
a
young
and struggling Nation.
is unmatched
of capital.
The reason for this
security goes back to the days of the founders and the careful policies
which
they laid down.
Those policies have been supplemented and
extended by legislation and wise management until the approved invest¬
ment list of mutual institutions is looked upon aB a premier yardstick of
record
The
the
in
financial
banks
security achieved by mutual savings banks
of
the fact
these
How
policies
teeted
the combined reserve
that
about
provides
accumulations
great
security.
from
seen
of
history
additional
12c.
out may be
fund of all mutual savings
have worked
each
above
protection
dollar
of
deposits.
mutual
The
principle
community
of
business was
that he had been caught in a
developed by Benjamin Franklin.
It seems
somewhat singed, having to leap from
and
blaze
This
a
to
second-story window.
down advice against carrying live coals from
often done in those days.
Also he was
prompted him to set
to another,
fireplace
one
applied
effort
in
1736—a body of citizens banded together for mutual pro-
lection.
Sixteen
Based
up
a
"society"
to
insure
property
It still exists, performing its same useful function.
Franklin's example, other citizens of Philadelphia organized
mutual life insurance company in 1759, just seven years after
first
the
blazed
had
protection
work
useful
set
upon
Franklin
for
Franklan
later
fire.
against
the
years
A lapse
the
This
way.
of Presbyterian
company
ministers,
was
known
and it,
too,
as
a
"fund,"
continues
its
in
will
bills
of
be
issued
pursuant
to the
that
may
authority
The Treasury's announcement adds/
of that
obliga
"National Defense Series"
section
be issued to provide the Treasury with funds to meet any ex¬
penditures made, after June 30, 1940 for the national defense, or to reim¬
burse
the
Mr.
fund of Treasury therefor.
general
Morgenthau,
in
his
of the offering,
announcement
further said:
They
000
of
issued
$1,000,
bearer form only, and in amounts
$100,000, $500,000, and $1,000,«
in
$10,000,
(maturity value).
No
tender
tender
trust
than
of
$1,000.
multiples
basis
of
with
100,
and
companies
not
will
must
Each
be ex¬
decimal
places,
considered.
be
The price offered
than
more
three
of the face
accompanied
incorporated bank
from
amount of Treasury bills applied for,
deposit of 10%
are
responsible and recognized dealers in in¬
others
must be accompanied by
a
from
Tenders
the
tenders
$1,000
Fractions must not be used.
be accepted without cash deposit from incorporated banks
will
securities.
vestment
less
amount
an
in
the
on
99.125.
g.,
Tenders
and
for
be
must
pressed
e.
will be
bills)
(the
denontinationo
or
by
unless
of payment by an
guaranty
express
an
trust company.
or
the
Immediately after
closing
Jan.
receipt of tenders on
for
hour
6,
1941, all tenders received at the Federal Reserve Banks or branches thereof
closing hour will
the
to
up
will
acceptable prices
following morning.
the
right to reject
less
Those
be
must
soon
public announcement of the
and
probably
possible thereafter,
as
on
The Secretary of the Treasury expressly reserves
or all tenders or parts of tenders, and to allot
applied for, and his action in any such respect shall
•
submitting tenders will be advised of the acceptance or
Payment
thereof.
rejection
allotted
as
any
than the amount
final.
be
be opened
follow
the
made
at
the
for
offered
price
Federal
the
at
Reserve
Banks
bills
Treasury
in
cash
other
or
immediately available funds on Jan. 8, 1941.
The
any
from
Treasury
bills
be exempt,
will
to
as
principal and
interest, and
gain from the sale or other disposition thereof will also be exempt,
all taxation, except estate and inheritance taxes.
(Attention is in¬
vited
to
Treasury
Decision
exempt from the gift tax).
4550,
that
ruling
bills
Treasury
No loss from the sale
or
are
not
other disposition of
the
Treasury bills shall be allowed as a deduction, or otherwise Tecognized,
for
the
States
purposes
or
of
any
Department
prescribe the
tax
now
or
hereafter
by
imposed
the
United
of its possessions.
any
Treasury
terms
Circular,
of the
No.
Treasury
418,
bills
as
and
amended,
govern
and
the
this
notice
of
conditions
their issue.
...
of 64 years ensued between Franklin's application of the mutual
principle to a financial transaction, and the coming of the mutual savings
bank
issue
new
Under
tions
as
prompted to the further step of organizing the first American company of
firefighters
maturity of a previous issue of Treasury
a
Jan. 8 in amount of $101,944,000.
on
proved June 25, 1940.
among
average
these
be sold on a
invited on Jan. 3
to
received at
This
Today these institutions, operating in 17
Savings Banks.
thereabouts,
or
provisions of Section 302 of the Revenue Act of 1940, ap¬
of the mutual savings
in
offering of 91-Day Treasury bills to the
new
$100,000,000,
discount basis to the highest bidders were
125th
Observes
System
Anniversary in 1941
advertisement page ix.
see
+
bills
tem
advertisement page viii.
see
Building and Loan Associations Distribute
$80,375,000 in Dividends for Last Half of 1940
interest. There is
Mutual
article
Savings,
and
Exchange Commission announced
Jan. 2 that it will hold a public meeting at its office in Wash¬
ington on Jan. 21 to consider the reasons of the New York
Stock Exchange in declining to jnake the requested change
in its rules with regard to multiple trading.
Representa¬
tives of the New York Stock Exchange have been invited to
be present at this hearing in order to present their views on
the matter.
The Stock Exchange rule is designed to pre¬
vent its members from acting as odd-lot dealer or specialist
or otherwise dealing upon any other exchange outside New
York City of which they are members.
The SEC formerly
requested the Stock Exchange on Dec. 20 to recind this rule
bift the Exchange on Dec. 27 refused; both these actions
were mentioned in these columns of
Dec. 28, page 3816.
The
of
text
Jan. 21
on
Securities
For
on
1816.
Treasury Estimates Total Tax-Exempt Debt at $70,233,000,000—Half
Aggregate,
However,
Subject
to
Surtax
Tenders of $648,182,000
000,000 of 90-Day
Accepted Above Par
A
total
of
Received to Offering of $100,Treasury Bills — $100,435,000
$648,182,000 was tendered to the offering on
thereabouts, of 90-day Treasury
2 and maturing April 2, 1941, Secretary
Dec. 27 of $100,000,000, or
bills
dated
Jan.
of the Treasury
amount,
on Dec. 30.
Of this
accepted at prices in excess of
Morgenthau announced
$100,435,000
was
par.
The tenders to the offering were
Reserve
the
and
branches
the
received at the Federal
up to 2 p. m.
thereof
Reference to the offering appeared in
28, page 3817.
The following regarding
accepted bids to the offering is from Secretary Mor-
(EST))
our
banks
issue
Dec. 30.
of
Dec.
genthau's announcement:
Total
Total
The
accepted
bids
applied
$648,182,000*
for
were
tendered
$14,050,000 being tendered at
price, 39% was accepted.
at
100.003.
prices
in
excess
of
the surtax
par,
all
but
Of the amount tendered at that
on
incomes.
I* The Federal Government's debt
privately held and wholly
tax-exempt, represented only $6,928,000,000 of the total in
this classification, while States, municipalities and pos¬
sessions contributed $15,496,000,000 of the
aggregate.
The
100,435,000
accepted
JE* Tax-exempt securities of every description outstanding as
off June 30, 1940, had an aggregate face value of $70,233,000,000, about equally divided between wholly-exempt and
partially-exempt issues, according to the December issue of
the
Treasury Department's "Bulletm."
Of the total,
$15,368,000,000 was held by governmental funds, &c. (in¬
cluding FederalJReserve banks), leaving private holdings at
$54,865,000,000, less than half of which was wholly tax-free.
There was outstanding in private hands $31,231,000,000
exempt from only the normal Federal income tax and $23,634,000,000 exempt from both the Federal normal tax and
entire
partially-exempt
debt
either of the Federal Government
The following
or
constituted
obligations
its instrumentalities.
tabulation has been constructed from figures
appearing in the "Bulletin" for December:
The Commercial & Financial Chronicle
34
ESTIMATED AMOUNT OF SECURITIES OUTSTANDING INTEREST ON
WHICH IS WHOLLY OR PARTIALLY EXEMPT FROM THE FEDERAL
INCOME TAX AS OF JUNE 30, 1940
(In Million# of Dollars)
Wholly
Exempt b
Total
States
United
Government—«
Held privately..
States
25,886
3,577
12,917
Total
The following tabulation has been prepared from figures
appearing in the December issue of the Treasury "Bulletin"
NEW
BETWEEN
FOREIGN COUNTRIES, JAN. 2.
—
5,211
5,211
....
347
outstanding.a
STATES
AND
privately
1,210
134
907
844
63
2,054
.....
outstanding.a..
S
Canada
Germany.
...
...
other
Total
State and Local Governments—
Held privately
Held by governmental funds, Ac
4,514
15,377
4,514
19,891
119
34
34
153
153
54.865
23,634
11,389
+ 16,302,000
privately......
Germany
-
.
All other
+ 290,000
+275,000
—161,000
+55,361,000
....
—20,000
+ 18,845,000
+ 11,216,000
United Kingdom...........
Territories and Insular Possessions—
Held by governmental funds. Ac
+ 52,568,000
Movement to Brokerage Balance—
France
outstandings
+ 3,084,000
—10,938,000
+ 15,183,000
+3,066,000
+42,173,000
19,891
119
-
1
+586,178,000
+546,707,000
+376,046,000
+ 169,124,000
+2,188,366,000
+3,866,421,000
..
.
197
15,377
.........
Sept. 5 to
Oct. 2, 1940
Movement in Short-Term Banking Funds—
TTplted Kingdom
France
2,251
......
..
Of Which from
to
Ocf. 2, 1940
5,550
All
Held
UNITED
Jan. 2, 1935,
339
8
5,558
Held by governmental funds, Ac......
Total
THE
1935, TO OCT. 2. 1940
Indicates Outflow.
Government—d
governmental funds, Ac
Total
MOVEMENT
CAPITAL
+ Indicates Inflow.
Federal Instrumentalities Not Guaranteed by
the United States Government-^
Held
her securities.
by the
Held privately
Held by
$8,179,000 in Japan and reduced $2,389,000 in the United
Kingdom and $1,332,000 in Italy.
Statistics in the December Bulletin showed that foreign
repatriated $2,675,000 of their securities held in the United
States.
Canada led, buying back a net of $1,186,000 of
29,463
Ac
Instrumentalities Guaranteed
United
6,928
5,989
42,380
........
outstanding.a
Total
32,814
9,566
...
Held by government funds,
Federal
Partially
Exempt c
Jan. 4, 2S41
+ 557,000
—47,000
+ 101,563,000
+ 1.055,000
+271,131,000
+ 74,538,000
—3,903,000
—20,652,000
—28,831,000
+748,155,000
+ 1,211,000
+ 1,044,341,000
—2,756,000
Total
Movement in Transactions in Domestic Securities-
Total
outstanding.a
AH Tax-Exempt
TTnftPd
Kingdom
France...
Securities—
*
Held privately—
Held by governmental funds, &c__
Total
....
Canada
15,368
i
outstanding.a.
70,233
31,231
3,979
35,023
non-Interest-bearing debt and taxable Interest-bearing debt, both of which are
Included In the gross Indebtedness of the borrowers.
The "Total privately-held
securities" differs from the net Indebtedness of the borrowers In several additional
respects.
The former is derived by deducting from the total amount of tax-exempt
securities outstanding the amount of all tax-exempt securities held by the U. S. Gov¬
ernment, Federal agencies. Federal Reserve banks and by public sinking, trust and
Investment funds.
Net Indebtedness, on the other hand. Is derived by deducting
from the gross Indebtedness an amount equivalent to the total volume of
but makes
no
All other....
35,210
a
The "Total outstanding" of tax-exempt securities of the several borrowers
differs from the gross Indebtedness of these borrowers in that the former excludes
fund assets of the respective borrowers,
Germany
sinking
allowance for any other
Total
—
which Is exempt from both the normal rates and
surtax rates of the Federal Income tax.
c Securities the Income from which Is exempt only from the normal rates of the
Federal income tax.
United States savings bonds and Treasury bonds are classified
b Securities the Income from
—1,000
+76,000
Movement in Transactions in Foreign Securities—
United Kingdom
France
—429,000
+ 130,541,000
+42,954,000
+20,713,000
+ 36,136,000
+ 562,922,000
Canada
Germany..
All other.
+2,000
+ 1,186,000
+122,000
+ 1,794,>..00
+ 793,266,000
+2,675,000
+ 1,004,152,000
+683,044,000
—1,268+CO
—10,785,ut0
+ 17,855,J 0
+3,140,000
+44,600,060
Total
Net Capital Movement—
United Kingdom
France
Canada
public assets,
...
—139,000
+ 387,323,000
...
Germany.....
......
-
+ 176,268,000
+3,554,804,000
-
All other
Total
+ 53,542,
+ 5,805,591,000
(
partially tax-exempt securities although, by statutory provision, Interest derived
as
from $5,000 of principal amount of these securities owned by any single holders Is
exempt from the surtax rates as well as the normal rates of the Federal Income tax.
d Includes certain obligations of the Tennessee Valley Authority which are "Issued
on
President Roosevelt Calls
in
credit of the United States."
Producing
on
Defense
People for Increased Effort
Implements—In "Fireside
Chat" Sees Less Chance of United States Getting
President
Roosevelt
Peace"
in
Wishes
King: "Righteous
New Year's Greetings
1941—Exchange
Moves, also Strikes and Lockouts in Defense In¬
dustries
Year's
was
ia
The
reply to
King's
a
dated at Rome, Dec. 23, follows:
His Excellency, President Roosevelt,
personally.
VITTORIO
EMANUELE.
Following is President Roosevelt's reply, sent
His
on
Dec. 30:
Majesty, Vittorio Emaniiele III, King of Italy,
Majesty
talk to
the country
"national security,"
upon the American
mightier effort than they have ever
on
29 called
Dec.
on
people "to put forth a
of
defense,
After
meet
to
threat
the
to
democratic faith."
their agreement
our
asserting that the Axis Powers, by
appreciate Your Majesty's cordial
my most
sincere wishes for
your
President
control,
the
right
reason
personal welfare and my hope
this
to
Does
that during the year to come the Italian people may be enabled to
enjoy
in
the blessing of a righteous peace.
FRANKLIN D.
ROOSEVELT.
not
that
this
"has
country
no
of peace until the
while
believe
free
a
neighbor in the Atlantic ?
hand,
that
could
we
European
and Asiatic warwhich lead
oceans
He continued:
seriously
Americas
that
us
gain control of the
hemisphere."
anyone
the
to
concern
makers should
I extend to Your
message.
stated
to encourage talk
day
shall come when there is a clear intention on the part of
the aggressor nations to abandon all thought of dominating
or conquering the world."
Mr. Roosevelt went on to say that "it is a matter of
or
most vital
Rome.
I greatly
radio
his
President Roosevelt
signed in September, 1940, have programs aimed at world
Washington.
On the approach of the New Year I wish to express to you, Mr. President,
aU my most cordial good wishes for the people of the United States and for
you
In
yet made to increase our production of all the implements
greeting from the King.
message,
Support Is Given Nations Defending
Themselves Against Axis Powers—Opposed to Peace
'The State Department
made public on Dec. 31 a New
greeting.
President Roosevelt sent to King Victor
Emmanuel of Italy, in which he expressed the hope that
during 1941 "the Italian people may be enabled to enjoy
the blessing of a righteous peace."
The President's message
War if
into
Italian
that
we
need
remains
Britain
to
fear
attack
most
our
And does anyone seriously believe,
rest
easy
if
the
Axis
Powers
anywhere
powerful
were
on
our
naval
the other
neighbors
there?
Short-Term
Funds in United States Reach
New High—Inflow of Capital in September Largely
from Italy
Foreign
Net capital inflow into the United States from
foreign
countries totaled $53,542,000 in the four weeks ended
Oct. 2, 1940, statistics in the December
Treasury Bulletin
disclosed Dec. 30.
Italy with $20,093,000 accounted for
nearly half the inflow.
Selling of American securities continued although net
liquidation in the four weeks dwindled to $2,756,000.
This
compared with net liquidation of $11,662,000 in the. pre¬
ceding period.
While most other countries were selling their
securities, Italy showed net purchases of $20,260,000 mainly
American bonds.
The United Kingdom showed net sales
of $3,903,000, Switzerland $7,498,000, and Asia
$11,841,000.
Gross purchases totaled $47,761,000 and gross sales were
$50,517,000.
Short-term foreign funds in this country reached the un¬
precedented total of $3,719,000,000 on Oct. 2, increasing
$52,076,000 in the four weeks.
Canada increased her funds
here $14,853,000.
Other increases were:
Japan, $9,399,000; China, $8,015,000; Sweden, $7,295,000; Philippines,
$6,514,000; Argentine, $6,182,000; Mexico, $4,680,000; Fin¬
land, $2,877,000, and Germany, $2,169,000.
Switzerland
withdrew $16,782,000; France, $11,658,000, and
Belgium,
$3,007,000.
United States balances abroad
the
preceding
period.
were
Short-term
little
funds
changed from
were
increased
If
Great Britain goes
down, the Axis Powers will control the continents
oi
Europe, Asia, Africa, Australasia, and the high seas—and they will be
in
a
position to bring enormous military and naval
hemisphere.
would
icas
It is
be
do
resources
exaggeration to say that all of
living at the point of
as well as military.
gun—a gun
a
us
against this
in all the Amer¬
loaded with explosive
bullets, economic
We should enter upon a new
hemisphere
our
into
a
a
world
militaristic Power
With
would he
included,
in such
to survive
regard
to
and terrible
run
in which the whole world,
by threats
of
brute force.
And
would have to convert ourselves permanently
we
on
era
the basis
of
war
economy.
suggestions by some Americans tliat
"negotiated peace," the President
efforts be made toward a
said:
The
experience of the past two years has proven
nation
can
appease
the Nazis.
No
man
can
tame
beyond doubt that no
tiger into a kitten
a
There can be no appeasement with ruthlessness.
There
reasoning with an incendiary bomb.
We know now that a
have peace with the Nazis only at the price of total sur¬
stroking it.
by
can
be
nation
render.
no
can
...
The American
appeasers
ignore the warning to be found in the fate of
Czechoslovakia, Poland, Norway, Belgium,
The Netherlands, Den¬
are going to win
anyway; that all of this bloodshed in the world could be saved, that the
United States might just as well throw its influence into the scale of a
Austria,
mark and
France.
They tell you that the Axis Powers
dictated peace
and get the best out of it that we can.
Nonsense 1 Is it a negotiated peace
if a gang of outlaws surrounds your community and on threat of extermi¬
nation makes you pay tribute to save your own skins ?
Such a dictated peace would be no peace at all.
It would be only
another armistice, leading to the most gigantic armament race and the
They call it a "negotiated peace"
most
devastating
trade
wars
in
all
history.
And
in
these
contests
the
Volume
Americas
would
there
God
we
selves
:n
a
chains.
in
'■
support the nations defending them¬
to
now
can
defeat, submit tamely to an Axis victory, and wait
object of attack in another war later on."
The President declared that "there is no demand for
turn to be the
an American expeditionary force outside our own
borders," and he added "there is no intention by any mem¬
ber of your
Government to send such a force."
"Our
national policy is not directed toward war," he asserted;
"its sole purpose," he said, "is to keep war away from our
country and away from our peoi)le."
He went on to say
that democracy's fight against world conquest must be
more
greatly aided "by the rearmament of the United
States and by sending every ounce and every ton of mu¬
nitions and supplies that we can possibly spare to help the
sending
defenders who
In
stating
lockouts,"
or
"the Nation
that
continue operation
Mr.
defense indus¬
expects our
without interruption by strikes
"the splendid
commended
Roosevelt
co¬
operation" existing "between the Government and industry
and labor."
He counseled, however, that "our present de¬
fense
of
efforts
not
are
enough," since
must have "more
we
only be accomplished "if we dis¬
card the notion of 'business as usual.*'"
everything," which
can
concluding his
which
address,
broadcast
was
the
on
major networks of this country and re-broadcast by
short
wave
to various foreign
countries, the President ex¬
mto
war"
this
based
"latest
the
on
best
and
informa¬
of
in
Some
ships.
At
from
This
is
not
the
and
now,
fireside
chat
of
a
nub
whole
the
on
your
children later, and
war
for
list-ditch
the
is
your
a
of
Tonight,
the
in
to
the wheels of
the
whole
I
a
remember
behind
the
plowing;
savings. }I
widows
77.77
tried
to
Even
New
small
I
old
which
crisis—this
and
courage
Never
been
danger
of
spring
told
777
the
We face this
has
our
new
a
the
Tbm
that
with
or
blocked the
expan¬
aimed at world control—
program
he
must
be
can
In
to
the
use
of
of
view
the
talk of
encourage
intention
dominating
At
the
on
"The
notice
this
this
the
.
.
.
I
freedom
live in
Germans and Italians
the
by
British,
sailors who
able to
In
the
no
our
European
beat any other Power
States
this
to
our
this
but proclaims, that there
stood
on
threat,
that
are
it
can
be
asserted,
or
on
and
Yet
There
there
the
a
measure
alliance
was
was
the
no
whole
aggression
Does
of
thousands
gain
this
time
or
anyone
of
soldiers and
The Japanese
;
„
control
of the
oceans
in
the Monroe Doctrine was conceived
Continental
Europe.
Thereafter
neighbors. There
we
was
seriously believe,
were
our
on
The fact is that during
has remained free from
Asia.
the other hand, that we could rest easy if the
there ?
neighbors
jumping-off place for German attack on any one of
hemisphere.
7
of this
the future of two other places
for yourselves
centuries?
There
form
of
Hawaii
who
the
attack
wishful
outpost
an
to
nearer
even
;
in the Pacific.
of defense
in the Atlantic
shores
77777'. 7
those
are
to
of
as
closer to our
are
other side.
the
on
think
We
the Azores
.'••/.
than
Hawaii
that the Axis Powers would never Thave any
Hemisphere.
This is the same dangerous
say
Western
thinking which has destroyed the powers of resistance of
therefore
The plain facts are that the Nazis
that all other races are their inferiors
their orders.
Ana most important of all, the
of this hemisphere constitute the most tempting
subject to
resources
and wealth
in
all
have
and
us
already within
them,
and
our
the evil
others
many
so
Your Government knows much about
gates.
own
corrupted
day is ferreting them out.
every
stir
to
undermined and
crushed and
have
the undeniable fact that
blind ourselves to
longer
no
which
forces
are
vast
loot
77-,, ' 7
7
world.
the
is
77'^7'7 77,7:-
;.77;7
many conquered
peoples.
proclaimed/ time and again,
active in
are
and
suspicion
up
our
own
and neighboring countries.
dissension
to
internal
cause
strife.
capital
against labor, and vice versa.
They try to
long slumbering racial and religious enmities which should have
and
turn
are active in every group that promotes
their own ends our natural abhorrence
of war. 777 ;
7;"
.7.77"'"'.-:7-.77 '777,;: ,77,,; ■■" 77-7>7. ■ .777,7.7.
These trouble-breeders
have but one
purpose.
It is to divide our
people into hostile groups and to destroy our unity and shatter our will
defend
to
There
exploit
They
al*o
in
do
I
dictators
charge
want
ting
our
should
They
of
have
peace
the
work
who,
of
these
exactly
we
Some
the
of
the
can
kind
of
work
the
that
skins by shut¬
our own
save
Some of them
go
much further
and should become the friends and
can
we
them
of
suggest
even
dictatorships.
that.
Americans
7
the Nazis.
7
,
even
that
never
7
people
death
7,
7
a
been
ignore
the
Poland,
ruthlessness.
kitten by
a
There
can
might
just
become
to
aocomplices
soon
of
they will be
surrounds
pay
warning to be found in the fate
Belgium, The Netherlands,
that the Axis Powers are going to
in
as
the
well
world
throw
could
its
Nonsense!
your
tribute to
Is
it
community and
save
your
own
be
saved,
influence
the best out of it that
"negotiated peace."
you
forced
Norway.
They tell you
this bloodshed
all
States
of outlaws
makes
a
with
they do not know how
dictated peace and get
gang
tiger into
tame
their allies.
appeasers
that
United
a
can
man
appeasement
Italy have
of
by
France.
They call it
mination
No
no
an
Czechoslovakia,
and
anyway;
scale of
no
we
can
incendiary bomb.
We know now that a nation
with the Nazis only at the price of total surrender.
American
Austria,
the
be
can
but at this moment
to
Denmark
a
high places,
in
abetting
States.
Powers.
Axis
methods
There
the
embraced
that
do
appease
Nazis;
win
that
say
reasoning with
Even
of
of them
and
experience of the past two years has proven beyond doubt that
can
stroking it.
the
doing
United
the
in
only believe that
the
will
never
The
with
them
the
imitate
nation
can
many
aiding
are
to the fate of other nations.
eyes
that.
partners
no
cases,
done
These people not
than
citizens,
American
mo3t
I do not charge these American citizens with being foreign agents.
agents.
the
for
ourselves.
are
unwittingly
if
They
place in this country.
no
The
correct by history, that we as neigh¬
anyone
Powers
base against Britain, now
Any South American country, in Nazi hands, would
republics
Analyze
The
seriously beb'eve that we need to fear attack while a free
Britain remains our most powerful naval neighbor in the Atlantic?
Does
Axis
other
the
of defense in the face of a threat against
proven
from
Would she hesitate to say to any South
the British.
from
country: "We are occupying you to protect you from aggression
always constitute a
be
peaceful fashion.
the Western Hemisphere
from Europe
Belgians
Belgium today is being used as an invasion
"unwritten agreement."
feeling,
are
by the United States?"
and
bors could settle any disputes in
the
all
the other side of the Atlantic
by
war-makers should not
an
as
by
nation for the purpose
"protecting it" against the aggression
7 77;:77^7 777;\7:'77.. ";'7.7;':7:7
.7.'•. 7
example, Germany has said that she was occupying Belgium to save
reason
leagued against
from subjugated countries.
guard in the Atlantic, with the British as
treaty.
no
our
hemisphere.
Government
hemisphere
that they are occupying a
Another is that they are occupying or controlling a
that they
excuse
intolerance.
being held away from our shores.
One hundred and seventeen years ago
by
in
people like to believe that wars in Europe and in Asia are
us.
But it is a matter of most vital concern to us that
Asiatic
and
lead
hundred
a
somebody else.
For
try
fleet.
our
in
country
my
-7'7-77';".7:
; -7\7
■'
what it means to live at the point of
us
of
reawaken
to
concern
which
is
Pacific
Some of
tells
on
But
the
Greeks,
escape
into
V'\':7 7 7,7"
;
nations
"restoring order."
They
nations to abandon all thought of
being blocked
the
by
the other day:
me
-"777;.' ' 77. 7. 7 7 7 7 7'.. 7.7
777.'-;'7'.
justified such actions by various pious frauds.
One of
have
the
poured
had
to
It was given to my Government two
quantity.
these frauds is the claim
world
being engaged in Ar.ia by the Chinese in another great defense.
are
of
were
are
and
of
are
Nazis
seek
can
undeniable
aggressor
forces
gun.
The
these nations said
of
one
troops
77777 7- '
fate of these
Nazi
without any notice at
even
of
minus
a
German
after
They
conquering the world.
or
moment
peoples who
the
or
leader
was
and thrown into the modern form of slavery
all.
overrun
notice
exiled
an
oppo¬
until the day shall come when there is a clear
peace
part of
Other nations were assured by Germany that they need
Non-intervention pact or not, the fact remains that
attacked,
hour's
an
As
cf
the
or
hgads.
bound by solemn non-intervention pacts
were
invasion.
were
they
a
Europe
fear
worlds
two
are
;
of
nature
no
well know that we cannot escape danger,
we
of
Germany.
never
at
But
nations
they say: With this
when
correct
are
"there
properly and categorically, that the United States has no right
to
to
of Europe to
resources
between their philosophy of government and
government.
however,
telegram,
want to see
it, by crawling into bed and pulling the covers over oUr-
Some
defiant reply to his
the Axis not merely admits,
words,
ultimate peace
no
philosophy
parts of the Nation have
Almost all of them ex¬
the facts."
us
prepare.
fear of
Let
but also
So said the leader of the Nazis.
-
other
One
Their secret emissaries
ourselves.
reeorcile
ever
the world."
In
and then
"Others
this:
to say tonight.
Frankly and definitely there is danger ahead—danger against which we
world.
the
ago„7 their
leader
stated
opposed to each other."
Then, in
said
cannot
we
in their own country,
weeks
stand
nents
of
rest
all
people in
many
desire to hear the plain truth about the gravity of
courageous
minority who
so
three power¬
Germany have made it clear that they intend not
whole of Europe,
the
dominate
week
they wanted me
situation.
desire
American
Asia, joined themselves together in
only to dominate all life and thought
enslave
what
by telling
they would unite in ultimate action against the United States.
of
past
expressed the attitude of the
evil and hear no evil, even though
they know in their hearts that evil exists.
That telegram begged me not
ro tell again of the ease with which our American cities could be bombed
by any hostile Power which had gained bases in this Western Hemisphere.
The gist of that telegram was: "Please, Mr. President, don't frighten us
ihe
same
now.
agreement signed in Berlin,
an
of these three nations—a
masters
America and Asia
being increased.
the
me
pressed
life's
77'v'vRock
Plymouth
the threat that if the United States interfered
The Nazi
the distance is less than
for the latest type of bomber.
almost touch
hours
Ocean,
7.. 7,777
which could fly from the British Isles to
And the range of the modern
have planes
we
fighting for its life.
what
Nation—with the
our
-
and
as
people
and realism.
security
two in Europe and one in
sion program
Pacific
the
Yet,
7>;777V7; 77,:
in such
7
still
are
we
their daily lives.
the
Sept. 27, 1940, by
cn
ful nations,
:>7->.f
falls
Germany if the Nazis won.
Could Ireland hold out?
Would Irish free¬
dom be permitted as an amazing exception in an unfree world?
Or the
islands
of the Azores which
still fly the flag of Portugal after five
Jamestown
since
of
ever
American
their
force.
To
permanently
thing, with the same people, in this new
7: 7 / 7-
same
to
realism.
before
civilization
For,
threat
7-
American
of
mass
1933 with courage
issue of
new
■V,:;7 ■■■>;7-v 7:77
great
America
faces
the
about
ourselves
economy.
if Great Britain
even
Denver—five
to
north
today
During
time
House,
the farmer doing his
wondering
men
7 7;- <77
the
to
Tonight I want to do the
We met
eight
a
White
in the
study
my
shopkeeper;
hanking crisis meant to them in
crisis
in
sat
the
'-rf
7777
7
was
of brute
threats
convert
war
England and back without refueling.
bomber is
my
and
convey
It
to a full stop, when
girl
the
counter;
the
back
goes
domestic crisis.
to
of
nation
those Americans with whom I was talking.
in the mills, the mines, the factories; the
workmen
the
mind
my
of
and to ours.
me
the people of the United States, I had before
the picture of all
saw
crisis,
a
all
a
by
run
have
basis
point between Africa and Brazil
one
the
at
each other.
you
country had ceased to function.
our
while
that
preparing to talk with
I
world
a
the midst of
in
and to
American industry were grinding
banking system cf
well
eyes
of
presence
night
ago
when
security;
to keep
is
independence and
American
the things American independence means to ycu
years
national
on
President
grandchildren much later, out of
your
preservation
talk
It
of
war.
purpose
the
on
believe that
to
Washington
And
The
because
be
would
we
Power
like
us
places."
President's address follows in full:
The
of
and terrible era in which the whole world,
new
would
world
a
militaristic
a
Lours
tion."
such
military.
as
safe, because of the broad expanse of the Atlantic and of the Pacific.
But the width of these oceans is not what it was in the days of clipper
pressed the belief that "the Axis Powers are not going to
win
well
as
included,
hemisphere
survive
with
In
three
economic
We should enter upon a
our
small
the front lines."
in
are
position to bring enormous military and naval resources
bullets,
getting into war if we
against attack by the Axis than if we acquiesce in
tries to
they will be
against this
hemisphere.
It is no exaggeration to say that all of us in the Americas
would be living at the point of a gun—a gun loaded with explosive
their background the concentration camp and the
their
our
down the Axis Powers will control the continents
goes
Europe, Asia, Africa, Australasia, and the high seas—and
far less chance of the United States
all
Britain
of
Mr. Roosevelt made "the direct statement" "that there is
do
Great
If
With
only real resistance to the Axis Powers.
efficiency, with all their parade of pious purpose in this
still in
are
of
servants
the
offer
all their vaunted
war,
35
The Commercial & Financial Chronicle
152
we
a
on
skins?
and
into
the
can.
negotiated
threat
of
peace
exter¬
The Commercial & Financial Chronicle
36
Such
another
most
dictated
a
their
God
in
they
The
pious
this
in
purpose
and the
camp
but the very altars
They may talk of a "new order" in the world:
mind is but a revival of the oldest and worst
simply the transient
not
are
have in
or
United States
a
and
It is
oppression.
the
enslave
people
Our
alliance.
that
the
country's
No
States of
union of ordinary, self-respecting
a
their freedom and their dignity
and pelf to dominate
power
with all
security
Our ability to
active
an
greatly
is
against
war
dependent
this
the
on
unholy
all
require
proper
the
of
new
handling of
productive
it
possible speed
above
all,
it
essential
the
is
defense.
to
of the Nation to build
machine and arsenal and factory that we
every
defense
material.
purpose
have
We
men—the skill—the
the
the will.
that
confident
am
industries
that
clear
if
and
when
production
of
luxury
or
consumer
goods in certain industries requires the use of machines and raw materials
essentia! for defense purposes, then such production must yield to our
and compelling
primary
I
to
purpose.
plants—to
to the owners of
appeal
our
Government
own
managers—to the workers—
the
employees—to put every ounce of effort into pro¬
swiftly and without stint.
And
the pledge that all of us who are officers
ducing these munitions
I
give you
devote ourselves
will
As
the
to
wholehearted
same
with this appeal
of
Govern¬
your
extent
the
to
great
lies ahead.
task which
outcome
"kec-p out of war" is going to be affected
by that outcome.
Thinking in term* of today and tomorrow, I make the direct statement
to the American people that there is far less chance of the United States
getting into war if we do all we can now to support the nations defending
themselves against attack by the Axis than if we acquiesce in their defeat,
of those
manufacture
to
ment
conducting
are
will
past a
are
more.
make
to
wealth—and
I
defense
our
needs
peace-time
expansion
want
need
fan. 4, 1941
of
pessimistic policy about the future of America shall delay the im¬
mediate
I
needs
present
capacity—if noc
government based upon
a
race.
future
own
fight.
It is not
is not
unholy alliance of
an
human
British
It
hope.
a United
no
opposite of
to protect themselves and
women
tools,
religion,
no
very
of Asia.
consent of the governed.
The
of
Powers.
the Axis
to
that shootings and chains and con¬
proves
proposed
Europe
and
of
In that there is no liberty,
"new order" is the
tyranny.
from
race
And in these contests
the concentration
years
dietatoishipb.
what
men
be only
and the
the Amer¬
With all
war, there
servants of
would
It
armament
now
camps
modern
the
gigantic
resistance
parade
and
background
history of recent
centration
but
real
all.
at
peace
no
most
in history.
wars
only
efficiency
their
the
to
chains.
in
The
of
the
offer
vaunted
still
are
leading
devastating trade
would
icas
be
would
peace
armistice,
the
After
and ships
planes
and
shells
and
guns
produced,
are
Govern¬
your
with Its defense experts, can then determine how best to use them
this hemisphere.
The decision as to how much shall be sent
ment,
defend
to
*
submit
,tamely to an Axis victory and wait our turn to be the object of
attack
If
is
another
in
risk in
a
and the greatest
Europe who
fighting.
the
tanks,
security.
our
be saved
the
suffering of
get
must
we
quickly enough,
and
to do
us
that
so
to
weapons
and
we
children
our
others
which
war
these
have
had
defeatists tell
Tomorrow
Certain
us
will
not
than
be
facts
that
it
is
late.
too
It
will
be
never
Our
of
national policy is
war
from
away
not directed toward
country
our
and
Its sole purpose is
war.
nations
ether
materials
We
to
our
must
we
than it
that
is for
Sweden, Russia and
and oil
ore
and
other
war
day.
defense with
own
integrate
is
not
matter
a
matter
a
of
These
military
the
of
the
the utmost urgency; and in its
needs of Britain and the other free
war
and
Nation
controversial
personal opinion.
the
on
advice
of
our
in
necessary
effort
I
naval
and
experts
have
the
members
of
single-minded purpose—the
a
the
the
Congress
defense of
the
to
with
produce
all
possible
everything
speed.
that
ThiB
is
great
sacrifice.
in the nation
not
be
a
democracy which in turn
against want and privation.
diluted
to
produce
is
The
by the failure of the
economic well-being of
all
would
not
strength
Government
to
citizens.
limited
by
it
must
ever
be
that these machines are
operated by the skill and the stamina
of the workers.
As the Government is determined to
workers,
the Nation
so
I
has
will
discharge
worker
The
possesses
protect the rights of
right to expect that the men who man the
a
their
full responsibilities to
provide
the
human
same
the urgent
needs
human
The Nation
interruption
and
or
that
power
manager
turns
or
And
the
know,
that
our
by strikes
workers
on
the
or
will
destroyers,
the
Nine
bending
every
days
ago
our
the
direction of
ships
side
their
of
differences
effort to
have
program
to
be
not in
are
built
in
the
and
and
have
In
machines,
of
workers
this
great
Government and
American
talents
there
industry
industrial
into
in
turn,
be
to
and
built
of
America.
engineers
by
with
hundreds
of
been
has
and
splendid
cooperation
between
the
labor.
genius
for
it
we
are
lute
unmatched
throughout
the
world
in
the
problems, has been called
upon to bring its resources
Manufacturers of watches, of farm implements,
automobiles, sewing machines, lawn mowera and
making fuses, bomb packing crates, telescope mounts,
action.
are
now
shells, pictols and tanks.
But all
more
plished if
be
our
guns,
present efforts
more
done merely
added
Our
defense
failure
of
our
notion
for
efforts
of
not
plant
defense efforts
"business
We must have
on
the
This
as
can
usual."
more
only
be
ships,
accom¬
This
job cannot
existing productive facilities the
defense.
must
surplus
enough.
everything.
of
by superimposing
requirements
consequences
not
are
planes—more of
discard the
we
in
name
a
that
and
men
Great
-
from the heroic
Their
who value
women
going to win this
have
We
of
all
our
I base
war.
the
good
for
reason
civilization and for the
our
future.
people^
are
deter¬
now
than
they have ever yet made to
implements of defense, to meet the
faith.
i
States, I call for that national effort.
Nation
this
every
that the American
mightier effort
of
which
serve.
common
cause
call
I
will
love
and
upon
we
our
honor
I call
and
which
people with abso¬
greatly succeed.
President Roosevelt Says Government Plans to Spend
|fc)|$350,000,000
New
on
ShipbuildingftProgram
President Roosevelt announced yesterday (Jan. 3) that the
Government is planning a program of building about 200
ships estimated to cost between $300,000,000 and $350,He disclosed that $36,000,000 has already been
000,000.
alloted to the United States Maritime Commission to start
construction of shipyards for the work.
In reporting his
remarks, Washington United Press advices of Jan. 3 said:
The President said the program was decided upon because Government
destroyed in the war and there would be
a
are
being
great shortage after it ends.
Asked if Great Britain would benefit from the program, the President
was an
if question and he did
not care to answer it.
There have been reports that ships may be leased to Britain.
Mr. Roosevelt said he
was not
The President said the
would be easy to
build.
new
yet ready to say where the proposed ship¬
ships would
blocked
capacity.
are
by those who fear the future
The
much
around 7,500 tons each and
run
He thought the whole
program would cost between
$300,000,000 and $350,000,000.
use
possible
more
to
be
consequences
feared.
can
in steel plants, and
the proposed shipyards as assembly plants.
♦
President
at
Roosevelt
Sites
Bases
on
Suspends Eight-Hour Work Day
from England—Executive Order
Workers
Constructing Army and Navy
Leased
In
an
Islands
Executive
Order which
of
declared
that
"an
extra¬
ordinary emergency exists," President Roosevelt yesterday
(Jan. 3) suspended the 8-hour work day for Government em¬
ployees constructing Army and Navy bases at sites leased
from England.
The order for the suspension was signed on
Dec. 31 and published in the "Federal Register" of Jan 3,
said United Press advices from Washington.
The sites
leased from England are located in the Bahamas, Jamaica,
Antigua, St. Lucia, British Guiana and Newfoundland;
reference to the leasing of the sites was made in these columns
Nov. 23, page 3014.
The United Press advices from Wash¬
ington (dated Jan. 3) referred to above, also had the following
to say regarding the President's Executive Order:
The Executive order for the suspension was
signed Dec. 31 and published
Register today.
J
The President emphasized that the interest
of the national defense
re¬
at the "earliest
practicable date." He
pointed out that the eight-hour day limitation couid be suspended in the
"case of extraordinary emergency."
Army and Navy officials explained that under Acts of 1892 and 1913
ployees in Army arsenals and Navy yards
with
are
restricted to 40 hours
a
em¬
week
provision that they can be employed as much as 48 hours if
they are
paid overtime for the additional eight hours.
These employes may not
work
a
more
than 48 hours
a
week unless the President
specifically finds
an
extraordinary emergency existing.
President Roosevelt explained at his press conference that he
suspended
the regulation in order to conform with various local laws in the British
colonies where the bases
be
now
not
are
defeatism.
privileged and proud to
confidence
of
hope for the defense of
domocratic
the
aid
to
that determination.
best information.
quired the construction of the bases
linotypes, cash registers,
locomotives
Powers
for
production
our
in the Federal
throughout the land.
work
solution of production
and
which,
Guns, planes
arsenals
the
thousands
as
well coordinated executive
a
themselves enough.
factories
and managers
of
are,
stability of prices and with
They have to bo produced by workers
aid
we
living.
of money
sums
defense efforts
our
maintain
of
cost
legal
or
sorely needed.
so
defense
great
our
by voluntary
are
I announced the setting up of a more effective organiza¬
gigantic efforts to increase the production of munitions.
The appropriation of vast
and
defense industries to continue operation without
lock-outs.
It expects and insists that manage¬
reconcile
economic
stability of
tion to diiect
our
to
will
we
For the
owner.
the
out
to continue to produce the supplies that
means,
you
expects
Axis
peace,
forth
and
the governments-in-exile.
all
better civilization in the
a
emer¬
highly than they value their lives.
the
excuse
no
put
is an
war.
military support
the strength
is
As President of the United
of
airplanes and the tanks.
ment
to
increase
threat
dignity and is entitled to the
the engineer
as
the forces of
It
the latest and
Affects
the
security of position
workers
have
at
support
determination
our
construe
invaluable
have the profound conviction
mined
defense.
same
that
on
in
The Government, he said, will do all the work it
machines
remembered
machines
We
more
we
material
great
they will
received
growing.
believe
I
this
us
yards would be placed.
defend
to
one
shall
capacity
our
effort
great
a
emergency—and
no
Nation
protect
making
great
ask
everyone
this
If
is
freedom
replied that that
is
this
requires
would
defend
of
their
basis
combination of dictators, will weaken that deter¬
how
Army, and from
strength
For
officials realized that thousands and thousands of tons of vessels
States.
This
of
or
military policy, based
in close touch with existing warfare.
are
Administration
United
sentiment
realistic
military experts who
and
do
to
us
every
resisting aggression.
This
is
for
Germany
planning
are
nations
It
Greek
have
British
"bottlenecks"
no
by threats of
British
the
on
future.
No dictator, no
The
made
people.
our
Germany to send steel and
near
into
scale
vast
unneutral
more
no
the
in the
be
will
building of
world conquest.
to
Democracy's fight against world conquest is being gTeatly aided, and
must be greatly aided,
Dy the rearmament
of the United States and
by sending every ounce and every ton of munitions and supplies that we
can
possibly spare to help the defenders who are in the front lines.
It
is
There
be
must
itself.
We must apply ourselves to our task with
the same sense of urgency, the same spirit of
mination
Great Britain and the British Empire
sense,
resistance
heme
at
great arsenal of democracy.
furnished
more
hope—hope for
today.
are today the
They are putting up a fight
which will live forever in the story of human
gallantry.
There is no demand for sending an American
expeditionary force outside
our own borders.
There is no intention by any member of
your Govern¬
ment to send such a
forceYou can,
therefore, nail any talk about
sending armies to Europe as deliberate untruth.
spreahead
keep
far
furnish
earlier.
self-evident.
are
military
a
later
remain
necessities.
as war
resolution,
have
that belief
Let
the
serious
same
We
to
endure.
In
the
be
must
shall
much
military
Britain.
in the future.
peace
defending themselves do not ask
Emphatically
agony
We
gency as
that I advocate involves the
course
hope for world
are
them in sufficient volume and
will
over-all
our
must admit there
we
But I deeply believe that the great
They ask us for the implements of war, the planes, the
the freighters which will enable them to fight for their
guns,
liberty and
take.
may
people agree that the
our
now
The people of
their
we
of
patriotism and sacrifice as we would show were
on.
completely honest with ourselves
any course
majority of
least risk
later
war
be
to
are
we
how
abroad and
are
of these islands and there is
located.
a
The United States does not
vast difference in the laws of each.
own
any
Most of
the workers wiU be natives and the Government wants to conform to the
work situation in each Island,
He added that the Government would pay
Volume
The Commercial & Financial Chronicle
152
the top prevailing wage scale in each instance and has adopted the prevailing
The
committee
further
hours.
average
and
is
37
convinced,
service
necessary
however,
to
the
study of the entire field of labor
New
Congress Convenes After
Record
Breaking
76th
render
by
States
a
a
Washington Associated Press advices of Jan. 3 reported
following on the minority's statement:
Mr.
Seventy-seventh Congress convened formally yester¬
day (Jan. 3) for a brief business meeting and then adjourned
until Monday (Jan. 6) when President Roosevelt will de¬
liver his message on the State-of-the-Nation.
The official
closing of the Seventy-sixth Congress, which set a record of
367 days, came yesterday morning (Jan. 3) when the Senate
held its final session.
The House adjourned sine die on
can
the United
of
the
Session Ends
The
the Congress
that
people
relations.
Healey and
Mr.
Murdock said that they
held
grave
fears that the
majority report
would sow seeds of disunity in a time of great peril to
They said that they would undertake soon to show that the
blanket charges against employees of the National Labor Relations Board
are
entirely unwarranted.
the
country.
"The
the
majority,"
Wagner Act,
out the
they
declared,
"has completely ignored the fact that
by the Board, has successfully carried
administered
as
principal
purposes
for which it
enacted."
was
Jan. 2.
The new Senate session yesterday consisted of the swear¬
ing in of new members and the adoption of a resolution
providing that the electorial votes be counted on Monday.
The House reelected Speaker Sam Ray burn, Democrat of
Texas, who swore in the members present, and then adopted
the resolution which the Senate had approved.
House Investigating Committee Urges
Complete Reor¬
ganization of NLRB Personnel—Congress Asked to
Study
The
Labor
Relations
majority members of
House committee
special
the
which has been investigating the National Labor Relations
Board
17
for
months
the
its
issued
final
report
28,
Dec.
on
of the per¬
sonnel" of the Board, and that Congress make a study of
the "entire field of labor relations."
An interim majority
recommending
"complete
reorganization
United States and Argentina Sign Stabilization Pact—
$50,000,000 of American Stabilization Fund
Used to Support Peso
A stabilization agreement between the United States and
Argentina was entered into on Dec. 27 when Secretary of
the Treasury Morgenthau and the Argentine
Ambassador,
Felipe A. Espil, signed the pact in a brief ceremony in
Washington.
Under the arrangement, $50,000,000 of the
United States Treasury's stabilization fund is set aside "to
promote stability between the United States dollar and
the Argentine peso."
A joint statement issued after the
signing says the agreement provides "for the purchase of
Argentine pesos with dollars, and for the exchange of in¬
formation and of views bearing on the proper functioning
of such a program."
The following is the joint statement
issued by Mr. Morgenthau and Mr. Espil:
As
another
practical
proof that
report of the committee, issued last March (noted in these
force among American republics,
columns
completed
April 6, page 2190) , proposed 17 amendments to
improve the Act by making its
the Labor Act designed "to
provisions more equitable."
House
the
June
on
7
action has been taken by the Senate in
In its final report the committee again recom¬
3753), but
page
These changes were voted by
(reported in our issue of June 15,
the matter.
no
mends adoption
of this "remedial legislation."
Be
to
States
a
the
good-neighbor
the United
policy is
living
a
States and Argentina have
stabilization arrangement by which $50,000,000 of the United
stabilization
fund
is
set
aside
to
promote
stability between the
United States dollar and the Argentine peso.
The
for
agreement
the
provides, under conditions acceptable to both parties,
purchase of Argentine pesos with dollars, and for the exchange
of information
and of views bearing on the proper functioning of such
a
program.
This
Those sign¬
is
a
cooperative arrangement between
old and good friends.
It
ing the report just issued were Representative Howard W.
has been discussed and formulated in this spirit by representatives of the
Smith, Democrat of Virginia, Chairman of the group, and
Argentine Government and the Central
Bank
officials of the United States Treasury.
The monetary authorities of the
the
two
members, Representatives
Republican
Indiana and Routzohn of Ohio.
the
Halleck
of
The other two members of
committee,
Representatives Healey of Massachusetts
and Murdock of Utah, both Democrats, issued a statement
on Jan. 3 declaring their opposition to the majority report.
It
said, in part:
The
bution
of
the majority report
of
tone
Board
the
and its failure to recognize the contri¬
,
industrial
to
evidences
peace
the
uncompromising
two countries expect to
hold further discussions in the
Act.
v.
/
V'-;'
.
members also
These two committee
April 13,
of
In our issue of Dec. 28, page 3816, we referred to the
signing of an agreement by which the Export-Import Bank
grants a credit of $60,000,000 to Argentina.
+
conclusion
committee states that "on the basis
Board
been
has
its conduct, its decisions and its
The conclusions and
in
contained
it "reached the
unfair
it
labor unions
been
and
most
in
grossly
partisan
in
its
28,
Dec.
to the
The
the
demonstrated
towards
Caracas.
separation
biased
and
the
attitude
of
those
toward
who
persons
litigants,
as
have
well
conduct
and
expressions
of
opinion have indicated
objection to the American eystem of government.
beyond the
discussed
to
scope
and
committee
of the
survey
an
of the congressional
number
ample
the
support
instances in which
many
of
their
that
conclusion
Board
the
has
developed
been
have
has
cited
the new funds
to cancel its
on
for
a
It
is
Never
have
As
of
the
this
to
has
erred
in
its
.
.
tremendous
a
.
endeavor
domain
nullified
"to regulate
Federal
of
by
the
commerce
been
extension
find
to
intervention.
Board's
among
given
every
was
States'
rights
interpretation
far-reaching
the several
to what
problem
Board,
limited
not
the committee
the
to
is
formulation
the
restore
feels
of
necessary
Concrete
The
achievement
formulation
of
and
to
matters
that
covered
States
by
and
the
with
activities
the Congress itself
legislation
that
may
must give its
be considered desir¬
the
the
committee's
speedy
investigation
include:
adoption
by the House of Representa¬
tives of 17 amendments designed to improve the Act
by making its pro¬
visions more equitable.
2.
Abolition
3.
Resignation
cally minded
4.
The
of
or
the
Division
of
Economic
or separation from
biased officials.
development of
a
Research
Government
(technical
service
of
service).
certain
radi¬
factual record calling for the dismissal of other
employees.
5.
of
A
the
6.
part
saving
Board's
The
of
of
its
$346,600
to
the
taxpayers
by congressional
reduction
appropriation.
return,
by
careful
appropriation
by
management
and
the committee.
economy,
of
a
substantial
a
relaxation
lack of foreign exchange.
reserves
and the importation of essential
Excess
Action
Reserves
to
Absorb
and
Part
Would
of
End
President's Power to Devalue Currency—Also Urges
Removal of Power to Issue $3,000,000,000 Green¬
backs—Increase in Reserve Requirements Proposal
Sale of Government Securities Direct to
—Also
Investors
toward the adoption of measures "to forestall
development of inflationary tendencies attributable to
defects in the machinery of credit control" is urged in a special
report to Congress on Jan. 1 by the Board of Governors of
the Federal Reserve System, the Presidents of the Federal
Reserve Banks and the Federal Advisory Council.
It is
noted therein that this is the first time that a joint report of
this kind has been presented to Congress.
Inflationary
tendencies "if unchecked" says the report "would produce a
rise of prices", and would "retard the National effort for
Action
the
defense."
to
Congress (which
other things
followed a
conference in Washington on Monday Dec. 30 between
Secretary of the Treasury Morgenthau, Marriner S. Eccles,
would
Committee
a
import permit commission to maintain
an
exchange
Efforts—Seeks
The submission
balance to the Federal system.
of
25 constituted
$7,000,000,000
its
be subject to its regulatory power.
Achievements
1.
outstanding commercial obligations, and finance foreign trade
Defense
con¬
nations."
this
attention
able
Board
the
such
virtually
power
foreign
has
fairly limited
a
been
the
plain language of the statute.
enterprise to
before
formerly
<-f
that
evident
conceivable
which did not mention the size of the credit, said
would strengthen national credit by enabling this country
Federal Reserve System Urges Congress to Act to Fore¬
stall Inflationary Tendencies Which Would Retard
by
"run-off" elections, "reinstatement" of employees
where policies have been adopted and remedies
instances,
"exceptionally advantageous terms,"
dispatch of Jan. 1 from
♦
regulations and instructions promulgated by the Board, and
of its decisions, have been without any color of legal authority.
Attention has been directed in particular to cases involving the appro¬
similar
announced on Jan. 1
credit from the National City
United Press
a
balance between foreign
Certain
invented to distort the
Aid
foreign merchandise.
many
and
to
Venezuela
new
foreign import restrictions caused by
,
priate bargaining unit,
Bank
Another important and immediate effect of the credit will be
and
exceeded
authority by arbitrarily substituting its autocratic judgment
gressional mandate.
board
the
intent has been
instances
of
a
as
...
oompresenhive
gone
the
partial
a
the complete reorganization of the personnel
and
York
The advices added:
The announcement,
certain
whose
determined
A
Board
Bank
Bank of New York at
A decree Oct.
by
New
operations.
attitude
deplorably biased in its relations to employers and
The committee recommends
those
Central
it is learned from
employees.
employed
from
Trade
interpretation of the law."
special
has
biased
and
recommendations of the committee, as
Washington advices,
New York "Times" continue, in part:
Likewise
Credit
filed
testimony before it,"
that the
Gets
that it has received
evidence and
the
friendly spirit
present agreement.
Venezuela
2347).
page
In its final report the
by the
both countries to reap the greatest possible benefit from the workings of the
minority views
(mentioned in these columns
the findings of last March
on
same
and
during the coming year; and it is hoped that these conversations will enable
opposition of the majority to the principles underlying the National Labor
Relations
of Argentina
curb
the
President's
among
monetary powers)
Chairman of the Board of Governors of the Federal Reserve
System, and Lauchlin Currie, White House Economic Ad¬
viser.
In the Washington "Post" of Dec. 31 it was stated
that none of the three would at that time give any hint of
what impended, but that Mr. Eccles referred newspaper
men to his
"off-the-record" speech in New York a month
ago, in which certain suggestions were made by him as to
excess reserves and
monetary policies.
A reference to the
address following publication of portions of it in the news¬
papers, appeared in our issue of Dec. 14, page 3488.
Five
The Commercial & Financial Chronicle
38
proposals
submitted to Congress for action in this
week's report, the first of which is that
provision should be
made for absorbing a large part of existing
reserves, which
down
bank
lending by increasing
In
longer
000,000 in
new
it
the percentage of deposits
Treasury—to issue $1.29 worth of
Neutralize the credit effects of imported gold.
3.
could be accomplished
Sell future issues of Government
4.
5.
Eventually
for each
currency
balance
the
Associated
Press
Details of how this
budget,
"whenever
the
from
accounts
President's full
Jan.
knowledge, but that Mr.
2
Such acquisitions should be insulated from the credit system
it would be advisable if they were not restored to
upon
the existing large volume of deposits rather than by creating
CONGRESS
of the Federal Reserve Banks and the Federal
the
since
the
members
of
Federal
the
of
Advisory
Council
representing the
engaged in
a
organization at
monetary
time
a
when
great defense program that requires the
the
country
is
coordinated effort
and to
success
full coordination
our
a
tax
as
prevention of
policy appropriate
monetary and fiscal needs.
of these
of action
measures
that there be unity of policy
by the various governmental
a
secure
bodies.
A
In the period
monetary system is essential to the
defense program and constitutes
These
protective steps, equally or
monetary system divided against itself cannot stand securely.
that lies ahead
12
Congress.
This step is taken in order to draw attention to the need of
proper pre¬
our
are
important, that should be taken in other fields, such
It is vital to the
and
Advisory Council.
Federal Reserve districts present a joint report to the
paredness in
but there
are necessary,
to the defense program
the Federal Reserve System,
Presidents of the 12 Federal Reserve Banks
the Board of Governors, the
and
creation
wLhis
addressed itself primarily to the monetary aspects of the situation.
By the Board of Governors of the Federal Reserve System, the Presidents
time
production, the budget should be balanced.
System has
unwilling
more
THE
condition
a
capacity, with appropriate consideration
industrial and labor bottlenecks, and pursuance of
TO
as
will be essential if monetary responsibility is to be
discharged effectively.
In making these five recommendations, the Federal Reserve
follows:
REPORT
monetary
question that whenever the country approaches
of full utilization of its economic
of both employment and
monetary measures
For the first
This is clearly desirable for
fiscal reasons.
as
cannot be any
was
to comment
SPECIAL
We
limit should be raised;
5. As the national income increases a larger and larger portion of the
defense expenses should be met by tax revenues rather than
by borrowing.
Treasury.
The report
requirements.
Whatever the point may be at which the budget should be balanced, there
Roosevelt
was
If it
which
insulated,
other than commercial banks.
had not approved it, as it still was being studied both at the White House
Secretary Morgenthau told reporters that the Treasury
pending completion of the study.
lapse.
manner
(includ¬
ing fully taxable securities) which would be especially suitable for investors
Presidential Secretary, said today that the report
a
the
reserve
in accord with the view that the general debt
are
with Federal Reserve officials before the plan was made
public.
with
to
any
that the special limitations on defense financing should be
removed; and
that the Treasury should be authorized to issue any type of securities
well
Stephen Early,
and the
once
drawing
country
Washington
in
additional deposits through bank purchases of Government securities.
bonds to the general public rather
Federal
permitted
Committee.
The proposal did not carry a White House label,
although Lahchlin
Currie, the President's personal economic adviser, participated in confer¬
ences
be
4. The financing of both the ordinary requirements of
government and
the extraordinary needs of the defense program should be
accomplished by
reported:
submitted
should
of this
the credit system except after consultation with the Federal
Open Market
,
condition of full utilization of its economic capacity."
a
of banks
Without interfering with any assistance that this Government
may
and,
than to the banks.
approaches
and
to use the stabilization fund
country, it would be advisable if
done only after consultation with the Federal
Open Market Com¬
acquisitions.
not disclosed.
were
desirable
or
reserves
wish to extend to friendly nations, means should be found to
prevent
further growth in excess reserves and in deposits
arising from future gold
of foreign silver it purchases.
ounce
completely changed international situation during the
necessary
excess
were
3.
$41.34 an ounce.)
In the same category, it was proposed to repeal the
Treasury's present authority to issue $3,000,000,000 in greenback money
backed only by the Government credit, and also repeal an additional power
used by the
the
mittee whose responsibility it would be to fix
to
—never
be
affect
(Under existing law he could create nearly $4,000,by raising the Government price of gold from $35
money
of
necessary
should
Take away the President's power to make further changes in the gold
content of the dollar.
view
past year, the power further to devalue the dollar in terms of gold is no
that banks must lay aside for reserves.
2.
1941
of silver.
$7,000,000,000;" as to this an increase is recom¬
mended in the reserve requirements for deposits in banks.
As summarized by the Associated Press the five recommenda¬
tions in the report propose legislation which would :
Hold
4,
against the seigniorage, now amount to $1,500,000 on previous purchases
amount to
1.
Jan.
further monetization of foreign silver; the power to issue silver certificates
are
success
of the
indispensable bulkwark of the Nation.
an
An explanation of some of the technical
aspects of the
proposals made public with the issuance of the report ap¬
pears in this issue under another head.
of the entire nation.
Defense is not exclusively a military undertaking, but involves economic
and financial effectiveness as well.
The volume of
Technical
Aspects of Federal Reserve System's Pro¬
posals to Congress to Forestall Inflationary Ten¬
physical production is
greater than ever before and under the stimulus of the defense program
now
dencies
is certain to rise to still higher levels.
Vast expenditures of the military program
their financing
and
The
create
additional problems in the monetary field which make it
necessary to re¬
view our existing monetary machinery and to place ourselves in a
position
take measures, when necessary, to forestall the
development of infla¬
tionary tendencies attributable to defects in the machinery of credit control.
These tendencies, if unchecked, would produce a rise of
prices, would
to
Jan.
to
experts
on
tion cannot be controlled by monetary measures
alone, the present extraordi-
situation demands that adequate means be provided to combat the
dangers of overexpansion of bank credit due to monetary causes.
The volume of demand deposits and currency is
50% greater than in
nay
any
other period in
our
They provide
ing.
bank credit.
history.
base for
a
Since the early
Excess
more
reserves are
than
part of
principal
cause
stream of
huge and
increas¬
are
doubling the existing supply of
1934,
$14,000,000,000 of gold, the
incoming gold is continuing.
of
excess
has flowed into
reserves,
the
country
and the
of the
asset
Government securities
have
become the
banking system, and purchases by banks have created addi¬
excess
dentedly low levels.
interest
reserves,
Some of them
ments of an easy money
policy, and
well-being of
are
are
rates
have
fallen
to
unprece-
well below the reasonable require¬
raising serious, long-term problems
charitable and educational institutions, for
our
the holders of insurance policies and
savings
bank accounts, and for the
national economy as a whole.
The Federal Reserve
System finds itself in the position of being unable
effectively to discharge all of its responsibilities. While the Congress has not
deprived the system of responsibilities or of powers, but in fact has
granted
it
new
nevertheless,
powers,
authority is
now
due to
inadequate to
1.
Congress should provide
extraordinary world conditions,
means
its
for absorbing a large part of existing
which amount to $7,000,000,000, as well
to these reserves as
may occur.
as
such additions
Increase the statutory
reserve
requirements for demand deposits in
cities to 26%, for demand deposits in banks in
cities to 20%, for demand deposits in
country banks to 14% and for
time deposits in all banks to
6%.
(b)
reserve
Empower the
increases of
reserve
Federal
than double
power to
the respective
change
Open Market
Committee
requirements sufficient to absorb
to the limitation that reserve
requirements shall
to
make
excess reserves,
not
further
subject
be increased to
percentage specified in paragraph
(a).
more
(The
requirements, now vested in the Board of Governors,
and the control of open-market
operations, now vested in the Federal Open
Market
(c)
this power, which would enable him to boost the value of
to
$41.34.
reserve
Committee, should be placed in the
Authorize the Federal
requirements for central
for country
(d) Make
banks,
reserve
or
same
city banks,
or
for
reserve
reserve
$35 price.
or
not
city banks,
or
Repeal the "Greenback" Power—In
Agricultural
Adjustment Act
clause
a
new
money
credit rather than by gold or silver.
they
are
members
of
the
Federal
reserves
required under Paragraphs
(a),
(b)
and
removed.
(d) from
reserves
should be
These include the power to issue
$3,000,000,000 of greenbacks:
of gold
Should
no indi¬
of his revaluation powers.
Congress attached to the first
permitting the Treasury to issue
backed only
by the
Government's
The system said this power, although
used, ought to be wiped out because it is
never
a
potential inflationary
influence.
Repeal Power to Monetize Foreign Silver—The Silver Purchase Act of 1934
permits the Treasury to issue $1.29 in money for every ounce of silver it
buys, although foreign silver is purchased currently at only 35 cents an
ounce.
The Reserve System's proposal viewed the issue of
money on silver
at more than the metal's market price as
inflationary.
It made no com¬
ment on other powers to issue
mined
$1.29 money for every ounce of domestically
silver, currently purchased by the Treasury at 71.11
cents an ounce.
Increase the Reserve Requirements of Banks, that
is, the amount of funds
that banks which
to
keep
on
are
members of the Federal Reserve
System are required
deposit at Federal Reserve banks, besides extending this require¬
ment to all banks whether or not Reserve
increases
in
reserves
for
members, the system asked these
member
banks:
Demand
deposits
in
$26 per $100 deposit; in Boston,
Philadelphia, Atlanta, Richmond, Cleveland, St. Louis, Kansas City,
Minneapolis, Dallas and San Francisco, from $17.50 to $20; in all other
cities from $12 to $14.
Savings or time deposits in all cities, from $5 to $6.
The Federal Reserve Board also asked powers to double these new
figures.
Neutralize Credit Effects of Gold Imports—No method was suggested
officially, but the monetary experts here assumed it would be done as it
was
by the Treasury in 1936-38.
to pay
for foreign gold.
When
Then the Treasury used borrowed money
a
foreigner sells gold to the Treasury, he
gets cash and deposits it in the banks, swelling deposits by that amount.
If the
Treasury borrows
as
far
ization."
to
the
a
as
an
equal amount, the transactions cancel each
total deposits are concerned.
This has been called "steril¬
At present the Treasury pays cash for gold by reselling the metal
12 Federal
Reserve banks.
a
bank buys
Government bond, its depositors still have as much money to spend
before.
paying
the assessments of the Federal
Deposit Insurance Corporation.
2. Various sources of potential increases in excess
use
1933
Sell Government Securities to Any One but the Banks—When
Reserve System.
(e) Exempt
ounce
The Reserve System doesn't want the value changed.
cation that he intended to make further
for any combination of these three classes.
requirements applicable to all banks receiving demand
deposits regardless of whether
an
the value of gold be fixed at $41.34, the Government's
gold stocks would be
worth nearly $4,000,000,000 more than at present and enable the
Treasury
to issue that much extra
currency.
President Roosevelt has
other
body.)
Open Market Committee to change
reserve
depression of
The Treasury now owns $21,981,693,552 worth of
gold at the
that Con¬
reserve
some
by Congress to cut the gold content in half, but actually reduced it to
15 5-21 grains, making an ounce of gold worth $35.
In today's recommen¬
System asked that he give up the unused portion of
New York and Chicago from $22.75 to
banks in central
to
dation the Reserve
immediate
Specifically, it is recommended
gress:
(a)
Remove President's Power to Revalue the Dollar—Before the
problem.
excess reserves,
as
the early 1930's there were 25.8 grains of
gold in an American dollar; an
ounce of gold was worth $20.67; in 1934, President Roosevelt was
authorized
cope with the present and potential excess
The Federal Reserve System,
therefore, submits for the
condition of the Congress the following
five-point program:
reserve
follows to queries
as
according to Associated Press Washington
$3,000,000,000 worth of
of the
for the future
that day, answers
accounts.
chief
tional deposits.
Because
System's proposals to Congress on
brought from the monetary
inflation
given
The necessarily large defense program of the Government will have still
further expansive effects.
forestall
technical aspects
retard the national effort for defense and greatly increase its
cost, and would
aggravate the situation which may result when the needs of defense, now
a stimulus, later absorb less of our economic
productivity.
While infla¬
Federal Reserve
1
money
man
a
barracks
contractor,
for
example, the contractor
and the total of deposits in banks is increased.
draws money out of the
drawal will cancel
more
as
Then when the Government spends the proceeds of the bond by
bank to buy
a
the eventual contractor's
credit available than before.
But if
deposits
some
the
business
Government bond, his with¬
deposit, and there will be
no
I
Volume
The Commercial & Financial Chronicle
152
39
'
Balance the
Government
much
as
Budget—Due largely to relief, and
a
gradually until
No time
t c be
Federal tax receipts
The combined total for all surplus accounts increased
of
the
country's
economic
capacity"—apparently
000,000
when
on
about Dec.
or
end of 1939.
at their net
ment remained at about
it
The liability side of
Regis¬
showed
reserves
the combined balance sheet for all eight enterprises
Stockholders' equity, as indicated
proximately $30,000,000 in each year.
The Securities and
Exchange Commission announced Dec.
30 the filling of additional applications under the Investment
Company Act of 1940. In these columns of Dec. 7, page
3322, we gave the complete list of the 318 investment
companies which had registered under the Act as of Nov.
12.
Registration is effected by filing a notification of reg¬
istration index to Section 8 (a) of the Act.
The following
are the additional companies:
end of 1938 to
for land, buildings and equip¬
$70,000,000 at the close of each year.
change in current liabilities which amounted to ap¬
material
no
,-
of
Land, buildings and equipment
book value decreased from $86,000,000 at the
$81,000,000 at the end of 1939 while
♦
totaled $252
1938, compared with $247,000,000 at the
31,
Current assets decreased from $151,000,000 at the end
1938 to $146,000,000 at the end of 1939.
The report to the Federal Reserve system, emboding its
proposals to Congress will be found elsewhere in this issue.
Management Companies
with
7
The combined balance sheet assets for all eight enterprises
employable persons have jobs.
SEC Reports Additional Investment|Companies
ter
Under Investment Company Act
dividends
$4,000,000 to $120.-
increase of $13,000,000 in the preceding year.
an
suggested when this should be achieved, except that it ought
utilization
$15,600,000
000,000 in the fiscal year ended on or about Dec. 31, 1939, compared
Federal spending.
equal
preferred stock,
on
stock, and $600,000 were stock
common
on
stock.
on common
The system said that taxes should be Increased
day
some
dividends
cash
current
were
cash dividends
were
accomplished whenever the country approaches what the system calls
'full
all
was
$2,700,000
in taxes
In the coming fiscal year, this deficit may total
decade.
$9,000,000,000.
as
defense needs, the
now to
has been spending far more money than it received
for
every year
by the total book value of capital stock and surplus, decreased from $210,000,000 to $205,000,000 during this period.
Copies of this supplement, as well as of supplements Nos.
1-22, inclusive, and volumes I and II, which are still avail¬
able, may be secured without charge by request to the pub¬
lications unit of the SEC in Washington, D. C.
The 22nd
supplement in the SEC's series, covering the financial opera¬
tions of department stores with annual sales of over $10,000,000 each, was referred to in our issue of Dec. 21, page 3673.
*
(Not Selling Periodic Payment Plan Certificates)
♦
Open-End—
Mutual Investment
Fund, Inc.
,
National
1
Closed-End—
National
Report Since Organization
ress
Founders Corporation.
General Trustees
For text of this article
'
Company.
•
*
$10,000,000,000
Reveals
Cleared in Six Months—Issues Prog¬
in Contracts
Security Trust Associates.
Commission
Defense
'
'■
see
_'. '
advertisement page vii.
,,
Pioneer Securities Corporation.
Associated
Utilities Co.
General
Voting Trust Certificate of Oct. 20$
1931.
W. P. Witherow Heads N. A. M.
\
,
Pitts¬
Biaw-Knox
Co., has accepted the 1941 chairmanship of the National
In
Unit Investment Trusts
Witherow,
Porter
William
that
announcing
burgh steel manufacturer and President of the
(Not Selling Periodic Payment Plan Certificates)
Trustees American Bank Shares, Series A of July,
Defense Committee-
Group to Be Expanded
Aviation and Transportation Corporation.
1931.
Equity Trust Shares in America.
Association
Lexington Foundation Trust Certificates.
vealed
Manufacturers'
of
23
Dec.
on
Committee
on
National De¬
Mobilization, the Association also re¬
Industrial
fense and
Companies Selling Periodic Payment Plan Certificates
plans
the
for
immediate
committee's
expansion in view of the "urgency" of the present defense
SEC Amends Rule
on
crisis.
Dividend Payments Under
Not
Investment Company Act
every
On Dec. 27 the Securities and
Exchange Commission an¬
adoption of an amendment to Rule N-6C-6
under the Investment Company Act of 1940, extending, until
the close of business on Jan. 31, 1941, the temporary ex¬
emption given by that rule to certain dividend payments and
distributions in the nature of dividend payments from the
provisions of Section 19 of the Act.
Previously, the Com¬
mission had granted a temporary exemption until the close
of business on Dec. 31, 1940, this was reported in our issue
of Dec. 7, page 3323.
The Commission's announcement
N.
the
nounced
to act as
to
'
rule
In his
+.
Supplement Covering Financial Oper¬
of Nine Corporations Manufacturing Toilet
Preparations and Soap
The Securities and Exchange
Commission
on
Jan. 2 made
public the 23rd of a series of supplements to the industry
reports of the Survey of American Listed Corporations.
The supplements cover financial operations for fiscal years
ending between July 1, 1939, and June 30, 1940.
Supple¬
ment No. 23 contains reports on nine corporations whose
business is primarily the manufacture of toilet preparations
and soap.
All of these corporations had securities registered
under the Securities Exchange Act of 1934 at June 30, 1939,
the SEC said, further explaining:
v
Colgate-Palmol ive-Peet Co. and the Procter & Gamble
Co., accounted for over 85% of the assets and volume of
III
of the
The companies
1934-1938 for the enterprises included
previously released as Report No. 23,
SEC.
The American Products Co., Bourjois,
Fink
Products
Inc., Bristol-Myers Co., Colgate-
(new), Coty International Corp., Lehn &
Procter &
the
Corp.,
far
as
Government costs are concerned),
it
made
was
by
known
the
A.
N.
M.
M. committees.
committee's
production
mass
'
Gamble Co.,
Helena Rubinstein,
acceptance Mr. Witherow said:
V
preparations are only one part
of a two-fold program that includes the bulwarking of both our physical
and spiritual defenses so that America will be strong enough to face the
present world crisis with confidence.
However, we in the National Defense and Industrial Mobilization Com¬
mittee can be of greatest service by devoting ourselves to the problem of
creating material safeguards for the United States.
We must apply
ourselves
to
the physical
problem of expediting means of constructing
tanks, guns and planes in view of the "urgency" of this job as empha¬
sized by
Defense Commissioner Knudsen.
Industry's willingness to work with the Federal Government in its
attempts to plan for production of military material in the event of war
was
graphically expressed by the N. A. M. when it originally formed
the Defense and Mobilization Committee in 1938, long before the gravity
of the international situation was generally known to the public.
While considerably expanded for the exigencies of strenuous activities
during 1941, it is expected that this committee will vigorously pursue'
its
stated
first
namely:
purpose,
industry unalterably opposed to war, this committee's pur¬
pose is to help the Government survey and classify the Nation's industrial
resources
in the interests of national defense.''
all
"With
Witherow concluded:
Mr.
tion of
will do its utmost
committee
Manufacturers
as
one
part of the National Associa¬
assisting industry to complete that
in
task success¬
fully.
Mr.
Witherow
remarks
covered in supplement No. 23 are:
Palmolive-Peet Co., Coty, Inc.
noted; namely, that the problem of financing
recognize that our national defense
This
Volume
Survey of American Listed Corporations, Work Projects Ad¬
were
ministration study sponsored by the
.
business reported
t
Financial data for the fiscal years
this supplement
were
(at least as
employment aspects would be covered by other N. A.
We
SEC Issues 1939
in
activities
experts.
recently submitted for comment to certain representatives of the
Two corporations,
by the com-'
dividend payments by investment com¬
have already taken place, and a tentative draft of a
by this group for 1939.
The N. A. M. further announced
>.
Chairman
new
membership,
accounting profession.
ations
to
legislation
industry.
In addition
study priorities, prices
Every manufacturing group is to be represented in the new
Extended discussions of the terms of such a rule with representa¬
was
formed
proposed
with
to
29:
defense
and
study the technical questions presented by any permanent rule under
tives of the industry
relating
Only two exceptions to the broad defense studies planned
mittee's
promulgated in order
be
will
deal
will
as
production problems.
Dec.
on
of
Section 19 of the Act relating to
defense
subcommittees
and
concerned, and representatives of the accounting profession an opportunity
panies.
liaison between Government agencies affected;
national
on
give the Commission's staff, representatives of the investment companies
to
a
consider
committee
main
subcommittee
another
continued:
As announced on Nov. 29, 1940, Rule N-6C-6 was
A.
with
i
virtually
phase of defense activity, it was made known by
M. spokesmen, but subcommittees will be appointed
all possible speed.
A special group will be named
the
will
only
to
to
refer
in his acceptance
Military
Our
forty-fifth
American Industry, on Dec. 12, entitled
Annual Congress of
"Providing
occasion
took
industry's platform, adopted at the
these columns Dec.
14,
Defenses,"
3496.
which was given in
page
Inc., and Vadsco Sales Corp.
The combined
volume
comparable figures
were
fiscal years ended on or
A combined
of business
for the eight
enterprises for which
available amounted to $342,000,000 in each of the
about Dec. 31, 1938 and 1939.
operating profit of $52,000,000, or
15.3% of sales, was re¬
fiscal year ended on or about Dec.
31, 1939, compared with an operating profit of $47,000,000, or 13.8% of
sales, in 1938.
These same enterprises showed a combined net profit after
ported by all eight enterprises for the
all charges
(including non-operating gains and losses, prior claims, interest
and income taxes) of $40,000,000 or
about Dec. 31,
or
the year
1939, compared with $33,000,000 or
or
dends
about Dec. 31,
on
common
Greater
Study
Than
Made
Private
by
According to
Association of New
Enterprise,
Merchants'
York
In the last eight years
money
so
Government spending of borrowed
far supplanted private investment in private en¬
terprise that in the years from 1932 to 1939, inclusive, the
States Treasury and subsidiary agencies raised by
United
eight enterprises during the fiscal year ended
1939, totaled $26,000,000 of
current cash dividends on
31,
9.7% of sales, for
1938.
Dividends paid out by the
on
11.6% of sales, for the year ended on
New Capital Raised by Federal Government Through
Sale of Securities from 1932 to 1939 Was Five Times
stock.
which $2,100,000 were
preferred stock, and $23,900,000 were cash divi¬
During the fiscal year ended on or about Dec.
1938, dividends paid out totaled approximately $18,900,000 of which
borrowing
vestors
more
than
five
times
the
-
amount
which
in¬
put into new corporate stock and bond flotations,
according
to
a
study which the Research
Bureau of The
Merchants' Association of New York had completed of new
\
\
The Commercial & Financial Chronicle
40
Jan. 4, 1941
capital raised through the sale of securities by private en¬
terprise and by the Federal Government in the period from
State's
1932
to
issued
Dec.
16,
bringing about revision of the stock transfer tax, and other
adjustments in the tax system, of starting the State on a
years 1932 to 1939, Inclusive, the
stock and bond flotations issued to raise new capital for
"pay-as-you-go" policy, thus decreasing future debt service
needs, and of reducing or at least maintaining expenditures
at approximately the present level.
The specific recom¬
mendations made in Mr.
Lowry's letter to the Governor
The
1939.
goes
Association's
announcement,
to say:
on
analysis show3 that in the eight
entire corporate
private
enterprise
domestic,
through
Canadian
000,000,
its
The
while
and
established
the
foreign
capital
new
by
financial
corporations,
raised
by the
markets, including
to only $4,763,Government, including
amounted
Federal
subsidiary agencies, amounted to $20,551,000,000 over this same period.
great a reversal this is from the period prior to the depression
is shown by the
alone
the
of
$4,357,000,000,
to
amount
figures for 1926. which disclose that in that year
new
capital raised for private enterprise amounted
an
of
years
1928 and
capital
new
through
which, although
amount
early
invested
in
1929,
last
to the
in
1.
whole amount of
the eight years
in
from
1932
eight
national
years,
similar
income,
the
of
that although
investment
The
1920.
year
of
computed
as
185,000,000, the
Sept. 30 of this
12%
approximately
when Government
post-war
year,
the population of the United
since
borrowing
funds
by
low,
debt has
June 30,
on
has
enterprise,
of
been
1930,
of
one
spending
and
no
private
by the Department
Federal
in
1926,
largely
has
Commerce,
increased
the
the
equaled
from
$16,-
$44,066,000,000
to
on
tinued
that
Cunneen^of United States Chamber of Com¬
Fears Current Attacks on
Bring About Federal Supervision
Insurance
merce,
Danger
that
attacks
current
restrictive Federal
legislation
Cuneen, United States
Assistant
for
pointed to by Terence F.
was
Chamber of
Insurance,
in
Commerce
address
recent
a
bring
may
Executive
before
the
Insurance Club of Washington.
"The Securities and Ex¬
change Commission," said Mr. Cunneen, "is about to make
public its exhaustive report on insurance practices.
It is
said the report carries suggestions that may forecast
legis¬
lative proposals for Federal supervision and regulation of the
industry."
A further threat towards the industry was seen
by the
speaker in the recently adopted resolution of the United
States Conference of Mayors, asking that a Congressional
Committee investigate fire insurance. The exhaustive
study
of insurance conducted by the Temporary National Economic
Committee also was classed by the speaker as a not too
friendly approach to insurance problems. Of the important
places that insurance holds in the national economic structure,
Mr. Cuneen said:
The average individual engrossed in his own affairs has given little
thought
to the
place of insurance in our national economic structure. He has hardly
recognized that insurance is the bulwark of credit through which American
business and free enterprise has largely grown and
developed.
The pro¬
tection which insurance has provided to business men and individuals has1
helped to eliminate risk in business enterprise, has safeguarded the home
and has permitted business men to launch new
programs for development.
It has afforded
an
opportunity to business to devote its attention to the
important tasks which they have at hand, safeguarded
by the financial
structure which
the insurance institution has set aside to meet
unexpected
losses.
The
carried
under private control and private enterprise.
on
of life insurance
time peak.
in the
outstanding is
This represents
world.
more
Fire insurance
bonds,
compensation,
well
as
been
companies in the
course of a year protect
The companies writing casualty, work¬
automobile liability, surety and fidelity
other lines probably accept maximum liabilities of
excess
of
upon
United States have solved their problems largely
through their
and under the supervision of the various States in which
Recognizing the importance of insurance
in
own
efforts
Chamber, the spokesman for American business,
has
if possible,
rendered
now
the
of
some
minor
by the State
functions
those
functions
done
accordance
in
the
to
with
and
services
level
current
sound,
long-range
which
and
are
reduced
or
con¬
wheTe
economy;
and
tax,
most
seem
policy,
make
such
advisable
to
utilizing the balance to revise the stock
adjustments in the State tax system
other
the
ease
immediate
situation or improve the
in connection with the corpo¬
general economy of the State, for example,
and income taxes;
That
the
and
constitutional
proposed
amendment authorizing the diver¬
$60,000,000 of the amount already authorized for the elimination
grade crossings to the construction and reconstruction of State
of
of railroad
highways be
dropped.
the Association's committee pointed out
budget of New York State for the fiscal
year which began July 1, 1940, provides for meeting ex¬
penditures of approximately $390,000,000, and paying off
that
of
report
the
revenue
an
accumulative
deficit estimated
by the Governor in
January, 1940, at $32,871,000, but which was actually only
$30,031,000.
It is pointed out that since the tax revenues
whole
in accord with the estimates, the committee
easily be assumed that the deficit will have
been paid off July 1 next, in which event the continuance
of existing faxes and maintenance of
expenditures at the
as
a
are
said it might
level would
same
provide
1941-42.
000,000 in
The
committee
downward
and,
added
surplus of approximately $33,-
a
that
at the
the
present
for
trend
home
relief
is
time, it is estimated that
the State's share of the cost of home relief next
year will
be approximately $10,000,000 less than in the current
year.
The
decrease
in
the
school
population, the committee
stated, might also result in the decrease of the statutory
amount required for
State aid to education.
Furthermore,
the committee suggested that the
impetus given to business
and industry by the defense
program might reasonably be
expected to increase the yield of existing taxes at current
rates by a substantial amount.
/
In
explaining the recommendations made to the Gover¬
Mr. Lowry's letter cited the above facts and con¬
nor,
tinued
The
:
situation
which confronts you, therefore, in
planning the 1941-42
budget is radically different from that which you faced in preparing the
two
preceding budgets.
for
in
You
are
the
those
well
so
field
of
facts.
izations
in
ment
that
the
We
the
the
present
will
see
a
taxation,
that
State and local
that
there
leaders
many
State's
finances
to
reduce
burden
tax
is
large and unavoidable increase
very
is
of
advantage should be taken
at least in
feel
additional services.
that
year
know
choice between
a
maintaining existing taxes in order to provide
or
aware
Federal
We
feel
thus offset,
and
expenditures
heavy and that next
in
Basically the State is faced with
taxation
increased
need
no
the
burden
the
part, the increase in
elaborate
to
and
taxpayers'
of
civic
prospective
of
State
on
organ¬
improve¬
taxation
and
Federal taxation.
strongly that advantage should be taken of this opportunity to
stock
transfer
both
tax,
in
order
make
to
the
rates
more
equitable and to reduce the handicap which the present rates of this tax
impose upon the execution of stock transfers in this State.
We
they operate.
Nation's economy, the
our
of
the
"pay-as-you-go"
a
transfer
as
revise
$35,000,000,000.
effect
the
leeway anticipated as a result of paying off the accumu¬
deficit, the decreasing need for home relief, and the probability that
business activity, resulting from the execution of the defense
program, will increase the tax yield, be used primarily to start the State
To meet the obligations under their contracts,
a year.
budget action
have
greater
The total amount
of $117,000,000,000, an all-
excess
period of 150 years insurance companies doing business in the
a
National
has
than 60% of the outstanding life insurance
insurance companies have assets in
Over
forms
accident,
as many
$150,000,000,000
in
now
property worth $200,000,000,000.
men's
all
will
lated
reduction
growth and service rendered by insurance in
that,
appropriations for
be
The
insurance
on
May
recommends
eliminated;
That
4.
F.
and
which
be kept approximately down
can
ration
exclusive of contingent debt.
be
That
2.
sion
T.
increased, and
services
3.
increased
situation
Legislature
That the number of functions and services
be not
boom
the
1939.
has
superseded
that
almost equal
was
private enterprise
The figures further indicate
States
far less than
next
are:
How
years
financial
the
recently
doubt, however, the wisdom of using all of this margin for the
of taxation.
Over the past eight years, due to circumstances
largely beyond anybody's control, the total of appropriations for the con¬
reduction
announced an expanded program of insurance activities
designed largely
to show the importance of insurance to
the conduct of business.
This pro¬
struction
gram will
facilities
be carried
Commerce
Chamber
and
and
trade
which
through the
on
associations
have
an
more
which
than
1,600 local Chambers of
members
are
of
the
Nationa
underlying membership of 750,000
corpo¬
and
and
of
of
last
session
the
situation
that
reconstruction
Revision of New York Stock Transfer Tax
Proposed by
Committee of Merchants Association—Other Ad¬
justments
in Tax System Suggested—President
Lowry of Association Presents to Governor Lehman
Proposals Designed to Start State on "Pay-asYou-Go" Policy
John
Lowry, President of The Merchants' Association
New York, made public on Dec. 28
sent to Governor
lining
series
a
recommends
of
be
a
letter which
Lehman and to other
general
followed
he
of
has
State officials out¬
in
which
preparing
the
the
Association
next
State
These
State's
by
recommendations
financial
the
In
based
on
the
Committee
committee's
on
Taxation
and
Public
Saxe
as
signed by Martin
Acting Chairman of the Committee, it is indicated
if
current
rates
of
report,
State
taxes
and
should be continued, the State would have
1941-42 fiscal year of
a
expenditures
surplus in the
approximately $33,000,000.
report
points
to
other
encouraging
factors
issues
In
the
know,
the
recommendation
to
should
your
highways
at
for
be
used
than
rather
the
the maintenance
Legislature at
the
construction
and
the
the
for
policy for recurring expenditures
intervals
current
the
reduce
rapid
that
additional
bond
elimination
of
grade
dollars
in
bonds
It
is
compared with large
years.
service
of
the
issued
next
that
for
seven
period.
$52,481,000.
to
amounts
bonds
the
during
during
relief
We
As
you
will
purposes
if
years
there
recognize
are
that
no
there
further issues of bonds for railroad grade crossing
have in mind the fact that if the St. Lawrence seaway
is
constructed
like
New
$90,000,090
plants.
State
of
debt
as
desirability of the
some
we
something
power
few
a
rapidly
project
power
the
budget
issues
elimination, and
and
of
maturity
item
probably will be
also
will
be
on
York
pay
anticipate
issued
this
to
for
the
latter type of
State
for
that
may
be
its share of
many
construction
required
to
constructing
millions of
public housing,
more
of
bonds would not
come
entirely
funds.
probable, therefore, that, despite the rapid maturity of the relief
bonds, the item of debt service is not likely to decrease materially in the
near
future.
If we should again resort to financing the construction of
highways and new institutional buildings through bond issues this rela¬
tively
is
at
and
inflexible
present.
the
defense
sense
in
highways and for
been
not
suggestion squarely raises the question of the
"pay-as-you-go"
bond
a
that
The
That
out
study of the
situation which has just been
completed
Association's
Revenue.
are
by
$60,000,000
of
but the debt service
budget.
State
has
crossings.
borrow
policies
of
institutions
adequate to keep all of these
up to a high standard of efficiency and sufficiency.
It is to be expected that pressure for
making up these arrearages will
increase rapidly in the near future, and you have indicated
your aware¬
ness
rations, firms and individuals.
reconstruction
extension
item of debt service would become even larger than it
Because of the already unprecedented size of public debts
unavoidable
program,
to
work
it
further
seems
toward
to
the
increase
its
in
the
that it would
Federal
debt
be
financial
good
due
to
the
common
"pay-as-you-go" policy of meeting recurrent
State expenditures out of revenues rather than through bond issues.
Volume
In
Wage-Hour Law on Small News¬
Effect of
Disastrous
Cited by Arthur Robb of 1 'Editor and Pub¬
lisher*'—Problem of Payroll Costs Also Noted by
A. Van Court Miller Before American Association of
papers
touched
and Publisher," at the biennial
American
the
of
the small-town
Dec. 28 by Arthur Robb,
daily newspaper were discussed on
executive editor of "Editor
convention
on
of
Association
New Yorker.
Mr. Robb, according to the New York "Times," told the
delegates, representing all parts of the country, that with
the death of the country daily small-town community life,
held in New York at the Hotel
Journalism,
civilization," also might end.
The
civilization lies largely in the hands of the
future of
our
country press, he asserted.
The "Times" likewise noted that an attack on the Wagner
Act and the Wages and Hours law as
restricting influences
operation of a newspaper was made by A. Van Court
Miller, Treasurer of the New York "Herald Tribune."
Be¬
in the
raised by these laws, Mr. Miller said,
come when the management will be forced to
clocks for employees in the higher salary
of the problems
cause
the time may
time
install
brackets.
From
address
"Times"
the
well
"Prior
it
1920
to
and not the
rule
the
was
Mr. Robb explained in his
city newspaper faces
The small
having to compete with the
metropolitan
economic problems.
with new
as
towns,
Journalism."
added,
he
obstacles,
also quote:
we
one-newspaper
for
"Education
on
as
toward
exists
tremendous
press
exception that a city
of
dailies," Mr. Robb said.
"None
of them ever made great profits but most of them provided livings for
their publishers and staffs, and they also provided outlets for differences
of community opinion.
Today the city of less than 100,000 which sup¬
ports competing newspapers is the exception and not the rule.
There are
more than
1,000 cities, out of a total of about 1,400, in which there is
10,000 people was served by two or more
competition."
local
no
and
able
was
international
and
Another
give a
to
small
the
of
decline
the
in
city
daily,
according
to
Robb,
the rising cost of operations,
is
during and after the World War.
publisher,
editor,
specialists
employee of a small city paper cannot be
or
the big city style,"
in
be able
must
held.
he
harmful,
"The
do
to
Mr. Robb remarked.
workmanlike job
a
on
the other
"Each of them
fellow's assignment,
occasionally to work without regard to the circling of the minuteIt is hard work, but is not peonage or wage-slavery, which the law
and
hand.
to
"For
of
none
its
income,
the
but
put
never
ranks
have
continue
"This
is
thinning
the
For
and
Toss
continuous
country journalism for a
life-work
it destroys the incentive
one of
y
worry.
If
lies narrowly within its own parish, Mr. Robb
"In the hands of the country press, it seems to me, the future
fate
asserted.
of
our
no
longer
Largely lies."
payroll costs is growing in seriousness and importance
day, Mr. Miller said, in his address on "Newspaper Publishing in
civilization
The problem of
every
1940."
for
that each
observed
He
the representatives
renewal
time
a
contract with a labor union
is up
of the various labor groups in the news¬
publishing field "present proposals and
paper
demands for increased rates,
by proposals for other types of liberalization as
frequently accompanied
well."
"There
is
a
destructive,
and it
is
the
in
level
limitations
and
tions
economic scheme
the
on
to me, as
of things at which
restric¬
become
I view this situation, that the point
productive
output
per
man-hour
being
rapidly
the
of
1941
in
destructive
labor less
seems
reached in the newspaper publishing business where
results of unsound restrictions which make each man-hour
productive will begin to take definite toll," he asserted.
S.
Clearer
Problems—Authority
Stillwell
Defense
Calls
Defines Expansion
for
Understanding of
on
Machine Tools
of This Industry to Cope with
Present Crisis
Declaring
"the expansion
ican industrial
of the machine tool industry
becomes almost an epic in Amer¬
needs
wide
S.
Clifford
broadcast
the
over
Stilwell,
NBC
blue
network from
WHK,
Stilwell spoke as a member of the
National Association of Manufacturers' Committee on Na¬
Cleveland,
tional
Ohio.
Defense
in its overall dimensions to achieve it
tradition that once this people
long-term project
It
is
American
an
Mr.
and
Industrial
President of the Warner-Swasey
Mobilization.
He
Co. of Cleveland.
successfully.
intelligently
are
they have set about to
find the answer.
This applies no less to the man at the machine than
to the man in management in American industry.
If there has come to
be in recent years any philosophy that management cannot be trusted,
or that the employei
and employee must be on opposite sides of the fence
from point of principle,
this is the time, if such thoughts cannot be
'abandoned, to call a truce.
This is no time to place blame or to pass
the buck.
This is no tune for politics; this is a time for push.
the
of
in
facts
any
national problem,
-+
Majority of People Believe Defense Production Would
Be Speeded by Increasing Factory Hours Over 40
and by Banning Strikes, According to Survey Con¬
ducted for Manufacturers'
Association by Elmo
Roper
Favor Giving
Organization—Also
Defense
Commission More Authority
More than one-half of the American
people believe that
production would be speeded up by giving
more authority to the
Defense Commission, by increasing
regular factory working hours in defense industries to more
than 40 per week and by prohibition by law of strikes in
defense industries, according to the final results of a nation
wide survey of public opinion conducted for the National
Association of Manufacturers by the Elmo Roper Organiza¬
national defense
The survey interviews,
tion, makers of the "Fortune" polls.
large, scientifically selected cross-section of the
American public, were made early in December and final
tabulation of the results was announced Dec. 30 by Walter
covering
a
B. Weisenburger, Executive Vice-President of the N. A.
The following questions were asked by interviewers:
Regardless of whether you think we
would
is
Vice-
M.,
should do it or not, do you think it
speed up or slow down national defense to—
Increase regular
producing defense needs.
factory working hours in defense
industries to more than
40 per week.
Give the National Defense
Commission more authority over all
defense
production.
Have
defense
the
Government take over the operate
the industries producing
products.
Give the President more power
I»
The Association's announcement
-
\
i
i
of
and Congress less power in matters
■
~
■
■■
..in
in
.
in the matter continues:
-
questioned in the survey stated the belief that
speed defense if strikes were prohibited by law in industries produc¬
Sixty-nine per cent of those
ing defense needs, the
final survey tabulation shows.
Slightly less than
10%—9-2%—believe that such legislation would retard defense production,
believe that such a move would neither retard nor ac¬
while another 6%
celerate the defense program.
Those with no opinion on the
subject num¬
bered 15.9%.
An increase in factory
working hours in defense
40 per week was seen as a
interviewed.
"Don't
while another 16% believed it would
totaled 15%.
have no effect.
Know" answers to this question
Moves to give
over
industries to more than
stimulus to defense production by 57 % of those
that such a step would slow up
Twelve per cent believed
defense production
the National Defense Advisory
all defense production met
Commission more authority
with public favor as a means to
stimulate
54% of those questioned stating their
belief that more authority to the Defense Commission would speed up
defense.
Only 6% believed that the opposite effect would result, while an
identical percentage expressed the opinion that the rate of defense produc¬
tion would not be affected.
In the case of this question, 34% expressed no
defense,the survey revealed, with
(Fa making public this portion
burger pointed out that the interviews
move
to establish
Something less than
or
to
of the survey answers, Mr. Weisen¬
took place prior to the President's
Management).
the office of Production
one-half of the population believes
speed up defense to have Government
that it would
take over and operate defense
give the President more powers
of national defense,
in¬
and Congress less in matters
reveals. Tabulated, the
the final survey compilation
results show:
Have Government Take Over and Operate
history,'* trebling the 1929 peace-time record
Cleveland machine tool
authority, on Dec. 31 called for a clearer understanding of
our defense problems.
"The burden which industry must
assume
in
preparedness
surpasses
anything we have
imagined.
It is gigantic," Mr. Stilwell stated in a nation¬
production,
But the complicated
is all out for defense.
coordinating a manufacturing program requires more than the
of 60 or 90 days ahead.
There must be determined the extent of a
dustries
to meet the current need
He
will approach $650,000,000."
of
opinion.
C.
shipments
The machine tool industry
process
it would
is to survive another 20 years, it must consider
country daily
the
its
record year in peace-time pursuits, about
a
national defense.
arrested."
that
Mr. Stilwell said, is now $450,000,000 annu¬
added:
will have to be removed if the process of
out the ranks of the country press is not to be accelerated.
well-being of our society I think that the process ought to be
the
and granted
we
lathe.
the
at
"In 1929,
that
from marginally profitable, becomes
which,
handicap which
a
commendable
$185,000,000 worth of machine tools were produced. Against
a
normal annual demand of $100,000,000, it is estimated
money
venture
a
are
are
Production,
bankable
choose
whr
people
the rewards ever been great in
destroys the other factors of satisfaction, and
to
men.
reforms
rhall combine to insure their permanency, of
they if we fail in the present emergency?
Truly this
America must be met in the machine shops.
We are defending
when
come
crisis for
ally.
but
social
our
Prohibit labor strikes by law in industries
at the top of their requirements.
There have been
other rewards for their labor, with enough money for a comfortable life
in the circumstances.
When a law removes the small margin of profit,
have
all
that
value
America
correct.
designed
was
But nobody can increase
lengthened hours, nor of overtime wages.
will
what
paper.
small-town
the
due to the increase of wageThe processes that reduced twoand
three-paper cities to one-paper cities are not ended, he warned,
explaining that "Editor and Publisher" reports the transfer of news¬
papers from daily to weekly issues in communities where "no local news¬
paper or radio competition exists."
The effects of
the Fair Labor Standards Act upon the existence of
these small newspapers has been "disastrous and one not contemplated by
Congrer/e," he added.
If the payroll has to be increased from 25% to 60%
by overtime payments tor "what has long been routine," the result may
Mr.
scales
it
productivity of machines
much more comprehensive service of domestic
than
news
factor
America
of
day
should have
we
additional productive capacity equal to all of the machine
in 1939.
Here is no question of labor shortage,
an
in
the
Granted
increase of 5% in the
an
the machine tools now in use,
nor
submetropolitan
press
be
built
pointed to the ever-widening area covered by the metropolitan
press.
By its superior resources, he remarked, this
Robb
Mr.
tools
be
that if there could
of operation of
conscious
trend
A
He declared:
estimated
been
immediately
of our
backbone
"the
has
efficiency
of
Teachers
meaning of expansion
the
upon
expansion.
It
restrictive legislation
of
results
of the machine
Mr. Stilwell
all of the factors involved in the necessary
defining
industry to cope with the present crisis
tool
Teachers of Journalism
The
41
The Commercial & Financial Chronicle
152
Speed Up
47%
Slow Down
26%
Give the President More Power and
Speed Up
42%
In
Defense Industries
Don't Know
Neither
8%
.
19%
Congress Less in Matters of National Defense
Slow Down
19%
Neither
15%
Don't Know
24%
announcing the final results of the survey Mr. Weisen¬
burger stated:
All of the answers above, it
should be remembered, were on the basis of
defense regardless of whether the individual
believed such steps should be taken or not.
speeding
being questioned
The Commercial & Financial Chronicle
42
Another question reveals the attitude of the public as to whether the
nation should
The public was asked the same questions as above but instead of
the questions on a
"Do you think we
An
should
they should be done
would speed
up
defense if the President
were
given
defense dwindles to 26% when asked if such action should be taken now.
up
A similar percentage
of people
reduction—from 57% to 41 %—is
in the number
seen
who believe that an over 40 hour policy in defense industries would
speed defense and those who favor such a move at this time.
A considerable
drop—9%
is shown also
who would
in the percentage
ture
In this case,
should be taken at this time.
complete parallel between the percentage who believe that a certain step
would speed defense and the percentage who are ready for such a move at
the present time.
Closest parallel is shown in the number of people who believe that strikes
in defense industries should be
prohibited by law.
remembered, 69% believed that such
In this case, it will be
would speed defense.
a move
Almost
percentage, 67%, are ready to do it now.
same
Similarly,
the question of giving more authority to the Defense Com¬
on
mission, almost
as many were
accelerate defense—50%
ready for such
believed it would
a move as
interviews were made.
survey
in
of
Reserve District Expanded
Year, Says J. S. Sinclair,
Bank—Further Expansion in 1941 Is
During
Reserve
in
Prospects
For text of this article, see advertisement page
vi.
Foreign War Committee Urges President Roosevelt
Not to Lend or Give Away Nation's Defenses
No
The
Foreign War Committee, recently organized by
Marshall,
"Gazette."
of the Cedar Rapids (Iowa)
telegram to President Roosevelt on
publisher
sent
a
ing the President not
"to lend or give away the defenses
The message makes mention of the action
of the 170
"prominent American citizens" who on Dec. 26
to help sweep away "ignorance and
lethargy and disbelief" (referred to in our issue of Dec. 28,
page 8818), and the No Foreign War Committee adds its
request to that "urgent plea." The signers of the telegram
of Dec. 28 also urged the President to tell them in his
"national security" radio talk of Sunday (Dec. 29) "that
asked
President
the
the assurances you gave them in the recent presidential
campaign will be kept to the letter."
The President's
speech of Dec. 29 is given elsewhere in these columns
today.
The telegram of the No Foreign War Committee
Two
days
signed
by
urged
you,
some
released
was
existing
in
in
Europe
their grave
the
the
at
persons
designated
Executive, to help
disbelief" here
democracies to
cf
170
Chief
as
lethargy and
condition
there
ago
prior
telegram,
a
which
"brought
uses.
correspond to
a
European
many
i:
■
:
returned
war
they must have it they are to understand
fought, there will bo no more great wars.
Consequently,
straight
have
the
heart
of
last
of
signers
the
Thursday's
renewed
been
struggling since the
Europe's current phase of
plea,
few
to
the
crisis
autumn
which
1939.
of
great
telegram
with
interminable
an
why
If
you
will
war
wars
have
all
of
the
are
driven
governments
answer
end
their
within
a
there
signed by the 170 "prominent Americans"
the No Foreign War Committee sends this message,
signed by thousands of the
and the food
for
war.
who
common
people who furnish the
fight and die in
wars
forced
on
cannon
them
Mr.
you,
evening,
President,
that
the
will
to
tell
assurances
them,
you
gave
in
your
them
in
radio
the
broadcast
recent
.
.
Sunday
presidential
be kept,
to the letter.
They believed in you when you
assurances and they believe in
you today.
have swept away our "ignorance and lethargy and disbelief,"
170 signers of last Thursdays telegram to be endangering the
United States as they endangered the
strangled democracies of Europe,
these common people will rise en masse to
help you to end this war and
offered those
After you
said by the
all
wars.
The
telegram
people who realize
were
that
this
asked
war
is
to
give
it their
approval
not
being fought for demo¬
principles any more than was the 1914-18 phase of the same war.
world had a 20-year
armistice after the Treaty of Versailles and
proved that the chapter cloved in 1919, of an endless
war, most definitely
had not been fought to save the world for
democracy.
Also the signers of
this
telegram respectfully ask you, as their highest
Government leader, not to lend or
give away
the defenses of their Nation as
you propose to ask Congress that $3,000,000,000 worth of those defenses be loaned or given to Britain.
We hope that somehow
every genuine democratic principle for which
elected
Britain
war,
.
no
public servant and
stands
may
survive
phase of which
fundamentals
Trusting
of
that
pure
you
ever
this
has
calamitous
been
renewal
of
fought to promote
Europe's
or
the
report states.
still fresh when
"In the minds of
will conclude, as did
food and clothing in parts of Europe seriously
National policy will then have to concern
accumulated farm surpluses in the United States
of
use
distress
of
and
contribute
to
physical
the
customers."
overseas
our
inter-American
cooperation,
and
economic
^
the report states, will
;
depend in
expansion of United States-Latin American trade,
this
expansion, in turn, will depend upon the development in Latin
America of products which are needed in the United States.
In order
to stimulate interest in such products, survey parties from the Department
long
run
the
on
Agriculture have been sent into the Latin American field, and specialists
been
loaned to countries
interested in increasing their output of
of
have
complementary products.
The
ties
*
notes the production of a
report
the Americas
within
which
are
far
number of agricultural commodi¬
in
excess
of
the existing Western
for which the European outlets have been
The report mentions international commodity
agreements as one possible approach toward alleviating this situation.
The recently concluded coffee agreement is cited as a practical example
of the accomplishments possible under such procedure.
Another suggestion
requirements, and
Hemisphere
greatly reduced by the war.
w
has
liich
advanced
been
a
is
establishment of
some
which already
few of the other American republics.
similar
distribution,
States and
that
to
type of inter-American
exists
in
the
United
Department of Agriculture Extends Food Stamp Plan
to Niagara Falls, N. Y. and Somerville, Mass.
Secretary of Agriculture Claude R. Wickard announced
Dec. 27 that the Food Stamp Plan for distributing sur¬
plus agricultural commodities will be extended to the city
of
Niagara Falls, N. Y., and to the city of Somerville, Mass.
of the New York and Massachusetts areas for
Selection
Stamp Plan operation followed conferences between repre¬
sentatives of the
Surplus Marketing Administration of the
Department of Agriculture, and local public officials, wel¬
fare officials, and business and banking representatives
who will
preserve
be concerned with the administration
of the pro¬
Department's announcement
The Agriculture
also
announced:
The 1940
census
is estimated
gives the population of Niagara Falls, N. Y., as 77,374.
that there
are
1,925 cases, representing some 5,070 people,
For Somerville, Mass., the 1940 census
this city it is estimated that there
4,540 cases, representing some 12,690 people, receiving public aid.
The same plan of stamp distribution will be used in the two areas.
Under this plan eligible families will be given the opportunity to buy
crange colored
food stamps at rates approximating their regular food
expenditures, and to receive in addition free blue surplus stamps for use
receiving public aid in this city.
gives the population as 103,000.
In
are
in
obtaining specially designated surplus commodities to supplement their
food
supplies.
Under
the
v
Stamp
regular
a
wider
price-depressing
channels to families
farm surpluses are moved
on relief.
This gives the
for his
and at the
Plan,
trade
market
surplus
crops,
same
time adds
needed
health-giving foods to the diets of families getting public aid.
operation of the program in the New York and Massachusetts
areas is expected to begin in about a month.
Participation in the program
will be voluntary.
Actual
Previous
extension
of
the
these columns Dec. 28. page
Stamp
Plan was reported in
3824.
+.
Chief Justice Hughes Warns
Bigotry
ancient
Against Intolerance and
Enemies of True Democracy—Citation
Conference of Christians and
as
Awarded by National
Jews
the
correctly informed when you repeatedly tell
them that their own
country's defenses are dangerously inadequate, and
that all baste must be made in a furious effort to
strengthen those defenses
the
Effective
democracy.
are
the
were
exhausted.
human
reconstruction
farmer
as
cratic
The
1939,"
;
before
also finds it probable "that this war
even
with
through
...
signers of this
common
in
"
years
with supplies of
or
relieve
to
It
.
campaign
Europe
■-
were
report
last,
itself
fodder
by their
governments, and who, in the last analysis, umst pay for those wars.
The many signers of this
telegram, from numerous States, respectfully
ask
to
V
,
20
be felt."
The
the
gram.
telegram
and dispatched to you,
■
of
the price conditions
weeks.
Because
with continental
expectations of a return of the great export demand
of the earlier war.
These expectations of course
have not been, and could not be. realized.
On the contrary, this war has
brought on serious reductions in the demand for our agricultural products
for
export.
Certain special circumstances, it is true, combined to lift
a
few products—among them cotton—substantially above the figures of
the year before.
But if cotton is excluded in the first year of the war,
our
farm exports declined about 25% from the relatively low level of the
previous year.
In cotton the depressing force of the war has only begun
on
...
May the No Foreign War Committee, in all respect, humbly add its
request to the urgent plea of the 170 "prominent Americans"?
If the
people of the world ever are given by their governmental leaders the truth
which
agricultural exports,
our
the World War
of
"Memories
and led the United Kingdom to the thin edge
disaster."
American
announcement
other
telegram
The
the "ignorance and
away
States
1938,
to
House
"prominent."
as
sweep
United
White
the
Today the continental countries are virtu¬
ally inaccessible, the report points out, and furthermore, the United
Kingdom has found it necessary to neglect United States agricultural
products in favor of United States industrial goods adapted to war-time
lelief
follows, in part:
about one-third of
took
Britain
Dec. 28, signed by "thousands of the common people," ask¬
of their Nation.'
in
Europe taking another third.
reduced
Verne
production
The Agriculture Department's
the report further says:
efforts made to keep United States agriculture
the effects of the war upon our
export outlets for farm products.
In the years preceding the war, Great
to
No
agricultural
informed as possible regarding
fully
many
Philadelphia
Past
Sharply
Par¬
report outlines the
The
as
and
Business
of Foreign Agri¬
1939-40, according to
steps taken by the United States Department
Agriculture to encourage the development of comple¬
bearing on
Only 16% felt that the
compared with 54%.
as
Defense Commission should not be given more authority at the time the
year
nating the
republics.
certain questions there is almost
on
fiscal
the
American agricul¬
on
ticipation in plans to develop closer inter-American cooper¬
ation was the other main activity, with the Office coordi¬
mentary
a step
in
war
organization's first annual report, issued Dec. 30.
the
with those who believe that such a step would aid defense.
Equally interesting is the fact that
much of their defense
so
of the Office
the chief concern
Relations
cultural
of
only 38% believed that such
see
overseas.
of the European
impact
was
have Government take over the operate defense industries now as compared
the
fearful when they
shipped
cultural Relations
The
more
The 42% which believes that such a step would speed
should be done now.
are
European War and Inter-American Relations Feature!
of First Annual Report of Office of Foreign Agrs
now.
and Congress less and the smaller percentage who believe that this
power
area,
equipment and material
large spread between the percentage of people
For example, there is a
believe it
solidly American
have designs upon this hemisphere, the
Middle West and many States outside that
may
the great
should not do these things now?"
or
might speed up defense they do not necessarily, at the
time or by the same percentage, think that
same
people of
1941
4,
♦
interesting fact revealed by this survey is that while people believe
that certain things
who
asking
"would it speed defense" basis the interviewers asked
who
against some aggressor
common
should not take these steps immediately.
or
Jan.
In
accepting
Christians
Evans
and
Hughes
citation from the National Conference of
Jews, on Dec. 27, Chief Justice Charles
declared that "rancor and bigotry, racial
a
Volume
animosity
true
intolerance"
and
democracy,
because
private
the
Chief
The
toward
the
foundations of demo¬
was honored at a
very
Justice, who
the
improvement
only surviving member
organized
the "deadly enemies of
than any external force
at his home in Washington for his con¬
ceremony
tribution
the
undermine
they
are
dangerous
more
effort."
cratic
national
of
the
of
relations,
human
is
of three which
1928.
The others
group
conference
in
»,
Newton D. Baker and the Rev. Dr. S. Parkes Cadman.
were
The Chief Justice's remarks follow:
I
that
wish
the
us
to
Newton
privilege of
Tou
have
National
this
in
and I
organized
Popular elections
be
the
the
less
ux
that,
so
have
we
hence
ideals
of
force.
of
to
which
promote
vitalizes
and
which
spirit
the
of
unitv
I
differences
animosities
racial
possible
in
save
the
from
us
They
in pursuit of common
intolerance, are wholly
the deadly enemies of true
and
are
external
any
to the
that
for
they under¬
propotion of national unity—
our
individual rights which
ends.
common
that
trust
effort,
the
in
years
conference
the
people to this essential
influence.
before
the
with
us,
have
will
.
Conference on its notable
the members of the National
I
and
need
because
force
that respect for
attainment of
the
widening
-V;-
''
Horn
named general manager
was
Evans
Charles
another
but,
ITughes
through
is
eminent
those
among
religious faiths
conference
and
to
influence
whose
to hold
not
cooperation,
of the Nation.
ethical standards
and
has
aloof from one
the spiritual
sustain
Advocacy of national unity is among
the many
services that the Chief Justice of the United States has rendered
country and to mankind.
his
to
.
Chief
Justice
Jews.
and
of
In
has
cooperation
of
thus
among
the ideals of justice,
Protestants, Catholics
the founders of the National
contributed of
Conference
his statesmanship
In
1911 he
was
named Vice-President of the
Roosevelt
President
history,
the natural
when
rights
of
and
man
the
Conference
be
treasured
contribution
his
ton's
birthday,
the
to
hereby
improvement
designates
1941,
as
an
of
human
Brotherhood
occasion
Week,
when that
relations,
the
the
week
indebtedness
Washing¬
sents
token
this
the National
thereof
citation
to
Those present
Charles
Conference
Evans
of
Christians
fittingly
may
and
Jews
Discloses
Harry L.
Status
a press conference yesterday (Jan.
velt disclosed that he will shortly send
3) President Roose¬
Hopkins
Harry L.
of Commerce, to England as his personal
representative until a new Ambassador is selected, it is re¬
ported in Washington, Associated Press, advices of Jan. 3.
Mr. Hopkins, the President said, will have no official status,
but merely will go to England to maintain the Chief Execu¬
tive's personal contacts with the British Government.
The advices quoted continued:
former Secretary
The President told reporters that
the nomination
week
of an
Senate next
Kennedy,
he expected to send to the
Ambassador to succeed Joseph P.
who has submitted his resignation.
and to remain
expected Mr. Hopkins to leave for
Mr.
Hopkins will
velt asserted,
take
Mr.
Ambassador, Mr. Roose¬
sufficiently good to allow him to
not be the permanent, new
because his health is not
Hopkins will have no title,
receive his expenses
pany
would have
duties outside of England.
desk job.
a
over
England soon
He said that Mr. Hopkins
perhaps two weeks.
specified mission and would have no
Mr. Rooseveit said, but
probably will
No other person will accom¬
from the Government.
him.
4.
F.
Moffatt
C.
Nominated as Chairman
Curb Exchange
of New York
committee of the New Y'ork
The nominating
Curb Ex¬
change, of which Horace E. Dunham is chairman, on Jan. 2
designated its nominees for the annual election of the
Exchange to be held on Feb. 10.
The group named Fred C.
Moffatt as chairman for a one-year term.
Other nominees,
term and offices for which they have been nominated follow:
Members of the
Board of Governors (Class
"A")—Three-Year Term
Joseph A. Cole
Edwin Posner,
Andrews, Posner & Rothschild
Edward J. Shean, Jewett & Shean
pre¬
Hughes.
William B. Steinhardt
Howard C. Sykes
at the presentation were, according to the
Washington "Post," Dr. Arthur H. Compton of Chicago and
Members of
the Board of Governors (Class
Herbert W. Grindall,
Charles Moran, Jr., Francis
and
Thomas F.
O'Connor, New York who represented Professor
Charles D. Halsey,
Carlton J. II. Hayes of Columbia University.
"B")—Three-Year Term
Reynolds & Co.
Roger W. Straus, New York, Co-Chairmen of the Confer¬
ence; Dr. Everett R. Clincliy, President of the Conference,
Basil
Mr. Horn retired
He Will Send
At
National
of
acknowledged.
In
New Haven road and sub
had since been a railroad analyst.
Hopkins to England as Personal Representative—
Former Secretary of Commerce to Have No Official
to the
by all religious groups are denied in many
parts of the world, the American people do well to reaffirm those rights
and values and to recognize the support that has been given
to their
maintenance in America by the championship of Charles Evans Hughes.
Realizing the debt that these United States owe the Chief Justice for
values
spiritual
1904 and
&
the
of the Chicago. Burlington
He resigned in 1910 to assume the post of assistant to
sequantly became Vice-President of the Boston & Maine.
for conference and education in inter-faith relations.
in
moment
one
He
exemplified
always
and
was
Jews.
of machinery
this
At
he
1928
and
Christians
creation
Hughes
friendliness
understanding,
and later joined
President of the New Haven.
no
Americans of all
encouraged
He served as an assistant
of the latter road in
afterward became assistant general manager
The President said he
follows:
as
Technology in 1888.
the Northern Pacific Railway.
increasing
constantly
a
The text of the citation awarded to Chief Justice Hughes
was
Soviet
of the Red Cross.
received a civil engineering degree
engineer with the Chicago ,St. Paul & Kansas City Railway
and
political
view,
of
directing the thought of the American
objective,
l
than
with
people
Railway Commission to the
born in St. Paul, Minn., and
was
at Massachusetts Institute of
of human dignity and worth,
sense
Conference is devoted
free
congratulate
success
can
foundations of democratic effort.
a
He
sine0
1917 and
in railroading in the United States
the American Commission to Russia in
In 1917-18 he was a Deputy Commissioner
Union.
rights regardless of race
our
with
deep and abiding
dangerous
more
very
National
This
the
makes
alone
individual
incompatible with that cooperation.
democracy,
on
later as Vice-Chairman of the American
be conserved by majority rule
basic
sacred
bigotry,
Mr. Horn, who was prominent
1900, had also served
from both corporations in 1913 and
democracy.
our
Liberty cannot
along
a
effective
and
continuous
a
justice.
Rancor
mine
with
in the founding of this
part
my
capacity for friendly cooperation
our
share
to
"Times" of Dec. 30:
the will of the people, but back of that will
express
of
majority hold
creed,
or
religions,
and
here
were
contained in Brookline advices,
was
career
Dec. 29, to the New York
Quincy Railway.
effort
democratic
true
rule
of
excesses
Cadman
deeply grateful that I had the opportunity
am
expression of the sentiment
must
Dr.
and
of his
account
Mr.
this occasion.
Conference,
join
Baker
generously referred to
very
43
The Commercial & Financial Chronicle
152
Laird, Bissell & Meeds
-
I. du Pont & Co.
Troxell, Riter & Co.
Trustees
of the Gratuity
Fund—Three-Year Term
E, It. McCormick
Philadelphia "Evening Public Ledger" Sold—Robert
Cresswell,
Former
New York
Newspaper
Man,
Heads New Company—-C. M. Morrison to Return
as
+
W.
Pinney Named to Head New
Sugar Exchange
W.
Editor
W. W. Pinney has
For text of this article, see
advertisement
page
viii.
Coffee
and
ern
W.
Charles
Pacific Railway Co.
Vice-President and general
Railway Co.,' died on Jan. 2,
it is learned from St. Paul, Associated Press advices.
Mr.
Bunn was 85 years old and had been in ill health the past
two years.
As to his life we take the following from the New
Bunn,
retired
counsel of the Northern Pacific
York "Times" of Jan. 3:
Mr. Bunn
was
born in Galesville, Wis., the son of Romanzo Bunn, Judge-
of the United States
was
District Court in Wisconsin from 1877 to 1905.
He
graduated from the University of Wisconsin in 1874 and received a law
degree there the following year.
After niiie years
&
Bunn
at
of the practice of law with the firm of Cameron, Losey,
LaCrosse,
Wis., he moved to St, Paul, Minn., in
1885 and
organized the firm of Lusk & Bunn, which later became Bunn & Hadley.
He remained in general practice until 1896 when he became general counsel
for the
Northern Pacific RR. Co.
He retained this position until 1925, when he became a
the railroad and its special counsel.
He
was
vice-president of
the author of "Jurisdiction and
Practice of the Courts of the United States" which was first published in
1914 and
was
of
Maine RR.
Henry J. Horn, railroad analyst and
a
former Vice-Presi¬
C.
and
Richard
of the
4.
Home
Loan
Chairmen,
and
calendar year
and qualified.
76 years of age.
Mr. Horn had resigned
time had been acting as a railroad
analyst.
The following
Public
Chairmen, ViceInterest
Directors
Appoint
by officials of the Federal Home Loan Bank Board.
the Chairmen and Vice Chairmen are for the
line, Mass.
was
Banks
The designation of Chairmen and Vice-Chairmen aud the
appointment of a number of Public Interest Directors of the
various Federal Home Loan banks were announced
on
Dec. 30
He
L.
Exchange.
II. Middendorf and B. B. Peabody.
dent of the New York, New Haven & Hartford RR. and the
Boston & Maine RR., died on Dec. 29 at his home in Brook-
Vice-President of the two railroads in 1913 and since that
Dec. 31.
Lamborn to serve again as
J. A. Higgins Jr. was nomi¬
nated to serve as a new member of the Board of Managers,
and the retiring President, C. A. Mackey, was nominated
to continue as a member of the Board.
Nominated for
another two-year term were II. G. Bell, F. R. Home, W. F.
Prescott, W. W. Voelbel and A. M. Walbridge.
Members
will also vote on a 1941 Nominating Committee consisting
of H. II. Pike Jr., Chairman, D
E. Fromin, Ody Lamborn,
President,
Treasurer
J.
Horn, Former Vice-President of New
York, New Haven & Hartford RR. and Boston &
as
has served as President
it was announced on
Jan. 16.
Mr. Pinney
reprinted through several editions up to 1927.
H.
New York
in 1941, replacing C. A.
for six consecutive
The membership will
vote
is a member of the firm of
Pinney & Lee, and is also Vice-President of the Brazilian
Warrant Co.,- Inc.
He joined the New York Coffee and
Sugar Exchange, Inc., in 1929 and has served on the Board
of Managers for a number of years as well as occupying
the posts of Treasurer and Vice-President.
The Exchange Nominating Committee has also named
G. V. Clmstman of Little & Christman for the post of Vice-
years,
Federal
Death
been nominated to head the
Sugar Exchange, Inc.,
Mackey, who
Death of C. W. Bunn, Former Vice-President of North¬
York Coffee and
Terms
12
of
or until their successors are designated
Each of the 12 Federal Home Loan banks has
directors, eight selected by vote of the member insti-
1941
The Commercial & Financial Chronicle
44
tutions
and
named
four
by the Board in Washington to
The terms of various Public
Interest Directors expire Dec. 31.
Terms of the new direc¬
tors named are for four years each. The appointments were
represent the public interest.
the fall of 1938
for
Bernard J.
Roth well, Boston,
Mass., reappointed;
Vice-Chairman, Edward H. Weeks, Providence R. I., reappointed; Joseph
H. Soliday, Boston, Mass., renamed Public Interest Director.
York:
Chairman, George MacDonald,
New
York City, N. Y.,
reappointed; Vice-Chairman, Francis V. D. Lloyd, Ridgefield Park, N. J.,
addition
In
the three persons receiving the
Farm Loan associations in
In addition
Boston: Chairman,
New
Cooperatives.
to
the
director-afc-large there
three
are
district directors appointed by the Governor—two directly and one from
follows:
as
Jan. 4, 1941
by the cooperatives holding stock in the Springfield Bank
a
highest number of votes from the National
nominating poU.
'
Agriculture and
his position of Dean of the Colleges of
to
Home Economics. Dr. Ladd Is also Director of the Agricultural
Stations in New York.
Experiment
supervisor of agricultural educa¬
tion in the New York State Education Department following which he was
extension professor of farm management and Director of Extension at
Previously he
was
Cornell University, respectively,
reappointed; Eustace Seligman, New York City, N. Y., renamed Public
Interest Director,
Pittsburgh:
'
.
Ernest
Chairman,
T.
Trigg,
Philadelphia,
reappointed;
President Roosevelt Appoints Col. W. E. Chickering as
Deputy Administrator of Export
Vice-Chairman, Charles S. Tippetts, Pittsburgh, Pa., reappointed.
Winston-Salem: Chairman
Vice-Chairman, Edward C,
(to be named);
Baltz, Washington, D. C., reappointed.
Cincinnati:
Chairman
(to
Vice-Chairman,
be named);
W.
M.
Brock,
Dayton, Ohio, reappointed; CharlesM. Preston, Khoxviile, Tenn,, renamed
Public Interest Director.
Indiahapolis: Chairman, Herman B. Wells, Bloomington, Ind., who is
President of Indiana University, reappointed; VJlce-Chairman, F. S, Can¬
non,
Indianapolis, Ind., reappointed; Carleton B. McCulloch, Indianapolis,
Ind., renamed Public Interest Director.
Chicago: Chairman (to be named); Vice-Chairman (to be named); Henry
G. Zander Jr., Chicago, 111., renamed Public Interest Director.
Des Moines:
appointed, and
Chairman, Charles B.
was
also given
a
new
Robbins, Cedar Rapids,
term
as
Iowa,
Public Interest
re¬
Director;
The issuance
by President Roosevelt of a Military Order
naming Lieutenant Col. William E. Chickering, A.G.D.,
United States Army, as Deputy Administrator of Export
Control, was made known on Dec. 20.
Col. Chickering,
under this Order, the announcement said, is authorized to
act in the absence of the Administrator, Col. Russell L.
Maxwell, or perform such other duties as Col. Maxwell may
designate. Col. Chickering has been working on the Export
Control administration since its inception, first as Adminis¬
trative Assistant to Colonel Maxwell, and later as Executive
Officer.
Vice-Chairman, E. J. Russell, St. Louis, Mo., reappointed.
Little Rock: Chairman, Will G. Jones Jr.,
Dallas, Texas, reappointed;
Senate Confirms Nomination of J. W. Madden
Vice-Chairman, Wilbur P. Gulley, Little Rock, Ark., reappointed; Gordon
Topeka: Chairman, Paul
F.
Good,
Lincoln,
United
of
H. Campbell, Little Rock, Ark., renamed Public Interest Director.
Action
Neb., reappointed;
Vice-
Court
States
Taken
Claims
of
Senator
of
Protest
Over
as
Judge
by 36 to
14—
of
Taft
Ohio
Chairman, Ross Thompson, Tulsa, Okla., appointed.
The nomination of J. Warran Madden to be
Portland: Ben A. Perham, Yakima, Wash., a Public Interest Director,
was
Chairman.
named
Large,
was
Los
Ben
Hazen, Portland,
Ore.,
a
Director-at-
named Vice-Chairman.
Angeles: Chairman,
appointed;
H.
Vice-Chairman,
The
G.
Davis,
San
Francisco,
Calif.,
re¬
Albert
J.
Evers,
San
Francisco,
Calif.,
re¬
directors elected
by the various
appeared in these columns Dec. 28, page 3828.
+
F.
H.
Grady Resigns as Assistant Secretary of State
to Head Steamship
Company—President Roosevelt
Accepts Resignation "Most Reluctantly"
Henry F.
Grady tendered to President Roosevelt on
Dec. 28 his resignation as Assistant Secretary of State, it
was announced on Dec. 30 on which
day it revealed that he
would
become
President
of
the
on Jan. 2 by a vote of 36 to 14 after Senator Robert
Taft, Republican, of Ohio, sought to have the nomination
rejected.
Mr. Madden was formerly Chairman of the
The Madden
I am compelled to do
so
as
personal considerations
I have been associated with you in several capacities for most of the time
since you became President.
It has been
to have cooperated in a small way
for our country and the world.
Of
a rare
Faithfully
privilege and great happi¬
in the epochal work
course
time and for any service I can render
I
am at your
you and the
you are
Dec
And I accept your resignation most
reluctantly
consideration^
involved.
Your loyal and able work in the important post of Assistant
Secretary of
as In your earlier posts of high responsibility in the service of the
am
a source
of deep personal as well
as
official satis¬
me.
particularly grateful for
your
typically warmhearted and
generous
offer to be of further service to your country and I shall not fail to bear it in
mind.
With best wishes for
that the nomination never was
success
and happiness in your new work.
Very sincerely
yours,
FRANKLIN D.
He held that
the Senate rules required a nomination to be approved by an actual meeting
of the Committee, but
said that in this
case
the report was based only on a
telegraphic and voice poll of the members, or a majority of them.
Senator King, acting president pro tern, said he
Taft's point of order.
33
Democrats
and
.
.
.
thought that pooling of
committees to get reports was a bad practice, but he finally
overruled Mr.
...
3
Republicans
voted
for
effort to get
confirmation,
a quorum,
while three
Democrats, Clark of Missouri, Burke and Byrd, joined 11 Republicans in
The Republican opponents were Senators Austin, Ball, Capper,
Frazier, Gurney,
Johnson of California, Nye, Taft and
Holman,
Hale,
White.
G. L. Harrison Becomes President and Chief Executive
30
State,
I
objections, Mr. Taft first sought to keep
the matter from coming up by contending
of
Life
York
New
Insurance
Co.—Allan
Sproul Assumes Mr. Harrison's Post of President of
New York Federal Reserve Bank—Other Changes
It is with very great regret that I have learned of your decision to
resign
Government, has been
On Monday (Dec. 30] Mr. Barkley
actually reported to the Senate by the Judiciary Committee.
Officer
My dear Henry:
only because I understand the compelling personal
It has always been a pleasure to work with you.
29, but action
majority leader, sought to bring it up, on
Present today to voice his own
GRADY
on
as
announced that he would press for action today if a quorum appeared.
yours,
wrote Mr.
faction to
been pending since Nov.
the ground that no quorum was present.
country.
accepting the resignation, the President
Grady as follows:
nominated
doing
command at any
HENRY F.
from Government service.
had
time that Senator Barkley, the
opposition.
necessitate my returning to private life.
In
nomination
On the final roll-call, which was delayed in an
It is with genuine regret that I tender you my resignation as Assistant
was
had been blocked by Senator Vandenberg, on behalf of Mr. Taft, every
My dear Mr. President:
ness
and
Board
Relations
Labor
Judge of the United States Court of Claims by President
Roosevelt on Nov. 15, as noted in our issue of Nov. 16,
page 2886.
In reporting the Senate's action on the nomina¬
tion, Washington advices, Jan. 2, to the New York "Times"
of Jan. 3, said:
Government-controlled
steamship company American President Lines.
The Presi¬
dent accepted the resignation in a letter to Mr. Grady in
which he said that he was doing so "most
reluctantly; only
because I understand the compelling personal considerations
involved."
Mr. Grady offered the President any future
"service I can render you and the country."
The following
is Mr. Grady's letter of resignation, dated Dec. 28:
Secretary of State.
Judge of
a
confirmed by the
was
A.
National
certain
of
names
States Court of Claims
Senate
David
appointed.
banks
the United
ROOSEVELT
in Staff of Reserve Bank
George L. Harrison, formerly President of the Federal
Reserve Bank of New York, became President and chief
executive officer of
Jan. 1.
the New York Life Insurance Co.
on
Alfred
L. Aiken, who has been Chairman of the
Board and President of the company, continues as Chairman
the Board.
Mr. Harrison was elected to his present
position by the board of directors of the New York Life
Insurance Co. on May 8, and was expected to take office on
July 1. Becatlse of the financial situation throughout the
world created by the war, the board of directors of the com¬
pany was asked to defer the effective date of his election to
the Presidency until Jan. 1.
This action was taken on June
24 at the request of the directors of the Federal Reserve Bank
of
of New York with the
concurrence
of the Board of Governors
of the Federal Reserve
C.
E.
Ladd
Reappointed
Director-at-Large
System in order that Mr. Harrison
President of the Federal Reserve Bank of
of
Farm
Credit Board of Springfield
Farm
Credit Board of seven persons he will serve as a
director of the Federal Land Bank of Springfield, the Pro¬
duction Credit Corporation of
Springfield, the Federal In¬
termediate Credit Bank of Springfield and the
Springfield
Cooperatives.
These permanent credit institu¬
tions serve farmers and their
cooperatives in New England,
New York and New Jersey.
The announcement added:
Three members of the Board, known as local
directors, are elected by
associations of member-borrowers and local
borrowing cooperative associa¬
tions.
One of these was elected this faU by Production Credit
one
at the end of 1939
Mr. Harrison's election
to the
Carl E. Ladd, Dean of the New York State
Colleges of
Agriculture and Home Economics at Cornell University,
has been reappointed Director-at Large of the Farm Credit
Board of Springfield by A. G. Black, Governor of the Farm
Credit Administration, it was announced yesterday (Jan. 3).
Dean Ladd was first appointed a director in 1934.
His new
term of 3 years began on Jan. 1, 1941.
As a member of the
Bank for
might remain as
New York for the balance of 1940.
associations;
by the National Farm Loan associations and one in
Presidency of the New York Life and the subsequent
deferrment of the effective date, was referred to in our issues
of Apr. 13,
page 2355, and June 29, page 4066.
Commenting on Mr. Harrison's election to the Presidency
of the New York Life, Mr. Aiken said:
The company's 2,000,000 policyholders,
7,000"field representatives and
5,000 employees are indeed fortunate to have Mr. Harrison
executive officer of their company.
in financial affairs
ability.
but
he is also
and his
warm
ideally fitted for the leadership of
Federal
nounced
nation
that
an
a
as
the chief
distinguished record
executive and administrator of
rare
His wide experience in the field of economics and business, his
sound judgment,
The
He not only has
Reserve
and sympathetic personality make him
a
great life insurance company.
Bank of
New
York
officially
an¬
Dec. 31 the acceptance of Mr. Harrison's resig¬
President.
Mr. Harrison has been succeeded in
on
as
capacity by Allan Sproul, formerly First Vice-President;
Mr. Sproul is succeeded by Leslie R. Rounds who previously
had been Vice-President.
The elevation of Mr. Sproul and
Mr. Rounds was referred to in our issue of Dec. 21, page
Volume
The Commercial & Financial Chronicle
152
3683.
The following is the announcement made available by
the^New York Reserve Bank on Dec. 31:
45
The board of directors of each branch consists of seven members, four
whom
of
appointed by the Federal Reserve Bank of St. Louis and three
are
by the Board of Governors.
FEDERAL RESERVE BANK OF NEW YORK
(Circular No.
To
2156, Dec. 31,
1940)
L.
A.
Muench
aU\Banks and Trust Companies in the
Appointed Assistant Secretary of New
York State Bankers Association
Second Federal Reserve District:
The Board of Directors of the
accepted
resignation
the
of
Federal
George
Reserve Bank of New York
L.
Harrison
President
as
bank, effective at the close of business Dec. 31, 1940.
of
has
the
Mr. Harrison has
The
appointment
Albert
of
L.
Muench,
Secretary-
Treasurer and Manager of the Westchester County Clearing
House Association to the position of Assistant Secretary of
resigned to become President and chief executive officer of the New York
New York State Bankers Association
Life
30
Insurance Company,
New York, N. Y.
The Board of Directors, with the approval of the Board of Governors
of
the
Reserve
Federal
Allan Sproul, First
and
Leslie
R.
System,
has,
effective
Jan.
1,
Vice-President,
succeed Mr.
to
appointed
1941,
Vice-President, to succeed Mr. Harrison
Rounds,
President,
as
Sproul
First-
as
Vice-President, for the unexpired terms of their predecessors.
The New York Reserve Bank further announced
on
Jan. 3
that its Board of Governors has made several changes in the
official staff of the institution, effective immediately.
The
r
a
James M. Rice, formerly an Assistant Vice-President, has been appointed
jVice-President.
^ William H.
Committee of the Council of Administration.
assumed his
duties
new
Dillistin,
formerly an Assistant
Vice-President,
has
been
Dec.
on
Jan. 1.
on
Mr. Muench
The announcement of
Dec. 30 said:
with the Westchester County Clearing House
Before becoming associated
changes follow:
announced
was
by W. Randolph Burgess, Vice-Chairman of the Board of
the National City Bank and President of that Association.
The appointment of Mr. Muench, to fill the vacancy created
by the advancement of Harold J. Marshall to the position of
Secretary, was made earlier this month by the Executive
Association in 1936, Mr. Muench spent eight years as
Assistant Secretary
Trust Co. in Tarrytown and five years with the
of the Washington Irving
Railroad Corporation and Loan
Mr. Muench has been active
Association.
in the affairs of the New York State Bankers Association for a number of
appointed General Auditor.
George W. Ferguson, formerly General Auditor, has been appointed an
Assistant Vice-President.
having served during 1939-1940 as Chairman of its Committee on
years,
been appointed officers of the bank with the title of Assistant
George L. Harrison Appointed Member of
Advisory Council from New York Federal
Counsel.
From time to time he has assisted the officers of the
Relations.
Public
!
Robert IL Brome, and John H. Wurts, of the Legal Department, have
Association in the management of the convention and
mid-winter meetings.
appointment of Mr. Marshall as Secretary of the New
York State Bankers Association, succeeding W. Gordon
Brown, was referred to in our issues of Dec. 28, page 3828,
and Dec. 7, page 3333.
The
Federal
Reserve
District
At
Jan. 2 the Board of Directors of the
George L. Har¬
rison to serve during the year 1941 as the member of the
Federal Advisory Council from the Second (New York)
Federal Reserve District.
Mr. Harrison resigned as Presi¬
meeting held
a
on
Mid-Winter Trust Conference of A. B. A. to Be Held in
New York Feb. 4-6—H. D. Gibson
Federal Reserve Bank of New York selected
dent of the New York Federal Reserve Bank effective Dec.
31
to
become
President and chief executive officer of
Life
New York
elsewhere in
our
Insurance
the
Co.; reference to this is made
issue of today.
The
The Board of Governors of the Federal Reserve
System
has appointed Chairman and Federal Reserve Agents and
Deputy Chairmen of the 12 Federal Reserve banks to serve
for the year 1941. - Except for the New York and Chicago
Banks all constituted reappointment of the present officers.;
Beardsley Ruml, Treasurer of R. H. Macy & Co., New
York, has been appointed Chairman and Federal Reserve
Agent of the New York Institution to succeed Owen D.
Young, while Edmund E..Day, of Ithaca, N. Y., has been
named Deputy Chairman.
For the Chicago Reserve Bank
the System's Board of Governors appointed Frank J. Lewis,
of Chicago, Chairman and Federal Reserve Agent, and
Clifford V. Gregory, of Des Moines, Iowa, Deputy Chairman.
Ball
Appointed Director of Buffalo Branch of
New York Federal Reserve Bank
Astoria Hotel, in New York City, Feb.
ference
director of the
Buffalo Branch of the bank for a term of three years, begin¬
ning Jan. 1, 1941, it was announced on Dec. 31.
Mr. Ball
succeeds William A. Dusenbury, President, the First Na¬
tional Bank of Olean, Olean, N. Y., whose term as director
of the Buffalo Branch expired Dec. 31, 1940.
Mr. Ball is
President of Lincoln-Alliance Bank & Trust Co., Rochester,
N. Y., and previously had served as a director of the Buffalo
Branch for the three year term ended Dec. 31, 1934.
appointed Raymond N. Ball
a
Nardin
Redesignated Chairman and Reserve
Louis Federal Reserve Bank—O. G.
Continued as Deputy Chairman—Branch
Agent of St.
Johnston
it was announced on Dec. 11
under way,
Directors Named
The Board of Governors of the Federal Reserve System has
redesignated William T. Nardin, St. Louis, as Chairman of
the Board and Federal Reserve Agent, and Oscar G. Johns¬
ton, Scott, Miss., as Deputy Chairman, of the Federal
Reserve Bank of St. Louis, it was announced Jan. 2.
The
Board of Governors has also reappointed the following as
is
who
Vice-Bresident of
the
Provident
Philadelphia, Pa. Mr. Fenninger also announced
the naming of Harvey D. Gibson, President of the Manu¬
facturers Trust
Co. of New York, as Chairman of the
for the thirtieth annual banquet of
which will be held at the Waldorf-
Committee
Division,
Banquet
Trust
the
Feb. 6.
As in previous years, the banquet
Astoria
on
be
concluding
the
feature
ference.
One
■;'
full
•Question
session
Box
of
the
of
Trust
:
;/'■
'•' ■:; '
■
conference will be devoted
.
under
Period
Midwinter
the
the
will
Con¬
.
direction
of
to
Samuel
a
C.
Waugh, Executive Vice-President of The First Trust Cb.,
Lincoln, Neb., and former President of the Trust Division.
A new feature this year will be a full session given over
entirely to discussion of problems of small trust depart¬
ments.
Another session for larger trust institutions will
corporate trust business and common trust funds.
discuss
Featured
speakers at the general sessions will be P. D.
Houston, President of the American Bankers Association;
Dr. John J. Gibson, Vice-President and General Manager
Chartered Trust & Executor Co., Toronto, Canada; John B.
Wahlstrom,
Mass.;
J. E. Drew, director of public relations, California Bankers
Association, San Francisco, Calif., and Mayo A. Shattuck
of the law firm of Haussermann, Davison &
Shattuck,
Kansas
of
Mayor
City,
Carl E.
Mo.;
Judge of Probate for Worcester County, Worcester,
Mass.
Boston,
William Lyon
Dr.
Phelps of Yale University will be the
guest speaker at the banquet.
Those
Gibson
J.
serving
the
on
Banquet
Committee
with
Mr.
are:
Stewart
Board Bank of the Manhattan
Chairman of the
Baker,
Co.,
President City Bank Fanners Trust Co.,
Brunie, Chairman of the Board and President
Empire Trust Co., New York; H. Donald Campbell, President The Chase
National Bank of the City of New York; S. Sloan Colt, President Bankers
Trust Co., New York; Artemus L. Gates, President The New York Trust
Co., New York; William S. Gray Jr., President Central Hanover Bank &
Trust Co., New York; Frank
K. Houston, President Chemical Bank &
Trust Co., New York; George V. McLaughlin, President Brooklyn Trust
Co., Brooklyn, N. Y.; William C. Potter, Chairman of the Board Guaranty
Trust Co. of New York; J. 0. Traphagen, President Bank of New York,
New
York; Harry E. Ward, President Irving Trust Co., New York;
New
T.
well
are
Association,
New
W.
4, 5 and 6, and pre¬
Trust Co.,
Gage,
The board of directors of the Federal Reserve Bank of New
York has
Conference of the
liminary plans for the program of this national trust con¬
the
N,
Trust
Midwinter
twenty-second
American Bankers Association will be held at the Waldorf-
by Carl W. Fenninger, President of the Trust Division of
Beardsley Ruml Appointed Chairman and Federal Re¬
serve
Agent of New York Federal Reserve Bank—
Succeeds Owen D. Young—F. L. Lewis Named for
Chicago Bank
R.
Named Chairman
for Annual Banquet
York;
Henry
Bradford,
Lindsay
York;
Merle
E.
York,
C.
Manager American
Bankers Association, New
Secretary.
Selecman,
Deputy
directors of the branches of this bank:
Louisville
Branch—Perry B. Gaines,
Little Rock Branch—I. N. Barnett Jr., Batesville,
in Annual
Ark.
meeting on Dec. 27, the board of directors of the St.
Louis Reserve Bank reelected the following as directors of its
branches:
Dec.
Branch—Phil
E. ChappeU,
Hopkinsville, Ky., and Chas. A.
Schacht, Louisville, Ky.
Memphis, Tenn.
Little
Rock
~
Branch—A.
E.
McLean,
Little
Rock,
Ark.,
and
A.
F.
BaUey, Little Rock.
The Bank's announcement
The board
of directors
of the
Reserve
members, divided into groups of three each,
and C.
Class A and B
Bank consists
designated
as
classes A, B
directors are elected by the member
class C directors are appointed by the Board
of nine
banks, and
of Governors in Washington.
prizes,
State of New York
ringing
this
and
year's contest was
Commercial
Relations
Some 300,000 boys and
fund
explained:
Federal
cash
"The Importance of Cul¬
Between the Americas."
girls in the five boroughs, students
of public and parochial high and elementary schools, par¬
ticipated in the competition, which was made possible by a
ject of
tural
Memphis Branch—B. A. Lynch, Blytheville, Ark., and W. H. Glasgow,
of the
from $25 to $2, to more
200 winners in its city^wide annual essay contest on
19 in the Great Hall at 65 Liberty Street.
The sub¬
awarded
than
of Commerce
Chamber
The
At its
Louisville
Commerce Awards Prizes
Essay Contest
New York State Chamber of
CarroUton, Ky.
Memphis Branch—Rufus C. Branch, Pecan Point, Ark.
established
former
President
in
1920
by the late A.
of the Chamber,
Barton Hepburn,
to further the develop¬
ment of commercial education.
The three students who submitted the best essays
in the
public, parochial and junior high school groups read their
The Commercial & Financial Chronicle
46
They
essays^
Michael Dempsey of the Wm. Cullen
Queens: Edward J. Sheehy of the
Memorial High School, Brooklyn, and
were:
Bryant
High
Bishop
Loughlin
School,
Jane Ellenbogen
of the Junion High School 118.
40th Annual Banquet of New York
Chapter,American
Institute of Banking, to Be Held in New York Feb. 1
Clinton W. Schwer, President of New York Chapter,
American Institute of Banking and with the Chase National
Bank, announced on Dec. 31 that the chapter's 40th annual
banquet will be held on Feb. 1, at the Hotel Astor, in New
City. Daniel F. O'Meara, Assistant Vice-President of
The
City Bank Farmers Trust Co., New York, reported
deposits of $90,188,333 ana total
compared with $90,589,245 and
$117,228,145, respectively, on Sept. 30 last. Cash and due
from banks amounted to $46,340,438, against $54,020,702;
holdings of United States Government obligations (direct or
fully guaranteed) to $37,357,300, against $32,305,212, and
loans and advances to $6,150,593, compared with $6,446,356.
Capital and surplus remain unchanged at $10,000,000
each, but undivided profits now stand at $5,124,393,against
$5,054,927 three months ago.
of Dec. 31, 1940, total
resources of $116,890,113,
as
»
York
the Public National Bank & Trust Co. has been
appointed
Chairman of the banquet committee and George C. Bisset
Jr., of the Bank of the Manhattan Co. will serve as banquet
Treasurer.
It is expected that 2,000 guests will be on hand
to celebrate the 40th anniversary of the
chapter, which has a
national membership of about 68,000 bank men and
women,
approximately 5,000 of whom are affiliated with New York
chapter. Mr. Schwer's announcement stated:
New York enjoys the distinction of being the only
chapter out of 254
throughout the nation, which has sponsored 40 annual banquets.
To mark
the occasion, every effort is being made to have all
living past presidents
as
honorary guests at this affair
Jan. 4, 1941
In its statement
as
of Dec. 31, 1940, Bankers Trust Co.,
New York, reports total deposits of $1,460,558,560 and total
assets
of
$1,579,523,715, comparing, respectively, with
$1,277,042,821 and $1,406,593,410
B.
A.
to
Hold
The
Consumer
Conference
Credit
credit
consumer
Consumer
on
Credit in
St.
at
Department
hold
of
the
American
nation-wide conference
a
on
Louis,
Mo., April 23, 24, 25, 1941,
B. French, Deputy Manager of
the American Bankers Association in charge of the
depart¬
ment.
The conference, which will be held at the Hotel
it
is
announced
Statler,
is
subject
of
by Walter
expected
to
consumer
bankers
attract
credit
from
interested
in
the
all
parts of the country.
An announcement sent out to the banks
by the A. B. A.
Consumer Credit Department had the
following to say as
to
the
conference:
It will be
to
the
undivided
$32,445,780
profits have
on Sept. 30.
increased
the
actual
to
attract
bank's
operating
in
not
only
details.
The
responsible
men
department,
program
thereon
appearance
this
those
credit
of
rapidly expanding
is
but
for
also
the
those
development
charged
already taking shape,
of
some
the
with
and
we
country's outstanding
April 30, May
This annual gathering of mutual savings bank officials
will bring together for a
three-day meeting
representative banking men from all over the country.
This
conference, it is said, will take place at a time when mutual
institutions are serving the largest number of
depositors in
the 125 years of the mutual savings bank
system.
Deposits
approximate $10,500,000,000 distributed among 15,500,000
1,2.
trustees
accounts.
ABOUT
Arrangements
BANKS,
TRUST
COMPANIES,
&c.
made Jan. 3,
were
1941, for the transfer
of a New York Stock
Exchange membership at $35,000•
The previous transaction was at $32,000 on Dee. 26.
«
Arrangements
New
York Curb
$2,500.
seats
These
since
were
made Jan. 2
Gordon
1941 for the sale of two
Exchange seats, one at $2,600 and one at
prices are the lowest for Curb Exchange
the
Exchange
previous sale occurred
National
The New York Trust
Co., New York City, reported
as
June while deposits advanced to $507,940,598 from $473,605,234.
Cash on hand and in Federal Reserve and other
banks, including exchanges, in the current statement is shown
at
$242,816,915, compared with $222,339,956; United States
(direct and guaranteed) at $172,782,746, against $181,580,330; and loans, discounts and
Government obligations
bankers'
acceptances at $106,722,134 against $85,982,993.
company's capital and surplus remain unchanged at
$12,500,000 and $25,000,000, respectively, while undivided
profits total $3,015,432, as compared with $3,000,839 at
The
on
moved
indoors
in
1921.
The
July 17, 1940, at $6,900.
S. Rentschler, Chairman of the Board of The
City Bank of New York, stated that the net
earnings of the bank for the year after provisions for taxes
depreciation were $18,169,449 including $6,712,098 of
profits from the sale of bonds which were transferred to
reserves.
Net earnings do not include recoveries which were
and
transferred to
reserves.
From the
earnings, which exclusive
of bond profits were $11,457,351, dividends
totaling $6,200,000 were paid, $2,500,000 was transferred to reserves as a
precautionary step in view of disturbed world conditions,
$2,000,000 was^ added to surplus, leaving $757,351 net in¬
crease in undivided
profits.
The surplus account, in addi¬
tion to the $2,000,000 from the year's
earnings, was also
increased by $10,000,000 from a partial
liquidating distribu¬
tion of that amount received from the
City Company of
New York, Inc.
*
,
The bank's
statement
shows
of condition
as
of
Dec.
31,
1940
deposits of $2,908,437,735 and total assets of $3,095,466,387, compared, respectively, with $2,740,411,458
and $2,922,420,074 on
Sept. 30, 1940. The principal assets
at the end of December,
according to the statement, were:
Cash and due from banks and
bankers, $1,364,824,538
(against $1,285,089,939 on Sept. 30); United States Govern¬
ment obligations (direct or
fully guaranteed), $860,973,666
(against $778,108,016); and loans, discounts and bankers'
acceptances, $544,312,305 (compared with $524,129,037).
The capital of the bank was
unchanged from three months
ago and a year ago, remaining at $77,500,000.
The statement of the Manufacturers Trust
Company, of
New York, as of Dec. 31, 1940, shows not only the highest
deposits in the history of the bank, but also for the first
time shows
resources
in
excess
of
a
billion dollars.
Deposits
of
field for banks.
Philadelphia has been chosen as the 1941 conference city
for the National Association of Mutual
Savings Banks, which
will convene in the Bellevue-Stratford Hotel,
ITEMS
from
the end of June.
National Association of Mutual Savings Banks to Hold
1941 Conference in Philadelphia April
30-May 2
and
$33,413,247
of the close of business Dec. 31, 1940, that total resources
increased to $552,277,903 from $520,235,793 at the end of
on the practical approach
credit problems confronting banks.
For this Teason
consumer
contemplate the
authorities
to
working conference with emphasis
many consumer
hope
we
of
a
Cash and
♦
St. Louis April 23-25, 1941
Bankers Association will
Sept. 30.
$588,895,553, compared with $585,198,018; loans and bills
discounted,
$255,161,767,
against
$224,558,973.
The
bank's capital and surplus are unchanged from the previous
quarter at $25,000,000 and $50,000,000, respectively, but
♦
A.
on
due from banks totaled $613,287,942, against $458,852,572
on the earlier date;
United States Government securities,
$953,709,060 and resources of $1,050,459,262 compare
with $856,162,984 and $950,811,789 shown on Sept. 30, 1940.
On Dec. 31, 1939, the respective figures were $762,763,244
and $861,154,221.
Cash and Due from banks is listed at
$388,847,897 as against $304,071,786 shown on Sept. 50th
and $267,372,519 shown a year ago. United States Govern¬
ment Securities stands at $326,449,037; three months ago
it was $304,005,430 and one year ago it was $282,493,190.
Loans and Bills Purchased is now $215,187,558 which com¬
pares with $210,541,450 on Sept. 30th and $189,415,410 on
Dec. 31st last year.
Preferred stock is shown as $8,749,520,
$32,998,440, and surplus and undivided profits
$40,986,645.
Net earnings for the year 1940 will be
common
as
as
reported in detail by the President at the Annual Stock¬
holders' Meeting to be held on Jan. 8.
The First National Bank of the
statement of condition
1940, shows total
as
City of New York, in its
at the close of business
resources
Dec. 31,
of $935,661,908 and total de¬
posits of $811,398,952, compared with $826,811,306 and
$703,919,815, respectively, on Sept. 30, 1940.
Cash on
hand and due from banks, in the current statement, amounts
to $303,094,133, against $235,051,022 on the earlier date;
holdings of United States Government securities to $415,851,322 against $377,623,123; loans and discounts to $43,153,425 against $37,673,515.
Capital and surplus remain
unchanged at $10,000,000 and $100,000,000.
Undivided
profits on Dec. 31 are shown at $9,720,652, after making
provision for the Jan. 2, 1941 dividend of $2,500,000, as
compared with $8,927,576 on Sept. 30, after providing for
the Oct. 1 dividend of $2,500,000.
William C. Potter, Chairman of the Board of the Guaranty
Trust Co. of New York, annouaced that at a meeting of the
Board on Jan. 2 Thomas J. Watson and Matthew T. Murray,
Jr.,
were
elected directors of the
has been President of the
company
Mr. Watson
International Business Machines
Corp. since 1914, and although that association constitutes
his chief business interest, he has for many years been widely
connected with organizations in the fields of international
relations, foreign trade, government, education, and phil¬
anthropy.
He served as a director of the Federal Reserve
Bank of New York from Jan. 1, 1938, until the close of 1940.
The announcement issued by the Guaranty Trust
Co.
further days:
Mr. Watson
was
Commerce and is
Committee
for
for two years
now
its
Economic
work of that committee
President of the International Chamber of
honorary President.
Reconstruction
as
actively engaged in the
undqr the auspices of the International Chamber of
Commerce and the Carnegie Endowment for
serving
He is also Chairman of the
and is
International Peace.
He is
Chairman of the Inter-American Commercial Arbitration Com¬
mission, and also holds office
or
directorship in many other organizations,
including the Citizens Budget Commission of the City of New York, Metro¬
politan Museum of Art, Boy Scouts of America, Travelers Aid Society of
New York,
Columbia
Salvation Army, and Roosevelt Hospital.
He is
a
trustee of
University and of Lafayette College, and has received honorary
degrees from many
decorations
colleges and
universities and has
by 13 foreign countries.
been honored with
Volume
The Commercial & Financial Chronicle
152
Mr. Murray is Secretary and Resident Attorney of the
Guaranty Trust Co.
He has been associated with the bank
for 36 years, and previously served as a member of the Board
of Directors during 1939.
duties, the bank's
47
approximately $16,000,000
resources were
with about 50,000 depositors.
Today the bank has total
resources of over $168,000,000 and about 146,000 depositors.
The statement of condition of the Irving Trust Co.,
Fulton Trust Co.
of New York reports total
deposits of
$27,198,184 and total assets of $32,392,853 in its statement
of Dec. 31, 1940, compared with deposits of $26,157,074
and assets of $31,297,274 on Dec. 30, 1939.
Cash, XI. S.
Government securities and demand loans secured by collateral
totaled $23,496,018 at the end of 1940, against $21,641,530
on Dec. 30, 1939.
State and municipal bonds were $3,754,278, compared with $3,160,184; time loans secured by col¬
lateral were $889,914 sgainst $1,154,874; and loans and bills
receivable amounted to $113,100 compared with $127,800
on Dec. 30,
1939.
Earnings for last year were equivalent
to $12.26 per share against $12.08 per share in 1939.
The
undivided profits account, after dividends in each case,
totaled $914,032 on Dec. 31, 1940 and $868,745 on Dec. 30,
1939.
Capital and surplus remained unchanged at $2,000,000 each.
The Board of Trustees of the United States Trust Co. of
New
York, as of Dec. 31,1940 shows total assets of $893,343,673,
against $876,238,847 on June 30, and total deposits of $782,588,748, against 764,888,385.
Cash on hand and due from
banks is given at $470,936,155, compared with $500,154,282;
holdings of United States Government securities totaled
$194,489,300, as compared with $160,218,899, and loans an
discounts, $181,055,652, against $171,401,845.
Capital
stock was unchanged at $50,000,000 but surplus and undi¬
vided profits now stand at $53,692,512 as compared with
$53,309,986 on June 30.
—♦
Empire State, Ine. announces the renewal for a term of
years from April 30, 1941, of Irving Trust Company's lease
for its quarters in Empire State Building.
Cruikshank
Company negotiated the transaction. , The new lease pro¬
vides for space about 20% larger than that covered by the
original contract executed ten years ago; an expansion re¬
quired it is stated by the growth of the institution's business.
New York at
a meeting this week elected James H. Brewster
member of the board. Mr. Brewster is Vice-President
and Treasurer of the Aetna Life Insurance Co. of Hartford,
Conn.
The Trust Co. also announced the following appoint¬
ments to the office of Assistant Secretary: Frederick M. E.
Puelle, Paul Campbell Jr. and Berkeley D. Johnson.
Jr.,
a
New high
records for total assets and deposits are re¬
Brown Brothers Harriman & Co., New York,
private bankers, in their financial statement of Dec. 31,
1940. Total assets amounted to $155,257,408 compared with
$142,454,118 on Sept. 30 and $123,951,722 on Dec. 30, 1939.
Deposits totaled $131,255,351 compared with $121,541,297
on
Sept. 30, and $99,029,958 on Dec. 30, last year.
Capitl
and surplus of $13,285,284 compared with $13,265,254 three
months
ago
and $13,205,283 a
year
ago.
Loans and
advances were $24,918,659 against $21,795,006 on Sept. 30
and
$19,323,252 on Dec. 30, 1939.
Other asset items
compare as follows with the figures for three months ago
ported
and
a
by
year ago:
$34,677,780
Cash,
against $38,063,614 and $33,818,802, respectively;
securities (valued at lower of cost or market),
$49,703,021 and $42,157,230; marketable bonds and
stocks (valued at lower of cost or market), $12,756,623 against $10,401,588
ana
$8,983,720; customers' liability on acceptancees, $9,612,009
against $6,5*2,185 and $9,737,589.
United
States
$59,391,285
Government
against
of the Chase National Bank, New York,
31, 1940, was made public (Jan. 3, shows deposits
of
the bank on that date as $3,543,338,000,
the largest
deposit figure yet reported by the bank, which compares
with $3,251,342,000 on Sept. 30, 1940 and $2,803,730,000 on
Dec. 30, 1939.
Total resources amounted to $3,824,403,000
(also the largest in the bank's history) compared with
$3,522,990,000 on Sept. 30, and $3,085,819,000 a year ago;
cash in the hanks vaults and on deposit with the Federal
Reserve Bank and other hanks, $1,672,535,000 compared
with $1,440,940,000
and $1,293,143,000 on the respective
dates; investments in United States Government securities,
$1,098,108,000 compared with $1,045,425,000 and $820,170,000; loans and discounts, $664,189,000 compared with $625,579,000 and $636,176,000.
On Dec. 31, 1940, the capital of
the bank was $100,270,000 and the surplus $100,270,000,
both amounts unchanged.
After declaration on Dec. 26th
The
statement
for Dec.
of
a semi-annual dividend to be
paid Feb. 1st amounting to
$5,180,000. the undivided profits account on Dec. 31st stood
at $36,212,000.
This amount compares with $36,535,000 on
Sept. 30, 1940, and $33,022,000 on Dec. 30, 1939.
The net
earnings of the Chase National Bank for the year 1940 are
reported
as
$13,315,000,
$13,550,000,
or
or $1.83 per share, compared with
$1.80 per share, in 1939.
In its statement for Dec. 31, the Chemical Bank & Trust
Co., New York City, reported deposits of $871,655,101, an
increase of $134,550,809 over Dec. 30, 1939, and total assets
of $958,388,741 compared with $824,327,174 a
year ago.
Cash on hand and due from banks amounted to $412,508,661
as compared with
$391,152,269; U. S. Government Obliga¬
tions to $219,030,694 against $170,359,459; bankers' ac¬
ceptances and call loans to $37,663,398 against $39,844,637;
and loans and discounts to $124,870,570 against
$121,540,434.
Capital remained unchanged at $20,000,000, and
Surplus at $50,000,000. Undivided Profits were $7,904,714,
an increase for the
year of $1,160,060 after the usual annual
dividends of $3,600,000., ($1.80 per share).
The indicated
net earnings on the bank's
2,000,000 shares (par $10)
amounted to $2.38 per share for 1940, as compared with $2.36
per share for the preceding year.
Frank F. Hazard, Secretary of the Union Dime
Savings
Bank, New York City, retired on Jan. 1, according to an
made
by William L.
DeBost, President of
the bank.
Mr. Hazard started as a bookkeeper with the
Union Dime in 1892 and in 1895 he was made head book¬
keeper.
In 1912 he was elected Assistant Secretary, and
three years later became Secretary of the
bank, a post he
has held for 25 years.
At, the time he entered upon his
Kings County Savings Bank, of Brooklyn, N. Y.,
leadership of Jacob C. Klinck, fourth President of
the institution and chief executive officer since 1927, cele¬
brated its 80th anniversary on Jan. 2.
Entering 1941, the
bank had 37,000 accounts and deposits totaling $40,000,000,
as against 483 accounts and deposits of $55,698 at the end
of the first full year of business.
Incorporated June 8, 1860,
the bank opened on Jan. 2, 1861.
The first President of
The Kings County Savings Bank was Thomas C. Moore,
who was succeeded by James S. Beams in 1865.
Mr.
Beams served until 1902, when Hubert G. Taylor became
President and retained the post until 1927.
Mr. Taylor's
son, Winthrop Taylor, has been a trustee of the bank since
1912.
Mr. Klinck, a member of the Executive Committee
of the Savings Banks in Group V, has been a trustee of The
Kings County Savings Bank since 1914. He served as Trust
Officer of the Metropolitan Trust Co. of New York and its
successors prior to joining Kings County.
In addition to
Mr. Klinck and Mr. Taylor, the Board of Trustees com¬
prises: Robert M. King, William M. Evans, James R.
McLaren, Andrew T. Sullivan, Joseph W. Catharine, Henry
Hoyns, Alfred Paull Palmer, Arthur E. Delmhorst, Orrin R.
Judd, George A. Barnewall and Walter Bruchhausen.
The statement of condition of the Brooklyn Trust Co. of
Brooklyn, N. Y. as of Dec. 31, 1940, issued today, showed
surplus of $4,525,000, an increase of $50,000 from the total
shown on Sept. 30,1940, which was $4,475,000. On Dee. 30,
1939 surplus was $4,450,000, the increase during the year
being $75,000.
Undivided profits of $1,407,846 were shown,
against $1,410,204 on Sept. 30 and $1,393,687 a year ago.
Deposits were $129,856,384 against $129,654,847 on Sept. 30
and $121,630 610 at the end of 1939.
Cash on hand and
due from banks was $61,396,130 against $67,204,850 three
months ago and $41,025,846 a year ago.
Holdings of
securities were $36,311,373
Sept. 30 and $43,733,759 one year ago.
Total loans and discounts were $30,617,236 against
$28,871,866 on Sept. 30 and $33,352,437 at the end of 1939.
Holdings of miscellaneous corporate securities were $5,472,073 against $5,748,380 on Sept. 30 aad $7,718,077 at the
end of the preceding year.
Bank buildings were carried at
$5,074,336 against $5,349,898 at the end of 1939, and hold¬
ings of other real estate were $688,363 against $741,129.
United
States
Government
against $30,501,660
on
,
In its condition statement
as
at the close of
business Dec.
1940, the Mellon National Bank of Pittsburgh, Pa.;
shows total assets of $457,605,412 (as compared with $455,347,390 at the close of business Sept. 30, last), of which
the principal items are:. United States obligations $206,986,799 (against $205,135,994 on the earlier date); cash and
due from banks, $201,600,624 (compared with $198,495,027), and loans and discounts, $32,004,982 (against $33,808,513).
On the debit side of the report, total deposits
are given as $408,423,504 (contrasting with $406,762,649).
The bank's capital remains unchanged at $7,500,000, but
surplus account has been increased to $27,500,000 from
$25,000,000, while undivided profits have been reduced to
$2,977,473 from $4,777,281.
31,
♦_
The
Bank,
National
Philadelphia
its statement of condition as of Dec.
Philadelphia, Pa., in
31, 1940, shows total
deposits of $620,282,251 and total assets of $672,490,182, as
compared, respectively, with $577,648,649 and $628,363,185
on
In the current statement, cash and due
to $343,940,661 (against $295,532,954
Sept. 30, 1940.
•from
banks
amounts
Sept. 30, last); holdings of United States Government
$172,358,134 (as compared with $169,358,134),
and loans and discounts to $79,565,143
(against $83,249,696).
No change has been made in capital account which
stands at $14,000,000, but surplus and net profits account
has increased to $30,311,909 from $29,588,984.
on
securities to
«
announcement
The
under the
4
In
its
statement
Pennsylvania
Co.
of
for
condition
Insurances
(Continued
on
of
as
on
page
Dec.
Lives
57)
31, 1940 the
Granting
and
48
The Commercial & Financial Chronicle
■
Jan.
COURSE OF PRICES OF GOVERNMENT SECURITIES FOR THE YEAR 1940
(Compiled from sales made
at the New York Stock Exchange.
Treas¬
Treas¬
ury
ury
ury
ury
ury
ury
4Hs
4s
3 Hs
3 H»
3 Hs
3 Hs
Treas¬
Treas¬
Treas¬
Treas¬
Treas¬
119.31
Treas¬
Treas¬
Treas¬
Treas¬
Treas¬
one or more
Treas¬
ury
ury
ury
ury
ury
3Hs
3 Hs
3 Hs
3s
Treas¬
ury
3 yKs
ury
3 X*
1947-52 1944-54 1946-56 1940-43 1941-43 1943-47
January—
Opening
Quotations after decimal point represent
3s
32ds of
a
1941
'
point.)
Treas¬
Treas¬
Treas¬
Treas¬
ury
2 Hs
ury
2 Hs
ury
ury
2 Hs
ury
2 Hs
2 Hs
1943-45 1944-46 1946-49 1949-52 1946-48 1951-55 1955-60 1945-47 1948-51 1951-54
1956-59
1941
114.28
114.30
102.8
104.21
109.30
105.13
109.27
110.12
111.13
111.27
110.18
110.10
107.30
High
120.17
114.29
114.30
102.8
104.24
109.30
105.17
110.1
110.18
111.20
112.13
110.28
110.30
108.10
109.13
108.20
Low
107.30
119.31
114.16
106.31
114.10
101.31
104.5
109.21
105.3
109.25
110.6
111.3
111.22
110.10
109.28
107.7
Close
108.28
108.10
120.5
106.28
114.16
114.13
106.9
102
104.5
109.21
105.3
109.26
110.7
111.3
111.21
110.10
110.3
107.8
108.28
108.10
February—
Opening
107.2
120
114.16
114.14
101.31
104.1
109.24
105.6
109.28
110.11
111.8
111.21
110.15
110.5
107.15
109
108.6
High
120.3
107.6
114.18
114.14
102.2
111.8
111.24
110.15
110.9
107.24
109.3
Low
108.6
107.13
119.30
114.14
114.9
101.22
103.26
109.20
104.30
109.26
110.8
111
111.19
110.11
109.29
107.12
108.30
108.2
Close
106.31
119.31
114.16
106.9
114.9
101.23
103.26
109.21
104.30
109.27
110.9
111.3
111.22
110.11
109.29
107.16
109.2
108.2
107
106.9
114.19
114.18
101.23
103.26
109.23
105
109.27
110.10
111.20
111.25
110.29
110.1
104.3
109.24
105.6
109.28
110.12
March—
109.5
108.20
107.12
106.21
106.9
V
106.13
106.20
Opening
120
107.18
109.13
108.4
High
120.30
107.7
115
115.4
101.23
103.26
109.24
105
109.31
110.16
112.9
113.1
111.15
111.18
109.6
109.22
Low
109.5
108.19
120
114.19
108
114.18
101.3
103.17
109.20
104.17
109.24
110.10
111.20
111.22
110.29
110.1
107.16
109.11
Close—....
108.4
107.7
120.30
115
115.4
101.9
106.18
103.20
109.20
104.17
109.26
110.15
112.9
113.1
111.15
111.15
109.6
109.22
109
108.19
108
April—
Opening
121.3
106.18
115.2
115.8
101.9
103.18
109.24
104.20
109.26
110.16
112.11
111.16
111.23
109.9
109.26
121.6
115.6
115.9
101.11
103.20
109.24
104.21
110
110.21
112.13
113.10
111.22
111.30
109.16
109.26
109.19
120.9
108.30
114.23
114.20
101.3
108.12
103.12
109.11
104.10
109.18
110.8
111.17
112.10
110.27
110.17
107.25
109.9
109.3
120.21
107.23
114.26
114.20
106.27
101.8
103.12
109.11
104.13
109.22
110.16
111.30
112.14
111.10
111.11
108.18
109.20
109.3
May—
Opening
108.7
107.16
121
114.24
114.28
101.3
103.12
109.7
104.13
109.19
110.17
111.26
112.19
111.8
111.7
108.13
109.18
109
High
120.29
108.8
114.24
114.28
101.4
107.12
103.12
109.7
104.13
109.19
110.17
111.29
112.23
111.8
111.7
108.20
109.18
Low
109
117.6
108.8
111.21
111.20
107.13
100.16
102.22
107.16
103.19
107.16
108.4
108.26
109.14
108.12
107.25
Close
104.20
106.26
105.24
117.9
104.16
111.24
111.22
103 24
100.19
102.27
107.16
103.19
107.16
108.4
108.26
109.20
108.12
107.28
105.2
106.26
105.26
104.28
103.29
Opening
117.8
111.23
111.24
107.16
103.21
107.17
108.3
108.24
109.21
108.6
107.21
105
106.21
High
119.14
105.27
104.24
113.18
114.3
100.21
103.27
103.3
108.13
103.24
108.18
109.17
110.20
111.28
110.2
110.4
107.19
Low
108.18
108.9
117.2
107.10
111.18
111.16
100.14
102.25
107.16
103.19
107.12
107.30
108.23
109.21
108.6
107.20
104.29
106.20
105.27
104.24
119.12
113.18
114.3
103.24
100.21
102.31
108.12
103.22
108.12
109.14
110.20
111.28
110.2
109.27
107.18
108.16
108.9
107.10
105.29
119.19
113.19
114.4
103.2
108.17
103.29
108.18
109.17
111.7
112.2
110.23
110.12
107.18
High
108.26
108.16
120
107.12
113.28
114.11
106.15
103.2
108.20
103.29
108.19
109.17
111.11
112.4
111
Low
110.16
108
109
108.16
119.19
107.15
113.19
114.4
102.11
108.5
103.12
108.11
109.7
111.4
111.25
110.25
110.3
107.8
108.20
107
119.24
108.7
113.20
114.9
106.10
102.15
108.6
103.15
108.12
109.7
111.4
111.25
110.22
110.16
107.28
108.22
108.7
107.14
106.15
102.12
108.6
103.13
108.14
High
Low
;
Close
113.10
June—
Close..
......
July—
Opening.
...
Close
100.15
102.27
August—
Opening
119.28
113.19
114.6
109.7
109.19
108.27
108.12
106.16
106.28
111.7
111.20
110.15
110.13
107.28
High
119.28
113.20
114.6
102.18
108.6
103.16
108.14
109.10
111.8
111.28
Low
110.19
110.13
108.3
108.28
119.17
108.12
107.16
113.10
113.30
106.28
102.12
108.2
103.10
108.10
109.3
110.26
111.9
110.7
109.20
107.2
108.18
119.26
107.9
106.22
113.18
113.30
106.1
102.17
108.2
103.15
108.13
109.7
111.8
111.21
110.15
110.13
107.29
108.28
108.12
107.16
106.22
103.16
108.16
109.13
110.22
Close
September—
Opening
120
108.22
108.10
107.13
106.14
113.20
114.6
102.20
108.14
110.22
High
107.28
120.8
108.30
108.16
114
114.19
102.20
108.22
103.16
108.19
109.16
111.27
112.24
Low
111.11
111.12
109.2
109.15
119.30
109.5
113.16
114.6
108.15
108.5
102.10
108.9
103.8
108.12
109.7
111.10
112.4
110.22
110.19
107.28
108.30
120.5
108.16
113.25
107.20
114.19
107.5
102.10
108.10
103.8
108.14
109.9
111.24
112.21
111.11
111.12
108.29
109.12
109
108.15
108.1
Close
111.10
October—
112.4
107.20
107.5
Opening
120.9
113.27
114.17
102.12
108.7
108.17
109.10
111.26
112.31
111.8
High
111.9
108.29
109.12
121
109
114.2
114.31
108.14
107.30
102.13
108.8
103.8
108.21
109.21
112.10
Low
112.31
111.17
111.20
109.3
109.21
120.7
113.27
109.6
108.22
114.7
108.5
102.9
108.7
103.3
108.14
109.10
111.26
112.21
111.8
111.9
108.21
120.31
109.7
109
108.7
113.30
114.31
107.23
102.12
108.8
103.8
108.19
109.19
112.7
112.31
111.17
111.18
109
109.20
109.6
108.22
107.30
Opening
121.4
113.29
115.24
102.10
108.8
103.6
108.18
109.19
112.5
115
111.14
High
111.22
109.3
122.18
109.18
110.23
114.16
116.4
108.21
108.31
102.10
108.11
103.11
108.26
109.27
113.12
Low
115.1
112.19
113.10
111.8
110.3
121.3
111.12
113.29
115.24
110.6
110.13
101.31
108.7
103
108.14
109.16
112.5
Close
114.27
111.14
111.20
109.1
122.18
109.18
110.10
108.21
114.5
116.4
108.31
102.2
108.7
103
108.14
109.17
113.12
114.27
112.19
112.31
110.31
110
111.1
110.3
110.12
122.10
114.2
116.11
102
108.4
102.30
108.13
109.15
113.12
112.22
113.1
110.29
110.2
111
110.8
110.6
111.3
Close
103.7
November—
December—
Opening
...
High
122.20
114.3
116.11
102.7
108.4
103.4
108.15
109.17
113.19
Low...
112.28
113.23
111.30
121.29
110.10
113.30
111.14
110.25
116.10
101.25
108
102.22
108.12
109.13
112.30
Close
112.13
113.1
110.20
110.2
111
121.29
113.30
116.10
110.7
110.6
101.25
108
102.22
108.12
109.13
112.30
112.13
113.12
111.18
110.2
111.10
110.25
110.28
Fed'l
Fed'l
Fed'l
Fed'l
Farm
Treas¬
Treas¬
ury
ury
2 Hs
2 %s
1958-63 1960-65
January—
Opening
Treas¬
Treas¬
ury
2^5
ury
2 Ms
1945
1948
Treas¬
Treas¬
Treas¬
Treas¬
ury
ury
ury
ury
Treas¬
ury
2 Hs
2 Hs
2Hs
214s
1949-53 1950-52 1951-53 1954-56
2s
1947
Farm,
Farm
Farm
Treas¬
Treas¬
Mtge.
ury
Corp.
Mtge.
Corp.
Mtge.
ury
Mtge.
Corp.
Corp.
Corp.
Corp.
2s
2s
3 Hs
3s
3s
2 'As
3s
2 Hs
1 Hs
1948-50 1953-55 1944-64 1944-49 1942-47 1942-47 1944-52 1942-44 1945-47
.
106.15
108.30
107.22
105.13
105.17
102.31
103.4
108.13
108.8
105.14
105
106.26
108.30
108.3
106.4
106.6
103.20
mrnmm
105.4
103.22
108.20
108.13
108.15
105.2
105.27
105.25
108.4
108.18
104.22
107.22
101.24
105.1
105.5
102.20
mm*-
104.18
102.23
108.10
107.29
105.1
105
107.18
105.29
108.18
104.16
107.24
105.4
101.10
105.6
102.23
mrnmm
104.18
102.30
108.10
108
105.6
105.2
107.19
104.19
101.12
103.7
108.16
108.3
mm mm
104.23
103.10
108.16
108.6
105.4
104.31
107.24
104.20
101.20
mmmm
104.16
103.1
108.9
107.29
105.2
104.26
107.18
104.15
101.16
104.18
103.6
108.10
108
105.3
104.31
107.20
104.18
101.19
105.3
103.11
105.27
mrnmm
104.28
February—
Opening
106.6
106
108.13
High
106.8
106.12
108.14
107.20
105.16
105.18
103.8
Low
105.29
105.27
108.10
107.17
105.5
105.8
102.29
105.28
108.10
107.17
105.8
105.9
103
108.20
108.21
Close
105.29
107.19
105.14
105.14
102.31
104.16
105.2
—
-
■■ ■ ti in ■
106.1
High
Low..
107.21
107.22
109.2
108.31
106.28
106.31
104.18
105.23
104.15
106.1
105.29
108.20
108.21
105.11
105.4
103.3
mrnmm
105.3
103.11
106.25
106.24
104.18
*+>mm
105.12
105.30
Close
107.21
105.29
107.22
109.2
108.31
108.18
105.11
105.14
104.26
107.30
107.24
104.22
104.19
103.3
107.31
107.25
109.11
High
108
108.1
109.13
108.20
107.2
107.3
104.23
mrnmm
Low
106.17
106.14
109.2
108.8
105.19
105.20
103.15
mrnmm
Close
107.6
106.29
107
101.17
108.12
108.1
105.2
105
107.20
104.23
104.19
101.27
108.20
108.17
105.2
105
108.6
104.25
102.6
108.12
108.1
105.2
105
107.20
104.18
101.27
104.13
108.20
108.17
105.2
105
108.6
108.18
102.6
____
-
Opening
101.24
'
Opening
April
Home
106.26
Close...
A/f<| fr*Va
v 11
Home
106.20
High
Low...
A*A nt
Corp.
Home
Owners' Owners' Owners'
Loan
Loan
Loan
104.24
108.24
105.30
104.24
108.24
108.21
105.5
104.27
103.18
108.11
107.26
104.20
108.20
105.5
108.8
104.17
102.11
108.12
M-M-
104.20
102.12
107.21
104.8
101.20
101.26
107.9
109.3
108.8
106.13
106.7
104.13
105.17
104.10
108.11
108.4
104.28
107.28
104.9
105.18
104.9
108.13
108.3
104.26
103.20
107.29
104.12
102.5
105.18
jVlfty*"""*
Opening
107.7
107.6
108.14
108.20
106.12
106.8
104.4
High
107.7
107.8
108.16
108.25
106.13
106.15
104.9
mrnmm
104.9
Low
108.13
108.3
103.13
104.26
103.20
103.16
107.29
106.20
104.15
105.13
103.2
102.10
103.4
101.7
'mrnmm
103.2
101.14
Close
105.30
105.20
103.16
103.9
103.24
103.22
105.4
106.25
103.2
105.18
100.8
103.8
103.13
101.14
103.2
101.16
105.30
105.19
103.26
103.9
105.4
103.2
100.10
Opening
103.24
103.25
106.18
105.18
103.7
103.12
101.14
102.31
101.13
105.26
High
105.21
103.28
103.10
106.10
106.14
105.6
107.22
103.1
108
100.5
105.11
105.18
103.20
mm mm
104.20
103.20
Low
107.10
107.15
104.4
104.2
103.14
107.5
103.15
106.18
103.25
105.18
103.2
103.9
101.8
mrnmm
102.28
101.13
Close
105.22
105.21
103.28
103.10
106.10
106.12
105.6
103.1
107.22
108
100.5
104.26
105.18
103.20
104.15
103.20
107.10
107.14
104.4
104.2
107.5
103.22
101.23
106.18
108.12
107.26
105.17
105.14
103.22
102.4
105
107.20
104
106.22
—-
J VI PC'
Tiily
Opening
106.20
High
106.20
101.23
103.29
107.22
108.15
107.26
105.23
105.25
103.22
102.20
105
103.29
Low
107.22
107.21
104.4
106
106.2
108.9
107.26
105.9
105.10
103.4
102.2
104.22
103.9
107.22
Close
107.9
104
106.11
106.16
108.14
107.26
105.17
103.8
102.20
104.27
103.17
107.22
107.9
104.2
106.14
106.21
108.4
107.18
105.14
105.20
103.10
102.20
104.29
103.17
107.4
107.7
104.1
106.16
106.21
108.4
107.25
105.17
105.20
103.18
102.25
105
103.24
107.15
107.7 1
104.2
106.10
105.25
108.2
107.18
104.28
105.1
102.31
102.3
104.20
103.3
107.4
107.2
104.1
106.13
106.15
108.2
107.25
105.12
105.9
103.15
102.25
105
103.23
107.15
September—
Opening
107.3
104.2
107
106.29
108.18
108.17
105.25
105.27
103.27
103
105.14
103.30
MM
107.21
High
107.22
103.28
107.28
108.23
108.17
106.13
106.14
104.10
103.29
105.22
104.19
mmmm
Low
108
107.23
104.2
106.31
106.24
108.18
108.12
105.25
105.27
103.23
103
105.14
103.30
107.24
107.17
103.16
107.21
107.21
108.23
108.12
106.13
106.14
104.8
103.22
105.14
104.16
108
107.23
103.25
107.11
107.26
107.22
108.24
108.22
106.14
106.18
103.25
105.18
104.25
107.29
High
107.24
103.22
107.31
103.16
107.14
108
103.17
102.7
108.24
108.22
106.24
106.31
104.20
104.4
106.6
104.27
Low
102.8
108.6
108.5
103.24
103.16
107.31
107.13
107.13
103.18
108.24
102.16
108.22
106.8
106.15
104.5
103.22
105.16
104.20
101.25
107.29
107.24
103.17
107.31
103.16
107.14
107.29
103.14
108.24
102.7
108.22
106.24
106.31
104.17
104.2
106.6
104.27
102.8
108.6
108.5
103.24
103.16
107.28
103.15
102.14
102.17
105.13
107.8
Low
Close
Close
....
MM
October—
Opening
Close
104.7
Nnvpmhpr—
102.4
107.24
101.19
103.24
101.22
103,21
101.19
106.31
103.24
101.19
103.26
106.28
103.16
101.15
103.26
107.7
103.20
101.22
103.26
106.24
103.12
101.14
103.26
107.7
103.20
101.22
107.11
103.21
101.30
107.19
103.22
102.17
107.9
103.15
101.30
103.16
102.8
August—
Opening
High
103.22
107.10
106.30
MMMM
X1 w T C AAX Lrv 1
Opening
107.31
107.31
108.31
110
106.25
106.31
104.21
104.3
106.4
104.29
102.9
High
108.5
108.3
108.12
107.22
110.8
110.18
103.16
109.9
110
108.16
108.15
106.3
106.1
107.1
Low
106.15
103.25
108.22
108.16
108.12
107.31
108.10
107.31
103.17
108.31
110
106.25
106.31
104.21
104.1
106.4
104.29
102.8
108.5
108.12
110.2
108.3
110.10
107.27
103.11
109.9
102.17
110
108.9
108.11
106.3
105.23
107.1
106.11
103.25
108.18
108.11
108.12
108.2
103.11
102.30
Opening
110.26
110.9
109.17
110.13
108.14
108.12
106.3
105.23
107.15
106.15
High
103.25
111.4
108.18
108.11
103.6
103.7
111.27
108.4
103.13
109.22
110.31
108.28
108.28
106.18
106.21
Low..
107.15
106.28
104.26
110.13
108.23
108.17
103.8
103.7
110.9
108.10
103.13
103.25
109.17
110.13
108.7
108.11
106.3
105.23
107.8
106.15
103.25
108.18
108.10
103.6
103.7
111.3
107.29
103.8
109.22
103.18
110.18
108.12
108.20
106.18
106.18
107.8
106.22
104.16
108.23
108.10
103.8
103.7
107.29
103.9
103.18
Close
Decern frref—
Close
110.26
102.30
103.24
Volume
49
The Commercial & Financial Chronicle
152
.j*N
Monthly Ran^e of Prices
NEW
YORK
on
|l
*
the
EXCHANGE
STOCK
THE NEW YORK STOCK EXCHANGE—BONDS AND STOCKS
The tables which follow show the
every
stock in which
based
on
any
high and low prices, by months, for the year 1940, of every bond and
dealings occurred
on
the New York Stock Exchange. The prices in all cases are
actual sales.
AND MISCELLANEOUS BONDS FOR 1940
COURSE OF PRICES OF RAILROAD
November
October
June
December
September
March
July
August
May
April
February
Low
High Low High Low High
High Low High Low High Low High Low High Low Hxgh Low High Low High Low High
January
BONDS
Low
48% 52% 48% 57% 30
5584 5134 55
104% 104%104% 103
104% 10418 1043s 104
102
104% 104% 102
10384 102% 102% 101
108% 100
107% 108% 108
10-yr deb 4M« stamped
1946 107l2 1085S 107l2108
70
70
70
70
5934 70% 45
80% 66
Adriatic Elec Co extl 7s....1952
Abitibl Pow & Paper 1st
5»_1953
51
Adams Express col tr g 4s.. 1948 104
Coll trust 4s of 1907
1947 102
110
109
1943 109
1943 107% 107l2 10784 108
58
60
54% 58
Albany Perf Wrap Paper 6s. 1948
Ala Gt Sou 1st 5s. per
1st
cons
A
108
4s series B
53
60
53
61
85
87
8534
77%
86%
7984
703g
76% 80l2
68
1949 66% 7084
445s 41%
stamped
1950 41
62
61
Allegheny & West 1st g gu 4s '98 59
Allegh Val gen guar 4s
1942 10584 106% 10534
IOH4 100%
Allied Stores Corp deb 4^8.1950 100
9484
4Ms debentures
1951 9434 97
11034 10912
Allls-Chalmers Mfg conv 4s. 1952 110
Alpine-Montan Steel 7s
1955 17% 17%
64l4 62
Am & Foreign Pow deb 5s
2030 61
103l2 103
Amer I G Chem conv 5M®--1949 102
104% 10318
Amer Int'l Corp conv 5 J^s_.1949 103
Coll & conv 5s
5s
.....
110
85%
78%
69%
108"
108% 108%
67
50
54
6~l"
59
59
86
80
7278
47%
82
86
62%
68%
55%
82%
55
"el"
1948
Albany & Susq 1st guar 3M® '46
Alleghany Corp coll tr 5s.
1944
68 with warrs assented
108
48
53
37
43
56
38% 47% 4534 60
45%
27% 2378 3338 39
100
100% 100%
997s 100
104% 102% 102% 9784100
lol" 10T" 100%
99% 99% 100% 100% 100%101
104% 98% 9934 98% 100
104
107% 108
107%
10684 105% 106% 106% 1077g 107% 108
108% 102% 105
40
34
30
60
60
3534 30% 31
n6% iTo%
10934110%
10984 10934 110%110%
107
107
167S4 108" 10778 108 i0778
107% 108
108% 105
107%
"47% so"
30%
10778
45
70
"
54
54
56
56
54
56
58
58
497g
73%
52%
75
46
52
48
51
52
52%
52
52
50
50
73%
82
81
82
81
82
81
83
89%
84
73%
91%
75
75
75
45
"70"
69
70
49%
101%
100%
10784
91
94%
92%
95
93
97%
95%
97%
82%
77%
79% 83
78
80
58
66
75
7234 79% 76
66%
70%
72% 74% 60% 75
42
47
47
43
46% 56% 49% 5684 5334
28% 38% 36
4684 26% 45
45l2 41
63
63
63
63
62% 32% 64% 64% 68%
62% 64
64%
62% 63
104% 10434 104%
105% 104% 104% 104% 105
106% 105% 106% 105%107% 104% 106 " 104% 105% 105
100
100
100% 100% 101% 102% 101%
99%
99% IOH4 99
100% 101% 100% 101%
101
93
98" 94% 9784 97
9984 93% 100% 100
99% 89
92% "92"
9784 99%
9634 9434 98
107
107
109
109
108% 108
10684 10934 107% 109% 108
1073s 109% 106%109
109% 111
111
25
64% 68% 50% 65% 46% 51
60% 65
10378 105% 10378 105
100% 10434 101% 103
91
105
98
104% 10378 105% 104% 105»4 93
63%
104
48
5084
44
101% 10334 102
9778 9984 97
25
26
58
58
86
81% 80
62% 59% 63%
68% 68% 68%
104% 10384 104%
102
102%
102
102
IOI84 10384
109
106
108%
26
47
52
4984 48
103
10234 104% 103
99%
98%
99%
61% 50% 55% 50% 54%
104% 103
104% 103% 104%
102
98% 100% 100
100% 103%
Amer Tel & Tel—
1943 108" 109i8 108l8
10958 108%
1961 108
108
3M« debentures
1966 1077s 109
105%
Am Type Fdrs s f debs 2M-5s '50 105l2 107
109
107%
Am Wat Wks & El deb g 6s A '75 107
Anaconda Cop Min 4 Ms
1950 106% 107lS 106%
20-year s f 5M*
3M« debentures
,
10834 1077s 108»
109% 108% 110
109
107% 109%
106l2 105% 106%
108% 107% 109
107% 102% 107%
105
105%
1078s 10778 106" 107" 106" 10634 106* 106% 10578 106® 105" 106
110% 108341097g
108% 110% 104
110% 104% 1087s 108% 109% 108% 109% 109
104
1087g 109?g 108% IO984
108% 107341087g 108% 109
108% 11038 103% 110
96
100
101
95
98
10184
93% 96
10134 100
105% 106% 101% 105
107% 109
96
102%104
102
9978 102% 102
103% 102% 104% 103
109
104"
105% 104®
104"
111
109% 1107g
108%1107g 109% 1IO84
104
106
104% 105
110% 108% 110%
108% 105%109% 108% llu% 110
107% 105
106
10378 1057S 10384104% 104
104% 106
104% 103% 106
109
Anglo-Chil Nitrate
Sinking fund Income debsl967
July 1995
Ann Arbor 1st g 4s
Ark & Mem Ry Bdge & Ter 5s
'64
35%
45i2
40
50
34
36
45
46
3534
44%
39
46
98
9884
98
98
98
98
Armour & Co 4s ser B (Del). 1955 100
10U2 10018 101% 100% 103%
4s series C
1957
9912 10134 100% 101% 100% 102%
10312 106% 1033s 105%
Atch Top & S F gen gold 4s. 1995 1047s 107
87
86
87% 86
Adjustment g 4s..
July 1995 8534 86I4
Stamped
July 1995 85l2 8714 86% 88% 86% 87%
93
92
92
92
92
93%
Conv g 4s of 1909
..1955
Conv g 4s of 1905
1955
Conv U 4s of 1910
91%
93%
92l2
93i2
Rock Mtn Dlv 1st 4s ser
Trans-Cont Short L 1st 4s *58
1091411034 10884 110
108% 1073s 108% 106% 107%
95
93l2
94%
95
74
77
75
Gen unified 4M® ser A...1964
57
62
6384
95
95
76%
57i8
10-year coll trust 5s.
73
76
71
75
68%
6678
70
1948
64%
38%
1948
32
1945
Louisv & Nashv coll g 4s.1952
Atlantic & Danv 1st g 4s
4s
Atl Gulf & W I SS L coll tr 5s '59
conv
6934
1953 106
Atlantic Refining deb 3s
deb 4M® '39
Austin & N W 1st 5s
1941
4312
82
Baldwin Loco Wks 5s stmpd 1940 100"
Bait & Ohio 1st g 4s
1st
1948
38
41
34
3234
34%
7034
687S
683s
29%
67
7034
70
2414
.1995
2612
26%
29%
29%
30%
30
24
2914
67%
66%
2434
245s
27%
27%
25%
24
29
25
24%
24%
29
29
25
24
Certificates of deposit
Certificates of deposit
2000
Ref 5s series D
Certificates of deposit
Ref & gen M 5s series F..1996
Certificates of deposit
Stamped modified—
Ref & gen 5s A
Ref & gen 5s F
92
9384
68%
53
69%
65%
3884
32%
677s
6734
40
28%
29%
32
44%
40
40
27%
40%
98
99%
2934
427g
98%
27%
40%
97%
2934
42
97%
"95% 100"
103
100% 102% 101
104
95% 10034 100% 102% 101% 103
107% 101% 104% 103% 106% 104% 106%
81
87
77% 79
86% 85% 85%
86
76% 82% 82
85% 86%
87
95% 96
96% 96%
92% r96% r96%
104
97%
95%
90?s
95
95%
96%
95%
97%
104% 100
103% 102%1037g IO284103%
99
100%
100% 99% 99%
100% 99
110% 10984110% 110%11084 110% 11034
107% 109%
106% 106% 108
109% 105
29%
32
30%
32%
30%
34
31%
37%
41
43
43
45
46
49%
48
50
98
99%
101% 10384
98% 98% 98% 98%
103"104% 103% 106 105%106
101% 103% 103% 10434 104% lr6
105% 106%
106
10878 108% 109%
105% 106% 105% 106
86% 86% 86% 88
86% 86% 88% 88%
88% 87% 91
88% 86
85% 87% 86
9484 95%
95% 97% 97% 100
100
"94% 96% 95
97% 99
94% 96
95% 96
103
103% 103% 104% 103% 104% 103% 105 "
100
100% 100%10184 101% 102%
99% 100
110
110% 110% 111% 111
111% 111%111%
109
111
109% 108% 110
10984111% 110
92%
95
75%
55%
71%
69
92%
9534
95
68
70%
65%
37%
99%
64%
71%
5738
75%
69%
62%
97
937g
96%
99%
70%
94"
64%
54
7334
61%
55
65%
66%
4834
41
61%
56
41
46
93%
97%
69%
51%
66%
70
6034
64%
94%
"93"
63
62%
96
93%
95
97
96
6634
46%
63%
59
71
51
69
64%
34
30
66%
94
94
96%
99
98%
97
99%
99% 100%
66
70
65
69
66%
70
55%
72
68
39%
3384
50
56
52%
67%
51%
69%
66%
66
38%
64%
71
68
69%
64%
25
2584
2638
2434
285s
2534
2434
2534
26
2434
(int at 4% to
1946) due July 1948
28
67
Certificates of deposit
Tol & Cin Div 1st & ref 4s A '59
Bangor 3c Aroostook 1st 5s.1943
Con
ref
54
4184
6134
59
47%
46l2
54
58
56%
54%
43%
Stamped
45
66
70
72
Battle Cr 3c Sturgis 1st gu 3s '89
Beech Creek ext 1st 3 Ms
1951
Berlin Elec Elev. 1st 6M«
Beth Steel 4Ms series D
3Ms
conv
28
26
30%
27%
31%
30
66
6934
55
697g
57%
67J
6534
69%
66
69
67
12%
15%
59%
48%
7%
4578
12%
57
45
11%
14%
57
53%
57%
54
56
60
58%
15%
61%
59
61
12%
56%
15%
5878
32
43%
42
457g
43%
13%
58%
46
12%
40
32%
45
47%
45
48%
44%
48%
44
46
53
56%
54
56
9684
5978
99%
643s
95
97
57
5978
52%
92%
59%
60
6634
56
5978
5634
5584
9534
64
6334
45
37
37
1534
15%
15%
15%
15%
15
15%
1956
1960 1065s 1087g 106®
47%
917s
5378
95
4678
53
50%
54
53%
53%
60
52
90
91
89%
92%
96
5034
9334
527g
947g
57%
60
67
60
60
63
97
63
55%
97
55
9534
59%
95%
65
91%
5734
54%
90
56
89
54
55%
56
47
53%
55
65%
54
5834
58
61
59
59
59
63
59
63
55
59
46
56%
40
40
40
40
40%
40%
40%
40%
103% 10834 105
1960
109% 109%
90
"lUz 48" "44%
46
" "45" ~5l"
99%
97
97
92
4484
57
43
55%
47
93%
55%
5284
36%
52
45
51
46
._
46
57
52%
43
55%
48
37%
52
46
57%
50%
_
1955
415s
48
44%
46%
Note—Superior figures denote 32ds of a point,
45%
51
45%
45%
Stamped
5178
viz,
105"=105"n.
a
105®
107% 108
105*
107
108% 106
1077g 10678 109% 1063s 107%
105®
105% 105% 106% 10578 106%
106% 10034 105% 104
99
102
103%
99%
99% 101% 101%102
102
102% 102% 104
103% 105% 104% 105%
109
109
109
109
43%
1<>50
Stamped
Ex-coupon.
109% 10534 108
105®
100
106
1965
1st Mtge 5s ser 11
16
67% 69
72%
115
113% 114% 113% 114% 113% 114
11434 Il37g 116
113% 114% 114
117% 115% 116% 115% 11634 112% 116% 112
128
134% 132% 1357g 135% 13634
13438 1273g 130% 130
132% 132% 133% 133% 1347g 133
133% 132% 134% 133% 135
15
15
27
16
16
14% 22
2478 27
2634 27% 24
16
15% 19
16% 18%
I684
16% 17
16
23
27
27
15
21
14% 23
14% 16
16
16
2684 27% 22
12% 1534
11% 12
15% 16%
155s
20
27
27
27
15
16
16
16
14% 22
27% 25
15% 15%
13% 14
16% 16%
15% 15% 163s
25
18
18
27
9
20
27
27% 2134 27
1534 1534
15%
105" 106% 105" 105"
107
103
1959 100% 101% 100% 101% 100% 1033s
Boston 3c Maine 1st 5s A C.1967
12%
"72%
15
Blaw-Knox Co 3Ms
13%
49%
14i2
Consol mtge 3Ms H
13%
56
4778
15l2
Consul mtge 3s G
11%
56%
105% 105s 105"
104% 10534 105
1952 1045s 10734 106% 109% 107% 110% 107% 112
deb
71%
17
48%
1951
1959
Cons mtge 3 Ms F
69%
28
33%
49
1955
Debenture 6 Ms
Debenture 6s
75%
35
48
T16I2
Elec Co 6 Ms
7084
35%
39%
30
55
54
116*
Bell Tel of Pa 1st 3c ref 5s..1948 11514
133i2 131%
1st 3c ref 5s series G
1960 132
Berlin City
37
37
33%
45
99l8 101
66l2
1951
4s
58%
57%
49%
55%
4534
37%
36%
31%
12%
72%
33%
30%
27%
8%
68
42%
31%
30%
3"34
55
70
37
38
33%
33%
27
36
26
4334
13%
13%
3334
37%
30%
2834
49%
153s
37%
26
2784
59
16
133s
35
367s
3678
41%
28
30%
16%
14
14
18
37
41
33%
33%
38%
33%
16%
20
26%
2634
28
31%
2778
38%
33%
27
30
15%
15%
25%
2534
56
Certificates of deposit
70%
18
25%
29%
26%
27
46
18l2
14l2
Southwestern Dlv 1st 5s..1950
65%
15%
27
30%
1960
15
PLE&WVaSys ref g 4s 1941
98% 98»4
9934 101%
67% 757g
5278 63%
69% 80%
69
PLE&WVaSys ref4sext'51
So'western Div 1st 3Hs_.1950
1
99
68%
697s
15
14%
14%
Oct
96%
65%
62%
3384
1st mtge g
Certificates of deposit
Convertible due
Feb 1
9678
29%
32
31%
29%
29%
29%
29%
28%
2534
1995
1995
2000
1996
Ref & gen 6s C
Ref & gen 5s D
28
45
97% 98% 98
102%104% 95%
102% 104% 95
104% 106% 101%
853s 87% 86
76%
86% 89
92%
"94% 97% 92%
96
96
95%
1033s 105% 100
9934 1003s 99
108
109%110
104%
10734 109
36
3884 33
33
34
28
33
36% 32% 33%
38
32%
4034 28
29
31
30
28
2934 28% 3134 31% 33% 29
31% 23% 2878 27%
31% 343g 25
76
72% 74% 74% 76% 75
66
70
72% 74
68
70
68% 72
63% 67%
62% 75
69% 7578
71% 69i2
106
107% 104% 106% 1C5%106% 10578 106%
105
106% 107
105% 106%
106% 105% 106% 102% 106% 104% 107
107l2 105l2 10634
50
68
56% 71
5478 5184 59
49l2 47
95
94
96% 95% 96
94% 95
88
90
96% 96%
87
87
90% 93
94% 94
82
88% 88% 86
8578 87
100"
1013s 100% 100l2 100
67
68
70%
7l7g
7284 7034 74% 69
6534 6884 66% 69
69% 56% 6978 56% 67%
70t2 65% 6784 65% 6778 66
4084
1995
Refund & gen 5s ser A
Ref & gen 6s series G
6434
96%
66
1948
5s
gold
Certificates of deposit
41
43
114
1st 30-year 5s ser B
1944
Atl Coast Line 1st g 4s July 1952
Auburn Auto
94%
109% 110
Cal-Arlz 1st & ref 4 M® ser A '62 107
Atlanta Knox & Nor 1st g 5s 1946 114
95
Atlanta & Char A L 4 M® ser A'44
2d
9334
95
95l2 95% 95l2
1948 10134 103% 102l2 103% 103% 10434
99% 100
10034
A. 1965 10018 100l2 100
1960
Conv deb 4M«
38
Deferred delivery,
54%
75
68%
95
98
97
76
97%
105% 107% 106%
102% 103% 102
104% 106
104%
108
109% 109%
6978 72% 70% 7334 71%
9734100
997g 101
100%
56%
49%
42%
7834
727s
79%
75
77%
75
7778
77
79
783s
79%
54%
45
54
75
69
76~
6934
7~134
707g
72~%
70
72
71%
72
r Cash sale
10734 10634108%
105
104
105%
107
105% 106%
109%
73%
"71% 75""
100% 100% 101
The Commercial & Financial Chronicle
50
Jan. 4, 1941
1940—Continued
March
May
April
February
January
High Low High
High Low High Low High Low
BONDS
Boston & Maine
Low
(Concl)
4034
1961
1st gold 4%s ser J J
Stamped
75
62
731*
..1966 109% 1097*
1966 831* 87*4
9
661$
82
39*4
38
43
86*4
4578
427g
60
Bklyn Q Co 3c S gu g 5s atpd 1941
Certificates of deposit.......
1st 5s stamped...........1941
Certificates of deposit.....
...
Bklyn Un £11st g 5s.
1950 88% 91
Certificates of deposit.....
87
90
Bklyn Un Gas 1st ext g 5S..1945 112i« 1137g
1st lien & ret 6s A
1947 1117* H37*
Cons deb 5s
...1950 93*4 90i4
1st lien 6c ret 5s ser B
1957 105
106*4
....
Buffalo Gen Elec 4 Hs ser B. 1981 110%112*4
Buffalo Niagara Elec 3HsC 1967 1087* 108?*
BuffRoch& Pittsconsol4H*'57
36
41
Certificates of deposit.......
4J4* stamped modified...1957
Bush Term 1st 4s
5s...
...
...1952
1955
35*2
40
....
...
3*2
5
69
7
6**
69a*
4012
44
9%
90
9%
9%
69
78
75% 75
110
109% 109*4
102
87% 101% 101
86% 89*2
85% 90
45
84
83% 86%
44*4 47%
42% 46
847* 85
54% 85
44*4 507*
99% 101%
89% 100
89
92
887* 90%
112
113
112% 113%
112%114
113% 115
93% 977* 96
97%
105*4106*4 106 107%
109% 110% 109% 110*2
108% 108%
37% 39% 36% 38%
37
89% 35% 38
36% 38
5%
6%
5
5%
6%
5%
68*2 68% 66% 69
43
4012 42% 40
109
63
65
68
104
Guaranteed gold Ss.July 1969
Guaranteed gold 5s..Oct 1969
61** 5412
Guar gold 4Ks..June 15 1955
Guar gold 4J6»
1956
Guar gold 4H«1951
Can Northern deb 6H«....1946
Canadian Pac 4% coup deb stk
-
Coll trust 4Hs
101
107
100*4105%
99% 1037*
99% 103
110% 113%
60% 647*
80% 85
104% 108%
79% 837*
70
74%
..1946
5% equip trust ctf
1944
Coll trust gold 5s
1954
Collateral trust 434*-—1960
Carolina Cent 1st con g 4s 1949
Caro Clinch & O 6s ser A...1952
108
1950
Carthage 6c Adiron 1st gu 4s '81
Celanese Corp of Amer 3$..1955
Celotex Corp deb 434 ww_.1947
109% 108%109
109
Potts Creek Branch 1st 4s 1946
Chi 8c East 111 con 1st 6s
1934
Chic 8c E 111 (new co) gen 5S.1951
Certificates of deposit..
Chicago 8c Erie 1st gold 5S..1982
Chic Gt Western 1st 4s....1959
Chic Indianap 8c Lou ref g 6s '47
Refunding, gold 5s B
1947
Refunding 4s, series C...1947
1st 8c gen 5s, ser A
.1966
1st 8c gen 6s, ser B
May 1966
Chic Indiana 8c Sou 50-yr 4s 1956
Chic Lake Sh 8c East 1st 434s '69
Chic Milw 8c St P gen 4s A..1989
Gen g 334s ser B.....May 1989
1989
May 1989
Gen 434s ser F
..May 1989
Chic 5(11 St P & Pac 5s A... 1975
Cony adj 5s
....2000
Chic & NoWest geni g 3 34 s. 1987
General 4s..............1987
1987
Gen 434s stpd Fed lnc tax 1987
Genl 5s stpd Fed inc tax..1987
434s stamped
.........1987
15-year secured g 634s
1936
1st 8c ref g 5s...
May 2027
1st 8c ref 434s stmp..May 2037
1st 8c ref 434* ser C..May 2037
.1949
stpd pt pd 1927
Chic R18c Pac Ry gen 4s...1988
Ctfs of deposit
.....
1934
Certificates of deposit..
Secured 434s series A
1952
Certificates of deposit.....
Cony g 434*—
........I960
-
1951
-1951
...1951
Chic Terre H 8c So'east 1st 5s '60
1st mtge
334*
334s series F
89%
1127*
114*s
96%
106%
110%
108%
37
4%
3*4
68*2
42% 48%
40%
6%
6%
69%
9
8%
7*4
9
97*
9%
67
74%
23%
68
68*4 73
17*4 20%
71%
20%
17
37%
3%
3%
35%
3%
35
113
112
95
95%
1117*
39
42%
39%
3%
41
3*2
3%
96
40
67
105%
87
87%
86*4
83%
85
83%
97
60
66
05%
65
59%
35
35
93
43%
3%
3%
76%
80%
78
80*4
76%
14
14
12%
25%
12%
25%
14
85
14%
25
25
78
14
17%
6*2
67*
3%
2%
2%
27*
8
8
42% 46*4
4
4%
3*4
3*4
98*4
3*2
3
8
8
6*8
7
4
2%
2%
77*
3
3
2
6%
2%
2%
77*
7
8
93
5
1%
5%
2%
1%
1%
5
1%
1%
4%
42%
2*4
2%
46*4
107s* 107*® 107*® 102% 103% 103% 105*4 104*4105*4
94
97*4 99% 99*4101
957* 99
94% 97
52
53*2 r53% r53%
50% 50% 49*2 50
108% 107
40
19%
26%
9534
35
95
19
93
-
74
85
93
18
97
3*4
3%
69
70
67
70% 67
70% 69
68% 68*4
44% 42
39% 40*2 41
43% 41
43%
40
61
66
66
68
66
67
60%
68*4
58*2 57
1067* 1067«107% 107% 1077* 107% 1077*
103% 104% 104
8284
82
89% 89% 93
73% 78% 70
92%
81
90
92% 97% 93% 967* 91% 94%
91% 95
99
93
98% 95
82% 94
97% 94
93% 96*2
96
99% 94
95% 100
97*4
837* 03% 94*2 98
95
100
92
95
98
96% 99
97%
84% 00
95
83
97% 92% 95%
93% 98
85% 92% 94
81
92% 97% 93% 96% 91% 94%
90*2 91% 95
81% 90
91% 95% 92% 97% 93% 96*4 91*4 94%
104
107
103
106
105%107
96% 103
104% 10512
49
53
48% 55*2 52% 58% 49% 54*2 51% 55
71"" 74*4
76
78
707* 76
717* 76
65% 72%
101
102% 101%102%
92% 97% 99%101% 100 102
66
77% 68% 72% 68
71% 66
71%
72% 70
68
64
59
66% 607* 66% 62% 65
61% 66
92
73%
95
70%
38%
70
90
40
103
106*4107% 105*2107*2 105% 106*2
111
1117* 110*4111% 110 111%
109% 109*4
107
110%111% 111
36%
3%
103
112% 110% 111*4 110% 111*4
114% 113% 113% 113 114
957*
106
107
45%
26%
70%
19%
103
113*2 1137* 113
113
94% 96
106
107
107
89
27% 28
6%
7
2%
27*
2%
2%
667*
17%
103
111
109% 102
75
18
71%
19
111
104
111% 112%
4
65%
45
103
39%
5
4
4
68*2
100
69%
17*2
44%
33
41
47
45% 32% 39% 39
68
61
47
60
46** 61
50%
103% 105 100 106% 100% 103% 103
65
66
67
80%
79% 83
69%
96%100% 73% 96% 72*2 81
76%
99
79
78
104
100% 76% 84
100% 104
77% 100% 75% 83% 80
101%103% 83% 100% 74*4 83% 79
99
102% 74
98% 72*4 82% 79
97
72% 82
76%
100% 73% 97
97
71% 79% 76%
66*4 100% 74
87
108
95% 89%
112% 95 108
63
43% 42%
62% 38
697* 31
82% 89% 58% 82*4 67% 65
63%
102% 106
90% 102*2 87% 91
897*
54
80
84
60
79
54% 61
48
54
73% 79
52%
74% 48
44% 45
109% 10«
108% 104
100
99% 100% 97
44% 45% 44
67%
17%
109% 108% 1087* 109% 110% 109% 110% 109% 1107* 109*4110*4
517*
103
1037* 107% 103
84% 86%
108% 111% 110%112
111% 113% 113
113%
88
94
94% 96
103% 105% 105 106%
111%
110% 111% 111
4%
2%
72%
22%
19%
51%
27
25% 40%
3
44%
89
104**
62% 62
112* 110*
78% 76%
105% 105%
103% 103%
124% 122%
997* 98%
997* 98%
83*4 86
15
14
5%
1%
5
5%
4*4
6*4
5
1%
2
1%
1%
1%
2%
1%
1%
4%
4%
4*4
1%
434
5%
2%
1*4
5%
86
15%
25%
434
99*4
88%
15*2
25%
6
98*4 99*4
88
177*
26
4%
1%
1*4
*4
%
4*2
4%
4%
7«
89*4
1534
24
84
6
1%
13*
484
4%
4%
90
75
50
51
94
64
62
46%
49%
60
117
117
117% 116
117
"l4%
85
102"
90
111% 109% 110
52
37%
32%
48"
31%
60
69
110*2 110% 109
109**
42%
109" 109%
63
69
42%
51% 60
108
108% 107"
71% 76
77%
104
105
104%
102% 1037* 102
122
126% 124
97%100% 99%
97
100% 99*4
106%
105% 107
42%
46%
51%
63
65
65
45%
43
47%
61%
63
41%
54%
108
107" 107" 106**
82%
104%
1037*
126%
101
1007*
107
76
81% 81%
1037* 105
104%
102
103*4 103
"38"
44%
537* 54
107% 106*7 106*1
85
89*4
87
105*4 105% 106
103*4 103% 104
128% 127% 130
102% 101*4 1047*
102% 101*4 1047*
107
107%
107
47%
54%
109
106
16%
977b
100
79
107%
66
49%
109
100
109
109
109
10934
108% 108% 108*4109
110
111% 111% 1117* HI84III7*
109% 109%
45
50
50
42*2 45"
48% 51
487* 51% 49% 51% 50% 58
19% 12
17% 12
14% 12% 137* 13% 15% 14% 16*4 15% 17
13% 17
12% 14
14
157*
14% 15% 11% 15% 10*4 12*2
17% 10% 15% 10% 12% 11% 12% 12% 14
107*4 1087* 106 108%
105*4 1087b 106% 109
108% 105% 108
108% 109
107% 109
106%108
68
70
57% 60% 58
66% 70% 63*4 66%
64% 61
66% 70
68% 70
65% 59
54
37
55
16*2
18
16
14%
108% 107%
68% 67%
90
93
70
108% 108
108% 106
111
111% 111% 110
109
""
78
81%
13" "15%
93% 96*2
98% 100
82%
68%
74%
99
100
94
9
99
100
Q4
Q
997* 94
997* 94
104% 105% 103
106
103% 106%
125
101
102% 101%
106%
105*2107
117
117
117
110
14%
907* 98
95
101%
12
7%
88
92
91
93
83
91%
78
83%
81
83
72%
84*2
93%
"
93%
85%
71
97
88%
77*2
87
87
90
98
93
26
28*2
207*
19%
15%
8%
8*8
30*4
21
20
18%
9%
9%
60%
19%
12*2
30%
15
15
11412 116% 116
116
"l5
14
14
8
4
8
8%
8
10%
17%
14
13
14%
14
60
57% 57
112% 110%112
25% 23% 28
23% 22% 24%
25% 24*2 287*
25% 25
287*
25
25% 29%
67b
6*2
77*
1%
1%
2
14*4 14% 16%
16
16
18%
15% 15% 18%
16% 15% 18
17% 16% 1 19
16
18% 17
19%
10%
9*2 10*2
10*2
9*2 10%
10%
9*2 10%
3%
2%
3
47% 44
46*2
16
15% 18%
14
12%
17%
8
6%
6%
6
7%
5%
7*2
6*2
8%
6%
5%
7*2
2%
1%
1%
86
89*4
106% 106%
103% 104
129% 131%
103%105%
104%105%
60
25*2
3%
3%
100
92
8%
94
92
26%
25%
116
116% 118% 120
116
11
95
91%
97% 100%
88*2
73
79*4
967*
84%
5%
4%
4
96
14
5
5
19
26*4
18*4
16
14
96
28%
15
28%
16
96
25%
97
14%
17%
18*2
7%
7%
15%
5%
6%
6
6%
55
62
53
53
60
60
62
27
26
27%
27%
27%
1778
17%
18%
21%
20%
21%
22%
21
20%
21*4
23%
21
23%
22
24
22%
20%
4%
28%
27%
29%
29%
30%
7%
2%
15%
16%
1
1%
16
18
10
16%
10%
12%
16*8
18%
10
17
11
12
12
18
17
15%
19
"3% "5*2
4
1
1%
22%
4%
1%
12%
12%
18
18%
7
7%
63
24*2
23%
28
27
31
27
30%
21
23
23
26*4
22
24%
6*4
1%
25%
25%
25*4
24%
28%
28%
26%
27%
30%
31%
31
31%
5*4
27*4
27%
27%
29%
307*
30%
29
307*
4*4
1
19%
18*8
97*
978
978
2%
20%
11%
11%
11%
3
42
45
15*4
14*2
6%
5%
714
6*8
1*4
80%
19%
19
80%
51%
6878
17
17
1178
10%
16%
"12"
13
14%
51%
63%
8%
7%
8%
12*2
6
18%
10%
6
5*2
1%
36%
9%
11
4
7%
3%
4%
3%
2
1
75
14
15%
8%
7
6%
10%
27*
47
16%
15%
7%
6%
7%
6%
17*
75
8
6
8
2%
1%
41
43
9%
10*2
4*8
3*8
4%
12%
10*2
5%
4*2
5*4
14
15
13
1%
13%
14
13%
14
14%
14
*18%
16*2
14
13
13
14*4
7%
7%
7%
1*4
41*4
12%
16%
87*
8*4
8%
15
16
2%
49
14
43
51
43%
11
13
12
13
11
12*2
12%
6%
5%
4
5
1
1*4
1%
69
13%
13*2
II*4 "l4"
5%
3%
5%
4%
69
1%
12%
12%
12%
137*
24%
V
7
1*4
1%
14
16
14
16%
17%
14*4
9%
8*4
9
2
12%
14%
21
117*
11%
11%
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45
14%
13%
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14%
15%
15%
15%
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5%
6
4%
75
1%
76%
73*
55
44
45%
54%
42%
48
16%
14
13
15%
15%
14**
14%
14%
14*4
16*4
16%
16*4
17*4
16
17
20
14%
11%
11%
1%
1%
76%
13%
10%
5
*4
.
16
10% ,11%
1% 1 2%
42% 43%
13
14%
12% 12*4
32%
317*
32%
5%
1
16
13*4
19*4
11
10*2
10%
97*
28
28*4
28%
4%
13
21%
1%
1%
5%
"
32%
26% 30%
15*4
19"
5
5
5
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13*2
16*2
6%
7%
7%
37*
28
13%
14
6%
6
1%
16%
17%
17%
17
17%
6
5%
6%
73
2%
6
16%
16%
27%
27%
4%
5%
4%
5*2
5%
4%
5*4
6%
48
9%
8*4
8%
28%
13%
137*
14%
15%
116
"
62
25
120%
12% 11% 12*4 '"7% 10%
734
9
93% 91
92% 91% 94
94*4 91
97
981* 95% 97% 95% 96% 96
86
84% 86% 82% 86
86% 84
76
71*4 74*4 71% 74
78
73
80% 83
~
"""
84% 82% 85
76% 817*
123% 123*41237* 124% 124%
1434 13% 15
14% 13
"13% 16%
13
13
14%
147*
12% 16
14
101
101% 105% 105% 108% 108% 109%
30
28% 28
28% 25*4 27*4 25
20
17
19% 197* 18
21%
20
16
21
18*4 19
19*2
17
19
17% 18
19*4 "17% To"
7
8%
7%
5%
7
5%
6%
6%
7*4
6%
8
5*2
7
8*2
66
67
67
68
65
68% 70
20%
167*
17"
109%
110
111
12%
93*4
13
96
96% 101
86% 90
76% 80*2
83
87%
20%
261*
26*4
26*2
6*2
1*2
26
108
116
11
11*2
93%
15
15"
8'
297*
21
19%
18%
10%
17
106% 106*2
111
11378 114
117
12% 15%
95% 97%
99% 100%
84%
747*
84
77
84
80
86
88% 87% 89% 75
81%
118
120
118
120% 117
122% 122%122% 122% 123% 123%
18
15% 177* ■fs*Y *17% 10% 16% 10% 13% 12% 14%
127* 14% 13%
11
16
13
17% 15% 17% 15% 17% 10
13% 12
13% 13%
14%
a87
27%
1267* 127
100*4 102% 101%
437*
50*2
110
110
15%
92% 95%
97% 100
87% 90
77% 81
83% 87%
65
106*8 106% 104% 106% 101% 104%
102
103% 104
104% 102*2 103
122% 124% 118 125% 118% 121%
65
39%
50%
8%
8%
8%
1
9
9
9
107*
10*4
10%
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2
1
41%
11%
44
15
42
46
117*
13
137*
11
14*4
13%
7
5*2
7
534
7*2
5*8
5%
512
8
7
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5
7
4%
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%
76
73**
5%
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75
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js
75
67
48
48
48%
62
637* 60% 62%
50% 52% 50% 52
105
106% 107
107%
106
107
10578106%
107% 108% 107% 109%
105%106% 105% 106*2
47%
....
61%
95%
74
109
....
102%
89
92%
79% 82%
847* 90
118% 118%
16% 19% 16
16
19% 15%
«85%
86
88
23% 277* 26
16*2 17% 17
12*2 13
12%
12%
12% 13
6%
7%
6%
7
6
7%
57
60
60
112%
114 114
23%
23% 26
21
21% 23
24% 26% 24*2
24
26% 24%
25
26% 23%
6%
7%
6%
1%
2%
1%
12
13% 12%
12% 14% 12%
14
14% 13
14% 15% 13%
13% 16% 14%
13% 13% 13%
15% 17% 16%
9
8
9%
8%
9%
8%
8%
8%
9%
3
4
27*
47*2 49
46%
13% 14% 13%
12%
5
5%
5
4%
5%
7
57*
6%
5%
5%
5%
2
2%
1%
75
75
67
110®
60
95
75
110% 110**
78*2 807*
106
106%
103% 104%
122
123%
98% 99%
98% 99%
104% 105%
103
123%
98%
98%
103% 107% 104
101% 101%
....
62
95
82
106%
104
125%
99%
99%
105%
62*2
...1951 104% 106
1963
Note—Superior flguree denote 32da of
77
102
48%
56
55% 56
107
106*2 105
91% 837* 917*
113% 108% 113%
115
115% 111
98%
98% 84
107*2 102 107%
111% 109% 111%
108% 107%109
86
Income guar 5s
1960
50
63%
Chic Union Station gu 4s_.1944 106
106%
1st mtge. 4s ser D
1963 106
107
First mtge 334 s series E..1963 106% 108%
Guaranteed
84*4
55**
4
Rich 8c Alleg Diy 1st con 4s '89 114
2nd cons g 4s_.........1989 106
Chic 8c Atl RR ref g 3s.....1949
14
Chic Burl 8c Q —III Diy 334* 1949 95
Illinois Division 4s
1949
99
General 4s
...1958
1st 8c ref 434s ser B...
1977
1st 8c ref 5s series A......1971
8%
8
54%
6
Cent RR 8c Bkg 5s ext to 1942 58
Central Steel 1st s f 8S......1941 110*
Certain-teed Prod 534s A..1948 75
Memphis Diy 1st 4s
105%
47%
83%
1946
Champ Pap 8c Fib deb 4KS.1950
434 s (1938issue)
1950
Ches 8c Ohio gen gold 434s..l992
Ref 8c lmpt mtge 334* D..1996
Ref 8c lmpt mtge 334* E—1996
Ref 8c lmpt mtge 334s F..1963
Craig Valley 1st g 5s
1940
54%
6%
108
110% 105*4109
103% 103" 103"
86%
92% 84
92%
86% 88
95
96%
77
74
76% 76
107
106% 107
109
111
110% 110%111
44% 47% 44
48
Central of N J gen gold 5S..1987 17
20% 167* 18% 16%
15
16
General 4s
....1987
16
18
14%
Central N Y Pow 3J4s—.1962 108% 110
106% 1087* 107%
Central Pacific 1st ref gu 4s 1949
66
73% 66% 68% 657*
63
63
61
Through Short Lt 1st gu 4s '54 63
63
Guar gold 5s........
48% 50
1960 49
64
45%
Chic St L 8c N O gold 5s
Gold 334*
89
102
103
89%
89%
17%
95
76
Cent Hud Gas 8c Elec 3 34s..1965 107%
Central Illinois Light 334S..1966 110
Cent New Engl 1st gu 4s..1961
44
Refunding, gold, 4s
99
98%
111%
68%
109% 110% 105
102
10%
80%
86*2
16*2
Central Foundry 1st m 6s
1941
General mtge 5s........1941
Chic Rys 1st 5s
7%
74%
8**
73
90%
16*2
30%
7%
2*2
6%
Conv 434s ser A...
6%
737*
49%
49%
—
Ref 8c gen 5s series C
1959
Chatt D1t pur money g 4s 1951
Macon & Nor D1t 1st 5s. .1946
....
102%
100*4
12%
79%
97
...
30*2
6*4
3
Stamped 4s
45
97%
....
Cent of Ga Ry 1st g 5s.Not 1945
Consol gold 5s
1945
Ref 8c gen 534s series B..1959
Gen 434* ser E
607*
96
97
....
Central Branch Un Pac 1st 4s '48
General 434s series C
54
44%
44%
94*2
88
8%
Mobile Diy 1st gold 5s
99
104*4 101
99% 1027* 98**
97% 101% 96
97*2100% 95%
110% 113
109%
63% 66% 65
86
83% 87
101
105% 102%
81% 84% 817*
73*2 77% 75%
.—
Car 8c Gen Corp deb 5s ww
82
101% 106*4 100 102*4 99% 102%
100% 102*4
103*2107*4 101% 105
1970 104
Guar gold 5s.......
60
9%
79
92
89
Calif-Oregon Power 4s.....1966 102*21041* 102*2103% 103
80
Canada Sou cons guar 5s A.1962
80% 84
84
85
Canadian Nat gold 4^s.
1957 99*s 103*4 98 1007* 96
Bush Term Bldge stpd 1st 5s '60
48
51%
68
9
Burl Ced Rap & Nor 1st 5s_.1934
Certificates of deposit.......
55
37%
...
73
-.
66%
62%
44
97*
Brooklyn Edison
s
Bklyn & Man Tr 4^s
Certificates of deposit
45
—
Boston & N Y Air Line 1st 4s '55
Bklyn City RR 1st 5s
1941
Certificates of deposit.
50%
...
....
45
46
...
....
43
45
44%
47
....
...
Ex-coupon
1st mtge 4s series RR-I960
Incmtge4J^s ser A July..1970
Consol
November
October
December
July
Augurt
September
High Low High Low High Low High Low High Low High Low High
June
Low
a
point; vis.:
48
50
49
59% 60
54
41
40
42
50*2 40
105
104% 103
1037* 104 104
10578 105%
109% 104*4107*2 108
108% 109% 104
105*2 106* 101% 106% 100% 105% 1047*
99%
51
51
105
50
43
104
105,®=105«»i2
a Deferred
delivery.
41%
105
54
43
105
52%
42%
105*2105% 109
47
50
47% 45% 50
53
59
56% 52
55*2
40
40
46
49
45%
105
105% 105% 105% 105%
107% 108% 108% 109*4
107% 108% 1077* 108% 108 109
105
106
105% 106 106% 105% 107
105% 106%
106*2 105
100% 101% 100*2102% 102*2104%
100*2 100 100*4 100% 101
110
r Cash sale.
Volume
The Commercial & Financial Chronicle
152
51
1940—Continued
June
March
January
May
December
February
July
October
November
April
August
September
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
BONDS
Low
'
Chic & W Ind cons 50-yr 4s 1952
4^8 D
1st Sc. ret mtge
1962
1943
Childs Co deb 5s
Choctaw Okla & Gulf cons 5s '52
Cin Gas & El 1st m 3J*s A..1966
1st mtge 3H®
..1967
Cin Leb & N 1st con gu 4s._1942
90
94
90
897*
49%
94
52%
91
108*
51%
12%
109% 108%
109*2
95%
94*2 88
94% 87% 95
57
55% 59
36% 56%
13%
12%
13% 13% 13
109% 105% 110%
108% 107% 109% 109
110% 11034 111
110*4 111*2
93
92
94
92%
87
91
90%
91%
88%
91
89%
91%
89
907s
8834
93%
5434
95*4
57*2
93
87
91%
90
92
90
92
9284
90*2
42%
45
27
41%
33%
3678
29%
91%
35
89*2
43
93%
3534
90
39
90%
90»4
31%
93%
94
11
11
11
11
10
12
106"
108% 107% 108% 107% 108% 108% 110
109% 110%
105
Glnc Union Term 3
1st mtge guar
»er D 1971 108U110
109% 110% 108% 109
108*2109*2 105% 108% 104% 10734 108% 109% 10778108% 108% 108%
108
SHs E—..1969 109
110
no
1105s 110% 111% 110% 111*4 110%111% 108
111% 107
107%107%
Clearfield & Mah 5s
1943
CI«t Cin Chic Jc St L gen 4S.1993
General 5s series B
1993
Ref & imp 4Ks series E..1977
75
64"
77
4934
66I2
7934
54
64%
65
"85"
75
65%
75
49%
47%
6234
51%
49
64
46
50
51% 50
62
63
67
St Louis Dlv 1st coll tr 4s. 1990
64%
Sprlngf & Col Dlv 1st 4s..1940 100i8 iooi8 100*8 100% 100
69%
80
5134
69%
72
~50r
100
109
110%
109% 109%
105*2 105%
110%
109% 107% 10884 109
113% 113%
110%112
85
68
108"
I69" 111"
3434
8%
63%
77*4
66*2
77*4
52
51
58%
58%
69
76%
76%
70
70
71
72%
7978
49
53
37
50
38
48
52%
48
46*8
48
46%
43%
46
49
46%
64*4
66
57
50
66%
48%
44%
50
56
64%
65
64
99%
100
100
66
5534
70
72*2
76
7578
8134
82
56%
84
86
91
55
58%
54
5734
54
57
69%
7178
53%
71%
56%
78
79%
80*2
"54" "57"
100
99
85
99%
64%
75
"50% 53"
8"5"
8
108% 109%
105
90%
92%
28
Cin Wab & M Dlv 1st 4s..l991
White Wat Val Dlv 1st 4s.1940
10812110% 108*4*109%
Cleve Elec Ilium 3H*
1965
Cleve & Pitts 4K> aer B
Gu 4^8 ser A
1942 108*2108%
1942 106% 106%
3>^S series C
.1948
3Hs series D-.
Cleve Short Line 1st 4)4*..1961
Clev Un Term 1st s f 5)3s A.1972
s
f 5s series B
.1973
f guar 4 Jis ser C
Coal River Ry 1st gu 4s
1st
1977
1945
s
....
88%
79*2
83*2
90*2
82*2
71%
74%
66
68
75%
88%
79
71%
67*2
73
69
68%
77
82
80
64
76
69
73
56*2 69
10634 108
104% 105*4 104% 105
62
66%
71%
6578
80
78
78
74*4
87
89*2
80%
73%
85%
87%
77*2
71%
85
76%
70*4
106
73%
73
67%
105
106
69
73
73%
Apr
77%
82%
75%
70
74
78%
77
80
79%
78
80
81
86%
85%
81
86%
837s
83
86*2
72
74*2
737g
76®4
75
77
75
76%
64%
68%
67%
70*8
68
70%
67*2
69%
81%
102% 104% 03% 103% 103% io¥% i0378105% 105% 106
10512107
74
70
74
73
75
76
83
79
81
75% 68
7812 80%
12
20*2 28% 22% 27
26% 1534 2584 13% 24
25% 28% 24
1878
99% 105% 100
104% 103% 105*2 104% 105% 104% 105% 104 105% 104 105
99
105
104
104
105
104
106
105% 105
100% 102
105% 103% 105%
97% 105*2 97% 103% 104
104*2105% 104% 105% 104% 105
105% 104% 105
114
113
113
114*8 114% 114
110% 110% 110% 110*2
108% 107% 109% 106% 108% 105% 107
107% 108*2 107*2108% 106
82
83
8338
74%
67%
85%
78
70
107
79
107%
81%
12%
1434
10684
103% 105
104
105*2,
104
113% 114
108% 109% 108*8 109
.
w
107% 107% 106% 107%
65
76*2
85%
69
72
80
Columbus & Tot 1st ext 4s. 1955
w
«...
103% 103*2 104% 104% I6e" 106%
80
Col & Hock Val 1st ext g 4S.1948
reg
55
7684
107" 107"
Colo & Sou gen M 4 J4s ser A1980 30% 34% 27% 30% 27% 30%
27*2 29%
Columbia G & E deb 5s May 1952 104
104% 105%
105% 103% 104% 103l2105
104
105
Debenture 5s
105%
1033410434 104
Apr 15 1952 104% 105
Debenture 5s.
Jan 15 1961 10378 104*2 104
104% 104% 105
104*2 105%
Inc deb
62%
76%
....
10778 10778
Colorado Fuel & I gen s f 5s. 1943 105% 106*4 105
5s income mortgage
70% 72
.1970 68
Columbus Ry Pow 8c Lt 4s. 1965
Commercial Mackay Corp—
52%
6534
108% 105% 109*2 105' 105*2
106% 10678 106% 107% 107% 109*2 109% 110%
107% 107*2 107%107%
104
104
105% 105% 105% 105%
105% 105*8 104% 104%
109% 109% 109% 109% 109% 109%
108% 109*2 107% 108
1950
1977
1981
Gen 4J4® series A
Gen & ref M 4)3 s B
1st
167%
48
65%
■
112% 11234
105»
105" 105% 105»
•
,1
1 1969
37%
-
40
34%
39%
2884
36*2
27%
29*2
29%
43%
40
42%
Commonwealth Edison—
.....1968 109%111
130
Convertible deb 3)4*..—.1958 125
1st mtge series I
Conn & Pasumpslc Rivs 1st 4s*43
Conn Ry & Lt 1st 8c ref g 4 J4* *51
Stamped guaranteed........ 108%108%
Connecticut River Power S^s '61 108% 109%
Y) deb 3>*s *46 106% 107*2
3Hs debentures.........1948 103% 107%
Debenture 334®
107%
1956 106
3^4 s debs
1958 107% 109%
Consol Edison (N
109*4 110% 109% 110% 110*4 111*4 10634
130% 109%
12634 129% 126% 129% 129
89
89
89
89
88*2
115%
118*4 119
109% 109%
109% 109% 108%
108% 109
108% 109 " 10834 109% 107
106% 107% 106% 107% 105% 107*2 103%
107
107
108
107% 107
108% 104%
106
107
106% 106
105*4 106*2 103
108
109% 108*8 109*4 108*4 109*4 105%
111% 107%110
129% 111
122
88%
10978 110% 109% 110% 110% 1113s 109% 110% 107% 11084 107% 108
119
120
124
123% 120
124% 121
122% 113% 122
113%117%
92
100
88*2 90*8 92
99% 100
99% 99% 100
115%
110
165*2
109
110
107
106
107*2
105%
109
104
108% 109
104*2 105%
105% 106%
105*2106%
108% 108% 109
110
109*2110%
106% 104 10678
105*2 108
106% 107%
103% 105% 105
10678
106
108
106% 108%
109
108
109
109
109
109
108% 109% 108% 110%
105% 106*2 10378 105%
106
10778 10478 1077s
105% 10678 103*2106%
108*2109% 107 109%
109
109" 109 109%
109*2 108*2109%
103% 105% 10334105%
105
104
107
106
10412106%
10434 104% 106%
108
108% 109
Consol Hydro Elec Works of
14
14
14
14% 14%
Upper Wuertemburg 7S..1956 14*
conv deb 3)4®
1951 104*2 105*>4 104%105% 104% 105%
Consol Oil
I65"
14% 14%
106% 102% 106% 103%
Consol Ry non-conv deb 4s.1954
Non conv deb 4s J 8c J
1955
Non-conv deb 4s
15
15
15
16
15
15
15%
1534
55*8
15%
.1956
Consol Coal sink fund 5s...1960
~56~
60*
1st mtge
57
109%
....1967 10834110% 109
108% 110%
....1970 110%111
....1966 105% 106% 106% 107%
3J4®
mtge334«
1st mtge
1st mtge
334s
334s
1969
Container Corp 1st 6s
1946 105" 105% 105" 105%
15-yr deb g 5s with warr..l943 101%102% 101% 102%
Continental Oil conv deb 234>'48 108% 110% 108
109*2
....1951 104% 105%
Crown Cork 8c Seal s f 4s...1950 104*2106%
S f 434® debentures
1948 102% 103*2
Crucible Steel 434® deb A..1948 101% 103%
Cuba Nor Ry 1st 534®.
1942 28% 30%
Crane Co
f deb
s
334*
Deposit receipts
Cuba RR 1st 50-yr 5s g
.1952
"35"
104% 10434
106*4 106%
102% 103i2
103
29*4
16
104
30%
"55%
16
19
12
18
11
20
2684
105% 106% 105% 106% 105*2106%
13
16%
1584
15%
16
Consumers Pow Co 394s....1965 105% 105*8
109% 107% 109
1st 1 8c unlf mtge 3>4®
1965 109
1st
106" i05" 106"
23
18*4
14
14
13
13
11
12%
64%
18%
57%
57
62
107*2108%
108*2109%
108% 110%
106% 108*8
107
107%
102% 10434
101% 10134
106*2109%
104% 105%
106% 107%
102% 104*2
103% 105
29*8 30
108
109
38" "35% 38" "37%
39%
109*4 110%
109% 111%
107% 109%
10734109l2
102
103
101*4101%
107*8 108%
102% 105%
106
107%
10334 104%
104
105%
2934 31
"37"
40
"56"
65"
104% 108*2
105
110%
106
111%
102% 109
104% 110
10034102
101* 101%
104
108%
102% 103%
104
106%
99% 104%
101
105%
22
~ "24"
58*2
105*2107
107% I09l2
106% 110%
104*2108%
104% 108
12%
61%
63%
63%
14
15
"l3~ "14% "II"
15
"l2%
6434
"64% 69'
1384
15%
15
15
13%
68%
15
75
108% 108% IO884 108% io¥%
111
111
108% 111
109% 110
no
110% 110*8111% 110% 111%
108
109
107
108
108% 10978
111
107% 108*2 107%109% 109% 11034 110
107% 108
108% 109%
109
110%
107% 108%
108
108
103% 105*2 105
103
104% 104 104%
104
105
105*2106%
102
104%
99% 102
101
105
104% 105%
15
25%
23%
29% 19
10584107
103% 104%
105
10634
10234103*2
39" "26% 29 ~ "2§-
28%
"17%
20*4
"26"
32%
28%
19%
17%
21%
20
22
104% 106%
102
10378
104*8 105%
103% 103*2
104
105
104% 10434
15% 20% 17% 21%
104%
101*2
104%
103%
104%
17
23" "26"
13%
14%
13%
74%
108
16%
15
15
7678
14%
16%
14%
74%
43
46
43
43*2
43%
45
43%
4434
40
44
24
32
33%
32
33
34
35
33
35
31
32%
24*2
Dayton Pow 8c Light 334*—1960 10434 108*2 104" 104"
31%
24%
20
19
109% 107% 108%
110%111
109% 110%
10834109% 108% 109%
109%111% 111 111%
105% 104% 107
104% 106%
102%
105*2
103%
10512 104% 105*4 104% 105%
19% 18% 2084 17*2 19%
17
17% 10
17%
23% 19% 23% 19% 22
104
105% 104% 105
48% 53% 48
51*2
58% 63% 58
61% 57
59*4 55*4 60% 39% 56% 37% 50
108
Del Pow 8c Light 1st 434*—1971 108*8 109
108% 108% 108*2109
108% 107
107% 107% 107% 108
108*2108*2 108
104
104
104% 105% 104
104*2 104% 104% 104% 104*2104*2 104
104% 105
1st & ref 434*
104% 106
1969j
105
108
106% 106% 106% 106%
1st Mtge 434®
107% 109% 105
1969 108% 108% 100% 107% 107*4 107% 108
6%
8
6%
7*2
Den 8c Rio Grande 1st cons 4a*36
8% 10*4
8*4
9%
5%
7%
8*8
9%
8% 11%
5%
9%
7
7
7
9
8
7%
Consol gold 434*
9% 10
5%
7
9%
5%
8%
8%
9*4
11%
..1936
1*2
2%
2%
Den 8c Rio Gr W gen 5s Aug 1955
2*2
3*4
2%
3
1%
2%
2%
2%
3
2%
3
1*2
2%
1%
2
Assented (subject to plan)—.
1%
1%
1%
2
2%
234
1%
1%
2%
2*4
278
2%
2%
2%
6
4
6%
Ref 8c impt 5a ser B__Aug 1978
4%
6%
57g
6%
6%
5%
6*2
8
5%
6%
6%
4%
5%
4
5
5
Des Moines 8c Ft D 4s ctfs..l935
4%
4%
4%
4%
4%
"49% 49%
Des Plaines Val 1st gu 4 34®-1947
"49% so¬
Det Edison Co 434* *er D....1961 109
110% 10834 109% 108% 109*2 108% 109
10734 108*2 los
109% 107% 108% 107% 108
110
11034 109% 111
109%110% 1093s 111% 109% 111% IO884110
Gen 8c ref mtge 4s ser F..1965 109% 111% 109%111
112
113
110
111
110%
Gen 8c ref mtge 334 ® ser G 1966 110% 112
112% 111
111% 108% 112
108*2108*2 109% 110
Det 8c Mackinac 1st lien g 4s 1995
DulMissabe 5c Iron R Ry 334* *62 106%
12
Dul So Shore 8c Atl g 5s....1937
108
108% 107
108*8 107% 108% 105% 108%
16
14%
30% 13% 27
106% 109% 106%107% 107*8108% 107% 108*8 106*8 107*2
106*2107%
91
91% 93% 90% 91% 90% 91
94% 91% 95
141
141
149
148
148
149% 149% 149
109
110
107
107*4109% 108% 109% 108
109% 104
105
105U
105% 106%
12%
12
13
59%
60
5234
53
59
59
1996
1st cons gen lien gold 4s..1996
50-year con g 4s series A..1953
50-year con g 4s series B..1953
53
57
"54%
22
26
18%
19%
24%
24
21%
19%
19*8
4s series D.....1953
20
21
18
14%
14%
49%
53%
18
18
54
58
14%
14%
51%
54%
Duquesne Light 1st 334*
1965
East Ry Minn No Dlv 1st 4s. 1948
East T Va 8c Ga 1st 5s
1956
Ed El 111 (N Y) 1st cons
Electric Auto Lite 4s
5S..1995
1952
Elgin Joliet 8c East 1st g 5S.1941
El Paso 8c S W 1st 8c ref 5s._1965
Erie 1st
Gen
con
conv
g prior 4s
Ref & impt 5s series 1927.1967
Ref 8c impt 5s ser 1930
1975
Erie 8c Jersey 1st s f 6s—1955
Genesee Riv RR 1st
N Y & Erie 1st 4s
•
f 6s.1957
92
Fairbanks Morse deb 4s
96% 94
107
1956 106%108
Fed Lt 8c Trac 1st lien 5s
1942 104
International series
104
104
56%
23%
20%
20%
19%
1534
15%
52%
67*2
92%
"54"
97
21%
18%
58%
2584
23
19
23
~13% "16%
57
•
f 5s stamped
1st lien
s
f 6s stpd
56%
24%
22%
22%
22%
63%
28%
26
26
25%
17%
17%
64
70
1942
54"
49
44%
45%
14
63*2
28%
23%
17%
13%
54
25
19%
14
23
14
19
15
8%
8%
6%
52
55
57%
58%
53%
57*2
94
94
92%
*96"
98"
88
98
60
9
47
57
107% 107% 106
103*4103*2 100
102
102
50*2
7%
6%
49
6
6%
49%
7*4
6%
49
6
6*4
5%
100
100
100
103
7
6%
62
24
26%
19%
19%
21
21
21
15%
10%
10*2
12%
12%
63
70
44
55
63
11%
55%
52
58
8%
58
71%
94
92%
62
68%
2334 27*2
20% 24
20% 23
20% 21
10% 14%
10% 14%
62
65%
71% 74
98% 100%
5
334
6%
4
5%
3%
6%
3%
106% 107*2 10578 107%
108% 109% 107*2109%
111%112
111% 112%
108% 109%
47
108
21
"99%
100
50%
108%
10412104%
108*2108*2
634
7%
5%
8
84
138
84
1%
4%
0%
4%
6%
4%
4%
3%
4
72% 74%
105% 106% 105% 106%
108
107*2109
108*2
11138112% 111%112
" "99" ■101'"
24
100%102
102% 103% 103*2104%
57
59
23
6978
3234
26%
23
2684
24%
13%
13%
24*4
1534
1584
66
74%
67
0934
32%
26%
2084
27%
77%
37%
75%
78%
35*8
39%
32%
32%
30
30
34
34
2934
34
34
31
31
15%
15%
17%
17%
80%
97
34*2
17%
58
27
15
17
15
17
69
67
79
8034
80*2
92
78%
89%
58*2
77%
87*2
53
3%
6%
6
49%
434
51
5%
4%
39% 45
38*2
38%
38%
17%
19
19
81
88
97
100*8
97
"05"
60
41
4134 4234 38
79% 00
106
107% 106%108
108% 107%107% 10478 106% 1051210712 100% 107%
104
102
103
102% 103
103% 103% 104
100% 103
103% 102% 102%
100
101
102
101% 101% al00 alOO
102
102
103
102
103
103
103
104% 101
103*4 104
102
103
103% 103% 10378 104
104%
103%104
103% 104
i63%l04""
99
97
101
101
101
101
102% 10378 10378 102*2102*2
103*2 99
104% 103% 105% 104
105% 104% 105% 104% 106% 104 10484 103*210434
87%
37
48
55
55
"8% "15% "6% Ti%
2*2
6%
Certificates of deposit
106% 106% 107% 100% 109
5534 52% 57
48% 54
108
108
108
107% 108
104
104
104
104
104% 10478
1073410784 1077g 10778 108% 108*4
7
8
634
8%
5%
7%
7
7
6
7%
7%
8*2
1
1%
2%
1%
1%
1%
1%
2
1%
2
84
1*2
50*8
....
19
18
15
102
7
51
16%
16334104"
~50"
51
13%
....1942 103
Florida East Coast 1st 434®-1959
1st 8c ref 5s series A
.1974
55
107% 107*4108
105
101% 104
1942
18%
56
102" 102%
103% 104*4 10234104
104% 104*8 104*4 103% 104% 103% 104%
10334 104
103% 103% 103*2104%
30-year deb 6s series B
1954 101%104
Firestone Tire 8c Rub 334*-1948 105*8 106*4 105% 106% 10534107
104*4 107
Fla Cent 8c Pen con g 5s....1943
46% 46%
1st lien
19%
18
104% 104"%
107% 107*8 108
106*2108% 106% 106% 106% 107%
106% 107% 107 107% 107
18
20
17
20
20
16
17%
16
16%
1734 20
22% 19*2 22
106% 108*2 106% 108*2 106% 107% 107% 10778 106% 108
100*2 10734 106% 107%
105
105
105% 10578 107%107%
107%108
107% 107*2
91
97
"95" 99"" 98 100
92% 93
91% 91% 93
94% 9534 95
146
149
146*8149
10734 105% 107% 105% 106% 105
106% 104W10534
105% 107" 106*2107% 106
51
5584
56
"9§"
17%
20*2
20%
99% 100*2
108
ioI%101% 101%102" 102" 103"
1947
.
Ernesto Breda Co 1st M 7s..1954
5s
12
1970
334s series A—.
19
18
18%
105
40
40
30% 30*2
40% 40%
21
21
20
20
25
25%
100
93
97% 99% 97*4 99% 99
89% 90
99% 88% 99
94% 96% 99% 98
107% 105% 105% 105% 106*4 105% 105% IO684 107% 105% 106% 106
105
106
106
10234 10234
108
23
20%
99% 101
19
98% 101
..1951 107
Dow Chemical deb 3s..
18%
102% 104%
1st mtge 3s
1970
Dela 8c Hudson 1st ref 4s...1943
Det River Tun 1st 434*...—1961
24*2
18
18
18
77
109% 109% 109% 10934
19
1st lien 8c ref 734* ®er A..1946
1st lien s f 6s ser B
1946
26
105" 106' 105% 106
102" 102"
Galled bonds.______.........
50
54
37
35%
105% 107
10234103
35%
102*8102%
103%103%
101
102%
103l2104
37
53%
55*2
5
6%
5%
4*2
5?8
5
034
6%
2
54
56
4*4
2
6*2
684
8
7%
68
617s
60*2
7%
8%
7%
8
684
6%
8%
7%
1
1*4
1%
63
37
61%
63
8%
3
4*4
7
6*2
7%
1
1%
1U
Fonda Johnst 8c Glov 4 34s.. 1952
(Amended) 2-4s cl'm filed 1982
Proof of claim filed...
Certificates of deposit
Fort St U D 1st g 434s
...
2%
2*4
Note—Superior figures denote 32ds of
2%
278
"2% "2*4
2*8
2*4
2*4
2*2
2*4
2%
2*4
2%
a point;
viz.:
2
1%
101
1941 100» 100" 100*7 100*7
105,S=105,S««
a
2*8
2%
101
2%
1%
101
2*2
1%
101
Deferred delivery*
"*% "i~
101
r
101
%
1%
78
101" 101%
Cash sale*
1%
::::
100
1%
1%
100
1
100*2 100
The Commercial & Financial Chronicle
52
Jan.
4,
1941
1940—Continued
October
November
December
Jidy
September
March
August
May
June
January
February
April
High Low High Low High Low High Low High Low High Low High
High Low High Low
High Low High Low High Low
BONDS
Low
1956 49
63%
5s *49 123^4 12412
Francisco Sugar coll trust 6s
Gas 0c Elec Bergen Co con
Gen Am Investors 5s ser
A—1952 103
1947
7s '45
Gen Cable 1st »t5^s A
Gen Elec (Germany) 20-yr
Sinking fund deb 6^s—1940
Sinking fund deb 6s
.1948
Gen Mot Acct Corp 3^8 deb 1951
Gen Steel Cast 5 ^s with war
'49
Ga & Ala 1st cons 5s—Oct 1945
General gold 5H» ser
General 5s series C
General 4^s series D
1976
General 4H> series E....1977
Gen mtge 4s series G
1946
Gen mtge 4s series H....1946
Gen mtge 3%s series I
1967
Green Bay & West deb ctfs A—
5s
ser
80
22
35
47
38% 41
12234 i2284
104% 10434 104% 105
106
104*4 10434 105% 105
50
81
83
81% 84
81
83
81% 84
100% 10214
9934 104
88
91% 8934 92
72
75% 72
7384
58
58
81
84*4
81
8434
6
73s
84*2 87*2
8434 88
99*8 10134 10034 105
89*4 9334 9H2 9534
76
7184 76*4
7834
58
58
8%
7%
B '50
85
87%
81
83
80
8334
79%
Gulf & Ship Isl 5s stamped. 1952
99
J^s'61
Gulf States Utll 3HsserD_1969 108
1949
1999 12034
1944 7512
Housatonlc RR con 5s
1937
4434
Houston Oil 4^s debs....1954
97
Hudson Coal 1st s f 5s A
1962
33%
Hudson Co Gas 1st g 5s.
1949 120i4
Hudson & Manh 1st 8c ret 5s '57
4534
12%
Adjustment income 5s
1957
Illinois Bell Telep 3J^s ser B '70 llou
Illinois Central 1st gold 4s. 1951
91
1st gold 3Hi
1951
86%
Extended 1st gold 3^8
1951
1st g 3s sterling
1951
1955
1952
108*4
2u4
122*8
122
76
80
47*8 4534
98's 97
37% 32
120% 125
50i4 47*4
15
14*2
112l2 110*2
8734
83i2
80
25
30
30
3534
38
34
41%
41%
37
45
43
44
37
43%
25
25
26
32
357g
37
35
37
30
31*2
75%
75
8334
82%
11
11
13%
13*2
9%
16
69*4
"l4"
"l4"
103%104
79% 82
86
89
8934 86% 90
8
9
10*2
14
17*2
16% "13% "l7"
28
33
35% 35*2 28
35%
343g 35
10334105% 1043410534 1043410578 105 106%
7834 85
7434 75i2
71% 75*2 72% 75*2
102% 102% 102*8 102% 101" 10178
6
83
81
85
87% 74*2 84
6434 72% 69*2 78
8612 7878 88
63% 75
86
70
80
90
72
76*2 7*2 82*2 75
69
78
72
72*2 62*8 6834
10778 10834 106*2 108
107
10734 106*2 109
10834 10434 10734 107%108
106% I077g
101
10534 1051210734 105% 109
106
94
108
103% 103
10034 103
102*2 94*4 100*2
100
93
9634 95
100
102
87
93
96% 94
100% 103% 100 10234
95*2 87
85
84
8 734
77
87% 87*2 94
88
9278 95
93% 95% 9234 95%
77*2 84
93
96
92 % 9434
76
78
88
93*4 947g
85*4 8434 877g 85% 8734 8678 93%
107
103*2 1023410578 105
106*2 104
103% 100
1027s 10434
94l2 105
95% 10178 101
92
93*2 97*2 97% 99% 98% 100*2 97
88
94%
99%
9234 9l78 96
88*g 9634
79*8 85
70
7634 80
80
87% 8334 857g
84% 8634 85
68*8 76*4 7534 79
62
61% 61%
62
61% 61*4
6378 64
76
6u2
105
.
7
23s
81
87*4
87
87
80
82*4
81
83
71
91
6
4*4
438
4*4
434
"4% "5
83
5
5%
78*2
82%
8034
86%
82%
867b
82%
44
523s
1966
1950
435s
Litchfield dlv 1st gold 3s.l951
Lout dlv 8c terml g 3H®—1953
Omaha Dlv 1st g 3s
Gold
3H«
1951
1951
-
Western Lines 1st gold 4sl951
Illinois Cen & Chic St L & N O
Joint 1st 5s series A..
1963
1st ref 4 He series C
Illinois Steel deb 4H®
9934 103
10938 111
21
21
121
122
72
76
52*8 55*2
99*4 100*2
30
34*4
120l2 127
4034
48*2
13
1478
111*2 112*4
90
37*2
35
37*2
104
105*2
86
83
7.534
65%
71*4
72
82
78%
80
4512
46%
42*2
47*2
4778
45
473g
49l2
4434
4634
32%
4634
45
41*8
44
43
4584
5384
55
4u2
4378
52*2
42%
44l2 405g
51*2 54*2
4314 45*2
78»4 7834
63
63%
623s 65l2
41s4
44
02%
625g
*6*3*
62%
87
51*2
5234
64
60
53
53
50
4734
5012
48*s
50
46l2
57*2
57*2
Indlanap & Louis* 1st gu 4s 1956
Ind Union ref & imp 3^8 B.1986
12
13
12
13
1948 101
Certificates of deposit
10-year 6%
1932
notes
Certificates of deposit
7% notes
1932
Certificates of deposit
deb 4s. 1947
Int AgrJc Corp 1st 5s stpd..l942
Int & Great Nor 1st 6s A..1952
Adjustment M 6s series A. 1952
1st 5s series B
....1956
1st 5s series C
1956
10858 109*2 106*8 109
76*4
76*4
32*4
30*2
75*4
74*8
7734
73l2 77
31
3834
32
36
30*2
73
75
72*2
7234 75
71*2 737g
86
83l2 90*4 84
10278 10278 102l2102*2
13i8 16*2 13
14l2
2
1*4
1*2
1*4
11*2 14*2 10*8 12
30
12
14*2
7478
7514
10
12
59
98%
413a
4484
1%
62
55
52
55
94
95
933s
94l2
30%
41%
70
70
58
73
58*4
64
4J£s '61
40*2
42%
38%
50*2
56
45
48%
31%
4518
50
33
47%
34
43
4184
43
46*4
30
4434
32
39%
38%
21
205g
205s
60
59*4
60
17
50
60
stpd (par $645)..
80
70l2
79*8
3c%
32l2
70
80
7334
3834
30
33
30%
32%
29%
1951
Kresge Foundation 4s.....1945
3^8 coll trust notes..
1947
3% notes
Kreuger & Toll—
74*2
74
76
07
763s
70
70%
74
73l2
85*8
753g
67
76%
70
1959
50
Laclede Gas Light ext 5s
78
88
78*2
85
8
12
734
9
1
1%
11%
86*2
103
12**4 *1*4*78
1*4
11*2
11*2
11
1*4
934
3934
14*2
178
13
97
98*4
40
4412
4758
1S4
1*4
53*4
93*2
54l2
94*4
9784
33%
36%
1%
53%
94%
7*2
7*2
37%
53%
1334
14*2
80
82
82
11*8
68*2
75*2
99
103%
90% 103%
80
925g
99
85
4278
22
36%
407g
1%
24*2
39%
55
95%
40*2
52
59
83
B.
...1942
Lake Erie & Western—
3% to
2nd gold 5s
89
3
3
85
44
43*4
4912
4784
61*8
49l2
46
42
44
41
44
40
42
43*2
45
423a
42*2
39
41
41%
41%
70
70
88
90%
8234
38%
84
3%
86*g
82%
46%
87*4
89
Lake Shore & M Sou g 3H&.1997
81*2
8412
83
85
81
Lautaro Nitrate 1st mtg inc 1975
34*2
3934
34*4
36*2
35%
a
78%
62
62
59
63%
60%
60%
60
63%
43
3534
35
3734
3534
383g
47*2
37%
52%
47
47
53
53
51%
51*2
56
60
00
65
65
59
60
43%
39%
4534
42%
44%
41%
47*4
4434
40*2
3878
47*2
45*2
38%
35%
41*2
38%
60
40
447g
36%
41%
24
26%
35*2
35%
30*2
28
3534
68
68
6978
68
6834
69
74
15*2
16%
13*2
14*g
9*4
58%
12%
100
105
15
17%
104% 104%
106% 105% 106
13%
105
105%
14
15*2
105% 105*2
106% 105*
106
105' ios*
32%
33*4
3234
3334
33
33%
76
77%
77
7734
77%
78%
82
84%
83
88*4
87%
89%
89%
96*2
95
97*2
96%
9%
7%
9%
7
7%
%
65g
63g
8%
1%
1
1%
38
53%
35
65%
66%
108%
8%
10%
834
9*4
8%
98
1*8
1*8
734
1%
1*2
1*8
1%
7*4
734
7*2
6*2
734
8
8%
8%
53
66%
8*8
8*8
5634
1
1%
1
8
8
8%
8
7*2
8
100
7*2
49
49%
51%
51%
4834 47
50% 45
59
56
67%
56*2 60
55% 64
65% 71
10134 102% 102% 103*8 102%
9934 10234 10134 10234 102*2 103
102% 10134 104% 102% 104
104*8
9134 102% 98% 104* 101
78
73
76
78
75
7134 78
70*8 74
75% 82
82
85
85% 8634 85%
86% 8534 87 *
86*2 86*2 85
21
32
26
22%
2834 26
2834 21% 30% 21% 25
22
33
27% 30*4 287S 3034 2334 34% 23% 2634 2334
1
1
1
84
1*2
1*4
1%
1%
1%
56 3g
55
52% 57
56% 58
45% 45% 48
52% 54
95
99
98% 101
100*210334 103%
9334 95
97% 97
91
84
90
90
90
85
85
86% 87% 87% 90
35
39
3334 31% 35
29%
327g 32
28% 32% 29
30
32% 28
30*2 33*2
24% 26% 28
31% 29% 31
53
61
65%
65%
64% 66
59% 59% 61
63% 62
53
66
61% 62
64% 66% 65*2 70% 68*2 70*2 68
106
109
108
106% 10784 108
107%
10634 108
107%108
40
53
1434
14%
14
100*2 10034 102
100% 100
104% 104% 105% 106
103*4 100
1434
14*4
102
103
105
106
14%
7%
8%
1
7*
8
7%
56
684
77g
4534
76%
69*4
51%
75
103% 102% 103*2
105% 103% 10434
78
86%
25
78
78
85
87%
2334
2534
36
38
2784
1%
84
1
55
57
58
104%105
105
91%
34
29% 34"
28% 31%
657, 68
70*2 68% 70*2
109% 107*2108*2
34
67%
20
16
15*2
20
17% 20
20% 20*2
I023g 103% 102% I027g
102% 103
106
106*2 106% 106% 108
109*2
15%
75
71
71%
75
71%
75
•
68
71
71
78
85
1633416334 163
7078
74%
85
68
163
91
83
Superior figures denote 32ds of
40*4
45%
3434
49*2
37%
83
90*4
82
387g
40*2
40
100
88
1947
1941
42%
44%
42%
42*4
52
35%
40%
38%
47*2
36%
80
81
8512
50*4
Col & ret 5^8 ser C
1953
Col & ref 5 Hi 8 8er D
1960
Coll trust 6s ser A.......1942
37%
48
4234
447g
53*2
44%
79
52*2
14%
80
80
85
82
46
40*2
4034
40*4
19%
6%
634
101
1942
40
103
10
358
8734
85
Ref & ext mtge 5s
4634
43%
157
163% 168
157
166% 157
103
99l2 101
104%
87*2 89
89% 92 ~ 84
91% 84% 85%
106*2
10534 106l2 106% 107% 105% 106
105% 10534 10634 107
107
107
107*2 108
108% 108%
10734 I0784
104
105
104*8 106
164*2 16534 104 105% 10034 106 10134 105 10334 105
105
106
104
1063s IO284 10434 102" 102"
102
102%
105*4 106*2 105*4 10534 1043s 10534 104** 10414
1939
91
50
91
27g
91
91
74*4
88
85
1950
5s uni ctfs.
91
90
32
103
IOII4 102*4 102
102% 103
107l2 107*4 107l2 107*4 107*4
88*2
:
89"%
88
77%
29
31
70
85
89%
87%
10234 10334 IO284 104% 10334 106*4 105% 106% 105% 106% 105*2 10734 106%107*2
99
96% 99%
100% 997g 103*2 99% 10034
927g 97
92% 94
74
80*4 81% 80% 81%
79*4 79% 81
100
70
107
80
85
Kings Co E L & P pur mon 6s '97
Kings Co Elev RR 1st g 4s__1949
Certificates of deposit
87
Kings Co Ltg 1st & ref 5s._. 1954 106
1954
126*8 127
41% 44
10% 11
108% 110%
9134 95
64
166" 105"" 105"
89
1961
1st 8c ref 6Hs
29
19%
14
1961
50*4
105
79
35l2
4378
8%
100l2
33
1*2
934
8%
70*2
77*2
77*4
37*2
1334
Keith (B F) Corp 1st & ref 6s_'46
IOU4 103
Kentucky Cent g 4s
1987
Ky & Ind term 4J^s
1961
Koppers Co 4s series A
57*2
25
9934
59%
11
54
w w stmp (par
$925).
Ctfs with warrants (par $925)
1961
93*4
10134103
19*2
30l2
31i4
67*4
673s
Ctfs
unguaranteed
47*2
45
37
4H®
127"
47
45%
48*s
49
86
Plain..
53
100*
9534
Stamped
126%
897g
56
56
34
35
38*2 35
3978 35
28
30
34
33*8 37
3434 38% 25
653s 69
69l8 65
6034
04% 6634 50
Ref and lmprov 5s..April 1950
6434 68
6878 66
68*4 65% 67*4 50
Kansas City Term 1st 4s...1960
109
107*2 10834 107 10734 107
100% 10834 105
Kansas Gas 8c El 1st 4H&...1980 104
105
103*2 104
10234 104
10178 103
Karstadt (Rudolph)
6s
1943
28*4
Certificates of deposit...
Kan City South 1st g 3s
1950
Note
47%
60
93
5s 1937 ext at
59
38
58
2834
58*4
85
ser
58
50*2
12l2
74
71
08
66
7134
7634 65l8 71*4
765g
101
103
10234 IOU4 103l2
99l2 97l2 99
9734 103
93
92
93*2 925s 95
Jones & Laughlln Steel
Kanawha 8c Mich 1st gu4s_1990
KCFtS&M Ry ref g 4s....1936
110*8111%
87
65
4634
45*2
7312
725s
34l2
3u2
72*8
70*8
10
James Frankl 8c Clear 1st 4s_'59
Coll trust 6s
78
65
41
53%
43%
31%
42*2
29%
42
40
*6*5*
100
74*8
737s
71
7u2
67
67l4
IntPaplst&refconv5s,A&B_'47 1013410312 102ig
Ref 8 f 6s ser A
1955
9978 97l2
Int Rys Cent Am 1st 5s B..1972
84
89l2 9034
1st life ref 6Ms
1947
965s 9978 9678
Int Tel & Tel deb g 4^s
1952 38*2 4384 39
Deb 5s
42
...1955
4634 4234
Iowa Central ref gold 4s
1951
13s
184
l%
w w
73
40
56
40*4
4234
54
14
17
1534
87s 1334
104
105% 105*2 105*4 105*4 104
100
104*2 105*8 10434 106
1053s
1055s 1067s 10512 10584
10234 101*2 105
Internat Hydro Elec deb 68.1944
Int. Mer Mar 1st coll tr s f 6s.'41
Ctfs
73
38%
56
1st mtge 3s ser F
1961
Inspiration Consol Copper 4s '52
Interboro R T 1st & ret 6s..1966
82%
63%
37%
8534 8534
79%'81
597g 65
99%
61
conv
40
73
40
9912
60
Interlake Iron
36%
41%
453s
40
4578
34%
32%
47*4
56
9912
conv
41%
4534
45%
48%
40*4
43%
5478
43%
43
41%
42%
43%
34*8
43
*63*
45
51*2
1950
10-year
87
43
47
40*4
41%
52
41*4
42
34
46*4
48*2
33
50
73
55
Ind Bl'mton & West 1st 4S..1940
Inland Steel 3Jis series D..1961
87
86*2
86%
43
43*8 46*8 4514 47
1940 lOO^s 100" 100** 100*» 100*
21
1948
Rayon 4
85%
80*2
6078
3578
8634
85
86*4
Ind 111 & Iowa gold 4s
Industrial
6
32
86
1963
llseder Steel Corp 6s
5
6
104
105
103*4 10434 104
10434 105*4
96*4 10334 97% 101*2 101% 10334 103
112
110% 110% 11034 110% 111
111% 112% 111
106*8 111% 106*8 109*4 109
21
21
35
36*2
36*2 36%
123" 123"% 123*2 125*2 125*4 126%
123
122% 123
115*8 12212 115
116% 120
78
70
8378 87
83
86
77
80*4 79% 81
83% 89
7034 70
52
4234 49*4 49% 49% 48*2 49
49% 51% 50
40*2 54
41% 43
100
101
97
99
10034 100% 101% 101
102%
98*2 100*4 100
96*2 101
33
22
32
29
29%
29% 29
3178 27
28% 30*4 27
25*2 30
124
125*2120%
12434 125*4 12434 126
12634 120
12412120
122*2 122*4 124
39
38
48
4534 44% 47% 44% 46%
43% 4534 42% 44%
36*4 40
1134 13
10% 11%
11% 13
10% 12%
1034 12
934 1334 10
1134
109
112% IO9I4HI84 10934 110*2
108*8 112
112*4 110% 111% 110*4111% 111
86
89
88
87% 90
89%
78
1951
St L Dlv & Ter gold 3s
5%
87
83%
61*2
75
42
48*4
4878
4312
4634
5634
4038
42
1955
Aug 1
~6~ "6%
8634
80%
57%
867g
8234
86*4
45
Refunding 5s
Cairo Bridge gold 4s
90
90l2 90%
9714 97*2 100
108«4 107&8 110*8
21*4
123
1201*2 122*2
70*2 72*4 74*2
47*2 45
51l2
97*2 97*8 100
34
3212 3434
12012 126*8 126*2
4938 4078 4778
1634 15*4 1534
1117s 111*4 112
86%
45*2
Collateral trust gold 4s._1953
40-year 4Jis
96
109
Harpen Mining 6s
Hocking Val 1st con 4>^s
Hoe (R) & Co 1st mtge
4S..1952
39*2
100*2100*2
Gulf States Steel 1st mtge 4
Refunding 4s
37*2
101% 103%
32
2015
Purchased lines 3J^s
44%
80
72
1950
Collateral trust gold
37*2
104
104% 103
105*2106*2 10534 106
36
35% 37% 36
103
25
Gulf Mobile & Ohio 4s B...1975
Gen mtge Inc 5s ser A
39*2
105
22
85
8
C
48%
87*8
Greenbrier Ry 1st gu 4s.>..1940
m
47
102
104
103
105*2 10478 10584 100*8 105*8 101
89
89*4 80
77% 81
89*4 87
104*2 104*2 104*8 104*8 103*8 103*4 i6§" 103
10434 104»4 104*2 104*2
Debenture certificates B
ser
44
03
121
i04i~2
91
86
8038 9012 89*8 93*2 82
80
7934 87
70*2 88
76% 74
1085s
A..1961 1053s 1o012 106% 107% 10078 10784 107
99
99
B..1952 97% 100
10034
90% 9878 96
92
90
91
90
92
95
1973
88*4 92
Gt Nor 1st 8c ret 4^s ser
1st
5934
101*2 103
103i2 io4i4 10312 104*4 103*4 104*8 100*2 104
101
103
104
99*2 102*2 103
10178 10234 102
1035s 10478 9934 105
28*8
2412 2412
28*2 2884 25
32
32
30
34i2
32i8 32i8
28
293g *28**4 2*8*2 27*2 27%
26% 28% 28% 28% 28*2 29
103" 103%
103*4 104*4
1o0u 107
104% 106% 104*8 10478 10384 10434 103*2 104
68
72
66
70
67*2 72
70l4
5584 73
59% 70
66u 70% 07
12
12
9
14
14
14
14
11%
17" "lv
15
17" ~17% 19
137g 1378
22l2
2078 2*2"
20*2
Gr R & I ext 1st guar
Gulf Mob & Nor 1st 5
52
537g
102
Georgia Caro 8c Nor 6s—..1934
Good Hope Stl 8c Ir sec 7s—1945
18*2 19
21% 21%
Goodrich (B F) 1st mtge 4'56 104ig 10578 104
10478
90
Gotham-Silk Hot deb 5s—1946
9134 8034 9084
44H«-1941
Grays Point Term 5s
1947
Gt Cons El Pow (Japan) 7s.1944
1st & gen sink fd 6'/,»
1950
50*2
49
121
51U
49i2
105
point; via.:
4
4
2%
84
84
80
85
87%
84%
4734
47%
41%
41%
87*2
86
86%
8234
84
80
49
46%
50
38
47%
45
49
4834
46
49%
38
47
38
44
44
49
42*2
42%
37
43
33
40
40*4
42%
40
43
4O84
42%
105,5=105'532.
70%
71
334
83
80
80
84
79%
38*4
84*2
4434
71%
70%
7134
72
80
77
92
91
93
90
90
94
94
85%
79%
87
81%
88
9134
87%
28
38*2
29
86%
30*2
87
39%
30
32
30
a Deferred
delivery.
107
107% 106
154%
107% 107% 108% 108 108%
10634 10634
10538 105% 10634 103% 105 "
1033s 105% 10478 105% 104% 105*4
2
134
84%
697g
9034
82%
3734
108
108
108*2 108*2 108
104% 105% 104*2105%
102
103% IO284103%
102*4
334
80%
4*4
107
/Cash sale.
2%
,
3%
90
8934
86
86%
52
52
43%
43*2
7734
92
52
4
97%
93%
93
4%
95%
94
91
94
93
4
3*2
5178
59*2
59
54%
54%
43*2
4634
46
59%
58*2
4934
49%
40
4634
437g
50
79
81%
84%
92%
85
96%
577g
58
334
95%
95%
62%
6134
3%
9378
3*2
95
92
95*2
55*2
5934
56
59%
48*4
57
52
60*2
6134
47
56%
85
88
85
89
97
9534
92%
30%
91%
27%
973g
93
92
93
88
87
90%
89
91
95%
903g
31
29
31
27
30
28
31%
Volume
The Commercial & Financial Chronicle
152
53
1940—Continued
January
BONDS
March
June
February
May
April
July
October
December
August
November
September
High Low High Low High Low High Low High Low High Low High Low High Low High Low
High Low High Low High
Low
Lehigh G Ac Nav
con s f 4>$s A *54
Cons s f 4Ma ser C
1954
Lehigh Ac New EngRR 4s A. 1965
Lehigh & N Y 1st gu g 4s...l945
4934
5534
49%
48
54
49
52
51%
51%
57
55
52%
52%
8734
88
88
89
88
90
8 734
32
3412
32%
35
32
33%
32
1944
37l2
37l2
54
Leh Vsi Coal Co
5s stamped
1st & ref 8 f 5s
54%
45
4934
51
5134
50
53%
45
48
48
49
49
5284
50%
7934
80
80
81
82
83
30
30
30
37
33%
35
49
49
30
30%
29%
29%
27%
29%
31
2734
"32%
34%
37%
3734
38
1954
Stamped 5s
37%
38
35
35
29
29
27
28%
2434
26
22
25
23
28*2
26%
33l2
29l2
29%
26%
1964
....
Stamped..
29
29
25
26
27
27
24%
24%
26
2434
26
25
23
29%
29
27
24%
20%
23
24%
24%
24%
24%
25
25
24%
28%
24%
24
25
26
26
24
25
20%
25
24
27%
24
24
50
50
50
53
50%
1964
f 5s
s
42
42%
1954
.
1st & ref 5s
1st Ac ref
55
55%
90
34%
1974
Stamped 5s
1974
Sec 6% notes ext to 1943
Stamped 6s
'251*2 29*12
39
27
28%
28%
37%
38
'24%
24%
"27% *3*0*"
55
62
60%
64
64%
65
61
59x2
8812
35i2
6334
62%
70%
6834
63
5034
60%
63
9334
92
95
92
94
41
36%
41
34
37%
5014
2914
2914
50%
5612
56i2
29%
30X2
*3*1%
35*
3*6%
49i2
52%
'291*4 *3*1 "
29
30
28%
30
27%
28%
30
53
54
36
30
30
29%
29
2934
2734
5384
30%
'30*
30%
50
1943
Leh Val Harbor Term 1st 5s_1954
V (N Y) 1st gu g 4^s._1940
50
4978
51
4312
4734
44%
48%
44%
40%
43
39%
41
30
41
3634
42
45
41
45
40
43
30
30
30%
35
*44% 4*5%
51%
35%
33
38%
41%
41%
41%
43%
42%
47
39%
45
40
41
30
39%
31
36
35
40
40
42
42
1434
13
15%
1434
14%
18
16%
14%
11%
11%
1234
12%
15
15%
15%
153g
12%
1234
15
1534
1534
15%
16%
12%
15%
16%
16%
1634
2034
20%
22
22
1834
1734
19
19%
17
18
16X2
16%
17X2
17%
19%
1940
4Mb extended
16%
51%
17%
51%
53%
32
4S.2003
15
16%
15%
..2003
1434
15i4
1434
I6I4
17
1612
18U
1812
1478
2003
con
48 assented
General consol 4Ma
43^8 assented
Gen con 5s
2003
.2003
5s assented
2003
Leh VTer Ky 1st
gu g 5s....1941
5s assented.
..1941
5s extended
17
16l2
41%
*55*34
52*
54"
5s
Loew's Inc deb
50%
52%
14
14%
50
a
Lombard Elec 7s
f 33^8
ser
1946
A.....1952
Lone Star Gas 3M*
Long Dock Co 3^8
1953
1950
Long Island uni gen g 4s. .1949
Guar ref g 4s
1949
4s stamped
Lorlllard (P) Co 7s
1949
*89*
13%
15%
14%
15%
17
49%
50%
87%
12534
1951 126%
ser A_*69
83
Louisville Gas & Elec 3M*
1966 108%
Lo Ac Jeff Bridge Co gu g 4s. 1945
108%
Louisville & Nashville—
Unified gold 4s
1st & ref 5s ser B
116
125%
63%
67
89% 90% 90% 91% 92
92%
8834 90% 89
92% 91% 94%
89
92
89
89% 90
9134 93%
127
125%125% 125% 125% 12434 126
129
126%128
128% 129% 128
127
847s 84% 85% 83% 85% 84
8684
HO
10884 109% 108% 109% 10834 109%
108% 108%111% 111% 111% 110% 111%
1940 101" 101" 101% 101" 101% 1013
98
100
10034 98
9734 99
...2003
91%
94%
9034
9234
90%
93
1st Ac ref 4s series D
2003
86
88
85
88
8534
2003
82
83
82
82%
7934
86%
81%
3J£s series E
Unif mtge ext 3J^s ser A.-1950
Unif mtge ext 4s ser B
1960
Paducah Ac Mem Div 4s
1946 10234 104
103% 104
St Louis Div 2d gold 3s...l980
80
81
82% 79
Mobile Ac Montg 1st g 43^s_*45
Southern Ry jt Monon 4s_1952
112
*73% 7*8*"
Atl Knox Ac Cin Div 4s... 1955 105% 105%
Lower Austria Hydr Elec6Hs '44
McCrory Stores Corp
s
f deb 5s '51 107
112
7634
79
105% 107
1073s 106
78
81
52
Manati Sugar 4s
39
55%
4034
f
1957
4s
2013
Certificates of deposit
Man G B Ac N W 1st gu 3 Ma.1941
Marion Steam Shovel s f 6s. 1947
78%
82
81%
79
42%
42%
44%
44%
68
64%
77%
5334
79
55%
40
42
79
82%
8134
51
44%
77%
43%
43%
66%
76
66
Certificates of deposit
Stamped 6s
104%
79%
81
77
78
Certificates of deposit..
1st mtge 43^8
46%
47%
48
109
109
1434
15
4534
15%
65
65
99
122
124
110%115
101
101
102%
123% 123% 124%
128% 127
127%
93%
106
95
95
94%
9034
91
87
95%
95%
8534
91
87
91
87
91%
75
76
85%
106
107%110
108% 110% 108
70
75
80
80
80
69I2
73%
73%
43%
44
41X2
4734
44%
47%
7812
40%
83
45
45
51
44
45
50i2
50%
43
47i2
19X2
1912
22%
20%
23X2
22%
25l2
25%
58X2
55%
1634
2IS4
15
19
17%
1812
1834
19%
20%
47%
49%
25
25%
53
48
48
53
19
21
2038
23%
23
54
55X2
79
109
8384
72%
79
104
79%
104% 101
a79
102
100% 10212 10034 103
101% 102%
89
95
9234 9434 93% 96
86
88
87% 86
89% 91
81
84
8234 84X2 83i2 87%
103%104
10312 104
104X2 1063s 104X2105%
103
106
104% 105I2 105% 106
87
80X2 80% 81
,
103
78
104%
8034 a79
115%115%
10134 102%
123% 124%
127
128%
91% 91
91% 95
92% 95
9034
91% 94% 93% 95
122% 123
1223s 12334 123% 12334
124
125% 125% 125X2 125% 12 5X2
78
8334 8134 8334 83
84%
110
108I2 108% 108% 109% 109
108% 109%
110% 110%
109
76
77
80
77%
50%
40%
78%
78
47
102
97
91
93
105
105%
106
106X2
87
88
113
83%
25
39
76
82
833s
53
76
84
80%
39
43
43
43%
15%
46
19%
44%
70
81
70
75
75
75
22
81
83
71
80
88%
72
42
33
21
22
90
84
91%
86
91
85
88
80
82X2
82
82
84X2
84i2
77
71%
79X2
75
83
85%
6734
70
66%
80l2
81%
75
80
83%
76
79
57
60
63
81
72
75%
66
72%
79%
60
77%
70
70
61
70%
50
67
60
60
10034 103
103
100% 103
111
11134 111% 11134 .110% 11134
66%
66%
63
105% 105%i05% 105% 10612 106
Certificates of deposit
5 Ma
1st Ac ref gold 5s ser H
18
29
52
26
1434
2
1%
2
5
6%
5%
7%
7%
23%
1534
7%
2
1%
2
15
14X2
634
1949
1980
1981
Certificates of deposit
2%
2%
53g
5%
6
6
5%
5%
5%
7
5l2
1%
1%
2
2
1%
1%
2
1%
59%
57%
6%
6%
56
05
70
59
6934
64
73
68%
26%
157g
31
19%
1534
1634
26
29%
26
3234
27
13
17%
14%
1234
12
16%
1434
11%
11%
5%
15
15%
13%
13l2
12%
14%
7
8%
13%
18%
16
2%
4
11%
12%
534
16%
16%
2%
7
59%
6%
17%
17
17
16%
2%
21%
20%
3%
2%
1734
56i2
7
7%
2%
1%
59
74
31%
17%
15%
15%
5
7
19%
18s4
2134
19
3
2%
P
16%
18%
20
53%
106
54% 55
10634 106
1%
19%
12%
19%
19%
79
1X2
1%
1%
412
1%
5%
138
%
%
50
50
9934100
85
86
8334
84
55%
56%
55%
55%
1
6%
5x4
434
SX2
5
6%
635
1%
34
50ls
8OI4
54
88
80
19
15%
16%
17
15%
123s
15
17
1534
17%
14%
14%
14%
15
17
15
1234
,
*"34 "T
12%
123s
1634
1
17%
17
17%
17%
%
15%
1634
1534
60
123g
16%
123s
63l2
15
18%
20
21%
25%
28
26%
25%
25%
31
30%
2534
34i2
34%
41
26
30%
31%
41%
12%
123s
26
2U2
4U2
25
39
40%
24
38l2
50%
103* 10*5*"
106
7«
5%
16%
16%
1534
178
17%
15%
17%
15%
1%
16%
18%
16
2%
18%
16
17
16%
16%
18
17%
1%
17
16%
16%
1534
18%
17
18
1
25
221*2
,
15
4X2
16
"l%
1684
2%
1634
4%
71
48% 48%
105
105%
14%
*1*7*
3
5%
56%
a
point; via.:
6
9
212
1%
5334
8
84%
23%
8%
1234
12
9
12
938
412
3
16%
1534
1%
16%
18%
18
16%
1634
16%
1634
16%
1534
74%
173s
18%
173g
78
37
8
10
1%
%
53%
79%
21%
10%
9
10
3%
1634
1734
1%
16%
2%
1
56X2
81%
25
13'
11%
12%
384
19%
1834
1%
19%
37
16%
15X2
I6X4
153s
16
18
I83g
1718
1
183s
16
84
15
70
72
73
73
73%
75
24
25%
31%
27%
28%
3634
263s
34i8
34
37%
34
4034
34%
34%
41%
27%
2612
34%
42
44
41l4
37%
41%
41
44%
41
263s
36%
363g
41%
43i2
48
45}
17
183s
1734
1%
1812
16%
%
1638
1634
173s
x2
19%
20
1834
%
17
20
16%
16%
16%
81%
1834
1934
19
81%
401*2 *4*4*
52X8 53% 56
5814 '551*2 *5*5*34 53i2 54i2
10534 10534 10512 10512 105X2 106
106
106%
110% 106% 108% 109
110% 10934 110X2 109% 110% 10984 noi2 110
110% 108% 110%
112
111
111% 105
108% 109
110% 112
111% 11114112% 111
113
11034 112
98
101% 100% 10178 101
101% 101% 103% 103i8 104% 104X2 106% 10534106X2
62
65
64
70
76
76
7034 76
44
45
44% 50
44
44%
95% 10414
71% 73%
a Deferred
delivery.
r Cash
sale.
44
43l2
56%
105'*=105»M.
5234
10
6%
18
16
2
18
17%
1734
17
I6i8
1534
13s
14
3li2
®4
—g-
7
63s
2%
1%
52
12%
....
44
1955
Note—Superior figures denote 32da of
6%
50
1234
20
99% 101
100% 102%
8334 8334 75l2 75l2
,
6%
45
12%
20
55
54
54
50%
106% 106% 106% 105
1034
12%
4%
26%
16%
13%
14%
5%
17%
13
S—
9934100%
5
4%
4%
2%
45
2%
1734
23i2
2012
32%
20%
53%
1912
19%
18
%
..I960 109% 110% 10934 110«4 109% 110% 109% 110% 105
110% 111% 110
110% 111
112% 103
Montana Pow 3J£s
1966
Montreal Tram 1st Ac ref A 5a *41
Gen Ac ref s f 5s ser A
1955
Gen Ac ref s f 5s ser B
1955
131
17
107
lx2
1%
4%
4%
1634
16
13%
12%
234
19X2
16
....1965 109«4 111%
f 5s D
19%
19
1%
1234
12%
12%
12%
2134
51%
5%
9
13
19
4s A. 1960 105
5%
412
5%
*4% *5%
4%
8%
3%
19
21
40%
2
34
9i8
17
39
7
138
%
834
1734
3334
6
1®4
13%
16%
3434
7%
11.2
13
18%
17%
32
634
1%
12
12%
12%
12%
78%
34%
33%
7
1X2
11
I84
2134
31%
3134
3834
3834
638
1%
13%
1%
19%
32
7%
1%
14%
134
34
7
IO84
4%
14%
21
3012
37%
ll.lg
11
1412
55l2
27%
15
1%
15
11%
1238
8
25
28%
7
24l2
20%
31
15
28%
55l2
27l2
15
1134
19
17
34
15%
25
56
26%
12%
2512
1%
%
4%
378
4%
1012
8%
3%
9534
68
6%
16
8
9534
66
1061s 107
1%
82
15l2
13%
107%
6%
2578
17
28%
47
95
67%
94%
65%
106
1%
14
17
29%
43
12
11
30%
6
77%
17
26%
1%
1%
%
11%
28%
16%
23
18l2
Ref Ac impt 4M*
1977
Certificates of deposit..
Sec 5% notes..
1938
5
26
16
2034
25%
4
26
84
26%
1634
22
5%
61
23
13%
16%
134
17%
75l2
834
6
*36l2
57
56
55
23
78%
16%
1%
1634
24%
20%
44
20
22
17%
2%
18%
1634
73
20
1033410534 104X2 106
22
20% 21
22X2 29
80
21%
21%
2134
21%
22%
103% 102I2 10334
70
1834
73
94%
67
21%
19%
25
6434
72
21
73
9312
67
23%
133s
11%
123s
20%
22%
9278
65%
67
6
67
91
65
47
6
33
32
64
21
19%
62%
lI6x"2ll"2"%
55
6
1%
203s
17
71
43^8
I
67
17
23
debentures.....
1%
105l2106%
49
6%
114
29
7%
17
68
Monon gahela West Penn
50%
18
90
106% 1*0*6%
11134 111% 112%
55
17
20%
m
18
106%
20
17%
13%
334
3%
3%
1%
55i2
16
1%
5%
5l2
0l2
50
16%
16%
1%
1334
15%
1
2
15%
1%
18%
18
18%
Montgom Div, 1st gold 5s. 1947
Certificates of deposit..
Monongahela Ry 1st
50
44
1%
1
13%
13%
13%
21%
75%
Certificates of deposit.
Moh Ac Mai 1st gu gold 4s..1991
11034 111% 111
6
55
573g
98% 10334 102
20
19% 20%
2%
2%
1%
2%
334
3%
334
1%
55%
14
1938
18
19
10
5
5
2
20%
75%
Missouri Pac 3d 7s ext at 4%
Mobile Ac Ohio—
6
90
18
4%
8
8%
1%
13
Certificates of deposit
I
104%
23%
14
1977
Conv gold
97
37%
1%
Certificates of deposit
6
56
29
2%
1st Ac ref gold 5s ser G...1978
110% 10934 111
110% 111
48
40% 35% 47% 45
6
94
27%
16%
1%
F
90
48%
1%
1975
1834
27
1st Ac ref 6s, ser A........1946
25-year gold 5^s
1949
4s
39%
1%
25%
5
Certificates of.deposit
7%
30
5%
134
1%
Cum adj 5s, ser A
1967
Missouri Pac RR 1st 5s, A..1965
60
5%
18
634
1978
40
109
%
94% 9234 93
93% 94%
"65% 61% 63
102% 103% 103% 104% 102% 104%
5%
...1962
634
91%
63%
434
Prior lien 4s, ser B
Prior Hen 4 Ma ser D
78
1834
4%
1959
30
86
82%
72
434
1962
523s
29
22
82
83
5s guar as to Int. 1938
Missouri Kan Ac Tex 1st 4s.. 1990
45
9434
82
64
6i
Mo-Kan-Tex RR 5s, A
10512106%
102% 104I2
70% 78
22
81
68
48%
53
89*
108121081j>
90
81
63
23%
14%
1
89
92%
79%
*68*
17%
7%
106%107
87%
*87"
-25
32
98
70%
26
2%
88%
46
81
12%
15%
104% 10334 10538
9934 96% 100
93% 92s4 9334
86
89% 87
88%
104
104%105
104%
105I2 108% 107X2109
106X2 106% 106X2107
91
54
4634
109X2110%
96
86
2234
1334
634
1%
138
1978
8912
103% 10434
67
13%
5%
111
110
11034 11034 110% 110%
83%
i834 *18%
1934
9834
99%
98X2
122%123
122% 122X2
127% 12812 128
128%
83% 85% 81% 84%
96
82
%
refund, gold, 4s...1949
98
97%
97%
66
110% 112% 110% 111%
32
95
97
86
60
27
93
103«4 102
95
84%
93
40%
46%
45%
19%
76%
43
5084
95%
9934
82%
50
47
118l211834
91
96
103% 104% 102% 10434 104% 10434 104X2 105X2 105% 10534
93
94
100
97
101
87% 95
96%
100
104X2
70
73
75
74
73%
81% 78U 81
76
79la|
45
46
52
52
54
54% 5138 5438
48% 4834 52
3634
30% 35
27% 33i2 28
30l2 2534 2734
2734 30%
86
85% 85
86% 85% 86% 86
83%
47%
48
48
47% 48
4812 50
45%
93% 101
75% 81
105% 103% 105% 103% 104%
94
118
10412 106% 106
106X2
12234 123% 122% 123
128% 129% 129
131%
96% 99
97% 99
113
75
91%
57
118
8034
53%
45%
8334
79%
54
43%
1939
1st ref 5 Ma ser B
Mo-Ill RR 1st 5s ser A
18% 22%
113
54%
Ref Ac impt 4M» aer C....1979
62
66%
Michigan Consol Gas 1st 4s. 1963 101% 102%
Midland of N J 1st ext 5S..1940
9% 12
...1962
'20% *2*5*
82%
48%
463s
74
6
Ref Ac ext 5s, ser A..
16% 20»4
76% 83
80
87
7534 77
83
87
76% 80
82% 83
10634 10634 10434 10634 10412 10534 106% 106% 105% 105% 105% 106
106% 107
15% 15%
104" 104"
10634 104" 105
68
Minn St P Ac SS Mcons 4s stpd'38
1st consol 5s
1938
"17% 2*2*34
95%
90
94% *9*5*34
94X2 96
123
12334
126
127%
831s 8fii2
109% 11034
10912109^2
113
7
Mil Spar Ac N W 1st guar 48.1947
37
70
65
92%
9238
9212
91
120% 124% 120% 123
120
128
122%125
82
80
Minn Ac St Louis 5s ctfs
34
65
82
92
80%
7
..1939
35I2
106
104% 104% 106
102% 102% 103% 102%103
10234 104% 1033s104
103% 104% 104%105
38
44
28% 53
29
33
50X2 36
30
3934 45
31% 3058 32
106% 109% 108
109I2 107
108% 1073S 10734 10734 107% 107% 109l2 10 5X410914
84
78
Milw Ac Nor RR ext 4^ a
Con ext 4Ms
35
3012
101
91
7
Jack Lans Ac Sag g 3Hs..l951
1st gold. 3H»
...1952
38
34X2
1153411534 115% 11734
103% 104% 103% 105
12314 124
123X4 12434
127
128
128% 13034
95% 95
9638
95% 97
96% 97
108
1043s 10734 104 x 104»
107% 106
98
90
ser
115
78%
7
ser
115
83
80
s
40
16%
46%
46%
92%
7%
Gen Ac ref
16
87
86%
First mtge
17
14
78
7
68
17
14
93% 102%
84% 94%
82
1st Ac ref 5s
15
10
87
Ma '50
1st Ac ref 5s
16
13%
86
Met-West Side Elev (Chic) 4a *38
Mex Int 1st cons 4s g asstd_1977
Miag Mill Machy 1st s f 7s__1956
Michigan Central RR—
34
34%
,
65
1955
Metro Edison 1st 4^8 ser D.1968
Metro Wat Serr Ac Drain 5
General
15
12%
12%
13%
58*
59
56
52%
52%
(Stpd mod) 5% ext to
1945
Mead Corp os with warr....l945 105
cons
9%
9%
98%101%
90
93%
10634 107
1947
Market St Rv 1st 7s, ser A..1940
3412
35
34
64i2
39X2
60**
112%
94%
Maine Central RR 4s A....1945
Gen mtge 4>£s ser A.....I960
s
104
alll
107% 105
Deb 3J4s
1955
McKessonAcRobbins deb 5Ma '50
Manhat Ry (N Y) con g 4s__1990
Certificates of deposit
11534 116
89
1st Ac ref
1st
9
8%
40
8%
10%
10%
1*2*6*%
....2003
1st Ac ref 4^8 ser C
1st Ac
9%
13%
13
13%
14%
14%
14%
50%
5034
Vila
8734
Louisiana Ac Ark 1st 5s
2nd
14
8%
8%
100
104
102% 104
127~
125l2 126% 121% 127
129
131% 130
131% 120% 129%
98
99
96
97
90
9778 100
9978 101
97%
105
10934 109%110
108U 10934 109
107% 110
106%
104% 104%
102* 1*0*3* * 101% 10334 10334 105 10334 104% 100% 104%
68
71
69
64
70
52
70%
69
73% 69
108
108
109% 109
109% 109% 110
106% 109% 105
1944
5s
36X2
35
31%
31
50
117% 117% 116
118
1944 126% 127*12 126%
1951 12914 130% 127%130
Lion Oil Refg deb 4^s
1952
Liquid Carbonic 4s cony deb '47
Little Miami 4s series A
1962
36X2
40
65
"53"
1951
Lexington & East 1st gu 5s_1965 117
Libby McNeill & Libby 4s...1955
Liggett & Myers Tob 7s.
70
34 x2
31
30
1950
Lehigh Val (Pa) gen
70
36l2
'32% 36""
44
'52% *5*2*34 "53% *5*5* " "51*
Leh
4J^s assented
5334
29%
31%
43l2
The Commercial & Financial Chronicle
54
Jan. 4, 1941
1940—Continued
1
June
May
March
April
February
Low
High Low High Low High Low High Low High
January
BONDS
Low
July
High Low
November
October
September
High Low High Low High Low High
August
High Low
39
41%
42% 39% 42% 41% 43%
43
34% 42%
43
41% 44% 35
3^s..2000 4ll2 47% 42% 4534 41
35
36
39%
39% 37% 397g
38% 37
27
35
39
38% 29
39
40
4334 3678 40%
4412
Constr mtge 5s ser A—..1955
35%
30% 34
33% 35%
30% 327S
32%
3378 247« 32% 25
35% 31
35% 39
35% 37% 31
Constr mtge 4^1 ser B—1955
108% 109% 108%
109
10934 104% 109% 104% 108% 10778 109% 108%109
109% 108% 109
107% 108% 108
Mountain States T & T 3)ii 1968
112% 112% 115%115% 115% 115% 116%
112% 113
112% 113
120
120
118
117% U984 117%118
Mutual Fuel Gas 1st gu g 5s 1947 118
101% 101% 101"
100% 101%
Mutual Union Teleg 5s...—1941 101% 101% 101%101% 101% 101% 101% 101% 101% 101%
67
"64" 66% 65
"64" 68" 65% 68
6578
65
68
69
66
70%
68% 7034
70%
69% 70%
Nash Chatt St L 1st 4s
1978
101
106
49
81
89
81
88% 101
43% 52
Nassau Elec RR 1st g 4s stpd *51
51
55% 50% 51%
46
537« 53% 55% 49
51%
42% 49%
Certificates of deposit
102%
102% 103
102
102%
102% 102%
106
107
106
10678 106%
106% 106
106" 1077s 103% 107 104% 107
Nat Dairy Prod deb 3H* w w '51 106" 107% 106%107% 106% 107%
102% 101% 104% 103% 104% 102% 104% 104
99% 106% 100
105
105
10534 1047s 105% 105% 106%
Nat Distillers Prod Corp 3M® '49 104
Morris & Essex 1st ref
Nat Ry of
Mex 4 H® 1957—
78
4^s July 1914 coupon off.1957
Asa't cash war&scr ret No.
4s Apr
Asst
78
%
war&sec rets No5 on '77
%
%
%
1%
78
1%
7S
Nat RR of Mex prior 1 4
%
%
%
Ass't cash war&scr ret No.4 on
1914 coupon on..1951
1914 coupon off. .1951
Asst war & sec rets No 4 on '51
Nat Steel 1st mtge 3s
1965
National Supply 1st m 3MS.1954
Naugatuck RR 1st 4s
1954
Newark Cons Gas cons g 5s. 1948
New England RRcons 5s...1945
Cons guar 4s
1945
New Engl T & T 30-yr 5s...1952
1st gold 4^s ser B
1961
N J June RR gu 1st 4s
1986
N J Paw & Lt 1st 4^s
I960
New Orl Great Northern 5s. 1983
N O & Northeast 4>$s ser A. 1952
New Orl Pub Serv l»t 5s A..1952
1st & ref 5s series B
1955
New Orl Term 1st 4s ser A..1953
New Orl Tex & Mex 5s ser A.1935
4s April
Certificates of deposit
1954
1st 5s series B
Certificates of deposit
—1956
1st 5s series C
Certificates of deposit
1st 4H» series D
1956
Certificates of deposit.....
..1954
1st 5^s series A
h
1%
%
70
71
70
70
70%
70
123% 124% 124% 124% 124% 12434
36
36% 38%
36%
102% 102% 102%
I077s 105%106% 1057 105%
105% 104% 105% 103% 105
1%
1
%
%
%
13s
♦
71
120" 120"
42
119
80
63
63
71
"42"
7S
>4
122
40%
41
122
38
119%
43
39
39
41
39%
81
124% 124%
43% 48
43% 42% 46%
41%
70
66
69
70
68
71
70
69
71% 67
72%
75
6478 65% 68
76
73% 74
73% 72% 7834 7578 77
60
64
59
61
60
61
60% 64
53
46
45
56% 57% 60
56
54 34
48%
53% 55%
57% 55% 59
55
104% 105% 105% I057g
105
10412105
104% 105
104% 104% 105% 103%105% 104
102% 105% 10334 104% 10334 10478 104% 105% 103
104
105% 104% 105% 104% 105% 104% 105%
103%105
103%106
101% 104% 102% 105
105% 10434 105% 103% 106
103% 106% 104
66% 70
55
62
61
64% 64
65% 64% 66% 65% 69
64% 62
70
70
67% 69% 65% 79
71% 68
66% 71
33%
29
31
25
30
30
27
•28% 2978 29% 29% 31
30% 31
31
21
31
33
33
28
29% 27% 27% 30
31
30% 30% 31
29% 29% 29% 29%
30
30
25
30
34
34
38%
36%
31
32% 35""
31% 32
33%
297g 31% 30
30
35
30
38
37% 26
32% 37% 36% 397g 23
32
32
32
34%
30
30
29>
29
31% 32
36
29
37% 37% 37% 24
31% 32
32% 34%
35
35
35
33
35
38%
32% 33
36
36
"28% 29" 29% 29%
30
3734 37% 3784 36
37%
32
3478
32
32
28
28
32% 32%
36
37
"32% 3234 3234 33
33"" 30% 34%
32
32
28
30
30% 33% "3l"
30% 31
34%
3378 3634 3234 3434 "23% 36%
*29% 33% 28
30
30
28% 33%
"30" 30~
29
32
29
29
32% 32% 31% 31%
34
37
35
33
31
34% 38 % 36% 40
27
36%
37
40
38% "28% 32"
35% 33
32% 39% 31% 36% 3578 40
34
34
31% 36
28
35
32% 33
35
29% 33
31% 33
35
33
33
35% 25
38% 33
69>2
53%
in" in' 11178
111
1117s 111
6278 44% 58%
5934
58
7534
7734
51%
53%
77%
51%
57
59%
58
5834
7634
93%
5634
81
5334
61%
61%
76%
79
56%
5134
57
62%
57%
54%
61
57
60
55%
77
79
74
8684
81
58%
54%
79
83
81
54%
54%
59%
57%
48%
54%
59%
82%
54%
60
54%
60
79
81
81
91
93%
93%
57%
51%
62%
62%
60%
57
54
59
67%
66%
51%
82%
88%
78%
57%
85
89%
82
53%
59%
38%
45
50
55%
42%
58%
43
54
68%
77%
94%
69
75%
53%
76%
85
90%
5678
90
80%
93%
57
62
51%
61%
51%
80%
85%
76%
56%
86
95
88
57%
90%
59%
92
56
58%
60%
59
62%
60
66%
60
57
5834
57%
61%
59
54%
58
55
5678
61%
67
63
67
53%
77%
81%
78%
59%
53 %
5634
82%
85%
85
1946
55%
78%
43
gold 3^ s. 1998
N Y Chic & St L ref g 5)4* A 1974
1947
1941
56"
74
48%
38
30-year deben 4s 1912....1942
Lake Shore, coll gold 3)4* '98
......1978
56%
74
63%
79%
87%
59%
Mich Cent coll
113
45%
113
78
82
83%
86
79%
84
81%
4)4* A '53 104% 10534 104% 105%
107
1st guar 5s series B.
1953 107 108% 106
3 >$8 series A
1965
51% 52%
50% 52
N Y Dock 1st gold 4s.......1951
49
51
Convertible 5% notes
51%
1947 47
109%
N Y Edison 1st 1 & ref 3^8 D.1965 108%109% 108
110
10834 109%
1st lien & ref 3^s series E 1966 109
N Y Connect'g RR 1st
90%
62%
53%
8034
83%
65%
79
8134
105
56
8234
84%
107
106%107
53%
48%
65%
56
86%
50
82
66
51%
6434
5434
68%
59%
45%
38%
81%
8534
73
84%
82%
87%
86
106%107% 101
10734 108% 105
42%
61%
53%
73
77
87
80%
83
83
69
81
66%
57
84%
90
81%
57%
65
62
657g
62%
65%
62%
82
88
89
9178
89%
91%
90
52%
59%
57%
607g
55%
56%
58%
65%
62%
66%
62%
60%
66%
62%
66
58%
64%
60%
64
60
64%
60%
63%
85%
83%
85%
84%
85
88
96%
96>8
98
97%
88
99%
98% 100
66
64
65%
61
63%
65%
62%
67
59
58
60%
58
61
71
69
73%
70
73
70%
55%
84%
60
58%
61%
56%
61%
57%
87
85
88%
85
8878
84%
74%
62%
94
88%
80%
90
88%
91
90%
95
93%
95%
87
86%
90
89
93
897g
9412
77
57
51%
3)4* ext
33%
109% 108% 110% 109%111
116% 116% 116% 117%118
101"
101% 101%
"66" 68% 67
69%
67
43%
"38" 38% 377s 39% 38% 39% 39
38
38
38
36
31% 43% "32% 34%
4078 43
"35% 37" 36
127
1267g 128
127% 125% 126% 126
123% 124% 127% 126% 127% 126
127% 122
128% 125% 1263s 1253s 126% 12634 127% 122
125
130%
123
125
125% 126% 128% 127% 128% 1287g 129% 130
128% 122% 123%
126% 128% 123
124% 127. 126% 127% 127%128
60% 60%
106
106% 107%
10678 108
106
107
106% 107
106% 106% 107
167% 109" 108 109 105% 108% 10634 10734 106%107% 106% 108
4H» series A.2013
C
2013
Convertible secured 3 >4 s..1952
New York Cent & Hud 3)4 s-1997
1st mtge
41%
38
28
34
Ref & impt
3-year 6% notes
33%
37%
126
Ref & Impt 5s series
Collateral trust 4s....
40%
32
7g
»
%
1%
%
%
%
3s
3g
>2
%
>4
h
106" 107% 106" 107%
103
102% IO484 100% 105% 101% 103% 102% 104% 1037s 105% 104% 105% 104% 106%
10334 102
103>2 102
105
10578 106%
103
104% 105% 105%106
102% 103% 103% 104% 104
105% 102
102% 103% 103% 104% 102
33% 33%
Certificates of deposit
111
111
111
Npt & Gin Bdge gen gu 4J^s '45 111
57% 6034
66% 62
N Y Cent RR cons 4s ser A.. 1998
74% 78% 77% 79
10-year 3%a sec sink fund 1946
4)4* series C
35%
38
,7s
%
%
>02
41%
78
%
>$8-1926
48 April
Ref
%
%
%
%
%
%
%
7«
off
coup
%
%
%
%
%
1977
1914
42%
1%
%
78
High
40%
%
78
1
1
37
43
7g
7g
7g
1%
7g
on_1957
4^8 Jan 1914 coupon
December
Low
80%
80%
80%
66
95%
59%
10610
105% 105% 107% 106% 107% 106% 107% 106
107% 101
106
107% 107% 108% 107% 108% 106% 106»
108% 104% 105
100
100%
54
56% 54% 61%
48% 54%
51% 55
57
57
59%
60%
50
48% 47% 48%
50% 54%
50% 60
50
52
57% 46
110% 108% 110% 108% 110%
109% 108% 110% 109
108
104% 109% 105% 108% 107% 109% 108
10978 108% 110
110%
106
109% 110% 110
105
108% 109
109% 108% 109% 109% 109% 109% 111
110%
108% 10978 10834 11078
51%
53%
51
56%
47
56%
46%
46%
48
47%
46
47%
46%
47%
48%
48%
N Y & Erie—See Erie RR
121
125%
122% 122% 123% 123% 124% 123% 124% 123% 124% 124% 125% 125
1205s 125
'48 125%126% 125% 126% 12478 125% 12478 126
116% 117% 117% 119%
116%117
117% 113% 115% 115% 116% 1157s 116% 116%117
117% 115
118% 116
11834 117
4s. 1949 117% 118% 118
22
26
16
22
15
15
10
13
16
16
12% 15
12
8%
8%
11%
13%
1234
11% 15
12% 14
11% 12
100% 100% 99% 100%
97
97
987S 98?s
99% 100
N Y & Harlem gold 3^8...2000
99% 99%
55% 50% 54% 46% 51%
53% 54%
51% 54% 54
56% 57% 49% 56% 43% 44% 48% 53
56% 58% "55% ~5~7~"
N Y Lack & West 4s A
1973 "53% ~6~o"
57
57
58
60
59
50
58
53% 53%
56% 61
60
60%
64
64
61%
6134 64
4H« series B
1973
85
96
80
80
79% 88
NYLE&W Coal & RR 5)4*-'42
"95" "95 "
65
66
80% 80%
65
67
86% 86%
NYLE&WDO& Impt5s_.1943
N Y Gas El Lt H & Pow Co 5s
Purch money coll tr g
N Y & Greenw L gtd g 5s...1946
•
N Y & Long Branch gen 4s. 1941
N Y N H & H non-con? 4s..l947
"7l" *71""
16
16%
71%
72
16
16
Non-convertible deb 3 )4 •-1954
"15"
Non-convertible deb 4s_.1955
16
16%
16%
15%
16
17
Non-convertible deb 4s..1956
16
17
16
16%
Non-convertible
3)4*
1947
*15%
15%
15%
72%
16%
72%
1734
17
1884
17%
19%
19%
113s
15%
17%
18
20%
16%
17%
18
17%
20%
20%
20
24%
36%
15%
16
15
16
15
1634
6s
20%
33
6%
20
19%
Collateral
18%
28%
•5%
18%
1934
3034
60
63
trust
1940
1957
Debenture 4s
1st & ref
4)4® series 1927.1967
Harl Riv & Pt Chest 1st 4s '54
N Y Ont & Western 1st g 4s. 1992
General 4s
1955
N Y Prov & Bost gen 4s
5%
3
6%
3%
5
6
18%
29%
4%
18%
60%
5%
234
19%
1734
2178
32%
5%
31%
62%
578
3
62
62
29
18
11%
12%
13%
15%
14%
14%
127s
12%
11
11
13
10
19
10%
18%
11
12
12
13
12%
19%
2%
15%
18
16
18
26
30%
27
30
12
62
68%
58
72
58
60
7%
3%
3
8%
578
4%
3
1%
85
1942
gold 4)4*
General gold
1937
1940
5s
5%
5%
5%
5%
7
634
6%
3
3%
1%
7
8%
1943
N Y Trap Rock 1st s f 6s
6s 8 tamped
1946
85%
86
86
50
10
77S
1st
88%
87
634
87
16
14%
18
14%
16%
18%
15
15
14
16%
15%
16%
17%
15
15%
147s
14%
14%
15%
17%
18%
17
34
14%
18%
27%
3%
30%
478
18%
29%
32
29%
17
3%
16%
70
72
73%
5
18%
77
1878
18
22%
3478
378
20%
77%
5%
4%
2%
1%
14
14
13%
16%
27%
3%
3%
3%
15%
17%
16%
66
67%
5
65
68
65
69
5
4%
5%
4%
5%
4%
57s
4
2
2
2%
2
2%
1%
85
12
14
"16"
"l"l"%
8
90
90
"85"
2
3%
1%
12%
"7% "8% "~7~ "7%
50
89
15
16
15%
17%
3
49
110
50
111%
90
78
78
90
78
91
78% 81
9078 90% 92
5
3%
4
3%
4
35s
5%
6%
4%
5%
5%
111
111% 112
110% 11134 110% 112
107% 110% 107%109% 109% 110
109
109
108% 109 ' 10834 10834 107% 108% 107
108% 107% 107% 108
Nlag Lock & Ont P 1st & ref5s'55 108
102
104
100% 102%
10384 102% 10334 103% 104
97% 104% 96% 101
Niagara Shares deb 5)4*
1950 103
12
8
Norf & Sou 1st & ref 5s A..1961
8% 11%
14%
1134 14%
12% 13% 12% 1534 14% 18%
16%
12
10
Certificates of deposit...
8% 11%
14%
12%
75s 16
11% 13%
12% 15%
14% 17%
1946 87%
5
4}£s..l946
Niagara Falls Pow 3)4*
1966 110
NY West & Bost
18
16
15%
12%
14%
15-%
4%
49
60
39% 45%
52% 57% 49
62% 55
111
106%110
1967 109% 11034 10934 11034 110% 111
110% 111% 106
48
18%
15%
15
14
49
47
43% 43% 45% 52
110% 107% 109% 109% 109% 109
105
107
105% 106
106% 105
100% 106% 102% 102% 102% 105% 104%
105% 106
106
105%106% 10578
107% 101% 106
107% 101
18
17
21
17
18
21% 29
26% 29
7%
10% 10%
N Y & Rich Gas 1st ref 6s..1951 104% 105% 105% 105% 105% 106
New York Steam 3)4*
105% 10478 10534 105% 106
1963 104
9
11
11
17% 30
N Y Susq & West 1st ref g 5s *37
17%
2nd
90
15%
16 *
15%
15%
18%
29
4%
18%
45
46
43
46
N Y & Putnam 1st con gu g 4s'93
47% 52
46% 43% 50
107
N Y & Queens E L & P 3 )4 a. 1965 10834 110
107% 108% 108% 109% 109% 110
107
107
N Y Rys Corp 6s stamped
108
107%107% 105
1958 10634 108% 107
Terminal 1st gold 5s
N Y Telep 3)4 s series B
14%
13
20%
35
5%
21
3%
14%
12%
20%
278
12
6%
"l3f2
10
2378
5%
87
16
16
80
14%
14%
13%
12%
20%
5
14%
13%
13%
12%
18
18%
16%
25%
3%
16%
33
14%
14
17
1956
3)4*
11
20
15
6s......1948
deb
87"
14%
15%
72
72%
15
Convertible deb
Convertible
72%
177g
5
90%
54%
50%
50% 54% 52
109% 109
110% 109% 110%
105%
106% 106%
104% I65" 105% 105% 105%
106% 106% 107% 106% 107%
18
18
19% 20% 28
7%
9% 11
9
10%
"~7% ~ 8~"
~50" 52% 53
55
55% 60
110% 110% 110% 111% 110%111
80% 90% 88% 92
97%
82% 82% 83% 94% 94
4
5%
4%
5%
3%
4
109% 109% 10978 1097S 110%111
109
109% 109% 108
108%109
102
103
102%104
102% 103
10% 12%
Ills 13
11% 14
11% 13
10% 12
11% J4
48
109
2%
16%
81
5%
2
99% 100
52% 48% 5078
109% 109
109%
107
105% 106% 107
105% 106%
105% 106
106% 108% 107% 109%
22% 25
22% 26
7%
7%
"7" To"
7%
9
56
60%
110% 111%
91% 92
91
95% 94% 96%
5%
6%
6%
111
111% 110
108% 108
108%
10378 102%104
lit Hi"
90%
93%
5%
111
108
102%
13
14
13
13%
11%
11%
13
14
12
13%
71
74
74
76
13%
13%
Ctfs of dep (issued by reNorfolk & South 1st g 5s
1941
70
13%
73%
69
72%
13%
organiztion manager)..1961
5434
57
57
66
65
72
70
79
56%
77
57%
64
66
66%
75%
71
68%
70%
Ctfs of dep (issued by re¬
organization manager)_1941
Nor & West Ry 1st con 4s__1996
North Amer Co deb 3)£s
1949
12234 125%
104%106%
.1954 105% 106%
1959 105% 108
Deb 3Ms..__
Deb 4s
1974 114
Nor Cent gen & ref 5s A
Gen & ref 4>$s A
114
121% 12534
105% 106%
105% 106%
106% 10778
114
122
123% 124
126%
122% 125
105
106% 10578 106% 105% 106%
106%107% 102% 106% 104% 106
101
104% 10578 105%105%
106% 102% 105% 104%105%
105% 106
105%106%
107
106%107
105% 106% 1057s 107
106% 10634 107% 108% 102% 1087s 104
71% 74
74% 75
125% 126% 126% 128%
121%124% 124%125% 1185s 126% 117%124
1247g 126
106% 107
105% 106%
104% 106% 104% 106
104% 106
104% 105% 104% 105%
106% 105%106
105% 106% 105
118
114
107
1974 107% 107% 107%107%
107
108%
107
61
64
108
118
109
113% 113% 115% 115%
Northern Ohio Ry—
1st guaranteed gold 5s
1st mtge 5s
(stamped
54
Nor Pac prior lien g 4s
1997
Gen lien g, 3s.
Jan 2047
Ref & impt 4^s A
2047
64
6834
39%
42%
47%
42
Ref & Impt 6s, series B
2047
Ref & imp 58, series C...2047
53
Ref & Imp 5s, series D...2047
Northern States Pow 3^8..1967
46
Note—
61
61
50
67
67
68
72%
70
72%
40%
50
„
50
—
can¬
cellation of guarantee) 1945
Certificates of deposit
N'western
59
40%
45
1945
46'4
60%
51%
51%
64%
39»4
4212
54
47
47
108% 10934 108
68% 67% 74%
7178 75% 71% 74% 72% 76%
59% 65% 64% 68% 65
69% 59% 70
43
40
41% 44% 41% 46
4578
39% 437s 42% 44% 43% 457s
42
40% 43% 31% 43% 35
50
38
47
52% 55
49% 54
49% 52
49% 5378
42
45% 49% 46
33% 49
46
4438
43% 49
65%
4678 57
55% 61% 58% 63% 62% 67% 62% 68% 61% 65% 60
60%
58% 53% 56% 55
59% 45
58%
50% 54% 54% 59%
53% 57% 54
54% 60
50% 56
49% 46
52% 40% 54% 42% 53
48'4 48
58
54
57% 54
56% 50% 54%
54% 59%
54% 60
52% 51
55% 43
49% 457g 49% 46% 52% 40
109
111
110% 109% 110% 109% 111
109% 108% 109% 109%110
105% 110% 106%109% I077s 109% 108% 109% 109
66%
42%
63%
39%
6584
65
Telegraph 4 J^s 1944
Superior figures denote 32ds
95
of a point; viz.:
1051®=10515J2.
a
95
95
95
95
Deferred delivery.
r
Cash sale
95
Volume
The Commercial & Financial Chronicle
152
55
1940—Continued
December
June
October
November
March
May
July
August
September
February
April
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
January
BONDS
Low
Og & L Ch 1st fill g 4s
8*8
1948
8%
7i8
Ohio Connecting Ry 1st 4s. 1943 108*2108% 108
Ohio Edison 1st mtge 4s
1965 10734 109% 108
1st 4s
1967 108«4 109I2 109
debentures
4s
1946
g 4s
con
1946
Ore Short L 1st cons g 5s
1st
con
10518 106% 1063s 107
10818 10478 107*2
10534 10534
IIOU111% 110% 111*4
11638 11714 117
117*2
118
11878
118% 118
10434 10614 105*2 106*2
1943 107i
Ontario Power N F 1st 5s
Ontario Transmission 5s...1945
Ore RR & Nay
1946
58 guaranteed
1946
Oregon-Wash RR 5c Nay 4s. 1961
Otis Steel 1st mtge 4^8 A..1962
Pacific Coast Co 1st 5s
& E 1st & ref 4s
PacG
1st & ref mtge
109
108
109l2 10834
108
107
1972 106i8 107% 107
1966 10958llOl2 IO984 110*2 109*s
1st mtge 3^8
Okla Gas & Elec 3%s
1946
G.1964
ser
3%s H
1961
1966
1st & ref 3^s ser I
Pac RR of Mo 1st ext g 4s
1938
7*4
684
85g
35g
684
57g
6
57g
108*4
10584
103l8
105
11138
10834 10634 108
109 i8 10878 110
1085s 1075S 10912
HO
108*2 10984
106*4 106 106
10434 10534
107
105*2 104*2 105
1115s 11U8 111*2
118*2 116*2 11678
105
107*2 105*4 108
6
6*4
7*4
I075g 10834
106% 107% 107
109*4
104*4 109*4 IO484 1075s 108
102
IOII4 110
106*8 106*2 109*4
107*2 109*2 107*2 108*4 108*4 109*2
103
106
103l2 104*4 1043g 105%
96
105
10034 IOO84
108
113
117*2
II8I4 119
1175s 118*4 113
104
106
107*2
105*4 10634
90
94*2
93
97
97
93
111*4 108
96
96%
10978 109*2 11034
117*2 11278 115
11458 117%
II8I4 113*8 115*2 115*2 117*8
107*4 104*4 106l2 105% 106%
69
7534 68*2 70
71%
68
74
76
73*2 75*2
53
60
55
55
5834 603s 58*4 6012
112
110% 113% 112
1135s
11234 1115s 11312 112*2 113*2 IO984 113
1133s 112
112
112*4 108
108*4 1123s 1103s 112
11234 111
1097811234 110*4 11158 111
10714 109% 10778 109l2 1085s 110*4 10938ll012 10518 11058 10534 10878 108% 109*2
71
71
76
76
79
73*2 85
76*8
77*2 80
74*2 75
75*2 77
2d extended gold, 5s__...1938
76
7678
59
607g
75
74*2
58*2
77
59*4
74
75
75
75
6%
4*2
6
47g
47g
10734 10738 108% 106
108%
109
109
110
110
109*2 109
110
1085s 109*2 10834 10934 109
109
110
109*4 110
108% 109%
105%
105% 105*2 105*2 10534 105
94
102% 102% 103
100*2 101
98
101
97
97
10058 101
110% 11034 110% 111
lllUlllSg
116*2117% 11534 11758 11638 117
116*2117% 11534 117*4 117% 11734
105
10634 106*8 10678
1043g 106
68
70
6834 78
7634 83
59
60
58*2
57*2 57*2 57
1123s 113*4 112*4 113% 112*4 113%
111
1117s 111% 112% 111
112%
10978 111
109*4 110*4 109*2 111
7378 74
7414 79
78*4 80
74
75
3*2
4
3%
4
10838 1083s 108% 108%
106
1067s 106*4 107*2
10734 10834
I087g 109
10958 111*4 110*2 112
109
109*2 1083s 109%
105
105% 10434 106
10234 104
99% 103*2
101% 102%
111*4112""
112% 112%
11734 11734 118%
11734 11734 117% 11734
117
106
108*2 1Q678 108*2
82
86*2
60
62%
11234
112
88%
85*8
ui%ii~2"i4
111
112
11034 11134
110*4 111% 10934 11058
8134 85
7534 81
75
78
78
7914 80
11038 110
1107s 109
1105g
l~09~l2 109 110 109*2 lT0~34 103*4 H0*2 105 109% 10758 109*4 10858 110% 109*4 IO984 110
104*2 111*2 10534 109*4 109
10934 1093s 111% 110% 111% 111% 11134 111% 1115s 110% 11134
109is 11034 110*8 110*2 IIOI4 1107s 110 78112
103
103
1035s 1035s
102*2 102*2 102*2 102*2
103% 103*2
10225 10234
104
1025s 104
Panhandle East Pipe Line 4s A'52 10314 104*?. 103*2 10334 103*2 104*4 104*2 105
1045g 104
104% 104" fo'43; 103
1033s 104*4 104
1045s 104
Pacific Tel & Tel 3Ms B
1966 1083s 109*2 108%
Ref mtge 3Jtfs series C
1966
Paducah & 111 1st s f 4^s.._1955
Paramount-Broadway Corp
50
50*2 507s
857g 88
87«4
46*2
4312
4434 42
125
125
125
Paterson & Passaic G & E 5s '49 124
12512 12538 126
70
72
Paulista Ry 1st 8c ref 7s
69*2 72
69*2
67*2 70
1942
Penn Co 3H» coil tr ctfs B.1941 102*2 102*2 102% 1025g 102*4 102*2 10178
Guar g 3^8 tr ctfs ser C..1942
1055s 1055g 10534 10584 106
107*4 107*4
Gu, g, 3Hs, tr ctfs, ser D.1944 106" 106 "
Guar 4s, series E
1952 10434 105*4 105*4 106% 1055s 10534 106"
104
10312 104i2 103*2 104*2 103
28-year 4s
1963 103
97
96*s
Penn-Dixie Cement 6s A
1941
9612 98
955s 973g 94
105
Penn Glass Sand 1st M 43^8.1960 105
105*2 106*4 IO6I4 106*4 106*4
99
96*2 99
Pa O & Det 1st & ref 4}$ s A. 1977
96«4 98*2 97
9734 99
4^s series B
1981
109*4 1085s
Pennsylvania P & L 3^s
1969 108" 109"" 10778 1085s 108
108
107*4 108&S 107*2
4^8 debentures.
1974 10714 1087g 107
109
109
Penn RR con g 4s..
1943 1085s 10912 10834 IO884 109
1st mtge s f g 3s loan ctfs.1955
Paramount Pictures 3*4s
1947
Parmelee Trans deb 6s
1944
48*8
8412
4314
50
86*2
45
49*2
8434
1948 11314 114*2 113i2114i2
113
1143g 11334 114*4
Sterling stmpd dollars bds
Gen mtge 3 % s series "C"_1970
8734 90*2 88*2 9012
Consol 4H«
I960 117 118*2 11718 H884
General 4>£s, series A
1965 10034 102l2 1007g 10214
Con gold 4s
General 5s, series B......1968
Deb g
1970
43^8
......1981
4*4s series E_...........1984
Gen 4^s series D
10634 108*2 10634
85
8934
86
96ig
9534
9834
95l2
95l2
98
Convertible deb 3|4s_.
1952 84&s 87*4 83
114
116
Psoples G & Coke 1st con 6s'43 115
Refunding gold 5s
1947 11412 116*4 II484
Peoria & East 1st cons 4s—1940
65'4 69% 64
Certificates of deposit—
Income 4s_.
-.1990
...
7
8
Peoria & Pekin Un 1st 5J^s_1974 106*4 106*2
Pere Marquette 1st 5s ser A. 1956
6334 67
1956
1st 4s, series B
1st
58
"64"
55
57*2
61*4
1980 57
3H» deb.1952 1091211178 110*2
4^8 series C
Phelps Dodge
55
6
conv
114
115
114
115
52
5134
44
45
47
46
46
4634
50
4634
48*2
77
90
76
79i2
8178
8534
91
9238
92
97
93
96
36
40
39
42
89
42
92
45
85*2
40%
89
40
42
46
42*2
47
43
4578
42
44%
121
125
123
123
122
122
70
70
60
60
56*2
56*2
60
60
65
67%
67*4
69*2
125
70*8
102
106
1057s 106
102
1943 1095sll03s 10984 110*2 110
115
115
115
115
Gen 5s, series B.........1974 114
109
Gen g 43^ • series C
1977 107 108*4 108*2 109
10912 10484 110*8
109
1093s 100
109*8
109*2 108
11318 11478 11178 115
11312114*8 1115s 11478
110% 110
115
110*2
11434 115
109
109
110
108
107*2 108
108*4 1085s
105*4 106*4 105l2 106
10534 106*8
Phila Elec Co ref 3^8
1967 IIOI4 11134 1097g 110*4 110*2 1H78 11058 1117s
13
1U2 1334
1078 1234 11*4 12l2 11
Phila & Read C & I ref s f 5s 1973
3
378
3*4
4
318
35g
Cony deb 68
1949
3ig
37g
6
6
878
7*2
8*4
7*4
8
678
Philippine Ry 1st 30-yr s f 4s '37
ser
104
104
104
104
"99l2
105
105
105
5s series A._...1967 10412 106
105l2109
100*4 107*2
108
108*8
11078 113l2
111
1147g
10734 1085s 108
107
10634 108
1075S 10778 10734
113*4 114% 11238
11358 114% 112*4
81
92
81*2 88*2
87*4 90*2 88*2
12034 115*2 118*4 11758 ll834 117*2
9584 101l2 100*2 103% 102
10018 110*2 10U2 107*4 106*4 109% 108
80
87
79
91
87
90*2 88*2
89*s 99*2 8978 9678 96*2 9834 96
89
97
99*2 8934 97
98% 96*2
76*2 877g 757g 83
81% 863g 83%
110*2 11384 11078 112*2
117
94*4 104
111
56
116
117*8 112% 114*8 114
57
70
6934
6534 71
58
58
66
116
70
43
43*2
"314 "7
4
7
6
35g
4*8
106*4 106*4 106*4 106*4 108*4 110*4 107*4
517g 66I2 54*2 6234 63*2 68
64*4
53
55
59
4834 57*4 45
5678
45
55
55*s
4984 48
61% 57*4
107
1095S 108*2 110*4 10834
1103s 107
105% 105*4
109*2 109% 109*4 109*2 109%
109l2 110
112
11434 11434
106*4 H03g 106" 106*4 108% 108% 107*4
106
106%
104l2 IO884 104% 104% 106
100
106*4 1017g 106
105*2 106*4 106
334
75g
3*4
5
23g
4%
2%
334
3*2
5
2%
4
98%
8584
Con gu g4s series H__
4>$s, series I..1963 116
Con guar g
116
109
109
105
116
109l2 108
116*4 11634 11634
108
1975 10518 107
General M 5s series B
Gen
4>$
s
—1977
series C
1st
m
1959
....I960
43^8 series B
43^8, series C
100
43
46
41
44*2
40*8
46i4
67*2
8134
Pitts Youngs & Ash gen 4s A '48
1st gen
58 series B
Port Gen Elec 1st
1962
1960
,
4>£e
104
5s extended to 1950
Porto Rlcan Am Tob conv 6s '42
Certificates of deposit
1942
6s stamped
107
59
63
50*2
63
Certificates of deposit
175s 1918
'66 10834 109i2
1955
Postal Tel Cable coll 5s
Potomac Elec Pow 1st M
3*4
105*2 10634 10412 10534 105l2 10684 100*8 1073s
99
97*2 99
J 98i2100l2 9234 100*2
1943
Pitts 8c West Va 1st 4^8.-1958
1st m
98
*
Pressed Steel Car deb 5s
1951
Providence Secur deb 4s
1957
Providence Term 1st 4s
79
8212
1956
484
5
1968 11034 112 "
1st & ref mtge 5s
.....2037
1st & ref mtge 8s
2037 223" 224""
Puh Serv of Nor 111 3*4b
1968 1085s 10912
Purity Bakeries s f deb 5s_.1948 10234 104
Pub Sery Elec & Gas 33
97
85%
4412
44*2
42i4
43
4434
45%
7
6
3*4
4%
312
nil's 112"
111
3l2
43g
43g
63%
108
11178 11112113
148
147
147
3%
141
150
94%
94
98%
140
140
142
4%
110
334
4*8
4%
4*4
93*s
5%
109*8 109
118
5%
5
51
53
118
50*2
4%
109*2 10878 10912
122
122*2 122
114% 115
108
1083s 107*2 108
10634 106*8 106% 106%
10834
111*2 109%110
1534
177s
153g 1734
112
112
115
109
106%
103
100
5
484
43g
4%
3*4
110%
18
3
378
4%
4%
6*4
107*4 103*4 1047g 104*2 105*2 102% 10434
101
102
102
104*4 103*2 104
101
10558 10558 105
105*2106
107*2 1075g 107%107%
11058 110%
105% 10434 10434
iio"
110
111
110
110
110
110
61%
62
109
119*2
119
112% 113
112% 113%
10234 105%
63*2
54*2
587s
53%
54%
57
57
68
64
54
59
54
57
117
117
71*2
7534
100
905g
100"
100
100
905g
119
119
58*4
117
7234
106%
10678 10678
110% 110%
IO884 10834
11078 11078
110*2 110*2
109"
111
110
110
110
110
90
90
76% 78*4
7434 80
10634
106*4 106*2 106
100% 100% 101% 1013a 104
92
93»
90
90%
90*4
100% 100*4 10078 10234 104
90
I"
91% 93*4
90%
109
109
108% 10834 109*2 10978 110
96*4
90
9434 94*4 97*4 95
87%
1%
3
2%
2%
2*4
3
112% 11134 112*2 109*4 112% 111% 11234
110*2110*2 112
152
152
153
147% 147% 147*4 147*4 153
226
214
110*4 1065s 109
104% 9934 104
96%
10278 I045g
10234104*4
89% 9134
113
113*2
11734 118*4
4
4
145
104
10938 11034
109
110*4
107*4 107*2
114% 115%
11434 115
97
98*s
121%124
10734 10834
113
115%
115
111% 108*4 110*4 111%112
222l2 223*2
222*4 224 ~ 222
106
108*2 10984 108% 10934 109*4 HO
10314 10478 10334 105
10378 10434 100
148
6*4
5
42l2
3*2
6358
92
12034 1205s 121% 12l3g 12134
10834
104% 103*2 10534 106
109l2 11238 112*4 11578
110
927fi
92% 93% 93*4 98%
99*4 101
101*4 105
100
997g 99% 101
10034 105
89
93
87%
88
114%
113*4 113% 113*2 114
118% 11634 1177s
117% 117
49
51
48
48% 51
49
5038 49*2 50*2
48
3
4014
33s
92%
110%
109%
107%
114%
114%
53
5
107*4 10738 1073s 110*4 110*4 110% 110%
72
80~"
69
71
75
75*4 "74"
73%
69
62
64*4 63% 72*8
6078 65
60*4 59% 62
60
67*2 64*8
64*2 63
64% 72%
62
110
I087s 108
106% 109*8
110*4 108*21097s 107
7034
40
53
52%
4334 45
40
52
48
53
54%
4484 49*2
54*2
51*2 55
445s 44
42
51
40
53
497g
55*2 54*4
4734 5434
45
4278 53
103*4 103
104
106% 102
1063s 1063s 1065s 1065s 103
117
110*4 IIOI4
110% 110*4
66
7034
733g 65% 74
64*2 71
6834 72%
723g 757g 7012 75l2 ~72% 75*4
106*2 106%
106*2 107*2 107
107l2 10678 1067g 106*2 10634 106*210658 106% 10658 106
75
59
67
88%
97*2
78
8134
87*2 90% 90% 93
6734 75
7378 86
90*8
815s 90*8
89% 90*2 90% 91
59
78
91% 95% 97
81% 74*2 897g
6884 76
8634 903s
737g 8558 67
90
91
8158 90%
89% 90% 90
14&S 253g 163s 19%
18% 255s 2134 25
19% 22%
22t2 25
110
11034 110
11034 10634 IO684 106% 109% 10734 109% 108*4 108*2 108%
10914110
83
82
82
80*2 82
81*4 84
81*2 84*2 80*2 84*4
795g 81% 795g 82%
4284
42
104
10938
I08*s
107*2
113%
11358 113% 11334 113%
119*4 119*4
IIS" 115*4 115 116*4 11634 1195g 118*2119
115
115
117
117*2 117*2 119% 119%
110% 11334
104% 107*4 10534107*4 106% 1~08~% 108% 111
1103411334
108*2 111
105
107
9978 104*2 104% 107
106% 108
92
102
101*4 103% 103*4 105
98*2
98
100
98% 100*4 100
10834 10834
108*2 108*2
6334
54% 58*2
48
*54% 6*134 58
4434 50
55
54*2 60
118
11478 115
117*4 118
115i8 115i8 1155s 11634 117
Con guar g4>$s, series J. .1964
107
98*s 10734 9978 104
104*2 10534 10512 107*4
General 5s series A
....1970 10434 108*2 105
Pitts Va & Char Ry 1st gu 4s
110
104*210434
I037g 10484 103% 10334
109*4 1107s
110
10834 10734 109
10738 107*4 107*2
113
114
113%
112%
10934 111
109
109
1960
105
101
116% 116
71
45%
104l2 110*4 1045g 1077g 105% 108*4 106*2 108%
93% 97%
97*2 99
99*2100
9312 101
9912 100
997g 100*4
101
10021 1002* 10038 1003s
1017g 102» 101*' 101" 101* 101*4 101
107
106*2 1065s 106% 106*2 10558 1055S 105*2 1055g
107*8 1065s 107
Con guar g 4^8, ser B
1942 107*2 1075s 107*4 108
108% 108*2
108*2 108*2 108*4 108*4 108*4 1083s 108*2 108*2
Con guar g 4J^s, ser C
1942
111
111
109
11134 110*8 HI
llOlg 110*8 110% 110%
Con guar g 4s, series D—1945 112" 112
110
104*8 104% 110
104*8 10418
Con guar g 3^8, series E.1949
109
109
108
108
I097g 10978
Conv gu g 4s ser F
1953
108% 110
109l2 110
C«n guar g 4s. series G
1957
111*4 112*2 10834 112
102% 10338 103
109*4 109%
108
107%
10734 10738
113
114
113
114
9034 90
11884 11938
104
102%
110*4 108%
89
91
98% 97%
Certificates ol deposit
Phillips Petroleum cony 3s. 1948 11034 112
98
100
Pitts Coke & Iron cony 4H« A'52
C C 8c St L gu g 4^8, ser A '40 10234 103
52%
10030
102
4
37g
50%
105*4 105%
104
105*4 105*4 105*4
10434 106*4 105% 107
106*8 108*4 10734 108*4
10578 105*2107*4 10638 107*2
10378 105% 104
109*2 1087s 1093s 1087S
114% 112% 112% 117
10734 IO884 110
109
10734
10678 107
107
10634 106*8 10634 106*8
111*2 10878
110% 10934 111% 10934 111% 111
108*4 111*8 108
167g
95s 12
11*4 16%
9*4 15
13*4 15*4 14*2 18%
2*4
48*2
10022 10034 100*2100*2 100% 10058
101
.....1981 106l2 107ig 107
4Hs series D..
Phila Co
IOU4 101*4 101
101% 10034 10034
10534 10584 1053g 10538 1053S 1053s
102
103*2 103% 104
99% 103
102% 10334 102%
88
97
9058 10012 9934101
98
10034
101
104
103% 107
104% 105
107
96
101*2 96*2 100
10034
995g IOIS4 166"
1047g 199
105i« 105*0
Called bonds
40
106l2
10678 105*2 106
89*4 9034 8934 92
118is 119*2 11758 1203s
10134 104*4
100l2 103
10734 10618 108»4 108i8 110
87% 8534 89*4 87l2 8978
95U 98
98
97ig 99ig
9834
96l2 97*2 97
98
8 534
82
8534 8434 87*2
116
11512 114
11334 114
116*2 11634 1173s 116*2 117*4
68
663S 70
66i8 69
65% 65*8
10
784
9*2
7i2
9
1065s 107
65"
60*2 64*2 63l2 71
55
60
66
5414 56
55
59
58
62
60
1115s
llUg 109
111*2 109
Phila Bait & W 1st g, 4s
51
5158
90*2
47
50
85l2
43l2
110% 109
109*2 109
10334 104% 10334 104*4 104
108
215%
110*4
218
218
220
220
109" 110%
104*2 104
109% 110% 108% 109*2
104*2 104*4 10434
104% 104
Radio-Keith-Orpheum—
Debenture g
5212
6134
573s
65
58
60
59
59
1941
575g
555s
61
6412
56*2
64*2
6078
55*2
5912
5534
71
73
69
7034
66
59
70%
71
73
69l2
71
66
70
Read Co Jersey
Gen & ref
Gen & ref
Cent coll 4s. 1951
43£s ser A.....1997
43£s ser B
..1997
1956
Rem-Rand deb 4*4* w w
Without warrants
Rep Steel gen mtge 43£s B..196I
53^8
Purch money 1st
Rheinelbe Union
s
'54
1956
1956
conv
Gen mtge 4J^s series C
Revere Cop 8c Brass
4J4*
f 7s
1946
1946
3*4* assented
Rhine-Ruhr Wat Serv 6s...1953
Rhine-Westphalia El Pow 7s '50
Direct mtge g 6s. ........1952
Con
m
m
1953
6s of 1928...
Con
6s of 1930
Richfield Oil 4s
s
f
1955
conv
debs '52
Richm'd Ter Ry 1st gu 5s.. 1952
Rlma Steel 1st
s
f 7s
1955
Rio Grande Jet 1st guar g 5s *39
Rio Grande West 1st g 4s..1939
1st
cons
50
8c coll tr 4s
ser
A.1949
57
75l2
727g 75
9834 100
72
100*4 101*4 101
993s 100*4 100*2 100*2 100
93
9434 94*2 9634 96
107
108
1067g
107*2 IO8I4 107*2 109
92
95l2 9712 97*s
955s 93*8 96
102
101
99*2 10034 99341005s 100
98i4
9134
99% 102
99
95*4
27
29
30
1634
1634
17
50
50
68
50
51
50%
515s
51%
56
56
61%
58
60%
663s
713s
71
62%
67*2
7034
70%
68
7034
685s
7534
74*2
68*2
7034
70
75%
95% 100
94% 99*4
97
99
100*4
99
100
102
92
101*2
89%
69%
69
99
10034
91
100%
90
95
90*8
993g
905g
98*2
15
26
1534
1534
15
15*2
26*2
62*2
98
100
99*2
100
20
103
19*2
16
17*4 "20"
16%
17%
16%
17%
(Ten mtge 3^8 series
J
14*2
1412
15l2
15
15
16%
1634
1967 108l2lll
1969 107*8 108
17
16*8
17
1434
1434
153s
155s
16
17
16
16
26
2634
15%
13
16
16
16
78
65%
81
65
77
78*4
82
80*4
"35% "3584
27%
35*4
26*4
35*4
27
267g
27%
25%
27
15%
17
16
15
17
17
17
15%
109
12%
109
109% 109% 109% 109%
109*4 107*2 109
109
130
110
108
10918 108
Note—Superior figures denote 32ds of a point; vis.;
7778
27*4
27% 25
18*2 22*2 26*2 27
27
27*4
27*2 22
17*2 22% 27
25
27*4
16
16
27*2 27*4 27*2 22
17*2 21
15
15
16*2 1634
14*2 14*2
108" 109" 106 108 106 107 106*8 107*2 103% 107% 104 106 106*4 107% 106% 106*2 106*2107% 106*4 107 106*2 107*2 10634 107*2
105
103*2 104*2 103% 103% 101% 101*2
105
1043s 1043s 105
105
103*2 103*2
9
9
9
9
10
10
884
834
10*2 10*2 "10*2 "l0*2
36
36
40
40
36
36
30
30
"33" 36*8
38% "40"
35*4 40
34
"26" "21% 23
"22" "2*4*4 2258 27
417g
31% 34
25
26*2 36
30*2
28*8 3~1~" 28*2 "3084 29*2 30*s 30*2 343» 20
578
8
7*4
87s
5%
8
7*2
834
7*4
8
5*2
9
7*4
9*4
5*2 10*8
11
10*4 127g
12*4 Ids 117s 10U 11*4
14*2
14
1977
I
Gen mtge 3*4* series
61%
1025s 103*4 102% 103*4 102% 10234
38
38
35% 36
35%
32*4 34*2 35
Roch Gas & El—
43£s series D
64%
7834
79
78% 8I84
9934101% 101*4 103*4 10234 104*4
100
104%
100*4 101*4 10284 103
101
104
103*2 104% 10334 104%
105% 106*8 105i2 106% 104% 10584
101% 104% 104% 106% 104% 106*2
74%
27
20
16*2
17*2
99*4 10178
10638 10534 106%
100
99*2102*4
26*2
14
16
67%
97*2
9758 100*8
103
105
106*2 10534 107
10678 104
109
98
99*2
98*4 100*8
98*2 92% 9834 92
103*4 102
1027g 100% 103% 98*4 102*2 102
983s
17
15
52
50
6s.........-1941
Stamped 6s
111
10934 109
111
105,5=1051S32.
a
105
110% 106
118% 108
Deferred delivery.
r Cash sale
109
130
131
10834 109*2 109%
131
lTo"*4
111
111
The Commercial & Financial Chronicle
56
~"
Jan.
4,
1941
1940—Continued
June
March
October
November
December
July
January
May
August
September
February
April
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Lew High
BONDS
Low
R I Ark & La 1st
6%
9
Rutland-Canad'n 4s stpd__1949
8%
stamped..1941
8%
9
958
98*4
111
02%
62
2314
1934
4tft
Rutland RR 4M*
St LI Mt&Sou—R&G di? 4s.'33
Certificates of deposit...
St L Peo & N W 1st 5s
St Louis Pub Serv 1st
m
1948
5s..1959
59%
6884
18%
St L R Mtn & P 1st 5s stpd.1955
60
St L-San Francisco pr 1 4s A 1950
IOI4
10
1950
Certificates of deposit
4^8
A....1978
stamped
St Louis Southw 1st g 4s._.1989
2d g 4s inc bd ctfs..Nov 1989
11
13
12
10
llifc
10
11%
8%
6%
7%
8%
98%
„718
95
7%
8%
92% 96
111% 111% 112
111
60%
60%
20%
65%
58%
11
10%
12%
11%
10%
10%
9
534
6
6
73s
7
4
6
8%
68
91
91% 95%
111% 111% 111%111%
5934 66
49% 62%
6%
5
5%
71%
68
6
72%
109%
50
55%
.54
60%
63
63
65
48%
53%
49%
54
20%
23%
26%
15
25
15«4
17
65
65%
23%
63%
03%
55%
65%
58
62
54%
20%
62%
39
57
43%
48
37
42
33
35
35
14
14%
14%
13
7
13%
1234
12%
7«4
13
12%
12%
7
13 78
15
13
16
6«4
9%
12%
15%
8%
15%
13%
1134
11%
14%
13%
12%
12%
13
12
15%
14%
1378
13%
1234
62%
60%
21
60%
58%
13%
60
04
9
1034
10%
107S
834
10«4
9%
10%
884
8%
12%
V2
12
7
10
1st term & unify 5s
1952
1034
10%
Gen & ref 5s ser A
38%
8%
9
8
10%
10%
9
60"
64
57
67%
05
64
67
60
65%
27%
30
30
32
33
33%
37%
32
38
58
30
56%
27%
54%
25%
10%
63%
29
31
16
17%
10%
16%
17%
9%
16%
8%
18%
10%
19
2178
13%
12
20
14
14%
12%
16
9%
82
8%
65%
3%
9%
9%
9%
9%
9%
9%
10%
934
8
934
8
9
4%
4%
8434
1078
77g
4%
5
40
334
4
334
434
1034
9
8%
11%
10%
10%
9
10
8%
65%
6534
20
22%
21%
68%
69%
66%
69
41%
37
41
9%
8
1!*
9
107|
8%
9%
978
1034
8%
63
10%
10
62
87% 90%
110%111
66%
65% 6934
40
40
40
39
9%
8
38
6
834
12%
12%
58%
10%
10%
778
7%
884
9%
8934
67
25%
97g
9%
7%
10%
71
1990
87«
9
St Paul & Duluth 1st cons 4s '68
"412 "5"
St PEGr Trunk 1st gu 4^8.1947
6
7%
73%
11
10
6
6%
634
6%
6%
4%
5%
88
85
82% 85
88%
109% 108% 109% 109% 110
109%110
60
6 57s
61
63
58% 60
66%
58
57% 58
59% 63% 63% 65%
26
24
21% 1834 20% 21
26%
64
69
63% 65% 64% 67% 67
678
76
39
9
7
21
6
6%
7%
534
8%
21
7%
82
ser
Ctfs of deposit
'
62l2
12%
11%
10%
Certificates of deposit
Prior lien 5s ser B
7%
7
21
7%
21
Saguenay Pow Ltd 1st M 4}i» '66 95
St Job & G Isl l*t g 4b
1947 110l2
Cons mtge
9%
..1948
Ruhr Chemical 6»
St P & K C Sh L 1st 4^8...1941
"l'
634
5%
"5"
5%
6%
6%
5%
10%
53.
7%
7%
634
7%
13
7%
5
5%
6%
4%
8
5
634
:
884
10%
9%
«%
10
97,
66%
63%
68
66%
64%
70
33
63%
29%
8%
8%
64%
31
32
33
32
33
3134
15
15
16
14%
16%
14%
8%
17
15
63%
934
834
5%
534
9%
8%
9%
8%
34
17%
10
3%
9
8
9%
3%
5
5
4%
6134
32%
13%
9
3%
334
3%
2%
3%
6
7%
334
534
6%
6%
414
5%
5%
9%
St Paul Mln & Man—
Pac Ext sterling guar
4s. 1940
97%
98%
St Paul Un Dep 1st & ref
11434
S A & A P 1st guar g 4s
1943 54
01%
San Antonio Pub Serv 4s
1963 107% 10734
San Diego Cons Gas & El 4s.1965 10934 llll2
S Fe Presc & Phoen 1st 5s..1942 1093s 1093s
25
Schulco Co guar s f 6H*---1946 21
Stamped (July*33coupon). 18% 25
5s. 1972 114
Guar
s
f 6Hs ser B......1946
Stamped
287s
35l2
29%
,
37%
118
Scioto V & N E 1st guar 4s. 1989 118
Seaboard Air L Ry 1st g 4s.l950
Stamped................1950
..1949
Adjustment 5s......
Refunding 4s
13%
13%
178
5
1959
Certificates of deposit..
1st & cons 6s ser A
1945
Certificates of deposit.
Atlanta & Birm 1st 4s...1933
15
15%
17fi
6%
5%
4%
7%
778
1534
6%
14%
Seaboard All Fla 6s A ctfs..1935
3
4
6s Series B ctfs of dep..1935
Shell Union Oil 2 Ha
1954
3%
3%
95
97% 98% 96% 98% 9778
115
114% 110
116% 11534
56
57% 66
68% 62%
107% 108% 10778 108% 108
111%111% 1093s 111% 109%
109% 109% 1093s 109%
"30"
28% 30% 27% 30
25
30% 2034 29% 29
37
43% 42% 44
4234
36% 44% 41
43% 4234
122% 123%
121%
12% 12%
n% "12" 12%
11
12
13% 11
13
1%
1%
1%
15s
1%
5%
4%
5%
4%
4%
4%
3%
4%
3%
0
6
7%
7%
6%
4%
6%
6%
6%
478
13% 14% 15% 15%
2%
3%
2%
2%
2%
2%
2%
17s
95% 96% 95% 96% 96%
57
64
60
29%
29%
33
98
118
110%116% 111% 11234 11234 115% 114% 11534
5434 65% 5034 62% 62% 6634 63% 66
108% 105% 106
105% 106% 105%105%
110
110
107% 110%
111% 109
11084 109%110
1073410734
109%109%
65
108% 105
33
27
14%
29
28
29
*28*
30
28
28
28
28
23
30
33% 2378 31
2934 28
40
47
4334 45% 36
40% 40% 38% 38%
35
47
38%
36% 46
41% 38% 40% 38
122
122
119
119
121% 122%122% 11478 117% 118%119
8
8
13%
8%
9%
13% 13%
8%
8%
12
14%
7%
9
6%
678
9
"7% "8%
1
1%
1%
1%
1%
1%
6%
234
3%
278
3%
2%
4%
2%
2%
3%
4
3
3
2%
2%
2%
6
4% "4%
278
484
378
378
3%
478
3
3
3
4%
0%
4%
5%
3%
3%
4%
4%
11
13
9
9
10% 10% 12% 12%
2
234
1%
134
2%
178
2%
1%
134
1%
178
2%
178
178 ...."
178
178
97«4 93% 97% 9378 96% 96% 97% 96% 97% 9634 *9*8* *
64
6'
64%. 50
5578 61% 60
63% 62% 6434 61
51
55
20
60
55
33% 26
15
14%
15% 15%
18% 18% 15% 15% 15
41
39
39
24%
1278 2384 13
13% 28% 34% 35
100
102% 94
10234 95
9934100% 100% 101% 101% 102%
101
101%
99%100% 99% 9984 100
100% 100% 101
100% 102% 106% 103
105% 104% 10534 10434 105% 105%106%
29%
9
115
119
115
104
109% 105% 108%
101% 10534 102% 105
105% 108
100% 108%
10784 1103s 108% 110%
101
10584 101% 10584
98% 1023s 99% 102%
30
38
38
40
32
32
38
37
40
42
10%
1%
1
8%
%
10
884
1%
10%
78
%
3%
3
334
3
4
3
3%
234
....
f2
*3*2*
51
5234
47% 52
40
42
53
50
46% 52
125
125
124%124% 124% 125
978 10
9%
9%
9% 10
38%
y
63
65
67
60%
33%
33%
14% 16% 15% 14%
25
27% 30%
28% 23
24% 23
Simmons Co deb 4s........1952
99% 100%
99% 101% 100% 102% 101
102" 102%
Skelly Oil deb 4s
1951 10234 105
100
Socony-Vacuum Oil deb 3S.1964 105
104% 105% 104% 105% 105%
So & North Ala con gu 5s..1963
Southern Bell T & T 3K»--1962 107% 109
107% 109
107% 109
1071% 1093s
3s debentures
..1979 10334 1053,5 103% 104% 103% 104% 104% 105*4
Southern Calif Gas 4^a
108% IO684 108% 10734 108% 107% 10734
1961 108
1st mtge & ref 4s.........1965 109% 110
110
111
10934110% 109% 110%
106
Southern Colo Pow 1st 6s A. 1947 105
105% 106
105% 105% 105% 10534
Southern Kraft Corp 4MS..1946 97% 99%
987s 100% 98% 100% 99% 102%
Shlnyetsu El Pow 1st 6Hs.l952
Siemens 5c Halske deb sfoHs '51
s f 63^8....1946
Silesian-Am Corp col tr 7s..1941
Silesia Elec Cor
30
114% 115
114% 11434 114% 114% 113% 11434
67
70
6334 66% 6 534 69
68% 71%
105% 105' 105" 107% 107% 107
107%
107%107% 107%107%
1077s 10778
1057
234
4%
3
2%
4%
3%
5%
43s
4%
4%
12
13
2%
1%
97%
98
2%
184
4
8%
2%
2%
5%
5
3%
11%
9%
3%
3
5%
.1"
234
2%
2%
2%
98% 100%
43
5134
9734100
47% 50
47
55
20
27
27
27»4
22%
2634
41
71
67
70
67
70%
IOI8410284 10134 103% 102% 103%
102% 103% 103% 104
10334 104%
105% 106% 10584 I077s 107%108
119
108% 109
1043s 105%
10784 10834
10984110%
104% 10534
101
1023s
108
110% 108% 110
109%110
107% 109
108%110
10534 106% 10534 106% 105% 108% 1077s 109
104% 105
106% 109% 104" 106%
108
10978 107*
105
105
105% 10484 105
10534 104
105% 104
102% 101% 1023s 10184 102% 102% 102% 102
102
108
10534
102%
Southern Natural Gas—
1st mtge Pipe Line 43^8
1951 106% 107
So Pac Co Cent Pac coll 4s. 1949 43% 4884
1st
4^ s (Oregon Lines) A. 1977
Gold 4Hs
Gold
4^s
Gold
1968
4^s
with
warr
May 1 '69
1981
1946
48%
53
45%
45%
50%
50%
45
50%
51%
58
San Fran Term 1st 4s....1950
78
Sou Pac RR 1st ref gu 4s...1955
Southern Ry 1st con 5s
1994
58
80%
65%
87
88%
Devel 5c gen 4s series A..1956
57
Devel 5c gen 6s..
1956
75%
Derel 5c gen
series A. 1956
Memphis Div 1st g 5s
.1996
78%
61%
79%
84%
78
78
10-year secured 3%s
St Louis Dlv 1st gold 4s..1951
70% 72
Southw Bell Tel 3 V,s ser B..1964 110
111%
1968 107
1st 5c ref 3s series C
S'western Gas 3c El 4s
ser
108
D.1960 104% 106%
Spokane Internat 1st g 5s. 1955
Staley (A E) Mfg 1st M 4s...1946
17%
105
19
105%
Standard Oil of N J deb 3s.l961 104% 106%
1953 105
15-year 2H» debs
105%
Studebaker Corp conv deb 6s '45 99% 105%
Superior Oil 3Jis debs
1950,
Swift 5c Co 1st m 3Jis......1950 105%
Tenn C I 5c RR gen 5s
195lU26%
106
106% 107% 105% 107
106%
47
43% 46
43% 46% 44
47% 49% 47
49% 47
50%
46
47% 43% 40% 44% 48%
45% 47
42% 46
43% 47%
42
46
45% 47
43% 47%
51
52% 55
53% 49% 5434
77% 79% 75% 79% 733s 75%
58% 60% 57% 60% 58% 61%
88
86% 87% 87
87% 90
6684 59% 54% 67% 56% 60%
70
79
75
77% 7434 79
84
80% 82% 79
80% 79
73% 73%
68
69% 69% 66
64% 71
110%111% 111% 112
1107s 112
107% 108% 107
108% 107 108%
104% 104%
21
17% 21
23% 20% 22%
107
107
107% 106
107% JOS
105
105%106% 1063s 106
1063s
104% 105% 104% 105% 10334 10638
105% 113% 106%112
105% 111%
105% 106
104% 105% 1053s 106%
106
120% 128% 128%J 128% 128% 128% 128%
Term Assn of St L 5s
1944 114% 114% 114%115
114%115% 115
1J5%
Gen ref s f gold 4s
109
111
...1953 107% 109% 107% 108% 107% 109
90
Texark 5c Ft Smith 1st 5^8 A'50 88
92
90
91
893s 903s
01
Texas Corp deb 33^8
1951 100% 107% 105% 107
106% 107% 103% 108
Debenture 3s
.......1959 105% 105% 104% 106% 105
3s debentures
105% 1053s 10634
...1965
Texas 5c New Orl
55
63
cons 5s
63
1953
60
66
66% 66
Texas 5c Pacific 1st gold 5s.2000 109% 110% 108
109% 107% 108% 107
Genl 5c ref 5s series B
1977 67%
70
72% 67% 69% 67% 70
Genl 5c ref 5s series C....1979
Genl 5c ref 5s series D
1980
67%
72
67
72
Tex Pac-Mo Pac Ter SUier A *64
Third Avenue 1st ref 4s....1960
9278
50%
13%
67%
69%
67
69
68%
67%
68%
69%
66
IO784
71%
71
68%
71%
92
97%
91
92
93%
59
54% 51
55% 62
58% 6234
AdJ lnc 5s tax ex N Y.....1960
15%
14% 19% 18% 22% 203s 2534
Third Ave RR 1st gold 5s__.1937 95
97
97%
99% 99% 100% 9984100%
idewater Assoc Oil deb 3 Hs..'52 100% 107% 100
107% 105% 106% 1053s 107%
Tokyo Elec Light Co Ltd—
1st m 6s $ series. June 15 1953 56% 59%
63
62
66% 55% 65%
Tol 8c Ohio Cent 3 54s
1960 87
89%
85% 87
85% 86
85% 87
Tol St L 5c West 50-yr g4s._1950 64% 05%
65% 66% 66
66% 67
67%
Toronto Ham 8c Buf 1st 4s. 1946 98
99
99
99% 99% 99% 99% 99%
92
91
Trenton Gas 5c Elec 1st 5s. 1949 125
125
125
125
125
125
Trl-Continental Corp 5s
1953 107
Tyrol Hydro Elec Pow 1st 7H»'55
108
107
107
106% 106% 107
107
Guar
sec
s
f 7s
1952
13%
14%
14%
13%
Ujlgawa Elec
104
106
107
106
100% 106%
106% 104% 105% 105% 105% 105% 106% 106% 107
38»4
30% 44% 3034 38% 38
38% 42% 36% 41% 33
41% 37% 40
34i8
35
44
40
48
46%
47% 40
44% 4834 44
47% 45% 49
40%
32
42
39
38
4084
40% 44% 3778 44% 3534 3934
42% 38
36t4
39%
31% 4584 30
37% 4384 35
387s 377S 42% 37% 42% 3934 44
3584
31% 45% 30
3878 3734 42
37% 42% 40% 44
37% 43% 34% 39%
3534
44
4234 53
49% 55% 4784 54% 44% 49% 44%
49% 493s 55
49% 53
70
75
66
68
72% 70% 7534
74% 7534 68% 7484
63% 66
7334 70
54
55
63% 52
53% 57% 5434 60%
57% 60%
54% 60
55%
90
88
83% 91% 83
95%
87% 88% 87% 89% 8834 9178 91% 95% 91*
42
51
52
55
57
5734 42% 53
57%
54% 58% 5634 59% 53% 5884
53
75
75
57
76
79
75
72
69% 68
69% 77
78%
74% 78
57
82
73
77
80% 61% 74
84% 80% 83% 80%
75% 80% 79% 84
80
75
78
79
76% 76
8134 82
80%
w
63
69
66
68
66
70%
68
70
71
73
73
70%
108% 1118s 108%111% 11078 112
110% 111% 11034 111% 10934 111
108
103
106% 105% I067s 105% 106% 10634 109
107% 108
102
15
15
16 34
20%
15% 10
16% 18
1878 22% 20% 24%
103% 103% 103% 104%
105
101% 10534 ioi7810434 104% 10478 104
105%
1043410534 104
105
104
100% 105% 102
105% 104% 105% 105% 10534 104% 10534
81
108
101
97
101
84% 95
9234 97
103% 100% 106
100
100% 100%101%
IO484 105% 104% 105% 105
10534 103% 105%
105% 105
105% 105
125
'125
125
127
126% 122
1257g 127
12534 127
114
113
11234 115
111% 11234 112% 113% 114
113%
105
111% 104% 110
110
110
109
110% 109
110% 110% 111%
91
87% 91
76% 87
86% 88
86% 88
86% 90% 90
103% 103% 103% 104% 1037 10378 105
10578
102
104
10634 103% 100
105% 10334(10334 105% 105% 105% 106%
1038410484 104% 105
67
67
74
74
63% 64
105%107% 10434 106% 106% 106% 105% 106% 1057s 106% 106%107
65
68
53% 70% 53% 63% 63
67% 65
68% 66% 68%
54
70
67
53% 62% 6334 68
68% 6434 6878 66% 6834
5384 70
53% 62% 63% 67% 6684 67% 65
66% 68
6878
90
92
89
91
897g 9034
88% 90
45
61«4 45% 6*7% *531*2 67% 55% 57%
56% 59
5578 573g
11% 25% 11% 17% 16% 2078 17% 19% 18% 2134
17% 19%
9934100%
9934100
9934100
100% 100% 100% 10034
105
107% 105% 103
105%107% 105% 10584
61
102% 101% 102%
114% 113%115
1st 5c refunding 4s
2008 107
108% 106% 108
1st 5c ref 5s
2008 113% 115% 115
116%
96
9
34-year 3J^® debs......
1970
96% 97%
35-year 3£38 debs........1971 96
9778 96% 97%
Ref mtge 3Hs
ser
A
101%
114%
1073s
115%
963s
96%
80
8234
61
85
65
67%
55%
57%
56%
55%
85%
617s
United Biscuit of Am deb 5s '50 108% 109
107% 109
77
67%
81%
61%
77
65%
80%
United N J RR 5c Can gen 4s '44 110
110%
United Rys St L 1st g 4s
1934 37% 38%
U S Steel Corp 3*4s debs
1948 105%
80
Serial debentures—
0.375s.
0.625s
106
107
104% 107
105
106%
105
103
105%
108
100% 101
105
91
33
997$ 100%
106
89
26%
105% 106%
127
127
127% 127%
113% 11334 113% 11334
11034111% 110 111%
90
92
106
108% 106% 107%
104% 107
106% 108
75
76%
77% 77%
106% 107% 10634107%
61
66%
6684 68%
60% 67%
67% 68%
60% 66
66% 68
9134 97
89% 92
56
617b
59% 66%
18
22
20% 24%
101
101
59%
55%
5734
87
493g
5734
40
51
43
45%
43
49
86%
88
90
90
95%
94%
9534
64%
64%
67%
67%
92%
72
93
61
72
75
73
77
98
124
123
123
12234 12234 12334 12334
121% 12334
107
108
107
107% 107% 10834
107% 104% 104% 105%105% 10584 106% 10534 108
25
25
27% 27%
1434 1434
H84 1434
21% 21%
211*4'2*1%
80
85
60
85
75% 66% 7*3*
86% 80
81% 90
74% 80
987g 82% 99%
105% 107»4 106% 109
108% 10734 108% 106% IO884
107% 108% 107
106% 10834 107% 108
14%
14%
110
97%
97%
1091
9634
7%
7%
7%
7%
116% I08»109i
99%
92%
92%
97
98%
98%
92%
95%
95%
96%
95%
93
73%
85%
72
98%
98%
105%106
84%
106
77%
89%
75% 88
110% 10978 110
103% 106
108
9634
98
97%
99
9634 98
97% 99
101% 102% 102%104
106% 107
106* 10*7*
62
61*
8134
58%
7534
79%
108
66
66
76%
83%
100%
100%
100%
100% 100%
100% 100%
100%
100%
lOOts
100%
66%
84%
108% 108%
66*
*72*
8034 86
108% 110
10 J %
98% 9934 98% 10078 100
98
99«4 98% 101
99% 101%
103% 104% 10334 106% 105% 10634
10678 107% 107
108% 106% 108%
70
7334 69
7334
69% 72
85
90% 84% 89%
86% 89
103" 103"
Nov 1 1941
100% 100%
Nov 1 1942
100s
28
107
124
May 1 1942
0.875s
125s
23
104
..Nov 1 1940
*
0.75s
1 375s.
74
78
76% 78
11034 109% 110%
107% 109% 109% 109%
110
107* 108
10834109% 107% IO884 107" 108
102% 1023s 103% 100% 104% 101
10678
102% 103% 103% 104% 103%104% 104% 10634 105
103% 102% 103
115
114% 114
11434 110
11334 113
1147s 114% 11434
1137s 113
110% 114
112% 114% 112% 113% 113
109
10684 1087s 108" 108"
110
106% 105% 106% 105
77%
82%
82
104
1053s 107% 105" 105"
65
59%
60%
62
104% 106
62
72
93
87
1980
3)4s debentures...
1955
United Cigar-Whelan Sts 5s 1952
United Drug Co (Del) 5s... 1953
38
45%
4034
40%
40%
49?s
96
55%
8284
Pow s f 7s
1945 85% 86%
86
86% 95
94% 83
89%
Union Electric (Mo) 394*—.1962 107% 109
107% 108
106% 108% 107
10734
Union El Ry (Chic) 1st 5s.. 1945
8%
9
)%
8%
8%
8%
8
8
8%
8%
8%
8%
Union Oil Cal 6s series A
1942 112% 1121" 112%112% 111" 111" 11034 112
109% 110» 109% 109" 10934 11034 109%109*
3s debentures
1959 102
Union Pac 1st 8c Id gt g 4s. 1947 113
107
..May 1 1943
....May 1 1944
100
Nov 1 1944
100
Note— Superior figures denote 32ds of
a
point; viz.:
105"=105's32.
a
Deferred delivery.
r
Cash sale.
100%
100
100
100% 100%
100% 100%
Volume
The Commercial & Financial Chronicle
152
57
1940—Concluded
June
March
December
October
November
May
February
July
April
August
September
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
January
BONDS
Low
U S Steel Corp—(Concluded)
Serial debentures—(Concluded)
1.50 s
100% 100%
100i2100i2 100% 101
1003s 1001?. 100% 100%
100
100
100% 100%
100% 100%
10012 100i2
IOOI4 IOOI4 100% 10T"
lOOU 100U 100% 101%
100
lOOU 100% 101
100% 100U 100% 101
100% 101%
lOOU 100% 100% 101%
100% lOOU 1003s 101%
100% 10078
100% 101%
May 1 1945
1.625s
Not 1 1945
1.75s
May 1 1946
1.80s
Nov 1 1946
1.85s.,..
May 1 1947
1.90s
Nov 1 1947
1.95s
May 1 1948
2.00s
Nov 1 1948
2.05s
...May 1 1949
2.10s
Nov 1 1949
2.15s..
..May 1 1950
2.20s
Nov 1 1950
2.25s
May 1 1951
2.30s
Nov 1 1951
2.35s
May 1 1952
2.40s
Nov 1 1952
2.45s
2.50s
May 1 1954
2.60s
Nov 1 1954
2,65s
May 1 1955
United Steel Works 6)$s A. 1951
3%a series A assented..1951
Sec8 f 6^8 ser C
3)4a assented C
2312
24i2
24ig
25
2434
18
248s
243s
24i8
5^8 stamped
~87% ~93%
102"
100
100% 106
101%10434 101
1947
1959
5s stamped
1959
Vanadium Corp of Am conv 5s*41
Vanadalia consol g 4s
1955
Consolidated 4s seriesB..1957
Vera Cruz & P asstg 1st
cons
.1968 109i8
40
59
1958
5s
Virginian Ry 3%a series A..1966 1073s
Wabash RR 1st g 5s
1939 3734
2d gold. 5s
17%
1939
1st iien 50-yr term 4s.....1954
25%
Det Be Ch Ext 1st g 5s
105
113
41
1941
1234
1134
Des Moines Div 1st g 4s.. 1939
Omaha Div 1st g 314#
1941
102% 102% 103
103
1033410334
102% 102% 103 103
102
103
103
103
103" 104"%
103
102
91
95
92i2
20%
84
85l2
96% 101
104
955s 104%
96
77
91
77%
89l2
77
85
87%
23
23
25%
275g
34%
36%
3534
36
30%
36%
35
35
35
30
35
91
897S 88
90% 92%
8834 86
102% 103% 103% 104% 103% 10434
102
10158 103
103
1023s 104% 103% 105
104% 105%
102% 102
87
90
993410138 101
101
10034 102
87%
83
77
20%
30
30
23
80
101
1131s 115
96
90
113
11514
10 U8
109
Va Iron Coal & Coke 1st g 5s *49
Va & Sou'west 1st gu 5#__
2003
1st
102% 102
109%
109
109
14
4)4# *34
Va Elec & Pow 3^s B
23l2
23
5^ s. 1947
103%106% 100%113
87
93
8684 94
102% 103
33
1951
25
25
S f deb 6}£s series A
1947 2384 24% 24I8 25
20
20
3)£s assented A
1947
United Stockyards 4^8 w w 1951
90i8 9234 91% 92%
90
9U2 93
9334
104
100%102% 102
Utah Lt &Trac 1st Be ref 5s.l944 101
1023s 100% 102
Utah Pow & Lt 1st 5s
102% 10 U8 1027s 102%104
1944 10218 103% 101
93
8934 97
86% 94
Utilities Pow 8c Lt deb
87U 93% 87
Deb 5s with warrants.
24i2
2484
21
.24%
1951
101%101% 102% 102%
101% 10134 10178 1023s
102
102
10178 102%
103
102% 102% 103
10178 10178 I017g 103
10158 102%
101% 102%
102% 102%
103% 103% 10334
102% 103
103% 103%
102% 1023s 10234 103%103%
9978 9978 166% 100% 102
103
103
102
10234 10334 104" 104%
100% 100% 100% 10034 102
102
102% 1027S 103
101
101
104% 104%
103% 103% 1~03"%
102% 102% 102
10038 1003s
103
103% 10334 104
100
100
10234 103
104% 16*4%
101% 10*3"
25
25
30
30%
23
23
3534 36%
2934 36%
2312
29
2"l" 25
34% 34% 3534
35%
25
2312 "26"
2334 2334 30
20
20
33% 33% 35% 36%
35% 35%
Nov 1 1953
2.55s
101
101% 101%
101% 101% 101%10184
101%101%
161% 101% 101 101%
101
101%
161" 101% 101% 102%
101% 101% 10134 10234
101% 10134 10134 10284
101% 101% 101%102
101%101% 10178 102%
101% 101% 102% 10234
102% 102%
101% 102
101% 102%
101% 1025s
102
May 1 1953
"
101
101
101
14
14
%
%
%
%
3 ""l% "T%
107
109
1071s 111
1095g 10934110
109% 111% 109% 110%
1095s 1093s 110% 109% 110% 109% 110% 110% 111
10934 109
110
48
48
4 478 45
40
5U2 4018 4812 40
47
52%
45
48% 47% 48
4634 49
42
45% 48% 49
70
75
75
75
75
78
76i2
8034
78
78
83% 84
61
60
62
61
"57" 60
6734
68% ~64~
6284 67%
6178 59l2 62I4 59
55
57
57
60
547g 55
6212 00
102
1095s 104% 1073s 10784 IO884 1065s 108% 108
107
10884 107
109
108%
107l2109
IO684 109
10878 1065s 108% 10634 108
31
48
44
4484 3034 34l2 34
42
39
42% 47
4184 4778
4534 4084 45% 43
43% 41
4134 39
413g 40
17
17
18i2
1034 17
12
10U 18
1434 13% 15%
I284 1534
12% 17%
1912
1012 13
1434
11% 14% 13
20
26
20
31
29
29
28
26%
28
28
26% 26% 26
27
28
27% 29% 28
25% 27
45
47
40
"44" 44% 46
44% 40% 47% 4912 44U 51
46
46% 51%
43% 43% 45
4212 44l2 47
%
l<
1284
13
13i8
10%
13%
12
13
105s
12
13
10l2
"10% Till
3978
Tol & Chicago Div 1st 4s. .1941
42
87S
884
8
41%
12
10%
884
7
8«4
984
9%
9%
1012
734
984
83s
4U2
714
11
12%
8%
38%
5%
8%
42
6%
12%
"8"
40
"8%
5
42
12%
778
42%
4%
46
538
61
12
1434
5%
427g
484
4%
4%
4%
87s
47%
61
87S
6%
41s
43s
714
8%
6I4
434
0
7»4
8%
5%
6%
4%
53s
984
7
8
4
87g
5
6
47g
63g
4%
438
6
4%
5%
734
8I4
5%
0l4
4%
5%
934
7
87s
8*8
6*8
884
414
4%
5%
378
484
43g
6
7ig
8I4
484
6%
4%
6%
4%
5%
9*8
7ia
7
8
4
884
5
6
63s
884
5
4%
4%
434
55s
8
43s
6
7i2
8%
534
958
484
5
105%
105% 104% 105% 104
10434106
10U2 1053s 102
10314 103% 104
105«410612 105U 10578 10514100
1035s 104% 103% 104% 104
56
78
67
70
64
67
79%
60% 57
67
65% 68
78% 82
05
70
6178 60% 69
71% 80
69%
68% 73
Walworth Co 1st 4s
1955
76
90
90
93
923s 95
76l2 79l2 79l2 6334 76
76
74
77
7512 76
79% 78% 8434 83% 84% 83
6s debentures
...1955
86
~78~ 79*14 78% 80% 80
8778 90% 89i2 90% 7884 90
85% 9134 91% 973s
8534 88
Warner Bros Pict deb 6s
81% 81% 84% 84
1948 84l2 85l2
16
31
58
19
46
30
43
45% 43
55% 62
3U8 33i8 3U2 3634 3034 34
Warren Bros Co deb 6s....1941 32i2 35i2
27% 31% 30% 305s 35
35
37
32
32
37
37
31
Warren RR 1st ref 3H*
31% 31% 31
35i2
2000 35
8
Wabash Ry ref Be gen 5J4« A 1975
Ref & gen 5s B
734
1976
Ref Ac gen 4)4 • series C..1978
Ref Ac gen 5s series D
1980
Walker (Hiram) G&W4)is. 1945
Wash Cent Ry 1st 4s
70
1948
108"
3)4s
1945
1945
108
...
64
Gold 5s
...1951
68%
67%
72
30-year 5s
...I960
60%
70
West Union Teleg 4)4# gold
1950
05
Westphalia Un El Pow 6s..1953
14
15
0784
6634
145s
West Shore 1st 4s guar..
2361
465s
52%
48
...2361
41%
4634
44
Registered..
......
Wheeling Steel 4^s A
1949 11312 11434 115l2
97
1966 965s 9878
White Sew Mach deb 6s
1940 103
Wh & LE RR 1st
con
g 4s
103
102
Wiscon Cent 1st gen g 4s
Certificates of deposit
1949
110
Sup & Dul div 1st 4s
Certificates of deposit
Wisconsin El Power 3^s
"l7"
1936
Wisconsin
18
1968
Public Serv 4s__1961
Wor fic Conn East Ry 1st 4Hs *43
Youngst S & T
conv
deb 4s. 1948
1961
1st s f mtges4s series C
7
20U
19
912
165s
10t2
6%
109
109
108% 109i8 10634
10818
1271*8127% 1271*4 128% 12212
108
109l2 108l210978 10418
117
11714 11512
117l2 118
110i2 11134 10758
110% 112
99l2100% IOOI4 1023s 9834
110
1834
1012
734
99
100
99i2 102
112
11034 11034 112
I8I4 2278 22U 25ls
19
213s 2U4 23
778 103s
6%
834
712
9
107% 109% 10878 1093s
1093s 110
10934110l2
7
7
7l2
7%
108% 109% 108% 109
109% 110% 1093s 110
14
914
9%
10514 1095s 105% IO884 100% 10834 103
105
105% IO6I4 105% IO6I4 105i4 106
Note—Superior figures denote 32ds of a
point; viz.:
60
109
106l2 1O012 107
1081s
125
IIOI4
11734
11U2
1023s
120
120l2 124
10584 108l2 108
1151211034 116
110
1081s U0
9884 IOOI4 100%
72
85
74
8Us 80%
8I84 92l2 79
85i2 85%
108
10834 10734 1083s 108
1034 17
10% 13
11%
11
1034 17
13l2
11%
86
825s 845s 83
89
90% 89ig 91l4
108% IO884 IO8I4 108l2
17
1812
1634 18
17
183s
16% 17%
65
67
50
67
65l2 67
7012 56i8
7034 69i4 71% 68
6984
67i4 69i4 51
69% 67
11
15% 15% 1412 1514
15
4934 47% 49% 40% 4934 38
32
47
45% 4034 4578 47
112
1155s 11558 1155s 1155g 110
100
993410U2 9878
9934 99
1021 1021
102i 102*
101%
10212
123s 1234
9U
1234 12% 13
105l2 10512 1O0J4 10578 106% 10078
12i8
Wllk Be East 1st guar g 5s..1942
12l2 13%
Wilson & Co 4s series A....1955 10334 105l2 10478
100
Convertible debs 3 Ma
9834 99
1947 97
Winston-Salem S B 1st 4s..1960
60
70
107l2 108
109ig 109%
1st guar 40-yr 4s
Westchester Ltg 5s stpd gu. 1950 126" 12784 12078 12734
109
Gen mtge 3Ha
1967 109% 1095s 108
11734 120
West Penn Pow 1st 5s ser E.1963 11834 120
111
III84 110% 11H2
1st mtge 3)4# series I
1966
993g 997s
West Va Pulp & Pap 3s
1954
82l2 85
West Maryland 1st gold 4s..l952 83% 85
89
90
1st and ref 5)4 s A
1977 8O84 91
IO8I4 10878
West N Y & Penn gen g 4«
1943 10734 108
17i2 1834
Western Pac RR 1st 5s A
1946
1714 1858
17
1634 18%
185s
Assented
WashTerm 1st gu
105,5=l05»u.
65
685s
67i4
1514
5314
533s
543g
6U4
6334
6312
10i2
47
35
17i2
4414
40
34
43
11018 11012 113
10134 99i8 IOU4
101%
1278 "i034 "ll78
1O012 103
1043s
107
107
124
January
Low
High
February
Low
125% 12034 12684 127
12334 12334
9034 93%
84% 83% 845s 84% 88% 88% 91% 903s 9278
94
88
95%101% 100% 10378
923s 96
90% 88
90
107%
10738 107
107% 107
1083s 1073s 1083s 107% 1077S 107
13% 1534
12% 1434
13% 14%
1334
13% 14
12% 13
13
15%
12% 14
12
1334
13% 143s
133s 13
13
72
7584
.66% 65% 67% 6034 7084 7034 79
60% 65'4 63
70
75% 73% 82%
74% 7934
69
7178
63% 68% 64
73
77%
70
75% 73% 81
64
68% 6778 71
6134 68
22
27
27
27%
25% 27
15
17
15
1734
51
52%
50% 53%
50% 5478
49% 473g 53
44% 4934 46
48
50% 46
45
45% 4978 48% 50% 48
47% 423g 47
1147s 1147s
113% 113% 113% 113% 1123s 113% 113% 114% 114% 115
107%
101
102% 101%104% 10378 10578 105% 106% 106
102% 100
100
100
13%
12% 12% 12% 13% 127g 14%
105% 1053s
1035s 10534 105% 105% 105
96
102
97
98l2 98% 100% 100
101
100% 100«4 100%
112
11012112
112% 112% 11234
135s 2234 ~15% "l~9% "17% 23~ 21
"2634
25% 235s 28
16 3s 21
27
14
18
23
27
16% 22
20% 24
5
7%
8i2
6
7
9
412
55s
7%
9
734
76$
438
8U
7%
8%
7%
8%
5%
5%
106
110
100" 108% 108% 109% 108% 109 109% 10978 109%
1075g 110
109
110
109%
107i2 108l2 108% 110% 108% 110
14
0
1534 14% 15
107
100% 105% 106% 106
101% 10034 10234 102% 103%
115
115
115
115
30%
28
30
28
31%
29%
27%
28%
27%
534
30
6
8
078
8%
6
6%
6
7
784
1097s 109% 110% 109% 109%
107%109%
110% 109%110
0
108l2 101% 100% 10134 10514 103% 10*4% 102% 10*4% 102% 104% 10234 10478 104% 1057g 10234 I047g
10034 101
1O034 IO2I4 105
105
10534104% 100% 104% 105% 104% 104»
106% 105
a
Deferred delivery.
r
Cash sale.
SECURITIES DURING THE
(
October
March
High Low
127%128
108
109% 1087s 109% 108% 10978 1083s 109% 108% 109»4
II484 115
110% 114% 115
116% 116% 110% 116% 116% 115
111
110
111
1097s IIO84
110% 111
111% 110
11034 111
104% 104% 104%
102% 101% 10284 103
102% 100
101% 102
109
COURSE OF PRICES OF NEW YORK CITY AND PANAMA CANAL
YEAR 1940
BONDS
1083s IO884 108% IO884 10834IO884
107
April
May
June
September
August
July
High Low High Low High Low High Low High Low High Low High
Low
High
November
Low
December
High Low
High
% per share $ per share
$ per share % per share $ per share % per share $ per share 5 per share $ per share % per share $ per share $ per share
New York City—
120
4^8
1964 120
4^8
1967 124% 124%
Transit Unification Issues—
95%
94%
3% corp stock (Plan B) w i '80
3% corp stock (Plan I) w i 1980
3% corporate stock
1980
96%
95%
89
97%
88%
90%
88%
88%
92%
92%
95%
92
9434
9034
95%
96%
95%
97%
96%
99%
9834 10278 1017g 104%
Panama Canal Bonds—
3s
122% 122%
1961
registered
(Continued from page 47)
$317,476,797 (comparing with $305,449,445 on Sept. 30 last), the
principal items of which are: Cash and due from hanks,
$155,251,147 (up from $139,790:903 on the earlier date) ;
commercial loans and
loans upon collateral, $88,871,407
(against
$871,860,753),
and United
States Government
securities $31,193,292 (down from $32,306,557 on Sept. 30).
Annuities
of
Philadelphia, reports total resources of
On the debit side of the report
$289,266,288
ago).
The
changed at
total deposits are given as
$277,520,973 three months
company's capital and surplus remain un¬
$8,400,000 and $12,000,000, respectively, but un¬
(contrasting
with
divided
on
the
Total
as
$2,717,660 from $2,784,225
deposits of $139,429,661 and total assets
of $157,-
reported by the Corn Exchange National Bank
Trust Co. of Philadelphia, Pa., in its condition statement
149,572
&
profits have decreased to
previous date.
are
31, 1940, comparing with $131,260,034 and $148,respectively, on Sept. 30, 1940.
The chief items
of Dec.
322,386,
comprising
Cash
and
$47,679,062
the
due
on
the present statement are:
$55,358,977 (comparing with
30 last) ; United States Government
resources
from
Sept.
in
banks,
(Continued
on
page
59)
Commercial & Financial Chronicle
The
58
Jan.
1941
DEALINGS IN FOREIGN GOVERNMENT SECURITIES AT N. Y. STOCK EXCHANGE IN 1940.
June
November
December
October
March
July
May
August
February
September
April
HighLow High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
January
BONDS
Low
Agr C Mtge Bk—Gtd t f
Gtd sink fund 6s
6s__1947
194K
t
27%
27%
27%
27%
(Dept) 4s
1968
AntioQuia (Dept) col 7s A 1945
External s f 7s ser B_.
1945
15
14
13
14»4
15
1945
14
15%
2878
29
C
Extl
s
f 7s
Extl
s
f 7s series D
Extl
series
.-1945
1957
1957
f 78 3d series
-.1957
1st series
7s
2nd
Extl 7s
Extl
ser
s
(City) extl loan 5s *58
ntwerp
Argentine (Govt) s f ext 4^s.'48
Sink fund extl 4M»
1971
Sink fund extl con* 4s Feb 1972
Apr 1972
S f extl conv 4s
Australia 5s—-—.July 15
1927
5s of
Extl
June
1955
1957
f4^s of 1928
1956
Austrian (Govt) s f 7s
1957
Bavaria (Free State) 6^8—1945
Extl
s
s
Extl
s
Extl
s
70
95l2
91
83%
80%
83%
82%
78*4
714
12i2
83l2
91
90l2
84
8i8
89
95
6J$s
f 6s
........1958
extl 8s
1941
1957
f 6H* of 1927
1957
Cent Ry 30 year 7s
Brisbane (City) s f 5s
1952
1957
Sinking fund gold 5s....1958
20 year s f 6s
1950
Budapest (City of) 6s
1962
Buenos Aires (Prov)—
68 stamped
—...1961
Readjustment
4%-4%»..A977
Refunding 4M
4)A»
1976
readjust 4&S 4%s..l976
Extl s f 4^8 4% s doll bonds '75
3% extl dollar bonds
1984
Bulgaria (Kingd) sec s f 7s..1967
Extl
Stabilization loan 7H*---1968
Canada, Dom of 30 yr 4s... 19 -<
6s coupon on
1134
17%
1378
1378
13
76%
II84
23
I7I4
17%
18%
79
6s
s
8234
77%
81%
78%
16
70
1178
22%
1734
17%
1734
70
8%
87»4
57%
57%
56%
7%
48
56
51
45%
8%
53%
44
50%
46
12
9%
17%
16
22
20
26
26%
50
57
50%
36
50%
32 34
8884
100%
44
55
55
40
63
64
35
50%
38
54
30%
44%
56
70%
48%
45%
62%
51
14
12
15
15
15
12%
16%
15%
1234
1234
12%
50
2634
26%
10%
11
13
12%
12%
1334
11%
11%
11%
40%
1934
12
12%
15%
1534
12%
12%
33%
35%
26%
26%
14%
11%
11%
12%
57%
5784
85%
54
42
43
7%
1318
"l¥%
9%
934
15
1434
1434
10%
38
60
63%
58%
58%
66
59
63
61
42%
42
11%
64
63%
63%
64%
45%
1234
11
5%
15
64%
40
60i2
4H2
42
13
14
14
14
13
67%
45
13%
13%
93%
14
13
14
9734 9334 97%
104% 100% 103%
9434 91% 94%'
90
82% 87%
94% 92
94%
8 534 79
83%
85»4 7834 84
6
6%
"1534 16 ' 16%
15
15%
94
98»4
IOO84 104%
92
94%
8434
9234
89%
95
48
59%
48
60
60
62
4378
36
8
10
9%
11%
69
8334 101%
74
92%
61
85%
82
86
81%
85
59%
16
16%
15%
15
16%
9284
817s
81%
79%
587s
15
15%
~1534
14%
1134
13%
14%
13%
14%
14%
14%
12
13%
15
14%
15
1434
13%
12%
13%
13%
12%
13%
14%
13%
14%
13%
1334
13%
13%
1234
1434
14%
123s
14%
12%
15%
1334
12
13
13
1434
13%
14%
13%
14%
13
55
52
53
49
52
50
56%
48
49%
52
47%
53
47
49%
48%
52%
734
60%
60
63
55%
62
58
56%
58%
8%
7
8
5
5%
44%
4%
7
8
47%
47%
46%
51
36%
10*4
38%
39%
50%
50%
41%
41
50
42
40
53
42%
35
38
31
14
9%
693s
15
78%
83
91%
80%
71
81%
72
62%
78
42
8
8%
60
68%
69%
7%
18
19%
44%
44%
45%
51
49
47
5034
50
46
49
51
45
50
49%
47%
4734
49%
57%
46
52
46%
47%
50%
48
49%
51%
31
32
32%
10%
1034
33
33%
34
40
34
36
7
76%
85%
79%
7
93
90%
11
11
11
9%
11%
52%
32%
10%
10«4
¥2"
79%
9034
8934
......1962
12
1334
cons
munlc 7s.. ...1960
14
1534
7s assented
1960
10%
12%
11
Chinese Gov Hukuang Ry 5s'51
Cologne (City) Ger 6^s
1950
Colombia(Rep)6s of '28..Oct *61
13
14
27«4
3178
28%
16
6s assented............1961
12
14
Guar sf 6s—
1962
13
16
6s assented
1947
26
3134
26%
1946
26
26%
Sf 7s of 1927
1947
26%
40%
26%
1949
...1949
1977
30 yrs f Sj^s-—
1953
Public works 5J^» June 30 '45
Czechoslovak (Rep) extl 8s 1951
Sinking fund 8s series B..1952
Denmark(Kingd)20 yr extl 6s'42
Extl gold 53^8
1955
External gold 4Hs
1962
Dominic Rep Cust Admr
5^s*42
5^8 of 1926
series s f 5^s
ser
1940
1940
5^8 2d__.1961
5)^8 1st series
5^8 2d series
1969
.
7s part paid
1964
f 6s
Hamburg (State) 6s
1946
Heidelberg (Ger) ext 7^s... 1950
Helslngfors (City) ext 6^8 1960
sec s
f g
83
9234
93%
79%
83%
79
83%
80%
8034
10%
26%
26%
78%
78%
10%
22%
21%
81%
81%
11
26
26
26%
27%
23%
2634
24
25
"14"
11%
12%
1234
12%
91
93%
92%
68
7234
70
81
79%
67%
634
72
69%
81%
79%
82%
82%
634
634
14%
14%
14%
"17%
24
26
16"
19
16
16
15
18
20
27
14%
1534
15%
18%
10
22%
18%
23%
24
27
24
12%
12%
13
13
12%
11%
11%
11
12
13%
12%
12%
11%
1284
11%
12%
11%
12%
12%
12%
11%
12%
12
12%
10%
10%
11%
10%
11
11
11%
11%
9
10
10
10
12%
13%
12%
10%
12
10%
14
14
12
12%
17%
11%
67S
12%
28%
13%
17%
12%
678
10%
173s
13
6%
3034
30%
26%
26»2
26%
33%
34
26%
2734
26%
13%
33%
"13%
323s
33%
26%
26%
26%
26%
34%
27
14
7034
11%
13%
"13%
10%
13
13
14%
10%
113g
12%
11
12
14%
11%
13%
11%
13%
14%
13%
14%
13%
17%
12
634
17%
10%
634
26%
26%
15
13%
14%
48
6
10%
8
12
12
10%
11%
10%
12
13%
12
""9"
11%
9
15%
9
3
20
27
23%
24%
22
16%
16%
24%
22%
61
697S
80
1334
10%
12%
11%
1234
11%
13%
10
13
10%
1334
1234
12%
1134
1234
1334
1234
13%
12%
10%
12%
10%
12%
1034
12%
13%
11%
1234
13%
13
13%
io"
11
11%
14
10
13
12%
11%
11%
10%
11%
1034
1234
1134
11%
12
11%
11%
10%
12%
1234
10%
11%
To"
11
11%
12%
12%
12%
13%
11
11%
1234
11%
1234
11%
12%
11%
12%
11%
12%
11%
11%
10%
11%
11
12%
11%
12%
11%
12%
11%
12%
11%
10
10%
10
11%
11
12%
11
12%
11
12%
11
12%
11
11
12%
12%
11
1134
12%
11
12%
12%
1134
10%
12%
11%
11
13%
1134
12%
11
13
1134
1134
10
10
10
11%
1134
11%
10
10%
10
10%
15%
10%
14
9%
20%
2034
2034
21%
21
2034
2034
9
16%
25%
17
23
13
24%
2334
20%
21
24
20%
2619
24
48
16%
99%
100
52
6078
102%
70
80%
13% 13%
99
11%
14
1434
11
11%
11%
1134
10
10
10%
11%
11%
11%
11%
11%
11%
10
11%
10%
11%
10%
10
10%
10%
Yl%
9
11%
11%
12
11%
11
11%
10
10%
10
10%
10
11%
10%
10%
11%
9
1134
10
10
11%
11%
10
10
9%
9%
9%
14
2334
27%
27%
20
22
14
22
26
26%
"27"
2934
2534
28
26-%
29»4
26%
28
27%
27%
29
29%
21%
21%
21%
20%
22 "
21%
25
23%
20%
20%
2984
28
24%
22%
20
'24"
22%
20
20%
20
21
21
25%
25%
20%
19%
1934
25%
24%
17
18
26
26%
2634
2134
2134
2134
19%
1834
30%
30%
2134
23
22
23
22
36
27
35%
32
26
31%
30%
29%
17%
26%
18%
2684
24
68
72
67
70%
65"
70%
71%
69
3434
65%
65%
33%
27%
70
70
69
68
70
¥5"
12
10%
40
29%
36%
33%
38%
27
35%
32
40
25
34
3034
28%
2734
11%
41
3534
31%
68
71
52
57%
49
49
71
67
70
50
65
50
70
67%
71
50
65%
50
8%
33%
30%
27%
45%
43
42%
69
70
70
70
12
9%
"34%
"10" To""
30
41%
27%
35%
26
33%
50
58
55
51
55
54%
50
57
68
72
65
65
65
70
72
51
66
49
50%
52%
59
75
68
75%
70
70
68
75
73
75
70
70
63%
63%
49
50
51
55
75
75
70
75
69%
70
75
75
72
72
6834
6834
52
65
50
55
50
55
11%
8%
15
9%
17
17
20
26
26%
27
26%
7
8
26%
8%
13
15%
-
15
13%
15%
43
----
14%
51
40
50
50
75%
48
50
13
13
96% 101
92
¥6% *15%
9%
1534
8
17
9%
45
50"
9%
9%
50%
19%
75
69
50
50%
193s
7%
8
7%
8%
50
193s
40%
42"
50
50
57%
45%
74
71
112
68
68
16%
11%
20%
10%
13
7%
14%
15%
11
20%
14%
8%
1134
8%
20
25
26%
26%
11
15
10%
13
12%
20
24
10%
18%
14%
16
9
7%
21%
21%
90
88
80
81%
82
82%
11
11
10%
10%
10
10
8
8
8
25%
26%
28
57
73
8
7%
29%
734
10%
7%
9
79
75
784
17
14%
12-34
10
21%
14%
16-34
15
9%
14%
15%
15%
18
22
15
14
20%
14%
65
68
68*
69
65"
13
13
16
16
20
27
1634
17
19
26
50
13"
82%
75
70%
15%
71
15
16
9
55
85
10
10
70
IO"
6%
6%
6%
*5% "¥%
6%
7
7
634
6%
634
7
8
8
28%
28
30
27
3234
80
87
71
80
65
70
45
6434
72%
70%
78%
48%
657S
38%
53%
34%
61%
44
54%
72
43%
54%
25
56
45
61
Irish Free State extl 5s
1960
92
1951
69%
72
70
72
68
76%
70
74%
92
point; viz.; lOSUrrlOS1*!!
a
"¥"
20
20
25
Deferred delivery,
r
6%
11
49
6%
~8% "¥%
8
22
Cash sale.
634
8%
634
7%
7
"5% "¥%
9
27
8%
5
10-%
6%
25
14
7%
15%
8%
9%
27
10
9%
10%
7
~8~
"¥"
8
8
7
7
7
7
8
26%
8%
8%
7%
934
9
9
58
65
60
66
26%
26%
27
27
2134
25%
26
26
59%
60
5%
"5% "7%
7
7
8%
21%
~6~8%
934
8
10%
14%
"1734
9%
678
10%
14%
45"
5%
7%
50
Th "15"
7%
"i"
7434
22
15
13
6
7%
62
53%
17%
14
16
8
60
1434
8%
17
934
63%
70
15%
12
8%
57%
13%
58%
1534
10-38
19%
1334
10
2184
31
57%
27
70
12
16
7
75
26
19%
1,7
15%
21
26%
7%
51
26%
26
45%
15
15
7%
7%
7%
22
21%
69%
49%
20
46%
15%
12%
17%
16%
734
7
49%
47
20
45
12%
46
20%
17
2534
20%
15%
7
834
22
11%
7%
15%
20
79
7
7%
45
92%
10%
a
6%
25
79
71
72
70
72
71% 77% 76
70* 69
71% 72
70%
16
16
18
16%
16% 17
15
14% 15
18% 18% 15% 18
102
102
102
99% 100% 101% 100% rl01% 100% 101% 101% 1013s 102
100
102%
100% 100% 100% 100%
102% 102% 100% 100%
96
96
96
94
99
99
"99% IOO"" 96
94% "93"
9~934 98% 100
54
57
5234 54
53% 54% 53% 54%
52% 54
53% 54% 51% 54
100
98
99
100
102
103
102%
103
100% 103
101% 102
10134103
73
74
75%
7534 76
73
72% 75
74% 75
74-%
74% 72% 74
11
13
12
13%
13%
14%
8% 10%
22%
10
Superlor figures denote 32ds of
"¥" Tl"
75
21
7
12%
75
17%
2134
24%
10%
11%
49
18
22%
9
6%
6
13
'26"
9
10%
27%
22
20
9%
10%
75
15
16%
10
13
13%
9734
20
115% 115% 116
117
118
105
115%
109
108% 108% 109
107
108%
"~8% To~34 10
14
15%
10%
11% 19%
7
5%
6
8
6%
6
5%
1078
7%
14
11% 14
1334 18%
11% 15%
11% 21%
9%
7%
83s
7% 11%
7
6% 10%
12%
"l5%
10
72
13%
16
53%
50
16
14%
84%
11
10
6
15%
21
20%
20%
20%
20%
2434
22%
45%
10
11%
3%
*21%
10%
12%
11%
14%
8%
10
11
1134
12
10%
Yo%
12 34
1334
13
65%
13
99%
98
17
13
13
1134
11
1134
10%
11%
65
26%
52%
15%
16%
10
12%
11
11
15%
28%
29
25%
15%
12
12%
11%
12%
11%
12%
102
1234
11%
12%
11%
11%
12%
11%
14
22
29
11%
12
11%
11%
11%
11
10%
10%
934
8
99
75
71
"71% ~71%
48
143s
1484
12
34
33%
26%
~16~ 42*"
3984 4334 39
37
42
3334 39% 34% 49
157S 39%
60
63
62% 62% 68% 72
73
75% 175
"io" 85""
84
82% 85
17
20
20% ) 19
19% 20% 20% 21
102
al01%al0134 102
102% 102% 100 102
10278 103
1023s 10234
102% 103%
99
101% 100
99
100% *99% 100
99%
56
58
57% 61
603s 61%
60% 62
101
104
102
102% 103
10184 103
102%
74
80
75% 76
79% 80% 8034 71%
13% 1334
1334 1334
63
67% 54
64% 54
73
20
6434
45
5134 58
54% 45
63%
18% 54%
41
48
36% 43% 37% 55%
17% 44
71% 71% 71% 71% 72
75
7434 75%
71
71
75
75
72% 74%
70~ 71 " 7034 71
71
75
77
7434
7034 7034 7034 71
75
73
75%
75%
Italy (Kingd of) extl 7s
92
81
95%
83
83%
10%
27%
27
90
15%
17
194*
Italian Cred Consort 7s B..1947
90
86%
93%
8434
13%
1134
f g *45
Hung Land Mtg Inst 7Hs..l961
S f 7Hs series B
1961
Hungary 7^s ext to 4348...1979
95%
94%
85%
14
12
1968
6s part paid...
1968
Haiti (Repof) customs 6s.-.1952
92%
82%
13%
95%
82
98% 10134
8834 92%
85%
12
15%
14%
15%
14%
15%
14%
92
7%
7%
90% 92%
99% 100%
86%
8134
15%
8%
93%
84%
9%
7%
7%
91
99%
90
73
634
7%
49%
98
81%
15
7s unstamped
106
107
German Govt Intl 5^sstpd. 1965
8%
934
(Cons Agric Loan) 6j^s-..1958
Greek Govt s f sec 7s
1964
9%
49%
82%
89%
12
Finland (Rep of) extl 6s
40
46
1945
45
43%
80
Frankfort (City of) s f 6J^s 1953
12% 12%
12% 1234 1234 13%
French Rep extl 7^8 stpd..1941 102
105
102
104% 102
103
7^8 unstamped
External 7s of 1924 stpd.. 1949 110
111% 11234
5^s unstamped
1965
German Rep 7s stamped...1949
7s unstamped
1949
Germ Prov & Communal Bks—
14
45%
95
100%
74
14%
15%
14
15%
13%
14%
13%
1434
13%
16%
44%
1969
Dresden (City) extl 7s
1945
El Salvador (Rep) 8s ctfs ..1948
Estonia (Rep of) 7s
..1967
13%
12%
13%
12%
6%
Sf 7s of 1926
A
7%
8
91%
83
13%
13%
13%
13%
13
16
External 4H®
50%
70
19
14%
11%
13%
11%
12%
11%
12%
11%
14%
6
46
14%
13
1961
4^s external debt
8%
48
11%
11%
12%
11%
11%
13%
12%
12%
f 7s stpd 1957
50
15%
12%
12%
13
4634
46
12%
10%
12
16
12
Cordoba (Prov) Argen 7s... 1942
Costa Rica (Republic) 7s
1951
Cuba Rep of 5s of 1904
1944
1034
11%
11%
46%
49%
51%
44%
44%
13%
14%
16
.1961
....1953
60
14
65
8%
13%
6^8 of 1926...June 30 1961
15%
15%
17
54
10
14
1834
50
11
14%
13%
15
13%
13%
13%
47%
15%
12
18%
14%
14%
16%
49
11
11
47%
2634
26%
56%
10
13
38
2034
2034
48
50
15
15
8%
25%
35%
35%
37
36%
39
26%
27
38%
15
15
934
27
57
57
51%
10%
27
44%
42
40
59%
6%
15%
10%
9%
1584
46
37
1434
15
52%
377s
13%
13%
65
57
51%
5134
33
13%
14%
15
65
62
35
13%
10%
1434
13%
15
13"
62
57
11%
14
15
14%
15
64%
64%
87g
14%
1534
14%
15%
14%
1534
14%
15%
14%
15%
143s
14
Copenhagen (City) ext 5s..1952
20
10
14
15
12%
Jan 1961
62%
20
20
15
12%
12%
13%
15
11%
11%
8%
94%
8%
8%
8-%
834
10%
8%
6%
48%
52%
8%
834
8%
15%
12%
10%
10%
10%
7%
8
634
10%
13
14%
13
Note
59
56%
42
14%
7^s
53
10
20
37
14%
s
50
56%
9%
16%
14
14%
12%
1334
123s
133s
7s secured
49%
32
36%
12%
Hung Cons Mun
57%
59%
17
35
8
67
80
56%
107%
14
1234
22%
17%
17%
17%
69%
70%
18
67%
61
51
75
9
100%
16
61
60%
51
1734
80
17
89
18%
60%
71
-66%
60
65
65% 60
56% 5034
2~1%
43S4
83
23%
18%
7534
63%
25
834
12
9
100
21%
16%
16%
82%
7334
8%
90%
12
7934
70%
18%
834
8%
8%
8%
79%
56
8
72%
7%
12%
74%
66%
9%
8%
8%
8%
7
92
13%
12%
18%
14%
14%
14%
54%
8%
8
8%
67
25%
73s
7
834
9%
8%
21
9%
11
10
8%
834
8%
9%
9%
35*
8%
61
12
23
22
7%
734
7%
7%
9
9
45%
9%
19
36
14
60%
14
2134
2134
9%
9%
9
79
40
7%
9
934
9
Q
9%
9
9
11
67
43
14
10
11
11
74
37
57
934
11
62%
5534
40%
13%
12%
13%
12%
Colombia Mtge Bk 6H s
22
22
79
34
60
63%
13
...
21%
21
66%
44
65%
1678
Assented
20
21%
25
38
13%
8
70%
62%
64%
61%
12
Secured
79
74%
42%
6034
60%
12%
11%
13%
11%
12%
11%
13%
11%
1534
Customs Admin
8984
61%
83% 102
12%
10%
80%
75%
591.
1134 14
96% 10178
20
20
10
62%
6U2
60%
13%
1963
ser
28
72
102%
66
67
45%
56%
21
20%
25
44%
44%
18%
10
10
60
60%
13
Extl 58 of 1914
19
21
97
12
10%
10
49%
48%
61%
59 1
"1
2034
20%
11%
9%
7%
11%
10%
11
65
13
Sept 1961
Sept 1961
6^® June 30 *57
s
9;
10%
7%
55%
10
13%
7%
7%
4284
4134
82%
1962
Gold 4^s
Cordoba City extl
11
8
11%
11%
11%
11%
10%
1034
10%
74%
57
17
13%
f g
10%
11
43
16%
s
11%
11%
10%
10
57%
14
6s extl
10%
10
39
12
Chilean
984
10%
10%
10%
10%
9%
64%
73
1962
Jan 1961
f 6s
8
42
12%
s
8%
11%
10%
9%
934
81
1957
Guar g
8%
11%
734
7«4
7%
73s
73s
63
59
14%
17
14
1678
14
assented
6Jis
11%
7%
11%
83%
83%
73
17
......
8
14
70
96%
9034
85
85
72%
1278
13%
1234
13%
1278
13%
f 6s
22
75%
68%
69%
65
8
22
87
67
7%
21
92%
86%
86%
80
13%
Assented
6
2d
71
133s
11%
19%
1578
1534
20%
21
77
96%
77
1960
f 6s....
Chile Mtge Bk
1st
95
8734
Feb 1961
External sinking fund 6s 1963
S f
73
96%
91%
74
....Feb 1961
......
6s assented
6s
8734
77
67
95%
83
17
14%
f 6s...
assented
8434
84%
13%
934
934
64%
94%
88%
78
17
f 6s
s
11
14%
13
13%
87
1334
1234
13%
1278
68 assented........ Jan 1961
Extl
13
10
20%
on..1960
f 6s...........1960
6s assented
External
14
74%
TT
68 October coupon
s
11%
11%
11%
11%
85
14"
Oct 15 1960
Chile (Rep) 20 yr extl s f 7s 1942
78 Assented
1942
Ry external
14%
14%
14%
1960
6s Farm loan
s
13%
13%
1334
13%
12%
12%
12%
20
20
24
26
7%
101
1952 10278 107
96% 9134
Aug 15 1945 92
9334 83%
1961 86
96% 92%
1944 93
89
..1967 84
7934
30-year 3s
1968 83% 887g 7934
Carlsbad (City of) s f 8s...1954
7
7
Cent Agric Bk (Ger) s f 7s..1950
15% 15% 15%
14
14
6s Farm loan.....July 15 1960
External
22
24
63
89%
89%
81%
99%
94%
2j^s
s
27
27
40
8534
6%
30-year gold 5s....
6s assented
26%
27
66
15%
14%
14%
14%
70
9534
9178
85%
97%
91%
25-year 3J%s
7-yeai 2%s
30-year 3s......
External
16
15%
27
27
104
....1955 100% 10478 100
102%108
13
14
1950
13% 13% 13% 13%
f 6Ha of 1926
10 year
1534
1478
13%
12%
12%
1234
6734
95%
89%
82%
82%
7634
75%
73%
12%
100%
f 7s..
Brazil (U S of)
67
94
87l2
7978
96
f 6s
s
(Germany)
s
14
13%
13%
13%
1955
External
External
External
14
12%
1314
13%
6^8—1949
fielg (Klngd)25 yr ext
Berlin
13i8
26%
26%
60
2714
26%
Akershus
5
434
5
434
.10
5%
5
.
5 |
23%
27"
28%
55*
57
57
58
61%
61%
64%
50%
38%
49%
43%
49%
4334
47%
27%
33%
30
33%
29
31
27
28%
55
48
48
54"
58%
46%
50
45%
31
33
31
36
16
25%
18
Volume
59
The Commercial & Financial Chronicle
152
1940—Concluded
January
BONDS
Low
Dectmber
November
October
July
June
August
September
May
April
High Low High Low High Low High Low High Low High
High Low High Low High Low High Low
March
February
High Low High Low
50i8
77%
57%
54%
4914
79i2
573g
52%
85
62
47
51
85
887g
36i2
77i2
6H4
62
65
57
Jugoslavia(State Mtg Bk) 7a '57
15
175s
15ig
17l2
12%
1212
1514
121,1
1134
Leipzig (Germany)
1514
1214
Italian Pub Util extl 7a
Japanese Gov
ext • f
1952
6>£s—_I954
Extlsf
1965
f 7a
Lower Austria (Prov) 7^»
1947
1950
a
82«4
32
47
23
42
76
89
77
89
5734
65
61!g
934
69'g
11
7
8
14%
127g
72
75
75
1954
Mexican Irrig 4H® «tpd asstd '43
Mexico (U S of) ext 5a of '99 £ *45
78
78
H8
35
8834
27'g
80i2
3012
2714
66i2
30i4
835g
2334
3l7g
86ig
58
76
64
72
28%
61%
60%
70
63i2
51i2
6U2
447g
56
48
551'
51%
IOI4
10%
15»2
57i2
10U
lOU
I3ig
10
10
8
9
153g
20
13
20
12%
823g
1%
7g
13g
78
13g
lb
78
78
34
1
12
H4
34
H4
IOI4
8U
10ig
8
27
25
77g
66%
8i2
66
8i2
70i2
70%
llg
1234
82
26%
26
60
2%
984
125g
777g
8
10%
75g
63
10
807g
83g
812
58
60
53
912
55
56
58
30%
69%
57
9%
25
12
12
I5I4
7
83g
28%
63
2%
2
9
68%
4%
7%
8%
62
1
Assenting 5s of 1899..—..1945
14T2
7712
7834
7g
12i2
Mendo/.a
32
24%
7834
15
1514
Medetlin (Munlc) extl 6>£a_1954
CProv) 4a
13ig
503g
9114
65i4
1214
14
1
Assenting 5s large
Assenting 4s of 1904
1
1
1
78
1
78
1%
llg
1
78
1
78
1%
78
%
34
78
H8
497g
113g
11%
46
51
llig
llig
127g
12%
IOI4
1234
6I4
91g
534
Assenting 4s of 1910 small
Treas 6sof 13July'24coup.rge
"T
"Tig
48
53%
48
10
10
(City) Italy extl 6^8 1952
Minas Geraes extl
Extl
f 6^8
s
f 6^8
s
8
1958
Norway (Kingd of) ext
s
2
7g
7g
li2
ll4
13g
114
I7g
15g
1%
I3g
2%
2%
4%
llg
li4
ll8
2
7g
2
438
1%
1
I3g
25%
234
32%
8%
834
2
2
40i2
29l2
317g
26ig
65g
85g
75g
87g
67g
67g
32ig
77g
77g
46l2
47ig
85g
47ig
758
7i2
1
1
23
44
1%
"§5"
~47% "27% ¥9"
9
8l2
47g
47g
46l2
29
634
734
115g
7U2
1959
40
40
47
47
54
7112
70
1957
8012
79l2
8934
89
92%
80lg
90%
79
83
63
80i2
37
62
337g
78
89
78
85
6712
83i2
38
61
35
39
37%
4034
3634
85
9314
88
41
9712
29
40
35
85
87l4
70ig
39
97i2
38
36
3012
8134
29lg
2334
34
683g
9314
77
4314
43
345g
34
29
29
2712
61%
9214
7734
7312
96ig
96
90
61
72
62
80l2
29
76
23
31
2012
28
26
63
73
59
763g
60l2
73%
12lg
593g
80
297g
74i4
21
345g
20
2734
26
80
50
50
23
3034
217g
22
95g
5912
55i2
12
19
5614
59
88
4^8
1956
4^8 sink fund..1965
1963
934
10
75%
Oriental Develop Co g 6s
Extl deb 5^s
5512
513s
6778
76i4
80
77
12
Municipal Bank extl i f 5s '70
Nuremburg (City) extl 6s—1952
12
95g
13%
~56% 63% 54
65
5512 60
68
5114 57
49l2
52i4 55i2 55
40
74 '
20
25
69
73
68% 75
7214
105l2
Panama (Rep) ext sf5^s__. 1953 10412 105l2 103% 10334 10334 104ig 105l2 105i2 101
73
78
77
78
73% 82
72l2 73
Extl s f 5s ser A.—May 15 1963
7412 7412
72
66I4 74
52ig 68
Stamped
69% 74ig 68 j, 73U 68
.1953
-.1958
1955
58%
54%
.
8i2
75g
50
53
48i2
7%
48%
50
Pernambuco. State, ext 7s_1947
Peru (Rep) ext s f sec 7s
1959
f 6s
Natl Loan extl
Poland (Rep of) gold 6s
4Mb assented
Stabiliation loan
s
1958
f 7s
"6% " 6*34
1947
1950
7
19 S3
6
Porto Alegre (City of) s f 8s 1961
7i^s
8I4
75g
..1966
Prague (Greater City) 7H« '52
Prussia (Free St) ext s f 6Hs '51
S
f gold 6s
llig
12
99
Queensland (State of) extl 7s *41
External
f 6s.
s
90ig
1947
Rhine-Main Danube 7s A-.1950
1034
9ig
10%
914
IOI4
IOI4
834
884
10%
"7" ~
7i2
7%
534
10ig
9%
734
714
6
11%
103g
11
53
52
57%
51
5434
52%
5712
63i2
57
65
54%
46
48
46%
52
49
56
50%
49%
51
47ig
38
377g
46
49
50
46%
51
49
51
49
51%
38i2
41
37
37
34%
37
30
38%
30%
33*8
28*g
37%
3734
405g
44
32%
3234
33
37
24
38ig
2934
46i2
4712
46
46lg
33i2
33i2
3312
33
33
275g
27%
17
17
12
23
55ig
58
55i~g
54
5134
5634
52l2
45l2
52
47
58l2
53l2
3784
30
35
2958
33
2634
22ig
30
101
11
13
13
13%
13
13%
99
1013g
8512 92
"l2% T234
12U 1234
12tg
10134 100l2 103
90
98
98
38
62i4
"2l"
39%
49
10
9i2
8ig
IO84
7
9
77g
97g
93g
IOI4
934
934
95g
1178
11%
11%
93g
10%
IOI4
103g
6
7%
6%
7%
6
7%
6*s
6%
6%
7
6lg
634
63g
7
6
7%
6%
734
4
4
414
9i2
5
9l2
5
5
4%
5
4%
14%
14%
4%
13%
434
7
6I4
5
10ig
6%
6I4
714
734
10lo
1034
7
7
7
634
9
13l2
1314
14i2
13i2
18i2
17i2
59
1313
1714
75ig
76
41l2
45
46ig
414
414
9l2
8l2
61
414
334
414
1012
414
35g
534
534
13
"4"
"3"
4%
5
3%
3%
3%
3
"
4
3%
3
4
3%
4
9
10ig
8%
9
12 lg
20
10%
19%
10%
27
1258
20
17
26%
26%
26%
21
27
83
1384
1334
857g
12
12l2
78i2
5
3%
87g
10
9%
27
27%
76
89
76%
85%
86
92
86
95
53
50
58
58
62
60
61
61
62%
64%
22
27
27
27
58%
2534
7%
8%
" 4I4
"4"
15
12
54
6%
7%
7
.7
4
15
70%
64%
60%
7
734
7%
57g
534
21
54
6%
4
46
66%
60%
7U
7
7
86
~643g
6I4
7
73
~60~
57g
4
99ig
78i2
12
9l2
5714
9i2
63
9l2
6612
12i2
11
67%
52
53
6i4
7
13
107g
60
5578
6i2
414
914
734
i2i2
11%
7U
102
62
5712
714
4
13
48
634
9i2
12
4234
7U
7l2
13
45
7
4lg
11%
27
6lg
7
1312
98i2 10112
26
6
514
634
6I4
634
714
7
4
1212
38
27%
2634
7
5l2
434
12
"l2% "13%
30
27%
73g
434
5I2
10
10%
12%
35%
27*8
4034 41
45%
2334 27%
28
10234 10334104% 102% 104%
47
52l4
60
58
27*8
26%
42%
38*g
26"
60
5914
50
52
31
10112 10134 102
101
56"
lOig
21
21
Rio de Janeiro (City) 3 f 8s. 1946
Extl sec 6^8
1953
97
"5434 "52"
6
11
60
5612
50ig
9ig
712
334
54
49
53U
25l2
96U 100
"56"
834
5434
47
5012
19i2
8I4
95g
95g
93g
7%
16
87g
8
50
45
7i2
7i2
714
7
43g
30%
8%
48i4
884
5
1214
16
"T "9"
7U
514
1012
5ig
73g
55g
5%
834
10%
21
12
115g
1952
9l2
95g
12l2
8I4
97g
10
11
912
9%
8%
10ig
"l55g "l6%
67g
7U
9
107g
97g
97g
834
9
714
734
4V^s assented...
Extl loan
15
15
_196«
f g 8s
8
9ig
101g
9l2
912
834
1940
assented
External
8
85g
10%
10%
10ig
9ig
1961
f 6s
s
612
97g
1960
3%
28
49 ig
47ig
4512
53
...
s
4%
317g
10
10
50
8%
8%
70
68
Natl Loan extl
2
28%
54
70
f
4^8 ext'1
2%
71
External
Oslo (City)
1%
62
88
Mar
4%
4%
1 38
47
1944
External
3%
3%
I3g
47
s
External 4s
4%
ll2
44
812
External
s
3%
ll2
44
1958
f 6s *43
f 6s...
37g
43g
ll4
llg
Us
1952
1959
Montevideo (City of) g 7s
Extl s f g 6s series A
New So Wales (State) ext 5s
External s f 5s
Apr
1
lb
1
1
1954
Assenting 4s of 1910 large
Milan
1
3%
6I4
53g
934
93g
13
77g
514
6ig
7ig
10
914
9
914
4514
27
"6~
4914
6%
6
57g
914
5ig
7ig
83g
63«
5
7
7
7
12
9
10
1012
8%
734
738
"7% ~~8%
1012
1512 20
1512
834
7!g
97g
73g
7
738
I0i2
714
6I4
"8"
5%
4i2
414
7i2
9
10i2
15l2
ID4
10ig
312
414
714
734
6%
6I4
67g
6%
978
758
10
812
97g
9
10
734
8*g
7%
6%
7%
6%
9%
8%
3
4
8
8*8
8%
9
"21% "27"
27
684
7%
9%
10%
8%
Rio Grande do Sul (State of)—
8s extl loan of 1921
1946
8%
6s ext!
1968
734
1966
75g
s
f g..
78 extl loan of 1926
78 municipal
loan
77g
553g
1967
Rome (City of) extl 6%»
1952
Roumanla (Kingdom of) 7s. 1959
8
9
912
912
5514
9i2
73g
912
60i2
9i2
Feb 1937 coupon paid
Saarbruecken
(City) 6s
Santa Fe external
""73g "834 ~~8%
1034
83g
1950
8
10
..1956
7i2
10
1968
714
2134
9l2
34
85g
31%
914
19
12%
11%
11
3334
1712
18
18
18
7
1957
dollar loan
Secured
s
f 7s
13i2
1940
Saxon State Mtge Inst 7s
1945
S f gold 6^8
Dec 1946
Serbs Cro & Siov 8s
7s series B
Silesia
sec
(Prov)
sec
lll2
f
5
7g—1958
4^s assented
IU4
5%
1212
5
19*2
s
9%
14i2
"11% T2T4 "11% "13"
extl. 19S2
extl
extl
60
80
734
8i2
10
812
8%
8
10%
984
2012
113g
63
20
21
1012
934
1H4
3714
1612
33
1312
1214
11
37i2
16
15
1234
1512
14%
514
10
14ig
10
514
5
10l2
6i2
9
8i2
7
IOI4
412
6
9ig
4l2
8ig
7U
343g
2212
9
8
25l2
1312
207g
55
33
712
714
2034
914
2034
117g
ll3g
IOI4
3l5g
8%
834
9*g
8%
3334
6%
29%
8%
32%
6%
297g
5*8
5%
54%
8%
"7i"2 "S"
1312
13
1112
3934
2078
1214
117g
10%
3634
21 s4
14i2
13's
11%
107g
914
10
9l2
IOI4
1012
8ig
10
9l2
3
~~9% "
4
334
4
37g
54
57
51
54
4812
27
29
2434
2534
62i4
53
60
55%
61%
5684
6212
54ig
297g
5614
45
65
65
5812
63
60
63
62
62
63
63
60
51
537g
53
51%
5434
621g
557g
53
57%
58
62
5512
1946
53
53
a59
a59
62
62
1960
52
53
59
59
60
52
15%
4034
25%
27
5%
5*8
6%
534
26*g
26*8
7%
734
7*g
4%
10%
10%
3%
7
334
37g
"6i7g 68"
25%
59
62%
9%
8%
2434
15*8
1434
14%
10%
9%
26%
17%
17
1534
27%
26
7
58l2
1961
56i2
16
39%
6%
55
53
15
11
13%
33%
"25"
27
"45l"2 46""
93g
25%
16*8
4%
"I3I4 T3I4
5634
9%
10%
8%
24*g
1534
8%
19
1012
10
23
"is"
10%
24%
16%
157g
14%
28
40%
52
40
75" "65"
59
25%
8ig
I05g
8
55
21%
13%
12%
10%
"l634 "1634
8%
587g
7
20
11
8
IOI4
61
11
9
83g
714
21
121.4
1214
10i2
5412
20
24
87g
"7% Yl%
53l2
57
3734
55
40
25"
4
39
43%
"23"
23"
6%
7%
6%
3%
334
7%
334
4
44
27
27
"59"
83"
42
60
5512
35%
47%
4234
40%
46
2714
22%
25
21
24
20
21
39
50%
44%
5134
43
52
58%
"38*g
52%
50%
48
45
45
42
42
44i2
51%
49
4758
48
55ig
55
58%
55
58
50%
50'2
"38%
40%
49
43%
4514
50%
53%
51
4334
4812
50
51
49%
48%
4-4^-4^% extl readj....1978
3V£s extl readjustment—.19*4
46
50
49
53
52l2
Venetian Prov Mtge Bk 7s. 1952
Vienna (City) extl 6s
1952
43
49
4514
51
44ig
63%
32ig
43
33ig
39i2
3814
4334
40i4
46%
36%
43%
38%
4134
52
5H4
40
53
33
40
40
40
31%
42%
35ig
38%
35%
35%
53l2
34
44
3534
4034
46%
38
4014
377g
39l2
41%
56l2
38
42%
40
4334
40%
4434
40
51
56
3612
40%
36
36
40
36%
263»
36%
26l2
38l2
4212
3634
29i2
36
53
37
34
39l2
38i2
5012
35ig
3112
35
40
26
29
8%
8%
11%
13%
3%
334
58%
3%
3%
41%
50%
5012
5034
"in ~¥%
87g
834
39%
4912
40
1979
1978
8
30
25
28
30
10
8
3812
3634
26
10
24
35%
25"
"25"
53g
567g
5
714
1961
597g
Note—Superior figures denote 32ds of a
56%
514
61%
6174
69"
512
56ig
point, viz.: 1051*=105-»«i
5i2
6434
a
4
5514
3
514
62l2
37g
Deferred delivery
At
(Continued from page 57)
$34,592,950 (comparing with $34,819,350) ; hills
discounted,
$19,743,200
(against
$19,229,159);
demand
loans, $12,353,350 (against $11,699,806), and other securi¬
ties, $10,264,070 (against $9,950,383).
The hank's capital
remains at $4,550,000, but surplus and undivided profits
account is now $9,430,432 against $9,370,239 on the earlier
securities.
r
the
3
334
64l2
5714
59
6l3g
35g
35g
5834
57
bank
time
the
of
has had
recently
of
corner
3
,
43%
3%
234
48%
47%
3
3%
54
Cash sale.
previous
proximately $60,000,000 and
tional
50
35%
r28% r28%
2%
1958
ext 16s
6
9
57
26
63
3914
..
8I4
6i2
15i2
54
5014
58
40
"44% ¥0% "48%
7%
97«
9%
25
63
58%
conv
77g
41
56i2
38
Extl s f 6s
May 1 1964
3«-4-4*% extl readj
1979
Q
8%
22
9
~85% 87* " "73"
ft
9%
34
5%
35
63t2
5812
Yokohama (Cltvl
32l2
35
9
39
4 V^s assented
32
40%
37
4_4^% extl
97g
65
55ig
3^-4H-45t«%
15
5
11
9%
734
9
41
Tokyo (City) loan of 1912 5s'52
f 6s
14
5l2
5ig
5'g
1534
87
15^8 guar
Uruguay (Rep) extl 8s
6
1512
8l2
10
9%
27%
87g' 10
3%
1534
s
5
14
66
12i2
85
3
85g
10
lOig
714
54
1312
1214
9ig
1955
1971
s
46i4
77ig
IOI4
8%
15
5
5
5
1958
IP4
5%
10
10ig
31%
16l2
9
Sydney (City! sf g5V£s
Taiwan Elec Pow s f 5J^s
External
32
77g
97g
8%
11%
1012
23
1312
11%
-
10%
8%
5%
6i2
7i2
1212
9ig
80
12
10%
75i2
103g
Silesian Landowners Assn 6s'47
External
33
12i2
16
loan.
78 extl water loan
1512
9%
9ig
6s ex*!
113g
11
8l2
77
San Paulo (State) 8s extl 1921 '36
8s external
9
9%
734
.1964
f
8
39
107g
22
San Paulo (City) 8s extl sec s F52
6M* extl secured
914
914
912
1953
f 4s
s
9%
10
La
substantial
a
leased
Salle
an
and
increase
now
resources
of the bank
exceed $80,000,000.
were
growth in deposits and in loans in 1940,
additional
floor
in
its
ap¬
The American Na¬
The
building at the southeast
Streets.
Washington
•
The First National Bank of
to $3,600,000, including
$600,000 in preferred.
In
noting the matter the Chicago "Tribune" of Dec. 27, con¬
Chicago, Chicago, 111., in its
covering the year ended Dec. 31,
1940, shows total deposits of $1,159,424,959 and total assets
of $1,238,291,927, comparing, respectively, with $1,140,723,524 and $1,216,601,174 on June 29, 1940.
The prin¬
cipal items comprising the resources in the current statement
are: Cash and due from banks, $439,782,484 (against $464,253,471 on the earlier date); United States obligations,
$402,224,157 (up from $395,484,001); loans and discounts,
$301,592,127
(comparing with $264,807,146), and other
bonds and securities, $80,691,613
(against $78,077,479).
The bank's capital remains at $30,000,000, while surplus
tinued
fund has been increased to
date.
.
♦
Enlargement
National
Bank
transfer of
to
surplus,
«
capital
the
Co.
&/Trust
of
structure of the American
Chicago, 111., through the
$1,000,000 from undivided profits and reserves
announced on Dec. 26 by Lawrence Stern,
This action increases the surplus to $2,000,000.
was
President.
It
of
enlarges
structure
capital
the
$1,000,(KM) in
stock and
common
:
Increase
in
$2,600,000 to $3,600,000 will
automatically increase the size of individual loans which the bank may
make from $260,000 to $360,000.
It was said that this may enable the
bank
to
loans
from
The
greater
structure
defense financing
should
the demand for
expand.
addition
added to make
came
in
part
from
December, 1938, when
The $1,000,000 added
from accumulated earnings and unused reserves.
previous
was
surplus
a
capital
manufacturers
last
$200,000
tc
take
the
a
to
surplus
was
in
total of $1,000,000.
77 th
annual
statement
but undivided
profits
are
$40,000,000 from $35,000,000,
down to $2,485,640 from $5,075,-
902.
Net
profits of the bank for the year 1940 (after all bad
were charged off) were $6,083,360, which,
and doubtful debts
when
added
from Jan. 1,
to
$3,952,280,
the
balance
brought
forward
1940, made $10,035.640 available for distribu(Continued
on
page
69)
T7*e Commercial & Financial Chronicle
60
Jan. 4, 1941
COURSE OF PRICES OF RAILROAD AND MISCELLANEOUS STOCKS FOR
1940
March
January
February
June
April
May
October
July
November
August
December
September
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low
High
STOCKS
Isno
Par $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share
$ per share $ per share $ per share $ per share
68
70
*
68
50
57
58
68% 70% 67
69%
67% x52
58% 55% 68% 56% 58*4 53% 58% 53
55% 49% 53%
Abbott Laboratories—.
4^%
conv
100 144
preferred
Abraham & Straus
Acme Steel Co
25
k
Adams Express.....
*
Adama-MUlIs..
Addressograph-Multigraph ..10
Air Reduction Inc
Air-Way Elec Appl Corp
Alabama & Vlcksburg Ry
*
Co 100
Alaska Juneau Gold Min
10
147
141
141
142
142
110
141
144% 147
43
41% 41%
45% 46% 30
48
48
48% 45
48% 45
52% 34% 50%
9
7%
8%
7%
8%
7%
8%
4%
7%
21
21*4 21% 22% 21% 26% 24
24
27% 17
18
17% 19i2
13
18% 17% I884
16% 18%
1734
53
50% 58% 48% 52% 48% 61% 48
3634 48
a4
%
%
%
%
%
%
'4
4578
7%
77
1% "7
6%
6%
6
77
03s
60
6
4
6%
118%121
30
32
44
44%
30%
36%
434
32
43
5%
16%
12%
36%
%
1834 £18
13% 13
5%
534
18*4
%
41%
1334
42%
%
4%
4%
3834
36
36
36%
37
48
47
5134
51
47
4%
17%
1234
38%
534
4%
19
21
13
13%
4334 £39%
%
%
%
5%
6
20%
16
£22%
14% 1534
4%
4%
4*8
60
6%
21%
$2.50 prior conv pref
*
Allegheny Ludlum Steel Corp.*
Alleghany & W Ry 6% gtd-.lOO
0
9%
1334
18%
1%
14%
19
h
11
12i2
I6I4
16%
22i2
20%
23%
72
~9% "10*8
10
171
.1
...
Dye
...»
Amalgamated Leather
6%
conv
1
preferred
50
Amerada Corp
Amer
.*
H*
Agrlc Chem (Del)
American Airlines Inc
...10
...lllO
American Bank Note
6% preferred
.,50
American Bosch
5H7o
14l2
53%
1934
4134
10%
46
1.111.1
5%
Fdy.ll*
383s
Corp
American Brake Shoe &
2
23s
16%
American Cable & Rad
American Can
1078
60
68
35%
14%
1%
38%
15%
15
10%
56%
20%
50%
11%
49%
53%
21
493s
20
1112
45%
!0%
50
47
6I4
4534
73
180
12% £14
13% 15
8
y%
56%
5%
2%
8%
44
38%
130% 131%
joO 13012 132
conv pref
1
13%
11%
11%
«%
9%
14%
17U2 179
Allied Kid Co
5
12% 14
Allied Mills Co Inc...
*
1312 1478
Allied Stores Corp
77g
9*8
5% preferred
63*4 68
....100
Allls-Chalmers Mfg Co
»
3534 4178
Alpha Portland Cement
*
14% 16
Allen Industries In*
Allied Chemical
'4
1
11%
13%
10
%
1
%
"j.
%
13%
534
%
•iS
10%
6
143^
9
8%
10
72
39%
7i«
43%
%
34
71%
4%
4%
4*8
4%
4%
%
12%
•ie
10*8
34
12*8
%
is
is
9%
9%
7
934 12%
4% 11%
434
7%
8%
634
8*a
17
15
7
17%
16%
7*4 10*4
10% 16% 12% 1434
23% 21% 25% 15% 26% 1634 23% 20% 22% 1834 22
73% 73% 73%
61
61
12%
8
11% 1234 "7% "l2%
7%
834
634
7*4
9%
173
182
136
1797« 176
180% 135%154
14434 151% 148% 157%
12
12%
9
9
1134 12%
8% 12%
9%
9%
9%
9%
13% 14%
10
12
11
13% 1634 10% 16
12%
11% 11
8
7*4
8«4
9%
4%
8%
4%
6
534
6*8
5%
6%
69
73
55
59
06% 09
57
64
58
73%
62% 64%
35% 37%. 33% 38
33
2134 34% 2234 29% 27
29% 33%
143g 147«
11
13% 15% 11% 14%
12%
12% 1284
12% 13%
2
1%
1%
2%
1%
2%
1%
13s
1%
1%
1%
13s
18
14% 1034 16
10
11
10
9% 16%
10% 10% 10
53
55
54% 68% 38% 57% 40
4534 40% 46%
4634 41
18
1S34 20
1934 12% 1734
13% 15%
13% 1434 14
15%
49
4734 64% 62% 75
7334 49% 63
56% 6234 50
60%
»% 1034
6
10% 1234
6% 11%
7%
6%
6*8
7%
7%
46
4834 48
41
36
36
41
40
49% 43
4834 35
7
8%
7%
8*4
5%
9%
5%
5%
6
6%
6%
7*8
43
28
38% 43% 39
3334 37
41% 30% 38
32*4 35%
131
128
131
1327s 131%133
129
12934 135
131
132% 135
22
23%
74%
116
174
~
SumaYra"Tobacco"10
-
,
.
_
.....
x\uu>
...
111150
4734
50
ouperlor figures denote 32ds of
£
Ex-di viden ds.
y
Ex-rights.
a
<
49
51
11
14
20%
74%
834
P
-
83g
14
20%
73%
10%
2%
234
1%
2%
113% 115% 114% 116" 87" 115*4 87" IOO" 93% 96
93
97
164
175
166
169% 174
171
173
172%176
172% 177
178%
American Car &
Foundry!"..* 24l2 32l2 2334 27% 23% 27% 24% 29% 18
33% 20% 26% 2234 25% 21% 26
Preferred
5134 42
46% 38% 4534 41
I'lOO 43
50% 34
5034 36
42% 39
43% 40% 44%
American Chain & Cable.
1". * 20% 23% 1934 21% 19% 2078 20% 23
18
13% 22%
14% 18%
17% 19%
19%
106
109
5% conv preferred
110
108% 109
110
100
1 "loO
105
105
112% 100
10434 104
10534
American Chicle
136
112
111" * 133" 136" 135%138
138
136% 138
120
140% 113
11834 121
11834 122
Am Coal Co of Alleg Co
13
13
9
10% 11%
9
9
(N j) 25
9%
American Colortype
6
"6"s "V"
834
734
9% *"8% "9%
6
6
i0
5%
8%
6%
6%
6%
6%
American Comm'l
6%
8%
6%
7
6%
734
6%
5
Alcohoi"~20
8%
4%
7%
4%
5
434
5%
Amer Crystal Sugar Co
14%
1234 1334 "12% 15%
8
If 0 1012 12l2 11
834
14%
8%
9
9%
11%
6% 1st preferred
90
82% 87
91% 88% 90
76
JoO 81% 83
75% 90
76% 7534 80
78*4 80
American Encaustic
2i2
3%
2%
278
2%
3%
234
3%
1%
234
1%
Tiling.1..1
1%
1%
184
1%
134
American-Eu ropean Secu
5
5%
6
5%
5%
4
ri ties' *
6%
4%
3%
4%
4%
4%
American & Foreign
134
2*8
"l
1%
1%
1%
1
Power
'
1%
1%
2%
"1*4
1%
1%
1%
1%
1%
$7 preferred
22i2 28i4 23
26% 21% 2534 24% 28
16
10S4 24%
.11"*
11% 17% 13% 16% 14
$7 2nd preferred A..
5
5
5%
7%
5%
*
4%
6%
6%
3
4
2%
5
2%
3%
3%
434
$6 preferred
22
12
20% 24%
-".".".1.1.11"* 19% 24% 19% 21% 18
9% 2034
10% 14%
13% 11% 12%
Amer-Hawaiian
Steamship" ~"io 2878 3534 29% 32% 29% 32*4 32% 46% 23
50% 2334 29
24% 31
26% 31
American Hide &
6
478
5%
3
6
6%
4
Leather "" 1
4%
5%
4%
6%
3%
4%
4%
3%
4%
6% conv preferred
37
34
33% 34%
23
35
38
24
"H5O 35
28% 26% 28
26% 26%
American Home
56i4 60% 57% 5878 58% 63"
62
Products
1
66% 45% 63% 46
52% 51% 54
49% 54%
American Ice
"*
2%
3%
2%
3%
234
3%
3%
3%
1%
3%
1%
134
2%
2%
1%
1%
6% preferred...!"
35
inO 24% 29% 28
30% 28
30% 34% 18
3134
20% 21% 2034 22
18% 22
Amer International
5
5%
6%
5%
6%
5%
3
3
Corp""" *
5%
3
6%
3%
6%
338
3%
334
American Invest Co
40% 4078 40% 41% 41% 42% 42
45
of Illinois"*
30
40
40
39%
New
j
1234 13%
5% conv
57
5034 52% 51% 52% 52
43
51
56% £47% 47% 47% 48% 49
Preferred!!!!!!!!I50
American Locomotive
22
"
*
18% 20% 19
12
14
18% 22% 10
20»4
10% 14%
11% 14
Preferred
""
52
60
54
63
61% 56
38
45
51
59
jjjo
61% 39% 48
54%
Amer Machine &
13
14
13% 14%
Foundry"" *
13% 143g 10
1334
10% 12
11% 1234
11% 12%
Amer Machine &
Metals
*
278
3%
2%
3%
2%
1%
3%
3%
2%
2%
2%
2%
2%
3
American Metal..
2234 2478 22% 25
1!
*
21% 24% 1234 22%
1234 16%
12% 15% 14
1634
6% preferred...HI
121
116
119
119% 119% 121
95
95
90
92
Ijjo
90% 92
American News Co
24
"
*
25% 25% 26
24% 25% 21% £26"
20% 23
20% 22% 21% 23
American Power &
3
4
334
2
4%
Light!
*
3%
4%
3%
2%
4*8
3%
4
3%
334
$6 preferred
""
*
54% 5634 £51% 57% 54% 59% 3434 57% 38% 51% 47% 51% 48% 5234
$5 preferred
1
*
44% 47% 43
49% 45% 51% 28% 48% 31% 45% 40
44% 41% 45
Amer Rad &
9
10
8
8%
9%
9%
434
8%
4%
5%
Stand'Sanltaryl"*
534
73g
6%
6%
Preferred
163
155
160% 160% 155
lflO
143
145
146
146
146
157% 140
15434 135
American
Rolling Mm"
75
14% 1578
15%
9% 12%
m2
4M% conv pre?..""
-Tm4 677?
-rantf# 69% 67% 59% 65
12
9
12% 1134 1234
12
8
11% 12%
8*8
8%
8%
8%
American Seating Co
*
9% 1034
9% 11% 10
5
7
IO84
7
10% 11%
10%
6*8
7*8
7*8
7%
American Ship
30
34
2934 33% 30
32% 29% 37% 23
Building
**•
35% 23% 29% 2638 31% 25*4 30%
American
52% £47% 51% 47% 50% 49
54
Smelting & Refining"* 46
40
30% 50% 34
34% 3984 33% 39%
7% preferred..
142
146
147
100 143% 146%
122
142% 14634 143
144% 123
128% 134% 138% 134% 138
American Snuff
68
69% 6834 70
HI
75
54
64% 6834 63% 66
54
56
51% 63% £52
55-% 56
$6 preferred...!""
149
150
151
ioO 149 150%
145
142
144
152% 139
152% 139
140% 142
American Steel
Foundries"" ♦ 26% 33% "26% 30% 2534 29% 27% 31% 19% 29% 20% 26
22
25% 21% 24%
American Stores
"" "* 12% 13%
12
13% £12% 13% 1234 14%
10
9% 13%
1134 13
134
11% 1234
American Stove Co
15
16
12
."111!!!
* Xl534 17%
15% 17
15% 16% 11
16%
11% 11%
13%
13% 12
American Sugar
19% 23% 18% 22
13
14
19% 22% 1234 21% 1234 15
Refiningll loO 18% 21
1234 14%
Preferred.
81
89% 88% 93
85
92% 85
89% 75
87%
74% 77
73% 76
70% 75
American
14% 16% Xl4*4 1578
15
*
15% 18
16% 17
11% 17%
1134 14%
17%
15% 16
American Telep &
Teleg
io« 16734 17234 170% 172% 171
175% 172% 175% 145
174% 147%161% 158%163
15734 162%
American Tobacco
" 25 85
8834 87% 89
8534 88% 87
89% 69
89
69%„7S- .73%.J6% 72% 76
Class B...
I!!!!!""" 25 "-W-00% s88«r~9634 87%90%1
70-~~90«4 -72 ~ 78"
7-fr"~~Jn*4
6% preferred..
150% 146% 150% 14434 150
IOO 148
151
136
14834 150% 137
140% 1423s 146
14234 145
American Type
5
5
5%
5%
6%
3
5%
Founders!!! 10
434
534
2%
434
3%
4%
334
3%
3%
Amer Water Wks
& Elec
10% 12%
*
9% 10%
6
884 10%
9% 1134
5% 10%
1034
8%
7%
9%
9%
$6 1st
99
preferred.._
"* 95
96% 98% 95
87
97% 98
101% 84% 101
83% 85
9034 89% 90
American
7%
978
7
Woolen..!!!"
""*
7%
6
8%
8%
7% 12
1134
8%
6%
984
9%
8%
9%
Preferred
!-"_!!" "
29
100 4134 47% 41% 47% 39
43% 41% 52% 25% 50%
42% 36
40% 35% 41%
Amer Zinc Lead
&
5%
7%
534
734
6%
7*8
Smelting!. 1
6%
8%
4%
7%
4*8
6%
434
4%
5*8
5%
$5 prior conv.
39
39
40
pref
43%
40
40
43
25
35
44
37
39
40
45% 38
Anaconda Copper
32
26%^l%4--26%r~81% 27% 30% 29
Mining
50, 0
18
18%
30%
19% 23
21J4"i8%_2134
Anaconda Wire & Cable
35
""•" * "3B
38% 35% 38
37
20 * 36
24
38—41%
22%" 25 ~ 23
22% 26%
20
21
Anmc,h?r Hock'g Glass Corp 12I5O 20% 21% 19
"
14
22% £19% 22% 12% 20
1234 14%
15%
14% 15%
$6.50 convertible
pref
* 112% 114
111% 113% 110
112% llli»lll%
$5 dlv preferred
*
110
109
11034 112% 108% 1123s 107
111% 111% 113%
11
13
12
1134 15
8
14% 14% 1534
8
13%
9% 11
9%
8%
9
AP w
A P W £°PPer fining" C0IIII2O
Paper Co Inc
5
2%
378
234
234
2
2%
284
2
2%
4%
2%
3%
1®4
2%
134
134
31% 32% 32% 35% 33% 35% 33% 34% 24
Archer-Daniels-Midland
*
35
23
24
27
26
2934
2534
Armour (Del)
110
7% pref
109
100 106% 109% 108
108% 110
101
110% 9934 110
102% 101%104
97% 101
Armour of Illinois
5
5%
6%
5%
5%
4
7
5%
4
6%
5%
7%
4%
4%
5%
4%
4%
57
JO conv Preferred........
* 46% 50% 48%
51% 50
60
35
43
40
42
51% 64% 35
37% 44
7% Preferred.......,""
joO 58% 58% 60
68
6434
68
Armstrong Cork Co
40% 39% 41
11..* 37
"38% 4134 40% 4334 22% £4138 23% 31S4 28% 30% 29% 33
Arnold Constable
10
10
1078
Corp. .1!
5
10% 10
10% 10% 11
6% 10%
6%
7*4
7%
834
7%
8%
Artloom Corp
*
8%
8%
4
9%
4
8%
9%
7%
9%
3%
4%
7%
4%
4%
4%
7% preferred
99
!..I'lOO 96% 96% 96% 96%
102
101
102
101% 100
Associated Dry Goods
7*4
9
111..1
7*8
8*8 "~7% ~8~
5
7%
438
534
8%
8%
5%
5%
534
4%
78
75
76
75
77
a65
65
78
80
7434 76
%% 2ndpreferred
l«t
IoO 76
68% 68% 65
65%
7%
73
85
preferred
70
72
70
73
100
74% 77
60% 61
49% 77%
63% 67
Associated Investment Co
41
43
*
36% 38
£43
45
43
42%
29% 33
30% 31% 33% 35%
44% 33
5% preferred
111100 97% 99% 98% 1003s 99 100% 98% 100
85
82
90
86
90
98% 82% 85
Atch Topeka & S Fe
15
Ry ColllOO 22% 25% 22% 24*4
21% 2334 2134 25% 13
16%
2284
13% 17
14% 16%
5% non-cum preferred....100 50% 53% 60% 5434
47
5084 54
49%
54% 57% 39% 57% 413s 50%
48% 47Atlantic Coast Line RR
Co..100 18% 23%
10
18% 20%
16% 18% 16% 19%
9% 17%
12%
11% 12% 10% 12%
Atl Gulf & West Ind
14
S S Lines. 1
18
14
10
1334 16
15% 15
22%
11
10%
8%
8%
9%
8% 21%
5% preferred
100
14% 1834 15
15
10
12
16%
1334 15
22%
19%
12% 12%
12%
9% 12
Atlantic Refining
21
25
20% 22
23
23% 22% 23% 22
24% 18% 27%
19% 2134
20% 21% 21
4% conv pref series A
100 10878 110
107
107%110
106
107% 108% 107
108% 104
109% 102
109% 107% 109
Atlas Corp
5
8%
9
7
7
7
7
8%
834
9%
7%
9%
7%
9%
7%
6% preferred
634
15%
40%
42%
7%
*4
11%
11%
11%
1
-...25 112% 116% 112
.!l00 17434 17612 171
Preferred....
54%
5%
21% 2234
16%
15% 17
4334 x39%4234
*4
%
%
6%
4%
5%
100
100
%
10*4
Pref series A $40 warrants.100
Pref series A $30 ex-warr.. 100
"49%
22%
Albany & Susquehanna RR.100
Alleghany Corp..
*
Pref series A »30 warrants.100
123
37
'
534
(
21
60
6%
118% 120% 120
36
45%
45
47%
50%
47
point, viz.: 1051*=105llw.
48%
4384
48%
*No par value,
43%
45%
45
46%
45
t Reported in receivership.
151
9%
12%
6%
9%
164
"9"
9%
9%
13%
7%
12%
7
69%
3534
32%
12%
1%
143g
1%
12%
4834
17
14
12
46
53%
7
38
6%
3434
130
10%
21
24%
58%
7%
37%
132
%
Yo%
20%
193s
10%
24
25%
23
25
79
10
1%
10%
13
734
12
10%
72%
37%
17%
184
878
8%
"io~
11%
"12%
161% 169%
10%
10%
10
12%
1334
12%
7%t 8%
678
10%
12 78
8%
7334
39
74
79
33%
33%
16
18
17
37
17%
1%
72%
1%
,
134
1%
15
13
17%
15%
42
48
44
1634
51%
443s
15
16
15
18
14
50
16%
5534
65
56
60%
56%
7%
62
9%
8
4034
8%
41
%e
834
18%
22%
161%171% 166% 174
32%
£1434
34
12%
79
8%
1734
21%
70
£67
•is
10
47%
7%
45
6%
35%
130
38%
133
10%
6%
36%
130
49
8%
39%
133
678
16
8%
41
46
6%
30
40
734
£128% 133
1%
2%
1%
1%
1%
1%
1%
1%
95% 10034 £93% 101% 86% 95% 85% 89%
182
185
184
178% 17434 1 7634 176
24% 28% 26% 30
27% 31% 2734 307g
6334 5834 65
42% 53% 52
5878 63
18
20%
20% 21% 20% 22% 20% 2234
313
10434 10734 111
114-%
112% 114% 115
124% 130
11934 130% 117
120%
124% 118
177
12
6%
5
8%
75
6%
9%
78%
6%
4%
7%
6
9
10
75%
81
12
7%
5%
934
8
434
9%
5%
10%
82%
78
77%
82%
1%
3%
6%
1%
2
134
2
1%
2*8
434
434
4%
4%
4
1%
15% £16%
1%
1%
16%
334
13
37%
4%
1
4?s
1%
1
3*8
12%
28%
4
2738
51
134
21
3%
4%
1334
33
4%
28
54%
2
2334
4
14
3%
11%
30%
3%
30
3134
54
56%
2
"7% "8%
11%
14%
234
11%
*4
14%
178
4
1%
17
3%
14%
41%
3534
16%
4%
13%
41%
36
4%
29%
5%
33
3%
4%
2634
317g
48
56
50
52
1%
2034
2%
11%
1%
17s
20%
334
22
3%
1%
2234
4*8
21% 2258
4%
12%
12%
12%
48%
13
48%
13
49%
'14%
16%
85%
1334
1434
76%
12%
2%
17%
1734
87%
137s
3
15%
17
82
92
12
13
1%
12%
12%
50
50
13
16%
54
74
68
12%
133s
3
1734
13
3%
4
13%
50
2%
2%
3
2%
3%
16
1534 17%
22%
17% 20%
109
110
94% 100% 100% 1013s 10478 110
23
23
22% 24
25%
25%
22% 25
3
4%
3%
4
4%
2%
2%
2%
50
54
50% 55% 46% 55% 43% 49%
42% 46
43% 48% 39
48% 3534 41%
7
7
8
6%
7*8
734
6%
7%
147
147
147
156
102
158%£l61% 160
12%
16—18% ■14%. 16%
11%,. 16%
65
7F" 67% 71%
69% 74% 66% 74
6
7
634
8%
6%
7%
5%
6%
8
7%
8%
83g
8% 10%
7%
9%
28
32
30
34
31% 36% 33*
41%
37% 43%
39% £44%
4134 4878 41% 45%
147
138% 1393s 141% 145% 141
145% 155%
52
56% 57%
58% 51% 56
49% 54%
142
146
144% 144% 146
150% 149% 151
26
30
20'% 25% 24% 28%
25% 28%
11% 123g
11% 13%
10-% 12%
978 11%
12
13% 14%
12% 133s
12% 13%
13%
13
15%
13% 14%
13*4 1734
1278 15
72
75
75
71% 73%
83% 70% 81%
14
15
13
15%
14% 15%
16%
15%
£160% 167% 160% 16534 164% 16734 165% 170%
j68.%.JT434
J3% .78.
71%_78
-74% 79
-72% 78%
"68% 72%
150
153
147% 153% 147% 153
150% 153%
3%
4
4%
5%
4%
6%
478
6
8%
934
6-% 10%
8% 10%
6%
7%
96
96
101
92% 97% 94
9578 98
8
8%
934
87S
10
9%
8% 10%
52
37% 4734 453s 5134 49
59%
61%
5*4
7
5%
7
6%
6%
8%
8%
42
50
45% 44% 50
537S
51% 54%
25
23l2 30
2Q%..2334 22
25% 28%
27
30% 29% 32
31% 3434 £31% 34%
14
16
14% 16
14% 1634
13% 15%
..
113
113
113
113
113% 112% 113
11
11%
117g
12% 157g
12% 13%
2
2
2
2%
2%
1%
2
34
28% 30%
28% JJ2% 32
27% 33
£105 105
105%109
108% 110
109% 1)1%
4%
4%
53s
4%
5%
434
6
5%
43
51
47
41% 47
48% 58%
52%
60% 60%
31
30% 36%
32% 37
33% "2714 32%
8
8%
8%
834
8%
9%
8%
8%
5%
578
4%
5%
4%
6
434
578
113
9%
2
534
634
68
72
70
79%
"87"
15%
91%
183s
49
6%
73%
77%
3434
678
75
86
35%
88
91
16
18
16
6%
76
53
8%
78%
87
£93
36
37
88%
96%
19%
58%
1578
20
6%
7%
78
84
88
95
34%
92%
37
95%
16
18%
50
53%
57
51%
64%
14
12% 14%
1334
1278 14%
11
14
10
11%
12%
14% 17%
17
21
13% 15
14% 17%
1634 18%
21
2234
21% 227S
22% 24%
22% 2478.
107% 108
107%110
109
111
107%108
7
7
7%
7% £7
7
7%
7%
48
48% 47% 48
4834
48% 49%
48% 49%
12%
1 Called for redemption.
a
Deferred delivery*
Volume
Tkc Commercial & Financial Chronicle
152
61
1940—Continued
I
'.
January
STOCKS
Low
Atlas Powder
5%
June
February
March
May
April
November
July
October
December
September
August
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
,
Par $ per share $ per
63
*
65% 66
-
share $ per share $ per share $ per share % per share $ per share $ per share $ per share $ per share $ per share $ per share
67
73
64
80% 57
60
71
6884 73
72% 77
65
63% 64
02% 61
6634
74% 68
67% 64
114
122% 117
120% 118
121% 112% 117
116
114
122% 115
117
116% 115%117
120% 118%119% 116% 118%
6
4
5
7%
6%
7%
4%
5
8%
6%
8
434
0
5%
57g
6%
5%
6%
0%
07gp
6%
7%
1%
2%
1%
1%
*4
1%
1%
134
17g
4% '3%
3%
4%
2%
334 "2" "2% "2% "2% "2" *2% ""2% "¥% ""2% "284 "2% "¥% "*2% "¥%
5%
20
10
15
28% 26
25% 13% 15
32% 26% 30
13% 16
1784 15
19% 1512 17%
20% 16
19% 16
4
6%
4%
7%
6
7%
7%
4%
6%
S%
4%
5%
6
5%
4%
5
4%
47g
4%
47g
434
6
.100 £122 12434 120
preferred
Atlas Tack Corp
con*
*
6
t Auburn Automobile
2
6%
27g
Austin, Nichols & Co...
...»
$5 prior A..
———*
Aviation Corp of Del (The)...3
2
i2®4
1634
20
6
7%
,
Baldwin Locomotive Works-
Voting trust ctfs
..13
Baltimore & Ohio RR
4%
non-cum
100
preferred—.100
Bangor & Aroostook RR Co..SO
5% conv pref____
......100
Barber Asphalt Corp
10
Barker Bros
145s
514
684
1234
....50
Barnsdall OH Co..
14%
684
10%
43
14
7%
28
1034
5
6%
7%
11%
127g
46%
1534
8%
29
12%
12
27%
1334
27
14
4*4
6%
"2534
45
16%
5%
8
1478
62%
15%
8%
2734
13%
7%
5H% preferred....,
18
4^%
14%
7%
26%
16%
5%
6%
11%
45%
15%
8%
29%
11%
14%
4%
6
10
38%
14%
7
28
18%
5%
7%
12%
45%
16%
8%
29
12%
19%
12%
234
5
3
3%
0
3%
7%
8
12
34
45
8%
9
16
4
7
20
35
29
4
20%
7%
16%
3%
5%
9%
14
3%
4%
7%
1584
4
5
8%
40
38
IO84
434
21%
884
9%
4%
10%
484
21%
734
21%
8%
40
13%
1534
3%
4%
8%
36%
4
14%
384
5
47g
10
9%
£41
41
10% 10.
5%
5%
9%
"
4%
23
24
25
16%
17%
1534
4
47g
57g
1084
5
9
49
4%
5%
45
9
11%
6%
26%
8%
16%
37g
18%
47g
16%
I884
3
4
6%
4%
434
5%
6%
24%
9%
6%
30%
11
29
30%
9%
2534
28%
10
:
6%
26
.
5
534
9%
48% '27% 46
11%
9% 1134
7
6%
8
29
28% 30
£9 10%
10
,
8%
8
7% 11%
1034 12%
77g
7%
8%
7«4
23%
29% 32" "32% 36% "20% 34% "23% 27% "25% 28% "26% 28% "27% 30% ~2?~ 29% £27" 29% 25%
1st preferred..——.—100 114
114
114
114% 115
113% 115% 113% 114% 112
111%112% 111%111% 111% 11434 11334 ll334
113%113% £112 114
Beatrice Creamery
25
25 27
26
27
29% 27% 28% 26% 28% 28% 3534 18% 33% 21
22% 2384 22% 23% 24
"22% 24 " 23
24% 22
15 preferred w w
112
105
* 109% 109% 109% 109% 109% 109% 10984112% 105
10584
106% 106% 105% 105% 10634IO684 106% 108
103
105
35 preferred x-warrants
*
102
103%
Beech Creek RR Co
32 " 29% 30
"36" 30% "31" ¥7%
.....50 ~30% ¥o% —I —I
"30% 32%
30% 30% 16"
32% 32%
Beech-Nut Packing Co...
105" lid" 110%114 114 116 111% m" 113% 118% 118" 125" 116% 125
127
122
102
125
.20 124
124% 124
126
12034126
9
7%
Belding-Heminway Co..
97g
9%
9% x9
734
8%
7%
8%
9%
9%
9% £9%
7%
784
7%
77g
7%
7%
7%
8%
7%
8%
66
Belgian Nat Rye part pref
12
12
12
12
67%
10
10
6334 64
10% 10%
Bendlx Aviation Corp..
32
35
..5 "26% 32% 2934 33% 3034 35% 32% 36% 24% 35% 25
30% 2684 30% 27% 31
29% 32% 30% 33%
32% £35
Beneficial Indus Loan Corp...*
21
10
19
18
21
203g
22% 21% 22% 21% 22% 21% 22% 17% 22% 1784 1834
18% 18% 20
19% 21%
1984 21%
Prior pref $2.50 dlv set 1938..*
55
53
53
56% 55% 56
53% 56% 50
49% 50% 50
56% 5634 55
51% 5134 5134 53
63% 5334 5584 55% 50
Best & Co
39
29
32
_.i
..* 37
36% 38% 2212,36% 2334 273g 25% 28
,^28% 33
^.38% . 35% 38% *,75%**85 *
Bethlehem Steal Corn (Del)—
tQtpa
72% Vy%
71% /»78
*6313^9% K65%}80% 73% 81%
19" 19"
Hf5%"preferred. ......
.20 T7% 207 zl9« 20*
121
116
7% preferred
....100 115
120% 118
121% 121% 126.'■ 109% 125% 114" 120% ll9~ 12l" 118" 12"l"% 120% 124% 122% 125% 127" 13~4"" 128" 13*l"
25
Bigelow Sanford Carpet Inc...* 2812 34% 28
25% 28% 14
25% 16
237g 26%
1784 17% 19
19% 22«4 22
32% 26«4 29
2384 25% 23% 28
18
Black & Decker Mfg Co.
21
19
18
19
15% 18% 16% 1734 17
20%
* 19% 22% 1934 22
19% 20% 19% 22% 15
20% I884 20%
2034
7
Blaw-Knox Co....,
9
.....*
684 10%
6%
9% 10%
8%
984
97S 11%
9% 10%
8%
784
8%
9% 10%
7%
7%
8%
11%
8% 10%
Bliss & Laughlin Inc.........5
19
17
19
17% 15% 17% 17% I884 18% 20
18% 2084
20% 22% 13% 21% 15% 17
23% 18
19% 18
20
21%
11
11
13
13
13
Bloomingdale Bros...........* 147g 15
14% 15
13% 14% 14% 16
14% 11
11% 12% 13
12% 133g 12% 12%
£81
65
60
54
60
Blumentha! 5c Co preferred.100 55% 75% 70
58
63
65
68
68
85"" 85
95
94%
6684 60
8484 Tl
7484 69
80
Boeing Airplane Co....
I07g 1834
127g 15% 13% 15% 1234 15% 15
.5 2134 25% 23% 25%
19% 24% 22% 28% 1434 25
17% 15% 17%
16% 21
......5
10%
Bath Iron Works
Corp...
1
Bayuk Cigars Inc....———*
"26% 3"l%
....
....
....
—
•4?^u
.
....
Rights..
"is
*21% 24% "23% 26" "24% 27% "26% 28% 1934
99
123
120
117
(The) class A........* 117% 123% 118
122% 117
Class B
*
62
65
63
65
64% 70% 66
69% 51«4
Bond Stores Inc
1 22
25% 29% 17%
26
23% 22»4 24% 24
Borden Co (The)............15 21% 23
22% 23% 23% 24% 22% 24% 19
Borg-Warner Corp....
5 22% 257g 22
24% 12%
23% 21% 23% 22
Boston & Maine RR Co.—...100
2
1
2
2
234
2%
2
2%
2%
Bower Roller Bearing Co....,5 31% 3534 32
34
31% 34% 33% 3534 20
6
Brewing Corp of America...
3
6%
6%
6
7
4%
6%
6%
6%
8
Bridgeport Brass Co....
..*
10% 12% 10% 11% 10% 12% 11% 1334
Briggs Manufacturing........* 19% 2284 19% 21% 20% 22% 2134 2334 13%
27
39
Briggs & Stratton—...—.*
38% 39% 38% 39% 38% 38% 38
Bristol-Myers Co..........
5 51% 53
51% 52% 51
53% 50% 5334 38
Bklyn & Queens Transit Corp.*
2%
1%
2%
1%
3
1%
17g
234
334
$6 preferred..
....*
12% 15% 14% 65
5484 75
$6 pref. certifs of deposit...*
1784 17
18% ~18% 49% "l7%
12% 14% 13
Bklyn-Manhattan Transit —* 13% 16% 1434 20% 19% 22% 2I84 24% 15%
107
$6 preferred series A—.....* 49
54% 55% 85
83
93% 03% 107
$6 pref ser A ctfs of dep....* 48
54% 53% 59% 66
60% 60% 63% 56%
Brooklyn Union Gas..........* 22
13%
22% 20% 24
25% 21% 23% 20
35
Brown Shoe, Inc.
37% 27
35% 35
35% 35
35% 30
Brunswick-Balke-Collender.
*
21% 24% 22% 25% 23
27% 25% 29% I484
Bucyrus-Erie Co
...5
6%
884 10
9% 10%
9%
9%
884 10%
103
105
106
7% preferred—....
106% 10734110% 97
100 101%104
3
Budd (£ G) Manufacturing...*
5%
6%
5%
6%
434
5%
4%
684
7% preferred.............100 39% 4484 39% 43
38
41% 37% 43% 21
Budd Wheel.......
*
434
5%
5%
5%
6%
3%
6%
5%
6%
Bullard Co.—
20
22
26.
*
23%
22% 26% 25
33% 23
Bulova Watch
...._.* 2884 31% 28% 30%
30
33
28»4 31% 17%
Burlington Mill* Corp
19% 21% 18% 19%
18
21% 18«4 21% 12%
j
Burroughs Adding Mach...
*
7%
11% 12% xll% 12%
11
12% 10% 11%
2
Bush Terminal Co
.......I
3%
5%
3%
47g
3%
4%
3%
3%
tBush Term dep ctfs 7% pref 100
5%
9% 12%
9% 11
8% 10
10% 13%
Butler Brothers.
........10
6%
4%
6%
7%
6%
7
6%
7
7%
5% conv preferred
......30 2034 21% 21% 22
22
22% 2284 23% 17%
Butte Copper & Zinc...
.5
2%
3%
4%
3%
384
3%
4%
3%
4%
Byers (AM) Co...
6%
-——_*
11% 13% 11% 13%
11
12% 11% 13%
75
39
71
Participating preferred...100 70
6484 74% 70
81% 69
9
14
Byron-Jackson Co
—*
15% 13% 14% 13% 1434 1334 1434
14
California Packing...........* 23% 26% 24% 26%
23% 25% 21% 26
52
52
52
5% preferred...
50 51
52% 62% 51% 52
Callahan Zinc-Lead—........1
1%
1%
1%
1%
1%
1%
1%
1%
Calumet & Hecla Cons Corp...5
4%
6%
8
6%
8%
6%
7%
6%
7%
Campbell Wyant & Can Fdy—* 13% 16% 13% 15% 14
18% 17% 19% 11
Canada Dry Ginger Ale.
5 16% 19% 18% 22%
19% 23% 20% 23% 1134
Canada Southern Ry Co....100 39% 39% 36
39
36
39
40
40
36
5
Canadian Pacific Ry Co..
25
434
5%
5%
6%
6%
2%
484
5%
Cannon Mills........
..—_.* 38% 40%
38% 3934 29%
38% 39% 3734 39/
5
Capital Admin Co Ltd class A..1
3%
5%
57g
5%
5%
5%
5%
6
40
40
43
43
44
$3 preferred class A...—..10 38% 40% 39
38%
Carolina Clinchf & Ohio Ry.100 86% 88
77%
8684 89% 85% 88
88% 90
24
27
25% 23% 25% 25
28% 22%
Carpenter Steel Co...........5 23
3
2
Carriers & General Corp—....1
3%
2%
3%
234
3%
2%
3%
75
67
Case (J I) Co
70% 67
69% 6684 72% 39%
100 66
116
114
117
113% 118% 105
7% Preferred.......
....100 112% 118% 111
Caterpillar Tractor
♦ 50% 56% 47% 62% 48% 51% 49% 52% 42%
Celanese Corp of America..—.* 26% 30% 26% 30%
28% 31% 30% 35% 20
116
119
117
105%
7% prior pref.............100 107%114% 111% 114% 113
5
10
Celotex Corp
12%
9% 12%
10% 12
-.—.—*
97g 11%
64
62
Preferred 5%.
66% 65
71
68% 7184 68%
100 62
Central Aguirre Associates
26% 18
22% 24% 22
24% 22
.* 21% 23%
Central Foundry Co.....——.1
284
2%
3%
3%
2%
3
1%
2%
3%
107
114
Cent III Light 4H% pref
111% 114% 111%113
113% 113
.100 112
4%
57g
4%
5%
4%
4%
2%
4%
5%
{Central RR of New Jersey. .100
4
7
9
Central Violeta Sugar Co.—19
7% 11%
684
9
7%
8%
3
5%
6
Century Ribbon Mills.......—*
5%
57g
5%
5%
5%
6
Bohn Aluminum & Brass Corp.5
Bon Ami
.....
....
....
..
Preferred......
.......100
Cerro de Pasco Copper........*
Certain-teed Products.......1
93%
37%
6%
27%
19%
94%
41%
7%
32%
20%
37»4
6%
39%
8%
36%
29
100
Chain Belt Co
18% 19%
*
104
103% 105%
Champion Pap & Fib 6% pf-100 102
Common..............—* 23% 2634 £21% 23%
Checker Cab.....
20%
——5 15
18% 18
4%
434
{Chesapeake Corp..........
*
4%
484
41%
42% 39
Chesapeake 5c Ohio Ry Co....25 39
Preferred series A...
100 95
97% 94% 9612
2
2
2%
t Chic 5c E IU Ry 6% pref—100
2%
6% prior preferred.....
.......
{ Chicago Great Western—
4% preferred
100
Chicago Mail Order Co
5
{ Chic Milw St Paul & Pac—*
$5 preferred——.—100
{Chicago 5c Nor Western Ry.100
Preferred..———————100
Chicago Pneumatic Tool—
*
$3 convertible preferred.
*
Prior pref ($2.50 cum divs)--*
{Chic Rock Isl 5c Pacific...100
7% preferred....
,..—.100
6% preferred..........—.100
Chicago Yellow Cab..—..—..*
1%
9%
%
%
%
%
46
%
%
Chlckasha Cotton Oil....—.10
11%
Childs Co..............„—_*
47g
12%
5%
r
%
%
%
«4
a
1%
10%
%
%
%
49%
4834
%
%
%
%
%
:
884
11%
4%
%
5g
;
31
...25
itttfe—Superior figures denote 32ds of
Cash sale,
x Ex-dividends.
y Ex-rights.
10
357«
49%
%
%
9*
1
14%
35
48
14%
»'
Chile Copper
12%
33%
1%
10
%
In
%
84
10%
34%
1%
2%
12%
%
*4
%
1%
12%
33%
94
95% 100
94% 97
37
39% 36% 40% 22%
3%
7%
7%
6%
7%
29% 34
28% 33% 15%
19
£21
15
19
20
103% 105% 100%
10234 105
21 \23% 2I84 3034 17%
28% 11
1934 29*2 25
4%
4%
314
4%
4%
3834 40% 38% 41% 30%
94
95% 95% 96% 85
%
134
2
1%
1%
9
12%
6%
31
%
%
8%
11%
5%
30
2
10%
%
%
*i«
%
13%
1%
934
%
99
53
28%
19%
23%
17
2284
14%
1%
26%
2
37%
6%
13%
23
484
8%
14%
39
29
52
38%
2%
334
9%
111
5
41%
584
33
29%
20%
10%
4%
11%
6%
22%
3%
H84
17%
"57%
14%
"l6%
19%
7
99
4%
17%
2%
7
8%
8
4%
19
234
684
37g
3934
5%
28%
27%
177g
8
2%
7%
5%
20%
334
734
62
43
53
53
65
14
10
1534
11%
20
1034
18
12
25
19
50%
1
1%
5%
6%
117g 13%
137g 15%
34
30%
234' 3%
32% 33%
334
4
37
38%
50%
—
~T "7%
5
7%
18%
20%
11%
1284
0%
1384
15%
38
35
35
1%
10
*»
%
6«4
29%
45
%
%
1%
%
7
73g
7%
%
%
%
»n
•is
5i#
•i«
%
71I
9%
28%
*16
nu
10%
29%
29
46
46
46
*ie
%
11%
%
%
32%
47%
%
*t«
ht
•is
%•
%
7%
%
%
7%
%
8%
10%
3%
11
14%
6%
30%
*No par value.
934
3
24
24
%
%
%
%
%
%
%
%6
75" 7o%
2%
3
24
1
8
ai«
%
%
8%
"~6"
17%
*12% "14""
*16
%
u
14
10
1%
20
{ Reported In receivership.
7le
%
11
3184
10%
32
44%
Ji«
%
%
%
*16
10%
9%
10%
9
3
22
2%
21%
4%
334
434
39%
39% 40%
89% 91
91
317g 29% 32%
3
3
3%
3%
65
64
54
58%
110
110% 112% 119%
4934
45% 50% 40
26% 2934
26»4 2934
117% 119% 118 119%
7
7%
6®4
77g
3%
38
89%
2834
60
62
17%
18%
2
112
113%
3%
0%
2%
2%
2%
5%
92
29
32%
5%
33%
21
22
"31%
434
29%
20%
101
100% 102
37%
5%
38%
217g
105
22
237g
2034
4%
19%
2%
4284
41%
957g
20
3%
433g
97
1
%
9
8%
%
%
78
9
33%
46
8"
%
%e
9%
11%
2%
25
12%
119
6%
68%
77g
35
35
18%
8%
27g
1584
5%
I984
4%
10»4
81%
12
19%
51%
1%
7
I484
1384
38%
384
39
27g
3%
38% 39%
89
92%
29% 31
2%
3%
52
63%
11934126
48% 51%
26
28%
119% 121
6%
7%
95
28%
484
22»4
%
11%
30%
247g
69
66% 65
17% 19% 17% 19
2%
284
2%
3%
113
114
113%114
1%
,27g
2%
37g
434
0
534
7%
2%
3
234
2*4
17%
2%
39%
95%
1%
®i«
%
"6%
61
2%
20
%
%
46
9%
£9
23
18%
"
....
"is
%
£5%
31
2984
28l2 30% 30
30% 31
22% £21% 23% 22% 25%
23% 25% 2184
9
7%
8%
10%
8%
9%
97g 1284 10%
113
105
108% 105% 110
108% 110
108%113
484
3%
434
3%
4lg
4%
5%
434
6%
55
59
7284 61
60%
37% 4184 3834 57%
5
684
6%
5%
7%
4%
5%
6%
8%
30
26
33% £3034 34% 31% 30
31% 30
24
30% 29% 32% 29% 317g 30
35% 32%
17
16% 183g 16
£18% 1734 19% 17% 19%
7%
7%
8
7»4
8%
7«4
8%
734
9
2
2%
2%
2%
33g
2%
234
2%
3%
12%
1034
684
7%
7% 12% 12
12% 16
5
4%
4%
484
5%
534
4%
5
6%
18%
18% 19% 18% 19% 18% 193g
19% 20
4
4?g
384
37g
4%
4%
5
3%
5
9
9%
107g
7%
9%
8%
034
6%
7%
59
75%
73% 69% 75% 75% 82
53% 57
12
14% 10%
10% 11% 11% 12% 11% 13
20
19
21
10
17%
17% 1634 18% 18
51% 61% 51%
51% 51%
"j-j1
1%
1% *1% "Y%
1%
I84
6
6%
7%
684
8
5%
6%
6%
7%
1134 14% 13% 15% 14% 1684
1384 10% 14
13
15% 11%
13% 15%
13% 14% 127g 14%
38
40
30
38% 39
37% 37% 37% 39
3%
33g
4%
3%
4
27g
4
3%
4%
37
33
34
35
37
3884 38% 40% 36%
1%
7%
#i«
%
9
£14% 24%
1157g 116%
*17% "15" *18 " *15% *17% "13"
5%
2%
3%
31
38% 30
4
4%
3%
334
4%
5%
4%
36% 37% 38% 39%
37% 39
45
88
89%
8884 90
87»4 91
89
75% 83
31
29% 29
3234
25% 29% 26
3284 27
2
2%, 3
2%
2%
2%
2%
3%
2%
41
51
52% 48% 57
47% 50% 47
68%
104
10934 105%110
103% 10934 108
11784 100
4534 49%
50% 4334 48% 42% 48
5134 44
35% 22
27% 25% 30% 26% 30% 27% 3O84
11934
11834 117
118% £109 11434 114% 118% 117
534
6%
6%
7%
6%
67g
1034
5%
6%
60
52
51
53
48
50
53% 53
72
18% 17% 19%
25% 1784 19% 17% 18% 17
2
2%
17g
2%
134
2
1%
2
234
110
112
100 £107% 111
11134 111
112%
113
3
3%
3%
3%
2%
3%
2%
3
4%
5
534
4%
5
1134
47g
5
4%
0%
5
3
234
234
234
3
384
88
90
95
95
"96" "92 " 90
90%
98
31
227g 27% 22% 247g 24% 28%
37% 25
4
4%
6%
37g
4%
4%
6%
3%
4%
21
33%
19% 2334 21
1834 23
31% 16
19
18
20% 21%
1834 185g 19
21% 15
101
103
100
101
101% 103
100
99% 102
22
2334 22
2334
2034 227g 22
29% 20
16% 17%
24
15% 15%
10% 13
12% 17
4
4
4%
4%
484
4%
4%
3%
4
40% 30% 3734 36% 39% 347g 407g 3884 41%
91
91% 94% 96
89
89
9484 84% 86
1
1
1%
1»4
1%
1%
1%
47
point, via.: 105«=105"m.
5%
19
3%
"23% "2434
"20"
105
102
6
%
212
24%
7%
8
41
9
21
6
%
"11
12%
33%
33%
8
102
29
18
3%
28%
£4%
25%
25%
14%
7%
2%
%
%
8%
23%
12%
584
32%
24%
24% "23"
110% 114% 114%
"17" 78% 75%
3%
29%
5%
30%
25%
15%
8
2%
#i«
%
13%
34%
49%
si«
h
%
11%
16%
6%
"I984
3%
2334
3%
25%
20%
1234
7%
2%
%
10
"
29
%
%
20%
59%
19%
»i»
»2
62%
22
19%
17
1%
33
5%
IO84
110
•ie
%
"26% 27% "24% 27% "20" "28" *20% "32% "30% ¥4" "29" ¥*184
105
109
104
108
104
110
107% 109%
106%110
IO684HO
56
67
60
60
57
68
51% 54
58% 58
6O84 53
21% 2434 22
23% 24
25% 2312 25% 23% 247g 22% 25
18% 20%
18% 1934 18% 19% 18% 20
187g 20%
19% 20
147g 17% 15% 17% 17
20%
19% 18
19% 22% 18% 21
%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
29
37
34
34
35% 35
33% 30
3584 3834 3478 36%
5
4%
4%
534
4%
434
5%
5%
4%
5
4%
5
8%
9»4
934 11% 10% 12%
8% 10%
11% 133g £ll3g 12%
207g 20% 22% 20% 25% 23% 2084 23% 26%
18% 16% 19% 18
31
33
33
317g 33% 33% 38
41% 3884 40
37% 3734 39
46
42
43
42% 43
40% 42% 43
4334 46
48% 42% 44%
3
2%
2%
334
3%
334
£2%
3%
4
3%
3%
37g
4%
24%
105
"19% "l784 78%
24%
107%
62%
21%
36%
27
%
35%
50
%
%
33%
"20%
%
6%
%
1184
33%
47%
%
%
11%
13%
8%
2
11
4%
29%
120%
6784
97
1%
1
1%
%
8
%
9%
*28% 33""
4%
34
20
103
18%
15%
2%
41%
514
3834
21%
105
20%
1734
234
44
101
96
1
1%
^
a *16
07g
8%
%
®i«
mm,***
~n% *13% "12% "l*4% "12% *15%
32%
39
38
3984
37
48%
48%
48
*16
%«
lu
*i»
48%
%
%
48
%
•is
%
%
*1S
*16
97g
"16% "11%
2%
21
27g
25
1 Called for redemption,
10%
2
25%
10
44%
51%
%i
li#
%i
I
%
%
hi
12%
234
87g
10%
1%
12%
34
26
27
9
2%
o Deferred delivery
The Commercial & Financial Chronicle
g2
Jan. 4, 1941
1940—Continued
March
February
April
January
High Low High Low High Low High
STOCKS
Lour
Chrysler Corp..
..
123s
*
preferred.....—.—100
94%
x60
3
City Stores..
5
Clark Equipment—......
*
C C C & St Louis
......100
28
13%
1384
13%
14
13%
13%
90
98
93
97
96
97%
60
334
3234
3
29%
3%
35%
27g
34%
35l2
Corp (The) 1
Cleveland & Pitts 7% gtd
50
77
35%
3934
39l2
7034
78
78
48
Class A
*
Colgate-Palmollve-Peet Co.—.*
357g
118"
61
—
—*
6% preferred called..........
123%
02%
165s 18%
1037g 105l2
$4.25 preferred....—
*
Collins & Aikman—
4'8
100
100
4% 1st preferred...
4% 2nd preferred
4%
23
Columbia Broadcasting Sys 2.50
2234
6ig
2.50
Class B
Columbia Gas & Electric...—.*
3*5 "
*
Columbia Pictures Corp......*
$2.75 conv pref—..
*
Commercial Credit..........10
4)4% conv preferred...... 100
Comm'l Investment Trust.....*
$4.25 conv pref ser of 1935...*
Commercial Solvents....
.*
Commonwealth & Southern...*
$6 preferred
*
Common weal *h Edison Co...25
Conde Nast Publications.....*
Inc........*
——
*
5%
4*2
247S
247g
73S
88
92*2
76
6% pref series A—..——100
5% preferred.............100
Columbian Carbon Co
79
88*8 9314
684' 77«
19l2 2312
46I4 48
104
106*2
51*4 54
11012 111*2
1312 15%
1*8
1%
64*4 73*4
3078 32%
5*8
614
22*4 24*4
8
934
578
578
25*8
7%
JConn Ry & Ltg 4)4% pref..100
Consolidated Aircraft Corp—.1
2978
8%
Consolidated Cigar...—.....*
81
7% preferred.............100 80
6H % prior preferred
...100 86*4 91
734
93s
Consol Coppermlnes Corp....5
Consol Edison Co of N Y Inc..* 30*4 32*8
108*2
$5 preferred............—..* 107
V
1*8
Consol Film Industry....
1
8*2
912
$2 participating pref........*
4
Consol Laundries Corp.......5
Consolidated Oil Corp........*
43JJ
7
8
I84
pref...100
Consolidation Coal Co
2I4
4*4
3%
25
16
preferred........ 100
18
Consumers Power Co $4.50 pref* 10034102
....100
13%
1*8
94*2
17*8
15%
1%
97*2
20
41%
44
147g
Container Corp..
......20
Continental Baking Co cl A..*
Class B
»
8% preferred
...
Continental Can
116*2
$4.50 preferred...
.._* 115
Continental Diamond Fibre...5
6%
7%
38
40%
Continental Insurance
2.50
Continental Oil of Delaware..5
314
22*2
Continental Steel Corp...
25
Motors.
Continental
1
*
5
Copperweld Steel Co
Conv pref 5% series
50
Corn Exch Bank Trust Co....20
Corn Products Refining....,25
,
"64"
62
4%
25
29*2
61*2
65%
100 174%177
Preferred..
4%
5%
78
1*8
21% 24*4
5% convertible preferred. 100 10034 105
Creamof Wheat Corp (.The)...2
31*2 32%
6*2
734
Crosley Corp (The)
..»
27
Crown Cork & Seal..
30%
.*
Coty Inc.............i.—1
Goty International Corp
...1
Crane Co—
25
37
40
Preferred ex-warrants
*
37*2
Crown Zellerbach Corp
5
15
$5 conv preferred....
,..*
Crucible Steel of America.....*
90
40*2
17*4
9234
43
82*4
$2.25
conv
preferred
w
w...*
100
34%
78*4
5% convertible preferred.100
Cuba RR 6% preferred
100
Cuban-American Sugar Co.—lO
3*2
6*4
Preferred..,.
Preferred
100 *79
...
5)4% conv prefer red
Cudahy Packing Co.
......
30
"l384
.5
Curtis Publishing Co (The)...*
Preferred..
*
26*8
378
_
_
78
80
39
4434
37*2
41%
80
3%
38%
113
4084
74
2%
24
2%
33
2%
28
108
29
113%
33%
48
40%
4*4
778
83*2
3%
6*8
80
378
8%
91%
3*2
6*8
83
3%
7%
4
884
79
"12%
26
17
27%
3%
41%
4%
48%
88
42
14*2
28
4l2
"12% Y334 "l3"
26
378
42%
46
29%
4%
40
27%
3%
40%
14%
29%
4%
43%
10
11%
28%
30%
9%
27%
32%
27%
87
90
90
92
88*2
*
53
53
.
*
—5
Deere & Co
—.20
Dei8el-Wem-Gilb Corp (The).10
Delaware & Hudson
100
Del Lackawanna & Western..50
tDenver Rio Gr & West pref.100
Detroit Edison....
.....100
Devoe & Raynolds class A.....*
Diamond Match.
*
Participating 6% pref
25
Diamond T Motor Car Co.....2
Distill
Corp-Seagrams Ltd.....*
5% pref with warrants
100
Dixie-Vortex Co.......
Class A
*
*
Doehler Die Casting Co
*
Dome Mines, Ltd....
—....*
Douglas Aircraft Co Inc........
Dow Chemical Co
*
9*8
134
384
60
384
8%
90%
2
3%
2*2
5%
60
75
"9% Y534
20
2734
2
3%
51
10%
11%
21%
2%
36%
31%
19%
2*8
31
11%
934
11%
30%
92
11%
2934
90%
23
26%
80
7%
21%
75
December
High Low
High
55
*
1484 17%
6*4
8
Duplan Silk
13
.»
1334
8% preferred.............100 117
120
Note—Superior figures denote 32ds of
y
Ex-rights.
a
1534
5%
1234
18%
0l2
1234
16%
5%
22
13
13
117
118
10
60
50
2%
30%
2%
34%
3%
33%
89
85
10
87%
44%
47
7%
13
30
9%
13
116% 117
point, viz.: 105*»=105"m.
87g
87%
97B
92
47
9i2
27S
32
10%
334
3434
124
124
65
2%
33
3
3778
124
"2% "3%
35%
133
"66"
70%
116%
40
9
97$
92%
44%
2%
95%
36
38
45%
3
133
74*2 7434
113% 114% 113% 114%
114
112% 11278 114 " 112% II334 112
35
33
33% 31% 34% 32% 35
35*2 327g 357B 32
83*2
78
80
80
77*2 78
83% 83% 83% 83% 82
48
48
*47% 4734
"27" 33% "27% 3078
30
"26% 28% 25% 28*2 "27% 30% 27
33
34
3134 357B
3534 3134 34*2 32
32% 35% 3084 35
145
139
140
140
140
142
132
143% 143
133%
100% 107
106
110
103% 106% 105%111
102*2 104
104%112
60
58
58
61% 60*8 61%
5834 59
58% 61
60% 61
1178 1034 11% 11
12% 10% 1284
11% 12% 10*2 128s 11
30
134
4
67%
2%
484
76
1%
3*2
60
"io% Yi% "id"
20
2
37
23
2*2
4134
2
4%
68
278
4
66
22
134
38
Yi" Yo%
102
7%
25%
997s 101
29%
2534 30*8
111
110% 110%
217g 20
227g
2%
1%
2
3%
4*4
77%
78
73
70
70
74
83
7434
82%
74%
76*2
73%
78
83
4*2
5%
22
*19%
35% 30*8
0*2
134
1%
4%
6%
6*2
26
22% 21
31
3434 27% 32%
103
104
98
99
98«4 101
367B 37«4 37% 41% 34% 41*4
108%
102% 10384 102*2103% 105
9% 11% Z978 11
9% 10%
%
78
'8
1%
1%
1%
55
60
50% 61% 48% 577g
297b 307B 277B 30% 28*8 29%
234
4
3%
3%
27g
3%
1784 21% 15% 18
17% 20
I334 1334 13% 1334 1378 1330
12*8
5%
5*2
207B
32
20%
12%
12*8
"21% 24" "21%
12%
10%
10
74
77
74
86
678
29
83
86
86
91
11%
934
h
8%
2%
6%
1%
4%
147B
99*2
100
684
734
634
8%
21% 27% 21*2 22%
1047B 10634 105%107
107%
%
%
'it
1
*2
78
7%
9
734
884
8%
9%
2%
27g
234
3
2%
278
5*2
6
578
6%
5%
6
1
7g
1*8
1%
1*4
1*8
4
334
4%
5%
384
4%
17% 19% 16*2 2384 17% 21*4
6%
25
7%
27
19%
103
102% 10534 10434 106% 10512108*2
1434
15% *17% 14% 1534
14% 18%
8
7%
8*8
77g
9%
10%
9%
%
7g
1
34
1
h
7B
82
83
80
83
85
78% 84%
4078
3734 40*2 30% 4184 36% 38*2
*10910111*8
114% 115% 111% 116
678
784
7*4
87S
6%
73j}
35*8 38% 3734 3934 *373g 39*4
3*2
4%
378
3*2
4%
3%
378
19%
1634 18% 18% 21% 18% 20%
26% 21% 22%
2534 23
25*8 22
19
19%
20%
21% *1834 21% 18
58
56
61
60
55% 57
5978
51
50*8 49% *52*2 4834 5284 48
53% 43
53% 41% 47% 40% 46%
179
184
175
176% 175% 179
115
6%
36*2
"5%
%
21%
99
2434
478
28%
41
40
16%
89
32%
9734
3%
5*8
70
12%
2
48*2
4*2
47g
4%
5
4%
5%
%«
%
*2
®16
%
ht
19% 22% 19*4 2234 17% 20%
10434 106
100%106
97% 101
17*2 19*2
1734 20
19% 21
334
4%
4%
4%
6
5*2
25% 27%
24% 27% 25% 28
42
40
42
45%
4334 40
45%
38*2 43% 43
40% 43
14% 1534
14% 1534 147B 17
88
91% 90% 92
86% 89
31
41% 47%
43*4 40% 46
97*2 109l2
87% 95% 88% W
75% 91
2
2%
284
3
3»4
4%
4
5%
4%
584
4*8
478
63
65
76
78%
60% 75
45% 45%
"io34 Yi% 11% Y3 84 10% 14%
24
1*2
45%
31%
2434
2
8%
28%
7%
48*4
35%
8*4
26*2
28%
42
43
42
21%
4*8
17
6%
20
23
24
25"
24
I84
46*2
2%
49
35%
47
49
2934
35
8%
27*2
287b
45
45
46
19%
334
16%
5%
45
90
2778
108*8 106
24%
73g
21*2
5%
71
1%
4078
25
4%
27% *23%
1178 11
82% 80
24%
197g
1%
2
178
21%
74
72
22%
8%
27%
»16
29%
112
6%
85
85
2%
41%
6%
23%
18%
787s
5%
77
11%
1%
62%
31%
3%
18%
1334
12%
1*2
2%
2684
110
2
24
83%
42
1%
22%
24
19
105%
31
112
19
21
19%
20%
100
27
112
20%
1%
20*2
6%
134
1%
100%101% 101% 102%
1*8
1*2
19%
19%
2%
2%
21
20*2
23
45
6%
2234
50
8%
-
22
87g
85
63
~18~
3%
15
5
12%
114
29%
984
13
116
• No par value,
16% *22%
5
9%
8%
10
"19"
3*2
"4% "~4%
33
8%
177B *1934
3*2
3%
1534 16%
4%
5%
3%
17
378
18*8
27%
"1934
3%
18
6
5*2
67S
110
112
111
112
108% 111
110% 113
112%
15
16% 1478 16% 16% 22%
19%
19% 23%
24
2434 22% 24% 2378 25% 2534 27% 27%
15
16
16% 17%
1434 15
1078 17% 17%
10
12
12%
14%
1034 12%
12% 14% 12
3%
4%
3*8
384
3%
3*2
278
3%
4%
*8
*2
%
%
%
%
616
*I08%U3*2 109% 115% H284
110% 117% 113% 120
15
14% 13% 1734
17%
13%
12% 14% 13
27
2834 2734 29%
28% 28
27% 29% 28%
35% 3734 36*8 39*2 37*8 40
36% 40
3784
6
8
678
884
6%
57g
678
778
884
16
14% 1034 16
17% 16% 17%
17% 17
70
10
33
1634
12%
65%
142
Rights
Ex-divldends.
10%
91
1034
1%
25
17«
9%
75
6%
18*2 2078 18% 20% 18% 2~0~% 1934 22% 14% 2134 1534 19»4
3
4*2
484
4*2
478
4%
5%
4%
5
4*2
3%
3%
16% 16
16*2 1634 16
16%
16% 17
1384 16% 15
15%
7%
8%
7%
6*2
734
7%
7%
8%
3%
7%
4*8
4%
11178ll234 rill 112
111% 112% 111% 113% 107%112% 107
110%
20
23% 1934 2I84 2034 22% 22
23% 13% 22% 1334 10%
20% 27
28
24
2534 27
26% 27% 27
21% 28% 21
10
10*2 16% 19
17% 19%
17% 19% 11% 1834 13% 15
17
18% 23% 18*2 2034 16% 20
20%
8% 18%
884 12%
484
5%
4%
4%
578
6%
4%
5%
2%
4%
2%
3%
%
%
%
%
®4
%
%
%
*16
%
14
*2
123*8 125% 120 123
118% 120
98% 112
118% 119% 98% 122
20
22*4
2O84 23%
I884 2034
18% 20*2 12% 18% 12% 15
33% 34% 33% 34% 33% 34% 33% 36% 25% 35
2684 30%
41
43
39% 43% 38% 40
41
39% 40*2 32
35% 37
8
8% 10%
8
9%
8% 10
9*2
434
8
5%
634
1878 1934 18% 19% 18*2 19% 12% 19% 13% 15
18*2 20
76
77
81
81
60
66
83
7834 80
8534 56% 83
11% 13»4 12% 13% 12% 14% 13% 14%
10%
9% 1384 10
34% 35% 35% 38
3634 38
30% 33
36% 37% 30% 37
10% 1878 18% *19% 18% 21% 2034 24% 14
24% 14% 19
18
20
22% 2378 20% 22% 19
20%
11% 18% 11% 1284
75
86
77
8378 80
86% 83
94% 7184 94% 66% 81
142
164
137
170
165
153% 14834156% 147
171
137% 155
Dresser Mfg Co
Dunhill International Inc.. —1
November
Low
.
3%
6%
81%
82
Convertible 5% preferred—25
*
High
78*2
"36% *41%
1078
30%
Dayton Pr & Lt 4)4% pref..100
Cash sale,
88
50"
79
46%
48
40%
45%
28
......
Preferred
2
24
9*2
10%
92%
25% 37% "26% 33""
45*2 25% 41% 28*8 35 *
136
142
139
136
142
132
135
141
140% 131
125
131
118% 131
101% 105%
119% 123
99% 127
5734
62*8 63
62% 63
60% 61% 50
60*2 50
10
18
19%
1584 19%
17% 20
16% 10*8 12%
105
106% 103% 105
99
99
100
94
9934 9934
98%
163% 10384 102» 102*»
99
94.
22
24% 22
3284 31% 35% 16% 32% 17«4 22%
3034 35*4 28
110
112
110
112
110% 109
108
111
108
112% 110
108% 108U 109l2 109
15
17
15
17
17% 17
17% 1934
18% 18% 21% 12% 24
13*2 18
9
9
1
2
3
378
4%
3%
334
4l2
4%
I84
3%
134
2
2%
3% "2% ""284
4%
4%
4%
4%
5%
4%
5%
2%
384
2
2
2
2
1%
384
4
4
2%
3%
3%
5
3%
25
2334 26% 24% 26% 24% 25% 16
16*8 18% "l8% 20" 19% 20% 187fi
1878
16
19% 20*8
18*s 20
23% 26% 24% 20% 23% 25
24% 10% 18%
6
6
5%
6*2
5%
5%
5%
6%
43g
7
7*2
5%
6%
4%
6%
87
82
81% 79
80% 85*2 79
89% 86
8884 88
93% 67% 8934 70
69
63
66
71% 69*2 72
75% 78% 72
74% 74
77% 66*2 78% 59
78
81
93
81
76*4 81% 77%
8778 93%
9378 98
98% 71
93% 71
4
5
7
4%
4%
4%
07g
7%
8%
6%
8
3%
434
3%
684
17
21
I884 17*4
18% •18%
23% 20% 21% 1434 20*2 15
22% 21
17%
45
28
28% 30% 29% 32% 30%
46% 48
4634 45% 47*8
45% 27% 30*8
99
107
106
95
98% 100
99% 97
107% 108% 106
106% 95
107% 99
36
33
36% 39% 36
34% 37
53% 5534 x53% 55% 52% 56
53% 32
101
102
110
97
101
102% 104
102%
112% 112% 111%113
110% 97*4 107
13
8
10
878
10
1578
8
8% 10*8
9%
13% 1484
14%
14% 16%
1
"i«
1%
1%
1%
1%
1%
13s
1%
1%
1%
134
1%
34
1%
55
61
56
70
42
08
58% 64
0334 07
62% 6734 65
44% 63%
31
26
2934 31
30%
3178 32% 3134 32% 32% 33
32*2 25% 3084 *30
5
5
3
234
5%
5%
684
2%
3
234
3
5%
2%
434
3%
15
18% 15% 17% 1634
22% 24% 22% 24% 21% 24% 14
22*2 14% 16
9
11
13%
11% 12% 12% 12% 13
1234 11% 13%
9% 11%
8% 11%
12
10
12
12% 12
12% 12%
7
8
7%
7*2
8*2
8%
8«4
9*2
6%
7
6*8
8%
1834 2184 "19% "2284 "2l"
26% 29% 25% 2878 27% 31% 1934 30
17% 23
8
978
1434
1134 14% 13% 16
8%
9%
8% 10
7% 1034
734 13%
79
81
80
87
86
92
63
66
69%
69*2 73
90*2 65
86
90
93
95
83
75
94
75
82
"§!% 85" 82
82*2
90% 93
5
5
8
5
7%
97g
5%
584
5%
9%
8%
9*2
6%
4%
884
31% 32% 30% 32
31% 32% 23
32% 23% 30% 27% 28% 27% 29% 20*2
100
108
105
107*4 109
105% 108*2 106
*107% 110% 107% 108*2 97% 109
106*2
%
1
%
1
%
h
%
*2
h
*2
1%
%
1
%
%
9
8%
87g
8% 10
6%
7%
67g
7%
7%
10*2
5*4 10
534
6%
378
4%
384
4%
384
4%
2%
234
2%
2%
2%
2%
234
2%
384
6
7%
6%
7%
7%
7%
6%
578
7%
6%
8%
5%
5%
784
6%
1
2
134
2%
1%
2
1%
1%
1%
1%
1*8
1%
2%
1%
2
3
3%
334
2%
3%
4%
3*8
2%
3
3%
4%
234
2%
4%
3%
16
18
12% 13% 13*2 13% 14%
14% 16
18% 16
884 18% 13% 14
101% 104
101% 103
101% 102% 93% 103% 95
99% 99%100% 100*4 10084 101*2
13%
1534 1634 14% 16% 15% 19%
12% 1484 1234 15
9% 18% 10% 13
12% 14
12% 13% 12% 15%
8%
8%
9%
8*4
878
7*8 1234
7%
8%
1
1
1
1%
34
1
84
7g
34
1%
1%
84
1*B
34
1
76
70
80
80
86
90
78
94% 95*2 92% 95
80*2 79
94% 73
46
42% 4734 45% 48% 45% 49% 33
40*2 30*2 40
3778
34% 42% 38
113
116
110
116
115% 113% 115% 115
116% 114% 114% 115
10634 112*8 112
6
034
7%
078
8
584
7%
9%
4%
9
6*8
5%
0%
5%
684
36
34
39*2 4084 39% 407B 39% 40% 27% 40% 30
31% 36% 34
35*2
4
2
4
484
2%
3
3%
3%
4%
2%
3%
3%
4%
2%
3%
17% 19% 17% 1878 17%
23% 24% 22% 2334 22% 24
1634 24
10*8 19
20
23
30
267B 2978 28
29% 33
22%
18*2 30*2 20
25*4 21% 23
18% 18
15% 19% 20
17% 18*2 .17
25% 10% 25*4 16% 20
52
59
70
5434 55
69% 47
54*4 52
52l2 58
47% 55%
55
48
52
"53% "as" 53
53% 56% 41
46*2 51% 47 % 50
53*2 41
62% 65
58% 63% 59% 61% 44% 60% 4484 50
48% 5034 47
50% 50
172
174
170
169
174
174
165
179
168
174% 173% 178
171% 171
6
4
47g
5%
5%
6%
4%
5%
47g
5*8 "5"
7%
6%
4*4
5%
1
1
1%
1%
*2
34
1%
*2
%
1*2
%
1%
%
%
20% 23% 1934 22% 19% 22
15% 20
1734
13% 21% 13
15% 14% 16
98
84
86
10184 9984101% 9834102% 80
94% 9434 987g 97
99% 75
24
23
3134 3234 28*2 31% 28
29% 25*8 29
24% 23
19%
25% 23
6%
7%
6%
4*2
4%
4%
7%
6%
7%
4%
4%
3%
6%
4%
4%
28% 3384 32% 37% 33% 38% 18% 35% 18% 23% 21% 27*2 23
27% 25%
41
45
42
30
40
38
42% 44
37% 37% 41
44*2 43% 44% 37
39
43
40% 42% 41
42% 42
35% 37
43% 40
3984 39
30% 36
157g 17% 15% 17
15% 19% 12
13% 15% 13% 15% *1434
21% 12% 1434
89
81
91
75
79
9184 89
83
92% 89
84*2 87% 85%
94%
95%
35
39% 34% 397» 38
4284 25
43% 25
32% 27*2 30% 26»4 3034 28
79
64
94
90
82*2 80
70
84
86% 86% 95
78*2 82
83% 95
36%
38%
82
1
Davison Chemical Co (The) ...1
f
October
Low
44
"56"
1
$8 preferred..
91
65"
100
Class A.
Cutler-Hammer, Inc....
Davega Stores Corp
10%
91
*
.
Cushman's Sons 7% pref
4%
40%
11%
89
100
Cuneo Pre8Slnc__
Prior preferred
Curtiss Wright Corp
37
10
97
....
~30"
5% conv preferred—.....100 11034 11 li4
17% 19»4
Colorado Fuel & Iron
*
3
4!%
Colorado & Southern.......100
conv
High Low
45
10*8
114 1 112
112
113
114i2 111
112% 108
26
397g 37% 4034 39% 43% 38% 43
77
Climax Molybdenum Co......*
Cluett. Peabody & Co
*
Preferred..........—....100
Coca-Cola Co (The)—.———*
2%
3%
39%
13%
90
45
14%
97%
"65"
Clev Graph Bronze
5%
September
High Low High
August
July
High Low
124
Clev Elec Ilium $4.50 ser pref—* 113
Ckina RR of Cuba 6%
High Low
$ per thare
Par $ per thare $ per thare $ per thare $ per thare $ per thare % per thare $ per thare $ per thare % per thare $ per thare $ per thare
78*8
62
75
74*2 86*4 72
08*8 7584 74% 81% 77% 84
5 79ig 91% 80*2 87% 83% 88% 84% 91% 53% 87% 54% 65%
City Ice & Fuel....
Congoleum-Nairn
Congress Cigar
June
May
Low
19*2
6%
*10
114
74%
70
11
10
33%
19%
73
70%
10%
74
11%
72
75
75%
10%
30
19*4 20%
3*8
37g
4%
18% 17%*18
6%
7%
7%
113
11334
114
2134 19% 21%
28% 27% 28%
18%
18*2 18
147b 11
12%
2%
3
4%
*16
*16
*4
111
118
117
22%
16%
31
39%
9%
20%
81
11%
I37g
28%
30
40
41%
*784
17%
81*2
16
9%
19
86
32*2
9
1012
10%
10% 11%
36
34
36
35% 34
34% 35
35% 35
1934 18% 207B
19% 22
20*2 237i 19% 2I84
12% 15% 14% 16*2
15% 16% 15% 19% 15% 17
14
73% 7834 76*2 91% 77% 91
73*2 67% 73
75*4 79%
148*2 13534144% 127% 14234 13034140
153% 140
151% 133
3
4%
3%
4
19
23
21% 23*2 22% 24% 20
22%
23*2 *20% 22%
7
6
8%
7%
6*8
678
6%
6%
778
684
7%
10
10
11
10
978 10*2
10%
9% 10
9% 10
115
113
113% 114% 115%
18
t Reported In receivership.
1 Called for redemption,
a
Deferred delivery
Volume
63
The Commercial & Financial Chronicle
152
1940—Continued
March
January
STOCKS
February
High Low High Low
Low
December
November
October
June
July
August
September
High Low High Low High Low High Low High
High Low High Low High Low
May
April
High Low
High Low
share $ per share $ per share S per share S per share % per share
168
1 7934 15378 172
15634 1657g
164% 176
16434 158% 168
share $ per
16212 156%
123
123
H8I4 H6I4
Par $ per share $ per share t per share $ per share $ per share $ per
18414 179i8 18578 18312 187% 185i8 18914 146l2 188i2 146i2
Dupont de Nem (£ I) & Co.-.20 175
12558 H8I4
z12378126 114
$4.50 preferred
* 122
123l4 12278 125% 124% 126
112l2118
11334
118
II434 116
11634 115
Duquesne Light 5% 1st pref. 100 11678 11834 116
2534
29
Eastern Airlines, Inc...
3858 3734 44i8 2734 44%
1
31% 30
26»2 31%
hi
2%
Rights
.......
123%125
125i8 1207g 125
116
117
28%
32i2
117
2734
30i2
30%
124
115
117
3
3%
4
338
3l2
4
458
5i8
412
5%
412
5i8
55a
122
131
125
158
117
159
132l2 11734 122
xl49%154% 151
158% I6684 14578 161
171
155
161
170
175
160
172%
175
178
178
16812 17612 17212 174l2 159
6% preferred
100 173
25
22
36
30
28% 32
28t2 32
Eaton Manufacturing Co
303s 32% 31% 3312 3212 37
4 277S 32%
14%
14%
1338 15
113s 13
1012 I6I4
16
1534 1634
Edison Bros Stores Inc
2
153s 17
17ig
16I2 17i8
%
S16
%
518
*4
6
1
1
i8
h
14
I2
%
1%
Eltlngon Schild
*
1%
1%
37
40l2 26
33% 30&S 345g 31% 35%
Electric Auto Lit© (The)
39?g 383s 4134 25
5 343s 39% 35% 39
11
12%
1378
1212 143s
14l8
15is 183s IOI4 17l2
Electric Boat
3
1434 17
143s 1578
1212 16
9I6
h
%
34
%
114
%
58
Elec & Musical Ind Amer shs..
1%
U2
1%
15g
13s
1%
13s
134
3
6
4l2
5%
6%
6
3%
67g
5i2
7
Electric Power & Light
47g
6I4
678
*
6%
8%
28
35
31% 377g
18l2 3434
195g 327g
29
30i2 35%
26% 32
$7 preferred....
28% 31l4
*
36l4
31% 28% 33%
16l2 2834 25
$6 preferred
2212 277g 2614 31% 155g 3034
24% 27
♦ 25% 3134
2718 29% 28% 297g
3234 2414 33i2 z2478 28
Electric Storage Battery....
31% 30% 32l4 31
* 28% 3012 29
%
1%
78
1%
%
U8
34
1
Us
138
Elk Horn Coal Corp
1%
138
U4
134
1%
134
*
37
28
33i8 32% 337g
37
347g 3834 26
33% 32
3914
El Paso Natural Gas Co
...3 36% 4178
39% 37
39
40
42
35
46
35
41
41%
42
4434 46
End i cot t-John son
50
4412 4514
4534
44% 45
102
10734 107% 110
111
112
10712 103
110
111
10514 107
11034 112
5% preferred...
100 109% 111
9
11
83S
934
812
914
5% 10
8
534 103g
1018
93g 123g
8%
10
Engineers Public Service
1
Eastern Rolling Mills Co(The).5
Eastman Kodak Co of N J
*
4%
478
6i8
7434
$5 preferred
$5.50 preferred
$6 preferred
*
100
100
4% 2nd preferred
76
72l2
80
78%
82
84l2
80
8 634
84
91
84
13s
134
3%
H2
4
Evans Products Co
5
20i2
7s
434
Exchange Buffet Corp..
*
Fairbanks Co 8% preferred .100
Fairbanks Morse & Co
Fajardo Sug Co of Puerto Rico20
5
8
443g
283s
1634
15*
27%
26
17%
15l2
$6 preferred
...*
Federal Mining & Smelting..100
*
418
34
Federated Department Stores.*
2178
Fidel PhenFlre Ins Co of NY 2.50
3734
Filene's Sons
2214
19%
857S
Ferro Enamel Corp...
1
17i8
*
Firestone Tire & Rubber....10
6% preferred series A
3412
3%
72
43
31
2
50
6i8
12
6%
Gen Amer Transport Corp
»
102
7l2
81
* 14334 145
571
234
31
5134
*
.*
9%
Preferred (7)
General Electric Co..
56
*
...
37%
41
45i8 481
1185
* 117
Gen Gas-& Electric class A
*
*
$6 conv preferred series A
General Mills...
$5 preferred
General Outdoor Adv A
Common
51
37i2
*
43s
6% preferred
100
General Realty & Utll Corp-.l
46
51
9
86l2
%
General Shoe Corp..
13s
5
1%
%
3
5%
6
2858
33
5
*
$5 conv preferred..
—.....*
*
17
100
*
42
31
21
*
10
39
40i2
27%
1914
205s
1418
106
12%
84
1
314
35
7U
67
34
8i
147
10
*
10
:
3234
%
%
34
1%
1%
67%
384
1
5%
634
32%
28%
9i«
%
9
357g
3234
39
384
3234
18
19%
18
4
-4%
1%
2%
1%
1
1%
1
3
378
7%
41%
21%
14%
95
23
15
6%
2978
16l2
1334
14%
13
1334
90
91
91
91%
4%
4%
38
19%
•
46
19%
21%
12%
95%
14
95%
21
1%
%
%
3%
3%
9%
32%
28%
38
%
%
30%
%
6%
7%
46%
22%
5%
42%
6%
47
19
21
7
40%
19%
H84
'is
17»4
18%
14%
125g
234
2%
3%
234
3%
%
%
h
%
14%
13%
12
13%
99
96
98%
24
29%
24
26
15%
33g
278
%
'
%
13u
15
17U
17
20
18%
79
82
91
14
15
13%
3%
334
3%
14%
4%
%
%
%
20%
98%
18%
20%
7i«
18
92
938j
94
1U2
14
35%
34
19
89
1038
8434
11%
31%
33
29
I278
86
20
12%
14
35%
22
19
34
20%
87%
14%
91%
16%
89
91
1234
14%
13
15%
35
36
35
3
3734
40
14
14
14%
'I434
14%
1334
14%
145g
155g
91
93
8838
94
89
94
88%
38%
41
38
40%
41%
44
43
12%
27%
14%
28%
1334
14%
863s
8%
95
14
7,
1%
25
94
19
13%
2%
3
»16
2%
7%
734
39
16
20
212
1%
%
910
6%
%
28%
32
3S
%
%
1%
3
77g
634
28%
77
77
1%
4
7%
3278
34
3%
38%
41%
I
Bg
1%
67%
3%
"93% 98"
40
101
17%
3034
15%
2934
257g
23% *23%
13%
12%
29%
2434
13%
18% *17
18%
Z
18%
6%
4978
22%
6%
51
8
7
53%
1634
41%
1878
3%
3
2%
80%
17%
6334
22%
z91%
234
2%
3%
64
'is
1634
29%
14%
27%
21%
H84
17
20%
17%
634
6
5178
16%
93
447g
,
11
13
x37%
3978
"18 ~
18
15%
94
96
9678 10334
44%
1734
39%
13%
17%
36
22%
33
35%
20%
24
I534
46
18%
35
7734
%
97g
57g
14%
51
634
103l2
53
7*8
132
97
22
22
22
2334
8
29
27%
26
28%
27
30
28
15
27%
32%
107
107%107%
106% 07
16% 18%
17% 115% I884
96
106
104
1%
3s
30
31%
2
2%
1234
18%
29%
1%
30
3384
2%
31
1%
3%
11%
17%
1234
19
12
1434
15
3%
30
35%
3
3%
17%
18
20
17%
18%
99
100
134
2%
11%
15%
101%
98
100
11%
5
4%
11
12%
95
96
46
45%
6%
49%
7
4
4%
6
6
7
130
130
139
14%
15
2834
12%
1U4
1434
3U2
17
22%
1634
2278
12
1634
1378 23I2
10512 106
10i8 18
21%
4*8
618
634
51% 3378 47
1434
19%
9%
1634
8%
"l6% "13%
91%
%
1084
19%
8%
17%
9:
19
18
18%
99%
11%
99%
12%
4
47g
43g
37%
5%
16 '% "lT%
4%
37
3%
34%
50
52%
50
1234
12
13
12
44%
378
43%
44%
30
44
36
36
38%
3838
3%
2%
4%
3%
86
2034
2
334
2
2%
2%
40
2%
2
27s
2
2%
79%
14 4
2%
2%
2%
65
12I2
2U2
13
50%
n
1634
71
95
69
76
47
49
25
37g
64
14%
9%
1
8%
"is
8
14%
24%
24
14%
25%
1234
24%
14%
22%
25
28%
27
28
27%
I47g
35%
13734 142
50
m
45%
134
h
1
314
9%
_
10
14%
10
1634
3634
24M
16
2878
26
28%
183s
634
10
21%
1%
1038
14%
36%
24
51
11%
4%
7
17%
136
132
3%
6
1534
130
136
4
7%
2%
5%
638
19%
89%
14%
17%
89%
19%
3%
10
117g
65%
54%
21%
2038
65
46®4
16%
125g
64%
1434
42
23g
45
2
2%
2
2%
1%
2%
8434
1334
2%
83
2%
82%
15%
15%
85%
73
2
29
30%
33
2
2%
33
%
84
29
30%
8%
11%
32%
22
24
25
25%
31%
23%
53s
434
12
12%
9
8%
10%
13%
15%
1234
283s
27%
16%
15
23%
13%
217g
14%
25
21%
20%
22%
20%
22%
19%
27%
10%
20%
1034
44
14%
133
7xs
18%
28
11%
62
22
14%
74%
130
17
25%
"is
38
49%
1034
18
297s
%
61
15%
77%
2%
7%
20%
934
%
17%
27
62
15%
14%
75%
5%
10%
42%
%
18%
2834
11%
50%
22
11%
41%
12%
51%
13
%
18
25%
14
10%
5
38
55%
127g
53%
11%
34
35
38
11
50%
9i«
34
59
80
113s
51
5%
10%
14%
43%
79
15%
* No par value.
5
6%
42
78
10%
7%
12%
3234
6%
104
5%
1034 12%
11%
10%
2234
18% 1934
18% 2034 20
20%
105
104% 103
100% 104% 104% 103
12
11
11% 13
1234
15%
11% 13%
3
3
3
3%
3
334
3%
3%
35
37
33% 36%
3034 37
34% 3734
5%
7
6
6%
6%
7%
7%
7%
9%
77
9%
6%
10%
137% 138% 131% 140% X123 129
point, viz.: 105"=105"s».
40
2%
2
"is
5
102
2%
15% 19%
17% 19%
102% 105
18%
53
%
78
8%
14l2
2%
30
30
48
19
6%
55%
143g *13%
5
50
45
20
100
11
6878
247g
96%
3%
42%
20%
18
12%
23
18%
9%
44
917g
3%
24
10%
20%
10
17%
21%
*2
17%
26%
11%
9ie
1434
25
1134
24%
1834
17%
87g
30
%
15%
23%
10%
7i»
13%
2234
67
—
63%
18%
74%
18%
2
3%
17%
17
82
89
86% 90
91%
92% 87
131
12934 128
127%129% 127
128% 130
128
50%
48
5034 4834 5434 48
48% 45% 49%
124
12634
126
127
12678 125
124%127
125
45
49%
44% 60
48% 47
4684 47
49
4
4
53g
4%
478
4%
4%
5
5
6
7
7
67S
7%
6%
7%
7%
7
105%109% 108% 109% 108 xllO
108% 106% 107
5o
%6
71S
h
7s
%
34
%
34
13% 16
14% 16%
15% 17%
12% 11% 15%
105
106%
98
106
105% 106
105%106
1334
2534
11
237g
2
2%
15%
87%
13%
22%
43
96%
13%
9234
88
58%
18%
69%
137
584
1534
17%
93
39%
2%
5
5
6%
43g
538
5%
105
10ia4 102% 104
99% 102
53% 56%
51% 55
47% 5134
6%
7%
678
7%
6%
7%
3%
54%
2134
36%
134
13
738
18%
77%
10%
37%
2%
49
4%
*16
35%
17
41
34
47
5
14%
2%
2%
35
47
2%
13
118
108
358
12
5%
%
39%
5%
85%
5%
99%
50
3034
36
5%
13%
434
2%
12634
130
126
35
10
110
234
7%
27%
30
11%
434
44
42% 46
123% 126% 122%
x43%
4134 43
4%
3%
4%
6%
6%
7
106
1071 108%
45g
80
100
100
6% *7%
135
138
137% 137
28
87%
4
4%
4%
99%
46%
5%
I284
7
8%
32
33%
70
79%
8234 80
61%
56% 58
17
18
22
18
16% 19
17%
17% 17
120
113
11734 115
111
117% 115
11334 106
10734 107
32
34%
32% 36%
33% 36%
30% 34% 31% 34% 32% 35%
3334 38%
34% 38%
*35% 4134
x40
43
39% 42
39% 42
115
116
116
116
114% 11534 118% 118% 112% 116%
113%115
sio
9
%
'is
%
7i«
38
7It
38
91«
%
14
3%
3%
2%
28%
31%
2%
2%
43%
105
12%
14
33g
23S
99
31
4%
11%
14%
%
10%
1818
1 M
2%
53
52
96
un
5%
4%
136
2%
5%
12
%
®8
2%
4%
14%
95
%
3
7%
47
4%
4
96
934
106
26
47%
53g
106
13%
163s
82% 101
27
96
3734
106
6%
27
5678
47%
7S
7%
1%
25
42
90
712
1438
82%
234
97%
15
4i8
105
11
94
20
734
26%
46
4%
21%
11%
80%
217g
28%
3
134
2%
7
4%
5%
13
22%
15%
79m 49
50%
19% 13% 14%
107
117% 104
37% 28% 3334
49% 37% 4134
115
11734 113
%e
®x«
%
36%
9734
78% 89
129% 118% 127%
38% 45%
55
127
118% 124
585s 32% 40
.7
3I2
4
878
6%
7%
107
109% 101
s4
165s
24%
45%
378
65%
50
23
75
3
884
2434
97%
142
22
1®4
7
22
67%
2%
98
69
97g
18%
35%
25
Q
1634
1%
16%
31
64%
2%
4%
Q
20
834
17
33%
105
"12% "1334
97
3®4
124
98
90
"is
18%
33%
15
307g
237g
13%
23%
103l2
25%
21%
18
3
14
28
8%
34%
Ex-rights.
28%
80%
4%
15
28
20%
1%
7%
13
55
19
20%
67
13
26%
20%
41%
1534
33%
77g
32%
2334
13%
22%
Note—superior figures denote 32ds of a
"1% "i%
2
85
147g
27%
1%
*234
82%
7%
14%
9%
140
19
29
20%
105
16
*
10%
2434
39
1384
638
"16
19
97%
100
100
%
i
15
34
16%
93
34
..100
1%
9
5%
87g
9%
9%
109% 110
108% 1097g 102%
14
55
32%
96
3184
*
19
343g
——
"27"
13%
9%
14%
34%
23%
13%
24%
*
Green Bay & Western RR Co 100
2312
2i4
13%
9%
13%
33%
_20f 23% 24
Great Nor Iron Ore Prop...
Great Northern Ry pref
32%
1634
27%
1434
11
73s
1334
914
*
212
98
105
105% 102
334
5%
6%
6%
11
14% x9
11%
48% 4834 48% 50% 50
7
3l2
6%
734
6%
96
104
102
101% 104
51
51
5334
54% 3534
7
53g
7
7%
77g
118
135
137
133% 136
3
134
2%
3%
2%
4%
634 1134
9% 1034
29% 1134
19% 21% 21
50
58
69% 87
71%
1234
17% 1978
17% 18%
11534117% 115% 117% 102
37% 39% 3678 40% 26i8
47
48%
47% 49% 36
116
11778 118
118% UU8
%
h
%
%
%
2%
l
s
5
y
1812
4%
7%
i
Grand Union Co with div ctfs_*
Ex—dividends,
16U
2278
9234
165g
3978
18%
19
105U
44l2
185g
26%
24%
2l2
11
6%
4934
._*
100
Great Western Sugar...
378
634
30
%
106
102
102
107% 106% 10734 105
19
9% 1978
16% 21%
978 14%
62
76
75
74
75
83% 61
6784
234
63g
27g
3%
5%
4%
6%
4%
29
29
2678 2678
30% 20
30% 29
32
32%
347g
337g 3834 2434 27% 26
1%
2
1%
2%
2%
1%
17g
2%
3
2l2
5i8
23g
3
5%
2%
3%
127g
10% 195g 11
13% 20
12% 15%
12
17
16
1734
187g
14% 17%
187g
20%
88
$5 preferred
.....*
Goodyear Tire & Rubber.
*
5% preferred
82
34
43
2%
87l2
Grant (W T) Co
95
2412
%
42
2%
Granite City Steel
15
91
10l8
25%
%
5634
38%
Without div ctfs
2234
%
54%
17%
1
Graham-Paige Motors...
Granby Cons M S & P
34
17%
99%
17
1
...
71S
215g
37i8
2514
234
34
98
9914100
2018 233
6%
61
47i2 51
7l2
9
50
$5 conv preferred
34
1%
%
4%
3534
18%
13%
9434
18%
13%
17
1
247g
1818
15
Goebel Brewing Co
Gold & Stock Telegraph
9134
1
383g
2
12l2
378
36
20%
12%
1534
Gobel (Adolf)
Goodrich (B F) Co..
90
1%
%
1
85
22
207g
38M
25
30
24
*
*
preferred
19l8
3414
243s
214
15%
92%
1734
100
$6 preferred............
9134
89
1%
21
29
3212
18%
32
General Tire & Rubber Co
Glidden Co (The)
1%
314
578
3%
18
r
16
45
99%
17%
Gillette Safety Razor
I
1
2778
20
Gimbel Bros
1%
78
2
46l2
100
4312
16%
_.l
6% preferred
383g
32
29
34
42
39
%
78
1%
1%
4
%
314
29l2
11
4512
44
91%
%
91
Gen Time Instruments Corp..*
110
34
Gen Theatres Equipment Corp
Preferred..
9%
110
*
General Telephone Corp
Gotham Silk Hosiery
Preferred...
%
95%
*
General Steel Castings $6 pref *
x
'8
2i8
%
87
24l2
34
32%
%
89
716
7l#
13g
2%
7S
24%
91
18%
2884
30
88
8784
"is
126
129% 118
128% 130% *128 130
53
56% 37%
5238 55
52% 54®4
12334 124% 123% 127% 124% 127% 116
35
z44
54
52
56
50% 56%
6
334
6%
678
434
7%
5%
551
9% 10
$6 preferred
-.......* 109i2110
General Public Service
*
78
11
191
General Railway Signal
* 16
Cash sale,
1878
23
31
3434
40
3378
x32%
33%
257g
7g
34
1
7S
74
3i2
3014
1712
38
1
6% pref opt div series
General Refractories...
293s
83%
"~3% "434
44
40
*
...
....
117%
%
* 12334 126
General Printing Ink
48%
116
5
100
5% pref
19
"9234
l2
*
General Motors Corp—......10
22
59
47
..*
$4.50 preferred
11
114% 116
37% 40%
100
General Foods Corp....
55%
1834
50l4
*
—
7
48%
17%
*
100
7% preferred
49%
102
734
7%
142%144
3%
234
Co.........-.5
5
478
13%
49%
7
General Baking
Class A
33%
36
32%
31%
1
"is
91«
4%
33%
78
104
104
4%
1031
51
16
13%
14
* 102
2%
334
17%
101
5
50
35
3%
143
1178
General American Investors..*
6
14
104
43s
5
50
71%
2
37
171
...
General Cigar Inc
31
31%
2878
30%
84
17
19
32%
21
3i8
13
.*
$6 pref—* 102
General Cable Corp....
30%
2534
17%
3%
82
34
3U2
19i8 203g
10418 105U 105
33%
107% 106
378
341
14
Gar Wood Industries Inc.....3
...
4%
4012
"30"
321
3178
1
$8 preferred..
General Bronze...........
35%
34%
4
74
91S
99i8 102
....
70
721
4
*
$6 preferred
2&8
17%
......10
5H% conv preferred...
"32"
105
Co—.....10
Gaylord Container Corp
24
2%
35
3212
—....
conv
39%
35%
3034
6%
403g
38
84
1914
1834
39
....
5% conv preferred ........100
Food Machinery Corp
10
4H % conv preferred
100
Foster-Wheeler Corp....
..10
$7 conv preferred
.'.*
Francisco Sugar Co
*
Franklin Simon preferred... 100
$3 preferred
Gamewell Co (The)
45%
203g
35%
24
24%
2l4
Gair Co Inc (Robt)..
2034
106
43%
18l2
3312
21
2334
Gabriel Co (The) class A
1934
40%
8914
1734
19%
*
.10
.....
22
8934
104
Florsheim Shoe class A-.......*
J Follansbee Bros
24
3912
46
32
——*
Follansbee Steel Corp
484
14%
22
...*1 433s
*| 18%
Flintkote Co (The)....
%
17l2
100 10478 106
First National Stores
""334 ~
87l2
22l2
2134
100
4%
7S
22
25
87l4
20
40
preferred
conv
25
4%
34
478
1
Federal Water Service A—
5%
5
"36 ~
"33"
16%
%
6%
407s
36%
73i8
2612
16
18%
98% 102
23
2434
%
66
334
97g
3434
2514
27%
37%
14%
34
13
100
97
Federal Motor Truck—...
Gannett Co Inc
63g
44
"34%
153s
9is
63
8
4914
34
37%
137g
%
85
27g
9
"34%
1484
%
92
5
Federal-Mogul Corp
Free port Sulphur
34
37%
13%
793g
3414
1
27U
25
100% *96
25% 28% 24
Florence Stove Co
934
2778
1
39%
83s
2314
34"
85
418
1078
334
42%
15%
conv
4%
4
35
64
1%
93g
2412
1
6l2
Federal Light & Traction....15
4M°/o
3
13s
38l2
2378
1
5i8
40%
34%
2534
*
2
1%
5
32
39%
4%
5
434
6%
4%
5
3%
4%
14484
144% 130
137% 136
130% 13834 131
175
177
178% 180
172
176
17534 176
32% 35%
3284 3578
32% 35%
30% 3378
14
15
1334 15
1338 1434
1334 15%
85
1%
234
8I4
2U2
78
434
8%
3
U2
3034
41%
110
111
110
109% 112
106% 108% 108
6%
7
6%
934
7%
93g
75g
9%
6684
77
75
78
7334 7334 63
75% 78
74
71
76
80
83%
83%
83% 8134 84
34
1%
1%
U2
4
4 34
Ex-Cell-O Corp
234
2%
1%
94 I8
"16
3,
%
ll4
214
1%
116
3778
31%
67
80%
.85
93l2
93i2
34
158
78
13s
Eureka Vacuum Cleaner—....5
87
97
212
100
__50
Erie & Pittsburgh RR
73
89
89%
6s
13s
*
Equitable Office Building
J Erie RRCo
4% 1st preferred
83
86%
*
123
1293s
117% 115%117
129
126% 126
115%117
28% 31%
130
11
33
23%
14%
25%
20%
11%
50%
2
31%
%
2%
90
1384
56%
16%
64%
59
68
14%
18%
83
1634 *19%
82% 86%
134
2%
32
30%
his
6
11%
9%
12%
35%
"l5%
28%
19% 22
13134 130% 134
1%
2
32%
4%
12%
9%
11%
32%
23%
14%
34
30
84
•is
5%
12%
10%
14%
34%
2434
16
29%
5%
1%
7%
12%
9%
12%
10%
12%
16%
3234
36
23%, 23%
16
1 18%
2534 30
20
221
19% 20%
130% 134% 132
139%
2634
134
2%
5 Called for redemption,
2
23g
85
90
1234
15
61%
1634
63%
193g
83
85%
1%
26
134
30
34
i%«
5%
5%
12% 12 34
10% 12%
11% 14
33% 3534
23% 2434
14% 17%
25% 2734
19% 21%
xl37% 140
42
35
J Reported In receivership.
12%
71
5
2334
11%
55%
2%
2%
83%
17%
85%
2%
11%
9%
10%
3234
"l4"
2%
83%
60%
42
a Deferred delivery.
The Commercial & Financial Chronicle
64
Jan.
4,
1941
[
1940—Continued
January
High
STOCKS
Low
Par I per share
Green <H L) Co—
Greyhound
I
*
10
Corp The)
34
17«4
12
2%
20%
22
100
3%
4
— .
8% preferred
—100
6% preferred
Gulf Mobile & Ohio RR
$5 preferred
Water-———25
Hackensack
Preferred
.......
25
-
A
Hall Printing
10
.*
Watch--
Hamilton
6% preferred
...—-100
Hanna (M A) $5 preferred
*
*
Harbison Walker Refrac.--
6% preferred..-.-——---100
———1
preferred
--100
Hayes Mfg Corp
2
Hat Corp class A
...
25
Hazel-Atlas Co
Heeker Products
Corp.--
1
Helme (G W)
7%
preferred
25
100
—
Hercules Motors
*
------
*
Hercules Powder-----------
6% preferred
Hershey Chocolate
<4
100
*
preferred
conr
Hinde & Dauch Paper
"Holland
10
Co
Furnace Co (Del)
10
Hollander (A) & Son
Holly Sugar Corp
7% preferred
5
*
100
-----
Homestake Mining
12.50
Houdaille-Hershey class A
*
*
Class B
Household Finance Corp.
5%
i
referred
100
Houston Oil of Tex
v
25
t c
Howe Sound Co—
5
16%
34i2
16
17
157g
1134
12
11%
16%
12
5% preferred
-.-.--100
Hudson Bay Mln & Sm Ltd—
*
—
Hudson Motor Car
*
-
JHupp Motor Car Corp
1
Illinois Central RR Co.-----100
6% preferred series A.-.
Leased line 4%.
sec
stock ctfs
ser
100
100
A—1000
Indianapolis Power & Light
Indian Refining
Industrial
10
Corp.—
*
17l2
15
2
2%
23
24%
15
*4
34
3
84
27
5%
%
11%
21%
38%
5%
1%
7%
3%
5%
34
25%
6%
3
3i8
24%
13%
24%
6
1
11
38%
4078
39%
6%
5%
5%
41%
5%
5%
634
20
5%
29
118
2578
112
9
10%
100
—
83
*
8
-
Island Creek Coal
1
2434
1 123
,
1
15
*
Jewel Tea Inc—
9
1178
16
24%
3%
30%
37g
11
2%
24
3%
16
87
334
9*
86
82%
8%
8%
2578
4%
10%
82%
8%
27
25%
123
125%126
17
14% 16
90%
90% 93
*
-------
100
70% 77% 69% 73
123% 132
124%126%
Jones & Laughlin Steel pref.100 55%
Kalamazoo Stove & Furn Co. 10 *13%
67
56%
1334
14 78
Kansas City P
L 1st pref serB* 120% 120% 120
6%
Kansas City Southern Ry
7%
*
20
17
4% preferred
100 18
1
...
preferred
5
154
1%
%
1%
4%
2%
2134
12
6%
21
3
'
8li
7g
%
12?8
5%
5%
*4
11%
10%
2034
39%
24
12
21%
43%
31%
41
4%
534
156
158
87%
87
12%
578
3%
14%
6%
13%
4%
6%
3%
i
158
90%
157,
6%
3%
3
3
4%
5
16%
72
140
66%
7%
5
2%
2%
8%
25"2
110
11%
10%
15
1734
134
15%
1%
13
11%
11
14
1%
13
1%
11%
10%
13
1%
14%
1%
12%
1%
9%
12
11
11%
19%
2
16
134
16%
1*4
1%
234
12
10%
12%
11%
18%
1%
12%
11%
10%
%
78
3
378
13
4
•is
»I «
*4
3%
4
14
1234
3%
15%
4
3%
34
12%
14%
31
33*4
13%
34%
3%
12
11%
18
1034
1034
12%
1634
1634
1%
1634
1%
19
1%
15%
20%
2%
187|
1034
10%
11%
10%
1078
16
1%
12
117s
11%
18%
,17«
16
13%
2%
10%
33
%
»i«
%
84
%
%
3%
19%
4%
9i«
9%
3%
1734
3%
1934
234
15%
4%
5%
378
3%
18%
4%
%
%
9%
17%
6%
12%
32%
234
7%
14
4%
8%
8
16%
16
39
42
3%
334
3*4
%
3%
16%
334
%
3%
%
1434
39%
37
1
4
19%
7%
14%
%
7%
13%
41
3%
17%
4
3%
678
4
%
4
17*4
14
4
3%
4
77g
7
1
»n
14%
"is
%
8
6%
®i«
38
4%
5
89
1434
6%
3%
2%
41«4
5%
5%
378
5
6
173s
23
21
6%
22%
21
5%
22%
22
24%
8034
95%
85
92
88%
93%
92%
99
67%
8
4%
2%
2%
22
91
2%
7
1%
19
136
39
146
2
5%
334
193s
J 09
5%
57,
146
146
145
81
84
79
84
[50
150%
338
155
4%
2434
114%
165
2%
284
6
7%
334
7
10%
4
21%
24%
1 IT
117%
1134
14%
53
46%
2%
2%
14
50%
234
37
40
37
40
29%
31%
31%
30
28
28%
15
18
17%
32%
31%
18%
146
38
39
37%
3%
4%
3%
20
21
20% 23
534
5%
7%
5%
6
26% 24% 26% 22% 24%
106
101% 110
104% 10834
150
151% 157
2152% 158
40%
4%
22%
84%
155
158
2%
5%
334
164
163
.57% 161% 162
2
2%
3
2%
278
234
5%
6%
4
4%
22% 2734
L20%125
1378 1534
52% 6178
2%
2%
37% 4034
2534
3%
3%
6%
"2% ~~ih
13%
56%
2%
Ye"%
40%
43
33%
30%
21%
75
33%
33
30
29
19
20
100
2*8
2%
6
6
79
6%
23% 27% 23% 2534
123
122
126
125%
10%
11%
9I4 12
4312 42% 45
44
56% 54% 58%
123% 125% 125% 128
236*4
----
7%
86
-----
6
6
6%
26
25
23%
57g
334
26%
64%
3
1334
5734
134
170
3
7
778
434
334
2834 22334
130
15-%
62%
2%
168
1%
107g
9
5%
287„
3%
22%
130
"
14%
"l7%
60%
7034
2
2%
38
44
38%
3634
29%
37%
30%
36% 38
29% 23O84
21
14%
64%
178
37%
38%
173
2
11%
4
24%
130%
17%
71%
2%
40%
28
43
39%
28% 30%
26
29
25% 30
.01
101
102
102% 105% 105% 108
109
2
2%
1%
2%
1%
2%
134
234
2%
234
17S
2%
1%
2%
17g
3
7%
8%
7%
8%
8%
7%
6%
77S
19
2%
2%
6%
79
6
32
28%
3
2%
6%
678
4%
30
128
90
2%
2%
478
74%
5%
18
934
41
2%
24
100
%
7%
14%
150% 150
85
94
81% 87
84% 89
86% 90
87S 11%
8%
9%
9% 11%
8%
10% 14%
10%
1178 13
6
5%
5%
6
5%
6%
5%
5%
5%
6%
7%
6%
7%
234
2% 2"i« 2»u 21,ie
2%
234
2%
28" 26
21% 26% 25"
28% 2234 28
2484 23% 26%
23% 2434
103
108
110
109
105
112
110
112
104% .04% 109
98% 100
3
3
2%
2%
3%
234
3%
3%
5%
334
2%
3%
4%
7%
7%
9%
8% 1034
9% 12% 10
8%
7%
8%
9%
1138
2
1%
1%
1%
178
1%
2
1%
1%
1U
2%
1%
2l2
22
29
35
23
25% 25
28%
19% 22% 217, 23
33% 34
139
143
145
164
.44% 157% 153
158% 153
146% 138
15534163%
41
52
45% 43% 487s 46
53%
5634 48% 55%
47% 4234 46
154% 143%145
41% 47% 40% 4534 24
95
111
109%113
110%113
4
4%
3%
4%
434
2%
87g 10%
97, 12%
8% 11%
1
1%
2
1%
1%
2%
33
35
32% 34
18% 3434
177
140
180
191% 174
176%
53% 58% 55% 59% 38
5778
160
163
157%160
164% 145
3%
4%
3%
1%
1%
4%
8% 10%
9% 14%
5% 13%
6%
6*4
5%
6%
6%
3%
32
36% 29% 35% 20
29%
131
132
129
129
12934 110
10% 13%
11% 2034 10% 21%
52% 58% 53% 73
40% 7234
3%
1%
3%
4%
3%
4%
56
53% 51% 54% 38
61*4
34% 36% 36
37% 2678 36%
31% 34
32% 3434 25
34%
23% 2634 13% 24
25% 28
100% 102% 98% 100
3%
3%
1%
4%
3%
4%
3%
4%
3%
1%
3%
4%
8%
9%
8%
934
4%
8%
83% 86
89% 90
75% 88
8
8%
7%
734
8%
5%
26% 28
26% 28
20% 27%
126
127
126
125%127
127%
9
14
147g 15%
13% 15%
92% 93
457g 52
48% 5178 3434 48
69
72% 67
7234 45
71%
126
127
127%130
122% 127
62
14%
120
56
13
120
13%
17%
13%
60
69
12%
11%
6
7%
578
12
10
14
14% 16
120% 120% 117% 120
6%
7%
6%
7%
3%
18%
18% 18% 19% 11
12
9
12% 13%
12%
Q9
103
95% 104
11% 1278
12%
109
Kendall Co $6 part series A
*
90
*
*
35
9534
387s
14%
92%
34%
13%
13%
14%
Kimberly-Clark-.....-.
Kinney (G R).„
55 prior preferred--Kresge (S S) Co
Kresge Dept Stores.
Kress (S H) & Co
Kroger Grocery & Baking
*
35
39
35
3684
36%
1
2%
25%
24%
234
31
234
2%
*
-
-.10
1
*
2%
28%
25%
3%
25%
28
29%
*
100
28%
29% 228%
8%
9%
100
..*
Laclede Gas Light
1434
1558
7%
25
29
26
25
28
30
8%
1534
16%
1834
16%
14%
15%
5%
434
5
3534
Lehigh Portland Cement
25 2134 23%
4% conv preferred
—100 10934115
4
tLehigh Valley RR Co
50
3%
3is4
21%
34
5% preferred
Lambert Co (The)
Lane Bryant
*
Lee Rubber & Tire
__5
Valley Coal..
6% conv preferred
Lehman Corp (The)
Lehigh
5
31%
1
110
23
114
3
3%
1%
3%
Corp.
Lerner Stores Corp
Llbbey-Owens-Ford Glass
Libby McNeill & Libby
Life Savers Corp
Liggett & Myers Tobacco..
Series B
*
-
_
Preferred
*
7
5
25
25
100
Lily Tulip Cup Corp
%
4%
237g
2%
21%
23
12%
50
1%
21
*
13
13
14
3%
y
334
26%
29%
7%
7%
38%
2%
30%
2578
334
28
32%
8%
Ex-rlghta.
a
978
120
3*4
12
9%
2%
29%
25%
62
62
11«4
10%
90
90
6%
27
6%
26%
[2334 12334 126
92
90
7
27%
27%
126
11
12%
12%
13%
12%
40
45
42%
63%
47%
70%
91%
84% 10434
11
13
12
4%
16%
12%
534
18
13%
16%
8%
29
89
7
283s
127
127% 130
12
1378
12%
92%
8
33
130
47
72
90
678
57%
125
66%
125
1
13%
13
45
48%
48% 3984 46%
66% 71%
60% 67% 56% 62
125% 127% 124
128
128% 128
3
21%
13%
27%
1%
4%
24
13%
9
434
36%
87%
253,
10
14
11
2734
45
30
2%
3134
1%
17%
19%
26
3
2%
434
14%
"3%
934
9%
10%
10
92%
7%
92%
92
92
9
9
11%
1278
6%
11%
96
97
2734
25%
1234
2834
13
35%
32
34%
25
2334
8
23
108% 113
27g
3%
h
3
23
13%
27%
48%
678
43%
1%
4%
2434
13%
28%
517g
9%
point, viz.: 105**=105«»i.
1*4
2234
34%
21%
1%
23
4
29%
3034
11%
35%
24
24
3%
16%
90
5%
94%
24%
113s
31%
1*4
23
23%
8%
1%
13%
6%
19%
8%
12
8%
234
233g
25%
4%
3078
24%
29%
7%
5%
16
12
1334
11
16
12%
3%
14
12%
534
29%
16%
20%
4%
3%
19
-
...
14
634
534
101
1*4
13%
1%
22
25%
22% 224%
234
2%
_
10912
101%
734
101
4%
13
104
102%103
104
1534 1878
1534 18%
7
8
9%
878
.00% 103% 100%100% 9978 103
101% 105
29
27% 32
34%
31% 3734 34% 373g
13
13% 14%
13% 1434 214
14
15%
35
37
36% 33
37% 40% 38
39%
1%
1%
1%
2
1%
2%
1%
134
13%
1478
14%
6%
7%
634
17%
77S
22
24
24
2578
234
22%
2434
26%
2534
23%
25%
23%
25
26
25
234
3
3
25
22%
26
25
2634
25
26%
3O84
6%
12%
14%
4%
22%
29
31%
30%
32%
28
5%
29%
6%
14%
12%
5%
20%
32
5
6%
734
19%
127g
5%
25%
11
13
12%
4%
19%
13%
X Reported in receivership.
d Change of name from International Printing Ink Corp.
—
9%
5
21%
16
1978
18% 20
18%
18%
18%
15% 22%
L07
105
108
105
100% 104% 105
104% 114
3
1*4
2%
2%
1%
2%
1%
2%
1%
1
%
1%
84
%
1%
1%
1%
%
3
2
278
3%
234
3%
2%
3%
3%
18
19%
18% 20
20%
16% 20
15% 2434
10%
10% 211%
107g
978 1034
1134
9% 13%
22
2334 23%
2234 24
18% 27% 18% 23
40
40
36
35
3634 4034
32% 4934 30
5
5
6%
6%
8
534
7%
6%
684
44
33
39% 39
33% 36% 37% 3978 39
92
98
97
95
97
87
96%
10834 90
99
93
98%
87
99%
109%
88% 98% 96
175
175
170
176% L7978
170% 175
180% 169
19
19
20
17
18
16
19%
17%
21%
» No par value.
104% 100
13
234
25%
284
25
95
13
14%
10% 13%
120
118% 119
120
4
5
4%
534
4%
17
18
20%
1484 15%
14%
13%
14%
13% 15
101% 102
102% 103
104%
7
8%
734
9
8
.
11%
14
20
29
1734
16%
6%
33%
—
26
34%
5
71%
11
10% 1034
119% 11934
4
434
4%
14
14% 15
30
678
16
3%
103
7%
69
Q7io inn
24%
2778
31%
15%
112
97
17%
9%
3%
2834
16%
5%
33%
22%
3%
%
8%
434
378
18
111
11
75
101
120
•04
3%
15%
31%
21%
7%
98% 103%
46%
38
14
5
17%
6%
27
29
2634 29
29
48% 53% 48% 51% 48% 51
6%
7%
684
7%
6%
7%
45
41% 42% 41% 43% 42% 43%
10534 108
108
109
10534 IO784 106%108
109
108
10634IO884 105 10834 107
109%
176
17884 175% 177% 171
180
172% 175
19i
20%
19% 20
19% 22% 20% 23%
Note—Superior figures denote 32ds of
zEx-dlvldends.
6%
30%
4
50
....
"l2% "13" "H% "l3"
Kennecott Copper
—
Keystone Steel & Wire——
•
6578
15%
978
93
101
100% 103%
34% 37% 35
38%
13% 13%
13% 14%
-.1
48%
121
97
95
1034
6%
18%
13%
1234
15%
95
7%
13
15%
60
13%
7%
9584
38%
Class B
Cash sale.
10%
1134
10%
18%
2%
16%
2%
2%
9%
16
8
1%
6
4%
19%
5%
80%
97
1334
---100
Kayser (J) & Co
-—5
Keith-Albee-Orpheum pref--100
Kelsey-Hayes Wheel conv cl A.l
T
978
9%
1434
1%
12%
121%121%
7% preferred called
Lehn & Fink Products
3%
28%
3%
1%
2
18
6
7
87g
6%
9*4
2778 25% 27% 24% 28
114
108
11434 111%113
*
—————
Preferred
12
25%
22%
Interstate Department Stores.*
conv
%
11%
4184
478
5%
6%
%
9%
22
4
Kaufmann Dept Stores
5%
21
*
Johns-Manville
1%
5%
24
—
Foreign share ctfs
New.---
3%
17%
21«4
154
150% 154
100 150
80% 90
82% 87%
*
11% 1478
Inspiration Cons Cooper
20 11% 14%
6
5%
578
6%
Insuranshares Ctfs Inc
1
3%
3%
334
5%
Jlnterboro Rapid Transit--100
3
Ctfs of deposit-234
41" 43%
44%
Inter Chemical Corp
* 40*
109
110
110%
6% preferred
—100 108
5
4%
4%
4%
Intercontinental Rubber
*
934 1278
9% 1034
Interlake Iron
*
1%
134
2%
2%
Internet Agricultural..
*
32% 34%
Prior preferred---100 34% 38
189*4 180% 191
/nternat Business Machines--* 180
63% 62*4 53% 5634
International Harvester
*
163% 166
7% preferred
——100 165% 171
4
5%
Int Hydro-Elec series A—334
4%
25
9
8% 10%
113s
Internat Mercantile Marine
*
7
6%
6%
67S
International Mining Corp
1
35% 38% 353s 37%
Internat Nickel of Can—---_.*
133
Preferred
-.100 131
131%133
1134 14%
12% 14%
Internat Paper & Power
15
54
60%
5% conv pref
100 5034 57%
4%
5%
Internat Rys of Cent Amer
4%
4%
*
55% x53
56%
5% preferred
100 51
347g 35% 3434 36
International Salt
———*
34% 36% 34% 35
International Shoe
—_*
25% 28
25% 27
International Silver...
.50
1Q0
100%
7% preferred
——100 97% 100
4
434
334
International Tel & Tel
»
4%
$6 preferred
Jarvis (W B) Co
1
5
20
1
6% preferred
Intertype Corp
3%
12%
23%
Inland Steel
Preferred
15
9%
17%
11
«.
* 114
Ingersoll-Rand
—
15
*
—
Rayon
3U
234
28*2
334
17%
2'«
20
November
October
December
September
July
August
High Low High Low High Low High Low High Low High Low High
h
High Low
1%
17«
1%
2%
1%
2%
834
934
8% 14% 10% 12%
33
34
32
34
33
31% 31% 32%
3034 32
34% 30
34% 29% 303s 30% 32
3234 3384 32% 33
32% 3278
36
35
36
31
35
35
32
32
30
32
35% 35
33% 232
32%
34*2 37
35% 33
33%
32% 33
32% 35
16
13
19
13
14
17% 19
12% 14%
14%
17% 20
1778 2OI4
11% 1334
13% 1378
9%
167g
12% 13%
13% 14%
16
16
16
15
17
13
13
13
16%
14% 14% 15
16% 17
10%
13% 14
1634 15
1612 17
15% 16
16%
101
102
103
105
103
102
102
106
104
106
2100% 106 100% 101
103% 104
100%101
10412 IO6I2 104% 10412 105 105
102
105
2104 105% 104 34 106
103
95
97
10334 105
105% 103
98% 102
103% xiOl 102% 102
104% 96
103%
-96% 98%
24
24
19
1934 21% 20% 2234 2134 2334
25% 23% 26
24% 2 634
28'4
16% 25
23% 20% 22
2234 27% 22% 24%
136
130
130
138
137
130
133% 133%
6
7
8
6
6%
7%
8%
6%
778
7%
8%
5%
714
77g
8%
6%
578
678
9%
5%
6%
5%
5%
6%
95
91
95
04
95
94
85
89
87% 87% 88% 99%
93% 93% 93% 101% 99
85% 88
101% 83% 85% 85
95%
3
2
3
3
4%
2%
2%
2%
3%
3%
3%
234
2%
234
2%
3%
378
4%
2%
4%
2%
2%
234
3%
99
112
98
105
97
95
109
105% 99% 103
112% 110
9978 91
113% 90
111% 113% 107
89% 93
89% 96
95%
10
10
8
87g
8%
9
11%
10%
10% 11%
7%
9%
8%
9%
10%
9%
734
734 10%
8%
7%
8%
678
8
91
92
95
92
92
108
110
109
86
90
1073a 109% 107% 110
9734
108% 109% 97
90% 92
9734 88
9134
9734
160
166
163
164
164
rl64 164
155
155
155
155
160
163
164
163
159
163
165
164
158
165
167
102% 164
14
14
15
13
18%
17% 21% 12%
15%
13% 15% 14% 16%
1634
15% 1778
141# 1534 14
1334
19%
16%
1434 16%
74
79
85
81
70
87
87
88
91
80
82% 80
77% 69
87i2 91
96% 100% 76% 99
82%
87% 79
7234
131
130
127
132% 132
128% 130% 12634 129
133l2 131 2132% 131
133% 128
129% 126% 127% L26% 128:
130% 128
126% 128
61
65
61
61
53
02
65
50
56
56
56
61%
64% .67% 57
54% 55
57% 56
57%
55% 57% 51
53%
106
[08
108
108
047a 113%
105
110% 114
113% 10978112
113% 115% 111% 15
997g 102
106% 104
11212 11514 112%114
17
17
14
14
14
17
17
18
1434 15
14% 16%
15% 16%
1834
16% 18% 1434 1734
12%
14%
14%
30
31
34
30
3234
31%
33
30% 3234
30% 35
25% 28% 28'
32% 35% 19
33% 29
32% "2l"
2334 24% 26
7
7
6%
6%
778
6%
6%
734
7%
5%
6%
434
4%
534
7%
984
7%
6%
8%
4%
5%
4%
4%
8%
9
10
8
12% 15% 12% 14
9%
10%
9% 10%
10% 12
12*4 15
12% 16%
10%
9% 11
15%
9% 11
9%
.03
103
108
110
103
103
105% 105%
59
38
39% 40-% 40% 47
5434 35% 40
45% 48% 47% 5434 49% 53 *
60% 54% 59% 52 255% 53% 56% 35
41%
33
37
37
32
28
32% 35
34% 35% 35% 38
30% 32
3634 38
33% 3414 34% 35
3734 28% 30% 30
3834
9
1134
13%
12% 14%
13%
10% 12% 12% 13% 12
1278 14% 13
11% 1234
14% 16%
8«4
14%
9%
12%
14%
11%
67
■
60
58
00
60
62
58
56
08% 70%
68%
67% 69
56% 58% 55
68% 71% 54*2 71% 5434 59
60% 62?8
104
101
.04% 104% 105% 107% 110
111% Ill's 110
110% 10878 110
102% 102% 103
110% 2l0934 112
109% 110% 105
111% 101
37g
3%
3%
534
6%
5%
6
5%
5%
4%
334
5
3%
3%
3%
3%
4%
6'4
6%
4%
4%
334
5%
4%
31
30% 33% 30% 33%
33% 39% 33% 3834
47% 50
48% 50% 47% 49% 41
48% 297g 43%
29% 36
28% 3034 28
Hudson & Manhattan RR—-100
RR
212
*
100
Guantanamo Sugar..
June
May
High Low
?
$ per share $ per share S per share $ per share $ per share S per share $ per share $ per share $ per share I per share
29
28
32% 35
27% 30
34% 23% 28
29%
32% 35% 23
3134 30i2 32%
30% 31% 307S 33%
32
Grumman Aircraft Eng Corp
Gulf Mob & Nor RR._
April
High Low
24
preferred
5conv
3084
10%
11%
March
February
Low
8%
21%
16
13
12
6%
2534
5%
2334
21% 20
112% 110
2%
1%
3%
2034
11%
25
43
7
39%
101
103
179%
20%
2334
634
15
12%
578
2234
22%
11378 113
2%
%
2%
3
3%
1%
1934
2%
78
3%
21%
278
11
13
25
38%
4234
38
97
9934
95
26%
47%
778
41%
98%
42%
6%
294
97% 101
17578 181
20%
22%
1 Called for redemption,
181
19%
a
24%
99%
175
27%
257g
27,
26%
26%
31% 27% 29
8%
5%
7%
18% 15
16%
13%
1178 13
6
7%
7%
27% 2334 26%
2484 22% 25
116% Il67gll67i
2%
1%
2%
1%
%
%
434
3%
4
23%
11%
24% 225%
42% 45%
6%
7
11
234
2578
21%
20%
11%
2178
39%
6%
37%
92%
91%
185
19%
22%
12%
2434
4434
67g
39
96»4
97?8
188%
20
Deferred delivery
Volume
The Commercial & Financial Chronicle
152
65
1940—Continued
December
June
November
October
March
May
July
February
August
September
April
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
January
STOCKS
Low
Par $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share S per share $ per share $ per short
25
18
22
25
25
29
27
25% 3034
♦
23% 27
13% 2534 15i2 19i4 17i8 1834
215g 2H4 25
29% 25
24i8 273g
35
27
37
32
35
34
37
41
3434
39%
*
3534 39
28i8 31% 32
33i2 34i2
3712
36% 40
3612 38
Lima Locomotive Workj
Link Belt Co
Lion Oil Refining Co
*
Liquid Carbonic
»
1
Lockheed Aircraft Corp
Loew's, Inc
$6.50 preferred
28%
3334
*
Loft, Inc
1
* 106
Lone Star Cement
Corp
*
Long Bell Lumber A
Loose-Wiles Biscuit Co
5% preferred
»
25
100
_.
Lorillard (P) Co
10
Preferred
100
^
Louisville Gas & Elec A
*
Louisville & Nashville RR—100
MacAndrews & Forbes—
10
6% preferred-—
100
Mack Truck Inc
*
Macy (R H) Co Inc
Madison Square Garden—
*
*
Magma Copper
10
Manati Sugar Co-
1
-
Mandel Bros
»
t Manhattan Ry Co 7% gtd—100
Certificates of deposit
Modified 5% gtd
Certificates of deposit
Manhattan
100
Shirt
25
Maracaibo Oil Exploration
1
Marine Midland Corp
5
Market St Ry Co 6% pr pref.100
Marshall Field & Co
Martin
*
L) Co
(Glenn
1
Martin Parry Corp--
——*
Masonite Corp
——*
Mathieson Alkali Works
*
—
7% preferred.—--——.-100
May Dept Stores.——
10
—
Maytag Co (The)
*
$3 preferred—— *
$6
preferred
1st
*
—*
McCall Corp
McCrory Stores A
1
100
——
6% conv prcf
1
McGraw Electric Co
McGraw-Hill Publishing Co.—*
Mclntyre Porcupine Mines
5
McKeesport Tin Plate
15
McKesson & Robbins, Inc——
$3 series
pref
conv
3712 40%
12
12
13
13i2
13i4
125s
17
17% 165s 18is
183s
16%
34
32i2 30
3278 273s 35l2
34
373s 34% 36% 345s 375s
108l2 108
10734 1075s 1083s 108
32ig
38i2
25% 2312 31% 28
46% 425g 4478 42i8 44
4318
3
4
3is
33s
278
33s
17i2
18'4 1678 17i2 17
1712
106
108U 107
109
10734 109
235g
25
24ls 24% 24is 25
159
14978
14912156
158»'. 158
187g
2112 16l2 19%
1718 1834
56
67i2
5412
59% 56
60
1134
15i2
1
McLellan Stores
0
6% conv preferred
.100
*
*
Mead Corp.$6 preferred
$5.50 pref series B with war..*
Melville Shoe Corp
1
——1
Mengel Co
18%
42%
3%
1678
10734
2334
153%
1912
55%
34%
34
34
3358 34
35
133
13514
134% 134i2 13412 134
24
2834 2414 27
2384 263s
2914
2912 28
27% 305s 28
12
123s
U34 1234 1178 1212
3534 335s 37% 3378 38
3312
278
33s
378
234
378
278
63s
778
634
6i4
6%
634
27
3314
3084 287S 35i4 31
28
30% 28i2 31l2 2934 31
1514 16i2
14% 16
15l2 17
15i4 165g
1412 16
15i4 16
15% 16%
1412 151s 14l2 15
1
1%
1%
1%
ll8
ll4
478
5i8
434
5%
478
5i8
434
812
434
4l2
5%
378
13
13
15
153s 1358 1 5
35i2 413s 3714 42% 39i8 457g
938 135g
734 10l8
878 141s
3412 37
36% 4078 35i2 39
25l2 30
28% 3134 28l2 31
169
161% 162% 169
16612 170
50
52
5034 5312 5012 53
3i2
418
3%
3%
3i2
41S
2734
2612 27
26i2 27i2 26
98
101
100i4 10312 10234105
14% 15%
143s iei4 1434 15is
15
1478 16%
16is 15% 17
108
111
10912 110
2334 27%
z2234 25i2 23l2 24i4
8
7i4
8is
7%
8%
7%
£45
47i2 407s 4412 38% 41%
978 11%
1058 1278 105s 123s
678
8i8
2834 3178
8%
812
8%
834
8i4
9i4
99
10212 9978 102
102% 103
11
10
11&S 10
914 1034
5
50
21l4
14i8
Mesta Machine Co—
5
Miami Copper
Midland Steel Products
*
1378
3318
100 106
4% conv pref series B
1
334
*
—10
$6.50 preferred
Mission Corp
37i2
*
78
3i2
Missouri-Kansas-Texas RR
7% preferred series A—-100
Missouri Pacific RR Co—-100
5% conv preferred.-:
.100
Mohawk Carpet Mills..-.—.20
Monsanto Chemical Co
10
$4.50 preferred series A
*
Preferred series B
*
Montgomery Ward & Co———*
Morrell (J) & Co
*
Morris & Essex RR Co
Motor Products
-
50
*
-—-
Motor Wheel Corp
5
Mueller Brass Co
1
Mullins Mfg Corpclass B
I
$7 preferred—
*
Murphy Co (G C)
*
5% preferred
100
Murray Corp of America——10
Myers (F E) & Bros
*
Munsingwear
Nash-Kelvinator Corp.
.5
-
Nash Chatt & St Louis——-100
1
National Acme
Nat Automotive Fibres Inc
6%
conv
1
preferred
10
5
10i2
1314
30i8
2112 j25%
37%
10912
39i4
20%
153g
3478
16
26%
45i4
2914
43i8
312
29
3334
33
97
1083s
2
97
100
21g
13%
25g
15
18
15
18
107i2 105i4 109% 106
10612
1834 24%
187g 2H2
25i8
140 2142
140
162
160
1518 1934 1534 19l4
1912
5634 4078 50
5914 38
26i4 27
3434 2584 33i4
414
132
136
135
25ig
283g
17
28
31
llU
3412
1238
918
375S
136i2
26i8
20%
21%
297g
12
3534
22i8
24
87S
24
10
27l2
212
4%
2
4
6l2
67g
31%
28
16%
17%
16%
14
1%
4%
24
24
1614
1678
16
1678
1412
15
14's
13l2
lll2
*4
3%
2%
13s
51s
8i4
7
21%
3034
834
1434
3634
3234
2934
6%
162
169
53
4%
30%
50%
3%
•
102
105
14%
16
110
2534
7%
37
16
17%
110
29
9%
39%
52%
2%
3%
20
5%
25% 32%
7%
9%
xl05%107
17%
6
9%
14%
27%
98% 102%
10% 15%
10
16%
93
110%
17% 27%
8%
5%
27
4
5
94
7%
512
15%
13%
%
3%
3%
9
38
7
21
2534
95s
13i4
2318
19
19%
187s
1934
19i4
47
57
52
57
56
28
29
29ig
28i4
58i2
29
5734
2678
1834
20
23%
10i4
2078
25 i
11
2278
23i4
2512
25
27
25
187g
19%
160
8%
107
5
2
514
$4.50
conv
*
10
preferred---
National Lead Co
—
95s
-
Nat Oil Products Co
conv
25
40
5H% conv prior pref——100
6%
173g
17%
17%
17%
13
13
13%
13%
13%
4%
%
4%
27
8%
24%
9%
27%
25
23
25%
24%
3%
4%
103s
162
2984
8%
27%
27%
7%
7%
50
170
New stock,
Cash sale,
2934
167
4%
1384
16%
29
33%
8
12%
1434
16%
3534
13%
3034
31%
10%
30%
26%
30%
28%
9%
172
167
51%
'5634
234
2%
24
25
22% 23
100
97% 102
10334
12
11% 12%
1234
1334 15
1234 143g
25%
98%
25%
11
98%
12%
10%
13%
18
21%
5%
19%
30
7%
4%
22%
6%
6%
4%
21%
6%
6%
r8%
9%
46%
2%
49%
47
14%
23%
7%
25%
7%
33
52% 49%
2%
2%
24% 25% 25
99
101% 101%
12%
12% 13%
99%
1234
16
36
12
14%
15%
24%
7%
35%
7%
434
26%
26
8%
37%
8%
534
1434
10834
5
534
18
5%
22%
2034
24%
6
7
26%
28%
7%
4%
22%
6%
27%
6%
634
3134
7%
4%
9%
24
1
11%
12%
28%
26% 29%
173
173% 173%
53
49% 52%
3
2%
3%
25% 24% 2534
104
102% 103
1334
1134 12%
14% 15%
16%
111% 110% 111"
27
24% 26%
8
3234
26%
32%
9%
37%
7%
8%
32%
35
7%
9%
6%
8%
10
4
3%
684
5%
338
4
22
2034 29
26%
29% 25% 30% 24
6
7
734
6%
7%
6%
734
7%
634
105
100
105
105
100% 100% 100
108%
8
8
9%
8% 11
9%
9%
4
20
6%
95
8
14%
84
4%
9%
14%
8
7%
75
85
71
71
75
80
80
77
72
75
75
75
78
79
72%
60
82
63
63
67
70
£67
68%
67
68
66%
68
66%
66%
65
30is
3334
32
34%
34%
25
29%
28
29%
27
29
29
3034
2834
66%
31%
434
2%
3%
3
21%
28%
15%
12%
15
12
12%
11%
14%
25%
3%
1538
1234
2%
11%
14
27%
3%
18%
1234
30
3%
21
29%
3%
1634
1334
27
534
26
24%
2%
33%
5
33%
4%
21%
2234
15
31i4
14i4
484
13%
3034
9%
1334
5%
25%
14%
32%
5%
24
234
13%
12%
117s
15i8
3534
*,«
%
«u
7
15
'
*x«
%
»16
Bu
%«
18
%
7ie
7s
16
18%
9%
193g £16% 19
16% 1734
104
110% 105% 112% 111% 11834 89%
10934 105
110
117
118
116% 118
117%118
116%118
120
120
118% 121% 113%
121% 121% 121% 118
51
55
4934 55% 3134
52% 55
503s 56
44
40% 42% 33%
44% 4378 45
28%
26% 28% 2234
28l2 30% 28% 3078 "27"
1034 15
8%
13% 16
10% 11?8
1012 12%
16% 18
1634 18% 12
1534 1634 16% 18%
15
25%
24
21% 24%
25% 24
267g 23
4
5
4
4%
2%
4%
'5
4%
5%
35
39
39
31% 36% 20
3034 35% 30
10
1234 15
10% 14
12% 1534
8%
11%
56
75
83
7884 83
67% 69
68% 75
111
110
111
109
97%
110% 111
109%110
4
6%
8%
6%
7%
5%
8%
5%
53
51
50
51
42%
49% 52%
50'% 51
6
7
334
6%
7%
7%
6%
6%
7%
11%
1734 2034
1934 22% 18% 20% 17% 1834
17
21%
14%
14% 16% 15% 17%
13% 16%
6%
.
1134
14
24%
93%
96
19%
21%
22
80
10
77
11
4
22%
12%
22%
1734
3%
20%
16%
28
28
33
32
36
29
24
31
35%
26% 28% 27
32%
27% 31
9
7
10
8%
6%
734
734
8%
6%
7%
6%
6% 11%
8%
12%
11
15
12% 13
12% 13%
13%
12% 14%
16%
11% 17%
12% 14%
12% 14%
15%
163(5
32
35
33
38%
32'4 36
36%
335s
35% 35% 40% 23% 38% 24% 32% 28% 31% 29
37
111
117
2117 119% 117% 119
117
103
122
105
117
120
117
11134 115
11634 1131211934 116%120
39
42
41
36
40
50
54
46% 45% 49%
51
43%
3834
33% 53% 35
47% 51
5314 47
105
108
100
104
105
95
104
100
108
108
110
10634 103% 106% 103
110
99% 106
106% 108
3
3%
334
2%
234
3
3%
3%
3%
4%
234
3%
2%
384
4%
334
484
334
4i8
458
45
47
40
26
48
30
39
48
32
33% 45%
47%
42
33% 34
4212 41% 43%
8
9%
8%
834
"7% " 8%
8% 10%
9%
9% 11
7% 11
7%
8%
934 10i8
9% 10
1058
1
»1B
%
%
%
%
%
%
%
34
%
%
Us
2
3
4
23g
1%
2%
1%
284
2%
2%
3%
3%
1%
134
2%
234
3%
434
3%
87S
14
13%
24%
11%
23%
93%
19%
95%
2134
%
%
%
1234
%
%
*16
*14
16
119
12
*18
1a
12%
93%
10%
8684 93% 89
119
118
112%116% 116
121% 11434 118% 117% 121%
38% 42%
49% 33% 40
34% 35
42
27% "21% 25% 23% 27
10%
11%
9% 11%
15
14% 15%
17% 1234 15
24
1734 19
15% 19%
234
3%
4%
234
3%
33
20
26
22% 27
10% 13
9% 10
13%
70
70% 73
79% 57
108
109
110% 105% 108
5
534
7%
4%
5%
41
4I84 42
44%
50
4
4%
3%
4%
6
15
12% 15
17% 11
1634
19%
16% 19%
21
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7%
7
6%
6%
8
7%
8%
8%
7%
8%
9
11
9
11%
934 15%
16% 19% 18% 1934
1734 23
11%
23%
91
92%
8884
90
80
88
66
72
70
82
20%
22
20%
22%
14%
2034
1434
18%
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17
%
%
%
%
%
°i«
12% 13% 123s 13%
94
8884 9234 90
116%118
115% 119
119
119
11934 120%
38% 42% 38% 44%
35
35
35% 35
23% 2634 24% 25%
10% 13
1234 14
1434 16% 15% 17
19
18% 20
2034
234
234
3%
3%
28
30
31% 40%
12% 13
11% 12%
73% 76
:75% 78
110
110% 110
110%
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42% 42% ,45
47%
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5% f'5
5%
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fl4% 17
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2034
7
834
634
7%
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8% '8% 10
9% 11
*9% 11%
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18% 1934 19
165
166
168
17034
12% 13% *12% 14%
£86% 86%
17
17% |1734 18
11
12% ,12% 1384
9% 10%
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13% 14% 13% 14%
112
112
114
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111% 112% 110% 112%
434
5%
jfc4
4%
6%
6
?7
7%
20% 22
20% 22%
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9
80
81% 8334 85
16
17% 16% 18%
164
163
163
165%
165
169
169
£160 J 71% 165
162% 166
166
171
173% £171 173
140
142
£142 145
135
146
133% 141
137% 14334 132
148% 144% 148% 140
17% 19%
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23% 26%
15% 19%
13% 24%
27
2134 24% 21% 24%
8
63%
8%
734
8%
7384
66%
6934
—9%
12%
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13
39
42
40
42%
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334
934
1
x
26%
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41
1334
43%
43
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64%
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24
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48
8%
4334
43
41%
83s
10%
7
43%
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253s
22%
2334
42%
4%
7%
14
43%
7
10
22%
91
91
75
88
86% 86%
50
46
53% 36
41% 41% 41% 53
109
100% 109
109% 107% 108«4 108% 110
70
73% 4584 70
75%
71% 75% 71
86%
11%
11%
13%
87
14%
113s
13%
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13%
6%
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93* TT
8
14%
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26% 43
39
534
%
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9334 x79
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23
251;
2534
17
21
21
38% 36% £38%
85S
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45
40% 35
122% 120
124%
50% 39
43%
108
108%110
4%
3%
4
64%
61% 56
9% 11%
1134
"is
%
7u
2%
1%
2
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*16
116
14%
79%
115
8534
116
116
117
115
120
122
117%121
119% 121
36% 41% 35% 38%
40
41
36% 43
2734 30% 22% 29%
1034 12%
12% 14%
17% 18% 1534 17%
19
£2134 23%
23%
4
4%
5%
4%
47% 56% 46
56%
10% 12%
llSg 1238
38%
4234
34
34
25
293^
12%
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;20%
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23
434
53
11%
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74
110
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47
70
75
8
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69
73
111%111%
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5
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215
17
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15
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19
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1834
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10
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5
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72
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100
40
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105
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434
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8% 18%
8%
10%
9% 10% x9
18
16% 16% 18%
75
75
76%
75%
41
41
105
106
20%
684
23%
7%
40
42
105% 106
21
2634
7%
634
Ex-dividends,
y
viz.: 105«=105"»«.
Ex-rights.
*No par value.
J Reported In receivership.
,
8%
67_
6%
10
534
9%
38%
37
39%
534
38%
4%
8%
8%
17%
9
10
19
80
80
45
43
105% 106
107
42
25
7%
8%
27%
8%
26
7%
6%
10%
40%
42%
5%
9
9%
6%
8%
65_
7%
5%
15%
2334
8
884
16%
19%
17%
166
16934 170
171% 166
12%
13% 1634
12% 13%
87
88
86
88% 883S
16%
16% 18%
15% 17%
12%
12%
14%
12% 14%
11
12%
10%
10% 11%
13%
14%
13%
1234 1334
112
112% 10484110% 105
108% 111% 104% 108% 105
538
6%
7%
As 6%
7
£ 7%
7%
7%
734
734
20% 22% 20% 23% 22%
f 9%
10% 10% 13% 13%
7
*7% ' 9%
7%
9%
85
85
84
85% 84%
17
20%
1534
1634 18%
175
166
171
167% 167
142
145
140
143
145
148
146%
17% 21%
22%
2I84 2434 2I84 25
y2834
3684 38% 35% 37
7%
*
r
30
13%
1%
5%
80
Note—Superior figures denote 32ds of a point,
n
27
2%
238
Newport News Ship & Dry D__l
$5 conv pref
33%
9%
1534
%
4%
66
10
New
684
14%
30%
8%
2834
28%
534
1434
14
%
5%
10%
15%
33%
78
29
85
100 83
41%
* 40
—100 10834 110
7234 73%
10
Newport Industries Inc...
334
15%
64%
3%
—1
Neisner Bros Inc
5% pref series AMining Corp
32%
84
4
80
*
Nehl Corp...—
Newmont
13
28
1
43s
61
*
100
Natomas Co.—
4H % conv serial pref.
Newberry Co (J J)
4%
1334
167
166
44
%
3%
3%
1034
79
—_*
prior preferred.
National Tea Co
5%
66
(The) Penna.. 10
preferred
6
30i4
%
National Power & Light...—*
$2
10%
29%
134
25i2
3212
2ig
17%
96%
i.
National Steel
24
11
13
1
4%
6
11%
32%
4
Rights
Nat Supply Co
1%
5l2
30i8
1058 10i2
28l2 2834
178
15s
5i2
6
30i4 r30i4
10l2
.130
241s
2714
17% 19%
1858 20%
59
64
59% 65
61l2
29% 31'
29% 31
30
132
135
132
130l2 131
27
297s 27
3134
28l2
27% 26% 28% 2434 27%
10%
107g
10% 11%
11
31% 30% 34% 30% 32%
1%
2
134
2%
2
534
7%
5%
6%
5%
20
64
h
17
100 170
100 144
7% preferred A———
6% preferred B
Nat Malleable & Steel Cast Co.*
25U
12%
34
15%
14% 16%
22% 24%
24%
National Biscuit
10 2234
159
160
167
155
156
165
165
167
170% 165% 166% 155% 170
7% preferred
100 165
13
14
16
1734 18%
1734 19
1784 18%
17% 1734 18%
Nat Bond & Investment Co...*
96
"
97
95
97
99% 91
5% pref series A
-—100 9234 9434
xl7
20
16
17
17%
20%
16% 20%
19% 20"
20% 18 84 1934
Nat Bond & Share Corp
—* 19
11%
12
15
934 13%
9% II34
14% 16
13% 15
14% 15%
16%
National Cash Register
*
10
8%
10%
6
11% 1234
11% £8
11% 13%
1034 1134
10% 1278
National Cylinder Gas Co
1
13% 14%
16% 18%
11% 14
17% 18%
12% 18
16% 17%
16% 17%
National Dairy Products Corp.*
110
111
114
112% 114%
107*2 110
115% 108% 111
11234 11534
7% preferred class A..
100 110%116%
112
110% 107% 109% 110
109% 11334 111% 113% 109% 111% 107
7% preferred class B.
.100 109%114
4
3
434
534
3%
4%
5%
6%
5%
6%
5%
6%
578
6%
National Dept Stores
*
6
6%
6
6
5%
7
534
6%
6%
7%
6
6%
6%
7%
6% preferred
-----10
17
20
1934 21
25
17% 25
23
23% 25% 24% 2634 2434 26%
Nat'l Distillers Products
*
8
8%
9%
13
11%
12% 14
7%
9
13
12% 13%
157g 13
Nat'l Enameling & Stamping..*
6%
7%
934 11%
5% 10
5%
7
10% 11%
10% 11%
10% 12%
National Gypsum Co
1
National Aviation Corp
129
2184
2834
17%
45
2%
21%
94
14%
1S8
38%
2%
20%
4
2834
4%
2134
7
26
9%
512
11%
34%
10%
25
2634
160
169
36%
11%
834
9%
7
22
15%
4734
11%
31%
165
3114
17l8
17i8
1534
1%
4%
15
45%
1334
32%
13%
43
30
912
30
323s
32%
1
1434
2714
28
30
31%
31
45s
9
10
10% 11&S
978
1234
10%
95s 1058
15% I784
14l2 16
15% 17
1434 1334 15
27% 30%
28% 3358 26% 31%
2734 26l4 30l2
23i4 26
2434 2734
26% 30% 30% 34%
23i2 25>S
24i4 27 i4
109
1 0734 108
1033s 105% 105% 106
987s 102l2 10012 102l8 101
207s 2514
23i2
19% 217s £17% 21%
187s 2358
195s 2278 20
36
4058 3734 4I84
37%
31l2 337s 30
33% 3334 3734 35
3
3
3%
33s
4%
214
384
3%
3l2
2%
212
3%
14
1378 15%
1434
143g 15
14i2 16i4 14
15U
14l2 1512
106
108% 109%
10612 107U 106% 106%
10714 107% 109
17% 19%
18% 20%
1918 20i4 "l9% 20%
1958 21
1934 2112
151
153
155
153
160
148
154
156
159% 163%
147l4 154
9
13i8
22i4
128
18%
21%
2
3
28
9
113s
2234
5314
1078
8% 1st preferred
100 111
Minneap-Honeywell Reg Co
* 49
Minn-Moline Power Imple
58i4
3134
6i8
2538
16l2
31
28
5
Mid-Continental Petroleum..10
13S4
1612
40
35
10i8
273g
64
58i4
2958
Merch & Miners Transp Co.--*
5% conv 1st pref
9
143g
18i4
4178
6%
9
10%
18%
176
14%
883s
1734
1334
11%
13%
105
105
6%
734
24
15%
8%
88%
183s
176
15334
2334
33
8s
7%
7284
SSs^fr
9%
10:
40
48
41%
484
834
49%
5%
41%
423s
3%
44
46
10%
9
9%
8%
9%
8%
12%
4
10
9
19
14% 17
80% 77% 78
46
44% 46
40% £44
107% 107
108% 107% 109
17%
80%
28%
8%
17
78
26% 2984 26% 3038
7% 10%
7%
9
23% 26% 23% 27*4
105*4 109% 10784110%
TCalled for redemption. \a Deferred delivery.
The Commercial & Financial Chronicle
66
Jan. 4, 1941
1940—Continued
January
STOCKS
Low
March
February
High Low
High Low
June
October
No tember
December
May
July
September
August
High Low High Low High Low High Low High Low High Low High Low High Low High
April
High Low
Par t per share $ per share $ per share $ per share % per share $ per share $ per share S per share $ per share $ per share $ per share $ per share
50
43
47
42
46
45
50
40% 43% 40% 45%
* 41
30% 49% 33% 42
37% 42
41% 48%
43% 49
41% 44%
N Y Air Brake
*
N Y Central RR
100
N Y Chicago & St Loula
6% preferred aeries A.....100
N Y City Omnibus Corp
*
3034
15*4
1618
18%
21%
39
31
15%
32
33
3134
3%
5%
3%
♦
6%
6*8
734
110% 112%
50 110
NY Dock
—*
5% preferred
N Y & Harlem RR Co
50
10% non-cum pref
N Y Lackawanna & Western 100
"52%
t N Y N H «c Hartford
100
Coot preferred...........100
IN Y Ontario & Western
100
N Y Shipbuilding part stock..1
%
53%
1784
19%
14%
34%
17
29%
1634 15% 18%
18
17% 20%
33% 31
36%
32% 31% 33% 31
33%
434
4%
5
434
8%
7%
7%
8
7% 12%
112
116
115
115% 110
110
111%
54
"55"
56
s
%
<r
9%
8%
15
55"
%
1%
%
54
%
54
3234
20%
3%
3%
32%
104
1%
%
%
26%
1234
14
10%
13%
14%
13
12
13%
15%
15%
14%
16
13%
15%
21%
25%
25
31
28%
32%
13%
13%
27%
17%
2534
33
27%
2434
24
27%
24
25%
24%
26%
25
26
24%
26%
22
33%
26%
4%
3%
4%
4%
6
6
6
6
108
52%
108
106
107
4%
5%
104
45
51
5034
52%
»,«
51
3%
104
15%
4%
7%
4%
534
6%
104
7%
108
108
52
53%
*■«
16
*
*i«
84
is
%
%
%
%
%
26%
%
16%
%
21%
134%
L
%
13
11%
12%
22%
3%
6%
14
12%
14
2478
117% 117%
*ie
1%
%
9%
9%
16%
22%
10%
110
48
%
%
16
18%
15
*ig
«16
*16
%
%
14%
6
5%
6%
4%
6%
11
9% 1134
7% 11
109
112
108% 110
112%
112
112
11333 113%
58
54% 58% 53% 53%
%
*16
16%
%
%
%
%
1
%«
%
%
7i«
%
%
t
%
%
%«
%
19%
22%
20%
25%
23%
3134
29
34
25
29
31% 3184 35
27
32
3334 35% 20
Nobblitt-Sparks Ind's Inc.—5 2812 3034
34
2634 31
23% 25% 2334 27
30%
214
219
218
175
212
21234 218
208
Norfolk & Western Ry Co...100 208
216
212
216% 220
226% 184
225
19778 20534 212
223% 214% 223
109
107
11U2113
110% 112% 110% 113% 110% 112% 105
114
112% 106
110% 110% 112% 109% 112% 113
Adj 4% preferred....
100
113% 110
North American Co—
10
21% 2334 21% 22% 20% 22% 21% 2384 14% 22% 15
18% 20%
22%
18% 20%
18% 21
18% 20%
16% 21%
59
58
Preferred 6% series—
56% 57% 56
55
56
58
57% 58% 47% 57% 51% 55
50 67
5434 5634 56% 5734
57%
56% 57%
56% 5734 55
52
54
55
57% 56% 5734
57
52%
55%
5M% preferred series....
50 56i4 58
47% 57% 48
55%
55% 56%
55% 57
15
22% 2634 24% 2634 20% 25% 22% 26%
North American Aviation
0
24%
16%
15% 19%
15%
16% 17%
15% 17%
17%
18%
16%
19%
89
89
90
90
90
90% 89
86
90
Northern Central.......
50 88
92% 92%
84% 85
86% 87% 87% 88
87% 91
93% 96
77g
9J4
Northern Pacific...........100
7%
8'
7%
9%
4%
8%
434
6%
6%
5%
6%
534
6%
8
7%
7%
6%
8%
113
112% 111
112% 111
Nor States Pr Co (Minn) $5 pf.* 111
112
111
112
114
110% 11234 101
114
111% 103% 109
11134 113
112% 112% 114
27
33% 34% 33% 34% 3334 36
36
30
33
Northwestern Telegraph.....50 33% 34%
36
37
32% 3334
34% 36
35% 38
36% 39
4
4
4%
434
5%
434
Norwalk Tire & Rubber
*
3%
4%
2%
334
2%
2%
2%
2%
278
2%
2%
2%
2%
3%
2%
3%
38
41% 42% 39% 42% 38
28
30
Preferred......
....—50 42l2 42l2
29
30
39% 32
34
26% 27
30%
25% 27
Norwich Pharmacal Co..—2.50
14
14
14% 16% 14% "l~6%
1478
14%
14%
14%
14% 15
13% 15%
6%
6%
7%
7%
Ohio Oil Co (The)
6%
7%
6
6
7%
8
534
834
*
578
5%
6%
5%
6%
6%
6%
6%
7%
1812 22
1834 2034
14
Oliver Farm Equipment
18% 2234 20
14
16
23%
18
*
10% 21% 11
17%
12% 14%
16% 19%
12%
14%
13% 13%
9
zlO
10
Omnibus Corp (The)
10
xlO
13% 14% 13
14%
6 13% 14%
7% 13%
11%
9% 10%
11%
10%
10% 11%
109
112
95
110
104% 106% 104% 112
102
100
97
101
104
102
8% preferred A
100 103% 105
9684 100% 100
100% 103
104%
5
5
5
5
5%
3
5%
4%
3
5%
2%
4%
Oppenhelm Collins & Co......*
234
3%
3%
3%
3%
3%
4
3%
3%
5%
16% I83g 1534 17% 15% 16% 15% 17
Otis Elevator-..............--*
12
16
11% 16%
11% 13%
14%
12%
15
14% 17%
13% 15%
18%
140
144
143
139
142% 138% 142% 130
128
136
132
137
140
142% 12434 129
135
6% preferred...—----—100 140
132% 138
2142% 145
10
10
12%
11%
Otis Steel Co
-—*
7
7
9% 10% 10% 11%
7
9
10%
9%
8%
10%
7%
7% 10%
8%
9% 12
41
37
38% 35
40
21
36
23
27
$5.50 conv 1st pref.....—* 41
37% 35
40
47
26% 42%
37% 43
22% 26% 23% 25
31%
207
34%
213%
114
117
.........100
7% preferred
93
%
16%
107
14% 17%
100% 10934
17%
109
121
2734
30
27%
28%
55
55
55
55
65
55
54
119
120
119
119
120
120
5%
'
—
Pacific Finance Corp (Callf)--H
2!
—
Pacific Lighting Corp
Pacific Mills
....'
'
Pacific Telep & Teleg Co
10
I"'
Pacific Tin Consolidated Corp.l
6% preferred
Pacific Western Oil......
10
Packard Motor Car....
*
Airways Corp...'
Rights
Pan-American Petrol & Trans.5
Panhandle Prod & Refg——1
Paraffine Co Inc
*
634
59%
5%
5%
63%
23
20
2334
10%
12%
32%
34%
10%
11%
33%
4634
13%
152
154
6%
7%
3%
7%
634
%
42
42
101% 101
7
8%
85
8734
86%
9%
8%
1
8%
17
20
1%
10%
634
55%
.....1
9%
1%
10%
Patlno Mines & Ent Cons....10
534
7
*
55%
8934
2%
3%
6
7
4%
21%
l15i»
7%
3%
16%
rl%
7%
7U
%
%
44
101
42%
101
2%
62%
95
4%
334
25
Preferred series A
......*
23%
Penn Glass Sand Corp v t c
13% 16%
*
$7 conv preferred
118% 118%
42%
88
3
154
7
134
22
Penn Dixie Cement.—.......*
6%
6%
7%
3%
19%
7
18
Penney (J C) Co
*
Pennsylvania Coal 5c Coke...10
151
88
43
1%
152
8%
*
Penick & Ford
8%
1234
86%
9%
18
Parker Rust Proof Co.—..2.50
Parmelee Transportation.....*
Pathe Film Corp...
1034
13%
9%
17%
17
1%
7
2%
44%
Parke Davis & Co
17
12
6
8%
7%
3%
3%
2034 1/15%
%
7
7%
1
%
17
41%
151
1
Park & Tilford Inc
22
5%
15
63%
10%
6%
19%
10%
14
20
1'
8%
18
1%
43% *43
.21%
1%
1134
7
57%
90%
4
7%
54
5
3%
9%
25%
8
1
4334
101
7%
92
9%
18
2%
8%
%
7
18
18
15
2
20%
2%
12%
10%
7%
6%
93
3%
3%
1%
58%
92%
8%
6%
90
9%
2234
20
14
13
21%
45
45
51
95
73
96%
71
14%
934
8484
2%
2%
19
11
16"
20%
3%
23
23%
14
10% 12%
118% 121
15
22%
24%
21
15
2134
23
4%
1234
1%
5%
17%
11%
36%
2
Phelps Dodge...............25
Philadelphia Co 6% pref..-.50
35%
40%
40
47
$6 preferred
*
Phila 5c Reading Coal 5c Iron..*
Philco Corp
3
74%
Philip Morris 5c Co Ltd Inc...10
85
%
8834
%
91%
136
5% conv pref series A.....100 136
Phillips-Jones Corp
4%
4%
*
Preferred..
29%
35
7%
9%
39%
21%
7%
884
35%
24
8%
9%
39%
26
43%
44%
43%
46%
37%
80
85
71
90
4%
%
95%
6%
%
89
534
95%
7%
30
30
30
34
38
4134
37%
40%
6%
36%
4%
39%
66
52
58
5
Preferred
conv
3
44
pf.100
8
4%
6% preferred
Pitts Coke 5c Iron Corp..
$5 conv pref
Pittsburgh Forgings Co
8%
27%
834
834
5%
9
28%
26% 27% 26%
48% 49% 49% 49%
107% 107% 107% 107%
5%
4%
5%
434
7
27% 2234 23% 21
2534
49%
4%
100
21~
*
8%
97
Preferred
8%
7
72% x69%
784
72
100 171
172%|173% 173%
9%
30
11
34%
6%
9%
30
7%
10%
3334
7
69%
174
17
19
16
26%
27
13
1534
12
32
14%
4
4
5g
2134
15
1234
20%
1284
10%
3^
2234
1234
11%
tPorto Rican-Amer Tob cl A...*
%
1%
%
2%
Procter 5c Gamble
5% preferred
Pub Serv Corp of N J
$5 preferred.
6% preferred
7% preferred
*
%
1
5
50
*
11%
11%
1434
36
42
14%
11%
1134
13
12
6884 '68"
69%
118% 112% 114
3934 4134 40% 42%
111
115% 11034 111%
125
127% 124
125%
143
141% 14234 143
6534
100 113
*
*
100
100
15
5%
71%
7%
15
134
1%
31%
34%
20
31%
1834
17%
1
32
38
2%
278
26
30
11
1334
6%
7%
16%
1734
10%
10434
9%
100
3%
15%
148
4
16%
150
10;%
9
41
44
25%
27%
53
51
53
50%
53
51
57%
45%
43
48%
7%
3%
14%
52%
9%
3%
16
12
4%
434
10%
51
55%
6%
2%
9%
234
51
51%
7
25
7%
11%
6%
7%
3
17%
8%
12
29%
41%
14%
25
7%
3%
13%
6%
11%
7%
8
5
1%
8%
8%
*16
35
35
5%
5%
82%
77%
8%
8%
15
15
100
7%
84%
9
15
1%
1%
3334
32%
2%
34%
20
19
20%
1
1
7%
8%
6
7
1
8%
»
7
7%
%
%
38%
1
10%
37
2%
13
6%
8%
2%
9%
3%
13%
5%
7%
93%
8%
634
15
2%
134
34%
31%
34%
29%
31%
20
233s
19%
21%
%
9%
7%
48
46%
51%
44
84
92
88%
2%
2
2
2%
2%
2%
19%
3%
2%
11
27%
12%
23%
18
2%
2034
11
11%
11%
1234
19"
"21%
20%
23"
19%
33%
20%
35%
2%
2%
121
121
19
20%
2
21%
83%
3
9%
15
31%
19%
78
2%
18%
15
8%
92%
34
2%
48
2
9
8%
%
38% 32% 37%
9934 102% 105»8
10
934 1078
99
96% 9834
11%
10% a;10
1534 16
16%
1%
80
2%
9934
7%
9%
%
%
37%
10%
75%
2
102
6%
84%
48%
8%
9
8%
ui«
38%
100
7%
51
68
3%
27%
2%
32
4%
45%
83%
%
734
55
20
9%
38%
39%
4
20
9%
5%
51
83g
28%
19
36
18%
19%
3234
34%
2%
2%
24
1
1
11%
8%
52%
92%
2%
3%
25%
12% 15%
121%123
21% 24%
2
1%
34
78
934
11%
9%
1078
7%
8%
734
43
2%
2%
32%
4734
90%
234
3%
42»4
8-%
4558
8234
134
90%
234
234
3%
46%
14%
15-%
13
1434
2134
25%
21%
23%
23
38%
2
44
87
39
7
8
10
12
33
31
37
36
16
2234
19
25%
23%
45%
29
18
18%
20
20
7
7%
6%
7
7%
30%
7%
34%
32%
634
8
25%
30%
25%
2934
26
40
41%
41
44
70
76%
%
80
82
%
35
34%
234
31
8%
9
*16
6%
7%
8
6%
28%
22
45
35
43
23
40
48%
7434
334
7934
4%
8%
10
9
11%
7%
37
4334
22%
27%
20%
8%
7%
38%
39%
2134
20
534
6%
7%
32%
20
6%
1%
2\
6%
7%
9
4634
26%
21
7%
28%
34%
43%
8%
29%
44
44%
45%
44
45
42%
44%
42 %
8
3534
44%
81
81
85
85%
84%
87%
82%
87%
%
8234
%
13%
7534
85
%
*16
%
35
27%
23g
9%
24%
36
27%
5%
37%
40%
4
2034
43
8
7%
4
23
37%
2%
31%
6%
33g
20
2%
21
734
78%
20%
39%
17
634
%
19
35%
2%
26
*
68%
27%
7%
19%
32
97%
45
9%
173g
30
1%
6%
6%
h
55%
10%
28%
9
18%
3134
75
3%
78
4%
79%
4
87%
4%
81
4%
88%
4%
4%
h
%
14%
1134
1334
82
75%
80%
1
4%
534
*X6
5%
35
2%
33%
2%
31
34%
38
38
40
42
45
42
49
33%
37%
34%
38%
36
39%
39%
41%
2%
2%
3
4%
3
39"
38%
39%
40
47%
40
3%
45
22%
23%
72
75
234
37%
37%
39"
23%
9%
24%
23%
24%
23%
24%
23
24
22%
24
48%
49
49
52
50
53%
53
72
65%
71
234
109% 109%
5%
638
3%
6
23%
8%
4
5%
18
23%
75
65
4%
21%
6%
7%
72
22
7%
72
25%
9.
80
16
5%
6434
5%
8
21%
18
7%
6
65
65
434
71
a
160% 163
117% 118
4%
68
434
4%
19%
6
5
6
21%
7%
26%
25%
6%
7%
73
69
71
5%
7%
28%
9%
28%
35%
28
8%
9%
8
9%
71
83
80
8334
80
14%
13%
16%
14%
85%
1534
7
4%
7%
46%
154
12
%
20%
1334
10
1%
%
168
176
167
174% 175
176
1 7734 176% 177
172
172
178
172
168% 170
172% z175 176
6%
8
4%
7%
4%
5%
5%
6%
6%
6%
6%
6%
7%
5%
5%
8%
6%
678
9
5
10
7
1034
7
8
7
834
7%
9%
8% 10%
834 10
7%
7%
9%
31
30% 34% 16% 32
36
40
21
22
50
57
17% 22% 20
20% 20
42%
55%
45%
17
10
17%
1934
15
25
18% 13% 15%
15
15
41
31
16
30%
2834 4134 35
15%
31
30
36
19
37
25
25
51
28
32
30
32
66
32
5634
57% 70
57%
73%
7
14% 13
16%
14%
10
7% 11% 10
12% 14%
123g
1134
10% 13%
14%
10% 12
11%
151%151%
1%
84
1%
%
%
°8
16
"n
"ie
%
7a
%
J*i«
h
%
h
1%
15
21
22
20%.' 21%
16
19
16
17
1534 17
15% 1634 16% 17
16%
17
16% 18
14
13% 14
14% 15
12% 14% 13% 14
15% 16
163s 18
13% 13%
1734 20%
11% 10% 12%
8
5% 11
7
8
6%
734
734
7%
8%
634
9%
734
7%
8%
8%
I3t
i
%
2%
%
1%
%
13u
%
%
%
34
34
»i«
%
%
%
%
%
%
*16
7%
10%
a
6%
Note—Superior figures denote 32ds of
Cash Rale,
x Ex-dividends,
y Ex-rights.
1%
1%
*
164
8% preferred
100 161
Public Serv El 5c Gas $5 pref...* 117%118
r
28
19%
30
12%
10%
1st pref
conv 2d pref
9
16%
20%
conv
6%
112% 114
174
6%
24
Plymouth Oil
5
Pond Creek Pocahontas......»
Poor 5c Co class B
*
5%
5%
1
25%
11
37%
6%
154
Pitts Young 5c Ash Ry 7% pf 100
Plttston Co (The)
»
Postal Telegraph Inc pref
Pressed Steel Car..
18%
97%
534
1334
7%
70
"
Class B
15%
96
50
10
*16
32
1%
34%
1734
15%
25%
1%
6%
21%
1234
6%
37%
1
Pitts Ft Wayne 5c Chic Ry__100
Pittsburgh Screw 5c Bolt
•
Pittsburgh Steel Co.—
*
7% pref class B
100
5% pref class A
100
5>6 % 1st Pf ser conv pr pf. 100
Pittsburgh 5c West Virginia.100
58
23%
110
100
*
4%
55
56
26
Pillsbury Flour Mills
25
Pirelli Co of Italy A
48
Pitts C C 8c St Louis RR Co. .100 110
Pittsburgh Coal (of Pa)
92i2
15
ht
40
38%
100
Phoenix Hosiery
Corp 8%
3934
80
16
14
11
24
»
............100
Phillips Petroleum
Pierce OH
76%
%
2%
34%
7%
8%
17
57
43
3
13%
7%
15
"1% "2"
534
3%
10%
3434 a;39%
4134 45
5%
7
Peoria 5c Eastern Ry Co.....100
Pere Marquette Ry
100
7%
834
4%
734
69%
8
7%
7%
36%
734
51
57%
%
4%
7%
1%
7%
3%
8
32
673s
5%
70
5%
19%
8%
684
6%
40
11%
36
21% 25%
21% z22%
4%
65
10%
58%
33
8%
50
47%
5%
2%
24
16
56%
5.534
25-%
99
534
41%
9%
32%
%
29%
84
5%
37%
4
8
10%
34
30
8»4
6038
35
21%
12%
134
12
1%
H84
13
6%
z23%
21
38
3278
3%
22
7%
18%
24
10%
2834
44
22
1%
J1
38%
21
534
2%
10%
5%
22
20%
%
11
10
11
1034
10%
10%
10%
28
29
28
30
30
30%
26% 29% 26% 28%
39
36
38
42%
37% 39% 39
41%
36% 42
11
9%
8%
1134 14
11%
10%
9% ,11%
12%
14%
124
123
11734 118% 11834 123
118% 125%
127% 120
123% 120
144
160
149% 148
150% 150
152% 150
152% 152
154% 158
3%
4
3%
x3%
43g
3%
4
2%
3%
4%
3%
5%
5%
6
5%
6
5%
6%
5%
5%
5-%
6%
7%
8%
3
3%
4
3%
3%
3%
3%
3%
3%
3%
3%
3%
13% 15%
13% 15%
12%
1434
14% 17%
14%
14% 16%
18%
10%
31
41%
32%
13%
36
*
25%
3534
8%
15
3834
Pet Milk
5%
44%
22%
3%
14
Petroleum Corp
..——...5
Pfelffer Brewing Co.—......-*
5%
2%
9%
4%
2%
1%
14
11%
34%
25%
22%
6
3
10%
1%
3%
4
24
10%
30%
21%
2134
2
8%
%
3534
36%
434
8%
26%
100
28%
67%
2%
3
3%
20%
...........5
10
48
48"
1
23%
22
47%
42
99% 101
4%
7%
64
43%
59
8%
%
29
94
10%
21%
55
634
1
8734
8%
44
88%
3%
3%
8%
41% 45%
10034 101%
21%
3534
30%
48
48%
173g
11
rl34
23%
36
5% prior preferred.......100
5% preferred
..100
48
42"
132
115
11878
145
152% 147% 150% 144
5
l
3%
5%
278
4%
6
6%
8%
5%
8%
534
3%
3%
2%
3%
378
234
12
12
20% 25%
23%
1534
20%
1%
1034
6%
4
22
150
21%
33%
New
217g
20
6%
17%
9%
13%
33%
4534
14%
18%
21%
9%
2
8
2434
36%
Peoples Gas Light & Coke
19
115% 117
43% 62%
21%
34%
Pennsylvania RR Co
......50
Peoples Drug Stores Inc
5
134*
30
12%
34% 33% 34% 31% 34%
33
47% 47
50
48% 42% 48%
12
16%
16
15%
8
13% 14% 14
zl32 139
132
135
115
130% 132% 130% 134
47%
4% 1st preferred.........100
6% 2d preferred-..........10
Park Utah Cons Mines..—...1
62%
6%
12%
12
4% conv preferred........100 100
Paramount Pictures Inc..
61
60%
5%
5%
%
47
3234
19
6
6*2
20
11
*
...—*
Pacific Gas & Electric
6%
6
......1'
1st
64%
29
*U
103%134*
55
120
59%
Pacific Amer Fisheries Inc
American
15%
97
h
...—100 120
...
Pacific Coast Co
Pan
13%
92
1%
h
1%
%
13%
29%
Owens-Illlnols Glass Co...12.5
preferred.....
2nd preferred......
2
26%
Outboard Marine & Mfg......5
Outlet Co................
*
Preferred
114
11%
11%
33%
68%
1334
13%
1134
1234
37%
14
6%
14
6%
14%
13%
7%
10%
8%
9
10
8
1034
6%
9 '
10
7%
5%
10%
9%
10%
33
10%
7%
11%
12
434
11%
11%
37%
54-%
21
27
40%
32
27" 31% 27%
42
42%
31% 35%
69% 68
61
65
7134 53% 6934 53
60
6I84 61% 65
65%
115% 113% 115% 112% 115% 112% 115% 11434 116% 115
115
116
117
116
40% 42% 41% 431? 32% 41% 30% 37% 35% 3734 34
37
31%
33% 37
100
111%115
11234 115
115% 100% 108
107% 109
108% 110% 109%
108% 110
124
128
118
126% 126
120
110% 127
120% 123% 120%123
121% 123% 122%
142
145
144
144
127
144
126
134
138
140
134% 136
134% 134% 136
162
143
165
161% 164
152
155
158
16234 147
158
155%
152% 156% 155
113
point, viz.: 105l*=1051*u.
115
*No
118
par value.
115
115
116
5
6%
5%
63g
1234
12
1234
12%
143s
143g
12%
12%
45%
39%
53%
13%
13%
4078
573s
118%
29%
110%
122%
138%
158
6%
3934
65
117%
34%
111%
124%
140
160%
39
54
60
115
118
117%
28% 34%
283g
109% 112
1073s
123
123% 12134
138
141
1363s
157
161
1.56%
116% 115% 11634 117% 117% 114% 114%
J Reported In receivership.
1 Called for redemption,
116%118
a
Deferred
delivery
Volume
67
The Commercial & Financial Chronicle
152
1940—Continued
January
High
STOCKS
Low
March
February
October
November
September
July
August
High Low High Low High Low High Low High Low High
High Low
High Low
December
June
May
April
High Low
High Low
Low
$ per share
Par $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share
Pullman Co
*
26%
Pure Oil Co
*
8%
86
77*4
14%
New.....
Remington-Rand Inc
17B
1%
1%
67%
13s
25%
20%
3%
1
44
54
45
55
13
12
12%
11
13
8
7
7%
7
734
6%
7%
12%
13%
12
12%
12%
10%
934
53%
69
49%
10%
55%
12%
10%
68%
1%
21%
12
1%
1%
18%
79%
23%
19%
10
100
100
*
5H% conv preferred..
100
Reynolds Spring Co
.1
Reynolds (R J) Tobacco cl B..10
7% preferred....
5J4% preferred—
Reynolds Metals Co
68%
9234
86
89%
76
70
76%
12
1484
28%
29
77
78%
50
53
12-%
11%
22%
7684
45%
11%
1334
27
82
46
15%
94
90
9234
7%
41%
52%
6%
40%
41%
65
9%
88
6%
.......—10
39%
52%
*
7%
6%
Richfield OH Corp
Ritter Dental Mfg...
Ruberoid Co (The) cap stock
9%
,
10%
10%
100
$ St Louis-San Francisco
6% preferred
8%
"12"
97%
7534
7684
76%
80
78
81
76%
7934
77%
85%
847g
86%
11
11%
10%
11%
11
II84
934
11%
934
11%
11%
10
11
9%
10%
984
934
IO84
11
4%
534
43g
56%
53%
56%
53%
56%
%
»»i.
3
36%
17
18%
29
13
2%
%
7
84
74
9
17
20%
15%
1334
25%
10%
1934
17%
134
24%
3%
40
37
6%
6%
10
7%
8%
12
24
13%
9%
6
2%
55
5784
40
64
67
67
50
1%
18%
1%
21%
91%
78%
1%
20%
2
23%
14
84
95
70%
684
9%
-
73
83
70
47
55
54
61%
39
57%
42
46
42"
13
15%
13%
94%
8%
4134
53%
14%
96%
10%
43%
53%
7%
7%
10%
22%
8%
75%
15%
95%
77
10%
8234
80
6%
3434
11%
44
32
37
52
5334
52
54
684
6%
6%
434
73s
6
28%
15%
16%
27%
12%
303s
13%
21%
27
25%
27
23%
25
1834
19%
19%
21%
22%
20%
22%
20%
22%
2%
8%
2
684
7
11%
18%
7%
1134
20%
12
6%
10%
19%
19
1
3634
%
1
1%
42
%
13g
36%
%
1
3734
1%
40
%
3834
$4.50 preferred
$4 preferred
%:
109
...—.
%
%
| Seaboard Air Line..
4-2% preferred
;
Seaboard Oil Co of Del—
100
1
*
18
w
1%
20
Sears, Roebuck & Co
Servel Inc
1434
*
*
*
*
12%
15
Sharon Steel
—
Sharp & Dohme
$3.50 conv pref series A
Shattuck (F G)
—
134
8034
434
50%
534
54
*
658
7%
*
Sheaffer (VV A) Pen Co..
36%
11%
38
13%
15
Shell Union Oil
14
%
18%
1%
82%
13
.1
2%
87
16%
—*
*
Seagrave Corp (The)..—
Corp
preferred
%
%
%
13%
54%
4%
50
634
38
10%
%
•
5%
734
434
6%
100
46% 47%
...—.* 46% 49
115% 11284 114
* 113
8% preferred
8%
7%
57
48%
54%
15%
27%
26%
25
30
7%
10%
7%
934
8
9
7
734
7%
834
£7%
9
1%
1%
16%
1%
18%
83
92
87%
69%
78%
9%
77
7%
17%
17%
18
8%
8%
9%
53
6
9%
19
10
5
8%
11%
19%
34
38%
%
5
45%
113
%
H
6%
4%
47%
40%
114
112
29
41
"V "1%
16% 18%
1734
9534 28934 10534
80
75% 8634
878 12%
9%
19
20% 26%
60
61
63%
62
51
60
1
1%
90%
91
100%
88
95%
11%
23%
1378
10%
28
217g
85
10%
12%
23
26
96
60
67%
109% 110
94
65
17
10%
12%
11%
13%
68%
12%
74%
13%
80%
89
89
87%
8%
37
33
36
3434
1034
9%
36% £34
96
103s
34%
52
52%
52
53
52
54
7%
10%
7%
9%
70%
53
8%
5
5%
5
5
5
5%
5%
5%
5
3%
334
3%
4%
334
478
1334
15%
13%
14%
%
<
5%
4884
114
2%
34
110
106
108
102
108% 109
%
%
%
%
*i«
J
%
8,
%
1
%
34
11
18% 1734 18% 17% 19%
2
1%
2%
1%
2%
2
85
88
83
87
61%
85
834
12% 14%
15% 13% 14
13% 15%
1434 12% 14
8%
54% 57% 57% 58% 59% 52%
3
4%
5%
5%
484
5%
53
56
45
51% 50% 55
7
634
7%
484
7%
7%
40
34
3834 40
40% 38
8
11% 13
11% 10% 12
109
106% 107%
108% 10534 108
10634 106
5%
5%
6%
534
6%
6%
6%
2334
21% 22% 20% 23% 21
21% 24
2%
2%
2%
2%
2%
2%
2%
2%
%
32
28
2734
%
%
%
%
33%
%
«u
4
4
13%
5%
4%
16%
1234
48
45%
31%
36%
14%
%
1634
7j
84
3i.
8i#
%
3
4
4
7%
%
3i#
2%
35%
20
8%
10«4
9%
64%
71%
1;
2%
71%
'11
2%
86%
1234
14%
59
3
39
7is
12%
1%
14%
1%
73
1034
11%
12%
1%
71%
9
3%
4234
4%
34%
7%
95%
21
12%
134
2
1%
4
%
2%
37%
40
2534
11
73
25%
30%
9
79%
3i«
%
.2%
39
2%
39
?
3%
42
2%
9%
10
3334
1034
78%
10%
77%
2%
11%
12
5834
334
45
5%
37
9:
I84
1%
78%
10%
10
51%
51%
3%
43%
5%
36%
8%
%
39
%
8i«
,
2%
10
43
11%
88
37%
%s
13
13%
2%
84%
2%
7434
1134
1034
11
14%
13%
61%
68
6934
16%
278
80%
12%
16%
73%
4%
53
5%
3i»
3
3834
109% 114%
2%
34%
111%
%
1
8034
1734
1334
48%
85
3,
14%
134
8334
9%
638
53g
4
113% 111%113
106% 110% 108
108% 110
%
12%
51%
3%
40%
4%
113
»u
13%
934
3634
3
3%
4234
u
13% 212
1%
1%
74%
77
9%
10%
10%
40%
%
234
'n
3%
42
40%
II84
84
%
®16
9%
%
2%
3
%
12%
1%
77%
1038
®t«
10%
38
75
%
%
®i
28%
10%
72%
114
113%114
11234 114 113
104
10734 109
106% 108
8i«
1
316
3i«
4
%
%
62%
8%
20%
22%
103
%
5
5%
a:
%
55
6%
39%
12%
%
234
8i«
s
12%
3%
23%
8%
39
112% 107%109
107% 101%102
»
18%
2%
33%
54%
41
44
43%
41% 44
109% 109
110% £109% 111%
42%
68
18%
65
434
13%
48%
34
"
72% 69%
11%
14%
92% 90%
9%
978 117g
32% 35% 30%
53% 53% 5334
7%
9%
8%
5%
5%
6%
4%
4%
6
15%
15% 1778
12%
1234 15%
45% 48% 47%
3g
lg
12
36% 4134 £36%
%•
%
3i
3io
1
%
3
14
85%
42%
534
4%
17%
38%
34
3
3%
35%
8%
47%
84
15
10%
66
7
36%
11%
24%
112
105
117
80
77g
3034
7%
97%
12
49
41
41% 44% ~42% 45%
40% 44%
107% 106
108% 96% *101% 10034 106
104% 10634 106
65
94
80
*16
434
50%
21% 23
993g 101
10%
3334
4
24%
80
45%
%«
96
138
1%
20%
95
1078
42
5
34
1
21%
80
834
%
4
1%
17%
8%
«4
9%
8%
57
61
7%
26
984
57%
85
«]
%
8%
134
64
8%
1
1%
40%
9
2%
32
5534
7%
3%
12%
2
2%
63
7%
*
10
Simonds Saw & Steel Co..—..*
......
Simms Petroleum
2
2534
7%
Z5078
51
57%
1
18%
82
14%
8%
8
48
21
17%
2
8%
8
57
2%
6%
96% 106
Simmons Co
234
29%
2
26
29
7%
7%
46%
734
preferred-.
100 105
6
Silver King Coalition Mines—5
conv
2%
834
2%
28%
"7" .*¥%
92
53%
26
15%
34%
16%
8
80
9%
41%
53%
7%
7%
12
20%
30%
2%
83%
93%
19%
27
£14
15
2434 22%
35
834
8
79
7%
15%
30
13%
2384
2%
70%
10%
19%
70%
41
18
28
1334
23
28%
6%
7%
18
7%
16%
30%
18%
60
334
43%
2078
18%
22
79%
2%
35%
22
1734
14%
30%
63%
2%
34%
21
1234
60%
19
21%
19%
2%
27%
2%
63
2%
34%
12%
73
5
60
62
19%
14%
14
10%
35
26
28
1
58
5%
1834
17%
30%
13%
7%
49
54%
1%
12
484
34
11%
7%
9%
10
83g
7%
9
1934
I8S4
15
28
10%
5%
260%
56
77g
36
3
36
18%
1734
25
87%
2634
634
18%
15%
17%
2%
7
34
3
36%
16
52% z3734
66
51%
1%
1%
2234
14%
74
89
80
64%
8
13%
29%
19%
85%
73%
1134
18%
9%
4%
5
36
6
9%
56
64
7%
37
20%
21%
29%
37%
15%
26%
15%
7%
13
1
Stores..
Scott Paper
514%
94
5034
54%
% V «
%
%
%
%
%
100
2
2
2%
4
334
2<4
2%
234
t St Louis Southwestern—100
4
4
4
4
5% preferred.....—.——100
"49% 5234
44% 48% 4784 50% 48% 53
Safeway Stores
*
111%
107
106% 11034 zllO 111% 108
5% preferred.........
100 104
lll«ie 112
114
112% 113% 111%112
6% preferred........
100 112
lll»i„112»ie
111%115
113% 116
7% preferred
...
100 113% 115
23% 28% 23% 29% 2534 31%
Savage Arms Corp
.* 19% 23
Schenley Distillers Corp
5 11% 13% 12% 13% 1134 1434 1234 14%
83
73% 79% 78
76% 74% 77
5H% preferred
100 72
$5 cony
93%
68%
1
11%
97%
89
14%
14%
....
^Rutland RR preferred.....100
—10
St Joseph Lead
Schulte Retail
87
5%
7
1
Rustless Iron & Steel Corp
pr?f
8%
"7" "7%
1078
18%
Mines
3%
22%
3%
40
*
Class A
17%
26%
26
..1
100
Cony prior pref series A—100
Revere Copper & Brass
5
3534
15
12%
7%
11%
50
6% cony preferred
27%
1534
2034
100
t c
16%
28«4
2034
40
984
1
1734
23
27%
3%
8884
48%
1%
22
3%
85
4%
69
26%
21%
27%
91
4%
66%
26% 25
22% 12034
3%
4%
18%
28%
24%
7%
86
20%
90
25%
27
167g
26
23
3%
23
86
5%
11
16
17
2884
22%
7%
86
4%
15
7%
15
21%
18
7%
85%
11%
14%
6%
20%
19%
$Reo Motors Inc
^
1
6%
21%
6%
73%
9%
27,
25
18%
4%
14
88%
15%
19%
15%
27%
14%
2078
19%
14%
25
w
Republic Steel Corp...
cony
64%
66%
68%
1%
$2.50
6
62%
Rensselaer 3c Saratoga
Roan Antelope Copper
15%
5%
16
*
10
Re liance Mfg Co
Common
15%
14%
27
5
Reliable Stores Corp..
-
14
63%
19%
100
...
y
78%
2434
17%
7%
85%
2I84
8%
86%
78%
11%
12%
16%
86%
24%
9%
92%
80%
2%
Reis (Robt C) & Co 1st pref 100
w
78%
15%
15%
934
92%
80%
34
50
50
Real Silk Hosiery
Preferred
2784
8%
90
1%
,25
50
...
4% 1st preferred
4% 2d preferred
Preferred
25%
89
60%
100
—*
1
...
Reading Co
15
5%
29%
834
1
.........
6% cony pref...
Raybestos-Manhattan
Rayon let Inc
$2 preferred
32% 2534
9%
8%
88% 85
77%
79
15% £14%
14%
15
5%
6%
2834
11%
96%
90
100
5% con* preferred-....
100
Purity Bakeries
*
Quaker State Oil Refg Corp. .10
Radio Corp of America
*
$5 preferred B
*
$3.50 con* 1st pref
*
t Radio-Keith-Orpheuni Corp.*
6% preferred...
High
Low
%
®i«
12%
2%
1478
2%
75
79%
10
1078
1234£l4%
64% 6978
3%
4
4
334
3%
3%
3%
3%
45
52
5334
48%
42
51%
4334
43
584
47g
5%
4%
5%
5%
4%
5%
5%
37
38
3634 37%
37% 38%
3534 3434 3534 3534 38
10%
8%
10% U34
£8
9% 11%
8%
9
10634 105 £106%
102
100
103
103% 104% 104
103% 102% 105
98
434
6%
47g
6%
4%
5%
4%
5%
4
3%
4%
4%
4%
18% 21
19% 21
16% 1934 17% 19%
1434 16%
14% 16
x] 5%
184
17b
134
178
1%
2%
1%
2
1%
1%
134
2
1«4
25
2678
2734
23
27% 31
23% 25% 23
2234 25
21% 20
21%
16
16% 20% x20
22% 20
17%
14%
16
13% 15%
14%
3%
45
19
25
23% 24% 22% 24% 17% 24
21% 22% 23
12%
1934 22% 13
23%
19% 20% 18% 20%
19% 22%
99% 103% 102»ul03% 10234 102" 102" 102%
6% preferred
114
102
118
108
88
88
90
90
9534101
90
80
67
112'
75
80%
112
105%118
111%1if 114 120
Sloss-Sheffleld Steel & Iron.100 105
112
113%
110
112
110
110% 11()34 112
11134112
309
112
113
110% 109
114% 107
112% 105
112% 111% 112% 112
$6 preferred
* 111
112" 112% H227 11227
Preferred called..
1534 22
12
1334 16
17% 2178 17% 19
15
16
16
17
1334
1234 14
11% 14
15% 18% 10% 17
Smith (A O) Corp
10 15% 17%
9
9%
10%
8%
8%
934
7
734
8%
10
10
5
7%
7%
7%
6%
7%
9%
10%
10%
9% 10%
10% 11%
Smith & Corona Typewr v t c_«*
14
15%
17
18%
15
15% 17
16%
15
16% 1734
16%
15% 17%
1934 22% 21% 2434 2134 23% 22% 24% 15% 2234
Snider Packing
... *
8
834
8%
7%
8% 10
8%
8%
9%
8%
8%
8%
10% 12%
7%
9
11% 12
11% 12
7% 11%
11X2 12%
Socony Vacuum Oil Co Inc—15
178
1%
2
1%
2%
1«4
1%
1%
134
1%
1%
1%
2
1%
1«4
2%
2%
2%
2%
2%
1%
2%
2%
2%
Solvay Am Inv Corp 5 )4 % pf.100
12
1234
12% 13%
1234 14
12% 14
15
12% 13
12% 12%
16% 10
10% 12
15% 16% 1434 15% 1434 15% xl5
Southeastern Grey'd Lines....5
17
19
18
16
21%
18% 20
18% 2078
2034
25
2934
1734 20
I684 3034
18% 22%
2234 2834 2434 27
South Porto Rico Sugar
* 22% 26
140
138
135
139
130
142%
135
133% 138
135
134
138
136
148
150
148
152
152% 130
146%152% 128
8% preferred
100 144 34 149
26% 29% 25% 27%
26
27%
26% 2734 2678 28%
29
2634 28
29% 29
30%
29% 30% 23% 30% 23% 28
Southern California Edison
25 28% 30
7%
838
8%
978
834
8% 10
8%
978
7%
634
9%
8%
9
634 1234
12% 15% 1234 14% 11% 13% 12% 14%
Southern Pacific Co
—*
12% 137g
11% 13
12% 1434
11% 1384
12%
10%
8
16%
10% 12%
8% 12
Southern Ry Co
......
* 1634 20% 16% 1834 14% 17% 15% 18%
2238
20% 24% 20
1834 22% 20% 23%
16% 19%
5% preferred
—.100 28% 34% 28% 31% 25% 29% 25% 30% 13% 27% 1334 19% 17% 1934
24
26
18
22
32
31
34%
31
17% 30
33
33%
39
39
37
31%
3734 3734 37
33% 35% 33
Mobile 8c Ohio ctfs
100 3734 39
2
2%
2%
2
178
134
2%
178
2%
2
1%
134
2%
2
134
2%
1%
2%
2%
3%
2%
1%
3
2%
Sparks Withington
*
5%
434
5%
4%
5
4
4%
4%
4%
5
6
6
4
4%
3%
534
334
4%
5%
6
6%
634
6%
7
Spear & Co
1
6078 607g
63
63
68
72
65
65
70% 68
$5.50 preferred
.._..*
20
21
2034
"if "17% 20% 1834 20% 20
16%
1634 18
1634
16
22% "22% 23% "22% 23% 22% 2334 1438 23%
Spencer Kellogg & Sons
* 21
36% 42%
40% 437g
35
41
37% 4134 403S 43%
35% 39
38%
45% 42% 46% 33
44% 3534 ^ 2%
42% 46% 43% 47
S perry Corp (The) v t c—_——1
33% 38%
31
31% 36%
3234 36
26
27 % 24% 27
19
35
22
"
29% 34
3884
34% 32% 38% 34
34% 30
Spicer Mfg Co
..* 29
54
56%
5634 58
53
54% 57
57% 58%
54
57% 45% 56% 50
56%J 53% 54
53
50% 52% 53% 57
52
$3 conv pref A
* 52
6
7
7
7
734
7
8%
634
7%
5%
7%
8% 10%
9% 1034
9% 10%
434
9%
5%
6%
9% 11%
Spiegel Co Inc................2
53
57
51% 55
52
57
59%
52
65
53% 58% 55
60
65
55%
63% 65
63% 66% 46
47% 54
62
$4.50 preferred..
* 60
32% 3478 33% 37
30
30% 33% 30% 35
33%
2934 32%
38% 40% 26% 39
293s 38
2934 3384 2934 33% 33% 40
Square D Co
1
112
112%
5% cony preferred
100
6
678
6
6% "7"
6
5
6% "T ~6% ~~6% "7%
6%
7%
5%
6%
"734 ""6% "7% "6% "7% "7" "7%
Standard Brands
...._...* ~~6
109% 109% 110% 109 £110
111%113
105
98
101
107
105% 105% 106% 107
108% 107% 108% £98% 108%
108% 107
$4.50 preferred
* 103% 107%
1
1%
13s
178
1
1%
2
1
1%
1%
1%
1%
2%
1%
1%
2
1%
2
134
2
1%
1%
1%
2%
Standard Gas & Electric
3
5
47g
2%
3%
334
334
4%
334
4%
3%
4%
2%
5%
4%
5
334
5
2%
5%
4%
5
3%
7%
$4 preferred
*
11
1234
16%
13% I684
10
14% 1534 14
1334 15%
11
13
16%
1334 15%
13% 18%
9% 18%
10% 14%
$6 prior preferred
* 10% 18%
19%
16%
14% 1934 1334 15%
1634 1834
16%
18%
14
16% 18%
12% 19%
16% 21% 12% 22
16% 13% 17%
$7 prior preferred
* 13% 2284
17% 19
1734 £20%
18
19
18%
17% 1834 16%
17% 1834
17% 20
23% 24% 22% 24%
22% 24% 17% 22%
24% 26%
Stand Oil of California.....—*
27
24
25% 24%
25% 2734 25% 26%
25
22% 25% 23% 2534
27% 26% 29
2034 28% 20% 23%
Stand Oil of Indiana.
25 25% 2734 25% 27%
33
37
3234 34%
31% 36%
3234 38
441s 30
43%
29% 37%
32% 35% 32% 3434
44% 40
43
46% 4234 44% 43
Stand Oil of New Jersey
25
36
32
3834
29
35% 33% 36%
30
347g 36
32
32
29% 33
3334 x28
34% 23
30% 33
Starrett Co (The L S)
..* 28% 33% 29% 31
61
66%
597g 64%
5978 67
61% 67
65% 69% 62% 6534
7834
62% 68
76% 80% 78% 80% 76% 80% 56
8034
Sterling Products Inc
10 78
67g
734
8%
7%
834
6%
6%
7%
6%
7%
534
7%
734
5%
6%
4%
7%
8%
7%
8%
7%
8%
7%
8%
Stewart Warner Corp....-.-.5
4
4%
4%
4%
5%
4%
5%
4%
4%
4%
4%
5%
4%
5
7%
7%
8%
4%
5
584
7%
534
634
6%
Stokely Bros & Co Inc.—
1
7
934
8
7%
8
7%
878
734
7%
9%
5
10
11
984
9% 11%
5%
9%
7%
8%
9% 10%
Stone & Webster
* 10% 12%
878
7%
8%
7%
734
9%
7%
8%
6%
8
6%
7
534
7%
9% 12%
534 10%
9
12% 10% 12%
10% 10
Studebaker Corp
1
53
4934 5378
51% 59%
48
51
48% 49% 50
48% 50% 4634 49
65%
56% 5934 59% 63% 59% 6134 61% 63% 47
Sun Oil Co..
...*
125
121 £123
120
124% 124
122% 124% 122% 124% 122
122% 121%124
118% 123%
122% 124
123
122% 124
122% 124
6% preferred
100 122
77s
8%
77g
8%
8%
8%
8%
9%
7%
8%
10
7%
8
7%
8
934 10%
7%
9%
10%
9% 10% £10% 10%
Sunshine Mining Co
10c
14
16% 1734 16% 19%
16% 20%
1634 1978
1534
1334 16%
24
23
12% 16
2034 24'2 12% 22%
24% 22
Superheater Co (The)
* 24% 27%
1%
1%
184
1%
1%
1%
1%
134
2
2
1%
1%
1%
1%
2
1%
1%
2%
1%
2
2%
2
2%
2%
Superior Oil Corp
1
11
12%
1134 1334 1234 17
15% 18% 15% 17%
14
11% 13%
934 12%
17%
9% 17
15% 15
Superior Steel Corp
100 13% 17% 13% 16%
23
20
2334
20% 23%
24% 24% 23% 2478 22% 24%
29% 22
22% 22% 25
Sutherland Paper Co
.10 283s 29% 28% 35% 30% 34% 28% 3334
5
5
3
4%
4%
4%
4%
4%
4%
4%
5
4%
4%
6%
634
6%
7
7
6%
7
7%
7%
Sweets Co of America
—.50
193s 21%
1834 197g
207g 22-% 2034 22%
18% 19
23 %
17% 20%
18% 20%
22% 24% £17% 2434
23% 22% 23% 22
Swift 8c Co
.25 22
17
17
17% 19%
18%
17% 1834
17% 20%
16% 18%
19%
17% 18
30% 17% 293s
3034 32% 31% 31% 2734 32% 28
Swift Internat Ltd
6%
4%
5%
5%
7%
6%
778
678
8
534
6%
67g
8%
6%
7%
434
9%
8%
7%
8%
7%
8%
7%
9%
Symington-Gould Corp
.1
5
6
7
6
7
6%
5%
57s
6%
3%
4%
4%
5%
5%
334
738
5%
7
5%
6%
5%
6%
5%
7%
Without warrants
1
.15
..100
Skelly Oil Co
..,
<
~
....
—...
106l»=1051*w.
* No par value, t Reported In
b Change of name from Peerless Motor Car Co.
Note—Superior figures denote 32ds of a point, viz.:
r
Cash sale,
x
Ex-divldends.
y
Ex-rlghta.
receivership.
K Called for redemption,
a Deferred delivery,
The Commercial & Financial Chronicle
68
Jan. 4, 1941
1940—Continued
Januar
STOCKS
March
June
May
February
April
October
July
November
September
December
August
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
Low
Par $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $
per share $ per share $ per share
5
5%
9
5%
5*8
5%
6
5%
5%
4%
5%
4% z4%
4%
4%
4%
4%
z4%
4%
4%
5
57g
57|
4%
5%
40
36
37
39
34% 36
3734 39
28% 36
2834 30
35
35
32% 32%
36
31% 33%
32% 33% 33
4
3
4%
5
434
5%
4%
434
4%
5:
478
3%
3%
378
3%
3%
3%
3%
3%
Talcott Inc (James)
partlc preferred.... .5©
Telautograph Corp.
Tennessee Corp
...........5
Texas Corp (The)
Texas Gulf Producing Co
Texas Gulf Sulphur
25
*
*
Texas Pacific Coal & Oil.....10
Texas Pacific Land Trust
1
The Fair Co
50%
3%
34
36
378
2634
434
30
278
3%
414
31
*
1
......
pref
conv
10
;
Third Avenue Ry Co
...100
Thompson (J R).............25
Thompson Products..........*
Thompson-Starrett
*
$3.50 preferred
*
Tidewater Associated Oil....10
$4.50
conv
6%
12%
18l2
52%
334
7% preferred.............100
4
2778
2
Truax-Traer Coal.........
*
Truscon Steel Co
79%
5%
4%
."...
.*
Transit
*
100
Twin Coach Co
1
......
"l3%
1134
24%
1034
93%
227g
1534
10%
89%
21%
2%
28
11%
1%
44%
147g
9%
*
1
*
39%
12%
Union Bag & Paper
*
Union Carbide & Carbon.....*
Union Elec Co of Mo $5 pref. _*
Union OH Co of California—25
11%
2334
2%
26%
25%
2%
24
JUIen & Co
10
1
42
30
4
4
93
85
Union Tank Car
*
United Aircraft Corp
....5
...5
United Biscuitof America
*
2234
43%
14%
15%
.....100 112
Preferred
5% preferred
2534
55
Unlted-Carr Fastener Corp
United Corp
*
*
$3 preferred..
United Drug Inc
*
5
...
4%
...100
66%
United Electric Coal Cos—...5
4%
33
Preferred
United Eng & Foundry
United Fruit
.5
$5 preferred
United Mer & Mfrs Inc
Paperboard Co
10
*
*
U S Distributing Corp—
Preferred
............100
-
U S Gypsum Co
............20
*
7% preferred
.........100
U S Hoffman Machinery
5
preferred.......50
U S Industrial Alcohol.....
*
U S Leather Co
.........*
Partlc & conv class A....
preferred
..
U S Pipe & Foundry
U S Playing Card Co
*
...100
......20
...10
U S Plywood Corp—
U S Realty & Improvement
U S Rubber Co...
*
10
8% 1st preferred
100
U S Smelt Ref & Mining......50
Preferred—
50
U S Steel
*
7% preferred....
.......100
U S Tobacco...
*
7% preferred
25
Stockyards
Conv preferred
Corp
(70c)
United Stores class A
.1
*
....5
preferred
Univ Cyclops Steel Corp
*
conv
1
Universal Leaf Tobacco
*
8% preferred
Universal Pictures 1st pref
Vadsco Sales Corp..
Preferred
100
100
*
100
...
Vanadium Corp of Amer
Van Raalte Co..
*
.........5
7% 1st preferred.......
100
Vlck Chemical Co
5
Vlcks Shrevep & Pac Ry Co. 100
5%
non-cum
pref
100
...
Victor Chemical Works
j.
5
Virginia-Carolina Chemical
*
6% dlv. partlc pref
100
Virginia El & Pow 6% pref..
*
Virginia Iron Coal & Coke...100
5% preferred
100
Virginian Ry Co
6% preferred..
25
25
Vulcan Detinnlng...
....100
7% preferred
100
t Wabash Ry Co
100
5% preferred A
100
5% preferred B...........100
........
Waldorf System...
..._...*
Walgreen Co
*h%
*
Ptef with warrants. 100
Walworth
Co
Walker(H) Gooder & W Ltd...*
Div redeemable pref
Ward Baking Co class A
Class B
...
7% preferred
Warner Bros Pictures
$3.85
preferred
t Warren Bros
$3 preferred
$1
1st
934
37
2%
234
31
8
834
"2%
30
32
37g
3%
3%
20
26%
5%
4%
33%
227g
4%
4%
31%
1%
11%
24%
3%
4%
27%
12
1
1%
9%
14
1%
12%
9%
88%
24%
43%
5%
18%
84
86
24%
35%
4%
10%
4778
3534
43%
57g
19%
734
13%
19
22%
41%
4%
1634
5
7
5%
2%
1%
17«
1%
69%
17g
71
37g
8%
2%
82%
78
5%
9%
26
11%
%
41%
1%
44
13%
53g
9
10
8%
12%
2334
278
2934
12%
24%
20
23g
25%
11
1%
74
82
484
4%
47g
78
3%
6%
5
14
5%
*3%
9
"4%
6%
834
2034
2%
25
8%
7
16%
147g
1%
17
16
6
5%
4%
734
934
5%
9%
10%
4%
39
3
3
37%
278
34
35
34%
234
z9"
87%
22%
9%
89
89
9234
2534
25
28%
40%
434
43%
5
42%
4734
16%
18
16%
18%
6%
1%
7%
1%
3%
1%
64
64
3%
7%
5%
6%
17
15
1%
17%
77g
1534
7%
29%
4%
4%
36
32%
9078
27%
4%
32%
1%
17%
9%
91%
27%
46
49
46
5%
19%
47g
17%
4%
1%
17%
1%
1734
10
9%
4%
1734
7
4%
4%
7%
"5% "
15
6%
16
5%
65%
19%
278
41
42%
65%
44
45%
45%
49%
47%
49
50
52
507g
12
1734
12
14
13
14
14
16%
16
18%
18
2
37
1%
3434
1%
1%
1%
1%
1 534
8
*ie
134
2
17%
25%
1%
20
2%
69
434
8
57%
58
65%
18
19
17%
18%
2%
3978
1
5
5%
5%
59
5%
434
58
4%
35
■34
2%
42
534
5
61%
4%
35
2
3634
5%
4%
62
4%
33
2%
40%
634
preferred..
Warren
...»
*
*
100
5
*
*
*
Foundry & Pipe......*
Washington Gas Tight Co
*
4%
6%
80
7%
57g
7%
4%
534
83%
85
5%
67g
86%
4%
5%
89
5%
33s
9%
73g
38
40%
3
3%
35
37%
6%
.J.
834
10%
417g
434
7%
8%
634
7
36
3
* 41
2%
37%
278
41
4%
41
5
34%
47g
5%
35
29%
4
5%
534
5%
35% 23 1
1
1%
20
1734
10%
9634
6%
3334
1%
18%
9%
96
97g
9934
34%
51%
5
18
74
7%
1%
70
297g 228%
52% 47
5%
4%
20%
1634
7
9%
2%
1%
75
4%
9
73
5%
4%
10
6%
16
5%
1534
1%
197g
7%
9%
5%
67g
1834
134
23
16%
1%
I97g
8%
17g
5
10
6%
1834
1%
28
9%
6% 11%
7%
6%
8%
8
7%
8%
7%
8%
934
%
%
%
*16
%
%
4234 26
26
31
38% 21% 28% 25% 27
30
31% 38
32% 37
36% 30% 35
1834
9% 18%
9% 12%
103g 12%
11% 13
11% 13%
11% 1234
11% 14%
11% 13%
80
85% 61
82i4 5978 71%
67% 71% 66% 74% 70% 78
71% 76
6934 7634 67% 72%
105
112
114%116
112
116% 107
113% 112
114% 113
114% 113
114% 113%115
112% 116%
12
12
1534 17
1534
127g
12% 13
12% 127g
12% 137g
12% 13%
12% 14
12% 13%
95
71
98
96
78
72% 80%
83
90
83% 81% 86
80% 8578
78% 86
74% 79%
79
84% 86
75% 85% 70
76% 77
78
767g 80
78% 81
80%
81.
85% 83% 85%
1578 16
14
15%
15% 15% 15
13
14% 1478
15%
15%
26% 27% 24% 29?g 24% 2534 24% 26% 25
26% 26% 2734 25% 28
26
2734 27% 38%
47% 53% 40% 52
3234 4434
31% 38
33% 40% 38% 42% 38
42%
40% 47
41% 44%
12
20% 2334
2134
15% 177g
1234 18%
15
17%
14% 17%
16% 19%
15% 19%
14% 16%
1634 18
12% 17% 13% 14% 1334 15
13% 1434 1334 14% 13% 14% 213% 14
1234 1334
112% 116% 111
112% 110% 112
112% 113
111% 113% 111" 11134
%
3834
12%
1087S 110% 110
62'2
1734
2%
3634
6%
6
65%
61%
5%
4%
4%
1%
7%
5%
65
434
2-4
40
278
1%
2%
178
2%
26%
3;%
36%
3234
357g
4%
60
27%
334
2%
37%
6%
5
40
2%
4%
4
4%
3%
3%
258
40
41
3%
4
334
33
44
134
3334
37g
2%
36%
4
30
2
37%
5%
4
4%
27g
41
33
4%
4
4
2
234
38
478
54
19%
1%
32%
4%
2%
2%
36
28
34
5%
2%
4
29% 237%
68% 72%
11% 12
4%
52
56
46%
19%
20%
2%
18
34%
26
1%
27
1117g
51
20%
1%
4%
5%
4%
2%
2734
4%
37g
36
2%
26%
4%
35%
66%
5%
1%
29
47g
234
2934
47g
41
71%
34
25% 33% 29% 32
29
293g
29
30
29%
35% 37%
60
65
82% 60
8234
61% 65% 60% 6434 6434 71
69
76%
13%
10% 12% 10% 12%
117g 12%
1134 12%
11% 12
297g
12
9% 10%
113
116% 108% 113% 107% 113% 113
11334 ll27g 114
113
114% 114
118
2113% 115 112% 115
6
10% 12%
r
634 1034
77g
97g
8%
9%
834 11%
934 1034
9%
117g
9% 10%
3
473
5%
6%
7%
3%
37g
3%
4
378
4%
3%
4%
3%
334
3%
434
3%
3%
6
5%
6%
3%
5%
3%
4%
37g
4%
4%
378
434
3%
3%
4%
334
5%
3%
4
94
91
82
94
97
81
82
82
84
80
83
90
8534 93% 89
86
89%
34%
78%
12
8
5
9
5
934
9%
8% 1034
7
6%
534
7%
734
7% 107g
8
12
834 10%
10% 12%
10
834
9%
834 10%
5%
9%
5%
7%
6%
8%
87g
634
8% 10%
9
11
934 1034
8%
97g
59
86% 80% 83% 80
8634 55% 83% 50
75
53% 65% 63
x71% 80% 73% 81
61
67% 76
71%
178
181
177
180
165
179% 178% 180% 178
182% 167% 175
182
173% 17634 175
174
181
176
182
175
182
172%176
5
4%
5%
3
4%
6%
478
6%
6%
234
5%
334
3%
4%
334
4
37g
4%
4%
5%
5%
6%
5%
6%
29% 31
31% 3234 32% 32% 26
31%
25% 26
29
29
27% 27%
35
3234 3234 35
"22" 26% 21
14
22% 21
25% 22% 28
27% 1434 19
1734 1834 17% 1834 18"
25
21
23% 22
24% 21% 24%
5%
634
5%
6
5%
534
5%
4
7%
3%
634
3%
5%
4%
334
4%
4%
5
4%
5%
4%
5%
334
4%
6
9% 11
9% 10%
9% 1034
9% 1234
1178
6%
8%
6%
7%
7%
6%
77g
8%
9%
7%
734
9%
7%
8%
69
60
65
61
50
72
74
70% 63
50
62%
50
50
50
48
49
60
50% 63% 60
60
60
66% 57
37
34
35% 38% 36% z377g 35
3634 22
34% 2134 26
2434 26% 24% 26% i.24'% 28% 27% 29% 28% 33% 27% 32
34
32
3578 35% 36% 36
37% 37% 39
37% 27% 30% 30
3334 33
33%
31
33
3234 33%
31% 32% 30% 32
24
24
22
23%
1
1%
134
1%
1%
1%
1%
1%
%
1
%
84 ^
1
»16
l3g
%
"i«
%
uie
"is
1%
1%
"is
1%
3434 41% 35% 38% 32% 3634 31% 38%J 15
3134 15% 2278 •18% 2078
17% 20% 19% 23% 19% 227g 20»g 26% 21% 24%
109
117
113%.110% 11334 112% 115% 100
68% 101% 70
83
7478 79% 80
8334 ,74
8834 73% 81
81% 92
84% 92%
61
65
60
64
61%
6134 64
6234
39% 59% 397g 52% 48% 51
49
56
56
64% _60
6434 60% 67% 63
6634
69
60
7034' 64% 69% 6412 66% 67
64
70%
62
70% 63
65% 6234 66
67
71
72
*67% 69% 69
71
273%
S«u'g
5578 oa»8 56% 6134 53% 59% 58% 6534 42
68%
63% 43% 5584 493s 55% 50% 5434
53% 597g
57% 61% 66% 76% 6634 71%
115% 118% 115 117
11678 H884 118
124% 103% 124 • i 108
117
117
115% 118% 115% 118
124% 122%125% 124%^£0
12734 129
35
37
3734 36% 3734 37% 39
39% 32
31
38% 31% 33
32%
30% 32% 31% 34% 32% 3534 230% 32% 29% 3084
45
47
43% 46
48% 45
44% 47% 43
47% 42% 45
42% 45% 43
45%
45% 47
46% 47% 457g 47
47
50
2
J 7S
2
2
2%
2%
2%
234
1%
2%
1%
17g
1%
134
134
1%
1%
178
1%
l'7g
1%
17g
1%
1%
7
634
7%
7%
67S
7%
634
7%
5%
7%
534
6%
534
6%
6
6%
578
6%
63g
578
578
6%
1
1%
2
1%
178
1
1%
2%
1%
2%
134
1%
1%
1%
1%
1%
1%
1%
13g
1%
1%
1% "l" "l%
54
43
56% 54% 54% 67
59% 5934 61
44
5534 41
45
46
44% 48
47
53
517g 49
60
52%
50
63%
14
15
14% 1334 14%
13
14% 15%
16
15% 12% 17
14
15
14% 15
18
16
147s 16%
16
17% 18%
17%
62
45
63% 70
66% 6734 69
66% 69
667g 46% 55%
5534 58% 52% 53% 5278 60
60
58
58
60%
53% 58
157 159
148
154
1.52
156% 149
157% 137 154
143
13434 13434 140
143
143
148
150
150% 152% 150
152% 153
157%
67
60
80% 78% 94% 83% 112
97% 106
100% 59
75
75
80
80
85
81
85
80
83
81% 100
99
128
%
%
%
%
3
%
%
%
%
%
%
hi
%
7is
%
%
*16
%
%
*16
*16
716
16% 17% 16%
17% 18% 17% 19
12
12
12% 18
13
12
13
12%
13% 13%
153g 16%
16%
18
15
16%
28% 3434 2934 3334 31
35% 35
387g 25
437g 26% 34%
28
28% 32
32% 29% 33% 3034 363g 327s 36% 32
3434
35% 3834 37% 3934 37
23
3978 35% 37
33% 22% 25%
25
25% 26% 25
26%
28% 27
283g
2534 28
24% 2634
116
116
H434 11534
116%117% zll3 116%
112
115
115
115
112
115
116
113% 114% 114
114% 114%
43
"44" 45" 4434 46
46
44% 467g 35% 49% 36"
40" 38
42% 4134 42% 42
43% 42
4534 42% 44% 42% 43%
6634 57
59% 59%
62
62
58
8%
82%
8
8%
10%
9
89
81%
19&8
58
60
2834
31
29% 31
29% 31% 28% 30% 19
3
3%
4%
3%
3%
3%
3%
378
134
14
27% 3134 27% 29% 27% 2834 26% 31
116
116%118 116%118
117% 116
117% 109
1%
2%
5
5%
8
5%
6%
6%
9%
10% 15%
45
37
45% 48
4478 45% 43% 45% 43
33% 35
317g 33% 3184 3334 233% 33% 28%
91
95
90
100
89
997„ 90
92% 71
128%
1
1
1
1
1%
1%
1%
"is
1%
2%
1%
13s
1%
1%
1»4
h
1
1%
%
7g
7
678
7
634
7%
7%
7%
7%
5%
22
20% 22
21% 22% 21% 22
23%
16%
96
101
937g 98
94% 96
9834 99% 92%
3
5%
6%
5%
5%
5%
57g
6%
638
33% 35% 3334 35
31% 33% 30% 32%
18%
16
16
16% 16% 16% 15
14% 15% 11
734
9%
77g
8%
7%
734
7%
8%
334
1%
1%
1'4
1%
1%
1%
%
J,4 J12
2l78 25% 2284 24% 23% 25% 2334 25
14%
2
3%
4%
3%
4%
3%
4%
3%
4%
47
50
4534 50
30
47% 50
45% 50
1%
178
13s
2
1%
134
1%
1%
%
6%
8
6%
87g
9
8%
334
4%
434
434
434
30
29
29
31%
3034 2834 30
3034 22
2734 2834 27% 28% 253s 27% 20
.
Note—Superior figures denote 32da of a point, viz.: 105«=105»«.
y Ex-rights.
6 Name changed from United American Bosch Co.
dends.
23%
37%
6%
1®4
24%
15%
1%
1378
4
834
1%
66%
68
4
4%
307g
33%
4%
4%
35%
1%
21%
97g
92%
29%
3%
30
1234
1434
434
5%
5
67
4%
7%
6%
15%
31
434
2?g
35
4
4%
28%
4%
4%
3234
1%
12%
9%
5%
3
8%
10
41
27s
8%
40%
34%
5%
4%
7%
8%
3934
234
37%
6
934
37g
7
4%
7%
4%
34
1%
7
6%
5%
14
2%
32%
6%
4%
30%
1%
25%
4%
2%
4%
878
3%
3334
334
287g
5%
6
73g
2%
934
36%
4%
4%
34%
197S
834
37
3
3434
57g
35
3
6
81
10%
33%
37
234
30
4
7%
37%
31
40
3
5%
38
17a
15%
1
7
9%
7%
3%
6%
3%
5%
35%
278
57g
38%
3%
33
6%
4%
8%
10%
334
7
87g
97
81% 857g 75
82% 77% 80
14% 15
1334 1434 1178 13%
_....._.* 11534 116% 115% 117% 112
116%
v t c
I
10% 13% 11
11% 1334
12%
U S Freight
$6
38%
2%
17%
1134
7%
*
U S & Foreign Secur Corp.
$6 18t preferred
United
33
7%
7%
534
2%
*
United Gas Improvt Co
Prior
20%
234
4%
2534
5%
34
4
67g
9
387g
27%
54%
40
6
........-.10
Dyewood
conv
30
5
334
8
18
2%
2%
38
5H%
36%
2%
57g
81
60%
18%
17%
United
44
6%
5%
100
United Carbon
United
44
32%
57g
96
15
118
8%
30%
34%
234
30%
2778
517g
27
26% 27%
49% 43% 49%
15
21%
16%
1534 16%
16% 17%
116
116
112% 119
1678
16%
6
12
2%
57g
39%
278
37%
91
2^4
4678
48%
11
39%
6%
11%
22%
2%
5
2%
2178
4%
83s
4
8
3
534
80
267g
5%
378
8
5%
30%
18%
5%
15%
2%
4%
5%
5
5%
39%
3%
31%
6%
4%
23%
Union Premier Food Stores Inc 1
United Air Lines Trans
15
35
4%
33%
10%
91%
24%
88%
16
100
3034
5%
2%
267g
4
47%
2%
78%
5
9%
12%
247g
2%
27%
1%
484
6%
47%
4%
41
51
4634
13
6%
13% 14% 117g 14%
78% 847S 81% 85%
113% 11478
112% 114
16
17% 16
16%
16%
96
97% 93
93% 96
86
87% 86% 89% 84
80
12%
15%
52%
7
20
7%
5034
534
1634
734
45
34
11314 115
100
4% preferred
22%
10
9
Underwood-Elliott-Fisher
Union Pacific RR Co
18
4%
10
Twentieth Cent Fox Film Corp *
Twin City Rapid
Preferred
3434
17a
434
35
33
8%
534
4»4
2%
18
12%
78%
4
42
5:
4%
2
8U
234
334
39%
35%
5
2%
53
1%
IDs
7
51
4%
3534
31%
91
Trl-Contlnental Corp.........*
$6 preferred
11%
16%
3%
2%
21%
47%
5%
14%
7%
2%
77%
Transue & Williams Steel Fg__*
57g
10%
15
6%
47%
33%
734
5%
10%
11%
4934
334
34%
2
2454
62
6%
1478
...
6
45%
4
234
95
Timken Roller Bearing........*
Transamerica Corp
Transcont'l & West Air Inc
5
6
12
7
4534
37g
34%
8%
30%
30
91
*
10
5%
44%
3%
33%
7%
17
5034
4
42%
5%
33%
4%
4%
2%
23
16%
IOI4
8
5%
11
1578
50%
3%
357g
378
2012
4Gi2
Sl2
preferred.....
Timken-Detrolt Axle Co
$1 .50 preferred_
5%
6%
42% 45
3%
4
34% 35%
7%
*
preferred
Therm old Co
S3 dlv
4%
35%
17
100
Thatcher Mfg
conv
11%
678
467g
*
Texas & Pacific Ry...
$3.60
534
42i2
312
32%
77.8
534
.
* No
60
28%
19% 2334 22% 24% 22% 23
25
23% 26
29
28% 25
23% 27
2
3%
2
2
23g
2%
178
2%
2%
2%
23g
2
2%
3%
2%
27% 14% 17
19
16% 17% 17
21
24
18% 2234
2234 28
23% 27%
117% 11034 117% 115
117
117% 2115 117% 115
115%117
211534 120 116
11734
11%
44
34
6%
3634
28%
95
75
135
120
6%
38
31
77
7
37%
32
82%
8%
41
33%
83
6%
8
38%
41
32%
33%
78
82
%
1%
%
1%
%
%
67g
6%
1634
20%
89
90
187s
92%
3%
67g
20
94
378
25%
12%
4%
6%
197g
93%
3%
22%
12%
1
2884
27%
par value.
80%
125
""% """%
%
6
3
37g
1834
10
4%
%
14
22%
1134
20%
11
4%
4%
1
1%
84
4%
22%
20%
14%
31
2
30
15%
2%
32%
2%
1%
7%
1%
7%
15%
2%
32%
1%
7%
%
"is
%
11
12%
46%
3334
11
13
9
47
47
41
45
33
32%
33%
32
3234
8478
90
95
95
90
95
%
7g
67g
7%
21%
"u
7
2034
20%
95%
4%
%
13%
93%
4%
26
13
4%
1
16
2%
2%
•i«
7
20
7%
2034
1%
734
1%
8%
99% 101
13%
4%
34
14
5%
13
"is
34
1834
15%
234
2%
35
17
27g
38%
1%
4%
2734
434
35%
1%
534
29
13%
5%
5
287g
13%
4%
34
6%
32
14%
5%
2834
127s
5
3%
"i«
6
30%
1378
4%
a4
%
„
15
16%
14%
15%
2%
37%
3%
50
278
3%
56%
60
1%
2%
1234
9
10
25%
24%
25
29
30
34%
29
30
24
24%
23%
26
22
23%
22
24%
22
25
24
23%
25
24
25
23%
a
97g
7%
9%
21
20% 22
22%
100% 10is4 101341047g
8%
24
redemption,
%
7%
"is
14%
2%
35
4%
*16
h
98
5%
28%
26
110
13%
125
%
34
23%
If Called for
11%
33%
45%
120
1
7%
23%
98%
5%
30%
14%
7%
1%
2334
3%
45%
1%
7%
7%
3§"
Deferred
delivery,
1%
8
r
Cash
1
1%
11%
sale,
8%
x
1%
10%
Ex-divi-
Volume
The Commercial & Financial Chronicle
152
69
1940—Concluded
March
January
STOCKS
February
High Low High Low
Low
Wayne Pump Co
7% preferred.....
3%
4
4%
24U
27%
*
Webster Eisenlohr..........
478
384
4
478
2%
4%
2%
22
29%
15%
60%
26%
72%
15%
43s
3
258
234
234
3
2%
3
2%
3
3%
16% 18%
1634
1734 15% 18
65
5834 63
5978 60
65
95
94%
100% 99
102%
98% 100% 99
106
IO384 102% 107% 106% 111
107% 110
100
94% 93% 102
103% 100% 102% 101
116% 114% 114% 116
11678 11734
114% 116
16
15
20% 16
18
14% 16%
18%
101
102
101
101
102%
25% 24
25% 28% 25%
28% "26% 28%
3
3
3%
3%
3%
338
334
3%
5
634
6»4
6%
5%
7
5%
5%
1784
3
3%
.*
2314
75
68
* 70
107
* 10534 108
114
111
100 111
102%
100 102l2 108
West Penn Pr Co 4% % pref.100 11412 115l2 116
W Virginia Pulp & Paper Co
16
* 16
19%
6% preferred
100
103l2
Western Auto Supply Co
10 33% 3058
343s
Western Maryland Ry Co....100
3»2
5
3%
4% 2nd preferred
...100
6I4
6i8
7%
preferred
3%
80
70
68
109
107
....
West Penn Electric Co A
7% preferred
6% preferred
21
25i4
113% 111
10478 102%
1165s 11634
1712
13%
103l2 102
39% 3784
3%
4
634
7
25
69% 6884
110
107%
113% 112
105% 103%
117% 117%
14
16%
102
102
40%
37%
73%
95
115
96% 113
108
91
91
99%
105
90
118% 108% 117% 110%
24%
11
25%
14%
100% 105
105
407s
4
5
678
4%
7%
6034
110
110%
8%
22
234
4%
"2l"
36%
4%
738
234
438
18%
61%
16%
61%
17%
2078
66
68%
103
19%
66%
6934
100
80
16%
..100
Wesson Oil & Snowdrift
conv
High Low
Par % per share $ per sharr $ per share $ per share $ per share % per share $ per share $ per share $ per share $ per share $ per share $ per share
15
15
17
16% 18%
15% 17%
__5 18
1558
17%
13% I8S4 14% zl6
15% £15% 16% 16%
1934
J8%
17% 18% 18% 20%
15
18
14
22
24
22%
£19%
17% 18% 17% 18%
1834 20
21%
18% 1934
18% 21%
23%
1
2234 24
22% 2334 22
Waukesha Motor Co—
$4
High Low
December
November
October
July
September
August
High Low High Low High Low High Low
High Low High Low High
June
May
April
High Low
103
.
101% 105
10934 107% 110% 108% 113
99% 106%
102% 99% 102
120
118% 119% 117%119
.
17
17
19%
16% 18
102% 102% 1037g 10334 105
28% 24% 28%
24% 28%
4%
3%
4%
2%
3%
6
6
8
8%
6%
Western Pacific RR Corp—
38
%
"11
%
%
38
#l#
%
%
7i«
%
%
%
"1.
%
%
%
5u
%
84
%
%
1458 193g 16% 1834 I684 19%
18% 21
1978 24%
18% 22%
19% 21%
2884 2234 2578 21% 2478 2178 25% 14% 22
19
23
21%
17% 2234
1934 21%
19% 2234 20% 23% 20% 2434 20
2134
2638
22% 2478 2278 25% 15% 24%
22% 28ig
76
95
11434 81
11534
109% 103% 109% 102% 10934 10034 105%
102% 100
89% 98% 93
110% 11434 111
107%114
Westinghouse El & Mfg......50 10578 118
110
121
133
134
129
136
120
123
123
140
136
134
133% 120
132% 138
138
130%137%
126% 126
13512 133
7% 1st preferred
50 130
31
35
33
3 534
26% 37% 27% 32% 29% 32
Weston Elec Instrument..12.50
26
26
3184 36
31% 34%
28% 32%
32% 3458
293s
27% 2634 33
2784 38% 28% 32
32% 333s 33% 34%
32% 35% z34% 36% 3478 3634 £32% 36%
36% 38%
33% 38%
3512 38% 34% 37
Westvapo Chlorine Prod....
*
34
3534 33% 34% 33% 33%
33% 35
33% 33%
3634 39% 36% 37% 36% 38% 28% 38% 3034 34% 33% 35
5% conv preferred
30 35% 39%
..100
6% preferred
Western Union Telegraph...100
22i8
Westinghouse Air Brake......*
$4.50
108
preferred
94%
2534
preferred...... 100
Wheeling Steel Corp........
*
6% preferred.
.....100
$5 conv prior pref
*
White Dental Mfg Co (The SS)20
conv
$4
preferred
6%
preferred
conv
42
45%
20
22
1934
20%
5
4*2
Iron Co..
1*2
134
3
3%
4%
6
5134
Woolworth (F W)..
10
Worthlngton Pump & Mach—* T8"
7% preferred A
60%
116
223s
3838
10
24 78
40i2
"21%
5
514
06%
70
9
10%
10%
10%
12%
12%
4%
4%
46
9%
5%
47%
20
21
8
5-%
51%
2058
2%
278
3%
178
4%
57s
65
3518
70
35
44
105
85
45%
107
89
22%
25
1
Yellow Truck & Coach cl B
25
1678
86
89
*
23%
*
1
15
28%
1678
2%
5H% preferred series A—100
Youngstown
Steel
Door.
Zenith Radio Corp
Zonite Products Corp
r
F,v-dfvidends
v
2%
"22"
14%
2%
69
2
2%
as
;
1434
1%
1%
338
334
•>
Surplus will be
membership
nounced
in
24
the
the bank
of
M.
Alfred
Cashier
named
of
and
the
55
Public Schools
National Bank
since
*
has
it
been
was
connects
organized
62%
734
934
65
8%
11
7
8%
5
6
23%
67
71
68%
8%
10%
9%
14
1234
5%
434
7%
6%
9
534
4%
60
life,
the
paid
20%
1%
1%
3%
53
23%
5034
1634
27
25
33%
19%
30a4
378
22" '26"
2l"
2884
120
120
72
74%
10%
16%
f
5%
9
6%
434
23
"21%
2
2%
178
2
1%
1%
1%
334
4%
2%
4%
434
2
4%
4%
56%
2%
4%
5
17%"20%
72%
934
17%
6%
884
4%
22%
2%
2%
4%
5%
67%
134
1%
26%
34%
30%
125
69%
95g
14%
4%
45
20
125
120
14
79%
102%
27%
33%
72%
9%
15%
7%
6%
99
4
4%
54
61
26
32%
28%
34%
18%
21%
3%
4%
61%
32%
36%
20tg-23%
59
£6258
"211*2 ~23~
134
1%
3%
4%
63%
2
2%
4%
4%
67
116
27%
32%
34%
3?%..36%
30%
31%
30%
21%
„
33%
32%
22%
95
95
98
102%
87
64%
65
70
80
85
86
95
82
89
79
41%
46%
4134
46%
45
49%
43
52%
56
65%
54%
58
55
5734
60%
65
59
61%
111
95
70
~60~
73
92
75
80
78
23
16%
18%
17
13%
89
18
10%
70
83
15%
934
11%
98
684
27%
80
12%
8%
2%
In¬
Wis.,
Bank
an¬
of
F. Filipski, Assistant
S. Navy.
Deposit
Insurance Corporation
chief clerk for the first two
dividend in kind of 300,000 shares of the
3,
1940.
The undivided
account
of the bank was not affected inasmuch as an amount
at which the bank carried the
ously transferred from reserve against
32%
109%
79%
245,8 "2U2
99% 81
103
Mr..
Federal
Sept.
80
45
2%
5%
434
57
91
Milwaukee "Sentinel" of
West
18
120
123g
44%
93%
22%
15%
3%
"29"
32%
42%
39
3334
41
93% 104
91
109
52%
4734 57%
100
1U34
57
96
105
100
79
100
82
79
78
79% £80
82% 79% 81
7734 81
1834 2034 19
16% 20
2334
22% 21
19% 22%
14
1578
13%
12% 15
14% 15%
14% 1634
15% 17%
100
111
111
119
116
119
112% 112% 124
113% 126% 115
£115% 118
6%
9
8% 11%
9% 11%
10% 11% 10%
10% 1238
11%
10% 11%
26% 34% 30% 34% 29% 33
£30% 35% 32% 427g £39% 45%
39% 42%
87
93
89
80
90
86
80% 86
93% 97% 90
99%
18
~13% "l7% 15% 19
1678 20
16% 19
2034 £17% 20%
16% 18
15
834 11%
10% 11%
10% 14%
14% 16% 14% 16%
17%
14% I63g
2
2
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
234
238
t Reported in receivership
If Called for redemption,
a
Deferred delivery.
past five
the fourth district, with headquarters in Richmond, Va., and the
years in the field examining force of this district.
The
year-end statement of condition of Bank of America
Trust & Savings Association
(head office San
Francisco) reveals the achievement of new all-time high
marks in virtually all of the bank's activities.
This satis¬
factory result is attributed by L. M. Giannini, President, to
expansion of business in the territory served and increasing
public acceptance and use of the facilities and services of
California's only statewide branch bank.
As of Dec. 31,
1940, Bank of America deposits totaled $1,632,228,000, an
increase of $149,436,000 during the year.
Total resources
stood at $1,817,535,000, a gain of $188,948,000 in the same
period.
The aggregate of loans and discounts outstanding
was $778,295,000,
which is $67,240,000 more than a year
ago.
Cash and bonds amounted to $977,032,000, an in¬
crease of $124,497,000.
•
With the $30,060,000 of preferred stock subscribed by
stockholders on June 10,
1940, capital funds, including
capital, surplus, undivided profits and reserves, now total
$156,337,000, an increase of $37,484,000 during the year.
This total includes the unallocated reserve of $6,900,000
which was set up on June 10, 1940, out of previously ac¬
cumulated undivided profits.
Earnings for the year were $29,007,000, the largest for
any one year in the history of the bank.
From this total
$4,370,000 was reserved for depreciation of bank premises
and amortization of bond
premiums and $5,709,000 in
reserves was set up and applied to the reduction of the carry¬
ing value of assets. After payment of $10,265,000 in divi¬
dends at the annual rate of $2.40 per share on the common
stock and 4% on the issue price of the preferred stock, and
after $i,176,000
in profit-sharing bonus to employees,
capital funds were increased from earnings for the year by
$7,484,000 which amount was credited to undivided profits
National
and other
A
news
reserves.
item issued
by the bank further
part:
profits
retirement
fund
will
be increased
to
goes on
to say in
'V;
,,
$3,473,000
1941 the preferred stock
by
a
transfer from
the
undivided profits account and $3,000,000 of the fund will then be used for
purchase and retirement of 10% of the entire outstanding issue of preferred
stock.
Thus, in the period of approximately six months since Bank of
America's preferred stock was issued the bank will
for the first four full years
have made provision
of retirement fund requirements.
The President also pointed out that taxes of $7,767,000 paid and accrued
during the year,
including social security and Federal deposit insurance
corporation assessments, were much greater than
ever
before.
equivalent
300,000 shares was simultane¬
stocks owned to undivided profits
the declaration of the dividend.
247g
78
103
114
2%
4%
4%
5584
123%
$20 par capital
Middle
account at the time of
21%
77
97% 100% 100
President Giannini announced that on Jan. 2,
his
Does not include the special
to the value
97%
$5,000,000
Reserve
Federal
in 1933, serving as
Corporation
2
95
year
with
2134
1%
'
40
of $2,485,profit and
System was
Reserve
During the World War he was in the U.
He
20
96%
42
55
Assistant Cashier of the
Raleigh, N. C., was recently
institution, effective Jan. 1.
Mr.
all
4%
64
Clyde
Raleigh
6
42
5434
Haynes attended the Raleigh
and State College.
He was connected with the Commercial
from 1917 to 1931, serving as Assistant Cashier.
of
resident
83s
10%
8%
5%
30%
learned, added in part:
A
7
18%
1941 are James II. Pou, Jr.,
A.
Dillon,
Vice-President.
The
Raleigh "News & Observer" of Dec. 27, from which this is
for
elected
President
5%
5%
14%
Haynes succeeds as Cashier L. A. Eentz, who formerly held
the dual office of Vice-President and Cashier, and who
now
has been named Executive Vice-President.
Other of¬
ficials
3%
334
24%
Bank,
the
6
13%
heretofore
Hayn.es,
Industrial
Raleigh
2%
3%
30
Hartmann, Assistant Cashier.
Elmer P.
1%
40
National institu¬
Vice-President; Ernest H. Amocher, Cashier; August
Cashier, and
1%
30
Albert E. Francke, President; Lawrence Stone,
are
"Is" "l9%
3%
years in
Bank of Milwaukee,
Chicago, it is learned from the
Dec. 25, which went on to say:
Officers
8
834
97%
23%
116
1
25,000 shares of
Federal
by
98%
62%
40
25%
33%
from surplus to capital stock
of $20 par capital stock in
shares
Northern
the
58
5%
55
$500,000.
Dec.
on
50,000
the
of
Admittance
to
of
$500,000
present outstanding
the
for
exchange
stock.
issuance
and
account
434
334
2038
increase in capital stock to $1,000,000
an
8
45
Dec. 20.
The Detroit "Free Press" of
21, from which this is learned, after stating that the
change would become effective Jan. 2 under the title of
the Industrial National Bank-Detroit, added, in part:
of
838
96%
56
9%
958
6
68
Dec.
transfer
20
27%
special meeting on
approved were
23%
1534
(mentioned in these columns Dec. .21, page 3687), stock¬
change at a
by
20%
98%
46
holders of the institution ratified the proposed
$500,000
243s
9334
52%
* No par value,
Referring further to the proposed conversion of the
Other changes
95
18%
24%
2%
*$2,550,000
t
,
dustrial Morris Plan Bank of Detroit to a
from
98
46
>>.' •-■J
follows:
pay dividends on the common stock, and
transferred to surplus account, leaving a balance
640 to be carried forward to the present year's
tion
90
;;*V-
to
loss account.
70
90
1058
12%
9%
7%
46
F/X-rigbts
distributed
was
sum
834
7%
434
3%
80
65
90
97%
18% 32
96% 105
51
66%
64
438
23g
2%
60
85
60
63
3534 3534 41
44
53%
43% 45
119
129
114
110% 126
87
89«4
89% 89% 93
22
23% 2134 2434
24
16% 18% 17% 19%
18%
119% 124
122% 118% 122
11% 10% 1134 11% 14
43
3778 42% 40% 46%
86
87% 88% 93%
24% 22% 24% 21% 25
15
1734
16
1478 17
(Continued from, page 59)
This
tion.
115s
6%
55
23%
3%
3%
634
7%
6934
34
37%
48
Note—Superior figures denote 32ds of a point, viz.: 105u=105»m
Cash
71
11%
13%
62
70
85%
22%
16%
19i4
118%
U578 120
7% preferred
100
10%
Young (L A) Spring & Wire...* 1038 12
Youngstown Sheet & Tube
* 38% 4814 39
Yale & Towne Mfg Co
105
69
71
100
100
Prior pref 4\i% conv serleslOO
Wright Aeronautical Corp....*
Wrlgley (Wm) Jr
*
97%
35%
3%
1&8
1%
I84
3%
3%
4%
5%
5%
6
63%
6034 70
120
121
121
121%121% 120
22
25% 2434 27%
23% 25%
41% 39% .42%
39% 41% 40
18
20
17% 19% 17% 2334
3%
1%
3%
5%
5714
37%
5012
114l2
68
100
6% preferred B_.
Prior pref 4H% series
3%
314
*
6% preferred
£68
38
Wise Elec Power Co 6% pref.100 116
Woodward
30%
9%
12%
514
578
49
*
-
3234
9U
llSg
10
Wilson & Co
29
29
10
1338
6i8
6%
1
Willys-Overland Motors.....
97%
67
5
Prior
97%
100
*
20
Wilcox Oil & Gas
67
97%
67
1
preferred."
conv
67
98
32l2
70
White Rock Min Springs Co...*
White Sewing Machine...
65
97l2
98
33%
66%
9%
11%
1
White Motor...
50
65
....100
Wheeling & Lake Erie
Concerning
Bank
of The
the
affairs
Dalles, Ore.,
of
a
the
defunct
First
National
dispatch from that place
on
The Commercial &
70
10
Dec.
lowing
Portland
the
to
"Oregonian"
contained' the
fol¬
Christmas
defunct
the
of
First
National
Bank
of
The
Dalles
will
receive
$116,334,
present of
Wednesday (Dec. 11), it
was
in a dividend to be disbursed starting
announced Tuesday by C. C. Bryant, receiver.
be
the
sixth
dividend
The
liquidation of
e9.78%,
to
up
will
and
Dec.
24,
in
connection
paid
with
depositors
(head office Montreal)
covering the fiscal
30, 1040, has just been published.
It
year
ended
shows profits
period—after making appropriations to contingency
accounts, out of which accounts full provision for bad and
doubtful debts has been
made—of $436,684
(as against
$457,173 the previous year) which, when added to $247,908
the balance to credit of profit and loss brought forward
from the preceding fiscal year, made $684,593 available for
distribution.
This
amount
was
allocated
as
follows:
$240,000 to
four quarterly dividends at the rate of 6%
$145,600 to take care of Dominion and Pro¬
pay
annum;
vincial
more points.
Industrial specialties again attracted
speculative attention and several of the more active
stocks in the preferred section of the utilities group registered
Government
estate,
leaving
to the
current
resources
are
a
taxes, and $50,000 written off real
balance of $248,993 to be carried forward
fiscal year's profit and
in the statement
shown
loss account.
Total
$55,887,092 (com¬
paring with $64,843,998 a year ago), of which $37,083,570
are quick assets, while deposits
(interest-bearing and noninterest-bearing) amount to $47,882,772, of which $37,065,036 are interest-bearing deposits.
The bank's paid-up
capital remains unchanged at $4,000,000, but -reserve fund
and surplus have increased to $1,248,993 from $1,247,908 a
year ago.
The shareholders' general annual meeting will
be held in
Montreal
moderate advances.
on
Jan. 9.
THE
CURB
as
MARKET
the New York Curb Ex¬
present week.
There were
occasional setbacks among the public utilities and in the oil
group and aircraft issues but the tone was strong and the
daily transfers were fairly large.
Industrial stocks were
strong and a number of substantial gains were registered in
this section.
There
were
several modest advances in the air¬
particularly Bell Aircraft which forged ahead on
Tuesday 2% points to 24 %. Chemical shares were unsettled
and paper and cardboard issues moved within a narrow
range.
In the shipbuilding group price movements were
generaly
upward.
Irregular price movements marked the trading during the
abbreviated session on Saturday.
The petroleum shares
attracted a modest amount of speculative attention and there
was some
buying in the industrial section but the public
utility issues were inclined to sag although there were oc¬
casional exceptions including Florida Power &
Light $7 pref.
which climbed upward 2 points to 116 and a new
top for
1940, also Long Island Lighting pref. B which advanced 1%
points to 25%. Aircraft issues showed both gains and losses,
Bellanca, Brewster. Waco, Vultee and Republic closing on
the side of the advance, while Bell and Beech declined.
Ship¬
building stocks were irregular, Todd Shipyards slipping hack
2 points to 95%, while N. Y.
Shipbuilding (founders shares)
worked up to a new top for 1940.
Paper and cardboard
issues were quiet and aluminum stocks moved within a narrow
range.
Industrial issues assumed the market
leadership as stocks
their advance on Mondav.
As the market
continued
strengthened the volume of sales climbed to approximately
332,000 shares as compared with 320,000 on Friday the last
full day.
Chemical issues were up and down, Heyden
Chemical advancing 3 points to 78, while American Potash &
Chemical sagged 5- points to 60.
Public utilities were
stronger, Pennsylvania Water & Power advancing 2 % points
to 55%, National Power &
Light moving ahead 1 point to
92 and Cleveland Electric
Illuminating Co. 1 point to 40.
Oil shares were lower, shipbuilding stocks moved to
higher
levels and the paper and cardboard issues were mixed. Air¬
craft stocks moved backward and forward with
very little
net
change and the aluminum stocks were generally irregular.
Prices again advanced on Tuesday a
goodly part of the
trading centering around the aircraft stocks and the industrial
shares. Shipbuilding issues continued
strong and substantial
gains were recorded by Todd Shipyards and N. Y. Ship¬
building (founders shares).
Oil stocks were moderately
higher and the paper and cardboard issues moved within a
comparativelv narrow range.
Prominent among the stocks
closing on the side of the advance were Bell Aircraft 1%
points to 24; Creole Petroleum, 1 % points to 24; Great
Atlantic &
Pacific Tea Co. non-voting stock 2
points to
98; Mead Johnson, 4 points to 144; Pittsburgh & Lake
Erie, 1 point to 64; Todd Shipyards, 1 point to 98: United
Shoe Machinery, 1% points to
57%; and Western Tablet &
Stationery, 1% points to 19%.
The New York Curb
Exchange, the New York Stock ExExchange and the commodity markets were closed on Wed¬
nesday in observance of New Year's Day.
^
The
market continued its upward
swing as
following the New Year's Day holiday.
trading
was
The trans¬
fers dipped to
approximately 99,375 shares against 268,340
on Tuesday but the tone was
strong and the gains ranged up
somewhat stronger
stocks
lower
at
unsettled
were
levels
as
the
with
of
most
market
closed.
the
active
Prominent
amdng the shares closing on the up side were Aluminum Co.
of America pref. 1% points to 114%, Mead Johnson 2
points
to
117, Nebraska Power pref. 2 points to 115, Singer Manu¬
facturing Co. 2% points to 107%, Bell Telephone of Canada
1 point to 101%, Consolidated Gas Electric Light and Power
Co. of Baltimore 1% points to 70 and Great Atlantic &
Pacific Tea Co. pref. 1% points to 130%.
Curb stocks were moderately firm as the market
opened
on Friday but prices turned
irregular as the day progressed,
and while the gains were slightly in excess of the ree ssions
at the close, the net changes were largely fractional. Aircraft
issues were again unsettled with Bell, Bellanca and-Beech
on the side of the advance, Waco down and
Fairchild un¬
changed.
Todd Shipyards was a point higher at 97 while
New York Shipbuilding (founders shares) was off %
points
at 27%.
Paper and cardboard stocks were fractionally
higher and the public utility preferred issues registered a
number of substantial gains.
As compared with Friday of
last week prices were higher, Aluminum Co. of America
closing last night at 155 against 153% on Friday a week ago,
American Cyanamid B at 37% against 37%, Bell Aircraft
at 24 against 22, Carrier Corp. at 9% against 9, Consolidated
Gas Electric Light & Power Co. of Baltimore at 69% against
66, Fairchild Aviation at 10% against 9%, Humble Oil at
62 against 61%, Pepperell Manufacturing Co. at 90
against
89, Sherwin Williams Co. at 78% against 74% and Singer
Manufacturing Co. at 109% against 104.
TRANSACTIONS
AT
THE
NEW
YORK
CURB
EXCHANGE
on
craft group,
resumed
were
largely fractional. Oil shares were com¬
paratively quiet, and while there were some advances in
evidence, they were largely in minor fractions. Paper and
DAILY
Advancing prices prevailed
change during much of the
Aircraft issues
but the gains were
cardboard
for the
per
1941
4,
or
issues
♦
annual statement of the Provincial Bank of Can¬
The 40th
Nov.
payment
1932.
•
ada
final
the bank's assets, and will bring the total
Mr Bryant said.
closed
bank
The
to 2
Jan.
some
:
Creditors
?.
financial Chronicle
Stocks
Bonds (Par Value)
(Number
Week Ended
Jan.
3,
of
1941
Foreign
Saturday
208,040
Monday
332,233
270,580
Corporate
$703,000
Tuesday
Foreign
Government
Domestic
Shares)
1,036,000
878,000
Wednesday
Thursday.
Friday
$9,000
Total
$24,000
33,000
11.000
$736,000
1,080,000
35,000
14,000
927,000
HOLIDAY
99,705
929,000
4,000
4,000
937,000
101,955
926,000
16,000
7,000
949,000
1,012,513
$4,472,000
$97,000
$60,000
$4,629,000
_
Total
Sales at
Week Ended Jan. 3
Calendar
Year
New York Curb
Exchange
1941
Stocks—No. of shares.
1940
1940
1939
1,012,513
816,685
42.928,377
45,729,858
$4,472,000
Bonds
Domestic
$6,527,000
104,000
$294,447,000
97,000
60,000
102,000
6.595,000
$432,689,000
4,596,000
7,212,000
$4,629,000
$6,733,000
$303,902,000
$444,497,000
Foreign government
Foreign corporate
Total
2,860,000
U"
COURSE
OF
BANK
CLEARINGS
Bank
clearings this week show an increase compared with
a year ago.
Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
indicate that for the week
ending today (Saturday, Jan. 4)
clearings from all cities of the United States for which it is
possible to obtain weekly clearings will be 17.6% above those
for the corresponding week last year.
Our preliminary
total stands at $6,896,663,997, against
$5,866,222,989 for
the
same
the
week ended
mary
week in
1939.
At this center there is
Friday of 24.1%.
a gain for
Our comparative sum¬
for the week follows:
Clearings—Returns by Telegraph
Week Ending Jan. 4
Per
1941
1940
$3,190,733,576
325,320,374
369,000,000
227,868,538
87,928,301
89,100,000
131,655,000
149,293,692
144,048,812
$2,570,968,973
294,628,615
347,000,000
194,000,000
+ 17.5
76,749,243
+ 14.6
Cleveland
116,475,132
86,691,857
Baltimore
76,045,921
71,094,063
+ 7.0
Eleven cities, five days
Other cities, five days
$4,907,469,346
$4,047,993,998
809,861,852
796,175,160
+21.2
+ 1.7
Total ail cities, five days
All cities, one day
$5,717,331,198
$4,844,169,158
+ 18.0
1,179,332,799
1,022.053,831
+ 15.4
$6,896,663,997
$5,866,222,989
+ 17.6
New York
Chicago
Philadelphia
Boston
Kansas City.
St. Louis
San Francisco
Pittsburgh
Detroit
Total all cities for week
Cent
73,700,000
120,521,000
109,509,937
103,130,310
+24.1
+ 10.4
+6.3
+20.9
+ 9.2
+ 36.3
+ 39.7
+ 34.4
Complete aud exact details for the week covered bv the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends
today
(Saturday) and the Saturday figures will not be available
until noon todav.
Accordingly, in the above the last day
of the week in all
cases has to be estimated.
the elaborate detailed statement, however, which
present further below, we are able to give final and
Id
we
complete
results
for
the
week
previous—the week ended Dec. 28.
ar increase of
0.7%, the aggregate
clearings for the whole country having amounted to
$6,072,643,183, against $6,029,878,370 in the same week in
1939.
Outside of this city there was an increase of
4.2%
For that week there
of
was
Volume
Chronicle
The Commercial & Financial
152
this center having recorded a loss of
the cities according to the Federal Re¬
serve districts in which they are located,
and from this it
appears that in the New York Reserve District (including this
city) the totals show a loss of 2.4% and in the Boston
Reserve District of 5. 4% but in the Philadelphia Reserve
District the totals show a gain of 8.6%.
In the Cleveland
Reserve District the totals record an improvement of 5.9%,
in the Richmond Reserve District of 12.1%, and in the
Atlanta Reserve District of 14.7%.
The Chicago Reserve
District has to its credit an increase of 1.5%, the St. Louis
Reserve District of 6.9%, and the Minneapolis Reserve
District of 1.4%.
In the Dallas Reserve District the totals
are smaller by 2.6%, but in the Kansas City Reserve District
the totals are larger bv 8.2%, and in the San Francisco
the bank clearings at
We
2.3%.
Week Ended Dec. 28
group
Reserve District
Clearings at-
istrict—Chi
Seventh Feder
474,464
Mich .-Ann Arbor
Detroit.
130,375,172
3,207,104
1,205,362
2,295,972
19,173,000
1,881,313
______
Grand Rapids.
Lansing
Ind.—Ft.
Wayne
Indianapolis. _South Bend
6,545,326
20,474,635
Terre Haute
Wis.—Milwaukee
951,902
la.—Ced. Rapids
10,007,702
3,380,073
368,078
Des Moines
Sioux City
111.—Bloomington
Chicago
by 4.7%.,
340,086,838
1,020,285
3,598,669
1,117,211
1,269,930
...
Decatur..
Peoria.
In the
following
we
furnish
a summary
by Federal Reserve
Rocktord
Springfield
districts:
8UMMARY OF BANK CLEARINGS
1940
1939
%
%
1937
1938
Dec.
S
Week Ended Dec. 2%, 1940
Total (18 cities)
Eighth Federa
Federal Reserve
Dists.
Boston
2d
New York..13
298,877,937
3,315.919,560
3,397,348,539
—2.4
449,699,233
381,118,953
"
3d
PhiladelphialO
413,939,930
359,995,605
"
4th
Cleveland-.
7
—6.4
232,718,098
12 Cities
1st
M
5th
Richmond.. 6
"
164,057,479
146,359,886
6th
Atlanta
10
"
202,910,261
176,881,692
7th
Chicago
18
"
555,526,330
547,433,036
8th
St. Louis... 4
162,992,442
9th
Minneapolis 7
"
"
103,822,852
152,535,044
102,348,677
10th Kansas City 10
"
140,414,714
129,778,644
+ 8.6
+ 5.9
+12.1
+14.7
+1.5
+6.9
+1.4
+ 6.2
11th Dallas
0
"
63,950,135
70,770,559
—2.6
12thSan Fran... 10
"
244,513,126
233,608,821
+4.7
trlct—St. Lo
Mo.—St. Louis__
S
241,483,788
3,196,723,588
330,270,742
306,075,770
122,064,545
146,446,863
463,169,568
135,920,342
89,235,674
122,407,444
54,901,617
220,855,593
%
264,024,631
3,620,467,072
366,599,063
267,449,899
122,489,514
156,134,562
463,602,793
136,067,145
86,207,606
121,278,754
60,203,879
209,275,032
93,700.000
37,375,229
20,973,815
Ky.—Louisville-_
Tenn.—Memphis
x
111.—Jacksonville
486,000
Quincy
Total (4 cities)
trict—Minne apolls-
Ninth Federal
3,762,128
66.947,017
25,390,318
—10.6
+1.0
+0.2
1,960,303
693,004
+13.5
S. D.—Aberdeen.
Mont.—Billings.
616,594
Minn.—Duluth_.
Minneapolis.
__
St. Paul
..113 Cities
Total
6,072.643,183
32 Cities
Canada...
6,029,878,370
2,875,237,038
Outside N. Y. City
2,758,090,341
298,050,922
274,969,709
+ 0.7
+4.2
+ 8.4
N. D.—Fargo
5,429,555,534
2,355,207,088
5,873,799,950
2,366,899,322
Total (7
We
now
add
our
2,979,313
Helena..
291,974,737
272,108,270
+20.6
+18.1
+22.1
cities)
detailed statement showing last week's
figures for each city separately for the four years:
Reserve Dis
trict—Kans
84,374
Tenth Federal
80,561
121,871
2,299,791
27,743,402
2,058,570
2,914,593
90,893,817
2,611,819
489,080
565,140
Neb.—Fremont—
Week Ended Dec. 28
Hastings
——
Clearings at-
132,400
;
Wichita—...
2,743,197
30,166,653
1,784,915
3,558,269
Mo.—Kan. Clty.
97,607,426
St, Joseph
Colo.—Col. Spgs.
Pueblo
3,079,948
546,027
711,505
Lincoln
1937
Omaha
;—'
;
$
First
rict—Boston
Federal
617,881
Portland.^
453,990
2,115,025
Me.—Bangor
2,012,075
204,440,399
258,890,621
Mass.—Boston..
723,485
394,466
294,462
New Bedford..
657,753
578,666
10,603,963
4,126,158
Total (12 cities)
298,877,937
241,483,788
.
.
2,847,483
1,620,489
N.H.—Manches'r
3,078,453
2,220,313
13,793,824
4,662,888
11,309,400
413,828
Kan.—Topeka
701,681
Lowell
C
Fall
River.
Springfield
Worcester
Conn.—Hartford
•
New Haven
R.I.—Providence
13,377,100
427,322
Total (10 cities)
;
District—Da
Eleventh Fede
Texas—Austin
Dallas
1,530,786
56,726,000
6,361,664
2,668,000
870,003
2,614,106
Fort Worth._.
Galveston..
...
Wichita Falls..
La.—Shreveport.
Second
istrict—New
Feder
Conn.—Stamford
6,162,364
899,063
36,000,000
537,011
909,422
3,271,788,029
7,871,210
3,793,184
3,619,838
3,683,429
J.—Montclair
York13.4
+ 18.0
7,947,509
816,804
+ 1.1
Binghamton...
Buffalo
....
Elmira.
Jamestown.:..
423,770
649.331
New York
Rochester
Syracuse
...
Westchester Co
N.
3,074,348,446
6,447,113
+ 4,815,234
3,316,447
3,768,637
411.332
21,974,753
39,404,212
21,509,251
40,076,049
Newark.......
Northern N. J.
70,770,559
Total (6 cities).
32,400,000
+2.9
—9.8
—
499.689
N. Y.—Albany..
istrict—San
Twelfth Feder
Wash.—Seattle .
Yakima
...
Ore.—Portland-.
Utah—S. L. City
Calif.—L'g Beach
34,875,258
.
Franci
+ 16.4
767,210
Pasadena.....
San Francisco.
San Jose
Santa Barbara.
Stockton.
+ 9.1
31,545,034
16,303,394
2,768,726
2,605,529
139,335,000
2,150,929
1,201,097
2,056,644
+ 10.0
+ 18.3
+ 18.0
—1.9
—1.2
+ 8.1
—11.4
+10.6
3,196,723,588
Total (13 cities)
3,397,348,539
Third Federal
rict—Philad elphia
Total (10 cities)
Reading.
Scran ton
Wilkes-Barre..
York
_________
-
Total (10 cities)
—22.0
+ 32.7
+ 18.5
(113
Grand Total
1,452,747
7,639,200
Lancaster
Philadelphia...
+ 30.6
1,747,774
2,332,576
957,260
1,109,185
Chester
+31.8
439,301
333,286
1,030,458
398,000,000
Bethlehem
N. J .—Trenton.
307,694
350,890
Pa.—Altoona
3,214,100
;;
•'+
384,608
—0.6
+ 16.0
+ 8.5
cities)...
312,495
320,000,000
901,031
—9.7
+ 19.8
825,374
Outside New Yoi;k
1,049,348
1,823,345
449,699,233
Week Ended Dec.
Clearings al-
Canada—
Toronto
Federlal Reserve D
Ohio—Canton...
2,816,440
Cincinnati....
67,294,082
Cleveland.....
124,636,681
eland —
10,466,200
1,893,259
+ 7.4
+ 9.9
Halifax.
3,303,019
170,709,272
+ 9.1
Hamilton-.-.--.
Fourth
Columbus
Mansfield
Youngstown...
Pa.—Pittsburgh
.
+ 32.0
+ 10.4
—1.9
+ 9.9
Montreal
Winnipeg.
Vancouver
...
Ottawa.
Quebec.
_ —
Calgary.
St. John
Total (7 cities).
381,118,953
359,995,605
Victoria.--:.
—-
London
Fifth
Federal
Reserve Dist rict—Richm
533,543
500,608
2,433,000
46,490,380
Md.—Baltimore.
3,528,000
44,060,198
1,426,370
86,387,060
D.C.—Washing'n
28,122,308
W.Va.—Hunt'ton
Va.—Norfolk
Richmond
S.C.—Charleston
1,090,515
73,016,310
22,829,073
Edmonton
Regina..
Brandon.
Lethbridge—__—
Saskatoon..
Moose Jaw
__
Brantford--Fort Will lam
Total (6 cities)
146,359,886
....
New Westminster
Medicine Hat...
Sixth Federal
Tenn.—Knoxville
Nashville
Ga.—Atlanta
Augusta
Macon
Fla.—Jacks' nville
Ala.—Birm'ham.
Mobile..
rict—Atlant
5,208,314
18,804,806
62,300,000
1,515,736
946,447
La.—N e w Orleans
Total (10 cities)
-
_—_
Kitchener———
Windsor.
...
Prince Albert
Moncton..---
—
19,512,000
24,781,654
Kingston-
1,914,099
Sarnia-..--_----
Miss.—Jackson-.
Vicksburg
Peterborough
Sherbrooke.
Chatham.
Sudbury
120,562
41,778,074
Tota
*
(32citie8)
Estimated,
x
No figures
available,
26
The Commercial & Financial Chronicle
72
FCA Reports Farmer Co-operatives With Over 3,000,000
Members
Had
$2,000,000,000
Businesss
During
1939-40 Marketing Season
ENGLISH
of
announcement in
the
the
associations
Marketing
tions,
the
Farm
number
of
members,
Other
Administration.
Sat.,
75%
The
with
of
10,700
groups
and
commodities
in
in
British
of
order
of
Gain also
membership.
while
shown
was
slight decrease
a
Greatest concentration
in
the
number
of
business, at
importance
Bar
168s.
£76%
168s.
£103 3-16
£103 7-16
Closed
£113%
£113%
£114
£113%
4%
N.Y.(for'n)
34 %
34%
34%
Holiday
34%
34^
71.11
71.11
71.11
Holiday
71.11
71.11
LONDON
STOCK
Sat.,
Mon.,
Tues.,
Wed.,
Dec. 30
Dec. 31
Jan. 1
37/9
89/4)4
37/9
89/4)4
Brltish Araer Tobacco.
De Beers
Distillers Co
BANK
CERTIFIED
BY
1940, TO JAN. 3,
Ind
Closed
Hudson* Bay Co
Imp Tob of G B & I..
London
Mid Ry
Rand Mines
FEDERAL
TO TREASURY UNDER TARIFF ACT OF
DEC. 28,
,
Electric A Musical
Ford Ltd
We
RloTlnto
RESERVE
.
Rolls Royce
1930
1941, INCLUSIVE
Shell Transport
*
United Molasses
New York
Dec. 28
Dec. 30
Dec. 31
Jan. 1
Jan. 2
S
$
$
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
4.035000
4.035000
.035000
4.035000
4.035000
.019500
.020116
.020116
.020116
.020116
a
4.035000
a
.399820
a
.399820*
.399820*
.399820*
.197700*
.197700*
.197700*
.197700*
.050483*
.050483*
.050483
.050414*
.050414*
a
.399700*
a
a
a
a
a
a
a
a
a
a
a
a
.039976
.039975
.039990
.040000
.091300*
.238250
.238235
.238207
.232092
.232057
.232064
.232050
.232035
.022400*
.022400*
.022400*
.022400*
.022380*
DAY
a
a
ft
a
9
a
a
a
Shanghai(yuan) dol
.054362*
.054237*
.054106*
Tientsin (yuan) dol
Hongkong, dollar.
.053981*
.053981*
a
,236343
.236187
.236187
India (British) rupee.
.236312
.236312
.301783
.301783
.301783
.301783
Japan,
.301783
.234387
.234387
.234387
.234387
.234387
.471000
.471000
.471000
.471000
.471000
Australasia—
Australia, pound—
3.228000
Free
3.215000
New Zealand, pound. 3.227500
Africa—
South Africa, pound. 3.980000
North America—
3.228000
.228000
3.228000
3.228000
3.215000
.215000
3.215000
3.215000
3.227500
.227500
3.227500
3.227500
3.980000
3.980000
3.980000
3.980000
Canada, doUar—
Official
.909090
.909090
.909090
Free
.909090
.909090
.863359
.863515
.859765
.858203
.859921
.204575*
.204625*
.204750*
.204625*
.204750*
.909090
.909090
.909090
.909090
.860833
.909090
.861250
.857343
.855937
.8 5 7343
.297733*
.297733*
.297733'
.297733
.297733*
peso
Newfoundl'd, dollarFree
South America—
Argentina,
peso.....
Brazil, milrels—
Official
.060575*
.060575*
.060575'
.060575*
.050166*
.060575*
.050166*
.050166*
.050166*
.050566*
peso—
Official
.051660*
Uruguay,
.051660*
.051 680*
.051680*
.040000*
.040000*
.040000*
.040000*
.572350*
.572350*
.572200*
peso—
Controlled
Nominal rate,
.572350*
658300*
a
.658300*
.658300*
.658300*
.394810*
Non-controlled
*
.051660*
.572350*
peso
30
received by cable
Dec.
Jan.
.658300*
.394810*
.394870*
.39 4870*'
.394870*
No rates available.
AUCTION
following securities
were
sold at auction
on
Wednesday
By R. L. Day & Co., Boston:
Elektrlzltaets-Ge8ellschalt(6%)170
213
(8%)
Berliner Kraft u. Llcht
213
214
214
218
142
143
146
146
149
Deutsche Reich# bahn (German Rys.
Dresdner Bank (6%)
7%)
143
•
139
Holi¬
150
day
--
172
-
-
151
-
Farbenlndustrle I. G. (7%)
140
142
144
144
201
-
200
203
204
123
123
123
126
281
281
285
287
144
145
147
146
143
REDEMPTION
CALLS
AND
SINKING
Mortgage Bank of Colombia, par S20.
5 Waltham Watch Co.
prior preferred, par S100
200 Rainbow Luminous Products
common B
pgr Share
4U
ggW
_
25c lot
.
Bonds—
Percent
11,000 Chicago North Shore * Milwaukee
RR. 6s, January, 1955, series
A.
coupon Jan. 1, 1933, and
subsequent on
1% flat
By Barnes & Lofland, Philadelphia:
Shares
Below will be found a list of corporate
bonds, notes, and
preferred stocks called for redemption, including those called
under sinking fund provisions.
The date indicates the re¬
demption or last date for making tenders, and the page
number gives the location in which the details were
give in
the
Chronicle.''
Company and Issue—
Akron & Barberton Belt RR. 1st mtge. 4s._
Alabama Power Co. 1st mtge. 6s
Alaska Pacific Salmon Co. preferred stock
*
Allied Owners Corp. 1st mtge. bonds
Allied Stores Corp. 4)4% debentures
Date
Jan.
Arkansas Western Gas Co. 1st mtge bonds
Bates Valve
ver share
§1 i0t
40 Maryland Coal Co. of W.
Va. common, par $100
100 Philadelphia & Western
Ry. Ce. preferred v. t. c
100 Philadelphia & Western
Ry. Co. common v. t. c
I.IIIIsi
lot
$1 lot
" " $1 lot
$9,125 Langcliffe Collieries,
Ina., 6% note dated July 1, 1932;
$5,O~55.50~6%
note dated June
15, 193«; $11,122.30 6% note dated June
15, 1936
$6 lot
30 J. M, Sons
Building Co. 2d preferred
Pennsylvania Bankshares
_
$i i0t
.
& Sec.
Corp. preferred.
Co., Atlantic City,
"
common.I
Bonds—
~$io
lot
IIIIIIIIII""HI$40
lot
,
$5,000 The Print Club 1st 5s,
1948, registered
15
1
1424
5
Jan.
29
3878
rllO
Jan. 31
Percent
$102 lot
3385
Jan.
20
3879
Jan.
20
3879
Jan.
..Feb.
18
1
3737
3830
Apr.
...—Feb.
1
14
2036
3387
3551
*
Bag Corp. 6% debentures
Bear Mountain Hudson River Bridge Co. 1st
mtge. 7s
Bedford Pulp & Paper Co. 1st mtge. 6%s
Boston Edison Co. 1st mtge. bonds
Jan.
10
Catholic Bishop of Chicago, series D notes
...Jan. 18
*
Cincinnati Gas & Electric Co. 1st mtge. bonds
Feb.
1
City Water Co. of Chattanooga 1st mtge. bonds
Jan. 11
*
Commonwealth & Southern Corp. 6% debs., series A_.Feb.
1
Commonwealth Telephone Co. 1st mtge. bonds
Jan. 20
*
Crucible Steel Co. of America 10-year debs
Jan. 31
Cuban American Manganese Corp. 8% conv.
pref. stock. .Jan. 15
Daniels & Fisher Stores 4M% bonds
*
Denver & Rio Grande Western RR.
3)4% ctfs
Detroit Edison Co. 4)4% bonds
El Paso Electric Co.
Page
3736
Mar.
Feb.
Appalachian Electric Power Co. 4)4% bonds
4%
bonds
Jan.
3739
£115
3740
£116
3742
£117
3232
15
£117
1
1
3886
-Jan.
27
£119
Jan.
27
-Feb.
8
£119
1
£120
Feb.
-Mar.
(Del.) 7% pref. stock A__
6% preferred stock B__
Electric Auto-Lite Co. 4% debentures
*
Federal Enameling & Stamping Co. 1st coll. bonds
*
Fontanu Power Co. 1st mtge. 6s
Germanl-Atlantlc Cable Co. 1st mtge. 7% bonds
Great Consolidated Electric Power Co., Ltd.—
First mortgage bonds
*
Feb.
_.Feb.
Apr.
I
£118
£119
£120
1
1433
3889
3889
Feb.
1
Feb.
Feb.
1
1
3889
Feb.
1
2352
Apr."
1
Jan. 15
1573
3890
Jan.
Feb.
15
2801
1
3891
Feb.
1
3399
Lexington Railway Co. 1st mtge. 5s
Feb.
1
McOrory Stores Corp. 6% preferred stock
Feb.
1
National Dairy Products Corp. 394% debentures
Jan.
6
New York Connecting RR.
4)4% bonds
Feb.
1
Niagara Falls Power Co. 3)4% bonds
Feb.
1
*
North American Gas & El. Co. 6% cum. income debs__ Jan. 20
Oklahoma Gas & Electric Co. 4% debentures
Feb.
1
£124
Hawaiian Electric Co., Ltd., 6% pref. stock
Inland Steel Co.. 1st
mortgage oonds
Island Falls Water Co. 5)4% bonds
Kansas City Gas Co. 1st mtge. 5s
*
Penn-Ohio Edison Co.
Corp.
1 Pierce & Kllburn
common, no par
5 Peoples Press,
Inc., common A
400 Guaranty Trust
FUND
NOTICES
*
Stocks
25
600
'3
Commera Bank (6%)
Deutsche Bank (6%)
Gruen Watch Co. class B pref. stock
Gulf Public Service Co. 1st mtge. 6s
SALES
of the current week:
Shares
Jan.
2
172
Greenfield Gas Light Co. 1st mtge. 4% % bonds
First mortgage 4)4% bonds
The
Jan.
1
31
170
*
.040000*
Export
Colombia,
Dec.
as
*
Free
Chile,
EXCHANGE
170
a
HOLI¬
Official
Allegemeine
.238207
Asia
Mexico,
15/1%
-Per Cent of Par
.091300*
China—
Official
15/1)4
.039975
.091300*
238207
Settlem'ts, dol
STOCK
(8%)
VerelnigteBtahlwerke (6%)
.091300*
a
Switzerland, franc...
Yugoslavia, dinar...
Straits
13/3
Relchsbank (new shares)
a
.091300*
yen
30/-
65/6
7/10)4
7/9
17/17/—
22/6
22/6
100/7)4
100/£13%
£13%
£6)4
£6)4
£7%
£7%
73/9
73/9
38/9
38/9
23/3
23/3
30/30/7)4
Siemens A Halake
a
a
Spain, peseta
Sweden, krona
Chefoo (yuan) dol'r
73/9
38/9
23/1)4
4.035000
,197700*
Hankow (yuan) dol
£13%
£6)4
£7%
28
Free
Rumania, leu
BERLIN
a
.035000
...
22/6
100/-
Dec.
a
4.035000
Netherlands, guilder.
Norway, krone..
Poland, zloty
Portugal, escudo
Holiday
Closing prices of representative stocks
each day of the past week:
4.035000
pengo
7/9
16/9
36/10)4
31/10)4
£4%
$
a
Official
Hungary,
Italy, lira
£4%
65/3
65/-
15/1)4
THE
$
France, franc.
Germany, relchsmark
Greece, drachma
31/10)4
£4%
,
£58
£10)4
36/3
Jan. 3
a
Finland, markka
64/9
7/9
16/9
22/6
100/£13%
£6)4
£7%
73/9
38/9
23/3
30/-
Jan. 3
38/88/9
Witwatersrand
Areas.
a
Czechoslov'ia, koruna
Denmark, krone
Engl'd, pound sterl'g
West
Money
Unit
Europe—
Belgium, belga
Bulgaria, lev
Vlckers
Noon Buying Rate for Cable
Transfers in
Value in United States
Country and Monetary
36/3
31/10)4
£4%
Frl.,
Jan. 2
37/9
89/4)4
£57)4
£10)4
£10)4
36/3
31/9
Thurs.,
£57
£10)4
Courtaulds 8 A Co
record for the week -*ust passed:
RATES
£57
Cons Goldflelds of 8 A.
RATES
daily to the Secretary of the Treasury the buying rate for
EXCHANGE
received by cable
as
Dec. 28
Boots Pure Drugs
Pursuant to the requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now
certifying
FOREIGN
EXCHANGE
Quotations of representative stocks
each day of the past week:
Central Mln A Invest—
a
£77 H
Holiday
Cable A Wire ord.
give below
168s.
£77 Ys
£76%
3
23%d.
£1031-16
THE
cooperative cotton
cable transfers in the different countries of the world.
Jan.
£103
(newly mined)
cooperative membership is in Illinois, although
Minnesota has the largest number of associations and California
tops the
list in volume of business.
Other States which rank high
in the survey
totals include Wisconsin,
Iowa, New York and Ohio.
EXCHANGE
Frl..
2
23%d.
U. S. Treasury
of
FOREIGN
Jan.
price of silver per ounce (in cents) in the United
States on the same days has been:
noted in grain elevator associations.
was
Thurs.,
1
The
beans and rice, $390,000,000; livestock, $282,000,000 ;
fruits and vegetables, $273,000,000, and cotton, $78,000,000.
A substantial increase was repcrted in the dollar business of the farm
supply purchasing co-ops, in which some 900,000 farmers now have
gins,
CABLE
Closed
1960-90
active
volume
their
168s.
Wed.,
Jan.
23 5-16d.
3)4%
W. L
dry
grain,
were
Tues.,
Dec. 31
23 3-16d.
Consols, 2)4%- Closed
British
The
organiza¬
marketing dairy products led in
620,000,
principal
the
Mon.,
Dec. 30
Dec. 28
Silver, per oz__ Closed
Gold, p. fine oz. 168s.
matter, issued Dec. 30, continued:
constitute
the, figures disclosed.
$560,000,000.
Credit
MARKET—PER
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
as
membership of more than 3,000,000
producers handled a $2,000,000,000 business during the
1939-40 marketing season, according to the recently com¬
pleted 18th annual survey by the cooperative research and
division
FINANCIAL
1941
The
Farmer co-ops with a
service
Jan. 4,
3400
3568
2655
3405
i>£127
3897
See Commonwealth & Southern
£116
-
Philadelphia Electric Power Co. 1st mtge. 5>4s
Pinellas Water Co. 5)4% bonds
Pittsburgh Steel Co. 20-year 6% bonds
Feb.
Jan.
Feb.
Poli New England Theatres, Inc., 1st mtge. bonds
Jan.
*
Railway & Light Securities 4)4% bonds.-...Jan.
*
Safe Harbor Water Power Corp. 1st mtge. 4)4s_.
-Feb.
St. Joseph Ry., Light Heat & Power Co. 1st
mtge. 4)4s
Feb.
Southern Ice Co., Inc., 1st mtge. bonds
Feb.
Standard Lime, Ltd., 6% bonds
Feb.
*
Tri County Telephone Co. 1st
mtge. 4)4s_..
Jan.
*
United Telephone Co. 6% debs
Jan.
*
Vertientes-Camagi ey Sugar Co. 1st mtge. bonds
Jan.
Wheeling Steel Corp. 1st mtge. 4%s
Feb.
-
♦Announcements this week.
£V. 152.
—
1
21
3898
3573
1
3898
21
3898
11
£129
1
£130
3900
1
1
1
3756
3902
6
£133
22
£133
14
£134
1
3905
Volume
73
The Commercial & Financial Chronicle
152
NATIONAL
BANKS
Name
following information regarding National banks is
from the office of the Comptroller
of the Currency, Treasury
10c
?
STOCK REDUCED
COMMON CAPITAL
Amt. of Reduction
!
Peoples National Bank of Soutbbridge,
bridge, Mass.
From 35100,000 to $10,000
Dec.
20—The
$90,000
-
STOCK INCREASED
COMMON CAPITAL
■■■>y: •
■
Amt. of Increase
Dec. 26—The Peoples National Bank of Southbridge, South- y.'
bridge, Mass. From $10,000 to $70,000
$60,000
2 Dec. 19
2 Dec. 19
Dec. 31 Dec. 24
Dec. 31 Dec. 24
8
Jan. 22 Jan.
70c
50c
-
Rice-Stix Dry Goods.-
South-
Jan,
10c
Rhodes (M. H.), Inc
Convertible preferred
15c
Richmond Insurance Co. (N.
Jan.
20c
Jan.
15c
Special
Rochester American Insurance Co. (N.
Extra
Feb.
Feb.
25c
Y.) (quar.)-Y.) (qu.)
-
■
Dec. 26—National Bank of Hyde Park in Chicago, Chicago,
From
$200,000 to $250,000-
111.
50,000
—...
Jan.
Jan.
St. Croix Paper (quar.)
St. John Dry Dock & Shipbuilding pref. (quar,)_
St. Louis County Water preferred (quar.)
SIM
1 Jan.
1 Jan.
15 Jan.
15 Jan.
15 Jan,
2 Dec.
Feb.
23.1c
San Diego Gas & Electric 5% pref. (initial)
Covers period beginning Oct. 8 and ending
11 Dec. 31
Jan.
50c
(quar.)
Extra
Jan.
$1M
Reliance Steel Corp..
Rhode Island Electric Protective Co.
Department:
Payable of Record
Share
of Company
Holders
When
Per
The
Jan.
11
11
6
6
4
23
1 Jan. 20
15 Dec. 31
Dec. 31, 1940.
DIVIDENDS
Dividends
first
we
are
In the
grouped in two separate tables.
Then
follow with
we
announced the
the dividends
bring together all
current week.
,
second table in which
a
which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
we
show
News
the
dividends
announced,but
previously
Department" in the week when declared.
;
•
•
The dividends announced this week are:
Name of
Share
Company
A mere x Holding Corp.
-
-
Payable of Record
5c
(s.-a.)
American Box Board Co
American Cities Power & Light $3 cl. A (qu.)
Jan.
31 Jan.
15
Feb.
1 Jan.
10
Jan.
23 Jan.
10
Jan.
11
1
Feb.
$1M
Jan.
2 Dec. 26
10c
Jan.
10 Dec. 31
15c
Jan.
10 Dec. 31
__
Feb.
50c
$1
30c
1 Jan,
Jan.
25c
23
23
Dec.
Dec. 31 Dec. 23
Dec. 28 Dec. 27
Dec. 28 Dec. 27
Feb. 15 Jan. 20
Feb. 15 Jan. 20
Apr. 15 Mar. 20
12c
Jan.
Jan,
Jan.
10 Dec.
2 Dec.
31
t$iM
15 Dec.
31
20c
37Mc
-
25c
-
12Mc
Jan,
Feb.
1 Jan.
1
Jan.
581-3 c
Mar.
1 Feb.
58 1-3 c
53c
Apr.
1 Mar. 15
Feb.
1 Feb.
15
53c
Apr.
1 Mar. 15
Feb.
Mar.
1 Jan.
1 Feb.
50c
Apr,
1 Mar. 15
30c
——
15
Mar.
50c
50c
—
1 Jan.
53c
Jan. 20 Jan. 11
15
1 Jan.
Feb.
Feb. 10 Jan. 31
2 Dec. 24
Jan.
.Tan, 10 Dec. 30
3im
30c
15c
$2M
SIM
37Mc
Jan.
2 Dec. 27
15c
Jan.
2 Dec. 27
SIM
$1A
Feb.
1 Jan. 15
15 Dec, 31
37 Ac
Jan.
10c
Jan.
2 Dec.
1 Dec. 31
Albany Packing Co. 7% pref. (quar.)
Amalgamated Sugar 1st pref. (quar.).
American Airlines, Inc.—
$4 M preferred (initial) (quar.)
American Alliance Insurance (quar.)---
Dec.
28 Dec.
Dec.
28 Dec.
14
14
Dec.
28 Dec.
14
Dec.
28 Dec.
14
Dec.
28 Dec.
14
Dec.
31 Dec. 20
15 Jan.
16 Dec.
Jan.
Jan.
Jan.
Feb.
15 Dec. 31
15 Dec. 31
15 Dec. 31
—
12Mc
SIM
12Mc
Jan.
1
Jan.
2 Dec. 26
Jan.
Jan.
Jan.
Mar.
Dec. 20
31 Jan.
15
6 Dec. 26
6 Dec. 26
1 Feb.
15
Jan.
15 Dec. 31
Dec.
31
Jan.
24 Jan.
10
Feb.
1 Jan.
17
Jan.
25 Jan.
Jan,
25 Jan.
10
Jan.
Jan.
(quar.)-Amer. Rolling Mill Co., 4M % cum. pref. (quar.)
American Telep. & Teleg. (quar.)
31 Dec. 20
2 Dec. 21
2 Dec. 21
Dec.
Feb". ""I
Jan.
$4M preferred (s.-a.)
Atchison Topeka & Santa Fe Ry.
5% preferred (semi-annual)
Atlantic Refining Co., preferred (quar.)
Atlas Thrift Plan Corp. 7% pref. (quar.)
Artloom Corp. (resumed)—:
Axe-Hough ton Fund, Inc
Backstay Welt Co. (quar.)
Baldwin Rubber Co. (quar.)
16
Jan.
2 Dec. 26
Jan.
2 Dec. 26
Jan.
15 Dec. 31
Jan.
Jan.
Dec.
Feb.
15 Dec. 31
21 Dec. 20
31
Dec. 26
15 Feb.
5
1 Jan.
10
1 Feb.
15
$1M
Feb.
20c
Dec.
20 Dec.
Mar.
Dec.
—
60c
3.1c
Jan.
(quar.)
——
part, preferred (quar.)
Kalamazoo Stove & Furnace.
cum.
Feb.
1
SIM
SIM
Jan.
Jan.
30c
Jan.
15 Jan.
15 Jan.
15 Jan.
SIM
Apr.
SIM
SIM
Mar.
Kootenay Belle Gold Mines, Ltd. (quar.)
Lee Rubber & Tire Corp
—-
Jan.
15 Dec. 31
Feb.
1 Jan.
20
t2c
Jan.
22 Jan.
Maui Agricultural Co
(quar.)
15
Feb.
Jan.
Jan.
15c
Jan.
1
rr
2 Dec.
20
5% prior preferred
—
Michigan Bakeries, Inc
$7 preferred (quar.)__
—
$1 non-cum. prior preferred (quar.)Midwest Piping & Supply.National Shirt Shops (Dela.)
—!
Prior preferred
New Bedford Gas & Edison Light Co
Newberry (J.J.) Realty Co., 6 A % pf. A (quar.)
6% preferred B (quar.)
New York Trap Rock Corp
-
—
Feb.
25c
Feb.
1 Jan.
20
25c
Jan.
15 Jan.
8
15 Dec. 26
1 Dec. 26
20c
J an.
SIM
Jan.
95c
Jan.
(quar.).-Northwest Engineering
15 Dec. 31
SI %
Feb.
1 Jan.
SIM
Feb.
1 Jan.
25c
Dec.
SIM
Preferred
15 Dec. 31
1 Jan. 20
SI M
Jan.
16
16
28 Dec. 26
2 Dec. 20
25c
Nunn-Bush Shoe Co
------
Feb.
1 Jan.
15
20c
Jan.
30 Jan.
15
SIM
5% preferred (quar.)-—
10c
(monthly)
10c
Monthly
------—10c
Monthly
5c
Oahu Sugar Co., Ltd. (monthly)
Patino Mines & Enterprises Consol. Inc.
Div. of 38. per sh. paid in U. 8. funds at the
rate of 60c. per share-.45c
Philadelphia Electric Co. (quar,)_
.SIM
Preferred (quar.)
50c
Piedmont & Northern Ry. Co
S2M
Pittsburgh Cincinnati Chicago & St. Louis (s.-a.)
50c
Plume & Atwood Mfg. Co. (quar.)
t$l
Portland Gas Light Co. $6 preferred-$1.31 M
Revere Copper & Brass, Inc., 5M % pref
SIM
7% preferred
Oahu Railway & Land
Jan.
30 Jan.
Jan.
10 Jan.
15
7
Feb.
10 Feb.
7
Mar,
10 Mar.
7
Jan.
15 Jan.
4
-
-
w
f*' «JI
Jan.
Feb.
-
Feb.
15 Jan.
10
Jan.
10
1 Jan.
10
1
Jan.
20 Jan.
6
Jan.
20 Jan.
10
Jan.
11
Jan.
15 Dec. 27
Dec. 26
Feb.
1 Jan.
10
Feb.
1 Jan.
10
mi- itT
4ft mi
(s.-a.)
British Columbia Power class
•
A (quar.)_-_
British Columbia Telephone 6%
Budd Wheel Co
$2M
July
July
$2M
$1
17Mc
Feb.
Feb.
Jan.
Jan.
Jan.
$1.60
Jan.
t$l
SIM
t$2
Jan.
SIM
12Mc
SIM
Jan.
Jan.
Jan.
Jan.
15
15
4
14
4
*
1
1 Feb.
15 Dec.
15 Dec.
24
6 Dec.
3 June
16
1620'
21
3 June 21
Dec. 27
Jan.
0
12 Dec. 14
31 Jan. 20
8 Dec. 30
6 Dec. 23
20 Jan. 15
20 Jan. 15
2
6 Jan.
15 Dec. 31
15 Dec.
15 Dec.
.31
23
15 Dec.
31 Jan.
20
Jan.
20
20
Dec.
31
Feb.
17
31
10c
31
Jan. 15
Feb. 27
Jan. 15
Jan. 15
Jan.
15 Dec.
%
Jan.
Jan.
15 Dec. 31
15 Dec. 31
1 Jan. 17
3*
13 Jan.
15c
25c
20c
Jan.
Capital Corp., class A (guar.)--
6% preferred
6% preferred ((1927).
California Packing Corp
SIM
Feb.
20c
Jan.
Dec.
Dec. 31
31
Feb.
70c
Calgary Power Co., Ltd., 6% prer. (quar.)_—.
California-Oregon Power 7% preferred.
Jan.
12$1*MC
SIM
SIM
1 Jan. 15
10 Dec. 31
31 Jan. 21
15
Feb.
1 Jan.
Jan. 15 Dec. 31
Jan. 15 Dec. 31
Jan.
15 Dec. 31
Feb.
Feb.
Jan.
15 Jan.
15 Jan.
24 Jan
125c
Wyant & Cannon Foundry
Canada Northern Power Corp., Ltd
Jan.
25c
62 Mc
35c
Preferred (quar.)
Campbell,
Jan.
Jan,
Jan.
SIM
preferred (qu.)
Buffalo, Niagara & Eastern Power
1st preferred (quar.)
Bur dine's. Inc., preferred (quar.)
Business
Jan.
Jan.
40c
rtf I»WI tm
Jan.
11M %
*37 Mc
7% cumulative preferred (quar.)__
Canadian Bronze Co., Ltd., common
150c
(interim)
Preferred (quar.)
Common
1S1M
150c
Canadian Converters Co., Ltd
—
m
Bridgeport Hydraulic Co. (quar.)
British Columbia Electric Ry., Ltd.-^-
15 Dec. 31
25c
12Mc
15
Jan.
75c
62 Ac
15c
Assoc., pref.
Jan.
15c
(N. Y.) (annual)
Bankers Securities Corp. 6% preferred
Bayuk Cigars, Inc., 7% pref. (quar.)
Bell Telephone Co. of Canada (quar.)
Bell Telephone Co. (Penna.) 6M% Pref. (quar.)
Berland Shoe Stores, inc. (quar.)
7% preferred (quar.)
Biltmore Hats, Ltd. (quar.)
Birdsboro Steel Foundry & Machine Co., com_Bralorne Mines. Ltd. (quar.)
—
15 Dec. 31
Jan.
Jan.
12Mc
12 Mc
Extra
Dec. 31
37 Ac
.-
Banco di Napoli Trust Co.
17
37 Ac
15c
International Bronze Powders, Ltd.
Massachusetts Utilities
Feb.
Mar.
1 Feb. 15
30 Dec. 28
15 Jan.
8
1 Jan. 15
30c
$1
Institutional Securities (ins. shares)
6%
$1
50c
—
20
20'
24
$1
25c
Amoskeag Co. semi-ann
4
Dec.
Dec.
15 Dec.
15 Dec.
$1
75c
American Turr Assoc
Dec. 27
Jan.
Jan.
Jan.
7
20
17
Jan.
Jan.
Jan.
$1
Preferred
2
31
1 Jan.
22 Dec.
1 Jan.
(N. J.)—
7% preferred (quar.)
5% preferred (initial)-Div. is $1M on new 5% pref. under exchange
offer, subsequent payments will be SIMAmerican Fork & Hoe Co., 6% pref. (quar.) —
American Furniture Co., preferred (quar.)
American News Co
American Oak & Leather Co.
5% cumulative preferred (quar.)
American Radiator & Standard
10
Dec. 30
Feb.
Feb.
25c
Extra
Jan.
15
15
15
15
$1.06 M
20c
American District Telegraph
Holders
Payable of Record
Jan.
American Can Co. (quar.)
-
-
weeks
Jan.
25c
Alaska Juneau Gold Mining
2 Dec. 27
—
-
15
25c
Extra
14
Jan.
-
-
20
10c
5c
Affiliated Fund, Inc. (quar.)
Air Reduction Co., Inc. (quar.)
_-
Honomu Sugar
1
23 Dec.
1 Jan,
Feb.
SIM
Abbott Laboratories 4M% pref. (quar.)...
Aeronautical Securities (quar.).--
Feb.
..
-
15 Feb.
Dec.
When
Share
Company
.
Holly Sugar Corp., preferred (quar.)
15
include dividends an¬
in the preceding table.
Per
75c
SI M
4M% preferred (quar.)
t43Mc
Central States Electric Co., 7% pref. A
110.9375C
7% preferred A
137 Ac
6% preferred B
'9 He
6 % preferred B
9Hc
6% preferred C
7Ac
Chain Store Products Corp. SIM conv. pref.(qu)
Chesapeake-Camp Corp., 5% pref. (quar.)
Cohen (Dan) Co. (quar.)
25c
Conde Nast Publications (resumed)
$1M
Conn (C. G.) Ltd. 7% pref. (quar.)
$1A
6% preferred A (quar.)
$1M
Connecticut River Power Co. 6% pref. (quar.)
15c
Consolidated Royalties, Inc., 6% pref. (quar.)..
Continental Gas & Electric Corp
7r
Cooper-Bessemer prior preferred (quar.)
75c
Corn Exchange Bank Trust Co, (quar.)
25c
Dayton Rubber Mfg. Co
50c
Preferred (quar
50c
Denver Union Stockyards Co. (quar.)
20c
Fairmount Creamery (interim)--SI A
Preferred (quar.)
25c
Farr Alpaca Co. liquidatingSIM
Fibreboard Products, nrior preferred (quar.)_
87 Ac
First Natienal Bank (Toms River, N.J.)
50c
Special
25c
Fisher (H.) Packing Co. (quar.)
37 Ac
5% preferred (quar.)--—15c
General American Oil Co. (Texas), 6% pref. (qu)
15c
General Brewing Corp. 6% conv. pref. (qu.)12Ac
General Industries Co. (initial quar.)
_
15
Feb.
give the dividends announced in previous
Name of
55c
•
we
15
10
.
Globe Grain & Milling (liquidating)
Halle Bros. Co., pref. (quar.)—-
14
10
15
15
Feb.
3 Dec. 31
10
Dec. 31 Dec. 26
2 Dec. 24
Jan.
$1
—
28
2 Dec.
10 Jan.
1 J an»
58 1-3 c
and not yet paid.
The list does not
nounced this week, these being given
2 Dec. 20
Jan.
Feb.
General Mills, Inc. (quar.) —
—-_r
Gibraltar Fire & Marine Insurance Co. (s.-a.)-Extra
;
4
31 Dec.
31 Dec.
37Mc
37Mc
-
Below
Feb.
Feb.
SIM
62Mc
Canadian Silk Products class A (quar.)
Central Hudson Gas & Electric (quar.)
28
10 Jan.
Dec.
20c
-
Dec.
Jan.
28
9 Dec.
Jan.
$1
50c
Feb.
$10
9 Dec.
Jan.
$7M
-
1 Jan. 15
1 Jan. 15
27 Dec. 27
1 Jan. 15
Feb.
Jan. 15 Jan.
2
30c
37Mc
__
-
10
75c
,
Opt. div. 1-32 shs. cl. B or cash.
American Dairies preferred (quar.)
American Factors, Ltd. (monthly)
American Fidelity & Casualty (quar.)
American Light & Traction (quar.)
Preferred (quar.)
American Steamship Co. (year-end)
American Sugar Refining
Arlington Mills (irregular)
Bangor Hydro Electric (quar.)
Bankers Commercial Corp. 6% cum. pref. (qu.)
Barker's Bread, Ltd., 5% pref. (quar.)
Beatty Bros. Ltd., 6% 1st pref. (quar.)
Boston Edison Co. (quar.)
_______
Brandon Corp.J
Burkhart (F.) Mfg. Co. $2.20 pref. (quar.)
Business System Ltd. (quar.)
B preferred (quar.)
Calgary Power Co., pref. (quar.)
Canadian Fairbanks-Morse, preferred (quar.)-
15 Jan.
50c
25c
—
Jan.
50c
All-Penn Oil & Gas (quar.)__
Amerada Corp, (quar.)
Holders
When
Per
Schuylkill Valley Nav. & RR. Co. (s.-a.)
Guaranteed (s.-a.)
■«!
Security Storage Co. (reduced) (quar.).
Shaler Co. class A (quar.)
•
Class B (quar.)___
Class B (extra)
Sioux City Stockyards Co. (extra)
$1A participating preferred (partic. div.)
Southern California Edison (quar.)
Extra
'
Original preferred (special)
Spud Valley Gold Mines, Ltd
Strathmore Paper Co., 6% preferred
Sun Glow Industries, Inc. (quar.)
Traders Finance Corp. 7% pref. B (final)
Union Oil of Calif. (quar.)__United Light & Railways 7% pr. pref. (mo.)
7 % prior preferred (monthly)
7% prior preferred (monthly)
6.36% prior preferred (monthly)
6.36% prior preferred (monthly)
6.36% prior preferred (monthly)
6 % prior preferred (monthly)
6% prior preferred (monthly)
6% prior preferred (monthly)
United States Plywood Corp. (quar.)
Washington Gas Light Co. (quar.)
$4A cum. conv. pref. (quar.)
Wico Electric 6% pref. A (quar.)---Williams (R. C.) & Co
Wilson Line, pref. (s.-a.)
Woolson Spice Co., 6% preferred (quar.)
Zeller's, Ltd., preferred (quar.)
16c
Canadian Foreign Securities Co
Canadian General Investments (quar.)_ tl2Mc
tSIM
Canadian Industries, 7% preferred (quar.)
150c
Canadian Light & Power (s.-a.)
Canadian Pacific Ry., preferred (final)
115c
Canadian Wineries Ltd. (year-end)
SIM
Carolina. Clinchfield & Ohio Ry. (quar.)
37 Mc
Central Aguirre Assoc. (quar.)
SIM
Central New York Power, pref. (quar.)
_
31
3
Dec.
31
Dec.
31
Jan,
Jan.
20
Jan.
20
Jan.
1 Jan.
16
25
Jan. 15
Feb.
1
Feb.
1
Feb.
1
Jan. 31
Feb.
31
20
10
Jan.
15 Dec. 31
Jan.
Jan.
15 Dec. 31
15 Dec. 26
Feb.
Jan.
Jan.
Jan.
Feb.
Jan.
19 Dec.
20 Jan.
1
19
10
15 Dec. 31
1 Jan.
10
74
The Commercial & Financial Chronicle
When
Per
Name of
Company
Share
Central Power Co. 7% cum. pref. (quar.)
Holders
Jan.
Jan.
15 Dec.
15c
Jan.
15 Dec. 28
25 Jan. 10
15 Dec.
Chain Belt Co
25c
Chase National Bank (s.-a.).
Chemical Fund, Inc
Chilton Co. (quar.)
70c
Feb.
1 Jan.
14c
Jan.
15 Dec.
Jan.
10c
Jan.
31
31
Cincinnati
Postal
Realty
6M% preferred (quar.)
20c
Feb.
Jan.
Jan.
15 Dec. 31
15 Jan.
15
t8734c
t81Mc
Jan.
1 Feb.
20 Dec. 31
20 Dec. 31
June
2 May
Sept
2
$5
SIM
SIM
(quar.)
15
Aug. 15
Jan.
Jan.
Jan.
15 Jan.
4
31 Jan.
20
31 Jan.
20
Jan.
15 Jan.
2
$1.62
Feb.
loc
Jan.
15 Dec.
31
1 Jan.
15
Feb.
15 Jan.
31
8c
Jan.
15 Jan.
4
$3
75c
Feb.
1 Jan.
1
t50c
Conn. &
Passumpsic River RR. 6% preferred
Consolidated Car Heating Co., Inc. (quar.)
Consolidated Cigar Corp.—
6M % cumulative prior preferred (quar.)
7% cumulative preferred (quar.)
SIM
SIM
SIM
SIM
12Mc
Consolidated Edison Co. of N. Y.. pref. (quar.)
Consolidated Laundries, pref. (quar.)
Consolidated Oil Corp
Continental Insurance Co. (year-end)
Semi-annual
.
SIM
Jan.
15 Dec.
31
Feb.
1 Jan.
15
Mar.
1 Feb.
1 Dec.
27
Feb.
15
Feb.
1 Jan.
15
Feb.
15 Jan.
15
Jan.
10 Dec.
31
80c
..
Jan.
10 Dec.
31
15c
11
1 Jan.
11
75c
Creamery Package Mfg. (quar.)
l
Crowell-Collier Publishing Co., 7% pref. (s.-a.)
Crown Drug Co., pref. (quar.)
1 Jan.
Feb.
Jan.
SIM
...
Feb.
SIM
-
7% preferred (quar.)
Jan.
Jan.
20 Jan.
15 Jan.
3
10 Dec.
31
30c
3
$3)4
43Mc
8% preferred (quar.)
Cypress Abbey Co. (year-end)
Dayton & Michigan Railroad, pref. (quar.)
Dejay Stores, Inc
Detroit Edison Co. (final)
Detroit Gasket & Mfg
Detroit Michigan Stove (quar.)
Feb.
1 Jan.
24
Feb.
Jan.
17 Feb.
15 Jan.
8
3oc
Crum & Foster (quar.)
$2
-
2C
SI
2
Mar. 31 Mar. 17
Jan. 15 Dec. 31
7 Dec. 14
Jan.
Feb.
$2
Jan.
1 Jan.
15 Dec.
25c
Jan.
20 Jan.
4
50c
Feb.
15 Feb.
5
5Cc
15 May
15 Aug.
5
50c
May
May
$4
75c
Jan.
15 Jan.
8
Mar.
1 Feb.
10
10c
Quarterly
Quarterly
preferred A
634 % preferred B
6% preferred C
Joliet & Chicago Railroad (quar.)
Joplin Water Works Co. 6% preferred (quar.)
Julian & Kokenge (semi-ann.)
Kaufman Dept. Store
Kellogg Switchboard & Supply
Preferred (quar.)
Kennedy's Inc., $1.25 conv. pref. (quar.)
Kentucky Utilities, 6% preferred (quar.)
Klein (D. Emil) Co. pref. (quar.)
Kroger Grocery & Baking, 7% pref. (quar.)
Krueger (G.) Brewing
K W Battery Co., Inc. (quar.)
Lane Bryant, Inc., 7% preferred (quar.)
t75c
$1M
—
15
27
5
Detroit River Tunnel Co. (s.-a.)
Diamond Match Co., pref. (semi-ann.)
Dome Mines, Ltd
t50c
Apr. 21 Mar. 31
(Quarterly)
;
Dominguez Oil Fields (monthly)
J 50c
25c
Jan.
Jan.
20 Dec.
31
17
15
Class B
Preferred (quar.)
;
—
Lehman Corp. (quar.)
Lerner Stores Corp. (quar.)
Preferred (quar.)
Lexington Telephone Co., 6% pref. (quar.)
Liberty Loan Corp. $334 pref. (quar.)__
Link Belt Co. (quar.)
Preferred (quar.)
Little Schuylkill Navigation RR. & Coal (s.-a.)_
Louisville Gas & Electric (Ky.) 7% pref. (qu.)_6% preferred (quar.)
5% preferred (quar.)
MacAndrews & Forbes Co. (quar.)
31 Jan.
15
Feb.
1 Jan.
16
75c
Feb.
15 Feb.
1
1M %
Feb.
15 Feb.
$6 preferred (quar.)
Electric Household Utilities
M
25c
SIM
SIM
-
10
Jan.
Jan.
Jan.
15 Dec.
5 Dec.
31
21 Dec.
1 Jan.
31
12 Dec.
1 Jan.
16
Feb.
Feb.
10c
SIM
SIM
El Paso Electric Co. (Del.)
7% pref. A (quar.)..
6% preferred B (quar.)
Ely & Walker Dry Goods
1st preferred (s.-a.)
Jan.
Jan.
50c
Jan.
Jan.
Jan.
Jan.
331-3% FeD.
S3
Eversharp, inc., new 5% pref (quar.)
Falstaff Brewing, preferred
(semi-ann.)
Farallone Packing Co (quar.)
25c
3c
5c
Firestone Tire & Rubber
Federal Service Finance (Wash.. D.
C.) (quar.)
25c
__
6% preferred (quar.)
Fenton United Cleaning & Dyeing
Fidelity Fund, Inc. (year-end)
75c
SIM
tSIM
7% pref
Apr.
Apr.
15 Jan.
31
4
15 Jan.
4
15 Jan.
4
15 Jan.
31
1
Mar. 15
1 Mar. 18
28
20 Jan.
15 Dec.
31
Jan.
15 Dec.
16 Jan.
31
Jan.
Feb.
Jan.
80c
Preferred (quar.)
Fireman's Fund Insurance (quar.)
Fishman (M. II.) Co., preferred
15 Dec.
Mar. 15 Feb.
23c
Jan.
25c
-
6
31
Jan.
Jan.
40C
Fidelity-Phoenix Fire Insurance (year-end)
Semf-annual
Filene's (Wm.) Sons
6
10
Jan.
S1.18M Jan.
4
14
1 Dec. 30
10 Dec. 31
10 Dec.
25 Jan.
25 Jan.
31
16
SI
Jan.
SIM
I25c
Jan.
15 Jan.
15 Dec.
6
31
Jan.
18 Dec.
31
lc
Jan.
Froedtert Grain & Malting
Preferred (quar.)
15 Jan.
2
20c
Feb.
1 Jan.
15
30c
Feb.
1 Jan.
Fyr-Fyter, class A
15
25c
Jan.
(quar.)
Foundation Co. (Canada) (quar.)
Four-Star Petroleum
Gardner- Den ver Co. (quar.)
25c
20 Jan.
10
Feb.
1 Jan.
15 Dec.
18 Jan.
20
Jan.
Jan.
1 Jan.
15 Feb.
10
5
May 15 May
5
15 Feb.
5
May 15 May
5
5c
(quar.)
Advertising Co. class A (quar.)
Class A (quar.)
Preferred (quar.)
WjM
$1
,
SI
1M%
1M%
SIM
SIM
Preferred (quar.)
Gillette Safety Razor pref.
(quar.)
Gimbel Bros., 6% preferred (quar.)
20c
,
Y.) (quar.)--
i
25c
20c
Great Lakes Power Co. Ltd. ser. A
pref. (qu.)
Guarantee Co. of North America
(Que.) (quar.).
Extra
Harbison-Walker Refractories, pref. (quar.)
Hartford Electric Light (extra)..
Feb.
Feb.
Feb.
1 Jan.
25 Jan.
15 Dec.
10
15 Dec.
15 Dec.
20
20
15 Dec.
31
Jan.
15 Dec.
15 Dec.
31
31
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
15
20 Jan.
6
Feb.
1 Jan.
1 Jan.
15
Feb.
30c
Jan.
15
Jan.
25
Jan7
4
15c
Feb.
1 Jan.
10
SIM
Feb.
Feb.
14 Feb.
15 Jan.
3
75c
SI
__
Jan.
Feb.
Feb.
Feb.
Hayes Industries, Inc., (quar.)
Hecker Products Corp. (quar.)
Hercules Powder Co. pref.
(quar.)
Hershey Chocolate (quar.)
Convertible preferred (quar.)
Convertible preferred (additional)
Hibernia National Bank (N. O.)
(s.-a.)
Holly Development (quar.)
Household Fiance Corp. (quar.)
5% preferred
SIM
Indianapolis Power & Light (quar.)
Insurance Co. of N. A.
(semi-ann.)
SIM
Jan.
Jan.
$1
Feb.
50c
July
lc
Jan.
SI
Jan.
Jan.
40c
Extra
1
15
Jan.
15
1 Jan.
17
--------
15 Jan.
15 Jan.
1 June
25
25
25
17
25 Dec. 31
15 Dec. 31
15 Dec. 31
15 Jan.
4
15 Dec.
15 Dec.
31
50c
International Business Machine stock
International Harvester (quar.)
International Metal Industries, Ltd.—
6% cum. conv. preferred
6% conv. preferred A
International Milling Co., 5% pref. (quar.)
International Nickel Co. of Canada,
pref. (qu.).
International Paints (Canada)
Jan.
5%
40c
Jan.
Jan.
tSIM
+S1M
Feb.
Feb.
1 Jan.
1 Jan.
15
SIM
Jan.
15 Jan.
3
(s.-a.jl
SIM
Feb.
tt25c
Jan.
tsi
pref
International Products Corp. 6% pref.
2
20c
pref. (quar.)
Preferred
10
68Mc
SIM
Hartford Times, Inc.,
534% pref. (quar.).
Hat Corp. of America, 634 %
Electric, 6% preferred (final)
SIM
tSIM
*$2M
SIM
Feb.
31
.0458
.0458
Common (irregular)
Hawaiian
Jan.
$4
General Finance Corp. (quar.)
General Foods Corp., preferred
General Outdoor
Extra
31
75c
Preferred (quar.)
Gardner Electric Light Co. (s.-a.)
Golden State Co
Ltd. (quar.)
Great American Insurance Co. (N.
15 Dec.
$3
31
30 Jan. 15
15 Dec. 20
1 Jan.
15
2
11
Jan.
10 Dec.
10 Dec.
Jan.
15 Dec.
31
11
17
5c
Feb.
15 Feb.
8
IH%
Feb.
1 Jan.
15
50c
15c
Jan.
Jan.
15 Dec. 31
75c
Jan.
15 Dec. 31
Jan.
Dec.
20
Jan.
15 Jan.
3
$134
$134
8734c
Feb.
1 Jan.
25c
9
15 Dec. 31
7
20
15 Dec. 31
Jan.
Feb.
1 Jan.
Mar.
1
Feb.
Apr.
1
Mar. 15
21
7
"It
Jan.
15 Dec.
SIM
$134
Jan.
15 Dec. 31
Jan.
15 Dec. 31
50c
Jan.
Jan.
15 Dec. 31
15 Dec. 31
Jan.
15 Dec. 31
Jan.
15 Dec. 31
35c
Feb.
$134
*$134
$134
$134
Jan.
Jan.
31 Jan.
Jan.
Jan.
15 Dec. 31
.Jan.
15 Jan.
Jan.
Jan.
6
15 Jan.
15 Dec. 30
$134
Jan.
1
Jan.
13
15
15 Dec. 31
15 Dec. 31
Feb.
1
24
15 Dec. 31
6
Monsanto Chemical Co., $4.25 pref. A (s.-a.)--
$4.25 preferred B (semi-ann.)
Montana Power Co., $6 preferred (quar.)
Montgomery Ward & Co
-
Montreal Light, Heat & Power Consol. (quar.).
Montreal Telegraph Co
Jan.
10 Dec.
1734c
Jan.
15 Dec. 20
loc
Jan.
Jan.
15 Dec. 20
15 Dec. 20
Jan.
31 Jan.
Jan.
Jan.
14 Nov. 28
Feb.
20 Dec. 31
1 Dec. 31
Jan.
31 Jan.
5c
Jan.
31 Jan.
10*
Jan.
15 Dec.
31
$2
Feb.
1 Jan.
15
$234
$234
$134
June
2 May
June
2 May
10
10
Feb.
1
50c
Jan.
38c
Jan.
15 Dec.
15
10*
13
13
31 Dec. 31
Mountain States Telep. & Teleg. (quar.)
Munsing (Paper Co., 1st pref. (quar.)
Mutual System, Inc
J55c
+$134
Jan,
15 Dec. 31
Jan.
Jan.
15 Jan.
15 Jan.
50c
Morris (Philip) & Co. (quar.)
Mt. Diablo Oil Mining & Development Co.
(qu.)
Mountain States Power
Jan.
25 Dec. 31
75c
Jan.
15 Dec. 27
lc
Mar.
1 Feb.
3
6
15
3734c
Jan.
20 Dec. 31
$1M
Jan.
15 Dec. 31
25c
Feb.
1 Jan. 20
15 Dec. 31
5c
National Biscuit Co
National Bond & Share Corp
National Cash Register
Jan.
50c
15c
40c
8% preferred
National Automotive Fibres
Jan.
15 Dec. 31
Jan.
15 Dec. 24
15 Dec. 13
Jan.
15c
25c
National Chemical & Mfg. (quar.)
National City Lines, $3 preferred (quar.)
$2 class A (quar.)
National Distillers Products (quar.)
National Electric Welding Machine Co. (qu.)_.
Quarterly
Quarterly
Quarterly
Jan.
15 Dec. 31
Jan.
15 Dec. 30
15c
Feb.
1 Jan.
15
75c
1 Jan.
1 Jan.
18
50 c
Feb.
Feb.
Feb.
1 Jan.
15
2c
2c
Feb.
1 Jan.
22
May
50c
2c
2c
National Fuel Gas (quar.)
National Lead Co. pref. B (quar.)
National Money Corp., class A (quar.)
25c
18
1 Apr. 21
1 Juiy 22
Aug.
Oct. 30 Oct. 20
Jan.
15 Dec.
31
$134
National Power & Light, $6 pref. (quar.)
National Steel Car Corp., Ltd.
(quar.)
Nay bob Gold Mines (initial) (quar.)
Quarterly
New England Power Co. preferred (quar.)
Newport News Shipbuilding & Dry Dock
Preferred (quar.)
:
Niagara Hudson Pow. Corp., 5% 1st pref. (qu.)
5% 2d series A & B preferred (quar.)
Norfolk & Western Ry., 4% pref. (quar.)
Norma-H Bearing Corp. (quar.)
Quarterly
Quarterly
North Penn Gas $7 prior pref. (quar.)
Northern Central Railway (semi-annual)
Northern Ontario Power Co., 6% pref. (quar.)_
Jan.
15 Jan.
3734c
_
Feb.
10c
$134 preferred (quar.)
National Oil Products
Jan
20
5c
Montreal Tramway (quar.)
Monroe Loan Society, class A
Morrell (John) & Co
-
S3M
2nd preferred (s.-a.)
Employers Reinsurance (stock div.)
1 Jan.
25 Jan.
15 Dec.
20
1 Jan.
16 Jan.
t25c
Mississippi Power & Light, $6 pref
Jan.
1 Jan.
Feb.
Jan.
$3
37c
-
Midland Oil Corp., $2 preferred
15
Feb.
$1 m
1234c
35c
& Co. (quar.)_
Marvens. Ltd., preferred (quar.)
Massachusetts Investors Trust
25 Jan.
Feb.
6234c
lbc
7% preferred (quar.)
Marshall Field
Jan.
24
21 Dec. 31
Jan.
$134
Middle States Petroleum, class A
Class B
Jan.
7
15 Dec. 31
15 Dec. 31
25c
Massawippi Valley RR. (s.-a.)
1
37Mc
SIM
7
31 Jan.
Jan.
SIM
1734c
Jan.
'
31 Jan.
11c
Maritime Telep. & Teleg. Co., Ltd. (quar.)
Extra
Jan.
SIM
SIM
Jan.
Jan.
2c
10c
$4.50 preferred (quar.)
2
15c
50c
(quar.)
30c
Duquesne Light Co. 5% preferred (quar.)
Eason OilCo., $1M cum. con v. pref. (quar.)
East Pennsylvania RR. guaranteed (quar.)
East Pennsylvania RR. Co.
(semi-ann.)
Eastern Steel Products (year-end)
Eastern Steel Products, Ltd., 6% cum
pf. (qu.)
Electric Bond & Share, $5 pref.
(quar.)
10
55c
Extraordinary.
Manufacturers Trust Co. pref.
Margay Oil Corp. (quar.)
SIM
SIM
Preferred (quar.)
Du Pont (E. 1.) de Nemours & Co.—
2
15 Jan.
28 Jan.
Jan.
50c
McCrory Stores, 6% pref. (final)
Mc Lellan Stores, preferred (quar.)
Mahon (Ii. C.) Co., class A (quar.)
Preferred (quar.)
Manhattan Bond Fund, Inc., ordinary
Dominion Oilcloth & Linoleum Co., Ltd.
(quar.)
Extra
;
31
15 Jan.
Jan.
20c
$134
(quar.)
Mc Call Corp. (quar.)
McColl Frontenac Oil Co. 6% pref. (quar.)
Preferred (quar.)
Dominion Tar &Chem. Co., Ltd.,
5M% pf.(qu.)
Dominion Textile, Ltd. pref. (quar.)
Dow Chemical Co. (quar.)
15 Dec.
20 Dec. 31
6 Dec. 26
Jan.
50c
31 Jan.
HI Jan.
Jan.
Jan.
Jan.
50c
Langendorf United Bakeries, class A (quar.)
Extra
Preferred
tlH
Jan.
25c
-
40C
Corn Products Refining
(quar.)
Preferred (quar.)
15 Jan.
6
1 Jan. 20
15 Dec. 30
1 Jan. 16
15 Jan.
2
Feb.
Jan.
75c
Mar.
SIM
Commercial Alcohols, Ltd., pref. (quar.)
Conoord Gas Co., preferred
Conn (C. G.) Ltd
i
-
87m
Interstate Home Equipment
Co.—
.
Coon (W. B.) Co. (quar.)
t S1.81M Jan.
Interstate Department Stores
Preferred (quar.)
Holders
Investment Foundation Ltd.. 6% cum. pref.(qu)
Iowa Electric Light & Power Co.—
$1M
SIM
Cleve. Cfn. Chicago & St. Louis Ry. (s.-a.)
5% preferred (quar.)
Clinton Water Works Co. 7% preferred
(quar.).
Columbus & Southern Ohio Electric Co.—
6 M % preferred
International Utilities Corp., $1H preferred
$3 34 prior preferred
When
Payable oj Record
17*
$1M
&
Share
7%
_
Terminal
Name oj Company
1941
4,
31
3
Cine. New Orl. & Tex. Pac. By.—
5% preferred (quar.)
5% preferred (quar.)
5% preferred (quar.)
Per
Payable of Record
SIM
$1)4
6% cumulative preferred (quar.)
Central Republic Co
Jan.
Jan.
Jan.
15 Jan.
12
20 Jan.
16
50c
$134
Feb.
50c
Jan.
lc
Jan.
lc
Apr.
$134
Feb.
$134
$134
$134
Feb.
$1
15c
Feb.
15c
15c
1
Jan.
17
12
1 Dec. 30
15 Dec. 31
15 Jan.
7
15 Apr.
1 Dec.
1 Jan.
Feb.
1 Jan.
Feb.
1
Jan.
19 Jan.
1
16
15
15
15
31
Mar. 29 Mar. 23
June 28 June 22
Sept. 30 Sept. 21
Jan.
Jan.
15 Dec. 31
15 Dec. 31
+$134
Jan.
25 Dec. 31
J12c
Common.
u&
Jan.
25 Dec.
SIM
$134
$134
Jan.
Jan.
Jan.
20 Dec. 31
20 Dec. 31
50c
Jan.
50c
20c
Jan.
6 Dec. 27
15 Dec. 31
163ic
$13*
Feb.
1 Jan.
1 Jan.
Feb.
1 Jan.
50c
Jan.
31
Northern States Power Co.
(Del.)—
7% cumulative preferred (quar.)
6% cumulative preferred (quar.)
Northern States Power Co. (Minn.) cum. pf.(qu)
Oliver Farm Equipment (initial)
Oneida Ltd. (extra)
Pacific Finance Co., 8% preferred (quar.)
634% preferred (quar.)
5% preferred (quar.)
Pacific Gas & Electric (quar.)
Pacific Lighting Corp. preferred (quar.)
Pacific Telephone & Telegraph Co.—
Preferred
(quar.)
Paraffine Cos. pref. (quar.)..
Paterson & Hudson River Railroad
(s.-a.)
Payne Furnace & Supply, pref. A & B
Pearson Co., Inc., 5% pref. A (quar.)
Pelham Hall Co.
Penn Traffic Co. (semi-annual)
Pennsylvania Power Co., $5 preferred (quar.)-Peninsular Telephone pref. A (quar.)
Pennsylvania Sugar Co. (quar.)
Peoples Gas Light tc Coke (quar.)
Pfeiffer Brewing Co. (quar.)
Philadelphia Co
Philadelphia & Trenton RR. (quar.)__
Pick (Albert) Co
Pilot Full Fashion Mills, Inc.—
,634% cum. preferred (semi-ann.)
Feb.
15 Dec. 31
15
15
15
15 Dec. 31
15 Dec. 31
$13*
Jan.
$134
Jan.
$1
Jan.
SIM
Jan.
15 Jan.
15 Dec. 31
15 Jan.
2
2
t30c
Jan.
15 Jan.
2
313*c
Feb.
1 Jan.
20
10c
Jan.
Jan.
15 Jan.
25 Jan.
10
15c
$13*
Feb.
1 Jan.
15
35c
Feb.
3734c
50c
25c
15c
$234
1234c
65c
15
Mar. 15 Mar.
Jan.
Jan.
Jan.
15
10
2-4-41
1
Dec. 21
10 Dec.
20
25 Dec. 31
Jan.
10 Dec.
31
Jan.
20 Dec.
31
Apr.
1 Mar. 16
'4 K
I
Volume
Pittsburgh Port Wayne & Chicago RR,—
Preferred (quar.)
Plymouth Cordage Co. (quar.)
Plymouth Rubber Co., Inc., 7% pref. (quar.)
Potomac Electric Power Co., 6% pref. (quar.)
5H% preferred (quar.)
Power Corp. of Canada (interim)
6% preferred (quar.)
6% partic. preferred (quar.)
Preferred Accident Insurance Co. (extra):
Premier Gold Mining (quar.)
Preston East Dome Mines (quar.)...
following shows the condition of the Federal Reserve
31, 1940,
The
Bank of New York at the close of business Dec.
10
$m
Jan.
$1M
Jan.
$1H
ny2
Jan.
Mar.
1 Feb.
15
$ih
—
Mar.
1 Feb.
15
20 Dec. 31
15 Dec. 31
in
115c
Feb.
1 Dec. 31
Jan.
X76c
Jan.
15 Dec. 31
15 Dec. 31
20c
Dec. 31, 1940 Dec.
10 Dec. 23
Jan.
15 Dec. 26
Jan.
5c
Extra
Jan.
6c
Jan.
15 Dec. 31
15 Dec. 31
$2
Jan.
50c
Jan.
50c
Feb.
$1H
$1H
Jan.
20c
Feb.
25c
,
6% preferred (mo.)
Puget Sound Power & Light, $5 prior pref..
Quaker Oats Co. 6% pref. (quar.)
Quarterly Income Shares, nc
Quebec Power Co
Jan.
$1H
Procter & Gamble Co., pref. (auar.)
Prudential Investors $6 pret. (quar.)
Public Service Co. (N. J.), 6% pref. (monthly)..
Feb.
Feb.
20c
Jan.
20c
Radio Corp. of America
Railroad Employees Corp., preferred (quar.)
Jan.
Secured
1 J an. 15
25 Jan. 25
27 Dec. 20*
20 Dec. 31
15c
Total
bills
May
May
8c
15
Jan.
Jan.
1 Apr. 30
1 Apr. 30
11 Dec. 21
20 Jan. 10
1 Feb. 20
6
15 Jan.
37Hc
K'
$1
$IH
Mar
25c
Jan.
15 Jan.
15 Jan.
t50c
Jan.
15 Jan.
Jan.
Jan.
234,525,000
9,701,000
13,229,000
2
20
Liabilities—
1,576,404,000 1,573,086,000 1,265,159,000
7,556,979,000 7.393,928,000 6,403,172,000
128,867,000
215,090,000
131,605,000
141,089,000
612,667,000
633,979,000
164,333,000
489,773,000
492,197,000
F. R. notes in actual circulation.
Deposits—Member bank reserve
20
10
Foreign
25 Jan.
25
Other deposits.
Jan.
15 Dec. 31
Jan.
25 J an.
Jan.
15 Dec. 31
25c
Jan.
$i y
Jan.
Jan.
15 Jan.
15
$1H
Jan.
15
37Hc
34 He
37Hc
Jan.
8,814,760,000 8,711,458,000 6,837,461,000
177,514,000
180,156,000
201,083,000
388,000
175,000
1,737,000
Total deposits.
3
15 Dec. 31
Jan.
Jan.
2
10592,422,000 10466,437,000 8,280,522,000
Total liabilities
Capital Accounts—
15 Dec. 20
15 Dec. 20
15 Dec. 31
15 Jan. 3
15 Dec. 20
Jan.
15 Jan.
15 Jan.
14
15 Jan.
1 Jan.
3
lo
Mar. 15 Feb.
14
Jan.
Jan.
Feb.
Jan.
Jan.
16
15 Dec. 31
Mar. 15 Mar.
Feb.
Feb.
Feo.
■'
'■
5
15 Jan.
1 Jan.
31
7
1 Jan.
7
7
Feb.
1 Jan.
Jan.
15 Jan.
7,109,000
9,469,000
.J'."':
94.4%
94.3%
91.4%
700.000
3
23 Jan.
51,121,000
53,326,000
10719,915,000 10593.963.000 8,401,547,000
Total liabilities and capital accounts.
15 Dec. 31
Jan.
51,094,000
53,326,000
7,109,000
15,997,000
51,096,000
56,447,000
7,070,000
12,880,000
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)..
Other capital accounts..
15 Dec. 31
Jan.
Feb.
17,061,000
6
2
1 Jan.
20 Jan.
Jan.
17,000
4,140,000
204,611,000
9,895,000
10719,915,000 10593,963,000 8,401,547,000
Total assets.
Feb.
Stetson (John
759,348,000
17,000
4,426,000
221,168,000
9,721,000
13,292,000
Bank premises
Other assets
Feb.
37c U
754,969,000
648,170,000
17,000
Uncollected items.
Jan.
120c
(quar.)
JS1H
(quar.)
$1 H
Southern New England Telephone
35c
Southwestern Life Ins. Co. (Dallas) (quar.)
75c
Spicer Mfg. Corp—
75c
S3 preferred (quar.)
$1H
Squibb (E. R.) & Sons, $5 preferred (quar.)
SIM
Standard Brands, Inc., pref. (quar.)
75c
Standard Fire Insurance Co. (N. J.) (quar.)__._
SIM
Standard Oil (Ohio) $5 pref. (quar.)
40c
Standard Wholesale Phosphate & Acid Wks.(qu)
31Mc
Stanley Works, preferred (quar.)
143 He
Steel Co. of Canada (quar.)
t$2
Extra
443 Mc
Preferred (quar.)
645,355,000
4,773,000
1 Jan.
Preferred
410,582,000
344,387,000
647,847,000
,
Feb.
Southern Canada Power
379,573,000
265,782,000
645,355,000
direct and guaranteed.
$1H
B.), preferred
Stony Brook RR. (s.-a.)
Super Mold Corp. (quar.)
Superheater Co. (quar.)
Symington Gouid Corp
Tacony-Palmyra Bridge pref. (quar.)Tennessee Corp., common (resumed)
Thatcher Mfg. Co., $3.60 preferred (quar.)
Tivoli Brewing Co. (quar.)
Towle Mfg. Co. (quar.)
Trade Bank & Trust (N. Y.) (quar.)
Tuckett Tobacco Co., 7% pref. (quar.)
Udylite Corp
Union Electric of Missouri, $5 pref. (quar.)
United Bond & Share Ltd. (quar.)
379,573,000
Total bills and securities.
23c
4c
Pittsburgh Water Co., 4pf. (quar.).
7% pref. (final)
...
6% preferred (final)
Southern Calif. Edison Co., Ltd.—
Original preferred (quar.)
5H% series C preferred (quar.)..
Southern California Gas, 6% pref. (quar.)
6% preferred A (quar.)
2,348,000
2,031,000
265,782,000
...
Notes...
12Kc
South
1,048,000
1,767,000
1,756,000
anteed:
Bonds
$iy*
$i
_
2,238,000
736,000
discounted
532,000
516,000
Govt, securities, direct and guar
1 Mar. 22
1 Jan.
110,000
245,000
491,000
Industrial advances
14c
Smith (Howard) Paper Mill, pref. (quar.)
Solar Aircraft, class A pref. (semi-ann.)
Govt,
Due from foreign banks
$3
Silbak Premier Mines
8.
15 Jan. 10
1 Mar. 22
Feb.
25c
U.
by
direct and guaranteed
U. 8
1 Dec. 23
13 Jan. 16
9 Dec. 19
Apr.
Apr.
12Hc
obligations
Other bills discounted
Jan.
37^c
9,809,823,000 9,697,169,000 7,406,475,000
....
Bills discounted:
15 Dec. 20
1
28 Feb.
Jan.
50c
-
.
Total reserves..
15 Dec. 13
15 Jan. 15
Feb.
1940
$
9,757,527,000 9,647,199,000 7,331,603,000
1,619,000
972,000
1,241,000
73,253,000
48,729,000
51,324,000
United States Treasury.*
Redemption fund—F. R. notes
Other cash t
15 Dec. 24
15 Dec. 31
Feb.
50c
Jan. 3,
$
Gold certificates on hand and due from
1.
25c
24, 1940
$
A ssets—
3c
-
comparison with the previous week and the corresponding
date last year:
tilH
Railway & Light Securities Co.—
6% preferred (quar.)
Reading Co. (quar.)
2nd preferred (quar.)
Regent Co
Reliable 8tores Corp., common (quar.)
5% convertible preferred (quar.)
Republic Investors Fund, Inc.6% preferred A & B (quar.)
Richmond Fredericksburg & Potomac RR.
7% gtd. preferred (s.-a.).I
6% guaranteed preferred (s.-a.)
Rickel (H. W.) & Co. (s.-a.).....
Rochester Button Co. (quar.)
Preferred (quar.)„
Royal Typewriter Co., Inc_
Preferred (quar.)
—
St. Lawrence Corp. 4% pref. (quar.)
J
St. Lawrence Paper Mills Co. 6% preferred
Scott Paper Co., $4M cum. pref.(quar.)_
$4 cum. preferred (quar.)
Shatterproof Glass Corp. (quar.)
Shawinigan Water & Power Co. (quar.)
Sheep Creek Gold Mines, Ltd. (quar.)
York
New
Payable of Record
7 Dec.
of
of the Federal Reserve Bank
Condition
Share
Company
Holders
When
Per
Name of
75
Chronicle
The Commercial & Financial
152
701.000
1,797,000
bank's own Federal
t "Other cash" does not Include Federal reserve notes or a
Reserve bank notes.
United States Treasury for the gold taken
over from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
100 oents to 59.06 cents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
z
These are certificates given by the
2
Jan.
6 Dec.
31
50c
Jan.
20 Jan.
7
12Mc
Jan.
15 Jan.
25c
Jan.
SIM
25c
90c
4
15 Dec. 31
1 Dec. 18
Feb.
Mar. 12 Feb.
Feb. 15 Jan.
24
31
5c
Jan.
20 Dec. 31
SIM
Jan.
15 Jan.
15c
Feb.
1
Jan.
8
York City
Weekly Return of the New
Clearing House
The weekly statement issued by the New York City
Clearing House on Friday afternoon is given in full below:
STATEMENT
MEMBER* OF THE NEW
OF
YORK CLEARING HOUSE
1941
BUSINESS THURSDAY, JAN. 2,
ASSOCIATION AT CLOSE OF
21
—
SIM
10c
—
Jan.
15
31
(quar.)
15 Jan.
Jan.
Jan.
62Mc
37Mc
Jan.
Jan.
15 Dec. 31
15 Dec. 19
10 Dec. 20
6 Dec. 17
6 Dec. 17
25c
Jan.
15 Dec. 31
S2M
15 Dec.
12
Jan.
15 Dec.
15 Jan.
27
SIM
SIM
—
10c
-
37Mc
37 Mc
37 Mc
•SIM
S2M
SIM
SIM
SIM
Preferred
(quar.).
Preferred (quar
•.).
Vulcan Detinning Co., 7% pref. (quar.)
Wash. Ry. & Elec. Co. 5% pref. (s.-a.)
5% preferred (quar.)__.
\)~.
5% preferred (quar
West Penn Electric Co. 7% pref. (quar.)
6% preferred (quar.)
West Penn Power pref. (quar.)
Western Grocers. Ltd. (quar.)
Preferred (quar.)
Western Pipe & Steel Co. of California—
7% preferred (semi-annual)
Westgate-Greenland Oil Co. (monthly)
Weston (Geo.). Ltd., pref. (quar.)
Westvaco Chlorine Products Corp.; (quar.)
$4M cum. pref. (initial quar.)
Wichita Union Stockyards 6% pref. (s.-a.)
Wichita Water Co. 7% preferred (quar.)
Wilcox Gay Corp. (year-end)
Will & Baumer Candle Co., Inc. (quar.)—
~
"
Apr.
July
15 Apr.
2
2
2
Jan.
15 July
15 Jan.
Jan.
15 Jan.
3
3
Jan.
17
Mar.
1 Feb.
20
Mar.
9
Feb.
Feb.
1
3-1-41
1 Jan.
15
Feb.
1 Jan.
18
May
Aug.
1 Apr.
1 July
19
Jan.
June
Mar.
June
20 Jan.
2 May
1 Feb.
2 May
19
10
15
15
15
15 Jan.
17
SIM
Feb.
15 Jan.
17
SIM
Jan.
15 Dec. 20
75c
Jan.
SIM
Jan.
15 Dec. 20
15 Dec. 20
35c
Jan.
Jan.
15 Jan.
1 Jan.
35c
Feb.
1 Jan.
Feb.
1 Jan.
S3
Jan.
15 Jan.
Jan.
16
3
10c
Jan.
15 Jan.
6 Dec.
10c
Feb.
14 Feb.
SIM
SIM
tSIM
Jan.
National City Bank
Chem Bank & Trust Co.
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk&Tr Co
Corn Exch Bank Tr Co.
First National Bank....
Irving Trust Co
Continental Bk <fe Tr Co.
Chase National Bank
Fifth Avenue Bank.....
Bankers Trust Co
J 10c
2
♦
Transfer books
not closed
500,000
25,000,000
Marine Midland Tr Co-
83,413,000 el,270,913,000
17,416,000
1,539,200
141,280,000
10,005,900
432,821,000
28,015,400
5,000,000
12,500,000
7,000,000
7,000,000
Comm'l Nat Bk & Tr Co
Public Nat Bk & Tr Co.
43,690,000
3,629,000
69,340,000
2,328,000
3,121,000
38,268,000
2,049,000
53,362.000
952,314,900 15,637,384,000
750,014,000
8,746,900
official reports: National, Dec. 31, 1940; State, Dec.
companies, Dec. 31, 1940.
t As of Sept. 30, 1940.
i
Includes deposits in foreign branches as follows: a $297,609,000
♦As
813,000
5,627,000
1,044,000
131,361,000
96,578,000
10,544,800
518.518,0001
Totals.
per
date); 6 $64,787,000 (latest available date); c
(latest available date); e $20,787,000 (Dec. 31).
Stock
Below
are
the
and
31, 1940; trust
■,
(latest available
$3,226,000 (Jan. 2); d $77,625,000
Bond Averages
daily closing
stocks and bonds listed on the
as
of representative
averages
New York Stock Exchange
compiled by Dow, Jones & Co.:
31 Jan. 15
15 Dec. 31
Feb.
1 Jan. 14
31 Jan.
15
25c
Bonds
Stocka
Mar.
25c
Apr.
10
20
1 Mar. 20
10
30
20
15
Total
10
First
Second
10
Indus¬
Daft
2
20 Dec.
Feb.
1 Jan. 20
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
Stocks
trials
Rails
Rails
ties
Bonds
trials
roads
ties
1 Feb.
Jan.
3.
132.00
2.
130.57
1.
Dec. 31.
131.13
19.96
44.00
108.25
95.32
50.02
109.45
90.76
19.86
28.03
HOLI DAY
43.54
108.45
95.32
49.84
109.69
90.82
19.85
43.70
28.36
28.13
HOLI DAY
HOLI DAY
108.56
95.27
50.19
109.61
90.0
Dec. 30.
131.04
27.99
19.79
43.62
108.54
95.01
49.67
109.72
90.7
Dec. 28.
130.111
27.85
19.80
43.36
108.35
94.70
49.09
109.75
90.4
#,
of non-residents of Canada
dividenl will ba made.
Total
*
Jan.
for this dividend,
t On account of accumulated dividends.
t Payable in Canadian funds, and in the case
a tax of 5% of the amount of such
deduction of
41,748,000
21,000.000
15.000.000
10,000,000
60,000,000
4,000,000
100,270,000
17,249,000
38,074,000
182,518,000
6,835,000
79,134,000
116,997,000
56,727,000
29,209,000
Jan.
25c
»-
90.000.000
Title Guar <fc Trust Co..
New York Trust Co
Average
224,823,000
14,147,800
611,256,000
26,884,500
80,275,900 a2,597,575,000
800,077,000
57,904,700
fl85,796,000 62,196,743,000
764,359,000
40,986,600
75,103,700 cl, 162,734,000
326,847,000
20,356,600
775,026,000
109,720,700
716,824,000
53,692,500
64,659,000
4,490,900
136,482,200 dS,245,172,000
60,920,000
4,207,500
20,000,000
77,500,000
20.000,000
6.000,000
Jan.
— -—
Deposits
Average
$
6.000,000
Bank of Manhattan Co.
Jan.
Monthly
Deposits,
Profits
Bank of New York
Jan.
10c
Wright-Hargreaves Mines. Ltd. interim
Wrigley (Wm.) Jr. (monthly)
Time
$
15
SIM
stock)
Capital
Members
10
10
•
House
Net Demand
Surplus and
Undivided
10
SIM
Clearing
10
SIM
Feb.
♦
15 Dec. 31
lc
Wisconsin Gas & Elec. 4H % cum. pref. (quar.).
Wood, Alexander & James, Ltd., 7% 1st pref
Woodall Industries. Inc
Monthly
Jan.
Feb.
Wisconsin Electric Power—
6 % preferred (cash or common
17
Feb.
Jan.
SI
(quar.)
Valley Mould & iron pref. (quar.)
Vapor Car Heating Co., Inc. 7% pref. (quar.)
Vertientes-Camaguey Sugar Co.
Virginian Ry. preferred (quar.)
1 Jan.
68 Mc
SI
87 Mc
SIM
SIM
SIM
17Mc
17Mc
_«
-—
-
Leaf Tobacco
Feb.
Jan.
SI
Canal (quar.)
United Shoe Machinery (quar.)
Preferred (quar.)
United States Fidelity & Guaranty Co__
United States Hoffman Machine, pref. (qu.)
U. S. Smelting, Refining & Mining Co., common
Preferred (quar.)
United States Sugar Corp., pref. (quar.)
Preferred (quar.)
Preferred (quar.)
United Stockyards Corp. conv. pref. (quar.)
"
1
15c
United New Jersey Railroad &
Universal
Feb.
15 Dec. 31
SIM
United Fruit Co
Preferred
Tan.
The Commercial & Financial Chronicle
Jan. 4,
Weekly Return of the Member Banks of the Federal Reserve System
\
76
1941
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of
These
and liabilities of the reporting member banks in 101
resources
figures
are
always
the Federal Reserve
System
leading cities from which weekly returns
week behind those for the Reserve banks themselves.
a
the figures for the latest week
upon
immediately preceding which
we
in
appear
obtained.
are
The comments of the Board of Governors of
department of "Current Events and Discussions,"
our
also give the figures of New York and Chicago reporting member banks for
week later.
a
Commencing with the statement of May 19, 1937. various changes were made in the breakdown of loans as reported in this statement, which were
described In an announcement of the Federal Reserve Bank of New York on April 20,1937, as follows:
The changes in the report form are confined to the classification of loans and discounts.
This classification has been changed primarily to show the
amounts of (1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City and those located
outside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
cial paper bought In open market" under the revised caption "open market paper," instead of in "all other loans," as formerly.
Subsequent to the above announcement, it was made known that the new items "commercial, industrial and agricultural loans" and "other loans,"
would each be segregated as "on securities" and "otherwise secured and unsecured."
j
A more detailed explanation of the revisions was published in the May 29,1937 issue of the "Chronicle," page 3590.
ASSETS AND LIABILITIES OP WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS ON
Total
Federal Reserve Districts—
.Boston
New York
PhUa.
%
$
S
J
ASSETS
Loans and Investments—total
Cleveland Richmond
Atlanta
Chicago
St.Louis
S
%
%
%
$
DEC. 24,1940 (In Millions of Dol
Minneav. Kan. City
%
Dallas
%
InkJ
Sen Fran.
S
%
25,604
1,231
11,215
1,214
1,977
752
710
3,639
758
426
726
588
2,368
9,354
652
3,458
479
758
299
374
1,078
377
218
345
314
1,002
5,016
322
2,032
234
314
137
196
656
220
114
206
215
370
303
65
97
34
8
11
4
36
10
3
21
1
13
545
25
393
25
21
4
7
46
4
2
4
4
10
466
1,230 >
■Loans—total.
Commercial, Indus, and agrlcul. loans
Open market paper
Loans to brokers and dealers In
securs.
Other loans for purchasing or carrying
securities
17
220
33
23
14
11
64
13
10
13
41
80
193
50
181
48
34
132
58
12
31
24
387
40
4
26
mmmmmm
1
1
2
1
3
mmmmm-
mmmmmm
1
1
1,754
139
497
103
210
84
120
143
69
73
56
180
732
Real estate loans
25
284
17
3
3
315
16
26
37
6
Loans to banks
Other loans
Treasury bills..
7
80
mmmmmm
2,137
United States
bonds
Other securities
40
1,219
28
149
154
43
284
39
20
38
70
6 959
340
637
175
110
1,093
148
117
97
99
739
57
3,064
1,650
340
2,740
Treasury notes
Obligations guar, by U. S. Govt
90
137
53
63
281
64
29
79
42
195
356
53
3,682
117
1,540
277
279
68
117
588
114
42
126
58
11,715
626
6,815
504
734
229
152
1,447
264
119
208
148
562
150
120
26
53
27
16
89
14
7
18
13
29
Balances with domestic banks
3,387
197
243
237
377
243
198
658
186
126
310
278
334
Other assets—net
1,187
73
423
80
91
38
49
73
22
17
20
31
270
22,382
1,360
11,204
1,068
1,543
576
449
2,980
542
330
569
519
1,242
5,419
230
1,091
260
740
200
190
1,002
192
116
145
137
1,116
475
14
53
41
44
36
41
136
12
2
13
30
53
8,919
382
3,897
453
500
344
335
1,345
397
177
445
278
366
Reserve with Federal Reserve Bank..
•
Cash In vault
469
LIABILITIES
Demand
deposits—adjusted
Time deposits.
United States Government deposits..
Inter-bank deposits:
Domestic banks
P Foreign banks
663
21
2
9
mmmmmrn
mmmmm—
mmmmmm
770
23
326
18
20
33
12
23
5
8
3
4
295
3,827
247
1,639
216
384
100
96
411
96
61
107
89
381
606
5
1
J
'
Borrowings
1
1
17
m
mmmmmm
'
Other liabilities
^Capital accounts
mm
m
m'm
m
mmmrn-m
mm
m
—
mm
mmmmm m
m
m
m
Weekly Return of the Board of Governors of the Federal Reserve System
The following was issued by the Board of
Governors of the Federal Reserve System
on
Thursday afternoon, Jan. 2,
showing the condition of the 12 Reserve banks at the close of business on Wednesday.
The first table presents the results
for the System as a whole in comparison with the figures for the
eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
■returns
for the latest week
COMBINED
appear
in
department of "Current Events and Discussions."
our
RESOURCES AND LIABILITIES
Three Ciphers (000) Omitted
Dec.
Dec. 24,
1940
31,
1940
assets
Gold otfs.
on
%
hand and due from U. 8. Treas.x.
OP THE
$
19,750,781
FEDERAL RESERVE
Dec.
18,
1940
11,
1940
$
$
19,629,780
275,109
20,035,582
19,920,571
851
Other cash
Total reserves
U. S.
27,
1940
Nov.
20,
1940
13,
31, 1940
Nov. 6,
1940
1940
S
*
Nov.
DEC*
$
S
S
Jan. 3,
194*
19,546,295
19,491,799
15,3*4,121
298,738
10,672
304,688
19.393,798
9,894
308,168
19,324,301
11,153
269,522
19,594,780
11,515
274,483
9,395
309,787
315,569
19,920,013
19,910,817
19,880,778
19,856,186
19,807,159
19,711,860
19,643,483
15,629,593
1,585
2,550
1,209
1,207
2,899
951
949
623
2,626
3,293
3,542
6,185
-Bills discounted:
by
Nov.
4,
$
19,660,781
11,228
248,004
9,692
Dec.
1940
19,680,782
11,228
228,561
Redemption fund (Federal Reserve notes)
Secured
Dec.
BANKS AT THE CLOSE OP BUSINESS
11,515
9,903
Government obligations.
direct and guaranteed
Other bills discounted
2,064
1,799
2,401
1,810
2,539
2,257
2,529
Total bills discounted
2,915
4.200
4,349
4,786
4,135
3,835
4,106
4,244
4,491
6,808
7,538
7.598
7,433
7,492
7,569
7,016
7,912
8,215
8,161
10,883
1,284,600
1,284,600
899,500
1,284,600
1,295,900
899,500
1,299,700
904,500
916,600
1,330.000
924,100
1,377.700
949,600
1,351,045
899,500
1,284,600
899,500
1,314,700
899,-500
2,184,100
2,194,553
2,184,100
2,195,898
2,184,100
2,195,882
2,184,100
2,196,378
2,195,400
2,207,104
2,204,200
2,215,651
2,231,300
2,243,318
2,254,100
2,266,559
2,327,300
2,339,952
47
47
47
47
47
47
47
47
47
31,628
912,398
40,062
47,596
26,542
914,424
41,188
40,931
22,893
1,024,464
41,221
46,545
21,465
785,658
41,220
59,047
20,661
773,326
41,193
56,253
23,608
788,713
41,248
55,851
21,678
41,274
55,374
23,784
942,969
41,274
55,145
20,970
696,906
41.258
55,364
23,261,866
23.145,601
23,251,065
23,014 632
22,979,362
22,981.304
23,045,482
23,041,038
22,797,980
19,1*2,476
5,964,938
13,837,243
481,494
1,111,262
600,207
5,883,575
13,804,436
5,819,333
14,152,454
235,468
1,105,580
5,773,207
14,153,573
5,703,129
14,291,954
198,606
1,153,293
5,669,742
14,126,719
309,577
5,629,576
13,979,418
405,268
1,122,101
558,413
4,947,763
11,720,622
1,152,579
590,171
5,642,700
14.051,798
403,851
1,125,150
562,736
16,126,567
832,779
16,030,206
16,075,309
741,558
16,125,200
675.244
13, *25,194
2,196
5,437
16,077,111
914,266
5,129
22,892,539
22,774,506
138,579
157,064
26,785
46,899
Industrial advances
United States Government securities, direct and
i
guaranteed:
Bonds
Notes
Total
U.
S. Govt
securities, direct
"
1,133,225
and
guaranteed
P Total bills and securities
'Due from foreign banks......
Federal Reserve notes of other banks
...........
Uncollected items
Bank premises
'Other assets-
Total assets
876.632
2,484.270
2,5*1,961
47
29,790
841,095
41,736
58,254
Liabilities
Federal Reserve notes In actual circulation....
Deposits—Member banks' reserve account
5,930,997
14,025,633
united States Treasurer—General account..
368,481
1,132,909
Foreign
Other deposits................
Total deposits
Deferred
•Other
availability
.
599,544
570,452
1,140,085
562,138
1,132,478
575,976
532,137
16,185.046
16.143,535
818,146
7,761
16,175,990
727,957
5,088
4,656
883,710
4,935
22,800,081
22,643,901
22,609,782
22,612,104
22,677,590
138,267
151,720
26,839
54,269
138,213
137,944
151,720
26,839
54,212
151,720
137,775
151,720
26,839
54,168
137,890
151.720
20,839
53,131
23,261,866
23,145,601
23,251,065
23,014,632
90.8%
5.226
90.6%
6,253
90.7%
6,304
1,370
Items
liabilities, lnol. accrued dividends
10,116,943
714,600
4,972
2,059
209
467
693
810
154
224
-
773,925
Total liabilities
651,075
4*2,425
251,072
779,077
4,331
1,332
22.674,880
22,434,351
18,753,366
137.719
151.720
26,839
50,480
137,720
151,720
26.839
47,350
135,889
52,806
137,750
151,720
26,839
51.583
22,979,362
22,981,304
23.045,482
23.041,638
22,797,980
19,102,476
90.9%
6,429
90.8%
90.8%
7,106
90.6%
90.5%
7,114
7,269
90.3%
7,288
87.0%
6,505
2,111
2,614
2,055
1,690
933
1,312
503
424
320
366
1,188
500
243
762
788
781
705
730
960
1,004
1,703
229
251
262
259
316
476
639
3,741
»|
capital
581,807
254,916
accounts
Capital paid in
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts
Total liabilities and canltal accounts
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Commitments to make industrial advances...
26,839
151,720
26,839
34,662
8,454
Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills discounted
•
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted.
Total bills discounted
'
1,816
743
145
489
640
744
709
717
815
939
996
789
476
2,915
4,200
4.349
4.786
4,135
3.835
4,106
4.244
4,491
6,808
1
Volume
77
The Commercial & Financial Chronicle
152
(Concluded)
Weekly Returns of the Board of Governors of the Federal Reserve System
Three Ciphers
Dec.
(000) Omitted
Dec.
31,
Maturity Distribution of Bills and Short-Term
Securities (Concluded)
Fl-15 days Industrial advances
16-30 days industrial advances
81-60 days Industrial advances
Dec.
24,
Dec.
18,
1940
8
$
Dec. 4.
11,
Nov.
1940
1940
1940
%
1940
$
$
Nov.
Nov. 20
27,
1940
Jan. 3,
1940
8
*
8
8
5
Nov. 6,
1940
13,
1940
1940
1,471
1,477
"196
1,518
1,314
1,316
1,244
1,399
1,411
1,467
49
213
341
321
186
188
120
108
164
125
110
95
276
302
490
573
515
518
187
305
511
1,528
■v..
...
v.-"
.
'
170
156
86
165
5,659
5,521
5,485
82
5,548
103
5,666
5,593
5,587
5,873
5,763
8,550
7,538
7,598
7,433
7,492
7,569
7,616
7,912
8,215
8,161
10,833
74,800
2,109,300
74~800
2,109,300
74,800
2,109,300
2,184,166
2,195/400
2,204,266
2,231,300
2,254,166
2,327,306
2,484",270
2,184,100
2,184,100
2,184,100
2,184,100
2,195,400
2,204,200
2,231,300
2,254,100
2,327,300
2,484,270
6,256,650
325,653
6,247,538
6,190,277
292,844
5,935,887
293,187
5,891,395
261,819
5,268,551
291,746
5,996,665
293,536
5,962,586
306,702
6,135,348
316,015
6,064,953
282,436
5,930,997
5,965,102
5,883,575
5,819,333
5,773,207
5,703,129
5,669,742
5,642,700
5,629,576
4,947,763
6,379,500
6,364,500
2,912
6,302,500
3,045
6,261,500
6,034,000
2,772
5,371,000
2,458
6,070,500
2,719
5,987,500
3,459
6,176,500
2,770
6,095,500
1,688
6,381,188
61-90 days industrial advances
Over 90 days Industrial advances
296
6,367,412
6,305,545
6.264,959
6,179,270
6,097,958
6,073,219
6,036,772
5,990.476
..
76
■
,
vV"
kn
Total Industrial advanoes
U. 8. Govt, securities, direct
1-15 days
and guaranteed:
16-30 days
31-60 days
61-90 days
Over 90 days
.....
Total U. 8. Government securities, direct
and guaranteed
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
...............
Collateral Held by Agent as
Notes Issued to Bank—
Gold otfs.
on
Security for
hand and due from U. 8. Treas...
By eligible paper
Total collateral
♦"Other cash"
x
These
31, 1934, these certificates being worth less to the extent of the
visions of the Gold Reserve Act of 1934. /"''/'vi';'-
cents on Jan.
WEEKLY STATEMENT OF RESOURCES AND
Three
'
LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT
Federal Reserve Agent at—
Total
Boston
New York
8
*
$
9
certificates
on
hand
and
%
Atlanta
%
S
CLOSE OF BUSINESS DEC. 31, 194
Dallas
due
972
1,073
660
51,324
18,754
19,963
553,294
1,108
18,806
20,035.582 1,164,001 9,809,823 1,006,384 1,352,036
573,208
19,750,781 1,136,171 9,757,527 1,046,557 1,331,413
from United States Treasury
9.692
Redemption fund—Fed. Res. notes..
r
275,109
Other cash ♦
1,213
26,617
384,635 2,899,447
1,229
36,352
169
332
410
16,482
6,576
15,285
280,159 1,135,193
509
1,388
14,010
31,885
404,319 2,937,028
511,228
318,004
436,407
294,678 1,168,466
629
19,055
420,712
311,096
494,577
b
Total reserves..
%
%
%
S
San Fran.
%
It. Louis Minneap. Kan. City
Chicago
I
Cleveland Richmond
PhUa.
ASSETS
Gold
1,371
5,372,37-1
banks when the dollar was devalued from 100 cents to 59.06
difference, the difference itself having been appropriated as profit by the Treasury under pro¬
(000) Omitted
Ciphers
2,976
doesjnot include Federal Reserve notes.
given by the United States Treasury for the gold taken over from the Reserve
certificates
are
320,788
Bills discounted:
Secured by U. S. Govt,
bllgations,
direct and guaranteed
10
2
109
48
150
41
36
"""157
28
107
667
40
28
216
715
40
09
219
80
278
545
36,611
25,636
62,958
49,948
34,974
107,406
44,085
736
465
300
51
38
157
7,538
974
1,756
2,052
250
781
334
269
1,284.600
92,213
379,572
146,651
55,508
265,783
68,168
47,732
49,278
64,568
107,638
75,369
128,649
899,500
s. Govt, securities, direct
34,506
102,688
38,868
A guar.:
Bonds
Notes
Total
150
100
,
Industrial advanoes
•
187
278
2,915
Total bills discounted
U
245
491
100
851
2,064
Other bills discounted
U.
securities,
Govt,
S.
90,082
"""69
75,209
direct and guaranteed
2,184,100
156,781
645,355
183,007
218,731
115,900
83,784
249,339
94,376
62,247
107,043
84,922
182,015
Total bills and securities......
2,194,553
157,855
647,847
185,524
219,281
116,732
84,156
249,765
94,404
62,682
107,838
85,240
183,229
Due from foreign banks
31,628
912,398
Total assets......
-
2
2
6
1
3,328
3,385
4,136
2,890
1,514
76,132
43,435
52,651
1,991
1,766
126,885
3,040
5,069
1.917
19,555
1,367
1,396
539,054 3,325,929
665,415
404,518
587,925
234,525
63,085
9,701
13,228
4,501
4,587
2,590
4,909
5,074
2,756
23,261,866 1,411,089 10719915 1,326,273 1,685,136
774,748
2,318
a
5,930,997
Member bank reserve account
479,728 1,576,404
410,704
540,941
283,520
195,853 1,262,396
221,148
158,709
211,215
97,865
492,514
756,465 7,556,979
703,580
13,664
75,944
920,969
354,132
12,636
326,872
174,476
279,690
754,096
26,675
4,774
4,245
246,999 1,711,100
84,537
12,547
92,992
27,123
5,324
5,481
819,863 1,014,140
404,335
292,150 1,893,953
381,180
6,044
368,481
U. S. Treasurer—General account.
1,132,909
54,872
599,544
——
8,236
Other
131,605
•
633,979
492,197
825,617 8,814,760
16,126,567
Total deposits
16,328
72,069
33,322
23,893
22,857
16,861
23,248
17,049
22,473
240,275
10,926
23,248
7,167
5,376
13,164
2,446
56,590
24,459
219,758
332,188
270,895
851,728
10,344
33,301
27,399
36,530
61
3
832,779
79,913
201,083
60,412
95,814
70,836
37,533
122,197
51,417
2,196
269
175
875
149
246
80
153
56
81
48
22,892,539 1,385,527 10592422 1,291,854 1,651,044
758,937
525,016 3,278,699
653.801
394,892
576,752
4,462
Deferred availability items
Other liabilities, inch accrued diva...
Total liabilities
v
CAPITAL ACCOUNTS
Capital paid in
157,064
Surplus (Section 13-b)
26,785
Other capital accounts
51,096
46,899
11,882
14,198
5,366
4 693
14,533
4,212
56,447
9,335
10,905
2,874
2,448
138,579
Surplus (Section 7)
15,144
5,247
5,725
22,824
4,925
3,244
713
1,429
533
2,307
8,444
1,944
2,975
3,152
1,000
2,499
7,070
4,393
12,880
3,000
4,564
1,954
1,326,273 1,685,136
774,748
539,054 3,325,929
665,415
404,518
cash" does not Include Federal Reserve notes,
540
24
299
50
a
Less than S500.
New York
PhUa.
%
9
Federal Reserve Bank
In actual circulation..
$
$
Atlanta
Chicago
S
I
S
2,44
San Fran
.
9
$
$
$
502,343 1,660,126
429,044
569,587
299,792
83,722
18,340
28,640
10,272
410,704
540,941
283,520
219,247
5,161
8,032
106,582
8,717
557,344
64,830
221,148
158,709
211,215
97,865
492,514
244,000
195,853 1,262,396
163,870
13,171
220,270 1,294,126
24,417
31,730
479,728 1,576,404
234,319
105,500
225,000
111,000
574,000
190
6,256,650
325,653
22,615
Dallas
Minneap. Kan. City
St. LOUiS
S
Cleveland Richmond
$
685
165,690
225,685
111,000
574,000
by agent as security
<
Gold certificates on hand and due
Total collateral....
6,379,500
1,688
510,000 1,685,000
440,000
331
510,100 1,685,331
440,372
575,000
315,000
372
6,381,188
from United States Treasury
Eligible paper..
United States Treasury
100
225,000 1,310,000
10
575,000
315,010
225,000 1,310,000
244,000
*
Quotations for U. S. Treasury
Bills—Friday, Jan. 3
Notes—Friday, Jan. 3
Figures after decimal point represent one or more
32ds of a point.
Jni
Int.
Bid
Bid
Asked
8 1941
Jan
15 1941
Feb.
Jan
22 1941
Mar.
Jan
29 1941
.....
-
Feb.'5 1941
Natl Defense Series
0
Mar. 19 1941
Mar. 20 1941
States
York Stock
Government
April
2 1941
Securities
Exchange—See following page.
Maturity
Mar. 15 1941...
June
26 1941
5 1941
Mar. 12 1941
0&
Feb. 13 1941
Asked
Feb. 19 1941
Jan
United
4
NOTE STATEMENT
for notes Issued to banks:
p
413,564 1,408,300
h
*
5,930,997
Issued to F. R. Bank by F. R. Agent
held
Boston
Total
Federal Reserve Bank of—
Collateral
2,121
3,000
!
Omitted
Federal Reserve notes:
Held by
11,619
10,785
1,263
1,899
35
162
FEDERAL RESERVE
Three Ciphers (000)
4,208
3,974
587,925
727
Total liabilities and capital accounts 23,261,866 1,411,089 10719915
700
244
5,226
16,583
402,220 1,380,775
3,613
1,138
1,960
14,323
1,007
Commitments to make Indus, advs
* "Other
1,865
413,564 1,408,300
14,025,633
Deposits:
L
1,226
2,198
LIABILITIES
F. R. notes in actual circulation
Foreign
deposits
4
3,804
45,638
2,849
4,250
4
1,947
2,833
3,168
47,596
assets......
1
1,024
29,530
5
1,865
82,594
40,062
premises............
1
2,261
36,161
3,059
18
4,773
102,207
Uncollected Items
Bank
Other
See
3
635
1
47
...
Fed. Res. notes of other banks......
15 1941...
Dec. 15 1941...
Mar. 15 1942...
60
on
Sept. 15 1942...
Deo.
16 1942...
June 15 1943...
Rate
1K%
1H%
1 H%
1 H%
16
101.18
Sept. 15 1943...
Dec. 15 1943.
101.28
101.30
Mar. 15 1944...
102.22
102 24
June
2%
103 29
103.31
Sept. 15 1944...
1 H%
103.23
103.25
Mar. 15 1945...
1H%
102.13
102.15
Asked
102.4
1 H%
102.18
102.20
1%
H%
102.1
102.3
101.6
101.8
1%
%%
102.7
102.9
1%
Nat. Defense Nte
101.16
101
101.18
_.
16 1944...
Dec. 15,
the New
Bid
102.2
Rate
Maturity
Asked
Bid
Transactions
at
the
New
1945.
York
Stock
Daily, Weekly and Yearly—See page 93.
101.1
101.3
100.7
100.9
Exchange,
Jan. 4,
78
1941
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
No
NOTICE—Cash and deferred delivery sales are disregarded In the day's range, unless they are the only transactions of the day.
taken of such sales in computing the range for the year.
account is
United States Government Securities
Below
furnish
we
on
the New York Stock Exchange
the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
daily record of
a
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after:decimal point represent one or more 32ds of a point
Daily Record, of U. S. Bond PrlcesDec
30 Dec. 31
Dec.
Jan. 1
Jan. 2
121.29
121.26
Low
122.4
121.29
121.16
Close
4Ks. 1947-52...
122.4
121.29
121.16
1
113.30
113.30
113.30
6
Total sales in $1,000 units..
6
Low.
--
--
113.16
I Close
Total sales in $1,000 units...
mmmm
110.18
108.21
108.12
107.30
---
108.18
108.12
107.26
107.24
mmmm
108.21
108.12
107.30
107.24
11
Low.
*1
17
1
•
Total sates in $1,000 units—
High
2Ks, 1950-52
108.20
Low.
108.20
Close
High
Low.
3Hs. 1941-43
108.20
(High
107.24
107.25
Low.
108
107.24
107.25
Close
3Hs. 1943-47
108
108
107.24
107.25
Close
9
2
(High
108.5
Low.
108.13
108.12
mmmm
108.5
-
.
.
—
mmmm
----
mmmm
V".
106.28
---"
108.13
Close
108.12
Total sales in $1,000 units...
7
109.16
109.14
109.13
109.13
mmmm
mmmm
Close
109.6
109.7
DAY
109.6
mmmm
106.22
mm
mmm
mm
mm,
■
mm
Close
mm mm
5
2
1
Total sales in $1,000 units...
mm mm
112
112.30
112.30
112.12
High
mmm
Low.
112
112.30
112.30
112.12
Low.
mmmm
109.14
Close
109.7
2B, 1953-55
m
mmmm
106.22
106.22
m
m
m
m
106.7
HOLI¬
DAY
105.31
105.31
1
*1
....
104.16
104.19
105.31
106.7
mmmm
104.16
104.19
2
mmmm
106.7
*1
•'
104.19
m
106.19
mmmm
mmmm
mmmm
Low.
2s, 1948-50
mmmm
-
mmmm
(High
Total sales in $1,000 units...
-
High
109.7
HOLI¬
—
mmmm
Total sales in $1,000 units...
1
109.6
106.19
'
Low.
108.5
109.13
Low.
2s. 1947..—...
1
(High
3 Ha, 1946-49
rn rn m
2
mmmm
mmmm
4
-
-
105.11
..
mmmm
106.18
.
-
.
'm'mmm
106.18
mmmm
High
105.11
----
mmmm
100.19
Close
(High
mmmm
mmmm
Total sales in $1,000 units...
108.12
105.11
mm m m
mmmm
mmmm
----
5
108.14
r
——
mmmm
Low.
102.18
0l0S6
31*8, 1944-46
2 Hb. 1954-56
107.24
mmmm
----
.
[High
102.18
Total sales in $1,000 units...
3*8. 1943-45
mmmm
mmmm
----
Low.
2KB, 1951-53. ..i
102.18
Low.
3J*S. 1941
....
Total sales in $1,000 units...
Total sales in $1,000 units..
High
.
mmmm
mmmm
mmmm
1
Total sales in $1,000 units...
Total tales in $1,000 units...
mmmm
5
1
.Close
Total sales in $1,000 units..
*1
mm«m
mmmm
High
2 HB, 1949-53..
110.18
■mmmm
----
mmmm
110.18
110.21
6
•mmmm
mmmm
mmmm
mmmm
110.21
Close
109
109
109
mmmm
110.21
Low.
High
Low
3tfs, 1946-56
Jan. 3
■mmmm
mmmm
High
2KB, 1948
Jan. 2
Jan. 1
mmmm
•
Total sales in $1,000 units...
113.15
4s, 1944-54...
mmmm
.Close
113.16
Low
High
Treasury
2KB, 1945
51
11,000 units...
(High
Total tales in
Daily Record of U. S. Bond Prices Dec. 28 Dec. 30 Dec. 31
Jan. 3
122.4
High
Treasury
104.16
'
112
112.30
112.30
112.12
*16
Close
1
2
Total sales in $1,000 units...
Close
Total tales in $1,000 units...
(High
Low.
114.1
Cl086
Total sales in $1,000 units...
114.1
3 Ha, 1949-52
m
mmm
Low.
108.11
Close
Total tales in $1,000 units...
108.11
111.20
3
mmmm
mmmm
mmmm
108.11
111.20
Close
Total sales in $1,000 units...
mmmm
mmmm
High
3s, 1944-49
mmmm
mmmm
'
.Close
Total tales in $1,000 units...
111.20
Low
mmmm
....
'mmmm
mmmm
Low.
....
5
8
mmmm
High
10
(High
3s. 1946-48
■
.
Federal Farm Mortgage
3K8. 1944-64..
114.9
mmmm
mmmm
■
mmrn'm
mmmm
mmmm
mmmm
mmmm
mmmm
5
108.10
107.80
107.26
108.10
'
■
107.30
107.22
108.10
107.30
107.26
2
5
''mmmm
■
16
'
High
[High
113.21
113.12
113.2
Low.
113.21
113.12
112.28
Close
Total sales in $1,000 units...
113.21
113.12
1
5
(High
111.22
111.18
111.9
Low.
111.20
111.16
111.14
110.6
Close
Total sales in $1,000 units...
111.20
111.16
110.16
110.6
3
II
8
3s, 1951-55
2HB, 1955-60
■! Low.
2X8. 1945-47
Close
109.22
3
110.9
110,
Close
/.
6
110.25
110
110.25
Total sales in $1,000 units...
(High
110
110.28
[Close
110.8
110.8
*
110
Total sales in $1,000 units...
26
8
111.2
111
^Low.
111.2
110.26
109.29
111.2
110.26
109.29
[Close
109.29
Total sales in $1,000 units...
21
111.9
111.15
110.17
111.9
111.3
110.6
111.3
110.17
-
103.9
—
mm
mmm
m
i
mmmm
mmmm
mmmm
....
mmmm
103.9
....
1
*5
•''
....
m
103.2
— —
mm
—
'mmmm
103.2
''mm-rnm
-
—
mmmm
103.2
----
-
table
-mmmm
103.9
mmmm
mmmm
'mmmm
.
....
m
mmmm
mmmm
;
4
mmmm
mmmm
J Caso sale
includes
only
of
sale
coupon
Transactions in registered bonds were:
3
Treas. 3Ks, 1941-43..101.22 to 101.22
Treas. 3 Ks, 1946-49.. 112.27 to 112.27
2
Treas. 3Ks, 1943-45-108.4
Treas. 3Ks, 1944-46-109.4
Treas. 2%s, 1955-60.. 110.14 to 110.14
1
110
111.9
110
Low.
Close
Total sales in $1,000 units...
9
'
t Deferred delivery sale
above
--
mmmm
to 108.4
to 109.4
110
111
111,
High
2KS. 1960-65
bonds.
1
Ill,
Odd lot sales,
Note—The
110
6
(High
2Ks, 1958-63
mm'mm
Total sates in $1,000 units...
2
107.25
5
'
Low.
109.31
110.22
110.28
.....J Low.
2KB. 1956-59
m'mmm
mm mm
Close
111.2
107.25
107.29
----
High
1 HB. 1945-47
■
107.26
107.29
mmmm
Total sales in $1,000 units...
109.31
110.25
zHb, 1951-54..........' Low.
-
•....
-
3
m'mmm
Low.
109.31
110,
High
J
m
--
--
_
....
m
107.29
108.5
*1
'1 Close
1
[High
108.5
108.5
110.9
Total sales in $1,000 units...
108.3
108.3
2KB. 1942-44
...
mmmm
.
'
108.3
110.9
Close
m'mmm
Low.
•
----
-----
mm'm
m
mm.mm
■m'mmm
mmmm'
Close
Total sales in $1,000 units...
109.20
2
Low.
■
3s, series A, 1944-52
109.20
109.24
1
....
....
jmm, + m
mmmm
mmmm
----
....
■
mmmm
mmmm
Close
....
—w -
mm
m'mmm
'
■
Low.
m
—
mmmm
mmmm
■mmmm
Total sales in $1,000 units...
Home Owners' Loan
High
109.22
[High
2Kb, 1948-51
2KB, 1942-47
116
m
mm
m
mmmm
High
110.17
109.24
110.2
m
Total sales in $1,000 units...
4
110.2
I
Total sales in $1,000 units...
Low.
113.2
110.2
[High
3s. 1942-47
mmmm
mmmm
32
20
United States Treasury Bills—See previous page.
United States
30
Treasury Notes, &c.—See previous
page.
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER
Saturday
Monday
Dec. 28
Dec.
30
Dec. 31
$ ver share
*50
51
51%
*119% 122%
*36%
49%
6%
*21%
43
120
per share
53
$ per share
*36%
50
50
6%
6%
22
21%
21%
15%
239%
%
15%
15%
40
40%
%
%
4%
74%
4'%
....
*65
4%
---
%
%
10
9
%
74%
-
4%
-
-
-
%«
10
*8%
-
*22
43
6%
221?
h
*
%
4%
434
%
Stock
4%
74%
434
Exchange
%
9%
*
%
10%
9%
9%
81©
20%
20
20%
24%
24%
24%
25
8%
19%
24%
25
10%
10%
*10%
10%
10
Closed—
10
10
10
12%
12%
163
10
10
*10
12%
12%
*12%
12%
7
75%
35%
*16%
*1%
36
17%
17%
*1%
*15
4614
1%
16%
46%
%
934
9%
8%
*19%
24%
*10%
7
7%
*73
Day
761©
35
36
17%
17%
17%
1%
8%
19%
2414
10%
162%
8%
19U
24%
11%
62%
11
12%
7%
76%
35%
17%
*1%
*14%
35%
17%
1%
16%
9%
8%
20%
2434
11%
162% 163%
47
1534
1534
58%
161©
60%
1534
16
59%
58
7%
7%
7%
7%
7%
42
42.
43
43
Bid and asked prices, no
sales on this day.
5C
600
8,700
4K%
No par
conv preferred
Abraham & S/xauB
No par
Acme Steel Co
-.-.....25
Adams Express
No par
13*2 00
7%
42 84
12,800
4,200
1,300
1,500
7,000
800
Alabama 4 Vlcksburg Ry .100
: in receivership,
a
31% Mar
3
61, Aug
19
Sept
157, Bept
45% Apr
27% Apr
8
4
2
% Mar 11
19% Jan
58% Jan
77
1%
14%
4% May 21
7
May 21
15%May 21
634June 11
135%June 10
87,May 15
4%May 21
May 28
21>4May 22
417,
11
18
4634
1,900
Amerada Corp
16
3,400
5,200
Am Agrlc Chem (DA\..Vc par
Am Airtine8 Inc
10
734
4,700
American Bank Note
43%
390
Def. delivery,
8
Jan
5K% pt A without war. 100
$2.60 pnor conv pref.JVo par
Alghny Lud St! Corp—Afa par
58
7%
43
33%
Nov
9
7
5% preferred
100
Allls-Chalmers Mfg
No par
Alpha Portland Cem..No par
Amalgam Leather Co Inc
1
6% conv preferted
50
58
49% No«
56% Oct
5
60
100
Allied Stores Corp.__._V© par
100
Apr
Feb
40% Apr
Dec 31
100
500
149% Sept
May 21
5,000
16%
71% Sept
Apr
May 21
534June 10
..No par
New stock,
r
June
5
June 10
l%May
9%May
38%May
12%May
41% Jan
15
28
23
22
12
12%
24
Mar 20
Jan
8
Dec 31
Jaa
Jan
3
Jan
4
Cash sale,
Jan
Feb
2
Deo 10
Jan
4
Nov 26
2% Jan 9
18
Apr 22
Jan
Sept
5% Aug
4i, Sept
0%
Apr
151% Apr
10
Apr
9%
Apr
6
Apr
197,
Jan
50
16
Apr
June
3
x
Sx-dlv.
Ex-right,
Sept
21
26
9
Oct
Aug
5
Jan
Jan
Sept
sept
12
4
50
Sept
12%
1% June
Jan
12% Apr
Sept
Jan
Aug
Jan
Apr 16
June 10
18
48%
28
58% Apr
June 18
20% 8ept
23%
28%
117,
200%
147,
15%
11%
Apr
Apr
Apr
54%
21
0
Feb
2
75
35
08
% July
Apr
9% Jan
Jan
1% Sept
Dec
14
16% Apr 23
Mar
Sept
10
26%May 10
12% Apr 16
182
Apr 9
79
68
130
June
Jan 25
27%
Apr
8
14
11% Sept
25
Dec
o%
117
Dec 10
10
9
%
68
8
50
6% preferred
n
10
55
share
Apr
4
4
per
53
120
60
%June
Highest
short $
8
100
2,100
1,100
30
May 22
34%May 25
$ per
share
70% Feb 14
147
10
Alaska Juneau Oold Mla__
7%
5.7CO
May 22
per
Albany & Susque RR Co. 100
Allegheny Corp
A© par
5H % m A with $30 war. 100
12%
400
49% Dec 17
110
36%June 10
%May 23
.No par
Corp
76%
3634
17%
1%
12%
1,600
$
thai a
per
10
Addreas-Muitgr
600
%
Air Reduction Ino
No par
Air Way El Appliance..No par
Adams-Mllllscorp...
900
7%
11
Year 1939
Lowest
Highest
4%May 28
16%June 5
12%June 15
300
12,200
100
*73%
35%
17%
1%
*14%
46%
1534
*10
58%
7%
44
15%
59%
15%
Par
Abbott Laboratories
Allen Indurates Inc....
1
Allied Chemfca. 4 Dye.No par
Allied Kid Co
5
Allied Mills Co Inc
No par
12%
7%
*74
46%
*14%
Lowest
.
15
15
43%
7%
36
1%
*%
47%
59
«
161% 162%
75%
1%
434
%
15
46%
14%
59%
7%
42%
New Year's
11
7
35%
%
74%
4%
*10
19%
163
75%
6%
*74
800
*%
*
Ranee for Preniou
EXCHANGE
40
%t
20
162% 163
53
100
h
9
Shares
53
*l2
74%
100
$ ver share
53
12212 *120
122%
*3634 43
*3634 43
*51
50i2
5012
53%
65S
6*4
684
6%
22% 22%
2234 2234
*15
16
15%
15%
3934 40%
39%
40%
50%
6%
Range for Year 1940
On Basis of 100-5Aan Lou
Week
*120
15%
40%
15%
40%
50
STOCKS
NEW YORK STOCK
Jan. 3
$ ver share
53
*118% 122%
Sales
the
Jan. 2
53
*36%
CENT
Friday
Jan. 1
49%
6%
15%
8%
120
$
51%
NOT PER
Wednesday
43
39%
9%
$ per share
SHARE,
for
Tuesday
Apr
9% Sept
46%
Dec
71
3% Sept
Sept
74% Sept
24% Sept
47
Dec
17%
Jan
60
Ja0
t Called for redemption.
Volume
AND
SALE
HIGH
Monday
Saturday
Dec.
Dec. 28
9 per share
PRICES—PER
30
Dec.
31
$ per share
$ per share
7%
3712
61
61
2H2
61l2
21%
2H2
61%
6178
22
22i2
$ per share
Shares
*183% 184
2934 307g
6234 6234
2214 2234
62
2234
*110
115
*110
*110
115
*110
115
""
*118
121
119
11914
120
120
*119
121
*10
12
*10
12
*10
12
115
83s
8:
*8l4
5
5
5
912
7758
1%
*3i4
912
775g
1%
4i8
912
912
78
78
1^8
*314
9%
79
*78
1%
*1#4
*3%
188
4%
13
5%
*9%
7834
I5g
334
53g
5%
9i2
514
414
1
17
16
16
78
%
145g
145g
1478
1434
3
3
234
234
234
3%
12%
36%
3%
2634
1434
3734
3734
3%
334
*27%, 28
50%
50%
134
134
22
22
3%
*13
*49
334
13%
50
12
37%
3%
27
50%
12
38%
3%
27%
50%
1%
"1«
1«
50
158
334
1
I31I
12%
79
is
145g
*1134
12
83g
5%
1012
*10%
8%
8%
8I2
*2758
*21%
3%
22%
3%
37g
*13
13%
*12%
13%
50
*49
50
*21%
4
22%
15%
16%
15%
16%
16
163g
91
90
9034
89%
9034
12%
12%
127g
234
13
13
6%
*155
634
162
1478
15%
683g
6934
534
57g
8
8
40
40%
6%
*155
15%
69%
5%
7%
3934
7
162
*155
15%
15
697g
69%
6
6
734
40
13%
13%
166% 167%
67%
68
14
69
71
71
*14934 151
151
69%
14
1,100
80
1,200
4t4
100
*%
*15%
1%
16%
4,800
*234
3%
6934
71
72%
5%
53g
5%
7
634
4,600
17 preferred
97 2d preferred A...No par
67g
98%
8%
98%
8%
*99
56%
57%
59
7%
7%
*53
55
8%
7%
*53
6934
6%
100%
8%
8%
8%
58%
7%
55
54
26%
27%
2634
27%
2634
27%
*32%
33%
13%
33
34
34
34
133s
*11134
*11134
*12%
*1%
27%
14%
13%
134
27%
13%
134
28%
*109% 110% *10934
5
4%
5
52
52%
*40
60
51
*45
28%
28%
28%
8%
8%
8%
534
*5
5%
*80% 100
6%
6%
*45
60
37g
800
5,600
*80% 100
6%
6%
*278
*37%
634
6,100
3,800
3%
600
377g
67g
3,100
11,200
3,100
2,800
37,200
Amer Power A Light
No par
1,700
960
2,500
600
7,200
3,300
300
33%
27%
33%
14
14
*112
*12
534
5i2
6%
5%
5i2
35,200
67g
634
7%
83
*80
83
*81
92
92
*90
96
*35
3e%
94
"4,8 00
""206
36%
*34i2
3612
93%
9334
9334
18%
18
185g
18
1834
58
61%
61
60%
61
6oi4
1334
14%
14
en4
145g
61%
14%
6234
1438
14%
14%
16
16
800
*16%
18
400
68
49%
*4834
68
*48%
*68
49%
70%
24
11 Oh
7
49
49
*487g
68
69
*67%
*113
117
117
*113
116% 116% *113
6%
67g
6%
6%
*6%
6%
2%
2%
*2%
*2%
2%
*2%
*15
16
16
16
16
16%
4%
18%
3%
4%
5
25
9%
434
18%
3%
4%
5%
25%
4%
4%
18%
3%
4%
1834
5
25
9%
3%
4%
5%
25%
934
*28%
29%
*28%
29%
8
8%
25%
2634
8
25%
8%
2534
110
*103
110
*103
*31
*31
122% 122%
7%
7%
*10%
33%
33%
19%
1934
124
*7%
*10%
34%
35
19%
20
*10%
34%
19%
*56
*56
56%
*56
57
30
85%
131
30%
86%
131
8%
25%
28%
*5
5%
1,700
1
24ig
24
934
7
10
24%
131
25
20%
9%
1834
18%
*18
*13
14%
*13
*80
90
83
10
56%
20%
*2418
20
20%
9
9%
18%
9l2
734
34i2
19i2
5612
2934
87%
131
2514
20
~
31%
31%
127
*7%
*10%
8%
50
25)4
21
10%
19%
9%
400
2,100
29,400
1,700
1,100
1,200
3,800
400
*13
15
18%
*1234
18%
13
*18%
1434
13
13
10
83
*80
90
*80
85
*80
85
20
18%
Bid and aaked prices; no sale
on this
day.
t In receivership,
a
6% Jan 6
13% Aug 24
92
18
May 21
May 21
12%May 21
20
8
June
4
May 21
30%
Jan
Aug
Apr
Apr
79%
15%
Jan
Jan
4
6% Jan
6
63% Jan
8
Jan
8
10% Jan
4
21% Sept
3% Apr
32
Apr
28
Apr
8% Sept
140
Sept
54
163
Mar
4
9
8
12% Mar 5
11% Feb 23
41% Dec 13
54
April
155% Dec 26
18% Nov
74% Nov
Feb
9
152%May
1
8
12
5
23
70
14% Apr
17% Jan
93
Feb 23
18
Mar 13
175% Mar 12
89% Apr 16
91% Apr 9
153% Oct 1
6
Def. delivery.
Jan 11
9
25
50
6% preferred..—
No par
35 prior A
100
No par
No par
No par
Del (The>-8
Baldwin Loco Works v t c—13
Baltimore A Ohio
100
Aviation Corp. of
preferred—".....—100
50
preferred
100
Barber Asphalt Corp.——10
4%
Bangor A Aroostook..
Conv 6%
N« par
Brothers
preferred......—60
1
Ino.....No par
1st preferred
......100
Beatrice Creamery
25
35 preferred w w
No par
Bayuk Cigars
pfd32.60dlv sW38No par
No par
(Del).No par
7% preferred—
100
Btgelow-Sanf Corp Ino. No par
Black A Decker Mfg CoN# par
Blaw-Knox Co
...No par
Bliss A Laughlln Ino
6
Blooming dale Brothers. No par
Blumenthal A Co pref..... 100
Pr
Gash tale.
*
Jan
22%
50
80% Sept
15% Mar
Apr
10% Deo
9
Sept
25%
35%
127%
691*
Aug
Apr
Sept
20
Jan
Jan
46% Sept
63
Sept
144
Nov
Apr
69
Oct
163
Aug
July
20% Aug
8% Apr
41
Jan
140
9
Apr
15% Apr
75% Mar
137* Deo
148
Apr
73
Apr
75%
132
Oot
Sept
4% Sept
14% July
18% Oot
34
Sept
97% Sept
18% Jan
171% Deo
87%
89%
Jan
Jan
153% May
8% Jan
Apr
Apr
Apr
14%
Jan
96
Aug
28%
Apr
64% Sept
8%
78
3%
15% Sept
12
Sept
Sept
Sept
647g Jan
4
Aug
24
Apr
48
20%
Apr
Apr
Apr
40
35
13%
27% Aug
21
21
Apr
Apr
Apr
97
May
106
3% Aug
33% Apr
60
60
8%
1%
Sept
4
Deo
37
Sept
Deo
8% Sept
Sept
Mar
65
31% Sept
68
Jan
7% Sept
13
Mar
6%
10%
73
5%
Apr
Jan
100
Apr
10%
Jan
Oot
Deo
Jan
9
70
Jan
78%
Deo
5
41
Apr
81
Oct
Oot
30
Apr
38
June
90
Jan
100
June
21
Sept
39%May 21
9%May 22
64% Deo 13
23% Jan 3
8%June
9%June
18%May 21
22% Apr 20
22% Apr 20
27%May
_
102
June 24
May
7
43%June
6
7
111
Deo
9% Mar 19
51
Feb 14
*49% Deo
15
Apr
5% Aug
427*
71
jan
Mar
9% Aug
30% Jan
26% Sept
26
Sept
18% Sept
104% Apr
7
Apr
110% June
9% July
43% Apr
24%
Oot
48% Aug
May 23
80%May 13
50
Aug
71
112% June 11
4
May 21
17| Feb 7
10 May 21
124% Jan 10
116
June
127
Jan
8
Sept
2
Apr
Apr
37*
Jan
16
Nov
30%
Jan
57
Aug 16
4
l2%May 23
2%May 15
3%May 16
434 Deo 24
24% Dec 31
8%May 21
4
May 15
20 May 21
7%June
23% Dec
20%May
lll%June
18%May
10
23
21
10
21
29%May 14
May 22
7% June 11
10
Bethlehem Steel
Jan
117* June
Deo
102
Beet A Co
Nov
18%
Mar 26
.—60
20
No par
5
49
162
45
June 17
Bendix Aviation..
Feb
95
102
Beneficial Indus Loan..No par
Jan
7
687* Nov
84
May 28
Co
*26
Aug 29
105
Beech Creek RR
124% Mar
29%June18
8
..100
Oct
5% Sept
40% Jan
49%May 22
65
3
Atlas Powder
r
Apr
25% Jan
4% conv pref series A—100
Atlas Corp
.......
6
stock.
11
100% Mar
Atlantic Refining
n New
4
4
9% Jan 4
102
July 23
43% Apr
May 23
preferred.........-100
Barker
68
May 21
RR—100
G A W I SS Lines
1
5%
9
8
8
23
12
Apr 10
Feb 27
Deo 11
Apr 22
Apr 22
Apr 20
13
5% preferrred
Atl
9
14
27
82
Atlantic Coast Line
22% Deo
112
7
97%June
4
2%
MarlO
4%
21
22
22
12
4%May 22
3% Sept
Deo
3% Aug
Aug
9
Sept
25
Aug
35%
111%
7%
64%
May 21
Jan
Mar
26
5
May 21
60
Jan
11
Mar 20
121
June
4
43% Sept
Apr
3
147g Jan
3% Jan
l%June17
35
Apr
13
23% Feb
2%May 21
Jan
41
12%May 28
70% Deo 7
11% May 21
146 May 28
66% Deo 24
6884 Deo 17
_
27g Mar
25%
41%
1%
14%
9%
25% Nov
33
Sept
8
Sept
3
33% Jan
June
Apr
Apr
Dec 27
22% Jan
25
Apr
12
Jan
3% Jan
30% Nov
Apr 27
19%May 21
9%May 22
11 May 18
136
3
1
Apr
6
10
Mar 29
57
5%
Dec
12%
4
8
Fe—100
Beidlng-Hemlnway
Belgian Nat Rys part pref
1,900
25
35
Aug
6% Sept
1%
Apr 22
66% Apr
378 Apr
Feb
132
2% Sept
......—100
600
12" 500
*19%
5% preferred
Atch Topeka A Santa
Beech-Nut Packing
19%
934
May 28
)
49% Deo 26
May 26
139
58% Jan
400
33%
34%
19%
56
56%
*29%
30
8534 89%
130% 130%
122
Preferred x-warrents.No par
107
no
*122
May 21
May 16
30%May-21
22% May
6%May
3%May
96% Jan
Bath Iron Works Corp
500
*100
6
23
100
Barnsdall Oil Co.........—5:
2,000
24
33
534 Dec1 27
No par
Arnold Constablo Corp.——5
Artloom Corp
.No par
7% preferred
.-100
Associated Dry Goods
1
6% 1st preferred....—100
7% 2d preferred.
100
Assoc Investments Co-No par
Armstrong Cork Co
12,700
115
127
A
17,700
24
110
Mining
P W Paper C cine
Andes Copper
5X%
*112
*31
130% 131
24%
24%
9
2418
*123
86
19%
115
*100
86%
25
8%
24
2834
125
20%
100
8%
23%
2834
110
35
4,700
7
8i2
24l2
29
*103
7%
600
29%
107
«
32,000
10
29i2
*103
29%
9%
*
10,100
3,700
514
86%
19%
18%
434
29%
25
10,000
1834
3%
86%
19%
60
434
*112
Anaconda
Austin Nichols
3%
*6%
*28%
25
Copper Mining..50
100
18%
24
100
Smelt....1
35 prior conv pref
500
47g
-.
Preferred
Amer Zlno Lead A
6% conv preferred
Atlas Tack Corp
60
814
23%
28%
29
7%
2%
16%
434
500
19
334
30
30%
87%
*129% 131
*2%
*15
3,200
4%
7%
*1014
335g
19%
56i2
29%
7%
24%
9
125
116% 116%
*6%
"
41,100
*2814
7%
*31
124
70
*634
10
28
2634
26%
2634
115
*112
112
zll2
*113% 115
23
23
24%
*23%
22%
2234
*106% 111
*106% 111
*106% 111
*100
7
4834
47g
24
25
8
67S
2l2
7
4834
*67
100
9%
5
24%
25
7ig
49l2
70
118%
2,300
5%
3%
*6%
24
24%
2414
110i4 *109% 110%
90
27,500
3,700
9,200
434
1814
3l2
434
4%
*28%
7
1612
16
*15
1834
3%
4%
4%
24%
9%
*6%
*614
2l2
4%
4%
18%
9%
7
7
16
No par
American Woolen
7% preferred....
18%
1612
48%May 21
3,000
93%
*14
100
10
9%May 15
36 conv prior pref...No par
18%
''.I'
25
...
6% preferred
Am Type Founders Ino
28%May 21
4%May 21
June 12
ArmourACo(Del)pf7% gtdlOO
Armour A Co of Illinois —6
200
9334
14%
Common class B
6
135
8,800
36%
14%
100
Tel eg Co
American Tobacco—.....25
June
20%June 11
2 May 15
34%May 21
23
18%
13%
Amer Telep A
3
12% Sept 13
41%May 31
10 May 22
38 May 25
10 May 18
l%May 15
12%May 28
90
July 3
Archer Daniels Mldl'd.No par
*34%
*92%
18%
*16%
18%
1634 *16%
24%
24%
2334
24%
24%
*108% 111% *108% 111% *110% 111%
7
7
7
7
7
7%
Am Sumatra Tobacco..No par
45%May 21
1% Dec 24
18 May 23
107
18
15
May 21
No par
20
5
17%
1334
*35%
9334
No par
American Stove Co
American Sugar Refining.. 100
Preferred
100
35 dlv preferred
83
91
No war
American Stores—
Anaconda W A Cable..No par
400
*90%
100
6% preferred
Amer Steel Foundries..No par
AncborHock Glass Corp. 12.50
5%
*80
..100
Preferred
American Snuff...........25
230
*80% 100
92
1634
24%
Mill
25
4H% conv preferred
100
American Safety Rasor..l8.50
American Seating Co..No par
Amer Ship Building Co .No par
Amer Smelting A Refg.No par
American Rolling
1,500
700
83
1434
23
7% Jan
24% Jan
Apr
115% Mar
4% May
61% Deo
8% Nov
54% Dec
32
Apr
41% Apr
22% Mar
113% Aug
1678Nov
6,660
92
100
Preferred
300
30%
*80
13%
2%May 21
9%May 28
61
25%May 21
4% May 22
35 June 10
1,600
834
29%
92
61%
1334
Sept 30
l%May 22
3%June 17
34 Dec 21
lO»4May 21
6%
6% Nov 14
12% Jan 4
60
*40
83
9334
95 preferred
...
*8
*80i4 100
75
5
101% Apr 16
12
Apr 23
400
534
8% Feb
11% Sept
18% Sept
86% Sept
4
Jan 5
Apr 18
Mar 25
Mar 8
6% Apr 16
2% Jan 8
28% Jan 8
May
9
Apr
6% May 21
1,100
*8
17% Sept
Feb 23
9%
8%
15%
91%
3%
83% June 11
6 May 21
13%
834
Dec
Aug
6% Sept
13
36 1st preferred...—No par
2%
2834
noi2 im4 *110% 11034
4%
478
478
5
49
47%
48%
4914
60
Apr
Am Water Wks A Elec. No par
*134
29i2
109%
300
6,700
28%
29
9
18,100
"""206
*40
No par
..No par
Am Rad A Stand San'y.No par
6,300
5414
27ig
3312
1412
*89
36%
36 preferred
20
54
26%
100
No par
39%
4278
*79
*34%
*92%
Amer Metal Co Ltd___JVo par
6% preferred.
153s
73
634
54
Co.No par
Amer Mach A Metals..Ns par
5,000
*8%
.
Amer Mach A Fdj
American News Co
8,800
7%
100
Preferred
""206
9,900
2,630
*1378
1434
168% 168%
70S4
7034
1
American Locomotive. .No par
1,700
83g
*8
39%
par
5% conv preferred.......50
16
90
162
162
*12
*80% 100
6%
6%
Amer Internet Corp...N
Amer Invest Co of HI..
1£%
*13
100
6% non-cum pref
50
1534
89%
*112
60
140%May
American Ice
7%
2834
100
400
No par
Oct
4
15g
22
37g
1318
8%
28%
2834
8%
534
Oot
25%
Nov
115
50%
58%
13i2
2l8
Oct
64
15g
2134
*8
29
40%
50%
58
*134
16% Aug
3
38
1
Aug
116% Sep*
179
July
30% Aug
13% Apr
23% Jan
May 24
8
*28
May 21
13%May 28
100 May 21
112 May 23
9 May 23
6%May 18
4%May 18
8 May 21
May 28
58l2
758
*32%
*1334
14%
14%
*11134
12%
12%
13%
134
134
1%
29
*28%
28%
*110% 111%
111
5
5%
47g
49
4934
5234
14%
150
4
3
*8
54
7%
Deo
Apr
Sept
Nov 15
23
10
67% Sept
140
33%May 10
65
1
5712
73g
*53l4
26i8
59%
734
60
May 28
50
334
71
7134
7234
*154% 157
*153ig 156
534
57g
5i2
534
678
7
634
67g
99
99
9834
9834
6%
100%
1434
70%
71%
185
May 27
18
34
6% conv preferred
American Home Products
*49
1677S I68i2
No par
164
American Hide A Leather
393g
*99
..No par
Apr
83%
800
Exchange
*1312
116% Jan 29
800
72%
*638
6
5%
5%
6%
No par
$6 preferred
85% Dec 27
Apr
125
2% July 18
2,700
725g
6%
8i2
40
43%
71%
Sees...No par
Amer A For n Power
31%
2
29
334
*27%
71I2
6%
153% 153%
151
Amer European
1
3
3
60%May 3
6% Apr 23
*1214
162
*734
10
100
6% 1st preferred
American Encaustic Tiling
Amer Hawaiian SS Co
147g
167% 168
6934
69%
166% 167%
Allegh Co NJ25
American Crystal Sugar
*334
1514
14
No par
American Colortype Co
10
Am Comm'l Alcohol Corp._20
43
9,400
42%
42l2
42%
43%
43%
437g
500
154
154
156
New Year's *153
*154
155
154% 155
154% 155
;
800
51%
52
50%
*5018
52
50%
50%
50%
50% a 50%
50
*148
151%
15H2 *148
Day
*148
150
150
151%
151% *148
27
6,600
26%
27
27
2634 27%
267g
27%
26%
2634
400
*10
*10%
107g
1078
10%
10
10%
107g
10%
10%
13%
*12l4
13I2 *12%
12%
*12%
13%
*12%
13% *12%
15
15
1534
15%
153g ~5~,706
13
14%
14%
13%
13%
81
3,000
77
83'2
81%
83%
81%
72%
72%
72% 76
14
.100
preferred
Am Coal Co of
500
1%
1478
Stock
8
3934
1034
79
cony
American Chsele
4,800
log
Closed—
6%
734
*938
*78
"""500
100
Preferred
Am Chain A Cable Inc. No par
6%
11934 121
*10%
12
8%
83s
53g
6
100
Preferred
American Car A Fdy__N<> par
2,000
38
7
37ig
6%
*155
15%
71%
40%
44%
115
*110
*234
1834
1834
1814
19
*110% ll97g *1105g 11978
25%
25%
x25%
25i4
2i2
2l2
2i2
25g
4478
45
4478 46
162
7,100
1,600
4,400
Highest
$ per share $ per share
8
Jan
3% Aug
June 28
135
May 24
1% Oct
25
American Can
14%
27g
7
634
23
50
13
2%
2%
2%
234
234
19
18%
18%
18%
18%
187g
11978
*110% 119% *110% H9% *111
*24
25%
25%
25%
23%
23%
2%
2%
2%
2%
23g
2%
46%
45%
46%
45%
44%
45
38%
37%
38%
38%
3634
37%
6,500
6,400
38
1618
90%
1318
90%
12%
6234
22%
22%
378
I3i8
1578
90
128
14
138
*49
*49
1%
62
1
38
51
*50
50
*134
28
100
Amer Cable A Radio Corp. _1
5H% conv pre!
3634
334
29
36l2
3»4
277g
Am Brake Shoe A Fdy.No par
1412
14%
37%
334
3Ci4
30
9%May
45% Jan
5%June 26
May 21
American Bosch Corn
1,400
500
184
184
$ per share
3,300
.
Lowest
Highest
3 per share
Par
Year 1939
100-Stare Lou
Lowest
2,000
3,300
3i4
3
138
21%
334
*12l4
1%
On Basis of
Week
784
8
7%
8i4
37%
3714
*36% 3778
*1285s 132
*1285s 132
1%
13s
13s
1%
89
89i2
895s 895s
65s
3634
Friday
Jan. 3
$ per share
$ per share
7
7%
6%
37i2
38
3712
*1285s 131
♦1285s 131
*12858 131
13g
13s
13s
13s
1%
13s
8734
8812
873s
87%
85% 86%
*181
182
182
18378
184% 184l4
3G
30l4
3078
30i8
3078
3012
*6%
3634
EXCHANGE
Thursday
Jan. 2
Jan. 1
Range for Previous
Range for Year 1940
STOCK8
NEW YORK STOCK
the
NOT PER CENT
SHARE,
Wednesday
Tuesday
Sales
for
LOW
79
New York Stock Record—Continued—Page 2
152
Nov 26
8% Mar
5% Mar
32% Mar
8% Apr 15
1978May 10
6% Jan 2
Jan
8
11% Dec
49
16% Apr
8% Jan
10% Aug
6
Apr
13
Jan
30% Dec 13
24%
Apr
33
Feb
11% Aug
19%
Jan
15%
Apr
28% Nov
Oct
115% Nov
13% Jan
3534 Apr 16
112% Apr 22
105 May
7
32% Oct
97*
67%
36%
22%
66%
May
June 27
9
2
9
Mar 13
Jan 18
Apr
Apr
Apr
95
15
May
5%May
l3%May
Ex-dlv.
y
3
Jan 24
127
11
May
4
25% Dec 30
36% Apr 17
116% Mar 12
54
14
9% Nov
91% Sept
8% Jan
11% Sept
30% Jan
87% Jan
147g Jan
134
l09%May
3% Aug
9% Aug
37* Aug
4*4 Sept
Sept
52% Jan
28
22
25
21
23
22
21
15
15
21
14
24% May
l7%May
49%June
22%May
63%May
4%
109%
Dec
Apr
Apr
107% Nov
27% Sept
1047S gept
128% Aug
7%
52
Apr
Nov
48%
Apr
Sept
66
100
82
50% June
99% Apr
157* Apr
Ex-rlghts.
9%
73%
33%
Apr
Apr
9
16
32
16%
177*
3
34%
22%
11%
23%
July
17
Jan
Nov 20
28
Jan
98
93% Nov
39
21%
Nov
Oot
Jan
Oot
22% Deo
Deo
57% Mar
Sept
120% Sept
32% Oot
Jan
Apr
6
4
Jan
4
Apr
17%
Jan
3
~
22
Dec
36%
13%
Deo
23% Mar
Nov 23
35
Apr
57
Apr
14
8%
Apr
24%
f Palled for redemption.
Oot
Jan
Oot
Deo
New York Stock Record—Continued—Page 3
LOW
AND
HIGH
SALE
PRICES—PER
CENT
NOT PER
Sales
STOCKS
for
SHARE,
NBW YORK STOCK
the
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Dec. 28
Dec. 30
Dec. 31
Jan. 1
Jan. 2
Jan. 3
I per share
% per share
S per share
$ per share
$ per share
$ per share
Shares
Range for Year 1940
On Basis o] 100-Share Lots
Week
I7h
18%
18*«
2934
291a
*109
110
52
52
22%
18%
29%
29%
22%
17%
18%
29%
29%
30
30
108% 108%
108% 109
*107
110
17%
53
53
53% 153%
22%
223»
22%
18%
187S
18®4
19
1878
19
19
1878
19%
19%
1878
19%
"»•
%
35%
18
2934
108
51%
22%
51%
22%
17%
18%
50
2178
2178
1,400
19
19%
187S
19%
5,200
8,700
1
1,300
37
37%
4%
12%
4%
12%
4%
12%
*4%
12%
4%
12%
4%
12
1878
78
35%
4%
12%
12%
3,400
25
25
25%
25
25%
24%
25%
24%
9,400
*38%
43l2
41
40
40
12%
24%
39%
12%
24%
39%
200
43%
*44
45
44
44
35i2
414
1
*»!•
*78
*
3534
4%
18'4
*34
*35%
*35%
36%
4%
40
*39%
40
44%
*44
45%
2%
*39%
44
2%
2%
2%
2%
2%
2%
6
6
6
6
6
6%
12%
13%
1234
3034
*30%
*29
13
1284
32
*30%
22
22
22
12
12
12%
12
116% *115
5
47g
116%
4%
64%
7%
32%
*32%
18
7%
*2%
14%
4%
18%
334
9'2
7%
7%
77«
7%
4%
4%
19
1834
334
79
11
11
11
934
4%
19%
3%
9%
1734
*51%
18%
17%
*51%
1%
634
143s
1%
1%
634
14*4
67g
14%
12%
678
14%
12%
1434
12
38
38
*35
3%
*3684
*91%
29%
2%
52
3
42
234
4934
27
27
*39
92%
*91%
29%
*234
3
54
*62
19
1834
238
2%
*113
42
2934
54%
125
65
134
30
4%
35%
*20%
3578
*16
17
35
2%
4234
2%
433s
*100
42%
101
1
1
101
42
*39
92%
*91%
92%
50
29%
29%
1,000
3% New Year's
125
27
"2%
7%
65
42%
15
44%
*50%
51
7%
1484
r%»
4%
30%
4%
33%
44%
*50%
35%
%«
*10%
134
11%
1984
18
*17%
3
*2%
43%
105
*7,«
7%
14%
*42
50%
2
73%
74%
73%
9%
9%
9%
95%
11
11
2
2%
*10%
73%
9%
72
2%
26
73%
*25
69%
9
9>
9%
4234
17,800
100
1%
500
#u
1,800
7%
800
14
14%
3,600
44%
50%
500
200
h
*%2
1
1,300
*33J
•32
12
12
2%
72%
9%
69%
7l34
9%
2,300
25
9%
95
*94%
96
95
*45
60
*45
37
2,300
50
37
33,500
95
50
00
85
*113% 115
32
32%
*81
8334
*48
27%
32%
*143
50
27%
33
144
103
10334
*61
62%
1134
11%
*102
27%
*110
102%
28%
112
145
*70
*
77
*
113% 113%
32
32
*82
84
*48%, 50
27%" 28
33%
*143
33%
147
102% 103
*61
62%
11%
11%
145
77
32%
*82
32%
84%
*48%
50
27%
33%
*143
61
61
1134
12%
29
29
111
*28%
110
1%
1%
%
134
%
1%
1%
*1%
1«4
*1%
1834
13i»
20
20
19%
19%
4%
20
*19%
74
74%
72%
7534
5%
19
19%
145
""260
37%
36
278
37%
1,300
*
145
85
*82
84
*82
50
*48%
28
50
28%
33
33
28
28%
33
33%
*143% 147
106
106
29
110
75%
*66
10,400
2,600
78
78
*1%
134
1%
*1%
1%
*1%
20%
*19
78
"2*566
76%
76%
70
70
28%
29%
103% 103%
35
35
35%
35%
35%
*107% 110
*107% 110
*107% 110
10%
10%
10%
1034
10%
1078
»I«
h
84
"ie
"i«
51%
5134
50%
52 34
51
51%
29
29%
29%
29%
29%
29%
•Bid and asked prices; no sales on this day.
2,200
78
*76%
78
700
72
*66
72
40
80
500
*578
6%
2,700
*23%
24%
300
2978
29% 2934
103% *102% 104%
36
35% 3578
36%
10834 IO884 *10834 110
10%
11%
1034
11%
84
U16
84
l316
51%
52%
50%
5134
29%
29%
29%
29%
9,200
103
{In receivership,
a
No par
Class A
No par
No par
100
6% conv preferred
10%May 21
100
400
10,000
Columbian Carbon
Columbia
Pictures
100
100
Co.No par
No par
52.76 conv preferred.Ao par
10
Commercial Credit
May 21
May 21
4%May 22
67%May 28
59
June
3
71 May 29
3%May 21
1434May 24
27%June 10
38% Apr
13% Apr
Sept
i43
Sept
86% July
33
Sept
4
Sept
94% Mar
122% Mar
Apr
04% Sept
30% Dec
77g Aug
Apr
3% Apr
I097g Aug
19% Jan
72% Mar
Jan
Jan
22
Oct
18
Sept
106
May
98
Apr
17
Aug
30%.Apr 18
29% Mar 23
478 Apr
June
5% Aug
6% Apr
^3% Dec
44
Dec 10
27
Apr
101
Dec 30
8584
Oct
2% Jan 24
12%
15%
44%
51%
Jan
Dee 13
Dec 31
Dec 13
% Jan 9
% Apr 3
10
Apr
44
Aug
% June
% Aug
% Aug
7% Apr
10
34
25
9
91% Apr 8
14% Jan 26
98
Feb
6
Apr
4% Dec
Apr
63% Apr
9
Apr
79
Jan
Jan 30
46% Sept
4% Apr 26
40% Apr 18
2% Apr
15
Apr
Nov 14
140
May
68
260
133
7484 Nov 15
114% Jan 10
43% Mar 8
83% Deo 2
48
Jan
4
3
Nov
Dec
30
21% Oct
29% Sept
47% Sept
95% June
14
11% Mar 28
16% Apr 15
6% Mar 25
% Jan
105
1«8 Sept
.1% Aug
30% Aug
Mar 26
41% Apr
1
45% Apr
4
Sept
47% Jan
22% Sep*
9% Apr
2% Jan
Sept
4% Sept
Oct
20% Jan
39% Sept
50% Nov
7s Sept
l7g Jan
1% Sept
9% Mar
15% Sept
13% Jan
41
Sept
948g Oct
147g May
97% June
58
4%
34%
Mar
Oct
Oct
140
May
Feb
69
Feb
10678 Sept
20% Apr
115
69
Sept
42
Jan
34% June
21% Apr
Feb
39
Oct
78
Mar
45% May
60% Jan
38
Deo
4
125
Sept
135
Mar
131
Mar 30
105
Sept
133
63
Feb 27
58
Jan
20
Feb 21
11% Apr
145
Dec
35% Apr
Jan
62% Dec
18
Dec
8
97
8
75,638
4,800
Commonw'lth A 8ou__No par
12,300
Commonwealth Edison Co—25
4
May 21
% Dec 28
42
May 21
2578June 10
x Ex-dlv.
y
37%
Oct
11% Apr
111% Dec
247g sept
5% Apr
4
4
Apr
4
284 Aug
378 Sept
3% Aug
984 sept
8% Sept
5
26% Mar 12
26% Mar 12
7% Apr
93% Apr 8
79
Jan 26
98% Apr 4
8% Mar 15
26
Dec 11
48
Jan
3
113
54.25 conv pf ser '35.No par
Commercial Solvents ..No par
20% Apr
100
May 10
24
June
100
Cash sale,
Apr
8
Sept
108% Feb 21
66
Apr 8
r
110
Jan
41% Sept
22
June 10
n New stock,
Apr
1378 Apr
28g July
63% Aug
Jan
38% Deo
June 13
14,000
Def" delivery.
77
6%
13
95
No par
3% Sept
29% Sept
4% May
35
July
Jan
June
627g
32
56 preferred series
47
66
100
preferred
17»4
20%
32
Coram'l Invest Trust..No par
4 H% conv
9% Apr
Apr
126% Dec 26
16
6% preferred series A
12
36% Dec
85% June
112% Feb 10
16
5% preferred
July
3% Sept
10% Sept
Apr 16
41% Jan 10
83a Feb 15
June 10
2.60
Class B
Sept
63
12% Sept
14»4 Sept
67g Oct
16%May 21
May 23
12%May 21
94
108
Columb Br'd Sys Ino cl A.2.50
Columbia Gas A Elec..No par
30
7
Mar
484 Apr
76
35
Coca-Cola Co (The)
Apr
Mar
% Feb
47g Aug
June
6
•i« Dec 17
73
283s
28%
28% 28%
*103% 106% *103% 106%
100
108s Nov
847g Nov
I77g Jan
30>4 Sept
5% Jan
1% Dec 18
1% Oct 24
600
*78
Climax Molybdenum..No par
Cluett Peabody A Co..No par
46%May 16
25%May 22
25%May 21
131 May 22
99%May 21
56 May 24
Ap
Apr
Aug
113% Aug
100
100
37,500
5%
50
7
25%
11%
13%
48%
Sept
100
4%
77
preferred
Jan
Oct
3
9
5
ll«4May 10
4% 1st preferred..
4% 2d preferred
1984
24
124
Sept
9%
2384 Mar
6% Sept
Apr
Apr
3% Jan
114% Mar
578 Apr
Colorado A Southern
20%
77
24
Equipment
20
Apr
18%
2%
103%
384
3%
20
4%
5%
*22%
29%
No par
CCC A St Louis Ry Co
100
Clark
Sept 26
Sept 16
May 15
May 21
July 8
Jan
68
26% Apr 22
950
1934
1934
5%
2
30
34% Mar
208g Deo
I884 Jan
7«4 Sept
12% Feb 15
May
1
72
380
434
80
44
57g
1878 Apr
2% June
Jan
84
184
20%
24
85
6
June
1
Apr
6% Mar
8
65% Jan
6% Nov
4
Dec
1%
4%
5%
100
100
6H% preferred
City Investing Co
City Stores
4
36% Apr 29
1
*1934
*77
5
No par
56% Jan
121
*11 Dec 14
%i Dec 31
7%May 21
9 May 21
1% Aug 28
20
Aug 16
63%May 28
87t Oct 28
4
Jan
Colo Fuel A Iron Corp. No par
4%
*23%
May 22
%i Dec 28
1
Dec 27
800
20%
5%
Chrysler Corp
City Ice A Fuel
Collins A Alkman
60
19%
76%
25
300
4%
76%
23%
No par
Chile Copper Co...
Colgate-Palmollve-Peet No par
54.25 preferred
No par
19%
5%
10
Chllds Co
900
19%
%
41
100
Preferred
19%
r23%
7% preferred
May 16
20
5%
100
l078June 10
2% Oct 15
30%May 28
84% June 17
78May 15
% Dec 18
0%May 21
8%May 15
23%May 21
74
20%
23%
25
Preferred series A
{Chic A East 111 Ry 6 % pf. 100
{Chic Great West 4% pf._100
Chicago Mall Order Co
6
Chicago Pneumat Tool.No par
53 conv preferred
No par
Pr pf ($2.50) cum dlv No par
{Chic Rock Isl A Pacific.—100
Special gtd 4% stock
110
*1834
7678
Chesapeake & Ohio Ry
17%May 22
June 19
200
*66
No par
15%May 21
16 May 28
99% June 22
May 21
8,100
20
Chain Belt Co
3%May 22
May 21
4%
4%
100
May 21
2% Oct 15
88 Sept 4
22%May 24
56
62 78
19%
1%
I84
100
6% prior preferred..
1% Dec 19
4
Cerro de Pasco Copper.No par
Certaln-teed Products
1
June 12
26
117S
1178
10178 10178
28%
28%
19%
106
108
*6034
110
l%May 15
Central 111 Lt 4^% pref._100
J Central RR of New Jersey 100
100
12%
112
Aug 16
5%
6278
102% 102%
*28% 29
May 21
Clev El Ilium 14.50 pf.No par
12
*110
May 21
Clev Graph Bronze Co (The)_l
Clev A Pitts RR Co 7 % gtd_60
*143% 147
105% 106
20
160
84
*48%
42%May 15
June 15
par
45
92% Dec 30
82%May 9
3% Nov 8
75
105%May 22
6
3
4
Apr
May
126
600
85
113% 113% *113% 115
*31
*32
33%
32%
*6034
102% 102% *101% 102%
*110
1%
1%
75
28
33%
147
103% 10534
18%
34
22
*
114% 114%
18%
*62%
►
80
*2%
234
May 24
6
June 10
5
Chlckasha Cotton Oil
2%
25
2
Feb 21
Feb 21
Apr 18
Apr 3
Apr 17
6% Mar
40% Jan
39%May 23
100
17
600
2%
278 Dec 28
36% Aug 1
76%June 3
22%May 21
48
6% preferred
100
Chicago Yellow Cab. --No par
27
2%May 22
29%May 28
4
9
62% Mar 13
40
July 16
100
Central Violets Sugar Co
Century Ribbon Mills.No
Nov 13
34
par
No
100
95
*
Celotex Corp
I384 Jan
11% Dec 27
4%May 21
May 21
6
3
Sept
17,
8%
19%
23%
May 21
Central Agulrre Assoc. No par
Central Foundry Co
1
%
*45
36
par
9%
50
36%
par
100
*%•
96
36
7 % prior preferred
*8%
*11%
*45
37
Caterpillar Tractor
No
Celanese Corp of Amer.No
2,000
1,800
*94%
37
100
No par
3
*2%
100
{Chesapeake Corp
105
14
50% July 25
1
Case (J I) Co
Preferred
300
50
3
6
3
95%
*284
Carpenter Steel Co
Carriers & General Corp
5
3
2%
10
Carolina Clinch & Ohio Ry 100
Cab Mfg
*45
2%
1
Checker
44%
*50%
h
2%
26
No
25l
par'
500
1484
*8
11
27
2678 Feb
18 ■%
44%
22
988
May 21
Cham Pap & Fib Co 6% pf. 100
Common
No par
20
7%
60%
15% Jan
700
*%
7%
82
20
%
32
1%
600
*138
»
la*
*8%
*26
42%
*100
1%
*1%
5034
%e
10%
2
1,040
20
*100
9%
27
2,300
18
1%
%
7%
15%
44%
%B
27
4%
*19%
*2%
42%
6,366
31
May 22
May 21
11
Preferred
100%
35
3378
2034
2034
103% 103%
21%
*103% 104
43
*8%
9
30%
4%
*21
%
9
*93
3078
4%
ht
%e
2%
100%
35%
35
7
%
%e
200
*93
31
%
%6
50
300
®16
51
1,600
11
6% Apr 22
9
Canada Dry Ginger Ale
6
Canada SouthernJEty Co—100
Cannon Mills
3
16% Oct 23
39
Calumet & Hecla Cons Cop
5
Campbell W & C Fdy..No par
Capital Admin class A
53 preferred A
106% Aug
12% Jan
3
1
Canadian Pacific Ry
Apr
4
1
Sept
Apr
21% Apr
11% Apr
7% Jan
50
41
9484
29% Apr
Oct 31
5
15% Dec
30% Aug
25% Nov
13% Jan
35% Nov 15
21% Jan 10
36
Jan
Jan
Apr
7
Apr
15% Aug
23% Apr
..No par
6% preferred
Callahan Zinc-Lead
13% Apr
31% Jac
9% Apr
I57g
4
Dec 10
4%May 21
No par
5% preferred
200
*1%
%«
5,000
"2" 800
3
*99% 103
%•
1878
2%
2%
1%
14%
630
478
4%
43%
*42%
3,700
*1%
30
101
42%
4,400
27%
478
*2%
1%
42%
49
27%
5%
2%
2 84
15
48%
120% 120%
7%
784
*62% 65
1834
I884
*2%
2%
113% 113%
2%
234
6%
40
*5
3
678
2,300
*1%
1734
678
1434
1,600
5434
126
277S
120%
7
3%
5434
*124
49%
48%
120
1,200
42
*3
3%
55%
125
*113
16%
%
*50
*234
64%
Day
3%
*92% 100%
35%
•i«
600
2934
*39
*3
534
234
4%
%
37
*29
547g
17
*2%
37
12,000
*91%
2078 207S
20%
20%
104% 104% *103% 104% *103% 104%
19% 19%
19%
19%
19% 19%
*16
3%
3%
10
Closed—„
42
2934
21
438
40
*3
*62%
*1%
*5%
234
3
*93
100%
2934 30%
100%
*3634
*113
5
4%
3%
3734
3%
2%
1%
*38
1,400
7,600
Exchange
2%
5
2934
3%
2%
*284
*93
i
23s
534
3
4,700
40
18%
2%
*2%
634
1478
12%
12%
1834
*5
634
*14%
*38
Stock
California Packing
"s'ioo
Sept
784 Aug
6% Jan
72% Nov 14
8% Nov
l7%May 28
2%May 24
6%May 22
By ere Co (A M)
No par
Participating preferred..100
2,100
1%
678
14%
18%
*134
18
55
2 May 21
6%May 21
119
30
6
Byron Jackson Co
1%
Jan 19
Mar 15
10
1,200
1%
12%
1834
*113
18
*51%
17%
Butler Bros
3,800
330
20
1
Butte Copper A Zinc
10%
par
3%May 22
dep7%pf-100
1,600
10%
55
Burroughs Add Mach_.No
Bush Terminal
4%
82
684
May 21
Burlington Mills Corp.
Bush Term BIdg
7
May 23
6% conv preferred
10%
*14%
12%
'
2,000
7% preferred
1,200
10%
49% 49%
27%
27%
120% 120%
7
7%
*62% 65
50
484
82
1%
37
125
20
10%
17%
40
92
384
15,500
500
330
11
7
3
*19%
334
484
*51%
1434
3%
234
16
81
1%
3
125
4934
65
1834
2%
36%
27% 27%
119% 120
7
7%
7%
*61
37
53
119% 120
1734
55
3%
8%
*2%
1534
434
10%
12%
*37%
3%
125
126
12
3
*38%
91%
29%
234
92
29%
49%
678
12%
37%
3
52%
*125
55
May 28
3
17%May 21
700
5,000
81
11%
97
21
12%May 22
7% Dec 23
18
32 84
*10
80
10%
234
384
103s
80
11%
1%
37
4
100
No par
100
7% preferred...
33%
8%
20
80%
1778
3%
*19%
378
934
1%
3%
4%
1934
4%
May 21
14»4May 21
6%May 23
1
8%
16
19
177S
*51%
54
8%
6
No par
18
*2%
Budd (E G) Mfg
par
No par
18%
15%
484
Bruns-Balke-Collender.No
Bueyrus-Erle Co
Bulova Watch
3234
18
284
No par
1,300
5,000
Bullard Co....
34
32%
18%
83s
100
30%
3,800
33«4
3234
15%
Jan
No par
34%
8
Aug
2
Budd Wheel
3284
18%
2%
*14%
53
8,200
33%
8
4I84 Apr
1% Apr
7% Apr
..5
7%
18%
234
63% Apr 5
4% Nov 1
2484 Sept 11
25% Jan 4
37% Apr 30
29% Apr 6
12% Nov 26
Brlstol-MyereCo
780
35
14%
Aug
7,800
33
734
41
5%
1734
234
Apr
65%
34
14%
31
116%
33
27S
15%
3l7g
41% Nov 13
May 22
38 May 23
1% Jan 5
27
18%
734
47g Sept
3484 Oct
7*4 Feb
27
3834 Nov 15
May 21
Brown Shoe Co
33%
Jan
Apr
Apr
16% Apr
8
5
734
Aug
32
1334 Apr 29
26«4 Nov 12
12
33%
7734
2%
*38*2
z7%
Dec
22
4% Dec 26
22%
7%
32 %
3234
378
9%
80%
37
7%
24
JaD
13%May 22
64
5%
65
jaD
Apr
Briggs Manufacturing.No par
Briggs & Stratton
No par
Brooklyn Union Gas...No par
116% *114
5
64%
Jan
63% Dec
Brewing Corp of America
3
Bridgeport Brass Co
No par
3,500
12
Jan
28%
121% Dec
Jan
12%
16%
I884
1%
19%
5%
29% Apr 25
% Dec 6
May 22
13%
30%
61
24% Mar 27
2578 Jan 3
284 Jan 4
3484
Sept
800
5
*684 Nov 26
1234 Doc 24
*22
16
100% Sept
Bower Roller Bearing Co
500
26
I684 Aug
9
Nov
600
Brooklyn & Queens Tr.No par
Bklyn-Manh Transit--No par
12%
34
Highest
$ per share I per short
28% Apr 15
June 10
1,400
13%
31%
*114
100
Lowest
123% Jan 3
70% Mar 20
1278May 21
8,000
22%
5%
17
6
2%
1178
67
65
1
15
6%
22
116%
5
5%
68%
66
66
No par
6
13%
*1278
*30%
99
2%
6
6
31%
22%
12%
22
12;
*115
*2%
12%
22
1
37
1234 Aug 16
1934May 22
May 23
61% Dec 30
19 May 22
5
No par
Bond Stores Inc
Borden Co (The)
Borg-Warner Corp
Boston & Maine IiR
Year 1939
f per share
fi
Bohn Aluminum <fc Brass
Class B
180
53%
Boeing Airplane Co
Bon Ami Co class A
Range for FresUns
Highest
5 per share
Par
700
108
*51%
223g
19%
19%
Lowest
10,300
2934
Jan. 4, 1941
Apr
14
Apr
14
Apr
5% Apr
74% Jan
62ig Jan
73
Apr
0% Dec
15% Dec
3884 Apr
98% Oct
42
Apr
Mar
6
I0384 Sept
16% Apr
5
8% Aug
184 June 28
73% Jan 8
Apr 8
1% Dec
46»4 Jan
z25% Apr
33
Ex-rlghts.
8% Sept
25% Dec
25% Dec
9
Feb
91
Mar
83
Feb
96
Oct
15% Jan
30% Mar
67
Jan
109% Aug
60
Jan
110% June
16
Sept
2% Feb
72% Aug
32% Dec
1 Called for redemption.
w
Volume
New York Stock Record—Continued—Page 4
152
81
AND
SALE PRICES—PER
HIGH
Sales
Range for Year 1940
NEW YORK STOCK
On Basis o} 100-SAaru Lots
the
SHARE, NOT PER CENT
STOCKS
for
LOW
EXCHANGE
Saturday
Dec. 2$
Monday
Tuesday
Wednesday
Thursday
Friday
Dec. 30
Dec. 31
Jan. 1
Jan. 2
Jan. 3
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
3%
3%
173,
267,
128,
95%
17%
267*
3%
3%
17%
26%
17%
2034
334
17%
207,
*3%
17%
20%
12%
13%
*13%
13% 13%
95
95
95
95
*94%
96
*96% 96%
96%
96*2 96%
7
7
67,
7%
7%
67,
22% 22%
223, 22%
22% 22%
106% 1067, *106% 1007,
1007, 107
%
%
%
%
%
%
*734
8%
77,
77,
7%
8%
3
23,
2%
234
234
*234
5%
5%
5%
5%
5%
5%
h
%
%
%
*7,
1%
4
4
4
4
4%
4%
*17%
197,
1934
197,
203, 21%
*105
*105
106
106
*1048* 106
15
15%
153,
16%
15%
15%
7%
73,
7%
7%
7%
7%
%
%
"it
%
%
%
3%
17
903,
47%
98%
3%
4%
*2
4
77
78%
91
91
91
47%
97%
*2%
98%
46%
90%
2%
4684
9734
2%
4%
3%
4%
7634
4
mmmrn
9
13%
24%
1%
4834
3084
9%
28%
28%
24%
1%
*43
308*
*70
80
*24
9
28*4
*70
*70
3134
9
28%
534
734
%
8
700
3
1,100
36,000
57,
5%
*%
4%
200
1%
4%
2084
*19
2,400
500
200
105% 105%
157,
15%
7h
784
784
4,200
2,900
%
*>%«
84
400
80
79
79
38%
7."'
3884
38%
39%
7,000
784
1,600
3,100
*
•itmrnm
7%
38%
4
19
22
18%
*55
50»4
*447,
19%
22%
187,
57%
51%
*434
106
18%
*4
4%
27%
26,100
18 84
19%
217,
18%
22
*55
20,100
1,200
2,100
18%
57%
.
51
290
45%
11,900
176
330
*434
1,600
2,000
8,000
47,
*%
"it
18% 18%
105% 10584
18% 18%
*4
4%
2634 27
180
3,100
800
1434
14%
91
91%
420
46%
97%
44%
95%
2%
4%
*75%
2%
47%
98%
3%
4%
76S4
17,500
95%
Closed—
14%
91%
4484
Exchange
15
91%
,
13%
4%
76%
44%
13%
25
25
44%
1%
*43
134
48%
32%
9%
78
4%
*74%
*42%
*13%
2484
15%
3,400
60
9,000
Consolidation Coal Co
200
500
,18.4
12,600
32%
9%
1,200
33,100
47
m
29
*70
Continental Bsk Co el A No pat
Class B
45
*43%
47
20
20
19%
*3%
20
*3%
•: 4
*17%
18
4
*17
18
45
i
*43%
47%
19%
*43%
19%
*35,
*17%
*7%
19
19%
Continental Insurance...$2.60
Continental Motors
...1
Continental Oil of Del
6
Continental Steel Corp.No par
Copperweld Steel Co
6
conv.
4
*3%
*17%
18
7%
7%
7%
7%
*113
11334
11334 *113
11334 *113
20
21
21
21%
21%
20%
*27%
27% 27%
277,
27% 27%
7%
18
*17%
11%
2%
*18
11%
2%
*18
>11
*115% 116
*16
*16
116% 116%
14%
29%
85%
9%
14%
28%
29
40%
87,
18%
85%
9%
*4012
■87,
18%
14
41
14%
*29
87,
177,
85%
36
36
21%
1534
21%
76»4
7634
16
13684 137%
217,
63,
9%
21%
*6%
9%
119
*117
18%
1134
234
r
11%
2%
40%
-
9%
18%
86
18
7%
*113
2084
277,
18
18%
11%
234
1134
234
*ht
%
116% 118
11%
2%
14%
28%
♦he
116%
137,
*28%
*4034
14%
28%
41
*40
9
9%
1784
17%
*8512
*87,
9%
mm+.~"~m
Preferred..—.—100
Coty Inc
1
Coty Internal Corp
1
36
21%
2134
15%
15%
2134
15%
137
217,
03,
9%
*21%
6%
9%
163% 165%
164% 1657,
*1243, 125% *12434 125%
7734
21%
$2.26
pref w w..No par
No par
Crown Zellerbach Corp
5
7u
3%
32%
28%
31%
*29
m «*
■'V'
$5 conv preferred. ..No par
Crucible Steel of Amer.No par
5% conv preferred.....100
Cuba RR 6% preferred... 100
Cuban-American Sugar
10
Preferred..
Cuneo Press Ino
*18
30
40%
41
*109% 111%
63,
*04
72%
6%
66%
72%
85
*77
7j«
9%
Prior preferred-....No par
Curtlsa-Wright
Class A
37,
32%
Cushman's Sons
7% pref.. 100
$8 preferred.....
No par
125
mmmrn
ht
28
28
313,
29
3184
291,
41
72%
*78
/
30
72%
72%
72%
85
77
77
6%
si«
%
33
33%
4,300
16%
167,
15,800
1,700
9,800
2,500
1,000
1,600
1,200
1,400
17%
163,
•1«
he
*7i«
he
37,
3234
27%
3184
37,
4%
32%
31»4
2784
3284
29%
78
*77
*34
"it
*%
584
i*i»
%
5%
46%
20%
12%
98%
24%
1334
384
6%
46%
40S4
21
21
46%
20
*12
98
*22%
*13
3%
•it
19%
*97
113,
377,
•n
30
%
7
46
21
127,
*12
12%
*94
95
24
24
*24
24
13%
13%
334
*13%
13'4
334
•it
•a
8%
334
♦•it
18
"it
193,
9784
18%
19%
97
97
*95
1H4
38%
12%
*12%
*37%
38
*37
12
99
18%
97%
12%
37%
Bid and asked prices: no sales on this day.
%
%
*72
3%
784
30
*%
*5%
45%
21%
*11%
*96%
*2334
*13%
37*
*%
80
June 13
23% Apr
Delaware Lack A Western—50
11% May 22
8%May 21
2% Dec 20
19% Apr
23% Jan
5% Jan
No par
26
6% partlc preferred
Diamond T Motor Car Co...2
Distil Corp-Seagr"8 Ltd .No par
6% pref with warrants—100
No par
...No par
Dixie-Vortex Co
Class A..
Doehler Die Casting Co No par
Dome Mines Ltd
N» par
Douglas Aircraft......No par
Dow Chemical Co
No par
Dresser Mfg Co
No par
—1
No par
8% preferred
.....100
Du P de Nem (EDA Co
20
$4.60 preferred.....No par
Dec 23
9
30%May 22
14 May 21
ll%May 22
05% July 8
127% Nov 27
14% Jan 12
5 May 21
9i2June 10
113
Oel22
l46%May 28
14% Apr
88
% Dec
*72
80
734
30
30%
45%
127,
99
25
1334
37,
400
45%
2134
*11%
*9612
2334
*13%
*334
2,200
1,200
1,900
3%
$6
preferred.
....No par
Battery..No par
El Paso Natural Gas..
Endicott-Johnson
Corp
—3
60
85H preferred......No
$6 preferred—......No
Equitable Office B!dg..No
tErie Railroad
63
par
66
par
77
5
Ex-CeU-O Corp
3
120
Jan 17
2,100
2,200
3%
1,500
Federal Motor Truck..N# par
200
Federal Water serv A.No par
Federated Dept Stores.No par
*»xt
*1884
18%
90%
9012
*96
97
12%
37%
12%
37%
*12%
37%
1234
37%
,
%
1834
1,000
300
900
3,100
Def. delivery,
AH% conv preferred——100
Ferro Enamel corp.........1
Fhlet Phen Fire Ins N Y.$2A0
n
New stock.
r Cash sale.
Deo 10
Apr
17% Jan
413* Apr
18% Apr
1*4 Jan
8% Jan
40% Nov
30% Nov
33%May
41% Jan
46
Apr
9
4
16
20
4
8
3
13
Mar 19
112
12% Jan
8
83
Jan
8
89
Jan
8
97
Jan
Apr
Apr
Apr
126%
112
Sept
111%
12%
3%
138%
165%
15%
1512
22%
8%
1%
6%
20%
18%
23%
Sept
28
Apr
July
Apr
Sept
Apr
Sept
Apr
Apr
Sept
Apr
Apr
Apr
Apr
Jan
32% Aug
*103% Mar
7
Apr
02is Apr
65% Apr
69
Apr
% Aug
1
Aug
11% Apr 25
3434May 10
45%
100
Deo
108
2% Deo 0
5 May 21
20% Jan 15
% Oct 24
300
Mar
67% Aug
3% June 10
29% June 6
17%May 21
11 May 23
23%
13%
0
;
13% Jan 18
1%
prof....100
Fairbanks Morse A Co.No par
Fajardo Bug Co of Pr Rico—20
Federal Light A Traction—15
$0 preferred——No par
Federal Mln A Smelt Co
2
Federal-Mogul Corp
6
;
Aug
Apr
17* Sept
Exchange Buffet Corp.No par
100
55
101%
1% Apr
Fairbanks Co 8%
09
Mar
10
Apr
20% Sept
3% Jan
140
127,
30
% Dec 21
%May 15
07fs Aug 7
200
22
13% Sept
60
Sept
9% May
% Jan
1% Jan
100
Evans Products Co
Apr
Sept
Apr
36% Sept
5% Aug
18
28
% Deo 20
%May 15
pari
4% 1st preferred.
.100
4% 2d preferred.......100
Erie A Pitts RR Co..
60
Eureka Vacuum Cleaner....5
May 31
May 31
Dec 31
%
"le
a
$7 preferred..—No par
Eleo Storage
lO%May 28
25 May 21
10%May 21
% Deo 16
3 May 15
l8%May 21
15%May 21
«24%June 6
26 May 21
36 May 22
102 May 22
5%May 21
67,
187,
J In receivership,
......
734
30
*%
67,
%
7
22
2,600
2,200
2,200
80
3%
♦7%
3%
300
"it
*34
Elec A Mus Ind Am shares...
Electric Power A Light. No par
$5 preferred..——No par
1
*84
*1
Eastern Rolling
103
9
Mar 30
85
10
June 10
July 24
12% Aug
2%May
TiiMay
15 May
79
June
27
15
22
28
Apr
65% Sept
3% Sept
Feb
5
Deo
Jan
110
Jan
82% Aug
13
Apr
41% Jan
40% Feb
37% Mar
17% Dee
94
Deo
Jan
8% Sept
Sept
93
Sept
13
Sept
28% Deo
7% Sept
63% Sept
""13%
Nov
32% Nov
91
Nov
65% Juno
25
7
Sept
June
0
Apr
Apr
% Dee
2% Apr
24
Apr
20
Apr
14%
18% Deo
28
Oot
87*
1%
125%
32%
84%
447*
10%
20%
Sept
Jan
90
July
Oot
Jan
July
July
Nov
Mar
13% Nov
35% Jan
22% Jan
34
July
87% Nov
144% Deo
17% Deo
19% Jan
14
June
116% Nov
188% Sept
124% Aug
1181s Feb
317* Deo
8% Sept
180% Jan
183% Feb
807* Oot
197* July
40% Oot
18% Nov
8% Mar
12% Jan
41% Jan
88
Feb
35
Sept
42% Nov
65
Sept
111
Jan
137* Aug
80% June
89
Aug
05
Aug
17*Sept
3
Sept
6
Sept
3% Sept
05% Sepf
5% Mar
13
Jan
11
Apr
25%
2%
87*
437*
88%
18%
Mar 27
81
Jau
98
29% Jan 15
15% Oct 2
4% Jas 4
29
Deo
31% Deo
2% Aug
%May
'"*6%Nov
1
Jan
3
8% Mar 11
49% Apr 8
31% Apr 18
187* Apr 3
102
1
Jan
9
25
Jan
3
6
98% Deo 21
10 May 21
27%May 21
40% Feb 14
zBx-dlv.
5
2% July
88
112% Deo
25% Oct
27% July
11% Apr
12% Aug
3% Sept
Feb 29
10
61% Sept
67% Sept
Aug
177
Sept
15% Apr
Apr
3
~
24% Apr 23
23% Jan 10
047*May 10
171
Apr 9
30
Apr 24
10% Jan
407* Deo
6% Nov
8lis Jan
82% Sept
17% Mar
10% Sept
23
Dec 30
86
Apr
Aug
Sept
103
9
125% Jan
23% Jan 10
86% Apr 10
43% Feb 3
10% Feb 21
20% Nov 12
51% Sept
116
May
Apr
34 Jan
200
200
Jan
13%
3%
14%
4%
28% May
5% preferred.
—..100
Engineers Public Service
1
20
Deo
45
107
Sept
mmmmm mm m
4
6% Mar
18% Nov 12
8% Apr 4
114
Nov 22
9
Sept
1017* Deo
,17% Dec
22% Mar
"Aug "19%
3% Sept
38
Apr
May 10
June 10
5,600
1%
*he
%
*he
34
3%
77,
2734
33%
31
2934
*40
417,
41% 41%
110% 110% *110
110%
6%
6%
0%
684
657, 657, *65% 66%
73
*69
*70% 72%
27* Aug
3
Apr
48
Aug
4
37
®4
80
6
60
Oct
6% Sept
84
62% Sept
9
l3%May 22
20
........
Duplan Silk
33%
Apr
June
20
23
Aug
Jan
Mar
Mar
Sept
96
Apr 22
21
Preferred
Dunhlb International
33
75
29% Feb 24
4% Jan 4
May
Mar
62
91% Feb 24
45% Deo 31
51
35
108%
2%
12%
77*
97*
24% Apr
8% May 10
17
Apr
26% Jan
67* Aug
20% Apr
33
Sept
28
Apr
9
Apr
Sept
3%May 22
500
......
93
6
4% Jan
Jan
647* Apr
Sept
3
Sept
% Sept
16
Sept
Dec 13
180
15
49
Apr
Aug
Apr
150
47% Deo 13
May 22
*14
Apr
42
Davega Stores Corp
6
Conv 5% preferred......26
800
4,000
Apr
4% Aug
19% Apr
73% Apr
Davison Chemical Co (The).l
200
2,300
jSept
5
29%
1%
19%
16%
Mar 29
98%May 22
12%May 21
25%May 22
32 May 21
4%May 15
12%May 21
66%May 24
......
*106
3
June 10
15
1
7%
29%
%
*5%
45%
^0%
*11%
*90%
95%May
Aug
Sept
Jan
30
27
4
x99
11
Mar
2
88% Apr
45% Dec
45% Deo
21%May
Feb
91
2
5
7% Jan
85
100
Nov 29
106
per share
8% Feb
30% Jan
32% Nov
9% Oct
Dec
92
Diamond Match
400
1
Highest
;
*87% Sept
32% Apr
June 10
Devoe A Reynolds A ..No par
10,100
6% Apr
Apr
79% Apt
7% Nov
27
Apt
01*4 Jan
'4 Dec
7% Sept
3*4 Dec
6% Aug
1 1
July
1% Apr
8% Aug
88
Sept
9% June
11% Apr
75
Detroit Edison...........100
160
6
8
15% Aug
73
35% Oct 28
11% Mar 8
32% Mar 14
590
1,000
2,700
3,200
2,000
1,400
8
22
*14
1
*71%
3%
7% Apr
1% Apr
24% Jan
155
33
....
34
33,
734
2934
%
6%
Deo 16
Mills..—.6
Eastman Kodak (N J).No par
0% cum preferred
..100
Eaton Manufacturing Co—.4
Edison Bros Stores Ino
2
Electric Auto-Lite (The)
6
Electric Boat.....—......3
%
80
184
May
61% Jan
65% Jan
1,100
Ml,
*71%
3%
734
293,
70
4%
4%
4%
138
139
13834 139
*180% ■'.»—
*180%
34
337* 34%
34%
"it
3%
June 17
900
116% 117
4%
34
7%
29%
6
8
8
8
3
4
25
44%May
6% Nov 12
166*4 Jan 2
"l«
80
Jan
Apr
25%May
33
118% Jan 19
**1,
7%
29%
971s Jan 10
49% Apr 9
116% Jan 20
9% Apr 9
40% Mar 5
4% Feb 2
114 May 22
"it
3%
19is Apr 24
15% Jan 10
1% Apr
2534June 10
3
May 15
117 June 10
7,
*71%
108% Deo 11
H2%May22
%
%
233,1 Nov 15
Duquesne Light 6% 1st pf.100
*18
34
9% Feb 21
82% Apr 5
110% Mar 25
1% Jan 6
10% Apr 4
4% Apr 4
8% Apr 9
2% Jan
5% Nov 14
Apt
Apt
29% Dec 23
6% July 26
21%May 21
900
1,800
3,500
Dec 11
Eastern Airlines Ine.—.1
"it
»W
100
h$ Deo 10
119
162% 163
1247, 1247,
34
78
si«
5
19
80
33
a4
*84
6%
9%
*534
*9%
3
24% Feb 17
31% Apr 16
16
Apr 8
99% Dec 11
4,600
125
116% 116%
%
♦
1397,^40
21% 217,
0% Jan
short
per
33%
163%
27%
3134
*29%
32%
111%
6%
657,
657,
*11
78
*117
163
28
66*2
*64
15%
15
60 May 21
45% Dec 31
9% May 23
19%June 6
1% Oct 10
31
per share
189% Apr 8
129% Deo
32
41
41
6%
22
15%
78
119
32
109% 109% *110
6%
36%
*21%
21
21
10
24
IDenv A HO West 0% pf. 100
100
*35
17
12
22
14%May 15
3 May 21
l3%May 22
300
37,
7i«
4
Cutler-Hammer Ino...No par
22
11
Delaware A Hudson......100
10
125
163% 164%
37,
31%
27%
*31%
29%
.
.............
75 May
25 May
76% Oct
l%May
3% Aug
Lowest
823* Feb
Dlesel-Wemmer-Gllbert.... 10
88
13934 140
21% 21%
*5%
6%
*9%
9%
—1
17% Deo
3%May
18%June
30
July
80%June
12 May
6
300
*834
18%
May 21
l06%May 31
4%May 21
27% May 26
2
May 16
10% June 10
18%May 21
15% Mar 10
47 May 21
41 May 28
40% Deo 10
166 May 26
4 May 21
'uSept 28
7,500
7,400
1,000
*857,
*117
119
*16
334
32%
4012
37,
323,
2834
31%
93,
9%
78
.......6
Curtis Pub Co (The).—No par
Preferred.
No par
Dayton Pow A Lt 4H% pf-100
10
36%
21%
1534
........100
5M% conv preferred
100
Cudahy Packing Co.......80
Deere A Co...—....-No par
88
77
V- '.')'■•■■■
6
9%
m'mmm-
—
9%
conv
Pre! ex-warrants
10
18%
June
33
June 13
1,500
12
70
76
5,100
'
% Aug 20
6i* May 22
2%May 23
6i?May 22
7g Dec 28
2%May 21
8% May 22
93%May22
9% May 21
7%May 21
% Dec 27
6% conv preferred
100
Cream of WbeatCCorp (Tbe).2
21
41
41
41
1584
*116% 117% *110% 116% *116% 117%
34
34%
3434 3434
34% 34%
4%
4%
4%
4%
43,
4%
139
138
134 / 136
136% 138%
*181
' *180%
*180%
34%
347,
34% 35
34% 348,
15
*14
15
15
*14%
*13%
34
33%
337,
34%
33% 34%
17
167,
16%
17%
16%
167,
■«n,
*17%
Ul2
2%
4%May 21
June
2734
20%
27»4
76
13
Co
113
113
2%
*%«
%
:
%
117
*116% 117
14%
14%
14%
29%
27% 28%
2»4
800
18
21%
2134
6
125
......
18
*35
140
*117
119
*117
77
18%
11%
......
7%
*8 34
36
21%
*15%
77%
140
11334
21%
277,
4
18
*857,
9%
9%
35%
7734
7%
2,000
May 29
May 29
25
Crane
mmmmmm
18
88
*87,
35%
139
4%
18
47%
187,
pref. 6% series....60
Corn Exch Bank Trust Co.20
Corn Products Refining
25
4,800
78
*43%
1834
*3%
*17%
7%
......No par
8% preferred
....100
Continental Can Ino.......20
$4.60 preferred.....No par
Continental Diamond Fibre. 6
'
*43%
25
6% conv preferred
100
Consumers Pow $4.60 pfATo par
Container Corp of America. 20
710
1,000
2484
32%
9%
287,
«%
3,700
44%
13%
*43
29
*70
*2
33
29
80
$2 partlc preferred..No par
Consol Laundries Corp
b
Consol Oil Corp
No par
Consol RR of Cuba 6% pf.100
No par
270
45
7% Jan 29
97%May 21
Crown Cork & Seal
45
2%May 22
May 18
l7%June 10
14
21% Nov 29
5,000
45
$
$5 preferred..
...No par
Consol Film Industries.....
No par
44%
$ per share
03
Year 1939
Highest
Consol Edison of N Y..No par
Crosley Corp (The)
45%
*44
100
100
6
700
45%
*45
No pat
7% preferred
0H% prior pref.,..
Consol Coppermlnes Corp
300
51
44%
%
18
77;' :7 ' ;7'
4
37,
47,
I884
2634
38%
175
•i«
7
*7%
38
.4534
18%
106
100
m'mmm
7%
38%
4%
177
*175
Conde Nast Pub Inc
Congoleum-Nalra Inc-.No pat
Consol Aircraft Corp.......J
Consolidated Cigar
No par
3.100
80
'
1%
48%
3184
9%
2834
*45
3%
1%
4%
2012
%
*%
*7%
*27,
8
6,400
40,8 CO
1,000
1,E00
22%
107%
22%
107
%
250
7
67,
4%
*J9%
105% 10512
157,
15%
25
80
31%
7
534
*7,
77
48%
31%
9%
287,
*45
96%
*27,
45% New Year's
13%
25
Day
1%
*96
*7%
45%
13%
1%
1%
96%
%
25
13%
70
14
14%
22%
107% 1071,
76
mm mm
4,200
1,400
96
07,
22%
.
.
13%
7534
•
13%
4
14
*9434
*96
Stock
91
467,
2,500
96
/
14
37%
90%
468*
07%
27
26
400
37,
17%
26%
*3%
17%
26%
Par
*94
: '
79
79
*79
7984
*79% 81%
38%
37%
38%
38%
3812
*109'%, 110% 109"a»109«» *109,1nll0%
73,
7%
7%
7%
7%
7%
39
39% *378, 38
38%» 38%
4
4
4
4%
4%
4%
19
18%
187,
1834
19%
19%
21% 218,
2134 2234
2I84 2134
18%
183,
18%
1834
18%
1834
*55
57
*55
66% 67
567,
49
50
50
49%
49% 50%
447,
44%
447, 4534
45% 46%
180
180
179
180
*179% 180
47,
412 1 4%
4%
434
4*2
»I«
%
%
*2
*2
*%
187,
193,
19%
18%
19%
1934
*105% 106
105% 105%
10534 10534
18
18
19%
18%
18% 19%
4
4
4
4
37,
4%
27
27
267* 273,
27%
27%
45
*45
44% 44%
45%
45%
*44
45
46
44% 448,
45%
15
15%
15%
15%
14%
15%
3%
17%
Lowest
Jiangs for Previous
20
u Ex-rlghts.
Jan
3
18% Apr
82% Sept
17% Nov
27% Apr
Nov
Jan
Sept
Jan
Sept
Aug
Deo
1% Jan
27% Oot
89% Feb
23% Nov
40% Deo
1 Called for redemption.
New York Stock Record—Continued—Page 5
82
Jan. 4, 1941
AND
Dec.
Dec.
28
*13
20^2
17^4
18
♦lOFs 103iS
40
40i8
102
40%
1478
20%
7%
7
*10712
16%
31%
31%
*107%
17%
1177g
117
2%
*2%
...
167g
17%
116% 118
*2%
3
39
40
41
41
38%
387s
2
38%
*17g
2
17
2%
17%
39
2
2%
17
167g
19
19
*19
*103
107
*103
*5
5ig
*10i2
11%
*45
52
4%
*101
54%
658
*133
3%
5i2
2
16%
107
5514
6
136
3ig
5%
11%
11%
3
126
126
45%
45%
4%
*4
6
6%
*106% 108
%
%
44%
108
4
6%
6%
108
%
108
%
*106% 110
14%
15
*107% 110
%.
»ie
14%
14%
%«
sit
*103
107
5
5
*5
*11
12
*11
50
*45
5
*101
106
*101
44%
4%
Sl«
18
*17%
2578
1078
11
11%
1078
62
60%
21%
12%
21
21%
20
20
104
103
11%
11%
11%
3
3%
36
35%
578
103
35%
11%
3
2O84
*103
11%
3%
3
*34
5%
3534
57g
5%
63%
64
63%
63%
57g
*63%
13%
13%
13%
13%
43%
44
178
44%
1%
17g
44%
178
2%
2%
2%
2%
*88
90
*88
90
2,800
6
200
17%
1,000
33%
34%
"50,465
38%
38%
*111% 113% *111% 11234
*%
*ie
*%
»i«
8,600
18
38
...
34%
38
*36
40
20
86
85
85
500
128% 128%
4
Stock
534
48
Closed—
*106% 108% *106% 108%
*3g
New Year's
14%
*106
Day
%
%
14%
*14%
110
2034
*103
11%
*11%
3%
3%
36
35
6%
6%
45
*44%
2
2%
134
2%
....
35
7
63%
13%
64%
13%
65%
14
45
1%
2%
84
84
14%
35
35%
*24%
1478
25%
15
26%
19%
25%
15
26-%
19%
138
138
*35
55
35%
27
26%
19%
19%
18%
700
5,600
700
10
4,900
500
13,400
3534
500
*24%
"4",800
2584
25
15%
26%
20
20%
15%
15%
15%
*35
19%
2634
20%
32%
32%
32%
3234
*3234
33
11%
*11%
117g
11%
11%
16%
11%
11%
16%
*1%
1%
*1234
1134
11%
17%
1%
14
11%
11%
17%
*1%
*12%
11%
11%
17%
134
14
17g
11%
2
11%
2
2
170
7,100
1,200
100
800
110
34
36
36
30
14
1,800
14
14
14
3%
92
102
*95
3%
92
678
90
678
90%
165
3%
92
165
15%
70
70%
*126% 127
3%
92
678
90%
*164
15%
102
7
67g
16%
69
6978
*126% 128
52
52
*52
*109
114
*111
112
15
14%
14%
29%
30
29
29
8%
9%
51%
38%
13
13%
62 34
6234
*111
112%
334
378
34%
34%
%
%
*2%
3%
16%
16%
378
37g
%
•
8%
6%
6%
3
7
7
95
7
88
*89
91
166
*164
166
69%
16%
*15%
70%
70%
127
127
52
53
114
*111
*14%
*127
*52%
*14
15
30%
8%
9%
*107%
51%
51%
38%
*37%
13%
13%
*61
62%
8%
9%
*29%
8%
*9%
8%
916
*234
334
16%
*234
16%
3%
334
*3
334
17%
17
no
9it
»it
4
334
17%
4%
9
9ir
this day.
Hamilton Watch Co
preferred
Hanna (M A) Co 35
No par
100
pf_No par
Harbison-Walk Refrac.No par
6%
preferred
25
Hazel-Atlas Glass Co
Hecker Products
1
Corp
9
Feb
10% May 22
3
Sept
9
May 21
ia4 Dec 17
May 21
77
July 16
10 May 21
45 May 21
12%May 22
30
2
09
June 11
1% Dec 19
May 22
25
%May 14
4%May 22
9%June 7
0%June10
10 May 18
26 May 21
21% May 29
ll%May 22
15% May 21
18% May 22
Motors
No par
No par
100
9%
Holly Sugar Corp
51%
"¥,900
7%
"3,366
300
100
No par
100
preferred
12.50
Houdallle-Hershey cl A_No par
Mining
No par
Class B
No par
Household Finance..
5%
100
preferred
25
Houston Oil of Texas v t o
2,600
Howe Sound Co
%
1,200
Hudson A Manhattan.....100
334
17%
17
3,000
4,966
Hud Bay Mln A Sm LtdNo par
5,300
2,900
Hudson Motor Car
4
4
%
a
6%
Def. delivery,
..6
——100
preferred
No par
1
IHupp Motor Car Corp
n New
Btock.
r Cash
sale,
65
Sept
11
Mar
18
Jan
75
Jan
22
Nov 23
16
Dec
120
Dec 26
106
Oct
31
Apr
30%
Jan
47% Aug
107% Sept
118% July
1% Jan
41
Jan
49% Apr 15
118% Jan
% Jan
% Dec
126% Dec
50% Apr
36%
Apr
3% Sept
Jan 10
1% Jan 11
19% Jan
100% Dec 20
"11 Apr
_
_
23% Apr 27
100
May
23% Jan
034Mar
51% Mar 14
9
05
Jan
Nov 14
19% Jan
45
Dec 31
4% Apr 22
3% Apr 11
90
Sept 19
20% Apr
09% Mar
24% Apr 4
97% Feb 21
4% Feb
8
71% Jan 9
1% Jan 30
9% Apr 10
7
Mar
105
Jan
18% Apr
33% Jan
Sept
28
Dec
7% Apr
10
112
Apr
Apr
% June
12% Sept
85% Aug
% June
14
Sept
19% Apr
12% Aug
10
Apr
15
Apr
8% Sept
0
May
Jan
Apr
Jan
27
21
27
16
5
Feb
0%
Jan
10% Jan
111% Nov
1% Sept
28
Jan
92%
Apr
1%
20%
Jan
41
Jan
Jan
15% Oct
43% Sept
20% Nov
15% Jan
18
Nov
54
Mar
137S
Jan
Mar
3% Mar
2% Jan
86
Nov
24%
74% Mar
38% Jan
Nov
109% Jan
5% Sept
21%
87
2% June
07
Dec
% Aug
4% Apr
10
12%
10%
23%
129%
Apr
42
Jan
80
Mar
1%
10%
15%
10%
22%
Nov
Sept
Deo
Deo
Sept
35
Aug
25
Aug
22% Sept
Apr
33% Sept
Aug
Sept
May
141% July
10
Jan
38
Apr
Apr
3
12
Oct
126% June
13% Apr
Nov
Jan 29
July
56%
53
30
2
99
47
2%
1%
9% Deo
Apr
24% Jan
22% Jan
7
05% July
128% Deo
34
14% Dec
0
Jan
60% Mar
24% Jan
4
Feb
44%
43% Oct
6% Aug
Sept
14
Sept
43
Dec 30
Apr 8
Apr 8
July 17
Jan »
29% Jan
25% Jan
130% Mar
99% Feb
27% Mar
8% Jan
12%
10%
36%
25%
18%
14% Jan
Jan
10% Aug
97% Nov
15% Apr
5% Apr
14% Apr
May
5% May
83%June
2
Aug
89%June
July
5% Sept
35
24%
130
103% Mar
Apr
Apr
17%
6
16%May 23
Jan
149
4
June 25
9
Mar
Jan
Apr
37% Sept
63% Deo
35% July
21% Mar
12% June
25% Apr 29
3% Apr
30% Apr
2%Nov
14% Nov
34% Apr
18
18
9
12
22
"%~Apr
9
Apr
29
May
6
Sept
36
Sept
32% May
9
2
Jan
38
20% Feb 19
8
18% Deo
17
5
37
Jan
Nov
9
Apr
Apr
Apr
Dec 16
90
May
103% Nov
28% Jan 4
138
Apr 12
17
Apr
123
Sept
4% Feb
33% Sept
144
May
10% Oct
Jan
8
100% Jan 12
106
9% Apr
104
Apr
5
9
71
Jan
18
Oct
105
Oct
92
Nov
2
4% Nov
93
12% Deo
13% May
Apr
Apr
8% Apr
100
Sept
117
Mar
Dec 13
148
Oct
167
June
12% May 23
21% Apr 22
10
Apr
18% Nov
Dec 30
100% Apr 9
133% Jan 30
67% Apr 18
115% Jan 9
18% Jan 4
35% Apr 4
934 Nov 8
16% Apr 20
63
Apr
128% Apr
101% Sept
135% Mar
65% Aug
6% Dec 26
4% Apr 16
113% Jan 29
11% Apr 8
110
6% cum preferred
Hershey Chocolate
34 conv preferred
Homestake
95
Jan
Jan
Sept
2% Apr
128
Jan
17% Jan
l0%May 22
100%June 18
Jan
18%
Jan
35% Apr
29%June 5
May 20
9%May 21
,7I«
52
Apr
Dec
7%
55
30
15% Sept
104% Do
40
142
May 29
Jan
Sept
3% Sept
5% Sept
18% Oct
9
167
1,300
600
9
55
36
96
June 13
l434June 20
1% Aug 22
11 May 21
1% Dec 19
8% Nov 1
Jan
43
Jan 12
8%
X In receivership,
98
29%
90% Jan
97g Sept
29% Apr
89% Nov 14
June 11
Hercules Powder
Hercules
3%
37% Sept
108% Jan
4% Sept 23
11% Jan
80
1,100
1,300
*%
*234
145
155
30
51
Dec 30
57% Jan
8% Jan
100
Preferred
30
8%
105
.—25
Helme (G W)
""loo
'
saiee on
10
15
38%
*37%
38%
13
13%
13%
13%
*60% 6234
61%
61%
*110% 113% *110% 111%
4
4
4%
4%
35%
36
35%
35%
%
Bid and asked price
10
*37%
%
25
*14%
*9%
%
%
30
*107%
51%
25
No par
No par
Hlnde A Dauch Paper Co—10
Holland Furnace (Del)
10
Hollander A Sons (A)
5
....
35%
4
5,200
500
53%
934
3434
378
7%
92
53%
116% *111% 116%
15
%
7,700
166
16%
Water
7% preferred class A
Hall Printing Co
100
2
500
35%
16%
*7
No par
100
1
500
95
*90%
preferred
6)4% preferred
Hayes Mfg Corp
6,100
53%
35
Hat Corp of Amer class A
16%
16%
2934
*107%
51%
3%
*93%
preferred
800
71%
70%
71
127% *127
127%
29%
8%
9%
900
20
102
*164
8%
1
No par
100
110
6%
3
*93%
1,700
2,200
140
6%
3
93
10
Aircraft Corp
Gulf Mobile A Ohio RR No par
6%
23
*97
3%
3,900
16
140
97
9%
*107%
50%
52
*37%
38%
13%
13%
z62%
62%
zl09% 10934 *110% 113%
4
4
378
4
35
150
97
88
1534
14%
23
95%
*111
53%
*14%
8%
9%
*107%
50%
*37%
*140
5J4% conv preferred
Hackensack
*106
*164
90%
166
*15%
95%
278
9178
100
94
5% May
110
100 xl23
14
*33
*95
No par
Preferred
13
14
14%
*14
1434
*105% 106% *105%
*140
150
*137% 150
*139% 150
*6
6
6%
6%
6%
6%
10
20
Grumman
36
23%
No par
Guantanamo Sugar
34
23
No par
(W T) Co
preferred
900
14%
*1334
23
Grant
1
5
dlv otfs. No par
1,100
*34
22%
w
Without dlv ctfs
3,100
*33
23
Grand Union
Granite City Steel
17
1%
14%
22%
Graham-Paige Motors
Granby Consol MSA P
11%
36
22%
100
66% Aug
1% Apr
27
Sept
18% Apr
1% Apr
2
July
7% Aug
9
July
7% Apr
1
9%May 22
1%
1034
4
Aug
51 'May
60
1
35
22%
No par
No par
Preferred
16%
1%
1%
10%
Apr 30
Sept
Apr
14
Apr
Apr
*9% Sept
45% Aug
32%June 10
3% June 10
6%May 21
1134
11%
*11
20
21
103% Apr
127% Mar 23
Greyhound Corp (The)-No par
14%
*106
35 conv preferred
Gotham Silk Hose
Oct
116
Green (H L) Co lno
35
*105%
6% preferred
No par
Goodyear Tire A Rubb.No par
25
Jan
14,900
*33
*106
1
May
Jan
"""766
14%
*106
50
Goebel Brewing Co
1
Gold A Stock Telegraph Co 100
Goodrich Co (B F)
No par
17
Dec
3234
3234
36
106
4H % conv preferred
Gobel (Adolf)
Jan
July
131
June
Aug
38
72%
100
51
31%
39
27% July 30
23 May 22
35
106
No par
Green Bay A West RR
55
*34
*105%
Glidden Co (The)
No par
*32%
13%
*105%
No par
No par
36
14%
preferred
Great Western Sugar
80
*34
13
36
Brothers
5
3,700
10%
36
14%
100
12,900
10%
*32%
14%
preferred
Glmbel
5%
178
11%
6%
ser
Gt Nor Iron Ore Prop
Great Northern pref
1%
11%
36 pref opt div
Apr
Sept
Apr
Apr
4%May 21
43 May 22
11 May 21
*35
55
14
Railway Signal
No par
6% preferred
100
Gen Realty A Utilities
1
15
25
Jan
30% Oct 17
25
*35
11
No par
Gen
105% June
44
No par
36
55
107g
Gen Public Servloe
25% Sept
Jan
101
No par
*24%
14
12
*35
2
No par
1
Dec
Apr
Sept 19
May 22
21%
17%
77%May 21
118 May 28
37% May 28
28
No par
2,200
1258
*35
2
No par
3334 Dec 9
llligMay 22
%May 17
35 conv preferred
1234
*13
xl2
*140
12
No par
Common
General Printing Ink
36 preferred
May 21
26%May 21
Gillette Safety Razor
800
534
14
12%
13%
140
1%
No par
102
5,700
9,300
*5%
*13l4
12%
*12%
26
17
35 preferred
Gen Outdoor Adv A
6
23
General Tire A Rubber Co
5%
140
11%
17%
1%
General Motors Corp
15
15
24
3,500
700
267g
20
1%.
300
900
138% 138%
16%
100
10
l%May
4%May
ll%May
48% Feb
12%May
20
105% Mar 27
6% Apr 22
14% Apr 24
05% Nov 14
24^4 Mar ~
13% Jan
1%
31
%
19%
19%
138% 138%
55
preferred
6
Dec 30
39% Dec 27
3% Sept 30
5% Apr 24
14
May 21
10%May 28
7%May 23
13%May 28
*35
153g
19%
No par
June
36%May 25
6%May 22
118 May 27
41
Gen Theatre Eq Corp.-No par
Gen Time Instru Corp.No par
86
*84%
June 14
Dec 18
0% Apr 18
10,700
*1%
32%
16
13%
8
118
15% Jan 11
2,300
63
3%May 28
9
107% Apr 4
21% Apr 29
July 22
4,200
90
13%
June 19
Jan
16% Sept
99%
38%
9
35
Highest
share t per share
8
10
1%
*62
97
Nov
General Shoe Corp
1
Gen Steel Cast 36 pref.-No par
General Telephone Corp
20
2%
*85
Dec 28
4
32
1,400
1,980
1,300
*25%
%
11%
♦15
48
*134
*2%
2
l0%May 21
12 May 21
25% Apr
8% Nov
20
1%
84%
32%
11%
*45
l%May 14
2
No par
5%
35%
25%
26
64
3%
3%
5
Jan
21% Apr f
38% Mar 20
No par
4,600
30%
%
*27
%
5%
14
12
13
15
6%
June
9%May 21
61 May 22
2% Aug 12
20 May 24
24%May 28
40
5
3
Jan 24
26
10
15
17
23
May 21
30
"it
1%
35%
*24%
12
3434
6%
83%
35
18%June 10
22ij Jan
21% Jan
106
S per
% Nov
9%June
86% Jan
% Dec
13% July
2,500
1,500
20
*103
6%
83%
*24%
12%
*20%
12
3%
19%
*1234
117g
12%
2134
14
2134
*21%
35
19%
12%
%«
12
19%
29
No par
36 conv pref series A .No par
General Mills
61
19
12
Gen Gas A Electrlo A
60
60%
19
12
preferred
11%
18%
83%
12
34.60
11%
13%
11%
No par
No par
No par
General Refractories
4478
5%
100
Electrlo Co
200
*21%
12%
20%
107
No par
General Foods Corp
2,200
90
5%
12%
12%
40
100
preferred
General
18%
13%
*62%
18%
84%
*1%
5%
12%
117g
1,800
No par
No par
26%
*85
!®lt
106
700
1,000
,
Cable Corp
25%
13%
7g
%
14%
106
1,500 I
6
7% cum preferred
General Cigar lno
*17%
90
5%
1378
Sept 7
12% May 21
May 21
32%May 22
l0%May 22
24% June 10
19 May 20
6% Sept 23
22
Sept 25
94
6
6
No par
Class A
18%
26%
11%
61%
2134
12%
20%
62
It
General
*1734
26%
11%
13%
5%
*12%
*11%
38 preferred
General Bronze Corp
sie
62
13
14
84
102
Year 1939
Lowest
f per share
No par
preferred
5it
13%
29
36
share
45%June14
3%May 21
Gen Am Transportation
General Baking
si«
1378
J1*
81,600
48%
Xl24
125% 126
125%
43%
43%
42%
43
*4
4%
4%
4%
6%
6%
6%
6%
Exchange
50
12834 12834
46
13%
61%
837g
1%
30
7g
3,500
38
13%
1%
100
86
61%
29%
Per
Range for Previous
Highest
No par
Gen Amer Investors
7%
3834
13%
1%
2,000
200
63
~
29
6
<
15%
13%
*1%
6
86%
63
29
900
3%
*15%
13%
j
*3
*85%
17%
*120%
63
90
31
15%
64
17g
*2%
10
*133%
86
*120%
33%
12%
*103
2,200
7
18
6134
2134
12
54%
7
6
11%
61
100
54%
*15%
26%
1078
"2,9 00
7
*84%
18%
26%
21%
12%
*19%
6
60
6H % conv preferred
5434
*133%
*3%
%
18
12%
Gaylord Container Corp
*634
6%
14%
106
No par
Co conv S6 pref No par
3
54%
55
67g
10
preferred
300
5
5%
10
Gar Wood Industries lno
50
5%
Co
""400
12
*45
S3
Ganne
5%
5%
11%
26
61
F'k'nSlmonACo lno 7% pf_100
107
17%
22
50
*103
26
12
No par
19%
107
17%
60
No par
Francisco Sugar Co
Gamewell Co (The)
26
22
f 7 conv preferred
400
1,200
140
110
s16
240
3,300
%
14%
10
2%
108%
*108
10
100
preferred
19
86%
4%
6%
conv
16%
12534 1257g
45
45
4%
4
Foster-Wheeler
19
.
125%
Food Machinery Corp
19
*17%
17%
1778
17%
17%
*120
125
*120%
*119%
32%
325g
32%
33%
327g
33%
38%
38%
37%
38%
37%
38%
112% 112%
*11078 112% *111% 112
1.1
%e
%
%
%
s16
38
38
*36
40
*35%. 38
*84
86
84%
85.
*83%
85
128
128
*128
*128% 129%
129%
48
487g
48%
48%
49%
48%
*125
500
"V, 8 00
.100
19
2%
5%
15%
86
17%
..10
5% conv preferred
167g
86
15
15
*84%
Florshelm Shoe class A .No par
Follansbee Steel Corp
100
46
*41
46
No par
No par
Galr Co lno (Robert)-.
1
3%
534
15%
5%
5%
5%
16
600
No par
Florence Stove Co
Free port Sulphur
*133%
3%
1,500
No par
Fllntkote Co (The)
3
Gabriel Co (The) cl A
106
3%
22
*634
27%
*31%
First National Stores
1,300
*102
136
136
634
2/%
200
5,300
5
54%
67g
.
100
134
5
67g
5,000
14%
6% preferred series A
10
3834
50
55%
6%
700
40%
3334
Firestone Tire A Rubber
134
*2%
16%
105
55
500
38%
5
105
86
11%
40%
22
22
Fllene's (Wm) Sons Co. No par
20%
1734
103
14%
*3284
Par
38%
1%
2%
1634
*45
478
*15
5%
103
Lowest
1%
2%
16%
50
*45
*85%
*19%
*103
"l"800
38
17g
2
19%
*1234
17«4
*41
38%
1%
107
5%
4%
*41
Shares
634
46
38
2
$ per share
*26
3
*2%
$ per share
6%
27%
32
32
32
*107% 108% *107% 108%
17%
18
17%
18
121
121
118% 119%
2%
3
*234
2%
28
31%
108%
17%
118
31%
*107%
Week
*21%
7
*26%
Range for Year 1940
On Basis of 100-Share Lots
EXCHANGE
Friday
Jan. 3
*1234
20%
zJ7%
17%
103% 103%
*3934
40%
14%
14%
33%
33%
20%
28%
STOCKS
NEW YORK STOCK
the
CENT
Jan. 2
17%
*26%
7
28%
3H2
*115
*13
NOT PER
Thursday
1
$ per share
7%
7
16%
Jan.
18
103% *103% 104%
40%
40%
40%
15%
147g
15
33%
33%
33%
21
21%
21%
*32%
22
31
$ per share
18
18
14%
*2612
*31
Dec.
20%
*12%
3312
14%
*32*4
•213s
30
SHARE,
Wednesday
Tuesday
$ per share
$ per share
PRICES—PER
SALE
HIGH
Monday
Sales
for
LOW
Saturday
69
120% Aug
60
8
June 11
94% May 21
12% July 10
19 May 21
4% July
8 May
103 May
35 May
28 May
8 >4 May
54%May
101
15
21
13
21
22
21
22
June 26
3%May 22
Aug 15
28
3
2%May 22
12 May 24
% Dec
3
May 15
%May 14
x Ex-dlv.
y
110
Jan
8
Ma# 30
60% Jan 12
54
Jan
Sept
14% Apr
29% Sept
5% Nov
8% Aug
115
July
19
Jan
51
Jan
95
110
100
May
6%
50%
1%
7%
Feb 21
Feb 20
Feb 20
47% Sept
27
Apr
8% Apr
00% Oct
102
Sept
4% Sept
40
Apr
% Dec
2% Sept
27
Jan
5
21% Sept
6% Feb 17
4% July
% Aug
38% Dec 19
10% Apr 15
71% Apr 25
112
1
Dec 20
Jan
Jan
Ex-rights.
3
2
11% Mar
21% Sept
Oct
00% May
36% Mar
17% Jan
73% July
110% Aug
9% Sept
57
Sept
1%
Jan
5% Jan
35% Sept
87s Jan
2%
Jan
1 Called for redemption.
Volume
LOW
AND
New York Stock
152
HIGH
SALE PRICES—PER
SHARE,
Record—Continued—Page 6
NOT PER CENT
Sales
for
STOCKS
NEW YORK STOCK
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
EXCHANGE
Dec. 28
Dec. 30
Dec. 31
Jan. 1
Jan. 2
Jan. 3
Week
$ per share
$ per share
$ per share
$ per share
Shares
83
$ per share
6%
12%
*33%
6%
12%
36
$
per share
6%
6%
rl3
13
201s
5i2
512
23 !2
24
106l2 107
*159%
89i2
125»
6i2
23%
33%
3
20i8
33%
3
20%
5%
23%
20%
5%
23%
90
12*4
12%
6%
2%
43%
173
2
40%
156
50
173
2%
43
156
50%
173
1%
1%
1%
1%
9%
9%
9%
9%
3%
24%
3%
23%
*130
14%
66%
3%
23%
140
15%
6678
2
2%
*38
39%
40%
29%
26%
*39
29%
26%
*95
2
2
6%
*86
7%
103
2%
41
23%
3%
23%
23%
49
4%
*169% 174
1%
1%
*171
100
2%
2%
*7%
8
30%
130
6%
31
130
12%
12%
40
41%
*120
4%
*15
15%
15%
*13%
14
105
7
7
104
17%
8
103
17%
8%
104
36%
37%
13%
14
*38
39
*96
1%
7
2
6%
*85%
*7%
31%
130
12%
41%
36%
13%
*37%
1%
1%
23%
25%
*2%
*5%
*15
12
7%
25
24%
*116%
1%
9i#
257g
3%
257g
287g
6
16%
12%
7%
25%
24%
3%
20%
12
22
22%
41%
6%
*95
96%
188%
*19%
30%
*36%
10%
4%
37%
*38%
*287g
14%
*7%
28%
*95
2%
2%
2
*2%
6«4
6%
_
88
8
33
*85%
*7%
Stock
Exchange
Closed—
4%
14% New Year's
Day
7%
600
intertype Corp
No par
Island Creek Coal..........1
105
*104
17%
8
37%
*1%
23%
25%
*27g
*26
$6
80
Kansas
300
300
....
.—No par
100
Kalamazoo Stove A Furn
10
Kan City P A L pf ser B No par
10
City Southern. No
par
4% preferred..
100
Dept Stores.....1
5% conv preferred......100
Kayser (J) A Co...
6
Kaufmann
40
*103
No par
Preferred
T,806
37% I
Keith-Albee-Orpheurn pf._100
Kelsey Hayes Wb'l conv cl A.l
2,200
2,400
Class B._
1
—
Kendall Co $6 pt pf A..No par
Kennecott Copper.
No par
150
36%
37
26,300
14
*13%
14
500
37%
-1%
24%
25%
3%
26%
*36%
*1%
37%
17«
300
24%
257g
*278
24%
20
3%
4,500
100
10
Kresgc Dept Stores.........!
26%
200
Kress (S H) A Co
*26
Keystone Steel A W Co.No par
Kimberly-Clark....
No par
Kinney (G R) Co
*
1
200
$5 prior
470
preferred...No
Kresge (S 8) Co
par
287g
29
2,000
6
*5%
6
50
Laclede Gas Lt Co St Louis 100
17%
12%
12%
12%
12%
12%
7%
257g
24
*15%
127g
18
127g
70
7
7%
26
24
26%
28%
6
25%
25%
25%
12%
7%
25%
24%
24%
23%
24
*7
7%
....
*7
*116%
1%
1%
%
1%
"16
28%
*7
257g
*23%
*116%
1%
*%
*25%
237g
3*8
20%
*11%
3%
6%
38
96%
15%
27%
15%
15%
15%
27%
27%
27%
32
32%
32%
108% 108% *106% 108
17% 17%
17% 17%
39
39%
39% 39%
31%
3%
3%
3%
3%
160
*18%
62%
*29%
160
160
19
19%
18%
62%
63%
64
30%
29%
29%
*132
17g
*5%
6%
14%
31
25%
*11%
30%
1%
5%
rl3%
%
4%
4%
11%
10%
14%
14%
14%
30%
30%
29%
11%
27%
26%
12%
11%
27%
27%
27%
27%
*172
*172
51%
51%
51%
5*2%
2%
2%
*2%
*24%
2%
31%
25%
12%
30%
1%
5%
13%
1
11
52%
2%
4%
11%
14%
30%
11%
"2" 700
24
43%
43
*7
95%
95%
97% 98
*187% 189
97
7%
38%
90%
97%
189
189
100
—60
(.ehlgh Valley Coal —.No par
6% conv preferred...—.50
Lehman Corp (The)
900
38
May 22
145
May 25
1% Dec 11
5%May 22
Lehn A Fink
Corp....5
No par
Llbbey Owens Ford Gl.No par
Llbby McNeil A Libby
7
300
Prod
Lerner Stores Corp
5,000
900
37
June 10
26% May 28
May 23
13%May 21
97% Jan 15
l%May 15
l%Maj 15
4%May 21
74%June 11
5%May 21
20% May 23
97gJune 10
117%May 28
8%May 21
4
May 21
8%May 23
ll7g Dec 27
3% May 28
l6%May 21
15% May 22
100%June 10
l%May 23
% Deo 5
2
May 17
15% May 21
9%May 18
18% May 21
30
June 10
5
May
May
May
May
87
87
100
169
June 19
16
May 22
Preferred
3,000
Lion Oil Refining
2,000
Liquid Carbonic Corp..No par
162
19%
63%
*29
162
19%
63%
30%
30%
25%
*11%
30%
*1%
*5%
13%
4%
7% preferred ... ...
100
Louisville Gas A El A..No par
Louisville A Nashville..-.100
MacAndrews & Forbes.....10
300
100
29%
25%
.......100
—10
preferred
Lorlllard IP) Co
80
2,000
.......100
6% preferred
30%
26
15,166
12%
500
31%
800
1%
800
Mack Trucks Inc......No par
Macy (R H) Co Inc
4,200
No par
*11%
*29%
*1%
300
Vladlson Sq Gar den...No par
Magma Copper—.........10
Manatl Sugar Co
1
Man del Bros
No par
*13
14
300
Manhattan Shirt—
1
800
Mar&calbo Oil
5%
*84
4%
10%
14%
...
—25
Exploration—1
Marine Midland Corp.—...5
4%
10,900
10
10%
14%
14%
1,890
3,300
8,100
25,100
1,800
1,700
Masonlte Corp
..No par
Matbleson Alkali Wks.No par
7% preferred...——100
May Department Stores...10
4%
30
30
28
11%
*27%
12
28
27%
267g
27%
27
27
*172
*172
6%
"(MOO
19%
1
Corp No par
Long Bell Lumber A ...No par
Loose Wiles Biscuit...——25
2,200
30%
No par
Loft Inc
Lone Star Cement
600
64%
1
........No par
inc
10.60 preferred
200
2,700
64
1
10%
14%
Loews
22,800
*19
Co—No par
Lockheed Aircraft Corp
13,100
12,100
*29%
*134%
31%
25%
12%
30%
17g
7
13%
*%
162
*158
500
Market St Ry 6% pr
pref.100
Marshall Field A Co—No par
Martin (Glenn L) Co..
.1
Martin-Parry Corp....No par
—
52%
52%
"1T666
*2%
500
*25
3
25%
*103%
*12%
14%
13
14%
700
1,400
McCrory Stores Corp—.....1
1H»M 111»« *IU»a*lll»i«
25
25%
25%
25%
900
1,300
6% conv preferred—...100
MeGraw Eleo Co.——1
*52%
*2%
*24%
*103%
*12%
14%
52%
3
25%
13
14%
.No par
S3 preferred.....—No par
Maytag Co.—...
100
S0 1st cum pref
10
*7%
8%
*7%
32%
7%
3%
33%
7%
33%
7%
3%
24%
MeCall Corp...—
3%
25
25
t In receivership,
3%
*24%
a
No par
No par
McGraw-Hill Pub Co—No par
8%
32%
7%
"T.366
Mclntyre Porcupine Mines..5
McKeeeport Tin Plate
10
4,000
3,800
1,000
Def. delivery,
35
{McKesson A Robbing, Inc..6
S3 series conv pref—.No par
n
New stock,
r
Cash sale,
x
Dee
Sept
6% Aug
38
31% May
4084 Sept
19
Apr
33
Oct
84
Jan
107
Deo
30
6
5
Nov 19
109
Deo
4
434 Jan
478 jan
10% Jan
5
3% Sept
3
4
3
92% Deo 13
76
8% Jan
9
Dec 31
33
Dec 23
Jan
Sept
7% Aug
Sept
7% Nov
18
Apr
119% Sept
Oct
4
59
Sept
105
Jan
Jan 15
122
Aug
133
June
109% Dec 16
35
Apr
Apr
83
Sept
19%
121%
11%
jan
132
10
A pr
4
Maris
121
7% Apr
4
Nov 15
Jan 8
Dec 20
Jan 8
Apr 18
187g Nov 14
9% Apr 23
105
Dec 26
387g jan
3
15% Nov 9
46% Apr 18
2% Jan 24
3184 Apr 8
20
4
Feb 16
Feb 26
29% Jan
34% Apr
3
9
13
117%
Jan
6%
Apr
11
8%
90
Sept
12% Apr
85
Apr
7% Apr
6
Aug
79
June
28
Apr
884
20
I84
Apr
Apr
Apr
12% Apr
20
Apr
384 Deo
23»4 Sept
20% Apr 1
7
9% Jan
21% Sept 12
10% Jan 1*
7% Nov
3584 Jan
Apr
Apr
Apr
12% Sept
12
3%
25
Jan
Apr
Jan
Sept
38
Dec
4
Sept
80% Oct
26% Aug
6% Jan
29% July
29% Oct
13% J iD
23% jan
18% Mar
5% July
37% Oct
Apr
25
Mar
112
Dec
118
Mar
4
Jan
1% Jan
4% Nov 14
247g Nov 8
14
Feb 19
29
Jan 11
63% Jan
2% Sept
% May
1% Apr
20
Sept
9% Apr
23
Apr
36% Apr
4% Apr
688 Sept
3% Sept
8% Sept
27%
Jan
13% Nov
32*4 Mar
6684 Mar
10
Sept
45
33
Sept
43% Aug
109
95
Sept
108% Aug
41
6
14% Apr 27
Apr
95% Sept
152
Sept
15
Apr
65
35
,31
Nov 14
Jan
3
Apr 15
i.09«4 Aug
180
May
19
Nov
20*4 Aug
31% Apr
40% Sepi
10
18% Sept
Aug
4% Apr 18
7% Mar U
16% Jan 17
l%May 9
0
2
105
Mar
Aug
Jan
19% Apr
138
Sept
15*4 Jan
36% Apr
28
Apr
25% Sept
47
19
3284
64%
109%
21*4
62
110
67
Aug
Nov
11% Sept
19%
40
Oct
Deo
Nov
Apr
Apr
40% Jan
8284 Apr
173% Dec
53% Jan
4% Feb
30% Apr
5%
1334
16%
4784
1484
23
3
18
10
15
8
15
11
4
47% Jan
3
12% Jan
884 Apr
8
1
82% Apr
1
4% Apr
3% Aug
984
Apr
26% Aug
2
May
30
Jan
Sept
6% Sept
7*4
16
Oct
Oct
2% Sept
884 Sept
8% Mar
17% Nov
45% Nov
8% Dec
2484 Dec
67% Jan
37% Sept
176
July
53*4 Oct
6% Mar
36% Mar
93
Jan
105
10%
9*4
Apr
88
Jan
15% Aug
17% Nov
108% Dec
25% Dee
10*4 Jan
69% June
18% Sept
Sept
20*4 Aug
155
Nov
40*4 Apr
3% Sept
Jan
15% Apr
6% Sept
89
Sept
8% Apr
1
Ex-lights,
Sept
33% Oct
43% Feb
25%
5
June
35
4
10
Jan
135
8
Apr
Apr
Apr
Apr
Apr
Jan
Deo
Jan
July
July
24% Feb
159% June
20% Mar
Mar
1
Mar
6% Sept
22% Mar
1284 Jan
38
23
2% May 22
20 May 23
3
96%June 14 105 Mar 29
16% Jan 8
lO%May 22
10 May 21
17% Apr 8
93 May 21 lll"nDecll
29
Apr
3
17%May 21
5
June 6
9% Apr 26
y
99
40% Sept
16% Sept
116% Dec 27
1% Aug 10
4
May 21
ll%May 23
%May 31
Ex-dlv.
Jan
Sept
16*4 Nov
99% Jan
18
July
100% Dec
14% Mar
10% Mar
17
Aug
June 26
6%May 15
3% Dee 23
17% May 28
24
Jan
Dec 20
26
18
26
Jan
32% sept
Mar
3134 Dec 30
June 12
Jan
June
10%
18
Feb
36% May 22
9% Feb
14%
87
125
124
160
Jan
Sept
3
Jan
130%May 10
June 10
9%
Mar 27
4
17 May 24
20%May 21
87gJune 5
21%May 22
21
Sept
13
17
128
22
21
21
25
21
10
Jan
29
56% Feb
16% Sept
3%May
27gMay
884 May
26% June
6%May
21%June
14*4
36% Jan
18% Jan 11
109%May 3
25% Apr 2
163% Dec 11
21% Jan 4
Sept
Sept
jan
May
39% Dec 27
13%June 10
l05%May 23
17% Deo 24
138%May 31
15%May 21
38 May 18
25%May 22
May 15
10
65*4
138
67% Deo
6% May
60% June
38% Sept
June
.
26% Aug
3% Jan
39% Jan
46% Jan
4% Apr 10
May 22
15%May 21
29
2
Oct
I6684 Aug
8% Jan
17% Sept
Sept
J84 Apr
2% Aug
6% Apr
Oct
19584 Mar
71% Sept
45% Sept
13% June
29*4 Dec
80% Sept
101% sept
97
3%
41
Apr
Sept
18% Mar 27
41% Apr 16
37% Mar 16
109% Apr ~
39% Apr
l0%May 21
22% July 3
20%May21
5% Sept
„*% A pr
123
188% Deo 28
23% Apr 4
3084 Dec 27
..........25
Series B
16% Sept
4
9% Apr 20
Apr 15
Apr 16
109% Apr 5
Lily Tulip Cup Corp..No par
200
5% Deo
46% Oct
7% Aug
2%
3
3
Sept
109% Dec
Jan 11
Apr 29
5% Jan 24
Aug
21
Apr
Apr
Jan
15
28
22
22
11%
10%
11
16
7
Sept
98% Sept
Apt
Apr
Apr
17% Apr
90
142
Dec 30
5% Jan
14% Apr 20
21
22
20
21
21
21
22
20
23
21
13
22
33
9%
4%
173
8%May
4%May
87% June
24% May
l%May
17%May
l9%May
2 May
22% Aug
23%May
157
16
109
27%May
131
145
9
May
Jan
9% Sept
29% Jan
Apr
07
Deo 17
44
Jan
10
11%
Apt
147% May
191% Mar 12
6284 Jan 4
Deo 19
16%
16%
16%
27
27%
26% 27%
32% 33%
32%
33%
*107
108%
108% *107
18%
18%
17%
18%
39
39
38% 39%
*3%
3%
3%
3%
14%
14%
*14%
14%
*108% 110% *108% 110%
18%
18%
18%
18%
*10%
5% Nov 14
1278 Jan 4
2% Deo 9
7
Liggett A Myers Tobacco..26
3,400
9
Mar 28
92
13%May 21
27 May 21
9
May 15
*30
113
20%
16%
104%
15%
95
Mar
I684 Apt
I57g Apr 11
7% Nov 18
47% Mar 20
May 23
May 23
May 21
9
Jan
Jan
49
80
Nov
77% Jan
Lima Locomotive Wks.No par
Link Belt Co
No par
29%
94
44
3,300
29%
Jan
Jan
Apr 16
62
100
19%
28%
21
29
118
130
122%May 22
48%May 15
20%
35
4%
158
May 21
34%May 22
June 10
Aug
38% Sept
484 Sept
Nov
June 21
11
9
Highest
share 3 per share
16% Apr
934 Apr
133
June
25
...5
Life Savers Corp
T,306
3
per
387g Jan
8%May 23
19%June
109
19%
29%
37%
*19%
30%
Bid and asked prices; no sales on this day.
4% conv preferred—
tLehigh Valley RR
1,300
*37%
5
Lehigh Portland Cement...26
6,600
*21%
—No par
Lee Rubber A Tire
4%
11%
27%
25%
*24% 25%
104
104
*103%
12% 12%
12% *12%
14%
14%
14%
14% 14%
111%
111% 111% rlll% 111%
25
25
25
25
25%
8
*7%
*7%
8%
8%
33
33%
3278
32% 33
7
7%
7%
7%
7%
3%
3%
3%
3%
3%
24%
24% 25
24% 24%
Lane Bryant..
par
1,800
20%
12%
11%
52%
2%
300
No
(The)
2,000
*3%
27%
—
Lambert Co
20%
*12
100
preferred
900
3,200
30
12%
6%
17g
»1#
*134%
*134%
*13%
%
4%
160
43%
*37
5%
*116%
1%
June 11
9
800
7%
18%May 21
136
122
Jones A Laugh 11 n St'l pref.100
105
7%
9
6%May 21
1
May 21
1
B) Co
2,200
*104% 105
17%
18
18
8%
8%
8%
7%
June 10
2% July
1
preferred—
29
1%
*
7%
par
Interstate Dept Stores.No par
Preferred
....100
20
*5%
1%
7
Foreign share ctfs...No
1,500
17%
31%
3%
24%
100
6
31%
25
7% preferred
Inter Telep <t Teleg...No par
16%
31%
...
100
1,800
104% 105
91
23
I
73
International Shoe....No par
international Sliver
...60
1,100
14
May 23
l6%May 21
72 May 26
140 May 31
66%May 22
7%May 22
4%June 11
21% Aug 16
21%May
16%
31%
27%
27
900
16
Dec 26
5
Jan
Jan
Apr
Jan
l%May 18
5%
11%
12
300
5
284 Dec 23
20
13%
24%
43%
6%
lO%May 21
15%
28%
31%
*7%
32%
*104
*13%
14
11%
June 12
40%May 21
preferred
5%
25%
11%
220
2,300
106%
5% May 21
May 21
12
31
15
conv
15%
28%
11%
14%
105
3 per share
Lowest
100
5%
900
125% 125%
1
.
I per share
Year 1939
Highest
Internet Rys of CentAmNo par
5% preferred
100
International Salt..—.No par
5,700
30
*11%
120% 120% *120%
4%
4%
*4%
*14
*14%
15%
38%
1%
24%
25%
2%
26%
28%
31
27
Internat'l M inlng Corp
Inter Paper A Power Co
10,600
100
Int Nickel of Canada.-No par
Preferred
100
Johns-Manvlile
38%
*1%
25%
30
........
4,900
24
11%
4%
300
Preferred
Int. Hydro-Elec Sys class A.25
Int Mercantile Marine.No par
60%
*103
*37>4 38%
96% 96%
97
97%
96% 97%
97%
188% *187% 189
*187% 189
21%
*19% 21% *19% 21
30
30%
30%
29% 29%
36
*36
36%
36%
36%
10%
10%
10%
10% 11
»
200
8,500
1,800
35,300
60
38%
1%
24
307g
25%
25
32
59% 59%
126% 126%
106% 107
11%
11%
36%
97
11%
14%
30%
Int. Business Machines.No par
Internat'l Harvester...No par
Jewel Tea Co. Inc
*13%
38%
4%
700
2,200
44%
10%
1,000
36,000
8%
No pat
No par
Internet Agricultural..No par
Prior preferred
100
41
43%
6%
*37%
96%
14%
500
41
6%
*5%
Intercont'l Rubber
Interiake Iron
1,300
10,400
41
43%
*1%
Interchemlcal Cor p....No par
0% preferred100
70
Jar vis (W
6%
....
600
*130
42%
63
Inspiration Cons Copper...20
Insuranshares Ctfs Inc
...1
1,100
7%
....Nv par
1,600
13%
11%
111%
*7%
6%
162
3,600
100
Inland Steel Co
"1*800
2%
2%
88
No par
....
4,000
37%
25
12
7%
32%
42%
19
25
88
22%
31
*103%
2%
2%
7%
89
21%
62%
*30%
*172
95
22%
*18%
26%
95
2%
2%
7
1000
6% preferred
12%
13%
15
14%
15%
14%
14%
*108% 110% *108% 110% *108% 110%
18
17%
18%
18%
17% 18%
14%
29
22
108
ingersoll-Rand
32
*13%
14%
*%•
29
12%
24
43%
7
38%
95%
17%
♦137g
28%
99%
4%
207g
39%
3%
*134%
29%
*287g
12%
*21%
17%
29%
29%
*37g
20%
38%
3%
24%
■
12
31%
*160
3%
23%
4
21
27%
600
4,300
3
12
31
RR See ctfs series A
1697g 1697g
*1%
2
24%
3%
20%
26?g
Indianapolis P & L Co..No par
Indian Refining
10
Industrial Rayon
No par
12%
37
25%
2%
1,160
2,300
1.000
1,100
41
*103
3%
6% preferred series A—. 100
Leased lines 4%
100
9,000
9%
100
100
12%
14
26%
800
12%
31%
12%
41%
37%
25%
40
130% *128% 140
15
14%
147g
65
67
66%
2
*17g
2%
39%
37% 37%
40%
39%
39%
*130
130
121
Illinois Central RR Co
7,700
50%
50%
9
11%
15%
3%
7%
40
9
21
15%
108
4%
15%
Pat
No par
Kroger Grocery A Bak.No par
*116%
1%
1%
%
12
*37
*26
...
3%
20%
*120
..
*102
24%
*3
2
*99%109% *104% 109%
17%
17%
17%
18
8
8%
8%
8%
*1%
25%
14%
65%
100
13 %
13%
13%
13%
*104
105
*104
105
*237g
257g
28%
237g
130
28%
28%
95
104
3%
24%
39
4%
*104
17g
9
9%
3%
28%
27%
90
160% 160%
172%
2
9%
3%
23%
39
1%
40
51%
29%
27%
*95
89%
164
50
39
*2
—
40
*159
50%
28%
*26%
89
12% 12%
12%
13
6%
6%
6%
6%
23% 23%
23% 2384
*111% 112% *111% 112%
3%
4%
*3%
4%
10%
11%
10%
107g
*2%
2%
2%
2%
159% 15934
57% 58%
58% 60%
60% 61
*125% 128
*125% 128
*125% 128
106% 107%
106% 107%
106% 107
*107g
11
10%
11
10%
10%
*120
89
111% 111%
*3%
4
11
11%
2%
2%
40% 40%
39
6%
*88%
12%
41%
6%
6%
13%
36
Range for Prestos*
of 100*Share Lots
Lowest
...
12%
6%
23%
6%
13%
*34
z20
137% *130
137%
15%
15%
14%
15%
66% 67
66% 67
2
2%
2%
2%
*38% 39%
38% 38%
6%
7%
12%
6%
13%
37
27g
"2%
3%
20
*20% 20%
*5%
5%
5%
5%
*23% 24%
*23% 24%
109
107% 107% *107
*159%
*159%
20%
5%
24
*130
2%
95
30
30%
*128% 130
12%
5%
6%
13%
*33%
27g
....
155% 157%
49%
50
*170
6%
13%
37
2%
107% 107% *107
107%
*159%
*15934
89
89
89
89%
12%
6i2
6%
24
23%
24%
111
111
*111
111%
4%
4%
3%
3%
11
10%
10%
11%
*2%
*4178
6%
13%
*33%
2%
20%
Range for Year 1940
On Basis
f Called tor redemption.
June
New York Stock
84
LOW AND
HIGH
Saturday
Monday
Dec.
Dec, 28
6%
6%
*108% 109
8
8%
SHARE,
Wednesday
Tuesday
Sales
NEW YORK STOCK
the
NOT PER CENT-
Thursday
STOCKS
for
$ per share
SALE PRICES-PEE,
Record—Continued—Page 7
Dec. 31
0«4
034
108% 108%
8%
8%
Jan. 1
Jan. 2
Jan. 3
$ ver share
$ per share
Shares
6%
634
034
634
684
79
*76
79
*75
80
*73
80
*73
08
*06
08
♦00.
68
*66
67%
*66
68
3034
37$
31
31
31%
*31
31%
24
24
*16
18
*24
30%
3h
24%
*17
18
*36
37
3h
8h
14%
357$
9
14%
36
*123
123
123
36%
87$
137$
3034
31%
4
4
4
4%
24
25
24
2484
330
17%
16%
17
200
*15%
38
38
*3084
124
4
124
3%
2384
*17
37
30%
9%
9
14
14%
38
124
36
36
36%
*35
9
9%
14%
38
37%
37%
124
39
40%
40% 41%
4084
41%
♦108
109
*108
1097$ *108
109
4
4
4
4
3%
4
*55
*54
507«
5034
507$
6684
10%
10%
10%
10% 10%
IO84
109
109
4
57
10%
10%
10%
10%
*i«
%
*ht
%
**i«
ht
1%
1%
1%
%«
1%
1%
ht
1%
1%
1%
%
1%
♦%
1%
%
%
h
♦13i2 14
82% 83
115% 116
*119
h
13%
83%
110
121
23
37%
41
23%
10%
11
107g
16%
22%
4%
10%
16%
2234
227$
412
53%
10%
53%
*10%
71
71
111% 111.1
7h
37%
*40%
23
4%
54
*14
23
23%
7\
7%
*8%
10%
17
174
1284
13
13
88
*85%
*16%
17%
13%
1034
13%
*105
11
13%
23
54
7%
7%
1034
13%
23%
10
10%
17%
17%
Stock
1234
13
*85%
87
10%
13%
11
16%
16%
13
13%
10%
13%
11
New Year's
5%
5%
*784
8%
2234
*1334
7%
23
13%
13%
105% ♦lOSis* 105%
105
*1051*2 105%
5%
584
5%
684
*734
8%
*734
8%
22% 23%
2234 22%
14
1034
*173
*12
77*
89%
17
*88%
*88%
182
14
7%
1084
*173
*12
8
7%
89%
17%
182
*J2
%
684
6534
%
42%
0%
65%
584
9%
43%
45
,
44
584
9%
42
*43%
4%
4%
10
10
8%
10%
*173
4%
*12
54
*44
084
65%
5%
934
43%
5%
9%
54
%6
%
6
*16
176
liR
1
3O84
212
*115%
16%
3034
„
,
*31%
%
r*i«
0%
60%
5%
6
213% *213
*116
1078
*57
58
*56%
56%
16%
10%
*97
16%
*57
56%
16%
98
*95
6
6
*113
110
*112
*31
36
*33
57«
*2%
2%
26
26
| 13
13
ft
078
7%
16% 16%
9%
934
'102% 104
ft *3%
384
W15% 15%
k
*149
9%
42%
*25
*51%
*116
43%
.___
9%
42%
27%
53
—
2%
*26
_
12%
7%
16%
9%
104
3%
15%
148%
9%
*42S4
*25%
*51%
*4%
*934
*8%
45%
*2%
12
12
12
6%
6%
10%
10%
28%
36%
12%
28
30%
12%
*
9
2%
684
10%
*27%
*14 34
78%
42%
*109%
30%
•
*57
6684
16%
*95%
97
6%
116
6
-
29%
13%
25%
52%
5 H% prior preferred——100
380
6% prior preferred..
34
15%
500
79
160
200
8
109% 109%
6
6
11
100
•u
6% preferred series A
3,200
5% preferred
N Y A Harlem RR Co
20
*%
%
500
IN Y Ontario A Western.. 100
28%
*32
30%
32%
213%
30%
10,600
N Y Shipbldg Corp part stk—1
*32
32%
10,500
58%
57
58
14,400
440
97
200
58
500
97
6
6%
24,500
56%
1634
56%
16%
*9534
17%
Northern Central Ry Co..-50
Northern Pacific Ry
.100
800
116% 116%
16%
1634
17
Noblltt-Sparks Indus Inc....6
Norfolk A Western Ry
106
Adjust 4% preferred
100
North American Co.—.....10
6% preferred series
—.60
5 H% pref series—......60
North Amer Aviation—..1
213
213
117
6%
36
*33
36
*33
30
2%
*26%
30
2%
*2%
2584
51%
2%
30
*25
13
13
13
10
700
7%
7%
7%
1634 *16%
I684
9%
9%
9%
97$
103% 103% 104% 104%
4
4
♦3%
*3%
17
16%
,1534 16%
*148%
*148%
10
934
9%
10%
7%
43
*25%
26%
*51
.
4634
9
*2%
14%
*12S4
6
*51
Otis Elevator.........No par
40
6% preferred—..—100
26%
Outboard Marine A Mfg....6
Outlet Co..........—No par
20
„
—
«p
—
Preferred........
-
Owens-minols Glass Co. 12.60
2,200
Pacific Amer Fisheries Inc
14%
5%
684
170
11
*10%
2734
37%
*1284
IO84
2784
37%
13%
300
27%
37%
13%
I In receivership.
'
a
Det
,
5
Pacific Coast Co
370
1st
70
10
preferred........No par
2d preferred
—No par
4,500
Pacific Finance Corp (Cal).lO
Pacific Gas A Electric
25
2,400
2,900
Pacific Ltg Corp.
Pacific Mills
delivery
..._.igM|ijimi0B
1
100
6,500
2%
37
...
47"
*11%
*1234
No par
$5.60 conv 1st prefNo par
100
9
3
13
„i
Otis Steel Co
7,100
53
4684
14%
37
,
7,000
9%
2%
*10%
27%
1
200
8% preferred A—.100
Oppenhelm Collins
No par
500
*116
47%
No par
Omnibus Corp (The).—6
130
6
2%
*12%
5«4
*10%
27%
36%
1284
1034
27%
«...
9%
2%
684
—
..—No par
Oliver Farm Equip
46
*25%
63
*116
"
*44
44
Pharmacal Co—2.50
Norwich
Ohio OU Co—
21,700
2,000
2,900
*10
2534
51%
Norwalk Tire A Rubber No par
Preferred—
50
1,200
30
13
North States Pow $6 pf No par
Northwestern Telegraph...50
100
2%
2%
*25
13%
7%
16%
9%
.100
I
Lmmu.
m~7gSm=r"^^
U11
n
New stock,
'
—in
No par
..No par
r Cash sale.
*
'
I''
*
7%
784
20%
15%
12%
Nov 8
Oct 26
Apr 4
Jan 6
Jan 3
Apr
Sept
17%
Apr
Deo
52
Nov
28% Mar
Jan
17% Nov
05% May
23% Sept
26% Jan
16
Sept
8%
Oct
6%
28%
18%
Feb
Jan
9
3
152
132
Oct
176
27
4
Jan
Mar
Apr
4%
Dec
Jan 31
18% Aug
Jan
4%
22% Apr
96
20%
10%
8%
83
17%
14%
Apr
684
Apr
July
16%
Jan
Jan
Mar
106
27% Jan
173% Aug
145
Feb
35% Sept
3884 Sept 18
*u Dec 20
8% Jan
73% Jan
4
5% Aug
48
14%May 3
Nov 14
23
24
3
3
9>4 Jan
22
21
24
33% July
41
91
Apr 29
53% Apr
110
0
Jan
4
52
10
Apr
10
Aug
82
Sept
15%
Jan
20
Jan
Deo
69% Jan
60% Apr
2% Apr
8% Sept
11% Feb
18*2 Apr
73% Mar
5%
Oct
29% Juno
Apr
87% Aug
42
July
105% Sept
112% June
Apr
17% Sept
Apr
62
32
30% Dec 23
14% Feb 20
8%
2734 Dec 31
110% Dec 14
Jan
3
27
18% Jsn
21% Jan
3
4
39
3
11% Sept
10% Apr
18% Apr
50
May 21
Jan
33% Mar 9
8% Apr22
12% Apr 22
115% Mar 11
117% Aug 15
58% Nov 4
% Jan 3
21
21
22
21
Apr 27
June 6
4
4
Jan
2
%
Jan 11
3134 Dec 28
35% Apr 6
226%May 4
Dec 31
117
23% Jan
3
8
69
Jan
68
Jan 10
3
26% Jan
Sept
23% Sept
25% Sept
45% Sept
106
Nov
43% Feb
10% Sept
15% Sept
118% Mar
119
May
120
Mar
47
July
62
Mar
30
Apr
1*4 May
4% July
%
Dec
1% Dec
8$ May
8% June
31% Dec
1% Sept
6% Sept
1% Sept
17
Sept
33% Deo
Jan
217
Nov
103% Sept
113
June
168
18% Apr
62% Sept
50% Sept
12% Apr
82
Jan
23% Feb
69% Aug
59
Aug
29% Nov
89
Nov
97% Deo 20
9% Jan 3
114 Sept 26
7
June
100
Sept
113
Deo
Nov 23
29
Sept
40
Oct
39
3
5% Jan
2%
Apr
42% Jan 12
32% Apr
16%May29
884May 7
4
4
Dec 18
12
23% Apr
14% Mar
Mar 28
112
5% Apr
18% Jan
4
4
Dec 30
150
3
12% Jan
Nov 15
47
June 10
32% Apr
4
6
Aug
.4% Sept
Sept
100% Sept
4*4
Aug
15% Sept
128
Oct
7%
33
Jan
6% Nov
44% Aug
101% Sept
30
Jan
20% Mar
113% May
8is
27%
Jan
Jan
Apr
148% July
10
Sept
65% Sept
26% Deo
Apr
July
16%
40%
114%
14%
Jan
Jan
54
Dec
120
Dec
6
50
Apr
70
Jan
Apr 26
Jan 6
Feb 13
Jan 4
14
Apr 15
34% Apr 15
3
Aug
2ig Apr
11%June
3% June
9*4 Apr
27% Apr
50
41
Jan 17
June 10
04% Jan
10%
6%
23%
12is
4%June 10
May 22
8
May 22
3%May 22
9%May 21
25%May 22
33 May 22
8
May 21
y
Jan
9% Jan
26% Nov
18% Sept
15
15334 Dec 10
6
Jan 22
Ex-dlv.
Jan
44% Mar
14*4 Sept
70% Dec
111% Nov
0% Jan
175
Jan
Sept
Sept
Sept
Sept
June
Sept
55
''
1
Oct
7%
117%
120
2
Jan
17%
114
Jan
May 24
42
19
30
7% Sept
14% Deo
*814 July
12% Jan
8
ll6%May 24
47
1221s May
57% Oct
47
Sept
37% Mar
Sept
5%June 10
10% May 21
7%May 21
95 May 23
2%May 22
ll%June11
12484June 11
7 May 21
21
May 21
19
May
Sept
% Oct 24
*u Deo 12
13% Jan 15
20 May 23
175 May 22
105 May 25
14%May 21
47%May 22
47%May 22
15 May 14
84%June 5
4%May 15
101 May 24
27 May 22
2%May 15
25% Aug 13
11
Oct
121
107
June 12
%« Deo
21
114*4 Sept
110
May 21
July 31
May 22
45
Jan
9% Jan
1% Sept
2% Sept
21% Sept
Oct
147%
10%
87
8% Apr 2
10% Apr 11
10%June 24
26% Mar 13
110
100
Conv preferred....
4,100
*16
60
IN Y N H A Hartford
6,700
1
Apr
4
15
10% non-cum pref.:
50
N Y Lack A West Ry Co..100
•**•••'
15
24
49% Nov 14
20%May
3% May
4% May
104 May
No par
—
Dec 16
114
20% July 20
6%May 24
23% Nov 20
10584 Nov 9
30% May 21
9% May 21
8%May 21
100
Vs Aug
Jan
2%
3
100
NYC Omnibus Corp—No par
New York Dock..—...No par
1,500
Aug
Mar
14%
18% Apr 17
116% Jan 3
36
N Y Air Brake
—No par
New York Central...
No par
N Y Chic 4 St Louis Co
100
14
54
5
15
15
28
23
8% Oct 14
1
43*2 Sept
6% Sept
Dec
25
5
14
Sept
Sept
23
Aug
72
9
18
40
120% Nov
85% Jan
114
July
6% Jan
13% Mar 12
7%May 21
N'port News Ship A DryDock 1
$5 conv preferred
No par
200
11
14%
*33
Hid an a asked
prl<*es: no sales on this day.
—■w—
Newport Industries
5,100
16,800
1,000
1,000
35,200
1,200
27
112
9
1234
2,900
30%
—No par
4\i% conv serial pref.-.100
Newberry Co (J J)
No par
5% pref series A........100
Newmont Mining Corp.... 10
*109%
112
9
36
National Tea Co
Natomas Co
......No par
Nehl Corp——....No par
Nelsner Bros Ine
....1
44
114
9%
2%
1284
500
700
2,600
8
3% Jan
100
30
Aug
Apr
16% Jan
ht Dec 28
500
3%
28% Jan
21% Sept
39% Jan
16% Sept
21
y28's Dec 23
48
Apr
19
June 19
500
*112
47
36
National Oil Products Co
4
Rights
National Pow A Lt.._.No par
National Steel Corp.......25
Apr
99% Apr 17
20% Jan 3
10
l4%May 22
7% preferred A........100 *160 May 29
132 June 19
0% preferred B_.
100
Nat Mall A St'l Cast Co No par
l3%May 21
*700
9% Apr
Apr
10%
Apr
176
5%May 21
66
par
2% Aug
% July
% Dee
10% Apr
8684 Apr
110
Sept
112
Sept
40% Apr
31% Aug
22% Sept
Aug
884 Sept
Sept
16% A pr
24% Jan
June 10
7%June
1
preferred-No
Aug
Sept
10
National Lead Co
5,200
41,700
3,100
11
I684
*95%
6%
conv
44% Sept
103% Sept
2% Sept
36
Sept
8% Aug
4
2334 Dee 30
25
22
17
Apr
50
7% Feb 15
3
8
National Supply (The) Pa—10
$2 conv preferred.—.
40
114
46
10%
2784
$4.60
40
6
57
.No par
10
preferred.......
Nat Gypsum Co.
9,500
24%
.
100
Nat Distillers Prod....No par
Nat Enam A Stamping No par
.100
*23%
16%
58%
6%
6%
20C
23%
117
100
Nat Dept Stores..
200
14%
30%
*211
Corp No par
Register....No par
7% pref class A.
7% pref class B
100
44
*32
29
97
47%
584
National Cylinder Gas Co.—1
Nat Dairy Products—.No par
25
105
22% Jan
June 11
15% Oct
98iMay
6
May
11%June
10434 Nov
104% Nov
3
May
5%May
Nat Bond A Share
Nat Cash
Jan
11% Sept
Mar 29
83
June 10
Nov
6%
Aug
111% Dec 28
8% Nov 14
June 10
6%May
May
4%May
8 May
26%May
8
56% Nov 14
1584 Mar 20
12% Deo 21
80
100
1,400
9,900
13%
14%
30%
*32
1084
58%
5084
I684
5% pref series A
1,600
*77
%6
165
Nat Bond A Invest Co. No par
i*
43%
%
*110
12%
-
9
July
10
.
5% Nov 14
16% Dec 19
.....100
4,700
*110% 112
*11084 112
*112
117% *112
117%
*45
48
50
*4584
%
%
%
%
%
7% preferred
700
-
10
Corp.........5
Apr 18
16
18% Apr
20% Jan
33tMay 21
National Biscuit Co.......10
500
30
30»4
0% conv preferred
Nat Aviation
1,500
18,400
41
Jan
Feb
30% Feb
5% July 15
7%June 20
*42
30
56
45
13% Jan 13
*23%
13%
7%
16%
934
104
*103% 104%
3%
3%
3%
15%
15%
1534
150
*148%
9%
9% *10
44
44
44
„
16%
9
1
500
300
10,200
5,100
*112
3534
2%
National Acme Co
Nat Automotive Fibres Ino-.l
7,600
9
26%
*5%
53
11
14%
15%
31%
*10
June 15
Nashv Chatt A St Louis...100
46
*14%
122
July 31
Oct 24
130
300
-
19% Jan
May
26,500
Dec
3
14
1
119
5% preferred
.100
Murray Corp of America.. 10
Myers (F A E) Bro
No par
Nash-Kelvlnator Corp
5
,««.*,
Jan 20
484 Apr 24
64% Dec 12
II84N0V 15
119
45%
4%
97$
*8%
*14%
109%
*44%
13%
117
1634
60
984
45%
4%
9%
30%
8%
109
213%
16%
400
Nov
Nov
30%
101
Nov 25
45
2784
8
ht
212
....
30
32
preferred........No par
Munsingwear Ine
No par
Murphy Co (G C)
No par
1,300
6%
*43
43
26*4
54
17
200
684
667$
6%
984
4%
9%
9%
15%
78%
56%
'116
45%
9%
3%
9%
58
T
66%
6%
4%
9%
9%
14%
78%
9%
117
16%
»
684
66
46
*31%
150
31
29%
ht
034
66%
7
*lj2
31%
33
213%
*172
30%
29%
j
%6
3134
3234
*31%
17
17%
176
46
%
1
*15C% 154
*150% 154
23
23%
23%
23%
46
*
Mullins Mfg Co class B
8,400
1384
7%
90%
7%
95
17%
17%
3
1,500
77$
90%
17%
175%
14
7%
10%
43%
*44%
1
3,900
*9%
43%
4%
Mueller Brass Co
23%
137$
23
43
9%
*8%
14%
78%
3,700
2,600
23%
50
Corp. .No par
Corp..
....6
Motor Wheel
73
63
Dec
Apr
Apr
share
28%
Apr
Apr
113%May 27
3l'4May 21
33% May 21
21%June 20
8%May 22
12 May 21
15 May 21
2%May 14
20 May 21
8%May 22
66 May 28
97%May 22
4 May 21
No par
Aug
July
66
Apr
May 23
z79
110
6
per
10% Oct
101% Nov
14% 3ept
39% Aug
18%
110
June 26
'ii Deo 26
10
Jan
6%
64
%June 21
9%May 21
..No par
6% Aug
88
11%
Dec
Highest
share $
45
20
100
20
per
12% Apr 10
17%May
95
Motor Products
5%
8%
5%
*784
5%
784
*38% Dee 13
124% Dec
100
Preferred series B
590
•
7
May 24
33%May 21
Montg Ward A Co. Ino.No par
—No par
400
45
4%
3
13%
11%
13%
*105%j 105%
r43
8%
16
hi
17
13%
*10*4
13%
*12%
1434
14%
78
79
78% *77
*41% 42
*41%
43
*42
43
*108% .L__ *109%
*109%
29
29
2984
2934
29% "2984
7%
8
7?$
8
8%
8%
27
20% 27%
27%
27% 2784
*109
110
109% 109% 109% 109%
42
Ik 42
43
42
*43% 45%
14
1 13%
137$
14
14%
1384
14% 14%
14%
14%
rl4%
14%
30% 30%
3034
31
31% 31%
22% 23
23% 23% *23%
24
*5
*5%
6%
5%
5%
5%
*9%
10%
*9%
10%
10%
*9%
110% 110% *110% 118
*111
112
*112
117% *112
117% *112
117%
*43
88%
23
1334
734
r6 tt
7
10
8%
13
*1234
*85%
175%
*1284
13%
*85% 88%
17»4
*1684
*13%
13%
107$
*10%
137$
13%
*105%j 105%
28%May
484 Jan
% Jan
% Jan
900
175% *170
5%
734
182
06
17%
Feb21
1% Dec 20
1,600
7%
884
10%
1734
*10
10%
17%
*89
44
10
884
1434
175
*7%
884
2fl
1% Jan
Morrell (J) A Co
Morris A Essex.
105%2 105%J *105%« 105%
150% 150% *150% 154
*151
154
23% 23%
23%' 23% *23% 23%
29
2834 29%
29%
29%
30%
6%
65%
5%
93s
*10
17
Day
105% *105
105
106%
*105
734
834
17%
Closed—
87%
*7
884
Exchange
174% 175
13
13
5
1484
7%
8%
10%
17%
24
5
5
*11 Deo 23
$4.60 preferred
300
23
34% Mar
6% Jan
10
6% conv preferred
17,600
41
0
2
No par
J Missouri Pacific RR
30
38
41
11%
11% *11%
17
16%
16%
17%
22% 23
22% 23
4%
4%
4%
4%
*52% 54
*52% 54%
*10%
11% *10% 11%
72
72
*09%
*69%
*110% 111% *110% 111%
7%
7%
7%
7%
50
50
*50
51%
5
5%
4%
5%
15
*14%
14%
14%
22% 23%
22% 22%
7%
23
123
37
2334
23%
*119
38
May
2%May 15
May 21
7%May 21
Mohawk Carpet Mills
Monsanto Chemical Co
150
42
May
82
7% preferred series A... 100
2,700
*11
49
7%
8%
123
85
103
-No pat
Mission Corp
500
116
37%
4%
1484
7%
9%
115
5
6
ll%May 21
23%May 21
100
Mo-Kan-Texas RR
7,100
1,300
2,200
87%
8584
116
*41
49
47%
174
*85%
*10%
13
23
11%
16%
23%
48s
54%
10%
47«
9
10ig
17
175%
23%
11
14%
2334
23%
10
23%
434
*884
16%
2384
11%
1034
14%
*7
*173
41
4%
86
1
10.60 preferred
1,600
1,500
h
Feb
24% May 24
2%May 22
ll%May 22
10
Aug 13
24 May 22
6%May 21
4% conv pref series B
100
Minn Mollne Power Impt
1
15
*14
*119
38
4%
54
*ai«
15
116
123
37
40%,
1034
*16
*16
*13%
85*4
10%
10%
70
70
70%
111% 111% *110% 115
7%
47%
4%
*119
38
42
10%
70%
7%
47%
4%
15%
*47
%«
%
%
%
14
14
1334
84
85
8534
*115
116
110
121
123
30%
*39%
*%6
<
6314 Feb
50
8% cum 1st pref
100
slt
7%May 28
64
Midland Steel Prod....No par
2,900
6lt
ht
No par
10
4
ht
1n
108% Dec 30
14%May 3
Minn-Honeywell Regn.No par
67
*3%
*53%
hi
,
9% Jan
May 31
1,400
*109
4
*54
May 21
Miami Copper
.6
Mid-Continent Petroleum..10
220
123% 124%
42% 42%
124%
418$ 41%
B
Merch A M'n Trans Co.No par
Mesta Machine Co..
5
7,000
1,300
I
share
90
Co (The)
6% conv 1st pref
2,300
14
per
1
Mengel
400
9%
14%
9%
14
$
100
$6 preferred series A.No par
$ 5.60 pref ser B w wmNo par
Melville Shoe Corp....
1
1,600
1,400
31%
3%
2334
18%
36%
9%
14%
Lowest
Highest
share
preferred
conv
Mead Corp
1,900
80
*66
6%
ver
Stores Co
McLellan
30
$
Range for Previous
Year 1939
lwyshare Lots
Lowest
Par
3,100
6«4
110
108% 108% *108
8%
884
8%
8<
♦75%
30%
Range for Year 1940
On Basis of
Week
% per share
108% 108%
8%
8«4
1941
4.
EXCHANGE
Friday
$ per share
30
$ per share
Jan.
Jan
3
16% Jan
4
'
Nov
25
15% Sept
12% Mar
34% Mar
Oct
62
21% Sept
1 Called tor redemption.
Ex-righta,
.
Apr
9% Apr
7% Sept
7% Nov
'
'
'
■
■
"
New York Stock
Volume 152
LOW
AND
HIGH
SALE
PRICES—PER
Tuesday
Dec.
Dec.
$ per share
30
$ per share
119
120
118% 119%
160
*158% 160
4
3%
6%
6%
6%
3%
3%
3%
15%
16%
15%
7%
*7%
8%
3%
3
14%
7%
*%«
%
he
34
34
*33
105
105
he
*105
34%
31
$ per share
the
Week
$ per share
$ per share
S per share
Shares
12134 12134
*158%
6%
1538
15%
8%
*73g
9%
15%
*7%
*%
*33%
34%
"16
34%
34%
104
*96%
10%
11
10%
16%
*15
11%
10%
16%
97
11
16%
10«4
*15li
1%
*1%
29%
29%
20%
*34
20
20
10%
10%
9634
10%
30
30
30%
%
%
%
9%
9%
9%
938
20%
1
9%
8%
8%
8%
8%
8%
45%
*45%
47
*45%
85%
2%
*278
86%
86
86
87
45
47
8634
2%
*234
3
2%
2%
234
3
*15%
1%
2934
2
*19%
*34
8%
8%
20
47%
234
20
1
*%
1
9%
8%
9
834
*45
42
43
13
13
13
22%
22l2
22%
22%
23%
21
21
21
23
21%
22
22
22
22
3734
3678
178
7%
45l2
24l4
4%
*8%
37%
1%
36%
1%
834
37
1%
884
3634
*1%
*8%
36%
1%
7%
45%
46
25
22
638
7%
35%
45%
24%
45%
25
22
22
23%
*2038
45
46%
25
25
24%
*20%
22
*20%
6%
7%
35%
22
6
6
6%
6%
7^8
34%
7%
3534
7%
7%
35
433s
43%
42%
35%
43
8734
85
*85
:V
*18
11%
7634
*434
*44
40%
7 32
12
77%
5%
5l2
52
*44
40
40
23
52
40
*2284
*74l2
2234
*74%
6
38%
8
8
*80%
83%
15%
*15
*158%
*178
638
*8%
50%
38%
*703s
*1078
*160
*%
16%
*1778
...
179
41%
3%
40%
2234
*3
...
135
...
>
135
8%
*8C%
1434
8%
86
15
*159
178
76
532
%
%2
lls4
*11%
1134
76%
5%
76%
5%
52
52
40%
41%
*5
5%
52
40%
41%
3%
41%
2234
74%
*3%
r4,l%
22 %
74%
135
*-_..
Stock
Exchange
46%
8%
*8
*81
51
170
10%
20%
19%
7%
20%
21
34
34
6%
12%
6%
12%
13%
40%
573s
12%
13
42
57%
10%
4%
62%
3%
6%
13%
12%
13
13
4034
40%
57
57%
57
85%
10%
10%
4%
85%
10%
10%
434
*77
62%
3%
42%
*19
95
62%
1
334
43%
19%
17
16%
17
27%
1334
25%
2734
*21
22
27%
13%
24%
21%
*1%
25
26
134
257g
10
8%
978
8%
*8
7%
*934
*13
34
8
7%
7%
10%
8%
834
63
*6234
63%
5434
5434
*51
55
1%
1%
22%
1
22
99%
9978
95
95
10%
10%
2334
*110% 111
*73% 74%
117S
93%
934
31%
*94
8%
5%
12%
5%
16%
1278
48
48
Ts
38%
22%
99%
8%
5%
4%
16%
*1234
4734
13
48
38%
he
3834
334
334
43
62%
334
43%
43%
43%
3%
*42%
19
19
19
19
*19
*1%
26
*7%
7%
*10
62%
62
62%
17
1634
17
*16
28
28
*27%
13%
24%
*21%
13%
25%
13%
*24%
13%
25%
21%
*21
21%
134
27%
2
134
*25%
26
9
*7%
*7%
*134
*25
9
738
81"
*10
11
9
12%
8%
8%
63%
*63
63%
*63
55
*53
66
*53%
1
22%
100
8%
8%
1%
1%
21% 22%
100% 1C0%
1%
22%
100
95%
94%
94%
10%
10%
23%
24
10%
23%
10%
24
107%
73%
12
93%
10
31%
*107
*5334
8%
534
5%
60
834
*52
16%
16%
3034
1234
*46%
3834
113
1%
1%
21% 22%
l00->4 100%
95
95%
10%
11
*22 34
*107
*69
72%
12%
12%
72%
12%
94
94
10%
32%
10%
32%
10%
33
*10
32
8%
*5%
5%
16%
60
8%
*5%
*514
16%
634
5%
16%
13
13
*46%
*%
13
*52
8%
49
13
"
37%
38%
%
%
3%
%
*2
3
%
*3
4
42%
4234
111% 111%
40%
40%
3
42h
43%
111% 111%
41
43
Bid and asked prices; no sales on this day.
42
4334
{ In reoelverahlp.
43
a
conv
1st pref—No par
Radlo-Keltb-Orpbeum
6%
1
.
100
preferred
conv
Raybestos Manhattan.No par
Rayonler Ino
1
32
........26
preferred
Reading
Company........50
4% 1st preferred
4% 2d preferred.....
Real
Silk
..60
60
Hosiery
Preferred
6
Rels (Robt) A
1,300
25,200
1,400
1,200
13%
900
3,200
49
270
%
38%
200
%
%
3%
2,100
1,100
2,400
100
50
44
4634
2,900
160
10,200
Def. delivery,
8
4
Feb 17
5
Jan
25% Nov 15
Deo
Apr
%
94%
Aug
Apr
4% Sept
6% Sept
2% Aug
17% Aug
11% Sept
33
Mar
17
Deo
15
27% Sept
Aug
8
30%
9
8
7%
4634 Dec 14
29% Apr 9
21
13% Sept
40
15
24
17
25
May 22
634 Dec
6% May
25%June
37%May
70
19
18
10
25
Jan 10
30
27% May
2%May
36
May
22
May
35
May
107% Feb
3%May
16
Apr 25
2
8% Nov 14
10% Feb 2
40% Jan
47
49
2
Dec 12
22
41% Jan
24
28
66
5
6% Sept
19% Sept
45
Sept
Apr
Apr
Jan
6% Sept
5% Apr
Apr
Apr
Jan
28%
91
% July
Aug
1% Sept
Sept
103% Mar
74
2% July
7
Jan
25
Apr
35
July
31%
Apr
46% Sept
Aug
3% Sept
45% Mar
31% Sept
61
Sept
4
2
36
Jan
23
Apr
Feb
75
Dec 23
10
110
Sept
Sept
10% Sept
8% Mar
47% 8ept
48% Aug
8
6% Feb
Oot
45
Apr
May
28% Apr 26
29
21
Jan 17
22
May 24
5%May 24
64%May 22
13% Nov 6
7% Nov 14
46% Dec 31
35% Mar
2%
12
12
Apr
Apr
7
4
Mar
85% Dec 13
60
Apr
95
Sept
Sept
4% Aug
Apr
176
Aug
9% Nov
Sept
32% Sept
14% Sept
16% Nov 15
154
May
6
154
May
6
167
June 10
178
Oct
8
15
15
8% Jan
2
11
Jan
22
21
57
Dec 11
41% Nov 18
4%May
5
May
16%May
10 May
19
May 21
7
May 21
151% July 3
% Feb 14
15
May 28
63
June
5
112%May 22
28% Dec 24
100 May 21
110%May 22
158
4
73% Dec 18
16% Apr 8
151% July 3
1% Mar 12
2234 Feb 9
11% Sept
16% Sept
48% Oct
26% Oct
40% Sep}
20% Sept
6%
22
Apr
12% Aug
18
June
6
Sept
142
%
Aug
Apr
1
9
Deo
2% Sept
Sept
17% Sept
24
Reo Motors
1
v to
17
preferred
5% % preferred
100
100
129
Apr
143
Aug
147
Sept
166
June
114% Oot 14
l6%May 21
118
Jan
111
Sept
Sept
117% Deo
41% Sept
11% Sept
90% Mar
63% Aug
10% Jan
81% Jan
18% July
634 Oct 21
June 12
73%May 28
9
June
5
48%May 21
2% Nov 22
34
June 19
10
89
70
May
15% Feb
15% Feb
11
7% Apr
Apr 15
90
Apr 8
3% Dec 30
43% Dec 16
23
Apr
29%May
9% May 28
6%May 21
Aug 5
8
6
60
May 22
7
May 28
1
May 15
*3784June
70%May 21
May 21
7%May2l
17% July 26
70
June 28
39
May 27
Apr
Apr
19
Deo
18
27
3
8
Mar
4
40
Dec
Jan 12
7
Apr
16%
9
Apr
Apr
10
9%
Dec
13
834Nov 16
13% Feb 9
10% Jan 3
2%
6%
63% Dec 31
60
60
69
Jan
6
2
Apr
4
24% Nov 9
10534 Sept l't
97% Dec 10
Jan
31
30% Apr
91
14%
117
Nov 19|
74% Dec 27
16% Feb 20
July
Dec
Dec
Apr
% July
44
May
Oct
8
3
9% Nov 27
7% JaD 3
Feb 27
12
22% Apr
4
75
Nov
2% Nov
43"
Apr
42
95%
Deo
Apr
89%
Oct
Apr
21% July
20%
63
84
Sept
37% July
66
Sept
7% June
Jan
87
Deo
11%
Jan
9%
Aug
6%
56
Oot
14% Sept
17% Jan
75% Mar
28% Sept
11% Nov 14
62
Mar
Nov
Apr
78%
A pi
Sept
5% Sept
64
12%
8
98%
Jan
23% Sept
Jan
30% Dec 23
May 22
6% May 22
63%
4% Feb
55
Jan
67%
20% Sept
Oct 31
6
Nov
8%
28% Deo
22% Sept
28% Oct
23
June
16
86% June
6% June
27
Dec 30
Aug
12% June
10% Apr
8
l%May 21
6
85%June
4
8
May 22
1934June
17
Aug
128% Aug
16%
69
37%May
17% Apr
May 28
Sept
x22% Aug
6% Aug
ll%May
97%May
16%May 22
l3%May 21
4%May 22
{St Louis-San Francisco—100
32% Jan
24
3% Aug 8
11% May 28
12% Dec 28
100
112
Feb
41% Aug
114% Aug
2
No par
J Rutland RR 7% pref
St Joseph Lead
Deo
31% Apr
101% Sept
Apr 20
Roan Antelope Copper Mlnes.
Ruberold Co (The)
No par
Rustless Iron A Steel Corp..l
32 60 conv preferred.No par
Sept
66
119%
Apr
Apr
8% May 21
10
115% Jan 11
49
Apr
Mar
Mar 29
76% Mar 28
6%May 21
No par
8
112
128
100
1
Reynolds (R J) Tob class B.10
Richfield Oil Corp
Rltter Dental Mfg
43% Apr
6% Sept
18
60%
166
Reynolds Metals Co.—No par
5H% conv preferred
Reynolds Spring
3
45% Nov 8
71% Apr 16
118% Jan 2
Sep*
16% Sept
145
60
7%
6
May 22
6% conv preferred
100
6% conv prior pref ser A. 100
Revere-Copper A Brass... ..6
10
Jan
6
3
8
143
14 ,May 21
A
July
14% Jan
14% Jan
Sept
16% Sept
6
Republic Steel Corp..-No par
Class
Jan
June
6
..1
12%
126
Co 1st pref.. 100
Common
16%
74
Jan
69%
Nov
25
Rernlngton-Rand
130
1,800
8
4%
13% July
11% Mar
Apr
4% Jan
13% Apr
100
_
Reliable Stores Corp...No par
Reliance Mfg Co....
10
500
lY,90G
111% 111%
43%
600
120
*3
43% 44
111% 111%
33.60
Preferred with warrants..25
2,100
48
43
9% Sept 19
4%May 23
90
Apr 16
Rensselaer A Sara RR Co.. 100
30,900
1,150
1% Aug
6% Apr
*5% Deo
5
16%
Sept
21
Sept
2% Feb
Nov 27
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer
No par
35 preferred B
No par
150
834
6%
534
*%
*2
100
100
100
300
4,900
Apr
47
23
84
60
*he
*%
%
*46%
*%
38%
*he
49
5,300
11%
62% Jan
96%May
46% Dec 10
Jan
Apr
May 18
23
May 22
l%June 13
5%May 21
17% May 22
ll%May 21
preferred
100
conv preferred..
100
Purity Bakeries
No par
50
100
...No par
preferred
preferred
preferred
6%
6%
300
600
preferred
Pub Ser El A Gas pf 15-No par
Pullman Inc
No par
Pure Oil (The)
....No par
30
94
2%
%
2%
4
113
94
5%
he
25%
72%
12%
534
39
8%
10*%
834
63%
56
No par
5% pf (ser of Feb 1 '29) .100
Pub Serv Corp of N J ..No par
200
300
6
50
Procter A Gamble
800
10
*758
1034
834
63%
*53
%
%
2%
13,100
1,700
m
5% conv 1st pref
5% conv 2d pref
12,700
400
36
4% Sept
""16%
110
3,500
12% Mar 4
10%May 13
Jan
Apr
Aug
8%
3%
43%
19%
1634
28%
13%
24%
22
2%
27%
Apr 9
Nov
7
Mar 12
1%
Jan
13%
26
434 Oct 2
6%May 21
6%May 21
21
May 21
6%
7%
8%
2,600
41,500
1,700
Nov 12
107%
Postal Teleg'h Ino pref.No par
Pressed Steel Car Co Ino.
1
{5
62%
28
*2%
%
234
40
61%
334
2%
44%
23%
2%
Jan
2%
300
36,800
6
Feb
Jan
Feb
14%
% Aug
200
95
18
Sept
104
6% Apr
7% Aug
200
4%
Nov 25
11% Dec 18
2
60%
4
10934
121%
139%
157%
119%
26%
*77
99
8% Sept
Apr
Sept
92
Sept
6% Sept
72
Sept
7% Sept
14% Sept
2% Feb 27
9,300
95
4%
*77
105% Deo 26
10% Dec 14
June
%
35
20% Dec 31
28%
600
r
5
2
%May 29
220
10%
Jan
12% Jan 13
6%May 21
118%
*1C
86
1
45% Apr
No par
300
200
9% Sept
June 12
Tob cl A No par
tPorto Rlc-A
300
96
5
Pond Creek Pocahontas No par
4,700
10%
434
he
%
42%
4278
111% 111%
*108% 10934
121% 121%
*136% 140
157
157%
*117
119% *117
25% 26
25%
8
8%
8%
96
96% 96%
he
*2%
*4
2938
No par
Foor A Co class B
57%
10%
*%
%«
118% 118%
42
1,700
9%
534
5%
16%
56%
*118%
28%
*108%
121%
*136%
157%
6,800
1,800
9%
8%
*40
57%
6%
13
13%
10%
73%
1134
93%
60
4Q34
1258
13%
86
93%
31%
6%
12%
13%
5CC
1,900
2,000
1,300
*10%
>107
9%
30%
7og
10%
107% 110%
73% 73%
12%
1134
93
21
7%
86
*94
*22
21
8
10%
96%
10%
23%
10%
*5334
60
1%
21
86
21
9
16%
57
434
100
pf. 100
100
16%
4Q34
95
100
pr
J ,700
10%
4%
No par
Plttston Co (The)
Plymouth Oil Co
8 584
*77
100
Pitts Screw A Bolt—JVo par
Pittsburgh Steel Co
7% pref class B
5% pref class A
5 if % 1st ser conv
Pittsburgh A West Va
Pit Youngs Asht Ry 7% pflOO
12%
*12%
*10
No par
1
A C Ry Co. 100
300
*6
29
par
260
%
*6
..100
Corp No
*34
103s
21%
2
10%
*159
3,
h
85%
24%
1334
11%
3,400
: 10%
16%
27%
13%
*24%
63
22%
99%
*1034
*70
*16C
4034
27%
1234
*23%
*
290
20
4234
20%
40
200
72
*16
3%
he
54%
39%
1638
42%
*19%
38%
54%
38%
16%
95
*%
900
16%
*77
8%
534
4%
16%
6%
9
1034
100
7% guar preferred
6%
9
Jan
Deo
10
% Mar
1
14% Nov 25
97%May 9
7% Apr 4
Pittsburgh Forglngs Co
*178
6%
9
Jan
4%
19%
% Dec 26
25
S5 conv preferred
11%
Apr
1134 Dec 30
68
May 21
3%May 18
...100
Pitta Ft Wayne
6%
*8%
10%
85%
10%
30%
*5334
1,600
71
85%
10%
*10%
4%
11%
93%
934
14%
52%
38%
118%
118% 118%
118% 118%
287s
293g
28%
28% 29
108
108
108
108% 108%
122
*120% 122
*121% 122
137%
136% 138
*136% 139%
157% ♦157
157%
157% 157%
*117
119% *117
119% *117
119%
25
25%
25%
25%
253g 25%
8
778
8%
8%
8%
8%
*96
*96
97%
*96
97%
9738
*22
14%
*160
71
118%
28%
*107%
*120%
136%
156%
8%
30
52%
38%
6%
257«
*7%
*7%
*9%
8034
50
6%
12%
*12%
*39%
5634
134
8034
Dec
76
Hosiery
Pitts Coke A Iron
7
3
36
No par
Deo
8% Nov 18
Jan 11
Pirelli Co of Italv "Am shares"
Pitt C C A St L RR Co
100
700
15
June
7%
4% Mar 11
25% Apr 4
87% Dec 21
10
PUlsbury Flour Mills
4,300
May 22
share
ver
132
156% July
6% Dec
3
Philip Morris A Co Ltd
Pittsburgh Coal of Pa
6% preferred
15
4
par
Reading C A I .No
Corp
Preferred
l%May 22
l%May 22
ll%May 21
9%June 25
7% Jan
June 11
No par
Pblla A
"V,200
86
15%
100
No par
preferred
Philco
40
8
71
734
$6
Phoenix
8
41%
100
.
135
7
100
Pet Milk Co
7,000
40
38%
*19%
7%
Marquette Ry Co
6% prior preferred
6% preferred
3%
*-_-.
No par
No par
Penn G1 Sand Corp v t c No par
Pennsylvania RR
60
100
46%
8
50
7%
Penn-Dlxie Cement
$7 conv pref ser A
No par
7
69
l<j6
6
7% preferred
Plllhlps Petroleum
7%
38%
*34
17
135
52
*uie
June
Phillips Jones Corp
74
*178
*159
71
10
10
*68
39
%
No par
200
77
70%
11%
Penney (J C) Co
Penn Coal A Coke Corp
70
*16C
6%
4
500
4334
8«4
*8034
*14%
8%
Deo
Phelps-Dodge Corp
...25
Philadelphia Co 6% pref— 50
23%
7
1434
43
40
43%
*
Day
No par
13,900
1,300
*22%
74
New Year's
Penlck A Ford
Petroleum Corp of Amer
6
Pfelffer Brewing Co.—No par
*3934
70%
10%
*158%
34
*%
16%
16%
38
71
11
7%
61%
*3
21
27
22
%May 28
5%May 21
5%June 26
.1
700
3%
21
May
l%May
29% Dec
18%May
2.60
Pere
23%
..
834
40%
15
No par
200
43lo
—
6%
5%
56
4% May 21
May 23
6%May 21
1
400
5,800
1,400
1,700
Sept 13
64
1
Peoples Drug Stores Ino
6
Peoples GLAC C(Chlo)..100
{Peoria A Eastern Ry Co.. 100
*3%
*178
9%
1,000
1,300
*4Ci«
86
14%
78
5%
40%
2 2,800
*22%
Closed—
7%
41%
78
*48
500
4,000
%
6%
8%
*84%
99
1
5,800
100
*11%
*159
179
88
100
Pathe Film Corp
540
734
35%
%May 22
26% June 11
-
Patlno Mines A Enterprises .10
1,140
43%
87
conv preferred
May 21
6% Jan 16
Parmelee Transporta'n.No par
22%
35
12
6
200
25%
43%
Corp
2,000
37%
2%
834
4434
ZH
6%
40
7%
35%
43%
No par
Parker Rust Proof Co
200
6%
*712
Sept
500
42%
13
22%
12
76%
*46
5%
39
6
87g
50%
39
1134
J32
1134
7634
*4%
7634
5%
3634
85%
hi
12%
40%
*—v
85%
6i
>
7%
35%
*42%
*85%
43
85
41%
3%
*3
43
6%
2>4
8%
Apr
128
Parke Davis A Co
4,700
2,300
1,100
1,200
23
114
Dec 17
Park Utah Consol Mines
"MOO
25
3%
42
13
22%
44
13
Mar 12
Park A Tllford Ino
*20%
3%
41%
*12%
22%
44
14
139
2%June lu
5% Oct 18
2%May 15
Highest
share S
per
160
6% 1st preferred
100
6% 2d preferred........ 10
7,200
80%
234
3
S
May 26
Paramount Pictures Inc
600
600
share
ver
June 18
4%
39,600
47 h
S
115
Pan-Amer Petrol A Transp_.6
Panhandle Prod A Ref
1
Parafflne Co Inc
No par
20
*41%
*12%
22%
*2178
37%
*134
*8%
4434
234
433s
9
9%
share
Lowest
144
Pan Amer Airways
100
86%
*2%
*2%
87
234
3
*13
45
20
9%
*42
*37
16%
1%
30%
per
Year 1939
.
Highest
100
Teleg
Packard Motor Car
300
10%
1»4
1,600
34%
....
96%
10%
*15%
29%
Range jor Previous
6% preferred..
...100
Pacific Tin Consol'd Corp
1
Pacific Western Oil Corp
10
200
103s
1%
Pacific Telep A
23,200
10,400
93fj
34
96%
16%
19%
1538
*%
34%
*104
1%
29%
178
10%
3%
34
*104
10%
97
1934
%
61;
4
638
3%
97
29%
3,100
3%
*
Par
20
4
Lowest
280
159
4
63s
3%
10%
1%
125
159
6%
*96%
10%
10%
*121
3%
15%
xlOi
85
EXCHANGE
Jan. 3
8
Range for Year 1940
On BatU of 100-Share Lois
NEW YORK STOCK
Friday
6%
96%
*45%
85*4
STOCKS
Jan. 2
3%
15%
*7%
*%
96%
9%
8%
Sales
Thursday
158% 158%
334
3%
10%
1%
Record—Continued—Page
Wednesday
*120% 123
10%
*15
CENT
for
Monday
Dec. 28
3%
6%
NOT PER
Jan. 1
Saturday
*158
SHARE,
Jan
40%
Jan
14%
Jan
35
Apr
Sept
45
52
July
58
Jan
10%
Jan
6%
Apr
9%
.
Jan
Oct
6% May
10
Sept
17% Sept
16% Sept
34
Jan
45% Oct 22
38 Dec 19
15% Nov 12
48% Nov 26
1% Feb 9
%
Apr
2% Nov
26
42
Jan
3
27%
Apr
Jan
2
49% Sept
% Sept
Jan
3
June 10
'11 Dec
7
%
% June
Aug
2
Jan
{St Louis Southwestern... 100
2
Jan 30
May 10
1% May
6
Sept
6% preferred
100
Safeway Stores
—No par
5% preferred
100
Savage Arms Corp....No par
3
Dec 31
4%May 18
34
May 21
May 21
May 21
3% May
27% Apr
Ills® Dec 31
6%
n
preferred
New stock,
r
.100
Cash sale,
x
%
96
17
%
Oct 15
Ei-dlv.
y
5
53
43
Mar 1 4
Dec 31
Ex-rlghta.
%
82%
10%
6% Sept
61%
Nov
Jan
109
Aug
Apr
23
Seut
f Called for redemption.
New York Stock Record—Continued—Page 9
86
Tuesday
Dec. 30
Dec. 31
Jan. 1
$ per share
$ per share
$ per share
$ per share
11%
*86
34%
*109
11%
88
34%
114
11%
*84
86
85
85
500
35%
36
36
800
112
112
30
*111%
12%
*2%
13
6412
334
04%
66
66
*53i,i
5312
53%
47«
5
3814
11
47g
64%
3U
412
19%
2
26i8
20%
20%
384
3«4
53%
5
19%
*184
2084
21%
*11218 113
113
113
15
8
1%
12%
18
9%
15
8%
184
18%
*8
18%
1-%
263s
7%
12
21%
*24
lh
4%
*55
75
*55
207s
20
37%
3684
377fi
37
5778
37l2
38
36%
38
3784
57%
58
6%
57%
6%
38%
58
6%
577g
6
52
6%
52
6
5284
35%
35%
37
*114
*114% 117
6
6
6%
*111% 11134
1
234
H84
1
27g
*20
20
234
12
2%
183s
333g
3734
38%
6378
7%
637g
7%
4%
7%
3884
63%
3384
3834
77«
59%
*124% 125
8%
8%
18%
18%
1%
1%
*1534 16%
*22
22%
*4
2178
17%
77„
7
*43,t
*32%
5
22%
17%
8
7
5%
734
59%
125
8%
7%
4%
784
7%
*26%
*l78
*4%
*55
20%
*99
3284
50%
4%
17%
1%
100
3384
5084
434
17%
*73
4%
*9
584
17%
1%
20%
4%
31
*1712
4%
6%
3234
1%
18%
9%
9%
1
1%
77
834
8%
xl8
18%
1%
*16
23%
*4
32%
234
*2%
38%
4%
4%
4
*584
32%
1
*1734
9%
67ft
5%
32%
3%
834
1
934
50%
4%
51%
51%
4%
51%
434
51
434
17%
17%
17%
17%
17%
8
8
1%
74
434
*8
1%
74%
*73%
5
5
10
*9
1%
5%
6%
6%
18%
18%
4%
10
1%
1%
1%
20
*20%
28%
28%
43
884
1,300
3%
3%
24,300
2,100
37%
36%
367ft
534
534
534
38
234
*38%
*4%
16%
14
13
13
28%
28
28
42%
41%
42%
16
16%
16%
16%
12%
13
12%
13
111% 111% *111% 112%
47
48%
47%
37%
*18% 19%
18%
18%
1%
1%
1%
1%
2734 28
28
28%
Bldandaaked nrtcee: no sales
on this
*31%
4
1,900'
6%
*1734
18%
97ft
10%
1%
16
13%
33%,
1%
1%
mmmrnmm
1,100
2,100
-
m
-
~
10,400
100
400
33
16,300
Telautograph Corp
6
Texas Corp (The)
25
Texas Gulf Produc'g Co No par
1
Thatcher
334 July
preferred
..25
Thompson Prods Inc ..No par
Thompson-Starrett Co .No par
S3.50 cum preferred.No par
Tide Water Associated OH—10
S4.60 conv pref
Tlmken Detroit Axle
SO
No
par
10
1638
I084
13%
*13%
16
3,000
17,700
10
7%
111% *111% 112%
47?«
48%
48%
18%
18%
18%
1%
1%
1%
1%
29
2734 28%
28%
Tran.No par
preferred
100
...
1
Twin Coach Co
Under Elliott Fisher Co No par
Union Bag A Paper....No pat
Union Carbide A Carb.No par
Union El Co of MoS5 pf No par
6,200
Union Pacific RR Co..
Aug
5
800
2,400
18,600
1,900
800
32,241
UgMay 22
105
12
71
70
May
May
May
June
13
preferred
No par
Dnlon Tank Car
5
United Aircraft Corp
Un Air Lines Transport
5
United Blseqlt Co
...No par
5% preferred...—.....100
United Carbon Co
No par
Unlted-Carr Fast Corp.No par
United Corporation
No par
S3
9,600
delivery,
May 22
13%May
6%May
21%June
9%May
597gJune
100
4%
60
1,300
...25
100
14
n
..No par
preferred
New stock,
113
Dec 14
Apr 10
Apr
r
Cash sale.
*
Et-dlv.
y
Sept
17% Mar
13
Sept
14
Apr
127
Apr
23%
Jan
10%
11%
15%
Apr
Apr
24
Sept
15% Sept
3% Sept
18% July
85% Sept
143
Dee
29% Dec
21% Jan
28%
Jan
Apr
36% Nov
Mar
48% Sept
3% Jan
1% Aug
Sept
9% Sept
70% Nov
14%
Apr
22% Dec
Apr
Apr
51% Sept
84% Dec
42
Apr
4%
60
6%
Apr
29
Dec
94
Oet
Dec
4%
10
18% Jan
22*4 Jan
26% Jan
53
Dec
15% Mar
75% Mar
34% Dec
Apr
7% Jan
108 June
Apr
5%
10%
Apr
20%
13% Apr
24% Sept
22% Aug
Jan
Jan
Oct
26% Oct
38% Sept
30
Sept
46% Jan
38
Aug
53% Sept
38% Dec 30
20%
Apr
36
Sept
65
Apr
88
Dec
8034
Jan
3
87g Feb 16
8% Apr 2
12% Jan 5
6% Aug
3% Apr
12%
8%
17%
Apr
12% Feb 21
667gMay 4
5% Apr
45% Sept
Dec 23
118% Sent
125
■
107g
277g
2%
18%
85%
7%
Jan 20
Jan
Jan
5
3
8
Nov
Feb 28
Mar 25
7%
Apr
19% Sept
I84 Aug
10
Apr
22% Sept
57g Sept
17
Apr
247t Apr 22
32% Jan 25
24% June
9% Jan 3
7%May 3
0
Apr 11
4% Aug
3% Aug
47g Aug
40
Mar
5
6% Mar 5
9% Dec 26
47% Apr 4
4% Apr 4
33%
Oct
3% Aug
4
Jan 27
23
12
May
6
99% Deo 14
34% Dec 30
52% Nov 15
7
Mar 14
Apr
2%
88% Jan
116% Dec
9
8
10
89% Feb 10
16
Apr
Oct
6
Nov
Nov
Apr
1% July
7%
Oct
33
1% Jan
2<4 Sept
17
5%
41
Apr
9% Aug
83
Sept
10%
34%
Apr
Apr
6
Sept
Apr
Apr
378
Oct
4% Nov
33% Nov
384 Jan
18% Dec
14% Mar
86
Feb
25
Deo
54% Jan
8% Sept
127S Dee
10?8 Jan
2
Mar
74
Aim*
Apr
88
3
6
Apr
14% Sept
28% Jan
17%
4
Jan
Jut
Apr
4
18% Apr 22
9
22%
Apr
Sept
11% Dec
1984 Sept
1% Apr
Feb 19
45
38% Sept
ll3g Sept
Oct
4
13% Mar 14
9% Sept
7% Mar
43% July
6% Mar
Oct
5%
30
12% Sept
61
Dec
3% Dec
9
4
3% Apr
Jan
48
93g Nov
82% Mar 7
5% Apr 15
10% Apr 24
13% Jan 4
25% Jan 23
10%
25% Sept
37% Sept
24
6%
Jan
30% Mar
16% Dec
4
284
Sept
Aug
5% Nov
8% Sept
Apr
217g
Oct
Jan
9% Sept
7
9
10
06
128% June
11% July
38% Jan
3% Sept
22% Jan
50% Sept
534 Jan
26
Nov
Jan
Apr
3% Aug
8
4
8
8
8% Jan
6% Jan
Jan
7% Sept
32% Aug
37% Nov 26
8
1% Dec 13
20
Dec 19
Dec
21
2
2% Jan
7% Jan
17% Jan
May 24
112
Dec
98
21
3
21
28
22
23
Jan
Apr
8% Aug
21
25
27
Dec 28
22% Jan
31% July
12 May
12%May
1087g Nov
42%May
12
22
23
10
21
10
Oct
Jan
Sept
Dec
57% Dee
18% Apr
7% Apr 8
6% Dec 13
38% Apr 16
2% Jan 4
64
127
Jan
5
2534May 28
1
May 18
8
May 21
8>4May 28
81 May 28
18 May 21
35%May 21
4% May 21
10%May 21
4%May 22
l%May 22
3234 Jan
3% June
28%
29%
Apr
Apr
5
Union Prem. Food Stores,Inc. 1
1,100
6,300
13%
Def
Twin City Rapid
Nopar
Union Oil of California
18%
a
$1.50 preferred
3,700
4734
: In receivership,
20th Cen Fox Film CorpNo par
100
3,200
3,800
Dec 12
2
6%May 22
5 May 21
20
Feb
38»4 Apr
58%
11%
66%
40%
112%
77g
4
Jan
17% Sept
1077§ Nov
87g Sept
11
23% Apr 11
284 Feb
20
Aug
12% Apr
10% Aug
1% Sept
June
100
Thompson (J R)
10
700
11%
Oct
11% Feb
38% Aug
17% Apr
2% Dec
16% Apr
15% Aug
70
77g Sept
54
36
5
May 14
47
97*
Jan
Jan
Sept
Jan
98% Aug
484 Apr
14
Truscon Steel Co.
134
Jan
28
30
3%May 21
20
3% Aim* 24
June
6% Dec
34
Jan
35
No par
*1%
16% Jan 3
30%May 10
152% Apr 23
30%May
15% Jan
20% Jan
347g Jan
39
37g May
43
42% Feb 16
584 Mar 8
No par
21
72
May 15
10
Third Avenue Ry
1,200
18%
21%
June 19
preferred
Truax-Traer Corp
12,800
Apr
3
130
6%
Apr
Dec
30
800
10%
11%
10%
61
9
2% Mar 11
""I "sept
60% Apr
1
5
18%
Oct 29
11% Jan
24% Feb
12% Jan
62% July
117% May
3% Sept
243g Sept
3% Jan
857g Nov
100
747ft
63ft
22
Feb 16
*47ft
18%
Aug
Apr
1
101
114%May
Mar 21
May
747#
10%
6%
23%May 10
Apr
~
120
4
Co
conv
2%May
26% May
6% Oct
5
18%
1%
Nov 12
63
Preferred
$3 dlv
May
75
100
3
2% Apr 29
Dec 27
Transue A Williams St'l No par
Tri-Contlnental Cor p.. No par
*9
Jan
24
31
2%June 11
400
9,000
9
36
Transoont'l A West Air Ino..5
1%
4
7
—No par
pref
1,700
13ft
Jan
Feb
Nov
12% Jan
18% Jan
3,400
5,400
8
Feb 13
Deo 24
5
8
40%
13%
108%
6%
5
No par
Thermold
33
20
21
22
21
20
18
14
25
21
23
23
11
22
5
7
17%
51%
*4 7#
*17
Apr
7% Mar 13
par
No
Mfg...
conv
May
zl7%May
16% Aug
434May
334May
4%May
28%May
278 Dec
4%May
0
100
Texas A Pacific Ry Co
Ttmken Roller Bearlng.No par
Transamerlca Corp..
2
111
day.
...60
6
Tennessee Corp
10
32
1%
18%
17%
8%
9
534% partlc pref
150
*32%
51%
47S
Inc (James).
100
1,600
4
32%
51%
1
Without warrants
Talcott
$3.60
*6
*99
Symington-Gould Corp w w.l
The Fair
32
10
Swift International Ltd..
100
434
22
22
29
357ft
234|
0
29
15
21
4
May 21
4%
8%
7%
43%
4034 Aug
118%May
7%May
12%May
1% Oct
9%May
3
Texas Gulf Sulphur
No par
Texas Pacific Coal A Oil
10
*2%
38%,
4%
May 21
584May 21
20
Texas Pacific Land Trust
700
Dec 19
Co......10
7,800
5,300
1,200
4%May 15
Sweets Co of Amer (The)...50
Swift A Co
25
2,500
8%
8%
8%
8%
33%
32%
*32%
32%
*12%
*12%
12%
1284
70
69%
697«
6884
*113% 114% *113% 114%
13
13%
1284
13%
77%
78%
78% 80
84
8434
84% 84%
13
13%
13%
13%
283#
28% 28%
28%
42
43
4234
4134
42
16
*13
300
3%
"
......
30
34
40%
32
*1734
400
*31,1
8%
3234
1%
1,800
1,100
39%
3334
13
*32
7,200
2,900
40%
3%
32%
28%
41%
*
*4%
34%
13
27%
7%
*6%
6%
18%
1%
27%
7%
67«
4
6
19%
734
5%
31%
18
47
17%
*6
18
111%
17%
33%
13
47
22%
*37#
*20%
22
8
8%
8%
8%
8%
3284
30%
3284
31%
32%
1178
12%
12%
1234
12%
1284
68%
69
69%
70
69%
69%
112% 112% *113
114% *113% 114%
12%
12%
12%
12%
12%
12%
75
7534
7534 7634
7684
7734
84% 84%
84%
84%
84%
84%
*18%
1%
22%
22%
1734
31%
8%
111
Sutherland Paper
m---mm
6%
10
13
600
5
4
31%
13
600
23
1,100
2,100
6%
preferred
*4
31
18%
9%
Btudebaker Corp (The)
Sun Oil Co
—No par
*22%
2,800
87«
3578
38%
10
18%
4%
4%
*30%
2,600
*16
34%
1%
13,100
5
34
201
81.4
58%
*7%
*9%
5%
1%
Stone A Webster
*7%
10%
21
9,600
1678
99
484
734
87ft
7%
*2%
5
Stokely Bros A Co Inc
*1%
8%
38%
No par
May 21
4
1,600
183ft
4%
*34%
1
Sterling Products Ino
Stewart-Warner Corp...
23%
1%
7%
38
56
4,100
1%
16%
834
18
*7%
*35%
10
5
1,200
7%
41.1
100
Sunshine Mining Co..
.10c
Superheater Co (The).-No par
Superior Oil Corp
1
Superior Steel Corp
100
7%
3
25
64%
128
7%
3934
4%
6
5784
*125
4%
*3%
884
4%
17%
77#
99
74
No par
64
99
73
Standard Oil of Calif
l2%May 21
16% Oct 10
20>4May 28
297gJune 1
23
May 21
64
99
1%
No par
800
99
1%
17 cum prior pref
39
99
*8
2%May 22
9%May 25
39
*4
7
234
No par
No par
preferred
3934
58%
Dec
16 cum prior pref
54
39%
3634
534
7%
39
May 18
Standard Oil of Indiana
534
7%
1
Standard Oil of New Jersey.25
Starrett Co (The) L S..No par
5%
7%
98
53,200
3534
7%
14.60 preferred
No par
Standard Gas A El Co.No par
May 21
June 10
22,600
35
3%
884
40%
3%
36«4
3
4
*8
1%
*32%
7%
6
197ft
*4%
7%
112
36
128
3
100
26%
7%
46
..No par
5% conv preferred
Standard Brands
18%
*6%
7%
4*4 May 22
May 22
267gMay 23
34%
6%
4%
2
No par
1
Spiegel Inc
Conv S4.60 pref
Square D Co
May 21
19
May 21
45%May 28
26%
57%
66
33
187R
*125
Apr
16% Jan 11
16% Nov 8
73% Nov 15
5% Jan 11
Sperry Corp (The) v t c
500
14%
88
Spencer Kellogg A Sons No par
No par
"""%
1% June
7
1
No par
Sept
278Nov 14
72
Spicer Mfg Co
53 conv pref A
44% Sept
105
15% Aug
Jan
Highest
S per share S per share
10
Aug
177g Mar
61
Sept
76% Aug
3
3%June 12
No
3434
41.1
7%
734
l%May 21
2
2
60% Oct 14
14%May 29
preferred
26%
*63%
7%
6
% Jan
1% Jan
20
1
4,100
13
14%
17% Nov
4
115% Jan 11
111% Dec 23
par
16.50
18%
434
38
27#
27«
*12
5,300
No par
Spear A Co
34'%
734
3534
5%
200
1%
Wlthlngton
Sparks
26%
484
3%
23,700
Ry
preferred
Mobile A Ohio stk tr ctfs 100
1,700
mJmmmm
25
1,800
29,100
634
4
9»4
*14%
1434
16%
23%
5
22%
17%
36
18
3
12%
16%
23
*4%
35%
1
1%
*27„
1%
35
1%
600
300
6%
6%
6%
*1113411384 *11134 114
12%
1%
3
9%
3,000
400
*1
5834
8%
3
*17%
Day
128
18
3
32
13%May 21
5%
mmmmmm
6%
734
58%
3
32
100
8,700
3,800
434
*30%
4%
*684
32%
No par
58
8%
3
32
4%
6%
Southern
.100
preferred
Southern Calif Edison.
5,700
37
634
4%
10,100
37%
x6h
434
*23g
27,500
No par
58
0%
128
Southern Pacific Co
3,500
36%
6%
Greyhound Lines..6
May 28
23%May 22
634May21
8
May 21
37%
17%
7%
38%
S'eaetern
8%
58
17%
784
4%
So Porto Rico Sugar...No par
mm
38
22%
173.1
7%
3958
1,100
2,900
mm
3734
6%
Deo 19
7%May 21
l%July 1
10 May 22
16
Aug 13
20
7-%
39%
*30%
4%
*5%
Exchange
22
4%
20%
12%May 23
l%May 31
17%May 24
12%June 4
67
May 24
105 May 22
10%May 22
5
May 21
14
4%
75
20
7% June 6
95%June 14
3%May 22
Socony Vacuum Oil Co Inc. 15
South Am Gold A Platinum.. 1
100
2
4%
*55
May 29
Snider Packing Goro--.No par
*57%
3734
22%
39%
2
2
434
75
34
1,800
27
27
No par
8%May 21
51% Aug 1
3
May 21
40% Aug 16
434May 21
2,400
X37
22%
17%
a?7%
*35%
1%
27
$6 preferred
11
66,700
1*4
1384
9
*13%
19%
18%
*142% 150
*142% 150
28%
277ft
27% 2778
8
8
8%
8%
12
12%
12%
12%
21%
20%
20% 21%
8
*125
22%
2%
Smith (A O) Corp
10
Smith A Cor Type v t c.No par
Sloss Sheffield Steel A Iron. 100
30
1534
13%
4%
40%
38
100
19
734
7%
*4
2%
500
9
*15%
8%
4%
*8%
*35
30
*814
134
15
Skelly Oil Co
2,000
19
*18
87#
—.10
Slmonds Saw A Steel ...No par
22
*112%
15%
*4%
8%
7%
-
7%
*32%
3%
8%
3934
7%
-
9
4%
59%
125
16%
35%
5%
-
19
7%
884
40%
5%
•
5
110
*107
7%
35%
3%
4
22
mmmmmm
.
No par
Petroleum
81 mms
600
111
preferred—100
conv
Simmons Co
2,300
2
28
18%
Stock
534%
64
63%
734
884
3978
5%
1934
*178
*26%
*21%
15
Shell Union Oil
Silver King Coalition Mines.
39%
*39
*3
4
19%
1,300
2
14%
1834
26%
34%
25%
33%
64%
22%
1%
5
*434
Sbattuck (Frank G)
No par
Sheaffer (W A) Pen Co.No par
400
105% 1053ft
1934
13%
1234
14%
18%
14
838
18%
1%
16%
18
4,000
15%
8%
1%
1%
3
1234
2%
26
734
117ft
*8%
6%
1
12
18
58
11%
1134
28
*112%
*18%
11134 HI84
1%
25%
7%
40
*21
20%
6
6%
18
7%
38%
No par
$5 conv preferred
No par
Sharpe & Dohme
No par
S3.50 conv pref ser A .No par
670
2578
33%
4%
38%
—.1
Serve J Inc
Sharon Steel Corp
7,700
177s
25%
33%
4
38%
6%
14
7%
5,500
2,200
54
53%
53% 547ft
53% Closed—
35%
35%
35% 35%
35%
36
35%
New Year's *114% 117
117
*114% 117
*114% 117
12%
14%
1334
200
5%
52%
53
11134 11134
1
547ft
5%
*107
37%
37%
*53%
4
*178
75
*20%
3'%
547#
5%
19%
8'
1%
I284
18%
1%
75
v
310
67%
334
preferred....
4-2%
7,600
*26%
15
12%
*55
67%
66
105% 105%
434
4%
1234
12%
18%
17%
18
*142% 150
*142% 150
27
27%
26i2
26%
26%
8
8%
8%
778
8%
12
12%
12%
12%
128S
21
2134
21% 2134
21%
27
*25%
27
*25% 27
134
1%
l7s
I84
1%
*4%
*4%
484
4%
4%
1234
800
*38%
11%
18%
8%
1714
18
*142% 150
8,900
Seagrave Corp
No par
Sears Roebuck A Co—No par
137ft
334
...
8%
83«
134
400
10%
7734
Jan
%May 16
% Oct 15
May 21
1% Sept 26
61%May 21
8% June 10
2,400
*13%
Deo 17
No par
100
13%
13%
88
49
101%June 24
JSea board Air Line
14% Mar 27
2
May 14
No par
Seaboard Oil Co of Del.Nu par
10%
7%May 21
34
107%June 25
$4 preferred
-
2%
78%
10%
66
110
15
if,
m
10%
19%
2
26%
21%
8%
8%
147«
8%
-
777#
4
*112%
18%
*8
m
2%
7884
*13
13%
*2%
mm
13%
*5
rllO
*17i2
64% July
Paper Co
No par
S4.50 preferred—m.No par
3,700
1,200
u
*53%
110
mm
%
5
110
mm
%
54%
110
*111%
*%6
66
19%
*134
26%
20%
2
m
%
5
26%
—
V,
*53%
19%
m
ht
13
38% 38%
38%
38%
11
1134
107«
11
105% 105% *105% 105%
4% L
'
4%
434
26
«
5,500
2%
10%
3%
112
11%
13%
13%
2%
79%
78%
10%
1234
1034
11%
*%
■::V
%
13
412
*111%
....
*16
78%
10i«
110
112
%
13
19is
*134
26%
107«
114
*111
*11)
10
S per share
Hcott
%
78
% per share
5
100
Schenley Distillers Corp
634% preferred
*34%
Year 1939
Lowest
Highest
Pea
Shares
34%
1284
2%
79%
10%
13%
107
$ per share
Range for Previous
lOChSkart Lots
Lowest
86
*l«
12%
On Basis oi
Week
10%
%
2%
78%
10%
1034
3
85
*%#
1258
214
*105
f per share
.
34%
114
*111
12%
*2%
*38
Jan
Range for Year 1940
34%
11%
34%
«K
2
.
4, 1941
EXCHANGE
88
11
*86
*111%
*111%
%
%
Jan
BTOCKS
NEW YORK STOCK
the
CENT
Friday
Thursday
Monday
Sales
for
NOT PER
RE,
Saturday
Dec. 28
Jan.
7%
Apr
Apr
34% Sept
6
Aug
65%
Apr
108% Sept
15% Aug
4% Sept
Jan
7«4 Sept
34%
Jan
384 ACS
85% Aug
12% Jan
66
Jan
13% Dec
94% Sept
118
July
19% Jan
81%
Apr
105
Sept
78
Apr
90
July
July 13
297gMay 11
53% Apr 16
2334 Apr 4
20% Mar
24% Sept
31
Aug
51
Apr
16% Dec
18
14% Sept
18«4 July
52
Apr
69%
13%
Apr
20
Apr 17
1117g Dec 27
65%May 2
20% Dec 3
27g Apr 4
42
Ex-rlghte.
Feb 13
7%
2
Apr
30%
Apr
3%
Nov
Oct
Mar
Feb
39% Aug
8 Called for redemption.
Volume
LOW
AND
New York Stock Record—Concluded—page 10
152
SALE PRICES—PER
HIGH
87
4%
Wednesday
Thursday
Friday
30
Dec. 31
Jan. 1
Jan. 2
Jan. 3
Week
$ per share
$ per share
$ per share
$ per share
Shares
$ per share
4%
4%
2%
26%
434
434
4%
39%
68%
39%
*178
182
9%
3%
3%
*86%
90%
*86%
11%
11
11
*834
9%
*9%
4%
10
3%
3%
*33%
38
23
24
4
4%
7%
6%
*33%
23%
«
7%
4
7%
31%
22%
1%
22%
86%
*30%
2234
1%
22%
64
64
64
*72%
69%
75
84%
63%
73%
69%
1283s
73%
6934
70%
128% 128%
30
30
30
48
48
*48,
1%
1%
1%
1%
111
155
85
23%
1%
215S
86%
64
63%
74
73%
6734
6984
128i4
*48
*47
50
*47
1712
57
*16%
155
*154
155
*1,54
128
134
140
138
140
¥
.1«
.1ft
*16
'8
15
15%
500
155
120
"""300
*1534
16
33% 33%
33%
33«4
34%
34%
*25% 26
24%
24%
26%
25%
*112% 116% *112% 116%
*114% 110
43
43
*4234 43%
43% 43%
5ie
40
650
1,700
*%
16
16
33
33%
33
34
*25%
Stock
2634
4,100
1,200
*25% 27
115i2 115% *114% 115%
43
43
4284 4234
Exchange
500
63"
23%
23%
"23%
2
2
2
25
25
85"
*
25
117
*116% 117
*11% 13%
41% 41%
32
32%
92
%»
7%
8
23% New Year's
110
25%
41%
*40
*%
%»
32%
~
91
"%
%6
%
%•
5%
5%
29%
5%
29%
5%
29%
5%
29%
12%
12%
12%
3%
4%
%
4%
%
15%
3%
4
%
%
15
55
53
3
5334
54
*50
1
1
1
*8
10%
29%
*27
22%
15%
18%
*3
23
23
15%
18%
3%
18%
3%
*80
1634
*80
17
6934 69%
104% 104%
*112
113
106
106
117% 117%
17
17%
107
*105
1534
10%
29%
23%
15%
18%
3%
16%
17%
17%
*70
VI
70
106
112
112
113
106
112%
106%
118
118
*105
107
*105
*5%
®16
aie
20%
21
*125
69%
102
20
104
134
135
34
33%
36%
36%
109% 109%
*05
76%
*101
29
125
70
29%
125
*38
4%
55%
*38
72%
10%
17%
6%
4%
65%
*21%
23
*21%
22
1%
1%
4%
1%
1%
2
2
9%
16%
6%
*4%
4%
66
69%
9%
16%
102
6%
*84
4%
4%
4%
6634
31%
22%
32%
31%
22%
78
20%
16%
21
10%
116%
1034
40%
96
96
17
17%
15
15%
2%
2%
*16
1
10%
29%
23%
16%
19%
8«4
2834
20
104
105
134
134
134
34
125
*71%
9%
16%
6%
4%
*38
22
*
2834
*125
73
*71%
9%
17%
6%
4%
55%
*9%
16%
6%
*75
*5312
65
60
*57
60
95
22%
100
*78%
2134
10%
117
11
11
41
41%
40%
*94
17%
15%
2%
96
17%
15%
2%
*94
17%
15%
2%
17
117
11%
41%
1734
15%
2%
Bid and asked prices: no sales on this
l'ooo
600
2,600
1,000
14
109
*93
111
18%
15%
2%
t In receivership
*
67
Apr
Nov 29
24
534 Aug
Apr
07
Oct
49
Mar
1% Deo
31% Apr
8034 Apr
130
39% Apr
98% May
30
Sept
60
39
Nov 22
Deo 31
234 Apr 24
2% Apr 11
63% Deo 11
18% Nov
70
Jan 15
159
Jan 22
128
Deo 31
*4 Apr
19
_
Feb 29
43%May 10
39% Mar 15
117% Apr
49%May 9
62
60
Oct
3
Aug 22
31% Mar 14
4% Jan
31% Jan
May 23
110
Nov
135
July
Jan
41% Aug
Oct
is4 Dec
1% Apr
46
Apr
9
May
60is Sept
146
Sept
45% Apr
% Jan
6% Mar
6234 Jan
11434 Nov
68is Sept
*70
June
82>4
120%
37%
46%
Sept
Sept
June
July
4
Sept
2% Oct
64
Deo
17
85
Sept
July
163
June
78
Feb
1
21
Sept
Sept
16
40
Sept
25
40
Nov
16
Aug
Apr
Apr
Sept
34% Apr
54% Aug
05
Sept
18% Apr
2% Apr
17
Apr
112% Sept
4% July
109
116% July
44% Deo
56% Aug
65
Sept
29»4 Deo
5% Sept
33% Sept
118
July
Jan
June 10
48
60
33
Jan
35
15% Sept
46
3234 Sept
3i% Oct
1>4 Jan
41% Jan
117
April
67% Nov 14
a:73% Dec 26
76% Nov
28%May 29
5
71
120
% Oct 23
100
Deo 27
par
par
5%May 21
l6%May 22
100
89
5% preferred A
System......JVc
Co
No
4H % pref with warrants
Walworth Co
No par
Walk (H) Good A W Ltd No par
Dlv redeem pref
No par
Ward Baking Co cl A..1V0 par
Class B_.
...JVc par
preferred
100
Warner Bros Pictures
.6
No par
...JVc par
No par
Washington Gas Lt Co.JVC par
Waukesha Motor Co
5
Wayne Pump Co......
Webster Elsenlohr
13%
3% July
1
No par
100.
3
June 26
May 22
l8%May 22
10
June
4
3% Dec 18
%May 10
13% Aug 30
2 May Ys
30 May 22
%May 21
334May 16
22 May 23
20 May 21
2% Jan
9% Nov 18
23%May 9
104% Deo 21
6% Nov 9
85% Jan 11
10% Feb
80
June
3
Mar
3
85
Jan
4
Apr
80>4 Sept
14% Oot
10
19
13
Dec 10
15%May 22
5834 Aug 16
Deo
131
7
24
91
101
21
Jan
13
13
13
7
22
4
4% Feb 23
Dee
1% Deo
Deo
3% Deo
30
Feb
1% Nov
6%
10%
Apr
Apr
Sept
3% Sept
8
Oct
233s JUly
98% July
9% Jan
6034 Jan
20% July
14% Mar
2% Jan
44
Mar
6%
Jan
July
3% Jan
13% May
35% Oot
58
24%
3234
3%
"Jan
"le'jtuy "*28%
Jan
14% Apr
Sept
1% Apr
20
Jan
Oot
Dec 16
29% Apr 16
75
Sept
Mar
9% Jan 10
1% Jan 10
26% Jan
4% Feb
56% Deo
2% Sept
1234Sept
34% Nov
2834 Feb
20% Apr
15
% July
1% July
5% Apr
15% Apr
64% Apr
125
May
1% Jan
l3%May 21
14 May 21
2%May 21
80
Nov 12
15% Apr
Jan
4
55% Aug
70
Jan
110% Apr 12
85
Apr
Apr
95
Apr
107% Deo
112% Deo
88
Jan
8
Apr
106
Deo
Oct
3
105% Sept
115
Nov
15% Nov
10% Deo
20% Apr
2% Apr
36% Nov
3% Apr
% Dec
16% Apr
18% Apr
82% Apr
11% Sept
2
Sept
37
Sept
7% preferred,:
6% preferred.....
100
2,500
900
6% preferred
5,900
160
100
Western Auto Supply Co... 10
Western
400
2,200
5,300
11,300
300
17,300
2,300
l00%May 17
21
June 10
4%May 18
% Dec 23
14%May 22
Westlnghouse Air BrakeJVo par
Westinghouse El A Mfg—50
preferred....
May 21
100
4% 2d preferred
1st
11
2«4May 15
Western Pacific 6% pref..100
Western Union Telegraph. 00
r.
90
..100
Maryland
l5%May 21
May 21
May 21
....50
70
110
26
6%
preferred
100
55 conv prior pref—JVo par
White Dental Mfg(The SS).20
White Motor Co.
1
White Rock Mln Spr CoJVc par
200
White Sewing Mach Corp.._l
54 conv preferred....JVc par
Prior preferred
......20
Wilcox Oil A Gas Co
5
400
5,200
2,000
Willys-Overland Motors..*.,
4,100
1,400
Wilson A Co Inc...
0% conv preferred...;
56
32%
32%
23%
"""966
14,300
2,700
57
800
60%
600
111
60
600
2,200
23,300
6% pref. 100
Woodward Iron Co
—10
Wool worth (F W) Co
10
Worthlngt'n PAM(Del)JVc par
7% preferred A
100
6% preferred B
...100
Prior pref 4H % series.. 100
Prior pf 4M% convserieslOO
Wright Aeronautical
JVc par
Wrigley <Wm) Jr (Del).JVc par
Yale A Towne Mfg Co
25
Yellow Truck A Coach cl B.. 1
130
Preferred..............100
2,300
10,600
Young Spring A Wire. .JVc par
Youngstown 8 A T
No par
5H% preferred ser A—-100
Youngst'n Steel Door..JVc par
100
1734
1434
2%
10
No par
preferred........JVC par
Wis onsln El Pow
...
Def
39
25
100
"""266
23
96
17%
14%
*2%
1234 Apr 23
74
May
38% Jan
Jan
Mar
7% July
35% July
29% Sept
10% Sept
25%May 3
105
Apr 20
55%
78%
*94
Apr 25
7% Apr 23
113
180
120
99
*59
23
28
Apr
Apr
Apr
108
10%
16%
63g
4%
*54%
4
Dec 20
35
9
June 10
*9%
5534
59«4
5% Aug
65% Sept
149'4 Sept
West Va Pulp A Pap Co JVc par
500
31%
32%
22%
1
Jan 2f
96%May 22
73
*119
11
48
preferred
$3,85 preferred
J Warren Bros Co
53 preferred
17% Sept
14
Sept
l08%May 23
110
1734
14%
l'4May 15
87% Mar
Mar
...100
100
73
96
35%May 28
56>4 Jan 6
60
Aug 22
19 May 24
June
5
6
Nov
Jan
11
75
12% Dec
89
Nov
15
117% June
14
Sept
7% Sept
WestPennPowCo 4H % Pf-100
498
*66
May 11
Feb
8% Sept
35% Sept
95
Sept
300
125
*1%
2
Walgreen
320
125
23
7% Apr 10
7% Jan 3
97
7% Mar
834 Jan
74
115
130
32%
32%
23%
July
Waldorf
140
2,300
*45
9
13 s4 Mar 12
120
$4 conv preferred
.JVc par
West Penn El class A.-JVc par
"""266
16%
63g
*4%
6
Oct
8034Junel4
Wesson Oil A Snowdrift No par
30
73
10%
17%
6%
Jan
—25
Virginian Ry Co..
"4,400
60
3
15
May 22
May 23
May 18
Warren Fdy A Pipe....JVc par
100
*75
*2%
day.
60
29
*85
*94
96
3,000
"
100
7834 78«4
21% 21%
2134
16%
16%
17
*117
118
*116% 118
1034
1034
1034
10%
39%
40%
3934 4184
22%
160
29
99
78%
21%
16%
No par
May 23
22%June 10
Jan 20
50
110
*93
78%
Chem
25
108
*75
55%
5934
100
5% noncum pref.......100
Victor Chemical Works
5
5
June 24
112
$4.50 preferred—...JVc pat
*85
110
5
June
12
Wheeling ALE Ry Co
100
5H % conv preferred
100
Wheeling Steel Corp
No par
4%
22%
100
Vlck Chemical Co
7%
857g Jan
118
•wNov 27
Weetvaco Chlor Prod. .JVc par
4%
*31%
32%
12,400
100
*119
59
80
4%
22%
7% 1st preferred
June 26
l2%May 24
May 24
13434june 8
45
300
4%
32%
22%
9884
100
Vanadium Corp of Am .No par
Van Raaite Co Inc..
..5
1,400
76%
4%
3I84
41
Vadsco
Preferred
3
May 21
68%May 22
30%May 23
60 May 22
42 May 21
103%May 21
29% Dec 13.
42%June 5
1% Dec 20
1 May 18
36
4%
67
32
8% preferred
100
Universal Pictures 1st pref. 100
Sales
No par
Dec 10
%May
15
110
4%
3134
22
36
*4%
*65%
*119
Aug 19
2134June 11
27%June 14
110
*
2%
32%
48
Weston Elee Instrument. 12.60
2%
2%
32
No par
21
May 21
1,200
2
67
No par
Universal Leaf Tob
17
21
6
34
34
2
4%
117
20% 20%
21% 22
103% 10334
*132% 134
2
4%
10%
6%
%
*22%
*17g
4%
1
...6
Universal-Cyclops Steel Corp 1
6%
3
Dec 20
Highest
( per share
700
18
2%
*4%
*41
22
—25
United Stores class A
300
1734
106
113%
10534
117%
47g
55%
23
2%
*85
117
20%
21%
76%
100
125
4%
56%
*95% 100
78%
78%
21'4
21%
17
16%
%
*35
35%
*109% 110
29
434
2
*5
34
21%
101
preferred
United Stockyards Corp
7% preferred
*104% 107
27% 27%
*3%
3%
*16
20%
21%
104%
34
33%
37
*35%
109% 109%
*65
76%
100
*17%
6%
99
59
10%
40%
*5
%6
55%
*59% 60
*94% 100
116
*132
6%
99
55
105
3%
*85
55
78
105
28%
*1%
67
18
*3
*75
99
*17
28
1%
2%
4%
*119
32
*75
55
*9%
16%
6%
*4%
4%
66%
*117
3134
31%
22%
;
21%
500
16
3%
55
70
*105%
113
113
113%
106
106
105%
*117% 118% 117%
28%
3%
%«
20«4
21%
21
29%
130
a16
102% 104%
20%
167g
1634
17
107
0%
29
3%
*80
106
*5%
*100
16%
1934
3%
71
6
36
18%
3%
105
6
109% 109%
*65
76%
1534
*22%
*1534
1934
105
3
33%
%
*70
28
33%
1
*80
3%
36
*50
22%
*15%
18%
3%
27%
135
1
3%
53
23
3%
135
3%
53
15%
3%
*2234
15%
26%
2034
3
16
*8
3%
2,100
700
*28
17
"¥900
800
104
17%
No par
.
Vulcan Detinning Co
Preferred
—.100
434
104
16%
U S Tobacco Co
May
234May
25% July
14 May
3%May
IWabash Railway Co.....100
l,ie
10%
26%
20
*15%
106% 100%
*117% 118%
100
110
434
29%
227g
3%
101«4 103%
516
»i«
34
*8
16%
No par
"""800
...
s
71%
50
__50
Corp.
Preferred
1,900
32%
96%
800
*%
*80
16%
*69%
100
6% dlv partlc preferred. 100
1,700
*27
18
10
Va El A Pow 56 pref..-No par
Va Iron Coal A Coke 5% pflOO
600
May 18
5%May 22
No par
Preferred
1,500
29
*3%
42
*%
*ie
*27
26%
%.
5%
10
80
1,120
20%
5
5% Jan
41
6% Mar
—20
8% 1st preferred
U S Smelting Rtf A Min
Va-Carolina
Jan 15
4% Aug
4% Deo
54% Deo
3% Apr
25'4 Apr
62% Apr
11
Apr
110
Sept
6% Apr
3>4 Aug
584 Mar
21
700
..
*3g 1 ' %fl
716
8I4
8%
8%
22%
22% 22%
*105
110
106% *105
5%
5%
5%
5%
30
30
301
30%
13
13
12%
12%
1%
9%
*9
1,800
*%
53
1
10
*27
2%
2%
25%
8
4%
%
15%
14%
2%
*92
*135
500
*22
12%
14%
3%
...
*l4
2934
13
r3%
*%
14%
967g
2%
*135
%
13
,
*92
15
*135
*1#
23%
*40%
32%
*117%
32%
90
91
w
32%
~85~
*23
23%
2%
26
*25%
*117%
20%
19%
*41
42
32% *32%
26
Day
41
29%
■;v-
2%
117% 117%
12% 13%
32%
*90%
2314
2%
8
734
7%
22%
22%
22%
22%
♦105% 110
*105% 110
22
*105
*^'a85" *1111
¥5"
41
%
%
22
23%
2%
25%
12%
*135
%
25
117%
*58"
12%
92
*135
23%
2%
3 May 21
3% Dec 28
80
share
Mar 13
6
182%May 14
5
Vicks Shreve A Pao Ry
Closed—
*58%
June 10
6
per
7% April
65% Mar 14
23
U SRubberCc
20
8ept 23
l
June 10
1
XV S Realty A Imp
120
1634
*15%
3i4May 28
2
26% Dec 28
2%May 21
25%May 22
60
Maj 21
9% Dec 17
107%June 0
share
50
Corp
56 conv preferred
18
57
56%
5 per
Lowest
165
U. S. Plywood Corp
7%
share
per
Year 1939
Highest
20
U S Pipe A Foundry
U S Playing Card Co
U S Steel
5
Range for Precious
100
preferred—
Partlc a conv cl a__A% par
Prior preferred
100
50
*16%
*54l2
155
155
1,600
1,500
1%
1%
17%
56%
10
U S Gypsum Co
50
50
1%
*1%
53
16%
*55
101
No par
56 first preferred
No par
U S Dlstrlb Corp conv pref. 100
U 8 Freight Co
No par
500
65,800
1,700
1,700
70%
31%
*48
1%
1,000
4,200
17,700
2,200
1,100
128%
50
H4
~2~ 800
200
128
*48
H4
1%
v
United Paperboard..
USA Foreign Secur
1,400
23%
1%
22%
86%
63%
75%
50
1%
900
31
1
"0
15%
15%
31
49%
1%
i..
*11
31I4
2412
1%
2234
1%
112% 117
5t
"11
*28%
1%
17
7%
62
29
62
128
United Mer A Manu Inc
7%
2834
50
54
300
2,900
7%
*57%
31
111
*155
7%
31
53%
9%
66%
No par
5H% conv preferred
50
U s Industrial Aloohol.No par
U S Leather Co
No par
31
*15%
53%
""470
95 preferred
"5",500
24%
30
*50
53
53%
3%
3%
90%
No par
United Gas Improv't-.No par
36%
26%
438
4%
74
1%
2,900
24,200
*34
414
677g
5
"Y.eoo
36i8
2414
637s
5
United Eng A Fdy
United Fruit Co
6%
30
16%
53%
157%
*50
1%
2234
85%
6334
United Electric Coal Coe
1,100
2,600
1,600
2,700
85
23%
100
3,200
10
12
5
10
Preferred
6
6
,
United Drug Ino
United Dyewood Corp
210
600
2l3g
31%
Par
U S Hoffman Maoh
7%
*5712
2814
3114
*23%
114
29
500
Lowest
182
30%
1%
1%
70%
10
9%
6534
*176
4l4
62
85
914
667g
182
*33i2
24 ig
63%
74
*73%
69%
70%
12784 128%
85%
1%
22%
*86%
11%
6
7%
28%
1%
*15%
914
578
35%
23%
4%
62
23
12I2
661£
29%
*58
3l4
*176
28%
*30%
2234
*934
3%
3%
9012
1134
9%
*57%
23%
85%
,
3%
66
5%
9»4
3i4
3,600
4%
2»4
32
4%
41
115
115
*86%
182
5%
69%
9?g
10
9%
314
90%
1134
63
70
9%
*11412 116
9%
*179
4%
4014
70
70%
61
1
434
115
4%
*2%
*28%
4%
40%
28
4014
4%
66
4:12
278
28
40
29%
31%
23
412
*2%
2%
28
182
65%
*178
7%
22%
128
115
9%
3%
3%
38
7%
*57%
28%
*30%
69%
9%
10
115
9%
3%
3%
24%
4%
*3%
4%
40
70%
9%
115
6
*5%
*33%
23%
•
2%
2634
4%
39%
67%
9%
9%
*113% 114%
9%
9%
3%
3%
3%
3%
*87% 93
11
11%
8%
8%
63% 65
'
4%
2%
28
39%
67
Range for Year 1940
On Basis of 100-8ftar« Lots
EXCHANGE
Tuesday
Dec.
4%
2%
26%
*2%
26%
STOCKS
NEW YORK STOCK
the
SHARE, NOT PER CENT
Monday
,
Dec. 28
$ vert share
Sales
for
Saturday
4,300
2,000
Zenith Radio Corp....JVc par
1,000
Zonlte Products Corp
delivery
n
New stock
r Cash sale
1
27«4May21
Deo
2
May
85 May
18% May
9334June
51 May
734 Aug
7»2May
4% Mar
3%May
28
24
21
13
29
38
Jan
16
21
23
22
4
14s4May 22
134 Oct 7
1% Jan 6
Jan 15
3
334May 21
45
June
7
116
Jan
2
1534May 21
30
May 18
13%May 21
55
60
June 17
July 25
5
29
June
39
June 17
91
June 10
73
May 23
l6%May 28
934May 21
98 May 25
6%June 10
26%June 10
80 May 28
12%May 21
8%May 21
2
Mar
x Ex-div.
y
1
40% Apr
5
9
4
Jan
8% Apr
1
Jan
28% Jan
28% Jan
118
Jan
140
Nov
126
37%May
38% Feb 13
109% Deo 28
80
Oct 14
103
Nov 15
35% Apr
125
9
Dec 23
74% Nov
11% Apr
17% Dec
11% Apr
7%May
67% Mar
24%May
3% Jan
14
18
30
10
3
8
2
11
3% Apr 22
0'4 Apr 13
7% Apr 22
70
Mar
6
121% Mar 1
34% Nov 7
42% Apr 5
24%May 8
102% Oct 22
95
58
Oct
2
Nov 15
65% Oct 31
129
Apr 9
93
Apr 26
25
Jan 3
19% Jan
126% Sept
4
4
14
Apr 10
48% Jan 3
99% Dec 16
28% Jan 4
17'4 Apr 8
4% Apr 22
Ex-rig tits
10%
15%
May
Apr
Apr
42* July
0'4 Sept
37% Sept
Sept
121
145
Mar
28% Deo
39% Deo
Oot
75
74
Apr
97
15%
Apr
38%
Oot
80
Jan
80
Jan
45
July
78
Oot
8% Deo
7
Apr
3% Sept
1*4 Aug
Apr
14
14
Sept
2% Aug
1
June
2% June
2% Aug
32
Aug
105% Apr
15
Apr
36
Sept
10% Apr
47% July
43
May
23% July
31% Apr
85
Apr
75
Mar
18% Sept
11% Apr
98
Apr
9% Aug
Oot
12% Mar
15% Oot
7
Jan
4%
34»4
20%
4%
3%
6%
Nov
Nov
Dec
Nov
Feb
Feb
7% Sept
60% Nov
115
Sept
31% Sept
50% Jan
23% Jan
74
Oot
69
Oot
38%
53%
124%
85%
33%
21%
Sept
Sept
Nov
Deo
Mar
Oot
127
Nov
21%
30
Apr
74
May
92
Jan
56% Sept
Sept
Sept
Apr
34
12
Apr
2
Aug
22% Jan
3% Sept
17
<i Called for redemption.
Jan. 4, 1941
Bond Record—New York Stock
Exchange
FRIDAY, WEEKLY AND YEARLY
Interest"—except for Income and defaulted bonds.
Cash and deferred delivery sales are disregarded In the
week's range
unless they are the only transactions of the week, and when selling outside of the regular weekly range are shown In a footnote
In the week In which they occur.
No account Is taken of such sales in computing the range for the year.
The italic letters in the column headed "Interest Period" indicate In each case the month when the bonds mature.
Prices are "and
NOTICE
Sale
Price
A,
Week Ended Jan. 3
1947-1952
is..........
1944-1954
8 ks—
..1946-1966
3ks
1941-1943
3Hs._..—-—1943-1947
8 Ha
1941
3 lis
1943-1945
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury 2lis....
121.16
122.4
58
17 2
J
12
11.18116 0
J
*115.10
115.16
11 10 110.11
J
D
01.25 104.24
/
D
8
8
J
101.27
*101.23
D
107.25 107.24
M
13
108
07 10 109.30
A
O
5
02.22 105.17
A
07 12 110.1
102.18
108.5
108.14
9
109.6
109.16
10
111
M
19
08 23113.19
114.9
10
09 14115.1
M
111.20
111.20
3
08 0
112.28
113.21
8
113.21
10
07 .20113 23
110.6
111.22
138
04 20 111.30
♦Chinese (Hukuang Ry) 5s
M
8
M
8
109
109.20
U0.2
6
00 20110.10
♦0s
M
8
110
110.9
110.9
1
06 24 111.14
♦6a of 1927
J
S
110.25
110
111.2
40
03 24 111.3
111.2
31
03 13111.4
84
03.15111 27
/
D
109
109.29
J
D
110
111
111.17
J
D
109
109
109
110.18
107
107.24
M
J
8
D
9
109.31
110
D
M
04.16110.25
1
06 .18109 22
110.21
6
3C
1
03.2
J
105
03 4
108 28
01 7
106.18
106.21
106.28
2
02 28 107.15
3
01
13 106.28
01.25104.26
8
*108.4
M N
107.26 107.22
J
J
*103
103.6
03 0
M
8
*103
103.6
03.7
1 1942-1947
05 20108.21
Now York
*1
F
A
22
22
1
20 k
20 k
D
19k
21
4
10
52 k
18k
i8k
4
15k
49
65k
85
1951
Govt.
A
*101 k
*100
External loan 4ka ser C
1949
4 ks external debt..
1977 J
J
D
J
D
75 k
♦Czechoslovakia (Rep of) 8s...1951 A
a
♦Sinking fund 8s ser B
O
*9k
*9k
June 30
52 k
mmmrnmm
♦Gtd sink fund 6s
1947
♦Gtd sink fund 6s
1948
10
53
42
102
51k
*100
102 k
....
103 k
93
11
n
Sinking fund 6Hs---Jan 15
101 k
51k
5
02
104
98
70
81k
8k
14k
8 H
1311
32
31
32
18
20
A
30 k
27k
30 k
13
18k
O
27k
27k
27 k
1
17k
55 k
56 k
58
15
49
75 k
55
55
5
50
75
56
57
11
50
75
53 k
59
8
49
53 k
53 k
2
49
75k
50
75
Ilk
27
J
J
D
108.12
104 25
M
R
103 25
A
O
A
O
M
8
00.5
5* 1st
Sksof 1926
ser
/
D
1C2H
103k
102k
325
------
------
♦Dresden (City)
external
7s"Il945
♦Ei Salvador 8s ctfs of dep
Estonia (Republic of) 7s..
F
A
O
M
8
J
23
22
A
J
22 k
22 k
2
20
40
2
29 k
*21
28 k
29
66
20
1948
1907
O
A
88 k 104 k
Municipal
Akersbus (King of Norway) 4S.1968
97 k
100
75k
96
mmrnmmm
J
21
13
....
102 k
96
27 k
20
2
17
A
1
03
103.2
103.2
Agricultural Mtge Bank (Colombia)
O
*56
58
M N
*25
27
J
J
*
7k
8k
7k
15 H
1945
7k
8 k
14
•External s f 7s series C
1945
7k
1
7 k
7k
16
15k
External 7s stamped
7k
♦External s f 7s series D
1945
7k
7k
4
7k
14H
7
7 k
10
7k
11
k
73 k
75 k
40
10
53 k
80
40
17
26
9k
4
75
69 k
63 k
27
40k 105
15k
7k
8k
7k
20
♦External s f 7s 1st series... 1957
24
*
73
7
1
51
51
26
5
33 k
mmrnmmm
Republic 7 ks stamped. 1941
7 ks unstamped
....
8
8
J
J
Vf 8
Finland (Republic) ext 6s
1945
♦Frankfort (City of) s f 0 ks... 1953 Af N
J D
French
"8
♦Antloqula (Dept) colJ 7s A...1946
♦External
f 7s series B
#
♦External sec s f 7s 2d series. 1957
Antwerp (City) external 5s
14
1968
1971
1957
1905
♦5ks stamp(Canad!an Holder)'65
77
80
43
70 k
68
31
01k
90 k
95
64
37
54 k
87 k
O
63 k
63 k
64 k
13
65 k
87 k
♦Greek Government
J
54 H
52
54 k
22
39
91
52 k
54
11
38
90 k
47 k
49
34
34
84
M N
"48"
J
8k
8k
2
6k
Loan) 0Hs
s
1958
External
a
1949
t 6s
....1966
External 30-year s f 7s_.
26
G
S
43
44
6
J
J
*40
F
A
26
1964
♦6s part paid
I2H
32
I960
26
♦External sinking fund 6s... 1958
27
102 k
30 k 100k
"47 k
"2
35
108
25 k
23
12
26
23 k
26
10
48
10 k
23 k
8k
18 k
7k
1968
k
27
♦7s secured
sfg
1946
s f g
1946
18k
17k
18k
s
f 6ks of 1926... 1967
15k
14k
15k
93
f 6Hs of 1927... 1957
15k
14k
15k
48
16k
16
17
76
54
54
2
33
79
Irish Free 8tate extl s f 5s
33
78
♦Italy (Kingdom of)
42
87 k
1952
1957
M
8
Sinking fund gold 6s
1968
V
A
52
52
2
20-year
I960 J
D
57 k
58
6
J
D
s
f 6s
♦Budapest (City of) 0s
1962
*5k
7k
8 k
8 k
4k
18k
10 k
External
s
Refunding
....196'
f4H-4Hs
s f 4k-4Hs
1977
1976
External readj 4k-4ks
External s f 4H-4ks
3% external
1976
8
F
O
1984
*55
J
65
51
49
38 k
65 k
48
49k
14
39 k
63 k
"50"
49
50
9
41
60
51
50
51
4
40
34
1
31
1965
14
Mexican
nU
♦Farm Loan
s
7k
8k
15
♦7s assented
♦External sinking fund 0s..
♦6s assented
•Ry extl
s f
-
5
8
4k
5
15
5
5
5
*4
23 k
43
78 k
58k
♦Milan (City. Italy) extl 0ks..1962
78 k
78 k
7
59k
88k
Mlnas
22 k
26
25 k
25
25
"25k"
26
25
23
1960
1942 MJV
1942 M A'
25k
25
25
*10H
"6
20
1
40
1
i4k
10k
10k
"18
10
10
ion
30
"6 k
~~7
10k
10k
8
10
10k
17
10
O
10k
4
*10H
"iok"
"I6k
10
*10k
♦6s assented
...1902 A O
♦External sinking fund 6s...1963 A/N
*10H
1003 A/N
10k
10
10
f 0 ks
1958
♦Sec extl
s
f 0 ks
....1959
10
27
45
23
54 k
52
55
22
44 k
70
O
*7
13
A
25
k
25
"iok
"12
"7
13
10k
D
♦Montevideo
(City) 7s
1952
M
M
J
12k
2
3
7k
64
3 k
28 k
20-year external 6s
1944
17
External sink fund 4Hs
1956
14k
10k
17
10
14k
82 k
1943 F
k
4k
6
k
4k
3k
3 k
06
k
4k
14
k
4k
3k
28 k
29k
A
M
k
3
8k
9
54
23
13
-
-
-
4k
4k
-
4k
53 k
12k
12k
44
3
71k
40
2
71k
54
54
55
57
12
33 k
9I>H
54
55
26
35
89
51
Mk
51
1
29
97 k
51
52
O
10
29 k
97 k
32
33
7
23 k
90
30 k
52
8
A
48 s f extl loan
*8k
1
1
4k
54
A
F
2
----
3k
32
24
20 k
80 k
20
SO
1G03 F
A
31k
31k
25
J
D
27k
27k
1
21k
80
F
A
26
26
1
9H
27
26
16k
14H
17
14k
10k
14 k
14k
53
....
3k
8k
8
14k
10k
15k
7
-----
3k
*k
*3k
R
10
10
27
3k
3k
------
D
10k
Ilk
"4
J
10
Ilk
17k
7
—
12
J
Norway 20-year extl 0s
10
-
--
D
17
17
14k
78 k
14
55
25
in
72
25
M N
10
10k
92
34 k
2
91k
Ilk
27 k
9
9
32 k
58
♦6s series A
1959 M N
New So Wales (State) extl 6s..1957 F A
A
O
External s f 5e
Apr 1958
24
10k
9k
16
104
29
(State)—
s
27k
11
"Iok"
Geraes
♦8eo extl
14k
9 H
k
4k
13
45k
3k
assent
Ilk
10
4
5
87
k
29
75
5
;!
9 k
22
-H
27
27
74
O
0
7
10
22 k
'
—
-
8
k
66
A
12
♦fls assented
Sept 1901 M S
External sinking fund 6s_._1982 A O
-
26
57
*63
45
J
79 k
Jan 1961
page 93
25k
62 k
1933 J
*10 k
10 k
90
58
66
|*Treas 6s of '13
*10H
see
22
90k
fi
For footnotes
6
A
F
1954
93 k
90k
89
"79k
21k
7k
29
♦Assenting 4s of 1904
72
M
11
20 k
9k
k
♦Assenting 6s of 1899
01
100k
7k
28
107
78
92
22
.18
—-
28k
J
101k
5
♦6s assented
Jan 1961
Extl sinking fund 6s..8ept 1961
assented.........
------
R
83
4
Feb 1961
0s
------
09
22
♦Extl sinking fund 08..Feb 1961
♦6s assented
------
52
93
i960
11
6
J
1945 Q
92
1960 A
27
*48
J
♦4 ks stamped assented
11943 MJV
J
♦Mexico (US) extl 6s of 1899 £.1946 Q
83
f 6s...Oct 15 1960 AO
on..
26
J
28
91k
82 H
J
♦6s Apr. 1937 ooupon
♦Chile (Rep)—Extl s f 7s
J
*60 k
1954
93
J
......
18 k
9
26
*25
O
O
D
^Colombia) 0ks
81k
A
J
1944 J
1967 J
J
30 year 3s
30-year 3s
1968 M N
J
♦Carlsbad (City) 8s
1964 J
♦Cent Agrlo Bank (Ger) 7s
1950 M S
J
♦Farm Loan s f 6s...July 15 1900 J
♦0s Jan. 1937 coupon on._1960
6k
8
25 k
Irrigation—
99 k
1901
24
66
64
7k
91H
..Aug 15 1946 F
10-year 2 Ha
66
D
91 %
99k
91k
26-year 3 k a
7-year 2ks
7
9k
J
O
I960
68-
10 k
10
*9
(Prov) 4s readl_...._1954 J
45 k
♦Medeliln
1952 M N
Canada (Dom of) 30-yr 4i
*9k
J
♦Jugoslavia (State Mtge Bk) 7s 1957 A
F
♦Leipzig (Germany) 9 f 7s
1947
♦Lower Austria (Province) 7 ks I960 J
7
8k
1968
A
6k
25
45
12k
67 k
34
J
J
1967 J
M N
♦Stabilisation loan 7Hs
O
1960 M N
J
D
f 0 kS—1954
Extl sinking fund 5Hs
Mendoza
Bulgaria (Kingdom of)—
♦Secured s f 7a
♦6s
05
48 k
51
A
A
1975 M N
f $ bonds
s
M
8
A
extl 7s
1961
♦Italian Cred Consortium 7s serB 47 M
♦Italian Public Utility extl 7s..1962 J
s
20 k
17
5
1
♦Hungarian Land M Inst 7 ks. 1961
M N
♦Sinking fund 7kB ser B
1961
Hungary 7Hs ext at 4ks to.— 1979 F A
Japanese Govt 30-yr
M
8k
36
-----
------
109
26
10k
------
18k
Buenos Aires (Prov of)
•6s e tamped
6
------
A
M N
♦7 ks secured
s
♦7s (Central Ry)
26
136
9k
9
A
♦Hamburg (8tate 6s)
1940
♦Heidelberg (German) extl 7k8l950 J
A
Helslngfors (City; extl 0 ks
1960
Hungarian Cons Municipal Loan—
♦External
Brisbane (City) s f 5s.
7
T>
...
F
12 k
1968
♦External
♦Brazil (U 8 of) external 8s._..1941
9k
12
22
47 k
1965
♦Berlin (Germany) s f 6 He
25k
M
O
f ser 7s.. 1904 M N
♦7s part paid..
♦8lnk fund secured 6a
Haiti (Republic) 0 f 6s ser A...1952
♦Bavaria (Free 8tate) 0Hs. ..1945
Belgium 25-yr extl 6 Ha
D
8k
5
J
1966
63 k
S
External 6s of 1927
♦5ks of 1930 stamped.
♦5Hs unstamped
92 k
45k 118
....
.....
1949
Govt International—
67
M
External g 4 Ha of 1928-.... 1966
♦Austrian (Govt) s f 7a.......1957 J
14k
*60 k
D
92
....
100
79k
J
1965
14 k
7k
German
J
63 k
A
1972
7
12
1949
67
A
8 fextl conv loan 4a Apr
5
1941
7s unstamped
79k
M N
8 f extl conv loan 4e Feb....1972 F
Australia 30-year 5s
14
-----
♦German Rep extl 7s stamped.. 1949 A
♦7s unstamped
1949
German Prov A Communal Bks
♦ 1
J
Cons Agrlc
Argentine (National Government)—
M N
8 f external 4 Ha
..1948
B f external 4 He
.
7k
♦External sec s f 7s 3d series. 1957
-
16k
—mmm—
8
M
Transit Unification Issue—
Foreign
—
79
....
74 k
*72
J
M N
A
..1980
20 k
22
A
City
8% Corporate stock
34
22
|*2d series sink fund 5ks-.
Iks series M
34 k
15k
M N
Customs Admin 5ks 2d ser. .1961
107.25
n!03.9«103.9
1942-1944
J
1945-1947
2lis series O
15k
20
45
27
25
05 4
108.5
M N
J
1 1944 1952
May
30 k
0k
12 k
F
Home Owners' Loan Corp—
8s series A
17k
13
*22
105 2
Mar
05 22 108 24
28
30 k
28 k
6
25 k
28 k
30 k
O
13 k
8
3
25
105.15
108.11
12
9k
F
♦Public wks 5 Ha
M
10
9
11
J
External 5s of 1914 ser A
106.22
10
....
O
♦Coeta Rica (Rep of) 7s
Cuba (Republic) 6s of 1904
02 2
105.31
1
5
k
10
*7k
8
J
2
106.19
14
A
25-year gold 4Hs__
4
106
9
M N
106.19
108.1C
9
...
105.11
13
9
10
26
10
9
13k
10k
----
J
Copenhagen (City) 5s
108.20
104.19
9k
9
A
♦Sinking fund 7s of 1920
♦Sinking fund 7s of 1927
105.11
104.16
10 k
108 28
105
Y
J
♦Colombia Mtge Bank 6ks
108.20
8
D
10
10k
Oct 1901
106.18
M
10 k
1
Jan 1961
1928
of
13 k
10
*8 H
D
M
10k
9
10
Colombia
05 13110.31
108.21
1951
♦Coiogne (City) Germany 0ks.
(Republl 3 of)—
110
J
9k
3
9k
9k
8
112.31
114.1
High
4
9
*9k
......
8
M
Low
9k
9k
M N
112.12
114
9k
AfN
07.30 110.21
1940
No.
Hioh
10 k
O
102.18
109.7
122.20
Range
for Year
Asked
9
D
M
A
9k
9k
D
113.30
15 1944-1949
Jan
2 lis
Bid
Low
113.15
15 1942-1947
8s
8a
High
Low
113
...1951-1963
Treasury 2 lis
1954-1950
Treasury 2s
1947
Treasury 2s...
1948-1950
Treasury 2s
1953-1955
Federal Farm Mortgage Corp—
8 lis
Mar 15 1944-1964
May
3
Friday's
Price
121
Treasury 2lis...
8s
No.
Week's
Range or
1 Sale
Week Ended Jan. 3
O
...1949-1953
1950-1952
Treasury 2 Ha
High
N. Y. STOCK EXCHANGE
1940
C £
D
...........1946
1948
Treasury 2 lis
for Year
Friday's
A
Asked
BONDS
J
1944-1946
8 Hs
1946-1949
3 He
1949-1952
8s
1946-1948
3s_........
1951-1955
2lis—.—...1955-1960
2 lis
1945-1947
2 lis—
1948-1951
2lis..
..1961-1954
2lis
1956-1959
2lis—
1958-1963
2lis..
1960-1965
Treasury 2 Ha
Range
A
Treasury 8 lis
Treasury
Bid
Low
United State* Government
Treasury 4ks..
Range or
Last
Week's
Last
EXCHANGE
N. Y. STOCK
Friday
Friday
5
BONDS
1
r
Volume
New York Bond Record-Continued—Page 2
152
Friday
BONDS
N.
Y.
8TOCK
Foreign Govt. & Mun.
Oriental Devel guar 6a
1953
UN
1955
A
1953
J
1963
Af N
1963
45
M S
1958
Af N
a
f 5a
A
aer
.
♦Stamped assented
♦Ctfs of deposit (series A)
♦Pernambuco (State of) 7i.._
♦Peru (Rep of) external 7a
♦Nat Loan extl
a
♦Nat Lood extl
for Year
Ail
A
Low
(Court)
Extl deb 6 Ha
Oslo (City) a f 4 Ha
♦Panama (Rep) extl 5 Ha
♦Extl
Range
Friday't
Bid
Price
D
Af
64
.1960
8
M
J
S
"~7%
D
1961
O
.1940
O
6
37%
19h
b
f 6s 2d aer..
|»Poland (Rep of) gold 6a
5
64
*52
.....
♦4Hb assented
.1963
♦Porto Alegre (City of) 8a.....
♦Extl loan 7 Ha
♦Prague (Greater City) 7 Ha
♦Prussia (Free State) extl 0Ha
1961
J
D
8%
i960
J
J
8%
4%
10 %
13
5%
11
221
4%
4%
10H
58
1952
Af N
S
26
A
O
25H
1941
A
O
1947
F
A
♦Rhlne-Maln-Danube
1950
M
1940
A
O
1953
F
A
58%
25%
7%
6%
1946
A
O
M
.1951
f 6a_.
a
1952
7s A
♦Rio de Janeiro (City of) 8a
♦Extl sec 6Ha
Rio Grande do Sul (State
of)—
♦8a extl loan of 1921...
S
1952
Af N
♦6hb extl secured a f...........1957
San Paulo (State of)—
•Secured
s
y~j
7
15
8%
7%
33
5h
11 H
24
4h
10 h
10%
14
7
13
8%
20
6h
9%
8%
30%
12
6
12
11
7
12
24
27
01
1930
J
1
"5
5h
22
10
10
5
5
10
5
J
26 %
/
J
17%
M
S
17
1908
J
T: 1
26%
17%
17%
16%
15%
42%
13h
♦25
8%
4h
20%
12%
Af N
6H
♦Silesia (Prov of) extl 7s
1968
/
D
♦4Hs assented
♦Slleslan Landowners Aasn 6a
1958
J
D
3%
3%
1947
F
A
Sydney (City)
f 5 Ha
Taiwan Elec Pow af 6Hs
1955
F
A
1971
J
Tokyo City 5a loan of 1912
1962
M
8
1961
A
G
1946
F
A
*51
62 H
05
M N
*49
42
03
48
63
32H
65%
External
a
s
f 6 Ha guar
•Uruguay (Republic) extl 8a
7%
7%
8
6%
6H
3%
6%
3%
26
3%
5
26
J
26
76
1
"25
42
40%
3
9
35h
62 H
...I960
♦External
a
f 0s
...1964
Af N
%
*49%
...1979
Af N
39%
40
3H8-4-4HS ($ bonds of '37)
external readjustment
Af N
35%
35%
33
53
J
D
35%
35%
31H
61H
........1978
F
A
41
34
56 H
...1984
/
J
40 %
32
30
60
24
51
external conversion..........1979
conv
1978
4-4H-4Hs extl read],
8Ha extl readjustment
..
445
58
57
58%
42
45%
44
52%
50%
92%
47%
45%
52%
93%
44
41
*34%
♦Venetian Prov Mtge Bank 7a...—1962 A O
♦Vienna (City of) 6a
1952 UN
♦Warsaw (City) external 7a........1958 F A
♦4 Ha assented
...1958 F A
Yokohama (City) extl 6a
1901 J D
F
1900
*12%
49 H
8
.....
2%
2%
13H
2H
5H
2%
2%
49%
47%
7%
69
41%
Elig. A
Rating
RAILROAD
See
Week't
Friday
BONDS
Last
Range or
Sale
Bonds Sold
Friday't
Price
a
Bid
Ask
A
Range
for Year
1940
and
INDUSTRIAL
COMPANIES
{{♦Abltlbl Pow A Pap lat 6a_1953 / D
Adams Express coll tr g 4a... 1948 Af S
Coll trust 4s of 1907
1947 J
z
100
y bb
D y bb
y
bb
z
cccl
Ala Gt Sou 1st
z
100%
*107%
*22%
*110H
aa
1st
cons
cons
A 5s.... 1943
4s series B
1943
z
Albany Perfor Wrap Pap 68—1948
08 with
warr
Alb A Susq 1st guar 3 Hs
conv
♦6a stamped
Allegb Val gen
gu
bb
_
y
4a.....1998
4a
1942 Af 8
guar g
aa
♦AIpine-Montan Steel 7a....1955 Af 8
y
4
2
5
1
m m
27 H
97 H
60
104 H
98 H 104 H
100
108H
30
3
80 H
109
39
-
-
1
81
bb
2
bb
2
y
bb
2
x
37H
15 H
37 H
aaa3
113%
aaa3
136%
x
x
b
'47%
z
b
b
cccl
x
bbb3
x
cons
M 3H8..1900
st g
5s
1950
5s.. 1945
47
70
46
72
136 H
25
25 %
106%
106%
106%
3
104%
104 %
3
105%
105%
aaa2
bbb3
12
107%
106%
105%
105%
99
14%
2
103 H 112
100
108%
99
105%
34
102
107
108
109 H
101
1
75
75
32
N
b
2
79 %
79%
O
b
2
71%
72
J
bb
3
70
68
ccc3
19
18
70 H
19
9%
110%
7
cccl
aaa4
109%
a
bbb3
D
3
bb
Af N
111%
3
bbb3
A
aa
4
D
aa
105 %
111
4
2
9%
109%
111
%
113%
94%
105%
110%
101
92
41H
70
41%
9
79%
16
40%
70
115
66%
186
17
74 H
23 H
1
0H
105
*103
bbb3
Af N
,
27 H
27 H
9
47
*108%
101
27 H
13 H
2
27%
11H
4
2
A
1st lien A ref 5s series B...1957
F
Buffalo Gen Eleo 4 Hs B
1981
Buff Nlag Elec 3 Hs series C. 1907 /
25H
25H
25%
b
A
1st lien A ref 0s series A.. 1947
J
Debenture gold 5s
..1950
127H 130 %
"20
S
A/N
F
55
~25H
3
N
72 H
117H
112
136
a
A
45
07 H
14
113%
a
D
37
84
113%
a
Af N
cons g
9
x
J
60
101
27
x
F
1944
49 H
40 H
89
45
25H
1
z
32
7
49
24
1
z
36
16
01H
*104%
1
.1955
40
48
*
aaa3
z
7H
46
bbb4
x
Stamped
modified (Interest
Af N
z
b
O
z
iii% '"l7
12 H
110H
88 %
107 H
108 % 113H
111
115H
114
16
95%
105%
12
84
9
102
111
6
*108%
cc
at 3% to 1940) due
1957
tBurllngton Cedar Rapid A Nor—
A
|»lst A coll 5s
1934
z
110H
105
108H
98 H
107H
109H 112H
107 H
109%
40H
103%
106%
-m-•
-
5
104H
—
«.
-
27
107%
35
103
45
100
32 H
40H
84
86
6
05
92
aa
92
1
72 H
47
68H
107H
93
103H
aa
94
aa
95 H
aa
94
95
18
95H
95 H
15
75 H 107 H
92
x
x
92
9
74 H 107
72 H 105 H
72 H 103H
*93
aa
94
~~6
75H 100 H
x
aa
91%
92
8
x
aa
91%
91%
92 H
8
71H 103
J
x
aa
104%
104 %
1
87
y
bbb2
104%
49%
52%
80
x
a
S
2
J
x
aa
2
D
x
a
x
a
2
J
z
52%
78
2
J
ccc3
4
101H
65
76
101 H
66
61H
*33
Toe"
105H
*99%
78
102
26
31
5
69%
16
65
23
57 H
48
79
35
45
45
106
113H
09 H
89 H
87 H 108 H
54
R4H
*18
101%
102 H 105 H
101
90
40
53 H
a
98
99%
88 H
89
7
98 %
73%
90 H
87
♦Cent Branch U P 1st g 4s._1948
z
ccc2
13%
17%
3
8%
97 H
tCentral of Georgia Ry—
z
ccc3
24
24
5
24
z
6
15
4
1%
32
1
71
103% lorn
89
102 %
103 %
106H ill
♦1st mtge 5s
...Nov 1945
F
A
MN
*49
~98H
2
z
c
2
z
c
♦Chatt Dlv pur mong4s..l951 / D
/
J
♦Mobile Dlv 1st g 5s
1940
Af 0
z
cc
x
aaa3
O
x
aaa4
b
gen 6s series
O
1959
Cent Hud G A E 1st A ref 3 Hs *65
20
Cent Illinois
68 H
t^Cent New Engl 1st gu 4s.. 1901
100 H 105 H
t*Central of N J gen g 5s... 1987
Light 3Hs
I960
A
z
158
8
104%
104 %
aaa3
108H
108 H
108%
108 %
106
106
106
109
108%
109 %
105H
105H
7
106
44
91
105H
45
104h«109H
24
104
46
104H
110H
109%
103 H 110H
111
93 H
107
18
96
1I0H
5
102
107 H
2
♦Anglo-Chilean Nitrate—
♦General 4s
1%
cc
...1987
J
z
J
z
z
ccc3
x
Through Short L In gu 4f. 1954
Guaranteed g 5s
1960
y
bb
y
6%
bb
b
4%
111%
a
y
5%
1%
1%
4%
A
F
119
4%
7H
3H
SM
4
111%
5
4H
100
109 %
109H 111 H
56
17
37
58
12%
11%
13%
12%
94
12
20
29
10 H
18
107
66%
11%
106%
65%
"42%
"40%
44
66H
17
H
105 H 110
14
57 H
59
170
31H
54
50
02
05
Ha A... 1948
19H
55
2
Central RR A Bkg of Ga 5s! 1942 Af N y b
MN x bbb2
Central Steel lat g a 8s
1941
Af 8 y b
3
Certaln-teed Prod 5
99 %
30 H
H
%
1
*109
ccc3
J
Central N Y Power 8Ha....1962
F
Cent Pao lat ref gu gold 4s.. 1949
52 H
*4%
cc
O
O
1945
A
54 H
104 H
103
51%
104
35
bb
17 H
53%
*19
68
y
99
....
104 %
b
104%
42
108
x
|*Consol gold 5s
*103
41
7
0H
70H
Celanese Corp of America 3s 1955
♦Ref A gen 5Hs series B..1959 A
A
♦Ref A
-
2H
05 %
Celotex Corp deb 4 Ha w W..1947
68 %
107%
1
60
63 H
104H
2H
61
20 H
»,»***
25H
12
107
x
x
84
3%
3%
70%
68
Carolina Clinch A Ohio 4s_.1965 M S x a
Carriers A Gen Corp 5s w w.. 1950 MN y b
F
A y b
Cart A Adlr 1st gu gold 4s.-.1981
59
118
62%
-
x
3%
*68%
45
107
a
0 xbbb3
gold 4Ha..June 15 1955
86
59%
x
43%
"42
J y b
O
F
Guaranteed gold 4 He
1966
Guar gold 4H8-.---.Sept 1951 M
J
Canadian Northern deb 0 Ha. 1940
Can Pac Ry 4% deb Btk perpet.. J
M
Coll trust 4 Ha
1946
J
5s equip trust ctfs...
1944
Coll trust gold 5a..Deo 1 1954 J
J
Collateral trust 4 Ha
1960
t*CaroIina Cent lat guar 4s. 1949 J
58
103%
3%
bb
O y b
Guaranteed gold 5s...Oct 1909 A
F
Guaranteed gold 5a
1970
J
Guar
123
*68 %
45
3
cc
y
♦Certificates of deposit
Bush Terminal 1st 4s....... 1952 A
J
Consolidated 5s
.1955
A
Bush Term Bldgs 5s gu
1960
A
Calif-Oregon Power 4s
I960
A
Canada Sou cons gu 5a A... 1902
115
aaa3
2
73H
00
H
51%
*105%
51%
"87%
86
87%
*26
106%
106%
10
101H 1O0H
106 % 112'it
89 %
05
Champion Paper A Fibre—
...1967 Jan
1995 Q
cc
2
J y bb
1
Ark A Mem Br A Term 5a..1904 Af 8
Armour A Co (Del) 4a B...1955 F A
lat m a f 4a aer C (Del)
1957 J
Atchison Top A Santa Fe—
General 4a
1995 A
J
O
...1995 Nov
...1995 MN
Conv gold 4s of 1909.....1955 J
D
Conv 4s of 1905
D
1955
Conv gold 4s of 1910
D
1960
Conv deb 4 Ha
D
1948
J
Rocky Mtn Dlv lat 4a ...1965
Trana-Con Sbort L 1st 4«_.1958 J
J
Cal-Ariz lat A ref 4 Ha A.. 1962 Af 8
Atl Knox A Nor lat g 5s
1940 J
Atl A Char I A L 1st 4 Ha A.. 1944 J
lat 30-year 5s series B
1944 J
53.
y
31%
8
48
50
4
X
bbb4
x
aa
2
106
H
H
*98%
105%
x
aa
2
106H
106
+* *, m m
99 %
106
47
106 %
31
27 H
32
41
97 H
31
^
99 H
50
95H 106
95
1O0H
S f deb
4Hs (1935 issue)..1950
S f deb 4HB (1938 lssue)..1950
Chesapeake A Ohio Ry—
General gold 4 Ha
.—.1992
Ref A Imp mtge 3 Ha D—1990
Ref A Impt M 3Hs ser E—1990
Adjustment gold 4s
Stamped 4a
page
42%
15H
*40
y
97%
x
see
37 H
18
40
56
50%
x
For footnotes
75 H
45
107%
3 Ha debentures
D x aae3
1960 J
Am Type Founders conv deb. 1950 J
/ y bb 3
Am Wat Wks A Elec 6sser A. 1975 UN y bbb2
Anaconda Cop Mln deb 4 Ha.1950 A O x bbb2
8 f income deb
92%
y
.1951
86
J y b
20-year sinking fund 6 Ha .1943 UN
3Ha debentures
..1961 A O
J Ann Arbor 1st g 4a
3
bb
95%
60
_
Am Internat Corp conv 5 Ha. 1949 J
Amer Telep A Teleg—
bb
b
84%
_
Am A Foreign Pow deb 5a...2030 Af 8 y b
Amer IG Chem conv 5 Ha...1949 Af N x bbb3
y
bbb3
97%
Allied Stores Corp deb 4Ha..1950 A O y bbb2
4 Ha debentures
.1951 F A y bbb2
Allla-Chalmers Mfg conv 4a. 1952 U 8 x a
3
y
68 H
69
bb
z
cc
x
85
cc
y
■mmim
81
y b
....I960
Allegh A West lat
^
*46
bbb3
y
..1949
b
z
1946
5s...
107%
101
100%
*40
y
Alleghany Corp coll trust 6s. 1944
Coll A
107%
aa
yb
assented.... 1948
19
46
45%
cc
10-year deb 4Ha stamped. 1946
♦Adriatic Elec Co extl 7a—..1952
ccc4
z
Canadian Nat gold 4H8....1957
Guaranteed gold 5a..July 1909 J
N. Y. STOCK EXCHANGE
Week Ended Jan. 3
z
z
A
J
Bar*
3
Buffalo Rochester A Pgh Ry—
SH-4-4H8 ($ bonds of '37)
3%-4%-4tn8 extl
74 %
15 H
219
15%
Bklyn Un Gas 1st
.
f 6s
37%
14%
Bklyn Union El
41
39
a
36
15
Bklyn Edison
63
20
♦External
37%
Feb 1
t*Boston A N Y Air L 1st 4s. 1955 F
5H
40
"43"
90 H
55
146
1st mtge 3 Ha...1950
Boston A Maine 1st 5a A C.. 1967 M
M
1st M 5s series II
1955
A
1st g 4Hs series JJ
1901
J
1st mtee 4a series RR
1900
♦ino mtge 4H» ser A. July 1970 Af
87
29
*
37%
Consol mtge 3Hs ser H...1905
27
40 h
308
36
Cons mtge 3Hs ser F....1959
Consol mtge 3s ser G
i960
5h
*60
I 37%
37%
bb
♦Berlin Elec El A Undergr0 Hs '50
Beth 8teel 3Hs conv debs. .1952
14h
2
36
ccc4
♦Debenture 0s_.
15h
2
6H
71%
z
Belvldere Del cons 3 Ha
1943
♦Berlin City EI Co deb 6Hs. 1951
♦Deb sinking fund 0 Ha...1959
26%
Af N
70
;
50 H
208
Bell Telep of Pa 5s series B..1948
lat A ref 5s aeries C
.1900
26%
Serbs Croats A Slovenes
(Kingdom)
♦8s secured extl
.........1902
♦7a series B see extl
1902
71
42%
Big 8andy 1st mtge 4s
D
6
26
70 H
62H
102H 107 H
61
41%
RIaw.Knox
J
16
44
70%
42%
27%
*25
1940
g6Hs
16
44
70
ccc4
15%
43%
J
O
41
34 H
82
70 %
z
17%
D
70%
28
23 H
96%
D
17
A
75%
106 %
80 H
55
4
11
36
4h
J
31
75%
*105%
96%
63%
01H
36
37%
0
1940
3
34
30
77
41
64
ccc4
98
1945
f 7a
33
z
16
17
"34"
High
04 H
45
x
Con ref 4s
10H
8%
80 H
D
1
4s stamped..
1951
Battle Cr A Stur 1st gu 3s__1989
Beech Creek ext 1st g 3Ha.. 1951
12
8H
bb
to Jan 1 1947) due...1950
Toledo Cln Dlv ref 4s A.. 1959
80
5h
14
103
~96H
Bangor A Aroostook lat 5s..1943
9h
25H
53 h
25%
a
bb
y
Pgh L E A W Va System—
Ref g 48 extended to..1951 UN
S'weat Dlv 1st M(lnt at 3 H %
12 h
63
118
63%
80 %
70%
(Jnt at 1%
J
1946) due.. 1995
Dec
♦Conv due
11%
62
63
1950
♦Saxon State Mtge Inst 7a
♦Sinking fun
5%
8%
x
(lnt at 1 %
Sept 1 1940) due. .2000 M 8
Ref A gen ser F (lnt at 1
%
to Sept 1 1940) due.. 1996 Af 8
103
59
75%
75 H
y b
O
74
60%
78%
69%
31
y
to
27h
11h
3
74 H
62
Ref A gen ser D
27
12
b
b
No. Low
O
to
27
7
25
S
.....1950
§♦88 extl loan of 1921
"4
25 %
Af N
♦8s external
13
41h
*5%
...
♦7s extl water loan....
♦0s extl dollar loan......
11
8%
y
y
1940
High
Ref A gen ser A
98
8%
2
for Year
Ask
Ref A gen ser C(lnt at
11-5%
to Dec 1 1940) due...1995 J
11h
6%
3
5%
Sao Paulo (City of. Brazil)—
♦88 extl secured a f
6
1
59
30 %
:>
bb
y
1st mtge g (int at 4% to
Oct 1 1946) due.July 1948 A
9H
15
A
M
1
A
Stamped modified bonds—
?*
87
D
UN
♦February 1037 coupon paid
♦Saarbruecken (City) 6a
1953
Santa Fe extl s " 4a
......1964
3
26
O
J
3
25%
♦Rome (City) extl 0Ha
1952 A
♦Roumanla (Kingdom of) 7a ......1959 F
i960
3
6
25
D
i96g
...1967
13
20
25%
J
f g
a
♦7s extl loan of 1920
♦7a municipal loan
10H
10H
86
9%
7%
8%
8%
♦0a extl
8%
3%
10
Queensland (State) extl sf 7s..
25-year external 6s
♦External
8%
9%
8%
*8
2
Austin A N W lat gu g 5a_._1941
Baltimore A Ohio RR—
A
1st mtge gold 4s
July 1948
10H
3%
8%
■
y bb
Second mortgage 4a
1948
Atl Gulf A W 188 coll tr 58..1959
Atlantic Refining deb 3a
1953
3%
3%
;l
1945
74 h
7%
3%
2
60 h
7%
V: 3%
bb
60
7%
3
J
bbb3
y
L A N coll gold 4a—Oct 1952
Atl A Dan 1st g 4a
.1948
"~13
*5%
J
75
x
1964
General unified 4 Ha A
10-year coll tr 6s..May 1
Range
or
Friday's
Bid
Low
96 h 105 h
59% 82
"1% fc'iji
O
58
Price
Range
Sale
See 1
Railroad & Indus. Co». (Cont.)
Atl Coast L 1st cons 4s.July 1952
05
7%
7%
O
High
Last
Rating
•no,
53
67
O
♦4 Ha assented
1958
♦Stabilization loans f 7a........1947
♦4 Ha assented
1968
♦External sink fund g 8a......... 1950
7
103%
H
60 H
*59%
6%
7%
7%
.....
1947
1959
8
24
66
1963
f 6a 1st aer
45
41%
23%
103 H
O
No. Low
11
39h
High
42 %
41 H
Elig. A
_BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 3
1940
Week't
Friday
Bank
Range or
Sale
EXCHANGE
Week Ended Jan. 3
89
Week's
Last
2
x
aa
x
bbb3
x
bbb3
90
91
56
x
aa
2
99
100
14
1,00
100
1
x
aa
x
aa
x
91 %
-
485%
101H 109H
77 H
88 H
76H
91
92
100
90 H
100
95
a
103%
100%
*111%
104 %
32
10
99
111
D
x
aa
J
x
bbb3
98%
J
x
bbb3
100 H
,
90
100
101 H
*110
103 %
aa
x
_
166
109%
.....
aa
x
108%
*
aa
x
109 %
105H
102H
108
111H
104H 111H
114
*112
98 %
101
Attention is directed to the
new
1
92
3
93
114
M
8
x
bbb3
M
8
x
bbb3
106%
*104%
Af 8
x
aaa4
130%
MN
x
aaa2
104
F
A
x
aaa2
104%
D
x
aaa2
108
Ref AlmptM 3H8 aer F..1963
102
104H
10
118
131 %
104
130 H
104 %
50
94
104 %
104%
10
94
108
109
11
103
105H
105H
109H
109
110
105
lat 4s..—1940
J
x
aaa2
R A A Dlv 1st con g 48—1989
2d consol gold 4s
.1989
J
x
aaa3
*120
113H 120H
J
x
aaa3
*U1H
100
Potts Creek Br
Warm Spring V 1st g 58-1941 Af 8
♦Chic A Alton RR ref g 38—1949 A O
3
J
Chic Burl A
Q—111 Dlv 3 Ha
Illinois Division 4s
General 4s
1st A ref 4 Hs series B
1949
1949 J
...1958
19/77
lat A ref 5a series A——1971
J
110
aaa2
83
ccc3
93%
45
90 %
97
47
93 H 102
84 H
72
87
82 H
93
72
36
71
84 H
80
76%
80
30
75
aa
2
93
x
aa
2
96 %
x
a
3
84%
x
bbb4
bbb4
S
F
A
F
A
x
10H
92%
96%
82%
71%
x
Af
7%
98
H
2 90
99
101H
column incorporated in this tabulation pertaining to bank
eligibility and rating of bonds.
See 1.
Hank
STOCK
Friday
Last
Range or
Rating
Sale
See A
Price
EXCHA1
3
Week Ended Jan.
High
Railroad & Indus. Cos. (Corn.)
A
O
J|*Cblcago A East 111 1st 6S.1934
l*Cblc A E 111 Ry geD 6s
1961 AfN
♦Certificates of deposit
b
t
15K
x
cccl
x
cccl
15K
109K
M
^♦Chicago Great West 1st 4a. 1969
J
t*Chlc Ind A Loulrr ref 8s..1947
♦Refunding g 6s series B..1947 J
-
..1987
109 k
19k
30*4
12k
12k
12k
21
ccc3
28 K
ccc3
21K
21K
5
20
21
4
18%
6H
19
2
x
ccc3
x
ccc3
x
cc
tChicago A North Western Ry—
♦General g 3 Ks
1987 UN
is
19k
86
x
mm*
19
•6%
2
series A—...1906
J x cc 2
♦
1st A gen 6s ser B__May 1900 J
J ybb 2
Chlo Ind A Sou 60-year 4a..I960 J
tChlo Milwaukee A 8t Paul—
J x ccc3
♦Gen 4s series A ...May 1 1989 J
J
J x ccc3
♦GengSKs eer B.May 1 1989
J x ccc3
♦Gen 4«s series C.May 1 1989 J
J
J x ccc3
♦Gen 4kb series E.May 1 1989
J x ccc3
♦Gen 4%n series F.May 1 1989 J
I Chic Mllw St Paul A Pac RR—
x cc
3
♦Mtge g 6s series A
1976 F A
x c
2
♦Cony adj 6s
JaD 1 2000 A O
♦1st A gen 6«
10
3
x
AfN
♦Refunding 4s series C—1947
23
S
J
UN
4
M
0%
(I
3i
70
29 k
29k
38
28 k
29
21
285
18
68
17
30 k
31
15k
5K
IK
4K
5k
ik
490
ZH
H
x
15k
16
ccc2
1
16
16
15 h
17k
62
18
18 %
18 %
72
UN
x
ccc2
16%
16 %
16%
1
19
%
19%
18
9K
10%
100
9k
10%
107
AfN
x
ccc2
19%
J
D
x
cc
2
10%
J
D
x
cc
2
x
cc
2
10 %
9k
10%
62
x
c
2
1%
IK
IK
408
(♦Secured 4Kb series A—1962
♦Certificates of deposit
1960
Ch St 1 A New Orleans 6s.. 1961
Gold 3Ks.
June 16 1961
Memphis Dly 1st g 4s
1961
Chlo T H A So'eastern 1st 6a. 1900
Income guar 6a....Dec 1 1900
46
bb
x
ccc2
45
46
40
14%
1
X
x
♦Con* g 4 Ks
—
13 %
15
204
M
8
«..
•
x
aa
J
x
cccl
J
x
cccl
:*Denv A R O W gen 6a-Aug 1955
♦Assented (subj to plan)
A
x
ddd2
A
x
ddd2
♦Ref A Impt 6s ser B.Apr 1978
O
x
c
J
xaaa
2
Dul Miss A Ir Range Ry 3 Xs 1962 A
J
t(#Dul Sou Shore A Atl g 6a .1937
J
O
x
aa
x
x
A
Duqueena Light IstM 3Ks._ 1965
7
%
73 k
J
D y bbb2
J
D y bb
60
7
H
73%
O
x
aa
M N
x
bbb3
/
x
M
Elgin Jollet A East Ry 3X8-1970
A
El Paso A S W lat 6S
1905
1905
X*Erie RR 1st cons g 4s priori 996
A
S
1944
O
x
aa
5
A
J
11H
V4
1
36%
9k
10k
51
19k
18
3H
%
7k
2k
09
80k
07
"49"
1953
♦Series B
♦Gen
cony
54k
44 k
A
♦|Ref A Imp 6s of 1927
1907
A
♦»Ref A impt 6s of 1930. —1975
♦Erie A Jersey 1st s f 6s.. 1955 J
♦Genessee Rlyer 1st 8 f 6s. .1957 J
07
51 k
♦Ernesto Breda 7s
..1954
Fairbanks Morse deb 4s
.1950
Federal Light A Trac 1st 58..1942
6s International series. .1942
1st Hen
s f
5s stamped
1942
48
63 k
1st Hen 6s stamped
1942
40
54
30-year deb 6s series B
1964
103
3
109
aaa3
x
aa
aaa3
103 K
Chllda Co deb 6s.
A
6s.1962
1st mtge 3 Ks...
4a. 1942
3 Ks D..1971
E....1909
Clearfield A Mab let gu 6S..1943
Cln Leb A Nor 1st con gu
cm Un Term 1st gu
1st mtge gu 3K» ser
..
109K
105K
3
103
104
107k
104
110
100 k
107
23
99K 104K
J
J
x
J
J
x
a
3
90 K
89k
90 %
62
87
96 k
M
S
x
a
2
92
91
92%
56
87
O y b
3
34
34
34%
35
27
95 K
59
8
13k
2
AfN
x
F
A
x
J
jeChoctaw Ok A Gulf con
Cincinnati Gas A Elec 8KB--1960
109
3
12
105K
x
S
D
x
aaa4
UN
x
AfN
x
x
aaa4
8k
108k
9%
7
109K
23
109K
109K
2
aaa4
A
h
aaal
F
J
cc
9K
mmmmmm
8
113K
113k
*84
/
J
F
A
J
D
Af
S
Af
8
Af
8
%
B
J
D
J
t*Fla Cent A Pennln 6a
1943
tFlorida East Coast 1st 4 Kb. 1959 J
♦1st A ref 6s series A
O
x
J
x
r
Gen 4kb series A
mm
a
x
*76 %
mmmmm
108
110K
x
aa
x
aa
96
m
mm m
m
85
'mm'm
mm
m'm
(♦Proof of claim filed by
5
...
(Germany) 7s
{♦Slnk'ng fund deb 6 kb—1940
107
5
60
84
85
23
72
bbb3
75
74 k
76
32
64
bbb3
69%
67 %
69K
44
50k
1945 J
D
x
aaa2
F
A
x
bbb3
106K
...
O y b
3
.81%
80 H
3
13%
13%
14
81 K
AfN y b
14K
A
O
x
bbb3
16 1901 J
J
x
bbb3
104k
*105k
105k
105K
A
O
x
aaa3
*112k
A
x
aaa4
.
1
106K
281
105K
31
mmmmm
....
*112k
Columbus A H V lstext g 4a. 1948
Columbus A Toi 1st ext 4a.. 1955 ¥
105K
60
105K
m
mm
m
m
107
83 k
90 k
....
Income deb
w w
Apr 1 1909 May yb
D
x
aa
J
J
x
a
A
O
x
41K
107 %
6
116
117%
218
100
107K
bbb3
J
3
117
100
2
*117
J
x
aa
....1951 J
J
x
a
1
F
A
x
aa
3
108K
108k
108K
6
A
O
x
aa
4
103K
103k
O
x
aa
4
104k
104K
105K
15
A
A
O
x
aa
4
104
104
J
Stamped guar 4 Kb
J
x
aa
4
108 K
108 %
Conn Rlv Pow s f Z%» A
Consoi Oil eonv deb 3Kb... 1951
J
J
z
3
«
4-
-
May 1
23
cccl
D xbbb2
mtge 3k a.
25K
mm
m
2
22
19
16k
16K
19K
J
J
x
ccc4
76
AfN
x
aa
3
108
3
109 K
65
83
12
34 k
99 k 105 k
99
100
97 k 105 k
113
114k
27k
43k
106 % 11 ik
109 k
130 %
88 k 100
107
110 k
1
....
76
63
108
8
14
108 k
20 %
102 % 100 %
11
19
109K
108k
110K
109K
x
a
J
D
x
aa
2
¥
A
x
bbb4
J
D
z
b
1
z
b
1
J y b
2
♦Deposit receipts.
105K
15
J
J
D y ccc2
D y ccc2
Dayton P A L 1st mtge 8s..
i
104 k 109 k
105
111
106
111k
2
106
38 K
83
38 K
25
38 %
2
17%
18%
108 K
30 %
12
100 % 109 k
108
90 k
17%
18%
149 k
104
110
101 % 104 k
60
59
44
87 k
k
17 k
247
88
i 105k
100
141
198
86K
13 %
106K
54
45
38 k
14
38 k
18
38K
n%
8k
19
19
88
44
*101
106 K
52
97
92
*93 %
*35 %
37%
35 K
105k
105%
104 k
108 k
102k
......
102%
100
105
103
too
102
102K
100
104 k
100
104 k
H
104 k
*100
I
......
.....
103%
102 K
*103k
102%
*101 %
104
103K
*34
27
1
63
7%
7%
8K
7K
03
40
IK
1
'
7%
46 k
48
07
1%
8
98
107
103
43%
63
ik
4k
ZH
J
D x bbb3
F) 1st 4kb
I960
Af S
w w.1946
y bb 4
Gouv A Oswegatcble 1st 6a. .1942 J D y b
2
J x aaa2
Grand R A I ext 1st go g 4 K*1941 J
J
D
Grays Point Term 1st gu 6s.. 1947
(Japan) 7S..1944
lit A gen a f 0Ks
...1960
ybb
F
J
A
/
8H
8k
101 %
Great Northern 4X« ier A..1961
General 6Ks series B
1952
General 6s series C
1973
4
xbbb3
bbb3
General 4kb series D
1970
x
bbb3
General 4 Ks series E
1977
x
bbb3
.
124k
13
40
"S
190k 105
24
k
38
37
30
30 K
S
87%
89K
120
*9
12
17K
17K
12k
22 k
30
30 %
30
18k
35k
100 K
106 %
71k
91k
105K
106K
r75
T75
1
*82
90
14
30
80
69K
«3k
96 k
78
69 K
01k
90
107%
107
107 K
108
106K
108
102K
102
102 k
44
95 h
70
94 k 107
85 %
84
:
64
115
71
....
*86%
90
100 K
88
«»k
87 k
58
64
6
6
2K
88
8k
75
80 K
63%
65
35%
36
87 %
83%
57 k
65
17
79%
««K
58
.
A...2015
103 %
77
92
98K
*62
109
87
62
104
mi
84
94
Jt i
65!
94%
93%
103%
.....-
if 1»4k
109
94 %
93 %
94
bbb3
37
55 %
101,t»jl04K
♦
bbb3
45
25
95
*101 »16
93%
20
8
*33
105%
103k
1940
J x bbb3
Gen mtge 3%* series I ...1907 J
♦Green Bay A West deb ctfa A... Feb ybb I
Feb
♦Debentures ctfs B
c
2
A O
Gulf Mob A Nor 1 st 6 Xs B
y bb 3
1950
A
O
bb 3
lat mtge 6s aeries C
iqko
J
Gulf Mobile A Ohio 4a ser B1975 J
bb 2
J
J
♦Gen mtge Inc 5s ser
cc
2
63
25
37
1
x a
x
101K
*25 H
2K
101K
121
1
yb
2k
H
"38"
38
3
b
y
1
100
cccl
O
32
"13
37 k
Gulf A 8hlp Island RR—
1st A ref Term M 6s stpd.. 1962 J
2
J b
A
Gulf States Steel s f 4 Ks
x bbb3
1901
3
Gulf States Utll 8Ks ser D..1969 AfN x a
J
J x cccl
♦Harpen
Mining 0s
*85
104
110K
4Xs debs
1964
J
D
104
110K
110K
90 K
90
aaa4
bb
2
90%
92
9
x
2
54%
56
16
x
b
y bbb2
102K
101H
26%
9
56
28
*125%
42%
127
28
105 k
127
115
102K
90 k
196 H 112k
21
36 k
x
1949
/
Hocking Val 1st cods g 4 Ka.. 1999 J
A O
Hoe (R) A Co 1st mtge
1944
tl*Housatonlc Ry cons g 5e.l937 UN
M N
Houston Oil
100
*25%
*127%
1951
1st gold 3 Ks
.....1951
Extended 1st gold 3Xi
1st gold 3s sterling
ccc2
O
bbb4
70
93 k
40 k
57 k
90 k 103
22
37 k
120
127
*36 K
bbh4
bbb4
14
16
17k
25
18
19K
15
18
19
10
99K
57
43
142
17k
40
19
17 k
48
17k
35
98 k 101
102 k 109k
37k
K
11
108K
'129
20 k
50 k
9H
16K
130
4
198 % 112k
*86 %
x
44
*90
bbb4
*86%
y
y
38%
40%
105
24
60
38%
38 K
2
36%
20
24%
31K
40%
46%
38 k
47 K
29
40
34%
36 k
242
47 %
_
36
bb
bbb4
62
xbbb3
48K
45
66%
"
*61 %
28 %
40 K
78%
*
bb
y
91
~32k
77
39k
bb
Omaha Dlv 1st gold 3a
x
91
38 H
J y bb
Cairo Bridge gold 4s
1950
Litchfield Dlv lat gold 3a..1951
Loulsv Dlv A Term g 3 Kb. 1953
95
83
86
35%
UN
ybb
UN
1965
y bb
F A
y b
Aug 1 1966
26
70
38
Collateral trust gold 4s.... 1952 A O y bb
UN
70
79
62
58
65
62 K
50
65 k
43 k
42
43
44%
45
54
*48
53
47 %
56
bbb3
*75
95
ybb
3
*61
64 K
53
05
111 Cent and Chic 8t L A N O—
Joint lat ref 6s series A
1963
ybb
lat A ref 4 Kb aeries C....1903
ybb
2
2
1951
1951
10K
20K
10%
108%
x
Western Lines 1st g 4a
16
U
108K
x
J
1861
M 8
..1951
x
31
"44 K
x
J
A
y
Springfield Dlv let g 3Xs 1951
105k
19h
50 K
4s
A—1962
101
19K
109
1st gold
ser
3
15
49%
x
A
ybb
54
49
7a. 1946
103k 110k
18
107k
cccl
St Louis Dlv A Term g 3s_. 1951
Gold 3Xs
1951
17
107%
sec
Refunding 6a
40-year 4Xs
104K
J y aaa3
218
45
38 h
17 K
104 k
105 k
56
68
37 k
17K
104 K
51
86%
37 k
38
cccl
77
61
J
x
x
65 k
105K
98 %
bb
44 k
cccl
J
1963
104k
98 %
AfN
44 %
2
1952 J
2
3
a
"84"
3
1955
111 K
O
x
c
Purchased Unes 3 Ks
102 k 109 k
104 k 111k
A
x
86 K
I
b
Collateral trust gold 4s
17K
18K
32
56
55 %
cccl
y
Refunding 4s
3
♦Deposit receipts.
♦7 Ks series A extent
♦8s series B extend
bb
x
x
18 k
19
J
y
J
18k
104K
2
J
J
13
108K
■
MiV
104K
*
aaa3
/
11
111 k
108K
A
D
x
107k
*16K
74 %
3
D
109 k
*17k
3
103k
*
3
105 %
cccl
aa
"15
2
x
103
cccl
aa
c
a
x
12
cccl
aa
1
26
z
x
1
109
z
x
cc
cc
105
106
*
104*16
40 k
25 k
102
105
104*16
Toi"
•
88
Illinois Central RR—
x
x
x
104 k
J
MiV
2
36
J
MiV
lat
ybb
103 % 107k
105k
108
25
100
♦147K
ccc2
UN x aaa3
Hudson Co Gas 1st g 6s
1949
Hudson A Manhat 1st 6s A. ,1957 F A y b
A O x ccc2
♦Adj Income 6s
Feb 1957
Illinois Bell Telp 8Xs ser B.1970 A O x aaa4
J
MiV
*
74k
102k 107k
Consumers Power Co—
8Kb
4
Hudson Coal lstsf 5s
J
mtge
a
108k 110
m
J
1st
x
115k 119
*109k
J
Consolidation Coal a f 6a
3
x
Consol Edison of New York-
J
bb
x
110k 112k
44
107k
1
4
bbb2
y
Gen mtge 4a series H
Commonwealth Edison Co—
J
*
General mtge 4a series Q..1946
♦Commercial Mackay Corp—
40 k
100
♦107K
bbb2
82 k
106 % 108
'
mmmmm
106k
106k 107k
81
*107%
77
Too"
109 k 10i k
x
106%
106K
105k
Gotham 811k Hoe deb 6s
81
84%
"5
106K
bbb2
x
Goodrich (B
x
Jan
*
J
67
O
Debenture 6a
J
Af N
78
O
AfN xbbb3
1948
50
lat • f 6s series B guar....1973 A
A
A
f deb 6s
43 k
106k 110k
bbb3
....
s
J
♦Good Hope Steel A lr
x
mtge
1940
58 k
O
Income
J
37
Cleve Union Term gu 6K»—1972 A
♦6a
M N
91
103 k 106 %
.
39
107K
16%
x
1941
t*Oeorgla A Ala Ry 6s.Oct 11945
tf*Oa Caro A Nor 1st ext 6s 1934 J
bbb3
Colo A South 4kb series A..
owner.
♦Certificates of deposit.
Fort St U D Co 1st g 4 Ks
Gt Cons El Pow
mm mm
104 K
16
(Amended) 1st cons 2-4a..l982
81k
.
mmrnm
107K
107 k
*106
.
103k
*106 H
4
bbb2
20
4
JFonda Johns A Glover RR—
51
164"
mrnm
2
let a f 4 K" series C
8
a
*
30 k
38
101 %
103k
I
x
5
74k
107 k 111 k
108 % 113
45
*23 %
3
ybb
49 k
101
101
2
110 k
113K
107
x
Coal River Ry 1st gu 4a
2
72 %
109
j'
b
8
4
ZH
108K
Francisco 8ugar coll trust 6a.l950 M N y ccc3
O
Colo Fuel A Iron gen a f 6a..
x
2k
139
5
*34 x
b
Oaa A El of Berg Co cons g 6s 1949 J
Gen Am Investors deb 6a A.1952 F
J
♦Gen Elec
A
Cleve Short Line 1st gu 4 Ks.1961
c
x
105k
107k 108 k
—
♦103k
2
J
....
*106
*104K
aaa2
A
Gen A ref 4kb series B..1981 J
1
54 K
54k
m
108
87
57 K
54k
aaa2
F
Series D3H« guar
mmm
aaa2
x
2
c
x
x
1974
70
91
*80
56%
26
80
79k
aaa2
MiV
J
4kb guar
Series c 3 Kb guar
Series A
Af
D
♦Certificates of deposit
Gen Steel Cast 5Xs w w.,.1949
80
General g 4s
A
x
3k
%
109
cccl
O
%
70
io8K
cccl
x
105k hi
109h 111K
75
CI«y« Cln Chic A
B 3 Kb guar
2
x
O
♦20-year
Series
ccc2
106
106K
113K
2
St Loula Ry
x bbb3
—1993 J D
J D x bbb3
General 6s series B. .—..1993
J
J yb
2
Ref A Impt 4 Kb series E..1977
J
J y bb 3
Cln Wab A M Dlv 1st 4a.. 1991
UN y bbb2
St L Ply 1st coll trg 4s_—1996
J
J x aaa4
Cleveland Elec ilium 3s
Cleveland A Pittsburgh RRA
O x aaa2
Gen 4Kb series B........
2
104 k
108 K
aaa4
J ybb
3
11H
98
J
108K
2
♦N Y A Erie RR ext lat 4a. 1947 Af N y bb
Af 8 x
b
(♦3d mtge 4 Xa___
1938
34
45
J
aa
bb
x
1963 4
VN
4s series D
9
55 K
M
x
y
cccl
45 k
*63 k
*46
44 %
J
bbb3
x
ybb
O
*
206
55 k
series E
1908
8Kb guaranteed
....1961
1st mtge 3Hs series F
1903
Chic A Went Indiana con 4S.1952
1st A ref M 4kb series D..1902
1st mtge 3 Ks
2
109k
uk
5k
109
aaa4
Firestone Tire A Rub 3X8..1948 A
A
aaa4
5k
15
105 k 110K
ccc2
J
134
6K
*67
4
J
1950
J
Chicago Union Station—
Guaranteed 4s
2
1953 A
H
73%
1
2
a
x
High
1%
K
*4
3
♦Conv 4s series A
6H
104
5k
6K
8%
c
8 y b
aa
Detroit Term A Tunnel 4Ks.lQ«l Af N
M S
Dow Chemical deb
6s stamped
106
8
U
ccc2
x
11%
4k
C
D ybb
x
Gen A ref M 4s ser F
1905 A O x aa
M 8 x aa
Gen A ref
mtg£3Ksaer G-196B
Detroit A Mac lBt Hen g 6a..1995 J D y b
♦Second gold 4s
1995 J D x ccc2
2kb
109
H
2
6
124
z
mm
cc
cc
8K
1
mm m
x
x
7%
6%
c
m
J
t*Des M A Ft Dodge 4s ctfa.1936
M S
t»De« Plains Val 1st gu 4 Kb. 1947
Detroit Edison 4Ks ser D..1961 F A
2
1940
104
"8%
7
1
for Year
©
105K
6%
'1%
®
108K
*104K
*108 K
7%
♦1st consol gen lien g 4s...1990 J
7k
1
M
J
11K
8k
z
mm
21k
4
5%
D y bbb2
J
3
1969
tl*Den A R 01st cons g 4a.. 1936
(♦Consol gold 4kb
1930
6
3h
7
6%
m
12k
175
7%
mm
16
221
1
1
3
3
18k
18 X
19x
7k
6k
cc
cc
J
AfN
28
14
12%
14
ccc2
X
O
x
x
A
11%
10 k
13
D
♦Certificates of deposit
1934
rnm~ ~-
12
MiV
♦Certificates of deposit
3
Ed El 111 (N Y) 1st cons g 6a.1995 J
F
Electric Auto Lite conv 4s
1952
17K
(♦Refunding gold 4s
3
aa
EastT VaAOa Dlv lat 5a-..1950
16
J
aa
x
18 k
ccc2
J
x
J
c2
050a
No. Low
27
107
High
108
108K
J
1969
1st A ref 4kb
1st mortgage 4 Ks
18
ccc2
A
(Cont.)
Del Power A Light lat 4 Ks—1971
Range
Friday't
a
Atk
Low
10
ccc2
Bid
Price
See a
10
x
F
2K
Sale
Rating
83
*
J
7K
Railroad & Indus. Cos.
Range or
Last
Elig. &
EXCHANGE
44
15k
16K
14%
ccc2
x
May 1 2037
♦1st A ref 4 Ksstpd.May 12037
♦1st A ref 4kb C-.May 1 2037
♦Cony 4kb series A
1949
X (♦Chicago Railways 1st 6« stpd
Aug 1940 26<7, part pd._1927
t»Chlc R I A Pac Ry gen 4s.. 1988
STOCK
Y
East Ry Minn Nor Dlv lat 4al948
x
UN
1930
32k
31%
32 k
30 k
30 %
UN
{(♦Secured 8Kb..
32k
30k
29K
30 k
UN
♦1st ref g 6s
10k
10k
15k
10k
29k
488
19k
70
30 %
Vt
21 %
53
30 K
Fed Inc tax 1987
Fed inc tax..1987
♦4Kb stamped-....
1987
♦Gen 6s stpd
3K
3K
5
70
♦fltpd 4s n p Fed Inc tax.1987
♦Gen 4 Ks stpd
124 k
19 H
79
J
109k
29K
10K
15k
14
109k
29%
J
J
Hiah
117
35
N.
Week Ended Jan. 3
1940
15k
14 h
bonds
Range
No. Low
2
AfN y bbb2
M
Chicago A Erie 1st gold 5s..1982
♦General
.
for Year
FridaV
d
a
Atk
Week't
Friday
Bank
Week't
Elig. A
BONDS
r.
1941
4,
Jan.
New York Bond Record—Continued—Page 3
90
ybb
4
4
1948
x
1950
y
bbb2
t+Ind A Louisville lat gu 4s. 1966
s
ccc2
37 H
"74""
16
39
41 k
103
33
50 k
35K
37 K
74
30
47
*25 K
41
cccl
♦Ilaeder Steel Corp 6a
Ind 111 A Iowa lat g 4a
—
35%
19%
36k
54
74
72 K
14
74
6
16
23
r
8k
17 %
63k
t
For footnotes see page 93.
Attention is directed to the
new
colunn Incoroorated In this tabulation pertaining to bank
eligibility and rating of bonds.
1
See A.
Volume
New York Bond Record—Continued-Page 4
152
BONDS
N.
Y.
8TOCK
Week Ended Jan. 3
Railroad &
Indus. Cos.
ft
Last
Elig. A
li
EXCHANGE
Week
Friday
bank
Rating
Price
Bid
Low
(Cont.)
Ind Union Ry 3 Ha series
B-1986
1948
Inland Steel 1st mtge 3s ser F 1961
inspiration Cons copper 4s. 1962
^Industrial Rayon 4 4s
cccl
z
cc
z
cccl
♦1st g 6s series C
1956
z
89
1944
1941
y
3
10434
15
78
7%
163""
3
98%
854
172
•v,:7
%
7%
1%
7%
186
H
21
6%
14%
8
38
6%
14%
y ccc4
B.1947
B.1972
1947
4 481952
Int Telep A Teleg deb g
Jones A Laughlln Steel 4 4s
49
3
70
7154
103)4
8
53
74%
76%
13
99
103)4
101%
50
90 % 105)4
*83
8534
82
99
3
J y ccc2
"35)i
29%
A y ccc2
.3734
3154
m s
1959 J
m
0
;,v
cccl
z
D ybb
a y bb
{J»K C Ft S A M Ry ref g 4s 1936 A
x
2
*53 %
3
104)4
x
z
b
35)4
443
21
87%
470
22
M
:
24
1
41%
47%
58
93
22
105
.
91)4
39 34
84
"l7
Metrop Ed 1st 4 %b series D.1968
Metrop Wat Sew A D 5 )4s._1950
li*Met W Side El (Chic) 4S.1938
♦Mlag Mill Mach 1st s f 78—1950
Mich Cent Det A Bay City—
Jack Lans A Sa- 3%a
1951
z
{{♦Mil A No 1st ext 4 48—1939 J D
♦5Con ext 4%a
1939 J D
{♦Mil Spar A N W 1st gu 48.1947 M S
z
b
z
ccc2
z
ccc3
{♦MUw A 8tate Line 1st 3 %a 1941 J
J
{♦Minn A St Louis 6s ctfs
1934 M N
♦1st A ref gold 4s
1949 M S
z
ccc3
z
cc
2
z
c
z
c
8* 1st
§♦ 1st
cons
cons
♦1st A ref 6s series A
20
13%
20
1734
14
20
aaa4
x
a
2
Missouri-Kansas-Texaa
a
2
10734
a
a
85
85
♦1st A ref 5s series
80
■v
157
168
105% 108 34
1(654
108 %
10054 106%
104%
101
3%
10554
4%
1%
94%
2
2
y
b
2
56%
51
2
b
2
61%
56%
61 x
61
b
95)4
62 J4
61
42
38
51
15
33
6154
60 34
47
b
y
119
97%
79%
38
48%
y
y
80
22'
95J4
50
24
39
6154
88
*81%
09 %
xbbb3
2d gold 5s
y
bb
3
95
95
95
7j
x
a
2
93
91%
93
32,
Lake Sh A Mich So g
Lautaro
1947
1941
34s—1997
J
D
89
82
9754
79%
93
Lehigh A N Y 1st gu g 4a
Lehigh Valley Coal Co—
♦6s stamped
.
y
c
♦5s stamped
♦1st A ref S f 58
♦5s stamped
♦1st A ref s f 5a
f"
a
O
A z ccc2
ccc2
194
cccl
19
18
z
ccc2
204
cccl
194
184
174
204
194
126
z
329
4
214
24
82
214
204
214
214
814
1978 m2v
♦Certificates of deposit
♦Conv gold 5 %a
z
c
2
%
O
z
ccc2
20%
184
z
cccl
z
ccc2
'194
184
20
263
z
♦1st A ref g 5s series H
♦Certificates of deposit
1980 A
♦1st A ref 5s series I
1981
Fa
19
23
814
814
15
00
*504
544
Moh'k A Malone 1st gu g 4s. 1991 M S y b
Monongahela Ry lBt 4s ser A 1900 MS x aa
1st mtge 4 )4s
debentures
i960
x
1905
Montana Power 1st A ref 34s *00
Montreal Tram 1st A ref 5s—1941
s
bbb2
yb
Constr M 4%a series B—1955 M n y b
Mountain States TAT 3 4a. 1908 j D x aaa2
314
30
*61
80
37%
70
27
36)4
40
36 34
Mutual Fuel Gas 1st gu g 5s. 1947 M N x a
Mut Un Tel gtd 0s ext at 5% 1941 m N xbbb3
b
z
b
b
39
z
b
*34
39
23
b
38
38
20%
z
b
*34
63%
24%
*37)4
*40"
87YY:
22
20%
60
83
{♦Naugatuck RR 1st g 4s..-1954
39
30
48%
25
30
51
{♦New England RR guar 5s_1946
New Eng Tel A Tel 5s A
94
224
23 4
104
254
19
21
52
50
13
40
58 4
1184
1064
2
j
J
x
bbb4
A
O
x
F
A X aaa4
O ybb
184
21
m
«.
m
—
M n
x
aaa3
x
aaa3
J
D yb
F
A
A
O y bb
x
a
x
109
31
99
123
15
1304
1304
2
974
l
«.
-
974
1
*100
-»
1054
bbb3
*•
-
974
•
«.
.
1214 1274
1204 1314
»
-
-
O
x
aaa3
122
1951 F A
J
Louisiana A Ark 1st 5s ser A-1969 J
Louisville Gas A Elec 3H8--1966 M S
M 8
Lou A Jeff Bridge Co gu 48—1945
x
aa
3
*128
37
1294
x
bbb3
83
844
x
aa
122
aa
3
2003
x
bbb3
2003
2003
1st A ref 3 % s series E
2003
Unlf mtge 34s ser A ext—1950
Unlf mtge 4s ser B ext
1960
Paducah A Mem Dlv 4s—1940
St Louis Dlv 2d gold 3s—1980
Mob A Montg 1st g 4 48—1945
South Ry joint Monon 4S.1952
x
bbb3
x
bbb3
x
bbb3
109
3
x
83
5
a
36
109
2
3
104
1
994
98
100
884
934
874
cccl
—1945 J
1952 j
1064
a
3
874
M
S
x
a
3
J
J y bbb2
x
*112
1983 J
NOAN E 1st ref A mp 44a A'52 /
854
87
1204 1204
75
864
106
N Y Cent RR 4s series A
0)48-1944
F
A
z
1955
{♦McKesson A Robblns 54a 1950
O
x
a
m 8 y b
Maine Central RR 4s ser A-1945
J, D ybb
•
D y
b
2
2
1054
MN y ccc2
29
*44
b
1
W
-
«
1054
2
1054
253
113
73 4
89
1044 1084
15 4
25
32
ccc2
b
81 4
39
394
374
38 4
32
*m-
'm
mm-
32
2
20
37
33
33
1
23 4
304
*284
42
284
334
40
j
z
ccc2
334
38
25
27
b
314
33
13
25
x
aaa2
1
*113
?:
644
"664
102
44
954
171
74
57 4
59 4
380
38
64 4
624
43
614
644
634
209
624
169
424
86
85
87
94
084
100
99
100
47
85
67
33
53 4
2013 A
O yb
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3 4s.-1998 f
Mich Cent coll gold 34s-1998 f
New York Chicago A St Louis—
Ref 54s series A
1974 A
Ref 44s series C
1978 m
j
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x
a
j y bb
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A y bbb2
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a y bb
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74 4
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384
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92
94
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56
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For footnotes see page 93
Attention is directed to
the new column Incorporated in
944
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94 4
984
67
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89
644
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604
604
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66
954
594
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F
A
4
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3
1946
4s collateral trust
4
664
40
25%
384
113
111
-
65%
29
24
28 4
1
12
934
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N Y Connecting RR
23
32
37
594
34s A—1965
70
21
354
354
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3
334
31
25
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1
11
714
21
3
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48
55
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1942 j
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33
32
I
1
8
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30
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354
64
45
1024 1054
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3
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*
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4 1304
604 604
1054 109
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78 4
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89
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{♦Man G B A N W 1st 348.1941
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107
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474
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78
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48
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1244
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129 4
112
^
—
J ybb
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119
•
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81
63
mrnmrn
mmm
70
70
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♦let 6s series B
95
98
99 4
994
-----
*45
m
aaa2
let g 4J4a series B
1901 Af N x aaa2
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110
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8 /101
32
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89
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m
454
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88
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A
884
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78
11
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99 4
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100 4 105
83
109
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28 4
100 4
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1044 111
112 4 120
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3
70
D
x
934
104
1084
——
69
j
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108
104
3
a
——
Newark Consol Gas cons 68.1948 J
10-year 34a sec a f
x
39
...—
1094
1054
D
Louisville A Nashville RR—
x
244
1034
1955 j
New Orleans Term 1st gu 4s. 1963 J
120
111
*1094
61
*804
♦Certificates of deposit
-
444
a
1st A ref 6a series B
101
89
-
48
984
474
27
*10l'i«
x aa
New Orl Pub Ser 1st 5s ser A. 1952 A
90
105
1
984
974
984
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85
*974
344
40
b
4s
504
125
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guar
44
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--—
*116
1094
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104 4 106
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1054
95
984
_
30
30
30
3
3
bbb3
„
1044
1044
1044
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1064
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106
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99
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119
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174
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364
314
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164
43
65
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80
49)4
37
1965 A O
1954 J D
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86
——
mmmmm
1054
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62
——
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38
35
37
484
|*Market dt Ry 7s ser A April '40 q j
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79
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454
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30
ccc2
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*42
2
bb
10
36
ccc2
J
113
954 1064
1
77
77
77
36
z
A—1960
1 1957
1104
103
34
3
z
Manatl Sugar 4s s f-—Feb
105
17
46
1094
344
m N
McCrory Stores deb 334 s
1054
4
y
f 5s series A.-.1955
13
111
37
m N
Atl Knox A Cine Dlv 4s —1955 MS
107
1064
36
2003
Leh Val Term Ry ext 5s
.1951
Lex A East 1st 50-yr 5s gu—1965
Llbby McNeil A Libby 4a —1955
Liggett A Myers Tobacco 7a. 1944
5s debenture-.-.—-1951
Lion Oil Ref oonv deb 4 Vis.-1952
Little Miami gen 4a seriea A.1962
Loews Inc s f deb 3 4s
1940
Lombard Elec 7s series A
1952
Lone Star Gas 34a debs.—.1953
♦Long Dock Co 3148 ext to—1950
Long Island unified 4s
1949
Guar ref gold 4a
1949
4s stamped
---1949
1st A ref 4s series D
"III""
a
y
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1st A ref 4 4s series C
103
1054
a
x
58 4
48
"""I
111
1084
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384
153
A
4
Monongahela W Penn Pub Ser
Morris A Essex 1st gu 348—2000
y
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1955 M n y b
174
184
1944
1064
1084
68%
95
154
7s
j
7954
ccc2
Gen mtge 4 4s series
18
814
2
42%
z
♦Lower Aust Hydro El
19
b
{♦Mo Pac 3d 7s ext at 4% JuL'38 MN
19
m N
1st A ref 5s series B
cccl
z
4
21.4
214
214
124
124
124
124
17
2003
2003
5s debenture
15
1949 MS
4
204
184
94
{Lehigh Valley RR—
Lorlllard (P) Co deb
24
4
03
46%
m s
124
124
124
124
z
8
6134
92)4
434
-
304
194
M
z
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2
2
45
m 8
20
214
204
cc
bb
a ybb
A
14
z
1976
bb
bb
40%
A
124
233
y
bb
A
13
1
14
f 5s series D.-.1955
z
♦General cons 5a
52
18 4
14
184
s
/
♦General cons 4 4s
194
cccl
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85
-
184
184
~i%
594
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70)4
83
4s
3
42
80
cons g
171
cccl
z
11
*80
♦Gen
34
164
84
65
b
Lehigh valley N Y 4His ext.1950
154
84
63
b
f
19%
8
2
b
J
7%
58
b
z
58—1954
258
110
y
z
♦6s
32%
114
1955
z
Leb Val Harbor Term gu
19
134
f 4 %a series C.
stamped
1974
extended to 1943
stamped.--———1943
88
123
12 4
s
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♦6s
55
124
Gen A ref
z
A
f"a
43
2
104
114
39 54
z
f
16
19%
1
87
b
4
56 4
814
244
34
ccc2
y
15
z
1954
1954
1964
1964
,1974
♦1st A ref s f 5a
11
8
134
114
124
b
28%
S
1944
4
79
28
bbb3
24
24
14
554
814
234
bb
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M
10
24
2
1
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1975 Dec
J
Lehigh C A Nav s f 44s A—1954 J
J
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A
14
9
244
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A.1965
1945
14
cc
z
♦Certificates of deposit
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Gen A ref
Nitrate Co Ltd—
Lehigh A New Eng RR 4a
34
6
J y ccc2
1905 f
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6s
Lake Erie A Western RR—
5s extended at 3% to
17
b
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96
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bbbl
ybb
34
34
10
58
14
2
fMissouri Pacific RR Co—
♦Certificates of deposit
♦General 4a
104
334
122
y
1962 j
Prior lien 4%a series D—1978 j
♦Cum adjust 5s ser A—Jan 1907 A
♦
3%
2
104
"44 ""§4
9
,
bb
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1962 J
SO
101%
3
x
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8
2
cc
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78
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50
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73
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374
154
14
5/
40-year 4s series B._
20)4
2034
100
82
x
y
z
109%
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|*Laclede Gas Lt ref A ext 5a 1939
Ref A ext mtge 5a
1942
Coll A ref 6 4s series C
1953
Coll A ref 5^8 series D
1960
Coll tr 6s series A
1942
Coll tr 6s series B
1942
z
105
*162
x
j
30
2
bb
1961 J
Kings County El L A P 08—1997 A O
Kings Co Lighting 1st 5s
1954 J /
/
1st A ref 6 48
1954 J
Koppera Co 4s series A
1951 M n
M S
Kresge Foundation 3% notesl950
{♦Kreuger A Toll secured 5s—
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1940 J
69%
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15%
,
30
61
9
j
107%
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94
84
84
cccl
Mo Kan A Tex 1st gold 4s
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08
1074
84
8
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75
954
97
13
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1
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90
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67
17
2
j
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1949 M 8
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1978 J
j
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J
bbb3
x
74
33
2
j
38%
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90
54
64
4s int gu'38 J
1938 J
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5s
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18
25
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1124
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f
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1064
109
96
274
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52
80
106
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3
1940
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5
1004
57
;
67
3
for Year
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a
O
1940 A
107%
J
1961 J
x
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a
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304
68
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554
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/
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bbb3
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30%
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J
x
D
/
J
J ybb
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Prior lien 5s
z
aa
1952 M N
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105%
1054
1104
bbb4
x
Ref A lmpt 4 %a series C—1979
{{♦Mid of N J 1st ext 5s
High
x
3
Range
Friday's
A
Ask
M S
M 8
A O
F A
67%
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j1 Low
82%
108
!
Price
See a
"~67%
6
-
Sale
Rating
Na.
Week'*
Last
S Elig. A
"32%
1950 A O x bbb3
1950 J
J ybb 3
1960 J J x aaa4
1943
1943
1943
Keith (B F) Corp 1st 6s
1946
Kentucky Central gold 4s—1987
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Bank
_
C
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{ {♦MStPASS M
38
5654
10454
91
Friday
1%
H
*95
1
b
mx
bbb4
z
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37%
A y bb
O
—
i
102)4
10354
67
8
EXCHANGE
1st gold 3 %a
2
95
Kanawha A Mich 1st gu g 4a 1990 A
gold 3s
Ref A lmpt 6s
.Apr
Kansas City Term 1st 4s
Karstadt (Rudolph) Inc—
♦Ctfs w w stmp (par $645)
♦Ctfs w w stmp (par $925)
♦Ctfs with warr (par $925)
49
46)4
16%
7014
J
A1901
Kan City Sou 1st
-
1
......
84
F
{♦Iowa Cent Ry 1st A ref 48-1951
James Frankl A Clear 1st 4a.
8%
1
*78
1955 F
Debenture 5e
3
m N y bbb2
Int Rys Cent Amer 1st 5s
1st lien A rel 6 %a
98
97%
cccl
ybb
1955 M S y b
% 107
103%
102
10054
7%
z
Ref 8 f 6a series A
106%
107)4
9834
1956
Internat Paper 5e ser A A
10534
100)4
♦1st 6s series B
Int Merc Marine s f6s
104
1604
106%
{♦Infr-Grt Nor 1st 6s ser A. -1952
♦Adjustment 6s ser A.July 1952
b
High
100
ybb
deb 6s
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STOCK
Week Ended Jan. 3
1940
CQC<}
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N.
for Year
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J
J x bbb2
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A O ybb 2
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Internat Hydro El
Friday'»
A
Ask
*
BONDS
Range
Range or
Sale
See a
•
thla tabulation pertaining to bank eligibility a id rating of bonds.
New York Bond Record—Continued—Page 5
92
Friday
Bank
Elig. dk
Last
Range or
Sale
Fridays
Bid
A
Asked
for Year
1951
Conv 5% no tee
1947
Y Edison 3%s eer D
1965
let lien A ret 3%s ser E—.1966
N Y Dock 1st gold 4s
y ccc2
x
aaa4
x
No.
Pere Marquette 1st ser A 5e.l956
13
46%
61%
12
46
60%
2
104% 110%
110
108%
110%
3
105
118%
aaa4
119%
18
111
5e_1948
x
aaa4
gold 4a—1949
x
aaa4
Purchase money
z
cc
26
26%
2
x
aa
99%
y
bbb2
50
99%
51%
120% 126%
113% 119%
1st 4s series B
...1956
1st g 4 %s serlea C
1980
Phelps Dodge conv 3 %s deb. 1952
16
118H
General 5s series B
...1974
General g 4 %s series C—1977
General 4 %s series D__
{♦N Y A Greenwood Lake 6el946
3 Ha
2000
Af N
A—1973
Af N
Af N
N Y A Harlem gold
N Y Lack A Weet 4e eer
26
8%
3
97
100%
43%
60
Af N y bbb2
*54
57
60
64
♦N Y L E A W Coal A RR
Af N
*95
99
79%
96
♦N
J
65
95
71
90
1973
4%s series B_.
5 %8'42
Y L E A W Dk A Impt 6e 1943
N Y A Long Branch gen
b
y
bb
95
95
8 y bb
M
4s. .1941
z
*79
91
6
Phlla Co sec 5s series A
z
cccl
15%
18%
cccl
16
18
6
z
cccl
18
29
11%
19%
z
cccl
18 H
23
11
z
cccl
18%
16
76
10
20%
20%
Series C 4 %s guar
Af N
18%
18%
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J
z
cccl
15%
18
48
10
20
Series
J
z
cccl
"21%
19
21%
294
12%
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z
cccl
33%
31
34
20
19%
24%
30%
z
cc
28
2%
6%
4 %s A '62
Series B 4 %s guar
J
15%
17%
M
3%
z
cccl
z
18%
20
b
78%
3%.
19%
20%
80%
184
12
23%
26
58
81
S
z
cc
4 H
5%
30
3
8%
/
D
z
c
1H
2
12
1%
4%
O y b
O yb
99%
100
6
{♦N Y Prov A Boston 4s
1942
N Y A Putnam 1st con gu 4s. 1993 A
5%
50H
1
50%
43
100
N Y Queens El Lt A
x
aaa4
*108 %
109%
107
54%
110%
N Y Rys prior
x
bbb4
107H
107%
105
108%
x
bbb3
x
aa
105%
107%
108%
100% 106%
101
109%
Pow 3 Ha *65 MN
J
lien 6s stamp. 1958
N Y A Rlchm Gas 1st 6SiA..l951 Af N
J
N Y Steam Corp 1st 3%s.—1963
J
tl*N Y Susq A W 1st ref 5S.1937
A
{♦2d gold 4 Ha
1937
A
{♦General gold 6s—.....1940
♦Terminal 1st gold 5s
1943 Af N
-1987
1948
1946
{{♦N Y West A Boat 1st 4^81946
Niagara Falls Power 3 >48—1966
Nlag Lock A O Pow 1st 5s A. 1955
Niagara Share (Mo) deb 5 Ha 1950
{{♦Norf South 1st A ref 58—1961
N Y Telep 3%s ser B
Rock 1st 6s
6s stamped
N Y Trap
J
J
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107%
cc
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25
c
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50H
85
cc
26
z
bb
x
aaa4
1
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6
8%
62
60
61H
noli
111%
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96H
97
9
5%
....
6
10
92%
bb
c
9%
8H
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26
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17
5%
39%
106
80%
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J
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2
5%
6%
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110H
108%
102%
110%
7
102%
100
12%
12%
7
12%
12%
8
78
83
M
A
O
a
4
Af N yb
F A z c
1
♦Certificates of deposit....
x
z
c
3%
30
12
14
62%
112
92
97%
109%
96% 104%
8
18%
7%
17%
♦Ctfs of dep (Issued by reorga.z
c
*11%
12
13%
z
ccc2
75%
54%
75%
ccc2
x
aaa4
126
125%
127%
x
a
4
106
106
106
4
A
x
a
4
105
105
105%
7
Debenture 4s
..1959 F A
North Cent gen A ref 5a
1974 Af 8
Gen A ref 4 Ha series A....1974 Af 8
x
a
4
105
105%
106
Debenture 3
%s——..—1954
F
{Northern Ohio Ry—
♦IstgtdgSs
1945 A
♦1st mtge g 5a (stamped can¬
cellation of guarantee). 1945 A
O
O
14
%
79
69
20
26
aa
2
*121%
114
118
aa
2
*116
107
115%
z
z
ccc3
70
72
45
72%
ccc2
*35
44%
75
76%
76
76
40%
59%
40%
76%
y
bb
2
45%
45 H
46
160
y
bb
2
51
48%
52
177
31%
33%
y
bb
2
63
61
63%
330
45
46
65
68%
y
bb
57%
57%
20
40%
60
40
60
109%
34
2
ybb
4
55%
2
x
aa
55%
109 %
xbbb3
109
29
*100 %
105% 111
95
95
,
aaa2
Series G 4s guar
8 A
Series I cons 4%s
...1963 F A
Series J cons guar 4 %s
1964 M N
Gen mtge 5s series A
1970 J
Gen mtge 5s series B
1975 A 0
Gen 4%s series C
1977 J Jr
Pitts Va A Char 1st 4s guar. 1943 M N
Pitts A W Va 1st 4 %s ser A. 1958 J £
1st mtge 4 %s series B....1959 A 0
1st mtge 4 %s series C
1960 A 0
Pitts Y A Ash 1st 4s ser A
1948
£ D
"
J
J
Port Gen Elec 1st 4%s.—_ .1960 M
1st 5s extended to
1950 J
Potomac El Pow 1st M 3%s.l966 J
1st gen 6s series B_,
...1962
1st gen 6s series C
1974
1st 4 %s series D
...1977
Pressed Steel Car deb 5s
1951
-7
aa
a
4
109%
111
D
x
a
4
108 li
108%
2
102""
24
3
D
x
aaa2
Oregon RR A Nav cod g 4a_. 1946 J
Ore Short line 1st cons g 5a. 1946
...
ui%
Ore-Wash RR A Nav 4a
106%
87%
86%
87%
118%
x
aaa2
Pacific Coast Co 1st g 5s
D y b
1946
2
*60
aaa2
Ul%
x
aaa2
110 H
1966
D
x
aaa2
(♦Pao RR of Mo 1st ext g 4a. 1938
{♦2d ext gold 5s
1938
A
z
bb
2
J
z
b
3
Pacifio Tel A Tel 3lis ser B..1966
O
x
aaa4
D x aaa4
1966
J x aa 2
Paducah A 111 1st cf g 4 Ha.. 1955
4
Panhandle East Pipe L 4s
1952 Af 8 x a
Paramount Broadway Corp—
2
1st M s f g 3s loan ctfs
1955 F A y b
Paramount Pictures 3lis deb '47 Af 8 xbbb3
Ref mtge 3lis series C
1944 A
Parmelee Trans deb 6s
"85""
5S.1949 Af 8
x
85
108
112%
112% 118%
113
119
27
104
40
68
108%
88%
b
2
53
109% 113%
50
108
112%
105% 111%
71
*102%
103%
85
74
13
J
x
78%
J ybb
{♦Providence Sec guar deb 4s 1957 AfN
{♦Providence Term 1st 4s... 1956 Af S
3
95%
"55%
"28
55%
55%
119%
114% 119%
99% 113%
37
18
99% 113%
92
105%
108% 108%
40
63%
4
83%
40
64
40
102
110% 117
"77%
78%
106%
88
95
64%
81%
107%
104
106% 110%
79
97%
95%
s
f deb 5s
3
*80
3
94
1%
63%
*111%
J
x
aaa4
*150
155
x
aaa4
222
222
1968
O
x
aa
108%
1948
J xbbb3
O y bbb2
J x bbb3
J x bbb3
108%
104%
104%
2
69%
78%
78%
70%
38
Gen A ref 4%s series A—1997
1997 /
4
104%
"79%
5
63%
113
108
D
Remington Rand deb 4 %s w w '56 Af 8 xbbb3
4%s without warrants
1956 Af S x bbb3
140
153
1
214
226
21
100
110%
80
59
79%
21
Rensselaer A Saratoga 6s gu_1941
Republic Steel Corp 4 %s ser B '61 F
A xbbb3
mon 1st M conv 5
%s. 1954 MN
Gen mtge 4%s series C...1956 Af N
J
♦Rhelnelbe Union s f 7s
..1946 J
Pur
Richfield
Oil
99% 105
50
77
60%
82
62%
81%
15
104%
"32
"l04%
104%
104%
16
106%
106%
106%
56
"90%
103
104%
109
92
100%
26
26
26
38
14
*25%
z
35%
15
27%
15%
1
25%
z
z
....
1953 F
1955 A
z
"26"
25%
1
25
—
1952 Af N
O
89% 104%
90
104%
20
z
z
A
104%
104%
bbb3
J
25%
26
12%
27%
27%
25%
26
13
13
27%
14%
27%
25
z
25%
6
106%
23
Corp—
{{♦Rio Gr June 1st gu 5s—.1939 J
{{♦Rio Gr Weet 1st g 4s
1939 J
con
45
104%
*90
bbb2
106%
bbb3
s
♦1st
104%
103%
x
f conv debentures—..1952 Af 8
♦Rlma Steel 1st s f 7s
1955 F A
4s
103%
103%
x
J
♦3 %■ assented
1946
♦Rhine-Ruhr Water Serv 68.1953
♦Direct mtge 6s
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
103%
Af N xbbb2
b
ccc2
*36
ccc2
J
A coll trust 4s A..1949 A O
4%s ser D...1977 M 8
cc
2
s
1948 A
1949 J
f 6s
O
103 % 109
*5
1
D
37
7%
35%
6%
8%
40
37
7%|
10%
30
26
40
20
41%
30
6%
130
12%
131
*109%
108% 111
*110
10%
10%
38
3%
111
105
10%
38
cccl
4%
{♦Rut-Canadian 4s stmp
{♦Rutland RR 4%i stmp... 1941 J
J
c
2
J
cc
2
*4
Saguenay Pow Ltd 1st M 4%s '66 A
St Jos A Grand Island 1st 4s. 1947 <1
O
a
2
90
90%
25
2
5
10%
21
9
40
3%
9
3%
4%
bb
yb
J
12
*111%
aaa2
y
1996
6s
x
1996
St Lawr A Adlr 1st g 5s
2d gold
X
2
*55
9%
*55
08
98%
108% 112
70
3
65
St Louis Iron Mtn A Southern—
♦{RIv A Q Dlv 1st
4s.-.1933 Af N
g
z
z
69%
bb
bb
68%
*63%
80
103% 110%
104% 112
102% 103%
102% 105
J z ccc2
{♦St L Peor A N W 1st gu 5s 1948 J
St L Pub Serv 1st mtge 5s
2
1959 Af S y b
St L Rocky Mt A P 5s stpd—1955 J
J y b
2
69%
32
69
25%
87
62
25%
"46""
49%
48%
69%
67
68%
11
37
40
24%
26%
69%
62%
14%
33
192
7
cccl
9%
9%
z
cccl
9%
8%
9%
97
z
cccl
10%
9%
10%
109
z
cccl
9%
8%
33
z
cccl
9%
10%
174
7
14%
z
cccl
9%
8%
9%
119
6%
13%
1989 MN ybb 2
1
♦2d 4s lnc bond ctfs..Nov 1989 J
J z b
z ccc2
{♦1st term A unifying 58—1952
72%
69%
72%
44
54%
70
35%
31%
35%
17%
18
25%
38
10
12
10
61
21%
13%
82
5%
♦Prior lien 5s series B
♦Certificates of deposit
♦Con M 4 %s series A
1950 J
1978
J
J
Af" S
♦Ctfs of deposit stamped
10
9
9%
15
55%
9
z
pr lien 4s A... 1950 J
♦Certificates of deposit
{♦St L-San Fr
6%
8%
7%
14%
16
15%
{♦St Louis-Southwestern Ry—
54
24
40
52%
94
96
54
76
97
42
54
42
2
36
47
121
126
52%
*123%
69~"
69
69
56%
72
♦1st 4s bond ctfs
♦Gen A ref g 5s series A
St Paul A Dul 1st
con
z
1990
cccl
16%
"9%
3
70%
*107%
bbb3
106
106
*105%
104%
*104%
J
x
a
3
A Lt 3 lis
A
1969
4lis debentures
;_.1974 F A
Pennsylvania RR cons g 4s.. 1943 Af N
Consol gold 4s
1948 Af N
x
a
4
109%
109%
x
bbb4
110%
110%
x
aaa2
x
aaa2
4s sterl stpd dollar May 1 '48 Af N
Gen mtge 3|is series C
1970 A O
Consol sinking fund 4lis..1960
x
aa
2
x
a
10
25
104% 110%
13
100
115
115%
"~6
114%
114%
5
3
97%
97
x
aaa2
124%
124
General 4 lis series A
General 5s series B
1965
x
a
3
107%
107%
1968
x
a
3
114%
113%
Debenture g 4 lis
General 4|is series D
Gen mtge 4lis series E
1970
xbbb4
96%
95%
1981
x
a
3
103%
103%
104
1984
x
a
3
102%
102%
104
Conv deb 3lis
1952
x
bbb4
Peoples Gas LAC cons 6s._1943 A O
Refunding gold 5s
1947 m a
x
aa
x
a
{{♦Peoria A East 1st 4s stmpl940
z
b
z
b
z
cc
i
a
90
98
69
124%
4
108%
115%
96%
134
89%
90%
*110%
40
96
j
111
115
81
98%
115% 124
94% 108%
100% 115%
guar
1972
cccl
*2%
3%
5%
114%
5%
36
114%
14
4
8
110% 118
54
71%
8
x
aaa2
*107
107
109%
Bcloto V A N E 1st gu 4s—..1989 MN
x
aaa3
*125
114% 125
8 A A Ar Pass 1st gu g 4s
1943 J
Santa Fe Pres A Phen 1st 5s. 1942 M
J ybb
{Seaboard Air Line Ry—
{♦lstg 4s unstamped.
69%
71
8
15
1950
{♦4s g stamped
J950
♦Adjustment 5e_—Oct 1949
{♦Refunding 4s
1959
z
ccc2
9%
9%
8
z
cccl
43
6%
c
2
9%
%
9%
z
1
22
%
1%
z
cccl
3%
3%
23
2%
♦Certificates of deposit...
♦1st cons 6s series A
1945 M 8
z
cccl
3
3%
6
2%
0%
5%
4%
5%
169
2%
3%
4%
50
10%
3
♦Certificates of deposit
{{♦At! A Blrm 1st
gu 4s.—1933
cc
2
z
M*8
cc
1
z
cccl
z
4%
10
3
8%
15%
8%
7%
16%
79
98%
89% 105
89
53
76%
119
110%
107% 109%
110% 115%
34
113%
*118
105
97% 104
106
*107
lis""
99
107%
104% 104%
96
104%
110%
110%
Dep 5s
7%
65%
2%
85
99% 108%
108
107
ioi%
107%
8%
*73
xbbb2
g 4s..1968
aa
35
aaa4
x
fcor footnotessee page 93
113%
105%
3
1
b
J
Public Service EI A Gas 3%s 1968
1st A ref mtge 5s....
2037
1st A ref mtge 8s
2037
Purity Bakeries
cc
5%
114%
A
1
113
104%
110
115
123
*106%
cccl
st 5 lis..1974 F
105
aaa4
aaal
Peoria A Pekin Un
108% 111
*99%
z
Apr
106% 108%
*106%
z
Apr 1990
102% 112%
93% 104%
*117
x aa
x
♦Income,.
110%
55%
{♦St Paul E Gr Trk 1st 4 %s_ 1947
{♦St P A K C Sh L gu 4%s..l941
O
110
108
54%
St Paul Un
A
104%
2
102
♦Certificates of deposit
112
108%
2
105% 106
Penna Pow
109
2
100% 102%
3
104% 108
110%
b
*104%
*105%
a
104%
b
*100%
a
104%
*106%
b
aa
x
16
*108%
53%
aaa2
aa
x
""I
113
aa
y
5
8%
4
4
103%
112
105
x
O
18%
102%
*119
x
1963 F A
D
.1960
111%
9%
2%
3%
102»i,
*119
x
Pa Ohio A Det 1st A ref 4 Ha A '77
4 lis series B
1981
106%
108
103
110%
108%
*111%
*111%
*111%
104%
A
28-year 4s
Pennsyl Glass Sand 3lis-
27
100
103%
D
1942 J
115
104% 109
9
Guar 3 lis trust ctfs D
1944 J D
Guar 4s ser E trust ctfs...1952 Af N
Guar 3 lis trust ctfs C
108% 110%
112
122%
62%
22
85
109%
110%
105%
aaa3
z
Peon Co gu 3 lis coll tr ser B. 1941 F
105%
1
*78
*108%
109 %
109%
*103%
72%
72%
106% 111%
121
5%
18
80
45
108%
1
110%
111%
O y ccc3
1942 Af 8
cods
♦Faullsta Ry 1st a f 7s
110%
61%
111%
111%
*109%
x
D
1st A ref mtge 3 lis ser I
D
"i
2
A x aa
D x aa 3
D x aa 3
8 ybbbl
J xbbb2
♦Certificates of deposit
3
1st A ref mtge 3lis ser H..1961
Pacific Gas A El 4s series G.1964
107
90
93
104
106H
116%
aaa2
ybb
103
111%
116%
118%
107%
aaa2
x
lot mtge A 4Ha.. 1962
Pat A Passaic GAE
111%
x
1946
1961
Guar stpd cons 5s
Otis Steel
*102|6
4%
5
2
♦Ruhr Chemical
x
aa
3%
5
2
aa
aa
101% 112
107% 110%
8
x
3%
2
7
108%
99 |i
109%
aaa2
2
107%
107 %
109 |i
*105>i
108%
16%
2
106 li
107 %
"\00%
109
aaa2
cc
107
4
3
43
aaa2
1960
aa
4
aa
1
106%
17
High
51%
45
106
109%
106
aaa2
1957
Series H eons guar 4s
aa
a
a
x
1
....
109%
aaa2
{{♦R I Ark A Louis 1st 4%s.1934 Af S
aaa3
x
x
D xbbb4
21
109%
aaa2
104% 110
x
Ontario Power N F 1st g 5e_. 1943 F A
Ontario Transmission 1st 5s. 1945 Af N
107%
109%
2
1st mtge 4s.............. 1967 M 8
J
1972 J
1st mtge 3 lis
Oklahoma Gas A Eleo 3lis.. 1966
1946 J
4s debentures
106%
106
2
Ohio Connecting Ry 1st 4a.. 1943 M 8
Ohio Edison 1st mtge 4s.... 1965 MN
19
61
122%
115%
aaa2
aa
8%
107% 108%
105
109%
3%
*108
73
109%
aaa2
aa
c
4
24
_
\0
Gen mtge 3%s series H...1967 M 8
Gen mtge 3%s series I
1967 M 8
Gen mtge 3%s series J
1969 Af S
z
2
79%
72%
115%
a~a~2 "l02»«
Roch Gas A El
J
/
2{+Og A L Cham 1st gu g 4a. 1948
77%
71%
Low
59
*122
bbb3
MN
D 4s guar
..1945 MN
E 3 %s guar gold
1949 F A
F 4s guar gold
1953 J D
1942
♦Rhine-Westphalia EI Pr 7s. 1950 MN
ccc2
bbb2
1940
No
75
117% 128%
102% 107%
101
106%
102% 108%
x
x
4s...1997
Gen lien ry A id g 3s Jan—2047
Ref A Impt 4 Ha series A—2047
Ref A impt 6a serlea B
2047
Ref A impt 5s series C
2047
Ref A Impt 6a series D
2047
Northern States Power 3%s_1907
Northwestern Teleg 4 Ha ext 1944
79
x
z
♦Certificates of deposit
North Pacific prior lien
*70
aaa4
1942
Gen A ref 4%s series B
z
2
Hioh
*3%
Reading Co Jersey Cent coll 4s *51
{{♦Norfolk A South 1st g 5a. 1941 Af N
♦Ctfs of dep (Issued by reorgan¬
isation manager)
-.1941
Norf A W Ry 1st cons g 4s...1996 O A
North Amer Co deb SHa
1949 F A
aa
bbb4
cccl
Pittsburgh Cine Chi A St Louis—
Pub Serv of Nor 111 3%s
1961
lzatlon manager)
2
for Year
Asked
6%
107% 112
107
A
115%
2
aa
Range
Friday's
20
14
A
{♦N Y Ont A Weet ref g 4s.. 1992
♦General 4s
1955
aa
M 8
M 8
1948
conv
107"
aaa3
Phillips Petrol conv 3s
z
3%
3
1
8
O
a
1
O
A
3
cc
M S
{♦Collateral trust 6s...—1940
1957 MN
D
♦1st A ref 4 Ha ser of 1927.1967
MN
{♦Harlem R A Pt Cb 1st 4s 1954
bb
cc
A
♦Debenture 4s
71%
M 8
Af
11
79%
3
/
1949
♦Non-conv deb 3 Ha
15
3
bb
J
♦Conv deb 6s
Range or
Bid
71
bb
J
J
M 8
/ D
MN
f A
J
J D
J D
M 8
{{♦Philippine Ry 1st s f 4s..1937
♦Certificates of deposit
♦Non-conv debenture
1947
3 %s 1947
1954
♦Non-conv debenture 4s.. 1955
♦Non-conv debenture 4e—1956
♦Conv debenture 3%s—..I960
♦Conv debenture 6s......1948
1981
1967
Phi la Electric 1st A ref 3%s.l967
{♦Phlla A Read C A I ref 5e.l973
Pitts Coke A Iron
RR—
{♦N Y New Hav A Hart
♦Non oonv deb 4s
Sale
Indus. Cos. (Cont.)
Phi la Bait A Wash 1st g 4a..1943
N Y A Erie—See Erie RR
N Y Gae El Lt H A Pow g
Last
Price
Low
Railroad A
57
59%
108 % J108%
Rating
8m a
High
Low
Elig. dk
j f
STOCK EXCHANGE
Week Ended Jan. 3
00%
57
yb
N. Y.
1940
High
Low
(Cont.)
Railroad & Indus. Cat.
N
Price
8m
£
BONDS
Range
Rating
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 3
Jan. 4, 1941
Week's
Friday
Bank
Week's
105
93
110% 116
111
118%
50
50%
10
43
71
50
4
43%
4%
50%
4%
12
3%
70%
10
*107%
110%
50
Attention la directed
to
106% 110%
tbe new column
incorporated in this tabulation pertaining to bank eligibility and rating of bonds.
See s
Volume
New York Bond Record—Concluded—Page 6
152
BONDS
N.
Y.
EXCHANGE
8TOCK
Week Ended Jan. 3
Railroad & Indus. Co*.
is
3S
Elig. A
Last
Rating
Price
{♦Seaboard All Fla 6a A ctfs.1935 F
A
z
2%
A
z
c
J
J
Sblnyetsu El Pow 1st 0 %s.__ 1952 J
D
debs.1954
2%
aa
1
100
111
52
20
High
3%
4
93% 100%
22%
cccl
70
bbb2
103
1950 F
Socony-Vacuum Oil 3s debs. 1904 J
bbb3
South A Nor Ala RR gu 5s..1903 A
a
South Bell Tel 4 Tel 3%s__.1962 A
1979 J
3s debentures
aaa3
Southern Colo Power 0s A.. 1947 J
70
25%
70
103%
104
11
106%
107%
8
108%
108%
"5
107%
109
105
105%
6
bbb3
102%
102%
5
aaa4
*117
3
aaa3
1940 J D
'rnn
'iom
55
12%
21
103%
07
14%
3
102%
bbb3
SkeUy Oil 3s debs
43
4
94
1951
A
O
106%
bbb4
106%
119
106
107%
.1949 I D
bb
3
37%
35%
30%
48%
bb
2
45 %
42%
38%
45%
195
M S
210
35
53
b
3
40%
38%
41%
202
30
50%
.1909 Af N
b
3
40
38%
40%
668
30
50 %
.1981 M N
b
3
40%
38%
40%
451
30
50%
10-year secured 3%s
.1940 J
J
bb
2
49%
47%
208
.1950 A
O
71
68%
42%
63%
58
San Fran Term 1st 4s
49%
71%
80%
56
58%
4s (Cent Pac coll)
1st 4 %s (Oregon Lines) A .197
.1908 M 8
Gold 4 %s
Gold 4^8
So Pac RR 1st ref guar
bbb2
bb
4s...1955
1st 4s stamped
142
52
05%
92
"63
83
95%
59%
60%
176
42
01%
77
76%
63
79%
81%
77%
82%
69
81%
55
67
80%
73%
82
03
78
*
bbbl
bbb3
bb
2
60
bb
2
bb
2
60
90%
80%
76
bbb2
109
109
109%
12
105%
30%
106%
24
101% 107
aaa4
105%
104%
bb
100% 107
81
113%
aaa4
aaa4
1950
1960 M N
J
58.195 J
Texarkana A Ft 8 gu
Texas
Corp 3s deb.
1953
6%s A.1950
1959
1943
Texas 4 N O con gold 5s
105%
30
106
105%
106
49
100
100
100%
55
4
106
106
106%
13
aaa3
*127%
aaa4
113%
110
110
4
129
113%
"~~2
110%
20
J
aa
F
bbb3
88%
88%
A
aaa4
106%
106%
106%
37
aaa4
105%
105%
106%
122
1965 M N
8s debentures
104%
2
aa
Term Assn St L 1st cons 5s. .1944 F
Gen refund s f g 4s
12
bbb3
Studebaker Corp conv deb 0s 1945
Tenn Coal Iron A RR gen
29%
cccl
1953
2%b debenture...
1
8
109%
1908
Superior OH 3%s debs
Swift A Co 1st M 3%s
70
109%
aaa4
{♦Spokane Internat 1st g 58.1955
1901
1st A ref 3s series C...
"90%
bbb2
Standard OH N J deb 3s
J
bb
Texas 4 Pacific 1st gold 6s..2000 J D
Gen 4 ref 5s series B
1977 A O
*77
4
a
J
3
106%
91
21
82
108% 112
102
109%
*
15
106%
61%
63
68
03
35
27
33
99% 101%
103% 100%
122
128%
111% 115%
104% 111%
92
70%
102
108%
103% 107%
55
62%
bbb3
77%
104% 110%
53%
72%
63%
72
Gen 4 ref 6s series C
1979 A
O
bbb3
62%
61%
Gen 4 ref 5s series D
1980 J
D
bbb3
62%
61%
63
90%
97
6
63%
65
143
45
66%
24
236
11%
25%
a
1960 J
Third Ave Ry 1st ref 4s
2
65
bb
*100
3
Tol 4 Ohio Cent ref 4 Imp 3 % s *60 J
bb
95
94%
73%
82%
55%
*124%
bb
*107
♦Guar
sec s
Af N
1952 F
f 7
J
A
*
4
1
z
b
z
98
14%
13%
21%
60
99%
80
84
1
84
2
3
106%
106%
8
cccl
x
aaa4
*7%
107
ib7»«
*3
.1959 F
A
x
aa
105%
22
23
110
46
92% 101%
92% 101%
101% 100%
104% 108%
77%
58%
90%
75%
105
3
105
106% 109
7%
9
107%, 112%
100% 100%
Union Pac RR—
.1947 J
aaa3
114
113%
,1970 A
aa
3
100
100
114%
100%
aa
3
100
100
100%
20
105%
105%
106%
107
77
72%
4
89%
71
.1980 J
D
aaa3
.1955 A
O
a
107
3
United Cigar-Whelan Sts 5s .1952 A O
United Drug Co (Del) 5s..., .1953 Af S
b
4
"72%
bb
4
89%
U N J RR 4 Canal gen 4s.., .1944 Af S
aaa4
72
18
115
108
..
*99%
100%
1941 MN
x
aa
...—Nov
1941 MN
x
aa
May
Nov
1942 MN
x
aa
*100
1942 MN
x
aa
*100
1.00s
May
1943 MN
x
aa
*100%
101
100% 100%
100% 100%
100
100%
100% 100%
1.125s
Nov
1943 MN
x
aa
May
1944 MN
x
aa
*100%
*100%
101%
100
.758
.8758
1.25s
..Nov
1944 MN
x
aa
*100%
100
1.50s
May
1945 MN
x
aa
100
100%
100%
100
1.3758
....
1.625s
Nov
1945 MN
x
aa
1.75s
May
1940 MN
x
aa
*101%
*101%
*102%
1.80a
Nov
1946 MN
x
aa
*102
May
—Nov
1947 MN
x
aa
1.90s
1947 MN
x
aa
1.958
May
1948 MN
x
aa
2.00s
Nov
1948 MN
x
aa
*101%
*101%
*102%
*103%
2.05s
May
1949 MN
x
aa
*102%
1.85e
—
102%
100% 102%
100% 102%
102%
100% 103
100% 102%
103%
100% 102%
100
*103
1949 MN
x
aa
May
1950 MN
x
aa
Nov
1950 MN
x
aa
*102%
2.25s
May
1951 MN
x
aa
*102%
2.308
Nov
1951 MN
x
aa
*102%
103%
104%
103%
103%
103%
May
—
x
aa
*103%
x
aa
103%
103%
1963 MN
x
aa
*103%
1953 MN
x
aa
2 586
May
1954 MN
x
aa
Nov
1954 MN
x
aa
May
1955 MN
x
aa
*104%
D
z
•Un Steel Wks Corp0 Ha
A.
♦3%s assented A
♦Sec
s
f 6 Hi8 series C
♦3%s assented C
♦Sink fund deb 6 %a ser A
♦3%a assented A
United Stockyds 4%s w w_
1951 J
1951
x
1951
z
1947
35
18
36%
20
35%
36%
20
36%
b
1st mtge 3%s series 1
1960 J
West Va Pulp 4 Paper 3s... 1954 J
Western Maryland 1st 4s
1st 4 ref 5 %s series A
z
*
1951
x
bbb2
1944
cons g
4s series A..1955 F A
1957 M N
Cons s f 4s series B...
xbbb3
4
9%
*104%
78%
105%
40
79
92
58
92
94%
—
101% 100%
95%
57
58
40
-
*61
b
65
—
108%
60
95
97%
78
28
-
82
63%
1
28
—
—
10
'
62
31
37
00
-
70
2
100% 109%
108% 109%
120
128%
3
108%
x
104% 110%
114% 120
*128
aaa4
x
aa
108%
D
*110%
104%
104%
x
a
O
x
aa
Af S
z
ccc_
Af S
z
cccl
92%
O
J
111%
92%
—
— -
-
9
93%
72
----
93%
79
77
108%
15%
13%
107% 112
104%
184
104
*106%
15%
---
104%
103
103%
J
A
108%
114%
*108
103%
108%
107
49
18%
0%
14
15
83
10%
18%
74
70
36
50
79
76
78%
71
53%
82%
75%
77
90
51
81
♦Westphalia Un El Power 0s. 1953 /
J
20
20
26
3
10%
27%
West Shore 1st 4s guar... ...2381 /
J y bb
51%
52%
6
35
64%
46%
*114%
47%
34
32
50%
Registered
z
------
b
-
—-
—
—
2301 J
J y bb
1949 M 8 x aa
Wheeling 4 L E RR 4s
Wheeling steel 4%s series...1900 F A
Wilson 4 Co 1st M 4s A
Conv deb 3%s
—
-
-
-
bb
z
♦Certificates of deposit
ter 1st 4s.l930 Af N
♦Certificates of deposit
;.
|*Su 4 Du dlv 4
Wisconsin Elec Power 3%s..l988 A O
Wisconsin Public Service 4s.. 1901 J D
{♦ Wor 4 Conn East 1st 4 %s 1943 J
J
cc<
4
103%
*113
—
—
---«
—
29%
103%
90
110
'
27%
28%
6%
------
21
106%
103
aat
110% 110%
90% 107%
100% 107
-
76
106%
106%
103
y
x
—
106
-
106%
1955
.1947
Winston-Salem S B 1st 4s...1900
{♦Wis Cent 50-yr 1st gen 4s.. 1949
55
115
13%
31%
14
30
28%
5
7%
25
6%
6%
2
109%
4
a
109%
107%
9
4%
110%
103
107%
10
107% 110%
c
*5%
«—
18
101% 109%
z
cci
z
cci
z
cc
x
aa
x
z
7%
109%
4%
0
10%
14
Youngs town Sheet 4 Tube—
Conv deb 4s
1948 M 8
102%
4
x •
103
102%
r Cash sale; only transaction during current week,
a Deferred delivery sale;
transaction during current week,
n Odd lot sale, not lnoluded In year's range.
104%
103%
105
104%
only
f Negotiability Impaired by maturity,
t The price represented Is the dollar quota¬
per 200-pound unit of bonds.
Aocrued Interest payable at exchange rate of
tion
34.8484.
Y The following is
a list
of the New York Btook Exchange bond Issues whlob have
been caUed In their entirety:
Industrial Rayon 4%s 1948, Dee. 27 a
105.
or reorganized under
companies.
{ Companies reported as being In bankruptcy, receivership,
Section 77 of the Bankruptcy Act, or securities assumed by such
•
Friday's bid and asked prloe.
♦
Bonds selling flat
Cash sale transacted during the current week
No sales transacted during current week.
and not Included In the year's range.
A Bank Eligibility and Rating Column—x Indicates those
eligible for bank Investment.
y
or some
z
bonds whloh we believe
Indicates those bonds we believe are not bank eligible due either to rating status
provision In the bond tending to make lt speculative,
reorganization.
Indicates Issues In default, In bankruptcy, or In process of
The rating symbols
In this column are based on the ratings assigned to each
bond
the numeral Immediately
In all cases the symbols
Where all four agencies rate a b nd
by the four rating agencies.
The letters Indicate the quality and
following shows the number of agencies so rating the bonds.
will
represent the rating given by the majority.
differently, then the highest single rating is shown.
All Issues
in default.
majority of the Issues bearing symbols ccc or lower are
A great
bearing ddd or lower are In default.
Transactions
7
104%
105%
aa
*109%
112
*109%
....
at
the
3, 1941
Saturday
-
34%
Monday.
Tuesday
35
Mis cell.
93%
Thursday....*—..
Friday
Municipal
For'n Bonds
84
23
96
104%
95
.
.
%.
.
-.i.
Bonds
8,238,000
Sales
$13,000
85,000
138,000
$525,000
1,049,000
843,000
$6,417,000
8,141,000
892,100
1,178,177
1,072,670
Bond
States
Bonds
Wednesday..—
.
Total.
United
State
Railroad A
Stocks
Number of
Shares
Week Ended
Jan.
36%
22
Exchange,
York Stock
New
Daily, Weekly and Yearly
20
33
x aa
x
76
75%
77%
76%
....
$6,955,000
6,465,000
9,275,000
9,219,000
HOLIDAY
5,810,000
5,908,000
553,000
102,000
505,940
469,000
284,000
6,661,000
4,176,357
$34,514,000
$3,439,000
$622,000
$38,575,000
527,470
105%
Total.
Vandalla
9%
8%
Western Union Teleg g 4%s.l950 Af N
y bb
25-year gold 5s
1951 J D y bb
30-year 5s
i960 Af S y bb
20%
*30%
"91%
bbb'3
x
9%
3%
8%
79
J
1952 A
1977
West N Y 4 Pa gen gold 4S..1943
{♦Western Pac 1st 5s ser A..1940
♦5s assented
1946
33
30%
cccl
Utah Lt 4 Trac 1st 4 ref 5e_ 1944
Utah Power 4 Light 1st 5s.
Westchester Ltg 5s stpd gtd.1950 J D
Gen mtge 3 %s
1967 J D
West Penn Power 1st 5s E..1903 Af S
103%
101
104%
100% 103%
100
104%
z
1947
102
35
*25%
z
1951
4
62
Washington Cent 1st gold 4s. 1948 Q M yb
Wash Term 1st gu 3%s
1945 F A x aaa3
1st 40-year guar 4s
1945 F A x aaa.3
99% 103%
100% 104%
*104
2.65s
_
9%
41
8%
8%
cc
y
47%
4
*31
z
13
5
38%
-
100% 103%
100% 103%
10
*102%
2.60s
2.50a
103
100% 103
100% 103
100% 104%
*103%
Nov
10
104%
1952 MN
May
2.40s
1952 MN
Nov
2 35s
2.45s
—
198
cc
---
12
-
8%
8%
cc
cc
9%
----
8%
8%
8%
8%
O y b
S y bb
{♦Warren Bros Co deb 0s....1941 Af S
Warren RR 1st ref gu g 3 %s.2000 F A
47
31
51%
14%
41
100% 103
Nov
2.20s
-
103
100% 102%
2.15a
2.10s
*
------
cc
D xbbb2
1955 A O y bb 2
1955 A
14%
8%
7
7%
cc
1945 J
1948 M
6
*10
------
b
%s A '75 Af S
Convertible deb 4%s
Walworth Co 1st M 4s
6s debentures
Warner Bros Plct 0s debs
20
52%
None
100%
100%
May
.6258
gen 5
♦Ref 4 gen 6s series B
1970 F A
♦Ref 4 gen 4 %s series C—1978 A O
♦Ref 4 gen 5s series D
1980 A O
Walker (Hiram) G 4 W—
110%
debentures—
.60s
♦Omaha Dlv 1st g 3%S—.1941
0
♦Toledo A Chic Dlv g 4s._ 1941 Af S
{♦Wabash Ry ref 4
10%
25%
52%
52%
e
*107%
United States Steel Corp—
Serial
cc
48
11
27%
20
z
.1971 MJV
J
30%
109
108%
27
*
1
O
34-year 3 %s deb
35-year 3%s debenture..
Ref mtge 3%s ser A
United Biscuit 3%s debs..
|*Des Moines Dlv Ist4s..l939
159
15
30%
90"" "99%
104
A
4s
b
47%
13%
------
121% 125
108
Union Oil of Calif 6s series A .1942 F
1st 4 land grant
J
109%
102
60%
95%
77
{|*Unlon Elev Ry (Chic) 5s .1945 A
3s debentures
1941
68%
54%
40
30
45%
------
1
84
70
13
67%
108
111%
52%
101
*
cccl
UJlgawa Elec Power 8 f 7s_. .1945 M S yb
J x aa
Union Electric (Mo) 3%s— .1902 J
b
1
84%
65
107%
47%
2
ccc2
J
40
*104%
aaa2
J
b
A
107
8
60
84%
67%
106
High
3
109%
55
------
aaa2
1954
.
94%
3
aaa3
A. 1953
♦Tyrol Hydro-El Pow 7%s__1955
97%
40
Tol W V 4 Ohio 4s series C—1942 MS
Trl-Cont Corp 5s conv deb
88%
45%
Toronto Ham 4 Buff 1st g 4s. 1946 J I
Trenton G 4 El 1st g 5s
1949 M S
a
72
*68%
94%
bbb3
Tol St Louis 4 West 1st 4s.. 1950 A
53%
43%
45%
b
.1953 J
22%
23%
cccl
Jan 1960 A
|»Thlrd Ave RR 1st g 5S...1937 J
Tokyo Elec Light Co Ltd—
♦AdJ Income 5s
1st 0s dollar series
2
b
Tex Pae Mo Pac Ter 6%s A.1964 M S
x
1940
Low
84%
11
58
2
1955
1st cons g 5s.. 1994
Devel A gen 4s series A—1950
Devel A gen 0s
1956
Devel A gen 6 Hb
1950
Mem Dlv 1st g 6s._.....1990
St Louis Dlv 1st g 48
1951
So'weetern Bell Tel 3%s B..1964
Southern Ry
24
Virginian Ry 3%s series A...1966 M S
{Wabash RR Co.—
for Year
No
High
109 %
60
Range
12
Ask
4
Low
Va Elec A Pow3%sserB.—1908 M 8
x aa
2
Va Iron Coal A Coke 1st g 5s. 1949 M S
y ccc3
Va A Southwest 1st gu 5s.„2003 J
J y bbb2
1st cons 5s
1958 A O y bb 2
•j
or
Friday's
Bid
& Indus. Cos.«70neJ.)
1939 F
Southern Pacific Co—
Gold 4Kb
Price
1939 MN
97% 102%
104
Sale
See a
I* 1st gold 5s
110%
101% 109
Range
Rating
l*2d gold 5s
♦1st Hen g term 4s
♦Det A Chic Ext 1st 58
Southern Natural Gas—
1st mtge pipe line 4 %s
Railroad
Last
Elig. A
EXCHANGE
71
104
101
STOCK
27%
103%
99% 104%
102% 108
115
68
Y.
Week Ended Jan. 3
26
.1952 A
Southern Kraft Corp 4%s
1%
47
78—1941 F
Simmons Co deb 4s
2%
98%
98%
4
b
♦Siemens A Halake deb 6 %s. 1951 m a
♦Silesia Elec Corp 0%s
1940 F A
Blleelan-Am Corp coll tr
2%
No. Loto
34
1H
High
BONDS
N.
1940
*2%
c
1935 F
Shell Union Oil 2 %s
for Year
Ask
A
Low
(Com.')
♦0s Series B certificates
Range
Friday'»
Bid
Week's
Friday
Bank
Range or
Sale
See a
93
Week's
Friday
Bank
109
109%
109
109
7
Calendar Year
Week Ended Jan. 3
Sales at
New York Stock
1941
Exchange
1940
1940
1939
4,176,357
3,868,895
207,600,249
262,029,599
$622,000
3,439,000
34,514,000
$619,000
3,838,000
27,342,000
$38,849,000
216,171,000
1,414,418,000
1,479,987,000
$38,575,000
Stocks—No. of shares
$31,799,000
$1,669,438,000
$2,046,083,000
Bonds
Government
State and foreign
Railroad and industrial
Total.
Attention Is directed to the new column
Incorporated In this tabulation pertaining to
...
bank eligibility and rating of bonds.
See note t above
$311,964,000
254,964,000
New York Curb
94
notice-Cash and deterred delivery sales are
of
th?regiS^S!iF
range are
Exchange—Weekly and Yearly Record
disregarded In the week's range unless
shown In a footnote in the week In which they occur.
Jan. 4, 1941
they are the only transactions of the week and when selling outside
No account is taken of such sales In computing the range for the year
furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Dec. 28, 1940) and ending the present Friday (Jan. 3, 1941).
It is compiled
entirely from the daily reports of the Curb Exchange itself, and is intended to Include every security, whether stock or
bond, in which any dealings occurred during the week covered.
In the following
extensive list
we
Week's Range
Last
Hale
Par
STOCKS
Acme Wire Co
Aero
20
22%
Low
22%
6%
5%
12%
1%
Warrants
6%
6%
"l2%
5%
11%
1%
76%
103 %
n95
—-*
preferred
100
May
22 %
20 %
July
22$*
Mar
4%
7
4
May
10
Jan
1%
17%
Dec
200
*16
1,100
75%
100
200
50
Jan
Dec
June
x58
90%
82
May
May
111%
July
2
% May
3,000
H
2
*
Allied Products (Mich) ..10
S3 conv pref.
& Machine Co
Blauner's
m
mmmm
18%
Aluminum Goods Mfg..
Alumlnum Industries com-*
^mmmm
Aluminium Ltd common.*
-.100
m
com-.l
100
..
mm
mm
m
m
m
m
mmmmm
Amer Box Board Co com.l
159*
150
8
May
17%
225
17
July
23
Sept
mmmmm
156
113
114%
400
94
Apr
Nov
Deo
Bourjols Inc
11%
Feb
900
50
Tu
110
33%
4%
500
34
June
May
42% May
90
Sept
300
4
Oct
Dec
May
1%
49%
7%
50
Dec
June
20$*
80
%
%
May
25%
June
35
26%
200
22%
%
June
33%
%
1,100
37%
io'ioo
%
Amer Export Lines com..l
29%
American Gas & Elec—10
100
.....
10c
1
1
37
18
3,100
1,100
19%
*16
%
11%
U%
27%
29%
112% 113
3
2%
29%
29%
33
31%
17
17%
19
18$*
13
12%
200
6,200
300
3,800
250
125
,26
8%
%
Amer Laundry Mach—20
19
Amer Lt A Trac com....25
13
25
28
Amer Mfg Co common. 100
Preferred
100
20
150
350
2,700
28%
20
1
200
50
5,100
"16
.*
Jan
Dec
®i6
00
American Republics
10
Amer Seal-Kap common. .2
6%
Am Superpower Corp com *
1st 50 preferred.......*
"""%
3%
13%
May
25$*
May
73
% June
23
May
>
30,000
17
2%
100
%
600
1%
1%
1%
8
1,000
1%
7%
Art Metal Works
5
5%
11
5
—
-
100
7,000
300
....
2% May
1
May
% May
8% May
>16 Feb
1% May
1% May
6% May
Dec
85%
l1
com
8%
Dec
3$*
Common....
2
1
ClassA
200
>16
%
8,400
1$*
500
%
*
>16
V tc common
$*
*:
$*
Atlantic Coast Fisheries..
Atlantic Coast Line Co
.
.
11
1*
Atlas Corp warrants
Atlas Drop Forge com
Atlas Plywood Corp
2%
15%
4,900
3%
170
17
800
3%
3%
>ie
68
July
June
108
5%
5%
300
15%
1,000
2%
1%
3%
100
%
6
*
Auburn Central Mfg
*
Automatic Products.....5
5%
Automatic Voting Mach
3%
.
12,700
14
2%
1
Avery (B F) & Sons com.5
0% preferred w w
25
0% preferred x-w_.._25
3%
4%
17
1,100
2,300
200
4%
17%
100
June
3$*
$*
2
Dec
Dec
May
11% May
1$* Sept
% June
3
Dec
3$*
13
May
Apr
23%
6
5%
19% May
3$* Nov
Feb
Mar
Nov
20
18
$*
July
Aug
1$*
Aviation A Trans Corp
1
4,100
4%
Class A common
10
33%
80
~26% ~27%
11,600
33%
Apr
27%
Purch warrants for
7%
35%
com
7% preferred
30
Baldwin Rubber Co com.l
Bardstown Distill Inc
1
Barium Stainless Steel
1
Barlow A Seellg Mfg—
$1.20 conv A com
5
Basic Dolomite Inc com..l
see page
6%
35%
5%
7,200
7%
600
36
100
5%
"
1%
"i'% "l%
10%
$*
Mar
Apr
%
Apr
Nov
1%
99.
~5%
6%
10%
6%
8
May
11%
Oct
300
3$* May
7%
Dec
6
Jan
30
Apr
1% May
29
May
19* Dec
Nov
Mar
Apr
3$*
49
Jan
Jan
20
4%
Oct
Dec
1%
May
May
*16
55%
Dec
14$*
May
34
Mar
10
May
17
Apr
7%
6%
Apr
Dec
20%
Feb
Dec
20
Feb
1%
Dec
Mar
July
22
Feb
15
May
30
May
1$*
400
7
30
1$*
1,800
150
40
6$*
189*
2%
May
38
May
Dec
Dec
June
Feb
Feb
1%
Dec
4%
July
11 %
Jan
Dec
3%
Dec
Jan
43
16
May
90$* May
9
May
108
28
Jan
Feb
22%
19
500
11%
4,000
*16
100
*i6
Dec
2%
>16
>18
100
>1®
Deo
1$*
1,500
Jan
Jan
14%
Jan
Jan
Jan
$* June
1$*
*16
Dec
1
%
10
10$*
1%
700
200
2
Sept
3$*
Apr
Dec
18%
Mar
Feb
39*
10
1$*
17
Apr
Mar
20
May
Apr
Oct
6%
Apr
5%
Apr
13$*
100
9$*
July
22
Jan
2,300
i
5
19*
4%
Dec
119*
Apr
19*
June
2%
Jan
Dec
1%
Dec
May
6% May
1$*
Feb
300
*16
"9*
""% ""*16
4,400
'"hs""%
1,260
39
39
39
100
111% 111%
109 % 109 %
■8%
20$*
2%
9%
20$*
3$*
10
3,400
50
2,600
775
129% 133
4$*
30
4$*
100
98
May
2$* June
Jan
May
Apr
Dec
Dec
Jan
Apr
Feb
Nov
23
June
3%
Nov
134%
69*
Nov
19* May
Dec
Jan
49
Dec
69%
Jan
103
Dec
12%
Nov
17$*
106$*
Jan
87% Nov
6% May
105%
75
20$*
....»
96
96
40
111"
"""26
94%
250
115% 115%
%
>16
50
111"
93%
93
1,100
95% May
$* Dec
112
Feb
Dec
10%
118
Apr
Apr
Nov
%
Jan
Jan
>16
7,100
>31
Dec
%
400
%
Dec
$*
2%
2%
29*
475
Dec
8$*
Jan
*16
*16
25
*16
75
29*
29*
Jan
*16
% May
$< Dec
49*
7%
May
13%
Dec
ht
100
4
...6
200
4
6%
5%
13%
100
2
2%
4%
July
Sept
Jan
Jan
Mar
69%
10
*16
>16
9
8$*
4%
*
mi
m
—
—
-
4%
69
June
May
117
Apr
"556
65
June
83
Apr
100
68"
10
69$*
10
95
13
Chllds Co preferred
100
Cities Service common.. 10
$6 preferred BB
7$*
40%
May
97$* May *112
May 109
15%
6% May
7%
5$* May
12
0
May
15
Jan
Feb
27
42
Cities Serv P A L $7 pref.
$6 preferred
1%
25
80
42
preferred
9%
Dec
May
*
7% pfd 100
City Auto Stamping
»i»
4$* May
49*
Co
%
18$*
♦
preferred
1
1%
1299*
$0
13%
4%
0
May
11
100
4%
72
.
%
Apr
Aug
299*
6%
Mar
7
5,400
1,500
4
Jan
49
May
4% May
66"
"66%
97
97
93
93
6 $*
69*
""80
46
10
85
10
900
Oct
*16 June
2,500
150
9
60c preferred B
100
8$*
17%
May
*16
Cherry-Burrell common..6
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach...4
Chief Consol Mining
1
Dec
8
97$*
Charts Corp common...10
Oct
7%
Feb
Apr
*"l6
*
Jan
36
Feb
1%
8%
11%
1
Apr
May
4$* May
7ie July
8$*
7$*
*
53
8$* May
Feb
Nov
2$*
9*
18$*
25c
3$*
30%
18
2*500
Marconi
Jan
4% May
Sept
Aug
2% June
3% May
~30~~
*
Dec
18$* May
Dec
%
97
3$*
Strip
3$* May
Baumann—See "Ludwlg"
Beau Brummell Ties Ino..l
For footnotes
33%
3
Babcock A Wilcox Co
Baldwin Locomotive—
Apr
7%
%
189*
•
preferred
100
Conv preferred
100
Conv pref opt ser '29.100
Chamberlln Metal Weather
Axton-Fisher Tobacco—
Ayrshire Patoka Collieries 1
Mar
48%
97
25
9%
6%
7%
Sept
Feb
29*
1$*
38%
50
Cent A South West Utll 50c
Cent States Elec com
1
Mar
Jan
31%
June
dep 6%% prefshs £1
Cent Pow A Lt
Dec
69*
7$*
Mar
3%
Cent Hud G A E com
*
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref.100
Cent Ohio Steel Prod
1
Mar
Nov
1%
Nov
4% May
60c
$7 dlv. preferred
1st partlc pref
Feb
2%
Apr
9
2%
6%
1%
7% 1st partlc pref...100
Apr
Jan
14%
....
com
Celluloid Corp common. 15
Oct
4%
Jan
45
1$* May
Cataltn Corp of Amer
1
Celanese Corp of America
Apr
Oct
7 $*
"30"
._*
1
Carrier Corp common....!
Carter (J W) Co common. 1
Casco Products
*
Castle (A M) common.. 10
Feb
2$*
Jan
1%
June
May
June
May
%
Carnation Co common...*
Carolina P A L $7 pref...*
$6 preferred
»
Jan
Dec
12
preferred
Carman A Co class A
Apr
May
1$*
1,400
Capital City Products
Carib Syndicate
Jan
%
100
50
Atlantic Rayon Corp
Warrants
%
5%
Apr
60
3%
2%
Canadian
|
100
Atlanta Gas Lt 6% pref 100
19*
Class B non vot
Jan
Nov
Nov
16
7% partic preferred...25
Airways
1
Feb
>i6
1
Assoo Tel A Tel class A..*
Atlanta Birmingham &
Coast RR Co pref
8$*
Oct
May
>16
I
; 1
Assoo Laundries of Amer *
2%
Class B
Dec
100
1%
...lj
55 preferred
2
>16
300
Can Colonial
Associated Elec Industries
Amer deposit rets
£1'
{Associated Gas A Elec^— )
15$*
Canadian Indus Alcohol—
Class A voting
♦
Jan
6
May
6
Canadian Car A Fdy Ltd—
Mar
May
4
15$*
Canada Cement Co Ltd..*
Aug
$*
5$*
4
100
15%
Camden Fire Insur Assn..6
Jan
11%
""TOO
5
200
Am
Apr
1,600
" ~5$*
8%
22% May
Cables A Wireless Ltd—
Apr
8%
200
Calamba Sugar Estate..20
Calllte Tungsten Corp
1
Jan
2%
7$*
6$*
Vot trust ctfs
Apr
99
4$* May
2% May
Aug
%
Dec
12
Cable Elec Prod com...60c
Apr
%
2%
100
7%
Burma Corp Am dep rets..
Burry Biscuit Corp..l2%o
Feb
15
Feb
Apr
Mar
10$* May
"io%
6%
$1.60 preferred
$5 1st preferred
Dec
2
14%
40
30
Bunker Hill A Sullivan 2.50
Feb
2$*
Apr
Apr
>16
Buff Niagara A East Pow—
Jan
3
*16
300
700
52
^"io$*
*
Buckeye Pipe Line
Jan
May
46%
Dec
Sept
10% July
30% June
*16
Amer Tobacco—
Brown Rubber Co
June
0
50
9*
Bruce (EL) Co common..5
Brack Silk Mills Ltd
*
Mar
$*
3,500
"16
1%
6%
9*
deprctsord bearer £1
$8
109$*
Apr
10$* May
Dec
.....
Brown Forman Distillers. 1
Jan
75
7%
*j
Deo
....
2*666
600
*
{Brown Co 6% pref
Jan
June
11$*
Brown Fence A Wire com.l
Class A preferred..
Apr
48
2%
*
3%
%
Aug
1,600
3,000
550
Am dep rets ord reg_.10s
British Col Power cl A...*
Jan
$*
June
30
British Celanese Ltd—
Jan
Jan
500
51
3
..10
4%
*16
1,100
3,800
3
Am deprcts ord reg__.£l
May
36
Dec
Dec
60
16$*
.....
50%
Am
Nov
29$*
9*
4%
"i%"i%
9*
British
Nov
May
Mar
Jan
300
...*
B
Class A
Mar
22
20
25
400
%
%
Arkansas P A L $7 pref
Aro Equipment Corp
Ashland Oil A Ref Co
34$*
11
May
13% June
11% May
1,300
6%
*
-
7%
3%
Angostura-Wupperman ..1
Apex Elec Mfg Co com
*
(Arcturus Radio Tube
1
-
100
65
6%
50
$0 series preferred
*
American Thread 5% pf--6
Anchor Post Fence.
*
Common cl A non-vot
4
31$*
1%
100
British Amer OH regis
Apr
Jan
Dec
Apr
Mar
114%
Jan
125
30
preferred
100
Brlllo Mfg Co common...*
Jan
14$*
39$*
*16
Amer Potash & Chemical. *
0% preferred
19$*
7
7%
Mar
Apr
Nov
Apr
Apr
4%
10%
..„...*
Class
Jan
9% May
25% May
107% July
2% May
22% May
26% May
Amer Pneumatic Service.*
com
1%
37$*
39%
May
May
65
Amer Hard Rubber Co--50
Arkansas Nat Gas
June
9*
4%
1
Brill Corp class A
$*
7$*
2$*
*
Preferred
200
6
%
Brewster Aeronautical... 1
Apr
Jan
31
37%
19%
Apr
Feb
8%
28
6
100
preferred
Breeze Corp common
Mar
100
*16
2d
Jan
65
32$*
136
33$*
3$*
1$*
10%
Bridgeport Gas Light Co.*
Bridgeport Machine
*
ai6
4,700
1
Amer Meter Co
2,800
*
Apr
Nov
26%
10
Amer Maracalbo Co
"16
100
7% 1st preferred
Apr
28
%
Cynamld class A._ 10
preferred
200
22",700
Brazilian Tr Lt & Pow...*
Apr
2%
8%
200
10%
68%
7% 1st preferred
Apr
Nov
28
Amer Foreign Pow warr—
Amer Fork A Hoe com—*
0%
7%
"l"9%
Borne Scrymser Co.....25
110% Mar
109% May
>16
300
'16
16
25
Class A with warrant8.25
preferred
$2.60 conv preferred
7$*
Bowman-Blltmore com...*
5%
%
Class A
52 conv
100
17%
%
38$*
*
119%
18%
16 %
Feb
43%
3,600
199*
1
Blumentbal (S) A Co
Amer Cities Power A Lt—
4% %
preferred
Amer General Corp com
9*
38%
1
*
192 %
May
%
%
339*
4$*
08$*
Class Bn-v...
114
38%
*
com
138%"'Jan
50
72
94
10 %
Class B.
25
July
Apr
May
Apr
Mar
8%
May
""""25
34
common._.._.*
108
200
18%
7%
18%
7%
709*
—*
Amer
3
88
Bohack (H O Co com...*
25
1,600
153
55.60 prior pref
*
Amer Centrifugal Corp—1
$3 preferred
34
%
15
3$* May
13$* July
23
*
$3 opt conv pref
Nov
22%
4$*
10c
10c
Common class B
9,200
2,200
Feb
5%
>66
Blue Ridge Corp com
May
22
4$*
155"
100
American Capital—
Class A common
4
Hie
Nov
Blrdsboro Steel Foundry
Feb
15%
"22%
25
Altorfer Bros com
—*
Aluminum Co common—*
Class A conv com
American Book Co
Nov
Low
3%
170
4$*
117$* 117$*
*
Bliss (E W) common
American Beverage
24%
103
Bickfords Inc common...*
Allied Inti Investing—
0% preferred
12,666
■
%
a 11
0% preferred
100
Purchase warrants
Aug
1%
39*
100
6$*% pf.100
Conv preferred
July
3
4%
102
Berkey & Gay Furniture .1
Mar
111%
Feb
21%
24
1
1
com
$2.50 preferred
7% preferred 100
100
com...*
lance In vestment
*
7
Benson A Hedges com...*
Allegheny Ludlum SteelAlles & Fisher Inc
4%
6
7
1
Bell Aircraft Corp com
Range for Year 1940
Shares
12%
4%
Bell Tel of Canada....100
Bell Tel of Pa
for
Week
20
pref
Bellanca Aircraft
Nov
14$* May
3%
Apr
30%
Apr
>>i6
Apr
84$* Nov
108%
Apr
98
conv
Beech Aircraft Corp
May
7%
Jan
700
Price
Beaunit Mills Inc com..10
Jan
1,600
103% 104%
93%
94%
75
of Prices
Low
High
Par
13
3,000
*u
*16
—
Alabama Qt Southern..60
Alabama Power Co 57 pf-*
Week's Range
Sale
High
SI 50
1
Class B
—1
Alnsworth Mfg common.-5
Air Associates Inc (N J) — 1
Air Investors common—*
Conv preferred
«„
Last
(Continued)
Week
Shares
80
18%
common-10
STOCKS
Range for Year 1940
for
Supply Mfg—
Class A
56
of Prices
High
Low
Price
Sales
Friday
Sales
Friday
85
•
8
May
Oct
Oct
May
81%
Nov
May
75
May
4% May
115%
Mar
iio
Mar
79*
Nov
Volume
New York Curb Exchange—Continued—Page 2
152
Week's
Latt
STOCKS
Sale
{Continued)
Range
High
Low
""%
5%
City A Suburban Homes 10
1
400
Tooo
5%
Clayton A Lambert Mfg. .4
»
Cleveland Elec Ilium
Cleveland Tractor com
*
May
17%
Dec
%
Mar
Equity Corp
3%
Mar
Oct
6
2T0OO
30
May
5%
300
4
May
48%
7%
Feb
Feb
600
1
May
2%
Nov
Eversharp Inc
2%
400
2
May
3%
May
%
3,500
£1
6% oonv preferred
%
Colorado Fuel A Iron warr.
3 7A
Patent Fire Arms.25
79%
"3% "i"
78
17200
67
200
80%
1
1%
60
Falrchlld Eng A Airplane. 1
Jan
Falstaff Brewing
Jan
4%
Jan
Fanny Farmer Candy
Fansteel Metallurgical
*
7 7-4
May
Fedders
1
1%
June
1
70%
Feu
Fire Association
Dec
2%
Jaq
Florida P A L $7 pref
;>•
Dec
•»i
Oct
Jan
21% June
1%
Dec
J64
18,500
Warrants
Commonw Distribution..1
1%
Community Pub Service 25
22 X,
24
""650
24
%
Community Water Serv__l
38%
Apr
%
Apr
Dec
1
V t c est to 1940
500
13%
13%
Feb
18
Sept
10%
*
preferred
Consol GELP Bait com.*
69%
1%
66%
1%
24
1%
Cont G A E 7% prior pf
3%
150
8%
300
Apr
28
Apr
Mar
15%
June
8
May
May
0%
10%
Sept
17% May
600
Apr
12%
Dec
0
100
9%
1
9%
May
Dec
30%
5% May
Mar
21
70
Feb
84% May
450
116
Dec
Dec
2,800
1%
1
June
3%
8% June
17%
Jan
17
Apr
8%
9%
9%
6,700
9%
100
%
9%
%
700
July
8%
Feb
Dec
83%
Fruehanf Trailer Co
7%
Feb
Fuller (Geo A) Co com
Sept
Jan
112%
2%
June
39%
134
2,100
18
Nov
May
Jan
S3
conv
4%
105
Nov
1%
Oct
3% May
1%
Jan
8
Dec
98
Jan
General Alloys Co
%
Deo
6% May
11%
Nov
Dec
May
May
33%
Nov
3% May
6%
Nov
1
Nov
May
2,700
11
150
5
2%
30
%
100
8,700
14
6
1,400
hi
"Hi ~~2%
4%
"566
100
1,100
22
22
25
6
Dec
Apr
Dec
13%
7%
11% Aug
3% May
5%
24%
May
634
%
Dec
Jan
Dec
1%
Apr
1%
3%
Jan
8%
Feb
1%
Feb
Jan
18
108
10%
28%
11%
28%
28
"800
400
40
5%
5%
1,500
3%
5%
1
3%
200
22% May
Gen Fire proofing com
$6
1%
Warrants
Gen Rayon Co A stock.
0% preferred A
85
Preferred
2%
Feb
Aug
Goldfleld Consol
4%
Jan
Goodman Mfg Co
Feb
Gorham Ino class A..
19
Nov
87
Jan
4% May
8
3
5
Apr
Feb
Sept
%
Dec
12% May
Sept
83
isi«
87% May
12% Nov
10
7%
100
1034
10%
2,100
2%
2%
2,200
preferred
Greenfield Tap 4 Die
•
Nov
1%
2%
Nov
Nov
Gulf Oil Corp
1%
Apr
23
Nov
28
Apr
25
86
Hammer mill Paper
10
Hartford Eleo Light
Mar
13%
Jan
5% June
3%
Dec
9%
7%
May
26%
Apr
Apr
May
June
12%
6%
Jau
Mar
Mar
Mar
66% June
20% May
107% Mar
1%
64
Jan
May
Dec
07
Mar
Easy Washing Mach B
preferred
Eleo P A L 2d pref A
3%
56
x64
v
x64
12
434
56%
66
110
Apr
3%
3% Sept
79% May
1%
Jan
Preferred
Preferred
ex-warr
Nov
Oct
June
18
Oct
200
15%
1%
26
May
4%
5%
18
June
33
Dec
300
4
June
8
Apr
600
175
98
25
he
100
9%
10%
1%
1,200
1,000
he
32%
33%
8,300
4,400
20
4
Mar
700
8
25
25%
64
%
1%
Hormel (Geo A) 4
Horn (A
4%
17%
Jan
8%
Jan
May
7% May
% May
66
Oct
5%
preferred...
Hubbell (Harvey) Ino
Humble OU 4 Ref
*
1%
1%
26%
1%
5%
27%
1
22
22
5%
26%
5%
*
Oct
Hummel-Ross Flbrs Corp
20
Jan
Jan
14
Jan
33
Dec
300
2%
76
Sept
July
3%
6% May
80%
Oct
11%
76%
1%
Jan
2%
July
4% May
8%
Apr
300
300
4,000
72
75
75
"25
100
76
76
25
72%
5
Deo
Nov
May
Apr
800
10
100
8%
1,200
11%
200
June
0
May
9% May
z6H
12
Jan
14
Jan
14%
Feb
14%
Feb
29%
11%
Jan
30%
3%
Apr
2%
Aug
120
30%
30%
62
17%
61%
Jan
250
20
May
40
30%
112% 114
108
July
35%
Apr
Dec
114
50
13% May
19%
4,800
1,300
17%
62
6
Apr
Jan
120
47% May
08
Apr
Jan
%
%
2.200
Feb
9% May
Oct
8%
June
Dec
%
Dec
Dec
7%
2%
Dec
Feb
%
100
r%
4%
8
5%
5
7
60
13%
Jan
Dec
18%
8
900
Oct
June
Mar
Dec
3%
Mar
11%
17%
1,000
91
66
27
27%
92
6%
Dlv arrear ctfa
11
June
24
22 %
29%
5% conv preferred
7% May
23% May
May
200
Oct
Apr
May
3%
91 *
55% June
Apr
12%
May
3
Oct
Jau
14
8
.
Hygrade Sylvanla Corp
Oct
7%
Jan
May
13%
300
89
May
.
00
7%
88%
4
Jan
May
22% Sept
3%
100
1%
May
May
11
29
250
Hydro-Electrlo Securities
June
1% May
11%
Hygrade Food Prod
67
May
10
78
rhe
57
30
...100
.100
100
Apr
May
100
10
18
Illinois Iowa Power Co
Empire Gas A Fuel Co—
14
200
V t c for 1st pref
May
Feb
Apr
50
5%
5%
Huyler's new com
May
5%
Jan
Sept
Nov
Jan
Feb
Hus8mann-Llgonfer Co...
10%
3%
7
100
5
76%
21
Nov
June
%
Co com*
Hardart
200
Jan
Jan
107% May
39%
111%
115%
1%
C) Co common..1
200
Jan
%
26% June
Dec
Horn 4 Hardart Baking..*
May
2%
Dec
'««
Nov
50
Apr
3% May
10%
Dec
1
%
5
Apr
Apr
June
0% May
Apr
Apr
"166
Border's, Ino
Horn 4
Nov
70%
5
Apr
Jan
%
49%
40%
50
28
135
Aug
June
%
30
May
150
28
2% May
123% May
May
26
May
1%
Jan
Apr
02
80?
27
May
Dec
11%
114%
20%
1501
26
13
%
Sept
May
4%
88
4,200
42
26
Heyden Chemical..
Hires (Chaa E) Co
1%
Empire Dlst El 0% pf 100
99
Oct
1%
Apr
Feb
hi
Henry Holt 4 Co part A..*
Hewitt Rubber common..6
1234
4,000
Apr
106
11
25
w w
Jan
61
3%
Apr
11%
Dec
75
2
25
Heller Co common
Jan
Apr
1,200
28%
32%
17
4%
2%
8%
42
3
Nov
28%
—*
Class A
12%
600
28
Elgin Nat Watch Co.... 16
4
Emerson Eleo Mfg
Apr
9%
Feb
8
60
26c
% May
July
6
1,200
42,300
0%
hi
Helena Rubs ostein
50
434
Apr
Apr
5% May
Jan
64
25%
Holophane Co common..*
1%
preferred
Heel a Mining Co
Nov
1
For footnotes see page
conv
Jan
Apr
Nov
warrants
Electrographlc Corp
6%
78
32%
Nov
3%
Apr
May
5%
3
com..6
6% May
12
Eleo Bond A Share com..6
(6
•
Corp
14%
Economy Grocery Stores.*
*
*
*
HaXeltlne
Hearn Dept Stores
40%
3%
49
Oct
hi
111% 111%
32%
1
B non-vot common
60%
3%
7%
1,100
he
Hat Corp of America—
14
*
preferred
Harvard Brewing Co....!
May
800
July
40%
Feb
Mar
91
Dec
%
May
25
Nov
4% May
Nov
1
May
9
101%
4%
33
Hartman Tobaoco Co..
8%
16%
100
'ee
5
12%
16%
May
91%
1
26
725
%
16 preferred series B
Dec
Deo
88
102
2,850
*
*
17 preferred series A
9%
*
preferred
54%
Eastern States Corp...
May
11%
44%
100
Gypsum Llme4Alabastlne*
36%
11
4,000
Gulf States Utll 85.50 pf
52%
11
100
May
600
4%
5%
41
Grocery 8ts Prod oom..25c
Guardian Investors
1
35
Eastern MaUeable Iron..25
Aug
May
95
he
25
Gt Northern Paper
35%
100
100
34% prior pref
98
5
1,30% 130%
100
1
52%
*
8%
19%
96
Non-vot com stock...
18%
East Gas A Fuel Assoc—
Common...........
4%
Grand Rapids Varnish...1
10
1
Hoe (R) 4 Co class A...10
Hollinger Consol G M
5
10%
100
30
14%
Hall Lamp Co
900
1
7%
*
5%
33
preferred
♦
Mfg common..10
Gorham
Apr
%
10
Apr
1
Sept
Durham Hosiery cl B oom »
Eagle Plcher Lead
81
26
1%
67
Duro-Test Corp common. 1
8%
95
10% Nov
Dominion Tar A Chemical*
75
150
98
45
19
16%
5%
Duval Texas Sulphur
8%
Apr
4
800
Jan
June
4
Nov
Dominion Steel A Coal B 26
2%
100
1%
Great Atl 4 Pac Tea—
200
75
104
*
Gray Mfg Co
1%
June
25%
2%
55
he
Hartford Rayon v t c
74%
270
50
Jan
13
2%
60
Mines
Feb
Distillers Co Ltd—
74%
58
5%
1% June
100
Dec
97%
•
preferred
19%
12
Duke Power Co
Apr
%
900
%
'i«
4%
Oct
7% May
100
DubUler Condenser Corp.l
Apr
1
87
98
•
8
15% May
% May
1%
Feb
preferred
48
May
8
Class B__
1%
300
150
May
45
Nov
"366
22%
25%
%
Godohaux Sugars class ▲.*
10%
22
20
*
32
zlO
10
30
Apr
Mar
i»»
32
....
7% 1st preferred
100
Mar
Glen Alden Coal
May
10
preferred
90
05
Mar
Jan
78% May
21
Diamond Shoe common.. •
Draper Corp
Driver Harris Co
May
*
Greater N Y Brewery
Dominion Bridge Co Ltd.*
05
Feb
103
•
preferred....
Jan
100
30
29%
Gilbert (A C) common...*
Oct
300
80%
1
Georgia Power 86 pref
Nov
4
60
*
2
6%
30
80
100
83 preferred
33
3%
55%
Apr
10%
Apr
Apr
hi
900
_
Gen Water G 4 E oom
103
6%
Deo
% June
41
he
6%
21%
6%
Mar
*17%
Feb
Gladding MoBean 4 Co..*
"Hi "i%
Dobeckmun Co common. 1
15%
May
55%
58%
Feb
2%
Dec
9
25
%
86 conv preferred
*
General Tire 4 Rubber—
Feb
Am dep rets ord
Nov
600
16%
35
%
Dec
300
Oct
1%
30
16
35
1
%
21
1%
Feb
112
Jan
Dec
>14
Common
84%
20
July
78
General ShareholdlngsCorp
20
""%'"}
Nov
90
% May
....
100
Do VUblss Co common.. 10
64%
Feb
4
16
Gen Outdoor Adv 0% pflOO
Gen Pub Serv 86 pref
»
1
Det Mich Stove Co corn-
Jan
July
2,400
•
101
10%
reg...£l
Dlvco-Twln Truck com__l
May
85%
8%
2% May
16
July
29
1
10
30
20
Gilchrist Co
Dec
14
1
75
90
1%
*
preferred
1
6% preferred w w
20
Detroit Gray Iron Fdy__
49%
Apr
Gen Electric Co Ltd—
101
.-50
100
Deo
Oct
hi May
Dennlson Mfg ol A com. .5
Derby OU A Ref Corp com*
A conv preferred
*
37%
%
May
6%
'"T% "T"
1
May
Dec
July
5
50
..5
35
Decca Records common. .1
12
Nov
700
100
May
July
5%
5%
4
Apr
»u May
1
Darby Petroleum com...5
Davenport Hosiery Mills.*
preferred
Jan
34
10834 108%
1%
1%
*
Detroit Steel Prod
Apr
4
6
Detroit Paper Prod
Feb
Feb
2%
%
6%% pref. 100
Curtis Llght'g Inc com 2.50
Detroit Gasket A Mfg
1%
77%
Dec
Dec
%
1,500
1
5ie
Cuneo Press
Stores
May
55
300
5%
4%
26
*
10
Cuban Tobacco com
May
%
900
1
6834
%
*
Crown Cent Petrol (Md) .5
Crown Cork Internat A..*
Crown Drug Co com...25c
Cuban Atlantlo Sugar
%
100
Crowley, Mllner A Co
Dayton Rubber Mfg
Class A conv
Jan
1%
5*4
25
52
Gen Gas A El 6% pref B_*
General Investment com.l
6
1
32
Amer dep rets ord reg.£l
9%
11%
12%
♦
Dec
*
May
6
6
Croft Brewing Co
44
5% preferred....... 100
Gellman Mfg Co com
1
May
£1
Crocker Wheeler Eleo
July
90
90
May
4
%
Creole Petroleum
12
49
conv pref erred.. .100
Gamewell Co 80 oonv pf..*
1% May
2
1
60
75
Gatlneau Power Co—
600
6834
preferred A
Cosden Petroleum com..
39
*
stock
8%
%
%
So
32%
39
84
4%
Corroon A Reynolds....
20%
Nov
1
110
9%
»
rll%
18
21%
Dec
%
10%
8% May
16% May
20
21%
3,300
8%
Cornucopia Gold Mines 6o
DlstUled Llauors
Apr
100
9%
20
20%
15
4
23
Copper Range Co
50 prior pref
120
May
preference...
8% debenture
300
1,100
9%
1
Conv partlo pref
8
92%
7%
89
com—♦
7% conv preferred
Apr
32
1
Common
7
Crystal OU Ref com
$6 preferred
Jan
Nov
1%
%
Froedtert Grain A Malt—
65%
Cook Paint A Varnish...
Curtis Mfg Co (Mo)
Feb
45
Oct
1
5% conv preferred
Courtaulds Ltd
1%
25%
Jan
% June
12%
Jan
1
Feb
Apr
75
1
RoU A Steel
6% preferred
6%% preferred
7% preferred
8% preferred
10,000
25
Amer dep rets...100 frcs
Franklin Co Distilling
1%
300
3%
3%
100
Continental Oil of Mex
Option
900
114% 116
•
3%
600
25
23%
1
preferred
100
Consol Royalty Oil
10
Consol Steel Corp com...*
55
Class B voting
Aug
8%
4
116
»
May
108
1
Utilities
Consol Retail Stores
0%
Class A non-vot
1%
111
Consol Mln A Smelt Ltd..5
7%
June
9%
Jan
51% May
Am dep rets ord reg_„_£l
2,600
1%
70%
434% series B pref.._100
4% pref series C
100
6%%
Apr
2
5%
Ford Motor of Canada—
%
1
Consol Biscuit Co
7%
31
Oct
May
53
•
200
Conn Telep A Eleo Corp__l
Dejay
Dec
(Phlla).lO
Dec
%
%
Dec
42% May
*
Common
S3 prior
Dec
1%
7%
Fox (Peter) Brewing Co._6
Conn Gas A Coke Secur—
Cooper-Bessemer
2%
Ford Motor of France—
Compo Shoe Mach—
Cont
Mar
Ford Motor Co Ltd—
Commonwealth A Southern
Consol Gas
Mfg Co
25%
20%
9%
8%
9%
Jan
Feb
100
Fed Compress A W'h'se 25
Flat Amer dep rets.......
24%
1
Jan
hi
600
3%
7%
....1
11
3%
7%
9%
5
May
88
May
51
2,800
58
57
100
3%
Feb
Columbia Gas A Eleo—
Columbia OU A Gas
10%
2%
334 May
3% Dec
"
Dec
10%
2%
21%
1
20
% May
19
Aug
1
8%
May
20%
2%
21%
...1
com
6
3% Sept
0% May
19%
20
Eureka Pipe Line com..60
F.nq utre Ino
Nov
6
7,600
1,200
%
High
Low
200
7
%
1
Falrchlld Aviation
Colon Development ord
6 34
10c
preferred
2%
Cohn A Rosenberger Inc.*
S3
conv
2%
Cockshutt Plow Co ooin._*
5% preferred
$3
common..
%
Club Alum Utensil Co—*
Share
20%
Emsoo Derrick A Equip..5
May
2%
2%
Range for Year 1940
for
Week
of Prices
High
Low
Price
Empire Power part stock.*
5%
Cllnchfleld Coal Corp._100
Colt'
Apr
%
*
"38 X "41H
7
Nov
12
Clark Controller Co
Claude Neon Lights Ino_.l
Pat
High
Low
5%
5%
Sale
(Continued)
Shares
Week's Range
Last
STOCKS
Range for Year 1940
for
Week
of Price*
Price
r'ar
95
Sale
Friday
Sale*
Friday
29%
6
29%
6
%
Dec
Dec
1%
28% May
2% Mar
21% May
4%
Mar
3
Jan
47%
Apr
6%
May
33%
Apr
9% May
New York Curb
96
Friday
STOCKS
Week's Range
Last
(.Continued)
Sale
Par
Low
IlHnois Zlno Co
8*
Illuminating Shares A
350
OX
3X
Sept
OX
63X
June
Par
Mesablflron Co...
Metal TextUe Corp
Dec
Mar
200
r3*
6
5X
Jan
A
5,000
5H
Dec
12 H
Jan
6
300
12X
Jan
900
6X
7X
May
9*
June
13 X
Jan
8*
8*
300
0
July
3*
3X
13*
300
3
Sept
13 *
50
10
Mar
22
14*
14*
10
10X
Mar
21X
3*
100
$0
1
X
Class B
Feb
4X
July
V*
1
..100
300
X
*
Dec
Feb
23X
Apr
5*
& Pow
Dec
1
Coupon shares..
"2*
2X
'3/3OO
IX
ox
7,400
9*
100
8X
8X
June
Dec
3*
100
3
*
100
May
Sept
9*
3*
Registered shares.
Internat Safety Razor B_*
International UtilityClass A
*
Class B
1
6
$2
Jan
Apr
X
200
6
19 H
19 X
Apr
Sept
6
IX
9X
Mar
Dec
X
Jan
18 X
Jan
37
Jan
400
13
13
32*
32*
8%
9*
150
23 X
Aug
May
200
2X
May
6X
June
4H
10X
May
13 X
3X
100
2X. Dec
Jan
X
9 *
X
7,400
Interstate Power $7 pref.*
Investors Royalty
1
Iron Fireman Mfg v t c...*
Irving Air Chute
1
Italian Superpower A
*
Jacobs (F L) Co
1
Jeannette Glass Co
17
50
95 X
Feb
IX
May
3%
Dec
May
2X
Feb
80
May
96
90
May
103
May
111
2,800
6
3*
100
X
X
200
Kimberly-Clark 0% pf.100
Kingsbury Breweries
1
Kings Co Ltg 7% pf B.100
"54"
1
IX
3X
common
4
"220
lix
3X
60
12X
4,200
4*
X
2X
X
4,100
2,100
28*
300
hi
28
6
7*
8
800
26
"ox
IK
13X
ox
8
»
Loudon Packing
Louisiana Land A Explor.l
Louisiana P A L $0 pref
IX
14
4*
ox
2,100
hi
nlH
79*
Jan
Dec
IX
10X
8X
3X
Jan
Mar
Nov
"11
95
Mar
73 X
Mar
2X
Jan
IX
Sept
National Refining com
Jan
Nat Rubber Mach
National Steel Car Ltd
National Sugar
15
Dec
Jan
Dec
8X
*
3*
100
11
Nov
May
101
Dec
Oct
75
""3*
14*
5*
3,700
1,300
15*
300
136
11*
2X
June
Oct
11*
10
700
Nestle Le Mur Co cl A
Mar
May
12X May
Apr
10*
Feb
Aug
6X
X
Mar
6X
3X
Dec
X
Dec
Nov
IX
»u
May
X
Jan
35 X
12 X
Jan
7X June
X Mar
IX
Apr
14X Dec
10X May
June
7X
May
May
X
Apr
22
July
X
10
Dec
Jan
Jan
N Y
Jan
300
IX
3*
May
May
2*
Mar
Founders shares
1
New York State El A Gas—
9,400
6*
Apr
20
92
June
108 X
Dec
200
1
Mar
2
Apr
21
22
6
21X
1,50
22
3
Jan
25
Jan
20
Jan
25
Jan
29*
IX
Apr
20
1,500
June
*16
IX
Dec
Apr
May
30
May
39
Mar
10
Jan
10
Jan
25
May
29
IX
IX
100
•
1
IX
Dec
10
~~2X "3
30
1
"766
"ik "Ik
•
Massey Harris common._»
"366
29
30
600
2
June
X
IX
21X
Feb
17
4X
Dec
64
*
IX
4X
Dredging...*
148
144
200
2
5X
148
Memphis Nat Gas com..5
1,200
145
3X
"
'"is"
"~3X
Participating preferred.*
Merrltt Chapman A Scott *
3*
X
4X
123
"is*
"266
3*
400
11
3X
25
Jan
42
Apr
Sept
July
54
Sept
5X
4X
5X
6,200
2
200
60
"83"
"§6"
"83 "
4
Apr
May
X
......
tred...I6o
2X Feb
OX
Jan
170* Apr
5X May
18* Apr
Mar
.
Jan
6X
Oct
*
Mar
July
May
Jan
30*
89
4*
23*
7*
10
2*
Nov
Apr
May
81*
Jan
May
.6*
11*
*
Nov
11
June
May
May
7*
10
June
To*
115
9*
*
May
3*
97*
3*
0*
54*
11*
8*
110
3* May
23
Dec
0*
900
11
1
8
110*
84*
3*
4*
3
1,300
4*
*
3*
4*
200
Jan
May
*
2,500
90
Oct
May
8*
1,100
2,400
115
115
May
May
May
May
May
May
Aug
1* rJan
18* June
7*
50
51*
500
124* 125*
4*
4*
13*
13*
200
Dec
49*
Dec
17*
66*
66
67*
Feb
17*
Apr
47*
Apr
14* May
Jan
13*
June
2,300
3
11*
1*
July
70
200
1,200
110
Dec
June
3* June
10* May
49
May
* July
Jan
Jan
70*
8*
10*
31
850
900
2*
Feb
Jan
Apr
Feb
Jan
Feb
Mar
12*
Apr
Deo
3*
1* July
Jan
12*
Apr
117*
84* May
0
Jaa
9*
Dec
1
Jan
4*
39
Dec
Dec
Jan
13*
Jan
70*
Jan
25*
130*
Apr
8* May
15*
Apr
Dec
69*
1
1
200
20
Jul}
3*
3*
200
2
Feb
Sept
17
250
16*
Jan
300
7
May
May
28*
7
9*
Mar
103*
May
1)8*
Jan
16*
7
114
114
114*
50
1*
30
3*
15
Jan
Apr
Apr
Apr
98
27*
27*
May
109
Jan
1,500
29
106* 106*
11
May
29
Dec
50
98
May
109
5*
Jan
17
May
43
6*
6*
100
35*
36*
100
2*
77*
60*
3*
26,500
79*
61*
175
73
110
60*
18,900
iii»
Dec
*
Dec
Dec
7*
Apr
Dec
Niagara Hudson Power—
.
Common
10
3*
100
6% 1st preferred
6% 2d preferred
79*
..100
""m
Class A opt warrants
Class B opt warrants
2*
Dec
May
Dec
6*
Jan
92
Mar
87
Apr
*11
1
Feb
Feb
Niagara Share—
Class B common..
3*
5
Noma Electric
Nor Amer Lt A Power-
Common
4*
89
89
91
60*
60
61*
5,000
3*
Dec
40
85
June
800
50
May
Sept
8
*
3*
j
*
500
3*
300
* May
3* May
Dec
.1
*
*
1,800
$0 preferred
»
North Amer Rayon cl A..*
Class B common
*
83
84
225
57
22*
22*
200
15
52
52
100
44*
May
May
May
May
200
*
2*
May
May
5*
Feb
99*
Feb
71* May
9* Mar
1*
Jan
5*
Jan
Dec
15
0% prior preferred
50
No Am UtUlty Securities.*
*
Nor Central Texas Oil...6
Nor Ind Pub Ser
0%
109* 110
30
95
30
97
8*
600
0
8
100
8*
3,100
7
21
22*
30*
450
12
600
3*
5,200
20* June
1* June
8*
10
Northern Sts Pow cl A..25
Northwest Engineering..*
22*
Novadel-Agene Corp
•
27*
4
3*
com
*
118
pf.100
7% preferred
Northern Pipe Line
Ogden Corp
99.
Mar
400
4*
24*
*
Nineteen Hundred Corp B1
N1 pissing Mine®
5
Jan
10
6*
100
*
Feb
Mar
June
2
6
N Y Water Serv
0% pf_100
100
Jan
May
May
May
May
6*% preferred
New York Transit Co
Class A preferred
2X
Apr
May
13*
17*
May
July
500
1,700
•
NUes-Bement-Pond
5
May Hosiery Mills—
*
preferred
Dec
May
21*
142
ShlpbuUdlng Corp—
Apr
IX
Jan
Oct
$0
May
8*
44*
IX
10*
11
11* aril*
2*
2*
91
92*
Warrants
N Y A Honduras Rosarlo
10
N Y Merchandise
10
N Y Pr A Lt
7% pref. .100
IX
48*
'
92
N Y Auction Co
com....*
N Y City Omnibus—
Dec
24
10*
»
June
109
12
Nov
100
New Jersey Zinc
25
New Mex A Aria Land__.l
New Process Co
1
Feb
Nov
35
"IB"
New England Tel A Tel 100
New Haven Clock Co
»
New Idea Ino common.._*
Oct
Dec
preferred..
4*
0* May
8*
*
$2 preferred
Feb
May
21
0%
Pow Assoc
.*
May
125* July
0* May
11* May
•
23 H
IX
Jan
Jan
May
76
Nevada-California Elec—
Common (new)
10
3% cum 4% non-cumlOO
100
June
Apr
May
4*
Neptune Meter olass A.__
Jan
25X
4X
May
Jan
OX
Apr
250
4*
26
30
2*
0
8*
1,125
1x
4X
Jan
May
2*
"T
136
24*
Nebraska Pow 7 % pref. 100
Nehl Corp 1st preferred..*
Nelson (Herman) Corp.
Nov
t6X
44X
Dec
10
Apr
13X
May
34 X
5,500
X
1
July
X
200
5*
♦
29
1
see page
*
*
National Tea 5 * % pref. 10
National Transit
12.60
Nat Tunnel A Mine®
Nat Union Radio
30c
Navarro OH Co
Apr
Sept
75
*
For footnotes
110
200
22
Refining.*
Apr
10 X
Aug
Manlachewltz(The B) Co.*
Mapes Consol Mfg Co
*
Marconi Intl Marine
Communication Co Ltd 1
Warrants
National Fuel Gas
•
Nat Mfg A Stores com
*
National P A L $0 pref...*
Jan
2
6*% A pref*
173*
18
"loo
National City Lines com.l
$3 conv preferred
50
National Container (Del).l
Apr
26
warr...
Mercantile Stores com...*
Merchants A Mfg cl A...1
139* May
15* May
18
"15"
00m
26
109
com*
*
Dec
Deo
200
Conv 7 % 1st pref
100
Conv 7 % 1st pf v t O.100
MoWUllams
Dec
9*
»
24*
1X
29
100
100
Mead Johnson A Co
2*
May
Mar
Dec
Long Island Lighting—
$4 pref with warr
McCord Rad A Mfg B
*
Dec
1* June
0
8X
6X
112*
13
IX
Apr
100
May
2X
Develop...26
Sept
100
6
700
%
9*
47*
300
100
4X
2 x
Jan
Jan
*
16*
"466
Apr
11*
2*
16*
New Engl
*
24*
Feb
Nov
X
120
6,100
Nov
Dec
2*
June
June
400
1
Apr
May
nlOX mo*
168
170*
5,100
300
IX
13*
May
5* May
200
National Breweries com..*
National Candy Co
*
May
35
1
Master Electric Co
2,900
35
Mar
2
....*
Marlon Steam Shovel
Mass Utll Assoc v t c
8*
7*
34
27 X
15*
Margay Oil Corp
8
2*
8*
6
Nov
Dec
....♦
preferred
600
"16
z71
Lit Brothers common....*
Locke Steel Chain
...6
Lone Star Gas Corp
conv
8*
8*
X
1
'lo'x To*
4%
Le Tourneau (R Q) Ino-.l
$6
Dec
*
54
Lane Bryant 7% pref..100
common
118*
5*
3
1
4X
Langendorf Utd Bakeries-
Lynch Corp
107* June
110
100
Nachman-SprlngfUled
3,200
Took 161k
35
Lane Wells Co common..1
Ludwlg Bauman A Co
115* 116*
3*
3*
Nat Bellas Hess
11X June
Lakey Foundry A Mach_.l
7% pref olass A
0% pref class B
May
Oct
49
101X
Lackawanna RR (N J). 100
Lake Shores Mines Ltd._.l
Manatl Sugar opt
Mangel Stores
Deo
8
Koppere Co 0% pref... 100
Kreege Dept Stores—
4% conv 1st pref—..100
Kress (8 H) special pref. 10
Kreuger Brewing Co
1
Common
70*
94*
Nov
""16
IX
Knott Corp common..... 1
Kobacker Stores Inc.....*
Llpton (Thos J) Ino—
0% preferred
May
May
•11
IX
Kelln (D EmU) Co com..*
Klelnertd B) Rubber Co. 10
Leonard Oil
43*
39*
"54"
IX
1
Line Material Co
Dec
825
Oct
Klrkl'd Lake G M Co Ltd.l
Lefcourt Realty com
Conv preferred
53*
June
Tl« June
100
Nov
May
May
18
200
3*
121
Jan
0*
113
Ken-Rad Tube A Lamp A ♦
Lehigh Coal A Nav__
116*
Mountain Sts Tel A Tel 100
Sept
Kansas O A E 7% pref. 100
Class A......
Class B
51*
Murray Ohio Mfg Co
•
Muskegon Piston Ring.2*
Muskogee Co common
*
0% preferred...
100
Dec
50
36 X
May
Oct
Apr
"966
23
35
7*
19
Jan
Jan
| Mountain States Power-
»i«
36 X
Mar
May
90
Mountaln City Cop com.6c
Mountain Producers
10
July
May
97
Jones A Laughlln Steel. 100
Julian A Kokenge com..*
9*
7i«
•
Montreal Lt Ht A Pow..*
Jan
Oct
25
95X
101X 102 A
117
Jan
"u
June
OX
53*
Moody Investors part pf.*
Moore (Tom) Dlst Stmp.l
Mtge Bank of Col Am shs_.
1
300
Mar
June
IX
Montgomery Ward A
Apr
117
"~7X ""7*
$2.50
X
3,900
IX
117
10
Apr
12
3*
•
60c
May
Mar
12
600
1
Dec
4*
dlv shares.*
X
450
800
3*
*
6% preferred D
Kingston Products..
Klrby Petroleum
900
Montana Dakota Utll...10
Jersey Central Pow A Lt—
Kennedy's Ino
4*
6X
X
18 H
17 X
X
18X
X
3*
8
17 X
12 X
6*% preferred.....100
0% preferred
...100
7% preferred
100
Johnson Publishing Co.. 10
July
#16
2*
*
Molybdenum Corp
1
Monarch Machine Tool..*
Monogram Picture® oom.l
Monroe Loan 800 A
1
Mar
3*
Interstate Home Equip..1
Interstate Hosiery Mills
8%
z9*
*•
non cum
Common
July
950
9
3*
2,800
Missouri Pub Serv com..*
Mock Jud Voehrlnger—
5X May
li«
$1.76 preferred.
3*
Feb
Jan
li«
$3.60 prior pref.
International Vitamin...1
9
3
Midwest Piping A Sup.
Mining Corp of Canada..*
MinnesotaMln A Mfg...
Minnesota P A L 7% pf 100
Mississippi River Power
0% preferred
100
May
*
*
Dec
Nov
Midland Steel Products—
International Petroleum
International Products...*
*
Feq
6H May
June
8*
9*
3*
2*
warr
15X
2X
12X
June
4X
1*
0*
Apr
Apr
Apr
3
.*
Mid-West Abrasive
Midwest OH Co
1,000
Nov
6*
97
June
1*
Jan
1
8
100
50
17 X
5*
108*
200
Mid vale Co
100
1*
Aug
May
May
3*
12
19
5*
Jan
6*
50
Apr
Dec
Internat Metal Indus A
Feb
3*
17*
10*
75
....
Internet Industries Inc_._l
Jan
3*
42*
6*
17*
Dec
Ap.
*
Oct
1
.
preferred..
conv
May
900
100
6
X
....
*
2,600
50X
H
*
*
4*
6*
400
Jan
1,900
5*
600
9
*
*
*
10*
25
X
Oct
Dec
33*
.1
73*
International Cigar Mach *
60
.
v t 0
19
73*
100
IX
High
*is
IX
Middle West Corp eom..6
Midland OH Corp—
Feb
Dec
Lose
4,100
10
Preferred
10*
72*
*
Insurance Co of No Am. 10
Internat Paper
*16
1*
Range for Year 1940
Shares
103
Mlcromatio Hone Corp.
$2
Internat Hydro Elec—
Pref $3.60 series
25c
Middle States Petroleum—
Class A v t c
1
Apr
Apr
Industrial Finance—
preferred
X
for
Week
High
preferred
Class B
c common
Low
Michigan Bumper Corp._l
Michigan Steel Tube..2.50
Michigan Sugar Co
*
24 X
Indian Ter Ilium Oil—
V t
of Prices
Price
Metropolitan Edison—
Jan
8%
Ireland....£1
7%
Week's Range
Sale
High
5%
Indiana Pipe Line
7*
Indiana Service 6% pf.100
Non-voting class A
Last
Sales
Partlc preferred......15
r2X
5*
Imperial Tobacco of Can.6
Imperial Tobacoo of Great
preferred..
STOCKS
(Continued)
Low
66
Imperial Oil (Can) coup..*
Registered
*
7%
Range for Year 1940
for
Shares
*
Imperial Chemical IndusAm dep rets regis
£1
Britain &
High
Jan. 4, 1941
3
Friday
Week
of Prices
Price
Exchange—Continued—Page
Sales
118
May
May
May
May
1*
103*
20*
Jan
Mar
Apr
20*
Jan
52*
Nov
•11
Jan
3*
Mar
111
Dec
120
Dec
9*
16*
23
Apr
Jan
Nov
38* May
8*
Aug
Volume
New York Curb Exchange—Continued—Page 4
152
Fridav
,
Week's Range
Last
STOCKS
(
(Continued)
Sales
Price
Ohio Oil
High
Low
Ohio Brass Co cl B oom—•
Ohio Edison $6 prel
for
Week
of Prices
Sale
Par
Omar Inc
50
110% May
117
Sept
St Lawrence
40
116
104
May
110%
Mar
Class A $2
June
109
Oct
8%
Apr
1,500
13% May
21%
Dec
Salt Dome OH Co
150
39
54
Dec
Samson United
116% 116%
150
100
117
Mar
Sanford Mills
Savoy Oil Co
5
1,500
Feb
25
"34%
31%
107
zl07
83
i,666
31%
33%
31%
500
83
*
SI.30 1st preferred
Feb
28
May
20% May
60
83
4%
—i
....
July
100
June
180
1107
4%
Nov
1%
13%
Pacific Lighting S5 pref..*
Pacific P A L 7% pref..100
72
May
—
3%
Dec
17%
200
Dec
8%
3%
16% May
34%
31%
108%
95%
6%
Nov
Paramount Motors Corp.l
Parker Pen Co
—10
"m
Peninsular Telephone com*
'32
Penn-Mex Fuel—
8,600
~~6% "~6%
"966
100
2% June
3
Sept
32
32
100
27
30
May
2%
2%
2%
2%
6,900
1,600
13%
14
64%
65%
.*
150
%
300
112% 113%
75
110% 110%
113%
...*
Penn Salt Mfg Co
50
Pennsylvania Sugar com 20
177
Penn Water A Power Co
"54"
preferred
177
100
181
13
200
27%
13%
28%
35
Aug
Jan
Jan
1
14
%
Jan
Deo
Dec
13
Dec
16
Dec
34
May
Dec
July
29%
Feb
Scranton Spring Brook
44
June
95
Dec
13%
1%
Nov
Jan
Oct
84
88
12
..*
com
200
85
Water Service 36 pref..*
11%
12%
1,100
1%
1%
1,900
1%
Warrants
4% May
•ji May
3%
»
oom
3%
3%
Dec
Oct
Mar
Nov
1
40
5,700
%
116
June
%
35
Selberllng Rubber
Selby Shoe Co
%
Jan
1,200
3%
8%
Dec
Nov
Apr
Apr
1%
8%
11
Mar
Jan
Jan
Selected Industries Ino—
Sept
Common
Mai
Convertible
3
Oct
Apr
22% May
1,300
%
♦
Segal Lock A Hardware..1
3
66%
% Dec
103% May
Oct
"55%
"850
53
Dec
91%
200
63
25
150
22
May
May
*
25
1
4
4%
300
25
3%
Dec
4%
Phlla Eleo Pow 8% pref. 25
June
113% June
29% July
%
1
°18
5,900
Aug
%
950
2
Dec
44
45
200
35
45
46
100
37
May
May
2%
2%
stock.....6
$5.50 prior stock
Allotment certificates
25
Jan
Dec
Feb
Shattuck Denn Mining ...5
Shawl nig an Wat A Pow._*
192
%
6%
Jan
59%
Apr
Apr
60
Jan
Sherwin-Williams oom..25
Mar
Jan
20% May
47%
18%
Apr
May
36%
17%
36%
150
17%
1%
3,000
1,200
300
2,300
160
Mar
8%
6%
Apr
Apr
106
25
74
Simmons H'ware A Paint.*
120
Mar
6
Mar
10
May
62% June
18%
100
Jan
Simmons-Boar dm an Pub—
Jan
Jan
Dec
1%
2%
5% Septi
3% May
4%
10%
78%
Sherwln-WUllams of Can.*
8%
8%
%
Jan
19
6% cum pref ser AAA 100
28%
Dec
May
108% 109%
Nov
15%
6,000
4 i,
10%
10%. Apr
72%
Jan
91%
Dec
Dec
3
7%
%
*11
1
2
May
2,300
6%
100
300
Serriok Corp class B
Be ton Leather common..
112
Feb
Fob
2%
*
%
%
Ak dep rets ord reg...
8entry Safety Control...
114%
31%
0%
31%
3%
31%
Oct
38% May
Phoenix Securities—
8ilex Co
$3
*
pref
.100
114%
Jan
11%
Mar
8
May
15%
Apr
Jan
25%
Nov
Jan
% June
9% Mar
5%
Oct
1%
9%
Mar
1%
1
Simplicity Pattern oom.
Sim peon's Ltd B stock..
Singer Mfg Co
Apr
May
5% May
13
13
*
oommon
oonv
78%
109%
1%
104% 109%
400
"360
Apr
Aug
99
155
July
2% May
105% Mar
Jan
Singer Mfg Co Ltd—
Common
7%
Conv S3 pref series
A. 10
Pierce Governor common.*
Pioneer Gold Mines Ltd—1
1%
1%
800
9%
1
Jan
June
2
Jan
Pitney-Bowes Postage
6%
6%
6%
1,200
50
Pittsburgh A Lake Erie.50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
"65%
"63"
"65%
43
90
3%
300
9
May
May
900
65
June
3%
800
1% May
7
600
ht
1,300
»n
Powdrell A Alexander...6
4
3
800
3
4
Power Corp. of Canada. .*
50
100
Jan
1%
4%
Jan
Dec
8%
Feh
July
10
May
81%
24%
% May
1%
21%
""ooo
.1
%
%
900
8%
500
%
300
4%
8%
100
2% May
100
8%
8%
2,200
4%
Prentice-Hall Ino com
32
*
Pressed Metals of Am
1
8
Producers Corp of Nev._20
xu
%
Prosperity Co class B
*
4%
Providence Gas
*
8%
Prudential Investors
*
8%
Jan
Apr
Jan
105% 105%
25
Pyle-Natlonal Co com
6
Pyrene Manufacturing..10
Quaker Oats oommon
*
0% preferred...
100
Quebec Power Co
...*
31%
Nov
30%
Mar
161% 161%
10
%
100
2%
14%
1%
1%
1,200
7
7%
60
Jan
May
9%
May
9%
Feb
Apr
Oct
4%
3%
10
14%
13%
May
107
June
113%
Mar
May
Conv preferred
May
100% May
69% May
110
110
200
99
June
111
58
99% 105%
54% 64%
15%' 16%
1,825
8,675
1,100
May
13% May
11%
Jan
"6% "~6%
'""266
4% May
7%
101
99
105%
62%
Nov
29
Deo
May
10%
7%
Apr
Mar
—10
Standard OU (Ky)
100
1
4%
3,000
3
14%
600
Standard Oil (Ohio) oom 25
$5 preferred
.—100
hi
ht
16%
16%
44
45
20%
0% May
34
100
% May
21
400
16% May
4% Dec
»n
200
16
5%
...
16
4%
13%
5%
13%
3,000
100
200
5
5
1%
1%
1,900
%
1
May
% June
%
17%
45
1%
2%
26%
May
July
4
12% June
3% Aug
1% May
300
Sun Ray
Jan
105%
Roosevelt Field Ino
"""25
107%
Deo
Feb
116%
Feb
May
14%
Oct
6
May
Jan
Mar
Dec
12%
3%
3%
Feb
10
10%
400
1
20
4%
4%
100
Dec
7%
Jan
Texas P A L 7%
Roesia International
*
*
2%
"I§"
56%
"13
57%
"160
300
1%
1%
3%
May
May
Jan
105
Nov
»ji
1%
3%
12
1%
Jan
Deo
Fob
3%
11%
400
8
%
1%
3%
2,200
1,000
550
1,400
12
65
Tilo Roofing Ino
5
Mar
Tlshman Realty
1
A Constr *
62
Feb
18%
Deo
4%
Feb
2
May
Jan
0
May
6%
Jan
%
Aug
1%
40
Feb
Jan
Oct
9% May
9%
Apr
2
Jan
1% Dec
2% May
»u Mar
3%
4%
%
Feb
7% May
0% May
18%
13%
Deo
15
Jan
Jan
Apr
Apr
8
May
"T% "T%
4",900
1%
33%
Aug
2
Jan
100
Dec
200
21
Feb
May
41
28ii28%
30
Jan
25
11
Dec
13
Jan
100
5
July
11
'ill
5% It 5%
3%
2,400
24%J 24%
3%
300
9%
4,200
2%
8%
2% May
23
8%
8%
3%
700
18%
2%
18
200
8%
300
Jan
Jan
Jan
8% May
16%
Feb
May
2
May
12% May
114
Mar
3%
Oct
24%
Apr
July
7
15
Apr
69
%
Tobacco Prod Exports.
0
30%
%
700
%
Dec
48% May
4%
4%
300
3% May
98%
"X~860
Tobacco A Allied Stocks..*
9%
Dec
103
Thew Shovel Co com....5
2% May
21
39% f 39%
"l%
Texon Oil A Land Co——2
Dec
Mar
hi
41
15% May
*11 May
33
1,500
pref—100
Feb
13
Apr
Dec
1,300
.....
7%
6 % % conv
June
w*
42
Jan
'"""SO
Technicolor Inc common.*
94
116%
5
Root Petroleum Co
...
11
105% 105%
Rochester Tel 0%% prflOO
Roeser A Pendleton Inc..*
5
Oct
pref
50
Superior Oil Co (Calif) —26
Superior Port CementClass B oommon
*
Swan Finch Oil Corp....15
Taggart Corp com
1
Tampa Electric Co com.
95
Rochester G&E16% pfClOO
100
%
May
1
r5
....
1
Drug Co
Sunray Oil
1
19
Jan
Jan
39% June
10% June
r5
Apr
Rio Grande Valley Gas Co-
»u
in May
100
Stein (A) A Co oommon
hi
Apr
Apr
%
Sterchl Bros Stores
2%
Oct
10%
400
*
Jan
Feb
Dec
Phos¬
z6%
%
0
700
Corp v t o.l
Steel Co of Canada—
Mar
Jan
6
18
Oct
Jan
Ml
phate A Add Wks Ino.20
0%
19%
Jan
Jan
500
111
%
%
27%
June
Aug
28%
1%
Starrett (The)
0% 1st preferred
50
5% 2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Ino
1
Sterling Ino
—
"
Stetson (J B) Co oom...
Stinnes (Hugo) Corp
6
Stroock (S) Co—....
Sullivan Machinery ......*
hi June
10
Dec
Sept
Feb
1
1.
*11
1%
"800
1
Rheem Mfg Co
1
Rice Stlx Dry Goods.—*
17%
27%
100
Relter Foster Oil Corp. .60
Republic Aviation
200
1
Reeves (Daniel) common.*
Reliance Elec A Engrav—5
19
8%
7%
1
1
%
1
17%
—-
Nov
20% Fob
41% May
May
%
6
500
Mai
Mi
Standard Tube cl B
200
11
7% June
10% May
100% June
Standard Products Co—-1
Ordinary shares
*
Nov
500
Standard Steel Spring
Feb
Mar
2%
14%
0,500
Standard Silver Lead
%
24
%
Feb
Dec
Dec
May
*i«
Dec
hi
11%
150
107% 108%
%
«n
Feb
1,683
Dec
Mar
20% May
Common class B—..*
Standard Wholesale
,n
10%
40
159%
% June
10%
Feb
Jan
Jan
37%
125
Oct
Mar
Dec
38%
May
'11
2
8% May
May
5% June
Jan
2%
200
June
6,000
A or
Dec
1,300
4,900
8
13
%
10
Standard Pow A Lt......1
Preferred
10
Nov
300
20
9%
94
%
Jan
19
142
%
%
Dec
20
100
8%
Mar
7%
1
60
159
8%
Apr
2%
1%
140
101
159
May
Nov
113% May
May
7%
Dec
%
Standard Invest $5% pref *
104% June
20
1%
1
1%
Standard Dredging Corp—
Common
1
110
Jan
Jan
Apr
July
Spanish A Gen Corp—
Am dep rots ord reg—£1
Spenoer Shoe Corp..—*
Stahl-Meyer Ino
—*
Standard Brewing Co
*
Standard Cap A Seal oom.l
Jan
2
72
170% Mar
Jan
6%
Apr
11%
4% May
>ii
6%
May
16%
Dec
4% May
4%
Oct
Spalding (A G) A Bros—1
6% 1st preferred—...*
103
Dec
Mar
*11 June
35
64
%
66
164
5
67
*
Royal Typewriter...
May
24% June
10
1,100
150
Raytheon Mfg oom—50c
Red Bank Oil Co
*
pref
48
27
100
.....26
250
preferred..
Royalite Oil Co Ltd
May
100
Southern Union Gas.....*
Preferred A
Oct
35
30%
29%
%
46
%
—100
100
Southern Phosphate Co. 10
Southern Pipe Line.....10
97
105%
Feb
29%
7% preferred
48
110% 110%
Jan
35
5%
May
Jan
44
Aug
5
Dec
2%
May
Southland Royalty Co...6
hi
Dec
28
Feb
10 rl04%
50
%
Jan
30%
South New Engl Tel
95
Option warrants......
Rome Cable Corp com
500
1,300
Mar
Radio-Kelth-Orphuem—
0% preferred D
%
38%
38
46
Southern Colo Pow cl A.25
45
Ry A Light Secur com...*
Railway A UtU Invest A.l
Raymond Concrete Pile—
Voting trust ctfs
Apr
21
29%
97
Puget Sound Pulp A Tim *
Richmond Radiator
Apr
5
$1.00 oonv preferred—20
0% prior lien pref... 100
7% prior lien pref—100
Puget Sound P A L—
55 prior preferred.....*
50 preferred
*
Reed Roller Bit Co
Jan
3% May
10
Public Service of Okla—
...
1%
300
%
38%
5% original preferred.25
0% preferred B......25
5%% pref series O—25
48
*
50 preferred
600
3%
42
Public Service of Indiana—
$7 prior preferred
1%
1%
2%
1
Penn Oil
109
105%
Deo
May
Public Servloe of Colorado
0% 1st preferred—100
7% 1st preferred
100
Feb
Dec
%
4% May
95
*
S0 preferred
%
3%
300
Southern Calif Edison—
Jan
Apr
3
Dec
Dec
%
Southwest Pa Pipe Line. 10
Feb
1%
%
3%
3%
1
Deo
15
20%
Premier Gold Mining
South
li
Dec
% May
2% May
..*
Pratt A Lambert Co
South Coast Corp com
Dec
Sept
%
100
500
%
Sonotone Corp.........
Mar
3%
%
3%
1
Nov
55
25c
6
Co
73%
May
%
3%
3%
1%
Solar Aircraft Co
Boss Mfg oom
14%
95
Sioux City G A E 7% pf 100
Skinner Organ—.......5
Nov
104
Apr
1%
reg.fl
8%
46%
June
10
Pneumatic Scale com...10
0% 1st preferred
May
13%
Plough Inocom——__7.60
Potero Sugar common
May
95%
13%
"95%
'""890
0
39
Meter
Polaris Mining Co
Amer dep rets ord
Solar Mfg
Pitts Bess A L E RR
Russeks Fifth Ave
500
Deo
9% May
Jan
1%
19
Dec
Apr
97% May
100 tl68% May
Philadelphia Co common.*
Phlla Eleo Co S5 pref
*
conv
4,600
25
Mfg
38
June
90
"53"
90
Pharls Tire A Rubber
51.20
»u
82
May
%
9
See man Bros Ino
04
Dec
500
%
Securities Corp general
%
Dec
26
%
%
25
Dei
3%
22%
10%
Perfect Circle Co
conv
%
1
12%
10%
% Mar
2% May
1% May
11%
Jan
50
%
Penn Pr A Lt S7 pref.—*
53
6,200
Selfridge Provinc'l Sts Ltd-
*
*
Pennsylvania Gas A Eleo—
S5 series pref
S2.80 series pref
Common
475
4
116
Pennsylvania Edison Co—
Phillips Packing Co
Schulte (D A) com
Conv preferred
Feb
Jan
6%
33
Pennroad Corp com
1
Penn Cent Airlines oom.l
80
3%
Apr
*
30% May
20
78%
"3%
1
Corp com.l
Jan
Apr
Scran ton Lace common..*
33
30
7,900
Scranton Elec $6 pref
May
r'32
2%
2%
15%
4%
Bcovlll
Feb
20
2%
4%
Jan
5%
Dec
May
May
25
50c
Penn Traffic Co
3%
3%
2%
3%
r 32
_
Feb
Aug
9
May
2% May
48% May
2% Deo
Jan
8
Parkersburg Rig A Reel. 1
Pat chogue-Ply mouth M Ills *
2
oonv
SculIn steel Co
3%
Deo
% May
Feb
Pantepec Oil of Venezuela—
American shares
3
500
Schiff Co common.—_*
May
May
4%
r2%
34
July
700
*
Feb
T2%
5%
Pacific G A E 6% 1st pf.25
5
1%
51%
Oct
High
4% Dec
1% May
•
21%
Pacific Can Co common..*
Pepperell Mfg Co..
Corp Ltd
51
*
Class A common
Consol Petrol
pref..50
St Regis Paper oom
5
7% preferred
100
1
Overseas Securities
S0
1
Ryan
Nov
21%
50
prior pref—•
preferred
SI.40 preferred
2%
1
Mar
111
96
Oklahoma Nat Gas com.15
Pacific Public Service
2
110%
June
Oils toe ka Ltd oemmon—5
6%% let preferred
*
Ryerson A Haynes oom._l
May
94
115
Low
100
95
113% 114%
Range for Year 1940
Shares
4%
Ryan Aeronautical Co
125
High
4%
May
500
for
Week
of Prices
Low
Price
1
24%
17
109% 109%
109%
100
Ohio P 8 7% 1st pref—100
0% 1st preferred
100
$5% oonv
Par
High
May
450
109% 109%
*
6% preferred-.100
Ohio Power 6% prel
S3
Sale
(Continued)
Low
Week's Range
Last
STOCKS
Range for Year 1940
Shares
20%
20%
97
Sales
Friday
1%
Apr
Jan
5% May
Tobacco Secur Tr—
10%
Ordinary reg—.....£1
...6s
Todd Shipyards Corp
♦
%
Def registered
For footnotes see page 99
97
95
55
Mar
Apr
May
10%
%
100%
Jan
Apr
Dec
New York Curb
98
Pridat
Lout
Par
Week'e Range
for
Sale
STOCKS
(Concluded)
of Prices
Cow
High
100
7% preferred
100
Tonopah-Belmont Dev. 10c
Tonopah Mining of Nev.l
Trans Lax Corp
.-.--1
Toledo Edison 6% pref
108% 108%
20,000
Low
a*-.*
■
hi
%
2%
1,900
2,000
Trl-Contlnental warrants
he
6%
dflUSS A,
Tung-8ol Lamp Works
80c cony preferred—
Udyllte Corp
1
lUlen A Co ser A pref
*
7%
38%
1%
7%
%
Union Gas of Canada
*
Union Investment com
3%
*
750
Aircraft Prod.—1
4%
20
3%
8%
3%
♦Maranhao 7s
10%
39%
3%
Jan
Jan
May
Feb
Jan
Mtge Bk of Bogota 7s. 1947
♦Issue of May 1927
*21%
8
Jan
6%
Nov
1%
Apr
Jan
100
%
Dec
1
Jan
♦Parana (State) 7s
1958
♦Rio de Janeiro 0%s.l959
400
1%
Feb
7% May
2% Mar
4
Oct
♦Russian Govt 6%s—1919
300
200
"500
59% May
% May
%
%
6,100
Corp warrants
he
%
2,500
he
United
Elastic Corp
7%
7%
100
6%
%
110% 110%
18,800
%
%
100
Jan
6%
Jan
8% May
13%
Feb
3%
Feb
04%
26%
Deo
3,000
26%
Nov
Apr
11
27%
Nov
Nov
12
Jan
20%
May
10%
Apr
8
June
14
Dec
7%
34
May
%
3%
8%
3%
7% May
4,000
14%
1958
May
Dec
High
May
5%
♦Medellln 7s stamped. 1951
1%
"9% "9%
Option warrants
Jan
7*4
25,000
6.000
25%
*6%
*13%
8%
3%
%
United
*
he
z8 %
1958
6%
Un Clgar-Whelan Sts__ 10c
United Gas Corp com
1
1st 17 pref. non-voting.*
Nov
0%s.l949
400
A Dart pref...
cum
♦0%s stamped
26
Low
$
June
15
Jan
26%
Apr
Lima (City) Peru—
200
United Chemicals com-..*
S3
•Hanover (Prov)
Feb
1,300
64%
9%
25%
Apr
Apr
7%
Un Stk Yds of Omaha. -100
United
he
1%
3%
23
Range for Year 1940
for
Week
25%
25%
May
ht
2,500
1,300
24%
4%
4
Series B pref
Unexcelled Mfg Co—--10
7
39%
1%
'Hanover (City) 7s...1939
Dec
%
8
Corp—1
Tublse ChatUlon
26
Apr
Oct
Dec
H
2
Trunt Pork Stores Ino—*
23
hi
115
Apr
Mar
May
100
%
2%
%
"16
2%
Jan
♦German Con Munlo 7s '47
♦Secured 6a
1947
109
May
he
mtrnim
of Prices
High
Low
Price
High
May
95
Week'e Range
Sale
(Continued)
Shares
Sales
Last
BONDS
Range for Year 1940
104
•m
10
Transwestern Oil Co
Friday
Week
Price
Jan. 4, 1941
Exchange—Continued—Page 5
Sales
♦Issue of Oct 1927
7
8%
10,000
20
21%
10%
1,000
*7
28
28
17
17
17
10,000
Oct
20%~\Mar
10
6%
7%
%
1949
14%
\Mar
Apr
46%
Mar
Jau
17%
Dec
2,000
1921
%
*he
Dec
16
9,000
*6%
♦5%s
♦Santiago 7s
20%
5,000
21%
♦Mtge Bk of Chile 6s. 1931
Mtge Bk of Denmark 5s '72
Sept
9%
5
June
%
%
Jan
Jan
9%
Dec
10% VMar
%
Oct
%
17%
Feb
Mar
Jan
15% May
10
Apr
65
Apr
1%
Mar
Jan
%
8%
Feb
Dec
2%
Jan
87% June
%
Dec
113%
July
hi
Jan
Nov
Jan
%
%
2,400
United O A E 7% pref. 100
82%
20
United Lt A Pow com A—*
he
82%
%
7,200
he
Dec
1%
%
1,700
he
Dec
1%
Jan
j Friday
Last
Weeks' Range
for
Rating
Sale
Week
See 1
Price
of Prices
Low
High
Sales
Range
for Year
Jan
he
Bank
Elig. &
Common class B_.
10
*
1st preferred
United
Jan
58%
56
58%
2~650
25
45%
45
45%
310
United Specialties com.—1
8%
8%
U 8 Foil Co class B
5%
4%
6%
8%
5%
6%
2,000
Preferred
U S Graphite com..
Apr
1st 5s
1946
x
a
27
Apr
1st A ret 6s
1951
x
a
Feb
76
Dec
1st A ret 5s
1956
x
a
1968 y bbbl
Dec
5%
245%
1%
Feb
May
%
Jan
6
,25
com
39
May
200
'is
5
U S and Int'l Securities.
600
50
54
May
39% June
he
54%
3%
57%
275
3%
7%
83%
46%
May
May
7%
3
May
8
he
1,200
9%
%
Dec
3%
preferred--.20
2%s s f debs
..1950
x
aa
f debs
I960
x
aa
2
3%s sf debs
1970
x
aa
Am Pow A Lt deb 6s.......2016 y bb
4
Dec
2024
x
1956
x
y
b
Feb
Mar
6
Feb
1
com
1st 17
United Wall Paper.-.—2
Universal Cooler class A—*
Class B
Universal Corp ▼ t o
1
1
oom
Universal Products Co
*
14
pref erred..... 5
Van Norman Mach Tool2 %
Jan
Dec
.*
Jan
Jan
Atlantic City Elec
%
July
%
Apr
3,800
Petroleum
Va Pub Serr
Vogt Manufacturing
Vultee Aircraft Co——
*
Waco Aircraft Co
»
Wagner Baking y t o
0
%
May
2
Mar
0%
Mar
300
1
16
16%
1%
16%
50
1%
400
1
77
78%
300
z48%
1%
he
900
6%
2;900
""
T,3o6
2% May
2% May
Sept
15
48
he
1%
....
100
48%
%
"15%
18%
14%
"90
90
300
1%
1
1
4%
10%
7%
4%
24
Mar
May
15%
23%
Dec
14% May
475
bbb3
Apr
Canada Northern Pr 5« ...1963
x
a
Jan
Canadian Pac Ry 6s
Cent Power 5s ser D_.
x
15%
May
1%
97%
Dec
12
Apr
100
7
May
July
6%
3
Mar
Dec
May
%
Apr
1%
Apr
Dec
63
14%
2%
May
May
Jan
Common
100
12% May
1%
Oct
1
May
110
92
5%
5,800
800
May
1% May
3% May
3%
Oct
Wilson-Jones
14
1,500
5%
Jan
4%
4%
100
3%
July
1
200
12
100
8
200
4%
5%
2,000
1
4%
4%
100
5
200
Wright Hargreavea Ltd.
4%
4%
Sept
3% May
% May
7% May
6% May
98
May
3% May
4% May
4% Sept
20,200
Bogota (see Mtge Bank of)
♦Cauca Valley 7s
1948
25
7%
25
8%
Danish
5%s
Ext 58.
*25%
..1952
1953
50
53
20%
*5
99
18
156
102%
"6~666
90
103%
104
25,000
89
103
11,000
95
103%
65
100%
83%
102
78
102%
104
27
28
8,000
25,000
9,000
52,000
25%
41
26%
28
87,000
25%
41%
89
94% 184,000
38,000
45%
64%
37
50
92%
77
93%
78%
95%
78%
70
69%
102% 102%
45
94%
94%
"i^OOO
63
95% 103%
94%
82
83%
23,000
66
94%
94%
93%
95%
94
4
Jan
2
Jan
102
Feb
1949 y b
105
1st ref mtge 3s ser P
1969
x
aaa4
till
104% 111%
ser A
1954
x
aaa4
1943
stamped
y
b
5s
75
94
45
01%
93
102%
x
y
Sept
Elmlra Wat Lt A RR 5S—1966
x
a
Mar
EI Paso Elec 5s A
x
bbb3
x
bbb2
z
cccl
116%
Deo
6%
Nov
7%
Jan
Empire Dlst El 5s
1952
♦Ercole Marelll Eleo Mfg—
0%s series A
.1953
4
*126
105
Erie Lighting 5s
1967
x
a
3
1954
W
b
4
1901
y cccl
1966
x
bbb3
'l05%
1954
x
bbb3
106%
Jan
June
12%
Feb
Florida Power A Lt 5s
3% June
6%
Jan
103
74%
70
107
88%
89
125%
"5",000
102% 100
23,000
101% 100
23
...
*108% 109%
102% 103
104
110
127%
102% 102%
105
105%
*45
Federal Wat Serv 5%s
Finland Residential Mtge
5%
99
80
53%
1959
1950
97%
92
2030
1956 y
124% 130
92% 159,000
90%
2.000
53%
53%
a
2
101%
101% 102 % 24,000
bbb4
*106% 107)|
bb 2 "87%
86%
87%
97,666
b
4
88
87% 88% 95,000
96%
4
Delaware El Pow 5%s
Eastern Gas A Fuel 4s
Jan
111%
2
Eleo Power A Light 5s
Cudahy Packing 3%s
1,000
30,000
x
Mar
111%
128% 128%
4
1958 y bb
1944 y b
Cont'l Gas A El 5fl-
Tobacco
125% 135%
City)—
1955
Nov
97
*110% 112%
Gen mtge 4%s
Consoi Gas Utll Co—
2
81
aaa4
Apr
9%
17,000
85
96%
101%
aaa4
Apr
12%
76%
75%
x
7%
6%
7%
7%
100% 100%
*129%
72,000
53,000,
88
x
Consoi Gas (Bait
Apr
70
1971
—
Dec
Oct
100%
16,000
(Bait) 3%sser N
3%
77
y bb
49
106% 109%
11,000
89
103
Gary Electrio A Gas—
5
Banks 0s-5s stpd
ex-warr
ser
C
stamped
1944 ybb
1969 x a
,1953
y
b
1956 ybb
3
42
101
2
1
2
x
'101%
ccc2
♦General Rayon 6s A
Gen Wat Wks A El 5s
1948
1943
y
bbb2
Georgia Power ref 5s
1967
x
a
1
Georgia Pow A Lt 5s
1978
y
b
z
b
1
29
Feb
Glen Alden Coal 4s
Aug
28%
Feb
Gobel
1965 ybb 3
1941 y ccc4
12
Jan
26%
Nov
(Adolf) 4%s
Grand Trunk West 4s
1950
x
a
3
1950
x
a
2
Green Mount Pow 3%s—1963
x
aa
12,000
7
Dec
15
1,000
14
Feb
20%
Nov
Guantanamo A West 0s
1945 y b
1958 y b
12%
Aug
26%
Guardian Investors 5a
1948 y c
Jan
~4~66o
18
May
53
Dec
Dec
2,000
20
May
49
Mar
0
Attention is directed to the
Mar
new
12
♦Hamburg Elec 7s
1935
♦Hamburg El Underground
A St Ry 5%s
1938
80%
64%
42
105% 106%
105% 106%
100% 101%
77%
78%
*101% 102
101%
*65
lOg"
4
1953
Sept
20
27
20
52
..1955
Danzig Port A Waterways
♦Ext 0%s stmp
1952
For footnotes see oage
23
116
89% 117
138
82%
1952
6%S
Grocery Store Prod 6s.23
♦Prov Banks 6s B—1951
1,000
130%
y b
Debenture 5s
Cities Serv P AL5 %s
20%
5,000
17,000
—1969 y b
75
Cent Bk of German State A
♦6 series A
"94%
Gr Nor Pow 5s stpd
25
95
88
*90
♦Gesfruel 6s
1951
124% 127% 157,000
85%
5
♦Baden 7s
92% 100%
85%
Sales
Jan 1947
95% 105
1,000
60
for
♦20-year 7s
5,000
65%
Week
23
24
75
103% 110
28,000
Gen Pub Utll 0%s A
BONDS
~i~666
34%
108%
83
5s
MUNICIPALITIES—
102
104%
86
Gatlncau Power 3%s A
General Pub Serv 5s
m%
121%
53
83% 176,000
GOVERNMENT
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
15,000
82
Florida Power 4s
5s
65
85%
Woolwortb (F W) Ltd—
Amer dep rets
63%
82%
Feb
6%
2
com
10%
83%
Sept
6%
100
7% pf 100
Petroleum
13,000
85%
11%
10%
7%
10
"it
28%
12%
82%
9% May
6
7%
10
1958 y b
Deo
13
12
28%
72,000
196e y b
I960 y b
19%
6
»
26%
10
Debenture 5s.
May
13
Wolverine Portl Cement. 10
Wolverine Tube
May
19%
10
Co
Wisconsin P A L
31
59%
19%
Williams Oll-O-Mat Ht—*
Wilson Products Ino
1
30
10
76,000
Conv deb 5s.
Cuban
"0%
11
59,000
Cities Service 5s
Conn Lt A Pr 7s A
1951
Oonsol Gas El Lt A Power—
13
1,000
13%
13%
13%
Apr
Apr
15% May
1
12%
Sept
Community Pr A Lt 5s... 1957
700
45%
1955 y bb
Feb
Wichita River Oil Corp..lu
Williams (R C) A Co
*
ANO
bb
1%
2%
27
.27%
bb
July
20
12%
12%
12%
12%
12%
9%
6s
Weyenberg Shoe Mfg
FOREIGN
1927
he
1%
1%
100% 101
3%
3%
102%
94
—1952
{♦Chic Rys 6s ctfs
Cincinnati St Ry 6 %s A
«* series B
102%
103%
"78""
Cent States PAL 5%S—1953 y b
Apr
...—*
129
102% 108
38%
62%
103
3
1957 y bb
Cent states Elec 5s..——1948 y cc
6 %s
1964 y cc
Aug
May
20
Westmoreland Coal
Westmoreland Ino
121
6%
10
Western Maryland Ry—
Woodley
1942
1%
59
109%
105%
4,000
111%
111% 111%
*155% 156%
a
May
70
1,800
x
C
5%
7% 1st preferred....100
Western Tablet A Statlon'y
10,000
111
125%
1954 7 bb
1%
5,000
3,200
1968
1959 y bb
Broad River Pow 5s
h<
"it
8%
4%
Birmingham Elec 4%s
Birmingham Gas 5s
6s series
July
5
90%
91,000
*106% 107%
109%
109% 109%
3
Jan
Dec
29
3
aa
Feb
he
July
64%
2
June
% May
b
x
jtS:
5
"12%
3
Nov
16
x
1957
aa
1%
55%
38
1950
Convertible 6s
Bell Telep of Canada—
1st 6s series B
%
1
106%
108% 112
46%
100% 100%
1
Western Air Express
Western Grocer oom
104
107%
42%
102
aa
1%
74
3%
8,000
106% 106%
2
v
80%
91%
10%
500
2
128% 128%
"45%
2
3%
Wentworth Mfg
1.25
West Texas Util 16 pref—*
West Va Coal A Coke
*
89,000
1947 y bb
x
Feb
Dec
5
Wayne Knitting Mills...51"
Wellington Oil Co
1 "
104% 105%
6e without warrants —.1947 y bb
6s with warrants
1998
May
he
1,700
»
Walker Mining Co
4,000
10,000
Baldwin Locom Works—
♦
Class B
'l"04%
106
108%
110% 111
3
x
1960
Apr
May
1,300
100
Watt A Bond olass A
106
aa
3%g—.1964
Bethlehem Steel 60:
2
Aug
19%
15%
U
10%
May
4
300
he
*
7% preferred
Dec
Aug
14%
i.
7% pref.-lOO
1%
6
48
108
106%
106%
104%
Avery A Sons (B F)—
1,400
1%
"\6
*78~
108
dddl
ht
%
5%
conv
Veneauelan
z
200
%
1
Utility A Ind Corp com..6
Conv preferred...
7
Valspar Corp com
1
1968
5% May
Utility Equities com—lOc
15.50 priority stock..—1
♦Debenture 5s...
Feb
Apr
3%
1%
98%
dddl
2%
he
6
Utah Pow A Lt $7 prof
Utah Radio Products
dddl
z
2%
1%
99
62,000
dddi
z
200
%
*
Utah-Idaho Sugar
z
1949
♦Conv deb 5%s
1977 z dddl
AssocTAT deb 5%a A—.1955 y b
3
Atlanta Gas Lt 4%s
2
1955 x a
8
Insurance
1948
1960
3
*
Universal
Apr
♦Conv deb 4%s
♦Conv deb 4%a
1
pref
Universal Pictures
3
900
•
United Stores common.60o
conv
Appalac Power Deb 0s
2%
60c
oommon
May
35%
2%
"5,666
104
109
{Associated Gas A El Co—
Nov
Feb
71
May
103
104%
bbb3
1953
104% 107%
102% 102%
bbb3
Arkansas Pr A Lt 5a
Associated Eleo 4%s
105
4,000
104%
102%
2
a
7,000
106% 106%
105%
*104
2
3%s
Jan
May
26
U 8 Rubber Reclaiming..*
U 8 Stores
1st A ref 4%s
.1907 y bbbl
American Gas A Elec Co.—
Apr
June
1%
106%
1
Feb
U 8 Plywood Corp—
conv
1
♦Conv deb 5s
*
—;
47
Nov
1940
107 % 107%
1
,
Apr
3%
3%
200
he
$5 1st pref with warr__.*
Nov
%
Co—
10% May
239
sharing—25c
10% preferred--10
$1%
Power
1st 4 ref 5s......
United Profit
U 0 Radiator
Alabama
2
2,800
24
United N J RR A Canal 100
pref
89
20
22%
Am dep rets ord reg...
U 8 Lines
May
70
22%
Milk Products..
S3 partic pref
United Molasses Co—
United Shoe Maoh
79
BONDS
102
"80%
dd
cccl
94
102
101%
67%
12~,666
27,000
59
75
29
65%
80%
62%
3,000
57
106
110
"(j", 000
91
79
110%
99% 108
52
63%
29%
53
7,000
23
42%
1,000
15%
26%
28
25
75
101
18
7,000
78
24
89
87%
103% 107%
94",000
77%
24
z
56
57,000
*25
97% 102
83
65
*108
57
98% 106%
106%
"5~666
49
106% 107%
*56% 63
z
6,000
22%
100
32,000
72
100
100%
107% 108
72%
73%
*25
80%
2,000
18,000
55,000
*27
25
Nov
column in this tabulation pertaining to bank
eligibility and rating of bonds.
See
1.
Volume
New York Curb Exchange—Concluded—Page 6
152
Rank
(Concluded)
Last
Sale
See a
Price
Par
Houston JLt A Pr 3 Ha
Friday
Ellg. A
Rating
BONDS
1966
Low
*3
1949
~71~~
y b
Bank
Friday
Elig. A
Last
Week's Range
BONDS
Rating
Sale
1940
(Concluded)
See a
Price
of Prices
Low
High
Range
i
71
106 H
1HH
"5~,000
81
66
73
*70%
*107% 110
64
Power Corp (Can) 4%sB_._1959xa
]
1954
b
z
26
1st mtge
3%s
109
159% 159%
20,000
128
105% 105%
2,000
73,000
104% 108
86
102%
107H
107
107 H
20.000
let A raf 5 Ha aer B
1954
1956
x
bbb3
107
106% 107H
11,000
x
bbb3
106 H
106
106 H
26,000
3
bbbl
102 H
101 % 102 H
8,000
2
"73 %
*100% 101H
74 %
73 %
127000
57
74%
1st A ref 5s ser C
1950 y bb
3
102%
102%
72 H
73 H
7,000
56
73%
1st A ref 4%s ser D
1950 v bb
3
100
80
80 H
10,000
60
99%
1952 y bb
4
89
6a aer C
Indiana Hydro Elec
1957 y bb
5a
1958
y
1950 y b
Indiana Serrioe 6a
1963
♦Indianapolis Gas 5a A
y
b
.1952
1st lien A ref 5a
z
bb
"80 H
♦6 Ha series C
1957|y b
♦7s series F
1952
Interstate Power 5a
1957
6,000
19%
47%
72%
♦Saxon Pub
51
♦8chulte Real Est 6s
1951 x cc
Scripp (E W) Co 5 Ha
1943 x bbb2
8cuUln Steel
1951
b
3
71
70
72
38%
38
214.000
51%
39%
32,000
29
105%' 105% 105%
21,000
103
*105
105H
*106% 108%
*20
26
30 H r34
3
103
106%
106%
106% 109%
52
25%
cccl
y cc
I
4,000
29%
42
—
1942
z
b
3
Kansas Elee Pow 3 %s
2
Kansas Gas A E ee 6s
6s stamped
44H 45%
*104 H HO
8,000
39
53%
Wks 6s
b
2
82%
2
87%
Ino 38
2
86%
Sheridan Wyo Coal 6s
1947 y b
2
94
1957 y bbb2
Southeast PAL 6s
2025 y bb
x
aa
x
a
2
12SH
128% 128H
~I~666
102% 107%
117
128%
Sou Counties Gas 4%s
Sou Indiana Ry 4s
x
a
4
107%
107 %
17,000
104% 109%
♦Leonard Tiets 7%*
cccl
So'west Pow A Lt 68
8"west Pub Serv 6s
*28
1946
Long Island Ltg 6a
1945
x
bbb3
Louisiana Pow A Lt 5s
1957
x
a
Mansfeld
4
40
105
104 % 105
4ioo6
107%
107
7,000
107 H
33
103% 106
103% 108%
z
dd
1
*28
.19
35
4
1948
y
b
1952
1947
1971
x
bbb2
y
b
x
aa
1965
x
aa
1945
1943
y
bb
y
*73 %
68%
77
Metropolitan Ed 4s E
4a series G
Middle States Pet 6Ha
Valley RR 5a
MUw Gas Light
4Ha
Minn P A L 4H>
10,000
104% 109 H
109 %
110H
14,000
106
102% 102 H
51 H
55H
12,000
23,000
61%
x
bbb2
105% 105%
8,000
x
bbb3
...1955
x
x
bbb2
1957
x
bbb3
Miss River Pow 1st 5s
1951
x
aa
2
Missouri Pub Serv 5s
1960
y
bb
4
Nassau A Suffolk Ltg 5a
1945
x
bb
2
Nat Pow A Lt 6s A
2026
2030
y
bbb2
bbb2
{♦Nat Pub Serv 6a ctfs...l978
1981
z
x
aaa2
2022
x
aa
B
Nebraska Power 4Hs
6s series A
y
"97%
*107%
bbb3
107 H
bb
3
91%
1948
1947
x
aaa2
y
b
4
y
b
4
1950 y b
4
5a.
Conv deb 5a
Debenture 5Ha
107 % 109
98
96 %
7,000
"62 H
107% 110%
86
112%
"moo
109
102%
113%
107 H 107H
5,000
101
109
20
28
95
25%
1.000
12,000
107 H
5,000
63 H
72,000
457666
88%
42,000
93
bb
y
bb
51
105
71%
5s stamped
1942
y
bb
3
1949
y
bb
4
100% 103%
*100% 102 H
♦Income 6a series A
*103% 104
New
York
97
104%
1950
1980
196*
2004
Debenture 5s
Nippon El Pow 6 Ha
No Amer Lt A Power—
a
4
105H
x
a
4
109
x
aaaa
x
1953
1st mtge 3%s
N Y A Weetch'r Ltg 4s
x
1954
N Y State E A G 4Hs
bbb2
y
aa
Okla Nat Gas 3Ha B
74%
69
69%
23,000
49%
69%
70%
19,000
48
74%
74%
30,000
48
74%
40
40
46
46
....
46
1946 x
1953 yb
1
Texas Eleo Service 6s...... 1960 x bbb4
Texas Power A Lt 6s
1956 x a
2
6s series A
27
106%
107%
2022 y bbb2
Tide Water Power 5s
3
97%
4
1979 y bb
6,000
48
74%
23,000
6,000
49
74%
14%
24%
6,000
2,000
27
55
40
48%
1,000
3,000
18
60%
r26% r27
106% 107
38%
18,000
13,000
107% 108
*121% 123
97
97%
21%
46
101% 107%
104% 108%
121%
109
15", 000
88% 103%
21,000
56
Tlets (L) see Leonard—
Twin City
Rap Tr 5%s...l952 yb
60
61
69
{♦Ulen A Co—
6%
118% 118%
*21% 26
1950 x
♦United El Service 7s
1956 y bb
1941 x cccl
1945 x b
I
1949 x aaa4
1
1,000
30
114
119
20%
45%
16
34
10
34%
73
89%
74%
94%
"11",000
30
*30
12%
6%
17,000
6%
Conv 6s 4th stp_.
United Elec N J 4s
31%
Light A Pow Co—
Debenture 6s
1975 yb
2
87%
Debenture 6%s
1st lien A cons 5%s
1974 y b
2
90
1959 X bbb3
Un Lt A Rys (Del) 6%s...l952 V
United Lt A Rys (Me)—
bb
2
6s series A
1973 Y b
18.000
13,000
94%
32,000
96%
120
2
120%
9,000
85
1952 x bbb3
Deb 68 series A
"96%
90
107
89%
106
5,000
87%
85%
86%
104% 110
78
97%
110
2,000
120%
89
72%
Utah Power A
Light Co—
1st lien A gen 4%s
1944 x bbb3
Deb 6s series A.
...2022 x bb 2
Va Pub Service 5 % A
1946 y bb 3
1950 y bb
Deh S f 6s
1946 y b
3
1954 x cc
*101
106%
101%
2
104% 110%
102
106%
111% 115%
43
'101%
Wash Ry A Elec 4s
...
95% 102
85
106%
102
10,000
106% 106%
101% 101%
99% 104%
23,000
102% 103
3
102% 105%
29,000
2,000
102 % 103%
105
105
1,000
40
14,000
94
65
♦6s
Income
deb
8,000
95
104
101% 101%
7,000
94
102%
4
10%
109%
103%
5% 114,000
4%
110
*108
109
109%
"MOO
108
*107
1961 * aa 4
Washington Water Pow 3%s'64 1 aa 2
West Penn Elec 6s
2030 x bbb3
1960 x aa
2
117%
Un 6s—.1944 y bb
2
59%
5s_.
103%
West Newspaper
106
Wheeling Elec Co 5s
1941 x aaa2
Wise Pow A Light 48
1966 x bbb3
112% 113
108 %
109%
14,000
53%
107% 113%
103% 110%
109
108%
107% 107%
*104% 104%
17,000
43.000
3,000
58
"7,666
117%
60
107% 109%
104% 108%
107% 117%
43
23,000
60%
102
*100% 105
105
104% 109
104 % 104%
117
107
103% 109%
1955 * bbb3
Okla Power A Water 6a...1948 x
108%
69%
54%
...
105H 105%
109H
109
108%
1962 x a
53
105%
Waldorf-Astoria Hotel—
112%
1945 y bb
3%b.,_.1908 * aa
Ohio Public Serv 4s
37
90
105
60
♦Ctfs of dep
103%
2,000
7,000
26,000
"si"
1948 7 b
95%
113%
'
43
102 %
97%
103%
102% 105%
3,000
108
54%
West Penn Traction
Nor Cont'l Uttl 5Hs
Pacific Gas A
81
4,000
102
25,000
19%
*112
b
1956 7 bb
No Boat Ltg Prop 3HS—1947 * aa
Ogden Gas 1st 6s
5,000
44,000
105% 106
19
*106
3
6Ha series A
Ohio Pow 1st mtge
103 H 103 H
90%
49
3
1st ref 6s series B
y
87
64
11,000
70
70
7s 2d stamped 4s
♦Tend Hydro El 6%s
Penn A Ohio—
♦Ext 4H> stamped
98%
5,000
86%
94
93%
103% 103%
110% 110%
102% 102%
49
51%
69%
68%
♦7s2d stamped 4s......1940 x
99%
New Orleans Pub Serv—
83
64
40
1950 z ccc2
110
100%
57
6,000
3,000
14",000
♦Starrett Corp Ino 6s
Stlnnes (Hugo) Corp—
122%
71%
64 %
39
104
28,000
87%
86%
26%
23
100%
38,000
70
United
62 %
1,600
14,000
70
70
95
*109 H 111
3 "96 %
96 H
97 H
3
99
99 H
99 H
12
"
36""
101% 101%
81%
82%
45
3
110
62 H
105% 109%
127
137%
69
3
62
71%
1,000
70
102
62
54"666
69
"moo
61
15
108""
107%
70
92% 233,000
121H 121H
1,000
62 H
64 %
30,000
115
30
13%
3
♦United Industrial 6%s
♦1st s f 6s
106 %
90
99
18
30
Dec 1 1966 yb
128%
108% 111%
80
89
42%
3
3
1948 yb
1951 y b
120
aaa3
y
98
16,000
62 H
x
1954
3%«
New Eng Pow AssnSa
105%
100%
17,000
1,000
88
70
2
.1948 yb
1967 yb
105
97
62 H
1961
1948
New Eng Power
96
25%
2
x
N E Gas A El Asan 5s
102% 108
1,000
110% 110H
*127% 130
.
y
New Amsterdam Gas 5s
98% 104%
9,000
112 %
1948
Elec 6s
3,000
106
103% 103 %
*100% 101%
1948
Nevada-Calif
23,000
98
70
102
81
*106
1957 yb
111
105H 105 H
'i6s55
-.1966
Nelsner Broe Realty 6s
104 %
107% 107%
103
bbb3
...1955
103
4,000
*105%
Standard Pow A Lt 6s
91% 102%
bb
95 H
110%
102%
Lt 6s
1st A ref 5a
Deb 6a ser lee
96%
95 H
95 H
106
107 H
2
Mississippi Power 5a
Miss Power A
81
103
1967
1978
Mengel Co oonv 4 Ha
Midland
99
105H
4
...1989 x b
6s gold debs
*103
102%
3
2
1945 x bbb4
(stamped)
Debenture 6s
83
Memphle Comml Appeal—
Deb 4 Ha
1968 x aa
1951 y bb
Conv 6s (stamped)
Debentures 6s
23
Rad A Mlg—
6s stamped.
83
Standard Gas A Electrlo—■
6s
1941
"il6%
4
2022 y bb
Spalding (A G) 5s
Mln A Smelt—
♦7s mtgesf
McCord
y
1970 x a
1966
30
8,000
42,000
36
101%
1st 4%s series D
2022
"
102%
*25
2
Shawlnlgan WAP 4%s_..1967 x a
%s—1966
z
101
99% 100%
102
137% 137%
107%
1937 x cccl
Lake Sup Diet Pow 3
107%
104% 107%
*25
Sou Carolina Pow 5a
♦Isarco Hydro Eleo 7a
Italian Superpower 6s
Jacksonville Gas
ccc2
101% 102%
30
♦Ruhr Gas Corp 6 %s
♦Ruhr Housing 6%s
49%
bbb4
1952
1963
5%s series A
21
y
109%
Queens Boro Gas A Elec—
6,000
21H
aa
3
25
21
z
Puget Sound PAL 5%S___1949 y bb
1953 x b
1
1958 x cccl
8afe Harbor Water 4 %s
1979 x aa 3
San Joaquin L A P 6s B...1952 x aaa2
21
x
1966 x a
43%
y
1958
4s series A
17%
1961 y bbb4
6e series B
Iowa Pow A Lt 4%s
y aa
3,000
1957
Iowa-Neb L A P 6e
105%
19%
1
y
bbb4
Pub 8erv of Oklahoma—
108% 109%
1952
Debenture 6a
x
18
b
y
1949
6% perpetual certificates
102
101%
debs 4s
23 %
19%
1956 yb
♦7s series E
96% 106%
93
*108% 110
Indianapolis Pow AM 3%sl970 x a
International Power See—
8 f
Public Service of N J—
98% 107
87
26%
3
bbb3
1st Are!
91%
14
105% 109%
x
81 deb 6Ha...May
3,000
6,000
11,000
x aa
1953
105% 109%
101
107%
1940
61
72%
26
105% 105%
2
y
1967
111 Pr A Lt let 6a ser A
b
Range
for Year
t
4
1964 x aa
1949
Idaho Power 3%s
6a serlee B
*71%
25%
for
Week
Public Service Co of Colo—
79
,
Sates
2
♦Prussian Electric 6s
1,000
15
71
♦Hungarian It&l Bk 7%s.__1963 z c
Hygrade Food 6a A
High
110% 110%
110%
x aa
for
| Week
of Prices
for Year
Sales
|
Week's Range
t
99
108 %
bb 4
50 H
51
35
{♦York Rys Co 5s stmp_._1937 z bb
♦Stamped 5s...
1947 v bb
1
2
107%
"99%
li'ooo
107% 107%
97%
99%
102% 107%
98
3,000
90
100
99%
2,000
94
101
100% 105
Elec Co—
1941 * aaa2
1st 6s series B
1942 x aaa4
1955 y bbbl
...1964 * ccc2
1977 * bbb2
Paclflo Ltg A Pow 5s
Pacific Pow A Ltg 5s
Park Lexington
3s
Penn Cent LAP 4Ha
104 %
*107
"97"
1971 x aa
Penn Electric 4s F_
38
105 % 105%
*106
381666
2,000
36,000
105
110%
106% 112
86
97%
39
43%
96% 105%
107%
101
106%
106%
105%
105% 105%
"27666
100
108
2
1962 x aa
5s series H
97%
37%
"105%
1979 * bbb2
1st 58
108
96 %
108
15.000
104% 108%
104% 109%
101% 108%
106
108%
108%
Penn Ohio Edison—
6s serlee A
1950 y bb
Deb 5Ha series B
1959 7 bb
105H
105% 105%
7,000
Penn Pub Serv 6s C
1947 * aa
1954 x aa
107%
107% 107%
*107% 108%
3,000
103% 104%
103% 104%
113% 113%
15,000
91
104%
17.000
95
105
102% 102%
*20
27%
*105
106
1,000
6b serlee D
105
Peoples Gas L A Coke—
4s series B
1981 *
4s series D
1961 *
bbb2
bbb2
1972 x aa
Phila Elec Pow 5Hs
Transit 6s
1962
♦Piedm't Hydro El 6H8-1960
Pittsburgh Coal 6s
...1949
♦Pomeranian Elec 6s
1953
Phlla Rapid
.
3
103 H
104
113%
y bb
y
7
b
bb
1
b
2,000
I
•
92
103
♦
107%
13
•
5s stamped extended.
78%
95%
75
90
93%
95%
89
88
89
20,000
14,000
108% 109
37,000
106% 110
"MOO
107% 111
45
53%
None
1940 z bb
z bb
.1.1950
1956
x
a
...1961
1947
x
a
y
ccc2
Potomac Edison 6s E
4Hs series I
Potrero Bug 7
*-tid
No sales being transacted during current week.
( Reported in receivership.
Portland Gas A Coke Co—
5s stamped
Ex-dlvldend.
Bonds being traded flat.
T Called for redemption:
27
26
x
* Friday's bid and asked price.
48%
25
n
a
cluded In year's range,
105
26
Deferred delivery sales not Included In year's range,
d ExUnder the rule sales not Included in year's range,
r Cash sales not In¬
No par value,
Interest.
110% 115
24
4,000
▲
108%
109
*109% 110
47
48%
Cash sales transacted during the current wee* and not included in
e
weekly or
yearly range:
No Sales.
Under-the-rule sales transacted during the current
V
week and not Included in
weekly or yearly range:
sales.
No
▼
Deferred delivery sales transacted during the current week
and not Included In
weekly or yearly range:
No sales
Abbreviations
Above—"cod," certificates of deposit;
Used
"cons," consolidated;
"cum," cumulative; "conv," convertible: "M," mortgage; "n-v,"
*
t c." voting trust
v
non-voting stock;
certificates; "w i," when Issued; "w w," with warrants; "x-v"
without warrants.
a
Bank
Eligibility
and
Rating Column—x Indicates
those bonds which we
believe eligible for bank Investment.
y
Indicates those bonds we believe are not bank eligible due either to
In the bond tending to make lt speculative,
rating
Btatus or some provision
x
Indicates Issues In default, in bankruptcy, or in process
The
rating symbols
of reorganization.
In this column are based on the ratings assigned to
each
agencies. The letters Indicate the quality and the numeral
shows the number of agencies so rating the bond.
In all
the symbols will represent the rating given by the majority.
Where ail four
bond by the four rating
Immediately following
cases
agencies rate a bond dlfferentlv, then the highest single rating Is
A great majority
Attention is directed to the new column In this
tabulation pertaining to bank
shown
of the Issues bearing symbols ccc or lower are all in default,
lower are In default
issues bearing ddd or
eligibility and rating of bonda.
See note a above.
Chronicle
The Commercial & Financial
100
I
Jan. 4, 1941
Other Stock Exchanges
Sales
Friday
Last
Baltimore Stock
Dec.
official sales lief
3, both inclusive, compiled from
28 to Jan.
Stocks (Continued)
Par
Week's Range
for
Sale
Exchange
of Prices
Week
Price
Low
High
for
of Prices
Low
High
16
15
70
*
Arundel Corp
70
1%
500
30*
Jan
50
June
45%
350
2%
Deo
50
%
%
Sept
1%
Feb
Dec
Aug
May
%
Apr
100
.
910
11
302
3
23c
Jan
21%
May
1%
1%
Automatic Washer com__3
%
4%
3%
%
4
4%
4%
65c
Jan
3
4%
108
1.35 May
2 50
Apr
Aviation A Transport eap.l
3%
151
66
Dec
83%
Backstay Welt Co com...*
10
108
Sept
Apr
Nov
33c
7
50
119% 121
159
7
120%
20
100
17%
17
17%
70
71
17
17%
Sept
8
130
400
9%
39
Bastlan-Blesslng Co com.*
Jan
Belden Mfg Co com
Belmont Radio Corp
Apr
Bendlx Aviation com
Nov
Berghoff Brewing Corp___l
Apr
1.45
Jan
72%
Jan
82%
82%
20
82c
Sept
90c
Mar
21%
21%
22%
570
14%
May
23%
JaB
$71,000
23
May
Class A pref—
30
May
36%
42%
Nov
16,000
Nov
Bruce Co (E L) com
54
Phillips Packing Co preflOO
2
Sept
54%
20
54%
Oct
35
1975
33
35
40 %
flat—1976
A 6s flat
38%
40%
28 to Jan.
Exchange
Week's Range
Last
Sale
of Prices
Lovo
Price
Par
Stocks—
High
for
Week
Range for Year 19AO
Shares
5
20c
30c
Low
19 H
125
19%
166% 108%
1,498
Blgelow-San Carp pref. 100
Bird A Son Inc
*
102%
102
100
Boston Edison Co (new) .26
Boston Elevated—...100
Boston Herald Traveler. .*
88%
20c
20
168%
preferred.....—50
Assoc Gas A Elec
100
hi
class A.. 1
60c
Dec
80
84%
9%
89%
8
342
34%
33
34%
3,294
46
45
46
444
30%
38%
18%
18%
18%
360
16%
Mar
Jan
%
103
July
May
May
60%
July
175%
May
214
Jan
20
Jan
50
Mar
12%
Apr
93
Nov
Dec
36%
Sept
May
May
50%
Mar
20%
Apr
Maine—
100
preferred
167
6
565
4%
Dec
1%
1%
1,143
1%
Nov
1%
1%
100
Class B 1st pref st... 100
Class D 1st pref St...100
1
5%
5%
IVs
Class A 1st pref St..-100
1%
IVs
1%
12%
5
1
Dec
62
1
Dec
2% May
3% May
3% Mar
pref
Boston Pers Prop Trusts.*
Boston A Providence...100
12%
6
H% prior pref
0% preferred
Fdy cap
_*
Castle A Co (A M) com..10
Cent IU Pub Ser 30 pref.
16
Apr
4%
May
8%
Feb
8%
May
0%
Nov
2%
302
1%
Aug
3%
Nov
104
26
148
12%
136
~
54%
May
60
Nov
May
40
Nov
1.00
4c June
Jan
82%
172
54
May
82%
Deo
14
15
295
7
May
17%
7%
Jan
"ah
4%
~3%
23%
2%
5%
2,896
2%
Aug
340
24
10%
20%
Apr
6%
Mar
4%
Feb
45c
May
259
2%
2%
10
2%
May
Sept
Nov
38c
210
25c
Feb
3%
2%
35c
90c
1.00
1,045
1
10c
10c
100
12%
12%
7
15
15
100
3%
100
NarragansettRacgAssnlncl
New England Tel A Tel 100
120%
5%
124% 127%
Dec
15
4
Dec
May
2.50
35c
30c
..100
0c
10c
*
12%
12%
240
22%
22
23
7%
29%
1%
10%
7%
29%
35
34%
Sept
25
May
12
230
Jan
25c
18
315
he
Apr
2
Dec
10c
236
hi
N Y N H A Hart RR..100
90c
11% June
53
4%
5
5
267
24
23%
Mergenthaler Linotype..*
4%
Feb
8%
27%
Nov
6%
Jan
108
Apr
Feb
May
137
June
Apr
50
25
*
Stone A Webster
*
♦
5
United Shoe Mach Corp.26
59 %
cum pref
...25
Utah Metal A Tunnel Co.!
Eastern Mass St Ry—
A AH%
-.1948
Chain Belt Co
11
10% May
14% May
24
Nov
510
71
May
95%
Nov
%
8%
Nov
Convertible preferred
.
.
%
Mar
May
Sept
92
41
60
37
21
87
Apr
Apr
13%
1
7,650
27%
68%
71%
28
1,300
1
100
8%
307
7%
5%
Oct
Jan
May
Jan
12%
33%
35%
Dec
May
84%
Jan
46
Oct
198
22% May
497
25%
1.193
65
1,531
30% June
Feb
Jan
Dec
50c
3,080
35c May
75c
Nov
268
1
395
5% May
%
Dec
9%
1%
Sept
190
25
Nov
Feb
30
July
19
101% 101%
104
104%
.
3,500
17%
8%
69%
Cities Service Co com...10
Club Alum Utensil com
»
4%
$6,000
87
2,000
86
June
104
June
Aug
Nov
106
Deo
Common part shs v t
of Prices
High
2,450
Feb
6%
May
2%
600
2%
May
3%
Mar
63%
51%
29
1
«
1
1
1
I
1
1
t
For footnotes see page 103
142
700
35%
88
91
340
3%
15%
166% 168%
45
Dec
%
%
70
%
4%
15%
May
May
May
May
July
21%
110
com
...
19%
582
13% June
140
51
18%
150
12
1
50
160
576
22% May
73
May
140
May
Jan
Apr
8
Jan
*
Fuller Mfg Co com
Jan
2%
Mar
10
22
Dec
55
13% May
140
9%
650
9%
150
14
50
15
100
6%
22%
■
2%
45%
~~7
46%
7
7
6%
6%
22
Gen Motors Corp com.. 10
General Outdoor Adv cm.*
Jan
4%
34%
Dec
Dec
2%
49%
Dec
11%
Feb
92
29% June
6%
Oct
500
3%
June
250
12%
Feb
May
650
5
15
75
3
14% May
35% May
1% May
33%
Dec
38
3,800
200
3%
228
3%
2%
Goldblatt Bros Inc com..*
8
8
500
8
Heilman Brewing cap
J
Hlbbard Spenc Bart com 25
Borders Inc com
*
Houdallle-Hershey cl B
*
Hub bell Harvey Inc com. 5
Hupp Motor Car
10
15^
15%
19%
10%
16%
14
14%
91
6%
350
9
150
"~8%
8%
/pref
.
Feb
Jan
Jan
49% Apr
56%
Apr
May
7%
Sept
May
6%
Apr
Apr
12%
Feb
12% May
9% May
15%
Dec
9% May
25
Apr
12%
Feb
27%
Jan
20%
6%
Nov
Mar
8
May
10
Feb
July
42
Mar
May
Apr
Apr
14%
10%
32
50
30
Jan
13
13%
555
9
May
15%
35%
16%
17%
17%
50
14
Jan
19%
*16
100
2%
6%
600
2
May
550
0%
May
27%
200
18%
May
3%
20%
3%
50
20%
88%
49%
20%
1,050
"~4%
34%
7ie May
1% June
20%
60%
17%
12%
21%
4%
90
306
51%
2%
829
17%
12%
100
550
9
21%
250
17
4%
8
2%
12%
Feb
5
10
27
*
1
18
57%
2%
*16
*
1
Oct
Apr
20
6%
Apr
6
38%
2%
Apr
25% [Nov
/
32
13%
17%
*
cap
250
4.250
May
8
38%
14%
Illinois Brick Co cap
10
Illinois Central RR comlOO
B) Co
,>
5%
1
com
390
10%
10
Nov
May
1%
4%
com.
Mar
Nov
18
3
49%
Harnlschfeger Corp
Feb
21
50
22%
18%
Apr
700
1,050
3
oom__*
Jan
5%
10%
14%
14%
Aug
May
May
9
May
11% May
4%
9%
4
Gossard (H W) com
*
Great Lakes DAD com..*
Hall Printing Co com...10
Feb
23%
4
Gillette Safety Razor oom *
Goodyear T A Rub
48%
30
1,200
3%
29
2%
*
com
Jan
19%
Dec
4%
3%
2
Dec
May
21%
27%
Feb
1
14
2%
Dec
19
1
15
29
Jan
81
May
May
9
8%
"3%
Apr
Apr
Mar
660
22
9
19%
33
110%
24%
600
20%
4%
9
com
1%
22
14
Four Wheel Drive Auto. 10
Fox (Peter) Brewing com.5
11
1%
% June
5%
Dec
100
1%
11
*
Fits Sim A Con DAD
99%
83
Eddy Paper Co (The)
Fairbanks Morse
18%
10
18%
*
*
Elec Household Utll Corp_6
Elgin Natl Watch Co... 15
E vers harp Inc com
1
21%
110
18
Dodge Mfg Corp com....*
com
10
50
80
Dexter Co (The) com
5
Diamond T Mor Car com .2
Dixie-Vortex Co
2
65
4%
18
com. 1
Decker A Cohn (Alf) com 10
Preferred
100
Deere A Co
50
16
83
25
8
*
Dec
May
38% June
10
%
Oct
11% June
1
Apr
Apr
Feb
5%
13%
29%
3%
23%
94
Jan
Jan
Dec
Dec
Oct
Nov
62%
Jan
4%
18%
Nov
Jan
17
Jan
23%
Apr
550
4
May
July
May
6%
Feb
150
5% May
8%
Apr
3
1
70%
Jan
58%
4%
17%
Nov
Oct
Nov
Jan
41%
100
175%
Jan
Mar
Dec
38
10
90
May
May
3%
350
2% June
400
Jan
3%
Jan
%
Mar
1%
Jan
*
3%
3%
150
2%
4%
Mar
7%
6%
7%
600
5
June
8
Sept
7
700
5
May
Nov
9
Apr
3%
Apr
Aug
26
1%
15%
*
*
10%
com
*
16%
.*
Liquid Carbonic
14%
com
'10%
_
Nlckelberry'sFd Prod coml
Middle West Corp cap
5
Midland United conv pf A*
Common
*
1%
300
16%
170
10%
16%
125
20
"0%
1%
14%
27%
7%
1%
150
14%
27%
1,000
25
10%
560
38
*
*
McCord Rad A Mfg A
*
McQuay-Norris Mfg com *
McWilllams Dredging com*
%
%
Apr
Dec
10
i*
350
6%
49%
105
Nov
Sept
July
com
com
%
5
LI bby McN eill&Ll bby com7
Lincoln Printing Co com..*
Corp
3
590
3%
48%
105
Loudon Packing com
Marshall Field com
High
1,200
50
105
3
50
100
Lion Oil Ref Co cap
49% Dec
34% May
2% May
8% May
4
91
May
Dayton Rubber Mfg
LeRol Co
Week
53%
50%
3%
15%
36
50%
Advanced Alum Castings.6
Allied Products CorpcomlO
75% May
11% Mar
7% May
53% May
5%
Cudahy Packing 7% prflOO
Cunningham Dg Sts cm2%
Curtis Lighting Inc com 2 %
M asonite
Abbott Laboratories com *
Acme Steel Co com
25
June
4%
Kerlyn Oil Co cl A com
5
Kingsbury Brews Co cap.l
Low
64
953
4%
29%
5%
100
6% pref
Range for Year 1940
Shares
10
400
25%
Ken-Raa Tube A L'pcm A*
Ky Utll Jt cum pref
50
Sales
Low
Apr
1,680
$3.50 pref
Sale
84
10,600
Common
both inclusive, compiled from official sales lists
Price
June
Kellogg Swtcbd A Sp—
CHICAGO
for
55
B*
c
Preferred
Leath A Co
Range
Jan
Feb
200
5%
Katz Drug Co com
Chicago Stock Exchange
Week's
Dec
73%
La Salle Ext Univ oom
Last
Nov
69%
71%
8%
29%
Iron Fireman Mfg vtc
Municipal Dept. OGO. 621
Friday
1%
5%
Capital
25
Consolidated Oil Corp..
Interstate Pow $7
Exchange*
Teletype
La Salle St.,
21%
13%
Dec
Consumers Co-
Inland Steel Co cap
*
International Harvest com*
Members Principal
Bell System
%
Commonwealth Edison—
Indep Pneumatic Tool cap*
Indiana Steel Prod com...1
SECURITIES
June
9
Jan
2%
Hormel A Co (Geo A) com*
<N CO
Nov
Feb
77
37
46%
Nov
1%
12
Jan
120%
25% June
310
May
30
29
09%
50
38%
Apr
1,522
"09%
•
Apr
16%
25%
%
15% May
13%
%
""%
20
39%
250
7% May
14% May
110
Trading Dept. OGO. 406-400
8,650
104% 106
41
Chicago Flex Shaft com..5
Chicago Towel com cap
*
Chicago Yellow Cab cap. .*
Jefferson Electric Co com
Allls-Chalmers Mfg. Co..*
July
2%
Paul H.Davis & €o*
American Pub Ser pref 100
Amer Tel & Tel Co cap. 100
4%
19%
Dec
300
%
*
Jarvis (W
Par
%
5%
17%
Litted and Unliited
Stocks—
Jan
Apr
300
55
8%
CHICAGO
Jan. 3,
Mar
7%
14%
com
Cherry-Burrell Corp com 5
Chicago Corp common
l
Indianapolis Pr A Lt oom.*
to
4%
23%
90%
2%
37%
60c
35%
59%
45%
18%
1970
Dec. 28
July
3%
Dec
17% June
20%
17%
92o
Dec
43c
*
10 S.
Feb
14%
54%
Aug
6c
Bond*—
1948
Feb
11%
20
General Finance com cap.l
General Foods com
•
900
206
Boston A Maine RR—
Series B 6s..
Feb
20
88
Gardner Denver Co com..*
General Amer Transp com 5
Feb
7%
%
27%
Waldorf System........*
*
4%
5%
Dec
90
May
%
1%
44
Warren Brothers
D) com..
500
4%
Nov
10%
50%
45%
0%
Warren (S
350
1
ln
35o
1,819
Old Colony RR—
Torrlngton Co (The).
Union Twist Drill Co
Jan
Apr
20
*
._*
Crane Co com...
80
15
Shawmut Assn T C
4%
19
V t c pref part shares..50
120
26
Pennsylvania RR
Qulncy Mining Co
140
3
"~4%
Container Corp of Amer.20
Continental Steel com
*
152
Isle Royale Copper Co..
Helvetia Oil Co t c..
Common
2%
1,850
19%
25%
22%
13% May
14% June
21
Prior lien oref
Preferred-
Jan
%
.
Pacific Mills Co
June
50c
Apr
5
Loews Theatres
North Butte...
Common
1%
36%
Hathaway Bakeries cl A
*
Hathaway Bakeries cl B__*
Common.
Dec
5%
Oct
May
250
19%
35%
80
*
Maine Central pref
1%
7%
5%
Nov
%
Employers Group Assn
*
Gillette Safety Razor....*
.
500
550
1%
_
Sept
52
.100
Eastern SS Lines
2%
8%
11
3%
4%
Oct
May
Sept
36%
Apr
11% Mar
Jan
23%
6
_.
75c
36%
100
.
..... .
150
9%
Dref..30
conv
9
30
150
52
100
100
-
May
7%
100
1st pref
2%
2%
2H
Eastern Mass St Ry
Preferred B
Jan
6%
-
4
Jan
10%
1%
Dec
11% June
217
95c
2%
Dec
4%
Copper Range
East Gas A Fuel Assn—
Common
%
100
12%
85c
*
Calumet A Hecla
•
1%
11%
11%
1%
12%
Brown-Durrel Co...
3,050
16
Nov
12
May
19%
Chrysler Corp common..6
*'n
Prior
14
200
Common stamped... 100
Class A 1st
600
472
Central 111 Secur Corp—
Common
High
Dec
144%
102%
9
Boston A Albany
Boston A
3,700
Feb
18%
May
8%
18%
7%
11
1
10
Conv preferred.
1st
35
Apr
7%
11%
Central A 8 W—
Amer Pneumatic Service Co
Common
*
Amer Tel A Tel
600
10
1
5% cumul
Sales
Friday
300
Apr
4%
May
May
May
18%
..*
Campbell Wyant A(Can
compiled from official sales list
3, both inclusive,
250
Apr
Jan
8%
Dec
18
8
6
Common
Butler Brothers
Dec.
17%
7
Apr
Mar
Brown Fence A Wire—
Burd Piston Ring com
Boston Stock
2%
4%
8%
12%
7%
3%
24%
7%
13%
10%
5%
8
4
50
100
34
34%
May
1,500
10
5%
Brach (E J) A Sons cap...*
Common
Bonds-
Bait Transit 4s
600
500
4%
4
Borg Warner Corp—
1.10
1.00
•:
10
Bliss A Laughlln Inc com.5
"l'.io
1
Penna Water & Power com*
Nor Amer Oil Co com
*
5
1,400
17%
17%
10
75%
17%
45%
Apr
12% June
10
Barlow Seellg Mfg A com.5
Apr
25
Aug
Aviation Corp (Del)
Apr
19%
14% June
650
1.10
119
June
6%
470
17
71
Mt VerWood Mills pref 100
New Amsterdam Casualty 1
July
101
110
—yj"
Merch & Miners Transp..*
U 8 Fidelity A Guar
2%
A they Truss
1.70
1
...
Fidelity A Deposit
Houston Oil preferred -
Wheel cap—4
1%
1
109% 109%
Consol Gas B L A Pow...*
Davison Chemical com
High
Low
Asbestos Mfg Co—
70%
1.65
100
4% pref C
Range for Year
Shares
16
30c
Bait Transit Co oom ▼ t c ♦
1st pref v t c.__
1940
Week
Price
Par
Stocks—
Week's Range
Sale
High
35%
Associates Invest Co com.*
Automatic Products com.5
Last
4%
Low
7%
1%
5
4%
1%
35%
Armour A Co common...6
Sales
Friday
Range for Fear 1940
Shares
38
5%
5%
5%
1
15%
9
Jan
May
14%
Apr
11% May
1%
Jan
8% May
26%
Dec
3% May
18%
Mar
2%
Apr
16%
Dec
32%
10%
Apr
Dec
10
5%
5%
34
July
39
Apr
100
5
Dec
8
300
3%
Jan
5%
Apr
Nov
Jan
6%
4%
6,650
5% May
9%
4%
50
1%
Mar
6%
*16
*16
150
he
Jan
Aug
% June
Volume
The Commercial & Financial Chronicle
152
Friday
Sale
Stocks (Concluded)
Range
for
Low
Range for Year 1940
Week
of Prices
Price
Par
Sales
Week's
Last
101
High
Shares
Low
Ohio Listed and Unlisted Securities
High
Midland UtU—
6% pref A
7% prior Hen
100
%
50
10
10%
380
3 %
26%
26%
150
17%
%
3
100
Miller <fc Hart Ino
pf*
conv
Modlne Mfg com
10%
*
Monroe Chemical Co com-*
3
1
%
Dec
6%
Jan
Jan
10%
Dec
May
3
Members Cleveland Stock Exchange
Jan
Nov
%
50
26%
Nov
1
100
1
May
1%
36%
26%
38%
854
32
M ay
55%
27
120
20
June
28
9%
50
7
May
11%
Natl Bond & Invest com.,*
9%
13%
13%
25
12%
Sept
18%
Natl Cylinder Gas com...!
10%
10%
Dec
12%
Nov
3%
11%
3%
429
National Pressure Cooker.2
100
3%
July
4%
July
30%
30%
50
23
May
30%
Dec
32%
31%
250
20%
May
5%
Montgomery Ward
38
com
Muskegon Mot Spec cl A.*
Nachman Sprlngfllled com*
National Standard
10
30 %
Noblltt Sparks Ind Inc cp-5
North American Car com20
"~G %
Northern 111 Finance com,*
10 %
Northwest Bancorp com.,*
12 %
com.
G1LLIS
Apr
Jan
Apr
Union Commerce
Apr
36
Apr
Friday
6%
10%
2,000
3
Feb
6
Dec
Last
Week's
50
9
Nov
12
Feb
Sale
12%
900
7%
June
of Prices
Low
High
21
100
12% May
Jan
12
Stocks (Concluded)
13
conv
A 10
12
13
80
8%
May
22%
Jan
12%
100
Parker Pen Co (The) com 10
13
150
7%
12%
May
13%
Dec
16
16
100
Sept
16
Dec
22%
36%
23%
909
15
May
25%
Nov
Peoples G Lt&Coke cap 100
37%
275
25
May
43%
Nov
Perfect Circle (The) Co..,*
15%
15%
150
23% May
29
Mar
7%
7%
214
5%
May
12%
Jan
300
6%
May
Feb
22 H
60
Poor & Co cl B
*
Pressed Steel Car com
1
13
Quaker Oats Co common.*
101
Preferred
7%
13
12%
99% 101
380
95
June
Price
Par
Sales
Range
for
Range for Year 1940
Week
Shares
Low
High
Nov
22%
Clark Controller
Penn Elec Switch
A. T. & T. OLEV. 565 & 566
10%
11%
N'west Util—
Penn BR capital
Bidding, Cleveland
Telephone: CHerry 5050
21
Northwest Eng Co cap,,,*
7% preferred
J RUSSELL cb.
Mar
Jan
14%
123%
1
*
Cl Cliffs Iron pref
cCI Graphite Bronze
16
78%
Cleve Ry
Cliffs Corp com
Colonial Finance
175
12
May
78%
a32%
77
a32
1
com
16
947
46
20
26
15%
43%
Mar
"27%
27%
29%
333
36
May
17%
16%
17%
11%
6%
1,997
17%
12%
Jan
5
May
20
Nov
50
10%
May
13
Apr
75
6
Sept
8
110%
30
109%
Dec
117
Apr
22
May
37
Apr
12%
26%
10%
May
21%
Jan
May
41
Jan
233%
Jan
11%
Commercial Bookbinding.*
6%
Doe Chemical pref
Eaton Mfg
100
110
._*
a34% o35
Firestone T & R com..10
General Elec com
*
100
157
157
157
20
141
June
159%
Dec
10
53
53
53
50
33
Feb
55%
Jan
General T & R Co
c
Dec
May
100
1
c
75
5
al8
a34%
all%
317
Raytheon Mfg Co com.50c
%
%
450
Feb
c
85
11
Reliance Mfg Co com... 10
9%
4%
21%
9%
200
8
Aug
12
Jan
Goodrich (B F)
*
al3%
al3%
al3%
May
May
71
10
4%
22
150
1%
Feb
6
Sept
Goodyear Tire & Rub
*
al9%
al8% al9%
407
Rollins Hosiery Mills com 4
Sangamo Elec Co com
*
150
% June
1%
Glidden Co
a33%
al8
a32%
all%
al3%
al3%
Rath Packing com
25
*
com
114
19%
Jan
May
20%
Apr
24%
Apr
30%
Apr
Great Lakes Towing. ..100
19
20
152
13%
550
6
May
10%
Nov
48%
130
36
79%
514
62
May
88
Apr
Greif Bros Cooperage A..*
Harbauer Co
._*
47
78
2%
601
Slgnode Steel Strap com..*
18%
18%
100
12%
July
19
Dec
c
a23% a24%
70
10% June
May
19
Feb
Industrial Rayon com..*
Interlake Steamship
*
34
Deo
Kelly Island Lime & Tr...*
9
18
Slvyer Steel Castings com-*
Sou Bend Lathe Wks cap.fi
Spiegel Inc common
35
2
Standard Dredge com
18
50
33
35
750
1
Preferred
20
20%
550
6%
6
May
1
May
2
12%
%
150
%
12
%
Dec
26%
25%
26%
1,350
20%
12
12
12
May
May
12%
25
Stein & Co (A) com
20% June
50
6
1
6%
Standard Gas & Elec com.*
Standard OH of Ind
9
*
10
8
May
11
Jan
Mar
2%
Mar
14
Lamson & Sessions
2%
3%
45
14
Jan
Murray Ohio Mfg..
12
12
110
2
Apr
National Acme
*
1
Feb
9
Feb
c
23%
23%
1%
29%
23%
23%
1,750
15%
17
22%
3,850
17%
39%
40%
1,034
33
May
May
47%
Apr
c
N Y Central RR com
11%
300
10
June
16%
Apr
c
Ohio Oil
*
'69%
68%
70%
1,008
60%
June
88
Jan
Otis Steel.
16%
17%
Apr
64%
67%
67
70%
a37%
*
10%
Utah Radio Products coml
Jan
38%
Nov
June
32%
25%
Feb
Mar
*
com..
12%
May
23%
June
87%
Jan
May
75%
Nov
Patterson-Sargent
*
Reliance Electric
5
c Republic Steel com.....*
103%
May
Nov
Richman Bros
130
% May
1%
Jan
950
be
Dec
Jan
1%
1%
600
1%
May
%
2%
31%
31%
30
22%
554
Seiberling Rubber
Convertible pref
7
*
21%
Apr
Viking Pump Co—
Walgreen Co com
»
Wayne Pump Co cap
1
22%
19
16% May
c
79
404
78%
4%
600
15%
4%
330
Aug
1%
117
117
5%
$7,000
Week's
Sale
Apr
72% May
1% June
93%
Apr
4%
Apr
May
110% May
131
Apr
of Prices
Low
High
Dec
Dec
9%
125
7%
May
al6% al7%
236
7%
May
17%
Deo
040% a41%
95
26% June
48%
Jan
50
18%
%
Range
a40%
Low
Exchange
19%
370
%
150
13% June
Dec
4
Dec
4%
Jan
Churngold
*
4
4
60
4
June
Cln Advertising Prod
*
6%
6%
25
Jan
8%
8%
Jan
July
Cln Ball Crank
5
1%
1%
243
5%
1%
Oct
2%
Apr
103
104
117
192
90
38
117
89%
23
3%
1,302
95%
3%
95
149
17
-25
4%
4%
Cln Union Stock Yds.....*
12%
12%
3%
14
4
155
93
93
93
116
10%
10%
177
Formica Insulation
6
June
77 %» June
105
June
1%
May
85% May
3
Hobart A..
98
Feb
13%
Jan
77
25
May
14
90
6
Jan
*
—
5
28%
29%
29%
102%
2.50
Magna vox
20
National Pumps
._...*
10
Preferred
P & G
2
.*
8%
56%
228
100
US Playing Card
30%
10
US Printing...
30%
1%
*
Preferred
50
15%
15%
5
10
West Bank
56%
228
June
170
,
23% May
92%
110
16
%
57%
73
31
229
15
31%
1%
Jan
Dec
12%
Jan
105
Apr
22%
Dec
29%
Apr
14% May
43
Mar
Jan
Nov
June
22%
Nov
Jan
1%
Apr
%
Dec
1%
3%
Mar
52%
June
%
25
771
2
7%
93
34%
102%
10
%
%
%
29
394
102% 102%
20
Lunkenheimer
100%
Apr
29
........*
Little Miami gtd-.w-—50
Feb
Nov
Mar
4%
Mar
42
...
119%
4%
12
29
Nov
14%
42
*
Feb
96%
Jan
41
21%
110
11% May
3% May
86
July
6% May
12
Gibson Art
Hatfield prior pref
Kroger
21%
*
405
105
105
-.100
4%
100
1
Nov
224
Apr
Mar
71%
Apr
May
235
Sept
39
Apr
90
27% June
1% May
16
81
8% June
5
23
4% June
2%
17%
5%
Feb
Mar
Jan
Am Rolling
Columbia Gas.
General Motors
4%
10
...
9%
4%
50
751
46
49%
655
51%
40
9%
...._*
Timken R Bearing
403
50%
25
Mill
City Ice
15%
15
47%
*
4%
9% May
9% Dec
4%
Dec
37% May
35% May
18%
Nov
14
Jan
7%
Apr
56 %
Apr
51%
Apr
Week's
Last
Sale
Par
Stocks—
Atlas Drop Forge
Low
Price
*
Burroughs Add Machine.*
Burry Biscuit com_._12%c
m
mm
—
-
-
8%
Exchange
3, both inclusive, compiled from official sales lists
Last
Par
for
Sale
Stocks—
Week's Range
of Prices
Low
High
Price
Range for Year 1940
Shares
50c
5%
'
I
City Ice & Fuel
For footnotes see page
*
103
o9%
10
25%
4%
25%
5%
1,400
a9
a9%
273
65c
100
4
530
17%
100
30c
Dec
15
Oct
55c
July
2%
May
May
14
100
53c
Nov
10
68c
117
98%
May
1%
1,300
1%
100
1
May
1% May
38c
800
25c
Dec
7%
100
6%
1%
100
75c
May
July
200
19%
21%
2%
""46%
46
2%
22
2%
46%
2%
%
100
13%
400
9
June
300
3
May
%
mm m rnmrn
13
4
mrnmmmm
38c
56c
1
..10
Lakey Fdry & Mach com.l
Kinsel Drug com
26
26
Kresge (S S) com
100
1,159
1,000
Dec
1% May
37% May
2
May
50c July
4
39c
900
60c
300
26
175
32c
Oct
35c
Feb
19% May
2% May
2%
5%
7%
26%
12%
1%
16%
1%
4%
19%
1%
125
1%
Nov
Nov
Apr
Nov
Jan
Jan
Apr
Jan
Feb
Apr
Apr
Jan
Apr
2% May
1%
Apr
9% May
1% Nov
Jan
32%
2%
Jan
56
Apr
5%
1%
16%
6%
Apr
Jan
Apr
Feb
52o
Jan
60c
Mar
26
Feb
4%
4%
4%
300
4%
Mar
Masco Screw Prod com—1
1.25
1%
1.25
1.300
75c
July
1.50
Nov
1
16c
16c
16c
500
15c
Dec
27c
Michigan Sugar com
*
Mid-West Abrasive com50c
60c
60c
60c
700
60c
July
1.25
Apr
1%
1%
7%
100
1%
Jan
4% May
2%
Apr
8%
Nov
4%
44%
Mar
Murray Corp com
10
Packard Motor Car com. .*
Parke Davis com
I—*
m
m
m
m
m
m
mrnmmmm
3%
30
1%
mrnmmmm
Simplicity Pattern com—1
1
Std Tube B com
7%
3%
29%
1%
•1%
3%
29%
1%
1%
100
505
2%
815
29%
100
400
700
1.25
1.00
1.25
1%
1%
11%
1%
950
11%
200
May
Dec
1% May
1% May
75c June
/I
May
Apr
Jan
2
Jan
2%
Apr
1%
Mar
2
Nov
Low
1
"~~i%
1%
1%
480
10%
1%
Tom Moore Dist com
1
50c
50c
50c
200
26c
United Shirt Dist com
Week
100
100
Dec
25c
Hudson Motors Car com.*
Hurd Lock & Mfg. com._l
400
1%
1
.*
35c
16
7%
7%
1%
21%
Goebel Brewing com..—1
—
3,075
2% Aug
4% June
13% May
~i%
Durham Mfg. com
Graham-Paige com
8%
High
Feb
"""35c
Divco Twin Truck com..l
*
5
5
100
2% May
5%
Dec
1%
1%
300
1
May
200
90c
May
1.25
500
90c May
1
Feb
2%
1%
1%
2%
Mar
1%
1.25
25c
Apr
Stearns (Fred'k) com....*
8%
4
8%
Mar
May
Oct
27%
5
14%
1%
Universal Cooler B.__.__*
High
Walker & Co B
Airway Elec pref
Akron Brass Mfg
7%
Low
1%
Tlvoli Brewing com
Sales
Friday
100
1%
1%
Prudential Invest com.__l
Cleveland Stock
24
24
68c
River Raison Paper com..*
Dec. 28 to Jan.
300
117
10C
Det-Michigan Stove com.l
Houdallle-Hershey B
500
17%
Det & Clev Nav com___lC
1
Fruehauf Trailer com
1
General Finance com—.1
General Motors com
10
5%
6
4
4
Detroit Gray Iron com—5
com__l
5%
65c
1
Deisel-Wemmer-Gll com 10
Detroit Paper Prod
200
35c
Continental Motors com.l
Detroit Edison com.
2
16
Consolidated Paper com. 10
Consumers Steel com
Shares
5%
"""5%
1
Briggs Mfg common
Range for Year 1940
for
Week
High
2
com—5
Baldwin Rubber com
Range
of Prices
1
Allen Electric com
McClanahan Oil com
Unlisted—
Sales
Friday
Jan
1
Exchange
3, both inclusive, compiled from official sales lists
% May
100
Preferred
DETROIT
Building
Nov
20
May
100
Crosley Corp..
Dayton & Mich pref gtd. _*
Eagle-Picher
10
Chicago Stock Exchange
Detroit Stock
Dec. 28 to Jan.
High
1
50
New York Curb Associate
Exchange
Telephone: Randolph 5530
Range for Year 1940
for
Shares
1
Cln Tobacco Ware.
Jan
Members
Stock
Detroit Stock
Week
7
*
3%
Nov
76%
W ATLING, LERCHEN & CO.
New York
Ford
i*
95%
38%^ Apr
13% Mar
8%
Weinberger Drug Stores. _*
;
1
.100
May
6%
6%
Dec
17%
8%
1
.
Dec
25%
20
Sales
Last
Preferred.
Jan
3%
90
6%
10%
compiled from official sales lists
Friday
Cln Street..——...50
8%
50
Nov
6%
%
Cincinnati Stock Exchange
Jan. 3, both inclusive,
Cln Telephone-
a3%
a3%
a32% 032%
08%
a8%
068
o70%
Oct
Jan
3% May
3% May
Bonds—
117
Mar
Oct
15
90
40%
Jan
79
103%
May
Aug
8
Wrigley (Wm Jr) Co cap.*
100
20
31
Aug
117%
900
CNO&TP
440
Mar
4
76% June
4
May
400
Cln Gas & Elec pref
Nov
4
183
200
6%
1,550
Part preferred
24%
42
White Motor
1%
Prior pref..
18
May
a68
Youngstown Sheet & Tube*
5
19%
May
185
Jan
5%
_*
Dec
10
14
386
Jan
4
20
10
70
362
200
28%
%
4%
Am Products
Jan
5%
24%
1%
Am Laundry Mach.
50
May
6%
May
5
Price
Jan
7
5%
June
5%
Par
12%
14%
210
Jan
5%
14%
2
Stocks—^
May
%
Dec
9% May
5% June
5%
14%
Woodall Indust
Commonw Edison 3 %sl958
8%
175
6%
70
Wisconsin Bank shares cm*
4%
July
1
300
Williams Oll-O-Matic com *
5
Apr
41%
1%
18%
a21%
35%
*
.
18%
6%
Zenith Radio Corp com..*
3%
Dec
371
11
Jan
Dec
29
%
103
Apr
27
*
U S Steel com
Vlchek Tool
20%
101% 104%
WIeboldt Stores Inc com..*
1%
Dec
May
May
18%
Westnghs El & Mfg com.50
Yates-Amer Mach cap
Dec
31%
23% May
102
Apr
13%
23%
a21% a22%
34
35%
*
20
Westn Union Teleg cm. 100
com
Jan
•
300
Dec
8%
al6%
1
Upson-Walton.
Common
2
11
__*
Twin Coach com..:
10
al3% al4%
7%
7%
a9% al0%
aid
*
Thompson Prod Inc
be
aid"
40
30
%
al3%
______*
41%
600
5
to
National Tile
50%
be
1
Common
28
National Refining (new)..*
Prior pref 6%
*
180
Utility & Ind Corp—
Dec.
Natl Mall St Cast com..*
274
174
1
2%
4,350
127% 128%
100
%
Nov
20%
May
Dec
10
May
1,105
pref
174
4%
Jan
6% May
13%
Jan
13% May
17%
cum
Jan
Dec
13%
36%
7%
18%
18%
a37% 037%
May
Oct
4
37
2% June
26
23%
17%
21%
70%
50
35
35%
Co com...20
360
47
35%
17%
U S Gypsum
36
May
7
Sunstrand Mach T'l com.fi
United States Steel com..*
14%
3%
12
7
100
22%
39%
14%
2%
100
*
552
25
Apr
16
100
*
%
25
Jan
44
40%
Miller Wholesale Drug
7%
Texas Corp caoital
29
Midland Steel Prod
%
Swift & Co
Nov
Jan
7%
Trane Co (The) com
25
Union Carb & Carbon cap *
United Air Lines Tr cap..5
Dec
5
Apr
"~7%
Swift International cap..15
51
2%
28%
6
Sterling Breweries Inc coml
Stewart Warner
26
Dec
36
*
McKee (A G) B
*
Medusa Portland Cement *
Dec
Feb
June
2%
16% May
34% May
40%
Apr
12% May
Schwitzer Cummins cap__l
Sears Roebuck A Co cap..*
....
Jan
May
16%
78%
Nov
Dec
Jan
*
Warner Aircraft com
1
Wayne Screw Prod com..4
Wolverine Brewing com__l
mm* mm mm
mrnmmmm
mrnmmmm
2
2
100
lie
11c
100
9c
July
July
Jan
Aug
14%
2%
Mar
Apr
60c May
Jan
Jan
Apr
The Commercial &
102
Financial Chronicle
Jan. 4, 1941
Sales
Friaag
Range for Year 1940
Last
Stocks
California Securities
(Concluded)
1
a7%
Swift & Co
25
a21%
Texas Corp (The)
1921
25
o40%
10
Tide Water Assoc Oil Co 10
069%
Union Carbide A Carbon. •
Spring Street, Los Angeles
639 South
Week
a7%
*
Studebaker Corp
Akin-Lambert Company
Established
for
of Prices
Low
High
Price
Par
Stone & Webster Inc
Week's Range
Sale
United Air Lines Transpt 5
STOCKS—BONDS
MEMBER
Telephone VAndlke 1071
Loe Angeles Stock Exchange
016%
28 to Jan.
Last
Sale
Par
Stocks—
Price
Week's Range
60c
~~7%
1%
Bandlol Petroleum Co...l
2%
..1
%
2%
%
Aircraft Accessories
Berkey & Gay Furn Co
Dec
4%
12%c
Dec
45c
Apr
3
400
1%
May
1%
129
1%
Aug
2%
Nov
American Stores
10
60c
150
50c
Feb
1.00
Barber
145
18
18
18
203
8%
a70%
5%
7%
1,380
20%
2,112
1
18c
a47%
5%
Gladding McBean & Co..*
6%
Goodyear Tire A Rubber.*
al9%
32
Hancock Oil Co A com...*
19
9
9
General Paint Corp com ..*
May
May
Dec
Mar
18c
2,000
681
38%
6%
6%
175
al8% 019%
54
410
Lehigh Valley-
Jan
June
27
May
56
Apr
6%
Apr
24%
Feb
40
Apr
21c
22c
9,425
7c
Jan
25c
Aug
26%
27%
2%
23% June
41%
3,410
1%
JaD
Apr
4% May
1,200
35c
Dec
50c
7c
Dec
30c
Jan
Feb
a8c
1,200
30c
30c
200
27c
Oct
47c
Feb
4%
4%
225
3%
July
5%
Sept
1c
lc
lc
1,000
lc
Dec
10c
o7c
10%
797
9%
May
27%
428
26%
May
13%
34%
Mar
036% 037%
200
36%
Dec
49%
1.30
Dec
2%
30
May
40%
May
9%
10%
797
9%
100
4%
412
1.40
30
4%
1.60
30
4%
36
33%
36
135
11%
10%
345
Sontag Chain Stores Co..*
3%
5%
80 Calif Edison Co Ltd..26
27%
5%
26%
11%
3%
5%
27%
30
30
29%
34%
29%
34%
8%
Standard Oil Co of Calif..*
1
25
a28
al%
8%
7%
8
610
125
26
May
8% May
2%
May
4% May ;
7
Apr
36
11%
Phlla Elec Pow pref
4%
30%
27%
May
31%
29%
34%
159
24%
29%
30
7
220
8%
al%
4,094
50
al%
a28
12
7%
7%
50
5
13%
3,103
<
34%
15%
26%
1%
Oct
May
21
4% May
1%
Jan
7
Mar
May
17%
6%
Aug
15%
8%
1,878
4%
Jan
12
Apr
36
250
4,489
14
110
6%
July
9%
1%
Sept
3%
Jan
1%
1%
1%
376
1.40
Dec
3.00
72
135
a4%
a4%
a4%
52
2c
3c
11,000
1%
Imperial Development.25c
1%
lc
100
lc
%c
18,000
4%
2
1.00
%c
May
6%
Apr
May
Dec
7%
May
2.25
*
a6%
Amer Smelting A Refining.
Amer Tel A Tel Co. ...100
a42%
Anaconda Copper..
a26%
166%
a4%
18%
a24%
4%
a6%
042% a43%
166% 166%
a26% 027%
06%
Feb
Dec
35%
148
10
Jan
May
July
47%
Jan
May
174%
Mar
19
July
31%
Apr
4
June
7%
Apr
17%
18%
a24% a24%
963
30
4%
290
al8% al8%
138
4%
..5
a8
34%
34%
86%
94
529
5%
90
a 8%
al9
50
250
al8%
*
—
...—.
3%
a53%
Caterpillar Tractor Co
*
a48%
10
a4%
Columbia Gas & Elec
*
4%
Commercial
*
all%
-al9%
Cities Service Co
Solvents
Continental Oil Co (Del).5
a8%
130
15
May
20% June
24%
Aug
May
8%
Apr
19%
May
7%
Aug
12%
Apr
25%
June
34%
90
4%
13
34%
170
86%
485
68%
June
al9%
50
15%
Aug
3%
202
3%
Dec
a53% a53%
22
Apr
May
25
86%
al9
3%
a48% a49%
o4%
a4%
4%
4%
al0% all%
1
a29
*
*
33%
a38%
al9% al9%
9%
9%
a28% a29
32%
33%
a38% a38%
*
Curtlss-Wright Corp
al3%
al3% al3%
1
Class A
General Electric Co
General Foods Corp
Goodrich (B F) Co
Intl Nickel Co of Can
9%
*
24
24
.*
Intl Tel A Tel Corp
a2
al%
Kennecott Copper Corp..*
a36%
Loew's Inc
a33
*
Montgomery Ward A Co.*
37%
a2%
Mountain City Copper. _5c
New York Central RR.._*
24%
Apr
Nov
160
1,860
1%
23%
513
26%
16%
9%
113% 115%
17,642
24
a2%
a36% 037%
a30% a33
37%
37%
a2%
a2%
35
8
300
120
ol
5%
Apr
July
4% June
9% July
6
51%
Jan
6% Sept
7%. Apr
16%
Apr
20% May
100
17%
Oct
6%
Aug
24% June
697
27
50
601
173
37
May
11%
Mar
29%
Feb
40
Jan
Nov
47%
Feb
69
12%
Sept
20%
Apr
500
20%
June
38%
Jan
85
1%
Dec
4%
Jan
110
90
no
50
24%
22
37
2%
July
June
Dec
May
38
35%
Apr
Feb
47% May
4%
Apr
18%
Jan
26
13%
14
470
9%
16%
16%
17%
550
15%
Aug
16%
194
16%
June
26%
Ohio Oil Co
*
a7%
a7
16%
a7%
90
5%
May
7%
a3%
a3%
a3%
20
2%
May
4
Mar
5%
19%
May
July
Paramount Pictures Inc._l
a
10%
al0% al0%
97
Pennsylvania
a22%
a22% a22%
35
8
8
8
265
7
Radio Corp of America
*
c4%
a4%
a4%
61
Republic Steel Corp...
*
22%
22
22%
305
Seaboard Oil Co of Del
*
013%
al3% al3%
25
11%
Sears Roebuck A Co
*
a78%
a77% a79%
169
68%
Socony-Vacuum Oil Co.. 15
8%
al2%
7%
al2% al2%
Standard Oil Co (N J)
For footnotes
25
see page
Dec
1
Dec
2%
Jan
Dec
41%
15%
117%
Feb
Apr
%
Feb
Jan
6%
33%
103.
217
Dec
9%
107% June
Jan
Oct
8%
6
33%
8%
6%
33%
750
Oct
St. Louis Stock Exchange
Dec. 28 to Jan.
3, both inclusive,
125
12
6
30
compiled from official sales lists
Sales
Fridag
Par
Stocks—
Price
Weet's Range
of Prices
High
Low
Range for Year 1940
for
Week
Shares
Low
48
High
Nov
Nov
266
205
12
Oct
29
30
494
28
May
27%
1
12%
1
Burkart Mfg com
59%
13%
27%
26
12%
200
16%
Jan
29
63
Dec
Nov
34
105
25%
11%
13
3%
7
110
12
Dec
27
Jan
4
June
59%
20
AS Aloe Co com
12%
25%
Coca-Cola Bottling com__l
12
Columbia Brew com
13
Dr Pepper com
12%
3%
4
Emerson Electric com
6%
Falstaff Brew com—-
515
2%
Aug
565
6%
Sept
61%
14
Aug
Apr
36%
19%
May
Apr
Mar
10%
Apr
Apr
Dec
45
20
7%
Dec
12%
HydraulicPrsdBrick comlOO
10c
10c
137
8c
Dec
25c
Apr
100
80c
80c
190
50c
Nov
2.00
May
28%
29%
683
36%
24%
Grlesedieck-West Brew cm*
Preferred
29%
*
International Shoe com
7
20
37
_
Mo Ptld Cement com
20
Apr
Jan
7
50
25% May
4%
Aug
7
Dec
19%
20
50
15
June
20
Nov
37
28% May
40
7
Dec
37
20
14
14
100
9
June
14
Dec
15
150
10
July
15%
Dec
10
99
June
105%
Jan
Dec
12%
Mar
Feb
102% 102%
5%
6
236
5%
5
5%
350
3% May
10
4%
4
Oct
6%
5%
5
4%
9%
50
9%
100
6
June
11%
40
40%
19
35
July
42
Oct
96
96
16
87%
Jan
98
Dec
11%
76
0%
May
14
Nov
70c
May
1.60
Sept
36%
com
St Louis Car com
Scruggs-V-B Inc com
Preferred
100
1st preferred
100
96
*
11%
*
34
1
com
8
8%
610
5%
Jan
Q
0
100
7%
Sept
1.30
Warrants
Securities Inv
8
*
National Candy com
Scullin Steel
35
24%
15
25
Natl Bear'gs Metals preflOO
RIce-Stlx D Gds
23
8
Hussmann-Llgonier com. _*
com
Sterling Alum com..
Stix Baer & Fuller com.. 10
1.10
Vardaman Shoe com
27
15
Wagner Electric com
1.06
26
1.37
140
65
34
1.10
27
1,375
415
33
40c
21%
Aug
May
9
Jan
Oct
Nov
Mar
Sept
Dec
9%
2.00 iJan
30
Apr
Bonds—
Apr
10%
28
to
Jan.
3, both
Nov
9
55
May
69%
Nov
Francisco Stock Exchange
San
Dec.
Dec
25%
$8,000
St Louis Pub Serv 5s..1959
inclusive, compiled from official sales lists
Sales
Friday
Jan
Last
Sale
7%
Apr
24%
Nov
May
12%
87%
Apr
May
12%
Apr
Alaska-Juneau
Sept
17%
Jan
May
Jan
Anglo Calif Natl Bank.,20
Assoc Insur Fund Ino
10
"""9%
7%
Engine..5
6%
Week's Range
of Prices
High
for
Range for Year 1940
Week
Dec
June
4% June
14%
475
627
May
1922
Phone
Dec
Packard Motor Car Co..*
•
Mar
Mar
Apr
14
*
%
8%
49
CEntral 7600
Postal Long Distance
A. T. T. Teletype STL 593
McQuay-Norris com..
*
Midwest Piping & Sply cm*
17
Southern Railway Co
Standard Brands Inc
Jan
ht
131
Dec
Securities
Chicago Stock Exchange
New York Curb Exchange Associate
Apr
*
..*
16
Dec
Building, ST. LOUIS
Boatmen's Bank
Laclede-Chr Clay Pr com.*
Laclede Steel com
20
North American Co
RRT..___50
Sept
Members
Apr
Nor Amer Aviation Inc... 1
Pure Oil Co
14
2%
33%
St. Louis Stock Exchange
_
25
100
Canadian Pacific Ry
Case (J I)
Jan
%
ht
Established
American Invest com
a4%
a4%
Baldwin Locomotive vtc.*
5
31%
1%
Brown Shoe com
Borg-Warner Corn
Jan
June
1%
27%
Investment
Jan
lc
Unlisted—
5
100
Oct
120%
28%
14%
452
Nov
112% June
36%
1,435
Oct
25%
190
May
3%
33%
4
3
Mar
1%
14% May
Edward D. Jones & Co.
Feb
Bethlehem Steel Corp
9,502
Jan
100
3c
Bendlx Aviation Corp
2%
Oct
Jan
7%
1%
Barnsdall Oil Co
Apr
St. Louis Listed and Unlisted Securities
Jan
2
-
8%
Pittsburgh Stock Exchange—See page 109.
Jan
Oct
7%
3
Feb
5% June
31 %
10 %
115%
*
Oct
May
16%
7%
Cardinal Gold Mining Co 1
Aviation Corp (Del)
3%
380
28
*
Preferred
Jan
100
May
May
2
Atchsn Topk A S Fe RylOO
130
1% May
1% May
3%
1%
Nov
7%
Atlantic Refg Co (The)-.25
2,144
Jan
7%
%
Apr
385
2
60
5
2%
N
117%
.
Preferred
Apr
May
Consol Chollar GAS Mg 1
(III)
Apr
117
Sale
Armour A Co
Apr
35%
14%
Mlnlntf—
Amer Rad A Std Sant
4%
33%
June
1%
36 %
United Gas Improve com.*
Apr
7
23%
1
10
June
27
175
Last
Alaska-Juneau Gold.
25
»i«
Preferred
Apr
Sept
Yosemite Ptld Cem pref. 10
930
159
Transit Invest Corp
Nov
210
75
United Corp com
8%
3,017
117%
*
Jan
Jan
6
1%
4,589
$
Scott Paper
Oct
125%
33%
30%
23
*
Salt Dome Oil Corp
Apr
181
25
Phila Insulated Wire
Jan
15%
22
31%
Apr
175%
175
50
14%
May
8% June
Apr
113%
3
May
3% May
Dec
1
.
2%
9% June
146%
Dec
1,158
19
4%
13%
1%
Wellington Oil Co of Del.
22%
High
Apr
30
a28
5
2
10
3%
18
19
25
1
50
Pennroad Corp vtc
586
Low
Aug
8%
9%
*
2%
1%
6%
315
5%
7%
1%
31
6%
Pennsylvania RR
Penna Salt Mfg
35
358
30 %
-.50
._*
Natl Power & Light
560
117% 119
5
1940
Range for Year
for
Week
Shares
11
7%
33%
official sales lists
Nov
7%
Jan
3% May
8%
9%
25
25
Calif Gas 6% pref cl A 25
Apr
Apr
6
150
8%
30
6% pref B
6%% preferred C
Apr
104%
3%
Dec
Mar
Jan
Roberts Public Markets..2
1
4%
Dec
1%
Jan
450
10%
27%
Richfield Oil Corp com...*
1.50
Ryan Aeronautical Co—1
May
104%
Jan
10%
Security Co units ben int.*
Shell Union Oil Corp
15
2%
151
140
110
5
Phila Elec cf Pa $5 pref—*
Jan
37c
of Prices
High
Apr
6%
Nov
27%
Vega Airplane Co
Vultee Aircraft Inc
14
Week's Range
Low
Lehigh Coal & Navigation *
Mar
43c
80c
a37%
Union Oil of Calif
Dec
10%
12%
*
Republic Petroleum com.l
5%% preferred
50
Universal Consol Oil
20
Jan
Pacific Gas A Eleo com..26
Superior Oil Co (The)
Transamerlca Corp
4% June
3% May
119
Horn&Hardart (NY) com *
9%
305
100
\ •■■■:
2
Sales
*
Dec
30c
10
2
10
Electric Storage Battery 100
45c May
a8c
Pacific Lighting Corp com
3%
3%
104% 104%
*
Curtis Pub Co com
4%
*
Pacific Distillers Inc.—1
Sunray Oil Corp
Budd Wheel Co
700
35c
Nov
167% 168%
9%
9%
*
Jan
Jan
8
200
2%
76%
10
Jan
12
10%
37c
Pacific Clay Products
Southern Pacifio Co
Budd (E G) Mfg Co
27%
2%
1
Mt Diablo Oil Mng & Dev 1
Occidental Petroleum
1
Oceanic Oil Co
1
So
Jan
22c
Mfg Co..
Solar Aircraft Co
7
a49%
5%
32
26
10%
10%
May
Price
Bell Tel Co of Pa pref..100
7%
5%
30%
Jan
3% May
8%
100
6%
90%
15c
15c
45
*
14%
May
Dec
134
9
a46
359
100
American Tel & Tel
Apr
Nov
52%c 52%c
52 %c
Holly Development Co...l
Lane-Wells Co
1
Lincoln Petroleum Co.. 10c
Lockheed Aircraft Corp__l
Pacific Fin Corp com...
67%
7%
General Motors com....10
Menasco
385
6
20%
3% June
10% May
15% May
8% May
706
5%
7%
Electrical Products Corp_4
Exeter Oil Co A com
14
8%
8%
069% a73%
6
*
Preferred
200
5%
11
Jan
Feb
068% 070%
Feb
1%
60c
5%
Apr
2%
38%
Sale
Par
Stocks—
1%
11
Aug
Aug
Last
•
60c
5%
May
1%
3, both inclusive, compiled from
Jan
300
11
34
069%
3% May
1%
2%
Dec
975
1%
*
Byron Jackson Co
*
Calif Packing Corp com..*
Central Invest Corp... 100
Chrysler Corp
5
Consolidated Oil Corp
*
Consolidated Steel Corp..*
12%
Apr
90
23%
51%
Philadelphia Stock Exchange
1%
Broadway Dept Store
Jan
Feb
Dec
High
2
Class B com
11
10
016% 016%
041% o42%
2
Bolsa-Chlca Oil cl A com 10
Blue Diamond Corp
Apr
47%
82%
140
Frldai
1,000
June
100
18
3%
Dec. 28 to Jan.
1%
2%
%
1%
Oct
8%
Feb
Feb
102
Willys-Overland Motors..!
Low
Shares
High
33%
Jan
12%
23%
63% June
10
068% o70
10
June
022%
104%
Range for Year 1940
for
214
039% o40%
5% May
18
official sales lists
Week
of Prices
Low
70
12
110
5
Sales
Fridag
•
•
60
021% o22
High
July
1%
1%
021% o23%
Westlnghouse El & Mfg.60
Angeles Stock Exchange
3, both inclusive, compiled from
'
10
Warner Bros Pictures
Dec.
1%
U S Steel Corp
Los
042%
United Corp (The)
US Rubber Co
System Teletype I/A 23-24
Bell
5
(Del).*
United Aircraft Corp
a7%
8
50
o7%
a7%
o7%
Low
Shares
May
June
43%
Feb
Par
Stocks—
Price
High
110
1.80
Dec
4%
9%
175
4%
May
8%
1,622
5
600
5% June
3% May
9
5
.
Atlas Imp Diesel
Low
1.80
4%
10
Gold
Shares
1.80
50c
Aircraft Accessories
Low
5%
Nov
5%
6%
252
3%
7%
Feb
May
3.75 May
6% Nov
Dec
Volume
The Commercial & Financial Chronicle
152
103
Sales
Friday
Range for Year 1940
Last
solicited
Orders
Pacific
on
Coast
Stock
which
Exchanges,
Stocks (Concluded)
are
until 5>30 P. M. Eastern Standard Time (2 P. M. Saturdays)
open
Cal Ore Pr
Membert New
Co.
Consolidated Oil Corp
Curtlss Wright Corp
Broadway, New York
Week's Range
Last
Sale
Price
Par
Stocks {Concluded)
of Prices
High
Low
5%
9%
9%
230
29%
3%
30%
150
Week
1.50
20
Calamba Sugar com
10%
117
10%
1,363
5
*
Calif Art Tile cl A
1.50
10%
2
Bishop OU Co
307
103% 104%
20
5
820
Dec
102
1.20
July
Dec
10
Feb
52%
Jan
27
27%
75
24% June
Dec
32c
Jan
49%
3%
45
710
May
2% May
55
3%
29%
206
28% June
33
Apr
26%
3%
Edison.25
Consol Aircraft Corp com.l
26%
100
23
31%
Apr
154
19% May
309
25
25
5%
14%
5%
200
14 %
15%
1,335
91
91
Consol Chemical Ind cl A.*
Creameries of Am Inc com
Crown Zellerbach com...6
91%
121
5%
•
Preferred......
13c
Dec
27
29%
49%
Caterpillar Tractor com..*
Central Eureka Mln com.l
Commonwealth
200
Mar
9
26%
Calif Water Service pref.25
13c.
Mar
;
Dec
49%
13c
19
Aug
26
Carson Hill Gold Mln cap.l
2.25 May
May
52
com..*
.
125
5
18%
52
Preferred.
5%
100
2.40
3.00
600
Aug
Jan
Mar
4%
26% May
June
6
Apr
12% May
75% May
21
May
95
May
4
a34"
75c
75c
100
lie
11c
100
«' /
6%
a23% a24%
a2
alH
2,110
Doernbecher Mfg Co
3.00
_*
150
3%
3%
*
El Dorado Oil Works
19
Emporium-Cap well com..*
Preferred (w w)
50
Emsco Derr & Equip Co. .5
19
44
"44%
44%
87
6%
150
6%
Dec
5.25
Jan
14% May
8%
20%
Jan
Apr
35
44%
Feb
11
Jan
2.40
Dec
3
May
5%
Dec
105
77
200
19% June
33%
Feb
17% May
22
Feb
19%
19%
20
Gen Metals Corp cap. .2%
7%
7%
401
46%
49%
July
May
6
38
General Motors com
10
*
Gladding McBean & Co..*
Golden State Co Ltd
9
*
May
100
Oct
7%
v
56
5%
2,687
508
7%
Apr
Feb
6%
6%
1,250
3% May
6%
Dec
8%
9%
2,505
7% May
11%
Mar
May
4% May
10c
Dec
6
235
June
20% June
Jan
Jan
8%
Jan
41
1.10
Mar
25c
Jan
7
Apr
Jan
38%
144
27
1%
Dec
170
24%
July
37
Nov
150
37%
27
1.00 May
Apr
22
May
35
May
Apr
4%
*
3%
8c
6,100
a36% 037%
3%
3%
a4%
a4%
a22% a23
016% al6%
Montgomery Ward A Co.*
Mountain City Copper...5
a37%
406
National Distillers Prod
*
North Amer Aviation
Nor American Co
3%
5
8%
12c
3%
Apr
Jan
Nov
65%
Jan
2,640
2% May
4%
Apr
50
4% June
7%
Feb
37%
19
60
>.
June
26
Apr
a3%
274
14% May
16%
Dec
26%
23%
14%
Oahu Sugar Co Ltd cap. .20
Packard Motor Co com
*
17
14%
158
14%
Sept
23%
Mar
a3%
016%
Feb
16%
1
10
com
Dec
6c May
185
8c
8c
Nash-Kelvlnator Corp
.
3%
1
a3%
120
May
4%
Mar
Nov
135
3
Pennsylvania RR Co
50
6%
31
16% June
6% Dec
25%
20
a23%
6%
255
Pioneer Mill Co
*
4%
4%
315
4% May
Jan
7%
Radio Corp of America
a22
022%
Jan
12
Apr
Schumach Wall Bd pref__*
28%
18% June
29%
Oct
Bo Calif Edison com.
25
27%
27%
384
24
May
30%
May
So Cal Ed
25
25
30
30
412
25
May
31
Nov
29%
29%
200
26% May
29%
Nov
6%
a7%
6%
205
07% y ;y- 25
6% pref
5%% pref
*
Studebaker Corp com
.1
53
29
..25
039% a40%
151
United Aircraft Corp cap.5
United Corp of Del
a41% 042%
1%
1%
80
7%
12%
Apr
5% May
35% Aug
46%
May
June
51%
Apr
5
300
Texas Corp com
U S Petroleum Co
1.00
United 8tates Steel com.
95c
1.00
69%
1%
70%
930
39
:
Feb
Apr
Dec
2%
55c May
1.15
Jan
76%
Nov
1%
Apr
1%
1,400
70%
1
May
42%
May
May
1
1%
100
Westates Petroleum com.l
7c
lie
392
Dec
16c
.1
78c
80c
650
75c June
1.55
Jan
5
6%
6%
329
4
Jan
9%
Apr
Utah-Idaho Sugar Co com 5
Preferred
West Coast Life Insur
6c
Jan
Nov
5
47 %
5
6%
Nov
32
Galland Merc Laundry...*
Genl Paint Corp com
48%
99%
32
*97%
Fireman's Fund Ins Co..25
Jan
36
46
97%
Fireman's Fund Indem._10
10%
20
46
Food Machine Corp com 10
240
May
5
36%
36%
Standard Brands Inc
pref._.100
Di Giorgio Fruit
June
McKesson & Robbins com 5
Jan
14
17%
50
Calif Packing Corp
Dec
28%
*
M J & M & M Cons
Bank of California N A..80
3%
550
1
Matson Navigation Co
High
Low
650
._*
_
Mar
Oct
4
*
com
7%
11%
36
5%
6%
25
032% a34
5
Mary Mines Corp
May
Apr
May
1940
Range for Year
for
430
5%
Kenn Copper Corp com..*
Shares
70
*
Inter Tel A Tel Co
6%
32%
July
21%
Nov
Feb
Nov
4%
637
"30%
Int Nick Co Canada...
Sales
283
_*
Class B
Idaho
4%
22%
5%
*
..1
Hobbs Battery CA
Private Wire to own offices in San Francisco and Los Angeles
Friday
4%
22%
91%
May
10
86%
"22%
General Electric Co com..*
High
Low
86%
86%
*
Elec Bond & Share Co
'
Cortlandt 7-4150
Shares
High
Low
10
00m
Domlnguez Oil Co
111
Week
Price
Par
Cons Edison Co of N Y
York Stock Exchange
for
of Prices
6% pfd '27.100
Cities Service Co
Schwabacher
Week's Range
Sale
*
No par value,
13%
300
12
June
15%
Apr
32
32
32
200
30
Oct
40
15%
15%
15%
42%
790
14% May
20%
Ex-rights,
In range tor
: Title changed from
fin default.
Listed,
s
Admitted to unlisted
Apr
Hawaiian Pine Co Ltd...*
y
e
Cash Bale—Not Included
d Deferred delivery.
/Ex-dividend.
year.
Hancock Oil of Calif cl A.*
Odd lot sales, h Ex-stock dividend,
a
trading privileges,
Jan
Feb
13%
*
Hale Bros Stores Inc
42%
Home F & M Ins Co cap.10
4§"
Honolulu Oil Corp cap...*
*
44
July
8%
July
17%
12%
Jan
Jan
16%
8%
Feb
Feb
168
4%
42%
440
4%
11% May
4% June
LeTourneau (R G) Inc.._l
"27%
Lockheed Aircraft Corp__l
Lyons-Magnus cl A
Magnavox Co Ltd
Magnin & Co (I) com...
5
Menasco Mfg Co com
423
35% June
44
28%
21
35
27%
582
23% June
5%
225
May
41%
No Amer Invest com
5%
Jan
Apr
9%
19%
Jan
75c
654
50c
7%
100
7
18
7%
17%
1
2.25
2.20
*
..100
9%
9%
1.80
181
"21%
21
21%
55
15
June
28
20%
20
20%
32
14
June
28%
26%
26
1.50
510
18
2.25
.
' 965
540
10
12% May
1.75
Jan
7% May
1.50
Dec
28c
Feb
30
3% June
380
16% May
5%
23%
Apr
Feb
7c
100
O'Connor Moffatt cl AA._*
5
Oliver Utd Filters cl A...*
2%
22%.
*
Pacific Can Co com
3%
11%
Jan
Oct
7c
*
Jan
May
Oct
19% June
5
4.00
Mar
Jan
7% June
73
Class B
7c
791
3
May
5%
May
11%
210
10
May
15%
May
5%
Nov
4
4%
625
Pacific Coast Aggregates.6
1.40
1.40
2,006
3% May
95o May
1.65
Dec
25
27%
27%
1,299
25% June
34%
33%
33%
34
1,301
28%
May
34%
Apr
Nov
31%
31%
31%
643
25%
May
31%
Jan
36%
37
34
May
50
Jan
Pac Clay Prods cap
4%
*
Pac G A E Co com
6% 1st preferred
25
5%% 1st preferred...26
Pacific Light Corp com...*
Pac Public Service com...*
1st preferred-
"4%
*
Parafline Co's com
4%
4%
600
17%
271
16
3% May
May
5%
21%
Feb
Jan
80
113
June
138%
Mar
845
28
June
43%
Feb
30
35
Dec
54
Jan
121% 123
34
34%
35
35
15%
34%
Philippine L'g Dist TelPlOO
Puget Sound P & T com..*
16%
300
12%
1.50
Jan
5
Dec
*
Preferred
5
5
10,767
18
19
400
11
July
24%
Mar
10%
17
450
14
May
29%
May
1
Rayonler Inc com..
Republic Petroleum com.l
1.40
1
13%
Rheem Mfg Co..........
8%
Richfield Oil Corp com...'
...
-
5%% preferred
Sound view Pulp Co
Preferred
200
570
8%
600
2.75
19%
Jan
9%
Nov
5%
50c
400
35c
4%
759
3%
1.60
160
11%
457
8
53
99
105
22
23
1,760
101
6
100
101
15
34%
34%
220
7%
3,223
Sperry Corp com vtc
1
Spring Valley Co Ltd
*
Standard Oil Co of Calif..*
37
8%
37%
240
7
7%
350
19%
13,576
Super Mold Corp cap. ... 10
18
19%
240
10c
130
10c
Thomas Allec Corp cl A._*
41c
41c
20
Tide Water Ass'd Oil comlO
9%
10%
800
Union Oil Co of Calif
2
4%
25
12%
Union Sugar com...
5
6,423
Mar
12%
May
107%
Oct
Jan
45%
Apr
June
7%
Dec
Oct
26%
Jan
Dec
16%
18
5c
33%
Feb
July
20c
Feb
40c
9
Oct
June
4% May
6%
Feb
May
Stocks
Aug
15%
Jan
8
400
4%
Jan
14
Preferred
3
Jan
8%
8%
499
7
Aug
200
20
Oct
24
24
20%
20%
225
15
38
38
300
34%
4%
Simpsons B__i.„.-....„*
Preferred.
100
9%
Amer Toll Bridge (Del)..
7
*
443
~a27%
Anglo Nat Corp A com—*
Atchison Top&Santa FelOO
Atlas Corp com
Aviation Corp of Del
Blair A Co Inc cap
June
22%
May
Oct
45%
Apr
July
9%
174%
Mar
Bunker Hill A 8ulllvan_2 %
152
18%
657
60
5%
149
June
Apr
Nov
1.10
18% Aug
3% Sept
31%
Apr
12%
Aug
14
25%
Jan
35c
May
Oct
7
7
228
6%
Oct
9%
Mar
4%
255
4
Aug
8%
Apr
4
4
400
2%
Aug-
4%
26% May
35%
Apr
Apr
34%
1.00
34%
222
1.00
1.10
1,397
11%
6%
15
5
July
7%
Feb
5
102
4
Aug
12%
Apr
100
99
100
35
79
July
55c
58c
39c
43c
8,950
6,700
13c
ll%c
14c
49,550
55c
20
55c
..__*
25
Steep Rock Iron Mines
Sudbury Basin
165
72
72
72
45
1.55
1.48
1.65
11%
300
75c
June
9% May
2
14%
69,550
Hughes
Texas-Canadian
Toburn
:
61o
Jan
15o
Dec
2.00
Jan
Dec
6%
Jan
61% June
86%
83
Jan
3
63
May
Jan
3.10
Apr
July
8%o
Apr
1.05 June
4%c
4%C
9,000
1.20
1.26
1,650
85c
Jan
T%c
5%c
6%c
7,133
3c
July
Dec
2.05
1
8%c
Feb
1
63c
63c
63c
600
50c June
1.02
Jan
2.90
I 2.90
2.95
685
1.90 June
10%
10%
11
3.45
3.40
3.55
*
4%c
3.46
Feb
80
8%
July
12
Apr
June
4.15
Jan
8,195
2 40
1.05
1.05
40
1.00
Dec
1.55
1.05
1
1.55
200
1.00
Sept
2.25 May
Jan
1.90
*
Preferred
22
22
100
16
(July
32
Jan
50
Toronto Elevators
43
43
10
37
Aug
49
76%
76%
18
70
July
90
May
May
40
50
Toronto General TrustslOO
Transcont'l Resources
*
Uchl Gold
48
1
Gas
*
United Fuel cl B pref
United Steel......
32c
13%
38c
14
345
35
500
4
4
•
3,260
6
13%
6
25
17,300
35c
Upper Canada
2.19
2.19
2.34
28,150
Ventures...
*
3.20
3.10
3.25
762
Waite-Amulet..
*
3.75
3.75
3.85
Walkers
*
47%
46
Jan
Feb
Aug
10
Mar
May
6%
Jan
65c June
2.41
Dec
3
1.95
July
4.35
Jan
Jan
6.05
47%
Dec
20%
Feb
29c
Nov
20%
21c
21c
21c
1,000
25%
25%
10
20
11
11
10
98
100
3%
2.70 June
^5%
Preferred...
Nov
29% June
16% June
20%
*
44c
1.12
17
692
__*
Westons
Dec
May
12
510
pref-100
....
Western Can Flour
33c
25 %c June
k
48
491
Preferred....
—
950
47c
*
1
1
Sylvanlte Gold
Tamblyn com....
Wendigo
Apr
Oct
20o June
2%c June
40c July
..1
...
Sudbury Contact....
Sullivan.
Union
40
70
3 -••••"
Mar
105
3o
*
Straw Lake.:
Teck
*
3
69%
*
Steel of Canada.
Preferred
Feb
6%
5
55c
Preferred
Sept
6%
40c
Standard Paving.
H
5
I
1
98
35
Dec
20c
July
47
Apr
July
15
Apr
June
99
Apr
l%c Nov
3%C
Jan
21
9%
76
1
T%c
l%c
l%c
1,000
.*
1.00
75c
1.00
51
75c
Oct
2.62
95c
Wiltsey Cogh...
Winnipeg Electric A
95c
95c
100
1.00
Oct
2.35
Jan
8c
8%c
7,000
8c
July
30c
Jan
6.60
7.00
7,351
4.70
July
8.16
Jan
6%C
7c
4,000
B
Wood-Cadillac..
1
Wright Hargreaves
*
"(5~95
*
Jan
Nov
7%c
Dec
July
101%
Dec
98%
Dec
Dec
4c
Bond*—
101
101
War Loan.
$300
101
98%
Second
98%
4,900
99
99%
Jan
Jan
Exchange—Curb Section
Toronto Stock
Dec.
28 to Jan.
3,
both inclusive,
compiled from official sales lists
Sales
Friday
Bruck Silk
Par
*
No par value.
for
of Prices
Low
High
Shares
Price
Week
%c
25
4%
Dec
Nov
55
5
May
%c
5%
8
3%
4
889
4
4
20
5%
*
""7%
4
26%
26%
25
22
June
10
40
Jan
Feb
Jan
Apr
Feb
Jan
1.05
Jan
21%
Apr
July
18c
Apr
14
25% June
31%
50
19
35
500
75
8%
8%
28%
28%
32
30c June
1,000
32
"28%
3% May
3% Sept
l%c
6%
15%
8%
June
70c
10%
70c
10
10
High
Low
5,000
7%
%c
_..l
*
•Consolidated Paper.*
Consolidated Press cl A—*
Dominion Bridge
*
Foothills
*
Fraser voting trust
*
Kirkland-Townslte
1
Montreal Power
*
Ontario Silknit pref
100
Pend-Oreille
1
Temiskaming Mining
1
Canada Vinegars
Week's Range
Sale
Stocks—
1940
Range for Year
Last
Apr
4%
5
3
5
1
3,580
16%
Aviation & Trans Corp— 1
Bendlx Aviation Corp
39c
a26% a27%
4%
4%
39c
1
Anaconda Copper Mln..60
360
al68% al66%al68%
3
1
Slave Lake
High
Low
28
4
Slscoe Gold
Sept
30
Shares
Sladen-Malartlc..
Brett-Tretheway
Sntry
4
*
Nov
Unlisted—
American Tel A Tel Co. 100
Price
Apr
1
Range for Year 1940
for
Week
*
Jan
6%
1,000
7%
Vultee Aircraft
Am Rad & St
Par
{Concluded)
Silverwoods
Apr
100
8%
May
295
American Hawaiian S S.10
Sales
of Prices
Low
High
Mar
10
12
4%
Steel Co.10
60c
12
Exchange
Week's Range
Sale
Ymlr Yankee
17%
7,014
4%
Western Pipe &
Oct
15%
1
Walalua Agricultural Co 20
101
35
May
6% May
1%
Vega Airplane Co
May
Dec
28%
Victor Equip Co com
Oil...10
Feb
42
6% Sept
13%
8
25
1.90
7%
7%
Consol
Jan
Apr
May
5
18
7
May
37
Transamerlca Corp
1.50
May
95% June
A.25
Texas Consolidated 011..-1
Dec
May
1.50 May
Southern Pacific Co—100
So Cal Gas Co pref ser
May
21
11%
105
Feb
Dec
1.40
1.60
com.
Apr
12% May
35c
100
;
1.50
14
4%
.........
Ryan Aeronautical Co—.l
Schlesinger Co (B F) com.*
Shell Union Oil com
15
Universal
29% May
100
R E & R Co Ltd com
Warrants.
1,047
17%
*
Pacific Tel & Tel com.. 100
105)
Last
May
11
130
Occidental Petroleum.... 1
4%
10%
Apr
27%
8%
Occidental Insurance Co 10
page
Friday
.........
26%
8%
Nor American Oil Cons.. 10
from
Toronto Stock
Dec
1.30
75c
6% preferred—
5%% preferred
(Continued
Apr
Feb
July
4%
100
100
N atom as Co
Canadian Markets
:Jan
27
Inc.
Apr
350
5%
*
1
Marchant Calcul Mach
43
28
43
10
Leslie Salt Co..;
June
10%
80
20
9%
15
15
Langendorf Utd Bak cl A
Class B
:
33
1,075
13
12
9
Honolulu Plantation Co.20
The Wahl Co. to Eversharp,
8
7c
Sept
Feb
Mar
1.90
1.90
1.90
500
99c May
2.35
Jan
6c
6c
6c
6,000
2%c June
8%c
Jan
The Commercial & Financial Chronicle
104
Jan. 4, 1941
Canadian Markets
LISTED
Industrial and Public
AND
UNLISTED
Montreal Stock
Utility Bonds
Closing bid and asked quotations, Friday, Jan. 3
Exchange
Friday
(American Dollar Prices)
Sales
Abltlbl P & P otto 6b..1953
Atk
45
44
Bid
Federal Grain 6s
1949
61
62
64
Gen Steel Wares 41*8.1952
62
651*
1948
64
66
Gt Lakes Pap Co 1st 5b '55
59
61
British Col Pow 4J*s-1960
63
65
581*
,
1961
57
59
McColl-Front Oil 41*8 1949
64
51*8
67
J&
Canada Cement 41*8.1951
Canada SS Lines 5s
1957
65
613*
353*
37
N Scotia Stl A Coal 31*8 '63
531*
65
Power Corp of Ca« 4 !*s '69
Prloe Brothers 1st 6b.. 1957
61
63
Dom Steel A Coal 03*b1955
68
70
Dom Tar A Chem 4 3*s 1951
63 3*
Paper Co—
4s..._...._.......1956
46
473*
Quebec Power 4s
Saguenay Power—
41*8 series B
Famous Players 41*8.. 1951
63
60
1966
100
Preferred
4
65
98 3*
20
263*
263*
45
93*
93*
Mar
Sept
103*
Feb
9.60 July
113* May
85
May
193* June
15.00
325
133*
13 3*
7
420
7
Feb
553*
500
300
93*
83*
Apr
106
Apr
34
Jan
June
63*
163*
Jan
June
12
10
Jan
23 3*
16 3*
Feb
73*
Sept
Sept
*
153*
163*
105
233*
233*
20
343*
333*
34 3*
163*
163*
163*
733*
143*
74
225
143*
165
24
Feb
88
88
10
70
June
94
Feb
16
16
25
14
May
27
103*
103*
July
13
15
.100
Intl Petroleum Co Ltd...*
100
Lake of the Woods
16
3
Laura Secord
Municipal Issues
M assey-Har ris
(American Dollar Prices)
Province of Ontario—
1 1948
43
45
5b
Oct
Oct
1 1956
42
44
68
Sept
15 1943
100
Mag
1 1959
95
96 3*
48
...June
1962
85
91
923*
Jan
5
173*
Sept
May
233*
Apr
81
Dec
51
123* June
55
55
15
Feb
59
1,055
Feb
Feb
Jan
Jan
Feb
23*
59
23* May
Feb
Jan
63*
100
61
61
1
60
Jan
81
Mar
100
Preferred
110
110
1
107
Jan
120
Feb
283*
283*
293*
52
52
52
National Breweries
263*
263*
273*
863*
15 1965
463*
972
25
May
313*
28
40
June
563*
Jan
490
25
June
Jan
Feb
1003*
58
May
23*
Montreal Tramways...100
Jan
27 3*
9
33*
Feb
639
30
3
29
283*
47
Montreal L H A P Cons.
6b
41*8
Dec
June
2
*
Montreal Cottons.
Atk
163*
20
2
MacKinnon Steel Corp...*
Preferred
100
Closing bid and asked quotations, Friday, Jan. 3
Province of Alberta—
5
143*
Feb
96
Intl Paper & Power
70
Bid
Dec
103*
International Bronze prf 25
Int) Nlokel of Canada
*
Preferred
Atk
May
53
123*
£1
Preferred
78
13 3*
Indust Accp Corp
High
July
5
14
•
43*
30
,
983*
»
Intern Power pref
Bid
53
Low
285
123*
143*
100
Imperial Oil Ltd
641*
Provincial and
94
53
Range for Year 1940
Shares
6
933*
94
6
Imperial Tobaooo of Can
65
68
53*
5
Holllnger Gold Mines
Howard Smith Paper....*
62
631*
1962
Price
Goodyear T prf inc '27..50
Hudson Bay Mining
65
Donnacona
Week
»
Preferred
63
Canadian Vickers Co 6s '47
for
of Prices
Low
High
Gurd (Charles)
Lake St John Pr A Pap Co
Massey-Harrls 43*8...1954
Par
General steel Wares
63
Alberta Pac Grain 6b.. 1946
Algoma Steel 5e
Stocks (Concluded)
Ail
Week's Range
Sale
Bid
Last
Prov of British Columbia—
6a
12 1949
1 1953
July
Oct
41*s
86
88
80
82
43*s
Provlnoe of Manitoba—
1942
1
Jan
1 1941
June 15 1954
6s.....
88
92
43*8
Mar
2 1950
75
78
4s
Feb
1
2 1959
75
78
43*8
May
....Dec
Prov of New Brunswick—
6b_
16 1960
80
82
75
78
Apr
84
1958
79
81
1 1961
80
82
6s
June 15 1943
25
38
38
383*
33
June
383*
413*
Natl Steel Car Corp
Niagara Wire Weaving..
*
38
38
38
10
34
June
69
Jan
253*
253*
100
20
May
323*
Apr
Noranda Mines Ltd
87
*
"563*
563*
58
368
433*
July
773*
203*
203*
22
133
20
'
June
33 3*
Jan
163*
163*
20
73*
Jan
163*
Dec
11
11
10
93*
16
Feb
50
50
July
July
72
Mar
Preferred
Ogllvle Flour Mills
,
Prov of Saskatchewan—
41*8
Apr
15 1961
Province of Nova Scotia—
41*8
993* 100
Provlnoe of Quebeo—
41*8......Aug
6b
1
Ottawa Electric Rys
*
Ottawa L H & Power...100
90
Mar
Jar
Nov
64
66 3*
Penmans
15 1946
64
67
53*
53*
131
53*
113*
Jan
60
62
Power Corp of Canada...*
Price Bros A Co Ltd
*
53*
1 1951
53*8
43*8
123*
123*
123*
380
9
May
24
Jan
143*
14
143*
185
13
June
13
13
5
12
June
173*
193*
30
100
May
250
2
May
Oct
Sept
16 1952
86
88
Quebec Power..
6s........Mar
1 1960
88
91
Rolland Paper vot trust...
*
Saguenay Power pref
100
63
1063* 1063*
50
Dec
Jan
Jan
108
Sept
'
St Lawrence Corp
*
St Lawrence Corp A pfd.50
Railway Bonds
Shawlnigan Wat A Power.*
(American Dollar Prices)
Bid
Atk
Canadian Pacific By—
Bid
43*8
Deo
15 1944
5b
July
1 1944
of
Canada
Atk
»
United Steel Corp
Canadian Pacific By—
perpetual debentures.
...Sept 15 1942
Co
*
33*
46
10
22
Aug
37
Mar
18
18
30
16
May
24
3* Apr
62
633*
41*8
July
1 1960
64
65
Winnipeg Electric cl A...*
1013* 1013*
B
Bonds
*
100
July
July
1 1967
1 1969
923*
923*
4s
..Jan
1 1962
Atk
86
58
94
943*
3b
Jan
1 1962
76
6s
Oct
1 1969
95
63*s
1 1946
July
2
137
Aug
164
165
57
139
July
1763*
195
3
185
Oct
185
Oct
100
193
192
193
41
171
July
212
Mar
Royal
100
168
168
98
150
June
190
Mar
Montreal Curb Market
89
Dec. 28 to Jan. 3,
both inclusive, compiled from official sales lists
79
Last
6X
"l73*
6% preferred
50
Canadian Bronze
45*
193*
~~8%
..25
Range for Year 1940
20 J*
*
10
Low
9
June
123*
Aug
Mar
163*
Apr
263*
Jan
Cndn Inds
Sept
1223*
24
12 J*
160
6X
173*
164
63*
130
Dec
May
July
Feb
24
Dec
Jan
Canadian Vickers Ltd
169
Jan
36 3*
36 3*
40
273*
Dec
40
Nov
953*
953*
70
95
111
Feb
243*
24 3*
2053* 2053*
176
1753* 177
50
50
30
Aug
45
Apr
90c
150
33*
133*
5
13
*
42
25
40
70c May
2
May
73* June
41
Nov
1.40
83*
Apr
Jan
33
Jan
523*
Feb
Mar
83*
Apr
Jan
Donnacona Pap Co Ltd A »
43*
43*
270
33*
May
10
Jan
Eastern Dairies
93*
93*
10
3
May
113*
Dec
193*
1,025
124
80
June
101
Nov
83*
Dec
18
23*
93*
Oct
83*
Mar
June
213*
Apr
Fleet Aircraft Ltd
15
29
June
45
Jan
Ford Motor of Can A
*
6
163*
Jan
Fraser Cos vot trust
*
283*
373*
Jan
Frelman (A
Feb
123*
May
May
110
20
May
20
50
1.85
7%cmpfl00
245
3
726
*
23*
23*
23*
55
26
53*
53*
1,482
5
5
25
4
39
449
29
28
Westlnghouse
42
1.90
128
193*
33*
33*
Mar
*
J)6% cm prf 100
Goodyear T A Rub of Can *
53*
15
95*
May
*
May
Mackenzie
Jan
Jan
9
Aug
May
9
Jan
May
483*
Jan
29
Deo
355
42
42
10
80
200
15C
*
Air Service
15C
10
1.00
16
MacLaren Pow & Paper._*
100
16
1,250
2,320
June
63*
June
1534
Jan
Pwr
May
63*
83*
903*
Nov
Cpof Cn 6% cm lstpf 100
6% n c part 2d pref—50
Apr
Provincial Transport Co__*
63*
Quebec Tel & Pow Corp A*
4
Sarnia Bridge Co
8
8
135
4
May
115*
Jan
135
6
May
153*
163*
Feb
967
100
89
89
953*
*
13*
953*
13*
93*
40
80
1
96
500
Dec
June
963*
Jan
Feb
Nov
105
6
Jan
*
cl A
*
*
Class B
Sou Can
Pow6%cm prf 100
Walker-Goqd A Worts(H)*
$1 cum pref
*
463*
23*
No par value,
r
35
25
85c
Apr
93c
91
50
40
Dec
63*
75
4
May
1113*
1063*
473*
73*
4
30
4
Nov
43*
Mar
25
5
Jan
133*
Nov
91
95
95
36
423*
42 3*
1.50
Jan
Aug
Aug
145
104
473*
Mar
July
Aug
23*
1033* 104
1.50
104
15
12
1.75
95
Feb
June
1.75
112
Apr
Jan
Mar
Apr
Feb
Feb
Feb
46
47 3*
350
293* June
453*
Dec
203*
203*
100
163* June
203*
Feb
Feb
Sept
Moore Corp Ltd
•
13*
63*
153*
Jan
36 3*
463*
221
93*
22
9
10
93*
43*
43*
53*
123*
May
June
10
*
pref
23*
93*
9
6
cum
1035*
123*
Nov
24
$3
Page-Hersey Tubes Ltd..*
Jan
1.05
85c June
Noor Duyn Aviation—...
Mar
Jan
July
May
Jan
155
Jan
10c
May
Feb
Oct
Jan
2.00
33*
403*
May
60c
28
85c June
22
June
June
65c June
53*
May
3
20c May
12
30
June
70
Dec
100
May
140
Mar
80
275
16
2
38
Oct
5
193*
30
Jan
733*
50c
223*
83
Jan
35
93*
13
145
Feb
213*
50c
110
83
Jan
22 3*
5
235
145
10
July
73* June
33* June
133*
9
Co Ltd..*
263*
100
33*
Melchers Dists Ltd pref. 10
203*
925
1.55 May
Mitchell (Robt)
Mtl Refrig A Stor vot tr..*
263*
*
1
85c
20
100
100
85c
1.00
85c
20
33*
145
685
10
10
*
Lake Sulphite Pulp Co
5 3*
15
93*
80
42
International Utilities B..1
Lake St John P & P
Feb
53*
143*
26 J*
5
205
1,706
Jan
116
53*
35
90c
Apr
3.50
July
1.65 May
13* May
4
May
12 J*
Dec
313*
3.75
100
*
Mar
177
May
36
43*
235
Aug
75c June
1
Dominion Tar & Chem...*
Aug
625
83*
83*
203* *203*
283* 283*
43*
177
163
10
.15
105
*
53
109
4
19
Dominion Stores Ltd
22
July
May
33*
100
Jan
33*
105
35
1.00
100
6% preferred
53*% pref
Rights
233*
May
33*
Candn Cottons pref
Cndn Ind Alcohol
*
May
24
1.00
120
*
15
355
Cub Aircraft Corp Ltd...*
33* May
Dec
Gatineau
434
Jan
685
225
93*
Mar
17 3*
27
Commercial Alcohols Ltd.*
43*
Dominion Steel A Coal B 25
150
173*
*
cum pref
Oct
Jan
Dec
Consolidated Paper Corp.*
May
Foundation Co of Can
1243*
103*
Jan
June
Dry den Paper..
10
125
Dec
Feb
14
Preferred.:
93*
173*
103*
93
Dominion Textile
84
Apr
Apr
233*
83*
155
28
93*
173*
145
June
106
28
June
May
33*
5
»
June
80
12
6
25
2
205
10
173*
Dominion Bridge...
Dominion Coal pref
Apr
Cndn
200
25
8X
373*
7%
7
1143*
1,175
June
93
373*
Mar
High
23*
27
Canadian Marconi Co
153*
Low
0.50 June
2,485
249
%
24
362
153*
17 X
98 3*
4
1093*
7% cum preflOO
CndnIntlInvTr5%cmpfl00
75c
6X
6
983*
8H
4
25
515
3
Shares
173*
Cndn Industries Ltd cl B_*
Dec
173*
*
125
Range for Year 1940
for
Week
27
Canadian Breweries pref.. *
May
124
2%
93*
cum pfd 100
1
93
Consol Mining A Smeltingd
Distillers Seagrams
*
7%
7
100
Class B
Can North
14
20
100
Canadian Pacific By
Cockshutt-Plow
Oct
140
IX
Canadian Cottons
•
*
Canada & Dom Sugar Co. *
Canada Malting Co Ltd..*
High
Canadian Converters
100
114
Beldlng-Corti7%cm prf 100
Brit Amer OH Co Ltd
36
8X
*
Cndn Car A Foundry...
for
Weet
of Prices
High
Low
63*
*
Beauharnols Power Corp.*
Shares
Week's Range
75c
100
cum pref
482
6
100
Can North Power Corp..*
Canada Steamship (new).*
6%
Aluminium Ltd
93*
IX
9X
160
*
Preferred 7%
11
15
Canada Cement
Celanese.
High
123*
Building Products A (new)
Preferred
of Prices
24
Bathurst Pow A Paper A.*
Canadian
Week's Range
Price
Abltlbl Pow A Paper Co..*
Sales
14X
Associated Breweries prf 100
Assoc Tel & Tel pref
*
Preferred
Exchange
Par
143*
108 J* 108 J*
13*
93*
Sales
Friday
Friday
Apr
Mar
1043* 1043*
both inclusive, compiled from official sales lists
Asbestos Corp
Jan
Apr
146
Grand Trunk Pacific Ry—
Montreal Stock
11
Jan
23*
195
Stocks
*
2.50
13
146
96
Low
July
83* June
162
146
Sale
Sale
1.00
195'
'
Last
Aug
20
20
100
953*
Price
90c
1
9
1.05
Montreal
Bid
41*8
95
603
1
9
100
.....
Dominion
Atk
923*
1.00
1
Banks—
Commerce
94
91%
1.00
..*
Canadlenne
923*
5
Apr
46
*
93
Bulolo
Feb
*
Wlis lis Ltd
913*
Bell Telephone
100
Brazilian Tr Lt A Power.*
23*
Wabasso Cotton
703*
1 1956
*
Jan
78 3*
Feb
Alberta-Pacific Grain A..*
63*
43*
76
June 15 1955
Algoma Steel
Jan
May
23*
2
33*
Jan
863*
693*
Sept
Agnew-Surpass Shoe
55
Jan
15
July
1 1954
Canadian Northern Ry—
Par
May
93* June
62
1 1946
41*8
Stocks—
4
16
5
Deo
41*8
Jan. 3,
105
Apr
Sept
41*8
to
408
Apr
523*
243*
6b
Bid
Dec. 28
173*
123*
72
21
May
41*8
Government Guaranteed
1 1970
163*
123*
69
4
163*
"69
Jan
103* May
20
70
Canadian National By—
Feb
25
523*
(American Dollar Prices)
5e
320
,
69
Closing bid and asked quotations, Friday, Jan. 3
1 1951
17
40
53*
513*
Zellera
Dominion
163*
*
Viau Biscuit
23*
40
Southern Canada Power..*
Steel
4s
17
St Lawrence Paper preflOO
Closing bid and asked quotations, Friday, Jan. 3
6s
23*
Canadian market.
Volume
The Commercial & Financial Chronicle
152
105
Canadian Markets—Listed and Unlisted
Toronto Stock
Montreal Curb Market
Friday
Last
Week's Ranoe
of Prices
Low
High
Range for Year 1940
Low
Shares
Stocks (Continued)
High
Mines—
Equitable Life
1
Arntfield Gold Mines
4c June
6 He
6 He
2,000
7Hc
m
Beaufor Gold Mines Ltd__l
Week's Range
for
of Prices
Low
High
Week
Week
Price
Par
7Hc
3He
35c
July
8c
3c
2c
3c
1,000
30,750
Cndn Malar tic Gold
*
50c
50c
50c
200
Century Mining Corp
1
16Hc
5,500
East Malartlc Mines Ltd.l
m
Brazil Gold & Diamond. _1
July
1 He June
Price
Par
Falconbridge
Jan
Fanny Farmer
17c
Aug
21c
Mar
2.75
2.75
700
1.95 June
4.10
Jan
Fleet Aircraft
♦
52c
52c
52c
1,000
25c June
1.25
Jan
Ford
•
Falconbridge Nickel
*
2.10
2.10
2.10
25
2.27 May
5.05
Apr
Francoeur Gold
*
50c
48c
50c
2,200
20c May
68c
Jan
Inspiration Mln <t Dev
Lake Shore Mines Ltd
1
1
mm **
Pato Cons Gld Dredg Ltd-1
«•'«»
Perron Gold Mines
1
Francoeur
Pickle-Crow Gold
Gatlneau Power
5c
27,500
18c
Aug
45c
Mar
15
15H
July
31H
Jan
1.15
2,300
1.45
Mar
1.00
20
July
1.82
Jan
General Steel Wares..
8c
2,000
2c June
lOHc
Jan
2.65
2,600
1.55 June
2.65
Apr
^
5H
5%
30
15%
5,379
15%
99
48c
50c
15,900
9%
25
10
79
1.65
1.65
3
100
1.25 June
2.11
Jan
God's Lake
100
Goldale
*
«
«.
*
4.15
Jan
2.20
450
1.95
Aug
2.32
Sept
Golden Gate
1
3.55
700
1.40 June
3.75
Dec
Gold Eagle
1
Sherritt-Gordon Mines
1
82c
82c
100
55c
July
1.15
Jan
Goodfish..
Slscoe Gold Mines Ltd
1
55c
56c
1,250
47c
Oct
95o
Apr
Goodyear
*
..50
64c
64c
1,330
47c June
1.00
Jan
2.85
50
2.00 May
3.35
Jan
Graham-Bousquet
3.45
64c
2.48 June
4.15
Jan
Grandoro
31c
Jan
Great Lake
8.20
Jan
400
8Hc
9c
3,000
6.75
6.75
1,250
Teck Hughes Gold Mln Ltd
Wood-Cadillac Mines
3.45
8c June
4.80
July
OilHome Oil Co Ltd
2.22
*
2.23
1.30 May
Jan
3.10
"hPec. 28 to Jan. 3, both inclusive,
Exchange
Last
Week's Range
Sale
Stocks—
of Prices
High
Low
Price
Par
...1
High
Abitlbl pref
70c
7
mo
6%
70c
6H
*
Acme Gas
9 He
June
3c June
20
July
Jan
1 He
3,000
He
Oct
2 He
Dec
Jan
15c
Dec
Jan
•
2.32
2.25
4,775
3.10
Jan
lHc
lHc
5,500
17
17
Co
—.1
*
202
205
...1
18,200
17c
Jan
500
2c June
5c
Dec
5,300
91c June
2.68
Jan
Jelllcoe
15Hc
16c
8,450
3c June
18Hc
Deo
J M Consolidated....
7Hc
8c
4,600
5c
28C
Jan
Kelvinator
12
175
12H
14c
12C
15c
55,570
1.19
1.19
1.26
7,150
1st preferred..
101H 101H
inn
160
Bldgood Kirkland
5
160 H
127
158
7 He
10c
75,278
6 He
7c
3,500
100
6H
10H
6H
10H
6H
1,962
5%
5H
5%
10
8HC
i
Bob Jo
1
*
;
'
•
Brazilian Traction
Brewers & Distillers.. ...5
*
British American Oil..
17H
17 H
25
25
Burlington Steel......
*
Calgary & Edmonton.
*
Calmont
1
24c
Canada Cement
*
6
'
■
•
*
87 H
—
„
..
*
98c
10,050
19H
552
15%
July
*
1.00
1.00
1.00
100
90c
Aug
2.50
Dec
Lamaque (G)
*
5.00
5.00
5.05
1,360
4.75 June
7.25
Jan
1.26
Dec
La pa Cadillac
Laura Seoord (new)...
1
llHc
10Hc
15c
23,500
22 Ho
Jan
3
10H
10H
10 H
1,025
56c
58c
5,700
2.00
2.15
4,785
130
July
Jan
169
Mar
Dec
62 Ho
Apr
3Hc June
11 He
Jan
7.40 June
11.00 May
7Ho
3H
3
June
May
57c
Leitch
*
Little Long Lao..
Loblaw A
Jan
Jan
4.75
Feb
2.30
1,660
1.00 June
2.74
Oct
11,384
July
70c
Nov
54c June
1.45
Mar
2.25
2.25
61c
61c
64c
1.12
1.10
1.19
13,260
He
500
Maple Leaf Gardens preflO
7
7%
172
2H
1,068
3H
720
...1
He
♦
2%
Jan
June
4.25
Malartic (GF)
Jan
2.25
4.25
Madsen Red Lake
88o
3.40
225
Ml nee
Apr
June
4.30
25%
5H
41 o
1.71 May
20 H
25H
McL Cockshutt
June
May
25%
Apr
Jan
9
15
27
10H
13
Jan
28 H
26 %
*
Macassa
July
Jan
May
27
B
5o
32
20 H
20
172
•
Jan
14
20 Ho
He
6H
lHc
July
Apr
Nov
10
Jan
Jan
7%
6H
Dec
4
Aug
1H
July
2H
July
6H
Jan
July
59 H
Jan
Dec
9H
Feb
Jan
4,75
400
2.76
July
8.60
Jan
Maple Leaf Milling...
3 He
9,500
1H
Oct
Massey-H arris
500
4H
3Hc
Feb
3c
Apr
10 H
100
6H May
14
Jan
McColl
1.40
1,400
1.00 June
2.39
Jan
McColl-Frontenac Oil pflOO
96
96
96
24c
24o
1,000
18c June
47c
Jan
Mclntyre.
51 %
51H
52 H
257
6
440
3
June
8%
Jan
McKenzie
1.21
1.20
1.25
3,500
85c June
1.47
Jan
99
6
78
June
100%
Nov
...1
7c
7c
500
4c June
15Hc
Jan
*
22c
22c
3,400
20c June
58c
81c
2,510
40c July
12H June
37Hc July
34%
June
lc June
87 H
40
12
June
38
88
29 H
June
87 H
40
65
June
29
117
July
16 H
McWattera
40
Nov
Mining Corp
Modern Containers...
Moore Corp
2H June
8H
Mar
9% June
21H
Apr
90c
24 %
35
—
„
10
June
8H
Feb
Feb
National Grocers pref. ..20
National Petroleum... .25c
Feb
National Steel Car....
9
9
9
49c
49c
49c
Canadian Oil
H
85
Dec
Jan
29
Jan
Niplssing
May
37 K
Feb
Noranaa
July
32
Jan
Nor don Oil
1
Jan
Nor metal
Feb
North Star
O'Brien
1
July
5H
9
12
May
1,772
4
May
7
Oct
8%
13
20H
20 H
70
55c
55c
55c
200
13 H May
55c
Dec
1.90
1.88
1.92
2,600
J.45 May
10c
9Hc
10c
6,900
..
5c
Aug
20c
19c
20c
2,400
15c June
1.49
1.42
1.50
12,862
41c June
15c
Aug
31c
July
16c
.
97c
Cochenour
Coniaurum
17c
95C
1.00
2,100
55,200
1.55
♦
1.60
500
1.00 June
13 H
95
12 H
38
38 %
632
28 H
143
Gas
*
*
142
...i
1.00
1.10
800
14c
14c
14c
4,600
Partanen-Malartic
...1
Jan
Paymaster
Cons
Dec
.etroleum Oil & Gas..
58c
Jan
Photo Engraving
1
Deo
Perron
Pickle-Crow
July
May
Feb
Pioneer
49
Jan
178
Power Corp
*
6
Premier..
1
90c
Pressed Metals...
*
Preston
Reno
Riverside Silk
25
912
16
June
193
195
86
160
July
21
10
16
May
22 H
22H
23
115
19
May
36H
Jan
8t Anthony
6H June
3
July
15H
Jan
6H
Nov
8H
Apr
Senator-Rouyn
89
Dec
Shawlnigan
10
Aug
Sheep Creek—
Sherritt-Gordon
9H
9%
695
4H
5H
255
4H
50
3
June
30
75
June
3
87
7H
7H
200
12c
llHc
13c
23,400
2.75
2.70
2.87
21,525
52c
1.95 June
4.10
Jan
May
18 H
May
112H
Nov
21c June
1.23
Jan
30
388
97
Sigma
*
60c
Apr
Apr
Feb
1.30
50c June
1.81
11c June
340
60c
9
11
May
Jan
Jan
May
7c
2 He June
90
Jan
Nov
Jan
111
Jan
2.35
2Hc May
lOHc
Jan
4c
5C
8,500
July
10c
Apr
23c
24c
8,600
20o May
63o
Jan
30c
100
25o
July
30c
15
15
July
2o
25c
14
July
24
Dec
2.12
Feb
Jan
1.69
1,250
1 01
2.90
3.00
4,175
2.12
July
4.25
Jan
2.30
480
145
July
2.45
Nov
1.00
1.05
1,600
60o
July
2.19
Nov
June
11H
109
6
90c
94c
3,200
9H
75
3.50
15,720
14c
3,200
16H
10
...1
4Hc
4Hc
1,000
*
20
100
150
H
3.25
21
75
150
20 H
150
8c
1
40
8Hc
9,50(1
2.63
1
Dec
27c June
2,500
12C
San Antonio
Sand River
Mar
78 H
7c
8 He
2.55
2.65
5Hc
5Hc
5 He
10,500
5H
*
5,575
15
June
Jan
t 30
Aug
1.42
Jan
June
75c
6
12 H
Feb
June
3.70
Deo
July
12
16 H
57
Jan
Dec
28
Mar
6 Ho
2 He June
36 H
17H June
130
June
:
190
Jan
Jan
Apr
July
21o
Feb
1.25 June
2.80
Dec
7%o
5.300
48c 50 He
48c
Aug
15c
Jan
10c June
57o
Jan
5c
16
24
Jan
50e
85c
85c
85c
300
80c
July
July
1
83c
82c
84c
3,357
50c
July
1.18
Jan
1
8.60
8.60
8.75
10
4.00 June
9.00
Dec
16H
17
Jan
13,285
13 %
Russell Ind pref
Dec
54c
13
Royal 1 to
12Hc
8
49Hc
Jan
Feb
July
2c
112H 112H
13
East Theatres pref— .100
July
210
1.45
Oct
July
80c June
16 H
12c
......
July
Jan
10
*
3.30
Roche L L
Jan
Jan
37HO
9,865
9H
1
Jan
Mar
1.72
5H
E Dome..... ...1
Gold.
69
Jan
Dec
Mar
2.15
Jan
Jan
1,500
3%o
8H
26 H
21Hc
Nov
Ju.y
1.67
Feb
1.35
4c
Apr
May
80
1.55
■
15
Apr
Apr
4H
30c
1.00
Dec
86 H
23 He
35c
Sept
10
9
4c
tm
1
8c
86 H
*
3.00
Gold
16c
48
189
July
Aug
8c
3.75
57c
100
1,700
1,037
Jan
103 % 103 %
1.5S
Aug
10 He
90c
Jan
93 HO
85c June
3 He
1.15
Jan
Feb
June
12o
Jan
1.33
4c June
35
43
1,110
9
22
530
58
1.07
*»
70c June
141
5
Dominion Woollens pref .20
*
Powell-Rouyn
9H
*
m*i
1
Jan
1.98
19
28 H
2P
H
mm
*
Dec
195
23
1
1.52
May
.ion
Dominion Coal pref.. -.25
Jan
3c
24
Eldorado
14c
54
50
25
Apr
20
May
2o
500
38c
...1
18 H
25
♦
Pandora-Cadillac
200
*
East Malartic
Jan
Porcupine...
5c
200
4e
*
2.55
-.
*
Pamour
1,200
Dome
Duquesne Mining.... ...1
Page-Hersey
Jan
1,500
28
.100
Pacalta Oils
Apr
75c
24 H
90c
*
3c
28
*
May
90c
3c
*
...
Ontario Steel Car...* .*.*
28 H
90c
3c
DLst, Seagrams
Dominion Steel class B ..25
22
Mar
145
lc
3c
14Hc
58
4H
38c
14Hc
101
July
43
3c
1.07
June
37%
4,500
1,300
3c
80
3c
5
49,250
56 H
57
Omega
21
90c
Denison
•
47
143
1.00
Apr
40
4H
96,917
39
1.15
1.17
July
13
38
Bakeries .._*
Smelters
85c
21
'
*
20
345
25
6c
1.17
*
Jan
June
32c
3.62
29Hc
*
Mines
1,700
29Hc 31Hc
♦
8
46H
5c
39
Naybob.............
June
15
5H
8
5H
1,050
5H
12 H
1.65 May
16 H
24M
*
20
35
17
17
Canadian Wallpaper cl B„*
i
4H
24H
10 %
9H
54c
2HC
♦
14
2H
Chesterville
1
National Grocers
22
*
Central Porcupine
Murphy
Feb
July
55
188
Apr
45
5
4Hc
31H
178
July
1,650
46 %
185
5Hc
7H June
3
52c
46 H
188
Morris-Klrkland
6
*
Central Patricia
*
.100
Class A
4Vs
16
16
»
Apr/
17
120
w
2.75
20
100
80c
+
230
30
4H
~
54c
215
*
1
„
345
8%
-
—
10
8H
«
*
20
6H
-
*
19 H
Canadian Malartic
25
21H May
135
M -
Moneta
Apr
55
26
3
29
....
Mar
210
167
McVittie
22
300
Dec
3
29
*
104 H
150
1.00
4H
*
100
Preferred
Mar
19 H
4H
Canadian Locomotive.
Eastern Steel
102
19HC
Cndn Ind A1A
Dominion Tar
Nov
6
8
2
Dominion Tar pref
Jan
95c
18H
LakeSulphite...
97c
8
*
Dominion Stores
1.54
Kirkland-Hudson
*
17 H
Dominion Foundry
16c
Feb
*
16
Dominion Bank
Dec
32c
Maple Leaf Gardens..
17 H
...
4.10
11c May
70o June
Manitoba & Eastern..
*
....
1.20 June
200
Deo
Canadian Dredge
Petroleum
Jan
13,586
18c
Mar
5
Cub Aircraft
9H
4.00
99c
10
Consumers
June
5
16c
23 %
30
22
Consolidated
Jan
3.85
Aug
29
.
Nov
3.90
Kerr-Addison
May
22
„
30
28o May
29
.
H%
8
*
14 H
*
Chromium
Feb
23 %
..25
Chemical Research
4Hc
5,000
1,267
Canadian c«ian««e...
...
Jan
He June
lc
42o
3c
6H
-
..
'
...
19c
1
9H
*
♦
.
So
Aug
17o May
3C
24
Canadian Canners A.. ..20
Castle-Trethewey
Aug
lHc
12,520
1,500
6,833
4.50
162
162
Cndn Bk of Commerce .100
Canadian Wlrebound.
lHc
2Hc
2Hc
Apr
19
4H
*
Canadian Breweries pref.*
C P R
Feb
15H
15H
15c
1.00
•
....
Jan
24
May
2Hc July
70c July
3
Sept
90
July
7
6 He June
134 H 135
19
Preferred
47
June
5
1
500
37
134
Preferred
Can Car & Foundry..
May
May
12%
Klrkland Lake
8Hc
/16H
38
Can Permanent Mtge. .100
B._
27 H
870
Lake Shore
34,064
■>:1
*
Canadian Canners
Jan
75
601
Jan
98c
3HC
.100
Breweries..
Apr
99
*
Canada Steamships
41c
June
6
*
Bunker Hill
Canada Packers
Apr
17c June
8H
12
1.40
Buffalo-Canadian
Canada Foundry cl A.
Jan
Oct
15H
16 H
10M
4.50
B uffalo-Ankerite
Canada Malting
Jan
Feb
Feb
8Hc
*
34
220
33c
7c
94c
95c
Broulan-Porcuplne
Preferred
Feb
May
July
9%
2
17H
25
British Columbia Pow cl A*
Brown Oil
60
6
6
315
268
Jan
19 H
150
Aug
5,600
12H
*
Bralorne
200
11c
12 H
Bear Exploration
Aug
July
269
5
280
245
10c
Mar
2Hc
...
Mar
40HC
22c 24Hc
Jacola
2.30
25
Oct
July
14 %
lc
Jack Walte
4Hc
Feb
7 Ho
lHc June
21 He
34 H
2Hc
7 He
2.18
211
1,000
2Hc
23c
7c
4Hc
July
210
23c
9H
34H
170
13H
June
1.30 May
15
Jan
10c
Aug
34
9H
*
International Petroleum
: 8
2,419
9%
3c
14 %
*
Jan
*
58
23c
1.03
■;
510
9H
9H
Imperial Tobacco ord. ...6
Inspiration.
27
13 H
*
Imperial Oil Co
Jan
300
205
26H
26 H
*
Imperial Bank
25
29c
28c
28c
41c June
■.
Jan
1.48
65c May
Jan
7,950
193
June
15
63c
189
Jan
Apr
8H
39
May
9H
60c
July
2,600
34
580
International Nickel..
July
1.07
1.04
5
13 H
2.33
International Metals A
4c
130
5
34 H
Jan
12%
Jan
277
Bell Telephone Co
10,000
5H
3Hc
Mar
2c
2H May
Ho June
3
July
Oct
13 H
Jan
245
Beatty class A
100
7c
27%
June
Holllnger Consolidated ...5
38c
193
...l
Jan
3%
13
16
6Hc
inn
Beattle Gold
64c
2 He June
7H June
16c
♦
31 He June
500
July
Base Metals
Bathurst Power cl A..
500
205
Sept
Bank of Nova Scotia.. .100
Bank of Toronto
45
37c
4Hc
lc
Bankfleld
Montreal.,.. .ion
12,000
18H
3 He May
10 %
10c
-
Bagamac
7c
18%
37c
v
July
lc June
4HC
2,600
_
Feb
1,000
10 H
7,500
7c
Jan
57%
lHc
1.05
17c
2.20
51 %
54
June
4Hc
lHc
...I
65
87
l%c
63c
Gold Mines...
Delnite
17H
36
58
80
10H
...1
...
Howey
Apr
65
Jan
*
.....
Hinde & Dauch
8c
Astoria Que
Davles
2.38
Jan
26o
-
lc
l
Arntfield
Cons
-
-
m
15c
♦
Anglo Canadian
Canadian
2
8,500
23
Oct
Jan
l%c
5%c
17c
Amm Gold
Bank of
305
10c
50c
69c
22o
«-
lHc
*
Aldermac Copper
Aunor
7
29
28
Alberta-Pacific Grain prflOO
200
70c
Jan
May
230
4H
Hudson Bay
*
Abltibi Pow & Paper..
Apr
2Hc May
July
34 H
Honey Dew
Low
25c
lc June
5c
4H
Homestead
Range for Year 1940
for
Week
Shares
4,600
10 H
8c June
34 H
Home Oil
Sales
Friday
6
10 Ho
7Ho June
#
Harker
compiled from official sales lists
Dec
July
July
53 H
«•<«.
....
Toronto Stock
Feb
1H
4H
3 Ho
2,900
*
Hamilton Bridge
Feb
4,500
Hamilton Cotton pref. ..30
Hard Rock
...1
6,800
Feb
80
37c
.....
Jan
16H
97
8,200
pref...
Halcrow-Swazey
70o
3%
...1
Gypsum
19o June
9c
9c
*
v t
Mar
16c 16 He
12c
Gunnar
3.50
1
Wright Hargreaves Mines*
Preferred
21H
8Hc
54
1
1
July
ll%c 12%c
16c
2.85
Sullivan Cons
Jan
15
55
l%c
38c 39Hc
80
Sylvanite Gold
140
Jan
22 H
5,000
1,500
lHc
1
—
Jan
10H
July
1 He
2.46 June
2.20
3.45
—
5Ho
13 H
6%
4C
38c
1
40 «. #.
Deo
4Hc
6
Preston-East Dome
"82c
1.50
1.10
-
4HC
lHc
Pioneer Gold of Brit Col._l
3
90
Apr
Mar
0Hc
July
1.10
*
30
Dec
10
9H
90
90
Gatineau Power pref....100
Rights
July
2c Aug
3H June
14 J*
_
49c
Glenora.
59c
June
14 H
w
15H
Gillies Lake
57c June
July
lHc
*
1,000
2.65
1
20 H
10,500
*
8c
____
.
120
5c
*
B
25c
«.
2.65
27H
5c
■
^
1.10
1.11
1
Pandoa-Cadillac Gold
27H
...1
A
1.00
Mai Gold Fields
O'Brien Gold Mines
Fernland..
19 Jf
25c
19
*
*.
Feb
300
4Hc
16Hc
2.75
«. «•
26o
5 00
1,000
2,05
1
Federal-Kir kl and
1
«
Jan
15c May
175 June
16c
2.05
*
Mar
High
6
3H
5c
Extension Oil
Jan
6c
31
27 H
Jan
13c
$
Low
16c
16Hc
*
87c
>3 a1
Shares
5
5
5
..25
Eldorado Gold
1
Sales
Last
Sale
for
Sale
Stocks (Concluded)
Exchange
Friday
Sales
No par value.
(Concluded on page 103)
1.24
Jan
The Commercial & Financial Chronicle
106
Jan. 4, 1941
HI
Quotations
New York
Hid
15
1969
a 3s
Jan
1
1977
a3s
a2%s July
June
1
1980
a3%« July
a3%s May
o3%s Nov
1
1976
1
1954
1
1954
a3%s Mar
1
I960
110% 111%
110% 112
110% 111%
15
1976
110%
a3%s Jan
102%
106
103%
107%
Apr
Judo
4Kb Jan
a4%s Nov
1
1977
125% 127
15
1978
112
a4 HB Mar
1
1981
116%
a4%s May
a4%s Nov
1
1957
1
1957
a
126
126%
1957
115%
1958
1
1959
116% 117%
116% 117%
a4s
May
1
1977
120% 122
a 4s
Oct
1
1980..
I
1960
1
1965
1
1967
a4%s Dec
15
1971
1261*4 127%
127 % 129
122
123%
122% 123%
125% 126%
126
127%
12714 128%
128
129%
1979
132
1963
a4%s Mar
a\ %s June
123
120% 122
121
122%
a4 %s Dec
1
133%
223
233
88
100
269
275
Bid
Par
Manhattan Co. 10
Bank of
15
3s 1981
61.85
--
Bid
less 1
61.90
...
Canal A Highway—
42
85
13.55
33%
100
35%
Highway Imp 4%s Sept '63
61.00
150
Can A High Imp 4%s 1965
147%
178
685
mm
113
First National of N Y..100 1670
100
4a September
Bankers..
B\a
110
110 %
6 25
1942-1960
M AS
105%
3%s 5th
15'77
M AS
6-25
MAS
105%
—mm
—
1959
109
1952
109
112
Bid
Colonial
107
10
11%
25
20
Manufacturers
29
38%
32
40%
20
51
53
108
111
12
Title Guarantee A Tr. ..12
13%
15%
Trade Bank A Trust.. ..10
16
51%
Underwriters
100
80
48%
United States
100 1495
20
12%
1560
.25
Preferred
50%
45%
...25
Empire
3
2
'
mmm
90
126
127%
Am Dlst Teleg(NJ) com.*
5% preferred
101
4 %8 July
114
5s
5%s Aug
1941
1545
Telephone and Telegraph Stocks
,.100
bid
107
Par
Ask
111
Pac A
118
121
Bell Telep of Canada... 100
108
111
Bell Telep of Pa pref
97
102
100
117
120
Emp A Bay State Tel.. 100
46
Franklin Telegraph
100
27
Int Ocean Telegraph
100
MtB States Tel A Tel.. 100
1952
July 1948 opt 1943.
Bid
New York Mutual Tel__25
Ask
24
110% 112%
Govt of Puerto Rico—
111
74
Atl
Peninsular
Telegraph...25
Telep com
*
Preferred A
25
15
18
32%
34%
32
35
102% 103%
U 8 conversion 3s 1946
Hawaii 4 %s Oct 1956
115
118
110%
Conversion 3s 1947
111%
---
Federal Land Bank Bonds
•
I
3s 1955 opt 1945
JA7
3s 1956 opt 1946
JAJ
3s 1956 opt 1946
MAN!
Hid , Ask
107% 108%
108%|109%
Bid
3%S 1955 opt 1945..MAN
108% 108%
111%
JAJ
108 %i 109%/ 4s 1964 opt 1944
JA J
bid
Atlantic
99
mmm
9
T2
2%
99%
Lafayette %s, 2s
Lincoln 4%s
99
99
Lincoln 6%8
-mm
7% preferred
■
mmm
99
...
%s, l%s._
5s
4%a
23
r21
Southern Minnesota
mmm
mmm
mmm
14%
Dallas
74
78
Denver
56
62
55
60
14
18
2
5
100
Bid
Ask
3
5
North Carolina...
95
102
Pennsylvania
35
40
Potomac
115
130
San Antonio
115
125
Virginia
Alabama 4%s
Arkansas
Delaware 4%s
District of Columbia 4%s.
Florlda 4%s
3
2%
4%s
5e
Georgia 4%s
1 1941 6.30%
1 1941 6 .30%
%% due.....May 1 1941 6 .35%
Ask
•
1
Bid
1
1
1
1
1
1
1
1
%% due
%% due
Ask
Aug 1 1941
Sept 2 1941
% s due
H% due
H% due
Oct
Federal Home Loan Banks
15 1941 100.2
100.4
15 1942 100.12 100.15
1 1943 103.2
Apr
103 6
Federal Natl Mtge Assn—
2s May 16 1943—
Call May 16 *41 at
100% 101.20 101.24
1%8 Jan 3 1944—
101%
Nov
Deo
6
6
.35%
.35%
1
1941 6 .40%
Bid
Home Owners'
102.6
Bid
%s
May 15 1941 100.6
1
1
11•
Asked
notes Feb 1 1944..
2
N Y (Metrop area)
Pennsylvania 4%s
Rhode Island 4%s
Insured Farm Mtges 4
Virginia 4%s
As
100.8
100.16
100.23
100.26
101.19
100.4
For footnotes
see
102
103%
101% 102%
101% 103
101% 103
%s
101
102%
101
103%
101% 103%
%% to %% must be deducted from interest rate.
1
102.24 102.27
4%s
page
109.
103%
102
103%
101% 102%
102
103%
Texas 4%s
A servicing fee from
101% 102%
101
102%
102
101% 102%
102% 103%
111 1t1 1•1
I
4%s..
4%s
New York 8tate 4%s
North Carolina 4%s
102
U S Housing Authority—
1%%
4%s
Massachusetts 4%s
103
103%
104
5s
New Mexico
Michigan 4%s
111
1
102
4%s
South Carolina 4%s
Tennessee 4 %s
Reconstruction Finanoe
Corp—
%% notes July 20 1941 100.14
H%
Nov
1 1941 100.21
%%
Jan
15 1942 100.24
1%
July
1 1942 101.7
New Jersey
Maryland 4 %s
Loan Corp
%% notes Nov 1 1941.. 100
102.2
Mortgages
West Virginia
1 1941 6.40%
1 1941 6 .40%
Ask
Commodity Credit Corp—
%%
Aug
1 1941 100.9
100.11
1%
Nov 15 1941 100.24 100.26
H%
May
11943 100.25 100.27
FISCHER
Asked
101% 102%
101% 102%
102
103%
101% 102%
102
103%
101
102%
Obligations of Governmental Agencies
Apr
Apr
20%
Mortgages
101% 103
101% 102%
102
103%
Louisiana 4%s
Minnesota 4%s
June 2 1941 6 .35%
%s due
Bid
18%
Offerings Wanted
101% 102%
101% 102%
Illinois 4%s
Indiana 4 %8
Federal Intermediate Credit Bank Debentures
Apr
*
6
1
>
Mar
$5 preferred
FHA Insured
Bid
Par
Lincoln
Feb
13%
90
Telephone: WHltehall 3-6850
New York
Bid
Ask
99
Is
Ask
2 1941 6.30%
1 1941 6 .30%
8%
99
62
Jan
12%
25
Virginian
84
100
Bid
44 Wall Street, New York, N. Y.
48
Des Moines
7
86
80
Fremont
6% pref__.100
Southwest (Ark) 5s
Union Detroit 2%a
Atlantic
First Carolines
Reeves (Dan el) pref...100
WHITEHEAD &
99
rl4
.
100
1%
Bids and
Joint Stock Land Bank Stocks
Atlanta
Kress (S H)
FHA Insured
101
San Antonio %s, 2s
98
Bid
Par
3%
1%
23%
100
101
Phoenix
mmm
100
Par
Ask
X
40 "
98%
Phoenix
mmm
99%
2
(M H) Co Inc..*
'
99
70
Indianapolis 5s
160%i165%
99
r35
....
St. Louis
09
%s, 3%s
Fremont 4%s, 6%s
Illinois Midwest 4%s, 5e_.
Iowa 4%s, 4 %s
19%
88
86
North Carolina
Pennsylvania l%s, l%s
99
lS, 1%8
...
17%
United Cigar-Whelan Stores
FlBhman
09
First New Orleans—
First Texas 2s, 2%s
First Trust Chicago—
Bid
/G Foods Inc common..*
90
Oregon-Washington
Is. 2s
114%
mmm
First Montgomery—
3s, 3%s
138
135
Bohack (H C) common...*
89
New York 5s
1%8. 2s
Ask
86
Lincoln 5s
'
....
B
Bid
mmm
i7
Denver l%s, 3s
First Carolina—
Bank Bonds
Ask
99
Chicago
100
Telegraph
25
Sou New Eng Telep... 100
110%!lll%
Atlanta %g. l%s
l%s, l%s
$6.50 1st pref
So A Atl
Chain Store Stocks
111
Par
Burlington
Rochester Telephone—
31
Ask
I
4S 1946 opt 1944
Joint Stock Land
at
300
10
100 1510
Ask
100
Jan 3 1941
295
Kings County
104
Ask
220
New York
20
Bid
101%
2.30%
1955
%s
—
28
200
Irving
35
62.40
1952
%s
Guaranty
17
82
50%
61.45
Apr
2s
—
26
.100
57%
14
30
2%s serial rev 1945-1962
Feb
%% due
%% due
—
33%
100
48%
3s serial rev 1953-1975..
58
%% due
%% due
55%
Par
Fulton
Clinton Trust
106
6s
Fletcher
48
31%
Companies
Chemical Bank A Trust .10
112
4%s July
Sterling Nat Bank A Tr 25
Central Hanover
105
1980
U 8 Panama 3s June 11961
4%s Oct
50
17%
Corn Exch Bk A Tr.
Ask I
Government—
Peoples National
77
bar
Philippine
17
Ask
351
343
35
County
United States Insular Bonds
Bid
14
10
Continental Bank A Tr.10
ser Aug
3 %s s f revenue
1942-1960....
16
Penn Exchange
103%
101% 102%
105% 107
Trlborough Bridge—
1941
13
104%
—
Inland Terminal 4%b ser D
30%
29
Lawyers
3 %s 2nd ser May 1*76
3s
4th ser Dec 15 '76
M AS
1710
Bid
Brooklyn.
General A Refunding—
4s
1st ser Mar 1 *75
Holland Tunnel 4%s ser E
1941
45
12%
120
10
Bronx
Ask
Port of New York—
1976...
Ask
National Safety Bank. 12%
New York Trust
Bank of New York. ...100
Ask
San Francteco-Oakland—
Bid
40
...
Authority Bonds
Bid
California Toll Bridge—
Par
...
Par
Public
39%
142
Barge C T 4%s Jan 1 1945.
37%
National Bronx Bank...50
Public National
mmm
mmm
Bk of AmerNTASA 12%
725
Merchants Bank
142
1968 to '67
Canal Imp 4s JAJ '60 to '67
150
Canal Imp 4%a Jan 1964._
m
Improvement—
4s Mar A Sept
172
100
Fifth Avenue
4%s April 1941 to 1949.
Hlghway
5s Jan A Mar 1964 to *71
532
100
FRANCISCO—
National City
Bank of Yorktown.,66 2-3
16%
Ask
World War Bonus—
519
SAN
Ask
Commercial National.. 100
less 1
Northern Trust Co..
New York Bank Stocks
Chase
Ask
Bid
61.80
3e 1974
320
91
100
Bensonhurst National...50
New York State Bonds
Ask
Bid
309
Illinois Natl
A Trust
First National
<X4%S July
1
1
Bank
Par
Harris Trust A Savings. 100
33 1-3
A Trust
Continental
125 %
Ask
American National Bank
123% 125
15 1972
a 4%s
a 4Mb
123%
123%
124 %
May
1962
122 %
1976
May
1
122
1966
1974
Nov
a4%s Mar
1964
1
a 4s
121%
1
1
15
a 4s
..
a4 Hn Mar
a4%s Apr
Bid
Par
Ask
Hid
a4%s Feb
a4*
a4%« Sept
Chicago & San Francisco Banks
City Bonds
ASk
99% 100%
102% 103%
-
Over-the-Counter Securities—Friday Jan. 3
on
Volume
Quotations on Over-the-Counter
107
Financial Chronicle
The Commercial &
152
Securities—Friday Jan. 3-Continued
Companies
Insurance
Guaranteed Railroad Stocks
Dealers in
120 Broadway
NEW YORK
STOCKS
27 Vi
29Vi
78*i
82
10
6
Amer Fidel A Cas Co com 6
American Home....10
American of Newark...2 Vi
American Re-Insurance.10
2-6600
10
25
22 Vi
24
American Equitable
GUARANTEED
53 Vi
American Alliance
Tel. RE ctor
51 Vi
Agricultural
Tftrk Sl<xk Extkmmgt
Mtmktri
10
Aetna Life.....
§
3o$cpb Walker $ Sons
10
Aetna
18Vi
20
11
12*i
Automobile
Baltimore American
Guaranteed Railroad Stocks
(Guarantor In Parentheses)
Camden Fire
Dividend
6.00
100
10.50
102
107
Albany A Susquehanna (Delaware
100
A Hudson)
.
6.00
74
77
AUegheny A Western (Buff Roch A Pitts)
Beech Creek (New York Central)
2.00
(Pennsylvania).....
Cleveland A Pittsburgh
15
5.00
37*6
91*6
5.00
71
3.50
60
90
10
3.00
Central) -.100
St Louis prei (N Y
32*6
88*6
8.50
—
Cleve Cln Chicago A
31
8.75
100
York Central)
Haven)
..100
Canada Southern (New York Central)
100
Carolina CUnchfleld A Ohio com (L A N-A OL).
Boston A Albany (New
Boston A Providence (New
82
85
51
61
25
48
100
—60
4.60
33
37*6
60
1.60
43
47
Utloa Chenango A
56
138
143
3.00
68
6 00
135
140
247
252
6.00
43
....
5.00
52
62
100
6.00
55
59
100
5.00
62
66
3.50
A Western)
Shreveport A Paclflo (Illinois Central)
—
Valley (Delaware Lackawanna
—
Vleksburg
—
Preferred..
Warren RR of N J (Del
19
23
(Penn-Reading)
100
100
Lack A Western)
West Jersey A Seashore
24
Atlantlo Coast Line 4
Bessemer A Lake
10
Amer
Bonds
50
83 Vi
64.50
3.75
N Y N H A Hartford 3s__.
62.10
1.60
Art
Canadian Paclflo 4 Vis....
3 75
Autocar Co com
Central RR of N J 4 Vis...
61.25
0.75
North Amer Car 4 Vis-5 Vis
64 25
Central of Georgia 4s
64.00
3.00
Northern Pacific 2Vis-2Vis
61.70
61.20
0.80
No W Refr Line 3 Vis-4s
63.25
2.50
61.35
1.00
62.50
1.75
Vis.
61.60
1.25
4s series E
2 Vis series
3Vi
.
.
0.50
61.00
Pennsylvania 4 Vis series D
A5
...10
2
31.25 preferred
.
Brown A Sharps
Mfg...50
178
Botany Worsted Mills ol
Buckeye Steel Castings..*
20 Vi
27 Vi
1.40
Cessna Aircraft
1
100
2Vi
3Vi
61.70
1.25
Chilton Co
61.35
G A H
1.40
61.80
1.00
Cllnchfleld 2 Vis
62 00
1.50
Del Lack A Western 4s
62 50
1.50
Denv A Rio Gr West 4Vis.
62.00
1.25
Erie 4 Vis
61.60
1.15
4s-4 Vis.
61.65
1.25
City A Suburban Homes 10
Coca Cola Bottling (N Y) •
61 6Q
1 20
Grand Trunk Wsstern 6s..
64 00
too St Louis 8'weetem 4 Vis...
3.00 Shippers Car Line 5a.....
Columbia Baking com
61 30
63.00
2.00
Great Northern By 2s
61 40
1.10
Illinois Central 3s
61.80
1 50
Southern 3e_.
Lehigh A New Engl 4 Vis..
Long Island 4 Via
...
Louisiana A Ark 3Vis
61.85
1.40
Southern Ry 4s
61.45
1 10
Texas A Paclflo
61 75
1 25
Union Pacific 2Vis
61 75
1 25
Western
62 00
1.25
Western Pacific 5s.
61.40
1.16
Wheeling A Lake Erie 2 Vis
Chic Burl A Qulncy
Pere Marquette—
and 4 Vis.
Reading Co 4 Vis
St Louis-San Fran
31 cum
25
S3 conv pref
61.40
1.10
61 60
61 90
1.20
Dentists Supply
62 00
1.50
Devoe A Raynolds B com
61 50
1.15
Dictaphone Corp
61.40
1.10
Dixon (Jos)
Maryland 2s
4Vis-4Vis
10
com
Crncible
•
*
100
.*
30
Foundation Co Amer shs *
Oarlock Packings com...*
Gen Fire Extinguisher...*
Gen Machinery Corp com •
Federal
Bake Shops
Baltimore A Ohio 4e
Boston A Albany 4 Vis
.1943
91
92
.1955
.....—...
....—
Central—Louisville Dlv A Terminal 3Vis.
Indiana Illinois A Iowa 4s
...........
Kansas Oklahoma A Gulf 5s
...........
Memphis Union Station 5s......—...........
Illinois
5s—
4s.....
......
Buffalo 4s..
Railroad A Canal 3Vis.
Vlcfcaburgh Bridge 1st 4-68
—.....
Washington County Ry 3Vis—...
West Virginia A Pittsburgh 4s
United New Jersey
.1951,
112
.1960
/20
"eivi
"22"
Machine
Good
1
Humor Corp
•
100
Great Lakes 88 Co com..*
Great Northern Paper..25
Graton A Knight com
Preferred....
.1965
101 Vi
.1945
77
78Vi
.1946
50
54
.1953
57
61
.1950
70 Vi
72
.1978,
94
97
.1959
116
100
preferred
100
35
40
Marlin Rockwell Corp._.l
101
103
Merck Co Ine common..1
100
.1949
60
.1941
102
.1947
118
.1961
91
.1947
94
.1965
4Vi
ArtistsTheatcom-*
5% pref w w
...100
Mallory (P R) A Co
*
36
100
preferred
30 Vi
29Vi
Vi
33
1*6
10V6
27
5*6
52
16
22*6
15V6
IVi
3V6
64 Vi
24 *6
16*i
17 Vi
108
5
6~~
5
7
Vi
43
4~"
3
39*4
preferred—.....100
42*4
61 Vi
39
42
41
44
72*i
74*i
6s..1961
Benef Indus Loan 2Vis *50 100 *4,100 Vi
43 Vi
Brown Co 6Vis ser A.. 19461 /41 Vi
93*6
95*6
Carrier Corp 4*£s.... 19481
Crane Co 2 Vis
1950 101 Vi 101*6
16*6
Crucible Steel 3
IVi
24
9V6
Amer Writ Paper
3Vi
4Vi
16*6
83
80 *i
82*i
2Jis._-1950
Pap 6s... 1945
Monon Coal 5s
Nat Dairy
105*i 106V6
13 Vi
14*6
61 Vi,
60
118
...
/45*6' 46*6
13
/9
—..1955
104
.1960 103 Vi
14Vi
13Vi
1 NY World's Fair 4s. 1941
52
53*6
Old Ben Coal 1st mtg 0s '48
101
Pittsburgh Steel 4Vis»1950 lOOVi
lOOVi 102 Vi
RevereCapA Brass3Vis'60
Scovlll Mfg3Vis deb..1950, 106 !i 106 Vi
99*6! 99*6
Western AutoSupp 3*is'55i
103*6 104*6
Yngstn Sheet A T 3 Vis 1960
Minn A Ont
15Vi
10 Vi
80
/49
51
101*6 101*6
Elec Auto Lite
27
13Vi
99*6
1
Stamped...
10Vi
25
Vis—19551
OU 7a
1937
Deep Rook
2
27
j
Prod 3 Vis
Sugar Securities
"95"
Bid
Bonds
Ask
Par
Stocks
106
107
.1967
101
.1957
llOVi
102 Vi
112
1951
6s
97
106
Baraqua Sugar
77
.1954
45
63
64 Vi
1989
/28
/8
1940-1942
/10
12*6
For footnotes see cage
50
30.
10
Haytlan Corp com
*
Punta Alegre Sugar Corp.*
Savannah Sugar Refg—1
Vertientes-Oamaguey
Sugar
Sugar—
78 Vi
47
.1990
47
1954
5s
3 Vis
.1968
1947
6s
New Nlquero
/II
Estates—
Haytlan Corp 4s
Assoc 00m. 1
Preferred..
......1
Eastern Sugar
AntUla Sugar Estates—
60
.1942
.1951
2
62 Vi
23*6
64
.1957
94
6*6
Vi
1
Bonds—
17
57 Vi
ht
5
105 Vi
.1946
1
8*6
7
.....*
34
Class B
.*
32
31 Vi United Piece Dye Works. •
Preferred
.100
79*6
35Vi Veeder-Root Ino 00m....*
*
2*6 Warner A Swasey
12Vi Welch Grape Juice com 2V4
7% preferred
100
31
Wick wire Spenoer Steel..*
6 V6
Wilcox A Glbbs 00m
50
54
Worcester Salt
...100
17
*
24 *6 York Ice Machinery
Class A
McCrory Stores—
.1947
-—
35 *i
*4
United
Long Bell Lumber.......*
/12Vi
102
13*6
3Vi
United Drill A Tool-
15
35
14
32*6
;U8
33 *i
16
6
Interstate Bakeries 00m..*
35 preferred
•
King Seeley Corp 00m... 1
Landers Frary A Clark..25
Lawrenoe PortI Cement 100
Harrlsburg Steel Corp
2 Vi
2
31*6
114
12*6
59*i
7%
Tool........2
HVi
.2
Explosives
14
Gldalngs A Lewis
.1948
Pennsylvania A New York Canal 5s extended to.
Philadelphia A Reading Terminal 5s............
Pittsburgh Bessemer A Lake Erie 5s........—.
Portland Terminal 4s
.................
Providence A Worcester 4s—.................
Terre Haute A< Peoria
60
75
.1946
New York A Hoboken
Georgia 4s.
104
.1995
*72 Vi
.2000
New York A Harlem
Tennessee Alabama A
.1951
72
.2032
Northern Income 6s.
3Vis
...
Ferry 5s
...
New York Philadelphia A Norfolk 4s....
Norwich A Worcester 4Vis
New Orleans Great
Richmond Terminal Ry 3Vis
70
.1961
5s
Dayton Union Railway 3Vis....................
Florida Southern 4s......
—.........
Hobokea Ferry 5s
...
Toledo Terminal 4 Vis
102 Vi
.1956
...........
Connecting RaUway of Philadelphia 4s—.......
Cuba RR Improvement and equipment 5s.......
Toronto Hamilton A
54 Vi
52 Vi
56
.........
Chicago Indiana A Southern 4s
Chicago St Louis A New Orleans
Chicago Stock Yards 5s
Cleveland Terminal A Valley 4s
Toledo Peoria A Western
150
.1944
......
.........
Cambria A Clearfield 4s
52
.1945
.........
secured notes
/50
I
Pump
—6
Corp.....*
Common
Trlco Products
Vi
56 Vi
75
Farnsworth Telev A Rad.l
Asked
.1945
Youngstown 6Vis
6s
25 Vi
9
10
Tokhelm OU Tank A
60 Vi
28
Preferred
Akron Caaton A
58 Vi
•
*
Dun A Bradetreet com
3*6
2*6
1
..._..*
Products......*
*
Triumph
Draper Corp
Bid
Tennessee
23 Vi
..._.*
Pub
Manganese.2
Domestic Finance cum pf. *
Railroad Bonds
.......5
52
Tims Ihd
1.20
4s-4Vis..J
6*6
20 Vi
'Thompson Auto Arn».„l
Consolidated Alrtra?*-—
Cuban-Amer
5*6
18Vi
49
Steel common
14
Growell-Collier
5Vi
Tampax Ino com
22
1.00
109*4
108
Taylor Wharton Iron A
12
1.50
29
51 Ji
5
*
1.20
61*4
27 Vi
43*4
6Vi
preferred...«„«*
61.25
6*4
5*4
49 Vi
5 Vi
64
61 50
2 Vis
11*6
9*6
59
4
4
59
62.25
Southern Pacific 4 Vis
3
40
Talon Inc com
27
24
common....10
15c
2*6
2*6
.....20
Stanley Works Ino
25
Stromberg-Carlson
*
Sylvania Indus Corp
*
182
61.80
...
6 Vi
7c
1*6
Standard Screw
15*6
12 Vi
181
5 Vi
i
4Vi
13*6
11
10*6
172
♦
Vi
18 Vi
44 H
9*6
._*
Corp_.25
3Vi
30
16 Vi
10
...10
Metal Construotloa.
39Vi
27 Vi
1.30
Chesapeake A Ohio 4Vis..
Chle Burl A Qulnoy 2 Vis..
Chic Mllw A St Paul 5s.—
37 Vi
100
Mills
2 Vi
5*6
50
42 Vi
Conversion...1
Petroleum Heat A Power.*
Pilgrim Exploration
1
Pollak Manufacturing...*
Remington Arms com....*
Safety Car Htg A Ltg...50
Scovlll Manufacturing..25
Singer Manufacturing.. 100
Skenandoa Rayon Corp..*
IVi
$3 partlo preferred..
Canadian National 4>is-5s
Ohio Match Co
Pan Amer Matoh
78
Arden Farms 00m * t c
Arlington
4*6
pref 100
New
1
12*6
94
4*i
27
Petroleum
1.10
1.10
12*6
18Vi
American Mfg 5%
2.00
12 Vi
18
89
...
15*4
15
Type com
1
5% preferred
.60
New Britain Machine....*
26
1 50
62 60
Preferred
16 Vi
62 00
61 40
18*i
24 Vi
Nash Chat A St Louis 2 Vis
York Central 4 Vis
34
Ask
14
Muskegon Piston R!ng.2*i
National Casket
•
54 Vi
1.10
2 Vis
2Vi
Kid
Par
Aft
52
1 10
West Fruit Exp
35 X
Penal-Cola Co
Permutlt Co
51 40
Despatch
74
33 Vi
Westchester Fire
59
3Vi
pflO
Corp
American Enka
61.90
2Vis. 4 Vis A 6a
52
71 Vi
,
llVi
Missouri Pacific 4 Vis
Atk
—
Merchants
22 Vi
50
U S Guarantee.....
12
...
N Y Chic A St Louis 4s_
Maine Central 59........
21 Vi
10
2.60
U 8 Fire
Nat Paper A
ser__10
series
1.25
Kansas City
Guar C0..2
4
U 8 Fidelity A
88
16 Vi
0.50
Atk
Express
431
31
series
3.75
Growers
4
260
421
11 Vi
5% conv pref let
64 50
4s, 4 Vis and 4Vis.
3
210
28 Vi
IVi
Bemberg A com...*
62.00
Fruit
120 Vi 124
48 Vi
46 Vi
100
American Cyanamld—
Amer Distilling Co 5%
Bid
2 Vis-2Vis
37 Vi
Travelers
11 Vi
Bid
*
American Aroh
Boston A Maine 5fl
Chlc A Northwestern 4
39
35 Vi
12
57
*
American Hard ware.... 25
Amer Maize Products...*
61.40
8V6
6Vi
37
10
10
29Vi
85
61.40
Erie 2 Vis
256
246
5
100
10 !i
61.00
Vis.
*i
4
2Vi
Stuyvesant
Sun Life Assurance
26 Vi
Par
3d
Baltimore A Ohio 4 4s
63
27 Vi
Alabama Mills Inc......*
2d
Bid
I3*i
58 Vi
27
26
Industrial Stocks and Bonds
59 Vi
56
3.00
—
Railroad Equipment
11
29
27 Vi
Sprlnglleld Fire A Mar..25
Standard Accident
10
9Vi
8 Vi
5
Fire...16
2d preferred
15
Great American
....5
Great Amer Indemnity
1
Halifax
10
Hanover
10
Hartford Fire
10
Hartford Steam Boiler.. 10
51
71
10.00
(Terminal RR)
RR A Canal (Pennsylvania)..
Susquehanna (D L A W)
Security New Haven
10
10
.6
......
8.00
Seoond preferred
United New Jersey
179*6
53 Vi
Seaboard Surety
42
Globe A Rutgers
161
6.64
—
Tunnel RR St Louis
176
26
46 Vi
32 Vi
40
Globe A Republic
82
7.00
7.00
27
24
44 Vi
30 Vi
Glens Falls Fire
47
Republic (Texas)—....10
Revere (Paul) Fire
10
Rhode Island
—6
St Paul Fire A Marine..35
Seaboard Fire A Marine..5
5
10
8Vi
Gibraltar Fire A Marine.
97
3.00
68 Vi
100
5
Georgia Home
152
23
_
54
125
General Reinsurance Corp 5
38
—
52
64
147
9
7*i
68
—
58
56
6
10
Franklin Fire
48
48
800
100
(Penna) pref..
-.100
Pittsburgh Youngstown A Ashtabula pref (Penna)
100
Rensselaer A Saratoga (Delaware A Hudson)
-.100
St Louts Bridge 1st pref (Terminal RR)
2 Vi
98
35
Preferred
1
67
45
Pittsburgh Fort Wayne A Chicago
5
2Vi
Employers Re-Insurance 10
Eagle Fire
10
4.00
(Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)..
9
25
Fireman's Fd of 8an Fr.25
5.00
Oswego A Syracuse
23 Vi
Firemen's of Newark
600
50
30 Vi
8
Fire Assn of Phlla
3.875
—
21 Vi
22 Vi
Fidelity A Dep of Md.._20
4.00
York Lackawanna A
19 Vi
28 *i
74
Western (D L A W).. —100
Northern Central (Pennsylvania)
New
8Vi
65
7Vi
6Vi
Y..5
30
27
Casualty......10
61 Vi
59 Vi
10
8 Vi
7Vi
National Liberty
...2
160
National Union Fire
20 150
18 Ji
16 Vi
New Amsterdam Cas
2
33 Vi
35Vi
New Brunswick
10
46 Vi
44 Vi
New Hampshire Fire...10
14 Ji
15Vi
New York Fire
6
5
4
Northeastern
5
99Vi 103*i
Northern
12.50
26
24 Vi
North River
2.60
128
124
Northwestern National .25
Pacific Fire
25 121 Vi 125
40
37 Vi
Paclflo Indemnity Co---10
85 Vi
89V6
Phoenix
10
12
14Vi
Preferred Accident—...5
34 Vi
32 Vi
Provldenoe-Washington .10
8Vi
6Vi
Reinsurance Corp (N Y) .2
102 Vi 105*i
620
600
93
50.00
100
40 Vi
7*i
2*6
National Fire..,
120
51
9.00
—
Michigan Central (New York Central)
Morris A Essex (Del Lack A Western)
38 Vi
2 Vi
National
36 Vi
...
8Vi
1*6
l*i
Meroh A Mfrs Fire N
40
5.60
(Pennsylvania)
..100
Fort Wayne A Jackson pref (N Y Central)..
100
Georgia RR A Banking (L A N-A C L)
Lackawanna RR of N J (Del Lack A Western).. —100
Delaware
15*i
49Vi
Federal..
2.00
25
14
47 Vi
34
Excess
2.00
Betterment ttook
46 Vi
23
Continental Casualty
45 Vi
7 Vi
6Vi
City Title
...5
Connecticut Gen Life... 10
72
42 Vi
14Vi
10
City of New York
67
(Illinois Central)
Alabama A Vleksburg
Carolina
Asked
Bid
Par in Dollars
20 Vi
73 Vi
....
44 Vi
........100
6
.....10
Boston
73
4Vi
25
Bankers A Shippers
2*6
18Ji
l2Vi
25
...10
2Vi
American Surety..
1 Vi
Home Fire Security.
Maryland Casualty
1
Mass Bonding & Ins_.12Vi
Merch Fire Assur com...5
10
American Reserve
.Since 1855*
^
34>i
32 Vi
5
10
Homestead Fire
..10
Ins Co of North Amer... 10
Jersey Insurance of N Y.20
Knickerbocker
...5
Lincoln Fire
6
Home
125 Vi 129*i
Aetna Cas A Surety
Ask
Bid
Par
Atk
Btd
Par
109.
Co.............6
Corp._l
West Indies Sugar
Atk
Bid
5X
16 Vi
6
18Vi
%
Vi
5 Vi
6
30 *i
31Vi
l*i
2 Vi
3*i
3 Vi
108
The Commercial & Financial Chronicle
Quotations
Jan.
Over-the-Counter Securities—Friday Jan. 3—Continued
on
Public Utility Preferred Stocks'
Investing Companies
Par
Bid
Securities.—
Affiliated Fund Inc
1%
8.49
9.23
2.1
2.93
♦Amerex Holding Corp..*
Amer Business Shares
13
14%
2.98
3.29
Amer Foreign Invest Inc..
Assoc Stand Oil Shares...2
6.23
6.87
Aerofiutlcal
Bought
•
Sold
Jackson
Quoted
•
Curtis
&
Axe-Hough ton Fund Inc..
Aviation Capital Inc—.1
ESTABLISHED 1879
Members
1941
4,
27.88
Series B-2
21.62
Series B-3
13.22
5
Series B-4
6.59
11.55
Series K-l
15.18
19.30
20.98
Series K-2
11.06
Investing—
5%
4%
Basic Industry Shares.. 10
Boston Fund Inc
British Type Invest A
9.06
Series 8-4
5%
3.55
.
Knlckbocker Fund—
5.72
1
3.43
14.09
15.15
1
.10
Broad St Invest Co Inc..6
Bullock Fund Ltd
1
Teletype N. T. 1-1600
12.28
Series 8-3
4
♦6% preferred
Tel. BArclay 7-1600
9.20
Series B-l
4%
10.74
♦Common
New York City
Bid
Par
Investors Fund C_.
1
Keystone Custodian Funds
Series 8-2
Bankers Nat
Principal Stock and Commodity Exchanges
115 Broadway
Ask
21.15
22.
12.71
13.94
Manhattan Bond Fund Inc
.25
Maryland Fund Inc
Mass Investors Trust
6.94
3.45
10c
18.21
1
Par
Alabama Power $7 pre!,.*
Amer Util Serv 8% pref-25
Bid
7% pf—*
6% pref.*
Atlantic City El
Par
5
6%
86
123
Birmingham Elec f7 pre!.*
Birmingham Gas—
13.60 prior preferred—60
88
86
88%
51%
53%
Carolina Power A Light—
J7
preferred
*
81
79
7%
Central Maine Power—
16
preferred
preferred
Consumers Power 16 pre!.*
Continental Gas A Elec—
7%
100
preferred
Derby Gas A El 17 pref—*
cum
preferred
102% 105%
III M 113%
116% 117%
9
Hartford Electric Llght_26
Ind Pow A Lt 5%%—100
7
9%
20%
109% 111%
105% 106%
114% 115%
35%
37%
$4 preferred
*
61%
63%
100
85%
87%
Northern States Power—
(Del)
7%I pref
90%
62%
0%
7%
preferred
35%
38
39%
115% 118
64
*
Jamaica Water Supply—.*
Jer Cent PAL 7% pf-100
100
Okla^O A E 7% pref... 100
Pacific Pr A Lt
Panhandle
7% pf-100
Eastern
*
Penna Edison $5 pref
*
Penn Pow A Lt $7 pref...*
Peoples Lt A Pr S3 pref.26
PhUadelphla Co—
$5
cum
110% 112%
115
117%
120% 122%
82
84%
Pipe
Line Co
31% 33%
108% Ul%
36%
38%
64%
66%
112% 114
22% 24%
*
$7 prior lien pref
•
77%
106
106%
73%
6%
preferred
95%
20%
6% conv partlc pref. .60
Mississippi Power $6 pref.*
28%
17
preferred
29%
0% preferred D
90%
93
75%
S'western G A E
4%
5%
Monongahela West Penn
Mountain States Power...
6% preferred
—*
Narrag El 434% pref...60
Nassau A Suf Ltg 7%pf 100
5% pf.100
Texas Pow A Lt 7% pf.100
77%
15
100
♦Crum A Foreter com..10
♦8% preferred
27%
28%
14%
46%
55%
30%
16%
48%
21
23%
56
Bid
Amer Gas A Pow 3-68.1953
Amer Utility Serv 6s__1964
Appalach El Pow 3%s 1970
Associated Electrlo 5s. 1961
AS800 Gas A Eleo
59%
89%
107
50%
United
Pub
Utilities
♦Crum A Forster Insurance
♦Common B shares
10
30
19%
Delaware Fund
16.36
113
115%
*
S3 pref
Utah Pow A Lt S7 pref
23%
*
25
25%
26%
*
77%
79%
Washington Ry A Ltg Co—
Participating units
West Penn Power com...*
West Texas Utll S6 pref..*
19%
25%
100% 102%
52
Income deb 4%s... 1978
Conv deb 4s
1973
Conv deb 5s
...1973
Conv deb 6%s
1973
8s without warrants
/13
/13%
/14%
/14%
/22
/24
/24%
/25
/57%
13%
14%
14%
Cons ref deb 4%s_._ 1958
Sink fund lno 4%s..1983
1983
Sflnc4%s-5%8
1980
Sink fund lno 5-6s__ 1986
Blackstone Valley Gas
A Electric 3%s
1968
Boston Edison 2%s
1st lien coll tr 5%s..l946
1st Hen collt rust 08.1946
Cent 111 EI A Gas 3%s. 1964
Central Illinois Pub Serv—
1st mtge 3%s
1968
Cent Maloe Power 3%s '70
Central Pow A Lt 3%s 1909
Central Publlo Utility-
Income 6%s with stk '52
Cities Service deb 5S..1963
Columbus A Sou Ohio Elec
1st mtge 3%s
197
Cons Cities Lt Pow A Trac
68
Consol E A G 0s A
6s series B
/10
/7%
/7%
/7%
/7 %
6.54
Railroad
2.67
Diversified Trustee Shares
C
1
3.30
Steel
D
Railroad equipment
2.50
5.10
5.75
25c
1.11
1.22
1965
104% 105
11%
4s
1906
9%
Northern
Public Service 3%s.l909
Nor States Power (Wise)—
9%
109
3%s._
105
106
106
107
106% 107%
/%
82%
1%
83%
107% 108%
26.38
Plymouth Fund lno
10c
.36
19%
20%
17.69
Putnam (Geo) Fund
Quarterly Inc Shares._10e
12.28
16.44
5.97
6.62
5% deb series A
Representative Tr Shs. .10
Republic Invest Fund
2.30
2.56
First Mutual Trust Fund..
1902
58
91%
59%
1962
57%
Penn Wat A Pow
3%s 1964
Fiscal Fund lno—
Bank stock series... 10c
3.15
1970
Federated Utll 6%s__. 1957
Houston Natural Gas 4s '65
Inland Gas Corp—
1952
Iowa Pub Serv 3%s..l969
3.49
70
67%
108% ho
110%
79%
106% 107%
107% 107%
76%
94%
96%
104% 105%
/67%
70%
105% 106%
Series 1958
Clark Fund Inc
.*
*
26.78
4.95
Group Securities—
Agricultural shares.....
8.12
5.92
4.66
5.13!
4.52
8.67
Building shares
4.95
5.45
Chemical
5.82
6.40
1st
1970
lien 3-6s
.1961
Portland Electrlo Power—
1950
Pub Serv of Indiana 4s 1969
Pub Utll Cons 6%s—1948
Republlo Service—
Collateral 6s
1961
3%s...l970
Sou Cities Utll 6s A... 1958
S'western Gas A El 3 %s '70
Tel Bond A Share 5S..1958
Texas Public Serv 6s..l961
Toledo Edison 1st 3%sl968
1st mtge 3 %s
1970
s
f
debs 3%s
1960
United Pub Utll 0s A. 1960
Utlca Gas A Electrlo Co—
5s
x2.13
♦Series
108
87%
104% 106
108
109%
1
4.83
Trusteed Amer Bank Shs—
Class B.
25c
.50
5.32
Trusteed Industry Shs 25c
.74
U S El Lt A Pr Shares A...
14%
Merchandise
4.83
shares
Mining shares
Petroleum shares
5.35
4.30
3.70
Steel
4.08
5.40
5.94
4.39
shares.......
Tobacco shares
♦Series
B
5.89
3.90
B
1.80
4.84
♦Huron Holding Corp..
.05
.15
1.29
15.05
2.05
2.28
Wellington
Fund
..1
101%
17%
106%
91%
73%
75%
Banking
Corporations
♦Blair A Co
%
♦Central Nat Corp cl A..*
♦Class B
♦
Bank Group shares
Insurance Group shares.
1.08
♦First Boston Corp
1.20
1.32
17.28
18.65
1
Pomeroy lno
10
16%
lOo
com
%
Water Bonds
Bid
Ashtabula Water Works—
5s
1958
Ask
Bid
Peoria Water Works Co—
1st A ref 5s—
—.1950
105%
County Water—
5s
1958
—
101%
1st consol 48—
1st consol 5s
105%
1948
102
1948
104%
1948
PhUa Suburb Wat 4s—1905
109%
88%
104% 105%
106% 106%
56%
104
1940
91%
94%
1948
Gulf Coast Water—
1st 5s
70
75
6s
1951
Plainfleld Union Wat 5s '61
107
Richmond Water Works—
1st 5s series A
1957
105%
Rochester A Lake
Ontario
Water 5s
1951
101
1st mtge 3%s
107
1966
109
107%
4%s
1958
Scranton-Spring Brook
103
Water Service 5s_ 1961
.1957
105%
104
Monmouth Consol Water—
1950
100% 103
4s A—
—1950
Texarkana Wat 1st 5s. 1958
102%
105%
1950
Morgantown Water 5s 1965
Union Water Serv 5%s '51
West Va Water Service—
M uncle Water Works—
1965
1965
77%
108
Springfield City Water—
1956
5s
99%
99%
102%
Spring Brook Wat Supply
5s
1958
5%s
1967
105%
Kankakee Water 4%s.l959
Kokomo Water Works—
1st 5s series A
1st A ref 5s A
Shenango Val 4s ser B. 1901
South Bay Cons Water—
1st 4s.
105%
1981
Western N Y Water Co—
1st 5 %s series A
1950
107% 108%
New Rochelle Water—
104%
105%
103
107%
104
107% 108%
108% 109%
102% 103%
103% 105%
1st 5s series B
1950
102
5s series B
1951
98
101
1st
1951
101
5%s series A
80%
103
1951
99
102
deb 6s extended
99
101
New York Water Service—
5s
conv
5s
Westmoreland Water
1951
5s
1950
93
—
1952
103
101
Wichita Water—
110
107
Ohio Valley Water 5s. 1954
108
5s series B—
1950
Ohio Water 8ervlce4s
134
107% 109%
5* series C
1960
I
6s series A
1949
103
1952
103
1964
Oregon-Wash Water Serv—
112
5s
1957
108
Western Public Service—
For footnotes
101% 103%
see
'
St Joseph Wat 4s ser A i960
Scranton Gas A Water Co
Indlanapoils Water—
lst 5s series A
103
91%
Monongahela Valley Water
107
102
Pittsburgh Sub Water—
5s
103%
78%
21
♦Schoellkopf Hutton A
Investm't Co of Amer..10
5s
55
13.59
Investment
1.40
14.00
109%
89%
106
25.10
9.02
Joplln Water Works-
106
12.07
1
2.93
6s series A
/16%
1
4.20
107
99
D
Trustee Stand Oil Shs—
♦Series A
3.81
108
1957
I960
Trustee Stand Invest Shs—
♦Series C
1
8.21
Calif Water Service 4s 1901
West Penn Power 3s.. 1970
West Texas Utll 3%s.l969
6%s
2.20
2.65
Community Water Service
6%8serie8 B
1940
St Joseph Ry Lt Ht A Pow
4%s
1947
Sioux City G A E 4s.-I960
Sou Calif Edison 3s ..1965
61%
Investing shares
106% 107%
108
.20
Corp...*
Electrical Equipment...
Food shares
105%
85%
3.77
13.73
Utilities Inc. 50c
♦State 8t Invest
7.89
shares
7.%*
Super Corp of Amer AA..1
4.10
shares
80.80
Spencer Trask Fund
Aviation shares
Automobile
9.11
3.43
Investors... 10c
Sovereign
28.80
4.55
General Capital Corp
100
Selected Amer Shares. .2%
Selected Income Shares..!
3.99
General Investors Trust. 1
5.50
Scudder, Stevens and
8.74
Butler Water Co 6s._.1957
Peoples Light A Power—
60
El Paso Elec 3%s
18.07
111%
Sou Calif Gas
90
Dallas Ry A Term 08.1951
Detroit Edison 3s
1970
92%
106
6s
110% 110%
2.00
11.33
24.53
Fund
Prior lien 5s
105
3%a
99%
1
17.57
10.67
Atlantic
110
Parr Shoals Power 68.1962
97%
2.41
Stock
62
1904
Old Dominion Pow 68.1961
98% 100%
2.46
1
Balanced Fun.d
Eqult Inv Corp (Mass)..6
Equity Corp S3 conv pref 1
Fidelity Fund Inc
*
66%
85%
Indiana—
105"
102
1
Series 1950
Corp
9%
9%
64%
83%
91
1.96
Series 1955
EatonA Howard—
106%
4j^8
1954
New Eng G A E Assn 5b '62
NY PA NJ Utilities 6fl 1966
59
43%
106
104% 105%
26
6.11
7.14
No Amer Bond Trust ctfs.
No Amer Tr Shares 1953.*
105%
Michigan Pub Serv 4s. 1905
Montana-Dakota Utll—
27
8.38
6.81
Oils
112%
15
—.1902
Coll lnc 6s (w-s)
1964
Cumberl'd Co PAL 3%s'66
Dallas Pow A Lt 3%s.l967
6%s 8tamped
1970
4 %s
104%
111%
105%
105%
Northwest Pub Serv 4s *70
101
17*69
107% 107%
25%
Crescent Public Service—
u
Kentucky Utll 4s
N Y State Elec A Gas
1970
Cent Ark Pub Serv 6s. 1948
Centra] Gas A Eleo—
Kansas Power Co 4s..1964
Kan Pow A Lt 3% 8—1969
104% 105%
103%.104%
Lehigh Valley Tran 5s 1960
Lexington Water Pow 6s'68
Assoc Gas A Elec Co—
Sink fund Inc 6s
Iowa Southern Utll 48.1970
Gen Mtge 4%s
1950
Jersey Cent P A L 3%a '65
Ask
9.81
Metals
2.63
Investors..6
Independence Trust Shs.*
Institutional Securities Ltd
,
7.44
Deposited Insur Shs A...1
Incorporated
Bid
5.33
Machinery
4.21
RR Equipment shares..
18%
24%
Utility Bonds
61%
91%
107%
8.38
8.00
Electrical equipment
Insurance stock
112
B
20%
7.16
4.76
10.96
Bank stock
32
♦7% preferred
100
Cumulative Trust Shares. *
5.13
14%
15%
108% 110%
1.08
11.34
Building supplies
Chemical.
4.36
Corp
S2.75 pref
Ask
Corp—
Income deb 3%s
1978
Income deb 3%s...l978
Income deb 4s
1978
29%
118
100
Income Foundation Fd Inc
Public
Agriculture
16.90
105% 107%
83
._*
Mississippi P A L $0 pref.*
Missouri Kan Pipe Line..6
Pub Serv 7% pref
Aviation
Standard
30%
21%
80%
Automobile
2.49
17%
Sierra Pacific Pow com...*
Southern Nat Gas com.7 %
preferred
*
Mass Utilities Associates—
2.49
75%
Mass Pow A Lt Associates
$2
2.07
1
15.58
6%
3.42
5.30
.1
97%
5%
*
ser B shares
Series A A mod
4*00
2
(Colo)
(Md) voting shares. _25c
National Investors Corp.l
Accumulative series... 1
Series ACC mod
3.50
15%
Nation .Wide Securities—
New England Fund.....1
N Y Stocks lno—
Foundation Trust Shs A.l
Fundamental Invest Inc.2
Rochester Gas A Elec—
28%
2.17
2.07
1
Insurance stk series. 10c
Fixed Trust Shares A... 10
100
Republic Natural Gas
Long Island Lighting—
7% preferred.
100
3.74
12
80
Queens Borough G A E—
4% % 100
Kings Co Ltg 7% pref-100
Series A A
3.44
11
Fundament'! Tr Shares A 2
preferred
Pub Serv Co of Indiana—
Kansas Pow A Lt
1
Dividend Shares
—100
preferred...
9.25
10.09
23%
Ohio Public Service—
88%
65%
111% 112%
26
24%
Interstate Natural Gas
62
6% pf.100
9.33
Chemical Fund
Commonwealth Invest... 1
♦Continental Shares pf 100
Corporate Trust Shares.. 1
52%
66%
64%
27.20
Invest Fund... 10
3.40
25.30
107% 109%
37
*
Florida Pr A Lt 17 pref—*
51
Northeastern El Wat A El
9%
60
Federal Water Serv Corp—
10 cum preferred..!
*
10.60
cum preferred—.100
N Y Water Serv
100
100
Cent Pr A Lt 7% pref—100
Consol Elec A Gas $6 pref.*
7%
*
21
65%
*
New Orleans Pub Service.*
preferred
4%
19
*
New York Power A Light—
16 cum'preferred
*
II OH 113
7% pf 100
$0 prior lien pref
16 cum preferred
A sk
3%
New; Eng Pr Assn 0%pf 100
New Eng Pub Serv Co—
$7 prior Hen pref
•
%
17
Cent Indian Pow
Bid
National Gas ArEl Corp.10
New EngG A E5%% pf.»
2.60
Century Shares Trust...*
Ask
103% 105%
Arkansas Pr A Lt
Canadian Inv Fund Ltd..1
Utility Stocks
8.73
Mutual
Public
Mass Investors 2d Fund.
page 109.
99% 102%
W'msport Water 5s
105
Volume
The Commercial & Financial
152
Quotations
109
Chronicle
Over-the-Counter Securities—Friday Jan. 3—Concluded
on
Certificates
Real Estate Bonds and Title Co. Mortgage
If You Don't Find the Securities Quoted Here
Id
which
our
you
have interest, y«u will probably find them in
stocks and bonds.
B'way Barclay lnc 2s._1956
mmm
6
Metropol Playhouses Ino—
8 f deb 5s
1946
The classes of securities covered are:
69
14
10
N Y Athletic Club—
1956
2s
1st leasehold 3 34-5s 1944
Broadway Motors Bldg—
carried for all active over-the-counter
Ask
67
20
B'way A 41st Street—
In this publi¬
monthly Bank and Quotation Record.
cation quotations are
/34
/53*
/1834
Alden Apt 1st mtge 3s. 1957
Beacon Hotel lnc 4s..1968
Bid
Atk
Bid
24
26
1948
63
66
4s with stock stmp.
N Y Title A Mtge Co—
4-6s
N Y Majestic Corp—
5
336
.1956
Brooklyn Fox Corp—
Banks and Trust
Public Utility
Bonds
Public Utility
Canadian
12
28
30
Cheseborough Bldg 1st 6s '48
Canadian
Federal Land Bank Bonds
no
4834
3s
Domestic
Out-of-Town)
1957
Chanln Bldg 1st mtge 4s '45
Municipal Bonds—
Companies—
Domestic (New York and
Stocks
Colonade Construction—
1st 4s (w-s)
1834
1948
Railroad Bonds
1950
23
Railroad Stocks
Dorset 1st A fixed 2s..1957
23
Industrial Stocks
Real Estate Bonds
Eastern Ambassador
Real Estate Trust and
Insurance Stocks
Land
Eqult Off Bldg deb
Stocks
Investing Company Securities
27
U. S. Government Securities
Mining Stocks
U. S. Territorial Bonds
Dept. B, Wm. B. Dana Co., 25 Spruce St.,
3
54
1
1
e*
20
Sees f ctfs 43* s(w-s
2836
'68
28
2636
mmm
1961
636s stamped
1134
1946
59
...
1234
73*
/534
634 s (stamped 4s).. 1949
Realty Assoc Sec Corp—
6s Inoorae
1943
61
63
6036
63
Roxy Theatre—
36
Film Center Bldg 1st 4s *49
3134
1st mtge 4s
39
/II3*
/25
40 Wall St Corp 6s... 1958
42 Bway 1st 6s
1939
New York City.
2d mtge 6s
...1951
103 E 57th St 1st 6s. ..1941
•
62d A Madison Off Bldg—
1st leasehold 3s. Jan 1 '52
Your subscription should be sent to
49
/136
165 Broadway Building—
600 Fifth Avenue—
Quotation Record is published monthly and
5736
47
Prudence Secur Co—
60 Broadway Bldg—
1st Income 3s
Stocks
ties
The Bank and
3
Title Guarantee and Safe Deposit
Mill Stocks
sells for $12.50 per year.
'mmm
26 34
5s 1952
Deb 5s 1952 legended
37
5536
1 Park Avenue—
26
2
Hotel units
52
35
Ollcrom Corp v to
Industrial Bonds
1st 33*8
50
BK
C-2
F-l.
Q__
20
Court A Remsen St Off Bid
Foreign Government Bonds
Joint Stock Land Bank Securi¬
536s series
536 a series
534s series
636sserle8
mmm
.
.
1957
.
123*
Savoy Plaza Corp—
836
736
1956
3s with stook
*mm
Sherneth Corp—
1400 Broadway Bldg—
1st 4s stamped
1948
33
1950
1st 63* P(w-s)
35
11
no
'
Fuller Bldg debt 6s... 1944
1st 234~4fl (w-s)
1949
2336
Graybar Bldg 1st Ishld 6s *46
7634
mm
m
31
(Newark)—
60 Park Place
1947
28
1950
173*
1957
19
1st 334a
mmm
...
78
61 Broadway Bldg—
/II34
Hearst Brisbane Prop 6s'
Hotel St George 4s
13
336 s with stook
2534
Harriman Bldg 1st 6s. 1951
Foreign Stocks* Bonds and Coupons
27
Syracuse Hotel
William St., N.
1st lease 4-6 3*s
Y.
Tel
76
mmm
'
Textile Bldg—
32
1948
__1958
1st 3-5e
...
23
21
Trinity Bldgs Corp—
Lewis Morris Apt Bldg—
1st 4s
.1951
4336
LexiDgton Hotel units
HAnover 2-5422
1965
*
46
Lefcourt State Bldg—
& CO., INC.
mmm
(Syracuse)
1st 38.
Lefcourt Manhattan Bldg
1st 4-58
.....1948
52
stook
3s with
2736
26
1950
Inactive Exchanges
BRAUNL
19
616 Madison Ave—
42
3231,
1st 536 s
2 Park Ave
---
1939
Bldg 1st 4-6s'46
/22
4236
23 '
...
Lincoln
Building—
Income 534 s w-s
6734
70
Walbridge Bldg (Buffalo)—
2836
1963
30
Wall A Beaver St Corp—
1st A gen
Foreign Unlisted Dollar Bonds
Due to the European situation some
of the quotations shown below are
/2134
/2134
---
17
19
1948
35
40
Westinghouse Bldg—
43
1951
5s (Bklyn)
1st 5s (L I)
*
Housing A Real Imp 7s '46
Hungarian Cent Mut 7s '37
Hungarian Ttal Bk 734» '32
Hungarian Discount A Ex¬
1936
/3
10
15
10
No par value,
f24
Jugoslavia 2d series 6s. 1966
/53
1947
1st
13
11
1951
1st 436b w-s
65
1st mtge 4s
■
.
-
Ask
Jugoslavia 6s funding. 1966
/24
7s-.
Bid
A$k
1952
Ludwlg Baumann—
nominal.
Bid
3-4s
1950
3s
London Terrace Apts—
a
.
e Ex Interest*
Quotation shown Is for all
d Coupo
ft Basis price,
Interchangeable,
15
change Bank 7s
P
/3
/Flat price,
n
Nominal quotation,
tvi When Issued
maturities,
w-s
r In
recelvorshlp.
With stock,
y
e
Now selling on New York Curb
Ex-stock dividend.
x
Now listed on New York Stock Exchange.
/2 8
/24
Bavarian Palatinate Cons
♦
/22
/17
/103*
8s-.
Land M Bk Warsaw 8s '41
/24
/3
Leipzig O'land Pr 034 s '46
/24
1943
Koholyt 6Hb
—
/43*
/3 56
/356
4
Leipzig Trade Fair 7s. 1963
53*
Luneberg Power Light A
Water 7s
1948
/34
.
Mannheim A Palat 7s. 1941
zlx
Merldlonale Eleo 7s-.1957
31
196:
1945
196:
Munlc Bk Heesen 7s to '45
/3
(Colombia) 78—1947
Callao (Peru) 7348...1944
Cauca Valley 734s..__1948
Ceara
(Brazil) 8s
1947
Central Agrlo Bank—
see
/24
...
/24
...
/834
/1734
/4
/834
/3
9
1834
534
9
Last
Sale
/60
1945
78 to
1946
Oberpfals Elec 7s
/3
*
pref
Koppers Co pref
100
Lone Star Gas Co com...*
Panama
City Savings Bank
1956
Poland 3s
/3
1968
Porto A1 eg re 7s
74
Protestant Church
/32
/II
13"
/1434
1634
/II
13
8
—
/20
/I
1946
Prov Bk Westphalia 6s '33
6s 1938
1941
5s
Rio de Janeiro 6%
1933
4s scrip
1957
/2
1947
/3
Santa Fe 4s stamped.
1942
78.1948
Sao Paulo (Brazil) 6s. 1943
Saxon Pub Works 7s. .1945
6348
1951
Saxon State Mtge 6s._1947
Slem A Halske deb 68.2930
State Mtge Bk Jugoslavia
6b
1966
2d series 5s
1956
/70
/12
7X
—
8%
Santander (Colom)
/24
German Atl Cable 7s. .1945
bank
1948
Agricultural 6s
German
/24
Bank
Conversion Office
Funding 38
—.1946
German scrip
Graz (Austria) 8s
Guatemala 8s
Hanover
2434
/2
1964
38
2634
1967
/24
50
Hamburg Electric6s.. 1938
f24
3
13*
200
Dec
136
Jan
63*
13*
Mar
Apr
30
25
July
32
Mar
10234
150
90
Nov
102
Dec
27
736 May
1056
May
634
May
465
60c
Sept
1.50
13*
310
90c
July
23*
Jan
3034
736
Apr
Dec
453*
Dec
13*
Pittsburgh Brew Co com.*
Preferred
*
No par
150
31
31
28
May
4
May
636
756
675
3734
100
453*
13*
420
96
245
13*
13*
90
96
638
636
410
lc
lc
23*
1,930
80
8
203*
80
8
80
'21H
22
27
2136
1023* 105
Jan
Jan
Feb
13*
Feb
June
13*
66
1043*
836
Apr
43* May
1,000
136
036
23*
436 May
Feb
lc
136 May
234
lc
55
536
June
Sept
80
Jan
Fbe
Oct
Dec
8 K
Oct
1,130
153* May
2836
Jan
130
7736 May
11736
Jan
value.
14
83*
/17
McC.
Martin
President of the New York
17
17
The committee was
B.
L.
appointed following the receipt
by the Exchange of a petition, signed by many members and
member firms, asking that trading hours on Monday, Tues¬
day, Wednesday, Thursday and Friday be extended until
4 o'clock.
The committee, it is said, will examine into all
phases of the subject and report its
to the Board
A
recent
recommendations back
of Governors.
article in
advocating
/24
to in these columns
an
the
Exchange's monthly publication
increase in the trading hours was
/24
T24
Jr.,
study of trading hours: Edgar Scott, Chairman; Howard
Dean, Sidney Kheinstein, Sylvester P. Larkin, Ernest
Jones.
/24
200
65
43"
William
Stock Exchange, announced on Dec. 31 the appointment of
the following committee for the purpose of making a thorough
/24
no
no
/24
Appointed to Study Extending Trading
on New York Stock Exchange
Hours
/2 4
/35
Hari Water Wks
838
2,949
3,065
fki
334
/12
-.1948
1963
Haiti 68
—-
/24
1938
034s
German Central
6s
/32
35"
Building A Land-
German
3
70c
Committee
PX
25
Mar
55*
*
/9
/73*
8s
/2
French Nat Mall 88 6s '62
Apr
14
936
100
10
Westing house Air Brake.. *
Westinghouse Elec&Mfg 50
/4 34
1948
88 ctfs of deposit. 1948
Santa Catharlna (Brazil)—
7s ct!S of deposit..
..1945
25
70c
P
7s 1957
/16
7s to
Jan
93* June
Salvador
/24
Frankfurt
Dec
1536
100
6% pref
6% pref
/24
/16
Apr
734
43*
35
100
936
Shamrock OllAGas Co cral
/6 X
Saarbruecken M Bk 6s.'47
Feb
Dec
8
536
.
/24
...
June
1,275
13*
10234
5
Pittsburgh Plate Glass .25
Pittsburgh Screw A Bolt..*
San Toy Mining Co
1
/24
/24
/24
436
Jan
1136
1336
5
Aug
10
Preferred
/24
/24
R C Church Welfare 7s '46
100
2636 May
536 May
636
113*
3
Pittsburgh Oil & Gas
/24
Rom C&th Church 6348 '40
736
May
16
183*
26
Pittsburgh Coal Co com 100
/75*
/24
10
113*
—
/24 1
/24
7b.
25
(Ger¬
many) 7s
85
157
1034
National Flreprooflng Cp.*
Mt Fuel Supply Co.....
/50
6% scrip
2436
High
Low
4 36
1836
.1
Fort Pitt Brewing
/24
/24
1952
Panama City 0348
/24
736
Shares
10
1036
736
1034
1940
Week
High
9
Range for Year
for
r/ icca
243*
Copperweld Steel
..._5
Duquesne Brewing Co—5
Electric Products... j...*
/3
Oldenburg-Free State—
/734
uj
Low
10
Byers (A M) Co corn
*
Clark (D L) Candy com..*
Columbia Gas & Elec com *
Nat Central Savings Bk of
1962
National Hungarian A Ind
Mtge 7s
1948
Price
*
BJaw-Knox Co
/63
Hungary 734b
Par
Allegheny Lud Steel com.*
/24
0348-.
official sales lists
Sales
Week's Range
Jeannette Glass
German Central Bk
6s.
inclusive, compiled from
b'ridag
Nat Bank Panama—
(A A B) 4s...1946-1947
Central German Power
Costa Rica funding 5s. '61
Jan. 3, both
Stocks-
(C A D) 4S... 1948-1949
Call
to
/24
Nassau Landbank 034a '38
Munich 7s to
16
Caldas (Colombia) 734s '46
5% was paid on July 2,
Pittsburgh Stock Exchange
35
/24
Municipal Gas A Elec Corp
Recklinghausen 7s.. 1947
/45
Buenos Aires scrip
principal amount.
S84.50 of
/24
scrip..
Brown Coal Ind Corp—
6348
28
/24
Montevideo
/24
736s
Dec.
on
Sept. 25 and 5% In Oct.
/32
/50
/24
funding scrip
on
/24
/24
Brazil
based
T Quotation
634%
/24
4
/434
7s.
5
Exchange.
Quotation not furnished by spoasor or Issuer.
Nov. 30, page 3157.
referred
110
The Commercial & Financial Chronicle
'.
Jan.
1941
General Corporation and Investment News
RAILROAD-PUBLIC UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
reasons
it is not
However, they
FILING
OF
are
always possible to arrange companies in exact alphabetical order.
always as near alphabetical position as possible.
REGISTRATION
STATEMENTS
SECURITIES ACT
submitted, under the
UNDER
terms of the agreement dated
Sept. 28, 1939, under
Manufacturers Trust Co. is holding in trust common stock of
Chesapeake & Ohio Railway, common stock of Chesapeake
Corp., common
and 5% cumulative preferred stock of
Missouri Pacific RR., cash and
Alleghany Corp. secured debentures.
which
The following additional
registration statements (Nos.
4619 to 4623, both
inclusive) have been filed with the Securi¬
ties and Exchange Commission under the Securities Act
of
1933.
The amount involved is approximatelv
$21,770,548.
Bonds Purchased—
The Marine Midland Trust Co. of New
York, as trustee for 5% bonds of
1950, has purchased for cancelation $765,000 face value of
bonds, using upapproximately $475,000 of cash directed by Alleghany to be applied for
Hayes Manufacturing Corp.
(2-4619, Form A-2) of Grand Rapids,
registration statement covering 300,189 shares of $2 par
200,189 shares will be offered to public through under¬
writers at market price, and 100,000 shares will be offered to
A. J. Miranda
Jr., I. J. Miranda, and F. William Zelcer at $2.50 per share and
may be
resold to public at market price. Proceeds of the issue
will be used for plant
and equipment repairs, for
purchase of additional machinery and equipment,
and for working capital. A. A. Anderson is
Vice-JTesident of the company.
A. W. Porter, Inc., A. J. Miranda
Jr., et al, may be the underwriters.
Filed Dec. 28, 1940.
Mich, has filed
common
this purpose under the amended indenture.
This money represents a part
of the cash received
upon the transfer of the St.
a
stock.
Missouri
used
to purchase three
aeroplanes, equipment and for working capital.
Robert F. Six is President of the
company. H. M. Byllesby & Co., Inc. has
been named underwriter. Filed Dec.
28, 1940.
in
The last previous list of
registration statements
our issue of Dec.
28, page 3878.
was
connection
with
the
settlement
of
Terminal
w
The corporation was authorized Jan. 2
by Federal Judge Vincent'L.
Leibell to withdraw $97,131 from a
special fund held by J. P. Morgan &
Co. to pay accrued indebtedness of the
corporation and to increase the
minimum working fund of the corporation.
On July 1, 1939 the fund
amounted to $413,325 and currently stands at
$1,621,445, including the
year-end extra dividend of 623^ cents a share paid on
944,016 shares of
Chesapeake & Ohio Ry. common stock held as collateral for the
Alleghany's
5% bonds of 1944.—V. 151, p. 3548.
Continental Air Lines, Inc. (2-4620, Form A-2) of
Denver, Colo, has
for further details.)
Joseph properties to the
in
trustee
To Withdraw Funds—
filed a registration statement
covering 100,000 shares of $1.25 par common
stock which will be offered at $5 per share.
Proceeds of the issue will be
Savannah Gas Co. (2-4621, Form A-2) of
Savannah, Ga., has filed a
registration statement covering $1,000,000 of
'6%% 1st mortgage bonds,
$210,000 of 314% serial notes, and $190,000 of 4% serial notes.
The 1st
mortgage bonds are due in 1966; of the 314% serial notes,
$30,000 are due
in 1942 and 1943, $35,000 due in
1944 and 1945, and $40,000 in 1946 and
1947; of the 4% serial notes, $45,000 are due in 1948 and
1949, $50,000 due
1950 and 1951. Proceeds of the issue will be used to
refund debt, to redeem
the $25 par 7 % cumulative
preferred stock and toward other disbursements
incident to financing. F. W. Seymour is President of the
company. Central
Republic Co. has been named underwriter. Filed Dec.
30, 1940.
Southern Counties Gas Co. of California
(2-4622, Form A-2) of Los
Angeles, Calif, has filed a registration statement
covering $11,500,000 of
3% first mortgage bonds, due Jan. 1, 1971.
Filed Dec. 30, 1940.
(See
subsequent page for further details).
Luzerne County Gas & Electric
Corp. (2-4623, Form A-2) of Kingston,
Pa. has filed a registration statement
covering $7,500,000 of 3H% first
mortgage bonds, due Jan. 1,1966. Filed Dec.
31,1940 (see subsequent page
Pacific
Shares litigation,
Alberene Stone Co. of Virginia—Year-End Dividend—
Directors have declared
year-end dividend of 25 cents per share on the
stock, payable Dec. 24 to holders of record Dec. 23.
Dividend
of 15 cents was paid on July 23 last and one of
25 cents was paid on Dec. 22,
a
common
1939.—V. 151. p. 2930.
Allied Owners
*
a
Corp.— Tenders—
The Manufacturers Trust Co. will until Jan. 29 receive bids for the sale
to it of sufficient first lien cumulative income bonds due
July 1, 1958, to
exhaust the sum of $78,355 at lowest
prices offered.—V. 150, p. 3191.
^
Alligator Co.—Year-End Dividend—
Directors have declared a year-end dividend of $1
per share on the com.
stock, payable Dec. 18 to holders of record Dec. 16.—V. 143, p. 3989.
Alloy Cast Steel Co.—Year-End Dividend—
-
Directors have declared
a year-end dividend of 80 cents
per share on the
payable Dec. 30 to holders of record Dec. 27.
Regular
quarterly dividend of 35 cents was paid on Oct. 21, last.—V. 151, p. 2034.
common
given
stock,
American
Asphalt Roof Corp.—Year-End Dividend—
Directors have
declared a year-end dividend of $10 per share on the
stock, payable Dec. 28.
Like amount was paid on Dec. 27, 1939,
and dividends of $2 per share were
paid on Dec. 28, 1937, and on Dec. 23,
1936.—V. 151, p. 237.
common
Abbott
Laboratories, Inc.—To Build
Mexican Unit—
Company will build an office and
manufacturing building in Mexico City,
through its wholly-owned subsidiary
there, which will double present
capacity.
The new building will contain 28,000
and is
feet of floor space
be completed in the latter part of 1941.—V.
151, p. 3224.
square
scheduled.to
Acme Steel Co,—New
Chairman, <fcc.—
Effective Jan. 1, James E.
McMurray will retire from his position as
of the Board of Directors.
Ralph H. Norton, President, will
become Chairman and will be succeeded as
President by Charles S. Traer,
now Vice-President and
manager of production.
► Frederick C. Gifford will retire from his position as
First Vice-President
and director of sales but will
continue as a director, Chester M.
Chesney,
now Vice-President and
Secretary, will become First Vice-President as well
as
Secretary, while Carl J. Sharp, now Vice-President and
Treasurer, will
become Vice-President and director of
sales.
^ Mr. Sharp will be succeeded as Treasurer
by Thornton A. Rand, now
Assistant Secretary-Treasurer.—V.
151, p. 2482.
Chairman
Air
American Cities Power & Light Corp.—Dividend—
Directors have declared the regular quarterly dividend of l-32d of one
share of class B stock on each share of convertible class A stock
optional
dividend series, payable Feb. 1 to stockholders of record Jan. 11.
Class A
stockholders have option of receiving 75 cents in cash in lieu of dividend in
class B stock provided written notice is received
by corporation on or be¬
fore Jan. 21.—V. 150, p. 2034.
fl
American European
Directors have declared
Akron Brass Mfg. Co.,
come taxes and
Earnings
per
on common
1940
Alabama Power
212,785
147,582
$620,332
186,079
127,707
$569,998
86,706
69,359
7,024,590
2,220,469
1,606,026
6.181,551
1,493,211
1,208,081
6,852,832
1,852,281
1,130,696
1940—Month—1939
Taxes
Prov. for depreciation..
238,360
$600,809
399,261
$661,477
$201,548
s
pref. stock
Balance.
401,678
$7,882,904
4,844,330
$8,959,776
4,864.234
195,178
Interest and other deduc.
£ Net income
$259,799
195,178
$3,038,573
2,342,138
$4,095,543
2,342,138
$6,369
$64,621
$696,435
$1,753,405
w
■V. 151, p. 3224.W
Alaska Juneau Gold
Directors have declared
s^»lo
Par $10, payable
with
cents
paid
'
1940—12 Mos.—1939
$1,962,083 $22,689,051 $21,814,546
765,083
8,503,992
6,829,533
317,833
3,462,825
3,412,957
217,690
2,839,330
2,612,280
$25,896
Plus selling, administrative and gen.
expenses, including depreciation'
Balance Sheet Dec. 1, 1940
Assets—Cash in banks and on hand, $195,009; Government bonds and
investments, $15,000; receivables (less allowance for doubtful of $1,000),
$334,635; inventories, $228,582; other assets, $114,264; permanent assets
(net). $555,309: patents, $1; deferred charges, $36,681; total, $1,479,481.
Liabilities—Notes payable (to banks), $250,000; trade creditors, $169,
699; payrolls, $26,379; dividend payable, $28,926; accruals, $38,621; con¬
struction loans (payable over three-year period), $53,000; reserve estimated
provision for current years income tax, $8,178; capital stock ($1 par),
$231,400; earned surplus, $263,279; capital surplus, $410,000- total, $1,479,481.—V. 151,
P^OSl
Wk
«fe
American Machine & Metals, Inc.—Sells II alii well Divi¬
sion—
The company has sold its Halliwell division to a new
corporation, Halliwell,
The new company will continue the business with
headquarters at
Inc.
Grossincome-.
cents paid on May
lo cents and extra
x
1937
$681,358
$1,915,136
782,754
293,213
expenses
429
8,178
Net income
1938
Co.—Earnings
Period End. Nov. 30—
Gross revenue
$34,503
Other deductions
Federal taxes—on income (estimated)
—Earnings —
1939
7,494,008
2,443,679
1,515,894
Net ry. oper. income
—V. 151,p. 3224.
on
$1.26
253,349
151,379
From Jan. 1—
Gross from railway
Net from railway
Dividends
$62,854
$729,449
Net from railway
Net ry. oper. income
Operating
RR.
$19,289
15,214
1939
$64,173
$1.29
stock
Alabama Great Southern
$699,249
679,960
Total income
—V. 151, p. 3384.
November—
Gross from railway,*.
Forging & Socket Co.—Earnings—Earnings for 3 Months Ended Nov. 30, 1940
Gross sales less returns, allowances and discounts
x Cost of
goods sold
Other income.
1940
other deductions
share
American
Operating profit
Inc.—Earnings—
9 Months Ended
Sept. 30—
Net income after
operating expenses, Federal in¬
Securities Co.—$2.50 Dividend—
dividend of $2.50 per share on the preferred
Dividends of
a
stock, payable Dec. 27 to stockholders of record Dec. 24.
$5 were paid on Oct. 3 last.—V. 151, p. 2035.
Investors, Inc.—To Pay $1 Dividend—
Directors have declared a dividend of
$1 per share on the $2 non-cumu¬
lative convertible preferred
stock, payable Dec. 27 to holders of record
Dec. 24.
Last previous payment on this issue
was made on Dec. 23, 1936,
and totaled 60 cents
per share.—V. 151, p. 538.
r
American Box Board Co.—25-Cent Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, payable Jan. 23 to holders of record Jan. 10. Last previous distribu¬
tion was the 35 cent dividend
paid on Nov. 23,1937.—V. 150, p. 4115.
in
of
reducing the
^
Albany Packing Co.—Extra Dividend—
"7 Directors have declared an extra dividend of
$6 per share in addition to
the regular
quarterly dividend of $1 per share on the common
stock, both
payable Dec. 23 to holders of record Dec.
20.
^
Alleghany Corp.— Time for Filina Plan Extended—
*Trust Co., New York, as trustee for Alleghany 5s
of 1950, and
Alleghany Corp. have extended to and
including Feb. 28, 1941,
the time within
which
a
plan of readjustment for the 5s of 1950
may be
the
V^151^p. 2932w
three months.
K Company stated that in
view of increased costs and
taxes directors felt
it desirable for
company to strengthen its cash reserves
by
121.*
engaged in the manufacture and dis¬
beauty shops and the dissimilarity
manufacturing and merchandising products in this division
from the other company products has become increasingly marked
during
the past several years.
It has therefore been deemed advisable to con¬
centrate the corporation's effort in the field of industrial
machinery.—
between
Mining Co.—1234,-Cent Dividend,—
dividend of 12 H cents per share on
the common
Feb. 1 to holders of record Jan. 7.
This compares
the six preceding
quarters; dividends of 25
1 and Feb. 1, 1939, and
previously regular dividend of
dividends of 15 cents per share were
distributed each
dividend.—V. 150, p.
been
tribution of machine and supplies used in
a
each
261 Broadway, N. Y. City.
The Halliwell division has
_
m
,
.
^
*
American Maize Products Co.—New Official—
t
The appointments of Theodore Sander Jr. as financial Vice-President,
and of James T. Bishop as Vice-President in charge of
development and
research, were announced on Dec. 30.—V. 151, p. 3878. |
M
American-National
Co.—Reorganization—
Hearing on a plan of reorganization has been set for Jan. 4 by Judge
Frank L. Kloeb in Federal Court at Toledo.
Edward C. Kirschner, trustee, has presented a plan
whereby a new
company will have total assets of $997,000 after creditors are paid
50%
in cash and the remainder in cumulative
preferred stock on which 5%
dividends are to be paid semi-annually until claims are
paid off.
The trustee pointed out that the
company has operated at a loss each
year since 1930, except during 1934 and 1936.—V. 148, p. 3052>
j
American News Co.—30-Cent Dividend—-TI!
Directors have declared'a dividend of 30 cents per share on the common
stock, payable Jan. 15 to holders of record Jan. 4.
Previously regular
bi-monthly dividends of 25
p.
1132.
cents
per
share
were
distributed.—V.
151,
Volume
The Commercial &
152
American Oak Leather
common
347.
p.
shareholders
of 50 cents per share oil the
30 to holders of record Dec. 14.
Dividend
Aug. 18 last: one of 50 cents paid on May 20 and Feb. 20
stock, payable Dec.
of SI was paid on
last, and dividends totaling
/
$4.25 per share distributed during
1939.—V.89,
v,v;;■"
-v.*,;:'
1940—12 Mos.—1939
1940—3 Mos.—1939
Period End. Nov. 30—
.
Light Co. (& Subs.)—Earnings—
American Power &
Subsidiaries-
•
.
-
$26,993,115 $25,862,109 $107542,019
Operating revenues
Operating expenses
9,963,482
3,698,661
4,975,755
Direct taxes
41,748,121
17,120,242
2,557,392
10,361,731
$100428,974
10,557,448
39,578,882
14,263,157
Prop, retire. & depletion
reserve
2,698,011
approps __
Net oper. revenues.
Other income (net)
__
$8,957,618
43,462
_
$9,676,259 $38,267,785
$36,671,641
15,838,572
CV50.609
7,171,741
15,987,026
$9,001,080
Int. to pub. & other de¬
ductions
3,962,886
3,951,796
Cr29,578
1,792,936
1,792,935
Int. chgd. to construct'n
Pref. divs. to
public—_
applic. to min,
Portion
a
Net
Cr271
equity..______ $3,261,720
Crl2,461
7,171,739
14,117
\
53,965
62,414
$3,917,682 $15,254,116 $13,462,923
Amer. Pow. & Lt. Co.—
a
Net equity
$3,261,720
____
14,211
Other income
Total.
$3,275,931
______
195,249
Expenses, incl. taxes
$3,917,682 $15,254,116
21,662
73,616
$13,462,923
99,078
$3,939,344 $15,327,732 $13,562,001
125,996
605,204
439.089
$13,122,912
$3,080,682
708,127
$3,813,348 $14,722,528
720,356
2,833,949
$2,372,555
Int. & other deductions.
$3,092,992 $11,888,579 $10,223,964
of subsidiaries.—V. 151,
2,898,948
Bal. carried to consol.
earned surplus.____
a
3737.
P.
Power & Light Co., in income
Of American
1
'
:
American Steamship
the guaranteed dividends on the Delaware preferred stock
benefit of the shareholders, I desire to state on behalf of
share on the common stock,
payable Dec. 27 to holders of record Dec. 27. A dividend of $5 was paid on
Oct. 1, last; $1 was paid on July 1 and April 1, last; $10 was paid on Dec. 21,
1939; $2 on Oct. 2, 1939; $1 on July 1 and on April 1, 1939; $6 on Dec. 24,
1938, one of |2 on Oct. 1, 1938, and dividends of $1 per share were paid on
July 1, 1938, and each three months previously.—V. 151, p. 2179.
and
Delaware shareholders.
Refining Co.—Common Dividend—
held Dec. 30 declared a year-end dividend
the common stock, payable Feb. 1 to holders of
Last previous common dividend was the 25 cent dis¬
July 2, 1938.—V. 151, p. 2035, 979; V. 150, p. 1586.
of 50 cent* per share on
15.
Jan.
tribution made on
Electric
American Water Works &
Co.,
Inc.—Weekly
Output—
Output of electric energy of the electric properties of American Water
Dec. 28, 1940, totaled 55,439,an increase of 10.6% over the output of 50,129,000
kilowatt hours for the corresponding week of 1939.
Comparative table of weekly output of electric energy for the last five
years follows:
'
'
Works and Electric Co. for the week ending
000 kilowatt hours,
1939
1938
1937
1936
56,234,000
47,052,000
43,911,000 47,357,000
56,222,000
46,947,000
42,701,000 49,479,000
56,160,000
47,564,000 x38,240,000
50,201,000
x55,439,000 x50,129,000 x42,574,000
36,991,000 x43,821,000
Week End.
1940
7
60,466,000
Dec. 14
60,839,000
Dec. 21
62,722,000
Dec.
Dec.
x
28
...
Throughout these six years there has been a steady reduction In the
it amounts to $63,974,000 as compared with
$89,129,100 in 1934, a reduction in six years of $25,155,100.
$89
A part of
the money with which this reduction was effected came from earnings left
in the business, but part came out of working capital, causing it to be re¬
duced from $114,040,730, where it stood at the end of 1934, to $100,690,126
at the end of 1940.
Now the working capital must be made adequate,
and the earned surplus account increased.
Any dividend payments will
result in a reduction of working capital.
Our credit position at the present
moment is the best it has been in years, and it is highly important to main¬
tain it and improve it to the end that eventually the Delaware preferred
stock can be retired.
The directors have therefore deemed it advisable, in view of these facts,
to let our earnings remain in the business rather than to make current dis¬
bursement of them in the form of dividends.
.
,
Taxes—The Federal income tax liabilities for the fiscal years 1935 and
1936 have been determined and settled on what we consider a very satis¬
factory basis.
The tax liability of the company for 1937 to 1940, inclusive,
is still open, but we believe our reserves are adequate to cover any addi¬
tional tax that may be found to be due.
Business Outlook—At this writing, more than a month of the current
Includes Christmas Day.
Consolidated Income and Surplus Statement
[Armour & Co, of Illinois and Subs., Inc.; Armour & Co. of Delaware,
*
and its Domestic and Foreign Subs.]
53 Wks.End.
Years Ended
Nov. 2, '40
Oct. 28, '39 Oct. 29, '38 Oct. 30, '37
jjj;
igj
v
jjjj
Sales
733,949,084 715,318,910 723,537,907 788,279,705
Cost of sales, &c
-659,334,661 645,254,353 663,677,941 717,298,229
Sell., adv. & gen. exp.,&c 44,028,262
41,714,143 41,082,576 41,132,807
"■'*
a
......
b391,771
894,121
167,062
600,000
600,000
600,000
15,457,642
964,152
12,476,531
1,154,541
3,421,551
603,431
15,733,718
875,179
16,421,794
3,602,989
e2,988,985
351,113
13,631,072
3,725,982
1,921,903
133.173
4,024,982
3,949,761
dl,027,299
d2,268,942
5,802
21,341
699,095
employees'
pension plan.
___
Balance
Other income.
Total income
Interest
_
amortization
&
compared with 237,600,440 kwh. for the corresponding month of 1939,
increase of 6%.
f
For the 11 months ended Nov. 30, 1940, power output totaled 2,550,-
V
Property net loss of subMinority interest
an
647,471 kwh., as against 2,230,126,032 kwh.
an increase of 14%.—V. 151, p. 3879.
Arbor
Ann
RR.
Earnings
1940
November—•
Net from railway
Net ry. oper. income
—V. 151, P. 3226.
Armour & Co.
1938
1939
1937
$305,612
46,088
$394,177
111,577
72,661
$322,961
73,524
40,606
3,651,408
3,165,862
3,646,354
726,678
338,024
453.200
645,630
284,273
83,666
17,057
(Ill,)—Financial Report—
Earned
consolidated unappropriated earned surplus at
amounted to $12,829,891, an increase of
Surplus—The
of
our
1940 fiscal year
over
The amount of
into account on
our books but we had maintained a reserve of $8,146,128 against any lia¬
bility we might have under the unjust enrichment tax.
The settlement
which, in effect, wiped out the claim and counterclaim except for a com¬
paratively small sum paid to the Government out of our reserve, enabled the
transfer of $7,905,820 from the reserve to consolidated unappropriated
earned surplus.
There was also added to surplus $4,560,539 representing
liability under an Act of Congress passed in 1936.
claim against the Government had never been taken
the remainder of consolidated
ing
;
,.
______
______
248,078
110.709
7,012,0571ossl,505,090
9,712,792
3,746,890
3.746.890
2,810,167
______
~
$5)
,
4,065,992
4,065,827
$0.26
Other than miscellaneous taxes
4,683,613
5,346,126
2,845,933
3,265,167 def4,315,257 def3,162,879
4,065,992
4,065,992
Nil
Nil
$0.62
4,560,539
Surplus
Common shares (par
Earnings per share.
.
included in expenses,
b Net realized
1937
and
Unrealized Joss, d Includes $26,350 in 1938 and $35,000 in
undistributed earnings, e Provision for United States
foreign income taxes.
Condensed Balance Sheet (Illinois
[Armour & Co. of Illinois send
Company)
Subs., incl. Armour & Co. of Delaware
Subsidiaries]
and its Domestic and Foreign
Nov. 2, '40
machry. & fixture equipment
Refrigerator cars, delivery equipt., tools, &c
Cash?
—
Notes and accounts
receivable
equity in foreign exchange contracts.
Intercompany accounts
Net
d Funds deposited
a Inventories
with trustees
Investments, stocks,
Goodwill.
bonds and advances
____
Total
•
—
Deferred charges
Oct. 28, '39
."•$
■
$'
130,949,452 133,060,422
10,972,142 11,050,590
14,455,862 22,262,859
38,100,647 37,293,880
740,470
671,945
Assets—
b Land, bldgs.,
______
85,884,381
—10,843,471
3,967,075
333,584
530,231
260,035
81,973,447
10,729,661
4,190,937
482,135
-296,247,084 302,5C 6,14 2
Oct. 28 '39
-
:Nov. 2 '40
Liabilities—
been paid before the tax was held unconstitutional, and the Government's
claim against the company arising out of the so-called unjust enrichment
our
42,787
______
Common stock divs
c
------
117,521
for surtax on
the previous year.
The principal factor contributing to
this increase was the settlement during the year of our claim against the
Government for a refund of that portion of the processing taxes which had
tax
311,923
Cr6,989
8,307,429
Net income
loss,
company.
$8,986,953
'500,040
262,857
7% pref. divs. (Del.)...
Parent co. pref. divs
a
•
16,608,898
4,473,667
,,
■
George A. Eastwood, President, states in part as follows:
Sales and Eearnings—Our volume of business in 1940, measured both in
tonnage and in dollar value, showed gains over 1939, reflecting a substan¬
tial increase in hog receipts which was of benefit in reducing unit costs in
our plants and in our sales division. Our dollar volume for the year amounted
to $733,949,084, an increase of 2.6% over 1939.
On this large volume we
had an operating profit of $9,158,582, a profit of one-ninth of a cent a
pound, proving clearly that packer profits have no measurable effect
either on meat prices or livestock prices, and providing a complete and
effective answer to suspicions with respect to packer profits.
As a matter
of fact they are less than reasonable and it is our hope and purpose to in¬
crease these profits so
that our shareholders may be paid a reasonable
return on their money invested in the business.
Consolidated net earnings for the year, after deducting special charges of
$351,113 representing loss on sale of non-operating real estate and $500,040
representing foreign earnings not immediately realizable because of ex¬
change restrictions, amounted to $8,307,429.
Of this net, $358,012 was
earned by the Illinois company and its subsidiaries, excluding the Delaware
company, this being the first year since 1936 that the Illinois company had
shown any earnings.
The remainder, $7,949,417, was earned by the
Delaware company, all the common stock of which is owned by the Illinois
the end
402,579
Foreign exchange loss.
Foreign earns not readily
c
real.
3,782,906
777,305
371,230
__
Gross from railway.
Loss sale real esate
MisceU. deductions
$347,123
89,122
53,441
Gross from railway
Net from railway
Net ry. oper. income.
From Jan. 1—
for the same period last year,
7,543,671
5,804,219
600,000
transactions
Contrib'ns to
Federal income tax, &c_
as
6,386,470
exchange
output of the electric subsidiaries of the American Water
Works & Electric Co. for the month of November totaled 251,341,944 kwh.,
power
7,987,115
5,874,603
8,495,642
8,010,287
6,518,232
Ordinary taxes
Depreciation
foreign
Loss
'
Monthly Power Output—
The
Receipts of live¬
our plants have
Nevertheless, we have kept our output
moving into consumptive channels without burdensome accumulations.
The increase in employment occasioned by the national preparedness pro¬
gram is creating an improved demand for meat.
This improvement is re¬
flected in volume of sales rather than higher prices.
High prices have an
allure, but high prices are not good in the long run; they lessen consumption
of meat by the people in the income group which has greatest need for meat.
operating near to capacity.
been
Director* at a special meeting
record
accrue to the
the directors
far retained the year's earnings in the business
rather than disbursing them as dividends.
A clear understanding of the matter requires review of the company's
financial situation prior to and since the recapitalization effected in 1934.
The 1934 recapitalization corrected, in large part, the ill effects of the huge
losses sustained by the company in the early 'thirties.
Those losses had
just about wiped out the company's surplus and substantially reduced its
working capital.
After the recapitalization in 1934 the earned surplus
account was still woefully small. The funded debt of the company amounted
to $89,129,100, more than half of which was due to mature within the suc¬
ceeding five years and the portion not maturing within five years was bear¬
ing interest at the rate of 5
% per annum.
Since Oct. 27, 1934, the company's consolidated earnings have amounted
to approximately $47,000,000, and out of these earnings $37,379,474, or
approximately 80%, has been disbursed in the form of dividends to Illinois
their reasons for having thus
fiscal year is behind us and our business has been good.
stock have been large, heavier than expected, in fact, and
Co.—$10 Dividend—
Directors have declared a dividend of $10 per
American Sugar
preferred dividend requirements and our surplus account was augmented
as
described above.
Inasmuch as the company's earnings in excess of
,
Bal. before int. & other
deductions
dends
funded debt and at present
13,116
interests
10,037,383
$9,642,574 $38,116,208 $36,549,552
33,685
151,577
122,089
Gross income._______
paid on the several classes of the Illinois company's stock.
Many
undoubtedly have been disappointed in not receiving divi¬
and such feelings are understandable in view of the fact that our
consolidated earnings for the year were more than sufficient to cover the
were
Co.—Year-End Dividend—
Directors have declared a year-end dividend
111
Financial Chronicle
dividends paid on
earnings for the fiscal year
the guaranteed preferred
1940 after deduct¬
stock of the Delaware
company.
Deductions from surplus included a $3,000,000 transfer from
surplus to reserve for contingencies and other lesser sums totaling $479,406
for other appropriate purposes.
Company closed the year with a consolidated working capital of $100,690,126.
Of this amount $74,906,632 was held by the Delaware company
and its subsidiaries.
During the year $8,000,000 of the Illinois company's
serial notes
were
paid off before maturity and
$807,000 of the Delaware
paid off.
paid quarterly during the year on the
guaranteed preferred stock of Armour & Co. of Delaware, but no dividends
company's long-term debt was also
Dividend Policy—Dividends were
7% preferred stock, Delaware company.
c 6% conv. prior stock (Illinois company)—.
7% pref. stock, Illinois company,
New common (par $5)Notes payable.
______
53,888,200
53,299,600
3,371,500
— ____
20,329,960
14,432,002
3,219,159
28, 1940-
4,000,000
20,329,135
17,677,448
861,457
Accounts payable_____________—8,312,968
Acceptances payable
Serial notes due May
53,972,300
53,299,600
3,371,500
Processing taxes payable
Accrued interest, wages, Federal
8,146,129
income taxes and
general and social security taxes
Reserve for Federal income taxes
Armour & Co. of Del. 1st mtge. 20-yr. 4% bonds,
ser. B, due within one year under sink, fund prov.
Funded debt
contingencies
Reserve for N. Y. State Workmen's Compensation
Reserve for
5,559,682
5,497,677
582,000
63,974,000
4,000,000
6,476,379
3,778,440
559,000
72,781,000
1,000,000
80,000
insurance
Minority stockholders'equity
Deferred income.
8,000,157
in sub. cos
Surplus
40,000
229,529
«500,040
1- 58,083,846
281,976
48,818,541
.296,247,084 302,506,142
a Packing
house products, at market values less allowances for selling
expenses; other products and supplies at cost or market, whichever is lower,
b After depreciatioii reserve of $58,938,954 in 1940 and $55,100,722 in 1939.
Total
-
—
I
112
The Commercial & Financial Chronicle
Represented by 532,996
c
shares,
d Funds deposited with trustees
for Armour & Co. of Del. 1st
mtge. bonds,
e Foreign earnings not readily
realizable in United States currency because of
exchange restrictions.
no par
Directors—Robert
$
to
trade
$
$
Assets—
62,077,601
.
44,036,779
37,373,990
Loss arising from fluctu¬
ation
of
foreign ex¬
bl,086,494
886,013
36,985,778
21,738,005
4,491,245
20,860,64 0
3,911,435
taxes, incl. inexps. but
f £»1xr
r»l
*\
ftfcfii
-'-v' •''
•
'■
•'
1940
1939
3,135,566
286,117
def225,087
5,291,390
4,947,179
4,469,129
3,185,059
418,381
def82,481
4,220,785
11,773,856
cl,048,526
7,246,773
431,265
16,807,030
805,948
Total income
15,381,353
Contrib.
to
employees'
12,822,382
7,678,038
-Earnings-
$277,253
19,624
defl9,993
:
YY:•,
1938
1937
$267,332
def24,661
$268,589
3,515
def33,498
3,078,889
3,391,408
301,188
def201,138
363,059
def55,071
14,210
Y'•:
-■
■
7,000
1,215
$82,411
$298,193
36,540
defl0,266
—V. 151, p. 3226.
.
14,505,097
876,256
4,326
.
Total.
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
/
—
fled & Fed. inc. taxes)
$82,411
Net from railway
Net ry. oper. income
20,344,476
3,806,280
4,892,757
__
but not yet earned
Common stock.
Atlanta Birmingham & Coast RR.
November—
"'•••;■
.
Reserve for discount received
Surplus earned
161,635
ministration expenses.
Pro v. for depreciation
Tax
(other than misc.
1,404
Total.
599
cub to-
on
mers'notes.......4,416
6,200
Cross from railway
402,579
gnno **£|
601
_
54,223
Accrued taxes and expenses..
Reserves for losses
expenses
Fixed assets (net)
Other assets.
$10,633
N. Y.
(partly secured)..-....i.-
148
45.340.2C6
change rates
Sell., adver., gen. & ad¬
tlnf
Liabilities—
564
Total
845,523,591 515,378,269 518,474,156 585,681,943
Cost of sales 8c oper.exps.
incl. transport, cost..783,445,990 471,341.491 481,100,166
540,341,737
Net profit from sales.
(Sec.-Treas.)I
Notes payable (fully secured)
Deferred charges and prepaid
discts.,
allowance-.675,138,687 348,898,757 347,685,177 371,955,960
Interco.
&
interplant
sales and oper. revs
170,384,904 166,479,512 170,788,979 213,725,983
4, 1941
Astor Trading Corp.,
Exchanges receivable
oper. revs, less
Margoles
68,123
_
Advs. against sales comrn—
returns &
Burnard
$5,372
Notes receivable
$
"j.iC.'vVC
8c
(Pres.);
Balance Sheet Dec. 13, 1940
Cash
30, *37
sales
Jan.
"Weiss
and Henry Weiss.
\
Income Account of Armour A Co. of Del. (Including Domestic A
Foreign Subs.)
"•
53 Weeks
52 Weeks
52 Weeks
52 Weeks
Period Ended—
Nov. 2,'40
Oct. 28, '39
Oct.29,'3H
Oct.
Gross
I.
17,612,978
Profit.
Other income...
pension fund
433.200
275,479
23,973
2,817
Other deductions (net)..
Prov, against investm'ts
and advances..
Loss
271,380
313,430
104,923
—
earns, not readily
realizable
&
of
amort,
_.....
equity
come
$849,689
Net ry. oper. income.
—V. 151, p. 3227.
net
$8,940,199
4,250,000
$9,558,153
4,150,000
$472,835
101,460
$4,690,199
2,017,938
$5,408,153
144,858
$704,831
$371,375
$2,672,261
$3,375,048
Atlanta & West Point RR.
3,410,145
2,886,984
2,908,046
1,908,067
21,341
Cr6,988
7,949,417
3,746,890
7,706,631
3,059,209
2,840,266
2,949,286
z986,799
2,923,690
z2,119,242
in¬
of subs
Net income.
Divs. paid: 7% pref. stk.
Common stock..
z
Operating income
Equip. & jt. facil. rents.
$772,835
300,000
350,000
3,746,890
...
_
Includes $24,000 ($30,000 in
1937) surtax
on
42,787
12,417,019
4,768,776
8,000,000
undistributed earnings,
b Net realized loss on
foreign exchange transactions of $392,965 and un¬
realized loss arising from flutuation of foreign
exchange rates of $693,529.
c Includes
$694,454 equity in current year net income of Winslow Bros.&
.Smith Co. to the extent that such income has been
received as dividends in
this or prior years.
November—
—Earnings—
1940
Gross from
railway.
Net from railway
Net ry. oper. income...
1939
$167,037
1938
5,055
$153,280
20,556
def3,792
1,742,120
280,233
10,418
defl 1,058
35,036
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income.
Consolidated Balance Sheet (Delaware Company and
Subs.)
Nov. 2, '40
Oct. 28, *39
Oct. 29, *38
A.SSCtS—
$
1
■
<gj
.
Land, bldgs., machry. & equipment..104,4.31.128
Cash
11,966,171
Notes and accounts receivable
37,152,787
Inter-company accounts receivable...
655,905
equity in foreign exchange
105,532,656
14,218,639
21,401,518
404,622
110,125,692
4,865,905
19,715,238
5,188,454
con¬
tracts
...
Funds deposited with trustees
x Inventories
65,153,708
10,026,657
3,578,991
333,584
Invests., stocks, bonds & advances...
Deferred charges....
Goodwill
530,231
260,035
50,068,934
9,830,668
3,564,017
482,135
.2*33,298,931 206,293,455
Nov. 2,'40
T^l/Ctul/itllCS
'
Oct. 29, '38
53,972,300
10,000,000
64,781,000
1,000,000
55,782,500
*
^
7% pref. stock Delaware company...
y Common stock
53,888,200
10,000,000
63,974,000
Fundeddebt
Reserve for contingencies
Reserve for N. Y, State
3,000,000
Workmen's
Compensation insurance
Notes payable....
1,525,792
17,677,448
Accrued
interest, wages, local and
State and social security taxes.....
Res. for Federal income taxes..
827,002
1,979,827
1940
Depreciation
.....
Profit from operations
2,590,105
4,879,947
861,457
Acceptances payable
Accounts pay able
Delaware co. bonds for sinking fund..
Inter-co. current accts. payable.
12,751,498
582,000
229,529
z500,040
cos
Deferred income
Surplus
61,645,222
57,669,057
1,910,808
6,850,355
3,325,889
538,000
53,531~,2§I
Total
.233,298,931 206,293,455 204,932,848
x
Packing house products at market values, less allowance for
selling
expenses; other products and supplies at cost
qr market
whichever is lower
y All owned by Armour & Co.
(Illinois),
z Foreign earnings not
readily
,
realizable in
—V. 150, p.
United
States
currency
because
of
986.
exchange
restrictions.
Consolidated Balance Sheet
Assets-
Oct. 31 '40 Apr. 30 '40
hand
on
$80,523
a dividend of $3
per share on account of accumu¬
cumulative preferred stock, payable Dec, 26 to
holders
Arrears as of Dec. 31, 1940 amount to
$9 per share.—
Astor
Trading Corp. of New Jersey—Stock Offered—
Ericson, Juneman & Co;, New York, are
offering 10,000 units
(each unit consisting of one share of no par value cumulative
6Cc. dividend preferred stock
and one share of 10c.
par
value common stock) at $8.75
per unit.
Transfer Agent—Registrar
&
Transfer Co.,
New Jersey.
Capitalization—
New
Jersey.
Authorized
Preferred stock (no par)
Bank ctfs. of depos
Accts. & notes rec.
500,000
(less reserves)..
Inventories
z275,142
325,803
462,633
278,742
40,817
40,817
17,836
23,969
24,724
221,918
_
_
_
.
.
_
Registrar—
None
the
sale
of
automobile
accessories,
parts
and
tires
factoring
Company
commercial accounts.
started with and is
operating on a small
capital.
Because of
for the company to make loans from
Purpose—'The proceeds of this offering will enable the
company to retain
for itself the substantial
part of its earnings which would otherwise
have to
be paid to discount
companies.
21,310
Notes pay .not cur.
29,167
26,266
Oper.
.
.
58,333
......
82,555
reserves
-
Common stock...
a320,490 x2,467,748
Capital surplus.
1,122,255
Earned surplus.
31,829
b83,338 def256,832
—
8,000
15,000
......
Vessels, plants and
equip, (less res.)
Total
.
550,825
1,569,468
3,771
...$1,964,271
4,497
$2,622,994'
Represented by 320,490
Total
$1,964,271 $2,622,994
shares,
y Accounts and drafts payable
Par $1.
b Since May 1, 1940.^-V. 151,
no par
Accounts receivable only,
P. 3880.
;;;•',
z
a
.:;v.,V%
:
Atlantic Mutual Insurance Co.—New Trustee—
At
a
meeting of the Board of Trustees held
on
Jan. 2, Thomas I. Parkinson
elected
a trustee.
Mr. Parkinson is President of The Equitable Life
Society of the United States, a director of the American Tele¬
phone & Telegraph Co., a director of the Chase National Bank, and a trustee
of the Emigrant Industrial
Savings Bank and of The Rockefeller Foundation.
—V. 150, p. 273.
Assurance
Autocar Co.—
Unfilled Orders—
v
Company is ending 1940 with largest backlog on its books in its history.
Business contracted for this year has exceeded $33,000,000 and indications
are that a considerable part of this business will be carried over
into the new
year.
The carryover would have been much smaller except for a "bottle¬
neck" in the armor plate and axle industries, which has
of the large contracts from the Government.
Orders from the Federal Government this year have exceeded
most of it for scout cars, which are
partly armored.
on
$18,500,000,
Business from regular sources in 1940 has been considerably better than
last year and shows every indication of
equaling, if not exceeding, the 1937
Sales last year amounted to $11,903,340; in 1938, $10,243,414 and
in 1937, $13,536,390.—V.
151,
p.
2036.
Bagley Building Corp.—Year-End Dividend—
Directors have declared a year-end dividend of 25 cents per share on the
voting trust certificates for common stock, payable Dec./27 to holders of
Dividend of 15 cents was paid on Aug. 1 last and on Dec.
27,1939.
■
record Dec. 18.
.
.
Baltimore Transit Co.—Earnings—
[Including Baltimore Coach Co.]
Period End. Nov. 30—
Operating
Operating
1940— Month—1939
$1,113,726
864,771
revenues
expenses,
Net oper. revenues...
1940—11 Mos.—1939
$1,042,877 $11,513,878 $10,765,754
830,010
9,540,783
9,117,881
$248,956
119,904
$212,867
89,913
$1,973,095
1,146,253
$1,647,873
996,097
$129,052
$122,954
1,904
2,221
$826,842
19,653
$651,776
22,734
$130,956
5,293
$125,176
7,160
$846,496
$674,510
58,758
72,594
$125,663
$118,016
$787,738
352,827
$601,916
352,840
$434,910
Operating income..__
Nonoperating income...
Gross income
Fixed charges
Net income.
Int. declared
Upon completion of the proposed
financing the company will also deal
in and purchase commercial
paper and securities in diversified
merchandise
lines as well as in
discount companies.
8,687
$249,075
The
commercial paper thus purchased consists of
buyers' notes which are pay¬
able to automobile
accessory dealers.
These notes are for a maximum
of
20 weekly instalments so that the
security for the notes consists not only
of conditional sales
agreements covering the merchandise
purchased but the
most important
part of the collateral is a chattel
mortgage on the purchaser 's
automobile itself.
^
lack of working capital it was
necessary
3,307
cap. stock taxes.
sale
on
.
204,167
3,654
Res. for contings
of investment..
Leaseholds
204,167
Prov. for inc. and
Taxes
History and Business—Corporation was chartered in New
Jersev, Aug. 22*
Company is engaged in the business of discount
ing commercial paper
in
Notes rec.
.
__
70.000 shs
1938.
originating
Prepaid insur., tax.
rent, &c
Sundryinv.& adv.
Oct. 31 '40 Apr. 30 '40
$83,694
$93,132
Sundry accruals
Cash surrender val.
Outstanding
30,000 shs.
100,000 shs.
Common stock (par 10c.)
Liabilities—
Accts. payable.
Notes payable.
$142,780
level.
Directors have declared
United States Corporation
Co.,
£>r92,335
some
Associated Real Estate Corp.—-$3 Dividend-—
on the
6%
of record Dec. 23.
loss $4 5,858
$83,338 loss$138,194
delayed work
Arnold Print Works—Initial
Preferred Dividend—
Directors have declared an initial dividend of
75 cents per share on the
% preferred stock, par $30, payable Jan. 1 to holders
of record Dec. 24.
lis issue became
cumulative as of July 1 last.—V.
151, p. 2181.
lations
$10,704
C/72,634
...
Cash in banks and
was
283,552
$2,052,212
2,060,518
37,552
Total credit to earned surplus for period
47,500
1,979,827
3,433,753
3,115,629
2,631,159
5,373,699
559,000
669,054
281,976
1939
$1,246,076
1,210,984
24,389
Other credits & charges.
x
3,269,590
1,663,332
201,441
def.37,635
Co.—Earnings—
_______
Deferred items..
40,000
...
stkhldrs.'equity in sub.
10,000,000
65,557,000
2,536,030
.
Processing tax payable
Min.
204,932,848
Oct. 28, '39
def19,028
145,260
def 116,791
6 Months Ended Oct. 31—
Net sales
of insurance....
Total..
4,551
def8,522
,
Atlantic Coast Fisheries
L
49,772,176
10,780,5>9
3,797,553
687,240
$139,622
16,254
1,662,222
254,940
—V. 151, p. 3226.
1937
$143,306
Cost of operations, materials, sales & adminis
Net
2.033,105
—
5,801
in
,
_
debt
discount & expenses..
Prov. for Fed. inc. taxes
Min.
C
500,040
expenses—__
$1,199,689
110,709
Foreign
Int.
RR.—Earnings—-
1940—Month—1939
1940—11 Mos.—1939
$4,367,499
$3,885,690 $44,976,127 $42,902,597
3,167,810
3,112,855
36,035,928
33,344,444
revenues
Net oper. revenues—
Taxes.
265,320
171,791
—
Operating
Operating
0 265,790
sale of non-oper¬
on
ated real estate
Atlantic Coast Line
Period End. Nov. 30—
on
series A 4% and
5% debentures.
Remainder.
Interest
on
series A debentures is at
% rates—1H %
the 4s and 1 % %
1940 statement will
H rates, aggregating 3%
on
the 5s—declared payable July 1j.
The December,
show the total interest declared for both years, at
on
on
the 4s and
3M%
on
the 5s.—V. 151,
p.
3551.
(Joseph) Bancroft & Sons—To Pag §2 Preferred Dividend
Directors have declared
ations
on
a dividend of $2 per share on account of
aecumuthe 7% cumulative preferred stock, payable on Dec. 26.
Like
Volume
paid
amount was
The Commercial &
152
on
Dec. 22, 1939. and last previous payment was the
in October. 1931.—V. 151, p. 2183.
Birmingham Fire Insurance Co. of Ala.—Extra Div.
$1.75
dividend distributed
Bankers Industrial
Service, Inc.—Promoters Jailed—
Black & Decker Mfg.
reported Dec. 20 the sentencing of five individuals convicted of fraud in
connection with the sale of the class A common stock.
Leo E. Gaffeney (President) of Plainfield, N. J., was sentenced to serve
334 years.
Frank Ware of Garden City, L. I., a former officer, received a
prison term of 134 years.
Willard R. Jeffery (director) of Scranton, Pa.,
was sentenced to a prison term of one year and one day.
Medford H. White
of Wilmington, a certified public accountant, was given a sentence of 134
years imprisonment.
Henry I. Pitney, a broker of New York City, was
placed on probation for two years, execution of the sentence of one year and
one day having been suspended.
Among the other misrepresentations alleged to have been made by the
defendants were statements that the company had a net profit of approxi¬
mately $22,000 for the year 1935 and $27,000 for the year 1936; that no
compensation had ever been paid to the directors of the company or its sub¬
sidiary; that the DuPont family of Wilmington was interested in the com¬
pany; that the company was a sound and prosperous corporation; and that
as of Dec. 31, 1936, it had current assets of $271,969 —-V. 151, p. 3880.
Manufacturing Co.—Accumulated Dividends—
Barcalo
share on account of
accumulations on the $3.30 cumulative prior preferred stock, payable
Nov. 15 to holders of record Nov. 4, and another dividend of 8434 cents
per share on the same issue, payable Dec. 27 to holders of record Dec. 17.
Arrears after these payments will amount to $4.1234 per share.—V. 151,
p. 541.
Directors
have declared
Barium
an extra dividend of 25 Cents per share in addi¬
quarterly dividend of like amount on the common stock,
28 to holders of record Dec. 18.—V. 146, p. 1391.
Directors have declared
tion to the regular
both payable Dec.
Exchange Commission and the Department of Justice
The Securities and
Stainless
dividend
a
Steel
of $1.65
Reorganize
to
Dismissed—
Apetition for reorganization of the corporation was filed by three creditors
District Court in Cleveland on Dec. 3.
Thereafter, steps
taken by them to withdraw as petitioning creditors and the attorneys
for the corporation filed the motion papers necessary to secure dismissal
of the action in the Federal Court at Cleveland, with the result that the
27 granted the applications of the petitioning
leave to withdraw and for the dismissal of the petition, and the
dismissed.
Officials stated that the corporation is now in a position to
Its proposed financing, which was postponed by reason of
on
Dec.
petition.
creditors for
suit has been
Frank
corporation may now conclude various pending negotia¬
tions which should, in his opinion, produce business for the corporation in
the immediate future.—V. 151, p. 3386.
of this matter, the
2,832,837
3,218,848
$2,239,469
1,124,722
286,904
$1,811,052
1,161,378
264,981
$2,934,758
1,287,547
$827,844
$384,693
$1,329,109
148,741
287,549
27,800
x73,535
58,961
x217,978
a26,457
71,751
125,894
a34,347
$1,065,095
$1,052,169
3,845,507
Gross profit
$3,130,516
Selling and service costs.
1,283,373
319,301
Admin. & gen. expense.
Operating profit
deductions,
Other
other income
Federal inc. taxes (est.).
adjustment..
Net profit.
Preferred
dividends
1940—3 Mos.—1939
1940—12 Mos.—1939
$19,023,379 $17,565,843 $67,934,920 $60,906,155
470,939
525,741
1,623,435
1,921.724
$0.93
$1.07
$3.00
$3.80
Period End. Nov. 30—
Net sales
x
Net profit
y
Earnings per share
x
Subs.)—Earnings—
.
After Federal income taxes,
y
On common stock.—v. 151, p. 3551
Beaumont Sour Lake & Western Ry. -Earnings
Common
dividends.
^
$218,053
69.502
14,168
Net from railway._.
Net ry. oper. income-.,
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income.
$227,083
79,259
23,391
2,512,526
2,499,512
989,421
427,045
1,000,006
409,252
415,538
2,6.52,839
1,006,725
333,224
Employees—
Company has notified employees that for the 29th consecutive year, it
will share its profits with workers by continuing the policy of rewarding
plant and office employees based on the length of service.
The total dis¬
tribution this year will amount to $200,000.—V. 151, p. 3227.
Bell Aircraft Corp.-—New Wage
Contract—
Bell
p.
2487.
Telephone Co. of Pennsylvania—Earnings-—
Period End. Nov. 30—
Operating revenues
Uncollectible oper. rev..
1940— Month—1939
1940—11 Mos —1939
$6,494,125
$6,170,011 $69,672,087 $65,565,710
23,577
20,900
Operating revenues...
Operating expenses--—.
$6,470,548
4,509,407
$6,149,111
4,212,249
Net operating
Operating taxes
$1,961,141
583,449
$1,936,862 $22,627,322 $20,608,624
533,944
6,945,770
5,785,798
operating income.
$1,377,692
Net income...........
929.902
$1,402,918 $15,681,5.52 $14,822,826
955,692
10,767,207
9,880,751
Net
revs...
257,303
229,113
$69,442,974 $6.5,308,407
46,815,6.52
44,699,783
Expansion Program-—
Directors appropriated $16,950,753 for
essential replacements and addi¬
making total such appropriations this year
tions to telephone equipment,
$38,106,008.—V. 151, p. 3387.
Beneficial Industrial Loan
Corp.—Listing—
The New York Stock Exchange has authorized the listing of $10,000,000
10-year 2%% debentures, due Dec. 1, 19.50, which are issued and out¬
standing.—V. 151, p. 3387.
Berland Shoe Stores,
Directors have declared an extra dividend of 12 K cents per
share on the
stock, payable Dec. 20 to holders of record Dec. 19.
quarterly dividend of 12M cents per share was paid on Nov.
V. 151, p. 99.
Bessemer & Lake Erie
Net ry. oper.
From Jan. 1—
Net ry. oper. income...
17,101,979
9,378,924
7,080,876
1938
$1,070,120
606,723
510,806
246,347
12,875,387
6,074,637
4,895,771
7,942,283
2,713,981
2,177,134
17,272,971
9,359,926
7,939,032
3738.
-'
Boulevard Gardens Housing
1937
$748,384
169,440
'
Corp.—$2,400,000 Loan—
The Seamen's Bank for Savings, New York has made a loan of $2,400,000
corporation, the loan being secured by a first mortgage on a completed
public housing project consisting of 10 six-story brick buildings in Queens
County located on a plot bounded on the south by 31st Ave. (Patterson
Ave.), on the west by 54th St. (Second St.) and Hobart St. (Old Bowery
Bay Road), on the north by 30th Ave. and on the east by 57th,St.
The
existing mortgage, which was made by the corporation to the United States
of America to secure $3,450,000, was paid and satisfied at the closing.
Lawyers Title Corp. of New York issued the title insurance policy.
to the
Brazilian Traction,
Period End. Nov. 30—
Gross
earns,
Operating
from oper.
expenses
Net
x
Before depreciation
earnings......
Light & Power Co., Ltd.—Earns.
1940—Month—1939
1940—11 Mos.—1939
$3,314,391
$2,929,470 $34,381,368 $34,184,989
1.614,559
1,423,588
16,960,087
16,373,817
$1,699,832
y20,000
$2.82
foreign cur¬
into United
dollars.
for depreciation charged to manufacturing costs and
amounted to $159,320 in 1940, $150,322 in 1939 and $154,283
Note—Provision
expenses
in 1938.
Consolidated Balance Sheet Sept. 30
$1,080,245
Mdse.inventories.
y
34,416
21,644
104,674
76,879 Reserve for con¬
70,594
tingencies
58,625
283,647 Other reserves
Capital surplus._. 2,711,229
2,711,228
665,211
1,885,358
Accrued accounts.
Est. Federal income
/ ■taxes
87,142
life insurance
in Australian
300,655
subsidiaries, AcReal est. not used
105,000
60,500
30,963
105,000
Mortgage receiv..
Sundry accounts..
48,400
32,296
x
327,021
269,048
918,023
2,201,208
Cash surr. value of
Inv.
$1,505,882 $17,421,281 $17,811,172
and amortization.—V. 151, p. 3228.
,
$1,864,225
227,545
Common stock..$1,885,895
Accounts payable.
Notes, bills & ac¬
1939
1940
Liabilities—
1939
$756,436
1940
Assets—
Cash
Earned surplus.-_
25,000
42,670
931,517
:
1,506,531
Land, buildings,
mach. &
Goodwill
equip._z2,036,414 z2,021,797
1
1
53,973
42,711
....
Deferred charges..
x
reserve
for depreciation of
$6,863,358 $5,928,503
Total
....$6,863,358 $5,928,503
After
$2,000,644 in 1940 and
$1,902,195 in
Represented by 372,845 no par shares, z Includes $28,800 ($250,appropriated and set aside by the British subsidiary for
construction of new plant under construction.—V. 151, p. 3387.
1939.
y
544 in 1939) cash
Bremner-Norris
Ltd.—Year-End
Realty Investment,
Dividend—
year-end dividend of $1 per share on the com.
Directors have declared a
British Columbia Power Corp.,
semi-annual
p.
102.
Ltd.—Earnings—
1940—Month—1939
1940—11 Mos.—1939^
$1,358,612 $15,326,169 $14,365,256
918,781
798,.345
9,436,389
8,696,331
Period End. Nov. 30—
$1,498,628
Gross earnings
Operating expenses
$579,847
earnings.
$560,267
$5,889,780
$5,668,925
—V. 151, p. 3388.
(E. L.) Bruce Co.—To Pay 25-Cent
Common Dividend!—
dividend of 25 cents per share on the common
holders of record Dec. 26,
This will be the first
dividend paidsince Aug. 1,1930, when Q2lA cents per share was distributed.
—V. 150, p. 2184.
Directors have declared a
stock, payable Dec. 31 to
Brush-Moore Newspapers, Inc.—Initial Pref. Divs.—
dividend of $1.50 per share on the new
Directors have declared an initial
6% preferred stock, payable Jan. 2 to
p. 2934.
holders of record Dec. 31.—V.
Burlington-Rock Island RR.
1940
$102,353
defl,€40
November—
Gross from railway
Net from railway
defl6,655
Net ry. oper. income
1,136,110
51,114
defl22,109
Gross from railway
Net from railway.
Net ry. oper. income
—V. 151, p. 3229.
California Oregon
151,
Earnings—
1937
1938
1939
$142,298
42,674
22,963
$111,922
1,277,940
1,324,829
155,226
def47,598
_
10,091
def2,985
155,683
defl5,878
Power Co.—Accumulated
$127,102
17,184
def7,131
1,265,704
178,335
def93,337
Dividend—
of $1.75 per share on the 7% cum.
dividend of $1.50 per snare on the 6% cum. pref.
$1.50 on the 6% pref. stock, series C of 1927, par
account of accumulations on Jan. 15 to holders of
amounts were paid on Oct. 15, July 15 and April 15,
double these amounts were paid on Jan. 15, last,—V.
;i.;
Directors have declared a dividend
pref. stock, par $100;
stock, par $100: and
$100, all payable on
record Dec. 31.
Like
last, and dividends at
151, p. 3553.;,'
.
a
Co.—Acquisition-—Sale
of Stock Approved—
Public
Service
of
Bonds and Issue
The Securities and'Exchange Commission on Dec. 27 approved applica¬
& Power Co., a registered holding company, and
one of its subsidiary companies pursuant to
Sections 6 (b) and 10 of the Public Utility Holding Company Act of 1935
and Rule U-12D-1 promulgated thereunder.
The transactions involved
tions filed by Peoples Light
California Public Service,
follows:
.
.
(1) The purchase by California of the water and electric properties of
Co. for $235,000.
r
(2) The issuance and sale by California to provide funds for the above
acquisition of $140,000 first mortgage bonds, 4Ji%, series B, due 1964, at
the par value thereof of Provident Mutual Life Insurance Co., the holder
of all presently outstanding first mortgage bonds.
(3) The issuance and salelby California to provide funds for the above
acquisition of 3,800 shares of common»stock ($25 par) to Peoples, which
holds all of the outstanding common stock, at the par value thereof, $95,000.
(4) The issuance and sale by California of an additional 2,000 shares of
common stock ($25 par) to Peoples at par, $50,000, the proceeds from such
sale to be applied tolthe making of permanent improvements and additions
which will not be used as the^basis for additional bonds or other funded debt
securitibs
v ,v- •
: - v • •».•
.*■ *».
: ..
.
/■
-:
(5) The pledge of the common stock by Peoples under the trustee inden¬
ture securing its own collateral lien bonds, all of the presently outstanding
common stock being so pledged.—V. 151, p. 2795.
Central Mendocino County Power
„
Cambria & Indiana RR .—Earnings
November—
Gross from railway
Net from railway..-..Net ry. oper. income
From Jan. 1—
Gross from railway----.
Net from railway
x
$483,983
365,457
$2.82
sidiary not consolidated.
a Adjustment upon translation of
rency amounts for net working assets of foreign subsidiaries
are as
1939
$1,892,647
1,123,893
918,213
.
Gross from railway.....
Net from railway......
—V. 151, p.
Regular
1 last.—
RR.—Earnings —
1940
$1,815,878
1,083,999
income...
839,188
Gross from railway
Net from railway......
$96,935
372,845
$0.76
x Includes $1,759
($20,630 in 1937) for surtax on undistributed profits,
Final dividend of 50 cents per share, the preferred stock having been
redeemed,
z Includes sales of $102,421
($82,368 in 1939) to foreign sub¬
California
Inc.—Extra Dividend—
common
W November—
548,186
$223,006
372,845
; * $1.60
y
Net
Corporation officials announced on Dec. 25 the signing of a new labor
Automobile Workers of America, providing
wage increases, vacations with pay and other concessions to about 4,000
employees.
Ray P. Whitman, Vice-President and Treasurer of the cor¬
poration, said that the contract was signed last week-end.
The company
and union leaders agreed that Local 501 would have bargaining rights for
employees in the new Bell plant being constructed at Niagara Falls airport.
Wage increases will result in an addition of about $500,000 to the company's
contract with Local 501, United
payroll.—V. 151,
186,423
stock, payable Dec. 27 to holders of record Dec. 26. Regular
dividend of $1.50 per share was paid on June 25, last.—V. 145,
—V, 151. p. 3227.
Beech-Nut Packing Co —Bonus to
$283,358
372,845
$593,621
377,179
Shs. com. stk. (no par).
Earnings per share
Total
$199,613'
26,972
def31,314
$213,245
78,898
23,900
2,504,579
1,000,791
Gross from railway.
$595,851
471,474
.
Surplus
—
1937
1938
1939
1940
November—
318,102
y
in operations...
Beatrice Creamery Co. (&
::
less
counts receivable
proceed with
the pending
Huston, President, declared that, with the clearing up
1937
$6,153,606
3,106,895
Cost of goods sold
were
Court
1938
$4,643,890
$1,527,842
Net sales.
Exchange
Subsidiaries)
1939
z$6,976,024 z$5,346,364
1940
States
in the Federal
Co. (& Subs.)—Earnings—
Earnings for Years Ended Sept. 30 (Including
per
Corp —Petition
113
Financial Chronicle
Net ry. oper. income-.—V. 151.P. 3229.
1940
1939
93,664
$152,225
54,893
93,232
1,426,706
510,534
859,155
1,300,719
452,001
839,128
$151,874
65,565
—
1938
$129,827
60,199
102,778
1937
$109,048
42,004
53,586
1,075,373
326,824
753,513
1,191,449
457,636
841,667
■
The Commercial & Financial Chronicle
114
Canada Cement
cations regarding the sale of securities by the subsidiary company to the
Co., Ltd. (& Subs.)—Earnings-
parent company and to the Equitable Life Assurance Society of the U. S.
Central proposes to issue and sell $5,000,000 of 3M% general mortgage
bonds due in 1965 to the Equitable Life at 101 and to apply the proceeds
Consolidated Income Account—Years Ended Nov. 30—
1940
x
Total profits
1938
1937
$3,978,203
$3,551,996
$3,967,257
592,507
616,882
639.382
27,300
36,625
39,125
1.500,000
Mortgage interest
Depreciation written off
1939
$5,253,009
505,488
25,300
-
Bond interest
1,250,000
75,748
1,120
1,250,000
74,013
1,250,000
69,437
8,505
property account
Executive remuneration
Legal expense
Legal and other bond
conversion expenses..
for Dominion
1,824
110,000
110,000
110,000
provincial inc. taxes
395,000
40,000
286,000
336,000
Reserves
10,880
40,000
12,140
40,000
11,600
$1,475,648
1,004,345
$1,124,512
1,305,649
$1,461,054
903,911
Directors' fees
Net income
Preferred dividends....
x
$1,332,220
1,004,345
Includes income from investments.
preferred stock ($100 par) to the
parent company at not less than par and to use the proceeds as working
capital. It proposes further to sell not more than 7,417 treasury shares of
5% preferred stock, which it reacquired in 1938, to Niagara Hudson Power
reimburse its own treasury. The funds then will be used to meet
$741,560 of notes payable to banks.—V. 151, p. 3883.
at par to
Central RR. of New
a
1940
equipment, Ac..37 ,937,856 38,896,798
Inventories
1 ,199,604
1,607,578
Accts. receivable.. 1 ,201,521
611,987
Loans to employees
for pur. of co.'s
shares..
Govt,
and
1st mtge bonds... 10 500,000 13,500,000
652,346
986,194
572,489
37,188
251,086
payable.
285,441
251,086
Prov. for Domin.,
Prov.& oth.tax 1, 373,856
1,916,488
129.599
1,286,850
148,630
Pref. stk. red. acct.
55,900
55,900
1,210,000
1,320,000
Reserves
1 557,600
1,557,800
93,500
1,047,000
Earned surplus... 2 906,990
2,579,114
—44,340,914 45.906,6391
a After
deducting depreciation,
par).—V. 151, p. 2487.
.
30,537,622
8,339,360
1,729,123
26,619,673
6,868,728
340,404
29,978,096
8.153,963
2,206,128
7,608,251
1,063,004
.
-
Total
Charleston & Western Carolina Ry.
November—
45,938
Cash
Total
common
645,000
Def. chgs. to oper.
Bond refund, exps.
Investments
32,548,207
.
have declared an extra dividend of five cents per share in
to the regular quarterly dividend of 20 cents per share on the
stock, both payable Jan. 15 to holders of record Dec. 27. Similar
paid on Oct. 15 and July 15, last.—V. 151, p. 2796.
amounts
595,000
Preferred divs
other securities.
_
Canada
on
Cement Building
Accounts
1937
$2,469,965
473,788
def82,881
Chain Store Investors Trust—Extra Dividend—
addition
Bond int. accrued.
1,603
bonds
1938
$2,429,790
501,595
def218,133
Directors
Preference stock..20 ,086,900 20,086,900
bCommonstock.. 6 403,905
6,403,905
Mtge.
1939
$3,025,512
885,627
231,706
From Jan. 1—
Gross from railway
Net from railway.
$
Liabilities—
$
railway
.
Net from railway
Net ry. oper. income.
1939
$
1939
Land, buildings,
495,555
44,340,914 45,906,639
$208,575
37,705
2,365,635
649,054
372,177
Net ry. oper. income
From Jan. 1—-
Net ry. oper. income
—V. 151, p. 3230.
Cherry-Burrell Corp.
/ Years End. Oct. 31—
Period End. Nov. ZD—
Gross earnings...
194C—Month—1939
$408,632
$446,332
212,366
216,858
Operating expenses
Net
earnings
$196,266
$229,474
1940—11 Mas.—1939
$4,590,092
$4,807,732
2,304,530
2,400,344
Canadian Colonial
Canadian National Lines in New England
November—
Gross from railway
1940
1939
discount,
$111,295
11,071
def37,466
1,432,573
Net from railway
Net ry. oper. income
$124,025
def24,965
1937
1,288,741
defll2,790
def610,141
1,254,918
def 121,715
def593,909
1,344,389
def61,060
def531,998
def47,794
From Jan. 1—
Gross from railway
Net from railway
def74,864
def659,031
Net ry. oper. income
—V. 151. p. 3229.
1939
129,148
143,334
104,354
96,802
94,967
80,030
110,297
209,882
7,244
45.244
$604,963
68,720
378,033
$458,068
69,461
355,476
$445,811
70,693
"$l7l43J74
undis¬
on
tributed profits
Preferred
dividends
Common dividends
November—
Gross from railway.
Net from railway
1940
$158,210
444,745
—
Shs.com .stk.out. (par $5)
Earnings per share
$178,154
39,942
11,982
/_
Net ry. oper. income
From Jan. 1—
$167,895
33,833
11,401
Gross from railway.,
2,619,461
790,349
439,474
Canadian Pacific Lines in
November-
1940
Gross from railway
Net from railway
Net ry. oper. income...
2,017,829
340,921
49,115
1937
$119,142
$132,546
defl7,422
def38,686
15,586
defl 1,958
1,990,465
258,187
def61,400
2,114,844
308,258
9,988
Assets—
1939
1940
Cash
1939
934,941
def23l,699
def518,201
defl 24,764
def431,562
Liabilities—
(trade) less res.
Accrued
1,942,495
_
Accrued Interest..
1,578,554
2,094
Canadian Pacific
6,517
26,845
1938
State
2.263,002
and
323,077
232,964
local
taxes, roys., &c.
Res.
for
Fed.
&
100,000
46,671
Dom. inc. taxes.
244,856
233,427
Unearned income.
27,169
23,520
Other def. charges
71,173
61,923
1,371,000
1.377.400
Advs. to employees
14,442
15,371
Pref. ($100 par)..
Com. stk. l$5 par)
3,706,208
3,702.875
Capital surplus
Earned surplus
470.962
470,274
1,888,024
1.765,729
current
Inv. In
majority
a
owned unconsol.
144,000
-
36,437
cost
Invest,
in
Fibre
Central
Products
x
$70,157
def22,561
def44,988
788,892
1,041,326
defl31,876
def354,632
def656,300
def409,338
invests.,
$5,072,618
632,633
632,633
2,106,467
2,083,805
34,908
38,567
at
nominal value..
1937
$101,761
13,160
def24,274
Prop.,
plant
&
& equipment
Pat. license rights,
less amortizat'n.
$8,427,005 $8,125,6131
Total,...»
x
After reserve for depreciation of
$5,592,276 $30,833,232 $24,141,851
dividend of 10 cents per share on the common
stock, payable Dec. 28 to holders of record Dec. 24,
Last previous dis¬
tribution was the 15 cent dividend paid on Dec.
27,1937.—V. 151
a
3229
p
Central of Georgia
November—
The corporation in liquidation has sold 4,000 shares of Pere Marquette
common stock for tax purposes.
The corporation's total holdings of
Pere Marquette formerly amounted to 27,500 shares of common.—V. 151,
p.3390.
Chicago Artificial Ice Co.—30-Cent Dividend—
Gross from railway.—
1938
1937
$1,414,598
239,889
115,497
$1,264,719
134,426
30,261
$1,228,584
152,142
52,668
$1,195,119
64,377
def20,099
15,036,212
2,034,764
533,857
14,077,421
1,812,136
524,455
13,529,649
1,577.691
210.664
15,382,318
2,088,925
862,082
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income—
—V. 151, p. 3739.
Central Illinois
Light Co.—Earnings-
Period End. Nov. 30—
revenue..
expenses
Taxes
Pror. for depr. & amort.
1940—Month—1939
$856,328
$832,639
349,899
319,338
167,694
137,245
115,000
90,000
1940—12 Mos —1939
"
$9,685,537
3,788,550
1,749,647
1,355,000
,135,987
3,723,320
1,484,114
1,072.600
dividend of 30 cents per share on the common
Dividend of 40 cents
Chicago Burlington & Quincy RR. —Earnings
Gross from
1939
a
stock, payable Dec. 23 to holders of record Dec. 12.
was paid on Dec. 27, 1939.—V. 138 p. 2914.
1940
November—
Ry.—Earnings1940
Net from railway
Net ry. oper. income...
$8,427,005 $8,125,613
RR.
Directors have declared
(Philip) Carey Mfg. Co .—Common Dividend—
Directors have declared
Total..
$1,571,068 in 1940 and $1,481,281 in
2348,
Chesapeake Corp.—Sells 4,000 Shares Pere Marquette—
1940—11 Mos—1939
$15,889,426 $15,437,307 $154629.230 $137549,531
10,816,808
9,845,031 123,795,998 113,407,680
expenses
Operating
$452,851
57,954
Misc.
Ry.—Earnings—
1940—Month—1939
-V. 151, p. 3739.
Gross
1939
1940
$496,565
payroll,
bonuses, com ms.,
1,978
2,683,563
Inventories
1939.—V. 151, p,
Period End. Nov. ZD—
earnings.
$112,125
1,069,853
Net from railway
Net ry. oper. income...
—V. 151, P. 3229.
earnings
$2.41
Accounts payable.
$636,419 $1,133,242
Notes & accts. rec,
Co., Inc., at cost
(min. interest)..
Vermont—Earnings-
$85,675
def29,034
def56,034
From Jan. 1—
Gross from railway
Net
444,345
Defd develop, exp.
1938
—V. 151, p. 3229.
Working
$398^223
$0.84
English sub., at
Net from railway
Net ry. oper. income
Gross
$19,642
444,345
$33,131
444,345
$0.87
$1.21
Consolidated Balance Sheet Oct. Zl
not
Maine—Earnings —
1939
71,628
673,923
355.476
~
Notes & accts.rec.,
Canadian Pacific Lines in
1937
1938
$3,641,871
2,132,674
Net income
$107,580
defl2,478
def68,117
$117,163
8,072
def44,287
& Subs.)—Earnings—
$2,647,382
2,019,330
&c
Balance
Earnings-
1938
2,328,498
747,385
462,544
Int. and amort, of bond
$2,503,202
Airways, Inc.—Transfer Agent—
1,982,247
468,129
239,026
$2,775,663
2,116,439
Prov. for Fed. inc. tax._
-V. 151, p. 3389.
Empire Trust Co. has been appointed as transfer agent for company's
capital stock effective Jan. 1, 1941.—V. 151, p. 3739.
18,113
$206,510
57,061
34,796
2,276,642
701,604
429,268
1940
Selling & admin, exps—
Federal surtax
$2,189,748
(
1937
$179,602
46,488
29,230
$3,277,288
2,399,843
Gross profit & other inc.
Corp., Ltd.—Earnings—
1938
$210,079
52,777
29,726
Gross from railway
Net from railway.
—Earnings—
1939
1940
Gross from railway
Net from railway
b Represented by 60C.000 shares (no
Canada Northern Power
Jersey—Earnings —
1940
$2,912,694
551,810
def83,072
November—
Gross from
Net ry. oper. income..
—V. 151, p. 3390.
Consolidated Balance Sheet Nov. 30
1940
Assets—
It proposes also to issue and sell not more
than 9,000 additional shares of its 5%
112,155
1,780,000
to the cost of certain facilities.
Provision
&
Jan. 4, 1941
Net ry. oper. income
From Jan. 1—
Gross from railway.
Net from railway
Net ry. oper. income
—V. 151, p.
1939
1938
1937
$8,765,707
3,101,868
1,739,579
railway
Net from railway
_
$8,699,422
2,690,414
1,586,595
$8,440,369
2,920,045
1,666,925
$8,582,488
2,740,706
1,392,722
88,485,006
23,312,372
11,172,348
88,065,908
22,558,133
10,531,478
84,880,514
23,241,315
10,757,345
92,239,139
23,316,880
11,833,431
3230.
Chicago & Eastern Illinois RR.—Talkes Over Properties
of Chicago & Eastern Illinois Ry.—See latter company.—
V. 151, p. 241,3390.
/.
Chicago & Eastern Illinois Ry.—Properties Turned Over
Corporation—
to New
The
Chicago &
Eastern Illinois
Ry.
became the first of the railroads
involved in the 1930 financial troubles to emerge from court control under
Gross income
Net income
Divs.
on
preferred stock.
Amortiz. of prqf. stk. exp
Balance
—Y. 151, p. 3390.
Central
$286,055
6o,139
$2,792,339
697,650
$2,855,953
784,659
$177,753
41,800
15,951
$220,917
$2,094,689
501,607
191.406
$2,071,294
501,607
191,406
$120,002
Int. & other deductions.
$223,735
45,982
$163,166
$1,401,676
$1,378,281
41,800
15,951
•
Mexico
Light
&
Power
Co.—Deposit
Time
Extended—
Holders of first mortgage 6% 30-year gold bonds are
being notified that
the time within which they may become
parties to the deposit and extension
agreement has been extended to July 1* 1941.
To date holders of these
bonds have deposited under the agreement
$1,028,000 principal amount of
bonds, or more than 97% of the total issue
outstanding, according to the
announcement.—V.
151, p
ft
100.
&
Central New York Power Corn.—Files'wittTSEC^-
Corporation and its parent (Niagara Hudson Power Corp ) have
Exchange Commission amendments to their
Earnings for November
November—
Gross from railway
Net from railway—._
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from
filed
with the Securities and
bankruptcy action and return once more to private management.
Benjamin Wham, trustee for the road appointed by Federal Judge John
P. Barnes, turned over the properties of the company to C. T. O'Neal,
President of the Chicago & Eastern Illinois RR. the new concern.
The
transfer became effective at midnight Dec. 31.
The Chicago & Eastern Illinois Ry. on April 18, 1933. was forced to take
refuge in the courts under Section 77 of the amended Bankruptcy Act.
\
Not until Jan. 20, 1939, was a plan for reorganization approved by the
Interstate Commerce Commission.
It was confirmed a year later on
Jan. 10 by Judge Barnes.
New securities being given to security holders in exchange for their old
holdings will be delivered between Jan. 15 and Feb. 1.
appli¬
railway
Net ry. oper. income
—V. 151, p. 3555.
1940
$1,362,852
357,531
and Year to Date
1939
$1,324,257
325,382
1938
$1,300,718
359,107
1937
170,511
135,232
167,098
$1,379,646
343,116
162,845
14,197,291
3,003,271
715,188
13,949,842
3.102,519
831,220
1 2,960,364
2,648,071
466,951
15,043,488
3,519,959
1,246,992
Volume
The Commercial & Financial Chronicle
152
Chicago Great Western RR.-—Acquisitions Approved—
Cincinnati Gas & Electric Co,—Bonds Called—
The Interstate Commerce Commission on Dec. 19
approved the acquisi¬
by the trustees of the company of the properties of the Leavenworth
Terminal Railway & Bridge Co., as an intermediate
be made at the
step in effectuating
plan for the reorganization of the Chicago Great
part the confirmed
Western.
The ICC also approved the acquisition
by the company, and its trustees,
road.
holding company, by liquidation.
The supplemental report of the Commission states:
By reports and orders of Aug. 4, 1938 and April 17, 1939, we approved a
plan for the reorganization of the Chicago Great Western.
The plan was
approved by the U. S. District Court for the Northern District of Illinois,
Eastern Division, and, after due
acceptance on behalf of the requisite per¬
centages of the classes of creditors and stockholders entitled to vote and
voting thereon, was confirmed by the court on March 26, 1940.
Section 77(f) provides in part that
upon confirmation of a plan this Com¬
mission shall, without further
proceedings, grant authority for the transfer
of any property, and for the
sale, consolidation, or merger of the debtor's
Toledo
now
Public Service Co., an affiliate.
or
plan Provi<ie8 that, upon reorganization, the assets of the debtor
either the existing debtor company, with amended
incorporation, or in a new corporation organized for the purpose,
and, among other things, that the properties of the Leavenworth Terminal
Railway & Bridge Co., and of the Mason City and Fort Dodge RR., both
wholly owned subsidiaries, shall be transferred to the reorganized company.
A new company, the
Chicago Great Western Ry., has been organized
to acquire the
property of the debtor pursuant to the plan.
By an order
entered Aug. 21, 1940, upon petition of the
duly designated reorganization
committee, the court found that the conveyance of the properties of the
Bridge company to the trustees of the debtor's property at this time would
expedite and simplify the reorganization, and would be in accordance with,
and proper steps in carrying
out, the provisions of the plan, the property
so conveyed to be
operated by the trustees as part of the debtor's estate
and later conveyed to the
reorganized company.
The court further author¬
ize and directed the trustees to take the
necessary step, indicated in the
order, to accomplish the purpose stated, and authorized and directed the
committee to petition this Commission for the requisite authorization for
carrying out the pertinent portions of the order.
By another order entered
on the same date, the court made similar
findings and gave similar authority
and directions relative to the conveyance of the
properties of the Mason
City Co., except that this company's properties are to be conveyed to the
debtor and its trustees.
______
Net ry. oper.
income..,
From Jan. 1—
Gross from railway..—
Net from railway.
.
Netry.oper. income.--
1939
$1,573,624
and
16,909,178
4,732,695
1,416,370
1937
553,062
245,456
16,616,739
4,716,252
1,506,137
15,616,699
3,493,178
441,542
In addition to
1940
investments, cash and miscellaneous current assets, will be taken into the
of the parent, Power & Light.
The intangibles represented by
the so-called discount and expense will not be carried over into the accounts
of the parent.
The item or earned surplus will likewise be omitted from
inclusion in the accounts of the parent.
The accounting procedure under which Toledo will be liquidated, there¬
fore, will result in an exchange of securities by the parent with no change
in the carrying value of their investment other than a small reduction
necessary to reflect the cash and miscellaneous current assets received by
it and classified elsewhere.—V. 150, p. 3740.
Net from railway......
Net ry. oper. income...
and charges,
expenses
including payment of capital reduction
Action of Judge Frank J. Lausche of Common Pleas court at Cleveland,
1939
?
1938
$392,221
168,676
118,839
$294,914
60,250
49,922
1937
$301,843
88,464
56,236
3,492,440
1,080,314
810,738
3,149,803
843,429
539,075
3,576,045
1,141,778
774,045
Dec. 28, 1939, to holders of record Dec. 21, 1939, the
City of Cleveland
obtained a temporary injunction against payment of the dividend on the
grounds that the company did not nave sufficient funds in its interest fund
account.
Payment of the dividend which totals $313,944
1940, to holders of record Dec. 21, 1939.—V. 151,
November--
1940
1939
$798,466
234,868
106,081
—
$835,813
245,980
115,531
1938
Gross from
1937
$786,632
$744,331
108,916
def33,164
65,256
def73,576
From Jan. 1—
1940
railway
Gross from railway
8,625,809
2,572,981
1,090,900
8,562,759
1,707,879
299,603
7,591,597
1,069,861
def437,090
9,287,711
1,319,539
def83,380
—V. 151, p. 3231.
oper. income
November—
1940
Gross from railway
Net from railway.
income...
1939
1938
$7,655,279
1,810,065
1,026,949
$7,093,367
1,349,550
494,533
84,710,456
17,547,532
8,525,100
80,380,457
14,072,202
5,437,691
74,287,821
9,102,208
def324,832
From Jan. 1—
,-v
Gross from railway...—
Net from railway.....
Net ry. oper. income.._
1937
$7,701,786
1,559,093
907,145
.
$7,093,549
915,206
166,663
83,102,467
7,903,408
121,544
Chicago Rock Island & Pacific Ry.—Earnings—
1940
Gross from railway...
Net from railway—
on
(par $1)
1939
1938
$6,469,882
1,302,738
563,802
$6,477,553
1,213,002
460,842
73,789,233
16,407,300
6,900,642
72,214,570
14,192,920
4,861,820
71,486,796
11,692,967
1,934,110
—
—
Net ry. oper. income
—V. 151, p. 3231.
1939
1940
$1,556,273
382,960
$1,510,855
283,152
1938
$1,451,273
245,265
1940
LiabilitiesLiabilities—
$
73,679
203,475
29,820
16,492,140
2,775,578
286,407
16,242,796
2,563,228
15,338,249
2.136,599
def279,027
34,588
-
receiv.
Def. charges,
34,588
9,117
3,269
172,366
-
222,687
140,923
Cincinnati New Orleans & Texas Pac. Ry.—Earnings—
November—
From Jan. 1— »
Gross from railway—
Net from railway
Netry.oper. income—.
accr—
reserves.
-
Reserve for taxes-
Reserves for losses
paid int., taxes,
43,072
189,085
46,364
Fixed assets.-
able, &c.
Deferred certifs---
(pre¬
5,560,000
2,214,762
Accts. & ins. pay¬
Dealers'
and
investments
1940
$1,506,842
556,055
369.733
16,650,655
6,302,673
4,407,418
—V. 151, P. 3231.
'
1939
1938
1937
$1,598,572
615,386
446,435
$1,344,012
488,936
$1,240,633
347,041
332,883
16,245,585
6,205,107
4,619,583
382,100
13,798,686
4,502,017
3,483,686
Total
x
1
16,628,649
1,974,887
defl95,549
16,076,347
revenue passenger miles during the 12 months of 1940, an increase of 74.0%
over the year of 1939 when the airline, operating between Chicago and
New Orleans, flew 9,241,742 passenger miles.
The year of 1939 covered
the operation of 10-passenger Lockheed planes, however, the report for 1940
includes seven months of operation with 21-passenger Douglas airliners.
During the year of 1940 a total of 41,875 revenue passengers were carried
against 23,353 for the same months of 1939.
This was an increase of 18,522
passengers, or a total of 79% over the number carried in the previous year.
The total number of passengers carried in December, 1940, showed a
decrease of 32.1% under November, 1940, and an increase of 14.0% over
the month of December, 1939.
Chicago and Southern flew a total of
1,070,193 revenue passenger miles in December, 1940, as against 1,421,412
in November, 1940, and 922,362 in December, 1939.—V. 151, p. 3555.
Netry.oper. income.—
$
Deferred income.
-
117,994
103,688
185,189
41,018
251,388
608,839
199,648
226,342
98,743
43",715
131,787
672,873
Pref. stock, 5H%
cumul (par$100) 2,696,800
Com .stock(par $1)
207,668
2,675,100
207,647
1,178,148
1,396,750
Capital surplus.— 1,195,756
x Treasury stock.Dr 16,736
72,462
•
The report shows that Chicago and Southern Air Lines flew
railway
1939
$
1,925,495 Coll. trust notes
Notes & accts. rec.13,360,906 11,648,238
p&yftbl6
Other cur. receiv.
73,480
121,303 Unsec. notes pay. 9,178,313
Other
$1,582,812
296,441
Chicago & Southern Air Lines—Operations—
Gross from
:
1,195,356
Drl6,736
1937
D. D. Walker, Vice-President, announced on Dec. 30 that company
would show an increase of 79% in revenue passengers carried for the year
of 1940.
Net from railway
$1.40
v
Earned surplus...
From Jan.1—
Gross from railway
$79,394
$1.31
'
2,080,196
Chicago St. Paul Minneapolis & Omaha Ry.—Earnings
Net from railway
$64,274
$2.30
—
1939
$
1938
$431,795
147,130
205,271
stock
151, p. 3231.
Net from railway
Net ry. oper. income...
1939
$417,153
147.130
205,749
257,600
1940
Assets—
fnsur. & sundry)
—
Net railway operating income.
November—
Gross from railway
Earnings—
$621,814
147,429
Consolidated Balance Sheet Oct. 31
Cash
6,363,050
2,995,896
2,944,042
2,322,143
1,959,219
1940
...
common
—
Repossessed autos.
1,521,449
760,925
Net from railway
Net railway operating income....
From Jan. 1—
_
$216,786
share
Listed securities
(Includes Chicago Rock Island & Gulf Ry.)
railway—$6,642,745
231,806
5,336,507
Surplus
„■
—V. 151, p. 3231.
November—
313,118
6,553,794
3,347,130
2,929,686
Colonial Finance Co. (& Subs.)
per
1937
$541,931
239,781
245,146
$532,467
257,873
309,659
railway——
Net from railway
Net ry. oper. income.
—V. 151. p. 3231.
Earns,
1938
$685,112
372,130
7,685,920
3,985,508
3,270,098
From Jan. 1—
Gross from
Years Ended Oct. 31—
Net profit after all charges
Preferred
dividends
Common dividends
Chicago & North Western Ry.—Earnings—
Dec. 28,
2797.
1939
$687,669
367,455
Net from railway
Net ry.
.
Net from railway
Net ry. oper. income...
was made on
p.
Clinchfield RR. —Earnings —
November—
Gross from railway.____
—V.
After
a temporary injunction permits the company to pay a dividend
of $1 on common stock declared Dec. 15, 1939.
After directors had declared the dividend, which was to have been paid
Chicago Indianapolis & Louisville Ry.—Earnings—
Gross from
1940—11 Mos.—1939
$804,303
$597,879
$2.56
$1.90
Dividend Payment—
3231.
Net ry. oper.
Ry.—Earnings—
Net
a
4,293,201
1,507,741
1,083,921
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income.
cash item of $86,000, Toledo carries in its assets an item of
sinking fund.
4,050,052
718,289
$464,846
199,073
132,883
Netry.oper. income.__
p.
a
accounts
a
128,741
/'
-
$ 1,340,000 designated as discount and expense applicable to refunded bonds
of The Toledo Edison Co.
Toledo also has on its books an earned surplus
balance of approximately $385,000.
In the course of liquidating the affairs
of Toledo, only the tangible assets represented by the aforementioned
1940—Month—1939
profit
$149,222
^76,515
Earnings per share of common stock
17,221,562
Chicago & Illinois Midland Ry.—Earnings—
November—
151,
subsidiary, the Maumee Valley Transportation Co., which
Ohio, lifting
Gross from railway...._
Net from railway.
—V
one
The liquidation plan contemplates that Power & Light will exchange all
of the outstanding securities of Toledo, which it will own, for all the assets
of the latter.
As stated above, Toledo owns all of the common stocks
of The Toledo Edison Co. and Lake Shore Coach Co. and owns an issue of
bonds and an issue of preferred stock of The Community Traction Co.
Period End. Nov. 30—
$1,502,495
453,770
—V. 151, p. 3231.
_
has
operates a transportation business outside of Toledo.
Cleveland
1938
$1,541,195
504,568
209,607
:
Lake Shore Coach Co. is an interurban bus transportation company
operating between Toledo and Cleveland and intermediate points.
The
Community Traction Co. operates a street railway in the City of Toledo
Earnings for November and Year to Date
1940
all of the outstanding common stocks of Toledo Edison Co.
It also owns an issue of bonds and an issue of
owns
preferred stock of The Community Traction Co.
The Toledo Edison Co. is engaged
principally in serving the City of
Toledo, Ohio, and neighboring cities with electricity.
It generates prac¬
tically all of its electric requirements, obtaining part, however, from the
Ohio Power Co. and Interlake Iron Corp., non affiliates, and from Ohio
articles of
$1,742,922
701,061
350,676
all of the preferred and common
payable.
Toledo has no publicly
and Lake Shore Coach Co.
shall become vested in
November—
Gross from railway.
Net from railway
,
.
Cities Service Power & Light Co. owns
stocks of Toledo as well as $2,100,000 notes
held securities outstanding.
not inconsistent with
as
Merge Subsidiary
The Securities and Exchange Commission on Dec. 20 approved the joint
application of Cities Service Power & Light Co. and Toledo Light & Power
Co., the objective of which is the elimination of Toledo, an intermediate
City & Fort Dodge RR., as an intermediate
step in effectuating in part the confirmed plan for the
reorganization of the
provisions and purposes of the Interstate Commerce Act
hereafter amended.
*
Irving Trust Co. of N. Y.—V. 151, p. 3740.
Cities Service Power & Light Co.—To
of the properties of the Mason
property to the extent contemplated by the plan and
the
,
A total of $244,000 first mortgage bonds
series due 1966 has been
called for redemption on Feb. 1 at 106 and accrued interest.
Payment will
tion
tn
115
15,775,500
6,078,872
4,499,859
—
15,966,666
14,187,7371
Total
-.-15,966,666 14,187,737
Cost of 1,465 common shares.—V. 150, p. 4123.
Colonial
Stores, Inc.—Sales—•
Sales of this company
and Southern
(formed by merger of David Pender Grocery Co.
Grocery Stores, Inc.), for five weeks ended Nov. 30, 1940;
amounted to $4,941,799.
For 48 weeks ended Nov. 30, 1940, sales were
$42,007,431, an increase of approximately 13 % over corresponding period of
1939, according to Hunter C. Phelan, President.—V. 151, p. 3740.
Columbus & Greenville
November—
Ry.—Earnings—
Net ry. oper. income--From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income-.-
1938
1939
1940
Gross from railway.
Net from railway
1937
$102,813
23,796
13,210
$116,746
2,061
def8,082
$131,213
32,105
22,415
$120,321
18,570
5,600
1,081,703
189,706
69,413
1,306,187
269,706
154,940
1,128,699
190,267
117,118
1,203,329
149,063
10,690
—V. 151,p. 3231.
Commercial
Shearing & Stamping Co.—50-Cent Div.
Directors have declared a dividend of 50 cents per share on the common
stock, par $1, payable Dec. 21 to holders of record Dec. 18.
Regular
quarterly dividendf of 10 cents was paid on Oct. 1, last.—V. 149, p. 1619.
Commonwealth
Edison
Co—Weekly Output—
Company has furnished us with the following summary of weekly kilo¬
hour output of electrical energy adjusted to show general business
conditions of territory served by deducting sales outside of territory to
other utility companies:
watt
Week Ended—
Dec. 28.-----Dec. 21-Dec. 14.
Dec.
7-—
—V. 151, p. 3885.
Kilowatt Hour Output1939
1940
144,481,000
157.437,000
153,000,000
151,555,000
133.077,000
142,325,000
141,172,000
137,663,000
% Increase
8.6
10.6
8.4
10.1
The Commercial &
116
Commonwealth & Southern Corp.—Bonds
Weekly Outvut—
subsidiaries of
kilowatt-hour output of electrical energy of
the Commonwealth & Southern Corp., adjusted to show general business
conditions of territory served for the week ended Dec. 26, 1940 amounted
to
in
158,280,330 as compared with 143,008,711 for the
1939, an increase of 15,271,619 or 10.68%.
5,175,592
60,274.617
54,070,489
1,800,022
23,350,491
19,347,213
1,512,865
_
Taxes
1,405.451
18,043,692
16,473,527
for
deprec,
and
amortization.....
$4,223,570 $49,458,366 $49,682,782
3,010,751
36,223,291
36,449,917
$4,308,764
Int. and other deduct'ns
2,983.124
Gross income
a
Net income..
Divs. on pref. stock
"$1,3257640 "$1,212,819
$13,235,075 $13,232,865
749,816
749,803
8,997,732
8,997,569
$575^824
Balance..
a
$151127,166 $139574,011
5.270,933
2,438,360
Operating expenses
Prov.
corresponding week
Earnings Statement (Incl. Subs.)
1940—12 Mos.—1939
Consolidated
Period End. Nov. 30—
1940—Month—1939
Gross revenue
$13,530,922 $12,604,636
$463,016
$4,237,343
$4,235,296
Reflects deduction for full
preferred stock dividend requirement at the
to Jan. 1, 1935,
rate of $6 per share per annum.
Dividends was paid in fuil
and at the rate of $3 per share per annum since that date.
Note—The
consolidated
the entire net income of the
applicable to the common stock of such
net income includes
consolidated subsidiary companies
companies owned by this corporation, all of which was not distributed in
dividends.
Net income of the corporation alone for the 12 months ended
Nov. 30, 1940 amounted to $7,901,364 or $5.27 per share on the outstand¬
ing $6 preferred stock.
Southern Tennessee Power Co.
have been dissolved and liquidated and the income accounts of said com¬
panies, and all interest and dividends received from them by Common¬
wealth & Southern Corp., have been eliminated for all periods from this
statement of consolidated income.—V. 151, p. 3885.
The Tennessee Electric Power Co. and
Connecticut Fire Insurance Co.—Extra
Directors have declared an extra dividend of
$15
per
Dividend—
share in addition to
the regular quarterly dividend of $5 per share on the common stock.
The
extra will be paid on Dec. 31 and the regular quarterly distribution will be
made on Jan. 2.
of New York,
Consolidated Edison Co.
Inc.—Weekly
Output—
-
Consolidated
Edison
York announced production of the
week ending Dec. 29, 1940, amounting
of New
Co.
electric plants of its system for the
150,900,000 kilowatt hours, compared with 148,000,000 kilowatt
for the corresponding week of 1939, an increase of 1.9%.—V. 151, p.
to
;
Consolidated Gas Electric Light & Power Co.
timore
Steam heating
a
hours
3885.
of Bal¬
(& Subs.)—Earnings—
11 Months Ended Nov. 30—
Electric operating revenues
Gas operating revenues
1939
1940
-
$26,221,962 $24,378,898
8,575,674
8,191,326
739,756
681,880
operating revenues
..$35,537,392 $33,252,104
Total operating revenues
Operating expenses, depreciation and taxes
28,066,008
25,489,988
$7,471,383
Operating income
$7,762,115
607,103
604,048
$8,078,487
2,369,959
$8,366,164
2,278,815
$5,708,528
$6,087,349
Other income
Gross income
Total income deductions
-
Jan. 4, 1941
The net profit of $611,843 is after provisions for depreciation
in the amount of $257,934, and Federal taxes on income of $139,000.
No
provision was necessary for excess profits taxes under the Second Revenue
Act of 1940, since the provisions of that law did not apply to corporations
with fiscal years beginning before Jan. 1, 1940, though the exceptions per¬
mitted under the excess profits tax sections of that Act are estimated to be
substantially larger than the amount of earnings reported for the past
fiscal year.
Called—
A due Nov. 1, 1950 of
have been called for
redemption on Feb. 1 at 104H and accrued interest.
Payment will be
made at the Central Hanover Bank & Trust Co., N. Y. City.
All of the outstanding 6% gold debentures, series
the Penn-Ohio Edison Co., predecessor company
The weekly
Financial Chronicle
fiscal year.
Plants—Last year we consolidated our operations in our Muskegon plant,
our Detroit plant and offered it for sale at public auction.
The bids
closed
received
inadequate and were rejected.
This decision has proved
view of the fact that orders for aircraft and tank engines
were
most fortunate in
of the Detroit plant, which is to be
orders.
While the rehabilitation of
have made necessary the reopening
devoted entirely to certain defense
is being carried out by the corporation, all the necessary
machinery, equipment and facilities is being purchased and will be owned
by the Defense Plant Corp. and Continental Motors Corp. will have no
title to or liability to buy any such equipment.
Production is expected
to be started In this plant as soon as the equipment can be installed.
Ex¬
penses in connection with the rehabilitation of the buildings are being
deferred to be charged off against production under the contracts.
The rapidly increasing demands upon the Muskegon facilities have
required substantial expenditures for new machinery and equipment, as
well as some minor additions to the buildings.
Further additions to the
Muskegon facilities are expected to be made.
Financial Position—The net working capital at Oct. 31, 1940, amounted
to $1,692,288.
The increase in working capital was accomplished by
additional financing and earnings.
Net proceeds from the sale of 350,000
shares of the common stock amounted to $1,228,035.
This improved
working capital position and the earnings being reported made it possible
for the corporation to rearrange its lines of credit at its banks, and unsecured
lines of credit are now available which indicate that there will be sufficient
working capital for the increased volume now anticipated.
In connection
with certain contracts, advance payments thereon have been and will be
received which are expected to go far toward providing the working capital
required for those contracts.
During the year loans from the Reconstruction Finance Corporation were
reduced $449,971, and the schedule of payments required for the principal
loan was revised to permit payments every six months to Dec. 21, 1944;
plus, for each fiscal year beginning with 1941, the amount by which 50%
of the net earnings, before depreciation, exceeds the minimum payments.
Continental Aviation & Engineering Corp.—It was the carefully con¬
sidered opinion of the management that accelerated results in the develop¬
ment of military and commercial high-output aircraft engines of over
500 hp. could best be achieved by specialized management and by the
segregation of these operations, and that the additional financing necessary
to expedite the production of such engines would also be best effected by a
separate corporation.
Accordingly, on May 13,1940, Continental Aviation
& Engineering Corp. was incorporated, to design, develop, manufacture
and sell aircraft engines of over 500 hp., and to which Continental Motors
Corp. sold a small portion of its manufacturing facilities in Detroit together
with certain patents and engineering data, receiving in return 270,000
shares ($1 par) common stock of the new company and also purchased for
$10,200 in cash sufficient warrants to purchase 51,000 additional shares
at $3.25 per share.
At the same time, the new company sold to the public
260,000 shares of common stock and also sold for $10,000 in cash, sufficient
warrants to purchase an additional 50,000 shares.
It is intended that
Continental Motors Corp.will remain at ail times the controlling stockholder.
Backlog—The backlog of unfilled orders at Dec. 17,1940, was $59,970,639.
those buildings
„
Earnings for Years Ended Oct. 31 (Corporation
1,000,010
958,512
3,852,410
3,852,410
$856,108
$1,276,426
Balance.
$544,895
$971,668
22,233
19,573
loss$ 1,260
$33,333
$101,115
.....
Operating profit
----Profit on sale of capital assets
Rents, licenses, recoveries and miscell. income..
_
•,7«;.\
v
•
■
'
-;r
vV '. -v
-
Total income.
85,905
;
83,025
5,509
42,739
15,040
56,401
...
Miscellaneous
to:
_
34,593
$62,547
—
on
546,155
^
Non-oper. property expenses, less rentals receivedDevelopment expenses, including net expense on
research and development contracts
-_
in deductions of $299,994 from operating expenses in the 11 months ended
Nov. 30, 1940, and $734,568 from operating expenses in the 11 months
share of common stock
$1,588,390
616,721
.
_ —
Provision for Federal taxes
per
6,711,753
$1,013,475
Gross profit..
Selling and administrative expenses...
$4.03
$4.39
Operating expenses are adjusted to equalize the costs of power for the
effects of variable flow of the Susquehanna River.
The adjustments are
made through the balance sheet account "hydro equalization," and resulted
Earnings
$7,256,648
9,320,070
— —
Provision for doubtful accounts
'
1939
1940
.$10,908,460
Cost of products sold-
Interest
Net income..
Dividends on preferred stock
Dividends on common stock
and Wholly Ouned Subsidiaries)
Net sales
58,849
139.000
income (est.)
a
ended Nov. 30, 1939.—V.
Net
the $6 cumulative first preferred stock:
of record Dec. 19: $1.50 per30, and $4 per share payable
$4.50 per share payable Dec. 20 to holders
share payable Jan. 2 to holders of record Dec.
Feb. 21 to holders of record Feb.
19.—V. 139, p. 1398.
Prov. for depreciation-.
Gross income
1,496,747
17,688,736
16,773,654
.689,409
410,284
6,309,385
390,000
5,120,000
$1,372,857 $15,830,036 $14,307,322
383,515
4,773,707
4,727,851
65,278
$741,412
$9,579,471
3,424,822
783,339
.
$638,674
Inc.—Registers with SEC—
Aviation
&
on
Other reserve
15,000
10,000
1,002.703
521,795
Long-term indebt.
Current loans pay.
777,958
1.396,662
1,916,199
1,112,566
Adv. pay. by cust.
3,560,000
on
_.
~
.
Federal taxes (est.)
deposit in
accrued expenses
284,111
Capital surplus.
7,672,306
Total
($3,591,872 in
for revaluation,
b After
in 1940 and
d After applying profit and loss deficit at Oct.
After deducting $3,450,257
$113,975
allowance
and doubtful balances of $45,000
909,984
896,789
4,181,381
3,281,744
722,274
1,334,116
13,497,712
Deficit-—--——
13,497,712
139,000
1,567,881
966,765
Notes payable
d
Total
243,560
Acc'ts payable and
3,333,364
Deferred charges..
408,417
special fund
7,672,306
1939) for depreciation and
deducting reserve for bad
$30,000 in 1939. c Par $1.
31, 1935.—V. 151, p. 3392.
Cooper-Bessemer Corp.—Preferred Dividend—
of $1.50 per share was
up
Engineering Corp.—Balance
.
deposit and on hand
*
■
share on the $3 prior
of record Jan. 10.
Dividend
$462,037
-
24,504
290,137
2,206
50
106,081
446,727
84,Of 9
3,497
$1,419,246
Total.......
-
was
...
-
-
...
...
Total
To Terminate Exchange
PlanV,
The corporation has notified the Cleveland Stock Exchange that its
plan for exchanging the $3 cumulative preferred stock, series A of Nov.,
1936 will be terminated Feb. 10, 1941.
The exchange offer was contained in a recapitalization plan approved by
provided for exchanging each old share of series A
on which there was an accumulation of unpaid dividends, for one
share of $5 cumulative prior preference stock plus 6-10ths of a share of
common stock and a 50 cent cash dividend in lieu of the back dividends.
stock,
new
—V. 151, p. 2640.
530,000
841,606
$1,419,246
Continental Motors Corp.—Annual Report—
Clarence Reese, President, states in part:
Results—Net profit (corporation and wholly owned
held the office 40 years
continue in an active
elected Chairman of the Board and will
executive capacity in the management of the company.
E. J. Fithian,
former Chairman, has resigned but continues as a member of the board
of directors.
24,880
7,436
1,162
....;
_;
and made a
of this corporation at a meeting of
Formerly he was Vice-President and
General Manager.
He succeeds as President B. B. Williams, who
and who
14,160
-
—V. 151, p. 2349.
subsidiaries) for fiscal
year ended Oct. 31, 1940, amounted to $611,843.
This Is the largest net
profit since 1929, and compares with a loss of $215,165 for the preceding
dec.—
elected President and General Manager
stockholders in 1936 and
Liabilities—
Accounts payable: To Continental Motors Corp., parent co
Other trade accounts
i4
Capital surplus.......
Nov. 22, last, this latter payment clearing
the board of directors held Dec. 27.
•
Material, labor and expenses—at cost, less billings thereon-...
Inventory of gasoline and supplies
Accounts receivable from employees
Property, plant and equipment (net)
Development of engines and patents—
Acquired from Continental Motors Corp
Development and pre-operating expenses since organization..
Prepaid taxes and insurance
Salaries and wages
on
New President,
on
member of the executive committee
Accounts receivable
Payroll and other taxes
Common stock (par $1)
all accruals
paid
the issue.
C. B. Jahnkewas
1940—
Assets—
Cash
688.733
preference stock, payable Jan. 24 to holders
See list given on first page of this department.
Sheet Oct. 31,
11,643
Directors have declared a dividend of 75 cents per
Continental Air Lines,
Continental
12,000
b Acc'ts and notes
$5,371,310
$6,848,170
—V. 151, p. 3232.
•
199,080
Res. for conting..
1.053.073
Cash
a
$11,056,329
3,424,819
65,278
783,339
$989,341
285,389
$1,092,079
285,389
Balance
2,650,000
4,625,500
430,000
$1,472,667
Int. & other deductions380,587
Netincome
Divs. on pref. stock
Amort, of pref. stk. exp.
3,000,000
4,445,033
....
$
S
Common stock..
c
4,866,022
Cash
1,527,051
Taxes
1939
1940
Liabilities—
S
$
Assets—
Property acc't.. 4,865,016
Other assets
524,980
a
Inventories
1940—Month—1939
1940—12 Mos—1939
$4,119,127
$3,669/87 $44,948,157 $40,151,510
Operating expenses
'
1939
1940
receivable.—_-
Consumers Power Co.—Earnings—
Period End. Nov. 30—
Gross revenue
and expenses amounted
Consolidated Balance Sheet Oct. 31
Directors have declared the following dividends on account of accumula¬
on
1940, $257,934; 1939, $286,936.
151, p. 2640.
Consolidated Machine Tool Corp.—Accumulated Divs.
tions
$611,843loss$215,165
profit
Note—Provision for depreciation included in costs
Cranberry Corp.—50-Cent Common Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, payable Dec. 28 to holders
$2 paid on June 28, last, and one
of record Dec. 20
This compares with
of $1 paid on June 28, 1939.
Crown Central Petroleum Corp.—To
Pay Common Div.
Directors have declared a dividend of 10 dents per share on the common
stock, payable Dec. 31 to holders of record Dec. 23.
Last previous payment
also totaled 10 cents and was made on Dec. 28, 1937.—V. 149, p. 2.56.
Volume
Croft Brewing
Co.—Earnings—
7777'' "
Earnings for the 9 Months Ended Sept. 30, 1940
$1,263,747
Returns
Net sales
4,707
...
...
I-IIII—I
Discounts and allowances
Massachusetts sales tax
.
_
_
_
_
20^911
62,491
...
_
$1,175,638
915,353
--
Cost of goods sold (incl. Federal revenue
Gross operating profit
Selling expense
Delivery expense
tax):!"""
_
.
$260,285
...
_
_
_
$93,803
20,730
Total loss
$73,074
18,184
I
Net loss for the period
$91,258
Balance Sheet Sept. 30, 1940
reserve
for
depreciation
of
$341,666),
$1,162,705;
$25,794: total, $2,330,940.
Liabilities—Accounts payable,
$144,672; accrued accounts, $26,056;
reserve for containers with customers, $59,300; accrued Federal and State
taxes, $15,153; funded debt, $200,500; capital stock (par $1), $1,751,800;
1199337685
VP149 p!Tl74
$3,432: earned surplus, $130,027; total, $2,330,940.—
Steel
Co.
of
America—Debentures
Offered—
an underwriting group which
offered to the public Dec. 30 an issue of $15,000,000 15-year
3XA% sinking fund debentures due Dec. 1, 1955.
The
debentures were priced at 99%%, exclusive of accrued int.
Other members of the offering group are: The First Boston
Corp.; Smith, Barney & Co.; Dillon, Read & Co.; Bonbright
& Co., Inc.; BIyth & Co., Inc.; Drexel & Co.; Halsey, Stuart
k Co., Inc.; Harriman Ripley & Co., Inc.; W. C. Langley
& Co. and Stone & Webster and Blodget, Inc.
The issue has
Mellon Securities Corn, headed
been oversubscribed.
»
Purpose—$10,192,000 of the estimated net proceeds ($14,507,625, exclu¬
sive of accrued interest but after deducting estimated expenses of $79,875
and underwriting discount or commissions) to be received by the company
from the issue and sale of the $15,000,000 debentures will be applied to the
redemption on or before Feb. 1, 1941, of $9,800,000 10-year sinking fund
4M% debentures, series A (due Aug. 1, 1948) at 104.
No specific alloca¬
tion of the balance of the net proceeds has been made or is intended to be
made, but such balance will be added to the cash funds of the company.
The cash funds of the company will be used for the development of new
products, acquisition of property, purchasing materials, payment of divi¬
dends and such other corporate purposes as may be determined by the
company from time to time.
Company estimates that it will expend from
the cash funds of the company approximately $10,000,COO during the next
two years for plant additions, machinery, equipment, improvements and
other facilities for production and the development of its business.
Major
items receiving consideration at the present time are the installation at the
Midland Works of a strip mill, electric furnaces and appurtenances.
Company— Incorporated in New Jersey July 21, 1900.
Company is
engaged primarily in the manufacture and sale of alloy and carbon steels
produced in electric, open hearth and, to a minor extent, crucible furnaces.
The steels produced are classified by the company as follows; (1) High
grade steels, (2) medium grade steels, and (3) commercial carbon steels.
A portion of the high and medium grade steels produced is used by the
company in the manufacture of ordnance.
?'■>
Company's customers are large in number, are located mostly in the
United States, and are engaged in widely diversified industries.
Tonnage sales of steel by major classifications, and a division of gross
sales (before deducting discounts, returns and allowances), by general
types, as compiled by the company, for the five years and ten months ended
Oct. 31, 1940, are shown below:
-High Grade Steels
Medium Grade St'Is—Com'I Carbon SteelsAmount
Net Tons
Amount
Net Tons
Amount
Net Tons
36,779 $15,601,842
37,182
$4,518,933 284,085 $11,614,209
50,259
21,178,814
54,376
6,570,210 412,040
16,804,731
58,068
70,677
27,150,293
9,019,361 454,101
21,442,082
28,398
32.386
12,299,175
4.490,416 217,286
9,474,782
48,262
59,844
22,483,007
8,111,088 310,185
14,024,388
58,436
28,798,634
79,164
11,204,568 262,926
14,212,685
Yeaf\
1939.
*1940
Miscel-
Net Tons
Amount
profits
$33,484,898
47,897,140
1.905,860
4,342
6.071
Ten months ended Oct. 31,
*1940
61,219,919
29,995,756
49,103,473
61,435,756
2,630,579
_
____
.-
$1,250,000
15,000,000
334.320 shs.
445,197.73 shs.
First National
3M% Debentures—Dated Dec. 1,1940; due Dec. 1,1955.
Bank, New York, trustee.
Principal and interest (J. & D.) payable in
such coin or currency of the United States at the time of the payment as is
legal tender for the payment of public and private debts.
Debentures in
coupon form, registerable as to principal only, in denomination of $1,000
each.
Company covenants that it will, on or before Oct. 20 in each year, be¬
ginning Oct. 20, 1943 to and incl. Oct. 20, 1954, so long as any of the de¬
bentures remain outstanding, provide a sinking fund to retire debentures
in the following principal amounts;
,
Oct.
Oct.
Oct.
Oct.
20,
20,
20,
20,
1951, $700,000
700,000
700,000
Oct. 20, 1954,
700,000
Oct. 20, 1952
Oct. 20, 1953
,
Company may at its option redeem debentures (other than through the
sinking fund), in whole or in part from time to time, on at least 30 days
and not more than 60 days notice by publication, at 103H if redeemed on
or before Dec. 1,
1942; at 103 if red. thereafter and on or before Dec. 1,
1944; at 102K if red. thereafter and on or before Dec. 1, 1946; at 102 if
red. thereafter and on or before Dec. 1, 1948; at 101K if red. on or before
Dec. 1, 1950; at 101 if red. thereafter and on or before Dec. 1, 1952; at
100>6 if red. thereafter and on or before Dec. 1, 1954; and at the principal
amount thereof if red. thereafter; in every case together with accrued int.
to date fixed for redemption.
Underwriters—The names of the underwriters and the respective prin¬
are
as
follows:
—
Bonbright A Co., Inc
Dillon, Read A Co..
Drexel A Co
First Boston
Corp
Halsey, Stuart A Co., Inc.—.
$2,800,000
850,000
1,000,000
2,100,000
850,000
2,100,000
850,000
Harriman Ripley A
Co., Inc..
W. C. Langley & Co
Smith, Barney A Co
850,000
7.50,000
2,100,000
Stone & Webster and Blodget,
10,292
131,965
71",724
~3~, 313
241,246
127,182
the basis applied for the period
on
$2,803,596 x$2,237,026
$4,549,716
beginning Jan. 1, 1940.
Consolidated Balance Sheet, Oct. 31,1940
Cash
deposit and
generalon
Notes
on
.____
86,336,520
(net).—
7,713,021
64,928
Inventories
Dlvs. on
20,700,657
-
Accrued
accounts
4 M %
4,103,412
for
issuance
9,800,000
1,250,000
Pitts. Crucib'eSteel Co. 5s__
Contingent liability
Reserves—lor contingencies.
84,250
125,000
fire, marine A accident
For
22,175
446,477
losses
to
1,047,789
For rebuilding ,Ac
144,000
40,707,352
639,505
officers, Ac
Net prop., plant A equipm'tDeferred charges
5% preferred stock——
33,432,000
Common stock (445,197 shs.) 11,129,943
Earned
surplus
10,135,554
—
$83,287,686
Total--.-...-
$83,287,586
3,635,209
—
Capital surplus
Total
2,923,389
debentures
4,036,038
Co
held
______
2,923,389
deposit—advances—
Other in vestments._________
Stock
payable
Advs. on uncompleted contr's
Inv. in A net ad vs. to Snyder
Mining
.
$4,756,663
pref. stock payable.
417,900
Accounts
hand,
receivable
Accounts receivable
on
'
Liabilities—
Assets—
Debentures Called—
:v:77'^;>77>^.y
.7
Company has called for redemption on Jan. 31,1941, all of its outstanding
10-year sinking fund AM% debentures, series A, dated Aug. 1, 1938, at
104 and accrued Interest.
Payment will be made at the principal trust
office
of the
National
Chase
of the
Bank
City of New York.
Holders
advised that they may present their debentures at any time on or after
Dec. 31, 1940, and receive the full redemption price.—V. 151, p. 3886.
are
Cuba RR.—Committee A gainst
Company's Plan—
In a letter addressed to the holders of first mortgage 5% 50-year gold
bonds, due July 1, 1952, of the company, the bondholders- protective com¬
mittee headed by Ambrose W. Benkert, chairman, has urged the bond¬
holders not to deposit their bonds under the company's plan.
Due to
recent developments, the committee, contrary to its original intention, is
asking the first mortgage bondholders to sign proxies in order that their
interests may have primary representation in the various proceedings.
Other members of the Benkert committee, which represents approximately
$2,000,000 of the bonds, are Herbert G. Lord, Arthur W. Palmer, Beverly
R. Myles and Erich Held.
Mr. Palmer is secretary, and Miller, Owen,
Otis and Baily are counsel for the committee.—V. 151, p. 3742.
Cuban-American Sugar
The directors
Co.—Plan Operative—
Dec. 27 declared operative the plan of
on
recapitalization
dated May 9, 1940.
Temporary certificates for shares of the new 5M% cum. conv. pref.
stock, and(or) scrip certificates in lieu of fractions of a share, at the rate
of 1.4 shares of 5M %_cum. conv. pref. stock, as well as cash at the rate of
$14.50 per share of 7% cum. pref. stock, are now available for delivery
at the offices of the depositary, Central Hanover Bank &
Trust Co.,
70 Broadway, New York.—V. 151, p. 3886.
Inc.—Earnings—
Cuneo Printing Industries,
Earnings for 9 Months Ended Sept. 30, 1940
Net income after all charges
V
—V. 125, p. 3067. '■
Curtis
;.
—
.
$13,289
— _ — —
—
7y7777^/y7: 7;7y'77;y:
Upheld—
Publishing Co.—Recapitalization
S. District Court at Philadelphia
15 last, is valid and
Judge J. Cullen Ganey ruled in U.
Dec. 30 that the recapitalization plan, effective Aug.
not violative of any of the rights of stockholders.
Judge Ganey made the ruling in dismissing the suit filed Nov. 27 by
Norman Johnson, New York lawyer, attacking the legality of the re¬
capitalization.—V. 151, p.- 3557.
•■/'.'/.'■•-•v
7 f<
•. -
Cypress Abbey Co.—Year-End Dividend—
dividend of two cents per share on the
Directors have declared a year-end
common
stock, payable Jan, 15 to holders of
paid on July 15, last, and one
'.
"■ >;-V?
'-V
four cents was
1940.
Dallas Railway
Property retirement re¬
7
serve appropriations
Operating income
-
_
—
/
I
$252,259
178,311
16,531
1940—12 Mos .—1939
Int. on mtge. bonds.__.
Other deductions
20.163
15,541
217,655
235,140
$41,876
15,505
$507,721
186,063
$498,108
$26,371
1,291
$321,658
10,000
$312,045
16,959
$27,662
23,515
2,036
$331,658
282,180
24,643
$329,004
$2,111
the period--
$24,835
103.901
121,896
103,901
375
income.________
$27,547
23,515
1,959
$2,073
Dividends applic. to pref. stock for
Balance, deficit-a
$3,090,638
2,153.571
203,819
$3,165,316
2,232,053
207,887
$42,677
15,505
—
Gross income-
a
$268,434
188,207
1940—Month—1939
$27,172
_
Net oper. revenues
Rent for lease of plant-
'77Net
.
Earnings—;7
17,387
_
Direct taxes
Other income—
record Dec. 31.
Dividend of
of two cents paid on Jan, 15
yy • • • :■, ■,vr.'/ ■ 7-; •
:
& Terminal Co.
.
-
Dividends accumulated and
unpaid to Nov. 30,
'
186,063
282,180
24,928
$79,066
$82,005
1940, amounted to
Latest dividend, amounting to $1.75 a share on 7% preferred
stock was paid on Nov. 1, 1933.
Dividends on this stock are cumulative.
—V. 151, p.3233.
$735,965.
Daniels & Fisher Stores—Bonds Called—
A total of $650,000
on
Jan.
AM % bonds due 1957 has been called for redemption
151, p. 3743.
15 at 102H-—V.
Davis Coal & Coke Corp.— Year-End Dividend—
a year-end dividend of $1 per share on the common stock
Dec. 18 to holders of record Dec. 16.
Year-end dividend of $1.25 was
paid on Dec. 18, 1939.—V. 149, p. 4172.
Company paid
on
Dayton Union Railway—Securities, &c.-—
Total
-
Subsidiaries)
pany to
issue (1) $1,059,000 of capital stock (par $100) to be delivered at
Tew York Central RR., and (2) not exceeding $1,500,000 general-mortgage
Sar in equal amounts to the Baltimore & Ohio RR., Pennsylvania RR., and
general mortgage series B3M% bonds, to
and accrued interest.
Authority was granted to Baltimore & Ohio RR., Pennsylvania RR., and
the New York Central RR. to assume, jointly and severally, obligation and
liability, as guarantors, in respect of the bonds.
series A bonds and $2,400,000 of
750,000
Inc
Consolidated Income Account (Company and
601,768
The Interstate Clommerce Commission on Dec. 21 authorized-the com¬
Mellon Securities Corp
Blyth A Co., Inc...
2,276,884
—
,
cipal amounts of debentures severally to be purchased by each,
30,000
25,312
$4,017,930
x Loss,
a Before charge for additional depreciation applicable to 1937.
1938 and 1939, estimated to amount to approximately $662,700, $728,300
and $732,800, respectively, if provision for depreciation had been computed
Oct. 20,
1947, $600,000
1948, 625,000
1949,
650,000
1950, 675,000
343,750
22,734
125,000
_
Operating revenues
Operating expenses
Outstanding
Pittsburgh Crucible Steel Co. 1st mtge.
5% serial gold bonds
$7,500,000
15-year 3M% sink, fund debs. (1955)-15,000,000
5% conv. pref. stock ($100par)
334,320 shs.
Common stock (no par)___.
1,400,000 shs.
20, 1943, $500,000
525,000
550,000
Oct. 20. 1946,
575,000
887,365
12,500
Period End. Nov. 30—
Authorized
Oct. 20, 1944
Oct. 20, 1945,
$5,670,210
Net income
1940.
Capitalization Giving Effect to Present Financing
Oct.
,063,866 x$l,759,863
527.083
409,603
58,920
35,203
773
18,750
Pennsylvania income tax
Amount
$622,506
1,464,441
1,702,323
792,248
1,493,488
2,939,135
2,991,502
4,589.290
$7,605,060
426,567
57,112
,
Amount
4,364
$5,638,303
31,907
Fed. inc. & exc. prof, tax
Federal surtax on undist.
Gross Sales
$1,127,408
1,878,944
989
1,962
3,269
—
Total
laneous
Ordnance-
Year—1
*
Prov. for contingencies.
Miscellaneous.
Cash
Crucible
$3,946,655 x$l,783,890
117,211
24,027
_
Baltimore
Plantqess reserve for depreciation of $81,042), $318,949; deferred charges,
funded debt
on
a
Assets—Cash in banks and on hand, $246,973; accounts and notes receiv¬
able (less reserve for doubtful accounts and allowances of $33,875), $239,284;
inventories at the lower of cost or market, $99,894; barrels, cases and
bottles at cost (less reserve for depreciation of $78,817), $237,340; fixed
(less
Gross income..
Int.
Amort, of dt. disc. & exp.
Other interest
78,763
Net operating loss
Other income
_
i.
108.165
_
Administrative expense
Deductions from income
$7,573,983
31,076
Net profit.
Other income.
167 161
.
I
Years Ended Dec. 3110 Mos. End.
1939
1938
1937
Oct. 31, '40
sales, less disc'ts,
&c
$60,035,505 $47,967,537 $29,125,598 $59,852,703
Cost of goods sold
49,137,311
40,790.613 27,912,942
50,891,932
Sell., gen. & adm. exps.
3,292,023
3,209,517
2,969,062
3,310,985
Prov. for doubtful accts.
32,187
20,752
27,483
11,481
Gross
Sales
assets
117
The Commercial & Financial Chronicle
152
-$15,000,000
be sold at 99.71
The Commercial & Financial Chronicle
118
The Commission also approved the acquisition by the company of certain
properties of various railroad companies in the city of Dayton, Ohio, and the
operation of the properties of the Dayton Union Ry. as thus extended by
the Baltimore 8c Ohio, New York Central, and the Pennsylvania.—V. 151,
P. 3393.
Dejay Stores, Inc.—To Pay 10-Cent Dividend—
Directors have declared a dividend of 10 cents per share on the common
stock, par $1, payable Feb. 1 to holders of record Jan. 15.
Like amount
was paid on Aug. 1, last, and compares with 20 cents
paid on Jan. 2, 1940;
10 cents In each of the three preceding quarters; 20 cents paid on Jan. 1,
1939; 10 cents on April 1, 1938 and previously regular quarterly dividends
of 20 cents per share were distributed.—V.
November—
Gross from railway
1940
railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Delta Air
$4,521,626
1,209,095
711,298
47,386,268
11,130,585
5,878,891
...
Net ry. oper. Income
—V. 151, p. 3393.
1QQtt
1939
$4,265,246
1,224,286
761,914
Net from
Dominion Oilcloth & Linoleum
Donahoe's, Inc.—Initial Preferred Dividend—
46,094,259
10,910,003
5,488,854
—
Duluth Missabe & Iron
712,692
264,905
46,253,184
10,283,221
5,432,795
November—
Trustees'
$14,392
Western
Grande
RR.—To
Refund
Certificates—
Certificates Called—
of $5,000,000
certificates of indebtedness, series G SH % due
Feb. 1, 1942 have been called for redemption on Feb. 1 at par and accrued
interest.
Payment will be made at the First National Bank of Denver,
•
-
-
•
■.
Earnings for November and Year
November—
to
Date
Net ry. oper. income.
From Jan. 1—
Gross from railway
1939
1938
1937
$2,432,551
679,975
415,945
$2,388,234
790,937
487,194
$2,288,427
417,105
108,804
23,891,855
5,047,070
2,226,686
22,948,096
4,240,819
1,328,542
21,341,928
3,179,400
def72,901
—V. 151. p. 3744.
24,869,107
2,415,593
def22.5.514
1940
1939
$275,645
134,448
163,512
2,115,582
595,379
832,082
Gross from railway
Net from railway..
Net ry. oper. income
1938
$292,465
157,426
164,768
$224,434
85,581
94,657
2,090,097
539,256
724,159
...
Net ry. oper. income
From Jan. 1—
1937
def820
defl6,776
defl9,154
$175,676
4,532
defl3,029
2,159,825
2,438,019
509,585
301,840
..
Net from railway
Net ry. oper. income.
—V. 151, p. 3234.
Duluth
1,702,610
92,867
defl01,695
2,690,389
686,876
470,523
278,281
65,924
Winnipeg & Pacific Ry.—Earnings-
November—
1940
Gross from railway
Net from railway
1939
1938
i
1937
$129,353
27,488
1,082
$137,040
37,151
$102,343
7,414
$92,752
def4,508
11,647
defl 1,718
def24,144
1,366,385
271,365
1,225,757
177,775
def65,386
1,017,195
def50,776
def284,335
1,290,598
226,437
defl4,582
..
Net ry. oper. income...
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income...
def5,441
—V. 151, p. 3234.
Dupian Silk Corp. (& Subs.)—Earnings6 Mos. End. Nov. 30—
Net profit
Shs. common stock out¬
1940
1939
1938
1937
$131,433
$246,686
$230,079
$215,934
270,000
$0.22
270,000
270,COO
$0.65
$0.69
270,000
$0.54
standing (no par)
Earnings per share
'
After charges and Federal taxes, but before deduction for surtax
undivided profits.—V. 151, p. 1570.
(E.
1937
$276,424
98,946
99,740
East Kootenay Power Co.,
Operating
1,978,541
581,160
760,749
625,004
751,368
Sanitarium, New Orleans, La.—Bonds Offered
—Dempsey-Tegeler & Co., St. Louis, are offering $650,000
1st & ref. mtge. serial real estate bonds.
Dated
Dec. 15, 1940.
Principal payable quarterly, March 15, 1941,
through June 15, 1948. Principal and Interest payable quarterly, March 15,
June 15, Sept. 15 and Dec. 15, at
Mercantile-Commerce Bank & Trust
Co., St. Louis, Mo., corporate trustee. Bonds in coupon form—$500 and
$1,000 denom.
Bonds may be prepaid on any interest
payment date on
30 days' notice to the trustee at par and accrued interest.
These bonds are the direct obligation of De Paul
Sanitarium, a corpo¬
ration of the State of Louisiana, and the
payment of principal and interest
is further unconditionally guaranteed
by the Motherhouse of the Western
Province, Daughters of Charity of St. Vincent de Paul, Marillac
Seminary,
St. Louis County, Mo. In addition, the bonds are secured
by an act of mort¬
gage on property located in New Orleans, La., with a valuation of $1,358,-
Net
-V.
Bonds maturing
March 15,1941, to and incl. Dec. 15, 1942, bear interest
2% per annum. Bonds maturing March 15, 1943, to and incl.
Dec. 15, 1945, bear interest at rate of
23^% per annum. Bonds maturing
March 15, 1946 and thereafter, bear interest at rate of
2h % per annum.
The purpose of the issue is to provide funds with which
to refund the out¬
standing indebtedness at a lower interest rate.
Gross from railway.
Net from railway
Net ry. oper. income.
1939
$95,284
46,086
36,392
$74,974
14,592
5,557
811,405
217,503
123,152
817,125
233,529
150,758
844,696
198,848
104,474
Detroit Toledo & Ironton RR.
November—•
1940
Gross from railway
—Earnings—
1939
1937
$490,443
221,341
153,105
$553,218
238,768
154,798
6,783,529
3,176,493
2,032,868
6,027,666
2,659,944
1,764,844
4,471,945
1,518,957
6,921,397
3,267,630
2,097,850
From Jan. 1—
—V. 151, p. 3234.
Detroit & Toledo Shore Line RR.
November—
1940
Gross from railway
Net from railway.
1939
$317,515
165,984
70,146
Net ry. oper. income
Net from railway
Net ry. oper. income
1938
$685,095
346,032
240,289
railway
Net ry. oper. income
From Jan. 1—
Gross from railway
$323,595
181,368
94,151
3,376,510
2,934,220
1,363,086
510,928
1,773,582
756,687
—V. 151, p. 3234.
Railway operating
Railway operating
revs.
exp.
Net ry. oper. revs
Taxes
922,196
$232,312
4,012,559
$2,348,773
634,638
$128,159
4,007
$1,698,594
54,422
$1,714,135
54,928
$132,166
$1,753,016
$1,769,063
41,290
85,039
45,040
95,556
469,418
934,564
503,246
1,052,562
$32,507
x8,430
$349,034
$213,255
income
Before
provision for retirement losses,
Ebasco Services,
xLoss.—V. 151, p. 3234.
Inc.—Weekly Input—
For the week ended Dec. 26, 1940, the kilowatt-hour system
input of the
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp., and National Power & Light Co., as
compared with the corresponding week during 1939, was as follows:
1940
1939
Amount
Light Co..$126,566,000 $117,188,000 $9,378,000
Electric Power & Light Corp.
63,398,000
58,701,000
4,697,000
National Power & Light Co..
80,179,000
75,870,000
4,309,000
American Power &
not
do not include the system inputs of
appearing in both periods.—V. 151, p. 3887.
Electric & Musical Industries,
Earnings—
1940
Contribs. from sub. cos.
for management, &c.,
and other income
$312,673
168,931
85,877
2,337,487
1,011.499
272,624
3,504,582
1,923,284
996,306
Dividend Shares, Inc.—New Director—
^Caivin Bullock, President of this company, announced
83,033
93,873
109,078
£89,843
86,701
3,142
£239,429
89,441
3,492
£473,413
105,547
3,902
prof .38,048
Res.
in respect
131,968
£146,496
277,334
£363,964
201.872
of losses
Preferred
before
£38,048 loss£131,968
147,992
298,418
£186,040
16.388
151,
p.
a
Dec. 27
a
£565,836
20,786
50,000
Balance
£147,992
£403,647
105,229
£495,050
217,716
£169,652
£147,992
£298,418
£277,334
To be pd. on ord. stock-
1940
S~
Inv. In sub.
cos...£3,440,301 £3,440,301
Amounts due from
sub. companies.
of
Vice-President
1939
Sundry debtors
184,237
8,000
16,883
Cash In bank..—
34,200
146,917
wage dividend plan for its
dividend is declared out of current
Liabilities—
Total
.£3.683,621
£3,669,143
1939
36,273
26,308
20,901
Res.
In respect of
lossesof oper.cos
Profit & loss acc't.
-V. 150, p. 2573.
1940
Ordinary shares..£2,902,875 £2,902,876
Preference shares.
460,000
460,000
Sundry creditors &
accr'd liabilities.
8.000
31.215 Aumts.duetosubs
42,710
3393.
salary and
a
£423,830
20,183
_.
Balance Sheet Sept. 30
(Joseph) Dixon Crucible Co.—Employees to Share Profits
Company announced on
During 1941 whenever
£166,450
18,458
£169,652
dividends.
Income tax
Trade Investments
the election
1937
£364,335
81,442
Directors' fees
a
Mr. Booth is
1938
£145,556
£6,810
1937
$306,208
155,725
63,364
companies
£82,871
79.403
3,468
Total income received
Admin. & gen. exps
Previous surplus
1938
any
%
8.0
8.0
5.7
Ltd.—Earnings—
1939
£1,429
To be carr'd forward—
Willis H. Booth to the board of directors.
of the Guaranty Trust Co.—V.
$6,361,332
4,148,753
$2,384,546
685,952
Depreciation
a
$6,533,299
$194,576
66,417
rents, &c
Net
1940—11 Mos—1939
$158,836
Gross corporate inc
Interest on funded debt,
a
Ry.- -Earnings—
1940—Month—1939
$587,946
$557,084
362,248
362,508
$154,126
4,710
Net after taxes.i
Other income
Profit for year
income tax
dividend of 15 cents per share on the
common
stock, payable Dec. 27 to holders of record Dec. 20.
This will be the first
dividend paid on the common stock since
1926.—V. 151, p. 2799.
$273,639
$225,698
71,572
Manufacturing Co .—Dividend Resumed—
Directors have declared
$26,761
Eastern Massachusetts Street
Years End. Sept. 30—
Divs. ree'd & receivable.
$694,202
364,777
225,603
Net from
railway
$33,210
earnings
151, p. 3394.
The above figures
—V. 151, p. 3393.
Gross from railway
$361,039
128,727
Operating Subsidiaries of—
1937
$109,835
54,715
43,425
784,846
215,314
128,633
Net from railway
Net ry. oper. income...
Net ry. oper. income
$410,210
136,571
Increase
1938
$95,996
38,709
27,991
__
$44,595
17,834
-Earnings-
1940
From Jan. 1—
Gross from railway.
1940—8 Mos.—1939
$49,867
16,657
expenses
Period End. Nov. 30—
at rate of
Detroit & Mackinac Ry.
Ltd.—Earnings—
1940— Month—1939
2,491,385
De Paul
November—
on
I ) du Pont de Nemours & Co., Inc.—New Official
Period End. Nov. 30—
Gross
earnings
—V. 151, p. 3234.
employees.
1938
$128,811
644
Emilie F. du Pont has been appointed Director of Production of the
Nylon Division of this company it was announced by E. K. Gladding,
division manager.—V. 151, p. 2642.
Denver & Salt Lake Ry.— ■Earning sNovember—
Di-Noc
Ry.—Earnings
$195,510
x
Net from railway
Net ry. oper. income—
Gross from railway
Net from railway
26,566,887
16,913,707
13,482,729
1939
$201,275
31,368
12,823
x
$2,483,999
834,812
646,757
Net ry. oper. income
From Jan. 1—
Gross from railway.
def570,952
8,891,667
2,769,756
1,992,941
1940
Gross from railway
Net from railway
■■
1940
Gross from railway
Net from rail way
813,687
18,465,819
10,516,733
7,860,976
$236,967
def388,174
.
payable semi-annually, the principal thereof to be
Feb. 1, 1946; subject to call and redemption in whole or in amounts of
$1,000,000 or multiples thereof, on any int. date at par and int. provided
that such redemption shall not be for refunding into any further issue of
trustees' certificates of indebtedness; the proceeds of the issue and sale of the
certificates to be applied to the payment of $.5,000,000 trustees' certificates
of indebtedness, series G, due Feb, 1, 1942, but called for
payment on
Feb. 1, 1941, at par and interest.
The court has set the petition for hearing on Jan. 13 at Denver.
Oolo.
1937
$318,863
defl66,419
def210,965
1,331,444
Duluth South Shore & Atlantic
$66,411
November—
annum,
Net from
27,395,906
17,965,266
12,787,642
Gross from railway
1939
2% % per
payable on
total
1938
$2,114,411
—V. 151, p. 3234.
1940
The trustees on Dec. 26 filed with the court a petition seeking
authority to
issue and sell for cash, $5,000,000 trustees* certificates of
indebtedness,
series H, to be dated Feb. 1, 1941, bearing interest at the rate of
A
1939
$2,278,448
1,325,419
763,125
Net ry. oper. income
From Jan. 1—
—V. 151, p. 3087.
Rio
Range Ry.- -Earnings
1940
Gross from railway.
Net from railway
Net from railway
Net ry. oper. income
Corp .—Earnings
&
initial dividend of 37H cents per share on the 6%
10, last.—V. 141, p. 3534.
$3,960,045
40,164,688
7,281,229
2,185,367
10 Months Ended Oct. 31—
Net income before taxes.....
Denver
an
cumulative preferred stock, on Dec.
1Q37
$4,015,977
916,778
427,288
Co., Ltd.—Extra Div.—
stock, both payable Jan. 31 to holders of record Jan. 15.—V. 150, p. 4125.
Company paid
—Earnings
1941
4.
Directors have declared an extra dividend of 10 cents
per share in addition
the regular quarterly dividend of 30 cents per share on the common
to
151, p. 1568.
Delaware Lackawanna & Western RR.
Jan.
earnings, for each 1 % dividend declared on the capital stock of the company.
additional compensation, to be known as a salary and wage dividend, shall
be paid to each employee in the amount of 6% of
salary, wages or com¬
missions earned by such employee during the
quarter in which the dividend
be earned and declared.—V. 151, p. 3887.
Total
93,920
169,652
131,968
147,992
....£3,683,621 £3,669,143
Volume
The Commercial & Financial Chronicle
152
Electric Autc-Lite Co.—Debentures Called—
119
Capitalization Outstanding upon Completion of this Financing
Company is calling for redemption on Feb. 8, 1941 all of the $9,000,000
outstanding 4% debentures of the company due 1952.
The debentures
will become payable on that date at
104% and accrued interest in the
amount of 78c. P®r $1,000 debenture and 39c.
per $5G0 debenture, at the
office of the trustee, Central Hanover Bank & Trust Co., 70
Broadway,
.New York.
Payment of the full redemption price may be obtained at once
upon presentation of the debentures.—V. 151, p. 3887.
First mtge. bonds, series A 3M%. due Nov. 1, 1970-Note to be issued to
a
$6,500,000
1,000,000
15,000 shs.
.150,000 shs.
i-.w.-
—
bank, 2%-2M%, maturing serially 1941-47
$4.50 div. preferred stcck (cum., no par).———.
Common stock (no par)..
—
Sinking Fund—A sinking fund is provided for the retirement of the
new
bonds in the amount of % of 1% semi-annually ($97,000 annually on the
basis of the new bonds to be outstanding upon the completion of this
financing), beginning with
Elgin Joliet & Eastern Ry.
November—
Gross from railway.
Earnings—
1940
1939
1938
1937
$2,196,440
961,489
594,137
$2,153,738
1,050,858
670,312
$1,357,414
497,668
346,597
$1,148,717
Net from railway
Net ry. oper. income.-.
From Jan. 1—
Gross from railway
19,858,089
16,120,075
5,109,659
2,863,279
10,572,057
2.000,088
:
813,877
20,432,527
6,389,915
3,878,804
Net from
.
_
_
.
railway.7,353,159
Net ry. oper
income...
To Sell $2,900,000
4,293,617
133,685
def5,727
Certificates—
Th8 company will offer for sale on
competitive bidding at noon on Jan. 16
an issue of $2,900,000
of equipment-trust certificates.
The certificates
to mature serially in one to ten
years.
The equipment against which
the certificates are to be issued represents a cost of $3,950,000, consisting
of 500 gondola cars, 500 box cars and 250
hopper cars.—V. 151, p. 3235.
are
El Paso Electric Co.
(Del.)—Liquidation Delayed—Asks
V..-v'X
for Tenders of Preferred Stock—
The company in a notice to holders of its preferred stock states:
On Oct. 18, 1940, notice was mailed to the stockholders of the
company
of
special meeting of the stockholders, the purpose of which was to take
action preparatory to the liquidation of the
company, which liquidation
would have resulted in the payment of outstanding shares of preferred stock
at $100 per share and accrued dividends.
The proposed action was not
taken at the special stockholders' meeting and the plan of liquidation of
this company will not be carried out at the present time.
Instead the
company proposes to use its surplus cash for the purchase of shares of its
preferred stock.
Accordingly, notice is hereby given that company is calling for tenders
for the sale of such number of shares of 7% series A and 6% series B pre¬
ferred stock at not exceeding the respective redemption prices, namely
$115 per share plus accrued dividends inl the case of series A preferred
stock and $110 per share in the case of series B preferred stock, as may
be purchasable through the application thereto of the sum of $1,150,000.
Tenders should be sent or delivered to the office of Jason C. Leighton,
Treasurer, Engineers Public Service Co., Inc., 90 Broad St., New York,
on or before 10 a.m. on Jan.
27, 1941..
Engineers Public Service Co. (parent of company), advises that it intends
to tender 3,377 shares of series A preferred stock, acceptable in whole or
in part, at the average cost thereof to Engineers Public Service Co., namely,
$114.10 per share. Such tender shall be treated on the same basis as all
other tenders acceptable by their terms "in whole or in part."
If tenders in an amount sufficient to exhaust the sum of $1,150,000 are
not received, the company proposes to purchase from time to time in the
open market, at current market prices, but not in excess of the respective
redemption prices of the two series, additional shares of preferred stock
sufficient to exhaust that sum.—V. 151, p. 3559.
a
.
a payment on June 1, 1948, to be applied to the
purchase of bonds within a specified time at not exceeding the redemption
price plus accrued interest.
Cash not so applied may be withdrawn by
the company against additional property (not thereafter bondable), or in
lieu of bonds issuable on any other oasis, or applied to the retirement of
bonds or refundable debt.
If this sinking fund should operate solely to
buy new bonds at the redemption price, it would retire 31% of the new
bonds before maturity.
Preferred Stock—Transfer agent, Stone & Webster Service Corp., Boston:
registrar. State Street Trust Co., Boston.
Preferred stock will be preferred
as to dividends and assets over the common stock, will be entitled to cumu¬
lative dividends from Jan. 1, 1941 at the rate of $4.50 per share per annum,
payable Q.-J. and will be entitled in liquidation to $lv;0 per share and
dividends, plus a premium of $9 per share in case the liquidation be volun¬
tary.
Red. at option of company on 30 days' notice, in whole or in part,
at any time at $109 per share and divs.
In addition to voting rights conferred by protective provisions, the pre¬
ferred stock has the right to vote (1) for the election of two directors when
four quarterly dividends become in default, and (2) for the election of a
majority of the board of directors when 12 quarterly dividends become in
default; and rights in each case, once accrued, shall continue until all divs.
in default shall have been paid.
Purpose of Issue—It is proposed that the net proceeds from the sale of
new bonds and the sale of the new preferred estimated at $8,217,5C0
(after deduction of expenses), and the proceeds of the bank loan to be
evidenced by a note in the principal amount of $1,000,000, are to be used
the
for:
(1)
Redemption of the old bonds in the principal amount of
(2)
Redemption of the 7,785 shares of the old preferred at $110
(3)
share, which will require..
Other corporate purposes
$8,000,000 at 102, which will require.
(Texas)—Securities Offered—A bank¬
headed by Stone & Webster and Blodget, Inc. on
Dec. 30 offered $6,500,000 first mortgage bonds, series A,
3M%> due Nov. 1, 1970, at 106, and 15,000 shares of $4.50
dividend preferred stock, cumulative, (no par), at $105 per
share.
Other members of the offering group are: The First
Boston Corp. and Harr'man Ripley & Co., Inc.
856,350
201,150
-
Total
$9,217,500
Underwriters—The
of each underwriter and the
name
severally underwritten
respective amounts
follows:
are as
Pref.
Name—
Stone
Bonds
&
Webster
Name—
Shares
.....$325,000
First Boston Corp...... 700,000
Hariiman Ripley & Co.,
Inc.....
600,000
Blyth & Co., Inc.
500,000
Bonbrlght & Co., Inc... 500,000
Halsey.Stuart & Co. Inc. 500,000
Lehman Brothers
500,000
......
Mellon Securities Corp..
750
1,600
Bonds
Shares
325.000
750
325,000
675
Coffin & Burr, Inc
625
625
950
Estabrook &Co
1,300
675
225,000
100,000
950
950
W. E. Hutton & Co...
Lee Hlgginson Corp
....
G. M.-P. Murphy & Co.
500,000
Smith, Barney & Co...
500,000
Union Securities Corp.. 500,000
Harris,Hall&Co.(Inc.). 400,000
.
,
Kidder, Peabody & Co..
Wbite, Weld & Co......
Bosworth, Chanute, Loughrldge «fe Co
Mahan, Dittman & Co..
and
Blodget, Inc
El Paso Electric Co.
ing
$8,160,000
per
950
950
950
950
....
Spencer Trask & Co..
Tucker, Anthony & Co
675
675
Pro Forma Combined Income Statement
[El Paso Electric Co.
group
(Texas) and Mesilla Valley Electric Co.]
12 Mos. End.
1939
Operating Revenues—
Electric department
Aug, 31, '40
$2,722,111
Transportation dept....
483,506
Bridge department_
69,521
Total
Years Ended Dec. 31—
1938
1937
$2,592,517
$2,562,976
$2,478,384
484,200
64,015
502,321
52,620
514,232
56,806
$3,049,523
$3,275,139
1,249,553
$3,140,734
1,206,422
preferred stock, the
company will have acquired all the property and business of Mesilla Valley
Electric Co. except $8,000 in cash.
El Paso Electric Co. (Del.) is donating
to its subsidiary, El Paso Electric (Texas), the capital stock of Mesilla
Valley Electric.
Maintenance and repairs
178,092
Depreciation
Fed'l income taxes
400,936
83,320
184,282
400,338
61,696
$3,117,917
1,192,701
19i,286
362,943
53,410
Taxes (other than Feder'i
Income taxes).......
364,779
345,461
326,976
New Bonds—Dated Nov. 1, 1940; due Nov. 1, 1970.
Principal and int.
(M-N) payable at principal office of State Street Trust Co., Boston, or
option of bearer of coupons, interest will be paid at principal office
of
Bank of the Manhattan, in New York.
Coupon bonds in denom. of
$1,000, registerable as to principal only.
No tax free or tax refund pro¬
visions.
Redemption on 30 days' notice, as a whole at any time or in
part from time to time, at the following percentages of the principal amount
thereof with accrued interest in each case: 109 through Oct. 31. 1944;
thereafter decreasing 1% for each succeeding four-year period through
Oct. 31, 1952; thereafter decreasing 1% for each succeeding three-year
period through Oct. 31, 1964; thereafter 102 through Oct. 31, 1966; there¬
after 101 through Oct. 31, 1968; thereafter 100M through Oct. 31, 1969,
and thereafter 100 to maturity.
Management and service
19,409
26,595
7,075
20,685
24,8ft4
18,836
21,090
5,215
20,800
18,882
7,242
$945,375
$886,411
13,994
$945,457
59,687
$881,176
loss33,517
Prior to the
issuance
of the
new
bonds
and
new
at the
Company will covenant, so long as any bonds of series A shall remain
outstanding, to deposit with the trustee annually, on or before April 1,
in cash and(or) bonds, an amount equal to the amount by which
15% of
its total operating revenues from the mortgaged property
(exclusive of
street railway property) from Dec. 31, 1939, to the close of the preceding
calendar year shall exceed the aggregate of all expenditures during such
period for maintenance and repairs of and renewals and replacements (as
defined in the mortgage) to the mortgaged property (other than street
railway property), less the amount of any credits for additional property,
retirement of debt, &c., any amount so deposited to be withdrawn or applied
as provided in the mortgage.
Company—Incorp. in Texas in 1901.
Company will have acquired all of
the property and business of Mesilla Valley Electric (other than $8,000
cash) prior to the issuance of the new bonds and the new preferred.
Com¬
pany generates and sells electric energy in an area centering at El Faso,
Texas and extending along the Rio Grande in New Mexico and Texas a
distance of approximately 200 miles from Hillsboro, N. M. to Van Horn,
Texas.
Electric energy is supplied to 16 communities in Texas and to
21 communities in New Mexico which, together with surrounding rural dis¬
tricts, have an estimated combined population of 160,000, of which 98,000
are in El Paso.
Company also distributes a coordinated street railway
and bus transportation system in El Paso and its environs and operates
the American halves of the two toll bridges across the Rio Grande between
El Paso and Juarez, Mexico.
Major economic factors tn the territory
served are the smelting and refining of copper and the raising of cattle
and cotton.
Company derives approximately 83% of its total operating
revenues from electric business.
The average annual use of eljectric energy
per residential and rural customer was 1,271 kwh. for the 12 months ended
Aug. 31, 1940 and the average revenue per kwh. sold to these customers
during that period was 3.4c. as compared with 4.7c. in the year 1934.
Company's electric business is free from competition with any other
electric utility or municipal electric system. A 20-year contract with the
United States
(Bureau of Reclamation) was recently signed covering
the purchase of a substantial part of the output of the hydro-electric gener¬
ating plant which has just been completed at the Elephant Butte dam,
following execution of agreements with the City of El Paso and the towns
of Las Croces and Hatch, N. M., under which each of these communities
agreed that the company might contract with the Bureau for any power
from this project which may be allocated to it, in consideration of rate
reductions made by the company in Feb., 1939 and under which agreements
the company agreed with each community to release, under certain condi¬
tions, the portion of the power from this project which may have been
allocated to it.
Company is purchasing Elephant Butte power at Las
Cruces, N. M,, over a transmission line constructed by the Bureau of
Reclamation.
The purchase of power under this contract is not expected
to change materially the present unit costs of power supply of the company.
Company owns two steam power generating stations of 56,000 kw. total
rated generator capacity.
The major station, built in 1929, has a rated
generator capacity of 43,500 kw., but at present the boiler capacity limits
its capability to 30,000 kw.
The combined system includes approximately
1,020 miles of pole line and 38 substations having a total rated transformer
capacity of 189,158 kilovolt amperes.
The transportation system includes
16 miles of equivalent single track, 34 passenger street cars and 36 buses.
Utility plant (including intangibles), as taken from the pro forma balance
sheet as at Aug. 31, 1940 amounts to $14,126,288.
Operation
...
_
_
..... ...
contract fees
Rents of leased property
...
Prov. for doubtful accts.
Net oper. revenues...
"
22,628
Non-oper. income, net..
Delaware
Amortiz.
loss
311,347
$900,405
400,000
$885,769
$847,658
400,000
400,000
59,922
72,700
72-703
71,013
28,357
28.357
2S.357
28.357
5,234
$968,003
long-term debt..
on
Int. on notes
34,659
f
400,000
Total
Int.
10,551
1,226,460
185,369
363,585
payable to
company
.
of debt disct.
discount and expenseOther interest
Taxes assumed
-
5,955
6,266
5,459
bond
on
3,327
Net income for period
3,313
3,339
3,249
$470,130
int..
$390,080
$375,908
$339,803
Pro Forma Combined Balance Sheet as at
Aug. 31, 1940
Liabilities—
Utility plant (lncl intangibles) 514,126,288 56 div, preferred stock
Other physical prop'y, at cost
62,021 Common stock..
Capital stocks of affil. cos—
5,790 1st mtge. bonds, ser. A, 5s..
Cash In banks and on hand.
795,993 Accounts payable, trade....
Special deposits
1,595 Accounts payable to affiliates
Warrants receivable.....—
579 Accrued payroll....—
_
_
_
$768,704
3,848,692
8,000,000
78,356
47,189
22,046
Dividends declared.........
86,678
supplies218,960 Customers' deposits.
Prepayments of insur. & taxes
58,442 Interest accrued
Taxes accrued
Unamortized debt disct. and
expense
276.484 Other accrued liabilities.....
101,102
103,459
287,822
37,390
Accounts
receivable........
462,732
Materials and
.
......
.............
-
Deferred credits..—
31,334
Other deferred debits
Depreciation reserve
Prov. for injury and damage
claims
Earned
516,040,2201
Total
surplus....
....
22,993
1,542,663
42,518
1,050.610
......516,040.220
Total
-^-V. 151. p. 3888.
El Paso Natural Gas Co.
Period End. Nov. 30—
Operating revenues ....
(Operation
Maintenance
.
—..
.....
i.....
Depreciation.
Taxes (incl. Fed. inc.tax)
.
.
Explor. & devei. costs.
Balance...
Other income..
Gross income
....
Interest.......
Amort .of debt disc. & exp
b Miscell. inc. deduct'ns
$231,926
2,782
$261,350
$2,345,(50
23,537
$2,737,769
$261,350
$2,321,512
1,163
78,666
$2,737,769
13,707
$257,521
32,109
1,185
392
$262,512
30,180
$2,400,178
369,390
698
11,296
$223,835
$2,016,210
103,579
$2,522,746
$1,912,631
$2,419,167
......
Pref. stock div. require'ts
8,632
$231,634
8,632
Bal.for eom.divs.& sur
$215,203
$223,003
Net
a
Income
1940—12 Mos.—1939
$5,792,744
$6,376,510
1,659,741
1,841,394
137,316
101,568
710,146
639,441
1,342,605
654,224
$229,144
28,377
Net oper. revenues...
a
(Del.) (& Subs A—Earnings-
1940—Month—1939
$595,400
$587,729
167,515
160,326
8,974
10,532
65,315
65,814
99,435
111,940
....
......
$2,751,476
344,560
9,609
xCrl25,439
3,282
103,579
1939,
b Non-recurring income and
and donations (carried in operating expenses in 1939) are charged
Carried in operating expenses in
expense,
to miscellaneous
,
income deductions in 1940.
The Commercial & Financial Chronicle
120
Federal income tax accrual in December, 1938, was
due to the write-off of unamortized debt expense and
x
General Electric Co.—New Vice-President—
reduced by $124,768
premium on funded
debt retired by refinancing consummated Dec. 15, 1938.
Adjustment was
credited to non-recurring income instead of tax expense for the purpose
of retaining normal comparison of operations.—V. 151, p. 3394.
Harry L. Erlicher, purchasing agent since 1931 and an employee of the
company 40 years, was on Dec. 29 elected a Vice-President at a meeting of
the board of directors in New York.
He will continue to be in charge of
the company's purchasing activities.
Ely & Walker Dry Goods Co —50-Cent Common Div.—
Directors have declared
a dividend of 50 cents per share on the common
stock, payable Jan. 15 to holders of record Jan. 4.
Dividends of 25 cents
were paid on Nov. 25, Sept. .3, June 1 and March 1, 1940; dividend of
50 cents was paid on Jan. 15, 1940 and dividends totaling 50 cents per share
were distributed during 1939.—V. 150, p. 277.
Equitable Fire Insurance Co. (Charlestown, S. C.)—
Directors have declared
Erie RR.—Plan Given Final
Approval—Interest Payments
The plan of reorganization for the company was given final
Dec. 30 by Judge Ii. N. Wilkin of Federal Court at Cleveland.
approval
The next steps are a vote of acceptance of the plan by the security holders
to be conducted by the Interstate Commerce Commission, and a final
court order
declaring the plan operative.
Judge Wilkin also entered an order authorizing the trustees to make
payment of interest on New York & Erie second mortgage 5% bonds and
New York & Erie third mortgage 4)4% bonds for the six months period
ended Dec. 31, 1940; also to pay to holders of Erie RR. prior lien bonds,
Erie & Jersey RR. bonds, and Genessee River RR. bonds, an amount
equal to six months interest on bonds provided to be issued in exchange
therefor under the Erie reorganization plan approved by the ICC and the
Court.
p.
3889.
v,;.;.:
General Motors Corp.—Chevrolet Sales—
Chevrolet sales of new passenger and commercial cars for the calendar
of 1940 passed the 1,000,000-mark Dec. 20 it was announced on Dec. 31
by William E. Holler, General Sales Manager.
This is the third time in
the history of the division that sales in any calendar year have exceeded
1,000,000, he said.
Only in 1929 and 1936 did Chevrolet dealers retail in excess of one million
cars and trucks, and 1940, according to his estimates, will surpass 1929,
year
Mr. Holler said.
In 1939, he said, dealers retailed 791,886 new cars and trucks, while
each month of 1940 ran well ahead of the comparable month last year,
leading to the million-plus total for the year.
"This sales record is due to two factors,' Mr. Holler added.
"First was
the success of our 1940 model, of which we produced and sold 1,000,000
during the final quarter of 1939 and the first eight months of 1940. Second,
outstanding public approval of our new 1941 models, introduced in
September and selling in increasing volume since."
Chevrolet dealers nave maintained first place in automotive sales in
9 of the past 10 years, Mr. Holler added.—V. 151, p. 3889..
is the
_
mortgage bonds, $22.50 to holders of New York &
$22 to holders of Erie prior lien bonds,
Erie third mortgage bonds
$23 to holders of Erie & Jersey
bonds, and $27.31 to holders of Genesee River bonds, for each $1,000 of
bonds.
Such payments will be made through City Bank Farmers Trust
Co., New York, from whom letters of instructions and of transmittal may
be obtained —V. 151, p. 3887.
Company recently received a contract totaling $8,019,845 to manufacture
cone and magazine assemblies for the U. S. Government.—V.
151, p. 3559.
per
General taxes
_
share
on
------
17,007
55,039
56,326
9,400
1940—12 Mos.—1939
$6,355,271
2,674,098
,7.150
224,578.
$6,032,194
2,544,257
___.._
216,150
139,935
106,780
$153,656
1,754
$147,590
Drl,494
$1,921,144
28,665
$1,907,726
32,519
Gross income
$155,411
31,097
$146,096
30,609
$1,949,809
$1,940,245
369,254
363,148
the common
Other
„
71,353
71,353
938
interest
856,238
856,238
9,543
—
5,838
$715,020
$676,110
See also V. 150, p. 3201.
Federal Enameling & Stamping Co.—Bonds
Called—
All of the outstanding first lien collateral s. f. bonds due Aug. 1, 1945,
been called for redemption on Feb. 1 at 105 and accrued interest.
Payment will be made at the Empire Trust Co., New York City.—V. 121,
Divs.
Balance
x
Available for
1913.
Filing Equipment Bureau, Inc.—Accumulated Div.—
Directors have declared a dividend of $2 per share on account of ac¬
cumulation on the 4% preferred stock, on Dec. 26 to holders of record
Dec. 18.
Dividends of $1.50 were paid on Oct. 1, and on July 1, last, and
was
paid
on
April 1, 1939.—V. 151,
p.
2042.
Fontana Power Co.—Bonds Called—
common
Crummey has been elected Chairman of the Board to fill the
vacancy created by the death of W. C. Anderson.
Mr. Crummey has been
President since the company's organization in 1928.
Paul L. Davies, formerly Executive Vice-President and Treasurer, was
$675,863
38,910
stock and surplus.—V. 151, p. 3237.
[Including Statesboro Northern Ry.]
\
1940—Month—1939
Period End. Nov. 30—
1940—11 Mos.—1939
Railway oper. revenue._
Railway oper. expenses.
$99,992
86,911
$101,019
91,724
$1,057,333
993,378
$L094,724
959,098
from ry. oper.
$13,080
8,207
$9,295
8,161
$63,955
90,865
$135,627
88,503
$4,873
2,487
1,909
$1,134
3,124
1,939
x$26,910
$47,123
21,065
21,536
$476
182
x$3,929
1,134
x$71,798
10,974
x$2,418
11,515
$659
318
x$2,795
315
x60,824
3,698
$9,097
3,583
$341
x$3,109
x$64,523
$5,513
rev.
Railway tax accruals—
Railway oper. income.
Equip, rents (net)_Dr__
Food Machinery Corp.—New Chairman, &c.—
John D.
3,242
$40,891
Georgia & Florida RR.—Earnings—
Net
All of the outstanding ($165,000) first mortgage serial 6% bonds due to
1947 have been called for redemption on Feb. 1 at 104. —V. 126, p. 412.
3,242
$48,780
$5 pref. stock--
on
x
$714,773
38,910
$44,134
$52,023
income...
Net
have
dividend of $1
—
Fed. normal inc. tax
Charges of subsidiaries.
Int. on 1st mtge. & coll.
trust 6)4% bonds.
Co.—Liquidating Dividend—
liquidating dividend of 25 cents
a
Dec. 27.
7,150
16,289
64,279
57,054
8,415
1940
income—
Non-oper. income
cameras,
on
expense
Amort.of est .storm dam.
incurred in
$495,902
210,540
$526,584
219.740
Operating
Net oper.
Fairchild Aviation Corp.—Government Contract—
Company paid
1940—Month—1939
Period End. Nkv. 30—
Gross oper. revenues—.
Prov. for retirements..
Directors have declared an extra dividend of $3 per share on the common
stock, payable Dec. 6 to holders of record Dec. 5.
Regular quarterly divi¬
dend of $2.50 per share was paid on Oct. 15, last.—V. 151, p. 1894.
Farr Alpaca
"General Public Utilities, Inc. (& Subs.)—Earnings—
Maintenance
Exeter & Hampton Electric Co.—Extra Dividend—
p.
and ad¬
vertising space buyer for this company, at Schenectady for 35 years, died
Dec. 26 at his home in Schenectady after an illness of two years.
He was
64 years old.
For many years he supervised the expenditure of more than
a million
dollars annually for newspaper and magazine space.—V. 151,
„
-
The payments will amount to $25 to holders of New York & Erie second
stock
Obituary—
Fred R. Davis, a founder of the Audit Bureau of Circulations
extra dividend of 30 cents per
share in addi¬
tion to the regular semi-annual dividend of 50 cents per share on the common
stock, par $10, both payable Jan. 2 to holders of record Dec. 30.
Extra of
10 cents was paid on July 1, last; one of 20 cents was paid on Jan. 2, 1940,
and an extra of 10 cents was paid on July 1,1939.—V. 150, p. 4126.
an
Jan. 4, 1941
Jt. facil. rents (net)_Dr_
Net ry. oper. income.
Non-oper. income
£3,824
elected President.
E.
D. Myers, formerly Comptroller, was elected Treasurer and Ben C.
Carter, formerly Assistant Comptroller
3559.
was
made Comptroller.— V.
151,
Gross income.
Deductions from income
p.
Surp. applic. to int—
Ford Motor Co.—Government Contract—
The
United
965,420
as
x
Loss
or
deficit.
States
Government recently awarded this company $21,reimbursement for cost constructing new aircraft engine factory
and magnesium
casting foundry at Dearborn.—V. 151,
Franklin
p.
3395.
Railway Supply Co.—SI Dividend—
Directors have declared
a
p.
Freeport Sulphur Co.-—New Official-—
V. 151, p. 3746.
Taxes.
Prov. for depreciation-.
$321,901
155,656
46,382
41,709
Maintenance.
Federal income taxes.
b
income
$72,951
$844,370
$846,649
382,463
307
4
$922,375
3,781
$77,004
$72,955
31.024
$926,156
369,464
(net)
b Gross income._____
Depreciation
28,567
Gross income
Int.
446,529
_
Operating income__
Other
483,161
14,938
$76,697
i___
a
$316,421
157,729
45,493
38,703
1,545
$3,857,239
1,456
____
General taxes
1940—12 Mos.—1939
1,898,224
538,541
$48,438
bonds—Houston
Electric Co.__
$41,931
$556,691
$3,716,963
1,844,110
562,838
19,116
2,279
$464,186
on
12,768
4,053
13,501
3,100
226
242
$111,390
___
$25,087
Int. on eqpt. notes, &c__
Amort, of debt expense.
161,285
48,843
2,891
161,518
36,473
3,074
Net
Divs.
_
_
___
$343,672
Int. paid on G.-H. Co. secured
6% income bonds.
c
Net
income
..
on common
$263,120
18,283
$343,672
__
Dividends declared
stock
43,811
$244,837
29,207
f.,^0 Provision made for
liability,
if any.
b
§221,299) net income
V. 151, p.3395.
(Robert)
excess profits tax pending determination of
Before depreciation,
c
Includes $288,215 (1939—
of Houston Electric Co. restricted as to dividends.—
has set
company
—V. 151, p. 3889.
$2,516,189
aJNet profit.
®
495,444
Balance
21
for
hearing
to effect recapitalization.
a
1940—12 Mos.—1939
$9,798,864
2,280,466
$9,279,986
2,328,280
After income taxes, interest, amortization,
depreciation, &c.—V. 151,
p.699.
General Capital Corp.—To Reduce
i
$4,206,511
245,862
2,950,350
2,950,350
$111,989
$1,256,161
$2,280,882
$5,231,232
Georgia RR.—Earnings—
1939
1940
November—
Gross from railway
Net from railway
$371,512
91,810
78,409
Net ry. oper. income
From Jan. 1—•
Gross from railway
Net from railway
3,717,567
762,989
650,807
Net ry. oper. income
—V. 151, p. 3237..
1938
1937
$326,888
60,580
54,683
$292,611
56,641
50,886
$284,089
1,839
def400
3,430,341
665,570
622,255
3,204,593
542,029
489,184
3,420,103
514,127
526,951
•
Georgia Southern & Florida Ry.—Earnings—
1940
1938
1937
$182,165
26,659
5,575
$171,313
1^,190
def4,803
$169,795
13,035
def6,305
2,564,352
658,889
318,722
2,084,336
330,731
49,132
1,844,941
166,721
def47,440
2,204,516
397,466
173,068
railway
oper. income
Net ry.
From Jan.
1939
$439,939
242,481
188,498
Gross from railway
Net from
1—
Gross from railway
Net from
railway
Net ry. oper. income
—V. 151, p. 3237.
accumulations
on
per share on account of
preferred stock, payable Dec. 21 to holders of
151, P, 1897.
the 6)4%
record Dec. 20.—V.
Ltd.—Year-End Dividend—
have declared a year-end dividend of $1.25 per share on the
23 to holders of record Dec. 17.
Regular
quarterly dividend of 25 cents was paid on Sept. 20, last.—V. 151, p. 1897.
common
stock payable
Dec.
(Adolf) Gobel, Inc.—Accounting Sought in Sale of Decker
& Sons Packing
Plant—
suit asking $448,269 in tangible claims, an accounting and other
damages was filed Dec. 27 at Mason City, Iowa, by the company against
five defendants involving the sale of the Jacob E. Decker & Sons packing
A
Capital—
Corporation has filed at the office of Secretary of State Josiah Marvel Jr
at Dover, a certificate of reduction of
capital by $343,694, effected by
retiring the 21,715 shares owned by the corporation.—V. 151, p. 3746.
-
$357,852
—V. 151, p. 3237.
Directors
$2,360,274
648,055
3,201,250
Directors have declared a dividend of $6.62)4
Jan.
Co.—Earnings—
1940—3 Mos—1939
3,460,000
$907,233 $10,777,693 $11,826,506
549,382
6,571,182
6,595,274
$184,381
pref. stock
Gilmore Oil Co.,
Gatineau Power
Period End. Sept. 30—
Total income
I
(P. H.) Glatfelter Co.—Accumulated Dividend—
Gair Co., Inc.—Hearing—
Chancellor William Watson Harrington
of stockholders on an application
by the
1939
$1,167,374
245,862
income
on
November—
Balance
1 toJDec. 21
1940
$430,243
Int. & other deductions.
_____
270,000
290,000
Subs.)—Earnings—
1940—Month—1939
Jan.
$1,125,908
$974,496
544,253
Gross income....
revenues
$23,275
1940—Month—1939
1940—12 Mos.—1939
$3,029,057
$2,838,666 $33,488,589 $31,233,991
1,294,698 • 1,283,901
14,921,394
12,443,210
469,863
377,531
4,329,503
3,763,025
revenue.
Operating expenses
M. B. Gentry, mining engineer who has been active in mining enterprises
both North and South America, has been elected a Vice-President of
this company,
Langbourne M. Williams Jr., President, announced.—
Operating
Operation
21
1939
Georgia Power Co—Earnings—
Period End. Nov. 30—
1419.
in
Galveston-Houston Co. (&
Dec.
$23,200
.
Gross
Period End. Nov. 30—
End.
1940
.
dividend of $1 per share on the common stock,
Dec. 10.
Dividend of $1 per share
payable Dec. 20 to holders of record
was paid on Dec. 24, 1937.—V. 137,
—Week
Oper. revenues (est.)
—V. 151, p. 3889.
plant to Armour & Co.
Those named are Jay E. Decker, Fred G. Duffield,
Edward Selby, Vance D. Skipworth and Henry A. Ingraham.
Volume
The Commercial & Financial Chronicle
152
The petition alleged that the five were officers and directors of
Gobel,
which owned the packing plant from 1929 to 1934 and
conspired to delay
the sale.
This caused the Gobel
company to be reorganized under the
Federal Bankruptcy Act, resulting in a loss of at least
$350,000, the petition
Holeproof-Hosiery Co.—Accumulated Dividend—
Directors have declared
lations
on
stated.
Dec. 12.
It
to $7 per
also
charged that Messrs. Selby, Decker, Duffield and Skipworth
paid excessive salaries and improperly collected $98,269 for cancella¬
were
company at
substantially
more than
they had paid.
a dividend of $1 per share on account of accumu¬
% preferered stock, payable Dec. 20 to holders of record
of Jan. 10, 1940 after the current payment will amount
share.—V. 150, p. 3978.
the 6 2-3
Arrears
a dividend of $2 per share on the common stock,
payable Dec. 27 to holders of record Dec. 20.
Dividend of $1 was paid on
Dec. 18, 1939, this latter being the first common dividend paid in some
years.—V. 151, p. 105.
Houston
15 will vote
proposal to
maturity of the company's 4series A deben¬
tures
due on May 1, 1941.
On Oct. 26, 1040, there was $1,086,000 of
the debentures
outstanding.
Under the proposed agreement, holders at
any time in the extension period might convert half of their debentures into
on
Lighting & Power Co.-—Earnings—
Period End. Nov. 30—
a
capital stock at $2.50 a share.
An application for a
$900,000 loan from the Reconstruction Finance
Corporation has been
dropped, the company announced. A Government
claim of $813,000 for unjust-enrichment
tax has been compromised "for
Co., Inc.—Common Dividend—
Directors have declared
To Extend Debentures—
Stockholders at their annual
meeting Jan.
extend for five years the
as
Hotels Statler
tion of their
salary contracts.
The petition also alleged that Messrs.
Selby, Decker and Duffield bought
securities of the Decker
company for their personal accounts at less than
redemption and retirement, values and surrendered them to the Decker
121
1940—Month—1939
Operating re venues$1,068,213
Operating expenses-....
407,469
Direct taxes...250,183
Prop, retire, res. appron.
69,252
Net oper. revenues...
$329,521
2,979
$4,024,603
$332,500
$4,045,103
962,500
166,413
$3,938,100
9,273
Net income-$248,766
$243,019
Divs. applic. to pref. stocks for the period
$2,916,190
315,078
$2,804,659
315,078
$2,601,112
$2,489,581
$341,309
1,330
Other income
a
comparatively small amount, which has been fully paid," the statement
said.—V. 151, p. 3397.
Grand Trunk Western
November—
Gross from railway
1939
$2,305,671
735,438
.500,594
Gross from railway
22,711,911
Net from railway......
5,666,972
railway
Net ry. oper income...
From Jan. 1—
fLv r^i0peroonoco0me--V. 151, p. 3238.
3,255,504
'1937
$2,087,694
545,404
325,066
1938
$1,888,089
398,566
175,445
19,614,615
3,336,964
16,231,814
987,582
22,523,109
5,047,633
1,088,760defl,128,254
2,316,256
share
on
222,739 shares capital stock
9 Mos.
$441,450
$1.98
Retail sales for three months ended Nov.
30,1940 amounted to $8,793,064
38
9.°?1J?ared with $8,094,875 in like period of 1939,
or
8.6%.—V. 151,
an
increase of $698,189
p. 3397.
Great Atlantic & Pacific Tea Co .—To
Pay Service Men—
All qualified employees of this
company entering the United States
military service will receive from the company 20% of their wages up to
maximum payment of $100 per month for one
year, it was announced
Dec. 30 by John A. Hartford, President.
The company's policy also provides that the
company will pay group
life insurance premiums for all
employees entering the service for the onea
on
period.
As approved by the board of directors, the policy applies
full-time employees and all part-time employees
working at least
year
to
all
30 hours
a
week and with six months' continuous service.
"Ours is Predominantly a masculine
organization," said Mr. Hartford.
our employees, therefore, are young men within the age limits
Many of
Sfk.7,
through 35 and
While the jobs and
are consequently registered for military service.
seniority of those who are selected are protected by
bill; the company in addition wants to supplement
employees may receive in the performance of their
the Burke-Wadsworth
compensation
any
patriotic duty."
Mr. Hartford stated that the plan provides for those
employees who
have already joined the service either under the terms of the National
Selective Service Act, or as volunteers or members of Naval Reserve and
National Guard regiments called into service.
For
company employees
'who have already entered the service since March
1, 1940, the beginning
of the fiscal year, and who would have been
eligible to receive payments
under the policy, the payments will be made now for those months of the
12-month
period already elapsed, and monthly hereafter until the sum
of the 12 monthly payments have been made in each
case," he said.—V. 151,
November—
Gross from railway
Net from railway.
Net ry. oper. income-..
From Jan. 1—
Gross from railway.
Net from railway.
Net ry: oper. income.._
151
,
p,
November—
1940
$7,981,155
2,108,211
1,212,005
$7,838,890
3,067,236
1,882,597
V
$7,030,999
2,478,379
1,680,827
94,631,250
.34,770,397
21,540,806
85,651,757
29,746,284
18,364,089
73,152,041
22,847,873
13,077,945
1939
1940
From Jan. 1—•
Gross from railway
Net from railway
Net ry. oper. income...
—V. 151, p. 3238.
1938
1937
Dec.
21.
and Manager of its sales and
He was 53 years of age.
/V:;V':'^vV
vS'V/.'rf
—Liquidation—
The plan of liquidation dated Dec.
holders
was
adopted at
a
16, 1940, as submitted to the share¬
special meeting of holders of preferred stock and
held Dec. 27.
Pursuant to the plan the company is being dissolved, and it has (Dec.
28)
irrevocably transferred and paid over to Peoples'-Pitts burgh Trust Co., as
depositary, for the respective accounts of the holders (other than Pittsburgh
Coke & Iron Co.) of preferred stock and common stock of the company in
complete cancellation or redemption of the stock held by them, the amounts
of their distributive shares in the liquidation.
Such payment in the case
of holders of preferred stocK (other than Pittsburgh Coke & Iron Co.)
amounts to $25.29 per share, representing $22 per share plus accrued and
unpaid dividends to date.
Pittsburgh Coke & Iron Co. having surrendered
its preferred stock for cancellation at $15 per share, the distributive share
of the holders of common stock, determined
by computing the remaining
assets of the company at their net book value is $2.42 per share.
Irrevocable instructions have been given to Peoples-Pittsburgh Trust Co.,
as depositary, to hold for the respective accounts of the holders of preferred
stock and common stock (other than Pittsburgh Coke & Iron Co.) the sums
so paid over to it and to pay to each such holder the amount so held for his
account, upon presentation and surrender of his stock certificates to PeoplesPittsburgh Trust Co., properly endorsed.
Pittsburgh Coke & Iron Co. is the owner of 35,285 shares of the preferred
stock, comprising 92.61% of the preferred stock outstanding, and of 164,629
shares of the common stock, comprising 82.31% of the common stock out¬
standing.—V. 149, p. 1179.
Hupp Motor Car Corp.—New Official—Meeting Aban¬
>
doned—
Plans to hold the annual meeting of stockholders of this corporation
which had been scheduled for Dec. 31 in Richmond, Va., after many ad¬
journments, have been abandoned because of the impossibility of obtaining
a quorum.
The company is in receivership.—V. 151, p. 3089.
Period End. Nov. 30—
revenue....
Operating
expenses
Taxes
Prov. for depreciation..
Gross income..Int. & other deductions-
$6,602,805
2,235,300
1,431,684
89,621,243
32,574,396
23,412,020
1939
$162,316
50,429
20,472
$148,988
40,319
15,617
$138,793
27,820
3,436
1937
$13",629
34,847
24,117
1,604,082
443,702
204,096
1,563,674
445,434
192,030
1,414,461
355,062
144,159
1,572,186
425,180
254,413
1938
Net income-....
Balance
1940—Month—1939
$162,811
$159,944
78,824
87,143
27,472
20,427
15,833
14,583
$37,790
20,420
1940—12 Mos.—1939
$1,985,057
$1,867,628
998,156
992,258
268,136
213,172
188,750
211,208
$530,014
242,337
$450,990
239,136
$17,371
5,584
$287,677
67,014
$211,854
67,014
$11,786
$220,663
$144,840
—V. 151, p. 3397.
Gulf &
Ship Island RR.—Earnings—
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
—V. 151, p. 3562.
Harbor Plywood
12,496
1939
1938
1937
$84,756
defl,549
def26,894
$76,592
defl 1,833
def38,110
$103,942
1,773
def28,623
1,048,287
45,846
def229,911
1,074,966
4,632
def289,174
■
1,446,564
242,993
def46,235
July 15, April 15 and Jan. 15, 1940; 65 cents paid on Dec. 22, 1939 and
14 last and in preceding quarters.
(Tom) Huston Peanut Co —Stock Offered—Clement A.
Evans & Co., J. H Hilsman & Co., Inc., The Equitable Co.^N
Courts & Co., Johnson, Lane, Space & Co., Inc., Milhous,
Gaines & Mayes,
Inc., The Robinson-Humphrey Co.,
Neal & Waggoner, Andrew Prather and W. R.
offering 7,000 shares of $3 cumulative convertible
preferred stock at par ($50) and an issue of 22,372 shares
(no par) common stock is also being offered by the company
at $12.50 per share, to stockholders, employees, officers
and the public.
Wyatt,
Luttrell
Corp.—Accumulated Dividends—
1 to holders of record Dec. 7 and Jan.
20, respectively.—V. 151,
p.
Ltd.—Year-End Dividend—
Directors have declared a year-end dividend'of 60 cents per share on the
7% class A cumulative preferred stock, par $20, payable Dec. 10 to holders
of record Dec. 3.
Last previous dividend was the 20-cent payment made
on Dec. 15, 1938.—V.
150, p. 2882.
Hayes Mfg. Corp.—Registers with SEC—
on
first page of this
department.—V. 151, p. 2499.
Hershey Chocolate Corp.—SI Extra Dividend—
The directors have declared an extra dividend of $1 per share in addi¬
tion to the regular quarterly dividend of like amount on the convertible
preference stock, both payable Feb. 15 to holders of record Jan. 25.
Like
amounts have been paid on this stock each February since and including
February, 1930.—V. 151, p. 2647.
a
manufacturer engaged in the production of
such as salted peanuts, peanut
of its chief raw material.
Purchases are principally made direct from growers, delivered at plant
receiving stations.
Company serves a valuable function in providing a
market for the farm products of neighboring communities in Georgia and
Alabama.
'
The finished products are packaged in quantities primarily designed for
,
.
.
For a part of the trade 1-cent pack¬
ages are provided and at various holiday seasons appropriate products are
offered in larger sizes.
To insure that the retail merchants receive fresh
merchandise, company only manufactures against- orders, shipping daily,
and no inventory of finished goods is maintained.
Company was incorporated in Georgia, Sept. 22, 1928, succeeding to
the business which had been operated by Tom Huston individually.
Tom
Huston had begun business with the manufacture of a single product and
its sales were almost confined to the local trade.
Today the company
produces over 100 five- and one-cent items and obtains distribution of its
products in some 30 States.
retail distribution at a price of 5 cents.
Authorized
Capitalization—
cum.
conv.
pref. stock ($50 par)Shares
par)
Common stock (no
a
— __—
a
Outstanding
7,000
100,000
7,000
79,000
Upon sale of the stock now offered.
Earnings—A summary of the net sales and net
for income taxes, for the fiscal years ended Aug. 31,
1940
Net sales—
$2,303,373
Net income-...
204,070
a Per share—Preferred-.
$29.15
2.31
Common
a
given
are
butter, peanut butter sandwiches, peanut candies and other candies and
sandwiches.
Company's plant is situated in an area in which the peanut
is an important agricultural crop and is thus located at source of supply
2942.
See list
a dividend of $1.10 per share on account of
cumulative pref. stock, no par value, payable
Dividends of $1 were paid on Oct. 15,
Year—
Directors have declared two dividends of 50 cents per share each, on
account of accumulations, on the preferred stock, payable Dec.
16 and
Hawaii Consolidated Ry.,
$7
dividends of $1 per share paid on Oct.
$3
rr
1,185,242
117,278
defl79,954
the
Company—Company is
$20,577
5,584
November—
1940
Gross from railway
$148,231
Net from railway.43,815
declared
roasted peanuts and related food products,
$14,992
preferred stock.
on
—V. 151, P. 2194.
•
$40,681
20,104
have
Jan. 15 to holders of record Dec. 30.
Gulf Power Co .—Earnings—
Feb.
company
common stock
Directors
3238.
Gross from railway.....
Net from railway
Net ry. oper, income.--
on
170,941
Humble Oil & Refining Co.—Obituary—
Stuart A. Giraud, director of this
manufacturing operations, died on
—V. 151, p. 2943.
■
accumulations
Green Bay & Western RR. —Earnings—
Divs.
962,500
Hutching Investing Corp.—Accumulated Dividend—
Great Northern Ry. —Earnings—
Gross
80,208
Balance...—
P. 3561.
.
:
—V. 151, p. 3239.
Hunter Steel Co
3 Mos.
$152,819
$0.69
Net profit after deprec.. Federal income
taxes, &c.
per
on mtge. bonds
Other int. & deductions.
Subs.)—Earnings—
^Period Ended Nov. 30,1940
Earnings
$1,827,481
235,487
defl2,366
•
Grand Union Co. (&
$342,639
80,208
13,665
Int.
$3,915,327
22,773
20,500
RR.—Earnings—
1940
Net from
1940—12 Mos.—1939
$967,058 $12,904,420 $12,182,450
494,323
5,494,976
5,111,874
117,686
2,001,547
1,611,104
25,528
1,383,294
1,544,145
— ..
Based
on
income, after provision
follows:
1939
$2,283,903
165.019
$23.57
1938
$2,573,892
183,010
$26.14
1.82
1937
$2,355,103
160,962
$22.99
2.05
79,000 shares of
the completion of this financing.
7,000 shares of preferred stock and
stock to be outstanding upon
Preferred Stock—Preferred
dividends payable quarterly,
Feb.
1.77
common
15,
&c.
Entitled to receive $52 per share upon voluntary liquidation, dissolution
winding up, or $50 per share upon involuntary liquidation.
The holders of the preferred stock shall have no voting power, except in
such instances as the vote of such stocK shall be required by the laws of
the State of Georgia or if dividends to the extent of $3 per share are in
arrears.
Redeemable in whole or in part on any div. date upon 30 days'
notice at $52 per share plus divs.
For retirement of preferred stock com¬
or
pany will provide a sinking fund beginning within 60 days after the close
of the fiscal year ending Aug. 31, 1943, and annually thereafter, in an
10% of net earnings.
Each share of preferred stock may
be converted into three shares of common stock, the conversion privilege
being subject to adjustment in the following events: (1) stock dividends on
common stock; (2) consolidation, merger or reorganization; (3) replacement
amount equal to
The Commercial & Financial Chronicle
122
of shares into which the
different
kind
preferred stock
may
Indiana Associated
be converted by shares of a
number.
or
Courts &
;
—
I
Johnson, Lane. Space & Co., Inc., Atlanta, Ga—„Wyatt, Neal & Waggoner, Atlanta, Ga
/.
Milhous Gaines & Mayes, Inc., Atlanta, Ga
The Robinson-Humphrev Co., Atlanta, Ga
Andrew Prat her, Columbus, Ga
W. It. Luttrell, Columbus, Ga
Co., Atlanta, Ga
—
-
_
.......
_
There
are no
underwriters of the 22,372 shares of common stock.
pany will resell these shares at the
$1,493,338
1,452
Operating revenues—
Operating expenses
$152,641
79,894
$139,861
72,395
Net oper. revenues--.
for lease of oper.
$72,747
$67,466
$747,725
50
47
928
587
33,041
20,179
254,365
221,846
$39,656
28,302
$47,240
34,713
$492,432
365,019
$498,975
363,950
revenues—_
$1,612,529
1,570
136
$1,491,886
$1,610,959
863,234 ; ,' 770,478
$721,408
Rent
property
Operating
taxes
Net operating incomeNet income.
~~Com-
—V.
price paid for them to its stockholders,
employees, officers and to the public, certifying to the underwriters that
such snares have all been sold prior to
1940—11 Mos.—1939
$152,790
149
$1.39.997
Uncollectible oper. rev..
Operating
1.050shs.
1,050 shs.
1,050 shs.
1,050shs.
650 shs.
450 shs.
450 shs.
450shs.
450 shs,
350shs.
-
1941
4.
Telephone Corp.—Earnings—
1940—Month—1939
Period End. Nov. 30—
Underwriting—The principal underwriters have severally been employed
by the company to sell the respective amounts of preferred stock:
Clement A. Evans & Co., Atlanta, Ga
J. H. Hilsman & Co., Inc., Atlanta, Ga
The Equitable Co., Atlanta, Ga.-_-_ —
Jan.
151, p. 3240.
Indianapolis Power & Light Co.—Initial Dividend—
the issuance of the preferred stock.
Directors have declared an initial dividend of 46 2-3 cents per share on
Purpose—Net proceeds to the company after deducting the estimated
be used to pay Trust Company
5cumulative preferred stock, payable Jan. 1 to holders of
26.
This dividend is for the period from Nov. 29, 1940 to
expenses will be $594,705.
This sum will
of Georgia, as vendor, $542,150 in full
the
company's no par value common stock.
The balance remaining thereafter
will provide additional working capital.
The 43,372 shares of common stock which Trust Company of Georgia
is selling to the company were acquired by Trust Company of Georgia
on default of loans made in the years 1931 and 1932.
These loans aggre¬
gated $402,600, carrying interest at 6% per annum, and were secured by
60,465 shares.
Trust Company of Georgia subsequently surrendered
12,093 of these shares to the company, in conjunction with other common
stockholders who made proportionate surrenders.
Of its remaining stock¬
holdings, Trust Company of Georgia has sold, or has under option to sell,
to Walter A. Richards and other officers of the company a total of 5,000
shares for the aggregate sum of $2,750.
These sales were first begun in
December, 1935.
Balance Sheet Aug. 31, 1940
Dec. 31, 1940.—V. 151, p. 3563.
Assets—
Industrial Acceptance
Inventories
Accounts
101
(banks)
134,597
7,281
Property, plant & equip, (net).
Patents, trade marks, &c
Display equipment..
Accrued
375,503
....
Value of Insurance policies
Common stock
accounts
1
1
Deferred charges
Capital surplus
Earned
2,529
$52,500
$52,500
52,49 0
52,490
52,490
$52,500
41,991
Liabilities—
1939
1st
-Suspended fro?n Dealings—
" 1940—11 Mos.—1939
$7,829,942 $89,003,970 $83,910,172
23,071
249,188
262,356
£8,328,712
6,013,305
$7,806,871 $88,754,782 $83,647,816
5,216,306
59,974,216
56,143,249
$2,315,407
1,310,022
$2,590,565 $28,780,566 $27,504,567
1,259,289
15,286,468
13,699,901
$1,005,385
849,971
Net oper. revenues...
Operating taxes
$840,000
sterling bonds._
58,400
87.600
Accounts payable-
119,837
87,728
Accrued liabilities.
940
1,039
Prov.for Dominion
93,863
26,338
68.528
48,756
136,694
106,236
10,088
64,845
64,900
Inventories..-.-.
404,218
296.686
327,426
337,530
-
Provincial
Mortgage
Surrender value of
5,431
100,703
12,296
General
4,916
135,322
11,622
life ins. policies.
Cash
_
taxes
3,900
payable
reserve
Res. for amort, of
bonds
Capital surplus
$8,351,466
22,754
Earned surplus...
...$1,393,195 $1,276,586'
b After deducting reserve
Total
10,088
-...$1,393,195 $1,276,586
for $25,000.—V. 151, p. 3563.
International Paper
Co.—Acquisition—
Cullen, President of this company and its subsidiary, Southern
Corp., on Dec. 30 announced that International Paper Co. has
acquired the entire capital stock of Agar Manufacturing Corp., producers
of corrugated kraft shipping containers.
The Agar company has a present
capacity of 150,000 tons of shipping containers yearly in plants at Whippany, N. J.; Somerville, Mass.; Chicago, 111., and Kansas City, Kan.
Agar Manufacturing Corp. has for years been Southern Kraft's largest
customer for kraft liner board and corrugating material and recently has
been purchasing its entire requirements of these products froih Southern
Kraft Corp.
Agar Manufacturing Corp. will be operated as a subsidiary of the Inter¬
national Paper Co. by the present Agar staff under the continued direction
of Mr. Calvin A. Agar as President who has built the business to its present
size—one of the largest in the industry.
Mr. Agar will also become a
director and Vice-President of International Paper & Power Co.—V. 151,
P. 3748.
R.
J.
Kraft
$1,331,276 $13,494,098 $13,804,666
1,191,469
11,969,403
12,258,108
#„ .
$840,000
mtge.
12,460
190,001
6,652
—
Accts. receivable-
Total..
1939
1940
5%pref.stock
8322,667
prop.
Deferred charges.
1940— Month—1939
revenues
Uncollectible oper. rev__
_
in
and securities
Illinois Bell Telephone
Co.—Earnings—
Operating revenues
Operating expenses.
1937
$146,733
94,233
1940
A 8 sets—
b Invest,
stock, par $1, the unstampcu 7% preferred hiuvk., par .jiw,
iped < ~/o yrcitjueu stock, par $100,
and the 7% preferred stock, par $100,
(stamped with respect to plan of
readjustment, dated Dec. 16, 1932) have been suspended from dealings by
the New York Curb Exchange.—V. 151, p. 3398.
Operating
1938
$135,755
83,255
L'd, bldgs., mach. $311,848
Goodwill,
trade¬
190,001
marks, &C
$12 a share).—
|
common
Period End. Nov. SO—
share on account of
(Can.'l, Ltd. (& Suhs.)—Earns.,
par
Huyler's of Delaware, Inc.-
per
Consolidated Balance Sheet Sept. 30
$1, and the voting trust certificates (issued under
voting trust agreement dated Oct. 31, 1940), representing first preferred
stock, par $1, have been admitted to listing and registration by the New
York Curb Exchange.
These securities were issued pursuant to the plan of
reorganization of Huyler's of Delaware, Inc., dated as of June 1,1938, writh
amendments to and including July 14,1939.
The
Inc.—Accum. Div.—
dividend of $1.50
1939
$179,653
127,153
Net prof it
Preferred dividends
Huyler's—Luting and Registration—
stock,
12,075,462
1,968,478
307,448
$52,500
profit from oper
Exps .taxes, int.; &c...
Directors have declared a dividend of 65 cents
per share on the common
stock, payable Dec. 24 to holders of record Dec. 21. Dividend of 25 cents
was paid on June 29, last; one of 50 cents was
paid on Dec. 20, 1939;
2o cents paid on Sept. 30, 1939, and
previous payment was the 50 cents
dividend distributed on Dec. 21, 1937.—V. 150, p. 4128.
common
10,879,726
1,146,649
def506,953
1940
$270,346
217,846
Years End. Sept. 30—
Huttig Sash & Door Co.—65-Cent Dividend—
The
91,271
t
def71,128
$16 per share.—V. 151, p. 2048.
Net
be used to purchase from the Trust Company of Georgia 43,37£ shares
(21,000 shares at
a
International Paints
$727,148
the company's common stock
(stated value 50 cents a share) at a price
of $12.50 a share, of which shares the
company is to sell 22,372 shares to
its stockholders, employees and others at a price of $12.50 a share.
Upon
consummation of the purchase and sale of the foregoing shares, the earned
by $252,000
defl74,915
have declared
1937
$1,012,746
$891,026
18,720
def 110,095
accumulations on the 6% cumulative convertible preference stock, and
the convertible preference class A stock, both payable Feb. 1 to holders of
record Jan. 15.
Accruals on both issues after the current payment will
or
surplus will be reduced
V. 151, p. 3398.
10,439,774
1,342,147
Metal Industries,
International
Directors
624
50,000
Note—Under date of Nov. 4, 1940, the company entered into an under¬
writing agreement which provides for the authorization and issuance of
7,000 shares of cumulative convertible preferred stock of $50 par.
The
proceeds from the sale of the stock, and of the 22,372 shares (mentioned)
are to
10,352,088
1,328,345
def63,914
Gross from railway.....
Net ry. oper. income
—V. 151, p. 3241.
501,744
Total...
share on the
1938
1939
$953,888
114,188
defl5,060
Net ry. oper. income
From Jan. 1—
amount to
$727,1471
1940
$973,280
166,413
26,892
Gross from railway
Net from railway
40,017
Total
per
International Great Northern RR. —Earnings
9,138
surplus
25 cents
stock,
November—
77,645
Reserve for contingent losses..
Corp., Ltd.—Interim Dividend—
payable Dec. 31 to holders of record Dec. 26.
Regular
quarterly dividend of 50 cents was paid on Sept. 30, last.—V. 147, p. 3914.
$80,000
5,467
payable (trade)
Credit bals. in cust. accounts.
95,005
A
Net from railway
Notes payable
$74,642
Notes receivable (less reserve).
receivable.
Accounts
Dec.
Directors have declared an interim dividend of
class
Liabilities—
Cash
new
record
payment for 43,372 shares of the
International Shoe Co.—Earnings—
Net oper. income
Net income
—V. 151, p. 389i:~
Consolidated Income Account Years Ended Nov. 30
1939
1940
1937
1938
b Net sales of shoes and
Illinois
Central
RR.—Earnings of System—
November—
Gross from railway
Net from railway.
1940
1Q3Q
Net from railway
Net ry. oper. income...
c
1Q9R
$10,197,750 $10,022,557
3,054,212
3,004,378
income...
2,084,210
1,963,548
Net ry. oper.
From Jan. 1—
Gross from railway
other manuf.
103,941,152 101,538,178
24,921,152
26,776,517
14.166,601
15,918,138
1937
$9,292,948
2,870,939
1,850,982
$9,417,821
2,810,570
1,826,364
95,984,638 104,458,426
26,046,352
25,955,818
15,070,568
15,705,605
Net from railway
Net ry. oper. income._
From Jan. 1—•
Gross from railway
Net from railway
Net ry. oper. income
—V.
151,
p.
1940
I
;
1939
1938
$8,291,285
2,208,973
1,398,561
$7,845,116
$7,861,020
2,143,590
1,338,706
87,668,151
22,354,053
13,782,549
2,265,840
1,464,704
82,638,107
21,644,883
12,953,819
3240.
89,393,171
20,788,021
12,690,567
Illinois Terminal RR. Co. —Earning sNovember—
1940
Gross from railway
Net from railway
$519,609
191,811
115,399
Net from railway.
Net ry. oper. income
_
151,
1938
1937
$535,801
204,687
Crl40,117
$465,961
153,214
100,751
$477,671
133,338
50,920
5,568,948
5,393,526
1,895,774
1,833.694
1,076,060 Cr1,145,697
Net ry. oper. income
From Jan. 1—
Gross from railway
—V.
1939
4,843,089
1,386,051
729,499
5,705,637
2,052,777
1,323,703
-
—V.
151, p. 1575.
on
r,° ?fc°ckholders signifying a wish to vote their own stock and
tendering their voting trust certificateslfor exchange.
The company has
$7,394,495
1,127,503
$6,588,209
5,846,225
$4,268^286
5,845.525
$6,266,992
6,678,175
$1.75
_
$1.75
$1.75
$2.00
$741,984df$l ,577,239 def$4U ,183
$623,637
_
$1.97
$1.93
stock
$1.87
$1.27
a Excluding dividends
on common stock held in treasury amounting to
$12,525 in 1940, $16,225 in 1939, $16,975 in 1938 and $21,825 in 1937.
b After deduction of returns and allowances for repayments,
c After
charging operating
expenses,
maintenance of physical properties, selling,
and credit loss (less discounts on
administrative and warehouse expenses
purchases), d Provision for decline from cost to market at Nov. 30, 1937
in inventory values ($2,722,783)
and purchase commitments ($189,329).
e Includes $550,000 for possible market decline in raw materials.
Consolidated Common Stock Capital and
1940
Surplus Account Nov. 30
1939
1938
1937
Com. stk. capital & sur¬
plus begin, of year:
Common stock capital$50,250,000
Earned surplus.—.
inc.
27,687,168
$50,250,000 $50,250,000 $50,250,000
26,945,234
28,522,472
28,933,655
$77,937,168 $77,195,234 $78,772,472 $79,183,655
Total
Net
for year ended
Nov. 30 (as above)...
'
6,473,6 12
6,588,209
4,268,286
6,266.992
$84,410,780 $83,783,443 $83,040,759 $85,450,647
Common dividends.....
5,862,500
5,862,500
5,862,500
6,700,000
Divs.
f°r ab°Ut 2'793'000 shares- owned by some 32,000
on
common
stock
in treasury
a
&
•
$4,890,762
622,476
Deo. 18, 1936.
Incorporated Investors—To Increase Stock—
£as/il0d with the Massachusetts "'Department of Public UtiliVce
intention to issue 3,700,000 shares of capital stock. ComrFL®,f5"?earivo,t"1»J;rust expires on Dec. 31, and new capital shares will
stockhofcT^
$8,061,897
1,473,688
$6,473,612
5,849,975
Common dividends
$7,260,946
133,549
1,648,506
_
$4,790,241
1 00,521
58,122,117
Total income...
Surplus for year
Earns, per share on com.
Illuminating & Power Securities Corp.—Extra Div.—
paid
1,677,679
d2,912,112
$7,952,039
109,858
Rate per share..
The directors have declared
an extra dividend of $2.25
per share on the
stock, par $50, payable Dec. 28 to holders of record Dec. 27.
A
regular quarterly dividend of $1 was paid on Nov. 8 last. An extra of
$1.80
was paid on Dec.
22, 1939, one of $1.35 paid on Dec. 24, 1938; $2.40 paid
on Dec
21, 1937, and a
1,632,550
$8,022,302
99,81 5
-
Net income
a
76,428,072
74,405,840
1,599,905
1,523,540
—
Operating profit
common
was
prop.
Other income.
p. 3240.
special dividend of $1
79,711,487 e79,773,502
sold
Miscell. deductions.
1937
$8,783,253
2,520,819
1,769,414
89,943,569
20,727,789
12,285,683
Cost of shoes & mdse.
Deprec. of physical
Prov. for income taxes.
Earnings of Company Only
November—
Gross from railway
mdse...$89,257,330 $89,325,447 $80,828,632 $88,278,810
a
Crl2,52o
Crl6,225
Crl6,975
Cr21,825
Com., stock capital
surplus as at Nov.30$78,560,S05 $77,937,168 $77,195,234 $78,772,472
Divided
as
follows:
Common stock
Earned surplus
capital$50,250,000 $50,250,000 $50,250,000 $50,250,000
28,310,805127,687,168
26,945,234
28,522,472
Volume
The Commercial & Financial Chronicle
152
Consolidated Balance Sheet Nov. 30
1940
'
1939
S
$
Assets—
b
Inv.
in
stocks
of
other companies
244,628
Cash
24 ,499,290
dCo's
own
Accts.
rec.
com.stk
250,827
22,318,773
193,422
& adv.
173,176
15, 126,893 16,252,743
Advs. to & invests.
In associated
c
Empl.
cos.
__
a
Common
Accounts payable.
Officers' and em¬
ployees'
and
1,057,555
87,759
25,937,266
448,471
1939
S
$
stock.50 ,250,000
50,250,000
2 842,639
balance
deposits...
141,936
127,629
1,835,000
752,840
1,700,000
730,878
550,000
550,000
373,582
77,066
■
Def. charges, &c._.
Res .for inv. decline
Surplus
Period End. Nov. 30—
Gross
28,310,805 27,687,168
Total
...84,683,219 84,243,623
Total.....^...84,683,219 84,243,623
Represented by 3,350,000 shares of no par value, b
Physical properties
at tanneries, shoe
factories, supply departments and sales branches after
of $25,583,119 in 1940 and
$24,963,662 in 1939. c Secured by
3,900 shares of common stock, d Consists of
7,500 (6,700 in 1939) shares
common stock.—V.
151, p. 3563.
a
Railway
1940—Month- -1939
$351,578
$511,348
119,268
200,703
oper. revenues.
Net rev. from ry. opers.
Income avail, for fixed
charges
93,103
12,997
______
Net income
—V. 151, p. 3398.
_______
174,504
90,067
^n^laratlon
filed
with
the
$5,098,199
1,989,969
$5,448,489
2,151,036
1,718,555
817,999
1,928,880
973,346
Exchange Commission a
proposed payment on Feb. 1,
or
The company also proposes to
pay, out of capital or unearned surplus,
a share as a payment on account of
accumulated dividend arrearages
the 66,652 shares of its
outstanding $1.75 preferred stock.
$1.81
Requests by interested persons for a hearing on the declaration
writing not later than Jan. 15.—V. 151, p. 3891.
may
made in
Net profit
Earns, per share
Interstate Power Co.—Sells Nebraska Properties—
Tenders—
5% first
mortgage gold bonds, series due 1957, with July 1, 1941 and
subsequent
coupons attached.
The company states that there are
$28,775,000 of these
bonds outstanding.
Requests by interested persons for a hearing on the
declaration may be made in writing not later than Jan. 14.r—V.
151, p. 3891.
have declared dividends
on
account
of accumulations
of
cents per share on the
7% cum. pref. stock, series A; 81M cents per
pref. stock, series B, and 75 cents per share on
the 6% cum. pref, stock, series
C, all of $100 par value, and all payable
Jan. 20 to holders of record Dec. 31.
Similar distributions were made in
each of the 22 preceding quarters.—V.
151, p. 2501.
on
the 6M%
cum.
Iowa-Nebraska Light & Power
Co.—Negotiations to Sell
Plants Resumed—
Period End. Nov. 30—
exp.,
taxes
maint
and
1940—12 Mos.—1939
$4,386,319
$4,211,215
Provision for retirements
229,700
40,000
209,053
34,500
2,592,569
436,000
2,367,024
378,500
Net operating earnings
Other income._
$122,222
3,130
$130,871
3,632
$1,357,750
36,416
$1,465,691
Total net earnings...
Int. on mtge. bonds
$125,352
43,308
12,500
13,182
$134,503
58,451
12,553
7,505
$1,394,16.5
633,562
150,066
112,921
$1,508,816
702,166
150,670
_
...
Int.
on
oth er funded debt
Amort. & other deduct'ns
43,126
92,593
Provision..
a
^8,604
Net income.
$56,362
$55,994
$497,616
Earnings for 4 Months Ended Nov. 30, 1940
Profit after int. and other charges, but before Fed. income
taxes...$179,564
Note—Above report excludes results of Air-Track Manufacturing Co. a
98% owned subsidiary, which showed net loss of $58,659 for four months
1940.
Listing of Additional Stock—
The New York Curb Exchange has
approved the listing of 129,513
additional shares of common stock, par $1, upon official notice of
issuance.
—V. 151, p. 3399.
Kahler Corp.—Year-End Dividend—
a year-end dividend of $2.50 per share on the
stock, payable Dec. 20 to holders of record Dec. 10.
Dividend of
$3 was paid on Sept. 30, last; one of $3.50 paid on June 29, last, and divi¬
dend of $2 per share paid on March
30, 1940.
During the year 1939 divi¬
dividend of $1 per share on the common stock,
payable Dec. 21 to holders of record Dec. 17.
Last previous distribution
was made on Dec.
20, 1939, and amounted to 30 cents
a
per
p.3046.
share.—V. 140,
Kemper-Thomas Co.—10-Cent Common Dividend—
The company paid a dividend of 10 cents
per share on its common stock
Dec. 21 to holders of record Dec. 20.
A dividend of 50 cents was paid
Dec. 23, 1939; one of 10 cents on Dec. 24, 1938 and one of 60 cents was
on
on
paid on Dec. 22, 1937, this latter
shares in several years.—V. 150,
being the first dividend paid
130.
p.
32,002
91,299
49,488
$199,574
98,856
57,339
2,514,460
1,359,481
858,204
2;i05,523
1.018,472
615,354
2,222,635
1,186,548
765,683
Kobe, Inc.—Preferred Dividend—
Directors have declared
on
the
6%
dividend of 30 cents per share
a
cum.
pref. stock,
on account of
$20, payable Dec. 28 to
paid on Sept. 30, July 1 and
July 1, 1938.—Y. 151, p. 1725. ; : ;
Like amount
April 1, last, Dec. 21, 1939, and
on
par
was
Kroger Grocery & Baking Co.—-Acquisition—Company announced the purchase of the Model Grocery & Baking Co.,
of 15 self-service retail grocery and meat markets in
Spring¬
operators
field, Mo.
Purchase was made from the estate of the late Ben J.
Harrison, founder
of the firm.
The sale included equipment of the store,
office, warehouse
bakery.
Purchase price was not revealed.
According to Albert H. Morrill, President, addition of the new chain will
branches of Kroger to 25 and the total of stores to 3,763.
Mr. Morrill said, that additional stores
probably will be opened in the
territory adjacent to Springfield.—V. 151, p. 3893.
and
raise the total
(B.) Kuppenheimer & Co., Inc.—Earnings—
Years Ended—
Nov.
____
less miscell.
Interest paid
_
Federal taxes
Oct. 28, '39
Oct. 29, '38
$883,568
$628,770
836,840
3,695
z6,600
761,058
$57^501
~$36~431
year..."
Dividends paid._______
Shs. cap. stk. (par $5)__
Earnings
per
After
x
68,598
$0.84
z
30, '37
$1,113,257
1,003,160
15,789
4,090
yl8,641
deducting all discounts and cost of sales.
$994 for prior
Oct.
~"~$75,066
loss$136,377
35,130
69,423
69,597
$0.52
Nil
______
share.
undistributed profits,
on
*40
$931,776,
____
income.
2
856,076
5,705
al2,494
Gross profit.
Admin. & gen. exp., &c.,
x
70,653
70,360
$1.08
Includes $1,200 surtax
Includes $1,100 for prior years,
a Includes
y
years.
Note—Provision for depreciation on property, plant and
included in the statement for 1940 amounted to $20,329.
i
Comparative Balance Sheet
Assets—
b
N(\v. 2, '40 Oct. 28, '39
Land, buildings,
vri
goodwill
Inventories.
$425,307
i
______
i
619,259
1,159,408
1,173,944
143,398
90,807
139,168
94,752
cNotes and accts,
receivable
$360,000
$360,000
350,000
500,000
Accounts payable.
Acer, payrolls, In¬
80,465
Earned surplus...
Paid-in surplus.__
a
Treasury stock.
Total
_
110,385
139,049
terest, &c
.$2,436,310 $2,555,6151
equipment
V.-:;-
Nov. 2,'40 Oct. 28/39
Fed. tax provision
Cash
Total---.
HabUilies—
Notes payable
722,441
____
;
Com. stk. (par $5)
mach.&fixtures $423,436
Trade-marks and
135,620
11,500
391,946
5,500
334,445"
1,142,246
1,142,246
Dr38,897
Dr32,581
w-i-52,436,310 $2,555,615
3,402 shares in 1940 and 2,577 in 1939.
b After deducting $472,055 in
$452,020 in 1939 reserve for depreciation,
c After deducting
for bad debts, returns, allowances and cash discounts in «'■
1940 and $60,010 in 1939.—V. 150, p. 130,
a
and
$53,170
reserve
K-W Battery
Co., Inc.—Extra Dividend—
Directors have declared
an extra dividend of 25 cents per share in addition
the regular quarterly dividend of five cents per share on the common
stock.
The extra was paid on Dec. 26 to holders of record Dec. 20 and the
to
quarterly distribution will be made on Feb. 15 to holders of record Feb. 8.
was paid on Nov. 15, last.—V. 151, p. 3241.
Extra of 25 cents
Laclede-Christy Clay Products Co.—Dividends—
Directors have declared a year-end dividend of $7 per share on the com¬
pany's preferred stock and a dividend of 25 cents per share on the common
stock, both payable Dec. 27 to holders of record Dec. 20. This will be the
first dividend paid on the common stock, since Dec. 28, 1937 when a div.
of 25 cents per share payable in 3% notes was distributed.—V. 151, p. 107.
Lake
Superior & Ishpeming RR.
November—
1940
on
the
com.
1939
Earnings—
1938
1937
$347,127
235,046
100,543
$413,254
$188,976
295,794
235,608
103,831
def84,561
$100,981
4,808
def 15,326
Gross from railway.____
Net from railway
3,546,918
2,903,280
2,365,597
Net ry. oper. income—
—Y. 151, P. 3241.
1,358,050
1,855,943
1,284,931
1,160,583
246,916
2,351
3,230,667
1,994,295
1,476,689
____
Net ry. oper. income.__
From Jan. 1—
Lakey Foundry & Machine Co*—EarningsYears Ended Oct. 31—
Interest paid or accrued.
Other deductions (net)..
Prov. for Fed. inc. tax..
Net profit
distributed.—V. 151, p. 2195.
Kansas City Fire & Marine Insurance Co.—SI Div.—
Directors have declared
1937
92,327
Kendall Refining Co.—15-Cent Dividend—
Depreciation
Directors have declared
were
—
1938
$186,288
Directors have declared a dividend of 15 cents per share on the common
stock, payable Dec. 28 to holders of record Dec. 17.
Dividend of 10 cents
was paid on Oct. 1,
last; one of 15 cents paid on July 1, last; 30 cents on
April 1, last, and dividends totaling $1.30 per share were distributed during
the year 1939.—V.
151, p. 1725.
'
:-V
Sell. & admin, expenses.
common
share
1939
$198,285
2,060,319
1,125,456
672,979
Manufacturing profit
per
Ry.—Earnings
From Jan. 1-—
Gross from railway
Net from railway
Net ry. oper. income..
Gross from railway.
Net from railway
(F. L.) Jacobs Co.—Earnings—-
totaling $12
$6.90
$534,784
For legal fees and other expenses in connection with
plan of recapitali¬
zation, and other special charges.—V. 151, p. 3398.
dends
$3,863,044
6.71
1940
Net ry. oper. income._
a
ended Nov. 30,
$3,762,245
$0.59
V
$203,347
123,556
65,179
_
_____
1940
Delaware—Earnings—
1940—Month—1939
$391,922
$374,424
Gross oper. earnings
$328,877
$0.63
November—
Deferred charges.
Co.) by the Consumers Public Power District of Columbus.—V.
151., p. 555.
Oper.
$351,993
Gross from railway
Net from rail way
Negotiations have been resumed for the purchase of the electric
properties
in Nebraska of the
company (a subsidiary of the United Light & Power
Iowa Southern Utilities Co. of
18,439
64,150
854,866
66,960
a
Iowa Electric Light & Power Co.—Accumulated
Divs.-—
The directors
17,884
1,279,484
Including maintenance and general property tax.
Note—1940 net income adjusted to reflect the provisions of the Revenue
Act of 1940.—V. 151, p. 3564.
;/
Net profit for
Company has filed with the Securities and Exchange Commission a
declaration (File 70-216)
regarding the proposed acquisition on tenders, at
$73 for each $100 principal amount, of not more than
$2,740,000
87lA
745
5,119
71,485
common
holders of record Dec. 20.
Charles B. Fricke, President of the Consumers
Public Power District of
Nebraska, announced Dec. 28 the purchase by the District of the North¬
eastern Nebraska properties of the
Interstate Power Co.
He said the price
was $2,600,000.
The deal was closed Dec. 28 with Jackson E.
Cagle,
General.Counsel for John Nuveen & Co., bankers,
handling the final details.
Mr. Cagle said that
negotiations had been in progress since October.
A purchase contract was
signed Nov. 26, but the City of Creighton, Neb.,
obtained a temporary injunction
seeking to enjoin the sale.
Mr. Cagle
said that this injunction was
dissolved on Dec. 24.
The Power District, on Dec.
13, authorized the issuance of a bond issue
to cover costs of the
purchase.
The bonds then were sold outright by it
to the Nuveen
company, which, Mr. Cagle said, would offer them to the
public.
The 3% bonds, dated Dec. 15, mature in
25 years and are payable
solely from earnings of the properties.
•
share
177,651
$8,472,237
1,435,550
102,479
2,133,708
1,560
6,090
109,814
_
after income tax.
accumulations
Directors have declared a dividend of 62
M cents per share on the $5
pref. stock, payable Dec. 27 to holders of record Dec. 21.
Like amount
on °cfc- U July 1 and March
30, last; Dec. 27, Sept. 30 and July 1,
1939; dividends of 50 cents were paid on April 1, 1939, and Dec.
22, Oct. 1,
July 1 and April 1, 1938, and in initial dividend of $1.25
per share was paid
on Dec.
27, 1937—V. 151, p. 1576.
V
.
$8,811,990
1,431,213
102,479
2,151,725
term
investments---
be
Interstate Bakeries Corp.—62y^-Cent Dividend—
V
limited
$711,563
119,145
8,540
—V. 151. p. 3241.
unearned surplus, of a reghlar
quarterly dividend
at the rate of 87
M cents a share on its 98,968 shares of outstanding $3.50
prior preferred stock.
on
$778,668
119,400
8,540
181,271
Miscel. income deduct'ns
Fed. & State inc. taxes.
Securities and
70-221) regarding the
1941, out of capital
of
1940—12 Mos.—1939
$1,387,611 $16,847,168 $16,386,006
676,048
8,035,177
7,913,769
Kansas Oklahoma & Gulf
1940—11 Mas.—1939
International Utilities Corp.— To
Pay Dividends—
Corporation has
expenses—
Depreciation
International Rys. of Central
America—Earnings—
Period End. Nov. 30—
$1,487,478
708,809
Net earnings.
Interest charges
Amort, of disc, and prem.
Amort,
Co.—Earnings—
1940—Month—1939
(all sources)
earns
Operating
a
3,197,949
Reserve for taxes.
Insurance reserve.
1 ,052,555
26 ,269,281
notes rec.
Inventories.
1940
Liabilities—
Phys. property. 16 ,771,612 17,791,943
123
Kansas City Power & Light
Dividends paid
Bad debts charged off.
1940
c$468,083
130,224
1939
c$367,814
101,770
Seed
1938
1937
b$187,182
82,427
y$371,431
122,845
Seed
75,502,.,
1,781
62,500
5,950
1,862
e42,537
12,920
3,409
a3,800
18,705
x461
z31,494
$272^824
$215,696
$9,124
T $125,052
753
88,068
,
—
72,874
65,751
Includes cancellation of interest on real and
personal property taxes assessed for prior years, $5,399; discount earned
$4,826, and other income, $547.
z Includes normal income tax, $21,800;
surtax on
undistributed profits, $9,700; $31,5CO, less excess
provision
for prior year, $6; balance (as above), $31,494.
a Includes $2,150 undis¬
tributed profits tax.
b After deducting cost of products sold, amounting
to $1,666,589, but includes scrap sales of $1,403 and discount earned of
$1,202.
c After deducting cost of products sold,
but includes discounts
earned of $7,387 ($2,984 in 1939) and miscellaneous income of $2,503
($1,180 in 1939).
d Provision for depreciation for the year included above,
amounted to $77,249 ($74,956 in 1939).
e Includes $537 additional pro¬
vision for prior years.
x
y
.
The Commercial &
124
Farmers Deposit
Balance Sheet Oct. 31
Assets—
*
1939
1940
Property acct...51,163,454 $1,272,382
220,484
111,765
Cash
Accts. receivable..
228,327
Inventories
288,371
Other assets...
5,230
275,183
184,385
1,308
Deferred charges—
8,498
5,664
j
y
$440,338
Z125.548
16.78r
Capital stock—
Accounts payable.
Accrued expenses.
$440,338
158,696
16,734
a68,655
25,000
42,000
Paid-in surplus...
762",290
845,416
Earned surplus
475,746
296,503
Income tax
Reserves
35.000
16.001
Long-terra lndebt.
Total
$1,914,365 $1,850,687
Total
$1,914,365 $1,850,687
x After
depreciation of $1,002,057 in 1940 and $1,289,812 in 1939.
Represented by shares of $1 par.
z Trade accounts payable, payrolls
miscellaneous,
a Includes
$6,155 additional assessment for prior
years.—V. 151, p. 2048.
Jan.
1941
4,
National Bank, $750,000; First National Bank at Pitts¬
burgh, $750,000, and the Union Savings Bank,
$250,000.
proceeds from the loans and $1,226,000 of the company's current
funds will be used to redeem at 105 the $20,000,000 outstanding 3H%
The
15-year sinking fund debentures, due Aug. 1, 1953, and to pay
notes, dated Aug. 22,
Federal
for
Prov.
1939
1940
LlabUtttes-
I
Financial Chronicle
bank loan
1938, in the unpaid principal amount of $6,200,000
K % premium of $5,200,000 of the loans.
The new bank loans will be payable in semi-annual instalments of $1,-
with
a
150,000 from Aug. 1, 1941 to Aug. 1, 1950 with interest at the rate of 2%
a final instalment of $4,150,000 due Feb. 1, 1951, with interest on the
234 %.
The company is to have certain rights
and
last instalment at the rate of
of pre-payment of the notes, with or without payment of premium.
As
security certain shares of stock and evidences of debt constituting substan¬
tially all of its holdings of stock and debt of its subsidiaries will be
by Loan Star Gas Corp,—V. 151, p. 3749.
•
pledged
y
and
Long Island RR.—Earnings1940
$1,966,257
422,281
def7,217
November—
Lee Rubber & Tire Corp.—75~Cent Dividend—
Company paid a dividend of 75 cents per share on Its common stock,
par $5, on Feb. 1 to holders of record Jan. 15.
Like amounts were paid
on Oct. 28, Aug. 1 and on Feb. 1, 1940; cash dividend of $1.25 and stock
dividend of 5% was paid on Oct. 28, 1939; dividend of 75 cents paid on
Aug. 1, 1939; 50 cents on Feb. 1, 1939, and $2 per share was distributed on
Oct.
26, 1938.
Consolidated Income Statement—Years Ended Oct. 31
nAflf;
Net ry. oper. income
From Jan. 1—
&cl
expenses,
12,666,785
Operating profit
...
Total income.
10,376,989
12,369,004
$1,941,250
67,022
.
Other income—l;
12,039,327
$2,481,375
$1,842,059
53,649
$1,400,148
63,221
$2,544,596
$1,895,708
210
293
153
2,620
4,0/5
3,146
$2,008,272
Interest paid
Loss on dispos. of assets.
Net bk. val. of plant &
2,328
494,837
213,489
4,989
501,584
25^,962
b234,303
bll6,705
2,871,744
$1,464,166
2,080,757
$950,599
1,769,546
$596,319
1,598,402
603,772
d673,179
639,388
$3,249,859
268,343
$3.66
$2,871,744
268,343
e$5,73
$2,080,757
255,565
$3.71
23,683,710
5,982,906
329,834
21,411,877
5,123,818
def22,264
$l,o35,007
293
See
c
$981,887
...
c
365,970
378,857
_
$1,041,562
770,988
121,029
$1,066,294 $11,456,122 $11,180,954
802,991
8,810,930
8,638,764
119,250
1,305,909
1,312,981
$1,229,210
864,229
$73,501
167
$66,675
$456,264
2,285
$364,981
3,797
$73,668
66,306
$66,842
67,536
unfunded debt..
364
446
$458,550
732,766
4,163
$368,778
Interest on funded debt.
$6,999
x$ 1,140
x$278,380
x$401,421
$149,545
76,044
Operating income....
Non-operating income..
Gross income
Int.
on
Net income
x
167
After
all
1937) surtax
discounts
on
and
b Includes $51,881
allowances,
undistributed profits,
c
($17,927 in
The provision for depreciation of
property, plant and equipment for the year amounted to $275,783 ($235,203
in
1939). which has been charged, $257,457 ($218,686 in 1939) to cost of
production ana $1<,504 ($16,516 in 1939) to selling administration and
12,778 expenses,
feneral shares of acquired capital stock at cost), $34,^66 paidstockstock
d $638,913 paid in cash and Earned on in out¬
e
standing before stock dividend paid Oct. 28 and $5.46 per share after the
payment of this dividend.
^
1940
1939
$
5
Assets—
z
Liabilities—
$
$
1,500,000
1,500.000
3,769,666
3,760,842
Accounts payable.
551,926
633,679
2,865,150 'Accrued expenses.
454,211
526,229
383,372
365,973
Cap.stk. (par $5).
est.
and equipment.
Notes & accts. rec.
1,319,020
1,352,702
Inventories
4,488,149
3,559,791
14,596
17,031
salesmen
to
and employees.
for mfg. purpose
34,028
&
35,286
1,892
Investments
notes
Fed'l
for
Income tax
Reserves
_
Real est. not used
Mlsc
Reserve
521,848
561,657
5,364,384
11,076
Total
Treasury stock.. Drl49,587 Drl49,587
x
Represents 31,657 reacquired capital stocx at cost, shares of stock in
treasury,
z After
reserve for depreciation of $3,483,492
in 1940 and
$3,32—508 in 1939.—V. 151, p. 28t2.
Lehigh & Hudson River Ry,
November—
1940
Gross from
Net from
railway....
railway
$144,696
44,993
1,568,239
525,424
230,146
1,462,570
railway
Netry. oper. income...
—V. 151, p. 3242.
V
$138,287
35,761
10,570
1,334,777
383,694
97,508
463,294
1,532,880
476,594
1 99,218
169,23 5
Scott
ing
on
Dec. 26,
Theodore P.
elected Treasurer of the company, effective Jan. 1, 1941, succeed¬
Jenry H. Pease.
as
Secretary of the
company.
Earnings for November and Year to
November—
1940
Gross from railway
Date
Netry oper. income...
—V. 151, p. 3564.
$377,799
99,428
i 75,348
$293,646
75,845
57,072
$293,413
53,977
44,434
4,065,281
1,515,984
1,095,104
3,947,865
1,459,381
1,151,066
3,093,328
766,964
608,041
3,402,846
811,654
707,535
Lessing's, Inc.—Common Dividend—
Directors have declared
a dividend of five cents per share on the common
payable Dec. 26 to holders of record Dec. 24.
Dividend of like
paid on June 10 and March 11, last, and on June 10, 1939 and a
regular quarterly dividend of five cents was paid on Sept. 10,1938.—V. 151,
p.2945.
stock,
amount was
Lexington Railway Co.—Bonds Called—
A total of $26,000 first mortgage 5% bonds due 1949 has been called
on Feb. 1 at 110.—V. 142, p. 3176.
for
redemption
Lock Joint Pipe Co.—Extra Dividend—
Directors have declared
an extra dividend of $12.50 per share on the
stock, payable Dec. 20 to holders of record Dec. 10. Dividend of
was paid on Dec. 31, Nov. 30 and on Oct. 31, last, and
previously monthly dividends of $1 per share were distributed.—Y. 151,
p. 2502.
common
$1.50 per share
Gas
Corp.—Plans
to
Borrow
.$26,000,000
from Banks—
The corporation plans to borrow $26,000,000 from commercial banks in
order to redeem $20,000,000 of debentures and to pay off outstanding bank
notes.
The
Ludlow Valve Mfg.
Co.—New President, &c.—
the election of Alfred W. Thompson as
Thompson, former Vice-President and general manager,
Directors on Dec. 30 announced
Mr.
President.
Livingston W. Houston, who was named Chairman of the Board
Harry Hoffman of New York was elected Vice-President.
of Directors.
Initial
Preferred Dividend—
initial dividend of 10 cents per share on the
Luzerne County
stock, payable Jan. 1 to holders
Gas & Electric Corp.—Registers with
Corporation on Dec. 31 filed with the Securities and Exchange Com"
a registration statement (No. 2-4623, Form A-2) under the Securi¬
covering $7,500,000 of 3H% First mortgage bonds, due
Jan.1, 1966.
Corporation will use $7,263,000 of the estimated net proceeds from the
sale of the bonds for the payment on March 1, 1941, of the principal amount
of all its outstanding 6% first and refunding mortgage gold bonds, due
1954 (except $18,000 principal amount which will be retired through opera¬
tion of a sinking fund), and for the payment on April 1, 1941, of the prin¬
cipal amount of all outstanding 5% first mortgage refunding and improve¬
ment gold bonds, due 1948, of Luzerne County Gas & Electric Co.,,the
predecessor company.
The balance of the proceeds will be used to reim¬
burse in part the corporation's treasury for funds expended in redeeming
on March 1, 1940, $500,000 of its 6% first and refunding mortgage bonds.
Principal underwriters will be Drexel & Co., Stroud & Co., Inc., and
Bioren & Co., all of Philadelphia.
Names of other underwriters, the under¬
writing discounts or commissions, the offering price, and the redemption
provisions will be furnished by amendment.
The prospectus states that to facilitate the offering it is intended to
stabilize the price of the bonds.
This is not an assurance, it states, that
the price of the bonds will be stabilized or that the stabilizing, if commenced,
may not be discontinued at any time.
The Securities and
Exchange Commission announced Dec. 30 that
corporation (subsidiary of United Gas Improvement Co.), had filed an
application (File 70-219) under the Holding Company Act regarding the
proposed issuance and sale of $7,500,000 of 3M% first mortgage bonds,
due Jan. 1, 1966, at approximately 101%.—V. 151, p. 3244.
ties Act of 1933,
1937
From Jan. 1—
Gross from railway
Net from railway.
loan
$2,746,050
mission
1938
1939
$369,652
144,351
102,504
Net from railway
Net ry. oper. income...
Star
37,000
Cr20,986
21,981
160,227
44,856
250,000
37,000
CY6.084
24,666
250.000
203,524
SEC—
Mr. Pease will continue
Lone
.
Directors have declared an
meeting of the board of directors held
was
Amortization of contractual capital expenditures.
5^ % non-cumuiative convertible preferred
of record Dec. 27.—V. 149, p. 263.
Lehigh & New England RR.—New Treasurer—
a
.
1,427
1,120,766
570,650
"
$147,078
50,606
21,302
17.553
—
Amortization of flood and rehabilitation expense.
succeeds
Gross from railway
Net from
debt
Interest charged to construction
Miscellaneous deductions..
1,030,450
160,227
7,704
—
Other income
—
"$4~287,165
$2,867,352
Net operating income
$4,083,641
1,030,450
Provision for Federal and State income taxes
-V. 151, p. 3400.
1937
1938
$162,627
45,186
20,043
Net ry. oper. income..
From Jan. 1-
$4,124,763
228,965
1,428
1,110,287
1,048,488
-
...
645,081
1,272,667
$4,353,728
Taxes
Net income
-Earning s1939
,.
„
594,842
Amortization of debt discount and expense
11,915,821 11,634,267
.
1,341,000
•
Interest on funded
Total..
2,148,879
1,204,509
(& Subs.)—Earns.
„
Maintenance—
Other interest-
6,688,332
1949
1939
$11,976,057 $10,990,745
3,755,249
3,296,514
Gross income
30,270
.11,915,821 11,634,267
6,995,804
2,515,824
1,458,630
Appropriation for retirement reserve
Amortization of limited-term investments.
2,871,744
11,189
41,743
7,566,675
2,723,233
1,557,166
Operating revenues
Operation
2,006
x
—
321,689
189,115
Louisville Gas & Electric Co. (Ky.)
ac¬
counts rec
Deferred charges..
At
railway
railway
Net ry. oper. income
—V. 151, p. 3243.' '
Gross from
Net from
$645,609
223,536
134,048
$754,727
5,364,384
3,249,859
Capital surplus
Surplus
railway
Net ry. oper. income
From Jan. 1—
1938
$749,504
308,874
208,066
Year Ended Nov. 30—
2,235.653
real
Plants,
Cash
Ad vs.
Net from
Ry.]
1939
1940
November—
Gross from railway—........—..
1939
1940
—
[Includes Louisiana Arkansas & Texas
Consolidated Balance Sheet Oct. 31
•
764,735
5,465
Loss.—V. 151,p. 3243.
Louisiana & Arkansas Ry.—Earnings
a
97,390
79,207
9,118
$1,339,282
883,018
Drl3,231
Earnings per share
4.475,454
def168,987
$144,053
77,378
assess¬
ment, prior years
Dividends paid—Dr
Total surplus...
22,787,994
1940—11 Mos.—1939
$1,056,953 $11,375,811 $11,082,135
222
1,104
1,430
6,262
operations
Operating revenue...
Operating expenses
Depreciation
$1,769,546
257,465
$2.31
See
Depreciation
Prov. for Fed. inc. tax..
Shs. cap.sttf.out.(par 15)
202,133
defl50,792
411,944
1,968
641,324
Federal excise taxes
tax
75,000
2,130
582,157
def203,563
$1,770,472
$1,819,684
315,002
def92,289
1940—M<mth—1939
Passenger revenue...._
Other rev. from transp..
Rev. from other rail and
coach
1937
1938
1939
$1,845,747
264,624
Railway Corp.—Earnings—
Los Angeles
Period End. Nov. 30—
Taxes
51,734
Miscellaneous
State
908,987
Net oper. revenue
equip, of discontinued
depts. written off
Prov. for contingencies.
Surplus for year
Previous surplus
6,007,390 /
Net ry. oper. income
—V. 151, p. 3243.
75,029
$1,475,177
23,203,807
Gross from railway.
Net from railway
o'PriPr'fil
nf
Add'I
Net from railway
1940
1939
1938
1937
$14,608,035 $14,520,702 $12,219,048 $13,769,152
Net sales
a
Gross from railway
^
(W. J.) McCahan Sugar
Directors
have
accumulations
Dec.
19—V.
on
declared
borrowing, which was disclosed in an application filed
Exchange Commission Jan. 2, would be distributed
among eight banks as follows;
Union Trust Co., Pittsburgh, $7,750,000;
Mellon National Bank, $2,000,000; Chase National Bank, $10,000,000;
Bankers Trust Co., $3,000,000; Chemical Bank & Trust Co., $1,500,000;
Co.—Accumulated Dividend—
dividend of $1.75 per share on account of
stock, payable Dec. 23 to holders of record
124, p. 801.
McGraw-Hill Publishing Co.—New Official—
Loyola Guerin has been named executive assistant to the President
of this company.—V.
151, p. 3244.
proposed
with the Securities and
a
the preferred
MacSim Bar Paper
Co.—Extra Dividend—
an extra dividend of five cents per share in
quarterly dividend of like amount on the common
stock, both payable Dec. 24 to holders of record Dec. 14.
i
Directors
have
declared
addition to the regular
Volume
The Commercial & Financial Chronicle
152
Maine Central
RR.—Earnings—
Period Ended Nov. 30—
1940—Month—1939
Operating revenues
Operating expenses
$956,025
701,139
Net oper. revenues
232,890
728,492
Drl54,976
289,389
$189,803
32,472
$1,683,430
434,106
$1,919,634
422,618
$222,275
$2,117,536
$2,342,252
171,141
1,810,098
1,872,865
$23,990
Net income
$3,092,491
905,825
Dr79.259
163,486
Gross income..
Deductions (rentals, int.,
•fee.)
$2,901,404
$187,476
Net ry, oper. income.
Other income
$294,039
64,445
Drl3,085
26,706
$160,679
26,797
rents
Joint facility rents—Dr.
during the period in question and pursuant to the plan, failed to make pay¬
aggregating $115,122 to the trustee for the purchase of outstanding
debentures under the terms of the original trust agreement but
during the
same period, made provision for current
sinking fund requirements in the
amount of $51,980 pursuant to the plan.
It is expected that the corpora¬
tion's working capital will be further
strengthened by the benefits derived
ments
$254,886
75,178
Crl,238
20,267
Taxes--
Equipment
1940—11 Mos.—1939
$1,013,589 $11,046,044 $10,948,284
719,550
8,144,640
7,855,793
$51,134
$307,438
$469,387
from the plan and agreement.
\
At the present time the holders of more than 60
% of the preferred stock
evidenced their acceptance and approval of the plan of capital stock read¬
justment as have holders of more than 96% of the common stock.
It is
anticipated that within the next 60 days a special meeting of stockholders
will be called for the purpose of
declaring the plan operative.
Income Account Year Ended Oct. 31
.
—V.-151,p. 3244.
1940
Marion-Reserve Power Co.
General taxes.
Federal income taxes
.
_
_.
_
Maintenance
Prov. for retirement
res.
$273,833
1,966
$3,315,165
22,092
$3,092,791
20,839
$275,799
121,789
18,376
9,349
16,167
24,860
$3,337,257
1,460,522
$3,113,630
1,372,778
237,945
165,488
177,041
319,904
208,528
85,602
198,618
$87,984
$976,356
294,000
2,125
33,040
$983,506
376,250
26,425
(net)-
3,101
48,095
37,661
$59,450
13,461
$48,678
$601,222
1
14,128
162,197
$34,550
$439,025
$374,385
Discount
,
$45,989
3244.
533
393
388
88,534
$125,558
35,378
$185,207
7,791
$143,576
8,446
prof$143,103
$90,181
$177,417
$135,130
y27,340
Crl6,332
Cr44,987
£r44,839
Cr28,185
$45,194
$132,577
$134,285
_.
on
debs,
3566.
31,500
pur,
sinking fund
Net loss
Less freight returns, &c.
y Includes professional fees for industrial
and "unjust enrichment" tax matters of $10,800 and allocated
portion of charges of Roberts & Oakes of Iowa, Idc. , of $16,540.
survey
Balance Sheet Nov. 2, 1940
on presentation of bonds for
stamping.
Interest is payable
office of Wells Fargo Bank & Union Trust
Co., San Francisco, Calif.
p.
41.074
x
available for
stock—
April 1, 1940,
at
x
365
.
Total loss.
$543,170
168,785
at the rate of 5% per annum will be paid on Jan.
1,
the first mortgage 7% sinking fund
gold bonds, series A, due
:—V. 151,
See
prof$54,569
.
Other income.-
for
.
Quarterly interest
on
282,866
$8,602,949 $10,103,413
8,395,210
9,896,821
339.245
283,188
47,385
55,697
3,307
7.807
2,616
3,090
prof$127,935
—
Market Street Ry,—Interest—
1941
$8,885,815 x$10103,413
--
common
p.
2,951
2,271
'
1937
tax at source
Miscell. deductions-Prov. for Fed. inc. taxes
3,122
..Net income
151,
2% normal
1,957
264,597
& other deduc'ns
Div. accrd.on $5 pref.stk
-V.
$85,258
31,354
22,604
2,808
(net)---
Balance
Int.
Loss
_
$7,354,597
7,081,674
351,653
661
Selling and admin. exps_
on debentures
Other interest
Amort, of debt discount.
—
exp.
$7,594,754
7,165,287
336,973
34,941
"
V
1938
:1
Net sales
Cost of sales...,
Net earnings
Int. on mtge. debt...—
Interest on serial notes.
Amort, of debt, disct. &
303,049
&c.
$302,253
130,238
21,821
17,10.5
17,692
27,414
Gross revenues
Operation
$7,657,646
1
Freight returns, hauling,
.
1940—12 Mos.—1939
$299,926
2,327
Non-operating income..
_
Earnings^-
1940—Afontfc—1939
____
1939
$7,942,189
347,436
Sales
Period Ended Nov. 30—
Total oper. revenues.
125
The corporation's plan of debenture adjustment and
deposit agreement
submitted to holders of its debentures during the month of August was
declared operative on Nov. 12, 1940.
There has been deposited Dec. 17,
1940 pursuant to the plan in excess of
67% of debentures.
Corporation
.
Assets—Cash in banks and on hand, $209,893; receivables (less reserves
for doubtful receivables, &c. of $5,250),
$277,844; inventories, $438,748;
prepaid insurance, taxes, &c., $9,895; cash in sinking fund, $19; invest¬
ments, $5,697; plant and equipment (net), $1,288,893; debt discount, in
process of amortization over life of
issue, $5,141; trade-marks, trade names
goodwill, at cash cost at inception on July 5, 1928, $210,747; total,
$2,446,878.
Liabilities—Hog purchase drafts outstanding, $4,181; accounts payable,
$27,867; accruals, $77,121; provision for Federal income taxes (subject to
final determination by Treasury Department), $54,500; current sinking
fund requirements, $51,980; funded debt, $529,320; cumulative convertible
preference stock without par value, stated value $31.61 per share (outstand¬
ing 43,229 shares), $1,366,544; common stock without par value; stated
value $5 per share, $428,125; paid-in at date of organization, $500,00
stated value of common stock donated to company and canceled, $157,970;
discount on preference stock redeemed and canceled, &c., $148,728; deduct
earned surplus (deficit), $899,459; total, $2,446,878.
and
Material Service
Corp.—Pays Common Dividend—
<
Company paid a dividend of $2 per share on its common stock, on Dec. 23
to holders of record Dec. 19.
Last previous distribution was the 50-cent
dividend paid on Dec. 23, 1937.—V.
150, p. 4131.
Melville Shoe Corn.—-Sales—
Corporation
on Dec. 27 reported sales at retail for November of
$3,446,923
compared with sales for November of 1939 of $3,104,339, an increase of
as
11.04%.
Sales for the 11 months were $35,524,868 as against $33,484,874
for the similar period of 1939, a
gain of 6.09%.—V. 151, p. 3566.
Merchants Refrigerating Co.—Accumulated Dividend—v
r
Directors have declared a dividend of 50 cents
per share on account of
accumulations on the 7% pref. stock, payable Dec. 28 to holders of
record
Dec. 26. Like amount was paid on Nov. 1, last.—V.
151, p. 2651.
Michigan Bell Telephone Co.—Earnings—
Period "End. Nov. 30—
Operating
revenues
Uncollectible oper. rev--
-
1940—Month—1939
1940—11 Mos.—1939
$4,154,684
$3,741,590 $43,658,731 $39,734,464
14,053
13,307
141,403
105,612
Operating revenues.. $4,140,631
Operating expenses
2,523,267
$3,728,283 $43,517,328
2,326,418
25,881,908
Net operating revenues $1,617,364
Operating taxes
623,380
g:
Certificates Ready—
The
gold debentures, due
stamped, are notified that pursuant to the provisions of
article fourth (b) of the plan of debenture adjustment and deposit agree¬
ment
dated as of Dec. 30, 1939, and to which additional semi-annuai
interest coupons for the extended term of the debentures hkve been attached,
are now ready for delivery.
Holders are, therefore, requested immediately to send or deliver their
certificates of deposit to the Continental Illinois National Bank & Trust Co.,
231 South La Salle St., Chicago, so they may be exchanged for the deben¬
tures.—V. 151, p. 2947.
v,
>;'V
$1,401,865 $17,635,420 $15,373,367
518,149
6,983,013
5,613,385
Net operating income
Net income
$993,984
969,407
..
Expansion
$883,716 $10,652,407
826,274
10,450,753
$39,628,852
24,255,485
$9,759,982
9,168,531
Program—Capitalization Increase Approved—
Company will spend approximately $25,400,000 in 1941 for plant im¬
provement and extension of facilities,
George M. Welch, President of the
company, announced on Dec.
23.
Next year's budget represents an
increase of 22% over that for this year and is the
highest for any year since
1929.
^
-v'.'
"
-a-.
■
C
__
1940
$793,580
180,153
Net ry. oper. income..
—V. 151, p. 3244.
.
.
1937
1938
77,420
117,949
8,898,387
2,216,533
1,212,519
Net ry. oper. income.. ,I-.From Jan. 1—
Gross from railway—.
Net from railway
1939
$839,533
201,386
102,167
8,480,684.
1,948,976
951,183
8,357,094
1,658,569
636,873
..
-.
.
$832,860
232,177
$791,543
208,314
124,616
7,938,747
1,368,160
436,009
'■
will be in the Detroit area where greater facilities are
expected to be needed
to handle the additional volume of business
resulting from the national
p.
as
Minneapolis & St. Louis RR.—Earnings—
The Michigan Public Service Commission
approved on Dec. 23 the
application to increase its capitalization by $15,000,000 to
$150,000,000 to facilitate the expansion program.
Most of the expansion
151,
1943,
November—
:
Gross from railway..-.
Net from railway.
Minneapolis St .Paul & Sault Ste. Marie Ry,—Earns.
company's
defense program.—V.
>
holders of certificates of deposit for the 6%
July 1,
3567.
?
[Excluding ^Wisconsin Central By.)
Period End. Nov. 30—
All other
'
$1,142,214
33,290
v
98,476
Freight revenue.
Passenger revenue
revenue..-
1940—11 Mos.—1939
$1,229,925 $14,132,295 $12,288,294
49,899
607,154
752,564
>104,898
1,171,267
1,180,272
$1,274,010
232,894
220,965
31,586
592,025
45,358
$1,384,722 $15,910,716 $14,221,130
188,203
2,715,427
2,368,560
230,457
2,490,075
2,439,320
33,183
381,23 1
379,120
546,695
6,111,745
5,932,027
49,712
569,584
594,075
1940—Month—1939
Middlesex Products Co.—Extra DwidendDirectors have declared an extra dividend of 50 cents
per share in addi¬
tion to the regular quarterly dividend of 25 cents
per share on the common
stock, par $20, both payable Dec. 24 to holders of record Dec. 17.
Like
amounts paid on Dec. 26, 1939.
Extra of 15 cents was paid on Dec. 20,
1938.—Y. 150, p. 1774
Total
revenues.
Maint. of way & struct-Maint. of equipment
Traffic expenses._
Transp.
expenses
.
General expenses
Middle
States
Petroleum
Corp.—Dividends—
Directors have declared dividends of 37 cents per share on the class
A
stock and five cents per share on the class B stock payable Jan.
31, 1941 to
holders of voting trust certificates and stock certificates of record Jan.
10,
declared with respect to consolidated net
earnings
1941. The dividends are
for the year 1939. Initial dividends of 63 cents on the class A stock and
10
cents on the B stock were paid on Jan. 15,1940.—V.
151, p. 1435.
Midland
From Jan. 1—
Gross from railway—
Net from railway
Net ry. oper. income
—V.
1940
1939
1938
1937
$120,010
60,767
42,071
$116,211
49,597
27,582
$119,220
58,033
39,734
$124,878
1,229,108
532.142
309,062
1,276,187
581,181
364,200
1,257,404
550,244
348,358
54,118
33,098
1,412,706
642,743
451,496
151, p. 3244.
Midwest Piping & Supply Co
,
Inc.—25-Cent Dividend-—
Directors have declared a dividend of 25 cents per share on the common
stock, payable Jan. 15 to holders of record Jan. 8. Dividend of 50 cents was
paid on Dec. 14, last; 25 cents was paid on Oct. 15, last; one of 20 cents was
paid on July 15, last, and previously regular quarterly dividends of 15 cents
share
per
were
Miller &
distributed.—V. 151, p. 3095.
Hart, Inc.-
Some degree of satisfaction has been derived from
being able to point out
the corporation's net income for -the period covered by the
report
to $159,435 after allowing for all
charges including provision
that
for
depreciation,
are
estimated at
net loss of
but
before^ Federal taxes.
The Federal income taxes
$31,500, leaving a net profit of $127,935, as compared
$45,194 for the previous fiscal
year.
The working capital position at the end of the fiscal year reflects an im¬
provement of approximately $96,000 as compared with that available on
Oct. 31, 1939, after providing $51,980 to meet the
ments
as
or
$2,463,464
297,204
145,007
$192,827
13,297
$2,021,253
106,852
$932,152
133,771
•
$1,367,535
284,722
150,661
,
$321
$206,124
$2,128,105
$1,065,923
3,925
3,520
33,792
44,351
$202,604
$2,094,313
$1,021,573
&
—
on
bonds, &c.
Loss
$237,790
26,045
18,918
$2,508,028
1,140,493
x$3,603
accrued
Bal. before interest
x
$3,642,654
1,179,190
deficit.
[Including Wisconsin Central Ry.]
November—
1940
Gross from
railway.
Net from railway
1939
1938
$2,389,244
454,688
130,709
Net ry. oper. income
From Jan. 1—
Net from railway—___
Net ry. oper. income
$2,492,722
645,638
349,151
$2,053,095
331,067
47,345
28,734,819
7,532,189
4,233,302
26,153,016
6,099,802
2,858,306
22,507,354
3,239,312
defl43,518
1937
$1,922,534
172,561
defl44,170
25,851,891
5,501,808
2,510,061
—V. 151, p. 3402.
amounted
a
being
paid
Gross from railway.;
-Annual Report—The annual repoft
states:
with
Income before interest
Int.
$336,472
98,682
x$5,302
5,624
Other income (net)
$149,181
102,495
$46,686
37,768
14,220
Net after taxes
Hire of equipment
Rental of terminals
Net after rents.
Valley RR.—Earnings—
November—
Gross from railway.
Net from railway
Net ry. oper. income.__
Net ry. revenues.--..
Taxes
modified
pursuant
deposit agreement.
to
the
plan
sinking fund require¬
of debenture adjustment and
Mississippi Central RR.- -Earnings
November—
1940
1939
Net from railway.
Net ry. oper. income..-
$96,003
40,660
29,013
$77,925
18,999
10,383
$66,453
11,612
def2,347
From Jan. 1—
Gross from railway...-.
Net from railway.
Net ry. oper. income...
$77,447
9,015
def2,704
751,361
68,195
def38,556
790,998
91,890
defl8,987
731,234
146,065
40,460
866,570
138,771
36,596
Gross from railway_
—V. 151, p.3245.
_
_
_
_
1938
>
1937
The Commercial & Financial
126
1940—Month—1939
$299,964
$316,152
1940—12 Mos.—1939
$3,678,274
1.754 438
148,443
163,518
$3,364,253
1,706,942
Taxes
57 131
43 178
509 439
523 329
Prov. for depreciation--
25 000
23 333
298 333
371 667
$69 290
41,326
$86 122
46,348
$849 539
519,951
$1 028,841
575,750
$27,964
21,088
$39,774
21,088
$329,587
$453,090
253,062
Operating expenses
Gross income
Interest & other deducts.
Net income
Divs.
on
pref. stock..-.
2,53,062
with R. C. A.
the radiotele¬
Department of Communications of
Telegraph Co. and its connecting
companies throughout the United States and of telephone systems in other
countries. Company also cooperates with R. C. A. Communications, Inc.,
in furnishing radiotelephone service to certain ships at sea.
Company furnishes local service in 31 exchange areas on the five principal
phone and connecting systems of the
Japan, of the American Telephone &
islands of the Hawaiian group.
Company is also engaged in the wholesale distribution of radios and
records in the Territory of Hawaii as the representative of R. C. A. Manu¬
facturing Co.
'
■
Funded Debt and Capitalization—
Authorized Outstanding
1st mtge. bonds,
$76,525
$200,028
Note—Results of operation through Dec. 18, 1939 of certain properties
conveyed to Tennessee Valley Authority and other public agencies on that
date
are
$18,686
$6,875
Balance..
included herein.—V. 151, p.
3402.
Missouri & Arkansas Ry.
1938
1937
$111,075
26,394
8,386
$89,075
20,907
$96,639
20,257
8,454
1,100,306
218,432
57,360
1,011,432
905,613
137,648
Gross from railway—-.
Net from railway
Net ry. oper. income...
151,
1939
1940
Net ry. oper. income
From Jan. 1—
—V.
Earnings
$112,964
13,919
def5,383
November—
Gross from railway
Net from railway
209,903
73,452
11,364
1,057,665
185,942
42,607
9,044
3245.
p.
Missouri Illinois Ry.—Earnings1939
1938
1937
$204,292
97,181
63,006
$134,420
53,266
$105,789
2,044,789
909,949
440,181
2,075,055
1,004,480
977,629
587,329
209,901
48,557
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income...
York.—V.
32,112
8,948
36,721
1,389,424
442,733
204,810
'
Hawaiian Trust Co.
'
Company has also authorized the offering in exchange to the holders
residing in the Territory of Hawaii of the company's first mortgage bonds,
series B 4% due July 15, 1960, an equivalent amount of first mortgage
bonds, series A 4%, due Jan. 15, 1971.
Company proposes to issue and sell on Jan. 15, 1941, or as soon as practi¬
cable thereafter, to residents of the Territory of Hawaii $400,000 first
mortgage bonds, series A 4%. due Jan. 15, 1971, for the purpose of pro¬
viding funds for additional working capital or to repay the company s
current short-term loans.
Company plans to sell on Jan. 15, 1941, or as soon as practicable there¬
after, so much of the $2,000,000 first mortgage bonds, series A 4%, due
Jan. 15, 1971, offered in exchange to the holders residing in the Territory
of Hawaii of the first mortgage bonds, series B 4%, due July 15. 1960, as
are not issued in exchange for the purpose of providing funds to pay the
Patterson-Sargent Co. (& Subs.)—Earnings1939
e$239,258
e$69,201
12,158
f38,699
24,902
d48,294
c8,463
$215,867
3,071,947
$64,959
$413,371
3,219,396
3,175,159
45
110
$3,316,984
12,355
200,000
$3,287,923
12,386
150,000
$3,284,355
$3,588,534
12,408
200,000
13,534
350,000
Balance, surplus
$3,104,629
Earns, persh. on 200,000
shs. com. stk. (no par)
$0.90
$3,125,537
$3,071,947
$3,219,396
$0.26
$2.00
Operating profit
Other income
1937
$2,387,353
$2,323,338
616,531
214,837
Gross from railway
385,211
9,121
$2,268,827
422,566
34,276
25,992,780
5,385,624
1,170,442
25,590,309
5,002,311
745,841
29,729,071
7,425,875
2,779,808
;
$2,550,426
510,295
27,032
Net from railway
Net ry. oper. income...
From Jan. 1—
Divs.
25,486,280
5,796,847
1,607,764
Gross from railway
Net from railway
Net ry. oper. income
pref. stock
on
Common dividends
Missouri Pacific RR.—Earnings$7,825,089
2,025,222
income...
1,190,252
—
Net ry. oper.
From Jan. 1—
Gross from railway.....
79,262,788
Net from railway.17,649,387
Net ry. oper. income...
8,368,747
1937
1938
1939
1940
Gross from railway...
Net from railway
$7,526,274
1,718,487
831,741
$7,049,579
1,599,244
717.481
$7,509,046
1,553,808
665,698
76,062,564
15,910,900
6,215,212
74,058,989
14,727,811
4,898,040
85,528,456
20,008,708
10,815,969
5,600
Consolidated Balance Sheet Oct. 31
1940
November—
Gross from railway
Net from railway
Gross from railway
Net from railway
-
-
Net ry. oper. income.
—V. 151, p. 3245.
Monroe
--
$485,839
306,303
190,530
$365*749
233,197
130,191
$340,751
4,590,689
2,760,228
1,337,370
Net ry. oper. income.
From Jan. 1—
25,946
30,353
41,029
349,186
308,800
300,000
47,550
Federal
3,755,314
2,239,595
1,087,706
3,070,875
1,858,848
4,174,623
2,418,568
1,149,855
806,921
181,398
70,482
1,156,817
61,788
Res. for conting.
$4
x
cum.
-
pref. stock
Common stock--
Earned surplus—
Securities of uncon¬
3,104,629
349,186
309,100
300,000
3,125,537
21,750
21,750
solidated subs__
Sundry secur., mis-
24,971
26,303
947,964
978,739
cell. rec., &c—
L'd, bldgs., mach.,
equipment,
Ac.
Unexp. ins. prem.
x
par
42,805
48,835
prepaid taxes—
..$4,275,488
Total
Calculating Machine Co.—To Pay $1 Dir.—
a dividend of $1 per share on the common stock,
value, payable Dec. 23 to holders of record Dec. 19. This compares
with 50 cents paid on Sept. 30, June 28 and April 30, last, and $1.75 paid
during 1939.—V. 149, p. 2238.
and State
taxes on income.
775,661
848,273
1,243,835
66,997
accepts, payable
Directors have declared
no
$145,898
Accrued taxes..--
Customers' notes &
of life Insurance-
$391,988
247,679
121,667
-
Accounts payable-
749,940
U.S. Govt.securs.
1937
1938
$148,273
$496,195
$1,072,863
Cash surrender val.
1939
1939
1940
Liabilities—
1939
1940
Cash
Inventory
Ry.-—Earnings—
Monongahela
^
$1.00
of sales, selling, administrative and general ex¬
penses.
b Includes $10,000 for surtax on undistributed profits,
c in¬
cludes $1,313 additional charge for prior year taxes,
d Includes $744
adjustment for prior years,
e After deducting provision for depreciation
of $55,416 in 1940. $54,445 in 1939, $60,164 in 1938, and $62,216 in 1937.
f After deducting $2,330 adjustment for prior years.
After deducting cost
a
Assets—
1941, on Pacific Railroad of Mis¬
bonds, due 1938, on surrender of
interest warrant No. 5.
Interest is payable at office of J. P. Morgan &
Co., Inc., New York.—V. 151, p. 3245.
7,400
d90,600
on pref. stock
purchased and retired
Interest—
Interest of 1 % % was paid on Jan. 2,
souri second mortgage extended gold 5%
e$496,571
Premium
—V. 151, p. 3894.
November—
1937
1938
1940
e$217,943
a
Missouri-Kansas-Texas Lines—Earnings1938
bonds, series B,
principal amount of the redemption price of first mortgage
which will be redeemed on Jan. 15,1941.—V. 151, p. 3750.
Prov. for Federal taxes..
1939
,
,,
$191,401
3,125,537
mortgage 5% bonds, series A,
P. Morgan & Co., Inc., New
151, p. 3245.
1940
See cote
a3,800,000
capital stock now offered are issued, the
company will have 400,000 shares of capital stock issued and outstanding.
All of the $2,000,000 first mortgage bonds, series B 4%, due July 15,
1960, have been authorized by the company to be redeemed on Jan. 15,
1941, and notice of intention to redeem has been given by the company to
Years End. Oct. Zl—
November—
15,1971—
When the 20,000 shares of
a
Interest—
The interest due Jan. 1, 1941, on the first
due 1959, is now being paid at office of J.
$2,000,000
$2,000,000
3,000,000
4,000,000
series B 4%, due July 15,1960—
1st mtge. bonds, series A 4%, due Jan.
Capital stock (par $10)
-
,
1940
$208,243
101,487
39,609
November—
Gross from railway
Net from railway
Jan. 4, 1941
Hawaii, Maui, Kauai and Molokai. Company in cooperation
Communications, Inc. furnishes radiotelephone service to
Mississippi Power Co.—Earnings—
Period End. Nov. 30—
Gross revenue
Chronicle
$4,309,999'
$4,275,488 $4,309,990
Total..
Represented by 200,000 no par shares.—V. 151, p.
Phoenix Acceptance
3752.
Corp.—Extra Dividend—
Directors have declared an extra dividend of five cents per share on the
stock, payable Dec. 30 to holders of record Dec. 24.
Regular
quarterly dividend of 12H cents was paid on Nov. 15 last.—Y. 147, p. 429
common
Mount Hope
Mineral RR.—May Dissolve—
The stockholders will vote Jan. 17 on deciding whether or not the corpo¬
rate existence of the company
extended perpetually.—V., 130,
which expires on March 15,
p. 1110.
Mountain States Telephone &
Period End. Nov. 30—
1940—11 Mos.—1939
$2,320,276
8,072
$2,153,002 $24,712,141 $23,417,670
7,821
83,188
61,632
Operating re venues... $2,312,204
Operating expenses..-.
1,593,899
Directors have declared a dividend of $2.50 per
Uncollectible oper. rev._
Net oper. revenues...
Operating taxes
Net operating income.
Net income
$718,305
299,957
$712,622
326,928
$8,214,090
3,793,079
$7,857,111
3,384,964
$418,348
325,138
$385,694
308,471
$4,421,011
3,432,531
(Conde) Nast Publications, Inc.—To Pay Com.
Directors have declared a dividend of 25 cents per
quarterly dividend of 50 cents per share was
Telephone Co., Honolulu—Stock Offered—To
$2,000,000 Series B Bonds—New Bond Issue to Be
Offered—
The company
is offering 20,000 shares of common stock for subscription
($10 per share) to stockholders of record Nov. 6, in the ratio of
The rights evidenced by the warrants may be
exercised at the principal office of the company in Honolulu on or before
the close of business on Jan. 6, 1941.
Full shares representing fractional
interests and also shares called for by warrants which are not exercised will
be sold at public auction in Honolulu to the highest bidder therefor not
later than Jan. 15, 1941, and the proceeds from the auction sale in excess of
$10 per share after all the expenses of the auction sale have been first de¬
ducted will be distributed pro rata to the stockholders of record of the com¬
pany as of the close of business on Nov. 6, 1940, whose fractional interests
are disposed of and to the holders of unexercised warrants.
There is no underwriting in connection with this offering and no firm
par
for each 19 shares held.
commitment to take the issue has been made.
/Company intends to apply the proceeds from the sale in whole or in part,
(1) to repay abortion of its current short-term loans which at the
either
Eresentend of are $450,000, but which areloans were to aggregate $600,000
time 1940, the proceeds of which expected and are to be used for
y the
working capital, or (2) to provide additional working capital
replacements, improvements and/betterments of
for the purpose of making
the company's plant.
Company proposes to sell on Jan. 15, 1941, or as soon as practicable
thereafter, $400,000 first mortgage bonds, siries A 4%, to be dated Jan. 15,
1941, and to mature Jan. 15. 1971, for the purpose of securing further funds
to apply towards the repayment of its current loans and to provide further
working capital.
•«o£?mpany
1883.
Hawaiian corporation)
Company
This will be the first
1931 when a regular
distributed.—V. 151, p. 2654.
National Gypsum
The
Co.—Sales Director—
appointment of Robert W. Downes as director
2 by Melvin H. Baker, President.
of sales was an¬
nounced Jan.
Acquires New Lime Plant—
Melvin
Redeem
additional
Div.—
share on the common
stock, payable Jan. 31 to holders of record Jan. 15.
dividend paid on the common shares since Oct. 1,
Mutual
one
2948.
preceding quarters, and on Dec. 20, 1938.—V. 151, p.
$4,472,147
3,575,049
—V. 151, p. 3402.
at
share on the common
Coated
&
stock, no par value, payable Dec 26 to holders of record Dec. 23.
Four
quarterly dividends of 50 cents were previously paid; $2 paid on Dec. 2d,
1939; $1 paid on Nov. 15, 1939; and 50 cents paid in each of the three
$2,145,181 $24,628,953 $23,356,038
1,432,559
16,414,863
15,498,927
Operating revenues
Co.—Pays $2.50
Gummed
Dividend—
Telegraph Co.—Earns.
194C—Month—1939
Paper
Nashua
1941 shall be
is
a
was
incorporated in Hawaii Aug. 16,
public utility furnishing telephone service
on
the
Islands of Oahu, Hawaii, Maui, Kauai and Molokai, Territory of Hawaii,
and radiotelephone service between said islands and certain ships at sea,
and also wireless telegraph service between the Islands of Oahu, Lanai,
H.
of the
of Bellefonte, Pa. This
17 mills engaged in the
variety of items for the building trade.
Baker,
announced Jan. 2 the acquisition
President
plants and facilities of the Chemical Lime Co.
operation will be added to National's chain of
processing of a
'
The
transaction
limestone mines,
adds
to
National's
plants, two
in the United
lime facilities—three
16 shaft kilns, and the largest rotary kiln
States.
the third major expansion
Co. in 1940.
In June, 1940 National opened a
plaster and wallboard mill in Bronx, N. Y. to service Metro¬
politan New York dealers.
In Nov., 1940 National acquired a paper mill
at Newburg, N. Y. to manufacture paper for gypsum board products.
To date, the National Gypsum Co., which began in 1925 with a single
gypsum mill, has expanded to an 18-mill operation selling 149 related wall
and ceiling items including plaster, wallboard, gypsum lath, insulating
products, acoustical products, casein paints and textures, metal lath and
lime.—V. 151, p. 3895.
The addition of the Bellefonte lime operation is
of the National Gypsum
new gypsum,
National Oil Products Co —Listing—
New York Stock Exchange has authorized the listing of 35,965
common stock ($4 par)
on official notice of issuance
and sale for cash making the total amount of common stock applied for to
date 215,794 shares.
See also V. 151, p. 3895.
The
additional shares of
National Shirt Shops
Directors have declared
a
of Del., Inc.—Initial Dividend—
dividend of 20 cents
per
stock, payable Dec. 30 to holders of record Dec.
like amount was paid on Dec. 30, 1939.—V. 151, p.
New
England
Output—
Gas
&
Electric
For the week ended Dec. 27, New
reports electric output of
share on the common
26. Initial dividend of
2198.
Association—System
England Gas & Electric Association
9,417,573 kwh.
This is an increase of 1,353,308
Volume
kwh.,
week
16.78% above production of 8,064,267 kwh. for the corresponding
or
a
The Commercial & Financial Chronicle
152
Earnings for November and Tear to Date
year ago.
November—
Gas output is
>
reported at 108,744 mcf., a decrease of 9,582 mcf., or 8.10%
below production of 118,326 mcf. in the corresponding week a year ago.—
V. 151, p. 3896.
National Standard'Co. (&
$316,235
22,197
17,210
18,844
24,745
"
$1,176,747
scrapped-
$967,139
$335,079
/
... .
exchange depreciation, foreign subs
Prov. for U. 8. A., Can.
English income taxes.
November—
$987,855
13,400
—
'•
,
179,697
y61,700
y187,724
10,662
2,180
6,659
4,807
$934,451
$724,773
$261,913
$773,799
Divs. paid, less divs. on
stock held in treasury.
704,393
503,138
Shs. cap. stk. (par $10)
268,340
268.340
234,798
268,340
$3.48
$2.70
$0.98
536,680
268,340
$2.88
of
English subSundry charges
Net income
Earnings
per
■
__
of plant and equipment of
$233,463 in 1940, $241,641 in 1939, $267,299 in 1938 and $258,665 in 1937.
y Includes undistributed profits tax of $2,000 for 1938 and $11,500 for 1937.
333,371
239,340
419,462
536,721
6,055
6,745
659
—
Cap.
196,908
stock
37,642
(par
2,683,400
93,624
2,683,400
Res. for contings..
Earned surplus
1,634,666
1,501,756
886,774
1,074,914
$10)
English
4,878
—
—
Prepaid ins. prem,
and other exps
54,055
63.806
—
English
Invest, in
93,624
subsidiary
117,791
equipment
2,254,825
Deferred charges__
33,960
Patents, trademks.
less amortization
Goodwill
-
-
Total
-
-
New York Lake Erie & Western Docks & Impt.
5% to 1943, is
New York
Gross from
.$5,186,602 54,885,485
Total...
—Earnings —
1937
$66,108
34,632
28,641
1940
Gross from railway
Net from railway.
Net ry. oper. income...
—V. 151. P. 3247.
1938
$63,628
35,744
27,553
$60,877
31,441
21,735
680,831
375,602
247,604
Net ry. oper. income
From Jan. 1—
1939
$68,218
38,619
29,056
Net from railway
601,590
291,673
195,204
517,478
316,808
240,340
139,059
$271,836
82,179
38,623
3,032,231
1,571,158
2,839,459
1,072,682
2,810,668
439,238
359,044
3,044,702
1,158,504
534,831
New York Title & Morteage
966,114
1938
$198,521
33,422
1937
$169,144
28,530
81,936
43,872
31,351
2,177,284
2,137,701
2,369,846
1939
1940
Gross from railway..$194,487
Net from railway......
49,010
Net ry. oper. income.__
49,373
From Jan. 1—
— _
2,143,558
579,783
655,593
586,962
555,136
809,439
631,748
617,431
842,237
Co.—Pension
A"-.A "~'ivA'announced the establishment, effective Dec. 31, 1940, of a
pension plan to replace the previous retirement allowance
plan which had been in effect continuously since Jan. 1, 1915.
In con¬
junction with the plan the company created a trust to which it has con¬
tributed $1,775,000 in cash and securities and which will be administered
by three trustees who are directors of the company, Roger Williams, John B.
Plan—
Company has
Randolph. Messrs. Williams and Woodward
officers of the company and Mr. Randolph is Chairman of the Board of
Tri-Continental Corp., which is a large holder of stock of the company.
In addition to this initial contribution, the Newport News Co. will pay
into the trust each year further sums calculated as sufficient on an actuarial
basis to provide for the payment of benefits under the plan.
All employees of the company become eligible for membership under the
new pension plan upon completing five years of service with the company
and attaining their 35th birthday. The pension plan is designed to supple¬
ment the old age benefits presently payable under the Social Security Act
so that the combined benefits of the Act and the company's plan will provide
for every employee retiring at his normal retirement date under the plan a
minimum pension of at least 30% of his average earnings during the period
of his participation in the plan.
The full cost of the benefits under the
pension plan in respect of employees receiving up to $3,000 per year will be
paid by the company, but employees earning more than $3,000 per year will
contribute a part of the cost of the benefits receivable by them.
Company now has more than 13,000 employees, and when certain new
facilities have been completed and additional housing arrangements become
available, it is expected that this number will be materially increased.
Until this year the company, which operates the largest independent ship¬
yard in the country, was owned by the Huntington interests.
Early this
year all the outstanding stock was sold to Tri-Continental Corp. and a
group of investment associates, and subsequently a major portion of the
company's stock was sold to the public by an underwriting group headed by
Union Securities Corp.—V. 151, p. 3751.
Woodward Jr. and Francis F.
are
New York Central
B.
Tleming will
RR.—Vice-President Retirest dec.—
retire as Vice-President
\
and General Manager of
from Buffalo east and will be succeeded
by A. H. Wright, Assistant General Manager, on Dec. 31* R. D. Starbuck,
Executive Vice-President, announced on Dec. 24.
Mr. Fleming has been
this railroad iu charge of operation
with the company 47 years.
.
Brinkworth, Superintendent of
division of the West Shore RR.
Superintendent at New York, will take Mr. Brink-
Wright will be succeeded by J. J.
the New York terminal district and river
Mr.
L.
Relyea, Assistant
"worth's plsicc.
H. B. Tucker,
Trainmaster, has
tendent of the New York terminal
been promoted to
district.
Assistant Superin¬
F. W. Gleisner will go from
operations to head of
Superintendent in charge of terminal
operation of the marine department.
Assistant
annually.—V. 151, p. 3897.
Rock Corp.—25-Cent Common Dividend
dividend of 25 cents
a
share on the
per
Like amount
common
was
paid
and corresnonding sinking fund
and participation payments on the first mortgage bonds also were author¬
ized.
Sinking fund equals the amount of dividend and will be provided
for out of treasury holdings of the issue.
The participation payment of $2.50 on each $1,000 par value stamped
first mortgage bond has been paid to trustee, but under the terms of sup¬
plemental agreement dated Jan. 1, 1935, the amount will not be distributed
until next interest payment date June 1, 1941.—V. 151, p. 2358.
Norfolk & Southern RR.
Earnings—
1940
1939
$385,290
86,270
34,859
$396,647
4,170,144
781,680
210,266
4,269,181
895,380
November—
Gross from railway
Net from railway
Net ry. oper. income.._
—V. 151* P. 3751.
North American Car
81,251
23,113
326,294
1938
$332,408
36,488
defl 1,246
4,061,537
770,892
_
237,§40
1937
$371,170
:
46,301
defl0,620
4,551,380
975,147
1
359,512
Corp.—Accumulated Dividend-
dividend of $3 per share on account of accumu¬
stock, payable Dec. 30 to holders of record
Dividend of $3 was paid on March 25, last and one of $1.50 per
paid on March 29, 1939.—V. 151, p. 2200.
Directors have declared a
lations
on
Dec. 26.
the $6 first preferred
North" American Gas & Electric Co.- -Calls for Tenders
of 6% Cumulative Income Dehentires—
cumulative income
Company has issued a call for tenders of its 6%
debentures, dated Jan. 1, 1937, and due Jan. 1, 1949, for cancellation and
Tenders will be received by it up to and including 12 o clock
noon Jan. 20, and no tenders received thereafter will be considered.
Com¬
retirement.
pany proposes
to expand the sum of $10,175, in the purchase of income
In accepting tenders preference will be given to tenders
but the company specifically reserves the right
debentures tendered.
made at the lowest prices,
reject any or ail tenders.
tender 6% cumulative income debentures, holders thereof should
properly filled out) to the company at 744 Broad St., Newark,
V :
'''AAA A f: AAA'
To
forward (form
N.J.
Comparative
Showing Net Income as Defined in
Statement of Earnings,
Amended Plan of
employees
D
Co.—Series F Certificates—
amounts to $44,972
Current dividend
to
Newport News Shipbuilding & Dry Dock
new
63,195
standing certificates, and payment on principal of $36,327 at the rate of
IHVo on the original amount of each certificate, making a total for the
year 1940 to certificate holders of $135,287 on income, or at the rate of
5*4 %, and the sum of $36,327, or at the rate of 1% % on principal.
In commenting on these payments, the trustees stated that over the
i
Ry.—Earnings—
$220,752
76,504
™November—
Net ry. oper. income...
—Y. 151, P. 3751.
842,557
Captain William J. Pedrick, William J. Schmitt and Alexander Pfeiffer,
share was
New Orleans Texas & Mexico
Net from railway—
2,969,507
978,842
338,086
Net from railway
$248,904
90,774
32,695
513,824
Gross from railway.....
2,686,519
Gross from railway
1937
$279,184
110,071
46,947
Net ry. oper. income
■—Y. 151, p. 3247.
2,739,915
916,300
224,867
the trustees administering the affairs of series F, announce distribution to
certificate holders of $76,741 on income, or at the rate of 3H% of out¬
From Jan. 1—
.-.
$258,726
85,791
28,849
Net ry. oper. income
From Jan. 1—•
-Earnings1938
1939
1940
$334,182
Net from railway.171,876
Net ry. oper. income
95,596
Gross from railway
Gross from railway
$218,864
63,531
def2,909
2,907,536
1,033,615
396,906
Gross from railway
Net from railway......
Net ry. oper. income
—V. 151, p. 3247.
639,374
210,916
New Orleans & Northeastern RR.November—
1937
$239,074
78,126
24,118
...
Directors have declared
.—$5,186,602 $4,885,485
Gross from railway
1938
1939
1940
$259,185
81,728
24,875
railway
stock, payable Dec. 28 to holders of record Dec. 26.
on Dec. 11, 1939, and on Nov. 30, 1936.
—V. 151, P. 559.
Nevada Northern Ry.
Susquehanna & Western RR. —Earnings—
November—
New York Trap
1
November—
1, 1941 on the first mortgage bonds, extended at
being paid.
Interest is payable at office of Erie RR.,
151, p. 251.
^
now
New York.—V.
which represents better than 6^%
121,387
1
—
Co.—
AAA^'-A.-
Interest—
75,592
103,650
— ~ .
Net from railway.
2,323,187
1,734,241
1,076,758
sum
plant &
Property,
2,287,315
1,624,517
1,055,690
olders the
of $929,260 on account of
Eeriod of thetotal 5H years, they have been able toincome and certificate
last
pay to the principal,
116,396
2,169,704
Other investments
2,312,923
1,562,753
1,247,269
—V. 151. p. 3247.
Min. int. in Eng¬
lish subsidiary--
Employees' notes
receivable---—
in
262,989
lish inc. taxes
and claims
bank
$465,779
Canadian & Eng¬
Sundry accts. rec.
Cash
$511,923
expenses
Prov. for U. S. A.,
accts. receivable
$166,164
111,723
50,132
Net ry. oper. income...
From Jan. 1—
1939
Accts. pay. &accr.
$678,110
Customers* notes &
Inventories
1940
Liabilities—
1939
$680,265
Market, securities.
►
$197,089
164,660
306,772
2,375,325
1,622,347
1,277,119
Net from railway
Consolidated Balance Sheet Sept. 30
1940
Assets—
$204,905
141,218
126,215
The interest due Jan.
_
share
Cash...
1937
1938
1939
184,564
160,141
$257,375
Net from railway
Net ry. oper. income
After deducting provision for depreciation
x
RR. —Earnings —
1940
1
.
Net ry. oper. income
From Jan. 1—
A
4,486
8,448
242,297
Min. stockholders' int. in
earns,
.
Gross from railway
';
49,826
-
Gross from railway.....
Net from railway.
or
for
.335,691,381 309,285,185 269,579,065 338,918,218
83,003,372
76,604,993
54,326,938
79,194,237
36,966,718
32,689,069
12,778,655
37,005,245
New York Connecting
13,253
Total earningson assets sold
-
Net ry. oper. income..
—V. 151,p. 3896.
...
.
Losses
-
Gross from railway
Net from railway
1937
$948,857
1938
1939
1940
1939
1938
1937
-$32,082,201 $30,922,179 $27,556,001 $28,678,023
8,376,209
7,593,181
6,354,109
5,323,580
3,990,829
3,158,333
1,826,677
4,270,578
railway
Net from railway
Net ry. oper. income..
From Jan. 1—
$949,929
and sundry receipts._
Profit on sale of market-
Prov.
Gross from
■Earnings—
1940
$1,154,550
Years End. Sept. 30—
Net operating profit—
Other income, int. (net)
x
able securities
Subs.)
127
Reorganization
1940
12 Months Ended Nov. 30—
Income from
Total gross
1939
$3,232
41,050
earnings
....
General expenses and taxes—
Federal income tax
$39,039
8,075
2,285
$34,063
dividends
36,000
$44,282
4,635
5,585
Total income from interest
$28,679
$3,039
defined in amended plan of re¬
*
Net income (as
*
Under the amended plan of
organization)
reorganization 60% of net income is pre¬
sently applicable to the payment of interest on the 6 % cumulative income
debentures (annual interest charges on which income debentures issued and
to be issued amounts to $29,755), and the remaining 40% thereof, is re¬
quired to be applied to the acquisition of such debentures.
Balance Sheet as at Nov. 30, 1940
Assets—Investments,
$355,927;
cash,
$26,775; U.
8.
savings
bonds,
$5,320; accrued interest receivable, $380; prepaid items, $31; total, $388,433.
Liabilities—6% cum. income debentures, 1949, $495,908; accrued int. on
debentures, $54,550; accrued taxes, $7,488; other accrued liabilities, $926;
common
stock (par 80c. per share), $65,930; earned deficit, $236,370;
total, $388,432.—V. 150, p.
3211.
Northern Ohio Telephone
Co.—25-Cent Dividend—
dividend of 25 cents per share on (he common
payable Dec. 26 to holders of record Dec. 20. Dividend of
17Yi cents was paid on Oct. 15 and on July 15, last, this latter being the
initial dividend on the $10 par shares.
Dividend of $1.75 was paid on the
old $100 par shares on April 15, last.—V. 151, p. 2054.
Directors have declared a
stock, par $10,
Northern Illinois Coal Corp.—Year-End Dividend—
year-end dividend of $1 per share on the
holders of record Dec. 18.—V. 151, p. 709.
Directors have declared a
stock, payable Dec. 28 to
com.
Northern Pacific Ry.—Earnings1940
Net from railway
Net ry. oper. income—
Since Jan. 1—
Gross from railway..
Net from railway
Net ry. oper.
—
1939
1938
1937
$5,834,324
NovemberGross from railway
$5,700,668
1,617,979
$5,086,957
1,232,863
$5,097,677
1,058,544
1,580,367
1,325,615
62,820,309
15,393,571
income— 11,992,329
—V. 151, p. 3751.
1,372,144
909,922
750,894
59,001,584
12,449,338
8,941,757
52,240,351
8,683,283
5,183,758
60,577,602
12,323,942
10,416,955
The Commercial & Financial Chronicle
128
Northern States Power Co.
Engineering Co.—To Pay 25-Cent Dividend—
Northwestern Bell Telephone
Period End. Nov. 30—
revenues
Uncollectible oper. rev.
-
Co.—Earnings—
1940—Month—1939
1940—11 Mos.—1939
$3,127,147
$2,897,907 $33,234,663 $32,097,183
11,199
8,047
88,951
86,411
Operating revenues-.. $3,115,948
Operating expenses
2,165,235
$2,889,860 $33,145,712 $32,010,772
1,999,679
22,256,333
21,395.448
Net oper. revenues.
Operating taxes
$950,713
426,612
$890,181
Net oper. income
$524,101
480,291
$528,849
424,915
,
Period End. Nov. 30—
Net income
$10,889,379 $10,615,324
4,832,461
4,137,741
361,332
$6,056,918
5,524.949
$514,640
214,451
93,390
57,908
63,552
57,908
136
res. approp.
National Life Insurance Co.-—J94C' Re¬
Northwestern National Insurance Co.—Extra Div.—
Directors have declared
an extra dividend of 50 cents per share in addition
regular quarterly dividend of $1.25 per share on the common stock,
both payable Dec. 31 to holders of record Dec. 23.—V. 148, p. 1487.
$1,976,028
212,221
$168,021
Operating income
Other income (net)
$186,767
Dr296
$196,623
Dr222
$2,088,819
Dr3,469
$2,188,249
Dr 1,242
$186,471
85,417
34,366
Cr430
$196,401
85,417
16,951
Cr531
$2,085,350
1,025,000
262,132
Crl,293
$2,187,007
1,025,000
252,696
Net income--$67,118
$94,564
D1vs. applic. to pref. stocks for the period
$799,511
458,478
$911,023
458,478
$341,033
$452,545
Gross income
Int. on mtge. bonds
Other int. & deductionsInt. chgd. to construct'n
Balance
18,746
-
Crl,712
—V. 151, p. 3406.
Pacific Telephone & Telegraph Co. (&
1940
1939
$
Subs.)—Earns.
1938
1937
$
$
Operating revenues
Expenses and taxes
117,247,774
97,530,119
Operating profit
19,717,655
137,244
20,529,835
109,796
18,464,868
231,802
19,792,375
182,873
19,8.54,899
3,291,122
20,639,631
3,142,227
18,696,670
2,937,734
19,975,248
2,465,580
16,563,777
4,510,000
11,582,083
17,497,404
11,882,917
15,758,936
4,510,000
10,529,167
17,509,668
4,510,000
13,236,667
471,694
1,104,487
719,769
port Shows Increased Business and Earnings—
An increase to $460,034,187 in insurance in force, a sharp gain in renewal
premiums, and a $5,579,023 increase in assets to a total of $80,784,203 as of
Dec. 31, feature the 56th annual financial statement of the company.
The gain of $19,463,474 in insurance in force is 44% greater than the
$13,543,111 gain scored in the year 1939, the report states. Sales of paid-for
.new
business, exclusive of revivals and increases, totaled $59,705,046,
compared with $57,844,015 in the preceding year.
Total income from all sources increased to $15,587,796, from $15,160,680
for the year 1939, the report shows.
Contingency reserves, surplus funds
and capital increased $212,373, to a total of $5,670,291, after adding $100,000 in excess of legal requirements to various policy reserves.
"The substantial increase in insurance in force is especially encouraging,"
said O. J. Arnold, President of the company, in commenting on the report,
"because the gain was accomplished on only a small increase in sales volume.
It therefore reflects continued improvement in persistency of business,
which simply means that an increasing proportion of policyholders are
keeping their insurance in force. This, I feel, results from two things: 1940
has been a year of increasing employment and therefore of greater wellbeing on the part of the average family. Second, our own long range pro¬
gram of lapse prevention is getting results."
The company's report shows holdings of U. S. Government securities
and fully guaranteed bonds of government agencies totaling
$24,480,820,
compared with $24,313,613 the year preceding.
First mortgage loans
totaled $11,535,507, compared with $7,292,650 as of the end of the previous
year.
The increase was due to expansion in the company's holdings of
FH A-insured loans on city homes, the report states.
Total premium collections of $10,930,964 in 1940 compared with
$10,630,054 collected in premiums in 1939, the report shows.
The increase,
Mr. Arnold pointed out, was entirely accounted for by an expansion in
renewal premiums, reflecting still better maintenance of policies in
force,
by their owners.—V. 151, p. 3405; V. 150, p. 283.
$1,868,250
220,569
Net oper. revenues—
Rent from lease of plant-
11 Mos. End. Nov. 30-
Northwestern
131
$178,729
17.894
$6,018,733
2,483,280
864,394
694,900
limited-term
of
$
-
$6,291,723
2,760,798
967,639
694,900
investments
$6,477,583
5,328,963
—V. 151. p. 3248.
1940—12 Afos.—1939
$577,934
258,615
Direct taxes
Amort,
1941
4.
Light Co. (& Subs.)—Earnings—
1940—Month—1939
Operating revenues
Operating expenses
Prop, retire,
Northwest
Directors have declared a dividend of 25 cents per share on the common
stock, payable Feb. 1 to holders of record Jan. 15.
This compares with
$1.25 paid on Dec. 20, last; 50 cents on Nov. 1, last; 25 cents paid in three
preceding quarters; 50 cents on Dec. 20,1939; 25 cents on Nov. 1,1939, and
In each of the three preceding quarters; $1 on Dec. 20, 1938; 25 cents on
Nov. 1, 1938, and 75 cents paid on Dec. 20, 1937.—V. 151, p. 3248.
Operating
Pacific Power &
(Del.)—Weekly Output—
Electric output of the Northern States Power Co. system for the week
ended Dec. 28, 1940, totaled 31,351,417 kilowatt-hours, as compared with
29,146,707 kliowatt-hours for the corresponding week last year, an increase
of 7,6%.—V. 151, p. 3897.
Jan.
Other income (net)
Total income
Interest, &c.
Netincome
Preferred dividends
Common dividends.-—
Surplus
-
Includes $410,800
x
111,679,009 105,874,595 xl03277,695
91,149,174
87,409,727
83,485,320
4,510,000
subject to Oregon rate case.'—V. 151,
Patino Mines &
def236,999
p.
3570, 3097-
Enterprises Consolidated—Dividend—
Directors
have declared a dividend of three shillings per share on the
stock, payable Jan. 15 to holders of record Jan. 10.
Company
announced that payment of this dividend will be made in United States
fund at rate of 60 cents per share.
Dividend of 40 cents was paid on Oct. 1,
last, and one of 75 cents was paid on Dec. 24, 1938.
common
Earnings—
The company reports for the nine months ended Sept. 30,
1940, esti¬
mated net profit of 203,028 pounds sterling, plus 22,231,642 bolivianos,
after taxes.
For the nine months ended Sept. 30, 1939 the corporation
reported loss of 102,814 pounds sterling and profit of 13,410,404 bolivianos,
before adjustment to reflect decrease in depletion charges
resulting from
computation on new basis adopted in the last quarter of 1939. under which,
effective from Jan. 1, 1939, net book value of mining properties is
prorated
estimated remaining tonnage of ore on a production basis.
over
Production for the nine months ended Sept. 30, 1940, was 9,160 tons of
fine tin, as against a production of 5,108 tons of fine tin for the same
period
in 1939.
Tin in concentrates shipped but not sold at the close of the 1940
period was valued in inventory at £245, as against £215 at the close of the
1939 period.—V. 151, p. 2202.
to the
Northwestern
Pacific
November—
Gross from
1940
railway—
Net from railway.
Net ry. oper. income.
___
1939
1938
1937
$265,871
def3,038
def.34,650
$259,293
def7,27i
def35,826
$239,971
def30,207
def63,666
$257,500
defl8,858
def-14,339
3,027,670
33,876
def316,517
3,055,420
2,803,161
def485,435
def832,506
3,529,278
244,723
def53,868
.-
...
._
From Jan. 1—
Gross from
railway
Net from railway.
Net ry. oper. income.
29,688
def279,986
—V. 151, p. 3248.
paid
a
July 30, April 30 and Jan. 30, 1940 and on July 29, 1939,
preceding quarters.—V, 150, p. 3834.
on
and in each of the four
is said to be studying a plan to redeem nearly half its
$34,124,900 of 6% preferred stock, using for the purpose cash on hand and
the proceeds of bank loans.
The stock is redeemable on any dividend date
at $110 per share.—V. 151, p. 2951.
1940—Month—1939
$1,846,477
Operating expenses
576,280
368,439
225,000
Taxes..
Pro v. for depreciation..
Gross income
286,856
$665,050
283,046
$7,484,798
3,390,121
$7,651,675
3,432,182
$389,902
155,577
$382,004
155,577
$4,094,677
1,866,923
$4,219,493
1,866,923
$234,325
Net income
Dividends
194C—12 Mos.—1939
$1,706,652 $20,281,8(3 $19,372,833
552,809
6,553,355
6,283,245
248,793
3,533,649
2,972,913
240,000
2,710,000
2,465,000
$676,758
$226,428
Int. & other deductions.
on
pref. stock
$2,227,754
—V. 151, P. 3249.
Ohio Wax
$2,352,570
Paper Co.—50-Cent Common Dividend—
Directors have declared a dividend of 50 cents
per share on the common
stock, payable Dec. 28 to holders of record Dec. 20.
Last previous dis¬
was the extra dividend of 75 cents and
regular quarterly dividend
tribution
paid on Dec. 22, 1939.—V. 149,
Oklahoma
p.
4037.
City-Ada-Atoka Ry.—Earnings
November—
Gross from railway
—
1940
1939
$35,849
15,820
9,568
$30,799
def625
def8,359
$36,186
23,265
13,174
370,485
407,352
117,827
23,487
477,178
186,389
81,144
9,954
2,765
1938
1937
From Jan. 1—
Gross from railway
273,246
57,456
def!4,850
Net from railway
Net ry. oper. income
129,230
56,937
—V. 151, p. 3249.
Oneida, Ltd.—Extra Dividend—
Directors have declared
stock,
par
an extra dividend of 50 cents
per share on the
$12.50, payable Jan. 15 to holders of record Dec. 31.
Regular quarterly dividend of 18% cents
last.—V. 151, p. 2202.
Pacific Coast
9 Months Ended
per
share
was
paid
on
Dec.
15
7,579,630
1,835,044
565,365
1,959,699
4,445,722
11,063,233
1,940,584
695,019
1,950,311
4,834,423
Commercial loans
—
First mortgages owned....
Reserve fund for protection of "cash balances
Interest accrued
Banking building, vaults and equipment
Other real estate
Customers'
liability account letters of credit
accepted, executed..
and
Total.
_
_
33,882
192,805
..$317,476,797
$303,129,466
$8,400,000
.
Liabilities—
Capital.
Surplus
12,000,000
$8,400,000
12,000,000
2,717,660
336,000
2,534,079
336,000
Unearned interest
Reserve for building, taxes and expenses.
Miscellaneous liabilities
1,257,472
920,350
459,725
332,305
2,138
192,805
276,000,539
2,411,248
17,284
Letters of credit acceptance executed for cust.
_
Deposits.
Reserve for contingencies.
Total....
33,882
289,266,288
2,988,485
..$317,476,797
$303,129,466
—Y. 151, P. 112.
Pennsylvania Forge
Corp.—Initial and Extra Common
1940
.
-
—V. 151, p. 998.
„
.___
$79,791
1 QgQ
loss$14,276
Pantepec Oil Co. of Venezuela, C. A.— Transfer Agent—
Guaranty Trust Co. of New York has been discontinued as
depository
and transfer agent for the American shares
representing the common stock
of company
effective Jan.
1,
Fit;y» has t>een
1941.
Empire Trust Co., 120 Broadway,
appointed as depositary and transfer agent.—V. 150,
Directors have declared an
dividend of 15 cents per share
to holders of record Dec. 23.
initial
on
dividend
of
15
cents
the common stock, both
and
an
extra
payable Dec. 28
Pennsylvania-Reading Seashore Lines—Earnings—
November—
Net ry. oper. income—
From Jan. 1—
Gross from rail way
Net from railway
1940
1939
1938
1937
$434,340
def.50,958
defl97,425
$436,484
def26,972
defl73,430
$364,364
def41,982
defl80,944
$376,851
def36,203
defl70,354
5.567,775
def284,823
5,428,946
190,728
4,960,505
def43,451
5,974,026
520,443
Net ry. oper
income__def2,269,245defl,674,943defl,929,887defl,527,036'
—V. 151, p. 3250.
Pennsylvania RR.—Earnings —
November—
Gross from railway
Net from railway
Net ry. oper. income..From Jan. 1—
Gross from railway
1940
1939
1938
1937
$42,193,655 $42,915,404 $32,707,668 $32,552,166
12,983,017
12,964,468
10,292,160
7,113,656
8,703,059
9,389,198
6,690,851
3,679,060
435,586,336 390,867,059 327,613,908 425,798,394
112,055,087
94,027,081 111,752,180
68,400,250
50,881,726
69,799,545
Net from railway.
126,912,246
Net ry. oper. income..- 72,175,689
—V. 151, p. 3898.
Aggregates, Inc.- -Earnings—
Sept. 30—
N et income before Federal taxes
p.2434.
37,514,102
23,992,455
36,931,935
5,683,558
__
Investment securities
Gross from railway
Net from railway—
$27,566
Net from railway
Net ry. oper, income.__
common
$136,977,604
41,353,437
5,668,603
41,322.621
14,968,952
47,548,786
5,104,054
Dividend—
Balance
of 25 cents
31,193,292
State, county, and municipal securities
Loans upon collateral
Undivided profits
Reserve for dividends
Co.—Earnings—
Period End. Nov. 30—
Gross revenue
United States Government securities
Redemption Plan—
company
Ohio Edison
Granting
Dec. 30, '39
-
issued
Ohio Oil Co.—Studies
The
Assets—
Dec. 31, '40
Cash and amount of deposit with Federal Re¬
serve Bank
-$155,251,147
Miscellaneous assets.
dividend of 20 cents per share on the common
stock, payable Jan. 30 to holders of record Jan. 15.
Dividends of 25 cents
were
Lives &
on
in trust accounts"
Nunn-Bush Shoe Co.—20-Cent Dividend—
Directors have declared
Pennsylvania Co. for Insurances
Annuities—Comparative Balance Sheet—
RR.—Earnings —
Pennsylvania
Water & Power Co -—Stock Offered—
Co., Inc., and E. H. Rollins & Sons, Inc., have
announced that their offering of 6,745 shares of common
Stroud &
stock, made at 53
was
after the close of the market Dec. 27,
oversubscribed and the books closed.—V. 151, p. 2807.
Peoples Gas & Fuel Corp.—Merger—
See Southwest Natural Gas Co.
I
Volume
The Commercial & Financial Chronicle
152
Pittsburgh & West Virginia Ry.—Earnings —
Peoples Light & Power Co.—To Borrow $475,000—
The company, according to an application fied with the Security and
Exchange Commission, plans to borrow $475,000 from the Provident Trust
Co. of Philadelphia.
Proceeds from the loan will be used, together with
other funds, to redeem on March 1, the company's $1,177,750 outstanding
collateral lien bonds, series A, due 1961.
The bank loan will be in the form
of promissory notes payable serially over a three year period and will carry
a 3% interest rate.—V. 151, p. 3572.
Postal Telegraph, Inc.—Anti-Trust
129
Suit—
1939
$406,853
174,663
165,598
$285,656
102,117
101,534
$250,442
8,124
48,455
3,826,517
1,017,546
835,415
3,300,775
1,114,426
950,698
2,700,636
3,842,534
579.068
898,783
1.067,770
Net ry. oper. income...
From Jan. 1—
Gross from railway
Net from railway..
Net ry. oper. income
—V.
was filed in the U. S. District Court in New York Dec. 30
charging Postal Telegraph, Inc., with conspiracy to violate the
151,
1937
'1938
1940
$341,941
100,220
90,512
November—
Gross from railway
Net from railway
550,353
3251.
p.
A civil decree
in
suit
a
Sherman Act.
the
Pocahontas
practices complained of, it was said, but the Postal company
in effect, a plaintiff rather than a defendant in the matter, and readily
agreed to the decree, officials stated.
As a matter of mutual agreement between the Justice Department and
a year-end dividend of $1 per share on the com¬
payable Dec. 31.
This compares with $2 paid on Dec. 15,
1939, and $1 paid on July 1,1938, and on March 31,1938.—V. 149, p. 3726.
Postal, and in order not to give Western Union an unfair competitive
advantage, the Department's statement said, the decree contained "a
providing that it shall be inoperative and suspended until such time
as a similar decree is entered 'against Western Union as a result either of
negotiation or successful litigation."
•
The Postal company was charged with combining and conspiring to
restrain and attempting to monopolize interstate trade and commerce in
telegraphic communications by making contracts with railroads, hotels,
office buildings and other establishments for exclushe use and occupancy
in connection with the sending and receiving of telegraphic communications.
The decree not only voids these contracts for exclusive use and occu¬
pancy and restrains their enforcement but prohibits the making of any
similar contracts in the future.
Under its terms. Postal Telegraph, Inc.,
clause
.
enjoined from enforcing or entering into any contracts which exclude
other telegraph company from:
(1) Erecting poles along railroad rights-of-way or from engaging in
business at railway stations along the rights-of-way.
(2) Establishing a station or office within the public terminals of rail¬
roads or other transportation companies.
(3) Establishing a station or office in hotels, clubs, stock and other
exchanges, office and other buildings, both public and private.
(4) Establishing a station or office on property and in buildings used
for public amusement or recreation.
(5) Having their telegraph business transacted for them in hotels,
business establishments and building, both public and private, by the
is
any
the
Pollock's, Inc.—Five-Cent Dividend—
& Reading Coal & Iron Co—Examiner
Reorganization Steps—Liquidation of Company
Philadelphia
:V
Recommendation
,
the
that
company
(in
bankruptcy since
FeD.
26,
1937), should not be liquidated at this time but should be reorganized on a
basis which would permit operations to continue, "certainly for as long as
they show a cash gain," is contained in a report to the U. S. District Court
for the Eastern District of Pennsylvania by the examiner, N. G. Roosevelt.
Other recommendations by the examiner included:
(1) Since the com¬
shortness of the period of current
for estimating future earnings, the
plan of reorganization should provide a capital structure requiring a mini¬
mum of fixed charges which might take the form of periodic payments to
pany's past record of losses and the
favorable operations afford no basis
creditors on the oasis of coal
produced, gross revenues or some
other basis,
(2) the stock of the company be declared to be of no value, and (3) the plan
of reorganization should provide for the relative interests of the secured and
unsecured creditors in the securities issued by the reorganized company, on
a basis which takes into account the elements of value of the pledged and
unpledged
assets.
Creditors, stockholders and
,
.
all other interested parties are invited
by the
suggestions for the formulation of a plan of reorganiza¬
tion or to submit proposals in the form of plans.
Profits of the company in 1940 were estimated oy the examiner at $1,861,778 after depreciation and depletion, but before interest charges, bond
discounts and Pennsylvania corporate loan taxes, and excluding interest
receivable on bonds of subsidiaries in default.
On the same basis from the
examiner to submit
1935 to 1939, inclusive, there was a loss of $9,701,253 or an average
annual loss of $1,940,250, and for the year 1939, a loss of $1,430,589.
The
marked improvement in results for 1940 was attributed by the report to
radical economies instituted in 1938 and 1939, the full effect of which was
not felt until 1940, and also to improvement in selling prices brought about
in 1940 by the plan of production allocation in the whole anthracite industry.
The examiner said:
"In view of the small average earnings during the
years
prior to 1940, and the heavy losses during the four years im¬
mediately prior to 1940, the company's record gives no indication of any
real earning power.
And, while the great improvement in current opera¬
tions is encouraging, it is probaole that the increased earnings are due, in
pari, at least, to the plan or allocation in the industry.
If this plan, for any
reason, should not
be continued it is highly probable that the market
would again become demoralized and under such conditions probably no
profits could be shown."—V. 151, p. 2808.
16
P.
of $9,800,000 6% bonds of the company
be under consideration.
The bonds, due in 1949, are
—V. 151, p. 3573.
The refunding
is understood to
callable at 105.
Portland Gas Light
5,056,303
—V. 151, p.
income
3573.
Pittsburgh Shawmut &
1940
$115,173
Gross from railway__—
Net from railway
33,776
income
Like amounts
Net ry. oper. income
—V. 151, p. 3250.
$78,442
17,344
9,116
Net from railway
Net ry. oper. income
From Jan. 1—
—V.
151, p.
income
3250.
'n«o
Northern RR.—Earnings
1939
Public Service Co. of
»
Indiana—Earnings-
1940—11 Mos.—1939
Period End. Nov. 30—
$97,365
??'fn§
13,303
il'Soa
17,424
i«o'rv7?
162,071
22,785
Net operating income.
8,949
1938
1,163,564
375,585
643,37o
76,760
249,049
31,356
$4,516,652 5 $4,549,222
$4,081,845
$4,108,613
Dr 157,669
Z>r242,540
Drl83,331
Dr264,424
$3,924,176
Int. & other deductions.
2,273,849
$3,866,073
2,602,360
$4,333,321
2,506,773
$4,284,797
2,854,099
wNet income.$1.650,327
$1,263,713
$1,826,549
$1,430,698
Other income
Gross income
—
"™"Note—Provision
forFederal income taxes for the 11 months ended Nov. 30,
1940, is based upon rates as provided in the Second Revenue Act of 1940.—
3574.
Jersey—1941 Budget-—
$28,000,000 for new construction, equipment and replace¬
the corporation in its 1941 budget for its
subsidiary operating companies.
Of this sum, more than $17,000,000 has been allocated to the Electric
Department of Public Service Electric & Gas Co. for the further expansion
of its electric facilities. This makes a total of more than $70,000,000 appro¬
More than
ments
has been authorized by
priated since January, 1937 for the electric branch of the business, capital
more
than adequate for whatever demands may be necessitated by the
speeding up of the war defense program.
Among the major additions to plant and equipment made possible by this
$70,000,000, is a 50,000 kilowatt turbine at Essex Generating Station in
Newark in 1938; a 100,000 kilowatt unit put into operation at Burlington
Generating Station in November, 1940, and a 50,000 kilowatt increase at
Marion Generating Station in Jersey City which will be completed in the
spring. Contracts have recently been placed for another 100,000 kilowatt
unit at Burlington which will be ready in 1942 or early in 1943. When this
unit goes into service, the total generating capacity of the company's system
will be 987,700 kilowatts.
Many of these millions have been expended for high tension and low
tension transmission lines, for switching stations and substations and for
placing electrical equipment underground.
The 1941 electric program also calls for two new substations—one in New
Milford, Bergen County, the other in North Brunswick Township, south of
the City of New Brunswick.
The low tension facilities at Rutherford
Substation will be reconstructed this year.
• < r
Approximately $1,000,000 will be spent in construction of under ground
conduits and laying of cable for the transmission of electricity in various
parts of the company's territory.
A like sum is made available annually
.
for this kind of improvement.
Other
expenditures by the Electric Department will include circuit rein¬
replacements of overhead and underground facilities which
forcements and
have become obsolete.
The major item in the $2,500,000 budget of the Gas Department is for
of the facilities at the West End Gas Works, Jersey
City, the program for which was started in 1940. The gas-making apparatus
at this plant is being modernized and, when the job is completed, the
efficiency and economies effected will be equal to those at the Harrison
Works, which is one of the outstanding water-gas plants in the country.
Ultimately the daily capacity of West End Works will be 30,000,000 cubic
the further expansion
feet of gas.
Public Service
Coordinated Transport and Public Service Interstate
Transportation Co. will buy 269 buses this year to be distributed among the
In 1940 there were added to the equip¬
ment 242 buses.—V. 151, p. 3754.
various lines of the two companies.
Railway Express Agency, Inc. (& Subs.)—Earnings—
1940—Month—1939
Period End. Oct. 31—
Charges for
Total
233,772
236,640
2,174,780
2,310,232
& income_$16,658,528 $15,229,605 $144825,966 $138227,937
revs.
9,889,495
670,997
8,894,419
587,554
90,004,856
6,092,382
85,308,159
5,647,577
debt.
86,335
10,115
80,995
6,378
850,479
91,792
790,440
78,514
Rail transp. revenue
$6,001,586
Operating expenses
Express taxes
Int. &disc'tonfd.
Other
x
deductions
Payments
3408.
p.
1940—10 Mos.—1939
transport'n.$16,421,888 $14,995,833 $142651,186 $135917,705
Other revs. & income—
to
$5,660,259 $47,786,457 $46,403,247
and other carriers—express
rail
privileges.—V.
151,
Railway & Light Securities Co.—Bonds Called—
collateral trust
% bonds 11th series
Jan. 11 at 104.—V. 151, p.
1955 have been called for redemption on
Reading
Co.— -Earnings—
1940
November—
Gross from railway
Net from
..
railway.
Net ry. oper.
..
income.
..
1939
$5,696,897
1,811,291
1,274,061
$5,388,973
1,715,313
1.240,280
1938
$4,204,282
1,135,836
922,942
$4,468,081
922,282
829,662
57,678,523
17,539,841
11,893,314
51,534,468
15,472,311
10,820,073
43,806,344
11,362,545
8,916,725
54,508,120
16.290,560
12,886,767
1937
From Jan. 1—
Gross from railway
Net
..
from railway
Net ry. oper.
..
income.
..
—V. 151. p. 3899.
$92,266
14,512
2,296
936,949
102,052
def30,062
Republic Steel Corp.—Acquisition—
Corporation has acquired ownership of the blast furnace of Hudson
Valley Fuel Corp at Troy, N. Y.
The property, which includes 50 acres of land and necessary equipment,
was
first leased by Republic on July 9, 1940, after having been out of
operation since December, 1938.
The blast furnace has a 17-foot 6-inch
hearth diameter and produces merchant grades of iron and requires an
operating force of 225 men.—V.
Reserve Investing
RR.—Earnings—
1939^_
$106,239
*£'413
J 1940—12 Mos.—1939
1937
1938
Directors
1937
T
jeL 'ooo
def4,333
...
Gross from railway—__
oper.
4,351,062
92,949
1940
November—
Gross from railway
Net ry.
21.980.585
1,720,593
244,583
Pittsburgh & Shawmut
Net from railway
161,269
12.899,599
1,337,911
207,784
from railway
was
Operating revenues
$15,386,679 $14,734,894 $16,877,309 $16,107,685
Oper. expenses & taxes__ 11,304,834
10,626,281
12,360,656
11,558,463
1937
3,291,918
1,119,593
353,341
Gross from railway
Net
par
no
3574.
-
November—
Net ry. oper.
,
Co.—$1 Preferred Dividend—
a dividend of $1 per share on the $6 cumu¬
value, payable Jan. 15 holders of record
paid on Oct. 15, July 15, April 15, and Jan. 15,
1940, and compares with 75 cents paid on Oct. 15, 1939; 50 cents paid on
July 15, April 15 and Jan. 15, 1939; dividends of 75 cents were paid on
April 15 and Jan. 15, 1938, and previously regular quarterly dividends of
$1.50 per share were distributed.—V. 151, p. 2055.
preferred stock,
Dec. 27.
due
17,338.646
2,957,010
21,878,896
5,142,506
railway
Last previous pay¬
15, 1937.-—V. 149,
Dec.
The directors have declared
lative
All of the outstanding convertible
Pittsburgh & Lake Erie RR. —Earnings—
November— 1
1940
1939
1938
Gross from railway
$2,177,468
$2,318,797 $L615,179
Net from railway
543,392
805,699
324,959
Net ry. oper. income-..
521,792
753,801
303,837
on
2377.
x
Pittsburgh Coal Co.—Refunding—
Net ry. oper.
dividend of five cents per share on the common
dividend distributed
10-cent
the
years
Net from railway
a
payable Dec. 16 to holders of record Dec. 7.
was
Public Service Corn, of New
has authorized the listing of $4,722,300
first consolidated mortgage 4% bonds, due by extension April 1, 1960, upon
official notice of issuance pursuant to the terms of the plan of adjustment
under Chapter XV of the Bankruptcy Act dated Jan. 10, 1940.
The company, not being in a position to provide for payment in full at
maturity of all its obligations maturing April 1, 1940, proposed a plan of
adjustment under Chapter XV of the Bankruptcy Act. dated Jan. 10, 1940,
in respect of the extension of the date of maturity from April 1, 1940, to
April 1, 1960, of part of the principal of $8,586,000, of the first consolidated
mortgage 4% bonds, due April 1, 1940.
In accordnace with the plan a payment of $450 on the principal of each
$1,000 original bond has been or is to be made and the maturity date of the
unpaid balance of $550 of principal of each such original bond is to be
extended to April 1, 1960.—V. 151, p. 3572.
Opposed—
ment
Ry.—Listing—
The New York Stock Exchange
Recommends
Directors have declared
stock,
V. 151, p.
premises.—V. 151, p. 3407.
Peoria & Eastern
stock,
mon
same
was,
owners of
Co.—Year-End Dividend—
Fuel
Directors have declared
secondary
to the case against the
Western Union Telegraph Co., against which
similar charges have been made.
Cases had to be brought against both
companies as a matter of equity because both were accused of more or less
Justice Department officials said that the suit against Postal was
nno
.429,038
<}ef66,138
def80,082
$60,700
1,739
defl0.223
603,285
6,815
21,319
151,
p.
3408.
Corp.—Accumulated Dividend—
a dividend of $2.50 per share on account of
$7 cum. pref. stock, no par value, payable Jan. 15
Dec. 30.
Dividends of $1.25 were paid on Oct. 15,
have declared
accumulations on the
to
holders of record
July 15, April 15 and Jan. 15, 1940, and on
and in preceding quarters.—V. 151, p. 2204.
Revere
Dec. 22 and
on Oct. 14, 1939
Copper & Brass, Inc.—Preferred Dividends—
*
Directors on Oct. 1 declared a dividend of $1.75 per share on the 7%
preferred stock and a dividend of $1.31 M per share on the 5}£% preferred
130
The Commercial & Financial Chronicle
stock, both payable Feb. 1 to holders of record Jan. 10. Like amounts were
paid on Nov. 1, last, these latter being the first dividends paid on the
shares since Dec. 20, 1937, when similar amounts were distributed.—V.
151, p. 3754.
Safe Harbor Water Power Corp.—Bonds Called—
A total of
$97,000 first mortgage s. f. gold bonds
series due 1979
been called for
redemption on Feb. 1 at 104 and accrued interest.
Payment will be made at the New York Trust Co.—V. 151, p. 114.
has
Rhode Island Electric Protective Co .—Extra Dividend—
Safeway Stores, Inc.—Sales—
Directors have declared an extra dividend of 50 cents
per share in addi¬
tion to the regular quarterly dividend of $1.50
per share on the common
stock, both payable Jan. 2
to holders of record Dec.
Sales for the four weeks ended Dec. 21, 1940 were
$32,029,863, a gain of
1.82% over sales of $31,456,075 reported for the four weeks ehded Dec. 23,
19.
1939.
For the 52 weeks ended Dec. 21, 1940, sales were
$396,556,335,
against $385,428,139 for the 52 weeks ended Dec. 23, 1939, a gain of
2.89%.
Stores in operation total 2,550 against 2,873 a year
ago.—V. 151, p. 3755.
Rice-Stix Dry Goods Co.—Common Dividends Resumed—
Directors have declared a dividend of 50 cents per share on the common
stock, payable Jan. 22 to holders of record Jan. 8.
Like amount was paid
Jan. 22, last, this latter being the first dividend
paid since July 15, 1937
when 25 cents per share was distributed.—V. 150,
p. 701.
San Antonio Uvalde & Gulf RR.
November—
Gross from railway
on
Richmond Fredericksburg & Potomac RR.
November—
Gross from railway...
Net from railway
1938
$733,094
234,247
194,390
117,113
108,042
$574,661
77,728
11,292
$611,721
114,164
47,535
8,638,731
2,257,107
881,051
7,814,119
1,993,312
6,952,463
1,406,366
460,285
7,830,604
1,994,999
961,691
994,082
Richmond Insurance Co. (N.
Gross
—V.
from
$87,997
defl5,866
def45,203
1,020,322
defl33,042
def471,812
def282,677
an
,
railway
1,085,435
San
1940
Depreciation..
Period End. Nov. 30—
1940—Month—1939
$470,183
$453,216
revenues
Net operating income
$2,624,922
1940—11 Mos.—1939
Interest charged to construction
Miscellaneous deductions
$4,870,043
Net operating revs
^157V549
$147,765
69,810
61,839
$1,660,467
710,410
$1,537,808
651,809
$87,739
61,068
$85,926
$950,057
655,578
$885,999
604,256
Operating taxes..
Net operating income.
income
Net
-
Netincome
60,412
Initial
1940
Net ry. oper. income..
From Jan. 1—
Gross from railway
.
.
.
Net from railway
Net ry. oper. income..
—V. 151, p. 3576.
.
1939
1938
1937
$264,991
def5,007
def28,377
$288,431
45,630
26,047
$251,487
def6,666
def33,129
$255,273
def7,448
def29,152
3,233,986
204,206
def94,530
3,156,266
2,680,755
def205,850
3,247,403
245,407
def533.168
717
322,498
79,445
St. Louis Brownsville & Mexico
November—
Gross from
1940
railway
$575,410
172,927
Net from railway......
Net ry. oper. income
From Jan. 1—
Gross from railway.....
Net from railway
Net ry. oper. income...
122,191
6,422,486
2,032,893
1,399,522
1938
6,460,401
6,151.388
1,871,095
1,147,102
7,196,097
2,628,394
1940
From Jan. 1—
Gross from railway
Net from railway
Netry.
oper.
1939
1938
$129,204
22,162
def7,527
1,231,192
1,451,601
273,150
def95,808
def96,600
141,938
income... def213,366
1,525,878
317.118
—V. 151, P. 3252.
St. Louis Southwestern
Period End. Nov. 30—
Railway
Railway
Net
oper. revenues.
oper. expenses.
rev.
def31,962
1,445,894
198,924
defl99,751
The common stock, par $1, and the convertible
preferred stock, par
$25, have been admitted to listing and registration by the New York
Curb
Exchange. These securities were issued pursuant to the plan of reorganiza¬
tion of Schulte Retail Stores
ments to and including July
Ry. Lines- -Earnings—
from railway
Seaboard Air Line Ry.—Interest
$526,885
110,693
$466,692
121,816
$5,106,717
1,227,892
Co., New York.
Earnings for November and Year to
November—
$416,192
21,858
$344,876
$3,878,825
248,983
$2,390,101
300,762
$438,050
$370,870
$4,127,808
161,142
119,127
1,670,751
$251,743
6,402
$2,457,056
72,357
$991,452
75,108
$281,383
257,486
$258,145
287,710
$2,529,413
$1,066,560
2,964,769
$23,896
x$29,565
1937
$3.399,340
$3,500,029
890,022
499,511
475.633
490,431
109,453
88,831
39,940,483
6,800.898
2,683,471
36,114,414
5,011,141
1,017,171
38,843,510
7,273,481
3,372,451
151, P. 3253.
Corp. (& Subs.)—Earnings-
Years Ended Sept. 3C—
Income—Interest
1,699,412
$276,908
4,475
income
1938
$3,953,154
43,362,450
7,715,043
3,380,141
.
1939
$4,224,012
1,065,843
612,139
Seaboard Finance
Finance
Total ry. oper. incomei
Deducts, from ry. oper.
Other
$2,690,864
1940
_
.
.
Non-oper. income
Gross income
Deducts, from gross inc.
Net income
x
Deficit.—V. 151, p. 3408.
St.
Paul's
Hospital,
Dallas,
Interest
,
2,04 8
x45,519
42,910
20,451
$221,199
Net income.
$81,943
Consolidated Balance Sheet Sept. 30
Offered—
offering $296,000
refunding mtge. real estate serial bonds.
are
Dated Dec. 15, 1940; principal payable
quarterly March 15,1941, through
June 15, 1946.
Principal and int. (J. & D.) payable at St. Louis Union
Trust Co., St. Louis, Mo.,
corporate trustee.
Bonds in coupon form, $500
and $1,000 denoms.
Any or all bonds may be prepaid at the option of the
maker, on any interest payment date prior to
maturity at 100 and interest
on 30 days'notice.
These bonds are the direct
obligation of St. Paul's Hospital, a corpora¬
tion of Dallas, Texas, and are secured
by a first and refunding deed of
trust in the nature of a
mortgage on the land and building thereon.
The
hospital is under the jurisdiction of the
Daughters of Charity of St. Vincent
de Paul, whose
Motherhouse for the Western Province is located at
Marillac
Seminary, Normandy, Mo.
St. Paul's is a general
hospital, one of 22 conducted by the Daughters of
Charity of St. Vincent de Paul in the Western Province.
The hospital has
a present
capacity of 275 beds.
The training school also conducted in
connection with the hospital
accommodates 120 nurses.
The hospital was
established in 1896, its
growth making necessary the additions in later years.
The hospital is modern in
its equipment and is served
by a competent staff
of
physicians and surgeons.
The land and
buildings have been valued at $940,000.
The purpose of the loan
is to refund present
outstanding
lower rate of interest.
$645,391
316,635
211,187
13,973
1,201
158,829
16,560
...
.
Miscellaneous charges
Loss on disposal of furniture and
fixtures—...—
Profit on sales, etc
Provision for Federal taxes on income
x$335,557 x$ 1,898,209
Texas.—Bonds
Dempsey-Tegeler & Co., St. Louis,
1st and
2,864,970
Provision for bad and doubtful loans
$480,553
141,632
23,206
$737,942
341,915
income
Total
1939
$614,059
92,425
31,457
charges
Expenses
Net ry. oper. income.
Date
1940
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
$3,638,108
1,248,007
Railway oper. income.
Other ry. oper. income..
Being Paid—
The interest due July 1, 1934 on Carolina Central RR.
guaranteed first
consolidated mortgage 4% gold bonds, due 1949, and Florida
Central &
Peninsular RR. 1st consols, mtge. 5s, of 1943, is now
being paid.
Interest
is payable at office of City Bank Farmers Trust
—V.
Railway tax accruals
25,994
Corp., dated as of June 1, 1938, with amend¬
14, 1939.—V. 151, p. 3408.
Co., Inc.—Registrar—
Gross from railway..
Net from railway
1940—Month—1939
1940—11 Mos.—1939
$1,928,478
$1,849,291 $18,751,388 $17,927,184
1,401,593
1,382,599
13,644,671
14,289,076
operations
2661.
p.
Empire Trust Co. has been appointed registrar for the common class A
stock of this company.—V. 151, p. 3900.
1937
$129,258
6,039
$138,215
29,860
def4,520
151,
(D. A.) Schulte, Inc.—Listing and Registration—
1,941,859
-Earnings —
$119,777
21,239
defll,092
Improvement Co.— Year-End Div.—
a year-end dividend of 35 cents
per share on the
stock, payable Dec. 18 to holders of record Dec. 17.
Regular
monthly dividend of 10 cents was paid on Nov. 18, last.—V. 151, p. 565.
Schulco
November—
Gross from railway.....
Net from railway
Net ry. oper. income...
San Gabriel River
Directors have declared
Savannah Gas Co.—Registers with SEC—
$613,451
192,241
127,589
St. Louis-San Francisco & Texas
Ry.
obligations at
a
Assets—
1940
1939
Liabilities—
1940
Notes payable
$1,150,000
Accts. pay. & accr.
Cash in banks and
on
hand..
$164,555
$254,095
2,177,099
2,372,056
5,097
3,209
Instalment notes
x
receivable
Accts. receivable..
expenses
Dealers'
Corp
nance
Due fr.
a
director.
17,672
61,143
31,067
99,844
143,628
5,281
Fed., State & local
846,901
taxes accrued
7,295
Dealers* debit bal.
Prepaid exps. & de¬
ferred charges.
y Furn., flxt's and
18,323
reserve—
credit balance
Due from Gem Fi¬
1939
5625,000
Unearned int. and
finance charges.
Res. for contlngs..
z$2cum.div.pref.
4,079
9,515
2,500
1,084,725
1,128,450
174,928
110,319
34,222
176,028
110,319
Paid-in surplus
autos. at cast...
15,060
2,500
pref. stock
Com.Btock (par $1)
Capital surplus
_
401,690
107,971
401,690
stock
29,658
30,279
a$2cum.div.conv
Earned surplus
Total
$3,245,664 $2,673,234
Total
28,006
3,592
$3,245,664 $2,673,234
After reserve for bad and doubtful loans
amounting to $104,431 in
1940 and $148,383 in 1939.
y After reserve for depreciation of $12,187
in 1940 and $11,350 in 1939.
z Represented by $43,639
x
no
par shares,
(45,318 in 1939)
a
Represented by 6,361 (6,401 in 1939)
no
par shares.—
The payment of the
Y. 151, p. 1735.
Maturities from March
15,
Directors have declared an extra dividend of 50 cents per share in
addi¬
tion to the regular quarterly dividend of like amount on tne
common
principal and interest of these bonds is unconditionally
guaranteed by the Daughters of
Charity of St. Vincent de Paul (St. Louis
Province) the Motherhouse of the Western
Province.
1941, through Dec. 15, 1942, bear
2% int.
Pec- 15/ J940; maturities from March 15, 1943, through Dec. 15,
1945, bear 2H% int. from Dec.
15, 1940; maturities from March 15, 1946,
p
11?1
116
r
a
common
See list given on first page of this department.—V.
$489,111
109,578
51,439
2,195,893
1,474,973
Preferred Dividend—
stock, 5% series, for the
period beginning Oct. 8, 1940 and ended Dec. 31, 1940, payable Jan.
15,
1941, to holders of record Dec. 31, 1940.—V. 151, p. 2809.
1937
$500,757
99,757
36,336
—V. 151, p. 3252.
$1,393,700
The board of directors has declared a dividend of 23 and l-10th
cents
share on the company's cumulative preferred
Ry. —Earnings ■
1939
$2,075,652
620,000
61,954
7,137
Crl4,571
7,432
Note—In the above figures provision for Federal income and State
bank
and corporation franchise taxes for the taxable
year 1940 have been adjusted
subsequent to Jan. 1, 1940, to give effect to deductions which will be
claimed in 1940 tax returns for unamortized debt discount and
expense,
redemption premium and expense and duplicate interest applicable to bonds
redeemed in 1940.
■Earnings —
_
*
3,332,235
—V. 151, p. 3408.
November—
$2,624,944
615,556
61,617
10,992
Crl6,163
9,214
Amortization of debt discount and expense
Other interest
$5,092,764
3,432,297
$2,073,137
2,515
$1,943,727
$4,880,383
10,340
$452,707
304,942
Rutland RR.
21
...
Gross income
Interest on funded debt
$5,102,015
9,251
$470,183
312,634
460
1,108,881
279,872
112,975
509
Operating revenues
Operating expenses
Gross from railway
Net from railway
429
1,151,820
Provision for Federal income taxes
Corp.—Earnings—
Uncollectible oper. rev..
1939
$8,686,885
3,102,806
741,728
1,380,000
Taxes
Other income
Rochester Telephone
51,751
$9,145,446
3,222,798
652,651
1,379,851
revenues
Maintenance and repairs
286.
1,126,845
Diego Gas & Electric Co.—Earnings—
Amortization of limited-term investments
share in addi¬
the
Operating
1,280,616
133,076
def207,812
Years Ended Oct. 31—
Y.)—Extra Dividend—
extra dividend of 15 cents per
1937
$77,754
151, p. 3253.
Operating
regular quarterly dividend of like amount on the common
stock, par $5, both payable Feb. 1 to holders of record Jan. 11.
Similar
payments were made on Feb. 1, 1940, 1939, 1938 and 1937.—V. 150,
p.
def21,077
def48,780
Operation
Directors have declared
to
1938
$117,859
18,531
defl 1,282
Net from railway......
defl8,528
Net ry. oper. income
def350,344
—V. 151, p. 3252.
tion
1939
From Jan. I—
1937
$799,134
Net ry. oper. income..,
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
1939
Earnings —
1940
$83,666
defl5,637
def44,372
_
Net from railway
Net ry. oper. income—
-Earnings
-
1940
Jan. 4, 1941
interest from Dec« 15, 1940.—V.
131,
Securities Investment Co. of St. Louis—Extra Div.—
stock,
no par value, both
payable Dec. 27 to holders of record Dec. 23.
Extra
of 50 cents was paid on Nov. 1 last and extra of
25 cents in addition to
regular quarterly dividend of 50 cents
p. 2661.
were
paid
on
Oct. 1 last.—V. 151,
Volume
The Commercial & Financial Chronicle
152
Seven-Up Bottling
Carl F. R.
Hassold, Bioren & Co., Philadelphia; Barrett Herrick, Barrett Derrick &
Co., New York; Clyde L. Paul, Paul & Co., Philadelphia and New York;
John Robertson, C. T. Williams & Co., Baltimore, and R. Emerson Swart,
R. E. Swart & Co., New York.
On Dec. 19 Mr. Swart was elected chairman of the board and Charles J.
Directors have declared dividend of 15 cents per share on the common
Dec. 20 to holders of record Dec. 10.
Initial dividend
of 25 cents was paid on Sept. 15, 1939.—V. 149, p. 2380.
stock, payable
Shaler Co.—Extra and
The new members.of the board are:
mittees for these issues.
Co.—15-Cent Dividend—
131
Larger Dividends—
Gregory, President.
Company has agreed with the bondholders' committees (formed to protect
Directors have declared an extra dividend of 20 cents and a quarterly
dividend of 20 cents per share on the class B stock, both payable Dec. 31
to holders of record Dec
23.
Dividends of 10 cents were paid in the two
the interests of the first and general lien bondholders) that certain amend¬
preceding quarters; 20 cen s paid on April 1, last; 30 cents on Dec 29,1939,
15 cents paid on Oct. 1, 1938 and in two preceding quarters, and dividend
of 45 cents paid on Dec. 24, 1937.—V. 151, p. 2057.
necessary to hold a meeting of the stockholders in order to obtain approval
of suggested changes in the company's capital structure and this meeting
has been called for Jan. 28, 1941.
For this reason we will not be able to
Sierra Pacific Power
Period End. Nov. 30—
Maintenance
General taxes
a
Federal income tax
1940—12 Mos.—1939
$2,249,372
782,658
118,741
226,135
148,876
$2,078,544
$84,203
$972,962
3,534
$1,008,190
3,906
$84,204
7,594
$976,496
137,555
voluntary plan should be submitted to bondholders, but it is
announce the details of the amendments until after that date, but it is
contemplated that the amendments will materially improve the plan and in
our opinion will provide an additional incentive to bondholders to accept
the plan.
See also V. 151, p. 3901.
Co.—Earnings—
1940—Month—1939
$198,766
$179,935
65,490
59,467
11,926
9,388
23,159
15,737
8,549
11,139
Operating revenues
Operation
ments to the
$1,012,097
90,745
648,692
106,703
185,045
129,914
Southern Advance Bag & Paper Co.,
Inc.—Earnings—
Earnings for 11 Months Ended Nov. 30, 1940
Net
sales
$6,117,510
.
Net income after all charges
b Utility oper. income
Other income (net)
$89,642
Dm
b Gross income,
Retirement
$89,573
11,775
accruals.
res.
Gross income
Int.
on
$65,519
$703,710
Southern Bell
210,000
339,628
$66,495
income
...
No liability expected for excess profits tax in 1940.
accruals.—V. 151, p. 3755.
—V.
Cash
$183,446
Market, securities.
Sheet
1939
$119,197
Inventory
Other assets......
Land...
Bldgs.,mach'y <fe]
equipment, &c.
Autos
and
Notes payable
Accrued taxes
527,030
432,913
21,015
66,560
528,173
6% cum. preferred
stock
465,706
15,988
69,008
$150,000
40,927
29,032
z
j
325,000
Common stock
457,400
arned
share on the common
par $25, payable Dec. 27 to holders of record Dec. 19.
This com¬
with 75 cents paid on| Sept. 27 last; 40 cents paid on June 28 last;
50 cents on March 29 last and on Dec. 28, 1939; 60 cents paid on Sept. 30,
1939; 50 cents on June 30 and March 31, 1939; 80 cents on Dec. 28, 1938;
pares
60 cents
740,694
surplus
Deferred assets---
4,065
Southern
$125,000
28,802
paid
325,000
on
Feb. 15, 1937.
March 20.
Original preferred participates fully with common in any pay¬
6% annually.
At this time last year 40-cent extra was paid on
original preferred stock.—V. 151, p. 2810.
ments over
Southern Colorado Power
Total
—
Appropriation for retirement
Taxes...
Operating
expenses.
_
Other interest----
Net
Divs.
income
on
$72,590
53,726
$1,052,138
674,745
Net income
—V. 151, p.
pref. stock
$18,864
14,286
$377,392
171,438
Balance
$4,578
$205,954
$236,699
—V. 151, p. 3409.
Southeastern
Gas
&
Water
Co.-
■Time
for
—
.
—
_
—
-___
...
_
—
$674,162
3,374
$720,037
1,742
$721,779
409,698
$263,099
71,712
34.174
11,172
Cr365
4,001
3756.
Counties
Gas
Co.
of
California—Reqisters
Company on Dec. 30 filed with the Securities and Exchange Commission
a registration statement (No. 2-4622, Form A-2) under the Securities Act
of 1933 covering $11,500,000 of 3% first mortgage bonds, due Jan. 1,1971.
The net proceeds from the sale of the bonds, together with treasury funds,
will be used to redeem on May 1, 1941, at 101M %, $11,500,000 4 H% first
mortgage gold bonds, due May 1, 1968.
The bonds are redeemable at the option of the company as a whole or in
part at any time prior to maturity at the following prices plus accrued
interest: From date of issue to Dec. 21, 1943, 104%; Jan. 1, 1944 to Dec.
31, 1946, 10SH%; Jan. 1, 1947 to Dec. 31, 1949, 103%; Jan. 1, 1950 to
Dec. 31, 1952, 1Q2H%; Jan. 1, 1953 to Dec. 31, 1955. 102%; Jan. 1, 1956
to Dec. 31, 1958, 101^; Jan. 1, 1959 to Dec. 31, 1961, 101K%; Jan. 1,
1962 to Dec. 31, 1964, 101^%; Jan. 1, 1965 to Dec. 31, 1967, 101%;
Jan. 1, 1968 to Dec. 31, 1968, 100M%; Jan. 1 ,1969 to Dec. 31, 1969,
10014%; Jan. 1, 1970 to Dec. 31, 1970, 100%.
Blyth & Co., Inc., N. Y. City, will be the principal underwriter.
The
names of the other underwriters, the underwriting discounts or commis¬
sions, and the public offering price will be furnishedTby amendment,
To facilitate the offering, the prospectus states that it is intended to
stabilize the price of the bonds in the over-the-counter market.
This is
not an assurance, the prospectus states, that the price of the bonds will be
stabilized or that the stabilizing, if commenced, may not be discontinued
at any time.—V. 151, p. 3901.
$408,137
171,438
54,612
—
.
1939
with SEC—
$1,075,850
667,713
$87,630
Int. & other deductions.
—
Interest charged to construction
Miscellaneous deductions
$3,584,677
1,574,448
550,626
383,752
$18,732
depreciation.-
Gross income
•___
Interest on funded debt
Amortization of dent discount and expense.
Mos.—1939
$3,950,470
1,906,516
616,816
375,000
—
income
Southern
$33,018
14,286
—
Taxes
Prov. for
Co.—Earnings—
' 1940—12
1940—Month—1939
$341,864
$302,639
161,480
151,946
61,505
46,853
31,250
31,250
taxes,
Net operating income
Other income
The New York Curb Exchange has admitted to listing and registration
the common stock, par $1.—V. 151, p. 3100.
Power
reserve
________
Provision for Federal and State income
Gross
—.
$2,407,629
870,284
126,135
300,000
319,462
$218,262
;
—
$2,405,864
864,570
129,291
300,000
351,550
86,292
$677,536
409,373
34,169
9,882
0923
6,773
— -
—
Co.—Listing and Registration—
Carolina
1940
revenues.
Operation...
Maintenance and repairs
$1,743,053 $1,716,922
249,027 shs.
of common stock (no par) in exchange for the presently outstanding voting
trust certificates; 27,254 shares of common stock presently issued and out¬
standing in the hands of the public, making the total number applied for
276,281 shares .
The voting trustee agreement as extended, under which the common
stock is deposited expired Jan. 1, 1941.
The holders of the voting trust
certificates, upon the surrender thereof to Chase National Bank, New
York, will be entitled to receive certificates for capital stock for the number
of shares represented by such voting trust certificates.—V. 151, p. 3409.
South
Co.—Earnings—
Years Ended Nov. 30—
(L. C.) Smith & Corona Typewriters, Inc.—Listing—-
Period End. Nov. 30—
Ltd .—Extra Div.—
Co.,
share
The New York Stock Exchange has authorized the listing of
Gross revenue
Edison
California
The directors at the same time declared an extra dividend of 25 cents per
on the original preferred stock, payable April 15 to holders of record
457,400
732,313
x After reserve for doubtful notes and accounts,
discounts, allowances,
&c., of $150,505 ($140,815 in 1939), and returnable carboys outstanding of
$9,440 ($9,449 in 1939).
y After reserve for depreciation of of $523,235
($494,846 in 1939).
z Represented by 45,740 no par shares.—Y.
151,
p. 2662.
•
Solar Aircraft
on
stock, both payable Feb. 15 to holders of record Jan. 20.
Extra of
Feb. 15, 1940, and extras of 25 cents were paid on
Feb. 15, 1939 and Feb. 15, 1938, and a special dividend of 12M cents was
31,071
..$1,743,053 $1,716,922
June 30, 1938, and 45 cents
40 cents was paid on
Operating
Total
on
common
48,406
808
39,126
1938; 50 cents
The directors have declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of 37 H cents per share on the
trucks}
deprec. value)_.j
TJncomplet.constr.
Sept. 30,
on
March 31, 1938.—V. 151. p. 1911.
484,070
466,048
$1,256,814 $13,442,254 $13,156,689
1,063,398
11,087,160
11,033 614
880,921
3410.
stock,
1939
1940
p.
Southern Berkshire Power & Electric Co.—$1.10 Div.
31
2,900 Accounts payable-
2,850
Notes, accr. int.
& accts. receiv..
Oct.
LiabiLUies—
151,
The directors have declared a dividend of $1.10 per
profits of the company from all sources for the fiscal year, before
providing for depreciation and Federal income taxes, amount to $176,192;
depreciation charges amount to $59,774; Federal tax on income, $19,927;
leaving a net profit of $96,491.
After deducting the dividends paid on
both classes of stock, which amounted to $6 per share on preferred and
$x.50 per share on common over the past fiscal year, and making allow¬
ance for small surplus adjustments, there is left a net addition to the surplus
account of $8,387.
Balance
$1,145,233
Net operating income.
income
$2,075,923 $23,906,610 $22,071,536
819,109
10,464,356
8,914,847
Net
b Before retirement
Smith Agricultural Chemical Co.—Earnings—
1940
$2,022,882
877,649
Operating taxes..—...
The
Assets—
$5,947,367 $69,183,664 $63,267,892
3,871,444 45,277,054 41,196,356
Operating revenues—. $6,550,515
Operating expenses.....
4,527,633
reserve
y
1940—Month—1939
1940—11 Mos.—1939
$6,582,597
$5,965,940 $69,475,234 $63,501,241
32,082
18,573
291,571
233,349
Net oper. revenues—.
Net
Preferred stock.
Common stock
x
Telephone & Telegraph Co.—Earnings
revenues-——
Uncollectible oper. rev__
$786,667
210,000
588,689
806
615,030
3254.
Period End. Nov. 30—
Operating
$921,351
115,806
9,676
9,202
$76,610
9,649
806
872
exp.
Other income charges
a
636
$838,942
115,511
9,676
10,045
$77,798
9,624
long-term debt..
Amort.of dt.disc.A
—V. 151, p.
Deposits
Extended—
Charles J. Gregory, President in a letter to bondholders states:
When the voluntary plan of exchange of securities was first submitted
for consideration on Aug. 15, 1940, we pointed out that company was con¬
Southern
fronted with
a grave financial crisis and all bondholders were urged to
deposit their securities at once.
A paragraph of the plan contains the following statement:
"Since this is a voluntary plan, it must be accepted by the holders of
substantially all of the bonds.
Company, by resolution of its board of
directors, will declare the plan effective at such time as, in its opinion,
holders of sufficient bonds have accepted the plan.
It is contemplated
that this will occur on or before Dec. 31, 1940.
If in the judgment of the
board of directors sufficient acceptances have not been received and bonds
deposited prior to that date to assure eventual consummation of the plan,
it will then be abandoned."
Due to various circumstances primarily incident to the proposed amend¬
ments to the voluntary plan, deposits of bonds under the plan have not been
of anticipated proportions, (as of Dec. 26, 1940, 56% of the first lien bonds
and 40% of the general lien bonds were deposited).
However, since there
appears to be general agreement among the bondholders that a voluntary
plan of reorg anization is preferable t o a court proceeding, we are encouraged
to believe that after the adoption of the proposed amendments, holders of
substantial additional amounts of bonds will assent. Accordingly, the board
has extended to June 10,1941, the time within which deposits may be made.
Within this further period the success or failure of attempts to obtain
acceptance of the plan should be definitely determined.
Three important developments have occurred since Aug. 15:
(1) The default through failure to meet the first lien sinking fund install,
ment due June 1, 1940, has been waived through the cooperation of the
bondholders, thus permitting the payment of the December first interest
on the first lien bonds.
(2) Shortly after announcement of the plan three general lien bondholders
filed a bankruptcy petition against the company in the U. S. Court for the
Northern District of New Jersey.
This petition is still pending and,
although dormant at the moment, we believe it may be pressed to a con¬
clusion unless the voluntary plan is amended.
(3) The board of directors has been enlarged to include representatives of
firms which have been Interested in the distribution of first lien and general
lien bonds and who are the representatives of bondholders' protective com¬
Indiana Gas & Electric Co .—Earnings—
Peridd End. Nov. 30—
Gross revenue..
Operating
Taxes
$404,206
156,123
89,559
-
Prov. for
Gross
deprec. & amort
income..-----
Int. and other deduct'ns
Net income
Divs.
1940—Month—1939
—
expenses---
on
Amort,
pref. stock
pref.
stock
$378,004
159,112
73,425
1940—12 Mos.—1939
$4,667,224
1,847,654
913,435
$4,265,741
1,710,938
693,770
50,181
49,454
595,632
573,347
$108,344
32,300
$96,013
32,838
$1,310,502
389,030
$1,287,686
$76,044
34,358
|
$63,174
34,358
$921,472
412,296
$893,959
412,296
393,727
of
expense—
—
Balance-
—
10,848
10,848
130,181
130,181
$30,837
$17,968
$378,995
$351,482
—V. 151, p. 3410.
Southern New England Telephone
Period End. Nov. 30—
Operating revenues
-.
—
Uncollectible oper. rev--
1940— Month—1939
$1,759,289
3,000
Operating revenues.__~$1,756,289
Operating expenses.1,241,466
— _
Net oper. revenues,-.
Operating taxes...
Net oper. income
income
Net
Co.—-Earnings—
1940—11 Mos.—1939
$1,617,754 $18,668,074 $17,415,936
4,000
26,000
39,000
$1,613,754
1,131,656
18,642,074 $1X37036
12,755,975 12,100,808
$514,823
a202,595
.$482,098
$148,793
$5,886,099
al,890,271
$5,276,128
1,549,633
$312,228
239,084
$333,305
257,286
$3,995,828
3,180,626
$3,726,495
2,912,374
Tax accrual for November includes one-fourth of the increase in taxes
for first eight months of year imposed by the Second Revenue Act of 1940.
a
Accumulated figure includes three-fourths of the increase.—V. 151, p. 3254.
The Commercial & Financial Chronicle
132
Southern Pacific RR.—Gives Up
Right to Land Grants—
The right of the Southern Pacific RR. to claim more than 2,000,000
of public land in Southern California was relinquished in a
land-grant
acres
claim release submitted by the railroad to Secretary of the Interior Ickes
and
approved by the Secretary on Dec. 30.
» The approval
of the release clears the way for the Southern Pacific to
take advantage of increased rates for certain classes of Government freight
and passenger business as authorized by the Transportation Act of 1940.
Under that Act, roads originally constructed with the aid of grants of public
land may discontinue preferential reduced rates accorded the Government
certain forms of traffic if.
on
the
and when the roads receive approval by
as
Secretary of the Interior of
a
formal release of any claim under such
grants.
To date, 24 such releases have been approved by the
Interior.
Each of these, however, unlike the Southern
Secretary of the
Pacific
(A. E.) Staley Mfg. Co.—Obituary—
Standard Fire Insurance Co. of N. J.—Extra Dividend—
The directors have declared
an extra dividend of $1 per share on the
capital stock, par $25, payable Dec. 20 to holders of record Dec. 13.
The
regular quarterly dividend of 75 cents per share was paid on Oct. 23 last.
An extra dividend of $1 was paid on Dec. 21, 1939, Dec. 21,1938 and
1937,
and extras of 50 cents were paid on Dec. 17, 1936, and on Jan. 23, 1936.
—V. 149, p. 4186.
release,
no
V.
149,
Standard Gas & Electric
question of relinquishment of pending claims for land was involved.—
Southern Pacific SS.
November—
$455,908
defl29,076
defl46,851
8,374,099
575,979
291,217
6,661,805
336,369
141,782
—
Gross from railway...
Net from railway......
Net ry. oper. Income-.
149,
1939
$735,007
40,468
14,188
Net ry. oper. income...
From Jan. 1—
$53,807,229—
Lines—Earnings —
1940
1938
$587,433
1937
$629,961
50,619
32,325
def.30,564
6,025,329
171,574
defl,131
7,061,905
164,241
def80,091
def46,098
3254.
p.
Southern
Ry.—Earnings—
[Includes Northern Alabama Ry.]
November—
Gross
1940
railway
Net from railway
Net railway operating income
1939
$9,680,471
3,458,271
2,454,466
from
From Jan.
$9,132,782
3,055,362
2,017,691
95,974,980
29,164,264
18,573,995
91,024,812
28,356,338
18,266,819
1—
Gross from railway
—
Net from railway.
Net railway operating income—
—
-Third Week of December
1940
1939
Gross earnings (est.)....
—V. 151, p. 3902.
$3,252,071
Southwest Natural Gas
Jan. 1 to Dec. 21
1940
1939
$2,878,991 $136615,717 $129200,893
Co.—Merger—
Stockholders of the Southwest Natural Gas Co. and the Peoples Gas &
Fuel Corp., both Delaware corporations, adopted Dec. 20 an agreement of
merger between the two companies, at separate meetings.
According to the terms of the agreement, Southwest becomes the
tinuing corporation.
con¬
Depositary and Exchange Agent—
Manufacturers Trust Co. is depositary and exchange agent in connection
the merger between the Peoples Gas & Fuel Corp. and Southwest
Gas Co.—V. 151, p. 3577.
with
Natural
Southwestern Associated
Period End. Nov. 30—
Operating
Telephone Co.—Earnings—
1940—Month—1939
$137,241
$112,117
300
300
revenues
Uncollectible oper. rev..
1940—11 Mo#.—1939
$1,341,783
$1,183,457
3,300
3,000
Operating revenues...
Operating expenses-....
$136,941
79,472
$111,817
67,627
$1,338,483
805,914
$1,180,457
725,754
Net oper. revenues...
$57,469
41,103
$44,190
11,415
$532,569
172,748
$454,703
114,339
$16,366
$32,775
$359,821
$340,364
Operating taxes-..
Net operating income.
—V. 151, p. 3410.
Southwestern Bell Telephone
Co.—Earnings—
Period End. Nov. 30—
1940— Month—1939
1940—11 Mos.—1939
Operating revenues
$8,396,242
$7,859,478 $89,570,653 $84,918,357
Uncollectible oper. rev.
32,425
34,151
338,589
352,971
Operating revenues... $8,363,817
Operating expenses....
5,508,185
Net oper. revenues...
Net
$7,825,327 $89,232,064 $84,565,386
5,020,792
56,180,911
53,806,094
$2,855,632
1,151,234
$2,804,535 $33,051,153 $30,759,292
1,073,326
13,536,361
11,585,042
operating income $1,704,398
1,471,382
$1,731,209 $19,514,792 $19,174,250
1,493,629
16,913,736
16,567,272
Operating
taxes
Net income
Co.—Preliminary Construction
Companies in System Totals
Budget for 1941 for Operating
1929.
Gross from railway
Net from railway—
—V.
1941
4,
Augustus Eugene Staley Sr., founder of this company and a pioneer in
the corn and soybean processing industries, died on Dec. 26 at his winter
home at Miami.
The 73-year-old manufacturer generally was considered
the father of the processing of soybeans.—V. 151, p. 3255.
embraced grants which had been completed and closed for some time, and
p.
Jan.
.......
New Director—
Howard L. Young has been elected a director of this
company, it was
announced on Dec. 23.
He fills the vacancy created by the resignation of
Tom K. Smith upon the latter's election to the board of the American
Telephone & Telegraph Co.—V. 151, p. 3410.
Spicer Manufacturing Corp. (& Subs.)—Earnings—
3 Mos. Ended Nov. 30—
1940
Profit from operations
1939
$1,453,476
255,665
140,149
Idle plant expense
Federal normal income tax
Net profit
Earns, per sh. on 300,000 shs. capital stock
—V. 151, P. 3902.
$625,229
4,825
109,500
$816,477
$2.54
Total income
$594,021
31,208
$1,080,079
3,602
260,000
Profit
Other income..
$976,582
217,414
165,147
$1,057,662
22,417
Expenses
Depreciation
$510,904
$1.53
*
«
Public utility operating companies in the Standard Gas & Electric Co.
have a preliminary and tentative construction budget for 1941
amounting to $53,807,229, according to an announcement made Dec. 31.
This amount includes $23,702,052, which it is estimated will be carried
over from the system's 1940 construction budget for expenditures on
projects
not completed during that year.
There is also the possibility of further additions to the 1941 budget
being authorized during the year as conditions may demand, it was stated.
Such projects would increase the budget by from $5,000,000 to $7,000,000,
or to a total budget of approximately $60,000,000.
A classified summary of the total preliminary and tentative budget of
$53,807,229 indicates estimated expenditures in the electric departments of
the operating companies in the system totaling $46,119,541; gas depart¬
ments, $4,367,156; and other departments, $3,320,532.
Included in the preliminary budget are eight major projects which, when
completed, will provide additional generating capacity to the Standard Gas
& Electric Co. system of approximately 328,000 kilowatts.
The principal
projects consist of the following:
Duquesne Light Co.—Completion of a 60,000 kilowatt capacity unit in
the James H. Reed station at Pittsburgh, which was authorized in the 1940
construction budget and scheduled for completion in July, 1941; also a new
generating station of 60,000 kilowatt initial capacity at Wireton, scheduled
for completion in the early fall of 1942.
Louisville Gas & Electric Co.—Completion of an addition of 25,000 kilo¬
watt capacity to the company's Canal station, which was authorized in the
1940 construction budget and scheduled for completion in October, 1941.
Northern States Power Co. Minn.)—Completion of an addition of 50,000
kilowatt capacity to the company's High Bridge station in St. Paul, this
addition having been included in the 1940 construction budget and scheduled
for completion in October, 1941.
Sam Diego Gas & Electric Co.—An additional boiler to be installed in
Station B at San Diego, thereby increasing the capacity of that station by
15,000 kilowatts (this project was included in the company's 1940 construc¬
tion budget and scheduled for completion in September, 1941); also a
new steam electric generating station
of 35,000 kilowatt capacity to be
known as the Silver Gate station, to be located in San Diego and scheduled
for completion in September, 1942.
Southern Colorado Power Co.—Completion of an addition of 7,500 kilo¬
watt capacity to the Pueblo station, which was authorized in the 1940
budget and scheduled for completion in May, 1941.
Wisconsin Public Service Corp.—An addition of 25,000 kilowatt capacity
to the Bayside station in Green Bay and scheduled for completion in June,
system
1942.
Preliminary construction budgets for 1941 for the principal public utility
companies in the Standard Gas & Electric Co. system are as follows: Cali¬
fornia-Oregon Power Co., $1,211,059; Louisville Gas & Electric Co.,
$8,282,088; Mountain States Power Co., $750,000; Northern States Power
Co. (Minn.) and subsidiaries, less Wisconsin utilities, $7,250,000; Northern
States Power Co. (Wis.) and subsidiaries, $910,500; Oklahoma Gas & Elec¬
tric Co., $1,762,380; Philadelphia Co. and subsidiary companies (exclusive
of Pittsburgh Rys. and Pittsburgh Motor Coach Co., now in receivership),
$22,127,008; San Diego Gas & Electric Co., $5,740,891; Southern Colorado
Power Co., $824,551; Wisconsin Public Service Corp., $4,478,000.
All of the figures here indicated are subject to material changes and
they cannot be expressed in final form until adjusted actual construction
carry-overs from 1940 into 1941 are ascertained and until final authoriza¬
tion has been given by the boards of directors of the respective companies,
it was explained.
Completion of the new stations proposed in the 1941 construction budget
snd completion of stations and additions provided for in the 1940 budget,
now under construction, will result in the public utility operating companies
in the Standard Gas & Electric Co. system having a total installed electric
generating capacity of approximately 1,731.000 kilowatts.
San Diego Electric Co. Divestment Plan Hearing—
A
hearing has been set for Jan. 10 at the Securities and Exchange Com¬
mission's Washington offices, on an amendment to the plan (File 54-24) of
Standard Gas & Electric Co. under Section 11 (e) of the Holding Company
Act, which plan was approved by the Commission on Aug. 22, 1940.
The plan provided for the divestment by Standard Gas & Electric Co. of
its securities of San Diego Gas &
Electric Co. by offering to the holders of
its notes and debentures the privilege of exchanging each $1,000 principal
amount for 58 shares of common stock of San Diego Gas & Electric Co.
It also provided that the exchange would not become effective until $14,-
833,000 of the notes and debentures were deposited for exchange provided,
however, that Standard Gas & Electric Co. might at its election declare the
plan effective when not less than $8,873,750 of the notes and debentures
had been deposited.
The amendment provides that the plan shall become effective Jan. 15,
1941, irrespective of the amount of notes and debentures on deposit on that
date.
According to the amendment, $1,693,600 of the notes and debentures
had been deposited on Dec. 19, 1940.
Other Hearings Set
by SEC—
A
hearing has been set for Jan. 14 at the SEC's Washington offices on the
application (File 70-208) of Standard Power & Light Corp. for approval of
the exchange of $150,000 of notes and debentures of Standard Gas &
Electric Co. for 8,700 shares of common stock of San Diego Gas & Elec¬
tric Co.
■
A
Spokane International Ry.'—Earnings —
November—
Gross from
1940
railway
1939
$69,364
25,392
$66,368
19,717
1938
18,201
9,131
$53,186
10,264
2,571
766,276
228,809
135,417
Net from railway
Net ry. oper. income...
740,479
180,152
91,310
683,983
130,939
46,414
From J an. 1—•
Gross from railway
Net from railway.
Net ry. oper. income.._
—Y.
151, p. 3255.
1937
$61,428
13,839
4,290
787,032
202,727
112,178
Spokane Portland & Seattle Ry.—Earnings —
1940
railway
Net from railway
Net ry. oper. income...
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income—_
—V. 151, p. 3255.
1939
$883,918
357,445
187,704
$727,739
8,842,875
2,626,530
1,133,135
7,987,125
2,268,873
260,168
109,791
918,529
1938
1937
$691,284
225,767
95,997
$600,404
137,373
34,643
7,515,974
2,056,838
717,625
8,257,898
2,695,202
1,485,315
Springfield Fire & Marine Insurance Co.—Special Div.
The directors
Dec.
23 declared a special dividend of 25 cents per share
to the regular quarterly dividend of $1.12
per share on the
stock, both payable Jan. 2 to holders of record Dec. 23.
Similar
payments were made on Jan. 2, 1940, Jan. 3, 1939, Jan. 3, 1938, Jan. 2
1937 and on Jan. 3, 1936.—V. 151, p. 567.
in
on
Co., if the directors so determine).
The plan provides that consummation shall be subject to the approval of
a majority of each class of stock, and that the cor¬
poration will register as an investment trust under the Investment Company
the holders of at least
November—
Gross from
hearing has been set for Jan. 15 on the application (File 54-29) of
Light Corp. filed under Section 11 (e) of the Holding
Company for approval of (1) termination of its voting power in Standard
Gas & Electric Co., (2) recapitalization of the corporation under which
new common stock would be issued to present security holders in
exchange
for their securities, with 92.1% of the new common stock being distributed
to the present preferred stockholders, and (3) liquidation of the corporation's
holdings of securities in the Standard Gas & Electric Co. holding company
system (other than the notes and debentures of Standard Gas & Electric
Standard Power &
addition
Act of 1940.
A hearing has been set for Jan.
Northern States Power Co. (Minn.)
21 on the application (File 70-53) of
regarding a proposed merger with three
wholly-owned subsidiaries, the Minneapolis General Co., St. Croix
Falls Minnesota Improvement Co. and Minnesota Brush Co.
The merger will be effected through the acquisition by the parent company
of its
of all the assets of the subsidiaries in exchange for the securities of and the
claims against the
subsidiaries, whereupon the subsidiaries will be dissolved.
Weekly Output—
Electric output of the public utility operating companies in the Standard
Gas & Electric Co. system for the week ended Dec. 28, 1940, totaled
135,662,745 kilowatt-hours, as compared with 123,947,177 kilowatt-hours
for the corresponding week last year, an increase of 9.5%.—V. 151, p. 3902.
common
(E. R.) Squibb & Sons—New President—
Lowell
has
P.
as
chief executive
,offjeer.—V. 151,
Engine Co.—Sold—
Sons, New York, has been completed, the buying group
Dec. 21.
More than 75% each of the preferred and common
purchased at an undisclosed price.
Attorneys for the buyers said I. Tachna, of New York, was elected
President to succeed Charles H. Green, resigned, while Lee Madden will
continue as Vice-President in Charge of Operations.—V. 151, p. 3577.
Schaap &
announced
Weicker, Vice-President in charge of sales and
advertising
President, succeeding Carleton H. Palmer, who becomes
been elected
Chairman of the Board and continues
Stover Mfg. &
Purchase of control of this company by Kalter Arronson and associates
and
stocks
was
on
Volume
Tri-County Telephone Co.—Bonds Called—
(B. F.) Sturtevant Co.—Accumulated Dividend—
Directors have declared
tions
on
the
a
dividend of $1 per share on account of
accumula¬
holders of record Dec. 3.—
preferred stock, payable Dec. 4 to
V. 150, p. 4143.
All
of the
outstanding
p.3530.
Tri-State
Mos. End. Nov. 30—
3
y
1940
Net profit-
Earnings per share
1937
Operating
$444,688
$0.09
$232,134
$0.05
$575,711
$0.12
On 4,-
y
Tennessee Central Ry.-—Earnings—
November—■
1940
Net ry. oper. income...
—V. 151, p.
1937
1938
1939
$205,961
50,058
21,492
$220,448
53.456
34.332
$206,796
58,459
26,213
$194,663
43,197
13,786
2,372,317
569,671
263,708
2,234,993
540,368
241.030
2,073,686
527,146
216,103
2,329,417
604,550
304,962
1939
$36,679
1940
$45,885
11 Months Ended Nov. 30—
$541,329
416,609
$6,108,896
4,313,251
$5,684,965
'4,395,135
$124,720
41,964
$1,795,645
516,632
$1,289,830
452,116
Net oper. income
Net income
$111,582
42,881
$82,756
$1,279,013
527,236
^837,714
^782,927
J L.
-V.
revenues..
oper.
151,
Corp.—Stock Sold—Offering of a block of 53,000
stock was made (after the close of the market
Triumph Explosives, Inc.—Earnings—
Earnings for 3 Months Ended Oct. 31, 1940
$454,434
Net income
after
$81,714
23,944
14,191
$66,564
3,972
def6,622
$118,119
28,755
14,398
893.217
194,996
93,788
railway
Net ry. oper. income—
—V. 151, p. 3256.
1939
$96,137
20,990
13,421
Gross from railway-..-.
854,213
180,767
78,996
885,971
112,750
13,623
1,373,807
390,248
248,770
profits."—V. 151,
Net ry. oper. income.._
1,170,744
697,072
1939
$3,896,754
1,187,777
41,508,261
10.414,848
4,459,606
650,407
$3,631,321
942,926
505,709
39,696,104
10,289,027
4,545,637
38,168,383
8,219,266
2,826,098
1937
$3,878,572
865,508
403,910
43,051.199
10,014,158
' 4,449.181-
$5,944,675
4,543,242
$279,403
$1,445,459
146,357
750,270
.
$147,833
17,884
$133,046
22,983
$695,189
89,726
$648,6 1 0
117,230
$165,717
212,889
$156,029
216,584
$784,915
1,067,796
$60,555
$47,172
$282,881
$325,022
Committee—
Eric E. Brock, of 30 Pine St.. is Secretary.
1929.
lines.
resolution,
The Transit Commission's
as
adopted, calls for certain modi¬
These modifications include
fications of the original motorization program.
provision for continuance during the transition period of free transfers
between buses and trolleys where such privileges are now in effect between
trolley lines.
Rebates on unused portion of children's school tickets also
are provided for.
Applications to the Transit Commission for motorization of trolley lines
having perpetual franchises are expected to await court opinion relative to
the question of abandoning trolley facilities underlying certain mortgages
and the substitution of buses therefor.
It is understood that preliminary
legal authority for the contemplated change-over
.
Third Avenue RR. first mortgage
5% 50-year gold bonds, due 1937 (principal waived to 1943) will
that date upon presentation of bonds for stamping.
Interest is
at office of City Bank Farmers Trust Co., New York.—V. 151, p.
Thomson Electric Welding
share on the common stock,
$1 was paid
payable Dec. 26 to holders of record Dec. 20.
Dividend of
on Dec. 2, last; $1.50 paid on Sept. 3, last; $1 on June 1, last,
on March 1, last, and on Dec. 1, 1939.—V. 151, p. 34ll.
Trust Co.,
&
be paid
payable
3257.
Co .—Pays $2 Dividend—
Directors have declared a dividend of $2 per
and 50 cents
Los Angeles, Calif.—
Dividends—
dividend of 50 cents per share on the common
24 to holders of record Dec. 22 another divi¬
share payable Jan. 2 to holders of record Dec. 22. Regular
quarterly dividend of 75 cents was paid on Oct. 1, last.—Y. 147, p. 4069.
Directors have declared a
stock, par $25, payable Dec.
dend of $1 per
Toledo Light & Power
a
Co —Accumulated Dividend—
dividend of $1.50 per share on account
of
the 6% cumulative preferred stock, payable Nov. 29 to
holders of record Nov. 22.
Last previous dividend was the regular quarterly
on
distribution of $1.50 made on
April 1, last.
Merge—
See Cities Service Power &
Light Co.—V. 148, p. 8u3.
Toledo Peoria & Western RR.— Earnings
Gross from railway
Net from railway
Net ry. oper. income
From Jan.
1940
1939
—
1938
1937
$201,149
73,851
29,041
$202,866
89,424
56,241
$177,000
56,707
28,998
$228,035
88,033
39,397
2,180,350
768,512
311,575
2,086,466
735,755
325,141
1,997,610
2,238,142
1—
Gross from railway
Net from railway
Net ry. oper. income
—V. 151, P. 3257.
G. I. system companies for the week just
last year are as follows:
Week
113,371,976 khw.; same week last year, 106,457,738
increase of 6,914,238 kwh. or 6.5%.—V. 151, p. 3904.j
a
The electric output for the U.
closed and the figures for the same week
ended Dec. 28, 1940,
Corp.—New President—
E. Francis Whelan has been elected President of the corporationrto"replace
William T. Posey, who has retired from the
to his private interests, it was announced on
United
corporation to devote himself
Jan. 2.—V. 149, p.1425.
Shipyards, Inc.—Liquidating Dividend—
This company,
which is being dissolved, made on Dec. 26 a further disclass A stock at the Commercial
trbituion of 90 cents a share to holders of
National Bank & Trust Co., 46 Wall St., on presentation of receipts for the
stock,—V.
150, P. 3530.
United States Cold Storage
Directors
have
to
declared
Corp.—Accumulated Div.—
dividend of $1.25 per share on account of
a
the 7% cumulative preferred stock, payable Dec. 27
holders of record Dec. 23.
Dividend of $1.75 was paid on Sept. 30 last.
accumulations
on
3904.
Co.—Bonds Called—
United Telephone
All of the outstanding 20-year
6% gold debentures series A due Oct. 1.
22 at 102 and accrued interest.
1948 have been called for redemption on Jan.
Payment will be made at the First National Bank of Chicago.—V. 134,
p.
2911.
Universal Pictures
Co.,
Inc.—Injunction Denied—
Supreme Court Justice Eder on Dec. 30 denied a temporary injunction
the company from accepting or purchasing tenders from first
preferred stockholders in pursuance with an offer by letter issued by the
company Dec. 12, and which offer was scheduled to become effective
Dec. 30.
The restraining order was sought by Samuel I. Posen, a stock¬
holder, pending trial of a suit for a permanent injunction.
Justice Eder
held that while the plaintiff may have sufficient grounds for relief there were
insufficient facts presented to warrant a temporary stay pending trial for
a
permanent injunction.—Y.
United States
150, p. 3750.
Plywood Corp.—Earnings—
1940
$4,195,579
3,647,995
1939
$3,236,717
2,906,572
$547,584
3,931
$330,146
6,491
$551,515
220,600
$336,637
60,475
Net profit.—...
$330,915
$276,162
Preferred dividends
26,162
32,210
6 Months Ended Oct. 31—
Net sales
Cost of sales and expenses
Net profit from
operation
—
Other income (net)
r
Prov. for Fed. income & excess
5% 50-Year Bonds Due 1937—
on
declared
will be the Executive
.
....
Total income
First Mortgage
The interest due Jan. 1, 1941, on the
November—
President and
to restrain
The Transit Commission has adopted a resolutionvapproving company's
petition for authority to substitute buses for street cars on certain routes
now operated on the basis of limited term trolley franchises, as well as for
certificate of convenience and necessity for operation of buses on certain
To
elected
was
Weekly Output—
'
Approved—
have
Bodine
W.
Officer in charge of the active management of the company.
Mr. Zimmermann has been President of the U. G. I. since!February,
—V. 151, p.
and Marc Haas have formed a
protective committee for the holders of adjustment income mortgage 50year 5% bonds of the company, which has filed suit in the New York
Supreme Court for a declaratory judgment in connection with the bus and
franchise agreements entered into with the City of New York, in which
suit the bondholders and the mortgage trustee have been made defendants.
Guggenheimer & Untermyerare acting as counsel for the committee, and
Directors
Co.-—New Chairman, &c.—
Board, he will be the senior executive officer, having general direction
William
Montgomery Schuyler, George C. Towne
accumulations
RR.—Equipment Trust Bids—
United Gas Improvement
$765,840
1,090,862
Net loss
Insurance
This will be the first
time.—V. 144, p. 1620.
Directors have elected John E. Zimmermann, Chairman of the Board.
as Chairman of the Executive Committee.
As Chairman
752,823
Gross income.
Title
some
that it will deliver to the successful*bidder
$12,570,000 of equipment trust certificates—bids on which are to be
opened on Jan. 8—a favorable opinion by Cravath, de Gersdorff, Swaine
& Wood as to the validity of the certificates, the lease and agreement and
the guaranty of the company.—V. 151, p. 3903.
$1,401,434
$302,349
154,515
Deductions
on
in
United Profit-Sharing
$5,934,948
4,489,489
Operating income
Non-oper. income——
Interest
Co.—50-Cent Dividend—
dividend of 50 cents per share on the common
The company has announced
1940—5 Mos—1939
1940—Month—1939
$1,182,393
$1,178,177
880,044
898,774
Net oper. revenue
Taxes
steps toward establishing
were initiated Dec. 27.
a
for its
kwh., an
Operating revenues
Operating expenses
3413.
Directors have declared
System—Earnings—
Third Avenue Ry.
new
but before
of the business and affairs of the company.
1938
3256.
Period End. Nov. 30—
p.
stock, payable Dec. 27 to holders of record Dec. 13.
1—
Gross from railway.....
Net from railway
Bus Plan
amort.,
55,245
Union Manufacturing
of the
RR.—Earnings—
1940
$4,141,134
Net from railway
Net ry. oper. income...
Protective
deprec. &
He will continue
Texas & New Orleans
November—
Gross from railway
p.
incl.
■—>
^
important
is meeting
growing demand for its products for National Defense purposes.
The
company's outlook for the current fiscal year is a favorable one and con¬
tinued rapid gains in volume of business should be reflected in increasing
Union Pacific
1937
1938
1940
Net ry. oper. income—
From Jan. 1—
151,
all charges
Dec. 21, 1940 amounted to $926,845, he said.
In connection with the report, Mr. Kann stated;
"As an
of military pyrotechnics. Triumph Explosives
Ry.—Earnings—
November—
Gross from railway
Net from railway
—V.
^
Gross sales
dividend paid
Texas Mexican
From Jan.
89,381
3257.
p.
manufacturer
Jan. 2) by Dillon, Read & Co. at 39% net.
This was the
closing price on the big board.
The stock represents British
holdings.—V. 151, p. 2812.
Net from
$5,689,852
4,887
G. H. Kann, President, reported a backlog of unfilled orders as of Dec. 21,
1940 aggregating $2,887,062.
Shipments of finished goods from Aug. 1 to
Corp.—Earnings—
Net income before Federal taxes
of
$6,124,757
15,861
provision for income taxes.
—V. 151, P. 3902.
Texas
$543,689
2,360
$576,463
516
$575,947
419,010
3411.
Terre Haute Malleable & Mfg.
shares
,
$156,937
45,355
From Jan. 1—
Gross from railway
Net from railway
rev.
Operating revenues..
Operating expenses
Net
Gross from railway...:.
oper.
1 940—11 Mos.—1939
1940— Month—1939
revenues
Uncollectible
Operating taxes
x After
depreciation, Federal and provincial income taxes,
807,144 shares of capital stock.—V. 151, p. 2363.
Net from railway
Net ry. oper. income...
Telephone & Telegraph Co.—Earnings—
Period End. Nov. 30—
1938
1939
$489,858
$0.10
($1,470,000) first mortgage sinking fund~4K%
redemption on Jan. 6 to 105.—V. 150,
bonds due 1956 have been called for
Teck-Hughes Gold Mines, Ltd.—Earnings—
x
133
The Commercial & Financial Chronicle
152
635,958
693,074
293,946
291,125
profits tax
$304,752
$243,952
218,507
191,511
$1.39
$1.28
Lawrence Ottinger, President, pointed out to
Earnings applicable to common stock. —
Average number of shares of com. stock outstand'g
Earnings per share
—
In
releasing the report,
factors which make it difficult to estimate
halfway point in the company's fiscal year. "The company is
making application for special amortization rates to apply to certain pro¬
duction units now building, and the management has other steps under
consideration which may affect its tax position," he said.
As of Nov. 1, 1940, the company acquired the entire outstanding capital
stock of Algoma Plywood & Veneer Co. and The Hamilton Veneer Co. for
approximately $900,000 in cash.
The output of these two companies has
been purchased by the company since 1938.
The earnings of these new
subsidiaries for the six months ended Oct. 31, 1940, after charges of about
$20,000 for non-recurring expenses but before Federal income taxes,
amounted to approximately $52,000.
Their earnings will accrue to the
company from Nov. 1, 1940.
Production of the fir plywood plant at Seattle is being increased by
stockholders that there are certain
taxes at this
approximately 33 1-3%, and the additional unit will be in operation on or
about Feb. 1, 1941.
The capacity of the Hamilton Veneer Co. plant at
Orangeburg, S. C., is being doubled. Since the Algoma plant is running at
capacity and to a considerable extent on defense and aircraft work, onlyminor improvements will be made at present so as not to interfere with
prodi ction.—V. 151, p. 3412.
Vail Norman Machine Tool Co.—Listing—
new common stock, par $2.50 has been admitted to listing by the
and the old common stock, par $5, has been
suspended from dealings.
The new common has been issued for the old
common on the basis of two new shares for each one share of old.
The
New York Curb Exchange,
Exchange Agent—
Guaranty
company to
Trust Co. of New York has been appointed agent by this
effect the exchange of common stock, $5 par value, for common
134
The Commercial & Financial Chronicle
stock, $2.50 par value,
the basis of two
on
new
shares for each old share
Jan.
Western Pacific RR.—Earnings—
surrendered.—V. *51, p. 3904.
November—
Utah
Gross from
Ry.—Earnings —
November—
Gross from
1940
railway
1939
$102,276
37,655
21,80.5
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
767,644
134,410
54,496
Net from railway
Net ry. oper. income—
1938
1937
38,276
1,121,756
236,104
118,374
a
Tenders—
of $143,582 at
109.
y
$573,077
539*324
27,078
70,287
on
$792,108
494*548
30,083
69,571
sisal-
Loss
1937
$562,365
1939
$581,763
6,589
1940
on
Earnings
x
Interest
Deprec. of plant & equip.
26,313
70,353
6,757
Cuban income tax
$63,612
$138,809
$19,029
Cash
Sugar
on
356,620
Other materials
30,046
crops
9,911
$90,000
on
crop
1940-41
financ'g l'n
15,000
313,894
Car eqpt. note pay
160,689
After taxes and charges,
Investment
Accrued liabilities.
16,347
Est. sug. A tnol'ses
25,000
25,000
17,101
shipping exps...
Long-term liabs..
11,269
Total
3,368,421
,335,018
158,941
Deficit
$5,115,127 $5,109,771
15,489
,363,828
Cap.stk.(par $3).
1,335,018
95,329
$5,115,127 $5,109,771
x After reserve for depreciation of $350,666 in 1940 and $279,492 in 1939.
Secured by first mortgage on the company's real estate in 1939 and 1940.
Sugar only.—V. 149, p. 2709.
1939
1938
12,144.738 x$l,788,032
1,246,692
1,003,266
1,025,415
820,052
$1,767,837
1,000,828
23,407,095
12,875,600
8,789,842
Gross from railway
Net from railway—.
Net ry. oper. income.
p.
4073.
Wheeling & Lake Erie Ry.
Net ry. oper.
19,493,229
10,346,249
8,081,417
18,313,698
9,993,903
8,617,473
Period-
Operating revenues..!
Operating expenses and taxes
Administrative and general expenses.
on
17.311,952
8,529,680
6,979,014
revenue
$1,115,233
Maint. of way & structs_
141,814
Maint. of equipment
159,750
Traffic expenses..
26,047
Transportation expenses
448,345
General expenses
33,771
revenues
railway revenues.
mtortgage 4H%
124,877
12,155
27,644
118,611
13,091
27,648
243,488
25,246
68,186
972
$61,459
$120,751
Washington Water Power Co. (& Subs.)—Earnings—
Period End. Nov. 30—
Operating re venues
Operating expenses
1940—Month—1939
$1,016,720
360,704
218,872
Direct taxes
91,686
res. approp.
$3,889,535
888,314
$3,591,773
862,960
$218,350
52,759
29,580
$230,479
$3,001,220
$2,728,813
Rental of terminals
41,549
32,605
446,600
342,571
398.777
403,883
$136,011
Other income (net)
Pr4.639
$156,324
Dr2,785
$2,212,049
Dr42,354
$1,926,153
Dr46,649
Net after taxes.
Hire of equipment
Income before interest
$131,372
$153,539
9,352
$2,169,695
o,411
99,429
$1,879,505
108,547
$122,960
$144,186
$2,070,266
$1,770,957
1940—12 Mos.—1939
$954,318 $11,461,296 $10,757,479
394,622
4,394,121
3,950,702
117,805
2,191,109
1,646,653
92,717
1,107,959
1,113,570
$345,458
2,355
$349,174
1,874
$3,768,107
36,424
Wood, Alexander & James, Ltd.—Accumulated Div.—
The directors have declared a dividend of $1.75 per share on account of
accumulations on the 7% cumulative first preferred stock, par $100, pay¬
able Feb. 1 to holders of record Jan. 14.
Like amounts were paid in each
$351,048
$3,804,531
64,167
770,000
920,644
Industries, Inc.—Dividend—
Directors
on Dec. 20 declared a dividend of 10 cents per share on the
stock, payable Jan. 31 to holders of record Jan. 15.
Like amount
was paid on Nov. 12, last; dividend of 20 cents was paid on July 30,
last;
10 cents on Jan. 30, i940; and previous dividend was the 25-cent distribu¬
tion made on Sept. 15, 1937.—V. 151, p. 3905.
common
Yazoo &
Mississippi Valley RR.—Earnings-
November—
1940
Gross from railway
Net from
railway.
Net ry. oper. income.__
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income._.
Int. on mtge. bonds
Other int. & deductions.
6,514
Int. chgd. to construct'n
Net income
$243,284
$280,367
Divs. applic. to pref. stock for the period
105,939
$2,871,643
$3,047,772
Cr746
622,518
$2,249,125
------
'
Liabilities—
Acc'tsA notes pay.
Owing to subs
$90,201
718,352
M'd'seandauppl..
847,017
897,012
Mortgages
Securities
614,411
656.012
Reserves
2,437,089
2,467,288
45,750
135,895
Real estate
Miscell. assets
Total
—V.
$4,558,754 $4,964,760
Capital stock
Surplus
Total
1940
Profit for year
Equal to 68 cents
1939
16,536
58~402
234,000
234,000
3,976,805
4,225,350
$4,558,754 $4,964,760
148, p. 897.
Winchester Repeating Arms Co.—Bonus—
Bonuses amoimting from $125,000 to $150,000 will be distributed to
5,000 employees of this company.
The bonuses will be paid all workers
the payroll for more than six months.—V. 151, p. 2962.
on
Year Ended Sept. 30
1939
1938
$567,245
349,897
402,425
1937
$625,993
352,886
392,860
$1,745,542
372,701
415,190
a
x$483,121 loss$185,077 loss$119,754
$957,649
share on 161,481 no par shares of common stock.
1940
Cash
1st mtge. bd.Int.
1940
1939
S
S
650,776
Liabilities—
$
153,435
153,435
583,444
460,767
354,413
Est.
cost
to
com¬
168,412
123,330
146,718
232,952
132,083
5,811,050
5,885,100
7% preferred stock 5,447,800
z Common stock..
807,405
Capital surplus.__ 3,358,796
5,447,800
807,405
contracts-
3,690,354
3,386,021
Reserves
3,439
6,097
Deferred
contracts
227,117
134,481
Miscell. assets..—
249,268
284,748
3,899,004
651,213
3,737.096
7,175,663
7,229,360
of
pleted
Investments
y
Property
Patents
.«
Deferred charges._
Total
x
credits._
Funded debt.
uncom¬
Inventories
S
714,626
plete
Notes and accts.
Cost
1939
Accounts payable-
Accrued accounts.
977,892
_______
Deposit for pay. on
$333,266
133,840
Corp.—Earnings—
Comparative Balance Sheet Sept. 30
receivable.
113,742
Co .—Govt. Contract-
114,483
taxes
Accrued Interest._
$197,573
_
Est. Fed. & State income
(L. E.) Waterman Co.—Balance Sheet Oct. 31—
561,866
.
1940
x
$52,621
5,167,797
2,909,288
-
$1,345,028
Int. on long-term debt__
347,960
Provision for deprec
399,463
Assets—
„
15,065,255
4,401,469
2,015,349
Profit
Dividend—
Receivables
13,346,531
3905.
x
1939
13,870,027
4,422,464
2,043,047
Department awarded contracts totaling $31,718,137 to this
to manufacture trucks under the Defense Program.—V. 151,
Waterbury Farrell Foundry & Machine Co.—Year-End
1940
13,997,583
4,193,363
1,783,876
Income Account for
$2,425,254
year-end dividend of $1 per share on the
common stock, payable Dec. 26 to holders of record Dec. 20.
Regular
quarterly dividend of 50 cents was paid on Oct. 1, last.
$1,556,801
666,980
477,658
York Ice Machinery
622,518
a
1937
$1,447,832
605,099
378,278
War
company
—V. 151, p. 3259.
declared
1938
$1,731,272
795,405
557,574
Yellow Truck & Coach Mfg.
The
27,055
164,727
Crl,839
1939
$1,414,497
533,393
307,883
—V. 151, p. 3260.
i$4,073,609
64,167
40,362
preceding quarters.—V. 151, p. 2211.
Woodall
1$4,046,554
$347,813
Gross income
on
-V. 151, p. 3905.
p.
Net oper. revenues
Other income (net)
_
35,189
78,687
of the fifteen
Balance Sheet Oct. 31, 1940
Cash
428,414
854,010
87,156
972
55,292
Assets—Cash, $56,556; accounts receivable, $21,510; investments and
advances, $16,891; fixed assets (less reserves for depreciation of $192,429),
$2,906,954; deferred charges, $36,929; total, $3,038,839.
Liabilities—Accounts payable and accrued expenses, $7,733; interest
payable to trustee of income loan certificates in respect of "net profit",
$33,347; cumulative interest on 1st mortgage 4M% income loan certifi¬
cates
dated as of Nov.
1,
1936, $281,643; funded debt, $3,030,500
unearned rent, $195; class A common stock, authorized and issued, 8,561
shares, par value $1, $8,561; capital surplus, $84,620; earned surplus
(deficit), $407,760; total, $3,038,839.
Assets—
140,882
166,997
27,354
896,324
$12,824,103 $11,931,886
1,612,202
1,399,249
1,793,220
1,752,730
314,051
312,431
4,809,289
4,487,839
405,806
387,864
136,373
$59,293
have
77,779
$1,108,001
$309,165
Apr. 30 '40 Oct. 31, *40 Oct. 31, '40
$173,569
$167,050
$340,619
_
Net loss.
Directors
1940—11 Afos.—1939
$1,009,895 $11,670,527 $10,808,116
20,327
257,252
269,760
$305,506
12 Months
in¬
retirement of capital assets.
Balance.
4,754,405
4,244,433
Ry.—Earnings-
$1,016,574
17,171
81,488
bonds, &c
Months-
68,186
depreciation
loan certificates
Prop, retire,
15,103,857
1940—Month—1939
Freight revenue
Passenger revenue
Bal. before interest
Loss
9,879,587
2,579,967
1,905,198
Wisconsin Central
Corp.- -Earnings—
-6
1st
13,568,854
4,395,732
3,709,221
5,319,819
4,074,774
Int. being accrued & paid
Wall & Beaver Street
on
1937
$1,095,301
202,875
161,812
Period End. Nov. 30—
Net
1938
$1,093,559
325,754
279,190
Net ry. oper. income
—V. 15i, p. 3581.
Total
1939
$1,549,130
477,035
469,863
15,664,705
income
From Jan. 1—
Gross from railway
Net from railway
All other
-Earnings-
1940
$1,360,674
351,018
279,944
869.938
x Corrected figure.
—V. 151, P. 3758.
come
stock
$2,756,706
120,088
_____
130,
Gross from railway
Net from railway.
1937
$2,205,261
1,209,868
673,051
_
.
Net ry. oper. income.
From Jan. 1—
Interest
common
Net after rents
1940
Notember—
Provision for
On combined preferred and
Co.—Earnings—
Taxes
Virginian Ry.- -Earnings—
Gross from railway
Net from railway
y
1940—11 Mos.—1939
$17,492,642 $12,255,768
$6.54
$4.57
$1.60
Net income after all charges
—V.
31,330
27,129
24,521
1,557,326
179,909
85,155
Earnings for 9 Months Ended Sept. 30, 1940
4,000
30,780
Accounts payabl*.
4,555,394
9,862
equipment- 4,486,671
Defer red charges..
14,222
z
Z165.616
4,000
Notes payable
plant
Total
149,928
Pignoration of sug.
and
149,068
5101,848
58,629
& morses on hd.
and
y
1939
Nat. City Bank
loan
14,198
30,854
other assets
Property,
y
Adv.
accounts-
Growing
x
1940
Crop financ'g loan
on
hand....
Colonos
$76,397
41,231
217,088
57,231
15,416
hand
51,644
$1.60
__
A ccts. receivable..
181,260
134,733
$136,226
9,056
def2,954
1,493,152
273,350
158,672
November—
Liabilities—
1939
17,249
1,597,353
Net sales
prof$60,049
Balance Sheet June 30
1940
25,839
share._.
per
628*637
598,045
28,825
68,666
1937
1938
$144,993
34,088
1,675,877
310.560
.
Wheeler Osgood
5,638
__
1939
$155,248
—V. 151, p. 3905.
purchase and sale
ofsugar
1,054,259
-Earnings ■
Period End. Nov. 30— 1940—3 Mos.—1939
Net profit
$4,285,496
$4,290,094
x
Co.—Earnings—
Loss
15,331,843
Westinghouse Electric & Mfg. Co.—Earnings—
sum
1938
def595,686
26,674
10,801
Net ry. oper. income..
—V. 151, p. 3260.
Bank of Boston, will until 12 o'clock noon Jan. 14
receive bids for the sale to it of sufficient temporary first mortgage (coll.)
Years End. June 30—
289,024
15,338,325
13,322,183
3,386,790
610,818
1,545,657 def 1,216,353
$171,643
47,588
.
Net ry. oper. income..
From Jan. 1—
Gross from railway
Net from railway
The First National
Vicana Sugar
323,919
$1,363,272
67,687
defICS,656
1940
Gross from railway
Net from railway—:__
Similar payment was
p.
$1,418,538
465,966
3259.J
dividend of cents per share on the common
5% convertible bonds due Oct. 1, 1951 to exhaust the
prices not exceeding par and accrued interest.—V. 150,
1937
514,224
Western Ry. of AlabamaNovember—
Directors have declared
Assets—
16,755.563
4,249,041
2,245,173
Net ry. oper. income
—V. 151, p.
Vertientes-Camaguey Sugar Co.—To Pay 10-Cent Div.—
Expenses
$1,549,163
Gross from railway.
Net from railway
—V. 151, p. 3258.
stock, payable Feb. 1 to holders of record Jan. 15.
made on Aug. 1, last.
1938
1939
$1,762,215
666,618
470,047
From Jan. 1—
35,625
22.228
582,064
42,393
def70,615
728,461
117,434
1940
railway
Net from railway
Net ry. oper. income
$113,700
$92,462
27,966
8,204
$104,630
37,598
27,832
1941
4,
713,958
____
89,406
3,358,796
aEarnedsurp
218,045 defl85,077
Pref. treas. stock. DrllO,700 Drll0,700
1
205,099
213,415
17,232,484 16,509,388
Total
17,232,484 16,509,388
After deducting reserve for doubtful notes and accounts of $108,334 In
1940 and $109,469 in 1939.
After deducting reserves for depreciation of
$7,277,348 in 1940 and $7,234,391 in 1939.
z Represented by 161,481
shares of no par value after deducting 2,307 shares in treasury at a cost of
$11,535.
a From Oct. 1. 1938.—V. 151, p. 1010.
y
The Commercial & Financial
152
Volume
135
Chronicle
The Commercial Markets and the
Crops
\
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
pound,
COMMERCIAL EPITOME
'f'v'X*J.-:':' 'V*■;'}■■■ :X
■
XXv Friday Night, Jan.
Coffee—On the 28th inst. futures closed 4 to 2
3, 1941.
points net
higher for the Santos contracts, with sales totaling 72 lots.
Santos coffee
was
3 to 4
points higher with Mar. at 6.26c.,
during early afternoon.
Santos spot
The
prices of 200 reis
reis advance this week.
advance reflected
per
a
rise in
10 kilos, making a 600
The actual market
was
quiet but
steady with Government buying of Colombian coffee re¬
On the
30th ult. futures closed unchanged to 1 point off f# the
Santos contracts, with sales totaling only 9 lots.
In Brazil
the spot price on type 5, Rios, was off 100 reis, while hard
and
soft
4s
were
unchanged.
Colombian coffees were
reported firmer in the local market due to the withdrawal
of offers of resale coffees.
The improvement resulted from
a story that the federation was buying Medellins, in Colom¬
bia at 25 cents per bag over the official minimum export
price of $14.30 per bag.
Cost and freight offers from Brazil
were
less plentiful and scarce for shipment before Feb.,
when the increased freight rate will go into effect.
On the
ported taking place in the interior of that country.
for the Santos
Selling which brought
coffee market was ex¬
pected.
Sept., in early afternoon, was selling at 6.77c.,
off 7 points.
Perhaps the liquidation was profit-taking to
offset losses earlier in 1940, for income tax purposes.
In
Brazil the official spot prices on hard and soft Santos 4s
were up
a further 200 reis per 10 kilos, or about 5-100c.
per pound, while type 5 Rios were 300 reis higher.
The
firmer market for Colombian coffee, on reports that the
Federation was buying again—was maintained.
On the 2d inst. futures closed 9 to 4 points net lower,
with sales totaling 10 lots.
Santos coffee was 4 to 6 points
higher in the early trading, with May selling at 6.60, up
6 points.
The firm tone in the actual market appeared to
be the principal factor.
Imports of coffee into the United
States during 1940 were close to, if not above, the record
purchases of 1939. Traders expect expanding consumption
to fully absorb the "Inter-American agreement quota" of
15,900,000 bags. Renewed buying by American roasters is
expected to develop later tnis month and meanwhile primary
sources are not expected to press.
Today futures closed 1
point off for the Santos contract, with sales totaling 9 lots/
There were 2 contracts traded in Rio July delivery which
option closed 2 points net higher.
Santos coffee marked
time pending renewed activity in actuals.
The market in
early afternoon was unchanged to 1 point lower, with May
at 6.59c., off 1 point.
There was nothing fresh in the news.
31st ult. futures closed 6 to 7 points net lower
contract, with sales totaling 36 lots.
losses of 5 to 7 points in the Santos
Rio coffee
prices closed as follows:
May..
4.521
■
Santos coffee
March ,1941
May
July-..---
4.64
4.43 I July
March, 1941
'
prices closed
__— —
...
—
as follows:
6.481 September
.6.591 December
6.81
,_6.89
6.701
Cocoa—On the 28th ult. futures closed 2 to 4 points net
Scattered liquidation pushed cocoa futures 14 to 12
lower.
points lower during the short- week ending today (Saturday),
despite occasional bursts of manufacturer buving interest.
Today's trading was light at 31 lots or 415 tons, including
18 switches.
Dealers absorbed most of the selling.
Re¬
flecting continued heavy arrivals, total licensed warehouse
stocks were up 27,000 bags for the week, bringing the amount
in store to 1,334,736 bags on Friday, compared with 1,120,048 bags a year ago
Activity in the outside market was
routine,
largely
dealers
reported.
Local closing: Dec.,
July, 5.24; Oct.,
5.33; Jan., 5.04; Mar., 5.12; May, 5.18;
5.38.
On the 30th ult. futures closed 3
to
4 points net
lower, with sales totaling 110 lots.
Traders in cocoa paid
little attention to the White House radio talk.
During early
prices were 3 points lower on Mar. at 5.09e., to
on forward
deliveries.
Trading was slow, turn¬
afternoon
2
lower
reaching only 75 lots to earlv afternoon.
A little liqui¬
dation was absorbed by the trade.
Warehouse stocks were
over
100 bags
lower at 1,345,069 agaiast 1,112,119 bags a year
Mar., 5 09; May, 5.14; July, 5.21;
On the 31st ult. futures closed 5
Year end buying by manufacturer
interests pushed cocoa futures 7 to 8 points higher in the
active months at one time today (Tuesday).
But increased
trade house selling sent values down sharplv in all but the
May and July dehveries by the closing bell.
Closing trade
was~ especially active, with about 60 lots changing hands in
the final minute.
Volume reached 316 lots, or 4,234 tons,
of which 54 lots were switched and 15 exchanged for actuals
at 5.08c. in Mar.
May turnover of 108 contracts was high
on the board.
Actual cocoas were quiet and a shade higher
today (Tuesday), while cocoa butter advanced to 17c. per
ago.
Local closing:
Sept., 5.27; Dec., 5.37.
points up to unchanged.
a
gain of %e.
Local closing: Dec., 5.38; Jan., 5.06;
Mar., 5.14; May, 5.20; July, 5.25; Sept., 5.27.
X
On the 2d inst. futures closed 8 points to 1 point net lower.
Sales totaled 58 lots.
Small trading at firm prices was done
on the
Cocoa Exchange.
Sales to early afternoon totaled
only 30 lots. Manufacturers were on the sidelines today and
primary markets held above a workable basis. Arrivals last
year have been tabulated at 4,982,901 bags, a new
high
record. The previous record, set in 1939, was 4,675,874 bags.
Ten years ago arrivals totaled only 2,400,225 bags.
have doubled in a decade, demonstrating the steady
in
popularity of chocolate products.
cocoa increased 3,700 bags.
stocks of
They
growth
Licensed warehouse
They total 1,350,226
bags against 1,112,119 a year ago.
Today futures closed 13
to 11 points net lower, with sales totaling 258 lots.
Wall
setback of 10 to 11 points.
Sales to early afternoon were
ships take
over the Pacific trade, more British ships will be available
at West Africa to transport cocoa to this country.
No cocoa
was reported offered in the actual amarket, but a little back¬
door selling was suspected.
Warehouse stocks decreased
1,800 bags to 1,352,055 bags compared with 1,111,415 a
year ago.
Local closing: Mar., 4.95; May, 5.02; July, 5.07;
Sept., 5.15; Dec., 5.26.
Street
liquidation
gave cocoa a
Stop loss orders were caught.
200 lots.
Some traders feared that if American
Sugar—On the 28th ult. futures closed unchanged to 3
points off for the domestic contract, with sales totaling 89
lots.
The world sugar contract closed 34to 1 point off, with
sales totaling only 8 lots.
In the raw market's first activity
in a week resulted in a decline of 2 points in the spot price,
when 14,900 bags of Cubas, January shipment were sold to
National at 2.91c.
Yesterday, it was learned this morning,
an operator paid 2.95c. for 2,000 tons of Philippines Jan.Sept. shipment.
On the 30th ult. futures closed 1 point off
to 1 point up compared with previous finals, with sales
totaling 72 lots in the domestic contract.
The world sugar
contract closed unchanged to 34 point higher, with sales
totaling 149 lots.
A fourth sale of raws at 2.91, made
Saturday, was revealed this morning—refined syrups buying
1,500 tons of Philippines, due Jan. 8. Only one lot of sugar
was openly offered today, 1,000 tons of Philippines, due later
this week for which 2.91 was asked.
It was believed how¬
that at 2.93 one could negotiate for 1,500 tons of
Philippines due Jan. 5; 5,000 tons due Jan. 14 and 2,000 tons
due mid-January.
Meanwhile the refined market was slow.
On the 31st inst. futures closed unchanged to 4 points higher
for the domestic contract, with sales totaling 407 lots.
The
ever,
world sugar contract closed 34 to 134 points net higher, with
sales totaling 241 lots.
In the raw market one lot of Philip¬
pines, due this week, was offered at 2.91c., while other sellers
would take 2.95c.
It is believed that final figures on de¬
liveries in the United States for 1940 will compare favorably
with the distribution for 1939 of 6,850,000 tons.
It was
learned that the Agricultural Adjustment Administration had
released from bond some 6,500 tons of Peruvian sugars—
representing a re-allocation of the unused portion of the "full
duty" quota.
Traders expect refiners to announce an ad¬
vance soon after the turn of the year.
This would only follow
a further advance in raw sugars.
World sugar was 34 to 1
point higher on accumulations which started yesterday after
most positions had touched new seasonal lows.
From Britain
came news that the price of refined sugar to manufacturers
would be advanced by 9s. 4d. per cwt. (Id. per pound) on
the first day of the new year.
/
On the 2d inst. futures closed 1 point off to 1 point up
for the domestic contract, with sales totaling 93 lots.
The
world sugar contract closed unchanged to 34 point off, with
sales totaling only 8 lots. Seven notices were issued against
January contracts.
In the raw market 2,000 tons due
Jan. 14th were offered at 2.95c.
Cubas for February ship¬
ment were at 2.0.5c.
Refiners were for the moment going
slowly. Some new business was expected soon,
the current $4.40 basis or higher not known.
was decreed to start on
The size of production which
crop
decided.
World sugar was
whether at
The Cuban
Jan. 16th, the usual date.
will be permitted is not yet
^ point higher in slow trading.
important factor is the size of the next crops to be har¬
vested by Cuba and the Dominican Republic among other
world producers.
However, that is secondary to the course
of the war and the possibility of marketing "world" sugar.
Today futures closed 1 point off to 1 point up for the domestic
contract, with sales totaling 164 lots.
The world sugar
contract closed unchanged to 134 points net lower, with
sales totaling 58 lots.
The distant months made gains
An
against the spot month. Nothing was reported in the raw
market, although sales were believed made, but not yet
disclosed.
Philippines, afloat, were offered at from 2.93 to
2.95. Bids were no better than 2.90c. on nearby lots. Con¬
firmation of larger than usual Philippine shipments to avoid
the export tax of about l-10th of a cent per pound which
The Commercial & Financial Chronicle
136
took effect Jan. 1st, came when cables revealed that
Jan. 4, 1941
Bellies: clear, f. o. b. New York—6 to 8 lbs., 13
%c.; 8 to 10
lbs., 13%c.; 12 to 14 lbs., 12%c. Bellies: clear, dry salted,
boxed, N. Y.—16 to 18 lbs., not quoted.
18 to 20 lbs.,
10%c.; 20 to 25 lbs., 10%c.; 25 to 30 lbs., 10%c. Butter:
94,500
long tons have been shipped from the Philippines from
Nov. 1st to Dec. 15th, against 47,703 and 46,157 tons
during the same periods of 1939 and 1938.
Shipments
during the first half of December were 47,700 tons. * It is
firsts to
believed 100,000 tons
Cheese:
Prices closed
are
now
afloat.
follows:
as
January, 1941
1.96 July
September
March
2.07
...1.99
May
higher than extra and premium marks: 31 % to 33c.
State, held '39, 25 to 25%c.
Eggs: mixed colors,
checks to special packs: 20 to 25%c.
Oils—Linseed oil prices continue firm at 8.4c. for tank
2.11
„
2.03
_
Average Spot Price of Duty Paid Raw Sugar in 1940
Declined Below 1939, According to B. W Dyer & Co.
The 1940 average spot price of
duty paid raw sugar was
compared with 2.98 cents in 1939, a decline of
approximately 19% points, according to B. W. Dyer & Co.,
New York,
sugar economists and
brokers.
The firm's
2.784 cents
announcement continued:
Quotations: Chinawood: Tanks, spot—25% bid;
drums—26% bid. Coconut: Crude: Tanks, .03 bid; Pacific
Coast—.02% to .02%. Corn: Crude: West, tanks, nearby—
.06% bid, nominal. Olive: Denatured: Drums, spot—$2.35
bid, nominal.
Soy Bean: Crude: Tanks, Decatur basis—
.04% bid; New York, 1. c. 1., raw—.065 bid. Edible: Coco¬
nut: 76 degrees—.08% bid.
Lard: Prime, Ex. winter—8%
offer; strained—8 offer. Cod: Crude: 50c. offer. Turpentine:
cars.
44 to 46.
Rosins: $2.02 to $3.40.
On the other hand, the 1940 average cost and freight price of 1.884 cents
represented
a
decline of only about VA points from the 1939 figure of 1.90c,
due to the fact that in 1939 a 60 cent increase in the Cuban duty was in
effect from
Sept.
December,
1940
12 through
was
2.904
Dec
cents
26.
The average duty paid price for
which
compared
with
November, 1940, and 2.939 cents for December, 1399.
2.877
for
cents
The average for the
Dyer firm reports
a
decline of approximately 23 points in the
yesterday, including switches, 000
Crude, S. E., val. 000.
Prices closed as follows:
January, 1941
February-
6.31® 6.35 May.
6.3 5 @
June
n
6.32® 6.34 July.
6.36@
n
August
March
April
final month of 1940 was the highest monthly average of the year.
The
Cottonseed Oil sales
contracts.
net cash
price for refined sugar, the 1940 average being 4.342 cents, against 4.574
cents for 1939.
The average for December was 4.277 cents compared with
J.
Months
11
Over Year
Increased
60%
Ago
Refined sugar exports by the United States during the first
1940 totaled 149,734 long tons as contrasted
93,590
tons during the similar period
last
year,
an
increase of 56,144 tons or approximately 60%, according to
Lamborn & Co., New York, sugar brokers.
The exports for
the 11 months of 1940
1925
when
are the largest in 15 years, or since
shipments for the corresponding period
340,311 tons. The firm's announcement added:
the
amounted to
The refined sugar exports during
to more than 50 different countries.
January-November period of 1940
went
France with 35,973 tons leads the list,
being followed by Greece with 29,625 tons and Labrador with 10,338 tons.
Last year the United Kingdom topped the list with 21,937
tons,
followed by Finland with 10,937 tons and Norway with 9,558 tons.
being
unchanged.
Lard—On the 28th ulto. futures closed 10 to 12
points net
The market was firm from the opening.
Selling
was light and when new speculative
support de¬
veloped shortly after the opening, prices advanced 10 to 12
points.
On the upturn very little pressure was in evidence.
Owing to the forecast for light receipts for the coming week,
prices on hogs at Chicago advanced 10c. today.
The top
price reported was $7.25, the latter price is also the high for
the fall season.
Sales today ranged from $7 to $7.25.
Western hog receipts totaled 22,200 head,
compared with
17,900 head for the same day last year.
On the 30th ulto.
futures closed 5 to 10 points net lower.
The action of the
pressure
lard futures
market was considered very
disappointing by
today, in view of a report to the effect that a large
soaper in the West purchased 15,000,000 pounds of lard for
the soap kettle.
The market opened slightly higher, then
sold off under liquidation.
Closing quotations were 10
points lower on the January delivery and 5 points lower on the
deferred months.
Hog receipts at Chicago were about up to
expectations.
Throughout the day hog sales were reported
ranging from $6.75 to $7.15.
Western hog marketings
totaled 114,000 head.
On the 31st ulto. futures closed 17
points lower on the January delivery and 2 points lower to 2
points higher on the other deliveries.
Liquidation in the
nearby January delivery has been very heavy within the last
few days and once again to day
(Tuesday) the market was
called upon to absorb heavy
selling in the near months.
Prices ruled
easy.-jthroughout the session. Hog prices at
Chicago have risen for four weeks.
The top price at Chicago
last week was $7.25 compared to $6.45 the
previous week and
$6.15 for the same week last year.
The average weight of
the hogs marketed last week at
Chicago was 232 pounds,
compared to 233 pounds for the corresponding week last
the trade
year.
On the 2nd inst. futures closed 10 to 20
points net higher.
an irregular start the lard
market firmed up as the
session progressed as a result of new outside
buying, with
most of the gains held
right up to the close.
Western
hog
marketings were considerably smaller, compared to the same
day last year, and totaled 73,100 head compared to 131,700
head for the
10 to 15c. at
day last year.
Prices on hogs advanced
Chicago. Hog sales ranged from $6.70 to $7.20.
same
Today futures closed 13 to 3 points net higher. The market
was
strong throughout most of -the session today, this
strength being attributed largely to speculative
buying.
DAILY CLOSING PRICES OF LARD
FUTURES IN CHICAGO
Wed.
Thurs.
Fri.
Sat
Mon.
Tues.
4.60
4.42
4.62
4.7
5.95
5.92
H
May
July..
4.70
6.00
6.17
6.37
6.15
6.05
6.25
L
September
6.42
6.55
6.50
6.15
6.32
6.52
O
6.32
6.1
6.3
6.5
6.6
T
January, 1941
March
6.62
Pork—(Export), mess, $24.25 (8-10 pieces to barrel);
family (50-60 pieces to barrel), $16.75 (200-pound barrel).
Beef: (export),
steady. Family (export), $25.25 per barrel
(200-pound barrel).
Cut meats: picnics, loose, c. a. f .—4 to
6
lbs., 10%c.; 6 to 8 lbs., lb%c.; 8 to 10 lbs., 10%c. Skinned
loose, c. a. f.—14 to 16 lbs., 17c.; 18 to 20
lbs., 15%c.
East
was
in
the local market and
new
Far
taken
by dealers.
The
quiet most of the short session. Spot standard
No. 1-X, ribbed smoked sheets in cases remained the same
at 20%c. per pound.
Local closing: Old contract: Mar.,
20.05; May, 1990.
New contract: Jan., 20.20; Mar.,
20.05; July, 19.70.
On the 30tn ult. futures closed 7 to 15
points net higher for the No. 1 standard contract, with sales
totaling 40 lots. There were 18 contracts traded in the New
Standard July contract, which closed 15 points net lower.
Rumors of raider activities in the Orient
coupled with strength
London, caused firmness in the rubber market.
During
early afternoon prices were 15 to 20 points higher, with Jan.
selling at 20.40, up 20 points.
Trading was slow, onlyl7
in
lots
the old contract and 15
on
on
the
changing hands.
higher but
Singapore was unchanged.
Local closing: No. 1 Standard:
Jan., 20.35; Mar., 20.12; May, 20.00.
On the 31st ult.
futures closed unchanged compared with
previous finals.
Nearly all business was done in the May delivery.
Sales
totaled 150 tons.
All but one lot were traded in the
May
option.
The holiday spirit and the fact that the Singapore
cable was not received, gave little incentive for
trading. Im¬
porters and dealers in the actual market reported little or no
interest in the day's proceedings.
Spot standard No. 1-X
ribbed smoked sheets in cases, remained
unchanged at 2%c.
per pound.
Local closing: New contract: Jan., 20.35; Mar.,
20,12; May, 20.00.
Old contract: Jan., 20.35; Mar., 20.12.
May, 20.00.
No Jan. notices
higher.
After
n
market ruled
11 months of
with
n
prices closed 3 points lower to
The market ruled steady in quiet trading. Sales
standard
Sugar Exports in
6.43
Rubber—On the 28th ult.
totaled 160 tons in the old contract and 100 tons in the
contract.
Some shipment rubber from the
4.263 cents for November and 4.606 cents for December 1939.
Refined
6.42®
6.45®
6.52®
6.55®
On the
2nd
were
issued.
new
London closed %d.
inst.
futures closed 8 points higher for the
with sales totaling only 16 lots.
Trading was light but prices were firm at advances of 5 to 8
No.
1
standard contract,
points, with Mar. selling at 20.20c., up 8 points. Only eight
lots had been sold at early afternoon.
Shipment offerings
were
reported few and rather dear.
Both London and
Singapore were firm, closing unchanged to 3-16d. higher.
Local closing: Mar., 20.20; May, 20.08.
Today futures
closed 5 to 3 points net lower, with sales totaling 32 lots.
Interest in rubber was limited owing to dulness in the
spot
rubber market and lack of manufacturer
buying.
During
early afternoon the market was unchanged to 3 points lower,
with Mar. at 2.20, unchanged.
Only 24 lots had been sold
to that time.
The London and the Singapore markets closed
unchanged to l-16d. higher.
Local closing: Jan., 20.30:
Mar., 20.17; May, 20.04.
Hides—On the 28th ult. futures closed 18 to 28
points net
On the better outlook for next year and the stronger
securities market, raw hide futures advanced sharply in a
fairly active session today.
The June delivery was only
18 points up, while the other positions gained 24 to 28
points.
With the increased purchasing power originating from the
ever-growing national defense program, the outlook for
leather and shoes sales during the next year appears much
better, authoritative sources state.
Packers are still offering
higher.
hides in the Western market at steadv levels.
Sales last
week amounted to only 10,000 light native cows, river
points.
^
the other hand, are reported bidding %c. below
Local closing: Mar., 12.93; June, 12.66:
Sept., 12.61; Dec., 12.56.
On the 30th ult. futures closed
15 to 17 points net higher.
Transactions totaled 147 lots.
Outside buying interest in hide contracts broadened on the
theory that the President's talk was bullish.
Prices ad¬
vanced 9 to 14 points, with Mar. selling at 13.07c.
duiing
early afternoon.
Turnover to that time 73 lots.
Cer¬
Tanners,
on
the last sale level.
tificated
stocks increased
612
hides
to
a
selling
total
of
372,582.
bulge but
Local closing: Mar., 13.08;
Trade houses and commission firms sold
on
the
readily absorbed.
On the 31st ult. futures closed
3 points lower to 4 points higher.
Raw hide futures closed
irregular in a quiet two-hour sessioi today.
The loss was
registered in the Mar. delivery, while the other positions
were unchanged to 4 points
higher.
Transactions totaled
2,280,000 pounds.
There were no transactions reported in
was
June, 12.83; Sept., 12.77
Volume
the
actual
The Commercial & J: inancial Chronicle
152
market
today.
Local closing: Mai.,
13.05;
June, 12.83; Sept., 12.80; Dec., 12.75.
On the 2d inst. futures closed 20 to 18
points net higher.
Transactions totaled 121 lots.
After opening 8 points
lower hides rallied
sharply in sympathy with the stock
market and in response to news that
spot hides were half
a cent
higher in Argentina. The list this afternoon held net
of 16 to 20 points on a turnover of 22 lots.
Certifi¬
stocks decreased by 1,580 hides to
367,402 pieces.
Local closing: March
13.25; June 13 01.
Today futures
closed 24 to 20 points net
higher. Transactions totaled 95
gams
cated
lots.^ Trade and speculative buying imparted
firm tone
to hides.
The market during early afternoon was about
16 points above last
night, with March at 13.41c. Reported
steadiness in spot hides and firmer stock
prices were factors.
Sales to early afternoon were 47 lots.
Certified stocks
decreased 3,697 hides to a total of
363,705 pieces.
Local
closing: March 13.49; June 13.21; Sept. 13.11.
Ocean
week.
as
Freights—Chartering
was not very
active the past
However, the undertone of the market
firm.
a
was
reported
Charters included: Time: Round trip South African
trade, end Jan., early Feb., reported at $5.50 per ton, no
confirmation of rate obtainable.
Round trip West Indies
trade, prompt, $4.50 per ton.
Two round trips Chilean
nitrate trade, Jan., delivery Gulf; $4.25
per ton.
Round
trip Canadian trade, Jan., $5 per ton (war risk owners
account).
Linseed: Plate to Hatteras, Dec., $11.75 Lower
Plate loading, $12.25 Upper Plate loading, per ton.
Corn:
Plate to Halifax, $13.50 per ton.
Coal: Hampton Roads to
Rio de Janeiro, about $4.75 per ton.
Hampton Roads to
Lisbon, $15. Time charter: West Indies trade, $4-$5 asked
per ton.
North of Hatteras-South African trade, $5-5.50
per ton asked.
North of Hatteras-South American trade,
$5-$5.50 per ton asked. North Pacific to Panama, $4.50.
Coal—The production of
week of Dec. 21st
Pennsylvania anthracite for the
estimated at 1,154,0G0 tons, a decrease
of 70,L00 tons from the week of Dec. 14th, the
Department
of the Interior reports.
In comparison with the correspond¬
was
ing week of 1939 the output showed a decrease of 95,000 tons
about 8%.
Pennsylvania mine operators are being polled
by a sub-group of the Anthracite Emergency Committee for
their opinion on the granting of increased tonnage allowances
to colliery owners who employ qualified miners from the
ranks of ''coal bootleggers," it was reported
recently.
Gov.
Arthur H. James has given tentative approval to the
pro¬
posal, as a means of helping to eliminate bootlegging in the
coal industry.
At least 80% of the mine operators belonging
to the voluntary anthracite production control
group must
agree to the proposal before it is adopted.
With the un¬
seasonable warm weather having slowed up orders somewhat,
the Pennsylvania Anthracite Emergency Committee an¬
nounced that production for the week ending Jan. 4th has
been fixed at 720,000 tons.
to midday.
up
J37
Trade and spot houses
active in buying.
opening was extended
prices of the mornmg.
More interest was shown in the March
delivery than at
any time this week.
There was little interest in foreign
wools and no forward
buying. Local closing: March 114.5;
May 109.3; July 106.8; Oct. 105.5.
were
An initial gain of about 2
points at the
to from 4 to 11
points at the best
Silk—On the 30th ult. futures closed Ac. down to lc.
up.
Sales totaled 94 lots, all in the No. 1 contract.
Silk futures
were
unusually active and prices were firm at gains of about
The turnover to early afternoon was 72
lots, of which 55
lc.
exchanges for physicals.
were
silk in
The price of crack double extra
uptown spot market was unchanged at $2.56 a
The Yokohama Bourse was closed for the New Year
the
pound.
holidays.
Local closing: No. 1 contract: Jan., 2.49; May,
2.41; June, 2.52; July, 2.52^; Aug., 2.52
On the 31st
ult. futures closed
unchanged to lc. off for the No. 1 contract.
With primary markets still closed for the New Year's holi¬
days, trading in silk continued limited. Only 12 lots changed
hands, prices holding steady.
Six lots were exchanged for
physicals.
The market closed unchanged to lc. lower.
In
the spot market crack double extra silk remained
unchanged
at $2.56 a pound.
2.50^; June, 2.51.
Local closing: No. 1
contracts: Mar.,
On the 2d inst. futures closed
unchanged to lc. lower.
Sales totaled 230 bales.
Of this total 80 bales were exchanged
for physicals in the Mar.
delivery and 140 bales were ac¬
switching operations. Both Japanese markets
closed today.
The futures market was not affected by
counted for in
were
the release of the Dec. statistics.
ested in what
The trade is
inter¬
more
the
Japanese Government may take
regarding the coming season.
Local closing: Jan., 2.483^;
Mar., 2.50; May, 2.51; June, 2.51; Aug., 2.51. Trading in
silk came to a standstill.
Only one transaction, the exchange
of 10 bales of contracts for actual silk, had been
reported to
early afternoon. Factors in the dullness were the prolonged
holidays in Japan and the inactivity of spot silk uptown.
The price of crack double extra silk remained
unchanged at
$2.56
measures
pound.
a
*
or
Wool Tops—On
the 28th ulto. futures closed unchanged to
3 points off.
Wool top futures trade in a 3 to 4 point range
for more active months and closed the day slightly easier.
There was little feature to the trading, with Boston interests
on
both sides of the market and commission house activities
also mixed.
Volume of business was light with 35 contracts
pounds estimated to have been sold.
Sales
officially reported for Friday were 360,000 pounds.
Cer¬
tificated tops in the spot market here were unchanged at
or
170,000
119.0c. bid and 122.0c. asked.
There
were no
sales.
<
Local
March 114.4; May 107.7; July 104.2; Oct. 101.8.
On the 30th ulto. futures closed 1 to 12 points net higher.
Wool tops continued to move upward this morning with fair
turnover.
The total transactions up to midday aggregated
225,000 pounds.
Demand came mostly from trade and com¬
COTTON
Friday Nighty
The
Movement
The
trade
was
well
distributed
over
the
March, May and July deliveries.
The best levels of the
morning were up five points over Saturday's closing and the
lows were 1 to 3 points higher than the Saturday close.
Advices from Boston said that the demand for farm wools
was
somewhat
restricted.
Some
interest
was
evident
m
blood fleeces.
Local closing:
March 114.5;
July 104.9; Oct. 103.0.
On the 31st ulto.
futures closed 2 points off to 5 points up.
The wool tops
market showed very good volume
/for the shortened preholiday session.
Trade estimates placed the total transa¬
ctions for the day at an aggregate of 750,000 pounds after
the close at 12.50 p. m.
At the best price of the morning
active deliveries were up 4 to 6 points and at the low were
unchanged to up 1 point.
The closing was steady.
There
was little demand for foreign wools.
Local closing: March
114.3; May 108.3; July 105.3; Oct. 103.5.
On the 2d inst futures closed 2 points off to 5 points up.
The wool top market continued to gain moderately today,
with a fair turnover.
The aggregate sales at noon totaled
about 375,000 pounds, according to trade estimates.
Most
interest was shown in the May-July deliveries.
At the best
prices of the day sales were made at 2 to 7 points over the
closing price of Tuesday.
At the low point prices were
unchanged to up 3 points.
Most inquiries were made about
fine and half blood foreign wool. A few small lots of domestic
wool were traded. The offerings were limited. Local closing:
March 114.1; May 108.6; July 105.8; Oct. 104.0.
Today
futures closed 4 to 15 points net higher.
The wool top
market continued to move upward in a fair turnover. Trade
estimates placed the aggregate transactions at 300,000 pounds
one
May
quarter
107.9;
Jan. 3,
1941.
the
Crop, as indicated by our tele¬
grams from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 33,323
bales, against 62,544 bales last week and 61,655 bales the
previous week, making the total receipts since Aug. 1, 1940,
2,250,931 bales, against 4,835,288 bales for the same period
of 1939-40, showing a decrease since Aug. 1, 1940, of
2,584,357 bales.
Sat.
Receipts at—
Galveston
Mon.
2,354
755
Houston
New Orleans
1,009
730
1.363
Mobile
2
Savannah
Wed.
Taps.
818
Thurs.
Fri,
261
126
4,752
1,433
721
3,510
867
Total
1,640
73
1,846
2,257
1,939
4
7,330
9,302
7,036
5,176
1
80
12
8,833
742
__
742
7,201
33,323
932
Lake Charles
Totals this week.
4,784
5,033
721
12,882
2,702
The
following table shows the week's total receipts, the
total since Aug. 1, 1940, and the stocks tonight, compared
with last year:
closing:
mission houses.
of
1940-41
1939-40
Slock
Jt\(sC(stjs lo It's
Janl. 3
This
Since Aug
Week
1,1940
Galveston
7,330
Brownsville
Houston
9,302
Corpus Christi—
145,634
Beaumont
New Orleans
7,036
Gulfport
Mobile
80
Pensacola
758
Jacksonville
Savannah
26
■
—
*•
8,833
_.
Charleston
Lake
6,426
563,503
10,529
22,162
Charles.
742
Wilmington
Norfolk.
36,336
14,820
26,0.54
4,900
13,928
Since Aug
Week
446,194
15,596
944,065
This
I, 1939
1941
26,892 1,269,836
9.56,960
760
40,578
32,609 1,486,234 1,011,449
72
175,455
74,632
13,084
66,133
103,198
79,156 1,523,270
535,140
'<•
61,622
49,548
15,197
97,382
1,971
14,260
24
1,786
1,215
1,383
47,623
144,507
237
36,433
37,673
926
45,839
23,775
2
6,354
10,800
369
12,072
31,977
~
^
—
^
_
t
«•
382
■
^
^
-
—
«
m
Boston
1,082
Baltimore
10,793
Totals.,
*
•'
-
847,243
51,960
94,935
884,580
65,132
82,469
*
►
'
New York
1940
872,663
1,726
131,680
40,900
10,357
10,056
27,267
1,550
799
1,025
33,323 2,250,931 169,951 4,835,288 3,045,451 3,124,342
Included in Gulf port.
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
Receipts at—
1940-41
Galveston..-Houston
New
Orleans.
Mobile..
Savannah
7,330
9,302
7,036
80
Since
1938-39
12,550
14,755
12,428
1,278
1937-38
42,005
39,548
30,365
4,243
123
914
20
2
106
369
131
"742
14,106
1,205
2,805
2,234
1,052
2,099
33,323
169,951
42,596
125,265
Wilmington
Total this wk.
26,892
32,609
79,156
15,197
1,383
237
8,833
Charleston
Norfolk—
All others
1939-40
1936-37
24,617
18,964
37,432
4,971
3,881
1,577
897
1935-36
22,461
33,233
35,060
3,114
1,244
774
99
841
530
2,921
2,289
96,101
98,804
Aug. l-_ 2,250,931 4,835,288 2,824,165 5,619,186 5.053,017 5,451,281
The exports
for the week ending this evening reach a total
bales, of which 10,679 were to Great Britain,
2,526 to Japan and 3,498 to other destinations.
In. the corof
16,703
The Commercial & Financial Chronicle
138
responding week last
For the
total exports were 202,601 bales.
year
to date
aggregate exports have been 535,224
bales, against 3,116,387 bales in the same period of the pre¬
vious
season
Below
season.
are
the exports for the week.
Week Ended
Exported to—
Jan. 3. 1941
Export* from—
Great
Ger¬
Britain France
Galveston
Houston
Italy
many
4,669
6,010
Los
Total
Total
Total
Other
140
4,809
3.35S
9,793
3,498
"425
Angeles....
Total.
China
Japan
16,703
....
2,101
2,101
10,679
...
1940...
56,056
13,250
1939
2,526
i—
33,482
25,734
4,067
39,302
16,316
5,151
....
5,325
35,268 201,601
12,759
1,362
5,085
51,556
Jan. 4,
1941
of the calendar year was the feature.
The
but steady, unchanged to 1 point higher.
opening was quiet
The fact that no
January notices were issued had a stabilizing effect.
There
was
a little
hedge selling, but Bombay was a moderate
buyer. Spot houses were on both sides of the market. Shortly
after the opening new buying appeared, especially in May
and July, under the influence of which prices worked up¬
ward.
Buying pressure increased during the forenoon.
It
emanated from trade and mill interests and
believed to
was
represent price fixing.
The persistent demand finally ad¬
vanced all active positions to new high prices for the season,
with net gains ranging up to 10 points.
Price fixing was
augmented by commission house demand.
As the market
worked higher predictions of lie. cotton were voiced by some
elements in the trade.
From
Exported to—
On the 2d
inst.
Aug. 1,1940*0
Jan. 3,
Great
1941
Galveston.
lower.
Ger¬
France
Britain
Exports from—
Italy
many
China
Japan
16,481
Other
415
Total
Houston
117,394
1,617
7,022
Corpus Christ!
23,225
113,139
1,680
600
2,180
38,913
New
Orleans.
19,684
38,197
352 107,320
232,088
25,505
5,906
154,232
28,461
3,074
6,220
602
6,446
2,642
33,283
13,557
28,461
3,074
III I"
314
York...
Boston
""600
231813
2~,424
2,781
Los Angeles..
San Francisco
6,284
1,850
Seattle
5
Total
305,469
Total
1939-40 1001,564 368,124
Total
1938-39
275,817 310,836
41,986 286,582
285,817 183,393
5
5,041 182,118
42,596
535,224
452,054 206,178 759,899 3116,387
475,334 26,886 365,527 1923,610
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
higher,
Shipboard Not Cleared for—
market.
Great
Galveston..
Other
Coast¬
Foielyn
wise
1,900
Orleans.
3,900
l'.OOO
1,300
953,060
105 1,011,344
533,840
144,507
36,433
Savannah
Charleston
....
Norfolk..
MobileOther
31,977
49,548
279,437
ports...
scarcity
1941..
Total
1940..
1939..
Total
2,005
85,762
57",027
10,384
6,610
300
3,000
5,305 3,040,146
6,030 223,425 2,900,917
7,996 77.283 2,732.312
74,606
7", 190
45,103
of
the
Speculation
in
cotton
for
future
Burners
recorded.
were
tion
might favor
20%
and
a
are
cooperating
cotton which the Government
reduction
On
in
that
current
plan to cut the cotton
farmers
give
delivery
now
moder¬
was
unusual developments
no
the Administra¬
certain
a
owns
another
acreage
amount
to compensate
of
for
higher.
at the best levels of the
fined to
a
range
At the close prices
day, although trading
of 5 points.
point lower to 3 points higher.
was con¬
The market opened steady, 1
Bombay houses
were on
both
sides of the market, but appeared to be
buyers on balance.
The Bombay market was easier today,
bringing
a
about
wide spread between that market and New York of 300
points.
was
on
the belief that
as
entry
of
small
a
lot
needed
for
the
manufacture
of
cloth.
under pressure
was
at
the
opening,
The
up.
initial prices
being 6 to 8 points net lower under active Bombay selling.
market in Bombay remained closed today, that
While the
did
not
interfere
market.
positions
hedge
with
reported
were
selling
buying interest
pressure
for
contributed
trading
in
the
York
New
to
that
the
account.
In addiiton,
On the other
pressure.
rather small, although mills con¬
During the second hour Bombay sell¬
was
tinued to fix prices.
ing
Indian
Large early sales of the May, July and October
subsided, with favorable effect
on
the market.
several
points, standing 1 point higher to 2
points lower, with the exception of January, which was
off 8 points.
Three January notices wTere issued.
Interest
in the spot month is believed to be small.
Light trade buy¬
ing continued.
Liverpool was also reported on the buy¬
ing side.
The official quotation for
middling upland cotton in the
New York market each day for the last week has been:
Sat.
Middling upland % (nominal). 10.30
Middling upland 15-16 (nom'l). 10.50
Mon.
Tues.
10.40
Wed.
10.43
10.63
10.60
Thurg.
Fri.
Hoi.
10.42
10.43
Hoi.
10.62
10.63
Premiums and Discounts for Grade and
Staple—The
following table gives premiums and discounts for grade and
staple in relation to the grade, Basis Middling 15-16 inch,
established for deliveries
on
contract
on
Jan. 8.
Premiums
and discounts for
grades and staples are the average quota¬
tions of 10 markets, designated by the
Secretary of Agri¬
culture, and staple premiums and discounts represent full
discount for % inch and 29-32 inch staple and
75% of the
average premiums over 15-16 inch cotton at the 10 markets
Dec. 31.
on
Restriction
further, possibly 150 points
more.
sales in the south is not
only due to the fact
falling off, but also
because of
on
a
holding movement
coming session, together with
the part of the farmer.
a
tremendous
has encouraged this holding movement.
30th ult. prices closed 8 to 11 points net higher.
ing caused prices of cotton to advance to
season,
new
spending
On the
Trade buy¬
high levels for
the market standing 2 to 8 points net higher
during early afternoon.
Demand
was
good
on
the opening
with the result that initial prices were 1 to 3
points higher.
Buying continued active during the first hour with New
Orleans interests, trade firm and locals
participating and
readily absorbing hedge selling and scattered liquidation. On
the bulge Southern mill interests
appeared as large sellers,
chiefly of the July position. It was estimated that 15,000
bales were sold around 10.07 and 10.06 for that month. The
selling was believed to represent hedges of actual cotton.
Trade buying continued to absorb offerings
during the second
hour, with the result that by early afternoon the market was
holding its gains, then ranging from 2 to 6 points. The rise
in the market was regarded
by some interests as due to con¬
fidence on the part of buyers that the Presidential address on
the war situation would stimulate
production of goods.
On
the 31st ult. prices closed 4 to 7
points net higher.
The
market reached new high levels for the season on the last
day of the old year. Mill buying to fix prices before the end
29-32
15-16
31-32
Inch
Inch
Inch
1 Inch
and
Up
White—
Middling Fair
.35
on
.46 on
.58
on
.65 on
.72
on
Strict Good Middling
Good Middling
.29
on
.40
on
.52
on
.60
on
.66
on
.23
on
.33
on
.46
on
.53
on
.60
on
Strict
on
Optimism regarding what Congress will do for the farmer at
program,
H
Inch
the Indian crop moves to market
that the movement of the crop is now
the
in par¬
The continued buying here against sales in Bombay
the spread will go even
the
Arkansas
Today prices closed 4 points down to 3 points
Further Bombay support, continued scarcity of contracts and
session in the local cotton market today.
grades.
scarce, with the result that holders were
Washington reported that the President has lifted import
restrictions on cotton exceeding 1 15/16 inch staple to per¬
Dec. 28 to Jan. 3—
acreage.
the 28th ult. prices closed 2 to 4 points net
price fixing for domestic mills, brought about another steady
were
desirable
more
increasingly
asking $5 a bale.
Prices rallied
ately active the past week, though
Information from the South pointed
part of holders and an increasing
ticular reported that white cotton was growing
side
Total
firm note.
a
mill
ings were moderate.
market
2,000
"305
_
on
to a firm attitude on the
Stock
Total
105
Houston
New
Ger¬
many
France
to 5 points net
up
year
was issued.
Trade and spot firms were buyers of nearby
positions, while Wall Street was a buyer of distant months,
especially October.
Bombay traded on both sides of the
market.
Memphis was reported as selling.
Hedge offer¬
Leaving
Britain
new
points
buying continuing the mainstay of the
Trading was fairly active on the opening, with
with
balloon
Jan. 3 at—
started the
prices unchanged to 6 points higher.
Spot January sold
at 10.37c., a new seasonal high price, when only one notice
mit
On
prices closed 1 point
market
Prices during early afternoon stood unchanged to 3
602
Mobile
Norfolk
New
The
Middling..
Middling
.11
on
.21
on
.34
on
Strict Low Middling...
Low Middling
.73 off
.11 off
.63 off
1.38 off
1.29 off
.21 off
.41
on
.48
on
Basis
.06
on
.14
on
.54 off
.48 off
.40 off
1.21 off
1.16 off
1.14 off
Extra White—
Good Middling
.33
on
.21
on
.23
on
Strict Middling
.11
on
Middling
.21 off
.11 off
Even
Strict Low Middling
.73 off
.63 off
.54 off
.48 off
.40 off
U8 off
1.29 off
1.21 off
1.16 off
1.14 off
Low
Middling..
.46
on
.34
on
.53
on
.60
on
.41
on
.48
on
.06
on
.14
on
SpottedGood Middling
.14 off
.19
on
Strict Middling
aMiddllng
.29 off
.19 off
.09 off
.02 off
.05
on
.81 Off
.71 off
.61 off
.56 off
.50 off
a
.05 off
.06 on
.12
on
Middling spotted shall be tenderable only when and if the Secretary of Agri»
culture establishes a type for such grade.
Market and Sales
at
New York
The total sales of cotton on the spot each day
during the
week at New York are indicated in the following statement.
For the convenience of the reader we also show how the
market for spot and futures closed on the same days:
Futures
Spot Market
1
Closed
Nominal
Saturday
Nominal
Monday
Nominal
Tuesday
Wednesday.
Nominal
Thursday
Nominal
Friday
..
Total week.
Since
Aug. 1
SALES
Market
Closed
Spot
Contract
Total
Very steady
Very steady
Steady
"403
"403
HOLIDAY
Barely steady..
Steady
2,400
403
45.284
2,400
2,400
20,000
2,803
65,284
Volume
The Commercial & Financial Chronicle
152
New York
Quotations for 32 Years
The
quotations for middling upland at New York
JltD,. 3 for each of the past 32 years have been as follows;
1941
—
—
1940.-.
1939
1938
1937
1936
—
11.43c.
8.85c.
8.58c.
13.01c.
11.90c.
..12.90c.
_w
...
..
10.43c.
—
.
...
—
...
—
1935
1934...
...
10.55c.
—
1933
1932—
1930 .——17.15c.
1929
20.00c.
17.90c.
1916 —12.45c.
1915.—
8.05c.
1913
—
1928—-19.60c. 1920
1927—
12.75c. 1919
1926 —20.40c. 1918
Receipts
1917
Week
Ala., Blrm'am
—
1914—12,30c.
16.35c.
—
"~57
1,457
619
City
Helena
367
Little
158
Rock..
1,538
Monday
Tuesday
Dec. 30
Dec. 31
Wednesday
Jan.
Jan.
2
Jan.
Pine
3
Bluff-
3,686
998
6
Athens
Jan. (1941)
10.20-10.20 10.26-10.26
10.32ft
6",739
Atlanta—-
10.26ft
10.18ft
Closing.
10.33-10.37 10.24-10.24
Augusta
10.31ft
10.32n
16,512
3~l62
54,369
251
120,301
38,877
44,238
42,962
26,682
148,300
1,0451
26
2,505
39,495
99,453
1,249
49,657
230
1,900
1,580
73,386
181,653
10.23ft
Closing.
10.32ft
10.37ft
10.37ft
10.37ft
10.25-10.30 10.30-10.40 10.38-10.47
10.29-10.30 10.39-10.40 10.43
Closing.
April—
10.40-10.48 10.35-10.44
90,099
65
74,828
27,178
125,883
20,019
12,747
19,524
42,050
1,694
10.42
Columbus.
Greenwood-
10.43
—
Jackson...
Natchez..
Range..
10.26 n
Closing.
10.36ft
10.40ft
10.39ft
10.40»
100,270
11,522
163,983
17,895
431
88
_
271
197
Range..
10.18-10.23 10.25-10.34 10.33-10.42
"320
Closing.
10.23
10.34
Yazoo
10.35-10.41 10.32-10.39
10.37
10.38
City
Mo., St. Louis
N.C., Gr'boro
10.38
June—
Range..
10.13ft
10.22ft
292
10.28ft
10.26ft
10.28ft
15 towns *
10.00-10.04 10.05-10.11 10.10-10.21
10.16
Tenn., Memp.
Texas, Abilene
10.14-10.21 10.11-10.20
10.03-10.04 10.11
10.18-10.20
10.19
—
Austin
Range..
501
—
Brenham
Aug.—
..
"~85
9.96ft
10.00ft
9.93ft
Dallas
9.99ft
440
Paris
9.84ft
671
Robe town..
Range..
9.77ft
9.81ft
9.76ft
9.66»
Closing.
80
50
2,148
312
2
329
7
3,622
6,438
74
2,915
195
9,959
206
340,857
96,563
1003,676
22,027
7,037
3,997
58,189
855
49,091
1,125
193,948
3,843
9,329 361.720
1,749
74,453
68,214 2295,998
S. C., Gr'ville
Range..
Closing.
Closing.
Sept.—
"330
1,718
12,829
100
220
40,058
27,889
10,508
83
707
62,099
69,244
181,550
53,698
61,386
48,334
34,594
158,810
49,668
113,036
49.241
14,537
47,608
116,398
145,807
31,700
33,743
38,577
76,560
82,214
1,368
5,338
291
4,319
2,179
711
4,232
1,054
7,657
4
440
3,120
4,302
113,212
8,000
29,466
16,007
104,579
140,332
16,863
215,442
30,405
7,236
25,346
47,529
179,833
2,224
300
1,793
75
2,140
4,393
150
40,930
7,820
128,771
25,466
18,876
26,404
55,471
712
56
987
3,368
6,382
4,870
165
1,274
1,381 299,641
5,540
2,114
76,721
1,548
70,619 2378,227 105,105
191
8
23,025
15
273
7,318
61
57
15,376
426
39,806
1,096
810
71,649
11
6,518
3,656
556
"860
32,218
287,110
78,439
935,311
13,311
3,034
Oklahoma—
HOLIDAY
Closing.
July—
97
12,299
134
3,093
533
4,664
18,769
32,609
.
Vlcksburg.
May—
3,073
5,651
1,131
779
353
4,284
62.205
11,362
38,286
79.206
65
3,351
900
21,295
14,946
86,634
La., Shrevep't
Miss., Clarksd
March—
Range..
14,600
148
225
2,886
650
500
Rome
l",185
214,657
29,800
34,136
41,222
Columbus-
Range-
29
47,926
37,811
8,653
Macon
Feb.—
14
577
5
2,113
125
503
Jan,
Week
31,830
15,305
36,377
25,851
161,096
29,924
63,827
38,562
v
7,986
87,735
38,087
116,242
90
11,809
47,569
857
46,152
107,525
60,290
10,219
33,169
Walnut Rge
Ga., Albany
Friday
Thursday
1
8,836
96,708
3,035
80,353
84
NewportDec. 28
93
126
2,010
Stocks
Season
1,020
25,114
Ship¬
ments
Week
1,206
34,719
47,097
29,065
12,335
1,086
»„
Hope—...
Jonesboro——
Receipts
3
10
40,302
23,796
119,806
45
Forest
Jan.
16.393
14,184
Selma
Ark., Blythev.
Stocks
Week
Season
1,693
Montgom'y
—
Futures—The highest, lowest and closing prices at New
York for the past week have been as follows:
Saturday
i
Eufaula
13.20c.
1912
9.35c.
1911 —15.00c.
1910
.15.80c.
39.25c.
-31.30c.
32.40c.
—
Movement to Jan. 5. 1940
Ship¬
ments
Towns
1921
6.35c.
6.15c.
-r
Movement to Jan. 3, 1941
on
1925 —23.85c.
1924
35.25c.
1923 —26.75c.
1922
18.75c.
6.25c.
—
1931
Range-
139
Ban
9.79ft
..w',;.
Marcos
Range..
9.45- 9.48
9.49- 9.59
9.59- 9.68
9.56- 9.67
9.51-
Closing.
9.48
9.59
9.63- 9.64
9.58ft
Waco
9.61
i
"381
Texarkana
Oct.—
32
1,557
72,946
407
31,764
19,844
10.394
54,834
55,946
6,778
7,651
43,726
36,276
"l25
2,774
4,005
100
2,775
38.242
40,633
649
2,178
36,183
17,967
500
9.59
100
Total.56townsll35.600 4614,695'173,792
Nov.—
Range-
*
The
Range..
9.43- 9.46
9.46- 9.51
9.54- 9.60
9.60- 9.62
9.54- 9.58
Closing.
9.46
9.54ft
9.59ft
9.54ft
9.55
54,973
Includes the combined totals of 15 towns In Oklahoma.
9.57ft
9.56ft
9.61ft
9.56ft
9.47 n
Closing.
Dec.—
32,160
3301,310 104,214 4789,483 185,140 3265,09
above
totals
show
the
that
interior
stocks
have
decreased
during the week 38,192 bales and are tonight
36,216 bales more than at the same period last year.
The
receipts of all the towns have, been 31,386 bales more than
ft Nominal.
Range for future prices at New York for the week ended
and since trading began on each option:
in the
same
week last year.
Jan. 3,
Range Since Beginning of Option
Range for Week
Option for—
Overland Movement for the Week and Since Aug, 1—
We give below a statement showing the overland movement
for the Week and since
1941—
10.20 Dec. 30 10.37 Jan.
January
2
February
10.25 Dec, 28 10.47 Dec. 31
March
8.26 June
6 1940 10.37 Jan.
"§710 "May" 18" 1940
10.47 Dec. 31 1940
May
......
10.18 Dec* 28 10.42 Dec. 31
8 700
May"
18 1940
28
16:21 Dec".'3l 1759 Aug."" 7"i940
Week
10.21 Dec. 31 1940
Via St. Louis
16759 ~NOV7 22* 1940
Via Mounds, &c
Island
Via Louisville
August
from telegraphic
9 *45 Dec ." 28
October
November-
9^68 "bec"."3l
"974"3 Dee."28 "9.62" Janr""2
8770 Oct."
18 1940
9.28 Dec.
19 1940
9.62
Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The I;
figures are given in bales of 500 lb. gross weight.
177,298
157,650
7,371
647
4,083
...15,969
3,300
17,109
4,525
85,626
352,346
40,544
662,863
37,022
784,816
172
2,285
4,445
253,057
158
2,766
10,815
4,440
157,984
Inland, &c., from South
Dec. 27 Dec. 28 Dec. 30 Dec. 31
Jan. 1
Jan. 2
Total to toe deducted..
—
May.....
July..
—
October.
December
Total all futures....
1,100
31,600
25,500
26,000
8,200
3,000
95,400
100
100
14,600
24,200
30,400
23,300
26,500
Holi¬
7,200
41,500
25,000
day
3,600
12,200
1,900
10,800
1,100
38,600 110,300
86,800
ll",900
Contracts
1,300
3,400
400
173,239
611,577
Including movement by rail to Canada.
foregoing shows the week's net overland movement
aggregate net overland exhibits
of 000,000 bales.
407,700
348,700
27,100
19,700
8,300
2,924
34,098
this year has been 34,849 bales, against 34,098 bales for
the week last year, and that for the season to date the
*1,800
26,800
259,787
403,076
The
1941—
March
5,695
34,849
*
Jan. 2
January
5,523
Leaving total net overland
Open
New York
In
331,700
145,400
5,000
a
decrease from
1940-41
Since
Sight and Spinners'
Week
Takings
Receipts at ports to Jan. 3...
Net overland to Jan.
3—...
South'n consumption to Jan.
a year ago
1939-40
Since
Week
Aug. 1
Aug. i
33,323
34,849
145,000
Open
Contracts
Dec. 31
Excess
over
2,250,931
403,076
3,375,000
169,951
34,098
140,000
4,835,288
611,577
3,190,000
213,172
*38,192
85.700 1,240,300
Dec. 25 Dec. 26 Dec. 27 Dec. 28 Dec. 30 Dec. 31
New Orleans
Aug. 1
6,382
9,950
281
Total gross overland
Deduct Shipments—
Overland to N. Y., Boston, &c
Between interior towns
Volume of Sales for Future Delivery—The
Since
Week
194,573
115,130
6,712
7,793
78,843
259,812
591
Via Virginia pointsVia other routes, &c
2 1941
Jan,
since
1939-40
Aug. 1
12,829
6,425
Via Rock
.
December
up
Since
Shipped—
10.00 Dec
July
made
Jan. 3—
16742" Dec." 3l" 1940'
......
September
as
1940-41
April......
June
Aug. 1,
reports Friday night.
The results for the week and
Aug. 1 in the last two years are as follows:
2 1941
6,029,007
1,342,733
344,049
80,926
8.636.865
835,045
mill takings
consumption to Dec. 1
of Southern
764,043
:;
-
-
-
929,208
-
1941—
January....
8,135,783
North, spinn's'takings to Jan.
1,304,673
263,123
.
1,450
800
s'ooo
..
700
1,000
—
2,050
650
700
950
4,200
4,100
1,900
700
10,800
8,500
2,300
200
700
200
100
15,900
7.000
31,550
March
May....
July
Came into sight during week— 174,980
Total in sight Jan.
3—.
400
100
October
December
Total all futures.
5.000
4.000
*
Includes 100 bales against which a
contracts ol 1,700 bales.
1350
2,650
1,600
9",850
N ot
Movement into sight
.
-
54,657
in previous
The Visible Supply of
Cotton—Due to war conditions,
permitted to be sent from abroad.
We are therefore obliged to omit our usual table of the
visible supply of cotton and can give only the stock at
Alexandria and the spot prices at Liverpool:
are
not
Jan. 3—
Middling uplands, Liverpool—
Egypt, good Giza, LiverpoolBroach, fine, LiverpoolPeruvian Tanguis, g'dfair, L'pool
C. P. Oomra No. 1 staple, super¬
fine, Liverpool
1941
8,77d.
13.43d.
_
—
At
1940
9.29d.
12.30d.
1939
5.30d.
1938
4.97d.
8.45d.
4".20d".
*4.15d".
9.64d,
6.00d.
6.22d.
7.45d.
8.54d.
4.20d.
4.30d.
the movement, that is, the
receipts for the week and since Aug. 1, the shipments for
the
Interior
Towns,
the week and the stocks
tonight, and the sameitems for the
corresponding period of the previous year—is set out in
detail below:
881,590
years:
Since Aug. 1—
1938---...-...-.
1939—Jan. 5
— 144,817
1938—Jan. 6——.——239,318 19371936-—--1937—Jan. 7
——— -162,913
Bales
7,858,726
.—11,046,099
10,335,597
-
Quotations for Middling Cotton at Other Markets
Closing Quotations for Middling Cotton on—
Week Ended
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Jan. 3
15-16
In.
%
15-16
K
15-16
H
15-16
%
15-16
In.
in.
In.
In.
In.
in.
In.
In.
%
15-16
%
In.
In.
In.
Galveston...
9.70
9.90
9.80 10.00
9.83 10.03
New Orleans
7.30d.
9.67d,
14,923
Bales
Week—
notice has been issued, leaving net open
3
—
cotton statistics
10,401", lip
rec eived
9.84 10.04
9.93 10.13
9.96 10.16
-
9.84 10.04 9.94 10.14 9.98 10.18
MobileSavannah... 10.05 10.20 10.15 10.30 10.18 10.33
9.90 10.10 10.00 10.20 10.05 10.25
Norfolk.....
Montgomery. 9.70 9.90 9.80 10.00 9.80 10.00
Augusta..... 10.09 10.34 10.19 10.44 10.23 10.43
9.50 9.75 9.60 9.85 9.65 9.90
Memphis
9.82 10.02
9.93 10.13
Holi day
9.83 10.03
9.97 10.47
9.97 10.17 9.98 10.18
10.17 10.32 10.18 10.33
10.05 10.25 10.05 10.25
9.80 10.00 9.80 10.00
10.22 10.47 10.23 10 AS
9.60 9.85 9.65 9.90
9.80 10.00 9.79 9.99
9.67
9.87
9.76
9.96
9.80 10.00
Little Rock..
9.50
9.75
9.60
9.80
9.65
9.85
9.60
9.80
9.65
9.85
Dallas......
9.39
9.64
9.49
9.74
9.47
9.72
9.46
9.71
9.47
9.72
Houston
The Commercial & Financial Chronicle
140
New Orleans Contract Market—The
for
closing quotations
leading contracts in the New Orleans cotton market for
the past
week have been
Monday
\
Dec. 28
Tuesday
Dec. 30
Saturday
Dec. 31
Jan.
Friday
Thursday
Wednesday
Jan.
1
Jan.
2
3
1941—
10.366
10.326
10.306
March
10.34
—
10.43
—
10.466-.47a
10.43
May
10.28
—
10.39
—
10.42-10.43 HOLIDAY 10.39-10.40 10.436-.44a
July
10.08
—
10.18-10.19 10.22-10.23
9.55
—
January
10.21ft
—
October...
10.296
9.70
9.66
10.476-.48a
—
10.18-10.19 10.24
9.636-9.64a
9.63
—
9.596
9.58fr-9.60a
December. 9.526-9.53a 9.616-9,63a 9.666-9.67a
Steady
Futures..
Steady
Quiet
Steady
Steady
_
Steady
Very st'dy
Steady
Steady
Steady
6 Bid.
Nominal.
«
1939-40 program.
Total sales and deliveries of cotton
Imports Subject
License Beginning Jan. 13
to
London
the, "Wall
Journal"
Street
reported
the
following in its Dec. 31 issue:
As from Jan.
13, all Imports of raw cotton and cotton linters from th©
British Empire (except
Egyptian
Sudan,
Hongkong)
French
I'alestine, Transjordan, Egypt, Anglo-
French
Cameroons,
indicates the actual movement each
Southern
do not include overland receipts
figures
consumption; they
simply
are
nor
statement of the
a
which finally reaches the market through the outports:
crop
Stocks at Interior Towns
Receipts at Ports
Week
Receipts from Plantations
End
1938
1939
1940
1938
1939
1940
1939
1940
1938
general license for such imports existed implying that
it is stipulated that goods
into Great
table
week from the planta¬
Equatorial Africa, French
permission need be sought before undertaking them.
to have been
of
as
weekly movement from the plantations of that part of the
by the Board of Trade.
Hitherto an open
no
The
tions.
possessions in India and French possessions in the Pacific will be subject to
license
1939-40 program,
Plantations—The following
the
from
Receipts
British Board of Trade Rules Cotton
From
under the
Dec. 26, amounted to about 6,331,000 bales, including cotton products
equivalent to about 491,000 bales.
Cancellations, allowed because of war
conditions, are not included in these quantities.
Asked.
a
to
The
1940-41
program,
announced July 2, 1940, and
providing for payments in connection with the export of
cotton products, will continue throuerh June 30. 1941
Tone—
Spot
cotton products actually exported, has been extended
May 31, 1941.
The announcement goes on to say:
Approximately 100,000 bales of cotton, sold for export under the 1939-40
cotton and cotton products export program, has not been exported due
largely to the disruption of Atlantic and Pacific shipping schedules occasioned
by war in Europe.
The extension of time for shipping and for filing
claims for payment will permit exporters to take advantage of shipping
facilities as they become available under existing conditions.
It is be¬
lieved there will be no additional extension of time for shipping under the
follows:
as
Jan. 4, 1941
At the
time
same
Oct
4.
118.475 297.556 183.369 2185,345 3113.815 2881.086 241.439 480,640 430,890
11.
128.793 290.322 205.107 2378.831 3262,486 3110,218 322,379 1904035 433.993
114.761 230.932 200.646 2570.600 3399.830 3275.615 306.530 308.270 300,043
112,180 243,288 150,872 2775.573 3480.871 3387.084 317,147 330.329 263,541
proved to the satisfaction of customs authorities
dispatched to Great Britain before Jan. 1, 1941, and imported
18-
Britain before March 1, 1941, will not require to be furnished
25
Nov
with such import licenses.
120,9 2 231.212 250.332 2980,289 3533.182 3460.497 325,66" 277.523 329,745
92.125 30-<4.210 3549,918 3510,308 230.674 248,407 141,936
126,753 237.671
1.
8
CCC Reports on
1940 Cotton Loans—The Commodity
Credit Corporation announced on Dec. 26 that through
Dec. 23, 1940, loans made on 1940 crop cotton by the
Corporation and lending agencies aggregate $125,489,563.57
on 2,603,741 bales.
Cotton loans completed and reported
to the Corporation by States are as follows:
37,168
Arkansas,
94,134
4,481,894.53
California
138,511
7.008.609.75
7,320.73
Arizona
151
Florida
152,279
93,429
67,240
6,736
160,699.74
1,604.161.99
Oklahoma
33,894
136,662
South Carolina
110,551
6,462,6 19.39
10,053
Tennessee
27.
1,315,568
2,306.144
297,597
$111,085,611.99
14,403,951.58
2,603,741
31,339
1939
1940
1939
1940
1941
39,901
30,873
1940
1941
1939
89,025
nil
42,596 3301,310 3265,094 3400,270
33,323 169,951
7,896
1939-40
by cable tonight from
Manchester states that the market in both yarns
30,066.30
Total
78,200 232,095
44,595 3339,502 3346,020 3434,970
and cloths
63,163,248.45
624
1941
65,209
Manchester Market—Our report
5,598,319.71
492,200.73
Virginia
62,544 189,049
5 240.688
(1) That the total receipts
plantations since Aug. 1, 1940 are 3,605,124 bales;
they were 5,749,156 bales, and in 1938-39 were
4,379,540 bales.
(2) That although the receipts at the out¬
ports the past week were 33,323 bales, the actual movement
from plantations was nil, stock at interior towns having
decreased 38,192 bales during the week.
314,391.95
3,434
Missouri
North Carolina
61,6
88,219 173,332
77,815 3200.298 3498,072 3496,222
64,534 3284.365 3449,968 3471,589 109,399 208,997
54,236 3323.846 3389,066 3448,226 101,106 179,786
86,554 210,127
85.302 257,101
6.
in
3,090,947.96
New Mexico
13.
20.
from the
4,520,168.75
Mississippi.
Georgia
Dec.
The above statement shows:
7,298,889.58
Louisiana
29.
3.
$5,069,244.69
1.782.827.74
105,710
Alabama
22.
Jan.
Amount
No. of Bales
State—
105,452 202.576 125,857 3153,9y2 3549.579 3518,088 17 .22 4 208.237 133.637
94,876
88,143 3202,231 3530,990 3524.821 146,475 166,018
98.226 178.607
73.964
83.853 227,545 89,957 3258,633 3534,867 3508.828 140,255 225,422
15.
§125,489,563.57
Texas.
loans by cooperatives
Total
is steady.
Demand for cloth is improving.
todav below and leave those for
last
We give prices
previous weeks of this and
for comparison:
year
1939
1940
Returns
by Telegraph—Telegraphic advices to
this
rain in the central
us
Days
Texas—Galveston.
Rainfall
Inches
1
0.01
dry
Austin
2
Abilene
Brownsville
Fort Worth
Houston
2
Palestine
1
4
—
—
Louisiana—New
Orleans.
Shreveport.
31
38
51
60
76
36
37
70
77
71
39
40
55
38
55
79
74
—
56
53
6
14.56
6
58
1.76
„
'
@12
@12
@12
14.56
12
14.61
12
6
14.65
12
14.72
12
29-
14.95
12
4)4@12
4)4@12
6
@12
@12
@12
6
d.
s.
d.
d.
@13)4 11
3
13
@13)4 11
@13)4 11
@13)4 11
3
9
7.99
9
9
8.13
13
8.22
13
6.44
@11
@11
@11
@11
6
6
6.38
3
@11
4)4@11
6
@11
9)4@12
6
6.22
7 )4
7.01
9
7.10
@12
3
7.95
@12
6
8.19
3
3
6.27
6
6
6.35
•
8.17
9
13^@14
9
8.23
14
7)4
7)4
9
8.07
11
14
@14)4 11
8.38
@14)4 11
11
14)4 @15
8.41
15
15)4 @16
@15)4 12
7.51
Dec.
55
1.50
2.28
1
1
6
12
12
22-
58
54
1
_—
12
14.47
1..
53
64
47
52
14.50
8—
42
0.03
s.
13
8.21
available
15—
58
30
1
d.
8.
Nov.
59
36
36
Not
25-
60
81
d.
11..
56
83
dry
dry
San Antonio
Waco
Oklahoma—Oklahoma City
Arkansas—Little Rock
d.
s.
18—
57
70
dry
1
2
—
d.
4..
42
0.01
0.16
0.41
0.61
2
—
—
54
78
0.04
0.08
Corpus Christi
Del Bio
44
20
35
63
Upl'ds
Upl'ds
Oct.
Mean
73
dry
__
Amarillo
Low
Middl'g
to Finest
Middl'g
to Finest
d.
High
ings, Common
Twist
ings, Common
Twist
Thermometer
-
Cotton
32s Cop
Cotton
32s Cop
evening denote that there has been some
and eastern thirds of the cotton belt and drv in the west.
Rain
8)4 Lbs. Shirt¬
8Lbs. Shirt¬
6..
15.14
12
6
@12
9
8.54
13—
15.22
12
6
@12
9
8.37
Nominal
Nominal
20..
55
15.25
12
6
@12
9
8.43
Nominal
Nominal
Not
27—
8.53
available
3
12
16)4@16?4 12
6
8.59
8.78
9
8.70
1)4
@12
9.29
1940
1941
1
0.31
65
54
60
1
73
49
43
55
4
1.26
2.80
61
Alabama—Mobile
Birmingham
Montgomery-
2
1
1.08
1.05
63
63
55
57
59
60
1
1
0.54
1.20
75
63
71
82
66
74
1
75,"
72/
66
71
News—As shown on a previous page, the
exports of cotton from the United States the past week
have reached 16,703 bales.
The shipments, in detail, as
40
56
made up from mail
57
52
55
61
54
58
63
56
-60
Mississippi—Meridian
Vicksburg
Florida—Jacksonville
Miami.
Atlanta
1
Augusta
1
1.46
0.41
0.40
0.20
Macon.
1
0.48
"Tampa.
Georgia—Savannah..
3
South Carolina—Charleston..
North Carolina—Asheville
Raleigh
Wilmington..
Tennessee—Memphis
Chattanooga-
2
1
0.43
0.02
dry
dry
72
42
49
55
51
29
54
60
60
45
63
54
1
Nashville.
0.33
60
New
Orleans
Memphis
Nashville
Shreveport
To
Vicksburg
6.8
•
9.1
1.6
—2.4
-Above
zero
follows:
are as
Bales
To Great Britain
3,350
8
—
To Guatemala
4,669
^
50
■«.;
To Colombia
425
Japan
90
6,010
Los Angeles
To Japan
Total
2,101
—
16,703
_
Freights—Current rates for cotton from New
no loDger quoted, as all quotations are open rates.
Cotton
York
are
'
Liverpool—The tone of the Liverpool market for spots
and futures each day of the past
week and the daily closing
prices of spot cotton have been as follows:
Monday
Saturday
Spot
Market,
Tuesday
payments under the 1939-40 program, for lint cotton and
i
Not
P. M.
{
received
Mid. upl'ds
Futures
Market
opened
Thursday
Friday
Moderate
Moderate
Moderate
demand
demand
demand
Steady,
f
s
(
8.72d.
8.58d.
CLOSED
v
:
Not
received
Steady,
8
to
pts.
14
adv.
Quiet,
4:00
f
\
5 points
13
P. M.
{
advance
pts.
Market,
Wednesday
\
12:15
Time Extended for Exporting Cotton Under 1939-40
Program—The time limit for the actual exportation of lint
•cotton and cotton products under the 1939-40 cotton and
cotton products exports program has been extended from
Dec. 31, 1940, to March 31, 1941, the Surplus Marketing
Administration of the Department of Agriculture announced
on Dec. 31.
The final date for exporters to file claims for
@13
,1.0
12.4
17.8
6.8
_—
To Great Britain
0.6
zero of gauge.
Above zero of gauge.
Above zero of gauge.
Above zero of gauge.
and telegraphic reports,
To Colombia
Feet
3.7
6
Galveston—
To Australia
Jan. 5, 1940
gauge.
Above
of
16)4@17)4 12
Bales
The following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
Jan. 3, 1941
Feet
8.77
7)4@12 10)4
Houston—
57
0.88
0.28
12
Shipping
53
2
1
15.70
3-
57
57
65
69
61
71
— -
Jan.
58
to
15
adv.
HOLIDAY
8.77d.
Quiet,
1
to
4
pts. adv.
Steady,
4
to
pts.
5
adv.
8.77d.
Quiet, unch
1 pt.
decline
to
Steady,
1
to
pts.
4
adv.
Volume
The Commercial & Financial Chronicle
152
Prices of futures at Liverpool for each day are
Dec. 28. 1940
Sat.
Mon.
Tues.
Wed.
given below:
Thurs.
today to hold to a narrow new year rut in the absence of
revived demand from the flour and milling trade.
Dealers
said the
Fri.
lag in actual buying operations of consuming inter¬
to
Jan. 3, 1941
Close Noon Close Noon Close Noon Close Noon Close Noon Close
ests
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
in
resulted
potential
New Contract
141
market's
the
tendency
drift,
to
*
8.13
8.15
8.27
8.28
8.32
8.32
8.33
8.33
plies,
March
*
8.19
8.18
8.32
8.32
8.34
S.36
8.36
8.38
Milling interests reported flour business is
May
*
8.12
8.12
8.27
8.27
8.30
8.32
8.33
8.35
July
*
8.09
8.07
8.22
mouth
8.22
8.25
8.27
8.27
8.31
7.92
8.05
8.09
8,10
8.10
8.14
January,
1941..
*
October
7.96
Holi day
8.06
■
December
*
January, 1942
*
8.02
♦Closed.
8.06
8.01
____
—
8.05
8.09
....
8.08
"■)
;■
accounted
basis,
stocks
dealers
that
said
in
change in the international
in
Alexandria
loan
over
the
,
■
Mon.
..108%
CLOSING
PRICES
May_.•.
July
September
•
Friday Night, Jan. 3, 1941
Flour—The flour business continues dull.
be playing considerable part
to
market.
However,
revival of business
a
orders
for
stock
eventuate.
observers continue to
shortly,
with
Up to 30 days
some
held
replacement
in
the
expect
fairly substantial
virtually
certain
to
nearly all consumers had
been buying on a hand-to-mouth basis, and stocks therefore
are thought to be rather low.
ago
Wheat-—On the 28th ult. prices closed
He. to l^c. net
bushel today to
the best levels in about three weeks, on the support of buying
stimulated by strength of securities and demand attributed
to consumer interests.
This extended the net gain for the
week from 2 to almost 3c.
What collateral is reported as
piling up under loans at the rate of about 200,000 bushels
daily, according to latest figures, but there may be a spurt
before the deadline Tuesday, traders said.
The total under
loan as of Dee. 24 was 268,579,373 bushels, compared with
166,000,000 a year ago. On the 30th ult. prices closed Helower to He
higher.
Wheat prices fluctuated nervously
today, but closed with a firm undertone which traders
attributed to quiet mill purchasing in a market bulwarked
with potential demand, due to sterlization of sd^much wheat
under-Government loans and implications of the national
defense program.
The market's strength was influenced
largely by action of securities, moderate sized buying orders
for the account of consuming interests and bullish intepretations of the Roosevelt speech
While traders saw nothing
particularly new in the President's statements, they regarded
higher.
Wheat prices
rose a
the tone of his remarks
Tomorrow will
loans
be
as a
extend loans
on
or more a
reflection of the trend of events.
last
the
wheat collateral.
on
cent
day for filing applications for
The announced intention not to
grain stored in commercial warehouses
was
indication that unless prices advance materially
between now and spring, fairly large quantities will revert to
taken
as
an
Government ownership.
The bulk of approximately 270.000,000 bushels under loan is stored in warehouses.
On the
31st ult. prices closed He. to He. net higher.
Wheat futures
prices went on a final spree today and rang out the old year
in an abbreviated final session with gain^ of as much as %c.
a
All wheat contracts finished at
bushel.
or
near
the dav's
high levels. As was the case yesterday, the new crop months,
July and September, led the way, with the latter month
again going to the best level of the crop year. The upturn
was attributed to some small mill buying and fair commission
house support.
All other grains also advanced with the bread
cereal.
Today was the closing date on which producers
could make loans on all 1940 wheat, rye and barley.
When¬
ever prices are high enough borrowers may repav their loans
prior to maturity and sell the collateral at an additional
profit above the face value of the. loan plus interest and
charges.
The Commodity Credit Corporation announced
that it did not expect to sell any of the 1940 crop that was
in good condition except at prices not less than the loan
values plus chaiges.
The CCC also will take delivery on all
unredeemed 1940 wheat stored in warehouses when the loans
2d.
the
inst.
unchanged to %c.
prices closed
lower.
The wheat market greeted the new year with little trading
enthusiasm
row
today as prices fluctuated nervously in a nar¬
firm undertone much of the
Traders associated this underlying strength with
range,
session.
reports
of
but the pit had
Red
a
Cross activity
relief distribution and with
situation
due
to
the
the
loan
picking up supplies for
tightening domestic supply
in
Spot wheat prices
were %c. higher, with No. 2
hard here at Chicago selling
at 92% c., or more than 5c. above the May quotation.
The
Board
to
program.
of Governors of the Federal Reserve
System's steps
Dealers who
of all or part of the
quiet inflation fears attracted attention.
uncertain
were
as
to
the
likelihood
banking board's proposals being adopted and the possible
on fiscal affairs chose to ignore these developments
effect
as
a
.
May
July.
September
DAILY
basis for market action
for the
time being.
Today prices closed He. lower to %c. higher.
ing erratically
over
a
%e.
range,
wheat
Fluctuat-.
prices continued
Mon.
—
86%
81%
81
.*
.
108%
Wed.
•
81 %
Tues.
Wed.
86%
Sat.
December
Mon.
73%
77%
78%
May.
July
October
Tues.
109%
CHICAGO
Thurs,
H
O
82%
82%
87%
82%
82%
L
FUTURES
OF WHEAT
Fri.
108%
IN
When
Aug.
Sept.
Dec.
...
PRICES
Thurs.
HOL.
When Made
1
Season's Low and
Nov. 15. 1940 May..,.
70
Nov. 18. 1940|July
76%
Jan.
2, 19411September
78
89%
85%
82%
CLOSING
Made
16, 1940
27, 1940
23,1940
Thurs.
74
O
77%
79
L
79%
Fri.
H
77%
78%
87%
81%
82%
WINNIPEG
IN
Wed.
Fri.
llV*
79
.
Corn—On the 28tli ult.
prices closed H to 1c. net higher.
May corn was the highest in nearly a month,
reflecting light country offerings and substantial shipping
sales, the latter totaling 105,000 bushels.
Only 47 cars were
received at Chicago and only 14,00u were booked to arrive.
There was a sharp reduction in receipts at principal interior
terminals, the total being only 263.000 bushels, compared
with 702,000 a week ago and 660,000 a year ago.
Outside
markets were reported bidding H to lc. over Chicago in
some Illinois and Iowa areas.
On the 30th ult. prices closed
He. net higher for all active deliveries.
Corn futures
opened H to %c. higher, eased H to %c. and rallied to
close with gains of He. all around.
Cash demand con¬
tinued good, while the movement from the country failed
to pick up appreciably.
Higher bids outside the Chicago
area
were
again reported.
On the 31st ult. prices closed
H to He. net higher.
Corn was dull, although there was
some buying by houses with elevator connections.
On the 2d inst. prices closed *4 to %c. net lower.
Tend¬
The close
on
ing to offset bearish aspects of the trade was the fact that
country corn marketings continued to run very small, with
consuming interests drawing on hedge stored stocks to help
fill
requirements.
wheat
the
market.
~
A similar situation prevailed in the
improving hog price gain, improving
The
ratio, also was a factor.
Traders said any
encouraging hog feeding should have a strength¬
feeding
situation
market.
Today prices closed un¬
Clear and colder weather over the
belt is expected to facilitate movement of corn and
stimulate feeding demand.
Receipts at loading mar¬
have dropped to a very small volume.
ening effect
changed
corn
also
kets
to
DAILY
on
the corn
*4c.
off.
CLOSING
PRICES
OF
Sat.
No. 2 yellow
80%
DAILY CLOSING
PRICES
May
July
September-
62%
62%
62%
-
_
-
....
66
65%
62%
80%
Tues.
81%
NEW YORK
Wed.
81%
Fri.
81%
FUTURES IN CHICAGO
Mon.
62%
62%
62%
Tues.
63%
62%
62%
Wed.
Thurs.
H
O
L
62%
62%
62%
Fri.
62%
62%
62%
When Made
54%
Nov. 18. 1940 May....
58%
Nov. 18. 1940 July
Dec. 31, 1940 September— 59%
Oats—On the 28th ult.
Thurs.
HOL.
Season's Low and
Season's High and When Made
May
July.
September—
CORN IN
Mon.
OF CORN
Sat.
Aug. 16. 1940
Sept. 23. 1940
Dec. 23,1940
prices closed H to He. net higher*
strengthened by ship¬
Oats followed wheat and corn, being
ping sales of 35,000 bushels.
On the 30th ult. prices closed
unchanged compared with previous finals.
Trading quiet.
On the 31st ult. prices closed H to He. net higher.
There
was
considerable short covering over the holiday, influ¬
enced apparently hv the firmness of wheat and corn markets.
On the 2d inst. prices closed He. off.
This market ruled
heavy most of the session, though no real activity was
evidence.
mature.
On
'H
v
FUTURES
87
81
Season's High and
Slack interest
Tues.
108%
WHEAT
OF
Sat.
appears
of any unusual
in domestic crop con¬
or
rates.
No. 2 red
BREADSTUFFS
wheat
hand-toare be¬
absence
scene
Sat.
DAILY
dull flour
a
on
quarters
DAILY CLOSING PRICES OF WHEAT IN NEW YORK
Receipts and Shipments.
Liverpool Imports, Stocks, &c.
in
some
ditions, wheat prices appear to be in a state of balance,
supported by restricted commercial supplies due to the loan
program and depressed by a technical ceiling level several
cents
India Cotton Movement from All Ports.
while
and
lieved to be low, there are no signs of any urgency for
replenishment.
Wheat dipped about %c. at times, but then
rallied and was fractionally higher after the first hour.
Grain
Foreign Cotton Statistics—Regulations due to the war
in Europe prohibit cotton statistics being sent from abroad.
We are therefore obliged to omit the following tables:
World's Supply and Takings of Cotton. -
but that
together with reduced commercial sup¬
for the underlying steadiness of prices.
demand,
was
little
in
Today prices closed unchanged to %c. off. There
this market.
The undertone was
of interest in
reported as barely steady.
DAILY
CLOSING PRICES
OF OATS
Sat.
May
July..—......
September...
FUTURES IN CHICAGO
Mon.
Tues.
Wed.
Thurs.
37..
........
37_
37_,
H
37%
32%
32%
32%
O
L
32%
—
Fri.
37
32
31%
I
Season's Low and When Made
'Nov. 15. 19401 May
28%
Aug. 16, 1940
Nov. 15. 1940 July
30%
Oct.
9, 1940
Jan. 31, 19411September ... 32
Jan.
3, 1941
Season's High and When Made
May
July
September
...
38
34%
31%
DAILY CLOSING PRICES
OF OATS FUTURES IN
Sat.
December
May
July.
-
Mon.
Tues.
WINNIPEG
Wed.
33%
33%
34%
33%
33%
O
31%
32
34%
32%
Thurs.
Fri.
H
34%
34
32%
October..
Rye—On the 28th ult. prices closed H to He. net higher.
Trading was relatively light, the market's strength being
influenced largely by the strong action of wheat and corn
markets.
On the 30th ult. prices closed He. lower to un-
The Commercial & Financial Chronicle
142
changed.
Rye rose av one time in sympathy with wheat,
but spreading from Northwest interests had a depressing
effect.
On the 31st ult. prices closed \i to %c. net higher.
Rye futures followed the other grain markets in the upward
trend.
Wheat
Corn
Oats
Rye
Barley
Bushels
United States—
Bushels
Bushels
Bushels
Bushels
New York
50,000
Trad¬
ing was light and without feature.
Today prices closed
unchanged to %c. off. Trading was light and without note¬
worthy
to */4c. net higher.
feature.
DAILY
PRICES
OF
RYE
FUTURES
CHICAGO
IN
May
July
September
47%
48
47
48
Season'$ High and When Made
May
July
September
Wed.
Thurs.
Fri.
H
O
L
Tues.
47%
48%
47J48
47Va
48%
Season's Low and
52 %
Nov. 15. 1940 May
52 %
Nov. 14. 1940 July
No Transactions
September
OF
RYE
Sat.
FUTURES
Mon.
December
45
May
July
48%
Tues.
45%
48%
WINNIPEG
IN
Wed.
47% *
50
50%
Thurs.
Fri.
49%
50%
49%
October
DAILY CLOSING PRICES
OF BARLEY FUTURES IN
Mon.
Sat.
December
44%
45%
43%
May
July
Tues.
45%
49%
Wed.
44%
45%
43%
WINNIPEG
Thurs.
H
O
L
45%
43%
Fri.
44%
October
were as
FLOUR
2,000
1,000
17,000
14,000
324,000
Fort Worth......
9,470,000
1,080,000
160,000
Wichita
4,202,000
Hutchinson
Sioux
St. Louis
Indianapolis
2,746,000
201,000
11,000
12,000
8,223,000
49,000
364,000
5,000
8,435,000 13,531,000
743,000
1,682,000
6,809,000
1,505,000
2,080,000
992,000
City
29,000
4,000
4,000
104,000
463,000
6,000
3,000
701,000
246,000
1,417.000
1,682,000
794,000
12,875,000
afloat
Milwaukee
1,276,000
27,431,000 10,089,000
18,303,000
2,522,000
Minneapolis
1,176,000
1,943,000
4,190,000
63,000
867,000
633,000
100,000
2,000
4,000
2,000
Buffalo
4,286,000
1,656.000
598,000
5,371,000
251,000
1,309,000
197,000
Total Dec. 28, 1940...148,538,000 63,064,000
a
Philadelphia also has 1,000 bushels Argentine
Note—Bonded
grain
included
not
Rye. United States, c.i.f
Barley, New York—
No 2
40 lbs
yellow, all rail
-
feeding
Chicago, cash
81%
55
All the statements below
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce
Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
of the last three years:
in store.
586,000
Wheal—New York, 4,020,000 bushels; New York afloat, 1,528,000; Boston,
Philadelphia,
Baltimore,
1,551,000;
4,475,000;
Wheat
Corn
Oats
Rye
bbls 196 lbs
bush 60 lbs
158,000
bush 32 lbs
Rye
Bushels
Bushels
Corn
Bushels
4,000
380,000
73,000
23,000
160,000
"9,000
"o.OOO
97,000
24,000
9,000
557,000
Duluth
Milwaukee
599,000
15,666
.
....
Buffalo
282,000
628,000
23,000
544,000
3,000
34,000
137,000
64,000
244,000
106,000
319,000
10,000
2,000
16,000
2,000
16",000
9,000
64,000
Peoria
43,000
8,000
124.000
10,000
Kansas City
22,000
310,000
381,000
86,000
16,000
Joseph.
4,000
41,000
Wlchjta
City.
158,000
35,000
41~666
3,000
40,000
22,000
50,000
lio'ooo
Louis..
St.
Omaha
St.
Sioux
1,459,000
Total Dec. 28, 1940—438,456,000
7,214,000
2,540,000
6,705,000
616,000
6,799,000
30, 1939—310,855,000
....
2,508,000
6,676,000
10,247,000
2,426,000
7,261,000
6,150,000
7,214,000
6,373,000
2,540,000
8,532,000
6,705,000
13,364,000
8,913,000
15,237,000
Summary—
American.
148,538.000 63,064,000
438,456,000
i...
Total Dec. 28, 1940—586,994,000
Total Dec. 21, 1940...579,767,000
The world's
63,064.000
62,560,000 12,891,000
8,923,000 15,358,000
429,484,000 43,638,000 21,362,000 12,734,000 21,797,000
Total Dec. 30, 1939
shipments of wheat and
corn, as
348,000
Same wk '39
Week
Corn
355,000
308,000
Since Aug. 1
1940
1939
1938
1940
Bushels
4,000
"
2~66o
b^ooo
2,649,000
82,684,000
3,880,000
1,726,000
51,074,000
89,900,000
110,000
3,954,000
685,000
564,000
3,161,000
927,000
151,000
969,000
9,150,000 185,122,000 139,530,000
9,788,000 216,237,000 129,396.000
9,244,000 214,663,000 154,480,000
42,490,000
8,111,000 51,532,000
58,896,000 16,603,000 70,852,000
59,954,000 17,582,000 58,308,000
receipts of flour and grain at the seaboard ports
for the week ended Saturday, Dec. 28, 1940, follow:
104,000
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
60"66O
_
New Orl'ns*
Montreal
Barley
72,000
51,000
bush 56 lbs bush 48 lbs
39~666
12,000
12,000
26,000
__
4,000
Atl. ports
tural
2,000
7,000
thi3 year
on
are
widespread
18,000
and
12,428,000 126,475,000
40,397,000
3,729,000
2,261,000
1,255,000
1,946,000
497,000
208,000
95.000
156,000
15,908,000 126,508,000
27,557,000
6,039,000
Week 1939.
360,000
interference
from
disruption
use
with
of transportation
wheat
as
wheat
1940
798,000,000
at
The
of
a
Chinese
crop
bushels the
year
crop
bushels
is
substitute
of
China,
compared
placed at
before,
customary
the
producing to non-producing and
imports of wheat
facilities, and the
The
for rice.
of the Agricultural Office further
combined
1939.
wheat
producing areas, greatly reduced
flour,
nouncement
2,000
Since Jan. 1
1940
of
movement
bushels
23,000
China, Manchuria
Among the reasons given for the shortage
official
compared with 61,000,000 bushels,
174,000
Pros¬
1940-41
the Office of Foreign Agricul¬
than last,
Dec. 30.
said
(.'00,000
328,000
Wheat Shortage—Poor
Imports During
for
Relations, United States Department of Agriculture,
The
18,000
216,000
217,000
28,995,000
43,044,000 102,550,000
Japan, although the total crop in these countries was
estimated
~~8~666
Canadian
Tot. wk. '40
2,520,000
879,000
Acute wheat shortages are reported in
and
4,000
37,000
14,000
13,000
.
Rye
with
Confronted
Orient
increased
12,000
16,000
Phlladel'la
Baltimore.
20,22l",000
16,664,000
5,664,000
5,127,000 143,302,000 234,496,000
..
deficit
Flour
2,000
879,000
11,293,000
.
countries
larger
137,000
Bushels
11,522,000
1,459,000
60,574,000
20,303.000
Other
1,610,000
1,552,000
1,910,000
York.
1,
1939
22,588,000
Argentina.
July
Bushels
94,051,000
648,000
Since
1,
1940
Bushels
No. Amer.
12,000
Total
New
Bushels
Bushels
July
27,
1940
23,000
~
1,212,000
Boston
Dec.
July 1,
1939
1,
July
Since
Week
Black Sea.
Total
2,965,000
Receipts at-
Since
Since
Dec. 27,
1940
Australia
1,715,000
2,624,000
Same wk '38
furnished by
Broomhall to the New York Produce Exchange, for the week
ended Dec. 27 and since July 1, 1940 and July 1, 1939, are
shown in the following:
pects
Tot. wk. *40
1,490,000
1,210,000
4,005,000
Barley
24,000
Indianapolis
Barley
Bushels
465,000
Other Can. & other elev.291,308,000
bush 56 lbs bush 48 lbs
1,165,000
165,000
7i~,666
Minneapolis
Toledo
bush 56 lbs
187,000
177,000
...
1,211,000;
1,822,000
1,938,000
3,454,000
Exports
Chicago
Portland.
Oats
Wheat
Bushels
Canadian—
Wheat
Flour
Receipts at—
bushels; New
Buffalo, 11,108,000; Buffalo afloat, 1,898,000; Duluth, 11,738,000; Erie, 1,989,000;
Albany, 8,822,000; in transit—rail (U. S.), 3,229,000; total, 53,840,000 bushels,
against 38,393,000 bushels in 1939.
Canadian
67%
corn
above: Oats—Buffalo,
York, 84,000; Erie, 258,000; total, 928,000 bushels, against 1,457,000 bushels in
1939.
Barley—New York, 128,000 bushels; Buffalo, 55,000; Duluth, 122.000; in
transit—rail (U. S.), 219,000; total, 524,000 bushels, against 2,426,000 bushels in
Oats, New York—
New York—
Corn
190,000
203,000
1,018,000
6,150,000
6,373,000
8,532,000
6,092,000
6,415,000
8,682,000
11,115,000 10,308,000 14,536,000
Total Dec. 21, 1940.-.150,011,000 62,560,000
Total Dec. 30, 1939...118,629,000 43,638,000
Total Dec. 21, 1940—429,756,000
52%
65%
661,000
312,000
Detroit
Total Dec.
No. 2 white
217,000
mm
48,000
Prices Withdrawn
Wheat, New YorkNo. 2 red, c.i.f., domestic
109%
Manitoba No. l.f.o.b.N.Y. 87%
mm
3,744,000
Fancy pearly (new) Nos.
1.2-0.3-0.2
_4.25@5.75
GRAIN
mm
199,000
646,000
Hard winter clears
Coarse
mm
283,000
Lake, bay, river & seab'd 78,946,000
Ft. William & Pt. Arthur 68,202,000
Nominal
7,000
664,000
11,588,000
Chicago
"
6,000
104,000
7,947,000
4,591,000
33,329.000
Kansas City
Spring pat. high protein..5.30@5.45 Rye flour patents
_4.05@4.15
Spring patents
5.05@5.25 8eminola, bl., bulk basis..5.60@6.10
4.50@4.75 Oats, goods
2.99
Corn flour
@
2.00
Hard winter patents
4.70 @4.95 Barley goods—
Clears, first spring
Hard winter straights
8,000
205,000
2,271,000;
follows:
93,000
859,000
1939.
Closing quotations
6,000
571,000
afloat
H
O
L
7,000
70,000
1,090,000
Duluth
DAILY CLOSING PRICES
140,000
Galveston
New Orleans..
Peoria
When Made
42 Ya
Aug. 19. 1940
46%
Dec. 16, 1940
No Transactions
39,000
41,000
Omaha
Mon.
Sat.
3,000
308,000
St. Joseph
CLOSING
75,000
afloat
Philadelphia.a
Baltimore
On the 2d inst. prices closed %
1941
Jan. 4,
GRAIN STOCKS
an¬
said:
Manchuria and Japan
763,000,000 bushels
with
700,000,000 bushels
is
in
667,-
against
the Japanese crop at 66,000,000 bushels
and the Manchurian crop at 32,000,000
compared with 35,000,000 bushels.
Imports
of both
wheat
and flour during the
first four months
(July-
of the 1940-41 marketing season were far below those for the
corresponding period last season.
Prospects for large imports of foreign
October)
wheat
during
1940-41
are
not bright under existing conditions.
Since Jan. 1
1939
*
on
Receipts do not include grain passing through New Orleans lor foreign ports
through bills ol lading.
The exports
ended
from the several seaboard ports for the week
Saturday, Dec. 28, and since July 1, are shown in
the annexed statement:
CCC Will Take
2,899,000 10,995,000
Barley
as
on
Warehoused Wheat and
1940 Loans Mature—The Department of Agri¬
culture announced
on
Dec. 30 that the Commodity Credit
Corporation will take delivery of all unredeemed 1940 wheat
and barley
•
Delivery
stored in warehouses when the loans
commodities mature within the next four months.
Exports from—
Corn
Flour
Oats
Rye
Barley
Bushels
,
New
Wheat
Bushels
Barrels
Bushels
Bushels
Bushels
York
48,000
Baltimore
216,000
will also be taken of all unredeemed 1939 resealed wheat and
rye on
which the loans were extended last spring.
beyond the original 10-month period will be available
Slnce July 1, 1940
Total week 1939.
Since July 1, 1930
a
304,000
028,000
52,644,000 20,448,000 2,225,515
20.556
314" 000
211,000
2,917,000
958,000
152,769
140,000
53,000
62,653,000 11,767,000 2,454,995 2,114,000 2,639,000
329,000
8,257,000
The
visible
supply of grain, comprising the stocks in
principal points of accumulation at lake and
seaboard ports Saturday, Dec. 28, were as follows:
at
on
ex¬
1940 farm-stored wheat, barley and rye in areas
where it is known that
The
Export data not available from Canadian ports.
granary
An
rn.~m.mmmm
for loans
Total week 1940.
these
Delivery
tension
28,000
40,000
Can. Atl. ports..
on
grain will store without deterioration#
Department's announcement further stated:
Dec. 31
is the closing date for making all 1940 wheat, barley and rye
Under the program, borrowers have the privilege, whenever prices
high enough, of repaying their loans prior to maturity and selling the
collateral at an additional profit above the amount of the loan plus interest
and storage charges.
The loans on warehoused wheat are made either for a period of eight
months or until April 30, 1941, whichever is earlier.
For many of these
loans, the eight-month period will expire during February, March, and
loans.
are
Ju
Volume
The Commercial & Financial
152
cipitation was unusually abundant, except in some local areas, but there
were marked
contrasts in some nearby localities, such as wet fields in
eastern Nebraska, and dry, dusty conditions in some western parts of that
April.
Loans on barley stored In warehouses mature 10 months from date
or April 30, 1941, whichever is earlier.
The farm storage loans for all three
The Corporation will
commodities were made for a full 10-month period.
State.
no£,£.SSept delivery of these grains prior to maturity of the loans.
CCC
now
anticipates that, insofar as practicable, it will
Late reports show
not sell any
1940 crop wheat that is in good condition except at prices not less
values plus charges,
A small part of this wheat can be disposed
in
in
area
Reports on 1940 Wheat Loans—The Commodity
Corporation announced on Dec. 27 that wheat under
loan through Dec. 24, 1940, totaled 268,579,378 bushels
valued at $193,976,809.52.
Wheat in the 1939 loan on the
same
date was 165,382,995 bushels valued at $115,711,'
Corporation announces loans as of Dec. 24, 1940,
showing barley 6,988,214 bushels valued at $2,229,043.12;
rye 3,868,556 bushels valued at $1,453,941.76.
, .
Wheat loans by States in farm and warehouse storage
follow:
THE DRY GOODS TRADE
No. of
Storage
Storage
Loans
State
Bushels
12,677
30
4,271
,
1,643,586
640,326
Indiana
11,305
5,297
304,752
398,861
65,959
7,699,364
......
Iowa
Kansas.
—
113
Maryland
'«*
—
1,489
231,553
Minnesota
26,036
3,041,765
Missouri
20,887
329,684
Montana
24.715
7,271,009
5,342,846
Michigan
...
10,149,334.05
2,694,018.41
2,087,020.26
33,549,049.95
611,639
1,584
Kentucky
1,625
5,192,982
12,066,037
3,176,493
2,401,166
39,186,541
,
3,963
26,980
Idaho
89,024.46
2,114,916.84
1,327.13
'
3
-
Illinois
55,617
151,710
7,083,679
8,366,653
19,321,591
9,882,256
3.650,489.70
North Dakota
-
-
32,789
69,009
344,971
8,581,881
46,946,445
361,281
3,654,194
2,424,332
767.547
17,889,773
4,862,906
42,155,085.10
3,213,726.50
14,574,043.03
3,295,560.27
12,201
30,976
Oklahoma
2,078
Oregon
Pennsylvania.
497
...
i
884
Tennessee
.
-
m
^
^
^
3,021,628
40,932
South Dakota
-t,
.»
m
127,533
_
.
•_
„
17,127,755
637,849
201,968
1,241,056
3,948
Washington
West Virginia...
Wisconsin
176,834
24
172
l
;
9,281,810
9,687
next year
promises to continue to be better than for several years
to increasing employment throughout the country.
8,354.04
115.24
_
389,240
451,592.03
428,853
46.675,082
221,904,296
$193,976,809.52
Wholesale markets were
Total
....
Report
week.
the week ended Jan. 2, follows:
the desire on
portion of their requirements before the seasonal rush which
expected to get underway most any time now. Sheetings
moved in scattered lots, while other divisions reported
a
is
days of the week, but the one in the Southeast advanced northward, with
moderate intensity, over Atlantic coast sections, attended by rather general
precipitation east of the Mississippi River.
On the morning of Dec. 25 a disturbance of considerable energy appeared
over extreme northwestern Texas and moved thence southeastward to the
central Gulf area on the 26-27th, attended by widespread rainfall from
the lower Missouri and Ohio Valleys southward.
The rainfall was heavy
from Texas eastward to Florida, with many stations reporting falls of
to two
quantities. A brisk demand was noted for
reported put through for delivery in;
the second quarter.
It was unofficially estimated that un¬
filled orders for Army ducks at the end of the year were the
largest since 1917. Drills were in moderate request, and as a
result of the steady tightening of deliveries, prices continued
to strengthen.
An improved inquiry was reported for
rayons, but buyers as a rule were not expected to enter the
market actively until next week. In the meantime prices held
steady with mills in no mood to make concessions. Prices for
print cloths wrere as follows:
39-inch 80s, 71^c.; 39-inch
requests for fill-in
ducks with some sales
inches or more.
moved slowly northeastward over Tennessee
Ohio Valley to the Saint Lawrence Valley, and precipita¬
again general in all sections east of the Mississippi River, with some
rather heavy local falls but, in general, the amounts were light to moderate.
Precipitation was again frequent during the week in the more western
States, with some additional heavy falls in California and Arizona.
Tem¬
perature changes were unimportant, with abnormally high readings per¬
sisting in most sections of the country.
#
.
;
The final week of 1940 was one of the warmest of record for the season
when the entire country is considered.
Reports show that the weekly
mean temperatures were markedly about normal nearly everywhere, and
were outstandingly high throughout the Northern States.
In fact, most
sections had early almost midspring-like temperatures.
For Washington,
D. C., the average temperature for the week was 49 degrees, corresponding
'to the normal for the first week in April, while as far north as Duluth,
Minn., the mean was 32 degrees, corresponding also to the early April
normal.
Des Moines, Iowa, had an average of 37 degrees and Chicago,
On the 27-30th, the storm
the upper
tion
was
72-76s, 7c.; 39-inch 68-72s,
and 38 J^-inch 60-48, 4^c.
1
.'v.-,'--
.
Atlantic coast localities freezing
temperature did not occur
'.
farther
■>
Massachusetts, while freezing was not reached in
much of the Ohio and the middle Mississippi Valleys.
The lowest for the
week at Chicago, 111. was 32 degrees.
In Gulf sections the minima ranged
from 36 degrees at Corpus Christi, Texas, to 50 degrees at Tampa,
The lowest temperature reported from a first-order station was —3 degrees
Fla.
unusual for the last week of
December.
the South from eastern Texas eastward,
while moderate to fairly heavy amounts were general in the Ohio Valley,
eastern Lake region, and middle and north Atlantic areas.
The western
Lake region, upper Mississippi Valley, and Great Plains States had very
little precipitation, but moderate to unusually heavy amounts were general
in the Great Basin and Pacific coast sections.
Many stations in Arizona
have recorded this month the greatest amount of precipitation of record
Heavy rains occurred throughout
for December*
Frequent
precipitation
southern
States and
and wet fields over large areas, especially in
Pacific Coast sections, restricted or prevented
but otherwise conditions were un¬
In the southern States mild tem¬
peratures and abundant moisture promoted good progress in winter truck
and other growing crops, while warmth and moisture caused some green¬
ing up, or growth, of winter grains in much of the winter wheat belt.
Re¬
ports show grass green as far north as the southern Lake region.
Also,
with considerable melted snow in the northern Plains and lower eleva¬
tions to the westward, the moisture was well absorbed by the soil.
Pre¬
entirely seasonal operations on farms,
usually favorable for a winter week.
goods remained in a
the usual year-end influences such as the
holiday and inventory taking combined to regard trading
during the past week. The year ended with orders for men's
wear fabrics well ahead of the previous year.
Owing to the
fact that spring goods are almost impossible to obtain for
delivery over the next three months, buyers displayed more
interest in fall fabrics which are expected to be formally
priced during the next few weeks. In view of the uncertainty
regarding future labor costs, it is expected that prices for fall
fabrics will be marked up. A moderate business was reported
in women's wear although sales were retarded by the in¬
Goods—While woolen
Woolen
south than southeastern
Pig Piney, Wyo., on Dec. 26, which is very
6%e.; 38M-inch 64-60s, 5%c.,
strong position
111., 40 degrees, corresponding to March 25 and March 29 normals respec¬
tively.
The nearest to normal warmth occurred in Gulf and Pacific coast
sections where temperatures averaged from 2 degrees to 5 degrees above
normal.
In some central-northern districts the plus departures exceeded
degrees.
period is usually devoted to inventory
The sudden spurt in demand was attributed to
the part of a number of buyers to cover at least v
The end-year
taking, &e.
beginning of the week two extensive depressions were charted on
the weather map, one covering a wide area over the central and eastern
Gulf of Mexico and extending to Florida and the northern Bahamas, and
the other off the north Pacific coast.
Precipitation occurred over a limited
southeastern area and in nearly all sections west of the Rocky Mountains.
The northwestern "low" made but little progress during the first two
At the
and
comparatively active during the
despite the holiday. In fact, during the early part of
the week, trading in print cloths and related items was
unusually active and this was quite unexpected as the markets
generally rule more or less dull during the New Year holiday
summary
weather for
due
week
for the Week Ended Jan. 2—The
of the weather bulletin issued by the
Department of Commerce, indicating the influence of the
Weather
general
they had to contend with
ably favorable. Stocks are said to be low, that is, in the hands
of mills and distributors, while consumer purchasing power
5,945,851.19
248,287
wdl make the difficulties
during the past few years look more or less insignificant.
In the meantime, however, the buyer attitude is unquestion¬
218,454.72
744
Wyoming
will
which the
13,666,844.34
414,052.69
134,540.91
1,496,562
624
taxes
10,233,221.11
19,557
2 i i i. v
........
or more.
It is a foregone conclusion that
increase, and that problems in other directions
merchants will be called upon to face over the
the next year
95,056.00
10,681,450
278,671
477
:
Utah...
Virginia.
pervades the textile industry is not based on an altogather sound foundation and that it is impossible for mer¬
chants to forecast the probable course of the markets during
that
294,658.48
90,011
_ -,»-
Ohio..
Texas
picture, it is recognized that the current prosperity
enjoyed by the dry goods markets is the result of world war
conditions and that the future holds forth many uncer¬
tainties. It is, therefore, only natural that the cheerfulness
7,987,624.35
6,532,843.27
18,633,396.77
11,003.685.76
439
i,
„
New Mexico
1941.
the
467,687.77
39,466.36
266,361.32
—....
Nebraska
Friday Night, Jan. 3,
Although sentiment among dry goods
merchants is
generally optimistic they entered the new year with mixed
feelings. Confidence prevails that the current high rate of
operations will be maintained for the greater part of the
first six months of the' year at least and on a more profitable
basis than for a number of years past. On the other side of
89,407.47
96,799
2,323,594
34~, 095
887.637
39
California
Delaware
Amount
Bushels
Arkansas
Colorado
New York,
Warehouse
Farm
the
in several
*
The
at
of Florida.
interior localities, especially Illinois, the deep soil is
slight improvement.
Livestock were favored by the
generally mild weather, with much open range in the great western grazing
sections.
Tobacco stripping made good progress in Wisconsin and the
Ohio Valley, although it was too damp for proper handling in Kentucky.
Small Grains—Conditions continued favorable for winter wheat in the
principal producing areas and for all winter grains in the southern States
where good growth is reported.
Wheat showed some growth during the
week in much of the interior of the country and further improvement
in appearance is indicated in many localities.
Considerable grain remains
to be seeded in Texas.
Wheat would afford much pasture in the southern
Great Plains, but fields continue too wet for grazing.
In Kansas the crop shows further greening up and conditions were gen¬
erally favorable north and northwest of that State, except that frequent
freezing and thawing were somewhat unfavorable in Montana, and mois¬
ture is still needed in Wyoming where there has been some soil drifting,
Rains were frequent in the Pacific Northwest, which resulted in con¬
siderable soil erosion in eastern Washington, especially where seeding was
late on summer fallow; the more advanced fields resisted erosion conditions.
CCC
In
and eastern
years, but in some
still dry, with only
date approximately
Credit
20
considerable water standing on
States, while many streams in the
More or less damage was done
local flooding and
reached the flood stage.
by high winds in the lower Rio Grande Valley and parts
Fair, sunshiny weather is needed generally in the South.
In the lower Great Plains subsoil moisture is now the best
^rain were extended last spring for one year and will mature on April 30,
one
was
southern
some
to citrus
7,COO,000 bushels of 1940 barley and
4,000,000 bushels of 1940 rye were under loan.
The 1939 reseaied collateral includes about 10,000,000 bushels of wheat
and about 472,000 bushels of rye, stored on farms.
The loans on this
526.02.
There
Iowa.
Pacific Coast
in farm storage.
same
Nov. 11, following a
susceptible to
all buds
especially
fields
Corporation or to other Government agencies.
Of the 268,000,000 bushels of 1940 wheat under loan on Dec. 17, 1940,
about 221,000,000 bushels were in warehouse storage and 47,000,000 bushels
Federal Crop Insurance
On the
that the severe cold wave on
warm October, caught tree fruit and buds soft and
cold damage in the upper Mississippi Valley, with the result that
were killed and much young growth destroyed in some sections,
very
than loan
of by the
Surplus Marketing Administration in export channels and in relief distribu¬
tion.
There is also the possibility that the Red Cross may be able to use
small amounts of it.
Some wheat may also be sold or transferred to the
were
143
Chronicle
ability to arrange satisfactory deliveries. Blankets were in
active demand with considerable buying for account of the
Red Cross and various other agencies aiding the afflicted in
European war areas.
Mills manufacturing wool hosiery were
full capacity. Wool underwear mills were
likewise operating at capacity on orders for both civilian
and Army account.
said to be running at
Dry Goods—Lmen markets ruled firm with
said to be well depleted as a result of the recent
active holiday buying. Burlaps were quiet as a result of the
Foreign
stocks
customery
expected
year-end letup. Buying expansion,
to develop later in the month.
lightweights were quoted at 6.05c. and
however, was
Domestically
heavies at 8.15c.
144
The Commercial & Financial Chronicle
Jan.
1941
4.
Mr.
McGoldrick declared.
Of the remaining
long-term debt, $145,750,000
sold to the public in the form of
serial bonds and $54,100,000 was
purchased in the form of assessment bonds by the sinking funds.
A total of $364,100,000 in revenue
bills, tax notes and bond anticipation
notes was bought by the public and
$14,500,000 in revenue bills went to
the sinking funds, according to the
Comptroller.
The types of obligations issued and
redeemed last year are indicated by
the following table:
was
Specialists in
Illinois & Missouri Bonds
..
.
Type of Security—
Stifel, Nicolaus & Coptic.
Founded 1800
106 W. Adams St.
CHICAGO
Total long-term issues.
DIRECT
WIRE
$145,750,000
309,664,300
54,100,000
$509,514,300
$100,804,322
—
Total long-term debt redeemed and cancelled
314 N. Broadway
ST. LOUIS
•
Amount
Serial bonds sold to public
Corporate stock for transit unification
Assessment bonds sold to sinking funds
_
Short-term issues sold to public
Short-term issues sold to sinking funds—
$364,100,000
14,500,000
Total short-term issues
Total short-term debt redeemed
News Items
$378,600,000
$358,000,000
New York
State—Budget Policies Proposed by City Body—
Lowrv, President of the Merchants' Association made
public on Dec. 28 a letter which he has sent to Governor
John
Connecticut—Changes in List of Legal Investments—The
following bulletin (No. 1), showing the latest revisions in the
list of investments considered
legal for
issued by the State Bank Commissioner
savings banks,
on
Lehman
Dec. 31:
Additions
v-v
■>;
Atchison Topeka & Santa Fe
equipments, series D, 1 Ks, 1941-1950.
Wheeling & Lake Erie equipments, series G, Is, 1941-1950.
Boston Edison Co. first 2Hs, 1970.
Detroit Edison Co. general &
refunding 3s, 1970.
Leominster, Mass.
-
current rates of State taxes and
expenditures should be continued the State
would have a surplus in the 1941-42 fiscal
year of approximately $33,000,000.
The report points to other
encouraging factors in the State's financial
situation and then recommends budget action
by the next Legislature which
will have the effect of
bringing about revision of the stock transfer tax and
other adjustments in the tax
system, of starting the State on a "pay-asyou-go" policy, thus decreasing future debt service needs, and of
reducing
or, at least, maintaining expenditures at
approximately the present level.
Bangor & Aroostook System: Aroostook Northern
5s, 1947; consolidated
refunding 4s, 1951; first mortgage 5s, 1943; Piscataquis Division
5s, 1943;
Van Buren Extension 5s, 1943.
K,
2 As,
serially,
1938
to
1947; series
L,
2 As,
.
Statistics
of
Oklahoma
Municipal Survey Issued—The Oklahoma
Survey (.1941 edition), prepared particularly for
buyers of municipal bonds of that State, has just been pub¬
lished and is being distributed with the
compliments of
R. J. Edwards, Inc., Oklahoma
City.
Counties and Cities Pre-
Financial
pared—The Small-Mill burn Co., of Wichita, Kan., is dis¬
tributing a card circular of the financial condition of Kansas
counties and their principal cities.
The study is geographi¬
cally arranged bv counties showing the assessed valuation,
bonded debt, population, tax rate and tax
collections for
each county and its
principal city.
This survey furnishes the financial statement as
of the beginning of the
present fiscal year (June 30, 1940) on every individual
municipality in
Oklahoma having bonds
outstanding.
Information shown for each
municipality consists of the assessed valua¬
tion, bonded debt, judgment debt, sinking fund, 1939-40 tax
collections
Michigan—Municipal
Quotation
Sheet
Prepared—The
semi-annual Michigan Municipal Bond
Quotation Sheet has
just been released by Crouse & Co. This quotation
sheet,
which is more complete in detail than the
previous issues,
shows the nominal or bid side of the market on
all Michigan
municipal bonds outstanding. Copies may be secured free
upon request from Crouse & Co., 1800 Penobscot
Building,
Detroit.
Michigan—State Treasurer Reports on Debt
*Progress—
Progress of the State of Michigan in the last two
years in
eliminating practically all of the defaulted bonds held in its
sinking funds, in recapturing shrinkage in par values and
placing itself in a position to mature all of its obligations into
1944 without
refunding was outlined at a dinner given for
Miller Dunckel, State
Treasurer, in Detroit on Dec. 27.
Since
January of 1939
and population.
Bond
1. The State now owns no defaulted bonds
with the exception of $300,000
of Michigan Agricultural
College Union bonds which together with accrued
interest will be restored to the
sinking funds by legislative enactment.
2. The entire $1,507,000
shrinkage in par value has been recaptured,
plus an additional several thousand dollars.
3. All City of Detroit bonds
amounting to more than
ALABAMA
1, 1942 to 1951
higher, at
city officials.
a
basis of about
a
Due
value less than
Ear were transferredthe beneficiary and in the "final analysis
the other way possibly to the extent of
•apartment will be
ARIZONA
TEMPE, Ariz .—BONDS SOLD—It is reported that $15,326
Paving
District No. 32 bonds have been purchased
by the Waite-Smith Agency of
Phoenix at a price of 103.30.
ARKANSAS
CONWAY, Ark..—BOND OFFERING—It is reported that sealed bids
will be received until 10 a. m. on Jan.
22, by the City Clerk, for he pur¬
chase of $35,000 airport bonds, which are to be secured
by a three-min
general property tax and revenue from operation of the
airport.
EL DORADO SCHOOL DISTRICT
(P. O. El Dorado) Ark .—BOND
SALE—The $460,000 issue of refunding semi-ann. bonds offered
for sale on
Dec. 28—V. 151, p. 3593—was awarded to
Shaw, McDermott & Sparks of
Des Moines, according to the Superintendent of
Schools.
Due on Jan. 1,
1960.
to
New
in
a
New
California
longvarying from 0.81%
for serial bonds to
3% for corporate stock. During the same
period $100,804,322 of outstanding long-term debt
was
redeemed and cancelled, the
Comptroller revealed.
In
addition, he said, a total of $378,600,000 in short-term
obligations was issued in 1940 at rates of interest
varying
from 0.25% to 1%, while
$358,000,000 was redeemed during
the same
period.
,debt
found it necessary to issue
by far the largest amount
ever undertaken
San Francisco
"Our soundly based credit
position coupled with general market conditions
made it possible to sell our
obligations at exceedingly favorable interest
The hugeness of the total as
well as the smallness of the
rates make
1940 a milestone year in our
fiscal progress."
Of the long-term
total, $309,664,300 represented the
corporate stock
ssued In connection with the
city s acquisition of the
rates.
private transit systems,
Los
Angeles
N*w York Representative
62 Wall St.
Telephone WHItehall 3-3470
CALIFORNIA
ALAMEDA
COUNTY
(P.
O.
Oakland),
Calif.—BONDS
The following bonds, aggregating $160,000, are said
by Kaiser & Co. of San Francisco:
$40,000 5% semi-annual sewer system bonds.
1941 to 1950, inclusive.
120,000 2A% semi-annual
1951 to
by the
city in a 12-month period,"
Mr. McGoldrick stated.
"Not only did we finance transit
unification, but
addition found conditions
advantageous to anticipate practically half
of our 1941 financial needs.
in
Municipals
BANKAMERICA COMPANY
Year's
message to the public.
Totaling $509,514,300, the new
term debt was issued at interest
rates
?£
as
FLAGSTAFF, Ariz.—PURCHASER—'The City Clerk now states that
the $200,000 2%% water extension bonds sold
recently, as noted here—V.
151, p. 3774—were purchased by Refsnes, Ely, Beck & Co. of
Phoenix.
Due in 10 years.
York, N. Y.—Comptroller Reports on
Financing
During 1940—The largest amount of long-term bonds ever
issued in a single year by the
City of New York was sold
during 1940, much of it at record low interest
rates, Comp¬
troller
we
Jan. 1
the Highway
$1,500,000
$2,000,000, estimated."
"During 1940
on
profit
refunding.
6. It is
conservatively estimated that refunding required in 1944 will
be not more than
$5,000,000 and if present market conditions
prevail the
financing will prove profitable to the State.
7. Bonds maturing in 1941 and 1942 were
transferred from the
highway
improvement bonds sinking fund to the soldiers' bonus
bond sinking fund
and sold at "enormous
premiums."
Bonds with a market
McGoldrick reported
100.07,
2.49%: $159,000 road; $50,000 sanitary sewer
construction,
Hospital nurses homes bonds.
Dated Jan. 1, 1941.
follows: $25,000 in 1948 and 1949, and
$184,000 in 1956.
and $25,000 Hillman
>
The State now holds Owners'
Loan Corporation 2 Ms of
1942-44, with
a market value in excess
of $32,000,000.
5. Cash funds will be available in
sufficient quantity to mature all bonds
into 1944 without recourse to
Joseph D.
incl_
JEFFERSON COUNTY (P. O.
Birmingham), Ala.— WARRANTS
SOLD—The following 2A.% semi-ann.
refunding warrants aggregating
$234,000, are said to have been purchased on Dec. 30 by
Watkins, Morrow
& Co., and Marx & Co., both of
Birmingham, jointly, at a price of
$10,000,000,
have
4.
Proposals and Negotiations
ANNISTON, Ala.—BOND SALE— The $40,000 issue of refunding
school bonds offered for sale at public auction on
Dec. 31—V. 151, p. 3915—
was awarded
jointly to Marx & Co., and Brondnax & Co., both of Birming¬
ham, as 2^s, at par, according to the City Clerk.
Dated Jan. 1, 1941.
Coupon semi-ann. bonds, maturing $4,000 from Jan.
the
State has followed the
policy of liquidating
sinking fund bonds, when this could be done to its
advantage, and rein¬
vesting the money on a temporary basis in short-term
Federal securities or
obligations guaranteed by the Federal
Government, or by buying in State
bonds.
This program, under the direction of
Mr. Dunckel, has achieved
the following results, it was
pointed out:
been liquidated at par or
market, whichever was
to the State and with the
cooperation of
other
These
.
Kansas—Financial
to
recommendations are based on a study of the State's
financial
situation which has just been completed
by the Association's Committee on
Taxation.
In the Committee's report, signed
by Martin Saxe, well known
tax expert, as Acting Chairman of the
Committee, it is indicated that if
Deductions
Equipments: Series
serially, 1939 to 1950.
and
State officials
outlining a series of
general policies which the Association recommends be fol¬
lowed in preparing the next State
budget.
was
sewer
1980, inclusive.
system bonds.
to
SOLD—
have been purchased
Due $4,000 from Dec.
15,
Due $4,000 from Dec.
15,
Denom. $1,000.
Dated Dec. 15, 1940.
Prin. an,d int. (J-D)
payable at
the County Treasurer's office.
Legality approved by Orrick, Dahlquist,
Neff & Herrington of San Francisco.
SACRAMENTO MUNICIPAL UTILITY DISTRICT
(P. O. Sacra¬
mento), Calif.—CORRECTION—It is stated by Joseph E. Spink,
Secretary
board of directors, that the $300,000 not to
exceed 5% semi-annual
power of 1938, series B bonds being offered for sale on Jan.
7, as noted
of the
here—V. 151, p. 3915—are general tax obligation
bonds, not revenue
as
we
had reported.
bonds,
Volume
SAN
DIEGO,
Calif.—BOND
$4,300,000
SALE—The
issue
of
San
Vincente Dam and water distribution system coupon semi-annual boiids
offered for sale on Dec. 30—V. 151, p. 3774—was awarded to a syndicate
composed of Halsey, Stuart & Co., Inc.; Blair & Co., Inc.; Stone & Webster
Inc.; Goldman, Sachs & Co.; Dick & Merle-Smith, all of New
York; Stranahan, Harris & Co., Inc. of Toledo; Bacon, Stevenson & Co.;
Eldredge & Co.; the First of Michigan Corp.; Otis & Co., all of New York;
Newton, Abbe & Co. of Boston; the Pasadena Corp. of Pasadena, and
Miller, Hall & Co. of San Diego, paying a price of 100.025, a net interest
cost of about 1.71%, on the bonds divided as follows:
$1,500,000 as 3s,
due on Feb. 1:
$65,000 in 1942; $165,000, 1943 to 1951; the remaining
$2 750,000 as 1 Ms, due on Feb. 1: $165,000 in 1952 to 1961, and $100,000
and Blodget,
in 1962 to 1972.
BONDS OFFERED
FOR
INVESTMENT—'The
successful
bidders
re-
bonds for general subscription, the 3% bonds to yield
0.15% to 1.60%, and the 1M% bonds to yield from 1.50% to 1.90%,
all according to maturity.
(The official advertisement of this public offering appears on page iii of
this issue.)
: V
offered the above
from
SAN DIEGO
145
The Commercial & Financial Chronicle
152
COUNTY
It is reported that $68,000
(P. O. San Diego) Calif.—BONDS SOLD—
County Special District refunding of 1936 bonds
purchased on Dec. 23 bv Weeden & Co. of San Francisco, as lMs, at a
price of 100.15, a basis of about 1.23%.
Denom. $1,000.
Dated Oct. 1,
1936.
Due on Oct. 1, 1948.
Prin. and int. (A-O) payable at the office of
the County Treasury.
Legality approved by O'Melveny, Tuller & Myers
of Los Angeles.
were
The interest rate
sale of the bonds.
expressed shall be no higher than required to insure the
Comparison of bids will be made by taking the cost of
in the respective bids and deducting
interest to the county at the rate named
therefrom the premium bid, if any.
money at
Prin. and int.
principal only, and are being issued for
the purpose of retiring a like amount of the Feb. 1, 1941 road bonds ma¬
turities, which maturing bonds were issued prior to Nov. 6, 1934.
The
bonds will be delivered to the purchaser at the office of the Clerk Board
County Commissioners or at the Central Hanover Bank & Trust Co.,
York, on Feb. 1, or as soon as possible thereafter, but not later than
of the principal balance due plus accrued interest.
Proceedings for the validation of the bonds are in progress and all property
within the county, including homesteads, subject to taxation for the pay
ment of the bonds refunded, will be subject to the levy of ad valorem taxes
for payment of principal and interest of the bonds, without limitation of
rate or amount.
The approving opinion of Caldwell & Raymond, of New
of
New
Feb. 15, upon payment
York,
will
be
furnished.
POLK
COUNTY SPECIAL ROAD AND
BRIDGE DISTRICTS
(P. O. Bartow), Fla.—BOND SALE—The 4% semi-ann. refunding of
1941 bonds aggregating $382,000, offered for sale on Dec. 28—V. 151, p.
3916—were awarded to Sullivan, Nelson & Goss of West Palm Beach, as
V.'."
follows:
$14,000 District No. 2 bonds at a price of 102.575, a
158,000 District No. 3 bonds at 103.275, a basis
1942 to 1955.
Boulder Creek Union Elementary School District
m. on Jan. 23.
Interest rate is not to exceed 5%,
payable J-J 2.
Denom. $1,000.
Dated Jan. 2, 1941.
Due on Jan. 2 as
follows:
$2,000 in 1942 to 1948, and $1,000 in 1949.
Prin. and int. pay¬
able at the office of the County Treasurer.
Legal opinion will be furnished
to the successful bidder without charge by Kirkbride & Wilson of Santa
Cruz.
Said bonds will be sold for cash, at not less than par and accrued
83,000 District No. 12 bonds at 102.757, a basis
delivery, and each bid must specify the interest rate
which the bidder will accept and the premium, if any, offered for
and must state that the bidder offers par and accrued interest
the bonds,
to date of
delivery of the bonds.
of the par value
the order of the treasurer of the county,
A certified or cashier's check for a sum not less than 3%
accompany
1942 to
of about 3.31%.
Due
of about 3.20%.
Due
of about 3.05%.
Due
1949.
1942 to 1947.
12,000 District No. 17 bonds at 102.275, a basis
in 1942 to 1945.
4% semi-ann. refunding of 1941 bonds offered for sale at the
same time, were awarded to Leedy, Wheeler & Co. of Orlando, as follows:
$33,000 District No. 14 bonds at a price of 101.57, a basis of about 3.47%.
The $82,500
Due in 1942 to 1946.
37,000 District No. 15 bonds at 102.27, a basis of
in
1942 to
about 3.40%.
1949.
Due
_
basis of about 3.10%. Due
in 1942 to 1945.
V-'-v.X"-' v •
BONDS NOT SOLD—'The $17,000 4%
semi-ann. Special Road and
Bridge District No. 18, refunding of 1941 bonds offered at the same time
V. 151, p. 3916—were not sod.
Due as follows:
\;V;
12,500 District No. 16 bonds at 102.03, a
of the bonds bid for, payable to
must
in
Due in
of about 3 52%.
115,000 District No. 10 bonds at 102.757, a basis
interest to date of
basis of about 3.45%.
Due in 1944 to 1949.
SANTA CRUZ COUNTY (P. O. Santa Cruz), Calif.—BOND OFFER¬
ING—Sealed bids will be received by H. E. Miller, County Clerk, for the
purchase of $15,000
bonds, until 2:30 p.
payable in lawful
York.
the Central Hanover Bank & Trust Co., New
The bonds are registerable as to
each bid.
'
$2,000 in 1942 to 1949, and $1,000 in
CONNECTICUT
(P. O. Darien), Conn .—NOTE OFFERING—J. Benjamin
Corbin, First Selectman, will receive sealed bids until 10:30 a. m. on
Jan. 13 for the purchase of $150,000 tax anticipation notes.
Dated Jan. 15,
1941, and due May 15, 1941.
Bids on a discount basis.
Payable in New
York City.
Satisfactory legal opinion to be furnished by the municipality.
DARIEN
1950
v;'
GEORGIA
ROCKMART SCHOOL
DISTRICT, Ga
BOND SALE—An Issue of
Wyatt, Neal & Waggoner of Atlanta, at
$75,000 school bonds was sold to
price of 105.25.
a
ILLINOIS
FLORIDA
election on Dec. 17 the
auditorium bonds.
BASE AUTHORITY (P.O. Jacksonville),
Fla.—BOND OFFERING—Sealed bids will be received until 11 a.m. on
BROOKFLELD, l\\.—BONDS VOTED—At an
voters authorized an issue of $100,000 city hall and
Board of Commissioners,
for the purchase of an issue of $1,100,000 air base refunding, Issue of 1941,
coupon bonds.
Interest rate is not to exceed 2H%, payable M-S.
Denom. $1,000.
Dated Feb. 1, 1941.
Due $44,000 Sept. 1, 1942 to 1966.
All the bonds shall be subject to prior redemption at the principal amount
plus a premium of 3 % of the face amount plus accrued interest to the date
of redemption.
Bids for the bonds will not be accepted at a price not less
than par plus a premium of 3% of the face amount of such bonds plus
accrued interest thereon to date of delivery, being the price at which the
original bonds are redeemable, but the bidder shall in his bid designate
and fix the rate of interest in a multiple of M of 1 %.
Bids carrying a split
rate of interest may be rejected in the discretion of the Authority.
All
bids must be submitted on bid forms which may be secured upon request
by interested parties to the Treasurer of the Air Base Authority.
Prin.
and int. on the bonds payable in lawful money at the office of the Treasurer
of the Air Base Authority or at the Guaranty Trust Co., New York.
These
bonds were authorized by Chapter 19784, Laws of Florida, 1939, and as
approved by the qualified freeholder electors of the Air Base Authority,
held on July 18, 1939 and bearing date of Sept. 1, 1939.
The issuance
of the bonds being authorized by Chapter 15772. Laws of Florida, 1931.
The bonds constitute obligations of the Authority, and for the prompt
payment of both the principal and interest, the full faith and credit of the
Authority and the entire taxable property is pledged.
SOMONAUK, 111.—BOND SALE—An issue of $12,000 3% street
improvement bonds was sold Dec. 26 to Doyle, O'Connor & Co. and T. J.
Grace, both of Chicago, jointly.
DUVAL
COUNTY
AIR
Jan. 10, by Robert D. Gordon, Chairmaif of the
of—COUNTY BONDS OFFERED FOR INVEST¬
MENT—A municipal financing operation, thought to be larger than any
undertaken by one investment house alone during 1940 or so far in 1941,
was announced on Jan.
2 in the offering by R. E. Crummer & Co. of
$14,000,000 non-callable 4% refunding bonds of four large Florida counties.
The financing includes four new issues, one of $7,000,000 road and bridge
and school district bonds of Lake County, another of $4,000,000 road
and bridge and school district bonds of Volusia County, one of $2,000,000
road and bridge bonds of Seminole County, and a fourth of $1,000,000
road and bridge bonds of Manatee County.
The bonds mature serially
from 1912 to 1968 and are priced to yield from 2% to 4% according to
maturity.
^••
x1":.
The $14,000,000 of securities are being issued to retire, in advance of
maturity, an equal par amount of higher rate and callable obligations of
longer maturity.
There are 23 different road and bridge, school, and
county-wide bond issues involved in the Lake County operation, 20 road
and bridge district and school issues in the Volusia refunding and seven
county-wide and road and bridge issues in the Manatee County financing.
All of the new bonds are direct obligations of the respective political
subdivisions and payable from unlimited ad valorem taxes levied against
all taxable property.
The road and bridge bonds also participate in gasoline
tax revenues.
,V
The four counties are among the largest in Florida,
Lake County is
third in the production of citrus fruit and is one of the most productive
agricultural areas in the State.
Manatee is likewise a principal agricultural
area and is located in the lower Gulf Coast area.
Bradentown, Palmetto
and Manatee are in this county.
Daytona Beach, Deland, Ormond and
New Smyrna, Fla., are situated in Volusia County.
With the offering R. E. Crummer & Co. announced that it has currently
completed financing operations involving a total of $18,000,000 par value
of bonds for various Florida counties and several road and bridge districts
located therein.
This includes the financing of the four counties announced
today and also Pasco and Lee counties.
In all of these operations R. E.1
Crummer & Co. was the sole refunding and refinancing agent for the
municipal subdivision.
During the past 15 years R. E. Crummer & Co.
have conducted refunding operations for about 26 counties and political
subdivisions in Florida.
The firm maintains offices in Chicago, Wichita,
Omaha, Miami, Kansas City, St. Paul, Topeka, Des Moines, and Or¬
FLORIDA,
State
.
lando, Fla.
FLORIDA SHIP CANAL NAVIGATION
DISTRICT (P. O. Jackson-
ville), Fla.—BONDS AUTHORIZED—Authorization is said to have been
given recently for the issuance of $264,000 right-of-way refunding bonds.
The district includes Duval, Clay, Putnam, Marion, Citrus and Levy
counties and a tax levy to meet 'he bonded indebtedness is made therein,
but does not appiy to
after the
homestead properties, the bonds having
effect.
been voted
homestead exemption went into
JACKSONVILLE BEACH, Fla.—BOND
ISSUANCE VALIDATED—
of $370 000 5% semi-annual refunding bonds is said to
approved recently by Judge De Witt T. Gray of the Fourth
Judicial Circuit.
Due in 1942 to 1960 incl.
The new bonds will be exchanged for outstanding securities representing
The
issuance
have been
$341,000 in principal and $29,000 in delinquent interest.
William A.
Stanly, attorney for the city, has stated that all bondholders have approved
the refinancing plan.
O. Ocala), Fla.—BOND OFFERING—It is
stated by Carlyte Ausley, Clerk of the Board of County Commissioners,
that he will receive seaied bids until noon on Jan. 18, for the purchase of
an issue of $116,000 not to exceed 5% semi-ann. coupon refunding road,
series H bonds.
Dated Feb. 1, 1941.
Denom. $1,000.
Due Feb. 1,
1958, with option of redemption at par and accrued interest on Feb. 1,
1051 or any interest payment date thereafter.
Rate of interest to be in
multiples of M or one-tenth of 1 %, and must be the same for all of the bonds.
MARION
COUNTY
(P.
INDIANA
Ind.—BOND SAJjE—The $26,000 series A refunding
bonds offered Dec. 27—V. 151, p. 3775—were awarded to Charles K. Morris
& Co. of Chicago, as 1 Ms, at par plus a premium of $111, equal to 100.426,
a basis of about 1.16%.
Dated Jan. 1, 1941 and due Dec. 1 as follows:
$9,000 in 1944 and 1945 and $8,000 in 1946. Other bids:
EAST CHICAGO,
J
Bidder—
...^'v.-:
Paine, Webber & Co__„- ——— —
John Nuveen & Co—;£—
Union National Bank of East Chicago
A. S. Huyck & Co
R affens per ger,
v.
—
—
—
Hughes & Co__—
(P. O. Crown Point),
COUNTY
1H%
$55.00
1M%
54.24
310.00
137.80
1 H%
1 H%
1 H%
•
2%
/o
Fletcher Trust Co
■■L
LAKE
Premium
Int. note
1H%
-
33.88
138.00
Ind.—BOND OFFERING—
until 11 a. m.
Joseph E. Finerty, County Auditor, will receive sealed bids
on Jan. 13 for the purchase of $200,000 not to exceed 3% interest
ment fund (poor relief) bonds of 1940.
Dated Dec. 31, 1940.
advance¬
Denom.
Int.
$1,000.
Due $10,000 on June 1 and Dec. 1 from 1942 to 1951 incl.
J-D.
County will furnish legal opinion of Chapman & Cutler of Chicago.
No conditional bids will be considered.
A certified check for 3% of the
bonds bid for, payable to order of the Board of County Commissioners,
is
required.
.
v;'-
IOWA
CAMANCHE, Iowa—BOND SALE DETAILS—In connection with the
sale of the $27,000 4M % semi-annual water works revenue refunding bonds
noted here on Aug. 17, it is now reported that they were purchased by the
White-Phillips Co. of Davenport at par.
Dated Dec. 1, 1940. Denom.
$500.
Due Nov. i as follows: $500 in 1944 to 1951, $1,000 in 1952 to 1954,
$2,000 in 1955 and 1956, $3,000 in 1957 and 1958, $4,000 in 1959, and
$6,000 in I960, bonds maturing from 1956 to 1960 callable Nov. 1, 1945.
Principal and interest payable at the City Treasurer's office.
Legality to
be approved by Chapman & Cutler of Chicago.
*
KANSAS
SCHOOL DISTRICT NO. 1 (P. O. Wichita), Kan.—
BOND SALE—The $512,500 issue of coupon semi-annual building bonds
offered for sale on Dec. 30—V. 151, p. 3595—was awarded jointly to the
Union Securities Corp. of New York, the Equitable Securities Corporation,
and Kaiser & Co. of San Francisco, as 1 Ms, paying a premium of $1,486.25,
WICHITA
Due on
equal to 100.29, a basis of about 1.22%.
Dated
July 1 in 1942 to 1960, and on Jan. 1, 1961.
Jan. 1, 1941.
FOR INVESTMENT—The
offered the above bonds for general subscription
0.20% to 1.35%, according to maturity.
successful bidders reat prices to yield from
w
BONDS OFFERED
KENTUCKY
semi-annual
BENTON, Ky.—BOND SALE—The $95,000 issue of coupon
electric power plant purchase bonds offered for sale on Dec. 20—V. 151,
p. 3776—was purchased by Stein Bros. & Boyce of Louisville, as
As, PfTT
ing a premium of $190, equal to 100.20, a, basis of about 3 - 72% .
Da
Jan. 1, 1941.
Due $6,000 in 1942 to 1951, and $7,000 in 1952 to 1956,
optional on and after July 1, 1942.
/
.
3
ted
issue of coupon
Jan. 2 V. 151,
Moerlein of Cincinnati and asso¬
equal to 100.901, a basis of about
2.91%.
Dated July 1, 1940.
Due on July 1 in 1943 to 1962, inclusive.
HENRY COUNTY PUBLIC SCHOOL IMPROVEMENT CORPORA¬
TION (P. O. New Castle), Ky.—BOND SALE DETAILS
It is stated
that the $13,000 3M% semi-annual first mortgage bonds sold to Stein
COVINGTON,
Ky.—BOND SALE— The $350,CC0
bonds of 1940, offered for sale on
semi-annual funding
3917—was awarded to Assel, Goetz &
ciates as 3s, paying a premium of $3,155,
p.
Bankers Bond Co., both of Louisville, jointly, as
151, P. 3776—were purchased at par and mature on May 1
$500 in 1942 and
$1,000 1944; $500, 1945 and 1946;
$1,000, 1947 and 1948; $500, 1949; $1,000, 1950 and 1951; $500, 1952, and
$1,000 in 1953 to 1957.
Bros.
& Boyce, and the
noted here—V.
as
Slows:
PADUCAH MUNICIPAL
194&
HOUSING COMMISSION (P. O. Paducah),
Ky.—BOND SALE—The $93,000 issue of Housing Commission (First
Issue), series A bonds offered for sale on Dec. 20—V, 151, p. 3595—was
awarded to C. E. Weinig, White & Co. of Buffalo, at a net interest cost of
about 2.36%, according to the Executive Director.
Dated Jan. 1, 1941.
Due on July 1 in 1941 to 1957.
v
(The above report appeared in our Dec. 28 issue—V. 151, p. 3917.)
We were subsequently advised that the bonds were sold at par as follows:
$17,000 maturing Jan. 1. $14,000
in 1941, $3,000 in 1942, as 3s; $17,000
146
The Commercial & Financial Chronicle
maturing Jan. 1. $4,000 in 1943 and 1944, $5,000
in 1945, $4,000 in 1946.
KITTSON
SHREVEPORT, La .—PRICE PAID—We are now informed by the
City Secretary-Treasurer that the $180,000 municipal airport certificates of
on Dec. 24 to Scharff &
Jones, Inc. of New Orleans, as
noted here—V. 151, p. 3917—were
purchased at 1 32%, plus a premium
of $73.24, equal to
100.0406, a basis of about 1.11%.
Due $36,000 on
'
'
•
informed
are
by
on
•
the
sidered.
t hat the $5,500 4% semi-annual public improvement bonds
Dec. 17—V. 151, p. 3776—were not sold.
Due in 10 years.
was
of
at least
of semi-annual
revenue bonds offered for ssle on Dec. 30—V.
151, p. 3776—
awarded jointly to White, Dunbar & Co. of New
Orleans, and Barrow,
Leary & Co. of 8hreveport, at
par, divided as follows: $134,000 as 3s, due
Dec. 1 as follows: $4,000 in 1943;
$5,000, 1944; $7,000, 1945; $9,000,
1946; $11,000, 1947; $13,000, 1948; $15,000, 1949; $16,000, 1950;
$17,000,
1951; $18,000 1952, and $19,000 in 19.53; the
remaining $41,000 as 2 Ms,
due on Dec. 1, $20,000 in 1954 and
$21,000 in 1955.
Me.—CORRECTION—The
$549,000 1M% coupon bonds
awarded to the Eastern Trust &
Banking Co. of
Bangor, at a price of 104.643, a basis of about 1.38%. Previous
report of
the award, in V. 151, p. 3917,
incorrectly listed the Second National Bank of
Boston as being the successful bidder. Other bids at the sale
were as follows:
27
were
Bidder—
F. S. Moseley & Co., R. W.
Pressprich
& Co
Rate Bid
103.851
&
Sons,
Weigold,
Judge & Co..
Estabrook & Co. and Kidder, Pea
body & Co...
Pierce, White & Drummond_
....
a For
$24,000 12-year serials,
$75,000 25-year serials.
and
Chace,
Inc.
and
b For
.....
divided
_J a 103.582
\b 102.234
cl01.75
$75,000 25-year serials,
c
For
$50, equal to 100.033,
as
paying a premium of
cost of about 1.87%, on the bonds
2s, due $10,000 from Jan. 1.1943 to 1952;
lMs, due $10,000 from Jan. 1, 1953 to 1957 incl.
a
remaining $50,000
as
Dec.
30
SALE—The issue of $250,000
\v«s awarded
to
the
notes
revenue
First
0.41% discount.
Due Dec. 15, 1941.
bidder, named a rate of 0.436%.
National Bank of Boston, at
Lyons & Shafto, of Boston, other
MICHIGAN
ADRIAN, Mich.—BONDS DEFEATED—At
voters refused to authorize an issue
of
of 1,062 to 215.
ST. LOUIS PARK, Minn.—CERTIFICATE
SALE—The $1,600 water
certificates of indebtedness offered for sale on Dec.
30—V. 151,
p.
3777—were awarded to the Security National Bank of
Hopkins,
according to the Village Recorder.
an
election
on
Dec. 30 the
$20,000 airport site bonds by
a count
$3,000 from 1942 to 1949 incl. and $2,000 in 1950.
DETROIT,
Mich.—OFFERINGS
WANTED— Donald
Slutz,
City
Controller, will receive sealed offerings of city bonds until 10 a.
m. on Jan. 7
board sinking fund under
in the amount of about
$200,000 for the water
the following conditions:
If callable
bonds
offered at
are
a
is
premium:
(a) When the interest
rate
4M% or higher, the yield shall be computed to the first call
date,
(b)
When the interest rate is less than
4M %. the yield shall be computed to
the fourth call date.
If the bonds
offered at par or less than
par: Yield shall be computed
maturity.
yield on non-callable bonds shall be computed to the
date of maturity.
All offerings shall be in
writing and shall be sealed.
Offerings shall show the purpose, the rate of
interest, date of maturity,
the dollar value and the
yield.
Offerings will be accepted on the basis of the
highest net yield to the city
as
computed from the dollar price.
No bonds
maturing beyond 1959 will be accepted.
The city reserves the
right on bonds purchased, which are delivered
are
to the date of
The
»
sequent to Jan.
14, to pay accrued interest up to that date
only.
p. m. on Jan. 8.
sub¬
Offerings shall remain firm until 1
OFFERINGS WANTED—Donald
81utz, City Controller, has announced
that the city will receive
offerings of its bonds, up to Jan. 7, 1941, in the
of approximately
$200,000 for the Water Board
Sinking Fund.
Offerings will be accepted on the basis of the
highest net yield to the city
as computed from the
dollar price.
No bonds maturing beyond
1959 will
be
amount
accepted.
DETROIT,
Mich.—BONDS PUBLICLY OFFERED—The
Northern
Trust Co. of Chicago offered on Jan. 2 a
block of $1,289,000
3% and 3 34 %
refunding bonds.
The 3 34 % bonds, due Oct.
1, 1951 were priced to yield
2.40%, while the 3% bonds,
maturing in various amounts Dec. 15, 1952 to
1956, incl., were priced to yield
2.45% to 2.60%.
LOSING
r
TOWNSHIP (P. O. Lansing), Mich.—PROPOSED BOND
ISSUE—The township has
requested the State Public Debt
Commission
approve an issue of $8,500 not to
exceed 6% interest fire
equipment
bonds.
Dated Dec. 20, 1940.
Due April 1 as follows:
$2,500 in 1943 and
$2,000 from 1944 to 1946, inclusive.
to
MUSKEGON, Mich.—BONDS TO BE SOLD—R. F.
Cooper. City
Clerk, reports that the $70,000 not to exceed
4% interest sewage system
junior revenue bonds for which no bids were
received on Dec. 23—V.
151,
p. 3917—will be purchased as 4s
by the city with investment funds. Dated
Dec. 15, 1940 and due
$5,000 on Dec. 15 from 1942 to 1955 incl.
PLEASANT
RIDGE,
Mich.—BOND SALE—The $11,800
park site
bonds offered Dec. 30—V.
151, p. 3917—were awarded to Crouse & Co.
Detroit as 2Ms at par plus a
premium of $16.28, equal to
100.137i a
basis of about
2.73%.
Dated Dec. 30, 1940 and due Jan. 1 as
follows:
$1,000from 1942 to 1949, incl.,
$2,000 in 1950 and $1,800 in
of
SOLD—A $39,500 issue of 2M% semi-annto have been purchased
recently by a syndicate
composed of the First National Bank, the Union Planters National Bank
&
Trust Co., Thomas & Allen, all of
Memphis, and Cady & Co. of Columous,
at par.
Dated Jan. 1, 1941.
Due on Jan. 1 as follows: $2,000 in 1942 to
1960, and $1,500 in 1961.
refunding bonds is said
ETHEL
Miss.—BONDS SOLD—A $17,000 issue of 5
3*% semi-ann.
works revenue bonds is reported to have been
purchased by O. B.
Walton & Co. of Jackson. Dated
Sept. 1, 1940. (An issue of $20,000 bonds
was offered for sale without
success on Aprii 2.)
water
LINCOLN COUNTY SCHOOL DISTRICTS
(P. O. Brookhaven),
Miss.—BONDS SOLD—The following bonds
aggregating $5,000, are said
have been purchased by the Max T. Allen
Co. of Hazlehurst: $2,500
5% semi-annual Ruth Consolidated School
District, and $2,500 4% semi¬
to
West Lincoln School
MADISON
COUNTY
ROAD DISTRICTS (P. O.
is stated by A. C. Alsworth,
Chancery
Clerk, that Scharff & Jones of New Orleans, purchased on Dec. 17
the
following refunding bonds aggregating $80,000, as 232s,
paying a premium
of $34.76, equal to
100.043, a basis of about 2.46%:
$28,500 District No. 1 bonds. Due $1,000 in 1942 to
1956; $2,000, 1957 to
1960, and $5,500 in 1961.
24,500 District No. 2 bonds. Due $1,000 in 1942 to
1956; $2,000, 1957 to
1960, and $1,500 in 1961
16,500 District No. 4 bonds.
Due $500 in 1942 to 1956;
$1,500, 1957 to
1960, and $3,000 in 1961.
10,500 District No. 5 bonds. Due $500 in 1942 to
1960, and $1,000 in 1961.
Denom. $1,000. Dated Dec. 15, 1940. These bonds are
callable after one
year, on any interest paying date at par.
Prin. and semi-ann. int. payable
at the Clerk's office.
MISSISSIPPI, State of—BOND SALE— The $1,812,000 issue of high¬
10th series, coupon semi-ann. bonds offered for sale on Dec. 30—V.
151, p. 3918—was awarded to a syndicate composed of John Nuveen
&
Co., of Chicago, B. J. Van Ingen & Co., of New
York, C. F. Childs &
Co., of Chicago, J. 8, Love Co., of Jackson, Scharff &
Jones, of New
Orleans, Stern Bros. & Co., of Kansas City, V. P. Oatis & Co., of
Chicago,
Weil, Roth & Irving Co., Walter, Woody & Heimerdinger, both of Cin¬
cinnati, Martin, Burns & Corbett, of Chicago,
Wells-Dickey Co., of
Minneapolis, Newman, Brown & Co., of New Orleans, Lewis &
Co., of
Jackson, John Dane, Weil & Arnold, both of New Orleans,
Mullaney, Ross
& Co., of Chicago,
Fahey, Clark & Co., of Cleveland, Blair, Bonner & Co. of
Chicago, and O. B. Walton & Co., of Jackson, paying a premium of
$27.77,
equal to 100.0015, a net interest cost of about 2.45%, on the bonds
divided
as follows:
$312,000 as 2 Ms, due on Aug. 1, 1961; $1,000,000 as
23*s, due
$500,000 on Feb. and Aug. 1, 1962; $340,000 as
2Ms, due on Feb. 1, 1963,
and $160,000 as 2s, due on Feb.
1, 1963.
'
way,
BONDS
OFFERED FOR INVESTMENT—'The successful
bidders reofonce for general
subscription with the 2 Ms priced
yield 2.47%; the 232s at prices to yield 2.4l and 2.42% for the
respective
maturities; the 2Ms at a price to yield 2.29% and the 2s to
yield 2.23%
to maturity.
fered the above bonds at
to
ADDITIONAL OFFERING TENTATIVELY
SCHEDULED—Following
the award of the above bonds, the State officials are
said to have announced
that an issue of $1,045,000
highway refunding bonds would be offered for
sale on Jan. 6, although a State
Supreme Court decision may be required
prior to the sale.
The court was slated to meet
today (Jan. 4). The bonds
would be dated Jan. 1, 1941 and mature on
Aug. 1, 1963; callable Feb. 1,
1946.
PASCAGOULA, Miss.—BONDS SOLD—The First National Bank of
Memphis is said to have purchased $12,500 fire equipment bonds as
2Ms,
paying a price of 100.222.
WEST POINT, Miss.—BONDS SOLD—The
following 2M% semi-ann.
bonds aggregating $25,000 are said to have been
purchased at par by the
First National Bank of
Memphis and Cady & Co. of
Columbus, jointly:
$15,000 street improvement bonds.
1941 to
water extension bonds.
4,000
sewer
1942 to
Dated Nov.
Due from Dec. 1
1, 1940.
Due from Nov.
1.
Dated Nov. 1, 1940.
Due from Nov.
1,
1951.
extension bonds.
1942 to
Dated Dec. 1,1940.
1950.
6,000
Director of Finance,
that variously numbered
series A 1934
refunding bonds are
called for payment at
par and accrued interest on March
1, 1941, at the
National Bank of Detroit, Detroit.
Bonds bear date of March
1, 1934,.
due March 1,
1964, and callable an any interest
payment date.
District bonds.
SUPERVISORS
Canton) Miss.—BONDS SOLD—It
1951.
PONTIAC, Mich.—BOND CALL—Oscar Eckman,
announces
1951.,
MISSOURI
MINNESOTA
BRAINERD, Minn.—CERTIFICATES
bids
were
BROOKFIELD, Mo.—BONDS SOLD—It
OFFERED—Sealed
and
oral
received until Jan. 3, at 8
p.m., by Walter Fall, City
Clerk, for
$40,000 storm sewer certificates of
indebtedness.
t he purchase of
be
CROOKSTON, Minn .—CERTIFICATE
OFFERING— Sealed bids will
received until 81 p. m. on Jan.
14, by Loren Skogness,
City Clerk, for the
purchase of $2,299.08 4% annual
certificates of indebtedness.
Dated
Feb. 1, 1941.
Due on Feb. 1 in 1942 to
1951.
A
of the amount bid is
required.
certified check for
2%
4s
MISSISSIPPI
annual
BOND ISSUE—The State Public Debt
Commission has been requested to
approve an issue of $26,000 not to
exceed 2% interest
refunding bonds.
Dated Feb. 1,1941.
Denom. $1,000.
as
CORINTH, Miss.—BONDS
BELDING, Mich.—PROPOSED
Due Feb. 1 as follows:
Interest F-A.
as
main
MASSACHUSETTS
REVERE, Mass.—NOTE
net interest
follows: $100,000
at par,
NEEDHAM, Mass.—NOTE SALE—The Boston Safe Deposit & Trust
Co., Boston, was awarded on Dec. 30 an issue of
$200,000 tax anticipation
notes at 0.043%
discount, plus a premium of $1.
Dated Jan. 2, 1941 and
due Nov. 14, 1941.
Other bids:
Merchants National Bank of Boston,
0.045%; Norfolk County Trust Co., 0.058%; Needham National
Bank,
0.06%.
offered
(P. O. Milaca), Minn.—BOND SALE—The
$150,000 semi-ann. funding bonds offered for sale on Dec. 30—V.
151,
p. 3777—were awarded to a group composed of the Allison-Williams
Co.,
the C. A. Ashmun Co., both of
Minneapolis, Harold E. Wood & Co. of
St. Paul, and the
Wells-Dickey Co. of Minneapolis,
Bond,
....
MILLE LACS COUNTY
103.40
103.255
102.88
102.54
101.814
—
First Boston Corp. and Harriinan
Ripley &Co
Union Securities Corp.; Roosevelt &
H. M. Payson & Co
approving opinion of Fletcher, Dorsey, Barker,
Colman & Barber, of
Minneapolis, will be furnished to the purchaser without
charge. The bonds will be delivered to the purchaser at any bank in the
City of Minneapolis, designated by the purchaser. A certified check for at
least 5% of the amount of the bid is required.
& Co., and F. L. Dabney
Phelps, Fenn & Co., Inc.; E. H. Rollins
Whiteside & Symonds
Merchants National Bank of Boston
$840, payable to the district, is required.
must be the same for all bonds.
Prin. and int. payable in lawful
money
at such place of
payment as the bidder may designate. The bonds will be
sold at not less than par and accrued
interest, and are direct obligations of
the city, the full faith and credit of the
city being pledged for the payment
thereof and a direct irrepealable
tax, 5% in excess of the sum necessary to
pay principal and interest as they become
due, to be levied before the
issuance of the bonds. Bonds will be prepared and furnished to
the purchaser
thereof without charge, and
MAINE
Dec.
The district will furnish the executed bonds
and the legal opinion
of Minneapolis, both without
All bids must be unconditional. A certified check for
LITTLE FALLS, Minn.—BOND OFFERING—Both
sealed and auction
bids will be received until Jan. 20, at 8
p. m. (CST), by Otto J. Plettl,
City Clerk, for the purchase of $6,000 not to exceed 4% semi-ann. revenue
fund bonds.
Dated Feb. 1, 1941.
Denom. $2,000.
Due $2,000 Feb. 1,
1943 to 1945. Rate of interest to be in
multiples of M or l-10th of 1%, and
on
BANGOR,
DISTRICT
Fletcher, Dorsey, Barker, Colman & Barber
utility
offered
SCHOOL
cost to the purchaser.
THIBODAUX, La.—BOND SALE—The $175,000 issue
gas
CONSOLIDATED
All
Village Clerk
offered
COUNTY
$500. Due Aug. 1, as follows: $1,500 in 1941 to 1943.
$2,000 in 1944 to 1950,
$2,500 in 1951 to 1955, $3,000 in 1956 to 1958, and
$3,500 in 1959 and 1960.
bonds maturing after Aug.
1, 1946 to be callable at par and accrued
interest on that date and on
any interest payment date thereafter.
Prin.
and interest payable at any suitable bank or
trust company designated by
the purchaser.
No bid for less than par and accrued interest
can be con¬
Indebtedness sold
SOLD—We
1941
NO. 75
(P. O. Lake Bronson) Minn.—BOND OFFERING—Both sealed
and auction bids will be received until Jan.
10, at 2 p. m., by the Clerk of
the School Board, for the purchase of
$47,000 refunding bonds.
Interest
rate is not to exceed
332%, payable F-A.
Dated Feb. 1, 1941.
Denom.
LOUISIANA
SIMMESPORT, La.—BONDS NOT
4f
Minn.—BOND SALE—The
$15,000
3%
semi-annual
community building bonds offered for saie on Dec. 30—V. 151, p. 3777—
were awarded
to the Water,
Light Power and Building Commission of
Hawley, according to the Village Clerk, Dated Jan. 15, 1941.
Due $1,000
on Jan. 15 in 1942 to
1956, inclusive.
2s; $9,000 maturing Jan. 1, $5,000 in 1947, $4,000 in 1948, as
2.10s;
$10,000 maturing Jan. 1. $5,000 in 1949 and 1950, as
2.20s; $11,000 ma¬
turing Jan. 1, $5,000 in 1951 and $6,000 in 1952. as 2.30s; $11,000 maturing
Jan. 1, $5,000 in 1953, $6,000 in
19.54, as 2.40s; $12,000 maturing $6,000
Jan. 1,1955 and 1956, as
23*s, and $6,000 maturing Jan. 1,1957, as 2.60s.
March 1 in 1942 to 1946 incl.
Jan.
HAWLEY,
as
is stated by Geo. P.
Carpenter,
City Clerk, that $50,000 3% city hall bonds approved
by the voters on
Dec. 17, have been purchased
by the Brownlee-Moore Banking Co. of
Brookfield. Denom. $1,000.
Dated Jan. 1, 1941.
Due as follows: $1,009
in 1942 to 1946;
$3,000, 1947 and 1948; $4,000 in 1949 and $5,000, 1950 to
1956.
Prin. and int. (J-J) payable at the
City Treasurer s office.
Legality
approved by Bowersock, Fizzell & Rhodes of Kansas
City.
JACKSON COUNTY WATER DISTRICT NO. 8
(P. O. Independ¬
VOTED—A $95,000 issue of water
system bonds
approved recently by the voters
ence), Mo.—BONDS
is said to have been
Volume
147
The Commercial dr Financial Chronicle
152
MONTANA
Municipal Bonds
MISSOULA, Mont.—BONDS TO BE SOLD—It is stated by J. I. McDon¬
ald, City Clerk, that negotiations are under way to sell $60,000 Sewer
Improvement District No. 76 bonds that were unsuccessfully offered on Oct.
1 when all bids were rejected.
We understand that the bonds will be sold
as the district needs the money for materials under a Works Projects Ad¬
ministration project.
-
Government Bonds
Housing Authority Bonds
Tilney & Company
76
NEBRASKA
NEW YORK, N. Y.
BEAVER STREET
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
CONSUMERS PUBLIC POWER DISTRICT (P. O. Columbus), Neb.
—BONDS OFFERED FOR INVESTMENT—JohnNuveen & Co. of Chicago,
and associates, made public offering on Jan. 2 of a new issue of
bonds of the above district. Northeastern Nebraska division.
3% revenue
The bonds
NEW
due from 1942 to 1966 and are priced to yield from 1.25% to 3 % through
the maturity.
From 1957 to 1966 the bonds are priced from 99 H to 99 JHj .
The Northwestern division of the
Consumers
Public Power District
are
northeastern
The next highest bid at the auction was made by the National
Commercial Bank & Trust Co., Albany, the offer being 100.475 for 1.40s.
maturity.
BROOKHAVEN
Andrew D.
Aviation field bonds which had been scheduled for Dec. 20—V. 151, p. 3777
called off, pending further
J-D
15, 1940.
Bidder to name a single
in a multiple of % or l-10th of 1%.
Principal
payable at the Town Supervisor's office with New York
exchange.
Bonds are general obligations of the town, payable primarily
from taxes levied upon the Stony Brook Water District and Extension
No. 1, respectively, but if not paid from such taxes, all taxable property
in the town is subject to the levy of unlimited ad valorem taxes to pay the
same.
A certified check for $500, payable to order of the town, is required.
rate of interest, expressed
KEITH COUNTY
(P. O. Ogallala), Neb.—INTEREST RATE—It is
reported that the $55,000 court house and jail bonds sold to the First Trust
Co. of Lincoln, as noted here—V. 151, p. 3919—were purchased as 2s.
and
HAMPSHIRE
NEW
BROOKHAVEN
11 a. m. on Jan. 6.
Certain legal
made the postponement necessary.
(P. O. Exeter), N. H.—NOTE SALE—
Hartford purchased an issue of $250,000 tax
TOWNSHIP, N.J.—BOND CALL—Charles Laessle,
Township Clerk, announces the call for payment on Jan. 1, 1941, at par
and accrued interest, of variously numbered 4*4% coupon water bonds
issued by the Township of Chester, and now obligations of Moorestown
Township.
The bonds in question bear date of Jan. 1, 1914, mature Jan. 1,
1944, and should be presented together with Jan. 1, 1941 and subsequent
interest coupons at the Burlington County Trust Co., Moorestown.
The
bonds called are listed herewith:
''4
v".'
■
'
ELLICOTT
BOND
172, 173, 174, 175, 182, 183, 184, 185, 186, 187,
199
200.
$1,000 Denomination
v
FORESTPORT
211, 212, 214, 215, 216, 217, 218.
PENNSAUKEN TOWNSHIP,
W.
Leslie Rogers,
272, 273, 275, 278, 279,
292, 293, 295, 297, 298,
,
,
First National Bank of
on
the present
GRANVILLE WATER DISTRICT NO. 1
or
a
saving
bonds which the township has issued,
$4,771,000 while the
of $188,000 for Pennsauken's taxpayers,"
Mr. Rogers said.
that point
quarter of
until that interest rate
reaches 514%.
Under the proposed refunding program the bonds, which
are of the serial type, will bear a straight 4% interest rate until maturity.
"With the adoption of the new program the life of the bonds will not
be extended, but actually cut short by a year.
The bulk of the bonds now
out in our present program mature in 1958 while the bulk of the new bonds
which we propose to issue will mature in 1957.
Some small issues do now,
N*"At present our bonds bear 4*A% interest, having risen to
from 4% in 1939 under the existing program which calls for a
1 % rise in the bond interest rate every five years
and still will
continue to run to a
sibeII issues
1965 maturity date.
*• >•"
,
;•
/ v..
*.
..
RAHWAY, N. J.—BOND OFFERING—S. R. Morton, City Clerk, will
Jan. 8 for the purchase of $83,000 not
exceed 4% interest coupon or registered series of 1940 water system
extension bonds.
Dated May 1, 1940.
Denom. $1,000.
Due May 1
as follows: $3,000 from 1941 to 1949 incl.; $8,000, 1950; $5,000 from 1951
to 1959 incl. and $3,000 in 1960.
Bidder to name a single rate of interest,
expressed in a multiple of *4 of 1 %.
Principal and interest (M-N) payable
at the Rah way National Bank, Rahway.
The sum required to be obtained
at sale of the bonds is $83,000.
These bonds are part of an issue of $253,500
authorized pursuant to the Local Bond Law of New Jersey and will be
unlimited tax obligations of the city.
A certified check for 2% of the
bonds offered, payable to order of the city, is required.
Legal opinion of
Hawkins, Delafield & Longfellow of New York City will be furnished the
receive sealed bids until 8 p.m. on
to
successful bidder.
(P. O. 2205, Ridge Road West).
CERTIFICATE ISSUE—H. T. Hughes,
$50,000 2*4% sewer system con¬
struction certificates of indebtedness will be made sometime in May.
HARRISON (P. O. Harrison), N. Y.—BOND OFFERING—Benjamin
I, Taylor, Town Supervisor, will receive sealed bids until 2 p. m. on Jan. 10
for the purchase of $111,000 not to exceed 4% Interest coupon or registered
series of 1941 refunding bonds. Dated Jan. 15, 1941. Denom. $1,000. Due
July 15 as follows: $30,000 in 1946; $40,000 in 1947 and $41,000 in 1948.
Bidder to name a single rate of interest, expressed in a multiple of *4 or
l-10th of 1%.
Principal and interest (J-J) payable at the Rye National
Bank, Harrison office, Harrison, with New York exchange. The bonds are
unlimited tax obligations of the town and the approving legal opinion of
Dillon, Vandewater & Moore of New York City will be furnished the
successful bidder. A certified check for $2,220, payable to order of the town,
is required. In the event that prior to the delivery of the bonds the income
received by private holders from bonds of the same type and character shall
be taxable by the terms of any Federal income tax law, the successful bidder
may, at his election, be relieved of his obligations under the contract to
purchase the bonds and in such case the deposit accompanying his bid will be
Rochester),
Town
N.
Y.—PLANS
Clerk, reports that an offering of
returned.
O. Harrison), N. Y.—REFUNDING AUTHORIZED
Deputy State Comptroller, reports that the State
Control has approved the town's application for
permission to refund $111,000 bonds.
The new issue will mature as follows:
$30,000 in 1946; $40,000 in 1947 and $41,000 in 1948.
HARRISON (P.
—Harry
D.
Yates,
Department of Audit and
NEW
YORK
(P. O. Albany), N. Y.—BOND SALE—'The
$1,130,000 coupon or registered bonds offered at public auction on Dec. 27—
Y. 151, p. 3778—were awarded to a syndicate composed of Phelps, Fenn &
Co.,*Inc.; F. 8. Moseley & Co.; Eastman, Dillon & Co., all of New York:
Boatmen's National Bank of St. Louis; Chace, Whiteside & Symonds, of
Boston; R. D. White & Co., New York, and the State Bank of Albany, as
$1.40s, at a price of 100.48, a basis of about 1.34%. Sale consisted of the
COUNTY
following:
$760,000 series of 1941 refunding bonds. Due Dec. 1 as follows: $54,000
in 1941; $42,000 from 1942 to 1949, incl. and $37,000 from 1950
to 1959, incl.
Bonds to be refunded mature on and after Dec. 1,
1940.
~~
■
.
270,000 series of 1940 home relief bonds.
Due $27,000 on Dec. 1 from
1941 to 1950, incl.
100,000 series of 1940 building bonds.
to
bidder.
GREECE SEWER DISTRICT NO. 1
>,■.
m
ALBANY
will be furnished the successful
These, however,
.
refunding program is the fact that a
more equal distribution of the maturity will be made.
As we stand now,
some years bond maturities jump as much as $100,000, under the proposed
program they will be more equally proportioned so that the normal increase
in ratables will take care of increased maturities."
"Another feature of the proposed
(P. O. Granville), N. Y.—
Williams, Town Clerk, will receive sealed
purchase of $40,000 not to exceed 5%
15, 1941.
Due Jan. 15 as follows:
$800 from 1942 to 1951, incl.; $1,000 from 1952 to 1965, incl. and $1,200
from 1966 to 1980, incl.
Bidder to name a single rate of interest, expressed
In a multiple of *A of l-10th of 1%.
Interest J-J. Bonds shall be general
obligations of the town, payable primarily from a levy on the taxable
property in the district, but if not paid from such levy, all of the town's
taxable property will be subject to a levy of unlimited ad valorem taxes in
order to pay the bonds and interest thereon.
A certified check for $800 is
required.
Legal opinion of Dillon, Vandewater & Moore of New York City
carried to their maturity, would amount to
$4,583,000,
100-133
100.168
100.056
—
Co
bids until 2 p. m. on Jan. 8, for the
interest water bonds.
Dated Jan.
debt service total for the bonds under the proposed refunding program will
total
Rate Bid
1.60%
1.70%
Old Forge—3%
BOND OFFERING—I. Newton
in 1941.
were
Int. Rate
C. E. Weinig, White & Co.-.
Manufacturers & Traders Trust
fiscal
agent in connection with a proposed refinancing or $3,094,500 bonded debt.
The plan will apply to all of the outstanding bonds, with the exception of
school issues.
About $1,444,000 of debt is scheduled to be refunded early
"Total debt service
NO. 1 (P. O. Forestport),
York purchased on Dec. 26
issue of $9,000 water
Bidder—
N. J.—PLANS DEBT REFUNDING—
Township Treasurer, has announced the appointment,
Dec. 23, of Christensen & Co. of Atlantic City as the township's
if all
DISTRICT
bonds as 1.40s, at a price of 100.178, a basis of about
1.36%. Dated Oct. 1, 1940. Due $1,000 on April 1 from 1941 to 1949 incl.
Principal and interest (A-O) payable at the National Exchange Bank,
Boonville.
Legality approved by Dillon, Vandewater & Moore of New
York City.
Other bids:
<
an
238, 240, 241, 242, 243, 244, 245, 246, 247, 248, 249, 250, 251, 252, 255.
,
WATER
N. Y.—BOND SALE— Sherwood & Co. of New
219, 220, 221, 222, 223, 224, 225, 226, 227, 228, 229, 230, 231, 232, 234,
256, 257, 258, 259, 261, 266, 267, 268, 270, 271,
280, 281, 284, 285, 286, 287, 288, 289, 290, 291,
299, 300 301, 303 304 305, 306 , 307, 308 , 309.
DISTRICT NO. 3 (P. O. Falconer), N. Y.—
DETAILS—We are in receipt of additional details
SEWER
OFFERING
successful bidder.
,
Bonds numbered 203. 206, 209, 210,
Dec. 15, 1940.
Second high bid of 100.08
Halsey. Stuart & Co., Inc., New York.
general obligations of the Town of Ellicott, payable primarily from special
assessments upon the lots and parcels of land within the sewer district
especially benefited by the improvement, but if not paid from such levy,
all of the taxable property in the town will be subject to a levy of unlimited
ad valorem taxes in order to pay the bonds and interest thereon. A certified
check for $2,400, payable to order of the town, is required. Legal opinion of
Dillon, Vandewater & Moore of New York City will be furnished the
vOX'V;
'
follows: $4,271,in 1942; $4,000 from
regarding the offering on Jan. 8 of $120,000 sewer bonds, previously re¬
ported in V. 151, p. 3919. The bonds will be dated Jan. 15, 1941. Denom.
$1,000. Bidder must name a rate of interesg of not more than 5%, rather
than 6%, and the rate must be the same for all of the bonds and expressed in
a multiple of *4 or l-10th of 1 %.
Principal and Interest payable at the
First National Bank, Falconer, with New York exchange.
The bonds are
,
$500 Denomination
■
195, 196,
as
All of the bonds bear date of
$100 Denomination
194,
bonds.
for 1.30s was made by
Bonds numbered 27, 29, 30, 31, 32, 33, 34, 35, 36, 38, 39, 40, 41, 42, 43,
44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 55, 57, 58, 59, 60, 62, 63, 65, 68, 69,
70, 71, 73, 74, 75, 78 81, 82
83 85, 89. 90, 93 , 94, 95, 97, 98, 99, 100,
101, 103, 104, 105, 106, 107, 110, 111, 112, 113, 114, 115, 116, 117, 118,
120, 121, 122, 123, 125, 128, 129, 130, 132, 134, 135, 137, 138, 142, 143,
146,150,151,152, 153,156,157,158,159,160,163,165,166,167,168,170.
189, 193,
B
March 15
Sinking Fund Commission at par.
"'
SALE—The
Works Progress Administration.
One bond for $271, others $1,000 each.
Due
1943 to 1946 incl.
and $5,000 from 1947 to 1950 incl.
Issued to pay towns share of
certain improvements partially financed by WPA,
40,271 series
MOORESTOWN
Bonds numbered 171,
Y.—BOND
improvements partially financed by
FERRY, N. J.—BOND ISSUE DETAILS—The $185,000
3H% refunding bonds mentioned in V. 151, p. 3919, were takenjby the
,
N.
Sale consisted of:
LITTLE
.
Patchogue),
$52,225 series A bonds.
One bond for $225, others $1,000 each.
Due as
follows: $11,225,Oct. 10.1941:$11,000,Dec. 15,1942,and$15,000
on Dec. 15 in 1943 and 1944.
Issued to pay town's share of certain
JERSEY
NEW
O.
p.
Due Dec. 15, 1941.
0.157% discount.
(P.
coupon or registered public works bonds offered Jan. 3—V. 151,
3919—were awarded to R. D. White & Co., New York, and the Marine
Trust Co. of Buffalo, jointly, as 1.20s. at 100.16, a basis of about 1.15%.
$92,496
COUNTY
ROCKINGHAM
Lincoln R. Young & Co. of
notes at
York City will be
furnished the successful bidder.
151. p. 3919, was postponed to
restrictions pertaining to holidays
interest
Legal opinion of Dillon, Vandewater & Moore of New
COOS COUNTY (P. O. Berlin), N. H.—NOTE SALE POSTPONED—
Sale of the $570,000 1 X % serial funding notes, originally set for Dec. 30
on
15.
All of the bonds will be dated Dec.
102.533.
State
,,
5,500 Stony Brook Water District Extension No. l,bonds_ Due Dec. 15
as follows:
$300 in 1941 and $200 from 1942 to 1967, incl.
Interest
information from the Federal Government.
BONDS SOLD—The Mayor reported subsequently that the above bonds
were sold later to Steinauer & Schweser of Lincoln, as lHs, at a price of
—V.
Y.—BOND OFFERING—
N.
$10,000 Stony Brook Water District bonds.
Due Feb. 15 as follows;
$200 in 1942 and 1943 and $300 frm 1944 to 1975, incl,
Interest
J-D 15 and at maturity of said bonds respectively. "NV
FREMONT, Neb.—BOND SALE CANCELED—It is reported by the
City Clerk that the sale of the $37,500 not to exceed 2*4% semi-annual
—was
Patchogue),
of $15,500 not to exceed 5% interest coupon or
registered bonds, divided as follows;
division.
Nebraska
O.
(P.
Havens, Town Clerk, will receive sealed bids until 11 a. m.
Jan. 3, for the purchase
on
of the utility properties which comprise the
gross revenues
1, 1940 and were reoffered by the
yield from 0.20% to 1.50%, according to
successful bidders at prices to
properties being acquired from the Interstate Power Co. of
Nebraska for $2,600,000.
They include four hydro-electric generating
plants, four D esel plants, 38 substations, 473 miles of trasnmlssion lines
and distribution property serving over 7,700 customers.
The territory
served lies in nine counties in northern Nebraska.
The bonds are payable
represents
solely from the
YORK
All of the bonds bear date of Dec.
1960. incl.
■
„
Due $5,000 on Dec. 1 from 1941
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 16 (P. O.
Elmont), N. Y.—BOND OFFERING—Louise Hinkel, District Clerk, will
until 3 p. m. on Jan. 14, for the purchase of $150,000
not to exceed 6% interest coupon or registered school bonds of 1941. Dated
Jan. 1, 1941.
Denom. $1,000.
Due $10,000 on Jan. 1 from 1942 to 1956,
incl.
Bidder to name a single rate of interest, expressed in a multiple of
14 or l-10th of 1%.
Principal and interest (J-J) payable at the Bank of
New Hyde Park, New Hyde Park, or at the principal office of the Chase
National Bank, New York City.
The bonds are unlimited tax obligations
of the district and the approving legal opinion of Hawkins, Delafield &
receive sealed bids
Longfellow of New York City will be furnished the successful
A certified check for $3,000 must accompany each bid.
bidder.
Y.—BOND OFFERING—Roy E. Pardee, Town
Clerk, will receive sealed bids until 2 p. m. on Jan. 14 for the purchase of
$140,000 not to exceed 5% interest coupon or registered bonds, divided
ISLIP (P. O. Islip), N.
as
follows:
The Commercial & Financial Chronicle
148
$50,000 series A public works bonds.
Due Jan. 15
as
follows: $2,000 from
9,000 series C public works bonds.
Due $1,000 on Jan. 15 from 1942 to
1950, incl.
60,000 public welfare bonds. Due $6,000 on Jan. 15 from 1942 to 1951 incl.
All of the bonds will be dated Jan. 15, 1941,
Denom. $1,000.
tax the interest on bonds of a class or
character which includes these
single rate of interest, expressed in a multiple of 34 or l-10th of
Principal and interest (J-J) payable at the Oystermen's Bank &
Co., Savville, with New York exchange.
The bonds are general
obligations of the town, payable from unlimited taxes.
A certified check for
$3,000, payable to order of the town, is required.
Legal opinion of Dillon,
1%.
WEST
Vandewater & Moore of New York City will be furnished the successful
bidder.
LEWISTON (P. O. Lewiston), N. Y.—OTHER BIDS—The
$23,750
registered bonds awarded Dec. 27 to George B. Gibbons & Co.,
Inc., New York, as 2s, at 100.559, a basis of about 1.95%—V. 151, p. 3919
NORTH
coupon or
also bid for
as
Bidder—
Int. Rate
100.41
100.27
Manufacturers & Traders Trust Co
Fred Krull
C. E. Weinig, White & Co
2.10%
100.269
2.10%
2.60%
is reported that the $16,000
semi-ann. refunding water works bonds offered for sale without success on
Dec. 10, as noted here—V. 151, p. 3599—have been
Rate Bid
2%
2%
100.10
100.172
LIVERPOOL,
Y.—BOND SALE DETAILS—The
N.
$10,220
Bros. & Co. of Greensboro, as
June 1 in 1948 to 1960 incl.
water
RALEIGH,
N.
First-Citizens
NASSAU COUNTY (P. O. Mineola), N.Y.—PROPOSED FINANCING
a meeting of the Board of
Supervisors on Dec. 30 ordinances were
Bank
of $2,100,000 bonds as follows:
$1,000,000 land acquisition, $500,000 pavement, $500,000 work relief and
$100,000 voting machine purchase.
The Board was also scheduled to
authorize the issuance of $2,099,000 tax anticipation notes of 1941.
TARBORO, N. C.—NOTES SOLD—The Citizens Bank & Trust Co. o
Henderson is said to have recently purchased $10,000 notes at
6%, plus a
Due in six months.
PEEKSKILL, N. Y.—BONDS APPROVED—Vincent J. Barnes, Deputy
City Comptroller, reports that an issue of $100,000 refunding bonds was
by a vote of 109 to 83 at an election on Dec. 30.
NORTH
ROLETTE
F. Cleary, City Clerk,
refunding bonds of 1941.
Dated Jan. 1, 1941.
Denom. $1,000.
Due Jan. 1 as follows: $10,000 in
1948 and 1949; $15,000 from 1950 to 1952, incl., and
$10,000 in 1953.
Bidder to name a single rate of interest, expressed in a
multiple of V* or
l-10th of 1%.
Principal and interest (J-J) payable in lawful money of the
United States at the City Treasurer's office or, at the
option of the holder,
in New York exchange.
The bonds are unlimited tax obligations of the
city and approving legal opinion of Hawkins, Delafield &
Longfellow of
New York City will be furnished the successful
bidder.
A certified check
for $1,500, payable to order of the
city, is required.
STUTSMAN COUNTY
(P. O. Jamestown) N. Dak.—BOND SALE—
The $100,000 coupon semi-ann. refunding bonds offered for sale on Dec. 27—
V. 151, p. 3780—were awarded to the Wells-Dickey Co. of Minneapolis,
and associates, as 23^s, paying a price of 102.10, a basis of about
1.55%.
Dated Feb. 1, 1941.
Due on Aug. 1 in 1943 to 1950; optional on and after
Feb. 1, 1943.
The Charles
PORT OF NEW YORK AUTHORITY—REPORTS
INCREASE OF
$700,000 IN GROSS REVENUES DURING 1940—Interstate
bridge and
A.
Fuller
Co.
high of 27,395,000 in 1940 and gross
increased $700,000, according to the
preliminary summary of
operations and finances submitted at the annual
meeting of the Port of
New York Authority Jan. 2, when Frank C.
Ferguson was reelected Chairmand and Howard S. Cullman, Vice-Chairman.
The amount remaining after
deducting operating expenses and interest
was
$6,098,000, an increase of $648,000, and will be applied to the retire¬
ment of debt or to reserve funds created
by law for that purpose and pur¬
Tunnel, although each
of the
three
Staten
Island
betterment.
100.57,
Gross revenues from all sources reached
$16,864,560, an increase of
$702,000 or 4.34%.
After deducting interest and all other charges, there
remained available for sinking
funds, statutory reserves and debt retire¬
ment an amount of
$6,097,987, a gain of $648,075, or almost 12%.
The
latter was allocated as follows:
fund, $2,378,342; insurance reserve fund, $25,000; sink¬
ing fund, Holland Tunnel, $1,700,000;
sinking fund, George Washington
Bridge, $2,593,850; sinking fund, Port Authority Commerce
Building,
$111,585; operating deficits, $710,790.
Successful steps taken during the
year in completing the refunding
programs and in financing other activities
reserve
/
for the ensuing year, the Commissioners
unanimously
Ramsey, General Manager, and Julius Henry Cohen as
General Counsel.
Frank C. Ferguson likewise was
unanimously chosen
as
Chairman, and Howard S. Cullman as Vice-Chairman.
In reelecting Mr.
Ferguson, his associates gave special notice to his
long and active part in the conduct of Port
Authority activities.
He has
In reorganizing
renamed John E.
been Chairman since 1934 and a member of
the Board since
Ferguson is President of the Hudson County National Bank of
and has numerous other financial
interests.
1924.
Mr.
Jersey City,
Vice-Chairman Cullman also
has been a member of the Board
and a
leader of its affairs for many years.
He was first appointed in 1927 and
besides his presidency of the Beekman Street
Hospital he has numerous
other civic and philanthropic interests.
RENSSELAER COUNTY (P. O. Troy), N. Y.—OTHER
BIDS—
Following is a list of the other bids submitted for the $250,000
refunding
bonds awarded Dec. 27 to
Halsey, Stuart & Co., Inc., New York, as 1%b,
at a price of 100.115, a basis of about
1.74%, as previously reported in
V. 151, p. 3920:
Bidder—
Int. Rate
C°_
Co., Inc.
Allyn & Co., Inc.,
and B. J. Van Ingen &
Co., Inc
George B. Gibbons & Co., Inc., and Roosevelt &
Weigold, Inc—
Manufacturers & Traders Trust Co., Buffalo; Kean,
Taylor & Co., and Adams, McEntee & Co., Inc.
1.90%
2%
100.46
2.10%
100.789
2.20%
100.61
100.73
EAST SPARTA, Ohio—BOND OFFERING—Cora K. Dine,
Village
Clerk, will receive sealed bids until noon on Jan. 30 for the purchase of
$10,000 A%% coupon street improvement bonds.
Dated Jan. 1, 1941.
Denom. $500. Due as follows: $500, July 1, 1941; $500, Jan. 1 and
July 1
from 1942 to 1950 incl. and $500 Jan. 1, 1951. Bidder
may name a different
rate of interest provided that fractional rates are expressed in a
multiple of
A of 1 %. Interest J-J. A certified check for $100, payable to order of the
village, is required.
$570,000
2.20%
100.569
were
SALE—The $1,214,000 various purposes
awarded to Dick & Merle-Smith, New York,
as
as
Is, at
100.2095,
a
basis of
follows:
pavement
reconstruction bonds. Due Jan. 15 as follows:
$60,000
from 1942 to 1947 incl. and $70,000 from 1948 to 1950 incl.
144,000 school bonds. Due $36,000 on Jan. 15 from 1942 to
1945 incl.
500,000 debt adjustment bonds.
Due Jan. 15 as follows:
$50,000 from
1942 to 1945 incl.; $100,000 in 1946 and
$200,000 in 1947.
,
GIRARD CITY SCHOOL DISTRICT, Ohio—BOND SALE—The issue
of
$225,000 improvement bonds offered Dec. 30—V. 151, p. 3780—was
awarded to the BancOhio Securities Co. of Columbus. Dated Jan.
1, 1941
and due as follows: $4,800 April 1 and Oct. 1, 1942;
$4,900, April 1 and
Oct. 1 from 1943 to 1952 incl.; $4,800. April 1 and Oct. 1,1953, and $4,900
April 1 and Oct. 1 from 1954 to 1964 incl.
Bids for the issue were
J.
All of the bonds bear date of Jan.
15, 1941. Denom. $1,000. Principal
(J-J) payable at office of the city's paying agent in N ew York
The bonds are unlimited tax obligations of the
city and the
and interest
City.
as
follows:
Bidder
Int. Rate
BancOhio Securities Co_.__
Stranahan, Harris & Co., Inc—
State Teachers Retirement System.
Pohl&Co
VanLahr, Doll & Isphording..
Merrill, Turben & Co
McDonald-Cooiidge & Co.
Fahey, Ciark & Co
First Cieveiand Corp
GREEN
TOWNSHIP
RURAL
—2%
2%
1,492.00
1,410.00
1.237.50
364.50
4,545.00
3,567.40
2,536.00
1,741.00
2%
2%
2%
2^%
2H%
2H%
2lA%
—
-
SCHOOL
DISTRICT
nati, R. 7). Ohio—LITIGATION PREVENTS BOND
posed sale of $112,800 not to exceed 4% interest building
—V. 151, p. 3599—was called off because of a taxpayer's
C. G. Lepple, District Clerk.
A new offering will be
Premium
$1,600.00
;
(P.O. Cincin¬
SALE—The pro¬
bonds on Dec, 30
suit, according to
made after court
decision has been made.
MARTINS
FERRY, Ohio— PROPOSED BOND ISSUE— City Council
{>assed ordinances providing for the issuance of $27,211.77 2% bonds as
oliows:
$7,211.77 storm and sanitary sewer bonds.
One
$1,000 each.
Due $1,211.77 Oct. 1,
and Oct. 1 from 1942 to 1944, incl.
20,000.00 street, alley and sewer bonds.
One
$1,000 each.
Due as follows: $2,000
April 1 and Oct. 1 from 1942 to 1950,
All of the bonds bear date of Jan. 1, 1941.
payable at the City Treasurer's office.
bond for $1,211.77, others
1941, and $1,000 April
1
bond
for $2,000, others
Oct. 1, 1941, and $1,000
incl.
Principal and interest (A-O)
MARTINS FERRY.
Ohio—BONDS
AUTHORIZED— City Council
recently passed an ordinance providing for an issue of $14,691.42 2%
street improvement bonds.
Dated Jan. 1, 1941.
One bond for $1,691.42,
others $1,000 each.
Due as follows: $1,691.42 Oct. 1, 1941, and $1,000
April 1 and Oct. 1 from 1942 to 1948, inclusive.
»
,
NAPOLEON,
Ohio—PROPOSED
BOND
ISSUE—Village
Council
calling for the issuance of $3,200 land acquirement
$16,000 building acquisition bonds.
passed
and
a
resolution
SALINEVILLE, Ohio—BOND SALE—The $15,000 water system bonds
Dec. 27—V. 151, p. 3606—were awarded to the State Teachers
Retirement System, as 2Hs.
Dated Dec. 15, 1940 and due $1,000 on
Sept. 1 from 1941 to 1955 incl.
Callable prior to maturity at not more
offered
than par.
STATE INSTITUTIONAL BUILDING AUTHORITY (P. O. Colum¬
Ohio—FINANCING PLAN AGAIN INVALIDATED BY SU¬
COURT—The following appeared in the Dec. 30 issue of the
Chicago "Journal of Commerce":
"Abandonment of a multi-million-dollar State building program is
planned, following the decision of the Ohio Supreme Court invalidating
the project's financial arrangements for the second time.
bus),
PREME
ROCHESTER, N. Y.—BOND
Philadelphia, jointly,
Co. of Toledo
Rate Bid
Marine Trust Co. of Buffalo, and R. D. White &
H. L. yillen & Co. and
Minsch, Monell &
E. H. Rollins & Sons, Inc.; A. C.
Ohio—BOND SALE— The $15,000 municipal build¬
a
reported.
about 0.925%.
The bonds are described
high, offering
of Toledo.
bridges also
Expenses for salaries and wages fell during the year.
At the close of the
year there were 1,027 employees in service,
receiving annual compensation
of $2,716,000, compared with
1,153 earning $3,071,000 12 months ago.
This was mainly due to cessation of construction work.
The traffic in 1940 of
27,395,000 increased over 1939 by 1,650,000, or
more than 6%.
The largest percentage gain was at the Lincoln
Tunnel,
where the figure of 3,900,000 represented an increase of
1,080,000 vehicles,
or almost
40%.
The George Washington Bridge with 8,455,000 was
up
5%.
The two Arthur Kill bridges reached
1,058,000, or an increase of
11%, divided by the Goethals Bridge with 686,000, or an increase of
60,000
vehicles, and the Outerbridge Crossing, exceeding 370,000, a gain of
46,000.
The Bayonne Bridge reported
638,000, an increase of 78,000 or 15%.
The Holland Tunnel was within a few
hundred of its all-time peak of
1939,
with
13,329,803.
The Holland Tunnel's performance was considered
especially good as traffic was acquainted during the year with the faster
time possible in driving between the
Pulaski Skyway and midtown Man¬
hattan by way of the Lincoln Tunnel.
All figures, both traffic and rev¬
enue, are subject to some change when the final
report is issued.
bonds offered Jan. 3
and Drexel &
Co.,
second
p. 3780—were awarded to Ryan, Suth¬
as 2s, at par plus a
premium of $85.50, equal to
basis of about 1.93%.
Dated Dec. 15, 1940 and due Dec. 15
as follows: $1,000 from
1942 to 1954, incl., and $2,000 in 1955.
Second
high bid of 100.386 for 2s was made by Stranahan. Harris & Co., Inc.,
erland &
all requirements.
At the same time there was still further
improvement
on the three Staten
Island bridges and the Lincoln Tunnel.
The total
deficit on the latter four crossings decreased from
$1,045,000 in 1939 to
$700,000.
This was due In great part to the steady upward trend at the
were
was
OHIO
APPLE CREEK,
incidental thereto.
General
Minneapolis,
ing bonds offered Dec. 27—V. 151,
The Holland Tunnel, the George
Washington Bridge and the Port Au¬
thority Commerce Building continued to return sufficient money to cover
Lincoln
of
102.00 for 2Mb.
a new
revenues
shared in the
DAKOTA
COUNTY
(P. O. Rolla) N. Dak.—BOND SALE— Thf
$130,000 semi-ann. funding and refunding bonds offered for sale on Dec. 2'
—V. 151, p. 3780—-were awarded jointly to the
Wells-Dickey Co., and the
Allison-Williams Co., both of Minneapolis, as 2*As, paying a premium of
$416, equal to 100.32, a basis of about 2.70%. Dated Jan. 1, 1941. Due on
Jan. 1 in 1944 to 1956; optional on and after Jan. 1, 1951.
will receive sealed bids until 2 p. m. on Jan. 15 for the
purchase of $75,000
not to exceed
5% interest coupon or registered
poses
anticipation
premium of $241.
approved
tunnel vehicular traffic reached
revenue
Dec. 26—V. 151, p. 3920—were awarded to the
Trust Co. of Raleigh, at 2%, plus a premium of
on
&
$234, according to the Secretary of the Local Government Commission.
Dated Dec. 27, 1940.
Due on March 27, 1941.
issuance
JERVIS, N. Y.—BOND OFFERING— John
purchased by Bray
Due on
Dated Dec. 1, 194o.
C.—NOTE SALE—The $60,000
notes offered for sale
—At
PORT
par.
MADISON COUNTY (P. O. Marshall) N. C.—NOTES SOLD—The
Concord National Bank of Concord is said to have
purchased $9,300 notes
2%%, Due in three months.
bonds reported sold on Dec. 18 by the Town Supervisor—V.
161, p. 3920
purchased at par by the Liverpool Bank, and mature Jan. 2 as
follows: $700 from 1942 to 1954 incl. and $560 in 1955 and 1956.
pertaining to the
5Ms, at
at
—were
introduced
CAROLINA
JONESBORO, N. C.—BOND SOLD—It
follows:
Marine Trust Co. of Buffalo.^
K. D. White & Co.
bonds,
HAVERSTRAW, N. Y.—BONDS OFFERED— Sealed bids were
received by the Village Clerk until 1
p.m. on Jan. 3, for the purchase of
$7,600 not to exceed 6 % interest fire apparatus bonds.
Dated Jan. 1,1941.
One bond for $600, others $500 each.
Due Jan. 1 as follows: $1,600 in
1942 and $1,500 from 1943 to 1946 incl.
Interest J-J.
Trust
were
1941
4,
will, at the election of the purchaser, relieve the purchaser from his obli¬
gations under the terms of the contract of sale and entitle the
purchaser to
the return of the amount deposited with the bid.
Bidder
to name a
—
Jan.
legal opinion of Reed, Hoyt, Washburn & Clav of New York
City will be
furnished the successful bidder.
Delivery of bonds will be made in New
York Citv on or about Jan.
15, 1941.
The enactment, at any time prior
to the delivery of the bonds, of Federal
legislation which in terms, by the
repeal or omission of exemptions or otherwise,
subjects to a Federal income
1942 to 1948, incl., and $3,000 from 1949 to 1960, incl.
21,000 series B public works bonds.
Due Jan. 15 as follows: $5,000 from
1942 to 1944, inch, and $6,000 in 1945.
approving
"The Court held that proposals of the Ohio Institutional
Building
Authority for retiring construction bonds were an evasion of the -State
Constitution, which prohibits the State from incurring an indebtedness
of more than $750,000 without a vote of the people.
"Gov. John W. Bricker said the decision 'closed the door' on the
building
Authority.
However, William Konold, Chairman of the Authority, said study of the
Court decision showed 'one or two loopholes' which might enable the
Legislature to validate the bond issue plan with minor legislative changes.
"The State High Court, in a six-to-one decision, held the
Authority was
unconstitutional in that it sought to do by indirection something speprogram and he would ask the next Legislature to abolish the
-
Volume
The Commercial & Financial Chronicle
152
cifically prohibited by the State Constitution.
Under the Act the Au¬
thority would have been permitted to issue bonds for construction of the
welfare institutions and to lease them to the Ohio Welfare Department
upon the basis of the income from pay hospital patients
t
"The plan was evolved in
hibition
leveling
on
an attempt to avoid the
the part of the State.
obligation
$750,000 debt pro¬
The Court ruled that it
was
indirectly
upon the
State, even though the bonds were supposed
to carry the statement that the credit and faith of the
State was
not
pledged for their retirement.
"The specific issue involved in the case just decided was an action of
to comPel George M. Neffner, Secretary of State, to attest
$4,250,000 in bonds for a new institution for feeble-minded at Apple
an
Creek.
Had the bonds been approved, it was planned to spend
ROCKLAND
(P. O. Emlenton, R. 1.), Pa.—BONDS
SOLD—An issue of $6,000 4% equipment purchase and funding bonds was
sold to the Titusville Trust Co., at a price of 103.26, a basis of about
3.01%. Due $1,000 yearly on July 1 from 1941 to 1946, incl.
Everett,
Pa.—BOND OFFERING—Lee Foreman, District Secretary, will
bids until noon on Jan. 3, for the purchase of $15,000 3%
school bonds.
Dated Nov. 1, 1940.
Denom. $750.
Due $750 on Nov. 1
from 1945 to 1964, incl.
Callable at district's option after Nov. 1, 1954.
SNAKE SPRING TOWNSHIP SCHOOL DISTRICT (P. O.
R.
D.),
receive sealed
SOUTH MIDDLETON TOWNSHIP SCHOOL DISTRICT (P. O*
R. D. No. 6, Carlisle), Pa.—BOND SALE—The issue of $30,000 improve¬
approxi¬
151, p. 3601—was awarded to Moore,
Dated Jan. 1, 1941 and due Jan. 1 as
$1,000from 1942 to 1959,incl.,and$2,000from 1960to 1965,incl.
The bonds were sold as 1 Ms. at a price of 100.538, a basis of about 1.71% •
bonds offered Dec. 27—V.
Leonard & Lynch of Pittsburgh.
ment
mately $10,000,000 for new building construction.
"In its first form, the Authority was held unconstitutional becasue it
proposed a wholesale Welfare Department building program, with receipts
from any and all institutions pledged to pay off the lump bond issue."
follows:
TAYLOR, Pa.—BOND SALE—The issue of $112,000 funding bonds
151, p. 3601—was awarded to E. H. Rollins & Sons,
Inc., of Philadelphia as 3s, at par plus a premium of $901.60, equal to
100.805, a basis of about 2.90%.
Dated Jan. 1, 1941 and due Jan. 1 as
follows: $5,000 in 1942 and 1943; $6,000, 1944 to 1949, incl.; $7,000, 1950
to 1955, incl., and $8,000 from 1956 to 1958, incl.
Second high bid of
101.004 for 3 Ms was made by M. M. Freeman & Co. of Philadelphia.
Dolphin & Co., Inc., of Philadelphia, also bid for 3Ms and Leach Bros,
named a rate of 4%.
STRUTHERS,
Ohio—BOND
OFFERING—John
P.
Pearce,
City
Auditor, will receive sealed bids until noon on Jan. 11 for the purchase of
$71,249.68 4% coupon street improvement special assessment bonds.
Dated Dec. 1, 1940.
One bond for $1,249.68, others $1,000 each. Due as
follows:
$8,249.68 June 1 and $7,000 Dec. 1, 1942; $7,000 June 1 and
Dec. 1 from 1943 to 1946 incl. Interest J-D. Bidder may name a different
rate of interest, provided that fractional rates are expressed in a multiple of
M of 1 %. A certified check for $725, payable to order of the city, is required.
offered Dec. 27—V.
STUEBENVILLE, Ohio—PROPOSED FINANCING—The City Council
early in December adopted ordinances authorizing the issuance of $75,350
not to exceed 6% interest special assessment sanitary sewer, paving, side¬
walk and street improvement bonds.
I.—NOTE SALE—The Second National Bank of
Boston was awarded on Dec. 30 an issue of $160,000 tax notes at 0.146%
discount.
Due Aug. 6, 1941.
The First National Bank of Boston, other
bidder, named a rate of 0.28%.
TOLEDO, Ohio—BONDS AUTHORIZED—City Council on Dec. 17
passed ordinances providing for the issuance of $1,008,000 bonds, as follows:
R.
SOUTH
1949-
1,
1940.
■:•; ■,
$75,000 airport improvement bonds.
Due on Jan. 15 as follows: $3,000
in 1946 to 1950, and $5,000 in 1951 to 1962.
30,000 incinerator improvement bonds.
Due $2,000 on Jan. 15 in 1946
to 1960
••
to 1951.
Dated
rate
Jan.
15,
or
exceed 2H%, payable J-J.
Denom. $1,000*
Bids may be submitted for the purchase of th®
to
for any of the separate
issues.
Prin. and int. payabl®
Chemical Bank & Trust Co., New York.
These bonds are direct
general obligations of the city, backed by the full faith and credit of the city,
and all taxable property in the city is subject to the levy of unlimited ad
valorem taxes to pay the same.
The purchaser will be furnished with the
approving opinion of Storey, Thorndike, Palmer & Dodge of Boston.
OKLAHOMA
DAKOTA
SOUTH
DELAWARE, Okla.—BONDS SOLD—An $11,000 issue of water system
bonds is said to have been purchased at par by the J. E.
Piersol Bond Co., and Calvert & Canfield, both of Oklahoma City, jointly.
DAVISON COUNTY (P. O. Mitchell), S. Dak.—
The County Auditor states that at the general election in
voters approved the issuance of $50,000 funding bonds.
OKLAHOMA CITY, Okla.—BOND VALIDITY UPHELD—'The Okla¬
has upheld the validity of the $6,911,000 bond offering
one
POTTER
already judged has been filed and the court was to hear it on Dec. 30,
according to F. G. Baker, City Auditor, who adds that there is no question
but that the suit is the same as that already decided.
OREGON
not
1941.
at the
improvement
Another suit similar to the
is
whole of said bonds
Principal and semi-annual interest in the case of the $84,000 municipal
airport bonds will be payable at the City Treasurer's office, and in regard
to the other loans payment will be made at the Chemical Bank & Trust
Co., New York City.
be received Jan. 6.
*
sewerage
Interest
126,000 3M% refunding bonds. Dated Oct. 1, 1940. Denom. $1,000. Due
Oct. 1, as follows:
$26,000 in 1946 and $25,000 in 1947 to 1950.
are to
'•
and drainage improvement bonds.
Due on Jan. 15 as
follows: $1,000 in 1946 to 1950, and $2,000 in 1951 to 1960.
155,000 street and sidewalk improvement bonds.
Due on Jan. 15 as follows:
$5,000 in 1946 to 1950, and $10,000 in 1951 to 1963.
25,000
122,000 3H% refunding bonds, Dated Dec. 1, 1940. Denom. $1,000. Due
Dec. 1, as follows:
$21,000 in 1946 and 1947 and $20,000 in 1948
which bids
Due $1,000 from Jan. 15,
1946 to 1960 inclusive.
and 1950.
on
inclusive.
15,000 fire protection Improvement bonds.
212,000 2lA% refunding bonds. Dated Dec. 1, 1940. Denom. $1,000. Due
Dec. 1 as follows:
$42,000 in 1946 to 1948 and $43,000 in 1949
homa Supreme Court
CAROLINA
SPARTANBURG, S. C.—BOND OFFERING—Sealed bids will be re¬
ceived until noon on Jan. 8, by I. T. Williams, City Clerk and Treasurer,
for the purchase of the following coupon bonds aggregating $300,000:
Denom. $1,000.
276,000 2M% refunding bonds.
Dated Dec. 15, 1940.
Denom. $1,000.
Due $92,000 June 15, 1943 to 1945.
122,000 2%% refunding bonds. Dated Dec. 1, 1940. Denom. $1,000. Due
Dec. 1, as follows:
$21,000 in 1946 and 1947 and $20,000 in 1948
to 1951.
ISLAND
RHODE
WESTERLY,
$84,000 4% municipal airport bonds. Dated Dec. 1,1940. Denom. $1,000.
Due Dec. 1, as follows:
$16,000 in 1945 and $17,000 in 1946 to
66,000 2%% refunding bonds.
Dated Dec.
Due $22,000 Dec. 1, 1945 to 1947.
149
TOWNSHIP
VOTED—
November, the
CONSOLIDATED SCHOOL
Gettysburg), S. Dak.—BONDS NOT SOLD—
INDEPENDENT
COUNTY
DISTRICT NO. 1 (P. O.
$14,000 3% semi-annual refunding bonds offered on Dec. 16—V. 151,
p. 3433—were not sold as all bids received were rejected, according to
Charles E. Harris, Clerk of the Board of Education.
Dated Dec. 1, 1940.
Due $2,000 in 1941 to 1947, incl.
!
The
'
NE W BOND OFFERING—Mr.
Harris states that sealed bids will be
of a $34,000 issue of refunding bonds,
DALLAS, Ore.—BOND OFFERING—Sealed bids will be received until
8*p. m. on Jan. 6, by J. R. Craven, City Auditor, for the purchase of
received until Jan. 13, for the purchase
$4,276.10 not to exceed 6% semi-ann. improvement bonds. Dated Jan. 15,
1941. Due on Jan. 15 as follows: $276.10 in 1942; $250, 1943 to 1946, and
$500 in 1947 to 1952. Optional on or after three years from date of issue.
A certified check for 5% of the amount of the bid, payable to the city,
is required.
bonds will be dated Jan. 1, 1941, and will mature on Jan. 1
$4,000 in 1942 to 1948, and $6,000 in 1949.
All bonds maturing
and accrued interest on that date
and on any interest payment date thereafter.
The Board reserves the
right to deliver the bonds in instalments from time to time as the old bonds
being refunded are surrendered for payment.
.
MULTNOMAH COUNTY SCHOOL DISTRICT NO.
land),
notes
1
(P. O. Port¬
The said
as
$500,000 issue of coupon short-term
Dec. 27—V. 151, p. 3600—was awarded to the
Bank of Portland at 1% plus a premium of $999.
Dated
offered for sale
First National
Due
TENNESSEE
on
on
(P. O. Elizabethton), Tenn.—BOND CALL—
It is stated by James B. Deal, County Court Clerk, that the following
refunding and (or) funding bonds aggregating $297,000, are called for pay¬
ment at par and accrued interest on April 1, 1941, at the Hamilton National
Bank, Knoxville: Refunding 5% series A; refunding 5M% series B; re¬
funding 6% series C; refunding 6; series E; funding 6%; refunding 5%
series B.
Dated April 1, 1938.
Due April 1, 1958, callable on any inter¬
est payment date on 30 days' notice.
CARTER COUNTY
April 2,1941.
PENNSYLVANIA
AKRON, Pa.—BOND SALE—The $18,000 coupon improvement and
funding bonds offered Dec. 27—V. 151, p. 3921—were awarded to Burr &
Co. of Philadelphia as l>£s at par plus a premium of $102.60, equal to
100.57, a basis of about 1.40%.
Dated Jan. 1, 1941 and due $2,000 on
Jan. 1 from 1943 to 1951, incl.
Second high bid of 100.381 for lj^s was
by C. C. Collings & Co. of Philadelphia.
wil1
BADEN, Pa.—BOND OFFERING—W. R. Rea, Borough Secretary,
receive sealed bids until 8 p. m. on Jan. 15 for the purchase of $8,000
coupon borough
bonds.
Dated Jan. 1, 1941.
Denom. $1,000.
Due
Jan. 1 as follows:
$1,000 in 1943, $2,000 in 1944 and 1945, and $3,000
in 1946.
Bidder to name a single rate of interest, expressed in multiples
of H of 1 %.
Sale of the bonds is subject to approval of proceedings by
the Pennsylvania Department of Internal Affairs.
Borough will furnish
and pay for printing of bonds and the approving legal opinion of Burgwin,
Scully & Churchill of Pittsburgh.
A certified check for $500, payable to
order of the borough, is required.
KINGSPORT, Tenn .—BOND SALE
The following issues of semi-ann.
aggregating $200,000, offered for sale on Dec. 30—V. 151, p. 3781—
awarded jointly to Shields & Co. of New York, Scott, Horner & Mason,
Inc. of Lynchburg, Va., and Minnich, Wright & Co. of Bristol, Tenn., as
1Mb, paying a premium of $572, equal to 100.286, a basis of about 1.72%:
bonds
were
15 as follows: $1,000 in
j
25,000 public improvement bonds.
Due on Dec. 15 as follows: $1,000
in 1941 to 1955, and $2,000 in 1956 to 1960.
145,000 stadium bonds.
Due on Dec. 15 as follows:
$8,000 in 1941 to
1950; $7,000 1951 to 1955 and $6,000 in 1956 to 1960.
$30,000 city improvement bonds.
Due on Dec.
1941 to 1950 and $2,000 in 1951 to 1960.
n
Dated Dec. 15, 1940.
DALE (P. O. Johnstown),
Pa.—BOND OFFERING—Frank Rhoades,
until 8 p. m. on Jan. 14 for
the purchase of $20,000 coupon borough bonds.
Dated Feb. 1, 1941.
Denom. $1,000.
Due $1,000 on Feb. 1 from 1942 to 1961, incl.
Bidder
to name rate of interest in a multiple of M of 1 %.
Sale of the bonds is
subject to approval of proceedings by the Pennsylvania Department of
Internal affairs.
Borough will furnish the bonds and approving legal
opinion of Burgwin, Scully & Churchill of Pittsburgh.
A certified check
for $500, payable to order of the borough, is required.
Borough Secretary, will receive sealed bids
EAST MAUCH CHUNK,
Pa.—CERTIFICATE OFFERING—M. Clyde
Bamberger, Borough Secretary, will receive sealed bids until 1 p. m. on
Jan. 15 for the purchase of $14,000 3% certificates.
Dated Dec. 1, 1940.
Denom. $1,000.
Due $2,000 on Dec. 1 from 1941 to 1947, incl., unless
prior to maturity.
Interest J-D.
Certificates will be sold
subject to approval of proceedings by the Pennsylvania Department of
Internal Affairs.
Delivery will be made on or about Jan. 27 at the Borough
Secretary's office.
No bids will be considered for less than par and accrued
interest from Dec. 1.
A certified check for 2% of the certificates, payable
to order of the Borough Secretary, is required.
redeemed
SCHOOL DISTRICT (P. O. Freeland),
FOSTER TOWNSHIP
-—BOND
Pa.
bonds was sold to
Due serially on Nov. 1 from 1942 to 1950, incl.
SALE—An issue of $18,000 operating expense
Burr & Co. of Philadelphia.
FREELAND,
Pa .—PLANS REFUNDING LOAN— M. S. DePierro,
the borough is planning the issuance of $83,000
Solicitor, reports that
refunding bonds.
Pa.—BOND SALE— The Nanty-Glo State Bank pur¬
chased on Dec. 20 an issue of $15,000 improvement bonds at a price of
101.
Due $1,000 yearly from 1941 to 1955 incl.
NANTY-GLO,
NEW
follows:
after Jan. 1, 1946, to be callable at par
Ore.—NOTE SALE—The
Jan. 2,1941.
made
replacing the above issue.
CUMBERLAND, Pa .—BOND SALE—The $40,000 2^% coupon
improvement and funding bonds offered Dec. 30—V. 151, p. 3601—were
awarded to C. C. Collings & Co. of Philadelphia, at a price of 111.366, a
basis of about 1.57%.
Dated Jan. 1, 1941 and due $2,000 on Jan. 1 from
1942 to 1961 incl.
Second high bid of 111.082 was made
by Blair & Co.,
Inc., Philadelphia.
PITTSBURGH
DISTRICT,
Pa .—BOND
OFFERING
building bonds being offered
of interest in multiples of 1-10th of
reported in our announcement of the offering in y
SCHOOL
DETAILS— Bids for the $1,500,000 coupon
for sale on Jan. 6 must state the rate
1% and not M of 1% as
V. 151, p.3921.
McKENZIE, Tenn.—BONDS SOLD—It is reported that an
issue of
$165,000 refunding bonds has been purchased jointly by Clark & Co., and
Nichols & Co., both of Nashville, at a net interest cost of about 3.68%.
McMINN VILLE, Tenn.—BOND SALE—The
$45,000 coupon semi-ann.
municipal building bonds offered for sale on Dec. 30—V. 151, p. 3782—were
awarded to Jack M. Bass & Co. of Nashville, at par, plus the cost of the
legal opinion, divided as follows: $20,000 as 2Ms, due $2,000
1942 to 1951; the remaining $25,000 as 2Ms, due on Dec. 1,
boDds and the
from Dec. 1,
$2,000 in 1952 to 1962, and $3,000 in
1963.
TEXAS
COLLINGSWORTH COUNTY (P. O. Wellington), Texee—BONDS
VOTED—The County Judge states that at the election held on Dec. 28
the voters approved the issuance of $500,000 road improvement bonds by
a
substantial margin.
DALLAS, Texas—BOND OFFERING—It is stated by Stuart Bailey,
City Auditor, that he will receive sealed bids until Jan. 15, for the pur¬
chase of the following general obligation bonds aggregating $1,100,000:
$350,000 street opening and widening, $200,000 storm sewer, $250,000
airport improvement, and $300,000 school improvement bonds.
Dated
Feb. 1,1941. Due serially in 20 years.
/
DAWSON COUNTY (P. O. Lamesa),
Texas—BONDS DEFEATED—
that at the election held on Dec. 23 the
highway bond proposal failed to receive the necessary favorable
The County Judge states
$300,000
majority
of votes.
DAYTON INDEPENDENT SCHOOL DISTRICT (P. O. Dayton),
Texas—BOND SALE—The $60,000 school house bonds offered for sale
on Dec. 23—V. 151, P. 3782—were awarded jointly to R.
K. Dunbar &
Co. of Austin, and Charles B. White & Co. of Huston, paying a premium of
1.94%, on the bonds
1941; $4,000, 1942;
$4,000, 1946; $5,000, 1947 and 1948;
1951; the remaining $10,000 as lMs,
$27.50, equal to 100.045, a net interest cost of about
divided as follows:
$50,000 as 2s. due $1,000 in
$1,000, 1943; $2,000, 1944 and 1945;
$8,000, 1949 and $9,000 in 1950 and
due in 1952.
DONLEY COUNTY (P. O. Clarendon), Texas—BONDS DEFEATED
County Judge states that the voters defeated the issuance of the
$565,000 not to exceed 6% construction bonds at the election held on
—The
Dec. 28.
The Commercial & Financial Chronicle
150
GLASSCOCK COUNTY
VOTED—The County Judge
(P.
O.
Garden
City),
that the issuance
Tex**—BONDS
states
of $250,000 3%
highway construction bonds has been approved by the voters.
No date
of sale has been fixed
HAMILTON
as
yet. >
COUNTY
(P.
O.
Hamilton),
Tex**—BONDS
DE¬
FEATED—The County Judge states that at the election held on Dec, 28
the voters rejected the proposal to issue $680,000 highway improvement
bonds.
NUECES COUNTY (P. O. Corpus Christi), Texas—BONDS VOTED
During 1940
Work Projects Administration project to inventory and
appraise Milwaukee's permanent property and equipment was completed.
It is interesting to note that the final report appraises the city's assets at
$264,000,000, all of which have been paid for with the exception of the
amount represented by the bonded debt of the city.
bonds, on the basis of incomplete returns.
(These bonds were con¬
tracted for subject to the election, as reported here on Dec. 28—V. 151,
ment
3922.)
RICHLAND SPRINGS INDEPENDENT SCHOOL DISTRICT (P. O-
Richland
tion
to
have purchased
$10,000 4% semi-annual auditorium and
gymnasium bonds.
ROCKPORT,
Texas—BOND
PURCHASE
CONTRACT—The
City
Council is said to have contracted recently for the sale of $50,000 gas system
bonds at par.
ROXTON INDEPENDENT SCHOOL DISTRICT (P. O. Roxion),
Texas—BONDS SOLD—A $10,000 issue of building bonds, approved by
on Oct. 12, is said to have been purchased by the State Board
the voters
of Education.
SAN SABA COUNTY fP. O. San
—At the election held
the proposal to issue
SCURRY
on
Dec.
Saba), Texas—BONDS DEFEATED
18 the voters
are
said to have turned down
$1,350,000 highway improvement bonds.
(P.
O.
Snyder), Texas—BOND ELECTION
CANCELLED—The County Judge states that the election which was
scheduled for Dec. 26 for a vote on the issue of $600,000 highway improve¬
ment bonds, was called off.
STERLING COUNTY (P. O. Sterling City), Texaa—BONDS VOTED
—The County Judge states that the voters approved the issuance of the
.
$180,000 not to exceed 4% highway improvement bonds by
a
wide margin.
No date of sale has been fixed as yet.
TEXAS,
OAS
TAX
State
of—JUDGES
ISSUES—Following
DISCUSS BOND ASSUMPTION,
joint session at Austin of the
recent
executive and legislative committees of the County Judges and Commis¬
sioners Association of Texas, a special meeting of the Judges and Commis¬
sioners Association will be held about Jan. 9 at Austin, County Judge D. Y.
McDaniel, Waco, stated.
As
President
of
the
North
Texas
County Judges and
Commissioners
Association, McDaniel is a member of the executive committee of the State
body of which County Judge Merritt Gibson, Longview, is President.
A committee has been appointed, composed of Judges McDaniel, A. S.
Ware, Bryan; J. E. Abernathy, McKinney, and Byron Saunders, Tyler to
prepare a resolution defining the policy or the county judges and commis¬
sioners
bond assumption law, also draft an amendment to the
constitution relative to the gasoline tax, the committee to act relative to
to
as
road
any form of amendment
statute.
that may be considered
as to
the bond assumption
The resolution and amendment will be submitted at the
January
meeting.
Invited to attend the special meeting of the County Judges and Com¬
missioners Association are the members of the Board of District and County
Road Bond Indebtedness, composed of Highway Engineer DeWitt C. Greer,
Comptroller George Sheppard and State Treasurer Charley Lockhard.
VERMONT
'
ST. JOHNSBURY TOWN SCHOOL DISTRICT
(P. O. St. John,
SALE—,The .$125,000 coupon public school bonds
offered Dec. 31—V. 151, p. 3782—were awarded to Arthur Perry & Co. of
Boston, as 1 Ms, at 100.116, a basis of about 1.49%. Dated Jan. 1,1941 and
due Jan. 1 as follows:
$7,000 from 1944 to 1960 incl. and $6,000 in 1961.
Second high bid of 101.849 for l?is was made by R. K. Webster & Co. of
bury),
Vt.—BOND
Boston.
Other bids:
Bidder—
Int. Rate
Rate Bid
IK%
\%%
l%%
\% %
2%
2%
101.309
100.677
100.599
2%
100.10
Halsey, Stuart <fc Co., Inc___.._______—
E. H. Rollins & Sons, Inc
C. F. Childs & Co
F. Brittain Kennedy & Co
Ballou, Adams & Co..
Chace, Whiteside & Symonds
Vermont Securities, Inc--_
—-_-i
_
___
100.345
102.343
100.30
'
VIRGINIA
obligation bonds aggregating $187,500, have been purchased
by C. F. Cassell & Co. of Charlottesville:
$150,000 refunding bonds.
Due on Jan. 1 as follows; $10,000 in 1945 to
1948 and 1950 to 1953, $20,000, 1954, 1955 and 1957. and $10,000
in 1958.
Due
on
Jan.
1, $10,000 in 1958 and
Denom. $1,000. Dated Jan. 1, 1941. Legality to be approved
by Peck,
Shaffer, Williams & Gorman of Cincinnati.
Madison), Va.—BONDS SOLD—An
of $150,000 refunding bonds is reported to have been
purchased
Cassell & Co. of Charlottesville, as 2 x<t8, paying a
issue
by C. F.
price of 100.096.
Denom. $1,000. Dated Jan. 1, 1941. Due on Jan. 1 as follows: $5,000 in
1942 to 1944; $10,000 in 1945; $15,000, 1946 to 1952, and
$20,000 in 1953,
giving
a
basis of about 2.24%.
ORANGE COUNTY (P. O. Orange) Va.—BONDS SOLD—It is re¬
ported that $30,000 2H % semi-ann. refunding bonds have been purchased
by C. F. Cassell & Co. of Charlottesville. Denom. $1,000. Dated Jan. 1,
1941. Due on Jan. 1, 1951. Legality approved by Peck, Shaffer, Williams &
Gorman of Cincinnati.
WASHINGTON
GRANITE
FALLS,
Wash.—BOND SALE DETAILS—1The Town
Clerk states that the $15,000 5% semi-annual water system revenue bonds
recently, as noted here—V. 151, p. 3782—were purchased by H. P.
Pratt & Co. of Seattle, at a price of 94.50, a basis of about
5.77%.
Due
$1,000 from Jan. 1, 1943 to 1957, incl.
sold
KING COUNTY WATER DISTRICT NO. 56 (P. O.
Seattle), Wash.
—BONDS VOTED—The Deputy County Clerk states that at the election
held on Dec. 21 the voters approved the issuance of $80,000 not to exceed
6% fire protection bonds by
a
wide margin.
WISCONSIN
DOUGLAS COUNTY (P. O. Superior) Wis.—INTEREST RATE—It is
now reported that the $200,000 relief bonds sold to a
syndicate headed by
the Channer Securities Co. of
purchased
as
3 Ms.
MILWAUKEE,
Chicago,
Due $20,000
Wis.—1940
on
•/•••
.
.
coming year.
The
Retirement
Employees'
Retirement System
System
is
based
on
the
theory that
the
be shared equally by the employees and the city.
Money paid
into the pension fund is carefully invested, and the returns on such invest¬
ments reduce the cost to the taxpayer.
The amount so invested now totals
cost
will
$2,800,000.
The pension system, which has now been in effect for three
has an active membership of approximately 6,000 men and women.
The Annuity and Pension Board has approved tne retirement of 480 em¬
ployees at an average of $57.08 per month. Of this number 41 retirements
have been terminated by the death of the pensioner. The Board has taken a
positive stand requiring those who have reached the age of 70 years as of
Jan. 1, 1941, to retire and take their pensions.
Employees entering the
service today will, at the time of their retirement in future years, have
contributed liberally to the pension benefits they will receive. It is the cost
of cumulative benefits to which the older employees retiring at this time are
entitled for prior years service, that appears to add to the amount required
to be raised by taxation.
The savings during further years, resulting from
positions remaining vacant after retirement of employees, will overcome
V
this.
Statement of
Bonded Debt
Assessed valuation for year 1940
Debt limit—5%
as of
Outstanding debt—Dec. 31, 1940
Less—Bonds maturing during year 1941
$15,890,000.00
.
.
Summary
Maturing in Year—
—
$811,120,595.00
40,556,029.75
— -
$18,716,500.00
2,826,500.00
Net debt—As of Jan. 1, 1941
1946-
Dec. 31. 1940
—
-
Total
—
-------
-
--
—
--
-
1947
—
-
—
$3,345,520.45
3,185,376.50
2,678,201.00
2,455,053.75
2,180,875.00
1,810,162.50
1.241,217.50
,
Principal
$706,520.45
589,376.50
473,701.00
374,5.53.75
281,375.00
196,662.50
123,717.50
74,802.50
38,472.50
15,262.50
1,237.50
892,302.50
576,972.50
343.762.50
56,237.50
-
-
Totals
Interest
$2,639,000.00
2,596,000.00
2,204,500.00
2,080,500.00
1,899,500.00
1,613,500.00
1,117,500.00
817,500.00
538,500.00
328,500.00
55,000.00
$18,656,681.70 $2,875,681.70 $15,890,000.00
WYOMING
SWEETWATER
COUNTY
SCHOOL
DISTRICT
NO.
2
(P.
O.
Green River), Wyo.—BOND OFFERING—Sealed bids will be received
until 8 p. m. on Jan. 27 by C. E. Jensen, District Clerk, for the purchase
of $125,000 not to exceed 3M%
semi annual building bonds.
Dated
1, 1941.
Due $7,000 in 1942 to 1946, $8,000 in 1947 to 1951 and
$10,000 in 1952 to 1956.
The bonds will be issued in suitable denomina¬
annual general
MADISON COUNTY (P, O.
/
Jan.
HARRISONBURG, Va.—BONDS SOLD—The following 2H% semi¬
37,500 public improvement bonds.
$27,500 in 1959.
,
years,
TO
a
Tabulating Division
^
The installation of a tabulating machine division to centralize the control
by perpetual inventory of the city's supplies, materials and equipment has
resulted in practical budget economy through the reduction of inventories
and the supplying of information on maintenance costs of motor vehicle
equipment.
Through the operation of this division the Comptroller is now in a position
where he can accurately judge actual consumption of supplies and materials
for any department for any period of the year. Because of this strict control
over
departmental purchases, inventory values of those departments
controlled by this division have decreased in value approximately $100,000
the past two years.
This decrease was a factor in the returning of over
$48,000 of 1939 unexpended balances in the supply and material accounts
to surplus during 1940.
It is expected that with the expansion of the division to all possible
services, further economies and efficiencies will be effected during the
11994203528-
.
COUNTY
a
;jV
.
Springs), Texas—BONDS SOLD—The State Board of Educa-
is said
4, 1941
Properly Appraisal
—It is stated by O. J. Wilde, County Auditor, that at the election held on
Dec. 30. tne voters approved the issuance of $1,500,000 highway improve¬
p.
Jan.
Payment for completed projects having depleted these balances, temporary
loans amounting to $1,910,000 were required because of accumulated tax
delinquency. While the interest rate on these loans was
% as compared
with 1 M % in the prior year and the total interest will not exceed $5,000, the
loans could have been avoided entirely had not the city in 1932 discontinued
its policy of levying a tax in anticipation of delinquincy. Such a tax is being
included in the current levy
It should be here noted, however, that the
borrowing charge for these loans is small in contrast to the savings effected
during the year through cash discounts and reduced prices.
as noted here—V. 151, p. 3922—were
Jan. 2 in 1942 to 1951 incl.
SUMMARY
OF CITY'S FINANCIAL
CONDITION—The following is the text of the 1940 edition of the annual
summary prepared by Win. H. Wendt, City Comptroller:
Its goal still a debt-free city, Milwaukee has continued
during 1940 to
finance its permanent improvements on a cash basis, thus avoiding the
burden of increased taxation arising from bond issues. The bonded debt in
1941 will be reduced to $15,890,000, the lowest level since
1917.
Interest
requirements have gone below the million dollar mark as against the needed
two-and-one-quarter millions in 1932. It is expected that taxes applied to
the bonds maturing during the next two
years will reduce the debt
1943 to the amount of the Public Debt Amortization Fund.
Thereafter
this fund should take care of
maturities thus relieving the taxpayer of the
burden of bonded debt.
tions.
No bid for less than par and accrued interest will be considdred.
The bonds are
being offered subject to an election to be held on Jan. 14.
The district will furnish printed bonds and the approving opinion of Myles
P. Tallmadge of Denver.
Enclose a certified check for 3% of the amount
of the bid, payable to the District Treasurer.
(This notice supersedes the offering report given
in
our
issue of Dec. 28—•
V. 151, p. 3922.)
CANADA
CANADA (Dominion of)— CONFERENCE ON GOVERNMENT—PRO¬
VINCIAL TAX AND DEBT POLICIES— Proposed revisions in the duties
and relationship between the Provincial and National Governments will be
taken up at a conference which will open at Ottawa on
Jan. 14.
Premier
Mackenzie King has sent to provincial premiers a general outline of the
proposals to be discussed.
These are based on the Sirois Commission's
report, a voluminous study of intergovernmental relations which was
completed earlier this year.
The report will take up such questions as the transfer of relief to the
Federal
Government,
provincial relinquishment of
Federal subsidies,
replacement of corporation taxes by one levy, tax revenues from income
and surplus instead of production, transfer to the Provincial governments
of municipal borrowing authority.
Notification of the conference agenda was sent to the premiers by Premier
Mackenzie King, who released the text as follows:
"I propose to open the conference in a public session with a
general
statement of the Dominion's atti ude to the Commission's
recommendations;
of the relation of these recommendations to the war and the post-war condi¬
tions with which Canada will inevitably be faced.
I shall then invite the
premiers to express the view of the Provincial governments on the general
principles embodied in the Commission's recommendations.
"The purpose of the openihg session of the conference will be to provide
an opportunity for general statements
by the Federal and Provincial govern¬
ments
of their
basis for
a
attitude
toward
the
recommendations
of the
report
as
a
sound
particularly
relationship between the provinces and the Dominion and
whereby the national war effort can be rendered
I should like to emphasize the view of the Government that
as a means
most effective.
the
opening session should be confined to general statements and not to
on points of detail or special circumstances.
Ample opportunity will
subsequently be afforded to consider all relevant issues."
debate
TREASURY BILLS SOLD—-An issue of $35,000,000 Treasury bills was
sold at
an average
yield of 0.643%.
Due April 2, 1941.
CANADA
(Dominion of)—$250,000,000 NOTES SOLD—An issue of
$250,000,000 1M % notes was sold to chartered banks at a price of 99.695,
a basis of about 1.625% to
maturity.
Dated Jan. 2, 1941.
Due July 2,
1943, subject to redemption in whole or in part at par, at the option of the
Government on or after Jan. 2, 1943, on 60 days' notice.
Principal and
interest payable in Canadian funds.
Delivery of $150,000,000 of the notes
will be made on Jan. 2, 1941 and the balance on Feb. 1, 1941.
Proceeds
of the sale will be used to finance war expenditures, to
pro/vide funds for
repatriation of securities from the United Kingdom and for general purposes
of the Government.
in
.Temporary Loans
Unexpended bond-financed project balances have dropped to $500,000
from the peak of $9,000,000 in 1932.
the
This sizeable balance in the years of
depression and heavy tax delinquency was of great
help to the city'.
NOVA
SCOTIA
(Province of)— BOND SALE—W. C. Pitfield & Co.
of Montreal and associates obtained award
on Dec. 31 of $3.045.000
funding
bonds, consisting of $2,045,000 3 Ms. due Jan. 2, 1953 and $1,000,000 3s,
due in three years.
Bankers reoffered the 3Ms at a price of 99.50, to
yield 3.55%, and the 3s at par.
Proceeds of the financing w-ere used by
the Province in the payment of bank loans obtained for
highway con¬
struction and public works.
@FedFRASER