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bus: ADM,
LIBRARY
The
V'
ommttria
COPYRIGHTED
IN 1941 8V WILLIAM 8.
DAM*COMPANY, HEW YORK.
'''"edW578yp°eY?araC°p,~~
VOL. 153.
ENTERED AS SECOND-CLASS MATTER
JUNE
23, 187®, ATTHE POST OPPICE AT NEW YORK. NEW
YORK, UNDER THE ACT OP MARCH 3, 187®.
NEW YORK, JULY 12, 1941
NO. 3968.
.
BROOKLYN TRUST
THE
COMPANY
CHASE
NATIONAL
Chartered 1866
BANK
OF THE CITY OF NEWYORK
George V. McLaughlin
President
Broaden your customer
NEW YORK
BROOKLYN
service with Chase
-
Member Federal Deposit Insurance
correspondent
Corporation
facilities
Member Federal Deposit Insurance
Corporation
Hallgarten & Co,
Established 1*50
BANK
AND
new york
London
Chicago
INSURANCE
City of
STOCKS
Philadelphia
"Guide to Railroad
Bonds
Reorganization Securities"
The New and
Improved 1941 Issue
Containing all New Plans of
Reorganiza^
tion and all the changes in prior
together
with
detailed
maps
of
plans,
each
FIRST BOSTON
system.
______
There will be only one printing
CORPORATION
NEWYORK
This book it
now
available at
$5 perjcopy
>
PHILADELPHIA
CHICAGO
PHILADELPHIA
(Including New York City Sales Tax)
Moncure Biddle & Co.
BOSTON
AND OTHER
SAN FRANCISCO
PRINCIPAL CITIES
Pflugfelder, Bampton & Rust
Members New York Stock Exchange
61 Broadway
New York
Telephone—DIgby 4-4933
Bell Teletype—NY 1-310
The
Riter & Co.
'
New York Trust
Members New York Stock
Members
New York Curb
Company
48 Wall
Capital Funds
,
$37,500,000
Exchange
Chicago Stock Exchange
Exchange (Associate)
Street, New York
CHICAGO
PHILADELPHIA
OTIS & CO.
Morristown
(Incorporated)
IOO BROADWAY
Established 1899
NewYork
CLEVELAND
AVENUE
MADISON
64 Wall
Easton
AND 40TH
LAMBORN & CO., INC.
STREET
99 W.II Street, N. Y. C
SECURITIES
Street
sugar
NewYork
Export—Imports—Futures
TEN
BOSTON
Milwaukee
Hartford
Chicago
R. H. JOHNSON & CO,
INVESTMENT
St. Paul
Rochester
PHILADELPHIA
DIgby 4-2727
ROCKEFELLER
PLAZA
Canadian Securities
Carl M. Loeb, Rhoades & Co.
61
BROADWAY
NEW YORK
Geneva
Member of
Buenes Aires
Federal
Insurance
the
HART SMITH & CO.
82 William St.
Deposit
Corporation
Menfcreal
NEW YORK
Teronto
The Commercial &
n
be construed
This is under no circumstances to
offer to buy, or as a solicitation of an
as an
made
only by means
July 12, 1941
Financial Chronicle
offering of these securities for sale or
as an
offer to buy, any of such securities.
of the Offering Prospectus.
The offer is
,
ISSUE
NEW
225,000
Shares
Indianapolis Water Company
Class "A" Common Stock
PRICE $13.75
Copies of the Prospectus may he
undersigned
PER SHARE
obtained only from such of the
this state.
registered dealers in securities in
as are
Drexel & Co.
Blyth &
Co.
Harriman Ripley &
INCORPORATED
Hemphill, Noyes & Co.
V
Indianapolis Bond
•i
Co., Inc.
»
and
Share Corporation
i
July 9. 1941.
*<•!
NATIONAL DISTILLERS
American Car and Foundry
Company
N. Y.
■
The following dividends have been
declared:
regular
quarterly dividend of 50^ per share on the out¬
standing Common Stock, payable on August 1,
1941, to stockholders of record on July 15, 1941.
one-hundredths
The transfer books
and
cent
(2.04%) payable August 29,
per
and
three-quarters
per
of
business
September
Common
One dollar
(#1.00)
per
of
record
at
the close
cent
v
-
No.
843
by
Trusteeships
one-half
Company of
Hardy, President
Wick, Secretary
Boston. Mass., July 9, 1941
a
regular meeting of
the Board of Directors
of The First Boston
Corporation held
on
July 9, 1941, a dividend of 60 cents
per share was declared
on the
capital stock of the Corporation
payable July 29, 1941 to stock¬
holders of record
on
as
of the close of
July 19, 1941.
John C. Montgomery,
Vice President & Treasurer.
Executorships
also
July 1,1941.
National Power & Light Company
A
dividend
STOCK
of fifteen
DIVIDEND
cents
per
FIDUCIARIES
share on the
Common Stock of National Power & Light Com¬
has been declared for payment September 2,
1941, to holders of record at the close of business
August 2, 1941.
pany
ALEXANDER
SIMPSON, Treasurer.
Former
official
of
large
trust
company,
partner in investment
and
estate
real
organizations,
of financial organiza¬
tion, available for opening. Ex¬
perienced in -negotiating with
general public in connection with
banking and financial transac¬
tions, real estate management
and sales, fiduciary relationships
and reorganization of title com¬
pany issues.
Will consider any
activity calling for banking and
business experience, sound judg¬
ment, efficient management and
sympathetic understanding of
personal
problems.
Address
H. W., care The Commercial &
Financial Chronicle, 25 Spruce
Street, New York City.
manager
At
and
cents
per share of $12.50 par value Capital
payable July 25, 1941, to stockholders
12:00 o'clock noon July 19. 1941.
Checks will be mailed by Irving Trust Com¬
pany, Dividend Disbursing Agent.
business
July 10, 1941
business
843
and
R. A. CLARK, Secretary
New York.
Howard C.
thirty-seven
COMMON
Guaranty Trust
Charles J.
of
($.37
Transfer books will not be closed. Checks will
mailed
No.
business
of record
September 24, 1941.
be
£2,200,000
and exchange
Stock,
,
share pay¬
the holders
of
MINING COMPANY
Dividend
Capital Stock
able October 1, 1941, to
£4,000,000
Paid-Up Capital..........£2,000,000
Reserve Fund
The Board of Directors has declared dividend
1941;
24,
India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
T%e Bank conducts every description of banking
(lM%) payable October 1, 1941,
the close
Colony
London, E. C.
Branches in
Subscribed Capital
treasurer
HOMESTAKE
August 22, 1941;
to the holders of record at
Bead Office: 26, Bishopsgate,
•
1941, to the holders of record at the
One
a
will not close.
June 26, 1941
Two
close of business
declared
of Directors has
THOS. A. CLARK
Preferred Capital Stock
four
Bankers to the Government in Kenya
and Uganda
The Board
Church Street
New York,
NATIONAL BANK OF INDIA, LIMITED
PRODUCTS CORPORATION
acn
30
Foreign
Dividends
Dividends
Volume
The Commercial & Financial Chronicle
153
y
CURRENT NOTICE
—Jackson &
New
York
Curtis, members of the
Stock
Exchange and other
leading stock and commodity exchanges,
have
opened
National
York.
New
branch office in the First
a
Bank
Franklin C. Cornell 3rd,
S. Barker and
England's Oldest and Largest Banking Institution
Building, Ithaca, New
Charley
Ralph W. Head
are
as¬
"FIRS T
sociated with this office.
■<"
t
•'
1
,
'
n
<
'
NATIONAL BANK
—Schluter & Co., Inc., have opened
offices at
general
111
Broadway, to transact
securities
business,
management of
Frank H.
Vice-President.
Associated
BOSTON
the
under
of
a
Roller, Jr.,
with
Mr.
1784
1941
Roller will be R. B. Diffin, John
Sinton,
Fred C.
Rugen and R. M. Wright.
i
•
'
.
i
Jersey
of
representative
of
Argentina
in
Mr. Smith is
the
Jersey and is
a
He has been
an
Bond
Smith,
a
Club
A
STATEMENT
CONDENSED
of
Covering all Offices and Foreign Branches
New
resident of Short Hills.
of June
as
30, 1941
-
•
investment representa¬
tive of prominent New York firms for
RESOURCES
$460,981,996.35
Cash and Due from Banks
United States Government Obligations
State and Municipal
—R. H. Johnson &
Co., 64 Wall St.,
Securities...
..
141,522,879.77
...
14,152,347.49
..
Stock of Federal Reserve Bank
New York City, have prepared a study
of the
2,010,000.00
...
17,928,635.29
Other Securities.
282,138,929.69
Loans and Discounts
Chicago & North Western Railway
Customers' Liability for Acceptances..
Co. in relation to the
proposed plan of
Banking Houses
5,680,616.33
...
12,314,306.15
'
Other Real Estate
reorganization.
1,632,531.95
.......
..........
Other Assets
...
......
2,688,305.53
•
Total
—F. J.
Young & Co., Inc., 52 Wall
St., New York City, have available
descriptive
memorandum
a
Deposits
Items In Transit with
—Walter G*. Schallitz, President of
Security Adjustment Corp., has returned
business
and
through the middle
—Mrs.
Aimee
associated with
vacation
and
west
Discount
.4,794,616.25
.......,....
1,496,300.59
3,523,441.79
■..'...............
...........
...................................,.
2,391,654.10
.
Reserve for Contingencies
8,691,140.87
$27,812,500.00
Capital
trip
Surplus
Canada.
39,187,500.00
..
Undivided Profits.
82,828,520.73
15,828,520.73
Total
S.
Shear
has
6,862,265.44
,
Foreign Branches
Interest, Taxes, Dividend and Unearned
Other Liabilities
$941,050,548.55
become
Newburger, Loeb & Co.
at their branch office at 57th
Street and
The
6th
owned
Avenue, New York City.
are
—Benjamin
$11,656,881.69
..........
.
Less: Held for Investment......
Reserve for
a
$835,257,225.03
....
.
Acceptances Executed
Jacobs
on
$941,050,548.55
LIABILITIES
Aircraft Engine Co.
from
;
,
of CONDITION
former
the past 17 years.
v
Cuba
and
Smith has become the
Barney & Co.
governor
banking offices in boston
23
'
M
;•
>
Foreign Branches
—C. Wallace
New
fl-
Grody,
formerly
figures of Old Colony Trust Company, which is beneficially
by the stockholders of The First National Bank of Boston,
not
included in the above
iV
statement.
: '
/-V-V.
with
Alexander Eisemann &
Co., has become
associated with Joseph thai & Co.
Member
of the Federal Deposit Insurance Corporation
—Turner, Rnight & Sholten, 14
Walj
St., New York City, have
prepared
letter
on
the
Agriculture* Department
but
a
Commodity Credit Corp.
Still
Below
Reports
Pre-War
Farm
Income
Parity—1941
Iu
a
Pro-
July
7
that
Department of Agriculture
increased
industrial
largest national income in
history
are
the
provMing good domes¬
advanced,
continue
I arm
the
Farm
will
be
income in
1910-14 it
than
this year
income
total
products
many
power
less
1929
the
to
stand
lower
in
1910-14
period of parity.
will be the largest since
1929, but
than 9% of the national income.
was
16% to
was
in
10% of the national income; in
18%.
The Agriculture Department's
announcement added:
The
1941
bright.
quent
production
Drought
rains
prevent,
repaired
the
and
for
much
outturn
record.
on
There
Great
of
of
crops
should
Britain.
began
threatened
be
crop
the
and
with
production
prospects
prospects
in
damage.
Unless
livestock
the
products
plenty
of
Markets
food
for
bad
both
unusually
East.
weather
may
the
be
the
United
Subse¬
should
year
than
Much
in
of
Government
than
last,
the
the
new
loan.
even
first
.
.
Farmers
wheat supply
is
been
be
strong
demand
ditions
early
advance
in
selling
found
for
highest
at
the
season
•
much
the
commodity
of
bales,
- •;
r• r...
early
of
is
Prospects
reports.
supply
wheat
have
crop
been
has
been
marketed
getting higher
are
or
put
unfavorable
in
.
the
1941
belt,
corn
for
reason
a
continuing
growing
and
con¬
continued
Domestic cotton mill
1940-41;
for
•
•
farms this fall
on
for
rates,
cotton
prices.
■,
Plenty of feed for livestock
by
total
The
years.
loan
mills,
of
domestic
over
general level
consumption will total about 9,600,000 bales
1,100,000
in
prices
higher Government
by
cotton
in the
the
in
disappearance
.
,
has
to
Department
for 1941-42 will be about
double annual domestic
about
or
exports,
and
crop
about
V
•
winter is
are
good,
indicated
and
the
last.
The 1941 supply
barley (June 1 farm and commercial stocks plus indicated production)
389,000,000 bushels, or about 21,000,000 bushels more than the 1940
corn
Oats
may
are a
be
smaller
larger this
crop
crop
than
the
has been indicated for this
1930-39
average
than
this year than last, but the total supply—
including carryover—may be about the
hay
fall
same
as
it was last
year.
but total supply will
year,
A smaller
be larger
of 89,000,000 tons.
States
Farmers and Stockmen
Short-Term
w'
Credit
Borrowed
from
under
prices this summer
below Government loan values.
Over $200,000,000 of
Credit Asso-
Production
ciations in First Half of 1941
Farmers
and
stockmen
borrowed
of short-term credit from their 52o
though prices currently
Cotton
are
half.
winter
domestic
the
bushels,
largest
being aided by the unusually
good domestic demand and by Government purchases of foods for relief
distribution and for export.
Department of Agriculture economists say,
however, it is likely that prices will advance less in the last half of the
.
part of the new crop was put under loan.
estimate
recent years.
supply.
season
then
of Government loans prices usually have been below values
years
substantial
a
1,300,000,000
said
and
Price of farm products have
but
recent
until
this
production
tic markets for farm
products.
purchasing
In
economists
summary of the current and
prospective agricultural
situation the United States
on
Up,
Farm
1 duction May Be Largest of
Record
tions
crop
during the first six
more
than
$200,000,000
production credit associa¬
months
of 1941
to
finance
their
and livestock operations, the United States Department
(Continued
on
next
page)
The Commercial &
VI
Financial Chronicle
NATIONAL BANK
The
DETROIT
OF
EXPANDIT
Complete Banking and Trust Service
Binder
of Condition, June 30, 1941
Statement
RESOURCES
Cash
Hand and Due from Other
on
Banks
and/or fully guaranteed
direct
Other Securities
.
.
.
for
772,500.00
Bank
Stock in Federal Reserve
Serviceable Binder
268,699,997.66
50,401,919.55
.
.
.
$ 92,335,398.08
Real Estate Mortgages
Overdrafts
,
.
.
.
15,895,314.98
....
.
.
.
.
108,304,921.66
74,208.60
.
and Leasehold Im¬
Branch Buildings
provements
989,749.36
3,212.75
1,536,548.25
690,560.51
.
......
Accrued Income Receivable—Net
.
Prepaid Expense
........
Liability Account of
Acceptances and Letters of Credit
.
.
.
number
of issues it contains,
eliminating all waste space and adding
The
greatly
Is an exclusive
held in Place
by means of a wire holder, and can be Inserted
In less time than It takes to tell about It,
without
punching holes,
pulling strings,
Its appearance.
This
feature.
The magazines
LIABILITIES
or
.
.
ferred Stock...
1941
In sizes up to
.
.
.
.
Price $2.00
412,500.00
2,016,173.41
and Letters of Credit
on
1,689,187.01
.....
.
The
$701,450,381.95
.
.
.
secure
Member Federal Deposit Insurance
Trend of Business in Hotels,
C. R. Arnold, Production
Credit Commissioner of the Farm Credit Administration,
attributed the increase of more than 19% over the same
period last year to many farmers increasing the production
of vital foods under the food for defense program, to the
rising costs of production, to the necessity
machinery
buying
financing from their associations. All parts of the country
showed increases this year.
The Department's announce¬
1940.
The firm's tabulation follows:
TREND
OF
BUSINESS
loaned
by
Starting
seven
the
22%
amounting
and
per
of
the
to
ago,
the
or
more
county
IN
MAY,
of
The original
Class
capital
A non-voting
was
the
provided by
stock.
Farmers
now
capital.
associations
than
$20,000,000,
built
or
out
up
26%
of
of
earnings
reserves
capital.
their
Losses
mn
w
(+
•
Occupancy
Decrease (—)
Room
gRate t
of
age
Bever¬
May,
May,
Food
ages
1941
1940
Total
Total *
Rooms Restau¬
(+)
or
Dec.
rant
(—)
—2
—1
+7
+4
+ 12
67
66
+ 14
+ 13
+ 15
+ 14
+ 18
72
66
+4
+6
Chicago..
Philadelphia
+ 1
+ 12
+ 10
+ 18
57
53
—5
+ 10
+ 20
79
78
+5
+2
+ 10
Washington
+6
+ 12
+5
.
All others.
+4
+1
+9
75
72
+ 14
+ 14
+ 11
+ 22
70
61
+9
Pacific Coast
+5
+ 14
Cleveland
Texas
Inc.
+2
Detroit
have
1941, COMPAREDjWITH
1940
Percent¬
New York City
farmers now have invested $18,000,000 in
form
entire
the
addition
In
years
in
Government
own
agricultural
every
credit associations.
these associations.
voting stock of
HOTELS
Sales —Percentage of Increases
serving
cooperatives,
production
IN
MAY,
in the
country, now have more than $220,000,000 outstanding in loans to their
farmer
members,
an
all-time peak in their
seven
years of
operation,
according to Commissioner Arnold.
He also pointed out that some time
during July a loan will be made that will include the two billionth dollar
credit
These
sales for the
the corresponding period of
to date are 6% higher than
"
ment continued:
bulletin, that total sales in May
7% above those of a year ago and that
were
year
Above^Year Ago
specialists in hotel accounting, re¬
port in their July monthly
of hiring labor
to replace family labor that has
entered the army or defense industries, and to the increased
tendency of members to obtain all of their short-term
and
Horwath & Horwath,
&
According to Horwath
Horwath—May Sales 7%
July 7.
Agriculture said 011
New York City
Corporation
(Concluded from previous page)
of
"EXPANDIT' Binder
Spruce St.,
26
carried at <62,275,543.94 in the foregoing statement
public and trust deposits and for other purposes required by law.
United States Government securities
pledged to
larger sites
application
Prices for
.
.
TOTAL LIABILITIES
are
each
Plus postage
payable August 1,
Liability Account of Acceptances
Our
13x8 H inches
34,232,156.94
1,262,648.45
.
...
.
be thick or
objectionable.
all that are
Stock Divi¬
Common
dend No. 14,
Reserves
position.
in their proper
issue
an
Retirement of Pre¬
Reserve for
for
that you
others remain
thin, the
"Expandit" Binder is adjustable to its
thickness.
It embodies every feature that
has proved of practical value and it avoids
8,538,125.00
7,219,508.49
.
Undivided Profits
Reserve
the
be in¬
of disturbing
the particular
desire to Insert or remove,
the necessity
You handle only
copy
$663,100,364.59
8,961,875.00
8,250,000.00
shares)
(825,000 shares)
Preferred Stock (358,475
intervening issues may
without
other issues.
Whether
Capital Account:
Surplus
serted
15,520,941.72
12,943,463.31
50,082,922.65
are
in any way.
mutilating the copies
Successive or
$584,553,036.91
.
......
Treasurer, State of Michigan .
Other Public Deposits
....
Common Stock
the
thereby
adjustable to the size of
to
Deposits:
U. S. Government
six-Inch expansion,
only one issue.
whether It contains
or
$701,450,381.95
.
Commercial, Bank and Savings
"Expandit" Binder la ao constructed
flat, whether It he
Its back is
Customers
TOTAL RESOURCES
that It will always open
filled to its capacity of
1,689,187.01
.
.
Other Real Estate
Magazines
your
and Periodicals.
Loans:
Loans and Discounts
and
Practical
A
$268,361,785.20
.....
United States Government Obligations,
+7
+ 10
+ 10
+ 11
58
56
+3
+ 9
+6
+ 14
+ 13
+ 20
69
67
+3
+7
+7
+7
+5
+ 11
72
68
+ 1
+7
+7
+8
+7
+ 12
70
66
+ 1
+6
+6
+6
+6
+8
69
66
+2
0
provisions for estimated losses amounted to less than one-half of one
cent
capital of
comes
in
from
Intermediate
members'
the
seven
the
investors
Credit
notes.
the
years
the associations
banks
is
associations
invested
who
with
have
in bonds.
purchase
whom
the
the
been
The
The
they loan
the Federal
operating.
money
debentures
associations
of
discount
their
Total
Year to date
t The term "rates" wherever used refers to the average
♦ Rooms and restaurant only.
not to scheduled rates.
sales per occupied room and
Volume
The Commercial & Financial Chronicle
153
The
Monthly
Earnings Record
An
Continental Illinois
National Bank
indispensable record of care¬
and
published
Trust Company
and
fully compiled earnings statements,
revised
VII
monthly
CHICAGO
OF
PART I
Statement of Condition, June 30,1941
STEAM
Gives
the monthly returns
Class I road obliged
every
file
RAILROADS
with
merce
Com¬
Interstate
the
Commission,
of
to
with
RESOURCES
com¬
parisons for two previous years.
Also gives supplementary state¬
Cash and Due from Banks
ments for the current month and
United States Government
Direct and Fully
to date, showing income,
charges, dividends, &c.,
year
fixed
$
613,604,317.32
Obligations,
Guaranteed
794,435,700.00
Other Bonds and Securities
and selected balance sheet items.
66,330,861.06
Loans and Discounts
248,168,150.26
Stock in Federal Reserve Bank............
1
Customers' Liability
Income Accrued but Not
PART 11
Banking House
2,700,000.00
;
559,572.83
Acceptances
on
Collected;.2,660,422.95
......................
Real Estate Owned other than
...
.^^
12,150,000.00
^
Banking House
2,315,500.67
UTILITIES
PUBLIC
$1,742,924,525.09
INDUSTRIAL
MISCELLANEOUS
H^■
LIABILITIES
Gives latest available
monthly,
quarterly or semi-annual earn¬
ings statements, with compari¬
sons
for one or more previous
years.
Is a cumulative record,
figures for the latest available
period being repeated until the
next reports
are available.
$1,609,637,608.67
Deposits
613,189.50
Acceptances
Reserve for
Taxes, Interest and Expenses....
Reserve for Contingencies
17,359,273.31
*«.#■•
..
395,403.99
Income Collected but Not Earned.
Common Stock.
•
#
•>»«•.........«'«•
50,000,000.00
•*......
40,000,000.00
Surplus
Foreign Postage Extra
19,904,536.29
Undivided Profits
SUBSCRIPTION PRICE:
$8.50 PER
5,014,513.33
*
YEAR
$1,742,924,525.09
**
Single Copies $1.00
s
United States Government obligations and other securities carried j
$173,228,329.29 are pledged to secure public and trust deposits
,
at
and for other purposes
WILLIAM B. DANA COMPANY
25
y:
as
required
•/y''""-;--'-.;" '•
or
'
.'i.
permitted by law
''•
-' T/A
'<
f
NEW YORK CITY
Spruce Street
Member Federal Deposit Insurance Corporation
Life
Insurance
Companies
Have
Invested
Average of
$2,280,000 Per Day in Financing Homes and Busi¬
ness Mortgages for Five Months of 1941
An average
of $2,280,000
per
homes and business mortgages
day has
gone
into financing
in the first five months of the
from the life insurance funds of this country, the In¬
year
stitute of Life Insurance announced
on
July 8.
The Insti¬
is $1,116,084,000, which is at the rate of $7,391,000
day compared with the daily rate of $7,299,000 in 1940.
likewise said:
the year
per
The report
These funds flowing into
need,
are an
American homes, often at the time of greatest
impressive tribute to the basic thrift and
self-reliance of the
makes an
The security they provide to these families
American people.
of national morale. And morale
production of ships, tanks and guns as a fundamental factor
important contribution to the building
ranks with the
in national defense.
tute states:
During these five
months,
these
companies
have extended
mortgage
financing in the amount of $344,000,000 which is 28% more than was ex¬
in
tended
the
same
period
of the
previous
year.
The
1940
mortgage
financing of the life insurance companies had been 17% greater than in 1939.
There has been an increase in the financing of both farm and city mort¬
gages,
new
farm mortgages acquired by the companies thus far in 1941
being 11% ahead of the same period of last year and city mortgages
being
31% ahead of last year.
♦
Companies' Payments to Policyholders
Pass
$1,000,000,000 Mark for
Five Months of 1941 — Payments in
May Total
$215,573,000
Life Insurance
and
With
ments
Beneficiaries
the
payment of $215,573,000 in May, total pay¬
by life insurance companies to policy holders and bene¬
ficiaries for the year to
was
under
ordinary
policies,
stated:
$82,185,000, of which $60,189,000
$13,268,000 under
$8,728,000 under group policies.
industrial policies
and
This brought the five month total of
death benefits to $433,769,000.
$133,388,000, Payments of
maturing endowments were $23,626,000 in May, of which $16,261,000
were ordinary life and $7,365,000 were industrial policies.
Disability pay¬
ments totaled $8,579,000, annuity payments $13,595,000, surrender values
Total
payments
to
living
policyholders
in
May
were
bringing the total for the first five months to $682,315,000.
paid out $54,193,000 and dividends to
Total payments
policyholders $33,395,000.
follows:
for May and the year to date are reported as
May
Death benefits......—.....
Endowments
......
—
Disability
date passed the billion dollar mark,
according to the monthly report of the Institute of Life Inturance made public on July 9.
The total of ail payments
so policyholders and beneficiaries for the first five months of
The Institute's announcement further
Total death benefits paid in May were
$82,185,000
23,626,000
8,579,000
First 5 Months
$433,769,000
119,962,000
43,125,000
13,595,000
Policy dividends
Total
—..—
66,755,000
54,193,000
33,395,000
Surrender values
256,865,000
$215,573,000
$1,116,084,000
195,608,000
The Commercial & Financial
yjjj
Chronicle
July 12, 1941
The First National
Bank
of Chicago
Q
Statement of Condition June 30,1941
'assets
'
v-
Cash and Due from Banks,
$ 447,255,627.48
.
United States Obligations—Direct and fully Guaranteed,
Unpledged,
.
$361,529,256.23
.
.
.
.
.
Pledged—To Secure Public Deposits and
Deposits Subject to Federal Court Order,
45,685,166.73
To Secure Trust Deposits,
.
.
Under Trust Act of Illinois,
.
Other Bonds and Securities,
Loans and Discounts,
Real Estate
.
.
41,486,186.62
.
519,509.54
449,220,119.12
....
77,319,687.53
.
.
.
(Bank Building),
Other Real Estate,
•
.
.
..
.
.
.
4
...
354,132,748.90
.
.
.
5,187,312.83
.
881,041.21
.
Federal Reserve Bank Stock,
.
Customers'Liability Account of Acceptances,
Interest
.
2,100,000.00
.
....
.
1,765,513.67
3,022,995.24
Earned, not Collected,
Other Assets,
.
.
:.
.
.
.
.
.
.
-
145,602.83
$1,341,030,648.81
:
LIABILITIES
$ 30,000,000.00
Capital Stock—Common,
Surplus Fund,
.
.
.
40,000,000.00
.
.
.
.
3,948,933.22
.
.
.
.
732,771.87
.
.
750,000.00
.
.
2,441,607.00
.
Other Undivided Profits,
.
.
.
.
.
■;
.
Discount Collected but not Earned,
Dividends Declared, but Unpaid,
.
.
Reserve for Taxes, etc.,
Liability Account of Acceptances,
Time
Deposits,
.
.
.
.
1,879,238.72
.
Demand Deposits,
$184,134,860.05
962,330,016.17
Deposits of Public Funds,
.
.
.
114,811,130.12
Liabilities other than those above stated,
.
.
.
1,261,276,006.34
2,091.66
$1,341,030,648.81
MEMBER
FEDERAL
DEP08IT
INSURANCE
CORPORATION
Vol. 153
JULY 12,
No.
1941
§968
CONTENTS
Editorials
The Financial Situation
Leading by IndirectionJamaica
.
_
.
.
133
.
146
_
.
.
_
.
.
.
_
L
.
_
_
149
Comment and Review
Annual Report of
Week
Governors of Federal Reserve System. 152
the European
on
133
Stock Exchanges
133
143 & 192
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
Course of the Bond Market
152
-
Indications of Business Activity
154
Week
on
the New York Stock Exchange
136
Week
on
the New York Curb Exchange
191
News
172
Current Events and Discussions
Bank and Trust
General
189
Company Items
234
Corporation and Investment News
Dry Goods Trade
State and
268
T,
Municipal Department
269
.
Stocks and Bonds
A
192
Foreign Stock Exchange Quotations..
Bonds Called and Sinking
Fund Notices
Dividends Declared
Auction Sales
New York Stock
Exchange—Stock Quotations
♦New York Stock
194
194
—
202
Exchange—Bond Quotations...202 & 212
New York Curb Exchange—Stock
♦New York Curb
194
,
218
Quotations
Exchange—Bond Quotations
222
and Bond Quotations
224
Other Exchanges—Stock
Canadian Markets—Stock and Bond Quotations
228
Over-the-Counter Securities—Stock & Bond Quotations.
230
Reports
Foreign Bank Statements
Course of Bank Clearings..
Federal Reserve Bank Statements
General
Corporation and Investment News
142
192
172 & 199
234
Commodities
The Commercial Markets and the Crops
257
Cotton
259
Breadstuff s
263
*
on
Attention is directed to the new column incorporated in our tables
New York Stock Exchange and New York Curb Exchange bond quota¬
tions
pertaining to bank eligibility and rating.
Published Every Saturday Morning
by the William B. Dana Company, 25 Spruce Street, New
York City, N. Y.
and Editor; William Dana Seibert, President and Treasurer; William D. Rlggs, Business Manager.
Other offices: Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone State 0613).
LondonEdwards & Smith, l Drapers' Gardens, London, E.C.
Copyright 1941 by William B. Dana Company.
Entered as second-class matter
June 23, 1879, at the post office at New York, N. Y., under the Act of March 3,1879.
Subscriptions In United Statec and Possessions, $18.00
per year, $10.00 for 6 months; in Dominion of Canada, $19.60 per year, $10.75 for 6 months.
South and Central America, Spain, Mexico and
Cuba, $21.50 per year, $11.75 for 6 months; Great Britain, Continental Europe (except Spain), Asia. Australia and Africa, $23.00 per year,
$12.50 for 6 months.
Transient display advertising matter. 45 cents per agateline.
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.
Herbert D. Seibert, Chairman of the Board
The Commercial & Financial Chronicle
X
July 12, 1941
Harris Trust and
Savings Bank
Organized
1882
N.
as
W.
Harris
&
TRUST
HARRIS
Co.
Incorporated
-
1907
BUILDING, CHICAGO
Condition
Statement of
June
30, 1941
Resources
CaslTon Hand, in Federal Reserve Bank
and Due from Banks and Bankers
XL S.
Treasury Bills, at
U. S. Government
124,990,433.89
-
-
4,180,000.00
January 1, 1947
after
on or
-
-
-
-
Securities, not exceeding market:
Due prior to
Due
par
-
January 1,1947
36,740,118.87
-
13,342,540.53
-
(Including $13,895,000 set aside, or pledged, to protect Trust
Department's Cash Balances, Etc.)
;
State and
Municipal Securities, not exceeding market:
Due prior to
Due
January 1, 1947
after
on or
•
-
January 1, 1947
*
-
38,486,213.16
-
5,777,645.36
-
(Including $500,000 deposited with State Auditor under Trust
Companies Act)
Other Bonds and
Investments, not exceeding market:
Due prior to
Due
on or
January 1, 1947
after
Demand Loans
-
January 1, 1947
-
-
Time Loans and Bills Discounted
Federal Reserve Bank Stock
Customers'
Liability
on
"
-
K
9,286,415.11
...
420,000.00
-
'
171,136.77
-
946,672.85
-
-
-
77,333,115.99
-
Acceptances and Letters of Credit
-
26,727,264.23
-
-
-
Interest Earned but not Collected
Other Resources
-
17,380,628.06
-
-
;
-
-
278,994.67
-
Total
$
-
356,061,179.49
Liabilities
Capital
6,000,000.00
Surplus
8,000,000.00
Undivided Profits
4,395,427.04
Reserves for Taxes,
Time
Trust
Deposits
18,395,427.04
Interest, Contingencies, Etc.
Acceptances and Letters of Credit
Demand Deposits
$
-
171,136.77
------
------
Department's Cash Balances
6,708,826.95
-
$290,042,904.35
27,190,151.42
-
13,552,732.96
-
Total
330,785,788.73
$
-
356,061,179.49
DIRECTORS
ALBERT W. HARRIS
STANLEY G. HARRIS
Chairman of the Board
Vice-President
BOWMAN
HOWARD W. FENTON
CHARLES
WILLIAM
C. LINGLE
M. HADDON MACLEAN
Committee
Vice-President
JAMES M. BARKER
Director, Sears, Roebuck and Co.
President, American Steel Foundries
FRANK R. ELLIOTT
Vice-President
ARTHUR B.
.
,
.
HALL
Hall & Ellis
g.
JOHN
HAROLD H.
McAllister
Harvester
STUART
WARD
McKINLAY
McNAIR
H.
W.
FRANK H.
MELLINGER
Chrn.
President, Illinois Bell Telephone Co.
Member Federal Deposit Insurance
TEMPLETON
WILLITS
Chrn. of Board, The Adams & Westlake Co.
Vice-President
A.
J.
Wilson & Mcllvaine
Co.
President, National Tea Co.
FRANK
SWIFT
Vice-Chairman of Board, Swift & Co.
Chairman, Executive Committee,
International
THOMAS DREVER
I
Sydney
SIDLEY
Sidley, McPherson, Austin & Burgess
Vice-President
President, and Chairman of Executive
H. MORSE
P.
Corporation
WOODS
Addressograph-Multigraph
Corp.
The Financial Situation
Within limits,
FOR a long while of there has been a certain the
past
featist element
proportions in de¬
ments
land which has been
little
no
mean
repeatedly suggesting and urging
business men,
business organizations, the
others to
condemnation of the basic ideas under¬
cease
lying the New Deal and New Deal-like
whatever
and
programs,
by
endurable, not to
encouraging.
far in the future
ernor
Smith there
more
or pro¬
than the dimmest
ter it would be
was
not
a
"Consent of Labor"
dis¬
spokesman
Yard
converted
been
New Dealism,
life" is here and is
remain
unsound, helpful
task
the
of
More
has been brought
the "opposi¬
to bear upon
public
our re¬
lations with the rest of the
fect
that, whether wise
or
not, this Nation has now
and
as
Hitlerism, and, while
war
for that purpose,
is
so
situation
matter
is encumbent upon
citizens
tions
seizure
convic¬
own
touching
all
of
of
which
strikes
routine
the
are
converted
employers'
almost
into
as
business
our
our
private
Mean¬
book
years
en¬
during
recent
have been horribly
drawn.
They
definite
are
not in¬
impossible
frequently
of
interpretation, and
moreover
in actual
have been
proved
experience to have
meanings and effects not
contemplated
reformers
urgently
even
of
stance
A
emendation is
accordingly
quired,
by the
even
themselves.
vast deal of
re¬
if the sub¬
most
these
of
statutes is to remain upon
a
virtual
property,
the statute book.
even
5
As to the
we,
for
war
our
situation,
part, are not)
yet prepared to give up
these
all
hope of avoidance of actual
"all out" effort usually demanded
the President in
an
in the
defense, but in
of
fact
accordingly.:
ute
matters, and "get behind"
name
recon¬
the
actments taken to the stat¬
though it is not actually occupied, and, if the
circumstances suggest it to labor leaders, into
utterly lawless rioting.
lay aside and
to
their
forget
all good
in
to
rest
while, too, most of the
public, which at long length
sickened of and rebelled against "sit-down"
strikes, would do well to give thought to a
close to that status that it
the
obliged to
adjust
lives
The American
yet not quite actually at
matter
operations and
By what right could they object to any re¬
moval of these articles, and, accordingly, by
what reasoning could one imagine that their
"consent" was required to remove them?
utter destruction of Hitler
in the
are
ourselves
and
them.
become committed to the
that
us—are
cile
No employee of this firm, no
group of em¬
ployees of this firm, and no organization of
wage
earners
anywhere, held title to this
plant or the articles vremoved therefrom.
Neither did they have or claim any lien upon
particularly Ger¬
and runs to the ef¬
many,
of
Consent of labor?
One might as well be
reading of a citizen of Seattle, Washington,
attending the movies with the full consent of
the Mayor of New York City!
pursuits.
This has to do with
world,
for
labor" would have been almost incredible to
most observers.
private
or
programs
saddle. Business men—and
Yet in any other period*in our history, we
dare «ay, the phrase "with the full consent of
tion,"; whether in
life
required materials and the
^
somewhat different kind of
the sub¬
New Deal and New Deal¬
In view of events in recent years, more par¬
ticularly during recent months, it is hardly
surprising that the matter was largely re¬
garded as routine in nature.
and
on
least, and certainly for
years to come, the
like
Navy trucks entered the plant and removed
was wanted
by the Navy.
new
a new
sharp revolution in
some
what
recently
pressure
at
lines usually dealt merely with the fact that
conditions.
there had
years
But for the present,
ject.
The statement attracted little attention.
Most of the newspapers "buried" it in some
rather inconspicuous place and their head¬
and of ad¬
lives to the
our
few
a
public feeling
trucks then left without incident.
proving the workability of
justing
in
,
sonnel loaded the
us,
therefore, being that of im¬
such programs
with¬
com¬
following
drink
ment, Navy trucks were sent to the Keasbey &
Mattison plant late today, where naval per¬
harm¬
or
before
banishment of strong
from the country, yet
With the full consent of labor and manage¬
or
the
of
experiment" in the
come a
likely to
nitely, whether sound
ful,
the
then
men
rid
be
Navy
Philadelphia
delivery of materials required in the
construction of the Navy Department Annex
in Washington has been delayed by labor dif¬
ficulties at the Keasbey & Mattison plant.
To wait for a settlement of this dispute would
further delay urgently needed construction.
less indefi¬
more or
issued
of
span
to
The
as¬
sert that this "new way
8
the
munique:
to
usually
July
on
for
practical mat¬
as a
possible, in the life
"noble
tinguished from those who
have
corporal's guard who had
hope that
say
in this way, as
reason
as now appears
Prior to the 1928 campaign of Ex-Gov¬
probable.
living,
A
yet
at some future date, of course, and that
date may be not as
industry, trade and
who
Those
argu¬
as
campaign which really strikes at
Such signs
a
finance be made somewhat
more
these
sense,
indication that the great rank and file are
or no
may appear
administrative policy there¬
under in order that conditions in
certain
a
There is unfortunately
the roots of the evils of the New Deal.
suggestions—by which
presumably meant modifications of existing
posed legislation and
and in
weight.
ready to support
called, and devote their attention and
name
their efforts to "constructive"
is
press
have
Germany fully and completely.
any
event to defeat
It is still true,
we are
military participation.
this country is
still
very
The anti-war sentiment in
strong.
There is good
to believe that the President has found it a
reason
good deal
strongly convinced, that those who wish immediate
stronger and more stubborn than he had anticipated.
participation in the shooting have only a minority
A situation of this sort must needs
following,
among
though
even
special
pleaders,
them highly placed Administrative officials,
have for months been
up war
various
doing all they could to whip
A sharp distinction is, however,
sentiment.
apparently drawn between entering the war in simple,
forthright
manner,
daily growing
continued
and the pursuit of policies, almost
dangerous, which if indefinitely
inevitably lead sooner or later to
more
must
actual shooting.
strong Chief Executive pause.
mitted that
gers
or
which
not, had
should be
is
a
our
we
course
has
give
even a
exposed
us to grave
must be prepared to meet.
we
head¬
Yet it must be ad¬
dan¬
Whether
conducted ourselves differently,
confronted by
the hazards
now
we
present
question hardly worth much discussion in the
event.
Our acts and
our
record—to say nothing of
which the
commitments already of
the possibility of others of
public know nothing—render it mandatory
The Commercial & Financial Chronicle
134
that
be
we
suitably and adequately prepared to de-
fend ourselves against any
Should
the final event to be real
along the lines that the interventionists have laid
down, whether
the
like it
we
responsibility
upon us
but to insist that
the
All this clearly lays
or not.
all not only to cooperate,
really adequate armament be
ac-
or
groups prove
in
illusory is another story.
They believed and still believe them to be real, and
without the slightest shadow of doubt we find there
much further, we
defend ourselves
less obliged to
or
more
Whether the alleged gains of these
practically possible assault,
present policies proceed
should be
July 12, 1941
source
of the tremendous political
of the
power
Administration and of those who have followed the
'
lead set by it.
It
be said,
may
moreover,
fear of successful contradiction that
even
without
since the
complished, and criticism of that effort must be di-
armament program has occupied most of the spot
rected at its rapid and efficient completion.
light, the Administration,
Question Not
This
:
the
question of the
a
attitude and policy of
proper
opposition is, however, not nearly
would appear upon
conflicts of
in armament,
utmost
time
strongly
simple
so
as
In the first place,
One cannot
con-
and sincerely demand the
intelligently,
sistently,
same
the surface.
serious nature arise.
a
for example, and not at the
not only that
urge
New Deal
be modified to fit the circumstances but
programs
that at least the
immediate New Deal objec-
more
tives be set aside for the duration of the emergency,
to
nothing of the
say
remote future.
more
Not-
withstanding much that has been said to the
con-
trary the two are incompatible, and candor requires
a
plain statement to that effect.
with
A 40-hour week
penalty rates for overtime, publicly instigated
unionization
of
(including restrictive
earners
wage
policies of sundry varieties), utterly profligate fiscal
policies
regards ordinary activities of the Govern-
as
ment, encouragement of higher prices for agricultural
products, sweeping changes in business structures
in the
of the
case
utilities,
a
campaign of "trust-busting,"
eous
regulation not to
markets,
on
practically
the
as
general and extreme
multitude of extran-
a
industrialists in general, extreme
pressures upon
suppression of the securities
say
one
hand, and maximum production
throughout industry,
while calling in
even
eral terms for sacrifice, has not
Simple One
relatively
stable
seen
fit in
gen-
any prac-
il™} wa^ to ask f°r an^ manner of sacrifice from an^
of these groups which have again and again returned
xt * offl(f 0ne of the most serrlous obstacle*in the
Path<>f the armament
for a
program
ong
while past
\ e unwillingness o millions of t ese
adherents of the Administration and eager recipients
/av0I*s at its hand not only to sacrifice any of t e
&ains of the past but to forego any possibi e gains
tha* the^ can
of the armament program
a
}e Administration has not lifte a finger
r°r eT?n, ltS,
c0rrec* the Nation. Now
^
be folly to suppose that we can devote as
^
material and labor io articles erf war as we
Plan t0 do *urmS the ™xt.few fars and,at the same
^
tke ***** of llvmS of,the, underprivileged
third of the population, or, for that matter, any
°tber third. A demand that we do the utmost in
arming both ourselves and the other nations chosen
P carries, and must carry, the implication
that much of the underlying political philosophy and
practice of the New Deal managers must be promptly
and completely abandoned,
as
'•
-
"Constructive" Suggestions
: ?
But if "constructive" suggestions short of obvious
requirements
for
a
are
desired, they have been forthcoming
long time past and
are
being made daily.
One
price levels, and all the extraordinary rest of the
of the most urgent is simply that, while still continu-
defense
ing its emphasis
requirements,
on
the
<
other,-
sharply
are
the "right to strike," the
upon
divergent policies and programs—and there is not the
Administration bear in mind the equally vital "right
slightest gain in pretending anything else.
to work."
In
much broader but practically very
a
sense,
the New Deal and the armament
fundamentally at variance.
activities
ment
whose
important
program are
Definite plans for
estimated
costf has
arma-
already
There has been much discussion of late
of so-called strike legislation
ties
are
concerned.
have had
some
far
so
as
defense activi-
Some of the suggestions made
merit, but obviously what is needed
first and most urgently is not
new
legislation but
passed the $51,500,000,000 mark have already been
honest and adequate enforcement of laws already
announced.
upon
that
a
There
is
continuation of
at
our
indication
present every
present effort will presently
boost the total
without
possibly to $75,000,000,000—that is,
active participation by our military
any
forces in the actual
is
now
two
or
scheduled
for
can
general and
program
completion within the next
be
severe
millions of Americans.
tion
Most of the
three years at the most.
incredible effort
very
fighting.
Obviously
no
such
successfully made without
sacrifice
on
the part of many
But, while the Administra-
during recent months has been loudly and insis-
tently demanding such sacrifices, it did not do
.until after the elections last autumn
♦
its bids for
been
public office from the
based
not
gains
beginning have
sacrifice—except by
tives, and insist that
men
work be permitted to do
limb—not only their
own
who desire to continue to
so
without risk of life and
but those of their families—
and half the problem of labor difficulties of the day
would disappear.
Many had hoped that the action
of the Army in seizing the airplane factory
West Coast presaged
beginning of
a
an
on
the
official recog-
nition of the right to work generally, but such hopes
have been largely dashed in the
which have followed.
se are
As
long
course
as
of the weeks
trouble-makers
per
permitted to dominate the situation and by all
purely selthe part of much the larger number at
of the "very small minority" of which the
fraudulent votes, in support of strikes and riots, it is
on
so
the contrary,
often
The votes of the
an
upon
spoken.
sense
a
very
real, if not
bought by grants of privileges and of
the
public
conventions obtain confirmatory votes,
treasury
from
the
outset.
even
utterly
not likely that new legislation on the subject will
succeed
farmers, the relief recipients, the
industrial labor groups were in
from
safeguards provided for
elections designed to choose bargaining representa-
the tricks long known to the old-fashioned political
upon
but,
President has
funds
and
on
the expense
technical,
over
Insist first that strike votes
same
un-
favored few,
fish
very
were
so
the statute books.
be surrounded with the
very
well.
Another "constructive" suggestion which has often
been made is simply that ordinary prudence be
ployed in fisacl outlays for non-military
The President has paid
some
em-
purposes,
lip service to this idea,
Volume
and at least
of his trusted assistants has made
one
strong if very general remarks in favor of it.
some
Exactly nothing, however, has been done, and noth¬
ing
In this matter Congress has
in prospect.
appears
been about
derelict
as
has the President and his
as
immediate entourage.
The demand is
to the
more
and
decrease of
a
$564,481,000.
from
up
make
such
period,
and
building
its following,
holding
as
would of
and is
form
in the public affairs
economy
necessity cut the ground from under
of them.
holdings of United States Treasury obliga¬
tions remained
At any rate,
the whole within the framework of the
on
philosophy
so
their sweetness
difficult to
on
hearing
upon
and
are
be about
persuade the New Deal managers to
hearken to such
suggestions
it is to obtain
as
a
real
demands for abandonment of the false
philosophy underlying government today.
OFFICIALended Julystatistics for the modest
banking 9 reflect only a weekly
period
flow
of
circulation
from
the
currency
re¬
quired for the Independence Day holiday.
The de¬
$9,009,000, which stands in sharp contrast
cline is
with the
gain of $214,000,000 noted in the previous
is average
since
mitted
until
The currency increase of July 3
is, of course, absorbed in the latest statistics, but
larger offset than the $9,000,000 decline is indi¬
cated
normally, in
any
The rapid and almost
event.
uninterrupted upward march of the currency figure
remains
matter of
a
than ordinary interest.
more
banking statistics, otherwise, are much in ac¬
with
cordance
expectations.
banks
member
over
Excess
reserves
of
requirements fell $150,-
legal
This
000,000 to $5,120,000,000.
transfer of funds to the
was
occasioned
by payment
Reconstruction Finance
due entirely to
Treasury general account,
July 3 for $362,000,000
on
would
Corporation notes.' Mone¬
$13,000,000 to $22,640,000,'000, but the Treas¬
neglected
ury
to
reimburse itself for this acqui¬
sition, which failed to affect the banking figures
for that
Effective demand for credit
reason.
modation
remains in
evidence.
accom¬
Business loans
of
creased
$14,000,000 in the period to July 9, to $2,-
dealers
and
Loans by the
on
same
banks to brokers
security collateral fell $13,000,000
from
cate
a
decline of gold certifi¬
holdings by $1,700,000 to $20,310,531,000. Other
cash of the
return
flow
of
currency,
$11,199,000 to $20,573,363,000.
Federal Re¬
up
notes in actual circulation increased
$6,797,124,000.
institutions fell
bank
reserve
971,077,000;
account
an
$9,210,000
Total deposits with the regional
$16,278,000 to $15,765,678,000, with
the account variations
consisting of
a
drop in
mem¬
prospect
amount
that
month.
next
without reference
remain
will
the huge
the United
11,211,015 bales carried over a year earlier, but not
as
the peak of 13,912,031 bales recorded in
The
prospective carryover alone would prob¬
high
1939.
ably be
the
more
coming
a
than sufficient to meet demands in
season
consequence
Chiefly
11 months of the current season
in the first
amounted
if the war continues.
of the conflict, cotton shipments
to
only 858,668
bales,
compared
have
with
5,947,830 bales in the same period of the previous
season.
Peak consumption of the staple at home
offset
to
extent
some
the
sorry
state of the
foreign market; monthly output has reached new
heights in several months of the current season, and
results
months
10
for
bales of lint will
about
9,500,000
domestically in the
Although this is markedly
ending July 31.
year
indicate
be consumed
higher than the previous peak of 7,950,079 bales con¬
sumed in the 1936-37 crop year,
short of normal
it falls considerably
production.
Government Crop Report
PREVIOUS bumper proportionsa receivedcrop this
wheat further
of reports indicating
year
confirmation
latest
in
the
Department of Agriculture's
report, based on July 1 conditions.
of
forecast
total
wheat
is, in fact,
has
now
reached
an
The July
production of 923,613,000
910,699,000 bushels.
decrease
to
hand in
12,300,000 bales, a substantial rise over the
about
bushels
a
on
previous crops when the season begins
This, it is believed, will amount to
mate of
foreign deposits by $16,650,000 to $1,191,575,000,
crop
hardly practicable to consider the cotton pro¬
It is
duction
by $154,299,000 to $12,-
by $201,693,000 to $1,038,545,000;
bales.
that condition of the
source
increase of the Treasury general
balances
9,934,000
74.1% a
year earlier, does not augur as bountiful a harvest
as last
year; the 1940 crop produced 12,686,000 bales.
and their total reserves
serve
of
similar
a
regional banks advanced, owing to the
were
likely to be
area
about
only 68.7% on July 1, compared with
$369,000,000.
The condition statement of the 12 Federal Reserve
banks, combined, reflects
produce
yields have aver¬
aged much higher than previously and, if that aver¬
age is applied to the acreage for harvest, an output
in the neighborhood of 11,500,000 bales is suggested.
However, the reported prevalence of weevils,
which, according to private surveyors, is the greatest
in nearly 20 years, taken together with the report
has
weekly reporting New York City member banks in¬
278,000,000.
the
yield,
average
as
ber
month, but, on the basis of the 10-year
(1931-40)
tary gold stocks of the United States advanced a
further
by the Crop Reporting Board
made
be
harvested
as
to
to
next
States from
The
If abandonment
this year the harvested area will amount
23,102,000 acres, which would be the small¬
1895.
No estimate of production is per¬
to about
est
was
weekly accounting.
reported for the date since records of
However, in the past four years
Federal Reserve Bank Statement
return
10-year (1930-39) average, and the small¬
figures were started in 1909.
these
It appears to
5.4% below the same date in 1940, 28.6%
below the
est area ever
The trouble is that they waste
desert air.
been
re¬
prevalent today.
not difficult to frame.
to
v
COTTON officially in cultivation onlyJuly 1 has
acreage estimated at on 23,519,000
acres,
the demand is "constructive,"
similar sort have often been made in the past,
a
unchanged at $2,184,100,000.
Government Cotton Report
many
Many other constructive demands of a broadly
a
$158,000 to $12,432,000.
market operations in the weekly
open
of the so-called reforms of the Administration—
although full-bodied
as
Industrial advances were
fell
advances
were no
would, if adopted, not necessarily do mortal injury to
any
ratio improved to 91.2%
Discounts by the regional banks were
$849,000 to $3,357,000.
dies and the like
by which the Administration has
deposits by $47,022,000 to
reserve
$79,000 higher at $9,352,000, while commitments to
point in that it, while cutting deeply into the subsi¬
in
other
The
91.1%.
There
succeeded
135
The Commercial & Financial Chronicle
153
increase
over
And
as
the June esti¬
the winter crop
maturity there is not much ques¬
tion but that the 1940 harvest will be
fairly
near
The Commercial & Financial Chronicle
136
present expectations.
would be the
A
of the size looked for
crop
greatest since 1938 and the fifth largest
July 12, 1941
through June aggregated 6,702 compared with 7,119
in the same period of 1910 and 7,875 in the first
half of 1939. Current liabilities involved showed a
record.
It
close
400,000,000 bushels, and therefore the
similar declining trend, dropping to $72,156,000 in
supply of wheat in this country this year will
the opening half of 1941 from $83,481,000 in the
on
of
total
to
comes
on
top of a record carryover
It will amount
same
nearly double domestic requirements of about
same
probably be the greatest in history.
to
six months of 1940 and $100,431,000 in the
period of 1939.
685,000,000 bushels, which vary little from year to
In June commercial insolvencies numbered 970
regardless of available supplies. It also comes
time when exports cannot be delivered to great
with $9,449,000 liabilities in comparison with 1,119
involving $10,005,000 in May and 1,114 with $13,-
year,
at
a
of the world which ordinarily
areas
stantial
purchase sub-
before, tempo-
ment in June as compared with both the preceding
ever
rarily forestalled by over-liberal Government loans
Possibly its solution awaits upon the
peace and a starving world—if sufficient
producers.
return of
It is
to note, however, that while such
ships remain then for its transportation.
hardly necessary
a
humanitarian
a
This
month and the corresponding month of 1940.
in itself is encouraging for in previous months for
some
time, there has been at least
one
exception to
show an increase over one period or the other. Compared with a year earlier manufacturing failures in
166 with $3,155,000 from 207 in-
June dropped to
it would provide little material return.
sense,
The
this
desirable in
be
would
solution
Every business group into
which the insolvencies are divided showed improve-
fore, a greater problem than
to
734,000 in June, 1940.
Its marketing presents, there-
quantities.
volving' $4,953,000; retail trade casualties decreased
July report contains the initial forecast of
to 619 involving $3,591,000 from 685 involving $5,-
which is placed at 2,548,709,000
314,000 ; 98 wholesale firms failed for $1,618,000 in
year's
corn crop,
bushels, somewhat higher than last year's output of
comparison with 113 for $1,383,000 in June, 1940;
2,449,000,000 bushels, and about average if drought
construction failures numbered 51 and involved
$684,000 compared with 61 involving $984,000 in
considered.
not
are
years
Farm
of
stocks
this
grain, which represent the greater part of the existsupply,
ing
amounted
741,734,000
to
July 1, somewhat less than
previous two
years,
next October should
lower than the
the same date of the
when
the
be around
starts
season
new
100,600,000 bushels
555,000,060 bushels remaining in the
preceding two
the basis of the July levels,
years on
but will nevertheless be
fact that
The
on
when high records were estab-
stocks
Farm
lished.
on
bushels
5%
a
greatly in
of normal,
excess
increase in
the pig
is
crop
expected this year, and probably heavier feeding,
should result in
this
somewhat greater
consumption of
yield
29.7
per
acre
of
this
corn
previous.
The
as
a year
-
uniformity of improvement did not extend
entirely
various
the
to
which the failures
geographical
separated.
are
into
areas
But only the Bos-
ton and Dallas Federal Reserve Districts had more
failures in June than
before and only the
a year
Minneapolis District increased
York District showed
from June, 1940.
over
May.
The New
especially marked drop
an
produced.
Last
year
28.3 bushels
from the average acre, and
The New York Stock Market
is forecast
year
bushels, which, if realized, would be the
greatest since 1920, when 30.3 bushels
age
with $401,000 liabilities
group
compared with 48 with $1,100,000 liabilities
grain.
The
at
a
June, 1940; there were 36 casualties in the com¬
mercial service
per acre were
produced
were
the 10-year 1930,-39
aver-
amounted to only 23.5 bushels.
ACTIVE sessions and rising prices marked the
Jr\
dealings this week
on
the New York stock
market, the performances standing in
trast
the
to
Trading
first
dull
six
months
sharp
of
this
eonyear,
the New York Stock Exchange exceeded
on
'
The winter wheat crop was
at
estimtaed
as
of July 1
682,321,000 bushels, somewhat smaller than
month
earlier, when the outlook
697,692,000 bushels.
however,
was more
for
was
a crop
The reduction in this
than offset by
a
of
crop,
increase in
an
the 1,000,000-share level on
Tuesday for the first
time in 1941, and another 1,000,000-share day fol-
lowed
on
In the other full sessions of
Wednesday.
the week turnover
in every case.
was
only slightly under that level
Accompanying this activity was a
prospective spring wheat production to 241,292,000
general and rather emphatic advance of quotations,
bushels
the
from
213,007,000 bushels
In 1940 winter
month
a
els, and spring 227,547,000 bushels.
averages were
before,
production totaled 589,151,000 bushThe
10-year
569,417,000 bushels and 178,090,000
bushels, respectively.
best
Advances of
leading issues took
Tuesday.
filled,
Failures in June
as
a
in
fact, to the fewest number of
month in the
any
upon
the present basis
marked decrease
the
available.
are
ajlso was shown
further
A
as compared
with
corresponding month of 1949, which followed
similar
drop
in
May and
a
lesser
one
Failures in the first quarter
year were
in
a
April,
substantially
unchanged in number from the like period of 1940,
but the reduction in the second quarter allowed
total for the six months to
compare
With
the
previous
year.
Failures
the^
quite favorably
from
January
most
and
again
price level backed
new
their
best
on
and
inquiry about
was
that stocks
in
levels
recent
many Steel, motor, issues established
individual aircraft manufac-
year.
taring and similar industrial equities
ites.
the
on
to three points in
The net result
attained
whole
year
period since January, 1939, for which figures made
the
with profit-taking and
BUSINESS casualtieslowest level of theseasonally highs for and
in June dropped
months, the
May to the
and,
below
one
place Monday,
Thereafter
evenly balanced.
Business
being noted
performances
active days.
The railroad and utility
were
groups were
favor-
less in-
sistently bought, but also showed substantial net
gains for the week.
Among the specialties, Pepsi-
€ola stood out with
a
large gain
on
continually
active dealings.
The few stocks that failed to join
the advance
affected by special considerations,
were
American Telephone
was
one
of these,
a
decline
occurring because of announced plans for raising
large
sum
of
new
money
through
debenture offering to stockholders.
a
a
convertible
Volume
The Commercial & Financial Chronicle
153
137
*
No
single market factor
to the material
be
due to
betterment, which seemed rather to
number of items.
a
development led
or news
The
extraordinary
demand for industrial
products under the lend-lease
and defense programs,
and the indications that this
demand will continue for
burdens.
the
indefinite
an
period made
stocks attractive, despite the mounting tax
many
Inflationary psychology had
place in
a
market, for the rising tendency of the general
price level is leading
that
weekly
of
also
stocks
of
join
the
parade. ?
Large
week
of
point
not
was
aged
the
the
long-range
by Russian units
The
enconr-
did
as
impending end of hostilities in Syria between
.Great
Britain
American
France.
and
Even
the
landing of
in Iceland failed to dampen the
troops
'
market enthusiasm.'
Bond market
At closing the
drinks than had been looked for.
on
Equities
irregularly higher.
trend of prices was
Monday got off to a brisk start, and by the time
the closing
sounded the market had estab-
gong was
lished the highest levels since January.
Sales vol-
too, was the largest since early May, and ran
ume,
to 897,710 shares as compared with 464,670 shares
on
The rather con-
Thursday of the previous week.
fusing reports concerning the Russian-German
flict
interpreted by traders
were
con-
favoring the
as
Soviets, and this, coupled with the belief of infla-
speculative acquisition of equities,
some
and Means Committee for a lighter excise tax on soft
tion looming just ahead, trading was entered into
The
aspect of affairs seems somewhat uncertain, '
halt of the German advance
from the proposal of the House Ways
war
although
view,
sprang
unfavorable, from the
aided related stocks.
qnergy
the
market
must
loadings and the steadily heavy output
car
electric
news
observers to the belief
many
stocks
\
with a spirit of great enthusiasm.
Breaking
through the April and June resistance levels, stock
prices in the final hour, on
of buying,
cal issues enjoyed substantial gains,
dose additions ranging from
points
•
a wave
were
lifted to their highest points on the day. Pepsi-Cola
was again a favorite, while aircraft, steel and chemi-
chalked
were
one
Sales turnover
up.
and at the
to three or more
on
Tuesday
ran
above the million-share mark for the first time
week, but various speculative departments of
this
the
ordinary scale
this
year,
dealings
securities
senior
The
tendency.
were on an
section
reflected
railroad
cheaper
the
bullish
bonds
were
and prices expanded
a
point
or more
in
selective investment shares, while speculative stocks
such
as
Pepsi-Cola
came
in for heavy profit-taking,
especially in demand, at times, with the so-called
The occupation of Iceland by American forces
reorganization rails sharply higher.
taken in the market's stride, and fresh reports of
heavy Russian resistance to German advances
coal
issues also did quite well.
company
States
Some of the
United
Treasury obligations were well maintained,
and firm conditions
prevailed in best-grade railroad,
the better type security, and further improvement
and
idle
not
greatly
showed
securities
The
better levels
small
gains
were
American
than
established for the week in most
metals,
Base
items.
agricultural
Latin
changed.
more
were
mained under the
of
course,
re-
heavy hand of the price controllers
Washington.
There
little activity in the
was
foreign exchange markets.
On
new
New
York
Exchange 209
and
year
touched
low
new
Call loans
mained
the New York Stock
on
shares;
Exchange
re-
Stock Exchange the sales on
180,479 shares; on Monday, 897,710
Tuesday, 1,384,373 shares; on Wednesday,
were
on
1,097,214 shares;
on
Thursday, 839,695 shares, and
Friday, 806,525 shares.
Curb
the
New
York
Saturday
were
35,735 shares;
shares;
on
Exchange the sales
on
Monday, 127,435
Tuesday, 197,555 shares;
167,800 shares;
on
on
on
Wednesday,
Thursday, 162,735 shares, and
on
Friday, 166,190 shares.
market
The stock
contend
with
on
Saturday of last week had
holiday influences, Independence
Day having been celebrated the day before.
ing
a
what
Follow-
steady and dull opening, values improved
as
the
session
formerly listed
as
got
under
Loft, Inc.,
the most active issue
on
way.
some-
Pepsi-Cola,
the Big Board,
was
in
the
final
hour
pared to some extent best levels. Averages, howcontinued to hold at their highest peaks since
ever,
late January. The trend at closing was easier and
mixed. Traders on Thursday were inclined to take
time out to study the market's progress, and as a
result movements
but
were
irregular and price changes
the high side.
Strength was largely
reflected in special stocks rather than in dominant
narrow,
groups
on
the list finished the day with mixed
as
In less active trading prices
irregular
on
Friday.
Traders
to the sidelines, and issues that
unchanged at 1%.
the New York
Saturday
On
occurred, although liquidation
■changes.
levels.
On
On
116 stocks touched
stocks
20
stocks
the present
low levels.
new
Curb Exchange
high levels
new
Stock
York
high levels for the
while 17 stocks touched
week
the
New
the
touched
to
one
losses,
Belligerent country bonds
Japanese issues.
<
At the start business
brisk, and by two o'clock sales exceeded
commodity markets were generally firm, and
In the foreign dollar
department, some wide fluctuations were noted in
on
was
million shares, and the list continued steady through
the close. The bullish spirit that obtained in previous sessions was more moderate on Wednesday as
periodical profit-taking tended to hold prices in
check. Demand, as in the past, centered mainly in
utility and industrial bonds.
in
worked in the market's favor.
was
interest
on
Thursday
were
were
were prone
were
again
to keep
accorded most
largely neglected
on
Fri-
The day's readjustment in values resulted in
some broad movements, as was the case in Amerman Power & Light's two classes of preferred, and
in American Tel. & Tel. common. In the farm im-
day.
plement section of the list equities attained
new
peak levels.
The upward surge of prices early in
the week and in most sessions thereafter, left the
market at the close on Friday much improved from
the levels that obtained at the finish on Thursday
of last week,
General Electric closed Friday at 33% against
32% on Thursday of last week; Consolidated Edison
Co. of New York at 19% against 18%; Columbia
Gas & Electric at 3% against 2% ; Public Service
Corp. of N. J. at 22% against 21% ; International
the day and netted a gain
Harvester at 53% against 51%; Sears, Roebuck &
of
2% points at the finish; it was also responsible,
in
part, for the boost in sales volume over the previ-
Co. at 73% against 72%; Montgomery Ward & Co.
at 36% against 33% ; Wool worth at 28% against
29%, and American Tel. & Tel. at 156% against 158.
ous
Saturday.
on
Much of the interest in soft drink
I
4f
The Commercial & Financial Chronicle
J3g
Friday at 25% against 24%
Western Union closed
July 12, 1941
73%c. bid against 73%c. the close on Thursday of
New July oats at Chicago closed Friday
Thursday of last week; Allied Chemical & Dye
last week.
158% against 153; E. I. du Pont de Nemouls at
at 37%e. asked against 37%c. the close on Thursday
159% against 154%; National Cash Register at 13%
of last week.
The spot price for cotton here in New York closed
Friday at 16.00c. against 15.40c. the close on Thursday of last week. The spot price for rubber closed
Friday at 21.87c. against 21.75c. the close on Thursday of last week. Domestic copper closed Friday
at 12c., the close on Thursday of last week.
In London the price of bar silver closed Friday at
23% pence per ounce against 22% pence per ounce
the close on Thursday of last week, and spot silver
in New York closed Friday at 34%c., the close on
Thursday of last week.
In the matter of foreign exchanges, cable transfers
on London closed Friday at $4.03%, the close on
on
at
11%; National
against
Dairy Products at 14%
16% against 16%;
against 13%; National Biscuit at
Texas Gulf
•
Can
Sulphur at 37% against 36 ; Continental
34% against 35; Eastman Kodak at 139
at
against 133%; Westinghouse Elec. & Mfg. at 96%
against 94%; Standard Brands at 5% against 5%;
Canada
Dry at 15% against 14%;
tillers at
at
22% against 21%.
In
;
Schenley Dis-
12% against 12%, and National Distillers
last
rubber group,
the
closed
Goodyear Tire & Rubber
Friday at 18% against 17% on Thursday of
week; B. F. Goodrich at 16%*against 13, and
United States Rubber at
Railroad stocks
25% against 22%.
Penn-
improved this week.
were
Thursday of last week,
sylvania RR. closed Friday at 24% against 23% on
_
European Stock Markets
Thursday of last week; Atchison Topeka & Santa Fe
at
HEERFUL conditions were the rule this week on
29% against 28%; New York Central at 12%
Union
against 12;
Southern
Pacific
Pacific
.
at
81%
at
against
stock markets in the leading European finan-
81;
12% against 11%; Southern
uncertainties
cial centers, notwithstanding the many
Dealings
the London Stock Ex-
Ity. at 13% against 12%, and Northern Pacific at 7
of
against 6%.
change were fairly active throughout the week, and
The
shares
steel
sold
United States Steel
56%
on
closed
present week,
Gilt-
Thursday of last week; Crucible Steel at
desperate fighting in the Russo-German war, the
;
Bethlehem Steel at 76% against
Youngstown
against 36.
&
Tube
36%
at
at
56%
occasional buying of Japanese bonds was reported,
The inquiry for Japanese issues lagged, however,
against 55%;
Friday at 44 against 42%
Packard
2%
at
on
Thursday of last week;
15% against 15%, and Atlantic
market and
London
modified to
the
There
small degree.
a
Anaconda v Copper
Friday at 29% against 27%
on
Thursday of
on
previous advances
satis-
were no
a
the
were
factory reports of securities dealings in French
kets, but all indications pointed toward
stocks-,
copper
when Tokio officials failed to clarify their aims,
Toward the week-end, profit-taking appeared
Refining at 23 against 21%.
the
Home rail and industrial
Thursday of last week;
on
Among the oil stocks, Standard Oil of N. J. closed
Among
armistice in Syria.
an
General Motors closed Fri-
against 2%, and Studebaker at 5% against 5%.
Shell Union Oil at
American occupation of Iceland and the proposal
for
shares also were in good demand at London, and
In the motor group,
Chrysler
Sheet
,
day at 39 against 37%
last
minor boom developed in various sections.
edged issues moved slowly upward on reports of the
and
closed
a
on
Friday at '58% against
42% against 37%
73%,
higher the
the war.
mar-
somewhat
optimistic view than has been the recent rule,
more
owing
good
to
crop
prospects.
The
Amsterdam
week; American Smelting & Refining at 44
Bourse was steady to firm in most sessions, with
against 41%, and Phelps Dodge at 33% against
activity still centered largely in the Dutch colonial
30%.
and
In the aviation group,
>
Curtiss-Wright closed Fri-
securities.
similar
Boerse
were
Dealings
quiet and changes
on
were
the
small.
Berlin
Traders
day at 9 against 8% on Thursday of last week;
Boeing Aircraft at 16% against 16%, and Douglas
in the German market apparently were inclined to
await the outcome of the vast conflict in Eastern
Aircraft at 74
Europe.
Trade and
against 72%.
industrial
the continued
reports were indicative of
high rate of business activities.
operations for the week
mated
by American
ending today
Iron and
Steel
were
esti-
Institute
at
96.8% of capacity, against 93.7% last week, 98.6%
a
month ago,
steel
and 86.4% at this time last
recovery
;
Iceland Occupation
Steel
A MERICAN military forces
Fx
into
the
European
last
Monday,
under orders from President Roosevelt, and another
pation by the United States in the foreign conflict,
Production
of
July 5, which in-
eluded Independence Day, was reported by Edison
Institute at 2,870,090,000 kwh. against
In
a
special message to Congress, Mr. Roosevelt
arrived in Iceland earlier
forces which took
May, 1940.
Car loadings of
revenue
freight for the week ended July 5 were reported by the Association of American Railroads
cars, a decline of
preceding week, but
an
168,171
As indicating the
from the
Great
increase of 103,324
cars over
These
course
Friday at 105%e. against 104%c.
corn at
f
over
the defense of Iceland in
The President also disclosed that "subat
Britain
the
bases
moves were
acquired last year from
Trinidad
at
and
British
Guiana,
related in the special message to
the
of the commodity markets, the July option for wheat in Chicago closed
July
the same day, in order
stantial" armed units of the United States have been
established
cars
the similar week of 1940.
on
to supplement and eventually to replace, the British
229,000 kwh. at this time last
year.
re-
vealed that forces of the United States Navy had
3,120,780,000 kwh. in the previous week, and 2,425,-
last week.
moved directly
long step thus has been taken toward all-out partici-
year.
Electric
>,
zone
The
electric power for the week ended
740,493
were
from the Independence Day lag in
operations is certain to continue.
at
war
'
-
on
Thursday of
Chicago closed Friday at
security of the Western Hemisphere, and the
sending of troops to bases within this Hemisphere
caused
no
comment.
Much discussion promptly
aroused, however, by the occupation
of
was
Iceland,
which is placed by all cartographers in the Eastern
Volume
Hemisphere, since it is only 600 to 700 miles from
Norway and the British
but more distant
Isles,
from settlements in Greenland and
ican decision to aid in, the
German
2,900 miles from
defense of Iceland, while
The move was
spokesmen denounced it.
recognized everywhere as the gravest
by President Roosevelt in
which
of
least
at
occupation
which severed its
equal importance with the
the
of
Danish
former
Island,
allegiance to the King of Denmark
after the Germans overwhelmed the small
soon
coun¬
service
on
of
conscripts to one
and to the Western Hemisphere and the posses¬
sions of the United States.
Prime Minister Winston Churchill commented at
length
some
of
course
in
the newest American venture, in the
on
statement before the House of Commons
a
London, Wednesday. Despite previous indications
would
that British forces were needed elsewhere and
be
implications in the Presidential message
are
are
actual
his rapidly developing
to the dangers of the European struggle.
response
There
far taken
so
restriction
sional
year
British authorities welcomed the Amer¬
New York.
139
The Commercial & Financial Chronicle
15 i
withdrawn, Mr. Churchill said that "we still pro¬
Collaboration
Iceland."
to retain our army in
pose
between British and American forces "for the com¬
purpose" of defending Iceland will develop,
mon
House, and official Great
Mr. Churchill assured the
Britain welcomed the
It has been undertaken
step.
try.
The United States cannot permit the occupa¬
by the United States, he said, in pursuance of the
tion
by Germany of strategic outposts in the At¬
purely American policy of protecting the Western
lantic, to be used
air
as
naval bases for eventual
or
But a second
Hemisphere from the Nazi menace.
attack against
the Western Hemisphere, Mr. Boose-
principle which led the United States to the occupa¬
velt declared.
Any German occupation of Iceland,
tion of
he
added, would constitute
land and the northern
continent,
can
North
threat against Green¬
a
portion of the North Ameri¬
threat against all shipping in the
a
Atlantic; and
threat against the steady flow
a
of munitions to Great Britain.
"It
is, therefore, im¬
Iceland, the Prime Minister added, is that of
make
such
sure
is
This
States
American
overseas
regards
country
essential to its national
as
American
supplies for
must pass
Through the
the United
Churchill
Mr.
responsibility,
;
He remarked that consignments of
pointed out.
perative that the approaches between the Americas
this
full
for which
action
of
course
a
takes
:
and those
strategic outposts, the defense of which
possible aid to Great Britain and to
aid reaches the United Kingdom.
sending all
same
forces on duty
through very dangerous waters.
waters a large British traffic con¬
security and which it must therefore defend, shall
stantly passes,' and the Prime Minister suggested
remain
that
and free from all hostile activity
open
threat
thereof,"
the
mander-in-Chief I
the
to
have
Navy that all
the
insure
safety
stated.
message
"As
,
consequently issued orders
steps be taken to
necessary
communications
of
in
the
ap¬
proaches between Iceland and the United States,
well
all
as
the
on
other
strategic outposts."
to
with Prime
notes
use
expressed
a
Accompanying the
ances
upon
of its
expiration
envisioned.
-
That the
is part
of
defense
of
Full
of
continued
sover¬
the
threats
now
Hemisphere
mere
any
seems
to
be
indicated
by the disclosure of instructions to the
Navy
safeguard
to
United
States and
communications
between
all other
Iceland and
the
strategic
Linking of the matter to the shipping
outposts.
the
back," of
community allegedly en¬
a
deavoring to preserve European civilization by fight¬
ing Bolshevism."
.
Eastern Front
TREMENDOUS battles raged alongthird week
the ;vast
Europe during this
front in Eastern
of
the
Soviet
■".•
v.
Western
in
quoted as saying. Reich
was
to the effect that the move was a
was
assur¬
plan somewhat wider than
the
spokesman
time the
landing of American forces in Iceland
a
the German
"stab
same
decide the Western Hemi¬
sphere extends to the English Channel or the Volga,"
of
eignty and the withdrawal of all American forces
immediately
Mr. Roosevelt may
row
military step
"Today it is Iceland; tomor¬
occupying Iceland.
Jonasson
indicated that the British
Iceland
in
comment also
desire to withdraw their forces for
given
spokesmen took the view, Wednesday, that
the United States has taken an active
of
occupation which followed.
were
German
exchange
was
elsewhere, while suggesting at the
American
might be mutually advantageous for the
other."
Hermann
Minister
was
it
British and American Navies to "assist each
an
Congress
Iceland, in which it
had
as
between the United States and
seas
communication
or
Com¬
which
war
and Finland
of
the
Germany declared against the
with Rumania, Hungary,
Union,
as
active allies of Berlin.
Slovakia
The
course
struggle has become difficult to determine,
however, since the propagandistic reports issued by
all
participants
the
Lines reached toward the end of
week
second
not necessarily accurate, nor
are
revealing.
even
Panzer
German
the immense
of
push against Russian armies would appear still to
be the main
of munitions to
approximately to the assumed location of what has
Iceland
as
a
Great Britain
convoy
suggests the use of
far within the German
combat zone,
become known
and has been
defensive area,
may
ish
ward
In the
course
of
a press
conference,
It
is
fields.
intention of the United
forces have
outside
the
strictly defined limits of the Western
Hemisphere, if and when
of defense.
The incidents
ments that isolationists
in the
dent,
course
on
by Mr.
official
Government to act
of
a
necessary
were
are
in the interest
keeping with
are
com¬
"simple-minded," made
short radio address
Independence Day.
Roosevelt
in
by the Presi¬
The views entertained
additionally emphasized by
support for a proposal by General George C.
Marshall, Chief of Staff, for repeal of the Congres¬
Stalin line in Russia.
This
about which little is really known,
up
the Germans in their drive to¬
Moscow, the Ukraine and the Caucasus oil
Tuesday, President Roosevelt stated that it is the
States
the
as
be holding
machine-gunned by German fliers while under Brit¬
occupation.
areas
The island is
exchange point.
of battle.
Such lines correspond
problem of the North Atlantic and the steady flow
more
pushed
likely, however, that the Reich
over
Russian-held territory to a
degree that requires consolidation and the reform¬
An immense and chaotic
ing of communications.
struggle
is
apparently
taking
place
as
German
troops plod methodically over terrain running to 250
miles
which
tured" in
the
the
German
the initial
push.
armored
divisions
fighting is the most bitter witnessed
this
from
war
of
surprises.
"cap¬
All reports agree that
so
far in
The issue, moreover, is far
settled, for Russian numbers
are enormous
and
The Commercial & Financial Chronicle
140
there
drive against
Smolensk
and
Minsk
last week
South of the vast
ond.direct
push againts Russia made
Kiev, capital of the Ukraine.
vast
the
German drive
of
series
a
some progress
rest of the world.
a
Drives
sar
while
This
week
now
are
ending, and
not
even
entirely clear,
counter-claims
made
as
2,000 miles
was
In all likelihood another week
or
Thursday,
a
apparent German conquest of the air
front.
This is not admited
cannot
be said
of the
out
that the
air, for
are
shot
down
distinct aerial
a
destroyed
this week
Smolensk.
Also
Heavy aerial attacks
of
White
the
on
considerable
tactics which the Red
the inert
It appears,
importance
their
precarious,
advance
and
vast scale in
steel
stubborn
are
areas
adopting
left behind
fingers
battles
reported
are
said
are
to
be
Soviet forces in the "no-man's land."
High Command reports
entirely
effect that
on
now
were
ending the German
the battle in the East
non-committal
things
and
merely
to
the
going "according to plan."
From Herr Hitler's field
headquarters, however,
a
special statement
that the
the
where
was issued
yesterday, to the effect
"greatest battle" in history had been won
Germans in the Bialystok-Minsk region,
the Germans
their initial thrust.
were
trapped two Soviet
All
In
statement
the
first
19
of tanks
German
in
days
of
the
conflict,
ac-
the
added, 6,000 Russian airplanes had been
destroyed, 4,000 field
sands
armies
together, 400,000 Russians
captured in the pocket, according to this
count.
losses
also
were
appreciable abatement. The
almost
all
attention, but military experts
agreed that the European
Were
war
probably will be
decided in the West rather than in the East.
From
Norway to the invasion ports of France, and deep
into
German
and
occupied
fliers from the British
.
French
Isles
territory
the
ranged day after day,
dropping heavy loads of high explosive bombs.
An
increasing tendency to conduct these flights in daylight, when bombing is far more accurate than at
night,
was
noted in the
war
dispatches and reports,
German fighter planes rose to the defense and anti-
During much of the week
were
one-sided, since
at Leuna and the industrial cities of the Rhineland.
taking place when the regular Reich units endeavor
to clear out the
far from
was
again began to attack British
once
useful only in day-
are
by the armored units but not yet occupied by the
following regular forces. German communications
with
fliers
Particular targets were the great German oil works
as
finally, that the Russians
on a
German ports and indus-
protected by aerial fighters.
then well
guerrilla methods
are
were rained by the British air
night attacks against
monsters, which
are
city of
and
cities, but the great conflict between Great
attract
the
Army has developed for meet-
ing the Panzer thrusts, such
time and
con-
were re-
Russian
Roosevelt
German attack against Soviet Russia continued to
their
over
im-
cities, and the sinkings of merchant ships in the At-
such, how-
are
of
x%:'
antic continued without
entirely
upon
materials
Great Britain and Germany
force this week upon
German
airplanes
superiority, at least
main Panzer units.
ported
or
war
incident
President
Britain and the Reich
lead to the assumption that the Germans
ever, as to
have
day after day,
The military circumstances
ground.
reason-
the Reich statements
Another
between
JAMMER blows
trial
the battle
over
tinued to list sizable numbers of Russian
by
T
JTl
by the Russians, and it
Soviet forces
even
a
personal conference in Washington,
a
vr*T:
■
these the foremost is the
among
in
Soviet Ambassador, Constantine Oumansky.
Nothing was made known as to the meeting,
two will
two circumstances stand out with
or
Britain,
against Germany
the
required for genuine clarification of the action,
precision, and
completed.
portance was
to the course and outcome of the great
as
One
been
have
interpretation
any
whatever,
able
war
plying Russia with large quantities of
Mur-
The claims and
yet.
struggle.
be
pleader of the Russian
a
sian troops in the East.
It was announced briefly
in London, Wednesday, that arrangements for sup-
at-
were
the immediate strategic
impossible
the
in the West, while the Reich is occupied with Rus-
seething region of desperate conflict throughout the
aims
was
the Reich
as
from Finland
line of
as
Mr. Litvinoff urged Great
radio address, to intensify the
goal of the northern push,
vast
Maxim Litvinoff
cause.
Leningrad is the aim of the drive from South-
Finland.
ern
One significant incident
Dvina River to-
by German-Finnish divisions, and
tempted
mansk is the apparent
may
Tuesday, of former Foreign Commis-
reappearance,
a sea
In the Baltic region
heavy battles developed,
Leningrad.
to the result of the immense battle, iVhich
as
beyond the capture of
forces moved northward from the
ward
fighting there.
displayed by either side
was
well determine the fate of Europe and much of the
City of Cernauti, in Northern Bukovina, by the
German-Hungarian battalions.
made with respect to the
were
No lack of confidence
The right wing
for heavy rains made Bessarabia
being
was
claims of large aerial attacks against the Reich
units
sec-
bogged down in
was
and little occurred
of mud
the
Moscow maintained that fierce resistance
offered to Germans in the Baltic region, and specific
was
Pripet marshes the German
of
that the
running dry.
was
obviously
Berezina River,
reached the
man-power
the region be-
quite
toward
literal sense,
sians, for their part, insisted yesterday
German reservoir of
<
In this push the Reich
bogged down this week.
forces date
against
rallying Soviet forces.
German
main
The
tween
counter-attacks
of
indications
are
Reich troops by the
July 12, 1941
guns
taken, and
put out of action.
was
not
revealed.
many
thou-
What the
The Rus-
aircraft fire also developed in great volume, with
the result that Great Britain sometimes lost
of airplanes in the
tions.
British
Germans, it
The
Reich
course
fliers shot
of
a score
single day's
a
down
opera-
equal numbers of
indicated.
was
damaging British aerial offensive against the
was
made
transfer of
possible, in part, by the German
many
units to the Eastern front, for
the invasion of Russia.
Germans
against Russia,
against
Not since
obviously began to
Great
May 10, when the
for the
prepare
move
really extensive Reich raids
were
Britain
reported.
however, that the Germans again
It
would
seem,
preparing for
are
heavy blows against England. During the night of
July 7 to 8 sizable formations of German bombing
planes appeared over Southampton and battered
that
much-attacked
British
port again.
ham and other British Midlands towns
subsequently, and
West
now
will
it
may
be that the
develop into
a
strength and bombing capacity.
whether the
some
aerial
Germans
were
vast
Birming-
were
bombed
in
war
test
of
the
aerial
It is not yet clear
forced
to
retransfer
squadrons back to the Western Front
because of the
heavy British attacks,
or were
enabled
1
Volume
The Commercial & Financial Chronicle
153
141
I
to make such
t unity"
by virtual conquest of the air
moves
the Eastern
over
Front.
A further
"golden
for Great Britain is indicated in
oppor-
any
case,
The British march into Syria was undertaken
end.
June 8, in the belief that Germans might try to use
the French mandated area
a
as
of attack
means
since the hard usage to which German aerial men
upon
the Suez and the British position in the Near
and
East.
Invasion of Russia by the Germans showed
equipment
lines
the
will
subjected
were
necessitate
the
over
and
rest
Russian
rehabilitation.
In
heavy and almost unopposed bombings of recent
weeks it would
seem
damage
Germany comparable
upon
in
caused
that British fliers have inflicted
England by
raids.
the
the German
sea
losses
suffered
March, April and May.
late last
week,
submarine,
sur-
airplane attacks continued steadily,
early indications suggest
severe
a
modification of
by British
shipping in
German claims, put forward
to the effect that 768,950 tons of
were
British, allied and neutral shipping
sunk in
were
June, but such claims invariably have been
exag-
gerated.
Military experts estimate that 300,000 tons
shipping went to the bottom under German at-
of
tacks
in
Official
June.
in about
a
for control
ures
of
menace
possibly
meas-
indi-
are
by President Roosevelt that the Amer-
Navy keep
closure last
under the
the
sealanes
safeguarded.
Dis-
Saturday that Great Britain will take
20,000
some
most
this
bales
of
American
cotton
lend-lease arrangement was
quarters
monthly
regarded in
indicative of improvement in the
as
shipping situation.
The
long-range
week.
If
Nazis
struggle,
the
Reich
probably will
which
now
ends
its
third
prevails in that conflict the
their "peace offensive"
renew
against Great Britain.
Anthony Eden, the British
Foreign Secretary, indicated the British reaction to
such German move, in a speech at Leeds, last
any
Saturday. Not in any circumstances, nor at any
time, will Great Britain negotiate with Herr Hitler
on
any
British
subject, according to Mr. Eden.
aim
is
to
defeat
The sole
Germany and beat Herr
Hitler, Mr. Eden said, and all possible aid
again
promised to Russia
was
assisting in this fight.
in the
inade-
were
into Syria had been undertaken,
was
pushed to
bitter end.
a
In
a
statement before the House of Commons, Wednes-
day, Prime Minister Winston Churchill announced
General Henri
Dentz,
as
matter of
a
had
been
of
commander
French
the
Military operations would proceed
forces in Syria.
until the armistice actually
course
'Mr.
arranged,
Churchill
said,
added that much relief will be felt when
he
and
an
end is
brought to the "distressing conflict, in which from
1,000
to
1,500
Australian,
British
unities doubtless
were
The
area.
into Beirut, capi-
way
.
The military situation in the eastern
ranean was
now
ending.
British and Axis forces continued to
Egypt and Italian Libya, but
made.
Mediter-
unchanged in other respects, in the week
face each other in the Western Desert
of
cas-
increased Thursday, when the
Empire forces smashed their
tal of the mandated
Indian
and
soldiers" had fallen under French bullets.
Tobruk remained
under
ineffective, in view of the
the border
on
moves
no
British control of
communications to the port which they hold.
German aerial attacks
were
were
"siege" that is
a
sea
Some
again reported against
the great British base at Alexandria, and the British/
countered with heavy bombings of the Italian ports
prospects in the West clearly
war
depend in large part upon the outcome of the German-Russian
move
however, and it
300,000 tons
ominous, and fresh
are
due
are
by the American occupation of Iceland and the
instructions
ican
statistics
week. i Even at the rate of
monthly, the sinkings
cated
British
The
quate.
that a request for an armistice had been made by
^
In the warfare at
but the
havoc
of the worst German
some
'
face raider and
to the
that British ideas of German intentions
circumstances,
or
to
once
else
anyone
of Palermo, Naples and Syracuse.
Ethiopia
now
has been cleared of Italian troops, and peace settled
over
the vast region of eastern Africa which Premier
Mussolini considered his "Empire" up to the time
lie placed Italy in the war.
just
as
It is
a
British peace,
Prime Minister Winston Churchill predicted
it would be
when he
adjured the Italian people,
last December, to repudiate their leader.
-.A.
■
p
«.
Japanese Policy
JAPAN noted glumly, last Monday, .the fourth anJ niversary of the incident near Peiping which
was
the pretext for the invasion of China
Japanese forces.
proper
by
The Japanese people prayed and
Of particular significance,
are
paraded, to mark the anniversary, and the Chung-
the expressed views of the
king Nationalist regime in China quietly continued
leading British military experts that
American
an
to combat the Japanese invaders.
No end of this
expeditionary force will be necessary to accomplish
conflict is in sight, and Japanese policy is subject to
the
the "China incident," while the incident continues,
British
objective.
General
Sir
Wavell, commander of the British
East
during the recent campaigns, remarked in
informal
power
interview
on
permanently
Sir
Claude
won
the need for
an
is to be
war
who
an
man-
Eastern
MPORTANT
ranean
on
their
own
a
real
on
move
for
in
the
an
stand with
Allied to the Rome-
ently feels uncertain about attacking the Maritime
Provinces of Siberia. The stout Russian defense
against the Nazis in Europe presumably adds to the
tractive
as
Mediter-
French
armistice and the rather
inglorious Anglo-French struggle drew toward its
a
The temptation to
move
by using the Japanese Navy, possibly is
eastern
began to develop this week,
Syria asked for
The temptation to take
Berlin Axis, but a recent signer of a non-aggression
pact with Moscow, the Japanese Government appar-
uncertainty.
ground.
Mediterranean
changes
taken while the problem of supplying such forces
must be met.
reflected in Tokio dispatches.
British landing somewhere
German-occupied territory, and
combating the Nazis
probably 1,000,000 Japanese troops in
General
succeeded
American
a
are
China, and other ventures cannot readily be under-
respect to developments in Europe nevertheless is
East, commented similarly
week, the possibility of
for there
General
expeditionary force last
London dispatches began to suggest, this
Monday.
forces in
P.
effectively
by Great Britain.
Auchinleck,
Wavell in the Near
i
July 4 that American
will be needed if the
and
in
Archibald
forces in the Near
one.
Part of the United States
southward,
a more at-
Navy still
remains in the Pacific, however, and the growing
military cooperation between the United States and
Great Britain makes
likely.
an
attack upon
The Japanese intimated
Singapore less
more
than
a
week
*
—
The Commercial & Financial Chronicle
142
that they had reached decisions with respect to
ago
their future
There is, however, no definite
policy.
of what such decisions
indication
off
latter
No
Ecuador
Peru and
clashes
ILITARY
M
been
have
innumerable
previous
boundary dis¬
occurred last
Sunday when the armed forces of Peru and Ecuador
engaged in a minor battle over the ancient quarrel
respecting the territory of Oriente, claimed by both
and
show
advances
was
the
Each side blamed the other for precipi¬
each prepared to meet the
tating the clash, and
"aggression" of the other in an area which each
The situation is such that
regards as its own.
disputant can be regarded as entirely blame¬
neither
As
worthy.
previous occasions when this matter
on
years:
in
The State Department
proved effective.
war
with
items
Below
comparisons for
V
,
BANK OF ENGLAND'S COMPARATIVE
STATEMENT
July 9,
Public deposits
Other deposits
Bankers' accounts.
July 12,
July 13,
July 14,
1940
1939
1938
1937
£
Circulation
July 10.
1941
£
£
£
£
648,030.000 610,377,749 507,929 406 488 ,104,398 493 405,804
23 120,702
13 218,780
22,192,198 29,524 134
10,528,000
184,189,463 154,784,401 123,892 ,727 148 ,494,810 126 ,301,725
131,794,390 107,000,486 87,110 775 113 ,004,968 89 ,172,522
36,781,
47,783,915
52,395,073
Other accounts
952
37 129,203
35 ,489,842
164 109 ,566,164 103 960,695
Govt, securities..... 152,807,838 146,652,838 100,441
29 ,561,479
25,852,298
Disct. <fc advances.
Securities
Reserve notes A coin
27,018,041
31.843, 232
30 ,871,741
7,438,128
18,414,170
33,914,000
Other securities
3,874,936
23,143,105
9,232, 975
22,610, 257
10 313,508
8 818,835
20 558,233
20 742,644
21,228.097
Coin and bullion
39, 289.562 33 948,622
1,605,846 247,066 351 327, 393,960 327, 354,426
1,943,734
17.4%
Proportion of reserve
2%
Bank rate
2%
22.7%
2%
84s. 11 Hd.
84s. 11 Hd.
24.2%
25.5%
2%
148s. 6d.
168s.
168s.
Gold val. per fine oz_
39,136, 945
11.9%
2%
to liabilities
Bank of Germany
States, Argentina and Brazil for avoidance of a
major
£26,143 in securities.
conflict, appeals by the United
into armed
flared
and
made in the 2% discount rate.
various
putes, and another of these incidents
countries.
£963,358 represented a loss in
amount
change
we
Latin America by
in
caused
Of
£29,535,000 and other securities, £989,501.
the
discounts
might imply.
July 12, 1941
Washington disclosed, Wednesday, that a. sug¬
Statement
THE Bank's statement for in note quarter of June
showed
expansion the last circulation of
an
gestion had been made for a demilitarized area 15
858,704,000 marks, which raised the total outstand¬
kilometers
ing to 15,565,047,000 marks, the highest on
wide, along the disputed border.
This
admittedly temporary expedient will provide time
further
for
study of the problem, and it is to be
Circulation
marks and
hoped that the "Good Neighbor" spirit which the
and
United States has been
total
in recent years
from
cultivating at great
expense
will suffice to keep the two nations
The boundary
desperate and futile warfare.
dispute has been in progress for a century and con¬
jungle
a
cerns
area
of
no
Discount Rates of
THEREdiscount noof
have been changes during the week in
the
of the foreign central
any
Present rates at the leading centers are shown
in the table which follows:
Date
Rate
total of
0.50%, the lowest
6
India......
3
Nov. 28 1935
3H
4H
4
Japan.....
May 18 1936
Apr.
7 1936
3.65
Bulgaria...
5
Dec.
1 1940
Canada....
2
Chile
3
Dec.
16 1936
4
July
18 1933
3
Jan.
1 1936
Mar. 11
H
3.29
6
Java......
3
Jan.
6
July
15 1939
3H
Morocco...
6H
May 28 1935
May 13 1940
4
3
7
,
4H
4K
4
5
Norway
16 1940
4H
Poland
4M
Dec.
June 30 1932
3U
Portugal...
4
Mar. 31
2
England...
2 1937
Oct.
3
..
Jan.
4
Danzig
Denmark
Erie
Oct.
3
Rumania
3
Sept. 12 1940
4M
3H
1 1935
5
South Africa
May 15 1933
4H
3 1934
26 1939
...
..
3H
17 1937
5
1941
Estonia....
4M
Oct.
Finland
4
Dec.
4H
Spain
*4
Mar. 29 1939
5
Mar. 17 1941
2
Sweden
3
Apr.
6 1940
4
Switzerland
1«
May 29 1941
Nov. 26 1936
3X
3H
6
Jan.
4 1937
7
Yugoslavia.
5
Feb
France
...
....
Germany
..
Greece
•
confirmed.
Not officially
/
2
J
6H
1 1935
items with
Friday of last week, and 1 1-32%@1 1-16% for
three months'
bills, asa against 1 1-32%@1 1-16% on
Money
Friday of last week.
Friday
on
call at London
Bank of England Statement
365,000
new
compared with the previous high, £643,a
week
holdings
£4,606,000.
showed
deposits
an
ago
rose
and £610,377,749
£58,860 while
Public
aggregate
loss of
include
"bankers'
a
year
ago.
accounts"
and
"other
accounts," which decreased £32,648,744 and £765,894
respectively.
rose
it
to
wras
The proportion of
17.4% from 16.7%
11.9%.
a
reserves
week
Reichsmarks
30, 1939
Reichsmarks
76,703,000
77,180,000
77,650,000
—140,000
+391,508,000 16,258,055,000 12611 194,000 8,158,984,000
356,231,000
129,707,000
al42,659,000
Gold and foreign exch.
Bills of exch. & checks
Silver and other coin..
a22,954,000
+ 27,890,000
Investments
Other assets..
+ 889,888,000
...
25,064,000
47,790,000
45,115,000
143,008,000
929,50jl,000
1,879,449,000 1,862,584,000 1,514,090,006
Liabilities—
Notes in
+ 858,704,000 15,565,047,000 12785345,000 8,731,115,000
circulation..
+437,977,000
Oth. daily matur. oblig
Other liabilities
Prop'n of gold <fc for'n
curr. to note clrcul'n
a
—0.03%
2,373,182,000 1,853,646,000 1,281,383,000
400,356,000
470,933,000
a307,374,000
0.81%
0.60%
0.50%
Figures as of May 7, 1941.
mained
merely
Market
)
;
to liabilities
ago; a
The
months.
issue of
on a
modest scale this wTeek, and rates
continued from previous weeks and
were
Treasury sold last Monday a further
1100,060,000 discount bills due in 91 days,
and awards
were
at
0.097% discount, based on an
bank discount calculation.
Also indicative
offering by the Treasury, Thursday, of $400,-
1%%
coupons,
the New York
year
ago
Government security holdings fell
due Feb. 15, 1945.
Call loans on
1% for all
Stock Exchange held to
transactions, while time loans were 1%% for 60 dnd
90
days, and 1%% for four to six months' datings.
dropped
reserves
and other deposits
£35,137,638.
Other
deposits
June 29, 1940 June
Retchsmarks
000,000 Commodity Credit Corporation notes with
THE Bank's notereached
circulation for the week £648,July 9 again
high of ended
Gold
STATEMENT
June 30,1941
Reichsmarks
Assets—
was an
030,000,
furnish the various
for Week
annual
a
a
Chanqes
on
1%.
was
and 0.60%
ACTIVITY in the New York money market re-
as
were
we
New York Money
IN bills Friday market discountagainst for1-32%
LONDON open 1 1-32%,
rates 1 short
on
Below
REICHSBANK'S COMPARATIVE
/\
on
ago
comparisons for previous years:
'
■
Foreign Money Rates
t
437,977,000 marks.
Advances
'
Czechoslo¬
...
5
14 1937
Lithuania..
Colombia..
vakia
...
Italy
1935
month
in other
and
marks
record, compared with the
in other assets of 889,888,000
daily maturing obligations of
27,890,000 marks,
3
Oct.
2
on
Increases also appeared in investments of
4
June 26
3
5 1940
H
1941
22 1940
2K
1
Jan.
The proportion of
16,258,055,000 marks.
gold and foreign exchange to note circulation dropped
Rate
Hungary...
Mar.
2
391,508,000 marks to a record
vious
Country
Holland
1936
3H
Argentina..
Belgium
Date
Effective
Gold
12,785,345,000 marks.
year ago
77,650,000 marks, while bills of exchange
of
Pre¬
Effect
July 11
vious
Effective
Effect
July 11
4
.
Rate in
Pre¬
Rate in
Country
■
record.
aggregated 15,210,329,000
foreign exchange decreased 140,000 marks to a
year ago.
banks.
ago
previous low, 0.51% a
Foreign Central Banks
rates
a
month
and checks increased
to
great immediate value.
a
New York Money Rates
DEALING in detailfrom day to day, rates was the
with call loans 1% on the
Stock Exchange
ruling quotation all through the week for both new
and renewals.
The market for time money
loans
continues
up
to
quiet.
Rates continued nominal at 1M%
90 days and
1^2% for four to six months'
The Commercial & Financial Chronicle
Volume 153
maturities. The market for
has been
prime commercial
quite active this week.
Prime
been coming out in good volume and the
been
Ruling rates
good.
ties.
Government.
paper
demand has
season
the
)4@M% f°r all maturi¬
are
'■
■'
Shipments of about 1,000,000 bales
of American cotton in the 11 months of the current
has
paper
only one-sixth of the cotton shipped in
were
preceding
season,
of American and
little
shown
been
Dealers'
activity this week.
rates
for four
and six
the
and including 90
British
cotton
almost
complete
in
The bill
for bills
policy, active mills
:
recent advances
on
schedule of rates
of
The following is the
Rate in
Federal Reserve Banks
are
Boston.......................
i Rate
1. 1939
\
;; w
Sept.
w;::.
1
Philadelphia
1H
Sept.
4, 1937
Cleveland
May 11,1935
Aug. 27, 1937
2
,
—
Richmond.
...
-P,
Minneapolis
Kansas City
ix
*1X
............
.....
*1X
Dallas
San Francisco
IX
,
2
1937
1937
1937
1937
Sept. 3,1937
Aug. 31, 1937
Sept. 3, 1937
■<;■£■■■
*1X
St. Louis
\
*1X
ix
v
"i'-'r
A
2
Sept. 1, 1939.
pound shows little variation from
the official rates.
\
for free sterling this week has been
between
$4.03)4 for bankers' sight bills,
of between $4.03 and $4.03)4
The range for
last week.
cable transfers has been
$4.03)4 and $4.03)4 compared with
of between
$4.03)4 and $4.03)4
a
week
Official rates quoted by the Bank of
tinue
unchanged:
Canada,
4.43-4.47
90.91c. per
New
York,
a range
England
con¬
$4.02)4@$4.03)4;
90.09c.@
United States dollar); Australia, 3.2150
@3.2280; New Zealand, 3.2280@3.2442.
American
commercial bank rates for official sterling continue
at 4.02
In
Italy,
buying and 4.04 selling.
or any
on
Germany,
of the invaded European countries.
exchange is not quoted
countries of. Continental
tive order issued
on
on
any
of the
President Roosevelt,
suspending trading in the German and Italian
rencies
and
In
Europe, due to the Execu¬
June 14 by
;
•
'
'
/
providing additional dollar exchange
of
means
cover
production, has been created to
,
.
effort is
war
,
in the results of
seen
a
Trade.
Export Council of the British Board
The study disclosed the existence
of
a
products in nine major categories, in which
British products can be sold without competing
United
States
classified
as
china and
merchandise.
The
of
are
sportswear, neckwear and scarfs, gifts,
glassware, linens, piece goods, men's knit
goods, men's furnishings, and men's clothing.
result
with
products
the
As
a
study, British manufacturers will be
able to concentrate
production
on
standardized lines
and to maintain stocks in United States warehouses
order to
liveries.
complete lines and prompt de¬
ensure
Production and
by British manufacturers
study has
items,
the
shipment
a year
can
determined for them the
most
months,
active
be planned
in advance,
as
the
most
the
and
salable
normal
monthly requirements in each line.
On June 30 the State
Department announced
new
general licenses for Canada, Great Britain, Northern
London, exchange is not quoted
New York,
labor-employer
whose personnel is carefully selected to
Industrial and
in
ago.
official,
(Canadian
;
volume market in the, United States for a hundred
severe
a range
;
study conducted by American retail experts for the
2
THE market for sterling exchange is extremely
limited and subject to
wartime restric¬
compared with
production jobs
war
for lack of factories.
central 24-member joint
a
British
between $4.03 and
registered for
plan announced by the Minister of
new
a
for the British
2
Course of Sterling Exchange
range
July 6 disclosed that millions of
on
2
of
^ The
con¬
^i.14'-"'4/*■
speed production.
.
2
♦Advances on Government obligations bear a rate of 1%, effective
The free
levy
monthly
spindle to finance
penny per
■.
women
Under
2
Chicago; Sept. 16.1939, Atlanta, Kansas City and Dallas; Sept. 21.1939, St. Louis.
tions.
plan.
all aspects of war
2
Aug. 21,
Aug. 21,
Sept. 2,
Aug. 24,
*IX
—...........
Chicago—
yy--
ix
■
.....
Atlanta...
and
area,
2
IX
pay a
board, assisted by regional boards in each production
IX
New York
Government's
complete and equip factories, Labor Minister
Labor,
Previous
[
a
effort to
•'"•'V./'i
Aug. 27, 1937
l
\
1
the
required to
cannot be used at present
Established
»;VV
and
section,
appeal to the building trade for maximum
men
■
Date
Effect
July 11
Centralization is
an
Ernest Bevin
in effect for the various classes
now
at the different Reserve banks:
paper
In
Government obligations are shown
DISCOUNT BATES OF FEDERAL RESERVE BANKS
v
centration
rediscount rates of the Federal Reserve banks;
in the footnote to the table.
plan.
spinning
the maintenance of mills made idle under the
changes this week in the
no
war
the
Under
concerns.
assessment of about
Discount Rates of the Federal Reserve Banks
1
Concentration of
year.
weaving section to speed the combination of the
small
Tp'HERE have been
British
system of licensing of looms is being applied in the
buying rate of the New York Reserve Bank is )4%
running from 1 to 90 days.
well
are
quotations,
industry is proceeding rapidly
under the Government's
months, 9-16% bid and J4% asked; for five
months, )4% bid and 9-16% asked.
prices
cotton
market
only half the volume of last
)4% bid and 7-16% asked; for bills running
are
States
United
exports of cotton yarn and finished manufactures are
quiet.
reported by the Federal Reserve
as
Bank of New York for bills up to
days
below
Prime bills
and the market has been
scarce
foreign-grown cotton.
Although British official
HTHE market for prime bankers' acceptances has
1
due in part to lack of shipping
and in part to the growing disparity in the price
space
Bankers'Acceptances
have
143
cur¬
requiring general licenses to complete
transactions in the currencies of
Finland, Portugal,
Ireland, and the Philippine Islands covering Diesel
engines, electric locomotives, and petroleum
ucts.
Existing
general ; licenses
prod¬
authorizing the
export of asbestos were extended to include brake
blocks and linings, mattress covers and
facings,
packing,
sheets
and
fillers, clutch
tweeds
and
fabricated from asbestos.
yarns
y'yy-'^y/-
Existing general licenses governing exportation of
Spain, Sweden, Switzerland, and Russia.
petroleum products to Canada, Great Britain and
Shipment of 600,000 bales of American cotton from
Government stocks at the rate of 20,000 bales
Northern Ireland have been extended
monthly, which will be begun immediately under the
2 to include all
lease-lend
lubricating oils and
program,
market open
is expected to help keep the
and to provide
an
outlet for some of the
7,450,000 bales of cotton now held by our Federal
GEA 1 and 2 to include all crude
include
other
all
as
follows:
4
oils; GEB 1 and
gasolines; GED 1 and 2 to include all
greases,
and GEE 1 and 2 to
naptha,,1 mineral spirits, solvents and
finished light products. (' f
1
^
?
The Commercial & Financial Chronicle
144
July 12, 1941
i
The following new licenses were
2
and
for
63
electric
for
Diesel engines.
and stationary; GDM 1,
generating sets powered by
Effective July 2 the latter licenses
authorize exportations
also
and apparatus
of electrical machinery
GEI
and 63 for kero-
oil, distillate fuel oil and residual fuel oil;
and
currency
demand,
sales of Government securities by the Federal Re-
System and the accumulation of foreign balances
serve
at the Federal Reserve banks for exchange stabiliza-
tion and in anticipation of
orders,
war
It is unofficially estimated
•
on
the basis of Govern-
ment statistics that gold sales to the United States
containing mica.
Other licenses include GEF 1, 2
sene, gas
though rapid, did not equal the rise in gold
stocks, due chiefly to expansion in
and Diesel engines, marine
63
the Federal Reserve Board, but the increase in bank
reserves,
for Diesel and Diesel-electric locomotives
2 and 63
and
GDO 1,
Ireland, and the Philippines; GDO 1,
and Northern
2
issued:
shipments to Canada, Great Britain,
000,000,000 since the beginning of the
This
war.
gases,
figure is computed by adding to Secretary Morgen-
petroleum
thau's estimate of $965,000,000 for British dollar
asphalt, petroleum coke, and other petroleum prod-
receipts between Sept. 1, 1939 and Dec, 31, 1940,
2
1,
paraffin
63
(unrefined
wax
ucts; GQG
for liquified
Treasury have provided Britain with roughly $3,-
refined),
gasoline production equipment;
for
2
and
petroleum
Canadian gold production for the period of about
GQL 2 for lubricating oil production equipment, not
$290,000,000, augmented by other British output
GQT for tetra-ethyl lead production equipment.
follows:
Complaints have been renewed by American
that
porters
English
some
products, machinery, rubber,
have been offering
competitors
in
ex-
steel
and other lines
paper,
in Latin American markets prod-
added
of
$16,200,000;
reserves
British producing
and
The volume of British private security offerings has
Several Senators have
issues absorb most of the
in
plaints
the
Senate.
instance of unfair
the
was
pany
alleged removal of
Buenos Aires
a
receive payment.
papers
the
flagrant
paper com-
from the British blacklist long enough to enable
English supplier to bid for
an
particularly
A
competition cited by the exporters
purporting to
blacklist,
were
a
substantial order and
Details of the transaction, with
the temporary change in
prove
the
from
Conference
Chamber
July 2 that the British
of
of
are
Commerce,
American
stated
on
during the first six months of 1939
United
States
because
exporters
half
of
£57,145,000,
1937
Bank of England note circulation for the week
rose by £4,665,000 to £648,030,000,
the highest in the bank's history.
reserves
The
of
Call
The ratio of
to liabilities increased from 16.7% to 17.4%.
London
money
market
money
continues
is readily available at 1%.
easy.
Bill rates
are
are
prior
months bills at 1 1-32%, and six-months bills at
raw
lease-end requirements, and observed that a number
1 3-32%.
of coincidences indicate that business secrets obtained
through the British censorship
were
and 1938 they
amounted to £100,000,000 and £74,000,000. •
while for the first
substantially unchanged, with two-months bills at
1
1-32%, three-months bills at 1 1-32%, four-
managing to get
materials for the Latin American market which
denied
corn-
pared with £1,028,000 in the last half and £3,068,000 in the first half of 1940.
Private offerings
tevideo, John S. Kemper, former President of the
States
year new
private financing amounted to only £1,280,000,
ended July 9
Organizations of Business and Production in MonUnited
Government
as
capital available for
new
In the first six months of this
investment.
forwarded to Washington officials
by the unsuccessful United States bidder.
Returning
less important
of
output
dwindled to negligible proportions,
com-
is
areas.
from the United States under the lease-land program,
promised to discuss these
which
to
as
$90,-
than $500,000,000 for sales in reduction
more
British
Australia,
$865,200,000;
India,
British
000,000;
similar in character to those England is getting
ucts
Africa,
The Canadian dollar is
relatively firm.
Announc-
being passed
ing preliminary figures placing Canadian national
along where they would enable the British to main-
income for 1940 at $5,430,000,000, the Bank of Nova
tain their
foreign trade.
were
He said that there is
an
Scotia
on
oversupply of tonnage to meet shipments between
income
South America.and Europe, and that South Ameri-
a
cans
find it hard to understand why some of that
shipping is not taken for
ships
badly needed to
so
Dominion
about three times
are
use
rather than the
the outlay for the fiscal
their trade with
the national income will be used to meet
war
complaints will be fully considered
significance will be given to such instances
than the facts themselves merit.
ency on
requirements of $2,650,000,000
year
1940.
About 35% of
However, the report points out, "the
While all specific
further
reach $6,000,000,000 in 1941, assuming
5% rise in the general price level.
carry on
this country.
no
July 8 estimated that Canada's national
may
There is
no
tend-
the part of the injured exporters to read into
far been financed mainly by
a
costs,
war
war
has thus
pronounced increase
in the national production and income, which has
been sufficient to provide for the war effort and to
leave even more than formerly for civilian consump-
the reported cases a deliberate or general policy of
unfair competition.
Britain's need for foreign trade
tion.
In the past fiscal
some
$1,200,000,000 larger than
is
while the increase in the Dominion's outlay caused
widely and sympathetically understood and the
British devotion to fair
play is relied
upon
to punish
individual offenders.
by the
war was
year,
the national income
before
was
war,
about $1,000,000,000.
Canada's favorable balance of trade in
Goods sent from New Zealand to Britain for trans-
the
$34,566,669, compared with $12,156,631
May
was
in April,
shipment will be liable to seizure unless exporters
and with $10,226,810 in May, 1940, according to the
first
Dominion Bureau of Statistics.
obtain
measure,
announced
to control
Gold
licenses
shipping
on
from
Great
Britain.
The
July 6, is due to the necessity
space.
purchases from foreign countries increased
the monetary
more
gold stock of the United States by
than $4,000,000,000 to $22,000,000,000 in
1940,
according to the annual report of the
governors
of
The premium
on
United States silver has been raised from 7% to
10%, in view of the increased cost of shipping coins
back to
same
the United
States silver
includes
as
bills,
redemption.
States for
premium is therefore
now
for United States
travelers'
The
in effect for United
checks,
currency,
bank
which
drafts
and
Volume
similar
instruments
expressed
in
United
the
Montreal funds
discount of
ranged during the week between
11%% and
The amounts of
follow
Americans in
States
dollars.
a
a
United States
weekly statement of the
Department of Commerce and
allowed
25
cover
are
for
GOLD IMPORTS AND EXPORTS JUNE 26 TO JULY 2, INCLUSIVE
.
Imports
.
Refined bullion and coin
personal
of living and the reduced
cost
instances, since Americans are
many
forbidden to leave the country.
French
Detail
of Refined Bullion and Coin Shipments—
Canada
Mexico
\
.....
.....
under earmark at the Federal Reserve banks remained
un¬
changed during the week ended July 2 at $1,916,785,900.
on
Saturday last
was
$4.03@$4.03% for bankers'
On
sight and,$4.03%@4.03% for cable transfers.
Monday the
range was
$4.03@$4.03% for bankers'
On
sight and $4.03%@$4.03% for cable transfers.
Tuesday
cable transfers
were
day bankers' sight
transfers
were
was
was
$4.03@$4.03% and cable
On Thursday the
$4.03%@$4.03%.
and
On Friday
$4.03@$4.03% for bankers' sight
was
range
$4.03@$4.03% and
$4.03%@$4.03%. On Wednes¬
sight
bankers'
$4.03%@$4.03% for cable transfers.
for cable transfers.
at
Commercial sight bills finished
$4.00; 60- and 90-day bills are no longer quoted.
Continental and Other Foreign
Exchange
THE foreign-owned property in the United States
July 14 deadline for filing census reports of
all
has been extended to Aug. 30.
copies of the
new
It is understood that
provided,
Department
about
July
is to
be obtained from the Treasury
may
and from Federal Reserve banks by
20.
relates not only to
The census
property in the United States
and nationals subject to
belonging to countries
freezing control but to all
other countries and nationals
as
well.
Most of the
foreign business involved is handled by New York
The information
banks.
naires will be studied
dence
Axis
of
supplied by the question¬
by Treasury officials for evi¬
accounts of
the
of applications
for
interlocking and hidden
nations.
Large numbers
withdrawals from "frozen" accounts continue to be
received
daily by the New York Federal Reserve
Bank, mostly for trade
transactions and refugee
in
a
German military
authorities in Paris announced on
July 7 that bank accounts in occupied France
or
of
companies with United States head¬
blocked in reprisal for the block¬
ing of German accounts in the United States. Banks
ln the occupied zone have been ordered to refuse
quarters have been
American individual or
company accounts, except in the case of American
diplomatic and consular officials and Americans
living permanently in France prior to June 17, 1940,
who will be permitted to withdraw stipulated monthly
sums for living expenses.
Similar retaliatory mea¬
payment on checks drawn on
sures
to
war
organizations.
of
variety
large
a
costs and public works are
Under the
of
new
the
Vichy banking decree of July 6,
and credit policies of
management
both domestic and foreign
banks will be exercised by
The Finance
the Bank of France and the Treasury.
Minister
minimum
will fix
and will ordain
a
form for
for capitalization
sums
publication of periodical
The six-member banking organiza¬
balance sheets.
tion
carried
separate budget.
control
committee will itself be under the
supervision
president of the committee, the governor of
of the
and the director of the Treasury.
the Bank of France,
Russian
gold production is placed unofficially at
$210,000,000
a year, so
that dollar payments could
readily be provided for any Russian purchases of war
materials in the United States,
provided the metal
could be shipped.
United States gold
Russia in 1940 were only $30,850,598.
imports from
The British
Ministry of Economic Warfare announced on July 9
that some military equipment is already on the way
to
Russia and that Britain has
ments to
completed
arrange¬
supply Russia with large quantities of war
materials.
.
>
.
—«—
EXCHANGE on thefeature. American July 9 press
Latin At his countries is
without especial
conference Federal Loan
have^been taken in Germany and Italy.
jAdministrator Jesse Jones
said that the Latin American countries are
their
loans
Thus,
on
payment
purchases
and
repaying
of increased
because
requiring fewer loans.
are
May 6 the Bank of Brazil completed re¬
of
$19,200,000 loan made two years
a
total
The
before.
schedule
on
United States
loans
made
to
the
southern
republics by the Export-Import Bank do not amount
$100,000,000,
to
countries have
he
said,
while Latin American
credits here of nearly as much on
trade balance thus far this year.
President of the
Warren L. Pierson,
Export-Import Bank, said that a
$10,000,000 loan is under negotiation
and
requirements.
Americans
1941 ordinary
97,000,000,000-franc
form TFR-300, on which detailed
information concerning such foreign accounts
be
total
the
subsidies
the range was
$4.03@$4.03% for bankers' sight and
$4.03%@$4.03% for cable transfers. Closing quota¬
tions on Friday were $4.03 for demand and $4.03%
agri¬
budget, 15,000,000,000 francs are allotted for State
Liquidation of
Referring to day-to-day rates, sterling exchange
found in fishing and
occupations.
Of
25,637
...
Chiefly $373,413 Canada; $122,608 Peru; $1,824,819 Philippine Islands;
Gold held
cultural
-
131,053
....
New Zealand..
collaboration is
383,068
...
British India.
*
Similar
$2,525,437
filling
are
by the German authorities.
Nil
$5,731,840
zone
requirements, with raw materials
and markets furnished
Total
occupied
the
plants in
orders for German
3,065,195
may
exchange will compel a reduction in living
of
rate
Families
1
expenses.
business and to pay debts. The
made to carry on
rapidly increasing
Exports
*$2,666,645
Ore and base bullion
to receive only 18 lire to
are
10,000 lire monthly and arrangements
standards in
the week ended July 2, 1941.
Italy
dollar, instead of the previous "miste" rate of
draw up to
discount of 11%%.
gold imports and exports which
taken from the
are
145
The Commercial & Financial Chronicle
153
that
obtain
an
granted.
with Chile,
the Colombian Government is trying
increase in the $6,000,000
to
credit previously
Colombia coffee exports for the fiscal year
a peak in the history of the industry
1940-41 reached
of
4,401,289 sacks, of which 4,000,000 went to the
The Cuban Congress at the special
United States.
session called for
July 14 is expected to authorize a
$25,000,000 loan from the Export-Import
Washington.
Bank at
Additional taxes and a revised bank¬
ing and credit system are expected to
meet Cuba's economic crisis.
United States exporters are
ment of Commerce
be adopted to
looking to the Depart¬
for assistance in complying with
the June 14 Executive order
requiring those transact-
The Commercial & Financial Chronicle
146
July
ing business with nationals of Continental European
in
countries
dates of most recent statements,
obtain
to
Department.
stood to have
from
the
Treasury
The Commerce Department is under¬
list of Latin American
a
pro-Axis sentiment.
Secretaries
to
licenses
On July 9, in
and
Hull
a
companies of
letter addressed
of the
Jones,
State and
the
principal
special cable yesterday
shown for the
Banks of-
1941
Germany
Spain
for the guidance of clients engaged in Latin American
trade.
Argentine
unofficial
pegged
is
closed
at
market
peso
The Argentine official
The
29.78.
at
free
or
closed at 23.86, against 23.85.
peso
5.15, against 5.15.
Brazilian
milreis
Chilean exchange is
<97,714,000
Nat. Belg'm
132,857,000
84,758.000
63,667,000
16,602,000
The Chilean
export peso is nominally quoted at 4.00, reflecting
the reduction ordered
May 29 in the cash value of
on
Peru
The Mexican
peso
41,505,000
93,690,000
98,764,000
34,167,000
.
6,505,000
6,505,000
6,667,000
698,081,392
700,216,622
698,058,627
700,090,707
_
Norway
Prev. week.
Note—The
war
In
of the
86,730,000
25,831,000
6,549,000
6,660,000
7,442,000
6,002,000
880,125,593 1,032,748,169 1,072,217,205
867,724.835 1,032,227,351 1,086.657,477
Europe has made It Impossible to obtain up-to-date reports
countries shown In
this tabulation.
Even before the present
regular reports were not obtainable from Spain and Italy, figures for which
of April 30, 1938, and March 20, 1940, respectively.
The last report from
France was received June 7; Switzerland, Oct. 25; Belgium. May 24; Netherlands,
many
war,
as
are
May 17; Sweden, May 24; Denmark. March 29; Norway. March 1 (all as of
Germany, as of July 11. 1941.
*
Pursuant to the Currency and Bank Notes Act.
1940>
1939. the Bank of England
statements for March 1, 1939, and since have carried the gold holdings of the Bank
at the market value current as of the statement date. Instead of the statutory price
which was
formerly the basis of value
On the market price basis (168s. per fine
the Bank reported holdings of
£1,943,734. equivalent, however, to only
£982,946 at the statutory rate (84s. 11 Hd. per fine ounce), according to our
calculations.
In order to make the current figure comparable with former periods
ounce)
well as with the figures for other countries In the tabulation,
show English
we
holdings In the above in statutory pounds.
y
The Bank of France gold holdings have been revalued several times in recent
years: on basis of latest valuation
EXCHANGE on the Far Easternthe Japanese
countries is quiet.
The advance last week in
yen
23.62
83,598,000
6,555,000
Gold holdings of the Bank of Germany as reported in 1939 and since Include
..deposits held abroad" and "reserves In foreign currencies '
—*—.
to
107,305,000
72,588,000
29,174,000
6,539,000
x
nominally quoted at 20.70, against 20.70.
from 23.48,
87,323,000
25,232.000
103,824,000
6,607,000
Denmark
as
against 15.75.
63,667,000
25,232,000
123,435,000
81,027,000
23,400,000
96,333,000
327,354,426
296,117,329
2,481.450
about
the United States dollar from 31 to 25 pesos.
is nominal at 15.75
63,667,000
17,440,000
97,714,000
132,857,000
41,994,000
Switzerland
Sweden
from
327,393,960
293,728,209
2,522,000
and
nominally quoted at 5.17, against 5.17.
is
Netherlands
1937
141,346,659
311,709,184
3.827,750
*812,076
242,451,946
3,867,600
63,667,000
3,882,500
1938
1939
*982.946
x_
Total week.
The
are
£
242,451.946
France y
Italy
fidence to leading banks and commercial organizations
by
us
(Friday); comparisons
1940
England
Reserve System, the Merchants Association of New
con¬
of respective
as
reported to
corresponding dates in the previous
£
Chairman of the Board of Governors of the Federal
requested that such lists be supplied in
1941
four years:
Commerce Departments, and to Marriner S. Eccles,
York
European banks
12,
tu.ed March 7. 1940, there
to March
7, 1940, there
ber. 1936, as few
as
are
were
(23.34
mg.
gold 0.9 fine equals
one
franc), in«ti-
British statutory pound about 349 francs; prior
per
about 296 francs per pound, and as recently as Septem¬
125 francs
equivalent to the statutory pound.
were
For deta«*»
of changes, see footnote to this table in Issue of July 20, 1940
the rate prevailing since Oct. 21, 1940,
cents,
partly accounted for by the
was
extension of the
"concentration account" to
Leading by Indirection
dollar
exchange.
Very early in 1940,
or
perhaps it
in 1939, two
was
Currency circulation in Japan has in¬
creased 27.8% in the past year and prices continue to
members
rise.
traveling here and there throughout the country,
The Cabinet is
endeavoring to effect economies
and increase revenues,
trends.
Masatsume
tion of War
in
an
effort to check these
Ogura, Minister for Coordina¬
Economy, is demanding increased
pro¬
duction
and greater national
self-sufficiency, and
higher taxes and enforced savings to withdraw
urges
excess
with loss of
expenditures, have caused
tion in China reflected in
yuan
from 29 cents
as
revenue
steady
a
and heavy
infla¬
currency
depreciation of the Chinese
of July, 1937 to a low of about
4Yi cents in May, 1940, according to recent figures
in
the
United
States
Department
of
Commerce
publication, "Foreign Commerce Weekly."
is
further
East and
different locations in the Far
by the competition of Japanese-controlled
"Chinese currency."
credit
The $50,000,000 stabilization
granted to China by the United States last
year was
extended
on
July 2 for another
Chinese Government announced
preparing to
1922
Trade
hampered by discrepancies in value of
Chinese currency at
open
on
The
year.
July 7 that it is
negotiations with all signers of the
Nine-Power
treaty,
abolition of extra-territorial
except
Japan,
for
the
rights in China. Citizens
of
Britain, the United States, Japan, Peru, Sweden,
France, Brazil, and Switzerland now enjoy extra¬
territorial
rights under which they
courts of their
own
against
may
be tried in
23.60
on
yen
checks
on
Thursday of
Friday
last
were
week.
upon
every
only
He had
1941 to 1945.
only perfect leader, the indispensable
moreover,
who,
as
fine ounce)
and
He
wras,
membership in
a
the
in America whom the most hopeful
only
man
nominally Democratic Cabinet and
imagination could expect to retain either in such
capacity.
An avowed
the
candidacy, at that time,
the part of
on
President, would have been confronted by his¬
and
toric
political difficulties that
parently, hesitated to encounter.
the end of
beginning,
corded
upon
a
a
he,
He
second term of four years
no
President had
ever
second re-election.
quite
was
ap¬
nearing
and, from the
sought
or
been
ac¬
The Democratic party,
the favor of which his undoubted aspiration to
remain in office must
depend, had always demanded
limited tenure of all public offices, especially in the
case
of the
Presidency, and most of its active leaders,
the
Vice-President
General, in his
own
openly opposed to
when
Cabinet,
and
were
third term.
a
engineering
but
a
effort, especially
United
ordination
even
as
States,
to
the
unalterably and
There
was
personal appointees
upon
is
so
exclusively
President whom
also
and
for devoted
cannot
one
they
ever
genuine independence in
real significance.
Postmaster
the status of Cabinet officers, in
the most ignorant
to act with
the
candidacy of indi¬
political dependents could be relied
the
per
one
incongruity of choosing two former Republicans for
none
statutoryl'rate, 84s. llj^d.
the
man.
candor must admit, the only leader
as
rection,
British
the
President, could have conceived the novel
Hongkong closed
THE following table indicates the amounts of gold
bullion (converted into pounds
sterling at the
was
become, in the view of these
and Secretary of Agriculture Wallace,
at
Gold Bullion in European Banks
convenient public occasion
leaders, Secretary of the Interior Ickes
in
against 30.31; and Calcutta at 30.31, against 30.31.
began
in America fit to hold the Presidency from
man
embarrassment
at 24 9-16, against 24 9-16; Shanghai
5.40, against 5.50; Manila at 49.85, against 49.85;
Singapore at 47J^, against 47J^; Bombay at 30.31,
Cabinet
exist, their titular chieftain, the President,
including
nationals.
Closing quotations for
23.60,
proclaiming
Roosevelt's
that, under the exigencies which they declared to
soi-disant
from circulation.
currency
Four years of war,
President
of
of sub¬
serve
suppose
any
that
them
matter of
As members of the official family
Volume
of the
The Commercial & Financial Chronicle
153
President, functioning principally
fidential advisers and agents,
subservient
There were,
however, but two alternative
consistent with determination not to
1
con¬
retire from office.
or
Presidency.
his
as
they must always be
courses
surrender the
Either candidacy must be avowed and
third nomination must be invited by adroit
open or a
subterfuge and persistent tactics of indirection.
"draft-Roosevelt"
the
and Wallace,
Ickes
Messrs.
office-holders
movement
and
acted with them,
who
not
was
directly concerned,
was
York
special dispatch to the New
a
"Times," these limitations
successful
most
groups
pressure
support of this measure is that of the Price Adminis
trator
himself, but he is, owing to the fact that the
office
which
Executive
he holds is
Order, in
a
flying of trial balloons in the field of price-fixing,
Leon Henderson
the
Before
would be found flying any of
never
The President has not
them.
another Cabinet officer and his
idea" he has finally come
Throughout that
cam¬
the words and actions of his real and
volves
disavowed.
indirection prevailed.
'<
Some
cluded
■
?i:>
either
were never
know, he
tactics
he has
as
soon
possible to achieve,
as
among
others, three results, not one of which he has
announced as among his policies.
That is to
thought that he desires (1) to
sional
providing
enactment
control
con¬
of
(2)
prices,
to
general
his
remarks,
Federal
utilize the Navy of the
the United States
of
to
war
Britain.
Press representatives at
President
the
tained
by the President,
committed to
entertains
he is
far technically
so
of them, and it may
none
none
actually be enter¬
of them.
be that he
But, if he actually enter¬
tained them all, and had determined to pursue
and every of these purposes by tactics
substance with those with which he
his Cabinet and his
would
not
now
looking
to
well
as
his
own,
different from the
daily accumulating.
measure,
Price Administrator, who
the
very
as
"Sun"
cleverly
in its present status,
trial-balloon being flown over Washington by the
authority of
on,
is presently without legal
the President thoughtfully
presumably in search of the reactions of
The proposal,
bystanders.
fix "all
sort,
any
war.
as
it
now
stands, is
prices of commodities, great and small,
care
About the
trophe and
a
Hyde Park, where
forthwith
resting at that time,
to make any
comment, except that
same
time, he undertook to explain
a
pious hope to avoid catas¬
confident assertion that such avoidance
is in prospect.
According to
his present recollection,
it would
that he could have had no confidence in any
assertions during the 1940 campaign.
The
appear
recollection
subordinates,
depicts the price-fixing
as a
third-
was
the difference between
such
of the Baltimore
cartoonist
The
a
its ships
hopes that the Nation can be kept out of the
the Presidency, and successfully
be intrinsically
record that is
he still
identical in
pursued
use
public policy, only to be told that Mr. Roose¬
re-election, the public record of
term nomination for
attained his second
each
June
sought his views concerning Secretary Knox's asser¬
velt did not
not
ought immediately to
on
insisted that
clear the Atlantic of forces inimical to Great
destroy the Government of Fuehrer Adolph Hitler.
may
Conference at Boston,
the Governors'
participation, naval and military, in the effort to
purposes
the content of
to become wholly silent, spoke
say,
Atlantic, and (3) to commit this country to full
three
or even
30, and in specific and forcible terms
tion of
These
he would unquestioningly obey
1936,
directions from the latter to modify
to
United States to aid the British forces in the battle
of the
loyalty to the President whose election he
opposed in
ever
secure a congres¬
for
Secretary of the Navy Frank
;
so
extreme
'
suspect that President Roosevelt desires,
and intends
it is
of
in the Atlantic Ocean in¬
larger number of actors but the method is
amenable to Presidential discipline that
confided recently to close friends that, in his
Knox,
Americans, at the present time, have
or
a
essentially identical.
men
The
all
as
re-elected.
and
re-nominated
was
But,
unde¬
Zig-zagging towards further use of the Navy in
;
aid of British operations
or
some
congressional action with equanimity.
paign the President continued to maintain silence,
tacitly acknowl¬
newspapers
"a bit 'bearish' on the
to the point at which he
contemplate the general notion of
can
fined sort of
ingless formality of words, but it had sufficed for the
percolated to the
although originally
that,
a mere mean¬
word has
the
House
recognized agent in
Chicago, the pretense had dwindled to
from
spoken in the premises,
the vicinity of the White
somewhere in
but
avowed
creation exclusively by
peculiar and extraordinary
a
extent, the President's man, and the conclusion is
unavoidable that if Mr. Roosevelt did not desire the
adjourned, with the
edged agents and representatives
operating at the
So far the only complete commitment in
Capital."
yice-Presidential nomination dictated by the Presi¬
dent in person, over a private telephone wire from
the White House and through Harry L. Hopkins,
pre-Convention campaign.
nothing but
are
tactical, to avoid incurring "at the outset, the enmity
of labor and the farmers, two of the strongest and
ignorant and
even
Democratic National Convention
ledge, expressed in
the candidate
candidacy.
his
to
as
subordinate
maintained to
the end the transparent pretense that
uncommitted,
and
originated
many
So
147
omitted.
of most voters is
that they
were
not
So the record stands that a Cabinet officer,
President, has
controllable if not controlled by the
publicly and upon a significant occasion, declared
that the public interests of the country require action
that his Chief is refraining from taking and that would
inevitably have consequences which the
continues to
ably
"hope" to avoid.
contumacious,
this apparent
criticism by
subordinate in the official family is
regarding it
as
precisely
on a
President
Upon its face inexplic¬
a
rationalized by
level with the Ickes and
pre-Convention pronouncements in favor
the third term.
Oddly enough, moreover, the
Wallace
wholesale and retail, as of a certain date," not yet
of
disclosed, and to do this for the entire country, while
present experimental
similarly restricting rentals within
mental, was launched at a moment
held,
by the
President,
national defense.
to
only the
areas
affect materially the
But there is to be
no
inclusion of
wages nor,
at least until further general advances in
the prices
of agricultural products have been regis¬
tered,
are
the prices of such food products to be
subjected to regulation. In the view of Turner Cat-
declaration, if it was experi¬
when the ap¬
parent need to clear the ocean of impediments to
British shipping was greatly diminished, as com¬
pared with the condition of about six weeks earlier,
when tonnage losses were averaging substantially
10,000 tons a day.
diversion of energy
Now, probably on account of
and forces for the purposes of the
The Commercial & Financial Chronicle
148
Russian
campaign, these losses have fallen to
construction
while
daily tons,
proximately 6,000
our
ap¬
ship
own
alone will, at its full stride,
program
defeat
July 12, 1941
Germany in this
declares, "we shall need
tinues
"Undoubtedly," he
war.
long enough and I have
quite materially exceed 10,000 daily tons.
However, it is
"Why," pertinently demands Arthur Krock, inJ
his column in the New York "Times," "does a
dent
to the
unequivocal view
any
suitable and available for the
In his
public utterances he observes
Secretary of the Navy, strong in favor at the White
United States.
always at least
force, that the high policy pursued by the President
strategist, he invariably keeps
hesitates, at peril to the national security, before the
of retreat.
which obviously
steps
complish that policy when it
barked
upon?"
But Mr.
required to
were
framed and
was
Willkie,
observed with considerable
Chicago convention, to which
we
em¬
doubtless
who
the
care
ac¬
the
of
course
referred at the be¬
ginning, promptly followed Secretary Knox's decla¬
ration by
the
announcing his belief that "before long
ployed
in
support
munitions
destined
However, the
of the
this
from
President
of
movement
overseas
England.
country to
remains publicly
uncom¬
of the rules of
one
great military
a
his verbal line
open
Possibly the hour will
connection with the 1940
it
come, as
came
in
nomination, when he will
softly accept the situation he has long envisioned and
has seemed to
plan for and to desire, but it is still
possible that the preponderating public opinion in
favor of peace
and against intervention
insure
may
its avoidance.
Without the calamity of war,
now
great force of the American Navy" will be de¬
as
course
practical
House, point out, week after week, and with growing
grave
war con¬
doubt it will."
no
yet impossible to quote the Presi¬
as
plainly expressing
as
if the
manpower
during the 11 deficit
spent,
July 1, 1930, the
of which
tion,
the United States has
enormous sum
only $47,000,000,000
of $82,000,000,000,
raised by taxa¬
was
debt being increased to about
Federal
the
beginning with
years
mitted, except in bold and oracular generalizations
$48,500,000,000.
admitting of widely variant future interpretations.
it has
provided for spending during the next three
years,
for military and naval
United
States
Senator
speaking
Minnesota,
Henrik
Shipstead,
constituents,
to
pendence Day, told them that: "Almost
in
Washington
told by
we are
who
men
shooting.'
close to
some
'starting the
The President has not repudiated these
And
war-makers."
the
day
every
are
the President that he is anxiously waiting for
'incident' which will give an excuse for
of
Inde¬
on
Captain
James
Marines, the President's eldest
by those acute observers
Roosevelt,
of
is reported
son,
the inside in Wash¬
upon
ington, Messrs. Drew Pearson and Robert S. Allen,
recommending immediate belligerent action by
as
the United States lest this country find itself alone
the
in
contest.
They summarize
his
for
reasons
urging prompt intervention with armed forces
follows:
"For
if
Germany's
advance
into
Russia
continues, the British Government will face
mendous
An
wave
of
observation
William
L.
as
a
tre¬
appeasement sentiment within."
which
yet greater
almost
certainly be
of
naval
operations
be
certain.
of
of the
prime
reasons
was
why the British"
before the bombing
London, declined to accept the
they might have negotiated.
son
may
George
class.
the
not
C.
settlement
peace
which
The President's
be wholly controllable, but
Marshall is
not
He is the President's
in
the
General
uncontrollable
Chief of Staff, and as
highest military officer under the Commander-
in-Chief,
can
speak
no
word
public
upon any
or
mili¬
than
more
ship to be
away
that
definite.
an
can
war
for
an
predict to
expenditures
or
treble the
the
citizenship of
well ask of the titular leader
indecisive and halting leader¬
They would wish that leader¬
from warfare, but in
should
it
belligerent
if there is to
operating
one
circumstances
ship of indirection.
be
plain,
any
event they
unequivocal,
and
••
dignity
it
one
to that time, which
these
In
something
tices of
more
in contemplation is only too
now
the United States might
The
no
these
aggregates
$50,000,000,000
Britain is
up
land force
If
That they would double
rise.
desire
much
period in Europe,
immense
may
Government.
supervene,
expeditionary
an
indefinite
what
addition to the interest-bearing
an
Federal
the
through
had,
alone, the
of approximately $50,000,000,000.
sum
debt
July 21, 1940, in his
"Berlin Diary" that: "Roosevelt's
support of Great
on
purposes
war,
Every dollar of the great amount last indicated will
brings down to date what
Shirer wrote,
Still without the calamity of
more
of
a
than
a
self-governing people,
century and
a
trained
half in the
prac¬
representative democracy, cannot be satisfied,
ought not to be satisfied, by
any
leadership which
conceals facts and intentions and attempts to inspire
prejudiced
and
passionate emotion where frankness
or
candor,
with
common
council,
would
create
comprehension and enlist reasoned support of
rantable
as
well
war¬
policies, however costly in blood and tears
as
in
material sacrifices.
living under democracy, will
less than candor from the
Men, worthy of
never
be contented with
public officers who have
tary matter of policy that exceeds his authorization
become
from
they will
never
pressure
of events produced and manipulated by
the
although
latter.
again
Hence,
the
it
is
highly
Administration
important,
sidesteps
a
recognizable responsibility, by asserting that imme¬
diate enlargement of
existing authority is not de¬
subtle
tain ends
not
removal of the restrictions
obstruct
require release of the drafted
United
and
limitj their service to
and
States territory and possessions and to the
Western
Hemisphere.
eral, Sir Archibald
P.
less will
at the end of their
men
first years of service and that
Meanwhile, the British Gen¬
Wavell,
expresses
his
own
in
beyond its just purposes or content, much
they tamely surrender to emotional appeals
supported by established facts and intended
1932,
direct."
that
with cooperative naval
action, will
never
even
suffice to
Roosevelt's
"methods
are
not
time, and the occasion has arisen,
when the public demand for directness, precision,
irresistible.
supplies,
Mr.
It is
and candor in
and
to
queens,
presidents," writes Louis Fischer, "are human,
may be
petty."
Walter Lippmann declared,
ships,
munitions,
"Statesmen, and kings, and
reason.
conviction that American assistance in the form of
armaments,
and servants,
consciously submit to be led by the
misapplications of conceded authority to ob¬
manded, that General Marshall, upon every possible
occasion, is strongly recommending and urging the
that, if they remain, will
temporarily their delegates
unlimited
the highest
T^he
place, ought to become
American
right to develop its
public
own
possesses
the
policies, to demand
Volume
and
The Commercial & Financial Chronicle
153
their
enforce
observance, to judge its titular
leadership and to reject
To
mendations.
to approve its recom¬
or
those ends it is entitled to
serve
for labor in construction and
ment work at the bases will be so
develop-,
large and be sup-"
ported by the extension of such terms to the local
entire confidence
full and detailed information and
the demand
149
and candor from its leaders.
supply
and
to do much to alleviate the unemployment
as
poverty which has long existed there and has
lately been intensified by war conditions.
*
Jamaica
?
•?<;.:■
■
■
According to the figures given out last February,
largest aggregate area taken under 99-year lease
the
by the United States for bases in eight British colo¬
nies of this
the
hemisphere is to be in Jamaica, where
rights will
about 49 square miles. This
to'be leased in those
cover
is almost half of the total area
Jamaica occupies,
colonies.
in fact, an important
strategical position in the Caribbean defenses, com¬
Cuba and
Haiti, and being on the most direct route
from not
only
Atlantic coast, but also Europe,
Canal.
Jamaica is also centrally
our
Panama
the
to
Passage between
famous Windward
manding the
located with
respect to the other Caribbean bases.
Consequently, the apparent intention is to establish
in
Jamaica
supply depot for our naval
main
our
and air forces
In
operating in the Caribbean area.
addition, Jamaica will constitute a link in the chain
of
published at the time sites were selected last
November, the Jamaica lease provides for a fleet
anchorage and defensive battery emplacements at
and
Kingston
Bight—some
35
miles
the south coast—extensive land areas
and adjacent bays in and east of
on
Galleon Harbor—about 10 miles nearer
a
of about
tract
in the
as an
from
Island
Goat
on
Portland
near
one
Kingston—
mile situated 15 miles
square
this
in
auxiliary landing ground, and a
emergency or
States
center
also
was
resources
about 100
develop
to
Port
forces.
British
and
right
for the
Royal dock¬
control, for the joint use of
British
States
The United
acres.
the
granted
facilities
and
under
yard,
United
of
Moreover, the
in 1509.
The
the
use
authorities
of
capacity,
first
the
have
to
by each
the airfields established
controlling
the
call
on
available
the
Bight has several excellent anchorages
for moderate-sized vessels.
Kingston Harbor is held
to be one of the finest natural harbors
Its
total
is
area
approximately
from
end
the
also
of
the
across
seven
in
pleted
square
in the world.
miles, of which
miles have
square
seven-mile
a
Port
long
depth of
a
Royal, situated at
spit of land
narrow
harbor, and forming its natural mole, has
Extensive
port.
a
16
about
to 10 fathoms.
seven
1939,
improvements
whereby
the
were
com¬
channels
main
of
approach to Kingston and Port Royal
were
and
accommodate
the
Both these ports-
deepened.
largest units of
It
has been
our
evident
will have to
work
be
to
all
that
undertaken
in
great deal
are
otherwise
our
forces
order
purposes,
swampy,
to
con¬
the large
Moreover,
and will have to be drained
extensively developed if the health
and
the
efficiency of
apparatus there are not to suffer.
is the fervent
remain, beyond a place name or two,
of the 150 years
of Spanish rule, not only because
have
British
the
occupied Jamaica for
close
to;
three
centuries, but also because the Spanish did not
carry
out any widespread development* operations.
In
fact, the island became the monopoly of eight
of
families
noble
assumed
the* British
The chief legacy left by the Spaniards
the 1,500
of their slaves who
the eastern
mountains in
the
to
been
have
to
seems
and" when
Spain,
possession the total population was only
about 3,000.
part of the
island, and became known as the Maroons.
the
and
their slaves from among the more warlike
spirited of the African tribes.
continued to
Maroons
by
means
harass
Jamaica's colorful
rate, the
rounding them
up,
Sierra Leone.
history
only be hinted at
can
Hurricanes, earthquakes, slave insurrections,
well
and
any
of bloodhounds, and deported them first
to Nova Scotia and then to
here.
At
Jamaica until 1795,,
succeeded in
the British
when
as
Both
Spaniards and the Portuguese appear to have
selected
as
the Maroon wars,
and for the last century
half, economic difficulties have written many
a
of its
Jamaica also has known periods of
chapters.
considerable
The buccaneers enriched
prosperity.
it, making Port Royal their base of operations and
That port was likewise the headquarters of
important West Indian slave trade.
of slave
means
Later, by
labor, it developed a better balance,
nevertheless
but
our
At
defensive
any
rate, it
hope of labor circles in Jamaica that
ties
esoteric, prosperity in
the
as
sugar,
cof¬
leading distributing center and trade
depot of the Caribbean.
apogee
that
At
This prosperity reached its
in 1807, when the slave trade was abolished.
time there
lition of
were
319,351 slaves.
The abo¬
slavery then became the subject of heated
A bloody and destructive slave revolt,
controversy.
by Negroes who were said to be under the impres-.
sion
that
they were
being deprived of
a
legally granted them, took place in 1831.
other British
to
a
freedom
As in
possessions, slavery was legally abol¬
ished in 1834—the
plantation slaves being subjected
four-year term
The effect of the
of
regions around Portland Bight and Gal¬
leon Harbor
of
a
dockyard facilities at Port Royal.
the shore
con-,
of "apprenticeship" to their
masters, at the end of which 125,590 were freed.
leased, not to speak of the proposed expansion
of the
and
can
widened
fleet.
dition, for the intended technical
area
The British
slaves.
fee, pimento, ginger and indigo, coupled with activi¬
accommodation.
Portland
Negro
Treaty of Madrid in 1670.
the
limits
Columbus in
Spaniards exterminated the aborigines
Few traces
depot.
the
the Bermudas,
discovered by
quered the island in 1655 and perfected their title by
the
right to
was
Spanish Governor was appointed;;
introduced
and
military aircraft of both governments are to have
within
It
The first
1494.
after
hemisphere—ranking
Barbados.
and
interior, back of Portland Bight, to be used
recreation
of the oldest colonies of the British
one
Empire, though only third in seniority among those
took
staging bases for our patrol squadrons.
As
Jamaica is
agitation
was
long period of uncertainty and
such that most of the British home
government award to the former owners of £19 for
each slave
emancipated went to creditors.
ficulties of those of
mained
years
on
the
passed.
island
It
intensified
as
re¬
the
in the English market for some
with the products of slave labor elsewhere.
was
the
became
The dif¬
planters who
British legislation of the 1840;s forced
Jamaica to compete
years
the crippled
not until after the turn of the
century that
development of the banana industry, introduced
The Commercial & Financial Chronicle
150
by
began
American,
an
conditions,
improve
to
Later the British
Empire preferences, the special
trade agreements
with Canada, and the increased;
importance of the tourist trade had been of much
assistance in
However, even
improving conditions.
before the economic dislocations due to the present
the prosperity of 150 years ago showed few
war,
signs of returning, despite the considerable and in-
creasing effort of the Government to encourage, pro-;
mote and
participate in the solution of the manifold
problems.
The constitutional
one
history of Jamaica is
long
a
In 1662 Charles II
and of considerable interest.
granted a Constitution with a bi-cameral Legisla-
the British parliamentary system,
ture, based on
exercised
Council
The
had powers over
legislative,
executive
taxation and governmental expendi-
the
Individual members claimed
right to introduce
became
money
bills.
tribute
until 50 years
and
the British
to
later that
an
annual payment
an
reduced
to
The Assembly
In 1678 it
Crown.
of £8,000
vote
It
was
an
not
was
voted—later
condition that the
on
English statutory laws should apply to Jamaica.
After
the
abolition
economic
intense
of
slavery, and during the
depression
which
followed,
the
Assembly repeatedly made attempts to reduce the
number
the
of the
leading officials in the island, but
Council—composed of appointed members—re-
for
mental
financial
assistance
constitutional
people—only
registered
the home govern-
and
changes.
to
face
funda-
The Assembly had
one
person
out of every 229 being
After
voter.
various
a
constitutional
changes and the suppression of the Negro revolt of
1865 the Jamaican
1866 to
Legislature requsted London in
adopt such system of government for the
as
it
saw
fit.
Since then the fundamental
directives of the Jamaican
laid down
The
years
Government have been
Legislative Council of Jamaica has of recent
a
casting
vote), five ex-officio members, 10 appointed members, and 14 members elected on the basis of a franchise open to men over 21 and women over
ject only to
a
25, sub-
somewhat complicated qualification
really amounts to the equivalent of
ing about |2
a year
in taxes.
at the last election in
on
pay-
In spite of this low
limitation, only about 5% of the population
depending
were,
1935, registered voters, and—
the locality—only from one-fifth to
one-half of those entitled to vote exercised the franchise.
so,
Nevertheless, within the last five
or
con-
maladjustments, there has been
growing political consciousness and demand for
universal adult
suffrage
and economic reforms.
has made
a
years
perhaps owing to the depressed economic
ditions and social
a
as
well
as
other political
The Trade Union movement
headway, despite
an
abortive attempt at
general strike in 1938 and the imprisonment of
the union leader.
party
was
that
no
transfer of sovereignty could
pos-
In that year the People's National
formed under the headship of
a
of the islands,
Agriculture.
as
well as an Inspector General of
This recommendation
was
promptly
accepted and experts were appointed in July, 1940,
to fill these posts, the British Parliament having
voted to implement their activities with a grant of
£1,000,000 a year, of which Jamaica will presumably
get her full share.
'
;
The Home Government has, through its spokes-
Lord Moyne, accepted in principle
man,
of reforms with which Jamaica is
concerned.
Some of them, such
as
more
a
number
exclusively
the reduction in
number of the ex-officio members of the Legislative
by British Orders in Council.
consisted of the Governor (with only
but which
assurances
sibly be involved.
As an outcrop of the labor and other troubles of }
1938 the Imperial Government appointed a Royal
Commission in August of that year to consider the
situation not only in Jamaica but also in other
British possessions on this side of the Atlantic, and
its report was published in February, 1940. The Cornmission rejected the suggestion made to it for a
Federation of the British West Indian possessions,
with staff to plan and coordinate the development
on
compen-
pressure
during the hard times lost its prestige with the
island
possible interference by us in local economy or
political affairs.
The last preoccupation seems
somewhat superfluous, in view of the announced
any
debacle of the middle of the nineteenth
century, Jamaica had to call
ment
(it includes in its sphere
but recommended that the Home Government, at
its expense, appoint for that area a Comptroller
Later, under the increasing
economic
Indian National Council
British Guiana and British Honduras) for the protection of the native population. This Council has
manifested much interest in the leasing of bases by
the United States, and is proposing to do what it
can to prevent any possible step it may discern
of the
jected all proposals for dismissals without
sation.
requirement "at least two-thirds of the total de¬
posits shall at all times be invested in the public
securities of the United Kingdom or of any British
Dominion or Colony (other than Jamaica)."
This new party joined in a movement of West
Indians, originating in New York, to form the West
towards racial discrimination or segregation or the
agreement was reached
£6,000—but only
ship of sugar factories, and other planks of a socialistic order. It has undertaken also the task of
criticizing Government policy, as for instance the
failure of the Savings Bank bill to change the old
importation of foreign unskilled labor, as well as
began a long controversy by refusing to
annual
Its program includes a high degree of selfgovernment, universal adult suffrage, State owner-
lawyer.
exercised
and
jealous of its privileges.
very
July 12, 1941
House of Com-
tures similar to those of the British
mons.
and
The Assembly of 30 members
judicial functions.
'I
prominent
Council, the understanding that its appointed
bers "will vote freely according to their
victions," and the provision that it will be
presided
over
by the Governor, but by
a
mem-
own conno
longer
Speaker for
the present to be appointed by the Governor but
eventually to be elected by the Council, subject to
the approval of the Governor, are conditional upon
the acceptance by the Council of
an
extension of
the powers of the Governor in amplification of an
existing, but vaguely defined principle to, in effect,
enact legislation ex motu proprio if he considers it
"in the interests of public order, public faith or
good government," and the Council has refused to
pass
it.
scope
It may be added that without limiting the
of the interests referred to and perhaps not
forgetful of the old Assembly's
moves
pointed officials, Lord Moyne included
against
ap-
among such
interests "the responsibility of the Colony
as a corn-
ponent part of the British Empire and all matters
pertaining to the appointment, salary and other con-
ditions of Service of any public officer or officers."
Other proposed reforms such as the radical recon-
Volume
of the
struction
increase of its
of
Legislative Council, including the
membership to not less than 40 and
doubling
approximately
elected
151
The Commercial & Financial Chronicle
153
members,
apparently
the
premised
are
very necessary
the acceptance
upon
products for export.
For
of
number
present
changes in the present
processing and manufacturing the agricultural
with
the banana industry has had a
many years
preponderant role in the economy of the island, and
has been the basis of what prosperity it has had.
antiquated system of local government, and upon
In 1938—the last full pre-war
the
sented about
taking of a census—the last having been had in
To the
1921.
ment
surprise of
the Home Govern¬
many,
accepted the principle of universal adult suf¬
exports went in the form of bananas
the total 1938
United
the
About 49% of
proportion was 51%.
1939 the
In
year—bananas repre¬
60% of the total value of the exports.
where they
Kingdom,
frage, to go into effect for the election of members
to
of the reconstituted Council after the powers
receive
Empire tariff preference.
Governor have been extended and defined
mentioned.
.:
Jamaica, with
not
quite
Connecticut.
Its extreme
length is 144 miles and greatest width 49 miles.
island is very
of
1938,
small
there
acres, ap¬
on
This figures out at
1,173,645.
was
about 258 per square
lated area,
2,848,160
about one-seventh, being
or
The estimated population, as of the
ground.
close
total of
a
proximately 413,440,
level
The
mountainous, especially towards the
end—out of
eastern
mile, indicating a thickly popu¬
especially in view of the fact that only a
The 1921 census reported that
part is flat.
then
were
14,476 white, 157,223 colored, 660,420
18,167 British Indians, and 3,696 Chinese.
black,
is
an
The next largest buyer
Canada, which pursuant to a Trade Agreement
of
special
steamship service to carry regular weekly supplies.
The marketing of the banana is controlled by three
companies—The United Fruit Co., The Standard
Fruit Co., and the Jamaica Banana Producer's Asso¬
has
of 4,540% square miles, is
an area
large as
as
above
as
J
'
•
:
of the
granted the Jamaican banana a preference
count bunch, and organized a
50 cents per
In 1936 after a careful
governmental in¬
vestigation they were allowed to
make a ten year
ciation.
whereby the growers receive payments
agreement
based
The
prices.
has been, through its Depart¬
Government
Agriculture, active in endeavoring to solve
ment of
the
the actual realized
on
problems which have arisen, including
Panama disease and the
various
the serious inroads of the
The De¬
Spot.
by the Cercospora Leaf
Many emigrants returned to Jamaica during the
infection
world
partment believes that a neAV variety of seedling it
has developed will successfully resist both diseases.
depression.
The climate varies
tude.
markedly according to the alti¬
Tropical at sea level, sub-tropical at mid ele¬
vations, and temperate in the higher reaches, the
does
temperature
6
to
is
climate
16.3.
The
in
vicinity
the
general health con¬
(15.3 per thousand)
rate
on
In 1938 it
record.
was
being
parish of Clarendon the island
divided into 14
The
summer.
The Government has long
the lowest
was
and
improving
of
death
The
ditions.
in 1937
than 5 degrees
more
winter
lagoons.
point
a
vary
healthy—except
very
of swamps or
made
not
between
degrees
parishes for local government pur¬
poses), in which Portland Bight is located, has had
a
high incidence of malaria, due presumably to the
until
by the beauty of Jamaica and the gen¬
health
favorable
erally
the present
outbreak of
the
going
in
Jamaica
to
tourists
conditions,
had,
hostilities, been
increasing
ever
numbers,
especially in the winter, but also during the summer
The Government has in various ways pro¬
months.
and aided
moted
the
building of hotels and other
tourist accommodations.
industry has, hoAvever, been
the
by
hit
hard
It is estimated that from
been
a
large quantity at a fixed price
requirements of. tourists
third
ranking industry.
been estimated at
Jamaica has
of
sufficient
encourage
some
virtually
apparent
exploitation.
Catering to
became the island's
Its value to Jamaica has
$2,000,000
is sufficient to make up
no
known mineral wealth
commercial
importance
to
Apart from its future as a
playground and recreation center, the economic po¬
tentialities
past—on
tural
based—as
local
been
the agricultural resources.
true
in the
Its agricul¬
its
The chief among them—bananas, sugar,
coconuts, pimento, coffee, ginger—are not of a
sort to be of much
tion.
has
exports have been of vital importance to
economy.
rum,
seem
Apart from
importance to domestic consump¬
a
few industries supplying the
markets, which nevertheless have had to im¬
port large quantities of foodstuffs and clothing ma¬
terials,
the chief industries
for the loss.
Unlike bananas, sugar
chief
has had a long history in
displaced by bananas it was the
Until
Jamaica.
It
industry.
has
have been concerned
been
ahvays
important,
though now a relatively poor second to bananas—
its
through
1938, 17.5% of the exports, and
by-product, rum,
Canada has been
in 1937
an
additional 5%.
taking the bulk of the sugar crop—
In the
65%, in 1938 87% and in 1939 60%.
last few years sugar
relative
has been gaining somewhat in
importance, due partially to its
cultivation
for bananas where the latter's
made the step opportune, and in¬
being substituted
haven
diseases
creased
efficiency in methods, combined with larger
Avere
The number of small sugar farmers
increasing since 1933, and in 1938 there
been
5,693 of them, Avho supplied 25% of the crop.
The Government has felt
obliged, because of the In¬
ternational Sugar Agreement
a year.
has only
partially mitigated the asperities of the situation,
as neither the size of the purchase nor the price paid
has
the
The British Government's pur¬
proscribed.
chase of
factory units.
by 62,690.
the two
Shipments to Great Britain have
customers.
best
In 1938 Jamaica
visited
especially
due mainly to the lack of
shipping necessary to carry its product to
65% to 75% of the tourists have been Americans.
was
war,
contributing, in
existence of the above-mentioned marshes.
Attracted
The Banana
Board the
to control through a
production and the sale of sugar both for
export and domestic consumption.
The production,
including that of the cane farmers, the buying and
the
selling of sugar may accordingly be done only
under license.
The maximum retail price
is fixed
pursuant to law.
Rum,
in
the
three
year
period
ranked third among the exports,
5% to the total.
1937 to
1939,
contributing about
Then with 4.2%, came pimento, a
Jamaica has virtually a world
monopoly. Coffee, the chief permanent crop of the
small farmer, has been in the fifth place among the
spice
of
which
exports, its share being about 2.7%.
The two main
grades are: Blue Mountain Coffee, a high quality
The Commercial & Financial Chronicle
152
silk
July 12, 1941
product, grown, however, only in very limited areas.
ficial
About
cines, metals, and cornmeal.
2,500 barrels of this grade are produced an¬
The other chief grade is styled Lowland
nually.
Coffee.
Other export
and their
coconuts
products include citrus fruits,
The Course of the Bond Market
by-product copra—which is be¬
Bond prices have continued at high levels,
coming of increased importance—ginger, dye wood
market
The export
It
reserves
yellow dye used to color butter.
fluctuations.
of member
banks
and
extracts, cocoa, essential oils and annatto—the red¬
dish
apparatus medi¬
broadstuffs, electrical
now
are
interest
have
to
with
note
very
little
that excess
been declining consistently
$1,776,000,000 below
the
January
peak, 84%
of this decline being accounted for
and import values have been:
At the
same
time
by New York City banks.
steady rise has occurred in the volume
a
of commercial loans.
>
of
is
Exports
1938
$24,425,900
$31,475,372
1939
*21,060,177
States Government bond
The United
price average recorded a new 1041 high this week and is
only fractionally under the record high of 1940.
High-grade railroad bonds have gained ground.
Chesa¬
Imports
28,759,565
peake & Ohio 4%s, 1992, at 133 gained 1%.
Medium-grade
and
speculative railroad bonds in active trading registered
New York Chicago & St. Louis 4%s, 1978, advanced
1% to 63%; Northern Pacific 4%s, 2047, at 52% were 1%
♦Approximate.
1937
In
gains.
British
the
Empire took 81.7%
of the
points
The United Kingdom's share in those three
88%.
62%.
Canada's
about
share
was
23% respectively.
in those years
total
were
The
sential oils and goat
The British
exports
pimento,
and
of
es¬
cotton
22%.
67.4%, 65.6%, and
sup¬
MOODY'S
(Based
V. S.
A vge.
Daily
Govt.
Bonds
rate *
July 11.. 119.46
107.62
10- 119.50
paper,
'1941
bonds
this
week.
bonds
showed
loans continued
115.04
108.16
indus¬
confined
few issues showed gains of
a
some
late
improvement.
Canadian
arti¬
MOODY'S, BOND YIELD AVERAGES t
(Baaed
1941
R. R.
91.91
97.16
P.
U.
Indus.
111.81
115.04
July
A vge.
rate
on
Individual Closing Prices)
Corpo¬
Average
Corporate by Groups *
Baa
118.20
among
been
well
Daily
Aa
have
supported, while renewed realization
depressed Japanese bonds, which sold off several points.
PRICES f
Corporate by Ratings *
Aaa
a
changes
Italian and German issues have been weaker, while Scandi¬
navian
Average Yields)
•
Most
Speculative sentiment in the foreign section improved and
general trend continued upward.
Among the strong
spots have been Cuban issues; Chilean bonds advanced
fractionally, and Argentine loans held at their best levels.
Corpo¬
Averages
BOND
on
generally steady tone has been observed
the
We have supplied mainly
piece goods, vehicles, hardware,
Edison
primarily to fractions, but
,
about
in
point or more.
These include the Bethlehem Steel 3s, 1960;
Otis Steel 4%s, 1962; Hudson Coal 5s, 1962; Celotex 4%s,
1947, and Certain-teed Products 5%s, 1948.
r
and
and
1041 highs have been scored.
new
moderate sort.
a
A
plied 33.7%, 33.5%, and approximately 28% of the
imports.
Canada's share was 14.fl%, 16.1%, and
about 17% and that of the United States
18.1%,
21
centered
roads,
Northern States Power 3%s, 1967;
2%s, 1970, and New York & Westchester
Lighting 4s, 2004. Gains among speculative issues have been
Boston
trial
The United Kingdom
been
has
insolvent
lyn Edison 3%s, 1966;
Empire's share in the imports of Ja¬
62% respectively.
the
issues reaching peak levels for the year were Brook¬
among
United
ginger,
interest
of
Utility bonds of all classes have been in some demand
week, and prices have been firm or have advanced to
extent.
High grades edged further upward,
and
skins.
maica for those three years was
about
the
to
coconuts,
issues
some
The United States bought
chief
rum,
cases
Considerable
various
this
4.81%, 3.67%, and about 5% of the
exports.
States
24.74%, 26.67%,
the
many
respectively 55.77%, 59.36%, and about
years was
higher.
among
colony's exports, 87.11% in 1938 and in 1939 about
Corporate by Ratings
Aaa
Corporate by Groups
Baa
R.
R
2.74
3.30
11
A
Aa
2.90
3.27
4.28
3.93
P. U
3.07
Indus.
2.90
107.62
118.20
115.04
108.16
91.91
97.16
111.81
115.04
3.30
2.74
2.90
3.27
4.28
3.93
3.07
119.58
107.62
118.201
114.85
108.16
91.91
97.16
111.81
114.85
9
3.30
2.74
2.91
3.27
4.28
3.93
3.07
8- 119.58
2.91
107.62
118.20
114.85
108.16
91.77
97.00
111.62
115.04
8—
3.30
2.74
2.91
3.27
4.29
3.94
7- 119.59
3.08
2.90
107.44
118.00
114.66
107.98
91.77
97.00
111.62
114.85
7
3.31
2.75
2.92
3.28
4.29
3.94
3.08
5- 119.55
2.91
107.44
118.00
114.66
107.98
91.77
97.00
111.62
114.66
2.75
2.92
3.28
4.29
3.94
3.08
4-
2.92
Exchan ge Clos ed
107.98
91.77
97.00
111.62
114.85
3—
Exchan ge Clos ed
2.75
2.92
3.28
4.29
3.94
3.08
2.91
9-
•
Stock
10—
— —
5
3.31
4
i..
•
.
Stock
2.90
3- 119.55
107.44
118.00
2_. 119.56
107.44
118.00
114.66
107.98
91.62
97.00
111.62
114.66
2
3.31
2.75
2.92
3.28
4.30
3.94
3.08
1— 119.56
2.92
107.27
117.80
114.66
107.98
91.62
97.00
111.62
114.46
1
3.32
2.76
2.92
3.28
4.30
3.94
3.08
2.93
June 27— 119.45
107.44
118.00
114.66
107.80
91.77
97.16
114.44
114.66
27
3.31
2.75
2.92
3.29
4.29
3.93
3.09
20- 119.02
2.92
107.09
117.80
114.46
107.62
91.48
97.00
111.44
114.27
20
3.33
2.76
2.93
3.30
4.31
3.94
3.09
13-
118.97
2.94
106.92
117.60
114.08
107.44
91.48
97.00
111.25
113.89
13..
3.34
2.77
2.95
3.31
4.31
3.94
3.10
6-
118.81
2.96
3.35
2.79
2.97
114.66
June
3.31
—
106.74
117.20
113.70
107.27
91.19
96.69
110.88
113.31
3.32
4.33
3.96
3.12
May 29— 118.71
2.99
106.39
116.61
113.31
107.09
91.05
96.69
110.70
112.75
3.37
2.82
2.99
3.33
4.34
3.96
3.13
23- 118.35
3.02
106.39
116.80
113.50
106.92
91.19
96.69
110.70
112.93
23
3.37
2.98
3.34
4.33
3.96
16- 118.52
2.81
3.13
3.01
106.39
116.61
113.31
106.92
91.34
96.85
110.52
112.75
16
3.37
2.82
2.99
3.34
4.32
3.95
9- 118.45
3.14
3.02
106.66
116.80
113.12
106.92
91.62
97.00
110.52
112.93
9
3.36
2.81
3.00
3.34
4.30
3.94
3.14
6
May 29—
—
3.01
2— 118.66
106.39
117.00
112.93
106.74
91.34
96.85
110.52
112.75
2
3.37
2.80
3.01
3.35
4.32
3.95
Apr. 25— 118.62
3.14
3.02
106.21
116.61
112.75
106.56
91.19
96.69
110.34
112.19
3.38
2.82
3.02
3.36
4.33
3.96
18- 118.28
10- 117.36
Apr. 25
3.15
3.05
105.86
116.41
112.56
106.39
90.91
96.54
110.15
112.00
18
3.40
2.83
3.03
3.37
4.35
3.97
3.16
3.06
105.69
118.41
112.19
106.21
90.77
96.54
109.79
111.81
10
3.41
2.83
3.05
3.38
4.36
3.97
3.18
106.04
116.80
112.37
106.21
91.48
97.00
109.97
112.19
4
3.39
2.81
3.04
3.38
4.31
3.94
3.17
3.05
4-
117.65
Mar.28— 117.80
3.07
105.86
116.41
112.19
106.04
91.05
96.54
109.79
111.81
Mar. 28
3.40
2.83
3.05
3.39
4.34
3.97
117.85
3.18
3.07
106.21
117.00
112.93
106.56
90.77
96.54
110.15
112.75
21
3.38
2.80
3.01
3.36
14- 117.77
4.36
3.97
3.46
3.02
106.21
117.40
113.31
106.66
90.48
96.54
109.97
113.31
14
3.38
2.78
2.99
3.36
4.38
3.97
7- 116.90
3.17
106.04
2.99
117.40
113.31
106.39
90.20
96.23
109.97
113.12
7
3.39
2.78
2.99
3.37
4.40
Feb. 28— 116.93
3.99
3.17
3.00
105.86
117.20
112.93
106.21
89.78
95.92
109.79
112.75
28
3.40
2.79
3.01
3.38
4.43
4.01
3.18
3.02
3.39
21
—
21- 116.08
Feb.
105.52
117.00
112.75
106.04
89.52
95.62
109.60
112.75
21
3.42
2.80
3.02
14— 116.24
3.19
3.02
105.86
117.60
113.12
106.21
89.64
95.92
109.60
113.12
14
3.40
2.77
3.00
3.38
7- 116.52
4.44
4.01
3.19
3.00
106.21
117.80
113.31
106.39
90.20
95.54
109.79
113.31
7
Jan. 31— 117.14
3.38
2.76
2.99
3.37
4.40
3.97
3.18
2.99
106.39
118.00
113.70
106.39
90.48
96.85
109.79
113.70
31
3.37
2.75
2.97
3.37
24- 117.64
4.37
3.95
3.18
106.56
117.60
113.89
106.56
90.77
97.16
109.97
113.50
24
17- 118.06
3.36
2.77
2.96
3.36
4.36
3.93
3.17
106.56
2.98
118.20
113.89
106.56
90.48
96.69
110.15
113.89
17
10- 118.03
3.36
2.74
2.96
3.36
4.38
3.96
3.16
106.56
2.96
118.20
114.27
106.56
90.34
96.69
110.15
114.08
10
3.36
2.74
2.94
3.36
4.39
3.96
3.16
2.95
3.37
2.73
2.93
3.37
4.43
4.01
3.16
2.93
3.42
2.84
3.06
3.39
4.47
4.03
3.20
3.30
2.72
2.90
3.27
4.28
3.92
3.07
2.90
'•
Jan.
3— 118.65
106.39
118.40
114.46
106.39
89.78
95.92
110.15
High 1941 119.59
114.46
107.62
118.60
115.04
108.16
91.91
97.31
111.81
115.04
High 1941
Low
3
—
4.45
.
4.03
2.97
3.08
1941 115.89
105.52
116.22
112.00
112.00
89.23
95.62
109.42
111.62
Low
High 1940 119.63
106.74
119.00
115.04
106.74
89.92
Low 1940 113.02
96.07
110.88
114.85
High 1940
3.81
3.06
3.19
2.78
5.24
4.68
3.42
99.04
3.36
112.19
109.60
99.52
79.37
86.38
105.52
106.56
Low 1940
3.35
2.70
2.90
3.35
4.42
4.00
3.12
2.91
102.96
115.43
112.93
102.80
84.81
91.19
109.06
110.34
July 11, 1940
3.57
2.88
3.01
3.58
4.80
4.33
3.22
3.15
109.79
Ago—
July 11, 1939
3.68
2.88
3.08
3.86
4.88
4.46
3.39
3.18
1
Yr. Ago
1
July 11-40 115.64
2 Yrs.Ago
July 11-39 117.01
i
101.14
115.43
111.62
98.25
83.79
89.37
106.04
2
1941
Year
,
Ago—
— .
Years
—
1prlc®® are computed from
'^ve. °\ ;5e
movement of
t The
average yields on the basis 01 one 'typical" bond (3H% coupon, maturing in 25 years) and do
average movement of actual price quotations. They merely serve to Hlustrate In a more comprehensive way the
yield averages, the latter being the true picture of the
latest
conoiete
list of bonds used
In
bord
computing these indexes
not
purport to show either the
relative levels and the relative
market.
was
published
In the Issue of July
13,
1940,
page
160.
Annual
Report of Board of Governors of Federal Reserve System—Volume of
Bank Credit Expanded
Substantially During Year—Bank Reserve at End of
Year Aggregated
$14,000,000,000—Decrease in Number of Banks in Opera¬
tion—Increase in Membership of Reserve System
COI1ditions
j
during the
year
the Federal
System points out that "the
tion and the National defense
program were
influences; on business and financial
country
ended Dec. 31,
annual report of the Board of Governors of
Reserve
in
during 1940."
war
situa-
the dominating
developments in this
"Throughout the year" says the
report "the Federal Reserve Sj'stem endeavored in every way
within its
power to
defense effort,
contribute to the effectiveness of the
it also gave consideration to the best means
of preventing undesirable credit expansion that might impede
the progress of defense and increase the difficulties of readjustment later."
The report, presented by Marriner S.
Volume
The Commercial &
153
Eccles, Chairman, notes that "National income advanced
$71,000,000,000 in 1939 to $76,000,000,000 in 1940,
and in the late months of the year was at the annual rate of
about $80,000,000,000."
This rise, it states "was due in
from
large part to defense activities, together with orders from
Great Britain for war materials."
"The volume of bank credit
expanded substantially during
the report, made public July 7, which goes
the year," says
to say:
on
Banks added large amounts to
loans
real estate, and
on
and agricultural loans, their
their consumer loans. A large part of the increase
in bank credit was due to substantial
purchases of United States Govern¬
obligations by New York City banks.
ment
1940.
Most
high record.
This growth was
An increasing propor¬
of deposits was lower than in 1939.
tion of total deposits appeared to be held as idle funds pending investment.
The flight of capital
be
to
senting
the
the
from foreign countries in the war zones continued
in the spring,
German successes
payments for
the rapid increase in British
materials, including heavy advance payments, raised
war
gold inflow to new heights.
But gold reserves of the United Kingdom
largely exhausted by the movement, and at the close of 1940 the gold
were
inflow, which had been in progress on an extraordinary scale for nearly two
years
growth of about $31 million a week.
an average
dustrial, and agricultural loans at country banks
during the
year,
which
Loans to brokers and dealers in securities,
of
the
made mostly by New
are
declined sharply in the spring of 1940 following a
fall in
end
Thereafter these loans "showed little change until the
temporarily increased in volume.
Real estate
further in 1940, continuing a growth that has progressed
when they
year,
loans increased
This increase has been principally at
steadily during the past five years.
urban residential property.
country banks in loans on
and a half, was receding toward the level of current gold production
Bank Earnings and Profits in
Member
1940
capital
Moder¬
ately higner income from loans offset most of the decline In income from
profits of member banks averaged 6.2% of total
In 1940 the net
accounts, about the same as the average for
investments and the small rise in
than those reported
major factor in gold imports during the early part of the year.
a
After
four months, repre¬
Commercial, in¬
increased by $210 million
of which $125 million occurred in the last six months.
Of this increase, $555 million was in the last
year.
The growth in bank credit,
rapid than the increase in activity, with the consequence that the
more
rate of turnover
city
at
was
101 leading
member banks in
together with the unprecedented inflow of gold from abroad, resulted in a
further increase in bank deposits to a new
increase
of the
stock prices.
industrial,
commercial,
their
increased
also
generally experienced a livelier demand for
.
their holdings of Government securities and
member banks
such loans in the latter half of
banks.
Commercial loans at
cities increased by $620 million during the
trial, and agricultural loans during the first half of the year,
York City banks,
'
•.
.
153
Financial Chronicle
Increased
such
withstanding
rate of return
and
growth in volume, especially in
loans reflected
estate and personal instalment loans
that bear higher
Security holdings yielded less than in previous years, not¬
increase in volume, since there was a
an
of
Losses on loans were lower
expenses.
calendar year since 1920.
any
income from
types as real
Interest rates.
refunding
for
the past four years.
securities.
on
decline resulted partly from extensive
This
by
securities
outstanding
decline in the average
issues
new
with lower coupons
partly from portfolio turnover.
abroad.
By the end of the year, bank reserves
of this
Banks had more
available for loans and investments than ever before, and far more
money
than enough to meet
and
credit
available
defense program,
probable credit needs. In view of this vast supply of
the stimulus to business being engendered by the
the Board of Governors, the Presidents of the Reserve
and the Federal Advisory Council joined
Banks,
in a special report to
Since reserves had risen beyond the System's
Congress late in December.
restrain an inflationary credit expansion should one develop, and
might seriously hamper the defense program and
power to
since such a development
peace-time economic conditions, the Federal Reserve
later readjustment to
authorities recommended that the System be given power to
reserves
and limit further expansion, if the need for
such
absorb excess
measures
should
arise.
offices
credit
policy during the year was expressed through
orderly conditions
The System's portfolio of Government obligations
in the
capital market.
sold $300
By the end of the year the System had
prices advanced.
million of Government obligations from its portfolio.
these securities
By making
available to other purchasers, the System exerted a stabiliz¬
pensions,
rose
considerably below the increases recorded in the four years
of branches operated
number
the increase for 1939.
the
in
resulted
Federal
1920, but its effect upon membership in the System
primarily from consolidations and absorptions.
banks
State member banks that did not
were
1940 AND
1939
1940
1939
43,537
38,501
29,165
28,647
14,372
Current earnings
Current expenses------
ditions to current net earnings In excess
ciation allowances and provision
Net earnings
Some of these funds later shifted to banks in
9,854
and other ad¬
of special deprecia11,488
2,389
-25,860
for losses
12,243
...
-----------
—
Dividends paid—
8,216
—426
17,617
Transferred to surplus (section 7)
Total
;
8,110
—54
—
Transferred to surplus (section 13b)
The amount of growth was less for New York
25
82
PaldU. S. Treasury (section 13b).
New York, and Treasury and business disburse¬
ments of funds borrowed in the New York market.
Excess reserves of member banks, as well as total reserves, increased
in 1938 and 1939, however, while for reserve
—
-
Profits on sales of U. S. Government securities
gold inflow that supplied most
banks it was as large or larger. The largest in¬
creases during the year were at banks in the Boston, New York, Cleveland,
and San Francisco Federal Reserve districts, while the smallest increases
were
in the Minneapolis,
Kansas City, and Dallas Reserve districts.
Banks in the latter districts, however, reported increases in their already
substantial holdings of available cash funds in the form of balances with
—
----—
,
-----
Current net earnings.
New York City banks were usually the first
City banks than it had been
BANKS IN
mainly to further
security transactions in
throughout the country.
.
[In thousands of dollars]
of the country as the result of payments for goods and services,
other parts
.
.
OF NET EARNINGS OF
EXPENSES AND DISTRIBUTION
FEDERAL RESERVE
of securities from the Federal
Reserve System open-market portfolio, and to the building up of official
foreign balances at the Federal Reserve Banks for exchange stabilization
purposes and in anticipation of war orders.
The growth in member bank reserves occurred at all classes of banks in
depositaries of the funds obtained from the
banks.
located in the North
were
BANK OPERATIONS
RESERVE
FEDERAL
EARNINGS,
admitted
one-fifth in Texas and Virginia.
Central States, and about
The fact that the increase in bank
fell short of the growth in gold stock was due
of the additional reserves.
During the year
exclusive of four
increase membership for the reason
they were organized to succeed previously existing member
Almost two-thirds of the State banks
expansion in the demand for currency, to sales
all sections of the country.
admitted to membership,
nonmember
that
foreign
,
System increased from 6,362 to
Reserve
by the decrease in the number of national banks that
partly offset
was
explained more fully in a later section of
of $22 billion.
$4 billion to a level
in the number of branches was accounted
The net increase in the number of State member banks
the largest since
was
by
the head-office city increased.
outside
located
by the conversion of existing banks into branches.
Membership
During the year our monetary gold stock increased by over
this report.
reserves
branches
6,486 during 1940.
The rapid expansion in bank
due chiefly to the continued acquisition of gold from
countries—a movement that is
in the same city as the parent bank decreased, while
Almost half of the gross Increase
for
By the end
of the year they totaled $14 billion, of which nearly half was in excess of
legal requirements. In 1940, excess reserves increased by $1.4 billion, or by
was
of
following the
As has been generally true in former years, the number
banking holiday.
following a rise of $2.9 billion in 1939.
about two-thirds of
Thirty-two new banks
than for any other
branches was slightly smaller
new
Reserve System
Tnere were 22 bank sus¬
suspended banks reopened.
in the last several decades. The net increase of 37 in the number of
than in either of the two preceding years and
year
Reserves
Total reserves of member banks of the Federal
reserves
two
organized, about the same number as in 1939, but less
188
Orowth in
$2.4 billion in 1940,
and
3,666.
of banks reflected mainly consolida¬
tions, absorptions, and voluntary liquidations.
market.
ing influence on the capital
The number of banks in operation
18,561.
to
while the number of branches increased by 37 to
The net decline of 139 in the number
intermittently reduced as market demand became strong and Govern¬
ment security
declined slightly
decreased to 14,895,
Structure
in 1940 the number of banking
Following the trend of recent years,
the
Reserve
Federal
open-market operations in the interest of maintaining
was
Changes in Banking
aggregated $14 billion, almost half
being in excess of legal requirements.
amount
—
— -
Transferred from surplus (sec. 7) to reserves for
contingencies—
4,534
25,860
12,243
12,273
1,965
city banks and country
correspondent banks.
.
Growth
Gold imports,
have
added to the
reached
This
Deposits
record high level of about $71 billion at the end
a
exceeds the
of the year.
predepression peak level of 1928-1929 by over
$15 billion.
That
is
held
a
considerable part of the volume of deposits of the general public
idle, presumably
awaiting investment or other profitable use, is
of existing
deposits, as measured by the amount of checks drawn against them.
Although there was a moderate increase in the aggregate amount of check
payments handled by the country's commercial banks, the growth*of
deposits, other than interbank deposits, was greater.
As a consequence
indicated by
with an average turnover rate of about 21
the security market
In addition to the
been
a
of deposits declined slightly to about 13 times a year.
times a year
early 1920's, prior to the rapid increase in turnover caused by
compares
during the
The increased demand for
currency has reflected in part greater needs owing to the acceleration in
business activity and in part the holding of inactive currency.
a
growth of $1.1 billion during the year.
Increase
There
was a
latter part
in Commercial Loans of
York,
substantial increase in the volume of bank
of 1940.
loans during the
Following a moderate increase in commercial, indus¬
were
Federal
required to handle a large volume of
involving such frozen prop¬
relating thereto.
Earnings and Expenses
Current earnings, current expenses,
Banks for 1940
Reserve
Federal
accompanying table.
of $13,617,000 over
and distribution of net earnings of the
compared with 1939 are shown in the
Net earnings were $25,860,000 in 1940, an increase
the amount for 1939.
This increase was due partly
earnings from holdings of United States Government
securities and partly to increased profits on Government securities.
Cur¬
to
larger current
rent
expenses
of the Federal Reserve Banks increased $518,000 to $29,-
165,000.
Of cotal net earnings for
1940, payments to the Secretary of the Treasury
under section 13b of the Federal
advances to
The
of
Reserve Act, relating to working capital
commercial and industrial
businesses, amounted to $82,000.
6% dividend to member banks, paid in accordance with the provisions
the
Federal
Reserve Act,
amounted to $8,215,000.
earnings of $17,563,000 were added to surplus accounts.
surplus to reserves for contingencies
Remaining net
Transfers from
totaled $12,273,000.
...
Credits to Foreign Central Banks
The balance of the credit
tne Reserve
granted to the National Bank of Hungary by
Banks in 1931 was repaid on July 29, 1940, in the amount of
which the credit
made accord¬
of the renewal agreement of 1937 (Annual Report for 1937,
$1,817,000 plus accrued interest from July 18, the date on
expired. Two semi-annual interest payments due in 1940 were
ing to the terms
p.
35).
Two loans on
Banks
of Executive Orders pertaining to the
this country by certain foreign countries and
applications for licenses covering transactions
growth in bank deposits and bank reserves, there has
for currency by the public.
By the
in circulation amounted to about $8.7 billion, repre¬
Reserve Banks for the
The Federal Reserve Banks, and particularly the
Reserve Bank of New
boom in the latter part of that decade.
large increase in the demand
end of 1940 currency
senting
their nationals.
the continued unusually low turnover or rate of use
the rate of turnover
This
control of property held in
Deposits in
The total volume of bank deposits and currency
by the Federal
United States Treasury arose out
exclusive of interbank deposits, increased by
public, including inactive as well as active deposits and currency,
figure
performed
task
erty and other matters
already large volume of bank deposits.
$6 billion during 1940.
held by the
in
•:
additional
together with the increase in bank loans and investments,
all banks in the United States,
over
V,
An
gold to
a
foreign central bank were outstanding at tne end
of 1939 for a total amount
of $5,020,000.
maturing in February, 1940 and $3,500,000
This total included $1,520,000
maturing in March, 1940.
In
The Commercial & Financial Chronicle
154
February the first loan was renewed for
May
month
in
the
A series of
of
amount
months
These loans were repaid in full in advance of the
granted.
was
one
further loan of $1,000,000 maturing
amount
$1,000,000, and later in the month,
in
a
respective due dates.
TRADE—COMMERCIAL
EPITOME
Passenger
mated
Friday Night, July 11, 1941.
Business
activity
showed
considerable
a
drop
major industries
among
of Commerce." the
all-time
year
A
have been slowed up in
war's
the
developments
each
how
On
trend.
our
alarming
were
feels about
one
reassuring,
or
will
what
depending
be the
ice
greater participation of the United States in the war.
of that
side
looked
matter
darker—the tax
a
One
side.
Secretary Morgenthau intimated that the Treasury would
have to ask
for still higher taxes as a
result of the recent
the Administration's request for appro¬
huge expansion in
priations from Congress to cover "additional" needs.
In
steel producing areas of the East and
some
predictions
30
45
to
heard that ingot output will be curtailed in
are
days unless supplies of
increased,
are
Mid-West
"Iron
the
Age'
both
and pig iron
scrap
reported
in
its
mid-week
"Similar confusion
a
now
exists in the scrap
market, where
element of uncertainty has been injected in the form
new
of resumption
lease
law
at
of exports to Great Britain under the lend-
price
a
slightly
over
Government-fixed
the
ceiling for the New York area," the review continues.
is
important to keep the British plants
more
going than domestic plants.
erally
to
Mills and
emphasizing the need for
are
a
dealers
scrap
gen¬
set policy with respect
20% of steel
of World
period of 1940.
output in
During
Steel
first
months
six
than
more
period
report released yesterday by
a
Iron and
the
tlie
The 1941 figure is within
whole year 1917, peak
the
War, according to
American
the
heights in
1941, totaling 40,911,886 tons, 40%
the comparable
Institute.
of
first half of 1940 and
this
the
year
industry
91.6% in the second half of last
year.
result of the Independence Day holiday,
as a
electric production dropped to
had
their
in
the
the
prices
week,
2,870,000,000 kwh. in the week
Edison
the
Electric
Institute
after a
was
steadier
the
28 week
June
loadings
of
over
a
year
earlier.
freight
revenue
increase of 17.3%
an
renewed
a
tendency
tailments
With
made
below the
the
with the
public
the
Association of American
today.
This
was
decrease
a
week
ended
An
years
ago.
were
regard
205%
was
of
a
The
lows
cars
was
full
is
set
this
of
week
by
engineering
the
con¬
$298,718,000 reported by "En¬
corresponding week of 1940,
significance of this record
six
9%
of
1940.
tributes
the
begun, the
said.
agency
to the over-all agricultural
Government
weather
in
advices.
Temperatures
mostly seasonable,
were
the
prevailed
eastern
in
Lake
although
some
during
the
abnormally
large far northwestern
a
region.
In
the
week
warm
and"
area
Southeast,
with
the
breaking of the drought, there was too much rain in many
places, and dry, sunshiny weather is now needed, especially
It is reported that the hydro-electric power
greatly improved in the Southeastern States,
recently in Tennessee, where drought persisted longer
situation
more
has
than in other
areas.
In the New York City area the weathergenerally clear, with relatively cool temperatures
prevailing.
has been
warm,
with
winds is
occasional
showers
and
expected Friday night and
increasing
on
in the city and five points lower in the
Saturday.
on
southerly
Saturday.
thermometer readings Friday night were set
high of about 85 degrees
tempera¬
Continued
as
tures hovered between 70 degrees and 79 degrees.
Lowest
at 70 degrees
suburbs, rising to a
Sunday will prob¬
Overnight at Boston it was 66 to 87 degrees; Pittsburgh,.
to 87;
Portland, Me., 55 to 82; Cincinnati, 70 to 96;
Detroit, 69 to 85; Milwaukee, 64 to 88; Charleston, 75 to 88;
Savannah, 72 to 94; Kansas City, Mo., 69 to 88; OklahomaCity, 69 to 97; Salt Lake City, 66 to 92, and Seattle,
65
54
to 81.
r-^
•*>
Moody's Commodity Index Advances Sharply
last
week
Thursday to 205.8 this Friday.
The principal
individual gains were in cotton and hog prices.
The movement of the Index has been as follows:
Thuis. July
202.5
202.4
Mon.
203.8
3
July
5
July
7
Tues,
July
8
Wed.
July
9
Thars. July 10
Fri.
July 11
205.0
205.4
206.0
205.8
Two weeks ago. June 27
Month ago. June 11
204.8
...198.5
Year ago, July 11_
19*0 High—Dec. 31
156.3
171.8
•Low—Aug. 16
1941 High—July 10.
149.3
206.0"
Low—Feb. 17
171.6
Revenue
Freight
Car Loadings During "Week
July 6, Totaled 740,493 Cars
It is
which
freight for the week ended July 5
the Association of American Railroads
This was an increase of 103,324 cars
revenue
totaled 740,493 cars,
announced July 10.
or
Ended
16.2% above the corresponding week in 1940, and
an
increase of 185,341 cars or 33.4% above the same week in
1939.
Loading of revenue freight for the week of July 5
which included a holiday, was a decrease of
168,171 cars or
18.5% below the
reported:
preceding week.
The Association further-
program.
construction
of
wholesale
June, relieved the situation and all
vegetation responded rapidly, so that at present time most
crops in the drought areas are in good condition, according
pre¬
This is 25% higher then the previ¬
June, the highest month
highest
in
the beginning of
above the
127.45%
"high" week at $98,000,000, due to the first defense
construction
advance
in
than
$239,000,000 established Oct. 17, 1940.
higher than
re¬
far warded off the
and continuing through
Loading of
record
gineering News-Record."
record
and:
said,
satisfactory and the general outlook is promising.
Severe
spring drought by May threatened heavy crop damage in
the East, but good rains, beginning the latter part of May
years.
all-time
struction with awards totaling
ous
This total
cars
loadings for the corresponding week of the 10
average
ceding
two
168,171
cars more
preceding week this year, 103,324
period
Railroads and
of
corresponding week in 1940, and 185,341
same
broad
was
situation in the
United States, recent weather conditions have been entirely
.
Sat.
for
July 5 totaled 740,493 cars, according to reports filed by the
railroads
so
it
Moody's Daily Commodity Index advanced from 202.5
2,425,229,000 kwh., compared with
Car
continuing
Stores,
ago.
A factor for the rush of buying
slump.
trade
buying
year
of spending has
wave
summer
bulk
a
The swift pace of production was unabated with the ex¬
ception of a few manufacturing lines where seasonal cur¬
an¬
Last week's output was 18.3% above the 1940 comparative
in
orders
the activity in retail trades, the serv¬
was
consumers'
from the all-time high of 3,120,780,000 reached
preceding
of
month.
nounced this week.
of
influx
greatest
as
.
ended July 5
units.
ably be fair and cooler.
operated at 98% of capacity, compared with 72.4% in the
Primarily
114,318
at
the Independence Day
ago this week 65,176 units
by
On Friday the weather was warm and humid
production reached record-breaking
first half of
reporting
"normal"
in
scrap exports.
Steel
this week was esti¬
today
for cultivation.
"This situation is likely to force an answer to the question
of whether it
all
business.
on
ported that the
to
summary.
markets
sharply in excess of
on
of
outcome
week, curtailed
Also abnormal
their blitzkrieg.
farther-flung fronts the
own
last
Inc.,
Reports,
history this past week
summary
The next few weeks, it is believed, will give a clearer view
of
The
$947,000,
was
buyers cut short their "looking
around" period <to get orders on the books as quickly as
possible, Dun & Bradstreet, Inc., said today in their weekly
the
Russia continues puzzling, but it seems clear
that the Germans
and truck production
car
Ward's
Wholesale
in
revised figure of 124.9,
a
the index registered 87.7.
News from
31 to Dec. 24.
1940,
assemblies in July of last year.
According to the "Journal
reached the previous week.
high of the index
ago
31,
holiday, totaled 96,457.
A year
completed.
Ward's estimated July output at approxi¬
mately 400,000 vehicles, which would compare with 246,171
weekly index of business activity dropped
105.7, as compared with
to
outstanding on Dec.
were
result' of the observance of
a
as
Independence Day holiday.
by
Assemblies
the past
week, due, of course, to the general curtailment of activity
the
loans
such
maturing by the end of January, 1941.
OF
THE .STATE
relatively small loans on gold for periods not exceeding three
made to another central bank from Aug.
was
of
July 12, 1941
averaged
months
over
To
the
on
it
fol¬
on
record
July 10 record
made
week
in
the
second
half
public works
con¬
$271,075,000; private, $27,643,000.
Miscellaneous freight loading totaled 327,337 cars, a decrease of
55,290
is that
record, when engineering
$147,000,000 per week;
also the
record, $2,841,403,000, an increase
previous
this
week
cars
below the preceding -week,
corresponding
wee*f
but
an
increase of 78,699 cars above the
In 1940.
Loading of merchandise less than carload lot freight totaled 138,616
a
decrease of 20,684
11,380
cars
cars
beiow the preceding
week, but
an
cars
increase of"
above the corresponding -wees: In 1940.
Coal loading amounted to 93,968 cars, a decrease of 76,916 cars below
the preceding week, and a decrease of 9,587 cars below the
corresponding;
wee* in 1940.
Volume
of 2,010
above the
corresponding week in 1940.
In the Western Districts alone, grain and
grain products loading for the week of July 5 totaled 37,917 cars, a decrease
of 977 cars below the preceding week, but an increase of 1,593 cars above
below
Live stock loading
Forest
a
In the Western Districts
of 877
a
June 28
July 6
1941
1941
1940
7,851
7,852
5,597
34,412
44,113
28,784
22,710
23 420
17 5o6
20,191
30,134
22,134
14,311
11,913
15,803
18,510
13,179
12,817
9,761
10.352
7,671
20,495
24,956
15,942
9,497
10,295
6,906
19,712
23,227
16,043
13,045
12,980
9,720
2,374
2,382
2,028
1,806
1,278
2,097
2,331
1,464
2,223
1,901
2,123
4,267
4,664
4,363
3,842
3,911
2,764
16,510
18,348
14,674
11,176
11,277
7,908
44,368
52,782
36,645
Missouri
Lines-.
RR
RR
Pacific
1,546
36,349
47,317
53,001
5,868
6,792
4,563
13,853
14,593
Norfolk & Western Ry.
16,933
25.054
18.114
6.009
6,637
4,207
Pennsylvania RR
74,155
93,334
58,056
54,088
60,916
43,192
5,920
7,247
4,633
6,608
6.577
4,884
New York Central Lines
above the corresponding week
preceding week, but an increase of 2,199 cars
N. Y. Chicago & St.
Louis Ry...
Pere Marquette Ry..
above the corresponding
7,752
Wabash Ry
6,162
8.914
9,365
6,217
22,953
11,765
11.864
7,240
6,240
4,710
11,283
11,992
8,019
352,662 432,474 298,574 254,565 273,367 193,397
Total
LOADINGS AND RECEIPTS FROM
TOTAL
1939
1940
1941
9,143
35,835
5,730
Southern Pacific Lines.
week in
Pocohontas, and all districts reported increases over 1939.
10,134
30,021
Pittsburgh & Lake Erie RR
y<
reported increases compared with the coi responding
19*0 except the
July 5
1940
24,423
International Great Northern RR
V'/-':
■
July 6
1941
27.386
Gulf Coast
amounted to 12,638 cars, a decrease of 1,385 cars below the
week in 1940.
June 28
Chicago Burlington A Qulncy RR.
Chicago Mllw. St. Paul A Pac. Ry.
Chicago A North Western Ry—
below the preceding
cars
amounted to 71,756 cars, a decrease of 1,269 cars below the
V"
Received from Connections
Weeks Ended—
Lines
Chesapeake A Ohio Ry
decrease of 9,117 cars
increase of 12,268 cars above the corres¬
but an
•
Own
26,054
Missouri-Kansas-Texas
1940.
on
Baltimore & Ohio RR
below the corresponding week in 1940.
preceding week, but an increase of 5,978 cars
All districts
Loaded
Atchison Topeka 'A Santa Fe Ry_
ponding week in 1940.
Coke loading
*•'
'
1941
alone, loading of live stock for the
products loading totaied 37,287 cars,
below the preceding week,
in
\
July 5
decrease of 391 cars
Ore loading
'
'
amounted to 7,970 cars, a decrease of 1,500 cars below
July 5 totaled 5,802 cars, a decrease
week, and
,7
Weeks Ended—
week, and a decrease of 906 cars below the corresponding
week in 1940.
week of
.
in 1940.
the corresponding week
the preceding
(Number of Cars)
preceding wee*, but an increase of 3,293 cars
the
FROM CONNECTIONS
LOADED AND RECEIVED
FREIGHT
REVENUE
products loading totaled 50,921 cars, a decrease
Grain and grain
cars
155
Financial Chronicle
The Commercial &
153
CONNECTIONS
(Number of Cars)
Four weeks of January
-
Four weeks of February
.
2,824,188
_
Four weeks of April
3,817,918
2,793,563
Five weeks of May
4,160,527
Four weeks of June...
3,510,137
Five weeks of March
2,288,730
2,557,735
2,488,879
3,123,916
2,495,212
3,351,840
2,896,953
637,169
2,740,095
2,282,866
Weeks Ended—
2,976,655
2,225,188
Total
20,586,921
—
—
June 28.1941
July 6, 1940
Chicago Rock Island & Pacific Ry.
30,084
34,189
14.8C2
31,785
38,473
16,827
24,894
Illinois Central System
St. Louis-San Francisco Ry
740.493
Week of July 5
July 5, 1941
79,075
87,085
60,926
2,926,408
2,563,953
555,152
23,247
12,785
•
15,818,952
17,551,704
Total
railroads to report for the week ended
July 5, 1941 loaded a total of 352,662 cars of revenue freight
on their own lines, compared with 432,474 cars in the preced¬
ing week and 298,574 cars in the seven days ended July 6,
1940.
A comparative table follows:
-7
The first 18 major
REVENUE FREIGHT LOADED AND
from
Southern
568
610
1,671
1,285
1,085
7,740
1,486
1,102
274
268
7,362
1,648
13,439
2,543
10,691
2,160
1,516
Loulsv.
Chicago Indianapolis A
Central Indiana—
2,930
2,669
2,154
1,834
490
443
437
Richmond Fred. A Potomac...
504
332
319
9,996
25,691
8,530
21,373
605
430
156
22
61
48
Seaboard Air Line
2,721
10,742
8,942
2,115
9,090
6,813
Tennessee Central
11,003
1,255
4,516
9,086
365
389
140
3,040
2,362
1,952
1,070
347
234
13,307
4,734
12,276
3,974
6,524
Grand Trunk Western
6,758
Southern System
—
Southbound...
Winston-Salem
Total
Northwestern
Lehigh & New England..
Lehigh Valley
Maine Central
172
190
2,568
1,897
Chicago & North Western
1,878
2,104
8,108
2,200
3,674
2,024
36,461
2,239
1,351
7,048
Chicago Great Western
6,730
2,675
Monongahela...
Montour
53,473
12.229
1,241
6,792
Central Lines
N. Y. N. H. A Hartford
New York Ontario A Western..
N. Y. Chicago & St. Louis
New York
8,670
2,744
4,930
2,099
43,511
9,656
1,166
5,757
9,477
1,129
5,444
9,367
2,597
1,925
456
223
61
31
52,310
17,289
2,316
40,237
14,593
1,933
9,083
6,577
13,084
1,816
10,583
1,749
463
433
449
Pittsburgh A Lake Erie
9,425
5,006
Pere Marquette
7,247
7,368
5,766
4,843
652
831
270
54
527
341
381
444
209
1,261
775
829
2,176
561
679
614
2,662
1,276
Wabash...
6,240
4,947
6,166
5,470
5,204
3,500
11,992
Wheeling A Lake Erie
4,114
9,475
3,372
190,810
154,984
136,333
213,738
163,740
& Western.
Pittsburgh A Shawmut
North..
A West Virginia
Pittsburgh Shawmut A
Rutland
7,361
5,012
67
—
Chicago Milw. St. P. & Pac—
Chicago St. P. Minn. A Omaha
Duluth Missabe A Iron Range
i.
Erie
443
433
1,085
787
44,113
7,143
33,034
5,872
28,200
4,343
23,420
18,907
2,344
2,517
261
336
365
4
6
2,212
8,756
Cambria & Indiana
Central RR. of New Jersey...
12,980
3,252
10,295
4,230
9,802
2,633
7,720
3,572
1,530
1,343
6,255
19
10
16,664
11,961
6,857
582-
142
198
Great Northern
24,691
21,489
17,281
4,161
3,450
577
508
577
838
596
2,677
2,061
3,316
2,205
81
76
1,886
7,871
7,043
10,094
1,742
5,994
9,415
2,320
3.217
4,811
1,778
2,564
3,802
Green Bay & Western
Lake Superior A
Ishpemlng
Minneapolis A St. Louis
Minn. St. Paul A S. S. M
11,815
Northern Pacific
356
Total
A Santa Fe System
Bingham A Garfield
A Qulncy.
Chicago A Illinois Midland...
Chicago Rock Island A Pacific
Chicago A Eastern Illinois
Chicago Burlington
Colorado A Southern
Grande Western
Lake
—
City...
39
Denver A Rio
36
Denver A Salt
51
45
Fort Worth <fe Denver
814
624
596
3,407
1,254
1,002
68,184
57,847
1,850
60,916
12,407
8,169
3,148
Union (Pittsburgh)
20,952
14,733
18,846
Maryland
4,580
3,116
17,869
—
2,650
1,460
23,355
45,682
16,967
7,396
5,598
8,901
6,472
Illinois Terminal
—
Missouri-Illinois
Northern
Nevada
155,730
124,860
149,683 J
Pacific
Peoria A Pekin Union.
Southern Pacific (Pacific)
North Western
112,964
Pocahontas District-
30,134
25,054
4,978
Total.
25,328
20,490
22,776
18,744
4,094
14,311
4,177
1,911
12,951
5,307
1,380
60,166
Virginian
49,995
45,614
22,859
19,638
6,637
102,988
59,789
44,237
27,386
3,920
24,777
27,644
7,852
2,978
2,838
3,512
5,188
2,360-
512
424
76
57
18,510
14,706
7,890
2,934
14,154
14,306
1,410
10,352
1,894
955
657
15,546
14,350
2,978
2,694
2,401
725
609
603
11,184
3,005
1,749
2,464
2,191
1,897
3,648
10,444
2,795
1,469'
2,912
478
1,363
2,031
1,058
204
208
36
18
1,470
1,171
1,677
1,066
1,094
1,955
2,045
603
396
■
1,869
909
1,984
131
113
813
■,,,
510
438
8
0
0
4,635
1,271
8,115
16
26,419
23,688
7,093
281
285
242
1,542
15,842
14,063
13,688
10,872
273
Total
Southwestern
237
104
6
8
1,863
1,766
1,619
2,596
2,158
130,425
—
115,507
111,063
68,771
53,784
District—
221
154
199
195
Gulf Coast Lines
2,382
2,322
International-Great Northern.
2,331
1,781
2,130
1,891
1,901
2,123
Burllngton-Rock Island—...
Southern District—
Northern
Ala..
343
258
260
207
171
791
721
735
1,173
11,266
4,495
802
901
8,644
8,411
4,085
1,764
1,130
6,544
1,360
Atlanta Birmingham A Coast..
Atl. A W. P.—W. RR. of
.
Central of Georgia
253
342
384
889
788
Kansas City
2,722
2,067
2,199
2,013
1,915
1,589
2,541
Louisiana A Arkansas
1,900
1,628
Kansas
Oklahoma A Gulf
Southern...
3,273
Litchfield A Madison
394
316
306
1,032
510
1,658
3,064
1,164
2,118
Midland Valley
517
528
509
267
244
1,311
Missouri A Arkansas
158
183
142
414
269'
4,664
18,385
4,278
14,636
4,502
14,303
3,911
11,277
93
125
137
54
9,463
2,888
9,303
2,695
7,625
2,225
Texas A New Orleans
7,278
6,101
5,817
5,766
3,460
3,789
Texas A Pacific
4,209
4,325
3,866
5,361
188
187
158
74
11
17
12
48
58,224
51.505
47,710
45,001
428
251
437
296
284
Missouri-Kansas-Texas Lines.
190
218
171
581
425
Missouri Pacific
750
632
Florida East Coast
500
366
388
Gainsville Midland
42
20
35
77
92
965
1,061
820
2,022
1,496
Georgia-
490
354
323
610
439
4,104
I
3,262
3,245
14,599
11,646
Illinois Central System
24,751
20,083
Louisville A Nashville
27,735
23,152
xl,470
18,305
20,022
142
127
108
Note—Previous year's figures
904
4,766
445
1,724
-
Mississippi Central
1,899
1,383
3,976
Durham A Southern
Savannah—
1,728
4,574
7.23
Columbus A Greenville..
Gulf Mobile A Ohio
225
1,580-
441
Carolina
Georgia <fc Florida
815
906
1,585
•.I' 777
30,669
Union Pacific System
Western Pacific
Chesapeake A Ohio
123,312
14
Utah
Norfolk A Western
360-
1,434
874
—.—
Toledo Peoria A Western
203,641
479
2.218
Central Western District—
61
1,743
93,334
203
1,965
624
Seattle
1,871
142,470
Spokane Portland A
307
2,787
8pokane International—...
37
—
248
498
42
Island
269
514
495
Penn-Readlng Seashore Lines.
13,827
563
215
Ligonler Valley
4,105
23,598
5,422
76
Macon Dublin A
17,776
2,418
18,625
3,603
548
583
Cllnchfield
20,009
2,468
19,856
3,862
19,146
9,948
242
Charleston A Western
23,227
2,828
24,161
797
119
Atlantic Coast Line
68,534
6,062
670
Alabama Tennessee A
92,076
1,603
352
Total.
92,836
9,340
Cumberland A Pennsylvania..
Western
511
101,614
789
Cornwall
Co
893
947
723
Buffalo Creek & Gauley
Reading
139
10,364
Alton
Baltimore A Ohio
Pennsylvania System
635
150
Atlantic.
Elgin Jollet <fe Eastern
Ft. Dodge Des Moines A South.
Duluth South Shore A
Atch. Top.
Alleghany DistrictAkron Canton A Youngstown.
Long
842
921
1,259
4,935
District—
227
2,467
10,463
3,198
Lehigh A Hudson River
Bessemer A Lake
4,623
14,782
366
2,694
2,372
12,367
436
16.228
1,478
3,761
16,679
9,356
Ironton
Detroit A Toledo Shore Line...
Detroit Toledo A
Total.
8,028
18,912
3,735
1,145
1,676
7,207
6,488
19,517
140
Detroit <fc Mackinac
N. Y. Susquehanna
1940
122,928
19
474
Erie
Connections
1941
3,847
1,894
Southern
1,325
5,633
8,820
7,188
West.
from
1939
1940
Piedmont Northern
Norfolk
11
Delaware A Hudson
Pittsburgh
District—(Concl.)
L.
Nash ville Chattanooga A St.
1,384
Central Vermont
Delaware Lackawanna A
Total Loads Received
Total Revenue
Freight Loaded
1941
614
—
CARS)—WEEK ENDED JUNE 28
1940
1,056
9,299
Arbor
Bangor <fe Aroostook
Boston A Maine
for the week ended June 28,
roads showed increases when
week last year.
Railroads
Eastern District—
Ann
compared with the same
Connections
1941
1939
1940
undertake to show also the loadings
we
Total Loads Received
Total Revenue
1941
following
RECEIVED FROM CONNECTIONS (NUMBER OF
Freight Loaded
Railroads
In the
for separate roads and systems
1941.
During this period 110
165
revised.
149
122
7,846
1,041
373
3.069
5,847
Quanah Acme <fc Pacific......
St. Louis-San
St.
Francisco
Louis Southwestern
Wichita Falls A Southern
Weatherford M. W. A N. W_.
2,858
8,879'
115
4,723
2,238
2,590
4,083:
92
18
624
237
* Previous figures., x Gulf Mobile A
Total.
Northern only.
34,862."
The Commercial & Financial Chronicle
156
Selected
and
Income
Steam
The
of
Bureau
Balance
Sheet
Items
of
Class
I
Statistics
of
the
1941
in each country,
government department."
The
clude "a comprehensive list of
Commerce
Interstate
agencies available
responsible
Railways for April
July 12,
usually a
involved in¬
commodities
several
including
groups,
showing the aggregate
grains, livestock and livestock products, miscellaneous foods
totals of selected income and balance sheet items for class I
&c.), textiles, fuels, metals, and a
(rubber, hides, lumber,
newsprint, linseed oil, &c.)."
Weights assigned in the index
to the different commodity groups are as follows.
Grains,
20; livestock and livestock products, 19; vegetable fats and
Commission has issued
statement
a
(coffee,
TOTALS FOR THE UNITED 8TATES
Income
cocoa, tea, sugar,
list of other miscellaneous materials
railways in the United States for the month of April
and for the four months ended April, 1941 and 1940.
These figures are subject to revision and were compiled
from 132 reports representing 137 steam railways.
The
present statement excludes returns for class A switching and
terminal companies.
The report is as follows:
steam
other
foods, 9;
The indexes
(ALL REGIONS)
currency
Items
textiles, 12;
fuel, 11;
metals,
11;
miscel¬
18.
laneous,
which
based
are
of each country
were
prices expressed in the
on
reported July 7
as
follows:
(August, 1939=100)
All Class I Railways
Argen¬
For the Month of
1941
Aus¬
Can¬
Eng¬
tina
tralia
ada
land
For the Four Months of
April
1941
1940
Mex¬
Java
New
ico
Zeal'd
Swe¬
den
Switz¬ United
erland
States
1940—
1940
118
120
143
May
$
$
%
—--
Mlscell. deductions from income
62,826,536
2,810,773
45,087,964 296,755,574 194,811.699
2,301,370
11,401,746 10,448,161
131
132
118
118
120
144
116
113
114
131
136
109
July
August
34.120,522 254,072,096 150,024,092
10,967,442
42,683,478 44,787,607
120
June
%
52,568,877
10,257,659
operating Income
Net railway
118
118
120
145
115
112
114
132
140
109
109
116
113
112
112
Total Income...
119
120
150
115
111
132
144
September..
Other Income...
116
120
121
145
116
110
122
135
153
October
113
123
122
145
117
110
120
139
158
114
118
111
118
142
164
118
118
120
111
Income avail, for
60,015.763
fixed charges.
November..
113
125
124
146
December..
-
-
113
126
126
149
120
111
119
144
168
118
114
127
126
150
121
111
119
144
171
120
1941—
42.786,594 285,353,828 184,363,538
January
February
13,036,085
leased roads <fc equip..
Rent for
11,280,516
50,451.854 43,410,056
38,394,692 150,141,908 153,448,903
133,124
474,145
518,811
37,589,869
118,075
Interest deductions.a
Other deductions—
114
126
127
150
121
113
119
147
171
120
March
119
122
129
150
123
114
119
154
176
122
April
Fixed charges:
121
121
131
150
125
115
119
156
180
125
rl21
120
rl31
150
127
.126
1941—
Weeks
50,744,029
Total fixed charges
Contingent charges..
156
189
132
150
128
117
120
156
190
120
134
150
129
117
119
155
190
May 24..
May 31__
126
120
135
rl51
131
117
120
155
*190
rl28
120
134
rl51
131
117
119
155
190
76,298,529 <1120880,049
June
7—
rl32
121
135
*150
130
118
120
154
H.¬
rl29
67,764,124
11,753,551
June
June
17,039,628
2,993,913
71,030,645
31,114,500
.......
60,000
2,438,396
17,294,965
764.781
764,781
5,209.076
0.86
1.42
0.93
fixed charges
Selected
e
Asset
and
119
120
155
7132
121
137
*151
131
119
121
154
194
133
134
121
139
*151
132
120
121
154
194
133
Receivership
Balance at End of April
1941
April
1941
1940
%
S
S
$
Selected Asset Items—
Balance at End of
1940
;
r
Revised.
The upward trend in the general level of wholesale com¬
modity prices was reversed last week, according to the price
index compiled by the National Fertilizer
Association, which
declined for the first time since April.
In the week ended
July 5 this index stood at 110.6% of the 1935-1939 average,
compared with 110.9 in the preceding week, 106.9 a month
ago, and 96.4 a year ago.
The Association's report, under
date of July 7, added*
Trusteeship
or
Preliminary,
Commodity Price Average Declines in Week Ended
July 5, According to National Fertilizer Association
Class I Railways Not in
In stocks,
133
132
28..
*
Liability Items
All Class I Railways
bonds,
<fec., other than those
*151
131
130
5,265,416
1.18
preferred stock
Invest.
136
130
rl30
22,602,269
—
Federal income taxes..
On
121
127
<
June 21..
17,874,308
6,310,578
and equipment)
Ratio of income to
120
120
124
Depreciation (way and structures
Dividend appropriations:
On common stock
116
121
17—
May
84,285,921 dfl3014,232
7,987,392
7,865,817
7,263,578 df8,990,217
Net income.b.
May
3__
May 10..
49,808,332 201,067,907 197,377,770
9,271,734 df7,021,738
2,008,156
1,968,479
Income after fixed charges.
end.:
of
companies...
560,796,866
598,977,896
481,300,318
519,154,106
481,884,236
50,701,216
494,780,888
378,207,938
Temporary cash lnvest's..
673,832,122
71,455,665
46,426,259
Although changes in the food
Special deposits..
Loans and bills receivable.
123,313,940
1,771,422
96.329,268
63.720,581
95,530,633
ten items
1,781,640
1,497,847
76,474,458
1,566,080
26,910,949
23,304,484
23,911,767
21,340,794
decline in the food price index.
lower causing a downturn in the farm product price
average.
fertilizer material index was higher during the week
affiliated
,
Cash
car-service
and
Traffic
balances—Dr
Net
receivable
bal.
from
54,827,539
145,490,812
46,511,835
41,462,979
35,674.491
120,177,596
110,238,509
93,414,014
Materials and supplies...
368,807,309
367,618,442
284,143,001
Int. & divs. receivable...
17,875,491
1,215,552
20,614,706
Rents receivable—
1,322,626
15,155,874
887,235
Other current assets
6,931,675
4,760,010
4.676,695
2,968,048
Total current assets... 1,492,432,476 1,215,006,059 1,136,006,009
959,839,010
conductors.
and
farm
products,
as
was
the result of lower prices for
industrial
group
were
commodities
almost
higher.
were
evenly balanced, with
included in the group declining and eight
advancing, the decreases
occurred in the more heavily weighted commodities,
resulting in a marked
Cotton, grain, and livestock quotations
were
Mlscell. acc'ts receivable-
agents and
'The decline in the all-commodity index
foodstuffs
284,803,308
18,157,325
806,295
The
reflecting the usual
usual
discontinuance
blood
and
linseed oil
16%
were
of
potash
discounts
superphosphate.
responsible for
an
and
increases
Higher prices for
upturn in the
in
the
sand,
prices of
lumber,
and
building material index.
The index representing the prices of miscellaneous commodities
reached
peak with declines in the prices of rubber and cottonseed meal
new
more
a
than
offset
by increases in linseed meal, cattle feed, and lubricating oil quota¬
tions.
The textile price index was fractionally higher.
Selected Liability Items—
Funded
debt
maturing
95.583,395
257,915,296
66,441,259
232,161,512
77,455,048
136,733,995
20,513,296
59,116,823
45,804,220
37,553,283
30,842,460
236,727,858
49,076,004
35,424,149
1,709,819
i
80,751,773
1,477,258
26.580,718
249,266,917
226,431,162
184,303,820
172,890,691
68,617,308
36,845,094
29,290,489
Other current liabilities..
36,460,730
Total ourrent liabilities.
840,734,494
was
lower, during the week price
46,964,662
27,257,408
208,502,865
Although the all-commodity index
25,426,250
within six months_c_._
'
i
'.
•
Loans & bills pay able.d..
Traffic
car-service
and
balances—Cr
advances outnumbered declines 33 to 23, in the
preceding week there were
40 advances and 16 declines, in the second preceding week there were 44
advances and 15 declines.
WEEKLY WHOLESALE COMMODITY
Audited accounts & wages
payable.
-
Mlscell. acc'ts payable...
Interest matured unpaid.
Divs. matured unpaid...
Unmatured Int. accrued..
Unmatured divs. declared
Unmatured rents accrued.
Accrued tax liability
26,400,163
1,835,556
Per Cent
Latest
1,345,706
1,471,280
82,508,820
62,934,008
62,206,122
Each Group
2,213,011
2,213,011
23,821,981
Bears to the
30,245,499
1,477,258
23,367,585
204,814,349
25,276,693
838,299,070
621,010.758
July 5,
Total Index
25.3
20,974,670
Foods
i...
126,212,566
115,047,037
78,601,783
17.3
100.9
124.6
110.8
147.1
119.7
70.6
110.3
102.7
85.6
137.1
138.1
123.2
99.1
98.6
93.4
80.0
108.0
100.8
82.9
110.4
Fuels
98.9
105.8
103.8
110.4
107.2
120.4
119.3
115.3
133.6
133.5
127.6
104.1
Metals
103.9
103.9
103.4
101.1
6.1
Building materials
118.4
115.6
117.7
101.8
Chemicals and drugs
Fertilizer materials
105.2
105.2
105.0
103.9
.3
111.1
105.5
107.1
100.0
.3
Fertilizers
102.0
102.0
101. i
101.3
.3
Farm machinery
99.3
99.3
99.3
99.5
110.6
110.9
106.9
96.4
Miscellaneous commodities
1.3
principal of long-term debt (other than long-term debt
_
__
than two years after date of issue,
For railways In receivership and trusteeship the
ratio
71.5
Textiles
in default) which will become due within six months after close cf month of report,
e
88.7
105.6
7.1
railways not in receivership or trusteeship the net income was as follows:
April, 1941, $9,259,179; April, 1940, $2,565,092; for the four months ended April,
1941, $82,351,684; four months ended April, 1940, $17,940,904.
more
1940
8.2
84,859,935
b For
d Includes obligations which mature not
1941
109.0
Grains
82,008,197
Represents accruals, including the amount in default.
Includes payments of
Ago
1941
127.7
Farm products
10.8
c
Year
July 6,
104.0
Livestock
109,127,771
31,
116.5
Cottonseed oil
602,707,065
Other than U. S. Govt,
taxes
Ago
166,868,132
Analysis of accr. tax liab.:
a
Month
Week
June 28, May
1941
Cotton
93,455,828
Preced'g
Week
Group
23.0
140,139,146
(1935-1939=100*)
20,753,443
Fats and oils
U. 8. Govt, taxes
PRICE INDEX
Compiled by the National Fertilizer Association.
was
as
follows:
100.0
April,
1941, 0.91; April, 1940, 0.24; four months 1941, 0.95; four month 1940, 0.38.
*
All groups combined
111.4
Base period changed Jan. 4 from 1926-1928
average to 1935-1939 average as
Indexes
on
1926-1928 base
75.1.
were:
100*
July 5,1941, 86.2; June 28,1941, 86.4; July 6,1940'
Commodity Prices Indexes of 10 Countries Compiled
by General Motors and Cornell University
General Motors
Corp. and Cornell University,
which
prior to the European war had collaborated in the publica¬
tion of
ance
a
of
world
commodity price index, have resumed issu¬
price statistics, but on a different
international
basis than before the
war.
Instead of
a
composite index of
world
prices, these organizations now are publishing the
only as individual country indexes.
The index is built upon 40 basic commodities and the list
information
is
the
same
for each country
in
so
far
as
possible.
Each
commodity is weighted uniformly for each country, accord¬
its relative importance in world production.
The
ing to
actual
price data
Overseas
are
collected weekly
Operations from
sources
by
General
described
as
Motors
"the
most
Bureau
of
Labor
Statistics'
Index
of
Wholesale
Com¬
modity Prices Advanced 0.6% During Week Ended
June 28
There
was
a
further broad advance in wholesale markets
during the last week in June with especially sharp price
increases for agricultural commodities and fats and
oils,
Acting Commissioner Hinrichs reported on July 3.
"The
week's advance of 0.6% in the Bureau of Labor
Statistics'
comprehensive index of nearly 900 price series brought the
all-commodity index to the highest level since mid-July
1937, 87.7% of the 1926 average," Mr. Hinrichs said. "In
the past four weeks the index has risen
nearly 3% and it is
13.7% above the corresponding -week of last year."
,
Volume
The Commercial & Financial Chronicle
153
The Labor Bureau also reported the
following-
figures shown for any one month do not necessarily mean
that all the
The upward movement was led by an increase of 1.4% for farm products
which
are
now
nearly 9% above a month
Foods and miscellaneous commodities
foods group
ago
and 28% above
and
Chemicals
leather
In the
allied
products
0.3%,
products,
rose
costs the fuel and
textile products,
lighting materials
PRODUCTION
0.2%,
and
metals
With lower
electricity
April,
Quotations
were
higher for
corn, oats, rye
New England
Middle Atlantic
and wheat, for
fruits, hops, flaxseed and sweet potatoes.
In food markets, price increases
1941
1941
'799,815
792,586
574,813
563,669 2,209,642 2,548,005 3,063,499 3,111,674
252,273 2,673.579 2,898,390 3,008,286 3,150,663
558,081
488,569
727,501 ^775,052
216,971
355,955
522,795
258,316
364,307
52,952
89,472
596,536
631,499
629,841
567,210
1,231,516 1.367,350
99,854
238,932
579,791
_
Pacific
978.088 1,296,376 1,557,879 1,652,331
868,974 «887,102
649,488 j720,971
667,064 1719,169
89,328
106,483 1,341,961 1,473,832
110,445
Prices were lower for barley, apples, onions, white
sugar.
In industrial commodity markets
Crude rubber
skins,
1941
610,658
West South Central.
United States total. 4,813,289 4,223,328 7,863,949 9,067,281 12677238 13290 609
potatoes, rice, fresh beef, dressed poultry, cocoa beans and pepper.
and
1941
853,857
Mountain
hides
May,
1941
334,707
_
East South Central
fish, glucose, lard, oleomargarine, edible tallow, refined vegetable oils, and
for fats and oils.
April,
448,920
South Atlantic
reported for butter and cheese, flour and corn meal, canned and dried
raw
May,
225,002
West North Central-_
fruits and vegetables, cured and fresh pork, veal and mutton, and for cured
for tea and
April,
343,666
East North Central.
steers, hogs and sheep, and for cotton, eggs, fresh milk (at Chicago), citrus
were
May,
1941
3.8% for livestock and poultry, 2.6% for dairy products and
1.6% for grains.
Total
By Fuels
By Water Power
Division
in prices for agricultural commodities were 10%
advances
for cattle feed,
IN THE
metal
and
average
remained unchanged at last week's level.
Important
PUBLIC USE
FOR
UNITED STATES
(In Thousands of Kilowatt-hours)
declined 0.4%. Building materials
group
ELECTRIC ENERGY
OF
.
during the week, hides and
0.6%
products and housefurnishing goods, 0.1%.
reported to the Commission since the previ¬
monthly report was issued.
ous
there have been increases of approximately 6 H % in the past
four weeks and nearly 21 % in the past 12 months.
changes were made during that month, but only
that they were
a year ago.
0.7% during the week.
rose
157
1%.
Prices
there
rose
was an average
increase of 3.6%
PRODUCTION OF ELECTRIC ENERGY FOR PUBLIC USE
1.6%, fertilizer materials, 1.3%, and
higher for goatskins, shearlings, sole
were
Per Cent
Production
Cotton
leather, and for leather manufactures including shoes and luggage.
12 Months Ended
KUowattr-hours
Change
from Previous Year
goods continued to advance earlier in the week prior to the establishment by
June 30, 1940
135,433,000.000
+ 12
31, 1940
136,809,000,000
+ 12
Aug. 31, 1940
137,956,000,000
+ 12
Sept. 30, 1940
138,762,000,000
+ 12
Oct.
31. 1940
139,901,000,000
+ 11
Nov. 30, 1940
140,953,000,000
+ 11
Dec. 31, 1940
142,266,000,000
+ 11
Except for minor increases in
Jan.
31, 1941
143,586,000,000
+ 11
prices for pig tin, solder, babbitt metal and malleable iron castings, the metal
Feb.
28, 1941
Mar. 31, 1941
144,712,000,000
146,511,000,000
+ 11
30, 1941
148,175,000,000
+ 11
May 31, 1941
150,038,000,000
+12
the
Government
of
price ceiling for
a
gray
Higher prices
goods.
were
July
reported for denims, drills, osnaburg, print cloth, tire fabric, and for broad¬
Woolen and worsted goods and burlap
cloth, muslin, percale and sheeting.
also advanced, while silk declined.
Pennsylvania crude petroleum continued to advance and prices were also
higher for fuel oil, kerosene and cylinder oils.
markets
steady.
were
There
were
sharp increases in prices for linseed oil,
Apr.
resin, and for concrete blocks, and certain types of lumber while prices were
reduced for oak flooring and for yellow pine boards, dimension,
lath and timbers and buildings materials as a group
from
a
flooring,
Note—Since the above
remained unchanged
data show production by
12-month periods, all seasons
in each total and the effect of seasonal variations is largely
of the year are included
week ago.
eliminated.
The following tables show, (1) index numbers for
commodities for the past
the principal groups of
TOTAL
MONTHLY
PRODUCTION OF ELECTRICITY FOR PUBLIC USE
three weeks, for May 31. 1941 and for June 29,
and
1940 and the percentage changes from a week ago, a month ago,
a year
Per Cent
% Produced by
Change
Water Power
(2) percentage changes in subgroup indexes from June 21 to June 28.
ago,
1941.
,
:
+ 10
v
.
''(1926—ioo)
1940
Month
1941
1939 to
1940 to
1940
■•v1/:'.
1941
1940
1941
Kilowatt-Hrs.
Kilowatt-Hrs.
12,013,000.000
10,893,000,000
11,296,000,000
11,013,000,000
13.333,000.000
12,019,000,000
13,098,000,000
+ 15
+ 11
26
34
+ 15
+ 10
29
32
+9
+ 16
35
33
12,677,000,000
+ 13
+ 15
41
38
13,291,000,000
+ 12
+ 16
40
32
June
11,428,000,000
11,315,000,000
July..-....-..
Percentage Changes to
June
June
June
28,
21,
14,
CommodUy Groups
June June
May
31,
February
1940
June
May
31,
29,
1941
1941
1941
1941
--
March
June
21,
1941
1941
January
1941 from
28,
29,
1940
April
May
87.7
87.2
86.7
85.2
77.1
+0.6
Farm
84.2
83.0
81.1
77.3
65.7
+ 1.4
83.7
82.6
79.2
69.7
+ 1.8 + 17.6
108.5 108.2 108.4 107.8
99.9
83.8
83.2
72.0
+0.2
79.0
78.7
77.7
71.9
—0.4
+ 1.3
98.4
98.2
94.8
+ 0.1
+ 0.2
101.1 100.9 100.5
92.4
0
84.7
84.5
78.7
Metals and metal products.
98.4
101.1
83.7
83.9
76.0
93.8
93.7
93.7
92.7
89.9
80.9
80.3
80.2
79.7
76.9
84.3
.
83.8
+ 8.6
32
+7
33
12,809,000,000
+ 10
28
12,515,000,000
13,173,000,000
+9
32
+ 11
33
142,266,000,000
+ 11
33
December
Total
+ 9.4
+0.6
+ 0.5 + 10.9
+ 4.3
+ 1.2
+0.1
+0.7
Raw materials
+ 0.6
+0.6
Housefurnishing goods
Miscellaneous commodities
+ 1.5
Note—Above data solicited from all plants engaged in generating electric energy
for public use,
and, in addition, from electric railways, electrified steam railroads,
Accurate
each month, representing approximately 98% of the total pro¬
duction shown; the remaining 2% of the production is estimated and corrections
are made as rapidly
as actual figures are available.
Thus, the figures shown for
the current month are preliminary while those for the preceding months are cor¬
rected in accordance with actual reports received and vary slightly from the pre¬
and certain miscellaneous plants which generate energy for their own use.
+ 5.2
84.9
84.1
82.9
80.4
70.2
+1.0
88.0
87.6
87.3
86.7
77.8
+ 0.5
+ 1.5 + 13.1
Manufactured products
89.3
89.0
88.7
87.6
80.6
+ 0.3
+ 1.9 + 10.8
88.5
88.2
87.9
87.0
79.6
+ 0.3
+ 1.7 + 11.2
89.1
89.0
88.8
88.2
82.3
+0.1
+ 1.0
data are received
+ 5.6 + 20.9
Semi-manufactured articles
......—..
...
All commodities other than farm
h Products
+ 10
11,750,000,000
+ 3.8
Textile products —
Fuel and lighting materials
Building materials
Chemicals and allied products.
12,203,000,000
+ 9.5
98.3
Foods
Hides and leather products
35
November
+ 6.4 + 20.9
+0.7
+0.3
+ 13
October......
+ 8.9 + 28.2
84.3
products
11,858,000,000
September
+ 2.9 + 13.7
37
August
All commodities
+9
....
liminary data.
All commodities other than farm
products and foods
...
Coal Stock and Consumption
+ 8.3
total
The
PERCENTAGE CHANGES IN SUBGROUP
JUNE
28,
INDEXES FROM JUNE 21
June
TO
1941
—
10.0
.
0.4
3.8
Cereal products
3.6
Other leather products
Dairy products
2.6
Other textile products
2.3
Paint and paint materials
0.3
0.3
0.3
0.3
1.6
Other miscellaneous
tons
0.3
....
Other foods
Grains
-
..
—
.—...
1,6
Shoes.—
1.3
Hosiery and underwear.
Meats,
1.2
Furnishings
Hides and skins
1.0
Bituminous coal
Cotton goods
0.8
0.7
0.5
Iron and steel
Electric
of coal in
and
0.2
0.2
— -
Petroleum products—
Brick and tile
——
——....
....
.... .
.
.
.——
at
a
electric
utility
plants
power
This was a decrease of 0.3% as
on
com¬
decrease of 6.1% as compared with June 1,
bituminous coal ancjl 1,178,164
decreases
tons
plants
power
consumed
and '1.0%,
respectively,
approximately
when
5,146,452
tons
Of this amount 4,888,226 tons were bituminous coal
May, 1941.
258,226
0.3%
of
1941.
May,
utility
were
17.4% and 29.7%,
increases of
anthracite,
respec¬
tively, when compared with the preceding month.
'
0.1
.......
anthracite,
were
compared with
0.2
Fertilizer materials
Rubber, crude
hand
on
Of the total stock, 8,991,160 tons were
1940.
Woolen and worsted goods--.--..
Oils and fats
Livestock and poultry
coal
10,169,314 tons.
1, 1941, was
pared with May 1, 1941, and
Increases
Cattle feed..
of
stock
In
of
terms
consumption,
0.1
last
Nonferrous metals.—..0.1
days'
there
supply,
was
which is calculated at
enough bituminous coal
57 days, and enough
on
the current rate of
hand June 1, 1941, to
anthracite for 141 days' requirements.
0.1
Furniture..
Decreases
5.6
Leather
Other farm products
1.3
Fruits and vegetables
Silk.
Lumber
....
... .
-
-
.
^
-
Department Store Sales Decreased in June More Than
Seasonally, According to Board of Governors of
0.4
..0.3
0.5
-..
Federal Reserve System
The Board of Governors of the. Federal Reserve
Production
Electric
of
for
Energy in the United
April and May, 1941
System
July 10 that department store sales decreased
by more than the usual seasonal amount in June and the
Board's adjusted index declined three points to 102.
States
announced
energy for public use during
1941, totaled 13,290,609,000 kwh., accord¬
ing to reports filed with the Federal Power Commission.
This represents an increase of 16.3% when compared with
May, 1940.
The average daily production of electric energy
for public use was 428,729,000 kwh. during May, 1941, which
The
production of electric
on
the month of May,
is
an
increase
of
1.5%
when compared
with
the
INDEX
production
during
April,
1941.
June,
use.
sendee
in
plants
91
106
87
One Week Ended
Four Weeks Ended
Year
to
+ 36
+ 32
+29
+21
r+35
+ 13
+ 11
Cleveland
+ 38
Richmond
5 June28 MaySl Apr.26 July 5
+ 19
+ 10
+ 22
+ 17
+ 24
+ 13
+ 17
+ 10
+ 14
+ 20
+ 16
+ 12
+ 18
+ 15
+ 16
+ 36
+ 17
+29
+ 17
+8
+ 21
+ 15
+ 16
+ 31
+ 17
+23
+ 24
+32
+ 24
+ 22
+ 16
+ 20
+ 37
+ 20
+ 19
+22
+11
r+22
+ 22
+ 21
+ 19
+ 25
+ 17
+ 30
+24
+ 15
+ 13
+ 20
+ 13
+ 16
+ 18
+ 27
+22
+ 16
+ 16
+ 20
+ 17
+ 20
+ 24
+ 17
Minneapolis
x
x
x
x
+ 16
+ 11
+ 12
+ 14
+ 11
Kansas City
+ 24
+ 18
+ 16
+ 14
+ 17
+ 14
+ 15
+ 14
+ 12
New York
Philadelphia
—
Chicago
St. Louis
—
+ 13
+ 15
+ 11
+ 14
Dallas
+26
+ 15
+ 36
+ 23
+ 24
+ 24
+ 24
+ 21
+ 16
San Francisco--
+20
+ 11
+20
+ 17
+ 17
+ 17
+ 17
+ 21
+ 14
U.S. total--.
+28
+23
+17
+13
+19
+14
+16
+23
+15
r
April 30, 1941.
which
are
Occasionally changes are made
not reported promptly, so that the
104
105
July 5* June28 June2l June 14 July
Atlanta
on
105
98
District
Boston-
Reports were received during June, 1941, indicating that
the capacity of generating plants in service in the United
States on May 31, 1941, totaled 42,222,166 kw.
This is a
net increase of 180,664 kw. over that previously reported in
102
June,
1940
Change from Corresponding Period a Year Ago {Per Cent)
Reserve
,
lic
1941
Federal
365,000 kwh.
4,223,328,000
April,
1941
Adjusted for seasonal variation
Without seasonal adjustment
average
by water power in May, 1941, amounted to
kwh., or 32% of the total output for pub¬
May,
1941
The
The production
a
(1923-25 Average—100)
production of
electric energy by electric railways, electric railroads, and
other plants which generate principally for their own use
totaled 236,715,000 kwh., making a total production reported
to the Commission for the month of May, 1941, of 13,527,324,000 kwh., or an average daily production of 436,daily
OF DEPARTMENT STORE SALES
The Commercial &
158
WEEKLY
First Half
June
28
109
June 29
June
21
107
June 22
89
92
June
14....
120
June 15
107
Revised.
*
..-a.
,,v
;/
I. some cities there were cnly four business days
,.d-dVv-
■
in the week ended July 6 this
included in United States total.
*
Not shown separately, but
a
Monthly Indexes refer to daily average sales In calendar
176,267,000
124,821,000
1,163,928,000
101,102,000
—19
Streets and roads
364,041,000
302,799,000
—17
Unclassified
162,290,000
514,147,000
216
six
a
Then
Electric Institute, in its current weekly re¬
1941
light and power industry of the United States for
the week ended July 5, 1941, was 2,870,000,000 kwh.
The
current week's output is 18.3% above the output of the cor¬
responding week of 1940, when production totaled 2,425,229,000 kwh.
The output for the week ended June 28,1941,
was
estimated to be 3,120,780,000 kwh., an increase of
■[\'d_,
Middle Atlantic
_
West of Mississippi
i■„
June
July 5, 1941
Week
1941 June 14,
1941 June 21,
28,
Week Ended
Ended
1941
financing total
24.5
22.0
16.4
12.9
20.3
Not
24.0
19.7
available
16.7
11.9
14.3
16.0
14.8
16.0
9.2
8.4
10.0
2.6
4.0
3.9
17.3
15.2
Southern States
Rocky Mountain
Pacific Coast
WEEKS
(THOUSANDS
KILOWAIT-HOURS)
OF
entering the
each
Percent
1937
1938
1939
1941
1940
1941
from
weekly
Jan.
18......
Jan.
25..
Feb.
8
15
mm
22
mm
Mar.
1
mm
Mar.
8
mm
Mar. 15
2,278,249
2,277,509
2,673,823
+ 12.0
2,600,962
+ 12.0
2,342,328
2.340,339
2,163,915
2,156,468
2,632,555
+ 13.1
2.616,111
mm
Apr.
5
Apr.
12
mm
19
mm
Apr. 20
mm
May 10..
17
May
mm
May 24
May 31
June
mm
7
June
mm
14
mm
June 21
m m
June 28
m
July
mm
5
12
July
July
m
19
July
20
Aug.
2
2,071,639
2,226,539
+ 16.1
2,237.729
+ 17.0
2,293,582
2,285,175
+ 16.3
2,275,658
+ 18.1
+ 17.1
2,258,221
2,272,424
+ 17.8
2,243,986
2,077,334
2,054,861
2,066,563
2,027,433
2.036,671
2,050,101
+ 13.9
2,234,908
2,016,227
+ 13.6
2,265,216
2,010,121
2,251,888
2,251,111
2,237,926
2,183,704
2,218,798
2,218,615
2,229.866
2.237,542
+ 17.1
+ 16.4
2,244,039
2,224,723
1,995,555
1,992,161
+ 18.3
2,238,826
2,019,065
2,242,421
2,550,071
+ 17.0
2,234,592
2,588,821
+ 16.3
+ 18.0
2,277,749
2,186,394
2,023,830
2,030,754
1,936,597
2,598,812
+ 17.1
2.328,756
2,056,509
2,604.853
+ 15.1
2,340,571
2,051,006
+ 15.2
2,362,436
2,082,232
+ 17.3
2,659,825
2,425,229 x+18.3
2,395,857
2,074,014
2,145,033
1,937,486
2,653,788
2,651,620
2,681,071
m
v1
2,402,893
2,154,099
2,377,902
2,152,779
2,760,935
2,762,240
m
2,426,631
2,159.667
2,193,750
2,399,805
2,225,194
2,251,995
2,176,399
2,266,759
2,260,771
2,287.420
2,285,362
2,139.281
2,358,438
2,321,531
2,312,104
basis,
construction
$2,841,403,000,
the highest half-yearly volume on record,
are
high, and 104% above the
last
year,
reported
as
total for the first half of
July
on
1941,
5,
"Engineering
by
volume
above
a
history,
period
six-month
is 52%
Private construction
in
highest
the
the! corresponding
above
year
a
ago,
for any first-half since 1930.
reported
133%
are
year
agoi
the highest
State and
municipal construction, $679,032,000, is 2% below last year,
Federal
but
level
and
Values
of
$1,427,953,000,
awards,
564%
over
awards
1940 and 1941
a
year
for
the
at
are
a
new
record
opening six-month periods in
State and municipal
Federal
awards,
volume.
They
$1,163,928,000,
are
account for
561% above
a
year
ago,
2,106,985,000
679,032,000
1,427,953,000
41% of the current
and at the highest
36% compared with last
year, and
commercial building and large-scale private housing is 52%
higher.
These three classes of building construction are responsible for
$1,766,387,000, about five-eighths of the first half award volume.
Sewerage awards are up 17% from last year; bridge construction, both
public and private, is 12% higher.
Unclassified construction, that is,
airports, airbases, shipways, shipyards, &c., is 216% above the 1940 open¬
ing
first
reported.
Industrial buildings
six-month volume.
half
of
1940
May, 1941
June, 1941
{Five Weeks)
{Four Weeks)
110,885,000
49,834,000
162,770,000
92,044,000
Private awards
Public construction.
160,719,000
....
State and municipal
Federal
Public
and
classes
and
gains
work show
of
132,529,000
359,433,000
In addition to public
the 1940 month's volume.
over
other
five
491,962,000
responsible for 52% of the June total,
building construction is
gains 1,204%
buildings,
$589,221,000
97,259,000
$409,371,000
125,280,000
284,091,000
121,321,000
$252,763,000
Total construction..*...
over
Com¬
June.
last
building and large-scale private housing is up 38%; bridges, 12%;
mercial
sewerage,
14%;
struction,
140%.
total.
earthwork
and
Street
Comparison
133%,
drainage,
and
unclassified
and
con¬
Waterworks awards are exactly equal to the last year's
road
the other hand, are
of
and
lettings,
construction,
building
industrial
24% and 41% lower, respectively, than
current
roads of 7%;
in streets and
32%;
with
averages
67%.
construction,
for
May,
on
a year ago.
reveal
1941,
in¬
public buildings, 207%; bridges, 3% ;
21%;
sewerage,
those
earthwork
Decreases
200%,
drainage,
and
in
are
and
buildings,
industrial
28%, and in commercial building and large-scale private housing, 3%.
Geographically, all sections of the country record substantial gains over
their
respective
weekly
for
averages
42%
Far
West,
New
England
61%;
gains
of
112%
33%.
South,
;
June,
its
tops
South
Mississippi is
70%;
Middle West,
;
331%
is
1940,
higher;
New
exceeds
the
higher than
a
227,000
month
State
in
construction
for
1940
and
year
month.
last
higher; Middle Atlantic is up
125%, and
west of Mississippi,
volume by
78%;
Middle West
Middle
Atlantic
122%; west
increases
120%, and Far West exceeds last June by 91%.
up
capital
last
both
is 74%
Compared with May, New England
year
The
The June
ago.
and
Capital
for
purposes
54%.
by
municipal
security issues; $7,849,000
financing total
bond
sales;
USHA loans
in
the
$78,764,000,
55%
month,
total is
private investment
is
made
$26,660,000
up
in
of $37,corporate
for low-rent housing projects;
$4,868,000
in
RFC
RFC
for
public improvements, and $500,000 in REA loans for rural
loans
loans
for
industrial
plant
expansion;
$1,660,000
in
electrification.
Week's
Construction Awards of $298,Records, According to
"Engineering News-Record"
1941
$2,841,403,000
734,418,000
$1,389,616,000
484,244,000
905,372,000
689,941,000
215,431,000
Public.
ever
over
June, 1940
An
six-month
73%
Engineering
718,000 Break All Previous
Private
peak
the weekly average
on
year.
ago.
1940
building
last
{Four Weeks)
are:
Total
Public
than
New
also
awards,
average
are
133% higher than a year ago as
The public total,
higher
News-Record."
Public
for the
44% above the
high
awards
June
of awards for each of the three months are:
9% greater than in the last half of 1940, the previous alltime
and
peak.
206%
and
month,
unclassified
Engineering construction awards for the first half of 1941,
rapidly
program
30% greater than the former mark set last October,
waterworks,
Engineering Construction Highest in His¬
tory—June Figures also Establish Monthly Peak.
5%.
ago,
month
a
by
1940,
previous
the
exceeds
and
weeks,
October,
of
construction
defense
June construction awards topped all existing
volume, $589,221,000, averages $147,305,000 for
July 5, 1941, by "Engineering News-Record."
new
is
creases
First Half
High—Public Awards Set New Mark
the
Federal work is the
major factor in the public gain, topping the corresponding 1940 month
by 622%, and gaining 121% over May.
State and municipal awards are
up 20% compared with last year, and 9% above a month ago.
Values
last
2,341,103
Preliminary due to holiday conditions.
x
four
of
on
the
for
2,249,305
2,477,689
x2,870,000
--
2,242,433
2,503,899
2.515,515
m m
m
2,112,046
2,269,061
2,499,060
3,120,780
m
2,297,117
2,529,908
2,528.868
3,066,047
3,055,841
mm
2,238,281
+ 15.4
2,493,690
2,975,024
2.982,715
3.011,754
2,924,460
3,042,128
mm
2,097,789
+ 13.6
+ 16.5
2,550,000
2,926,445
2,914,882
mm
3
May
2,225,581
2,508,321
2,524,066
2,873.710
mm
2,236,074
2,553,109
2,882,319
Apr.
2,139,311
2,130,558
2,327,192
2,314,869
2,564,670
2,982,203
2,986,470
2,964,817
2,963,579
2,956,149
2,937,585
mm
2,280,494
2,546,816
2,568,328
2,958,855
2,967,576
mm
Mar. 22..
Mar. 29
2,142,112
2,329,057
2,972,566
mm
Feb.
Feb.
Feb.
2,238,719
+ 11.0
2,979,010
2,977,501
m m
1
+ 10.7
2,688,380
2,995,562
mm
2,558,180
2,985.304
mm
issues,
highest volume of public awards in history is primarily responsible
The
2,831,052
4
half of 1941 totals
stage,
month's
average
reported
1940
11
the
of
of
phase
contract
The
weeks
five
Change
Jan.
security
corporate
in
second
the
records.
Jan.
on
Construction at All-Time
With
RECENT
Week Ended
Capital
$254,232,000 in State
Housing Authority
loans, $2,719,000 in Reconstruction Finance Corporation loans for public
improvements, $33,155,000 in RFC loans for industrial plant expansion,
$500,000 in Rural Electric Administration loans for rural electrification,
and $2,891,337,000 in Federal appropriations for construction.
June
X18.3
Total United States.
FOR
*—- —
-
15.1
Central Industrial
DATA
i- -
.
361,647,000
municipal bond sales, $30,399,000 in United States
and
21.6
18.4
Middle Atlantic
West Central
.
.
536,773,000
519,705,000
430% increase over a year ago, and the highest new
record.
The new construction financing total is made
$138,202,000
of
up
England
New
..
New
Ended
611,823,000
for construction purposes for the first
capital
$3,350,544,000, a
Week
Week Ended
647,070,000
278,707,000
160,629.000
.....
Far West
New
1941
$164,385,000
250,818,000
Middle West
PREVIOUS YEAR
First Half,
353,857,000
...
.....
..
-
.
f
$69,787,000
275,818,000
New England.......
South.
First Half. 1940
.C-d-idi
Region
a year ago.
PERCENTAGE INCREASE FROM
Major Geographic
Regions
west of Mississippi, 86%, and Middle Atlantic, 83%.
each of the sections for the first half of 1940 and
;
in
are:
electric
the like week
West
114%
of electricity by the
port, estimated that the production
over
52
561
of the Nation report substantial
The greatest increase, 136%, is in New England.
with a 125% gain, followed by South, 122%;
year ago.
awards
of
-
17
12
36
geographical sections
Far
comes
Middle West,
Values
17.3%
... —
the
of
over
gains
Output for Week Ended July 5, 1941, Shows
Gain of 18.3% Over Year Ago
The Edison
222,453,000
Commercial buildings
All
Electric
—..
Earthwork, drainage
month*, June, 1941 figures
—3
196,405,000
Sewerage
Bridges.......
Public buildings
estimated from weekly sales.
Change
$38,171,000
52,473,000
66,324,000
303,957,000
298,502,000
$39,236,000
44,951,000
59,152,000
Waterworks...
Industrial buildings
compared with five in the corresponding week of 1940.
year as
Per cent
1941
Class of Work
67
6
85
First Half
1940
1940—
July
5
r
July 12, 1941
1935-39=100
WITHOUT SEASONAL ADJUSTMENT,
INDEX,
1941—
July
Financial Chronicle
The
1941
are
award totals
are:
in
up
each
class of
work for the
in
record
all-time
the
week
ended
set
was
engineering construction
by
awards totaling $298,718,000, according to "Engineering News-Record." This is
25% higher than the previous record of $239,000,000 estab¬
lished Oct. 17, 1910.
It is 205% higher than the correspond¬
ing week of 1940, which was a "high" week at $98,000,000
July
10,
with
due to the first defense construction program.
Record"
The
highest
000,000
an
announcement
full
significance
month
per
on
of
record,
week;
The "News-
continues:
this
record
when
week
engineering
is
that
it
follows
construction
also the highest six months
on
June,
averaged
the
$147,-
record, $2,841,403,000,
increase of 9% over the previous record made by the second half of 1940.
To
this
July
10
private, $27,643,000.
record
week
public
work
contributes
$271,075,000;
Of the public construction, $28,707,000 is State and
municipal and $242,368,000
Federal.
Public construction
is
321% higher
Volume
than
is
last
The Commercial & Financial Chronicle
153
private
year;
construction
19%
is
Federal
lower.
construction
July 1.
740% higher.
total
cumulative
The
half
1927,
except
first
of
week
1928,
higher
1929 and
to date,
than
1940.
the
It
weeks,
28
weeks'
52
is
is
totals
for
112%
gain of
a
every
over
Under the
of defense
pressure
needs, the
program
usual seasonal slackening appears to have been absent in a
number of important lines.
In part, the summary added:
record,
new
a
As in May, automobile production in June proceeded at the highest rate
the
since the spring of 1937 and retail demand continued strong.
1940.
awards
of
Values
the year
This is
$3,214,330,000.
too,
year
for
159
the
for
1940
week,
last
week,
and
the
held at
current
1
are:
exceptionally high rate.
an
in large volume;
Mill activity
Loadings of railway freight continued
during the week ended June 21 the total of all
loaded
cars
exceeded last fall's peak by 48,000 cars, and was the hignest for any week
since Nov.
July 11, 1490
July 3, 1941
July 10, 1941
{Five Days)
(Four Days)
(Five Days)
4, 1930.
Electric power production appears to have reached
In May this Bank's
Total construction
$98,039
Private construction
$74,209
$298,718
34,012
11,387
27,643
—
Public construction
64,027
62,822
35,205
17,465
28,822
45.357
long term trend.
28,707
Federal
seasonally adjusted index of production and trade
advanced five points over the February-April level to
271,075
State and municipal
242,368
that had. been affected by labor disputes.
Advancing tendencies in production and trade
and each of the component group
producers'
•
For text of this article
durable goods
lines such
as
further to
Year Ago
advertisement page vi.
see
a
defense
particularly sharp rise in the producers'
indicated in the rate of flow
was
through primary distribution channels.
sumers' goods,
particularly those in the durable category,
Production of
con¬
at a con¬
was
siderably higher level than in May, 1940, and it is estimated that retail
trade expanded somewhat further between April and May, seasonal factors
advertisement page vii.
see
a
A marked gain
of merchandise
Companies Have Invested Average of
$2,280,000 Per Day in Financing Homes and Busi¬
ness Mortgages for Five Months of
1941
The index of
important
level about 50% above that of May, 1940, and the recovery in
bituminous coal output resulted in
Insurance
For text of this article
general during May,
were
indexes moved upward.
production, which includes
steel, aircraft, shipbuilding, and machinery, rose four points
nondurable goods index.
Life
109% of estimated
The unusually large increase in the index reflected in
considerable part the resumption of large scale operations in lines of industry
Trend of Business in Hotels, According to Horwath &
Horwath—May Sales 7% Above
a
record high level during the month.
considered.
Retail sales of passengers cars exceeded
those of
any
previous
month.
(Adjusted for seasonal variations and estimated long-term trend; Series
Life Insurance Companies' Payments to Policyholders
and
Beneficiaries
Pass
$1,000,000,000 Mark for
Months
Five
of
1941—Payments
May
in
reported
in dollars are also adjusted for price changes)
Total
May
For text of this article
advertisement page vii.
see
Mar.
Apr.
May
1940
$215,573,000
1941
1941
1941
Index of production and trade.-.
89r
104
mp
I09p
Producers' durable goods
Producers' non-durable goods..
80
115
117 p
121 p
93
113
mp
119 p
Consumers' durable goods.....
Consumers* non-durable goods.
73r
88
90 p
95 p
96r
102
102p
104 p
Production of:
Bank
Debits
Week
for
Ended
Above
Bank debits
the
July
Year
2,
24.9%
1941,
Ago
Primary distribution
2
July
$12,565,000,000.
aggregated
98
98 p
106 p
92
103
mp
106 p
Total
debits during the 13 weeks ended July 2 amounted to
Industrial Production—
$132,-
Steel
20% above the total reported for the corre¬
year ago.
At banks in New York City
there was an increase of 14% compared with the corre¬
sponding period a year ago, and at the other reporting
center's there was an increase of 24%.
These figures are
153,000,000,
85
Distribution to consumer
reported by banks in leading centers for
as
ended
week
a
or
117
116
121
89
106
90
121
97r
120
19
122 p
86
86
Automobiles..
Bituminous coal
sponding period a
..
Crude petroleum
91
85
Electric power
98
109
107p
110 p
Cotton consumption
99
136
146
148
183r
Wool consumption
87 p
the
Reserve
Federal
SUMMARY
190p
119p
125p
108
lllp
94
99
101
100
Manufacturing Employment—
Employment
92
107
110
112p
87
107
110
113p
Residential building contracts
46
47
51
59
Non-residential building & engineering contracts
53
94
76
94
99
102
92r
Meat packing
Tobacco products
System.
BY
178
116
108
88
Shoes
July 7, 1941, by the Board of Governors of
on
101
Man-hours of employment
reported
as
FEDERAL
RESERVE DISTRICTS
(In Millions of Dollars)
Week Ended
13 Weeks Ended
Construction—
Federal Reserve District
July 2,
July 3,
July 2,
July 3,
1941
1940
1941
1940
Primary Distribution—
$672
$537
$7,368
$5,920
Railway freight car loadings, mdse and mlscell..
5,508
4,418
54,092
47,116
91
100
80
Philadelphia-.
751
Railway freight car loadings, other
610
7,602
5,799
Exports
100
104
116
Cleveland
860
683
9,514
Imports
71
86
93
Richmond
463
382
5,136
7,296
4,056
Department store sales (United States).
88
100
101
Grocery chain store sales
96
101
100
99p
Variety chain store sales
96
105
106
llOp
Boston
New York
82
x;
99
x
117
«
-
w
378
285
4,217
3,290
1,844
1,411
386
288
19,745
4,314
15,920
St. Louis
Minneapolis
212
189
2,456
2,340
Kansas City-.
345
290
3,989
3,441
Mail-order house sales
98
103
107r
Dallas
269
112p
213
3,291
2,684
New passenger car sales
75
113
113
117
877
756
10,430
8,691
$12,565
$10,063
$132,153
$109,940
4,936
3,946
49,135
6,636
5,275
71,909
993
843
11,110
42.92(5
57,839
9,174
Atlanta
Chicago
'San Francisco.
Distribution to Consumer—
3,387
•
102
Velocity of Deposits*—
Total, 274 reporting centers...
New York City
140 Other leading centers *
133 Other centers
*
Velocity of demand deposits, outside New York
City (1919-25 average
Velocity
of
demand
(1919-25 average
Centers for which bank debits figures are available back to 1919.
Cost
Conditions in
Business
Federal
Reserve
p
Indications of the trend of business in the various Federal
districts is indicated in the following extracts
Reserve
which
we
give from the "Monthly Review" of the Federal
Reserve Districts of Boston, New York,
Philadelphia, Cleve¬
land, Richmond, Atlanta, Chicago, St. Louis, Minneapolis,
Kansas City, Dallas and San Francisco:
'
The
First
'
Federal
(Boston)
Reserve
Bank
District
and
payrolls
in
manufacturing
establishments
Most industrial lines reflected the continued gains in
in
tnis district during the five-week period
year
in
New-
they increased.
activity.
Carloadings
ending June 14 amounted to
136,694, an increase of 22.1% over the total of ill,954 during the
corre¬
sponding period of 1940 and during the 24-week period ending June 14
were
17.2% greater than in the corresponding period
apparel shops in New England was 1.1% less than in April but exceeded
May last
year
by 20.4%.
.
.
.
Boot and shoe production during May in New England is estimated to
been
14,588,000 paits,
as
compared
and 10,983,000 pairs in May last year.
The amount
May
r
was
of
raw
cotton consumed
104,170 bales,
bales and 45.2%
over
15,856,000 pairs in April
with
.
.
.
a year ago.
Second
(New York)
106
106p
117
118
119p
District
the
were
in evidence in early
particularly heavy goods, increased
month; operations at coal mines
expanded
to
earlier high levels
following the curtailment in the bituminous coal industry during April;
production of crude oil increased about seasonally; and the output of electric
power
advanced when there is ordinarily
trade is
large.
bought, particularly in heavy lines such
small decline.
a
but have
more
as
.
.
refrigerators and automobiles
acute.
when scarcities of
Sales at wholesale
been restricted somewhat in certain lines
prompt delivery.
.
A wide variety of goods is being
where production may compete with defense industries
labor and materials become
are
also large
by inability to make
The movement of rail freight has expanded to
peaks,
new
with further sharp increases in prospect this summer and fail.
Fourth
(Cleveland)
District
Industrial
activity in the Fourth (Cleveland) district
moved rapidly into new high territory in May, it is reported
in the June 30 "Monthly Business Review" of the Cleveland
Federal Reserve Bank.
The following is also taken from
the summary:
It continued to expand during the first half of June, but at a more moder¬
ate rate than in earlier months
partly because it is difficult to expand from
the recent high rates of close to capacity in most fields, and because certain
District
non-defense lines
Pittsburgh
"Monthly Review" of
are
finding it necessary
to
curtail operations.
Outstanding orders of department stores in this area
now
(Philadelphia)
The output of manufactures,
June.
in
on
are
'105
Productive activity in the third Feeeral Reserve district increased sub¬
Federal Reserve Bank reports in its
as
—
stantially from April to May, and further gains
available for June point to a con¬
tinued advance in the rate of business activity, the New York
Such data
100)
* Not adjusted for trend.
Third
by mills in New England during
decrease of 10.2% from the April total of 115,985
a
May
=
100).
Revised.
a year ago.
During May the sales volume of 118 reporting department stores and
have
Preliminary,
=
The volume of retail
Employment
25
reported by the Federal Reserve Bank of Philadelphia,
in "The Business Review" of July 1, that trade and indus¬
trial activity is expanding further, and additional gains are
in prospect even though operations are at or approaching
capacity in several basic lines.
The Bank also had the
following to say:
say:
England usually decline between April and May but this
58
It is
of
Boston reports in its
"Monthly Review" of July 1 that "in New England during
May the level of general business activity increased over
that which prevailed during April, after allowances had been
made for customary seasonal changes, and was considerably
higher than in May last year."
The "Review" goes on to
57
24
City
of Living and Wages*—
Wage rates (1926 average
Districts
York
60
114
New
25
104
100)..
100)
Cost of living (1935-39 average
Summary of
58
27
—
deposits,
=
were
May 31 than a year previous, despite the fact that stocks
than
at
any
other time in more than two
area
years.
.
.
.
137% larger
are
greater
Manufacturers in the
reported unfilled orders more than three times
as
large
as
The Commercial & Financial Chronicle
160
those of
a
year ago,
deliveries in
the
v
,
Employment
tion
though concerns had nearly douoied the rate of
even
May last
high levels in this area again in May, with the
below
The gain in pay¬
largest gains in the metal working industries.
,
rolls in May over the previous month was more
than twice as large as the
.
,
Increase in the number employed in this area, reflecting
at many
creases
1940 and the largest for May on record.
but was slightly larger than in
in May,
as
Flour production increased slightly but continued to be
year.
ah classes of livestock,
Slaughterings at South St. Paul of
year ago.
exception of hogs, were substantially larger than in May, 1940.
general wage in¬
Tenth
(Kansas City)
District
The following regarding business and agricultural condi¬
tions in the tenth Federal Reserve district is taken from the
■]'}"
District
(Richmond)
a
with the
plants.
Fifth
large
as
The cut of lumber also declined seasonally
50% larger than those of a year earlier.
were
rose to new
Linseed oil shipments declined seasonally but were about
record.
on
half again
material inventories of these com¬
Raw
period.
same
panies at the end of May
July 12, 1941
The June 30 "Monthly Review" of the Federal Reserve
Bank of Richmond indicates that trade and industry con¬
June 30
May and early June in the Fifth Federal
materially higher than
for 1940."
The following is also from the "Review":
"Monthly Review" of the Federal Reserve Bank of
Kansas
City:
tinued to rise in
I
y'Y,-
flood damage and a wet
those
damaged, the district ciops will still be a very large one.
tures
primarily on the defense program, which
The volume of business is based
result
are
sold
up
are
under construction at a number of points.
year ago was
mines, after the April shut-down,
than in May last year,
set
record
new
a
and
produced 24%
coal in May, 1941
According to the Dallas Federal Reserve Bank, the dis¬
District
federal Reserve Bank.
The
in
reportihg wholesale firms in this district was 19% higher than
dise through
high
in
level for the month of May, although after allowance for seasonal influences.
month was somewhat smaller than the record attained in April, but nearly
Wholesale distribution increased by
5% in May, when there is usually a small decrease, life insurance sales were
cotton at textile mills in
Weather conditions
(San Francisco)
tinued
exceeded that of
month in 1929 or 1937, despite the
affecting a number of lumber, ship¬
building, and vegetable canning firms, it was noted in the
San Francisco Federal Reserve Bank's "Monthly Review"
of July 1.
The Bank further said:
yearly comparison since the days of the NRA has taken
place in the manufacturing industries in the Seventh Federal
Reserve district during the past year..
The Bank further
any
period
gain of approximately 27%
a
Payrolls
a year ago.
were up
47%.
increase
the
the first
during
following the
year
National Recovery Act, which resulted in a
rise of 35% in
In
at this time of year,
larger payrolls in practically all industries in all sections throughout the
creasing difficulties
seventh district.
.
.
Responding to this augmented purchasing power of Increased employ¬
ment and
Responding to higher prices and
tinued to show increases in recent months over the corresponding periods
of
mental
.
stemmed from
pressure
steel
of
increased
the
activity in the steel industry.
industry has
been operating at
of foods
This activity,
State
St.
Louis
District
Federal
that "stimulated by steadily
broadening requirements of the National defense program
and extraordinarily heavy demands for merchandise of all
descriptions for civilian consumption, general business activ¬
ity in the eighth district during May and the early weeks of
June rose to new high levels, after allowance for customary
seasonal changes."
From the review we also quote:
At mines in this general
output in May was more than four times as much as in April and
Tri State
same
period
a year ago.
Reflecting
activities
moved upward during May, and both production and ship
area
ments were
at
appreciably larger than
fluor-spar mines in
creased production.
users
Under the
a year ago.
Illinois and
same
stimulus
Kentucky have heavily in¬
These two States supply about 70% of the Nation's
requirements for this material.
and
12%
of demand for defense and other purposes, zinc production in the
pressure
dustrial
area
For the first five months, however, cululative
production fell 5% below that of the
Consumption of electric
current
by in¬
in the principal cities in May was 8% greater than in April
26% above
a year ago.
Ninth
Department store sales in this district in May
the largest for the month in
were
our
14% larger than in
13-year records.
Manufacturing production in this district in May
as
measured
following indicators advanced further from the April level and
highest level for the month in
than
more
a
decade.
any
other month in
duction advanced from April
.
our
.
.
8-year records.
and
was
.
.
by the
at the
The index of Minnesota
manufacturing employment increased to 120% of the 1936
higher than in
was
.
average
and
was
Electric power pro¬
the largest May produc¬
1,400,000
in
Administrator
V.
Paul
McNutt
an¬
2 that 1,400,000 workers were placed in
July
on
Placed
1941, According to Security
jobs by the State employment offices during the first five
months of
this
made during
data
More than half a million placements were
May alone, the most recent month for which
report to the Administrator
A
available.
are
gain of about 00% over the same
year—a
period of 1940.
(unemployment
ployment
security
ployment
service)
operations,
compensation
submitted
by
on
and
em¬
em¬
Social
the
Security Board, shows that as placements have increased,
unemployment compensation payments have dropped sharply
compared with last year.
Benefits in May of this year
came to $32,000,009—13% below the May, 1940, total.
This
May approximately 707,000 workers received one or more
benefit
checks
as
against
1,400,000
May,
in
1940.
Com¬
pared with the previous month, however, May benefits were
17% higher.
The announcement, issued by the SSB, fur¬
ther said:
increase,
This
"Monthly Review" of the Federal Reserve/
Bank of Minneapolis reports that "business activity con¬
tinued to rise during May and was at the highest level since
1930."
The following is also from the summary:
were
nounced
observers
many
(Minneapolis) District
The June 28
May, 1940 and
.
McNutt
Security
expanded rapidly following the shutdowns
incident to labor difficulties during April.
greater than in May, 1940.
*s"
Have
Offices
Employment
reports
Production of bituminous coal
Retail
several items.
on
.
Administrator
(St. Louis)
In its June 30 "Business Conditions" the Federal Reserve
of
Prices
month earlier, although govern¬
sharply further, owing largely to recent marked gains in
rose
Jobs in Five Months of
felt throughout the industry.
Bank
a
increases
the industry will
year,
approximately 82,000,000 tons of ingot steel.
Eighth
than
restrain
to
ing action.
resulting from the demands of the defense program and civilian needs, has
been
taken
was
near-capacity levels, and if the
is continued throughout the
average
have produced
or
action
prices of farm products wnicn have been comparatively free of such restrain¬
Under the
unprecedented demand for all forms of finished products, the
an
five-month
costs
this increase in employment and payrolls and trade has
in¬
larger volume of
a
marketings, district farm cash income was 8% higher in April tnan a year
of commodities were again nigher
1940.
although
reported in obtaining prompt delivery on some
were
earlier and the gain in May appears to have been somewnat larger.
payrolls, department store trade in the seventh district has con¬
A largo part of
about the customary large proportion
and seasonal influences considered, activity continued
building materials.
.
was
promoting the
Expansion in the
around the high level attained in the last quarter of 1940,
monthly comparison. May indicated a rise in employment and
the
residential building
value of new
employment
50% in payrolls, was from the low level prevailing in June, 1933.
and
further gains in employment and income
substantial growth of retail trade during recent months.
of the
passage
oy
of industrial workers and these gains have been a factor in
gain was all the more striking since it was recorded over a fairly high level,
whereas
accompanied
The increase was
This
any
of strikes
occurrence
reports:
the corresponding
.'/MM-;'
/.v.'Y
District
Industrial activity in the 12th district during May con¬
the persistent expansion of the past year and far
Chicago states that the most rapid expan¬
and payrolls that has been recorded in
sion in employment
I®'By the end of May employment showed
generally unfavorable
■
Twelfth
In the June 27 issue of "Business Conditions" the Federal
Reserve Bank of
were
conditions in the livestock industry are good to excellent throughout the
district.
District
(Chicago)
sharply
during the final two weeks of May and the first half of June, but
to crops
v
rose
Consumption of
all-time peak.
new
a
Texas declined in April, but continued at a much
higher rate than a year ago.
substantially in the latter half of May following
settlement of labor difficulties.
Output of crude petroleum
May last year.
refinery operations reached
and
Textile activity in May was at a
level, pig iron production recovered a larger part of the April decline,
Seventh
The value of construction contracts awarded during the
1940.
May,
double than in
larger, and commercial failures declined.
and coal output increased
May. * Department store trade in May and the first half of June was
nearly one-fourth gieater than a year ago, and the distribution of merchan¬
further reports:
May sales declined 2% from April.
Texas prior to May 31 were valued at slightly more than
$500,000,000, including contracts valued at $173,000,000 which were let
sum¬
Distribution of merchandise through retail outlets reached a new
over
further
National defense con¬
Employment and payrolls continued to expand.
tracts awarded in
activity in the Sixth district continued
high level in May, it is reported in the June 30 "Monthly
record
a
gain in May, and industrial output and the production of
minerals also increased.
In its July 1 "Monthly Business
16% above May, 1940 permits in
(Atlanta)
Review" of the Atlanta
mary
This is not true of hogs.
District
Review" the Bank further commented:
Trade and industrial
a
(Dallas)
tribution of commodities in the 11th district showed
year.
Sixth
at
Farm income is increasing.
lumber sales are 30%
Production of flour, zinc, and crude petroleum is higher
year ago.
Eleventh
awarded rose 154% over contracts
valuation, and construction contracts
last
more
a
marketings and slaughter of cattle are large.
and
single month.
a
the largest for any month this year.
Bituminous coal
shipments to domestic consumers
Building permits issued
rayon yarn
May for
in
district cities last month were
in fifth
above
Many testile mills
several years.
time activities for
'■
Construction of nearly all kinds is very active and
through this year, and shipyards and airplane plants have
assuring full
orders
Ranges and pas¬
delayed somewhat
been
The gain both in sales and stocks in May over a
building up stocas.
are
:
V'" Y;Yv1:\Y'^
v
Industrially the district is operating at or near capacity, and additional
payrolls.
facilities
condition but crops have
excellent
Wholesale and retail trade is about 20% above a year ago and retailers
of increased purchasing power of con¬
of added employment, longer hours of work, and higher
government orders or in the effects
sumers as a
in
are
Although wheat in Oklahoma was badly
harvest.
by wet and cool weather.
practically every trade and industry either through direct
is reaching into
of
Drier weather in the third week of June greatly reduced the danger
Reserve district, and all figures were
the
and
continued
to
a
volume
level,
number
of
workers.
there
was
this year,
will
payments
even
though
shutdowns
of
other
short-term
;
Although
occur
benefit
temporary
turnover,
equipment,
first
reduced
present
Labor
the
that
is in line with the belief of
substantially
fall
not
is
employment
due
to
factors
scarcity
will,
is
it
for
unemployment
of
the
below
increase.
materials
increase
in
benefit
a
of
numbers
;
■
over-all
or
said, result in
large
,
an
on
payments
during
May, 25 States reported a smaller amount of payments than in the previous
month.
Moreover,
declined
9%
struction,
related
to
continued
canning,
logging,
defense activities,
the
for
mining,
was
benefits
employment,
manufacturing,
received
during
particularly
shipbuilding,
in
May
con¬
and
in
responsible for the decreases in most States.
employment service activities, the Board reported
500,100 jobs filled during May represented a 13% increase over
Elaborating further
that
claims
Increased
3,800,000.
on
Volume
the
previous
end
of
The Commercial & Financial Chronicle
153
month.
May
The number of registrants
5,200,000—slightly
was
than
more
the
the
the active file at
in
sharp
payrolls
May to reach
of Labor Frances Perkins reported on June
represents
gain
a
April total and
said.
she
600,000 workers
than
more
the
sharply
bituminous
coal
ment also
fications
decreases
show
to
tion and trade.
following
the month
over
construc¬
were
trade resulted
The decline in employment in
from the reduction in the
temporary labor force employed to
handle Easter
The decrease
business.
construction
in
em¬
ployment resulting from completion of many new army can¬
tonments
more
than
offset increases
in
other types of
Secretary Perkins added:
building construction."
All
major groups showed substantial employment gains over
workers.
These
than at
of
the
Nation
larger
raised
to
in
regularly
index
due
to
and
A
and
in
than
increases
with
factory
Wage
rate
raises
28,195
of
plants
summaries
the
in
woolen
steel, 39,606 ; agri¬
cultural implements, 31,750; foundries and machine-shop products, 30,297;
chemicals, 21,232 ; engines, 18,747, and sawmills, 15,673.
These figures
should
not
be
considered
as
representing all wage changes occurring
electrical
during
69,917;
machinery,
period,
this
as
some
packing,
meat
firms
43,962 ;
have failed to report wage rate
may
changes and many firms not included in the sample may also have
during this
increases
rate
wage
granted
of
durable
6.1%
whole
and
61.2%.
and
The
and
26.5%
equals
(1923-25
gains
the
in
non-durable
goods
as
group
100)
in
payrolls.
employment and payroll
The
indexes
for the durable goods group were 131.0 and
159.1,
These
respectively, and for the non-durable goods group, 118.7 and 122.5.
indexes
were
the
Employment
stantial
gains
orders
by
key
on
(13,800),
reported
and
continued to expand and sub¬
many additional
industries affected
industries
materials,
war
in
including
foundries
(17,800),
electrical
(11,400).
substantial employment
steel
gains were meat
(5,700), radios and
phonographs (4,700), baking (4,700), brick, tile and terra cotta (4,400),
furniture
(4,300), and woolen and worsted goods
(3,700).
Decreases,
for the most part seasonal,
were
reported for the following industries:
fertilizers
(9,300), women's clothing (8,900), and shoes (5,800).
Other
industries
(8,400),
packing
showing
cotton
Further details
rate
of
in
May,
and
(7,500),
goods
were
a
trade
the
beverages
May followed much
slight
the Bureau
of
loss
the
same
has been
0.2%
with
a
pattern
changes between
divisions,
1.3%
ranging
as
they have for the 12
industrial
The
gains
England,
Middle
payroll
gain
of
to
1.5%.
22.1%;
revival
in
employment
were
shown
by
farm
products
(not
auto¬
3.2%;
2.6%.
Employment in retail trade establishments was 1.8% below the level
the preceding month.
This loss resulted principally from the release
large numbers of temporary workers employed in mid-April to handle
motive,
2.4%;
merchandise,
general
1.9%; iron and steel scrap,
machinery, equipment and supplies, 1.7%, and metals and minerals,
of
of
Easter
Retail
sales.
employment
was
5.3%
above
the average of
May a
9.7% higher.
The decline was particularly
merchandising and apparel groups, in which
losses of 5.2% and 9.1%, respectively, were reported.
In the lumber and
building materials group, employment rose 2.3% from April to May, and
smaller gains were reported in furniture and furnishings, automotive, and
food stores.
In each of the retail groups showing increased employment
year
ago
and
pronounced
the
in
payrolls
the
were
general
payroll gains were substantially larger than the employment increases.
The resumption
of operations in bituminous coal mines in May, following
933,000 more
South
Central,
175,000; West
and Mountain,
compared with a year
Central,
West North
255,000;
East
136,000,
the largest percentage .gains were Rhode
20.7%; Indiana, 20.5%; Connecticut, 20.4%,
Kentucky and Pennsylvania showed
employment from April to May, reflecting the
reported
West Virginia,
in
increases
bituminous coal
in
with
Maryland,
20.1%.
Virginia,
substantial
a
Other regions reported the iollowing
;
South
Atlantic,
48G.OOO;
New
689,000
production.
Public Construction
on
construction projects financed from appropriations to
regular Federal agencies declined 75,000 in the month ending May 15.
On
defense construction curtailment of employment on troop cantonments was
Employment
offset by sizable gains on
partially
dential
on
construction.
building
The
ship construction, airports, and resi¬
number of persons employed on all
609,000.
Non-defense projects,
Federal-aid roads, furnished employment to
from the preceding month.
Wage
defense
projects during the month totaled
with
large seasonal gain
a
206,000
to the 815,000 men employed on defense and
$8,783,000 less than in April, but $76,949,000
the corresponding month in 1940.
on low-rent projects of the United States
Housing Authority
projects
in
than
Contractors
increased
20,000
$107,127,000
of
payments
non-defense
on
of
increase
an
men,
were
by
employment
3,000
300
defense
housing and 2,700
in
the month
Approxi¬
ending May 15.
trades workers were given employment on
additional building
mately
were
added to payrolls on non-defense housing.
$3,959,000 to the 42,000 workers employed on all
more than in the month ending April 15.
Employment on construction projects financed by the Public Works
Administration showed a slight seasonal increase during tbcjnonth ending
Wage
of
payments
proiects
were
$66,000
The 11.200 men employed were paid
$1,370,000.
Reconstruction Finance Corpora¬
tion furnished employment to an additional
900 workers in the month
ending May 15.
The increase on defense projects amounted to 700 and on
non-defense projects
to 200.
Wage payments to the 9,300 men at work
on
both types of work totaled to $1,258,000.
Construction
financed by the
projects
EMPLOYMENT
AND
FROM
FINANCED
ROADS
ON CONSTRUCTION PROJECTS FI¬
PARTIALLY FROM FEDERAL FUNDS AND'ON
STATE FUNDS.fMAY, 1941tf|,* k; §&
PAYROLLS
NANCED WHOLLY OR
.
(In Thousands)
Payrolls
Employment
Change from
Change from
Mar.,
May,
1941
April.
May.
1941
April,
May,
a
1941
1940
a
1941
1940
$
$
$
Sizable seasonal
the most pronounced gains in employment being shown in
May,
Pacific,
150,000;
which
States
States to
Employment showed
elsewhere
classified), 30.9%;
farm supplies, 5.4%, and assemblers and country
buyers, 9.1%.
Most of the wholesale lines of trade for which the Bureau
collects data showed
increases in
employment and payrolls from Apr!
decreases
Mountain
the
All States showed increased employment as
42,000.
Island,
and
in
April in
over
all nine geographic
employment over last year,
Atlantic,
422,000;
Central,
ago.
Gains
year.
region continued to show the largest
North Central
East
employed than in May, 1940.
increases:
the
over
in
employment occurred in
10.7% increase
States.
a
non-agricultural
in
workers
South
from
years
collecting these data.
the
in the Pacific
increase
April
payroll
over
private
employment
of
level
33.5%
and
month
in
employment
the
but
given by the Labor Department as
employment and
1.6%
increased
Program
wholesale
for which
the
over
follows:
In
in
increaee
off
May 15.
record.
defense
also
were
for
machinery
highest
in
a
pronounced, namely, 0.8% and 12.4% in employment
Jess
must
were
4.0%
employment
hotels
interval.
7.9%
manufacturing industries, in
goods group of
were
building construction
that industry was
24.1% above May, 1940.
Following the sharp rises of recent months,
employment showed a further gain of 5.4% from April to May, which was
somewhat
less than
the usual seasonal rise.
Weekly payrolls advanced
more
period.
which defense
activity is largely concentrated, showed employment gains of 2.6% over
the month and 32.1% over the year, and corresponding payroll increases
The
in employment and
6.4%
this industry
than 600,000
more
6,718,573 wage earners.
The
numbers of workers receiving pay
and worsted goods, 81,533 ;
large
industries;
Increased activity in quarries was reflected
Employment
employing
indicate
following
rose
1941, index exceeding all previous May levels since 1930.
,
reported by 1,679 manufacturing plants out of a report¬
were
sample
ing
preliminary
shows
year
payrolls up 45.1%.
The
the year interval was
hours, and overtime
9.2% and affecting
averaging
increases
last
increased
-
earners
of
May
payments.
wage
reported by
were
employment over
increases,
rate
wage
payroll
comparison
21.7%
up
payrolls
in
gain
primarily
from
127 of (he 157 manufacturing industries
by
months, most of the increases were larger than
in past
employment
factory
larger
the
0.8%
Increases in employment
in payrolls.
a
showed
industries combined
manufacturing
all
Employment
mining.
metal
December, 1939.
year-round
tapered
These increases
($13,370,000).
5.3%
of
for
month,
each
As
contraseasonal.
or
May with
in
The typical April-May changes are minus
reported
were
surveyed
seasonal
contra-seasonally
advanced
increase
record.
on
industries.
139
there
(1923-25 equals 100), and the payroll index to 141.9,
May
May
to
NYA
or
earners), and weekly factory payrolls
employment and plus 0.2%
April
WPA
on
Neither do they include the armed
has been an
increase of nearly
campe.
again
seasonal
highest levels
employed
persons
the
Increased demand for metals
resulted in contra-seasonal in¬
equipment
payrolls in
private building construction
wage
employment
124.7 in
rise
a
year.
include
which
in
(162,000
than
the
last
showed
May.
employment
gain of 1.6%
a
last
since
Factory
time
not
employees in CCC
or
1,200,000
this
do
trade
499,000;
rose
portion of
month, the
Laundries
and dyeing and cleaning establishments continued to add workers to their
forces.
Gains of approximately 3% in May raised the current levels above
any on record.
Slight decreases in employment were shown for brokerage
firms, while firms engaged in insurance reported small gains over the
In
May,
The
estimates
projects,
forces
levels since
month
workers
more
1940.
May,
major
a
The May employment level stood above that of
Weekly payrolls in
of 222,000
Federal, State and local government services employed 301,000
employment
increase
an
scale agreed upon amounted to
affected
industry.
levels.
1940,
defense
of
employment and
larger-than-seasonal gains of
of 1,756,000 wage earners.
employment showed
Manufacturing
Construction
and
levels.
negotiations.
wage
in
May,
the
manufacture
rolls.
shutdowns in
Manufacturing employ¬
expanded substantially, and the only major Classi¬
April pending
negotiations,
528% in weekly
wage
14.0% in pay¬
25% above the May, 1940,
Employment in the crude petroleum producing industry remained
virtually unchanged, while payrolls increased 3.2%, due primarily to
increased wage scales in a number of large firms.
Each of the three
public utilities industries surveyed reported larger than seasonal employ¬
ment gains.
The employment increase of 1.7% in the telephone and
telegraph industries raised the index to the highest level recorded since
September, 1931, while in the electric light and power industry the gain
of 1.1% in employment raised the May index above all preceding May
levels since 1931.
In these two industries payrolls in May rose to the
highest levels recorded during the past 12 years.
Street railways and
buses increased
their staffs by
1.0%, employment reaching the highest
in
resumption of operations
industry
of
in anthracite mining showed a slight decrease
month since October, 1937.
any
the
over
period
a
wage
new
18%
employed in this
1.5% and payrolls 4.1%.
major part of the gain in civil employment
the month resulted from the
over
in
"A
of
the
in
rise of 3,115,000 workers since May, 1940,"
a
The
approximately
below
considerably
creases
"This total
27.
during
282% in employment and
from April
to May
(0.3%), but payrolls, reflecting a large step-up in production,
increased 37.1%.
Employment and payrolls in this industry remained
all-time peak of 38,278,000, Secretary
a new
of
industry.
of
Employment
Further, but Work on Public Construc¬
and Relief Programs Declined
Total civil non-agricultural employment expanded
this
in
April
in
increase
400,000 wage earners
Increased
in
the
for
increase
an
Secretary of Labor Reports Total Civil Non-Agricul¬
tural Employment Reached New All-Time Peak in
May—Total of 38,278,000 Workers Exceeded Year
Ago by 3,115,000—All Major Groups Showed Ad¬
vances—Employment in Regular Federal Services
tion
curtailment
accounted
in April.
161
Federal ap¬
Financed by regular
—8.783 + 76,949
815.0
—75.0 + 539.0 107,127
Defense
609.0
—95.0
Other
206.0
+ 20.0
42.0
+ 3.0
6.5
+ 0.3
630
+ 26
35.5
+2.7
3,329
+40
propriations, b
U
8. Housing Authority.c
Defense...
Other
86,371 —11,452
20,756
—2.4
3,959
+ 2,669
+66
—659
11.2
-—.—
Other
State roads.d
...
—86~.4
1,370
+ 32
—8,573
+0.9
+ 7.4
1,258
+ 123
+ 1,024
6.9
+ 0.7
977
+ 116
2.4
RFC.c
+0.2
9.3
Financed by PWA.c
Financed by
Defense
+ 0.2
281
+7
175.0
+29.0
13,780
+ 1,968
+ 860
months ended April 15 and
May 15; employment represents the maximum number employed during any one
week in the corresponding period.
Employment and payrolls on Federal-aid roads
are for the calendar mcnth; May, 1941, figures are estimated,
c Payrolls are the
totals for the months ended April 15 and May 15; employment represents the maxi¬
mum number employed during any one week in the corresponding month,
d Em¬
ployment and payrolls are for the calendar month; May, 1941, figures are estimated.
a
Preliminary,
b Payrolls are the totals for the
Employment in Regular Federal Servces
One
indication
increasing
of
the
employment
in
intensity
of
the
defense effort is
In May the number of
Government's
the executive service.
The Commercial & Financial Chronicle
162
executive service rose to 1,308,000, a gain of
over May, 1940.
Payroll disbursements of
$199,010,000 were $9,797,000 more than in March.
Preliminary reports show that the addition of 116,000 men to the
armed forces of the Federal Government in May brought the total up to
employed
persons
57,000
the
in
Index
Industry
PAYROLLS
AND
May,
May,
1941
April,
May,
1941
April,
May,
*
(1923-25=100)
Manufacturing-----
REGULAR FEDERAL SERVICES,
IN
1941
MAY,
_''V-
7
,
,
1941
1940
♦
1941
1940
+ 1.6
+4.1
+ 11.1
92.3
—0.2
+ 3.8
Trade—Wholesale
1941
April,
a
1941
1940
+ 1.5
84.6
+ 9.4
c
+ 1.3
c
c
+ 3.3
c
+0.4
c
c
+ 1.4
c
c
Groceries <fc food spec.les
c
April,
May,
Dry goods and apprel..
c
+0.3
c
c
+ 1.0
1941
1941
May,
+45.1
c
c
Food products
1940
Mach., equip. & supplies
c
+ 1.7
c
c
+2.6
c
c
—30.9
c
c
—21.4
c
May,
May,
+5.3
c
(1929=100)
Change from
Change from
Service
al41.9
+21.7
110.2
Class I steam railroads-b—
Payrolls
Employment
al24.7
(1935-39=100)
v''
(In Thousands)
% Change from—
Index
% Change from—
Payroll disbursements for the month amounted to $96,262,000.
EMPLOYMENT
Payroll
Employment
April and 328,000
ovor
1,662,000.
'7.'
July 12, 1941
a
Farm products—
1
+328.0
+ 57.0
1,308.0
Executive
Military-.------------- 1,662.0 + 116.0 + 1,198.0
0.0
643
0.0
2.5
Judicial
+62,857
+ 39
+ 3,261
+2
c
Preliminary.
Employment
Further
curtailment
of
employment
work
on
Total
payrolls
amounted
to
of
at work
persons
on
$2,638,000.
student-work
reported
and the out-of-school
program
the student
Administration
Youth
National
The
decreases
in May totaled 464,000, and
program
both
on
the
Employment
the out-of-school
work program.
on
399,000.
program
-
PAYROLLS ON
AND
EMPLOYMENT
77::7f
-
number
The
agency
declined
on
$86,100,000.
were
projects financed by the Work Projects Administration
4,000 in May.
Wage payments to the 54,000 persons employed
Federal
'
MAY,
1941
7 ^
.
Change from
Change from
May,
1941
April,
May,
1941
April,
May,
a
1941
1940
a
1941
1940
S
8
5
WPA program:
Federal
2,638
—59
—4
1,182
1.456
86.100
—6.226
23
31
1,447
—119
--
Projects operated by WPA
c
+20.7
76.6
+2.3
+2.7
76.5
+ 5.4
+ 8,2
d84,6
+ 1.7
+ 9.5
dl09.2
+2.0
+ 10.5
d92.3
+ 1.1
+ 1.9
dll0.3
+2.5
+ 5.8
d68.9
+ 1.0
+0.8
d73.0
+ 1.3
+ 5.4
+8.2
—0.3
—6.2
33.4
+37.1
—16.5
89.9
+282.0
81.8
+ 528.4
+ 4.1
+ 31.8
+ 1.5
+ 5.6
+ 13.2
99.2
78.3
51.3
+6.4
+9.4
53.6
+ 14.0
+ 25.3
60.4
+0.6
—4.5
59.6
+3.2
+ 1.5
96.8
+ 1.6
+3.6
188.4
+ 1.5
108.4
+ 3.4
+9.4
98.9
+6.6
+ 11.7
120.7
+ 3.0
+ 11.0
95.6
—0.6
—14.7
+0.2
+ 1.5
+ 5.4
+ 1.5
-
Metalliferous
Quarrying & non-metallic .
Crude petroleum product'n
+24.6
Services—
Hotels
(year-round)
Laundries
--
-
—
-
-
--
Dyeing and cleaning -----—
Insurance
—
Building construction
I,
-
+3.2
:
—2.2
+ 12.0
c
—0.5
—14.2
c
+0.3
+2.3
+24.1
c
+7.9
+33.5
c
c
c
c
Revised series—adjusted to preliminary 1939 census figures
b Source: Interstate Commerce Commission,
c Not available,
d Revised series—Retail-trade indexes adjusted to 1935 census, public utility
Indexes to 1937 census,
e Covers street railways and trolley and motor-bus opera¬
tions of subsidiary, affiliated and successor companies,
t Cash payments only;
value of board, room, and tips cannot be computed,
g Based on estimates prepared
Preliminary,
a
by the United States Maritime Commission.
OF EMPLOYMENT AND
PAYROLLS IN 55 ADDITIONAL
MANUFACTURING INDUSTRIES—PRELIMINARY
INDEXES
—48
(12-Month Average 1939=100.0)
—391
—2,149
Payrolls
Employment
—24,641
Industries
414
—12
d
May,
April,
May,
May,
April,
May,
1,033
—107
d
1941
1941
1940
1941
1941
1940
464
—16
127.7
126.9
103.0
399
—26
261
—6
Defense
Other
-
NYA projects:
Student-work prograrn.c--.
Out-of-school
work
grarn.c
—14
—55
+ 14
3,383
pro¬
+ 99
8,209
—278
+ 2,615
12,227
—51
—112
—1.776
142.8
135.9
103.5
day of the month; payrolls for the entire month.
ESTIMATES OF TOTAL NON-AGRICULTURAL EMPLOYMENT
*
♦
*
*
*
178.3
114.4
247.8
224.4
115.4
138.1
136.7
104.3
170.0
158.4
100.2
156.5
155.7
105.6
202.2
175.7
110.1
126.2
117.4
95.9
160.8
147.5
103.1
212.2
200.5
130.7
277.4
251.7
150.1
Pumps
b Payrolls are the totals for the months ended April 15 and
15; employment represents the maximum number employed during any one
In the corresponding month.
c Figures are for the calendar months ended
April 30 and May 31.
d Payroll breakdown not available,
e Figures on employ¬
*
184.5
Machine-tool accessories—
Preliminary,
May
week
ment are for the last
Iron and Steel Group—
Metal doors and shutters
-
Civilian Conservation Corps, e
a
+6.1
+ 4.1
+ 33
—4
Other.--,.--
+4.3
99.7
—92
0
54
Defense—
75.0
+6.5
48.6
Bituminous coal
projects
agency
under WPA.b
+0.6
+ 1.1
91.7
Water transportation
Payrolls
Employment
May,
+ 1.3
77.8
Anthracite.;
*
Program
—10.2
-
Brokerage-
RELIEF PROGRAMS,
(In Thousands) 77.7
—2.8
84.8
-
Telephone and telegraph..
Electric light and power—
Street railways & busses.e
Mining—
April and 391,000 from May, 1940.
Approximately 414,000 persons
at work on defense projects and 1,033,000 on non-defense projects.
from
+6.5
+ 10.6
101.4
1
Public utilities—
on
were
+0.6
c
d95.8
Lumber & bldg. mat'ls..
by the Work Projects Administration was reported in May.
Employment
all projects under this program totaled 1,447,000, a decrease of 119,000
+9.7
+4.2
—9.1
Automotive
operated
projects
Y''
+ 3.5
—0.2
+ 8.3
—5.2
90.8
Furniture & furnishings-
relief
C
c
+ 3.4
merchandising. d103.0
Apparel
Relief Programs
on
+ 1.5
c
d91.5
c
+ 5.3
+0.3
107.8
General
V'/- 7"'
•.77 .y
.
C
+2.4
—1.8
—
-
Food
:
a
+0.6
c
d96.0
Automotive
Retail
+28
+ 11
1,331
+0.2
0.0
6.0
Legislative
prod'ts
(lncl. bulk tank sta'ns)
Petrol. & petrol,
+ $9,797 +849,658
$199,010
96,262
173.4
165.5
118.3
241.6
218.6
129.7
158.2
154.9
122.6
196.8
184.6
127.4
117.4
Firearms
-
Screw-machine products
—
Wire not made in rolling mills—
Wrought pipe not made in rolling
mills------Steel barrels, kegs, and drums...
Machinery Group—
Refrigerators and refrigerating ap¬
May,
Change
1941
April,
April,
1941
to
Change
1940,
May,
CPrelim¬
1940
inary)
May,
to
May 1941
May, 1941
38,278,000 37,676,000 +602,000 35,163,000 +3,115,000
Employees In non-agricul¬
tural establishments
Manufacturing,
a
a
Mining
Construction
32,135,000 31,533,000 +602,000 29,020,000 +3,115,000
11,532,000 11,370,000 + 162,000 9,776,000 + 1,756,000
564,000 + 311,000
875,000
+ 30,000
845,000
1,748,000 1.775,000 —27,000 1,249,000
+499,000
Transportation <fc public
utilities
3,184,000
Trade—
6,419,000
government
4,325,000
3,000,000
6,197,000
4,202,000
+ 184,000
—44,000
+60,000
4,052,000
Finance, service & misc.
Federal, State and local
3.113,000
6,463,000
4,265,000
3,983,000
+69,000
3,751.000
+ 301,000
+71,000
+222,000
(not Included above)—
+ 123,000
1,662,000
1,546,000 + 116,000
464,000 + 1,198,000
Includes allowances for adjustment of factory wage earner totals to preliminary
1939 census of manufactures.
estimates
first
line
of
of
"total
the
civil
above
non-agricultural' employment,"
table,
the
represent
total
given
number
of
on
persons
engaged in gainful work in the United States in non-agricultural indus¬
tries, excluding military and naval personnel, persons employed on WPA
or
NYA projects, and enrollees in CCC
camps.
The series described as
"employees
firm
in
non-agricultural
members,
domestic service.
lishments"
Tables
The estimates
shown
are
giving
The
for
for
each
less
at
more
of
Occupations
the
the
been adjusted
number
time of
shown
the
to
and
persons
major industry
seven
months,
persons
each
for
working at
month.
to conform to
for the
proprietors
the
in
estab¬
groups.
period
from
request.
on
ending nearest the middle of
Census
workers"
by
group,
figures represent the number of
week
also
"employees in non-agricultural
available
are
excludes
casual workers,
persons,
separately for each of
figures
United States have
or
establishments"
self-employed
January, 1929, to date
1930
number
have
of
been
the
any
The
time during
totals
for
the
figures shown by the
non-agricultural
unemployed for
"gainful
one
week
Census.
Indexes of employment and
payrolls for all manufacturing industries
combined, Class I steam railroads, and for those
non-manufacturing indus¬
tries for which information is
available, are shown below for May, 1941,
with percentage
changes from April, 1941, and May, 1940.
The three-year
average 1923-25 is used
facturing
industries
as
and
Class I steam railroads.
a
base in
the
the
12-month
index numbers.
The
and
cover
data
for
dyeing and
all
computing the indexes for the
five-year
For the other
mation for years prior to 1929
and
Transportation Equipment Group
Motorcycles, bicycles, and parts.
average
for
These indexes
average
1935-39
as
a
1929
is
not
for
non-manufacturing industries infor¬
is not available from the Bureau's
are
manu¬
base
records,
used as a base in computing the
adjusted for seasonal variation.
manufacturing, mining, building construction, laundries,
cleaning cover wage earners only; those for railroads
employees,
while the data for water transportation cover em¬
vessels of 1,000 gross tons or over in deep-sea trades
only.
The data for other industries exclude
proprietors and firm members, corpo¬
ration officers, executives, and others whose work is
mainly supervisor}'.
ployees
on
122.3
106.8
178.0
165.4
130.8
99.3
171.3
162.6
93.6
157.7
147.3
113.9
183.4
168.3
108.6
Non-Ferrous Metals Group—
Sheet-metal work
140.4
142.2
102.5
169.2
161.2
101.4
Smelting & refining of scrap metal
131.8
140.5
102.2
154.0
167.9
109.0
Caskets and morticians goods
100.3
100.9
99.9
106.6
107.8
97.4
Wood preserving
Wood turned and shaped
119.5
121.0
108.2
142.2
142.7
121.9
115.7
117.2
101.0
133.2
130.9
103.2
Lumber Group—
Wooden boxes, other than cigar.
Mattresses and bedsprings
.
121.7
118.3
103.2
150.0
137.7
110.0
118.4
116.2
98.3
134.6
127.7
100.4
Stone, Clay, and Glass Products
Group—
77"- Y
176.6
172.4
115.2
214.3
203.6
110.9
Abestos products
125.7
121.3
96.8
156.9
139.0
101.8
126.2
120.5
113.9
158.6
141.0
123.1
Gypsum
114.5
111.9
104.2
132.3
126.3
111.5
140.6
132.6
97.5
157.4
142.7
97.5
128.3
122.8
121.2
149.6
137.1
118.1
Glass
products
made
from
pur¬
chased glass
Wallboard
and
plaster,
except
gypsum.-
The
the
-
Abrasive wheels
a
and
125.9
133.2
Washing machines, wringers, and
Lime..
—
Military and naval forces
the
——
—
driers
Total civil non-agricultural
employment-a
paratus
Sewing machines
Textiles—
Textile bags.
109.4
111.3
99.6
120.3
120.3
100.6
Cordage and twine.-
128.9
124.6
99.1
161.1
148.1
100.1
House furnishings:
Curtains,
draperies,
and bed¬
90.1
124.0
123.5
141.8
136.0
97.3
160.8
141.3
99.2
124.4
121.5
107.3
154.9
150.7
106.1
103.2
101.1
97.9
120.2
112.8
99.4
Boot & shoe cut stock & findings-
103.1
103.3
85.5
113.8
111.9
Leather gloves and mittens
136.7
135.6
96.0
172.0
169.4
95.5
Trunks and suitcases
141.9
136.4
92.8
137.2
131.6
86.0
Food Group—
Cereal preparations
105.3
106.8
spreads
Other-..
-
Jute goods, except
Handkerchiefs
felt
101.7
93.5
Leather Group—
81.8
102.2
94.2
117.3
114.3
94.9
Condensed and evaporated milk..
120.7
109.6
107.0
135.5
117.7
111.4
Feeds, prepared
Paper and Printing Group—
Paper bags
107.0
105.4
98.6
116.3
113.5
99.8
117.7
115.0
108.8
138.3
129.9
113.0
Envelopes
113.4
112.0
104.3
124.1
118.5
103.7
118.9
117.7
103.0
128.2
124.7
105.4
106.0
105.9
98.5
118.4
121.5
101.0
99.0
98.7
98.0
109.9
107.4
98.4
138.8
135.7
105.5
182.7
*
Paper goods, not elsewhere classi¬
fied---
-
Bookbinding
Lithographing
Chemical,
Products
Petroleum
and
Coal
Group—
Ammunition
Compressed and liquefied gases. .
160.9
114.1
88.2
92.7
89.9
93.0
94.3
91.9
Coke-over products
128.7
115.8
112.0
146.1
125.6
116.4
Paving materials
Roofing materials-..
Miscellaneous Group—
109.6
97.2
103.6
118.8
102.2
110.0
123.7
121.5
108.6
149.1
136.0
114.2
Chemical fire extinguishers
249.3
224.4
114.7
324.7
271.0
127.2
Perfumes and cosmetics
114.4
Buttons
professional,
entific, and commercial
Instruments,
Optical goods.
Photographic apparatus
Pianos, organs, and parts—
Toys, games & playgound equip't
-
*
Not available.
111.9
97.7
138.2
129.6
95.0
175.9
169.2
111.9
218.9
203.7
114.4
sci¬
159.2
155.9
116.8
181.9
174.8
118.2
115.6
113.6
106.9
134.8
128.9
107.9
121.3
123.1
105.6
131.6
129.3
105.7
106.6
102.4
123.9
108.5
101.4
115.3
Volume
The Commercial & Financial Chronicle
153
163
EMPLOYMENT AND PAYROLLS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES—ADJUSTED
EXCEPT AS INDICATED IN FOOTNOTES a AND b.
(Three-Year Average 1923-25=100.0)
INDEX NUMBERS OF
TO 1937 CENSUS
OF MANUFACTURES,
Manufacturing Industries
April,
May,
*May,
April,
May,
*May,
April,
May,
*May,
April,
May,
1941
*May,
1940
1941
1941
1940
1941
1941
1940
1941
1941
1940
1941
Non-durable Goods
Goods
Durable
Payrolls
Employment
Payrolls
Employment
Manufacturing Industries
machinery.—
Blast furnaces, steel works, and
not including
112.4
129.4
132.5
159.1
101.9
97.2
150.8
Fabrics.
96.0
110.3
107.1
77.9
87.0
109.0
104.1
73.9
86.9
75.7
89.3
81.2
59.9
106.4
—
103.7
89.0
.
Carpets and rugs
112.2
105.0
Textiles and their products
Iron and steel and their products,
104.7
88.8
116.8
113.3
78.1
68.2
140.2
137.4
109.1
170.6
164.1
103.1
Cotton goods
Bolts, nuts, washers & rivets..
Cast-iron pipe
Cutlery
(not incl. silver and
160.4
154.7
105.8
230.5
212.0
109.8
Cotton small wares
102.7
100.8
76.0
113.8
107.4
66.8
Dyeing and finishing textiles.
140.9
143.3
122.6
131.8
134.7
80.0
80.7
66.2
74.7
66.9
46.0
plated cutlery) & edge tools.
Forgings, iron and steel
118.0
92.0
Hats, fur-felt
Hosiery
143.2
141.9
133.7
158.5
155.2
133.5
101.5
99.5
66.7
151.9
140.5
73.4
77.0
71.4
61.6
72.2
63.9
Hardware.—**—**—:—***.—
117.1
116.6
95.9
143.2
135.7
101.9
rolling mills..
■—
92.6
94.3
110.3
75.8
124.8
131.1
102.5
116.5
104.3
.
Plumber's supplies
102.1
100.9
81.8
106.5
98.4
217.5
210.0
156.4
262.5
242.5
111.9
108.9
85.0
121.6
116.8
108.4
91.1
116.1
108.7
84.0
99.1
71.1
114.3
103.4
109.0
95.6
144.8
127.4
100.9
135.0
133.0
92.0
169.2
165.7
files, and saws)—
Wirework..........
...
90.2
Cash registers, adding mach's,
and calculating machines
'T
113.0
101.5
106.2
106.6
101.2
98.7
64.5
165.6
172.6
162.6
132.7
132.9
112.3
118.1
118.1
114.4
136.9
132.5
116.5
122.3
115.0
128.4
123.9
121.2
Men's furnishings
V
169.7
113.9
217.4
198.2
122.3
Food and kindred products
133.5
144.8
149.1
140.9
137.8
271.5
278.7
360.5
331.4
330.6
V'."-: V
v,-
193.8
368.2
451.5
148.9
114.3
192.3
214.2
101.9
147.3
97.6
90.1
84.8
Canning and preserving
89.6
87.5
89.5
81.3
86.4
76.1
83.9
85.8
75.4
Flour...
76.5
77.4
78.5
74.8
76.4
87.4
78.7
83.8
75.2
79.5
70.1
117.9
111.3
105.7
133.3
116.1
110.4
47.4
53.5
Slaughtering and meat packing.
152.5
94.6
472.2
289.7
192.1
163.9
126.9
101.5
98.9
82.2
124.7
112.1
77.0
Typewriters and parts.
143*2
138.3
113.1
188.9
174.5
114.0
and snuff
170.9
160.2
116.7
197.2
191.4
118.5
Paper and printing
6221.7
7720.4
7182.5
2601.5
Sugar, beet.
5913.6
134.4
132.3
109.8
145.4
146.9
111.1
Cars, electric & steam-railroad.
78.6
73.7
55.7
83.4
73.9
49.9
Locomotives
65.0
59.7
28.2
79.6
71.6
303.2
294.4
158.2
424.6
392.5
180.4
157.0
103.6
139.7
138.8
105.3
165.9
Aluminum manufactures, a
233.1
231.0
180.2
321.9
290.4
47.1
184.1
182.5
125.5
243.9
233.6
134.2
114.3
133.8
144.5
89.7
48.1
49.3
95.2
89.3
92.5
80.0
63.5
62.2
66.4
59.1
60.7
52.0
-
53.6
58.6
65.4
61.6
60.5
66.3
58.7
59.9
124.9
121.3
113.1
114.0
159.1
150.7
124.6 f
120.3
115.2
145.5
139.1
124.2
103.5
102.8
99.3
96.0
93.7
88.4
117.5
117.1
117.1
113.7
112.5
112.3
133.5
coal
and
petroleum,
66.4
115.0
126.6
122.8
—:
Newspapers and periodicals.
Chemicals,
62.6
119.4
129.2
133.1
Book and job
64.7
120.8
...
-
94.0
Chemicals
120.6
162.2
156.6
120.5
121.8
146.6
142.4
136.8
135.9
137.8
120.4
167.0
161.0
132.5
166.4
refining.
134.5
121.6
products
Petroleum refining..
Other than petroleum
115.5
43.5
102.6
64.8
...
Boxes, paper.****.***..*..*.
Paper and pulp
Printing and publishing:
210.3
Brass, bronze & copper prods..
Clocks and watches and time-
162.4
136.2
221.7
208.3
161.9
Cottonseed oil, cake & meal-
.....
104.4
88.7
97.9
93.7
72.6
113.3
84.1
109.8
105.8
72.4
83.1
70.4
92.2
82.0
61.3
101.3
85.5
110.9
107.5
84.3
88.4
63.8
67.5
83.3
56.6
122.4
118.4
141.8
137.7
128.5
c
c
c
c
128.4
178.7
128.8
129.3
176.9
118.1
140.7
137.4
125.9
169.1
157.9
p136.3
323.8
Explosives
102.0
72.0
Druggists' preparations
81.6
125.2
c
104.6
111.8
Fertilizers
74.6
73.8
68.0
77.9
75.7
97.6
87.3
102.1
95.2
............
Paint and varnishes
63.3
100.1
74.8
Lumber and allied products
Soap
c
304.3
355.9
342.3
311.4
91.6
81.4
125.4
115.6
98.0
105.1
83.8
129.2
122.5
87.1
74.8
72.4
54.1
87.7
83.6
83.8
82.7
69.0
112.0
106.7
79.9
181.2
.
317.9
91.7
106.4
Rayon and allied products.
180.3
139.6
207.3
194.8
131.3
...
Rubber products
Lumber:
73.1
Chewing and smoking tobacco
26.9
Shipbuilding
■
101.4
—
Sugar relining, cane
Tobacco manufactures—
Cigars and cigarettes— ... .
2676.4
.
146.5
99.9
165.4
Furniture
76.7
121.5
100.1
506.4
Smelting and refining—copper,
lead and zinc
95.1
125.5
96.9
96.5
....**.*»****..—
97.7
134.7
102.4
136.5
recording devices
80.6
121.7
99.0
221.1
Lighting equipment
Silverware and plated ware....
58.1
89.1
86.7
84.6
95.8
90.0
123.9
108.7
158.5
Jewelry
63.6
291.7
—
Textile machinery and parts-
,,
92.3
Beverages—————**—*—-*
316.9
Non-ferrous metals & their prods.
91.0
Ice cream
191.0
130.0
—..*—
86.8
Confectionery
164.0
194.5
129.0
151.3
151.2
242.4
174.4
Automobiles
98.0
Butter
240.3
139.6
175.8
177.1
134.5
'Aircraft.b
54.1
101.2
149.4
324.8
—
75.5
126.3
127.7
Baking
Machine tools..--
Transportation equipment.b——
52.3
129.5
89.7
Foundry & machine-shop prods.
phonographs...
74.6
121.2
93.1
255.4
Radios and
87.8
130.0
95.7
Leather and its manufactures
268.2
....
96.2
75.8
Leather
153.5
-
81.0
131.1
—
Shirts and collars
242.8
Engines, turbines, water wheels
and windmills...
60.3
71.8
95.1
275.2
Electrical machinery, apparatus
and supplies.
48.6
112.2
156.5
162.3
60.1
126.4
161.1
r
62.3
104.3
207.4
212.0
62.1
117.9
Millinery
iV.
68.5
118.5
Boots and shoes
Machinery, not including trans¬
portation equipment.. * *
Agricultural implements (incl.
tractors).
...——*—
64.9
103.5
Clothing, women's
Corsets and allied garments..
61.7
Tools (not incl. edge tools, ma¬
chine tools,
84.0
132.7
106.4
.....
'
Tin cans and other tinware
84.4
149.5
124.0
Wearing apparel
'•
102.4
73.6
127.4
Clothing, men's
Woolen
118.6
—
goods
and worsted goods..
82.6
141.5
68.4
—
Silk and rayon
Structural & ornamental metalwork
49.9
82.2
Knit cloth
74.5
112.6
98.9
155.4
Knitted underwear
162.1
apparatus & steam fittings..
Stoves
.
Knitted outerwear
74.5
Stamped and enameled ware...
Steam and hot-water heating
*'
*
Millwork.
69.8
69.7
60.7
62.1
59.3
47.8
Rubber boots and shoes._
Sawmills——
65.6
65.2
61.9
66.2
66.4
58.3
Rubber tires and inner tubes
Stone, clay and glass products...
95.7
93.0
82.0
97.0
91.1
74.6
Rubber goods, other—
Brick, tile, and terra cotta—
73.6
69.2
60.9
69.4
62.4
53.8
49.2
■
77.9
74.2
70.8
85.1
75.5
69.2
121.8
104.4
147.6
143.5
112.0
124.7
122.7
102.5
141.9
134.8
97.8
45.3
49.1
37.9
34.6
38.8
Durable goods.a
131.0
127.7
99.2
159.1
150.0
98.7
112.3
products...—..
113.1
90.6
112.9
110.9
84.2
Non-durable goods.a
118.7
117.8
105.6
122.5
117.8
96.8
*
Pottery
1940.
Declined in
1930
Unemployment fell 1,305,000 in May to 3,062,000 persons,
to the Division of Industrial Economics of the
Conference Board.
The May total was the lowest since
according
September, 1030.
In May, 1040, 8,735,000 persons were
unemployed.
Under date of July 0 the Board further re¬
ported :
Although employment in manufacturing usually declines from April to
May, it increased 164,000 this May.
There were seasonal gains of 456,000
in agricultural employment and of 239,000 in construction.
There was a
larger-than-seasonal increase of 08,000 in transportation.
Employment in
industries
service
rose
184,000,
the expansion of the military services
Mining employment gained 306,000
total about equal to the number employed before the bitu¬
accounting for 116,000 of the increase.
and reached
minous
a
coal strike
Since
in April.
1940,
the service
portation,
utilities
207,000.
and
trade, distribution and finance, 343,000, and
„
154,000
these
Smaller
in
agriculture,
public
in
agencies
as
the fall of
1937.
employer.
May,
the Government continues to expand
There were 1,317,000 persons on its executive, legis¬
in May of this year, as compared with 989,000
Total military forces amounted to 1,662,000, as compared
1940.
464,000
in
May, 1940.
1
UNEMPLOYMENT AND
The June survey of living costs of wage
the United
in
were
1.3% higher than in May.
Agriculture
Forestry and fishing
Mar.,
May,
Mar.,
April,
Food prices were
June,
When
1933
1940
1941
1941
Rents
June,
4.0% higher in June than in May, 8.1% higher than in
0.2% higher in June than in May and 1.6% higher than in
were
14,762
35,884
8,735
46,226
6,117
49,398
5,357
50,205
lower than in June, 1929.
0.6% from May to June, coal prices reached a level
the June, 1940,
prices.
above June, 1940, costs.
They cost 9.3% more than in June, 1933, and only
113.0 cents in June as
in May, 117.0 cents in June, 1940, and 100.6
"v * V'W:?y'
'
The following table presents the Conference Board's indexes of costs of
the various items in the budget during May and June, and the percentage
The
purchasing value of the 1923 retail dollar was
compared with 114.4 cents
cents in June,
1929.
+ '•
-
in Family
(—)
82.2
+4.0
88.0
+0.2
73.6
73.6
0
81.2
81.1
+0.1
66.0
66.0
0
86.7
86.4
+0.3
87.1
86.6
85.9
85.9
0
98.6
98.5
+0.1
10,539
9,961
11,567
10,893
11,283
11,738
136
216
216
222
225
18,988
470
776
6,966
10.418
11,955
12,119
12,283
3,340
941
1,969
2,560
2,580
2,819
2,465
1,549
1,914
2,018
2,053
865
943
965
976
989
Trade, distribution and finance—
Service Industries
8,007
6,407
7,436
7,569
7,797
7,779
9,003
7,711
10,118
11,410
11,651
11,835
Misceli. industries and services..
1,012
703
940
1.044
1,055
1,082
Men's
*
*■*
Women's
2,121
1,167
Dec.
88.2
18,198
Preliminary.
or
from May 1941
to June, 1941
85.5
770
*
May, 1941
12
18,267
—
June, 1941
20
745
Public utilities
1923=100
Im-portance
Item
% of Inc. (+)
33
15,989
Transportation
Indexes of the Cost of Living
Housing
Clothing
645
Construction
5.2% above
They were 2.1% below the June, 1929, level.
0.1% higher than those of May and 1.6%
Sundries costs in June were
Food a.————;—«•**'
10,966
Manufacturing
April
1941, however, were 25.0%
Clothing prices in June,
3,962
51,647
1,067
11,059
Extraction of minerals.
They were 0.7% above
1940, and 21.3% above the depression low points of
1933.
Budget
19,097
Total industry
level.
Clothing prices remained the same as in May.
May,
1934,
Although rents were 40.7% above those in January,
1940.
those of June,
and
depression low point.
1933,
above the March,
and 39.9%
1940,
1941
267
——
3.5% higher
compared with those in June, 1929, they had declined 19.3%.
*May,
1929
429
were
J■'■■■■'•
+
Avge,
47,925
They
1940, and 23.4% above the June, 1933, level,
but they were 11.0% below June, 1929, costs.
Underdate
of July 10 the Board further stated:
than in June,
Relative
Employment total
earners' families
the Division of Industrial
States made by
Economics of the Conference Board shows that such costs
of change.
EMPLOYMENT
,v/ -::0(In Thousands)
Unemployment total
1.3%, According to
up
0.4% less than in June, 1929.
lative and judicial rosters
in
Living Costs
In press releases
Conference Board
In rising
of WPA, CCG and out-of-school NYA workers
third consecutive month to 2,120,000, which was
below the total for April and about equal to the number enrolled
total
in May for the
Despite the decline in work relief,
its role
occurred
increases
trans¬
mining.
Tb«t .combined
dropped
June
they were 4.1% below the June, 1929,
employment in manufacturing increased 1,865,000 J
industries, 1,717,000 (1,198,000 in the military services);
May,
construction, 850,000;
with
b Indexes not comparable to indexes appearing
Lowest Level Since September,
May to
in
a
revision,
a Adjusted to preliminary 1939 census figures,
Revised figures available in mimeographed form,
c Not available.
Reports Unemployment
Conference Board
in
Summary
All industries,
May, 1941, indexes preliminary; subject to
dated earlier than November,
the
._
46.1
——————
Marble, granite, slate, & other
*
—
123.6
Cement——————
Glass
.
5
Fuel and light.
Coal
Gas and electricity
b
30
Sundries
Weighted aver, of all items.
Purchasing value of dollar..
100
+0.6
88.5
87.4
+ 1.3
113.0
114.4
—1.2
of the United States Bureau of Labor Statistics,
1941, and the Conference Board index of food in 56 cities, June 13, 1941.
retail prices of 35 kilowatt hours of electricity, 1,000 cubic feet of
natural gas, or 2,000 cubic feet of manufactured gas,
a
Based on food price indexes
May 13,
b Based upon
The Commercial & Financial Chronicle
164
The
Report of Lumber Movement Week Ended June 28, 1941
total
the week ended June 28, 1941,
was 2% less than in the previous week; shipments were 3%
greater; new business 1% less, according to reports to the
also
a
STATISTICAL
shipments
Year-to-Date
weeks
26
orders
1940—Month
weeks
1941
of
date
to
business
new
13% above
16% above the shipments,
11%
was
above
528,155
579,739
167,240
137,631
72
453,518
449,221
129,466
69
70
466,942
193,411
247,644
236,693
196,037
70
70
76
72
72
73
162,653
74
73
163,769
72
73
624,184
509,781
682,490
June
and
Activity
Cumulative
Current
420,639
508,005
July
August
September
For the
production
Tons
429,334
520,907
March
544,221
687,339
452,613
487,127
470,228
468,870
71
70
71
73
79
October
670,473
048,611
184,002
79
November.........
6% above production.
were
Remaining
of—
January
February..
April
May..............
the orders of the 1940 period.
22% above
were
Orders
Tons
Tons
Comparisons
of 1940; shipments were
Percent of
Production
Received
Period
Reported production for the 26 weeks of 1941 to date was
corresponding
shipments
ACTIVITY
Unfilled
Orders
18% greater, and new business 27%
grefater.
The industry stood at 131% of the average of
production in the corresponding week of 1935-39 and 133%
of average 1935-39 shipments in the same week.
The Asso¬
ciation further reported:
new
MILL
new
greater,
and
PRODUCTION,
REPORTS—ORDERS,
orders 17% above production.
Compared
with the corresponding week of 1940, production was 13%
duction;
the
figure which indicates the activity of the mill based
operated.
These figures are advanced to equal
100%, so that they represent the total industry.
of representative hard¬
Shipments were 8% above pro¬
softwood mills.
and
Association represent 83% of
industry, and its
the time
on
from regional
associations covering the operations
wood
of this
members
1941
program includes a statement each
week from each member of the orders and production, and
Lumber production during
National Lumber Manufacturers Association
July 12,
488,990
464,537
509,945
161,985
77
73
479,099
161,729
71
73
December
Supply and Demand Comparisons
1941—Month
73
*
compared with 20%
year
ago;
a year
stocks
gross
of—
June 28, 1941,
on
98% greater than
were
a
13% less.
were
Softwoods and Hardwoods
Record
and
the current week ended June
for
the
for
corresponding
week
of
a
28,
673,446
629,863
202,417
75
mm
608,521
648,579
201,650
81
--
652,128
571,050
337.022
82
April
Unfilled orders
ago.
45%
March..
857,732
656,437
June
of unfilled orders to gross stocks was
ratio
January
February
May
The
634,684
follows
ago
83
84
509.231
88
mm*
•
141,176
82.
77
Mar.
feet:
1
155,262
Mar.
8
154,001
138,165
201,650
277,115
80
78
Mar. 15
board
168,701
143,748
300.378
82
78
78
167,430
141,874
322,605
82
Mar. 29
161,996
84
183,264
181,778
147,263
146,578
337,022
Apr.
368,304
83
79
150,259
85
80
Apr.
19
Apr. 26
160,769
134,853
393.732
415,485
78
80
160,338
May
3
May 10..
165,583
147,188
447,525
83
80
170,436
148,381
466,064
84
80
May 17
161,295
149,884
472,782
84
80
Mar. 22
Hardwoods
Softwoods
Softwoods and Hardwoods
1941
1941
1940
1941
1940
Week
Week
Week
Week
761
366
Production
251,357
100%
Shipments
268,868
107
Orders
296,557
118
428
Week
9,470
428
.....
5.....
Apr. 12
Previous
(Revised)
Mills
461
100%
260,827
230,274
266,292
122
280,467
304,117
237,148
271,936
May 31
307,603
June
7
156,188
79
84
431.859
147,582
168,875
155,831
240,190
June 14
80
Lumber
Production
Weeks
and
Shipments
Ended
June
We give herewith data on
ended
June
28, 1941,
80
85
81
28,
During
489,915
488,993
84
81
500.252
84
81
158,821
168,561
156,439
504,786
88
81
153,364
518,755
88
151,114
154,711
509,231
90
82
July
149,197
129,019
529,633
74
82
May 24
Four
1941
5
Note—Unfilled orders of the prior week plus orders
not
identical mills for four weeks
82
received, less production, do
Compensation for delinquent
necessarily equal the unfilled orders at the close.
reports, orders made for or filled from stock, and other items made necessary adjust¬
reported by the National Lumber
as
152,410
June 21
7,5001
151,648
144,481
June 28
11,599
•
•
1941—
thousand
in
447,525
488,993
Week Ended—
1941, for the previous week
year
726,460
602,323
608,995
'
ments of
unfilled orders.
Manufacturers Association:
An
of
average
Trade
456
Barometer
mills
the
for
report
follows
as
weeks
four
ended
Production
the
to
June
28,
National
Lumber
Coffee
Orders
Shipments
-
The Bureau of Customs on July 3 announced preliminary
figures for imports of coffee subject to quota limitations
\
(in 1,000 Feet)
1941
Softwoods..
1940
1941
1940
988,959
44,899
930,522 1,014,093
1,033,858
961,712 1,065,321
Hardwoods.
Production
during
these mills
was
production
in
31,190
1941
1940
905,245 1,148,614
37,674
51,228
under
912,631
28,
1941,
reported by
as
8% above that of corresponding weeks of 1940.
was 6%
above that of the same weeks of
Softwood
1941
1940
and
11% above the record of comparable mills during the same period of 1939.
Hardwood output was 44% above production of the 1940 period.
Shipments during the four weeks ended June 28, 1941,
of corresponding weeks of 1940, softwoods
showing
were
those
and
hardwodoe
Orders
a
were
weeks of
Country of Production
corresponding
On
June
the
weeks
four
2,828,141
Hardwood orders showed
weeks
28,
M
of
ended
June
28,
1941,
Period—12
Oct. 1, 1940—
Quota
feet,
gain of 28%
a
as
were
Dominican Republic.
Guatemala....
_
16 138,333
...i;.
..
.
.
...
Venezuela
compared with
stocks
as
reported by 375 softwood
equivalent
the
of
84
days'
average
mills
production
were
(three-
,
...
Cuba........i
.
.i..i
.
.....
El Salvador
average, 1938-39-40) as compared with 3,241,408 M feet on June 29,
1940, the equivalent of 98 days' average production.
On June 28, 1941, unfilled orders as
reported by 372 softwood mills
were
1,315,489 M feet, the equivalent of 41 days' average production,
compared
56 484,233
...
Haiti
639,469
feet
M
June
on
29, ,1940,
the
equivalent
of
20
days' average production.
of
Montreal
Crop
Report
Deterioration
in
Says Rains Have
Many Districts
July 10 report on Canadian
4'in the Prairie Provinces moder¬
for the past week and scattered
rains have checked deterioration in
many districts."
The
bank's report continues:
a
decided
of these
June
21, 1941
1,524,159
June
58,361,715
Nicaragua
26 224,775
21, 1941
June 21, 1941
June 28, 1941
June 28,
1941
17,378,235
25,913,733
18,499,388
June 28, 1941
36,599,411
Costa Rica
-.
26 897,267
.....
Ecuador
20 173,0i6
36 983,708
Peru
3 362,192
active
poisoning
Alberta and
of
deficiency in
more
west-central
and
northern
rain would be welcome
keep
to
insects
in
check.
progressing favorably.
are
Mocha coffee
Sugar
beets
.
crops
crops
but
more
moisture is needed in many dis¬
In Ontario crop prospects while poor have been
by recent showers
were
too
over
most
of
far advanced to
needed to maintain growth.
the
Province,
improved somewhat
although hay and cereal
be benefited greatly.
Further rains
In the Maritime Provinces
during the past week has been beneficial and
satisfactory growth.
crops
warmer
generally
are
are
weather
showing
In British Columbia grain and vegetable
crops con¬
tinue to make good progress.
Hay is giving an average yield.
A heavy
of potatoes is in prospect, while the apple
yield is estimated at but
65% of normal.
crop
+
Weekly Statistics of Paperboard Industry
We give herewith latest figures received
by us from the
National Paperboard Association,
Chicago, 111., in relation
to activity in the paperboard
industry.
for
3,036,582
1941
b46,113,117
June 28, 1941
2,645,520
bl, 015,996
as
cf June 1, 1941.
b Under
Executive order, effective June 14, 1941, the Increased import quota
non-signatory countries Is subject to the allocation of a maximum of 20,000 bags
an
for coffee of the Mocha type which may be entered for consumption from
April 21
to Aug.
31, 1941, inclusive.
Canadian
Industrial
Further
of
Increase,
Activity at
Mid-June
Shows
According to Canadian Bank
Commerce
in
The Federal Minister
Agriculture has estimated the Prairie wheat acreage as down
by 37%
In Quebec Province recent rains have
materially im¬
tricts
June 28,
Quota Increased by Inter-American Coffee Board,
a
the terms of
over
from that of 1940.
proved the condition of all
47,742,641
Quota Period—April 22 to Aug.
31, 1941, incl.'
Non-signatory countries:
Loss from hail and pests has been
slight and
is expected
Manitoba
June 28, 1941
+
moisture
Provinces.
two
62,515,998
2 689,700
,
Saskatchewan and eastern Alberta and
all
1,170,531,855
5,441,813
June 21, 1941
63 880,975
The Bank of Montreal in its
is
June 21, 1941
Non-signatory countries:
crop conditions states that
ate weather has prevailed
There
ota filled)
(Import qu ota filled)
June 21, 1941
Mexico
All types of coffee
Checked
(Import qu
423 ,632,012
1,250 722,887
10 758,933
80 691,799
Honduras
Bank
Pounds
(Date)
(Import qu ota filled)
(Import qu ota filled)
71 950,208
.
—...
Colombia
1940.
gross
year
with
As of
Months from
Brazil
1941,
a
Quota (Lbs.)
of 36%.
gain
received during
1939.
Revised
Quota Period
12%
31%
those of corresponding weeks of
1940.
Softwood orders in 1941
81% above those of similar period of 1940 and 22% above the same
above
on
Entered for Consumption
13% above
gain of
a
President's
Coffee Agreement
36,913
942,919 1,195,819
the
proclamation of the Inter-American
April 15, 1941.
The following tabulation made public by the Bureau lists
the coffee quotas which have been filled, and shows import
figures for the quotas now under telegraphic control as of
June 28, 1941.
Total imports under the other coffee quotas
are shown as of June 21, 1941:
875,718
47,205
the four weeks ended June
Import Quotas Under Inter-American Agreement
Reported
by
Bureau of Customs
1941:
A. E.
Arscott, General Manager of The Canadian Bank of
Commerce, Toronto, reported on July 9 that Canadian indus¬
trial activity recorded a rise from 155 at mid-May to 159 at
mid-June (1937 equals 100), or slightly more than half the
rise
between
capacity
April and
utilized
May.
from
rose
The
110
of factory
Every industrial
percentage
113.
to
group showed increased output with the exception of the
clothing and automotive trades. Mr. Arscott further stated:
Among
rise
in
decline
foodstuffs,
flour
and
packing house products.
in
women's
cereals
more
clothing and furnishings, knitted goods,
footwear.
rise,
In
as
Every major branch
did also
furniture
rose
considerably,
In the clothing group
factory clothing
of
the
than
silks
pulp
offset
rayons,
and
plies
a
smaller
slight gains in men's
woolens and leather
paper
group
recorded
planing mill products.
automotive section, tires registered a rise, but
automobiles,
and accessories a decline, lowering the index for the group
The iron and 6teel group recorded gains
primary products,
a
and
the
whole.
with
the sharp seasonal
structural
sup¬
as
a
in all branches, especially
steel, shipbuilding and machinery, represent-
The Commercial & Financial Chronicle
Volume 153
in#
for
shown
the
in
Our
month
metal
those
above
of
a
increases
were
transportation,
owing to
Increased
activity
metallurgical
group.
:
^
v
is
was
year
in
As
ago.
compared
manufacturing,
and
logging,
decrease
slight
a
in
the
with
previous
mining,
total
construc¬
payrolls
trade
decline in the retail section.
a
unit
of
plantfood
fertilizer
.
8% above that for April and 42%
1940; manufacturing payrolls were 60%, and trade payrolls
there
and
material.
war
payroll index for May
May,
24%
were
part
the non-ferrous
wage
above
tion
most
farmers'
In
the
14.1%
was
farmer
Nation's
Rayon
Capacity
Now
Monthly—Shipments Totaled
37,200,000
Pounds
220,000,000
Pounds
is
relatively
one
of
increase
the
the present
industry at
compared
as
second
second
monthly
before
with
quarter of
1940
end
the
of
capacity of
a
and with
This
1941.
is
reported
continues
rayon
half
Such stocks
week's
a
supply
Shipments
first
six
of
shipments
somewhat
of
in
to
the
reported
first; half
of
but
depletion,
inventory
the
for
first
equal to
pounds
half
a
compares
of
during
the
with
and
with
1940
been
principally due to
are
1940
142,520
14,157
4,166
28,742
343
1,015
12,843
62,768
67,441
56,274
59,000
61,753
335,975
314,216
293,638
305,336
33,928
339,264
350,000
318,992
27,807
397,718
176,170
357,415
369,911
183,567
360,000
0
6,268
183,567
366,268
140,000
16,500
20,067
69,175
Rhode Island
74,274
11,000
Connecticut-.
132,500
14,500
7,520
6,727
12,200
25,260
-
Massachusetts
12,664
23,227
69,164
New Jersey.---.
183,952
Pennsylvania.
370,162
332,881
171,722
358,415
904,114
863,018
852,577
913,478
34,075
974,553
362,205
324,228
363,320
2,891
226,887
345,585
201,420
255,059
49,753
2,599
725
366,211
257,658
40,673
144,811
166,564
0
42,623
64,253
6,268
50,478
166,564
70,521
New York--.--.
Middle Atlantic.
Indiana
Michigan
Wisconsin. ...—....
144,500
42,872
220,967
36,132
132,702
46,433
East North Central
812,540
760,462
775,112
898,949
12,483
911,432
12,386
8,523
82,498
13,778
11,146
13,455
13,018
18,627
13,745
794
70,301
67,733
87,577
1,898
6,364
19,421
15,643
92,941
.....
Illinois
June 30, 1940,
increases have
These
1939.
Con¬
sumption
1940
1940
36,076
compared with
on
which
record
1939
1938
63,974
11,000
18,000
—
Vermont..
Minnesota
220,000,000
all-time
new
a
extremely
an
June 30, 1939.
on
aggregated
yarn
1941,
such a
on
June 30,
on
shipments,
rate of
current
pounds held
186,000,000
of
162,000,000
4,300,000 pounds
of May 30; 12,800,000 pounds
as
rayon
months
the
at
5,800,000 pounds held
and with 33,300,000
totaled
Total
135,000
16,500
14,585
64,998
12,500
140,000
—
Ohio
high level that stocks in the hands of producers continue at
low level.
Maine
the
v-."
Despite the increased production, demand for
'
Estimates
Dist. by
for
reported for
25,000,000 pounds
■'
total
substantial
a
32,500,000 pounds
1939.
quarter of
(SHORT TONS)
according
time,
"Organon," is -37,200,090 pounds monthly and should reach a
38,000,000
UNITED STATES
Govt.
New England
the
commodities that the
priced
Agencies
-
of
lowest
paid for all commodities bought by farmers is 124.
1937
cate shipments.
operating capacity
the
of
State
point where it has become necessary for producers to allo¬
the
plantfood.
they got, their aggregate fertilizer bill
Sold by Commercial Producers
New Hampshire
The
fewer tons of
more
The United States Department of Agriculture index of the
by farmers for fertilizer is only 96 (1910-1914 equals 100),
situation, according to the Bureau, prevails despite the fact
that the industry is constantly stepping up its operating
capacity.
The supply situation, however, has reached the
The Bureau's announcement, issued July 9,
the
in
>
Based on Tax Tag Sales, Record of Government Officials, or
(July 9) issue of the "Rayon Organon," published
the Textile Economics Bureau, Inc., New York.
This
to
in what
FERTILIZER CONSUMPTION IN THE
current
further said:
favorable level of
reduction
,
1940, farmers purchased
1936 through
Of all the domestically used textile fibers, rayon yarn has
the tightest supply situation at the present time, states the
by
•
they did in 1926-1930, but they got 10.3%
while the index of prices
for First Half of 1941
;
a
marked
buys.
paid
price
a
lower.
Fertilizer
•
in
/
to this increase
In contrast
combined with
This,
resulted
fertilizer.
years,
fertilizer than
has
ton,
per
for
five
lowered.
are
prices
bill
165
due
production
Missouri
;
1,800
0
South Dakota
150
150
300
500
0
Nebraska
500
1,794
2,090
0
15,267
18,099
14,366
2,200
17,931
69
2,200
18,000
119,724
115,918
111,962
142,380
8,125
150,505
44,466
36,281
166,408
1,700
405,179
35,500
6
165,342
35,500
160,315
828
1,800
1,800
0
418.089
393,069
440,430
56,500
57,600
58,000
53,600
1,236,564 1,104,788 1.215,887 1,076,730
678,859
771,198
660,963
685,310
689,790
768,323
866,360
762,725
568,671
579,399
555,475
556,782
34,063
4,184,302 3,752,617 3,818,549 3,741,720
89,356 3,831,076
v
North Dakota
Kansas
........ » .
.
650
400
..
1,000
1,800
500
,
increases.
Shipments
of
rayon
for
yarn
totaled
June
38,600,000
West North Central
pounds
as
com¬
pared with 40,200;000 pounds in May and 31,400,000 pounds in June, 1940,
Delaware..
186,285
Maryland
District of Columbia-
Agriculture
but
Department
Still
Below
Farm
Reports
Income
Pre-War
Parity—1941
duction May Be Largest of Record
For text of this article
Pro¬
Virginia
West Virginia.......
North Carolina
South Carolina
Georgia
advertisement page v.
see
0''
I
Up,
Farm
Florida...
r:uv:-
Farmers and Stockmen Borrowed
Credit Asso¬
Credit from Production
ciations in First Half of 1941
Highest
Consumption
in
1940
in
than
Record—
on
120,009
123,102
149,846
272,948
130,354
147,311
575,900
64,432
211,743
562,100
40,908
325,836
68,675
67,800
319,508
101,000
3,956
15,290
157,318
148,542
8,005
84,276
318,761
74,122
160,488
7,622
95,226
616,808
323,464
116,290
157,582
year, according to a survey
Fertilizer Association. The tonnage
distributed by commercial producers was moderately lower
than in 1930 and in 1937, but this was more than offset by
the rise in the amount distributed by the Tennessee Valley
Authority and the Agricultural Adjustment Administration.
issued by the National
The Fertilizer Association also said:
It
6,845
Texas..............
South Central
previous
any
Fertilizer
year.
total
1940
is
tag sales
first
in the
quantity of commercial fertilized
estimated
This
tons.
includes
distributed
increase
four
months
The National
by
7,839,000 tons
by
TVA.
find
used
Fertilizer
by
sold
444,000
Illinois
in
Neither
do
fertilizers
in
data
9,015
6,500
7,000
0
7,000
1,400
1,800
3,218
1,500
2,100
2,100
o
4,393
4,578
2,240
2,100
5,557
2,406
7,092
importance
to
AAA.
by
2,242
10,500
6,600
7,000
6,902
190
Utah...............
Nevada.....
2,000
2,000
2,300
3,050
0
500
500
500
500
0
500
Washington. ........
Oregon.............
28,000
27,000
23,750
11,867
36,707
15,000
14,500
12,750
24,840
15,280
5,154
20,434
New Mexico
Arizona
■
0
.
3,050
232,795
208,353
218,623
216,196
C
216,196
Western*.........
303,630
281,001
285,244
288,331
17,211
305,542
in
recent
of
substantial
produced
are
quantities
here
of
shipped
and
were:
to
90,250 short tons;
1938,
Exports
Hawaii
were:
1939, 100,200
1938,
35,250
tons;
to
by Government agencies has been increasing in
The
years.
These
ratio
based
are
nothing in
If based
practically
from
rose
ratios
on
tonnages.
superphosphate distributed
by TVA and AAA
The proportion of plantfood used in
grade.
by these two agencies
was
9.68%,
in contrast
to
1940
is of
the
accounted
the 5.66% of
gross
The market for fertilizers has been
in
recent
tribution)
larger
tons
667,000
were
used
on
the
in
case
of grasslands,
in
less,
which
other
use
the
this country,
in
of
amount
tonnage in 1920
total
Ush
tilizer
was
up
in
1940
Government dis¬
used on
amount
755,000
that
means
than
were
a
complete story of plantfood
since there has
a
been
ton
a
significant increase
of fertilizer.
If
100 in
While tonnage
1920 it
was
was
take
we
100, then it was 115 in 1930 and 116 in 1940.
to 164.
10
vegetables.
fruits, and
as
tons
used
of fertilizer has been particularly
contained in
plantfood consumption
by 1940 it
years
as
plantfood
The
1930.
crops
Tonnage figures in themselves fail to tell
consumption
(including
1940
than
tons
The upward trend in the
years ago.
marked
was
fertilizer
of
more
88,000
was
however,
cotton,
widening and becoming more diversi¬
Total tonnage in
years.
It
we
148 in 1930 and
only 16% greater than 20
States
higher analysis
cost
to
the
fertilizers
farmers
as
the
is
during
an
effective
transportation
of reducing
fer¬
handling costs
per
way
and
the
month
ended
118% of the 1910-14 level, the index of all farm commodities
combined was six points higher than in mid-May and 23
points higher than on June 15, 1940.
The rise in prices was
rather general, the advance since mid-May ranging from
points for the principal commodity groups.
From
two to 11
the
Department's announcement we also quote:
reflection of the
incomes
increasing the demand for farm commodities.
Higher loan rates on basic
products and the food-for-defense buying program of the Government,
however, also have important factors in raising the price of commodities
continued
in prices during the month is primarily a
local
in
While
the
same
expansion
of
industrial
activity,
with larger
consumer
markets.
farm
marketings
levels
as
a
of
farm
year
ago,
products
during
early
June
held
at about
supplies of many items were larger.
Total
domestic markets averaged 66% higher
during the four weeks ended June 21 than during the same period a year
earlier, and a substantially larger wheat crop is now starting to market.
Holdings of dairy products on June 1 were Bomewhat heavier than a year
ago,
with American cheese showing the largest gain.
Cattle slaughter
during the four weeks ended June 21 was larger than a year earlier, but
hog and calf slaughter were smaller.
Carlot shipments of potatoes and
truck crops showed a moderate decline.
Prices of commodities purchased by farmers
increased only one point
of
the
principal grains at
dtfring the month, and on June 15 averaged 126% of
prewar—three points
With prices received advancing faster than
prices paid, the per unit purchasing power of farm products continued
to rise.
The ratib of prices received to prices paid, interest, and taxes
was
91 on
June 15, compared with
86 a month earlier, and 74 in
higher
than
June,
earlier, the amount of plantfood used was 64% greater.
of
received by farmers for
advance
stocks
tonnage.
Up Six Points in June, According
Agriculture Department
their products continued
June 15, the United
Department of Agriculture reported on July 1.
At
Prices
The upturn
1940, 63,450 tons.
plantfood distributed they would be considerably higher,
the
of
much
concentrated
only for the last two
Fertilizer exports from the mainland to Puerto
1940.
in
include
which
471,501 8,310,853
Farm Product Prices
The
annual tonnage comparisons.
excluded from the
153,500.
5.66%
the amount
since
take
0
5,557
2,406
States
27,000
producers,
distributed
available
been
consumption
possessions.
1940,
have
materials
Distribution of fertilizer
in
4,500
4,417
to
are
1939, 49,600 tons, and
fied
0
Idaho....-—
Wyoming
Colorado............
with the commercial industry
on
data
fertilizer
last three years
the
and
tons,
the
and
island
our
for
276,323 1,825,481
1,535,221 1,401,568 1,468,682 1,549,158
...—
8,311,000
at
do not include 47,823 tons of phosphate rock used
Such
1940.
and consequently
years
■on
7,679
118,967
4,500
„
8,195,506 7,488,800 7,605,764 7,839,352
the United
in
Association
commercial
tons
1939 amounted to 530,000 tons,
over
The tonnage figures
1935
316
768
5,000
accounting for 234,000 tons of the increase and the Government agencies
Rico
807
5,000
9%
were
accounting for the other 296,000 tons.
to
•,
7,363
118,199
California———
this
The
in
156,775
4,000
Montana.
larger than in the corresponding period of 1940.
tons
89,400
likely that another Increase of moderate extent will be regis¬
seems
tered
in
568,960
109,968
128,291
Arkansas
Vised by American farmers
was
289
325,320
Mississippi..........
Greater Distribution by Government Agencies
More commercial fertilizer
76,785
528,850
Oklahoma
Fertilizer
■
14,429 1,091,159
542
685,852
20,014
782,739
117,078
141,325
......
...
Louisiana
1940
19,185
629,260
Kentucky
Tennessee.
Alabama
advertisement page v.
see
35,506
161,143
1,800
427,132
;
Over $200,000,000 of
Short-Term
For text of this article
South Atlantic
1,600
June
year
ago.
1940.
On
a
,
15
the
combined
index
of
chicken
and
egg
prices
118% of prewar, or 37 points above the average for June 15,
stood
1940.
at
The
The Commercial & Financial Chronicle
166
increase
due
wag
entirely
The
26
index
15%
the
rise
in
New Jersey.
Lima is the Eastern terminal of the Buckeye
Pipe Line Co. through whose lines the crude oil is moved from
the producing areas.
Other major companies are making
similar arrangements, it was indicated by Oil Coordinator
the national
prices,
egg
cotton
higher
points
adjusted
of
to
prices being unchanged from the preceding month.
and cottonseed prices averaged 107 in mid-June,
average of poultry
than
a
the
being
level.
loan
1041
lint prices are
Apparently
earlier.
year
toward
upward
Ickes.
prices advanced to 97% of the 1910-14 level, compared with 89%
earlier and 104% a year ago.
This was the only commodity
Fruit
for which prices averaged lower than on the same date last year.
index of meat animal prices increased six points during the month,
group
The
and
the
increase
lambs
figure
current
earlier.
year
points higher than
42
of prewar was
a
increase in hog prices largely accounted for the
index since mid-May, the prices for cattle, calves and
the
in
144%
at
10%
A
showing little change, and sheep quotations down about 6%.
index of grain prices rose three points during the month, and, at
The
96% of the 1910-14 level, was 13 points higher than a year ago.
Prices of
Purchasers of oil in railroad tank
cars were urged by Mr.
quickly and thus release for further
service almost immediately, with the Oil Coordinator saying
that
the principal bottleneck" resulted from "the habit
of taking too much time in unloading and the failure to
return cars promptly."
It was also pointed out by the Oil
of
group
at 146% of the 1910-14 level, was 34 points above the June,
crops,
.
Ickes to unload the
commodities rose from 124% of the pre-war level on
June 15, compared with 104% a year ago.
The June index of prices received
by growers for commercial truck
this
for
.
needs."
principal dairy products advanced two points during the month
15, the third contra-seasonal gain in succession.
The index
June
ended
'
Approximately 4,000 railroad tank cars will be used in
transporting crude oil to the East Coast refineries, Mr. Ickes
disclosed in Washington on Wednesday.
In commending
the oil companies for using this more expensive method of
transportation, Mr. Ickes cautioned against over-optimism,
pointing out that "it is unsafe to assume, as some persons
are doing, that there is a sufficient number of surplus, or
idle, petroleum tank cars to take care of our emergency
month
a
July 12, 1941
1940,
index.
♦
cars
Coordinator's office that if coast-wise tankers took immediate
advantage of the liberalization of load-limits, they could
receipts by 30,000 to 40,000
barrels daily.
"Even with the quickly intensified utilization of tank cars
by the industry to meet the East Coast situation, there is
still opportunity to speed up their use," Mr. Ickes said.
Farmers' Cash Income in May Aggregating $773,000,000
Was Above Month and Year Ago—Five Months'
Total
Is $307,000,000
increase East Coast crude oil
Higher Than Similar Period
1940
of
Cash income from farm marketings and Government pay¬
ments in
May amounted to $773,000,000 compared with the
of $704,000,000 in April and with $620,-
"If tank
estimate
revised
June issue of "The Farm Income Situation."
farm
marketings
increased
Income from
seasonally
than
more
Both marketings and prices of livestock and livestock prod¬
ucts
higher
were
for all
cated
than
that
reports
a
earlier,
year
sharp
increases
of commodities.
groups
Bureau,
the
says
income
in
indi¬
were
Income from
cotton
in
May also, it says, was sharply higher than a year earlier,
a large part of the increase resulting from the redemp¬
tion of over 1,000,000 bales of cotton formerly placed under
with
Government
loan.
conservation
and
parity
in
payments
May totaled $25,000,000, compared with $39,000,(XX) in April
and $28,000,000 in May, last year.
The Bureau's summary
further states:
Cash
farm
income,
including
Government
000,000 during the first five months of
than
of
in
the
$3,240,000,000
whereas
from
January to
payments
May this year
sponding months of last
more
than
from
cotton
months of
1938
1940, since
Income
earlier,
year
from
crops
in the corre¬
other gruops of
from
nearly twioe
high
as
the first five
1, this
sold after Jan.
was
crop
Income
crops.
in
as
substantial redemption of cotton placed under loan
livestock
from
last
shown
marked
Income
higher
than
farm
in
increase
income,
marketings
April
in
and
income
somewhat
cash farm
income
97.0%
May.
in
in
(23%)
livestock
of
groups
increases
products
$424,000,000
but
from
the
January
than
more
largest
same
have
have
been
in
increases
$156,000,000
from
larger
is
than
in
from
April
usual;
from
increased
This
higher
marketings
farm
than
93% of the 1924-29
the
highest
the
$83,000,000
was
May,
last
point
reached
of
this
index
since
more
than
usual
1930.
Income
from
marketings
of
increased
crops
slightly
from April to May, largely because of increased
marketings of corn and
oats, the highest prices of potatoes in the early States, and the additional
income
received
adjusted
112.0
May.
than
more
income
increases
months
1940.
products
quite
as
over
large
all
farm
during
The
fe\V
many
the
increase
from
in
the
crops
stantially
remainder
and,
more
should
seasonally
107.0 in
April to
and livestock products
increase
in
was
months
1941
a
year
prices, but income
increase
a
income
earlier
a
expected
to
less
than
be
not
income
a
year
be
were
consid¬
from
earlier,
sharp increase in marketings in the
consumer
more
earlier.
to
livestock
may
heavy marketings
is
was
commodities
much
expected
Its
corresponding
and
total
than
demand
stabilized
seasonally
Government
about
the
and
by
with
loans,
to
a
payments
same
as
prices
income
level
sub¬
during the
during
corre¬
1940.
Petroleum and
unusually
1940
improved
year
sponding months of
the
Because of smaller marketings,
indicate
with
are
of
in
when
over
livestock
from
May,
important
higher than
of
from
few months
income
in
was
prospects
crop
increased
The
marketings is expected to continue to show
corresponding
it
as
months,
of
wheat.
but the greatest
during the first five months of
present
next
of
and
types of livestock
the next
erably higher than in 1940.
but
cotton
livestock
seasonally,
accompanied by advances
crops
of
eggs.
from
substantial
of
from
Income from all
poultry and
Cash
redemption
index of income
in
increased
from
from
to
East
Products—Rail Shipments of Crude
Start—Car
Formed—Oil
Pool
Companies
cessions—Great
Britain
OPM Reluctant—"The
to
Set
Up Oil
Priorities
Seek
Rail
Rate
Con¬
Asks for More Tankers,
Lamp" Sees Outlook "Favor¬
able"—Daily Average Crude Output Off
The first concrete action to lessen the effects of bottle¬
neck in transportation of crude oil from the Mid-Continent
and Southwest to East Coast refineries came
Monday wtih
inauguration of railroad tank car shipments of crude from
Lima, Ohio, to the Bayonne refinery of Standard Oil Co. of
the
on
idle which
this
index
in April to
average
by
year.
May,
to
seasonally adjusted
Chicago
Mid-Western and Southwestern oil fields.
It was estimated
that out of the 125,000 tank cars suitable for transportation
of crude oil, there are approximately 20,000 which have been
r
May of $748,000,000
in
May
to
the
products
livestock
and
hogs, wool, and butterfat.
from
was
livestock
and
or
All
year.
from cattle,
April,
income
was
larger part of the
a
a
$2,250,000,000,
period
year,
was
a
Income
about 4% smaller than
was
Great Britain was accomplished
Tuesday by leading owners of railroad tank
cars.
At the same time, representatives of the shipping
companies and oil companies met with Ralph Budd, trans¬
portation adviser to the National Defense Advisory Com¬
mission, who recommended a "voluntary system of regula¬
tion to increase the tank car efficiency of the Nation."
A spokesman for the new control group said that the
pur¬
pose of the meeting was rtto establish a voluntary priorities
system for oil tank cars and to hold the transportation
structure into the defense program."
It was indicated that
the primary object of the voluntary control
group would be
to maintain adequate oil shipments to the
East from the
in
and 1940.
totaled
The
in
cottonseed
and there
year,
in
and
than
less.
Atlantic Coast tankers to
more
farm marketings
Declines in income from grains and tobacco
year.
offset increases
larger
$81,00,000
were
$307,000,000 (9%)
or
Income from
(14%)
$388,000,00
was
Government
$3,544,-
totaled
payments,
1941,
corresponding period of 1940.
to make their full contribution to national
,
from
to May, and income from both crops and livestock
and livestock products was higher than in May, last year.
April
which
cars are
defense, the efficiency of their operations must be increased.
The reservoir of surplus tank cars is diminishing and cannot
be relied upon to meet the anticipated needs for rail trans¬
portation.
"Until the present emergency came upon us, the supply
of tank cars was so greatly in excess of needs that those who
received petroleum supplies by rail were in the comfortable
position of not having to hurry.
As a consequence, many
tank car users became careless as to the time taken loading
and unloading.
Other dilatory habits were acquired during
the years of excess tank car supply.
All of these habits
must now be broken and shippers,
consumers and
the
railroads must work together to eliminate all avoidable
delays in tank car movements if our present equipment is to
serve effectively the defense needs of
the.present emergency."
Organization of an association to' voluntarily control
priorities for oil shipments during the defense emergency
created on the East Coast through the transfer of 50 Gulf-
000,000 in May, 1940, the Bureau of Agricultural Economics,
United States Department of Agriculture, reports in its
.
can be pressed into service.
Reports from Washington indicated that the major oil
companies were seeking some lowering of the expensive rail
rate on movements of crude oil, which is substantially above
the tanker transportation rates.
Major oil companies are at
present negotiating with the Nation's railroads for "train-
load" rates
on movements of crude oil to Eastern
points hit
by the bottleneck in transportation caused by the loss of the
50 tankers
"loaned" to the British.
that similar reductions in rates
on
It
was
railroad
also indicated
movements
of
gasoline to Eastern points are being sought by oil companies.
Such rates could be approved by the Interstate Commerce
Commission on an "emergency "basis, it was said.
It appeared as though the industry was prepared to finance
the building of any new pipelines itself, on the basis of re¬
marks made by Jesse Jones, Federal Loan Administrator,
in Washington during the week in which he disclosed that
while the Reconstruction Finance
Corporation was in a
position to finance construction of pieplines from Texas to
the East, there had been no request for such funds from any
oil company as yet.
When asked whether or not such
construction would jeopardize the RFC investments in rail¬
roads, Mr. Jones replied in the negative, pointing out that
"we could not endanger such investments."
He stressed
that tankers were much cheaper than rail carriers for trans¬
porting oil but the diversion of tankers to Great Britain made
it necessary to increase rail tank car movements of crude oil.
An announcement from the office of Oil Coordinator Ickes
in
Washington in mid-week that the British had requested
United States oil tankers fell upon deaf ears as far as
the Office of Production Management and the Maritime Com¬
mission were concrned, according to reports.
Officials of
the Maritime Commission said that no plans are
being made
to make additional tankers available to Britain,
although it
was
admitted that the British Shipping Commission had
asked for "all the tankers it can get."
It was indicated that
the six tankers of the 84 foreign flag ships recently seized
by the Government will not be turned over to the British
more
Volume
The Commercial &
153
but instead used to replace
tankers already turned over to
Great Britain.
Despite early misgivings in the petroleum industry rela¬
of Harold L. Ickes, Secretary of the
Interior, as Oil Coordinator, hopes are now being expressed
that in its newly established relationship with the Gov¬
ernment through Mr.
Ickes the industry may find solu¬
tions to some of its most vexing problems, the Standard
Oil Co. of New Jersey states in the current issue of "The
Lamp," its house organ.
In discussing the appointment
of Mr. Ickes, "The Lamp" emphasized that the current emer¬
gency conditions made coordination imperative and recalls the
naming of Mark L. Requa as director of the Oil Division of
the United States Fuel Administration by President Wilson
tive to the appointment
in the first World War.
"Coordination of this character today will
the efforts of both Government and industry
make effective
and will enable
the industry to service Government to the best advantage,"
was declared.
"Neither a dictator nor Federal control
it
is needed; neither
would be helpful.
obligations fully in the World War.
of achievements
over
The industry met its
It made a fine record
period of unparalleled expansion
the
following the Armistice.
During thisvperiod it supplied
fully a demand that increased threefold and at the same time
built up its proven reserves to a volume three times greater
than at the end of the war.
It is prepared for the present
emergency with more adequate reserves, perhaps, than any
other vital industry
The Clark proration bill, which would have established the
"yardstick" method of proration permanently in Texas, was
vetoed by Governor O'Daniel ana its backers were unable to
override his veto in the Senate, although the House voted to
override the Governor's veto by a successful margin.
With
the present proration setup of the Texas Railroad Com¬
mission under bitter court attack, in which the Commission
has lost so far and currently is appealing District Court in¬
junctions to higher courts, the failure of the Clark bill to pass
leaves the T6xas oil situation in rather a confused state;
.
and Olin Culbertson, who had
hoped that it would pass before the
cases on appeal were heard.
Further delay in the Cole pipeline bill, currently before the
Senate Interstate Commerce Committee, made it likely that
no action will be taken upon the proposed legislation until
next week, at the earliest.
Members of the committee have
raised the question of further substantiation of Administra¬
tion claims that the pipelines are necessary for defense in the
East.
Another question; raised was whether the diversion
of steel in the quantities needed to build the proposed pipe¬
lines was justified.
A decline of more than 200,000 barrels in Texas—where
there was an extra shutdown day—pared the Nation's daily
average crude oil allowable by 189,050 barrels during the
initial week of July.
The net loss of approximately 190,000
barrels for the July 5 pared production to 3,658,200 barrels
daily, the American Petroleum Institute reported, against
the Bureau of Mines' July market demand estimate of
3,847,100 barrels.
The sharp drop in the Texas production
was offset in part by increased flow of crude oil in Oklahoma,
Kansas and Illinois.
Inventories of domestic and foreign
Commissioners Jerry Sadler
backed the Clark bill had
crude oil during the
June 28 week were up 257,000 barrels
259,399,000 barrels, the Bureau of Mines reported.
Holdings of domestic crude were off 127,000 barrels, and for¬
eign crude 130,000 barrels, respectively.
Price changes follow:
July 4—Ohio Oil raised prices of Lance Creek, Wyo., crude oil 20 cents
to
a
barrel to $1.12.
July 0—Humble Oil & Refining advanced Texas
cents a
panhandle crude oil 3
barrel to a new top of $1.15 for 40 gravity and over.
Prices of Typical Crude per
Barrel at Wells
Corning, Pa.
.................
40 and over
$1.25
1.20
Kettleman Hills, 37.9 and over
.$2.75
1.31
gasoline is now posted at 6% cents a gallon, rising from 6.3
cents a gallon with similar advances being scored in the
Mid-West markets.
Advances of }4 cent a gallon in the
cents
gallon, against 5% to 6 cents a gallon previously.
a
East Texas, Texas,
market.
,
On the East Coast, the
tank
car
minal
Pennsylvania lubricating oil
to the tightness of the
sponse
of
receipt of the first of the railroad
from the Lima, Ohio, ter¬
movements of crude oil
Pipeline Co. high lighted the un¬
transportation costs are going
increased costs to consumers.
Railroad tank car
the
Buckeye
mistakable fact that increased
to
mean
prices are substantially above those prevailing on tanker
shipments, and prices have not as yet adjusted themselves
fully to the increased transportation costs.
The higher
prices ruling in the Gulf Coast area for gasoline and other
refined products also have not yet been fully reflected in the
East Coast price structure.l:;"p
Despite the unfavorable weather during the Fourth of
July week-end holiday, the drain upon stocks of finished,
unfinished and aviation gasoline during the week ended July
5 totaled 1,397,000 barrels, which pared total holdings to
90,064,000 barrels.
The mid-week report of the American
Petroleum Institute also disclosed that, after deducting
from the total, the re¬
7,532,000 barrels of aviation fuel
maining 82,532,000-barrel figure was equal, on the basis of
current demand, to only 42.4 days' supply, against slightly
better than 50 days' supplies on hand on the comparable
Due to the slump in refinery
date last year.
operations
during the July 5 week, production of gasoline was off
nearly 700,000 barrels, dropping to 12,558,000 barrels.
A drop of 4.7 points, sharpest in some time, cut refinery
operations to 87.1% of capacity, with daily average run of
crude oil to stills dropping 185,000 barrels, to 3,745,000
barrels.
Inventories of gas oil and distillate showed a normal
seasonal
while stocks of
expansion of 1,193,000 barrels,
off 261,000 barrels.
residual fuel oil were
posted during the week
price changes
Representative
follow
|
U. S. Gasoline (Above
Branded,
y
F.O.B. Refinery
'
Other Cities—
Texas
-
$.084
Ch Icago
.06 %
$ .05
y
Gull Coast—
.05M-.06
Oklahoma
.09
Tide Water Oil
x
65 Octane), Tank Car Lots,
New York—
5.085
Socony-Vac
developed
Mid-Western and Gulf Coast
New York—
x
•
gallon in bulk gasoline prices
markets.
July 8—Advances of H cent a
in the Mid-Continent,
.05%-.06 34
.08
Shell Eastern...
Super.
Water White, Tank Car,
Philadelphia
$.0525
.04
(Bayonne). - i - ii i $ .052 North Texas..
Baltimore
.0525
Kerosene, 41-43
New York—
Fuel OH,
F.O.B. Refinery or
F.O.B. Refinery
New
Tulsa
Orleans_$.05%-.0d
04%-.04%
Terminal
f
i Gulf Coast------ $.85-.90
Halifax
1.50
Savannah, Bunker C.$l.30
N. Y. (Harbor)—
1.35
Bunker C—.....-$1.35 Phlla, Bunker C
,
2.00
Diesel
Gas Oil, F.O.B. Refinery or
I
7 plus
Terminal
$.03%-.03%
(Tulsa.
$.053 1
Chicago—
.$.041
28.30 D
N. Y. (Bayonne)-
Statistics
Bituminous Coal
Division, United States Department of the Interior, showed
that production of soft coal increased sharply in the week
ended June 28.
The total output is estimated at 11,160,000
net tons, a sain of 860,000 tons, or 8.3%, over that in the
Weekly Coal Production
The
weekly coal report of the
current
preceding week.
,
reported that Penn¬
week ended June 28 was esti¬
mated at 1,267,000 tons, an increase of 57,000 tons over the
preceding week.
In comparison with the output in the
corresponding week of 1940 there was an increase of 202,000
The
United
States Bureau of Mines
sylvania anthracite for the
(about 19%).
ESTIMATED
UNITED
STATES PRODUCTION OF SOFT COAL WITH
PRODUCTION OF CRUDE PETROLEUM
;
(In Thousands of Net Tons)
COMPARABLE DATA ON
Illinois.*;,——1.22
.92
1.37 Pecos County, Texas.............
1.25 Lance Creek, Wyo...-—1.12
1.26
Smackover, Heavy..
.83 Signal Hill, 30.9 and over
Eastern
for lubricating oils also firmed in re¬
Mid-Continent prices
1.20
Rodessa, Ark., 40 and above
at from 6 to 6J/£
Gulf Coast field have set the price range
tons
(All gravities where A, P. I. degrees are not shown)
Bradford, Pa
167
Financial Chronicle
Illinois Basin
EASTERN OIL
FUEL
PRICES STRENGTHEN IN MIDCONTINENT—EAST COAST,
WITH
INCREASED
COSTS,
FACES
HIGHER
PRICESGASOLINE
INVENTORIES
SLUMP—REFINERY
OPERA-
REFINED
PRODUCTS—ICKES
CONSUMPTION:
,
TIONS
OFF
ASKS
SEEKS
CUT
GOVERNORS'
IN
Eastern Spates are facing an
shortage of gasoline and
of 50 Gulf-Atlantic coastline tankers to
Great Britain, Oil
Governors of
16 Atlantic Coast States to cooperate in voluntary efforts
to bring about a reduction of at least 20% in consumption
of petroleum products.
v—''■■■ ■
'
"As petroleum coordiuator for national defense, I am
making every possible effort to abate the shortage so that
rationing may be avoided, or at least delayed," Mr. Ickes'
letter to the^ Governors said.
"Accordingly. I am asking
you, and the other Governors of the Atlantic Coast States,
to lead, each in his own State, in a voluntary effort having
as its aim a reduction in the consumption of petroleum prod¬
ucts by at least 20%."
Further* strength developed during the week in the bulk
gasoline markets in the Mid-Continent, Mid-Western and
Gulf Coast markets.
In the Mid-Ontinent, regular grade
Coordinator
Ickes this week called upon the
Bituminous Coal a—
1941
1929
1940
11,160
fuel
10,300
1,860
Total, Including mine
1,717
8,066 228,375 219,583 259,573
1,681
1,431
1,489
1,344
6,163
6,179
5,830 152,690 156,627 111,257
Dally average-Crude Petroleum b—
Coal
SHARPLY
the
June 28 June 21 June 29
1940
1941
1941
AID—MOTOR
impending
dfher refined petroleum products
through the transportation bottleneck created by the "loan"
Declaring
Cal. Year to Date c
Week Ended
Mid Cont't, Okla., 40 and above..
a
equivalent of weekly output.
Includes for purposes
production of lignite, b
of historical comparison and
statistical convenience the
Total barrels produced during the week converted to
equiva¬
6,000,000 B. t. u. per barrel of oil and 13,100 B. t. u. per pound
Note that most of the supply of petroleum products is not directly com¬
lent coal assuming
of coal.
(Minerals Yearbook 1939, page 702), c Sum of
of 1940 and 1929,
petitive with coal
ended June 28,
ESTIMATED
PRODUCTION
26 full weeks
1941, and corresponding 26 weeks
OF PENNSYLVANIA ANTHRACITE
BEEHIVE
June 28,
June 21,
1941
Total,
:CC'
Calendar Year to Date
Week Ended
Penn.
AND
COKE
(In Net Tbns)
■U.fei-'v
1941
June
29,
1940
1941
1940a
1929a
t.;
Anthracite
incl.
col¬
1,267,000 1,210,000 1,065,000 25,940,000 25.237,000 35,247,000
liery fuel b
.
32,709,000
Comm'l product'nc 1,204,000 1,150,000 1,012,000 24,646,000 23,975,000
atf *4
Beehive Coke—•
940,300 3,340,000
50,500 2,772,000
129,100
141,300
U. 8. total
21,688
6,106
18,000
8,417
21,517
23,550
Daily average..
a
three years, b Includes washery and
coal shipped by truck from authorized operations,
c Excludes
Adjusted to comparable periods in the
dredge coal, and
colliery fuel.
The
168
Commercial & Financial Chronicle
July 12, 1941
(Figures In Barrels)
(In Thousands of Net Tons)
estimates are based on railroad carloadlngs and river
The current weekly
CRUDE OIL PRODUCTION
DAILY AVERAGE
WEEKLY PRODUCTION OF COAL, BY STATES
ESTIMATED
ship¬
revision on receipt of monthly tonnage reports from district
ments and are subject to
Actual Production
and State sources or of final annual returns from the operators.
Four
B.ofM.
Change
Weeks
Slate
Ended
from
Ended
Ended
Require-
Allow¬
July 5,
Previous
July 5,
July 6,
ments
ables
1941
Week
1941
1940
Week Ended
June
Slate
June 21 June 14 June 22 June 24 June 22
Avge.
1929
.
(July)
1923e
(f)
1939
1940
1941
1941
Week
Week
lated
Calcu¬
(f)
Oklahoma.
3
4
4
4
354
343
285
221
298
18
13
23
7
54
70
Colorado-...-..--—-.-.--i.
97
V 94
64
41
96
498.500
415,000
b433.050
427,900
225,300
237,400
b241,150
+ 12,200
+ 3,850
420,900
Kansas
387
Arkansas and Oklahoma-.
232,100
182,450
b4,850
+ 100
4,700
200
84,050
+ 1,600
80,500
100,500
59,600
175
Alaska
—
Alabama
1
v
1
V1
l
Nebraska..
Panhandle Texas-
(D
(f)
4,200
Georgia and North Carolina....
Illinois
900
812
092
487
819
1,243
Indiana....
355
348
270
182
289
416
32
28
41
24
55
88
118
80
77
52
93
128
932
928
743
700
840
661
East
172
148
109
77
208
183
Southwest
34
22
26
44
47
-
Iowa_.—.....
Kansas and Missouri
...——
Kentucky—Eastern
Western...
37
Maryland.........——.———
2
5
1
4
14
47
49
40
47
22
Mew Mexico
13
17
23
63,700
—72,700
—34,500
355,100
202,550
372,900
176,700
—47,250
269,200
173,600
Total Texas
1,324,000 C1347926 1,220,700
-207,550 1,369,300 1,138,350
51
43
11
19
fll
fl4
North Louisiana
454
324
441
888
Coastal
2,725
2,738
2,112
1,601
2,754
3,613
144
139
106
78
97
8
16
19
20
34
35
57
89
398
392
252
265
225
240
32
35
28
23
42
44
2,275
2,338
1,824
1,581
1,901
1,380
514
711
856
53
83
104
12
f5
—300
76,550
68,400
—10,400
247,200
219,550
287,950
304,000
303,397
315,000
-10,700
323,750
77,000
21,000
Louisiana...
73,748
72,550
—150
72,700
71,300
28,900
340,3.50
21,000
503,650
21
49
77,050
237,950
Louisiana..
Total
113
8
^
.
79,300
300,600
176,850
Texas
20
47
.
—4,300
236,200
Texas
601
Tennessee
Texas
30,650
177,850
Coastal Texas
25
—
Pennsylvania bituminous..
30,350
251,800
East Central Texas.
618
North and South Dakota
Ohio
—1,150
—45,800
76,300
West Texas
38
Michigan......
Montana...-..—..—.————
83,350
29,700
218,250
West Central Texas.
12
47
—3,450
98,750
North Texas
Utah
Arkansas
West Virginia—Southern.a
Northern_b
864
——————.
826
598
90
74
Wyoming.-,..
65
Total bituminous coal...
10,300
Pennsylvania anthracite.d.
1,210
*
*
*
*
Other Western States.c
7,898
6,391
9,244
746
1,173
+5,350
340,350
+ 1,250
22,200
b21,250
—50
102,100
37,200
90,450
—2,050
Michigan
39,800
+2,000
91,300
38,950
55,900
88,400
86,750
+ 9,050
82,700
71,250
19,500
Mississippi
Illinois
Indiana
Eastern (not incl. Illi¬
nois and Indiana)..
Montana
10,866
1,159
10,150
1,278
b33,850
384,800
Wyoming
Virginia
Washington
1,956
New
11,428
11,510
Total, all coal--———...
108,600
108,600
Total East of Calif. 3,222,300
C. & O.; Virginian; K. <fc M.; B. C. & G.
and Clay counties, b Rest of State, includ¬
ing the Panhandle District and Grant, Mineral, and Tucker counties,
c Includes
Arizona, California, Idaho, Nevada and Oregon, d Data for Pennsylvania anthracite
from published records of the Bureau of Mines,
e Average weekly rate for entire
month, f Alaska, Georgia, North Carolina, and South Dakota included with "other
Includes operations on the N. <fe W.;
a
and
on
+250
19,300
19,400
4,000
+ 50
111,350
—50
3,950
111,700
3,850
105,050
5,100
Mexico
87,200
12,822
10,417
7,137
9,057
19,900
-
Colorado.———
8,500
13,750
California
3,034,600
624,800 d603,000
-186,450 3,161,600 2,976,700
-2,600
634,850
625,700
623,600
the B. & O. In Kanawha, Mason,
Total United States 3,847,100
a
oil bssed upon certain premises outlined In its detailed forecast for the month of July.
As requirements may be supplied eltner from stocks, or from new production, con¬
* Less than 1,000 tons.
Western States."
3,658,200 —189,050 3,796,450 3,602.400
These are Bureau of Mines' calculations of the requirements of domestic crude
templated withdrawals from crude oil Inventories must be deducted from the Bureau's
estimated requirements to determine the amount of new crude
b Oklahoma, Kansas, Nebraska, Mississippi,
7
Daily Average Crude Oil Production for Week Ended
July 6, 1941, Off 189,050 Barrels
daily
was
production
oil
crude
average
July 5, 1941,
Institute
Petroleum
American
3,658,200 barrels.
It will Increase
estimates
for
that
week
the
week's
current
figures
below
were
rest of the State
the
3,847,100
be the
total
producing
for
the
of
States
four
restrictions
during
weeks
3,796,450 barrels.
ended
July
details
as
July.
ended
is
d Recommendation of Conservation Committee of California Oil Producers.
estimated
at
barrels.
Further
reported by the Institute follow:
States
for
ports
the
week
and
use
6 totaled 1,559,000
barrels,
daily average of 222,714 barrels, compared with a daily average of
240,571 barrels for the week ended June 28, and 217,000 barrels daily for
the
four weeks ended July 5,
These figures include all oil imported,
a
whether
bonded
separation in
for
or
domestic
but
use,
it
is
Month
impossible
make
to
the
States
Department of the Interior, bituminous coal output
tons, compared with 32,400,000 net tons in the corre¬
sponding month of 1940 and 43,400,000 tons in May, 1941.
Anthracite production during June, 1941, totaled 4,886,000
net tons, as against 4,492,000 tons a year ago and 3,858,000
tons in May, 1941.
The consolidated statement of the two
aforementioned organizations follows:
weekly statistics.
Receipts of California oil at Atlantic Coast ports during the week ended
6 amounted to 147,000 barrels, a daily average of 21,000 barrels,
which was gasoline received at the Port of
Philadelphia.
indicate that the
3,745,000
companies
had
pipe
as
industry
as
barrels of
whole
crude
to
ran
stills,
on
Bureau of Mines
a
oil
daily during the week, and that all
storage at refineries, bulk terminals, in transit and in
in
the
of
a
end
gasoline.
of
The
the
total
week
90,064,000
amount
barrels
of
finished
of
gasoline produced by all
panies is estimated to have been 12,558,000 barrels during the week.
CRUDE RUNS TO STILLS.
OF FINISHED
PRODUCTION
OF GASOLINE
AND UNFINISHED GASOLINE AND
and
Days
{Net Tons)
43,090,000
25.0
1,724,000
Anthracite
District
Po¬
P.
Produc'n
Fin¬
at Re¬
7
Stocks
ished <Sr
C.
GAS AND FUEL
Stocks b Stocks
a
Gas
of Re¬
Oil
sidual
Bituminous coal.a
Oil
line
Daily Oper¬
Natural
Gaso¬
Dis¬
Aver.
Blended
line
Avia¬
tillates
East Coast...
673 100.0
Appalachian..
Ind., 111., Ky.
Okla., Kans.,
166
752
413
Inland Texas.
263
Texas Gulf...
1,097
Louisiana G'lf
156
95
49.9
603
89.0
83.8
132
95.0
446
3,033
367
501
84.4
625
98.4
2,482
16,728
3,725
3,597
80.7
306
91.9
1,155
7,193
1,426
2,034
63.2
132
79.5
614
2,217
381
1,345
1,054
91.0
837
83.8
2,677
12,693
7,322
89.1
148 106.7
331
3,136
1,435
21,698
10,035
Anthracite
813
59 125.5
165
476
7,854 G. C'st
1,221
3,576
286
470
50.1
58
85.3
189
1,435
124
508
90.9
511
71.5
1,382
15,205
11,049
65,679
1,744
86.3
3,411
87.1
11,113
83,814
36,150
91,120
7,187
1,445
6,250
775
1,515
345
Calif.
■
Est. unrep'ted
334
♦Est. tot. U.S.
'41
4,538
3,745
12,558 e90,064
36,925
92,635
7,532
4,535
3,930
13,252
35,732
92,896
7,411
91,461
J*
♦U.S.B. of M.
July
*
and
5 1940
C3.535
Estimated Bureau of Mines basis,
pipe lines,
b
940,300
Includes for purposes of
production, Including colliery fuel, washery and dredge coal, and coal
Note—All current estimates will later be adjusted to agree with the results of the
complete canvass of production made at the end of the calendar year.
1
Stocks of
Coal in
Consumers'
The latest report of the
Hands
June
on
1, 1941
Bituminous Coal Division, United
Included
In
finished
dll.334
a
92,988
34,337 104,708
5,293
At refineries, bulk terminals, in transit
and
unfinished
gasoline
total,
c
June,
July;i940, daily average,
d This la a week's production based on the U. S. Bureau of
Mines June-July, 1940, dally average,
e Finished, 82,448.000 barrels; unfinished,
7,616,000 barrels.
States
Department of the Interior, showed that stocks of
retail
dealers
1941,
in
compared
the hands of
amounted
with
to
industrial
37,691,000 net
35,971,000
tons
consumers
tons
on
on
May
and
June
1,
1,
1941:
39,203,000
June
1,
tons
1939.
on
June
Each
1,
class
1940,
and
of consumer,
25,413,000 tons on
except by-product
coke
551
5 1941
219,583,000
25,727,000
159,800
'
136
June 28
1,296,000
4,492,000
32,400,000
b.
bituminous coal
787
July
25 0
541,200
Beehive coke
7,911 E. C'st
California
r.
1,644,000
3,858,000
Inter'r
1,672
Rocky Mtn__
Reported
26.4
43,400,000
.
Gaso¬
ished
ated
b.
Beehive coke.
tion
Fuel
Unfin¬
ing
Rate
25,946,000
2,794,600
564,400
.
shipped by truck from authorized operations.
and
fineries
Incl.
port¬
tial
p-
No. La. A Ark
of
.
historical comparison and statistical convenience the
production of lignite and of anthracite and semi-anthracite outside of Pennsylvania.
Stocks
P. c.
Re¬
ten¬
Missouri
a
226,226,000
4,886,000
__
May, 1941 (Revised)—
b Total
Gasoline
to Stilts
b
Beehive coke.
a
Crude Runs
of
June
(Net Tons)
June, 1940 (Revised)—
STOCKS
(Figures in Thousands of Barrels of 42 Gallons Each)
Refin¬
ing Capacity
to End
Working.
Day
June, 1941 (Preliminary)—
Bituminous coal.a
OIL, WEEK ENDED JULY 5, 1941
Daily
Calendar Year
per
of
Working
(Net Tons)
Bituminous coal.a
AND
Average
for
Anthracite
com¬
Number
Total
Month
Reports received from refining companies owning 86,3% of the 4,538,000barrel estimated daily potential refining capacity of the United States
lines
Coal for
of
1941
during the month of June, 1941, amounted to 43,090,000
July
unfinished
Production
June,
According to preliminary estimates made by the Bureau
all of
basis,
of
of Mines and the Bituminous Coal Division of the United
net
receipts in bond at principal
ended July
Preliminary Estimates of
oil
output for the week
3,602,400
made.
might have been surreptitiously produced.
production
average
are
12, 19, 26 and 31; with a few exceptions the
on July 4, 5, 6, 12, 13, 16, 19, 20, 26, 27
barrels
the various
1941,
5,
average
totaled
Imports of petroleum for domestic
United
Daily
July
The daily
1940,
6,
imposed by
completed, and If any UDward revisions
are
ordered shut down
Note—The figures Indicated above do not include any estimate of any oil which
The
calculated by the United States Department of the Interior
to
wells
new
was
and 31.
ended
This was a decline of
189,050 barrels from the output of the previous week.
as
Panhandle shutdown days are July 5,
the
for week ended
are
This is the net basic 31-day allowable as of July 1, but experience indicates that
c
Hie
tp be produced.
Indiana figures
July 2.
a. m.
ovens and coal-gas retorts, shared in
the increase in
stocks, ranging from 2.1% at electric power utilities to
23.8% at cement mills. By-product coke ovens and coal-gas
retorts showed
a
decrease of
4.9% and 13.3%, respectively.
Industrial
consumption and
creased 7.3% during May, and
a
retail
on
dealer
deliveries
total of
June
1,
increase
in¬
June 1, 1941, had reached
36,285,000 tons, compared with 30,941,000 tons
and 23,118,000 tons on June 1, 1939, or
of 17.3% and 57.0%, respectively.
1940,
Reserves
of
bituminous
coal
on
hand
ficient to last 32 days when calculated at
June
1
were
on
an
suf¬
the daily rate of
Volume
The Commercial & Financial Chronicle
153
SLAB
consumption and retail deliveries in May.
The daily rate
of consumption during May, 1941, amounted to
1,183,548
tons.
It
ZINC
169
STATISTICS
-1929-1941
(ALL GRADES)-
(Tons of 2,000 Pounds)
1,131,833 tons and 1,466,839 tons, respectively,
during April and March of the same year.
was
Retorts
Produced
Shipped
Stock at
(a)
Shipped
Operat¬
Retorts
Orders
Dining
During
End of
for
ing End
During
End of
Period
Period
Period
Export
of Period
Period
Period
631,601
602,601
436.275
75,430
6,352
143,618
196
314,514
129,842
41
57,999
31,240
19,875
21,023
68,491
47,769
23,099
18,560
23,653
28,887
32,341
37,915
45,383
34,583
39,333
STOCKS AND CONSUMPTION OF BITUMINOUS COAL IN THE UNITED
STATES, INCLUDING RETAIL YARDS
(Determined Jointly by W. H. Young, Research Section, Bituminous Coal
Division,
and Thomas W. Harris, Jr., Chairman, Coal
Committee, National Association
of Purchasing Agents.)
r:-v:
1929
Year
Year
...
1930
Year
1931
504,463
300,738
Year
1932
213,531
218,517
124,856
170
Year
1933
324.705
344,001
352,663
105,560
239
119,830
148
465,746
561,969
569,241
83,758
59
0
42,965
65,333
0
120,709
20
65,995
0
Average
48,812
38,793
48,159
47,287
...
27,190
32,944
38,329
Unfilled
18,685
20,051
18,273
8,478
15,978
30.783
51,186
78,628
May, 1941
April, 1941
% of
Year
1934
366,933
(Preliminary)
(Revised)
Change
Year
1935
Year
1936
431,499
523,166
Net Tons
Net Tons
Year
1937
589,619
9,204,000
9,014,000
+2.1
Year
1938
456.990
4,725,000
4,970,000
721,000
—4.9
Year
1939....
538,198
395,554
598,972
163,000
188,000
—13.3
483,000
390,000
10,950,000
+ 23.8
January.
52,399
54,862
63,532
0
+ 3.7
February
53,387
51,050
65,869
50
47,188
5,658,000
+ 8.3
March.......
56,184
49,909
72,144
0
49.744
AprlL........
63,050
46,803
78,380
364/
May
......
51,457
57,224
72,629
2,800/
49,805
♦44,936
48,989
June.........
48.213
53,935
66,907
2,342
*44,179
46,577
*41,834
*41,793
July.........
62,098
67,600
01,399
1,710
47,545
*42,498
*42,210
August
51,010
64,005
48,344
2,935
September....
52,869
07,060
33,563
4,023
50,715
*44,427
53,164
*47,705
October
56,372
05,713
24,222
280
56,459
62,295
18,386
560
55,228
54.718
126,120
12,884
0
*60,008
55,288
*49,438
55,229
125,132
*50.169
*50,110
Stocks, End of Month, at—
Electric power utilities .a
Byproduct coke oven8_b.
...
Steel and rolling mills.c
Coal-gas
■>
-
retorts.c
Cement
Other
Industrials _d
Railroads (Class
737,000
11,350,000
6,129,000
I)e
Total Industrial stocks.
31,891,000
+ 20.1
35,971,000
+4.8
5,301,000
4,164,000
6,404,000
Consumption by—
Electric power utilities.a.
Byproduct coke ovens.b_.
Beehive coke ovens.b
850,000
148,000
+ 27.3
+ 7.3
+474.3
Steel and rolling mills.c..
837,000
946,000
—11.5
Coal-gas retorts
134,000
136,000
489,000
Other industrials.d
+ 21.9
9,240,000
Railroads (Class I)e
7,756,000
9,730,000
7,006,000
+ 10.7
1
—1.5
596,000
Cement
6,871,000
_c
mills.b
Industrial
31,585,000
29,023,000
+8.8
4,700,000
4,800,000
33,823,000
+ 7.3
Grand total.
Days' Supply, End of Month, at—
Electric power utilities
Byproduct coke ovens
43,000
47,231
89,000
+ 6.7
♦47,179
53,552
*48,253
Total for yr.
643,386
53,616
696,497
58.041
January
60.414
63,272
10,026
Of
58,000
*51,754
57,100
*51,097
66,227
59,168
7,085
01
59.688
58,842
V'V.
12,823
+mm m
50,174
.....
1941
March.......
63,890
63,425
7,050
01
61,224
00,513
63,210
62,974
7,286
01
*54,543
04,696
*58,608
May........
64.645
63,604
8,327
1,1921
Other Industrials.
38 days
Railroads (Class I).....,
24 days
June.........
Total Industrial
62,236
63,150
7,404
1,254(
32 days
Retail dealer.
...
32 days
.....
.
1121,026
1
1108,151
*53,995
April........
25 days
_..w*
95,446
,110,420
*52,627
avge,
■!••
38 days
........
69,508
*42,884
62,444
21 days
27 days
Steel and rolling mills
83,726
48,991
05,385
54 days
.......
Grand total
59,045
59,883
+ 620.9
95,000
Bunder fuel, foreign trade
.........._.
55.389
46,530
*63,410
310,000
.......
Cement mills ...i
,46.326
49,197
*44,387
December....
Monthly
Additional Known Consumption—
Coal-gas retorts*.
49,524
February.....
Retail dealer deliveries.
Coal mine fuel
'
—2.1
36,285,000
*
47,496
34,580
*44,665
*48,080
November
36 808
47,863
47,287
49,513
53,979
—5.0
•V."
Total
53,751
1940
+ 2.8
4,080,000
37,691,000
Grand total.
48.339
40.829
+2.2
32,791,000
4,900,000
Retail dealer stocks
44,956
32 days
65,540
*59,439
66,876
*60,688
62,165
*56,340
65,511
I
97,638
|
95,256
198,435
*59,410
66,167
192,583
*60,077
Note—To reflect a true picture of the domestic slab zinc situation under e
istlng
conditions, the 1940 figures have been adjusted to eliminate some production from
Collected by the Federal Power Commission,
b Collected by the U. 8. Bureau
c Collected by the Bituminous
Coal Division,
d Estimates based on
reports collected Jointly by the National Association of
Purchasing Agents and
the Bituminous Coal Division from a selected list of
2,000 representative manufac¬
a
of Mines,
foreign concentrates shipped for export, Inadvertently included, and to Include
all production from foreign concentrates when shipped for domestic
consumption.
♦
Equivalent retorts computed on 24-hour basis,
a
Export shipments included
In total shipments.
turing plants.
The concerns reporting are chiefly large consumers and afford a
satisfactory basis for estimate,
e Collected by the Association of American
Rail¬
roads.
Includes powerhouse, shop and station fuet.
Industrial Anthracite
Stocks of industrial anthracite declined
0.1% at electric power utilities
25.2% at Class I railroads, while the other industrial consumers
and
showed
in
increase of
an
May advanced
8.3%
1.3%
29.7% at electric utilities.
during the
May 1 to June 1, 1941.
April at the other industrial
Class I
railroads showed
a
Consumption
consumers
and
decrease of 32.7%
period.
same
ANTHRACITE
from
over
AT
ELECTRTC
OTHER
POWER
INDUSTRIAL
UTILITIES, RAILROADS
(NET TONS)
PLANTS
Percent
May,
1941 d
AND
;
'
of Change
Arril,
February,
Mao,
From
From
1941
1941
1940
Previous
Year
Month
Ago
Elec. Power Utilities.a
Stocks, end of month.. 1,178,164 1,189,760 1,234,429
1,029,971
Consumed dur'g month
258,226
199,073
190,012
166,414
Days supply, end of mo. 141 days 185 days 182 days 192
days
Railroads (Class 1)—b
Stocks, end of month..
103,685
138,660
131,564
68,295
Non-Ferrous
Metalg—Metals
+ 55.2
—26.6
reported:
Copper producers
ington regarding the
about two weeks.
—25.2
+ 51.8
128,030
190,260
112,056
93,279
—32.7
+ 37.3
25 days
22 days
33 days
23 days
—13.6
+ 8.7
Industrial
Con¬
sumers—c
Stocks, end of month..
213,524
197,219
Consumed dur'g month
95,514
94,297
196,446
101,008
171,979
+8.3
+24.2
73,776
+ 1.3
+29.5
Days supply, end of
month.e
61 days
69 days
55 days
72 days
+ 13.1
—4.2
Collected by the Federal Power Commission,
b Collected by the Association
Railroads,
c Selected
representative plants.
76 firms reported for
April and May, 1941; 83 firms for February, 1941, and 82 firms for
May, 1940.
d Subject to revision,
e Calculated at the
dally rate of consumption
a
of American
August.
were
disappointed in the absence of
new control
May 1 to June 1.
storage
yards
anthracite
At
the
decreased
and
time, stocks of anthracite in producers'
same
14.4%.
SUMMARY OF STOCKS OF DOMESTIC ANTHRACITE AND
COKE
industry is unable to form
a
June 1,
May 1,
Mar. 1,
1941
of Change
so
far to 28,551 tons.
continued to quote 12c., Valley, with custom smelters and
Export
or
Retail
stocks,
230
dealers;
c
1941
Large producers
some
small pro¬
bonded copper sold at 1 lc., f.a.s. basis.
Lead
consumers
assured that foreign metal will be available
through
in the market appeared to ease
yesterday consulting
000 tons of lead
a
on
materially.
now
under negotiation, tension
Producers
were in
Washington
the deal that will involve between 250,000 and 300,-
year to
be supplied by Mexico, Peru, and Canada.
metal will be sold to domestic consumers at the
market, much the
in handling foreign copper and other dutiable materials.
The
same as
From present
indications, Mexico will supply about 180,000 tons of lead
under the Government's plan, Peru 60,000 tons, and Canada 60,000
depending on British needs.
tons or more,
Sales of
June 1,
From
From
1940
Previous
Year
pares
Month
1941
on
clear picture of the supply situation.
bringing the total for the month
ducers at 12Kc.
a year
Percent
Alloca¬
estimate
Sales in the domestic industry for the last week amounted to
22,326 tons,
With lead
an increase of
19.9% in
58.1% increase in domestic coke from
beginning with
one
frequently that
the
large purchases by the Metals Reserve Co.
domestic
In
defense needs in copper for 1942, the figure mentioned was
1,420,000 tons.
Estimated copper requirements are being revised upward so
v
of
from "Wash¬
There is doubt about the exact status of price control.
tions of foreign metal for July have not yet been made.
Domestic Anthracite and Coke
Reports from 230 selected retail dealers showed
news
plan that has been under coasideration for
The trade is preparing for full priorities,
during the
preceding month.
stocks
Ex¬
+ 14.4
+ 29.7
—23.8
Consumed dur'g month
Other
Purchases
Copper
—0.1
Days supply, end cf
mo.
Reserve
pected to Relieve Supply Situation in Lead
4
"Metal and Mineral Markets" in its issue of July 10,
reported that copper and lead producers are waiting for word
from Washington that should clear the
atmosphere with
respect to both of these metals.
With regulations for
trading in copper about to become more stringent, producers
attempted to do no more than .attend to routine business.
Lead producers expect to close with Metals Reserve
shortly
in a deal for acquiring foreign metal, and the
knowledge
that negotiations are proceeding
satisfactorily already has
exerted a quieting influence on the market.
Zinc was un¬
changed.
Tin, quicksilver, and arsenic quotations ad¬
vanced during the last week.
The publication further
Ago
at
common lead for the last week
dropped to 1,927 tons, which com¬
with 7,876 tons in the week previous.
Quotations were unchanged
5.85c., New York, which
was
also the contract
settling basis of the
American Smelting & Refining Co., and at
5.70c., St. Louis.
se¬
lected
Anthracite, net tons.
286,444
239,000
253,896
209,247
+ 19.9
Days supply.a
Coke, net tons......
53 days
43 days
26 days
37 days
+ 23.3
+ 36.9
+ 43.2
53,132
33,605
43,950
41,000
+ 58.1
+29.6
78 days
68 days
28 days
57 days
+ 14.7
+ 36.8
168,747
197,248
530,676
136.892
—14.4
+ 23.3
Days supply.a
Anthracite in producers'
storage yards.b
a
Calculated at the rate of deliveries to customers in the
preceding month,
b
Courtesy Anthracite Institute,
c
Subject to revision.
Zinc
period totaled 5,793 tons and the backlog at the end of the week was 90,267
The price situation in Prime Western zinc was
unchanged, the
quotation holding at 7Kc., St. Louis.
tons.
Producers
are
wondering whether marginal producers of zinc concentrate
will receive extra consideration in
copper
June
Production and Shipments of Slab Zinc
The American Zinc Institute
on
July 8 released the fol¬
lowing tabulation of slab zinc statistics:
:4
Sales of zinc by the Prime Western division for the week ended
July 5
amounted to 4,071 tons.
Shipments of the common grades in the same
producers
are
granted
a
Washington in the event that high-cost
subsidy.
The June statistics of the zinc
industry showed that stocks declined to
7,404 tons from 8,327 tons (revised) fn the month previous.
Consumers' stocks of zinc at the end of
May totaled 56,489 tons, ac¬
cording to the Bureau of Mines.
This compares with 59,414 tons on hand a
Financial Chronicle
&
The Commercial
170
month previous.
dustry to eat into its
'
'
here, and within 40% of output in the whole of 1940,
in American history.
Output in June was 6,800,730 net tons, a new high record
for the month, comparing with 5,657,443 produced in June,
1940, the previous high, and 5,573,076 in June, 1929, the
third highest figure on record.
Production in May, 1941,
was 7,055,132 net tons, according to revised figures.
During the last six months the steel industry in this
country operated at an average of 98% of capacity, com¬
pared with 72.4% in the first half of 1940 and with 91.6%
The reduction in stocks that occurred during May re¬
:•
reserves.
Tin
•
Demand for tin
the best year
which compelled that in¬
sulted from reduced shipments to galvanizers,
was
'
■
"
fairly active during the last week.
Offerings of spot
nearby metal again were light.
The Singapore market was higher,
which caused prices here to advance moderately to above 53c. for Straits
and
The fact that futures were firmer indicates to the trade that appre¬
tin.
hension about the shipping
situation continues.
Tin-plate operations have increased to about 92% of capacity.
\
Straits tin for future arrival was as follows:
July 12, 1941
effort
in the last half of 1940.
July
3
July
July
4
5-7
July
8---
July
9-----—-
July
September
52.375
52.250
52.125
months for 1940 and 1941 to date:
TTnl
52.750
52.250
52.375
52.250
52.750
...
52.375
52.500
62.500
52.375
52.250
63.000
-
52.500
62.750
....
BESSEMER AND ELECTRIC STEEL
PRODUCTION OF OPEN HEARTH,
-----
—
following tabulation shows steel ingot production by
The
October
52.625
July
August
52.875
52.625
52.500
INGOTS AND
STEEL FOR CASTINGS
Calculated
Estimated Production—
Production, All
Number of
Weeks in
Month
Weekly
All Companies
Chinese tin, 99%, spot, was nominally as
4,
Period
follows: July 3, 52.250c., July
Net
Companies
Tons
Holiday, July 5, 52.375c., July 7. 52.375c., July 8, 52.375c., July 9,
Percent of
Capacity
(Net Tons)
52.625c.
DAILY PRICES OF
1941—a
METALS ("E. & M. J." QUOTATIONS)
6.928,755
96.9
1,564,053
6,237,900
7,131,641
96.6
1,550,475
4.00
99 7
1,609,851
4.43
20,298,296
97.8
1,578,406
12.86
6,757,728
97.6
*i ,055,132
*98.7
4.43
6,800,730
98.2
1,575,228
*1,592,581
1,585,252
Second quarter
20.613.590
98.2
1,584,442
13.01
First 6
40,911,886
98.0
1,581,441
25.8"
83.4
January
February
Electrolytic Copper
Straits
Zinc
Lead
Tin
New York
New York
St. Louis
St. Louis
July
3
11.825
10.950
52.875
5.85
5.70
7.25
Dom.,Refy. Exp., Refy.
.
First quarter-
July
4
Holiday
10.950
Holiday
Holiday
Holiday
Holiday
5
11.775
10.950
63.000
5.85
5.70
7.25
June-
7—
11.800
10.950
53.000
5.85
5.70
8-9
11.850
10.950
53.000
5.85
5.70
7.25
11.800
10.950
53.250
5.85
5.70
10.9%
53.025
5.85
5.70
7.25
4.29
7.25
11.810
4.43
V
7.25
July
-
April.
May.
July
July
;
—
M arch
July
—
Average.
.
months-^
4.29
1940—a
Domestic copper
10.950c., Straits
tin, 52.850c., New York lead, 5.850c., Sc. Louis lead, 5.700c., St. Louis
Average prices for calendar week ended July 5 are:
f.o.b.
11.805c., export copper, f.o.b. refinery,
refinery,
5,764,723
4,525,797
February
-
March
63.5
990,786
4.43
14,679,703
72.3
1,129,208
13.00
4,100,474
61.2
955.821
4.29
May
4,967,782
71.8
5,657,443
84.5
1,121,395
1,318,751
4.43
June
Second quarter
14,725,699
72.5
1,131,875
13.01
First 6 months--
29,405,402
72.4
1,130,542
26.01
5,724,625
83.0
4.42
6,186,383
6,056,246
89.5
90.6
1,295,164
1,396,475
1,415,011
17,967,254
87.7
1,368,412
13.13
47,372,656
77.5
1,210,339
6,644,542
6,469,107
6,495,357
96.1
94.1
1,499,897
1,507,950
1,469,538
Fourth quarter
19,609,006
95.6
1,492,314
13.14
Total.-
66,981,662
82.1
1,281,210
52.28
First Quarter
...
The above quotations are "M. &
July.August
September
the usual table of daily London
prices is not available.
Prices on standard tin, the only
prices given, however, are as follows: July 3, spot, £258%,
three months, £262%; July 4, spot, £261, three months,
£263%; July 7, spot, £258%, three months, £262; July 8,
spot, £257%, three months, £260%; and July 9, spot,
£256%, three months, £260%.
European
war
-----
Third quarter
months--
Nine
Due to the
4.14
April
zinc, 7.250c„ and silver, 34.750c.
M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduced
to the basis of cash. New York or St. Louis, as noted.
All prices are in cents
per pound.
Copper, lead and zinc auotations 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
seaboard.
On foreign business, owing to the European War, most sellers are
restricting offerings to f.a.s. transactions, dollar basis.
Quotations, for the present,
reflect this change in method of doing business.
A total of 0.05c. Is deducted from
f.a.8. basis (lighterage, &c.) to arrive at the f.o.b. refinery quotation.
1,301,292
1,093,188
4.43
70.0
4.389.183
January
October—
November
December
-
*
——
Revised.
•
96.6
4.29
4.43
4.28
39.14
•>■■■'
4.43
4.29
4.42
/v,
■
,
,-V
a Based on reports by companies which in 1940 made
98.43% of the open-hearthj
100% of the Bessemer and 85.82% of the electric ingot and steel for castings produo-
United States Steel Corp., Shipments
4.4% Below May
Shipments of finished steel products by subsidiary
com¬
panies of the United States Steel Corp. for the month of
June, 1941, totaled 1,668,637 net tons.
with 1,745,295 net tons in the preceding month
compare
(May)
net
The June shipments
a
tons
decrease of 76,658 net tons, and with 1,209,684
in the corresponding month in 1940 (June) an
tion.
'
Note— In 1940 the percentages of capacity operated are calculated on weekly capacties of 1,410,130 net tons open hearth, 114,956 net tons Bessemer and 36,011 net
tons electric Ingots and steel for castings, total 1,561,097 net tons; based on annual
capacities as of Dec. 31,1939 as follows: Open hearth, 73,721,592 net tons, Bessemer,
6,009,920 net tons, electric 1,882,630 net tons, and in 1941 the percentages of
capacity operated are calculated on weekly capacities of 1,430,102 net tons open
hearth, 134,187 net tons Bessemer and 49,603 net tons electric Ingots and steel for
castings, total 1,613,892 net tons; based on annual capacities as of Dec. 31, 1940 as
follows:
Open hearth 74,565,510 net tons, Bessemer 6,996,520 net tons, electric
2,586,320
net tons.
increase of
458,9.53 net tons.
For the year 1941 to date, shipments were 10,052,877 net
tons compared with 6,288,398 net tons in the comparable
period of 1940, an increase of 3,764,479 net tons.
This is an all-time high for the month of June, the previous
high June having been in 1917 when the total was 1,558,444
net tons.
It is also a record six months period, the previous
high having been the first six months of 1929 when 9,207,000
net tons were
tion
we
list the figures by months for various
periods since January, 1929:
Pig Iron Output at 95.9% of Capacity
of
coke
issue of the "Iron Age" reported that produc¬
pig iron in June totaled 4,553,165 net tons
compared with 4,599,966 tons in May.
Output
basis last month showed
over
a
gain of 2.3%
from 148,386 tons to 151,772 tons
or
shipped.
In the table below
June
The July 10
operating rate for the industry
June,
compared
with
was
on a
day in June.
a
daily
that in May,
The
95.9% of capacity in
93.8% in May.
The
"Iron Age"
further reported:
1941
January
1,682,454
February
1,548,451
1,720,366
March
April
May-——
1,687,674
June
1,668,637
July-
1,745,295
—
August---
September
October
November
------
December.
1940
1,145,592
1,009,256
931,905
907,904
1,084,057
1,209,684
1,296,887
1,455,604
1,392,838
1,572,408
1,425,352
1,544,623
1939
1938
1932
870,866
570,264
522,395
627,047
550,551
509,811
464,524
449,418
422,117
524,994
355,575
294,764
316,417
340,610
336,726
747,427
845,108
771,752
795,689
607,562
745,364
885,636
1,086,683
1,345,855
1,406,205
484,611
615,521
635,645
730,312
749,328
1,443,969
765,868
14,976,110 11,752,116
7,286,347
1929
429,965
369,882
299,076
250,008
1.364,801
1,388.407
1,605,510
1,617,302
1,701,874
1,529,241
1,480,008
1,500,281
1,262,874
1,333,385
1,110,050
931,744
Production for the first six months this year was 27,053,100 net tons,
against 21,083,600 tons in the comparable period last
rate averaged
same
*44,865
29.159
15,013,749 11,707,251
Yearly adjust..
4,329,082 16,825,477
*5,237
*12,827
7,315,506
4,323,34t 1-,812,650
37,639
were
gain of 29%
211 furnaces in blast
June 1.
on
*
-
The daily
year.
the 115,844 tons in the
on
July 1, five
more
The furnaces in operation on July 1
of 151,000 tons.
one
United States Steel Corp. blew in
than the 206 in
were
one
producing at
furnace and took
off blast, independent producers put four in blast, and one merchant
furnace
was
blown in.
Among the furnaces blown in
Steel
Corp.,
one
Republic Steel Corp.,
were
the following: One Clairton, Carnegie-
Cambria, Bethlehem Steel
one
Co.,
Swede, Alan Wood Steel Co.,
Youngstown Sheet & Tube Co., and
Total--
over
the rate of 153,600 tons a day, compared with a production rate on June 1
Illinois
Tot. by mos.
a
period last year.
There
blast
149,465 bet tons,
one
The only furnace blown out or banked
Haselton,
one
one
Campbell,
Shenango, Shenango Furnace Co.
was
an
Ensley unit of Tennessee
Coal, Iron & Railroad Co.
Decrease.
Note—The monthly shipments a3 currently reported during the year 1940, are
subject to adjustments reflecting annual tonnage reconciliations.
These will be
comprehended In the cumulative yearly shipments
as
MERCHANT IRON MADE.
DAILY RATE—NET TONS
stated In the annual report
1941
June Steel
January
Ingot Production Reaches High for Month
February
March-
Production of steel in the United States in the first half
of 1941
was
40,911,886 net tons, the highest figure
record,
comparing with 29,405,502 in the first half of 1940, a gain
of nearly 40%, according to the American Iron and Steel
Institute.
Output was within 20% of production in the
■entire year 1917, which was the peak of the World War
April-May
on
June
1940
1939
1938
20,812
21,254
23,069
20,434
21,235
21,933
16,475
11,875
10,793
11,911
18,039
9,916
18,496
10,025
9,547
18,432
16,259
21,821
17,774
14,773
11,760
13,656
16,521
13,662
9,529
9,266
7,883
7,203
6,020
July.
August
16,619
8,527
9,404
17,395
11,225
7.408
September
17,571
18,694
22,792
19,779
12,648
16,409
12,550
October
November
December
6,154
12,095
1937
21,962
19,971
22,473
16,642
14,793
21,224
17,541
16,912
10.266
12,280
Volume
production
171
The Commercial & Financial Chronicle
153
of
AGE" COMPOSITE PRICES
THE "IRON
ferromanganese
iron and
coke pig
V"/-;
Finished Steel
net tons
Based on steel bars, beams, tank
July 8. 1941, 2.261c. a Lb.
February
March—.*.;.—.....
May.........
..———
—;
3,137,019
58,578
1
53,854
293,727
21,083,600
One year ago
43,240
38,720
46,260
43,384
44,973
44,631
rolled strips.
2.261c.
85% of the United States output.
These products represent
Low
High
Jan.
1941
2.261c.
7
2.261c.
Jan.
7
1940
2.261c.
Jan.
2
2.211c.
Apr.
16
1939
..2.286c.
Jan.
3
2.236c.
1938
261,208
2.512c.
May 17
2.211c.
May 16
Oct. 18
1937
2.512c.
Mar.
9
2.249c.
Jan.
1936
2.249c.
Dec. 28
2.016o.
Mar. 10
2.062c.
Oct.
1
2.056c.
Jan.
8>
1934
...2.118c.
Apr. 24
Oct.
3
1.945c.
Jan.
2
1.792c.
May
2
Sept.
1.8700.
Mar. 15
1.883c.
Dec. 29
1.953c.
1933
August
September
October.....*..........:*..
------
November.
December....—.—
1.981c.
Jan.
1930
2.192c.
Jan.
7
1.962c.
Dec.
9
32,270
———
1931
6
13
33,024
.
1932.........
37,003
1929
2.236c.
May 28
2.192c.
Oct.
29
31,155
Pig Iron
35,666
y
Included In pig iron figures.
One year ago
Philadelphia,
Buffalo,
Southern Iron at Cincinnati.
22.61
..............
:''V LOW
$23.45
Jan
High
PRODUCTION OF COKE PIG IRON
DALLY AVERAGE
Mar. 20
23.45
22.61
Dec. 23
Sept. 19
22.61
Jan.
20.61
June 21
19.61
Sept.12
July
6
23.25
19.74
18.84
17.90
16.90
14.81
15.90
18.21
18.71
..
Mar. 9
Nov. 24
Nov. 5
May
1
Dec.
5
Jan.
5
Jan.
6
Jan.
7
May 14
20.25
Feb.
18.73
Aug. 17
17.83
16.90
May 14
Jan. 27
13.56
Jan.
13.56
14.79
Dec.. 6
Dec. 15
15.90
Dec.
16
18.21
Dec.
17
-
1939
1940
-
1939
1937
Net
%
Tons
Capacity
Tons
Capacity
150,441
149.924
95.5
130,061
85.8
78,596
95.2
75.1
82,407
96.9
68.9
86,516
April
151,745
144,475
114,189
105,500
918
104,567
68.6
93.8
113,345
127,297
74.8
76,764
62,052
83.9
79,089
115,844
76.1
77,486
130,772
86.3
85,130
136,711
139,218
90.4
96,096
92.2
107,466
143,418
94.8
131,061
146,774
146,697
97.1
138,877
136,146
Net
January*....—
February
March.
%
May
148,386
June..............**.....
151,772
Half year..............
149,465
2
$23.61
23.25
1941.
1940
1941
Chicago,
Valley,
and
and foundry Iron at
furnace
$23.61
ago—23.61
One week ago
One month
pig Iron,
^
<.....
fBased on average for basic Iron at Valley
July 8, 1941, $23.61 a Gross Ton
473,667
46,948,906
—
These totals do not include charcoal
..1.915c.
4
43,341
4,053,945
4,238,041
4,176,527
4,445,961
4,403,230
4,547,602
July .....................
*
56,871
3,513,683
3,818,897
27,053,100
Hall year..............
Year..
35,337
33.627
55,460
wire, rails, black pipe, sheets and hot
2.261c.
1935
"
April
June
3,311,480
3,270,499
4,032,022
4,663,695
4,197,872
4,704,135
4,334,267
4,599,966
4,553,165
January
2.261c.
One month ago
1940
1941
1940
1941
plates,
One week ago.
Ferromanganese j
Pig Iron x
1936
-
1935
1934
1933
1932
1931
1930
1929
2
16
3
Steel Scrap
94.5
July............—..
August.. ...............
September.......
October
......
November
on
No.
heavy melting steel
quotations at Pittsburgh, Philadelphia,
Based
July 8, 1941, $19.17 a Gross Ton
One week ago
-$19.17
19.17
18.71
-
One month ago--.
and Chicago.
...
One year ago
1
Low
High
1941.
$22.00
.....
7
Jan,
$19.17
97.2
84.6
128.276
Year.—.........—
96,760
21.83
Deo. 30
1939
D cember................
16.04
22.50
Oct.
3
14.08
1938
15.00
Nov. 22
11.00
1940
.......
Apr. 10
9
Apr.
May 16
7
June
1937
21.92
Mar. 30
12.92
Nov. 10
1936.—
17.75
Dec. 21
12.67
June
1935
13.42
Dec.
10
10.33
Apr. 29
1934
13.00
Mar. 13
9.50
12.25
Aug.
6.75
Sept. 29
Jan.
5
8.50
Jan.
8
12
6.43
July
11.33
Jan.
6
8.50
Dec. 25
1930...........
15.00
Feb.
18
11.25
Dec,
9
1929
17.58
Jan.
29
14.08
Dec.
3
Operations Rebound 6 Points to 98.5% but
Shortages of Scrap and Pig Iron Threaten Con¬
1933
tinuance of This Rate
Steel
Age" in its issue of July 10 reported that steel
The "Iron
of capacity,
a 5-point advance from the Independence Pay week's rate
of 93.5%, but still under the pre-holiday level of 100.5%.
plant operations this week rebounded to 98.5%
production
Whether ingot
can
show much improvement dur¬
ing the next month or, indeed, whether it can hold, is rapidly
becoming
matter of speculation, not merely because melt¬
a
ing operations are so high but because
the steel industry
apparently is not far from a situation in which it will face
twin shortages of pig iron and scrap.
The "Iron Age"
further reportedWhile
production of coke pig Iron In June, according to the "Iron Age"
compilation, reached 4,553,165 net tons compared with 4,599,966 tons in
for the industry's blast furnaces was 95.9%
May, the supply of iron is far from adequate. In answer
manufacturers incraesing complaints of acute shortages of both
May, and the operating rate
1932
1931
Institute on July 7 an¬
which it had received indi¬
cated that operating rate of steel companies having 91% of
the steel capacity of the industry will be 96.8% of capacity
for the week beginning July 7 compared with 93.7% one
week ago, 98.6% one month ago, and 86.4% one year ago.
This represents an increase of 3.1 points, or 3.3%, from the
preceding week. < Weekly indicated rates of steel operations
since June 10, 1940, follow:
The
iron,
form
some
the Office of Production Management
place these blast furnace products under
of distribution control.
the order will take the form
It has not been determined whether
of full priorities, a pool, or both.
Similar confusion now exists in the scrap market,
of
where
a new
element
Great Britain under the
Lease-Lend Act.
Dealers covering on an export
reported to have paid slightly over the Government-fixed ceiling
domestic
some
a set
steel producing areas
policy with respect to scrap exports.
In
in the East and Midwest, predictions are being
made that
ingot output will be curtailed in from 30 to 45 days unless supplies
increase.
Meanwhile
an
"Iron Age" correspondent in England reports
criticism there of the British Government's policy in assuming
of
that existence
stocks at steel plants is not necessary and of its slowness in
reserve scrap
shipping material gathered in village dump campaigns in
that country to
the plants.
Within a few days the Treasury
Department is expected to take bids on
expected to be small billets and other semi-finished items.
August and September, which suggests a further restriction
be asked for in
in
Deliveries will
business, since completion
non-defense
of the order during July and
August will come at a time when American mills are jammed with domestic
It is now estimated that such defense orders directly or
defense orders
indirectly
are
rate for some
taking an average of 60% of current steel production, with the
companies reaching 75 %.
While the outpouring of new orders
has subsided to some extent, the volume is still greater than production or
Recent
shipments.
ments
by
allocation programs announced for civilian require¬
Office of Price Administration and Civilian Supply lack
the
significance for the time being, since the amount of material carrying prefer¬
ence
ratings is taking the larger share of steel production.
A bright spot
in the metals supply picture is news that three railroad car
building plants which have been shut down from six to eight weeks because
of lack of
plates have now obtained steel and are operating at nearly 50%.
These plants are:
Steel Car Co.,
Pullman Standard Car Mfg. Co., Butler, Pa., Ralston
Columbus, Ohio, and American Car & Foundry Co., Hunt¬
ington, W. Va.
A fourth plant, that of Greenville Steel Car Co., Green¬
ville, Pa., was expected to resume operations this week.
from these shutdowns is est imated at 7,000 cars.
car
Loss to railroads
Cars ordered from freight
shops or car builders during June reached 27,26, making a total for the
first six months this year
of 98,049, one of the heaviest half year bookings
Fabricated
structural steel
awards for the week are slightly lower at
32,000 tons, with new projects rising to 15,700 tons from 15,575 tons last
week.
Reinforcing steel awards declined to 6,135 tons from 10,425 tons a
week ago.
12
3
June 23
June 30
96.8%
99.2%
99.9%
98.6%
99.2%
98.6%
99.0%
99.9%
93.7%
7
96.8%
94.2%
Jan.
20
Oct.
14
27
21
94.4%
94,9%
Jan.
Oct.
July
July
July
Oct.
74.2%
86.4%
15
*.86.8%
22
88.2%
29
90.4%
6
90.5%
12
89.5%
19
89.7%
26
91.3%
2—82.5%
9
91.9%
16
92.9%
1
8
July
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
95.7%
96.0%
96.1%
NOV. 18—96.6%
Nov. 25
96.6%
28
Oct.
4
Nov.
Nov. 11
Feb.
3
Feb.
10
Feb.
17
Feb. 24
Mar
Mar. 10
98.8%
Dec.
2.
96.9%
Mar. 17
99.4%
Dec.
9. .—96.0%
Mar. 24
Dec.
16. .—96.8%
Dec. 23. .—80.8%
95.9%
Dec. 30
99.8%
Mar. 31—99.2%
Apr.
May 19
May 26
2
June
June
9
June
16
July
99.3%
98.3%
7
Apr. 14
"Steel" of Cleveland, in Its summary of the iron
and steel
markets, on July 7 stated:
of steel orders
Volume
has
For the majority of
fallen
off with greatest rapidity in several
companies June sales were much below those
and often were the smallest for the year to date.
This is due to
shelving of non-defense inquiries, to the voluntary abandon¬
more
drastic
ment
of
projects by many civilians
because of known futility of getting
still refuse to sell for 1942
materials and to the fact that some producers
delivery, books perhaps not to be opened
The
until October.
orders is holding its own and perhaps increas¬
aggregate of defense
such as ship
It is
buildings and
with machinery, is about completed, with the next phase, buying
ing, though there is less evidence of certain large tonnages,
figured
which
plates,
in
flurry of buying a few weeks ago.
a
recognized that the first phase of defense, the setting up of
equipping
of
materials
for
Non-defense
built up
and
are
from
Some
mass
users,
production, now dominant.
who have been living off inventories which they
had
for the past six months, have about exhausted them in many cases,,
more
frantic for steel and must depend on current shipments
mills.
More
prevalent and stricter priorities also handicap civilians.
producers are being forced to
exercise what they call "priorities on
priorities," apportioning steel among holders of the same
priority ratings,
steel producer ordered to supply an aircraft
builder, both with A-l-a ratings, but having
not enough steel to supply both completely.
This bears out the frequent warning that too prevalent priorities will
a
specific example
being a
engine maker and an airplane
defeat the purpose
for which they were issued, though apparently no better
system has been devised.
ratings A-l-a and A-l-b
One prominent steelmaker notes that among high
submitted to him they are about equally divided.
Commission is said, surprisingly, to carry only
Much steel for the Maritime
an
A-l-c.
Railroads- have
been
assigned
generally
an
A-3
and
rating,
purchasing from that source is especially conspicuous at the moment.
Producers are much stricter than a month ago in their handling
of
First, they will not honor an inquiry until the certificate
photostatic copy is definitely exhibited.
Secondly, the certificate must
carry
a
fairly accurate and specific description of the steel wanted.
Thirdly, they will no longer allow non-defense tonnages to ride along
under the umbrella of priorities, a consumer formerly often getting more
priority ratings.
or
tonnage
in history.
May
7
June 24
than 500,000 tons of steel for the British, a large share of which is
more
5
13
months.
of
May
6
Jan.
of May
Mills and scrap dealers generally are emphasizing the
plants.
need for establishment
96.0%
94.3%
96.5%
97.1%
96.9%
97.1%
94.6%
96.3%
97.5%
92.5%
92.6%
Jan.
Sept. 30
British plants going than
question of whether it is more important to keep
Apr. 21
Apr. 28
Sept. 23
87.7%
86.5%
This situation is likely to force an answer to the
in the New York area.
97.2%
98.5%
10..—84.6%
17
uncertainty has been injected in the form of resumption of exports to
order are
1941—
1941—
1940—
1940—»
June
Aug.
steelmaking
Steel
and
Iron
American
June
to defense
and
3
nounced that telegraphic reports
July
priorities division is expected to
......
.....
against 93.8% in
foundry
3
than needed for defense.
of the red tape involved
Because
Y.-'.
some
consumers,
entitled
to
high
have not bothered to obtain them, though admit that
they are now practically compelled to do so.
One manufacturer needing
special plates required 68 sheets of paper for the application and 80
priority
ratings,
The Commercial & Financial Chronicle
172
days
for
after.
approval
maker
A
ratings
maker
injustices
structural
show
priority
material
quickly there¬
delivered
tanks has ignored asking for priority
One
voluntarily.
sales
by
purchasers
difficult
their
of
steel¬
Thus
emergency.
plain steel
suppliers to
fabricated
and
the
Warehouse
certificates.
specialty
priorities.
on
required
where
were
in the present
often
such
no
of
natural
are
ratings,
possess
100%
to
are
fabricators
plates
supplied
been
having
95%
reports
Several
aviation gasoline
of
date,
to
The
OPM.
from
distributors
complain
only of shipping out steel on priorities and being unable to get
priorities to replenish, but having to furnish defense agencies on a mill
tonnage basis.
June
Because of the
scheduled
was
with
of
4,551,040 tons,
or
holiday automobile production for the week ended July 6
96,457 units, down 31,469 for the week, comparing
for
in the like week of
51,975
Because
the
1940.
holiday the steel operating rate last week
dropped six
Declines took place as follows:
Buffalo 15 points to
75%, eastern Pennsylvania 5 points to 92, Detroit 13 points to 83, Birming¬
ham 5 points to 90, Cleveland 5% points to 92%, Cincinnati 9%
points to
81%, Chicago 7 points to 95%, New England 10 points to 90, Pittsburgh
2% points to 97%, and Youngstown 8 points to 90.
St. Louis was
iron
at
and
steel
composite
at
$38.15,
price
finished
for
groups
steel
at
unchanged:
were
$56.60, and steelworks
The
Week with the
Federal
Reserve
Banks
The statement in full for the week ended
found on pages 200 and 201.
July 9 will be
Changes in member bank reserve balances and related
during the week and year ended July 9, 1941, follow:
7:::
Increase
(+)
Decrease
or
(—)
Since
July 9, 1941
discounted
July 10, 1940
5
+ 1,000,000
-264.000,000
—2,000,000
52,000,000
reserve
—25,000.000
+22,000,000
—24,000,000
-242,000,000
22,640,000,000
Gold stock
Treasury currency
+ 13,000,000
+2,474,000,000
+137,000,000
—793,000,000
3,152.000,000
+2,000,000
12,971,000,000 —154,000,000
9,695.000,000
—9,000,000
balances
Money In circulation
Treasury cash
2,291,000,000
Treasury deposits with F. R. banks. 1,039,000,000
Non-member
deposits
and
72
—16%
71
1939
39%
34%
1938
28
—15%
+ 4
+15,000,000
+202,000,000
+100,000,000
+742,000,000
—64,000,000
+ 510,000.000
IN CENTRAL
RESERVE CITIES
(In Minions of Dollars)
New York City
July 9
1941
Investments—total..
$
July
10
1940
July 9
Industrial
1941
1941
agricultural loans
Loans to brokers and
dealers..
$
1935
27
+
3
34
+
1934
28
+
4%
28
1933
56
+
2%
47
1932
Real estate loans
57
1929
95
11,865
9,379
2,685
2,668
2 234
3,500
2,764
851
848
*599
2,278
2,264
1,714
627
616
430
89
91
91
25
25
18
369
382
265
35
40
24
68%
168
111
166
122
54
55
60
21
21
18
29
32
29
452
377
'~89
~~91
"49
607
361
282
As
1
52
3
91
1%
73
%
—
69
Member
of
+
2
—
1
3
+
67
1
1
—
64
Banks
of
Federal
the
System for the Preceding Week
explained above, the statement of the New York and
Chicago member banks
given out
are
Thursday, simul¬
on
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
101
in
cities
cannot be compiled.
In the
following will be found the comments of the Board
of Governors of the Federal Reserve
of the
returns
Federal
entire
Reserve
close of businss
The
ing
and
of
condition
cities
2:
System for
banks of
the week ended
with
the
July 2:
statement of
shows
System respecting the
body of reporting member
the
weekly reporting member banks in 101 lead¬
following
principal changes for the week ended
$70,000,000 in commercial, industrial and agricul¬
$75,000,000 in reserve balances with Federal Reserve banks,
Increases of
loans,
$224,000,000
$97,000,000
in
in
deposits
demand
credited
domestic
to
deposits—adjusted
and
banks,
and
$72,000,000
decreases
in
"other
securities."
New
San
York
industrial
York
to
district,
brokers
and
in
of
declined
of
$56,000,000
member
increased
bills
Treasury
$23,000,000
district
"other
in
banks.
at
securities
reporting
increased
the
loans
Chicago
$70,000,000
dealers
and
the
in
City and $41,000,000 at all
Holdings
and
agricultural
$16,000,000
City,
Francisco
Loans
and
of
district,
all
trict
New
$97,000,000
at
banks.
in
district
United
declined
declined
City,
in
and
States
York
New
$18,000,000
Government
in
New
in
$70,000,000
$36,000,000
New
member banks.
New York City and declined $29,000,000
$11,000,000 at all reporting member banks.
York
all
member
$33,00,000
in
the
in
in
and
securities'
deposits—adjusted
outside
$33,000,000
$9,000,000
reporting
increased
$31,000,000
Chicago
Holdings
increased
in
the
York
the
City
at
in
the
Hold¬
City
New York
Chicago
all
bonds
district,
and
dis¬
and
reporting member banks.
Deposits
credited to domestic banks increased substantially in nearly
districts, the principal increases being $63,000,000 in New York City,
$37,000,000 in the Chicago district, $21,000,000 in the St. Louis district,
all
and
$20,000,000
A
in
the
Philadelphia district,
of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
summary
the year ended
July 2, 1&41, follows:
Increase
(+)
or
Assets—
$
June 25, 1941
Decrease
(—)
S
July 3, 1940
$
Loans and investments—total
28,325,000,000
10,453,000,000
+46,000,000
+ 129,000,000
+1,991,000,000
5,895,000.000
+ 70,000,000
+1,457,000,000
377,000,000
+ 5,000,000
+76,000,000
528,000,000
+41,000,000
+148,000,000
—13,000,000
+ 4,739,000,000
Commercial, Industrial and agri¬
cultural loans
Open market paper
dealers In
securities
Other
loans
for
purchasing
or
+7,000,000
1,080.000,000
—18,000.000
+ 323.000,000
Treasury notes..
2,246,000,000
+ 10,000,000
United States bonds
7,929.000,000
—11,000,000
+ 183,000,000
+ 1,547,000.000
1,803
1,340
1,707
1,287
147
139
134
1,344
Reserve with Fed. Res.
banks..
1,351
381
382
5,465
5,622
6,719
1,114
1 121
126
128
83
44
41
89
91
80
270
284
249
308
325
40
39
43
»
345
1
166
'
43
Real estate loans
Obligations guaranteed
+45,000,000
+ 2,000,000
+ 278,00+000
by United
States Government
Other securities
j
3,038,000,000
+ 8,000,000
+ 633.000,000
I
3,579,000,000
—72,000,000
+ 75,000,000
.—773.000,000
+62.000,000
10,925
10,988
9,776
2,240
2 222
743
728
681
497
499
20
*508
20
29
100
100
75
1
Reserve with Fed. Reserve banks.. 10,863,000,000
Cash in vault
570.000,000
—26,000.000
+ 92,000,000
Balances with domestic banks
310
Liabilities—
3,516,000,000
+77,000,000
+239,000.000
23,949,000,000
5,419,000,000
—97,000,000
+ 3,439,000,000
+ 9,000.000
+88,000.000
487,G00,00Q
+ 5,000.000
—49,000,000
9,272.000,000
+224,000,000
+695,000,000
666.000.000
—5,000,000
—19,000,000
922
Liabilities—
Demand deposits—adjusted
Time deposits
3,838
3,877
3,700
1,019
1 036
954
599
603
616
8
8
7
Borrowings
99
—
1,911.000,01,0
Other securities
Obligations
Other liabilities
2
—
Other loans
125
813
Capital accounts
+
31
Treasury bills
125
813
Foreign baDkR..
63
1%
159
1,023
2,543
deposits
2
—
715
1,459
U.S. Government
+
—
+ 6,000,000
3,245
Inter-bank deposits:
Domestic banks
4%
—2,000.000
3,244
deposits—adjusted
+
458,000,000
United States bonds.
Demand
28%
1,244,000,000
40,000.000
368
Time deposits...
4
4
LoaDS to banks
411
Otherassets—net
3
+
+
63
+
carrying securities
610
Balances with domestic banks..
Returns
2
+
67
Loans to brokers and
165
1,444
Cash in vault
+
39
Loans— total
Treasury notes
guaranteed by the
United States Government...
+ 14
2
Since
11,930
112
Treasury bills
76
72
31
2
—
1928
Reserve
1
—
July 2, 1941
450
Loans to banks.....
Other loans
28%
7%
not available
31
$
Other loans for purchasing or
carrying securities...
1
61
1940
and
Open market paper
5
81
1%
10
$
$
+
+
8
and
Chicago
July 2
July
3,492
Loans—total
Commercial,
1941
$
Assets-
Loans and
July 2
—16%
+ 3
27
$58,000,000
$72,000,000 at all reporting member banks.
MEMBER BANKS
—15
43%
+
Demand
ASSETS AND LIABILITIES OF WEEKLY REPORTING
72%
—14
+
Chicago—Brokers' Loans
week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday:
—
—19
78
ings
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York
City member
banks and also for the
Chicago member banks for the current
93%
67
Richmond
Returns of Member Banks in New York
City and
Independents
4%
—
1936...
reporting
2,045,000,000
92
6
—
1937.
+1,811,000,000
other
F. R. accounts
V. 8. Steel
Industry
Commercial,
2,249,000,000
weather condi¬
to
being made at several plants.
93
9,000,000
Other Reserve Bank credit
Total Reserve Bank credit
due in part
1941
tural
$12,000,000
commitments, July 9)
was
are now
The following table gives a comparison of the percentage of production
July
$
3,000,000
2,179,000,000
5,000,000
......
D. S. Govt, direct obligations
U. 8. Govt, guaranteed obligations.
Industrial advs.(not Incl
July 2, 1941
$
;
sharply after the Independence Day
as
This
repairs which
some
with the nearest corresponding week of previous years, together with the
the
items
credited with 93%%,
are
approximate changes, in points, from the week immediately preceding:
Complete
000,000 for the week.
Member bank
back
snap
had been anticipated.
as
1927-.-
scrap
During the week ended July 9 member bank reserve bal¬
ances decreased $154,000,000.
Reductions in member bank
reserves arose from increases of
$202,000,000 in Treasury
deposits with Federal Reserve banks, and $15,000,000 in
Treasury cash and a decrease of $24,000,000 in Reserve bank
credit, offset in part by decreases of $64,000,000 in nonmember deposits and other Federal Reserve accounts and
$9,000,000 in money in circulation and increases of $13,000,000 in gold stock and $2,000,000 in Treasury currency.
Excess reserves of member banks on
July 9 were estimated
to be approximately $5,120,000,000, a decrease of
$150,-
Bills
industry did not
tions, and also to
1930
last week
-$19.16.
,
The
1931
unchanged at 98 while Wheeling gained 3 points to 87.
three
Leading Independents
ago.
compared with 101% in the preceding week and 100% two weeks ago.
1940
points to 93%%.
"Steel's"
U. S. Steel is estimated at 92%, against 96%% in the week before and
98%% two weeks
holiday
151,701 tons daily, as
against 4,596,113 tons, or 148,262 tons daily for May.
The daily rate
was
within six tons of the all-time
record
in March, 1941.
Average
operating rate was 96.3% of capacity, up 2.2 points and equal to March,
the high for the year.
A net gain of five furnaces brought 211 in blast
by June 30.
iron production was
pig
Production of steel ingots for the week ended July 7, is
placed at 93% of capacity, according to the "Wall Street
Journal" of July 10.
This compares with 99% in the
previous week and 99%% two weeks ago.
The "Journal"
further reported*
erected
not
July 12, 1941
...
U. S. Government deposits
Inter bank deposits:
Domestic banks
284
289
*295
"14
""14
""13
1,511
1,509
1,489
275
274
256
Foreign banks
3orrowlngs
...
1,000,000
Volume
United
States Ship Will
Officials
Italian
Take Departing German and
American
Lisbon—Expelled
Be Brought Home
Aides to
to
The United States Navy transport West Point,
the liner America, is expected to sail from New
formerly
York for
Lisbon on July 15 with the German and Italian consular
officers and employees of other agencies who have been
ordered to leave this country by the State Department.
On
the return trip the ship will bring back to the United States
the American consular officials who have been expelled from
Germany and Italy.
Acting Secretary of State Sumner
Welles announced on July 7 that the British Government has
agreed in principle to safe conduct for the ousted officials.
Germany
ordered
was
on
16 to close its consular
June
the
organizations by July 10 (noted in these
similar action was
taken against Italy on June 20, effective July 15 (reported
in our issue of June 28, page 4049).
of June 21, page 3892), while
♦
American Consuls
The Danish government asked the United States July 3 to
its consuls in German occupied Denmark by
withdraw
July 15.
Previously similar requests had been made by
Germany, Italy, occupied France, Norway, The Nether¬
lands, Belgium, Luxembourg, Jugoslavia and Greece.
Three American consular officers are now assigned to
Copenhagen, and officials said today they probably would
proceed to Lisbon immediately and return to the United
States on an American vessel along with consular officials
from other European countries.
the
Further
Funds
Blocked
in
France
Occupied
reprisal
funds in
Axis
was
United
the
continued:
the forces wouid be withdrawn on conclusion of the present
European war.
Following Premier Jonasson's discussion of the American
occupation the Iceland Parliament on July 10 approved by
a vote of 39 to 3 the agreement made with the United States.
The text of the President's message to Congress, together
with
the
the
To
I
stated
I
exchange
The order,
sular officials and American expatriates who
of
living
for
lived in France before June 17,
expenses,
in
it was said.
«
tactics
Forces
Naval
States
three
The
and
Trinidad
of
forces
insure
to
States
United
the
the
Congress
informed
that
have arrived in Iceland
Navy
adequate defense
July 7
on
recognition of its independence as
special message "for the information of the Congress" the
President explained that this understanding was reached
with the Prime Minister of Iceland in order to supplement
and
eventually to replace the present British troops there.
that "considerations of safety from overseas
Declaring
attack
United
"the
States
strategic
many
of
air
naval
or
the
is
security of
The
that
the occupation by Ger¬
the Atlantic to be used as
permit
in
outposts
the Western
lie added:
that
Assurance
cannot
stated
bases for eventual attack against
Hemisphere."
hand3
President Roosevelt
fundamental,"
are
such
every
outposts
of
one
the
also
President
our
our
defense frontier remain in friendly
independent
nations
his
in
the New World.
of
that
message
stantial forces" of the United States have been sent to the
bases
British
in
and
last
acquired
from
year
Great
Guiana, in the south, "in order to forestall
pincers movement undertaken by Germany against the
Western Hemisphere."
German occupation of Iceland, the President further said,
"would constitute a serious threat" in these three dimen¬
The
threat
The
threat
The
threat
which
is
a
Greenland
against
including
continent,
and
the
the
islands
against all shipping in the
against
matter
of
the
steady
broad
flow
north
which
free
and
from
all
those
of
portion
lie off of
the
North
it.
munitions
to
Great
strategic
activity
outposts
or
be
kept
threat,"
the
open
and
President
Navy to take the necessary steps to insure the
safety of communications in the approaches between Iceland
and the United States, as well as on the seas between the
States
and
all other
son,
sage
a
message
strategic outposts.
received July 1 from Hermann Jonas-
Prime Minister of
which
was
sent
Iceland, and his reply to this
the
same
Minister's "invitation" to entrust
to
the
United
States
was
(July
day
the
decided
1).
mes¬
The Prime
protection of Iceland
upon
after
the British
Prime Minister explained in a conversation of June 24 that
now
successfully
in
points
■
,
,
northern
the North
of
portion
Chief
the approaches between the Americas
which this country regards as
which it must therefore defend,
that
and
have
insure the safety of communications
and all
States
the
insure
independence
other
Iceland
of
as
the American
that
be at
American forces will
and
sovereign
a
Government
their
forces
sent
State.
would
there
in
no
domestic affairs of that country, and
immediately upon the termination of
Iceland
on
the Prime Minister of Iceland I have given the people
assurance
interfere with the internal and
all
as
strategic outposts.
defense of Iceland with full
adequate
way
gency
thereof.
issued orders to the Navy
consequently
Iceland and the United States, as well
United
will
of the
the
I
between
the
message to
my
North
the safety of
security
steps be taken to
necessary
between
the
and free from all hostile activity or threat
in
Government
the present international emer¬
withdrawn, leaving the people
once
full
in
and
control
sovereign
their
of
territory.
own
FRANKLIN
White Houset July
The
Message Sent
7, 1941.
the President
the Prime Minister of Iceland to
By
conversation of June 24,
a
forces in
Iceland
At the same time he stressed the
required elsewhere.
are
declaration of
the
to
that
he must
of the
-:
the British Minister explained that British
immense importance of adequate defense of Iceland. He
tion
ROOSEVELT.
D.
United States
In
also called my atten¬
States to the effect
the United
the President of
take all necessary measures to
insure the safety of the West¬
Hemisphere—one of the President's measures is to assist in the defense
ern
Iceland—and
of
President
the
that
therefore
is
prepard
send
to
here
immediately United States troops to supplement and eventually to'replace
force
British
this
consider
not
he
that
take
can
Iceland,
admit that this
of affairs,
the
with
interest
of
protection
of
Iceland
the Iceland
the circumstances
view of the present state
the
entrust
does
he
consideration of all
careful
accordance
in
that
But
here.
except at the invitation of the Iceland Government.
course
After
to
and
therefore
United States
on
Govern¬
measure
ready
are
following
the
is
to
con¬
ditions:
United
1.
air, and
and
States
States
withdraw
to
their military
all
which
further promise to recognize
land,
forces,
the absolute independence
of Iceland and to exercise their best efforts with those
negotiate the peace treaty at the conclusion of the
sovereignty
Powers
promise
from Iceland immediately on conclusion of present war.
sea,
United
2.
will
present war in order that such treaty shall
United
neither
way
States
likewise recognize the absolute
forces
interfere
to
in
remain
with
this
insure
and
the
assure
to
as
that
these
authorities
as
far
they
suffer
safety
for
minimum
carried
being
possible.
as
possible
greatest
activities
out
Ik?
must
authorities
been
taken
unarmed
be
be
should
discipline,
5.
of
Iceland
afterward.
nor
for
ordered
picked
only
instructed
of
inhabitants
from
them¬
military
with
consultation
Iceland
Also because of small population of Iceland
centuries
conduct
and
United
that
also
the
disturbance
in
consequent danger to nation from presence of
care
Government
country
United States promise to organize the defense of the country in such a
selves
and
promise not
their armed
while
should
The President's message to Congress was accompanied by
the text of
the
and
shipping in
all
imperative
open
activities;
ordered the
United
have
States
Hemisphere.
It is
to employ such
the South Atlantic
Western
strategic
.
national
its
approaches
Iceland
4.
Britain—
policy clearly approved by Congress.
hostile
all
seas
3.
Saying "it is imperative that the approaches between the
Americas
the
able
be
not
of
Greenland
against
Commander
the
North Atlantic.
of
United
independence and sovereignty of Iceland.
'-V
sions:
the
year
Atlantic.
against
remain
In
Trinidad
Britain in
World.
of
forces
against
should
seizure
strategic outposts,
to
recognition
any
American
Germany
by
is, therefore,
ment, in
"sub¬
friendly
the national
Atlantic.
threat against the steady flow of munitions to Great. Britain—
is a matter of broad policy clearly approved by the Congress.
This
national security and of the national
revealed
in
continent, including the islands which lie off it.
those
the
in
foundation of
very
Assurance that such
hands is the very
security of every
those regions.
remain
security and of
acquired last
sudden
North
threat
As
that country with full
a sovereign State.
In a
of
liave
dimensions:
essential
of
naval bases for eventual
no desire to see any
or
We
that
Guiana
British
Roosevelt
President
bases
Germany
threat
The
It
of
Britain in
safety from
occupation of Iceland by Germany would constitute a serious threat
shall
Occupy Iceland—Will
Replace British Forces for That Country's Defense
—President Roosevelt Tells Congress Move Was
Made to Prevent Germany from Occupying Stra¬
tegic Outposts in Atlantic—Troops also Sent to
United
that
American
in
frontier
substantial
reason
the
to
the
in
the
air
independent nations of the New
through
The
that
of
occupation by Germany of strategic
as
Hemisphere.
national
undertaken
essential
and
used
sovereignty of
defense
same
Great
considerations
from Great Britain in Trinidad
British Guiana in the south in erder to forestall any pincers move¬
ment
and
be
to
Western
our
3, last, regarding
from
bases
air
destroyers,
overage
Atlantic
our
the
sent
and
A
previous reference to the German freezing of American
funds appeared in our issue of July 5, page 34.
and
naval
fundamental.
the
of
the
which
They eventually will be permitted to draw a stipulated sum monthly
1940.
certain
the present
in
and
to supplement,
in order
the Congress of Sept.
to
message
my
are
against
the United
forces of
reached,
so
Iceland
in
have until now been stationed
insure the adequate defense of that country.
to
of
the
foundation
be made, it was said, for American diplomatic and cod.
may
in
outposes
in German-
at least for the present, applies only to banks
Exceptions
arrived
the British forces which
certain
for
change in
one
a
:
.
understanding
The United States cannot permit the
The
occupied France and not to unoccupied France.
in
attack
outposts
attack
Congress
the
of
information
the
day to the Prime Minister of Iceland in
same
the
today
order!
in
acquisition
overseas
/
pany accounts.
with
have
Navy
in Iceland
As
the
on
eventually replace,
the
the
for
this message.
to
accordance
in
United States:
herewith
I received from the Prime Minister of Iceland on July 1, and
response
in
checks drawn on American individual or com¬
of the
transmitting
I addressed
reply
follow:
accompanying documents,
Congress
am
message
French banks notifying
Banks sent circulars to all
The Union of Paris
them to refuse payment on
the
since
the internal and domestic affairs of that country, and that
been
taken by Germany for the blocking
States on July 7, when the
German military authorities ordered that all American bank
accounts in occupied France be blocked.
Reporting this, United Press Vichy advices of July 7,
of
Iceland
in
that American forces would not interfere with
assurance
For
American
been
have
and agreed to by the United States, were
of Iceland,
ister
States
Denmark Requests Departure of
wliieh
forces
British
spring of 1940" "are required elsewhere."
Among the eight conditions set forth by the Prime Min¬
offices and various
columns
173
The Commercial & Financial Chronicle
153
and
troops
to
are
troops
a
are
numerous
sent
army,
here.
great
Military
keep in mind that Icelanders have
entirely
toward
the
unaccustomed
inhabitants
of
to
military
the
country
accordingly.
States
undertake
defense
of
the
country without
expense
to
Iceland and promise compensation for all damage occasioned to the inhabit¬
ants
by
V 6.
United
in
their
their
military
States
power,
necessities, of securing
making
with
it.
in
activities.
promise
including
other
to
interests
supplying
of
the
Iceland
country
in
with
every
way
sufficient
shipping to and from the country and of
favorable commercial and trade agreements
necessary
respects
further
that of
The Commercial & Financial Chronicle
174
7.
Iceland
this
Government
will
connection
be
expect*
in
made
declaration
that
in
President
by
with these promises on the part of
agreement
tunity
being cognizant
of
with
it
this declaration before
wording of
is
the part of Iceland it
On
8.
defense
undertake
the
of
is considered obvious that if United States
the following
tive members.
with
being
and they
Stock
States
decision
will
both
States
By
the
President
Message
of
view
the
British
in
Response
to
a
in which you have informed me that after
circumstances the Iceland Government, in
admits tliat the sending to Iceland
troops to supplement and eventually to replace the present
there would be
forces
of
tion
accordance with
in
190
Iceland
interests of
the
eight
conditions
referred
above
to
611
The number of reports in the various classifications may total more than
the number of reports received because a single report may carry
in
more
than
one
ROUND-LOT
OF MEMBERS *
STOCK
SALES
ON
THE
YORK
NEW
(SHARES)
Week Ended June
21, 1941
Total for
repeated
were
of
matter
and
free
absolutely
an
that
course
this decision
that
made
State and
sovereign
the
is
States
United
the part of Iceland as
on
that
will
it
considered
is
beginning
the
from
as
A.
forth
a
confirming
communication
your
Total sales
observed
It
announced
undertake
to
join
will give
United
the
the other nations
world
for
at
registered—Total purchases
Short sales.
the
of
the United States
It
for
is
Total sales
Western
Hemisphere
domination
the
directly
once
of
in
the
that
fact
the
that
peoples
will
immediately
troops
Total sales
4.
taken by the Government of the United States
understanding
will
nowise
in
domestic affairs
that American
interfere
of
the
all
leaving
the
the
which
is
more
are
taken in
than
the
independence
the
at
manner
of
a
with
and
your
and
Iceland
naval
and
this
freedom
old.
years
defensive
security
be
sent
of
the
afforded
Government
in
Short sales
Other sales.b
am
communicating this
the
of
forces
their
Total
the internal
present
be
will
Government
It
the
among
and
is,
ments of all
of the other
sales.
inter¬
at
TOTAL
ROUND-LOT
nations
of
CHANGE
AND
STOCK
SALES
ON
THE
TRANSACTIONS
NEW
FOR
once
BERS •
full
in
individual
liberty
YORK
ACCOUNT
for
democracies
the
all the
OF
EX¬
MEM¬
(SHARES)
Total for
of
preservation
the
New
defense
of
the
historic
of the Western
Per
Cent
Week
Short sales
more
a
4,420
375,335
....
Other sales.b—
of
Total sales.....
379,755
World,
privilege of cooperating in this
Round-lot transactions for the account of members:
B.
1.
Transactions of specialists
In stocks In which they are
registered—Total purchases
democracy
Short sales
to the govern¬
33,325
3,620
49,665
....
Other sales.b
Hemisphere.
■'
Total sales
Definitive Bonds of Republic of Panama
33^% Refund¬
53,285
2. Other transactions initiated
on
the floor—Total purchases
Short sales
City Bank Farmers Trust Co., New York, announces
that definitive bonds of the Republic of Panama
26-year
3K% external secured refunding bonds, series B, due
March 15, 1967, are now ready for
exchange for the tem¬
porary bonds.
These bonds were sold on March 28 in the
0
Other sales.b
4,975
Total sales
4,975
3. Other transactions initiated off the floor—Total purchases
$4,000,000, most of the proceeds being applied to
and redemption of the Republic's
30-year
534% external secured sinking fund bonds dated June 1,
1923; this was noted in our issue of March 29, page 1993.
1.17
9,665
Short sales
amount of
11.40
3,900
ing Bonds Now Available
The
o
Other sales.b
11,710
retirement
Total sales
4.
11,710
Total—Total purchases..
Other sales.b.i
The
Securities
and
Exchange Commission made public
July 7 figures showing the volume of total round-lot
stock
sales
on
the
New
York
Stock
Exchange and
Customers' short sales
Exchange for the account of all members
exchanges in the week ended June 21, continuing
a
series of current figures
being published weekly by the
Commission.
Short sales are shown
separately from other
figures.
Trading on the Stock Exchange for the account of mem¬
bers during the week ended June 21
(in round-lot trans¬
actions) totaled 370,370 shares, which amount was
15.97%
of total transactions on the
Exchange of 2,375,750 shares.
This compares with member trading
during the previous
week ended June 14 of 601,330 shares or
19.34% of total
trading of 3,162,510 shares.
On the New York Curb Ex¬
change, member trading during the week ended June 21
amounted to 69,970 shares, or
15.38% or the total volume
on that Exchange of
379,755 shares; during the preceding
week trading for the account of Curb members of
84,340
shares was 15.51% of total
trading of 497,285 shares.
15.38
o
Customers' other sales.c..
32,589
the
Total purchases
of these
69,970
Odd-lot transactions for the account of specialists:
C.
New York Curb
sales in these
3,620
66,350
Total sales..
Trading on New York Stock and New York
Curb Exchanges During Week Ended June 21
2.81
46,890
Short sales
Member
on
CURB
Total round-lot sales:
A.
the Government of the United
for their information,
.
the
15.97
370,370
STOCK
democracies of
therefore,
measure
the
tho
message,
49,080
321,290
......
to
Iceland.
I
388,740
Week Ended June 21, 1941
proud position
a
thousand
time
degree with
termination
response to your message,
same
forces
territory.
own
while undertaking
should
slightest
historic tradition of
a
appropriate that in
States,
of
naval
or
2.99
60,880
Total—Total purchases
people; and with the further under¬
military
people
military
the
the
upon
such
people of Iceland hold
world, with
in
Icelandic
immediately
that
emergency,
sovereign control of their
The
5,000
55,880
and
supplement
to
there.
now
recognition of the sovereignty and independence of Iceland and with
Withdrawn,
81,360
Short sales
to your message, the Government
response
send
4.63
106,030
3. Other transactions Initiated off the floor—Total purchases
New
the
of
clear
national
9,750
96,280
Total sales..
any
the security of the entire Western
menace
that in
reason
States
The steps so
8.35
113,960
Other sales.b
apparent plans
full
standing
203,460
—
the floor—Total purchases
on
Short sales..
In the
the
Iceland
.....
the integrity and inde¬
because of
preserved
eventually to replace the British forces
and
34,330
169,130
...
Other sales.b
United
the
.......
2. Other transactions initiated
to
Hemisphere.
of
193,420
-
.
...
Other sales-b
be exchanged
may
Power whose only too clearly
a
include
conquest
would
be
should
occupation of Iceland by
World
Transactions of specialists in stocks In which they are
I
Iceland.
New World against any attempt at aggression.
lotjand
of
Round-lot transactions for account of members, except for
the odd-lot accounts of odd-lot dealers and specialists:
1.
pleasure to request of the Congress
me
opinion of this Government it is imperative that
pendence
and
States
the Government of
policy of
with
of the
the defense
set
fully accept¬
are
2,375,750
....
.
countries.
two
our
the
is
conditions
the
that
order that diplomatic representatives
agreement in
between
between
relations
further say that it
may
its
the
in
hereby
you
under acknowledgment
United States and that these condtions will
able to the Government of the
be
to
now
2,310,810
Other sales-b
B.
in
pleasure
in
m
64,940
Short sales
recog¬
representatives.
take
I
P°r
Cent
Total round-lot sales:
nize the legal status of Iceland, both States immediately exchanging diplo¬
matic
entries
classification.
STOCK EX¬
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
TOTAL
Week
further state
from the
engaged solely In the odd-lot business.
As a result, the round-lot transactions of
specialists In stocks In which they are registered are not directly comparable on the
two exchanges.
verbatim.—Ed.]
You
handled solely
by specialists In the stocks In wnich they are registered and the round-lot transactions
of specialists resulting from such odd-lot transactions are not segregated
therefore, the Iceland Government is ready to entrust the protec¬
to the United States on the following considerations:
the
65
617
Reports showing no transactions
Note—On the New York Curb Exchange, odd-lot transactions we
Iceland
[Here
25
the
other hand,
of affairs,
state
present
of United States
and that,
United States
the
of
on
specialists' other round-lot trades.
On the New York Stock Exchange, on the
all but a fraction of the odd-lot transactions are effected by dealers
representatives.
from the Prime Minister of Iceland
of all the
consideration
careful
4.
beginning recognize this legal status of the country,
I have received your message
specialists
floor
free and
matter of course that United
a
as
3. Reports showing other transactions Initiated off the
the country.
part of Iceland as an absolutely
as
Reports showing transactions
Reports showing other transactions Initiated
782
93
180
1.
floor
immediately exchanging diplomatic
Sent
Message
the
from
of
the
on
Exchange
1.071
186
-
2.
purposes
as
soon
it is considered
State, and
sovereign
States
made
is
as
the defense
undertake
to
This
Total number of reports received
Curb
Exchange
wherever they are
decision is made for United
defensive
for
be used
can
New York
New York
Iceland Government lays special stress on there
airplanes
sufficient
required
danger in con¬
be made to prevent any special
change-over.
their respec¬
These reports are classified as follows:
country it must be strong enough to meet every
effort will
every
nection
filed with the New
The data published are based upon weekly reports
York Stock Exchange and the New York Curb Exchange by
eventuality and particularly in the beginning it is expected that as far as
possible
data for
the week ended June 21:
Iceland, and Government would much appreciate its being given the oppor¬
published.
1941
July 12,
The Commission made available
32,589
...
Total sales
•The term
"members"
17,442
includes
all
Exchange members, their firms and their
partners, Including special partners.
a
Ju
Shares In
mempers' transactions
of
as
per
calculating these percentages, the total
with twice the total round-lot volume
members'
transactions Includes
on
both
the
cent of twice total round-lot volume.
transactions is compared
of members'
Exchange for the
reason
that the total
purchases and sales, while the Exchange
volume Includes only sales
b Round-lot short sales which are
exempted
from restriction by the Commission
rules are Included with "other sales."
c
Sales marked "short exempt" are Included with "other sales."
Odd-Lot Trading on New York Stock Exchange
Weeks Ended June 28 and July 5
The
Securities
and
Exchange
Commission
on
During
July
7
made public a summary for the week ended June 28,
1941,
of complete figures showing the daily volume of stock trans-
Volume
The Commercial
153
actions for
the odd-lot account of all
odd-lot dealers and
the New York Stock
specialists who handle odd lots on
of current figures being pub¬
The figures are based upon
Exchange, continuing a series
lished by the Commission.
dealers and
with the Commission by the odd-lot
reports filed
specialists.
The Commission also made public yesterday (July 11)
the
ended July 5; these are incorporated
figures for the week
previous week.
with the
ODD-LOT ACCOUNT OF ODD-LOT
TRANSACTIONS FOR THE
STOCK
Total for
J:-':
!■'
.
'
STOCK EXCHANGE
Total for
SPECIALISTS ON THE NEW YORK
DEALERS AND
Week Ended,
June28, '41
v-
'
;■,
Week Ended
July 5, '41
dealers (customers' purchases):
Odd-lot sales by
11,570
8,891
307,620
232,237
12,244,914
Number of orders
9,126,349
—..........
Number of shares
Dollar value
Number of orders:
Customers' short sales......................
...
108
14,040
11,547
14,184
11,655
4,196
344,226
2,979
245,574
348,422
Customers' total sales
144
.....
Customers' other sales.a.............—
248,553
'•••
.....
Decreased
in June
Exchange announced on July 9 that
existing as of the close of business on the
June 30 settlement date, as compiled from information ob¬
tained by the New York Stock Exchange from its members
and member firms, was 478,859 shares, compared with 496,892 shares on May 29, both totals excluding short positions
carried in the odd-lot accounts of all odd-lot dealers.
As of
the June 30 settlement date, the total short interest in all
odd-lot dealers' accounts was 47,682 shares, compared with
The New York Stock
the short interest
The Exchange's announcement
44,298 shares on May 29.
further said:
individual stock issues listed on the Exchange on June 30,
short interest of more than 5,000 shares
Of the 1,232
there
25 issues in which a
were
existed,
or
in which a change in the short
occurred during the
exclusive of odd-lot
sales):
by dealers (customers'
Short Interest
Stock Exchange
York
New
which
a
short interest was reported as of
dealers' short position, was 407,
," ;jv
1941.'
May 29,
position of more than 2,000 shares
month.
The number of issues in
......
Odd-lot purchases
175
& Financial Chronicle
;
V
June 30,
compared with 400 on
/'V-V;1/' /J
tabulation is shown the short interest
existing at the close of the last business day for each month
since the beginning of 1939:
the following
In
•
Number of shares:
Customers' short sales.............
.....
Customers' other sales, a
■
Customers' total sales..
8,007,642
Dollar value.
.....
„
50
40
96,280
96,330
80,700
77,360
60,550
exempt" are reported with "other sales."
offset customers' odd-lot orders and sales to liquidate a
than a round lot are reported with "other sales."
long position
Other sales.
•
■
—
Total saiee.....
Round-lot purchases
........................
.....
by dealers:
Number of shares..
.......
'
31
Oct.
515,458
Nov. 29..:.
1940—
529,559
Jan,
31.
May 31
June 30
667,804
Feb.
29
•
651,906
Mar. 29
•
31
481,599
Apr. 29.
rnmmm
435,273
570,516
May 31
June 28
446,957
523.226
July
31
479,243
May 29
Aug. 30....
474,033
June 30
Sept. 29-
80,660
I '
,
...——
mm mm,
*017,713
530,442
Sept.30
*662,313
Aug. 31.
Short sales....
29
479,344
381,689
28
July
dealers:
Number of shares:
Round-lot sales by
Dec.
536,677
28
mmml'
Mar. 31
Apr.
10,789,509
Nov. 30
447,543
31
Feb.
1940—
1939—
1939—
Jan.
.
31
not
-''J'
*
■
f; ■ i'
,
454,922
mmm
mm**.
485,862
488,815
530,594
428,132
459,129
31
Dec.
1941—
Jan.
Feb.
498,427
487,151
537,613
31....
28
Mar. 31
610,969
Apr. 30
496,892
;
478,859
Revised.
Short Interest on New
York Curb Exchange Increased
in June
a
Sales marked
b Sales to
which is less
"Rhor*
Value of Bonds Listed on
Exchange June 30 Above
Market
New York Stock
May 31
announced on July 9
that as of the close of business June 30, 1941, there were
1,278 bond issues aggregating $56,159,155,232 par value
listed on the New York Stock Exchange with a total market
value of $53,237,234,699.
This compares with 1,283 bond
issues aggregating $55,533,776,568 par value listed on the
Exchange on May 31 with a total market value of $52,321,710,056. In the following tables listed bonds are
classified by governmental and industrial groups with the
aggregate market value and average price for each:
York Stock Exchange
New
The
8,494 shares reported on May 31, 1941, the Curb
announced on July 9.
The following seven issues
short
Aver.
Market
Aver.
Value
Price
Value
Price
•;.V' ;■
^
(lncl. States, cities,
Companies—
&c.)._
UnUed Stales
46 ,365,130
20 372,461
Building,.
Business and office
77 670,563
equipment
49 ,998,701 101.88
213 910,531 104.87
Food
—
Land and realty.
Machinery and
9 927,152
Petroleum
—
Retail merchandising
25,614,900 106.00
87.75
20,130,930
15,712,028 66.31
560,555,706 100.12
97.23
25,809,953
3,067,196,741 107.51
1,057, 389,942 107.56
56.38
85 904,615
.......——
utilities..
1,048,396,416 106.63
55.02
83,825,991
89 149,907
operating abroad
46.51
31 787,500 104.22
13,034,529,915
1,264,081,667
746,326,450
Foreign companies
53,237,234,699
All listed bonds
147,883,530 104.94
46.62
89,367,751
77.19 12,928,636,188
76.62
43.47
1,280,937,444
43.34
57.47
747,592,516
American
Electric Bond & Share
94.80 52,321,710,056
94.22
Market
Price
Average
Value
Aver aye
Value
Price
$47,665,777,410
48,601,638,211
49,238,728,732
49,643.200,867
50,438,409,964
50,755,887,399
50,831,283,315
$90.14
50,374,446,095
50,277,456,796
52,252,053,607
93.05
1940—
1939-
uig.
31
?ov.30
)ec.
30
$92.92
90.59
31
Aug. 31..
Sept. 30
88.50
Oct.
47,621 245,885
47,839 377,778
49,919 813,386
31
>ept.30
)ct.
90.79
Nov. 30_.
91.24
Dec.
Jan.
31_.
49,678,805,641
49,605,261,998
92.02
Feb.
28..
91.97
Mar. 31..
92.86
Apr. 30..
92.48
May 30_.
87.87
June 30-.
1940—
an.
eb.
31....
29
lar. 30
.pr.
— ..
30_...
lay 31
June 29..
$48,920 ,968,566
48,570 ,781,615
49,007 131,070
47,297 289,186
46,430 860,982
31
412
791
1,157
660
Cyanamid Co. 13 non-voting common
Corp. common—
324
537
104
600
700
1,560
110
561
31
Babcock <fe Wilcox Co.
Jones &
31 1941
517
American Superpower
Co. 85 preferred
Laughlin Steel Corp. common
Wright-Hargreaves Mines,
Ltd
_
Investment Companies 30-Day
Certain Answers to Items in
Detailed Registration Statement
SEC Gives Management
Extension for Filing
July 8 the Securities and Exchange Commission an¬
a 30-day extension, until Aug. 15, 1941, of the time
nounced
filing answers to certain items of Form
N-88-1, the de¬
registration statement for management investment
companies.
The extension applies to answers to Items 39 to
48, inclusive.
Items 39 to 47, inclusive, call for a recital
of the policies of the registrant with respect to certain specified
activities.
Item 48 requires certain financial information
from which the registrant's status as a diversified or nondiversified company can be determined.
In explaining
this action the Commission stated:
tailed
The action
was
of the
revealed that a
taken after discussions between representatives
industry and the Commission's staff
investment company
companies would be unable to submit answers
July 15, 1941, the last filing
copies of these statements for their
annual reports under the Securities Exchange Act of 1934.
Upon the joint recommendation of the Registration Division and the
Investment Company Division, the Commission decided that no question
would be raised if answers to these items are filed separately, as amendments,
on or before Aug. 15, 1941.
Registration statements which omit answers
to these items should indicate, at the point where such answers would nor¬
mally appear, that they will be supplied by amendment.
The foregoing does not apply to companies which are not subject to
Sections 13 or 15 (d) of the Securities Exchange Act of 1934.
majority of the management
to these items
in proper form on or before
registrants who wish to use
date for
57.53
gives a two-year
market value and the total average
the Exchange:
M arket
uly
June 30 1941 May
'
8,850,625 104.13
table, compiled by us,
comparison of the total
price of bonds listed on
day 31....
une 30
a
...
companies
The following
72.84
41,427,836 122.60
Foreign government—
-
62.00
3,094 248,321 108.12
139, 728,125 105.06
and,electric (operating).......
(holding)...
Total U. S.
58.05
593,083,681 103.13
6,512,867,567
11,192,231
41, 366,561 122.42
————
Miscellaneous businesses
93.00
566 143,752 101.13
97.68
25 928,825
Gas and electric
Miscellaneous
75.21
199,603
16
Utilities:
U. S. companies
62.41
21 335,280
...—
.........
Communications
98.17
54.20
90,816,870
71,294,627 101.37
25 705,519 106.38
Rubber
Gas
63.29
49,569,747
56.13
6,557 449,989
11 556,920
...........—
Shipbuilding and operating
...
Shipping services
Steel, Iron & Coke.w..—....
9,769,452
99.36
61 073,104 101.57
598 367,524 104.23
Paper and publishing
Tobacco
49,751,843 101.38
212,822,337 104.23
64.31
93 294,082
iron)
.———
46,032,739 97.23
14,118,118 102.52
19,976,318 84.96
19,424,188 104.38
97.61
77,037,813
16,106,250 107.38
49 824,043
—
—
metals.....*—
Mining (excluding
Textiles
98.41
16 162,500 107.75
—
Financial
Railroad-
86.73
19 517,238 104.88
equipment
Chemical.....——---i—Electrical
97.94
14 ,152,027 103.18
Automobile....——
'■
American Gas & Electric Co. common
for
$
$
38,192,296,667 108.92 37,364,543,908 108,60
S
Amusement
showed
position of more than 400 shares:
On
Market
U. S. Govt.
Exchange
May 31, 1941
June 30, 1941
Group
position of stocks dealt in on the New York
Curb Exchange for the month of June, 1941, reported as of
June 30, 1941, amounted to 11,727 shares compared with
The total short
50.006,387,149
49.611,937,544
46,936,861,020
92.08
93.15
92.33
July
31
31
_.
_.
as to Analysis
Surplus Account
Opinion
of Registrant's
and Exchange Commission made public on
The Securities
July 1 an opinion in its Accounting Series relating to the
requirements of Regulation S-X as to the analysis of a regis¬
trant's surplus account.
The opinion states that such anal¬
ysis may not be omitted although, under special conditions
set forth in a particular form, a registrant is permitted to
file in lieu of its individual profit and loss statement a con¬
solidated profit and loss statement for the registrant and
certain totally-held subsidiaries.
90.96
91.33
92.08
SEC
Clarifies
Technical Amendments to
93.58
93.84
92.72
93.73
94.32
94.22
94.80
Investment
Company Form
92.84
1941—
52,518,036,554
52.321,710,056
53,237.234.699
SEC Accounting
The Securities
and Exchange Commission announced on
the adoption of a number of technical clarifying
amendments to Form N-8 B-l under the Investment Com¬
July
1
Act of 1940.
This form is the detailed registration
required to be filed by management investment
companies.
pany
statement
The Commercial & Financial Chronicle
176
Income
Tax
Ruling on Interest Charged by
Reported on by J. S. Seidman
brokers
Interest
tax
The Treasury
on
of cash received and paid oat.
he interest charge
In tne past, it was generally believed that
always immediately deductible, because the cus¬
was
the chaige through the automatic redaction of the
in effect paid
The Tax Department now declares that actual
equity in his account.
the extent
payment is what counts, and actual payment is made only to
that
has other credits,
the account
at the time,
ing the
held in the United States Treasury and by
moneys
Federal Reserve hanks
are
for
tion
of
member
banks
$9,356,646,863,
was
of
Federal
the
Reserve
as
break of the World War, that is, on June 30, 1941, the total
was
$3,459,434,174.
only
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following
the
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no
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any
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authorizations
were
issued
to
receivers
for
dividends in four insolvent national banks.
authorized
20,357
$5,321,000,
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will
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PAYMENTS TO CREDITORS OF INSOLVENT NATIONAL
BANKS AUTHORIZED DURING THE MONTH ENDED JUNE
30, 1941
Total
Distribution
Percentage
Amount
Name and Location
Date
of Funds by
Authorized
Claims
of Bank
Authorized
Dividend
Dividends
Proved
Authorized
to Date
$168,300
71.5%
6-25-41
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6-26-41
72,000
86.25%
873,000
6-20-41
W. Va.
34,*00
68.53%
457,000
6-26-41
96,500
96.18%
2,307,800
,
Commercial
National
Bank
Fond du Lac, Wis
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Note—There Is maintained In
the
Treasury—(1)
as a reserve for
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United States-
Treasury notes of 1890, S166.039.431 In gold bullion; (11) as security for
Treasury notes of 1890, an equal dollar amount In standard sliver dollars
(these
notes are being canceled and retired on
receipt); (111) as security for outstanding sliver
certificates, sliver In bullion and standard silver dollars of a monetary value
equal
to the face amount of such silver
certificates; and(lv) as security for gold certificates—
gold bullion of a value at the legal standard equal to the face amount of such
gold
certificates.
Federal Reserve notes are obligations of the United
States and a
first Hen on all the assets of the
Issuing Federal Reserve Bank.
Federal Reserve
notes are secured by the deposit with Federal
Reserve agents of a like amount of
gold certificates or of gold certificates and such discounted or purchased
paper as Is
51,683,200
Alderaop National Bank, Alderson,
2 ao
notes and
DIVIDEND
First Nat. Bank of Gary, Ind
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were
authorized during the
month ended June 30, 1941, were as follows:
National Bank of Defiance, Ohio.
2
to
-
.
4.18% and 10%, respectively, while the smallest and largest receivership
distributions were $34,400, and $168,300,
respectively.
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proved claims aggregating
percentage payment of 6.98%.
largest Individual dividend percentages authorized
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our
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Russia
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Growth
full
ment :
later, to absorb the
or
',-V
Further
System)
against $9,070,656,951 on April 30,
1941, and $7,710,030,437 on May 31, 1940, and comparing
with $5,698,214,612 on Oct. 31, 1920.
Just before the out¬
+
.
The figures this time
agents.
money in circula¬
(including, of course, that held in bank
that date
at
vaults
and
May 31, 1941, and show that the
I
charge.
Money in the Country
Department in Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deduct¬
purposes
The ruling applies only to taxpayers who make their returns on the basis
tomer
Stock of
Stock¬
margin accounts is
by the customer,
unless there are credits in the account to offset the interest,
under an important ruling recently announced by the
Income Tax Unit, according to J. S. Seidman, certified
public accountant and tax authority.
Mr. Seidman ex¬
plained:
charged by stockbrokers
deductible for income
not
July 12, 1941
of
eligible under the terms of ths Federal Reserve Act, or, until June
30, 1941, of
direct obligations of the United 8tates If so authorized
by a majority vote of
the
Board of Governors of the Federal Reserve System.
Federal Reserve banks must
maintain a reserve In gold certificates of at least
40%, Including the redemption.
fund, which must be deposited with the Treasurer of the United
States, against
Federal Reserve notes In actual circulation.
"Gold certificates" as herein usedi
includes credits with the Treasurer of the United States
payable In gold certificates
Federal Reserve bank notes and National bank notes are in
process of retirement
Volume
The Commercial & Financial Chronicle
153
Membership in St. Louis Federal Reserve Bank Totals
427
Banks
with
Aggregate Deposits of
About
in
Savings Bank, Paris, Mo., became
member
the total
membership of the Federal Reserve Bank of St. Louis to
427 banking institutions.
The deposits in these member
banks, said an announcement issued by the St. Louis
Reserve Bank on July 5, aggregate approximately $1,748,000,000 and amount to 75% of the deposits of all commercial
banks in the Eighth (St. Louis) District.
Since the first
of the year, the announcement pointed out, 11 State banks
in the district have joined the System.
As to the new member institution—the Paris Savings
a
of the Federal Reserve System on July 5, bringing
Bank—the announcement of the
had
the
following
Louis Reserve Bank
St.
any
or
reject any
or
all tenders, in whole or in part, and his action
Payment of accepted tenders at the
such respect shall be final.
prices offered must be made or completed at the Federal Reserve Bank in
cash
other immediately available funds on
or
The income derived from Treasury
the sale
or
other
July 16, 1941.
bills, whether interest or gain from
disposition of the bills, shall not have any exemption, as
such, and loss from the sale or other disposition of Treasury bills shall not
have any special treatment,
as
such, under Federal tax Acts now or here¬
inheritance, gift, or other
The bills shall be subject to estate,
after enacted.
excise taxes, whether Federal or State, but shall be exempt
now
or
or
any
hereafter imposed on the principal or interest
For
bills
sury
from all taxation
thereof by any State,
of the possessions of the United States, or by any local taxing au¬
thority.
purposes
of taxation the amount of discount at which Trea¬
originally sold by the United States shall be
are
V-'*"
interest.
7
.•<■
Treasury Department Circular No. 418,
to say:
as
considered to be
V :
■
amended, and this notice,
prescribe the terms of the Treasury bills and govern the conditions
The new member was organized in 1885.
It has a capital of $50,000,
surplus of $20,000, and total resources of $772,455.
Its officers are: Clar¬
;;
ence
The Secretary of the Treasury expressly reserves the
rejection thereof.
right to accept
$1,748,000,000
The Paris
acceptanc6
Those submitting tenders will be advised of the
accepted bids.
or
177
77777
issue.
7.7
v'
of their
"77-
;
7 ■'
Evans, President; Thos. A. McGee, Vice-President; H. Grady Warren,
Cashier.
V
Federal
;
♦
■
Loan
Home
;
Bank
Advances
of
in
Record
Had
Chicago
April
Treasury Offers $400,000,000 of Y%% CCC Notes—Plan
Also Involves Refinancing of $202,553,000 of Ma¬
turing Series D notes—Subscription Books Closed
Secretary of the Treasury Morgenthau, on behalf of the
For the second successive month families in the Illinois-
Commodity Credit Corporation, offered
Wisconsin district in April broke 10-year records in volume
of money borrowed from all sources to finance homes, the
scription, at
Federal Home Loan Bank of
Reserve Banks, notes of
Chicago reported on
borrowings passed $40,000,000 in this district
first time since the records began to be kept by the
11,928 individuals obtaining $40,371,000.
The
Their
July 5.
for the
month,
bank's
announcement likewise said:
employment
much of the 24%
in the
areas,
industries,
armament
increase in dollar volume
over
traceable partially to
was
March J
responsible for
Cook and Mil¬
waukee Counties accounted for 60% of the April loan volume in the
district,
Mounting in their dominance
as
the
source
of home-owner funds
were
the
savings, building and loan associations whose mortgage recordings for the
This
were
34.3% of all mortgages under $20,000 recorded by any lender.
with the 33.2%
compares
March.
These
local
of total home financing they supplied hi
home financing institutions, majority of which are
members of the Federal Home Loan Bank of
Chicago, lent $13,865,000 to
4,653 different borrowers.
Spectacular evidence of the degree to which the average Illinoisan or
Wisconsinite is responding to the combined influences of higher prices in
th9 offing, of thair own increased incomes, and of continued plentiful mort¬
is the fact that this April's
gage money
new mortgages
greater in volume than those of th3 same month
of borrowers
large
as
was
greater than in April,
last year in the metropolitan
recorded were 51%
a year ago.
July 10 for sub¬
the Corporation, designated 1^%
G, in the amount of $400,000,000 or there¬
abouts, and at the
at par
on
and accrued interest, through the Federal
same
time offered to purchase on July 21,
and accrued interest, the outstanding notes of series D
subscribe
the extent the holders of such maturing notes
for the
new
The series D notes
notes.
outstanding in
are
the amount of $202,553,000.
The subscription books for
the offering of 13/g% series G
for
the receipt of subscriptions from holders of series D notes
who wished to exchange them for the new series G notes.
In the latter case subscription books closed at the close of
business yesterday (July 11).
The notes of series G now offered will be dated July 21,
1941, and will bear interest from that date at the rate of
iy8% per annum payable on a semi-annual basis on Feb. 15
and Aug. 15 in each year, the first coupon being payable on
Feb. 15, 1942.
They will mature on Feb. 15, 1945, and will
not be subject to call for redemption prior to maturity.
The text of the official Treasury circular, detailing the
terms of the offering follows:
CCC notes closed at the close of business July 10, except
according to A. R. Gardner, President of the Chicago Bank.
month
notes of series
to
Heavy demand for funds in the metropolitan
increased
par
The number
1940, by 3,717, and was twice
as
areas.
COMMODITY CREDIT CORPORATION
Tenders of $281,732,000 Received to Offering of $100,-
000,000 of 91-Day Treasury Bills—-$100,048,000 Ac¬
cepted at Average Rate of 0.097%
A total of $281,732,000 was tendered to the offering on
July 4, of $100,000,000, or thereabouts, of 91-day Treasury
bills dated July 9 and maturing Oct. 8, 1941, Secretary
of the Treasury Morgenthau announced on July 7.
Of this
amount, $100,048,000 was accepted at an average price of
approximately 0.097%.
The tenders to the offering were received at the Federal
Reserve banks and the branches thereof up to 2 p. m. (EST)
July 7.
Reference to the offering appreared in our issue of
July 5, page 37.
The following regarding the accepted
bids to the offering is from Secretary Morgenthau's an¬
nouncement:
from
Total accepted, $100,048,000
Range of accepted bids:
99.990
equivalent
rate
approximately
0.040%
Low,
99.972
equivalent
rate
approximately
by the
United
States,
the
on
equivalent
rate
approximately
Note
of Each
Treasury Department
Fiscal Service
I.
1.
Expressed
is
Guaranty
which
Face
Office of the Secretary,
,
Washington, July 10, 1941
Bureau of the Public Debt
Offering of Notes and Inventation for Tenders
The Secretary of the Treasury, on
behalf of the Commodity Credit
Corporation, invites subscriptions, at par and accrued interest, from the
people of the United States for notes of the Commodity Credit Corporation,
designated 1 H% notes of series G.
000,000,
2.
or
The amount of the offering is $400,-
777777.>77 ' 77 77 7 777777.7 77.7777.7;:, '>77;
thereabouts.
Treasury, on behalf of the Commodity Credit
The Secretary of the
Corporation, offers to purchase on July 21, 1941, at par and
the
outstanding notes
of the
accrued in¬
D,
subscribe
Corporation designated series
maturing Aug. 1, 1941, to the extent to which the holders thereof
0.111%
99.976
,
,
1941 Department Circular No. 665
to the issue of sei ies G notes
High,
July 21, 1941
Fully and Unconditionally Guaranteed Both as to Interest and Principal
terest,
Total applied for, $281,732,000.
Dated and bearing Interest
Due Feb. 15, 1945.
1H % notes of series G.
Tenders of series D notes for that
hereunder.
0.097%
Average price,
(64% of the amount bid for at the low price
was
purpose are
777. •'7'7.>>,;'7v7 :777;, /7;7>77'
invited.
II.
1.
accepted).
To be Dated
Tenders to
July 16, 1941
offering of 91-Day Treasury bills to the
or thereabouts, to be sold on a
discount basis under competitive bidding, were invited on
July 11, by Secretary of the Treasury Morgenthau.
Tenders
received at the Federal Reserve banks, and the branches
thereof, up to 2 p. m. (EST) July 14, but will not be received
at the Treasury Department, Washington.
The Treasury
bills will be date July 16 and will mature on Oct. 15, 1941,
and on the maturity date the face amount of the bills will be
payable without interest.
There is a maturity of a previous
issue of Treasury bills on July 16 in amount of $100,439,000.
Mr. Morgenthau in his announcement of the offering
amount
of
further said:
They (the bills) will be issued in bearer form only, and in denominations
value).
Each tender must be for
an even
offered must be expressed on the basis of 100,
decimals,
e.
g.,
99.925.
Fractions
may
(maturity
multiple of $1,000, and the price
with
not more
than three
not be used.
companies and from responsible and recognized dealers in investment
securities.
Tenders from others must be accompanied by payment of 10%
until the principal amount becomes pay¬
They will mature Feb. 15,
prior to maturity.
2.
The notes will be issued under authority
1938 (52 Stat. 107), as amended.
of the Act approved March 8,
The income derived from the notes shall
The notes shall
whether
Federal or State, but shall be exempt from all taxation now or hereafter
imposed on the principal or interest thereof by any State, municipality,
or local taxing authority.
These notes shall be lawful investments and may
be accepted as security for all fiduciary, trust, and public funds the invest¬
ment or deposit of which shall be under the authority or control of the United
be
subject to all Federal taxes, now or hereafter imposed.
be
subject to surtaxes, estate, Inheritance, gift or other excise taxes,
States or any
3.
officer or officers thereof.
The authorizing Act provides that in the event the
of,
interest on, notes issued by it, the Secretary of the
or
pay to
the holder the amount thereof which is authorized to be
upon to
succeed to all the rights of the holders of
4.
such notes.
Subscriptions
Branches
$100,000.
and
at
will
the
Subscription
be received
Treasury
at
and
the
Allotment
Federal Reserve Banks and
Washington.
Subscribers
Department,
not to sell or otherwise
dispose of their subscriptions, or the
of the face amount of Treasury bills applied for, unless the tenders are ac¬
must
securities which may be allotted thereon, prior to
trust
scription books,
Immediately after the closing hour, tenders will be opened at the Federal
agree
the closing of the sul>-
Banking institutions generally may submit subscriptions
but only the Federal Reserve Banks and the Treasury
account of customers,
agencies.
Others than banking
for their own
Reserve Banks and Branches, following which public announcement will be
Department are authorized to act as official
made
Institutions will not be permitted to enter subscriptions except
by the Secretary of the Treasury of the amount and price range of
in denomina¬
The notes will not be issued
form.
III.
1.
appropriated,
Treasury shall
Bearer notes with interest coupons attached will be issued
tions of $1,000, $5,000, $10,000 and
in registered
principal
Treasury shall
in the Treasury not otherwise appropriated, and there¬
the extent of the amount so paid the Secretary of the
companied by an express guaranty of payment by an incorporated bank or
company.
Commodity Credit
Corporation shall be unable to pay upon demand, when due the
Tenders wiU be received without deposit from incorporated banks and
trust
year
1945, and will not be subject to call for redemption
out of any money
of $1,000, $5,000, $10,000, $100,000, $.500,000, and $1,000,000
in each
able, the first coupon being dated Feb. 15,1942.
a new
$100,000,000,
from that
1H% Per annum, payable on a semi-annual basis on
Feb. 15 and Aug. 15
Offering of $100,000,000 of 91-Day Treasury Bills—
'77
777:77777.7 .'7777v .7-
of Notes
The notes will be dated July 21, 1941, and will bear interest
date at the rate of
New
Description
178
The Commercial & Financial Chronicle
1
by such notes to a par amount equal to the par
be accompanied
amount of notes
exceeding one-half of
the Federal
of
promptly
upon
allotment, and the basis of the allot-
IV.
if any, for notes allotted here¬
is not so completed, the payment
made at par
The principal proceeds
applied in payment of the series G notes, and
Feb.
interest from
accrued
more important data obtained in the Treasury
of April 30, 1941, of the ownership by large banks
and insurance companies of securities issued or guaranteed
by the Federal Government, are presented in the following
table, taken from the June issue of the Treasury 4'Bulletin."
Similar information was presented in our issue of June 7,
page 3576, covering the Treasury survey as of March 31,
Notes of series D tendered for purchase
and accrued interest to July 21, 1941.
of the series D notes will be
1941 to July 21, 1941 on series D notes
1,
1941.
$l,000)fwill be paid following acceptance of the notes.
($2.93508 per
SUMMARY
or
Some of the
1, 1941, attached, and payment will be
Aug.
have coupons dated
and
survey, as
of the Treasury in his discretion, be
declaration made by the Secretary
HENRY MORGENTHAU, JR.,
Secretary of the Treasury.
■
Survey of Holdings of Large Banks
Companies
of
Securities
Issued
Guaranteed by the United States
10% of the amount; of notes applied for shall, upon
forfeited to the United States.
,
•
°
before July 21, 1941, or on later
with application up to
muse
v.
Insurance
In every case where payment
allotment.
the Federal Reserve
Banks.
Treasury
on or
completed
which will be communicated promptly to
offering,
Payment
Payment at par and accrued interest,
1.
under must be made or
time, or from time to time,
and regulations governing the
The Secretary of the Treasury may at any
2.
prescribe supplemental or amendatory rules
publicly announced.
ment will be
delivery of notes on
interim receipts pending
delivery of the definitive notes.
than the amount of notes applied
for, and to close the books as to any or all subscriptions at any time without
notice, and any action he may take in these respects shall be final.
Subject
to these reservations, subscriptions from holders of Series D notes who
tender them for purchase hereunder will be allotted in full.
Allotment
scription, in whole or in part, to allot less
notices will be sent out
Reserve
full-paid subscriptions allotted, and they may issue
Treasury reserves the right to reject any sub¬
The Secretary of the
by the Secretary of the Treasury to
Banks of the respective districts, to issue allotment
notices, to receive payment for notes allotted, to make
applied for.
10% of the amount of notes
Federal Reserve Banks are au¬
receive subscriptions, to make allotments on the
basis and up to the amounts indicated
surplus of the subscribing bank or trust company.
from all others must be accompanied by payment
Provisions
General
As fiscal agents of the United States,
thorized and requested to
their own account will be received without deposit
but will be restricted in each case to an amount not
combined capital and
Other subscriptions
1.
Other subscriptions from banks
of series G subscribed for.
and trust companies for
2.
for purchase
Subscriptions from holders of series D notes tendered
account.
should
July 12, 1941
V.
OF OWNERSHIP BY TYPE OF SECURITY, BY
PROVISIONS
CALL CLASSES, AND BY TAX-EXEMPTION
(Par Values In Millions of Dollars)
Public Marketable Interest-Bearing Securities a
Held by Institutions Covered in
Treasury Survey
785 Insurance Companies
6,337 Banks
Classification
Held
Total
'
583 Fire
Amount
5,846
Commercial
Savings
Banks
Total
'
202 Life
491 Mutual
Banks
Total
Outstanding
Investors
Marine
and
Insurance
Total
by All
Other
Casually,
Insurance
Companies
Companies
1. By type of security:
Securities Issued by United
States:
977
29
848
704
23
23
1,603
-
Notes
Bonds..---*
....----------
Guaranteed Issues b
Total.
899
5,721
29,750
6,533
3,358
3,088
2,879
209
270
178
92
2,363
19,247
5,041
13,440
4,432
10,642
2,798
5,807
4,695
1,112
10,503
4,172
260
609
505
105
1,492
43,608
Bills
28,546
21,837
18,541
3,296
6,709
5,377
1,332
15,062
3,649
2,847
7,927
4,286
2,699
989
782
1
1
2. By call classes:
Due or first becoming callable:
5,080
.
10 to 15 years
15 to 20 years
7,138
5,137
2,285
8,771
5,385
50
5 to 10 years
3,042
10,168
...
10,548
8,540
3,386
1 to 5 years
3,436
16,384
Within 1 year..-.-
1
After 20 years—
Total
394
283
111
1,644
1,778
1,753
1,488
1,297
1,386
1,411
1,237
1,061
392
342
5,836
1,030
251
236
-,403
1,332
15,062
1,100
950
207
1,101
#
*
*
5,377
49
28,546
21,837
18,541
3,296
2,474
43,608
-.
195
844
2,265
16,980
2,137
13,416
2,988
128
209
124
85
2,614
2,564
6,135
4,946
1,188
3,592
603
365
307
58
11,189
1,260
21,837
18,541
3,296
6,709
5,377
1,332
15,062
6,709
3. By tax-exemption provisions:
5,088
Wholly exempt from Federal income taxes c
-
33,304
Partially exempt from Federal income taxes d..
5,217
---------
Total.
22,115
3,957
43,608
Subject to Federal Income taxes.
28,546
Note—Figures are rounded to the nearest one-tenth of 1 % and will not necessarily add to totals.
*
Le38 than $500,000 or less than .05%.
a
Public marketable securities include all securities Issued except (1) special Issues to
Government agencies and trust funds, (2) adjusted service bonds, and (3)
States savings bonds.
divided
b Excludes
c
(1) FHA debentures, (2) securities issued
on
United
These were
maturity value.
The amount of United States savings bonds reported by the banks and insurance companies covered was $184 millions,
Commercial banks, $169 millions; mutual savings banks, $5 millions; and insurance companies, $10 millions.
follows:
as
the credit of the United States, and (3) obligations sold directly to the Treasury.
Securities the income from which is exempt from both the normal rates and surtax rates of the Federal income tax.
Federal income tax.
Treasury bonds are classified as partially tax-exempt securitie®
although, by statutory provision, interest derived from $5,000 of principal amount of these securities owned by any single holder is exempt from the surtax rates as well aB
d Securities the Income from which is exempt only from the normal rates of the
the normal rates of the Federal income tax.
Total
Federal Government in Fiscal
$12,710,000,000—National De¬
fense Expenditures Reached $6,048,000,000—Total
Receipts in Latest Year Amounted to $7,607,000,000
Compared with $5,387,000,000 in 1940—Net Deficit
in 1941 $5,103,000,000, Against $3,611,000,000 for
Expenditures of
Reached
1941
Year
1940
In
making available the net results of the financial opera¬
tions
of
Government
the
for
the
fiscal
1941
year
the
on
$G22,000,000
taxes;
customs
duties;
for
the
fiscal
In
fiscal
the
upon
receipts
$2,220,000,000 in receipts and
in expenditures
1941 reflected
an
an
increase
increase of $3,712,000,000
internal
upon
of
return
of
deposits
capital
by
various
in
his
1941,
year
following
budget message of Jan.
Total
expenditures, exclusive of debt retirements,
$12,710,000,000 as compared with $8,998,000,000 in
1941
(excluding debt retirements)
$5,103,000,000
$3,611,000,000 for 1940.'
of
In
was
explanatory
an
receipts
in
1940
of
note
as
were
1940.
for the fiscal
compared with
a
in
1940,
recommendations
the
OF
amounts
returned
and expenditures
CAPITAL
by
for the
FUNDS
BY
each
order
fund in
President
The following
Treasury.
corporation
fiscal year
and
its
effect
1941:
GOVERNMENTAL
CORPORATIONS
Budget Estimate
with
respect
to
the
Secretary
Fiscal Year
1941
Miscellaneous Receipts—
Federal savings and loan associations
$35,000,000
$10,466,200
124,741,000
175,259,000
175,000,000
Reconstruction Finance Corporation;
Purchase of stock of Federal Home Loan banks
Reduction in capital or surplus funds
Purchase of securities from Public Works Admin...
Subtotal
$5,387,000,000,
Actual
(P. XXI,
1942 Budget)
124,741,000
25,500,000
9,000,000
$360,500,000
figure
of
Morgenthau
—
$319,207,200
$60,000,000
$60,000,000
Repayments to Revolving Funds—
Farm
Credit
Banks for
Administration:
Cooperatives
to
under
put
on
a
transfers
the amount of
comparable basis with 1941 the expenditures made
.....
to
Federal
old-age and survivors*
insurance
trust
$538,000,000 have been deducted from total receipts
15,000,000
15,000,000
Federal Intermediate Credit banks
40,000,000
40,000,000
100,000,000
Federal Farm Mortgage
Corporation.
Federal Land banks:
Paid-in
surplus
the
those for
total
increase
in
general
1940, $1,345,000,000
was
receipts
accounted
we
also quote:
for the
for
by
fiscal
an
year
1941
increase in
42,517,085
24,500,000
42,517,085
57,482,915
14,000,000
$339,500,000
$329,000,000
Grand
$700,000,000
$648,207,200
Capital stock
From Mr. Morgenthau's statement
100,000,000
Subtotal
expenditures.
Public Works Administration
Of
the
of
governmental corporations
certain
Production Credit Corporations
1940
and
on
net deficit
says:
In
and $239,-
Treasury
the preceding year."
old-age and survivors' insurance trust fund, amounted to
$7,607,000,000 as compared with $5,387,000,000 in 1940.
year
the
in
governmental
portion of their surplsu funds to the
a
RETURN
3,
for
The net deficit
their
The miscellaneous receipt items include
$319,000,000
1941,
"Total receipts
1941, said Mr. Morgenthau, "excluding Social Security
employment taxes of $661,000,000 appropriated to Federal
over
$43,000,000 in
employees;
revenue;
carriers and
$10,000,000 from Federal Savings and Loan Associations.
shows
year
taxes
corporations.
A comparable figure for the fiscal year 1940 reflected a deposit of $44,000,000 on account of the repayment of capital funds previously advanced
to the Commodity Credit Corporation for restoration
of its capital and
table
of
year
the
of
account
returned
fiscal
in
000,000 in miscellaneous receipts.
Government
the
miscellaneous
Unemployment Insurance contributions,
Railroad
$2,000,000 in
basis of the figures appearing in the daily Treasury state¬
ment for June 30, 1941, Secretary of the Treasury Morgenthau on June 2 stated that "financial operations of the
for
in
$16,000,000
57,482,915
over
income
total.
Volume
The
net
000,000,
period
the fiscal
for
receipts
&594,000,000
were
1941, which amounted to $7,607,-
year
tions
estimated receipts for this
3, 1941, estimated as
the
than
more
$7,013,000,000.
1941
year
(exclusive
1940,
year
decrease
a
amounted to
defense expenditures
defense
funds
and
for
$42,000,000
and
Lease),
national
defense
for
housing
24,330,000
trust
balance
shows the sources
of $5,103,000,000,
table
deficit
net
emergency
(c)
$5,103,000,000
—$72,000,000
+225,000,000
—5,000,000
agencies,.
-
148,000,000
743,000,000
Increase in general fund balance
$5,994,000,000
Total requirements
Means
Public debt receipts (net)
of Financing
$209,961,COO
Special issues:
issues.,.,...,2,916,000,000
Other
$4,649,000,000
Unemployment Trust Fund
$563,000,000
Federal Old-Age and Survivors
Insurance Trust Fund
643,000,000
Other accounts
...
Sales
Savings Bond Sales in June Amounted
$268,965,000—$2,998,000 of Stamps Sold
ported
Capital Movement in March Toward United States
Short-Term Balances Up but Foreign
Holdings of Domestic Securities Decrease
—Foreign
capital movement of $30,853,000 to the United States
reported in the June issue of the United States
in March is
The figures for individual countries
$13,685,000 came here from the United Kingdom
and $713,000 from Germany,
while a net of $34,477,000
arrived from miscellaneous countries.
Receipts of capital
show that
from abroad were offset by a
of
net movement away from here
$15,660,000 to Canada and $2,353,000 to France.
The following tabulation has been prepared from figures
appearing in the June issue of the
NEW
FOREIGN
+ Indicates Inflow*
—
Savings Bonds for the month of June
$268,965,000, the Treasury Department re¬
to
This compares with an aggregate of
July 3.
on
$438,230,000 of bonds sold in May, the first month of the
National Defense Savings program.
In addition, $2,998,000 worth of Defense Savings Stamps
were sold in June, as against $3,522,000 sold in May.
The report on June bond sales is made up of the following
items, with figures rounded to even thousands (cost price):
Series E, $98,725,000; Series F,
$22,965,000; Series G,
$147,275,000; total, $268,965,000.
This brings the total of Defense Savings Bond
of
aggregating $16,969,000, com¬
Series
It
Indicates Outflow.
>
was
$11,639,000 of
"V" ■'
July 9 that the Federal Reserve Bank
$1,530,000 of
E,
y-',;
indicated
Series
F and
••
on
of New York has discontinued collection
of statistics from
acting as issuing agents for Series E United States
Savings Bonds and will make no further weekly reports.
It may decide later to issue monthly statistics.
banks
Foreign-Owned
August 30
Secretary of the Treasury Morgenthau, on July 9, ex¬
tended until August 30, 1941, the time for filing the census
reports of all foreign-owned property in the United States.
The Treasury Department's announcement said:
for
Time
The
Census Reports
U. S. Extended
Filing
in
Property
Treasury "Bulletin":
BETWEEN THE UNITED STATES AND
COUNTRIES, JAN. 2, 1935, TO APRIL 2, 1941
MOVEMENT
CAPITAL
to
of Defense
amounted
Series G.
Treasury "Bulletin."
$572,656,000
series N notes tendered for purchase
pared with $14,547,000 in the week ended June 21.
The
total for the final week of June was made up of $3,800,000
5,994,000,000
A net
$362,695,000
of New York had bond sales
138,000,000
1,345,000,000
Net
$5,064,950,000
10,040,000
the program began on May 1 to
The total sales of Defense Savings
Market Issues—Treasury bills,-, $324,000,000
U. S. Savings Bonds
1,409,000,000
(b)
20,385,000
3,295,000
8,026,000
5,299,000
sales since
$707,195,000, cost price.
Stamps during the period
from May 1 to June 30 amounted to $6,473,000.
During the week ended June 28 the Federal Reserve Bank
from—
(a)
17,999,000
648,000
Total subscriptions received from holders of
Defense
the excess
Other accounts.
256,027,000
9,250,000
6,973,000
(allotted In full).
(+) in—
(a) Trust accounts,.
-(b) Checking accounts of governmental
7,448,000
2,647,000
2,386,000
Total
(LendWorks
(Federal
retirements
Net deficit, excluding debt
Excess of receipts (—) or expenditures
6,249,000
San Francisco
ship
9,989,000
8,584,000
1,199,000
♦
12,829,000
110,921,000
97,043,000
73,002,000
83,971,000
Treasury
$743,000,000:
of
73,124,000
1,053,000
Dallas
which provided the funds to
of expenditures in
accounts, &c., of $148,000,000, and the increase in the general fund
the
22,396,000
48,794,000
1,405,000
.
following
21,024,000
4,741,000
Financing Net Deficit and Other Requirements
The
32,565,000
241,502,000
686,377,000
1,372,000
Minneapolis
$2,217,000,000
the President's national
Agency).
finance
24,295,000
11,376,000
8,270,000
1,453,000
St. Louis
for the
$21,000,000 for defense aid
Commission);
25,234,000
342,518,000
156,694,000
2,315,704,000
297,375,000
Kansas Cltv
$6,048,000,000
$12,000,000
service;
selective
for
(Maritime
under
$121,000,000
Department;
$36,283,000
311,042,000
21,010,000
$394,566,000
4,224,000
Chicago
defense, $3,635,000,000 wer$ made by the War Department:
Navy
$27,839,000
162,605,000
$8,444,000
148,437,000
Atlanta
1941 as compared with $1,559,000,000 for the fiscal year 1940,
of
$4,489,000,000.
Of the total expenditures for national
construction
Allotted
Cleveland
•
national
the
Total
Subscriptions
Allotted
Richmond
increase
by
Total Other
Subscriptions
Received
Subscriptions
New York_.
$613,000,000.
Credit for a return of
accounted for $160,000,000 of
of
reduction.
fiscal year
Total Other
Subscriptions
Series N Notes
*
Philadelphia
surplus funds of governmental corporations
an
Reserve
from Holders of
Boston
budget message at $13,202,000,000.
general expenditures of the Government amounted to $6,564,000,000 for the fiscal year 1941 as compared with $7,177,000,000 for the
The
Federal
several
The table follows:
Reserve
of
Total expenditures on a comparable basis were
3, 1941.
the
in
fiscal
The
this
the
among
the Treasury.
Federal
the
for
expenditures
of Jan.
estimated
fiscal
allotments
and
District
debt
retirement) amounted to $12,710,000,000, which were $492,000,000 less
than the estimated expenditures for this period as contained in the budget
total
message
and
districts
contained in the budget message of Jan.
as
The
179
The Commercial & Financial Chronicle
153
census
ordered by
was
of
to
the Secretary, with the approval
of the
simultaneously with the issuance of the Executive
assets of all the countries in continental Europe not
At that time the census reports were ordered to be
President, on June 14,
Order freezing the
previously frozen.
filed by July 14.
Jan. 2,
1935,
Of Which from
to
April 2, 1941
France
$
$
Banking Funds—
Canada
-----
--------
+ 14,873,000
+ 528,726,000
-
—1,841,000
—13,363,000
+ 728,000
+ 37,185,000
+ 386,713,000
-
+ 171,052,000
Germany , „
j
*
All other,,m*-w t'*v'-«.«-'•*v*- +'r-1^,'++ wi*- »r + 2,259,884,000
Total
-
J- -
.... ,
+ 3,911,872,000
-
+37,582,000
Morgenthau said that it is expected that
Total
.
,
,,
i
,
iiA
v-
i
Movement in Transactions in
—124,000
—1,323,000
+257,144,000
+ 74,182,000
—28,925,000
—30.269,000
Canada
Germany
V
—29,000
—5,712,000
+ 129,141,000
—313,000
+ 43,732,000
+ 103,000
+ 26,466,000
+ 46,000
Foreign Securities—
United Kingdom
Canada
—3,039,000
+ 952,703,000
Total
Movement in Transactions in
--
-
+ 36,495,000
-----
-------
Total
+ 15,000
+ 577,642,000
Germany
All other
+455,000
+ 813,476,000
+ 306,000
+ 968,480,000
-
-
+ 13,685,000
+665,350 000
—2,353,000
—15,669,000
Net Canital Movement—
United Kingdom
_
.
France
-
__
_
Canada
;
-
Germany
- -
-
'+394,850,000
-
-
-
-
Total
+ 177,064,000
+ 713,000
+ 3,568,178,000
+ 34,477,000
+ 5,773,922,000
...
_
-
+ 30,853,000
Subscription and Allotment Figures on
Offering of $500,000,000 of 1% Notes
RFC
with respect
to the offering on June 23 of $500,000,000 of 1% notes of
Series W of the Reconstruction Finance Corporation were
announced on July 2 by Secretary of the Treasury Morgenthau.
In our issue of July 5, page 37, we reported the
totals figures, but now we give the division of ^subscrip¬
The final
subscription and allotment figures
Mutual
Banks
Savings
in
Metropolitan Area Report
and Stamps During
Large Sales of Defense Bonds
First Four Days of July
—582,000
—30,000
—2,032,000
+ 680,571,000
All other
ample opportunity for
—1,000
Domestic Securities-
France
all
foreign-owned property in the United States.
+ 95,871,000
-
—320,000
+ 50,081,000
Germany
All other
afford
—585,000
+ 10,596,000
—214,000
------
-
...
—293,000
+ 18,710,000
-
Canada
this extension will
all persons and Institutions to report
+ 16,698,000
France
Final
form for reporting the census (Form
and indicated that it will be available for
distribution in about ten days.
Such forms may be obtained from any
Federal Reserve bank as well as from the Treasury Department.
Other
banks also will be in a position to furnish such forms..
Treasury officials said that a new
TFR-300) is being drawn up,
Secretary
Movement to Brokerage Balance—
United Kingdom
All other
well.
as
+ 565,497,000
-
called attention to the fact that the census
only to property in the United States
subject to
Movement in Short-Term
United Kingdom
will relate not
belonging to countries and nationals
freezing control, but to all other foreign countries and nationals
The Secretary
Feb. 27 to
April 2, 1941
There has been an
exceedingly heavy demand for Defense
Savings Bonds and Stamps during the first days of July,
according to preliminary reports from 11 mutual savings
banks in the metropolitan area, the Savings Bank Association
of the State of New York announced July 11.
These 11
banks
having sold $2,991,256 of Defense Savings
business days in July, the Association
report
issues in the first four
said, pointing out that
their sales on July 1 alone amounted
The sales during these four days account
for approximately 28% of the total of defense issues sold by
these banks since the program started on May 1.
According to figures released July 11 by the Savings
Banks Association, 127 of the 134 mutuals in the State sold
$17,254,192 of defense bonds and stamps during the first
two months, up to June 30.
The Association added*
Sales during the month of June were $5,805,175, which, although it
represented a drop from May, has already been more than compensated for
by the very heavy sales in the first few days of July.
Four savings banks in the State have each sold over $1,000,000 worth of
to
$1,180,762.
Bank, the Dry Dock Savings
the Emigrant Industrial
Savings Bank, the Bowery heading the list with sales of $2,441,508 as of
the close of business on July 7.
A number of others are rapidly approaching
defense
issues.
Institution, the
the $1,000,000
They are the Bowery Savings
East River Savings Bank, and
mark.
Greatest demand in
this issue accounting
banks report sales
series E bonds, with
of the total. Savings
the defense savings stamps.
savings banks has been for the
for approximately $13,500,000
of approximately $190,000 of
The Commercial & Financial Chronicle
180
Treasury Department Amends Regulations Governing
United States Savings Bonds of Defense Series F
G
and
The Federal Reserve Bank of New York
July 7 issued
a
copy of First Amendment, dated June 26, 1941 to Treasury
Department Circular No. 530, Fourth Revision, entitled
"Regulations Governing United States Savings Bonds."
The Bank says that the primary purpose of the amendment
is to permit trusts, established for the benefit of the grantor
and revocable by him, to purchase Savings Bonds of Defense
Series F and G.
The following is the amendment:
on
BEGULATIONS GOVERNING UNITED STATES SAVINGS BONDS
,v>'.
■
.
"
,'.■■■A.
First Amendment to
(July 7) that United States naval forces have occupied Ice
The President would not take reporters behind the
_
record
discussion of the occupation of Iceland.
Congressional
reports
source
for an off-
said, however, that the occupation was prompted by
as
a
base to dominate the North
Atlantic shipping lanes.
Mr. Rooseveit simply said he acted to forestall a move
considered
logical
one
which strategists
Sometimes, he explained, proceedure is based
likely.
or
information and other times
on
must put one's
on
bare reasoning.
Under
war
conditions,
self in the place of the other fellow asking
what the other side would do.
The President indicated clearly that defensive strategy, and not lines of
separating
Hemisphere from
Western
the
Europe,
would
control his next moves in the battie of the Atlantic.
He said he had tried for weeks without
TREASURY
Fiscal Service
DEPARTMENT,
tion.
Office of the Secretary,
Bureau of the PubJic Debt
(2), first sentence, and 315.13
who
Circle.
United States Savings Bonds, and Others Concerned.
success
to draw the line of demarca¬
The effort, he said, was as pointless as the old lady on the
cruise
Washington, June 26, 1941.
(c)
scenes
A usually well informed
reaching the White House that the German general staff was con¬
sidering seizing the Island and using it
demarcation
Fourth Revision
Sections 315.2
in
United Press Washington advices of July 8*
X,
Department Circular No. 530
To Owners of
1941
land and this is noted elsewhere in these columns today.
The following concerning his remarks was reported
he added,
1941
:
July 12,
was
disappointed
because she
Whether Iceland lies inside
depends
upon
was
unable to
see
Norwegian
the Arctic
outside this hemisphere, he insisted,
or
which geographer is consulted.
(c) (3) of Department
Circular No. 530, Fourth Revision, dated April 15, 1941, are hereby revised
to read as follows:
"Section 315.2
President
';
(c) (2)—In the
of fiduciaries of
names
a
Roosevelt
Says Only in Union Can Free
People Combat Tyranny of Force—Sends Message
to Christian Endeavor Society Convention
single duly con¬
stituted and wholly independent trust estate considered as an entity in one
of the forms set forth in the following subparagraphs."
"Section
315.13
(c) (3). Upon
termination
savings bond registeied in the name of
sentative of the estate of
a
minor
or
a
of
In
guardianship
guardian
estate—A
similar legal repre¬
or
incompetent, if the estate is terminated
during the ward's lifetime, will be reissued in the
of the former ward
name
the representative's request and certification that the former ward
upon
is entitled and has agreed
to reissue in his name, or will be paid to or re¬
issued in the name of the former ward upon his own request, supported in
either
by satisfactory proof that
case
his disability
has
been removed.
Certification by the representative that a former minor has attained his
majority,
or
so
provides, will ordinarily be accepted
sufficient, but if the disability is removed by court order
of the order will be necessary.
issued
were
in
accordance with
registered in the
the
name
duly certified
a
Upon the death of the ward
registered in the name of his guardian
or
as
bond
a
similar representative will be
provisions of Section 315.16
as
HENRY MORGENTHAU,
International
ciisis in the affairs of the Nation and of the world.
in
national heritage is
our
Jr.,
Justice, mercy, truth and freedom
we
We,
find strength to combat
as a
Roosevelt
Sends
Argentine People
Anniversary
on
Message of Greeting to
Occasion of Independence
giances,
can,
shall rule.
I am particularly glad to have the
opportunity to send the greetings of
the people and Government of the United States of America to the
people
and Government of the Republic of Argentina on this
day commemorating
the declaration of Argentine independence in 1816, which consolidated the
ardent
and persistent efforts of the people ot that great
country to win
liberty for themselves and their children.
This day, following within a few days as It does the
anniversary of the
Declaration of Independence of the United States of
America, emphasizes
the close relationship between the ideals and
aspirations of the peoples of
republics.
affinity between Argentina and the United States, to which
the acting President of the Argentine
Nation, Dr. Ramon Castillo, alluded
In his generous expressions only a few
days ago, on the Fourth of
affinity
during the century and
more
July, has
since the seeds of that
The Government of the United States is proud to
participate actively in
celebration of this anniversary through the representation from its
the
Argentine Government cordially invited to Buenos
Aires for the occasion.
This pride is more than justified in the commemoration
of unwavering
to the principle of
liberty and in the recognition of the firm de¬
termination of the free people of this hemisphere to maintain
that principle
for which their forefathers so
valiantly fought.
During these critical times, when the American republics
an
an
Let
In
made
in
an
interview
after
are
confronted
eloquent expression of the unity of ideals which
From the United Press
The
President's statement
we
was
Senator Taft (R., Ohio) that the
a
base also
was
were
prepared to give the last full
measure
of
President Roosevelt Says
Hemisphere Boundaries Will
United
States
from
Acting
Outside
to
Safeguard Defense
President Roosevelt said
July 8 that the Government
strictly to the general limits of the Western
Hemisphere in matters pertaining to hemisphere defense
points outside those limits which
are
of vital
importance. Asserting this at his press conference in Wash¬
ington, the President would not say whether he considered
Roosevelt
or
had
outside of the Western
informed
with
connection
was
a
charge by
constructing
a
naval
Mr. Wheeler said he under¬
"I have been told by some sources that the bases have been built for the
"Other sources, however,
building the bases for American forces.
Mr.
were
have asserted they
The bases I have been told, are
Roosevelt, without referring directly to the Taft charges—which
made before his press conference—said that he would not be surprised
if American materials
scattered
were
being used
throughout England,
Congress
on
the construction of at least 50 bases
Scotland, Northern Ireland, Canada and
elsewhere.
The American material used for the projects
or
were
may
have been obtained
under the Lend-Lease Act, he said.
perfectly legal
—,
,
,
4
President
Roosevelt Says Pledge to Country and to
Flag Must Include Our Work, Will and Very Lives—
Speaks to Nation in Independence Day Observance
(President Roosevelt told the American people on July 4,
Independence Day, that in pledging allegiance to our coun¬
try and to our flag "it must be our deep conviction that we
pledge
our
as
very
on
well
never
In
a
if it be necessary,
radio address from his Hyde Park,
the President said that the
survive
"United
States will
happy and fertile oasis of liberty sur¬
rounded by a cruel desert of dictatorship."
Saying "the
fundamentals of 1776 are being struck down abroad and
definitely they are threatened here," Mr. Roosevelt called
for not only unity and loyalty but also "speed and
efficiency
and
as
toil—and
Hemisphere.
Mr.
sabotage that
the
day
nition
previous
work, our will and,
our
lives."
N. Y., home, on the 165th anniversary of the Nation's inde¬
pendence,
on
hold
Iceland inside
in
United States
being constructed in Scotland.
British," Mr. Wheeler said.
are
Nation that is Argentina today, we
devotion.
are
also quote:
made
and air base for Britain in northern Ireland.
take courage and inspiration and the
strength of conviction to preserve
liberty for which they
since there
at
hemisphere.
the memories of those brave patriots who
brought
Republic into existence and to their successors who built
to
upon this achievement to make the
great
not
talk
work in the Channel and the south."
of free republics of this
will
Roosevelt's
conference, was to the effect (we quote the United
Press) that "My understanding from reliable sources is that
official talks about pooling the navies of the two countries
are already under
way.
They have been conferring about the
proposition for quite some time.
As I understand it, our
navy would work in the north and the British navy would
firmly binds the chain
Deter
President
his
He added that such transactions
Not
unite in labor and prayer to hasten
us
not be surprised if American workmen and material were
being employed at British expense on construction of bases
all over the British Empire.
According to United Press ac¬
counts
from Washington Mr.
Roosevelt disclaimed any
direct United States interest in the bases, however.
A statement by Senator Wheeler (Democrat) of Montana,
either through direct British purchase
may
cherished freedoms, including
Building English Bases Is Legal
an
the
our
At his press conference in Washington yesterday (July 11)
President Roosevelt is said to have stated that he would
ing to participate in
the Argentine
work and pray
international order in which the spirit of Christ
order alone will
with the active danger presented
by the challenge abroad to the Christian
civiUzation which they cherish as a precious
heritage, it is especially hearten¬
paying tribute
men.
naval bases "
devotion
In
Only in union
which threatens free people
the lives and consciences of
over
coming.
stood such
were sown.
armed forces which the
menace
President Roosevelt Contends Use of American Workers
The spiritual
grown ever stronger
all under attack by totalitarianism,
are
the
in full loyalty to our individual convictions,
In such
freedom of conscience, be secure.
ts
hold dearest
+
President Roosevelt in a message broadcast to Argentina on
July 9, in commemoration of that Nation's declaration of
independence in 1816, emphasized the "close relationship
between the ideals and aspirations" of the
peoples of the two
republics.
Pointing to the "active danger" to the American
republics presented by the challenge abroad, the President
said "it is especially heartening to participate in an
eloquent
expression of the unity of ideals which firmly binds the chain
of free republics of this hemisphere."
Hb message follows:
our two
we
people of many origins and diverse cultures and spiritual alle¬
for the establishment of
President
time of grave
a
challenged.
everywhere—the tyranny of force
Secretary of the Treasury.
Society of Christian
All that
which outrages the inherent dignity of human personality.
shall
of the ward alone."
message
Endeavor, to which I send heartfelt greetings, meets in
re¬
though it
a
the
The 60th anniversary convention of the International
that the legal disability of a female ward has been removed
by marriage, if the State law
copy
of greeting to the 60th anniversary convention
Society of Christian Endeavor, at
Atlantic City, N. J., on July 8, President Roosevelt declared
that "justice, mercy, truth and freedom are all under attack
by totalitarianism" and that "only in union" shall we combat
the menace threatening free people everywhere. The message,
read by the Rev. Daniel A. Poling, of Philadelphia, President
of the Society, saidof
a
an
runs
plants."
end
to back-biting and
an
end to the
far deeper than the blowing up of mu¬
Volume
a
The Commercial & Financial Chronicle
153
Immediately following the President's address there was
renewal of the pledge of allegiance at Fourth of July
celebrations
throughout the
and
country,
mented for its work in preparing
ation.
gathered.
This was led by Chief Justice Harlan F.
Stone, who spoke from Estes Park, Colo.
The nation-wide
celebration,
by
arranged
concluded
Office
the
I hope that consideration may be given to
further improvements
along the four lines which I have suggested.
Sincerely
yours,
Defense,
Civilian
of
compli¬
the bill and in making forward-looking
provisions for multiple-use development and for guarantees of local cooper¬
icans
was
On the whole, the House Committee on Flood Control is to be
-
Amer¬
wherever
181
FRANKLIN D. ROOSEVELT.
by the playing of "The Star-Spangled Ban¬
The
ner" by the United States Marine Band in Washington.
Speaker,
\
'
The House of Representatives.
'
;
The text of the President's address follows:
My fellow Americans, in 1776, on the fourth day of July, the Representa¬
tives
of
several
the
asserted
pendence,
required
1776
In
assembled,
Congress
for
respect
declare
the
words,
representatives chosen in free elections.
But
in
in
now,
the
of
form
generation—in
several
the
of
practices
new
headway that the fundamentals of 1776
definitely they
It is,
that
rule
world
of the
has
been
led
nation
force
and
that
is
be
to
about their peaceful
go
wave
the
at
go
Yet
live
to
who
us
full
and
rest
that
know
land, if all around
the
the
in
far
survive
of
need
to
reads
who
us
cannot
dictator
study
and
study
freedom
save
combination
with
freedom in
our
own
midst, Jn
our
it
is
defense
in
6erioue,
a
the
of
loyalty and
effect of prohibiting recruiting from civil
a
mighty, in
unity
alone,
it must be
flag,
our
when
we
oasis
of
liberty surrounded by
our
will and, if it be
repeat the great pledge to
a
deep conviction
necessary,
that
In
we
pledge
as
' Y'Y:
v 'Y '.v^
Y'YY
V',; ',
Y:-
the Ramspeck Act I said:
During my years in office, I have signed a number of Executive orders
extending the classified civil service.
Three years ago I went as far as it
was legally possible to go at that time by covering .into civil service all
positions not definitely excluded by statute and not policy-determining in
character.
I could not cover in numerous positions which had been exempted
cruel
well
/
signing Executive Order No. 8743 extending the classified civil service
pursuant to authority vested In me by
our
lives.
our very
and other civil service laws to a devoted body of public
Retirement Act
servants. ;
country and
our
It will prevent
Security Administration and it will prevent application of the
in the Farm
need speed and
we
of the Farm
It will have the
service registers.
bringing in, after non-competitive examinations, of persons now employed
unified
a
hemisphere and the freedom of
an
and fertile
that
of the civil service system in
Department of Agriculture.
Administration,
Security
own
neighbor nations—have lost their freedom.
engaged in
the
\
connection with the employment of the bulk of the employees
world.
save
R. 5166) contains a pro¬
This is the paragraph which
unalterably opposed.
am
This will have the effect of preventing use
gained
has
I
follows:
as
No part of the appropriations contained in the Department of Agriculture
Appropriation Act, 1942, under the heading "Loans, Grants and Rural
Rehabilitation," shall be available to pay the compensation of any person
appointed in accordance with the civil service laws.
dictatorship.
so
our
work,
a
the
not
happy
a
as
of
And
us
-Y.'VY'
we
Rider Prohibi¬
Employees of
folio ws*
as
was
The Second Deficiency Appropriation Act (H.
end to backbiting, an end to the sabotage that
deeper than the blowing up of munitions plans.
the American people solemnly that the United States will never
tell
desert
after
us—our
efficiency and toil and
I
days
alone,
are
ment
came
Americans to
of freedom—and to let
cause
night—all of
these
cannot
we
cause
We
seas.
runs
the
in
that
the
govern¬
force
of
has
on
vision to which
belief in
our
the
of
That is why we
action
relying
juggernaut
simple-minded—for
say
awake at
lie
well
muskets
the
of
faith—which
tasks,
r'r
of
pitchforks
We
almost
flag, to reassert
the
that,
know
control
could
when
parts
But it
'•■'
.
all
again,
other
the
all
the promise, that they and their lives and their
allowed
simple—I
it
Americans to suggest
in
itself—that misdirected
fantasy
nation
their way.
It
any
freedom
human
permit it to survive in the United States alone.
even
would
such
being struck down abroad and
are
logic, for
on no
defeat
can
childlike
after
thought, and
ment
fallacy, based
a
of
resistance,
new
been making
has
tyranny,
threatened here.
are
indeed,
the
the world.
past few years—a
to
In signing the $1,040,000,000 second appropriation bill on
July 3 (noted in our issue of July 5, page 39) President
Roosevelt issued a statement saying that he was "unalterably
opposed" to that section of the bill which prevents the exten¬
sion of the civil service system to employees of the Farm
Security Administration, Department of Agriculture. Saying
it was his "earnest hope" that Congress will promptly repeal
this rider, the President explained that by the Ramspeck
Act numerous prohibitions against extending civil service to
thousands of positions were removed and that he believes
the position of most members of Congress who supported
this Act is unchanged.
The text of Mr. Roosevelt's state¬
In other
In the century and a half
of human freedom swept across
cause
our
ting
this
In
action.
from the consent of the governed.
just powers
this
Extension of Civil Service
Farm Security Administration
mankind
in behalf of the great principle that government
war
derive its
followed,
President Roosevelt Calls for Repeal of
inde¬
our
of
opinion
their
for
reasons
should
that
declaring
the
■''Y.Y-;:Y;i
like duty.
a
waged
we
in
decent
a
should
they
that
crisis, we have
new
States,
that
i
from civil service by specific Congressional enactments,
In the last year, however, two events of profound significance
in terms
The Congress last November
passed the Ramspeck Act, which removed numerous prohibitions against
extending civil service to thousands of positions.
It is under the authority
of this Act that today's order Is issued.
In February the President's Com¬
mittee on Civil Service Improvement, which I appointed two years ago
with Mr. Justice Reed as chairman, made its final report to me.
I have
previously transmitted this report to Congress by special message.
In
substance this Executive Order accepts and, indeed, implements the recom¬
of improvement in government have occurred.
Roosevelt
President
Urges Congress to
Construction
Control
Flood
Restrict
Works
New
Projects
to
Having Important Defense Values
President Roosevelt
on
July 3 recommended that Con¬
in enacting flood-control legislation, restrict
gress,
struction work to
In
ues."
mendations of that committee.
new con¬
projects "having important defense val¬
of this Government the greatest possible
system,
to enter
the Government under conditions which will offer them fair and equal
opportunities to build satisfactory careers.
The requirements of today and those of the future are so great that the
services of the best minds in the Nation must be secured if governmental
affairs are to be conducted in the manner demanded by modern conditions
and at the high level of ability which a democratic government owes to the
people of the United States.
For the first time in the history
opportunities are now open for the development of a broad merit
which will further encourage men and women of outstanding ability
letter to the Speaker of the House, with respect
a
to the bill
approved by the House on June 20 and now be¬
President suggested amending the bill
this particular instance as well as improving it along
fore the Senate, the
in
three other lines.
The
House-approved bill provided for continuing the
policy adopted by Congress in 1936
authorizations aggregating $260,000,000 for
National flood-control
My position is unchanged.
carried
and
flood-control works, $10,000,000 for examinations and
of
The
culture.
text
of
the
President's letter
istration
the House
to
I believe that the position of most members
Congress in supporting the Ramspeck Act is unchanged.
Representations that the cost of administering the Farm Security Admin¬
sur¬
and $5,000,000 for works for the Department of Agri¬
veys
.
In that statement I also said:
result of bringing its employees under civil service
a
as
increased,
are untrue.
Speaker follows:
service,
,
The
White
will be infinitely greater
House,
Washington, July 3, 1941.
My Dear Mr. Speaker.;
'
sentatives on June 20,
as
unless it is brought under civil service.
hope that Congress will take prompt action to repeal
extend civil service after appropriate
It is my earnest
this rider so
to make it possible to
-
examinations
The flood-control bill, H. R, 4911, as passed by the
1941, and
as now
House of Repre¬
before the Senate, contains four
provisions to which I would like to direct your attention.
in these times, that initiation of new construction
projects without defense
values should be deferred until the end of the present international emerg¬
employees of the
to
Farm Security Administration at the
earliest possible opportunity.
At this time, when the load of this Govern¬
My position in this is clear.
ment is
While the House debate onjthe bill recognized, as we all must recognize
that
greater than at any time in its
we
history, it is of the utmost importance
in
shut out all considerations of caprice or favoritism, or worse,
the selection of the Government's workers in
ment service.
Yv.\/Y
.
Y/:Y"!
the interest of better govern¬
if'/jY'-—-".'
vY
this understanding for the need of such deferment of non-defense
ency,
will be
Indeed, the cost to the people of the United States,
both in terms of dollars and cents and in terms of the quality of
♦
■
7
activities is not fully reflected in the language of the bill, and I accordingly
■*..-j..."• :•
recommend that consideration be given to the desirabliity of amending the
Additional Appropriations Sought By
bill
so
as
to restrict new construction work to
defense values.
A
Y.Y
of the defense agencies.
The
bill
projects having important
also authorizes
for the plans
y
additional examinations and
surveys
for flood
effectively in the future if the authority of the
Corps of Engineers to revise and extend the type of basin surveys first
authorized in the River and Harbor Act of Jan. 21, 1927, could be broad¬
ened somewhat and if provision could be made at the same time for
active
participation of
purpose
other Federal
The bill further authorizes an appropriation of $5,000,000 to
ment
the
agencies concerned with multiplo
aspects of the surveys.
of Agriculture
for works of improvement.
the Depart¬
I favor continuing Fed¬
participation in that work, but it would be in the interest of sound
eral
budgetary policy if (a) the authorization were to be made for such sums as
may
so
be necessary, rather than for a specified amount, and (b) the funds
appropriated were to be available only for work which the Department
of Agriculture
programs
is not authorized to undertake in connection with its regular
Suggested drafts of amendments which would accomplish these three
changes are being forwarded to the President of the Senate, and I am en¬
closing copies for your consideration.
One other provision of the bill, that
authorizing ilood-protection works at Chattanooga, Tenn., and
Ga.,
is
a
seems to me
objectionable.
Rossville,
The construction of those works properly
function of the Tennessee Valley Authority and should be undertaken
by the Authority when warranted to budgetary consideration.
*•»/; •••/,: \
*
/*:'
,r,*v
;-i. v
« ;
.
.
-
v
Wife
Secretary of the Treasury Morgenthau at his
press conference stated that the present tax program drafted
to yield $3,500,000,000 may have to be re-examined in view
of the Administration's request for additional appropria¬
tions for the Army, Navy and British aid needs.
As a re¬
sult Secretary Morgenthau stated that with the additional
appropriations sought he would have to give "careful consid¬
eration to the whole fiscal picture."
From its Washington
bureau, the New York "Journal of Commerce" on July 10,
from which we quote, further reported in part:
Oil July 10
The President sent the first of these requests to
submitted
for land improvement under the appropriations.
y
Tax Returns of Husband and
I believe that these surveys, which should not be allowed to lag,
control.
could be correlated more
**y
President Roose¬
velt May Necessitate Change In Tax Program to
Provide Revenue Beyond Yield of $3,500,000,000
Sought in Pending Bill—Comments By Secretary
Morgenthau—State Bar Association Opposes Joint
special review now is being made of the projects in the
bill for the purpose of determining the relation of each one
•
for the fiscal year
$4,770,065,588
1942, which would raise the War Department's money
supply for the year to close to $15,000,000,000.
gress
Congress today when he
supplemental estimate for the Army totalirg
a
Only two weeks ago Con¬
passed a $10,000,000,000 appropriation for the Army.
proposed additional funds sought for the Army, Navy and
While the
lend-lease purposes
in circles close to
next year.
belief
until
thought probable that Congress will attempt to write
will, no doubt, necessitate some taxation, it is the
the Administration that such taxation will not come
It is not
The Commercial & Financial Chronicle
182
the increases into the present $3,500,000,000 tax bill, which has been whip¬
ped into shape after prolonged study.
Morgenthau appeared somewhat taken aback, and at first refused
make
He said that the Treasury
changes in its financing plans for the calendar
to answer
sees no reason to
year.
.
taxation, the Secretary answered:
will give them an entirely new
lend-lease,
mean
"I will put it in
situation after this
and then we will take
goes up,
whole situation and
it gives us an
where
see
are
we
a very
We will wait until
different
a
way.
We
appropriation, plus
new
careful look and study the
But
at.
with
entirely new situation, entirely
because it is too recent.
these
I
new,
what the
we see
new
figures, I
am not
new
prepared
lend-lease
Mr
mission
Morgenthau
asked if the figure for lend-lease
was
not
was
$1,698,000,000.
was
The Navy Department on July 7 asked
additional $585,000,000 to be spent for
Congress for an
its shipbuilding
program.
James V. Forrestal, Acting Secretary of the
Navy, said in a letter to Speaker of the House Rayburn,
that most of the $500,000,000 previously authorized for
shipbuilding facilities has been obligated.
He said that the
new
figure is."
,
more money for the lease-lend program, it was disclosed
July 9 by Stephen Early, White House Secretary. Of the
total Army funds requested, $3,486,034,036 would
go^ for
ordnance and supplies.
The request for the Maritime Com¬
.
.
When asked if the Treasury is willing and prepared to reopen the subject
of
for
on
When confronted with the problem at his press conference today Secretary
questions of newspapermen.
July 12, 1941
"seven
billions."
authorization would be allocated
"I
understand,"
interjected
a
"the
newspaperman,
Secretary,
"but
certainly
lend-lease
the figures
are
colossal
enough, that it is deserving of the most careful study of the whole fiscal
picture."
The supplemental estimate of additional monetary needs for the Army
submitted by the President to Congress today included $3,486,034,036 for
ordnance service and supplies, $84,000,000 for construction of buildings on
military posts, Quartermaster Corps and regular supply, $7,274,710, cloth¬
ing and equipage, $443,123,275, horses, draft and pack animals, $1,054,810,
signal
corps,
$349,290,825, Air Corps, $349,290,825, engineers, $61,118,970,
chemical warfare, $27,275,168, and Medical Corps, $3,852,437.
The
completion on July 2 of the proposed tax bill by the
Ways and Means Committee was noted in our July 5
issue, page 40. It was indicated on July 7 that the require¬
ment in the bill that married couples file
joint income tax
returns hasbrought so many protests that, some members
of the Codjnittee are considering the
reopening of the ten¬
tatively approved schedules to find a substitute for that
House
source
of increased revenue.
As to this special advices
July 7 to the New York "Herald Tribune" from its Washing¬
ton bureau
said:
Legislation Giving Government Control Over Merchant
Shipping Completed by Congress—Provides for
Priorities in National Defense Transportation
Congressional action
on legislation providing for priorities
transportation by merchant vessels in the interest of
wTas completed on July 7 when the Senate
and House approved a conference report.
This measure
gives the Maritime Commission power to issue priority
warrants to vessels in return for compliance with Com¬
mission control over voyages, rates and cargoes.
The ships
holding priority warrants would receive preferential treat¬
ment in port facilities, repairs and other accommodations.
House passage of this bill came on May 20 (noted in these
columns of May 24, page 3270) while the Senate adopted it
in
national defense
on
June 28.
The
following regarding the conference report is taken
from Associated Press advices of July :
The conference committee report, filed today by Representative Bland,
Democrat of Virginia, called for House acceptance of all Senate amend¬
ments except one
which would have guaranteed to the
of management and operation of the vessel.
The
protests, although
raising in
some
quarters doubts as to the
stitutionality of this proposed revision in the
tax
system,
encountered strong obstacles within the Committee.
out of the
pective
con¬
already have
The projected wiping
privilege of married couples with separate income to file inde¬
pendent income tax
returns was estimated to add
of the
revenues
Federal Government
in
$304,600,000 to the pros¬
Other
Senate
on
400,000, it
was
shifted to
some
other
revenue
source
accepted
,
by
the
owner
/
House
the retention
,
would
make
the
proclaimed Sept.
8,
1939,
require the
and
Maritime
Commission
rules
governing maximum rates of charter hire to be "fair and reasonable."
the next calendar year.
new and additional taxes
tentatively approved by the
Wednesday crossed the $3,500,000,000 goal by only $4,pointed out, the burden of $300,000,000 would have to be
amendments
legislation effective for the duration of the "unlimited" national emergency
proclaimed by the President May 27,1941, instead of the limited emergency
i>
Since the schedule of
Committee
$300,000,-
♦
present
actually disbursed until at kast the end of this fiscal year."
"Yes," replied the
follows:
shipbuilding facilities, $160,000,000 for repair facilities
and $125,000,000 for ordnance manufacturing facilities.
"That plus the other makes a nice tidy sum," was his reply.
fund won't be
as
000 for
♦
■
House Amends Selective Service Act by
Age to
if the joint-return requirement were
28—Defeats
Defense
Provisions
Lowering Draft
Designed
Curb
to
Strikes
eliminated.
The
projected schedules
are
now
in the
hands
of the
The
drafting clerks
whipped into legislative form.
Opposition to the joint tax return of husband and wife has
from the New York State Bar
Association, whose
President, John G. Jackson, according to the New York
"Times" of July 5, announced that the executive committee
had approved the report of the Associations' Committee on
come
Taxation.
The "Times" says:
its report the Taxation Committee said "it
In
unfair and
unreason¬
of
Representatives
July
10 passed by a
Training
and Service Act of 1940 providing for the mandatory defer¬
ment of all registrants who had reached the age of 28 on
July 1.
This action came after the House refused to accept
other provisions designed to curb defense strikes.
These
proposals included penalizing employers and employees who
refused to submit their disputes to Government conciliation
and
was
House
vote of 345 to
mediation
17
an
on
amendment to the Selective
services
and
empowering the President to
able to add to the husband's income taxable income which does
not belong
to him."
The report further stated that the new
operate struck defense plants, at the same time guaranteeing
protection to workers desiring to return to their jobs.
The
fines
House defeated the first
that
on
a
proposal would impose
marriage in spite of the fact that the laws of most States provide
woman has the right to
enjoy separate income and property.
married
Chairman Doughton of the House
Ways and Means Com¬
mittee stated
on
July 8 that he expected to call
a
meeting
of his Committee about the middle of next week to
go over
the first draft of the tax bill.
The "Journal of Commerce"
'on July 8 further
reported from Washington:
After the Committee has completed its
study of the measure, he said, it
would be introduced in the House and
formally reported to the floor the
next
day.
He hoped that this would be done by the end of next week.
The bill then will be taken up in the House the
made
following week with efforts
by the leadership to drive it through to passage before July 26.
Leaders have not decided yet whether to
bring in a rule to hasten its
on the floor
by limiting the debate and the
sideration
con¬
offering of amend¬
ments, but such
Congress
a
step is being considered informally.
Votes
$40,000,000
Facilities
Legislative action
additional
facilities
for
on a
in
for
Aluminum
Expansion
of
TV A
Production
bill appropriating $40,000,000 for
Tennessee Valley Authority to
the
increase electric power for aluminum
production was com¬
pleted in Congress on July 10.
The Senate approved this
measure
July 10 and returned it to the House, where
day the House accepted minor changes.
originally passed the bill on June 13.
This
fund, part of a two-year program totaling $51,000,000, will
be for the construction of two additional
hydro-electric
projects and two storage projects on the Hiwassee River,
a Tennessee
tributary.
The program also involves additional
electric generating facilities at
existing projects and trans¬
later
while the latter section
This
goes
a
vote of 218 to 151,
beaten by a 220-to-150 vote.
to a Senate-House conference
com¬
When the bill passed
the Senate on June 12 by
a
67-to-7 vote, it contained virtually the same draft age
provisions as the House-approved measure but the Senate
version broadened the existing plant-seizure provision of the
Selective Service Act so as to give the President the power
to take over defense plants if production was tied up or
threatened by a strike, lockout or any other cause.
It is
believed that this section will be eliminated from the final
legislation since
contend that the President already
ordering
Aviation
Co. plant at Ingelwood, Calif, (referred to in our issues of
June 14, page 3733, and July 5, page 41).
In approving the amendment lowering the draft age
limit, the House also voted for a proposal requiring draft
boards to give full publicity to their decisions on classifica¬
tions of draftees.
The present draft age limit is 21 to 36.
Senate passage of the bill was reported in our issue of June 14,
page 3735.
many
has this power as evidenced by his recent action in
the Army to operate the struck North American
on
the
same
The House had
mission facilities.
power are
About
117,000 kilowatts of continuous
expected from the projects.
Creation of Department of Agriculture Defense Boards
in All States and Counties to Coordinate Depart¬
mental
In
Roosevelt
Asks
Congress for $4,700,000,000
More for Army and
$3,323,000,000 for Navy and Mari¬
time
Commission—Navy Requests $585,000,000 for
Shipbuilding Facilities
President
Roosevelt asked Congress on July 10 for a
supplemental appropriation of $4,770,065,588 for the War
Department to be used mainly for ordnance and to meet
Army payrolls, and yesterday (July 11) requested $3,323,000,000 more for the Navy Department and Maritime Com¬
The
President will also shortly
request
Congress
Defense
State
boards have been
R.
Administration
every county of the United States
Department of Agriculture administrative defense
every
Federal
Wickard, it
and
established by order of Secretary Claude
was announced
July 7.
The membership of
the defense boards comprises a
representative from each of
the Department agencies whose services will be called on by
the
President
mission.
measure now
mittee.
provision by
was
his
Secretary to administer actions necessary to carry out
departmental responsibilities in national defense.
The
chairman
of
east
State
board
is
the
head
officer
in
the
State for the Agricultural Adjustment Administration.
The
chairman of each county board is the chairman of the
county
AAA
committee.
that the major part
Secretary Wickard pointed out
of the Department's defense job involv¬
ing field work centers
on adjustment of farm production,
helping farmers make adjustments in production is
major job of the AAA.
and that
the
The
serve
agencies
on
of
the
Department
whose
the State defense boards include:
representatives
of Agricultural
Service,
the Farm Credit Administration,
the Surplus Marketing Administration,
the Agricultural Marketing Service, the Forest Service,
the Rural Elec¬
trification Administration,
and the Federal-State Cooperative Extension
Agricultural Adjustment Administration, the Bureau
The
Economics, the Farm Security Administration, the Soil Conservation
In
general,
announcement
Department's
Agriculture
Civil Service Commission
The mem¬
will be made up of the principal employee
office in any given county.
although not uniformly in every
maintaining local offices,
agencies
besides the AAA, the Farm Security Administration, the
Service, the Forest Service, the Rural Electrification
include
Conservation
Soil
Federal-State
the
Administration,
Farm
Cooperative Extension
Service, and the
Administration.
Credit
their chairmen
to the USDA State Defense Boards.
The USDA State Defense Boards are
responsible through their chairmen to the Secretary of Agriculture.
Secretary Wickard's memorandum establishing the boards sets up the
responsibilities of the State and county boards as follows:
Under direction of the Secretary, the United States Department of Agri¬
culture State Defense Boards are authorized to confer with, advise, and
Defense Boards are responsible through
USDA County
The
and
to
agencies
defense
other
with
cooperation
arrange
offices,
having State or local
Department field
for maximum cooperation of all
arrange
undertakings.
Other specific functions will be
assigned to the boards from time to time by the
Secretary.
While
specific defense assignments also will be given to specific agencies of
the Department, information about such assignments will be given to the
boards and responsibility for seeing that Department field personnel gen¬
in
personnel
of
the
defense
informed and
fully
is
erally
United States
The
States
United
the
to
to
report
to
to affect the progress
felt
developments
enabled to cooperate is within the function
States Department of Agriculture Defense
the Secretary field problems and
of defense efforts.
Department of Agriculture State Defense Boards shall
expected also
are
assign
United
The
boards.
Boards
Boards
county responsibility
Boards
Department of Agriculture County Defense
for such assignments as are given the State
by the Secretary.
Secretary's memorandum also points out that the usual cooperative
relations with State Extension Services are not altered, nor is the normal
The
effectuating their non-defense
responsibilities.
The purpose of the action is simply to create adminis¬
trative machinery through which defense responsibilities of the Secretary
and the Department as a whole can be met quickly and efficiently.
the
of
functioning
Department
in
agencies
Department of Agriculture Summarizes Available
Appropriations for 1942 Fiscal Year
July 5 issued a sum¬
the Department for
the fiscal year 1942, beginning July 1, 1941.
Appropriations
from
all
sources
total
$1,202,917,719,
a
reduction of
$4,217,104 below the amount available for 1941.
In ad¬
dition, in the fiscal year 1942 Reconstruction Finance Cor¬
poration funds up to $270,000,000 will be available in con¬
nection with Department of Agriculture programs—$100,000,000 for rural electrification loans, $50,000,000 for tenant
purchase loans, and $120,000,000 for rural rehabilitation
loans.
With the exception of the latter item, for which
$125,000,000 was available for 1941, these same amounts
were available from the RFC for the fiscal year just ended.
In addition to the RFC funds, the Agricultural Appropria¬
tion Act for fiscal year 1942 includes $04,000,000 for loans,
grants, and rural rehabilitation, administered by the Farm
Security Administration.
This program was provided for
in the Emergency Relief Appropriation Act for the fiscal
year 1941.
Details of the appropriations were given by
Department of Agriculture on
appropriations available to
The
is
decrease
a
$13,000,000
approximately
of
following is the Commission's announcement setting
briefly the duties and responsibilities of .the positions:
called upon to perform any of three types
Industrial specialists may be
The first is that of liaison
of jobs.
forth
representative in developing and main¬
manufacturers of materials or equipment
Secondly, they may act as consultants on
taining working relationships with
vital to the defense program.
industrial materials,
evaluate
data
methods and processes, or they may examine and
from the reports of various industrial concerns
secured
possible assignment is that of
The third
field of industrial materials,
duction techniques, uses,
investigator and analyst in the
of data on pro¬
which involves the collection
consumption, and market supplies of
particular
materials.
is required that has given the
processes in
have been in
industrial management, planning, engineering, cost accounting, business
analysis, or research. Applicants may substitute resident study in an edu¬
cational institution above high school grade, up to a maximum of 4 years,
for this general expereience.
For each of the position^, applicants must have
had some expereience in one (or in a combination bf not more than three)
qualify for these positions, experience
To
applicant a thorough knowledge of production methods and
one or more manufacturing industries.
This experience may
of the following
industries:
•>
steel; non-ferrous metals; machine tools; ordnance; aircraft,
marine and automotive equipment; railroad repair shops; radio and other
electrical equipment, supplies and apparatus; textiles; forest products;
Iron
and
chemicals; plastics; products of petroleum
leather and its
paper; printing and publishing;
and coal; rubber products; stone,
manufactures; and food and
clay and glassjproducts;
kindred products.
>
education and experience and upon corro¬
borative evidence.
An oral exanPnation may be given to determine further
an applicant's
qualifications for the positions.
No written test will be
given.
Farther information and application forms may be obtained at any
first or second class post office or from the Civil Service Commission in
Applicants are rated on their
Washington.
New Draft Lottery to
be Held for 21-Year-Old Men on
July 17—New Registrants to
be Mixed with Exist¬
ing Lists
A national
lottery to determine the
order in which 750,000
of 21 years will be called for military
service will be held in Washington on July 17, it was de¬
cided by Selective Service officials on July 9. The ceremony
will be similar to that held last October, when 16,500,000
men between the ages of 21 and 36 were registered, but will
be on a much smaller scale. A total of 750 numbers will be
drawn with Secretary of War Stimson expected to pick the
newly-registered
first
men
one.
Hershey, Deputy Selective Service
that the numbers of the new
registrants will be interspaced proportionately among the
lists of older registrants who have not yet been called into
Brig. Gen. Lewis B.
Director, revealed on July 6
service.
Registration of the 21-year-old men on
ferred to in these columns of July 5, page
July 1 was re¬
40.
in the program for
($235,853,322 for 1941; $222,879,589 for
1942).
However, Department officials said that other phases of the dis¬
posal program would be adjusted so that the food and cotton stamp plans
would be maintained at substantially the same level during the coming year.
disposal of surplus commodities
agricultural con¬
of the way the
appropriation was handled in the two previous years—the 1941 appropria¬
tion was reduced by $60,000,000 when additional funds were made avail¬
able
in 1940.
This means that the program, including the increased
marketing quota work, will be carried out with funds substantially equal
An
actually available for 1940 and
of
reduction
that
fact
the
of
program
to the amounts
The
it
fund
not
of the
the
capital
administrative
have
$20,000,000
was
for
funds
in the appropriation for the
$37,467,451 arises as a result
increase
apparent
servation
the
in
Federal
expenses
are
provide
to
necessary
Crop
insurance program reflects
an amount this year for
The funds
operations only; no
newly-authorized cotton insurance
Insurance Corporation.
for wheat insurance
yet been provided for the
as
1941.
crop
program.
of
increase
An
the
rural
electrification
The
used
be
may
of
increase
Corporation
for
work
for
the rural
load
$805,950
cumulative
from
involved
cooperatives during past years.
the administrative
made necessary
is
electrification program results
safeguarding loans made to
in
$1,251,320 in the limitation on
as
program.
a
of the Commodity Credit
result of the 85% of parity loan
expenses
-
•"
'
to
the
A
the very great
work
separate
control
increase in the number of
conducted cooperatively with
item
for
In
is $1,284,000 for white pine blister rust
$1,044,000 was available for this work from
1942
1941,
work.
ferred
the Forest Service and the Bureau of Entomology and
Quarantine.
From the new appropriation $115,000 will be trans¬
to the Department of the Interior for work on lands under Interior
reduction in the Farm Credit Administration funds results
the manner in which the farmers' crop production and harvesting
The apparent
from
the
from
are
financed,
program.
collections
Line for operation
Maersk, the Greta
the Hulda Maersk and the Marchen Maersk, all seized at Manila,
Laura Maersk, at Baltimore.
The vessels range from 5,038 to
Five of the ships were
Far
Maersk,
and
the
assigned the American President
Eastern routes.
They were the Gertrude
6,599 gross tons.
The Nordvhal, 4,473 tons, and the
and
does
and
reflect any substantial diminution of
will be less for 1942, but total funds
be sufficient to carry out the
not
Reappropriations
reappropriations will
program.
Nordpol, 4,480 tons, both at Los
the Oceanic Steamship Co., of San Francisco,
operation between Pacific ports and Australia and New Zealand.
Angeles, were assigned to
for
+»
Asks Congress for Power to Let Armed
Forces Serve Overseas—Also Favor Keepir^g Selec¬
tive Service Men and National Guard Beyond One-
War Department
Year Period
C. Marshall, Chief of Staff, urged Con¬
July 3 to give the War Department the authority
to extend the period of service of selective service men, re¬
serve officers and the National Guard and that legislation be
immediately passed removing the restrictions on use of
these men outside the Western Hemisphere.
Gen. MarGeneral George
jurisdiction.
loans
Commission
q
districts under State laws.
appropriations of
Plant
Allocates Seven More Seized
Danish Ships to American Lines
Seven additional Danish ships were taken over by the
United States Maritime Commission July 7 under the
recently enacted Ship Requisition Act and have been turned
over to American
operators in the national defense trade
routes between North America and the Far East.
The ships requisitioned were among the 84 recently seized
by the Coast Guard; several others of these ships previously
were allocated to American shipping lines.
The British Embassy in Washington announced, also on
July 7, that the government of Great Britain had waived,
with respect to these ships, its objections to the transfer of
vessels from "belligerent" flags to neutral registry.
Regarding the transfer of the ships, Associated Press advices of July 7 from Washington said:
Maritime
over
corporate funds which
soil conseravtion dis¬
tricts that are being organized, an increase of $6,820,969 is provided in
the soil erosion program
($18,781,140 for 1941; $25,602,109 for 1942)
Due
loan
paying from $2,600 to $5,600 a year.
The examination is
for one month only and applications will not be accepted
at the Commission's Washington office after Aug. 7.
The
open
Department as follows:
There
for
locate experienced industrialists who are able and
willing to perform responsible duties for the Government,
the United States Civil Service Commission on July 7 an¬
nounced an examination for industrial specialist positions
of
mary
the
Program
further
agencies which maintains an
of these
county,
the counties.
in
have employees
agencies
these
of
bership of the county board
each
Announces Examination for
Specialists Needed in National Defense
To
all
Not
The
1941.
Industrial
stated:
of
for
as
appropriations for research, extension, regulatory, forestry,
will permit approximately the same program of
activities
similar
and
work
Service.
The
183
The Commercial & Financial Chronicle
153
Volume
gress on
<5>
The Commercial & Financial Chronicle
184
shall made these recommendations in
report to Secretary
a
of War Henry L. Stimson on the progress
of the army dur¬
ing the past two years.
He explained that the existing legal limitations "ham¬
string the development of the army into a force immediately
available for whatever defensive measures may be neces¬
sary/'
The following regarding Gen. Marshall's report was re¬
ported in United Press Washington advices of July 3:
He warned that conditions have deteriorated to such
"grave national emergency exists" of
a
more
extent that
an
a
character than the
severe
"As this report is submitted the possibilities of a year ago have become
nation
hazards
that the
of the
today
legal restrictions
are
without delay.
removed
are
the
on
of the armed forces which should be
use
Events of the past two months
convincing
are
nation administered purely on
a
Events of the past few days
can
spread to
a
forcible indi¬
are even more
cations of the suddenness with which conflict
hitherto
areas
considered free from attack.
is
"It
This
therefore
urgently recommended that the War Department
be
Asserting that
our
interests
"imperiled"
are
in the present world situa¬
tion, Gen. Marshall simultaneously asked that legal restrictions
of the armed forces should be removed to prevent
ment of the army
"into
"So
contracts,
the
use
a
means
"Add
to this
problem the
conceivable contingency,
every
available, that time is required to
consuming business of public investigation and
limitations referred to should be removed
prepare
such
force,
a
debate—along
quickly
as
with
the
I submit that the
as
possible if
we
are
fair opportunity to protect ourselves against the
coldly calculated,
secret and sudden action that
might be directed against
us.
.
Gen. Marshall said it is the War Department's intention to
proceed with
the training of annual increments of
wish
we
into
available
is
follows:
as
$1,154,000,000;
obligated in the form of
ships,
Army,
$7,000,000,000;
breakdown of
A
$20,027,449,492;
C.,
F.
R.
$1,895,721,320;
Non-military,
Navy,
$2,845,000,000;
defense
OPM Reports 1,476 Airplanes
gradually to replace with others who have
active service,"
Produced in June
Aircraft production established a new
peak of 1,476 units
9 of the Office
figures exceed
May's output by 142 in spite of the stoppage occasioned by a
strike during June at the North American Aviation plant.
It is estimated that but for the strike an additional 70 planes
in June, according to an announcement July
of
Production
Management.
The June
would have been turned out last month.
Aircraft deliveries in other recent
months have
been
as
May, 1,334; April, 1,389; March, 1,216; February,
972; January, 1,036.
1940—December, 900; November,
779; October, 742; September, 670; August, 586; July, 547.
<
Gen.
Marshall
applied at this time, in
our
continued.
opinion.
not
yet been brought
"However,
Some
are
fixed rule
a
in Hawaii,
possible
special operations."
Chromium
Chromium
composed of 508,700 in the regular army, 287,800 in
the National Guard, 55,000 reserve officers and
597,000
men,
selective service trainees.
Department had previously asked the President
to recommend keeping the National Guard and Reserve
officers in service beyond their
one-year period; this was
mentioned in our issue of June 28,
page 4055.
Tire
Price
put under full priority control
Mr.
was
to
announcement
an
Stettinius
said
this
country
ore
almost wholly dependent
was
ports for its supplies of the basic ore.
from
is required to make a ton of
im¬
on
In recent years most of it has come
Africa, the Philippines and Turkey.
About two and
a
half tons of the
ferro-chromium, which is 60 to 70% pur©
chromium.
Current
the
is
ore
The
he said,
figures,
indicate that
this
country's consumption of
750,000 to 800,000 long tons a year and increasing all the time.
Government
present
stockpile
is
large
not
enough,
Stettinius
Mr.
for shipping space for other needs would
pressure
"a very serious situation."
cause
The order issued today has these five main points:
All
1.
ratings
2.
defense
orders
carry
preference rating of A-10
a
unless
be
must
limited
to
the
processor over the twelve months
in the manufacture of chemical
use
monthly
average
consumption
only under defense orders
of the
through June, 1941.
Deliveries by processors of chromium for refractory material
3.
made
higher
specifically assigned.
are
Monthly deliveries of chromium for
products
The War
Full
on July 7,
issued by Edward R.
Stettinius, Jr., Priorities Director of the Office of Production
Management.
This is the 15th metal to be put under full
priority control.
The action was necessary, it is said, in
order to increase the Government's chromium stock pile and
also to conserve the present supply in view of the threat of
shipping shortages limiting imports. A Washington dispatch
of July 7 to the New York "Times" stated:
according
added, and additional
The report also disclosed that the total combined
strength
of the army is estimated at 1,448,500 officers and enlisted
Under
Priority Control—
Ceiling—Also Amends
and Hides Price Schedule
Defers
Nickel Scrap
some
In the Aleutian Islands, others in units to be
dispatched to overseas* bases
and still others are in organizations to be trained 'as task forces'
for
Puts
OPACS
selectees and to replace those now on
active service, especially the older men, as soon as the situation
permits.
"In general, the same intention pertains to the reserve officers, whom
cannot be
Of the funds made available by Con¬
housing, $330,000,000.
complete confusion of restrictive de¬
cover
advertisement of such plans to the world at large, and
a
made
Lease-iend,
Guardsmen,
and that under present conditions we must submit these plans to the time
to have
$3,710,000,000 in British orders placed in
some
of April 30.
$14,377,462,680;
duty outside the Western Hemisphere.
have become involved in
the
to
as
and subsistence and travel allowances.
pay
funds
OPM
tails regarding personnel," Gen. Marshall said.
on
in addition
force immediately available for whatever defense
a
fact that plans for large units must
based
the
be necessary."
officers called to active
we
on
hamstringing the develop¬
Under present law, the army cannot use selectees, National
or reserve
been made
expedite past
follows-
the officers of the Reserve Corps and the units of the National Guard."
may
is
approximately $18,741,000,000 has been
gress,
given authority to extend the period of service of the selective service men,
measures
and contractual authority to carry on and
American industries
crisis be fully recognized," Gen.
present
the contingencies of the present and future.
proof of the terrific power possessed by
military basis.
by Congress since
of the defense funds appropriated
1940, reveals that approximately $48,264,633,492 has
and present programs and to initiate new ones.
"What has happened is history.
"Of grave concern
There
A recapitulation
available in cash
probabilities today, and it is vital to the security of the
near
Marshall said.
1941
against $800,000,000 in June Washington
July 5 to the New York "Herald Tribune" said:
advices
June,
July 12,
as
Merchant
public believes.
dangerously
October
or
or
can
be
for necessary maintenance and repairs,
except when the Director of Priorities provides otherwise.
4.
After satisfaction of defense orders and all other terms of the
order,
deliveries for non-defense purposes may be made.
5
Defense
Expenditures of $1,000,000,000 a Month by
September Predicted by Federal Budget Director
Smith
The
reach
prediction that increasing defense expenditures would
rate of $1,000,000,000 a month
by September was
a
made
on July 5
by Harold D. Smith, Director of the Budget.
Discussing the results of the Government's financial
operations during the fiscal year ended June 30, 1941, Mr.
Smith, it was stated in advices to the New York "Journal
of Commerce" from its
the difficulty of
Washington bureau, July 6, stressed
segregating spending for "defense" and for
"non-defense" activities and pointed to the fact that
figures
put out by his Bureau and by the Treasury did not agree
for that
Mr.
From these advices
reason.
we
Smith has but recently returned from
throughout the country and based
three-week trip predicted
upon
a
also quote-
the Government's
capacity for financing the output of commodities needed
for the defense effort.
"
The Budget Director stuck
by his original estimate of $15,500,000,000
in defense spending for the current
fiscal year, asserting that he did not
believe the Government wouid
go above that mark unless the United States
should actually enter into hostilities with
the Axis powers.
Commenting
1941
year
this
upon
were
the fact that defense expenditures during the fiscal
below
estimates
by $190,000,000,
Mr.
Smith
said
that
due to failure of defense industries
to pick up as rapidly as had
been considered probable after
completion of the military housing program.
He did not attribute the failure to
spend the estimated funds to strikes or
was
'any single factor," but rather
Going
defense"
back
to
making
activities of the
to a "bad guess" on the
part
differentiation
between
between these expenditures is
"unrealistic," and there
been an endeavor to sharply divide the two
never
and
"non-
that the
line
should have
groups.
He pointed
to
the
two
out that
the Budget
categories
and
"defense" $226,000,000
the
Treasury.
items
such
program,
sidered
as
as
It
was
the
Bureau and Treasury books differ
accounted
more
for
the
during the fiscal
Bureau's
year
explained that this difference
National
Youth
"defense" in
an
1941 than figured by
was
accounted for by
Administration's vocational
training
con¬
indirect way.
Smith's prediction that the defense
spending should reach $1,000,000,000 monthly in September
2.
Provisions
All
of
defense
higher ratings
3.
the
building
of
up
Division
inventory
excess
announced
the
order
apply to deliveries
4.
orders
are
are
granted
a
of
preference
are
provided.
on
copper-base
copper,
rating
of A-10 unless
specifically assigned.
Copper products covered by the order
customers
may
be shipped to non-defense
only after all defense orders have been provided for.
The Director of Priorities will allocate out of the
emergency pool to
urgent
needs
and
will
also
allocate
all
owned
copper
by Metals
Reserve Co.
Plans
for
setting ceiling prices on automobile tires and
on July 3 "for some
months," Federal
Henderson explaining that voluntary
will be given a period of trial.
He said that in¬
tubes
were
Price
Administrator
measures
dustry
deferred
representatives
Administration
and
have
assured
Civilian
the
Office
Supply that there
of
Price
little
prospect that the prices of tires and tubes "would get out of
hand."
OPACS had announced on June 26 that a
would
exceed
be
put
those
On
June
was
ceiling
will not
prior to
issue of June 28, page
into effect providing that prices
charged on the most recent sales
June 17; this was mentioned in
4055.
27
OPACS
revised
our
its
schedule
for
nickelTto
imports of scrap and secondary materials con¬
taining nickel. Regarding this action the Associated Press
reported:
encourage
Administrator
as
including under
civilian pilot training and similar activities which
may be
With respect to Mr.
1.
of the Bureau.
"defense"
Government, Mr. Smith declared
on
Priorities
alloys and copper products.
his observations made during a
believe that industry ever could catch up to
OPM
July 10 a
tightening of its control of copper by extending its priority
regulations to cover copper base alloys and fabricated
products, such as brass or bronze. Copper was added to the
list of metals under industry-wide control on May 31; this
was reported in our issue of June
7, page 3584.
The four
major points in the amendment to the copper order follow:
meet
tour of defense activities
early rise in defense production, although he
an
made It plain that he did not
Restrictions
The
Leon
Henderson said that tne effect of the amendment
would be to permit the sale in this country of such materials at prices above
the established maximum prices to the extent necessary to cover the cost
of
importing the materials, including duty, freight and insurance.
ever,
on
permission
must
be obtained from the
Price
Administration
How¬
Office
each transaction at prices above the maximum.
Scrap
abroad
and
at
secondary
not
above
materials
the
containing
maximum
prices
nickel
may
established
for
be
purchased
sales
in
this
country, and the resale here must be at prices no higher than the aggregate
of the maximum plus the allowance for importation costs.
Volume
The Commercial & Financial Chronicle
153
referred to in
and others who will continue to display
tanners who
willful negligence in their efforts to
The problem of punitive action must, therefore,
business as usual.
carry on
Price Administrator Henderson on July 9 announced that
Is
"There will be, however, some recalcitrants
Mr. Stettinius statement said.
of ceiling prices for nickel scrap on June 1
our issue of June 7, page 3584.
Establishment
was
185
be considered in such cases."
premium grades of hides in special leathers
apply to OPACS for exemptions from the
price schedule.
The price eeilrng on hides and
use
will be allowed to
maximum
calfskins
of
announced
was
June 14,
on
as was
indicated in
Ceiling Fixed by OPACS,
June 21, page
OPM
New
Established
Division
Labor
York—Statement
Under Reorganization Plan
Be Named
a new
Declaring that the ceiling price schedule of the Office of
of
,
was announced on July 9 by Sidney Hillman,
Associate Director of the OPM.
Mr. Hillman acted at the
May 28
"disturbed about the number of defense
industries who declared themselves unable to obtain enough
skilled workers and supervisors to achieve full complements
of labor
on
Always up to this tpne the industry
Subcontracting was
another.
worked to that end, he said, and contracts
Commission
To
meet
has had the strongest practical as well as
textile Industry.:
device which
a
extraordinary
of the Army, Navy and Maritime
valid,
is
order
this
Hillman said, extra
fix
ethical foundation in the cotton-
77,;i77777.
ceiling order of June 27, however, seeks to invalidate
existing'contracts if they
prices in
Mr.
labor demands,
77-; 7;.;7 7 77777f 77:;'"7
The OPACS price
being drawn with that in mind.
are
the
Thus the principle of sanctity of contracts
operating policies at the mills.
would be minimized was urged by Mr. Hillman as a means
compulsory shifting of workers from one plant to another
to
has operated on a contract basis.
majority of sales have been made for delivery one to six months
Prices established by such contracts in turn have regulated
The great
in the future.
that displace¬
Utilization of all operating plants in the defense program so
industry
'
July 10 regarding the price ceiling sched¬
ule, President Bell said:
matter was reported in a
of avoiding the
one
15% below current
prices
V
In his remarks of
the second and third shifts."
ment of workers
from
schedule fixes
page
Washington dispatch to the "Wall Street Journal" of July 10:
or
of New
Merchants
Textile
on
40.
The
quotations.
was
following regarding the
The
Cotton
July 10 that "the cotton gray goods market
has ceased to be a market governed by contracts for future
delivery, and has become a spot market." The price ceiling
schedule applying to the six leading types of-cotton known
as gray goods, was announced on June 28 by Leon Henderson,
head of the OPACS, and referred to in our issue of July 5,
program,
on
of
Association
the
York, said
Production Management, designed to pool labor, manage¬
and government resources needed for the defense
him
if they
ceilings," W. Ray Bell, President
above the fixed price
are
ment
stating that he
Civilian Supply for cotton gray
goods "seeks to invalidate prices in existing contracts
Labor Supply Division of the Office of
request of President Roosevelt who wrote to
by Leon Henderson
Price Administration and
Training,
Placement
and Transfer of Defense
Workers—Industry and Labor Advisory Groups to
Creation of
of New
of Association of Cotton Textile Merchants
Handle
to
Goods Market Made Spot Market by Price
Declares President Bell
Cotton Gray
our
3903. " Mr. Henderson urged that
packers continue customary trade practices of selecting and
classifying hides and skins before sale.
\:yv">V;.
/•;. 7'"issue
are
above the fixed price ceilings.
If
anything, for if
contract at any price can mean
no
39-cent price ceiling today, it can fix a 37~cent or 35-cent
emphasis is to be placed on the worker training programs.
OPACS
figures which showed that 1,424,000 men had been
price ceiling tomorrow just as easily and with just as little advance notice.
program
He gave out
trained in the defense
He guessed that about 60% of that number are now
to date.
employed.
The new labor
mills are
long
as
the OPACS order stands.
And since the
largely sold out for the next several months, there is little or no
be traded in the gray goods market
of the gray goods market,
This is the real reason for the present paralysis
Nothing could
unparallelled in the annals of the cotton-textile industry.
be further from the truth
that defense industries in every
locality will be provided with a simplified and effective machinery for
hiring and training workers, and for the orderly transfer of workers who
are unemployed or whose skills are not fully utilized in their present posts.
Special measures will be taken to find equivalent jobs as far as possible
for workers displaced by the application of mandatory material priorities.
By this method, the OPM fyopes
than to refer to it
has been no concerted action
On the contrary,
"sellers" strike, for there
as a
by the mills or by their agents on Worth St.
the present situation is a natural result of the character
inevitably
OPACS order and the uncertainty and confusion that
of the
have followed in its wake.
It is
:
.-.vi77' 7
•
complete misrepresentation of the motives of the cotton-textile
a
industry to say that its members are opposed to the principle of controlling
9 the
committees to cor¬
Associate Director Hillman also announced on July
establishment of defense labor advisory
goods market is now a spot market, and will doubtless
spot merchandise to
It will function through 12
combining 12 government labor agencies
groups in the industrial areas of the United
Flemming of the Civil Service Commission.
regional labor supply committees,
States.
a
remain a spot market as
,-7:.-7;':'7'" ';7;"7777777.7 v-v''7'
supply branch will be directed by Commissioner Arthur S.
with labor and management
can
Thus the gray
prices to prevent a runaway inflation.
have
Representatives of the industry
repeatedly asserted their desire to cooperate with OPACS in any
respond to the industry advisory committees recently set up
in the OPM.
These advisory committees will work under a
sound, workable plan of price control.
plan announced on June 24 by William S. Knudsen, Director
General of the OPM.
Under this reorganization program
officials called upon qualified representatives of the industry to
On the other hand, at no time have Mr.
committees and special OPM "commodity
handle problems affecting each
major defense industry.
With respect to these projected
industry committees the Associated Press reported on June 24
about 30 industry
sections" will be set up to
as
follows:
When any
of
question arises affecting an industry—whether it be a matter
production, purchases or priorities—an
the industry will take
advisory committee representing
it up with an OPM commodity section set up
Previously it was necessary for an industry to
with
one
division, a purchasing
duction problem
The
for the
*
industry.
new
"overlapping"
divisions, which Mr. Knudsen
modity sections in which problems
rubber, copper and zinc.
OPM
Sets
of allocation are paramount, such a
-
voice in its counsels, the inequities and inconsistencies of its
a
price ceiling order would almost certainly have been avoided, and there
need have been no interruption of the normal operation
market.
of the
7/v. 7/7::'/7.;':7 '''77' ...:'77:77'7'^'T';-'7
/
gray
goods
7"''-
A warning to cotton gray goods sellers not to exceed
recently announced ceiling prices was contained in a state¬
ment issued July 9 by Leon Henderson, head of the OPACS.
Advices to the New York "Journal of Commerce" from its
Mr. Henderson's warning
'
Up Division to Enforce Priorities Orders—
Be Taken Against Violators
made
Section in the Priorities
Division of the Office of Production Management to penalize
those who refuse to cooperate with the defense priorities
Establishment of a Comi>liance
announced on July 6 by Edward R. Stettinius
against non-observance of the ceiling price was
that mills have been offering to make deliveries at
This is being done in accordance with contracts
prices above the ceiling.
prior to issuance of the price schedule at prices exceeding the sched¬
uled ceilings.
The practice is being followed on condition that the buytr
at the contract price with the understanding
agree
to make payments
that,
should the OPACS price ceilings be found valid, the
received over the ceiling.
.
are invoiced for
refund to the buyer any excess
Mr.
Henderson said
that
buyers who
mills would
.
.
gray
goods at
immediately write to the seller request¬
ing him to revise his invoice to conform to the price schedule.
If the seller
declines to make a revision, the buyer is urged to communicate with OPACS
in accordance with Section 1316.5 of the schedule.
This procedure, Mr,
Henderson stated, constitutes a practicable and desirable means for collabo¬
ration between the trade and OPACS in securing compliance with ceiling
prices in excess of the ceiling should
y777'-77:;'7'-7^:';" 7;77"
7777-
prices.
Punitive Action to
program was
participate
cooperate by giving qualified representatives of the
industry's desire to
occasioned by reports
with still another division of OPM.
plan is designed, among other things, to prevent
other OPACS
Washington bureau reporting this added in part:
take up a priorities problem
question with another division and a pro¬
admitted had taken place.
\
The three directors of the major divisions of OPM will each take charge
of a group of commodity sections, while retaining their present duties.
John D. Biggers, director of the production division, will head the com¬
modity sections dealing with steel, automobiles, aluminum, magnesium,
chemicals, paper and pulp.
7.7V':7v;v: ;77v7
Donald M. Nelson, purchases director, will assume responsibility for
textiles, food, drugs, clothing and some other commodities.
Edward R, Stettinius Jr., priorities director, will have charge of com¬
among
or
Had OPACS taken advantage of the
in the determination of price ceilings.
industry
Henderson
7;'v:"V.-7. v-v-77'•'-7 'v,V7';777"y'
♦
.
Agreement on Defense Material
Reported
Sole
Buyer
of Some
Strategic Surpluses
United States, Brazil in
—Washington
Under date of July 7 Rio
Priorities Director.
In making this disclosure, Mr.
Stettinius said that efforts will be made to obtain volunteer
compliance in all cases, "but punitive action can and will be
taken if necessary, so that the great majority of producers,
under which the United States
de Janeiro (Brazil) advices to the
New York "Times" said*
Jr.,
who cooperate
freely and willingly, will not be
penalized by
activities of a few who refuse to cooperate."
The Washington "Post" of July 7 had the following to say
unfair
the
with
obtain voluntary action fail,
tfifese other courses will be
Issuance of
public statements as to
Restriction of supplies
f
Court
action
to
ignoring of orders.
L. J. Martin, in charge of the Inventory
the
new
Those who hoard
Control Section, will also head
strategic materials or bootleg
control will be given
"It is believed
ments
-J
Compliance Section.
*
materials under priorities
special attention by the section.
explanation of the purposes and require¬
be complied v ith will settle the average case."
that a careful
of the provisions to
States
Under the agreement, signed
Ambassador Jefferson Caffery and Brazilian Foreign
these materials will not be available to.other
Minister Oswaldo Aranha,
.•countries.
materials
are
likely to be involved has not been revealed.
rubber and the minerals manganese, titanium,
bauxite,
chromite.
violations or evasions,
of critical materials until compliance is assured.
require compliance, involving contempt citations for
i
have recently concluded a trade agreement
will for two years purchase the entire Brazil¬
surplus of a group of strategic materials.
by United
zirconium,
followed:
'
ian
The amount of money
regard thereto:
When efforts to
The United States and Brazil
industrial
diamonds,
mica
crystals,
The
nickel, iron,
beryllium and
77
Previous exports of these materials to
the United States have not been
large, but bauxite shipments began to be
materially increased about a year
ago.
heavy purchasers of mica crystals and in¬
dustrial diamonds in the past, but this deal will now exclude them. All of the
materials will be purchased by the United States Government for defense
Japan and Germany have been
purposes.
The agreement
of Brazilian
economic strategy of hemisphere defense.
Is welcomed here as an aid in the disposal
surpluses and as a factor in the
The Commercial & Financial Chronicle
186
OPM Grants Priority
The contract directed that the Southern Wage Conference and U.
Aid for Construction of Brazilian
should meet again on March 14,1943, in
Steel Mill
The Office of Production Management announced on
July 9 that, in accordance with a recommendation from the
State Department, it will grant priority aid for the con¬
struction of a $45,000,000 steel mill in Brazil.
Further de¬
tails were given as follows in United Press Washington ad¬
vices of July 9:
National
The
has already started ground¬
Company of Brazil
Steel
Export-Import
being supplied through a loan by the
orders involved will be given priority ratings suf¬
"The contracts and
ficiently high to secure adequate deliveries, without delaying deliveries of
our own defense contracts," the department stated.
The project grew out
of conversations held here in 1939 between Dr.
Brazil, and officials of this
Oswaldo Aranha, Foreign Minister of
govern¬
A commitment was made on the part of the United States to aid
Brazil in the development of its economic resources and of its industries.
The steel mill project
ernment as the most
subsequently was presented by the Brazilian Gov¬
important single item in this program.
Extension of the $20,000,000 loan
Bank of Washington was reported
Sept. 28, 1940,
page
Car
Strike
Settled
Pending
Negotiations for New Contract
strike of employees on armored trucks
July 7, when both drivers and their employers
agreed to submit their differences for arbitration.
The men
returned to work on July 9.
Announcing the action, Arthur
The
month-old
ended
on
McKeever
of
was
York,
Merchant
the
stated:
"At
Truckmen's
Bureau
of
New
meeting between representatives of
armored car employers and employees held on July 7 in
the offices of the Arbitration Authority for the New York
City trucking industry at 255 W. 14th St., both sides agreed
to submit their wage and hour differences for a new contract
to arbitration by Hugh E. Sheridan, impartial chairman for
the local trucking industry.
"Operations were resumed on July 9 and there is to be
no
stoppage of work pending the handing down of a de¬
cision by Mr. Sheridan, the terms of which shall be retro¬
a
active to June 1."
This
climaxes
in New York
on
the
same
date.
Operators' associations whose representatives signed the Southern con¬
tract, in addition to Big Sandy-Elkhorn and Logan, were:
Williamson, W.
Va., Hazard and Harlan County, Ky., Kanawha, W. Va., Southern Ap¬
palachian,
Tenn.,
W.
River,
New
Pocahontas,
Va.,
Gulf, W. Va., Greenbrier, W. Va., Upper Buchanan,
A previous
W.
Va.,
Winding
Va., and Virginia.
reference to the coal strike appeared in
3740.
our
issue of June 14, page
Up-State Milk Strike Continues, New York City Milk
Supply Nearly Normal as a Strike Recess is Called
The New York
July 10
as
declared
a
City milk supply
month-old
a
of
strike
450
over
nearly normal
was
on
attorneys for five dairy cooperatives, which have
"recess" in the milk strike in the up-State milk-
shed, met in Syracuse, N. Y. to draft a formal petition em¬
bodying the farmers' milk price demands for submission to
Federal and State authorities.
producers' petition, the price provisions of which
disclosed, was being drafted in accordance with an
agreement reached at a conference called by Owen D. Young,
who now operates a dairy farm and who was one of those who
withheld milk during the strike.
The petition was taken to
Van Hornesville, N. Y., where Mr. Young lives, for signing
on July 11.
The strike was called on July 1, by the Dairy Farmers'
Union, which calims 23,000 members in New York, Vermont
and Pennsylvania.
The union is demanding $3.00 a hun¬
dredweight (forty-seven quarts) for milk delivered to the
486 approved country plants.
The present average price
is $2.15, and Mr. Cladakis, Administrator of the New York
metropolitan milk marketing area, has estimated that the
rate for fluid milk would be as high as $4.81 if the union's
not
were
demands
met.
were
#
Pittsburgh Truckers' Strike Settled by The National
drivers and guards
Brotherhood
Board
on July
employees in the Pittsburgh, Pa. area
increase of 73^c. an hour. The case was the first in
10 to truck company
a
wage
armored
national
Mediation
Defense
The National Defense Mediation Board awarded
which the Board acted
belonging to Local 820 of the Inter¬
of Teamsters, A.
F. of L.
The
companies employing these men are the United States
Trucking Corp.; Brinkers, Inc.; Cross Armored Transporta¬
tion Co., and Wells-Fargo Armored Transportation Co.
A previous reference to the strike appeared in our issue of
June 14, 1941, page 3740.
car
thus perpetuating the newly-formed wage
years,
The Appalachian Joint Conference (Northern operators) also meets
group.
The
by the Export-Import
in these columns of
1820.
Armored
York
New
two
M, W.
New York City to consider an agree¬
This money will be spent in the United States,
Bank.
through contracts with 250 to 300 manufacturers and suppliers, it was said.
ment.
for the next
ment
.
breaking operations, according to the State Department.
Of the total cost, $20,000,000 is
July 12, 1941
as
arbitrator.
The International Brotherhood of
Teamsters, Chauffeurs,
Warehousemen and Helpers of America, American Federa¬
tion of Labor Affiliate, requested an increase of ten cents an
hour from the Western
Pennsylvania Labor Relations
Association, representing 189 trucking associations.
The
parties entered into a voluntary agreement under which
employees who had been on strike return to work with a
general increase of six cents an hour and an understanding
that the Mediation Board would arbitrate the rest of the
Southern
Coal
Miners
A two-year contract
Enter
into
providing
Two-Year
Contract
increases for approxi¬
mately 150,000 soft coal miners was signed on July 6 by the
Congress of Industrial Organizations United Mine Workers
and Southern coal operators after four months of negotiations.
Announcing the agreement John L. Lewis, U. M. W.
President, said "the stoppage of work that was scheduled
for July 8 will not take place."
He had ordered miners,
now on a vacation
ending Tuesday, not to go back to work
unless a contract was signed.
D.
C.,
on
palachian Wage
Conference in New York in April, refusing to agree to
elimination
40-cents-a-day
a
differential between Southern and
wage
Northern mines.
That differential, however,
dropped in the contract signed today.
In all major details—including provision for a $7 basic
daily wage—the
conforms with that signed by Northern operators.
The $7
basic wage represents an increase of $1.40 a day for the Southern
miners,
agreement
Since reopening of the mines in
have
miners
received
$6.60
a
a
day, compared to $6 in the North.
May after
day.
an
April shutdown, Southern
Under the
new
contract,
retroactive to April 1, they will receive an extra 40 cent for each
which
In addition to raising the basic pay, the contract adds 11 cents a
ton to
the rate paid for hand loading of coal in Southern mines.
The new rate
from a high of 81J4 cents a ton in the Big Sandy-Elkhorn field
(Kentucky) to 68 2-10 in the Logan mines (West Virginia),
Only two changes of major importance were made from the contract
+.
Southern
operators refused
sign nearly four months
to
ago.
One
provides for establishment of machinery for "relief" of a coal
company
suffering "financial hardship" from payment for "reject coal."
This modi¬
fies
a
provision
did
management
outlawing the "reject" system,
not
pay tonnage
rates
for
a
coal
practice
containing
whereby the
a
high per¬
centage of slate or other impurities.
The other
utilized
to
change provides that
inaugurate
production."
mands
for
Coal
or
institute
explained
men
equalization
a
protective wage clause
the
general
that
the
of working time in
sufficient orders to work
more
Along with raising wages to $7
days
a
a
practice
change
cases
of
would
where
allocation
preclude
one
mine
be
of
de¬
had
month than another in the field
day, the contract provides,
with Northern mines, for a seven hour
"will not
day, 35-hour week
as
does that
the
Southern
signing of
Gaines, of Mount Hope, W. Va., Chairman of
Wage Conference, joined in expressing satisfaction over the
a contract.
"It represents the work of several months'
terests of great
magnitude," they said in
welfare and stability
program."
.
.
.
of
our
a
negotiations and affects in¬
statement.
"It is vital to the
national economy and the national defense
armament
completed,
Manufacturers'
Survey
of
and
program,
progress
summarized
let
contracts
on
telegraphic
a
survey
and
of
16
majoj: defense producing areas with the statement that in¬
dustry |s "on schedule or ahead" of governmental require¬
:
ments.
In the first
ican
complete totalization of demands upon Amer¬
manufacturers
575,000,000 is
date
the
Association
the
United
of
extent
disclosed
that
$51,-
States commitment
to
for
defense; $40,869,000,000 of which will come from
United States general funds; $7,000,000,000 from the LendLease Act; $3,706,000,000 is in the form of British orders.
In
a
series
of
charts
the
Association
stated
that
the
has been and will be spent as follows: 1940, $1,884,000,000; 1941, $17,000,000,000; 1942, $23,000,000,000; 1943
(and later), $9,891,000,000.
money
Contracts' let
as
$18,698,000,000.
sents
54%
amount to
of
May
31
This
of
all
figure,
potential
$34,805,000,000.
reported
were
says
the
as
totaling
Association,
repre¬
contracts
authorized, which
The Association stated that 33%
of all contracts let were completed as of May 31, mean¬
while calling attention to the fact that most of the incom¬
pleted contracts
are scheduled for delivery upon due dates.
The Association's announcement also reported:
of several
hundred defense producing manufacturers in
widespread
areas,
81% indicated that they expected to deliver on time; only 27%
Out
reporting
the
that they had
urgency
significant
been
asked
of preparedness effort.
to
advance
This
delivery dates because of
latter figure
N. A. M. reported in February that 32%
as
appears
were
even
more
being pressed
by Government for advance deliveries.
A
sharp drop
of
Mr. Lewis and L. Ebersole
of
The National Association of Manufacturers reported on
July 7, in round figures, the extent of the present United
and vacations of
10 days with pay of $20 for the period.
Association
Defense Production Shows Industry "on Schedule
or Ahead"
of Governmental Requirements
ranges
which
involved in the dispute.
were
National
is
day they
have worked from April 1 up to now.
finding does not affect increases of ten
an
workers
was
who, prior to last April, received $5.60
arbitration
hour which the companies previously granted tocertain classes of employees. Officials said that about 2,800
cents
States
The contract covers mines in southern West Virginia,
Virginia, eastern
Kentucky and Tennessee whose operators walked out of the Joint Ap¬
of
The
wage
Associated Press advices from Washington,
July 6, reporting the strike settlement, said:
demands.
wage
the
in
in
delays due to machine tool shortage
was
noted;
63%
May.
manufacturers
complained of tool shortages in
January; only 29%
Material shortages continue at a high rate, an
average of 80% of the
responding manufacturers stating that this constituted a major obstacle.
Delays
delays
been
out
due
were
to
Government
named
placed showed
of
Government
by
a
48%;
sharp
were
upturn,
inspection
reported
changes
in
reaching
techniques
as
follows;
specifications
a
seems
Specification
after
high of 59%;
to
have been
orders
had
smoothing
responsible
Volume
for
increased
niques
during
In
production
April,
in
The Commercial & Financial Chronicle
153
while
70% of
as
41%
only
the
objected
manufacturers
named
them
as
We have the will to uphold the Government.
tech¬
to
obstructing
an
observe widespread response since the
factor
analysis of the
increased
It has been heartening to
Treasury Department initiated its
plans to provide the wherewithal for defense needs.
May.
an
187
need
labor
skilled
for
workmen.
needed skilled
manufacturers
supply
labor;
situation
In
the Association
45%
January
of
the
indicated
cooperation is
reporting
Today,
Fundamentally, public
question of organization and application.
a
before, the American pay envelope constitutes a bulwark of
as never
Workers of the Nation—white collar and blue collar—will
national defense.
66%.
in May,
than
more
no
Every employed
contribute most to the preservation of democracy.
and
Emergency Committee on Non-Defense Ex¬
penditures Formed to Curtail Government Spend¬
ing—President Wriston of Brown University Made
Chairman of Group
Formation of
a
found in the rising saies of Defense Savings bonds.
these
a
penditures of Federal, State and local governments,
securities,
contribution
believe that
nation-wide citizen committee which will
work for the reduction of non-essential and non-defense
Evidence that this spirit lives and actively is at
permit.
Citizens
saving unknown before, not only to pay the defense bill, but to provide
for their personal needs and
ex¬
Fortunateiy
was an¬
poortunities of tomorrow.
have increased means to save.
we
we
reached
Emergency Committee on NonDefense Expenditures, will open headquarters in Washington.
In announcing the formation of the organization, Dr.
and that membership was
to be set up in
If
in its
States
Willkie Says American People Will See
Liberty Shall Not Disappear from World—
Makes Radio Broadcast on Independence Day
Wendell
elements in American life:
In
radio address
a
American
'
.
.
'■
.
"shall
\
the American people are being asked to
Direct taxes on all groups will increase
many fold and excise taxes will carry the burden and sacrifice to every
single wage earner.
Business is told that it cannot in this emergency
continue as usual and its profits are being regulated and limited.
In a democracy if there is a need for individual sacrifice there is, in
the same degree, need for sacrifice by the nation as a whole, by the Govern¬
ment
which is the people.
Government must set the example.
Ad¬
ministration and Congressional leaders have recognized this and have
called upon Congress to trim non-essential items.
President Wriston said it would be
bility, if, in developing the strong
weakened
so
one
bration
Italian
arm
stand
Officers
our
of
committee
appointed
date
are:
York
Harrison trustee of the Bowery Savings Bank
French,
by short
German,
to
wave
"unless
Independence Day,
their liberty
is restored
permanent possession of America."
a
New
be
the
new
areas,
else it
ot
It must be
will die.
We under¬
Europe to fall
the last stronghold of liberty in
of totalitarianism the opportunity to save liberty in
onslaught
will
lessened
therefore,
and,
the overwhelming
percentage
of
people are resolved that at whatever hazard or cost we will
fighting
of Great Britain.
men
Asserting that more American people are realizing that
Britain's
seeing
hope
that
it
to
Willkie
Secretary—Guy E.
Snavely, executive director of the Association of American Colleges and
Treasurer—Milton W.
celebrated
last
that
for
out
permit
we
American
sustain
Great
Wriston said.
to
if
the
before
the
just
will not be spent this year, it does indicate
Federal expenditure. Dr.
the
declared
searching
that
America
quote:
propriations for any single session of the Congress.
the scale of
America
since
Willkie
constantly
/v
sum
Spanish,
broadcast
Liberty, like all doctrines, must be an expanding doctrine.
Even now it is esti¬
and $14,000,000,000 more than the previous record of ap¬
Although this gigantic
into
and
He added:
approved by this session of Congress, a figure equal to $110 for every family
in the country
translated
Portuguese
liberty cannot remain
mated that the defense program will cost at least $50,000,000,000, a sum
Dr. Wriston pointed to the record appropriations of $33,000,000,000
the world, either in Europe or
Mr. Willkie's speech was part of a
Saying that millions of people have been deprived of their
Dr. Wriston said, "through their Government
paper we
the
that liberty
see
Fourth of July, America's jiatriotic holiday.
was
and
liberty
Mr.
of defense, the economy of the nation
equal to $1,600 per family.
that
declared
various foreign countries.
of the greatest calamities of history
requiring of themselves tremendous sacrifices.
same
Willkie
arranged by the National Broadcasting Co. in cele¬
of the
talk
The
jeopardize its internal stability and security.
to
as
"The American people,"
From the
"The Significance of In¬
on
L.
disappear from
in America."
or
program
if, at this time, the Government of the United States failed in its responsi¬
are
July 4
on
Wendell
people will give their utmost to
not
in Asia
curtail their standard of living.
should be
Day,"
joined.
Government
their
L.
dependence
explaining the committee's objectives, President Wriston
said:
Through
Last year new savings, assembled by the
while.
should be able to increase that figure.
That
will be representative of all
have already
year we
Washington, combing every ap¬
business, agriculture, labor women's groups and church organiza¬
statement
a
This
000,000.
Leading citizens, economists, tax authorities and college presidents from
In
Huge though the de¬
find ourselves with larger and more active sources of
long
a
principal thrift agencies of the country, amounted to more than $2,000,-
tions, with members in all 48 States.
32
than in
revenue
tions, President Wriston said.
consumer,
making
savings in every form should be added together, the total would
our
fense bill must be, we
propriation bill for unnecessary spending and making specific recommenda¬
The committee
middle-class, like most of us, can
or poor, or
exceed $75,000,000,000, a record figure for all time.
A group of research experts twill be selected to work at the committee's
are
rich
one,
investment both in the national future and our own.
Expressing his belief that one of our soundest causes for
confidence in the national emergency is the savings backlog
of the American people. Mr. Mills further said*
work, it added.
headquarters, which
Every
con¬
work independently
be met by individual subscriptions of members and other interested
It is the hope of the Government that
large part of defense funds from current earnings— a
a
the best possible
The expenses of the committee will
voluntary.
obtain
share in the defense effort with little or no financial inconvenience,
cerning vitally needed reductions in non-defense spending as a
partial offset to huge defense requirements."
As to his
further remarks we take the following from the Providence
"Journal" of July 8:
President Wriston explained that the group would
level higher than in 1929.
a
shall
sound basis.
The Department of Labor reports
Present earnings of industrial workers have
rising faster than prices.
wages
*-
...
This year national income
85 to 90 billions of dollars, and a considerable part of
is expected to reach
the Citizens
"make recommendations
be
Steady investment in
matter how small the units bought at one time, upbuilds
no
be known
that it would
will
may
of,the first order, to provide for the outlay we confront. I
people are entering upon a scale of personal
such income will take the form of wages.
Wriston said
wow:
the American
nounced in Providence, R. I., on July 7 by Dr. Henry M.
Wriston, President of Brown University, who has accepted
the Chairmanship of the group.
The committee, which will
as
man
should assist the Government as far as individual means
woman
said
he
depends
upon
our
products are delivered
"quite
was
up"
"standing
of
our
sure
to her, Mr.
that before long now the
great force of the American Navy will be brought into play
to insure the delivery of those products to the fighting men
of Great Britain."
City.
Members of the Committee, include among others,
cording to Providence advices to the New York "Sun":
J.
Louis
thews,
Taber,
master,
retiring president,
National Grange,
United
Columbus, Mark
In
ac¬
American
Mat¬
S.
States Junior Chamber of Commerce,
Robert L. Flowers, President, Duke
University, Robert I. Gannon,
Presi-*
dent, Foidham University, Roy G. Blakey, Professor of Economics, Uni¬
versity of Minnesota, Olin Glenn Saxon, Professor of business administra¬
tion, Yale University, F. H. Stincbfield, former President, American Bar
Association,
Minneapolis, Tom K.
Smith, President Boatmen's
Nationa
Bank, St. Louis, Thomas S. Gates, Prseident, University of Pennsylvania
Ray Lyman Wilbur, President, Stanford University, Ernest M. Patterson
Professor of Economics,
their
of
University.
own
men
to
men
course,
vote
choice, responsive to
to
their
have
in
certain governmental processes.
It
election for public officials of
free
their will;
differences
it means,
determined
freedom
in
of
courts
of religion
the right
undominated by
course,
and freedom
of
from another thing that has come into the world
with
the
cruelty of totalitarianism—the freedom from espionage, the
freedom from interference with one's private life and one's daily doings
speech
and
freedom
and
one's
But
is
Envelope Constitutes Bulwark of Na¬
Defense, Says Andrew Mills Jr., Head of
of
government and the powerful.
It means, of course, the right of
b;J'Us.
daily
American
It
religion.
a
part of
American
liberty means, of
right
the
means
University of Pennsylvania, and Harley L. Lutz
Professor of Public Finance, Princeton
explaining what American liberty means, Mr. Willkie
said:
liberty
is
a
means
thing
much
of
more
than that.
the spirit.
American liberty
It is an aspiration
on
the
people for not alone a free life but a better life.
Pay
tional
Savings
Defense
Bank Association—Urges
Savings Bonds
Investment
in
,
The
envelope in financing
on July 6 over the coast to
coast red network of the National Broadcasting Co. by Andre w
Mills Jr., President of the Dry Dock Savings Institution,
Newr York, and President of the National Association of
Mutual Savings Banks.
He stressed the importance of
investing current surplus earnings in Defense Savings Borids.
"Our defense plans are of utmost importance," said Mr.
Mills.
"We have passed the time when there can be dis¬
cussion about the urgent need and the far-flung scope of
defense requirements.
The bill must be as great in pro¬
portion and this bill must be paid. The principle has been
laid down in Washington that we shall attempt to liquidate
two-thirds of the defense bill by taxation and one-third by
nleans of borrowing.
Certainly, this is a sound principle.
We need not disguise from ourselves that the bill for defense
vail rise to an imposing total—a total which cannot be even
part of the American
national defense was discussed
estimated."
pay
Mr. Mills goes on to state:
Presented in Behalf of De¬
Campaign—Will Be Broadcast Ten
Sundays—92% of Employees of Treasury's Pro¬
curement Division Pledge Purchases of Stamps or
New
Radio Program to be
fense
Savings
Bonds
"America
Preferred,"
the National Defense
a new
radio
program
in support of
Savings campaign, will be presented
the Mutual network every
on
Sunday morning for 10 weeks
beginning tomorrow, July 13, Secretary of the Treasury
Morgenthau announced July 9.
The program, which will
operatic stars of foreign birth, will be
broadcast from 11 to 11:30 a. m., E.S.T.
Pierre Van
Paassen, author of "Days of Our Years" and "The Time Is
Now," will act as narrator.
The Treasury Department also reported on July 9 that
92% ofrthe employees of the Treasury's Procurement
Division have pledged regular purchase of Defense savings
bonds or stamps.
The pledges were made voluntarily by
the employees under a plan which has been offered to other
Government departments.
feature concert and
The Commercial & Financial Chronicle
188
Ceremonies Held in New York Incident
Contribution
of
to
USO
Presentation
to
by Federal Employees in
New York Area
V
return to
Appropriate ceremonies
held on July 11 on the steps
of the Main Post Office Building, 31st to 33rd Streets on
Eighth Avenue, New York City, in connection with the
presentation of a contribution to the United Service Organ¬
izations in behalf of all Federal employees within the New
York area.
According to an announcement issued July 9
by Postmaster Albert Goldman as President of the Federal
were
Business Association of the New York
area
and Chairman of
the Federal group, United Service Organizations
addresses at the ceremonies were to be made
Campaign,
by Walter
Hoving, President of USO; Richard W. Lawrence, Chairman
of the New York City USO Committee, and other prominent
speakers.
; ■
Death of Representative Stephen Bolles of Wisconsin—
Was
Newspaper Editor
Representative Stephen Bolles, Republican, of Wisconsin,
died at his home in Washington on July 8, following a brief
illness.
He was 75 years of age and had been elected to
Congress from the First Wisconsin Congressional District
in 1938 and reelected last fall.
The House on July 8
adjourned out of respect to Mr. Bolles and Speaker Sam
Rayburn named the remaining members of the Wisconsin
delegation as a funeral committee, together with Representa¬
tives
Case of
Francis
South
Dakota and John Lesinski
of
Michigan.
Funeral services for the late Representative
yesterday (July 11) in Janesville, Wis., with burial
Cemetery, Janesville.
The Associated Press in advices from Washington
July 8
summarized as follows the career of Representative Bolles,
who was born in Springboro, Pa.
held
were
in the Oak Hill
Mr. Bolles entered the newspaper
business in
1890, two
years
graduation from the Pennsylvania State Normal School.
advanced
he
He
from reporter
to managing editor
after his
In three years
of "The Toledo Blade."
director of the Pan-American Exposition at Buffalo in 1901
was press
and became managing editor of the Buffalo "Enquirer" the following year.
In 1903 he was superintendent of graphic arts at the St. Louis Exposition.
From 1905 to 1917 Mr. Bolles
He worked at
Mr.
was
in the
Bolles
the United
States in March
was
reported in
our
issue of March 22, page 1853.
C. V. McLaughlin Resigns as First Assistant Secretary
of Labor—To Retire in View of 50 Years of Con¬
tinuous Service
The resignation of Charles V. McLaughlin as First As¬
sistant Secretary of Labor has been accepted by President
Roosevelt with "great regret," the White House announced
July 7.
In a letter to the President, Mr. McLaughlin
explained that "after more than 50 years' continuous work
I owe it to myself to take a much needed rest." Accepting the
resignation President Roosevelt expressed appreciation for
Mr. McLaughlin's service praising him, in part, as follows:
on
Your long experience with the Railroad Brotherhoods, your judicial atti¬
tude toward the many problems that have gone through that (Labor) de¬
partment, and your real knowledge of the needs and problems of wonting
people have contributed gieatiy to the welfare of the people of this country.
Mr.
pointed
McLaughlin, who is from Omaha, Neb., was ap¬
Assistant Secretary of Labor in January, 1938;
noted in these columns of Jan. 8, 1938, page 199.
Prior to
that time he had served for many years as Vice-President of
the Brotherhood of Locomotive Firemen and Enginemen.
+.
Senator Glass of Virginia Elected President Pro Tem of
Senate—Succeeds Late Senator Harrison
The Senate on July 10 unanimously elected Senator Carter
Glass, Democrat of Virginia, as President Pro Tempore of
the Senate succeeding the late Senator Pat Harrison of
Mississippi. Senator Glass, who is 83 years old, was sworn
in later the same day (July 10) by Vice-President
Henry A.
Wallace after being escorted to the rostrum by Senator
McKellar, Democrat of Tennessee, and Senator McNary of
Oregon, Republican leader.
The death of Senator Harrison on June 22
in these columns of June 28,
page 4060.
to Wisconsin
Senate Confirms Nomination of
was
mentioned
Attorney General Jack¬
as Associate Justice of United States
Supreme
Court—Harlan F. Stone and J. F, Byrnes Sworn in
as Chief Justice and Associate
Justice, Respectively
son
"Gazette."
active in
was
1941
brokerage business in Atlanta.
publicity during the World War and in 1920 went
editor of the Janesville
as
July 12.,
Col. Donovan recently was an unofficial war observer for
the Government in Europe, Africa and the Near East.
His
Republican politics in Wisconsin, serving
the State Central Committee for 10 years.
He
consin State Chamber of Commerce in 1931.
was
He
on
President of the Wis¬
was
elected to Congress
With only one
in 1938 and reelected last fall.
dissenter, the Senate
July 7 confirmed by
on
voice vote the nomination of Attorney General Robert H.
Jackson as an Associate Justice of the United States
Supreme
Court.
The dissenting vote was by Senator Millard E.
a
Edmund
Burke
Member
Who
Jr.
of
Named
SEC—Will
Resigned
to
by President
Succeed
Devote
Full
Roosevelt
Leon
Time
as
Henderson
Price
to
Ad¬
ministration Post
President Roosevelt sent to the Senate on
July 10 the
nomination of Edmund Burke Jr. of New York
City to be a
member of the Securities and Exchange Commission succeed¬
ing Leon Henderson, whose resignation the President ac¬
cepted on July 9. Mr. Henderson resigned in order to devote
his full time to his duties
ministration
and
as
Civilian
head of the Office of Price Ad¬
Supply.
Mr. Burke, who was
named for the remainder of the term
expiring June 5, 1944,
has been Director of the SEC
Reorganization Division since
July, 1939. He joined the Commission's legal staff in April,
1935 and transferred to the Commission's Protective Com¬
mittee Study Staff in the fall of 1936.
Mr. Burke was closely
identified with the preparation of the Commission's
report
on ^Protective
and Reorganization Committees and after
passage
of the Chandler Act in 1938
Director of the then
new
was appointed Assistant
Reorganization Division formed to
the SEC's duties under the Act. His appointment
Director of the Reorganization Division was
reported in
carry out
as
these columns of
Aug. 5, 1939,
page
Tydings, Democrat, of Maryland.
As noted in our issue of
July 5, page 43, Mr. Jackson received the unanimous ap¬
proval of the Senate Judiciary Committee on June 30.
The nomination of Mr. Jackson to be
of the
Supreme Court
Roosevelt
June
on
Justice Harlan
Henry
Finance
Associate Justice
James F. Byrnes,
Associate Justice.
Democrat, of South Carolina, to be an
Mr. Stone was unanimously confirmed
by the Senate on Junej27 (referred to in our issue of July 5,
page 43) and took the oath of office on July 3 at the Rocky
Mountain National Park in Colorado, where he was vaca¬
tioning.
Mr. Byrnes, who received the confirmation of the
Senate 10 minutes after his nomination was sent to it on
June 12, was sworn in on
July 8 at the White House in Wash¬
ington.
The oath
was
administered in President Roosevelt's
office
by Chief Justice Richard Waley of the United States
Court of Claims.
The confirmation of Mr. Byrnes by the
Senate was referred to in these columns June
14, page 3745,
•in which item the nominations of Messrs.
Stone, Byrnes and
Jackson
were
noted.
818.
♦
International
President
F.
an
the Senate by President
along with the names of Associate
Stone to be Chief Justice and Senator
was sent to
12
Roosevelt
Nominates
H.
A.
Mulligan
Member of RFC Board of Directors
dressed
as
by
Measures
A. Mulligan, Treasurer of the Reconstruction
Corporation, was named by President Roosevelt
July 10 to be a Director of the RFC for the remainder of
two-year term which began Jan. 22, 1940. Mr. Mulligan,
when confirmed by the Senate, will fill the
vacancy created
by the resignation of Emil Schram, former Chairman of the
Wheat
Conference
Acting
Washington Ad¬
State Welles—•
Surplus
Supply
Reach 1,500,000,000 Bushels
at
Secretary
Discussed
Which Is Expected to
In Another Year
of
Solve
to
on
a
RFC and
Mr.
President of the New York Stock
Exchange.
resignation was reported in these columns
now
Schram's
June 28, page 4061.
Representatives of five nations participated this week in
international wheat meeting which
opened at the State
Department in Washington on July 10, at which time
Acting Secretary of State Sumner Welles predicted that
wheat surpluses would reach
1,500,000,000 bushels in an¬
other year. Mr. Welles is
quoted as saying:
an
"As
+.
Col, W. J.
Donovan
Named by President Roosevelt
Coordinator of Defense Information
"collect
Fighting 69th Division of
and
assemble
the
World
and data
War,
is
have
to
information
bearing on
security'' from various Government agencies and
analyze the material for official governmental use. The post
islja civilian one and does not carry a military title.
The
national
need
any
direction of
or
duplicate
or to
intelligence services, the Federal Bureau of Investigation,
existing departments and agencies.
or
for relief in
war
is
prosperity of
devastated
areas
common
in¬
We
which will prevail in the inter-
over.
our
a
orderly liquidation
We have
a common interest
purchasers of wheat and in the
immediately after the war."
Mr. Welles warned the conferences that "we must devise
practical means
of assuring restoration of
healthy international trade" after the war
now
if the economic dislocations
that followed the last
war
are
to
be avoided
this time.
"I do not think it is
take
involve
during the war," Mr. Welles declared.
same
advices stated:
The Conference,
of other
of
an
overstatement to say that the shape of the post¬
world will be determined in no small measure
by the actions which we
The
interference with the activities of the general staff, the
regrnar
holders of these surpluses, we have
interest in the conditions
Washington advices July 10 to the New York "Journal of
Commerce" further indicated Mr. Welles as
saying:
war
Mr. Donovan's task will be to coordinate and correlate
defense informa¬
to supersede or to
common
in the r68wration of the
White House announcement said:
tion, but his work is not intended
a
nationaLjjjMeat market when the
President Roosevelt yesterday
(July 11) appointed Col.
William J. Donovan of New York as Coordinator of
Defense
Information.
Col. Donovan, who was commander of the
famous
producers and
terest in the possibilities which
may exist for their
as
1933,
was
which may revive in
some
form the Wheat
undertaken at the invitation of the United
Agreement
States
and
the
Volume
The Commercial & Financial Chronicle
153
In
delegates opened their meeting today in a closed session at the State De¬
H. F. Carlill, Chief British representative and Chairman of the
partment.
International
ment,
Wheat
elected
was
Advisory Committee set
under the
up
Chairman of the Conference.
Among the solutions for the surplus problem
.
.
1933
agree¬
the agenda at the Inter¬
on
national Conference are:
(b)
Financing of
(c)
(d)
Rationing of shipping space.
(e)
Financing of increased consumption.
One proposal
of
new storage
If
an
on
an
real
until the
achieve
is
war
some
Informed
to utilize
believe that
dilemma,
will not be possible
however,
All that
can
be done now is to
International
the
Conference,
before it
post-war program that will plan, among other things,
a
Vice-President.
as
which
Co.
Trust
of
Executive
the
and
Committee
a
was
director
is
president
and
largest
of
relations
friendly
the
private
Pan
the
between
Society of New York,
United States devoted to
American
in
group
the
United
and
States
the
South
Nations.
The statement of condition of Brown Brothers, Harriman
&
temporary alleviation of the problem and lay the ground¬
sources
oldest
American
work for post-war wheat distribution.
adjourns, will draft
America
International
Bank, which is now The Continental Bank & Trust Co. of New York.
fostering
officials believe.
over,
Hasler
of
international basis to boost consumption of
wheat
the
on
firm
consideration is adoption
some
agreement is reached, it is likely that importing nations will
attack
the
formed
Bank of New York in 1931, at which time
Chairman
became
the
of
President
as
Hasler
Mr.
be called in for consultation.
The
Hasler
the
food-stamp plan
a
wheat.
brother,
his
associated with the Bank of
was
acquired by The Continental
construction.
which has already received
189'
with
Hasler,
served
also
of that
Export quotas.
he
Later
Co.
Mr.
Further reductions in acreage by international agreement.
(a)
Mr.
Brothers, steamship owners and merchant bankers, now known as Hasler &
He
.
1909.
surplus supplies to feed starving nations of the world.
Co., of New York, private bankers, as of June 30, 1941,
an increase in total assets to $150,537,304 from $148,-
shows
053,927
March 31, 1941, and $135,953,978
on
on
June 30, 1940.
Deposits also increased, totaling $127,082,581, compared with
($124,388,489
March 31, and $112,416,710 on June 30, last
surplus of $13,326,121 compared with
on
Capital
year.
$13,305,052
and
three months
ago
and $13,244,955 a year ago.
$32,863,124 compared with
Loans and advances increased to
It
noted in Associated Press advices from
Washington
July 10 that Argentina, Australia, Canada and the United
States were represented at the Conference as the big surplus
wheat producing countries, and the United Kingdom par¬
ticipated as a major importing country.
was
President
Roosevelt
Reappointment
G.
Nominates
S.
Ferguson for
Federal Trade Commissioner
as
President Roosevelt has forwarded to the Senate the nomi¬
nation of Commissioner Garlan S.
Ferguson of the Federal
Trade Commission for reappointment, it was announced by
the Commission on July 8.
Mr. Ferguson has served longer
on the Commission than
any Commissioner since its organ¬
ization in 1915, having been first appointed by President
Coolidge in 1927 to fill a Democratic vacancy and reappointed
by President Roosevelt in 1934 for a term ending Sept. 25,
1941.
The present reappointment for seven years will be
the longest tenure of office yet held by any member of the
Federal Trade Commission, says the Commission's announce¬
ment, which further said:
Mr.
Ferguson
born in Waynesville, N. C., and is a son of former
was
Judge Garland S. Ferguson of the Superior Court of North Carolina.
attended the
He
United States Naval Academy and the University of North
Carolina, graduating in law from the latter which in
1939 gave him the
$26,174,148
Other
He practiced law for many years and was
$39,362,068 against
respectively;
United
States
Government securities (valued at lower of cost or market),
$41,082,727
liability
Chairman of the Commission, in 1930,
He
1934 and
1938.
T. R. Gamble Made State Administrator for Oregon in
National Defense Savings Program
The
Ted.
appointment of
Gamble,
R.
♦
The National City Bank of
as
738
total
in the National Defense Savings campaign
was
announced
July 3 by the Treasury Department.
Mr. Gamble, whose
home is in Portland, Ore., will cooperate with the Defense
Savings staff of the Treasury in stimulating the sale of De¬
fense Bonds and Stamps through establishment of repre¬
sentative, non-partisan State and local committees to develop
community interest in the savings program.
His duties as
State Administrator will begin immediately.
He is serving
in this capacity without compensation.
ITEMS
and
with
tively,
1940.
The
the
to
ABOUT
COMPANIES,
TRUST
BANKS,
York
New
made July 7 for the
were
Stock
transfer
membership at $27,000.
at $28,000, on June 19th.
Exchange
previous transaction was
assets
$2,908,437,735 and $3,095,466,387 on Dec. 31,
principal assets at the end of June, according
statement,
Cash
were;
&c.
of
a
The
and
from
due
banks
and
(against $1,364,824,538 on Dec. 31) ;
United States Government Obligations (direct or fully guar¬
anteed), $1,148,145,869 (against $860,973,666) ; and loans,
discounts and bankers' acceptances, $603,571,042 (compared
with $544,312,305).
The capital of the bank remans un¬
changed at $77,500,000, but surplus, and undivided profits
are now $82,100,800 compared
with $80,275,900 at the end
bankers, $1,030,259,008
.
4
The
Bank Famers Trust Co., New York, reported
of June 30, 1941, total deposits of $86,823,117 and total
as
City
114,016,372, compared with $90,188,333 and $116,-
assets of
890,113, respectively, on Dec. 31 last.
Cash and due from
banks amounted to $37,232,583, against $46,340,438; holdings
of United States Government obligations
(direct or fully
$44,950,961, against $37,357,300, and loans
$4,171,4*29, compared with $6,150,593.
to
advances
and
to
Capital and surplus remain unchanged at $10,000,000 each,
but
undivided profits
now
stand at $5,283,003, against
$5,124,393
Dec. 31, 1940.
on
4
Guaranty Trust Co., of New York, announces the appoint¬
ment of R. T. Tupper Barrett as a Second Vice-President.
Mr. Barrett was formerly a Joint Manager of the company's
offices in France and was recently Joint Manager of their
office in Vichy.
:'-VV''"''
4
V:
■
"...
"\.v-
Guaranty Trust Co., of New York, announces the transfer
of Robert H. Craft, Second Vice-President, to the United
Government
States
Arrangements
New York, in its statement of
$2,934,824,of $3,145,875,843, compared, respec¬
of June 30, 1941, shows deposits of
condition
guaranteed)
motion picture
exhibitor in the Northwest, as State Administrator for Ore¬
gon
$8,722,539 against $8,595,451 and
acceptances,
on
$9,580,341.
Special Counsel to the Southern
Co. before being appointed to the Commission by President Collidge.
as
$29,436,927,
and
$44,627,927 against $46,554,589 and $46,587,785; marketable
bonds and stocks (valued at lower of cost or market), $12,695,184 against $12,704,686 and
$10,222,250; customers'
Railway and Assistant General Counsel of the Newport News Shipbuilding
has served three terms
items compare
three months ago and a year ago; cash,
of 1940.
degree of LL.D.
March 31 and $25,115,926 on June 30, 1940.
as follows with the figures for
on
asset
will
under
be
H.
Arthur
the
Bond
Department.
joint supervision
This
of Messrs;
department
Craft and
Kiendl, Second Vice-Presidents.
—4—
,
«
A
voluntary payroll deduction plan
for the purchase of
instituted by the
Defense Savings Bonds, Series E, has been
New
the
State
York
Bankers
Association's
Harold J.
York
Association
employees,
it
was
are
participating.
been
has
Association
from
deductions
July
8
by
of July 1, the
make semi-monthly
Effective
authorized
checks.
pay
the suggestion of
to
When
an
as
amount sufficient
"E" bond has accumulated to the credit of
an employee, the Association will arrange for the purchase
and delivery of the bond to the staff member.
'
to
purchase
an
-
Frederick E.
Hasler, Chairman of the Executive Commit¬
tee of the Continental Bank & Trust
Co., of New York, for
the past ten years was
Board at
He is
a
elevated to the Chairmanship of the
the monthly meeting of the directors of the bank.
Vice-President of the New York State Chamber of
Commerce
and
a
director
in
many
of
the
country's
out¬
standing industrial corporations.
Other officers elected at
the meeting were:
Ferdinand M. Bissell, Assistant VicePresident ;
Russell Hauser and Richard Campbell, Assistant
Secretaries.
Mr. Hasler who
came
to the
was
United
for
Savings
savings
Mr.
in
bank,
the
born in Westerfield, Essex, England,
States at the turn
of the century and
Bank
York, New York's oldest
Welldon was elected a Trustee.
City of New
Samuel
A.
is Vice-President of The First National
Welldon
of New York.
Bank
;
All employees in the New
Marshall, Secretary.
office
at
announced
At the July meeting of the Board of Trustees of The
4—
'
William H. Suydam,
retired Vice-President of the Central
Hanover Bank & Trust Co., New York City, was killed on
June 28 when he was struck by an automobile at Trinity
Place and Rector Street,
was
65
service
years
with
this
tions;
Mr. Suydam, who
28 after 50 years of
Central Hanover and predecessor institu¬
reported in our issue of March 15, page
old,
the
was
New York City.
retired
last
Feb.
Since his retirement he had maintained an office as
1690.
financial consultant at 1 Wall Street.
A member of
an
a
old
Brooklyn family, Mr. Suydam was a director of the Frank¬
lin National Insurance Co., of New York, and the Trans¬
continental
in
the
decessor
wide
Insurance
Co.
He
started
his
banking
career
then Hanover National Bank, pre¬
of the present bank, at the age of 15, and had a
employ
of the
experience
in
many
departments of
the
bank.
Mr.
Suydam was instrumental in building up the Central Han¬
over's foreign
business and for many years had been con¬
nected with the foreign exchange department.
4
brokerage firm of J. H. Winchester & Co.
of the
American Smelters Steamship Co.
Two years after that,
he was made assistant to the President of the Chesepeake &
entered the ship
Valentine W. Smith, a retired
After three years with that firm, he became manager
Ohio Coal & Coke Co.
us
Further advices which have come to
regarding his activities state:
of the Manhattan Co.,
Vice-President of the Bank
New York City, died
on
June 26 after
year's illness at his home in Mattituck, Long Island. Mr.
Smith, who was 72 years old, retired in 1930.
A native of
Merrick, L. I., Mr. Smith entered the banking business in
a
The Commercial & Financial Chronicle
190
1888
clerk
a
as
with
firm
the
Smith & Co., of
of Wallace
Far Iiockaway,
Queens.
Later he was Cashier of the Far
Rockaway Bank and when this institution was merged with
the Bank of Long Island he was made Vice-President and
Director.
In 1020 when the Bank of Long Island was taken
by the Bank of the Manhattan Co., Mr. Smith became
a Vice-President in charge of the Trust Department of the
Queens division in Jamaica, serving until his retirement
over
to
1003 he moved
New York and established with Arthur Lipper the firm
of
Arthur
investment
own
brokerage
In
house.
This firm was dissolved in 1034
from business, except that he
held his Stock Exchange seat until 1036.
and
Lipper & Co.
Louchheim
Mr.
retired
«
and
kins
Co.
&
profits
as
customer's
a
Later
Mr.
Appenzellar
$55,016,021 from $54,848,544 on
to
pointed out that the figures of Old Colony
is
Co., which is beneficially owned by the stockholders
the statement.
♦
The National
State Bank,
"
t
Newark, N. J., announced the
past week the election of Albert B. Drake as a director and
also
several
President
promotions in its personnel.
Mr. Drake is
the Lehigh Warehouse & Transportation of
of
Newark; President of the Lackawanna Warehouse, Jersey
and trustee of the Franklin Savings Institution of
The following are the promotions announced by
City,
Newark.
bank
the
man.
have risen
It
of The First National Bank of Boston, are not included in
Frederick I.
Donald Cameron Appenzellar,
stock broker, died suddenly
on June 30 at his home in New York City.
He was 65 years
old.
Mr. Appenzellar had been in the brokerage business
for the last 35 years and at the time of his death was asso¬
ciated with Carl M. Loeb, Ithoades & Co.
Born at Chambersburg, Pa., Mr. Appenzellar was graduted from Dickin¬
son College in 1800, coming to New York to enter the news¬
paper profession.
After five years, during which he was on
the staff of the Evening Journal and the New York City
News Association, he went with the firm of Lathrop, Has-
total
earlier date);
the
on
986,186), and State and municipal securities to $14,152,347
(against $13,025,755).
No change has been made in the
bank's capital
which stands at '$27,812,500, but surplus
Trust
York
Stock Exchange and former partner in the firm of Arthur
Lipper & Co., died on July 5 at his home in Deal, N. J. He
was 71 years old.
A native of Philadelphia, Mr. Louchheim
first engaged in the security business in that city, heading
Loucliheim, former member of the New
F.
Harry
banks
from
407,523
Dec. 31.
1
his
$460,981,996 (comparing with $490,loans, discounts and invest¬
ments to $282,138,930 (against $272,530,595); United States
Government securities to $141,522,880 (compared with $126,-
due
"I
in 1030.
July 12, 1941
Williams,
Sherred
George E.
Wilson, to be Vice-President and Trust Officer;
be
to
Cashier
Assistant
Assistant
and
and
Officer,
Trust
Depue, to be Assistant Trust Officer.
»
Funeral services for Emil Winter, Pittsburgh banker and
industrialist who died
July 5 at the Hotel Plaza, in New
on
York City, were held in Pittsburgh on July 8.
Mr. Winter,
who was 83 years old, was President of the Workingman's
Savings Bank & Trust Co., Pittsburgh, besides heading
sev¬
industrial
eral
corporations at the time of his death.
The
summary
of his career is from the Pittsburgh
following
partner in the firms of N. L. Carpenter & Co.
and J. P. Benkard & Co., and upon the death of the senior
"Post Gazette" of July 7:
partner of the latter firm organized the firm of Appenzellar,
lieb
served
as
a
In 1029 the firm of
Allen & Ilill.
Appenzellar, Allen & Hill
dissolved and Mr. Appenzellar became an associate in Loeb,
Ithoades & Co.
-O:'".'
O'
♦
Adam
Schneider
Roosevelt
Savings
Jr.
has
Bank,
been
President
made
of
the
N.
Y., succeeding the
late John W. Fraser.
He was formerly First Vice-President
and Controller.
A native of Brooklyn, Mr. Schneider joined
the Roosevelt Savings Bank in 1004 as a clerk, gradually
rising through the ranks to his present position in Brooklyn
banking. Other new officers elected by the Board of Trus¬
tees to serve in 1941 are Charles A. Van Iderstine, First
Vice-President; James A. Stewart, Second Vice-President,
and Joseph E. Schwab, Controller and Auditor.
New trus¬
tees elected were Bryer H. Pen dry, now counsel for the
bank, and Dr. Philip Embry Smith.
Brooklyn,
The death of Mr. Fraser
on May 27, 1941
May 31, page 3438.
>
in these columns
mentioned
was
♦
July 9, 1891, Mr. Doscher advanced through various de¬
and was appointed Assistant Cashier in 1920,
partments
Cashier
and
member
a
and Vice-President in
served its 75th
of
the
Board
Trustees
in
1923,
On June 30, last, the bank ob¬
1935.
anniversary.
In
H.
re¬
Roberts from
also
R. B.
Dayton, President of the Bank of Port Jefferson, of
Port Jefferson, L. I., completed 50
years of service with the
Entering
the
employ
of
the bank
on
July 1,
clerk and
bookkeeper, Mr. Dayton received the
title of Assistant Cashier in 1892, was elected a Director in
1901, Cashier in 1912, Vice-President and Executive Manager
in 1924, and President in 1929.
Mr. Dayton is also a Trus¬
tee of the Union Savings Bank, of
Patchogue, L. I.
statement
of
He
condition
of
The
County
Trust
Co.,
Plains, N. Y., as of June 30, 1941, showed deposits
of $21,082,514.06 as
compared with $15,635,744.80 a year
ago.
Holdings of U. S. Government Bonds are $4,425,589.56
compared with $2,821,590.99.
$9,464,621.99
capital
733.48
year
received
cents
as
funds
a
on
per
compared
July
$7,227,196.06.
as
compared
Stockholders of
ago.
share
June 19, 1941.
Total loans and discounts
with
$2,050,944.29
are
1st
on
This
regular
a
stock
was
and John
founder
a
the
organized
to
in
bank's
the
made
Austro-Ameriean
the
Announcement
covering all
National
deposits
as
on
Bank
of
of
offices
dividend
their
of
condition
as
and
Boston,
names
of
Co.
which
the
under
Briede
method
of
extracting
his
protect
to
Metals
Aus¬
Corp.
in
which
magnesium,
of the United States Government.
use
'
z;
♦
made
was
Co.
Magnesium
■
.
July 1 by the Board of Di¬
on
The directors of the Cleveland Trust Co., Cleveland, Ohio,
July 7 elected I. F. Freiberger to the newly-created of¬
on
fice of Chairman of the Board and at the same time elected
George Gund
President of the bank,
as
Harris Creech.
Mr.
to succeed the late
Creech, who had been President since
May 18 as noted in these columns of May 24,
An announcement by the bank states that crea¬
on
3281.
tion of the office of Chairman
with the bank's
ranking
new
of the Board
"is in keeping
half-billion dollar institu¬
as a
reported in its June 30 financial statements."
as
Freiberger has been
Mr.
director of the institution since 1939
a
and has been with the bank since 1901 in the administration
of its trust department which ranks with the largest in the
Mr. Gund has been
world.
lowing summaries of the
Mr.
Freiberger
Central
College.
and
became
third
He
has been
of the two
The fol¬
from
are
men
the Cleveland Trust:
born in New York City, Dec. 12, 1879, and attended
was
High School of
win-Wallace
director since 1937.
a
careers
the announcement issued by
Cleveland,
He joined
Assistant
Western
Reserve
University and
the Cleveland Trust Co.
Trust
Officer
in
on
Sept.
Bald¬
4,
1901
Assistant Secretary
1909,
in
1913, Trust Officer in 1914, Vice-President in 1915 and Director in 1939.
about
a
30
member of
years
ago,
the
bank's
is
and
executive committee
director
a
of
many
its
since
important
incep¬
corpora¬
including the Champion Realty Co., F. D. Cummer Co., Forest City
Publishing Co., Island Creek Coal Co., Hollenden Hotel Co., Morris-Poeton
Coal
Co.,
of
of
Amsterdam
Co.,
Plain
Dealer
assets
of
First
total
$941,050,549.
compared, respectively, with $837,063,944 and $939,646,451
Dec. 31. 1940.
In the present
statement, cash and
Publishing
Co.,
Creek
Pond
Co., Queen City Coal Co., Williamson Co., Wyoming Pocahontas
Coal and Coke Co., Cleveland Baseball Co. and National Refining Co.
Mr.
School
a
Gund
was born April 13,
1888.
He was graduated from University
Cleveland, received his degree from Harvard University and was
in
member
He
25
as
New
Pocahontas
the
he
started
him
first class
developed
sold
in
his
1929
in
the Harvard
Kaftee
to
business
National
Bank
the
Hag
Coffee
Kellogg
and
banking
where
he
the
into
of Battle
career
in
Military
Camp
and
finance
committee
Wayne and
of
became
the
School.
naional
a
food
Creek,
Mich.
1910
as
a
messenger
captain
a
He is also
Lincoln
in
a
statement
of
in
National
In
1917 he attended
World War.
the
He
director and member of
Life
Insurance
director of the Georgia Home Insurance Co.,
Ga., and the Pacific Mutual Life Insurance Co. of Los Angeles.
The First
product
successively held various posts which
president of the Gund Realty Co.
Ft.
Co.
Business
wide background of banking experience.
a
Plattsburg
is
of the
Gund
Seattle
gave
June 30,
foreign branches, the
Boston, Mass.. reports
$835,257,225 and total
Products
America
Magnesite
a
♦
1941,
Wallace
Executive Vice-President, to succeed Mr. Hill as President.
which
the 118th consecutive dividend paid
In addition to its White Plains
statement
McCook,
Vice-President of the
as
State-Planters Bank & Trust Co., Richmond,
rectors of the
County Trust Co.
son.
condensed
Savings
established the Pitts¬
He
Steel
in
American
the
Hausgirg
"■>
v
Pittsurgh
tubes
organized
He
>
Mr.
Office, County Trust operates offices in Scarsdale, Hartsdale, Mamaroneck, Pleasantville and Hastings-on-the-Hud-
its
Workingman's
President of that company.
as
the
utilize
of
has been sold for the
process
$1,959,-
quarterly
registered
The
with
by The County Trust Co.
In
the
of
Bindley, and served
seamless
first
holdings.
1930
tion
White
as
on
1902,
tions,
«
The
was
the
trian
tion
Brooklyn.
a
control
in partnership with Willis F.
1902,
and served
process,
«
as
plant
throughout the lives of his partners.
He
introduced
•
Chester A. Allen, Vice-President and Trustee of the Kings
County Trust Co., of Brooklyn, N. Y., has been elected a
Trustee of the Williamsburg Savings Bank, of
1891,
packing
with the Real Estate Loan and Trust Co.
which he headed at his death.
in
Rowe and Edwin
H.
firm
In 1883 he and Gott¬
meat
He disposed of this business in
area.
purchased
Winter
burgh Steel Co.
''
Brooklyn Savings Bank, Brooklyn, N. Y.,
cently announced the promotion of John
Assistant Comptroller to Vice-President.
institution.
Mr.
form the bank
to
abattoir
operated by Armour & Co.
now
1897,
Sept. 7, 1857.
wholesale
a
Bank of Alleghany and merged in
page
South
established
Island, the first in the
and it is
1923, died
♦
The
of
Herrs
born in Pittsburgh,
was
Dallenbaeh
Va., of the election of Julien H. Hill, formerly President, as
Chairman of the Board, and H. H. Augustine, formerly
George H. Doscher, Vice-IPresident of the Lincoln Savings
Bank of Brooklyn, on July 9 celebrated the
completion of
50 years of service with the bank.
Starting in a minor post
on
Winter
Mr.
Co.
of
Columbus,
—
National Bank of Chicago, Chicago, 111., in its
of condition
as
of
June
30, shows total deposits
$1,261,276,006 and total assets of $1,341,030,649
compar¬
ing, respectively,
April 4, 1941.
in
the
current
with $1,153,718,514 and $1,231,992,742 on
The principal items comprising the resources
statement
are:
Cash
and
due
from
banks,
$447,255,627
$333,128,427
(against
(States
United
on
earlier
the
unchanged
$30,000,000
at
and
of
with
$2,203,938
Bank & Trust Co.
$160,213,563, com¬
June 30,
1940.
Cash shows a substantial increase totaling $99,692,094. as compared
with $79,880,717 at the year end, and $72,697,593 on June 30, 1940.
Securities, including U. S. Government bonds and notes, State, county and
municipal bonds, and other bonds and securities, total $97,971,144, a de¬
crease of $4,390,595 from the securities held at the end of 1940.
Total
of
111., in its condition statement as of
June 30, 1941, reports total resources of $1,742,924,525 (as
against $1,638,846,586 on April 4, 1941), of which the prin¬
items
cipal
Cash
are:
and
due
from
banks, $613,604,317
This compares with $322,960,085 on
resources
.
«
In
its
deposits of $177,090,911.
When compared with its
statement, a gain is revealed of $14,568,469
of the corresponding period of a year ago a gain in
showed
$799,995,641), and loans and discounts,
(against $213,975,443).
Total deposits are
$248,168,150
shown as $1,609,637,609, having risen from $1,510,024,607 on
April 4. The bank's capital and surplus remain unchanged
at $50,000,000 and $40,000,000, respectively, and undivided
profits are now $19,904,536, as compared with $14,346,101
deposits of $26,525,702.
year-end
and
as
months show
the
increasing
Loans and discounts in the past six
$6,396,284.
According to Presi¬
increase of
an
recent gains have been in
S. Dick,
Paul
dent
conditions
seasonal
of
tempo
requirements.
keeping with
and defense
'
«
the earlier date.
on
as of June 30tli,
Portland, Oregon,
of
Bank
National
States
United
the
statement
semi-annual financial
last
with
1940, and $141,957,385 on
high of $372,385,403.
at an all-time
are
••
(against $524,677,866 on April 4) ; United States Govern¬
ment obligations, direct and fully guaranteed, $794,435,700
(compared
Loans currently total
June 30, 1940.
on
pared with $156,767,388 on Dec. 31,
$3,948,933 from
Chicago,
Chicago,
bank's mid-year statement, to
Dec. 31, 1940, and
brings the current total, as shown in the
$303,755,263
♦
Illinois National
Continental
The
$18,000,000 in deposits during the'first
than
$341,125,135.
April 4, 1941.
on
more
year
$40,000,000, respec¬
tively, while undivided profits advanced to
all-time high.
A gain
six months of the
American Trust Co. again reports deposits at an
date) ;
(compared
$449,220,110
obligations,
$448,483,280) ; loans and discounts, $354,132,749 (against
$345,469,842), and other bonds and securities, $77,319,688
(against $50,890,198.
The bank's capital and surplus fund
remain
191
The Commercial & t inancial Chronicle
153
Volume
Cable
«
received
advices
New York
the
by
London
from
Barclays Bank Ltd., state that for the
six months of 1941, the Board of Directors have de¬
Representative of
The Harris Trust
statement
of
Savings Bank, Chicago, 111., in its
and
condition
as
June 30,
of
1941, reveals total
first
clared interim dividends at the rate of 10% per annum on
"A"
deposits of $330,785,789 and total assets of $356,081,179, com¬
the
$314,405,424 and $338,282,781 on
Dec. 31, 1940.
The chief items comprising the resources in
the current statement are: Cash on hand, in Federal Re¬
serve Bank
and due from banks and bankers, $124,990,434
shares, and 14%
Shares.
respectively,
pared
with
on the earlier date) ; time loans and
$77,333,116 (contrasting with $65,573,540) ;
S. Government securities, $50,082,659 (against $55,454,-
(against $115,669,156
These
paid for
rates
it
per
is
many years now
annum
noted
on
the "B" and "C"
with those
identical
are
by Barclays Bank Ltd.
♦
Total resources of
reached
Barclays Bank, Ltd., London, England,
all-time high of £609,153,288 as at June
an
30, 1911,
bills discounted,
according to cabled advices of the statement figures received
U.
July
$44,263,859 (against
$45,740,495), and other bonds and investments, $44,107,892
(compared with $43,973,233).
The bank's capital and sur¬
plus continue at $6,000,000 and $8,000,000, respectively, but
undivided profits are now $4,395,427, against $4,021,907 at
000)
State and municipal securities,
;
11
Gingell,
by C. A.
representative in New York of;.
Barclays Bank, Ltd.
Deposits are reported as £568,845,048,
which is also the highest amount in the long history of the
bank.
On the asset side the main items are as follows:
hand and
Cash in
with
Balances
collection
the end of 1940.
with
other
£58,574,717
the Bank of England;
British
banks
and
checks
the
close
of
business
June 30,
1941,
the National
of Detroit, Detroit, Mich., showed total deposits of
$663,100,365 and total resources of $701,450,382, as com¬
Bank
assets are: United
States Government
se¬
curities $268,699,998 (as against $237,958,446 on the
previous
date) ; cash on hand and due other banks $268,361,785 (com¬
pared with $241,687,748), and total loans (including loans
and discounts, real estate mortgages and overdrafts) $108,304,922 (against $82,869,439).
Capital account in given in
the June 30 statement at $34,232,157 (of which $8,961,875 is
preferred stock, $8,250,000 common stock, $8,538,125 surplus,
$7,219,508 undivided profits and $1,262,648 reserve for retire¬
ment of preferred stock) and compares with $33,384,201 at
the end of 1940
(hiade up of $9,086,875 preferred stock,
$8,250,000 common stock $8,413,125 surplus, $6,815,737 un¬
divided profits and $818,464 reserve for retirement of pre¬
ferred
stock).
V':!'
A.
P.
in New
-
.•
,
♦
.
•/.
.;.r\
Imahorn, President of the Hi hernia National Bank
on July 2 that the Board of
Stouse, Assistant Vice-Presi¬
dent, and H. Edward Heiny, Assistant Cashier.
Mr. Stouse
Orleans, La., announced
Directors
for
the
appointed James A.
past eight years has been manager of the bank's
and Mr. Heiny has been associated with
bond department,
the business
development department.
♦
Andrew J. Davis Jr., Vice-President of the First National
Bank of Butte, Mont., was elected President to succeed his
father,
the
late
Andrew
J.
Davis who
died
in
Butte
on
June 22, it is learned from the Montana "Standard" of June
29.
George U. Hill, Cashier, was elected to succeed to the
Vice-Presidency and James P. Lowney, Assistant Cashier,
was
named
Mr.
Hill's
Mr.
successor.
Davis has served
as
Vice-President of the bank since 1929.
——♦
.
Operating earnings of the American Trust Co., San Fran¬
cisco, for the six months ended June 30, 1941, according to
Blyth & Co., Inc., amounted to $886,017, after expenses,
depreciation and taxes but before additions to reserves.
This was equivalent to $5.91 per share of preferred stock
and $1.96 per share of common stock.
Comparable operat¬
ing earnings for the six months ended June 30, 1940, were
$906,619, equivalent to $6.04 per share of preferred stock I
and $2.02 per share of common stock.
Non-operating earn¬
ings, representing profit on sale of securities and recoveries,
for the six months ended June 30, 1941, were $1,137,113.
Profit on sale of securities accounted for $1,124,315 of this
amount, a major portion of which was transferred to bond
reserves
after provisions for the additional taxes arising
therefrom.
Non-operating earnings for the six months
ended June 30, 1940, were $306,403.
Of total earnings for
the six months ended June 30, 1941, $100,000 were carried
to undivided profits account; dividends of $450,000 were paid
during the period; and the balance of earnings in the amount
of $1,473,130 was added to various reserves.
Further de¬
tails
are
furnished
as
follows:
25,406,691
—_—
*
23,306,550
37,597,651
Treasury deposit receipts
100,000,000
:
151,194,589
Investments
£144,357,760 securities of
(Including
British
pared respectively with $589,829,360 and $627,377,026 on
Dec. 31, 1940.
In the present statement, the principal items
comprising the
of
/
Bills discounted
at
course
—
Money at call and short notice
As
in
._i
Bills
or
guaranteed by the
Government)
discounted
and
also
advances
and
customers
to
the.
£185,641,508.
Treasury deposit
receipts and investments in securities of or guaranteed by
others,
latter
it
is stated,
figure
show
standing
decreases
over
a
year
ago,
at
the British Government more than account for this drop,
investment
the
figure having increased by £44,000,000.
THE
CURB
MARKET
Advancing prices and a gradually increasing volume of
were the dominating features of the dealings on the New
York Curb Exchange during much of the present week.
In¬
dustrial issues attracted a considerable part of the speculative
sales
attention and
numerous
substantial advances and
some new
tops were apparent over a broad list.
Public utilities pre¬
ferred stocks were active and strong, but the changes were less
Petroleum
and card¬
board shares registered fractional advances, and some modest
gains were recorded among the shipbuilding shares and air¬
pronounced than those
issues
were
among
the industrials.
in demand at improving prices, paper
craft issues.
Mixed price changes with only minor variations were the
outstanding features of the trading during the abbreviated
session on Saturday.
The transfers were light, the volume
of sales amounting to approximately 36,000 shares with many
active issues ordinarily traded in, absent from the list. Air¬
craft stocks were unsettled with Cessna moving up to a new
peak for the year at 5%, while Beech was lower and Fairchild
Engine & Airplane was down.
Aluminum stocks were gen¬
erally off, and the paper and cardboard issues moved within
a
Shipbuilding shares were quiet and
little activity apparent among the oil stocks.
Industrial stocks featured the dealings on Monday,
narrow range.
there
was
and
a
gains were registered in this group as
Public utilities were generally lower
number of substantial
the
session ended.
although there were a number of the more active issues that
moved against the trend, notably, Cities Service pref., which
advanced 4% points to 72, and Cities Service pref. BB.
which forged ahead 5)^ points to 67^.
Empire Gas & Fuel
8% pref. advanced 5 points to 105, and the 6% pref. gained
4Yz points at 104. Aircraft stocks were stronger, and prac¬
tically all of the active issues recorded fractional gains. Paper
and cardboard shares were higher, and the shipbuilding issues
generally stronger.
again moved upward on Tuesday, featured by
advances among the industrials and a sharp in¬
crease in the volume of transfers.
The turnover totaled ap¬
were
The market
substantial
proximately 198,000 shares against 127,000 on Monday.
Bqll moving forward a point to 20^,
while most of the balance of the group registered minor gains.
Paper and cardboard stocks were active and higher, and the
petroleum shares continued to show moderate strength.
Noteworthy among the advances were Aluminum Co. of
America, 2l/i points to 115; Gulf Oil, 2points to 119^;
and St. Regis Paper pref., 3 points to 98.
Aircraft issues were up,
The Commercial & Financial Chronicle
192
Curb stocks again moved higher on Wednesday, and num¬
erous
as
gains ranging from 1 to 5 or more points were apparent
the session ended.
The advance covered
a
wide front with
practically every active group participating in the upward
swing. Aircraft stocks moved within a narrow range, and the
paper and cardboard issues were somewhat lower due to
profit taking. In other sections of the list, the advances in¬
cluded such active shares as New England Tel. & Tel., 2
points to 118%; Pittsburgh Plate Glass, 1% points to 80;
Sanford Mills, 3% points to 25%-Singer Manufacturing Co.,
2% points to 114%; and United Shoe Machinery, 1% points
to 58 A'
Stocks continued their advance on Thursday, and while
some declines were in evidence in the slow moving section,
there were about three dozen issues that registered advances
of a point or more.
Industrial shares were the center of
speculative interest, and there was considerable attention
directed toward the public utilities and the oil shares.
Todd
shipyards was stronger and forged ahead to a new peak at
104% with a gain of 2% points.
Aircraft stocks moved
ahead under the leadership of Waco, which closed up 1%
points to 4%.
Irregular price movements marked the trading during the
greater part of the session on Friday. There were a number
of declines ranging up to a point or more, but the market,
as a
whole, pointed upward as the session ended. Aircraft
shares were unsettled, Bell moving downward, while Waco
advanced fractionally, and Beech, Bellanca and Vultee were
unchanged. Paper & Cardboard shares were stronger; St.
Regis common and Taggart Corp. both registering fractional
gains. Todd Shipyards lost 2 points to 102% and cancelled
most of its advance of the preceding day.
As compared with
last Thursday, prices were slightly higher, American Cyanamid B closing last night at 40 34 against 39% on Thursday a
week ago.
American Light and Traction 133^ against 12%;
Bell Aircraft, 21% against 19%; Cons. Gas, Electric Light
& Power Co. of Baltimore, 58% against 57%.; Creole Petro¬
leum, 17% against 16%; Glen Alden Coal Co., 14 against 13;
Gulf Oil Corp., 37% against 34%; Sherwin Williams Co., 78
against 77; Singer Mfg. Co., 117% against 111; Technicolor,
9% against 8%, and United Shoe Machinery, 59% against
July 12, 1941
FOREIGN
EXCHANGE
RATES
Pursuant to the
requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
FOREIGN
a
record for the week just passed-
EXCHANGE
RATES
CERTIFIED
BANK TO TREA8URY
JULY 5,
FEDERAL
BY
UNDER TARIFF ACT OF
DAILY
TRANSACTIONS
AT
THE
NEW
YORK
Noon Buying Rate for Cable Transfers in Nero York
Value in United Slates Money
Country and Monetary
Unit
July
5
7
July
July
$
$
Europe—
Belgium, belga
Bulgaria, lev
a
a
a
9
July
10
July 11
S
$
a
a
a
a
a
a
a
a
a
a
Denmark, krone....
July
a
a
Czechoelor'la. kornua
8
a
$
a
a
a
a
Engl'd, pound sterl'g
Official
,035000
4.035000
4.035000
4.035000
4.035000
4.035000
Free
,030937
4.030625
4.030937
4.030625
4.030625
4.030000
a
a
a
a
a
a
a
a
a
a
a
a
a
Finland, Markka
France,franc
Germany, relchsmark
a
a
a
a
a
a
a
a
Greece, drachma
a
a
Hungary, pengo
Italy, lira..
a
a
a
a
a
a
Netherlands, guilder
a
a
a
a
Norway, krone
a
a
a
a
Poland, zloty
Portugal, escudo
a
a
a
a
c
a
a
a
c
c
c
Rumania, leu
a
a
a
Spain, peseta
a
a
a
a
Sweden, krona
c
c
c
c
Switzerland, franc
c
c
c
c
Yugoslavia, dinar...
a
a
a
a
!■.
a
Asia—
China—
Chefoo (yuan) dol'r
Hankow (yuan) dol
Shanghai (yuan) dol
a
a
a
a
a
.051837*
.051481*
Tientsin (yuan) dol
a
a
.051581*
.051250*
a
.051*481*
.051993*
a
dollar.
.243750
.243387
.243312
.243387
.243625
.244112
India (British) rupee-
.301283
.301283
.301283
.301283
.301283
.301283
Japan, yen
.234391
.234390
.234390
.234390
.234390
.234390
Straits Settlem'ts, dol
.471600
.471600
.471600
.471600
.471600
.471600
228000
3.228000
Hongkong,
Australasia—
Australia, pound
EXCHANGE
CURB
3.228000
3.228C00
3.228000
211875
3.211875
3.211875
3.211250
3.211250
3.211250
224458
3.224458
3.224458
3.223833
3.223833
3.223833
3.980000
3.980000
3.980000
3.980000
3.680000
Official
Free
New Zealand, pound.
Africa—
.909090
.909C90
.909090
.909090
.909090
.883660
.882890
.881640
.881953
.881718
.881875
.205440*
.205425*
.205425*
.205425*
.205425*
.205425*
Official
.909090
.909090
.909090
.909090
.909090
.909090
Free
.881250
.880312
.879062
.879375
.879218
.897375
.297753*
.909090
Free
Bonds {Par Value)
Mexico, peso..
Newfoundl'd, dollar-
{Number
Week Ended
of
July 11. 1941
Shares)
Foreign
Domestic
Foreign
Government
Total
Corporate
South America—
Saturday
Monday
35,735
127,435
Tuesday
$300,000
945,000
197,555
2,000
1,203,000
1,064,000
13,000
166,190
893,000
1,000
1,003,000
$143,000
$42,000
$5,423,000
1,002,000
$5,238,000
Official
.297733*
.297733*
.297733*
.297733*
.297733*
Free
.237044*
.237044*
.237044*
.237044*
.237044*
.237044*
Official
.060575*
.060575*
.060575*
.060575*
.060575*
.060575*
Free
.050575*
.050575*
.050600*
.050600*
.050600*
.050600*
Brazil, milreis—
Chile, peso—
1
Sates at
Argentina, peso—
948,000
5,000
21,000
878,000
857,450
Total
$312,000
51,000
2,000
992,000
162,735
$12,000
1,000
77,000
1,121,000
167,800
_
Wednesday
Thursday
Friday
Official
.
Week Ended July 11
c
c
Export
.
c
c
c
c
.569825*
.569800*
.569800*
Controlled
.658300*
.658300*
.658300*
Non-controlled
.437600*
.437533*
.437566*
Uruguay,
Exchange
1941
Stocks—No. of shares.
Bonds
1940
857,450
1941
464,530
1940
13,320,059
$5,238,000
143,000
42,000
Total...
$4,797,000
$140,370,000
43,000
2,294,000
1,413,000
$4,910,000
$144,077,000
$187,643,000
Nominal rate,
4,067,000
LONDON
STOCK
EXCHANGE
Quotations of representative stocks
each day of the past week:
Sat.,
Mon.,
5
July
July
B^s Pure Drugs
7
July
35/3
received
as
Tues.,
34/3
BritUih Amer Tobacco.
♦Cable &W (ord)
Wed.,
8
July
Thurs.,
Fri.,
July 10
July 11
36/_
9
35/9
by cable
36/q
83/3
83/9
85/-
£58#
£58#
£60#
£61
£61#
£10#
Central Mln& Invest..
Cons Goldfleldt of S A.
£11
£11
£11
£n
37/6
39/9
£6^
Courtaulds S & Co
Distillers Co
37/6
30/3
37/6
30/9
£7^
64/9
65/-
£6 J*
12/3
Electric & Musical Ind.
Ford Ltd
12/3
65/12/3
19'9
.658300*
.658300*
.437566*
.437566*
a
No rates available,
c
.437566*
Temporarily omitted.
COURSE
20/-
20/-
86/9
37/6
30/9
£6K
65/3
12/20/- '
24/-
86/9
37/6
31/9
OF
BANK
CLEARINGS
Bank clearings this week show an increase compared
with
Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, July 12)
clearings from all cities of the United States from which it
is possible to obtain weekly clearings will be 20.5% above
those for the corresponding week last year.
Our preliminary
total stands at $6,587,694,971, against $5,468,311,462 for
the same week in 1940.
At this center there is a gain for
the week ended Friday of 20.3%.
Our comparative sum¬
mary for the week follows:
year ago.
£7#
65/3
Clearings—Returns by Telegraph
12/-
Week Ending July 12
Per
1941
1940
$2,298,490,390
245,896,663
143,840,000
+24.9
107,397,440
80,301,246
88,545,806
+ 20.5
Cleveland
$2,766,205,476
303,035,872
402,000.000
215,558,056
104,697,058
99,300,000
179,688,000
129,396,555
118,282,332
113,981,150
Baltimore
Closed
Hudsons Bay Co
103,016,508
64,943,818
+ 58.6
$4,535,161,007
952,367,645
$3,683,268,066
+ 23.1
799,673.425
+ 19.1
$5,487,528,652
1,100,166,319
$4,482,941,491
985.369,971
+22.4
$6,587,694,971
$5,468,311,462
+ 20.5
24/-
24/-
24/-
96/3
£14,^
100/7#
£14^
103/9
£14^
103/9
Chicago
£14^
Philadelphia-
75/6
75 ^
75/6
75/6
Boston
Kansas
RunHK??rf
75/~
£6^
£QVi
24/-
£6V*
£6Ji
£6#
RoUs Royce..........
£5Yl
£5^
£5^
72/6
72/6
75/-
£5#
76/9
£5#
76/9
rrnuLJrTSr18iP0
vSSfi °laS8eS
43 ^
24/3
45/*~
24/6
46/3
24/6
46/9
24/3
15/9
15/9
15/9
46/9
24/6
15/9
£4H
£4*u
moiPn
15/9
Areaa
£47i«
£47i«
New York
City..
St. Louis
San Francisco.
Pittsburgh
Detroit
Eleven cities, five days
Other cities, five days
FINANCIAL MARKET—PER
CABLE
Total all cities, five days..
The
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the
past week:
Sat.,
July
Mon.,
July 7
5
Tues.,
July
8
Wed.,
July
9
Thurs.,
Fri.,
July 10
July 11
Silver, per oz.d
Closed
Gold, p. fine oz.
Consols, 2)4%.
168s.
Closed
Brtish3Mw l
£82#
£105#
£82#
£105#
£82#
£105#
£82#
Closed
£82#
£105 3-16
£105#
Closed
£114#
£114#
£114#
£114#
£114#
23#d.
23#d.
23#d.
168s.
168s.
168s.
British 4s,1960-
*990
price of silver
on
the
same
per
ounce
23#d.
168s.
23#d
168s
(in cents) in the United
days has been:
BarN.
Y.f
(Foreign) «
U. S. Treasury
(newly mined)
All cities, one day
Total all cities for week
71.11
34#
,
71.11
34#
71.11
74,200,000
+ 20.3
+23.2
+28.8
+23.6
+ 12.3
+ 33.8
+47.3
+ 28.7
34#
34#
34#
71.11
71.11
71,11
*
+ 11.7
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends
today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all
has to be estimated.
detailed statement, however, which we
present further below, we are able to give final and complete
cases
In the elaborate
results
34#
312,000,000
174,444,128
93,208,575
£47H
Per £100 par value.
ENGLISH
Cent
20/-
j*3/9
y
States
.658300*
peso—
$182,241,000
a
THE
.569800*
1,335,000
70,000
$5,423,000
Foreign government
Foreign corporate
.569800*
27,452,042
*
Domestic
c
c
.569825*
Colombia, peso.....
Jan. 1 to July 11
New York Curb
The
3.228000
Canada, dollar—
Official
Stocks
as
RESERVE
1930
1941, TO JULY 11, 1941, INCLUSIVE
South Africa, pound. 3.980000
North America—
54%.
*
We
cable transfers in the different countries of the world.
give below
for
the
week
For that week there
of
previous—the
was an
week
ended
July 5.
increase of 23.0%, the aggregate
clearings for the whole
country
having amounted
to
Volume
The Commercial &
153
$6,828,446,191, against $5,550,808,511 in the same week in
1940.
Outside of this city there was an increase of 27.4%,
the bank clearings at this center having recorded a gain of
the cities according to the Federal Re¬
located and from this it
appears that in the New York Reserve District (including
this city) the totals register an expansion of 19.3%, in the
Boston Reserve District of 24.8% and in the Philadelphia
Reserve District of 34.2%.
In the Cleveland Reserve Dis¬
trict the totals are larger by 34.4%, in the Richmond Reserve
District by 5.8% and in the Atlanta Reserve District by
20.3%.
In the Chicago Reserve District the totals show an
increase of 37.4%, in the St. Louis Reserve District of
38.6% and in the Minneapolis Reserve District of 23.8%.
In the Kansas City Reserve District the totals record a gain
of 25.4%, in the Dallas Reserve District of 23.8% and in the
19.3%.
serve
We
Week Ended Jidy 5
Clearings atInc. or
San Francisco Reserve District of 9.9%.
following
furnish
we
a summary
%
Seventh Feder al Reserve D istrict—Chic ago—
—11.5
476,422
454,981
+ 68.0
76,647,560
+ 27.3
2,737,468
1,200,604
421,467
175,789,654
3,975,521
2,327,476
2,735,135
M ichAnnArbor
Detroit
Grand
Rapids
_
Lansing
Ind.—Ft.
Wayne
Indianapolis
Bend
by Federal Reserve
7,188,864
Terre Haute
Wis.—Milwaukee
23,519,725
la.—Ced. Rapids
1,564,291
11,204,718
Des
Moines
Sioux
4,315,650
353,742
City
111.—Bloomington
Peoria
Springfield
Reserve
Federal
2d
PhiladelpblalO
4th
7
Richmond.-
6
Atlanta--_.10
Chicago
St. Louis—
Minneapolis
7
18
479,324,146
406,377,880
+34.2
359,247,290
306,041,028
402,559,307
299,528,047
225,828,245
+34.4
256,544,882
156,700,410
148,041,578
+5.8
120,716,072
120,345,200
196,254,816
163,204,906
+20.3
140,086,668
829,000
691,000
+ 20.0
639.000
182,894,515
131,979,273
+ 38.6
121,601,908
Reserve Dis trict—Minne
a polls-
105,812,925
Total
(4 cities)
658,682,085
479,324,146
+37.4
182,894,515
131,979,273
+38.6
121,601,908
130,370,108
105,343,057
+23.8
93,464,421
85,768,930
Ninth Federal
162,367,596
129,503,064 +25.4
60,110,554 +23.8
124,077,243
118,900,641
Minn.—Duluth..
74,390,762
57,210,732
52,705,367
261,408,229
237,802,202
+9.9
202,108,223
205,436,113
6,828,446,191
5.550,808,511
+23.0
5,468,226,348
4,587,004,001
3,220,235,295
2,527,105,854
+27.4
2,201,287,750
2,026,380,155
383,990,955
3,694,262
87,968,708
30,293,272
2,670,451
1,105,044
864,860
Minneapolis
St. Paul.,.,.,
+ 8.9
394,900,506
detailed statement showing last
our
Dec.
1940
1941
650,586
3,773,511
3,301,651
+ 14.3
2,697,036
130,370,108
105,343,057
+23.8
93,464,421
Tenth Federal
Reserve Dis trict
1938
Boston
Reserve Dist rict
623,187
526,701
759,560
3,235,831
259,014,851
2,000,981
+ 61.7
2,307,163
1,820,018
204,452,582
+26.7
191,917,043
+ 31.7
726,938
303,501
557,277
178,480,927
623,970
671,042
884,027
+ 5.3
,
411,649
391,095
New Bedford..
713,037
649,400
+ 9.8
3,461,571
—16.9
2,473,245
11,332,612
5,660,399
—2.3
R.I.—Providence
2,877,857
2,415,348
13,929,992
6,004,101
15,405,100
N.H.—Manches'r
1,668,851
New Haven
+22.9
+6.1
3,172,744
1,925,145
11,084,365
4,702,247
+ 18.8
178,981
3,796,357
27,480,591
—25.6
2,839,102
+ 23.7
2,787,965
+ 13.5
4,244,477
+ 8.0
112,528,096
86,979,984
+ 29.4
25,866,981
2,372,657
3,958,042
84,353,839
3,556,809
579,930
821,882
2,525,481
632,267
+ 40.8
—8.3
2,808,770
987,455
818,053
+0.5
608,144
162,367,596
129,503,064
+ 25.4
124,077,243
Joseph.,.
Colo.—Col. Spgs
Pueblo
Total (10 cities)
300,005
541,793
2,989,981
1,780,828
9,635,859
3,973,351
9,683,300
227,755,922
749,132
211,105,865
246,211,100
+24.8
Feder al Reserve D i st rict—New
York-
14,528,243
1,346,745
+ 95.9
4,057,281
1,389,101
+ 3.1
31,000,000
577,288
28,800,000
384,371
+ 7.6
1,180,658
25,400,000
+ 50.2
386,462
25, 600,000
508,042
713,584
804,377
307,368,040
Total (12 cities)
28,457,657
N. Y.—Albany..
Blnghamton
Buffalo
Elmira
912,913
1,023,710
New York3,608,210,896 3,023,702,657
9,482,189
Rochester
10,708,967
5,616,602
5,837,935
Syracuse
5,636,683
Conn.—Stamford
6,766,171
655,813
N. J.—Montclair
558,820
Jamestown
+ 12.1
+ 19.3
+ 12.9
+ 3.9
+ 20.0
Eleventh Fede ral
District—Da lias—
Reserve
—11.6
3.143,005
2,873,000
1,288,062
3,171,404
—0.9
2,968,934
60,110,554
+ 23.8
57,210,732
Fort Worth
8,915,387
Galveston
2,997,000
1,138,118
La.—Shreveport.
Total (6 cities).
,266,938,598 2,560 623,846
7, 489,247
9,548,156
5, 414,346
4,509,769
4 129,598
4,613,485
Yakima
Ore.—Portland..
Utah—S. L. City
438,781
391,003
15 471,090
Northern N. J.
31,322,798
30,412,174
+ 3.0
33 296,181
1,371,117
3,080,412
Santa Barbara
Francisco
Stockton
+ 14.9
—
5.6
28,787,589
1,269,593
25,745,449
14,512,493
3,861,114
+ 2.6
3,220,254
118,024,000
3,111,935
1,521,262
2,054,534
+ 9.9
202,108,223
—3.8
—1.5
237,802,202
+ 19.3 3,357,742,643 2,662,099,505
Total (10 cities)
+ 30.8
136,917,000
2,967,814
1,402,120
3,000,941
261,408,229
San Jose.
—1
1,375,364
33,962,759
15,810,461
3,738,285
3,045,464
2,930,644
134,849,574
2,668,350
Pasadena
San
•
3,529,194
Calif.—L'g Beach
+ 37.8
35,581,994
49,027,319
1,349,028
44,433,626
18,168,965
.
...
16,783,910
23,171,959
—10.1
—2.2
Reserve Dist rict—Philad elphia
Third Federal
Pa.—Altoona
1,352,844
709,221
1,412,165
517,000,000
2,273,346
572,070
Chester
Lancaster
Philadelphia
Reading
2,652,977
1,042,965
Scranton......
.
York
N. J.—Trenton..
1,610,318
16,696,700
545,424,288
+ 17.8
531,867
724,322
+ 86.8
599,350
424,498
673,752
Bethlehem
+ 67.1
323,413
479,676
478,013
297,659
1,052,385
295,000,000
1,363,262
+ 3.6
1,067,699
389,000,000
+ 32.9
343,000.000
1,787,600
+ 27.2
—16.9
6,747,400 + 124.7
+ 34.2
359,247,290
306,041,028
Grand
total
(112
6,828.446,191 5,550,808,511
cities)
+ 23.0 5,468,226,348 4,587,004,001
2,527,105,854
+ 27.4 2,201,287,750 2.026,380,155
Outside New York 3.220,235,295
1,830,333
3,193,164
998,681
1,566,883
1,976,172
2,723,299
838,672
1,179,218
7,007,600
406,377,880
+4.4
+ 2.8
Total (10
cities)
Fourth
1,980,862
1,010,305
1,197,798
2,741,000
Feder al Reserve D istrict—Clev eland—
Week Ended July
Ohio—Canton
Cincinnati....
Columbus.....
Youngstown
Pa.—Pittsburgh
_
Total (7 cities).
+60.3
+45.7
+42.7
+ 34.4
256,544,882
225,828,245
+2.6
3,599,629
172,125,467
11,479,700
1,622,098
2,470,543
120,627,245
402,559,307
299,528,047
11,773,300
2,600,879
Mansfield
1,998,170
48,281,671
73,528,321
8,599,200
1,347,959
2,175,661
89,897,263
+ 24.4
133,306,826
Cleveland..
2,109,013
49,648,805
84,370,112
10,010,100
1,587,297
3,493,159
105,326,396
2,403,155
57,719,753
103,205,553
2,989,653
76,163,553
+ 32.0
+ 29.2
Inc. or
Reserve Dist rict
Fifth Federal
Va.—Norfolk...
....
S. C.—Charleston
Md.—Baltimore
.
D.C.—Washing'n
Richm ond-
666,979
+ 17.8
364,554
307,555
3,770,000
35,855,477
—22.0
2,238,000
+ 19.7
2,617,000
31,762,077
1,231,715
61,503,435
23,237,291
29,916,483
1,100,594
65,730,477
21,052,091
+ 5.8
120,716,072
120,345,200
785,657
2,939,000
38,893,815
1,733,352
78,197,769
34,150,817
1,480,991
77,732,121
+ 17.0
28,536,010
156,700,410
148,041,578
+ 8.5
+0.6
1940
1941
$
Canada—
Montreal
'■
—
20,549,802
62,548,222
Vancouver
Ottawa..
5,064,461
3,407,123
7,036,517
7,066,384
2,198,569
1,910,670
2,898,280
5,319,856
5,368,227
QuebeeHalifax.
Hamilton
Calgary..,
...
St. John
Victoria
...
Sixth Federal
Tenn.—KnoxvUle
Nashville
...
Augusta
Macon
Fla.—Jacks'nvllle
Ala.—Birm'ham
Mobile
Miss.—Jackson.
Vicksburg
La.—New Orleans
Total (10 cities)
Reserve Dist rict—Atlant
—9.8
+ 7.3
46,400,000
14,640,806
40,300,000
—14.6
1,237,855
782,108
+7.4
729,154
913,506
19,865,000
+ 52.8
14,543,000
19,225,823
2,137,022
+ 31.6
16,971,000
17,284,909
1,813,816
4,479,549
18,859,564
59,100,000
—6.6
1,262,632
996,891
928,240
30,353,000
26,503,961
2,811,309
3,529,148
4,317,587
15,110,191
4,185,524
17,019,081
63,400,000
1,078,886
+ 37.9
13,329,883
1,296,041
x
x
1*45,846
188,532
241,230
49,664,934
242,490
—0.5
37,104,586
+ 33.9
36,076,310
27,578,929
196,254,816
163,204,906
+20.3
140,086,668
117,101,953
Dec.
%
+ 2.3
+ 0.3
—14.9
—6.6
2,087,608
1,899,288
—8.0
3,117,533
4,416,848
3,237,181
4,247,834
3,844,081
332,666
535,131
3,695,225
1,350,779
*610,500
1,357,300
+ 22.7
4,735,658
435,778
+ 13.4
Lethbridge
572,546
531,729
+ 7.7
+ 5.5
1,406,911
+ 24.6
630,750
566,029
+ 11.4
1,243,327
1,282,026
1,081,891
1,058,904
714,734
+ 14.9
+ 34.4
1,752,563
Moose Jaw
Brantford
Fort William
New Westminster
829,427
+21.1
+ 16.0
325,757
242,407
Peterborough
736,278
665,211
+ 10.7
Sherbrooke.
640,698
889,528
—28.0
1,200,755
3,046,767
—5.4
—
Kitchener
1,136,263
Windsor
3,904,267
431,494
Prince Albert
Moncton
...
Kingston
Chatham
927,860
772,073
695,998
778,438
2,837,209
5,118,981
4,888,031
2,256,062
391,071
467,598
584,652
'
1,222,558
686,086
738,933
1,179,708
255,015
663,673
231,013
777,631
650,560
743,123
859,985
2,960,957
+27.4
+7.2
1,156,388
1,217,787
3,138,174
333,378
816,451
—9.9
616,415
680.119
649,798
+28.1
1,168,266
317,311
748,360
624,011
+24.7
459,012
996,435
+21.4
505,063
527,248
1,083,175
1,020,003
429,851,823
394,900.506
+8.9
383,990,955
355,362,055
465,927
Sudbury
*
338,743
994,488
6,297,864
1,209,439
...
Sarnia
Total (32
114,168,209
121,100,409
27,609,343
18,340,575
24,372,280
3,149,209
4,336,213
Saskatoon
$
$
2,584,967
2,046,130
459,694
Reglna
1938
1939
130,929,527
127,300,174
32,845,607
20,378,166
21,705,285
5,988,211
2,767,456
6,036,657
4,764,824
2,013,558
114,524,004
100,917,294
73,855,174 —14.2
+ 13.5
18,098,418
27,520,725 + 127.3
+ 22.5
4,623,826
+ 6.2
3,207,520
—1.3
7,125,885
+ 13.7
6,216,705
Brandon
Edmonton
Medicine Hat
cities).
S
,
117,153,774
107,279,172
63,361,380
Winnipeg
London
W.Va.—Hunt'ton
3
Clearings al—
Toronto.
Ga.—Atlanta.
Franc lsco—•
Twelfth Feder al Reserve D istrict—'San
Wash.—Seattle
+ 10.4
Total (6
+ 4.3
970,615
—14.0
Richmond
+ 52.2
7, 401,160
21.904,314
.
2,398,708
41,964,925
6,888,684
2,166,000
823,481
+ 24.6
74,390,782
Dallas..
24,172,672
Wilkes-Barre
+ 8.5
1,770,227
45,148,366
5,859,495
1,920,290
56,276,982
Texas—Austin..
Newark.-
cities) 3,750,026,015 3,143,382,704
103,272
+ 33.6
Wichita Falls.
+ 19.0
12,945,500
1,413,113
9,292,200
1,144,112
City
+ 34.8
Kan.—Topeka..
St.
+ 6.3
807,396
as
125,178
2,823,918
33,991,163
3,163,106
4,583,592
Mo.—Kan. City.
_%
Kans
112,711
167,217
Omaha
1939
—
151,883
Hastings
Wichita...
$
Conn.—Hartford
2,034,511
674,105
+ 6.9
Lincoln
Worcester
+ 19.0
week's
Inc. or
Springfield
23,909,482
+ 51.7
Mont.'—Billings.
Total (7cities).
Clearings at-
River
60,580,569
+ 13.4
808,706
Helena.
429,851,823
2,918,132
+ 29.7
728,580
S.D.—Aberdeen.
Neb.—Fremont..
.
—1.3
3,743,836
67,804,191
26,711,218
2,244,875
355,362,055
N. D.—Fargo..
Week Ended July 5
Portland
x
x
x
x
375,858,229
II
Me.—Bangor
+ 42.2
117,101,953
II
add
24,003,275
Qulncy
407,670,344
figures for each city separately for the four years:
Total (12
Lo uis—
30,701,878
14,961,030
3,143,382,704
32 cities
Second
1,628,707
407,670,344
75.300,000
545,424,288
Outside N. Y. City
Fall
—8.2
+ 37.4
+ 45.1
111.—Jacksonville
•»
10
Lowell
1,717,826
+ 35.4
3.750,026,015
112 cities
.
3,483,049
1,308,911
32,012,742
16,875,531
211,105,865
««
6
Mass.—Boston
+ 19.4
82,400,000
2,662,099,505
W
10th Kansas City 10
Federal
964,281
+ 26.9
2,009,000
46,462,240
227,755,922
««
4
9th
First
1,128,967
4,297,769
+ 2.7
111,600,000
3,357,742,643
M
7th
now
255,856,135
1 Reserve Dis trict—St.
Eighth Federa
+ 19.3
M
8th
We
S
246,211,100
307,368,040
««
Cleveland..
5th
Canada
1938
S
%
+24.8
M
6th
Total
1939
Dec.
S
S
«*
New York._ 12
3d
12th San Fran
315,757
+ 33.0
658,682,085
Ky.—Louisville.,
Tenn.— Memphis
Dists.
11th Dallas
3,162,974
287,946,724
Mo.—St. Louis.,
12 cities
Boston
1st
10,433,104
CLEARINGS
1940
1941
1941
5,
July
2,290,277
4,754,233
19,423,732
1,206,993
—15.8
1,159,689
5,452,892
2,398,925
1,577,348
Decatur
1,010,578
20,791,000
419,983
382,981,886
Chicago
Inc.or
End.
+ 38.4
+ 12.8
+ 17.2
22,629,000
2,143,726 + 142.0
+ 12.7
6,377,016
+0.8
23,326,551
+ 34.1
1,166,511
+ 12.4
9,972,234
+ 12.8
3,825,640
5,187.102
South
Total (18 cities)
SUMMARY OF BANK
104,658,183
3,121,736
1,682,129
2,424,729
26,528,000
Rockford
districts:
Week
1939
Dec.
1940
1941
group
districts in which they are
In the
193
Financial Chronicle
cities)
Estimated,
x
+ 1.5
No figures available.
Note—Westchester Clearing House
discontinued.
506,109
194
The Commercial & Financial Chronicle
REDEMPTION
CALLS
AND
SINKING
Aetna Standard Engineering Co. 5% pref. (qu.)_
Agnew-Surpass Shoe Stores, common (s.-a.)
preferred stocks called for rederax>tion, including tbose called
under sinking fund provisions.
The date indicates the rederrrption
last date for making tenders, and
or
number gives the location in which the details
the
the
page
—
93
2:1591
2:4115
94
2:4116
2:4117
95
2:4118
96
239
2:3965
Aug,
1
Bag Corp. 6% bonds
.Aug.
1
1st mtge. bonds
Aug.
1
Bush Terminal Co. 1st mtge. bonds..
July 25
Chesapeake & Ohio Ry. 314% bonds
Aug.
1
Chicago Union Station Co., 314% bonds
Sept.
1
*
Coast Counties, Gas & Electric Co.
4% bonds, series B.Sept. 1
Consolidated Aircraft Corp. S3 pref. stock
Aug. 30
*
Consolidated Gas Electric Light & Power Co. of Bait,—
First mortgage bonds.
Aug.
1
Driver-Harris Co. 7% preferred stock
Aug. 11
East Tennessee Light & Power Co. 5% bonds
Aug.
1
6% refunding bonds
Nov.
1
—
.
Bates Valve
Blaw-Knox Co.
239
2:4121
2:2550
...
Eastern Gas & Fuel Associates 1st mtge. bonds
Federal Light & Traction Co. 5% bonds
General Water Gas & Electric Co.
July
Sept.
5% bonds
.....Aug.
Great Consol. Elec. Power Co., Ltd., 1st
mtge. bonds
Aug.
Greenbrier, Cheat & Elk RR, 5% bonds
July
West Virginia, ext. 5s.
July
(R.) Hoe & Co.. Inc. 614% preferred stock..
July
Holly Sugar Corp. 1st mtge. bonds
July
Houston Oil Co. of Texas. 414% bonds
Aug.
Iowa Power & Light Co. 1st mtge. bonds
..Sept.
Keith Memorial Theatre Corp. 1st
mtge. bonds
...Nov.
*
Moore Drop Forging Co. class A
shares.....
July
Nebraska Light & Power Co. 1st mtge. 6s
Nov.
New Mexico Power Co. $7 pref. stock
Aug.
...
New York State Electric <fe Gas
Corp.—
First mortgage 414s, 1980
21
98
2:3805
99
2:4124
1
1
1
15
15
28
15
1
1
2:3655
2:3655
100
2:4125
2:3657
101
21
247
1
2:3032
15
2:3819
7
7
249
249
'
1
Nov.
1
Nov.
Announcements this week.
x
107
2:4135
2:3981
2:3983
109
2:4137
2:4137
2:1586
12
2:3986
1
2:3827
1
114
June 28
1
256
2:2882
1
256
Aug
Sept.
Winslow Bros. & Smith Co. 514
% debs
♦
1
July 22
Sept. 2
Aug.
1
July 17
Aug.
1
Aug.
2
Aug.
1
...Aug.
1
Aug.
V, 152.
preferred
Bayside National Bank of N. Y. (s.-a.)
Extra.
BANKS
Wash.
To:
To:
TITLES
Bank & Union Trust Co. of
Spokane, Spokane,
"The Old National Bank of Spokane."
July 1—The Central National
Bank of
"The Central Northwestern
COMMON
Minneapolis, Minneapolis, Minn.
National Bank of Minneapolis."
CAPITAL
STOCK
Ami. of
From $57,680 to $82,680
Increase
$25,000
AUCTION
following securities
were
SALES
sold at auction
on
of the current week-
Wednesday
1
Stocks
'■
6% preferred (s.-a.)
Beverly Gas & Electric Co
Manufacturing Co. (quar
Bobbs-Merrill Co. 414% preferred
(quar.)..
Bourbon Stock Yards Co.
(quar.)
....
Boylston Market Association
5
$ per Share
138
10c.
—
73
Gas
pref., par $100; 26 Middle West Utilities Co.
&
common, par $5; 25 Empire
Elec.
Co.
class A;
31
Willys-Overland Co.
Public Service Corp. common
2;
$1,000 Sun-
crest Lumber Co.,
Inc., ctf. dep. series B, class 2 alldivs. In liquidation
paid;
40 United Public Service
Corp. common, par $1
$51 lot
15 Real Estate
Associates,
5 State Street
Exchange,
633 New Bedford
par
par
$100
4
$100
1
Storage Warehouse Co.,
par
$76
1*4
-
.
Dividends
first
we
are
bring together all the
current week.
we
grouped in two
Cessna Aircraft Co. (initial)
Chain Store Real Estate Trust
show the
Then
we
dividends
have not yet been paid.
previously
News
name
in
our
a
announced
the
second table in which
announced, but which
are
given under the
" General, Corporation and
Department" in the week when declared.
The dividends announced this week
In the
Further details and record of past
dividend payments in
many cases
pany
dividends
follow with
tables.
are:
5c
24*
July 21
Juiy 15
July 14
July 15
Sept. 3
Sept. 3
Oct.
25c
Oct.
60c
July
July
June 26
July
14
Oct.
Oct.
14
$2
$2
$314
July
Oct.
S314
J68 ?4 c Aug.
July
Aug.
15c
July
$114 Aug.
$1
Aug.
$1
July
$114 Aug.
15c
July
$2.20 July
10c
Aug.
10c
Aug.
$114
July
$2 July
t25c Aug.
75c
Aug.
15c
July
12 J^c
Aug.
1214c Aug.
Aug.
$1H
40c
Aug.
$3
July
$1
July
$1
July
$1H July
$1
July
$10
July
40c
Aug.
10c
July
Aug.
$1
$114 Aug.
%$114 Aug.
X$3
July
20c
$114
$1H
....
15
Oct.
15
July
•July
July
15
16
8
June 30
Tuly
July
July
July
July
8
28
2
18
10
2
31
31
8
10
2
2
9
1
1
21
25
29
7
•July
July
July
July
July
July
July
July
July
July
Tuly
July
July
July
June 20
June 20
June
24
July
3
July 19
July
5
July 25
July 12
July 15
June 20
Aug.
Aug.
July
July
15
15
June 30 June
18
July 15
July 15
July 25
Tuly 18
July 10
Aug.
Aug.
Aug.
Aug.
July
Aug.
Sept.
July
21
Aug. 30
Sept. 15
Oct.
...
(s.-a.)
July
Aug.
June 21
20c
$6
June
June 30
25c
(quar.)
Aug.
July
Cleveland Cincinnati Chicago & St. L.
Common (s.-a.)
Ry. Co
$5 July
^
5% preferred (quar.)..,
$1.25 July
Colgate-Palmolive-Peet Co., common (quar.)
Aug.
1214c
$4.25 preferred (quar.)
$1.0614 Sept.
Colon Development Co., Ltd.—
6% Redeemable convertible preferred—
114%
Columbia Gas & Electric,
6% pref. A (quar.)...
Aug.
$114
5% preferred (quar.)
$114
Aug.
5% preference (quar.)
$114
Aug.
Columbia Pictures Corp., $2.75 conv.
pf. (quar.)
68Hc Aug.
Concord Electric Co., common
70c
(quar.).
July
6% preferred (quar.)..
$1H July
Congoleum-Nairn, Inc. (quar.)
25c
Sept.
Consolidated Chemical Industries, Inc.—
$1.50 participating preferred, class A
(quar.). 3714c Aug.
Common, class B
75c
Aug.
Consolidated Coppermines Corp. (irreg.)
15c
Aug.
Extra
10c
Aug.
Consolidated Royalties, Inc., 6% pref.
J 15c July
(quar.).
Consolidated Royalty Oil (quar.).
July
Consolidated Steel Corp., $1.75 preferred
July
...
t43'Jc
com. v. t. c__
County Bank & Trust Co. (Cambridge, Mass.)—
Irregular
'
50c
15c
?3c
.July
18
21
31 July 21
31 July 21
15 July 22
30 Sept. 9
June 30
15
15
15
15
15
15
15
July 19
July 19
July 19
1
Aug.
5
July
5
July
Sept. 2
1 July
1
8
8
15
July
July
July
17
17
25
25
June 30
25 July
15 July
15
10
July
1 June 14
Aug. 15 July 29
Aug. 15 July 29
Aug.
Aug.
Sept.
Aug.
Aug.
July
July
July
July
July
July
July
July
16
$1
June
June
21
50c
...
414% preferred (quar.)
Dallas Power & Light, 7% |pref.
(quar.)
$6 preferred (quar.)
Dayton Rubber Mfg. Co., common.....
$2 preferred, class A (quar.)
Dean (W. E.) & Co., common
July
July
Aug.
Sept.
Sept.
June
30
3714c
$1H
$1 H
$114
25c
50c
(quar.)
20c
6% preferred (quar.).
Decca Records, Inc. com,
Extra
15c
(quar.)
15c
10c
...
Detroit Bank (Mich.)
(s.-a.)
De Vilbiss Co. common
!
7% preferred (quar.)_.
Diamond Shoe Corp. (quar.)
1714c
30c
50c
$2
rec.
1 July
16
Ordinary registered, extra
31
19
2
17
17
June
25
15
15
June 25
16
June 30
July 21
Aug. 15
Aug. 15
Aug.
Aug.
Aug.
3714c
114c
July
Aug.
7
1
1
1
1
July
July
July
8
3
17
June 27
July
15
Corp., Ltd.—
5% preferred (quar.)
Dominion Fire Insurance Co.
aim
aW%0
Dominion & Anglo Investment
July
July
Sept.
July
July
July
July
for ord. reg.
Distillers Corp .-Seagrams, Ltd.,
5% pf. (quar.).
District Bond Co. (Los
Angeles), 6% pf. (qura.)
Dividend Shares, Inc
(Toronto) (s.-a.)_
Dominion-Scottish Investments, Ltd.—
5% preferred (accum.)
Early & Daniel Co
;
Aug.
Mining & Milling Co.—
common
(Pa.) (s.-a.)
Electric Household Utilities
Corp. (irreg.)
Williamsport RR. Co. (s.-a.)
l,Ti
J50c
50c
■
...
E as ton National Bank
20c
2c
Cresson Consol. Gold
Common (quar.)
Cuneo Press. Inc.,
July
ilv
2.5c
common
Citizens Nat. Bank (Covington,
Ky.)
Clark (D. L.) Co. (irreg.)
Extra.
com¬
Investment
r
50c
70c
...
(Mass.) (quar.).
Final
separate
1 Sept.
Aug.
July
July
July
25c
.
Dictaphone Corp., common
8% preferred (quar.)
Distillers Co., Ltd., Amer.
dep.
DIVIDENDS
10
Aug. 29 Aug. 22*
Sept. 15 Sept. 2
$2.04
$1
...
___
Amoskeag Co. preferred
20 Texas-Louisiana Power
7%
Oct.
$1H
Aug. 15
Sept. 15
10
14 July 11
1 Sept.24♦
July
Oct.
Bridgeport City Trust (Conn.) (quar.).
Brocton Gas Light Co. (quar.)
Bronxville Trust Co. (N. Y.) (quar.)
Bullock's, Inc. (Los Angeles), 5% pref. (quar.)-Calgary Power Co., Ltd., 6% preferred (quar.)
Canadian Indemnity Co. (s-a.).___
Canadian Investment Fund, Ltd.—
Ordinary shares (irreg.)
X 5c
Special shares (irreg.;..
X 5c
Carpel Corp. (quar.).
50c
Central Power & Light Co. (Mass.)—•
7% preferred
_.f$ 2.91 2-3
6% preferredt$2J^
Central Railway Signal Co. pref., class A
$1
(qu.)._
Century Shares Trust (s.-a.)
41c
Extra
Second National Bank, Boston,
par $25--—;
common; 2 Associated
■;
Corporate Investors, Ltd., class A (quar.)
•■'q'".',
603 Hoosac Mills Corp. 1st
preferred
(quar.)
_
Constance Hotel Co. of Pasadena,
By R. L. Day & Co., Boston*
Shares
Oct.
tS2
$1
.....
INCREASED
July 3—Clifton Heights National Bank, Clifton Heights, Penn.
The
.
(irreg.).....
following information regarding National banks is
from the office of the
Comptroller of the Currency, Treasury
Department:
July 1—The Old National
_
7% preferred (quar.)
Chemical Products Corp., 7% pref.
Cincinnati Street Railway
The
CHANGES OF
_
—
Beau Brummel Ties, Inc.
(irreg.)
Berland Shoe Stores, Inc., common
Extra
Champion Paper & Fibre,
6% preferred (quar.)
NATIONAL
_
Extra
Bank of California National Asso. (quar.)
Baxter Laundries Corp. $4
Bibb
Nov.
*
Augusta & Savannah RR. Co. (irreg.)..
Baltimore American Insurance Co. (s.-a.)
2:3355
2:3355
23355
2:3355
2:3355
Prior lien 5s..
West Boylston Mfg. Co.
6% bonds
Williamsport Water Co. 5% bonds
Atlas Powder Co. 5% conv.
preferred (quar.)__.
Atlas Tack Corp..
Best & Co. common
1
Investing Corp. 514% debs
Arkansas Fuel Oil Co. 6% preferred (quar.)
Atlantic City Electric Co. $6 preferred (quar.)..
Atlantic Macaroni Co., Inc
Atlantic Safe Deposit Co. (N. Y.)
249
2:4133
Nov.
Western Reserve
'■
249
4% debentures
Republic Steel Corp. 4J^% bonds
Safe Harbor Water Power Corp. 4
14 % bonds
St. Joseph Ry., Light, Heat & Power Co.
4^ % bonds
San Angelo Telephone Co. 1st
mtge. bonds
Southeastern Power & Light Co.—See Commonwealth
&
Southern Corp
Southern Kraft Corp. 414% bonds
•_
July
Adjustm nt mtge. bonds
..Oct.
Quarterly
Amsterdam City Nat. Bank (N. Y.) (quar.)
Quarterly
Anglo-Canadian Tet. Co. 514% pref. (quar.).—
Anglo-Huronian, Ltd. (interim)
Appalachian Electric Power Co. 4:14% pref. (qu.)
7
1
Peoria Water Works Co—
Philadelphia Co. 5% bonds
Philadelphia Electric Power Co. 1st mtge. 514s
Poll-New England Theatres,
Inc., 1st mtge. bonds
American Motorists Ins. Co. (Chicago)
(quar.)..
American Nat. Bank & Tr. Co. (Chicago)
(quar.)
■
.-
1
15 July
15 Oct,
July
5c
7
.....
First consolidated 4s
First consolidated 5s
First & refunding 5s
Extra
'
2:3028
1
Aug.
First mortgage 4Hs, 1960
Aug.
First mortgage 4s, 1965
...............Aug.
514% preferred stock
....Aug.
Pacific Western Oil Corp.
314% debentures
...Aug.
*
2:2550
........
2
Sept,
Oct.
$2
$2
....
Page
Allied Owners Corp. 1st mtge. bonds
Aug.
1
American 1. G. Chemical Corp.—See General Aniline & Film.
Anaconda Copper Mining Co. 414 % debentures.Aug. 11
Armour & Co., Del, 4% bonds
»i
June 30 June 28
Sept, 2 Aug. 15
t20c
—
Dale
Payable of Record
140c
...
7% preferred (quarterly)
Agricultural Nat'l Bank (Pittsfield, Mass.) (qu.)
(Quarterly)....
Alliance Investment Corp. 6% preferred A
American Car & Foundry Co. common (resumed)
7% non-cum. preferred (quar.)
Accumulated (clearing up all previous undis¬
tributed earnings applic. to the preferred).
American Chicle Co. (quar.)
American Cities Power & Light Corp.—
$3 conv. class A, opt. div. series of 1928—
l-32d share of cl B stock, or at holders op¬
tion, 75c, in cash....,
American Equitable Assur. Co. of N. Y. (quar.).
American Fidelity Co. (quar.)
American Hydraulics. Inc. (initial)
American Insurance Co. (Newark)
(s.-a.)
Chronicle."
Company and Issue—
*
Extra
give in
were
Share
Company
Holders
When
Per
Name of
list of corporate bonds, notes, and
a
1941
FUND
NOTICES
Below will be found
July 12,
50c
25c
15c
Sept.
1 Aug. 15
June 30 June_30
Sept. 1 Aug.
July 15 July
July
July
June
July
July
July
20
10
10
20
30
10
Elmira &
$1.14
Nov.
Oct.
Empire District Electric, 6% preferred
Eppens, Smith Co. (s.-a.)
Exeter & Hampton Electric Co.
(quar.)
t$l 14
July
Aug.
July
July 14
July {25
July
|5
$2
$214
Volume
SIX
Extra
$2
Oct.
SIX
Farmers Deposit National Bank (Pitts.) (qu.)__
Farmers & Merchants Savings Bank (Oakland,
24
Newton Trust Co.
24
30
New York Merchandise Co.
July
June 30
tsix
July
July
July
July
July
July
July
July
July
July
(s.-a.)
75c
$1
$1
15c
Extra
Fidelity Fund, Inc. (quar.)
$6 1st preferred B
"56" Petroleum Corp
First Boston Corp. (irreg.)
16
21
Oct.
Sept. 25
Jan 2
Dec.
26
July
June
28
July
July
60c
$5
$4
:
19
July
Aug.
July
July
8
June
June 26
Occidental Insurance
June
June 26
First Nat. Bank (Pittston, Pa.)
First National Bank (Westfield,
July
$4
First National Bank (Wichita Falls)
Extra
Aug.
July
July
July
Aug.
July
July
July
75c
50c
First National Bank (York, Pa.) (s-a)
First National Trust & Savings Bank (San
15
40c
Diego)
June 27
5
1
July
June 30
June 30
June 30
Common (quar.)
25c
Aug.
1 July
21
(Quarterly)
5% preferred (quar.)
5% preferred (quar.)
25c
Nov.
1 Oct.
20
31Hc
3lXc
Aug.
1 July
21
Nov.
1 Oct.
20
First Stamford Nat'l Bank & Trust Co.
$1M
$0.60
69c
SIX
July 15
Aug.
5
July 15 July
June 20
July
Aug.
Aug.
July
July
80c
June
June 30
July
July
July
Aug.
July
Aug.
Aug.
July
15c
(Texas) (s-a)
Fox River Paper Co., preferred (initial)
Frankiin Fire Insurance Co. of Phila. (s.-a.)
Gisholt Machine Co
25c
Globe Knitting Works
15c
June 25
July
Aug.
Aug.
July
Sept.
July
Sept.
Sept.
July
July
June
General Shoe Corp. (irreg.)
Gibraltar First National Ins. Co.
Extra
SIX
25c
50c
(s-a)
$3
Y.) (s.-a.)
lc
Grouped Income Shares, series A
Guaranty Trust Co. of Canada (quar.)
—
HarnischfegerCorp., 5% pref. (quar.)_.
5% preferred, second issue (quar.)
HaskeliteMfg. Corp. (quar.)
Havana Electric & Utilities Co., 6% 1st pref—
Haverhill Electric Co
Hawaiian Pineapple Co. (extra)
Hawley Pulp & Paper Co., 1st pref
$7,1st preferredHires (Chas. E.) Co
Holly Sugar Corp., com
7% preferred (quar.)
Houston Light & Power $6 pref. (quar.)
7% preferred (quar.)
Howes Bros. Co. 7% 1st pref. (quar.)
7% 2d preferred (quar.)
6% preferred (quar.)
Humberstone Shoe Co., Ltd. (quar.)
Hutchins Investing Corp., $7 pref
Idaho Power Co. $6 preferred (quar.)
7% preferred (quar.)
Imperial Paper & Coior Corp. (irreg.)
Indiana Trust Co. (Indianapolis) (s-a)
Interchemical Corporation, common
6% preferred (quar.)_.
;—
International Metal Industries, Ltd.—
6 % convertible preference (accumulated)
6% convertible preference A
International Products Corp., 6% pref. (s-a)
Investors Telephone Co.Investors Trust Co. of R. I., partic. pref. (quar.)
Iron & Glass Dollar Savgs. Bank (.Pitts.) (s-a) —
James Mfg. Co. 5X% pref. series A (s.-a.)____
5% preferred series B (s.-a.)
—
Common (irreg.)
Jantzen Knitting Mills common
5% preferred (quar.)
Kansas City Life Insurance Co. (Mo.) (s.-a.) —
Kaynee Co. 7% preferred (quar.j
;
Knickerbocker Insurance Co. (N. Y.) (quar.)__
Kootenay Belle Gold Mines, Ltd. (quar.)
Kerr-Addison Gold Mines, Ltd. (interim)
Lawyers Title Ins. Corp. (Richmond, Va.)—
Class A (s.-a.)
Lazarus (F. & R.) & Co. (quar.)-Lincoln National Bank & Trust Co. (Syracuse,
N. Y.) (quar.)
Quarterly
Lincoln Printing Co., $3.50 pref. (quar.)
Lindell Trust Co. (St. Louis, Mo.) (quar.)_
Lorain Telephone Co. 6% preferred (quar.)
Lyon Metal Products, Inc.—
6% partic. preferred (quar.)
Macwhyte Co. (quar.)
'—
-
(irreg.)
Marquette Cement Mfg. Co. (Md.) 6% pf. (qu.)
McGraw Electric Co. (quar.)
McKales. Inc. (s.-a.)
Meier & Frank Co., Inc. (quar.)
Merchants Nat. Bank (Indianapolis) (quar.) —
Maiden Electric Co.
Extra
Michigan Gas &
6 % preferred
Midco Oil Corp
—_—-— —
National Bank of Duluth (s.-a.)
Moore Drop Forging Co. class A (quar.)
National Chemical & Mfg. Co. (quar.)
—
National Commercial Bank & Trust Co. of
i
Albany (N. Y.) common (quar.)
National Liberty Ins. Co. of America (s.-a.)
Minnesota
Nat. Savings
___
& Trust Co. (Wash,
___
D. C.) (quar.)
(s.-a.) —
(quar.)__
Naumkeag Trust Co. (Salem, Mass.)
Neisner Bros., Inc., 4X% conv. pref.
Nekoosa-Edwards Paper Co. common
;
New
New
—
Canada. Ltd. (irreg.)
Bedford Gas & Edison Light Co
Britain Trust Co. (Conn.) (s.-a.)
Neon Products of Western
SIX
SIX
25c
t75c
85c
$1
$7
$7
30c
25c
SIX
SIX
SIX
SIX
SIX
six
12 5c
til
SIX
SIX
SIX
July
May
Aug.
July
Sept.
Aug.
21
21
1
15
15
15
15
21
7
31
25
15
July
July
Aug.
July
June 30
June 28
June 28
Aug.
5
July 31
July
7
18
Apr. 20
July
June 20
Aug. 15
July
July
July
July
15
15
15
15
June
June 21
June
jJune 21
June 30 June 21
lJuly
Aug.
July 15 July
July
Aug.
July
Aug.
June
June
Co. (quar.)
17
8
8
10
Louis, Mo.) (quar.)
Plymouth County Electric Co. (irreg.)
Port Huron Sulphite & Paper Co.
4% cum. pref. (quar.)
Potomac Edison Co. 7% preferred (quar.)
6% preferred (quar.)
—
Procter & Gamble Co. (quar.)
Provincial Transport Co. (s.-a.)___
Public Service Co. of Colorado 7 % pref. (mthly.)
Randall Co. class A
Class B
15
5
15
15
18
(quar.)
(irreg.)
Reinsurance Corp.
of N. Y
Corp. $7 preferred
Royal Trust Co. (Montreal) (quar.)
Russell-Miller Milling Co
St. Lawrence Flour Mills, Ltd., common
7% preferred (quar.)
San Francisco Bank (Calif.) (s.-a.)-
Second Nat. Bank (Nashua,
50c
;—--
Securities Corp.
37Xc
$2
July
July
July
Aug.
Aug.
July
S2X
25c
10c
SIX
$8
21
June 25
June
27Xc
July
June 23
June 23
June 23
July
July
July
15
25
3
_
Bank (San Diego) (qu.)_
(quar.)
Co
Co. (resumed)
(quar.)
Simmons Co. (irreg.)
Solar Aircraft Co. $0.50 conv. pref. A (s.-a.)---South Side Bk. & Tr. Co. (Scranton, Pa.) (qu.)_
Somerville Trust Co. (N. J.) (increased) (qu.)_
South Western RR. Co—--------------- — -Southington Bank & Trust Co. (Conn.) (quar.)
Spiegel, Incorporated, common
—
$4.50 conv. pref. (quar.)
Springfield Gas Light Co. (quar.)
Sun Glow Industries, Inc. (quar.)
——
Silex Co.
Terminal Refrigerating &
June 24
Comrnon
+5c
Aug.
18
15
Aug.
7
Warehousing Corp.-
(semi-annual)
Texas Gulf
J2c
July
July
$3
July
July
June 30 June 25
35c
July
25 July
15
50c
July
Oct.
15 July
15 Oct.
7
50c
87Xc
25c
SIX
SIX
25c
25c
6
July
21
1 July 20
1 June 23
Aug.
July
1 July
1 June
15
July
1 June
18
Aug.
Aug.
1 July
18
$2
7
July 12 July
1 June 30
July
1 July 18
Aug.
July 19 June 30
1
Aug. 15 Aug.
June 30 June 30
$1
June 30 June 30
$1
SIX
50c
30c
15c
Aug.
1 Juiy
Aug.
1 July
July
50c
15c
July
Aug.
Aug.
21 Juiy
3 July
$5
SIX
1 July
1 July
15
15
10
3
21
15
—
Sulphur Co. (quar.)__-_
Texas Power & Light $6 preferred (quar.)-_-_
7% preferred (quar.)
—
Third National Bank & Trust Co. (Dayton)
(increased) (quar.)_.
-------rThird Nat. Bank & Trust Co. (Scranton, Pa.)Quarterly
Quarterly
Toburn Gold Mines, Ltd. (quar.)...
Extra
--
----
Shares, series A, registered _
Co., Ltd. (Toronto) (irreg.)
Tubize Chatillon Corp. $7 non-cum. class A
Tung-Sol Lamp Works, Inc., $0.80 pref. (qu.)-250 Beacon Street Co., common v. t.c
Union Buffalo Mills Co., 7% 1st pref
Union Market Nat. Bank (Watertown, Mass.)—
Trust Endowment
Trusts & Guarantee
Bank of Pasadena (Calif.) (s.-a.)--Union Nat. Bank (Sistersville, W. Va.) (s.-a.)-Union Old Lowell Nat. Bank (Mass.) (s.-a.)
U. S. Rubber Reclaiming 8% prior pref
Van Sciver (J. B.) Co. 7% preferred
Wallingford Bank & Trust Co. (Conn.) (quar.)--
Union
Extra——
Warren
Co
Tool Co
Nat. Bank (York,
Pa.) (s.-a.)
10c
Aug.
Willimantic Trust Co. (Conn.) (reduced, s.-a.)__
Wisconsin Public Service Co. 5% pref. (quar.)-.
Sept.
Dec.
31 Dec.
July
15 June 30
$1
SIX
20
July 15 June 30
1 July 25
Aug.
Wood, Alexander & James, Ltd.—
7% 1st preferred (accumulated)
Woolson Spice Co., common
6% preferred
Wool worth (F.
(quar.)
1 July
24
22
1 July
18
1 July
18
5
15 July
July
Aug.
Aug.
July
Aug.
Aug.
Aug.
July
July
July
July
July
5
25
June 20
19
July
June 21
July
July
15
20
June 30
July 19
July 19
July 26
June 30
June 20
June 20
June 27
—-
July
July
June 27
Sept. 30
July 29
Oct.
29
July
July
July
3
1
1
June 30
Juiy
Aug.
July 21
July 15
July 31
50c
25c
July
June 27
Juiy
June 30
50c
July
July
$2
June
June 27
S2X
July
June 30
SIX
June
June
16
15c
Aug.
July
19
Sept.
July
July
Sept.
July
30c
SIX
30c
12Xc
SIX
50c
SIX
SIX
5
1
5
June 29
June 30 June 20
Sept.15 Sept. 2
1 July 15
1 July 15
Aug.
Aug.
75c
June 30 June 26
45c
Aug. 15 Aug.
4
45c
Nov. 15 Nov.
3
13c
tic
8 l-5c
t$l
$1
20c
10c
t$2X
10c
50c
t50c
tsix
62 Xc
25c
60c
SIX
25c
dep.rets, (interim)
Wyoming Nat. Bank (Pa.) (s.-a7) —
Yuba Consolidated Gold Fields, Inc
24
June 25
tsix
W.) Co. (reduced)
Woolworth & Co., Ltd. Amer.
17
25 July
1 July
June 25
30c
6% class A pref. (quar.)
Wico Electric Co.
15 July
50c
26 July
Aug.
$5
15 July
50c
'
June
25c
Aug.
t30c
19
June
50c
July
$1
Aug.
25c
Aug.
S1.18X Aug.
19
1 July
$2
t$2X
Washington Oil Co
Waukesha Motor Co., extra
Western
19
1 July
50c
lc
40c
-
10c
3
31
15 July 31
1 July 23
1 July
3
1 July 15
30 Sept. 20
1 July
SIX
NatT
Warner & Swasey
21
25*
5
July
July
July
,
Seton Leather
July
SIX
12Xc
15 Aug.
211
Nov.
Sherman Lead
June 20
1 July
1 July
15 July
Oct.
General $7 preferred
Co. 5% prior pref.
1 June 25 1
Aug.
50c
Pa.) (s.-a.)__
$6 preferred
Security Trust & Savs.
50c
SIX
N. H.) (quar.)
Quarterly
Second Nat, Bank (Wilkes-Barre,
Sefton Fibre Can
15
15
125c
tsix
$2.70
$3
$2
June 27
June 30
18c
—-—-—
July
July
July
July
5
SIX
SIX
(Houston, Texas) (quar.)-..
June
Aug.
Aug.
July
July
Aug.
24 July
2
July 14 July
8
Aug.
1 July
Aug.
9 July 21
Aug.
1 July 28
June 30 June 27
50c
Aug.
Aug.
ts IX
19
5
July
(qu.)_
$3
SIX
June 23
July
Aug.
Aug.
Aug.
50c
t20c Aug.
58 l-3c Aug.
Aug.
50c
41 2-3c Aug.
July
50c
J 2 5c Aug.
Aug.
10c
Aug.
SIX
Aug.
50c
Aug.
25c
July
July
Aug.
50c
July
SIX
$20 Aug.
July
$1
Extra
Quarterly
June 30
July
July
t80c
Schenectady RR. (s.-a.)
Sayers-Scovill Co., common (quar.)
6% preferred (quar.)
Seattle Trust & Sav. Bk. (Seattle, Wash.)
16
16
18
June
$3
(quar.)
19
July
July
July
Aug.
July
75c
Saratoga &
Second Nat. Bank
June
7ifci
Reynolds (R. J.) Tobacco (quar. interim)
Rhode Island Electric Protective Co. (quar.) __
Rhode Island Hospital Trust Co. (Prov.) (qu.)_
Risdon Manufacturing (irreg.)
Rockland Light & Power Co. (quar.)
—
40c
21
21
--
19
19
19
July 19
July
37 Xc
62Xc
6% preferred (monthly)
5% preferred (monthly)
Puget Sound Pulp & Timber Co. (quar.)
Quebec Power Co. (quar.)—
Railway & Light Securities Co. common
$6 preferred (quar.)
__
June 30
Aug.
July
July
July
July
40c
Reserve Investing
May
July
July
July
Aug.
Aug.
July
July
May
July
Sept.
Aug.
Aug.
Aug.
Aug.
25c
— -—- _
Extra
tl2c
t$lX
t$l X
mx
Electric 7% preferred
.
20c
15c
(resumed)
Grace National Bank (N.
Grand view Mines—
Common
50c
25c
A
■——-----
Gillette Safety Razor
Extra
SIX
20c
Extra-_
Garner Royalties Co., Ltd., class
General Cigar 7% pref. (quar.)
July 15
July 15
Aug.
5
Aug.
Aug.
-
Plaza Bank (St.
18
18
25c
preferred (quar.)
(irreg.)
conv.
Common
Fort Worth National Bank
- _— -
Pennsylvania Gas Co
—
Peoples National Bank (Brooklyn, N. Y.) (s. -a.)
Peoria & Bureau Valley RR. Co. (irreg.)____-_
(Conn.)
(Quarterly)
Fitchburg Gas & Electric Light Co. (quar.)
Flambeau Paper Co., 6 % preferred (quar.)
Foote Bros. Gear & Machine Corp.—
-
July
July
July
58 l-3c
7% preferred (monthly)
—- — 50c
6% preferred (monthly)
41 2-3c
5% preferred (monthly)
—5X% preferred (quar.)
$10
Oil City Trust Co. (Pa.) (s.-a.)
15c
Olympia Brewing Co., common
15c
6% non-cum. participating preferred
40c
Oppenheim, Collins & Co. (resumed)——
$5
Orange National Bank (Mass.) (s.-a.)
70c
Pacific Guano & Fertilizer Co. (quar.)
75c
Pacific Lighting Corp. (quar.)
2c
Pacific Oil & Gas Development Corp
Paracale Gumans Consolidated Mining Co., Inc.
Mc
Monthly
1
July
50c
(s-a)
15
15
July
July
5% preferred (quar.)
June 30
$2
Mass.) (s-a)
7
21
July
July
July
July
SIX
Nunn-Bush Shoe Co., common
June 26
$2
75c
(s.-a.)
July
14
7
7
Ohio Public Service Co.—
July
July
(s-a)
First Nat. Bank (Paterson, N. J.) (s.-a.)
First National Bank (Pen Argyle, Pa.) (s-a)
16
14
Aug.
July
37 Xc
-
—
Northwestern Fire & Marine Ins.
Extra
First National Bank (North Easton, Mass.)
First National Bank (Oil City, Pa.) (irreg.)
21
Aug.
.
Northern Trust Co.
18
$3
Conn.) (s-a)
First National Bank (New Milford,
25c
18
July
July
July
July
July
July
Aug.
Aug.
S3X
(Philadelphia) (quar.)
Co. (s.-a.)
June 23
June
$2X
First Nat. Bank (Medford, Mass.) (s.-a.)
First National Bank (Nanticofce, Pa.) (s-a)
July
July
July
July
1
16
July
July
Extra.
June
50c
First National Bank (Dolgeville, N. Y.) (s-a)
First Nat'l Bank (Lynchburg, Va.) (s.-a.)
Aug.
Sept.
July
50c
50c
(quar.)
7% gtd. (s.-a.)
Northern Illinois Finance Corp., com. (quar.)
$1.50 conv. preferred (quar.)Northern RR. of New Hampshire (quar.)
North Philadelphia Trust Co. (quar.)
1
Aug.
75c
$3 pref. {quar.)__
Common, vot. trust ctfs. (reduced)
July
July
SIM
mx
mx
North Carolina RR. Co.
$1
_
- —
North Boston Lighting Props.
Common (irreg.)
3c
(Cin.) (quar.)
Quarterly
5X% pref. (final)
;
10
1
16
$1
Fifth-Third Union Trust Co.
(quar.)
New York State Elec. & Gas,
35c
7% preferred
Fidelity Bank (Durham, N. C.)
Fidelity &; Deposit Co. (Md.) (quar.)
(Mass.) (quar.)
Aug.
Aug.
55c
— _ — -
Newberry (J. J.) Co. 5% preferred A (quar.)
North American Car Corp. $6 1st pref. A
30 June 30
& Trust (Boyerst own,
Felin (J. J.) & Co., Inc.,
:
—
July
July
July
15c
New York Airbrake Co
.Extra
Aug.
Aug.
Aug.
50c
New
June
(s.-a.)
$10
$5
50c
England Trust Co. (s.-a.)
20
25
S3
Farmers National Bank
Pa.)
Aug.
July
July
50c
_
1 July
8 July
1 June
1 June
1 Sept.
Aug.
50c
Faber, Coe & Gregg, Inc., 7% pref. (quar.)
Fairchild Aviation Corp. (irreg.)
Fall River National Bank (Mass. (s.-a.)
Payable of Record
Share
Company
Holders
When
Per
Name of
Payable of Record
Share
Company
Holders
When
Per
Name of
Calif,
195
The Commercial & Financial Chronicle
153
SIX
40c
20
$1
10c
A-ug. 22 July 22
Aug. 22 July 22
July 15 June 30
July
2 June 24
Aug.
1 July 19
Aug.
1 July 18
8
July 15 July
July
1 June 23
Oct.
July
July
July
July
July
July
July
Aug.
Sept. 26
July
1
June 27
July
1
July 11
July
1
July
1
July
1
July 22
June
July
July
Juiy
July
July
June
July
June
July
July 31 July
1 July
Aug.
Aug.
1 July
13
8
15
30
20
9
15
16
June 30 June 26
June 30 June 26
Sept.
2 Aug. 11
Aug. 21 July 15
3
July 10 June
July
9
Aug.
196
Below
The Commercial & Financial Chronicle
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the
preceding table.
When
Per
Name of
Company
Share
4
X% preferred (quar.)
Abraham & Straus, Inc
Adams (J, D.) Manufacturing Co
Aeolian Co., 6% preferred, class A (initial)—.—
Affiliated Fund, Inc. (quar.)
—.a
Air Reduction Co,, Inc. (quar.)
SIX
50c
-
20c
$3
25c
Extra
25c
Alabama Power Co. $5 preferred (quar.)
Alaska Juneau Gold Mining Co
Alberene Stone Corp. of Virgin a (irreg.)
SIX
12Xc
.«
All Penn Oil & Gas Co. (quar.)___
5c
Allentown-Bethlehem Gas, 7% pref. (quar.)
87 Xc
Alpha Portland Cement Co
Aluminum Manufacturers, Inc. (quar.)
25c
Quarterly
7% preferred (quar.)
7% preferred (quar.)
Ama
malgamated Sugar Co., 5% pref. (quar.)
Amerada Corp. (quar.)
Amerex Holding Corp. (s.-a.)
American Airlines, Inc.—
$4.25 conv. pref. (qu.)
American Alliance Insurance Co. (quar.)
50c
50c
fig
i2m
50c
$1.06
...
25c
American Asphalt Roof Corp., 6% pref. (quar.)
American Barge Line Co.. new (initial)
American Can Co. (quar.)
American Colortype Co., common
Common
American District Telegraph Co.
SIX
25c
$1
15c
15c
-
5% preferred (quar.)
SIX
six
SIX
12Xc
SIX
_
20c
30c
6% preferred (quar.)
American Meter Co
American Nat'l Bank (Nashville,
Tenn.) (quar.)
American News Co. (bi-monthly)
37r1cc
American Paper Co., 7% preferred
(quar.).....
SIX
SIX
15c
30c
-
7% preferred (quar.)
15
15
15
15
1
15
15
June 30
June 30
July
July
5
5
1 July
1 July
18
7
25 July 10
July 15 July 10
Aug.
9 July 31
Sept. 25 Sept. 2
Sept. 30 Sept.15
Dec. 31 Dec. 15
Sept. 30 Sept. 15
Dec. 31 Dec. 15
Aug.
1 July 17
July 31 July 15*
Aug.
1 July
July
July
10
July
5
16 June 20
July 15 June 30
1 July 21
Aug.
Aug. 15 July 24
Sept. 15 Sept. 5
Dec.
15 Dec.
5
July 15 June 15
Sept.
1 Aug. 25
Dec.
1 Nov. 25
July 15 July
9
July 15 July
5
Aug.
1 July 14*
Aug.
1 July 15
Aug.
1 July 15
Sept. 16 Aug. 27
Sept. 30 Sept. 20
July 15 July
3
Sept. 15 Sept. 5
Dec.
15 Dec.
5
Amer. Radiator & Standard
Sanitary Corp.—
7% preferred (quar.)
American Rolling Mill Co., 4 X % conv. pf.
(qu.)
American Seating Co. (irreg.)
American Smelting & Refining Co., com
7% 1st preferred (quar.)
American Stores Co
American Stove Co
SIX
HP
50c
50c
yd
30c
American Telephone Co. (Abilene Kansas)
5% preferred (initial)
American Telephone & Telegraph Co.
17
July
15
15
1
15
1
1
21
12
50c
SIX
50c
$1
class B
30c
»
Babcock & Wilcox Co
>r
Badger Paper Mills. 6% preferred (quar.)
Baker Hotel of Dallas, Inc., com.
c
(annual)
3% non-cumulative pref. (annual)
emulative
Baldwin Co., 6% preferred
(quar.)
Baldwin Rubber Co
Bangor Hydro-Electric (quar.)
Bathurst Pow. & Paper Co.,
Ltd., cl. A (interim)
Beatty Bros., Ltd., 6% 1st preferred (quar.)—
Bell Telephone Co. of Canada
(quar.)
Bendix Aviation Corp
j
Bertram (John) & Sons Co., Ltd.
(initial)
Biddeford & Saco Water Co.
(quar.)
Biltmore Hats, Ltd. (quar.)
Birdsboro Steel
Foundry & Machine Co
Birtman Electric Co., com.
(quar.)$7 preferred (quar.)
Bloomingdale Bros., Inc
!
Bon Ami class A
(quar.)
Class B (quar.)
Boston Edison Co.
(quar.)
Boston Personal
Property Trust, (quar.)
Boston Safe Deposit & Trust Co.
(s.-a.)
Bourjois, Inc., $2.75 pref. (quar.)
Bralorne Mines, Ltd.
(quar.)
Extra
Brantford Cordage Co.,
Ltd., $1.30 lstpf. (qu.)
Brewster Aeronautical
Broulan
Porcupine Mines, Ltd. (quar.)
Buckeye Steel Castings, 6% preferred
(quar.)
Common (irregular)
Buffalo Ankerite Gold
Mines, Ltd. (interim)
Buffalo Niagara & Eastern Power
Corp.—
$5 preferred (quar.)
Bunte Brothers 5% preferred
(quar.)
Preferred (quar.)___
Business Capital
Corp. class A (quar.)
Byers (A. M.) Co., 7% preferred-.
June 30
July
15
July 15
July 11
Aug. 26
Mar. 31
3
8
9
15
15
15
15
1 June 27
2 July 31
1 July
3
Aug.
July
July
July
Aug.
July
July
July
•July
Aug.
Sept.
Aug.
July
15
June 30
July
7
July 15
July 21
July 15
July 15
June 30
July
July
15
10
June
15
July
15
June 23
Aug.
Aug.
July
July
July
July
July
July
July
July
July
2
1
10
5% preferred (quar.)
Campbell, Wyant & Cannon Foundry Co
7% preferred (quar.)
Canadian Light & Power Co. (s.-a.)
Canadian Oil Cos., Ltd. (quar.)
Extra
Canadian Pacific Ry. Co. 4% non-cum. pref
Canadian Tube & Steel Products, Ltd.—
7% preferred (accum.)__
Canadian Wallpaper Manufacturers, Ltd.-
June 30
July
July
1
Aug.
1
1
June 30
June 30
2U>
June 20
June 30
July
July
July
15 July
7
i
:$1^
Class A_
Class B
Carolina Clinchfield & Ohio Ry. Co. (quar.)
Castle (A. M.) & Co. (quar.)
-
Extra
Celotex Corp. common (quar.)
5% preferred (quar.)
Central Agulrre Associates (quar.)_.
Central
Central
Central
Central
Central
Central
Cold
Storage Co. (quar.)
—
Hudson Gas & Electric, com., (reduced)
Kansas Power Co., 4?4% pref. (quar.)—
N. Y. Power Corp., 5% pref. (quar.)
Ohio Steel Products Co
Republic Co
Extra
Century Ribbon Mills, 7% pref. (quar.)
Cerro de Pasco Copper
-
Chain Belt Co
Chain Store Investors Tr. (Boston.
Mass.) (qu.)
Extra
Chase National Bank (N. Y.) (s.-a.)
Chemical Fund, Inc
Chilton Co
Cincinnati Inter-Terminal RR. 4% pref.
(s.-a )
Cincinnati New Orleans & Texas Pac. Ry. Co.
-
6% pref.(quar.)
_•
Cincinnati Postal Terminal & Realty Co—
6X% preferred (quar.)
( ities Service Co., $6
preferred
Citizens National Bank & Trust Co.
(Englewood, N. J.) (quar.)
Citizens & Southern Nat. Bank (Savannah,
15 June 30
20c
City Baking Co., 7% preferred (quar.)
City Nat'l Bank & Trust Co. (Chicago)
Quarterly
City Title Insurance Co. (quar.)
37 Xc
X25c
15c
t3c
SIX
50c
Coast Breweries. Ltd. (quar.)
Coca-Cola Bottling Co. of St. Louis (quar.)
Extra
Colorado Fuel & Iron Co
__.
Columbus Foods Corp., pref. (quar.)
Common (resumed)
Columbus & Southern Ohio Electric Co.-
6X% preferred (quar.)
Commercial Alcohols, Ltd., 8% pref. (quar.)
Commonwealth Edison Co.
(quar.)
Commonwealth Investment Co. (quar.)
Commonwealth Utilities Corp. 6X% pref. (qu.)6% pref. (quar.)
6X % preferred "C" (quar.)
Concord Gas Co., 7% preferred
Confederation Life Association (Toronto) (qu.)Quarterly
Coniagas Mines, Ltd. (interim)
Conn (C. G.), Ltd., common (quar.)
Connecticut & Passumpsic River RR. Co.6% preferred (s.-a.)
Connecticut River Power Co., 6% pref.
(quar.)
Consolidated Aircraft Corp. $3 conv.
pref. (final)
Consolidated Car Heating Co., Inc. (irreg.)
Consolidated Cigar Corp. 7% pref. (quar.)
0X% prior preferred (quar.)
Consol. Edison Co. of N. Y., Inc., $5 pref. (qu.)
Consolidated Laundries $7.50 preferred
(quar.)_
Consol. Min. & Smelt. Co. of Canada, Ltd.(s.-a.)
Extra
Culver & Port Clinton RR. Co. (s.-a.)
Cunningham Drug Stores, Inc.—
Common (quar.)
-
6% class B preferred (quar.)
Cypress Abbey Co. (irreg.)
Darby Petroleum (resumed)
Davidson Bros., Inc. (quar.)
Dejay Stores, Inc
Delaware Trust Co. (Wilmington) (quar.K
__
U0c
SIX
SIX
six
12Xc
July
Aug.
Sept.
Dec.
July
July
7
June 30
July
July
July
16
16
25
1 July 15
2 Aug. 25
1 Nov. 24
July 31 July
Aug.
1 July
24
15
Detroit Gasket &
_
Manufacturing Co
;
Detroit Hillsdale & Southwestern RR.
(s.-a.)__.
Diamond Ginger Ale Inc. (quar.)
Diamond Match Co.. pref. (semi-annual)
Discount Corp. (N. Y.)
(initial)
Dixie Home Stores (quar.)
Doehler Die Casting Co. (interim)
Dome Mines, Ltd
Dominguez Oil Fields Co. (monthly).
Dominion Bank of Canada
(quar.)
Dominion Oil Cloth & Linoleum Co., Ltd.
(quar.
Extra
mx
mx
T$1;
25c
62 Xc
July
July
July
July
Aug.
Aug.
July
15
Dominion Tar & Chemical Co., Ltd.5X% preferred (quar.)
15 June 00
15 June 30
Dow Chemical Co., common
15 June 30
15 July 31
15 July
25 July
31
7
July
July
July
July
July
July
Aug.
Aug.
Aug.
15
15
31
31
15
June 30
15 July
July 21
July 21
June 30
30
June
June 30
30
30
June
June
15 June 26
15 Aug.
1
15 Aug.
1
July
1
8
July 14 July
4
July 14 July
4
July 21 July 10
Aug. 10 July 30
Aug. 10 July 30
Aug.
1 July 25
Aug.
1 July 25
July 15 June 30
Sept.15 Sept. 5
Aug.
1 June 30
July 15 June 30
Aug.
1 July 10
Aug.
1 July 15
July 15 July
5
July 15 July
5
Sept. 2 Aug. 20
Aug.
1 July 16
July 25 July 10
July 15 June 14
July 15 June 14
Aug.
1 July 11*
July 15 June 30
July 15 July
3
Aug.
1 July 21
Sept.
2 Aug. 15
July 15 July
Aug.
1 July
3
15
Oct.
1 Sept.30
1 Sept.15
Aug.
Aug.
1 July
1 July
25
21
1 Oct.
21
July
July
July
July
Aug.
July
July
Aug.
Aug.
Aug.
Extra
Clinchfield Coal Corp., 7 % pref
Clinton Water Works, 7% pref (quar.)
Detroit Edison Co. (capital stock $20 par)
17
June 30
Nov.
(quar.)_
Manufacturing Co., $6 prior pref
8% cum. debentures (quar.)
Dentists' Supply Co. (N. Y.)
7% pref. (quar.)-.
7% preferred (quar.)
Deposited Insurance Shares, series A
June
Aug.
Aug.
Aug.
July 31
Oct.
5
16
June 30
Aug.
July
July
July
July
July
Aug.
Aug.
Aug.
1
15 Dec.
Ga,)
Dennlson
tsix
1
Dec.
'
7% preferred (quar.)
Croweil-Collier Publishing Co. 7% pref. (s.-a.)..
Crown Drug Co. 7% conv. pref. (quar.)
Crown Zellerbach Corp. $5 conv. pref.
(quar.)..
Crum & Forster (quar.)
8% pref. (quar.)
Aug. 1, 1941.
6% preferred
6% preferred (1927 series)
California Packing Corp., common
XSIX
xsix
:50c
X12XC
15
10
Sept. 15 Sept.
July 25 June 30
July 15 June 30
June 30
Aug.
July
—
Common B (irreg.)
Consolidated Oil Corp. (quar.)
Consolidated Retail Stores—
8% preferred (quar.)__
Consumers Gas (Reading, Pa.) (irreg.).
Corn Exchange Bank & Trust Co.
(N. Y.) (qu.)
Corn Products Refining Co., common
(quar.)-_
July
July
Accumulated div. of $2.0563;
representing the
quarterly div. of $1.75 due Feb. 1,1938 and
Wireless
(Holding), Ltd. (final)
California-Oregon Power Co., 7% pref_,
Jregoi
Canadian Bank of Commerce (Toronto) (qu.)__
XS2
Canadian Bronze Co., Ltd., com. (quar.)
X37Xc
5% preferred (quar.)
xsix
Canadian Converters Co., Ltd. (quar.)
J 50c
Canadian
Fairbanks-Morse
Co.,
Ltd.,
6%
preferred (quar.)
XSIX
Canadian General Investments, Ltd. (quar.)
X12XC
Canadian Industries, Ltd. common A (irreg.)—
XSIX
5
19
15
15
15
15
July
Corp. (irreg.)
Bridgeport Hydraulic Co. (quar.)
British Columbia Electric
Ry. Co., Ltd.—
5% prior preference
(payable in pound sterling)
(s.-a.)
_
Aug.
Sept.
Aug.
July
July
Aug.
Aug.
July
July
July
Aug.
July
July
July
Aug.
July
July
________
("quar.)"I.I
19
July 15 July
Aug.
1 July
July 18 July
Sept. 2 Aug.
Sept. 2 Aug.
Sept. 2 Aug.
Aug.
1 July
Aug.
July
Extra...
Telephone Co.—
6% preferred (quar.)
Broad Street Trust Co.
(Philadelphia) (s.-a.)._.
1
16
July
Sept.
-
British Colombia Power
Corp. cl. A (quar.)
British Columbia
Oct.
June
Jul j'
-
interest thereon to
1
July
3
June 28
July
Arlington Mills (irreg.)
SIX
Armstrong Cork Co. (interim)
50c
Aro Equipment Corp.
25c
(irreg.)--,--Artloom Corp. 7% preferred
(quar.)
SIX
Associated Dry Goods Corp.,
7% 2d pref
mx
6% 1st preferred (quar.)
six
Associated Telephone Co. .Ltd., $1.25
pref. (qu.) t31Xc
Atchison Topeka & Sante Fe Ry Co.—
5% non-cumulative preferred
Common (irregular)
Atlantic Refining Co., 4% pref. A
(quar.)
Ault & Wiborg
Proprietary, Ltd.—
5X% preference (quar.)'.
Axea-Houghton Fund common (irreg.).
Axelson Mfg. Co
Cable &
18
27
Aug.
July
Aug.
July
Aug.
Aug.
July
Sept.
Anheuser-Busch, Inc. (quar.)
Brockway Motor Truck (irreg.)__
Brompton Pulp & Paper Co., Ltd.
Brooke (E.G.) Iron Co
1
June
June
S2X
common
-----
1 Aug. 25
$1.17
(quar.)
A (irreg.)
4% conv pf. (qu.)American Viscose Corp. common (initial)
Preferred (initial)
Anaconda Wire & Cable Co
A. P. W. Properties. Inc.,
Sept.
July
July
Aug.
July
July
Aug.
SIX
Holders
Payable of Record
less Canadian dividend tax.
Common
.
American Thermos Bottle Co.
Amer. Trust Co. (San Fran.)
Share
Canada Southern Ry. (semi-ann.)
Dividend declared payable in U. S. Dollars,
15 July
25 July
1 July
(N.J.)—
American Envelope Co., 7% pref. A (quar.)
7% preferred A (quar.)
American Forging & Socket Co
American Fork & Hoe Co. 6% pref. (quar.)
American Home Products Corp. (monthly)
American Light & Traction Co. com. (quar.)
Company
Canada Foundries & Forgings. class A (quar.)_ 137 Xc
Class A (quar.)
l37Xc
Canada Northern Power Corp., Ltd., com. (qu.)
|25c
7% preferred (quar.)
tsix
Payable of Record
July
July
Aug.
July
July
July
July
Aug.
Aug.
July
When
Per
Name of
Holders
Abbott Laboratories—
5%
July 12, 1941
we
Dominion Textile Co., Ltd. 7% pref.
(quar.)
5% preferred (quar.)
Manufacturing Co
Duplan Silk Corp., common (reduced)
du Pont (E. I.) de Nemours &
Co., $4.50 pf. (qu)
Dresser
..
20
20
15
15
July
July
July
July
1 July
20 July
20 July
28 Aug.
1 July
1 July
15
15
1
1
16
10
10
14
21
21
Aug.
1 July 15
July 15 July
1
Aug.
1 July 15
Aug.
1 July 14
Aug. 30 Aug. 15
Oct.
1 Sept. 15
Dec.
1 Nov, 14
Aug. 15 July 31
Sept.30 Sept. 25
D »c.
31 Dec.
14
Aug.
8 July
July 15 July
24
5
1
Aug.
1 July
Sept. 2 Aug. 15
Aug. 30
July 15 June 30
Sept. 2 Aug. 15
Aug.
1 July 15
Aug.
1 June 27
Aug.
1 July 15
July 15 June 19
July 15 June 19
Aug. 15 July 15
Oct.
1 Sept. 15
Sept.
Aug.
July
July
Aug.
Aug.
15
1
21
15
1
15
Sept.
1
July 15
Sept. 30
Aug.
1
July
July
July
July
July
Aug.
July
Aug.
Aug.
Oct.
Dec.
21
21
15
15
Aug. 29
July 18
July
3
July
3
July 24
Aug.
6
Aug. 13
July
1
Sept.16
July 22
July
July
10
10
June 30
July
25 July
1 July
2
16
15
15 June 30
1 July 23
1 July 23
1 Oct.
23 Dec.
1
23
Aug.
1 July
1
July 15 June 27
July 21 July
5
1-5-42 Dec.
20
July 30 June
8ept. 2 Aug.
July 15 July
July 15 July
July 25 July
July 21 June
July 31 July
Aug.
1 July
July 31 July
21
July 31 July
Aug.
July
Aug.
Aug.
July
1
15
15
15
15
Aug. 15
July 25
12
3
2
10*
30
16
19
15
15
July
12
June 30
Aug.
1
Aug.
1
July
July
1
31
July
10
Volume
The Commercial & Financial Chronicle
153
197
Holders
Name of
Company
Duquesne Light Co.. 5% pref. (quar.)
Pennsylvania RR. Co. (s.-a.)
Township Telephone Co
Electric Bond & Share Co. $5 pref. (quar.)
$6 preferred (guar.)
Electric Household Utilities Corp. (increased)
Elgin National Watch Co
Elizabeth & Trenton RR. Co., com. (s.-a.)
5% preferred (s.-a.).
El Paso Electric (Delaware). 7% pref. A (quar.)
lPaj
"
6% preferred B (quarterly)
Ely k Walker Dry Goods 1st pref. (s.-a.)
Second preferred (s.-a.)
Employers Casualty Co. (Dallas), (quar.).
Quarterly
Employers Group Associates (quar.)
Equity Corp., $3 convertible preferred
Eureka Pipe Line Co
East
Eastern
$25c
$1*4
June
1
30
July
July
July
7
7
10
Sept. 6
Sept. 20
Sept. 20
June 30
June 30
Oct.
July
July
July
25
Nov.
Oct.
25
July
July
July
June
16
Aug.
Aug.
Sept.
July
July
Sept.
Sept.
15
21
16
15
Dec.
Dec.
15
Oct.
Sept. 10
July 24
Sept. 20
Oct.
Metallurgical Corp. $5 pref. (quar.)
$5 preferred (quar.)
Aug.
Federal Insurance Co. of New Jersey
(quar.)
Federal Services Finance Corp. (quar.).
Oct.
(Marshall) & Co
Filenes
(Wm.) Sons, common (quar.).
4*4% preferred (quar.)
July
July
Sept.
July
July
July
July
July
July
July
Sept.
Sept.
Sept.
July
July
$
Fireman's Fund Insurance Co. (San Fran.) (qu.)
Firestone Tire & Rubber Co
First National Bank
July
July
Oct.
First National Bank
(Atlanta, Ga.) (quar.).
(Hartford) (quar.)
Oct.
First Nat. Bank (Hazleton, Pa.) (quar.)...
First National Bank (Mt. Vernon, N. Y.)—-
3
3
17
June 30
June 30
July
July
July
July
Sept.
Aug.
Aug.
July
6% preferred (quar.)
Federated Department Stores common (quar.)
434% conv. preferred (quar.).
Ferro Enamel Corp
Fibreboard Products, 6% prior pref. (quar.)
Fiduciary Corp. (quar.)
Common
16
July
July
July
July
July
Aug.
Farmers & Traders Life Insurance (quar.)
Federal Chemical Co. 6% preferred
Field
June
July
July
July
Aug.
Aug.
July
Sept.
Oct.
Fall River Gas Works (quar.)
Falstaff Brewing Co. pref. (semi-ann.)
Fansteel
Oct.
21
21
5
16
1
15
15
15
5
5
20
20
30
(quar.)
Oct.
1 Sept.
1 June
Oct.
First Nat. Bank (North Easton, Mass.) (quar.)
First National Bank (Pittsburgh) (quar.)
1 Sept. 30
30
4
First Nat. Bank & Trust Co. (Lexington, Ky.)
Oct.
Sept. 26
Fishman (M. H.) Co., Inc., 5% conv. pref. (qu.)
Fitzsimmons Stores, Ltd. 7% pref. (quar.)
July
Sept.
June 30
7% preferred (quar.)
Foundation Co. of Canada, Ltd. (quar.)
Four Star Petroleum, Ltd
Dec.
Nov. 20
June 30
;
Froedtert Grain &
Malting Co.,
Oct.
July
July
Gardner-Denver Co., common (quar.)
$3 convertible preferred (quar.)
Gardner Electric Light Co., common i^s.-a.)
Aug.
July
Aug.
July
July
July
Aug.
July
Aug.
Aug.
Aug.
General Cable Corp., 7% preferred
Capital Corp..
General Electric Co
General Foods
Corp. (quar.)
Corp. $4.50 preferred (guar.)
int.)
General Mills, Inc. (quar.)
General Motors Corp., $5% pref. (quar.)
General Outdoor Advertising, class A
Class A
_
1
15
iZ I
North
America
Halle Brothers Co., $2.40 conv. pref. (quar.)__
Hamilton National Bank (Wash., D. C.) (s.-a.)_
Hanna
(M. A.) Co., $5 pref. (quar.)
Harbison-Walker Refractories pref. (quar.)
Harrisburg Gas Co., 7% preferred (quar.)
Co., extra
Co
Ltd. (qaur.)
Hayes Industries, Inc. (irreg.)
Hecker Products Corp. (quar.)
Hercules Powder Co. 6% pref. (quar.)
Hershey Chocolate Corp. common (quar.)
$4 conv. pref. (quar.)
Hibbard. Spencer, Bartlett <fc Co. (monthly)
Monthly
Monthly
Hollinger Consol. Gold Mines, Ltd. (monthly.)
Extra
(quar.)
Quarterly
...
(quar.)
68 *4 c
68 He
,$lU
common
(quar.)
5% preferred (quar.)
Hussmann-Ligonier Co. common (quar.)
Hyde Park Breweries Assoc., Inc. (irreg.)
Hydro-Electric Securities Corp.,5% pref.B(s.-a.)
Hygrade Sulvania Corp.. 4)4% conv. pref. (qu.)
I XL Mining Co. (block shares) (quar.)
Idaho Maryland Mines Corp. (monthly)
Illinois National Bank (Springfield, 111.) (quar.)
Imperial Bank of Canada (Toronto, Ont.) (qu.)_
Imperial Life Assurance Co. of Canada (quar.)
Quarterly
Incorporate Investors, common trust ctfs
Indianapolis Power <Sc Light Co. (quar.)
Industrial Bank & Trust Co. (St. Louis), quar.)_
Institutional Securities, Ltd. (Insur. group shs.)
Insurance Co. of North America (s-a)
International Bronze Powders, Ltd., com. (qu.)_
6% preferred (quar.)
L_
*
International Business Machines
1
7
1
10
15 June 27
15 June 30
15 Aug. 15
15
15
15
International Milling Co. 5% preferred (quar.)
Oct.
July
Aug.
Aug.
Aug.
15 June 30
15 June 30
8
15 July
1
1
21
15
July 22
Aug. 15
International Nickel of Canada—
7% preferred ($100 par) quar.)
...
7% pref. (quar.)
Interstate Home Equipment Co., Inc
Investment Foundation, Ltd.—
6%
conv.
preferred (quar.)
634 % preferred B
6% preferred O
Iron Fireman Mfg. Co. (quar.)
July 21 June 30
July 21 June 30
July 21 June 30
9
Sept. 2 Aug.
...
Quarterly
Dec.
Ironrite Ironer
Co.,
Aug.
Aug.
July
July
July
July
Aug.
July
July
July
July
Sept.
com
8% preferred (quar.)
Jason Mines, Ltd. (initial)
Jefferson Standard Life Insurance (s.-a.)
Joplin Water Works Co., 6% pref. (quar.)
Julian & Kokenge Co. (s.-a.)
Kalamazoo Stove & Furnace
Drug Co.
common
(s.-a.)_.
...
Kaufmann Department Stores
Kellogg Switchboard & Supply com. (irreg.)
5% preferred (quar.)
Kemper-Thomas Co., 7% special pref. (quar.)..
7% special preferred (quar.)
Kennedy's, Inc
July
June
1 July
1 July
1 July
15c
Aug.
Aug.
Aug.
Aug.
July
Aug.
Sept.
July
July
Sept.
$1*4
75c
$1
15c
15c
15c
J 5c
60c
3734c
$134
30c
50c
$1|i
$134
15c
50c
25c
45c
20c
5c
$134
$$2*4
t$3 *4
$$3 *4
17c
40c
$1
.0235c
$134
40c
40c
$134
Dec.
7
30
1
15
15
15
25
29
26
15
15
15
July
Aug.
July
July
July
Aug.
Sept.
15
15
17
5
5
10
4
25
25
15
19
16
June 30
June
30
Sept. 12
15 Dec.
12
July 25 July 19
Sept. 30 Sept.12
Aug. 30 Aug. 12
Aug.
1 July 21
Aug.
1 July 12
Sept. 2 Aug. 13
July 15 June 30*
July 15 June 30*
Aug.
1 July 21
July 16 July
2
Aug.
1 July 15
July 15 July
7
July 15 June 30
July 21 July 10
Oct.
Aug.
1 Sept. 24
1 June 30
Oct.
1 Sept. 30
1-2-42 Dec. 31
July 30 July
3
July 15 June 30
Oct.
1 Sept. 15
July
15 June 30
30
15 June
15 July
15 July
Oct. 10 Sept.
July 15 June
Aug.
1 Tuly
July 15 June
July
July
July
5
20
16
3
July
12
June 30
June 30
June 30
June 30
July
12
19
Aug.
8
Oct. 17
Sept.
July
July
July
July
Sept.
July
July
Aug.
Aug.
Sept.
19
9
10
26
26.
5
Dec.
Dec
,5
Aug.
July
15*
July
July
July
Sept.
June 30
15 June 30
15 June 30
12 Sept ,31
15
Dec.
July
July
Sept.
Aug.
Aug.
July
July
July
12 Dec.
3«
June 30
14
28
1
1
1
26
26
25
July
i
71
9 i
15
July 25 f
July
5!
July
5;
July
5:
Oct.
1 Sept. 13
Aug.
1 July 14
July 15 June 30 '
Aug. • 1 July 17 i
July 15 June 30
Aug.
1 July 21
8
July 15 July
Lee Tire & Rubber Corp
Leece-Neville Co. (initial)
Extra
Lehigh Coal & Navigation Co. (interim).
Lehigh Portland Cement Co. 4% pref. (quar.)..
Common (quar.)
Lerner Stores Corp., common (quar.)...
434% preferred (quar.)
Lexington Telephone Co., 6% preferred (quar.)_
Liberty Loan Corp. $334 pref. (quar.)
Liberty National (Wash., D. C.) (s.-a.)
Aug.
July
.
(Rochester,
N. Y.), common (quar.)
4% convertible preferred (quar.)
...
Lincoln Bank & Trust Co. (La.) (extra)
Lincoln National Life Insurance Co. (quar.)
Quarterly
common (quar.) (increased)
634 % preferred (quar.)
Lion Oil Refining Co. (quar.)
Little Miami RR.. original capital
Original capital
Special guaranteed (quar.)
Special guaranteed (guar.)
Little Schuylkill Nav. RR. & Coal (irreg.).Lone Star Cement Corp.—
5% partic. pref. (quar.)
5% partic. pref. (partic. div.)
5% partic. pref. (quar.)
5% partic. pref. (partic. div.)
Lone Star Gas Corp
Loomis-Sayles Mutual Fund, Inc
Loomis-Sayles Second Fund, Inc
Loose-Wiles Biscuit Co. (quar.)
Lord & Taylor 8% second preferred (quar.)
$1
30c
30c
50c
25c
$1.10
$1.10
60c
Aug.
1 July 21
Aug.
1 July 21
8
July 15 July
Aug.
1 July 26
Nov.
Sept.10 Aug. 2*
Dec.
July
$134
25c
25c
20c
50c
20c
25c
$2
M
$1.9449
$2.2692
$4
(s.-a.)
$234
5% non-cum. preferred (s.-a.)
Lowell Electric Light Corp. (quar.)
Lunkenheimer Co. 634% preferred (quar.)
634% preferred (quar.)
Luzerne County Gas & Electric Co.—
534% preferred (initial)
...
MacAndrews & Forbes Co. (quar.)
6 % preferred (quar.)
MacMillan Petroleum Corp
McCall Corp. (quar.)
McClatcbey Newspaper, 7% preferred (quar.)
7% preferred (quar.)
McColl-Frontenac Oil Co., Ltd.—
6% preferred (quar.)
McCrory Stores Corp., 5% pref. (quar.)
Mclntyre Porcupine Mines, Ltd. (quar.)
McLellan Stores Co. 6% pref. (quar.)
Mack Trucks, Inc. (IrregT)
90c
$134
$134
...
50c
15c
35c
.
4334c
4334c
$$134
$134
$55 34c
$134
.....
Square Garden Corp
10 Nov. 24
15 June 13
Sept.
Sept.
1 Aug. 20
1 Aug. 20
Dec.
Dec.
1 Nov.
20
1 Nov. 20
Aug. 22 July 22
July 15 June 30
July 15 June 30
Aug.
1 July 19
Aug.
1 July 17
July
July
15
15
28
28
Aug. 15
Aug. 15
July 14
June
30
June 30
July
July
Aug.
Aug.
1
1
July
7
Oct.
1 Sept. 20
1-2-42 Dec. 23
$1.3134 Aug.
$134
25
8
2 Aug.
1 Sept. If|
July 15 June 24
Sept. 10 Aug.
Dec. 10 Nov. 24
Oct.
90c
$134
1 Oct.
July
July
July
Aug.
Aug.
1
15
15
15
1
30
July
15
June
June
30
30
June
30
July
15
Aug. 29
Nov. 29 Nov. 28
June 30
July
Aug.
Sept.
Aug..
July
Aug.
July
Auer.
18
1
July
11
Juiy
io
Aug. 15
5
f
Aug.
Aug.
Nov.
Nov.
July
July
June 30
June
30
Aug.
Magnin (I.) & Co. pref. (quar.)
6% preferred (quar.)
Mahon (R. C.) Co., $2 class A pref. (quar.)
$2.20 preferred (quar.)
Malartic Gold Fields (Initial)
Manhattan Bond Fund, Inc
Manufacturers Trust Co. (N. Y.)—
July
July
2
5
July
July
June 30
15
15
15
15
31
June
June 30
July
15 July
July
preferred (quar.)
Calculating Machine Co (quar.)
15
June
30
20
20
Dec.
July
27 Dec.
15
20
July
19
July
July
July
July
Marchant
Maritime Tel. & Tel. Co., Ltd., 7% pref. (qu.)
(increased)
Marshall Field & Co
Marshall & Ilsley Bank (Milwaukee) (s.-a.) —
Massachusetts Investors Trust..
Massachusetts Power & Light Associates—
$2 preferred (reduced)
June
7
Massachusetts Utilities Association—
5% participating preferred (quar.)
Massawippi Valley RR. Co. (semi-au.. ai)
«
+♦
.....
Maytag Co., $6, 1st preferred (quar.)
$3 preference (quar.)
Melville Shoe Corp., common (quar >
$5 preferred (quar.)
i.
Aug.
50c
i
Sept.
50c
(5% pref. $100par) (quar.).
Inal)
.
$134
par) (initial)
Louisville Henderson & St. L. Ry., com.
3734c
60c
A'"
Link-Belt Co.
May Department Stores (quar.)
22
July
Sept.
6% preferred (quar.)IZIIIIIIIIIIIIIIIIII"
Langiey s, Ltd., 7% conv. pref
7% conv. preferred
Lawrence Gas & Electric Co. (quar.)
LeMaire Tool & Mfg. Co. (initial)
Le Tourneau (R. G.), Inc. (increased) (quar.)..
Lebanon Valley Gas Co., 6% preferred (quar.)__
Common
1 Nov. 20
Oct.
Krueger (G.) Brewing Co
Corp. (Del.), 6% pref. (initial)
Lancaster County Nat'l Bank (Pa.), com. (s.-a.)
Preferred (semi-annual)
Landis Machine Co.. 7% preferred (quar.)
7% preferred (quar.).
Lane Bryant, Inc., 7% pref. (quar.)
Langendorf United Bakeries, Inc.—
$2 class A (quar.)
$2
July 22
July
1
July
1
1 July 18
15 June 30
28 July 10
31 July 15
31 July 15
2 Aug. 20
Nov.
Lamson
15
15
June 30
Aug.
Series S-4
King Oil Co (quar.)
Kroger Grocery & Baking Co.—
7% pref. (quar.)
Common (quar.)
7% preferred (quar.)
Madison
July
July
21
15
July 15
July 15
July 15
Aug.
1
Keystone Custodian Fund, series B-3
ref. ($25
1
1
15
26
15
15
Dec.
Kentucky Utilities Co. 6% preferred (quar.)
Louisville Gas & El.
1 Nov. 10
July
July
...
Preferred (quar.)
Lincoln Alliance Bank & Trust Co.
Holders
15 June 30
15 June 30
July
July
Investors Fund C, Inc
Iowa Electric Light & Power Co.—
7 % preferred A
Katz
iVhen
Payable of Record
2
Aug.
1 July
2
Aug.
1 July
July 15 June 30
July 18 July 10
July 16 June 19
Aug,
1 July 10
1
July 15 July
7% preferred ($5 par) (quar.)
International Products Corp., 6% pref. (s.-a.)__
International Silver Co. (resumed)
Interstate Department Stores......
15 Sept. 30
15 June 19
Sept. 15 Sept.
July 25 July
(guar.)
International Harvester Co. (quar.)
International Machine Tool Corp. (initial)
July
July
July
Aug.
Sept.
July
July
45c
40c
25c
Household Finance Corp., common (quar.)
50c
t5c
60c
Homestake Mining Co. (monthly)
Hooker Electrochemical Co., 6% pref. (quar.)
Common (irreg.)
(N. Y.)
5% preferred (quar.)
60c
$1*4
$1*4
$1*4
$1*4
10c
Hartford Times, Inc., 514% pref. (quar.)
Hat Corporation of America, 6)4 % pref. (qu.)
Horn & Hardart Co.
1 July
25 July
(Montreal)
t$l>4
Home Insurance (Hawaii)
15 July
17 July
1 July
Aug.
1 July
Aug.
July 30 July
t$2H
Hawaiian Electric Co.,
5
Sept. 15 Aug. 15
15 June 20
June 30
(Quarterly)
Hartford Electric Light
5
15 June 30
July
Extra
Horder's, Inc.
1 July 10
21 June 30
1 July 10*
'.July 15
_ -
Green (H. L.) Co. (quar.)
Greenfield Gas Lt. Co. 6% non-cum. pref. (qu.)_
Greenfield Tap & Die Corp. $6 preferred
7 ^sb^' ^U?J"' ^"
>urg Railways
25 June 27
15 July
1
Aug. 15 Aug.
Great American Insurance Co. (quar.)
Great Lakes Power Co., Ltd., 7 % pref. (quar.)
H
1 July 25
15 June 30
5
July
July
July
Aug.
July
July
July
Sept.
Georgia Railroad & Banking (quar.)
Giddings & Lewis Machine Tool
Gillette Safety Razor, $5 conv. pref. (quar.)
Gimbel Bros., Inc., $6 pref. (quar.)
Gladding, McBean & Co. (resumed)
Golden State Co., Ltd. (quar.)
Goodyear Tire & Rubber Co., common
$5 conv. preferred (quar.)
of
15 June 30
Nov. 15 Nov.
Preferred (quar.).
Co.
June 28
July
7
1 July 21
Nov. 15 Nov.
Preferred (quar
r.).
General Trust Co. of Canada (Montreal) (qu.)
Guarantee
June 30
June 28
July
Extra
20
July 15
July 15
8ept.30
July
General Investors Trust (Boston) (bener
Share
June 27
July
July
July
Fyr-Fyter Co., class A (quar.);
General Finance
Aug
July
com
$1.20 preferred (quar.)
Fulton National Bank (Atlanta, Ga.) (quar.)
Fundamental Investors, Inc
General
Company
.6% preferred (quar.)
Oct.
(Quarterly)
Per
Name of
of Record
Aug.
Aug.
Aug.
1
30
July
3
u
1 July
1 July
.
.
15
15
15
1 July
18
1
18
.
M
1
The Commercial & Financial Chronicle
198
Per
Name of
Share
Company
Memphis Natural Gas Co
Mercantile Acceptance Corp. 5% pref. (quar.)..
When
July
7
Peoples Nat. Bk. of Wash.(Seattle,Wash.) (qu.)
25c
Aug. 30
Dec.
1
Peoples Telephone Corp. (quar.)
Pepsi-Cola Co (initial)
Pfeiffer Brewing Co. (quar.)
Phelps Dodge Corp. (increased)
Philadelphia Co (quar.)
Philadelphia Electric Co., common
$5 preferred (quar.).
Philadelphia Electric Power 8% pref. (quar.)__.
$2
July
$1
July
25c
July
50c
Sept. 10 Aug. 15
July 25 July
1
Aug.
1 July 10
Aug.
1 July 10
Oct.
1 Sept.10
Aug.
1 July 15
Sept.
1 Aug. 15
Nov.
1 Aug. 15
Aug. 30
Dec.
1
July
5
June 30
June 27
July
Sept.
July
July
Aug.
July
7
20
8
21
20
15
June 30
July
1
7
11
July
21
June
13
July
July
SIM
$134
July
15
June 30
July 20
Dec.
18
June 30
Preston East Dome Mines, Ltd. (quar.)
Extra
June 30
Procter & Gamble Co., 8% pref.
June 30
Prosperity Co. preferred (quar.)
Public Nat. Bank & Trust Co. (N.Y.) (quar.)..
Public Service of N. J. 6% pref. (monthly)
6% pref. (monthly)
Puget Sound Power & Light Co.—
$5 prior prefernece
Putnam (George) Fund of Boston
Quaker Oats Co.. 6% pref. (quar.)
Quarterly Income Shares, Inc
(irreg.)
Railroad Employees Corp.—
25c
50c
Aug.
July
July
15
6
40c
July
June
17
40c
Oct.
Sept. 16
Aug. 15
7% preferred (quar.)
$134
July
15
June 25
June 25
National Bond & Share Corp...
15c
Aug.
July
June 30
National Cash Register
National City Bank (N.
25c
July
June 30
50c
Aug.
Aug.
Aug.
Aug.
Aug.
12
July 19
July 19
July 15*
July 22
Class B
Y.) (s.-a.)_
(quar.).
75c
50c
National Distillers Products Corp. (quar.)
National Electric Welding Machine Co (quar.).
50c
Quarterly
—
National Fuel Gas Co. (quar.)
National Funding Corp., class A (quar.)
Class B (quar.)
25c
35c
35c
15c
National Gas & Electric Corp. (irreg.)...
National Investors Corp. (Md.)
National Lead Co. 6% pref.
2c
2c
10c
B (quar.)
*10c
National Money Corp., class A (quar.)
$1.50 preference (quar.)..
National Paper A Type Co. 5% pref. (s-a.)
National Power & Light, $6 pref. (quar.)
Nat'l State Capital Bank (Concord, N. H.) (qu.)
National Steel Car Corp. (quar.)
Naumkeag Steam Cotton Co. (irreg.)
Naybob Gold Mines, Ltd.(quar.)
Neiman-Marcus Co. 5% preferred
(quar.)..
New Brunswick Telephone Co., Ltd. (quar.)...
Newberry (J. J.) Realty, 634 % pref. A (quar.)..
6% preferred B (quar.)
Newport Industries, Inc. (irreg.)-Newport News Shipbuilding & Dry Dock Co—
$5 cum. conv. preferred (quar.)
Niagara Hudson Power Corp.—
5% 1st preferred (quar.)
5% 2nd preferred A (quar.)....
5% 2nd preferred B (quar.)
1900 Corp., class A (quar.)
Class A (quar.)
.......................
Norfolk & Western Ry. Co., com. (quar.)
Adj. preferred (quar.)
Norma-H Bearing Corp. (auar.)
North Penn GasCo. $7prior preferred (quar.)..
Northern Central Ry. (s.-a.)
3734c
$134
SIM
$2M
,5&
$134
July
Oct.
Oct.
20
July
June 30
July
July
July
July
20 June 30
20 June 30
25 July 10
June 30
July
July
July
July
July
Aug.
July
July
Aug.
Aug.
18
1
1
3l
Oct.
Sept. 23
July
July
July
Sept.
July
Aug.
A.ug.
July
June 30
Aug.
7
July
2
Aug. 20
July
June 30
July
July
July
16
16
12
1 July
15
Aug.
Aug.
July 15
July 15
July 15
1
Aug.
Nov.
Nov.
S2»1
Sept.
Aug.
Aug. 30
July 31
15c
lept,
Sept. 21
Au£Aug.
50c
50c
July
July
July
July
1
14 July
14 July
14 July
1
June 30
Northern Indiana Public Service Co.—
7% preferred
6% preferred
534% preferred
Northern Ohio Telephone Co.
Common (quar.).
Northern Ontario Power Co., Ltd.
6% preferred (quar.)
tiljj
tSIM
July
July
20c
Oahu Sugar Co., Ltd. (monthly)
50c
5c
O'Brien Gold Mines, Ltd
J5c
July
Oilstocks, Ltd. (s.-a.)
20c
Old Colony Trust Associates
Oliver United Filters, Inc., class A (quar.)
Omaha National Bank (Nebraska) (quar.)
25c
July
July
Aug.
Sept.
-
J20c
com
I.
Northern States Power Co. (Del.), 7% pref
6% preferred
Northern States Power Co. (Minn.) $5pf. (qu.)_
Engineering Co
50c
Omar, Inc., 6% preferred (quar.)
Ontario Silknit, Ltd., 7% pref. (accumulation).
Outlet Co.—
Common
7%
(quar.)
1st preferred (quar.)
m
20c
1634c
$134
5% preferred (quar.)
Pacific Gas & Electric Co. (quar.)
50c
Pacific
Lighting Corp. $5 pref. (quar.).
Pacific Public Service, $1.30
(quar.)...
pref. (q
Pacific Tel. & Tel. 6% pref. (quar.)
Packer Corporation
(quar.)
Paraffine Cos., Inc., 4% pref. (quar.)
Paterson& Hudson River RR. Co.
(s.-a.)
Payne Furnace & Supply Co., Inc.—
preferred A (quar.)
preferred B (quar.)
Pearson Co., Inc. 5%
preferred A (quar.)
$134
32 Mc
SIM
25c
$1
$134
conv.
conv.
15c
15c
...
3134c
Pend Oreille Mines & Metals
(initial)
Peninsular Telephone (quar.)
6c
I"
Quarterly
Preferred A
Preferred A
m
$i
6% 2nd preferred (quar.)
Pacific Finance of California pref. A (quar.)..
Preferred C (quar.).
$0.60
$0.60
$1M
$1M
50c
50c
(quar.)..
(quar.)
35c
35c
35c
mmm>,
Preferred A (quar.)
Penmans, Ltd., common (quar.)
6% preferred (quar.)
Penn Investment Co. (Phila.)—
$4 non-cum. conv. pref. (initial).
_
t75c
_
tSIM
40c
Penn Traffic Co. (s.-a.)
Pennsylvania Power Co., $5 pref. (quar.)
Pennsylvania Salt Mfg. Co. (irreg.)
Peoples Gas Light & Coke Co
Peoples Nat. Bank (Charlottesville, Va.) extra.
12 Mc
88
75c
_
50c
Sept.
July
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
July
July
Aug.
July
July
July
July
June 2
June 30
June 30
....
5
1
15
25
June 30
July 21
July 21
July 21
July 15
July 15
July 15
June 30*
June
30
July
15
June 30
July
July
July
5
1
5
3
July 15 July
July 15 July
3
1 July 21
Aug.
July 27 June 28
Oct.
1 Sept. 15
1-5-42 Dec. 15
Aug. 15 Aug.
5
Nov. 15 Nov.
5-15-42
5
5-5-42
5
Aug. 15 Aug.
July 21
Aug.
July 30 July
July 25 July
July
Aug.
Sept. 15 Aug.
July 15 June
Aug.
1 July
15
10
15
29
21
21
50c
50c
li
SIM
8c
Dec.
15 Dec.
July
July
July
July
July
July
July
July
July
July
15 July
1
15 June 30
15
15 June 30
15 June
13
15 July
15 July
15
1
15 June 30
15 Juhe 30
15 June 25
15 July
1
Oct.
1 Sept. 20
July 15 June 13
Aug. 15 July 15
July 15 June 20
July 15 June 30
Aug. 30 Aug.
1
Aug.
1 July 15
July
July
July
19 June 30
19 June 30
19 June 30
1
_
Extra
4c
Rike-Kumler Co. (irreg.)
Riverside Cement Co. $6 1st preferred (quar.)..
Rochester-Amer. Insur. Co. (N. Y.) (quar.)
(quar.)
75c
SIM
25c
25c
37 Mc
37 Mc
tl5c
preferred (quar.)
Rolland Paper Co., Ltd., common (quar.)
6% preferred (quar.)
Roos Bros., Inc., $6.50 preferred (quar.)
Royal Crest Petroleums, Ltd
conv.
tllM
Royal Typewriter Co.. common (irregular).—
7% preferred (guar.)
Saguenay Power Co., Ltd., 5M% preferred
St. Croix Paper Co. (quar.)
St. Lawrence Corp. 4 % class A conv. preferred..
St. Lawrence Corp., Ltd.—
4% class A preferred (accumulated)
St. Lawrence Paper Mills 6% preferred
St. Louis County Water Co., $6 pref. (quar.)
—
(Mo.),
15 June 30
Sept. 15 Sept. 15
1 July "21
1 July 21
1 July 21
7ltCc
$1.50
10
21 June 27
21 June 30
Aug.
Aug.
Aug.
$3 preferred
I 75c
Reading Co.—
Common (quar.)
25c
50c
4% non-cum. 1st preferred (quar.)
2nd preferred (quar.)
50c
40c
Regent Emitting Mills pref. (quar.)
40c
Preferred (quar.)
Reins Company (N. Y.) (irreg.)
Reliance Mfg. Co. (111.) common
15c
Republic Investment Fund pref. A & B (quar.).
Revere Copper & Brass, Inc. 7 % preferred (qu.)
t$134
534% preferred (quar.)
1$ 1.3134
Rheem Mfg. Co. 5% preferred (quar.)
3134c
Rhode Island P. S. Co. com. class A (quar.)
$1
50c
$2 preferred (quar.)
Richmond Insurance Co. (N. Y.) (quar.)
15c
Rickel (H. W.) & Co. (s.-a.)
8c
common
10
15
10
15 July
15 Oct.
Nov.
25c
Rochester Button Co.
1 Sept. 15
19 July
25 July
25c
Extra
$1M
tic
$2M
$134
t$lM
$1
t25c
t25c
t50c
SIM
Aug. 14 July
Sept. 11 Aug.
Oct.
9 Sept.
Sept.
1 Aug.
Dec.
July
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
July
July
July
Aug.
July
July
July
Sept.
Aug.
Sept.
Aug.
July
July
July
Aug.
July
July
17
21
18
15
1 Nov. 15
15 July
1 July
1 July
1 July
1 July
1 July
1 July
1 July
1 July
15 July
15 July
15 July
1 July
15 June
19 July
19 July
_
1
15
2
1
15
15
15
1
15
15
5
21
15
10
10
15
115
|15
ill
1
1
1
15
20
9
9
Aug. 20
Aug.
5
Aug. 15
July
15
June 27
July
July
July
July
1
1
15
5
June 30
July 15 June 30
July 15 June 30
Aug.
1 July 18
common—
50c
50c
(Quarterly)
Diego Gas & Electric Co.,
5% preferred (quar.)
San
com.
(monthly).
$4.50 preferred (quar.)
Scruggs-Vandervoort-Barney, Inc.,
Sept. 30 Sept. 24
7Mc
July 15 June 30
July 15 June 30
Sept. 30 Sept. 15
25c
$2 participating, preferred
Scott Paper Co., $4 preferred (quar.)
18
$134
37Mc
5
18
$2M
San Francisco Remedial Loan Assn. Ltd. (quar.)
Schumacher Wall Board Corp.—
5
July
20c
July
July
July
July
July
July
Sept.
Sept.
10
50c
$134
$134
t$l
20c
...........
$0 80 preferred (quar.)
Rath Packing Co. 5% pref. (semi-annual)
Raymond Concrete Pile, common
June 30
June 30
15
July
$2
(Quarterly)
June 30
July
20c
St. Louis Union Trust Co.
July
July
July
July
July
July
Aug.
July
Northwest
3
3
3
Oct.
15c
2Mc
(quar.)
Common extra
$134
75c
$134
5c
Class A
National City Lines, $3 conv. pref.
Class A (quar.)
75c
50c
Dec.
July 21 July
July 28 July
Oct.
$1
Extra.
2-1-42 1-15-42
July
July
July
25c
15 June 30
25 July 17
31 July 10
Sept.
1 Aug. 15
5
Aug. 15 A.ug.
July 28 July 10
75c
J75c
*3c
—
Sept. 30 Sept. 25
$2M
J$1M
Sept. 18
$134
Common
Light Co. $6 preferred
Canada, 6% 1st pref. (quar.)
6% non-cum. partic. pref. (quar.)
Premier Gold Mining Co., Ltd. (quar.)
Prentice (G. E.) Mfg. Co
Sept,
July
July
Aug.
July
July
Aug.
National Bearing Metals Corp., 7% pref. (quar.)
National Biscuit Co. com
30c
Power Corp. of
June 30
50c
50c
Piedmont & Northern Ry. Co. (quar.)
Pierce Governor & Co
Portland Gas
June 30
$134
12 Mc
15c
June 30
1
31
July
National Aviation Corp
National Bank of Detroit (s-a)
(quar.)
Class B
Phoenix Acceptance Corp., class A (quar.)
Pick (Albert) Co. common (irreg.)
June 30
Oct.
Dec.
10c
15c
Class A (quar.)
Aug. 15
July
9
June 30
June 30
5c
50c
5634c
Extra
Class A
10c
35c
234c
2Mc
234c
2 34c
2Mc
Phillips Pump & Tank Co., class A (quar.)
Pittsburgh Bessemer & Lake Erie RR. Co.—
Common (quar.)
Pittsburgh Cinn. Chicago & St. Louis RR. Co.
(s.-a.)
Pittsburgh Forgings Co
Pittsburgh National Bank (Pa.) (quar.)—^i.
Quarterly
Pittsburgh Screw Sc Bolt Corp
Plymouth Cordage Co. (quar.)
Plymouth National Bank (Mass.) (s.-a.)
Pollock Paper & Box Co., 7% pref. (quar.)
7% preferred (quar.)
Mutual System, Inc., common
(quar.)
Holders
Sept.
Mutual Investment Fund, Inc
National Automotive Fibres
When
Payable of Record
July
Mutual Chemical Co. of America—
8% preferred
Narrangansett Elec. Co. 434 % preferred (quar.)
Share
Company
15c
nt2c
...
Name of
25c
,2!i
2*01
...
Per
Holders
Payable of Record
Dec.
25c
5% preferred (quar.)
...
30c
Sept.
6% preferred (quar.).......
Dec.
30c
6% preferred (quar.)
—
July
Mercantile Trust Co. (Bait.) (quar.)
Merchants National Bank (Boston) (quar.)
July
July
Mergenthaler Linotype Co
July
Michigan Die Casting Co. (irreg.)
Oct.
$l
Mid-City National Bank of Chicago, com.
25c
Midwest Piping & Supply (irreg.)
July
50c
Midwest Rubber Reclaiming Co., com. (quar.).
Aug.
$1
Sept.
$4 preferred (quar.)
Aug.
Mississippi Power & Light, $6 1st preferred
July
Moneta-Porcupine Mines, Ltd. (irreg.)
July
Monongahela Valley Water, 7 % pref. (quar.)
Monroe Loan Society, class A
July
Montana Power Co. $6 preferred (quar.)....
SIM
Aug.
20c
Montclair Trust Co. (N. J.) (s.-a.)..._;
Aug.
50c
July
Montgomery Ward & Co., Inc., com. (quar.) —
Montreal Light Heat & Power Consol. (quarO.¬
$3 8c July
Montreal Telegraph Co. (irreg.)
J43c July
Oct.
Moore (W. R.) Dry Goods Co. (quar.)
SIM
1-1Quarterly
SIM
50c
Morrell (John) & Co
July
75c
Morris (Philip) & Co. common (quar.)
July
$1.0634 Aug.
434% preferred (quar.)
Mt. Diablo Oil, Mining & Development Co.—
Coomon (quar.)_..
lc
Sept. 3
10c
Mountain City Copper Co. (irreg.)
July 23
Mountain State® Power Co. com
3734c
July 19
5% preferred (quar.)
6234c July 19
—
Mountain States Tel. & Tel. (quar.)
July 15
$134
t$l
Munising Paper Co., 5% 1st pref
Aug.
1
6% preferred (quar.)
6% preferred (quar.)
July 12, 1941
com
Scullin Steel Co. (irreg.)—
75c
tS3M
$1
HP
25c
40c
Sears Roebuck & Co.
(quar.)
Shawinigan Water & Power (quar.)
Seaboard Oil Co. (Del.) (quar.)
Sheep Creek Gold Mines, Ltd. (quar.)
Shell Union Oil Corp. (irreg.)
Sigma Mines (interim)
Silbak Premier Mines, Ltd
Simpson's, Ltd., 6M % pref. (accum.)
Skelly Oil Co
Sloane-Blabon Corp., 6% pref. class A
Smith (Howard) Paper Mills, Ltd. 6% pf. (qu.)_
Snider Packing Corp
South Pittsburgh Water Co., 4M % pref. (quar.)
Southeastern Greyhound Lines (quar.)
Preferred (quar.)
Conv. preferred
(guar.)
Southern California Edison Co., Ltd.—
(Quarterly) common
Original preferred (quar.)
5M% preferred C. (quar.)
Southern California Gas Co. 6% pref. (quar.)
Preferred A (quar.)
Southern Canada Power Co., Ltd., com. (quar.)
6% preferred (quar.)
75c
J23c
25c
J4c
40c
30c
14c
50c
tS3
tSIM
25c
SIM
37 Mc
30c
30c
37 Mc
37Mc
34 Mc
37Mc
37Mc
120c
1S1M
Dec.
26 Dec. 20
Aug. 15 Aug.
Aug.
1 July
Aug.
1 July
July 25 July
July 15 June
Sept. 10 Aug.
Aug. 25 July
Sept. 15 Sept.
July 15 June
July 21 July
July 15 June
July
25 July
Aug.
July
July
July
Sept.
July
Sept.
Sept.
Sept.
1
30
15
15
15
15
Aug.
July
July
July
July
Aug.
July
15
15
15
15
15
15
15
July
5
19
19
8
30
11
24
2
30
8
30
5
18
June 27
July
1
June 30
Sept. 5
July
1
1 Aug. 20
1 Aug. 20
1 Aug. 20
July
19
June
20
June 20
June 30
June 30
July 31
June 20
Southern Indiana Gas & Electric Co.—
4.8% preferred (quar.)
Southern New England Telephone
Southwestern Life Insurance Co. (Dallas) (quar.)
Spicer Manufacturing Corp., com
$3 preferred
Squibb (E. R.) & Sons, $5 pref. series A (quar.).
Standard Brands, Inc., $4.50 pref. (quar.)
Standard Chemical Co., Ltd. (interim).
Standard Fire Insurance Co. of N. J. (Trenton).
Standard Oil Co.
(Ohio), 5%
pref. (qqar.)
Standard Silica Corp. (irreg.)
Stanley Works (The) 5% preferred (quar.)
$1.20
$134
35c
75c
75c
$134
$134
175c
75c
$134
20c
3134c
Aug.
1 July
July 15 June
July 15 July
July 15 July
July 15 July
Aug.
1 July
Sept. 15 Sept.
July 30 June
July 23 July
July 15 June
Aug. 15 Aug.
Aug. 15 July
15
30
12
8
8
15
2
30
16
30
5
31
I
Volume
The Commercial & Financial Chronicle
153
Per
Name of
Share
Company
Standard Wholesale Phosphate & Acid Works,
Inc. (quar.)
State Street Trust Co. (Boston) (quar.)
40c
50c
Stayton Oil Co. (quar.)
15c
.
.
Stecher-Traung' Lithograph Corp.—
5% preferred (quar.)
5% preferred (quar.)
Steel Co. of Canada, Ltd., common (quar.)
7% preferred (quar.)
...
Stetson (John B.) Co., 8% preferred..
Stonegar Coke & Coal Co., extra
Stroock (8.) & Co., Inc. (irreg.)
Sullivan Consolidated Mines, Ltd. (irreg.)
Sun Oil Co., 4X% pref. A (initial quar.)—
Sun Ray Drug Co. common
6% preferred (quar.)
*
Super Mold Corp. (quar.)
Superheater Co. (The) (quar.)—
Symington-Gould Corp.
Tacony-Palmyra Bridge Co.—
5% preferred (guar.)
Telephone Bond & Share Co., 7% pref.
S3 first preferred
Thatcher Manufacturing Co. 83.60 pref. (quar.)
.
-
-
.
_
_
When
Sept. 15 Sept. 5
July 15 June 30
July 30 June 10
$1X
Sept.
Sept. 15
UH
Dec.
Dec.
Trade Bank & Trust Co.
(N. Y.) (quar.)
Transamerica Corp. (s.-a.)_
Truax-Traer Coal Co. 6% pref. (quar.)
5X% preferred (quar.)
Tuckett Tobacco Co., Ltd., 7% pref. (qu.)
Udylite Corp
Union Electric Co. of Missouri 85 pref. (quar.)
$4.50 pref. (Initial quarterly)
Union Gas Co. of Canada, Ltd. (quar.)
Union Oil Co. of California (quar.)
United Bond & Share, Ltd. (quar.)
United Corp. Ltd. $1.50 class A (quar.)
United Drill & Tool Corp., class A (quar.)
175c
Aug.
Aug.
July
July
July
July
UXc
nx
20c
37Xc
50c
25c
25c
SIM
t56c
t24c
90c
25c
10c
SIM
$1X
t20c
25c
July
July
July
1
15c
*38c
Gold certificates
June
16
Redemption fund—F. R. notes.
Other Cash f
10
15
15
8
5
June 30*
July
July
July
July
July
25c
U.
S.
Govt,
obligations
31
Aug.
Aug.
Aug.
Aug.
July
Sept.
Sept.
July
Aug.
July
July
July
15
971,000
627,000
159,000
2,541,000
1,534,000
1,598,000
1,534,000
1,997,000
384,113,000
231,036,000
Bonds
15
15
21
75,000
1,515,000
1,026,000
384,113,000
405,667,000
231,036,000
345,434,000
.....
Notes.
July
July 15
Sept. 5
Sept. 5
June
Aug.
Sept.
Aug.
July
Aug.
30
July
July
July
Aug.
July
Aug.
15
31
31
20
Total
bills
discounted.—.....
Industrial advances
U. 8. Govt, securities, direct and guar¬
anteed:
Total U. S. Government securities,
direct and guaranteed
615,149,000
615,149,000
751,101,000
Total bills and securities..
Due from foreign banks
619,224,000
618,281,000
753,332,000
18,000
18,000
18,000
Federal Reserve notes of other banks...
2,022,000
205,507.000
1,704,000
246,101,000
9,930,000
11,667,000
155,704,000
9,802,000
16,209,000
Uncollected Items....
Bank premises...
........
9,930,000
Other assets
Total assets.
July 31
July 15
July 15
Liabilities—
F. R. notes In actual circulation
June
Deposits—Member bank
19
Sept. 20
Aug. 29
Aug. 29
July 15
Aug. 15
Oct.
Sept.15
July 15
Aug.
Sept.
12,004,000
__
2,068,000
10
June 30
Oct.
234,000
Aug. 15
9,673,642,000 9,735,004,000 9,964,348,000
i
1,806,154.000 1,813,043,000 1,393,250,000
6,396,469,000 7,494,355,000
121,165,000
244,034,000
453,724,000
267,270,000
457,687,000
423,845,000
457,113,000
484,022,000
reserve acc't.
6,263,412,000
U. 8. Treasurer—General account...
375,516,000
Foreign
...
Other deposits...
Total deposits.
Deferred availability items.....
Other
7,549,765,000 7,582,212,000 8,306,635,000
188,774,000
141,086,000
211,008,000
304,000
399,000
210,000
liabilities, lnd accrued dividends.
Total liabilities
9,545,092,000 9,606,473,000 9,841,275,000
Capital Accounts—
Oct.
Sept. 15
Aug.
Sept.
July 15
Aug. 15
Oct.
Sept.15
Surplus (Section 7)
Surplus (Section 13-b)
July
July
July
Other capital accounts
15
Capital paid in
51,623,000
56,447,000
7,070,000
13,410,000
...
....
...
51,073,000
53,326,000
7,109,000
11,565,000
51,619,000
56,447,000
7,070,000
13,395,000
June 30
Total liabilities and capital accounts. 9,673,642,000 9,735,004,000 9,964,348,000
68Mc
25c
50c
50c
-
30c
SI
87Mc
SIX
17M2
25c
$1
Universal Consolidated Oil Co. (irregular)
Universal Leaf Tobacco Co. (quar.)
Upper Michigan Power & Light Co. 6% pf. (qu.)
6% pref. (quar.)
Upressit Metal Cap Corp., 8% preferredVapor Car Heating Co., pref. (quar,)
Preferred (quar.)..
V ertientes-Camaguey Sugar
Virginian Railway Co. (quar.)
Vulcan Debinning Co. common (quar.)
7% preferred (quar.)
7% preferred (quar.)
Walker (H.) Gooderham & Worts, Ltd-—
Common (quar.")
$1 preferred (quar.)
Warner Bros. Pictures, Inc., $3.85 preferred—
Warren Refining & Chemical Co. (resumed).
Washington Gas Light Co. com. (quar.)..
$4.50 com. preferred (quar.)
i
Wayne Knitting Mills, common (irreg.)
West Michigan Steel Foundry Co.—
7% prior preferred (quar.)
$1.75 conv. preference (quar.)
West Penn Electric Co., 7% preferred (quar.)
6% preferred (quar.)
West Penn Power Co. 4X% pref. (quar.)
Western Grocers Ltd. common (quar.).
7% preferred (quar.)
Westgate Greenland Oil Co. (monthly)
(Monthly)
-
by
direct and guaranteed....
Other bills discounted..,
July
Sept.
Sept.
58 l-3c Aug.
58 l-3c
Sept.
25c
8,824,937,000 8,847.303,000 9,027,215,000
reserves
Secured
20
20
Aug.
July
58 l-3c
53c
53c
53c
50c
50c
50c
Total
Bills discounted:
July
July
20c
—
$
8,771,538,000 8,802,859,000 8,921,487,000
1,311,000
1,041,000
1,041,000
104,417,000
52,358,000
43,403,p00
18
$1M
$5 preferred (guar.);
—
United Light & Railways 7% pref. (monthly)
7 % preferred (monthly)
7 % preferred (monthly)
6.36% preferred (monthly)
6.36% preferred (monthly)
6.36% preferred (monthly)--,
6% prior referred (monthly)
6% prior preferred (monthly)
6% prior preferred (monthly)
United Shirt Distributors, Inc. (irreg.)
U. S. Fidelity & Guaranty Co. (Bait.) (quar.).
U. S. Hoffman Machinery Corp.—
514% conv. preferred (quar.)
U. S. Industrial Alcohol Co. (quar.)
United States Pipe & Foundry Co., (quar.)
Quarterly
United States Plywood Corp
U. S. Smelting, Refining & Mining Co., com
7% preferred (quar.)
U. S. Sugar Corp. pref. (quar.)
United Stkyds. Corp., $0.70conv. pref. (quar.)
Universal Consolidated Coal Co
July 10,1940
$
hand and due from
on
United States Treasury,*
June
Aug.
J75c
United Gas Improvement Co., common
July 2, 1941
$
5
10
Aug.
Aug.
Aug.
5
Aug. 15
10c
Class B—
July 9, 1941
Assets—
July
July
Aug.
Aug.
Aug.
July
July
July
15c
United Fruit Co. (quar.)
United Fuel Investments, Ldt.—
6 % class A preference (quar.)
date last year:
7
7
t75c
t$l
SIM
SIM
tux
.
New York
The following shows the condition of the Federal Reserve
Bank of New York at the close of business July 9, 1941,
in comparison with the previous week and the corresponding
15
58 l-3c
50c
412-3c
15c
5% preferred (monthly)
Condition of the Federal Reserve Bank of
Holders
Payable of Record
Toledo Edison Co.
7% preferred (monthly)_,
6% preferred (monthly
199
...
...
Westmoreland Coal Co
Dec. 20 Nov. 29*
July
July
July
July
July
July
July
Aug.
8
17 July
15 June 25
15 June 25
15 July
2
1
15 July
7
17 July
7
17 July
1 July 17
1 Sept. 28
SIX
Oct.
1-2-42 Dec. 29
Oct.
1 Sept. 15
ik
F.
R.
note liabilities combined
Commitments
vances
make
94.3%
industrial
94.2%
93.1%
1,534,000
to
1,534,000
811,00$
ad¬
....
t "Other cash" does not include Federal
reserve
notes or a bank's own Federal
Reserve bank notes.
x
over
'
certificates given by the United States Treasury for the gold taken
from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
These
are
100 cents to 59.08 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.
Sept. 10 Aug. 30
10C
sim
six
SIX
tsi
t25c
tWg
3im
50c
l7Xc
43 Xc
SIX
SIX
six
175c
tsix
lc
lc
50c
Extra div. reported last week was incorrect.
Westmoreland, Inc. (quar.)
Weston Electrical Instrument:
Weston (George) Ltd. 5% pref. (quar.)
Westvaco Chlorine Products Corp. com. (quar.)
Aug.
1 July 18
Aug.
1 July 15*
Sept. 20 Aug. 30
Dec. 10 Dec.
15
19
10
10
Sept.
Sept.
Sept.
July
Aug.
Aug.
July
Aug.
Aug.
Aug.
July
1 July
11 July
15 July
22
22
8
3
15
31
1
Aug.
Sept.
Aug.
Aug.
July
July
July
July
Aug.
July
1
2
15
15
15
15
15
15
15
15
15
1
15
Weekly Return of the New York City
Clearing House
1
Aug.
1 July
Aug.
1 July
Sept. 20 Sept.
July 19 July
Oct. 20 Oct.
10
15
15
18
18
June 20
July
Aug.
July
July
June 20
The weekly statement issued by the New York City
Clearing House on Friday afternoon is given in full below:
STATEMENT
OF MEMBERS
CLOSE
ASSOCIATION AT
NEW
YORK
CLEARING
BUSINESS THURSDAY,
*
JULY
HOUSE
10,
1941
Net Demand
Time
Undivided
Deposits,
Profits
*
Clearing House
Average
Deposits,
Average
Surplus and
Capital
Members
$
$
Bank of New York..—
6,000,000
Bank of Manhattan Co.
20,000,000
77,500,000
20,000,000
90,000,000
41,691,200
21,000,000
15,000,000
10,000,000
60,000,000
4,000,000
100,270,000
500,000
25,000,000
6,000,000
5,000,000
12,500,000
National City Bank..
Chem Bank A Trust Co.
Guaranty Trust Co....
June 20
Manufacturers Trust Co
July 10
Aug.
9
Corn Exeh Bank Tr Co.
7
First National Bank....
15 July
OF THE
OF
Cnt Hanover BkATr Co
Irving Trust Co
—
Continental Bk A Tr Co.
25c
Oct.
50c
Extra.
Sept.
Aug.
Aug.
Aug.
Aug.
July
Aug.
July
July
Aug.
Sept.
Aug.
Aug.
Aug.
Quarterly
Nov.
1 Oct.
15
15
1 Oct.
15
available
242,280,000
613,571,000
a2,638,642,000
852,762,000
&2,308,775,000
782,064,000
17,897,000
39,073,000
97,728,000
165,523,000
11,429,000
76,118,000
105,245,000
79,389,000
27,550,000
557,000
4,921,000
1,121,000
45,215,000
3,833,000
79,630,000
2,252,000
3,062,000
42,004,000
1,638,000
53,151,000
960,480,800 16,107,304,000
760,208,000
cl,187,700,000
338,392,000
858,252,000
731,118,000
86,755,000
d3,339,902,000
b $65,362,000 (latest
Nov
14,294,300
27,221,000
82,100,800
58,357,100
187,600,900
40,986,600
75,642,700
20,287,000
109,849,400
53,896,700
4,531,200
137,453,100
4,267,300
84,931,100
_
$4.50 preferred (quar.)
Wheeling Steel Corp. (resumed)
—
-
preferred
Line, Inc., 5% 1st pref. (s.-a.)
Winsted Hosiery Co. (quar.)..
-
25c
50c
$3
SIX
tsix
six
Wilson
Extra
35c
—
White Motor Co
White Sewing Machine, $2 prior preferredWichita Union Stk. Yards Co., 6% pref. (s-a)
Wichita Water Co., 7% preferred (quar.)
Wilson & Co., Inc., $6 preferred---
$6
tsix
—
M
1 Sept.15
27
15
10
10
25
10
1 June 25
15 Juiy 10
1
15 July
1 July 15
2 Aug. 15
1
15 Aug.
1 July 15
10
1
1
1
15
17
Aug.
July
July
July
July
July
1 July
Chase National Bank.
Fifth Avenue Bank.....
Bankers Trust Co......
Title Guar & Trust
Co.
Marine Midland Tr Co.
New York Trust Co
Comm'l Nat Bk A Tr Co
28,067,600
7,000,000
Totals
*
518,361,200
As per official reports:
companies, June 30,
457,387,000
8,916,500
10,758,300
7,000,000
Public Nat Bk A Tr Co.
69,850,000
el,207,925,000
17,702,000
141,247,000
10,161,100
1,168,100
145,246,000
National, June 30, 1941; State, June 30, 1941; trust
1941.
foreign branches: a $282,557,000 (latest available date);
available date); c $2,879,000 (July 10); d $88,753,000 (latest
$21,961,000 (June 30).
Includes deposits in
date);
e
Wisconsin Electric Power—
6% preferred (1897 series) (quar.)
Wisconsin Gas & Electric Co., 4X% pref. (qu.)
Woodall Industries (irreg,)
Worthington Pump Sc Machinery Corp.—
4*4% prior preferred
4*4% conv. prior preferred
Wrigley (Wm.) Jr. Co. (monthly
SIX
SIX
20c
25c
Monthly
25c
Monthly
25c
20c
Wrisley (A. B.) Co., common (irreg.)
Wuriitzer (Rudolph) Co. (The)
10c
Yale & Towrie Mfg. Co.
15c
-i—
120c
Zeller's, Ltd., common (quar.)
6% preferred (quar.)
t37Mc
Zlon's Cooperative Mercantile Institution (qu.).
50c
50c
Quarterly
—
-
,
Below
SIX
-
31 July 15
July 15 June 30
July 31 July 15
July
Sept.
July
July
July
Aug.
Oct.
Aug.
Aug.
Sept.
July 10
Aug. 20
Sept.10
July 15
July 15
Sept. 5
Dec.
Dec.
Aug.
Aug.
Aug.
Oct.
stocks and bonds listed
19
as
20
t Payable in Canadian funds, tax deductible at the source.
effective April 30 1941 increased from 5% to 15%.
remains at 2%.
a Less British income tax.
on
of representative
the New York Stock Exchange
compiled by Dow, Jones & Co.:
Bonds
Stocks
10
10
30
20
15
Total
10
First
Second
10
Indus^
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
trials
Date
roads
ties
Stocks
trials
Ralls
Rails
ties
Bonds
Total
29.19
18.56
42.98
108.01
110.11
91.49
127.78
29.18
18.61
42.96
108.03
94.23
94.13
53.59
July 10.
63.81
110.11
91.52
July
Transfer books not closed for this dividend,
I
Averages
averages
5
t On account of accumulated dividends.
tax,
Bond
daily closing
21
21
9.
127.63
29.32
18.40
42.91
107.91
94.13
53.98
110.00
July
8.
7.
5.
127.64
July 11.
*
Stock and
the
Sept. 20
July
Aug.
are
Non-resident
Resident taxs
'
July
July
127.90
18.34
42.91
107.96
83.99
53.92
109.99
126.16
28.98
18.14
42.41
107.90
93.64
53.46
109.94
91.50
91.4g
91.22
124,18
28.56
18.10
41.81
107.90
93.78
53.14
109.86
91.1®
29,34
The Commercial & Financial Chronicle
200
July 12,
1941
Weekly Return of the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
member banks in 101 leading cities from which weekly returns are obtained.
Items of resources and liabilities of the reporting
alwavs a week behind those for the Reserve banks themselves.
The comments oj the Board of Governors of
System upon the figures for the latest week appear in our department of "Current Events and Discussions,"
These figures are
the Federal Reserve
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
BANKS IN 101 LEADING CITIES BY DISTRICTS ON JULY 2, 1941
ASSETS AND LIABILITIES OP WEEKLY REPORTING MEMBER
(In Millions of Dollars)
PhROr
delphia
%
%
%
%
ASSISTS
Loans and
Minne¬
New York
Boston
Total
Federal Reserve Districts—
Cleveland Richmond
Atlanta
Chicago
%
San
Kansas
apolis
City
St,Louis
Francises
Dallas
$
%
28.325
1,384
12,828
1,305
2,186
750
718
4,040
833
444
789
605
10,453
745
3,902
546
855
315
382
1,313
404
225
366
318
2.463
1,082
5.895
Investments-—total
Loans—total
400
2,411
290
402
147
197
847
231
111
215
211
433
377
81
106
38
13
13
5
49
20
3
25
3
21
528
14
387
28
17
4
7
49
4
2
4
3
9
458
Commercial, Indus, and agricul. loans
Open market paper
Loans to brokers and dealers In secure.
16
215
32
20
14
11
67
13
6
11
14
39
purchasing or carrying
Other loans lor
securities
195
81
1,244
Real estate loans
51
182
""107
220
23
385
"64
""l95
32
78
136
60
"165
75
7
362
45
218
35
19
40
32
50
1,237
208
123
110
120
814
32
149
556
Treasury bills
—
634
——
1,080
2,246
21
Treasury notes—
39
1,501
"""25
178
64
7,929
377
3,501
391
734
207
107
United States bonds.—
14
36
125
4
1,911
Loans to banks
"89
49
""88
40
Other loans.——-.———-
1
1
7
2
1
1
68
1,809
82
159
93
61
134
1,481
261
253
69
116
579
113
39
134
59
341
Bank-
553
5,803
507
774
292
188
1,527
261
105
207
153
493
570
149
152
24
49
25
14
81
13
7
17
12
Balances with domestic banks-
3,516
201
241
229
383
292
252
633
191
132
314
317
331
Other assets—net—
1,149
66
380
77
87
40
50
72
22
15
20
30
290
23,949
1,418
11,754
1,136
1,742
644
503
3,369
570
339
593
553
1.328
5,419
230
1,096
261
745
209
192
1,001
192
112
143
137
1,102
487
14
46
16
44
32
47
136
20
2
13
37
80
9,272
395
3,974
488
535
375
367
1,931
434
180
466
295
372
666
22
Govt
guar, by U. S.
securities
Other
Reserve with Federal Reserve
Cash In vault
331
35
175
43
110
3,038
3,579
10,863
Obligations
72
1
33
9
3
1
27
LIABILITIES
Demand deposits—adjusted.——
Time deposits—
—
United States Government deposits—
Inter-bank deposits;
Domestic banks..........
...
605
6
1
2
9
1
1
19
1
1
757
25
295
17
"""20
38
"l3
"~19
~"7
3
"~4
""309
3.872
248
1,635
218
392
101
98
428
62
109
90
394
Foreign banks————
Borrowings—
Other liabilities...
capital accounts
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
was
issued by the Board of Governors of the Federal Reserve System
showing the condition of the 12 Reserve banks at the close of business
for the System as a whole in comparison with the figures for the eight
week
The second table shows the
ast year.
Reserve note statement (third table
Reserve agents
week
appear
in
preceding weeks and with those of the corresponding
The Federal
The comments of the Board of Governors of the Federal Reserve System upon the
department of "Current Events and Discussions "
our
OF THE
FEDERAL
July 9,
July 2,
1941
1941
1941
$
ASSETS
Thursday afternoon, July 10,
on
The first table presents the results
following) gives details regarding transactions in Federal Reserve notes between the
COMBINED RESOURCES AND LIABILITIES
Three Ciphers (000) Omitted
Wednesday.
and liabilities separately for each of the 12 banks.
resources
and the Federal Reserve banks.
returns for the latest
on
%
$
June
25,
RESERVE
June 18,
1941
BANKS AT THE CLOSE OF
June
BUSINESS
JULY 9, 1941
May 28,
May 21,
1941
1941
1941
1941
I
*
June 4,
1941
$
$
J
I
11,
May 14,
July 10,
1940
I
„
Gold ctfs
on
Otuer cash *..............................
Total reserves
..................
20.310,531
10,553
252,279
20,312,231
20.313,730
20.313,731
20,313,731
8.853
9,508
241*080
9,508
285,141
287,750
10,945
289,010
20,573,363
band and due from U. S. Treas.x.
Redemption fund (Federal Reserve notes)....
20,562,164
20,608,379
20,610,989
20,613,686
Bills discounted:
U. S. Government obligations,
direct and guaranteed..
Secured
U. S. Govt. securities, direct and
....................
U.
...
8. Govt, seourlties, direct
guaranteed
..............
....
Total bills and seourlties..................
banks....................
Federal Reserve notes of otber banks......
..
Bank
Otber
10,862
276,625
321,025
328,073
360,233
20,601,299
20.625.874
20,587,305
20,560.949
18,315,571
/
■/
1,868
1-.489
1,365
1,143
1,421
1,119
1,358
1,242
3,433
1,539
854
654
592
687
619
674
722
658
650
1,350
2,508
2,013
1,806
1,977
1,916
4,155
2,197
1,504
2,004
9,273
9,088
8,906
8,774
8,736
8,163
8,154
8,092
9,153
1,363,800
820,300
1,363,800
820,300
1,363,800
820,300
1,363,800
1,363,800
1,363,800
1,363,800
1,363,800
820,300
82p,300
820.300
820,300
1,363,800
820,300
1,323,196
1,126,732
2,184,100
2,196,809
2,184,100
2,195.881
2,184,100
2,195,201
2,184,100
2,194,812
2,184,100
2,194,851
2,184,100
2,194.752
2,184,100
2,196,418
2,184,100
2,194,451
2,184,100
2,193,696
47
47
47
47
47
47
47
47
47
29,503
895,591
23,779
979,078
40,162
44,641
24,918
1,132,033
24,554
882.182
25,436
27,083
22,981
1,017,150
659,473
42,412
26,825
889,067
40,035
53,799
items...................—...
premises.............—..
40,067
50,171
41,439
55,381
21,555,977
820,300
and
Due from foreign
Uncollected
10,144
guaranteed:
.................................
Total
20,222,732
9,549
9.352
Total bills discounted
Industrial advances
Notes..
■
20,256,731
3,357
Otber b lis discounted....................
Bonds
■'
by
17,944,476
20,316,732
9,549
299,593
20,314,730
9,944
40,175
...
assets..............................
45,283
i
-
27,222
890,276
40,215
43,329 !
40,246
39,968
828,654
40,019
51,782
51,819
27,122
986,086
40,055
50,512
2,449,928
2,461,085
47
23,780,771
23,845,752
23,804,669
24,045,457
23,818,310
23.794.584
23,768,267
23,885,578
23.889,163
6,797,124
12,971,077
1,038,545
1,191,575
564,481
6,787,914
13,125,376
836,852
1,208,225
611,503
6,633,192
12,985,110
1,081,125
1,240,276
6,573,156
13,130,642
1,023,809
1,229,892
624,714
6,542,175
13,312,189
6,460,010
13,748,879
461,674
1,240,046
686,292
0,384,387
13,731,835
477,144
1,241,201
730,450
6.359,671
13,457,866
1,226,526
582,106
6,534,194
13,201.494
993,072
1,243,661
608,123
725,782
506,707
15,765.678
843,364
2,229
15,781,956
901,936
1,747
15,957,201
836,114
16,061,794
835,205
16,046,350
836,781
16,180,320
15,335,601
629,472
7,133
5.312
793,881
5,612
16,180,630
943,641
6,086
16,009,057
1,085,664
5,610
23,408,395
23,473,553
23,432.593
23,673,487
23,446,307
23,422.637
140,578
157,065
26,785
140,376
140,324
157,065
26,785
157,065
26,785
47,948
140,469
157,065
26,785
47,880
47,850
47,796
140,331
157,065
26,785
47,822
23,780,771
23,845,752
23,804,669
24,045,457
23.818,310
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
91.2%
91.1%
Commitments to make Industrial advances...
12,432
12,590
92.1%
13,072
91.3%
11,814
2,870
1,950
1,482
1,208
Total
assets....................
...
LIABILITIES
Federal Reserve notes In actual Circulation..
Deposits—Member banks' re-erve account...
United Rtates Treasurer—General account..
Foreign........................
Other deposits.........................
Total
deposits
....
Deferred availability Items...
Otber liabilities, lnol. accrued dividends.....
Total liabilities
....
650,690
940,973
16,136,891
761,624
1,235,048
5,232,463
13,764,343
297,428
767,123
5,117
971,989
5,504
23,396,394
23,513.775
23,517.484
140,311
140,284
137,238
157.065
26,785
47,739
140,279
157,065
26,785
47,674
140.272
157,065
26.785
47.786
157,065
26,785
47,557
151,720
26,839
23,794,584
23,768,267
23,885,578
23,889,163
21,555,977
91.2%
11,629
91.2%
12,272
91.3%
12,342
91.2%
11,080
91.2%
10,945
89.0%
1,384
1,346
3,611
1,026
1,881
21,199,417
CAPITAL ACCOUNTS
Capital paid In............................
Surplus (Section 7)
Surplus (Section 13-b)..
...
...
Otber capital aocounta
Total liabilities and oapltal accounts...
...
40.763
8,682
Maturity Distribution of Bills and
Short-Term
1-15 day* bills
Securities—
discounted.. .......
1,676
928
16-30 lays bills discounted
122
142
54
51
91
80
48
56
81
81-60 days bills disoounted
81
100
152
193
185
120
150
90
96
153
61-90 lays bills disoounted.................
20
26
81
87
77
148
116
150
162
275
264
290
244
267
240
222
230
225
237
414
Over 90 days bills disoounted.
........
......
Total bills disoounted...—...............
136
3,357
2,508
2,013
1,806
1,977
1.916
4,155
2,197
1,504
2,004
....
1,524
1,525
1,522
1,273
1.442
1,473
1,488
1,522
1,439
1,913
16 30 days Industrial advances..............
696
321
284
292
284
270
202
208
266
368
81 60 days Industrial advances
193
526
567
569
555
515
141
165
146
977
839
589
754
407
333
570
550
549
362
5,962
6,062
6,126
6,018
6.086
6,145
5,762
5,709
5,692
6.421
9 352
9.273
9.088
8.906
8.774
8.736
8.163
8.154
8,092'
9,153
«-15 days Industrial advances.
61-90 aays industrial advances..........
Over 90 days Industrial advances
Total »•*
silnn
•«*»
...
89
Volume
201
The Commercial & Financial Chronicle
153
Federal Reserve System (Concluded)
Weekly Return of the Board of Governors of the
July 9,
Omitted
July 2
June 25,
1941
Three Ciphers (000)
1941
June
1941
guaranteed:
U. 8. Govt, securities, direct and
June
11,
July 10,
1941
1940
$
1941
$
$
%
$
I
May 14,
1941
May 21,
May 28,
4,
1941
1941
$
$
%
$
Maturity Distribution of Bills and Short-Term
Securities (Concluded)
June
18,
1941
Jl:
16-30 days. —• ............
31-6ft d*yS
~57~66O
57,000
57", 000
2,184",100
2,184.166
2,184,100
2,18 4", 100
2,184", 100
2,184", 100
2,127,100
2,127,100
2,127,100
2,449,928
2,184,100
2,184,100
2,184.100
2,184,100
2,184,100
2.184,100
2,184,100
2.184,100
2,184,100
2,449,928
7,113,287
7,067,169
279,255
6,942,165
308,973
6,899,789
6,865,638
6,835.331
316,163
326,633
323,463
301,137
6,767,692
307,682
6,701,917
317,530
6.682,910
323,239
5,550,315
317,852
6,797,124
6,787,914
6,633,192
6,573,156
6,542,175
6,534,194
6,460,010
6,384,387
6,359,671
5,232,463
7,243,500
5,624,500
1,152
mmmmmmmmm. — » —
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 Security for
Notes Issued to Bank—
7,063,000
1,739
7,033,000
1,475
7,011,000
1,693
1,642
6,909,000
3,842
6,823,500
1,784
6,810,000
3,037
7.184,000
2,198
6,971,000
By eligible paper
Total collateral
7,246,537
7,186,198
7,064,739
7,034,475
7,012,693
6,972,642
6.912.742
6,825.284
6,811.0981
Gold ctfs.
•
1,098
5,625,652
"Other cash" does not Include Federal Reserve notes.
These
x
hand and due from U. S. Treasury
on
are
certificates given by the
United States Treasury for the gold taken
bentson Jan. 31. 1934, these certificates being
worth less to the extent of
over from the
Reserve banks when the dollar was
the dlfferenoe. the difference Itself
devalued from 100 cents to 59.00
Treasury under pro
having been appropriated as profit by the
visions of the Gold Reserve Act of 1934
WEEKXY STATEMENT OF
Three Ciphers (000)
Total
hand
on
and
$
...
...
$
$
City
Dallas
Francisco
$
$
*
$
$
San
Kansas
apolis
St. Louis
Chicago
$
$
$
:
10,553
217
1,041
581
941
1,395
737
762
558,943
1,033
612
588
252,279
19,851
52,358
19,348
13,521
16,452
22,075
32,177
17,991
5,049
13,083
331,229 1,324,773
807
1,839
12,603
27,771
20,573,363 1,234,317 8,824,937 1,229,391 1,578,150
706,899
505,533 3,384,853
577.967
350,989
481,304
344,639 1,354,383
8
40
22
30
175
52
135
20,310,531 1,214,249 8,771,538 1,209,462 1,563,688
from United States Treasury
reserves
$
Atlanta
Cleveland Richmond
delphia
due
Redemption fund—Fed. Res. notes..
Other cash *
Total
New York
$
ASSETS
certificates
Boston
BUSINESS JULY 9, 1941
Minne¬
Phila¬
Omitted
Federal Reserve Agent at—
Gold
THE 12 FEDERAL RESERVE BANRS AT CLOSE OF
RESOURCES AND LIABILITIES OF EACH OF
482,721 3,351,915
689,052
346,328
467,633
Bills discounted:
8. Govt, obligations,
and guaranteed
Secured by U.
direct
1,868
...
Total bills discounted
72
1,515
56
100
1,489
21
1,026
50
22
3,357
Other bills discounted-—
93
2,541
106
122
8
8
1,534
3,524
329
834
179
8
25
215
74
165
25
428
383
679
275
177
9,352
1,010
1,363,800
99,286
384,113
107,301
141,895
74,720
57,484
166,999
65,886
38,477
66,280
53,594
107,765
Bonds
820,300
59,719
231,036
64,541
85,348
44,943
34,577
100,446
39,630
23,144
39,864
32,235
64,817
Notes
159,005
615,149
171,842
227,243
119,663
92,061
267,445
105,516
61,621
106,144
85,829
172.582
2,184,100
120,505
92,248
267,828
105,516
62,264
106,897
86,269
172,784
Industrial advances
U. S. Govt, securities, direct
& guar.:
Total U. S. Govt, securities,
guaranteed
direct and
.....
18
5
4
2
2
6
1
1
1
2,022
1,793
5,889
3,427
3,509
3,007
905
2,274
1,139
3,028
29,503
1,771
92,745
205,507
59,115
100,124
83,434
35,093
126,798
24,257
51,114
2,805
9,930
4,710
1,970
3,007
2,300
2,804
3,839
2,739
1,859
5,227
2,056
1,353
1,337
1,181
12,004
4,513
5,113
2,654
3,048
37,796
2,948
2,157
30,889
895,591
40,175
48,719
1,969
3,935
45,283
Uncollected Items—.
Bank
227,694
619,224
3
739
23.780,771 1,493,765 9,673,642 1,474,303 1,917,391
922,122
640,132 3,791,229
739,566
441,105
633,377
Fed. Res. notes of other banks
....
premises
Other
175,472
160,108
47
2,196,809
Total bills and securities
Due from foreign banks
assets
Total assets
............
LIABILITIES
See
a
4
466,087 1,588,052
.564,563 1,806,154
468,151
635,824
321,716
224,223 1,453,770
251,563
173,750
225,218
108.140
564,053
6,797,124
689,212 6,263,412
375,516
67,752
690,923
938,974
284,514 1,838,689
287,462
87,218
35,614
37,079
35,331
814,540
19,499
453,724
115,623
109,663
51.255
34,568
90,602
457,113
16,048
17,236
6,319
4,493
26,224
5,915
34,568
2,710
1,643
28,706
564,481
333,174
49,958
35,760
8,979
168,568
90,717
417,891
32,495
243,718
12,971,077
1,038,545
0.8. Treasurer—General account.
1,191,575
Foreign
913,311 1,153,091
507,960
368,002 2,157,988
427,871
236,321
361,819
315,260
953,347
F. R. notes in actual
circulation
Deposits:
Member bank reserve account
Other deposits
.....
15,765,678
Total deposits
820,943 7,549,765
188,774
58,122
93,826
76,199
34,230
131,562
48,239
34,918
31,093
42,822
399
194
245
271
51
261
77
88
107
138
68
330
23,408,395 1,468,169 9,545,092 1,439,778 1,882,986
906,146
626,506 3,743,581
727,760
431,404
622,062
accrued dlvs...
....
CAPITAL ACCOUNTS
26,785
2,874
47,948
Other capital accounts
2,465
10,906
14,505
5,473
4,827
14,977
4,318
2,998
4,551
4.277
11,760
15,144
14,323
5,247
5,725
3,152
3|613
3,974
1,007
3,244
713
22,824
1,429
4,925
4,393
533
1,000
10,785
2,121
4,570
2,012
2,361
8,418
2,040
2,551
1,138
2,013
1,263
3,070
13,410
9,351
157,065
1,942
3,096
640,132 3,791,229
739,566
441,105
633,377
2
363
32
719
1,917,391
Total liabilities and capital acc'ts.. 23,780,771 1,493,765 9,673,642 1,474,303
Commitments to make Indus
"Other cash" does not Include
Federal Reserve notes,
a
Boston
New York
delphia
$
$
$
Issued to F. R. Bank by F. R. Agent
316,163
Bank
6,797,124
In actual circulation
87,131
18,187
564,562 1.806,154
468,151
18,417
by agent as security
notes issued to banks:
Collateral held
from United
$
7,243,500
3,037
590,000 1,910,000
93
2,541
are
178,806
236,573
120,930
618,005
5,056
11,355
12,790
53,952
635,824
321,716
224,223 1,453,770
251,563
173,750
225,218
108,140
564,053
370,000
250,000 1,500,000
279,000
179,000
240,000
126,500
639,000
215
74
590,093 1,912,541
179,215
240,074
126,500
639,000
500,106
660,000
8
106
660,000
370,008
250.000 1,500,000
279,000
Quotations for U. S. Treasury
Bills—Friday, duly 11
Notes—Friday, July 11
point represent one or more Z2ds of a point.
Int.
Int.
Aug. 27 1941
July
16 1941......
July 23 1941
0.13%
July 30 1941
Aug. 6 1941
0.13%
0.13%
1941
0.13%
0.13%
0.13%
20 1941
United
Bid
Asked
Treasury Bills
A112
States
York Stock
Government
3 1941
Sept. 10 1941
Sept 17 1941
Sept.
Asked
Maturity
Deo.
15 1943...
102.9
102.11
Mar. 15 1944...
2%
IH%
103.14
June
103.4
103.6
Sept. 15 1944.—
iMar. 15 1943—
15 1943...
M%
101.3
101.6
Mar. 15 1945...
Sept. 15
New
Rate
Bid
Aeked
M%
102.10
102.12
1%
101.30
102.
Nat. Defense Nts
June
0.13%
the
101.31
Maturity
103 12
15 1941...
Mar. 15 1942...
0.13%
on
Asked
1K%
1H%
Dec.
8 1941
Securities
Bid
Sept. 15 1942...
Dee. 16 1942...
0.13%
0.13%
0.13%
0.13%
Sept. 24 1941
Oct.
1 1941
Oct.
Rate
101.29
0.13%
Exchange—See following page.
$
267,433
15,870
for discount at purchase.
Bid
Aug. 13
San Fran.
$
244,190 1,487,492
33,722
19,967
Figures after decimal
quoted
Dallas
S
$
$
339,462
17,746
500,000
United States Treasury
Rates
St. Louis Minneap. Kan. City
fcs*-
7,246,537
Total collateral
Chicago
S
657,794
21,970
due
States Treasury....
Eligible paper..
Atlanta
S
$
486,338
582,979 1,893,285
3,61,
STATEMENT
Cleveland Richmond
$
7,113,287
39
4
RESERVE NOTE
Total
Federal Reserve notes:
for
466,087 1,588,052
Phila¬
(000) Omitted
Federal Reserve Bank of—
Gold certificates on hand and
49
784
Less than $500.
FEDERAL
Held by Federal Reserve
922,122
1,573
2,204
1,534
1,521
12,432
advs..
454,631 1,560,290
11,918
51,623
56,447
7,070
140,578
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)
Three Ciphers
21,245 '»
82,334
2,229
Items
Other liabilities, Incl.
♦
41,720
6,170
843,354
Deferred availability
Total liabilities....
54,830
9,149
171,768
143,038
35,598
1943..$
1H%
102.1
102.3
1%
101.30
102.
Transactions
16 1944...
fSept. 15,1944
J Dec. 15.1945
at
Daily, Weekly and
101.6
101 8
102.2
102.5
H%
101.6
101.8
H%
H%
100.9
100.11
100.6
100.8
H%
1%
the New York Stock
Yearly—See page 217.
Exchange,
202
July 12, 1941
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded In the day's range, unless they are the only transactions of the day.
account is taken of such sales in
computing the range for the year.
Government Securities
United States
Below
furnish
the New
on
York Stock Exchange
daily record of the transactions in Treasury, Home Owners' Loan and
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32d of a point.
■
we
a
.
Treasury
fHigti
_{ Low.
1
111*21
(High
1 Low.
111.21
I Close
111.21
Total sales in $1,000 units...
3 Ms. 1943-47
111.2C
w —
www-
111.2C
WWW*.
•*.
.11-I
(Close
1
108.10
—
^
w
J_
^
w'w
2Mb. 1952-54
Low
106.6
....
w---
www-
C\om
....
1
Total sales in $1,000 units..
•
106.27
v
106.27
Total sales in $1,000 units..
.
1
.
.
.
»
106.24
100.25
106.24
106.25
—
w ww
.'
.
..
10*6*25
106.25
106.25
— WW
107.30
107.31
107.31
107.30
107.30
(Close
107.31
107.30
107.30
1
2
2
Total sales in $1,000 units..
110.31
(High
Low.
w
w
w
110.31
Total sales in $1,000 units...
ww -
;w
—
—
www.
....
--WW
....
/-w-w
....
wwww
•
'ww-w
V''
--ww
'—WW-
(High
2s, 1947
Low.
■
Close
Total sales in $1,000 units
High
WW
t 1 II t
t1 1
....
WW
2s, March 1948-1950
1 1I 1
—
'
-WWW
.
1 II 1
I
(High
Total sales in $1,000 units
I
1
2s, Dec.
Total sales in $1,000 units...
113*9*
(High
"
Low.
www
113.9
—
•
"WW
www-
WW
113.9
(Close
I Close
'
w'
—
—
'[
..
(High
111.17
111.22
WW
W-'w
—
—
w — w
.
4
—
■'
w
w
m w
111.6
111.13
w
www
8
-
m m w
Total sales in $1,000 units...
1
(High
2Kb. 1948-51
m m —
•
1
I
1
•
'•
«
w
-
-
108.15
108.15
108.16
108.15
(High
108.15
1
9
1
(Close
Tota
-www
(High
(Close
110.14
www*.
2
WW WW
Total sales in $1,000 units...
-
110.14
110.14
Total sales in $1,000 units...
(High
'
2HB, 1942-47
•w
(Close
«
1
w —
1
1
1
Www
1
1
w
w
W.WW
w
•
Total tales in $1,000 units.
-
w
W
w
www'w
-W-w
-www
(High
{Low.
(Close
3s, series A. 1944-52
-WWW
'
m
■*.*" *"
'
-
W W -
W
WWW.
at m
-
-
w WW
www
— w— —
110.27
— — — w
WW — W
110.27
www —
;
-
-www
1
t
1
<
102.5
(Close
102.5
102.5
—
Total sales in $1,000 units...
1
I Close
IMS. 1945-47
111*24
111.20
11*1*16
11*1*16
11*1*16
11*1*8*
Low.
111.20
111.20
111.16
111.16
111.16
111.20
111.20
111.16
111.16
111.16
111.8
Total sales in $1,000 units...
1
6
4
4
37
*
1
Odd lots sales,
bonds.
Low.
CIobc
1
....
t Deferred delivery sale.
Note—The
(High
2Mb.1945
*1
{Low.
(Close
Total sales in $1,000 units...
111.8
Close
8
(High
Total sales in $1,000 units...
(High
i
102.5
102.5
J Low.
2Mb, 1900-06
106.22
102.5
2Mb, 1942-44.Low.
2l
—
106.22
(High
m
(High
2Kb. 1958-03
106.22
Total sales in $1,000 units...
110.27
w — — —
z
__
Home Owners' Loan
'-'www
w
'
WWW
''m
{Low.
(Close
www —
.
—
J Low
sales in $1,000 units...
(High
-www
| Low.
JiB, 1950-59....
{Low.
3s, 1942-47
{Close
m
3s, 1944-49
'
1
Total sales in $1,000 units...
2Mb, 1951-54
-www
1
t
11
..Low,
■"
w
108.16
1
WWW*.
Close
2
Total sales in $1,000 units...
www
'
Low.
104.28
(Close
1
108.15
104.28
[Close
111.6
—
108.15
104.28
Total sales in $1,000 units..
Federal Farm Mortgage
(High
3Jis, 1944-04
Low
111*6*
111.13
w
w
;
♦9
108.10
—
*1
(High
4 Low.
i
111*1*9
111.17
21
-w —— w
Total sales in $1,000 units...
2s, 1953-55
—
11*1*17
111.22
■
m
100.13
106.13
•
•
—
111.25
Low.
1
106.13
106.17
106.17
.....
Total sales in $1,000 units...
(High
II 1
WWWW
_
106.17
/ High
1948-50.......{Low.
(Close
4.1: - 11«It1 til
—
Low.
Close
| Low.
(Close
2
Low.
Close
Total sales in $1,000 units...
6
....
Total sales in $1,000 units...
2 Ms. 1945-47
*4
(High
2Mb, 1954-56
107.28
—
*2
(Close
Toted tales in $1,000 units.
1
Total sales in $1,000 units...
107.28
....
-
—
'.
(High
{ Low.
2Mb, 1955-60
6
(Close
1
'
'
.
www-
110.31
w
w
.
(Close
3s. 1951-55
104.15
j Low.
107.28
'
3s. 1946-48
104.15
104.17
(High
2Mb. 1951-53
100.24
1
....
1
WWW-
107.31
(High
-I Low.
3 Kb. 1949-52
104.15
104.17
104.17
Total sales In $1,000 units..
106*25
106.27
(High
1 Low.
(Close
-I
104.17
104.12
Close
2Mb, 1956-58
Total soles in $1,000 units.
3 Ms, 1940-49
104.17
Low
(High
I Close
SJis. 1944-40....
2
(High
106.6
....
^
108.10
TotrOl sales in $1,000 units.
(High
.J Low
3 Ms. 1943-45
108.5
108.10
(Close
m
....
....
6
108.5
(High
(Low.
-WWW
.
(Close
109.13
108.5
Total sales in $1,000 units...
106*6*
..
109.13
Low.
2Mb. 1949-53
-WWW
1
■:
10 July 11
109.16
(High
1
....
9 July
$1,000 units...
'
t il I I 1
1
1
1
Total sales in $1,000 units...
3 lis, 1941
sates in
2Mb, 1950-52
(High
1 Low.
8 July
(Close
Total
www-
Total sales in $1,000 units...
7 July
5 July
Low.
lll'.2(
*2
(High
{Low.
(Close
Farm Mortgage
IHlgn
....
m
Federal
.
Daily Record of U. 8. Bond Prices July
2Mb, 1948
(Close
3^0,1946-60
11
July
Treasury
Total gales in $1,000 units...
4s, 1944-64
llC
July
....
,
4Kb, 1947-52
July
: July
f
5 July
Daily Record of U. 8, Bond Prices July
No
,
above
table
$ Cash sale,
includes
only
Transactions in registered bonds
x
No transactions.
Total sales in $1,000 units
coupon
were*
Treasury 4s, 1944-1954
1 Treasury 3Ms 1944-1946
....
of
sale
111.19 to 111.19
107.28 to 107.28
New York Stock Record
LOW
AND
HIGH
SALE
Saturday
July
$
Monday
July
5
per share
50%
♦118
50%
*118
..
♦40
♦4512
4378
4812
6
6
♦2012
♦1212
21%
12%
4078
40%
♦38
7
July
$ per share
50
*40
4834
50
WW
WW
43%
4884
8
July
$ per share
*50
*118
*40%
49%
50%
115
*40
43%
43%
*49
51
5184
51%
6%
21%
12%
1,600
6%
6%
6%
6%
21%
21%
21%
*2034
13
1234
1234
41%
h
12%
41%
*%
13
13
42%
4134
423s
41%
38
3s
3S4
3%
*%
3%
%
3%
%e
716
%6
*%
3%
%
8%
7%
17%
24%
8
8%
155
15684
11%
11%
12%
13%
7%
7%
8%
7%
*17%
7
7
1734
2334
1734
2334
8%
7%
18%
24%
23%
*8%
8%
8%
8%
8%
%
4
38
%
734
678
678
634
7%
6%
17%
23%
17
♦16i2
23
227g
778
778
15384 15384
*11
1114
125g
126s
684
684
*8112
82l2
*2812
2878
*173s
17%
6%
1634
1634
22% 23%
8
*7%
15384 15434
*11
11%
13
634
13
7%
82%
156
*11%
13
7%
15734
12
13%
7%
82%
31%
18%
81
82
2934
17%
2934
17%
31
18
*18
*15i«
1
1
*1234
%
14%
*14
57%
5734
58
14%
58%
1434
58%
1434
58%
*17%
17%
42%
7%
18
18
18
18
42%
45
4434
*81%
28%
1712
1
%
*12i2
*56l2
57
*17
17%
1412
4034
7%
41%
7%
*4434
6
734
634
and asked prices:
6%
no
*81
30%
43%
8%
43%
7%
45
4434
634
6%
sales
on
1
44
8%
4434
7
this day.
8
4
%
156% 158%
*11%
13%
7
*81
30%
*18
1
14%
58%
*17%
44
12
13%
7%
82%
31%
18%
1
20
100
1,200
4,400
7%
17%
4,400
1734
23%
23%
7,800
8%
900
Air Reduction Inc
$2.50 prior
600
157% 159
4,200
*11%
12%
100
13%
13%
6,700
7%
82%
7%
82%
13,600
3034
31%
12,300
18%
600
1
300
•
200
conv
18%
80C
Am Agrlc Chem
44%
42%
prel.No par
4,700
American
J In receivership,
684
a
160
5,800
par
1
100
6% conv preferred
Amerada Corp
Bank
n
par
10
Note
6% preferred
American Bosch
Def. delivery,
50
No par
(Del)-.Ns
New stock,
8
r
Jan
4
*8 May
4
May
®8 Jan
*8 June
6*4May 26
5%June 6
15 May 27
18% Apr 21
734May 22
rl44% Mar 6
10*8 Jan
9% Jan
6*4 June
414 May
21% Apr
7
May
25*8 Jan
1512
684
13512
87s
May
IH4 Jan
165
Jan
IOI4 Feb 1
11*4 Feb 3
5% Apr 21
11% Mar 17
71*8May 14
25%May 28
14% Mar 13
823s July 11
»n Apr 25
1% Jan 4
15U Jan 15
10
Apr 12
14*4 Apr 24
7*8 Jan 8
10
Mar
0
35
8*4 J&n
2
5%May 29
x
Ex-div.
y
7
Jan
1%
14*8
12i2
Jan
Jan
24
Jan
Dec
2012 May
12*4 Apr
182
Apr
Jan
417s
18
June
lis May
9i2 May
47
42%June 19
1
Jan
Apr
1912 Jan
68i| Jan
7s Mar
Jan
11
6
Nov
9
27i2
Apr
8
8
Apr
9%
4
2
60
Feb
Feb
16*4
Jan
58*2 Jan
8% Jan
4012
share
14
July
July 11
18*8June 18
7014
May
18
40
5% Apr 22
June
per
147
June
37
59
Feb 19
June
4i2 May
55
May
21*4 May
41% Feb 14
14*8 Feb 28
10
Cash sale,
Jan 14
6
Dec
May
30
May
347a May
4% May
10i8 June
12% June
3012 June
*8 Feb 26
50
Corp
42*4June 23
*8 A pr 24
3*4 July
No par
Am Airlines Inc
8%
44%
8%
6.000
8%
45
10
5% preferred
59
0%
61*4 Jan
Allls-Chalmers Mfg
No par
Alpha Portland Cem..No par
Amalgam Leather Co Inc
i
18
49%
July 11
Highest
I per share S
110
7*4 Jan
22*4 Jan
1578 Jan
No par
Allied Stores Corp
58%
44
Apr 22
5i8 Apr 22
19% Feb 20
12
May 15
35*4 Apr 23
Allied Chemical A Dye.No
par
Allied Kid Co
5
Allied Mills Co Inc..
No par
*14%
6%
Apr
Alghny Lud 8tl Corp ..No
Allen Industries Inc...
400
1,800
38
44
Allegheny Corp
No par
5M% Pf A with $30 war.100
5M% Pf A without war. 100
18
4434
44
per share
25
Air Way EJ Appliance..No
par
Alaska Juneau Gold Min
10
14%
6%
3
$
No par
Address-Multlgr Corp
5834
7%
*44%
Jan
No par
7,600
15%
120
per
Year 1940
Lowest
Jan
Mar 21
No par
15,100
*»H
63
115
Adams-Millis Corp
00
*18
46
100
preferred
100
%
6%
conv
7,300
4%
7%
4M%
$
No par
Abbott Laboratories
Range for Previous
Highest
share
Feb 21
Abraham A Straus
Acme Steel Co
Adams Express
600
42%
%
4
8
Par
30
51%
684
41%
1.100
43%
*20%
40%
52
44
50
43%
49%
Range Since Jan. 1
On Basis of IWP Share Lots
Lowest
Shares
117
51%
*115
EXCHANGE
Week
*40
6%
38
Bid
50
115
11
$ per share
21%
7%
•
$ per share
6%
716
6
July
*20%
12%
714
*534
5034
118
10
6%
7
45
117
July
STOCKS
NEW YORK STOCK
the
Friday
21%
1284
4134
*%
40l2
73s
*44i4
5084
5034
Thursday
*20%
12%
3%
*78
9
$ per share
-www
Sales
SHARE, NOT PER CENT
Wednesday
6%
4
♦3«
PRICES—PER
B Tuesday
3812 May
12i8 May
41*4 Jan
79
2*s
18
58it
Dec
Jan
Nov
Jan
Apr
Apr
21
Jan
75
Apr
June
12*4
Apr
June
50
Jan
5is June
9*8 May
Ex-rights. K Called for redemption.
Volume
7
July
5
July
$ per share
$ per share
35
35
3534
128
127i2 127i2
*12712 130
3634
128
Friday
July 11
Shares
36
36
36
1283g 1283s *12734 130
*10
16
*10
12
*7
712
*6%
612
6i4
*1614
1634
94
16i2
94
94
*1%
1%
*13s
112
*4
6
*4
34
20i2
*94
%
*34
l!i<
2078
20U
2034
20i4
20i4
234
20i4
205s
234
234
234
*16i4
1678
167g
3614
2%
36i2
17
37%
*165g
3534
17%
3714
*2%
*29i4
*4712
U2
2U2
3i4
1078
*45
278
*29
H2
3i8
30i2
3i4
♦11
*46
133g
H2
*2178
3i2
223g
3%
*22i4
11
*11
497g
*46i2
*46
137S
14i2
94%
94%
9412
12
12
1184
123g
1284
5
5
5
5
5
5i8
18%
18%
*11012 116
♦110i2
353g
30U
6i4
H8
35i2
303g
618
*29
*4714
48
14l2
10",660
94%
1,300
1234
1,800
Amer Mach A Fdy Co .No par
53g
II,100
Amer Mach A Metals..No par
18*2
1158411584 *11012 116
3,500
25
*145
45
45
150
*145
158
69
70
25U
1084
1134
11
*5l2
534
*55
2778
27%
*30
31
30*8
15
15
15i4
27%
1712
1134
177S
117g
17%
87
87
87
*13i4
1334
15812 159i2
69l2
6934
71
7134
69
71
II84
13i2
157
159i4
697g
70i2
7134
72i2
1034
*10
*114
1034
112
29iz
1%
28i2
3034
15i4
*15
28i2
31i4
1034
1%
*64
74
293g
778
*29%
*86
293g
784
5
9012
8lS
*8212
8i2
85
734
5
*4
*86
90i2
8
8i4
*83
833g
*4i4
98
97
97
*28
29
*28l8
*87
8734
*87
2834
29i8
29
29i4
32
15i2
*11078
74
29i8
*7i2
58
*55
*29
30
*2812
*110
11034
*10934 111
438
45g
*43g
4l2
64i2
6512
6312 64
*64
6l4
6
6%
58
11
...
113g
*112
2912
110i4
45g
2
2912
110i4
47g
665g
*66
2934
8
Anchor Hock Glass Corp
153g
*11078
11%
11%
*U2
178
29i2
*29
47g
484
66U
647g
72
*66
29
29l2
8l8
8i8
84
*833g
98l2
98i2
9812
*9634 100
2812
28ig
2818
*87
8734
8734
88
30i4
2934
2934
84
30U
6814
2134
3H4
115i2 *115
11512
8i2
21g
1712
84
29%
*66i2
21%
29t2
3912
21ig
67i2
22
31
40%
2134
28
*87l2
86
86
300
*96l2 100
300
*833g
30%
88
87
8712
70
29U
2934
2912
2934
21,300
67
67,
66l2
6678
21i2
2178
21%
29
1,500
17,500
10,300
40
29
-
29
294
273g
3978
40
38i2
2178
23
2178
108l2 *107i2 10812
7i2
7l2
7i4
712
21i2
10734 10778 *107
7
7i8
4934
4934
65i2
65%
11512 115i2
*8
8iz
1,500
23g
400
18%
170
57s
55g
*5i2
578
*247g
2512
25i2
*834
7«4
9
8
3234
9%
2434
834
534
2512
9ig
8i4
*3H2
9%
3284
10%
*31%
24
243g
24i4
2712
27%
2478
2778
24%
2712
2778
2478
2778
267g
27
27
27
27
'103
108
*25
9
914
814
8
384
35g
334
34,700
167g
16%
37s
678
*55g
1678
23,800
4
II,100
7
3,100
26
26
3234
lOU
*103% 106
3H2
25
858
818
25%
9i8
8%
10i8
24%
2758
2714
*26l2
*103is 106
*28i2
31
97s
8I4
190
5,300
1,400
60
32
10
10U
14,000
24
24i2
9,300
27i2
2712
800
2714
*103ig 106
*28l2
31
500
*11138 11412
734
8
300
245g
275g
8I4
800
32
327g
1014
*3H2
57s
*265g
*1034
*1034
55i2
*54
15
3912
16%
5514
*52
5514
*52
55i4
3034
*30l8
31U
*30lg
31%
"""760
7634
77ig
76%
122%
122i2 *122
16,900
26l2
900
22
700
1534
*53
3H4
31U
75
7634
122
12214
2534
2H4
734
2H2
1434
12i2
147g
*1434
734
13
*7812
Bid and asked prices; no
35g
16U
15
39i2
16%
3878
81%
384
1634
8*8
21l4
712
*78i2
1784
17
300
*75$
*1034
12i2
17
2
2
*28%
15
26
10
*134
30
*2884
3H2
nn2 nn2
77g
77g
39
1534
8
2,700
67
67
65l2
115l2 11512 *11534 123
*8
8*2
*8i4
8i2
5i2
25i2
3%
16
17
200
400
49%
49l2
66
5i2
384
16i2
17
2
2,400
13,700
49i2
49%
512
3%
16
*134
200
*28
67s
55U
1,100
28
65g
1534
"3", 606
8%
14"706
67g
*53
29i2
5%
6%
55i2
72
90%
85g
*97
3012
3034
3012
73%
75
7314
*12158 122
*12012 122
4,600
*478
*28ig
*2938
73ig
478
65
*84%
8%
67s
*52
ArmourACo (Del) pf7% gtd 100
8I2
684
*1534
300
15,700
4%
6i4
*1034
377g
Archer Daniels Mldl'd.No par
90i2
29
8734
108
200
8i2
6i4
267g
200
412
4
*103
"""700
l7s
297g
*84%
4
.
1II4
12.50
55 dlv preferred.....No par
Andes Copper Mining
..20
A P W Paper Co Ino
...5
5
4%
15
3734
157g
•
Anaconda W A Cable_.No par
600
98
3H2
*2812 3H2 *2812
*10912 11H2 *11012 111%
734
734
*7i2
778
8H2
630
378
237g
27i2
27
*76i2
62,300
34
15l2
4
233g
*27i4
*12i4
2934
*30l2
3%
93g
*1312
29
32
834
8334
26
21%
83a
1478
112
39%
1618
3012
112
112
39
1578
76
76i2
77U
12212 12284 *122
26
*21%
8i8
14%
26
22
83g
1514
13
*1234
14
8U2
*80
81i2
sales on tola day.
26
2134
77s
14i2
*1284
80
Smelt....1
$5 prior conv pref
25
Anaconda Copper Mining..50
3%
33g
Amer Zinc Lead A
...100
Preferred
100
434
8l«
Eleo.No par
$6 1st preferred.....No par
American Woolen.....No par
57i2
3%
9i2
7l2
68%
69i4
6584
29
Am Water Wks A
700
3,400
5,300
6,400
7i8
11012 HOI2 *110i2 111
*66
6% preferred
...100
Am Type Founders Ino
10
6i8
153g
16i2
*93g
*2034
*29
...25
Common class B
*5634
83g
35g
6i4
512
26
2II4
712
1484
13
*lli4
»134
297g
8i4
*8
12,200
85
—
74
*29l4
5%
Teleg Co—100
American Tobacco........25
63g
15%
*134
2912
29«4
4,700
Amer Telep A
56i2
295g
15i8
1H2
178
29l2
11034 11034
434
5
578
7i8
69i2
*11078
*1107g
11%
*32
5
84
7U
*134
17i2
3284
*24l2
29ig
15i2
57g
1,500
200
151
151
5%
2I4
16i2
3%
16i4
*134
3234
*1034
37i2
2,900
84
83g
214
17i2
3i2
I6I4
105
295g
3234
2918
*66
30
313g
30ig
297g
40
41
40i4
4112
4034
2U8
2112
2U8
2I84
2U2
2134
*10612 10734 ♦IO6I2 10784 *107ig 10734
67S
678
634
684
634
67g
*49
49i2
4912
4934
4934 *49
65
65i4
64
64
6434 6434
*2612
12,400
71l2
7314
9012
2812
*103
6
5612
67
403g
8
1567g
155
5
2H4
'8
200
8I2
2 Ug
*32
500
*84i4
6634
26
9
4,100
873g
13l2
5
203g
6ig
I7i2
9012
85g
66U
*538
*2434
*812
1712
873g
*125g
5
8i2
2014
312
69
No par
No par
American Sugar Refining..100
Preferred
100
Am Sumatra Tobacco..No par
*1U4
*84i4
66I2
*165g
33g
1514
458
8 ,500
Amer Steel Foundries..No par
American Stove Co
723g
*7ig
100
6% preferred
American Stores
7112
8384
Amer Smelting A
800
72i2
70%
7212
*150% 151
584
57g
Co.No par
Refg.No par
Preferred
100
American Snuff..
25
Amer Ship Building
~
300
20
*134
32
*15
1561a
100
preferred
200
70i2
6ig
66
8%
*66
11512 *115
*8
8*4
8I4
155
59
74
65l2
67 i4
♦115
57g
*55
13l2
*1212
13i2
247gJ
conv
11%
1234
1734
87
*11078
*11078
1178
1734
15834
6934
5%
59
*1118
86
*150
151
*150
151
151
1495s 1495s *150
6
57g
6l8
6I4
534
6ls
55s
55s
478
434
45g
434
43g
412
*414
4i2
83
83
82
82
8312
*813s
8312 *81
7%
75s
73g
7i2
73g
7%
738
73g
71
69l2
70i4
7H2
69i2
70l2
68i4 69
*56
24%
1188
17
300
46
150
4X%
American Seating Co..No par
8,200
600
*45
25%
2434
113s
2534
1H8
86
13
13
6934
25i2
1034
*1114
150
25
American Safety Razor.. 18.60
530
*146
46%
*45
100
Preferred
American Rolling Mill
I,000
44
4434
44%
*149l2 151
*14912 151
*146
150
$5 preferred
2,290
1,200
67
534
9i2
39
39
39l2
20,900
437g
17
♦86
15812
70
*145
9l2
9%
9l2
39
..No par
No par
Am Rad A Stand San'y.No par
$6 preferred
230
15U
5%
51g
No par
American News Co
5,800
163
*158
160
100
6% preferred..
Amer Power A Light ...No par
39,200
7
67g
8712
1618
13
*6914
7
No par
4,200
30i2
684
45i2
4514
4512
150
2478
25
IOI2
1134
2412
1634
158
29
9i2
39i4
4414
87i2
*1212
33i2
32l2
*9%
*lll4
*1534
37
31
39i4
45
130
355s
Amer Metal Co Ltd
8,200
13s
35
9i2
*10i4
*86
1%
13g
100
Preferred
10
25
25
25%
ll8
39
3934
39
44
43
427g
*1497g 150
*149l2 150
1134
*11
5
18U
1814
15
243g
10121
243s
*10l4
12l2
5%
5
I8I4
66I4
4612
150
1234
1212
67
149i2 150
50
Locohaotlve.No par
143s
15l2
66
5
5% conv preferred
American
1
94
155g
66
♦434
9i4
American Invest Co of 111
1412
5
15l4
6434
100
pref
non-cum
Amer Internat Corp...No par
9412
6658
15i2
65i2
5%
9i4
*139
4878
6%
500
2,100
1
No par
American Ice
112
15
3914
*1034
39
16
1578
26lg
26%
*21
2184
8
8
15
13
80
15%
*1234
*
: In receivership,
600
15
39%
16%
"12", 400
3,100
600
8%
4,500
15%
14
900
87
100
30
Illinois.....5
J6 conv prior pref
No par
7% preferred
...
.100
Armstrong Cork Co
No par
Arnold Constable Corp
..5
Artloom Corp ........No par
7% preferred......
100
Associated Dry Goods......1
Armour A Co of
6% 1st preferred
100
7% 2d preferred
100
Co..No par
5% preferred..
100
Atch Topeka A Santa Fe.-lOO
Assoc Investments
May
34
May
115
Jan 21
100
May
115
121
Jan
3
112
May
140% May
Jan
6
9
May
12
1
No par
25
$5 preferred w w
No par
Beech Creek RR
50
Beech-Nut Packing Co
20
Beldlng-Hemlnway
No par
Belgian Nat Rys part pref
Bendix Aviation.......
5
Beneficial Indus Loan. .No par
Prpfd J2.60dlvser'38No par
Bayuk Cigars Inc
-No par
Bethlehem Steel (Del) .No par
7% preferred
100
Blgelow-Sanf Carp Inc.No par
Black A Decker Mfg C0N0 par
Blaw-Knox Co
No par
Bliss A Laughlln Inc
5
Bloomlngdale Brothers.No par
Blumenthal A Co pref..—.100
Best A Co..
d Del, deliver? ■
n New
Nov
65
Jan
23%
13% May
Nov
Feb
13
Apr
5% May
984
7
4% May
8%
Jan
18% July 10
8
May
15%
Apr
July
7
75
Sept
91% Mar
1% Jan
6
1% May
3% Mar
Mar 26
3% June
July
94
5
1%
8
Jan
23
2
79% Mar 8
87
Feb 19
Apr 23
24%
Jan
May
3
May
23
May
45% May
Dec
1%
18
8
May
3
July 10
June
12% Sept
41% May
13% Jan 27
8
3
5
17
10
17
108 June 25
7% Feb 19
10% Jan 14
32% Apr 21
15%May 23
545gMay26
26%May 12
68% Apr 22
121% Feb 20
23% Apr 18
18% Feb
25%May
22
Feb
103 Mar
28% Feb
16% Apr 19
6% Apr 18
13%June 4
11
Apr 29
80
Jan 7
stock, v Cash sale. a Ei-dlv. ?
Apr
Apr
66%
3%
Mar
35
658
Jan
13% Aug
57
Apr
Jan
17%
Jan 10
10
May
2234
Jan
95%June 21
38
May
92
Deo
10
May
14%
13%
Jan
6
1»4 May
1234 May
5% July 10
19%
Jan
Jan
Mar
July
121
Mar
26
Mar
90
121
Apr 4
2534 Feb 13
3% Jan 13
46>« Jan 13
May
5%
3484 May
63%
28% May
434 May
54
2
Jan 13
39
3%
25
20% June
Jan 10
7% Jan 10
135
June
10%
163
Jan
Jan
Jan
Jan
Mar
Jan
3
15% Jan
6
9% May
18% Nov
7384 Jan
4
48% May
684 Deo
74% Nov
12»4 Mar
11% Feb
162
7
Jan 13
8
Jan
4
56% July 1
29% July 11
35
Jan
6
15% July 11
5
May
23
May
30% May
122
May
49% Deo
139
May
Jan
12*4 May
70% Dec
11% May
145
May
6884
Feb
18
Mar
89%
Apr
Dec
91»4
Apr
153%
Oct
2% May
5% May
83% June
6
93
175% Mar
June
66% Dec
136
May
6% Nov
123s Jan
101%
12
Apr
Apr
25% May
el's Deo
4% May
8% Nov
54% Deo
32
Apr
41% Apr
35
June
18
May
20
May
12% May
12% Jan
7
8
May
111% Jan 16
Feb
Apr
Jan
Feb
June
Jan IS
Deo
152% May
14%
17%
238s
May
107
2% Jan 17
Apr
70
9% May
11
4
30
Deo
54
338g
Mar
113
41%
155%
r9% May
1>4 June
23
June
97% June
22% Mar
113% Aug
15% Nov
4% Apr
35%
111%
Feb
Deo
5% Jan 25
4
May
7%
9
35
May
64%
Apr
68
Apr
4384
Apr
Apr
Jan
67
June
64
June 17
58%
Jan
343s Jan 10
8% Jan 13
6% Jan 10
9
22%
6%
3%
96%
4%
May
May
May
Jan
May
9
65
90
Jan 14
834July
87
Jan
11
9%
102
Apr
July
Aug
99%May 14
49% May
35% Jan 23
96% Mar 12
29% June
82
May
30%May
7
13
May
70%May
9
2
60% May
6% Apr
38
Apr
60
9% July 10
23
40
Jan 2
14
45% Jan 13
18
154
Jan 3
138'4 Mar 13
54
Jan 21
37
Apr 25
145 May 12 150% Jan 10
28% Jan 10
19
Apr 21
11% July 10
9%May 29
13% Jan 14
10 May 26
19
Mar 19
13
Feb 19
93
Mar 27
81
Jan 2
14% Jan 8
1184May 27
148%May 1 168>4 Jan 6
73% Jan 7
62 May 28
74% Jan 8
62 May 27
Jan 9
146% Apr 26 159
7
Jan 9
4% Apr 21
7% Jan 10
4 May 20
99% Jan 11
82 July 8
8% Jan 9
5%May 19
71% July 8
51
Feb 14
5
Apr 18
46%May 13
22% Feb 14
25% Apr 21
11% Apr 25
11078June 30
9
Feb 24
1 May 14
26
Feb 20
109% Mar 24
4 May 5
47% Jan 3
60
Jan 20
23 May 28
67a Apr 18
4%May 22
89 May 16
5% Feb 19
Jan
Jan
Jan
23
178 Mar 29
Jan
7%
9% May
17% Jan 18
Jan 4
4% Jan 10
4%
28%
2% May
38%
20
Feb 14
3%June 6
10% July 2
48
Apr 29
1034 Apr 21
79
Apr 23
10U Apr 23
2% Feb 15
15% Apr 24
111 Mar 4
23% Jan 24
1
Apr 21
30 May 5
25 May 5
6
Feb 14
155
Feb 17
ll7s Feb 19
Apr
2%
1034 May
21%June 18
37s Jan 13
23
6%
Dec
84
3
8
9
39%
9%
8%
9%
May
June
June
60% Jan 2
22
July
13% Feb 14
31% July 7
13% Feb 15
41% July 7
16% Jan 2
24% Jan 2
19%June 6
107 May 29 110% Jan 2
7% July 10
Atlas Corp
—5
6% Feb 14
60%June 3
6% preferred......
50
47% Feb 14
72% Jan 9
Atlas Powder
No par
61 May 16
5% conv preferred
100 111 Apr 22 118% Jan 4
8%June 14
Atlas Tack Corp......No par
6
Feb 4
27g Jan 11
Austin Nichols........No par
l%May 3
20% Jan 11
$5 prior A.........No par
13 May 6
5% Jan 6
Aviation Corp of Del (The) ..3
2% Apr 17
19
Jan 2
Baldwin Loco Works v t c—13
12% Apr 21
4% Jan 10
Baltimore A Ohio........100
3% Mar 3
7% Apr 4
4% preferred
.....100
4% Feb 15
6% Apr 4
Bangor A Aroostook.......50
5 Apr 23
29% Mar 26
Conv 5% preferred
100
23%June 4
10% Jan 10
Barber Asphalt Corp
10
7
Apr 23
8%June 23
Barker Brothers
No par
6% Jan 8
5H% preferred....——.50
28
Jan20 *33 June 25
10% July 9
Barnsdall Oil Co
5
7% Feb 19
Beatrice Creamery....
33% May
8% Jan 23
,
5% preferred...
..100
Atlantic Coast Line RR...100
Atl G A W I SS Lines
1
5% preferred
100
Atlantic Refining
....26
4% conv pref series A...100
Bath Iron Works Corp
Jan
Deo
185
May
18
30% June 17
51
Jan 4
85 May
18
Jan
June
234 July
116%
164
May 15
3
26
share
Jan
7
34% July
44%June
61% Apr
4% July
7%May
30
Feb
34
Apr
Oct
Dec
1%
85%
1% Feb 20
27
4584
135
8
79% July 11
23% Jan 7
Jan
185
H7s Apr 15
60
American Home Products
May
per
May
128
2% July 7
Jan 10
29
Feb 14
2s4June 20
1
preferred
oonv
par
1438
1434
15
*45g
9i4
4334
American Hide A Leather
94
5
15
64i2
*44l2
*4612
487g
33g
665s
1414
5i8
9i4
39
4112
150
300
*4612
3%
*478
14i4
64i2
*458
*149
11U
1138
227g
160
64i2
3834
415g
Amer Hawaiian SS Co
6%
"""966
par
28
7
Mar
95%
%May27
14'4 Feb 15
2% Apr 16
10
No
$6 preferred
300
2,700
1,000
*11
*2234
*11
160
*1378
9i4
*3834
4U2
1,100
15g
23
3l2
*H2
No
$7 2d preferred A...No par
1,000
1%
23
3%
1%
European Secs__No par
J7 preferred
3012
48%
514
160
"l",566
314
39
107
Apr 22
*98%May 29
9% Mar 27
6% Apr 23
4% Feb 17
9i2 Feb 19
78
Jan 7
l%May 14
3S4 Jan 2
Amer A For'n Power...No par
37
30i2
1278
5
159
159
159
*155
159
*155
2478
26
1%
353g
30i4
6%
*2478
Us
314
185g
183s
*110l2 116
*11012 116
116
247g
25
*2478
2512
25
U4
1%
n8
1%
1%
355s
3578
35i2
3534
35i2
3012
31
3012
3058
305g
658
67g
63g
1838
314
3%
10
100
6% 1st preferred
2,800
48
18
18
*17%
36%
10
American Encaustic Tiling.. 1
1612
*16
16i2
3634
par
500
234
*212
'
American Colortype Co
60
20
*29
4878
147g
95
1412
95ig
94is
12
*115s
234
16i2
36
3*8
113g
3&S
94i2
*94
20%
*2l2
34
84
*1914
No
Am Coal Co of Allegh Co NJ25
60
200
Amer
48i4
1%
227g
U2
11
100
preferred
conv
American Chicle
6
30i2
4734
H2
1H8
48ig
14lg
112
*4
"n
20
314
3i4
*29
4778
475g
112
22l2
338
*21
13i2
*13i8
3
*29
30i4
47%
477g
3612
ll2
6
*34
234
17
35%
3
30i4
47%
1%
2H2
3i4
1078
49%
1734
*9334
94
H2
*4
7
*5
*6%
6I4
18i«
94
1»2
138
1*2
6
JS16
234
5%
American Crystal Sugar
173g
9412
*34
*2i2
2,100
6,500
17
Wl6
234
3,100
5,500
*34
*1534
*3518
19",200
share $
per
share
June 18
per
130
...
Highest
Lowest
Highest
$
share
par
6%
18%
94i2
1%
6I1
1612
6%
63s
94
9334
*13g
6
Fdy.No
Am Comm'l Alcohol Corp..20
7
per
pref
""466
17i4
*4
*9358
3,600
conv
*107i2 110
10712 10712 *10712 110
*10
157g
*12
16
1578
*73g
77g
734
*73g
77g
734
77g
17
5M%
14,500
*10
16
*734
63g
712
6®8
17>8
712
$
29% Apr 14
100 xl22i2 Apr 14
Amer Cable & Radio Corp.. 1
1 Mar 18
American Can
25
78%May 29
Preferred
100
17ii2May28
American Car A Fdy ..No par
23
Apr 19
Preferred
,100
56
Feb 15
Am Chain A Cable Ino.No par
18%June 6
Am Brake Shoe <fc
50
110
*108
110
*108
110
*108
110
107l2 107l2
10712 10712
*10634 109
12
108
111
*108
100-Share Lots
Lowest
Par
I,700
3534
*3534
36i2
*12734 130
2
2
2
2ig
2ig
2ig
2ig
2i4
178
2i4
1%
8712
87S8
8658
87
86i4
86i2
8634
867g
855s
86i2
*8412 85i2
*175
179
*175
179
*175
*175
179
179
*175
179
*172% 179
325g
33i2
33ig
335s
3312
34
33i2
34i8
32%
34
3134 32%
78
7834
78i2 7914
78
78
7812
77
77
77
78«4
7834
2078
21
207g
21
2O84
207g
2034
21
2012
2034
205s
2058
111
On Basis of
Week
$ per share
134
*108
EXCHANGE
$ per share
S per share
S per share
3512
34
Ranoe for Previous
Year 1940
1
Ranoe Since Jan.
STOCKS
NEW YORK STOCK
the
CENT
Thursday
July 10
Wednesday
July
9
Tuesday
July
8
Monday
Saturday
SHARE, NOT PER
SALE PRICES—PER
HIGH
AND
Sales
for
LOW
203
New York Stock Record—Continued—Page 2
153
24% Mar 17
31% Mar 24
27
July 8
104% July
32
126
3
Apr 28
Jan
6
8% Jan 24
13
Mar 17
May
18% May
102
June
7
May
43% June
67
May
112% June
4
1%
May
Feb
10
May
4
Aug
12»8 May
284 May
3% May
484
Deo
24% Deo
8% May
4
May
20
May
7% June
23% Dec
20% May
18% May
105
May
29% May
102
May
7% June
10
Nov
8
20% Jan 10
57 May 2
24% May
17% May
Jan 16
22% May
3
63% May
109% May
39% July
32
89% Jan
131% Jan 28
28
Mar 11
2134 July 10
10% Jan
18% Jan
15
90
Jan
4
8
9
Mar 13
49% June
14
May
15
May
584 May
13% May
11
May
54
June
Ei-rlghts. H Called lor redemption.
New York Stock
204
LOW
HIGH
AND
SALE PRICES—PER
SHARE,
NOT PER
Record—Continued—Page 3
9
17%
17
17%
28%
29
28«4
2834
98
96
97
97
97
46%
46%
45
45%
2184
22%
20
19%
22%
22%
19«4
18%
20
20
19
19%
*1%
1%
*13g
28i4
*95
98
*4512
*215#
4612
22
197«
1734
463g
2134
1934
17«4
463g
22
20
18>2
H2
32
414
10
19U
3112
4214
212
6%
H2
lh
17^8
*1%
*2914
4U
*9*4
»19ig
*30»4
*4012
*214
6««
*95
31
31
31
31
4%
97g
1914
*3012
*4012
*2'4
43g
1014
1958
3112
4212
4%
10%
4%
10%
4«g
103g
IO84
3lig
2li8
10
10
114
*112
*112
114
378
67U
37*
67i4
37g
6734
7
7
7
♦25
26
*3114
31*8
*1734
1712
♦51
41
41
2%
6%
10%
31%
2134
10%
105g
*30
21%
10%
114
*112
4
6734
2634
27
4%
68%
734
27%
3l3g
17l4
*5H2
315g
3134
173g
17%
7%
10%
10%
4
32
27%
32%
18%
18
183g
53
53
8
8
8
8
8
23g
23g
2%
2%
2%
187g
19*4
5»2
207g
4I4
93s
207g
*4
9%
5i2
5«4
88
88
*9ig
21
958
*18i2
*50»4
52 ig
19*4
*50*4
*84
i*ie
«4
65g
65g
117g
147g
115g
145g
38
1484
*3534
4
4
*3638
*214
*34lg
234
3712
3678
91
*363g
*23g
3678
92
*667g
*116i2 II684
*47i2 48i4
2234
92
22 a4
23
71
*70)4
71
*147g
16
*15
16
*2
2lg
112
*214
25g
6%
*33 lg
3312
33*8
34
34%
*3ig
3l2
30l2
3i2
30%
17i4
212
3l2
3%
3212
32%
*17% 183g
100
101%
20
21%
13%
13%
17i4
1714
102*2 *10H2 10212
19l2
19l2 20
*13
*1214
13*2
13l2
3
*234
27g
27g
*18l4
*93
98
1
19
17
2
333g
13%
6%
*14
14*8
14ig
*4112
*51*4
4312
52
15%
*41%
*%
*14
*1.
4314
52
51*4
7m
"
*6%
6%
1534
433g
1584
15%
15%
1534
42%
16%
42%
42%
52
52
52
*4134
*51%
*%
7«
42%
*51%
*%
1%
*%
7
7M
7M
*%
si«
»1«
"
•u
*%
*%
%
*8%
*13%
1%
*%
*8%
1334
13%
*134
9
13%
1%
*23ig
25i2
5614
*24%
2534
*3212
34l2
234
2%
3434
25
57
57%
10*8
10%
104
104
46%
*43%
2%
2%
36
35
25
58%
10%
104
46%
2%
36
*133
♦III.
73"
112*8 1121s
2614 2614
*991g 100
*69
84l2
*83
5012
38
3814
*48%
38%
33l2
146
25%
25%
58%
10%
58
10%
104
104
*43%
46%
*2%
234
37
48
73
34
57%
10%
104
43
2%
*37
73
*71
84%
83%
*49%
39%
3434
50%
83%
50%
40
35
4884
39%
34%
*145
146
*145
89
91
92
60
4884
3984
14634
94%
25
58%
43%
2%
38
75%
112
30%
60
*59%
14
14%
10184
20
20
20% 21%
20%
21%
111% 111% *111% 113% *111% 113% *111% 113%
14
*100
*19*2
10l*4
20
*111*2 11312
*17
*H4
14%
*99
14%
10134
14%
14%
10134
20%
20%
*99
17*2
18%
17%
17%
H2
1%
25g
*1%
2%
134
1%
16%
16%
16%
2%
2i2
2i2
*1%
2%
H2
15*2
H2
1512
1*4
155g
18
1%
2%
2
*1514
284
1534
1534
234
1534
27g
*7714
79*8
77%
80
78%
16%
16%
2%
78%
*58
65
*60%
65
65
66
*79
80
*79%
80
80
478
24«4
4%
*24%
80%
5%
24%
24%
2484
102% 102%
478
*24
243g
*101
10212
29%
*105
2978
108
2984
*105
2%
4%
*24%
2434
4%
25
3034
30%
108
*105
18%
1%
2%
1%
2%
*1%
2
1634
17
I684
16%
94%
60%
14%
*99
*17%
*1%
*2%
*1%
16%
16%
18
1%
2%
2
16%
16%
3
2%
79
*77%
79
65
65
*58
68
*80
82
*80
8134
2%
*77%
*106
5%
900
*112
75%
112%
110
30
*73%
87%
50%
6,600
34%
34%
*143% 145%
94%
94%
*60%
60%
14%
14%
IOI84 10134
20%
20%
♦
111% 113%
4,400
*1%
*2%
*1%
16%
16%
*106
109
109
26%
26%
26%
2634
26%
no
16%
700
sales on this day.
600
2,900
( In receivership,
a
5% conv pref erred
20
.
6% July
21% Jan 13
Jan
40,200
Apr 28
4% May
17%May
2% May
6% May
1
May
11% De
77% July 11
125
Jan
2
60% Jan
28% Jan
9
6
120*4 Jan 29
17g
8%
4% May
11
34
3
6
3%
Jan 13
Apr 2
8
j
23l»
July]
40%
2% Dec
36% Aug
6
Jan
Apr
45
May
75% June
22% May
2
May
39% May
100
June
42% May
20
May
105% May
6% Mar
92%
l%May
106
June
1% Dec
4
May
75
Jan
126
Dec
56%
Dec
3%
57g
11*4 May
6
Mar
100
Apr
8
5% Jan 13
3% May
8%
Feb
37% Jan 14
15% May
38*4
Dec
34*4 July
21% Jan 4
106% Feb 10
21% July 9
18
Jan
2
3% July 11
44%
Jan 13
102is Feb 3
1% Apr 1
5% July 11
2% July 11
10% July 11
8%
Jan 10
9
9
15
99%
17%
10?t
2%
30%
May
June
May
June
Oct
May
84% June
6% May
8% May
23% May
41
41%
22
Oct
May
30*4
29% Mar
47g
Dec
12%
Jan
15%
Dec
44% Dec
61% Dec
*g
%
%»Dec
%
7% May
2% Jan 27
1% Aug
8% Apr 21
Jan
3
May
2% Mar
6
7
43
27
Jan 27
72% Jan
10*4 Feb
2
5
20
May
Aug
14%
Jan
Feb
46% Feb 20
44
3
Jan
4
2
July
9
24
Apr 26
124
July
56
June
108
May
85
Jan 15
114
Jan 24
Jan 10
26
May
33*4
100%May 12
83%June 27
50
Mar 11
40
July
8
74
May
46% May
25% May
25% May
131
May
99% May
Jan
2
Mar 17
62% Jan
7
11% Feb 14
100% Feb 15
14% July
103% Apr
30% Jan 9
Mar 19
108
18%May
5
3
20
% Jan 2
1% Feb 5
1
Feb 18
56
Apr
Apr
133
83%
48
41%
45%
Dec
Mar
20
6
Apr
Apr
145
June 102%
•11 Dec
Dec
Mar
141
10% May
1% Jan 13
Jan
43% Mar
94
May
Nov
74% Nov
114%
8
16% May
Jan
4%
2
12% May
Apr
40%
63
Jan 10
2%May
x60
May
114
Apr 18
Jan
Nov
91%
139
28% Feb 18
Apr
5% Mar
98
Sept
Sept
May
May
Feb 14
Feb 14
16%
34
53% May
87g Oct
Apr 23
27
11% Mar
85
73
110
24% June 9
98 May 23
82 May 28
48% July 9
Jan
Apr
Jan
June 24
104
30%June 6
139
Apr 26
.
Apr
Dec
101
%iDec
9
Apr
44
% Jan 18
9% Jan 29
14% June 24
May
Jan
106
6
95
Jan
Apr
Oct
2%
88
%«Dec
55%May 28
Apr
114% Mar
% Jan 17
2
Feb
May
26%
52% Jan 13
•is Feb 6
June
Jan
35% Apr
121
8
22
Dec
32*4 May
3% Nov
4
8%May 22
10% Feb 7
l%June 17
Anr
Apr
O
23g May
29% May
% Jan
Jan
Feb
Feb
19% Apr
%i Jan
»u
Jan
Sept
22% May
97
49
Apr
Jan
Nov
267g Feb
62% Mar
May
40
Jan 17
Sept
15%
15% July 11
41
6
Oct
13*4
May
May
.
Jan
Apr
9
14
4% July
39% Apr
3% Jan
Jan
23%
82
50% July
Jan 24
Apr
5%
16%
7%
May
53
1% Jan
7% Jan
14% Jan 10
"12% "Jan
39
21*4 Mar 29
44% Jan
35%
112%
24
4*4
Feb
Feb
Dec
Apr
Feb
May
Apr
l4%June
Columbia Gas A Elec-.No par
6% preferred series A... 100
73
May 24
82% Jan 25
1% Dec
1% Oct
May
16
May
4% May
67% May
64
Mar
4
72
2
59
June
79
Jan
69% Apr 29
83
July 11
71
May
98*4
Apr
5% preferred
100
Columbian Carbon Co.No par
Columbia Pictures
32.75
conv
Commercial
No par
preferred.No
Credit
4 H % conv preferred
l4%June 24
9
2%May 20
4%May 16
par
21% Apr 17
...10
21%May 20
100
99% Apr
8
Comm'l Invest Trust..No par
28%May 20
34.25 conv pf ser '35.No par rl02%June 9
Commercial Solvents..No par
8% Feb 15
3,300
Commonw'lth A Sou..No par
36 preferred series
No par
49
17,200
Commonwealth Edison Co-25
24%May26
Del. delivery,
May
5% May
Oct
4% 2d preferred
100
Columb Br'd Sys Inc cl A.2.50
Class B
2.50
100
7,700
Dec
36
35% Nov
21% Jan
2
.
16% July
14
...100
"7%
6% Jan
72*4 Nov
8% Nov
Aug
110
4% 1st preferred
12% May
4% Jan
1134 Jan
July 10
93
12
Jan
17% May
18% Jan
53% Jan 13
Dec
17
100
300
4,400
26%
26%
26%
230
3,400
26%
64
34% Jan
Apr
12% Nov
22*4 Mar 25
2% Jan 13
115% Jan 29
3
Apr 4
734 July 11
Colo Fuel A Iron Corp .No par
Colorado A Southern
100
400
2
.17
63%
63
26%
10
63
63%
26%
1%
2%
"9:666
62%
26%
63
May
34.25 preferred......Nopar
Collins A Aikman
No par
1034
9ie
6384
637g
May
3% May
Colgate-Palmolive-PeetNo par
109
63
637g
3
21
33>4 Mar
29%
May 119
9
200
70
97
Jan
3,900
83
%
Jan
x7%
100
82
10%
5%
May
14*4 May
6% May
71%May 27
June 18
100
*106
Jan 17
June 17
68
#16
118
6
35
*58
1034
12% Jan
106
600
%
12*4 Dec
27
June 11
147
2,700
Jan
14% Jan 13
Jan 22
Preferred
1%
*5*4 Nov
31
23% Mar 21
Feb 19
15,100
10%
6334 Apr
4% Nov
24*4 Sept
25% Jan
37% Apr
87
60
3%
9i«
11
May
143
2,200
5%
*25%
25%
38
44% Jan 13
2% Jan 13
6% Jan 14
100
78%
3
78%
50
41% Nov
Coca-Cola Co (The).._No par
Class A
No par
10
3,600
1734
17
Special gtd 4% stock
Climax Molybdenum..No par
Cluett Peabody A Co..No par
13*4 Apr
26% Nov
May
37% Apr22
Chile
10
39%
39
10%
%
10
13% May
12%
5
Jan
27
72
Feb 19
Jan
6
June
10
11
3
19
13
Apr
Mar
8
Jan
48
3% Mar 20
10
Clev A Pitts RR Co 7% gtd.50
60
2
Mar
Jan
Mar
25% Jan
9% Feb 19
......No par
10
1,500
1,782
7
73*4 Jan 14
,9uMar 20
........50
Chicago Mall Order Co
6
Chicago Pneumat Tool.N# par
33 conv pref erred... No par
Prpf (32.50) cum div No par
(Chlo Rock Isl A Pacific..100
7% preferred..
..100
6% preferred
....100
Chicago Yellow Cab...No par
Chickasha Cotton Oil
4% Dec
8
May
Nov
June 11
Chic Great West RR Co—50
Childs Co
12% Jan
May
May
93%June 2
%Mar 3
1% Mar 12
80
29,700
10%
800
3%
53s
100
1,900
57%
5%
26
26
25
25
26%
25%
25%
26%
2534 26
*9834 10334 *101% 10334 *101% 10334
32
31% 32%
3284
3134 32
5%
5%
60
234
%
1034
%
63%
Bid and asked prices
18
1,200
37%
*2%
*37
10%
10%
%
♦
32
14%
10134
9
43%
*40
9i«
10%
71«
26
109
10*8
*2
103g
25
*9834 10334
14%
*99
*60%
100
700
104
*83
145
5
25
30%
10%
104
*4884
*5912
60
300
*135
88%
*59%
5234
7*»
26
5
2%May 23
22%Apr21
15%May 1
100 July 8
17% Feb 15
12% Apr 22
2%May 23
34%May 19
pax
100% 100%
56%
10%
104
89
60
200
June
12% May
% Dec
10%June 10
27
No par
5% preferred
17
2
Jan
109%June
l%June
4% Feb
2% Feb
86%June
100
Copper Co......
25
Chrysler Corp.....
..5
City Ice A Fuel.......No par
6H % preferred...
100
City Investing Co
100
City Stores
6
Clark Equipment
No par
CCC A St. Louis Ry Co... 100
5% preferred
100
Clev El Ilium 34.50 pf.No par
Clev Graph Bronze Co (The). 1
5% pref
100
85%
94%
42%
25
25
50%
393g
34%
145
14,200
""566
*49
39%
300
May
Nov
123%
70%
29%
24%
257g
2*4
38*4
41
92%May 20
Chic A East 111 RR Co.No par
Class A
40
37,200
13%
134
*83%
34
35
60
30
27,100
6,600
19
28% Apr
34
May
51% Dee
4% Jan 23
30% Jan 14
3% Jan 29
1% Apr 22
1
Checker Cab Mfg
6
12*4 Aug
19*4 May
99
xl5%June 27
Cerro de Pasco Copper.No par
(Chesapeake Corp
No
Chesapeake A Ohio Ry
39% Jan
25
Mar 18
7
66
par
6% prior preferred.
27
20
26
116% Mar 19
100
Preferred series A
3~300
*8%
*12%
I84
9
*8784
8884
prior preferred
100
.....No par
5% preferred..
100
Central Aguirre Assoc .No par
Central Foundry Co
1
Central III Lt 4H % pref—100
(Central RR of New Jersey 100
~
13%
1%
*99% 100%
100% 100%
*83%
85
16
par
7 %
Products
7
13
40
Apr 14
18%May 26
Cham Pap A Fib Co 6 %pf. 100
Common
...No par
%
112
99%
634
112
par
Celotex Corp
Certain-teed
2
2% Apr 28
43
Feb 14
100
Central Violeta Sugar Co
Century Ribbon Mills.No
23% July 11
20% Jan 10
20% July 10
1% Apr 4
Apr 23
22
100
Chain Belt Co
%
*135
73
Case (J I) Co
Preferred
Caterpillar Tractor
No
Celanese Corp of Amer.No
120
200
99%
39%
34%
*143% 146
*23
5%
2%
10%
1
300
5,100
2,100
12,800
18,000
*%
*%
112%
112% *112
27%
29
29%
2934
26% 26%
*99% 100
*4884
3312
1%
112% 112% *112
*83
*145
I
9
*135
*71
73
5234
%
%
1%
434
2%
9%
*1«
%
18g
634
*8%
*43%
18%
10184 10134
20% 21%
*1434
16
...No par
Preferred
*17%
%June
33 preferred A
10
Carolina Clinch A Ohio Ry 100
Carpenter Steel Co
6
Carriers A General Corp
1
5,060
33
*6%
13%
46l2
34%
33
6%
134
*43%
*23s
2,000
984
*6%
9
10*4
3%
8%
133g
56
*3%
1%
434
2%
1*4
104
3%
34«4
1%
4%
2%
8%
1%
103s
3%
1%
4%
2%
8%
*15g
104
34%
97%
13g
6%
5584
"5,466
34%
*92
8%
*10i4
200
97%
8%
104
1,700
*94%
8lZ
*83g
734
34%
95
97«4
77«
634
13
784
234
*88%
234
95
3434
*88%
3%
2%
60
200
38%
4
230
284
3
1%
4%
23g
914
*2
38
3%
440
4,100
*110% 112%
234
7%
234
3
2%
123g
2%
112
38%
1*8
%
*2%
7%
*2%
3
2l4
15
60
1,500
38%
1%
5,900
4,100
11,900
2,400
3
98
140
17%
38%
4
»I#
112
*2
Capital Admin class A...
2%
17%
3
1*8
*lg
*8%
12%
18
Cannon Mills
100
77%
37%
*94%
2%
8%
684
>
75
3
35g
*%
600
37%
*93
98
*1
3
3
3%
51U
3
37%
373g
2*8
K
300
3
38%
100
21
2i8
73«
7
38%
91%
28%
20
18%
100
*3i2
*42
*2%
*37%
*8984
28%
18%
18%
*100% 102%
20
21%
20%
15
15%
14%
*17%
6% conv preferred
...30
Butte Copper A Zinc
5
Byers Co (A M)
No par
Participating preferred.. 100
Byron Jackson Co...—No par
36 May
3% Feb
34 May
2%May
37%May
86% Feb
*2
1
*614
72
2
3%
10
800
Jan 18
8% Jan 16
334 Jan 10
Canada Southern Ry Co—100
Canadian Pacific Ry...
25
*36
54
Highest
f per share % per share
23% Jan 27
3l",400
4%
9
1
1
4%
3634
234
15%
39
♦—
4%
3634
2%
*2%
17
3%
3134
BushTermBldgdep7% pf 100
...
117% 117% *116% 118
*116% 118
49
48 84
49%
48% 48%
49
253g 26
25%
25%
25%
25%
11834 11834
118% 118%
118% 118%
93g
9"
9%
9%
*69
71
71
71
70% 70%
*110% 112%
234
2*4
7
6%
7%
3
*2%
3
95
*86% 95
3434
3434 3434
31%
*100
*93
*37%
2%
3%
2,100
8
Jan
15% Jan 2
4% Feb 17
19%May 29
3
Apr 16
7% Apr 21
76% Feb 14
7% Apr 29
16% Feb 20
51
Mar 11
1
74
4%
36%
*234
91%
2%
500
3
5% Feb 19
10%May 16
10%June 3
39
4%
36%
234
38%
72
1,020
Terminal
15%May
49 May
x7%May
2%May
Calumet A Hecla Cons Cop..5
Campbell W A C Fdy..No par
Canada Dry Ginger Ale
5
684
1234
14%
29
6%
*2%
*8684
367g
37%
284
*37%
4,400
8,800
Apr 21
9,400
2,100
16,000
6%
1234
14%
*28
95
37
36%
234
Butler Bros
600
9
23%June 6
27% Feb 15
..No par
'
4,300
22%
6%
21%
4%
10%
93
10
20
52%
Jan 16
19% Apr24
........No par
Bui ova Watch
Bush
3
Jan
Feb 14
Apr 21
5% Apr 15
Burlington Mills Corp
1
Conv pref 12.75 ser..No par
Burroughs Add Mach..No par
6,000
1,330
2%
5%
10
30
No par
Bullard Co
18% Jan 27
35
111% Jan 23
8*4 Apr 19
18% Apr 22
3084 July 8
38
Apr 18
6%
12%
634
*8934
63s
212
365g
36%
6,200
38
Apr 29
17% Apr 26
18% Feb 19
16
Apr 18
% Fsb 19
30
Apr 8
3% Apr 23
.....100x109 June 11
No par
3% Feb 14
100
51
Feb 14
Budd Wheel
3 per share
9
California Packing
No par
6% preferred
50
Callahan Zinc-Lead........1
1234
14%
37%
43g
700
53%
8%
3%
May
"3", 100
52%
234
72%
*8512
1714
14%
600
90
»
19%
*5084
19%
*5034
1
7
12%
14»4
*36
*984
19%
52%
634
12%
*984
10
4%
6934
7%
7% preferred
Budd (E G) Mfg
7% preferred...
share
»X6
20
»u
10%
93
91
3
30
19%
*4%
29%
95
7,200
6%
21%
4%
10%
92%
21%
234
*2l2
32%
18%
21
6%
*28%
*8612
2734
I"
21%
10%
30
par
No par
Bruns-Balke-ColIender.No par
Bucyrus-Erle Co.......
5
6,300
8,300
1,410
18,800
1,400
53
53
Brooklyn Union Gas..No
Brown Shoe Co
~~2,iod
115
4%
68%
7%
2734
32%
18%
6
6,300
31%
22%
10%
*32%
18%
734
x90%
*2%
10%
4%
70%
7%
3
7334
*110
22
5
Bristol-Myers Co
5
Brooklyn A Queens Tr.No par
Bklyn-Manh Transit--No par
200
1,200
*27
69%
92
25g
12
*3034
500
6%
12%
6
100
Brewing Corp, of America
3
Bridgeport Brass Co ...No par
Briggs Manufacturing.No par
Brlggs A Stratton
.No par
400
2%
2%
6%
115
28%
2
2
*110
234
6I4
*61g
17g
9%
*51
4%
II684 11634
48
48%
24*2 25%
118
118%
9%
9%
70
70%
16
16%
9i2
*6934
42
*2%
72%
II8I4
9l2
42
92
24 3g
118
10%
20%
31%
1,200
2,700
7,100
28%
28i4
25g
68
7112
116*2 11612
48
487g
IISI4
9l2
15
39
*2%
37%
284
28l4
25g
2%
6712
7%
12%
1434
3712
91
*2l2
%
62%
*3534
*35l2
28i2
*27
20%
4%
36%
4%
92
92
984
11%
4%
4%
10%
19%
31%
21%
4%
%
39
4
Bower Roller Bearing Co
6%
10
7
700
6
91%
.
30%
6
19%
*5034
H84
15*8
30%
2034
10
it
634
*11%
1914
52
30%
4%
20%
10
95g
Boston A Maine RR
115
*20«4
15
100
20
2l3g
4*8
10%
(The)
Borg-Waroer Corp
21,400
1%
12%
31%
21%
10%
53
1
20%
6%
32%
18%
Inc
per
Year 1940
Lowest
Highest
12% Apr 21
25% Apr 22
5
Co
*1%
3
92
934
20
Stores
1%
8%
90
4%
203g
2%
*20*4
4%
984
4lg
90
6,300
Borden
180
%
5
Brass
Bon Ami Co class A...No par
Class B
No par
Bond
I03g
*27
Bohn Aluminum A
90
5,100
20%
32%
42
2%
4
Boeing Airplane Co
1,300
97%
23%
20
103g
21%
10%
20,500
29
23%
1934
20
*3034
17%
*28
*96%
20
8%
2034
21
1634
Par
45
8%
284
5%
934
88
19i4
20
21
418
10
*3534
4%
695g
734
Shares
Range for Previous
100-Share Lois
Lowest
45
*31%
♦40%
2%
*113
114
68%
7%
27%
32%
53
53
53
2%
63g
11%
31%
22%
*112
68
7ia
4
*2%
63g
10%
*3034
2134
1914
*5%
112
42
8
*18
9l2
20%
32%
25»
*2%
*118
20%
32%
2578
53
8
31%
*2%
178s
2834
96%
45%
23
Range Since Jan. 1
On Basis of
Week
$ per share
11%
20%
41
212
July 11
*6%
1934
*6%
10'4
4%
30«4
63g
*30
I884
2884
96%
*44%
22%
1934
19%
*l3g
30%
*4%
10%
21
107«
311«
2114
*2012
*934
1%
32
*31
10
10%
*30
$ per share
17
*27
197g
f per share
f per share
EXCHANGE
Friday
10
July
flTHPITfl
NEW YORK STOCK
the
CENT
Thursday
I7ig
28'4
1612
27i2
165s
16%
Wednesday
July
9
8
July
$ per share
share
per
7
July
5
July
Tuesday
Sales
for
Monday
Saturday
July 12, 1941
n
New stock,
r
Cash sale.
%»May 19
Jan 30
* Ex-div.
y
2
Mar 31
21*4 Jan
6
21
Jan
6
4% Jan
9
Apr
6% Jan 6
26
July 10
16
3% May
584
Apr
5
Apr
26% Mar
26% Mar
7%
93%
Apr
Apr
8% Mar
26
31
Mar
7
14*4 May
27% June
104
Jan
6
95
June
108%
Feb
37% Jan 10
32
June
56
Apr
June
113
Mar
110
Jan 15
11% Apr
19u
3
Jan
65%July
2
97
8
2
30%
Jan 11
Ex-rights.
May
%
42
Dec
May
257g June
48
16%
Dec
Jan
Apr
1*4 June
73%
Jan
33
Apr
1 Called for redemption.
Volume
LOW
AND
New York Stock Record—Continued—Page 4
IS3
HIGH
SALE
PRICES—PER
205
July
8
per
Monday
July
5
share
*3%
3*8
Tuesday
July
7
$ per share
*33s
3%
3i2
1612
16
16
3012
305s
31*2
*12
3058
1212
12ig
123g
*86
88
88
88
*97
97i2
9712
7U
9984
712
18i8
97%
18I4
98
7i2
I8I4
18»4
I884
9734
98
98
1
1
9U
9U
*258
2»4
6
6i8
*1%
5i2
2534
*5
*24l2
*99
*12
*87
5i2
25
77g
li4
*9U
*25g
93g
9%
2«4
6I4
*25g
1*4
*ll2
100
1%
6
534
5%
2584
155s
16
16
14
14ig
1434
%
ull
IOOI4 1003s
100
35
34i2
8
8
39i2
39i2
27g
2278
17i2
1514
2314
23i2
1712
15ig
18
*17
*15
1212
8
934
234
6I4
15g
55g
99
H8
99%
995g
99%
1%
103g
2%
1%
11
1%
10%
2%
2%
2%
6%
1%
6%
*1%
5%
25*4
6%
134
20,100
5%
2,000
978
97g
25s
2%
618
614
6
112
112
1%
55s
534
26
26
135s
1334
15*4
13%
16%
13%
6,000
5,000
•l«
*18
*16
*18
2,500
100% 100%
3434
35
*8%
834
2,400
34%
35%
35
85g
40i2
85s
314
3%
237g
18%
16%
54
235s
87g
41%
3%
24
18%
18%
834
41%
3%
23%
18%
163g
16%
16
*52%
41
54
*52%
45
45
45
4434
5378
45
49
4914
49%
49l2
49%
50
58
17%
5«
*%
J4
1714
17%
99
99
99
*16i4
16%
163s
*7
7i2
22%
223g
40i4
40i4
12i8
*86i2
37i2
12%
8684
37l2
87
87
4%
4%
45g
4%
173a
100
17%
100
15*4
1534
54
54
44%
49%
44%
50%
200
4
4
4
4
2,700
84
17%
175g
9934100
17%
17%
*i%«
17
34
17
*u18
17
99%
99%
17%
17%
8
9984
*17%
734
22%
40%
13%
2234
4034
13%
*22%
41%
1334
86%
41%
865s
42%
86%
42*4
89%
90«4
89*4
8934
*4%
484
*4%
5
5
5%
5
2284
3934
13ig
87
135s
14%
87
88
87
87%
38ig
4034
41
423g
41%
8712
*4l2
89
89
903g
434
5%
712
227g
7%
23%
7%
225g
7%
23%
3984
1314
3934
40
40
734
5%
*4
300
17%
3,900
9934
260
17%
1,000
1,200
2,000
1,100
16,200
*86
90
90
90
91%
*90
95
*91
95
*53
55
*55
56
55
56
57
57
*57
68
1338
1384
*2H4
1384
1334
13%
13%
13%
13%
21%
21%
21%
21%
*20%
21%
1
1
38l4
2812
2812
29
30
30
834
884
275g
9%
275g
47i2
28
*44
834
2784
4712
*17i2
18
*2714
*3U
18
3l2
*1518
16
*7
7i8
110
11078
2414
24%
*28%
285s
*1434
15
1034
1078
33s
312
1434
*26i2
»375s
*734
*14i2
*6%
*108
11634
155
125
125
*112
24i8
*3
114i2
24i8
3i2
2,400
9%
96,900
28%
5,100
*44
47%
18%
37g
*3
2884
47%
19%
3*4
16
19
19
*15%
18*4
18*4
4
18%
*3%
334
16
16
18
*15
16
"3",200
100
100
8%
111%
25%
1134
115g
3%
11%
3%
11*8
11%
35g
3%
334
3%
3%
16
%
*316
%
*»16
%6
*3I«
*3it
20%
20%
203g
203g
1678
16%
16%
17
17%
20%
16*4
20%
17%
2634
83g
277g
38%
83g
1,200
7i«
20U
16%
71«I
20%
*38
25%
28%
15*4
11%
15%
1534
7H4
*7l2
345g
1712
7114
72
72
8
8
34i2
1734
15
34%
18%
83g
15%
*71%
7%
3484
xl8
15s
34%
3234
♦303s
*32i4
3458
3234
31
1%
3434
32i2
*42
43
175
32
175
3234
'
28
38%
8%
15%
*71%
7%
38%
8%
1534
78
7%
3434
18%
3434
32%
111%
26
4%
32%
37
35*4
36
34
34%
33
33
110
110
37g
43%
*110% 110%
4
3%
4%
30% 30%
30%
32%
32% 32% *32
42% 43
42% 42%
110%
110% 110% *110
4%
4%
4%
4%
30%
*77
378
7914
*785s
80
79
80%
*76
80
*76
80
*80
82
82
82
83
*81
84
*82%
*867g
90
8712
8712
8212
88%
89
*88%
89%
*88%
84
89
*s„
a 16
**K
316
*»„
*16
*•«
114
1%
1%
*13s
138
H4
1%
1%
1%
1%
1%
H2
1%
*1%
13g
*13g
1%
13g
*1%
1%
1%
*1%
*1%
1%
*li8
*73
*3
1%
*73
78
334
678
*3
H2
78
314
2734
2778
634
2734
*3i«
i2
**!•
714
28
i2
38i4
387g
17ig
39
173g
*6i2
*38
*23i2
*127g
17i4
10i2
94i2
24is
13ig
*2i2
*38
17ig
*1014
*90i4
*20
91
*13
*29l2
*10
10i2
*91
94l2
234
2334
*127g
25g
71«
*38
2378
1314
25g
716
2034
2034
2I84
91
1334
40lg
*90
1334
395g
9234
137g
40ig
*73
78
*73
78
3%
7%
283g
73s
7%
28%
28%
*S16
%
it
39
40
40
%
40%
17%
1834
18%
20%
10%
*1034
11
95
*91
95
103s
*91
*3
3%
7%
29
24%
24%
24
24%
*127g
133g
13%
13%
3
3
3
234
1%
3%
7%
28%
*sit
4034
19%
10%
*91%
*24%
13%
6
72
....100
conv preferred.... 100
Feo 15
13%
41%
41%
Feb
Deo
Apr
9
6% July
21% May
32% Mar
42
Sept
60
May
Cutler-Hammer Inc
15
Apr 18
Oct
Apr 21
14% May
3
May
13»4 May
3% May
23
3
4734 Mar 29
19% Jan 8
3% Jan 15
17»4 Jan 10
8%May 20
Class A..
....1
No par
Davega Stores Corp...
Conv
5
5% preferred
25
Davison Chemical Co (The).l
Dayton Pow A Lt 4H% Pf.100
Deere A Co..
14%May 20
6% Apr 18
109% July 2
18% Feb 19
No par
20
Preferred
27
Apr 30
9
Detroit Edison.
20
20
Devoe A Raynolds A..No par
Diamond Match
.No var
13
114
May 23
0% partlo preferred
Doehler Die Casting Co No par
Dome Mines Ltd......No par
Douglas Aircraft..
No par
Dow Chemical Co.....No par
Dresser Mfg Co
No par
Dunhlll International.......1
8% preferred....
200
7
May
34
Apr
Jan 24
25% July 11
2934 Jan 24
18% Jan 2
29%
4%
51
June
29*4
107
Dec
June
13% May
21
June
13% Jan 10
3*4 Apr
11% May
8% May
2% Dec
17
May 31
14%May 31
63% Feb 19
May 26
120
Duquesne Light 5% 1st pf.100
_
120% Feb 14
Eastern Airlines Inc
1
111% July
24 May 14
2,300
Eastern Rolling Mills
5
2% July
Eastman Kodak (N J) .No par
6%
cum
.
23%June24
6% Jan 8
Elec Storage Battery...No par
Apr
10
Mar
13*4
Jan
Jan
9
120
Jan
104*4 Jan
7
146% May
189%
114
129%
118%
Apr
Dec
126% June 11
118 May 2
34
Jan
2
May
112% May
25*4 June
3
May
Jan
44% May
6% Nov
25
6
10%
% Jan 23
4% Jan 11
%
00
77
Dec
4
28 May 27
20% Apr 29
39% Feb 14
...3
June 27
108
3%May
6
•aiJune 28
t Erie Railroad
100
4% 1st preferred.......100
4% 2d preferred....... 100
% Feb 20
% Feb 15
% Mar 1
50
75
Eureka Vacuum Cleaner....5
Evans Products Co.........5
Feb 28
2% Apr 23
6% Feb 19
23% Apr 30
44% Jan 13
35
llis4june 18
102
7
Jan 11
80% Apr 4
83% Apr 4
89
July 8
% Jan 30
l%June 30
lWune 23
l%July 7
75
Feb 28
3% Jan
8*4 Jan
2
Fairbanks Morse A Co.No par
Fajardo Bug Co of Pr Rico..20
Federal Light A Traction... 15
86 preferred
No par
18%June 24
10 May 29
90 May
2
Federal Mln A Smelt Co
2
21% Feb 15
Federal-Mogul Corp
5
10% Apr 18
14% Jan 14
3%
130C
Federal Motor Truck..No par
2% Apr 10
%
7i«
90
Federal Water Serv A..No par
% Apr 18
21%
92%
1,400
Federated Dept Stores.No par
18% Jan
preferred....100
1
3
90%June 30
11% Apr 29
34% Feb 19
Ferro Enamel Corp
Fidel Phen Fire Ins N Y.82.50
3
18%
15%
z24%
9,400
*3
10%
37% Apr 3
34% July 9
34% Jan 13
33
July 7
"2",700
—3
Exchange Buffet Corp..No par
conv
30
17% Jan
75% Feb 14
4t£%
May
9% June
113
Oct
6
33% Jan 10
Apr 21
86 preferred........No par
100
6
Jan
94% May
Apr
171
14% Feb 14
240
700
127% Nov
14*4 Jan
Jan
Feb 26
2,500
Apr
Apr
Jan
Feb 14
200
24%
23%
May
11% May
65% July
Dec
70
1,600
Apr
Feb
14
37
05
"""500
Deo
14%
38
180
...No par
95
80
30% May
100*4
85H preferred......No par
24%
13%
Jan
23% Jan
30% Apr
43% Feb
10% Feb
20% Nov
May
May
May
May
Dec
May
May
May
June
May
May
May
May
May
May
85 preferred
*91
Dec
Jan
*4
June
June
12% Feb 14
5% preferred..
...100
Engineers Public Service
1
*24%
9
5%
25
Endlcott Johnson Corp.....50
Ex-Cell-O Corp
Apr
28% May
19% Apr
23% Jan
June
87 preferred....... .No par
86 preferred........No par
Erie A Pitts RR Co
9
4
May
4*4 May
12% May
56% May
Apr
Nov
23%
22
12,000
2,500
1,200
100
8%
114
155
l%May 31
27% Feb 19
23% Feb 19
3,200
2,400
18% Nov
117
Electric Power A Llght.No par
200
5% Mar
9
6,900
600
Jan
4
*8 Jan
"2",500
Jan 27
Jan
Elec A Mus Ind Am shares...
30
11% Mar
36% Jan 10
16
Mar 28
700
6,800
17
79
141*4 Jan
182% Jan
Electric Auto-Lite (The)....6
Electric Boat
....3
El Paso Natural Gas
23% Jan 28
142
Apr 29
7
7,100
11,200
700
_
100
29
1,000
6
Jan 30
Jan
120%May 26
preferred......100
Edison Bros Stores Ino
3
5% Jan 23
4
...2
500
Jan
37
117
May
4,200
Eaton Manufacturing Co
86
9% Jan
113% Mar
138
Jan
Feb
Jan
May
35% Oct
%«Dec
23% Apr
17% Jan 10
9
I
6%june
.100
340
Apr 21
17% Feb 18
4
Apr 21
......No par
Du P de Nem (E I) A Co...20
84.50 preferredNo par
6,100
.
17
19% June
1% Oct
34*4 Feb 10
9*4 Jan
45%
31
Jan
*ii Feb 26
Feb 19
*is Jan
300
14
91%
"
29% Jan 10
No par
Curtlss-Wrlght............. 1
300
41%
4% Jan
8% May
7% Feb 14
24% Apr 22
42% Feb 4
Prior preferred
Jan
1% Jan
41%
41%
Dec
x99
Oct
45
20%
1134
*13%
21% May
95% May
47% Dec
25
May 20
%June 23
7
28
July 2
20
*90%
Dec
38% July
....No par
41%
21%
Apr
45%
20
5
...
Preferred
41%
20%
11
95
24%
13%
21%
92
13*4
41%
Jan
38%
Cuneo Press Ino
Curtis Pub Co (The)...No par
*x# June 17
34 May 17
*13%
7*4
Feb
16% Jan 25
Duplan Silk
78
11%
Jan
Nov
32*4
57
6
t2
21%
13%
9
July 10
24%
100
May
May
1*4 May
3% Aug
60
May
45% Dec
9% May
Jan
Apr
Apr
ll%May
84
88%
1%
1%
1%
7%
1%
41% Feb 20
*s18
21%
4034
91% July
75
Jan
Deo
Cudahy Packing Co.......30
%
215g
92
75%
9
28%
215g
*90
98% Jan 6
5%June 27
5% Mar 10
Apr
l%May
3% Feb 15
Jan 16
28%
%
92
..100
25
.
92
61%
65%
184
June
47% Jan
Jan
Apr
25% May
70
May
June
83gJune 19
Feb
33
17% Dec
3% May
18% June
30
July
12
May
7%
28%
%
13%
40%
13
75
7%
%
*20%
*90%
1334
14
10
Jan
19
434
25
May
TnSept
Jan 10
107
Apr
40% Mar
May
4
*3%
%
13%
5H%
-
11
16
7%
%
40%
Preferred
Jan 24
52% Jan
50% July
182% Jan
4% Jan
% Jan
19% Jan
2
27% Jan 10
45% Jan
15% Jan
3%
*3
16% June
18% May
15% Mar
47
May
41
May
40% Dec
165
May
3%
%
*90
1%
1%
*1%
*73
78
*73
*3
1%
conv preferred
Cuba RR 0% preferred....100
Cuban-American Sugar
10
5% pref. with warrants.. 100
ai«
*H8
Apr
6
Equitable Otfloe Bldg_.N# par
88%
3 16
9%
82
No par
w__No par
77
77
*82 %
*%z
4% May
27% May
19%May 28
39*4 July 7
ll%May 1
82%May 2
35% Apr 14
No par
w
Dixie-Vortex Co......No par
Class A.........
No par
32%
16
1%
*1095g 110
4
32%
*15%
2
36%
43
pref
400
90
1%
43
5%
conv
1,500
1,400
%
43
1,540
177%
%
43
82.25
2,900
139
139
%
343g
16",900
1,800
6,200
4,700
1,900
1,500
1,600
15%
%
1%
36%
33
Crosley Corp (The)
7
7
43g Jan
Cream of Wheat Corp (The) .2
Crown Cork & Seal
Apr 18
90«4May
14%June
JDenv A R O West 0% pf.100
18
29%
30%
100
2% Feb 19
17%
15*4
33%
13
.....25
preferred..
conv
Delaware Lack A Western..60
210
28
32%
5%
6,300
35
16
30%
Crane Co
9,400
*784
15%
33
Jan
Apr
8% July
41%June23
4% Jan 2
32
29%
30%
97%
49%
10% Jan 10
18% Jan 11
16
337g
1%
May
%
41
15%
327g
Dec
June
56
3% Apr 23
% Jan 7
2% May
70
Feb 18
Coty Inc
1
Coty Internat Corp.........1
4% Apr
Apr
2% Jan
6% Nov
2334 Nov
108% Dec
19% Apr
15% Jan
8%
33
6
52
Mar 31
Feb
Apr
110% Mar
1% Jan
10% Apr
40% Jan
June
40%May 6
42% Apr 21
170
Deo
9%
Dec
12%May 12
68%May 22
29
36
7
Apr
Deo
32%
8*4 May
93% May
9% May
7% May
1% Mar 31
102
Corn Exch Bank Trust Co. .20
Corn Products Refining....25
100
16
Aug
Distil Corp-Seagr's Ltd No par
16
36%
1484 July
Jan
Feb
Apr
99%
100
May
May
May
2,300
29%
15%
%
134
35
26% June 12
106% Jan 22
16% June 24
Apr 21
14%June 20
35
15%
*71%
16
134
0%May 21
l%June 23
5%June 10
%
5%
2%
6%
%
29% Jan 11
15%
134
7
July 10
3% Jan 13
0% Apr 21
28%
15g
1% July
11
21% Apr 29
3434June 12
1538
1%
35
32i2
303g
9
25
16
**16
107% Jan
May
May
4% May
21% May
97% May
75
Diamond T Motor Car Co...2
28%
%
8% July 10
233g Jan 13
13
Dlesel-Wem mer-Gllbert.... 10
Delaware A Hudson......100
900
700
15
*%
63
Jan 15
800
16
3284
37g
32%
15% Jan 16
97% Jan 28
103
Continental Steel Corp.No par
Copperweld Steel Co
5
Conv pref 5% series
50
Preferred
6%
24%
31%
17% June
7% Jan
24% July 11
23% Jan 14
18% Jan 2
15% Apr 25
2% May
May
14
1,300
2778
303g
*42
32%
565
18,900
1,500
8%
1534
78
8
8%
*175
176
176
18% Feb 8
34% July 11
Highest
8 per share 8 per share
38%
28
38
111% 111% *111% 112*4
26
26% 27%
26%
4
4
4%
4%
139% 13984
33
303s
327g
3434
17*4
16%
75
131 '
21%
3
8 per share
4
Jan 10
12% May
25% May
16
17
15%
16
7384 74%
74*4
7534
131
13184
129% 130%
21% 21*4
21%
22%
*5
5%
*434
5%
5%
*6%
7
*6%
7%
7
11634
116*4 *105
11634 *105
159% 160%
160%
I6O84 159
124
125%
♦124% 12634 *124
137% 139
175% 176
i2
%
15s
136i2 137%
28
83g
1534
78
7%
17%
28%
*27
27%
38%
27%
*38
15%
15%
74
7534
74%
12778 128% 1283s
2178
22%
21»4
4i2
5
5%
53g
5%
7%
*65g
7
*65g
*65g
*108
11634 *108
11634 *108
158
1555g 158
159% 15934
*124
*12484 126
*12434 126
III84 11178
llli2 112
111%
25
2414
2414
253g
25%
*3ig
312
3%
384
3%
1
111
25%
15i2
9
3434
8%
734
111
15
5g
378
*3%
3i2
*I2
♦1095ft 110
*44
11%
*13378 135
13434 13612
*175
175l2
175i2 *175
*3114
32
3184
32
16
16
*1514
16
2712
277g
*27i8
28
145g
15ig
*14i2
1478
32%
47%
3i2
8
155
30%
8%
30%
9%
28%
III4
3%
2684
38
7
30
9%
28%
11
8
4l2
30
93g
28%
*15%
11%
1734
15
15
15
153g
*72
73
7234
7334
♦1265s 128i2 *125
1283s
*2134
2214
*2184
22ig
*414
305g
9%
15
2634
377g
1758
30%
28
15
28
34
500
6,700
30%
9%
28%
47%
*44
Year 1940
Lowest
Cushman's Sons 88 pref No par
1,200
100
41
*34
285g
15U
*7
1
1%
38
*35
15
*28U
111
203g
15i2
8
1
1
38%
8
8%
734
8
111%
*11034 111% ♦111
24*4 25%
2434 25%
28%
28% 28%
28% 28«4
1534
15%
15%
15% *15%
20
34
♦173s
*15i8
7«4
1
*36
60
900
13%
21%
1%
2434
28i2
2018
15
14%
76
734
*7118
18%
*3i2
*15%
73g
73g
1107g 111
24%
25
l2
38
1%
*44
314
16
22
39
9%
18
314
♦1
*3i#
20
*44
1
*34
5
15,200
13
38i4
Continental Insurance...82.50
Continental Motors........1
90
4%
5%
55
1
Continental Diamond Fibre. 6
89*4
4%
5%
140
Jan
31%June 6
6% Feb 3
35% Feb 14
2%May 26
17% Feb 24
Crucible Steel of Amer .No par
4,600
2
79
20
Continental Oil of Del
4
July
12% Feb 15
7% Feb 19
% July 1
Crown Zellerbach Corp
5
85 conv preferred
No par
88
39
Continental Can Inc.
490
13
2112
15% Feb
99
100
29,700
*53
uil
*4 Feb 15
2% Feb 15
No par
42
*86
*38
2%June 2
x5% Apr 14
Continental Bak Co ol ANo par
8
2284
41%
14%
86%
42%
434
*88i2
*21
560
3,900
4
378
*7
133g
21%
1,6005
2,400
190
167g
4i2
18%
180
165s
434
4%
*17%
180
*22l2
3984
12l2
8612
434
41%
384
24%
179
1612
73g
14
24
179
*»%•
17%
*98
54
44%
50
41%
3%
4,600
2,800
4,300
45,600
12,300
170
179
37g
*52%
44%
4934
35%
834
41%
334
24
18%
16%
7% Apr 14
25
8% preferred
10034 IOO84
May 26
% Jan 2
No par
Class B
2
95
5% conv preferred
100
Consumers Pow 84.50 pfNc par
Container Corp of America.26
*16
10058 101
5% Apr 21
17%June
6% pf.100
Consolidation Coal Co
143g
%
May 23
..1
__
16
May 20
90
82 partlo preferred. ..No par
Consol Laundries Corp
5
16
45
378
700
400
82
100
Consol Film Industries
Apr 25
22% Feb 19
10%May 26
mNo par
100
prior pref
100
35i2
180
2584
100
100
1
7% preferred
16
14
180
5%
26%
600
14
Ino.No par
Conaol Aircraft Corp
Consolidated Cigar
100
*52I2
4
5%
*2534
*995g 100%
54
37g
Consol Oil Corp
Consol RR of Cuba
98i2
49
4
Consol Coppermlnes Corp
6
Consol Edison of N Y
No par
85 preferred
No par
8%
19%
99%
1%
10%
45
*378
20,900
12,800
5,300
4,300
4,900
1,700
130
7%
*16
27g
23%
I8I4
165g
179
70
3,100
19%
49
179
99%
19%
*4414
179i2
88
19
*5212
*178
12%
Congoleum-Nairn
Range for Previous
Highest
8 per share
3
Feb 19
No par
99
8
1
Conde Naet Pub I110
88
3,500
33,300
19
143g
3978
200
Par
98%
8%
125g
♦87
33%
1834
16
83s
1512
88
99U
35s
165s
34%
12*4
734
19
98i2
H4
16
35
3
1278
87
*98U
Shares
88
*3%
165s
33%
12%
Lowest
98%
7%
3%
17
33U
9814
Range Since Jan. 1
On Basis of 100-<Shar« Lots
Week
11
8 per share
*3%
16%
STOCKS
EXCHANGE
3%
17
34%
13%
I684
32%
100% 100%
8I4
40
234
22i2
8ig
39%
27g
3%
July
10
8 per share
16%
%
35
July
8 per share
14ig
10012
*34
3i2
9
Friday
NEW YORK STOCK
the
NOT PER CENT
Thursday
33
2534 26
100i2 100l2
100
1584
I
July
89
9814
1
100
1534
137S
16%
315g
123g
8
6
1*4
*n2
8
8 per share
*1512
SHARE,
Wednesday \
Sales
for
Saturday
28
5%
63
45% Jan
Jan
83
Jan
89
Jan
Jan
97
Jan
Dec
% May
67% Aug
2%
Dec
May
Jan
Oct
29% June
17% May
11
May
Jan 27
85
10
June
Jan
Apr
67% Aug
5
Feb
11%
Apr
34*4 May
1
Jan
49%
31%
Apr
187a
102
Apr
Apr
Mar
July
12% Aug
29%
Jan
15%
Oct
2% May
TuMay
15
May
47g
79
June
14% Mar 14
10
May
41% July
27% May
9
Apr
Mar
12%
Jan
Mar 17
1
21% July 9
97% Jan 15
46
112
3*g
1%
13
*4 Apr
33% May
4l7g Jan
•4
25*4 Jan 23
7
Jan
Jan
40% Nov
36% Nov
1*4
100
4% Jan
Apr
% May
%
24% Mar 10
8%
Apr
%
5
% Jan
18%
1*4
Dec
%
20%
30*4 Jan
17%
41*4
Jan
1
Jr,n
25
Jan
98%
Dec
20
Jan
40%
Feb
«%•
I
•
Bid and asked prices; no sales on
this day.
J In receivership,
a Del. delivery,
n New stock,
r Cash sals,
s
Ex-div.
y
I
Ex-rlghts.
1 Called for redemption.
New York Stock Record—Continued—Page 5
206
1941
12,
July
AND
July
5
% per share
16*4
1634
♦101V 102
37
*36
13V
14V
*27V
2734
22V
*21V
*18V
4V
22V
*20*4
27*4
*4V
*10412 105
1534
16*4
*123V 126
July
7
*9V
147g
15V
15V
16V
2734
2734
28
28
434
*6V
4*4
7
*10ig
11
*50
53*4
*4V
♦102
4V
52V
*28
22%
*2134
22%
5
5
4%
4V
*19
22V
*20V
22V
22V
22V
28
28
2734
27V
27V
27V
105
105
*10414 I0434 ♦104V 10434
17
17V
15V
1034
16V
17V
*4V
*124
36V
2V
2
22V
4%
126
38
2V
2V
9V
•21V
125
3V
*38
126
3V
43
37V
38V
2V
2V
*9V
*17V
2V
9%
2V
126
18
434
434
434
7
7
7V
*6%
*50
4V
*102
52V
10V
11
11V
53V
*50
53V
4V
4V
4V
*102
104
52V
534
104
52
5312
18
125
37%
3234
3734
116
116
125
32V
125
33V
38
37V
♦115V 117
hi
hi
*v
125
hi
*75
7834
78*4
*127
78V
78V
127V 128
38
37V
128
124V 125
125
127V
3734
37V
•124V 1247g
42V
*41V
312
*3V
634
*6V
107
107
15
*14V
103
*101
*3V
6V
4V
22
22
*934
67V
10
6734
21V
217g
*21
108
3V
6V
42V
3V
6V
♦v
15
103
5u
%
20V
22V
19i2
22V
19V
22V
10
10
10
68
69V
21V
12V
*21V
21V
08V
21V
69%
21V
1234
2134
2134
12V
22V
36
2V
2V
11
2V
13
11V
234
3534
7V
7V
7V
68V
15V
68V
6834
15V
*07V
1534
44
7
36
68V
147g
*34
4334
4334
*43
44
♦IV
*2ig
1%
3534
7V
*67V
147g
*43
*1V
IV
2V
*2ig
*80
86
*80
7
2V
86
36V
IV
2V
*80
10 V
1%
2V
13V
13V
15V
59V
59V
00V
61%
17V
17V
13
60
*57
17V
17V
1734
*81V
♦IV
♦26V
82V
*80V
1
1
*26
33
*80V
*1V
*20V
83
IV
33
*v
»ie
V
V
4V
4V
484
*10V
434
18V
3V
6V
6V
109
15
15V
20
*19
1%
33
*11
11
11
15V
15V
IV
IV
20
*16
15V
•IV
*18
234
2V
I684
uv
16V
3
69V
71%
♦21V
2134
6934
2134
13V
1%
1%
2V
,2V
80
*82
15V
16%
02
64
18%
19
82V
*1V
*26V
33
84
1034
26V
1584
64V
18V
82
1%
•IV
*26V
3334
17
17
26V
*13V
*72
'
14V
74V
49V
*101
14V
*71V
14V
102
♦49
11
11V
11V
10V
1%
IV
20V
20V
102
12
11V
634
4V
*3084
4V
31V
*si«
84
27g
*234
*17V
177g
3
3
*%6
•
234
17V
2V
V
*Vi
300
24V
24V
17V
24V
17%
17%
26V
25V
26%
25%
27
5,500
15,400
1634
1%
21
34
12V
UV
UV
UV
1,200
16V
16V
10,600
1%
800
*11
16V
16%
1%
21V
22V
17V
*15V
20V
148
4V
98
2%
*86V
89
2,100
17,300
180
25
500
35
35
35
no
15V
700
Hall Printing Co
13V
100
105V 105V
20
20V
90
10
105"
20
20V
2,200
7V
7
7
7V
7V
4,400
30
49
8V
14V
102
1434
46V
33
11V
4V
32
*14V
15
74%
102
15
102
*2534
9%
14V
19
26
15V
-
15V
15%
*110
-
47V
*47
47V
33
♦33
33V
*33
33V
12
12V
12
12V
12
*5012
5034
484
32V
*hi
*234
18V
V
h
3
♦10734110V
a4
3V
19V
3
V
4V
33
4%
35
5i«
*2V
19V
3V
S16
3
*Va
Bid and asked prices; no sales on this day.
15V
300
9V
15%
12V
4i2
34V
4V
35V
**i«
19
%
3
19V
1,900
4,000
_
47%
49
2,800
33V
*33
11%
12
300
3,000
52
51
5034
*5IV
110%
109V 109V *109
*2V
1934
9V
800
*110
46V
32l4
4V
300
26
9V
700
100
E) The
10
Holland Furnace (Del)..—10
Hollander A Sons (A)
5
Holly Sugar Corp
No par
*3V
3%
2,400
hi
%
%
800
a
Def. delivery,
r
Feb 10
Jan
Apr
Apr
Sept
Apr
69V Mar
24V Apr
90
20V
97V
Feb
4V
Feb
10
May
20
May
71V Jan
IV Jan
9V Apr
14V Jan
12V Dec
16*4 Apr
36*4 Apr
21V May
25V July
V May
11V May
18V
15V May
30
18V May
29V
>123
June
142
Jan
Nov
Jan
Feb
27V July
55
Jan
23
May
35V
Apr
9V May
17V
9
May
1434 June
1*8 Aug
11
May
IV
Dec
8V Nov
Jan
12
Jan
25V
Apr
3% Apr
30V Apr
2V Nov
14V Nov
6
7
95
June
10 V
May
130
May
5V May
17
Apr
Jan
106V
Jan
106
Dec
28V
138
9V
Jan
Apr
Apr
83 V June
2
Aug
104
89V June
6V Dec
113 V
Jan
11V
Apr
4V
Apr
Apr
110
Jan
168
July 11
155
Jan
167
Dec
21V
100V
Apr
16V Jan
9
77V Jan 11
128V Jan 8
56V Jan 18
115
16
12V May
69
Dec
126V Aug
50
June
8
94V May
Jan 14
12V July
Jan
133V
67V
115V
18V
Apr
Jan
Apr
Jan
Jan
17V July
9
30V Jan 10
9
Jan 24
Jan
9
Jan 15
4VMay
37V Jan
6
8
V Jan 22
3% Jan 6
1
«i«June 23
>4 Jan
y
Dec
Jan
19 V July
Ex-dlv.
Jan
5
4V
3V
10V May
100V June
15VMay 26
2VJune 2
>
Jan
Nov
19V
Feb
No par
Cash sale.
9
65
June
VJune 20
New stock,
Jan
6*4 Mar
51V Mar
86
100
n
Apr
May
Jan 13
.......-5
fHupp Motor Car Corp
23V
20V
Feb 14
2VJune 20
23V
100
96
3V Feb 14
26V Apr 22
100
LtdNo par
Jan
05V Nov
24*4 Mar
13V Jan
37
7V Jan 13
Houston Oil of Texas ▼ t C..25
preferred
18V
33*4
14V
34V
3V Jan
95
64
5%
Jan
Dec
Apr
Apr
Jan
»u
Jan 24
101
111
Howe Sound Co
19V
100V
9V May
25V Jan 10
149V Feu 11
6V y n2l
48VMay 27
Hudson A Manhattan...
Jan
8
7
107V July 9
106V Jan 16
107 V Jube 18
preferred
Hudson Motor Car
3V
9
IV
29 V June
30
May
Jan
15
100
5%
Hud Bay Min A Sm
%«
8
Mar 28
16V Jan
No par
Household Finance
4,700
3V
Apr 25
Feb 7
Dec
May
9V June
6V June
15V July 10
7% preferred
100 zl07V Apr 14 xl07V Apr 14
Homes take Mining..
52V Jan 8
12.50
42V Apr 21
39
Jan 27
32l4May 28
Houdaille-Herahey cl A.No par
10
Class B
...No par
Apr 22
13V Jan 6
200
V
2
157gMay 23
23 May 28
6V Apr 12
Hires Co (C
5,000
3V
June
10V Apr 21
66
Apr 22
No par
3,200
100
June 12
cum
%
3
17g Apr 21
preferred
100 >123VMay 1
48VMay 28
Chocolate...-No par
$4 conv preferred
No par
99VJune 17
Hlnde A Dauch Paper Co—10
14V Feb 4
6%
19V
*2%
19
4
Herahey
4%
*8i«
Jan
4VJune 26
93 VJune 20
No par
Motors..
36%
4V
36
X In receivership,
Preferred
Hercules Powder
10
15
25%
Helme (G W)
700
500
19
*8V
17V
-
158
Hecker Products
400
50V
*49V
*14V
27
•t
75V
*18
9
15V
♦110V
14V
75V
15
*14i2
*18V
2534
9
—100
preferred—
Hercules
128V 128V
102% 102% *102V 103
15
17V
*14V
17V
47
234
18V
3V
74%
47
32V
V
*14
*127V 130
50V
50V
*48V
25
8V
.
7434
*49V
*110
114
15
74V
♦126V 130
49
*101
*14
70
6)4%
1
300
88
88
168
14V
74V
0
Hayes Mfg Corp
*92V 100V
2V
2V
Apr 14
Corp——1
25
j,800
2V
17
13g
4V May
Jan 15
38
Feb 25
104
76
Hat Corp of Amer class
July
Jan
June
7
6
2
16
22
11
11
19
Jan 13
33
103V Apr 21
Hazel-Atlas Glass Co—...25
1,000
Jan
Jan
July
34
9
11V Apr 19
12 VJune 19
140
preferred
110
5
Jan
26V Mar
Feb 18
July
100
A...1
100
2
6%
152
5
89
Feb 14
33
100
*145
165
14V
26
10
preferred
5
165
*73
0%
3
IV Feb 19
9
Hanna (M A) Co $5 pf .No par
Harbison-Walk Refrac. No par
Jan
May
12 V May
6
11V Apr 22
17V Jan 9
IV Mar 10
22 V July 10
3V Apr 29
18VMay 6
28
7% preferred class A
Jan
12V Jan 10
25
152
2%
6% Jan
5
No par
$5 preferred
Water
Hackensack
5
*86V
25
107gjune 27
12V Apr 23
IV Feb 4
Hamilton Watch Co—No par
*13
17g Jan 10
28V Jan 22
IV Jan 11
27
Jan
July
May
45
9VMay
13
May
10
69
29 V May
100
5,300
2
2
77
Jan 27
50
No par
2,600
Feb 14
9
11
20V Jan 10
143
Gulf Mobile A Ohio RR No par
3V
*107
Jan 10
Oct
IV Dec
66 V July
Mar 26
1
17%
Mar 12
42
conv preferred..... 10
preferred
Sept
4V May
May
90
138 V Mar 26
100
1
Greyhound Corp (The) -No par
8%
June 24
197* Jan
Great Western Sugar..No par
Guantanamo Sugar
3
May
28 V
6)4%
Feb
10V May
30
23
Grumman Aircraft Corp
7*4 May
13V May
98
9
13V Feb 18
Green (H L) Co Inc
May
16»4 May
Jan
97g Apr 15
9
Apr 22
28V Apr 22
100
14
46
V Apr 17
4V Apr 14
No par
Preferred
July
May
20
Green Bay A West RR
10
11
10
preferred
934 June
86V Jan
V Dec
13V July
20
May
43
16V July
Apr
Jan
1
91
7V
Dec
Jan
V Nov
9
2V Jan 25
2V Jan 2
60
10
8
22
5%
Jan 10
Apr
127V Mar
110
June
10
No par
28V
*15
13
56V
Jan
June
17
2ig Feb 13
No par
]
17V
15V
13V
June 20
V
44
5V May
100
7V July
68 V July
Feb 21
May 21
11V Apr 19
58VMay 20
10
May 15
79V Apr 18
1
6
28
3V
22
111 VJune13
Great Northern pref
Without dlv ctfs
Grant (W T) Co
8
May
30»4
82
dlv ctf8.No par
Granite City Steel
Mar
3
29V Jan 11
11V Jan 10
71V July 11
22V Jan 9
16V Jan 6
Gr Nor Iron Ore Prop ..No par
w
17%
3V
20
Feb
37V May
32 V June
3 V June
37| Jan 13
June 10
Motors
7V Jan 16
May
45 V July 11
June 20
28V
*92V 100V
2%
>684
1%
*22
Apr 21
1
*145
5V
♦92V
1%
105
105
148
10
52
11%
*3
3V
20
52
*163
50
51
*49V
♦49V 51
50V
*10734110V *10734110 V *10734 110
4V
31V
*%«
34
162
17V
33
2,000
1,500
1,300
162
25
46V
100
10V
165
25
*1134
UV
*33
•u Mar 27
j,
13V
13V
12V
36V
25V
17V
Grand Union
2
2
25
Granby Consol MSA P
Jan
V Jan 27
16V Jan 10
106V Jan 16
100
Graham-Paige
86
Mar 19
8
12
25
No par
2,600
10
4
"uMar 17
91
109
2
IV Apr 23
Goodrich Co (B F)
4,400
200
*24
*31
5
9V
4V Jan
June 27
30
12
5V Feb 14
preferred...-.60
conv
Preferred
75
25
14V
*26V
1%
*73
*23
46V
*32V
83
33
75
*14l2
*110
82V
*1V
*73
17
14V
12,000
73
15
46V
19
%
116
12V Feb 24
40V Feb 25
Gobel (Adolf)
1
Goebel Brewing Co
1
Gold A Stock Telegraph Co 100
Gotham Silk Hose
66V
18%
1%
2
7
60
No par
100
66V
19
82 V
Jan
Mar
6
34VMay 24
...No par
....No par
400
66
33
4H%
Dec
48
Jan
26V May
3334 Dec
2VMay 13
No par
Glidden Co (The)
Nov
126
5
18V Apr 10
No par
5% preferred
No par
Goodyear Tire A Rubb.No par
$5 conv preferred
No par
73
*14V
16V
114
m
73
16V
*14V
-
36,600
2,200
73
15
*110
2%
90
♦126V 130
50
*8V
«
16%
34
105
*15V
87g
«,
10
11%
*13
*13
13V
10784 10784 *107
*14V
*8V
3,300
2%
16V
*160
74V
*101
49V
100
900
33V
*105
♦126V 130
♦126V 130
4,300
22
120
Feb 14
11
Eq Corp..No par
Gen Time Instru Corp .No par
Brothers
29V Apr
89V Nov
Apr
Gillette Safety Razor..No var
1%
86
20
Gen Theatre
preferred
Feb
12% May
102
May
Jan
Dec
17VMay 22
$6
11^4 May
48V
Jan
4V Sept
11V Jan
131
Gen Steel Cast $6 pref.-No par
Glmbel
8
Apr 7
Jan 14
Jan
8V
145
101
10,500
300
8
July
Apr
Dec
57V
118
Apr 28
1,300
May
105
132V Jan 28
48V Jan 6
116
8
Apr 10
10
8,900
July
2
General Telephone
1
$5 conv preferred
5% May
118
Apr
May
7*4
Jan
Jan
Jan
16 V Apr 10
20V Apr 21
9i2May 6
46V Jan 30
No par
preferred
June
3534 May
14V
51
Jan
General Tire A Rubber Co...5
uv
*107
165
...100
1
$6 pref opt dlv series.No par
preferred
Gen Realty A Utilities
Corp
94
May
Apr
2,400
33V
17
19V
♦161
165
No par
6%
96V
20V
130V
35V
39V
•u Jan
No par
Gen Railway Signal
June
4'a May
Jan
3 V July
57gJune
105VMay
V Apr
11V Apr
98 V June
1
No par
Gen Public Service
Apr
Sept
118V
40
No par
preferred
5V
20
111V May
V May
28
Sept
77V May
36VMay
No par
Common
$6
June 18
78V July
Gen Outdoor Adv A ...No par
General Printing Ink
3V
0
157g Jan 10
Feb 19
Mar 17
160
16V
IV
10534
19V
19V
1984
♦144 V 148
*144V 148
♦144V 148
434
4V
4V
*4V
434
434
97
♦92V 94V *92V 94V *92V
*158
$5 preferred
6
8
45V June
IV May
6V
Apr 25
102
2,400
11
6V
General Motors Corp
39V Dec
3'g Sept
49V
120
.100
10
preferred
~~12~~May
Mar 20
5
Apr 21
-.100
25V
15
73V
6%
Apr
Deo
41
41
38
No par
General Mills
6%
*50
15
*72V
2%
*82
100
140V 140%
25
1434
13V
*72V
71V
500
21V
13V .1,400
*50
147g
6V
160
140% 140%
52
♦14V
*1234
6V
400
*»
25V
25V
140V 140V
35
6V
75
40
*48
35
6V
2V
86
1%
34
27V
3384
II84
2V
1%
10V
*24
24V
11 v
*86V
*21%
13V
10
35
2V
69V
21%
10V
34
89
800
500
1,300
uv
38
88
6%
4,100
10
*33V
2V
200
15V
10V
*10
38
90
360
102% 102%
**i«
%
3334
11V
10%
10V
*33
*2
*v
*15V
47b
*10V
*28
*85
71
5
17V
10534
19V
1,000
.
43V
3V
»i«
28
*18V
$6 conv pref series A.No par
108
*19
5
3
1234
15V
103
"1.
84
5
*10
•IV
2V
1734
105
Gen Gas «fc Electric A..No par
30
13
13V
13V
*21
*21V
21V
21V
21V
*2IV
♦106V HI
♦106V HI
*106J2 111
12
12
12
1134
12%
12V
2%
2V
3V
3%
284
3%
37
39
41
37%
45V
43V
7V
7%
7%
7V
7V
7%
>07
67
68
*67
68
*66%
17
17
1634
16V
16V
1034
*43
v 44
*43
*43
43%
43%
28
1234
2,900
6V
Apr
123V Mar 19
No par
preferred
General Shoe Corp
3V
105
V
$4.50
Jan
7V Jan 8
July 10
Apr 22
28VMay 29
33V Feb 16
112V Jan 8
V Jan 6
No par
General Refractories
1734
28V
*107
6V
108
General Foods Corp
143
120
100
No par
200
3
13V
3V
6V
100
preferred
1,900
4,160
17
*104
6,900
7%
1025gMay 10
65
3V
10i2
73i2
17V
No par
General Electric Co
5
>5%June 19
134V Jan 6
3V Jen 6
No par
7% cum preferred
General Cigar Inc
2,800
*28
*107
General Cable Corp
Class A__
10%
3334
1434
*127g
1,700
24
17V
14V
1,900
June
9
8
5% Jan 10
46V Apr 21
No par
5
No par
preferred
20
28V
14V
3V
43V
18
11V July
5378May
101
..6
5
Dec
Nov
Mar 21
2
10% July
No par
preferred
May
8V Nov
5VMar21
8
Apr 23
4712 Jan 21
4
Apr 16
6
50
No par
General Bronze Corp
100
80
43V
preferred
conv
Jan 28
3% Apr 19
10
Gaylord Container Corp
16
V
*78 V
5% preferred
2V Aug
38V Mar
25V Apr
lOVJune 23
5
June
Jan
3V Feb 28
0
Gar Wood Industries Inc
10%
3334
11%
34
22
No par
23V
*28
16
17
Gamewell Co (The)
10V
28V
234
hi
8
%
*28
16
2
19
20
IV
20
IV May
7
24
47g
50
33V
11V
5
2V Jan
19
84
5
27V
2634
25%
2434
140V 140V
11V
2VJune
20
6% preferred
24
1634
33V
2434 May
*10
16V
33V
11V
4
10V
24
11V
Jan
Gen Am Transportation
General Baking
80
V
14V
39
4,000
37%
*76
109
103
32i2May 31
IV Feb 4
IV Apr 10
7l2 Apr 16
24V
24
33
3V
20
23
24V
lUg
V
39%
*6V
7
4,500
119
77
*108
♦102V 105
*Ve
'it
3334
24V
33
V
hi
hi
33
50
37V
*115
119
*42V
Jan
Gen Amer Investors
270
May
46
514%
43,200
61
132
500
33V
9V May
Feb 19
11V
52V
125 V
June
2V Feb 17
May 21
6,900
37V
39
7
102
36
1,000
38
he
105
No par
6%
33V
Deo
No par
570
*122
118
$7 conv preferred
Francisco Sugar Co
Jan
Fk'nSlmon&Colnc 7% pf.100
18V
4%
33%
Apr
Apr 21
18V
100
Jan
107V
21V
13
Galr Co Inc (Robert)
700
35
10
Gabriel Co (The) cl A..No par
1,300
32
May
7
7
700
20
19
4
107V Jan
20V Jan
1,600
*19V
24V June
4
June 17
10
20
337g Jan
25V Apr
104
*9%
160
Apr
18V June
9V
18V
4%
3,600
21V
8
8
2
6,300
*50
Jan
Jan
3,200
4%
Jan
46
Jan 13
2%
Jan
May
10V May
32 V
32
10
share
100
29
Foster-Wheeler
per
21V
May
May 31
2V
6%
UV
16V July
12V May
84
June 23
2V
7
42V Jan 13
share $
24
conv preferred
Machinery Corp
4 )$% conv preferred
2%
38V
Jan 10
per
21
5%
Food
2V
37V
18V Jan 10
105
3
Jan
$
share
6V Sept
22
Sept
2V
125
*115
22
10
100
10
100
Free port Sulphur Co
33V
38V
*3V
32V
50
50
1,300
32V
2434
1,800
3V
46
No par
per
7
120
127
*3
42,900
32V
24V
434
125
43V
32V
24V
*45
*2V
9V
*19V
34
*42
321g
50
37V
2V
38
127
*40
434
4V
*4%
4V
♦102V 104
*102V 104
53V
5234
53%
53%
0
6
5V
5V
5V
143
142l2 143
142V 142V
*4
4
4%
4V
4%
4%
4%
4V
4V
4%
14
14V
1434 *14
14%
94%
95V *92
94%
94%
10V
24V
3%
43
3,800
53V
>10V
*45
127
3%
104V 104V
10%
16%
128% 129
39
39V
10%
lov
♦140V 140*4 *140V 14034
104V 104V
16%
16V
1
Highest
Lowest
Highest
$
share
37gJune 17
60
128V 128V
10%
1034
1.000
125% 125V *125V 125V
10
27
200
28
uv
125
lov
16V
25
28
128V 128V
39V
39V
11V
10V
26V
*22V
28
*78 V
9V
16V
25
28
79
10V
26
*22V
>78%
978
16
Follansbee Steel Corp
77
11V
10V
25V
24V
Florence Stove Co
Floreheim Shoe class A .No par
77
*10V
10tg
*9V
*23
900
53
hi
4V
10V
10V
*23
8.300
200
*50
*82
83
»i«
15V
400
*11
120
*80
86
13V
13V
15%
10
*1O012 112
11V
*114
li«
15V
103
800
5
33%
3734
*108
109
*19
11
234
*2V
42V
38V
125
39V
125
*108
♦106V 112
11
*101g
7834
First National £ tores __Aro par
Fllntkote Co (The)
No -par
38V
per
15V Apr 23
lOlVJune 27
31VMay 12
12i8 Apr 22
26%June 10
10
4%
11%
♦123V 125
$
6% preferred series A...100
22%
*034
20
Firestone Tire & Rubber
200
28V
77
128
38
V
V
9V
12ig
22V
*1134
♦106
6V
78V
4.900
17V
102
♦102V 104
52V
Lowest
Par
Shares
22V
434
5334
1134
hi
77
22
20V
*18V
42V
3V
he
*V
14V
14V
♦101V 103
V»
♦v
*76
109
*108
V
V
*42
77
7ie
77
*75
125
34
33V
38
37V
•115V 120
4a4
7
Year 1940
28V
18
18*
*50
5V
534
5V
5V
5*4
14334 *142
14334 *142
14334 *142
4V
4V
4V
4V
4V
*37g
4%
4V
4V
4V
4V
4V
4V
4%
14
14
13V
13V
14V
1434
*127g
94
90
95V
95V
95V
9534
96V
20V
*19V 20V *18*4 20V
20% *19V
534
32V
lov
17%
Range for Previous
Week
11
$ per share
102
Range Since Jan. 1
On Basis of 100-Shore Lois
5
22%
43
3734
2V
2V
434
6V
18
18
July
STOCKS
EXCHANGE
*434
*22
*124
3%
43
37V
*2%
2V
9%
♦142
*123
127
3V
*38
*9V
17V
434
10V
104
*52
17%
♦101V 102V
37
38
37V
16V
15%
15V
28V
28% 28V
15V
*21V
$ per share
Friday
NEW YORK STOCK
the
NOT PER CENT
Thursday
July 10
102
37
3
18
*17
18
17V
102
37
40
2%
2V
9V
9
July
$ ver share
37
3
36V
Wednesday
37
*36
*38
2V
*2
8
$ per share
17V
16V
16*4
I684
*101V 102
♦101V 102
3
36 V
Tuesday
July
$ per share
43
*2%
*30
SHARE,
SALE PRICES—PER
HIGH
Monday
Sales
for
LOW
Saturday
9
4V Jan 13
6
19
May
4V July
8
May
35V Apr
9«4 Nov
10V
110
103
May
35
May
60V
28
May
38*4
8*4 May
16V
54V May
101
June
71V
112
Apr
Mar
Jan
Dec
Apr
Apr
Dee
0V
Jan
Aug
50V
Feb
V Dec
IV
7V
Feb
Feb
3V May
28
2V May
May
12
3
May
VMay
27
Jan
6V
Feb
1
Jan
Ex-rlght. 1 Called for redemption.
New York Stock
Volume 153
LOW AND
HIGH
Saturday
Monday
July
7
Tuesday
$ per share
$ per share
SALE PRICES—PER
Record—Continued—Page
SHARE, NOT PER CENT
6
207
July
5
$ per share
7h
7%
7*4
*17
18
♦39
40
1712
3912
4
*312
*312
*19
*578
2378
*104
1912
1914
6I2
237g
24
108
*153
*7312
12
6%
*2212
107
*3*4
6%
106
8
1712
3912
4
19%
6ig
24ig
109
12
6%
23
107
4%
8i4
112
74
12
6lg
23
74
8I2
*125
18
19
18%
19
39%
4
39%
*4%
20
19%
40
4%
19%
678
25%
4
*193g
6*4
24%
*108
67g
25%
110
74%
*41%
2812
2834
38
2
2
*21g
212
10lg
*10
*94l2
*S
*20%
*133lg
*1012
97
8%
32
214
10%
24
108
*107
108
414
8%
1%
129
2%
214
IOI4
107
107
*125
I6I4
68%
*H2
*3714
4212
2884
38l2
*97l2
2
2%
1012
8%
32
3112
*8
*134
3912
40
*6412
6512
6512
68
12534
*6
6%
4%
4%
4%
8*4
9ig
87g
9%
1*8
15g
*1%
1%
44I4
45
44% 44%
*155
15612 158
158%
51%
52*4
52% 5314
*8
1034
75
127«
4%
95
39l2
*7*4
6%
*99
8ig
113
15
612
102
*77g
*110
147g
*65s
*100
37*8
13*4
3734
*133g
*2514
*212
3512
26I4
2%
3512
2634
*214
*3512
24%
24%
37U
2434
*4
25*8
26%
414
25*4
26i4
13%
*4
2578
26ig
127
1714
162
3%
27%
*125
17
....
*134
11
3934
*40%
67
68%
69%
1%
734
3%
28
128%
17%
12%
6
4%
8%
1%
12%
6%
4%
8%
1%
6%
1284
6%
17,900
1,500
24
107%
*4%
4%
87g
134
44
46
45
158
158
157
5134
..—
11%
8ig
113
1514
684
102
3814
135g
2634
234
36
25
414
26
26l2
*7%
*110
15%
67g
100
8
113
15%
7
100
38%
*13%
26*4
38*4
1384
27%
*2%
3534
2*4
36
25
25
*4
4%
26
27
2534
26-%
15%
6%
*99
38%
*13%
28
2%
36%
24%
4%
2584
27%
*32
3512
33
33
8%
35%
12*4
*1212
1234
12*4
1234
13
85
*86l2
85
8712
178
86
88I4
*175
8
*20
2114
*20
*27
2712
*2012
*1H2
31
2712
*30*8
11*4
1H2
86
89l4
8%
8%
10
10%
11
26
26%
23%
24%
26%
2434
113
3%
113
1%
3%
1%
8
8%
22*4
1278
227g
30%
57g
*35%
23%
127g
22%
3078
6%
36%
87
87
*91
92
*177% 178
21%
2114 *20
283g
28% 28%
178
32
184
4534
700
54
9,700
*134
*134
11
H7g
*2612
*13312
30*4
*2612
*134
3114
2434
31i4
28
—
*31
1134
27%
134
112%
3%
1%
77g
23%
*127g
2234
30%
5%
*7%
8
*111
113
15%
678
15%
634
100
102
3834
1384
28%
2%
36%
25
4%
26
27%
3884
*13%
28%
*2-%
36%
25%
112
634
8
39%
28,400
1384
29%
284
37%
25%
300
25
*4
4%
178
714
14
*1*4
*612
*1338
17g
*684
1
1
*1
4%
418
1%
7'4
14
1%
4%
8ig
*75g
8
16U
I6I4
29
*28*4
4is
*13%
8%
8%
16%
I684
16%
29
29»8
29%
1634
30%
9%
23%
29%
9%
23%
29%
8
*87g
*2212
9
884
9%
23
*28
29
227g
29U
2314
2914
173
173
*173
176
*173
176
13
*684
14%
8%
238g
13%
22%
31
6
87g
36%
7%
23%
*13
2234
30%
534
*35%
89%
8
23%
13%
2234
31
57g
37
89%
2734
9%
37
734
23%
13
2234
29%
534
*35%
*88%
92
13
28%
*27
327g
2584
2
2
7%
14%
100
5,700
100
2678
2734
7,000
2,700
10%
684
No par
3% Feb 17
7
140
Preferred..—--...
100
Int. Hydro-Elec Sys class A.25
Int Mercantile Marlne.No par
Internat'l Mining Corp
1
Int Nickel of Canada.-No par
Preferred.100
Inter Paper & Power Co——16
3
International Salt
International Shoe
54
150
June 10
170
1
Apr 15
23% Feb 19
125
1% Apr 16
32%May 23
38% Feb 21
26
100
95
May 20
25% Feb 15
2,600
2,200
6,600
5,900
7%
23%
13%
2234
30%
600
1,600
7,600
8,400
6
37%
91
Interstate Dept Stores. No par
Preferred
100
2784
27
*26
*135
32%
257g
13%
28%
.2%
_
.
8%
8%
16%
2934
16%
30%
9%
24%
29%
....
700
2,700
2,100
20,500
16,500
"3", loo
2,900
1,600
4,800
30
2,500
1,800
100
20
32%
3284
25%
25%
*1234
13%
27«4
2%
4,800
6%
100
14%
1%
400
27
2%
*6%
*1384
1%
4%
8%
16%
29%
9%
*2334
29%
4%
884
16%
30
9%
24
29%
10,100
1,800
1«4
1,200
*173
176
176
*173
176
10
53
53
53
53
2,200
*2%
2%
2%
2%
*24%
*247g 26
25%
106
105% 105% 106
13% 13% *13%
1334
15
15
*14% 15
10584 10584 *105% 107%
20
20
20%
20%
8%
9
884
834
36
*36
36%
36%
3%
3%
3%
3%
30%
30%
3084 31
t In receivership,
,
400
200
60
1,200
2,300
300
1,500
2,800
22
Feb 14
24
Feb 15
6% Feb 14
17% Jan 2
1184May 8
7
Jan
3
21% Apr 14
19% Apr 12
109%June 4
134 Jan
2
Dec
Jan
8% Jan
4
484 May
Mar 26
11
6
3
Feb 19
33%May 27
78%May 22
June
May
May
May
1% May
17% May
19% May
2
May
22i2 Aug
23% May
4
May
8% May
llTi Dec
11
9
116% Jan
Jan 13
45% Jan
87%
24%
10
27*4
11
24
Apr 18
,
14
21
26%June
97g June
117% May
3% May
11
May
9
May
92
May
7
2% Feb 14
19% Apr 12
11% Feb 1
% Feb 13
122% May
48% May
8% May
10% July
40% July
13%June
11
July
27% July
25% Jan
3% May
16*8 May
15% May
100% June
1% May
% Dec
2
May
15% May
9% May
18% May
87
87
May
169
June
18% Mar 11
21
27
May
Lion Oil Refining Co.—No par
37% Jan 14
1284 July 11
9
May
Liquid Carbonic Corp—No par
Corp
1
13
Apr 26
19% Apr 21
16% Jan
28% Jan
8
34% Jan
6
10% May
22% July
20% May
28
Corp No par
35
Long Bell Lumber A
Lorillard (P) Co
10
Apr 21
160
June
17
7% preferred
100
Louisville Gas & El A—No par
Louisville & Nashville.
100
Mar
.10
25
—..100,
6% preferred
133
Mack Trucks Inc....—No par
2
Feb 18
60
....
MaoAndrews & Forbes
4
2% Apr 12
13>4 Jan 30
15%May 14
No par
...25
Loose-Wiles Biscuit..
May 22
June
May
1
May 15
23% Apr 21
22%May 26
30
109
June 25
Jan
4
9
97
May
29
June
19% Jan 15
162
Jan
2
21% July 11
70*4 Jan 27
31% Jan 21
138
27
Jan 14
25
Deo
1167| Dec
4
Jan
1%
Jan
4*4 Nov
24% Nov
14
29
Feb
Jan
May
45
Apr
109
Apr
109% Apr
188*8 Dec
23% Apr
30*4 Dec
Apr
14% Apr
41
18%
417g
37%
109%
Mar
Apr
Mar
Apr
46% Jan
4% Apr
18% Jan
25% Apr
163% Deo
21% Jan
65
Nov
35
Jan
136% May
31*4 Dec
5% Oct
13% Deo
8*4 May
26*4 June
16% Nov
47% Apr
7%June
5
1678 July 11
Masctoite Corp
-No par
Mathieson Alkali Wks.No par
19
May 28
24%May 5
100
171
May Department Stores
10
Maytag Co
-No par
$3 preferred
No par
361st cum pref
No par
45
June 13
Apr 23
2%June17
24%June 25
103% Jan 23
30
21
June
175% Apr 29
160
June
53% July
8
27g Jan 14
28
Apr 8
107
June
5
7
14%May 6
12%May 26
15% July 9
103% Feb 20 11 I'm Jan 30
18%June 3
25% Jan 11
7% Feb 19
9
Jan
9
Mclntyre Porcupine Mines..6
31
{McKesson & Bobbins, Inc..5
3
24
No par
*
Feb
3
Feb 18
Feb 19
Ex-dlv.
y
6% May
21*4 June
Jan 22
12% Jan
500
r Cash sale,
9% Jan
21% Sept
16% Jan
7% Nov
35*4 Jan
3% May
27iMay
30*4 Jan 6
12% Jan 6
28% Jan 13
New stock,
Feb
6% Jan 14
11% Jan 8
June 13
July
M ay 20
n
Feb
4
4
May
11% May
*4 May
13
30% Jan
7
pref
May
25*4 May
Sept
17
Feb 14
conv
88
33% Jan 10
13% Jan 17
33 series
May
13% June
17% Dec
138% May
15% May
128
23
1
2
Jan 21
—1
Martin-Parry Corp.—No par
—...
26
29% Jan
34% Apr
l%May 20
*4
prpref-.lOO
—.100
May
18% May
43«4 July 9
3% Jan 3
1684JulylO
Marshall Field & Co..-No par
No par
16
Jan 29
Martin (Glenn L) Co
6 % conv preferred
Deo
387g Jan
16*8 Nov
46% Apr
2*4 Jan
31*4 Apr
67* Mar 22
14% Jan 13
3
McGraw-Hill Pub Co
105
% Jan 14
5«4 Jan
McGraw Eiec Co....
Apr
187g Nov
97g Apr
12% Apr 17
Maracalbo Oil Exploration... 1
Marine Midland Corp
..6
1
109
31
4
No par
Apr
20% Nov
15% Jan
104% Dec
15% Jan
38
1% Feb
McCrory Stores Corp
Apr
Mar
7%
20% May
87g June
Manati Sugar Co....
1
Mandel Bros.:
—No par
Manhattan Shirt..
—26
McCall Corp
16
121
21% May
1% Aug
9
7% preferred
A»n
Jan
109% Dec
2
2% Mar 10
23% Apr
Market St Ry 6%
132
Dec
7
Feb 17
11
..--...10
Copper
Deo
Jan
33
20% Apr 21
May 8
9% Apr 15
105
33
Apr
2
No par
Jan
9%
3
No par
8%
May
May
May
Jan
36.50 preferred
Lone Star Cement
Jan
Dec
6
Jan
Loews Inc
Jan
92%
7% Jan 23
39
Jan 18
98
Lockheed Aircraft
Jan
10%
63%
96% Jan
*29
Deo
4%
June
189
-No par
Nov
4*4
30
May 26
Lily Tulip Cup Corp..-No par
Lima Locomotive Wks.No par
30
109
9
June 16
Link Belt Co
Feb
39% Dec
36% Jan
Jan
95
26% Jan 13
4% July 9
27% Jan 9
297g Jan 10
Apr
Jan
77%
June
2
Jan 10
5%
56%
44
6
284 July 3
3784June 17
73
Mar
Jan
38
21% May
62
4
39% jUly 11
1334 July 11
Jan
3484 May
121% Apr 18
106
Jan
17
14% Jan 10
104% Jan 27
3% July
l%June
8% July
2358 July 11
13% July 11
12,300
3,700
d Def. delivery,
4
Jan 24
2% Feb 15
*22% Mar 3
Macy (R H) Co Inc.—No par
Madison Sq Garden...No par
600
Feb 14
June
Jan
387g
133
130
7
80
Magma
14,100
8,800
6,300
Feb 14
June
7
May
9
Feb 11
Jan
Jan
Dec
June
538 Jan 10
8
173
9
12% Jan 10
121% Mar 12
18
Dec
122
69% July
2034 Apr
62%
Jan
1*4 May
lTg May
4% May
74% June
5% May
20% May
7
174
700
5,900
3,920
9
Jan 16
110%June
2% Dec
44
191% Mar
Apr
267g May
25
May
13% May
97% Jan
Mar 26
Jan
Mar
5% Nov
127g Jan
14%
37
30
18
——.100
500
100
2
3
May 14
113
5%
10% May
40% May
1*4 May
16
14
Apr
Dec
109
11
10
25
12%
5~800
4
44
1578
7% Nov
47% Mar
5% May
3% May
19% June
4
134
23% Feb 15
Llbbey Owens Ford Gl.No par
Libby McNeill & Libby
7
Life Savers Corp
..6
Liggett & Myers Tobacco..25
1%
4
Mar 21
25isJune
tLehigh Valley RR
60
Lehigh Valley Coal..—No par
6% conv preferred..—..60
Lehman Corp (The)
1
Lehn & Fink Prod Corp
6
Lerner Stores Corp
No par
1
May
18% May
Jan 10
12
Lehigh Portland Cement...25
4% conv preferred
100
6% May
11% July 9
95% June 30
8% Mar 15
128
June
2% July
May
33
31
-
12%
"
Feb 14
5% Apr 23
98% Feb 21
1
4% June
21% Aug
145
934 Apr 21
32
Apr 23
No par
Kroger Grocery &. Bak-No par
35%
1234
21%
Feb 24
Jan
91
Jan 10
18% July
73%Juue
2% Jan
3934 Jan
43
July
31% Jan
3934june
Jan
94
May
Jan 13
Apr
Apr
Nov
38
Jan
29
Jan
Nov
158
July 11
Jan
Apr
9*4
118
June
6
6%
23
May
136
Jan
13% Jan
24% Jan
43% Apr
66% May
7% May
Jan 10
124
Kimberly-Clark
No par
Kinney (G R) Co
...1
15 prior preferred—No par
Kresge (8 8) Co
10
16% May
May
72
Jan 10
3%
7
Kendall Co 16 pt pf A.-No par
Kennecott Copper
No par
Keystone Steel <fc W Co No par
35
29
131
May
140
Jan 16
Jan
54% Apr 19
Preferred
100
124% Mar 26
Jones & Laughlin St'l pref.100
97
Apr 21
Kalamazoo Stove & Purn—.10
10 May 20
Kan City P & L pf ser BNo par *116% June 12
Kansas City Southern.No par
384 Apr 23
4% preferred
100
1534 Jan 9
Kaufmann Dept Stores
12
Apr 16
1
5% conv preferred
100 100 Mar 19
7
Kay ser (J) & Co
Apr 16
..5
Keith-Albee-Orpheum pf_.100 104% Jan 22
13
Kelsey Hayes Wh'l conv cl A. 1
Apr 22
...
2%
9%
3%
28%
Dec
6
6
3
No par
Kresge Dept Stores
Kress (8 H) & Co
Jan
102
27% Apr 21
1
2*4 Dec
9
3
87
...No par
1
Class B....
Jan
May
June
20
Jan 10
Jan 10
2
1
5% Feb 19
—-
'"'566
Jan
l78May
l%May
No par
Fdrelgn share ctfs...No par
3484
4*
29%
50
8
10% Feb 19
67% Feb 19
Inter Telep & Teleg
Johns-Manvilie
May
5% May
12
31
4% June 24
11% Jan 2
2% Jan 3
49
Highest
! per share 3 per share
Jan 2
Jan 14
113% Jan 28
5
No par
50
$6 preferred
1
Jarvls (W B) Co
1
Jewel Tea Co Inc....—No par
90%
13%
6%
25%
43%May
No par
International Silver
26
161
167%
Apr 24
share
111% Jan 22
1
6% Apr 21
Year 1940
Lowest
87gMay 7
20%May 12
45%May 22
4%May 10
21% Jan 27
6% July 8
May
5% conv preferred.-.—100
InternatRys of Cent AmNo par
5% preferred
100
Series B
1484
*2334
3,100
1,500
Apr 21
1% Apr 10
30% Apr 23
Int. Business Machines.No par
Internat'l Harvester.—No par
Preferred
*1384
9
800
Feb 25
6
19% Apr 36
107
July 5
No par
Intern at Agricultural—No par
Prior preferred......—.100
100
I684
3034
9%
24
29%
sales on this day,
6% preferred
Intercont'l Rubber
Interlace Iron
500
8%
1%
4%
53% 53%
51%
53%
5H4
515g
5112
2%
2%
*2%
2%
23g
2%
*23g
212
247g
247g *24% 26
24*4 2484
*24*4 25
*105% 106
*10512 10612 *10512 10612 *105% 106
13
13%
1384 1384
127g
I27g
*1212 1234
15
15%
147g
15
1434
15
*1412 15
*10512 107U 105% 105% *10534 107%
*10512 110
1934 20
197g
19%
1958
195g
*1912 197g
8*4
884
8%
8%
*8"4
8%
*8U
8l2
36%
36%
36%
3684 *35%
*34l2 35l2 *35
3%
3%
3%
3%
33s
3%
3%
33s
31
3034 31%
31%
31
31
31
3H8
Bid and asked prices: no
*26%
3134
2584
*12%
*51
*
No par
92
16%
*173
100
630
9% Apr 22
..1
Corp
178%
92
*135
4%
23«4
29%
Interchemieal
179% *177
*20
21%
29
29%
1%
4%
87g
9
Insuransbares Ctfs Ino
Laclede Gas Lt Co St Louis 100
*1
30
Inspiration Cons Copper...20
5% preferred
100
Lambert Co (The)...—No par
Lane Bryant
—No par
Lee Rubber & Tire
5
*135
25%
69% Apr 21
930
12%
*27%
134
No par
290
12%
4
28%
2,400
5
2784
20% May 27
93%May 5
155% Feb 10
1,100
12%
*1
*25%
*12%
100
102
26%
—.100
40%
8%
35
34
12
2578
13%
28%
I7g
7%
14%
1%
13
28
3,500
1,400
*13%
*10%
26%
29
32
10
15%
678
1384
29%
*2%
36
No par
6% preferred-.
Inland Steel Co
13%
13%
13%
11
*10%
11%
11%
27
27%
27%
26%
*24%
24%
24%
2434
25
*112% 114
*112% 114
113
3
3
3%
3%
3%
*1%
1%
1%
1%
1%
8%
35%
1384
*20
*26%
60
38%
5
21%
27%
300
200
1384
29
234
36%
25%
26%
2784
32%
134
2*100
39
*4
27%
~
112
15%
102
100
26
*35% 36%
*87% 89%
91
*90% 92%
178% 178% *177
*20
*784
8
15%
678
70
2,500
2,300
Feb 13
Ingersoll-Rand
Intertype Corp
900
Feb 18
5
...»
Island Creek Coal..
....
13
34% Jan 6
2% Jan 2
18%May 19
Range for Previous
Highest
3 per
6% Feb 15
100
Indianapolis P & L Co.No par
Indian Refining
.10
Industrial Rayon
No par
'
3 per share
6% preferred series A
100
Leased lines 4%
100
RR Sec ctfs series A... 1000
600
'2,800
113
Illinois Central RR Co
400
68:
68%
297g
2512
13
*6
20
68
67%
31
31*4
27
*1314
3,600
"1*366
69%
28%
31*4
13
25U
1,700
11%
39%
40%
Par
7% preferred
"'6,665
11%
40%
32
31%
27i2
2412
*1212
*26*4
*1%
800
39%
15*4
2512
297g
28
1,600
11
*16
*15%
1584
15%
16
16%
1578 16%
157g
16
2634
267g 27%
27%
26% 27%
26% 27%
25*4 26*4
30
31% 32
30%
30% 30%
3134
30%
297g
30lg
*29*4
110
*108
10984 *108
*10712 10912 *107% 109% *107% 110
*10712 110
43
43%
43% 43%
42% 4334
427g 43
*427g 43
4214 42%
3
3%
3%
3
3
3%
3%
3%
3%
3%
27g
27g
1634
16
16%
I684 *16%
16%
16%
I6I4
16%
16%
*1584 16l2
I784
17% 18
1784 18
18%
177g
18
17i2
177g
17%
17%
153
153% 153
*152% 155
*152% 155
*152i4 153%.*152% 15312 153
2084 2078
20% 2034
21% 21%
2078 21
20*4 2O84
*20U 20*4
68
68
68
67
68%
68%
68%
68% 68%
677g
15l2
2512
4,500
15,800
2,700
2,600
9
300
162%
160% 162% *160
1%
1%
2,300
1%
1%
7%
7%
6,400
7%
7%
3%
3%
1,000
*3%
384
27% 2734 29,600
27% 2784
*125
128%
128% *125
17%
18% 125" loo
I684
17%
68%
69%
10,700
68%
6834
♦
100
*1%
134
llg
I84
50
*38
*37%
39
3834
400
42% 4278
*4284 44
42
*7%
*109
35
*9
93g
*912
10
25
257g
*24% 25
2314
*2212 23
2312
*11112 113
*11H2 113
3
3lg
*278
3
1%
1%
*118
1*4
814
8U
8i2
8I4
2212 23
*2284 25
1212
1212
12l2
12l2
2212 2234
22% 2212
28
2812
30
28*8
57g
57g
5%
512
*3412 36l2 *3412 3638
70
157
52%
52
900
*125
*3112
*173
800
"4*806
68
65
69%
1*4
*1%
1*4
*38
38*4
39
42% 42%
42%
28% 28%
2834 2834
29
28% 287g
*37
38
*36%
*37
37%
38%
39
*100% 102
*100% 102
102
*100% 102
2
2
2%
2%
2%
2%
2%
2%
2%
2%
2%
2% ; 2%
2%
11
11
11
11
11%
107g
11%
*92%
97
95
*92%
97
*92% 97
8%
8%
8%
8%
8%
8%
8%
3134
3134
*31% 3184
31% 31%
31%
11%
41*4
11%
162
1%
7%
*1214
8
700
2,500
2,600
77
127
125
125
125
125
125% 125%
*125
125*4 *125
104
105% 105%
106
105%
105% 105%
*102*4 10334 103l2 10414 105
10%
10%
10%
1034
10% 1084
10%
IO84
*1012 10%
105g
10%
*118%
*118%
*118%
*118%
*1188$
*1183g
478
5
5
47g
*4
*4%
434
4%
412
478
4%
478
20%
20%
*19%
20%
*19
20
*19% 207g *19% 21
19% 20
*13
*13
13%
13%
13%
*13
14%
13l2 *13%
14%
*1314
14
103
103
103
103
103
103
*103
104
103
*103
104U 103
*14*4
90
*107
*38
*109
170
108
24
*107
11,500
1,200
—
757g
12%
*23
95
1034
7534
24
*134
10*4
75
25%
108
*154
Lowest
Shares
19«4
7%
25%
7
24
95
*3112
—
Week
11
I884
40%
4
*384
1984
1278
3884
*9712 102
2
*154
*154
75*8
4%
4%
1934 1984
684
6%
25% 25%
108% 108%
*18%
*39
6I4
24
38
*9712 102
109
8%
19
39%
*6
3812
42%
2884
2812
*36
25%
109
39
12%
3812
*3614
*4H2
1*4
3812
43
6*4
8%
*18%
Range Since Jan. 1
On Basis of 100-£Aar« Lots
the
§ per share
8
8%
2312
1612
6884
1»4
14%
67*g
*H2
t per share
8%
8%
July
1212
6ig
1434
6712
1*4
l4Sg
6714
$ per share
393$
162
*15912 16212 *15912 16212 *159
1
1
1
1
Hg
lis
*7
7ig
7ig
78g
7U
734
314
*31g
314
314
3U
3%
2614 26*8
2612
2714
28
27%
128
July 10
9
23
1J2
42
43
44
42%
15312 153% *15412 156%
*5114 51*4
52
52%
*125
July
STOCKS
NEW YORK STOCK
EXCHANGE
Friday
Thursday
74*4
12%
*10612 108
414
8*g
1%
8is
8
*153
*153
74
July
Sales
for
Wednesday
36% July 11
3% Jan
31*4 July
Ex-rights.
36% May
2% May
20
May
96% June
10% May
10
12*4
4%
Apr
Jan
Mar
Apr
77g Mar
16%
Jan
1% May
14%
Apr
407g Jan
32% Apr
173% D
105
May
93
Maylll"«D
17% May
5
June
26
June
6
3% Dec
2
17% May
5 Called for rcdemptlon
New York Stock Record—Continued—Page 7
208
SALE PRICES—PER
AND
July
HIGH
Monday
July
5
July
7
8
July
NOT PER
SHARE,
Wednesday
Tuesday
Thursday
July 10
Range Sines Jan. 1
9
Sales
NEW YORK STOCK
the
CENT
Friday
July 11
8TOCKS
for
LOW
Saturday
$ per share
$ per share
< per share
$ per share
$ per share
714
7*8
7*4
7*4
7%
75s
714
714
7%
7*8
73g
1077« *105*8 10778 *10368 1077g *10368 1077g
1077g *106
1077g ♦106
*8
812
8%
87g
912
9*2
9%
9*2
95g
8*4
*87g
9l2
8178 *76
817g
*7514 817g *76
*7614 817g
*77*4
817g
♦77*4
817g
Shares
4,200
7i«
24%
*22
*29l2
*75»
*16%
*275s
*116
39
70
29
29
4%
4*8
2412
2514
2512
25i2
23
29
*3*4
♦66
287g
4
23
24
24
*66
70
*287s
4
24i4
24
2878
3?8
70
68
29*4
4*8
25*4
*22i2
31
2912 30l8
30*4
30*4
29*4
778
8ig
818
8I4
778
16*4
16*4
1714
16*4
16*4
29
30
29*4 *28*4 3012
11678
11678 *115
116*4 *116
40
39
40
39*4
40U
*107
♦105
...
♦107
68
*67
2934
45g
25%
245»
31
295s
68
30
4*2
Par
McLellan Stores Co
255s
24
31
31
6%
"2,566
$5.50 pref ser B w w.No par
Melville Shoe Corp
...1
4*2
412
3,400
25*4
25*4
500
23*2
300
*22
1,200
8*4
17
4,600
Miami Copper
5,200
40*4
*107
*30
30*8
30*8
120*4
117*4 11778 ♦117
40*2
40«4
41
4034
800
60
1,300
*108
*108
334
384
"5",900
697g
12*8
697g
123g
600
68
•l«
*8
500
2*2
25g
*2*2
25g
*218
2*8
214
2%
212
*212
25g
2*8
14
15
14
*15
1412
15
15*4
15*2
♦13*4 14
1538
153g
83
84
83*2
8634
87
8358 84
83*2
84*2
85
83*2 8312
118
118
118
118
*117*8 118*2 ♦117*8 118*2 *11718 118*2
*11712 118
119
*118
*118
11978 *118
119*2 *118
119*2
11978 *118
11978 *118
*111
112
112
*111% 112
lilt* IIH2 112
111*8 111*4 *110*2 112
35
33*4 34
34is
357S
3512
36*2
36*8
363g
3514
36*8 36*2
*39
41
*40
41
*40
41
*40
41
*3914
41
*38i2 41
*25
26
*26
26*2
26*2
2514
2514
26*2
26*2
2514
25l2
26
8
8
8I4
83g
I
8*4
*75a
8
8*s
14%
14*2
1458
*14i4
14*4
1412
14*4
147g
1434
147g
145s
147g
*20
21*8
21*2
2034
»20i8
20*4
2012 2078
215g
217g
*20*8
2034
22
3*8
*312
3*4
3*8
334
2134
22
*318
3*8
37g
2278
61
*60
61
6II4
6H2 6112
6I84
62
35g
37g
37g
4
*11
*11
62
62
62
62
13
1158
1158
12%
12l8
12*8
6934
6934
6712 68
68*4
68I4
68*2
6834
68*2 6914
6712 67i2
2,200
*1114
11%
*%
%
*111
112
514
514
*42
44
4
4
115s
•u
*it
111
514
*42
378
*19i2
20
20
*185s
19
6%
7*8
514
5*8
7l2
7*8
*778
8I4
16*8
16*8
8I4
I6I4
16912 16912 *169l2
*1012
11
•105s
*82l2 83l2 *82i2
*1512
16
♦16i2
7*4
7*4
7*4
*12
12
12*2
*978
1018
1018
1358
13*4
1358
*6
614
*8*4
*8*4
914
*2114 21l2
21i2
18
*17
18
6*8
*82
1714
*170
65s
6*4
84*8
17U
84l2
17
♦170
173
4
12i2
12*4
123g
*4
*%
*4
111
3»4
*110
5%
44
2078
378
20*8
19%
5*2
534
*42
4*g
20*8
1978
5iZ
5&8
4
205g
1984
684
65s
30l2
30*2
678
658
67g
14*4
71l2
*15
*70*4
39*4
28
28i2
7*4
85s
2514
2578
110
*10878 110
38l2
3812 3912
12
12i8
125s
I6I4
15*8
1558
3978
4012 4112
17
*1612 16*4
6I4
*5%
6I4
12%
♦Ills
12*4
*1087g
*38
1178
15*8
38*8
*16
*4i2
*1H4
16
*15
255s
26i8
1095g 110
3984
40
12*4
13l8
15i2
1534
4034
1612
*618
I2I4
15*2
13*4
16
415g
16l2
40*2
6I4
12U
*108*2 111
112
*110
*50
58
*50
'n
*5S
%
*8J3
%
3114
25
*'8
8
82
*53*4
1378
*9514
63s
•111
*7i2
*3712
*1*4
*4
3158
5414
54*4
54
14
*53*4
54
5334
97
6I2
*9512
5334
15%
96%
714
5384
1484
96*4
7
*112
♦11U2 115
8
778
778
*38
115
8*8
38i2
2
2
2
2
2
*24
25
24
25
*12
125s
93g
9i2
914
2158
53s
2H2
80
80
5*8
*78
*334
*15i8
*14334
*678
*4712
*1784
*50
*9
*2*4
*15
4512
914
3
15l2
*614
578
9i2
2178
6*4
*50
*116i8
45i2
914
*2i2
15i2
912
22*2
12%
9%
2234
6
6
6
78
78
55
— -
46i2
418
15*2
16*4
145*2 145*2
7*2
778
4%
24i2
24i2
35
36
36
17
17
17
173g
2*4
200
30
30,200
545g
700
548g
14&S
54%
800
147g
23,400
96
96
114
38*2
38*2
2*4
*24
27
*12
125s
7
7*4
112
112
8*2
*37
8*2
38
2*4
*24
2*4
28
77
4*8
16*4
578
17
6
145
12%
1634
167g
16*4
5*2
16*2
*145*2 150
7%
734
*50
55
*50
17*4
Dock
No
N Y
200
10
103s
10
10
10
10*8
5,500
440
8
10
9»4
984
24*4
37
17
1234 July 11
6
Jan
7
104
Feb 24
110
Apr
9
13
6
10
10
8
45
June
*4
1%
14
32%
32>4
Jan
3
Jan
2
Jan
Feb
Jan
July
Jan
May
*u Dec
*4
Oct
*11 Dec
13%
20
Jan
May
215
Jan 25
175
May
Feb 25
117
Jan
2
105
May
May
July
2
17% Jan 10
14% May
58%
57*8
17%
97*2
47*2 May
47% May
15
May
6
Jan 20
Jan 10
Apr 16
Jan
7%May
113% Feb
3
Jan 15
Apr 25
24%
24*4
24*2
37"g
17%
37
37%
1,100
Pacific Ltg Corp
17
17%
1,400
Pacific Mills.......
8
1
10*4 Mar 31
40
June
5
2*4 Jan 11
27
r
No
No
10
434May 23
June 10
3
Feb 19
14i2May 29
140
Jan 11
84*2 June
4% May
May
101
27
May
2% May
25% Aug
June
Jan
6
104*2 Jan
578 July
1784 Jan
7
9
8
150
4
Jan 11
95
Dec
June1
May
2% May
11% June
12434 June
10% Jan 10
7
53% Jan 10
21
May
16
6
6
19
June
47
June
4
26% Jan
48*2June
var
3
55
Jan 17
Mar 26
120
Mar 26
120
38%May
7% Apr
1
9
1% Apr 23
49*4 Jan
10% July
3% Jan
3
18
4% Apr 17
8
10
May
8
9
6
July 10
July 10
9% June 19
22*4June 3
11% Jan 28
287s Jan 24
par
32%May
40
var
11
Cash sale,
5%
6% Apr 23
40% Apr 16
26
Pacific Gas A Electric
3
73
10
500
New stock,
434 May
112
115
11
...No par
2d preferred
No par
Pacific Finance Corp <Call).10
n
May
10% May
7% May
100
10
Del. delivery,
9% May
87S May
1334 Feb 7
934 July 11
No
1,220
a
30% May
4
Mar
11*8June
100
8
t In receivership,
6
16
l%May 17
No par
778
*934
4,200
6
Jan
15*4 Jan 10
6
34
1st preferred
7*2
Jan
2
23% July 11
Pacific Coast Co
940
20% July
6*8 May
23*8 Nov
10534 Nov
56*2June
23
Paclflo Amer Fisheries Inc...6
3
8
June 18
7%June
Owens-Illinois Glass Co. 12.60
18
May
June
6% Feb 19
Outboard Marine A Mfg
3
July
36
1334 Feb 19
6% preferred
17
72
100
45
534 Feb 14
May 7
$5.50 conv 1st pref--No par
3
Jan
7% May
8% Oct
14
May
110
12% Apr 21
No par
Otis Steel Co
18
Aug
3%
Aro par
Preferred
4,300
Jan 17
34
1078 July 11
7
50*2 Apr 29
50% Apr 29
Co..2.50
...
Outlet Co
48*4
7
110
26*4 May
No par
Pharmacal
Otis Elevator
110
Jan 18
4
12
50
4,500
48
27g
16
79% Feb 10
45% Jan 16
Jan
109
8% preferred A..
100
Oppenhelm Collins
..No par
49
16
978 Apr 18
»u
1
5,700
5,100
700
4
May
20*2 May
3*4 May
Norwalk Tire A Rubber No par
60
6
May
4% May
8
7
40
Ohio Oil Co
Feb
48
6
1,100
Preferred
8
y28»4 Dec
5% May
6«4 Jan
Northwest Air Lines...No par
Northwestern Telegraph
50
Norwich
July
13*2 May
24*4 Jan
1,100
100
32
10*8 Jan
*11
50
50
5% pref series
June
24% Feb 14
24%May 7
188 May 31
...10
Northern Central Ry Co
Northern Pacific Ry
5*j May
14% May
May
8n Jan
100
North Amer Aviation—
7% June
66
15
47
$N Y Ontario A Western.. 100
N Y Shlpbldg Corp part stk_.l
Noblltt-Sparks Indus Inc
6
Norfolk A Western Ry
100
Adjust 4% preferred
100
6% preferred series
June
June
5
110
4784
24*2
3734
17*4
par
100
Co
May
5% May
17
8
110
American
May
3
41% July
109
North
6
117j June
Feb 14
50
Lack A West Ry Co.. 100
Conv preferred
Oct
934 May
157gMay 15
4%May 16
8
Apr 12
pref
(NYNHi Hartford
Nov
15%
6
60
non-cum
12% Dec
May
25
...No par
5% preferred..
June
June
132
106% Mar 8
31% Apr 24
11% Apr 22
11% Feb 19
North States Pow $5 pf No par
4 834
24*4
*3634
17*8
York
9
Jan 15
31*4 Jan
No par
7% June
16% Dec
July 11
July 11
27»4 Jan
No par
June
13*2 Jan
5% July
24
No par
preferred
11
154
2034 Feb 14
New York Central
May
June
334 May
*160
64*2June 16
69
July 10
June 12
4
2
Jan
22% Apr 28
6% Apr 23
100
.
48
3
106
96
19,100
*116*8
*116*8
_
50
100
50
55
38
conv
18*2June 20
8% Jan 13
9378 Jan 10
1778 July 11
1
Omnibus Corp (The)
76
5%
55
10
$5
Jan 15
678 July 10
9% July 9
24*4 Jan 11
8*2 Feb 19
..1
N Y Air Brake
28
20
15
70% July 11
38
Apr 28
97% May
41
86
68*2 Jan 6
7% July 10
Feb 19
May
6
15
3
June
May
8% May
155
14% Jan 10
176
2% May
2
24
4% Apr 23
par
100
10
Mining Corp
2,400
5*2
*50
10
245s
Newmont
76
5*2
55
♦9*2
243g
*3634
17*8
5% pref series A
7
7% Mar 20
49
1
77
53g
*50
7*2
.....No
11
7
2
534May 29
40
5 H% prior preferred
6% prior preferred
Feb 19
26
25
22
563
*20
16
4
(The) Pa.. 10
$2 conv preferred
2I84
568
21
65s
National Supply
Oliver Farm Equip
*20
7
National Oil Products Co
100
778
14*2 Apr 22
168*2May 29
142 May 9
16% Apr 21
Nat Mall A St'l Cast Co No par
4,200
145
5% Apr 21
May 12
78
100
100
6% preferred B
Jan 30
12
1
$4.50 conv preferred-No par
National Lead Co
10
27,500
20
3
Nat Enam A Stamping No par
Nat Gypsum Co
934
20
153g
10
No par
12%
784
♦116*8
ll*8May 20
884 Apr 1
12%June 6
47g Feb 15
7% Feb 14
17
Apr 26
...
233s
5»4
19
48
6% preferred
93g
19
4684
634May 27
No par
Nat Distillers Prod
22*2
145
8
10
National Cylinder Gas Co...1
Nat Dairy Products
No par
Nat Dept Stores......No par
9*2
52
2034
*116*8
National Can Corp...
Nat Cash Register
76
22*2
77
77g
13*4
15
8*2
2*4
127g
54*2
97
8*4
93g
Bid and asked prices; no sales on this day.
1,400
*49*2
97g
35
38*2
25*2
125g
22i2
578
145
25
*112
8*8
*2
18",800
51
3
1584
934
2412
38l2
25l2
*115g
9*2
*4
*50
9*2
9*4
8*8
700
nlt
32
4934
1512
7
115
14%May 21
10%
4934
*284
6i2
*112
27
8184June 11
N Y A Harlem RR Co
114
7*4
26
27
...100
700
200
67g
5% pref series A
21
Nat Bond A Share Corp No par
1234
25
54
Nat Bond A Invest Co.No par
New
114
1434
100
NYC Omnibus Corp..No par
200
54
7% preferred
100
114
*96
9
300
49*2
3
93s
7
54
15*8
96*4
738
6
Feb 17
7% Apr
15*8May
16078May
10%May
5
10
6*2
4834
15l2
*984
24l2
10
*12
80
4
4
414
1514
15%
15l2
145
♦143*4 145
7
678
712
48
48i4 48i2
20i2 *1778 20
55
♦1161s
*4484
*
143g
*9568
Jaa
7
..10
1634
200
54*2
9
107g Jan
18*4 Jan
175*2 Jan
13*4 Feb
88*4 Jan
17*2 Jan
934 Apr
1378Mar
6% conv preferred
Nat Aviation Corp
National Biscuit Co
6% preferred series A... 100
200
54*4
8
16,000
*112
133g
7% Jan
N Y Chic A St Louis Co... 100
*832
32*2
25
5414
215s
*58
*»32
125g
*12
*8I2
316g
126s
47aJune 30
Co
Acme
2,500
41
1284
900
2,000
58,400
800
1234
54*4
1
AutomotlveJFibres Inc-.l
N* port News Ship&Dry Dock
8
54i2
38i2
.
Feb 19
8*4 Jan 11
61% Jan 27
4
Newport Industries
10
*63i2
*38
10934110
4034
42
1284
13*4
1534
1534
5,000
112
5*4 Jan
2i78 July
23% Jan
Nash-Kelvlnator Corp..
5
Nashv Chatt A St Louis...100
15,500
56
*2434
10934June 25
478 Apr 23
43% July 3
3»4 Apr 21
14% Jan 3
16
Apr 18
51,900
*50
114
5% preferred
100
Murray Corp of America.. 10
Myers (F A E) Bro
No par
Feb 17
56
*112
56
par
13
*8Jt
114
20
12% July 9
71% Jan 16
No
4 H% conv serial pref—100
Newberry Co (J J)....No par
3158
*112
Feb 19
9%May 2
617g Apr 17
No par
Nelsner Bros Inc
*50
16
46
$7 preferred
Munslngwear Inc.....No par
Murphy Co (G C)
190
*108*2 111
13
May
400
30*2
1078
26*8
17% Jan
May
16*2
71
10
33% May
21%June
8% May
15
Feb 19
""216
6
12
8
107
Jan
12
4
Nehl Corp
107
31% May
4% Jan 6
6 3 *4 June 17
6
234May 15
700
58
II
28%June 10
97g
*54
78
4
*9%
*15*4
7034
*383g
112
%
6
Jan
Apr 30
*110
78
June
23
9
112
%
38
50
No par
*110
832
No par
39*2 Jan 8
43% Jan 23
31% Apr 30
Natomas Co....
30*4
5:
9
2.500
*108*2 111
8m
July
984
112
8«
112
Feb 14
*5*4
832
Oct
6
Apr 22
*110
56*2
July
1087gJune
3
25*2
12*2
May
122
43
2584
1212
119
119
41
30*4
*9*2
303s
10*8
26*2
10834 109*2
3934 40*4
1234
13
Nov
May
113% May
100
100
*108*2 HI
112
24
24
107
x79
110
8
No par
39
Jan
7
3,600
780
Jan
Jan
19%
Jan
11,900
900
1*8
434
9% May
July
73g
3,900
11% Nov
Dec
1*4
120
5534
15
Apr
Deo
118
National Tea Co
*165g
5314
8
3812
107
900
Jan
4«4
647g
6
1,600
1634
6*8
123g
115
71
39
30
*i» Dee
Deo
Apr
110
Feb 14
7% preferred A...
6,600
15% May 19
88*2 Jan 7
7% May
Dec
54
Mar
4*8
*6*8
125g
67g
16*2
71
*38
4,500
64*4
1634
12*8
6i2
*15*4
120
69
5*2
12*4
I2I4
143g
9*2
95s
400
10,300
4
45
124*2
Mar27
4*8
9*2
17
1218
97
9*2
400
Apr
Jan
Feb
28% May
x38% Dee
12% Apr
17% May
77
National Pow A Lt....No par
64*4
7*8
14%
5*2
12*4
1214
14
4*4
1,400
8
78May 10
3
May
26
116
National Steel Corp
68
4*4
3,300
12% July
4
2% May
26
6%
112
9,000
553g
17
*112
1218
5314
5534
7*4
1484
40
113
114
*29*2
6*8
4012
201
%
321«
23
40
113
*24l4
17%
41*2
*198
31%
5,600
22*2
»1634
7*4
15*2
*»„
*4
*4
31
32i8
32*8
*24l4
24t2
24%
2478
247g
24%
*200
*19914 203
♦19934 206
202*8
31
23
18
7*2
84
84
847fi
175g
1778
I75g
*170
173
173*2
144*2 144*2
145
238s
24
2334
31*4
31*4
32
678
67g
7
*9*4
22
18
73g
~
15*2
831
»1B
*s»
110
40*2
*110
*>8
110
26*8
127g
*10812 111
5414
2512
40
*110
5414
16*2
71
71
71l4
*38
39
3934
*106
107
106*4 107
29
2914
293s
30*4
8i2
912
93g
10*8
7H4
*108l2 111
112
3,000
634
2134
95s
*38
7%
13,600
67g
9%
93g
*38
25
14*4
93g
39*4
28i2
14
67g
93g
*9i8
1412
7H2
7
10*2
912
*38
300
14*4
9*2
*70*4
100
17
634
*9*4
9i2
67l2
90
♦16*4
14
*82
700
1034
1034
*82*2
4,000
*93g
*63
200
734
13%
10*2
69
68
175
3
2
9
Jun*
24% Jan 13
National
2,400
Jan 11
95
1834May
Nat
1,000
4*4
6978July
May
33% May
1
480
10,600
Jan 16
23% May
103
1
1,400
9
9
5
8,900
7*2
6*4 May
11% May
Mull Ins Mfg Co class B
5*2
1678
9
Motor Wheel Corp....
Mueller Brass Co
195g
7*2
May
6
678May 29
14*4June 3
20*4
165g
24
Jan
34*2 Mar
10
Motor Products Corp. .No par
5*2
10*8
*1784
7*4
"MOO
May
Jan 15
H2 Jan
$4 pref ser C
19*2
734
13*2
103g
734
13*2
6334
63*4
67
25
16*2
734
1334
69
6312
67
*28
1034
90
68*4
4%
63l2
66
15
*20
*170
6334
6314
66I4
107
171
43g
63i4
66
7*4
44*2
9
4U
*61%
4%
9i2
918
9
414
7*8
1478
56
7*2
1634
5534
7*2
1434
64
5534
*106
1034
*82*2
16*2
*144l2
23*4
3078
73«
15
107
171
145
227g
55l2
♦106
9
145
22'
7%
14i4
145s
7*2
168s
145
54U
9
20
5*2
145
714
14*8
9
19*2
1934
5*2
*170
5412
9l2
3,900
173
678
35s
30
6*g
*170
14
35g
912
110
173
2H4
30i2
200
1,600
May
82
No par
Morrell (J) A Co
Morris A Essex
1,400
85
Feb
17% July
38*2 Jan
Feb 14
13% Feb 15
Feb
37
Jan 14
Jan
Dec
14% May
53%
Aug
45*2 Jan 10
share
64
24*2 May
10
9%
per
9%
108*2
..No par
$4.50 preferred
"""460
"2"400
6
7% May
11*4 May
9% Feb
% Jan
pari
15,000
1,300
1,300
4
May
26%Juns 12
30»4 Apr 2
110
June
2i2June
100
20
Carpet Mills
6
May
2% May
125
66
No par
Montg Ward A Co. Inc.No par
6
4*8
No
7% preferred series A
Preferred series B
110
4*8
Mo-Kan-Texas RR
Mar
4
5
90
9
107
No par
10
Monsanto Chemical Co
*44
4
$6.50 preferred
Mission Corp
Feb 14
4% July
26% Apr 21
10534 Apr 21
37«4June 4
100
Minn Mollne Power Impt
1
2,900
""140
Jan 10
6*i Apr 21
conv pref series B
Mohawk
20
Jan 16
13
No par
1,200
6*8
6
*43*4
*170
173
53*4
*3*8
9i2
87S
14i2
4*4
205»
20%
534
112
5,900
44*2
4%
20
*111
6
44*2
.
53*8
714
1418
14
111
♦7*8
712
7*2
7*2
7*8
8l2
8%
9
9*8
9*g
1638
16%
16*2
165g
1612
171
♦169U 171
*169*4 171
1078
107g
107g
10*4
11
8312
*82l2 90
82*4
82*4
16
16
16
16*4
16*4
8
8
8
8I4
8i8
13
133g
12i2
1278
13
10*4
10*4
IOI4
IOI4
10l2
1378
14ls
1334
14
137g
6U
6I2
6l2
65g
684
914
9*8
9*4
914
*87g
22
2278
217S
23
22i8
18
I8I4
*17*2
18
18%
778
7l8
7»s
73g
784
84
*82
84
84l2 *82
17*2
17%
17i8
17l2
1714
*14412 145
♦14412 145
21
207« 207g
21l8
30
30
*2912 3012
65g
6*4
6%
6*4
53*8
7%
5*8
*42
44
4
6978
♦6s
*110
111
19
514
12
68
3*4
68
9
Feb
8
27i2May 23
8% cum 1st pref
100
Minn-Honeywell Regu.No par
4%
9% July
33*8
..6
Midland Steel Prod
$ per share $
9
75
14
Mld-Contlnent Petroleum.. 10
40*4
share
70
May
27%May 29
3*8 Feb 15
21«4 Feb 15
6
3078
8*8
16*2
334
314
*66
Mesta Machine Co.....
307g
8*4
1678
31*8
May 21
per
7% July 11
109% Jan
70% Mar 19
5% conv 1st pref
.50
Merch A M'n Trans Co.No par
8*8
Year 1940
Lowest
65
(The)..........1
165g
6878
123«
3l8
66I2
12
Co
8*4
*3*2
3%
66I2
3%
66
Mengel
17*8
30
30*4
11678 1167g
8*4
17*4
687g
12*8
%
*3
*64
7
Mead Corp
100
$
Feb 15
6
101*2 Apr 30
100
"3", 000
30
Range for Previous
Lots
Highest
$ per share
1
preferred
conv
No par
*6 preferred series A .No par
68
29%
45g
25*4
*21*2
*67
On Basis of 100-Share
Lowest
*106
*66
1941
EXCHANGE
Week
$ per share
July 12,
x
5
Feb 19
Ex-dlv.
y
Jan
8
1734June 26
Ex-rights.
May
May
115% May
42
June
4*4 June
2
May
8
May
3% May
9*2 May
25% May
33
May
8
May
5 Called for redemption.
Volume
209
New York Stock Record—Continued—Page 8
153
*151% 152*2 *152*4 159
♦33s
3*2
3*2
3*2
*7
7*4
7*4
7%
13
1%
29*2
*29
10%
11
11*4
97*2
97*2
*10*4
10%
*58
10%
1534
134
27%
1734
78
97*2
10%
15*4
134
978
10*4
*15*8
*1%
2734
*17*4
8
*45
18%
30
8078
30%
*45%
*85*4
10
81
12%
12%
98
98
11%
1534
134
28%
11%
2884
18%
%
12%
8%
1%
1534
1%
2834
2834
18%
*18
*15%
*5
*2*2
*45*2
*16*2
82
82%
*5%
62
*2*2
*35
*37%
37*2
38*2
*11*4
*2%
7
*2%
12
3
*6*2
12*2
46*4
87
46%
87
87
88
88
10%
10*4
10%
10*8
10%
25
6%
*23*2
*23*2
6%
109%
*2%
44%
3
50
51
16%
16%
7*4
5*2
7
8
56*2
58*2
534
534
8
8
58
534
7%
534
7%
5%
58
59
59
33
34%
34%
36*2
61
61
63
3534
64*2
36
61
64*2
64*2
35*2
64%
36%
6434
13*8
1284
13*4
13
13%
13
13%
12%
13
*163
*78
*163
*1
*1
1%!
15*8"
18*2
11
*1058
*33
35*4
*34
58*4
115
58*2
58*4
115
*115*2 118
22
99%
109% 109*4
21% 21%
*99% 9934
*108% 109%
2134
99%
16%
16%
18%
18%
6%
11%
35%
35%
3034
5834
59%
*115% 118
22%
2219
9934
9934
109% 109%
125
22
10934
125*2
128
139*2
13934 *138
13934
114% *11334 114% *11334
'
27*8
27
97g
2734
2734
28*s
10
10*4
9%
10*8
101% 101*2 *101% 102
10178
27%
10%
102
834
*10%
*34
11%
11%
3634
58*2
58%
59
*115% 118
99*2
7*8
11%
11%
11*4
3634
11%
11*4
11%
1034
*11
139% ♦137
*2634
*9*2
7
7%
58%
*115% 118
91%
92
92
9134
11*8
11
11*4
11*4
11
*10
10*4
10*4
11%
10*4
11
10*4
10%
1c%
37g
517g
334
52%
52®4
3%
3*4
3%
52*2
3%
52%
*3*4
3%
3%
3*4
3%
53*4
*51*2
52%
5134
193«
19
19
19
51%
19%
51*2
19%
*51%
*1834
*26%
5134
19%
14*2
25*4
17%
26*2
17%
*26*8
23*4
23%
23*2
*1*4
1%
32
9
734
12%
*1%
92*8
11%
92%
11%
10*2
10%
3%
55
3%
*52
92%
11%
10*2
3%
~
55
92%
9134
11*8
92
13*8
26%
23*2
*1*8
1%
*25
32
*7*2
*7%
*10*4
i
17
32
*25%
*8%
8
12
*7%
*7*2
8*2
8
*10*4
9
12*2
9*4
*11
9
9
9
25
17*2
26%
23*8
1%
*26
17%
*2534
14
26
13*4
25
*22*2
13%
*2434
17%
*25%
23*8
*1*4
13*8
*2434
17%
334
*712
6078
*59
61
58
*54
58
58
19
*%«
19%
100
%
19*4
100*8 *100*8
87
*96*2
*86
*77g
8%
18
18
18
*112
8
11378 *112%
*67
69*2
69%
1178
117g
95
95
7
32%
3234
*50
52*2
9*8
9*4
6%
*50
9*4
9
*8
*4*2
484
*4*2
16%
1634
1034
1634
*7*2
*10%
*7I«
78
37
37
1034
*»«
**4
%
*4
*8*8
4234
111
14
42%
111
15*4
15%
94
9434
7%
7*8
7*4
33
32%
33%
52
52
9%
934
*4
*8%
4234
111
15%
52
19
19*4
384
14%
14%
14%
25%
17
17%
26%
*17%
*26%
23*2
*1%
*25*8
9
26*2
24
23
*1%
*25%
1%
30
11
*25%
*23*2
11
26%
734
*11%
9%
734
60%
5834
*52
10%
9%
*8
434
434
*50
9*2
1734
11%
11
*434
*44%
44*4
45
%
*7i«
38*2
%
*7i«
'1«
38
38*2
%
38*4
*4
4%
14
**4
4%
5
*9
4234
42%
111
*110*4
16%
16%
Bid and asked prices; no
4*2
14
43
111
1634
%
♦%
*8%
sales on this day.
700
13% Nov
181
Feb
1
7% Jan
0
9% Jan 10
Jan
7
43% Jan
76*2 Jan
8
8
05
13% July 11
*5*8
14% Apr 21
l%June 9
10% Jan 17
10
21
•uMay
June
3
5
Jan
*54
12%
9*4
83* Jan 10
5% Apr 22
4% Feb 14
10%June 16
9% Apr 21
13% Jan
6
5
50
9% Apr 21
32%May 15
60% May 1
13*2 Jan
Jan
6
2
No par
5% pf (ser of Feb 1 *29). 100
Pub Serv Corp of N J..No par
15 preferred—
No par
115
June 14
21
June 24
97%May 26
0% preferred..........100 zl08 May 14
7% preferred..........100 12184June 9
8% preferred
100 13834June 17
114%May 20
......No par
22% Feb 14
(The)........No par
Feb 14
7
100
100
x94
0% preferred
5% conv preferred
Purity Bakeries..
2
1
3%June 7
47%June 9
2% Apr 21
100
Manh8ttan.No par
Ray onler Inc......
1
33 preferred
...25
Reading Company
50
4% 1st preferred........50
4% 2d preferred
50
38% Mar 14
1778May 1
11
May 2
23%May 28
128g Feb 14
23% Jan 8
6
100
1% Apr 9
2?% Mar 12
Real 811k
Hosiery
Preferred...
5834
*%«
1
13
94%
94
Reliance Mfg Co.....
*2~5<j6
20
5,700
40,400
130
300
3,500
1,500
30
340
3,700
13
13
94%
52%
9%
*434
*1734
41,000
40
*8
5
2,100
5,400
9*2
32%
190
7*2
32%
52%
7%
7%
33
r""m
900
18
11
11%
1,700
120
45
*44*8
38*2
%
39%
*%«
%
8,800
2,900
*%
5*4
%
5%
230
**2
3834
7is
5%
14
43
16%
43
~~2~,ood
110
16%
{ In receivership,
100
14
*8
42%
110
220
17*2
1st pref.. 100
34,100
d Def. delivery.
Remington-Rand
Preferred with warrants..25
Rensselaer 4 Sara RR Co.. 100
Reo Motors v t c
...
1
Republic Steel Corp...No par
6% conv preferred
100
6% conv prior pref ser A.100
Revere Copper 4 Brass
6
Class A
10
7% preferred..........100
9
Jan II
21
Jan
7
1
61
Feb 13
*4 Apr 10
I684 Feb 14
9984june 18
82% Apr 21
73g Apr 19
17
May 0
97
Apr 21
10% July
9
No par
5% preferred....
100
Savage Arms Corp new
5
Safeway Stores
» New
stock,
r Cash sale,
Jan
6
7
Jan 4
Jan 18
484 Mar 20
35
Apr 19
%
2%
109% Feb 17
123gJune
x Ex-div
3
100
May
110% May
114% Oct
16% May
684
Oct
June
84
73% May
June
9
2
48*2 May
2
52%June 27
2% Nov
June
34
20
Jan 23
15% May
17
Jan
2
13% May
28% Jan 14
1734 July
9
26% Apr 24
24
Jan 13
1% Jan 11
May
24
9% May
1934 June
May
17
I84 May
June 25
30
25
Dec
9
6
June
July
June 18
0% May
7
10% Mar 10
67% Jan 23
01
Apr 7
13s Jan 11
*3784 June
12% Jan
2234 Jan
6
101% Feb 10
97
Jan 13
11
Jan
3
24
Jan
2
8
Aug
0
May
60
May
1
May
14
May
70*s May
May
00
7% May
17% July
113% July 10
70
June
Jan
8
39
May
13% Jan
95
July
9
1
8% May
75% Mar
6% May
30*2 Dec
52
May
Jan
53% Jan 13
8
5% May
9% Jan27
584 Jan 16
18
July 10
484 May
3% Aug
11% May
12% Dec
45*2 Oct
% Dec
10% July
3
Jan 14
% Apr 5
13% Jan
48>4
'« Mar 11
*i«
June
62*2 Jan
334 Jan
7
283gMay
May
63
9*2 Sept
6
Francisco...100
6% preferred
..100
{St Louis South western... 100
5% preferred......
100
21
112% May
28% Dec
4% May
108s Jan
{St Louts-San
May
4
34*4
27
l434May 1
9«4 Feb 16
423s Mar 1
Feb
16
12% Jan
5*2 May
484 Oct
6*2 May
0% May
4% Jan
Reynolds Metals Co...No par
5H% conv preferred... 100
Reynolds Spring—
...1
Reynolds (R J) Tob class B.10
Common...........
10
Richfield Oil Corp
No par
Rltter Dental Mfg
No par
Roan Antelope Copper Mines.
Ruberold Co (The)
No par
Rustless Iron 4 Steel Corp—1
32.60 conv preferred.No par
{Rutland RR»7% pref. ...100
St. Joseph Lead...
..10
4 *2June
Ma.
%
11% Jan 11
10% July 11
73
7% Feb 14
0
Apr 15
May
7
May
Feb 15
Jan 17
19
151% July
143
Apr 17
52
May
10% May
10
May
158% Feb 11
Jan 25
28%May 22
117%
10
9
5
28%May 29
5
June
60
81%May
6%May
June
4% May
120
Jan
preferred........ 100
5M%
107
4
137
92% July 11
9%May
6% conv preferred
29% Jan
110
123% Jan 15
102% June 27
8% Apr
Raybestos
59*8 July 8
119% Jan 29
7
Mar
No par
33.50 conv 1st pref..No par
Radio-Keith-Orpbeum
1
4034
83*4 Feb 15
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer...No par
200
61
61
2
1
9% Apr 30
7% Apr21
57%Maj 23
*1134
9%
110 1 110
i684
Mar 31
164
10
1
8
12*2
9%
60%
*8
43
110%
16*2
17
200
8
No par
Pure Oil
1,800
7,500
1,400
6,400
0484 May
Jan
8
43
14
43
110
Mar 31
5% May
Jan 30
II
ht
i
5
9% Feb 19
2
2
3% May
10
May
15
Apr 22
*%
38*4
%
6334 Apr 29
164
2
84
6% Mar 26
11%
11%
*44% ,45
*%
**JJ
45*2 Feb 14
27
May 1
May
Reliable Stores Corp...No par
18
18
1734
11%
44%
%
38*2
3
May
35
Rels (Robt) 4 Co
9
*8
*4%
1734
10%
5
22
734 Jan
46% Jan
884 Jan
400
52%
32%
9
17%
%
1234
94%
7%
10%
634May 27
Apr 23
9«4 Apr 22
Mar
2
Mar 28
220
20%
3234
4% Apr 22
30
Apr 22
May
June
78
3
g
5834
60%
94%
7%
33
52%
51
Jan
23% Jan 11
June 10
15
10
g
*54
13
30
pref.No par
31,800
400
3% May
Jan 17
July 11
3% Feb 7
Postal Teleg'h Inc
Procter 4 Gamble
Deo
May
9
27*8 May
23S May
36
May
37% July
—5
6% conv 1st pref..
5% conv 2d pref
June
1134
08
Poor 4 Co olass B
Pullman Inc
1,600
2,200
1,100
18,300
70
09*2 Jan 18
*38% Feb 14
No par
Pressed Steel Car Co Inc
Dec
45
10
i%8 1
12%
*9412
7%
7
2
11
734
1134
9%
12%
109% July
Mar 28
234 Mar 18
100
7% pf 100
Co (The)
2
46% July 10
88
July 10
12% Jan 10
86% July 11
Pub Ser El 4 Gas pf J5.No par
400
25
35% Jan
May
584
6*8 May
25% June
37% May
7% Jan 23
Feb 20
434May
15
24% July
7% Apr
69
Plymouth Oil Co
60
51%
19*2
15%
27
17%
26%
23*2
1%
30
1734
Plttston
"9,500
1,300
55
11% May
Jan 31
3584 Feb 20
Pittsburgh 4 West Va
400
51%
19%
14%
1%
700
5*2 May
17% May
May 10
51%May 23
100
100
conv pr pf.100
16%
1% June
38
Feb 15
0
900
1.800
25
26*2
6,400
v
3%
14%
24
20
May
9
2% Apr 9
30% July 11
ll%May 0
003s July 8
105
100
Jan
May
23
2
484 Apr 20
200
3,400
24% Jan 27
43% Jan 23
15
Jan
174
400
3%
25
9
*8
434
17
1034
*7i«
37%
*8
4%
1234
45
**»
*3%
12%
9
*44
44
44
20%
52*2
3234
3*4
20*4 20%
20%
20%
2034
100% 100*8 *100*8 100% *100% 100% *100% 100%
100%
86% 86%
87
*86%
88
*86*2
88
88*4
87
884
884
8%
8%
834
8*2
8*2
8%
8%
19
19%
19%
19*4
*18%
19% *18% 19%
1834
113
113% 113% 113%
1 13*4i*1 12
113*4 ♦110% 11234
*69*2 72
69%
71
2:68%
69%
69%'
69%
70
20
12%"
95
*634
334
55
%
95
12
4
54
*54
58
%
*%«
20
11%
*10%
*5934
61
*59
*54
53
92
9%
9*4
*58*2
*78
334
4
8%
11%
*10%
11%
*35%
37
58%
58%
*115*2 118
22% 22%
*9934100
*109% 110%
22% 22%
2234
99*2 100
99%
110
110*2
110
125
125
125% *124% 126
140
140
13934 141
139*2
114% *11334 114% *11334 114l2
27*8 27%
27%
27*2
28
10*8
10%
10%
10%
10%
102
102
102
102
102
*9*4
334
517g
*91
4,200
3,200
9,900
7%
7
884
Feb 14
Pgh Ft Wayne 4 C 7% preflOO
No par
514% 1st ser
Jan
96*2 May
May
8%May 17
72% Feb 4
400 • Pond Creek Pocahontas No par
11
15
Pitts Screw 4 Bolt
140
4.800
16%
1
4
Pittsburgh Steel Co....No par
Pit Youngs Asht Ry
18
25% Apr
Jan
79
7% pref class B
"""500
112%Mar
Jan 30
25%May 5
40% Feb 18
5% pref class A...
1%
7
9
Feb 14
No par
1
1,890
12*8 Mar
lO's May
6212
Feb
July
1484 July
z5% Apr 17
6
May 19
Pittsburgh Forglngs Co
65
13%
23s Mar
Dec
Jan
21
5
Pitts Coke 4 Iron Corp No par
*63*2
Apr
23% Nov
4
7
100
530
44%
46%
1*2 May
1184 May
984 June
3% Jan
52
20% Feb 14
100
480
2,500
Feb
2% Nov
2
Feb 19
42% Feb 15
Plllsbury Flour Mills
25
Pirelli Co of Italy "Am shares
35%
June
Deo
18
4%
1% Mar 24
22
July 1
series—100
Phillips Jones Corp....No par
7% preferred
100
Phillips Petroleum
No par
Phoenix Hosiery
5
7*2
58*2
71
36>4
Preferred 4M %
35
Dec
21
25
Philadelphia Co 6% pref...60
16 preferred..
...No par
Phllco Corp
3
Philip Morris 4 Co Ltd
10
15 conv preferred
5% June
43
Dec
Nov
11%
1% May
12
Phelps-Dodge Corp
6% preferred
588 May
6
22
Pfelffer Brewing Co..-No par
Pittsburgh Coal of Pa
9*s Jan
10%
99
3%June 12
111
No par
Preferred
4
Apr
Deo
48% July 11
87
Jan 2
2
100
50
Peoples Drug Stores Inc..-.5
Peoples G L 4 C C (Chic) 100
{Peoria 4 Eastern Ry Co.. 100
Pepsi-Cola Co
1
Pere Marquette Ry Co
100
5% prior preferred..... 100
5% preferred
100
Petroleum Corp of Amer
6
Jan
12% July 11
1
4
34% Apr 23
5% preferred
"4,700
*1
May
Jan
45*2
105%
1'4 Feb 15
Pennsylvania RR
5%
7%
59
18
834
125
175%
16*4
115
*
800
534
15
Apr
June
74% Feb 20
No par
Pet Milk Co
Jan
I
63s Apr 21
43% Mar
$7 conv pref ser A ...No par
Penn G1 Sand Corp
No par
80
13
18
126% *122
*101
73
16%
*113
*114
400
:
16
*138
*123
*6%
*163
1%
*1
1%
9
10%
11*2
35%
59
10*4
10*4
1%
7%May
1
No par
Penlok 4 Ford
May 27
«4 Feb 21
Patlno Mines 4 Enterprises. 10
2,900
40*2
7
18
6%
*10%
*10*8
""5% "5% "moo
18*2*
*1734
6%
9%
9
1,500
1534
15*4
6*2
9
9
1%
Pathe Film Corp
90
17
12%
*163
.,.,♦163
*1734
18 1
6*8
*17%
6*8
1*8
15*4
15*8
54
17
12*2
12%
12%
12% *12% 1234
175*2 *173
175*2 *173
*173% 175% *173
33*2
15%
70
2%
*234
*68
*58*2
*163
500
15,700
*12%
71
71
71
71
73
*32
13
500
6*2
3934
7%
*7
7*4
7*4
41
41
1.100
*50
5*2
5*2
6
180
109*4 109%
45
44%
41
100
1,700
1,200
21,200
62%
17*4
6
600
1,420
3,550
600
44
50
40%
184",000
800
62%
3
*212
500
800
10*8
86*2
*6
6
May
0% May
20% Jan
2.50
Parker Rust Proof Co
47*2
88
*47
62
44%
44
6%
85%
85
85
84
84
57*2
3534
4% May
04
17
No par
Partnelee Trans porta'n.No per
20,400
34%
56*2
55
55
*684
3334
6:
7*4
684
634
*5214
7
10
58%
3634
Sept
29% Dec
13*2 May
84 May
50
3334
46%
9%
10
99
30% Jan 10
100
7
*1%
26% June
Park Davis 4 Co
2,800
33%
46%
29%
1
13s May
300
7
30*8
23%
58%
634
6%
*4184
% May
Jan 11
2
4*8 Mar
25*4
10
7
9
7*4 Jan
8% Nov
Jan
1% Feb 19
25%May 29
15
41%
2%
May
684
14«4 Apr
HI
24%
24
12
1234Mar 28
99*2 Jan 10
1134 Jan 9
15% Jan 31
1
9%May 27
Deo
1
Penn-Dlxle Cement
*14
t)
6
37% Jan 10
106
95*2 Feb 14
0% 1st preferred.
100
0% 2d preferred
......10
100
*108
FeD
10
1
Paramount Pictures inc
2,700
15
36%
May 31
2%
110
28
Apr 22
99
5034
110
24%
27
100
preferred
conv
Mar
160
1
38,600
1,300
33%
41
4%
Jan
8
10*2 July 11
l«4May 9
7
% Feb 15
No par
Parafflne Co Inc
16
7% Jan
Penney (J C) Co..
No par
Penn Coal 4 Coke Corp
10
*14
*23*2
41%
*1%
2% Apr30
Apr 21
1
Panhandle Prod 4 Ref
8*8 July
3% Jan
139
June
2% June
5*2 Oct
2% May
4% Jan 10
10
5
Transp..5
Pan Amer Airways Corp
200
*2%
24*4
3
share
May
144
Park Utah Consol Mines
3
50
Mar
No par
Packard Motor Car
Pan-Amer Petrol &
900
x7
"5*2
5%
50%
--
*71
*172
5*2
5*4
82
3%
2%
51%
100
per
115
Jan 27
Jan 10
126
8
10
200
48%
8284
4784
82%
*2%
47%
81%
17
6
75
1178
*172
8%
3
*45
40%
40*2
7
75
11%
8%
81%
17
6%
*68
7*2
*6%
*68
12%
*47
47%
50
*38*2
—
6
578
38
5%
*s4
8%
8%
16«4
1634
16%
18%
%
11%
11%
*45%
50
*45*2
5*t Feb 18
6
4,600
33
44%
3
*2%
Pacific Western Oil Corp...
May
147% Apr
Highest
% per share S
share
per
3,600
2434
23%
42%
2%
30*4
9%
57%
26
25
6%
7*8
83
4334
44*8
3
43%
18*2
%
7)
109
109
*10834 109% *109
6
6
6
534
534
62
67
*60
*60
67
5%
62
43*2
3
50
16%
43%
10*4
10
108*4 108*2
5%
62
*60
86
81*2
109
*108
*46
86
3
share
Park 4 Tllford Ino
100
10
46
86
7
Paciflo Tin Consol'd Corp_..l
900
7%
33*4
31%
110
6% preferred
8,200
*15%
1%
28*2
11%
1584
1%
10%
*15%
1%
28%
1034
87
31%
46
81
30,200
12%
81*4
634
6*2
100
100
Paciflo Teiep & Teles
50
46*4
6*2
7
*10
10
400
97*4
*46*2
46%
8H4
3
30%
7
30%
36
86
*678
7,800
11%
3
*678
6
200
97
2%
2%
*2*4
*2%
2%
2%
26g
51*4
52
49%
51
4734
49
477g
*14
15
*14
15
*14
14s4
1484
1434
111
*108
11034 *108
11034 *108
11034 *108
24*8
2434
24*g
24%
23% 2334
2334 24%
23% 23*2
23*4
23*2
23*4
23*4
*2278
23i4
41
41%
40
4034
4034
40*8
*39*2
41
2*2
*1%
*1%
2%
*1*2
2*2
*1*2
2l2
28
28%
2678
28%
27%
2834
2478
26%
10
10
*9%
10%
934
978
*9%
9
59
60%
59%
60%
59%
60%
5978
60
36
36
36
35
37%
3684
3678
36*2
*23%
25
*23*2 25
*23*2 25
24*4
2414
*6*2
21,600
98
98
99
33,500
12
*2*8
47%
6%
30*2
2,100
1,500
97%
11
8%
8
46*2
1%
*95
99
10%
10*2
10%
46*2
81
*278
1%
*29«4
*%
8*4
80*2
3
*278
18
78
10*2
*45
46l2
80i2
80*2
1784
10*8
8*4
1*2
18*2
1®4
28*4
*%
:•
10
70
11%
1734
8
1334
10
$
3 per
150
Lowest
Highest
Lowest
Par
97
28
1%
*15*4
13%
99
28
15*4
2%
278
*2934
10%
1534
1%
28%
10%
7%
14*4
10
v
117% 117%
152% 152%
3%
3%
784
7«4
2%
2%
13%
13%
10*2
10*2
1%
1%
*30
30*2
3%
1%
11%
97%
11*4
*96
3%
7%
234
284
100
*99
107g
*963s
s per share
'
1%
30*4
1%
100
*99
100
*99
Week
Shares
1334
*9%
10
30
29
8
234
14
10
138
*884
1%
29*2
13s
2*2
13%
*9
3*2
8*8
3%
3%
8*8
13%
13%
10
*884
3*4
7*2
2i2
2*2
2*2
13
July 11
s per share
$ per share
117*2 *116% 117%
117*2 117*2 *115
152% 152%
151*2 151*2 *151*4 155
117*2 117*2
117i2 117»2
July 10
9
Range for Previous
Year 1940
Ranpe Since Jan. 1
On Basis of 100-<S7torfl Lots
EXCHANGE
Friday
$ per share
% per share
s per share
July
STOCKS
NEW YORK STOCK
the
CENT
Thursday
Wednesday
8
July
7
July
5
July
Tuesday
Monday
Saturday
NOT PER
Sales
for
SHARE,
SALE PRICES—PER
HIGH
AND
LOW
39% July 11
% Feb 8
% Apr 15
20
5
Apr 29
2
Jan
3
Dec
45
Jan 13
34
May
113
June 19
90
May
0
8
May
June
*11
%
Dec
Oct
17% July 11
v Ex-rights,
t Called for redemntlon
New York Stock
210
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
Record—Continued—Page
NOT PER CENT
9
July 12, 1941
Monday
5
July
$ -per share
Tuesday
7
July
July
% per share
12%
12%
*81%
83%
3512
Wednesday
July
9
8
Thursday
July
$ per share
s per share
$
10
share
per
%per sh
**1«
Shares
are
12%
84%
13
14,300
*83
200
35%
*35
300
**16
8%
15%
16
73%
73
11%
11%
00%
8
11
*4
*53%
*5%
*36%
15%
*4
*17%
1%
28 /
29%
101
16
3%
*65
55%
6
*4
37%
14%
4%
17%
*1%
8%
12%
16
10%
3%
3%
73
74
8%
12%
*3%
73%
8%
12
4%
*53%
4%
55%
6
37%
*36%
37%
5%
*30%
15%
4%
18%
15
15%
15
4%
4%
18%
18%
18%
*26%
29%
16%
3%
74
67
15
*4
18%
1%
*1%
1%
28
28
28%
%«
16%
3%
73%
8%
12%
16%
3%
73%
8%
16%
~3~,4C6
3%
74%
2,100
12
12
66
66
4%
55%
*4
4%
55%
6
/178
*1%
*27
29
*54
4%
18%
*65%
4%
200
1,900
*13%
9%
*1%
*15%
*14%
*128
130
130
130
23%
23%
23%
23%
*11%
12%
11%
11%
11%
12%
24%
11%
12%
11%
12
13%
24%
25%
*27%
28%
1%
1%
12%
24%
*27%
*1%
28%
1%
*3%
*60%
78
*20
20%
37%
3%
3%
3%
78
*57
20%
20%
37%
36%
37%
37%
235%
35%
58%
58%
258
58
*5%
5%
*35
51
51
39%
39%
*114
116
5%
51%
39%
*114
130
53%
40
*128
130
*128
8,800
Shell Union OU
1,300
19%'
19%
5,000
Sliver King Coalition Mlnes.5
Simmons Co
No par
1%
30
130
23%
23%
*1%
*27
11%
12%
11%
12%
11%
13%
14
25%
26%
*27%
1%
3%
1%
12%
12%
13%
25%
28%
1%
1%
30
29
12
13%
25%
*27%
1%
3%
1%
4
3%
38%
22%
31%
42%
44%
*37%
*59
*37%
38%
59%
60%
60
32
42%
42%
4434
38
38%
37
37
57%
57%
6%
7,200
*115%
*115%
6%
23%
31%
52
52
39%
39%
....
*234
*34%
*2%
2%
42%
4%
36
60%
60%
7%
7%
4%
6%
5%
5%
6%
5%
54%
55%
6%
6%
7
5%
5%
5%
126
8%
18
2%
14
*20
35%
36
2%
43
4%
36
2%
278
2%
4%
*28%
4%
29
*13
14
30
%
10%
10%
*9512
97%
*13%
14%
10%
1%
29%
11
*13%
"1«
20%
5%
22%
19%
7%
67g
4%
*35%
%
14
10%
10%
32%
44%
4%
33%
4%
4%
11%
11%
11%
8%
1%
8%
1%
1%
65%
66%
5%
5%
66%
57g
4%
11
478
11
*778
1
8
1%
63%
5%
*10%
64
578
14%
5%
*18
18%
18
18
1%
1
1
5%
45
8
1%
64%
5%
*10%
5%
18%
15
33%
44%
*11
33%
4478
478
12
8%
15
800
67g
7
5%
5%
13,000
12,400
54%
5478
5,300
125
*20
23
22%
227g
~6~,606
1978
20
20
200
42
Talcott Inc (James)
partic pref
60
"""506
9
42%
2,900
21,100
Tennessee Corp
Texas Corp. (The)
3%
2,300
5,300
37%
37%
6%
6%
5%
5%
2,400
4,700
12
5%
12%
12%
12%
3,300
*6
6%
*6
3%
*2%
*45
3%
47
200
550
5
5%
357g
3%
4%
35
3%
*4%
3%
3%
1,300
4%
4%
200
30
30%
30%
1,000
*%
*13%
10%
*96%
33%
44%
4%
11%
8%
1%
67
5%
5%
%
14
10%
97%
33%
44%
4%
11%
8%
200
300
%
%
14%
100
10%
7,100
97
97
300
14%
83
5%
470
5,000
15
21
21
778
610
8
3,500
35%
36%
11%
12%
75% 777g
113% 113%
80
83
83
11%
11%
29%
40%
29%
500
40%
41%
41%
41%
41
41%
41
10%
10%
11
11%
13%
107g
11%
13%
11%
41%
11%
21,000
10%
13%
11%
13%
23%
Bid and asked prices; no sales
19
on
19
%
13%
13%
13%
110% 110% *109
110%
45%
45% *45
45%
*18%
20
*18%
19%
%
*16
%
23%
22%
23%
"
this day,
Jan
Jan 10
2% July 11
20
4%May
24% Jan 27
4
1
Feb
July 10
484 Jan
35% Apr
334 Jan 16
9%
Jan
May
May
May
6
Apr
May
40
Mar
Dec
33
May
Jan 24
384 July
40% Jan 21
3
47
Apr 22
July
6%
Oct
5
May
7
Dec
86
Dec
2% June
34
Jan 10
1% Jan 18
Feb
4
Jan
2584 May
*16
23
t In receivership.
%
23%
200
9,600
1,100
240
1,100
100
13,100
8,500
a Def. delivery.
4% preferred
100
Union Prem Food Stores,Inc. 1
Union Tank Car
.No par
United Aircraft Corp
5
Un Air Lines Transport
5
United Biscuit Co
No par
5% preferred
100
United Carbon Co
No par
United-Carr Fast Corp .No par
United Corporation
$3 preferred
» New stock,
No
par
No par
r
Cash sale.
*
Apr
1
May
9
8
May
23
Jan
884 May
12
May
17% Jan
2
834 Jan
7
9
10%June 14
81
May
May
4% May
1% May
64
3%
Apr
Apr
l%May
13% May
6% May
3
1234
4
9% May
78% July 10
69% June
21%June
30
Jan
Jan
13% Mar
45
Feb
18«4 Apr
88% Jan
116% Dec
17% Jan
105
May
6
112
May
Jan 10
71
May
98
85% Jan 13
13% Jan 2
30% June
70
June
89%
13
Dec
22%
Jan
44%
31% July
Jan 15
14'4May
85%
Jan
Apr
36% July
115
2<4
10%
13%
25%
May
Jan
Mar
6% May
May
Jan 10
7
21% Apr
9% Nov
Apr
5
1% Jan 10
99*4 Dec
34% Dec
62% Nov
6%
14
9% Jan 13
Jan
82% Mar
7
24
2%
Aug
3% May
6
y
Nov
6% Dec
38% Apr
6
7% Jan
Ex-dlv.
7%
Jan
18
19% Jan
ll%May 26
26% Feb 19
34% Apr 19
9%May 15
ll%May 27
109 May 1
407gMay 2
16% Apr 23
%June
3
18% Apr 21
Feb
1034May
May 23
2
Mar
4
35
284
6
16%May20
75% Mar 28
80
Mar 4
63
June
Jan
9
25
Jan
20
6
7
100
Jan
May
Jan
22
14
14
14
30
Jan
3
Jan
6%May
30
FeD
9% Feb
60
Feb
z 111% Jan
12% Jan
Jan
6%
5% July 10
2
16% Fe b 20
8%
12%
18%
42% Feb
584 Mar
578 July
Mar 25
Dec
June
75
1
9%
47% Apr
4% Apr
37% Nov
30
4% Jan
5
5% Mar
9
383gJune
9% Jan 30
Feb
32% Jan
9% Jan
7% May
484 May
034May 12
5% July 8
1234May 0
10% Jan 23
35%
7% Mar
24% Apr
2% May
26% May
38
Jan
Jan
2% Jan
18% Nov
3
May
*17% May
4% May
42% July 11
4%May 12
Apr 16
Union Pacific RR Co
13%
23
July 10
July 3
Feb 19
Union Oil of California
3,200
1,200
40%
%
10%
27%
9
1
1
6,000
13%
20
4
9%May 15
6% Mar 25
100
14%
10%
9i«
7% May
12% May
1% Oct
9% May
26
•21
4
preferred
82%
40%
23
7 %
14%
13%
*18%
66% May
62
Twin Coach Co
81%
10
*16
4684 Aug
1
Union Carbide & Carb.No par
Union El Co of Mo $5 pfNo par
11%
19%
6
No par
18,900
30%
23%
5834 Jan
No par
Under Elliott Fisher Co No par
Union Bag <fe Paper
No par
11%
%
Tri-Contlnental Corp
$6 preferrred
Truax-Traer Corp
2,200
13,800
30%
23%
684 May
5,800
68
117g
9ia
6
Jan
7
1%
1%
5%
30%
23%
Jan 10
Jan
Feb
8% Jan
4% May
10% May
66%
Jan
Apr
8%
5% Jan 13
*30
1«J>
66
4%May 26
*11%
23%
Jan 11
Transue & Williams St'l No par
1178
30%
13%
66
Transamerlca Corp
..2
Transcont'l <fe West Air Inc..6
30%
110% 110%
45% 46%
May
900
4%
12
8
*11%
45
23
8%
4%
12
117g
45
4
18
30%
110% 110%
Jan
35% May
*11%
*29%
40%
13%
Jan
Dec
40
6
778
113% 113%
14%
14%
81%
82%
82% 82%
*11%
117g
29% 29%
Apr
46%
2
11%
82%
29
Jan
Jan
7
6
76
83
2084 May
29% June
9
34% Jan
76%
817g
8
July
9984 Jan
12
£14%
July
July
51% Jan
11%
14%
Jan
Mar 17
75%
83
26%
O-t
27% Feb 19
39
Feb 17
36
82%
16%
Jan
Feb
% Apr 16
Twin City Rapid Tran.No par
83
12% M*»
Tlmken Detroit Axle
10
Tlmken Roller Bearing.No par
200
14%
81%
Mar 21
July 8
Mar 21
Jan 17
96
Dec
2%
7%
18%
2234
2% May
9% May
3,200
4,500
1,100
1%
82
113
May
Mar 20
7,400
*1%
11%
78%
May
June
1
33%
1%
113% 113%
6
98
6
45%
*1%
21%
778
21%
6
Jan
12%
12%
ll%May 14
9%Mar 6
No par
Feb
Feb 14
6% Jan
26% May
112
Dec
33%
1%
21%
778
36%
83
110%
44%
$4.50 conv pref
47
3834 Apr
68% Dec
11% Jan
May
25% Apr 30
par
*1%
14%
*44%
preferred.No
1%
83
*17%
cum
Apr
5
4
Jan
June
2384
8%
Feb 16
Jan
Jan
May
66% Apr
40% Apr
112% Dec
7% Apr
2% Apr 23
3%June 30
Tide Water Associated OU.. 10
1,600
81%
19%
30
"5",600
36
4% May
May
46
Apr
7
8%
2% Mar 3
May 21
10
6%
19%
14%
44%
$3.50
May
May
19
Jan 24
22%
2334
32%
44%
44%
33
45% May
July
113%
1%
4%
21%
3%
72
Dec
5%May 19
Third Avenue Ry
100
Thompson (J R)
25
Thompson Prods Jnc._No par
Tompson-Starrett Co .No par
*10%
6%
19%
*35
9
June
384
4%
28%
2%
4
6%
77g
59
14% May
16% Aug
....1
19%
19
38% July
z37a4 Jan
Oct
Jan
May
38
6
*%
*17%
7%
35%
11%
July 10
1% May
334 June
60%
7
100
$3 dlv conv preferred
Jan
July 11
77g July 10
32
.........No par
Preferred
19
6
81
110% *109
par
Therm old Co
39
4
Apr 21
8%
par
18%
5%
82
*42%
*17%
The Fair
No
Jan
Jan
4% May
34% Feb 19
27g Feb 14
31% Apr 22
5% Mar 4
3% Feb 18
100
18%
81
*109
5
pref.....No
conv
15%
6% Jan 28
2%June 30
7% Apr 23
25
18%
6
21
30'4 May
152% Apr
30% May
20%
34%
May
45
5%
15
35
4,600
*13%
10%
1%
67
5%
3
June 13
Jan
8
3
4% Jan
64
Oct
11%
2484 Feb
12% Jan
2% Mar
16% Jan
884 Jan 10
3%May 10
Texas Pacific Land Trust.-.l
$3 60
37
9
Jan
Apr
22
5
Apr 14
32
5
Texas & Pacific Ry Co
23% May
6«4 May
13% May
17% Nov
6
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
Texas Pacific Coal & OU...10
Thatcher Mfg..
6%
*33%
2
23% May
6% Feb 14
9
Telautograph Corp
6%
3278May
20
*4%
*35%
3%
28% Jan 3
12% July 11
127gMay 6
14%May 7
26% July 11
17%Mar
1
*8%
Aug
May
Jan
Swift International Ltd..
42%
16
128
Jan
Symington-Gould Corp w w.l
May
Mar 10
Mar 31
23%
100
Without warrants
Apr
Nov
4
117%June 2
7% Apr 22
..10
3,100
Jan
2%
3834
8034
Apr 16
15
10
21
9
Apr 21
5
7% May
1% July
1
150
Sweets Co. of Amer (The).. 50
Swift & Co
25
Sutherland Paper Co
2,900
5
8
17
8,800
278
6
1% Feb 27
11% Apr 14
18%June21
4
Feb 28
19%May 6
77g
278
May
60
No par
7
42%
3%
37%
47
Sun OU Co
1
7%
67g
77g
7
2
5% Apr 23
4%May26
par
Superior Steel Corp
2%
14%
200
37
No
1,800
2%
1378
Jan
6% Mar
3%May
Class A pref (4M% cum) 100
Sunshine Mining Co
100
Superheater Co (The).-No par
Superior Oil Corp....
1
9
37
Webster
Studebaker Corp (The)
90
9
3%
Stone &
I
4,300
2,700
7,500
278
42
8
62
1
8%
18%
20%
5%
4%
Stokely Bros & Co Inc
125%
8%
18
*5
42
Starrett Co (The) LS._No par
Sterling Products Inc
10
Stewart-Warner Corp
5
2,300
1,600
278
*10%
82
14%
7%
4%
25
Truscon Steel Co
10
20th Cen Fox FUm Corp No par
$1.50 preferred
No par
*1734 19% *18
19%
19%
7%
7%
7%
7%
8
36
*36% 36%
36
36
11%
11%
12
11%
11%
73
72% 72%
72%
73%
75%
113% 113% *113% 113% *113% 113%
*14
30
*%
7%
4%
30
4%
14
14%
6
29%
3%
*96
*10%
*5%
*1
29
14
500
Standard OU of Ohio
2,800
*35
37
3%
*4%
*4%
97%
45
534
4%
5%
15
10%
32%
63
3
3
47
478
*35%
10%
32
5%
36
3
3
43%
97
43%
63
30
2%
4%
2%
Standard Oil of Indiana....25
Standard Oil of New Jersey. 25
42,400
39%
par
No par
No par
Standard Oil of Caltf__No par
21,200
26,800
59%
59
8%
18
*5
*33%
*2%
46%
97%
32%
8
44
37
10%
43%
4%
4278
4%
*337g
*96
43
11%
37
11,
li«
*32
4%
*10%
*7%
1%
♦33%
*234
120
par
$6 cum prior pref
$7 cum prior pref
60%
4%
*4%
*28%
*%
3,200
39
59%
7%
*4%
7
3
$4.50 preferred
No par
Standard Gas & El Co.No par
10,300
32
9%May
2% Apr
17% July
110
18%
20%
23%
44%
44%
Dec
8
Ill%June 2
5% Apr26
108 June 19
% Mar 21
2% Feb 15
10% Feb 19
12% Feb 14
1778Mar 4
25% Mar 5
33
Feb 14
34% Feb 19
34
Feb 14
*18
31%
43%
May
14
Jan
2
60
Mar 6
*17%May 22
par
5
1584
3
Jan
Feb 19
June 6
July
1
10% May
100
preferred.......No
12% June
21%June 23
14%June 12
678 Jan
57% Jan
Brands,....No
Jan
31
40
$4
23
1% May
17% May
31% Feb 19
Standard
100
3,000
Feb
6% Nov
24
44%May31
6,600
38%
4
10,500
40%
13%
12% May
1
3%
20%
8
23% Mar 13
1 May 5
par
...
May
3% May
21% Jan 10
Square D Co
5% conv preferred
470
Jan
Apr
7% Mar
7% June
Jan
29
Apr 21
27% Apr 25
56% Mar 19
3
44%
39%
7%
4%
6
16
44%
39%
59%
7%
4%
7%
5%
,
*4%
5%
112% 112%
34
Jan 30
5
Sperry Corp (The) vtc
ll
....No par
$3 conv pref A
No par
Spiegel Inc
2
Conv $4.50 pref
No par
30
*115%
Jan
8
Splcer Mfg Co
1,600
....
40
534
114% May
11% Feb 15
19% Feb 14
No par
Spencer KeUogg & Sons No
6,200
52%
4378
*37%
$5.50 preferred
""560
40
44
52% 53
53%
55
53%
53%
54%
55%
*124% 126% *124% 126% *125
126% *125
126%
*8%
8%
8%
8%
8%
8%
8%
8%
17
16%
16%
17%
18%
17%
18%
1878
2
2
*1%
2%
2
2%
2%
2%
13
14
*12%
13
13%
14%
14%
14%
*18% 20
*18% 20
20
*19% 20
20%
*4%
6
*5
6
*4%
5%
*5
6
22
23
21% 22
22%
22%
22%
23%
19%
19%
19%
19%
19%
19%
19%
19%
*6%
7%
6%
6%
7%
7%
7%
7%,
6%
6%
6%
6%<
6%
678
*4
*4
4%
434
4%
*4%
4%
4%
*35
*35
40
41
36%
*35
*35%
41
*2%
2%
*2%
2%
*25g
2%
234
2%
8%
8%
8%
8%
8%
8%
87g
9
39% 39%
39% 40%
40
41%
41% 42%
*3%
3%
3%
3%
3%
3%
3%
3%
35% 36
37
35% 36%
30%
36%
37
*0
6%
6%
6
6%
6%
6%
6%
5
5%
*5%
5%
5%
5%
5%
5%
*10
11
11
11
11
12
11%
12%
*5%
6%
*6
*5%
*6
6%
6%
6%
*40
6%
66
4% May
120
10%May 16
Mobile & Ohio stk tr ctfslOO
690
39%
3
May
40% Aug
May
22%May
100
Sparks With lngton... No
Spear & Co
900
58%
39%
73% Nov
May
1%
Gas.Co.7.60
6% preferred
1,000
38%
37
43%
7
*33%
*2%
42%
4%
1,300
44%
4
36
100
1%
44%
6%
*33%
28%
1%
3%
44
4
6%
5%
*27%
43%
7%
6%
15,700
58
52%
Jan
71% Jan 17
478 Feb
55% Jan 14
6% June 26
4
67
8% Mar
No par
38%
36%
39%
Apr
16%
16% Nov
Jan
105
No par
Southern Ry
44%
38%
4
5%
Southern Pacific Co
17,400
43%
*0%
5
53,900
1378
26%
42%
44%
38%
60%
7%
4%
6%
*3%
*0%
12
36%
6%
*51%
88
8% June
8% May
61% Aug
14
6
13
*13
130
25
13%
25%
58
5%
6
57g
6
*112% 115
*112% 115
%
%
%
%
3
3
3%
3%
18%
18%
19%
18% 187g
20%
20
21
20% 21%
23%
23%
23%
23%
23%
32%
32
31%
32%
31%
18
44%
Southern Natural
38%
53%
54
39%
40
*115% 110
20
22%
31%
2,100
78
6%
54
61% May
107g Jan 21
Jan 27
9
No par
.100
Southern Calif Edison
22
36%
7884 Jan
Jan
Jan
2% Nov
Jan
13% Feb 28
Greyhound Lines..5
8% preferred
1%
20
114
South Am Gold & Platinum _1
8,400
*21
6%
18
So Porto Rico Sugar
Oct
May
1% Sept
112
Socony Vacuum Oil Co Inc. 15
4,200
11
Feb 15
95
Smith (A O) Corp
10
Smith & Cor Type vtc.No par
Snider Packing Corp
No par
S'eastern
50
%
.
112
Feb 6
14% Feb 19
No par
5,600
1,600
*57
6%
20%
23%
61,000
78
6
r
17%
19%
700
21
5%
5%
5%
5%
6
114% *111
114% *112% 115
8a
%
%
%
<
2%
2%
2%
3
278
3
17%
19%
22%
31%
42%
44%
$6 preferred
21
38
% Jan
3 <4 July
Sloes Sheffield Steel & Iron. 100
*57
*57%
%
Jan
270
78
38%
37
% May
Dec
Jan
3,600
21
58%
Jan
111%
2% Jan 20
*57
37%
36%
6
Jan
101% June
16% July 10
3%June 28
16%June
Dec
Jan 10
28% July
30% July 11
23%
3%
Jan 21
1484 Mar
115%
1% Mar 28
4C0
88
49
May
107% June
23%June 4
1878 Feb 19
""900
7% May
64% July
34
Mar 27
10
*20%
*57%
15
12%
12%
4
:
Mar 28
SImonds Saw & Steel. _No par
Skelly Oil Co
15
78
5%
19%
23%
12%
130
$3.50conv prefserA.Nopar
Slmms Petroleum
"""2OO
20%
20%
*110
17%
130
23%
28%
*57
23%
26%
12
No par
15%
4%
-
12% Mar
38%
115%
1117g
%
Highest
share $ per share
per
15% July 10
Sharpe & Dohme
19
.
% Jan 9
% Jan 20
13% July
$
87% Jan 24
10%
1
55%
"""506
Feb 14
share
per
3
1% Apr 29
67% Apr 22
8% July 1
10% Apr 23
61
Feb 19
3% Apr 23
61% Feb27
4% Feb 19
35% Apr 19
37%
11%
12%
14
13%
25%
28%
*1%
3%
4-2% preferred
100
Seaboard OU Co of Del.No par
Seagrave Corp
..No par
Sears Roebuck & Co
No par
*54%
5%
23%
23%
11%
5%
116
130
tSeaboard Air Line
*36%
15%
4%
101
*13%
108
Servel Inc
*112% 113
*19%
No par
No par
Sbaron Steel Corp
No par
*5 conv preferred...No par
4%
30
30
29%
29%
30
30
29%
297g
30%
*101
102% 102% 103
*103% 105
101
110
102% 102%
*112% 113
*112% 113
*112% 113
*112% 113
*112% 113
20%
20%
20%
20%
21
20% 21%
*20%
20%
20%
20%
14
14
14%
*13%
14%
*14
*13%
14
14%
14
14%
14
14
14%
14%
14%
14%
14%
*14%
14% *14%
14%
9
9%
9%
9%
9%
9%
9%
9%
9%
9%
9%
2
2
2
2
1%
2
1%
*1%
2
2%
2%
16
17
16%
16
17
16%
17%
17
16%
16%
167g
14%
14%
14%
14%
16
15%
16%
15%
15%
16%
16%
29%
8% Apr 15
79 June23
33%June 12
109%June 9
5
6,800
.
$
100
2,000
66%
57g
share
per
Year 1940
Lowest
Shattuck (Frank G)
No par
Sbeaffer (W A) Pen Co.No par
10,900
8%
$
Range for Previous
Highest
No par
No par
&M% preferred
Scott Paper Co
$4.50 preferred
5%
37%
15%
4%
*1%
*27
2,400
**i6
67
Schenley Distillers Corr
*4 preferred
j#
*»ie
*5%
*36%
4
*53%
%6
12%
66%
4%
*54%
*578
66%
*5%
*36%
214%
16%
8%
4
**16
16
3%
8%
11
66%
4%
55%
6
37%
15%
4%
17%
*1%
*26
*%«
I®
3%
72%
3i2
72%
*10%
*65%
Par
35%
16
312
72
Lowest
12%
*82%
71«
*15%
On Basis of 100-Share Lola
EXCHANGE
Week
13
13%
13%
12%
13%
12%
13%
85
*83%
86
85
84%
84% *84
35%
35%
35% *35
35% *35
35%
*11212 113
*112% 113
*112% 113
*112% 113
*112% 113
*112% 113
*109
112
*109
112
*110
112
*110
112
*110% 112
♦110% 112
*%
*32
*%
6it
*%
%2
%
: %
%
%
*35
Range Since Jan. 1
NEW YORK STOCK
the
Friday
July 11
STOCKS
for
Saturday
Sales
10
Apr
Feb
July
May
12% May
108% Nov
29% May
53% Apr
2334 Apr
18
Apr
111% Dec
50% Jan 10
42% May
65% May
20% Jan 15
12
Jan
12
17% Jan
14
Jan
113% Feb
1% Jan 7
30% Jan 10
Ex-rlghts.
1%
20
Dec
20% Dec
2% Apr
Dec
42
May
Feb
5 Called for redemption.
Volume
AND
Saturday
July
Range Since Jan.
*1%
♦2038
4%
*1%
20%
4%
37%
43s
*36%
37
*6534
6634
2234
4%
4%
37%
38
67
66%
7
7
7
*109% 10934 *109% 10934
10
10%
10%
10%
3
3%
*234
278
*3
*3
3%
3%
*6%
♦84
91
♦14
1434
*9
9%
*8%
9%
60
59%
8%
42
42
26%
2634
2634
27%
3%
3%
3%
3%
*7
734
*76
27%
*76
44%
27
28%
26%
3%
3%
3%
27%
31
*30%
31
31
*!o%
22%
*21%
21%
*1%
22%
23%
23%
22%
*30%
93%
93%
93%
60
*58
59
59
*71%
74
73
73
56
93%
57
58%
11834 119
56%
118% 11834
28%
28%
*4412
2878
*44%
1%
'4
46
*1%
1%
*"10
*30%
2238
1%
1%
95
61
62%
2984
45%
*45%
29%
*45
58%
United Stockyards
49%
4734
4734
*47%
152% 152%
*152%
*2512
*
72
116
116i2
17%
*38%
*32%
*32%
33%
*96
100
149
*138
**16
%
%
**u
*878
*187S
9
19%
32%
32%
19%
19%
*98
100
5%
5
4%
478
27%
*13%
27%
13%
2778
13%
29
1378
29%
29%
14
14
*384
434
*3%
434
*3%
*%
19
*18
3%
18%
334
3%
62
*61
*78
*61
1
1
1
*%
384
384
*»16
1%
12%
12
12%
31
21%
31%
32
20%
21
15%
15%
15%
16
16
16%
1534
16%
2%
*12%
*29%
*21
*2%
2%
2%
23%
*71
12%
32%
21
21
*15%
16%
16%
16%
*2%
2%
97
10134
24%
23%
73
*70
74
97
*96%
97
*96%
100% 101
%
%
96%
117
31
*30
*31%
*108
*96%
33
10878
97%
94
101% 101%
94
*116
33%
19%
*19%
*8%
9
19%
5%
29%
13%
4%
5%
*29%
*13%
30
14%
*4%
434
4%
5%
*%
%
20
20
20
3%
4
*1
12%
21%
*15%
16%
*2%
*32%
108% 108%
*96%
97
*22%
2278
2234
24
24%
25%
25%
*69
70%
12%
70%
12%
71
71
71
*11%
70%
12%
12%
153s
15%
15%
15%
7%
4%
54%
15%
12%
16%
6%
6%
*4%
4%
54%
25
178
1%
334
*52
*2434
178
*1%
*3%
478
74%
5
74%
634
*4%
*52
*2434
16%
1634
16%
1,600
*2%
2%
2%
2%
400
Wayne Pump Co........—1
Webster Elsenlohr
No par
100
80
West Penn El class
320
29%
28%
29%
21%
22%
*27%
27%
29%
22%
105
*96
2934
23%
95
6184
64%
108% 108%
*97% 100
71
*67
72
12%
*11%
15%
13
1534
7
4%
134
2%
134
3%
5%
7684
3%
334
5%
76%
5%
5%
5%
76%
76%
11,900
1,800
28%
"i'eoo
28%
23%
36,200
11,900
76
76
29%
233s
*96
28%
29%
2384
—
28%
2834
*28%
27%
30
2234
23«4
*90
105
63
63
63%
66
*65%
*90
105
98%
98%
69
21
15%
69
69
10
10
37%
16%
16%
*1134
12
1134
1%
*
134
15
36%
*16
*1%
21%
*84
91
16%
12
1%
1434
118
103s
37%
*84
16%
1134
Bid and asked prices; no
I84
118
103s
38%
91
17%
12%
134
*20%
14%
118
27%
22%
6334
*65%
28%
28%
22%
28%
28%
22%
*96
105
6334
66
—
6334
65%
64
66
1,700
99%
98
98%
69
*68%
15%
118
1434
*118
10%
10%
37%
38%
10%
37%
21%
37%
91
91
17
18
17%
17%
12%
12%
12%
I84
1%
134
*84
60
400
21
21
36%
1,300
33,700
37%
240
1,500
12,600
91
*84
1734
12%
17%
1284
I84
134
134
fin receivership,
700
69
15
15%
15
119% *118% 120
*10%
1034
10%
*84
10
10
98
*20%
900
2,900
1,700
105
*90
69
21%
sales on this day.
*2
""166
*110
*96
*96
*90
7634
*114%
*111
27%
2%
25
13
May
20
May
13% May
;
Mfg(The 88)-20
1
White Motor Co
White Rock Mln 8pr
CoNo par
7
7
Mar 31
July
15% Feb 19
104% Apr 26
3
234 Apr 28
23% Mar
Jan
6
»ii Feb
1
18% Feb 13
1784 Apr 22
86 May 31
120%May 2
27%June 6
27% Apr 17
105
Apr 16
92
Apr 28
Feb
80
_
106% Jan 25
Jan 10
107% Jan 18
117% Jan 3
20% July 11
105% Feb 10
29%June 11
91
80
June
108% May
11
May
100% May
21
June
334 Jan 22
2«4 May
28
13
11
10
4% May
% Deo
7% Mar
l%May
26% July
22% Jan
105
141
2
Mar 22
Jan
34% Jan 10
36
Jan 3
14% May
15% May
May
76
110
26
May
Jan
27»4 May
110% Jan
6
108
Dec
May
Jan
Jan
2
3
85
30
May 19
76
Jan 14
61
Jan 7
12% Feb 14
4
Apr 21
June
96% May
100
10%
Deo
15% May
6834 Aug
21% Apr 18
64
May
2% May
4% Jan
115
14
1234June 18
17% Jan 9
8% July 11
5% Jan 10
18% May
7«4
7%
4%
3%
May
Aug
May
Mar
May
"9*766
4,900
2,700
d Def. delivery.
4
Feb 14
41
Feb 15
54%June 28
38
$4 oonv preferred
1%
66
90
1,600
334
*68%
20«4
10%
32,100
54%
1%
2%
*97
36%
8%
4%
8
438
Westlnghouse El A Mfg
10,000
*3%
98
*9%
1534
15%
1%
69
*83
White Dental
2%
65
*3578
300
1%
69
118%
Westlnghouse Air BrakeNo par
400
2
98
14%
6
13
80
1%
65
*20%
4% 2d preferred
..100
Western Pacific 6% pref—100
Western Union Telegraph .100
71
410
2
98
118
8%
4%
112
*66
109
108
*24%
69
14%
2434
94
Pf -100
West Va Pulp A Pap Co No par
6% preferred
100
Western Auto Supply Co...10
Western Maryland.......100
West Penn Pow Co 4 H %
*12%
400
22
July
74% Jan 18
6.900
34%
7
16% Jan
20% Jan
25% June 27
100% July
May
23% Jan 13
32
3
A..No par
May
% May
3<4 May
l%June 20
13%June 20
1684 Mar
.......100
100
2
30
4% July 11
Mar 21
65% Mar 6
97
May 31
25
34%
15%May 28
80
13% Aug
63
No par
97%
34
3
May 14
_
80
97%
34
Feb 19
18%June
l%June
June
3% Deo
% May
5% Jan
21% July 10
6
24%
250
4
10
June
5
60
1st preferred
50
Weston Elec Instrument. 12.60
Westvaco Chlor Prod..No par
$4.50 preferred
..No par
WheellngALE5 J4 % conv pflOQ
Wheeling Steel Corp...No par
$5 conv prior pref—No par
33%
64%
20%
12,300
9,400
900
*68%
14%
700
23,700
32
*96
20%
500
32
63%
66%
98%
*117% 118%
2,100
25
75%
105
61%
*4*666
*24
*110
27%
61%
2,500
1%
99%
6234
*85%
150
2
75
99%
190
32
2584
7% preferred
6% preferred
% Mar 11
14
No par
$4 oonv preferred
97%
25
5%
2»4 Feb 19
Jan 2
Feb
May
18% May
Feb
100
73
4
53
6
June
3
6% Jan
30% Jan
2%May
preferred..
Wesson Oil A Snowdrift
*96%
3134
7
$3 preferred
*70
31
2434
JWarren Bros Co
10234 103%
*95
96
*24
5
6
16%
25
5
preferred..........100
Warner Bros Pictures.
Dec
89
105% Jan
13% Apr 19
400
*52
4%
•nJune
Oct
•u
5% May
16% May
4
9% Apr
22% Jan
2
3%May 13
par
16%
4%
Jan
June
%
% Jan 10
"11 Jan 17
x12»4 Feb 13
par
*16
54%
384
No
16%
*52
3%
5%
No par
*15%
25
25
....
4%
8
14
101% 10234
May
71
120
26
54%
334
74%
6%
28% May
June 21
Waukesha Motor Co........5
*52
3%
1%
4%
5
June 13
300
16%
33% Feb
143
400
54%
*52
2
1%
3%
*1%
*112
♦110
7%
7
4%
12%
£1534
36% June
102
21%
108% 108% *108% 109
97%
97% *97% 101
4
Feb 15
3234
97%
£33%
Jan
Mar 27
12%
73
33
42
% Apr 15
•u Jan 4
*30%
*21%
*70
33
9
89
Class B
7%
May
June
135
100
100
*11%
*3*, 100
May
5
21
...—100
32
23%
May
109
117% Feb
May
1«4 May
2:3784 June 12
31% Mar 29
12%
23%
14
3
Apr
12
Ward Baking Co el A..No par
*77
19
2
8
1
2% Jan
2884 July
180
2334
July 11
25
700
*96%
33
Mar 13
115% Feb 17
21%
23%
July
112
7
9
35% May
56*4 Jan
19% Apr 22
1
97
31
Mar 26
1
*77
22% June
Mar 26
67
13.85 preferred.....No par
73
82
44% Jan
320
97
*31
115% July
2
62
*70
31
Feb 13
1% Apr 14
*21
101% 101%
94
9434
Mar 17
July 10
4
24
May
15
20
*30%
—
June
6
28
62
24
12
25
Feb 14
57
32
2%
»u Nov
9
4
Apr 10
39%June
21%
1634
17
12%
Jan
May
June
69
114
No par
....No par
Warren Fdy A Pipe
No par
Washington Gas Lt Co.No par
12%
45
12
4
1%
12% May
34% Jan
Apr 21
par
7%
May
June
13434 June
17
25%May 31
2,000
1
41
Jan 10
% Jan
2
par
42,600
Dec
1%
160%June 26
17% Apr 22
4%
42% June
7
4
16% Jan 10
96%June 27
4 May
1
20%
20%
Deo
29%
167
100
100
May
42
6984 Jan 15
Jan 21
2
4H% pref with warrants
Walworth Co
No
Walk(H)Good A W Ltd No
Dlv redeem pref
No
900
103% May
1% Jan
Walgreen Co.........No par
1,000
Jan 13
50
Waldorf System.
1
39% May
60
May
1% Jan
100
5%
% May
May
15
68% May
333a Jan 13
48
Jan 4
200
*4%
6
July 11
130
600
*13%
Aug
7
Co.....100
Preferred......
2,000
May
48
x22
6% preferred...........25
t Wabash Railway Co
5% preferred A....
29%
14%
6
2
4
76% Jan 29
70»4 Jan 6
23
Van Norman Mach
Vulcan Detlnnlng
10,100
6
65% Apr
Apr 18
61
*1
1%
*31%
50
5%
5%
29%
*34
1
21%
3%
61
62
62
1*666
May
3% May
July
98
9
*19%
*95% 100
5%
29%
13%
%
"
14
4
1% Jan 11
July 11
19%
*8%
9
19%
98
98
100
*98
117
31
20
*136% 149
*310
3132
%
*»10
'
%
94%
95
94%
95
11634
116
116% *116
117
116% 116% *116
20
20%
19%
19%
1834
19%
18
18
18%
18%
*17%
18
*114% 106%
*10478 106% *104% 106% *104% 106% *104% 106% *104% 106%
28%
29
2834
28%
2834 29%
2834
29
*28% 2834
*28%
29
3%
3%
3
*3%
3%
3%
2%
2%
*234
2%
*234
278
*6%
7%
7%
7%
7
7
7%
7%
*6
7
*6
7
%
34
#12
7g
%
%
%
%
*TX6
%
%
*3g
2538
26%
26
24%
25%
25% 25%
25%
24%
24% 25%
24%
22%
22%
22%
22%
22%
2234
2234
21
21%
21%
2034 207$
96%
9634
95% 96
9584
9684
95
96%
94
95
93%
94%
132
132
132
132
131% 132
*130
132
130% 132
132
132
*94
*116
300
1,000
99%
*»10
*77
24
23%
73
23%
73
97
*101
11%
*30%
1%
*77
*77
*77
4
62
62
62
*310
1
20
19
18%
434
33
*97
*136% 149
*#16
,
*39
*310
*8%
9
9
19
100
<
41%
3234
99%
3234
*97
99%
*96
'
*»I0
4%
1
600
*38%
4%
*%
200
40
*136% 149
*11 Jan
Vanadium Corp. of Am.No par
40%
40
25% July
26
May 20
Jan 17
15
....100
Preferred
Virginian Ry Co..........25
18%
39%
33%
99%
*310
87S
8%
19
*98
100
*98
12,400
1,800
28
27%
116% 116% *116% 117
*18
19%
*18
19%
149
Vadsco Sales.........No par
3,500
1934
33%
133
700
116%
*138
%
%
*31S
**16
28%
28
28%
27%
Universal Pictures 1st pref.100
2
2
2
*18
*96
99%
1%
2
116
39%
149
*1%
50
70
28
*27
28
27%
*115% 116
*115% 116
*42
43%
43%
43%
*
72
*_—
72
60%
24%
25
24%
2434
24%
24%
140
Tool._2.50
Van R&alte Co Ino
5
7% 1st preferred....... 100
Vlck Chemical Co
6
Vlcks Shreve A Pao Ry
100
Victor Chemical Works
6
Va-Carollna Chem
No par
6% dlv partlc preferred. 100
Va El A Pow $6 pref
No par
Va Iron Coal <fc Coke 6% pf 100
13%
*13
June
48
100
8% preferred
10
43%
*42
2834
18%
33%
*96
*138
13
26
25%
116%
40
*39
40
13
2
27%
19%
18%
17%
13
27%
24
1%
*116
116
26%
*
72
24
178
27%
2634
2634
26%
*116
*
24
*134
178
25%
12%
27%
42%
4134
72
24
24
*2314
*134
26%
;
17%
*16
No par
100
160
**i0
«
17%
-
June 12
8% Jan
% Apr 28
44% Apr 25
12
May 10
Universal-Cyclops Steel Corp 1
Universal Leaf Tob
No par
20
115% 115% *115% 116
42
42
100
200
...
*152%
160
*16
26%
28
*26
26%
1157s 11578
42l2
*
12%
*151
---
*610
S16
17%
*16
26%
1234
2534
12%
*26
*11514 116
*4134
2578
*150%
156
516
3g
1534
12%
...
156
156
*%6
1584
25
2434
12%
27%
2434
*12
*152
*616
17%
*151
May
284 May
4% Jan
May 10
1
5
$6 conv preferred
200
14%
54
*53%
52%
52%
*151
50
14%
15
*14
June
165
9%June 27
Mar 27
42
25
1
United Stores class A
14%
50
Jan 14
183
17% Feb 14
80% Feb 15
65% Mar 13
69% Apr 25
49% Apr 21
115%June 2
22% Apr 30
50
Corp
1,100
53
6% May
27% June
22
Dec
7% preferred
120
Dec
10% July 11
69% Jan 8
4
4% Feb 17
100
3,400
53
May
Apr 23
No par
%
*52%
Jan
5
3%
9
34% Feb
25% Jan
Preferred
1%
*14
80
July 10
3% Jan
2134 June
U 8 Tobacco Co
34
*48
156"
2,200
*1%
54
*1534
3,300
1%
14%
*152
119%
1316
49%
Jan 17
17
May 14
50
1%
*52
90
8% Mar
No par
1310
*14
4
31»4 Jan 11
Preferred
%
51
May
80
U 8 Steel Corp
1%
14%
3
Mar
55
100
%
49%
June
5% Apr 24
U S Smelting Ref & Mln
100
55,900
45%
6
26% Apr 26
29%May 6
18% Apr 12
"i4June 4
lBt preferred
1%
51
1
1,500
59%
Oi
Jan 13
334 July 11
170
JU S Realty & Imp....No par
Rubber Co
10
1%
*14
17%
73
Ja
118
54% Feb 24
U S Plywood Corp
8%
Ja
107% June
9% Feb 19
US
»i6
*46%
156
64
27%
45%
3
15
100
20
10
1
U 8 Playing Card Co....
3,100
27%
D<
85%
Dec
May
9%
No par
1%
34
1%
»i0
15
*6i0
69,200
98
2884
45%
41
60
28»4 Jan 10
100
26
119
119% 11934
25% May
Apr 22
1,900
58%
2% May
8
Jan
Apr 18
Prior preferred.
*71%
73
59%
Jan 11
70% Jan 10
10% Jan 16
117
Jnn 22
3
200
Apr
Mar
65% Mar
638 Jan
6
42
20
Partlc & conv cl A
97
63
Dec
Jan 11
No par
U S Pipe & Foundry
25%
2584
96%
2434
26%
share
32
43
1,100
1%
1%
6
Fee 10
U S Leather Co
22%
*22
Sept
33
"4*266
758
7%
2
5H% conv preferred
60
U 8 Industrial Alcohol-No par
50
63
95
53
*1534
700
*7%
31
*2134
49%
*152
5,300
334
31
31
22%
1%
25%
*5014
*152i4
27%
*3%
31
*1334
*46
27%
334 May
3% Jan 11
11
84
5
per
434 Jan 13
9
May
Highest
share $
per
8% Apr 25
2% Apr 10
2% Feb 19
pref.100
No par
20
100
U S Hoffman Mach Corp
2,000
*42
Co
7% preferred
8%
43%
8%
28%
28%
45%
*45
45%
U S Gypsum Co
20
85%
*71%
29%
29%
29
U S Freight
4,000
28
73
59%
119% 120
120
3,400
177
*80
*71%
58%
59%
58%
119
10%
59%
10%
28%
94
59
74
1*620
105
No par
16 first preferred
7%
85%
7%
2334
94%
*5714
*71%
17
U S Dlstrlb Corp oonv
59%
27%
3%
60
*92
U. S. <fe Foreign 8ecur_.N0 par
2734
*1%
2212
1%
24%
*1%
1,000
*80%
*2134
*1%
22
1%
21%
1%
31
*21
3%
per
684May
United Gas lmprov't
91
85%
8
*80
27%
334
3,200
28%
8
8
85
734
2734
27%
27%
*42
28
3%
'
*80
85
*42
44%
*42
778
*7%
85
8%
834
7,500
177
8%
44%
No par
United Fruit Co
3,700
1034
3%
"
5
100
3%
59%
*177
5
United Eng & Fdy
400
No par
$5 preferred
No par
United Mer & Manu Inc v t c 1
United Paperboard
10
*86%
16%
10%
9%
59
60%
8%
834
27%
*3%
*42
8%
984
9%
60
*177
United Electric Coal Cos..
5,000
12,900
1034
17
15%
15
100
Preferred
110%
*110
91
10
United Dyewood Corp
7%
7
3%
3%
*86%
91
14%
15%
8%
44%
8%
3%
66%
3%
*3%
3%
3%
3%
4%
10%
10%
11
27%
4%
40
67
27%
*38%
111
110% *110
*85
*177
"
7
3%
3%
9%
5934
*177
67
7%
10%
91
1434
9%
9%
57
56*2
56*4
*177
3%
*3
15%
15
6734
27%
4%
7
1034
*85
91
*85
434
38%
10934 10934 *110
10
28
4%
38%
6 734
7%
720
6734
67%
7%
66%
678
400
38%
5
United Drug Ino
4,500
334
3%
$
1
$ per share
share
2%June 3
l%May 6
20%May 16
338 Apr 21
33%May 5
60
May 29
Par
2
4%
38%
38
Shares
Year 1940
Lowest
Highest
Lowest
3%
*1%
23%
1%
23
4%
134
$ per share
On Basis of 100-Share
Week
3%
Range for Previous
1
Lots
EXCHANGE
2
3%
2
25
3%
STOCKS
NEW YORK STOCK
the
CENT
Friday
July 11
1
share
$ per
$ per share
3%
3%
3%
1%
21%
3%
3*4
1*4
2212
8
8 per share
$ per share
$ per share
31i
July
7
July
Thursday
July 10
Wednesday
July
9
Tuesday
Monday
5
SHARE, NOT PER
SALE PRICES—PER
HIGH
Sales
for
LOW
211
New York Stock Record—Concluded—Page 10
153
Prior
20% Feb 14
25% Mar 28
23gMay 12
2% Jan 11
14»4 May
134 Oct
Corp—1
No par
preferred
.....20
Wilcox Oil A Gas Co........6
Willys-Overland Motors
1
6% conv preferred
10
Wilson A Co Ino
No par
$6 preferred
No par
White Sewing Mach
Wisconsin El Pow 6% preflOO
Woodward Iron Co....——10
Woolworth (F W) Co..
10
Worthlngt'n PAM (Del)No par
7% preferred A—--—100
6% preferred B_.
100
Prior pref 4)4% series—100
Prior pf 4
conv series 100
Wright Aeronautical—No par
Wrigley (Wm) Jr (Del) .No par
Yale A Towns Mfg Co
25
Yellow Truck A Coach cl B..1
100
Preferred..
Wire.-No
Youngstown S A T
No
5H% preferred ser A
Youngst'n Steel Door..No
Zenith Radio Corp
No
Young Spring A
Zonlte Products
»»
New stock,
Corp
par
par
100
l%May
3
1% Apr 16
3% Anr 18
4% Apr 24
65% FeD 15
113
July
3
25% Apr 21
26%May 26
16% Feb 19
93
Mar 15
85
Jan 30
54% Feb 17
Feb 13
58
88
Apr 23
62%May 28
17% Apr 24
11% Apr 21
114
Feb 25
9% Feb 19
30% Apr 18
83
Apr 26
13% Apr 16
par
par
10«4May 16
1
1% Apr 23
r Cash sale.
« Ex-dlv.
5% Jan 13
534 Jan 26
45
June 16
116
33% Jan
34% Jan
7
24% Jan
July
9
7
105
Jan
June
Jan
15*4 May
30
May
13% May
55
99% July 7
64
July 11
66
July 8
60
June
July
29
June
89
June
9
91
June
Jan 11
73
May
101% Jan
80
Jan
334 May
9
7684 July
114
1%
3
Jan
22% Jan 8
17% Jan 10
120
Jan 10
12% Jan 11
42% Jan 6
94% Jan 31
183a Jan 6
15% Apr
2% Jan
y Ei-rlghts.
15% May
984 May
98
May
6% June
26% June
80
May
12% May
3
8% May
6
2
Mar
? Called for redemption
July 12, 1941
212
1
1
B
Record—New York Stock Exchange
Bond
friday, weekly and yearly
NOTICE—Prices are "and 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 tbey occur.
No account is taken of such such sales In computing the range for the year.
The italic letters in the column beaded "Interest Period" indicate in each case the month when the bonds mature.
Friday
Week's
Last
Range or
Range
bonds
Last
Range or
Sale
1 Friday'8
Since
N. Y. 8TOCK EXCHANGE
Sale
Friday's
Week's
Friday
bonds
EXCHANGE
N. Y. STOCK
Price
11
Week Ended July
1947-1952 A 0
J D
M S
/ D 106.6
P A
A O 106*24
A O 107.28
/ D
J D
/ D
M 8
if S 111.6
M 8
M 8
/ D
M 8
/ D
J D 111.8
J D
M 8
J D
M 8
M 8
Af S
J D
J D
J D
if 8
J D
/ D
4s.————1944-1954
Treasury 3%e..
—1946-1965
Treasury 3 Ms
>.1943-1947
Treasury 3M8
1941
Treasury 3Ma
1943-1945
Treasury 3Jis
1944-1946
Treasury 3 Ms
1946-1949
Treasury 3M®
.1949-1952
Treasury 3s.......-.---1946-1948
Treasury 3s
—-—1951-1955
Treasury 2MB-———--1956-1960
Treasury 2%a.
....—1945-1947
Treasury 2%e
-..1948-1951
Treasury 2Ma
...—.1951-1964
Treasury 2%s...
1956-1959
Treasury 2%e
—.1968-1963
Treasury 2MB
..—.1960-1965
Treasury 2 Hs..........
1945
Treasury 2 Ms
1948
Treasury 2M8-—
1949-1953
Treasury 2)40------—1960-1962
Treasury 2 Ms
1962-1954
Treasury 2M&-—...... 1956-1968
Treasury 2Ma------——1951-1963
Treasury 2MB... ——-1964-1966
Treasury 2s
1947
Treasury 2s.....Mar 16 1948-1950
Treasury 2s.....-Dec 15 1948-1950
Treasury 2s..........
1953-1955
Treasury
....
4c
Low
U. S. Government
Treasury 4MB
Bid
♦119.2
111.20
Jan. 1
Asked
High
No.
119.4
119.10
111.2
♦111.4
111.13
106.6
Low
~"d
High
121.26
111.19113.18
113.3
115.7
106.6
106.6
....
107.25
101.21102.19
♦100.4
106.24
106.27
"4
106.24 108.6
107.28
107.31
11
107.28 109.9
el 10.31
110.31
2
♦113.4
113.13
110.11112.12
112.15114.9
109.24111.21
♦110.11 110.20
113.9
113.9
111.6
111.25
39
108.15
108.16
11
6
110.4
113.9
107.14111.25
108
109.24
107.27110.9
♦109.22 109.30
110.14
"2
107.2
110.14
110.27
110.27
2
107.1
111
♦110.21
110.30
111.8
111.24
110.14
106.31110.31
"52
107.8
111.24
2MB
-
A
series
m
8
♦6s assented
Sept 1961
6s..-1962
♦External sinking fund
♦6s assented
105.4
108.10
102.8
105.9
103.1
104.17
♦106.16 106.24
103.5
106.19
♦106.23 107
103.5
106.26
♦106.10 106.19
104.28106.28
♦103.14 103.22
100.24 103.2
106.13
100.17
104.12106.17
104.28
104.28
101.24105.3
101.28103.3
*101.25 102.2
102.15103
J
/
D
♦6s assented
1961 a o
♦Guar sink fund 6e_—....1962 if n
♦6s assented
.....1962 m n
♦Chilean Cons Munlc 7s......1960 m
♦7s assented
100.22 106.22
el 02.5
102.5
106.17107.26
106.22
102.5
102.5
103
101.29103.2
*102.21 102.30
104 %
103 M
104 M
74
100
Akershus (King of Norway) 4s.
♦External
sec s
seo s
J
26 M
22 M
26 M
*20
9M
26 H
25
21M
26
9M
J
♦9M
J
9M
♦9M
J
O
O
f 7s 2d series.1957
♦External
J
25 M
23
♦25 H
1968 if 8
♦Antioqula (Dept) coll 7s A...1945
♦External s f 7s series B
1945
♦External s f 7s series C.....1945
♦External s f 7s series D.—1945
♦External s f 7s 1st series
1957
f 7s 3d series. 1957
♦8M
8M
o
8M
7M
7M
7M
7M
6M
9M
9M
9 M
9%
10
6M
8M
J
♦8M
D
*12
1947 r
a
1952 /
d
25-year gold 4Mb.......—.1953 m n
Cordoba (Prov) Argentina 7s._1942 J
♦Coeta Rica (Rep of) 7s
Cuba (Republic) 5s of 1904.
External loan 4Mb
4Mb external debt...
Sinking fund 5 Ms
—
—
Ms——.—1948 M[ 67
1971 H N
F A
1949 r
—1949
10 m
"II
"92
12%
13m
11m
12
11m
11
8%
12
12%
12
11%
12%
11%
8%
11
8
20%
56
30
37 m
65
30
22%
37%
25
23
26
25%
27
37 m
34 %
35 m
*25%
35 m
35 m
~25%
25%
22 m
29
21%
36 m
23
23 m
21
33 m
21m
33m
81
81
72
82
22%
24 m
9
74
65
33
60 M
15
53 M
67
67 M
28
67 m
58 M
59
33
53 M
47
11
5M
8M
05
64 M
66 M
65
66 M
1972 A O
J
1957 M
/
8
1956 "N
....1957 1
J
1928
♦Austrian (Govt) I f 7s
♦Bavaria (Free State) 6 Ms
With declaration
1945
F
"67M
59
A
6
12
15
65
59
27
16
Belgium 26-yr extl 6Ms...-...1949 M
86
83
86
5
—-
1955 /
6s
J
"85 M
With declaration
External 80-year s f 7s...—1955 / D
With declaration
♦Berlin (Germany) s f 6 Ms
1950 AO
84
"78*
26
43 M
43M
75
90
"85 M
"27
43 M
« M
89
"78
"3
49 M
48 M
84 m
8
With declaration
15M
♦External sinking fund 6s—1958 / D
.
8
82 M
75M
f 6 Ms of 1927
♦7s (Central Ry)
1941 / D
1957 A O
1957 A O
20 M
1952 J D
♦Brazil (U 8 of) external 8s
♦External s f 6 Ms of 1926
26
26 M
26
17M
16M
15M
16M
21M
Brisbane (City) s f 6s
—1957
1958
20-year s f 6a
1950
♦Budapest (City of) 6s........1962
Buenos Aires (Prov of)—
♦6s stamped
....1961
External s f 4M-4M8
1977
Refunding s f 4M-4MS-—. .1976
External readj 4M-4M»—1976
External s f 4M-4MS
—.1975
3% external s f $ bonds.....1984
Bulgaria (Kingdom of)—
Sinking fund gold 5s..
52 M
52 M
64
"i
57
65
6
5
20 M
80
17M
20 M
17
17M
57
17M
17
17M
16
18M
18M
I8M
23
62
62
if 8
F
A
/
D
/
D
1
*60
63
63
63
5
~
6
M 8
F
63
O
AfN
51M
External g 4Mb
With declaration
1962 a
Apr 15
o
French Republic 7s stamped
With declaration
/
99 M
1961/ J
1944 /
J
..1967 /
J
1968 M N
30-year 3s
30-year 3s
♦Carlsbad (City) 8s
1954 /
♦Cent Agric Bank (Ger) 7s
1950 M
♦Farm Loan s f 6s..July 15 1960 J
♦6s July coupon on
1960
♦7s part paid
♦Sink fund secured 6s
♦6s part paid
17 M
17 M
19M
61M
6M
♦7 Mb secured s f g
♦7s secured s f g
♦External slDklng fund 6s... 1960 A
♦6s assented
Irish Free 8tate extl s f 5s
1960 A
50M
51 M
47
52%
38
32 %
37
8M
5%
7M
5M
5
8
99 M
70
88 %
102 M
70
97
102 M
95 %
96 M
70
89
90%
90 M
90M
91
20
91
97 M
96 %
97 M
41
79 M
92
88
87 H
88
32
76 %
97%
88%
87 M
87M
25
70%
88
J
9
7
14%
24
16
26 M
14
25
17M
8%
14
♦13M
A
217..
13M
14
3
13
29
♦13M
______
12M
36
14
13M
8%
13 M
10
14
9
13
10M
"l2 M
26%
10 M
15
12M
13M
12
O
Feb 1961F
For footnotes see page
9M
25
A1
49%
31
60
mmmm
67
60
52
51%
05
58
52%
58
52%
59
52
58 m
52%
59%
52%
•mm mm
70
59%
27
9
9
8
20
~50" "55"
"l"8m
8
27
20%
20%
94
63
93
93
93
93
67
7m
0%
5%
136
5
5%
t
8%
6
10
7%
9%
I
1
IO
"8%
8%
14%
7
5
9%
20
*5%
15
26%
*7%
"9%
1968 F
11%
1
*6m
a
10m
12%
.....
"0%
1968
55%
38%
14%
1945 j
49m
52 %
0%
22%
*5%
4%
6
4%
0%
5
5
6
6
/
6
.....
j
1946 j
49 %
27
49 m
'36"
26
26
55%
25
66
26
o
o
5
4m
14
a
14
5
4
m
1
12m
23 %
75
9
74
Japanese Govt 30-yr s f 6 Ms—-1954 F
Extl sinking fund 5 Ms
1965 if
♦Jugoslavia (State Mtge Bk) 7s 1957 a
♦Leipzig (Germany) s f 7s
1947 F
a
n
21
74
2
65
21
23 %
17
20
10%
—i960 m N
1951 j D
♦Italian Cred Consortium 7s ser b'47 if 8
♦Italian Public Utility extl 7s„ 1952 /
j
16%
1
*19%
40%
30%
18
21
10%
29%
78
75 m
75
78
83
58 m
56
56
59%
18
41m
D
70
■
o
0
a
28
6
mmmm
19m
8
8m
26 m
8
99%
29M
O
10
M
1964
♦Italy (Kingdom of) extl 7s
/
Feb 1961F
59
With declaration
51%
99 M
101M
13M
8%
♦Hungarian Land m Inst 7ms-1961 SfN
♦Sinking fund 7ma ser b
1961 if n
52%
S
1942 M N
mmmm
58
*50
♦Heidelberg (German) ext 7 ms 1950 j
/
Helsingfors (City) extl 6 ma
1960 a o
Hungarian Cons Municipal Loan—
52
96
1942 M N
63
With declaration
45 %
1960
on
12
59
1949
♦Haiti (Republic) s f 6s ser a—1952 a
♦Hamburg (State 6s)
1946 a
46
6s...Oct 15 1960
♦Chile (Rep)—-Extl s f 7s
♦7s assented
9%
55%
09%
64 m
♦Lower Austria (Province) 7 Ms 1950 j
102 %
8M
♦(Cons Agric Loan) 6 Mb
1958 / d
♦Greek Government s f ser 78—1964 m n
45
5M
O
10
31%
38%
29%
33%
27%
8%
93
♦5 Ms of 1930 stamped
1965 / d
♦5 Ms unstamped
1965
♦5 Ms stamp (Canadian Holder)'65
♦German Rep extl 7s stamped—1949 a o
♦7s unstamped
1949
German Prov dc Communal Bka
51
♦Stabilization loan .7 Ms...—1968 M N
A
-
58
1949 / d
7s unstamped
German Govt International—
49 M
♦36
1952 ifN
1
32
*58%
*58%
1967 j
/
Finland (Republic) ext 6s
1945 m 8
♦Frankfort (City of) s f 6Ms_—1953 if n
With declaration
50M
*5M
1960 A
46
1945 m N
1948 j
31
64
60
*57%
*58%
8
♦el Salvador 8s ctfs of dep
♦Estonia (Republic of) 7s
2
52 %
*57%
58
o
♦Dresden (City) external 7s
49
J
Aug. 15 1945 F
88
68
/
6s
8m
50
01%
54
2d series
68
J
Canada (Dom of) 30-yr 4s
73
9m
*42
o
Dominican Rep Cust Ad 5Ms—1942 if S
85
...1967 /
f 7s
88
46
"56 %
49M
50M
50 M
A
A
*55
99% 104
8m
50
i
1955 FA
Hungary 7Ms ext at 4Mb to_..1979 p
if S
101m
02%
49%
101 %
26 %
14
With declaration..
104 m
96
101 %
103 m
9
85M
30
—1955
1942 J
O
65
30
73 M
External 6s of 1927
9%
18
101
101
02%
85%
O
78
85 M
59
14m
16
103"
*10
1969
58 M
58 M
84 M
05
8%
101%
1969
*5M
85 M
73 M
Australia Com'wealth 6s
61 m
—1977
5 Mb 1st series
17
64M
♦Extl sinking fund 6s
♦6s assented
"34
*15%
*99%
*102%
*100%
a
5 Mb
17M
73 M
♦6s Oct coupon
81
Jan 15 1953
Customs Admin 5Ms 2d ser.. 1961 m
7
64M
s f
22 %
1944 m 8
9
14
8f extl conv loan 4s Feb—1972
8 f extl conv loan 4s Apr
J
—1951 m N
ser A_
9M
18
8 f external 4 Ms
♦Farm Loan
14
14
33 m
With declaration..
9M
Argentine (National Government)—
10-year 2Mb
25-year 3Mb
7-year 2 Ms—
~41
"12%
25%
*25%
35%
35
35 m
(♦1st fler 5 Ms of 1926
—1940
(♦2d series sink fund 5Mb... 1940
10
With declaration
s
"12
*11%
11%
25%
Oct 1961 A
Jan 1961 j
9M
9M
17M
Antwerp (City) external 6s..—1958
♦Secured
8%
10%
8%
9%
21M
♦6s of 1928
♦Sinking fund 7s of 1927
Copenhagen (City) 5e
11M
9%
9%
8%
*8M
♦6s of 1927
13
9
10
*11%
~ii
♦Colombia Mtge Bank 6 Ms—1947 a o
♦Sinking fund 7s of 1926
1946 m N
With declaration
....1948 A O
♦Gtd sink fund 6s
s
8
13%
14m
13M
8%
10%
8%
10%
"9
11
12M
d
External gold 5 Ms
With declaration
25M
♦External
High
104M
& Municipal
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 6s..........1947 * A
s f
59
"l2
11
8
1960 m
1951 j
Denmark 20-year extl. 6s
External
"l2
11
*11%
♦Publlo wks 5 Ms—June 30 1945
♦Czechoslovakia (Rep of) 8s
1951
♦Sinking fund 8s ser B... -.1952
1980 / D
With declaration
12
♦6Mb assented
1961 / d
♦Guar sink fund 6s..—..—1961 a o
External 5s of 1914
City
External g 4 Ms of
Low
106.28108
*101.25 102.2
12
*11%
108.5
*106.30 107.0
3% Corporate stock
8 f external 4
13m
1961 / d
With declaration
.1946-1947 J
Govt.
d
14
1
;
*11%
1957 / d
.—1957 /
12%
12M
46
14
14
♦External sinking fund 6s—1963 vn
♦6s assented
1963 if n
♦Chile Mtge Bank 6Ms_.
♦6 Mb assented
♦Sink fund 6 Ms of 1926
13
14
108.10
11
1
Jan.
10%
12%
108.10
104.17
29
12
A
1962 A
108.5
104.12
14m
*13m
♦Cologne (City) Germany 6 Ms. 1950 m s
Colombia (Republic of)—
Transit Unification Issue—
Foreign
12M
105.2
106.26107.28
2Mb series G.........1942-1944
New York
8
♦Chinese (Hukuang Ry) 5s
♦105.19 105.28
No.
Since
BQ<§
♦13m
♦Ry extl. s f 68
Jan 1961 /
♦6s assented
Jan 1961 /
♦Extl sinking fund 6s._Sept 1961 m
107.22108.14
108.5
Range
is
Asked
High
A
Chile (Rep)—Concluded—
107.16109.22
♦106.29 107.6
Corp—
..——1944-1952 MN
1 Ms series M
Bid
Low
108.8
Home Owners' Loan
3s
Price
Foreign Govt. & Mun. (Cont.)
109.16
1942-1947 M 8
3s
•-in.
109.13
1944-1964 M 8
1944-1949 if N
1942-1947 /
J
3s
h
11
♦107.31
Federal Farm Mortgage Corp—
3MB
Week Ended July
13M
12%
1954 j
D
8
Mendosa (Prov) 4s readj......1954 j
Mexican Irrigation—
d
*67 m
♦Medellin (Colombia) 6m8
♦4Mb stamped assented
1943 m N
♦Mexico (us) extl 5s of 1899 £.1945 q /
♦Assenting 5s of 1899—.....1945 q /
♦Assenting 4s of 1904
1954
♦Assenting 4s of 1910
1945
(♦Treas 6s of *13 assent
1933
♦Milan (City, Italy) extl 6Ms—1952
Mlnaa Geraes (State)—
♦Seo extl s f 6 ma
1958
♦Sec extl
s f
6 Ma
♦Montevideo (City) 7s..
♦6s series a
8M
6M
70
61
♦5m
5%
5%
5%
5%
5%
5%
12
5m
12
9M
73
3m
5%
3%
6
3m
6
j
D
*5%
5%
3m
/
j
*5%
0%
4m
6
a
o
10%
17%
16m
30
m 8
10%
10%
10%
10%
8
8m
6
11
11
1959 m
8
1952 /
d
62
54
62 m
1959 m N
70
53
60
Volume
New York Bond Record -Continued -Page 2
153
BONDS
N.
Y.
f
a
o
..1943
f
a
Norway 20-year extl 6s
With
With
69 H
6
60
1
68
71
5
a
With declaration.........
4s s f extl loan
1963
f
1970
j
F
...1952
1958
1955
1963
x
aaal
x
bbb3
71
MN
x
bbb3
51
61
J
D
x
bbb2
51H
J
D
x
bbb2
31H
70 *
36 H
/
D
X
bbb2
J
D
x
bbb2
J
J
x
aa
♦101*
-j,'-.
J
x
aaal
♦111*
....
Cal-Ariz 1st A ref 4 Hs A..1962 M S
J D
Atl Knox & Nor 1st g 5s
1946
x
aaal
111*
x
aa
J
Atl a Charl A L 1st 4 Hs A..1944 J
J
J
1st 30-year 5s series B
1944
M S
Atl Coast 1st cons
x
bbb2
100*
x
bbb2
101*
x
bbb2
1994
J
1967
Ext sec ref 3*s ser B
♦Pernambuco (State of) 7s
♦Peru (Rep of) external 7s
41
34 H
40 H
Rocky Mtn DIv 1st 4s
1965
Trans-Con Short L 1st 4s_.1958 J
31H
31 H
29
34 *
40 *
30
*27H
29
31H
28
46
24
27 H
8
42
43 H
39
41H
42 H
36 *
43 H
25 H
24 H
30
27 H
56
D
55*
*103
55 *
58*
111*
111
1
111
111
100*
101*
5
97* 100*
8
78
107
147
61*
2
89
75
77
90
2
72
71
72
38
68*
75
2
36
35
36
11
33
38
J
J y b
Second mortgage 4s
1948
J y b
Atl Gulf A W I 83 coll tr 5S..1959 J
M S x aa
Atlantic Refining deb 3s
.1953
2
31*
31
30*
34*
2
99*
6H
8
J
d
6*
6H
49
6H
6H
8
1960
7H
1st mtge gold 4s
4s registered
6s 2d ser
1961
A
0
6 *
6H
15
6
7*
1940
A
O
7
7
1958
I
O
*4 *
1947
a
o
*12 H
1968
a
O
4*
4*
4*
4*
3H
4*
1950
J
J
*3H
'Th
3H
3H
4*
4H
4H
8H
10 H
8
10 H
9
8
99*
74
105*
5
61*
2
31*
98*
105*
64*
200
*7
J
....1963
4H
j
8
75*
99*
103* 106*
4*
.....
"io"
Yd
1961
j
.......1966
1952
1951
M
10
9*
*8
If N
9*
5
4*
4*
Baltimore A Ohio RR—
July 1948
1948
A
O ybb
O ybb
2
O ybb
2
1st mtge g (int at 4% to
Oct 1 1946) due July 1948 A
a
63
65
188
63
73*
34*
34
35*
307
33*
47*
Ref A ger ser C(lDt at 11-5%
to Dec 1 1946) due... 1995 J
D y ccc3
38*
38*
39*
131
38*
53*
y
ccc3
34*
33
35
266
33
46*
y
ccc3
33*
35
450
33
47
z
cccl
34*
31*
29*
31* 1212
14*
31*
2
53*
52*
53*
65
51
61*
3
44*
43*
89
43
50*
21
50
85
44*
51*
85*
10
84
58*
92*
45*
47
7
45*
47
16
50
....
Ref A gen ser D
(lnt at 1%
M S
Sept 1 1946) due. .2000
Ref A gen ser F (lnt at 1%
to Sept 1 1946) due..1996 M S
F A
♦Conv due
Feb 1 19i
to
♦Rio de Janeiro (City of) 8s
♦Extl sec 6 Ha
1946
A
O
9*
"9H
1953
f
A
8*
8
27
27
Pgh L E A W Va System—
Ref g 4s extended to.-1951 M2V ybb
13
27
8*west DIv 1st M (lnt at 3 * %
87
99
67 H
f
59
67*
20
27
Bangor A Aroostook 1st 6s..1943
10
2
Con ref 4s
...1951
J
J yb
2
4s stamped
1951
2
Battle Cr A Stur 1st gu 3s..1989 J D yb
Beech Creek ext 1st g 3*s__1951 A O x bbb3
8*
Rio Grande do Sul (State
67*
10
♦8s extl loan of 1921
♦6s extl s f g
1946
A
j
D
1966
12 H
10*
O
1968
♦78 extl loan of 1926
M N
10 H
12 H
*10 *
18
1967
j
D
a
O
1953
j
j
if
P
*61*
1952
if N
13H
13H
♦6Ha extl secured s f
...1957
{♦San Paulo 8s extl loan of 1921... 1936
if N
..1964
♦Sao Paulo (City of, Brazil) 8s
j
M
1968
1940
♦Sinking fund g 6Hs
A
J
57
20
16
17H
34
16 *
19 *
19
17H
25H
26
13H
11*
19
57
11
32
22H
64 H
9H
8H
19H
18*
60
15H
58 *
Z>
J
8
62
19*
17H
O
1945
1946
{♦Secured s f 7s
♦Saxon State Mtge Inst 7s..
—.
J
12*
10H
11H
18
*30H
f
/
—.
j
1956
...
8H
22 H
*10H
—
7H
19
t
J
1950
...
♦7s extl water loan
♦6s extl dollar loan......
J
18
9H
11*
"61*"
f 4s
T
43 H
22H
26H
63
13H
12H
26H
26H
MS
*3H
MN
...........1962
p
j
r
f
a
f
*
5 Ha.
1955
Taiwan Elec Pow s f 5Hs
5*
26*
71
47
47
48 *
38
F
20 H
51
20
20*
19
49
52
1961
(
...1946
f
a
50 *
25
1979
ms
...1979
External conversion
45
MS
external readjustment
3*-4-4*s ($ bonds of 1937)—
1978
J
f
45H
a
41 H
7
46
46 H
7
1984
j
J
A
0
1952
M N
1958
f
a
3H
1958
f
a
*2H
1961
♦Vienna (City of) 6s
♦Warsaw (City) external 7s
♦4 Ha assented
J
L
40 *
*37H
4H
25
51
20
BONDS
Last
Ellg. A
Range
Rating
Sale
See a
EXCHANGE
Price
Week Ended July 11
A
Bonds Sold
Asked
D
10-year deb 4Hs stamped.1946
z
y
56 H
*101*
-
-
*
-
-
101H
bb
1943
aa
1943
x
aa
Albany Perfor Wrap Pap 6S.1948
y
cccl
*40
55
------
3
106*
*14*
*108*
z
x
1st cons 4s series B
----
101*
106
------
76
56 H
54*
------
cccl
1952
Ala Gt Sou 1st cons A 5s
*106*
-
----
107
1948
y
cccl
*45
3
----
guar 3
1946
y
bbbl
*82
83*
*77
79
—
—- —
—
--
2
-
-
—
-
-
x
a
a
2
x
aa
2
F
A
x
bbb2
1955
—1961
1960
S y bb
3
Af N y bb
a O ybb
3
------
------
cccl
aaa3
bbbl
x
a
Af N
x
18
------
x
bbb2
2
aa
3
x
aa
y
b
cc
z
cc
1
44 H
28
Busb Terminal 1st 4s
12H
3*
Bush Term Bldgs 5s gu
1960
4*
Calif-Oregon Power 4s
1966
4*
Canada Sou
— ——
-
Consolidated 5s
1955
A
1962
67*
1957
July 1969
Oct 1969
Guaranteed gold 5s...
1970
Guar gold 4*s__June 15 1955
Guaranteed gold 4 Ha
1956
Guar gold 4 Ha
Sept 1951
Canadian Northern deb 6 Ha. 1946
Can Pac Ry 4 % deb stk perpet.
Coll trust 4 Ha
1946
A
/
J
y
60
10
....
110*
1
110
3
93
112*
w
5
93*
105*
43 H
56*
99* 102*
101
103*
100* 107*
20
25
110*
106* 107*
Collateral trust 4 Hs
guar
----
68
40*
74
3*
98
3*
66*
7
74
41*
53
78*
79*
....
53
78
37
78*
51
17
1
2
A
O
x
bbb2
81*
80*
81*
13
80
J
J
x
aa
2
99*
99*
99*
103*
103*
33
90* 100
43
103*
23
78*
108
108
x
aa
2
103*
102*
A
O
x
aa
2
103*
103
F
a
x
aa
2
103*
102*
J
D
x
F
a
J
J
1
108
9
3
aa
2
------
101*
101
x
aa
2
"99*
99*
100
21
M
S
x
aa
2
99*
99*
49
J
J
x
aa
2
109*
J
J
x
bbb2
64*
63*
99*
109*
64*
116
M
S xbbb2
88
87
88*
61
J
1960
J
4s. 1949
Carolina Clinch A Ohio 4s...1965 M
2
108
83*
x
aa
J
x
bbb2
J
z
b
19
x
a
3
69
64*
Celanese Corp of America 3s. 1955 F
Celotex Corp deb 4Hs w W..1947 J
"ioT*
1
81*
84
♦Cent Branch U P 1st g 4s... 1948 J
{Central of Georgia Ry—
F
♦
1st mtge 5s
Nov 1945
103*
78*
106*
32
95*
97
31
88
97
32*
30
32*
59
17*
32*
50*
13*
52
52
4*
5
4
4*
187
15*
47
79
80
102
85*
97 H
A
z
ccc2
98
86
{♦Consol gold 6s
MN
z
cccl
1950
yb
1
56*
55
56*
88
72*
46*
62*
♦Ref A gen 5 Ha series B... 1959 A
O
z
cc
1
Allegh A West 1st gu 4s
1998
y
bb
1
*71
73 H
69
73
♦Ref A gen 5s series C
A
O
z
cc
1
"~4*
Allegh Val gen guar g 4s
1942 M S
x
aa
2
♦Chatt Div pur mon g 4s..1951 J
D
z
cccl
15*
Allied Stores Corp 4*s debs. 1951 F A
A Ills-Chalmers Mfg conv 48.1952 M S
x
bbb2
x
a
♦Alplne-Montan Steel 7s
z
■
1955 M S
Am A Foreign Pow deb 5s...2030 M S yb
2
104
104*
108
104
------
108*
*
25
------
10
11
----
1
58 H
58*
Amer IG Chem conv 6 Ha...1949 Af N x bbb2
Am Internat Corp conv 5H», 1949 J
J yb
1
102*
101*
103
97
100 H
100*
101
20
59*
108
102
104*
106* 108*
-----
-----
52
60*
100* 104*
99* 103*
Amer Telep a Teleg—
1946 J
J
z
1966
A
O
x
aaa3
{♦Cent New Engl 1st gu 4s.. 1961
J
J
z
b
J
J
z
z
J
—— —
♦Mobile DIv 1st g 5s
Cent Illinois Light 3Hs
{♦Central of N J gen g 5s....1987
5s registered....
1987
----
1987 J
♦General 4s
4s registered..
1987
1962
—
A
20-year sinking fund 6H9-1043 M N
x
aa
101»18
J01H
102
32
101* 1041u
Central N Y Power 3*s
3*s debentures
1961 A
O
x
aa
109*
108 H
109*
53
Cent Pac 1st ref gu gold 4s... 1949 F
3Ha debentures
1966 J
d
x
aa
108*
109*
44
106 H
------
J y bb
107
Am Wat Wks A Elec 6s ser A.1975 MN y bb
Anaconda Cop Min deb
4Hsl950 A O
♦Anglo-Chilean Nitrate deb.. 1967 Jan
{Ann Arbor 1st g 4s
1995 Q J
—
— -
-
-
-
102 H
x
aa
y
ccc2
y
bb
1
— —
— —
58
107
6
109
110
7
106* 110
106* 109*
101* 108
108* 111
102 H
102 H
9
102* 106
26*
26*
1
56*
58 H
57
26*
49
35
58*
Ark A Mem Br A Term 5s._.1904 M S
x
Armour A Co.
A
x
bbb2
106
106
106*
61
105
J
x
bbb2
106*
106*
106*
14
Through Short L 1st gu 4s. 1954
A
O
cc
—
-
——
-
*111*
17
28*
5*
85
1*
1*
5*
23
13
-
--
--
----
(Del) 4s B....1955 F
f 4s ser C (Del)
1957 J
bbb3
------
100
100
9
98* 100
Sf deb 4*8 (1938
Issue)...I960
217.
64*
29
56
65
cccl
18
18
19
52
13
20*
cccl
17
16*
17
55
11*
z
cccl
......
16*
17*
35
17*
18
z
cccl
11*
12*
x
a
1
*
3
17
108*
"72*
72
--
108*
73*
75*
2
"55"
75*
53*
2
78*
78*
78*
2
88
86*
88
x
bbb2
*105*
x
bbb2
103*
55
105*
103*
-
—
6
eligibility and rating of bonds.
12*
106* 108*
94
2
51*
76*
75*
58*
79*
32
82*
91*
65*
63*
42*
3
134
2
105* 106*
103* 104*
106*
Attention is directed to the column incorporated in this tabulation pertaining to bank
6*
5
15*
5*
13
108* 111*
4
For footnotes see page
14*
64
1960 F A y b
Central RR A Bkg of Ga 5s. 1942 Af N y b
Certain-teed Prod 5Hs A—1948 Af S yb
S
12
13
—
-
165
14*
12*
-
64*
Guaranteed g 5s..
M
2
A y bbbl
O y bbbl
Champion Paper A Fibre—
Sf deb 4*s (1935 Issue)...1950 M S
"*14*
--
105* 106*
s
46
104* 108
"99*
_
77 H
102* 104
11
38
96*
103
♦
2
89*
8
41
----
106*
103*
49*
99*
D y bb 2
D z cccl
a
74*
102*
93* 103*
94
103*
93* 103*
92* 101*
90* 100
90*
99*
102* 109*
52
64*
76
88*
101* 104*
69*
83*
64* 78*
"99*
x
86
102*
50
20
89*
2
A
89 *
------
20
105* 108*
99* 103*
51*
53
97* 99*
77 H
1959
17
83*
78*
*40*
2
1945
104*
77
1
S
M N y b
F A y b
54
104*
82*
104*
D xbbb2
b
-
8*
a
bb
-
66
48
x
bbbl
-
113
O ybb
y
— —
111
O
y
—
104
A
J
Carriers A Gen Corp 5s w W..1950
Cart A Adlr 1st gu gold 4s... 1981
104
108* 111*
109* 113*
90
95*
103* 107*
A
J
5s equip trust ctfs..
1944
Coll trust gold 5s—Dec 11954 J
{♦Carolina Cert 1st
31*
9*
20*
107* 110*
18*
108* 110*
*•
7
6*
*73
"53"
78
74*
8*
7*
"""6*
44
....
85*
75
42*
42
42*
O ybb
3
ccc2
--
104*
1
41H
-
*110*
1
z
--
81*
66*
51
20*
110*
*112*
104*
------
107* 109
99* 102
73
79*
....
245
26*
7fit
**Vi
105* 107
103
106*
100
104*
102* 106*
.....
110*
"93*
3
48
84*
69*
31*
110
bbb2
x
110*
♦103
110*
2
x
Buffalo Gen Elec 4Hs B
1981
Buff Nlag Elec 3 Hs series C.1967 J D
Buffalo Rochester A Pgh Ry—
..1952
------
1
73
29*
------
x
2
101*
75
30*
z
A
17
-----
"68"
A
D y bb
37
106*
*82
69
Af N
J
14
------
Bklyn Edison cons M 3HS--1966
F A
Bklyn Union El 1st g 5s
1950
Af N
Bklyn Un Gas 1st cons g 5s..1945
F
....
106*
103*
73
3
J ybb 3
MN y ccc2
Af N
-----
26
♦107*
101*
------
J
♦Inc mtge 4Hs ser A.July 1970
F
t ♦Boston A N Y Air L 1st 4s. 1955
..
107
102*
105*
103*
2
x
Blaw Knox 1st mtge 3 Hs
1950
Boston A Maine 1st 5s A C..1967 M
:».
106*
------
y
Am Type Founders conv deb. 1950 J
-
....
1946
1949
♦5s stamped
-
106*
107
Alleghany Corp coll trust 58.1944
Coll A conv 6s
-
---
------
A
41
-
47*
Ha
a
Stamped modified (Interest
Af N
at 3% to 1946) due
1957
{Burlington Cedar Rapid A Nor
A O
{♦1st A coll 6s
1934
♦Certificates of deposit
109
assented
3 Ha registered
x
-
.
Adams Express coll tr g 4s...1948 M S y bb
Coll trust 4s of 1907
1947 / D y bb
♦Adriatic Elec Co extl 7s
J
41H
41*
COMPANIES
{ {♦Abltlbf Pow A Pap 1st 58.1953 J
bbb2
45 H
RAILROAD and INDUSTRIAL
17
x
35 H
35 H
Since
15*
17
z
O
39 *
Jan. 1
15*
O
a
1957
Range
or
Friday's
Bid
27
26*
D
Guaranteed gold 5s
Guaranteed gold 6s
Friday
100*
25*
27
/
1944
1950
Week's
-----
8
10*
-
z
Canadian Nat gold 4 Hs
Bank
97
....
25*
z
r
gu 5s
15
--
15
Consol mtge 3s ser G.....1960
V
Consol mtge 3Hs ser H
1965
cons
--
IF.
At
O
With declaration
1st lien A ref 6s series A... 1947
4H
85
110* 113*
137*
130
--
99
98*
---
21
37
26*
A
♦Berlin Elec El A Undergr 6 Hs'56
Beth Steel 3Hs conv debs...1962 A
J
Cons mtge 3Hs ser F
1959
1st lien A ref series B
41
*103*
------
------
A
.1955
Debenture gold 5s
2H
------
83
----
56*
48
...
54
3
4*
49 *
51
1
3H
4H
1
87*
110*
133*
%
With declaration
♦Debenture 6s
64 H
4
With declaration
Yokohama (City) extl 6s
r-
41*
41 H
VA
36 H
17 H
41
1952
3 Ha extl readjustment
♦Venetian Prov Mtge Bank 7s
49
45H
*38
D
1978
3*-4*-4»u extl conv
4-4 H-4 Ha extl read J
♦Deb sinking fund 6*s...l959
59
MS
.....1964
132*
55
44*
mt
50*
3*s-4-4*s ($ bonds of '37)
110*
133
43
43
V,
With declaration
39H
54*
110*
2
a
55
MS
.......1960
f 6s
3*
61
*
-
2
aa
aaa2
1st g 4*s series JJ
1st mtge 4s series RR
20 H
*46
aa
z
1st M 5s series II
J
a
f 5 Ha guar
f 6s..
"
46
x
x
5
13
k
46
x
x
6H
70
■
♦60
85*
J
J
♦Berlin City El Co deb 6*s.l951
51*
------
O
D
8H
M
...1952
♦Uruguay (Republic) extl 8s
n
2
2
D
8H
J
....1971
Tokyo City 5s loan of 1912..
J
J ybb
J y b
J
6H
6
J
Belvidere Del cons 3*s
1943
Beneficial Indus Loan 2 Ha..1950 J
3H
5
*3 *
Sydney (City)
'
3*
J yb
J y b
Bell Telep of Pa 5s series B..1948 J
A
1st A ref 5s series C
1960
4
4
j
J
J
3H
.......
♦Silesia (Prov. of) extl 7s.........1958
♦4 Ha assented
1958
♦SIleelan Landowners Assn 6s
1947
1950
Toledo Cin DIv ref 4s A..1959 J
4
4
MS
declaration.............
With declaration
11947) due
5
1962
....
to Jan
Big Sandy 1st mtge 4s
(Kingdom)—
♦88 secured extl
extl
8H
6H
10 *
10 H
10 H
...1952
loan
♦Rome (City) extl 6 Ha
♦Saarbruecken (City) 6s
Serbs Croats A Slovenes
7H
8H
of)—
68
65
24
f
73*
65*
D y ccc3
(lnt at 1%
98 H
98
61*
70
......
to Dec 1 1946) due... 1995 J
Ref A gen ser A
16
98 H
64
2
A
13
M
♦8s external
4H
13H
8H
17"
*
f
4
...
4*
10
j
103 * 104
13
4
1947
let
69
Stamped modified bonds—
1950
Susq 1st
109
111
100*
101*
2
8
65
ser
f 6s 1st
♦Rhine-Main-Danube 7s A
Alb A
100* 102*
111
112*
111*
88*
1
O
warr
100
76*
*6
A
6s with
40
104*
97
97* 101
95*
96*
103* 105
63*
7
1941
STOCK
104
3
....
89
8
Queensland (State) extl s f 7s
25-year external 6s
Y.
-----
77*
7*
O
N.
100*
64*
7
a
s
90 *
81
100
♦96*
104
......
106* 110*
88*
93*
88
94*
14
100
100*
------
1
17
92
100*
------
82
109*
91*
2
4s.July 1952
s
1952
♦External
53
56 H
104
108*
91*
91*
J D y bb
General unified 4 Ha A
1964
Af N y bb
10-year coll tr 5s..May 1 1945
MN ybb
LAN coll gold 4s
Oct 1952
J
J y b
Atl A Dan 1st g 4s
1948
e
With declaration
♦External 8 f 6s
s
30 *
57
54 H
59
*56
2
109
------
1
High
99* 102*
73*
79*
S
♦Prague (Greater City) 7*s
♦Prussia (Free State) extl 6 Ha
s
27
..1948
m
♦Porto Alegre (City of) 8s
♦Extl loan 7Hs
External
H
1960
M
With declaration
♦External
1955
33
With declaration
s f
1965
Af
♦External sink fund g 8s
♦4Ha assented
sec
...1995
Conv gold 4s of 1909
Conv 4s of 1905
1959
♦4*s assented
♦7s series B
..1995
1947
I ♦ Pol and (Rep of) gold 6s
♦4*s assented
♦Stabilization loan a t 7s
With
Adjustment gold 4s
Stamped 4s
30 H
WN
No. Low
High
52
Af N
1963
♦Stamped assented 5s.....
Stamp mot 3*s ext to
Jan.
Atchison Top a Santa Fe—
A O
General 4s
.......1995
Nov
31
a O
♦Panama (Rep) extl s f 5s serA
Since
Asked
60
40
Af f
A
69H
35
a
1953
....
Range
Friday's
Bid
Low
39 H
D
Sale
Price
(Cont.)
31 H
a
Oslo (City) s f 4 Ha
With declaration
s
Cas.
30*
M N
Santa Fe extl
69 H
Indus.
Conv gold 4s of 1910
Conv deb 4 *s
o
Rating
51H
........
♦Nuremburg (City) extl 6s
Oriental Devel guar 6s
Extl debt 5*s
♦7s municipal
Rallread &
Range or
Last
Ellg. A
See i
34 H
a
S
65
*32 H
....
f 6s
With declaration
s f
High
32
s
w
01
yi
te fc
Week Ended July 11
56*
54H
With declaration
Municipal Bank extl
s
N. Y. STOCK EXCHANGE
1
40
declaration............
s f 4*s
1965
External
♦Nat Loan extl
♦Nat Loan extl
BONDS
Since
69 H
*
i/"e
........
External sink fund 4*s
69 H
60
69 H
F
1956
...
Range
Jan.
No. Low
11
Hinh
69
"68"
1944
declaration
aa to
69
69 H
With declaration.......
20-year external 6s
Is
Friday's
Asked
A
Bid
a
Apr 1958
f 5s
s
Price
Low
Foreign Govt. * Mun. (Concl.)
New So Wales (State) eitl 5s
1957
External
Range or
Sale
si
ts
Week's
Friday
Bank
0*
*>
Last
si
EXCHANGE
STOCK
Week Ended July 11
213
*•
Week's
Friday
See
*.
Railroad & Indus.
Friday
Week's
Last
Range or
Range
Bale
Friday's
Since
Bee k
Price
Bid
A
Low
Co*. (Cont.)
High
No. Low
M S
4 Ms—-tr""????
MN
Ref A impt mtge 3 Ms D— 1996
F A
Ref A lmpt M 3M» aer
}®?6
Potto Creek Br 1st 401946
General gold
x
aaa3
X aa
133
131M
104M
2
aa
2
x
aa
High
4a—1989
gold 4a—..—.1989
ref 3s---1949
Chic Burl A Q—111 Dlv 3 M« 1949
3 Ms registered—
1949
Illinois Division 4s
1949
4s registered
1949
X
aaa2
z
ccc2
105 M
aaa2
R & A Dlv 1st con g
2d conaol
♦Chic A Alton RR
General 4s
1958
—
B
1977
1st A ref 6s series A.——1971
Chicago A Eastern III RR—
1st A ref 4M" aeriw
(conv)-----1997
Chicago A Erie 1st gold 6fl—1982
Chicago Gt West 1st 4s ser A-1988
♦Gen lnc mtge 4 Ms.——2038
{♦Chic Ind A Loulsv ref 6s—1947
♦Refunding g 6s series B—1947
♦Refunding 4a series C
1947
♦1st A gen 6s series A-—1966
♦1st A gen 6a ser B—May 1966
Chic Ind A Sou 60-year 4a—1966
♦Geo mtge lnc
B-May 1 1989
♦Gen 4 Ms series C.May 1 1989
♦Gen 4 Ha series E.May 1 1989
♦Geo 4 Ha aeries F.May 1 1989
{Chic Mllw St Paul A Pac RR—
x
J
J
A—-1975
JaD 1 2000
tChicago A North Western Ry—
♦General g 3 Ms———--1987
3 Ms registered
---1987
J987
registered———-1987
♦Stpd 4s n p Fed lnc tax. 1987
♦Gen 4M®Btpd Fed lnc tax 1987
4
registered———1987
4s
tax—1987
♦Gen 5s stpd Fed lnc
♦4
Ms stamped
{♦Secured
1987
------1936
--May 1 2037
♦1st A ref 4 Ms stpd May 1 2037
♦1st & ref 4 Ms C-May 1 2037
♦1st ref g 68
♦Conv 4 Ha
series A———1949
Af" 8
105
x
*115 M
105 M
105 M
21
102 % 106
102 M 105 M
♦Debenture 4s..—
72
92%
93
91
a
97
A
x
bbb3
J
J
z
cccl
"si"
a
2
bb
3
y
b
I
z
ccc2
x
J y
48-1942
Cin Un Term 1st gu 3 Ms D—1971
1st mtge gu 3MS ser E—-1969
Clearfield & Mah 1st gu 5s-1943
Cln Leb & Nor 1st con gu
Ry—
.1993
B——-1993
Ref A lmpt 4 Ms series E—1977
an Wab A M Dlv 1st 4s—1991
St L Dlv 1st coll tr g 4s—1990
Cleveland Elec Ilium 3s
1970
Cleveland A Pittsburgh RR—
81M
96
100M
"55
53
97
81
88M
71M
80
75
84%
16
78 M
88
25%
28 M
308
22M
28 M
114
114M
2
66 %
68%
53
35%
*28 M
37%
101
109 M 114 M
72
64
30 Mi
40 %
29
21M
28%
1
J
cc
1
10M
J
J y bb
2
71
71
10
10
130
6M
2
6M
69
4
113
29 H
2
41
128
28H
30%
30K
30M
40%
39%
41
41M
41M
4%
11%
ccc2
z
ccc2
z
ccc2
z
ccc2
39%
41M
75
z
ccc2
40M
41M
30
10M
HM 1875
3M 552
cc
2
z
c
1
MN
40 M
39%
39%
40%
*40 %
cccl
27M
cccl
29
MN
2M
28 M
cccl
MN
60
cccl
cccl
MN
cccl
x
aa
2
MN
x
aa
x
aa
1st mtge
3Ms
2
1st mtge 3 Ms—
1st mtge 3%a.
......1966
1st mtge 3MS—
1960 MN
Continental Oil conv 2 Ms—1948 J D
Crane Co 2 Ms s f debs
1950 A O
Crucible Steel 3Ms s f debs..1955 J D
♦Cuba Nor Ry 1st 5 M»
1942 J D
♦Deposit receipts...
J
♦Cuba RR 1st 5s g
1952 J
J
♦7 Ms series A extended to 1946
♦Deposit receipts
♦6s series B extended to 1946
"28 %
29%
148
29
29 M
29 M
136
27%
1
*15
29 M
ccc2
Yd
z
cc
cc
cc
z
cc
1
x
a
2
x
aaa2
2
2M
cccl
45 M
cccl
23
cccl
20M
z
cccl
2%
16
38 M
49
439
14M
11%
13%
12%
23M
20%
20
20%
55
13%
13%
499
7%
22%
20%
13%
12
12 M
305
6
12 M
14%
13%
15M
187
7M
46
2%
2M
109
6%
%
15%
14
2M
76 %
"2H
23M
20 %
22%
19%
13M
12M
15M
48
23
cc
76 %
1
51M
"~5
~5l"
51
14
3
33
66
17
53%
19
108M
108 M
101
101M
94%
28
40
D y bb
65M
52 M
"52 M
x
aaa2
x
aaa2
x
a
2
94 M
93 M
x
a
2
97M
96 %
97%
O y ccc2
40 M
39%
41
27
18
18M
22
59
122
73
78
"46 M "M M
55%
66
44
53%
M
106% 109 M
98% 104
89% 94%
97%
91%
41
27 M
18 M
9M
MN
y
ccc2
F
A
x
aaa3
J
D
x
aaa3
*111M
109
MN
x
aaal
*104
104 % 106
MN
x
aaa3
F
x
aaa3
109 M
16
109 M
*109M
112M
*96 %
113
75%
76
87 M
112%
J y bbbl
89 M
68 M
2
O
O
Gen 4Mb series B
Series B 3Ms
J
x
x
J x
MN
F
x
aaa3
75M
"58"
66
56
55 M
76
75 %
108M
108M
aa
107 M 109 %
108
22
98M
111
111%
110M
113M
89
56
76
109
*104m
aa
20
83
„
2|
36
*103 %
*1012*32
aa
72
80
85
91
54
61
51% 68
79
75
104 M 109 M
105M 105 %
-
102H 103M
aa
109
A x
aa
A
x
a
*106M
J
x
a
4 Ms. 1961
O
x
Cleve Union Term gu 5 Ms—1972
1st s f 6s series B guar
1973
O
X bbb2
O
x
bbb2
86 %
76
f 4 Ms series C
Coal River Ry 1st gu 4s
0
x
bbb2
68 M
D
x
aa
Colo Fuel A Iron gen s
A x bbb2
109
108
108%
*107
1977
1945
f 6S..1943
*108
bbb2
79 %
2
♦5s income mtge——.——1970 A O y bb 1
2
Colo A South 4Ms series A..1980 MN y b
1
♦Second gold 4s
tl*Dul Sow Shore A Atl g 68.1937
Duquesne Light 1st M 3 Ms—1965
86 M
76
68
*104 M
105
*73
107 %
107% 107%
58.1995
Elec Auto-Lite 2Ms debs—.1950
Elgin Jollet A East Ry 3MS-1970
El Paso A S W 1st 6s
1965
5s stamped
1965
{♦Erie RR 1st cons g 4s prior 1996
Prior 4s registered
1996
♦1st consol gen lien g 4s—1996
Gen 4s registered
..1996
Ed El 111 (N Y) 1st cons g
84%
10
75M
84M
108%
1
1
x
111
111
Columbia G A E deb 5s.May 1952 MN
X
bbb2
Debenture 6s—...Apr 15 1952 A O
x
bbb2
Debenture 5s.....Jan 15 1961 J
Columbus A H V 1st ext g 4s. 1948 A
Columbus A Sou Ohio El
3Ms 1970
J
x
bbb2
O
x
107
111M
10
104
106M
92 M
9
15M
14M
18M
23M
6
16H
23
3
16 %
24M
23
4
16
20 %
8
15M
18
19
19M
18
mrnmrnm
2
15
18
99
14
96
99 M
mmmmmm
15%
15%
52%
107%
104%
108%
14%
14%
2%
""2"
—m
—
"U0M
*81%
110M
x
aa
x
aaa3
z
cc
Columbus A Tol 1st ext 4s..1955 F
A
♦Commercial Mackay Corp—
Income deb w w
Apr 1 196P May
3
1
108%
108 M
104% 106M
77
49
45
49 %
315
85 M
13
26
103 % 106
103 M 106
15
108 M 112
109
52
102 %
107
mrnmrnm
rnmmmmm
103%
107%
mmmm
96 %
~103%
43
*23
'mm
mmmm
28%
ccc2
bbb2
J
z
ccc2
*19
J
J
x
aaa3
105M
98%
104
107%
20%
105%
*108
J
x
aaa3
J
d
x
a
3
101 %
101 %
M 8
x
aa
2
♦105M
106 %
O y bb
O y bb
aa
3
109 M
109 M
a
2
110M
Conn A Pasump Riv 1st 4s._ 1943
x
bbb2
110M
*100M
Conn Ry A L 1st A ref 4MS.1951
x
aa
2
Stamped guar 4 Ms—.....1951
x
aa
3
X
aa
2
Conn Rlv Pow
f 3%a A—-.1961
Consol Edison of New York—
s
X
aa
3
x
aa
x
aa
3
3 Ms debentures.
1968
♦Consolidated Hydro-Elec Works
x
aa
J
J
x
7s. 1956
104%
85
98
cccl
mmmmmm
z
cccl
mmmm
♦|Ref A lmpt 5s Cf 1927—1967 AfN
♦|Ref A lmpt 5s of 1930—1975 A O
J
♦Erie A Jersey 1st s f 6s—1955 J
z
cc
1
"30%
29M
31
239
16M
z
cc
1
30%
29M
31 %
284
z
bbb2
16M
82 M
♦Gen conv 4s series D
J
♦Genessee River 1st s f 68.1957 J
♦N Y A Erie RR ext 1st 4s_1947 MN
1938
♦3d mtge 4Mb
M 8
♦Ernesto Breda 7s
...1954 F A
Fairbanks Morse deb 4s_ _—1956 J D
Federal Lt ATrac 6s ser B..1954
J
a
a
....
96
z
bb
b
*101 %
66
95M
84
40 M
90 M
COM
1
42
60
14
36
55M
4
36
55
----
178
38
103
101
17
30
54M
31
31M
99
118 M
1
"16 %
z
c
2
9%
z
103
36 M
mmmm
100
102 M
mmmm
43
43M
64 %
75
50
70
104 M 107
mmmm
1
aaa3
10M
7M
U%
51
6%
10 M
1M
1M
2M
3
56%
3
*2M
mmmm
2M
2
54M
2%
53
54%
133
9%
9%
9M
1
4
39
121
*120
D
x
J
J
z
*14
J
d
z
*14
z
.
mmrn*
"i§~"
mmmm
36
35
12
mmmm
mrnmrnm
f deb 6s..
Gen Steel Cast 5 Ms w w
s
Gotham Silk Hos deb 5s w w.1946 M 8
Gouv A Oswegatchie 1st 5s..1942 J D
Grays Point Term 1st gu 5s..1947
Gt Cons El Pow (Japan) 78—1944
"
z
y
bb
1
z
c
2
"95"
95%
95
*12
14
*20
.
21%
*
z
xbbb2
y
bb
2
y
b
106 M
78 M
2
20
106 %
106M
77%
78M
108
*107 %
mmmm
35M
140
84 H
mmmm
16
14
23
21
-
33
104 M 107
74 M
81 %
2
----
95
tnotea see page
217
100M
mrnmrnm
----
95
96
73%
4
63
73%
72
61%
80
*95
A y
2
J y
13
Great Northern
4Mb
ser
J
J
x
J
J
x
bbb3
1973 J
J
x
bbb3
J
x
bbb3
92
J
x
bbb3
91
A—1961
1962
General 4Ms series D
1976 J
General 4 Ms series E——1977 J
General mtge 4s series G—1946 J
a
3
107M
104M
98M
106 %
107M
50
105% 109
104%
98%
91%
104M
33
103 % 108%
100
50
97% 104M
89 M
95%
89
95%
100
105M
95
99 %
80
87%
62%
64
5
9M
92%
35
92
36
102
119
91
100 %
J
x
bbb3
Gen mtge 4s series H
J
1946 J
I
19( J J
Feb
♦Green Bay A West deb ctfs A..
x
bbb3
97
97
98
x
bbb3
82 %
82
82 %
y
bb
Feb
z
♦Debentures ctfs B
101 %
cccl
""8%
3
3
J
2
"72%
J
J y b
1
48%
34 M
49M
Gulf A Ship Island RR—
1st A ret Term M 5s stpd—1952 J
62
*60
1
9%
8%
92
*90%
34
21
—
87
m
93
34
79
90
71
88%
72%
34
62
73%
48
49%
33
36
50
89
90 M
87
J y ccc2
146
mm mm
*88
o
x
bbb2
107 % 110M
MN
x
a
110% 119K
J
J
J
J
x
aaa3
O
z
bb
2
MN
z
b
1
103 %
103 M 105 M
111M
108M HIM
94M
64
2
i05" ~"i
z
a
14MB--—1961
A
A
MN y bb
104 %
105
16
106 M
107 M
27
108 %
6
28
103 M 105M
104M 106 %
103 M 107M
106 % 109
Hudson Co Gas 1st g 5s
♦110M
131
"38%
"44%
cccl
10%
44%
10%
2
aaa3
x
F
A y b
A
O
z
131 %
mmmm
127 M 131M
12
96
17
103%
12
39%
85 M
19
65 %
207
38%
*122%
3
D y cc
MN
1G5
2
"45"
10M
56
87
28
9%
15
37
IOIM
106 M
•
Attention It directed to the column Incorporated In this tabulation pertaining to bank and eligibility rating
o
bonds.
96
65%
101% 103%
26%
39%
121M 127
43 M
48 M
t
10
95 M
10
18
mimmm
mmm
72
d ybb
F
*
For
39
72 %
J
1950 J
18
*14
mm
cccl
z
'mm
10
109 %
105 %
121
11
35 M
35
mmmm
mrnmrnm
'
.1948 MN
1949 J J
J
{♦Georgia A Ala Ry 5s.Oct 11945 J
J
{(♦Ga Caro A Nor 1st ext 68.1934 J
♦Good Hope Steel A Ir sec 78.1946 A O
Goodrich (B F) 1st 4Mb
1956 J d
♦20-year
116
104 M
36 M
""5
102 %
cccl
z
mmmm
107
*65 M
mmmm
cc
ccc3
With declaration
-----
*46
2
z
c
J
70
80M
35
m"
mm mmm
^
1
y
c
5s 1940
1945
(♦Sinking fund deb 6 Ms—1940
96 M
118M
150
55%
----
116
*103 %
2
z
♦Gen Elec (Germany) 7s
56
80
55
*
y
mm,
55 M
'mmmmm
2
4
mmmm
60
54M
"116 M
z
x
{Fonda Johns A Glover RR—
(Amended) 1st cons 2-4s—1982
§♦ Proof of claim filed by owner. MN
♦Certificates of deposit
Francisco Sugar coll trust 6s.1956 MN
mm
60%
100M
101%
1
a
59
54
2
z
mrnmrnm
60
bbb2
d y bb
{♦Fla Cent A Pennln 6s
1943 J J
{Florida East Coast 1st 4 Ms. 1959 J D
♦1st A ret 5a series A
.1974 M 8
♦Certificates of deposit
z
x
rnmmmmm
108 M
103% 106M
----
cccl
109 M 109 M
108 M 109 M
*
bbb2
93
150
z
68%
92M
163
105 M
z
Consol OH conv deb 3 Ms—1951 J D
108
10
z
♦Series B
91M
"59%
O y bb
J ybb
119
106 M
108 M
18
1953 A O
1953 A O
1953 A O
♦Conv 4s series A
mm
O ybb
*117
107 %
1
----
cccl
mm
A
*109 %
109 M
3
104M
106
107M
16 %
24
105 M 109
cccl
101
104 M
101
68%
68 M
*59
A
101
3
of Upper Wuertemberg
112
18
z
J
1946
3 Ms debentures..........1948
8 Ms debentures—..——1956
3Ha debentures
109%
102
z
Gulf States Steel
x
x
30
96
J
A
43
27
152
J
112M
107
19
mmrn'tm
98%
98M
*150
16
3
2M
16
7M
77
26
112M
*40
108M
15M
110M
112
103 M 105 M
Commonwealth Edison Co—
1st mtge 8Mb series I.....1968
Conv debs 3 Ms
1958
3M
72 M
106M
114M 114M
104M 108 M
113
113M
*113M
6M
5
108M
"79% '88%
....
108 M
19C
5M
J
General 5Ms series B
23
1
J
General 5s series C
114M
7M
1M
J
73
103 M
7M
bbb2
79%
103%
*110
106
70
z
90
2
1
559
J
68
103 %
103 M 106
1
16
57
2
J
84%
74%
8
46H
105
62
112
"98%
103M 109
5
2M
106M
mmmmmm
mmmmmm
13
242
2M
14%
5%
mrnmrn—m
m+
15%
16
2
15%
cccl
107 %
53%
107%
104%
108%
"68%
69
103 M
16M
—
97M
20M
18
J
A
102
11
19
"91%
18
171
97 %
1
1
11
81M
20
bbb2
29
23M
111%
105% 109
110M
106M
101 %
z
76%
103 %
103 %
103 %
aaa2
M S
103 %
22 %
108 M
5
6
Gen mtge 3%a series
23
107M 110M
25
109
J
86 %
105"
x
106 M 108M
J
1st A gen s f 6 MB
"79%
z
East Ry Minn Nor Dlv 1st 4s 1948 A O X aa 3
East T Va A Ga Dlv 1st 5s..1956 MN xbbb2
Gas A EI of Berg Co cons g
bbb2
x
1
cc
3
29M
16 %
45%
D y bb
D y bb
J
cc
z
aa
22
18
1M
MN y bb
z
A
mmmm——
2
159
J y bb
A
F
aa
28M
29M
1
J
F
x
16
16M
c
1
2
2
x
20
2M
Jy bb
26
97
107%
cccl
z
20
J
18
17M
"53"
cccl
z
1996 / D
Detroit Term A Tunnel 4 Ms. 1961 MN
Dow Chemical deb 2Mb
1950 M 8
Dul Miss A Ir Range Ry 3 Ms 1962 A O
11
bbb2
aa
z
J
24
10%
x
x
J
J
2
10M
x
14
98%
3
117
D
26
25M
17
"17%
3
20
D
J
J
aa
20
z
A
J
27
17M
20M
18M
*18M
2
aa
1
z
J
aa
b
19%
z
A
x
y
116
J
M S
J
x
158
J
J
J
"18
2
Gen A ret 3s ser H
1970 J d
Detroit A Mac 1st lien g 4s—1995 J D
18M
18M
J
J
aa
rnmmmmrn
1
x
29
160
M S y bb
bb
J
27M
20
D y bb
y
J
28M
36
J
"o
High
30
22%
19%
1
16
21
J
No. Low
9
18
26
17M
"17%
1
z
Jan. 1
96 M
mm
1
z
Y'd
14M
M
J
J
26
Since
<3
23
m
ccc2
15
19 M
c
ga
«a
20
""97
1
z
1C5M
101 %
3
34
z
cc
aa
35 M
z
z
"106 "
1
x
20
cc
bbb2
ICC
Detroit Edison 4s ser F——1965 A O
Gen A ref mtge 3 Ms ser G.1966 M 8
15
28
110
1
20 M
cc
x
2
1
z
t|*Den A R G 1st cons g 4s—1936
|*Conso! gold 4%s—
1936
{♦Denv A R G W gen 5s. Aug 1956
♦Assented (sub! to plan)
m
2
cc
1
z
Ms—1971
I960
—1969
mm
mm
1
a
b
28M
36
21
1
aa
x
z
cc
MN
1st mortgage 4 MS
x
z
♦Deposit receipts
Del Power A Light 1st 4
1st & ref 4 Ms—
aa
z
cc
D
Range
■3
Asked
High
108M
♦lion
110% 110M
109
108M
2
x
♦Ref A impt 5s ser B.Apr 1978 A O
{♦Des M A Ft Dodge 4s ctfs.1935 J J
{♦Des Plains Val 1st gu 4Ms-1947 M 8
cccl
D
D
84%
2
MN
mmmm
2
3%
1
cc
MN
J
8
166
29
27 M
cccl
J
28 M
27 %
"l4
"27 M
cccl
MN
MN
27M
27%
27%
cccl
MN
J
s
aa
14
11%
3M
MN
MN
72
40 M
39 M
z
z
A
25%
25%
25%
83M
mmmm
ccc2
x
Dayton P A L 1st mtge 3s—1970 J J
Del A Hudson 1st A ret 4s—1943 MN
cc
J
/
1st
z
1st mtge 3Ms..—May
♦Deposit receipts
—
Curtis Publishing Co 3s deb.1955 A
General 6s series
Cleve Short Line 1st gu
J
1 1965 MN
——1967 MN
Consolidation Coal s f 5s. .—I960 J
27
O
Bid
cccl
25%
11%
11%
General g 4a...—.—
1942
guar....—1942
1942
Series C 3M* guar.
—1948
Series D 3 Ma guar
1950
Gen 4 Ms series A
—.1977
Gen A ref 4Mb series B...1981
z
18M
Cleve Cln Chic A St Louis
Series A 4 Ms guar
J
20
MN z
Memphis Dlv 1st g 4s——1961
J
Cblc T H A So'eastero 1st 68-1960
---J967
"68
93 M
93 M
28%
10%
10%
IN
5a—-Dec 1 1960
Chicago Union Station—
1st mtge 3M0 series E
1963
1st mtge 3Ms series F
1963
Chic A West Indiana con 4a. 1962
1st A ref M 4 Ms series D—1962
Chllds Co deb 5s
1943
{♦Choctaw Ok A Gulf con 6s. 1952
Cincinnati Gas A Elec 8Mb—1966
94 M
91
84
cccl
Income guar
..—1956 J
28%
cc
68-1961
Ms————June 16 1961
cccl
*26
z
Cb St L A New Orleans
z
*25
A
cccl
J
ccc2
A
z
1955 J
ccc2
F
Price
Low
J
z
z
Bee k
>«<&.
z
z
4M®-------—--I960
18M
73M
"68~"
37
8M
88
95
28M
J
M
97M
*
F
IN
115%
31
15 %
93 M
a
x
120M 122 M
112
119M
17
16
~97%
a
Friday's
Railroad & Indus. Cos. (Cont.)
♦Debenture 4s
9
Range or
Sale
Consumers Power Co—
a
registered.
1988
A O
{♦Refunding gold 48
1934
♦Certificates of deposit----.
M~£
I♦Secured 4Ms series A—1962
♦Certificates of deposit-...-
1st mtge 3Ms——
Week Ended July 11
128M 133
*—...
2
A Xbbb3
4a ctfs
Gold 3
STOCK EXCHANGE
10
*120
81%
73 M
84 M
F
{{♦Chicago Railways 1st 6s stpd
F A
Aug 1940 26% part pd—1927
{♦Chic RIA Pac Ry gen 4s-1988
4s registered--.—
1988
♦Certificates of deposit--- —
a
x
♦Gen g 8Mb ser
♦Mtge g 6s series
♦Conv adj 6s
x
x
{Chic Milwaukee A St Paul—•
♦Gen 4a series A—May 1 1989
♦General 4s—
Y.
133
2
x
Week's
Last
«<**
Jan. 1
Asked
Friday
Rating
BONDS
N.
J*Consol Ry non-conr deb 4s 1954 J
Chesapeake A Ohio Ry—
Bank
Elig. A
5
Bank
Elig. A
Rating
BONDS
N. y. STOCK EXCHANGE
Week Ended July 11
♦Conv g
July 12, 1941
New York Bond Record—Continued—Page 3
214
See
t.
13%
Volume
New York Bond
153
Bank
Eltg. A
bonds
N.
Y.
1
EXCHANGE
STOCK
Friday
Last
Railroad
& Indus. Cos.
Bee
Price
a
(Cont.)
Illinois Bell Telep 2?$s ser A.
Illinois Central RR—
1st gold 4s
Bale
Rating
Week Ended July 11
J
x
1951 J
...
4s registered..
J
X
J
J
x
bbb3
J y bb
J
m
Maine Central RR 4s
44?$
39
4
44*$
21
39
13
47?$
35*$
54
81*$
2
*59
61*$
----
59*$
43?$
59*$
2
44
3
44*$
47*$
38*$
78
59*$
58?$
45?$
46*$
55
49
81*$
64
47
51 %
50*$
*.
43*$
43*$
61*$
47
49
49?$
*47
3
48?$
47?$
44
51?$
{♦Int-Grt Nor 1st 6s ser A..1952
A
♦Adjustment6s ser A.July 1952
1956 J
♦1st 5s series B
♦1st g 5s series C
1956 J
Internat Hydro El deb 6s_._1944 A
.1941 A
Int Merc Marine s f 6s
F
{♦Iowa Cent Ry 1st & ref 4s.1951
James Frankl & Clear 1st 4s. 1959 J
48*$
48 M
49?$
257
40*$
51
Jack Lans A Sag
1st gold 3*$s
44
43%
44*$
107
37*$
48
Ref A lmpt 4*$s series
95
z
29*$
25
33
y
bbbl
*73"
74*$
74
78
19%
*107%
106)$
106%
20*$
z
cccl
x
aaa2
X
aa
y
bbbl
3
100
O y bbbl
J
z
z
cc
J
z
cccl
2
A ybb 3
J y cccl
a y cccl
c
D y bb
J x a
"l7%
16*$
16*$
18
v
b
45*$
43*$
45*$
197
55
*
"48%
47 M
47*$
73*$
8
19
1?$
%
8*$
8
18
36*$
51?$
71
89*$
102?$ 104?$
101?$ 105?$
76*$ 81
83*$ 91
30*$ 47
32*$ 49
1?$
68?$
99
95*$
5,*
95*$
32?$
14
32
49*$
48*$
19
63?$
69
69
75*$
30
107*$ 109
18?$
*10
x
a
x
a
x
bbb2
82
82
bbb2
*91
95
109*$ 110*$
112
*109*$
*25
70
~77*$ "82"
88
170"
*165*$
*106*$
107 M
107*$
105*$
103?$
106
2
14
106
103?$
9
1?$
C
1953
Coll A ref 5Mb series D...1960
y
bb
y
bb
20
1947
J
1941
J
1975
x
74
75*$
74*$
49
71
9
50
78
71
77
78
M
94
56*$
57*$
74?$
69
bbb2
y
bbbl
x
bbb2
D
D
x
♦5s stamped
♦1st A ref
s
1954
—1964
f 5s..
s
2
2
27%
76%
♦5s stamped
1974
♦Sec 6% notes extended to 1943
♦6s stamped
.1943
Leh Val Harbor Term gu 5s..l954
j
77
75
44
44
5
36
45
100
100
8
80
100
-
-
-
5
66*$
*59*$
59
60
12
60
J.+
«.
101
8
cc
Lehigh Valley N Y 4 *$s ext.-1950
Lehigh Valley RR—
4s stamped modified
2003 MN
48
registered
2003
46?$
14
47
46?$
24
48
Leh Val Term Ry ext 5s
Lex A East 1st 50-yr 5s
1951 a
z
30?$
28*$
350
32*$
30*$
138
35
34*$
35?$
200
53%
53*$
14
cc
z
32?$
cc
o y bb
x
gu..l965
y
4*$s__1952
Little Miami gen 49 ser A
1962 MN
Loew's Inc a f deb 3
1946
Mb
Lombard Elec 7s series A
♦Long Dock Co 3 Mb ext to..1950
Long Island unified 4s..
1949
Guar ref gold 4s
.....1949
4s stamped............1949
Lorlllard (P) Co deb 7s
5s
debenture
...
F
AO
z
1st A ref 5s series B
104*$
z
D
z
M S
/
b
78
44
44
25
31?$
88*$
98
86
98
80
78*$
85
73
79?$
105?$ 107
109?$ 112*$
78*$
106?$
111*$
3
ccc2
z
cccl
M 8
z
c
z
c
J
z
cc
J
z
J
z
cc
J
z
z
c
{{♦MStPASSM
con g
(♦1st cons 5a
(♦1st
cons 5s gu
♦1st A ref 68 series A
♦25-year
5*$s—
....1949
♦1st A ref 5*$s series B...1978
{♦Mo-Ill RR 1st 5s series A.1959
Mo Kan A Tex 1st gold 4s...1990
Missouri-Kansas-Texas
Prior lien 5s
ser
J
J
103
40
36?$
26*$
2
67*$
~"9*$
36
9*$
2*$
1*$
35*$
60
57*$
33
"14
95?$
28*$
69*$
26?$
26*$
36
14
26
6?$
1?$
85*$
43
49
43
62
16*$
14?$
17*$
30?$
20
19*$
H
12*$
13*$
258
12*$
93
4*$
1*$
2
"i%
J y bb
3
77?$
73
24*$
40?$
220
12?$
32*$
*63
y cc
2
24?$
2
26
1
6
11*$
8?$
1?$
?$
63
86*$
30*$
J y cc
36
64
*85*$
2
2
12*$
13*$
12?$
5*$
2
69*$
89
8?$
7?$
37
38
29}$
24?$
25*$
11?$
27*$
27*$
28
311
27*$
2*$
100
RR—
1962
A
40-year 4s series B
1962
Prior lien 4*$s series D
1978
♦Cum adjust 5s ser A..Jan 1967
J
A
O
z
cc
1965 F
A
z
ccc
25?$
48
11
27*$
26*$
95
12?$
75
11?$
3*$
28?$
14
19?$
19?$
1*$
19*$
28*$
27*$
2?$
28?$
27?$
{Missouri Pacific RR Co—
♦1st A ref 58 series A
27?$
z
ccc
,1975 MS
z
cc
1977 M S
z
ccc
♦Certificates of deposit..—.
♦1st A ref 6s series G—... 1978 MN
z
ccc
z
ccc
♦Certificates of deposit
♦Conv gold 5*$s
..1949 MN
z
ccc
z
ccc
z
ccc
z
ccc
z
ccc
z
ccc
z
bb
♦Certificates of deposit
♦General 4a
♦1st A ref g 5a series H
♦Certificates of deposit
1980
♦1st A ref 5s series I
1981
A
O
¥
A
♦Certificates of deposit
4s_1991
MonoDgahela W Penn Pub 8er
1st mtge 4J$s
1960
O
z
D
Montana Power 1st A ref 3?$s '66
Montreal Tram 1st A ref 5s..1941
z
28
H.
28%
29*$
27?$
28%
1%
29*$
27
27?$
27?$
949
83
19
290
20
28
27*$
87
19*$
143
?$
53
1,11*4
110?$
111*$
111*$
107
106?$
20
15
5
7
24
107
21
72
72
2
43*$
"43*$
43*$
1
19*$
19
108?$ 111?$
110*$ 113
102?$ 107
62*$
85
39
50
39
*43
f 4 )$s series C.1955 A O y b
Gen A ref s f 5s Beries D—.1955 A O y b
Morris A Essex 1st gu 3*$s—2000 J D y b
57
20
2
390
56
111*<
niV
79?$
28?$
1*$
29*$
29*$
28*$
27?$
88*$
292
87
*53?$
29
27
29*$
27
a
5
'
29*$
O y b
Gen A ref
29
1*$
29?$
O y b
a
28
J y bb
f 6s series B...1956
Gen A ref
27?$
28
a
Gen A ref s f 5s series A... 1955
28
27?$
27*$
28?$
O y bb
1965
6s debentures
"2*$
2
M S y bb
39
s
Constr M 5s series A—...1956 MN
MN
Constr M
4J$8 series B—1955
Mountain States TAT 3*$s.l968 J D
Mutual Fuel Gas 1st gu 5S.1947 MN
Nash Chatt A St L 4s ser A..1978 F
Nat Dairy Prod 3*$s debs—1960 J
*43"
y
ccc2
y
ccc2
x
aaa2
x
D
x
a
1949 M 8
National Steel 1st mtge 3s...1965 A O
Natl Supply 3?$s
1954 / D
{♦Naugatuck RR 1st g 4s—1954 MN
Newark Consol Gas cons 58.1948 J
x
bbb2
Nat Distillers Prod 3*$s
37*$
110*$
104*$
3
105
*83
89
aaa3
121
J
z
bb
J
z
bb
1
124*$
bb
74,
1955
4s. 1953
bbb2
x
bbb2
z
b
z
b
♦Certificates of deposit
z
103
38
101*$ 106?$
103?$ 106*$
82*$ 86*$
b
104
105
N Y Cent RR 4s series A
F
A
122
60
60*$
127?$
123*$ 131*$
4
72
8
106*$
74*$
9
43
70
75
107
8
109
67
80
65
72*$
105*$ 106?$
105*$ 106?$
68
76
30
89
39?$
30
37
it*
46*$
S*
45
32*$
33?$
33?$
42
48
46*$
46*$
13
5
2
46
44
"12
43*$
47*$
"47
46
46
43
b
aa
11
46*$
bb
z
2
124
38*$
*44%
b
x
60
4
100*$
46*$
46%
43
b
z
120
8
74
47
46*$
bb
10-year 3%b sec s f——..1946 A O
Ref A lmpt 4 *$s series A..2013 A O
z
♦1st 5*$s series A
1954 AO
♦Certificates of deposit
2
....
72
105*$
105*$
*33*$
b
z
FA
7
1956
102
18
*37
b
z
♦Certificates of deposit
♦1st 4 *$s series D
♦Certificates of deposit
"74
b
z
O
"a
71*$
105?$
106*$
72*$
I6B?$
b
z
A
1956 V
1954
♦Certificates of deposit
140
....
73*$
117
68
109"
a
y
126*$
68?$
bb
x
59?$
59?$
124*$
120*$
169"
aa
y
124*$
126*$
aa
x
>4
59?$
x
♦1st 5s series C
115
121
x
37
43?$
36
42?$
30*$ 39
107?$ 110*$
10
105
3
bbb2
♦1st 5s series B
106
105
bb
32?$
30*$
35?$
69?$
105*$
105*$
3
x
28
16
116
a
y
New Orleans Term 1st gu
110*$
aa
*$s A'52
1st A ref 5s series B
45
b
New Orl Pub Ser 1st 6s ser A-1952
N O A N E 1st ref A imp 4
38*$
x
J
F A
A O
J J
40
y
x
J
J D
MN
84
42
105
69?$
105*$
_
{♦New England RR guar 5s_1945
♦Consol guar 4s
1945
New Eng Tel A Tel 5s A
1952
1st g 4 *$s series B.
1961
NJ Junction RR guar 1st 4s. 1986
N J Pow A Light 1st 4*$s—.1960
New Orl Great Nor 5s A
1983
41?$
37*$
109?$
42
*115*$
A y bb
"38*$ "38*$
65
40?$
41*$
41*$
a
J
104*$
104*$
22
96 M
50
95*$
96%
118%
7
H8?$
5
95?$
118%
30*$
96*$
98*$
99*$
99*$
122*$
124
124
1
123
128
25
96*$
_
aa
J
x
aa
97?$
x aa
95?$
*109%
-
96%
93 M
19
97?$
Ill
107
x
a
34
5
107%
*105*$
*
10
98
103*$
a
3
93?$
87%
103%
a
x
•
93
95?$
104*$
86 *$
-
2
108
97*$
93*$
x
-
-
„
104
104*$
•
96*$
108
*—
...
10
178
3
106
-
— «
88
-
82?$
87?$
108*$ 110
107% 109*$
102
$*
105?$
101
96?$
85% 91?$
103*$ 105?$
105?$ 109*$
104?$ 106?$
85*$ 88
1998
2013 A O
.1952 MN
J
N Y Cent A Hud River 3 *$g. 1997 J
3*$s registered—...... 1997
30-yr deb 4s 1912—
1942
Lake Shore coll gold 3 J$s—1998
3 *$s registered—
1998
Mlcb Cent coll gold 3*$S..1998
3*$s registered—
1998
New York Chicago A St Louis—
Ref 6*$s series A
1974 A O
Ref 4 *$s series C
1978 M S
Ref A lmpt 6s
48
46*$
44*$
47*$
32
46
107
5
1946 F A
1st mtge 3*$s extended to 1947 A O
3-year 6% notes—.......1941 A O
..1950 J D
6s debentures
N Y Connecting
RR 3*$s A—1965 A
O
2
b
2
bb
series C
*107
107
62*$
93?$
94
182
60*$
89?$
55 M
58
386
55*$
63?$
60%
59%
63*$
01
257
60?$
69?$
67*$
2
62}$
bb
2
bb
2
y
bb
bb
2
79?$
76?$
38
101%
63*$
101*$
"~4
*
2
y
82
78%
bbb2
y
to the column
Incorporated In this tabulation pertaining to
69*$
95*$
60*$
93?$
57*$
bbb2
.
75
61*$
b
Conv secured 3*$s
4s collateral trust
2
101*$
64
*56
"59*$
65
35
59
78*$
80*$
100
87*$
83
101*$
63*$
70
60
64*$
"19
68*$
60*$
68
66*$
76?$
65
95*$
59?$
*55
60*$
57
75*$
74
75%
39
63*$
94*$
61?$
64*$
264
54*$
94
94*$
41
86*$
95*$
95*$
99*$
11
90
99
98
90
95*$
99?$
92*$
94
17
79
95
28
98*$ 101?$
bb
bb
2
bb
2
bbb2
bbb2
bb
1
bb
1
aa
2
"99"
94
58*$
101*$
101*$
1
-Attention is directed
10?$
30?$
1%
"37*$
Newport A Cincinnati Bdge CoGen gtd 4*$s
1945 J
96?$
O
2003
217
36?$
15
25
1
see page
45*$
65*$
3
3?$
"11%
J y b
D y ccc2
101
...
For footnotes
99*$
70*$
107
134
11?$
12*$
11?$
H*$
60
82?$ 101
*1
y cc
J
131
-
32
107
36*$
24?$
35?$
9*$
2J$
c
M S
64
38
cc
1946 J
3
35
*61?$
1
4s int gu '38 J
.........1938 J
as to Int..1938 J
70
96*$
68*$
106*$
1
F
95
-
107
ccc2
z
75
68
26*$
z
J
6?$
30
3?$
96*4
"36*$
124
im-i,
69
67
6
*63
1
MN
Q
54
63
6
cccl
6
96
A x
gold 3s...1980 M S
D
J
17
M S
Unlf mtge 4s ser B ext
.1960
Paducab A Mem Dlv 4s.. 1946
J
12
96*$
*96?$
2003
St Louis Dlv 2d
86
70
"96"
106?$
111*4
60?$
cccl
119}$
*
M S
1st A ref 3?$s sales E
2003
Unlf mtge 3*$s ser A ext..1950
2
z
101
•
a
2003
1st A ref 4Mb series C
1st A ref 4s series D
a
O
126*$
-
bb
M S
Louisville Gas A Elec 3 Ha.. 1966 M S
Lou A Jeff Bridge Co gu 4s..1945 M S
Louisville A Nashville RR—
x
A
*100
z
Louisiana A Ark 1st 5s ser A.1969 J
105%
115*$
80?$
63*$
39*$
86*$
aaa
x
A
1944
x
A
1951 F
M S
Michigan Consol Gas 4s
1963
{(♦Mid of N J 1st ext 5s
1940
{(♦Mil A No 1st ext 4*$s—.1939
♦(Con ext 4 J$8
1939
{♦Mil Spar A N W 1st gu 48.1947
{(♦Milw A State Line 1st 3*$s_'41
{♦Minn A St Louis 5s ctfs... 1934
♦1st A ref gold 4a.
1949
♦Ref A ext 50-yr 5s ser A..1962
100
bb
D
1952 J
28
74*$
30
118?$
125?$
118?$
125?$
1951
debenture
7
117
*115?$
*106*$
Liggett A Myers Tobacco 7s. 1944
5s
48
14
103
98
63
48?$ 57
116*$ 120
104*$ 107
H8?$ 123
a
Llbby McNeil A Libby 4s..1955
Lion Oil Ref conv deb
12
*74*$
2
{(♦N O Tex A Mex n-c Inc 5s 1935
cc
z
46*$
29*$
*25*$
31*$
29*$
cc
z
47*$
30?$
------
4Mb stamped modified...2003 MN
4Mb registered
2003
5s stamped modified
2003 MN
59
85*$
61*$
58*$
*100*$
100*$
58
66*$
32
17
60
*58*$
bb
bb
z
63
66*$
-
36*$
37*$
35
*61?$
b
y
33*$
77
75
97
44
b
j y
8
97
25?$
62?$
60?$
93*$
91*$
100
b
z
84
27?$
b
z
Fa
84*$
73*$
96?$
b
z
7'5
100*$
95
76
97
b
z
90*$
89?$
27?$
b
z
82
95
89?$
89?$
84*$
b
z
A
1974 FA
f 5s
z
z
¥
..1964
♦5s stamped
♦1st A ref
a
89
89
♦97*$
bbb2
Dec y cc
J
J y bb
1954 F
f 5s....
90
87?$
z
b
Moh'k A Malone 1st gu g
29
69
ccc2
—
s
53*$
39*$
96
bbb3
108*$
108*$
106
105*$
4
354
75*$
74^
ccc2
70
70 H
_
y
Lehigh Coal A Nav s f 4 *$s A 1954
J y bb 2
Cons sink fund A Mb ser C.1954 J
Lehigh A New Eng RR 4s A.1965 A Ox bb!
Lehigh A N Y 1st gu g 4s...1945 MSyb
Lehigh Valley Coal Co—
z b
♦5s 8 tamped
1944
♦1st A ref
52*$
39
96
2
bb
106*$
106*$
104*$
102*$
1?$
98*$
98
98
Lautaro Nitrate Co Ltd—
♦1st mtge Income reg
92
14
*81*$
*46*$
*15*$
dddl
y
{♦Mo Pac 3d 7s ext at 4% July '38 MN
92*$
7
98*$
97*$
z
y
168*$
82
98*$
98
74%
y
86
Lake Erie A Western RR—
5s extended at 3% to
aa
80*$
1
x
161
107*$
z
92*$
81*$
*82
bbbl
2d gold 5s
x
87*$
108*$ 111
105
li5*$
80
39
ccc2
3*$8—..1951 M S
—1952 MN
C..1979 J J
♦1st A ref 5s series F.
bbbl
Lake 8h A Mich Sou g 3 *$s__ 1997 J
3 Mb registered
1997 J
High
112
112
18
18?$
z
1942
1942 f a
101
97*$ 103
*10
z
z
Coll A ref 5 Mb series
98
21
109
108*$
z
..1942
Coll tr 6s series B
110
z
(♦Laclede Gas Lt ref A ext 5s 1939
Coll tr 6s series A
49*$
48*$
67*$
73
aaa3
20*$
15?$
106*$ 107*$
102?$ 107*$
92*$
66*$
"73"
x bbb2
Mb unguaranteed
1961
x aaa3
Kings County El L A P 6s...1997 a
xbbb2
Kings Co Lighting 1st 5s
1954 J
x bbb2
1st Aref6*$s—
1954 J
3
Koppers Co 1st mtge 3*$s._1961 M » x a
1
Kresge Foundation 3% notes 1950 MS x a
Ref A ext mtge 5s
20
93
"48"
J
M S
26
55*$
98?$
98*$
x
J
2
1
1
1
2
8
81
135
bbb2
bb
18
105
91*$
43*$
98*$
z
1950 AO
J
Apr 1950 J
Kansas City Term 1st 4s
1960 J J
Karstadt (Rudolph) Inc—
♦Ctfs w w stmp (par $645) 1943
♦Ctfs w w stmp (par $925) 1943 MN
♦Ctfs with warr (par $925) 1943
Kentucky Central gold 4s—1987 J
Kentucky & Ind Term 4)48.1961 J
Stamped...
1961 J
gold 3s
7
41*$
bbb3
♦Certificates of deposit
56
89
80*$
"55*$
1
77
150
104?$
*90
1
b
127
38*$
36*$
87*$
104*$
104*$
80*$
44
1*$
"42%
2
z
176
18
17M
38%
6
19
1
x
61
17*$
1%
1
J z cccl
o y b
2
o y ccc3
"64
100*$
101*$
100*$
19
•10
106?$
100
101 %
cccl
O
o
1959
1
x
1
bb
O
{♦Kreuger A Toll 5s ctfs
z
*105*$
115?$
ccc2
1
y
A
A
87*$
110
80*$
53*$
bbb3
D y bb
a
1961
No. Low
....
Michigan Central—
{(♦K C Ft S & M Ry ref g 4s 1936
;..
1151*32
z
60
J
Plain
1
2
2
X
58
3*$s.l961
Mich 1st gu g 4s 1990
Jones & Laughlln Steel
2
Mead Corp 1st mtge 4*$s—.1955 M S
Metrop Ed 1st 4*$s series D.1968 M S
64
M S
Kan City Sou 1st
Ref & lmpt 5s
.....
*58
105
Kanawha &
Stamped
;
A
(♦Market St Ry 7s ser A Apr 1940
(Stamp mod) ext 5s
1945 Q A
2
2
1947
b
O ybb
O ybb
f 6s..1947
65
104?$
MB
a
z
cccl
60
2
Int Telep A TeJeg deb g 4 *$s 1952 J
Debenture 5s
.1955 F
High
110?$
87*$
*108*$
bbb2
62*$
J y bb
1st lien & ref 6
J
A & B.1947
x
z
*61*$
*60"
bbb2
1955 M S y b
Int Rys Cent Amer 1st 5s B.1972 MN ybb
Internat Paper 5s ser
Ref s f 6s series A
Since
Jan. 1
27
x
s
Range
Asked
*108
3
J
{(♦Man G B A N W 1st 3*$sl941 J
2
1963 J D
1948 F A
J
Ind 111 A Iowa 1st g 4s
1950 J
J
{♦Ind A Louisville 1st gu 4s.1956 J
Ind Union Ry 3 *$s series B.1986 M S
Inland Steel 1st mtge 3s ser F1961 A O
Inspiration Cons Copper 4s. 1952 A O
J
a
Manila RR (South Lines) 48.1959 MN
Marlon Steam Shovel
A
z
Gen mtge 4*$s series A...1960
Manatl Sugar 4s s f...Feb 1 1957 MN y ccc2
Manila Elec RR A Lt s f 5S..1963 M S y bbbl
A y bb
1st A ref 4 *$8 series C
♦Ilseder Steel Corp 6s
Interlake Iron conv deb 4s__1947 A
x
Metrop Wat Sew A D 5*$s..l950 A O
{(♦Met W Side El (Chic) 4s.l938 F A
♦Mlag Mill Macb 1st s f 78—1956 J D
x
111 Cent and Chic St L A N O—
Joint 1st ref 5s series A...1963 J
3
bbb2
x
D ybb
D y b
A.1945
ybb
f
a
♦Lower Aust Hydro El 6*$s.l944 F A
McCrory Stores deb 3*$a—1955 A O
{♦McKesson A Robblns 5 *$s 1950 M S
•3?$
Bid
Low
93*$
93*$
ser
Range or
Friday's
Sale
(Conct)
90
"38
Last
Price
1
Indus. Cos. (Cont.)
Mob A Montg 1st g 4*$s..l945 M S
J
South Ry Joint Monon 4s.l952
Atl Knox A Cine Dlv 4s..l955 MN
97
39
205
44
&
Louisville A Nashville RR
92
127
80
3
J
1951
1951
Springfield Dlv 1st g 3 *$8-1951
Western Lines 1st g 4s
1951
4s registered
1951
»
46?$
2
J
52%
46
Railroad
See
Nft.
Week's
Friday
Elig. A
Rating
STOCK EXCHANGE
89?$
89?$
»
70"
43?$
43%
43*$
52*$
45?$
Y.
Week Ended July 11
High
100*$ 103*$
44?$
44
43%
N
1
88
—
94?$
*30
J y b
1952 J
2
1953 MJV y b
2
Refunding 5s
1955 MN y b
40-year 4?$s
.Aug 1 1966 F A y ccc2
Cairo Bridge gold 4s
1950 J D x bbb3
J xbbb2
Litchfield Dlv 1st gold 3s—1951 J
J ybb 3
Louis v Dlv A Term g 3 *$s.1953 J
Omaha Dlv 1st gold 3s
1951 f A y b
2
J ybb
J ybb
96?$'
54
*90"
44%
Since
Jan.
*91
Collateral trust gold 4s
J
2
BONDS
High' NO. Low
*
Purchased lines 3 *$a_.
Gold 3*$s
3 *$s registered
g
cq co
103*$,
*90
let gold 3J$s—
1951 J J x bbb3
Extended 1st gold 3 *$8—.1951 A O x bbb3
1st gold 3s sterling
..1951 M S y bbbl
Collateral trust gold 4s....1952 A O y b
2
Refunding 4s
1955 MN y b
2
St Louis Dlv <Se Term g 3a.. 1951 J
Range
^
!
Asked
A
103
bbb3
..1951
■
Friday's
Bid
103 M
aaa3
215
4
Bank
or
Low
J
1981
Record—Continued—Page
Week's
Range
bank eligibility and rating of bonda.
See k.
65
I
New York Bond Record—Continued—Page 5
216
Bank
Y.
Price
F
A y b
a o yb
1947
Y Edison 3%a ser D
1966
1st Hen A ret 3%b ser E...1966
Cony 6% notes
a
--
Since
No. Low
61 H
63
74 H
73 %
74 H
109H
109H
25
0
x
aaa3
109 H
109
a
O
x
aaa3
109 H
109H
Purchase money gold
x
aaa3
f
5S.1948
4s—1949
N Y Gas El Lt H a Pow g
d
A
x
aaa3
121%
121%
115H
13
106H 109H
107 H HO %
1
121H
115H
120% 125H
113H 118%
3
O
x
x
aa
2000
A—1973
N Y Lack a West 4s ser
N Y a Long
58
aa
I
♦104
mn y b
MN y bb
J
j y b
RR 6 H< 42
Impt 6s 1943
♦N Y L E a W Dk a
cccl
x
m N y b
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4 Hs series B .
♦N Y L E a W Coal a
z
mn
8el946
(♦N Y a Greenwood Lake
N Y a Harlem gold 3 ha
M
Branch gen 4S..1941
s y bb
2
2
1
2
3
54 H
57
26 m
58
95
92
m S
z
cccl
26 %
26H
35
19
26 %
M S
z
cccl
26
26
55
26 H
O
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cccl
j
z
cccl
mN
17%
17H
18H
18H
18
30 H
M
26
86
26 %
27
32
24
26H
77
z
cccl
26
27
3J<s_...1966
debenture 6s—...1948
J
j
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cccl
*25 k"
25
26
J
j
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cccl
29H
29
30 H
..—1948
J
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O
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cc
d
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28H
1st 4s 1964
un
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cccl
84
4s.-1992
MS
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cc
1
7
7
♦General 4s..— .———1965
j
D
z
c
1
1942
a
o y b
2
registered
{♦Collateral trust 6s
1940
1967
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J
of 1927.1967
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{♦N Y Proy a Boston 4s
29
304
26 H
27
27
22
1
x
a
2
1977
J D
1981
Pblla Electric 1st A ref 3HS.1987 M 8
/
J
{♦Phlla A Read C A I ref 58.1973
J
x
a
2
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a
2
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aaa3
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ccc2
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28
33 H
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J
x
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115
71
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Series G 4s guar
cons guar 4s
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D
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a
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a
2
J
x
a
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2
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UN
1946
0
100
33
99%
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62
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62%
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J D
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A
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51%
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64%
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J
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12
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103
77%
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x
106
83
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28
3
2
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123
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Pressed Steel Car deb 5s
1951
107
83
a f
cc
1
3%
3%
*64
2
93%
4
6
2%
4%
-----
-----
87
142
J
x
aaa3
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x
aaa3
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O
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3
109%
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J
x
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...
A
J
dab 61—xv->o
A
Reading Co Jersey Cent coll is *61
J
Gen A ref 4 Hs series A..."
Gen A ref 4 Hs series B
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J x bbb2
108H HO
2
67 H
69
41
65 H
70 H
82 %
42
78
84 %
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81H
81 %
82 H
7
78%
84
bbb2
M 8
Remington Rand deb 4Hs w
M 8
4%b without warrants
ivoo
F A
Republic Steel Corp 4 Hs ser B '61
x
bbb2
105
104 %
105 %
46
102 H 106 H
x
bbb2
105H
105
105H
6
103H 105H
X
bbb2
104 H
103 %
104 H
104%
23
104%
13
102% 104H
103H 105H
103 %
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99%
19
103
UN
x
a
ccc2
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45
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56%
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70
MN
With
declaration.——I!
c
s
110 %
110%
23
111%
1
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Ohio Edison 1st mtge 4s
1966 un
a
3
1967 u
8
a
j
a
3
Oklahoma Gas A Eleo 3%a.. 1966 J
1946 J
4s debentures
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d
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1972 J
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1946
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1961
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y
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x
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1938
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107 H
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—
15
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131
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29
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Paramount Broadway Corp—
1955
f
Paramount Pictures 3Hs deb *47 M S x bbb2
Parmelee Trans deb 6s
1944 a O y ccc2
Pat A Passaic G A E cons 68.1949 M S x aaa3
1942 M S
y
b
1
1942
d
x
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53%
55
2
52
96
9
94
96 %
49
49
41H
49
*120
124
82
82
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95H
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1944
55
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d
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107
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108
108
108
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108H
1963 F a
.1960 j D
x
a
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106
106 %
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x
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105
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105 %
x
a
2
J
x
a
2
105
105
2
105
106
S A A Ar Pass 1st gu g 4s
1969 F
a
x
a
2
110H
110H
110H
15
108
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Santa Fe Pros A Phen 1st 5s.
F
a
x
bbb3
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109H
42
MN
x
aa
aa
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2
x
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106 H 110 H
105 % 107 H
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108H
105 H
112H
MN
x
aa
112
112
o
x
aa
"94%
Consol sinking fund 4Hs.. 1960
x
aa
121 H
121H
121%
9
General 4 Mb Beries A
1965
x
a
105 %
105%
98
120H 125 H
104 H 108 H
General 6s series B
105%
111H
111%
4Hs debentures
1974
Pennsylvania RR eons g 4s.. 1943
Consol gold 4s
1948
4s sterl stpd dollar May 1 '48
Gen mtge 3mb series C...1970 a
2
♦102H
94
104
103
111H 114H
40
93
98
1968
x
a
12
110
Debenture g 4 Ha
1970
x
bbb3
124
90
1981
x
a
3
93 H
101H
94%
General 4He series D
101H
102%
111
99 % 105
Gen mtge 4Hs series E
1984
z
a
3
102
102
103
32
Cony deb3Hs
1962
x
bbb3
88
90
35
HI
111%
93
88 %
100
87 H
N
J
J
J
D
J
A
J
*79%
78
100
112
116
97 H
94%
95%
*104%
*121%
86
to the column
4H
11
114H
70 H
95H
104H 106%
106%
y
bb
2
x
aa
2
x
aaa3
A O
0 A O
9 F A
9 A 0
z
cccl
12%
12%
13
11
9
12%
1%
12%
♦Certificates of deposit.
♦1st cons 6s series A
1945 M £
5
Scioto V A N E 1st gu 4a
J/ J
2 M £
9 MN
121% 124H
{Seaboard Air Line By—
{♦1st g 4s unstamped
{♦4s g stamped
♦Adjustment 5s..
(♦Refunding 4s
0
Oct
104 %
6S
8H
1 %
IS
%
1%
cccl
%
4%
5%
211
3%
cccl
4M
4%
a
2%
5%
4%
8%
284
7%
7f
cccl
d
z
z
2
z
cc
1
"~7%
z
cc
1
7%
z
♦Certificates of deposit.
{{♦Atl A Blrm 1st gu 4a
3
1933 U
cccl
7%
6M
15
4%
3%
10%
15%
1
91M
Incorporated In this tabulation pertaining to bank eligibility and rating of bonds.
I
13H
13 H
13H
1
z
z
4
Attention la directed
81
105
111 H H5H
94%
9%
15%
14H
16 H
15%
16%
15%
t*St Louis-Southwestern Ry—
120H 126
Guar 4s ser E trust ctfs...1952 MN
Pa Ohio A Det 1st A ref 4 Hs A '77 a
1mb series B
..—1981 j
9
9H
113H 117H
110H
105 H
11
M 8
113H 117H
106 %
81
con A coll trust
108H 112H
♦114H
109 H
106H
♦1st
100 M 104 %
101H 103 H
109H
1960 M.
9
\F A
7«
tl*Rlo Gr June 1st gu 6s...
{{♦Rio Gr West 1st g 4s...
z
C
1966
4 HS..1955
14H
27
15
107 M
110H
106
113H
"109 k
aaa3
Dix
Jk
8H
107
bb
jx
1
9%
111H
bb
z
Pacific Tel A Tel 3Hs ser B..1966
26 H
14H
6
105%
102 h
aa
1st A ref mtge 3s ser J
"9%
33
29%
*
17
106 %
b
x
::::
M 8 xbbb2
4s s f cony debentures
6
28H
11
25
♦
Richfield OH Corp—
,j
1946
19
106 H
2
Pacific Gas A El 4s series G.1964
A
106 H
96H 101
108 %
"ink
2
Otis Steel 1st mtge A 4Ha.. 1962
*99H
110H
106 H
107
2
aaal
F
108H 110H
109 H
*97
2
Ohio Connecting Ry 1st 4s..
"104H
z
♦Cons mtge 6s of 1928
♦Rlma Steel 1st
j
1
z
111%
106
104
69
x
62H
73
152
218 H 222
10
J
J
46 H
76
97%
109 H 111H
*1UH
J D
1st A ref mtge 8s
Pub Serv of Nor 111 3 Hs
Purity Bakeries
z
*55
74 %
109 %
96
96
115
70
125
80
*72
64
*100
ccc2
1943 M
109H H3H
102
♦117H
x
MN
103H 107
.
217.
109 H 113H
6
63 H
61M
J D
28
103 H 106
x a
1
75 %
4s—1997
x a
...1997
"42 k
Gen Hen ry A Id g 3s Jan...2047 Q f yb
3s Registered...——.2047 Q A y b
y bb
Ref A lmpt 4 Hs series A. .2047
"52H
66 H
Ref A lmpt 6s series B
y bb
2047
57 H
y bb
Ref A Impt 6s series C—2047
57 h
Ref A lmpt 6s series D
y bb
2047
Northern States Power Co—
f A x aa 3
110%
(Minn) 1st A ref M 3HS—1967
(Wise) 1st mtge 3 Mb
1964 M S x aa 3
j x bbb2
Northwestern Teleg 4 Ha ext 1944 J
1970
54
D y bb
A O y bb
J
12 H
10
Registered....
Oregon RR A Nay con g 4s.. 1946 j
Ore Short Line 1st cons g 6s. 1946
104H
♦106H
11
13
North Pacific prior Hen
J
110
2
z
{{♦Og A L Cham 1st gu g 4s. 1948
111H
110
103
aa
x
z
♦Certificates of deposit
119
27 H
104
♦1st mtge g
A
^
12 H
♦113
6s (stamped can¬
cellation of guarantee). 1945
111 %
120H
117
110
99H
J
'1
102 %
104 M
♦60
110
117
1
118
'
34
104
2
"iiok
J
J
109
2
i
118
118
27 M
28
104
ccc2
102 % 104 %
A
104" "~7
104 H
aa
2
D
6m
126H
z
102 %
MN
111
103 m
x
A
102H
F
108 H 109%
103 M
104
0
For footnotes see page
5%
99% 105
101H 104H
J
97
22
♦115H
32
108% 110%
87
103
2
88
104H
16 M
127 %
104 H
aa
105
105H 106 %
95 H 101H
2H
7
104H
J03H
♦105
108 X 111H
92
"165""
*109H
15
103
x
Lt 8 Ha
7
6M
3%
2
106
127
3
A
3%
4%
2
105 H 108H
40
26
a
Penna Pow
21
2
7
106
♦100
x
28-year 4a
Pennsyl Glass Sand 3Hs_
514
5
aa
48H
54H
108 H 110H
105
108 H
3
Pennsylvania Company—
Guar 3 Mb trust ctfs C
Guar 3 Mb trust ctfs D
7
6
*4
aa
F
3
♦Paullsta Ry 1st s f 7s
6
109 %
108% 110 H
16H
28
397
aa
F
lh
a
3s loan ctfs
23
28
x
86
a
1st M s f g
110H
25%
x
29 H
x
sf g
108
110H
27 H
x
78
x
4s—.1994
Panhandle East P L 3s B
116H 120
113H 115H
2
109
MN
20
8H«—.1949 f A
354s..—.....1964 f A
Debenture 4s
1969 f A
North Cent gen a ref 6s...—1974 m s
Gen A ref 4 Hs series A
1974 M S
{Northern Ohio Ry—
Debenture
Paducah A 111 1st
2
120
118K
1942
UN
.1942
Series B 4 Hs guar....
Series C 4 Hs guar..
47
.
J
J
0
North Amer Co deb
Ref mtge 3mb series
107 % 109
110H
3
23
aaa3
Pacific Coast Co 1st g 6s
4
107%
1
346
b
Ore-Wash RR A Nay 4s
74
106 % 108
1
84 H
z
...
74
64
13
109
1
d
6H
29H
x
Guar stpd cons 6s
63
34
5H
cc
d
5%
A
...........
83%
21
120
z
83
z
5s
1961
♦Ctfs of dep (Issued by reorgan¬
ization manager) 6s
.1941
Hs
9%
110
72%
68H
•114H
z
28
z
ization manager)
1st mtge 3
"l"07k
4 Hs A '52 M 8 xbbb2
conv
♦Ctfs of dep (issued by reorgan¬
1st mtge 4s
2
----
J
{{♦PhHlppine Ry 1st s f 4s._1937
♦Certifiestee of deposit
J
Phillips Petrol lHs debfl..1951
107
♦110H
103m
27 H
27m
♦Certificates of deposit
4s
59
66 H
6H
J
General g 4 Hs series C
General 4 Mb series D
77 %
107H
107H
65%
aaa2
8 Hp deb. 1952
4%
106
***-«•
67 H
x
cony
4*
107 %
Phi la Bait A Wash 1st g 4s..1943 MJV
General 5s soles B
1974 F A
"47"
6
2
48.1993 A 0 y b
un x aaa3
N Y Queens El Lt a Pow 3 Hs '66
j
j x bbb3
N Y Rys prior Hen 6s stamp. 1968
M N x bbb2
ny a Rlcbm Gas 1st 6s A—1951
J
j x aa 3
N Y Steam Corp 1st 3 H"—1963
j
J z cccl
{{♦N Y SusQ a W 1st ret 6s. 1937
f a z cc 1
{♦2d gold 4 Hs
1937
f a z cc 1
{♦General gold 6s
1940
mn z cccl
♦Terminal 1st gold 6s.....1943
N Y Telep 3«s ser B
—-1967 J j x aaa3
J d y b
2
N Y Trap Rock 1st 6s
1946
y b
2
6s stamped
1946
y'j z c
1
{{♦N Y West a Bost 1st 4 Hs 1946
M 8 x aaa2
Niagara Falls Power 3HS...1966
a O x a
3
Nlag Lock a o Pow 1st 6e A.1955
MN yb
1
Niagara Share (Mo) deb 6 Mb 1950
f A z cc 1
{{♦Norf South 1st a ret 6s—1961
♦lstgtdg6e
66
a
"45"
46 H
N Y a Putnam 1st con gu
Norf a W Ry 1st cons g
2
2
x
/
Series H
{♦N Y Ont a West ref g
"76H
....
108
26H
20 H
a
J
♦Cony debenture
6s
97
2
*i06H
76 %
D
♦Conv deb 6s
IN Y New Hav a Hart RR—
♦Non conv deb 4s
1947
•Non-cony debenture 3 Hs 1947
♦Non-cony deb 3 Ms...... 1964
♦Non-cony debenture 4s..1966
♦Non-cony debenture 4s..1966
♦Cony
100
88
166 "
95
♦90
101
*6
1
M 8 y bb
1
8
1
aa
111
114H 118H
44 H
54%
2
115H
High
108
+ + ~
~
48
48
2
cc
x
J y bb
Pere Marquette 1st ser A 58.1956
1st 4s series B
1956 J
lv80
115k
1
Since
Jan. 1
No. Low
High
J y bb
J
Bonds Sold
Ask
109
z
Apr 1990 Apr
F A
st5Hs—1974
♦Income 4s
Phelps Dodge
105H
49 H
57
63 H
59H
57 %
57
♦100 H
99 %
58
100 %
104 H
.55
O y b
1960 A
Peoria A Eastern 4s ext
A
*
aaal
—.1947 M 8
Range
■
Friday's
Bid
Low
75
Refunding gold 5s
Range or
SaU
Railread & Indus. Cos. (Cont.)
Peoples Gas LAC cons 6s..1943 A
1st g 4 Hs series C
MN
Price
63 %
Peoria A Pekln Un
j
Last
See a
60
5
A
Elig. A
Rating
High
RR
N Y a Brie—Bee Erie
l!
Week Ended July 11
1941
Week's
Friday
••.a.
Y. STOCK EXCHANGE
55
51
62 m
2
1
N.
Jan. 1
Asked
High
Low
(cm.)
1«51
Railroad & Indue. Cos.
N Y Dock lot gold 4s..
bid
BONDS
Range
Friday's
Sale
See a
11
Week Ended July
N
Rating
STOCK EXCHANGE
Range or
Last
eliff. A
BONDS
N.
July 12,
Bank
Week's
Friday
\
See
1
8%
7%
17%
Volume
New York Bond Record—Concluded—Page 6
1S3
Bank
£
BONDS
N.
Y.
Last
Elig. A
I
Rating
Price
Week Ended July 11
High
Low
A
z
c
3%
3%
♦0bSeries B certificates...1935 F
A
z
c
3%
3%
Shlnyeteu El Pow 1st 6 %s_
-
a
J
x
a
2
3%
3%
High
52
2%
4
4
2%
4
99%
100
14
97
48
17
47%
54
45
27
85
*43
X
x
x
a
O
X
J
x
aaa2
x
'
~25~~
i
83
6
15
:
bbb2
103%
12
107%
40
119
*108%
106% 108%
108
k"
107%
108%
104%
103
104
{♦1st gold 5s
1939 AfN
{♦2d gold 5s
1939 F A
♦1st lien g term 4s
..1954 /
♦Det A Chic Ext 1st 5s....1941 J
z
b
1
{♦Des Moines Dlv lBt4s..l939 J
♦Omaha Div 1st g 3%s...l941 A
{♦Toledo A Chic Dlv g 4S-1941 M S
z
cccl
z
cccl
z
{♦Wabash Ry ref A gen 5 %s A '75 M S
z
O Xbbb3
.1951 A
1st mtge pipe line 4 Ha
Southern Pacific Co—
D 7 b
.1949 J
4s (Cent Pac coll)
.1949
4s registered
105% 107%
49 X
~M 8 y bb
1st 4 Ha (Oregon lines) A .197
Gold 4 Ha
.1968 M 8 yb
Gold 4%s
.1969 IN y b
Gold 4 Ha
.1940 J
San Fran Term 1st 4a
.1950 A O
248
44%
51
52%
352
40%
57%
55%
39%
55%
52
52%
313
52
51
52%
401
39%
55%
70
68%
70%
203
48%
72
71
88
57%
70%
51 %
%
a
83
82
83%
17
bbbl
bbbl
66 %
65%
66%
160
bbb2
To%
Southern Ry 1st cons g 5s.. 1994
Deyel A gen 4s series A... 1966
bb
1950
bb
1950
bb
62
57
65%
82%
69
75
59
79
89
61%
1990
bbb2
83
83%
bbb2
72
74
{♦Spokane Internet 1st g 5s. 1955
cccl
aaa3
111%
108
106
aaa3
_
3
32%
105%
80
73%
109% 112
8
5
33%
104% 109
20% 34
103% 106%
103
105%
100% 109
99% 102%
38
106
51
105%
26
106
13
1953
x
aaa3
Studebaker Corp cony deb 0s 1946
1950
Superior Oil 3%s debs
z
b
2
106"
105%
105%
y
bb
2
101%
100%
101%
11
x
aa
2
102 %
102%
102%
10
x
aaa2
124
125
2%s debenture
1961 IN
J
196' J
Swift A Co 2%s debs
Tenn Coal Iron A RR gen 5s.
Term Assn St L 1st cons 6s.. 1944 F
1963 J
Gen refund s t g 4s
Tezarkana A Ft 8 gu 5%s A. 1960 F
Texas Corp 3s deb.
8s debentures
....
..._,
112%
*111
x
aa
3
111 %
111%
111%
13
x
bbb2
90%
90%
91%
9
O
x
aaa3
106%
106%
106%
44
.1965 MN
x
aaa3
106%
106%
107
56
1969 A
J y bb
D x a
1943 J
Texas A N O con gold 5s
aaa3
x
100% 102%
123% 128%
109% 113%
108% 111%
6
A
Texas A Pacific 1st gold 5s.. 2000
Gen A ref 5s series B
1977
3
88
94%
102% 100%
102% 107
94
78
*94%
2
80
78
104
111%
108
111%
aaa3
1901
59%
65%
368
44
65%
23%
653
13
1
19%
47%
24%
b
47%
5
30
24%
49%
z
b
1
66%
69
4
52%
69
21
17%
21
12
21
13
16%
101
7%
cccl
16%
59%
55%
59%
45
cc
1
16%
14
16%
708
45%
7%
cccl
103%
103%
~2~
103
13
7%
12%
15%
15%
464
376
7%
15%
z
cc
1
15%
15%
13
15%
523
7%
15%
D
x
bbb2
1945 J
Walworth Co 1st M 4s
6s debentures
Warner Bros Plot 0s debs
1965 A
.1955 A
{♦Warren Bros Co deb 0s
bb
z
cc
x
bbb2
69%
68
70%
28
62%
aaa3
x
aa
2
x
aa
2
109%
*111%
J
x
aa
2
110%
62%
62%
D
x
a
3
104%
92%
30-year 5s
♦Westphalia Un El Power 0s. 1953
With declaration
.....
4
West Shore 1st 4s guar.
103%
102%
103%
aaal
105%
105
105%
Wheeling ALE RR 4s
Wheeling Steel 1st 3 %s
cccl
x
bbb2
104
104%
4
96% 104%
J y
ccc2
55
53
55%
41
48%
65
cccl
17%
16%
18%
263
14%
24
99%
99%
3
42
44%
92
80
x
aaa2
x
a
3
97
x
aaa3
39
67
93%
78%
92
2
85
78
74
82%
2
2
2
~52%
61%
52%
2
*48
31
49%
....
114%
114%
208
94%
93%
94%
106%
107
4
107
104
2
cc
1
10%
12%
cc
1
*7
12%
aa
3
a
3
cc
1
x
x
a
116
98
37%
3
36
105% 107%
104
115
27
38%
20%
37
105
13
7
12
7%
108% 110%
100% 108
110%
119%
109%
*109%
102%
102%
102%
17
102
101%
102%
78
*4
bbb2
1900 MN
60%
52
46%
112% 115
94%
92%
114
c
2
c
10
60%
103
*103%
*114%
36%
37%
35%
2
aaa2
..1948 M S
f 3%s ser D
27
8
2
101% 103%
90% 103%
48%
97%
70%
30
■;
73%
bb
_
78%
52
aa
{♦ Wor A Conn East 1st 4 %s 1943
Youngs town Sheet A Tube-
92
80%
83%
82%
bbb3
Wisconsin Elec Power 3%s_.1968
Wise Public Service 3 %8
1971
44%
29%
71%
82%
81%
2
bbb2
J
1955 J
11
s
15
59
bb
J
♦Certificates of deposit
{♦Su A Du div A ter 1st 4S.1930 IN
♦Certificates of deposit
1st mtge
69
79%
bb
..1947 A O
J
Winston-Salem 8 B 1st 4s... 1900 J
J
{♦Wis Cent 50-yr 1st gen 4s-.1949 J
99% 101%
26%
20%
78%
23
1949 M 8
69%
3
24%
b
ser B1986 M 8
Cony deb 4s
25%
25%
79%
83%
82%
2
b
j'l
69
74%
26
cccl
b
J
J
16
95%
90%
104%
105% 107
15
30%
100
15
2381
Wilson A Co 1st M 4s A
Cony deb 3%s
101% 104%
19
.......2301 J
Registered..
93%
42
94
__
69%
1949
107% 110%
111% 114
109% 111%
bbb2
..I960 M 8
bbb2
g 5s
124% 128%
...
O
{♦Western Pac 1st 5s ser A..1940 M S
♦5s assented
1946 AT 8
Western Union Teleg g 4%s.l950 MN
25-year gold 5s
1951 J D
X
Trl-Cont Corp 6s cony deb A.1953 J
5
2
110%
112
J
1980 J D
1904 M S
Tol W V A Ohio 4s series C..1942 M S
Toronto Ham A Buff 1st g 4s.1940 J D
M S
Trenton G A El 1st
125%
41
1977
Gen A ref 5s series D
1st 0s dollar series
1953 J D y
Tol A Ohio Cent ref A Imp 3 % s '60 / D x bbb2
Tol St Louis A West 1st 4s.. 1950 A O y bb 2
71%
104%
bbb3
West N Y A Pa gen gold 4s.. 1943 A
75
J y bb
34%
65
110%
1952
58
J
90%
05
125%
125%
x
D
0
70
{♦Third Aye RR 1st g 6s... 1937
Tokyo Elec Light Co Ltd—
61%
i"io%
*
D
J
68
z
6
106% 108%
M S
1954 J
Western Maryland 1st 4s
1st A ref 6 %s series A
75%
O
92%
72%
J
68%
A
98
16
25
*71%
aaa2
85%
91
*107%
aaa2
77%
32
*24
3
bbbl
J
bbb2
Jan 1900
60%
b
x
♦AdJ Income 5s
5
94%
61%
105%
103
65
97%
94
1
85%
97%
1
Warren RR 1st ref gu g 3 %tf„2000 F A y
Washington Cent 1st gold 4s. 1948 QI y
Wash Term 1st gu 3%s
1945 F A x
1st 40-year guar 4s..
1945 F A x
O
1960
83%
85%
"94
y
10
104
104
O y b
2
O y ccc2
1948 M S
1941 M S
1979 A
Third Aye Ry 1st ref 4s
16%
15%
15%
1980 A O
Walker (Hiram) Q A W—
Convertible deb 4%s
108%
O
J
16%
59%
1
Gen & ref 5s series C
Tex Pac Mo Pac Ter 5%s A.
51
84%
88
65
z
z
1
West Va Pulp A Paper 3s
284
81
100% 108%
cc
94%
87
14
cc
90
82 H
74
108%
z
"65
87%
_
65
z
91%
63%
90%
04%
90
6
71
A
1970 F
Westchester Ltg 5s stpd gtd.1950
Gen mtge 3 %s
1967
West Penn Power 1st 5s E..1963
1st mtge 3%s series I
1906
1951
St Louis D1y 1st g 4s
So'western Bell Tel 3%s B_. 1964
1st A ref 3s series C
1968
Standard Oil N J deb 3s
48%
54%
x
y
53%
53%
y
1956
Deyel A gen 6 Ha
Mem D1t 1st g 5s...
37%
34%
52
J y bb
So Pac RR 1st ret guar 4s... 1955
Derel A gen 0s
83
53k
.1981 M N y b
10-year secured 3%s
1st 4s stamped
49%
48%
b
y
84%
72%
62
■
1978 A O
♦Ref A gen 5s series B
♦Ref A gen 4 %s series 0
♦Ref A gen 5s series D
Southern Natural Gas—
54%
....
108%
108%
2
106
4
87%
"72%
aa
108% 112
25
112
*86
1
x
108%
9
O y bb
1906 M S
120
284
105
1958 A
Virginian Ry 3%s series A
{Wabash RR Co.—
103% 107%
*118
3
lstoons 5s
102% 103%
101% 104
107
107 %
103%
103%
aaa2
J
-1
•
100
103 %
103 %
aaa3
O
'
"82k
bbb2
J
60
High
No. Low
High
111
62
aa
1
Jan.
Asked
A
Low
x
Since
Friday's
Bid
111
45%
14
39%
50%
Price
2
99%
94%
Sale
See a
Railroad & Indus. Cos. (Concl.)
Va Elec A Pow 8%s ser B...1968 M S
Range
Range or
Last
Rating
Va Iron Coal A Coke 1st
g 5s. 1949 M S y ccc2
Va A Southwest 1st gu 5s...2003 J
J y bbbl
159
t
A
South Bell Tel A Tel 3%s.. .1962 A
3s debentures
.1979 J
Southern Colo Power 6s A. .1947 J
No. Low
Week's
Friday
Elig. A
STOCK EXCHANGE
Week Ended July 11
99
z
A y.
O x bbb2
Y.
Jan. 1
98%
98%
D y
1961 M S z
So cony-Vacuum Oil 3s debs .1904
South A Nor Ala RR gu 5s. .1903 A
N.
99 %
2
.1952 J
.1950
Skelly Oil 3s debs
x
A
BONDS
Since
48
J
♦Siemens A Halske deb 6 %s
♦Silesia Elec Corp 0 %s
1940 F
Slleslan-Am Corp coll tar 7s. 1941
Simmons Co deb 4s
.1952
Range
Friday's
A
Asked
Bid
Railroad & Indus. Cos. (Conl.)
{♦Seaboard All Fla 0s A ctts.1935 F
Shell Union Oil 2%s debs.. .1954
.1961
2%s s f debs..
Bank
Range or
Sale
See a
8TOCK EXCHANGE
217
Week's
Friday
81%
*120
104% 104%
*103%
J y bb
"98"
108"
106%
•Tyrol Hydro-El Pow 7%s._1955 IN
♦Guar sec s f 75
1962 F A
z
*8
UJlgawa Elec Power s f 7s...1945 M S
y
98
105% 107%
*9
z
93%
16
O
z
cc
Union Oil of Calif 6s series A.1942 F
3s debentures..
...1959 F
A
x
aaa3
A
x
aa
J
x
aaa2
4s registered..........1947
84-year 3%s deb
...1970 A O
85-year 3 Ha debenture... 1971 M N
Ref mtge 3 Ha ser A
1980 J D
x
aaa2
x
aa
x
aa
x
aaa2
O
x
a
62
33
90
*104%j
20%
15
90
8
89%
89%
{{♦Union Elev Ry (Chic) 58.1945 A
8%
13%
8
1041,«107
.....
1C5%
105%
105%
29
101% 105%
111%
111%
112%
28
110% 114%
Deferred
a
r
d Ex-Interest,
sale,
delivery
Cash sale.
e
sale,
Odd-lot
n
,!yf v
y/,^yy
Under-the-rule sale,
;y:': •. ";;;
I Negotiability Impaired by maturity,
t The price represented Is
per 200-pound unit of bonds.
Accrued Interest payable at the
tion
the dollar quota¬
exchange rate of
$4.8484
Union Pac RR—
...1947 J
1st A land grant 4s
United Biscuit
3Hb debs...1955 A
A
United Clgar-Whelan Sts 6s. 1952
U
** m
Urn.
99%
106%
106%
O y b
98%
99
12
99%
106%
106%
99%
61
107
y
bb
x
aaa3
3
89
88
88%
—
64
107%
73%
*71%
1963 M S
U N J RR A Canal gen 4s... 1944 M S
United Drug Co (Del) 5s
110
*110
99
69
112%
96
Companies reported as being In bankruptcy, receivership, or reorganized
such companies.
{
under
Section 77 of the Bankruptcy Act, or securities assumed by
100%
90% 101%
*
Friday's bid and asked price.
♦
Bonds selling flat.
No sales transacted during current
week.
102% 107
104% 107%
65% 76%
82% 90%
107% 108%
*107%
United States Steel Corp—
Serial
debentures—
11941 MN
May 1 1942 MN
Nov 1 1942 MN
May 1 1943 MN
Nov 1 1943 MN
aaal
May 1 1944 MN
Nov 11944 MN
aaal
May 1 1945 MN
Nov 11945 MN
aaal
1.025s
1.75s
May 11940 MN
aaal
1.80s
Nov
1 1946 MN
aaal
1.85s
May
aaal
1.90s
Nov
1 1947 MN
1 1947 MN
1.96s
May 1 1948 MN
Nov 1 1948 MN
aaal
May 11949 MN
Nov 1 1949 MN
aaal
May 11950 MN
Nov 1 1960 MN
aaal
May 1 1951 MN
Nov 1 1951 MN
aaal
May 1 1962 MN
1 1962 MN
aaal
May
Nov
aaal
2.60s
1 1953 MN
1 1953 MN
2.688
May 1 1954 MN
a
aaal
aaal
.0258
.768
,876s
1.00s
1.125s
1.26s
1.3758
1.60s
2.00s
2.05s
2.10s
2.16s
2.20s
2.25s
2.30s
2 35s
2.40s
2.46s
Nov
*100
aaal
*100
102
100
103%
100
102%
*101
102
103%
102
101%
101%
101%
*101
103
*101
102
28
*io"
'11"
a
Utah Lt A Trac 1st A ref 5s.l944
1
bbb2
Utah Power A Light 1st 5s..1944
103%
103%
4
14
40
"96"
96%
aaal
f 4s series B.......1957 Mil
x
aaal
Vandalla cons g 4s series A..1955 F
Cons
s
at
the
lower are In default.
All Issues
York Stock Exchange,
New
July 11,
—
—
'■
7
25
20%
13%
31%
Saturday
33
91%
97
Thursday
103%
104
16
103%
25
Bond
Bonds
Stats
$2,275,000
$9,000
38,000
$158,000
380,000
451,000
613,000
*110%
110
1,097,214
839,095
9,112,000
7,703,000
640,000
526,000
82,000
8,252,000
14,000
9,730,000
8,425,000
8.792,000
5,205,987
— .——
9,159,000
10,723,000
Friday—
109
-----
$47,224,000
$2,768,000
$175,000
$50,167,000
111
*110%*
9,577,000
11,201,000
897,710
27.000
5,000
102% 105%
104%
Sales
$2,442,000
806,525
21%
103
States
For'n Bonds
1,384,373
-
Tuesday
Wednesday
102
Total
Municipal
Bonds
180,470
Monday
33%
1941
United
Miscall.
Railroad A
Stocks
Number of
Shares
Week Ended
Total..
A
x
ccc or
Daily, Weekly and Yearly
20
*
bbb2
Transactions
104%
20% 33
33
33%
*10
United Stockyds 4Mb w W..1951
majority of the Issues bearing symbol
A great
bearing ddd or lower are in default.
100% 104%
*
...1951
1951
♦3%s assented C
1961
•Sink fund deb 6 Ms ser A.1947
♦3 Ms assented A
1947
In process of reorganization.
this column are based on the ratings assigned to each bond
by the three rating agencies. The letters Indicate the quality and the numeral Immedi¬
ately following shows the number of agencies so rating the bonds.
In all cases the symbols
will represent the rating given by the majority.
Where all three agencies rate a bond
differently, then the highest single rating is shown.
102
*101%
D
♦3Ms assented A
♦Sec s f 6 Ms series C
Indicates Issues In default, In bankruptcy, or
100% 104%
101
103%
*101%
*101%
aaal
z
The rating symbols in
103 %
103 %
100% 104%
100% 104
100% 104
100
102%
100
103%
102
101%
101%
aaal
May 1 1955 MN
either to rating status
100
101%
*101%
aaal
Indicates those bonds we believe are not bank eligible due
provision In the bond tending to make lt speculative.
100
*101%
aaal
y
Indicates those bonds which we believe
y" .y
100% 103
*101%
aaal
2.05s
•On Steel Wks Corp3 He A..1951
102
102
*101%
aaal
aaal
J
102%
*101%
101%
102
aaal
Bank Eligibility and Rating Column—x
eligible for bank investment.
or some
*100%
100%
*100%
aaal
1 1954 MN
100% 100%
100% 100%
100% 101
100% 101
100
100%
100
102%
100% 102
100
101 %
100% 102
100% 102%
101%
*101%
*100%
*101%
aaal
Nov
100
;
*100%
*100%
*100%
aaal
2.60s
100
*100%
aaal
Nov
100%
*99%
aaal
110%
t
Week Ended July 11
Sales at
New York Slock
1940
1941
Exchange
Stocks—No. of shares
Jan. 1 to July
1941
11
1940
129,754,805
1,534,750
70,132,519
$175,000
$538,000
20,124,000
$10,022,000
86,960,000
1,071,507,000
$26,642,000
2,768,000
47,224,000
$50,167,000
$24,045,000
$1,168,495,000
$885,121,000
5,205,987
Bonds
Government
—
State and foreign
—
Railroad and Industrial....
Total
Attention is directed to the column incorporated in
this tabulation pertaining to
bank eligibility and rating of
bonds
3,383,000
128.249,000
730,230,000
New York Curb Exchange—Weekly and Yearly Record
218
July 12, 1941
NOTICE—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
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.
In the
following extensive list we furnish a complete record of the transactions
beginning on Saturday last (July 5, 1941) and ending the present
compiled entirely from the daily reports of the Curb Exchange itself, and is intended
stock or bond, in which any dealings have occurred during the current year.
on
for the week
Friday
Sales
La 81
Par
STOCKS
Week's Range
for
Sale
of Prices
Acme Wire Co common-10
Aero Supply
Low
High
19
Range Since Jan. 1.1941
Shares
20
STOCKS
Last
(Continued)
Low
Sale
High
Par
16%
Mar
22
21 %
21%
22%
Jan
Jan
Jan
Jan
Jan
Mar
June
Beech
Aircraft Corp
1
1
7 54
10,200
1
21%
1954
2154
5,30C
Bellanca Aircraft
1
354
354
354
400
600
5
454
4%
KM)
4
July
9
300
1%
300
1
Apr
300
20
Feb
6%
6%
12%
1%
25%
*u
Apr
»u
Jan
Alabama Ot Southern..60
75%
Jan
88
Alabama Power Co $7 pf-*
103%
Mar
Birds boro Steel Foundry
A Machine Co com....*
94%
2%
Jan
Jan
May
111%
*
103
Mar
Blauner's
Mar
1
Bliss (E W) common
Blue Ridge Corp com
_.l
%
May
July
*
Apr
$3 opt conv pref
Blumenthal (S) A Co
Apr
Bohack (H C) Co com
common—5
Air Associates Inc (NJ).J
Air Investors new com—2
*
pref
9
8%
1%
"24"
23
54
Warrants
$0 preferred
Alles A Fisher Inc com—
24
*»2
A lllanceln vestment
%
%
1
8%
1.200
40p
July
Apr
2%
Allied Intl Investing—
conv
pref
—*
(Mich)—10
10
16%
300
14
Feb
16%
26
21
21%
150
18%
Apr
22 %
Class A conv com
IX
Altorfer Bros com..——.*
May
May
2
Jan
4% May
Aluminum Co common—*
121
111% 121
2,350
112%
July
165
Jan
100
111
110
111%
1,160
110
July
116
Jan
18%
13%
200
12
70
72%
300
65
May
93
Jan
0% preferred
Aluminum Goods Mfg...*
Aluminum Industries com-*
Mar
6%
Aluminium Ltd common.*
72 54
100
Beverage com—1
0% preferred
American
Fei
*il
5*4
4%
5%
600
May
18%
4
Apr
Jan
10c
10c
%
66
50
66
26
17
17
25
26
16%
17
2,050
»i«
Jan
May
28 %
Feb
1054
June
%
26%
Feb
May
%
Jan
Jan
38%
31
Feb
40%
15%
Apr
19%
Jan
July
Jan
%
—10
40 H
38%
40%
com—1
17%
16%
18
Class Bn-v
Amer Foreign Pow warr—
Amer Fork A Hoe com—*
American Gas A Eleo—10
preferred
100
Amer General Corp com 10c
$2 conv preferred
1
12%
2551i
454 %
"2%
26%
$2.60 conv preferred—.1
Amer Laundry Mach...20
20%
1354
26
preferred—
13
200
24%
25%
107% 10854
2%
2%
26%
27%
29%
19%
20%
21
12%
22%
~2~l"
com
4,300
29%
Amer Hard Rubber Co..60
12,500
Mar
•i«
Jan
8,800
May
200
75
2%
25%
May
June
50
American Republics
10
AmerSeal-Kapcommon—2
Am Superpower Corp com *
1st $0 preferred
*
58
754
1
'266
125
23 %
Jan
84
June
%
Jan
2854 June
%
32%
May
60
60
Apr
Atlas Plywood Corp
Auburn Central Mfg
*
Avery (B F) A Sons com.6
0% preferred w w
26
0% preferred x-w
26
3%
Jan
1%
Mar
2% June
50
100
*»n
8%
Apr
1
Jan
July
12
Jan
103
June
1
Apr
11,200
1% June
7%
2,500
6%
Apr
79% June
7% June
5,900
105**
July
»
July
12%
10
1%
16%
19%
8
1%
2%
45
200
1%
May
7
May
1%
x24%
Mar
4,900
10
45
%
15
200
1%
7%
2%
50
700
26
1st preferred
Am dep 5
IX
6%
Jan
10%
June
11 %
May
Capital City
Mar
Carlb Syndicate
Carman A Co class A
"3%
90
9%
July
6 %
June
3
Jan
H
*n
Jan
%
Jan
Jan
1
Feo
1%
Jan
Jan
2
Jan
T666
05
Jan
Apr
108 %
Apr
3%
23%
2%
23%
175
3%
200
3%
Jan
%
%
2,200
%
May
7%
400
16%
19
2,100
3%
1%
4
3,500
17
Jan
5%
Jan
13% May
2% May
72
May
May
July
May
Mar
4
**u
7%
19
Jan
7% preferred
Canadian Marconi
May
2
3%
300
4
4%
400
2%
3%
Mar
Feb
4% June
4% July
May
25
12%
16
75
15
29
29
50
29
5
5
100
Jan
30%
2,400
6%
8,100
$0
preferred
1954
9954
May
12 54
Mar
Feb
Mar
**u
Carter (J W) Co
Casco Products
2%
8%
200
2
Apr
July
1%
1%
700
36
250
16%
2%
200
2%
500
%
Jan
Apr
3%
Feb
31 %
Jan
Apr
7%
Jan
%
8%
8%
50
%
%
100
38%
38%
100
110% 110 %
8%
10
5
July
FeD
37%
Apr
6%
Mar
2%
2%
2%
1,000
>ii
Jan
Barium Stainless Steel...!
1%
%
1H
7,300
%
Apr
1%
50
9%
Jan
300
6%
Jan
4%
Mar
4% June
4%
20%
..20
page
:
:
Jan
10%
7%
Mar
5
Feb
22
920
12%
Jan
22
July
Beau Brummell Ties Inc.. 1
Beaunlt Mills Ino com.. 10
223
ass
5*4
Mar
Jan
154
Jan
354
Jan
14%
Apr
1854
Jan
254 May
600
54
11
7%
May
Jan
Apr
May
Feb
Mar
8% June
x% June
6
Jan
15
Mar
154
Jan
154
Jan
11754
Apr
**i«
Jan
Mar
9
154 June
8%
Feb
39
Jan
113
Apr
Feb
Apr
7%
Apr
6%
8%
2,700
"7%
"260
"'3%
"'3% "3%
600
120%
119% 120%
4%
5%
7%
.....
June
11054
IO54
054
5%
May
8
Apr
20
Apr
Jan
4
June
June
134
17
10
.1
7 54
Jan
35
109% June
10554 June
......
Castle (A M) common
Catalln Corp of Amer
Jan
7
•
2%
Jan
Jan
Jan
Celanese Corp of America
7% 1st part.'c pref... 100
Celluloid Corp common. 15
$7 dlv. preferred
•
1st
"45"
200
com
6%
com
preferred
42%
650
46
107
Feb
600
*
partlc pref
35 %
9%
700
9X
106
81%
"81%
85%
"300
200
8%
Strip
Co
%
May
Apr
$0
preferred
preferred B_.
$0 preferred BB
♦
Feb
Jan
*ai
Jan
»»i
%
May
5%
9.900
Jan
May
May
May
al«
July
X
254
54
54
Feb
Jan
Jan
Mar
Jan
354
Apr,
654
July
354
Feb
454
454
Maf
654
1154 May
6%
5%
5%
90
60
""156
92
60
25
4%
73%
200
8%
100
%
8%
60%
8%
%
1454
11054
Mar
Jan
Jan
Jan
Jan
8%
725
4%
4,800
74%
1,700
8
4%
69
June
87
500
•
*
Jan
10
11054
X
5%
Jan
95
X
Charts
00c
Apr
July
8
50
...6
Chief Consol Mining...
1
Child* Co preferred
100
Cities 8ervlce common
10
Mar
1354
10654
%
%
Mar
Mar
11054
Apr
8154
1,200
100
Corp common
10
Cherry-Burrell common. .5
Chesebrough Mfg
.25
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach...4
Jan
554
46
July
110
1
preferred
100
Conv preferred
100
Conv pref opt ser *29.100
Cessna Aircraft Co
1
Feb
Jan
96
9%
•
Cent States Eleo
Jan
2% May
7%
Feb
May
14
May
114 %
.1
Jan
%
32
Jan
1
1%
13
common. 1
Jan
36%
3%
June
600
13%
•
10
July
Feb
25
Apr
*
17 %
May
5%
Refractories Inc... 1
Baumann—See "Ludwlg"
Mar
June
9%
9
16
Cent Ohio Steel Prod
1
Cent Pow A Lt 7% pfd 100
Cent A South West UtU 50c
Baldwin Rubber Co com.l
Barbon Corp
.1
Basle
IX
354
Class B
_•
Carnation Co common
.*
Carolina P A L $7 pref...*
Cent Hud G A E
Mar
10%
July
16*4 June
92
Feb
1
11%
26c
Cent Maine Pow 7% pf 100
Cent N Y Pow 6% pref. 100
1
16
100
1,000
100
1
Products...*
Mar
May
200
16
1,600
12
100
July
4%
1%
3%
16
17%
92%
1%
25
3%
16%
92%
11%
1%
11
10
17%
•
Class A voting
Apr
22%
6
July
May
Chamberlin Metal Weather
Barlow A Seelig Mfg—
$1.20 conv A com
Jan
2%
42%
Class B non vot
.*
Canadian Industries Ltd—
5%
4%
69
36%
Mar
8%
700
100
450
»
7% partlc preferred...25
Can Colonial Airways
1
Canadian Dredg A Dock.*
200
1%
42%
"l%
5
1,100
41
Canada Cement Co Ltd..*
Canadian Car A Fdy Ltd—
6%
Mar
42%
12%
4%
Jan
11%
Calllte Tungsten Corp
1
Camden Fire Insur Assn..6
50
36
2%
13
100
Calamba Sugar Estate..20
California Elec Power
10
300
5%
June
10
% June
Jan
300
12
%% pref she £1
9%
30
Apr
Canadian Indus Aioohol—
108
30%
Jan
Jan
45
12
Burma Corp Am dep rets..
Carrier Corp common
5
31
Mar
July
1%
30
$1.00 preferred
$5
88%
18
com.
7% preferred
'7
10%
7%
Bab cock A Wilcox Co
Baldwin Locomotive—
see
700
July
Jan
%
For footnotes
10%
2
*u
10
pref
10%
X
Bunker Hill A Sullivan 2.60
9%
3
1
conv
10%
2%
Tobacco—
Ayrshire Patoka Collieries
$1.60
June
Jan
>4
100
Warrants
Class A common
12%
30%
54
600
2%
"4%
July
35% June
11% May
Feb
%
8%
2
Automatic Voting Mach..*
"766
"50
May
Jan
1%
1%
~48~
1
com
6%
Automatlo Products new.l
"50"
%
8
7
July
%
50%
%
Apr
1%
4
June
3%
Jan
Vot trust ctfs
60c
Cables A Wireless Ltd—
Mar
IX
7%
41
Feb
Feb
Feb
2%
2
18%
3%
1X
H
3%
Feb
104% 105%
*
Feb
Jan
54
Feb
Atlas Drop Forge com...6
30
Jan
Apr
1X
»u
3%
%
30
700
11%
30
Jan
00
Atlas Corp warrants......
40%
3%
Apr
June
42%
1
1
%
200
69
100
1x
40%
X
1,800
"3
Apr
July
1x
10%
Burry Biscuit Corp..1254c
2%
2%
100
1054
July
Cable Elec Prod com...60c
51%
4%
Atlanta Gas Lt 0% pref 100
Atlantic Coast Fisheries..1
Atlantic Coast Line Co..60
Feb
6,100
5%
7H
Jan
900
1%
3,100
Jan
5
Jan
49%
1%
10%
11%
23%
10
..»
June
Assoc Laundries of Amer *
Assoc Tel A Tel class A..*
Atlantic Rayon Corp
preferred
Brown Rubber Co
28%
Apr
Mar
1
Atlanta Birmingham A
Coast RR Co pref
$6
Apr
17%
51%
*
Jan
July
9%
6%
10%
Jan
July
July
Jan
50
£.1
lAssoclated Gas A Eleo—
$6 preferred
%
Feb
19%
22%
Jan
1
Mar
Feb
Buckeye Pipe Line
60
Buff Niagara A East Pow—
Amer dep rets reg
Class A
%
3%
2% June
13% June
Apr
Associated Eleo Industries
Common
"50
16%
Mar
Jan
11
Jan
8,500
17%
1554
July
Assoc Breweries of Can..*
Jan
May
6%
16%
21
%
"5"
38%
Feb
Apr
2%
18%
100
Feb
Feb
3%
Art Metal Works com....6
Ashland Oil A Ref Co
July
5%
fBrown Co0% pref
11%
7%
7%
Mar
Jan
16 %
Feb
May
88
Jan
1%
%
1654
200
Feb
7%
5%
%
7%
31
Apr
1,600
Apr
"0%
May
2%
5%
Am dep rets ord reg.. 10b
British Col Power cl A
*
13%
%
1
Jan
8%
20%
6%
10
•
0% preferred
Apr
38%
•
Appalachian Elec Power—
Arkansas P A L $7 pref
Aro Equipment Corp
"266
Jan
Feb
Mar
33
~~6~% ~~m
Jan
Apr
June
Mar
1
6
2%
*
May
7%
31
8%
4
20%
H
July
Bruce (EL) Co common
100
Common cl A non-vot—•
5%
18%
28
Jan
Jan
Mar
May
Brack Silk Mills Ltd
1,100
100
900
290
6%
31
Jan
%
13%
40%
6
Jan
3,700
%
%
34%
34
8
July
732
8%
1,400
1,100
Jan
Am dep rets ord reg...£1
33
7%
2%
54
35%
Feb
Jan
27%
Am dep rets ord bearer £1
Jan
3%
*
%
34%
Mar
13%
Jan
Apr
British Celanese Ltd—
3%
6il
4
.*
21
58 %
2%
Co
Brown Forman Distillers. 1
Jan
X June
400
12,800
%
Brown Fence A Wire com.l
Class A preferred
*
29%
6
7%
111
Jan
Amer Tobacco—
Jan
7%
4 54
British
Apr
18%
*
Feb
3%
Angostura-Wupperman ..1
com
A
30 %
113%
*i2
*
preferred
Class
Apr
""% ""%
American Thread 6% pf—6
Anohor Post Fence
2
com
preferred
100
Brillo Mfg Co common.._•
Feb
.*
$0 series preferred
7%
Jan
54 May
10% May
»
15%
25
1
Amer Meter Co
July
*
Class B
28
79%
Amer Potash A Chemical. *
13
100
3%
100
Brill Corp class A
400
100
Amer Maracalbo Co
Apr
May
105%
26
Amer Mfg Co common.100
Preferred
9%
23
350
12%
•
Brewster Aeronautical... 1
68%
12%
7%
Bridgeport Gas Light Co.*
Bridgeport Machine
*
Apr
Mar
16%
18
100
Jan
35
Cynamid class A.. 10
Purcb warrants for
1st preferred
Jan
16 %
1
Class B
Axton-Flsher
7%
Jan
Mar
Jan
23%
•
%
11%
90
37
*
com
5%
May
27
25
British Amer OH
Conv class A
Arkansas Nat Gas
Borne Scrymser Co
Bourjols Inc
Bowman-Blltmore
1
1% May
27
*
Breeze Corp common
35
May
32
12%
*
100
Apr
Jan
63
......
1
7% 1st preferred
5%
96
•
common
24 X
2% May
16
10
*
»
*n
9%
Class A new
454%
$2.60 preferred
High
7%
Apr
May
103
*
$5 2d preferred
Brazilian Tr Lt A Pow
Amer Cities Power A Lt—
Apex Eleo Mfg Co
Conv preferred
Berkey A Gay Furniture. 1
Bickfords Inc common
*
Jan
*u June
*
•
16.60 prior pref
Mar
*
Apr
Jan
Amer Centrifugal Corp—1
6%
Benson A Hedges com
Low
4%
103
100
Preferred
Class A common
Common class B
$3 preferred—...
Amer Lt A Trac
Bell Tel of Canada
7%
American Capital—
Amer Export Lines
com
75%
99%
Apr
24%
American Book Co....100
Amer Box Board Co com. 1
Amer
Range Since Jan. 1, 1941
for
Week
Shares
6 54
5%
S3
Range
of Prices
Low
High
754
5%
Class B
Allied Products
Sales
Week's
1
Feb
July
Alns worth Mfg
Br:1
Price
11, 1941).
It is
security, whether
Bell Aircraft Corp com
Mfg—
Claa* A
new conv
(July
to include every
Friday
Week
Price
the New York Curb Exchange
Friday
July
7% June
59*4
»i«
5X June
3% July
Feb'
48
454
62
67%
130
48
7354
June
Febl
Jan
10
Jan
54
10
654
7454
654
70
July
Jan
Jan
July
July
Jan
Volume
Week's Range
Last
STOCKS
Sale
(.Continued)
Par
Price
95 M
*
*
preferred
96
93%
6
Sale
(Continued)
30
400
6
Last
STOCKS
Range Since Jan. 1, 1941
for
Week
Mar
x89%
5%
104
Mar
102
Mar
Shares
5%
190
80
Apr
x92
July
98
111
410
67%
Feb
111
July
6%
Jan
June
110
6%
Feb
6%% preferred
7% preferred
100
101% 108
20
70
Feb
108
July
Jan
100
100
117
675
68
Feb
117
July
8%
100
102
117
425
72
Jan
117
July
21%
Apr
17
100
preferred
'l6
*16
100
X
May
%
Jan
8X
35%
3X
8X
35X
100
5X
Jan
8%
July
Empire Power part stock.*
Jan
Emsco Derrick A Equip..5
Jan
Equity Corp common.. 10c
S3 conv preferred
1
Esquire Ino
__1
Eureka Pipe Line com..50
Eversharp Inc oom
1
Cleveland Elec Ilium—
800
35
May
41
3%
Clinch field Coal Corp. .100
3
Club Alum Utensil Co—*
1
4X
3X
IX
1,500
3X
Apr
5%
200
2X
Jan
3% June
400
1
June
8
Cleveland Tractor com...*
Jan
2%
Jan
Cocksbutt Plow Co com..*
Cohn A Bosenberger Inc.*
6%
conv
1%
IX
IX
Colorado Fuel A Iron warr.
"~2 %
Patent Fire Arms.25
76 X
75X
55
52
55
~~2~x ~~2%
Jan
1%
Mar
FalrchUd Aviation
May
4%
May
2
'2~300
76%
Colt'
X
May
4%
Jan
Apr
82%
Jan
60%
150
70%
230
51
June
4,900
1
Feb
Columbia Gas A Elec—
100
6% preferred
1
Columbia Oil A Gas
IX
IX
IX
Mar
June
2
Commonwealth A Southern
Jan
i«4
Warrants
Commonw Distribution..1
1
l'-v,
Community Pub Service 25
19
19X
400
1
100
he
1
10X
10%
100
30X
30X
50
...tu
June
24%
♦
Conn Telep A Elec Corp__l
Consol Biscuit Co
1
preferred
Consol G E L P Bait com.*
4%% series B pref
4% pref series C
100
100
Consol Gas Utilities
X
Consol Mln A Smelt Ltd..5
Consol Royalty Oil
Consolidated Steel Corp
57
7% prior pref
IX
5X
Cooper-Bessemer
*
20%
350
19% May
25%
8%
800
10%
Jan
July
Jan
Jan
Jan
June
7%
7%
8%
19
June
69
Jan
100
66
65
58%
Apr
1,825
z96%
July
1
May
1%
Apr
Jan
11%
Apr
Ford Motor Co Ltd—
(Phils). 10
98% 100%
*
1%
Jan
Mar
%
33%
Mar
Franklin Co DlstlUlng
1%
200
10%
11%
1,200
10%
11
Fox (Peter) Brewing Co..5
Mar
%
30%
July
2
IX
Jan
55 X
115
May
50
IX
"WOO
Jan
2%
X June
300
1,100
Am dep rets ord reg_._£l
Feb
Jan
73
50
4
134% June
300
1%
Feb
1%
Jan
5%
Feb
8%
Jan
Mar
98
June
20%
22%
56
50%
56
425
34
Feb
56
July
*
42
39
42
125
28
Feb
42
July
preferred...100
60
58%
60
150
50
Mar
60
July
94%
94%
94%
10
90
Jan
Gamewell Co 16 conv pf__*
Gatineau Power Co—
6% preferred
100
1
Gellman Mfg Co oom
%
Mar
May
8%
June
11%
Jan
Jan
Gen F1 reproofing com
9%
8X
2,600
7
May
11
Jan
200
30
Apr
37
31X
ox
IX
IX
1
"ix
32
Feb
Jan
6%
July
11
95% May
Apr
55%
100
June
1%
Jan
Feb
1%
Jan
900
13%
July
%
%
200
13%
$6
preferred
%
Jan
100
1
Jan
1%
Mar
70
Jan
86%
June
5,900
Jan
1%
July
"io"o
X
Jan
52%
May
56
June
83
May
31
Jan
July
%
Jan
Jan
General ShareholdlngsCorp
IX
Apr
Mar
76
56
50
Gen Rayon Co A stock...*
30
4%
16%
91
10
""X "~X
Gen Outdoor Adv 6% pflOO
Gen Pub Serv $6 pref....*
IX
12% May
Jan
40
•
950
May
4
*
OX
4%
X
4%
300
12
Feb
2%
IX
%
1%
Amer dep rets ord reg.£l
Gen Gas A El $6 pref B..*
83 X
81
Jan
Gen Electric Co Ltd—
he June
50
%
"is
General Investment oom.l
v.
Jan
49%
-
♦
OX
Feb
Mar
May
May
100
85
9%
18
17
~~800
"ox
6% conv preferred
conv
8% May
500
1,200
$3 conv stock
4%
150
9%
18%
Feb
1,600
80
9
20%
1%
Apr
Mar
18
1% May
21% June
July
July
Jan
Feb
%
19%
Fuller (Geo A) Co com__.l
4
23
Jan
18%
Jan
28
11
Apr
%
20%
1
110%
105
3,500
.15
Conv partic pref
Feb
Jan
Feb
10
19
X
..1
Common
Fruehaaf Trailer Co
Mar
9%
Froedtert Grain A Malt-
Jan
3
450
%
1
119%
200
IX
6X
»
7X
10
*
Cornucopia Gold Mines 5o
Corroon A Reynolds
1
So preferred A
*
Cosden Petroleum com..
11%
Class A non-vot
May
X
•
S3 prior preference
Copper Range Co
Feb
12
July
Common
23
200
*
Jan
50%
49
50%
*220
%
Jan
%
Jan
%
1
*6 conv preferred
.
Apr
•11
Mar
June
45
61
Jan
Mar
108
May
General Tire A Rubber—
Courtaulds Ltd—
£1
Adrs ord reg stock
Creole Petroleum
5
Crocker Wheeler Elec
*17 X
4%
2X
Crown Cent Petrol (Md).5
18
5X
12%
Mar
18
1,000
3%
May
6
X
Jan
X
IX
May
1%
Feb
500
May
2%
May
Jan
5
July
2X
"ix "ix
8X
7%
8X
Jan
Glen Alden Coal
5,500
Davenport Hosiery Mills.*
"~9% xiox
1
X
3X
1
2
Dennlson Mfg ol A com..5
25X
90
8
3X
May
Goodman Mfg Co
8
July
May
12
Jan
28%
Jan
800
A conv preferred
35
"foo
18%
18X
IX
2X
1
| Detroit Paper Prod
10
X
18%
18
Jan
;
3%
Mar
Mar
Non-vot
July
7% 1st preferred
Feb
Jan
112
June
1% June
5
08 X
Draper Corp
10
32
31X
109
100
Dublller Condenser Corp.l
100
Duke Power Co
Greater N Y Brewery...
Gt Northern Paper
25
18% June
1%
Jan
Gulf Oil Corp
Jan
2%
Apr
%
Jan
May
Jan
21
"74
Apr
10
May
1%
5%
Mar
Feb
11
Greenfield Tap A Die
25
Hartford Elec Light
1%
Hartford Rayon Tie
7
May
May
5%
July
16%
July
June
Jan
6
2%
72%
76
Jan
July
*
Corp
Hearn Dept Stores com..5
Feb
32
111
Jan
Hecla Mining Co
3
Jan
Helena Rubensteln
Jan
76%
% June
6% conv preferred
Duval Texas Sulphur..__»
7
7
9X
6%
Mar
7%
Jan
8X
ox
8X
1,300
Eagle PIcher Lead
1,600
7%
May
10%
Jan
2,200
May
3%
Jan
Heyden
30%
2X
52 X
175
48
June
58%
Jan
34%
37%
2,300
30
May
42
Jan
A Co class A...10
Holllnger Consol G M....5
15
15
50
11
Apr
15
July
June
%
June
1%
Jan
22%
100
100
36
37 preferred series A
15X
*
36 preferred series B
*
Easy Washing Mach B
*
16
15%
200
X
16
.
•is
Apr
425
12%
12%
Apr
Apr
2%
May
V. 3%
May
13
350
16
2X
2X
200
2X
52%
2%
56%
61%
23,400
2,100
6,400
Economy Grocery Stores.*
Elec Bond A Share com..5
*
2X
51X
59 X
preferred
1%
11%
«I6
Eastern States Corp.....*
57
7
*
7%
150
X
Preferred
he
Jan
July
16
July
Jan
June
Apr
4%
Jan
50
June
65%
Apr
55% June
7
June
70
13
Horn A Hardart....
5%
preferred
*
Apr
Humble OH A Ref
*
Jan
Hummel-Ross Fibre Corp 5
Hussmann-Llgonler Co... *
Jan
Huyler'e com
Elgin Nat Watch Co
15
27%
May
32%
Mar
Feb
5%
July
500
300
Mar
%
29
Mar
Mar
38%
110%
Jan
Mar
V t o for 1st pref....
1
1
115
Feb
Jan
Mar
4% May
2%
8%
Feb
25%
Jan
20
June
65
Jan
Jan
May
"is
Jan
1%
17%
2%
4%
17%
Apr
1%
Mar
2%
28
6
8
4%
17%
600
4
June
5%
500
17
May
26 %
Jan
2%
600
Mar
2%
July
29
6%
10%
10%
8
400
2,000
300
50
100
1%
Feb
20
4%
9
Apr
May
29
Jan
July
6%
12
Feb
Jan
9% June
7% May
10%
Feb
26%
Jan
26
Jan
5
Feb
25
26
4%
Apr
Jan
Mar
9
Feb
12
200
10
Apr
13%
83%
13
12%
85%
400
65
Feb
85% June
12
13
700
Feb
13
8%
Jan
July
1,300
150
28
27
28%
175
9%
Apr
Jan
15%
Apr
Apr
13
Apr
Apr
2%
8%
14%
May
31%
8%
14
11%
13
8%
...100
Feb
2
22
5%
22%
Mar
33%
2%
Feb
Feb
8
24% June
113% t. Feb
60%
6%
59
5%
61%
6%
5,000
1,800
114%
Apr
18
Jan
52%
Apr
63
Jan
5%
May
6%
"260
50
"31 %"Jan
June
16
Hubbell (Harvey) Inc...
1%
=
Mar
July
(A C) Co common.. 1
Horn A Hardart Baking..*
12%
For footnotes see page 223
io~866
Horn
Feb
7,200
38%
Hormel (Geo A) A Co com*
2
700
5%
34%
Horder's, Ino
16
May
4%
Jan
Apr
%
...10
Chemical
Hoe (R)
*ai
5X
Mar
26
ex-warr
11%
4
1%
Henry Holt A Co part A..*
1
X
100
...25
w w
Electrographlc Corp
warrants
Jan
1%
10%
1%
54
Hewitt Rubber common..5
East Gas A Fuel Assoc—
4%% prior pref
6% preferred...
Preferred
Apr
42
5
...2
Heller Co common
Feb
Apr
%
June
35
2%
Holophane Co oommon..*
%
;
132
Jan
June
10%
800
Jan
105
%
Jan
Jan
6%
7%
10%
X
June
5
Apr
97
111%
.25c
X
June
35%
100
....*
Class A
1%
27 %
8
...*
X
Durham Hosiery cl B com *
Eastern Malleable Iron._25
200
July
July
July
*»s
50
.
74%
2
37%
7%
99%
X
109
37%
B non-vot common....1
Haseltlne
Apr
Apr
Jan
127% June
1
74%
._.__*
37%
25
X
10
75
Hat Corp of America—
July
21%
109
700
«is
1,800
Harvard Brewing Co....!
May
61
;
4% July
7% June
14% July
28% July
1%
5
Hammermlli Paper.....10
Jan
50
Duro-Test Corp common. 1
100
*16
1
5 Guardian Investors
Apr
4%
Mar
49
8
37%
*
Mar
3%
16%
20
99%
128%
%
128
Grocery 8ts Prod com..26c
12%
Jan
2X
300
56 preferred
Gypsum LimeAAlabastlne*
*1S May
17
150
32
109
2X
150
31
Gulf States UtU 15.50 pf.*
100
69
27%
99%
*
Jan
100
5
24
28%
27%
100
Feb
100
16 J*
preferred
stock
1%
"600
3X
16 X
Dominion Steel A Coal B 25
Driver Harris Co
com
1%
200
3X
Dominion Bridge Co Ltd.*
200
Great Atl A Pac Tea—
2%
53%
17%
:
100
Dobeckmun Co common .1
*16
Feb
May
94
3% June
Jan
300
""ox "T
10
Feb
4% May
900
Jan
11
Dlvco-Twln Truck com_.l
99%
8%
19%
400
4%
10
2%
Distilled Llauors
250
7%
4%
Gray Mfg Co
Apr
400
11
W:000
28%
10
July
8%
10
11
14%
5%
Grand Rapids Varnish...1
8
De Vllbiss Co common..10
preferred
12%
Jan
x3X
7% June
300
Hall Lamp Co
Diamond Shoe common..*
400
4%
June
500
hi
18X
"4%
*16
Mfg common..10
40
300
Detroit Steel Prod
Mar
Mar
4%
Gorham
Mar
500
IX
2X
18X
100%
6%
Jan
500
60
.....*
preferred
29%
1
20
Apr
6%
1% Mar
14%
Jan
25% June
4% June
S3
Feb
..
1
300
9
9
9
1
Det Mich Stove Co com__l
w w
Feb
2%
1%
50
*
Detroit Gray Iron Fdy
June
5%
99%
"ix "ix
Jan
5
6%
Gorham Inc class A......*
Mar
200
100
Derby OH A Ref Corp com*
Detroit Gasket A Mfg
Jan
20
4,600
2
53X
Mar
99%
preferred
Feb
24
IX
3X
52 X
50
8% debenture
1%
7%
May
8
IX
7
Mar
110
28
14
"ox
»
Goldfleld Consol Mlaee__l
17
Feb
'"700
25 X
35
Decca Records common..1
Stores
Mar
•
Godohaux Sugars class A.*
Class B
*
18%
7
1,300
8
43
Jan
"4"
♦
3%
5
36 prior pref
Jan
July
1
Mar
1%
May
8%
Jan
5%
1
7X
May
98
Gladding MoBean A Co..*
Apr
%
Apr
40
150
41"
......
Gilchrist Co
%s
Darby Petroleum com—5
Class A conv
6%
Apr
8
10%
"50
90
Gilbert (A C) oommon...*
Preferred
Apr
Feb
Apr
"41*"
105% 105%
45
41
105%
1%
Curtis Llght'g Ino com 2.50
Dayton Rubber Mfg
*
22%
*
Curtis Mfg Co (Mo)
S3 preferred....
Georgia Power $6 prof...*
55 preferred
*
Feb
5
5
10%
1
Gen Water G A E oom
Apr
...»
10
Cuban Tobacco com
Jan
100 xlOIX
104
104
100
"is
100
25
preferred
preferred
Cuban Atlantic Sugar
S6
Jan
%
6% preferred A
20%
25c
Crystal OH Ref com
July
10,400
Crown Cork Internat A..*
Crown Drug Co com
Feb
4%
10X
1
*
Crowley, Mllner A Co
2%
200
*
Croft Brewing Co
Emerson Elec Mfg
4%
19
10
7X
7X
Option
Jan
Jan
5,000
Apr
90
~8X
com
Elec P A L 2d pref A
3
10%
May
Jan
1
•
36
June
7
89
1
Roll A Steel
preferred
3%
2
7% May
2%
Apr
5% May
6
8%
*
General Alloys Co
Cook Paint A Varnish
35
2%
20
%
ix
28
28
3X
100
Common
4,600
5
Jan
100
......
*
Continental Oil of Mex
7%
100
200
9%
Fodders Mfg Co
Florida P A L J7 pref
Continental Gas A Elec Co
7%
700
9%
2%
13%
700
IX
117
117
IX
100
10
preferred
6% preferred
2%
22%
June
105
1
Consol Retail Stores
Delay
Jan
13
2%
hs June
10
58 X
IX
58 X
117
1
conv
28%
500
Fed Compress A W'h'se 25
Flat Amer dep rots
Class B voting
*
Common
7%
Jan
Mar
16%
1
Fire Association
Conn Gas A Coke Secur—
Cont
3%
15%
Ford Motor of Canada—
V t c eit to 1946
8%
Jan
1% May
21% Mar
15%
22%
2%
Jan
20 %
1,600
8%
Mar
8
Apr
%
2
22%
%
•is
Fanny Farmer Candy
Fansteel Metallurgical
Jan
Compo Shoe Mach—
S3
5% May
'is
Apr
%
1
Feb
2
June
18%
100
1
Community Water Serv
•
Falrchlld Eng A Airplane. 1
Falstaff Brewing
1
2,800
£1
preferred
Mar
9
preferred
4%
Colon Development ord—
High
Low
x92
Jan
Clayton A Lambert Mfg..4
r
High
6%
Claude Neon Lights Inc-.l
pi
Range Since Jan. 1, 1941
for
Week
of Prices
Empire Gas A Fuel Co—
Mar
15%
City A Suburban Homes 10
Clark Controller Co
1
Week's Range
Low
x90
Empire Dlst El 6% pf 100
Feb
89
Price
Par
High
Low
Shares
80
93%
93 X
Cities Serv P A L 17 pre!.*
City Auto Stamping
of Prices
High
Low
Sales
Friday
Sales
Friday
16
219
New York Curb Exchange—Continued—Page 2
153
%
4
May
6%
7%
*11
Feb
June
7
Jan
Jan
Jan
Jan
New York Curb
220
Sales
Friday
STOCKS
Last
Weeks
(Continued)
Sale
of Prices
Low
High
Par
Pries
Hydro-Electric Securities •
Hy grade Food Prod—..5
Hygrade flylvanla Corp..*
2
134
134
60
2734
•
1034
Dlv arrear ct£s
4
Illinois Zlno Co
134
2
for
Low
800
134
2634
134
2734
334
934
434
1,400
2,400
1034
650
Jan
134
Feb
Feb
134 J«iy
2434 May
334 July
934
Apr
2 34
Imperial OH (Can) coup..'
634
634
634
4,600
534
•
634
634
634
1,000
6
Imperial Tobaooo of Can.6
Imperial Tobacco of Qreat
834
834
834
300
Britain A
Indiana Pipe
Ireland—.£1
734
7 34
434
Line
834
4 34
Mar
Jan
May
734
200
7
100
234
100
534% preferred
0% pf.100
preferred
112
..100
7%
112
40
Feb
2
38
Jan
Jan
Merrltt Chapman A Soott *
Warrants
3 34
Jan
7 34
Jan
12 34
Jan
234
May
7
Apr
734
Apr
9
Apr
May
9
Jan
Apr
5
June
11034 June
112
June
19
2034
40
1334
Jan
2134
Jan
20
40
1434
Jan
24
Jan
300
1
34
Jan
«w
July
100
34
34
Jan
34
Mar
Industrial Finance—
1
preferred
100
Insurance Co of No Am. 10
76
634%
preferred
A
50
Low
1534
3 34
28
5
534
34
34
175
78
34
100
34 34
"""16
34 May
134 June
3334 Apr
34
34
300
97
Michigan Bumper Corp-.l
Michigan Steel Tube.-2.50
Michigan Sugar Co..
*
34
"10
10
6 34
B v t 0
v
334
t c
400
34
100
334
Jan
Feb
conv
334
100
34 June
34 June
934 Mar
0434
Feb
1234
Jan
76 34
July
Jan
non
preferred
cum
2 34
Apr
34
Apr
34
300
434
434
1,900
634
Apr
1534
434
16
11934
100
1534
July
250
10834
134
Apr
434 May
•
dlv shares. *
Mldvale Co
•
7 6 34
2,000
1634
200
1534
July
2034
434
434
300
334
May
734
2 34
Jan
Internet Industries Inc..
1
34
Jan
534
July
Minnesota Mln A Mfg
•
Minnesota P A L 7% pf ion
warr
~~2 3i"
234
Jan
134
1
534
Internet Metal Indus A..*
534
1,100
25
134 June
434
Feb
134
234
66,900
134
Apr
9 34
934
5,700
834
Jan
934
334
300
9
600
334
34
100
International Petroleum—
Coupon shares
934
934
Registered shares
International Products
•
934
334
Internet Safety Razor B
*
34
Mar
34
Feb
May
4 34
Mar
11
May
1034 May
4 34
Feb
34 Mar
International Utility—
Midwest Oil Co
•
Class B
.......1
*1.76 preferred
1034
..*
28
1
634
May
734 "7%
7341
E600
Ffeb
*1334
Feb
_I"j"
550
5134
4534
Feb
8334
5034
May
Mississippi River Power—
115
0% preferred
100
Missouri Pub Serv com.. *
Apr
534
534
300
334
Jan
9
9
800
7
Jan
Mock Jud Voebringer—
Common
2.60
Molybdenum Corp
I
Monogram Pictures
6
634
30
2934
634
30
•n
Jan
1434
Apr
Montana Dakota UtU
2,500
200
Jan
Montgomery Ward A
.*
434
1134
171
,
165
17234
240
156
Feb
434
434
434
5,000
334
Montreal Lt Ht 4 Pow..*
15341
1534
1534
250
1434
9
934
300
834
Apr
May
July
9
10
Jan
j
1734
18
225
15
Interstate Hosiery Mills..*
11
11
100
1034
May
12
Mar
Interstate Power *7 pref.*
Investors Royalty
34
100
34
1534
934
Iron Fireman Mfg v t o
*
17
17
1734
250
Irving Air Chute
1
1134
1034
1134
900
Italian Superpower A....*
Jacobs (FL)Co
1
Jeannette Class Co
Apr
1
34
...1
334
Jan
Moody Investors part pf. *
Moore (Tom) Dist Stmp. 1
Mtge Bank of Col Am she
Feb
Feb
34
Jan
Mountain City
1834
Mar
Apr
14
Jan
Feb
234
34
34
634% preferred.—.100
6% preferred
100
34
"1*166
134
May
334
Jan
9534
103
103
96
10334
Kansas
2734
26 34
34
Jan
134
May
July
July
97 34
Apr
104 34
Jan
110
Jan
20
100
......
118"
Kennedy's I no
9534
103
June
118"
24
Apr
22
June
11534
June
6
7
Feb
9
3
Feb
4 34
49
10
49
Kingston Products...... 1
134
134
1,100
234
hi
234
200
»!«
49
200
1
Klrkl'd Lake C M Co Ltd. 1
Kelln (D Emll) Co com..*
13
100
13
"334 ""334
1
"400
*
"97"
*"186
National City Lines
*3 oonv preferred
Jan
7it
May
Apr
334 June
Mar
94
Apr
Apr
34
14
Feb
1034
Jan
334 May
12
June
10434
Jan
11
10 34
1234
11 34
434
100
1,600
434,
4
700
334
100
234
May
434
2534
100
100
434
2034
Jan
Mar
834
700
734
Apr
634
1234
334
25
034
Feb
500
1034
1,800
234
Jan
May
•
834
Nat Tunnel A Mines
Nat Union Radio..
*
8
634
1234
334
3
34
900
in"
""26
34
May
Feb
Feb
34
•
Iu"
110"
Jan
9 34
30c
Feb
334
334
500
334
July
8
834
300
534
Feb
134
134
600
34
Jan
534
Jan
Nevada-California
4434
44 34
50
3634
334
3534
36 34
300
3234 June
11634 119
334
434
50
500
11034 May
334 July
1334
Feb
6134 May
2
July
106
June
1034
Jan
Jan
Jan
15
34
Jan
734
Apr
Jan
434
July
900
•n
Jan
200
2334
100
434
8,700
hi
32 34
834
"134"
Lit Brothers oommon
•
Locke Steel Chain.......6
734
34
33
834
800
Feb
634 June
*i«
33
Feb
Jan
July
834
Jan
"934~
•
134
200
1534
134
15
100
1
May
Feb
19
Mar
1534
1334
Feb
134
Jan
1534 June
*
834
Apr
1034
Jan
»u June
34
3134
Jan
Jan
Jan
July
100
2434
0% pref class B
100
Loudon Packing
•
Louisiana Land A Explor.l
22 34
3
434
Name changed to
California Elec.
New Engl
Pow Assoc
preferred
•
loo
preferred
New Jersey Zinc
26
New Mex A Arls Land... 1
New Process Co
*
N Y Auction Co com.... •
N Y City Omnibus—
Warrants
2434
300
2134
June
22 34
475
1934
134
434
10634
July
Jan
Feb
28 34
3
Apr
10934
May
Feb
Feb
2734
Feb
2534
Jan
24
Jan
19
6,400
50
19
18
June
554
716
*16
700
7it
Jan
34
Mar
134
134
100
134
Mar
134
July
38
24
Mar
49
Apr
June "26 34 "Jan
234
434
800
""l34 "Y"
"466
334
2934
2934
150
13
700
May McEwen Kaiser Co—
*4 preferred
Apr
934
Jan
234
Feb
May
134
2734
May
May
5534
134
834
834
126
_•
"434
*0
preferred
1634
300
6934
2,050
134
134
300
IIIIl
334
""334"
""266
Mar
1
Jan
2934
334
Apr
Jan
434 June
434
9
1,500
128
80
5
1,300
1
534
634%
preferred
200
7
Feb
40
107
Apr
2934
1,850
834
3534
834
100
3534
100
234
6834
100
234
4,600
66
6934
200
61
10
100
Common
5% 1st preferred
6% 2d preferred
63
234
50
Class A opt warrants..
Class B opt warrants..
5
Class A preferred
100
Niies-Bement-Pond
♦
5
Apr
Feb
334
3 34
3 34
300
92
92
60
4934
51
1,100
Nineteen Hundred Corp B1
Nlplsslng Mines...
Apr
5934
Jan
Nor Amer Lt A Power—
Common
1
*0 preferred
♦
June
2 34
Jan
Mar
North Amer Rayon el A..*
Class B oommon......*
934
Jan
July
0%
"56"
634
Jan
2034 June
234
61
Apr
May
5634 May
Feb
Apr
3 34
Jan
34
prior pref erred.. .50
300
200
2
6% prior pref called...
89
Jan
4534 June
8
...6
Noma Electric
5
Apr
34
Jan
148
June
2234
in»
10
»u
Apr
Niagara Share—
Apr
234
15
10434 June
100
Jan
Jan
100
7 34
New York State El A Gas—
Jan
Apr
1 634
9
27
1
33
12434 May
4
234
16 34
7 34
10734 108
*
N Y Shipbuilding Corp—
Founders Shares
No Am Utility Securities.*
Nor Central Texas OU...0
For footnotes see page 223
1634
69
134
NY4 Honduras Rosario 10
N Y Merchandise
10
N Y Pr A Lt 7% pref..100
Class B oommon
Communication Co Ltd.
Margay OU Corp
•
*
1634
6934
Jan
Apr
Niagara Hudson Power—
434
2134
Massey Hams oommon..*
Master Eleotrlo Co
l
434
New York Transit Co
5
N Y Water Serv 0% pf.100
Mar
900
3
25
434
119
...
600
July
14
♦
New England Tel A Tel 100
New Haven Clock Co
•
New Idea Ino oommon
•
4,300
Mahlsobewltz(The B) Co *
Mapes Consol Mfg Co...*
Marconi Intl Marine
Dredging...*
*2
3
10
4% non-cumlfK)
#i«
*
Memphis Nat Qas com..6
cum
934
Conv 7% 1st pf v t o.lOO
Marlon Steam Shovel....*
Mass UtU Assoc v t c
1
Power—
Common
34
2234
1934
234
434
Louisiana P A L *0 pref..*
Ludwlg Bauman A Co com*
Conv 7% 1st pref
100
Lynch Corp oommon....6
Manati Sugar opt warr
Mangel Stores
l
334
10934 May
Eleo—
834
Long Island Lighting—
334
434
2534
•
234
Nestle Le Mur Co cl A... •
Feb
634
434
...26
Mead Johnson A Co
87
Neptune Meter class A... •
34
434
...6
Mfg B
2^800
Nelson (Herman) Corp... 6
Llpton (Thos J) Ino—
McWilliams
9934
Jan
634
234
634
•
Develop._.26
MoCord Rad A
1034
"9934 "98 k
National Tea 5 34 % pref. 10
Transit
12.60
0%
preferred
•
1434
15
Le Tourneau (R Q) Ino—1
oonv
4,200
National
3%
•
*6
L800
II
Jan
B
7% pref class A
12
May
634 May
1234 May
3834 May
1034 June
Jan
734 June
•
.......
1034
1034
14
Apr
Jan
Common
300
1334
534
98 34
Lone Star Qas Corp
1434
42
Jan
7% pref.. 100
preferred
1434
1134
Apr
434 June
1
0%
1434
*n May
Nebraska Pow 7% pref. 100
Nehl Corp 1st preferred.. *
5
Line Material Co
1,300
•
..
Jan
Aor
34
Apr
July
May
Feb
Lehigh Coal A Nav
Mar
50
1034
334
34
Lefcourt Realty com
Conv preferred....
May
*i«
12
National Steel Car Ltd... •
National Sugar Refining. *
July
12
June
34
11
Jan
134
234
10
934
•
National Refining 00m
Nat Rubber Mach
Jan
10
500
12
50
Jan
Feb
Feb
11
534
National Container (Del). 1
Jan
134
13334 13334
•
00m. l
54
1
Jan
1134 June
13034 May
37
1234
1
A
Leonard Oil
Candy Co
Nat Mfg 4 Stores 00m
National P4L(0 pref.
Langendorf Utd BakeriesClass
National
Navarro OU Co
Lane Wells Co common..1
Class
-
National Breweries 00m..*
Mar
50
"96"
100
Lakey Foundry A Mach.. 1
Lane Bryant
.1
1
com
Jan
Feb
July
534
900
10
76
10
4% oonv 1st pref
100
Kress (S H) special pref. 10
Kreuger Brewing Co
1
Lackawanna RR (N J) .100
Lamson Corp of Del
534
June
Naohman-Sprlngfllled.... ♦
Apr
9
Klelnertd B) Rubber Co. 10
Lake Shores Mines Ltd
534
Jan
234
3,800
67
preferred
July
0934
Klrby Petroleum
Koppers Co 0% pref
Kresge Dept Stores—
534,
National Fuel Gas
Kimberly-Clark 0% pf.100
Kings Co Ltg 7% pf B.100
6% preffared D
100
Knott Corp common
3
100
0%
Apr
3734
2334
118
Ken-R&d Tube A Lamp A *
Kobacker Stores Ino
234
Murray Ohio Mfg Co
•
Muskegon Piston Ring.2 34
Muskogee Co oommon
*
3,300
28
Kokenge com..*
OAE7% pref.100
234
common
Nat Bellas Hess
Jones A Laugblln Steel. 100
34
Mountain Sts Tel A Tel 100
100
Johnson Publishing Co.. 10
Julian A
in
Apr
May
(Mountain States Power-
May
8934
234
*
100
Mountain Producers
«u
Jersey Central Pow A Lt—
preferred
Cop com.6c
Mar
134 June
Mar
A..... I
Interstate Home Equip.. 1
11
Apr
2934 May
34
10
34 34
Monroe Loan 800
J4
534
00m. 1
Mar
Jan
Apr
7
Jan
May
ii«
•
*3.60 prior pref
International Vitamin
U6
60c
...10
Monarch Machine Tool..*
Class A
11934
Mining Corp of Canada.
Mid-West Abrasive..
Midwest Piping A Sup... •
60
Pref S3.60 series
A Pow
*2
1634
Internet Hydro Eleo—
7%
Feb
»i«
Middle West Corp eom..6
Midland Oil Corp—
*2
Apr
1
6 34
Mlcromatlc Hone Corp..
Middle States Petroleum
A
June
34 May
4 34
5
Preferred
Class
FeD
107
•
Class
Feb
Mar
"34 k
15
preferred
3 34
100
34
95
100
Partlc preferred
Metropolitan Edison—
34
Mar
Mar
Feb
6.000
6
34
Mesabi Iron Co.........)
Metal Textile Corp
25c
*6
1634
1
73 34
International Cigar Mach *
Internet Paper
Merchants A Mfg cl A
1634
Midland Steel Products—
V t o common
7%
Week
Participating preferred.*
35
Range Since Jan. 1, 1941
Shares
Price
Mercantile Stores 00m...*
1934
Non-voting class A....)
for
of Prices
Low
High
Feb
July
134
Indian Ter Ilium OU—
Class B
Week's Range
Sale
Par
Indianapolis Power & Light
Indiana Sendee
Last
High
«ii
1,000
Imperial Chemical Indus—
Am dep rots regis
£1
Registered
STOCKS
(Continued)
Shares
700
Sales
Friday
Range Sines Jan. 1,1941
Week
31
Illinois low* Power Co..
6% oodt preferred
»u
134
Range
July 12, 1941
Exchange—Continued—Page 3
3
34
Feb
May
Us May
Feb
32
4,200
8134
83 34
825
70
20
20
400
1734 May
20
20 34
200
52
52
1834
5034
5034
ht
83 34
July
20
Apr
Feb
Mar
Jan
334
Tan
Volume
New York Curb Exchange—Continued—Page 4
153
Friday
Week'* Range
Last
stocks
Sale
{Continued)
Par
Sales
Price
of Prices
High
Low
Friday
Range Since Jan. 1,1941
for
Shares
102%
102
102%
7% preferred
100
Northern Pipeline.-—10
112
112
112
~~5~
~~5%
"1,000
21%
800
—4
Ohio Brass Co cl b com..*
18%
*
Ogden Corp com
preferred—100
prel—100
Ohio p 8 7% 1st
6% 1st preferred
100
Ollstocks Ltd common...6
90
110
2%
2%
1,400
18%
19%
107% 107%
200
'"""16
25
~~7% "7%
""5l"
116
s5% conv prior pref,.
Oliver Utd Filters B
*
Omar Inc
June
110
119
"BI"
115% 116%
5
Russeks Fifth Ave
109%
113%
105%
§%%
300
1,200
Ryan Consol Petrol—.—*
2%
2%
200
Ryerson A Haynes com..)
St Lawrence Corp Ltd—.*
1%
1%
"""106
1%
2%
99%
11,700
2%
3,900
25%
25%
""16
%
%
113% May
pf.25
33 %
30%
Pacific Lighting 15 pref..*
PacificP a l 7%
32%
33%
1,800
29%
30%
105%
600
105
pref—100
82%
Pacific Publio Service...
4
s1.30 1st preferred
Page-Hersey Tubes
4
15
»
*
82%
260
10
200
200
Salt Dome OH Co—...1
7%
21%
July
Jan
Savoy Oil Co
11.40 preferred a
6%
200
50
2%
Pennroati Corp com
Penn Cent
Airlines
910
»16
3
..1
com.l
10 x
2%
9%
3
10%
56
110 X
50
170
170
28%
600
34%
31%
Jan
Jan
17%
17%
'"26
17% May
22
Jan
Feb
Mar
86%
10%
89%
160
73% June
115
Jan
11%
1,000
9X6
%
2,100
7ie
7i«
%
1,700
2%
2%
2%
400
2%
9
9%
100
7% June
2'"
1,100
30%
28%
May
101%
78%
May
May
108%
4
Mar
4
May
87%
Mar
14%
May
18%
Jan
Jan
67%
Jan
5%
Mar
300
325
130
13%
""75
""2% "3%
Tioo
5
5%
114% 115
*
3%
6%
39%
8%
42%
15
a. 10
Pierce Governor common.*
Pioneer Gold Mines Ltd.. 1
500
30
700
4
33
July
Mar
30% June
35%
6
32%
Apr
Apr
%
Mar
2%
Apr
July
3
14%
Jan
15%
80
Feb
Jan
6% cum pref ser AAA 100
115
Jan
113
Apr
Sllex Co
182
Jan
400
3,200
1%
4
1%
4%
May
Jan
14
Jan
Apr
57%
Mar
79
May
92%
July
June
28
Jan
2%
May
4%
Jan
5
July
Mar
113%
Mar
6%
118%
31%
Jan
30% June
2% Feb
4%
1%
Jan
*
19%
1
%
63
Feb
70
Jan
Pressed Metals of Am
1
650
%
Mar
16%
Apr
June
96%
10%
1
Corp com...l
117%
"230
102%
"June
130%
"Feb
2%
Mar
300
4
Jan
200
2%
%
Apr
%
Apr
1
June
1%
2%
100
1%
Jan
1%
2%
200
"400
42
42
Apr
30
100
7% preferred
8%
Jan
'11
Feb
Apr
7% May
5%
8%
Mar
9%
Jan
152
7%
Preferred A
116
June
7%
2
Feb
31%
Jan
29%
%
Jan
FeD
2
200
200
25
8paldlng (A G) A Bros...1
1st preferred
*
Spenoer Shoe Corp
*
Stahl-Meyer Inc
*
Standard Brewing Co
*
Standard Cap A Seal com.l
Conv preferred
10
Standard Dredging Corp—
"5% "5%
165
Jan
Jan
Mar
6
Apr
8
Jan
'""206
1%
Jan
July
3
Feb
25
May
5
Jan
6
June
Jan
1%
Jan
7%
2% June
1% Mar
2,200
%
Apr
240
4%
May
2%
2,000
300
%
*u
3%
1
6%
2%
Jan
*i»
Apr
3%
15%
3%
""760
Mar
5%
Jan
15%
200
3%
12%
Feb
15%
Jan
2%
15%
19
200
1%
2%
July
100
12%
17%
14%
Jan
2,600
Apr
Jan
Apr
20%
Jan
50
107%
2
31.60 conv preferred..20
10
June
4%
6%
%
6%
I
Standard Oil (Ky)
Jan
20
*
Southern Union Gas
Common..
158% June
Jan
46%
May
%
.100
100
Jan
Mar
Feb
July
X
May
28
May
Mar
Jan
Mar
May
29
Jan
3%
1%
Apr
700
Mar
Jan
Mar
Feb
36%
23
40%
30%
29%
1%
105%
113%
2% June
1
"42*
30%
28%
"17%"June "~23%~~Jan
Feb
2%
1%
"29%
Jan
Jan
104
7%
5%% pref series C...26
3%
%
June
Feb
Southern Colo Pow el A.26
18%
13%
18%
1
Feb
July
Standard Oil (Ohio)—
121
122
58
56
58
99%
50%
17%
98
49%
'"8% ~~8%
"600
121%
175
125% May
95%
Jan
775
45
Jan
99%
950
94
36 prior preferred...—*
*
May
50%
17%
775
37%
67%
700
14%
May
Feb
Puget Sound Pulp a tim »
Pyle-Natlonal Co com...6
Pyrene Manufacturing.. 10
Quaker Oats common
*
73
16%
8% June
6%
Jan
69
148% 150
.100
73
112
Jan
Standard Products Co—.1
18%
Apr
Standard Silver Lead
8%
8%
Feb
July
6
..)
90
July
105
Jan
Starrett (The) Corp v t
140
147
Mar
159%
9%
Jan
Steel Co of Canada
Jan
6% June
Sterchl Bros Stores
%
10
«i» June
Feb
5
Railway a Utll Invest a.i
Feb
*11
7%
Jan
Jan
>u
Jan
2%
♦
*
17%
46
2%
%
%
19
"5%
Reeves (Daniel) common.*
Relter Foster Oil Cor p. 50c
3
2%
%
20
5%
he
5%
■»
9C0
13
100
17%
46
*
44
1,300
800
400
1,100
17% June
Stetson
Jan
50
Stlnnes
Jan
he
Apr
2%
Feb
...*
1
*
5
July
21
(J B) Co com
(Hugo) Corp
Jan
Sullivan Machinery
3%
1
13%
Rice Stlx Dry Goods.——*
6%
1%
Tx
Richmond Radiator.....1
4%
13%
5,100
6%
400
1%
100
tm June
200
Mar
Feb
16%
5%
Jan
Jan
14%
Jan
JaD
6%
July
1%
Jan
Taggart Corp com
Jan
Tampa Electrlo Co com...
Technloolor Ino oommon.
Feb
Texas P A L 7%
Mar
Rio Grande Valley Gas Co-
%
1
he
2,000
Rochester gae18% pfClOO
Jan
pref—100
104
101% June
107
Feb
Texon Oil A Land Co....2
114
May
114
May
Thew Shovel Co 00m....5
12
100
102% 102%
"ioo
Rochester Tel 0%% prflOO
Roeser a Pendleton Inc..•
Feb
Rome Cable Corp com...6
8%
Root Petroleum Co......1
20
*
8%
9%
700
8%
Apr
2%
2%
11%
5
2%
2%
12%
100
1%
Mar
200
1
400
4%
he
Jan
Jan
July
13%
.
10%
Jan
Jan
Jan
2%
2% June
12% June
Jan
X
Jan
28%
Mar
n
600
700
>u
18
50
4%
4
12%
1.200
"5%
"4%
5%
900
"iVe "l"%
""366
5%
3
5
1,250
Jan
Jan
Apr
Apr
*n
Jan
9% May
*32 July
27%
2%
>'ie
44
Jan
July
Jan
Apr
May
Jan
Feb
12%
July
4%
40%
Jan
9%
July
Mar
Mar
5% May
%
Feb
1%
Feb
2%
Apr
8%
10%
2%
38%
%
Jan
>*i6 May
1%
July
5
July
»i6
Mar
16
July
14%
10%
July
Feb
14
14%
'"166
11
May
1,600
11
Apr
10
"15% "1T"
Jan
1%
1%
1%
37%
22%
Apr
40%
June
"32% "32%
Mar
32%
July
3,000
'"306
9%
6%
2%
21%
9%
"3"'"
.....
2%
21%
1,700
8%
6,100
2%
21%
10
110% 110%
2%
16
19% June
8
Apr
7%
3%
Jan
July
2% May
14% May
800
6% June
8%
Jan
X
4%
100
Mar
3%
July
63
Mar
Apr
Jan
Jan
Jan
Jan
July
Mar
%
Jan
10
114%
3%
19%
43
Jan
26
103% June
Tobacco A Allied Stocks
4%
Jan
12
100
6%
Jan
June
20
%
4%
Apr
2
900
3
16
6
200
Jan
Apr
2% June
Tishman Realty A Constr *
Tobacco Prod Exports...*
Feb
Apr
1%
%
7
1
Tllo Roofing Ino—
Tobacco Sec Tr Co Ltd
Am dep
rlghtB def
reg
%
200
101% 104%
320
%
5s
Todd Shipyards Corp....*
223.
400
Swan Finch Oil Corp..—15
1
*16
Jan
7%
4,700
•
Class B oommon
Feb
104
4%
6%% conv pref
-50
Superior Oil Co (Calif)-25
Superior Port Cement-
Mar
Apr
44
1%
SunrayOU
3%
11%
4%
1%
*32
19%
2%
2
1
15%
3%
.1
>16
18%
12%
•
Sun Ray Drug Co
5% June
Jan
700
%
Stroock (S) Co
Jan
1%
Feb
17%
3% May
300
Reliance Elec a Engln'r'g 5
Jan
**u
7le
8%
8%
*
Sterling Ino
60c
8%
%
19%
2%
o.l
0% 1st preferred
50
5% 2d preferred
20
Sterling Aluminum Prod.1
Sterling Brewers Ino
1
>i»
500
19
Stein (A) A Co common..*
1,500
Raymond Concrete Pile—
Common...
*
1
Standard Steel Spring
Standard Tube cl B
111% Juno
Jan
Feb
»ji
*32
*
Jan
Radio-Keith-Orphuem—
110
>16
1
*
Preferred
Standard Pow A Lt
69
...*
Option warrants..
Railway a Light Sec—
109
.100
5% preferred
Common class B
59% May
Puget Sound p a l—
For footnotes see page
Jan
Jan
Jan
Publio Service of Indiana—
Roosevelt Field Inc.—
1%
38
4%
May
23%
Apr
50
Feb
6% June
Jan
41%
Mar
Jan
Mar
13
41%
Public Service of Colorado
10
Feb
Apr
41%
xX
....'
6%
Southern Calif Edison—
3%
100
114
no"
2%
Southern Pipe Line.....10
8
Jan
Feb
1%
Southwest Pa Pipe Llns.10
Feb
Providence Gas
8% preferred d
25
%
hi
Jan
Jan
6%
1
com
South New Engl Tel
4
Jan
80%
116%
200
Southern Phosphate Co. 10
100
Jan
4%
11
Jan
102
1
Jan
%
Feb
7
1%
1
Apr
300
pref
Mfg
1%
Mills...*
>*ii
>16
conv
117%
12%
5%
114
109
Feb
4% June
1% June
Singer Mfg Co
100
Singer Mfg Co Ltd—
Amer dep rets ord reg. £1
Sioux City G A E 7 % pf 100
Skinner Organ
6
Feb
Producers Corp of Nev_..1
8% 1st preferred.... 100
7% 1st preferred
100
50
Mar
%
X
22%
1%
Mar
Prosperity Co olasa b—__ *
Prudential Investors
110% 110%
Jan
4
2% June
8% June
100
"200
7
Apr
6% original preferred.26
0% preferred B
25
*
20
65
6%
Southland Royalty C0...6
com
900
79
•
Solar Mfg Co.......
Sonotone Corp..
6%
Jan
45% May
110%
Simplicity Pattern com._l
•
Simpson's Ltd B stock..
Smith (H) Paper
Solar Aircraft Co
Jan
12%
8% May
11
July
May
73
77
common
33 conv pref
4
5%
900
700
Mar
Simmons-Boardman Pub
162
13%
78
200
Sherwin-Williams of Can, •
X
2%
1%
Premier Gold Mining
31.20
com..26
%
Prentice-Hall
—
Jan
300
3
July
108% May
106% May
11
Pratt a Lambert Co
Voting trust ctfs
%
1,100
So88
15%
5
....
1%
%
X
4%
9%
South Coast
78
Jan
Jan
%
2 %
Feb
Jan
3%
9%
Jan
"""426
Jan
60
%
%
Shawlnlgan Wat A Pow..*
Jan
66
Jan
9% June
Jan
42
Shattuck Denn Mining...5
Mar
1%
Corp. of Canada..*
6% 1st preferred
100
Republic Aviation
300
40
18%
Power
Reed Roller Bit Co
45
61% May
Mar
Feb
Feb
600
**i»
3%
50
Apr
Feb
6%
14%
Jan
1 %
Jan
% Mar
37% May
FeD
4%
12
80 ""
5
Red Bank Oil Co
44%
Jan
Apr
41
""l"66
700
200
preferred
250
6
800
8%
Raytheon Mfg com
%
1%
45
1
Corp class B
1%
8%
New voting com
1,600
44%
1
Serrlck
July
10
8% preferred
Quebec Power Co
Jan
Apr
6
%
25c
36 preferred
Mar
7i# June
reg._.l
Sentry Safety Control
July
.7.60
Rossla International
Am deprcts ord
8%
300
37 prior preferred
*
36 preferred
——•
Apr
Apr
Selfrldge Provlnc'l Sts Ltd-
Apr
Apr
42%
2%
a Alexander
2*
5
stock
%
Feb
2%
Potero Sugar common
%
36
1
Convertible
Feb
68%
Pittsburgh Plate Glass..25
Rheem Mfg Co
Common
31
Pleasant Valley Wine Co.l
Polaris Mining Co
9
»n
11%
%
35.50 prior stock
26
Allotment certificates...
Jan
45%
Erle.&o
Pneumatic Scale com
89%
Securities Corp general... 1
Seeman Bros Inc
*
South Penn Oil
*
conv
Warrants
15%
1%
Pittsburgh Metallurgical 10
33
Scranton Spring Brook
Water Service 36 pre!—*
Scullln Steel Co com
._*
6,350
59,600
Pitts Bess ale rr—.50
Inc
Scranton Elec $6 pref
*
Scran ton Lace common..*
July
Selected Industries Ino—
Pltney-Bowes Postage
Powdrell
Mfg...
Apr
22
■3%
pref.25
Plough Ino com
Bcovill
Jan
6%
Mar
Conv preferred
Segal Lock A Hardware..1
Selberllng Rubber com...*
Selby Shoe Co
♦
June
13
Jan
50
1
Pittsburgh a Lake
Mar
25
May
•
Meter.
114
Jan
Jan
Feb
Jan
49%
Pilaris Tire a Rubber..—1
Conv $3 pref series
Apr
200
2%
12%
28%
2%
"92%
13%
Philadelphia Co common.*
Phila Eleo Co $5 pref
*
Common
24
13%
29%
115%
11%
27%
8%
25
"~90~
100
Phillips Packing Co
Phoenix Securities—
Mar
Mar
600
Penn Water a Power Co.*
Phlla Elec Pow 8%
Jan
9
6%
Sherwin-Williams
—*
Perfect Circle Co
»ie
2,100
38
%
%
109% 110%
109
109%
% May
14%
200
%
64%
Pennsylvania Sugar com 20
Pepperell Mfg Co
Jan
Feb
% May
12
14%
*16
Seton Leather common...*
*
preferred
June
X
Jan
June
3%
Jan
% June
25% July
14%
Pennsylvania Gas a elac—
Penn Salt Mfg Co
Mar
22
2%
100
%
12%
12,800
——
Penn Pr a Lt s7 pref.—*
teb
2% May
14%
100
Pennsylvania Edison co—
55 series pref
♦
s2.80 series pref
*
Class a common
1% May
70
%
5
2%
60c
Peun Traffic Co.
500
*
31
25
Psnn-Mex Fuel
96%
2%
.1
25
30
33
2%
Schulte (D A) com
Apr
6%
98
Schiff Co common
11
33
100
preferred—
Jan
3%
OX
Jan
Feb
July
Jan
Peninsular Telephone com*
1
1%
6
3
Parkersburg Rig a Reel-.l
Patchogue-PlymouthMills*
1
116%
Corp.!
Parker Pen Co
4%
2%
Feb
Mar
May
2%
%
Apr
10
Paramount Motors
18,700
Feb
Jan
Apr
3%
Apr
July
4
4
59% June
3
5
Feb
3%
Mar
2% June
107%
2%
314
2%
Samson United Corp com.l
Sanford Mills
♦
Jan
Pantepec Oil of Venezuela—
American shares
St Regis Paper com—...6
Jan
7%
High
pref—50
conv
Jan
67%
16%
Class A $2
118%
110%
54
52
100
Jan
Jan
5%
1% May
1st preferred...25
50
57
3%
Pacific Can Co oommon—*
Pacific g & e C% 1st
57
4%
Jan
Jan
Low
*
Jan
30
Apr
May
Range Since Jan. 1,1941
for
Week
Shares
3%
Jan
Mar
of Prices
High
Low
4
Apr
June
Week's Range
2%
Ryan Aeronautical Co...1
3%
6
Overseas Securities new__l
Royal Typewriter...——*
Jan
23%
48
75
Jan
Price
Mar
110%
"""50
200
6
Royalite Oil Co Ltd
Apr
107
"""166
1
6
Jan
9%
9%
Apr
4% June
20
July
Apr
2%
18
May
18
7%
50
preferred
Par
High
Apr
101%
Oklahoma Nat Oas com.15
s3
Loud
40
113% 113%
Ohio Edison s 3 prel
Ohio Oil 6%
20
Sale
(Continued)
7%
21%
2%
Novadel-Agene Corp
Last
stocks
Week
Nor Ind Pub Ser 8% pf.100
Northern ttte Pow cl a—26
221
Sales
102%
j
82
Jan
%
July
104% June
New York Curb
222
Sales
Friday
STOCKS
Last
Salt
of Price*
Low
High
Par
Toledo Edison 0% pref
Price
10c
114
Tonopab-Belmont Dev. 100
Tonopab Mining of Nev.l
Trans Lux Corp
1
Tr ana wee tern Oil Co—-10
Corp—1
108%
Jan
112
Feb
114
Jan
♦Ext 6%s stmp
1952
♦German Con Munis 7s '47
1,100
1,100
,,e
GOG
7%
3,700
45
Tung-Sol Lamp Works— 1
80e conv preferred
*
180
""7%
iUlen A Co ser A pref
Series B pref
"""466
3%
—
1,300
*
*
3%
3%
7%
3%
♦
Union Gas of Canada
"11
Apr
2%
%
8%
Jan
Mar
Jan
5
Jan
3%
July
%
8%
Jan
1
Jan
Jan
Apr
8
Jan
32% May
45
July
1%
Feb
6% July
2% June
%
Jan
2%
Jan
7%
4%
%
Jan
Jan
Jan
3
4%
Feb
9
Jan
3%
Apr
"l6%"
♦Secured 68
8
1,200
400
Union Investment com—.*
June
7% May
3
July
Un Stk Yds of Omaha. .100
United Aircraft Prod
1
United Chemicals com—*
High
Low
$
High
$%
$11
+9
$9
1947
♦Hanover (City) 7s.—1939
♦Hanover (Prov) 6%f-1949
Lima (City) Peru—
♦6%s stamped
1968
♦Maranhao 7s
.—1968
8%
10%
9%
2,100
10%
200
ht
ht
"7%
3,200
2,200
Apr
11%
Apr
Jan
% June
%
Apr
*11
27
Jan
Apr
27
Jan
10%
8
June
27
Jan
8
June
16
May
$5%
$12
9
6%
$24
$24
34
♦Mtge Bk of Chile 6s. 1931
13
7
13
30
5,000
$27
f
-
.....
'is"
♦Parana (State) 7s
1958
♦Rio de Janeiro 6%s.l959
8%
nie
♦Russian Govt 6%s„ 1919
♦5%a
1921
34
1,000
5,000
8%
% 116,000
34
9,000
Feb
Feb
6%
Jan
14%
Feb
Mar
5%
13%
20
$8%
9%
Jan
22% May
23% June
22% Mar
Apr
23%
Feb
9%
30% Feb
32% June
16
13
Mar
6%
July
40
Mar
43% June
18% May
8% July
% June
Mar
ht May
ht June
»i# June
Jan
7%
May
Jan
7%
Jan
% June
Jan
13
13%
5
♦Medellln 7s stamped. 1961
Mtge Bk of Bogota 78-1947
♦Issue of May 1927
♦issue of Oct 1927
With declaration.
J a>
7
7
16
16
10%
$9
Mtge Bk of Denmark 5a '72
10
Unexcelled Mfg Co
Low
Range Since Jan. 1,1941
for
Week
Danilg Port A Waterways
60
Range
of Prices
Price
High
Apr
3%
7
Sale
105%
3%
43%
Week's
Last
50
%
Cy 1 fVSS A
Udyllte Corp--
Low
Share»
he
%
3%
Sales
Friday
BONDS
(Continued)
Range Since Jan. 1,1941
+ + + + *>*
-—-
Tri-Continental warrants
Truna Pork Stores Ino—
Tubiae Chatlilon
eek
A
107 %
114
107
preferred-.--—100
7%
ror
Week's Ramie
(Concluded)
July 12, 1941
Exchange—Continued—Page 5
Jan
June
9
♦Santiago 7s
13
$11
1949
8%
11
Jan
June
$3 cum A part pref—*
Un Clgar-Wbelan Sta—10c
United Corp warrants-
ht
*
United Elastic Corp
com—1
1st $7 pref. non-voting.*
'
United Gas Corp
3"200
%
117
117%
116
600
106%
%
1,300
he
%
Option warrants
Us
Feb
July
"11
Jan
118
May
»it
Sank
100
7% preferred
United Lt A Pow com A..*
16
1st
preferred
Milk
%
%
United Specialties com—1
U 8 Foil Co class B—
1
U s Graphite oom
"23% "24%
4~,300
"59%
29%
Mar
25
Mar
30
70
Apr
74
June
1st A ret 6s
%
"64% *69%
5%
43%
9%
4%
200
'2,3O6
90
44%
10%
5%
4,000
"""266
700
55
63
66
4%
% Mar
4% May
49%
Apr
43% Mar
7%
Feb
4% May
7% June
%
Feb
4%
800
49
June
5
4,300
3
Jan
20
27%
28%
250
27%
1%
1%
300
1%
Reclaiming..*
U S Stores common—60c
1st 17 conv pref
—*
United Stores coramon.SOc
United Wall Paper
2
Universal Cooler class A..*
3
3
IOC
2%
%
600
%
%
200
1%
•i»
5%
61
Jan
Mar
Jan
45%
Jan
10%
July
5%
Jan
8% June
%
Jan
61%
5
Jan
May
Jan
%
1%
July
Mar
Feb
Jan
Feb
29%
2%
4%
Mar
%
Jan
3%
U S Rubber
%•
July
•1.
Jan
800
1
Apr
Apr
1%
5%
Jan
700
3%
%
5%
—-*
6%
28%
1
Universal Insurance.—.8
6%
28%
Universal Pictures oom—.1
13%
Universal Products Co—*
50
68
4% June
Feb
Jan
Jan
Jan
23
Jan
Mar
7
28%
14%
Jan
21
13%
July
Petroleum—.i
3%
6
1968
1970
Apr
Jan
Broad River Pow 6s
1964
Jan
Canadian Pao Ry 6s_
"260
%
200
75
2%
96%
7%
7%
6%
3%
9%
1%
%
13%
May
May
%
Jan
8,500
10
200
Jan
Jan
Feb
85% Feb
7% June
1%
1%
22
3%
103
11
Apr
May
Jan
1,700
4,900
4%
Apr
8%
Jan
5%
3
Apr
5%
9%
200
7%
Feb
9%
July
July
Feb
%
100
2%
2%
2
2%
2%
West Texas Utll 36 pref—*
""3% ""3%
6
4%
4%
4%
ht
""466
13%
1%
200
T,400
1,000
20
6%
6%
90
100
74%
74%
40
~5%~"Apr
Apr
Apr
Apr
Apr
1% Mar
95% June
2%
Feb
3% May
3%
Jan
%
Jan
%
Jan
15
June
Feb
16%
50
16%
Jan
14%
6%
6%
Feb
Mar
Jan
•
6%
2%
Williams OU-OMat Ht__*
Wilson-Jones
7
2%
600
100
75
11%
7%
8
500
7
4%
5
1,400
7% Pf 100
Wolverine Portl Cement. 10
Wolverine Tube com
Jan
Amer deprota
...
4
5e
2%
4
2%
2%
100
14,000
1
105% 107%
103% 106%
102% 105%
103
105%
101% 103%
103%
105%
106%
100%
106%
108%
110%
106
109%
107%
10,000
128
130
11,000
106% 108%
51
43%
48,000
13%
14
14%
12%
14%
75,000
14%
13
14%
12%
14%
14%
12%
13%,
65%
64
65%
50,000
40,000
16,000
16,000
$107% 108%
108% 108%
"2~666
5,000
12%
12%
12%
12%
15%
15%
15%
15%
12%
15%
03
69
100
107%
107% 109%
101
$99% 101
$100
102
117
120
153""
153
102%
104%
102% 102%
103% 104%
103% 105%
78%
79%
Canada Northern Pr 6s .—1953
.1942
Cent 111 El A Gas 3 %S—1964
Cent IU Pub Serv 3%s
1968
Cent States Else 6s
1948
6%s..
1964
—
Cent States PAL 6%S—1963
1927
—1952
|*Chlc Ry« 6s ctfsCincinnati St Ry 5%s A
6« series B
-
—-1966
104%
100% 102
33,000
109% 127%
16,000
105% 111%
100% 112%
17%
17%
100
2
2
90%
2
90
Debenture
6s.4
-
—1951
Cnnsol Gas El Lt A Power—
lstref mtgsSsserP
1st ret M 2%s ser Q
Consol Gas (Bait
x
90
2
2j
99%
3 103
aaa3
—
48
93
96%
1960 y b
Debenture 6s .———.1968 y b
Cities Serv PA L5%8
100%
45%
93
Conv deb 5s—
7,000
93%
96%
92%
89%
89%
150
1,000
149
9,000
101% 103%
103% 104%
102% 108%
73%
81%
09%
80%
105% 108%
105
109%
30%
12%
75,000
6,000
22,000
9,000
86%
6,000
106% 106%
109
109%
9,000
14%
17% 124,000
15%
57,000
17%
100
2
y
153
86
b
1966
Cities Service 6s
13,000
74,000
3,000
7,000
22,000
91
221,000
90
46,000
90
89%
14,000
98
98% 98,000
98%
99%
47,000
102% 103
24,000
93
$130% 132
12
93
31
100%
37%
49
80%
94
90%
97
83%
93
80%
91
80
90
79
90
88
99%
88%
99%
98% 103%
127% 130
1
1971 x aaa3
1969 x aaa3
1976 x aaa3j
$109% 110
108% 108%
20,000
103% 104
104
17,000
107% 111%
105% 111
101
104
City)—
1964
Cont'l Gas A El 6s.——1968:
Gen mtge 4%s
x
aaa3
y
bb
3
1944
y
ccc2
1955
x
bbb2
July
Cudahy Packing 3%s
Eastern Gas A Fuel 4m
1966
x
bbb3
Mar
Eleo Power A Light 6s ....2030 yb
3
Mar
11%
July
Elmira Wat Lt A RR 6s.. 1956
x
a
Feb
8%
Jan
Empire Dlst El 6s
1962
x
a
1
Mar
Jan
102%
89
94%
3
7
123% 123%
1,000
98%
98% 153,000
58
16,000
56%
102
102%
42,000
89
58,000
95
93%
130,000
124% 124%
1,000
104% 105%
14,000
122% 128%
89%
98%
53%
101
86
60
102%
89%
95
78%
119% 126
104
106
♦Eroole Marelll Eleo Mfg—
1
10%
Jan
3
117
Mar
6%
Jan
4%
4%
Apr
6%
Jan
Jan
4%
Mar
4
Apr
5%
Jan
2% June
4%
Jan
Woolworth (F W) Ltd—
Wright Hargreaves Ltd—*
47
108% 109%
110% 111%
Cuban Tobacco 5a
4%
2
Petroleum—.1
Woodley
4%
107%
45%
108%
114
11
1
Co—*
Wisconsin P A L
6%
Jan
107
2
July
Mar
Feb
Mar
107%
46%
130
bbb2
xaaa 3
y bb 2
x bbb3
1 bbb2
x bbb2
x a
3
y cc 1
y cc 1
y bb 1
z bb 1
y bb 2
y bb 2
July
19%
6
130
119
x
6%
20
5%
1,000
107
4,000
107% 108
107% 108% 117,000
70,000
107% 107%
x aa
74%
Jan
11%
3,000
107
107%
107%
43,000
x a
Conn Lt A Pr 7s A
16% June
Weyenberg Shoe Mfg— 1
ll~666
103% 104
101% 102%
—1998
Jan
Feb
13
Wichita River Oil Corp..lu
6,000
18,000
-.i960
a
5%
July
Western Tablet A Statlon'y
Common
——*
Westmoreland Coal——20
Westmoreland Inc..—1C
106%
2
2
1957 x a
1st fee series B—
3% June
Jan
2%
102
106
104
104%
*102% 103
2
Convertible 6s——1950 z b
(Bait) 3%S»erN
58%
Since
Jan.
Bell Telsp of Canada—
—1969 y b
1952 y b
5%s
1949 y b
Community Pr A Lt 5s— .1967 y bb
2%
Western Maryland Ry—
Wilson Products Ino
1947 y b
Birmingham Elec 4%S
Boston Edison 2%S
17%
3%
96%
Range
for
Week
$
104% 104%
2
2
1947 y b
6s without warrants
Bethlehem Steel 6s
-
Williams (R C) A Co
Avery A Sons (B F)—
6a with warrants
Jan
]u
1
1
—1977 z d
1
A—1955 y b
1
Atlanta Gas Lt 4%s
1955 x bbb2
Atlantic City Else 3%S—-1964 x a a 3
Jan
49
103%
101%
♦Conv deb 6%s
%
Apr
d
AssocT AT dsb 5%s
Jan
Mar
1
1
1968 z d
Jan
*
7% 1st preferred
♦Debenture 6s
May
%
3
2
1960 z d
2%
44
High
Baldwin Locom Works—
7% preferred-—-—.100
Western Grocer com
1949
♦Conv deb 6s
z
106%
104%
bbb2
♦Conv deb 4%s—
17%
25
bb
-
iAssociated Gas A El Co—
♦Conv deb 4%s—
1948 z d
83%
Waltt A Bond class A—.*
Western Air Lines, Inc...]
b
July
"4%"
Wagner Baking v t o—*
West Va Coal A Coke
bbb2
y
Jan
1,200
7%
7%
1
Wayne Knitting Mills.—6
Wellington Oil Co—
1
Wentwortb Mfg——.1.26
x
1963
Associated Else 4%s._
July
%
Waco Aircraft Co—
Walker Mining Co
.1966
Arkansas Pr 4 Lt 5s
1%
Tin ""i%
7% pref—100
Class B--
x
62%
%
16
x a
y
..
175
46%
1Low
Price
2
2
2
x a
x a
.2016
Am Pow A Lt deb6l_.
4,600
46%
bbb2
bb 2
Appalachian Elec Pow 3%s 1970
Appalac Power Dsb 6«
2024
"ioo
r
Vogt Manufacturing—.*
Vultce Aircraft Co——1
*
3%ssfdebs_—
6s series C——
46%
16.60 priority stock
y
1950
1960
1970
2%s s f debs
3%S > f debs
2%
68
ht
Utility Equities com___iOc
x
1st A ret 4%s
1967 y bb
American Gas A Else Co—
Feb
Jan
Utah Radio Products—.1
Va Pub Serv
1956
1968
"13%
2%
62%
6
Utah Pow A Lt 37 pre!—*
Venesuelan
1946 x bbb2
1951 x bbb2
1st A ret 5s
73
%
I
e
Sales
Co—
1st 68—
June
U S Radiator com———l
1
Utility A Ind Corp com..6
Conv preferred--. -—7
Valspar Corp com
—1
34 conv preferred.—£
Power
22
"""% ""%
"16%
*
Utah-Idaho Sugar
Feb
19%
Alabama
1st A ret 5s
151st pref with warr—♦
Universal Corp v t o
Jan
25
5
Class B—
Apr
ht
See
1
I Week's Range
of Prices
Sale
Jan
24
%
U 8 and lnt'1 Securities—*
-
1n
70%
United Profit Sharing..26c
10% preferred---—-10
United Shoe Mach com.25
Preferred
-.25
Mar
Last
Rating!
BONDS
Jan
85
24
S3 partlc pref
United N J RR A Canal 100
pref
U 8 Plywood—
si.60 conv pref
1,000
he
24 J*
*
Products—*
U S Lines
%
*
Common class B——
United
Mar
80
Friday
Elig. dt
Jan
United Gas A Elec Co—
6%s series A—
Erie Lighting 5a..
1963
1967
a
103%
Finland Residential Mtge
Banks 6»-5s stpd
1961 y
Florida Power 4s ser C —1966 x bbb2
.1964
x
44
$13
z
x
Federal Wat Serv 5%■ ....1964 y b
Florida Power A Lt 6s
104%
bbb2
105%
104%
$109% 111%
102% 103%
45
108% 109%
7,000
$25
45
105% 106
13,000
104% 106% 131,000
101% 104
41% 48
104% 106%
104
106%
Gary Electric A Gas—
FOREIGN
5e ex-warr stamped
1944 y bb 2
Gatlneau Power 8%s A— -1969 x bbb2
1
General Pub Serv 6s—1953 y b
GOVERNMENT
101%
79%
Sales
Gen Pub Utll 0%s A
bbbl
102%
♦General Rayon 6s A
1966
1948
y
for
BONDS
Week
Gen Wat Wks A El 5s
1943
x
bbb2
101
Georgia Pow A Lt 5s—
1978
y
b
3
84%
♦Gesfruel 6s—
1963
Glen Alden Coal 4s
1965
y
bb
2
87
%
Agricultural Mtge Bk (Col)
♦20-year 7s_.—Apr 1046
1961
125%
125%
19
Bogota (see Mtge Bank of)
7s
1948
19%
♦20-year 7»—Jan 1947
♦Baden 7s
....
♦Cauca Valley
Jan
23
Feb
Jan
24
Mar
6%
9%
11,000
4,000
102% 102%
$63
101
102%
83%
84%
1,000
10,000
100% 101%
75
84%
98% 102
98% 103
65
"9",000
13,000
$14
"
87
"87%
08,660
Mar
21%
22%
17%
35
26
30
101% 101%
80
78%
98%
AND MUNICIPALITIES-
Apr
20%
Jan
9% June
Cent Bk of German State A
24
1966
Ext 6s———1963
129%
*6 series A...
-1962
Danish 6tt*
With declaration
For footnotes see 0age 223
83%
"46"
7,000
Apr
22
30
19
82%
13
Feb
22
52
Jan
83%
68
19
♦Prov Banks 6s B—1951
May
73
May
25
Mar
29
June
Attention Is directed to the
new
27
Jan
Feb
July
column In this tabulation pertaining to bank eligibility and rating
of bonds-
05
99% 102%
72
85%
23
18%
80% 87%
Volume
New York Curb
153
Bank
Sale
{Concluded)
See a
Price
a
aa
bbb2
1950
x
Gr Nor Pow 5e stpd
1950
Green Mount Pow 31963
Grocery Store Prod 6s
1946
1958
G ua atari am o A West 6s
{♦Guardian Investors 5s—1948
♦Hamburg Eleo 7s
1935
♦Hamburg El Underground
A 8t Ry 5 Vis
1938
Houston Lt A Pr 3%s
1966
+108Vi 111
{104% 105Vi
y
64
3,000
17Vi
29
20Vi
20,000
15
29 Vi
18
18
14 Vi
z
x
aa
2
14 Vi
ccc2
79 Vi
80 Vi
1967
z
aa
x
bbb2
107 Vi
{109 Vi llOVi
107Vi 107%
x
bbb2
1st A ref. 5s ser C
1956
x
bbb2
106%
106Vi
106 Vi 107Vi
106 Vi 106 Vi
lOlVi
lOlVi 102 Vi
1957 ybb
Indiana Hydro Eleo 5s ....1958 y bb
2
1950 ybb
1963 y bb
1
1
May
{International Power Sec—
♦6% 8 series C
1955
78 Vi
x
a
2
dd
109
1
1
2
1952 y ccc2
75
92
2,000
105
109
31 Vi
2
b
2
50
x
a
3
109
71 Vi
79
aa
{12 Vi
106 Vi 108
26
1966
x
3
1946
z
Long Island Ltg 6s
Louisiana Pow A Lt 5s
1945
x
bbb2
1957
x
a
11,000
105 Vi 109
106
106 Vi
Tooo
123
128 Vi
112
♦Leonard Tlets 7%s
112Vi
109Vi 109Vi
*13 Vi
3
"IIooo
106 Vi 109 Vi
40
106
108Vi
106
"moo
ioivi ioevi
108
108Vi
35,000
107
109Vi
{14
.....1941
13,000
107% 108%
2
150
162
100
103 Vi
98% 105
bb
2
101 Vi 101 Vi
13.000
98% 102
3
87 Vi
17,000
82
90%
17%
28%
1950
5Vis series A
♦Ruhr Gas Corp 6 Vis
♦Ruhr Housing 6Vis
1963
1958
Vis... 1979
Joaquin L A P 6s B...1952
y
105
87
*11
z
x
aa
x
aa
2
cc
108Vi 109 Vi
2
1
y
1947
y
b
1957
x
V
15
20
36%
40
75%
;
36,000
84
87%
93%
2,000
85
93%
93
99
104 Vi 104 Vi
"moo
103
104 Vi 104 Vi
56 Vi
58 Vi
57,000
60
50%
105% 107%
69:660
101
87 Vi
87 Vi
88z
87 Vi
100
{99
2
Southern Cal Edison 3s... 1965 x aa
Sou Indiana Ry 4s
1961 y bb
S'western Gas A El 3 Vis...1970 x aa
2
104 Vi
2
57 Vi
So'west Pow A Lt 6s
2022 ybb
3
Ti"d%
Spalding (A G) 5s
1989
1
39
b
138%
133
9,000
83
87 Vi
bbb2
y
106% 109%
"43"
83
bbb3
Sheridan Wyo Coal 6s
Sou Carolina Pow 5s
{13 Vi
{40 Vi
bbb3
x
"MOO
136 Vi
{135
ccc2
x
1970
16%
14
*9 Vi
z
1st 4 Vis series D
2
Standard Gas A Electric—
6s (stamped)
...1948 y b
{107 Vi 108%
lp9 Vi llOVi
39
37 Vi
105%
102% 104%
94,000
*• 110%
34%
46
69
92%
69%
92%
69%
70 V
92%
70
92%
68%
3,000
y
b
1952
1947
1971
x
y
2
a
bb
..1948
79Vi
80
>
3,000
Mengel Co conv 4%s
98
Vi
99 Vi
{108 Vi 110 '
x
aa
bb
109
109 Vi
*102 Vi 104 Vi
"moo
y
y
bb
a
105Vi
x
bbb2
104
1955
x
bbb2
107Vi
54 Vi
55
105Vi 105%
103 Vi 104
107
107 Vi
105 Vi 105 Vi
ToTooo
x
1st A ref 58
x
54 Vi
Mississippi Power 5s
1955 ybb 2
Miss Power A Lt 5s......1957 x bbb2
Miss River Pow 1st 5s.....1951
x
1960
y
bb
Nassau A Suffolk Ltg 5s...
Toivi
aaal
Missouri Pub Serv 5s
3
1945
x
bbb2
Nat Pow A Lt 6s B.......2030
x
bbb2
1978
z
d
1
Nebraska Power 4Vis.....1981
6s series A
2022
x
aa
2
x
a
2
Nelsner Bros Realty 6s
1948
x
bbb2
Nevada-Calif Eleo 5s
1956 y bb
102"
{♦Nat Pub Serv 5s otfs..
New Amsterdam Gas 5s
1948
x
1947
y
b
119
1960
y
103 Vi 105 Vi
102 Vi 106 Vi
112
109
8,000
;
3.000
58
100 Vi 102 Vi
105Vi 109
21
107
7,000
4,000
99,000
57 Vi
61 Vi
103
26
lllVi
114 Ji 124
106
~7~7~600
61 Vi
61
109>i
103
1,000
61 Vi
b
96 Vi
3,000
119
98
108 Vi
106
57 Vi
1949 y bb
Debenture 5Vis
97 Vi
69 Vi
50 Vi
103 Vi 107
102 Vi 105Vi
1,000
15,000
61
1961 x aaa2
1948 ybb 2
1954 ybb 2
New Eng Power 3Vis
New Eng Pow Asan 5s
9,000
104
21,000
118Vi 118 Vi
"61""
....1948 y b
Conv deb 5s
104Vi 104Vi
111
111 Vi
101 Vi 102
102
102Vi
106 Vi 106Vi
22
{18
11.000
{109 Vi 111
97Vi
88 Vi
109%
99 Vi
117Vi 121 Vi
56 Vi
66 Vi
38,000
56 Vi
66 Vi
83,000
56 Vi
66 Vi
8,000
109Vi 109 Vi
106 Vi 109Vi
97 Vi
92
91
92
48,000
87 Vi
93 Vi
93 Vi
94 Vi
53,000
91 Vi 100
103 Vi
5,000
3
103
102
105 Vi
a
2
x
a
3
x
a
3
2004
x
aaa3
1954
x
aa
1953
y
195
....1980
1st mtge 3 Vis
196*
Debenture 5s
Nippon El Pow 6 Vis
x
101 Vi
{105Vi 106
1,000
102 Vi 102 Vi
91
92 Vi
100,000
1960
z
23
23%
3,000
20
92%
25%
1946
z
27
27
3,000
26%
32%
7-4s 3d stamped
1946
Certificates of deposit
♦Tern! Hydro EI 6Vis....1953
z
{26
30
43
56%
Corp Ino 5s
92%
z
*13% *26%
{15
Texas Eleo Service 6s...... 1960
x
bbb2
x
bbb2
2022 ybb
Tide Water Power 5s
1979 ybb
107 Vi
18
107 Vi 107 Vi
22,000
107Vi 108%
z
Texas Power A Lt 5s
6s series A
1966
90 Vi
cccl
14,000
106% 107%
107
108%
118
119
2,000
100
10,000
121%
100%
118
98
2
3
96
Tleta (L) see Leonard-
Toledo Edison 3Vis..
1968 x a
Twin City Rap Tr 5Vis... 1952 y b
108
109%
108% 109%
12.000
60 Vi
61
9%
10
62 Vi
58%
23,000
10,000
{♦UlenACo—
Conv 6s 4th stp__
1950
9Vi
%
United Eleo N J 4s
1949
x
♦United El Service 7s
1956
♦United Industrial 6 Vis... 1941
♦1st s f 6s
1945
aaa3
z
z
..1974
y
bb
5%s_„. ..1959
x
cons
98 Vi
99 Vi
99 Vi
bbb2
Debenture 6 Vis
1st lien A
;i
Un Lt A Rys (Del) 6%s_..1952 ybb
1
2
1973 ybb
1950 y bb
Deb s f 6s
..1946
y
15
99 Vi
99%
30,000
2,000
30
85
100
88
100%
15,000
103% 108%
93% 101%
28,000
120
98Vi
98%
2,000
121
117
83% 100
100 Vi 100%
2,000
100
102
103 Vi 104%
28,000
103
109
102
"104 vi
11,000
101% 102%
102%
{102 Vi 103%
{101
101%
2
2
b
20
80,000
120
120
1
1944 x bbb2
..2022 ybb 2
1946 ybb 2
Deb 6s series A
'118%
25
30%
15%
99 Vi 100%
Utah Power A Light Co—
1st lien A gen 4 Vis
Va Pub Service 5 Vi A
114
104 Vi 104%
"99 Vi
United Light A Rys (Me)—
6s series A
1952 xbbb2
Deb 68 series A
10
7
{115% 117
{13
18
{13Vi
30
{14
20
z
United Light A Pow CoDebenture 6s
.....1976 y bb
{110
"
i"66o
{114Vi
43
..1954
z
c
l
x
aa
3
x
aa
2
106 Vi
West Penn Eleo 5s
2030
x
bbb2
115
West Penn TractioD
6s...I960
x
a
2
Western Newspaper Union—
68 unstamped...
..1944 y b
43
"moo
109 Vi
103
38Vi
...1956 ybb
x
y
b
Ogden Gas 1st 5s
1945
y
bb
3Vis.,..1968
x
aa
4s.._._.1962
x
102 Vi 102 Vi
aa
Nor Cont'l Utll 5Vis
1947
1948
a
13,000
45
102 Vi 103 Vi
104
105 Vi
{105
52
52 Vi
"moo
i,coo
102% 103
100% 102
5,000
106
llOVi llOVi
4.000
108Vi 108Vi
5,000
104
1,000
Wise Pow A Light 4s.....1966
x
4Vi
4%
Vi
117
117%
105% 110
105
108%
bbb2
105
{♦York Rys Co 6s stmp—1937 z bbbl
♦Stamped 6s._.._
.1947 ybb 1
105
106%
{96 Vi
4,000
116% 119
6,000
69
67
5%
109%
108
*106 Vi 107%
117
4
15,000
{109% 110
{109
110
69
59
37,000
105
97%
107%
97%
99%
98% 100 Vi
103
2,000
Wash Ry A Eleo 4s
109 H 113 Vi
108Vi 109
iiOH
1955 x bbb2
Okla Power A Water 6s...1948 ybb 3
106 Vi
109 Vi 109 Vi
Okla Nat Gas 3Vis B
4
1
107 Vi
114
111
106 Vi 106 Vi
3
♦5s income deb
1951
Washington Water Pow 3 Vis'64
106 Vi
102 Vi 106
No Amer Lt A Power—<
No Boat Ltg Prop 3Vis...
91
90 Vi
Waldorf-Astoria Hotel—
Penn A Ohio—
N Y A Westch'r Ltg 4s
1957 y b
1st ref 6s series B
New Orleans Pub Serv—
♦Income 6s series A
90 Vi
6s gold debs
Stlnnes (Hugo) Corp—
7-4s 2d...
100
{llOVi llOVi
aa
N E Gas A El Asan 5s
2
90 Vi
Debenture 6s
♦Starrett
105 Vi 109 Vi
107
llOVi
aa
1965
4s series G
1957 yb
Conv 6s (stamped).....1948 y b
Debentures 6s..
1951 yb
90
13,000
1945
1943
1967
1978
Metropolitan Ed 4s E
90 Vi
Deo 1 1966 yb
90 Vi
90 Vi
92% 69,000
92% 52,000
92% 112,000
92% 67,000
92 Vi 134,000
25
101 Vi 103 Vi
99 Vi
95 Vi
104 Vi
{102
90 Vi
77
Memphis Comml Appeal—
Deb 4 Vis
90 %
90 %
25
35
McCord Rad A Mfg—
Serv
107
1,000
108 Vi 108%
Standard Pow A Lt 6s
a
113
{112
Mansleld Mln A Smelt—
Ohio Public
105%
106 Vi 106 Vi
108%
19,000
1951
50
Lake Sup Dlst Pow 3 %s_..
105% 109%
11,000
Shawlnlgan WAP 4Vis...1967
35 Vi
3
26
8,000
68,000
z
14
xaa
108Vi 109 Vi
2
a
z
42
1969
76%
103 Vi
1937
1,000
Kansas Pow & Lt
6,000
103 Vi 103 Vi
.1951
16,000
125 Vi 125 Vi
15
151Vi 152
♦Schulte Real Est 6s
50
2
69
17
71
{9
152
♦Saxon Pub Wks 6s
14
a
109% 111%
50
100
103 Vi
Scullin Steel Inc 3s
47
bbb2
109
5,000
lllVi
95
71
98%
110%
86%
10,000
97
103Vi
15
15Vi
x
93% 100%
99
96 Vi
110% llOVi
2
15Vi
34 Vi 113,000
1,000
x
29%
26%
2
24
80 Vi
1966
17%
22%
1952 ybb
1st A ref 4 Vis ser D
San
14
y
1
106
102%
1950 ybb
C
25Ji
43
2022
Ohio Pow 1st mtge
ser
Safe Harbor Water 4
24 Vi
Kansas Eleo Pow 3 Vis
6Vis series A.
1st A ref 5s
21
66 Vi
30
Since
Jan.
$
Queens Boro Gas A Eleo—
Vi
389,000
80 Vi
Kansas Gas A E eo 6s
♦Ext 4Vis stamped
1969
15Vi
20
108 Vi 109
109 Vi
*108
N Y State E A G 4%a
{85
15Vi
107?i 107 Vi
z
York
Potrero sua 7s stamped
1947 z ccc2
Power Corp(Can)4VisB...1959 y a
1
14 Vi
24
78 Vi
1942
Jersey Cent Pow A Lt 3%s_1965
New
{111
6% perpetual certificates
y aa
Puget Sound PAL 6Vis.._1949 ybb
98 Vi 103
100 Vi 101 Vi
79 Vi
72 Vi
—
5s stamped..
58
3
96 Vi
110 Vi
bbb2
44,000
79
z
MlnnP A L4%s
a
bbb2
83 Vi
33 Vi
x
4 Vis
x
15
1958
Milw Gas Light
...1961
....
{97
1
x
79
117 Vi
1952
1963
Midland Valley RR5s
3
x
104 Vi 107
16 Vi
Range
for
Week
Public Service of N J—
17,000
109
109
t
Iowa Pow A Lt 4 Hs
Middle States Pet 0%s
1
a
Pub Serv of Indiana 4s
2,000
til
♦Isarco Hydro Eleo 7s
6s stamped
bb
z
15
z
1957 y b
♦7s mtgesf
bb
z
108
llOVi
105
7s (July 1941 coupon). 1952
3%s
z
1956
106 Vi 108
76 Vi
107 Vi
1
1952 zdd
Italian Superpower 6s
..1940
1950
6s stamped extended
x
81
32,000
34,000
32,000
z
Public Service Co of Colo—
1st mtge 3Vis
1964
s f debs 4s
1949
70 Vi
70 Vi
14,000
z
z
23,000
26,000
77 Vi
79
83 Vi
z
1957 zdd
Jacksonville Gas
♦Pledm't Hydro El 6Via._1960
♦Pomeranian Eleo 6s_.-..1953
Range
{105Vi 105Vi
{12
24
{9
15
3
1954
79 Vi
78 Vi
1
Debenture 6s
18V!
101?i lOlVi
1
zdd
1941 coupon) 1957
14Vi
1962 ybb
♦5s stamped..
109 Vi HO Vi
80 Vi
{79
2
"81"
1954
Interstate Power 5s
Phlla Rapid Transit 6s
•Prussian Electric 6s
1953
♦7s (Aug
Price
Potomac Edison 5s E
ts
1st A ref 5%sser B
♦Indianapolis Gas 5s A
1952
Indianapolis Pow A Lt 3%sl970
2,000
{110% lllVi
111 Pr A Lt 1st 6s ser A
♦7s series F
See a
of Prices
Low
High
Portland Gas A Coke Co—
58
Idaho Power 3Vis
♦7s series E
Week's
Sale
4Vis series F.
1949 y ccc2
1st lien A ref 5s
85
107 Vi 108 Vi
103 Vi 106 Vi
2,000
{13%
z
y
Indiana Service 5s
75 Vi
29
ccc2
1
y c
1949
8 f deb 5 V<s
1
62 Vi
29
61
z
6s series B
Jan.
20Vi
61
ccc2
y
♦Hungarian Ital Bk 7%s.—1963
Hygrade Food 6s A
7,000
83
83
1
x
Grand Trunk West 4a
Last
(Concluded)
Since
Friday
Range
$
Sales
Bank
for
Rating
Sales
Week
2
x
I
Eitg. dk
BONDS
i
of Prices
i
Low
High
Last
Rating
Week's Range
Friday
Eflig. dk
bondsi
223
Exchange—Concluded—Page 6
101 Vi 104 Vi
106 Vi
103
104
49 Vi
64 Vi
99
99%
Imoo
109
108 Vi HOVi
106 Vi 109
106 Vi
Pacific Gas A Eleo Co—
1941
1st 6s series B
Pacific Ltg A Pow 5s
Paciflo Pow A Ltg 5a
Park Lexington
3s
Penn Cent LAP 4 Vis
1st 5s
Penn Electric 4s F
5s series H
Penn Pub Serv 6s C
6s series D
x
aa
2
1942
x
y
bbbl
1964
1977
y
cccl
x
a
1979
x
a
1971
x
a
1962
x
a
1947
x
a
1954
x
101 Vi
aaa3
1955
a
1
3 Vis
4s series D
Phlla Eleo Pow 5Vis
5~7~66o
99
100
34
105 Vi
34
1,000
105 Vi 106
34,000
106 Vi 106 Vi
109""
106 Vi 106 Vi
108
109
2,000
1,000
8,000
95
34
100 Vi
38
104 Vi
106
105Vi
107 Vi
104 Vi 106 Vi
107 Vi 110
106 Vi
{107 Vi 108
109
107 Vi 107 Vi
"i;66o
107Vi 109 Vi
108Vi 108Vi
109
{108
1,000
106 Vi 108 Vi
106 Vi 109
104 Vi
104 Vi
104 Vi 104 Vi
104 Vi
20,000
6,000
113 Vi
113Vi 114Vi
15,000
Pennsyl Wat A Pow 3 Vis.. 1964
1970
Peoples Gas Light A Coke—
4s series B
1981
101 Vi 101 Vi
106
{103
Too"
x
a
.—.1961
x
a
1972
x
aa
104 Vi
102
105
102Vi 105
109
115
▲
I
*
No par value.
n
Under-the-rule sale,
a
Cash sale,
r
{ Friday's bid and asked price.
♦
d Ex-interest.
Deferred delivery sale.
x
e
Odd-lot sale.
Ex-dlvldend.
No sales being transacted during current
Bonds being traded flat,
week.
;'
I Reported in receivership.
Abbreviations
Used
Above—"cod,"
"v t
"n-v," non-voting stock
c," voting trust certificates; "w i," when Issued; "w w," with warrants;
without warrants.
a
consolidated
certificates of deposit; "con
"cum." cumulative, "conv," convertible; "M," mortgage;
Bank Eligibility and
/;■:
Rating Column—x
"x w,'
-
..
1
Indicates those bonds which we
believe eligible for bank investment.
y
Indicates those bonds we believe are not bank eligible due either
the bond tending to make It speculative.
to rating
status or some provision In
z
Indicates Issues In default, in bankruptcy, or In process
The
rating symbols In this column are based on
of reorganisation.
the ratings assigned to
each
and the numeral
rating the bond.
In all
cases the symbols will represent the rating given by the majority.
Where all three
agencies rate a bond differently, then the highest single rating Is shown.
A great majority of the issues bearing symbols ccc or lower are in default.
Issues
bond by the three rating agencies.
The letters Indicate the quality
Immediately following shows the number of agencies so
bearing ddd or lower are in default
Attention Is directed to the new
columnfia?thls tabulationtpcrtalnlngflto bank
eleglblllty and rating of bonds.
See note a above
The Commercial & Financial Chronicle
224
July 12,
1941
Other Stock Exchanges
Sales
Friday
Baltimore Stock
Sales
Week's Range
for
Sale
Par
of Prices
Low
High
Week
Price
for
of Prices
Low
High
Shares
Price
Par
Adams (J D) Mfg com...*
Last
Stocks—
Stocks (Continued)
Week's Range
Sale
July 5 to July 11, both inclusive, compiled from official sales lists
Friday
Range Since Jan. 1, 1941
10
Low
Shares
16
..*
350
1654
31c
31c
40
preferred v t c—100
Consol Gas ELA Pow—•
2.45
2.50
105
57 34
58
432
56
U6%
21
114
7%
295
2534
130
434% pref clB
100
Eastern Sugars As com vtcl
1
Preferred vtc..
58
116
116
7 34
25%
7
34
23
1234
Jan
31%
29
31%
210
25 %
May
36 %
Jan
10%
11
700
1034
Feb
13
Jan
17
27c May
Feb
Apr
71%
11854
Jan
Jan
3%
Mar
2 80
May
May
17
40c
Jan
1.65
1634
Apr
2%
10 %
27%
Jan
Feb
Mar
Mar
10
Common.
16
Armour A Co common...6
4%
Aro Equipment Co com._l
9%
1%
Asbestos Mfg Co com
130
222
113%
Apr
130
July
Athey Truss Wheel cap...4
16
25
9%
Feb
16
July
Automatic Washer com..3
9
6
3
Jan
9
July
Aviation Corp (Del)..
60c
50
250
60c
218
50c
Feb
2054
616
15%
Feb
20%
250
250
5
245
60c May
Mav
.3
Jan
25534
Apr
Belden Mfg Co com
68
15
Feb
2934
Apr
2m
50
27%
Apr
294*
Jan
Belmont Radio Corp
Bendlx Aviation com
74
74
30
70
Jan
New Amsterdam Casualty2
North Amer Oil Co corn._l
17^
1854
95c
95c
Northern Central Ry
50
96 X
96 54
45
Owlngs Mills Distillery ...1
21c
21c
200
53 34
23%
25
Preferred
Penna Water & Power com*
53 34
5334
22%
2
U 8 Fidelity A Guar
4,541
16% May
200
90c June
80
June
18 %
July
1.15
Jan
Jan
97%
June
20c June
40c
Feb
94%
49%
Apr
21
1,802
May
57
Mar
27% June
Halt Traslt Co. 4s flat 1975
A 5s flat
1975
Jan
39X
48%
102
84
3,500
48%
38%
1975
B 5s.
200
87%
2,000
40
Jan
1,500
100
Jan
102
33 %
Mar
88
Mar
41% June
49%
May
102
Feb
Common
7%
July
Exchange
com.
Class A pref
20%
1
Friday
Last
sales
Week's Range
Sale
Par
Stocks—
Price
High
5
Low
High
100
100
154%
91%
Boston Edison Co (new) .26
30%
Tel A Tel
Boston A Albany
Boston Elevated—
154% 159%
89%
A
93%
652
148%
87%
9754
Jan
29%
31
45%
1,892
2654
May
3454
202
4154
Apr
5054
Jan
Feb
18%
18%
55
18
Jan
2054
Apr
May
Mar
168%
May
Maine—
100
Prior preferred
~2%
2%
110
20%
6%
7
6
395
2%
11%
Boston Per Prop Trusts..*
Boston & Providence.. .100
Uaiumet A Hecla
7
2%
Class A 1st pref std.. 100
1%
7
7
-100
Class B 1st pref std. 100
50
1%
2%
45
11%
128
20%
45
880
7
2 54
50%
52%
115
154 May
47% June
36%
34%
36%
135
3054
82
82
82
45
12
12
12
10
Eastern 88 Lines
*
7
•
Employers Group...
Gilchrist Co...
—.*
7
Isle Royale Copper Co. .15
Lamson Corp (Del) com..5
6% cum pref
60
Mergenthaler Linotype..*
N arragansettRacg Assnlno I
June
National Tun A Mines
New England Tel A Tel 100
*
N Y N H & Hart RRJ.
Apr
Chicago Towel
______
Pennsylvania RR
10
May
Deere A Co com
Dodge Mfg Corp com
May
Jan
May
3
Mar
May
129
Jan
General Amer Trans
General Candy cl A
5
General Finance Corp coml
General Foods com
*
5%
700
3
25
2%
121
327
110
JaD
654
Apr
20
7
Feb
54
1
Feb
954
554
40
May
Apr
Apr
1754 June
2554 June
154 June
154
Jan
11
Jan
854
25
Apr
Feb
40
June
Jan
3054
33 54
Fuller Mfg Co com.
1
com
•
Gossard Co (H W) com
*
Great Lakes DAD com..*
Hall Printing Cc com
-
-
-
-
—
6954
Jan
6054
Jan
Heileman Brewing cap—1
May
4554
Jan
...
-
-
95
35c
Apr
52c
Mar
40
754
Apr
954
Apr
140
54
Feb
154 June
26
July
31
June
Horders Inc
-
20
434
1960
68
69'
$1,000
6654 June
74
Mar
1970
4 %s
Eastern Mass St Ry
C 6s.
29%
31
13,000
19
Jan
31
July
106
500
106
Mar
.1948
106
-
-
-
-----
3954
... k
-
—
-----
-
1454
-----
--
---
854
--
.
-
10854 Jun
--
854
6%
Jan
254
Mar
54
Feb
154
Mar
1654
1854
1754
100
1234
Feb
1734 June
163
13
Apr
2334
1954
95
100
8034
Jan
96
Jan
150
15
May
19
Jan
May
Feb
1154
Jan
2554
July
May
934
Jan
180
*
Hupp Motor Car com
1
1854
1054
50
834
2554
475
1934
854
1054
24%
250
175
754
12
-
734 May
Kalamazoo Stove&F cap 10
Katz Drug Co com
Unlisted
11
Apr
14
100
1334
Apr
1854
850
350
400
254
41
170
334
Feb
4%
Apr
2834 June
3334
Feb
3.
45^
Jan
2
3434 May
554
Feb
456
500
334
May
6
Jan
1654
650
1554
July
19
Jan
535S
64
4654
Apr
10
100
934
May
154
154
450
154
3754
3754
38 54
263
3354
3954
1,795
3654
July
Feb
May
234
May
3
535
19
530
1454
1454
1454
954
9
36
Le Roi Co
Abbott Laboratories
com
Acme Steel Co com
*
5154
25
For footnotes see page
Price
5054
49%
227,
High
Marshall
8
May
1034
Jan
1,900
14
June
1734
Mar
854
Apr
1654
36
150
1134
5154
49%
Week
370
75
Jan
Jan
190
7
Jan
934
July
200
,
654
Jan
854
July
10
3534 June
854
350
834 June
934
Jan
854
854
250
7
9%
Jan
1354
32
32
1254
800
ht
200
354
1,100
854
Tie
May
40
Jan
50
12 34
1434
Jan
50
3054 June
35
Jan
10
1314
54
Jan
May
Apr
5i«
Mar
Jan
Feb
June
May
2934
1954
1954
442
1854
May
2154
354
354
200
74
75%
211
6934
Apr
5154
1054
1054
454
53%
484
43 34
May
1154
700
954
Apr
1054
200
9
June
1054
July
454
300
4
Jan
434
Feb
954
800
May
934
July
4554
120
44%
July
5034
50
54
Jure
-
-
-----
1054
_
-----
454
'
K
45
254
754
954
45
-
554
1
854
554
1
—
1
854
-
*r'
*
Field
4.—
Low
High
46
Feb
53 54 '
Jan
4354
Apr
5154
Jan
—
—
----
—'
-
1154
„
-
-
-
a.—-
com
3
June
334 June
854 May
4
Jan
Jan
Apr
9034
53 34
14
Jan
Jan
Jan
7
150
6
6
4,200
1
150
450
1
Jan
Jan
Apr
854
6
Feb
734
Jan
1
Feb
134
1234
Jan
June
-
—
—
—
1154
12 54
3
500
954
134
Apr
Feb
11
12
300
9
Jan
14
34
35
200
34
July
3734
9
400
554
Jan
3.450
1334
Jan
1654
July
Apr
254
854
16 54
3
July
July
9
Leb
Jan
July
1654
1654
354
354
200
334
1
"~4%
750
434
Mar
July
434
534
4%
454
454
454
454
Middle West Corp cap ..6
Midland Utd conv pref ..*
Midland Utibr-
454
5,000
4%
May
634
554
1,150
334
Feb
Apr
1434
Jan
1454
July
Apr
%
May
Mer A Mfrs Sec—
1
com
Mickleberry's F Prod
Range Since Jan. 1, 1941
Shares
Jan
354
2034
1954
McWilliams Dredging com*
Sales
Low
Jan
May
-----
Lion Oil Refg Co cap
*
Loudon Packing com.2..*
Class A
Par
Jan
2 34
10
com
Common...
July 5 to July 11, both inclusive, compiled from official sales lists
Stocks—
3954
48 34
7 54
LlbbyMcNelll&Llbby com7
CHICAGO
for
Jan
Jan
Lincoln Printing—
Chicago Stock Exchange
Week's Range
of Prices
Jan
234
2134
*
5
McQuay-Norris Mfg com.*
Sale
11
100
14
754
5534
Jan
16
9
9
634
200
McCord Rad A Mfg cl A. .*
Last
Jan
1554
5254
200
1,550
50
La Salle Ext Univ com
Municipal Dept. OGO. 621
Friday
May
Kellogg Switchboard—
Principal Exchangee
Bell System Teletype
Salle St.,
Jan
Jan
July
26
854
.1
Ky Utll jr cum pref
Members
La
Jan
26
254
1
Common
S.
Jan
654
.....
Indep Pneu Tool v t c
*
Indianapolis Pr A Lt com.*
•
934
150
30
3954
7
1854
454
12
-----
Illinois Brick Co cap
10
Illinois Central RR comlOO
Jarvts (W B) Co cap
Paol R Davis & <90
10
1634 June
13
13
*
Houdaille-Hersbey cl B
International Harvest corn*
SECURITIES
Trading Dept. CGO. 405-406
Jan
Jan
134
10
854
—
---
*
com.
Horman & Co com
inland Steel Co cap
tinted and
Feb
May
10
254
1754
-
19
Indiana Steel Prod com__l
CHICAGO
Jan
234
«34
54
Bonds—
Boston & Maine 4s
30
10
-
154
Heln Werner Motor Parts 3
7054
-
-----
HtbbardSpencerBart com25
Apr
4354
67
Jan
4034 June
654
454
16
Hamilton Mfg cl A pt pfdlO
4954
27%
154
534
2
754
1254
-
-----
..
Harnischfeger Ccrp com. 10
153
38c
50
554
254
10
Jan
Mar
936
26
-
-----
Goodyear T A Rub com..*
667
9%
Jan
234
54
8
Gen Motors Corp com.. 10
Gillette Safety Razor com *
59%
35c
*
-
*2554
.5
45
9%
1
1654 *17
Gardner Denver Co com..*
67%
%
Warren (8 D) Co
Feb
1154
22
com
54%
1
May
July
Fet
16
-
Four-Wheel Drive Auto. 10
44%
*
2434
*
26
455
Waldorf System
8,550
Fairbanks Morse
Elec Household Utll Corp
26
Mar
Warren Bros.......
2654
154
5
94
-
*
May
25c
59%
Feb
Feb
July
1754
1754
16
-«.
*
com
May
1854
454
'66%
3734
.....
Eddy Paper Ccrp (The)..*
20
May
*
100
4
8c
25
3954
30
300
cum pref
Utah Metal & Ton Co
Apr
July
Jan
1
5c
Feb
United Shoe Mach Corp.25
73
70
Jan
400
5
10
Jan
Jan
July
154
Elgin National Watch Col5
735
73
Apr
3134
Jan
Eversharp Inc com
7%
60
Jan
1
354
Apr
37
2154
350
July
26%
May
54 June
2734
Feb
4%
2
6%
26%
30
16
Jan
2
37
200
47
7234
Feb
1
Jan
11234 May
5534
Apr
10%
34
Jan
June
3034 June
735
May
1
2,250
34
103
954
54
10
Mar
11234
154
*
34
May
176
*
Jan
July
May
May
415
1,630
10
lt»
634
834
IX
Stone A Webster
Jan
Jan
Feb
10734
2
1,185
554
9534
20
2
-•
•
Dixie-Vortex Co
1%
21
150
Jan
12c May
24%
Feb
Jan
854
5854
5
-
Diamond T Mtr Car com.2
Jan
1%
Mar
May
2,700
Dayton Rubber Mfg com.l
Jan
16%
1734
82
4
39%
Cudahy Packing 7% prflOO
Cunningham Drg Strs_.234
Jan
June
26%
*
Jan
7u
5
60
1
25
354
23%
9,350
3154
5554
4%
......20
com
254
Shawmut Ass'nT C
6%
Common
Apr
45c
United Fruit Co
t c pt pref.. 50
854
Jan
•
v
14%
June
24%
50
1
•
.
2554
>K
Torrlngton Co (The)
Consumers
Corp
Feb
21c
Union Twist Drill Co
Capital
4
170
70
150
18
854
*
com
May
354
21
114
Reece Fold Mach Co
Club Alum Utensil
July
10c
Jan
Feb
864
.25
250
60
10
com
Crane Co
%
..-60
Qulncy Mining Co.
*ti
70
May
17 J*
85
110
May
10c
-
100
103%
37%
37
70
Continental Steel com
35c
10c
-
2,300
110
Jan
8754
116
*
—
12%
cap..*
Jan
%
.100
1354
*
com
Convertible pref
Jan
24 c
Pacific Mills Co
Jan
%
28%
Chicago Yellow Cab cap..*
Chrysler Corp common..5
354
100
.
1034
200
12%
250
17
*
Chicago Flex Shaft com..5
5854
4154
2.50
North Butte
Jan
654
%
103
37%
Common pt sh v t c A.50
7454 June
5%
119
954
54
*
Common pt sh v t c B__*
Container Corp of America
July
3
"~5%
*
June
Jan
Preferred
1%
9
7
90
50c
Common.
3%
20
Jan
100
Central A 8 W—
2
25
234
18
14%
July
1J4
10
23%
June
134 June
19
•u
219
23%
Apr
16
100
8854
Ji«
370
25
July
16
20
1%
19
654
2
6c
2054
5,763
16%
May
11%
6%
3%
1%
1%
Jan
87
pref. .*
4
5c
2
......
July
1034
12%
"88%
..1
conv
1%
1
Helvetia Oil Cote
534
1834
Jan
18c May
654
Jan
785
90
Feb
June
2154
Castle A Co (A N) com. .10
2%
3%
.*
.
7%
24%
434
1354
Jan
Camp Wyant A Can Fdy
Capital
_*
4
Gillette Safety Rasor
Hathaway Bakeries cl A
Old-Colony RR
7
24
24%
Jan
50
125
5%
1954
154
FeD
100
July
420
2654
A or
..100
1st preferred
Preferred cl B
834
21%
21
1%
July
75c
Jan
Apr
6
21%
26%
15c
327
May
6
3934
July
26
554
1%
12
Apr
634
Consolidated Oil
454
1%
July
Feb
Consolidated Biscuit com.l
100
1%
Jan
4
July
Apr
620
100
10
3234
8
Apr
Eastern Mass St Ry—
Common
500
2054
1254
15c
79
7%
175*
16%
1%
2354
6%
2%
150
2,650
15
Feb
15c
2
4
June
6%
;*
350
11%
39%
Jan
1034 May
Apr
1954
Commonwealth Edison—
15c
100
.100
May
454
May
July
6H
Common
Feb
1654
12%
Coleman Lamp A 8t com.*
East Fuel & Gas As—
4%% prior pref
6% pref
50
350
234
June
25
Copper Range
10%
18%
3,550
754
254
_.*
Cliff Mining Co
Apr
2%
Jan
Jan
154
Jan
34
554
Apr
654
154
Jan
11
334
Jan
34
2%
9%
5%
Mar
1254
Apr
100
6,050
2%
Jan
%
5%
154
2
100
%
30
pref
cum conv
Cities Service Co
Common std
Jan
6%
Chicago Corp common...l
45
..100
Boston Herald Traveller..*
Boston
2,141
July
254
2%
Convertible preferred..*
amer
954
Jan
1
.
Chain Belt Co com..
Shares
May
154
10
.
.
Prior lien preferred
Range Since Jan. 1.1941
Week
of Prices
Low
for
7
3%
8
*
Common
5 to July 11, both inclusive, compiled from official sales lists
Jan
150
500
2%
5%
Cent 111 Pub Ser $6 pref..*
Boston Stock
534
%
3%
14%
.6
Brown Fence A Wire
Central 111 Sec
Apr
Corp—
Borg Warner
5%
4
9%
1%
4
Jan
Jan
16834
9%
1%
11%
94
May
4,400
37%
7%
Brach & Sons (E J) cap...»
Butler Brothers
87X
Feb
June
4%
39%
*
6
Binks Mfg Co cap...—.1
Bliss A Laughlln Inc com.5
Burd Piston Ring com:
Certificates of lndebt 5%
14%
85
4%
18
10
Bruce Co (E L) com
Bonds—
Atlantic Coast Line Conn—
20
149%
10%
Berghoff Brewing Corp...l
100
_
150
1,087
18"
Bastlan-Blesslng Co com.*
2354
M Vern-Wood Mills—
3%
Barlow&Heelig Mfg A com5
2354
28 54
87
155% 15954
2%
1
9
16%
87
156%
16
20%
100
2%
Allied Prods Corp—
Amer Pub 8erv pref
100
Amer Tel A Tel Co cap. 100
126
7% pf 25
Jan
354
May
9
Merch & Miners Transp..*
Jan
May
11
16
Mon W Penn P 8
234
11
200
130
Mercantile Trust Co
High
Mar
12
20
100
Low
8%
11%
2nd pref
—100
Guilford Realty Co com..l
Houston Oil pref
50
10
11%
Georgia Sou & Fla 1st pf 100
Fidelity A Deposit
VVW
Aills-Chaimers Mfg. Co..
High
May
14%
Bait Transit Co com v t c •
1st
WW
Aetna Ball Bearing com__l
Advanced Alum Castings.5
Allied Laboratories com..*
Arundel Corp
Range Since Jan. 1, 1941
Last
Exchange
6% prior lien
7%
7/o prior lien
7% preferred A
com
_
5
100
100
100
1354
-
1354
14
100
3
14
1454
150
3
54
100
54
34
7
Feb
Jan
Apr
July
Volume
Sales
Friday
Last
Stocks (Concluded)
Week's Range
Sale
„
of Prices
Low
High
Price
Par
Range Since Jan. 1, 1941
for
'
Week
Low
Shares
Ohio Listed and Unlisted Securities
High
Members Cleveland Stock Exchange
Miller A Hart—
IX
1
13*
800
6}*
6}*
65*
800
A
5A
13*
34}*
IX
36}*
300
Montgomery Ward com .*
10
105*
521
<+ •* W ■h,
m,
10}*
Gas com...1
24}*
Noblltt-Sparks Ind cap. .5
—
N'west Airlines Inc com..*
1,200
24
May
700
24
July
:
253*
6
300
5
9
400
8
8
50
12
350
8
Ml m
11}*
Northwest Bancorp com..*
Apr
Mar
6
*
May
4
8}*
North American Car com20
Nor III Finance com
31X
85*
200
26
245*
245*
699
Jan
4
4
4
Natl Pressure Cooker com 2
National Standard com..10
May
June
1
V t c common stock
$1 prior pref
10
Monroe Chemical Co com *
Natl Cylinder
225
The Commercial & Financial Chronicle
153
A
May
May
7}* June
10
Apr
IX June
6 A
June
IX
39 A
Feb
11
Jan
GILLIS KJ RUSSELL co.
Jan
4A
May
32
Jau
325*
Jan
8
Unltn Cimmerci
Mar
K>5*
Feb
105*
Mar
14
Billdlnf, Cleveland
A. T. 8c T. OLEV. 665 8c 566
Telephone: OHerry 5050
Jan
Sales
riday
N West Util—
103*
Nunn-Bush Shce com..2}*
10
56
56
Penn Gas & Elec cl A com. *
~""x
Week's Range
for
Sale
Week
95*
of Prices
Low
High
A
Jan
150
950
50
13?* June
A May
*
■J'm
.1
14
A
235*
5*
650
245*
1,700
40}*
245*
415*
60
Potter Co (The) com
Last
Feb
14
Peoples G Lt&Coke cap 100
Poor & Co class B
Jan
63
13*
13*
1}*
13
Feb
July
54 A
v.
415*
646
36 A
Jan
7
400
5}*
Apr
6}*
m
3*
}*
10 A
"lix
11K
1,500
733*
560
22
Feb
50
'
w
3*
Feb
}*
253*
43}*
8
1
71
73}*
Quaker Oats Co common.*
Preferred
100
Rath Packing com
Price
Par
Shares
Feb
Eaton Mfg
*
Apr
Elect Controller
*
Faultless Rubber
*
13}*
a325*
034
115*
Jan
A June
Jan
105
Jan
Mar
May
160
c
General Elec
com
a32X
54
54
13
29
June
36}*
50
Apr
16}*
June
Apr
35}*
Jan
10
13
Jan
al6}*
al35* al6 A
145
11}*
al85*
Goodrich (B F)
12}* June
28}*
150
al7}* al9
173
16
June
60
44
June
Jan
Halle Bros pref
Industrial Rayon
Jan
2 A
July
c
Interlake Iron com
*
Jan
1A
July
Interlake Steamship
*
40
40}*
Apr
183* June
4A
Jan
Jaeger Machine
*
19
19
22 A
Jan
Lamson & Sessions
*
4}*
95*
Jan
McKee (A G)
...*
34}*
35
78 A
Jan
Medusa Portland Cement *
24
24
Miller Wholesale
15}*
16
422
2}*
13*
23*
1,600
IX
750
5*
3}*
185*
10
33*
10U
2?*
195*
250
2}*
13*
50c
Common
6% preferred
...5
Mills com 4
Sangamo Electric com
*
Rollins Hosiery
30
10
30
Jan
National Acme
153*
50
13
Feb
15A
Jan
National Refining (new) ._*
15
m
m
m'm.
15
50
14?*
Apr
18
Jan
155
AX
Apr
m,'<m
Siveyer Steel Castings com*
Spiegel Inc com
2
100
35*
6X
55*
67 A
4
A June
m
Jan
cl B
"11%
26
*
*
-
-
'1
2,200
IA
Apr
135*
150
123*
Jan
1,800
25 A
125*
133*
313*
12}*
20
Preferred
Standard Oil of Ind
Stein & Co (A) com..
23*
323*
IX
23*
.......1
180
5*
150
73*
2,750
Mar
103* June
5*
5*
Apr
July
Jan
30}*
323*
19}*
19}*
20
Swift A Co
25
225*
21}*
233*
2,450
24A
Jan
Texas Corp caoital
26
42}*
39 A
42}*
580
345*
Feb
42 A
July
100
3A
June
63*
Jan
9
2
..*
com...
x
""32}*
Thompson (J R) com
Ohio Oil
c
Jan
85*
1,500
Feb
36
Jan
1,700
17H Mar
195* May
20
July
4
c
Reliance Electric
cap..l6
4
..__*
Ohio Brass cl B
Mar
29
10}*
no
June
12
765*
441
61A
113*
200
9A
Feb
May
765*
11
20
57 A
60?*
305
53?*
May
69
55 A
595*
U8A 119}*
2,323
493*
Apr
105
U5A
June
130
13*
300
?*
Mar
he
he
100
lie
Mar
19
19 V*
300
17 A
Apr
16 A
24 A
16}*
25A
1,149
943*
96 A
151
83*
83*
200
25*
25*
43}*
Jan
Jan
195*
June
Jan
4}*
Mar
*
30
33
June
38
Jan
185
17
Feb
24
7
Jan
16
July
July
170
35*
888
44}*
33
Upson-Walton
*
Mar
235*
Jan
35* June
Mar
16
46
July
1}*
15}*
23}*
Mar
Apr
1}*
26
150
5* June
11}* June
18}*
19}*
100
18
a9}*
a9J*
150
_
*
9}*
White Motor
50
al53*
Jan
Apr
95* June
Feb
13}* June
165*
Feb
163*
Jan
Apr
225*
353*
Jan
30
a56}* 059}*
53*
5}*
364
495*
Apr
70}*
50
4}* May
63*
Jan
Jan
5}*
1,100
35* June
5}*
July
9}*
9}*
a 15}* al6}*
a36}* a38}*
70
12}*
Feb
10}*
175*
279
30}*
Apr
423*
Jan
Jan
Jan
"~bx
Youngstown Sheet & Tube*
65*
575
315*
Weinberger Drug Stores.
June
264
75
15
15
1
Van Dorn Iron Works
A
176
al9A 0205*
0583*
Jan
3
5*
18}*
a9}*
Jan
26
539
45*
3}*
*
U S Steel com
15}*
al2J* al3}*
*
Richman Bros
c
10
44 A
35*
5
Republic Steel com
Jan
13*
11}*
June
405*
Apr
205* June
32
5
40
85*
Apr
Jan
Jan
United States Steel com..*
Apr
40
60
A
July
Sunstrand Mach T'l com.5
7
7
193
National Tile
July
%
125
*
125*
Sterling Brewers Inc com.l
Stewart Warner
6
125
al9J* a20
-1
^
Prior pref 6%
313*
Jan
6 A
23*
143*
42}*
Drug—*
fNY Central RR com. ..*
Standard Dredging—
48
a24}* a25}*
08}*
a8X
15}*
35*
*
1,061
J
July
20}*
Jan
48}*
Jan
425* June
16}*
49
com..*
30
1
Signode Syeel Strap pref .30
Common
83*
74
72
Sears Roebuck A Co cap..*
Apr
48
100
6?* June
Apr
13*
Feb
28 A Mar
8
8}*
Schwltzer Cummins cap__l
Serrick Corp cl B com
150
1
Feb
111
250
Jan
41A
Jan
June
58
12}*
57 A
148 A
50
Jan
June
35
14
*
General T & R Co——25
Mar
13
71
40
465*
High
10
74
10}*
a315* a32}*
1
*
Goodyear Tire & Rubber.*
Greif Bros Cooperage cl A *
465*
148}* 149
*•>
Low
248
10
Colonial Finance.
Raytheon Mfg Co—
Swift International
(Concluded)
June
Jan
Jan
A
I A
16
July
9
Stocks
105* June
c
Pressed Steel Car com
Common.
Range Since Jan. 1, 1941
May
6
10
95*
9}*
4*w'a»'
Peabody Coal Co B com5
Penn Elec Switch cl A. 10
Penn RR capital
130
10}*
56
100
7% preferred
Prior lien preferred.. 100
Trane Co (The)
10
73}*
com....25
Union Carb A Carbon cap *
-
«
-
United Air Lines Tr cap..5
U S Gypsum
7%
cum
Co com
58}*
100
pref
Utah Radio Products com 1
Jan
July
17
Jan
A
705*
13*
Util & Ind Corp—
Membtrs
New
5
Common
Walgreen Co com
*
Wayne Pump Co cap
1
—
Western Un Teleg com 100
mk
Westnghs El A Mfg com.50
-
-
«
'm
*
Wieboldt Stores com
-
Williams Oll-O-Matic com *
Wise Banks hares com
Woodall Indust com
2
Radio Corp com
4X
685*
685*
M
ii
693*
115*
125*
•
Apr
18}*
25 A
104}*
July
Mar
Mar
55*
Jan
5
Jan
19
June
Feb
1
45*
33* May
140
■
12 A
150
35*
1,600
.
10 A
:
Ford
J 9A
53*
Jan
ISA
Telephone: Randolph 6530
Detroit Stock
Jan
May
May
•July
Last
American Laundry
Price
of Prices
High
Low
20}*
20 5*
Mach20
Burger Brewing
25*
205*
...
Champ Paper & FiberChurngold
Cinti Advertising Prods.
*
*
Cinti Gas & Elec
■'
2
Cincinnati Ball Crank....5
Week
■
83 }*
25*
165*
Feb
10
2}*
Apr
3}*
50
17}*
Feb
215*
V
21}*
June
4
Jan
5
May
5
May
258
1,624
Jan
1}*
June
98
Formica Insulation..
203*
*
20
25}*
*
Gibson Art
Hatfield part pref
25}*
*
Kahn
*
12
...»
.....
US Printing
1 }*
May
30
Feb
40
July
8
6
29
June
30
July
50
18
May
23
Mar
255*
102
25
June
7
25
70
12
27 %
1,179
7}*
Apr
Jan
11}*
34
June
June
12
24}* June
10 %
Jan
29
Jan
16}*
Mar
45
Jan
Feb
13}*
30
10
102}*
Jan
103}*
Apr
1
700
5*
Jan
1
Feb
58}*
59 V*
1,162
50 V*
May
30}*
31}*
250
29}*
Apr
58 X
10
4
*
.50
526
4}*
87
34
Feb
Jan
4}*
July
29}*
4}*
July
6}* June
9}*
Jan
15}*
10}*
Jan
..10
6}*
6}*
50
American Rolling Mill. .25
14}*
10}*
15}*
10}*
3}*
39}*
304
11}*
Feb
275
8A
Apr
530
2}*
May
204
365*
445*
25
100
July
Feb
4}*
'
59}*
July
1}*
15
29}*
29}*
4}*
July
Unlisted—
*
City Ice.
Columbia Gas
..
25*
3}*
*
*
37}*
10
General Motors
445*
Timken Roller Bearing...»
41X
....
*
1
Consolidated Paper com. 10
Feb
Jan
May
4}*
48}*
May
51
Jan
Jan
X
Sales
Last
Week's Range
of Prices
Sale
Price
Par
Stocks—
Low
High
Range Since Jan. 1,1941
for
Week
Apex
11
Elec Mfg
4}*
Brewing Corp of Amer. ..3
City lee & fuel
*
Preferred
Cl Cliffs Iron pref
Cleve Ry
Cliffs Corp com
alOA
340
103* al05*
83
8
Mar
50
8
June
33* June
85*
Apr
11
12}*
43*
105*
104
June
Jan
Jan
95
Jan
381
70
Apr
79 A
June
455
253* June
323*
Mar
155*
145*
155*
12 3*
175*
227
2,026
3,644
Apr
Jan
68
Jan
15
Apr
163*
Feb
1.00
1,900
2,450
2,400
1.00
July
Jan
20
4
94c
23
May
Jan
Mar
Apr
13*
13*
Jan
2X
2,946
IX
15*
Feb
25*
Jan
2}*
Apr
20c
20c
27c
2,475
10c
May
45c
Jan
2}*
3
200
2A
15*
15*
515
7
7
245
"15*
153*
15}*
IX
1}*
37 A
General Motors com.... 10
Graham-Paige com
.1
1
*23*
Grand Valley Brew
com__l
55c
23*
66c
66c
300
1,500
May
15* May
6}*
Apr
153* July
15* July
36?* May
2}* Mar
630
60c June
100
153*
15*
780
1,329
39}*
23*
66c
—1
"43c
Kingston Products
com__l
__1
com...—-10
Lakey Fdry & Mach com.l
1A
Kinsel Drug com..
50c
Mar
55c
July
Apr
4A
Jan
45c
Jan
30c
856
3
43c
1,200
13*
487
50c
100
253
4
Jan
30c June
350
31c
25 A
2A
Jan
Mar
Jan
55c
50c
33}*
Jan
Mar
Jan
33*
IX
8
23*
1.00
55c
253*
Kresge (SS)
4
23*
48 X
3
:
Hudson Motor Car com..*
Hurd Lock & Mfg com
Mar
May
68c
2}*
Gar Wood Ind pref...... 3
Gcebel Brewing com
60c
2 5*
"ix
Federal Motor Truck com *
1
46c
23
;
Jan
15*
Apr
Feb
60c
Jan
Feb
26}*
Mar
4
200
200
3?* May
15*
Apr
Jan
5
Jan
2
Jan
Masco Screw Prod com... 1
1A
1A
13*
1A
13*
1,520
13* May
15*
1
20c
18c
20c
1,800
16c
Jan
25c
90c
90c
200
60c
Jan
13*
Mar
6}*
63*
300
4
6 As
June
65*
15*
75*
15*
710
6A
June
630
A
Jan
55* May
15*
Apr
2
June
15*
Apr
15*
5
Apr
8X
Jan
May
3A
Jan
May
303*
205*
LaSalle Wines com
.2
McClanahan Oil com
_*
Preferred....
—10
Micromatic Hone com.__l
Michigan Die Casting.
1
Michigan Sugar com
—
75*
15*
IX
"~63*
Parke, Davis com
*
Parker Rust-Proof com .23*
285*
1
pref...100
Tivoli Brewing com—...1
Tom Moore Dist com
1
Udylite Corp com
United Specialties
63*
950
2A
1,085
28
285*
745
25
18
2 A
110
173*
Feb
6 A
*
ccm.._——5
River Raison Paper com..*
Hcctten-Dillon com
.10
Sheller Mfg com
1
13*
5X
18
Murray Corp com..
10
Packard Motor Car com..*
100
23*
Mid-West Abrasive com50c
6 A
100
6 3*
Apr
Mar
Jan
Jan
Jan
Jan
7
Feb
1A
15*
806
13* June
IX
Jan
1
1
700
75c
Apr
1.25
Jan
15*
13*
15*
300
1?*
Apr
17}*
17 A
17 A
524
173*
July
3A
13*
335
3
Apr
100
1
Feb
June
15*
20}*
43*
15*
23*
99 3*
IX
50c
Jan
70c
3
Feb
43*
35*
Mar
103*
June
15*
35*
2H
13*
2A
94
13*
13*
5,483
23*
10
94
13*
:
100
1,075
15*
94
1 A
Jan
July
63c
70c
3
66c
1
1
Warner Aircraft com.. —1
Wayne Screw Prods com.4
Young Spring & Wire....*
79 X
7 A May
55?* May
100
205*
IX
3
200
3A
270
3}* May
107
8
3A
Union Investment com...*
30
104
160
292
1,907
A.....*
General Finance com..... 1
Jan
8}*
15X
20}*
100
Gemmer Mfg class
Jan
Jan
July
57 X
80c
Frankenmuth Brew com. .1
IX
85*
15X
35*
Feb
79
104
Jan
78c
June
28 A
104
.5
For footnotes see page
a83*
4}*
100
"28 A
100
—*
100
a
11
085*
4}*
Body.—_5
Apr
75c
97c
Stearns (Fred'k)
Amer Coach &
185*
850
3
Standard Tube cl B com..
High
Low
300
13*
83*
Simplicity Pattern com—1
Shares
20 A
57 X
153*
Reo Motor
July 5 to July 11, both inclusive, compiled from official sales lists
Friday
203*
13*
1X
97c
Prudential Invest com—1
Exchange
53*
80c
com...5
1
Detroit Paper Prod com__l
Apr
5}*
100
33*
Det-Mich Stove com
7A
6A
24
1,790
com.-.10
Detroit Gray Iron
Jan
Jan
Apr
75*
55*
Continental Motors com.. 1
Detroit Edison com
High
2A
Feb
500
Consumers Steel com..._1
Det & Cleve Nav
Low
2
2A
55*
5
Chrysler Corp com..
High
Shares
7
75*
Burroughs Add'g Mach..*
Pfeiffer Brewing com
Cleveland Stock
5
1
Jan
1C3
4}*
Wurlitzer
8}* June
40
July
2}* Mar
262
27}*
__
...
Jan
14}*
9
....*
Preferred..
Waco
Jan
Jan
1
..*
U S Playing Card.......
50
1A
38}* May
Feb
4
99
103
2.50
Procter <fc Gamble
■
26}*
27?*
...^50
Jan
14}*
Hobart class A__
Magnavox
July
45*
34
34
Little Miami gtd
95*
40
14}*
..10C
Kroger
7A
107 j*
20}*
30
*
45
185
10
Apr
30
85*
10
Early & Daniel..
2}* July
79}* June
2}*
40
40
40
..100
Preferred
Eagle-Picher
222
40
13*
Dow Drug—
July
3
3}*
40
40
Jan
11
85
m
75*
"*7K
....*
*
July
11
187
Atlas Drop Forge com
Baldwin Rubber com.
Brown McLaren com
5
99}*
3
83
Cinti Union Stock Yds...*
Crosley Corp
Dayton & Mich gtd
21
228
21
"
3A
Cincinnati Telephone._.60
Low
Range Since Jan. 1, 1941
for
W t/GJG
rTlCoS
2
Briggs Mfg com
High
Low
Shares
2}*
99
99
pref-.lOO
Cincinnati Street Ry____50
Price
(JJ
Allen Electric com
Range Since Jan. 1,1941
for
3
3
5
Par
Stocks—
Sales
Week's Range
Sale
Par
Stocks—
Sales
Week's Range
Sale
Exchange
Friday
compiled from official sales lists
Friday
compiled from official sales lists
5 to July 11, both inclusive,
Exchange
Apr
July 5 to July 11, both inclusive,
Last
Cincinnati Stock
DETROIT
Building
Jan
May
63
Chicago Stock Exchange
Exchange
July
Jan
83*
3A
Detroit Stock
Mar
Feb
15 A
85A
5?*
150
v
4
4
*
May
250
5
43*
«-
Wrlgley (Wm Jr) Co cap.*
Yates-Amer Mach cap...5
25
New York Curb Associate
York Stock Exchange
Apr
24
450
45*
W;,
*
Zenith
Watling, Lerchen & Co.
Jan
July
10
1}*
3
10
10
13*
2A
105*
105*
1A
3
Apr
Jan
Jan
Jan
Jan
July
Jan
Jan
July
Jan
1,890
1
13*
Jan
500
2
Jan
35*
May
100
93*
Apr
123*
Jan
Feb
The Commercial & Financial Chronicle
226
July 12, 1941
Sales
Friday
Los Angeles Stock
Last
July 5 to July 11, both Inclusive, compiled from official sales lists
Sales
Friday
Last
Par
Stocks—
Week's Range
Sals
of Prices
Low
Pries
Range Since Jan. 1, 1941
for
Low
Shares
High
Budd (E G) Mfg Co
Chrysler Corp.
Co...l
3
5%% pref..50
Barker Bros
1.35
1.35
Aircraft Accessories—.-60c
33
Blue Diamond Corp
32%
2
2
2
Broadway Dept Store Inc.*
Byron Jackson Co
Central Invest Corp—100
Cessna Aircraft Co
1
3
5%
5%
al0
'
5%
57
0%
Consolidated Steel Corp..*
Preferred
.*
5%
a58%
*
6%
19%
Creameries ofAmervtc..1
1,000
1.20
May
2%
Jan
3%
550
2%
Jan
3%
Jan
33
6%
6%
19%
5%
.
.
Prior preferred
Feb
1%
Jan
2%
Feb
150
3%
Apr
June
8
Apr
6%
11%
9%
Jan
12%
July
Pennroad Corp v t c
3% May
6%
July
Pennsylvania RR
May
May
4,220
6%
275
120
6%
5%
9
9
100
395
395
10
0%
Feb
17
631
9
395
08%
Apr
5%
555
June
6%
1,235
20%
59
Feb
5% June
Nation Power A Light
Jan
Phila Electric Pow
Jan
8
20%
*
1
50
Phllco Corp .....
...8
6
Mar
Jan
1st preferred..
Jan
2d preferred.
Jan
Salt Dome Oil Corp.
Feb
Scott Paper
50
.50
50
Reading RR
10
39 A
37%
39%
735
37%
May
c6%
o0%
41
5%
May
6%
G oodyear Tire & Rub Co. *
a6%
18 A
18%
18%
224
17% May
19%
Jan
Sun Oil
Holly Development Co—1
1
48c
48c
50c
600
48c June
57%c
Feb
a%
a%
10
Tacony-Palmyra Bridge—
Class A partic
—.
Intercoast
10c
Lockheed Aircraft Corp_.l
Los Angeles Invest'mt..l0
Menasco Mfg Co
9
9
37c
1
10c
9
Petroleum10c
Lane-Wells Co
Lincoln Petroleum Co.-10c
37c
38c
1,450
26%
27%
7%
725
202
1%
2,360
27
7%
1
7%
1%
1%
6,000
130
388
Apr
%
-
Jan
Mar
Jan
10c
June
10%
Jan
Jan
46c
Mar
6c
8
20c
20
July
Apr
28
Jan
5%
Jan
1% May
8
May
2%
Mar
Pacific Clay Products
.
1
a7c
a7c
a7c
400
*
.
5A
5%
9%
24%
32%
5%
9%
100
Pacific Finance Corp com 10
9A
Pacific Gas <sc Elec oom__25
24%
6% 1st pref
5%% 1st pref
25
25
10
Pacific Indemnity Co
Pacific Lighting com
32%
29A
Pacific Western Oil Corp 10
Republic Petroleum com.l
5%% pref
60
39
40
9 %
Warrants--
9
1.10
Ryan Aeronautical Co.—1
Safeway Stores Inc
*
Shell Union OH Corp
Solar Aircraft Co
16
1.00
4%
a42%
Secur Co Units of Ben Int..
30
al4%
1
26
26
30%
c5%
23%
30%
29%
29
0% pref cl A 25
32 %
32%
0% pref B
6%% pref cl C
So Calif Gas
Southern Pacific
Co
23%
•
12%
Standard Oil Co of Calif—*
23%
Sunray Oil Corp
..1
11%
22%
1%
32%
4%
1%
Superior Oil Co (The).-.25
Transamerlca Corp..
2
32%
4%
14%
Union OH of Calif
26
Van de Kamp's H D Bak_*
Vega Airplane Co
14%
7%
8
1%
9% May
22% June
30% May
5%
July
United Corp com
Preferred
._..*
United Gas Imp com.
28%
Mar
37%
Apr
33% June
40
17%
Jan
420
June
Mar
6
1%
Apr
6
40%
10%
7,676
7%
Feb
2%
40%
10%
1.10
225
47 %c
Feb
1.10
74
1,550
30
Jan
2%
May
Mar
July
July
Jan
4%
40
June
90
29
June
38
Jan
34
10%
Feb
12%
1,461
2% June
5%
Apr
22% May
29
May
28% May
31% May
8%
Jan
23%
2,046
18
1%
100
32%
100
4%
2,482
23%
30%
29%
32%
1,737
834
930
324
6,767
14%
300
8
8%
8
8%
1
7%
Wellington Oil Co of Del. 1
7%
2%
7%
2%
Western PI pe& Steel Co .10
! 2%
17%
17%
Yosemite Port Cement. .10
1.50
Cons Chollar G & S Mng.l
Unlisted—
12%
Apr
7%
54%
52%
29%
Mar
75
565
58
175
Apr
118
Apr
135
Jan
31% June
Jan
12%
8% June
12%
23%
21%
Feb
17%
Feb
26% May
Feb
24
2%
July
Jan
Feb
4%
July
38%
58%
Apr
128
33% June
50%
Apr
50
42% June
46
Jan
400
4%
35%
55%
42%
113%
July
25%
42%
120
Jan
Mar
Feb
ltt
1«4
200
""""%
%
hi June
ht
Feb
%
%
#1«
200
%
320
•is
Apr
1%
Jan
23%
6%
7%
109% 110
11%
11%
115
19%
Apr
30%
10%
117%
Jan
23%
6%
110
22%
19
7,842
169
53
13
19%
hit
May
104% May
10% June
6%
Jan
Apr
19%
Jan
13%
Jan
19
Apr
Sales
Thurs,
Par
Week's Range
for
Sale
Stocks—
of Prices
Week
Price
Low
High
Allegheny Lud Steel com.*
Blaw-Knox Co
—--*
23%
*
Clark (D L) Candy Co...*
9%
Copperweld Steel.
High
65
18%
Apr
25
Jan
180
6%
Apr
7%
Mar
10%
11%
7%
Jan
160
8%
10
6%
6%
300
6
3
3%
485
2% May
16
16%
12%
121
3%
—*
—
Low
Shares
24
7%
Byers (A M) Co com
Col Gas A Elec Co
1,1941
Range Since Jan
Last
...5
455
May
13%
Jan
Jan
17%
Apr
12
Jan
5
Jan
14
Apr
Feb
9%
Apr
12
Apr
20%
Koppers Co pref
2,742
17%
94%
8%
Apr
10%
Jan
100
29%
July
29%
July
1,310
5%
May
July
Jan
July
9
Jan
4%
4%
Apr
100
1%
Apr
2%
Jan
17%
200
17%
July
17%
July
1.50
1.50
100
1.30
Apr
1%
Jan
1.30
1.30
1.30
100
1.10
Apr
1.50
Feb
Amer Rad & Std Sani Cor. *
a6 %
00%
06%
24
Amer Smelting & Refining.
a43 %
8% June
8%
145
Mar
3
Feb
113% 115%
31%
30%
10%
10%
17
17%
20%
25%
23%
23%
2%
35%
7%
Jan
22
442
1% May
32% July
Apr
2
3,368
229
335
*
May
4J548
10%
1,445
Vultee Alrcraft Inc...
5%
125
7%
3
24%
20%
96%
9%
29%
34%
14%
Jan
Jan
4% June
3% Apr
10
12%
July
1%
Jan
Feb
12%
Jan
6%
13
2%
19%
Mar
May
36%
2,832
Jan
10
30%
29%
Jan
4%
789
May
May
Jan
28
23%
Feb
23%
4%
27%
Feb
48%
28% June
Jan
Jan
Feb
Jan
25
10%
2%
154
Jan
Jan
1%
34%
34%
June
641
Jan
71%
Duquesne Brewing Co—5
Harbison Walker Ref com *
4
6%
Feb
1%
23%
July
June
20
6%
2%
24%
1,627
July
5%
7%
July S to July 11, both inclusive, compiled from official sales lists
Mar
July
40
200
"*7%
55
10
July
62
a5%
3
9%
May
May
Feb
May
Pittsburgh Stock Exchange
Jan
15
19
4%
3
20
Westmoreland Coal
Jan
292
30
*
...._.*
10
Preferred...
Apr
108
86
4%
High
Low
6%
2%
5%
Jan
11%
28%
34%
30%
41%
410
al4% al5%
2%
2%
2%
a5%
;
366
3%
4%
a42% 043%
30
Sontag Chain Stores Co..*
So Calif Edison Co Ltd..26
574
32%
29%
41%
36%
al6% al0%
a7%
a7%
2
2%
al6%
a7 %
2A
Richfield Oil Corp com.—*
24%
29%
41%
30%
41%
30%
*
Pacific Pub Serv 1st pref..*
451
Apr
1 Oc
pref.25
*
Tonopah-Belmont
Transit Invest Corp
Westmoreland Inc
4%
58%
1
30%
31
39%
302
42%
1
*
.*
'
Occidental Petroleum..
969
4%
pref..25
General Paint Corp com..*
a%
10c
May
Jan
250
30%
37%
39
Lehigh Coal A Navigat'n.*
Lehigh Valley..
50
9%
410%
47%
Hupp Motor Car Corp
8%
July
4%
7%
%
30%
Phlla Electric of Pa $5 pref*
65
285
6%
a58%
Electrical Products Corp.4
General Motors com
4
*
27%
33
50
56%
Range Since Jan. 1,1940
Shares
7
*
Electric Storage Battery 100
General Motors
10
for
Week
9%
9%
9%
——.5;
.
com
207
Farmers & Merch Natl. 100
5%
Price
*
1,490
2%
5%
a9% alO
11%
12%
12%
6
Chrysler Corp
Consolidated Oil Corp
1.50
of Prices
Low
High
10
*
Budd Wheel Co
Curtis Pub Co
Bandini Petroleum
Par
Barber Asphalt Corp
W
High
Stocks (Concluded)
Week's Range
Sale
Exchange
Jau
Devonian Oil Co
96
100
Lone Star Gas Co com...*
8%
-.5
29%
10
5%
Mesta Machine Co
Mt Fuel Supply Co
5%
6
55c
Natl Fireproofing Corp..*
998
60c
7%
National Radiator Corp. 10
137
199
7%
165
Pittsburgh Brew Co pref.*
29
29
Pittsburgh Forglngs Co-.l
12%
12%
30
80%
262
Pittsburgh Plate Glass..25
Pittsburgh Screw A Bolt.*
77%
5%
Pittsburgh Steel Fdy com *
4%
San Toy Mining
Westlnghouse Air Brake..*
-4%
3
1%
7%
Feb
Jan
31%
Jan
12%
July
Jan
96%
7%
Apr
May
lc
Jan
5
Jan
July
3c
Jan
Feb
2c
6,000
2%
600
2
May
3
Jan
36%
430
36
July
40
Feb
20%
22%
823
17%
Apr
22%
Jan
2%
2%
58
Jan
!
Jan
2c
2%
36%
22%
6
7% May
27%
Apr
10%
Apr
72% June
150
Jan
36
1
Co
Shamrock O A Gs Co com .1
Vanadium-Alloys Stl Corp*
V
105
Apr
May
55c July
350
5%
5
Jan
July
Mlnln;* Stocks—
Amer Tel A Tel Co.
a43% a43%
al59%
28%
29%
60
29%
Armour & Co (111) — — .5
Atchison Top & San Fe. 100
a4%
Atlantic Refining Co
21%
25
9%
5
a39%
*
5
70%
al9%
Canadian Pacific Ry Co.25
Caterpillar Tractor Co
*
a48%
Bendix Aviation Corp
Bethlehem Steel Corp
Borg-Warner Corp
Columbia Gas & Elec
*
Commonwealth & South
.*
Continental Motors Corp. 1
Continental 011 Co (Del) 5
Curtis-Wright Corp
2%
%
.
1
Class A-.
1
Elec Power <fe Light
4%
3
a23%
9%
a28%
271
564
'
105
39% May
May
Feb
4%
Feb
149%
22%
30
30
235
21%
350
3%
100
16%
16%
197
14
9%
a38
a39%
76
76%
017% al9%
4%
4%
a48% a48%
140
9%
35
s
3%
10 %
-.5
a4%
50
Apr
21%
3%
'
t c.
v
Barnsdall Oil Co
o4%
30
Aviation Corp (The) (Del)3
Baldwin Locomo Wks
'
•
—100 al56% 0155
Anaconda Copper..
j
■
9%
2%
%
2%
3
3
%
a23% a23%
9
9%
a28% a28%
162
"210
185
225
20
660
170
160
18%
21%
Jan
July
2%
76
Jan
9%
July
2
100
172
a38
a38
a38
10
28%
35%
16%
a27%
2
14%
10%
026% a27
847
New York Central RR.._*
North American Aviation.1
a35
13%
*
14%
al2%
...»
North American Co
Ohio Oil Co
a9%
Packard Motor Car Co...*
Paramount Pictures Inc. .1
Pennsylvania RR
50
Pure Oil Co
.--.*
Radio Corp of America. ._*
2%
a
11 %
24%
al0%
3%
o33% 035
2
Apr
4%
Jan
Apr
28
Mar
150
4%
34%
60
Feb
16%
33%
Mar
38%
July
15
39
15
Jan
264
12%
Apr
17%
Jan
242
12%
June
17%
Jan
all% all%
24%
24%
54
70
155
6%
Feb
2% May
Feb
10%
9% May
3
Jan
Jan
11%
215
22%
Feb
145
8%
3%
Jan
June
4%
Jan
262
17%
May
22%
Jan
179
70%
May
8%
Apr
138
20 %
a74%
8ocony-VacuumOHCo_.16
a9%
a9
a9%
195
Southern Ry Co
*
13%
13%
5%
215
25
May
9% May
75
Standard Brands Inc
*
5%
13%
5%
Standard Oil Co (N J)...25
Studebaker Corp
1
Swift & Co
25
43%
42%
44
5%
5%
700
4%
May
22%
155
Texas Corp (The)
26
Tide Water Assoc Oil...10
Union Carbide & Carbon.*
21%
July
41 %
5%
22%
41%
41%
268
37
10%
a77%
10%
10%
100
9%
Mar
14
64%
Feb
United Air Lines Trans...5
al0%
075% 077%
alO% alO%
United
a41
a41
U S Rubber Co
10
a25%
U S Steel Corp
.*
a59%
Warner Bros Pictures Inc 5
4
Westlnghouse El A Mfg.50
a95%
a%
a95% a95%
May
Jan
Jan
13%
Feb
8
36%
Feb
a%
4
5%
34
20
a41
a24% a25%
o59% 059%
3%
206
5
»i« June
72%
9%
6%
42%
Apr
May
Jan
July
Jan
8%
23
Feb
41%
10%
July
July
71
June
Feb
13%
38% May
Jan
1%
70
21%
Feb
24
Apr
184
50%
Apr
68%
Jan
992
2%
Feb
3% June
24
Last
Sale
Stocks—
American Stores
American Tel & Tel
Par
*
100
For footnotes see page
Price
of Prices
Low
10%
156%
227
High
11%
154% 159%
for
544
706
Par
StocksA S Aloe Co
Range Since Jan. 1,1941
American Inv
Sales
Range Since Jan. 1,1941
Week's Range
for
of Prices
Low
High
Week
Low
Shares
High
11%
Apr
148% May
168%
Jan
11
59
5
High
59
July
59
July
July
50
Feb
Jan
31
June
July
28
Mar
July
27
11
11
495
11
46
10
45
30%
30%
50
29%
Burkhart Mfg com..
1
Cocar-Cola Bottling com.-l
26
26
75
26
22%
22%
34
22%
Columbia Brew
10
10
12%
12%
—
50
Brown Shoe com
'30%
.
5
com
Dr Pepper com
*
Ely A Walker D G 2d pfd 100
Emerson Electric
4
com
100
5%
100
Preferred
Falstaff Brew
100
4%
93
1
100
5%
Jan
30
12
May
15%
Feb
15
2,982
165
6
June
17%
27
6%
7
110
29
541
5
5
95
34%
25
350
Laclede-Christy Cl Pd com*
McQuay-Norrls com
6
6%
34
34%
25
Mo Portland Cmnt com.25
15%
15%
100
Natl Bearings Metals com *
17
17
National Candy com
1st preferred
*
100
7%
......
Rice-Stix Dry Goods com.
1st preferred
100
112%
2nd preferred
100
100%
St Louis Bk Bid Eqpt com *
St Louis Pub Serv A com
Scull In Steel
30
17%
Warrants
Jan
34
July
38
Jan
13%
17
1
com
com.
com
July
0%
5%
112% 112%
100% 100%
2%
2%
455
4%
Mar
Jan
114
Apr
102
3
1
8%
168
8%
4
42%
70
70c
296
5%
5%
115
.10
10
10
150
15
25
25%
380
26%
26% $11,000'
9
Apr
Jan
7% July
110% May
6% July
July
11%
50
22%
2%
44%
33
16% June
98-'..
111
44%
33
—
Feb
July
710
Jan
Jan
June
2%
Mar
7
5%
2%
Jan
8
31%
5
109%
20
Feb
25
Feb
7
6
July
July
5%
250
3
7%
35%
7%
7%
5%
95
Apr
109% 109%
62c
com
May
100% June
July
Apr
4%
34%
8%
100
July
6% June
26
11
com
com
Sterling Alum
"~"2%
Apr
Apr
7%
28%
34%
2%
Jan
"28%
Key Co com
*
Knapp Monarch $2.70 pfd*
98
91
International Shoe com..*
Hussmann-Ligonier com
Jan
12%
17%
com
Jan
June
*
Grlesedleck-Wst Brw
July
9
19
93
13%
100
7%
17%
com
Wagner Electric
Feb
*
59
46
com
5% preferred
Stix Baer A Fuller
Low
9%
Price
20
com
Securities Inv
Week
Shares
Sale
Preferred
Sales
Week's Range
Friday
Last
Scruggs-V-B Inc
Philadelphia Stock Exchange
July 5 to July 11, both inclusive, compiled from official sales lists
Friday
Exchange
July 5 to July 11, both inclusive, compiled from official sales lists
Jan
July
al2% al3
a9%
a9%
2%
2%
•
a%
St. Louis Stock
Jan
Jan
Feb
14%
Phone
CEntral 7600
Postal Long Distance
A.T.T. Teletype STL 693
New York Curb Exchange Associate
July
2%
37
11%
•
AlrcraftCorp
5
(The) (Del).*
Chicago Board of Trade
Associate Member Chicago Mercantile Exchange
Chicago Stock Exch.
Mar
Apr
500
Republic Steel Corp
United Corp
Members
St. Louis Stock Exchange
Jan
36%
i
Building, ST. LOUIS
New York Stock Exchange
June
May
Mar
2
13%
Sears Roebuck & Co
22%
Boatmen's Bank
100
140
12%
alO% alO%
3%
3%
20
20%
a71% 074%
Established 1922
Jan
Jan
%
3% Apr,
23% June1
Jan
9%
11%
Montgomery Ward & Co.*
83%
Edward D. Jones & Co.
Jan
Feb
Feb
17%
34
38%
35
18%
2
38%
Jan
4%
4% July
43% June
34
38%
St. Louis Listed and Unlisted Securities
Feb
Apr
2
2
21%
Mar
34
2
Jan
30% May
18%
Jan
2%
Apr
July
3%
Corp.*
Intl Nickel Co of Canada.*
29%
5%
16%
7%
25%
.....
40% June
158
Apr
40% May
2% July
*i» May
2% May
1,598
1
Jan
May
Mar
35
50
7
Feb
General Electric Co
•
General Foods Corp. ——*
Goodrich (B F) Co
*
Intl Tel & Tel Corp...._.*
Kennecott Copper Corp..*
Unlisted—
Pennroad Corp v t c
6
2%
Apr
Jan
Feb
July
July
11
Jan
Feb
45
Mar
June
14%
Jan
1.55
Jan
July
38%
Jan
5%
July
8%
Jan
9
60c June
33
May
10% June
23%
May
28
11%
Jan
Jan
Bonds—-
26% June
Volume
227
The Commercial & Financial Chronicle
153
Sales
Friday
Range Since Jan. 1. 1941
Last
July S to July 11, both inclusive, compiled from official sales lists
Range Since Jan. 1,1941
Last
Par
Stocks—
Weet's Range
for
Sale
of Prices
Low
High
Week
Price
Low
Shares
for
of Prices
Week
Monolith Port Cem com
8c
8c
100
6c
Jan
2.10
2.10
38
2.10
July
2.50
6%
6%
a35% a36%
60
6%
July
70
32%
Apr
39%
2%
June
May
Aircraft Accessories
1.40
60c
4%
8%
8
5
10
3%
17%
~"~7%
Atlas Imp Diesel Engine..6
Bishop Oil Co
1.75
Byron Jackson Co
*
Calamba Sugar com.... 20
10
'
-
aw m mm *.
27
Coast Coun G&E 1st pfd 25
.5
5%
*
July
21%
Mar
Bo Calif Edison
52%
Jan
6% pref
5%% pref.
263*
40
25 J*
May
2.75
3,000
2.50
May
3434
34%
:
6
800
8
9
100
8%
Apr
Jan
73*
110
7%
27%
50%
July
105%
20%
96%
Feb
17% June
883
Jan
347
31
7%
38%
754
3834
;
11%
Mar
153*
1734
167
13%
Jan
14% June
1,399
48c
:700
88
11
Apr
43%
July
250
9%
Jan
13%
May
48c
Feb
1.10
July
400
1.90
Feb
4
July
Jan
8
Mar
4
6
20
63*
1634
187
14%
Jan
4134
200
41%
May
463
;
43%
Jan
32%
July
May
7
2734
573
19%
Apr
28
1.00
136
80c
Jan
7?*
73*
486
534
27
17
6
17
365
1.75
1.60
1.75
534
534
322
934
93*
736
7% June
15%
Feb
1,899
5%
1
5
999
National Auto Fibres com 1
1.15
9
>
5
83*
83*
155
kk'k
29 34
29?*
170
26%
O'Connor Moffat cl AA__*
8%
73*
734
65
-
«.
..
20
6% pref 100
-
•
-
22
*
22
,
*
43*
n
1134
...»
com
20
10
Mar
Jan
Jan
Jan
22%
9%
Jan
Jan
29%
July
Jan
5
8%
July
162
21 %
Jan
23%
5
756
3% Mar
10% June
12%
350
Mar
Jan
10
22
1234
Jan
6%
-June
Occidental Insurance Co. 10 k
-
18%
Jan
Mar
2.35
1.50 May
9%
Apr
17% June
7%
Apr
f» - -
Jan
Feb
24%
3234
Mar
June
36
124
3934
16%
44%
1.00
5%
July
55c
2,700
1.10
3134
'k'----».
5
Mar
June
July
Pacific Coast Aggregates.6
1.35
1.35
1.40
967
1.30
Mar
1.65
Jan
Pac G & E Co corn.....26
24 %
2434
2434
22%
June
33%
323*
333*
May
30 y8
30
3034
455
30%
28%
28%
34%
Jan
6% 1st preferred.....26
5%% 1st pref
25
2,421
2,312
May
Pacific Light Corp com...*
31%
3734
1,095
33
June
3634
105
Paraffine Cos
m'mm
-
126
Jan
Mar
160
Jan'
157
27
May
37%
Jan
20
100
July
102%
May
29
Feb
35
44
330
41%
May
44
14%
Feb
V
731
5
388
15
1334
15
1.85
'
1
*
40
133*
934
:
+
Ryan Aeronautical Co...l
Shell Union Oil com
15
1734
m + *
434
40
12
14%
10%
Mar
4,445
7%
1,525
;
75c May
143*
1534
595
29
200
434
6,665
143*
1434
3,044
13
123*
734
13 34
600
8
734
200
6% June
5% May
3% June
834
113
334
334
143*
200
7
1
Vultee Aircraft....
7
243*
1734
Waialua Agricultural Co.20
Steel Co 10
Yosemite Port Cem pref. 10
—
——
1.50
7
May
8%
6
18
13
Jan
.
9%
Apr
1.50
119
Mar
4%
May
5%
Jan
Jan
14%
May
13%
Jan
9
Roche (L
—
*
a6% a63*
al54%al59%
29H
2934
2834
American Tel A Tel Co. 100 al57
Min..50
July
11c
11c
May v 20c
10c June
I3%c
Jan
fm
mm
*
St Anthony
1
...
St Lawrence Corp
...1
5
Mar
28
21%
5
Argonaut Mining Co
Shawinigan..
_
...
AtchisonTop&SantaFe. 100
Aviation Corp of Del
3
Bendix Aviation Corp
5
Jan
Jan
Jan
8%
Siscoe Gold
July
Feb
2 65
35c June
59c
13%
13%
10
73c
82c
«
7.30
6% :;^8" •"
'
97
97
Consolidated Oil Corp
*
Jm-*~-
Curtlss-Wright Corp
1
9%
General Electrio Co com
*
-
5
..
Idaho Mary Mines Corp..l
Inter Tel A Tel Co com
.
_
_
mmmmrnm
5%
*
com...*
Matson Navigation Co
mm'Jm'mm
*
a39%
———
14,439 f,r. 61c June
7.30
691
7%
17c June
43c
6%c May
19%o
Feb
South End Petroleum. -m~* ''kkki'kiw
1%C
l%c
3%
5,500
4c
May
3%
Standard Paving pref.
2%
Standard Radio
'
Steel of Canada
•
69
1.26
1.45
Straw Lake
3%c
2%c
3%C
15c
16c
1-1
Sturgeon River
Teck
Toburn
1
.
TrustslOO
Towagm ao
„
.
*
„
a *
-
-
2%c June
5%c
Jan
50o May
65c
Apr
2.55
1,141
10%
125
2.80
4,000
...
1.48
*
m ~*m
2.71
Jan
28
63
July
9c July
80
Feb
2,500
50c
Jan
10
1.00
Apr
2.00
Feb
9c
10c
7,225
6c
May
39c
Jan
10% June
30% June
14%
Jan
38%
Jan
3%
1.98
4.10
26,280
2,719
3.30
3.75
20c May
1,135
1.83
4,500
3%
Western
'
*
-
45
2.28
4.25
Jan
4.10
Jan
3.10
Apr
111
"10%
9%
93
3.65
Apr
June
June
111
310
9
May
11
v.
4
4
:
3.65
Jan
May
40
(1st)...
42
101
40
.100
War Loan
Mar
>
8c
Mar
July
"5%
Jan
$5,500
40
June
300
101
28
.
101
98%
War Loan, 2d
Toronto Stock
*
4c
•:
98%
10,100
Mar
99%
Mar
Range Since Jan. 1, 1941
for
Jan
Sale
of Prices
Low
High
Week
Par
Stocks—
1%
Feb
1%
Feb
Canada Bud Brew
19%
Jan
30%
May
Price
Shares
High
Low
5
Canadian Marconi
Jan
Coast Copper
Apr
Jan
May
37%
1.36
Jan
Consolidated Paper—
12%
Jan
Disher Steel
6%
Jan
Dominion Bridge
5%
6%
Feb
Feb
110
234
234
300
3354
3334
405
534
534
al%
al%
c373* a3934
2534
2534
Jan
2%
27%
2
9%
32
Mar
4%
34%
May
May
Jan
June
Foothills...
Jan
Pend-Orellle..
Jan
4%
May
6%
Jan
5
2%
31%
Feb
2%
37%
Jan
Walkerville Brew
210
10
24%
Feb
Mar
'
28
June
Mar
4%
160
3%
Apr
7%
7%
50
6%
Mar
65c
65c
100
1.00
IJOO
100
3%
722
...1
•
No par value
m mm
mm
mm
«, »
1.00
—5
3%
*
-
*
—
.'!•
60
4%
Jan
6
4%
July
keb
8
Jan
60c May
85c
Feb
1.00 June
1.05
Jan
-
w
-
Feb
4
Jan
80
•
♦
*
1,698
May
4%
Montreal Power
Ontario Silknlt pref... .100
Ruperte8t ord
Temlsk Mining
28%
—
6
*
36%
5%
*
Canada Vinegars
50
7%
32
*
478
405
Feb
84
101%
July
Sales
Jan
Week's Range
70
1,839
-
Feb
98%
compiled from official sales lists
Last
50
934
-
Exchange—Curb Section
July 5 to July 11, both inclusive,
1,100
63*
Jan
7.00
July
Bonds—
Bruck Silk
a434
634
834
Jan
98
82
4
1,000
'
......
July
Feb
74
17,195
Jan
25%
Apr
90
5
6c
5c
Ymir Yankee
14
;
3.95
Jan
1%
1
14
107
80
3.90
Jan
15
'r'
10%
93
Wright Hargreaves... -.-*
Jan
26c
May
35
115
>
17
111
tm'mm
«
20%
19%
1
1
1
'
Jan
July
16c May
215
6,500
16
V
Jan
48
19c
80
...*
Feb
19%
II60
York Knitting
Mar
37
:
Jan
4
2%
1.27
2.95 May
766
42%
pref..... .100
Preferred-J
Wood (Alex)
935
/.,
'
Western Can Flour
Westons
Jan
3,600
30c
1.05
3.50
pref 100
Grocers pref. .100
14c
14c
28c
....
3%
1.98
1 lour
Jan
1.05
12 %c
14 c
1.C5
*
Western Canada
Apr
1.80
Upper Canada....... III 1
..
1.25
Jan
21%
United Fuel class A pref.50
...—
Jan
Feb
11%
.
Jan
3.75
Mar
32%
Preferred—...
11%
July
11%
Walkers.
Feb
May
10
95c
32
Wendigo
2.90
19
11%
Ventures
Jan
Apr
2.40
.1.48
.
32%
United Steel
1.65
.
25
64
I—1
Gas
Apr
110
1.50
20
63
mm mm
1.10
605
1.05
20
•
Union
Apr
1,050
1.05
♦
Uchl Gold
24c
3,000
*
Twin City
13c June
2.75
»
—1
» .
Transcontinental Res.
Mar
60c
1.50
.._*
Toronto General
4%C
1.48
2.80
-.1
Toronto Elevator
Jan
2c June
2%c
...1
.
....i.
1.78
10%
_
Texas-Canadian..
Jan
73%
Mar
81c
60c
1
Hughes..
Jan
June
67
47,453
22,500
1.30
60c
*
Tamblyn com
May
1,000
16,750
m.
MO
jV.i
Sylvanlte Gold..
July
2%
70
Mar
2.50
m
1-1
Sudbury Contact
3%
Feb
2% May
59%
Jan
2%c
•
*
Sudbury Basin...
Sullivan
>.
160
67%
1.38
Mar
2%
30
65
68%
-
l%c
120
65
..25
Preferred
*
■
2%
63
Bteep Rook Iron Mines ...*
Jan
9% May
3% June
Mar
2,200
39,500
July
50c
69c
20c
-
June
187
Jan
Mar
9%c
6%
766
Jan
Jan
7c
3.00
425
Jan
Jan
6% June
100
Apr
51c June
9,530
55c
8.90
5% May
91
45
,
87c
.
7.10 June
100
6%
97
17
June
18c
29%
32
....*
12
52 %c
Jan
56c
.
9c
May
123*
a4%
Feb
1.25
2.03
54c
4%
a3934
2.15
200
3,725
34,900
20c
Jan
Feb
168
Feb
Jan
46c
79c
—i
2.10
22
Jan
June
1.75
Slave Lake...
650
1,282
21
14%C
July
2.45
...1
Sladen-Malartic
634
55c
a.4%
May
7%c
42c
*
2.50
113*
1
Cities Service Co com.. 10
18
,
1.25
~
J*-
"100
Mar
1.50
Feb
91
9,000
Jan
Jan
28%
May
166%
2.40
k
1
JJrnmmmmL mm*
Simpsons pref
2.50
o38
Bunker Hill A 8ullivan_2%
Elec Bond A Share Co
6
149%
5c
May
44C
;;
nil
Silverwoods pref
al3* al3*
a293* a2934
33*
33*
2.50
Ark Nat Gas Corp cl A—*
Blair A Co Ino cap
47
614
U
8c
7%c
3c June
149
1,000
July
22%
17%
Apr
1.25 May
Jan
~
+
..
3%c
2.45
.1.1
Senator-Rouyn
21
8C
500
r
155
153
21
iU
-..*
San Antonio
Sherrltt-Gordon
3%c
mm.'mm
155"
Royalite
Sigma
mm
.100
.........
634
Anglo Nat Corp cl A com.*
Kennecott Copper
10c
Friday
Am Rad & St Sntry
Dominguez Oil Co
3,000
20c
1
Unlisted—
Anaconda Copper
20c
1
...1
L).
Royal Bank
8% June
15%
4% June
22%
Feb
142
Jan
Jan
300
590
Jan
May
9%
14%
18
July
May
23% July
Jan
19%
10% May
Feb
14% June
177
26
Reno Gold
—
34%
14%
13%
834
Jan
20c
.;
88c June
r
;
Reeves-Macdonald—
23%
335
143*
3.40
17c
1034
434
1
Feb
19%
10 34
_ _
2.70
19c
10%
4%
5
.
41,917
800
90c
8
19%
110
1%
Victor Equip Co com
Preferred
July
3.35
7%
llml
5,709
10
7%
2.99
"l*
15%
Jan
490
3.20
E Dome
30
1534
...25
Jan
July
July
High
■
94%c
9%
39
2334
U nl versal Consol Oil
July
July
Low
89c
*
Pressed Metals
Preston
for
Week
90c
1
Premier
42%
1534
2
Jan
Shares
Price
III*
140
26
Jan
Range Since Jan. 1, 1941
:
of Prices
Lew
High
Jan
734
Union Oil Co of Calif
Apr
July
Par
Stocks (Concluded)
Week's Range
Sale
4%
73*
223*
Transamerloa Corp
June
Sales
Last
2% May
10%
Feb
25%
Feb
200
2,817
Jan
Exchange
Friday
17% May
■:
2,127
23%
Admitted to unlisted
c
229)
page
Toronto Stock
3.75
1234
Tide Water Assd Oil com 10
Vega Airplane Co
1
from
...*
323*
10
July
Canadian Markets
Waite Amulet-...— —I*
20
Super Mold Corp cap
July
Jan
1134
Standard Oil Co of Calif..*
91c
18%
1834
Spring Valley Co Ltd
Feb
July
16
3234
20
.
70c
4.05
*
Southern Pacific Co
400
31
270
2,236
Feb
100
.5
A.25
So Cal Gas Co pref ser
2.00
Apr
31% June
40
28 34
15%
Signal Oil A Gas Co cl A. .*
Union Sugar com
1734
33*
1
16
11% May
100
,
10
1.00 .1.00
Warrants
5
25%
Feb
240 T 1.25
\
18%
Jan
14%
1,506
2.00 V
40
3
340
2534
133*
5%% pref cl A—,— .50
Soundview Pulp Co com
-Jan
185
30
18
5
1
Republic Petroleum com.l
Roos Bros com.
May
Jan
2934
100
173*
434
2234
18
Rayonier Incorp com
Western Pipe &
May
148
25%
*
Richfield Oil Corp com
115%
77
14
326
4%
18%
44
k«
100
Rheem Mfg Co
89
30
-
Phillips Petroleum cap
*
Puget Sound P <fc T com..*
Preferred
11734
,101% May
3% May
2934
100
R E & R Co Ltd com
433
100
*
com.
Preferred..,
Philippine L Dist Tel P100
90
33*
1634
15134 1523*
'
mm
151%
..100
Preferred
Jan
Feb
10534
334
*
Pacific Tel A Tel com.. 100
Jan
117
3%
*
Preferred
31%
39%
107%
Jan
16
Pacific Light Corp $5 dlv_*
Pacific Pub Serv com
Jan
91c
Ino.
Mar
Mar
39%
.;
38
39%
11c
b Ex-stock dividend,
(Continued
July
4134
41%
5
Class
The Wahl Co. to Eversharp,
July
12%
16%
17%
10
433*
63*
k'k
-
Feb
July
Jan
200
1634
—V.
6c
89c
-
Odd lot sales,
a
8% June
Feb
1,160
47c
.334
*
Pacific Can Co
No par value,
—
Jan
May
8%
1134
1234
4234
mm
m
8
Apr
5%
1,010
8
■
11
m
*
July
1.00
750
trading privileges,
d Deterred delivery,
s Cash sale—not included In range tor
year,
x Ex-dlvldend.
y Ex-rlghta.
t Listed,
flndetault.
t Title changed from
Jan
Tio
«
1
Preferred
Jan
5
"
2%
4
6c
Feb
48%
48c
...10
Oliver Utd Filters cl A
Mar
May
kwk
Jan
Feb
6C
5
Westates Petroleum com.l
July
May
37
LeTourneau (R G) Inc
No American Oil Cons..10
Jan
1,222
43 %
50
N Amer Invest
May
3
393*
Langendorf Utd Bk cl A..*
*
1%
100
383*
1534
10
Natomas Co
500
Apr
1
March Calcul Machine
Feb
6
*
Home F & M Ins Co cap. 10
Magnin & Co (I) com
Feb
80
*
1
Libby McNeill & Libby._7
Lockheed Aircraft Corp__l
Magna vox Co Ltd
1
1.30
70%
189
Hawaiian Pine Co Ltd
15
Jan
Apr
39%
mm
Jan
1.00
Jan
594
*
Jan
1%
49%
63*
*
42%
707
9%
1053*
Hale Bros Stores Inc..
Jan
Apr
»i« June
105
200
44%
47
Greyhound Corp com
8%
1.25
8% June
6% Mar
21% June
1134
153*
6%
57%
Feb
10
1034
Jan
Jan
May
May
4?*
35 %
1.25
41
20
12 %
29%
57%
195
223*
"11"
July
1
423*
4934
7
28%
5%
150
4
Jan
June
%
%
2%
3%
Jan
31
a41% a41%
3%
3.00
28
May
May
85
2%
:
33
May
29
120
5%
Warner Bros Pictures
640
383*
7?*
a6
Utah-Idaho Sugar Co com 5
Feb
June
22%
28
50
29
«5%
'
1,434
V :
United States 8teel com..*
1734
m
30%
785
200
■"
23%
5%
July
Apr
63*
«
9
Jan
2.25
;
7% June
33
_
Jan
4%
Jan
57
Apr
Jan
Mar
200
13%
Jan
8
734
Jan
Apr
92
2.50
Apr
6%
Jan
15%
25%
3%
Apr
82 %
6
*
..10
6%
W
rnmm.
Gladding McBean & Co..*
Honolulu Plantation Co_20
8
Apr
5% June
11% May
4934
___*
Menasco Mfg Co com
Jan
1734
mm
General Paint Corp com..*
Leslie Salt Co..
30
Mar
73*
223*
10
Preferred..
Jan
May
439
104
U S Petroleum Co
28%
24 J*
27
9
49%
July
May
707
534
4134
rn'mt
«.
July
25%
726
Jan
Jan
:-V 5%
23%
ct6
Jan
3%
16
29
*
'I
200
30%
Studebaker Corp com
1
United Aircraft Corp cap.5
United Corp of Del
*
Apr
1.50
2% May
665
33
25
Standard Brands Inc
20
Jan
7%
23%
30%
25
Jan
280
>.
8
7%
9
-
Jan
2634
27
7%
8
27%
4.00
i,
-
8%
33
26
00m
-
7
9
Jan
Jan
Mar
9
a3%
W'W-XSf-
*
10%
Feb
May
2.50
*
Gen Metals Corp cap..2%
Hutchinson Sugar Plan..
Preferred
May
17
272
Firemen's Fund Ins Co..25
Preferred
Schumach Wall Bd com..*
51
3,105
Equip Co.. .5
Hunt Brothers com
Riverside Cement Co cl A *
Jan
10
9%
a3%
Jan
22%
7%
357
24
9%
Radio Corp of America...»
May
7
11%
20
1434
"2.5O
Firemen's Fund Indm ColO
Holly Development
Jan
14
•
732
8734
Ewa Plantation Co cap. .20
Golden State Co Ltd
20
234
12%
*
EmpCapCopref (ww)..50
Preferred
Pioneer Mill Co....
51
86%
Electrical Products Cor p. 4
com
7
Jan
50
470
2%
Jan
Mar
20
Mar
'"
»
8
May
1.15
505
1.50
2%
■
14%
16%
10
18
-
1.30
24
Pennsylvania RR Co
1034
14
Di Giorgio Fruit pref...100
General Motors
Jan
86%
*
Galland Merc Laundry
Apr
5%
"
Crown Zellerbach com...6
Emsco Der &
Apr
5
30
7%
4
1
El Dorado Oil Works
7%
8%
1.75
Apr
20
Packard Motor Co com..."1
20
32%
Cons Aircraft Corp com._l
Doernbecher Mfg Co
June
1.15
7
26%
26%
Commonwealth Edison. .25
Preferred
8% June
Feb
112%
Jan
2.60
2.75
Central Eureka Min com.l
_
18
Pacific Port Cement com 10
26%
Calif Water Service pref .26
com.
1234
9
""26"
50
Creameries of Amer
15
Onomea Sugar Co.
Jan
19%
'
mm mm
mm
Calif Packing Corp com..*
Cons Coppermines
Oahu Sugar Co Ltd cap..20
Jan
51
Calif Cotton Mills com. 100
Preferred
Feb
210
10
7
*
104
711
1.75
10
5
210
1.25
15
14
50
9%
6%
100
al5
4%
Mar
1,945
3%
al5
July
-
4%
1,446
1234
2
Calif Art Tile cl A.
8
i%
105% 106
106
Bank of California N A. .80
7
125
5
v
2%
2%
North American Aviation. 1
June
3%
417
1,603
3%
Anglo Calif Natl Bank..20
434
-■834
Alaska Juneau Gold MIn 10
Assoc Ins Fund Inc
July
9c
_*
_
Mountain City Copper..5c
Jan
High
Low
Shares
High
..1
8% pref
10
Montgomery Ward A Co.*
High
2.10
1.05 May
950
1.45
1.40
Low
Price
Par
M JAM AM Cons
Sales
Friday
Stocks (.Concluded)
Week's Range
Sale
Francisco Stock Exchange
San
80
30
80
July
150
Mar
23%
24
80
21% June
27
Mar
3
2%
mm
1,100
40c June
70c
Jan
21
21%
106
20% June
29%
Jan
38
50c
21
38
500
35
45
Jan
50c
50c
June
2.10
Jan
1.50
1.35
4,800
1 20
*
21%
21%
21%
6
21%
July
26
Jan
...1
5c
4%C
5%c
2,500
4%c
July
8%c
Jan
75c
75c
200
75c
July
80c
Jan
—
♦
1.60
Apr
The Commercial & Financial Chronicle
228
July 12, 1941
Canadian Markets
LISTED
AND
UNLISTED
Industrial and Public Utility Bonds
Montreal Stock Exchange
Closing bid and asked quotations, Friday, July 11
Sales
Friday
Dollar Prices)
(American
Range Since Jan. 1, 1941
Ask
Abitlbl P A P ctfs 50..1963
54
Alberta Pao Grain 6e..l946
70
72
70*
Bid
Ask
72
1948
Algoma Steel fie
55
Oen Steel Wares 4*8.1952
Gt Lakes Pap Co 1st fie '65
Stocks (Concluded)
69
71
70
73
Par
Gued (Charles)
Gypsum Lime & Alabas.
71
Canada Cement 4*s.l9fil
Canada SS Lines 6«...19fi7
72*
70
72
Canadian Vlckers Co 6s '47
42
6*S
1961
59
61
44
74
Massey-TO arris 4*s
1954
65
McColl-Front Oil 4*8 1949
71
73
57*
59
Dom Steel A Coal 6*« 1956
74
71*
73
72
75
49
67
69
Hudson Bay Mining....
Imperial Oil Ltd..
Donnaoona Paper Co—
4s
1966
Famous Players 4 *e_. 1951
68
69
71
1949
1962
4*s series B
72
I nternational Bronze
73*
72
1966
.15
Municipal Issues
Bid
Ask
A si
Bid
Provlnoe of Ontario—
6s
Jan
1 1948
43
45
fie...
4*9
Oct
1 1966
42
44
6s...
102* 103*
102* 103*
fie...
101* 102*
Prov of British Columbia—
6b
July
4Kb
Oct
12 1949
90
92
4s...
92
83
85
4*8.
95*
97
Provlnoe of Manitoba—
4*0
Aug
1 1941
97
100
70
73
6s
70
73
..Dec
2 1969
81
27*
1,695
1,524
22*
May
12*
1,395
11*
79
4Mb
Sept
16 1962
91
92*
5b
Mar
1 1960
93
96
McColl-Frontenac Oil
7*
39
perpetual debentures.
64*
Sept
16 1942
86*
6s
July
11944
104
65
1 1957
6s
...Oct
1 1969
1 1909
6e
Feb
1 1970
99*
103*
103* 103*
103* 103*
Apr
80
June
13*
Mar
15*
Jan
24
80
July
87*
Jan
335
12
Feb
16
Jan
5
110
Apr
113
25
10
Apr
11*
Mar
Jan
6*
Feb
3*
5*
Jan
515
20
3
545
4
255
10
4*
2
May
3* June
113
June
Jan
Jan
118
Jan
29
Jan
16*
17*
40
15
May
61
Mar
23*
24*
260
19
May
27*
38*
Jan
38
Jan
25*
Jan
21*
21*
22
2,011
20* June
25
37*
37*
20
35
Mar
*
Preferred
34*
36*
660
31
Feb
19
19
5
19
June
Natl Steel Car Corp
•
57
56
500
18
May
15
150
June
155
Feb
10
90
May
99
Feb
21
46
46
46
70
73
Price Bros A Co Ltd
5*8.
4*8.
62
65
53
56
5% preferred
Quebec Power
Power Corp of Canada...*
*
49*
May
67*
21*.
Jan
July
49
Jan
50
3*
May
1,830
8*
65
215
June
May
5*
12*
Apr
11
65
4*
67*
Apr
10*
10*
336
9* June
14*
4*
11
...100
....._•
Jan
1,607
20*
90
Preferred
Jan
57*
90
16*
8*
4*
63
Jan
Jan
*
3
3
3
25
3
June
5
Feb
Haguenay Power pref-.100
St Lawrence Corp
...»
103
103
103
15
103
107
Jan
175
125
185
6,865
July
July
Class A pref
50
Southern Can Power
Preferred
Sept
1 1946
6s
Dec
1 1954
87*
83*
88*
84*
4*8
July
1 1960
78*
79
Steel
Co of
Bonds
25
*
*
Preferred
100
1946
32
220
31
July
40*
Jan
14
1,462
12
May
17
Jan
11
5
12*
Jan
109
9*
25
43
9*
68
175
64
68
25
155
3*
,
8*
Apr
108* May
6* June
115
10*
Mar
64
2*
Jan
Mar
Jan
70
Feb
69*
73
Jan
Jan
3*
Feb
30
31
450
24
Feb
31
July
15
15*
115
15
May
18
Jan
80c
39
80c
""80c
.....
1.15
1.00
Jan
80c
9
4*
17
4*
July
7
Jan
25
8*
Jan
11
Apr
24*
Jan
11
23*
Apr
70c May
75c
80c
4*
11
23*
23*
115
23* June
Jan
Ask
Ry—
1
31"
..*
25
Apr
13*
3*
_*
B
Bid
July
"68"
*
Winnipeg Electric A
Jan
22
64
*
Zellers
6*8
9*
•
Preferred
17
Mar
109
100
..*
Canada
June
19
19
11
14
Sherwin-Williams of Can.*
Jan
2*
13
10
15*
31
St Lawrence Paper pref 100
Ask
1.25
550
14
19
15*
8t Lawrence Flour Mills. .*
Bid
Canadian Northern
99*
68
3*
Ottawa L H & Pwr pref 100
Pennmans
*
Ask
103
20
17*
Zellers pref
July
July
Jan
July
111* 111*
87
(American Dollar Prices)
4*s
Jan
20*
4*
85
Closing bid and asked quotations, Friday, July 11
1 1966
jan
25
Apr
153
Dominion Government Guaranteed
99*
100* 101*
99*
99*
16*
May
24*
•
Wilsils Ltd
99*
June
Montreal Tramways...100
United Steel Corp
Wabasso Cotton
Bid
Jan
15
11
20
4*8
87*
104*
50
36*
4*
2*
153
Canadian Pacific Ry—
4s
0s
Jan
July
29* June
110* 110*
*
Prov of Saskatchewan—
Jan
7*
260
14*
100
Ask
Canadian Pacific Ry—
Feb
14
15
July
National Breweries
Shawinlgan Wat A Pow..*
4*s
85*
14
3*
Noranda Mines Ltd
(American Dollar Prices)
June 16 1955
20*
74*
Ogllvie Flour Mills
Railway Bonds
Bid
13
2,021
3
27*
10*
22
200
13*
Jan
14
July
82
HI*
Jan
Feb
39
35*
11
Jan
14*
Feb
200
23
*'■
13
100
Jan
13
11"
9
7
32*
16*
74*
13*
20*
May
200
39
93 X
87
Closing bid and asked quotations, Friday, July 11
4*s
9*
12*
7*
23
35
*
Regent Knitting
Canadian National Ry—
4*s
Sept
1 1951
9
85
84
76
6s
25*
9*
12*
fie...
16 1900
4Mb
Apr
16 1961
Province of Nova Sootia—
Apr
Feb
4s
92
2* May
May
4*8.
Prov of New Brunswick—
6a
Provlnoe of Quebeo—
4 *s_
Mar
2 1960
Jan
97
Niagara Wire Weaving...*
6s........June 161964
3*
5
32
Mont Cottons pref
.100
Montreal L H & P Cons..*
93*
1 1963
Jan
445
98
100
Lang & Sons Ltd (John A)*
Lindsay (C W)
*
Massey-Harris
*
(American Dollar Prices)
provlnoe of Alberta—
Jan
3*
98
"98
14
Preferred
4
Mar
11
100
Lake of the Woods
Closing bid and asked quotations, Friday, July 11
Mar
2*
12
Intl Petroleum Co Ltd_..»
Int Power pref
Provincial and
2*
1,655
495
100
Preferred
74
10
3*
454
*
*
Int Paper & Power
2*
12*
25
Int) Nickel oLCanada
Feb
56
14
.100
Intercolonial Coal
June
12*
11*
12*
£1
Preferred
Quebec Power 4e
Saguenay Power—
71
Federal Grain 6s
*
Imperial Tobacco of Can.6
51
Power Corp of Can 4 *s '69
Prloe Brothers 1st fie.. 1957
High
Low
53
27
100
Preferred
20
53
2*
3*
*
Preferred
rr CCA
2*
*
6
76
Dom Tar A Chem 4 *. 1951
53
3*
Hollinger Gold Mines
67
N Scotia St! A Coal 3 *8 '63
Shares
Price
*
Howard Smith Paper
69
for
of Prices
Low
High
Goodyear T pref inc 192750
Hamilton Bridge
Lake St John Pr A Pap Co
British Col Pow 4*8.1960
Week's Range
Sale
Bid
Last
Banks—
108* 109*
Grand Trunk Pacific Ry—
4s
Jan
1
1962
3s
1
Jan
1962
100
140
140
140
9
140
June
146
Jan
Commerce-
100
148
148
149
27
143
May
162
Jan
Montreal
100
180
180
180
74
171
Mar
193
Jan
Jan
Canadienne
92
93*
Nova Scotia
100
267
269
86
267
July
284
83
86
Royal
100
154
155
27
150
Fen
166
if
Montreal Curb Market
Montreal Stock
July 6 to July 11, both inclusive, compiled from official sales lists
Exchange
Last
Sale
Stocks—
Par
Price
Last
Week's Range
of Prices
High
Low
Range Since Jan. 1. 1941
for
Stocks—
Par
Week's Range
for
Sale
Sales
Friday
of Prices
Low
High
Week
Price
*
Asbestos Corp.
»
Associated Breweries
*
Batnurst Pow A Paper A.*
"il*
146*
Building Products A
Canada
_
6% preferred
Canadian
Celanese..
Preferred 7%
Low
Abitlbl Pwr A Paper Co..*
High
225
8*
25
7
14*
14*
10*
137
Feb
10
Jan
19*
Jan
80c
July
6
100
10
-♦
104
Aluminium Ltd
16
1,667
15
10
10
153
10
26*
Jan
Feb
5*
Mar
150
13*
14*
Feb
15*
Jan
8*
July
Brit Amer Oil Co Ltd...
Canada Bud Breweries
4 *
Feb
Mar
94*
June
100
Jan
18
May
18
May
Canadian Paclflo
275
15
5*
355
1,283
20*
20*
20*
526
5* May
3* June
17*
Feb
6*
1,015
19
6*
Apr
8*
Jan
5*
Jan
Mar
Preferred
7%
cum pref
May
Jan
Cndn P & P Inv Ltd
23*
390
20*
Apr
27*
Jan
Canadian Vlckers Ltd
25
445
18*
May
28*
Jan
111
113
7
110
May
124
Jan
19
25
17
May
19
July
10
Jan
2*
2*
2*
115
2.50
2.50
2.50
75
6*
6*
20
5*
6*
5,497
4*
4*
75
4
32
May
*
*
Cousol Mining A 8meltlng6
Distillers Seagrams
Dominion Bridge
.....
4*
40
,.*
Dominion Stores Ltd
*
Dom Tar & Chemical
Dominion Textile
English Electric "B"_
207
Jan
June
175*
Jan
65c May
85c
Feb
65c
30c
30c
11
*
2*
12*
2*
12*
75
2
Feb
50
10
May
15
38
38
25
36
July
42
100
Cndn Westinghouse Co
*
1.50
Consolidated Paper Corp.*
1.50
1.50
4*
275
4*
Feb
3*
June
Apr
105
70
May
5*
1,480
4
Feb
6
28
27*
155
Jan
70c
65c
70c
435
60c
Apr
1.00
Jan
9*
25
9*
July
10*
Feb
July
25
24
100
7
7
Mar
Fairchild Aircraft Ltd
5
2
2
Mar
Fleet Aircraft Ltd
*
4*
3*
•
7%
cum pref
JaD
Ford Motor of Can A
5
Jan
Foreign Pow Sec Corp
*
Fraser Companies Ltd...*
5*
Mar
24
15*
"15"
.....
J6*
7
15
7
9
Jan
5
July
5
July
10*
Jan
11
Jan
100
Feb
12*
Jan
Massey-Har 5% cum prflOO
40
42
80*
Feb
McColl-Fr
89*
90
9*
Jan
Melchers Distilleries pref 10
4*
Feb
6*
Jan
June
93*
*
0116%cumprfl00
No par value,
r
5*
Canadian market.
5*
Jan
7
July
6* June
11
75c
July
Jan
July
75c
July
5*
15
Lake Sulphite Pulp Co...*
7
3.00
July
Jan
"7 5c
Feb
May
3* June
15
5
Jan
Jan
5
120
10*
86
.
1,875
70
5
Jan
5*
Apr
9*
3
88
Mar
5*
16
9*
170
88
July
2* June
Jan
Jan
7*
320
100
4
15
7*
*
7
4*
May
Jan
520
Fraser Companies vot tr__*
70
5*
6
2*
5*
Lake St JohnP&P
7
325
Apr
1.50
Jan
*
Wares
24
50
Jan
12
70
2*
355
1,400
5*
70
100
25
2
4*
15*
3*
12*
July
Jan
5,735
5
Eastern Dairies Ltd—
9*
82
Jan
3*
425
May
1.95
Jan
2*
1,800
May
Feb
Jan
Jan
9*
"3*
40
3*
19
1.50
50c
3*
5
*
5% pref
do
15
25c June
Jan
5
__5
4*
21*
3*
150
65c
3*
4*
Foundation Co of Can....»
Preferred
25
June
160
3*
4*
3*
Feb
150
1
3*
May
55
22
81
159
4
6*
4
335
155
23*
Donnacona Pap Co Ltd A •
1,600
74
24*
154
Donnacona Paper cl B...*
8
4
Jan
Dom Engineering Works.*
7
4
Jan
Jan
95c
Jan
7*
74
38
95*
Feb
July
150
4*
July
June
70c
159
155
1
Commercial Alcohols Ltd.*
Jan
32
May
535
27
Jan
88
5*
350
July
45
210
6*
19
Jan
4*
85
80c
8*
25
12*
June
Feb
July
18*
Apr
*
cum pref
Jan
July
20*
Feb
22*
145
32
5
June
680
24
May
40
3* May
4*
Sub Aircraft Corp LtdA..*
avid A Frere Ltee cl
*
19
19
Jan
Apr
Jan
23*
"25"
*
General Steel
4*
3
July
Jan
10*
2.75
746
»
*
8
Feb
12*
2*
Mar
Apr
40
*
Dry den Paper
2
1.85
37*
21*
*
Dominion Glass pref...100
Dominion Steel A Coal B 26
Gatlneau
50
1* June
6*
60
88
80c
Jan
55
4*
88
7*
52
2*
32
100
Canadian Marconi Co.
7%
24
*
Cndn Industries Ltd B...*
21*
10*
19
Ry__.26
Cockshutt Plow
4*
Canadian Breweries Ltd..*
May
»
Cnandian Locomotive
*
127
*
Class B
15*
Brit Columbia Packers...*
308
12*
Jan
15
May
4*
5*
12*
115
508
4*
*
98* June
9*
Preferred
Cndn Foreign Inv
Cndn Ind Alcohol
590
4
5*
"in"
98* 104
9*
3*
100
Apr
4
5*
5
11
2*
96*
5*
May
Brewers A Dlsts of Vane..5
5*
22*
24*
Feb
8
Beauharnois Power Corp
22*
Jan
4
150
Bathurst P & P class B_.
80
85c
1,010
Jan
18
6*
6*
Jan
5*
23
High
Feb
10
5*
10
May
4*
•
Low
55c
13
Canada A Dom Sugar Co. *
Canada Malting Co
_*
Can Nor P 7% cum preflOO
14*
900
17
135
365
100
85c
160
Jan
4,903
14*
14*
pref
cum pref
80c
May
May
Feb
5*
cum
7%
96*
*
100
Cndn Converters
1,415
14*
5*
Cndn Car & Foundry
*
Cndn Car & Fdry pref..25
345
11*
8
14*
60
16*
10*
143* 146*
5*
•
Forgings cl A..
1,670
25
100
Can North Power Corp.."
Canada Steamship (new).*
19*
8
5
Canada Cement...
Canada Cement pref
18
25
*
Bulolo
209
16
19
Bell Telephone
100
Brasilian Tr Lt A Power.*
Brit Col Power Corp cl A.*
Bruck Silk Mills
*
8*
8*
Range Since Jan. 1,1941
Shares
Week
Shares
0%
Algoma Steel
Sales
Friday
July 6 to July 11, both inclusive, compiled from official sales lists
330
15
25
50c May
27
Jan
42
89*
July
96*
Feb
Apr
5*
Jan
5
90c May
July
Volume
The Commercial & Financial Chronicle
153
229
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Toronto
Sales
Friday
Last
Veek's Range
Sale
Range Since Jan. 1, Ivjg
for
Price
Par
'atw
High
High
Stocks
45
7X
Feb
9H
Jan
5
41H
Feb
47%
Jan
44%
44%
Low
Shares
9
9
Mitchell (Robt) Co Ltd..*
Moore Corp Ltd.
100
75
75
27
75
July
75
n c partic 2d pref. _50
Provincial Transport Co..*
28
28
90
28
July
43
Jan
5H June
7
Mar
6% cum pf 100
Walkervllle Brewery Ltd.*
99
104
Jan
1st pref
cum
May
Jan
75c
50c June
220
75c
Jan
41H
19%
92
20
38 H
Mar
47 H
Jan
135
41%
20
Walker-G & W $1 cum prefl
98
92
99
75c
Walk-Good & Worts H—*
515
6
5%
Sou Cndn Pwr
19X
Feb
20 X
Jan
lie
16c
8c June
Jan
8%c
11c
AunorGold Mine8-.---_-l
2.04
2.04
100
1.90
July
2.04
July
Base Metals Mining-.-—*
9c
9Hc
2,000
9c
July
9Hc
July
Central Patricia Gold—-.1
1.74
1.74
200
1.74
July
1.80 June
23%
24 X
150
21H
Corp—*
24%
*
Dome Mines Ltd
30c June
36c May
40c
1,100
lc
1,000
lc
300
3.50
Apr
100
72 He
4.60
300
4.30 May
3.80
25
3.50
Feb
4.30
Jan
76c
1,000
62c
Apr
76c
July
98c
3,400
87c May
1.16
Jan
76c
76c
300
70c
Apr
70c
Apr
500
25He
July
25Hc
July
40c
40c
500
35c
Feb
40c
July
71c
7,120
60c
Apr
1.10
Jan
1.07
500
1.25
Mar
1.45
Apr
1.40
1.45
2,600
1.28 May
1.65
Jan
2.90
1.45
1.00
1.07
1
1
Pickle-Crow Gold...—1
3.00
600
2.29 May
3.00
Jan
2.75
Feb
3.35
lHc
Mar
3c
Feb
2c
Mar
84c
Jan
Preston-East Dome Mines 1
3.10
3.25
Red Crest Gold
lHc
2c
,500
...
lc
(Quebec)—*
...
-1
-
1
7.50
: ;
:
600
l%c May
61c May
v
«
7.50 June
7.25 May
53c
53c
1,450
52c June
69c
Mar
55c
700
50c May
65c
Mar
50
2.71 June
3.45
Jan
1
2*80
2.80
2.80
Mines.—1
2.00
1.93
2.00
600
1.73
Apr
2.00 June
4.00
4.00
220
3.10
Feb
4.00
July
5c May
Teck Hughes Gold—.
Upper Canada
Ventures Ltd
3,600
55c
53c
.
.
500
82c
7.50
... _
lc
70c
Shawkey Gold Mining_ _
Sherritt-Gordon.
.,
.
Low
Price
Par
*
_
High
315
5
4%
Low
Shares
_—
*
;;
1
6c
6c
6c
3,000
8Hc
Jan
Wrlght-Hargreaves ...... *
3.90
3.85
3.90
600
3.80
July
7.00
Jan
520
52c
1,100
52c
July
76c
Jan
1.80
2.15
6,360
1.58
May
2.55
Jan
Wood-Cadillac Mines
4%
4%
50
1.32
1.38
2,200
Smelters
Consumer"
.
Cub Aircraft
June
145
Jan
30
Apr
35
July
*
60
65
300
13c
15c
1,000
235
87
87
87
Dome
24%
21%
24%
.
*
...
Dominion Bank
Royalite Oil Co Ltd
21
21 %
*
19
110
18
July
21
Jan
18%
19%
875
17
Feb
23%
6% May
9%
Jan
5%
Apr
1,470
7
"1%
8
8
4%
7%
4%
250
4
8
220
6%
Mar
l%c
2c
2c
11c
2.30
17,755
12
12
*
"~39c
1
2c
17c
3,000
2.95
3,475
*
2.90
2.75
1
22%
21%
..1
60
60
21H
Toronto Stock
18
Feb
21H
July
Par
Week's Range
Prides
of
Low
Price
official sales lists
Range Since Jan. 1, 1941
for
Shares
High
Low
...
♦
Francoeur
Jan
700
10c
Apr
18c
Feb
11c
11,000
9c
lc
lc
4,000
58c
10,950
2.65
2.65
2.65
10C
7c
7Hc
7c
11,500
17c
Jan
1 He
Feb
81c
Jan
2.00 May
2.75
Jan
9c
Feb
5c
3%c
Apr
2c May
3Hc
3c
4c
4%c
Jan
1.93
1.87
2.04
7,058
1.50 June
2.45
Jan
10c
12c
2,325
16Hc
Jan
5c
6Hc
10,100
5%c June
4c May
8c
Jan
i
6c
_..i
Bankfield
Bank of Nova Scotia.
180
Barkers pref
-.50
17
Base Metals
.—*
ii %
7
171
Mar
193
Jan
5
269
JuJy
283
Feb
17
30
16
Apr
22
Bath Power cl A
Bear Exploration..
__ _
~~"l
11
7c
1.07
11H
175
10% June
llHc
13
6 He
7Hc
13,500
6c June
15c
8c 11 He
Mar
1.00 May
1.20
July
Feb
Jan
...5
Jan
Bidgood Kirkland....
... ...
.
.
....
....
_
...
1
51c
*
_
.
10H
.
.
.
Brazilian Traction
_
15%
*
B C Power cl A
May
160%
Jan
5
Mar
6%
Mar
8c
May
13%C
Jan
June
37%
Jan
6Hc
7,000
Mar
11c
Jan
50c 53 He
21,100
9.80
broulan-Porcuplne
Brown Oil
B uffalo-A nkerlte
W
47c June
9.50
8H
5,376
15H
3,219
June
15
40
Feb
5
15H
Feb
23
53 %c June
10.50
Apr
8%
18%
July
Jan
Jan
26
^
25
25H
i—
5Hc
5Hc
2,000
5%C
July
11 He
Jan
80c
88c
49,050
71c
Feb
1.10
Jan
7 He
4.40
1,400
6c June
9c
Jan
2,635
3.40 June
4C
1,000
2 He
14 %
306
^
m
IIIi
-
~
_..*
4.50
4.25
*
•V: 4c
*
14
*
Burlington Steel
6c
7 He
Ii
Ill l
B uff alo-Canadlan
390
32
85c
BrltLsh Dominion 011- _._*
Building Prod
10 H
7c
18,500
35
35
V; 8
8
•
_
i
British American Oil..
137
70
34
-.50
Blue Ribbon pref.
263
ox
9Mc
9c
i
..
3,100
146H
6
m.%
-
1.10
144
146
.100
...
1.07
7c
11,200
6c
...1
Beattle Gold
Bell Telephone Co
Bertram & Sons
-----
*
Calmont
...
~"~1
Canada Bread class A. .100
50
B
1.30
-
W.
M
M.
m
8%
9
120
Apr
Canada Cement
Preferred
—
Gillies Lake
l%c June
3% May
14%
Feb
6%c
395
16%
Apr
45c
36,831
34 %c June
54c
Jan
70
9,500
124
72
5%
3%c
31c
27 %c
10,850
Can Permanent Mtge.
29c
Jan
3,500
ll%c
Mar
16%c
Jan
49,300
5c
Mar
130
.1
3%c
3c
3%c
10,500
2%c May
10c
Jan
...50
54%
53%
54%
439
52% June
55%
Apr
Graham-Bousquet.—_ —1
2c
2c
2c
3,000
2 %c
5%c
5%c
500
l%c Mar
3%c May
6 He
Feb
3%
63
2
Feb
3%
July
12
June
19%
Jan
Gold Eagle
Goodyear pref
Grandoro
*
—
Great Lake vot trust
3%
*
214
26c
4,300
23c June
37c
400
2% June
3%
Jan
7c
2%
6%c
3%
1
7c
8,100
June
29 H
Apr
1
...
Mines
.
3.95
3.95
3.95
100
July
5.40
Jan
May
5%
3%
Jan
Apr
3%
4
3%
78c
3%
3%
*
B
Canadian Cariners.
5.95
Jan
2.54
Jan
2c
2c
1,000
l%c
Feb
2c
July
22%c 23%c
1,900
21c May
30c
Jan
27%
July
Homestead
1
1
23%c
*
27 X
Imperial Bank
*
9%
Imperial Tobacco ord—— 5
12 X
International Metals A
Int Milling pref
"~34%
13 X
1
Kelvinator
4,675
2,400
1.05 May
14c
May
1.49
Jan
24 He
Jan
Apr
100
June
Apr
41
July
Feb
7
Mar
June
32 H July
100
Mar
5X
50
4Vi
89%
,
Jan
Jan
Jan
20c
July
27c
lc June
2%c
Jan
46C
Apr
9%
5
9
May
1,112
14%
July
Lake Sulphite
l
Lamaque G
Lapa Cadillac..
LauraSecord (new)..
Lebel-Oro
11
Jan
Mar
75c
100
75c
Jan
1.00
Jan
4.55
550
4.25
Mar
5.15
Jan
10c
3,000
6%c
Mar
[Hi
9c
"T%
"~52c
Mines
Mar
2.10
3,180
25%
460
23%
22%
May
2,570
3.45
Feb
4.30
1.85
1.49 May
2.35
Jan
FeD
76c
July
1.17
Jan
96c
1.00
21,600
He
1,500
%c June
lc
Jan
Maple Leaf Milling..
2.00
1,860
1.50 May
2.75
Jan
3%
2%
4%
165
Apr
Jan
Jan
37%
42%
July
3%
3%
_*
Preferred
*
Preferred.
—
.
McWatters
.....
...*
14c
82c
-
-
..........-
National Grocers
*
Nlpisslng
143
May
163
5
Feb
6%
Jan
Jan
20%
July
10
Jan
14c
16c
6,000
14 %c
78c
82c
5,155
60c
30c
July
54c
Feb
47%
Jan
Feb
3%c
July
640
3c
3%c
13,500
310
4
4
4
24%
34
24%
36%
9
140
May
May
10%
Jan
Pacalta Oils
Apr
28
Jan
Pamour
Jan
210
2
Mar
3
Jan
7
July
9
Mar
Mar
Omega
Paymaster
......
......
Perron....
2.10 June
2.91
Jan
Powell-Rouyn
1.05
Jan
16c 16 He
12,100
9c
Feb
21c
11,094
1.10
May
1.74
Jan
12c
Feb
64c
July
40c May
1.04
Jan
5
3IC
Jan
lc June
2c
Mar
Feb
1.18
Jan
Feb
57%
1.20
200
1.00
55%
57%
21c
38%
Mar
Jan
Jan
2,546
49%
3c
3c
1,000
2%c June
4c
Jan
38c
50c
6,985
26c
Mar
50c
July
30c
31c
1,000
30c
July
50c
Feb
31,675
1,800
3c
Jan
*
Jan
56c May
1.15
35c May
75c
Jhn
10c June
17c
Apr
85c
68c
97C
55c
49c
55c
15c
14c
15c
3c
3c
9,880
1,000
1.10
1.05
1.13
6,170
98c June
1.65
Jan
4%
4%
1,000
4%
July
4%
July
3c
3%c
9,000
2%c June
5c
Feb
18c
17,621
28c
Jan
1
1
3c
...—1
1
18c
16c
2%C
Apr
15c June
4%c May
Jan
1.42
1.36
1.44
4,000
1.27
May
1.69
3.05
2.85
3.05
10,035
2 25
May
3.05 June
2.20
430
1.96 May
2.35
Mar
58c
65c
1,100
52 He June
1.04
Jan
May
1.43
1,600
Jan
25%
1.10
Pioneer
11,400
Apr
2.10
....
Pickle-Crow
25c
Mar
83c
July
1.20
22c 25 %c
*
Partanen-Malartic
Jan
72c
24c
Feb
3% May
24% July
30% Mar
1%C
"
v.-l Bol
Pantepec
6%
25c
2c
l%c
*
—.......
Feb
66c
Jan
July
1
8%
Feb
1.32
1
*
OkaltaOils
4%
1.65
41
13,100
5,000
—
O'Brien
20%
6,300
Jan
Jan
98
Apr
Jan
110
1.83
June
1.01
5,100
.....
125
1.37
85
4,800
35c
24%
—
oy%
1.74
5
1.09
1.04
44%
"25c
Mines
Nor go Id
23%
100
5%
30c
:i20
...
102
2.25
42%
57%
Naybob
Normetal
2.25
Jan
3% June
43%
...1
Northern Canada
4%
May
25
170
3c
....
Jan
10
2
330
35c
...1
Newbec-———u.:.
Noran aa
2%
'
"III
Moore Corp
Murphy
<
4%
3%
44%
— ... ... .
.
1.08
1,725
3%
88
88
.100
.II*
Mining Corp
Moneta
3%
...1
....
25
7,758
87c May
Jan
He
Mar
7
50c
1.75
22
6%
Jan
125
3.95
1.00
115
2H
Jan
26
23%
...i
24
5X
July
27
3.80
Malartic (GF)
24
7
Jan
2.10
Apr
Mar
Manitoba & Eastern.
Jan
2H
60c
3.85
"
24,825
63,095
Jan
9X
Feb
Feb
24
76c
23
5H
Jan
2 %c
1.60
1.90
25%
72c
6i
255
10%
45c
2.00
73c
Feb
18%
13c May
Apr
lc May
9
25%
1.85
July
45
3,600
...i
17% May
433
52c
...i
17
6
48c
Madsen Red Lake...
50
20 X
300
1,500
McL Cockshutt
97
149H
9%
1 He
1.57
25
21%
9%
1 He
...3
!II*
"Hi
B
Macassa
Jan
75c
I.I*
A
Jan
4.55
...*
Little Long Lac
1.05
21
75c
...1
......
16
4.45 June
4.55
*
-
Leltch...
Loblaw
15
16
...1
541
21%
7
12c May
"I
Lake Shore
23
^
Jan
15%
35c June
Feb
19
June
-
115%
36%
8,100
July
52
14
-
Jan
2,000
67c
20 H
10
I
Jan
9%
%c
3.05
19 J*
15
.
Jan
13%
37c 42 %c
18,112
50
—*
10%
9%
42HC
11,700
Jan
15
_
17,200
July
74c
5
HI*
.....
21c
%C
10c
4.35
July
2%
Canadian Dredge—-
...
345
69c
480
16c
200
17 %c
May
29% June
13% Mar
5
July
4.25
4
1.38
2,376
74C
Jan
1.80
3,067
14%
6%
4.30
136
1
110
20
35
1
June
1
240
9
113
32%
13%
8% May
11%
Feb
6%
Feb
1
120
148
,r':''l
159
20c
*
_
22
29
Cochenour
.
123
May
Chromium
_
Preferred—------
19%
—
12%
12%
10c
National Steel Car—
10
...
2,333
Kirkland Lake
Jan
Jan
23%
Central Patricia
Jan
>■ 9%
Kerr-Addison
Jan
Feb
23 X
Central Porcupine
Chestervllle
Apr
9
5
1
Jason Mines
May
1
56
205
21c
Jack Waite1
Jacola
11
6
Feb
Feb
'
39
*
52
192
20c
1
87%
*
1
7
10
6%
*
Class B
23% June
55%
112
»
Intl Utilities cl A—
290
27%
200%
8%
100
10%
7%
35
9
Cariboo
9
*
International Petroleum..»
International Nickel
19
26
...
.
95
*
R
100
Imperial Oil Co
25%
55%
Jan
200
100
McColl-Frontenac...
—_*
P
13%
May
Massey-Harris
—
Massey-Harris pref— -100
Canadian Celanese
U
May
1.59
Apr
15
6
Canadian Ind A1 A
Jan
12
11,465
Apr
27
20
Canadian Locomotive.
15c
2.08
May
6H
6c June
1.80
June
9X
100
2.08
5
23
Jan
7c
*
Co
6c
41
3H
..25
Jan
8c
925
122
*
\
1.10
3c May
12%
15%
100
mo
Canadian Car
67c May
900
12%
76
loo
23,640
12%
115
_
Cndn Canners class B.
Preferred
['A* 18c
18c
*
—
Canadian Canners cl A
78c
3%o
b
100
»
Jan
68c
3%C
Hoillnger Consolidated
140
~
Canadian Bank of Com I
......
Highwood
6
*
.
_
3
2%
Jan
7c
1
..1
82
~
3.95
265
33
52
5
1,225
8%
80
^
Jan
15%
14
*
Hallnor
Jan
24c
Gypsum
Halcrow-Sway
10,200
25c
*
1
32 H
*
Canadian Brew pref.
1.34
5H
*
21c June
July
12c
1
—
82
11.50
Preferred
Canada Wire A.
June
7c
9%C
—
100
*
Canada Steamships
6
3o June
7c
_
96
lioo
Feb
4%
12c
*
——
Golden Gate
33
*
Jan
90
9%C
Goldale
34c
Jan
June
v.t
Jan
6
1
God's Lake
96
-_-*
Canada Malting
Canada Packers
1.10
5X
Canada Northern Power. _*
70
155
7c
5
7c
1
Mar
41
.100
Jan
1,517
71
13% June
100
*
Jan
Jan
6c
4%
Gatlneau Power pref—.100
General Steel Wares
*
McKenzle
Calgary & Edmonton.
2.60
28
-
Apr
€. ioc
*
182
270
17
.100
.
5,430
270
.100
Bank of Montreal
Bobjo.
Bonetal.
July
He June
Apr
46c
...i
Bagamac
Bralorne
8
Jan
Mines.-_ ...l
Astoria-Quebec
Gold
Jan
11 He
51c
...i
July
16%
4
_.*
Hudson Bay
90c
July
lc
*
Arntfleld
Feb
4
...
4c
57c
Anglo Canadian
Anglo-Huronian
Mar
2,000
lie
...i
—
55c
lOXc lOXc
■
Amm Gold
Aunor
200
6c
4c
—
Aldermac.-.-
75c
1,300
„
AjaxO&G—_
Feb
1.97
Jan
Mar
5%
l%c
Howey
6H
5H
#
Acme Gas
29
17c
Home Oil
Week
High
75c
I loo
Abitibi pref 6%
July
39c
•
A
Huron & Erie
*
Mar
15%
*
Ford
Harker
Sales
Friday
Stocks—
Jan
Jan
"l6%
1
Fleet Aircraft
Hard Rock
Exchange
July 5 to July 11, both inclusive, compiled from
Abitibl
52c
Apr
~2Hc
Fernland
Harding Carpets
Sale
Jan
21% May
3%c Mar
4,900
4%C
2%C
Hamilton Bridge
Last
13%
11 %c May
913
23
4c
Jan
Feb
5
5
16c
Federal Kirkland
2.95
24
25
5
Fanny Farmer..
...
28
23
16c
*
2c
16%c
9,700
5
25
June
Feb
10
23
Eng Elect A__.'._..___..*
Falconbridge
75
34c 40%c
8
Jan
30c June
64,575
2.05
May
8%c June
2.05 July
2,000
10c
2.17
Great Lakes vot pref
2.15
Jan
18
10 He
Extension Oil
Jan
200
.1
Equitable Life
24%
June
..1
.......
Jan
May
184
Duquesne Mining.......1
__.i
Jan
21%
2,011
June
45
20
East Malartic
Jan
84
30
28%
97%
19%
*
Dorval Siscoe
Jan
1.25
75c
187
25
Dom Wollens pref
16%c
July
18% May
185
187
Dominion Coal pref
25
Dominion Foundry.__._.*
Dominion Stores
Jan
18%
100
Dominion Steel cl B
;
1.05
12c May
7,000
75c
22%
75c
Apr
50c
21
1
Eldorado
Jan
111
5
22%
E aster n Steel
Jan
39%
May
210
...»
Delnite Mines
..
Jan
14
Apr
31%
35
Gunnar
>\- oil—
Anglo-Canadian Oil Co—*
Home Oil Co Ltd
*
113%
9
1,311
35
.....
Davies Petroleum
40%
July
100
—
—
10
36
111
40%
Gas.......100
Crews N Coal
185
10
6
Jan
4%
1.55
3% June
1
*
Consolidated Bakeries.*..
5%
May
1.13 June
4
Conduits..
Cons
1941
High
Jan
500
.
June
25Hc 25Hc
Perron Gold Mines
igma Mines
4.60
Apr
95c
1
Sullivan Cons Mines
July
85c
76c
Pamour-Porcuplne Mines.*
Siscoe G old.
Jan
Feb
4.45 June
3.80
98c
1
Mining Corp of Canada. _*
f
55c
lHc
May
4.25
4.60
Normetal Mining Corp...*
..
Jan
600
72He 72He
1
O'Brien Gold
52c
40c
lc
Madsen Red Lake Gcld._l
—
Jan
1,200
40c
Lamaque Gold. .—.___.*
Macassa Mines
May
2.90
4.25
1
Malartic Goldfields
24 H
2.27
lc
1
_.l
Kirkland Lake Gold
Jan
2.18 May
40c
*
Francoeur Gold
9,100
2.25
Mines——1
Eldorado Gold Mines
1
East Malartic
Naybob Gold—
Cockshutt—
...
'
Joliet-Quebec MinesKerr-Addison Gold
Range Since Jan. 1,
for
Week
Distillers Seagram...—..*
Preferred
100
Mine*—
Aldermac Copper
(Continued)
of Prices
Coniaurum
Power Corp of Canada—
6%
6%
Sales
Week's Range
Sale
'
Stocks (Concluded)
Exchange
Last
Week
of Prices
Stock
Friday
....
65c
No par value.
(Concluded
on page
227)
Chronicle
The Commercial & Financial
230
July 12, 1941
a
Quotations
New York
101
a3e
Jan
1977.
101*
103* 104*
a3s
June
1980.
104
1969
16
fl2*s July
a4*
a4*s Mar
1
1964...
a4*s Apr
1
1966-..
16
Apr
1
June
1972—.
123* 124*
123* 124*
124* 126*
1974...
1976
126* 127*
126* 128
116* 118*
o4*8 May
1967...
1171*
117*
121*
122*
121*
1967...
1962.
122* 123*
o4*b
a4*e
a4*8
o4*e
a4*e
o4*b
1964.
1960.
1976.
1967.
a4s
May
Nov
1968.
a 4s
May
1969.
als
May
ale
Oct
1977.
1980.
118*
119
122*
124
.
16
Feb
Jan
Nov
1
16
...
1977-..
1981...
a4*s Mar
Nov
Mar
June
July
Deo 16
1966...
1
1963...
1967—.
127* 129
128* 130
1971—.
1979...
323
Northern Trust Co....100
238
313
514
529
Continental Illinois Natl
33 1-3
83
First National........100
264
FRANCISCO—
BAN
86
271
Bank A Trust
127* 128*
128* 129*
122* 123*
123* 124*
126* 127*
1978.
A si
Harris Trust A Savings. 100
100 *233
A Trust
Bid
Par
Ask
Bid
American National Bank
126* 127
a4*s
a4*s
a4*s
a4*s
a4*s
1961.
Par
Ask
Bid
1960.
July
May
Nov
Mar
16
a3*s Jan
;
Chicago & San Francisco Banks
City Bonds
104*
107
108*
111 H 112*
111 J* 112*
111* 113
111* 112*
1976.
a8*s
a3*s
a3*a
a3*s
:
Over-the-Counter Securities—Friday July 11
on
Ask
Bid
i
——
r-XT}
36*
38*
Bid
Bkof AmerNTASA 12*
Ask
New York Bank Stocks
Par
Bid
Par
Ask
National
18
46
50
27*
50
Bronx...
123
Dee
28*
12
15
16*
129* 130*
Bank of York town..66 2-3
42
National City
133
Bensonhurst National—50
85
National Safety— .12*
Chase National.—.13.55
a4*f Bept
a4*« Mar
Bank of Manhattan Co.10
31*
Penn Exchange........10
14
Peoples National
Public National
45
50
29*
31*
24
26
134*
New York State Bonds
1974
3d 1081
61.85
3*8 Mar 1970
—
m
142
139
140* 142*
4s Mar 1961
149*
147
1965
Canal A Highway—
Highway Imp 4*8 Bept *63
61.95
—
150
—
...
...
Fifth Avenue..
680
1480
1520
Merchants
130
4*s April 1941 to 1949.
Improvement—
'67
Canal Imp 4s JAJ '60 to '67
Barge C T 4*a Jan 11945.
60.90
140
New York Trust
...
140*
111*
.
'.1
3*s2ndeerMay
1'76
4tb ser Deo 16 '76
3 *8 6th ser Aug Iff '77
3s
6th series... 1976
103* 104*
101
101*
Ask
106* 107
Bid
1962
Feb
6a
........10
55
1963-1976.
.
2*s serial rev 1946-1962
103* 104*
98*
61.60 2.50%
62.60
1941
6*s Aug
301
17*
Irving
71*
76*
Kings County
.100 1560
—25
28
31
-20
37*
39*
51
53
96*
99*
11*
20
98
101
46
48
Clinton
50
30
35
New York
Colonial
25
10
12
Title Guarantee A Tr. -.12
Continental Bank A Tr.10
13*
14*
Trade Bank A Trust..
20
44
45
Underwriters
——-50
43
46
United States
—
109
126
Manufacturers
...
Preferred
-.26
12*
1610
....
10
4
17
21
80
—
3
90
100 1355
1405
Telephone and Telegraph Stocks
128
Par
101
Bid
4*s July 1952
118
121
5a
107
Am Diet Tel eg (N J) com.*
108*
July 1948 opt 1943.
6% preferred
100
Par
110* Ul*
Conversion 3s 1947.....
Emp A Bay State Tel.. 100
112*
Bid
28
80
New York Mutual Tel_.25
Peninsular Telep com
•
Preferred A
....26
47
100
Pao A
Ask
Bid
Atl
Telegraph
Ask
18*
16*
31*
33
31
26
32
17
—
Rochester Telephone—
113
112
Federal Land Bank Bonds
Ask
105
»I-.-» oo ®
H-
Int Ocean Telegraph... 100
U 8 conversion 3a 1946
115
Asi
Govt of Puerto Rloo—
Franklin
'
296
Guaranty
14*
100
109
Hawaii—
,
.100
57
.—35
County
Ask
Bid
Ask
107
Bid
Ask
210
Lawyers
Bronx
Brooklyn
Empire
107
112
Bid
190
101*
109* 111*
100
100*
4*8 Oot 1966 Apr '46..
Par
.100
Corn Exch Bk A Tr
rev
U S Panama 3s June 11961
100
.
Fulton
348
United States Insular Bonds
Philippine Government—
4*s Oct
1969..
4*8 July 1962
6s
Apr 1966
>
Ask
Chemical Bank A Trust. 10
1980
f revenue
103*
101
Bid
340
Central Hanover
s
3s serial
General & Refunding—
'
•
Trlborough Bridge—
3*s
Port of New York—
3e
Bid
Pennsylvania Turnpike—
3*s August
1968
Companies
...
110* 111*
48 1976
Sterling Nat Bank A Tr 25
...
Bank of New York——100
Ask
Franolaco-Oakland—
Ban
17
150
100
100
Bankers..
Bid
17*
Highway
Authority Bonds
California Toll Bridge—
...50
720
First National of N Y—100
Par
Public
185
179
World War Bonus—
4s Mar A Sept 1968 to
6b Jan A Mar 1964 to'71
Ask
Canal Imp 4*8 Jan 1964..
Can A High Imp 4*8
61.80
3a
Bid
Ant
Bid
104* 104*
2g July 1944..
Commercial National—100
33*
12*
Telegraph
$6.50 1st pref
111*
100
So A Atl Telegraph
25
Sou New Eng Telep—.100
84
17*
19*
148* 152*
.
3s 1966 opt
1946
JA J
3s 1966 opt
1946
JAJ
MAN
3s 1966 opt 1946
108* 108*
109* 109*
110* 110*
3*8 1955 opt 1945—MAN
4s 1946 Opt 1944
JAJ
4s 1964
JAJ
Joint Stock Land
Bid
opt 1944
109* 109 *
110* 110*
109* 110*
Par
Bank Bonds
Denver l*s,
First
—
99
Lincoln 4*a
Lincoln 6s—
94
Lincoln 6*8
98
New Ybrk 5s
Burlington.....
Chicago
Lafayette 1*8, 2s
99
*s, 1*8
Atlantic 1*8, 1*8
Bid
Ask
Par
Bid
1*
1*
Krees (8 H)
1*
2*
Ask
United Cigar-Whelan stores
B
6% pref
10
11*
12*
19*
20*
88
rll
r2*
3s
Ask
/G FoodsInocommon..*
Bohack (H C) common—.*
Bid
Ask
99
Atlanta
Chain Store Stocks
100
29
Fish man (M H) Co Inc..*
7
7% preferred
32
$5 preferred
*
96
8*
99*
CaroUna—
North Carolina *8, la.
99* 100
99
1*8, 2s.....
First Montgomery—
SPECIALIZING
r41
Oregon-Washington.
100
3*8
First New Orleans-
Pennsylvania l*s...
F.H.A. INSURED MORTGAGES
99*
99
Is. 1*8
First Texas
*s, 2*8
First Trust Chicago—
Is, l*s.
Fletcher *s, l*s
St. Louis
99*
r24
San Antonio *s, 2s..
99*
99
Southern Minnesota.
99
Fremont 4*8, 6*8...
Illinois Midwest 4*8, 4*s
Iowa 4*s, 4*8
The beat "Hedge'9 security for Banks and Insurance Co's.
26
Southwest (Ark) 6a..
715*
93*
Circular
17"
STORMS AND CO.
82
Union Detroit
100
98
request
on
100
2*s_.
Virginian la....
Comnnnwulth Bulldin,
99
PITTSBURGH, PA.
Phone Atlantic 1170
Joint Stock Land Bank Stocks
Par
Atlanta....—
Bid
—100
98
100
Ask
60
Atlantic
104
Par
.100
7
.100
3
7
135
.
100
85
90~
North Carolina.
.100
125
80
90
Pennsylvania...
.106
55
Des Moines......—100
First Carollnaa.
100
52
68
23
28
130
5
San Antonio....
(Virginia
.100
2
.....
Fremont...
..—..100
*% due
*s due
XH% due.
*% due
*% due.
*8 due
4*8............
Arkansas 4*8
........
...6
Ask
Aug 1 1941 6.25%
Sept 2 1941 6.25%
Sept 2 1941 6.30%
Oot
Bid
Alabama
140
3*
4
Federal Intermediate Credit Bank Debentures
Bid
Bid
XH% due
Jan
*s due—
Feb
t*% due..—Mar
j*% due....Apr
XH% due
May
1 1941 6.25%
..Nov l 1941 h .25%
Dec 1 1941 6 .25%
Ask
56.
Georgia 4*8—
Illinois 4*i
Indiana 4*s
*%
-May
11943 100,26 100.28
tl*%— Feb 151945 w I 100.21 100.23
Federal Home Loan Banks
*u
Apr
2s...
.Apr
15 1942 100.10 100.12
11943 102.19 102.23
Federal Natl Mtge Assn
2s May 16 1943—
Call Nov 16 *41 at
3
100* 101.11 101.14
1942 at 101* 101.21 101.24
July
1 1942 100.31 101.1
XH%
Oct
tl*%— July
15 1942 100.22 100.24
Us
151944 100.20 100.22
Apr
151943 101
101* 102*
101* 102*
102
103*
102
103*
4*8.—..
(Metrop area) 4*8—
4*8..—
103*
102*
101* 102*
101* 102*
.
New York State
North Carolina
4*8.—I.
102
4*8
103
Rhode Island 4*8—
South Carolina 4*8
Tennessee 4*s
103
...
102
—
103
101* 103
101* 102*
.......
Texas 4*8
101* 102*
102* 103*
103
102* 103*
102
103*
Pennsylvania 4*8
101
Insured Farm Mtges4*e
Virginia 4*8...
West Virginia 4*s
102*
101* 103*
103*
...
102
servicing fee from *% to *% must be deducted from interest rate.
Flat
price,
n
w i
a
Interchangeable.
Nominal quotation,
When Issued
v>-s
6 Basis price,
r In
recelvorshlp.
With stock,
x
Now listed
y
e
Ex interest.
Quotation shown la for all
Ex-divldend.
Now selling on New York Curb Exchange.
♦
x
d Coupon,
Quotation not furnished by sponsor or Issuer.
on
New York Stock Exchange.
101.2
X These bonds
are
subject to all
Fjedera! taxes.
—
l*s Jan 3 1944—
Jan
1%
11941 100.21 100.23
15 1942 100.20 100.22
104
58
N Y
101
Asked
102* 103*
4*s—
New Mexloo
102
102
maturities,
Corp—
New Jersey
101* 102*
102
103*
♦No par value,
Reconstruction Finance
*%——Nov
*%.Jan
102 *
101* 103
102
103*
101* 102*
102
4*8......
Michigan 4*8...........
Minnesota 4*a.—......
Ask
Bid
Asked
Massachusetts
Obligations of Governmental Agencies
Commodity Credit Corp—
*%
..Aug
11941 100.21 100.23
1%
Nov 15 1941 100.22 100.24
l(tf*
Maryland 4 *s
1 1942 6.40%
1 1942 6.40%
Bid
...
Louisiana 4*s__
2 1942 b .35%
2 1942 6.30%
2 1942 6.40%
Ask
— —
Delaware 4*8.—.
District of Columbia 4*8.
Florida 4*8—....
A
Bid
Mortgages
10
New York...
Denver.....——100
Dallas..
FHA Insured
Ask
Bid
Lincoln....—..
U S Housing Authority—
*% notes Nov 11941.. 100
^ Chase National Bank announced that
100.2
1*% notes Feb 11944— 102.11 102.13
on and after June 27 a distribution will
be paid at the rate of $40 on each $1,000 original principal amount.
Previous pay¬
ments were $77.50 Dec. 31, 1940, 5% July 7, 1939, and 5*% on Sept. 25, 1939.
Volume
231
The Commercial & Financial Chronicle
153
Quotations on Over-the-Counter Securities—Friday July 11—Continued
Railroad Reorganization
Guaranteed Railroad Stocks
Securities
(When Issued)
3o$cpb Walker $ Sons
Mtrnkm f^rw
Bear, Stearns & Co.
Y*rk Sl«k Extixug*
Stock Exchange
Members New York
Dealers in
120 Broadway
Tel. RE ctor
GUARANTH®
NEW YORK
.AChicago
York
New
2-6600
STOCKS
Sine#1855,
Reorganization Rail Issues
(When,
Guaranteed Railroad Stocks
and If Issued)
as,
(Guarantor In Parentheses)
Bid
Asked
15M
16%
4%
Dividend
in
Asked
Bid
Dollars
-.A AA
Stocks—
71%
10.50
96 M
0.00
77
80
2.00
29
31
5% preferred (par $100)
Common (no par)
8.75
92 M
94%
8.50
19
22
35
6.00
90
92%
6.00
71M
75
83 M
2.00
50
53
2.00
48
49 M
5.50
62
65
W)
3.875
—50
St Louis Bridge 1st
1.50
44
47
3.00
.,
(Terminal RR)
100
United New Jersey RR A Canal (Pennsylvania)—..100
Utloa Chenango A Susquehanna (D L A W)
100
Valley (Delaware Lackawanna A Western)
100
VIcksburg Shreveport A Pacific (Illinois Central).. 100
87
174
177
7.00
164 M
169
Preferred
A Seashore
West Jersey
Lack A Western)
(Penn-Reading)
Bid
62.25
1.90
Baltimore A Ohio 4Mb
61.90
1.40
73
68
3.00
0.00
137
142
249
252
6.00
47
50
5.00
59
5.00
5.00
59%
61M
3.50
22 M
54%
2Mb
Boston A Maine 6s
Bid
Ask
61.85
1.40
6
62.25
1.80
62.25
1,90
Missouri Pacific 4Ms-5s...
2s-2M»and 3Ms
1.30
1.50
New York Central 4Mb—
61.85
1.40
62.20
1.90
Canadian National 4 Mb-5s
64.35
3.50
62.50
1.75
Canadian Pacific 4Mb...
64.25
3.40
N Y N H A Hartford
3s.._
2Mb-2Mb
62.25
1.75
61.85
1.40
61.50
1.00
Northern Pacific
Central of Georgia 4s
63.80
3.25
No W Refr Line 3M»-4s—
63.50
2.50
Chesapeake A Ohio 4Mb..
Chic Burl A Qulncy 2Ms_.
61.60
1.25
61.70
1.35
Pennsylvania 4s series E__
61.90
1.40
Chic Mllw A St Paul 5s...
62.25
1.75
62.15
1.60
61.75
1.25
62.25
1.90
2Mb series G A H
-
Pere Marquette—
61.90
62 50
Denv A Rio Gr West 4Ms.
62.00
1.50
St Louls-8an Fran
Erle 4Mb
61.75
1.45
St Louis S'western
61.60
1.20
Shippers Car Line 5e
Southern Paciflo 4Mb
63.50
2.50
Express—
4s, 4Mb and 4Ms
Grand Trunk Western 5s
_.
1.40
1.75
Del Lack A Western 4s
Growers
1.50
61.75
2M»-2Ms and 4Ms
Reading Co 4 Ms
Fruit
4s-4Ms.
61.70
1.35
4 Ms...
61.85
1.35
f
1.85
1.50
62.00
1.50
62.50
1.40
4Ms..
61.75
1.40
4s-4Ms—
61.80
1.40
61.85
1.40
2Mb
Southern Ry 4s and
61.75
1.25
Illinois Central 3s
62.30
1.80
Southern 3s..
Lehigh A New Engl 4Ms..
62.35
1.85
Texas A Pacific
61.85
1.40
Union Pacific 2Mb
Long Island 4Mb and 6s..
61.75
1.35
Great Northern Ry 2s
Kansas City
A/'.
84 M
/41M
/34M
46%
...2039
...1989
72 M
convertible Income 4%s——.... ...1999
29M
73%
29%
Chicago A North Western Ry—
First general mortgage 2M-4s
Second mortgage
—
Erie RR—
■
.
First mortgage 4Mb
First mortgage 4s
B
'.
A..
62.00
1.50
Western Maryland
61.90
1.40
1.50
Western Pacific 6s
62.00
1.50
61.75
1.35
1.30
4Mb-4MsWheeling A Lake Erie 2Mb
61.75
1.25
2a
West Fruit Exp
Despatch—
2MB, 4MB A 6S
..
61.75
Water Bonds
1958
53—
1958
6a
Calif Water Service 4s 1961
Community
—1946
1946
6s series A
/53M
...1990
—2005
69M
70 %
40 %
41
—2015
4s
A—..
Income 4Ms series
Norfolk Southern Ry—
First mortgage 4Mb
Income 4s series
28%
28%
A
General mortgage convertible Income
77 ' A;
76
—2014
5s—
Bid
*
*
A com...*
American Cyannmld—
Alabama Mil is
lnc
1957
5e
National Radiator......10
*
108M 110%
1951
6s
88
92 M
93
97 M
Richmond Water Works—
78
1957
Rochester A Lake Ontario
Water 6s
1951
Gulf Coast Water—
1948
105M 107 M
Co
4MB
195b
Scranton-Spring Brook
Water Service 5b. 1981
1st A ref 5s A
1967
4Mb-1959
Water Works—
103
Shenango Val 4s ser
1958
105
Indianapolis Water—
lBt mtge 3Ms._..
1966
Kankakee Water
1st 5s series A
107
109
1956
Monongahela Valley Water
5MB
1950
5s
I960
5s
99 M 102 M
Water—
98
101
100
103
1951
99
102 M
103
74
79
Springfield City Water—
4s A..
195#
105
101M
1951
Service—
1st 4s
1961
Western N Y Water Co—
1st 5 Ms series A.—1950
West
105 M
.1951
6s
100
108 M 110M
5 MB
5Mb series A..
1951
New York Water service—
5s series B
100 M
Union Water Service—
102
Muncle Water Works—
New Rochelle
106
Spring Brook Wat Supply
5s
1965
-
..1965
B.1901
104
South Bay Cons Water—
Monmouth Consol Water—
5s_—
101M
103 M 105 M
Va Water
B——1950
1st conv 5s
1951
deb 6s extended
1950
1st 5s .series
106 M 108 M
104
New Britain Machine
16
Ohio Match Co
12%
Permutlt Co
22%
t2%
12%
4%
54%
24%
Petroleum
1
4%
17
19
Safety Car Htg A Ltg__.50
Soovlll Manufacturing..26
51%
27%
2d
series..
3d
series
n%
ser.-l"
10
.10
Amer Distilling Co 5% pflG
American Enka Corp
*
American Hardware
25
Amer Maize Products...*
American Mfg 5% pref 100
Amer Viscose Corp.....14
5% preferred
100
Arden Farms com v t o
1
f3 partio preferred
*
Arlington Mills
100
Art Metal Construction. 10
Autocar Co com..
10
Botany Worsted Mills cl A5
11.25 preferred
10
Brown A Sbarpe Mfg...50
Buckeye Steel Castings..*
Chic Burl A Qulncy...100
Chilton Co common
10
City A Suburban Homes 10
Coca Cola Bottling (N Y) *
com—*
partlc preferred
*
Columbia Baking
...*
oya
.25
....1
1
Petroleum Heat A Power. *
10%
Pan Amer Match Corp.
nvs
11%
5% conv pref 1st
3%
52
79M
24%
111
83%
25
111%
2%
Pilgrim
Pollak
Conversion
1
Exploration
Manufacturing... •
Remington Arms com
Singer Manufacturing. .106
Skenandoa Rayon Corp..*
2M
3
8%
5%
7%
54%
29
US
116
4%
6
43 M
46 %
40%
Stanley Works
44%
4%
18%
20%
43%
46
18
13%
Talon lnc oom
6
1
2%
3M
•
Tennessee Products
*
Thompson Auto Arms...!
10%
3%
11%
40%
2%
fampax Ino com
4
5
176
5%
Taylor Wharton Iron A
172
r
Steel oommon
21M
23
41
43
5M
6
61M
13 M
6%
6%
66
24 %
14%
26%
67
69%
18%
20%
•
Time lnc
15
17
31
33
3
47^
16
18
_*
Crucible...IOC1
27
30
Warner A Swasey
36 %
39%
Welch Grape Juice com
Domestic Finance cum pf. *
27
30
G7M
7L
32%
34%
2
Rad.l
*
Preferred
30
Foundation Co Amer shs *
Garlock Packings com—•
11M
Bake Shops
8
2%
13%
3%
Triumph
7%
preferred
Wickwlre Spenoer
Wilcox A Glbbs
—.*
2M
...100
Steel-10
6
%
1%
M
2M
52
55
21 %
23
16
17%
108
5M
100
43
2%
6%
9%
50
3%
40
4%
Industrial Bonds—«
54
14M
15%
Amer Writ Paper
27 %
29
Brown Co 6Mb ser
6a_.i901
A.. 1940
Carrier Corp 4Ms
1948
13%
15%
2%
4%
Deep Rock Oil deb 6s. 1952
Firestone Tire A Rub 3s '71
7%
80
/52 %
95%
88%
54%
97
90%
07%
McKesson & Robbins—
5%
64%
67%
40 M
43
Minn A Ont Pap
36%
39
Monon Coal 5s
14%
15%
1%
T NY World's Fair 4s. 1941
Old Ben Coal 1st mtg 6s '48
ScovlU Mfg3Ms deb..1950
1
23M
8%
20%
25%
14M
16%
25
26
92 %
15
28%
3 Ms--
1956
5s—1960
1955
97%
104%
74%
fl8
3M
75%
76
21 M
4%
77%
105% 106M
99%
99%
95%
13M
56%
9%
10M
11
79
3
24
Western Auto Supp
3%a '55
22%
Railroad Bonds—
Akron
Canton
A
Youngs-
58%
5Ms ser B triple stamp..
Bait & Ohio 4% notes. 1944
66M
57%
68 %
59
30
Cuba RR 5s....
1900
Denv & Salt Lake 6S--1960
Hoboken Ferry 5s
1946
Monongahela Ry 3 Ms. 1960
N Y & Hob Ferry 5S..1946
Tenn Ala A Ga 43—1957
VIcksburg Bridge 4-03.1968
20%
22%
53%
56
50
52
118
230.
5
7
52
102
8
40
Vork Ice Machinery
%
7
100
•
Gen Fire
Extinguisher...*
Machinery Corp com *
3%
%
oom....50
Worcester Salt
7% preferred—
27
4 "•>,
47 M
121M
6
•
Common
Trico Products Corp
*
7
45 M
117
Tokhelm Oil Tank A Pump
46M
For. footnotes see page
%
2%
12%
1%
46%
37%
*
*
Manganese. 2
2
Good Humor Corp......!
Graton A Knight com
*
Preferred
100
Great Lakes SS Co com— *
Great Northern Paper..26
Harris burg Steel Corp
6
Interstate Bakeries com..*
S5 preferred
—•
King Seeley Corp com— 1
Landers Frary A Clark..25
Lawrence Portl Cement 100
Long Bel! Lumber
•
15 preferred
100
Mailory (P R) A Co
•
Marlln Rockwell Corp—1
Merck A Co com—..— 1
6% preferred
100
Muskegon Piston Ring. 2 M
National Casket
•
Preferred
*
Nat Paper A Type com—1
5% preferred
60
.25
1
16M
43 %
Consolidated Aircraft—
S3 oonv pref....
Croweli-Collier Pub
Cuban-Amer
7
.10
Standard Screw
Explosives.
.2
United Artists Theat com. •
United Drill A ToolClass A
•
Class B_..
*
United Piece Dye Works. •
Preferred
100
Veeder-Root Ino oom....*
SI
11%
6
20
Inc......25
Strom berg-Carlson
*
Sylvania Indus Corp
*
2
100
97
46
34%
14
Giddlngs A Lewis
Machine Tool
105 M
Scranton Gas A Water
Joplln Water Works—
1st 5s series A
1957
Kokomo
74
103 M 106
44
31%
Amer Bern berg
Gen
Pittsburgh Sub Water—
8%
7%
American Arch
Federal
99M 102 M
A si
Bid
Ask
3%
3
Farnsworth Telev A
Oregon-Wash Water Serv—
105
25M
124%
Industrial Stocks and Bonds
Draper Corp
•
Dun A Bradstreet com...*
107M
58.1954
Water Service 4s. 1964
1st 5s series A
1st 5s
Ask
109
Ohio
105 %
Water Service
5Ms series B
Bid
Ohio Valley Water
Atlantic County Water—
84 %
5 :
...2015
Missouri Pacific RR 1st
Devoe A Raynolda B com
Ask
Ashtabula Water Works—
1
103
84
...1995
convertible 4Mb A
Dentists Supply com... 10
Bid
35%
101M
...
—
General mortgage Income
Dixon (Joe)
■
62.00
3%a
Maine Central 5s
Merchants
■
,
85%
...2014
Dictaphone Corp
Louisiana A Ark
■
...
;A'
A'L-,!
;
...1989
Par
61 .70
Cllnchfleld 2Mb
Chicago Milwaukee St Paul A Pacific RR—
First mortgage 4s
.
General mortgage Income A 4Mb
General mortgage lncone convertible B 4Mb...
Bonds
Nash Chat A St Louis 2Mb
Chic A Northwestern 4Hs.
57
52
64 M
2Ms and 2Ms
N Y Chic A St Louis 4s...
Central RR of N J 4Mb...
6M
5%
.......
In J L Roper Lumber Co.-
1
58%
63"
62 50
Bessemer A Lake Erie
7
6%.
25
3.00
Ask
Atlantic Coast Line 2%a.
142 %
10.00
—100
.—50
......60
Railroad Equipment
60
56 M
138
0.00
T unnel RR St Louis
Warren RR of N J (Del
%
92
7.00
100
100
pref (Terminal RR)
Second preferred..
42
0.64
IQIZ
Norfolk A Southern RR—
Ctfs of beneficial Interest
98
39
—100
(Delaware A Hudson)
III-.—
Common (no par)
56
\
4.50
...60
60
Preferred
————.60
Pittsburgh Fort Wayne A Chicago (Penna) pref
100
Pittsburgh Youngstown A Ashtabula pref (Penna)-.100
Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
Oswego A Syracuse (Del
Rensselaer A Saratoga
54%
95
;
3%
17*
Second preferred
27%
25%
5.00
4.00
6
5%
stock
A §
700
500
50.00
4%
35%
43
40
4.00
Certificates ben Interest In common
■:
100
50
100
Central)......
A Western)
A Western (D L A
Northern Central (Pennsylvania)
4
Missouri Pacific RR common
150
144 M
9.00
;
13%
12M
86
Bonds—
New York Lackawanna
4:
35M
3.50
Fort Wayne A Jackson
Morris A Essex (Del Lack
.;I:
39
Delaware
Michigan Central (New York
;
Erie RR—
3.00
(Pennsylvania)
25
pref (N Y Central)..
100
Georgia RR A Banking (L A N-A C L)
—.100
Lackawanna RR of N J (Del Lack A Western)—100
;L'.
;
Chicago A North Western Ry—
5% preferred (par $100)
Common (no par)...—
...60
•Betterment stock
74%
101%
V.
Pacific RR—
Chicago Milwaukee St Paul A
0.00
Central)
—100
Albany A Susquehanna (Delaware* Hudson),.
100
Allegheny A Western (Buff Roch A Pitts)
100
Beech Creek (New York Central)
60
Boston A Albany (New York Central)—
100
Boston A Providence (New Haven)
100
Canada Southern (New York Central)
100
Carolina Cllnchfleld A Ohio com (L A N-A C L)—100
Cleve Cln Chicago A 8t Louis pre! (N Y Central)...100
Cleveland A Pittsburgh (Pennsylvania)..—..
60
Alabama A VIcksburg (Illinois
11%
13%
82%
3%
26
102M 103
36
39
54
79
80%
I.
■
■
'
.
■
■■
■
'
•,
.
The Commercial & Financial Chronicle
232
July 12, 1941
Quotations on Over-the-Counter Securities—Friday July 11—Continued
Public Utility
Preferred Stocks'
Investing Companies
Par
Aeronautical Securities.. 1
pO'
Atk
Hid
7.48
8.13
Atk
Bid
Keystone Custodian Fund*
31.39
Sold
.
25.35
Affiliated Fund Inc.... 1H
*Amerex Holding Corp. 10
2.43
2.66
Series B-l
14
Series B-2
23.10
.1
2.75
3.01
Series B-3
14.35
Foreign Inv't InclOc
6.72
7.40
Series B-4
7.35
8.07
2
4%
5%
Series K-l
15.03
16.45
1
18.06
19.63
Series K-2
12.77
14.10
Axe-Hough ton Fund Inc.l
Quoted
.
12%
Amer Business Shares.
Bought
28.62
Series 8-2_.
Amer
Jackson & Curtis
Assoc Stand Oil Shares.
-
.
Aviation Capital Inc
ESTABLISHED 1S79
4
*5% preferred
5
Basic Industry Shares.. 10
New York City
1X5 Broadway
11.33
3
4
5
♦Common
Boston Fund
5
Inc..
3.40
13.90
«
13.05
9.02
9.94
3.28
3.65
K nick bock er
-
-
11.89
Series 8-3
Series 8-4
10.54
1
bankers Nat investing—
Principal Stock and Commodity Exchanges
Members
15.79
....
1
5.95
6.56
-10c
7.27
8.00
Fund-.
Manhattan Bond
—
14.95
Fund Inc
com
British Type Invest A...J
Teletype N.T. t-1600
.07
.17
2.95
3.85
Broad St Invest Co Inc..6
21.11
22.82
Mass Investors Trust
l
18.08
19.44
Bullock Fund Ltd..
Tel. B A relay 7.1900
12.47
13.67
Mass Investors 2d Fund. 1
8.55
9.19
Mutual Invest Fund Inc 10
1
Canadian lnv Fund Ltd.. 1
Public
Par
Alabama Power S7
bia
Arkansas Pr A Lt
—
*3 60 prior preferred.
87%
preferred.
.60
52%
53%
National Gas A El Corp. 10
3%
14%
35%
New Eng Pr Assn
6% pf 100
Cent Indian Pow 7% pf loo
*
*
*
prior Hen pref
$0
preferred
New Orleans Pub Service.*
112% 114%
•
preferred
■
•,
.
'•
I
99% 101%
preferred
—lo»>
7% preferred...
W 110% 112%
Cent Pr A Lt 7% pref
ion Zll4% 116%
8%
Community Pow A Lt..l()
|
9%
41%' 42%
Connecticut Lt A Pow...*
SO
Consol Elec A Gas SO pref-*
Consumers Power S6 pref.*
Continental Ga» A EJe«-
7%
7%
8%
104% 106%
federal Water Serv <
103
110%
SO 60 cum
Hartford
preferred
Ind Pow A Lt 5%%
2-
I»f-10(t
Interstate Natural Oar...
41
70%
24%
S2
a
28
29
100
105% 100%
34%
64%
36%
66%
109% 111%
18% 20%
*
81%
*
$6 cum preferred..
120%
82%
Pub Serv Co of Indiana—
15
*
16
123
Queens Borough G A E—
...100
preferred
Republic Natural Gas
Rochester Gas A Eleo—
18%
conv
partic pref..50
80
Mississippi Power SO pref.*,
S7 preferred..
*
Mississippi P A L SO pref.*
Missouri Kan Pipe Line..5
91
70%
5%
26%
82%
93%
73%
6%
6% pf-100
Pub Serv
7% pref
15
28%
13
Mountain States Power..*
60
6% preferred..
Texas Pow A Lt
102
103%
18%
19%
101% 104%
7% pf-100 *107% 109%
Union Electric of Missouri
—*
$4.50 preferred
United
Pud
Mountain States T A T 100
29%
14%
54%
18%
—*
*
preferred..—
21%
22%
22%
67
23%
69%
14
Utah Pow A Lt $7 pref.—*
15
135
55%
20%
»
ser B shares
•
(Md) voting shares..25c
National Security
-
2.05
2.05
—
-
Low
—
Participating
units
*
West Texas Utll $6 pref—*
WeBt Penn Power com.
—
22
22%
97%
68
Amer Utility Serv
6s—1964
Associated Electric 5s. 1961
98%
1970
Kentucky Utll 4s
1956
4%B
Atk
106% 107%
105
105%
Lehigh Valley Tran 5s 1960
Income deb 3%S—.1978
Income deb 3%s—1978
Income deb 4s
1978
Income deb 4%s._.1978
Conv deb 4s..
1973
Conv deb 4%s
Conv deb 6s
1973
—1973
Conv deb 5%s
1973
8s without warrants 1940
/14%
/14%
/15
/15%
/23
/2 4%
/25%
/25%
/59%
15
15%
16%
16
8 t lno 4%»-6%8.... 1986
/9%
/8
/8
/8
Sink fund lno 5-6s—1988
/8
1983
66%
6.69
7.41
11.15
12.02
♦Crurn A Foreter com—10
♦8% preferred
100
26
27%
117%
7.49
Agriculture
4.26
♦Common B shares... 10
29
112
31
.....1
16.21
Deposited InsurShs A...1
2.80
Delaware Fund
Diversified Trustee Share*
C
l
-
17.52
Electrical
Machinery
3.25
Ledngton Water Power—
5s__...1968
92
1966
25%
Michigan Pub Serv 4s. 1966
26%
Montana-Dakota
27
3%
.—.—196]
Narragansett Elec 3%s 06
New Eng G A E Assn 6s '62
NY PA NJ Utilities 5s 1956
61%
11
9%
Northern
107
107%
105%
106
111
111%
61
64
96%
98
Indiana—
Public Bervice 3%s_196t
109% 109%
9%
9%
Ohio Power Co 3s——1971
106
9%
Old Dominion Pow 5s. 195)
88
5s. 1952
105
Oils
7.58
8.34
25c
1.10
1.21
Railroad
3.09
3.42
Balanced Fun.d
1
17.73
18.84
No Amer Bond Trust ctfs
Stock Fund
1
10.60
11.26
No Amor Tr Shares 1953. *
Eqult lnv Corp (Mass)..6
23.66
25.44
Series 1955
1
2.41
Equity Corp $3 conv pref 1
Fidelity Fund Inc
*
15%
16%
Series 1950
1
2.36
16.17
17.39
Series 1958
1
1.95
5.58
6.19
2.08
2.35
1(E
1
12.29
13.09
3.09
3.47
4.15
5.05
3.31
3.69
Dividend Shares
;
Fiscal Fund lno—
Plymouth Fund lno
Bank
stock series... 10c
Insurance stk series. 10c
Fixed Trust Shares A—.10
8.63
-
-
3.35
Putnam (Geo) Fund
15.93
17.46
Fundament'I Tr Shares A 2
4.27
5.07
3.90
——
B
♦
Philadelphia Co 4%s.l961
103
Central Gas A Elec—
106%
General Capital Corp
•
General Investors Trust. 1
1st lien coll tr 6%s_. 1946
95%
97%
1st lien colli rust 6s. 1946
97%
99%
1950
6s
Pub Serv of Okla3%s.l871
110% 111%
Pub Utll Cons
Central Pow A Lt 3%s 1966
Central Publlo Utility—
Income 6%s with stk '52
108% 109%
26.73
28.74
4.40
4.80
4.95
5%s—1948
Collateral 5s
/19%
20%
106% 107%
93%
94%
Aviation shares..
7.21
Building shares
4.90
Consol E A G 6s A
1962
90%
96%
62%
1951
72%
75%
61%
2.10
7.93
Electrical Equipment...
7.69
Food shares
♦Series
5.25
Mining shares
Petroleum shares
5.27
♦Series
6s series B
.1962
Crescent PubUe Service—
62
64
Coll lne 6s (w-s)
1954
Dallas Ry A Term 6s. 1951
62
64%
95%
El Paso Eleo
3%s
107% 108%
57%
58%
103% 104%
104% 104%
1970
Tel Bond A Share 6s_.1958
Texas Public Serv 6s.. 1961
79
80%
103% 104%
Toledo Edison Co—
1st mtge 3%«
s t debs 3%s
..1970
1960
107% 108%
110% 111%
1957
107% 108%
95%
97%
Union Elec (Mo) 3%s_1971
Houston Natural Gaels .'65
104% 105%
2.92
United Pub Utll 6s a. 1960
Inland Gas Corp—
«%s stamped..
5s
.1952
Iowa Southern Utll 4s. 1970
GenMtge4%s
1950
89%
106
1
B
see page
Class B
25c
3.60
3.97
Trusteed Industry Shs 25c
5.14
Union Bond Fund B
Tobacco shares..
4.22
4.65
U 8 El Lt A Pr Shares A„.
1
.07
.15
1.29
Investors..6
14.37
15.45
2.03
2.26
.45
.71
16.02
13%
1.41
Corp
Fund Inc
com
Incorporated
1.58
B
Income Foundation
Wellington
.
.
Bank Group shares
Insurance Group shares.
Investm't Co of Amer.. 10
Investors Fund C_.
1
Fund
Investment
1
13.83
Banking
Corporations
♦Blair A Co
.1
13.39
14.68
.90
1.00
♦Class B
1.21
1.33
♦First Boston
18.39
19.99
9.35
9.56
♦Central Nat Corp cl A__*
20
1
Corp
10
14%
♦Schoellkopf Hutton A
Pomeroy Tnc com...1 Of
;urance
Far
B
10
C
Atk
*
129% 133%
57%
59%
27% 28%
tar
Home..
6
1957
103% 104%
129
130%
West Texas Utll 3%s J96P
Western PubUe Sendee—
5%s
1961
109% 110
101% 103%
ma
32%
Home Fire Security
Homestead Fire..
10
10
17%
10
76
1%
Agricultural..
26
77
American Alliance
10
22%
19%
24
6
21
Knickerbocker.....
6
12%
Lincoln Fire
6
1
10
11%
5%
Maryland Casualty
1
3
13%
45%
12%
47%
14%
47%
Mass Bonding A Ins.. 12%
Merch Fire Assur com
6
14%
Merch A Mfrs Fire N Y..6
6%
36
38
National Casualty—.10
25%
7%
95%
8%
99%
American Equitable
Amer Fidel A Cas Co co
American Home
American of Newark—.2%
American Re-Insurance. 10
American Reserve
10
American
26
Surety
80
Ins Co of North Amer
Jersey Insurance of N Y.20
7
2%
Bankers A Shippers
26
Boston..
....100
Camden Fire
608
625
6
20%
10
Carolina..
28%
23%
City of New York
10
City Title....
....6
Connecticut Gen Life... 10
8
22%
29%
25%
9
29
6
26%
32%
34%
2%
Continental Casualty
Eagle Fire
%
1%
Employers Re-Insurance 10
Excess
6
Federal
10
40
8
48%
43
9%
51
Fidelity A Dep of Md—20
129
Fire Assn of Phlla
66% 68%
103% 106%
10
Fireman's Fd of San Fr 25
Firemen's of Newark..... 5
11
33%
General Reinsurance Corp 6
Georgia Home
10
41%
.....
National Liberty
10
Gibraltar Fire A Marine. 10
Glens Falls Fire
6
Globe A Republic.
6
24%
43%
9%
16
Halifax...............io
8
2
New Brunswick
10
34%
10
45%
6
Northeastern.
6
Northern
North River
12.60
2.50
.....
National .26
Pacific Fire
25
Pacific Indemnity
Pboenli
...
Preferred Accident
Co
10
...10
9%
10%
126
115%
41
90
15%
35%
Reinsurance Corp (N Y) .2
Republic (Texas).......10
Revere (Paul) Fire
10
6%
26%
25%
2%
3
244
7
37%
36%
122%
49%
65%
12
14%
5%
99%
25%
6
29%
10
18
New Hampshire Fire
New York Fire
10
62
28%
63%
8
New Amsterdam Cas
26%
45%
11%
16
Great American.....
6
Great Amer Indemnity...!
48
153
26
Globs A Rutgers Fire
2d preferred
65%
2
43%
24
5
8%
National Union Fire....20
134
9%
31%
Franklin Fire.......
40%
49%
Rhode Island
82%
106%
102% 103%
230.
5.11
Trusteed Amer Bank Shs—
4.67
Hanover
For footnotes
2.00
4.97
RR Equipment shares..
10c
2.10
1
Steel shares
103
Utica Gas A Electrle Co—
Federated Utll 6%s
1
1
A
•Series
4.89
2.64
D
Trustee Stand Oil Shs—
5.80
4.44
Railroad shares
;
C
♦Series
4.14
4.77
Trustee Stand Invest Shs—
8.45
3.75
Northwestern
Sou Calif Gas 3%s... 1970
Sou Cities Utll 6s A... 1958
Southern Count Gas 3s '71
63%
93%
..21
*
♦State St Invest Corp
6.40
shares
5.78
13.14
Investors
Super Corp of Amer AA..1
5.40
5.82
shares
8.23
3.69
Speneer Trask Fund
*
Standard Utilities Inc. 60c
4.03
2
Southern Nat Gas 3%s '56
95%
79.34
.1
Sovereign
5.45
3,65
Chemical
Baltimore American
103% 104%
Republic Service—
1962
*
Selected Amer Shares..2%
Group Securities-
90
Portland Electric Power—
Cent Maine Power 3%s *70
6s
.36
Scudder, Stevens and
Clark Fund Inc
4%
200
elers..
100
Fidelity A Guar Co..2
...........10
28
29%
U 8 Fire
Hartford Fire....
..10
Hartford Steam Boiler. .10
90
93
U S Guarantee
50%
52%
Westchester Fire
—4
10
2.50
'
w-
1.96
3.85
Fundamental Invest Inc. 2
♦Huron Holding
6.92
40%
Quarterly lno Shares.. 10c
Republic Invest Fund—.1
«
Foundation Trust Shs A.l
Merchandise
6.54
5.94
6.28
National Fire
Parr Shoals Power
101
7.43
6.75
5.60
106% 107%
Utll—
106% 107%
89%
8.67
Metals
5.00
94%
Cent Ark Pub Serv 5s_ 1948
/I
7.55
11.08
7.88
£
6.86
2.50
D
Luzerne County G & E—
Calif Wat A Tel 4s... 1966
Cities Servloe deb 6s—1963
Cons Cities Lt Pow A Trac
5.61
8.96
10.08
equipment...
Insurance stock
—
8.96
5.09
8.15
supplies
Chemical
-
11.07
8.09
Bank stock
Building
4.22
4.70
10.07
Aviation
♦7% preferred
IOC
Cumulative Trust Shares. •
8.24
.
Automobile.
Crum A Forster Insurance
68%
3%s
5.43
4.93
Preferred stock series—
New England Fund—1
N Y Stocks Inc—
25
Assoc Gas A Eleo Co—
Cons ref deb 4%s... 1958
Sink fund lno 4%s__ 1983
priced bond scries..
2.46
2.46
53
Assoo Gas A Eleo Corp—
Sink fund lno 6s
Bid
Atk,
66%
95%
61%
Amer Gas A Pow 3-58.1953
5.44
4.66
1
Aviation Group shares
Utility Bonds
bid
5.05
Series ACC mod....—)
Institutional Securities Ltd
Public
I~20
1.08
Series—
Income scries
-
.
4.20
National Investors Corp. 1
-
Independence Trust Shs.*
Washington Ry A Ltg Co—
42%
132
Narrag El 4%% pref...50
Nassau A Suf Ltg 7%pf 100
$3
106% 106%
Utilities Corp
$2.76 preferred
Monongahela West Penn
Accumulative series... 1
Series A A mod
Agricultural shares
Automobile shares
2
100
6% preferred D
S'we8tern G A E
16%
Mass Utilities Associates—
6%
l
-
Selected Income Shares..!
prior lien pref
Sierra Pacific Pow com.. .*
Associates
Lt
preferred
85
Philadelphia Co—
6%
5% pref25
S%% preferred
82%
25%
Luzerne County G A E—
Mass Pow
105% 108
114% 116%
114% 116%
101% 102%
ion
.
*
Line Co....
Peoples Lt A Pr 13 pref.25
68
Series AA
(Colo)
3.88
26
3.25
First Mutual Trust Fund. 5
77
Pipe
58
Long Island Lighting—
preferred
7% pf-100
Eastern
Perina Edison $5 pref
17
4%% preferred
..100
Kings Co Ltg 7% pref. 100
Louisville O A E
preferred
100
preferred
100
G A E 7% pref ...100
8%
7%
22
30
74%
2.17
Railroad equipment
113
104%
63%
3.57
24%
9.51
8.70
Nation .Wide Securities—
Eaton A Howard—
20
Light—
61%
Ohio Public Service—
112
27
7°7r
pref......100
Z56
*
102
of
*
-*
Penn Pow A Lt*7 pref...*
10f»
Kansas Power A
7%
Panhandle
Jamaica Water Supply.., *
Jer Cent PAL 7<7,
(Del)
39
100
37
Northern states Power—
OkJa
98
34%
El
preferred
14
90%
38%
'
Llguc
Electric
Northeastern El Wat A
Pacific Pr A Lt
Florida Pr a 1 t S7 oref
110
8%
20%
111%
108
08%
orp
SO cum preferred
67
101
05%
*
64%
6%
18%
*
preferred
SO cum
87%
.
08%
7% cum preferred...100
N Y Water Serv 6% pf .100
37
preferred
Derby Oar a E) S7 pref
67
New York Power A Light—
'
Central Maine Power—
4%
15%
37%
New Eng Pub Serv Co—
$7
110% 112
..♦
.
1
Consol Investment Trust..
Bid
New EngGA E6%% Pf-*
16 cum
LUcDt—
Carolina Power A
$7
85
*
10.14
Corporate Trust Shares—1
$7 prior lien pref
Birmingham Elec $7 pref
Birmingham Qua—
27.72
9.37
Commonwealth Invest... 1
Par
Atk
108% 109%
5%
6%
87%
89%
120%
pref—*
6% pref-26
7% pf.. *
Atlantic City EI 6% pref.*
Amer Utll Serv
2.30
25.78
Chemical Fund
Utility Stocks
|
2.65
Century Shares Trust...*
Maryland Fund Inc... 10c
398
23%
61%
78
36%
•
.41
Volume
Quotations
Over-ttie-Counter Securities—Friday July 11—Concluded
on
If You Don't Find the Securities Quoted Here
which you
our
have interest,
y«u
cation quotations
are
and bonds.
Banks and Trust
classes
In this publi¬
7"
17M
28
29
57
60
1957
14 X
15M
27 X
52
29
Cheseborough Bldg 1st 6s '48
Railroad Stocks
Real Estate Bonds
Insurance Stocks
Real Estate Trust and Land
21
22
Stocks
The Bank and
6s 1952
IX
15X
2X
15X
16X
16X
11X
Due to the European situation some of the quotations shown
Bid
1
Ask
125
125
J 32
18
7s-.
Bid
| Housing
A Real Imp 7s '46
Hungarian Cent Mut 7s '37
18
150
Ask
/9
/4
/4
/5
Jugoslavia 5s funding-1956
18
12
18
12
Jugoslavia 2d series 5s. 1956
Bavarian Palatinate Cons
1943
Koholyt 6 Ms.
118
MX
/4
18X
Land M Bk Warsaw 8s *41
4M
7s..
13X
7s_.
13 X
15 X
4M
4M
6X
Leipzig O'land Pr 6Ms '46
Leipzig Trade Fair 7s. 1953
8s..
ollvli
0s..
19
/43
Brasll
Bremen (Germany) 7s_193J
British
1961
/4
Merldionale Elec 7s-.1957
scrip
1945
Munlo Bk Heasen 7s to '45
—
15
17
Sherneth
Municipal Gas A Elec Corp
Recklinghausen 7S..1947
19
Nassau Land bank 6Ms '38
19
195:
/47
—
19 X
115
Callao
(Peru)
7Ms
13 X
19 X
12
194<
Cauca Valley 7Ms
Ceara (Brasll) 8s
1941
194:
10 x
18
4X
10 x
see
19
m
16 0
Nat Central Savings Bk of
Hungary 7Ms
1962
/4
National Hungarian A Ind
Mtge 7s
1948
/4
1945
18
Oberpfals Elec 7s.....1946
19
7s to
German Central Bk
19
Panama City 6M8
Panama
Colombia 4s.
13"
113 X
111
15M
13
9X
12M
13M
35
38
32 X
33
m
11
•
Place
mm
112 X
1956
13M
(Newark)—
1st 3Ms
40
36
Corp—
1st 5M e(w-s)
mm
00 Park
1947
29X
1950
17
1957
22
mmm
01 Broadway Bldg—
33
3Ms with stock
89
18
610 Madison Ave—
3s with stock
Syracuse Hotel
mmm
(Syracuse)
1st 3s
1956
84
1958
24
1939
1st 4-5s'46
/29
mmm
Textile Bldg—
1948
48
1st 3-59
mmm
25
Trinity Bldgs Corp—
1948
39M
45M
m
38 X
1st 5Ms
mmm
Lewis Morris Apt Bldg—
1st 4s
1951
5Ms
2 Park Ave Bldg
30 X
43
Walbridge Bldg (Buffalo)—
mm
1950
3s
39 X
11M
...
19 M
20 X
31
34
Wall A Beaver St Corp—
w-s
paid)...
52
29
1st 4Ms w-s
m*.m
30 X
Estimated
155
32
..
1956
1968
/3
18 H
1951
Weetlngbouse Bldg—
1st mtge 4s
.1948
many) 7s
6s
'33
9X
19
19
non-farm
foreclosures
during May,
a
the
throughout
United States
customary April-to-May increase of 6%.
Bank
num¬
reduction of about 1 % from the previous month;
Of the 12
with the
Federal Home Loan
districts, 8 participated in this downward movement, thus more than
Moines Bank districts.
1941
However, there
21 widely scattered States
were
throughout the country showing increased foreclosure activity.
19
1936
6s
June 28
offsetting increases shown by the Boston, Pittsburgh, Cincinnati and Des
1946
Prov Bk Westphalia 6s
on
this decline, though small, appears very favorable when compared
34
Protestant Churoh (Ger¬
111
18 X
-
Porto Alegre 7s
87
128
5s.
1952
5% scrip.—
Poland 3s
/4
88
bered 5,374
—-
City Savings Bank
10
Board's announcement further said:
Oldenburg-Free State—
Central German Power
60
1956
during May non-farm real estate foreclosures for the
United States again moved to a lower level bringing the
index (average 1935-1939), which has been adjusted for
seasonal variations, to 38.3.
With the exception of March,
when the drop in foreclosures was temporarily halted, each
month so far in 1941 has displayed a downward tendency in
foreclosure activity.
The May index stood 13% below Janu¬
ary of this year, while during the past year the monthly
volume of foreclosures has been curtailed by 25%.
The
3X
Central Agrlo Bank—
Graybar Bldg 1st Ishld 5s '46
1st lease 4-6 Ms
64
58
that
Nat Bank Panama—
(A A B) 48...1946-1947
(C A D) 48... 1948-1949
15
31M
Bldg lnc
58 X
61
The Federal Home Loan Bank Board announced
18
Brown Coal Ind Corp—
6Ms
mmm'
Non-Farm Real Estate Foreclosures in May Again Lower
18
Munich 7s to
Hungarian Bank—
7Ms
Water 7s
Montevideo
19
19
1941
6s
19
112
135
■
25
24
19
Mannheim A Palat 7s. 1941
44~~
16 2
funding scrip
1948
32 X
1957
Savoy Plaza Corp—
3s with stock
London Terrace Apts—
1st A gen 3-4s
1952
19
Luneberg Power Light A
mmm
1943
income
1st mtge 4s
16X
Fuller Bldg debt 6s—1944
1st 2M-4s (w-s)
1949
due 1952 ($500
19
5s
38 M
38
Lincoln
18
mmm
58
1961
15M
Lexington Hotel units
f%
57 X
Prudence Secur Co—
36
Lefoourt State Bldg—
17
46 X
12
f ctfs 4 Ma (w-b_'58
'■mm**
26
1st 4-5s
34""
31X
44 X
Roxy Theatre—
Hotel St George 4s... 1950
Lefcourt Manhattan Bldg
Hungarian Ital Bk 7Ms '32
Hungarian Discount A Ex¬
change Bank 7s
1936
s
35
Harrlman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s' 42
below are
Sec
7X
15 X
1400 Broadway Bldg—
1st 48 stamped.....1948
nominal.
29M
55 X
6Ms stamped
40 Wall St Corp 6S...1958
lnc deb 5s ws
1966
42 Bway 1st 6s
1939
Foreign Unlisted Dollar Bonds
49 X
Realty Assoo 8ee Corp—
6Ms (stamped 4s)..1949
Dept. B, Wm. B. Dana Co., 25 Spruce St.. New York City.
47 X
....
12X
1946
52d A Madison Off Bldg—
1st leasehold 3s. Jan 1 '52
Film Center Bldg 1st 4s '49
Your subscription should be sent to
4
Y Title A Mtge Co—
165 Broadway Building—
Broadway Building—
1st Income 3s
Quotation Record is published monthly and
N
2d mtge 6s
1961
103 E 57th St 1st 6s... 1941
500 Fifth Avenue—
•ells for $12.50 per year.
15M
3X
1 Park Avenue—
26 X
Deb 5s 1952 legended...
50
U. S. Territorial Bonds,
Mining Stocks
36
33 X
Hotel units
Equit Off Bldg deb
Stocks
64 X
Majestic Corp—
5Msser1e8 Q
Ollcrom Corp v to..
Eastern Ambassador
U. S. Government Securities
mm
15
8Mb series F-l
lst3Ms
1950
Dorset 1st A fixed 2s.. 1957
Title Guarantee and Safe Deposit
...
61X
1946
6Ms series BK
5 Ms series C-2
Court A Remsen St Off Bid
Industrial Stocks
mm
81
4s with stook «tmp- .1956
3a
Railroad Bonds
Industrial Bonds
ties
8 f deb 5s
N Y
Colonade Construction—
1st 4s (w-s)
1948
Foreign Government Bonds
52 X
1947
1951
N Y Athletic Club 28.1966
1948
Chanln Bldg 1st mtge 4s '45
Bonds
Public Utility Stocks
Mill Stocks
1st 5s (Bklyn)
1st 5s (L I)
Metropol Playhouses I no—
Brooklyn Fox Corp—
Public Utility
Investing Company Securities
6X
16X
4-68
Federal Land Bank Bonds
Joint Stock Land Bank SecurL
A St
hid
Ludwig Baumann—
B'way Barclay lnc 2s..1956
B'way A 41st Street—
Canadian
Canadian
36 X
1957
Beacon Hotel lnc 4s_.1958
are:
Domestic
Out-of-Town)
Certificates
Ask
1st leasehold 3M-5s 1944
Broadway Motors Bldg—
of securities covered
Municipal Bonds—
Companies—
Domestic (New York and
Bid
Alden Apt 1st mtge 3s.
carried for alt active over-the-counter
The
Real Estate Bonds and Title Co. Mortgage
will probably find tbem in
monthly Bank and Quotation Record.
stocks
233
The Commercial & Financial Chronicle
153
The small communities of Group No.
19
1 reported the most unfavorable
May-to-April movement (a rise of 7 % counter to the 3 % decline shown by
19
19
19
Eat»J Prussian Pow 6s. 1953
19
19
19
6Hs.
—
Rio de Janeiro 6%
1933
Rom Cath Church 8Mb '46
R C Church Welfare 7s *46
—-
Saarbruecken M Bk 6s. *47
\
Frankfurt 7s to
1945
1948
8s
8s ctfs of deposit -1948
1947
Santa Fe 4s stamped. 1942
Santander (Colom) 78.1948
Sao Paulo (Brazil) 6s. 1943
35
Saxon Pub Works 7s. .1946
German Atl Cable 7S..1945
German
...
bank 6Ms
1948
19
1938
19
State
Bank
Agricultural 68
Conversion
/6
IK
19
18
6X
1946
117
11
Gras (Austria) 8s
1954
19 X
166
10X
/13
14 X
1961
Mtge
Bk
/9M
19
19
1948
39
Hanover Hars
Water
6s
19
10
19
rise of 11 % which was not adverse to its seven-year average.
declined 2% during
for the first 5 months of this year numbered approxi¬
about 17%
or
below the
same
All four
period of 1940.
by size of community contributed to this decrease, with the per¬
decline being greater than the national average for the largest
Geographically, 10
communities, and somewhat less for all other groups.
May comparison ranging from 32% for the Boston district to 13% for the
^
New
100
York
Bankers
State
Association
Appoints
Nine
Committee Chairmen
Jugoslavia
1956
18
12
1956
110
15
Stettin Pub Util 7s... 1946
19
Unterelbe Electric 6s.. 1953
:::!
cases
Pittsburgh district.
5s
Uruguay conversion scrip..
Hamburg Electric 6s._ 1938
the past seven years), while Group
of the Federal Home Loan Bank districts showed declines in this January-
Vesten Elec Ry 7s
1947
Appointment of chairmen of nine committees of the New
serve during the 1941-1942
York State Bankers Association to
75
19
45
Foreclosure
centage
43"
Wks
1957
1953
Haiti 6s
over
the month of May.
groups
J9
15
Guatemala 8s
German scrip
a
mately 27.000,
2d series 5s
—
Office
Funding 3s
8Mb
Saxon State Mtge 6s..1947
81em A Halske deb 6s. 2930
Building A Land-
German Central
German
no
7X
Santa Catbarlna (Brazil)
—
I8
French Nat Mall 88 6s '52
1957
4s scrip
—
8%
/4
change for this period
No. 3 showed
19
16 X
7s 1957
13
Farmers Natl Mtge 7s. '63
the average
revealed the greatest decrease (7%), while Group No. 2
Salvador
7s ctfs of deposit..
In.
8X
Group No. 4, which is composed of counties of 60,000 dwellings or more,
118
13
fl6
17 X
19
19
fiscal year were announced on July 7 by Eugene C. Donovan,
President of the Association and President of the Auburn
Trust
fiO
19
19
19
Co., Auburn, N. Y.
Committee
on
Agriculture:
They
are:
F. E. Decker, Vice-President, The Northern
New York Trust Co., Watertown.
Committee
Bank
on
Management—Theodore Rokahr,
and Treasurer, First Bank &
Sugar Securities
Vice-President
Trust Co., Utica.
Committee on Bans: Research:
Bert H. White, Vice-President, Liberty
Bank of Buffalo, Buffalo.
Bid
Bonds
Ask
1951
Pat
Eastern Sugar Assoo com.]
Antllla Sugar Estates—
6s
Stocks
119 X
21
Preferred
1
Bid
7X
24
ill
8M
25M
1947
54
58
1954
139
1989
119
21
Punta
Haytlan Corp 4s
5s
New Nlquero 8ugar—
Ms
X
1
41
Haytlan Corp com
1940-1942
130
-—
•
Alegre Sugar Corp.*
7
1
28
29M
3
3M
West Indies Sugar Corn
t
7
5
5X
Committee
on
Public
Relations—Leston
P.
Faneuf,
Assistant
Vice
President Marine Midland Group, Inc., Buffalo,
Committee on Trust Functions—William H.
Convention
L
President, National Bank
Auburn.
Trust Office,
For footnotes see page 230.
Organization—George W. Heiser, Vice-President,
Co., New York City.
8
Savannah
Sugar Refg
Vertientee-Camaguey
Sugar Co
Trust
Committee on Legislation—Fred E. Worden,
of Auburn,
Vice-President, New
New Yonc City.
Committee on County
Manufacturers
Baraqua Sugar Estates—
6s
Committee on Bond Portfolios—Adrian M. Masste.
York Trust Co.,
Stackel, Vice-President and
Security Trust Co., Rochester.
Committee
Secretary, Manufacturers &
(1941-1942)—Neil
D.
Callanan,
Traders Trust Co., Buffalo.
Assistant
The Commercial & Financial Chronicle
234
July 12, 1941
General Corporation and Investment
News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical reasons it is not
However, they
FILING
OF
are
REGISTRATION STATEMENTS
SECURITIES
always possible to arrange companies in exact alphabetical order.
as near alphabetical position as possible.
always
UNDER
ACT
following additional registration statements (Nos.
4793, both inclusive) have been filed with the
Securities and Exchange Commission under the Securities
Act
of
1933.
The
amount involved is
approximately
Final profits for the year have not yet been determined, but the company
reports that indicated earnings compare
—V. 152, p. 3798.
Allied Products Corp.
The
4791
to
Calendar Years—
favorably with those of recent years.
(Mich.)—Earnings—
1937
1938
1939
1940
Gross profit from opera¬
tions (before deprec.).
$964,271
$576,351
68,406
Administrative expenses
105,302
54,685
96,904
Net profit from oper..
$790,562
56,237
$424,762
29,747
$343,385
22,933
$846,800
31,197
$454,509
65,374
$749,240
80,521
107,707
$484,200
54,045
86,770
$366,318
Selling
expenses
$5,770,000.
Co. Ltd .(2-4791, Form A-2), Santa Monica, Cal.»
registration statement covering an issue of 60,000 shares
(no par) $1.25 series cumulative preferred stock.
Net proceeds, together
with proceeds of sale of 30,000 shares of common stock to General Tele¬
phone Corp., will be used to liquidate bank loans incurred for additions and
betterments to plant.
Balance will be retained in treasury for working
capital. Named as underwriters are: Bonbright & Co., Inc.; Paine. Webber
& Co., and Mitchum, Tully & Co.
Offering price will be furnished by
amendment. C. F. Mason is President. Filed July 3, 1941.
Associated Telephone
has
filed
a
Hartford Electric
filed
a
1971,
Light Co. (2-4792, Form A-2), Hartford, Conn., has
registration statement for $4,200,000 of 30-year 3
% debentures due
The debentures will be offered initially to company's stockholders.
Securities not subscribed later may be offered at public or private sales.
Each stockholders will be given free a warrant representing the right to
a debenture in the principal amount of $100 for each
on July 15.
Proceeds are to be applied to the
generating equipment at company's plant at Hartford,
No underwriter named. Samuel Ferguson is President. Filed July 5,
purchase l'20th of
share of
common
installation of
Conn.
Mfg. Corp.
(2-4793, Form A-2), Chicago, 111. has filed a
will be used to redeem the company's second mortgage 6% bonds on Aug. 1,
1941, and balance will be added to working capital. Link, Gorman & Co.,
Inc. are the principal underwriters.
Geo. R. Meyercord Jr., is President.
FiledJuly7, 1941.
.
The last previous list of
our
b337,639
Net profits for the year
Divs. on class A stock__
$477,964
107,169
150,100
$209,061
110,418
75,050
on common
stock.
Earns, per sh. on 75,050
shs.of com ,stk($10 par)
a
registration statements was given
issue of July 5, page
excess
Balance Sheet Dec. 31,
92.
Assets—Cash
United
and
1940
bills,
States treasury
$114,772; accruals, $383,008; dividends
Liabilities—Accounts payable,
payable on class A stock, $26,569; deferred income, $5,000; reserve for con¬
tingencies, $32,704; class A convertible common stock ($25 par), $1,518,175;
common stock ($10 par), $750,500; capital surplus, $232,735; earned surplus,
$448,623; total, $3,512,087.—V. 152, p. 3010.
American
Export Lines, Inc.—Earnings—
1940
1939
$19,520,680
$8,464,509
11,381,764
6,907,786
t*_ $8,138,917
$1,556,723
12,420
Years Ended Dec. 31—
Gross
Profit from Vessel Operations:
Revenues
anddepreciation
Laid-up fleet expense
Aeolian Co.—Initial Dividend—
Directors have declared an initial cash dividend of $3 per share on the out¬
standing class A preferred stock, payable July 15, 1941 to holders of record
at the close of business June 30.—V. 151, p. 3878.
Alabama Power Co.—Financing
Delayed—
The refinancing of the company involving the refunding of $83,878,000
bonds and $8,000,000 of 2fi% serial notes appear now to be
delayed until Fall, if not later.
As a result, the entrance of such under¬
writing firms as Morgan Stanley & Co., Inc., and Bonbright & Co., Inc.,
into the field of competitive bidding for new issues of corporate securities
seems to be delayed also.
These two firms, together with the First Boston
Corp., had organized a tentative underwriting syndicate to compete for
these securities.
It was learned July 10 that these principals have decided
to disband the group.
This does not mean, however, that the same under¬
writing firms will not become active in oiganizing a new group when the
financing appears to be more imminent (New York "Times.").—V. 152,
p. 3960.
of 3M%
L
Balance
;
d Common stock
Totals
$400,000
cl,644,358
cl,528,483
c$3,572,841
a 2K
% of railway operating revenues ($900,000 estimated). b Including
$332,175 to be pledged as part security for a contingent interest note of
$260,307 to be given to the Reconstruction Finance Corporation,
c Tech¬
nically, however, on reorganization the capital structure would be repre¬
sented by the $400,000 of first mortgage bonds or note secured thereby, the
$260,307 contingent interest note, the $1,312,183 of second mortgage income
bonds actually to be outstanding in the hands of the public, and the $1,196,308 of common stock to be outstanding, total $3,168,798.
d Shares of nopar value but taken at $100 a share,
including $332,175 to be pledged as
part security for the $260,307 note to be given to the Finance Corporation.
The equities of the Railroad Credit Corporation and of the holders of
general mortgage bonds, and preferred and common stock are found to have
value and no provision is made for them in the plan.
The above capitalization provides for a loan of not exceeding $400,000
or the sale of new bonds in order to obtain not
exceeding $400,000 of new
no
money.
The new obligations and cash that will be distributed in satisfaction of
allowed claims to Jan. 1, 1941, will be allocated as follows:
New 2nd
Mortgage
Notes
Cash
Bonds
.
_
_
Collaterally secured
$100,000
as
(No Par)
11,963
(7.7)
described above.—V. 151, p. 1562.
Gross earnings.
+
a
Includes other
1941—Month—1940
_» $366,900
aJNet profit
m
income
113,400
and
is
$339,000
66,700
$2,200,500
611,500
a462,000
capital stock.
Note—Certain reclassifications and rearrangements have been made in
the above income account for the year 1939 for comparative purposes.
Sheet
Balance
1940
Cash
930,580
2,004,375
99,402
98,599
Inventories
Accounts payableAccrued items
Pro v.
with U. S. Mar
Adv.
6,245,641
...
1,686,040
411,534
68,471
741,285
9, 891,601
6,230,270
224,053
201,821
13,747,475
9,081,818
notes
Property & equip¬
(net)
...
5% cum. pref. stk.
($100 par)
1, 000,000
Com. stk. ($1 par)
480,000
Capital surplus...
660,813
Paid in surplus...
Adv. payments for
construction
of
592,851
480,000
660,813
592,851
surplus...11 342,124
3,059,023
.28,677,204
13,362,993
Earned
under
vessels
in¬
sales
Voyages in progress 1, 962,778
Serial pref. mtge
Reserves...
Airines, Inc
119,576
1 ,021,558
968,645
Invests, in & ad vs.
to Amer. Export
$
363,142
1,011,072
197,811
169,640
Fed.
ticket
and deposits
-
time Comm....
ment
for
come tax
Special deposits in
Joint
accounts
1939
$
Liabilities—
3,004,554
Accts. receivable..
31
1940
$
3,332,172
.
Dec.
1939
$
Assets—
agreements with
S. Maritime
>
TJ.
475,903
Commission....
172,469
and
deferred charges
Prepd.
91,300
390,255
Other assets
268,081
exps.
Total....
28,677,204 13,362,993
Total
Note—Certain reclassifications and
the above
balance sheet
as
Dec.
at
rearrangements have been made in
31, 1939, for comparative purposes
Earnings for Three Months Period Ended March 31, 1941
Gross Profit
from
Vessel Operations—
Revenues
$5,872,123
.
2,988,617
excluding depreciation
Gross profit from
vessel operations before subsidy and deprec. $2,883,506
Operating differential subsidy
310,235
profit from vessel opers. before overhead and deprec..
Floating equipment (vessels) depreciation
Furniture and fixtures depreciation
;
Gross profit from shipping operations
Other income
after
operating expenses and develop¬
ment charges, but before, depreciation, depletion and Federal income taxes,
&c.—V. 152, p. 3798.
Allied Kid Co.—Sales—,
Company reports sales of $9,685,805 for the fiscal year ended June 30,
1941, an increase of 7.3% over the figure of $9,024,925 for the preceding
year.%Sales in June, 1941, were $1,021,318, a gain of 39% compared with
.he total of $730,702 for the same month last year.
$1,430,295
480,000
pref. stock
stock
$312,000 paid in cash and $150,000 paid in three-tenths of one share of
capital stock of American Export Airlines, Inc., for each share of
Gross
1941—6 Mos.—1940
$2,291,900
731,600
$7,680,901
18,688
.
cum.
Overhead expenses (net)
Alaska Juneau Gold Mining Co.—Earnings—
W Period End. June 30—
a
the
Expenses,
$1,196,308
($770)
115,875
$1,551,001
52,707
68,000
New
Shares
a$260,307
Prior-liedbondholders
(For each $1,000 bond)
United States Treasury.
$1,535,339
15,662
$8,046,359
200,458
165,000
•.
Common
Finance
Corporation
I
Income
$7,600,794
tinder agreements
$114,496
$2,977,118
917,506
518,178
6,094
shipping operations
Total.
on common
Sinking fund
Payments to capital fund_
b Second mortgage income bonds
$9,606,312
1,079,149
919,875
6,494
over¬
Interest expense
Provision for U. 8. Federal income tax
on
1st mtge. bonds or note secured by such bonds
54,959
445,565
Gross profit from
5%
$1,544,303
1,377,856
12,654
r~r~-
before
Other income
Divs.
Annual
Charges
$16,000
2,000
a22,500
73,996
1,688,761
Overhead expenses (net)
Floating equipment (vessels) depreciation
Furniture and fixtures depreciation
Divs.
Amount
$7,904,897
£.
Gross profit from vessel operations
head and depreciation
RR.—Reorganization—
Principal
234,019
_
Operating-differential subsidy
The Interstate Commerce Commission has issued a report approving a
plan of reorganization for the company.
As of Dec. 31, 1939, the capitalization of the corporation was $5,502,637.
In addition to the above, unfunded and floating debt, including interest
matured unpaid, was $1,418,090 if forbearance agreements affecting interest
on prior-lien and general mortgage bonds are considered.
Under the plan approved, the new capital structure of the reorganized
company and the new annual charges will be substantially as follows:
before subsidy
Pool participation—net
Net profit
Alabama Tennessee & Northern
$938,923; contract of
deposit, $103,014; accounts receivable (net), $349,626; inventories, $625,104;
long-term assets, $23,488; fixed assets (net), $1,443,204; prepaid expenses,
$28,728; total, $3,512,087.
Gross profit from vessel operations
a
$2.44
$0.41
amounted to $119,027.
b Includes defense
surtax on undistributed profits,
profits taxes,
c Includes
d $84,262 charged to capital surplus.
and
Expenses, excluding depreciation
Reconstruction
$295,554
112,350
$1.31
$4.94
Provision for depreciation
$579,292
/
89,244
149,323
c45,170
$142,793
dll2,350
Pro v. for Fed. inc. taxes
Divs.
$561,012
18,280
48,234
155,081
20,210
139,375
40,699
see a
....
?'
stock held
registration statement covering 31,000 shares of common stock ($5 par).
Of the total shares registered, 25,000 are to be offered publicly through
underwriters at $10 per share and 6,000 shares reserved for officers' and
employees' stock options. Net proceeds from the sale of the 25,000 shares
in
Income
charges.
Depreciation
new
1941.
Haskelite
Other income credits—
Total.
Interest expense
Provision for United States Federal income tax
Net profit.
Dividends on 5% cumulative preferred stock
Dividends on common stock
a
a
$3,193,741
309,175
206,594
2,009
$2,675,963
89,665
$2,765,628
66,440
45,000
$2,654,188
12,500
120,000
Including excess profits subject to possible recapture.—V. 152, p. 3011.
Volume
The Commercial & Financial Chronicle
153
American
Car &
Foundry Co.—To Pay Common Divi¬
American Machine & Metals,
Inc.—Earnings-
dend—New Officer—
Period Ended June 14, 1941—
their meeting held July 10 declared the
the company's preferred
Weeks
Year
24 Weeks
$1,408,116
962,474
$2,755,217
1,860,939
$4,677,796
3,246,956
Gross profit on sales...._________
$445,642
Selling and advertising expense..181,240
General and administrative expense.
37,009
of directors at
following dividends: 2.04% upon
$894,278
$1,430,840
339,699
79,466
694,704
158,543
$475,113
36,592
$577,593
$511,705
$650,855
44,926
74,694
38,500
28,500
78,500
28,500
121,691
78,500
28,500
$132,626
$0.44
14,460
$330,011
$1.08
28,870
Cost of sales....
a
stock, par $100, payable Aug. 29, 1941 to the
holders of record of such stock at the close of
business, Aug. 22, 1941; and
1 % % on the preferred stock, par $100
payable Oct. 1, 1941 to
of record of such stock at the close of business
Sept. 24, 1941.
12
Net sales
9harles ,J• Hardy, President, announced that the board
_
235
the holders
Also on the
_
common
($1 per share payable Oct. 1, 1941 to holders of record of such
stock at the close of business,
Sept. 24, 1941.
The preferred dividends
Operating profit
Other
clears up all accumulations.
The common dividend will be the first one
paid in four years.
At the organization meeting of the
newly-elected board, all of the officers
Total income.
re-elected and F. A. Stevenson was designated as Senior Vice-President, but will continue in charge of operations as heretofore.
Stancliffe, formerly Manager of miscellaneous sales was elected
Vice-President in charge of miscellaneous and munitions sales.—-V. 142,
.y>v
6 Mos. End. June 30—
Cash
divs.
received.
Int. received or accrued.
in securities.
rec.
Total
income
Exps., inc.
yNet income
_
_
198,174
"
68,545
5,963
$308,948
$182,517
$180,570
3,738
...
American Piano Corp.—To Pay $1 Dividend—
Directors have declared a dividend of $f per share on the class A and B
shares payable June 27 to holders of record June 17.
Dividend of
o0 cents was paid on Sept. 10,1940, and an initial dividend of 70 cents
paid
on
$316,470
225,000
$308,948
300,000
$182,517
American Steamship Co.—$3 Dividend—
$176,832
150,000
175,000
Directors have declared a dividend of $3 per share on the common stock,
payable July 1 to holders of record June 26.
A dividend of $1 was paid on
April 1, last; $10 was paid on Dec. 27, 1940; $5 paid on Oct. 1, 1940; $1
paid on July l and April 1, 1940; $10 paid on Dec. 21, 1939; $2 on Oct. 2,
1939; $1 on July 1 and 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
$91,470
$8,948
$7,517
$26,832
Computed without regard to net loss on sales of securities in the amount
$372,648 and premium of $60,270 on collateral trust bonds redeemed
during the period, a total of $432,918, which was charged to reserve for
a
three months previously.—V. 152, p. 1579.
sales of securities.
The actual cost of the securities, identified by stock certificates and bonds
delivered against sales, was used to determine gains and losses on securities
sold.
American
1941
Assets—
1940
$
60,080
Securities (at cost):
Stocks
...10,610,189
Bonds
1941
Liabilities—
$
bonds
1,915,177
46,246
Bond redemp. dep.
89,302
260,585
Acer. int.
on
a
Preferred stock.
b Common
10,864,310
2,077,449
54,321
$ V;'
5,000,000
stock.
354,500
Option warrants.
Secured bank loan.
5,000,000
354,500
615
1,900,000
c
615
2,045,666
Funded debt
Int. on funded debt
Res.
for
losses
100,000
1,263
2,282
securities
12,892,277 13,085,3821
*
Total
3,109,599
2,061,595
101,838
3,578,071
2,061,595
American Gas & Electric Co.
Period End. May 31—
Subsidiaries Oonsol'd—
Operating
$7,742,678
2,839,045
432,329
1,057,565
revenue
Operation
Maintenance
Depreciation
Taxes, other than
income
a
(& Subs*)- -Earnings—
-
1941- -12 Mos.—1940
$6,796,095 $89,658,578 $81,949,950
2,180,834
29,399,063
25,988,038
416,264
4,856,232
4,523,155
1,045,547
12,662,469
11,321,307
Fed.
772,829
....
744,073
9,035,685
8,723,042
308,572
6,575,848
3,282,935
Federal income and de¬
fense taxes
515,821
Operating income....
Other income
Gross income
Int.
on
funded debt....
Other int. and deduct'ns
Divs. on pref. stocks...
holiday.—V.
153, P. 94.
Telephone & Telegraph Co.—Interest Rate on
Bonds To Be 3%—New Issue Convertible into Stock at
$140 Per Share—
12,892,277 13,085,38^
1941—Month—1940
Includes July 4th
New
23.824
a Represented
by 50,000 shares of no par $6 cum. stock, b Represented
by 354,500 shares of no par value,
c There are issued and outstanding
option warrants entitling the holders to purchase at any time, without
limit, 20,500 shares of common stock at a price of $12.50 per share.—V. 152
P. 3484.
r
_
American
sales of
Capital surplus...
Surplus
Total...
July
9,735
possible
on
62,687,000
52,870,000
46,041,000 38,033,000
50,609,000
63,374,000
52,363,000
45,133,000
37,879,000
49,972,000
65,016,000
52,682,000
45.814,000
37,513,000
47,850,000
5---*57,275,000 *45,057,000 *38,876,000 *33,488,000 *44,221,000
June 24..
due currently
Co., Inc.—Weekly
June 14--.
June 21--.
42,042
Secured bank loan
Accounts payable.
Accrued taxes
& Electric
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended July 5, 1941, totaled 57,275,000
kwh., an increase of 27.1 % over the output of 45,057,000 kwh. for the cor¬
responding week of 1940.
•
Comparative table of weekly output of electric energy for the last five
years follows:
Week Ended
1941
1940
1939-1938
1937
1940
$
Water Works
Output—■
Comparative Balance Sheet June 30
Cash
June 21,1937.—V. 151, p. 2932.
I
of
on
on
common
Balance, surplus.....
possible losses
...
$422,164
$1.38
63,826
5,895
Including depreciation
discount
$272,682
16,687
75,425
■■
Total profit
Pref, stock dividened..
profits tax.
73,261
and depletion,
b And notes payable, cash
sales, and miscellaneous deductions,
c At 30% rate proposed
by House Ways & Means Committee for 1941.
d Proposed by House
Ways & Means Committee for 1941.—V. 152, p. 3799.
1938
204,371
76,765
281,136
27,525
71,094
______
excess
Net profit..
a
1939
$372,798
13,475
50,375
a$316,470
_
JSet loss from sec. sold.
10%
Earnings per share
Depreciation charges
Ore depletion
charges
______
$381,789
13,995
51,312
...
_
d Est. special
-Earnings-
1940
$294,570
78,228
4,650
_
miscell. taxes
Interest....
'
1941
$301,338
75,789
..
Divs.
c
■■
American European Securities Co.-
$244,551
_•
bInJer®s^°n funded debt..________
Est. Federal income & surtaxes....
were
P. 4114,
$227,393
income.....______17,158
$2,125,088
35,945
$2,100,805 $27,129,280 $28,111,472
18,077
210,491
207,169
$2,161,033
610,117
54,975
323,692
$2,118,882 $27,339,771 $28,318,641
631,919
7,417,754
7,636,586
166,426
1,356,593
1,893,209
424,394
4,631,697
5,092,519
'
The board of directors of the company on July 9, approved, subject to its
registratidn statement with the Securities and Exchange Commission
becoming effective, the issue of $233,584,900 conv. debenture bonds to be
offered to stockholders in the ratio of $100 principal amount for each eight
shares of stock of record July 25, 1941.
These conv. debenture bonds will bear interest at the rate of 3%, will be
dated Sept. 1, 1941, and will mature Sept. 1, 1956.
They will be con¬
vertible into capital stock of the company at any time after Jan. 1, 1942 but
not later than Dec. 31, 1954, at the conversion price of $140 per share,
payable by surrender of $100 principal amount of conv. debenture bonds and
payment to the company, of $40 in cash for each share of capital stock to be
issued upon conversion.
The conv. debenture bonds may be redeemed as a whole or in part on
any date on or after Sept. 1,1942 on at least 30 days' notice at the following
prices and accrued interest:
to and including Aug. 31, 1944 at 107%,
thereafter to and including Aug. 31, 1948 at 104%
thereafter to and in¬
cluding Aug. 31, 1953 at 102%, and thereafter at 100%.
Company has filed with the SEC amendments to its registration state¬
ment setting forth the above terms.
Funds to be derived from the sale of the debentures will be used by the
Bell System to finance the largest construction program it has undertaken
in a decade.
Already running at a rate substantially higher than first of the
year expectations, the program now under way is scheduled to carry well
into 1942 and require additional funds in that year.
The conversion feature of the debentures, it is believed, is a form of an¬
ticipation of such requirements.
By it the company expects to raise at
least another $100,000,000.
Subscription warrants will be mailed to stockholders on or about Aug. 4.
Subscription rights-will expire Aug. 29.
The company is taking steps to protect the interests of stockholders who
are nationals of certain European and other foreign countries, where there
are restrictions forbidding the mailing of warrants or where mail delays
might occur.
If satisfactory arrangements cannot be made because of
government regulations, A. T. & T. proposes to sell the warrants and hold
the proceeds for the stockholders' accounts.
Where mail delay is likely,
the company intends to advise stockholders that it is holding their warrants
-
,
.
....
Bal. avail, for com.
stock.^*..^.-^
$1,172,248
DivB. on com. stocks
375,448
$896,143 $13,933,727 $13,696,328
1,978,020
10,114,257
10,855,928
Undist. net inc. of sub¬
sidiaries consolid...
$796,800def$l ,081,877
Amer. Gas & Elec. Co.—
Undistr. net income
Divs. on com. stocks
Divs.
Int.
pref. stocks
on
on
bonds and ad vs.
Other income
...
Total
a
796,800 defl,081,877
375,448
1,978,020
54,165
165,681
65,743
129,166
3,429
4,514
_______
$1,295,585
43.525
Taxes & exps. (net)---
Balance
Int. and other deduct'ns
Divs.
on
$1,252,060
94,481
pref. stock....
140,767
$3,819,470
$2,840,400
3,819,470
10,114,256
1,438,904
1,253,568
62,520
2,840,400
10,855,928
1,988,170
1,558,307
74,359
$1,195,504 $16,688,719 $17,317,164
79,045
823,826
849,509
$1,116,460 $15,864,893 $16,467,654
97,438
1,155,843
1,397,229
140,767
1,689,209
bl,948,517
•
Bai
of
earns
common
ctv&il fox
*•
:•
•
?..
stock.$1,016,811
: t.; .*■,
*-v
-va
taxes for 1940,
resulted in a net overaccrual of $364,645 as or March 31,
1941, which is being absorbed by an adjustment of the accrual over the
The fore¬
going amounts include an underaccrual of $17,016 as of March 31, 1941,
a monthly charge of $1,891 therefor, applicable to American Gas &
and
Electric Co.
purposes.
Appeals Ruling of SEC—
Suit has been filed by company in the Federal District Court in Washing¬
ton, D. C., seeking a reversal of the ruling by the Securities and Exchange
Commission under the Public Utility Holding Company Act of 1935 that
Gas is
owns over
a statutory subsidiary of Electric Bond &
17% of American Gas common stock.
Share Co.,
For purposes of meeting the integration requirements of the Utility Act,
"without the complexities introduced if American Gas is to be considered
part of the Bond & Share System," it was revealed at the annual meeting
of stockholders this year that such appeal would be made.
The law
more than 10% voting control of a company is presumptive
lates that
of
for purchase or
charged for round lots on the New York Stock Exchange.
It is anticipated that the fees so collected by the Bankers
Trust Co. will
involved and the company has agreed to make up
discrepancy.
i
■_
■
■
...
The prospectus, which is to be mailed to stockholders in connection with
the pending transaction, makes the suggestion that part of the money
obtained from the sale of the new bonds may be used in connection with the
retirement of the company's 53^ % 20-year sinking fund bonds, of which
there were outstanding $94,421,000 as of June 30.
not cover the expenses
the
.
„
..
,,
,
7hen Issued" Trading
Delayed—
Trading on a "when-issued" basis in securities or rights, which have not
been effectively registered under the Securities Act of 1933, is illegal, the
Securities and Exchange Commission said in a formal statement July 9.
The SEC's pronouncement, the first of its kind ever made publicly, was
prompted by reports that trading on a "when-issued" basis, in the rights and
debentures in connection with the proposed offering of $233,584,900 of
American Telephone & Telegraph Co. debentures, would begin as soon as
the conversion price and interest rate were announced.
The Commission heretofore has informally advised persons making
inquiries that "when-issued" trading in securities not effectively registered
would be illegal.
The Commission's statement follows:
:
"It has come to the attention of the Commission that a number of brokers
and dealers are preparing to engage in "when-issued" trading in rights and
debentures in connection with the proposed offering of $233,584,900 in
principal amount of debentures of American Telephone & Telegraph Co.
It was publicly reported that such trading would begin as soon as the con¬
version price and interest rate of the debentures were announced.
"This issue of debentures is the subject of a registration statement filed
under the Securities Act of 1933, which registration statement has not yet
become effective.
It is the view of the Commission that 'when-issued
trading either in the debentures, or in the rights to subscribe thereto, cannot
legally be undertaken until the registration statement has become effective
under the act, and that thereafter written offers of debentures or rights on
a "when-issued" basis will be legal under the act only if the offer is made by
or accompanied or preceded by a prospectus meeting the requirements of
the act.
Sales made in violation ofthe act will subject dealers to injunction
t
(b) Restated for comparative
which
The Bankers Trust Co. will act as agent for stockholders
"
Since April 1,
last nine months of the year at the rate of $40,516 per month.
American
for instruction.
sale of rights under an agreement made with A. T. & T.
A charge for such
service will be made on the basis of the minimum commission rate per right
y-
.'.-y-y
$878,254 $13,019,840 $13,121,907
1941 the accrual of Federal income and de¬
fense taxes has been based upon an estimated increase in rate to 30% and
upon a non-recurring reduction in taxable income for 1941, as a result of
refinancing by a subsidiary company in 1940.
Applying these adjustments
retroactively to Jan. 1, 1941, together with minor overaccruals of Federal
Notes—(a)
,
stipu¬
proof
subsidiary-parent relationship.
The only appeal on this particular provision of the SEC powers under the
UtilityAct was made this year by Detroit Edison Co., which was determined
to be a statutory subsidiary of North American Co., by virtue of the latter's
19% stock interest.
However, the U. S. Circuit Court of Appeals for the
Sixth Circuit at Cincinnati upheld the SEC ruling.—V. 152, p. 4146.
a
proceedings, revocation of broker-dealer
registration, criminal prosecution,
and other penalties imposed by law.
"This statement concerning the legality
both to over-the-counter
'
„
^
,.
of "when-issued" trading applies
and exchange trading."
sr
The Commercial & Financial Chronicle
236
pt>rin/i
Vnd
Man
Operating revenues
.
Month.
i cm 1
**i.
of
'ISM
a*'<w.o*>
££5°?a^lst^tha^^nipaiiyln^e imrct^e^d
required to be installed under
$2,779,484 $23,555,317 $15,313,103
1,263,263
9,875,185
6,591,081
the terms of the lease..It is contemplatedthat; *£0.000 wih be immediately
borrowed and the remainder as need therefor arises.—V. 149, p. lUlb.
$3,017,782
$1,516,221 $13,680,132
661,710
52,525,117
expenses
________
Net oper. revenues...
....
Net oper. income
Net income..
2,037,191
—V. 153, P. 94; V. 152, p. 4115.
.....
~~
100
*75 573
44 037
44,037
...
....
$88,651
23,944
Austin Motor Co., Ltd.—New Official—
$64,708
.
,
_
_
_
■'
....
.
_
r
.
-
Automatic Products Corp, '111. J—Removed from, Listing
.
and Registration—-
The capital stock (par $5) has been removed from listing and registration
nmfif r
profits tav
tax
the New York 0urb Exchange<
The gtock was suspended from dealings
June 26, 1941, and each share of stock is exchangeable for one share
of capital stock (par $1) of Automatic Products Corp. (a Delaware corporation) which is presently dealt in on the Exchange plus a cash distribution
of 10c.—V. 152, p. 4116.
on
_
Condensed Balance Sheet Dec. 31, 1940
on
Assets—Cash, $62,868; notes and accounts receivable (net), $385,040;
nventories, $356,350; investments and other assets, $145,391; land and
buildings (net), $436,613; machinery and equipment (net), $113,951;
patents atamortized value, $1,127; deferred charges, $23,388; total, $1,524,.■
_
This compares with
2.
°D Jan' 16' 194°' *?* °n
4° ^
r'uo'
152
At a recent meeting of the board of directors, E. L. Payton, J.P., Deputy
Chairman and Financial Director, was unanimously appointed^Chainnan
of the company in succession to the late Lord Austin, K.B.E., LL.D., J.P.,
the foun(jer cf the business which bears his name.—V. 143, p. 2039.
13 079
id.u
$218,229
a9l,068
$127,161
..................
Net income for year................
728,
dividend of $2.20 per share on the common
a
^
^S'qSo
23)929
«174
Total income,
Federal income tax, &c
pvccsr
excess
1939
1940
-NTPtnnoratinD'nrnm
Includes
mciuaes
ties in addtioin to those
Directors have declared
tUo-v"
^oa'iw?
23,577
*
patent amortization...........
fttPtl
cross
Augusta & Savannah RR.—$2.20 Dividend—
$8,722,022
47,808,555
Report-
Years Ended Dec. 31—
Income frerl its
income credits (net)
installation of
stock, payable July 15 to holders of record July
Anchor Post Fence Co .—Annual
a
a
fear*by iS
$5,090,246
2,072.464
oSSSSSSSSm^ihUW1St $1?2°2l'6?l
Operating
TtamSE^iin^^
Depreciation and
until such time as the tracks are
in go<^ condition,
.$12.456.348 $10,056,899 $60,261,542 $50,275,575
69,865
47,800
348,207
264,889
Uncollectible opcr. rev-
Operating taxes
July 12, 1941
lease and 40,000 cross ties a year thereafter
5 Mos —-1940
1941
1Q40
■.
•
x
J
Aviation Corp.—Holdings
■
A
in
.
_
,
Airline Putin Trust—
(b^nK) • ^125,000; non-interest
The 193,769 shares of American Airlines, Inc. common stock, obtained
$1^,798; ®*nkin8 fund payment, $44,693,by Aviation Corp. through conversion of $2,422,112 of American's debenpayable, $109,003; accrued taxes and wages, $49 ,615; accrued interest.on
tures, will be held in trust by Jesse Jones, Secretary of Commerce.
/^nif'Jl
($100
$1,524,728.—V.
p. 2230.
.
Anpv FlArfriral Mf«
Apex electrical Mrg.
#
,*The Civil Aeronautical Board revealed July 9 that Aviation Corp. and
pref. stock (140 no par shares), $14,000,
cum.
Cn,
CO.
Calendar Years—
Mr. Jones had entered into
$313,109; total,
nnonar shares), $581,847; surplus,
Tin
152,
xt"
prior?
ue 19i5, f^,L300; 6% cum.
\
par), $82,300; $5
or
Darnings
Sales, exclusive of service
$8,003,563
Cost of goods sold, incl. net cost of
service department...........
6,307,281
Sell., admin., gen, & other oper. exps.
1,099,183
Irovision for depreciation—
170,502
which the trustee is not
to withdraw
1939
$7,861,267
its application for authority to acquire the block of American
The CAB, however, reserved the right to investigate and
determine at any time whether control over American Airlines is in fact
being exercised by Aviation Corp.—V. 152, p. 4116.
1938
$7,542,883
1940
trust agreement under
until six months after the termination of the national emergency.
In view of this trust agreement the CAB granted Aviation Corp.'s request
Enrnivas
(A
)
oc subs.)
■
a
American stock during the life of the trust, which is three years,
^ vote
<
Airlines stock.
**
k
6,249,998
6,291,411
1,196,306j
1,149,915
,
Axton-Fisher Tobacco Co.—Plans Recapitalization—
168,078
170,468
At
a
special meeting July 3, directors instructed the management to con-
*$66,522
137,310
ggg!£0ies for suItable recapitalization p!an, according to Carl B. Bobbins,
28,262
$70,788
il «fi5
14,865
It was
but not officially announced, that a plan to exchange
4% debentures for the outstanding preferred stock has been dropped.
$252,601
$173,518
$3,397
c3d'4BSiSS.Sk;I?;!?!
iilio
-!
Operatlngprofit..............
Other income....
$426,597
$244,495
54,594
54,066
$481,191
i?n'iaj
al30,147
$298,562
....
OthprdArinVflnno
PrSJ/£•
Frov. for Federal taxes
on income....
Netprofit
o«
oao
Company was recently acquired by the Capital Co., holding unit for
indicated^
Charles I. Dawson
.
ah„„t
n/1,
in^n
01
Consolidated Balance Sheet Dec. 31, 1940
,.
Assets—Cash, $301,003; tradefnotes and accounts receivable4ncl. tooling
charges (net), $591,026; inventories, $1,347,454; common stock of hompany
purchased for resale to employees (3,000 shares, at cost), $33,951; sundry
receivables, advances, &c., $44,910; land, $90,442; buildings, machinery
and equipment (net),
$930,660; patents, licenses, &c., $76,874; deferred
charges, $23,000: total. $3,439,320.
M
Liabilities—Accounts payable, $486,918; accrued taxes, $16,489; Federal
taxes on income, $130,000; reserves for
contingencies, $150,000; deferred
income, $13,538; $7 cum. prior pref. stock, $678,500; common stock (90,000
no par shares),
$287,200; capital surpius, $400,629; earned surplus, $1,276046; total, $3,439,320.
V. 152, p. 2540; V. 161, p. 2180.
/
'
amount on the capital
stocA', par $5, both payable Aug. 15 to holders of record July 31.
Like
amount was paid on Feb. 15, last and on Aug. 15 and Feb. 15, 1940.—
V. 152, p. 261.
Bangor Hydro-Electric Co. (& Sub.)—Earnings—
*
.
TJ
.
.
....
3
Cross earnings...
Operating expenses
Taxes accrued..
Depreciation
—
.
203,336
^
stwer^tate-—
Months Ended May 31, 1941
.T041
Miscellaneous.......
Profit..
on
$36 663
17 881
bonds
18)465
$6,374
Before bond interest, depreciation and amortization.
Balance
192,509
KKO
mc
«,
701
UflVm7 UiwMl
funds
held
(net),
A
~
w.n
n,
p
<2.1
Kn
n.
inventories,
305,794
65,106
260,424
260,424
$10,622
loss$6,025
$171,273
$146,204
•
Corp.—Accumulated Dividend—
Directors have declared a dividend of $2 per share on account of accumuon the $4 cumulative preferred stock, payable July 19 to holders of
Like amount paid on May 15, last.—V. 152, p. 2844.
_
,
.
^
_•
J
have
declared
an
extra
dividend
increatfof 2?,647,27?SJitJw27.3%
an
above production of 86,529,313 units a year ago.—V. 153, p. 94.
Atlantic Coast Line Co.—Held
$
cents
on
per
share in
the common
Stores
Kales
Inc
'
*
Period End. June 30— 1941—Month—1940
1941—6 Mos.—1940
®a^es-.-_
$3,421,518 $2,671,200 $19,950,069 $13,983,696
—V. 152, p. 3801.
.
Cl
n
r,
.^.
.
.
Boston Elevated Ry.—Petition Dismissed—
Justice Stanley E. Qua of the Massachusetts Supreme Judicial Court
ruled July 8 that Reuben H. Nitkin, Boston lawyer, as a private citizen,
had no standing to maintain his petition to force the Boston Elevated Ry.
trustees to pay $20,000,000 to the Commonwealth of Massachusetts, and
a
$2,000,000 plus deficit
for 1940 to the Elevated trustees.
Counsel for Mr. Nitkin will appeal to
the full bench, it is said.—V. 152, p. 3172.
Brewster Aeronautical Corp.—New Director—
j.
Griffith
Boardman
has
been
elected
a
director of this
p.
95; V. 152,
p.
corporation,
4117, 2695.
British American Tobacco Co., Ltd.-Dividend—
the^ssodated^Gas^ &Electric^rroun^was
(kwh.^ThU ie
12M
„
The8A?wSdu?mtv tfedS C^JA2U!iUtZ»
of
of
addition to the regular quarterly dividend of like amount
according to James Work, Chairman.—V. 153,
net electric output
«*
Berland Shoe Stores, Inc.—Extra Dividend—
to restrain State Treasurer Hurley from paying
J
lo Pay «8>1.5U Dividend—
2059.
110,176,890 unite
$712,422
305,794
record July 10.
1938, and 75 cents per share paid in each of the three preceding quarters
152, p.
$737,491
76,448
latlons
Bond
$4,002;
by
Arlington Mills
$135,530
65,106
Baxter Laundries
Sheet May 31, 1941
$5,04£; accounts receivable
Directors have declared a dividend of $1.50 per share on the common stock
payable July 15 to holders of record July 3.
This compares with $1 paid on
April 15, and Jan. 15, last, 50 cents paid on Jan. 17, 1940, and on Jan. 15,
July 4
n.„
stocic, both payable Aug. 1 to holders of record July 1.—V. 152, p. 113.
depositary
(includes $4,973 of general fund),
$34,000; land, $477,563; building, furniture and fixtures, $576,565 prepaid
and deferred charges, $40,914;
total, $1,139,114.
Liabilities—Accounts payable, $8,019; salaries and wages payable, $2,151;
accrued liabilities, $2,605; bond interest
payable from funds held by cotrustee, $17,881; contract payable (due within one year $2,997), $6,095;
reserve for
advertising exchange contracts, $572; advance rents and lease
deposits, $2,441; income mortgage sinking fund bonds, $1,192,100; capital
stock ($10par), $12,680;deficit, $105,430; total, $1,139,114.—V. 150, p.269.
V.
41
^" 152, p. 3014.
L584
5,107
disposition of capital assets
Net loss
$1,025;
.Qn
76,448
Balance
Directors
a
771
405,500
503,969
260,194
$152,176
Div. on preferred stock.
Di v. on common stock..
$116,013
79)350
expenses
Depreciation...-.V.V.—V.".—"I—II —IIZIZ—ZZIIirilZZIZI
Amortization of bond expense. I-IIIIIIIZZZIZZIIIZZIZZIZIIII
Loss
4010
,r^n
$2,362,771
Znfnln
107,000
44,446
«OQO
„QT,
*,#•
to
$2,559,499
"To'.lSS
1,254
To^alincome..
Operating and general
on
\nA1
192,213
1-36,755
60,446
*
Surplus
a
v
..
y-
Income-
Interest
_
lilTzvr#T* A ?aa
$632,851
$556,148
^
rca
director, succeeding Hennin Chambers.
a
di^denf oflike
x .lobs.
u ..
elected
,,
ve^Tf^®8'400 eXCC8B profite tax and 8147 "^erprovMon for prior
year,
was
—V. 152, p. 3800.
Directors have declared an interim dividend of 10 4-5 cents
e5 «?££&
per share on
°]rgnatlry2gftered Bhares payable
JUIy ' ro noiaers orrecora June 17.—v. 152, p. 2.2.66.
Brockway Motor Co., Inc.—373^-Cenf Dividend—
Subject to 1940 Law—
The company, railroad holding company, is subject to the
regulatory
provisions of the Investment Company Act of 1940, the Securities and
Directors have declared a dividend of 37H cents per share on the common
stock, payable July 19 to holders of record July 16.
This compares with an
E*>S£ange Commission ruled July 9.
extra of 25 cents in addition to dividend of 25 cents (or 50 cents per share)
paid on Dec. 16. 1940, and an initial dividend of 25 cents paid on Nov. 30,
1939.—V. 151, p. 3083.
The SEO denied the contentions of the company that it is
subject to
regulation under the Interstate Commerce Act and in addition is engaged
in a business other than that of
investing, reinvesting, holding or trading in
serarities within the meaning of the investment
company statute.
Brunswick
(Ga.) Pulp & Paper Co.—Bonds Sold Pri-
holdiu^aun^anfeswere not regaMecf"ately-Company called for redemption
panies regulated under the Interstate Commerce Act, and
were not
intended
The'AtteuticWestern
CaroiinaRy., except directors' qualifying shares.
It also owns more than
60% of South Carolina Pacific Ry., which leased its road to the Atlantic
Coast Line RR.; and at the end of 1940, owned about
27% of the outstanding
capital stock of Atlantic Coast Line RR.—v. 152, p. 3014; v. 151, p. 3081.
Atlantic & North Carolina RR.—IVofes—
on June 27 authorized the comto issue at par not exceeding $200,000 of 10-year 3% promissory
noJ®'TPn
By ICO
A„„
1
mon
*»,
a ..I
^
y.
order of Aug. 1, 1939, the Atlantic & East Carolina Ry. was
authorized to lease the entire railroad properties of the Atlantic & North
Carolina for a period of 25 yeatB.
Under the terms of the lease, the East
Carolina was required to install 50,000 cross ties
during the first year of the
April 25, 1941,
Simultanemisly the
bonds,
ravpti
?
company
issued $2,600,000 of 1st mtge.
series A, dated as Of April 1, 1941, and sold these to
inRtitiitionsl nurdinrpt*r
HPI-ip Tirnppfifl*? not rpnnirorl
J
77
J.
ai P^pnasor3 *
_
A00 proceeds not required
for the refunding of the $2,352,000 6%
series
been added to working capital for the general
'
The Interstate Commerce Commission
pany
on
the entire outstanding 1st mtge. bonds, 6% series, due 1952.
bonds have
purposes
of
the business,
The
new
bonds
are
dated
April
1,
1941, and mature semi-annually
($108,000) July 1, 1941, to July 1, 1952, and $116,000 Jan. 1, 1953.
terest rates vary from 0.50% to
In-
3.50%.
Authorized, $3,000,000; issued,
$2,600,000. Coupon bonds in denom. of $1,000, registerable as to principal,
and registered bonds in denom. of $1,000 and multiples.
Principal and
interest payable at Fidelity-Philadelphia Trust Co., trustee, Philadelphia.
Volume
Consolidated Income Account
Nov. 5 '39 to Jan. 1 '39 to
Dec. 28 '40
Nov. 4, '39
Period—
Sales
;
——*
Cost of goods sold.
-
-
Total income
on
$416,020
9,256
$346,696
6,723
Selling, general & admin,
$425,276
181,838
$353,420
143,051
63,917
44,200
Net earnings carried to surplus
$123,600
_
.
$102,250
Profit
Loss
$102,250
(& Subs.)—Earnings—
1939
1938
Expenses
$7,767,358
3,671,091
$6,498,885
3,130,381
$4,564,976
2,565,975
$6,976,291
3,150,647
Operating profit
Other income
$4,096,267
59,386
$3,368,504
78,849
$1,999,001
76,892
$3,825,644
50,364
$4,155,653
$3,447,353
34,916
27,351
690,784
714,048
$2,075,894
31.422
546,690
97,756
$3,876,009
35,574
b964,4l9
367,729
$1,400,025
649,762
324,881
$ 2,508,288
1,299,524
324,881
$4.31
$7.72
al,259,159
498,343
..
Netprofit
$2,363,236
1,137,083
324,881
Common dividends
Shs.
Earnings
a
stk. (no
com.
per
par)..
share
Includes
$191,776,
$7.27
Federal
profits.
surtax on undistributed
$2,015,171
274,643
324,881
$6.20
excess
b Includes $129,246
profits tax,
a Land, machinery,
5? equipment, &c..
Cash.
....
Notes & accts.
Inventories..
Notes
receiv.
rec.
—
Bank loans
11,776
Bulova
Watch Co., Ltd.
Funds
bank
in
699,475
—
payable.
Due salesmen
on
preferred stock—
593,611
1940
36,653
1940
f $420,408 Accounts payable
9,008
3 43,294
13,026
10,456
2,553
2,778
42,058
Accrued taxes, mis¬
cellaneous
)
Payable to officers
investments
12,140
47,908
Balance
receivable
under
and employees..
Prov. for Federal
contract
for
sale
road
,
of
Income & capital
stock taxes
rail¬
50,893
(long-term)
64,474
Reserves
bldgs., ma¬
chinery & equip.
(net)
1,481,028
Expenditures
on
for
sack
loss & contings..
Land,
1,449,601
37,120
15,841
Earned surplus...
a
fuel
Common stock..
Capital surplus...
supply pro¬
ject
Deferred charges..
346,342
11,924
.
14,664
1,799,900
52,408
7% cum. pref. stk.
($100 par)
1,799,900
52,408
158,140
423,321
158,140
417,361
12,220
$2,632,723 $2,527,164
Total
—$2,032,723 $2,527,164
Represented by 124,437 no par shares.—V. 152,
4117.
p.
California Packing Corp .—Debentures Placed Privately—
The corporation has sold $7,500,000 2%% debentures dated
July 1, 1941, to John Hancock Mutual Life Insurance Co.,
Boston.
The issue is repayable in 15 annual instalments
of $500,000, starting July 1,1942.'
Proceeds will be used to retire the $4,000,000 balance of the former loan
insurance company and the remainder is for working capital.
The indenture permits the anticipation of all or any part of the unpaid
balance of the loan on any interest date at par and Interest from earned
with the same
surplus,
or at a
premium of M of 1% from other funds.
Under the new arrangement company has strengthened its working
capital position on what it believes to be very favorable terms and has
reduced the required annual minimum amortization from $1,000,000 to
$500,000. although permitting more rapid repayment without premium
should future conditions make this seem advisable—V. 152, p. 3490.
Canadian Airways, Ltd.—Earnings—
[Including Partly-Owned Subsidiary—Quebec Airways, Ltd.]
Years Ended Dec. 31—
1940
Operating revenues
—
—
Operating, selling, administrative and general
Legal expenses
—
1939
$1,169,731
1,116,475
10,109
22,759
143,934
$127,003
Directors' fees
Executive salaries
Retirement expense
exp.
$942,920
988,066
5,321
21,959
148,190
—
$217,400
240
—
'
—;
1,178*749
Operating loss
5,463,422
2,521,133
Other interest (net)
460
518
$127,463
a31,661
$217,917
c7,875
$95,802
$210,043
1,327
114,515
Loss
Cndn.
15,599
125,067
48,558
Miscellaneous credits
15,528
134,508
—
$113,754
9,685
34,343
410,904
notes
receiv. & sundry
1939
$130,142
.
Inventories......
Long-term
if,251
31, 1940
Liabilities—
1939
$147,403
—
Accrued wages
409,523
_
debentures.
from
733,072
402,594
5,989,980 Accrued liabilities. 1,444,105
2,511,709 Real estate mort¬
gages payable..
36,438
150,000
16,492 Res. for contings.
Capital surplus... 1,178,748
142,372 Earned surplus.... 6,805,875
b Common stock. 2,521,133
7,180,046
3,740,602
.
$52,682
18,414
187,906
$
479,995
Accounts
$176,911
108,829
16,266
136,321
1940
S
459,877
1,264,269
209,436
2,289,726
(not
—
4%
Liabilities—
282,766
2,332,975
current)
N.|Y. World's Fair
Due
1941
1940
$
$80,890
16,956
Notes & accts. rec.
Consolidated Balance Sheet March 31
Y-v.;1941
$294,669
12,572
65,323
39,863
$54,933
Cash
'
Assets—
$74,767
3,568
—■
Assets—
a
1940
_
$79,083
1,806
.
Total
1941
—
$291,086
3,583
disposal of capital assets (net)
Dividends paid
[Including Wholly-Owned Subsidiaries]
Total income
$341,805
262,721
Provision for Federal income tax
Consolidated Income Account for Years Ended March 31
Interest
,:~j.
Federal taxes, &c_
Other deductions
$549,336
258,250
Balance Sheet Dec.
Assets—Cash, $170,796; accounts receivable, $141,062; advances to wood
suppliers, &c. (less reserve $1,396), $22,590; inventories, $180,736; notes
and accounts receivable due after one year, $48,386; investment (167 shares
Lampadoshia Co. capital stock, cost) ,$16,700; plant assets, at cost (less
depreciation and depletion of $670,773), $4,654,697; deferred charges
(including unamortized bond expense $52,705), $69,087; total, $5,304,053.
Liabilities—Accounts
payable—trade,
$170,201; accounts payable—
equipment contracts, $46,538; accrued wages, salaries and expenses, $13,238; provision for Federal and State income and capital stock and local
taxes, $71,274; accrued interest payable on bonds and notes, $45,071;
account payable on timber lands purchased, $10,562; sinking fund instal¬
ments due within one year on first mortgage bonds; principal amount,
$108,000; unearned discount on note receivable, $245; first mortgage bonds,
6% series due March 1,1952 (less $108,000 transferred to current liabilities),
$2,244,000; capital stock (par $100), $2,490,000; surplus, $104,925; total,
$5,304,053.—V. 151, p. 2344.
Gross profit
$291,504
220,809
expenses—
Netprofit
$22,800
—
on
Other charges
Consolidated Balance Sheet Dec. 31, 1940
Bulova Watch Co., Inc.
$1,396,189
1,054,384
Operating profit
100,800
Balance.
$1,590,173
1,040,837
Other income
curred prior to commencement of operations._
Provision for Federal and State income taxes
1938
1939
1940
$1,168,514
877,010
.
—
Cost of goods sold.
ir
expenses
Co.—Earnings—
$70,695
4,072
$2,148,077
1,801.380
.
bonds and notes, &c
of bond expense and
Net sales.
$3,371,536
2,955,516
.
Amortization
Calaveras Cement
Calendar Years—
57,190
62,648
—
Gross profit on sales.
Other income
Interest
237
The Commercial & Financial Chronicle
153
29,795
Cash. val. officers'
life insurance
...
Loss.
Provision for income taxes (subsidiary)
Prepd. & deferred
charges
Loss for year
Total
a
14,340,441
11,444.6201
.—14,340,441
Total
11,444,620
After depreciation of $1,075,598 in 1941 and $99,157 in 1940.
b Repre¬
a
Consolidated Balance Sheet Dec. 31, 1940
$36,126; accounts receivable (less reserve), $176,177;
oil and stores, $138,838; aircraft, engines and other
equipment (net), $666,441; land and structures (net), $342,093; investment
in, and advances to, subsidiary companies (not consolidated), $92,836:
deferred charges, $6,127; total, $1,458,637.
'
Liabilities—Accounts payable, $237,392; bank loans (secured)
$79,300;
notes payable, $60,000; taxes payable and accrued, $8,169; deferred pay¬
ments on purchase contracts, $35,016; deferred liability, $145,081; mainten¬
ance reserve,
$15,061; capital stock (262,253 no par shares), $903,614;
deficit, $24,995; total, $1,458,637.—V. 156, p. 3966.
'
'
inventories of gas,
The judges
of the Appellate Division, First Department, have unani¬
mously upheld a judgment by Justice Walter dismissing the complaint in a
statutory action brought by C. Walter Randall, trustee of the company,
under Section 77-B of the Bankruptcy Act, against the directors of that
company, for the recovery of dividends totaling $3,639,058 and interest,
paid the preferred and common stockholders from November, 1928, to
May 2
1932.
jPThe proceeding was based upon Section 58 of the Stock Corporation Law
of New York and involved 14 causes of action.
The question at issue was
whether these dividends were paid out of surplus or out of capital.
P»The trustee contended that the directors paid the dividends involved
throughout a period when a deficit existed in violation of Section 58, which
prohibits payments of dividends which impair capital or capital stock.
This was met by a denial based on an assertion by the directors that a
surplus did exist through unrealized appreciation in the assets of the com-
?any, and that upheld this view. in excess accepted with approval, the
ustice Walter such a profit was
He also of the dividends distributed,
company's inclusion of its own estimate of "goodwill" value among its
assets.—V. 153, p. 95.
,
Canadian Celanese,
Ltd.—Earnings-
Years Ended Dec. 31—
Net operating
Other income
1940
profit
1939
$2,742,276
....
$2,982,676
100,203
127,544
Gross income
Remuneration of executive officers and directors.
Fees of directors not included above
Legal fees
Depreciation of plant, machinery and equipment.
Amortization of patents—
Reserve for income tax
(A. M.) Byers Co —Preferred Dividend—
$2,869,820
126,455
5,960
7,250
434,933
66,394
$1,998,995
122,400
$1,341,429
816,000
494,777
$1,876,595
750,000
742,166
$2.21
.....
445,000
$1,463,829
122,400
.
....
—...
$3,082,880
124,048
6,040
23,082
b765,000
.
$4.06
a
Net profit for the year
a
Amount
....
appropriated for interest
—
—V. 152, p. 3801.
Balance of net profit transferred to earned surpl.
Canada Wire & Cable
Co., Ltd. (& Subs.)—Report—
Preferred dividends
1940
1939
Common dividends
$2,298,480
$1,174,580
9,896
8,611
Years Ended Dec. 31—
Profit from operations
Income from investments
—
Earnings
a
the
—
—
—
—
—
—
——
.
Provision for Dominion & provincial income taxes,
Net profit for year.
Dividends declared and paid:
Pref., 6H% cum.
Common, class A
Common, class B
Includes
excess
$2,308,376
391,440
al ,089,000
$1,183,191
229,437
72,649
3,299
187,000
$743,186
—
Provision for depreciation.
Executive remuneration and legal fees
Directors'fees
a
$690,806
186,248
118,674
188,329
186,817
79,792
4,958
118,676
75,331
profits tax.
$7,235,770.
'Liabilities—Accounts payable and accrued charges, $286,784; sales and
national defense taxes payable, $12,545; provision for income, excess profits
per
$1,088,144; reserve for reels in hands of customers,
$132,432; 6H% cum. pref. stock, $2,856,600; common stock (29,668 shs.
of class A and 150,664 shs. of class B), $1,575,000; earned surplus, $1,284,265; total, $7,235,770—V. 152, p. 2696.
Electric
Power
Co.—New Name
&c.—See
Nevada-California Electric Corp.—V. 152, p. 4117.
<1
...
share of common stock-
For year and sinking fund re income funding rights, in accordance with
provisions of clause 3 of special by-law "A."
b Includes
excess
profits
Balance Sheet Dec. 31,1940
Assets—Cash, $1,721,774; Government bonds and other securities, $1,849,249; trade debtors (net), $704,040; other accounts receivable and
interest, $15,266; Inventories, $1,491,358; deferred and prepaid
accrued
charges, $92,193; securities held for investment, $195,574; real estate plant,
machinery and equipment, $12,807,334; patents and trade marks. $995,903;
special fund re income funding rights (contra), $367,200; total, $20,239,891.
Liabilities—Accounts payable and accrued liabilities, $408,308; provision
for Dominion, provincial and municipal taxes, $826,313; Interest on income
funding rights, $72,535; reserves, $4,506,445; 7% cumulative participating
no par
shares), $1,169,045; balance of sinking fund re income funding rights set
aside in accordance With the provisions of clause 3 of special by-law "A",
$23; special fund re income funding rights (contra), $367,200; distributable
surplus, $62,500; earned surplus, $2,827,523;
total,
$20,239,891.—V.
152, p. 3801.
Canadian National
Ry.—Earnings—
Earnings for Week Ended July 7
and corporation taxes,
65,758
preferred stock ($100 par), $10,000,000; common stock (260,409
Consolidated Balance Sheet Dec. 31, 1940
Assets—Cash, $825,762; call ioan (guaranteed), $200,000; marketable
securities, $103,843; accounts receivable, $1,304,641; inventories, $2,776,582; land, buildings, plant and equipment (net), $1,889,115; prepaid ex¬
penses and deferred charges, $135,826; goodwill and patents, $2; total,
California
419,956
dividend of $2.0563 per share on the
preferred
stock, payable Aug. 1 to holders of record July 15.
This dividend repre¬
sents the $1.75 dividend ordinarily due on Feb. 1,1938 plus interest accrued.
Total income—
$211,370
b Including
Assets—Cash,
Co.—Judgment Upheld—
Directors have declared
$102,463
...
Recovery of account receivable previously written-off.
profits tax.
c Profit on sale of investments.
excess
sented by 324,881 no par shares.—V. 153, p. 95.
Bush Terminal
b6,661
1941
Gross revenues
1940
$5,417,055
$4,725,996
Earnings for Nine-Day Period Ended June 30
1941
Gross
earnings
4118.
—V. 152. p.
1940
$7,843,112
$6,550,140
The Commercial & Financial Chronicle
238
Canadian
Cariboo Gold
Fairbanks-Morse, Ltd.—Earnings—
Years Ended Dec. 31—
1939
1940
Profit from operations
$273,923
21,737
70,031
1,693
Directors' fees
$915,069
51,470
126,998
1,815
3,600
Net earnings
Income from investments
$731,187
*18,930
$180,462
8,539
$750,117
$189,001
35,350
Depreciation
_—
Executive remuneration
Legal
expenses
_
—
Profit
.
Prov. for Dominion and provincial income taxes._
Net profit
Dividends on 6% preference stock
Dividend on common stock...
Earnings per share of
common
stock
$196,617
67,218
100,000
$153,651
68,940
40,000
$1.06
$1.62
...
a Includes
$12,000, dividends received on E. & T. Fairbanks & Co., Ltd.,
preferred stock,
b Includes excess profits tax.
Balance Sheet Dec. 31, 1940
Assets—Land
and
buildings,
$1,015,223;
and
mint
for
equipment,
$24,872; furniture and fixtures, $25,000; investment in and advances to
E. & T. Fairbanks & Co., Ltd., $405,109; mortgage on Toronto property
sold and accrued interest thereon, $37,806; physical inventories of mer¬
$344,912
$378,472
273,395
204.653
211,527
86,679
65,666
68,482
$89,337
$0.07
deprec.,
Net earnings.
$74,593
$0.06
$98,463
$0.07
and
depletion
....
Earnings per share.
—V. 152, p. 3338.
Carnation Co.
(& Subs.)—Earnings-
Years Ended Dec. 31—
Profit from operations
chandise,
$1,148,105; trade accounts and bills receivable, $2,808,887;
other accounts receivable, $23,512; investments in provincial, municipal,
public utility and foreign government securities, $56,972; miscellaneous
investment, $2,309; cash, $707,773; deferred charges to future operations,
$61,490: total, $6,317,059.
Liabilities—6% cumulative preference stock, $1,126,200; common stock
(80,000 no par shares), $1,600,000; earned surplus, $1,147,916; trade and
other accounts payable, $1,292,031; reserve for Dominion, provincial and
other taxes, $558,354; dividend on preference stock, $16,893; reserves,
$575,664; total, $6,317,059.—V. 151, p. 2345.
Interest paid
Loss on sale of marketable securities
sale of mi seel 1. properties
Reduction in carrying value of miscell. assets
Provision for foreign exchange loss
on
$4,109,211
903,772
44,746
$3,160,692
$3,378,239
10,675
21,986
12,651
Net operating income
$4,291,635
963,008
30,523
$3,298,104
80,135
—.—
Other income
$3,267,361
53,500
Net profit
per
97,280
7,171
585,173
$2,319,027
146,896
$2,508,095
172,033
1,218,682
1,219,202
$3.56
$3.83
_
Common dividends
Includes
16,141
8,143
a971,500
Preferred dividends
a
106,669
34,257
Miscellaneous charges
Provision for Federal income taxes
Earnings
1939
1940
Provision for depreciation
Provision for general obsolescence
Loss
1939
$449,411
Cost of production
Prov.
1940
1941
and
charges
Total income
,
machinery
Quartz Mining Co., Ltd.—Earnings-
3 Months Ended April 30—
Gross income, less mineral tax
income taxes
b553,500
...
July 12, 1941
share of
common
$167,000 for
stock
excess
profits tax.
Consolidated Balance Sheet Dec. 31, 1940
Canadian General Electric
Co., Ltd.—Earnings—
Years Ended Dec. 31—
1940
$5,370,598
761,531
200,437
Profit from securities sold
Gross income
Depreciation..
...
Income taxes
—..
Salaries of officials and legal expenses
Directors' fees
Net income..
Dividends
on
Dividends
on common
$2,748,039
694,269
$6,332,566
823,454
a3,004,905
182,853
13,335
$3,442,308
690,793
412,260
174,769
14,460
$2,308,019
Income from operations
Income from investments
1939
$2,150,027
96,875
95.000
1,510,760
1,133,070
preferred stock
stock
Including excess profits tax.
a
Assets—Cash, $3,900,955; Government bonds, $8,531,437; accounts and
(net), $5,191,296; inventories, $9,908,481; advance collec¬
on contracts,
Cr$4,689,325; Investment securities, $3,432,497; se¬
curities of subsidiary companies, $427,714; employees' savings plan, $72,398; prepaid expenses, $23,834; manufacturing plant including land, build¬
ings and machinery; head office and branch office properties, $7,876,534;
patents and franchise, $1; total, $34,675,823.
Liabilities—Accounts payable, $1,933,285; taxes payable, including provi¬
sion for income and excess profits taxes, $3,452,226; sundry accrued charges,
$928,661; dividend declared on preferred stock, $24,375; dividend declared
on common stock, $377,690; general reserve, $6,761,826; special employees'
preferred stock (par $50), $2,100,000; common stock (par $50), $9,442,250;
earned surplus, $9,655,511; total, $34,675.823.—V. 152, p. 2061.
notes receivable
tions
Canadian Oil Companies, Ltd.—Annual
Years Ended Dec. 31—
1940
,
1939
$1,060,389
491,090
—
117,000
......
$370,570
160,000
8%..
Includes excess
profits
$452,298
160,000
143,764
$2.03
143,764
—
Earnings per share of common stock
a
$1.46
tax.
$234,022; accounts and bills receivable
(net), $970,103;
$2,124,054; deferred accounts receivable, mortgages and sundry
investments, $192,914; investment in and advances to subsidiary com¬
inventory,
panies,
$9,772; funds held by trustee
re
Central Power &
Light Co.—Dividends—
Directors
have declared a dividend of $2.91 2-3 per share on the
7%
preferred stock and $2.50 per share on the 6% cumulative
preferred stock of the company, payable Aug. 1 to stockholders of record
at the close of business on July 15.—V. 152, p. 3338.
cumulative
Century Shares Trust—Dividend—
Company will pay a dividend of 41 cents per share on Aug. 1 to holders
July 18.
This dividend is paid from amount available for dis¬
tribution June 30.
Dividend of 52 cents was paid on Feb. 1, last.—V. 152,
p. 2697.
of record
Chesapeake
&
Potomac
debentures,
$30,000;
Chicago Burlington & Quincy RR.—Equipment Issue—
153,
6 Mos. End. June 30—
Interest
$3,176,212; surplus,
$595,174
78,355
$505,857
81,887
$519,093
79,226
21,529
38,500
$456,790
b803,280
.
1939
$65,925
1938
Net
Ry.—Earnings—
income
transfer
from
$424,555
21,155
17,452,
40,000'
30,000
in¬
terest and dividends
Preferred dividends paid
a
charged to
capital surplus,
$366,518
a829,l63
$388,712
725,450
b $253,638 charged to capita
surplus.
Period End. May 31—
1941—Month—1940
1941—5 Mos.—1940
$19,276,671 $13,511,521 $81,344,121 $61,192,964
15,094,852
11,047,137
65,492,731
51,480,012
Comparative Balance Sheet June 30
1941
Assets—
$
Cash
$2,464,383 $15,851,390
$9,712,952
Earnings for 9-Day Period Ended June 30
1941
1940
$5,910,000
revenues
$58,080
461,012
$513,812
512,245
Taxes..
Gross
439,932
21,051
54,000
Total income
$40,000; 4% sinking fund debentures, $1,500,000; mortgages and purchase
monies payable and deferred rentals, $179,600; reserve for depreciation on
capital assets, $5,265,584; 8% cumulative preference stock ($100 par),
$2,000,000; common stock (143,764 no par shares),
$1,168,688; total, $14,311,378.—V. 152, p. 2233.
1940
$80,638
514,537
$670,814
81,950
Miscellaneous income
Registrar and
agents' fees
$4,181,819
96.
1941
Gen. & admin, expenses.
Net earnings
p.
$90,180
578,867
1,767
Dividends
Liabilities—Accounts payable and accrued charges, $795,879; provision
for income, excess profits and corporation taxes, $185,416; dividend payable,
Working expenses.
(Bait.)—
The company will open bids July 15 on an issue of $9,387,000
equipment
trust certificates maturing in one to seven years.
Certificates will carry a
114% dividend coupon.
The road will make a 15% down payment from
its own resources on the purchase price of the equipment.—V.
goodwill, $1; total, $14,311,378.
Canadian Pacific
Co.
deferred
charges, $104,907; real estate, buildings, plant and equipment, $10,645,605;
Gross earnings
Telephone
Company had a net gain of 1,796 stations during June, compares with
416 in June, 1940, and 566 in June, 1939.
For first six months company had net gain of 18,166 stations
compared
with 10,828 in 1940 and 8,728 in like period of
1939.—V.152, p. 3802.
Chicago Corp.—Earnings—
Balance Sheet Dec. 31, 1940
Assets—Cash,
a dividend of 17 cents per share on the common
1 to holders of record June 30.
Previously regular
quarterly dividends of 20 cents per share were distributed.—V. 152, p. 3016.
Gain in Phones—
Report—
Operating profit for year.
$1,165,133
Depreciation on buildings, plant and equipment..
565,490
Debenture interest.__
49,073
Provision for income taxes
a 180,000
Dividends on common stock..
Central Hudson Gas & Electric Co.—17-Cent Div.—
Directors have declared
stock, payable Aug.
Balance Sheet Dec. 31,1940
Net profit for year
Dividends on preference stock,
Assets—Cash, $3,405,204; marketable securities, $964,685; accounts and
receivable—trade
(net),
$3,316,139; sundry
debtors,
including
employees' expense advances, $130,058; inventories, $6,934,587; invest¬
ments and other assets, $1,290,665; plant sites, buildings,
machinery and
equipment (net), $10,500,788; patents, trade-marks and goodwill, $1;
deferred charges, $179,387 total, $26,721,515.
Liabilities—Trade accounts payable and payrolls,
$2,617,346; other
accounts payable and accrued expenses, $310,050; accrued general
taxes,
$340,983; provision for Federal income and excess profits taxes, $1,046,045;
dividends payable, $340,992; reserves, $1,173,400; minority interest in
subsidiary company, $1,645; 5% cum. 1st pref. stock, $2,935,900; common
stock (609,491 no par shares), $10,056,601; earned surplus,
$7,898,551;
total, $26,721,515.—V. 151, p. 3556....
notes
$4,729,000
3,202,601
1940
1941
$
1940
$
Liabilities—
$
1,998,924
Accounts payable.
4,458
(book val.)_c27,377,975 28,515,498
Accrued
int.
and
Dividends payable
Res. for taxes
4,336
5,772
102,037
86,507
Inv.
declared divs.,&c
131,218
Accts. receivable..
46,692
175,980
76,716
a
Conv. preference
stock
b Common
—V. 153, P. 96.
2,808
12,696,750 13,256,125
stock.
3,337,507
3,337,507
Capital surplus—14,352,849 13,953,193
Canadian
Years Ended
Net earnings from operations
Interest on investments
Profit
on
Undlstrib. Income.
Westinghouse Co., Ltd.—EarningsDec. 31—
1940 '
Gross income
Depreciation of property and plant
Directors'fees
Executives' remuneration and legal fees
Transferred to employees' pension trust fund
Provision for Dom. and Provincial income taxes._
Net profit
Dividends paid
Earnings per share of capital stock
Balance Sheet Dec. 31,
$3,361,951
430,151
20,000
100,417
1,558,000
$1,578,660
432,000
13,800
90,654
50,000
163,032
$1,203,383
1,092,000
$2.20
sale of investments
$1,321,366
175,854
81,440
$829,175
955,500
$1.51
50,000
1940
Assets—Cash, $2,306,154; Government bonds, &c., $4,943,520; accounts
(net), $1,736,609; inventories, $6,153,341; property and plant,
$5,722,241; prepaid insurance and deferred charges, $122,886; patents,
rights and licenses, $1; total, $20,984,752.
receivable
Liabilities—Accounts
payable and accrued charges, $1,550,021; provision
$81,000; advance payments received on contracts,
$1,751,459; provision for taxes, $1,564,123; general reserve, $400,000;
capital stock (546,000 no par shares), $9,100,000; earned surplus, $6,538,149
total, $20,984,752.—V. 152, p. 1586.
for service guarantees,
Cape & Vineyard Electric Co.—Issue Approved—
The
Massachusetts
Department of Public Utilities has approved the
issuance of 6,000 shares ($25 par) stock, to be sold at $50 a share.
Proceeds will be used to retire a $150,000 note held by the First National
Bank of Boston and a $150,000 advance to the New England Gas & Electric
Association, the sole stockholder.—V. 151, p. 2346.
Total
154,115
Treasury stock—
1939
$3,142,861
176,632
42,458
287,459
I>r26,910
Dr28,910
30,758,486 30,767,1171
Total
30,758,486 30,767.117
a Represented by 507,870
($530,245 in 1940) no par shares,
b Shares of
$1 par value,
c As follows;
Bonds (quoted market value, $783,594),
$752,857; stocks (quoted market value $19,246,173), $23,145,800; stocks
and notes of controlled corporations, $3,479,318.—V.
152, p. 3017.
Chicago Rapid Transit Co.—Asks 12-Cent Fare—
The trustees of the
company have filed a petition with Federal Judge
Michael L. Igoe at Chicago, asking
authority to apply to the Illinois Com¬
merce Commission for an increase in fares and to raise
wages.
The fare increase asked would be 12 cents for a
single ride, as against 10
cents at present,
and 13 cents on rides where a transfer to the Chicago Sur¬
Lines or the Chicago Motor Coach Co. is involved.
Corresponding
adjustments in the weekly ticket and suburban rates are also proposed.
face
The trustees also presented for approval of the court a new
agreement just
negotiated with the employees providing for increased wages, vacations
with pay, and a pension plan. This
provides for five cents an hour increase
in wages, 10 days of vacation with
pay for regular employees and lesser
amount for extra employees.
A straight eight-hour day in train service
would
be
established.
The new wage, vacation and pension
agreements would cost the elevated
lines about $800,000 annually, the trustees estimated.—V.
150, p. 4121.
Chicago
Surface
Lines—Harris
Group
Turns
Down
Transit Plan—
The Harris group, a committee
representing $41,700,000 1st mtge. bonds
of the Chicago Surface Lines, has definitely rejected the
city's unified
ordinance, while at the same time a committee
representing
$31,000,000 of bonds recommended a "conditional acceptance" of the
traction
Council's program.
Volume
The
first
committee,
headed
by
Albert
W.
Harris,
Chicago
banker,
representing holders of 1st mtge. bonds of the north and west side lines,
took the position that the single company proposed under the plan could not
finance the improvements outlined and survive.
The ordinance, passed
June 19, would authorize a $102,000,000 single traction corporation.
in its report filed in Federal District Court of Judge Michael L. Igoe,
the Harris committee reiterated its position that the first move toward
reorganization of traction lines should be separate reorganization
car companies.
Judge Igoe had asked for suggestions or
objections by the bondholders' committees concerning the city ordinance.
The Harris committee recalled that lengthy negotiations have been
carried on with the Reconstruction Finance Corporation for a loan for the
proposed new company to provide transit improvements but stated that
"indications now are that it will not how make such a loan," and said the
new company would not have credit for a loan adequate to meet the required
eventual
of the
street
obligations.
The
bond
second
bonds of the Chicago
group, the committee for $31,000,000 of 1st mtge.
City Railway, the south side surface lines, in its report
filed by Attorney William Freidman, representing the First National Bank,
declared the passage of the ordinance a "step forward" toward solution of
problem but that "a sound plan of reorganization cannot be
to permit immediate passage of the ordinance because the
present value revenue of the Chicago Surface Lines companies and the
Chicago Rapid Transit Co. is inadequate."
A committee representing $15,7000,000 of surface lines junior bonds also
maintained that the merger plan was not feasible.
This group objected to
the 3 % of gross revenues to the city as a prior charge before junior bonds
would receive any return.
The junior bondholders' group and the Northern
Trust Co. as trustee for securities of the Chicago City & Connecting Ry.
the traction
formulated
collateral bonds, recommended subordinating compensation of the city to
what the former called "a reasonable return to the company upon the value
of its property
239
The Commercial & Financial Chronicle
153
used and usable," for otherwise "it is useless to accept
ordinance."
The Northern Trust suggested, as aids to
the
On April 1 arrearages on the preferred stock amounted to $9.25 a share.
Company officials said there was no present plan for purchase of its out¬
standing preferred stock.—V. 152, p. 3803.
Consolidated
Gas,
& Power Co. of
Electric Light
Baltimore—Tenders—
The Bankers Trust Co. of N.
Y. will until Aug. 1 receive bids for the
sinking fund bonds series N, 3K%.
to it of first refunding mortgage
Dec. 1, 1971; series O, 3
%, due June 15, 1968;
1969 and series Q, 2%%, due Jan. 1, 1976.
series P, 3 %, due
,
financing, the increase of fares,
obtaining of an RFC
bonds are offered should be stated in dollars (or percentage of principal
amount) plus accrued interest, and must not exceed the following redemp¬
tion prices of the respective series: Series N 107%, Series O 108%, Series P
107%, Series Q 108%.
On or before Aug. 6, 1941, the trustee will mail
notices of acceptance of any proposals to the addresses stated on such
proposals.
At its option the trustee may reject any or all proposals in
whole or in part, if it can purchase in the open market the requisite amount
pf bonds, or any part thereof, or call such bonds, at a more advantageous
price.
There will be available for the purchase of such bonds the sum of
any
$696,282.55—V. 153, p. 97.
Consolidated Office Buildings
Co. (& Subs.)—Earns.
Earnings for the 6 Months Ended May 31, 1941
$373,280
Total income
320,394
Expenses
Profit
a
$52,886
70,537
-
57,590
Depreciation
641
Amortization of leasehold
1
Net loss
Cities Service Co.—SEC and
Company Cooperate on Plan—
Commission July 3 announced the con¬
between its staff and representa¬
tives of Cities Service Co. looking toward the wording out of a cooperative
program for the solution of various problems involved under Sections 11
(b) (1) and 12 of the Holding Company Act.
Following the conferences, the Commission instituted proceedings under
Sections 11 (b) (1), 12 (c) and 12 (f) of the Act with respect to Cities Service
Co. and Empire Gas & Fuel Co. which is a subsidiary engaged in the oil
and wholesale natural gas business.
The Commission believes that through
the continued cooperation of Cities Service Co. an early conclusion of the
proceedings will be possible.
The proceeding under Section 11 (b) (1) raises the question, among others,
as to whether an order should be issued requiring the disposition by Cities
Service Co. of its interests in Cities Service Power & Light Co. and Arkansas
Natural Gas Corp., and their subsidiaries, as well as its directly held
electric and gas distribution companies, or in the alternative the disposition
of its holdings in its oil and wholesale natural gas companies.
The proceeding under Sections 12 (c) and 12 (f) concerns the determina¬
tion of the status of the open accounts and securities of Empire Gas &
Fuel Co. held by Cities Service Co., and what action, if any, should be
taken by the Commission with respect thereto, in light of the arrearages
which exist on publicly held securities.
Empire Gas & Fuel Co. has outstanding approximately $52,000,000 of
preferred stock on which no dividends have been paid since 1932.
About
$40,000,000 of the preferred stocs: is held by Cities Service Co., while the
balance is held outside the system.
The open account indebtedness as of
Dec 31, 1940 amounted to $34,250,000.
Securities
The
clusion of
a
and
S3 Dividend—•
Directors have declared a dividend of $3 per
share on the $6 preferred
count of the
Coast
depression.—Y. 152, p. 3018.
Counties
&
Gas
Electric
Co.—Bonds
Placed
Privately—Company has announced the private sale on
July 1 of $3,500,000 first mortgage 30-year bonds, 3 34%
series due 1971, at 104%%.
The present
outstanding 1st mtge. 4% bonds, series B, due 1965,
106 and int.—V. 152, p. 3803.
have
been called for redemption Sept. 1, at
Colonial Stores,
Inc.—Sales—
Sales for the five week period
ended June 28, 1941 aggregated
$5,385,528
compared with $4,440,632 combined sales of the merged companies, David
Pender Grocery Co. and Southern Grocery Stores, Inc., for the correspond¬
ing five weeks of 1940.—V. 152, p. 3803.
Commonwealth Edison Co.—Weekly Output—
week's electricity output of the Commonwealth Edison group of
excluding sales to other electric utilities, showed an 18.7%
increase over the corresponding period of 1940. Following are the kilowattLast
output totals
of the past four weeks
Rilowatt-IIour Output
1941
Week Ended—
June 21
PerCent
Increase
132,294,000 111,457,000
-
__
14.
—V. 153, p.
97.
18.7
149,224,000 126,501,000
143,552,000 129,501,000
145,355,000 126,845,000
5
June 28.
June
1940
18.0
10.9
14.6
Sales
--
—V. 152, p.
increase of 51,471,386 or
37.64%.—V. 153, p. 97.
Congress Cigar Co., Inc.—In Dissolution—Settlement
Tax Claims in Process of Consummation—
See Rican Corp.
of
3804.
Consolidated Steel Corp.—Accumulated
Directors have declared
Dividend—
dividend of 43 % cents per share on the $1.75
pref.
Reading—35-Cent Dividend—
Consumers Gas Co. of
Directors have declared a dividend of 35 cents per share on the common
payable Sept. 15 to holders of record Aug. 29.
This com¬
pares with 40 cents paid on March 15, last; 30 cents on Dec. 14, 1940;
35 cents on Sept. 14,1940, 40 cents on June 15,1940, 45 cents on March 15,
1940, and dividends totaling $1.70 per share were distributed during the
stock, par $25,
year
1939.—V. 152, p. 1587.
Copperweld Steel Co.—Changes in Personnel—
Important changes in the executive staff of this company made necessary
by the rapidly expanding activities of the company, were announced on
July 8 by S. Eugene Bramer, President.
Thomas F. Troxell, heretofore a partner of the New York investment
banking firm of Riter & Co., has been made Treasurer and has been elected
to the company's board of directors.
Mr. Troxell had been a partner of
Riter & Co. since establishment of the firm in 1933, prior to which for a
number of years he was associated with Dillon, Read & Co.
Sidney D. Williams, since Jan. 1, 1940, Vice-President in Charge of Steel
Sales, has been made Executive Vice-President in charge of the company's
new steel division at Warren, Ohio.
C. Walter Holmquisb, heretofore General Superintendent of the com¬
pany's plant in Glassport, has been made Vice-President in charge of plant
operation at Glassport.
William B. Klee Jr., Assistant Secretary of the company, has also been
made assistant to the Executive Vice-President.—V. 152, p. 3178.
Corporate Investors, Ltd.—Earnings—
1941
$68,944
702
1940
$65,961
494
$69,646
2,500
2,579
$66,455
4,900
4,963
18
3,164
3,078
$56,485
41,280
$52,841
42,208
April 30—
Years Ended
Income
from
investments
Other income
Total..
-
-
Salaries paid to
three executive officers
Directors'fees
Net income for the year
Dividends------
-
Balance Sheet
2,500
2,705
75
294
of three cents per share in
addition to the regular quarterly dividend of five cents per share on the
class A stock, both payable Aug. 15 to holders of record July 10.
Like
amounts paid on May 15, last.—V. 151, p. 2701.
Directors have declared
an
Co.—Sales—
Crown Drug
Exercised—
$707,942 as compared to $699,797 for June, 1940, an
last of $8,145 or 1.16%.
increase this year over
of our fiscal year ended June 30 were $2,139,369
compared to $2,059,213 for the same quarter last year, an increase this
Sales for the third quarter
as
last of $80,156 or 3.89%.
months of our fiscal year ended June 30 were $6,587,399
period last year, an increase this
over last of $190,246 or 2.97%.—V. 152, p. 3804, 3020. 2391, 1746.
year over
Sales for the nine
as
Consolidated Aircraft Corp.—Options
compared to $6,397,153 for the same
year
Devoe &
Raynolds Co., Inc. (& Subs.)—Earnings—
6 Mos. End. May
31—
Cost and expenses
Consolidated
Cigar Corp.—Acquisition of Properties o)
Congress Cigar Co., Inc., and Certain Assets of Porto Rican
American Tobacco Co.—
152, p. 3339.
Consolidated Edison Co. of New York,
-
Disct., miscell. exp.,
Output—
Edison
Co.
of New York announced production of the
of its system for the week ended July 6, 1941, amounting to
137,200,000 kilowatt hours, compared with 121,900,000 kilowatt hours for
the corresponding week of 1940, an increase of 12.6%.—V. 153, p. 97.
Consolidated Film Industries—Charter Amended—
The amendment
requirement that the firm could not purchase its outstanding pre¬
ferred stock if it is in default in payment of any fixed cumulative dividend
on preferred stock or if the net current assets of the firm are less than
Stockholders recently amended the company's charter.
removes a
$2,400,000.
Net
a
113,605
70,232
$195,223
38,960
x$114,400
32,442
$513,244
124.876
&c_
$17,340
130,126
$234,183
128,589
x$81,958
101,500
x$112,786
$105,594
x$183,458
$310,768
profit
Includes
133,011
b77,600
Federal taxes
electric plants
1938
$4,798,287
4,842,455
x$52,803
70,143
$424,882
Operating income
Total income
Inc.—Weekly
1940
1939
$6,370,619 a$5,571,333
6,290,411
5,262,505
88,362
Depreciation
Other income
See Rican Corp. below—V.
1941
$7,759,186
7,233,299
101,005
Net sales
3965.
$1,437; investment in
total, $944,655.
Liabilities—Accounts payable, $60; dividend payable, $14,348; reserve
for Dominion and Provincial income taxes, $2,896; class A shares ($5 par),
$891,430; clars B shares ($5 par), $5,000; distributable surplus, $381;
earned surplus, $30,540; total, $944,£55.—V. 151, p. 2701.
extra dividend
The corporation on July 8 notified the New York Stock Exchange that
during the month of June, 1941, employees of the corporation exercised
their options on 15,475 shares of common stock at $20 per share.—Y. 152,
April 30, 1941
Assets—Cash, $5,452; accrued interest receivable,
marketable securities, $937,766;
Sales for June were
Consolidated
a
stock, payable July 15 to holders of record July 10.
Like
amount was paid on April 8, last; dividend of 75 cents paid on Dec. 23,1940.
and $1 paid on Dec. 5, 1940.—V. 152, p. 3019.
cum.
below.—V. 152, p. 1126; V. 151, p. 983.
Corporate Investors, Ltd.— Extra Dividend—
p.
1941—6 Mos.—1940
$5,210,033
$4,619,653
1941—Month—1940
$699,548
$661,040
|
Commonwealth & Southern Corp.—Weekly Output—
The weekly kilowatt hour output of electric energy of subsidiaries of the
Commonwealth & Southern Corp. adjusted to show general business condi¬
tions of territory served for the week ended July 3, 1941 amounted to
188,233,360 as compared with 136,761,974 for the week ended July 4, 1940,
an
Inc.—Sales—
Consolidated Retail Stores,
Period End. June 30—
Legal fees
Interest paid
————
Prov. for Dom. & Prov. income & U. S. taxes
and percentage comparisons
with last year.
*
July
Consolidated Balance Sheet May 31, 1941
Assets—Cash, $79,821; cash held by co-trustee under terms of trust
$104,343; accounts and notes receivable (net), $23,544; fixed
assets (net), $4,836,089; prepaid expenses and deferred charges, $33,204;
total, $5,077,001.
Liabilities—Accounts payable, $7,162; accrued liabilities, $7,037; taxes
payable or accrued, $2,535; accrued interest on bonds, $223,369; lease
deposits and advance rentals, $10,291; income mortgage and collateral trust
sinking fund bonds, $4,702,500; capital stock ($1 par), $9,542; surplus,
$114,295; total, $5,077,001.—V. 152, p. 674.
indenture,
General expenses
companies,
hour
$75,883
Before bond interest, depreciation and amortization.
a
Exchange
series of informal conferences
stock, payable Aug. 1 to holders of record July 15.
This will be the first
dividend paid since June, 1932, when all payments were suspended on ac¬
„
Proposals should state the amount and price of bonds offered of each
series, which amount may, however, be stated as all or any of a specified
amount or as any amount within specified limits.
The prices at which
Bond interest
adjustment with the Chicago Motor Coach Co., and
loan.—Y; 153, p. 96.
sale
due
June 1,
sales
of Jones-Dabney Co.
b Exclusive of possible excess
profits tax.
c Equal to $1.83 per share on the combined 116,757 shares
class A and 35,783 shares of class B stock.x Loss.—V. 152, p. 1280.
Dow
Chemical Co.—Stock Offered—Smith,
July 7 offered 7,100 shares
at a fixed price of 127% net.
share.—V. 152, p. 2393.
on
of
Barney & Co.
of common stock (no par)
Dealer's discount $2 per
<
/
The Commercial & Financial Chronicle
240
Corp. of N. V.—Initial Common Dividend—
an initial dividend of $1.20 per share on the new
July 3.
Discount
July 12, 1941
Consolidated Balance Sheet Dec. 31
1940
payable July 15 to holders of record
Balance Sheet June 30—
1941
LlaMltties—
$
$
counted
a
1,330,287
1.277,150
Surplus
2,000,000
5.000,000
1,635,980
1,859,559
75,000
511,027
425,724
Res. for dlvs
investm't acct..
1,780,497
7,479,209
37,249
48,629
126,976
Sundry debits
49,708
banks
2,340,444
39,254,521 49,996,799
4,100,825 Security
contracts 6,800,000
Unearned discount
206
24,749
Sundry credits....
Total
5,550,000
1,074
12,359
...51,226,483 67,920,515
Total
51,226,483 67,920.515
and security contracts, at market,
Direct and fully guaranteed,
b At
amortized cost.—V. 152, p. 675.
May 31, '41 Nov. 30 '40
$4,933,200
$3,647,540
3,150
12,382
.
—
Other income (net)
83,892
Total income
$430,515
$1.79
•.
Net profit
per
$147,241
$0.61
153,685
85,274
450,000
Selling and administrative expenses—
Provision for depreciation
Income and excess profits taxes—estimated
Earnings
$3,659,922
2,473,613
749,459
119,127
80,924
32,000
57,559
$4,936,349
2,681,021
1,051,963
-
Raw materials and manufacturing expenses
Labor
Other taxes
—
share of capital stock
-
Comparative Balance Sheet
May 31,'41 Nov.30/40
$970,415
....$1,582,899
567,591
801,583
Inventories
1,125,308
1,024,705
55.661
Deferred ch arges.
53,085
Accounts
Accts. receivable..
Accrued items
Real est.
2,605,527
(net)
2,549,016
$6,067,798 $5,267,991
Total
-
$131,063
120,296
...
Capital stock
86,788
3,000,000
639,528
1,683,687
639,528
Earned surplus...
687,537
•
^
Inc. (& Subs.)—Earnings—
1941— Month—1940
$733,926
1,253,172
$6,067,798 $5,267,991
j
Period End. May til—
Operating revenue
Operating expenses
106,893
3,000 ,C00
.....
Total
$181,610
493,223
Res. for inc. taxes.
98..
Eastern Steamship Lines,
$695,579
703,079
1941—5 Mos.—1940
$3,700,406
$3,195,169
3,929,087
3,444,034
42,236
loss»7,600 loss$168,681 loss$248,865
2,871
7,281
11,663
264,984
263,937
50,828
$4,443
loss$55,457 loss$426,384 loss$501,139
$46,389
Operating income
290
Other income
Other expense
Net
payable.
Capital surplus—
& rnach.
—V. 153. p.
May 31,'41 Woe.30,'40
Liabilities—
Cash
.
income
—V. 152, p. 3805.
Contra
For the week ended July 3, 1941 the system inputs of client operating
companies of Ebasco Services Inc., which are subsidiaries of American
Power & Light Co., Electric Power & Light Corp, and National Power &
Light Co., us compared with the corresponding week during 1940 were as
follows:
charges
Capital stock expense
Reacquired capital stock
Liabilities—
Capital
1941
148,804
79,027
101,554
1940
-117,329,100 117,329,400
2,460,735
2,278,380
267,826,949 270,606,142
4,762,070
6,308,744
Dividends declared—Preferred
906,055
637,073
Notes payable
27,540,253
26,325,000
Mtge. & deb. bonds of subs, currently maturing..
109,000
1,646,250
Pref. stocks called for redemp." & divs. thereon..
11,253
13,916
Matured long-term debt, incl. pref. and interest..
341,429
202,961
Customers'deposits
3,717,163
3,708,816
Taxes accrued.
11,248.761
7,894,854
Interest accrued
3,936,429
3,997,616
Other current and accrued liabilities
558,543
646,199
Contra liabilities
48,567
212,902
Deferred credits..
665,627
754,564
Reserves.
74,644,086
67,093,956
Contributions in aid of construction
503,003
409,228
Undeclared cum. divs. on pref. stocks of subs, held
by public
18,715,628
21,579,341
a Deferred
credit
13,917,369
13,917,648
Earned surplus (less amt. accrued to min. int.).. 27,499,449
22,149,030
Appropriated surplus
620,036
476,814
debt
Accounts payable
«...
732,405,643 723,232,974
Total.
Additional
equity in net worth of United Gas Corp. (a subsidiary)
accruing to Electric Power & Light Corp. from minority interest in common
stock of United Gas Corp., representing unearned cumulative dividends on
second preferred stock of the subsidiary owned by Electric Power & Light
Corp. to the extent that such dividend have priority over and reduce the
equity of such common stock minority interest.
a
Statement of Income
Period End, Dec. 31—
25,719
12,752
24,541
20.8
19.2
31.8
Edison Brothers Stores, Inc.—Sales—
—V. 152, p. 3805.
coll. trust bonds.
on
Amort,
of debt disct.
(Del.)—Earnings—
1941
$352,243
23,850
1940
$273,250
47,700
18,472
$376,093
Total revenues
$339,422
9,646
18,452
3,154
16,635
24,922
3,863
Federal income taxes
Other taxes
$330,673 I
153,161
stock and surplus.
$308,171
182,972
$177,512
Preferred dividend requirements.
common
$125,199
-V. 153. p. 98.
Period End. Dec. 31—
Light Corp. (& Subs.)—Earnings—
1940—3 Mos.—1939
1940—12 Mos.—1939
Subsidiaries-
a
30,129,299
10,899,595
revenues
1,393,739
b5,653,550
—
29,285,137 114,939,237 107,912,238
10,588,282
41,219,917
40,170,815
1,556,436
5,724,314
5,721,155
4,156,431 bl8,912,027
15,754,994
Prop, retire. & depletion
Net
1,092
$716,851
Cash in banks.
66,814
184,561,472
5,112,541
72,159
1
5,670
receivable
275,171
15,920
assets
1,050
300
Reacq'd cap. stk
103,109
3,480,729
3,519,703
194,255,755
193,390,874
cur.
Deferred charges
103,109
Period End. May 31—
Operating
Operation
...
Depreciation
Federal income
Other
taxes
taxes
8,392,212
31,233,860
56,090
291,655
29,707,187
344,125
Int. & amortiz.
7,581,911
2,902,666
8,448,302
3,004.566
31,525,515
11,853,359
30,051,312
12,080,235
509,899
286,519
Crl7,025
505,470
2,028,004
486,242
Cr9,301
1,125,528
Cr38,315
1,998,062
1,378,662
CV19.888
3,899,852
1,971,613
75,284
4,461,325
1,971,618
125,134
16,556,939
7,886,452
381,878
14,614,241
7,886,473
326,234
1,852,955
2,364,573
8,288,609
-£,401,534
1,852,955
2,364,573
6,401,534
302
300
8,288,609
3,285
1,853,257
158,463
411,409
2,364,873
81,364
412,973
8,291,894
382,036
1,646,671
6,402,495
257,344
1,655,896
1,283,385
1,870,536
6,263,187
4,489,255
long-term debt-.
interest
(notes,
loans, &c.)
on
deductions
Int. chgd. to construc'nBalance
Pref. divs. to public
Por'n applic. to min. int.
equity
Total
Expenses, incl. taxes
Int. & other deductions.
Balance carried to
solidated earned
961
con¬
sur.
Does not include maintenance incurred in the production of crude oil,
Such maintenance, together with all other costs, is
transferred to inventory and subsequently, upon sale, is included in cost of
product sold in the current period,
b Includes provision of $184,666.92
for Federal excess profits tax.
c Of Electric Po wer & Light Corp. in income
gasoline and sulphur.
of subsidiaries.
—
23,745
744,617
156,207
125,970
7,145
156,257
5,417,003
7,054
i_.
surplus.
Total
155,044,139
31,871,999
6,437,917
Misc. curr.liabs.
Earned
194,255,755 193,390,874
Balance
(public)
-
Balance
Int. (E.
(Texas)—Earnings
1941—Month—1940
1941—12 Mos.—1940
$3,619,695
$3,219,634
1,410,476
1,283,962
218,045
175,441
407,882
400,759
195,015
;
69,693
379,555
358,109
$263,317
111,128
14,459
$86,333
6,836
$66,055
3,349
$1,008,723
16,742
$931,669
20,997
$93,169
21,921
$69,404
$1,025,465
414,381
$952,666
438,007
$71,248
$31,778
23,850
?
$611,083
23,850
$514,659
66,172
$587,233
56,973
$448,487
46,710
$530,261
$401,777
P. El. Co., Del.)i
Balance—
$71,248
Preferred dividend requirements
33,490
8,066
30,118
37,626
$7,928
Balance applic. to El Paso Elec. Co. (Del.)
Lt. Corp.
Net equity
Other income
c
Long-term debt. 31,762,625
Accts. payable—
14,916
Accr'd accounts
710,766
c Coll. tr. bonds
122,130
Reserve
1939
$
Capital stock.155,044,139
$329,180
132,408
19,477
34,766
23,873
32,322
revenues
7,552,038
29,873
Gross income
a
a
Represented by: $7 pref. cum. (entitled upon liquidation to $100
a share): pari passu with $6 pref. and $5 pref.; authorized, 800,000 shares;
issued, 515,135 shares.
$6 pref. cum. (entitled upon liquidation to $100
a
share); pari passu with $7 pref. and $5 pref.; authorized, 1,000,000
shares; outstanding, 255,430 2-3 shares.
$5 pref. cum. (entitled upon
liquidation to $100 a share); pari passu with $7 pref. and $6 pref.; authorized,
1,000,000 shares; issued, none.
2d pref. series A ($7),cum. (entitled upon
quidation to $100 a share); pari passu with 2d pref. series AA ($7); auth¬
orized, 120,000 shares; issued and outstanding. 75,439 shs. in 1940 (72,289
shs. in 1939); 2d pref. series AA ($7) cum. (entitled upon liquidation to
$100 a share); pari passu with 2d pref. series A ($7); authorized, 100,000
shares; issued,
none.
Common, authorized, 4,000,000 shares; issued,
3,452,189 shares in 1940 and 3,440,789 shs. in 1939.
c Power Securities Corp.
collateral trust gold bonds called and callable
for redemption.—V. 152, p. 3805.
Net oper. revenues—
Other
$
Liabilities—
$
5,790,123
Special deposits.
1940
1939
^
S S Ctr'J
Investments -.184,538,757
Net oper, revenues—
Other income (net)
a
1,092
$1,299,075
1940
Other income (net)
Net
486
$468,561
profits are indicated.
16,558,087
c
545
Note1—No provision has been made for Federal excess profits tax since
17,849,119
Elec. Pouter &
38,974
2,860
$406,996
4,591,776
Other
38,974
49
income.
4,630,377
Int.
9,744
Prem. & exp. on coll. tr.
bonds retired-
appropriations
reserve
$2,630,091
257,344
1,550,000
62,970
&
Maintenance
Maintenance
Taxes
$3,327,782
382,036
1,550,000
56,605
El Paso Electric Co.
Electric Power &
Operating
Operation
81,364
387,500
15,194
debentures
Total
Expenses
Balance for
300
$962,898
9,744
Expenses, incl. taxes
Int. on debentures
Other
1941—Month—1940
1941—6 Mos—1940
$2,830,121
$2,489,869 $16,079,336 $13,011,883
Interest, income notes
Interest, demand notes
$2,629,130
961
302
P.C.
123,085
66,275
77,013
.
*1940—12 Mos.—1939
$3,324,497
3,285
$976,868
158,463
387,500
13,620
Total
Int.
(Company Only)
1940—3 Mos.—1939
$976,566
$962,598
Other
Dlvs,
a
,
Gross inc.—From subs..
Accts. receivable
12 Months Ended May 31—
Revenue from sub. cos.—Dividends, common
...
Balance Sheet Dec. 31 (Company Only)
Amount
The above figures do not include the system inputs of any companies not
El Paso Electric Co.
155,044,139 155,044,139
stock
■
appearing in both periods.—V. 153, p. 98.
Period End. June 30—
12,520,899
„
Total
no excess
Thousands of Kilowatt-Hours
IflCTCUSC
.'y.-ui,-
Sales
181,496
48,567
assets
Other int. deductions...
Inc.—Weekly Input—
Operating Subsidiaries of—
American Power & Light Co
Electric Power & Light Corp
National Power & Light Co
-
Deferred
expense on
Ebasco Services,
723,232,974
437,818
11,132,453
6,109,465
326,449
-
—-
Long-term
6 Months Ended—
(net).
Inventories
Subsidiaries' preferred stocks
Subsidiaries' common stocks.
Dwight Mfg. Co.—Earnings
Sales
694,699
198,138
11,088,479
6,234,560
339,602
175,011
212,902
13,738,821
236,690
694,699
732,405.643
Notes receivable
Miscellaneous current assets
due to banks and
customers
(on demand)
Special deposits
Working funds
Temporary cash investments
Prepayments
Loans payable and
Cash and due from
Cash in banks
Accounts receivable
dlscts., taxes,<fec.
^•accrued
5,000,000
Reserves for prem.,
Interest receivable
665,158,863 659,372,070
3,584,530
4,841,187
28,837,865
22,613,219
475,000
475,000
1,280,252
986,555
332,325
315,449
1,284,959
1,710,591
Cash in banks (time deposits)---
$
2,000,000
60,623,028 Undivided profits.
U. 8. Govt. sees.39,952,996
b U. 8. Govt. sees.
a
1940
i
Capital
$
Assets—
Plant, property, franchises, &c
Investment and fund accounts
1940
1941
Assets—
Acceptances dis¬
1939
$
Directors have declared
common stocx,
.
The company does not
Tax Act of 1940
consider that it has any liability under the Excess
as amended March,
1941.
Beginning with the
month of March, 1941, the accrual for Federal income tax is based on an
estimated rate of 30% against the original estimate of 27%, spreading the
under-accrual for January and February over the remaining 10 months
of the year.
The rate under the present law is 24%.—V. 152, p. 3805.
Profits
Empire District Electric Co.—Accumulated Dividend—
Directors have declared a dividend of $1.50 per share on the 6% cum.
pref. stock, payable on account of accumulations on July 21 to holders of
record July 14.
Dividends of $3 were paid on April 21, last and on Dec. 26
and June 29, 1940; Dec. 27 and Oct. 31,1939; Dec. 27,1938, and On Dec. 30,
1937.—V. 152, p. 2702.
Fidel Association of New York,
Inc.- -Plans Reorganiza-
tion—
advised holders of series A and B coll- trust bonds that
Assurance Association, guarantor of the bonds, on June 6,
petition for reorganization in the lederal Court in West Virginia.
A hearing will be held on the petition in Charleston, W. Va., on Aug. 5.
The company had
the Fidelity
filed
a
Volume
the Central Trust
Creditors and stockholders may submit by Sept. 5 to
trustee for Fidelity Assurance, suggestions for reorganization
accordance with the Federal Bankruptcy Act.—V. 142, p. 26o6.
Co.,
in
Month—1940
in the period from 1926 through
To assure carrying out of such
$6,245,872
$209,793
$2,686,463
2,851
57.534
13,846
$206,942
5,347
$2,628,929
98,719
$2,769,534
21,193
$178,251
33,776
$212,289
29,889
$2,727,648
386,028
$2,790,727
352,205
1,699
698
20,597
429
153
16,053
8,374
1,174
$142,346
8,631
$181,549
8,631
$2,304,970
103,579
$2,428,974
103,579
$172,918
$2,201,391
$2,325,395
734,914
Exploration and develop¬
ment
costs
Balance
Other income
Gross income
Interest
-
Amortization of debt dis¬
count and expense
Miscell. income deduc'ns
Net income
Pref. stk. div. require'ts,
Balance for
com.
divs.
$133,715
profits tax of $9,500 for May,
ended May, 1941.—V. 152, p. 3650.
Includes provision for Federal
1941 and $86,006 for year
1941,
the $7 and $6 preferred stock of Florida Power &
on
excess
Ford Motor Co.,
of Subsidiary Line—
V
a
subsidiary.
Further, the trustees propose to assume all
debtedness and to cancel its debts to the Erie.
'
of the Chicago & Erie's in¬
engines and bombers in the automobile industry.
The company said its original order for building 4,236 Pratt & Whitney
2,000-horsepower engines at a cost of $117,000,000 had been increased by
the War Department to include 4,807 more engines costing $140,000,000.
Ford had agreed to make 800 completed Consolidated B-24D bombers at
$250,000 each, and parts, sub-assemblies and landing gears for an additional
1,200 bombers, rasing the total bomber program to $480,000,000.—Y. 152,
p. 4122.
Gabriel
New
The
Co.—Listing of Additional Stock—
York
Stock
Firestone Tire & Rubber Co.—Listing—
issuance, upon the exercise of conversion rights, making the total number of
shares applied for 287,462 shares of class A common stock.
The authority for the issuance of the shares Is contained in a resolution
adopted at a meeting of the directors held on June 16, 1941.
Pursuant to a letter to shareholders dated June 12, the holders of in
excess of two-thirds of the class A common shares (the only class of shares
corporation has) executed consents authorizing and consenting
not
the granting by the corporation of conversion rights in respect to
than 25,000 shares of the authorized and unissued capital stock,
more
$50,000,000
20-year 3% debentures, dated May 1, 1941, due May 1, 1961, which are
outstanding.—V. 153, p. 99.
issued and
on Aug. 24, 1940, the corporation on Aug. 24, 1940 issued
convertible mortgage note of that date, payable to the order of
the principal sum of $75,000, and conforming to the
requirements contained in the consents obtained from shareholders.
Said
note is payable in five annual instalments of $10,000, $10,000, $15,000.
$20,000 and $20,000, due respectively 1, 2, 3, 4 and 5 years from the date
thereof, with the right in the corporation to make additional payments at
any time on account of the principal, subject to the conversion rights of the
holder of the note.
Under the terms of the note, the holder thereof is
its
4%
John H. Briggs, in
entitled at any time, upon 10 days' written notice, to convert the then
unpaid principal balance thereof, in whole or in part, into fully paid and
non-assessable class A common shares at the price of $3 per share on the
paid into the corporation's treasury in order to provide additional
working capital.
No portion of the principal amount of the notes has been paid or converted
to date.—V. 152, p. 3182.
Vv
was
.
Galveston-Houston Co. (&
Operating
Operation
:m
Maintenance-_
Estimated net income after deprec'n.
Earnings per share on 500,000 shares
of $10 par stock,_____
48,585
5,130
43,059
t
$444,000
$0.89
$231,000
Florida
$526,231
$80,804
$53,641
8,821
13,501
6,084
1,692
4,750
52,628
242
5,678
40,277
2,907
$64,205
$35,146
$415,419
$321,045
•
31,140
bonds—Houston
on
Electric Co
on
Amortiz. of debt expense
1941—6 Mos.—1940
148,404
*
162,000
collateral and
equipment notes, &c.-
$1,895,964
Net income
3807.
Power
$622,131
$84,781
Gross income
Int.
Interest
(M. H.) Fishman Co., Inc.—Sales— •''.;
$2,151,383
$897,290
371,059
312
$111,481
30,677
Gross income
Depreciation
July 29, 1941, to stocrdholders of record July 19.
At
dividend of 50 cents a share was declared and in January
dividend of $1.60.—V. 152, p. 1431.
Sales
$983,736
361,605
$84,469
60 cents
per share, payable
this time last year a
—V. 152, p.
$894,004
3,286
$111,415
-
(net)
$0.46
60-Cent Dividend—
1941—Month—1940
$433,808
$413,666
$982,865
871
886
40,935
$3,804,485
1,884,174
547,237
17,168
461,900
67
Operating income
Other income
Directors have declared a dividend of .*300,000, equivalent to
Period End. June 30—
;
'I
1941—12 Mos.—1940
$3,973,954
1,914,099
551,458
29,359
496,170
$334,797
162,350
46,155
1939
1940
$0-67
Subs.)- -Earnings—
1941—Month—194 0
$372,979
164,789
revenues
Other taxes
1941
$336,000
authorized provided that the corpora¬
basis of the number of shares presently
tion is not required to issue less than 5,000 sharas upon any such conversion.
The entire $75,000, which was received upon the issuance of said note,
Federal income taxes.__
Corp.—Earnings—
6 Months Ended June 30—
free
of the preemptive rights of shareholders, in order to meet the conversion
rights of any holder of any convertible obligation of the corporation issued
during the calendar year 1940 and conforming to certain conditions.
Pursuant to such consents and a resolution adopted at a meeting of the
Period End. May 31-
The New York Stock Exchange has authorized the listing of
of this year, a
has authorized the listing of 25,000
(no par), on official notice of
Exchange
additional shares of class A common stock
directors held
Specifically, the Erie proposes to assume liability with respect to $12,000,000 of 1st mtge. 5% bonds of the Chicago & Erie, due May 1, 1982, which
are outstanding with the public, and not more than $10,000 of the income
mortgage bonds of the Chicago & Erie; $50,000,000 of consolidated mtge
4% bonds of the Chicago & Western Indiana RR., due on July 1, 1952$24,462,000 of the series D 1st & ref. mtge. bonds, 4% % of the C. & W. I.,
due Sept. 1, 1962; $5,488,000 of series A 1st & ref. mtge. bonds, 5^%, due
Sept. 1, 1962, and $98,000 of series C 1st & ref. mtge. bonds, 5^%, due
Sept. 1, 1962.
The Erie's trustees also propose to discharge $17,242,613 of advances
which the Erie had made to the Chicago & Erie and to cancel $9,902,000 of
C. & E. income mtge. bonds, together with $88,000 of such bonds held in
the treasury of the C. & E.
The railroad to be absorbed extends approximately 250 miles from Marion,
O., to the Indiana-Illinois State line, near Hammond, Ind.
The Erie also
would acquire the Chicago & Erie's trackage rights over the Chicago &
Western Indiana running 20 miles from the Illinois-Indiana State line into
Chicago.* The Erie's plan of reorganization expressly contemplated acquisi¬
tion or the Chicago & Erie.—V. 153, p. 98.
First Boston
$737,000,000 on
July 2 and made this concern the greatest potential producer of airplane
to
of the Erie RR. applied July 8 to the Interstate Commerce
Commissiion for authority to purchase the Chicago & Erie and merge it
with the Erie for operation and ownership.
The Erie now operates the other
as
Detroit—Defense Orders—
Government defense orders to this company went up to
which the
Erie RR.—Asks Merger
Trustees
road
Light owned by
American Power & Light.—V. 153, p. 99.
.
and surplus
x
1939.
orders as the Commission may enter as a
result of the hearing, American Power & Light is required to deposit and
retain in a special account, pending the outcome of the proceedings, the
dividends declared by Florida Power & Light's directors, payable on July 1,
$2,783,380
$161,940
16,311
Net oper. revenues
1,092,722
1,828,631
105,213
687,479
841,168
3,652
Taxes
$6,587,725
1,860,835
212,790
$165,592
Depreciation
$482,281
140,835
7,492
55,081
69,079
the formation of
Power & Light, Electric Bond & Share and American Power
service contract with the subsidiary under which Electric
and American Power &
1941—12 Mos.—1940
$487,341
141,457
31,890
54,622
93,780
revenues.
Maintenance
x
1941-
Florida
& Light signed
Bond & Share
Light received service fees amounting to $5,367,767
The Commission also cited the fact that after
a
El Paso Natural Gas Co.—EarningsPeriod End. May 31—
Operating
Operation
241
The Commercial & Financial Chronicle
153
-
—V. 152, p. 4122.
&
Light
Co.—SEC
Finds
Company
Inflated Assets—Held to Have Overstated Accounts by $40,065,993—
Alleging $40,065,993 of inflation in plant and investment accounts
of
the company to the advantage of its parents, the American Power & Light
Co. and the Electric Bond & Share Co., the Securities and Exchange Com¬
$407,655
bl 1,699
b21,098
1938
$367,828
b4.874
$538,842
165,000
$428,753
165,000
$372,702
165,000
debentures
Int. on bank loan
$527,143
on
v.
Exp. of redempt. or ex¬
change of 5% debs
Amort, of disc,
1940
1941
Total income.
Int.
determine whether drastic changes should be
1939
a$602,496
17,812
$620,308
86,502
8,528
Interest on bonds
mission on July 10 called a
public hearing at Washington on Aug. 11 to
made under the Holding Com¬
pany Act in the financial structure of Florida Power & Light Co.
Among the changes to be considered are the elimination of inflation, the
conversion of $22,000,000 of debenture bonds of Florida Power & Light
held by American Power into common stock of Florida Power & Light, and
the repayment by American Power to the Florida company of dividends
received on the latter's preferred stock, which it holds.
Florida Power & Light is an electric and gas utility company which is a
subsidiary of American Power & Light Co., which is in turn a subsidiary of
Electric Bond & Share Co.
It was organized in 1925 by Bond & Share
and American Power to take over the ownership of securities and properties
which they had acquired.
The Commission said: "The aforementioned securities and properties
received by Florida were placed on its books at the sum of $64,523,013.
This sum was $33,885,939 in excess of the cost thereof to American and
Bond & Share.
The plant and investment accounts of Florida were thereby
inflated by the amount of such excess.
"American converted 30,000 shares of $7 second preferred stock on a
sbare-for-share basis in 1927, and subsequently sold to the public through
Bond & Share 98,684 shares of $7 preferred of Florida for $9,413,980.
American also received $13,763,102 from the proceeds of the sale of the
bonds of Florida to the public referred to above.
American thereby re¬
tained 9,726 shares of $7 preferred stock, 20,000 shares of $7 second pre¬
ferred stock and 2,500,000 shares of common stock of Florida at a total
cost not exceeding $7,459,938.
Apparently additional amounts of pre¬
ferred stock were subsequently sold to the public, further reducing Ameri¬
can's investment to $6,714,694.
"Neither the selling literature used in connection with the sale of these
securities to the public nor Florida's balance sheet reflected the fact that
the plant and investment accounts of Florida had been inflated $33,885,993
over the cost to the promoters of that company.
"So far as is known, no substantial amount of the inflation initially
included in plant and investment accounts of Florida has been removed.
It appears that additional inflation in amounts of approximately $2,180,000
in 1926 and $4,000,000 in 1932 has been introduced into plant and invest¬
ments in connection with acquisitions and additions, with the result that
the total of such inflation at Dec. 31, 1940, apparently equaled at least
$40,065,993."
Florida Power & Light, according to the Commission, issued on Dec. 31,
1926, $22,000,000 of 6% debentures in cancellation of an equal amount of
open indebtedness.
Annual interest charges were at the rate of $1,320,000.
Interest has been met from 1926 to date, indicating gross interest paid on
the outstanding debentures of $18,480,000.
Beginning with Sept. 30,
1932, Florida Power & Light omitted or curtailed dividends on its second
preferred stock and at the close of 1932 took similar action on its $7 and $6
preferred. st/Ock*
~ '•*
• ■ ■
. •
*•.•- .
The SEC submitted statistics showing that the accrued dividends on the
company's outstanding preferred stock were at the end of 1940 as follows;
$7 preferred, $5,466,601; $6 preferred, $299,900; $7 second preferred,
$1,155,000.
In addition to interest on the debentures and preferred stocks of Florida
Power & Light held by American Power & Light, the subsidiary declared
dividends on its common stock amounting to $5,075,000 in the six-year
period from 1926 to 1932.
Co., Inc.—Earnings—
General American Investors
6 Mos. End. June 30—
Dividends on stocks
29,483
1,452
27,301
debs_
on
Taxes paid &
accrued
register, trus¬
expenses, &c
^
^
m
-
^
^
~
w
..
:
3,960
18,407
3,960
29,657
V
;
—
W
m:-
_
_
3,960
31,068
Transfer,
tee
17,496
87,534
22.173
78,207
$362,013
210,000
Net income
Divs.
on
pref. stock
Including $17,256
a
20,725
65,175
20,948
64,680
$155,486
221,700
:,214,500
Other expenses
$87,046
227,700
,
$239,846
market value of securities received as dividends,
1939 and $3,376 in 1938 received in
b Includes $4,600 in 1940, $4,100 in
preferred stock.
Notes—(1) Net loss fromsale of securities (on the basis offirst-in
first-out) charged to special account under surplus
(2) Aggregate unrealized depreciation in value of securities as
compared with cost:
June 30,1941---
$1,219,235
a502,218
—
—
Dec. 31, 1940
$253,899
-
$717,017
Depreciation for period!
appreciation on securities held for 18 months or more
(less $36,000 for taxes that would have been payable on such appreciation
ifrealized).
a
After deducting
^
Balance Sheet
Securities
(at cost)
Receivable
1941
Liabilities—
5
$
Assets—
owned
...19,721,295 21,663,718
for se-
:
:
386,174
13,215
1,734,597
4,701,599
93,302
curities sold
Cash
107,127
91,740
int. accrued
25-yr. 5% debs—
3)4%
debs., due
Feb. 1, 1952-.. 2,346,000
6,600,000
34,212
137,500
accr. on
debs.
Payable for securi¬
ties purchased-Pref. divs. payable
Capital surplus
47,324
68,000
88,000
105,000
106,500
14,169,944 14,264,031
Prof, on sees, sold-
119,989
Undistrlb. income.
244,678
21,935 369 26,577,400
Total
392,164
185,517
Dr96,533
Pref. treas. stock-
a
$
3,600,000
1,300,220
Reserve for taxes.
Total
1940
$
$6 pref. stock
3,500,000
a Common stock-1,300,220
Int.
Divs. receivable &
Deferred charges—
June 30
1940
1941
21,935,369 26,577,400
Represented by 1,300,220 no par shares.—V. 152, p. 2395,1432.
Gar Wood Industries,
Inc.—Status of Stock Offering—
behalf of the several
following statement of condition of the
Emanuel & Co. and John J. Bergen & Co., Ltd., on
underwriters on July 9 reported the
common stock syndicate account.
(1) All underwritten stock (356,000 shares) has been sold.
v2) Stock purchased during tne stabilization program is now
through selling group members.
being sold
The Commercial & Financial Chronicle
242
It 1b the intention of the underwriters to continue all sales efforts
until the stock held under option (100,000 shares) has been sold.—V. 152,
p. 4122.
General Cable Corp.—To Pay
a
Preferred Dividend—
a
record for
a
Total Orders
1941
1st
Inc.
1941
Quar-257,382,000
2nd Quar.263,757,000
97,490,000
115,163,000
212,653,000
145
Inc.
S6?490,000 H
145,182,000
164
129
1st 6 mos.521,139,000
1940
159,757,000
102,163,000
305,139,000
188,653,000
56
6Y
To Reduce Staled
Capital from $17,240,767 to $4,248,769—
change to be accomplished by reducing the 1,998,769 common shares from
the present amount of $14,990,767, or $7.50 a share, to $1,998,769, or
$1 a share.
The directors in a circular to stockholders state that this reduction in
capital will materially increase the amount of capital surplus out of which
the company may mark down goodwill, or set up a reserve against it, and
against which It may charge any capital losses which may be suffered in
belligerent countries or elsewhere to the extent that such items are not
charged against earned surplus.
To
At
Pay 15-Cent Common Dividend—
meeting of the board of directors held July 10 a dividend of 15 cents
was declared on the common stock, payable on July 31 to holders
July 21.
This will be the first payment made this year.
In 1940
common shareholders received 15 cents in March and June and 10 cents in
December.—V. 152. p. 3653.
a
a
share
of record
Gisholt Machine
Obituary—
John William Savage, 49, assistant to President Charles E. Wilson,
died July 9 in Rockefeller Medical Center, New York City, following a
short illness.—V. 153, p. 99.
$167,225 at the rates of
A special meeting of stockholders has been called for Aug. 21 to vote on a
reduction in the capital from the present $17,240,767 to $4,248,769, this
Excluding Known Defense Items
1940^
$1,333,452
$0.29
Provision has been made for foreign and domestic taxes at rates und r
existing laws and for expected increased domestic taxes.
six months' period, orders received by this
By quarters, orders received have been as follows:
$1,391,790
$0.32
aries excluded from consolidated net income because they were not realized
in U. S. dollars during the period amounted to
©xcfa.<iQfif0 used
s
company during the first half of this year amounted to $521,139,000 com¬
pared with $212,053,000 for the same period last year, an increase of 145%,
President Charles E. Wilson announced on July 7.
Orders received during the three months ended June 30 amounted to
$263,757,000, a record volume for a quarterly period, and were equivalent
to an increase of 129% over the $115,163,000 of new business booked in
the corresponding period a year ago.
The company's orders definitely known to cover equipment for national
defense purposes amounted to approximately $216,000,000 in the first six
months this year, including $104,000,000 received in the three months
ended June 30, thus making a total of about $466,000,000 of such orders
received since the defense program was instituted last year.
1941—6 Mos.—1940
$637,004
$0.13
After depreciation, Federal and foreign income taxes, &c.
Note—Net income includes earnings of foreign subsidiaries only to the
extent that they were realized in U. S. dollars.
Earnings of such subsidi¬
General Electric Co.—Orders Received—
Establishing
$788,724
$0.21
a
stock, payable Aug. 1 to holders of record July 25.
Like amount was paid
on May 1 and Feb. 1 last and on Nov. 1, 1940, this latter being the first
dividend distributed on this issue since Dec. 17, 1937, when $7 per share
paid.—V. 152, p.2705.
(& Subs.)—Earnings—
1941—3 Mos —1940
Period End. June 30—
Net profit
Earns, per sh. of com.stk.
Directors have declared a dividend of $1.75 per share on the 7% pref.
was
July 12, 1941
Gillette Safety Razor Co.
(3)
a
Co.—Earnings—
Earnings for the 24 Weeks Ended June 14, 1941
(approximate)
Net earnings
Earnings per share
$700,000
$2.62
stock
on common
After provision for Federal income and excess profits taxes, at rates
proposed in the pending revenue bill.—V. 152, p. 2552.
a
General
on
Motors
Corp.—June Car Sales—The company
July 8 released the following statement:
(Adolf) Gobel, Inc.—Assents Now Total $793,000—
June sales of General Motors cars and trucks in the United States apd
Canada, including export shipments, totaled 240,748 compared with 167,310
a year ago.
Sales in May were 235,679.
Sales for the first six
months of 1941 totaled 1,442,028 compared with 1,098,787 for the same
in June
six months of 1940.
Sales to dealers in the United States totaled 224,119 in June compared
with 151,661 in June a year ago.
Sales in May were 217,120. Sales for the
first six months of 1941 totaled
same
six months of
1,328,358 compared with 1,013,034 for the
1940/
Sales to consumers in the United States totaled
with 173,212 in June a year ago.
first six months of 1941 totaled
same
235,817 in June compared
Sales in May were 265,750. Sales for the
1,383,122 compared with 941,821 for the
ssents to the debenture plan of company, totaling $793,000 have already
been deposited, John G. Bates, Chairman, told stockholders July 7 at the
adjourned special and adjourned annual meeting.
Mr. Bates also stated
that assents to $37,000 were expected July 8.
This would make a total of
$830,000.
Before the plan can become effective major debenture stock¬
holders insist that $980,000 of bonds be deposited in advance.
W
Operations from Nov. 1, 1940, to date have been in the black, Mr. Bates
stated, after all charges and including $41,000 for interest and $80,000 for
depreciation.
In the similar period of 1940 the company had a loss of
$147,000.
The meetings
adjourned until July 21.—V. 153, p. 99.
(W. T.) Grant Co .-Sales-
Sales to Dealers in United States
1941
218,578
208,214
January
February
226,592
March
April
1940
1939
164,925
160,458
181,066
56,938
63,771
76,142
78,525
71,676
233,735
—
183,900
126,275
171,024
151,661
99,664
21,154
116,031
207,934
198,064
112,868
124,048
71.803
224,119
June
July
August
September
-----
October...
November
December
—
Total
1938
116,964
115,890
142,743
217,120
.
May
—
——
-
47,606
129,821
180,133
188,839
72,596
61,826
34,752
16,469
92,890
159,573
150,005
lYT()v354 ~36M26
7,436
Period End. June 30—
1941—Month—1940
1941—6 Mos.—1940
Sales
$9,536,752
$8,911,080 $51,809,576 $45,458,480
—V. 152, p. 3809.
(H. L.) Green Co., Inc.—SalesPeriod End. June 30—
1941—Month—1940
1941—5 Mos.—1940
Sales-——
$3,927,300
$3,784,124 $19,012,118 $17,434,583
Stores in operation
/;
151
151
—V. 152, p. 3809.
Greenfield Gas Light
1941
168,168
187,252
January
February
v
253,282
March
935463
120,809
123,874
174,625
1939
88,865
83,251
142,062
1938
63,069
62,831
100,022
Directors have declared a dividend of $1.50 per share on the $6 preferred
stock, payable July 30 to holders of record July 15. Dividend of like amount
was paid on May 26, lastf—V. 152, p. 3184.
1940
April
272,853
183,481
132,612
265,750
235,817
165,820
173,212
145,064
100,782
97,527
186,016
181,421
174,610
129,053
124,618
102,031
76,120
56,789
110,471
162,881
156,008
92,593
76,071
78,758
64,925
40,796
68,896
131,387
118,888
1,827,241
1,364/761
",001470
Greenfield Tap & Die Corp .—Preferred
103,534
May
June
July--....
August
September—
October
November
December
Total
—
....
Total Sales of General Motors Cars and Trucks from All Sources of Manufacture
United States and Canadian Factories—Sales to Dealers and Export Shipment:
1041
235,422
226,609
247,683
January
February
March....
1040
181,088
174,572
193,522
1Q3Q
136,489
133,511
161,057
255,887
May
June..
July..
August..
196,747
142,002
235,679
April
185,548
167,310
110,659
24,019
124,692
226,169
217,406
223,611
128.453
139,694
84,327
12,113
53,072
240,748
—
September—....
October
November..
December
144,350
200,071
207,637
1Q9Q
76,665
77,929
89,392
91,934
85,855
84,885
73,159
41,933
19,566
108,168
185,852
172,669
Gulf Mobile & Ohio
2.025JM3
~542~776 ~108~007
New Vice-Presidents—
Alfred P. Sloan Jr., chairman, announced that the board of directors at
meeting held July 7 elected Henry M. Hogan and Frederic G. Donner,
Vice-Presidents of the corporation and members of the Administration
Committee of the corporation.
Mr. Hogan has been Assistant General Counsel of General Motors, with
headquarters in Detroit. Mr. Donner has been General Assistant Treasurer,
with headquarters in New York.—V. 152, p. 4124.
its
General Public Service Corp.—New Director—
Corp.—Gain in Phones—
General Telephone Corp. reports for its subsidiaries a gain of 2,065 company'owned telephones for the month of June, 1941, as compared with a
loss of 23 telephones for the month of June, 1940.
The
gain for the first
six months of 1941 totals 22,825 (exclusive of purchases and sales), or 4.29%
compared with a gain of 14,775 telephones, or 2.95%, for the correspond¬
ing period of 1940.
The subsidiaries now have in operation 551,851
company-owned tele¬
phones.—V. 152, p. 3809.
as
Georgia & Florida RR.—Earnings—
—Week Ended June 30—,
%
Gross revenues (est.)—
1941
$35,550
1940
Gulf States Utilities
Period End. May 31—
Operating revenues
Operation—
____
Maintenance-.
$29,162
—
Depreciation (b)
...
Federal income taxes._
Other taxes
x
$652,738
Co.—Earnings—
1941—Month—1940
1941—12 Mos.—1940
$930,877
$858,480 $10,932,288 $10,709,653
297,472
265,909
3,401,047
3,312,076
43,507
44,105
574,447
569,568
129,433
120,521
1,498,743
1,467,644
81,600
55,200
811,200
224,503
88,935
83,976
1,031,199
932,838
r
Net oper. revenues.-
$289,930
30,505
Balance..
$3,615,651
28,379
$4,203,024
37,253
$303,396
107,074
$3,644,030
1,266,979
$4,240,277
1,392,125
$216,749
Balance
Interest & amortization-
$288,769
14,627
$320,435
103,685
Other income (net)
$196,322
$2,377,051
584,967
$2,848,152
584,968
$1,792,083
$2,263,184
Preferred dividend requirements
common
stock and surplus
x The
company does not consider that it has any liability under the
Excess Profits Tax Act of 1940 as amended March, 1941.
Beginning with
the month of March, 1941, the accrual for Federal income tax is based on
an estimated rate of 30% against the original estimate of 27%, spreading
the under-accrual for January and February over the remaining 10 months
of the year.
The rate under the present law is 24 %.
Federal income taxes
for the taxable year 1939 were substantially reduced as a result of the re¬
demption of Series C bonds
on
July 31, 1939.—V. 153, p. 99.
Havana Electric & Utilities Co.—Accumulated Dividend
a dividend of 75 cents per share on account
6% cum. 1st pref. stock, par $100, payable Aug. 15
July 31.
Similar payments were made in preceding
quarters.—V. 152, p. 2856.
of accumulations on the
to holders of record
Holly Sugar Corp.—25-Cent Dividend—
1940
$535,068
—V. 153, p. 99.
Honolulu Rapid Transit
Period End. May 31—
Gross rev. from transp—
Operating expenses
Co.—Earnings—
1941—Month—1940
$188,202
$143,227
105,245
96,997
Depreciation
$207,589
7,097
$47,821
11,744
760
17,912
$250,211
68,652
2,519
98.127
$214,686
58,209
3,694
92,379
Cr 15
...
$244,637
5,574
$84,191
14,439
1,058
21.153
Net rev. from oper...
Taxes assign, to ry. oper.
$46,229
1,592
212
Directors have declared an extra dividend of 20 cents per share in addi¬
tion to the regular semi-annual dividend of 50 cents per share on the com¬
Profit and loss
Replacements.
12,900
stock, both payable Sept. 2 to holders of record Aug. 15.
Extra of
30 cents paid on March 1, last, and extras of 25 cents were paid on Sept. 3,
and on March 1, 1940; Sept. 1 and March 1, 1939, and on Sept. 1 and
March 1,1938.—V. 152, p. 267.
Antic, abandonment'41
25,000
mon
Net
revenue—.
—Y. 152, p. 3499.
1941—5 Mas.—1940
$690,431
$634,183
445,794
426,594
$82,956
1,234
Rev. other than transp-
Interest-
Gibraltar Fire & Marine Insurance Co.—jExtra Div.—
'
Directors have declared a dividend of 25 cents per share on the common
stock, payable Aug. 1 to holders of record July 15. Like amount was paid
on May 1, last; this latter being the first dividend paid since Dec., 1938.—V.
152, p. 4125,
Net rev. from transp.
Jan. 1 to June 30
1941
RR.—Equipment Issue—
has aplied to the Interstate Commerce Commission for
authority to issue $2,175,000 of 2.4% equipment trust certificates.
Pro¬
ceeds would be used to finance about 76% of the cost of 1,000 new freight
cars.
A syndicate headed by Harris Hall & Co. (Inc.), of Chicago, sub¬
mitted the high bid for the issue.—See V. 153, p. 99.
The directors have declared
meeting of the board of directors held July 10, Charles W. Kellogg,
was elected a director of this cor¬
poration to fill the vacancy resulting from the death of Arthur Sinclair.—
V. 152, p. 2396.
a
President of Edison Electric Institute,
General Telephone
Dividend—
The company
Balance for
"Z
Total
Co.—Smaller Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, payable July 1 to holders of record June 16.
Previously irregular
dividends of 75 cents per share were distributed.—V. 151, p. 3889.
204,473
Sales to Consumers in United States
At
were
six months of 1940.
~~
$9,654
—
Crl5
47
12,965
512
50,000
$17,192
$17,963
$59,842
Volume
The Commercial &
153
Lighting & Power Co.—Common Stock to
Houston
Be
b Reclassified
declared
have
on
dividend of $1
a
the $7 cumulative
Illinois Bell Telephone
Co.—Earnings—
Uncollectible oper. rev..
$8,817,063
23,040
Operating revenues...
Operating expenses
$8,794,023
6,244,242
Operating
revenues
$8,207,815 $42,514,209 $39,988,754
5,579,611
29,401,116 26,805,328
$2,549,781
1,361,733
Operating taxes
$2,628,204 $13,113,093 $13,183,426
1,297,243
6,727,857
6,587,380
$1,188,048
1,075,456
Net oper. revenues...
Operating
Year—
$
2,445,321
$1,330,961
1,191,053
2,634,239
2,564,294
2,576,911
.2,692,028
2,831,270
913,563
1941.
operating income.
Net income
—V.
152,
p.
$6,385,236
5,470,327
$6,596,046
5,911,083
3657.
Central
group
Walter Stokes & Co.
1941.
Not red. prior to maturity.
Principal
(Mar. 1 and Sept. 1) payable in New York City.
Definitive certificates in coupon form in $1,000 denomination, registerable
as to principal.
Issued under the Philadelphia plan, the certificates will be uncondition¬
To
be
dated
March
1,
and semi-annual dividends
ally guaranteed as to principal and dividends by endorsement of the Illinois
Central RR.
They will be secured by new standard-gauge railroad equip¬
ment estimated to cost not less than $7,699,166 and comprising 1,000 40ton steel box cars, 1,000 50-ton steel self-clearing hopper cars, 200 40-ton
steel
flat
refrigerator cars,
100 70-ton covered hopper cars,
and 100 50-ton
Class
[The road received only one other bid—from Salomon Brothers
98.559 for 2s.]—V. 153, p. 100.
& Hutz-
ler and associates, who offered
Indiana Harbor Belt RR.—Earnings—
—
Period End. May 31—
1941—Month—1940
1941—5 Mos.—1940
Railway operating revs. $1,231,878
$924,839
$5,963,688 $4,810,732
Railway oper. expenses.
745,814
646,047
3,715,193
3,352,615
Net revenue from rail¬
$2,248,495 $1,458,117
x782,563
398,911
540,230;
485,134
operations
Railway tax accruals
Eqpt. & joint facil rents.
$486,064
x211.196
90,915
$278,792
77,591
90,569
Net ry. oper. income.
$183,953
$110,632
$925,702
$574,072
2,996
2,919
14,488
12,546
$186,949
$113,551
$940,190
$586,618
3,108
3,349
15,468
Other income
Total income_
Miscell. deductions from
income..
$183,841
60,282
Net income
x
Includes
excess
$110,202
30,362
$924,722
209,068
$123,559
charges
Total fixed charges
$79,840
$570,348
185,913
$715,654
profits tax of $50,953 for May, 1941,
five months ended May 31,
$384,435
and $82,452 for
1941.—V. 152, p. 3810.
Indianapolis Water Co.—Stock
Offered—An underwriting
headed by Drexel & Co. on July 9 offered at $13.75
a share 225,000 shares of class A common stock (par $10.50
a share), marking the first time that the public has had an
opportunity of participating substantially in the ownership
of the company.
The shares offered have been acquired
from the Geist interests who have heretofore held 97.49%
group
stock and who are retaining 52.49%.
The stock does not represent new financing on the part of
the company nor will the company receive any of the proceeds
from its sale.
The underwriters, it is stated, are making a
of the
voting
common
special effort to obtain broad distribution of the stock in
Indiana, their objective being to place a substantial portion
of the stock in this State.
The offering has been over¬
subscribed.
:
Associated in the of fering are
A. G. Becker & Co., Inc.;
Blyth & Co., Inc.; City Securities Corp.; Collett & Co., Inc.;
Paul H. Davis & Co.; Harriman Ripley & Co., Inc.; Hemp¬
hill, Noyes & Co.; J. J. B. Hilliard & Son; W. E. Button
& Co.; Indianapolis Bond & Share Corp.; Albert McGann
Securities Co., Inc.; Raffensperger, Hughes & Co., Inc.;
Thomas D. Sheerin & Co., and
Stein Bros. & Boyce.
is con¬
Chapman (formerly
Golden Geist Zant-
Company—Incorporated in Indiana, April 23, 1881. Company
trolled by H. S. Schutt, Florence H. Geist, Eloise Geist
Eloise Geist Sheaffer), Elizabeth Geist Ely and Mary
zinger, successor trustees under
deed dated Oct. 7, 1935 between Clarence
H. Geist, Wilmington Trust Co. and H. S. Schutt, through ownership of
292,476 shares of class A common stock and 194,984 shares of class B
common stock, representing 97.49% of the present voting power.
Company owns and operates a water works system devoted to supplying
water for domestic, commercial and industrial uses and for fire hydrant
service in the City of Indianapolis and vicinity thereof, such area having a
population estimated to be in excess of 401,000.
Company has no present
of varying the general character of its business.
Company's
sources of water supply are principally the White River and 56 deep rock
wells, and three gravel-packed wells.
Company owns certain lands and
flowage rights on Fall Creek, which are now being developed as an additional
source
of water supply.
Among other properties, the company owns
water-gathering, pumping, purification storage and transmission and distri¬
intention
bution facilities.
Capitalization as of April 30, 1941
First mortgage
bonds, 3>£ % series, due
1966
5% cum. pref. stock, ser. A ($100 par) (10,549 shs.
Com. stk.(par $10-50 persh.) (500,000shs. auth, &
a
stock authorized. Such
be issued in series, each of which is entitled to a
There are 94,194 shares
authorized stock
may
$14,425,000
outstanding) al ,054,900
outstanding) b5,250,000
of cumulative preferred
c
Period of
1941.
(with substantially similar
in 1942
1941), the class A common stock is entitled
be declared by the board of directors in the
full cumulative dividends on all outstanding
preferred stock have been paid or set apart) up to 80 cents per share annually
before dividends may be paid on class B common stock.
Class A and
class B common stock share equally in dividends after both have received
dividends in any year of 80 cents per share.
The class A common stock
has full voting rights unless four quarterly dividends are accumulated and
unpaid on preferred stock, in which event preferred stock is entitled to
elect one-third of directors.
Class A common stock is entitled to vote as
such
dividends
as
may
exercise of its discretion (after
a
class (as in class B common stock) on certain matters affecting class
rights, and is entitled in the event of liquidation to share the assets of the
company with the class B common stock after payment of debts and pre¬
ferred stock.
Underwriters—The names of the several
stock and the several numbers of shares
V.
Name—
Drexel & Co
-
A. G. Becker &
Name—
Shares
40,000
7,500
6,000
Bros. & Boyce
5,000
15,000
Harriman Ripley & Co., Inc
35,000 Stein
22,500
Hemphill, Noyes & Co
April 30, 19411
Balance Sheet
Liabilities—
Assets
..$22,015,068
12,200
Utility plant...
Investments (net)
.....
2,386,553
....
Service
receivable
accounts
322,545
Cr21,219
106,567
from customers
Materials and supplies
Prepaid Insurance, &c
Deferred charges
10,485
1,087,799
.
Com. stk. (par $10.50 per
sh.) $5,250,000
1,054,900
Preferred stock
14,425,000
Long-term debt
Current liabilities
966,079
21,666
1,978,509
86,694
Deferred credits
Reserves
Contrib'ns In aid of construc'n
390,047
1,747,193
Capital surplus
Earned surplus
$25,920,090
Total
—V.
Shares
....
Thomas D. Sheerin & Co
Paul H. Davis & Co...
—
\
v
J. J. B. Hilliard & Son.
5,000
15,000 W. E. Hutton & Co
35,000 Indianapolis Bond & Share Corp. .20,000
10,000 Albert McGann Securities Co., Inc. 4,000
2,500 Raffensperger, Hughes & Co., Inc. 2,500
Co., Inc..
Blyth & Co., Inc
City Securities Corp
Collett & Co., Inc...
Cash
principal underwriters of the
underwritten by them respectively,
follows;
are as
$25,920,090
Total
152, p.4126.
International Business Machines Corp.—Officials—
meeting of the board of directors, the following officers
elected: President, Thomas J. Watson; Vice-Pres. & Gen. Mgr.,
Frederick W. Nichol; Vice-Pres. in
Charge of Mfg., Charles A. Kirk
Sec.-Treas., John G. Phillips; Assist. Treas., Francis. R. Cowles; Asst.
At the July, 1941,
were
Sec., Frederick C.
Kirk,
Mr.
Elstob.
formerly Executive Assistant at Endicott, N. Y., succeeds
who, on July 3, 1941, was elected
Postal Meter Co., Inc.—V. 152, p.
Vice-President Charles R. Ogsbury,
President and a director of National
3501.
International Metal Industries,
Inc.—Accum. Div.—
declared a dividend of $1.50 per share on account of
the 6% cumulative convertible preference stock, and
the convertible preference class A stock, both payable Aug. 1 to holders of
record July 15.
Accruals on both issues after the current payment will
amount to $13 per share.—V. 152, p. 2398.
Directors
Income avail, for fixed
\
relative rights for the last half of
16,270
way
Taxes
Federal income tax returns for 1937 and
Common Stock—Beginning
A
Other receivables (net)
cars.
a
(net) and preferred stock dividends,
b And other deductions
to
RR.—Equipment Trust Certificates Of¬
headed by Halsey, Stuart & Co., Inc., won
the award July 9 of an issue of $6,920,000 series V, 2%
equipment trust certificates, maturing $346,000 semi-an¬
nually Sept. 1, 1941, and each March 1 and Sept. 1 through
March 1, 1951.
The certificates, the issuance and sale of
which are subject to approval by the Interstate Commerce
Commission, were immediately reoffered to the public at
prices to yield 0.20% to 2.65%, according to maturity.
Associated in the offering group are A. G. Becker & Co.,
Inc.; Ladenburg, Thalmann & Co.; Otis & Co., Inc.; Hallgarten & Co.; G. M.-P. Murphy & Co.; Equitable Securities
Corp.; First of Michigan Corp.; Moore, Leonard & Lynch;
Schwabacher & Co.; Edward Lowber Stokes & Co., and
Illinois
fered—A
ciation
subsequent periods and the excess profits tax return for 1940 are subject
to review and final determination of tax by the U.S. Treasury Department,
four months ended April 30,
Net
tenance
Including Federal income.
a
Avail-
able for
bInt.
Com.
$$$$$$
487,536 102,063 122,557 554,059 704,767 447,758
528,590 119,829 122,809 494,121 715,532 522,627
546.174 109,685 123,406 487,377 722,127 456,552
583,685 118,878 124,906 444,967 837,087 524,716
564,337 113,579 125,668 589,669 637,132 533,909
586,638 100,694 127,598 574,982 626,408 560,591
604,712
94,244 129,413 617,626 649,605 596,428
648,416
95,739 131,423 682,590 618,834 654,268
214,747
36,308
44,847 233,378 203,804 180.479U,
tion
1933.......2,418,740
2,503,508
c
Years
Depre-
Main-
Opera-
Revenues
1939
1940.
exceed
of directors upon the
1941, into 300,000 shares of class A common
class B common stock.
Earnings for Calendar
1936
1941—Month—1940
1941—5 Mos.—1940
$8,230,464 $42,629,110 $40,101,905
22,649
114,901
113,151
Period Ended May 31—
the board
June 27,
on
stock and 200,000 shares of
Corp.—Accumulated Dividend—
per share on account of ac¬
pref. stock , no par value, payable July 15,
to holders of record July 5.
Like amount paid on April 15. last; $1.10 paid
on Jan. 15, last; $1 paid on Oct. 15, July 15, April 15 and Jan. 15, 1940; 65
cents paid on Dec. 22, 1939, and dividends of $1 per share paid on Oct. 14,
last, and in preceding quarters.—V. 152, p. 2397.
Directors
cumulations
1199334578..
110% of the par value, as may be fixed by
designation of any series.
latter
Hutchins Investing
and to a redemption price not to
dividend rate not to exceed 6%
Light Co. Preferred—See
Exchanged for National Power &
company.—V. 153, p. 100.
243
Financial Chronicle
have
accumulations
on
International Paper & Power Co.—May
Complete Cor¬
porate Simplification Soon—
the simplification of the corporate
will probably be taken shortly.
This will result
of the company, which is only a holding company,
of one operating company owning all the domestic
properties.
The new company, it is understood, will take the name of
the present operating company, International Paper Co.
In so far as the position of the present stockholders of International
Paper & Power Co. is concerned, the only change will be the exchange of
their certificates for new ones with the words "and Power" missing from the
is
It
stated
that the final step in
structure of the company
the disappearance
and the appearance
in
name.
It will probably be necessary to have a stockholders meeting to approve
If the action is approved, its completion will mark the com¬
plete divorce of the paper company from the power business, in name as
the change.
well
as
in fact.
the simplification of the company's capital and corporate
taken in 1937.
It resulted in the disappearance of the 7%
preferred and the 6% preferred, and the emergency of the present single
class of 5% cumulative convertible preferred.
The reorganization at that
time also eliminated the three classes, A, B and C, of common stock.
The company's utility stock holdings were turned over to a liquidating
trustee, ending its interest in that business, and recently the Southern
Kraft Corp. was merged into International Paper Co.
International Paper & Power Co. was formed as a Massachusetts volun¬
tary association when the company was expanding its holdings in the
utility business.
The changes to be submitted to stockholders shortly will
officially recognize the complete withdrawal from that field ("Wall Street
Journal").—V. 152, p. 3971.
The first step in
structure was
Interstate Department
Period End. June 30—
—V.
Stores—Sales—
1941—Month—1940
1941—5 Mos.—1940
$2,011,162 $11,741,695 $9,410,729
$2,414,858
Sales..
152, P. 3811.
Finance Co., Dubuque, Iowa—Debentures
Offered—Quail & Co., Davenport, Iowa, recently offered for
sale (only to banks and corporations resident within the State
of Iowa) an issue of $150,000 serial debentures series B, at
Interstate
100 and interest.
The
amounts,
Laturity April
interest rates and
lO,
aiiu
maturities, are as follows:
^OUfUUU, idto
± /o
,
,
$30,000,
Apia
1941.
Coupon denom. of $1,000. Interest payable
of company upon 30 days' notice at a premium equl
to ^ of 1% for each full year or fraction thereof which shall exist between
date of redemption and maturity.
Prin. and int. payable at American
Trust & Savings Bank, Dubuque, la., or First National Bank, Chicago, 111.
Corporation is the leading Iowa company engaged principally in the
automobile finance business.
During 16 years of service to automobile
dealers and individual purchasers, the corporation has handled a total
volume of wholesale and retail automobile financing of approximately
Dated
A-O.
April 15,
Red. at option
^Total'assets
1925 to
The
of the corporation have increased from
$3,629,489 on Nov. 30, 1940.
proceeds of this financing
$184,047 on Dec. 31
will be used for general corporate purposes.
The Commercial & Financial Chronicle
244
Investment Co. of America—Net Asset Value—
Kennedy's, Inc.—Sales—
Company reports sales in all departments for five months ended June 30.
1941, totaled $3,447,169 as compared with $2,773,123 in corresponding
period of previous year, an increase of $674,046 or
24.3%.
June sales amounted to $867,107 against $771,064 in June, 1940, an
increase of $96,043 or 12.5%.—V. 152, p. 2241.
The net asset value of the company as of June 30, 1941, with securities
owned adjusted to market prices, was $17.43 per share of common stock.
This compares with $16.82 on May 31, 1941, and $16.08 per share on
June 30,
1940.—V. 152, p. 3811.
Iowa Southern Utilities
Period Ended May 31—
Gross oper. earnings
Prov. for retirements—
Net oper. earnings...
on
_
$4,316,392
2.489,759
401,500
.
2,682,735
469,000
$107,235
58,047
12,500
7,488
$1,377,861
544,756
$1,464,438
699,704
150,384
90,807
other fund. debt.
Amort. & other deduc'ns
150,000
157,561
,.,■■■
Net income before spe¬
cial charges
$29,862
39,304
„
$29,199
$523,543
13,364
$525,543
Special charges
x
Net Income
$29,862
$29,199
x Includes
provision for legal fees and other expenses in connection with
plan for recapitalization.—V. 152, p. 3811.
Italian
Superpower Corp.—July Interest Not Paid—
The interest due July 1, 1941 on the 35-year 6% gold debentures, series
clue Jan. 1, 1963, is not being paid.—V. 152, p. 3971.
Jacksonville Gas
Co.—Earnings—
-12 Mos. End. Mar. 31
Period—
1941
Maintenance
....
Years End.
1940
1940
$667,151
290,798
27,31.3
91,953
Operating revenues
Operations.
Taxes
A
$637,275
274,434
30,761
92,413
$660,049
294,125
30,070
91,952
Dec. 31
1939
$599,633
252,690
29,56*
88,778
Provision for retirements
and
56.039
48,957
52,436
45,389
$201,048
$190,710
*191,464
*183,209
$191,464
184,153
Net oper. revenues
Non-oper. income
1
Interest
deductions
375
$201,049
182,245
Gross income
$191,084
189,387
8,305
Selling and general
"$18,804
Int. receivable from Am,
Gas & Power Co
Net
$1,698
$7,311
$589
3,177
3,177
3,177
3,177
$21,981
income
$4,874
$10,488
expense
93,055
Income from operations
$284,596
6,521
Other income (net)
Net income,
before provision for
profits taxes
Federal income and
Jewel Tea Co.,
M.
Kasch
as
company, to become effective July 12, has been announced by this company.
At the same time it was disclosed that F. J. Lunding, Assistant Secretary,
will take over the duties held
by Mr. Kasch for the last seven years, as
officer in charge of Jewel Food Stores.
$188,875
66,396
Assets—Cash and demand deposits, $397,357; marketable securities.
$5,068; accounts and notes receivable, (net) $253,890; inventories of mer¬
chandise and supplies, $99,717; cash surrender value of life insurance policies,
$16,301; investments, $25,995; property, plant and equipment (net),
$988,085; deferred charges, $48,418; goodwill, acquired by purchase, at
cost, $21,394; patents, formulae and processes, $1; total, $1,856,227.
Liabilities—Notes payable, $13,557; contracts payable for equipment
purchases, $23,179; accounts payable, $440,517; accrued interest, payroll
and miscellaneous accruals, $63,175; real estate trust deeds payable, $15.786; other long-term indebtedness, $16,412; 1st mgte. conv. 5A% sinking
fund bonds, $282,500; reserve for contingencies, $20,000; capital stock,
$732,420; earned surplus, $248,681; total, $1,856,227.
Note—Capital stock is represented by:
preferred stock, no par value,
non-voting, 60 cents cum. dividend, 250,000 shares authorized, 75,598
issued; and common stock, no par value, voting, 500,000 shares
authorized, 166,093H shares issued.—V. 152. P- 268.
shares
Kobe, Inc.—Preferred Dividend—
Directors have declared
a
on
the 6%
holders of record June 20.
Kanawha Bridge & Terminal Co.—Bonds Called—
10,000 first mortgage bonds have been called for redemption
on
July 9 at 105 and accrued interest.
Payment will be made at the
Fidelity-Philadelphia Trust Co., Philadelphia, Pa.—V. 150, p. 2730.
Kansas City Power & Light Co.—Earnings—
Operating
1941—12 Mos.—1940
$17,558,314 $16,691,539
8,572,356
8,050,499
772,384
651,815
$741,296
120,413
8,539
182,353
$700,156
116,261
8,539
177,956
$8,985,958
1,448,432
102,478
2,167,479
$8,641,039
1,426,321
102,478
2,128.591
1,569
5,626
151,545
1,560
5,539
109,054
19,409
69,318
1,515,572
18,972
64,716
1,045,708
$271,248
$281,244
$3,663,267
$3,854,251
$0.48
$0.50
$6.52
expenses
Net earnings
Interest charges
Amort, of disc. & prem_
Depreciation
Amortization of limitedterm investments
Misc. income deductions
Fed. & State inc. taxes._
Net profit
Earnings
per
share
com.
after income tax
Note—No provision has been made in the above for Federal
taxes, if any, for the year 1941.—V. 152, p. 3658.
Kellett Autogiro
$6.88
excess
profits
Corp.— Unfilled Orders—
Unfilled orders amounted to $2,365,710 on June 30, the highest total
inithe corporation's history, according to R. G. Kellett, executive VicePresident.
This
compares with bookings of $702,937 a year ago.
Sales in the first six months of 1941 totaled $532,000,
compared with
$290,905 In the first six months of 1940 was $738,479 for the entire year
of 1940, Mr. Kellett said.
As of June 30 the corporation's employees numbered 586, a new
high.
A year ago there were 225
employees.
The present force will be con¬
stantly increased as orders recently received get into production.—V. 151,
p.
3564.
Key West Electric Co.—Earnings—
1941—Month-—1940
Operating revenues
Operation.
$17,456
$262,535
6,462
2,408
5,810
1,034
3,007
1,035
1,810
72,568
19,958
37,197
22,660
27,649
$7,493
$4,760
799
133
$82,502
4,134
$59,858
945
$8,292
1,884
$4,892
1,840
$86,636
23,947
$60,803
23,082
$6,408
$3,052
$62,689
24,374
$37,721
24,374
$38,315
$13,347
2,235
Depreciation
3,263
2,554
x
led. income taxes
Other taxes
r-j
Net oper. revenues
Other income (net)
$205,536
67,048
18,846
29,440
8,322
22,023
fc
r
Balance
Interest & amortization.
Balance.
Preferred dividend requirements
a
year
x
Company does not Consider that it has
Profits
month
Tax Act of 1940
of
April, 1941
any
liability under the Excess
amended March, 1941.
Beginning with the
the accrual for Federal income tax is based on an
as
estimated rate of 30% against the original estimate of 27
%. spreading the
under-accrual for January, February and March over the
remaining nine
months of the year.
The rate under the present law is 24
1941—6 Mos—1940
$12,425,269 $74,686,025 $68,725,047
ago.—V. 152,
3811.
p.
(S. H.) Kress & Co.—Sales—
Sales for June of this year amounted to $7,723,592, an increase of $1,413 ,or 22.4% over June, 1940.
For the first six months of this year, sales
$43,042,234, an increase of $5,692,310, or 15.2% over the first
six months of 1940.—V. 152, p. 3811.
283,
totaled
Lamaque Gold Mines, Ltd.—Earnings—
1941
$1,196,482
25,773
1940
$1,261,476
24,375
$1,170,709
5,304
$1,237,101
1,252
$1,176,013
532,102
69,659
76,689
186,808
$1,238,353
515,630
66,889
75,780
102,442
$310,805
Tailing loss
$477,613
_
Gross returns from bullion
—
Miscellaneous income-Gross income--
Development, mining, milling and exploration
General expense
Depreciation
exp_
;;
—
-
_
Reserve for taxes
-
Net income.
—V. 152, p. 3813.
—
Lamson Corp. of Delaware—Initial
Preferred Dividend—
Directors have declared an inital dividend of 44.4 cents per share on
the 6% preferred stock, payable July 15 to holders of record
July 10.—
V. 152, p. 3502.
Lane Bryant,
Inc.—Salds—
Period End. June 30—
Sales
1941—Month—1940
$1,464,791
$1,266,902
1941—6 Mos.—1940
$8,196,401
$7,030,260
—V. 152, p. 3813.
(R. G.) Le Tourneau, Inc.—Stock Listed—
The New York Curb Exchange has authorized the listing of 75,000
additional shares of common (par $1) upon official notice of issuance, upon
the conversion of $4.50 cumulative convertible preferred stock.—V.
152,
P. 4127.
Lee Rubber & Tire Corp.—Tenders—
Corporation is sending a notice to stockholders soliciting tenders for
approximately $671,000 of the company's outstanding capital stock.
The tender invitation, involving roughly 10% of the outstanding
shares,
will entitle record holders on July 11 to participate and will expire on
July 24.
Price at which tenders may be tendered has been fixed at $25 a share and
calls for acceptance of 26,834 shares.
If a greater number is tendered,
acceptances will be pro-rated.—V. 152, p. 3660.
Lehigh Valley RR .—New President—
Revelle W. Brown, former Operating Vice-President of the Reading RR.
Jersey, was on July 9 elected President of this
railroad, to succeed A. N. Williams, who resigned to become President of
the Western Union Telegraph Co.
Mr. Brown started his railroad career
as a laborer in 1901.—V.
153, p. 101.
and the Central RR. of New
Lehman
Corp.—Annual
Report—Assets
Equal
$28.77
Share—
An increase in net asset value to $28.77 per share as of June 30, 1941 is
by the corporation in its annual report, the per share value having
been $27.46 a year previous.
%.—V. 153, p. 101
2,003,377 shares of stock
the hands of the public at the recent year-end.
The statement shows net unrealized depreciation
were
outstanding in
June 30, 1941 of
approximately $7,134,294, as compared with $9,888,798 a year earlier.
Robert Lehman, President discloses in his letter to stockholders that
the corporation purchased
during the quarter ended June 30, 1941 15,059
shares of its own capital stock for retirement at an average price of
approxi¬
mately $20.49 per share.
Since the announcement was made to stock¬
holders on May 22, 1940 that the corporation proposed from time to time
to reacquire its own shares, it has purchased a total of 78,203 shares
which
are now held in the
treasury, pending retirement.
As of June 30, 1941, 72.5% of the corporation's gross assets were invested
in common stocks, based on market
quotations or estimated fair value.
Cash, receivables and United States Government obligations accounted
for 15.1%, other bonds for
5.6% and preferred stocks for 6.4%.
Assets
valued at fair value in the opinion of the directors, amounted to
1.18% of
the
Balance
1941—Month—1940
$13,024,585
shown
1941—12 Mos. —1940
$24,416
Maintenance
Like amount
Number of stores in operation on June 30, last, were 671 in the United
States and 62 in Canada, compared with 675 American and 61 Canadian,
per
Period End. May 31—
cum.
(S. S.) Kresge Co.—SalesSales
A total of
Period Ended May 31—
1941—Month—1940
Gross earnings
$1,513,681
$1,351,972
dividend of 30 cents per share on account of
pref. stock, par $20, payable July 1 to
was paid on April 1, last, Dec. 28,
Sept. 30, July 1 and April 1, 1940, Dec. 21, 1939, and on July 1, 1938.
—V. 152, p. 1755.
Mr.
Kasch, who will observe his 57th birthday on July 11, resigned at
the insistence of his personal physician.
In making his decision known
to Jewel Food Stores employees he said,
"My years in the Food Stores
Department have been the best of all my life.
Every hour was a busy
one, but the days never seemed too long because the spirit of our people
was an
inspiration to me and a source of satisfaction that I shall never
forget."—V. 153, p. 100.
$291,116
102,242
Consolidated Balance Sheet March 31, 1941
3 Months Ended May 31—
Gross value of heads
Vice-President and director of the
excess
profits taxes
Dividends paid
Period End. June 30—
Inc.—Official Resigns—
The resignation of F.
Federal income and
-
excess
Net income.
Balance Sheet March 31, 1941
,
22,725
Depreciation
$3,766
Assets—Property,
plant
and
equipment,
$6,541,426;
investments,
$74,968; cash in bank and on hand, $55,731; accounts receivable (less re¬
serve for uncollectible accounts
of $26,616
$113,701; merchandise, ma¬
terials and supplies, $98,648; insurance deposits, $851; special deposit,
$680; deferred charges, $6,634; total, $6,892,641.
Liabilities—Long-term debt, $5,160,306; cumulative conditional interest
accrued on 1st mtge. bonds, $425,122; consumers' meter and extension
deposits and interest accrued thereon, $97,869; accounts payable, $69,466;
accrued unconditional interest on bonds, $35,940; accrued taxes
(local,
State and Federal), $29,234; other accrued liabilities, $2,163; reserves,
$440,732; capital stock (par $1), $50,196; capital surplus, $526,286; earned
surplus, $55,327; total, $6,892,641.—V. 151, p. 2649.
4,105,806
$1,081,282
680,906
Interest and amortization of bond discount
accumulations
Balance
$5,187,088
Gross profit
$191,514
190,926
replacements
Ended March 31, 1941
Gross sales less returns and allowances
Cost of goods sold
$510,178
$525,543
Creamery Co. of Calif. (& Sub.)—Earnings—
Consolidated Earnings for Year
$1,425,133
Dr284
$1,346,537
31.324
$98,754
43,308
12,500
13,084
Total net earnings
Int. on mtge. bonds
Knudsen
1941—12 Mos—1940
$4,498,272
$104,102
3,133
$99,038
Other income
Int.
Co.—Earnings—
1941—Month
1941—Month—1940
$348,048
$339,568
209,010
200,966
40,000
34,500
Oper.exp., maint.& taxes
July 12, 1941
total
gross
on
assets.
Although the holdings
on
June 30, 1941 show little change in the propor¬
tionate amount invested in the major categories of assets from the
position
on
March 31, 1941, a number of additions, eliminations, increases and
decreases appear among the individual items comprising the
corporation's
holdings,
among the more
important being the following:
Added to United States Government obligations were $700,000 Recon¬
struction Finance Corporation 1% notes due April 15, 1944, series "W "
Volume
Lowell Gas Light Co.—Earnings—
$182,000 Corporate Stock of the City of New York for Transit
1980.
stock group, 1,000 shares of Goodyear were added to
previous holdings, as were 4,500 shares National City Bank, 2,500 shares
American Radiator, 1,700 shares Climax Molybdenum, 6,900 shares Con¬
tinental Oil, 1,400 shares Phillips Petroleum, 3,200 shares Standard Oil of
New Jersey, 6,200 shares Arkansas Natural Gas, 2,800 shares Pennsyl¬
vania Railroad, 2,800 shares Union Pacific, and 2,000 shares McCrory
Stores.
New items are 10,000 shares of Pure Oil, 5,000 shares of U. S.
Rubber, 4,700 shares of Burlington Mills, and 3,000 shares S. H. Kress.
The chief decreases among common stock holdings were United Aircraft
by 1,000 shares, Texas Gulf Sulphur by 1,800 shares, Commonwealth
Edison by 18,600 shares and Pullman by 10,824 shares.
Sold out were
2,000 shares American Telephone & Telegraph and 1,000 shares Bunker
Sold
was
Unification 3%.
In the
Taxable divs. in
$339,187
1,746,899
$3,135,145
$2,752,248
$2,086,086
al64,993
48,914
422,347
al41,973
50,991
411,431
$2,512,824
$2,115,993
$1,481,691
1,664,424
1,665,264
2,075,780
$1.02
2,081,580
$0.71
Int.
miscellaneous taxes.
The net unrealized depreciation of the corporation's assets
market quotations, or, in the absence of market
quotations, on fair value in the opinion of the directors, was approximately
$7,134,295.
The net unrealized depreciation on June 30, 1940 computed
on the same basis, was approximately $9,888,798.
(2) Under the terms of the management agreement no liability for
management compensation accrued for the fiscal year ended June 30, 1941.
(3) Taxable dividends paid in securities have been taken into income,
the basis being the market value of such securities on the ex-dividend dates.
Consolidated
$71,642
30,481
$62,627
121,924
1,522
Doubtful
$3,675,559
28,372
$3,703,931
Bond
$4,216,246
Dividends Paid—
Accumulated net realized loss on investments from date corpora¬
tion commenced business, Sept. 24.1929 to June 30,1940—a$13,790,311
the fiscal year ended June 30,
the basis of average cost)
real estate loans wirtten off in prior years—
-
and
617
467,483
mortgage interest
Net profit--- ————— Dividend on preferred shares
Less—Recovery on
$23,514,189
the profit and loss account of $18,680,152
been segregated as explained in
(debit balance) as of June 30, 1940 have
the note.
Note—In preparing
the statement of surplus for the fiscal year ended
of the items comprising the profit and loss
balance) as of June 30, 1940 has been made
Other bonds and stocks
Inventories
;
1,574,071
outside of Canada
727,319
725,223
23,951,477
Deferred charges
Land, bldgs. & plant, &c
831,038
Tr.-mkp., processes & g'dwill
Premium on purchase of sub.
cos.' capital stock
7,552,180
—V. 152, p.
ness,
-
4,043,240
$18,680,152
of $8,933,081.25 shown above represent dividends
prdeclared during the years 1936 and 1937 by reason of the profit from the
sale of investments during those years, and in view of the Revenue Act of
undistributed profits. Although the profits actually
represented merely a reduction of past losses, they were, nevertheless
taxable income which either had to be distributed or taxed as undistributed
1936 imposing a tax on
profit.
:,i
Balance Sheet June 30
\
■
a
1,500,000
U. S. Govt, secur
975,688
70,701
58,871
advances.-
Other
real
rec.
a
At cost,
and loss
Undistrib.
50,266
Total
175,705
83,673,396
taxes
on
divs. paid (Dr.)
and int.
accrued
195,125
&
invest. & special
1
for securi¬
ties sold
Divs.
433,975
-
-
Capital surplus.-.83,673,396
Profit
estate
investment
Receiv.
332,822
65,841,022 67,483,3621
net
.23,514,189 ^Z>rl868C152
or¬
dinary income-. 4,216,246]
cTreas. stock
Drl,693,250 L>rl87,947
Total
65,841,022 67,483,362
b Represented by 2,086,884 no par shares,
by 83,507 shares held at cost in 1941, and
c
Represented
11,104 shares held at cost in 1940.
—V. 152, p. 3813.
Lerner Stores
Corp.—Sales—
Period End. June 30—
Sales.
1941—Month—1940
1941—5 Mos.—1940
$4,138,834
$3,755,529 $18,582,178 $16,548,314
—V. 152, p. 3813.
3814.
future
deprecia¬
150,000
bonds- 11,900,000
7,770,400
11,053,904
—;
107,000
3,566,517
Common
stock
-
surplus
surplus
$45,530,961
Total..
3665.
203
200
---------
^
on
1940
$869,742
65,755
construction contracts, &c
—
on
sale of Pulaski property
$279,135
32,556
$823,995
—
I
Total income
Loss
$311,691
37,217
5,597
and equipment—
b Provision for exchange
1,363
c285,954
Net
profit
Dividends declared
Earnings per share of capital stockAfter
portion charged
$210,812
308.501
-
58",066
$536,679
Other charges
Provision for taxes on income.
1939
$557,288
253,692
24,460
$803,987
20,007
—
income
267,368
$2,561
$6.52
to contract costs
of $2,100,229 in 1940 and
$1,187,122 in 1939.
b Foreign funds, interest paid on prior years'
income taxes, and sundry,
c Includes $50,000 excess profits tax.
Balance Sheet Dec. 31, 1940
Federal
receivables, $1,444,722; unbilled costs on
$475,382; other assets, $52,401; property, plant and
contracts in process,
deferred charges, $28,638; total, $3,268,314,
$145,000; accounts payable, $1,068,063;
applicable to bill in ps on uncompleted con¬
tracts, $72,674; customers' deposit, $58,725; dividend payable, $61,700;
accrued taxes, $14,847: Federal and foreign taxes on income, $281,000;
excess of billings on contracts in process over estimated applicable costs,
$521,604: capital stock (84,410 no par class B shares), $84,410; surplus,
$1,034,104; treasury stock (2,143 shares at cost), Dr.$73,813; total,
$3,268,314.—V. 152, p. 3972.
equipment, $314,747;
Liabilities—Notes
payable,
provision for additional costs
McKesson & Robbins,
dividend of 1 cents per share on the common
stock, payable Aug. 22 to holders of record July 22.
Like amount was paid
on April 22, last and compares with 30 cents paid on Dec. 21,1940; 20 cents
paid on Aug. 22 and April 22,1940; 30 cents on Dec. 22,1939, and dividends
of 20 cents paid on Aug. 21, and April 20, 1939, and on Dec. 22, Aug. 20
and April 20, 1938.—V. 152, p. 2860.
payment of creditors'
claims.—V. 153, p. 102.
McLellan Stores Co.—Sales—
1941—Month—1940
$1,888,024
1941—5 Mos.—1940
$9,774,619
$8,496,466
declared a dividend of $1 per share on
the common
$2,065,132
—V. 152, P.
3814.
Directors have declared a
Mack Trucks,
Directors on July 1
Inc.—SI Dividend—
stock, payable July 29 to holders of record July 15.
Like amount paid on
Dec. 27, 1940 and dividends of 50 cents was paid on Aug. 1, 1940 and on
Dec
28, 1939, this latter being first dividend paid since March, 1938.—
V. 152, P.
Loose-Wiles Biscuit Co.—Loan of $4,000,000—
Funds for the redemption of company's 5% preferred stock which was
called for redemption July 1 at $105 and dividends, were provided by an
institutional loan of $4,000,000 from the Prudential Insurance Col. of
America.
The loan bearing interest at 3% consists of five notes maturing
at intervals of three years.
The first is due April 1, 1944.—V. 152, p. 3506.
Inc.—Sales—
City Bank Farmers Trust Co. has been appointed registrar for 56,000
% cumulative preferred stock and 1,685,901 shares of common
stock.
Manufacturers Trust Co. has been appointed transfer agent for
the common and preferred stock and as exchange agent; also agent for the
shares of 5 H
Period End. June 30—
Corp.—20-Cent Dividend—
a
.
Sales
Lone Star Gas
for
tion in Inventory values—
1st mtge. & coll. trust
Preferred stock
Assets—Cash, $952,423; trade
75,458
Res've for accrued
expenses
investments
2,086,884
415,476
secur.
purchased
950,687
estate corp
and
2,086,884
801,351
Capital stock
Dividends payable
4,952,234 Payable for
Invest. In real
Misc.
b
Reserve
1941— Month—1940
1 941—6 Mos.—1940
$3,922,568
$3,610,540 $22,105,495 $20,017,051
——— —
Profit from operations
Other
a
$
$
Liabilities—
a
1940
1941
1940
55,963,948 56,026,923
5,136,824
6,871,443
for depreciation
Salaries, wages, expenses and taxes
Pulaski works operating loss
The special dividends
Secur. owned
93,100
267,157
7,006.049
liability
Reserve
a
corporation commenced busi¬
Sept. 24, 1929 to June 30, 1940
19,842,689
Cash
1,152,822
Mortgages payable
Years Ended Dec. 31—
Profit
from date
1941
122,312
gasoline
(Arthur G.) McKee & Co.—Earnings—
loss
investments) from date corporation com¬
menced business, Sept. 24, 1929 to June 30,
1940
$23,885,930
Less—Dividends declared from net ordinary in¬
—
-
Stores in operation——
on
come
for income,
and other taxes
McCrory Stores Corp.—Sales—
Period End. June 30—
Sales...
Credited to undistributed net ordinary incomeor
Reserve
$22,723,392
—
profit
$45,530,961
— —
$2,225,143
116,556
accr'd llabil
payable
Represented by 900,000 no par shares.—V. 150, p.
a
467,279
$0.66
Bond interest accrued
Capital
Total
Accumulated net income (excluding
Preferred dlv.
Earned
follows:
Charged to profit and loss investments and special
dividends paid—
Accumulated net loss realized on investments
from date corporation commenced business,
Sept. 24, 1929 to June 30, 1940
-$13,790,311
Special dividends declared during the years 1936
and 1937 by reason of the profit realized on
investments during those years
-.8,933,081
Accts. pay. &
Deferred
Inv. in & advs. to sub. cos.
June 30, 1941, a segregation
account of $18,680,152 (debit
as
$1,057,505
—
Liabilities—
$364,131
45,000
7,057
3,075,877
6,677,589
Dominion & Provincial bonds
Mtge. loans & other lnvest'8Balance June 30, 1941 (debit)
a These items which comprised
-
Earnings per share of common stock (on 900,000 shs., no par)
Consolidated Balance Sheet Dec. 31, 1940
Accts. & bills receivable
30,1941$14,581,107
Special dividends declared during previous years by reason of
profits realized on investments during those years
a8,933,081
Accumulated net realized loss on investments to June
150,000
630,000
—-
Assets—
812,111
21,314
—
depreciation in inventory values
Provision for income and excess profit taxes
Reserve for future
Cash
Net realized loss on investments for
1941 (computed on
1] 5,000
47,003
-
"
Profit and Loss on Investments and Special
1,236,323
-
accounts
Bank interest
a$4,043,240
2,512,824
2,339,818
—
Ltd.—Earnings—
[Including Canadian Subsidiaries]
Statement of Earnings for the 11 Months Ended Dec. 31,1940
Amortization of bond discount
the fiscal year ended June 30, 1941
ended June 30,1941
Balance June 30, 1941
»
Depreciation
$83,673,396
------
$112,075
60,962
of
Assoc.
Total income
Undistributed Net Ordinary Income—
—
Util.
Profit from operations
Income from investments
Capital Surplus—
Less—Dividends declared during fiscal year
600
$61,105
;
McColl-Frontenac Oil Co.,
of Surplus Fiscal Year Ended June 30, 1941
Balance June 30, 1940
Net ordinary income for
600
$71,642
$93,475
106,683
indebtedness
on
600
$112,075
600
_
Balance Sheet March 31, 1941
June 30, 1941, based on
--
50,597
Assets—Property, plant & equipment, $3,657,386; investment in capital
stock of affiliated company (Public Utilities Management Corp.), $2,440;
long-term appliance contracts, $25,643; cash, $21,250; accounts receivable
(less reserves for uncollectible accounts of $22,101), $64,012; merchandise,
materials and supplies, $124,324; insurance and special interest deposits,
$4,435: deferred charges, $21,325: total, $3,920,816.
Liabilities—Long-term debt, $950,000; consumers' meter and extension
deposits, $46,328; accounts payable, $111,421; balance due on authoxized
instalments on serial obligations assumed. $69; accrued interest on long-term
debt, $3,562: accrued interest on other debt, $972; accrued taxes (local, State
and Federal), $56,868; other current and accrued liabilitias, $4,543; un¬
adjusted
credits, $10,855; reserves, $782,366; capital stock ($25 par)
$1,524,050; earned surplus, $429,782; total, $3,920,816.—V. 152, p. 3506
Notes—(1)
1941
38,461
accrd. but not recvd—
2,081,580
$1.02
Balance June 30, 1940 and June 30,
45,062
$93,475
Amer.
Provision for Federal, State and
Statement
46,493
Balance
2,497,896
2,003.377
$1.15
on
$150,763
46,987
and expense
$2,118,172
2,339,818
Shs.cap.stk.out.(nopar)
Earnings per share
a
$168,263
50,959
Amort, of debt discount
103,336
78,410
428,578
Dividends
Net ordinary income.
$208,014
48,846
replacements
$2,728,497
al83,526
43,265
395,530
Other oper. expenses
$137,574
13,189
$187,433
46,373
Gross income
$318,653
2,304,5il
105,333
Reg., transf., &c., exp--
$161,124
7,139
605,066
Prov. for retirement and
1938
1939
$301,200
2,427,302
23,746
Franch. &cap.stk. tax_
$196,758
11,256
Net income
Common dividends
$262,724
2,852,291
20,130
secur__
Total income
$742,640
869
Interest deductions
Earnings for Years Ended June 30
1940
$744,717
583,594
$186,564
Net oper. income
Non-operating income—
preferred stock list was decreased by the sale of 3,500 shares $5
preferred and 1,700 shares $6 preferred of American Power & Light, and
the elimination of 2,060 shares Chicago Great Western 5% preferred.
Bonds other than United States Government obligations, with a total
market value of $3,272,320 were retained practically unchanged.
1941
$757,460
560,702
Operating expenses..
The
Cash dividends
759,944
573,379
Gross oper. revenues
Hill and Sullivan.
U,
1937
1938
1939
1940
Calendar Years—
common
Interest earned
245
Financial Chronicle
The Commercial &
153
3029.
Maiden Electric
Directors have
Co.—Dividend—
declared a dividend of
1 per share on the common stock,
payable July 12 to holders of record July 7. Dividend of $1.10 was paid on
April 12, last; $1.25 was paid on Jan. 14, last, and $1.20 was paid on Oct. 11,
1940.—V. 152, P. 2400.
The Commercial & Financial Chronicle
246
Marine Midland Corp.
(& Subs.)—Earnings—
(Including constituent bank and trust companies and other affiliates)
Period End. June 30—
1941—3 Afos.—1940
Net earnings after taxes.
Earnings per share
1941—6 Mos.—1940
$969,897
$892,250
$1,785,779
$1,628,580
$0.17
$0.16
$0.31
$0.29
Note—Adjusted to June 30 minority interests.—V. 152,
Marion Reserve Power
p.
2400.
$3,116,961
20,698
$3,368,477
$3,137,659
1,380,060
208,163
88,274
195,421
271,171
1,464,928
General taxes
241,024
Federal income taxes..
191,703
178,161
_
reserve
323,101
Interest
on
serial notes
Amort, of debt, disc. &c., & other ded'ns (net)...
Dividend
169,219
134,250
30,000
a
Balance.
a
in
Net
376 250
26,237
earnings
$117,001
Note—The operating results
as
$2,915,563
2,407,241
$2,479,831
1,906,767
$508,322
$573,064
$157,987
Canadian
3815.
dollars are taken at
shown in
average rates of exchange.—V. 152, p.
Millers Falls Co.—Common Dividend—
Directors have declared
stock,
no par
a dividend of 25 cents per share on the common
value, payable June 30 to holders of record June 20.
Divi¬
was paid on Dec. 31, 1940 and on Dec. 30, 1939.—V. 151,
dend of 50 cents
3894.
p.
37,426
Of which $60,000 (3,000 shares at stated value of
$20 per share)
1941—4 Mos.—1940
1941—Month—1940
$730,255
$623,898
613,254
465,911
from oper.
earns,
Oper. exps. and deprec.
$355,438
$5 preferred stock.
on
Gross
$554,657
161.530
mortgage debt
$994,570
$314,254
on
$969,559
285,250
33,722
40,553
$610,034
Interest
Period End. Apr. 30—
1939
$3,343,295
25,182
Non-operating income
Provision for retirement
surjrtus, $119,939; earned surplus, $334,446; total, $1,028,203.—V. 152,
Mexican Light & Power Co., Ltd.— -Earnings—
1940
Mai ntenance
operations, $20,548; property, plant and equipment (net), $259,443; patents
$56,576; deferred charges, $53,105; total, $1,028,203.
Liabilities—Bank loan, $35,000; accounts payable and accrued expenses,
$116,182; provision for Federal income and excess profits taxes, $155,400:
long-term obligation, $140,000; capital stock ($1 par), $127,235; capital
Co.—Earnings—
Calendar Years—
Total operating revenues
July 12, 1941
Milwaukee Gas Light Co.-
-Earnings-
Calendar Years—
6,341,184
6,000,257
1,378,893
1,138
2,078,541
244,838
4.51,506
623,413
230,870
2,019,647
218,440
465,937
628,452
150,332
$1,331,985
£>r70,816
$1,291,727
Dr36,359
$1,261,169
$1,255,367
600,030
1,757
34,393
11,606
600,030
Gas purchased for resale:
From affiliated company
Other
paid
common
stock, and $74,250 paid in cash.
Note—(1) Preliminary calculations made by the company based on the
invested capital method indicate that no provision for the Federal Excess
Profits Tax is required for the year ended Dec. 31,
1940, either before or
after allowing for the above special deductions.
1939
1940
Operating revenues—Gas
Operating expenses and taxes:
Operation
Maintenance
Depreciation
Taxes—State, local, &c
*—
....
Federal and State income
1,224,579
1,140
Balance Sheet Dec. 31, 1940
Assets—Plant,
&
ments
property,
rights,
franchises,
&c.,
$14,345,716;
invest¬
fund
accounts, $13,688; deferred charges & prepaid accounts,
$603,410; cash and working funds, $800,240; special cash deposits, $11,425;
accounts receivable (net), $418,709; materials and
supplies, $230,000; total,
$16,423,189.
Liabilities—$5 preferred stock (32,306 shares no par stated at $100 per
share), $3,230,600; common stock (par $20), $660,000; first mortgage bonds,
3XA% series, due Feb. 1, 1960, $7,750,000; eight-year 2%% promissory
notes, $1,015,625; eight-year 2%% promissory notes (current), $156,250;
accounts payable, $260,829; dividend payable on common
stock, $16,500;
accrued taxes, $123,043; accrued interest,
$137,131; consumers' deposits,
$43,505; other current liabilities, $11,969; reserves and deferred credits,
$1,063,714; contributions for extensions, $10,603; contributed capital sinplus, $910,100; earned surplus, $1,033,320; total, $16,423,189.
—V. 152, p. 4129.
v
Massachusetts Power & Light
Associates—Pref. Div.—
Directors have declared a dividend of 40 cents per share on the $2
pre¬
ferred stock, payable July 15 to holders of record
quarterly dividends of 50 cents per share
Master Electric Co.YearsEnd. Dec. 31Gross
sales
less
were
July 7.
Previously
distributed.—V. 152, p. 3973.
1940
returns & allowances.
Cost of goods sold
Maintenance
Depreciation and amort.
Taxes
(other than inc.
taxes)
Interest
long-term debt
General interest (net)
on
Amortization of debt discount and expense
Miscellaneous income deductions
Net income.
Dividends
on
Dividends
on
1938
al937
$2,867,731
1,599,608
245,474
68,429
220,523
69,496
97,569
6,335
$4,604,919
2,605,317
473,030
58,969
stock
486,820
$1,302,722
21,797
$861,261
15,750
$412,627
12,807
the
earnings of the properties of Wauwatosa Gas Co., West Allis Gas Co.,
Lakeshore Gas Co. and Wisconsin Eastern Gas Co., acquired by the com¬
of July 31, 1939.
pany as
Comparative Balance Sheet Dec. 31
1939
$
$
1
Utility plant
Other phys. prop.,
<fcc.
9,789
Cash
9,790
468,034
Notes & accts. rec.
496,287
1,487,979
1,173,314
443,055
Materials & suppl's
462,492
$1,324,519
10,607
b520,000
$877,012
income deductions
Federal income taxes
9,439
$425,434
5,177
952,776
971,175
176,000
72,800
$793,912
Dividends
c592,85i
Shares capital stock
250,000
Earnings per share.$3.18
$691,573
415,480
241,500
$347,458
241,500
210,000
$2.86
$1.65
$2.87
undis. profits
a
Including subsidiary,
b Including
$8,452 stock dividend of 3 K %.
excess
profits
tax.
Includes
c
and accounts
notes
receivable, customers. $677,972; other accounts receivable,
$8,499; inventories, $1,034,380; cash surrender value of life
insurance,
$7,575; fixed assets (net), $99,308; intangible assets,
$22,554; deferred
charges, $18,926; total, $3,621,618.
Liabilities—Accounts payable, $154,809; accrued liabilities,
$150,711;
provision for Federal income and capital stock taxes,
$549,200; common
stock ($1 par), $249,947; paid in
surplus, $349,257; earned surplus, $2,152,694; reserve for contingencies, $15,000; total, $3,621,618.—V.
152, p. 3973.
May 31—
revenues
Uncollectible
oper.
rev.
47,568
350,960
in
242,482
254,384
182,076
181,866
6,451,935
932,964
aid
6,220,481
7,153
of
Reserves....
....33,253,196 32,657,292
729,581
Total.........33,253,196 32,657,292
-V. 150, p. 3982.
Minneapolis Gas Light Co.—Earnings-12 Mos. End. Mar. 31
Period—
1941
Operating revenues
Operating expenses:
Operations
Years End. Dec. 31—
1940
1939
1940
$6,042,342
$5,594,019
$5,885,614
$5,355,723
3,077,794
2,790.303
247,575
259,465
870,582
769,367
2,989,942
255,731
836,646
2,643,284
264,032
763,127
Taxes (incl. inc. taxes)
Prov. for retires, & re¬
placements
288,022
271,308
284,810
267,781
$1,558,369
3,247
$1,503,576
3,256
$1,518,486
3,312
$1,417,500
$1,561,616
Interest deductions.....
476,014
Other deductions
94,470
$1,506,832
$1,521,798
476,380
Net oper. revenues
Non-oper. income
...
Gross income
Balance.
1941—Month—1940
1941—5 Mos.--1940
$4,505,586
$4,041,152 $21,686,005 $19,284,954
16,107
13,146
79,505
62,079'
47,210
433,679
40,137
244,746
Surplus...
Total
9,000,000
Fed. and State in¬
construction
Michigan Bell Telephone Co.—Earnings—
Period End.
471,718
Deferred credits..
Maintenance
Balance Sheet Dec. 31, 1940
Assets—Cash, $826,479; U. S. govt, and Canadian bonds, $25,925;
Operating
36,029
Due to affil. cos
Contrib.
_
$
2,000,000
Long-term debt___13,334,000 13,334,000
201,202
166,318
Accounts payable.
Consumers' depos.
come taxes
$601,768
272,975
210,000
on
1939
$
Preferred stock... 2,000,000
Common stock
9,000,000
Miscellaneous
accounts
$801,394
17,126
134,350
48,150
Net income.
1940
Liabilities—
29,872,125 29,563,671
$774,122
27,272
Surtax
140,000
Including net income of acquired companies for seven months ended
July 31, 1939, of $27,445.
Note—The above income account for 1939 has been restated to include
609,017
Net profit from oper.
Other income
$565,409
315,000
Accrued liabilities.
625,084
a
140,000
—
a
80,663
3,803
769,053
expenses
34,393
14,904
270,000
pref, stock, series A
cum.
Def. chgs. & prepd.
73,750
4,908
40,631
$613,383
7%
common
1940
$3,998,198
2,094,046
124,354
12,357
Rents and royalties
Selling, general & adm.
Net earnings
A sscts
1939
$5,466,759
2,827,572
375,750
54,951
'
Interest deductions:
-Earnings-
disc'ts,
)
Net earnings from operations
Other income (net)
Int.
receiv.
24,756
94,470
94,470
$1,442,256
476,234
94,470
$935,624
$950,948
$871,552
476.738
$991,132
from Amer.
Gas & Power Co
7,829
Net income
31,316
Net oper.
Operating
$4,489,479
2,753,339
$1,736,140
637,560
$1,634,593
574,428
$8,796,538
3,439,906
$7,733,976
2,787,168
$1,098,580
1,086,200
revenues
taxes
$4,028,006 $21,606,500 $19,222,875
2,393,413
12,809,962
11,488,899
$1,060,165
1,038,965
$5,356,632
5,307,865
$4,946,808
4,852,266
x
Preferred dividends
$943,453
205,461
$950,948
203,617
$902,868
206,006
Net income
Operating revenues
Operating expenses
1
$991,132
202,409
$788,723
$737,992
$747,331
$696,862
x
Includes payments on account of participation units.
Balance Sheet
Net oper. income
Net income
Qain in Phones—
Mar .31,''41
Assets
Investments
July 1,
gain of
7,547 during June. This compared with increases of
12,208 in June, 1940,
and 9,878 in
May, 1941.
► Telephones in service increased by 59,282
during first six months this
a
year.—V. 152. p. 3815.
Cash
on
In
Selling,
gen.
&
1940
213,758
Net operating profit.
1938
1937
$566,348
388,150
$546,956
365,408
150,664
165,279
108.225
$73,321
5,711
$131,802
1,918
$12,918
426,832
9,259
Total income
Other deductions
Fed. income taxes
$133,721
3,207
27,500
$14,864
11,212
1,945
3,532
d Special depos. for
partlcip't'n units
(contra)
36
undistributed
Net income
count & expense
Preferred dividends
Common dividends
gas
Rate
$3,002
415
1,555
211
31,635
17,717
$59,326
9,990
(contra)
Unadjusted credits
105
105
5,350
3,143,700
3,090,592
2,256,700
793,427
815,066
1st preferred stock,
(8100 par)
2,256,700
75,871
75,843
80,424
85 Inc. partic.units
1,408,425
1,469,226
76,828
c
2,200,000
2,200,000
574,562
415,114
30,915
36,717
cum.
74,523
52,128
76,501
52,805
17,141
7,656
33,657
36,355
4,773
15,199
Unamort. leaseh'ld
Other
45,000
__
Reserves
exp.
improvements..
19,954
105
10;558
1st pref. stk. $6
series (contra)
expenses-
litigat'n
on
Partic'p't'n units
con¬
Franchise expense.
Pref. stock selling
Prepaid
$103,014
52,500
accr.
a
105
&exch. expense.
$180,020
72,483
divs.
pref4 stocks
Other
11,483
Unamort. debt dis¬
version expense.
8,000
10,557
9,842
48,750
Accrued
1st pref. stk.
1,107
10,600
profits
llabs—
local,
a
45,000
$79,033
1 650
874,396
11,484
4,032
Natural
r
58,347
793,176
Def. acct. payable
609,463
(contra)
$364,111
1,545
176,680
taxes,
State & Federal.
d Special depos.for
$365,656
30,236
al55,400
Other income
on
$816,049
533,582
Acer,
Insurance
admin,
expenses
Surtax
1939
$
Accrued interest..
498,288
&
mat*Is
Special Int. depos.
-Earnings-
$1,773,085
1,195,216
285.368
640,546
&
supplies
Micromatic Hone Corp.
1,823,755
136,610
banks
hand
Dec. 31,'40
S
Liabilities—
Long-term debt...11,772,000 11,772,000
Consumers' depos.
88,231
88,169
Accounts payable.
335,030
291,053
1,823,755
Accounts receiv'le.
Mdse.,
Mar. 31,'41
$
Prop., pl't <fe eqpt.27,133,746 27,038,378
Stations operated by this
company totaled 878,674 as of
Years End. Dec. 31—
Net sales
Dec. 31,'40
S
Com.
stock
(no
par)
Earned surplus
b Excess of
liquida¬
tion
Liquidation val. of
partic. units out¬
standing
Capital surplus
Z>rl ,677,809 Drl775,565
10,308,667 10,308,667
Balance Sheet Dec. 31, 1940
»r.£?sJ%?T~(Cash, $231,871;
accounts
receivable,
Total
$158,489;
inventories,
—31,529,882 31,248,579
$216,867; prepaid insurance, taxes and other items, $13,746; balances due
from officers and employees, $4,841; cash surrender
value of life insurance
tion
policy, $2,527; land contract receivable, $10,190; real estate
redemption.—V. 151,
not
used in
a
Called for
units
redemption4-not
outstanding,
p.
Total
deposited,
.
..31,529,882 31,248,579
b Over cost value of participad Called for
Represented by 44,000 shares,
2652.
c
Volume
The Commercial &
153
Minneapolis Brewing Co.—Earnings
1940
1939
$2,043,252
1,336,728
$2,511,564
1,269,793
$706,524
28,001
$1,241,770
5,943
$734,525
$1,247,713
Years Ended Dec. 31—
Gross
profit from sales
Selling, delivery, administrative
& general expensesi
Sundry other income.
Interest and amortization expense..,.
10,996
Monogram Pictures Corp.—Listing—
«
-
«.
*.
Sales
—V. 152, p. 3816.
bottles.
Balance Sheet Dec. 31, 1940
■
$354,905; inven¬
equipment (net),
$2,760,868; deferred charges, $115,323; total, $4,452,082.
Liabilities—Notes payable, $34,757; accounts payable, $210,151; accrued
liabilities, $66,105; Federal and State taxes on income, $199,200; liability
for containers paid for by customers, $110,443; long-term debt, $300,000;
capital stock (par $1), $500,000; capital surplus, $ 1,117,84j3; earned surplus,
$1,913,582; total, $4,452,082.—Y. 152, p. 1924.
/
Drop Forging Co.—Tenders—
Moore
.
Assets—Cash, $718,646; notes and accounts receivable,
tories, $442,413; other assets, $59,927; property, plant and
Company announced that $44,894 is now available In the sinking fund
purchase on July 31, 1941, of class A shares of the company at the
lowest price such shares are offered to the company, not to exceed $75 per
per share.
Class A shareholders are invited to submit offers on or before
July 21, 1941 to the company's transfer agents, Bankers Trust Co. in
New York or the First National Bank of Boston.—V. 152, p. 684.
for the
(G. C.) Murphy Co.—Sales—
$4,931,317
Stores in
operation
—v. 152, p. 3817.
Amort,
56,822,747
3,126.127
$6,162,202
2,796,775
56,718,885
3,052,614
limited-term
of
V
investments.
6,771
6,729
550,000
6,863
600,000
6,889
650,000
Prop, retire, res. approp.
500,000
.
Bancservice
$3,059,408
1,457
$2,808,656
1,084
V,V.
Chancellor W. W. Harrington at
53,015,915
1,608,153
72,368
Cr4,733
$3,060,865
1,618,430
70,121
Crl ,768
$2,809,741
1,627,880
71,220
Crl,687
$3,193,841
1,636,542
71,793
Cr6,031
$1,340,127
560,511
$1,374,081
688,628
$1,112,327
$1,491,537
3,080
526,209
560,511
2,700
427,623
747,882
2,502
-
Int. charged to construe.
Net income
Divs.
on
Divs.
on
Divs.
on
1% pref. stock.
6% pref. stock.
$6 pref. stock.,
427,812
$50,000 for possible Federal excess
Includes provision of
x
5,680
567,980
profits tax.
,
1940
July 2 that Z. E. Vose of New York
appointed Yice-President of the company
been
''v^y
Lines, Inc. (& Subs.)—Earnings—
National City
1940
1939
1938
$6,843,061
5,864,803
$5,876,963
5,096,498
$4,774,393
4,306,165
$978,258
$780,464
129,352
31,118
$468,228
46,250
$1,107,610
328,243
$811,583
220,298
$514,479
162,206
$779,367
Calendar Years—
$591,284
$352,272
$1.01
I'
/
Operating income
Operating expenses
Net
operating income
Other income
—,
77,944,660 77,491,208
2,501
2,001
Investments
371
81
1,047,890
871,396
8,461
7,031
Sinking fund....
Casti in banks (on
.
Working funds
34,114,000
Long-term debt. ..33,924,000
Accounts payable77,503
Divs. declared
247,706
81,998
474,795
24,035
28,652
Matured int..
demand)
Other deductions
34,673,000 34,673,000
aCapital stock
Plant, prop., fran¬
Total income-...*;..---...
$
87,172
86,700
Taxes accrued
1,269,184
Interest accrued..
307,395
Consumers' deps..
1,065,657
310,557
Notes receivable..
2,208
1,884
Accts. receivable..
751,553
753,137
Materials & suppl.
486,519
484,166
13,508
19,825
Deferred credits-.
43,503
8,600
11,648
6,887
9,497
Reserves..—....-
6,053,213
5,813,166
Prepayments
Misc.
curr.
assets-
32,653
24,135
dlsct. & expense
1,363,272
Otber def. charges
5,386
1,419,025
8,630
Special deposits-.
-
Otber curr. & accr.
liabilities
Contribu'n
J
13,027
4,932,882
of
..81,665,367 81,092,517
Total
aid
in
construction.
Earned surplus—
debt
Unamortized
39,996
11,816
4,384,670
Net income
Earnings per share on common
_
$2.61
$2.05
Consolidated Balance Sheet Dec. 31, 1940
Assets—Cash, $1,243,901; accounts and notes receivable, $90,745; note
receivable, $50,000; materials and supplies, $81,497; prepaid expenses,
$125,357; tangible property, $3,604,000; intangible property, $2,297,878;
other assets, $1,056,277; total, $8,549,656.
Liabilities—Accounts payable, $159,210; accrued salaries and wages,
$107,569; accrued taxes, insurance and other expenses, $152,017; dividends
payable on preference and class A stocks, $64,875; accrued Federal taxes on
income, $228,129; equipment and other term obligations, $1,938,337; bonds
of subsidiary company, in hands of public, $234,000; unearned revenue,
$41,400; $3 convertible cum. preference stock, $3,325,000; $2 cum. conv.
class A stock, $750,000; common stock ($1 par), $200,000; paid-in surplus,
$760,000; earned surplus, $589,120; total, $8,549,656.—V. 152, p. 2863.
....81,665,367 81,092,517
Total
Represented by:
80,073 shares 7% pref. cum., $100 par; 417 shares
pref. cum., $100 par; 71,302 shares of $6 pref.cum. (no par),and
2,000,000 shares of common, $10 par.—V. 153, p. 103.
National Gas & Electric Corp.
Period Ended May 31—
a
of 6%
Operating revenues
Operation-.
Maintenance
Earnings
Mississippi River Power Co.
General taxes
1940
1939
$4,503,576
$4,271,100
yl938
$4,021,444
1,943,793
400,000
1,577,056
260,000
1,026,202
260,000
1,693,392
260,000
982,957
991,053
999,397
1,008,477
Retirement res.
$1,735,845
$1,235,308
Gross income
494,068
1,241,600
494,068
840,000
Calendar Years—
Gross earnings.
Oper. exps., maintenance
and taxes.
Provision for deprec
deductions
Net income
$1,176,826
494,068
609,600
...
dividends
Common dividends
Balance, surplus.:
$28,309
$177 def$98,760
Transmission Co.
y Including Missouri Trans¬
Including
$51,141
1,857
$636,613
23,457
$617,331
16,397
$65,908
25,914
$52,998
20,396
$660,070
$633,728
254,201
225,989
$32,602
10,673
$405,868
127,160
$407,739
128,191
355
476
4,266
7,001
4,266
421
—
accrualsi
$28,804
$21,098
$267,441
$269,589
,
10,413
Interest on bonds
Amortization of debt dis¬
fe,::
Other income charges --
Missouri
mission Co. to date of dissolution, Nov. 23, 1938.
x
income-__
count and expense—
$73,158
„
Net income
x
1941—12 Mos.—1940
$2,248,073
$2,037,125
1,125,480
1,272,492
99,805
93,318
46,966
100,131
147,543
145,519
$39,994
—
Gross
(& Subs.)—Earnings—1
1941—Month—1940
$170,224
$202,182
95,405
112,957
6,455
6,952
5,083
9,783
12,139
9,941
$62,549
3,359
xUtility oper. incomeOther income (net)
x
$1,442,991
494,682
920,000
—
$4,197,178
Int., amort, and miscell.
Preferred
—
Fed.& State inc.taxes._
*1937
had
and had joined its ad¬
1.—V. 152, p. 3031.
ministrative staff on July
1939
$
Liabilities—
$
chises, &c.
~
<
1939
1940
;-:.
\
Balance Sheet Dec. 31
Assets—
7
Wilmington, Del., July 9, ordered the
Inc.—New Official—
National Candy Co.,
Announcement was made on
mtge. bonds
Other int. k deductions
on
Be
to
!"
remaining assets of the corporation totaling $103,165 to be distributed on a
pro-rata basis among the holders of preferred stock upon receipt of claim.
The distribution was recommended in the final report of William Poole,
receiver of the dissolved concern.
The Chancellor allowed claims totaling
$3,189,891
3,950
Gross income
Int.
Chicago—Assets
Corp.,
$4,596.—V. 128, p. 1744.
$3,014,572
1,343
Net oper. revenues
Other income
204
202
^ : ,7v; ,;•>
- — -
- —
Distributed—
1937
1938
1939
$7,429,773
x3,758,312
Operating revenues
Oper. exps., incl. taxes..
Earnings—
Light Co
1940
1941—Month—1940
1941—6 Mos.—1940
$4,397,795 $26,213,088 $22,568,660
Period End. June 30—
Sales
National
Minnesota Power &
Calendar Years—
Inc.—Sales—
1941—Month—1940
1941—5 Mos.— 1940
—.$52,871,545 $43,104,316 $249784,642 $204237,361
'■
:-v ;/,\\ v :
,
1
Period End. June 30—
-
261,742
$958,385
300,000
500,000
of capital stock
$1.02
$1.92
Note—Depreciation charges for 1940 amounted to $387,187 of which
$216,646 applied to plant and equipment and $170,541 to kegs, cases and
.
(par $1)
—V. 153, p. 104.
$511,719
Net income
Dividends paid
Earni ngs per share
approved the listing of 55,376 addi¬
upon official notice of issuance.
The New York Curb Exchange has
tional shares of common stock
Montgomery Ward & Co.,
1,662
195,444
Provision for taxes on income
ferred stock, $15,011; dividends accrued on 7% cumulative preferred stock,
$3,273; accrued taxes, $151,320; accrued interest, $16,595; other current
liabilities, $10,648; reserves, $868,808; contributions in aid of construction,
$31,160; earned surplus, $245,335; total. $6.234.513.—V. 151, p. 1901.
27,586
14,703
Bad debts charged off, less recoveries..
Net loss from disposal of capital assets.
247
Financial Chronicle
—
Before retirement reserve
355
accruals.
-V.
5,693
153. p. 105. >
Balance Sheet Dec. 31
1940
*133CtS'
Utility
Other
'''
Cash on
$
—
Deposits
570,749
..—
for
cum.
Com.
stock
159,431
5,801,097
42,356
.16,000,000 16,000,000
18,570,500 18,722,000
p»ment of int., &c.
531,015
535,353
(trade)
263,832
3,703
244,026
6,119
1,092
on
to
affil.
3,473
10,516
Accounts payable .
Payrolls payable..
Due
pay-
Period End. Apr. 30—
$til)sidia^ ■'
8,234.475
($100
Funded debt
National Power & Light Co. (&
$
$
.
pref. stk. 8,234,475
par)....
157,891
5,798,043
sink. fd. trustee.
6%
1939
1940
r
Liabilities—*
depos.with
Investments..
Cash.
1939
S
'
properties.47,206,083 47,162,231
properties..
38,027
129,604
10,091
Direct taxes
52,391
756,305
562,167
417,313
421,100
Due from affil. cos.
Divs. declared....
123,517
123,517
Pon current acct.
89,175
Mat'ls & supplies.
71,349
585,639
Deferred charges..
50,641
68,086
626,851
Taxes accrued
Interest
45,393
26,537
5,528,789
5.023,367
5,627,606
55,315,505 54,825,795
Total
Total--..... ..55,315,505
54,825,795
Rent from lease
liabilities
__
operating income
Otber income
—
$281,132
1,756
$340,932
$282,888
83,930
$341,890
158
Net income
preferred stock.
stock.
Dividends
on
on common
_
_ _
_
19,440
19,429
8,018
Miscellaneous deductions...
Dividends
1.868
3,003
General interest-
Amortization of bond disct. & exp
2,586,354
Cr5,048
\
9,892,855
067,517
102,167
1,623
13,820
1,100
applicable to mi¬
nority interests.--:—
$3,771,724 $15,965,771 $15,154,376
1,405,802
5,623,206
5,685,503
$2,365,922 $10,342,565
$9,468,873
96
349
20
25
$194,241
99,319
$177,650
$223,180
99,319
99.319
49.200
49,200
49,200
Assets—Utility plant, $5,623,728; cash, $80,132; accounts receivable
(net), $70,849; materials and supplies, $134,695; prepaid insurance, $4,687;
deferred charges, $275,105; commissions and expenses on preferred stock,
$45,317; total, $6,234,513.
Liabilities—7% cumulative preferred stock, series A, $561,100; 6%
cumulative preferred stock, series B, $1,000,700; common stock
(par
$100), $1,230,000: long-term debt, $2,058,000; accounts payable, $28,587;
customers' deposits, $13,978; dividends payable on 6% cumulative pre¬
$2,291,002
$2,365,897 $10,342,469
$9,468,524
$2,291,002
f Net equity
5,365,897 $10,342,469
31,660
121,327
$9,468,524
$2,397,557 $10,463,796
103,942
630,782
$9,568,342
$9,833,014
1,020,942
$9,159,005
Nat. Pow. & Lt. Co.—
t Net equity..
—
.33,237
—
$2,324,239
Expenses, incl. taxes—
152,012
Bal. before int. and
other deductions.--
$2,172,227
$2,293,615
deductions.
257,813
258,296
Other income.--
Total
Int. & other
11,074,302
014,515
$3,696,824
1,405,802
957
Balance Sheet Dec. 31, 1940
Cr27,530
$2,291,022
-Balance
-
;■
83,020
7,610
$6,353,030 $25,791,109 $26,214,163
Portion
$307,711
Gross income
Interest on funded debt
charged to construe.
Balance
$1,009,813
668,881
5,708
1,
$6,058,816
2,389,522
Preferred divs. to public
1938
$ 1,031,646
750,514
$307,553
Operating expenses and taxes
Net
1939
1940
$1,103,576
796,023
„
6,332,508
$6,336,783 $25,706,651 $26,087,235
and
other deductions
Mississippi Valley Public Service Co —Earnings—
Calendar Years—
Total operating revenues
public
6,587,353
2,299
Gross income-—-—
to
1,543,167
>,338,771 $25,712,359 $26,094,845
14,259
78,750
119,318
i,056,517
Operating income
Int.
—V. 152, p. 3190.
$6,055,288
1,229
Other income (net)
Interest
_
1,497,510
of plants
(net)
5,646,076
accrd.
Reserves......
Earned surplus...
-
retirement reappropriations..
Net oper. revenues...
Other current and
Other accts. ree'le.
• •,
$19,089,578 $80,522,964 $76,390,442
9,053.321 38,206,146 36,976,771
y3,206.190
2,156,307 ylO,022,814
6,993,928
Property
serve
accrued..
Accts. rec.
1941—12 Mos.—1940
•
•
Operating revenues.—-$20,376,430
Operating expenses
9,617,442
cos.
current acct.
Subs.)—Earnings—
1941—3 Mos.—1940
—
Bal. carried to
consol.
99.818
409,337
1,020,523
$8,812,072
$8,138,482
$1,914,414 $2,035,319
$0.29
$1.30
$1.18
share
$0.27
t Net equity of National Power & Light Co. in income of subsidiaries,
y Includes provisions by certain subsidiaries, of $155,103 and $392,807
for Federal excess profits tax, for the three months and the 12 months ended
April 30, 1941, respectively.
earned surplus
Earnings per com.
The Commercial & Financial Chronicle
248
Comparative Statement of Income (Company Only)
Period End. Apr. 30—
1941—12 Mos.—1940
$6,733,498
$6,010,346
1941—3 Mos.—1940
$1,626,371
$1,627,834
Inc. from subs., consoL.
Other income
New
33,237
31,660
121,327
$1,659,608
53,816
98,196
$1,659,494
46,752
expenses
57,190
$6,854,825
258,151
372,631
$6,110,164
195,962
213,375
Net oper. income
$1,507,596
$1,555,552
$6,224,043
$5,700,827
257,813
258,296
1,020,942
1,020,523
Total income
—
Taxes
-
-
Other
1941
England Telephone & Telegraph Co.—Earnings—
Period Ended May 31—
Operating
99,818
July 12,
1941—Month—1940
1941—5 Mos.—1940
$7,354,271
46,753,910 $35,114,458 $32,625,654
14,222
17,282
64,860
76,821
revenues
Uncollectible oper. rev
Operating revenues... #7,340,049
Operating expenses
4,899,999
Net oper. revenues...
$6,736,628 $35,049,598 $32,548,833
4,638,308
23,732,561
22,786,932
Operating taxes
$2,440,050
925,226
$2,098,320 $11,317,037
775,570
4,404,149
$9,761,901
3,740,084
$4,680,304
Net operating incomeNet income..
Note—No provision has been made for Federal excess profits tax since
excess profits are indicated.
$1,514,824
1,099,909
$1,322,750
919,779
$6,912,888
4,781,122
$6,021,817
3,987,794
Gain in Phones—
Int. & other deductions.
$1,249,783
Net income
$1,297,256
$5,203,101
no
Offers Houston Lighting Shares for Own Preferred—
The first step in the program of the Electric Bond & Share
its system took final form July 10 with announcement by
National
Power &
stock by exchange
Co. to simplify
its subsidiary.
Company reports a gain of 7,792 stations in June, against a gain of 7,000
June last year.
For six months this year the gain was 53,565 com¬
pared with 38,903 In the first six months of 1940.—V. 152, p. 3819.
in
Light, of specific terms for retirement of its preferred
for Houston Lighting & Power Co. common stock.
National proposed to offer its preferred stockholders
common stock for each share of National $6 preferred.
1% shares of Houston
The rate of exchange
approved by National directors, July 10. It was filed July 11 with the
Securities and Exchange Commission in the form of an amendment to the
company's previous application seeking the necessary approval of the
SEC to the contemplated exchange of stocks.
The proposed offer, National explains, will give the company's preferred
stockholders who make the exchange $6.75 a share in dividends based on
Houston's 10-year dividend record of $3.50 a share per year and $10.16 a
share in earnings based on Houston's earnings for the 12 months ended
May 31, 1941 which were $5.42 a common share.
The exchange plan is to become operative when it is accepted by 75%
of National's preferred stockholders, but may be declared operative by the
National Board when accepted by 50% of such stock.
It would expire on
Oct. 31, but that date may be extended not more than 60 days by Board
was
New York Air Brake
Period End. June 30—
Net profit after taxes,
Co.—Earnings1941—6 Mos.—1940
1941—3 Mos.—1940
depreciation, &c
Shs. cap. stk. (no par)..
Earnings per share
$642,510
259,120
$2.48
$291,401
259,120
$832,818
259,120
$3.21
$1,121,446
259,120
$4.33
$1.12
Note—No provision has been made for Federal excess profits tax, as the
amount of such tax. if any, depends upon earnings for the full year and
accordingly cannot be determined at this time, the report states.
To
Pay 50-Cent Common Div.—
Directors have declared
a
dividend of 50 cents per share on the common
stock, payable Aug. 1 to holders of record July 18. Like amountsiwere paid
on May 1 and Feb. 1, last, and
compares with $1 paid on Dec. 16, 1940,
and 50 cents paid on Nov. 1, 1940, and each three months previously.—V.
152, p. 3353.
action.
Steps are now under way for the call of a special meeting of
holders to obtain their sanction for the contemplated plan.
National stock¬
New York Central RR.
Period End. May 31—
National already has retired most of its debt in
anticipation of ultimate
liquidation steps.
It now has outstanding only $4,829,500 of debt in the
form of 5% debentures and has more than sufficient cash and current assets
to retire that remaining amount.
Sawyer, President of National, success of the
distribution or sale of the company's
remaining assets for benefit of remaining stockholders "in accordance with
such proposals as may be approved from time to time by the SEC."
The
preferred not accepting the Houston exchange would be liquidated at $100
Railway
Railway
According to Paul B.
Houston exchange would be followed by
Net
National's
major remaining assets following a distribution of Houston
would be Pennsylvania Power & Light, Caroolina Power & Light, Birming¬
ham Electric and ownership of the Memphis Steam Generating Station.
V. 152, p. 4130.
National Investors
Netry.
Expenses.
....
69,027
-
$260,342
....
9,458
-
Dividend
Net
$183,470
177,425
Statement
of Assets June 30, 1941
Assets—Cash,
$1,278,988; dividends receivable, $23,542; investments,
at market value (Federal income tax cost). $9,890,554; less, excess of tax
cost over market value, $1,195,268; total, $9,997,816.
Deduct—Dividend declared, $202,552; payable on capital stock repur¬
chased, $1,087; accrued expenses, $4,400; provision for taxes, $14,541; net
assets, $9,775,237.—V. 152, p. 4131.
National
Liberty
Insurance
Co.
of
America—Extra
Dividend—
Directors have declared an extra dividend of 10 cents per share in ad¬
dition to the regular semi-annual dividend of like amount on the capital
stock, par $2, both payable Aug. 15 to holders of record July 31.
Similar
were paid on Feb. 15, last; Aug.
15 and Feb. 15, 1940, and on
amounts
32,644,394
14,293,280
5,886,205
5,133,024
1,552,089
2,873,605
1,335,445
22,541,306
7,340,790
12,464,9o9
6,659,695
6,685,113
130.108
4,209,050
130,586
29,882,096
663,317
19,124,604
721,532
6,555,005
4,392,236
4,078,464
3,999,869
29,218,779
20,231,658
18,403,072
19,784,151
-
-
available
for
charges
income
2,162,769
Note—Company
Net income
46,524,697
17,906,519
6,076,872
Total fixed charges
4,282
$188,772
202,552
Taxes
6,936,974
2,921,129
1,142,240
Total income
fixed
1941- -5 Mos—1940
29,494,370 170,487,940 145,450,851
22,55V,396 123,963,243 112,806,457
10,629,751
4,334,858
1,161,869
Misc. deduc. from inc..
72,591
1940
inc
oper.
Income
1941
$267,257
-
.
from ry. oper.
Other income
Corp.—Earnings—
6 Months Ended June 30—
Cash dividends
oper. expenses-
Railway tax accruals—
Equip. & jt. facil. rents-
shsir6
a
36,717,134
26,087,383
oper. revenues.
rev.
Co.—Earnings—
1941—Month—1940
not
subject
78,595
Federal
to
8,987,121 def1,381,079
excess
profits
tax.
Equipment Trust Certificates—
The Interstate Commerce Commission on July 2 authorized the company
obligation and liability in respect of not exceeding $15,000,000
(second equipment trust of 1941) 2
equipment trust certificates, to
be issued by the
Guaranty Trust Co., New York, as trustee and sold at
100.539 and accrued dividends in connection with the procurement of
certain equipment.
The report of the Commission states:
The applicant invited 161 firms and institutions to bid for the
purchase
of the certificates, the bidders being required to name the rate of dividends
to be borne thereby in multiples of
M of i % per annum.
In response thereto
two bids representing 17 parties were received.
The better bid, 100.539
and accrued dividends, based on a rate of 2M% per annum, was made
by
Salomon Brothers & Hutzler, acting on behalf of itself and Dick & MerleSmith and Stroud & Co., Inc., and has been accepted.
On this basis the
average annual cost of the proceeds to the applicant will be approximately
2.14%.—V. 152, p. 4131.
to assume
Aug. 15. 1939.—V. 152. p. 271.
Neisner
New York City Transit
Brothers, Inc.—Sales—
Period End. June 30—
1941—Month—1940
Sales
$2,021,955
$1,857,315
—V. 152, p. 3819.
1941—6 Mos.—1940
$10,778,307
Nevada-California Electric Corp.—Name
$9,798,153
Changed, &c.
A. B. West, President, in letter to stockholders June 30, states:
"The necessary filing and recording has been done so that the effective
date of the amendments adopted by the stockholders, June 20, and there¬
six shares of
stock
Income from operations
Non-operating incomeExcess of
and
common
settlement
stock and $1 in cash for each share of old preferred
of cumulative dividends on the preferred stock.
Up to that date holders of approximately 71 % of the corporation's preferred
stock have accepted such offer and in view of such substantial
acceptance
the board of directors has extended the period for acceptance until the close
of business on July 24.
Those preferred stockholders who have signed the
letter of acceptance of the offer of settlement are notified that stock cer¬
tificates in definitive form representing the $3 preferred stock authorized
by the amendment to Article Fourth are available for issuance and such
stockholders may, therefore, forward their stock certificates to International
Trust Co., transfer agent, Denver, Colo., for exchange, it
being understood
that for each share of preferred stock of Nevada-California Electric
Corp.
so surrendered the stockholder will receive:
(1) One full share of $3 preferred
stock (par $50 per share).
(2) Six shares of common stock (par $10 per
share).
(3) One dollar in cash.
"In view of the extension of time for acceptance of the offer of settlement
it is suggested that preferred stockholders who have not
yet decided whether
to accept or reject such offer should retain their certificates until
the expira¬
tion of the extension period."—V. 153, p. 105.
New
England
Gas
&
Electric
....
revenues over
% Months
operating expenses.
$1,911,976 $16,782,756
31,785
254,139
$1,943,761 $17,036,896
-V. 152, p. 3820.
New York Hanseatic
Corp. —Bal. Sheet June 30, 1941—
Assets—
Liabilities—
Cash in banks &
on
Commercial bills
hand
$448,179
(short-term).
U. S. defense bonds
125,000
49,950
Marketable stocks and bonds.
Other securities
2,258,656
Due to customers
Unearned
Accrued interest receivable
16,013
Deferred items
357
a
58,713
investment in other securities
Capital stock (par $50)
Surplus
$3,186,4891
Treasury stock
285,219
2,000,000
808,655
Drl9,530
Total.
.$3,186,489
466 shares at cost.—V. 152, p. 272.
New
Trust
York
New
Haven
&
Hartford
RR.—Equipment
Certificates—
The Interstate Commerce Commission
to
26,990
reserves
Reserve for contingencies and
a
Total
discount,
for taxes, &c
24,522
13,852
$26,442
Securities purchased, not yet
received
..............
249,960
Securities sold, not yet del'vd.
Due from banks and others
on
July 2 authorized the company
obligation and liability- in respect of not exceeding $2,890,000
equipment trust certificates of 1941, No. 1, to be issued Dy the National
Shawmut Bank, Boston, as trustee, and sold at 99.3612 and accrued divs.
assume
in connection with the procurement of certain
The report of the Commission states:
equipment.
The railroad trustees invited 77 bankers, brokers and insurance companies
to bid for the purchase of the certificates, the bidders
being required to
of dividends to be borne thereby.
The highest bid, 99.3612 and
% per annum, was made by Gregory &
On this basis the average annual cost
name the rate
bids
a
were
received.
In response thereto, 11
accrued divs., based on
rate of 1 %
Son, Inc., and has been
accepted.
of the proceeds to the
railroad trustees will be approximately 1.88%.—V. 152, p. 4131.
New York
Telephone Co —Earnings—
1941—Month—1940'
1941—5
Period End. May 31—
Operating
Association—System
Month
$9,076,134 $75,096,356
7,141,990
58,134,093
22,167
179.506
Operating expenses.
Operating rentals
fore of the recapitalization, is June 30, 1941.
"Under the laws of Delaware a majority
of each class of stock, voting
separately, was necessary to authorize the amendments.
We are gratified
to report that out of 105,023 preferred shares outstanding 84,562 shares were
represented at the meeting and 83,894 voted affirmatively, and out of
84,683 common shares outstanding 75,975 shares were represented, of which
75,970 voted affirmatively.
"Thus over 99% of the preferred stock represented at the meeting and
approximately 80% of such stock outstanding voted for the amendments.
Similarly, over 99% of the common stock represented at the meeting and
approximately 90% of such stock outstanding voted for the amendments.
Consequently, all of the proposed amendments have been adopted by the
stockholders and are now effective.
The name of the company is therefore
California Electric Power Co., and new stock certificates are available at the
office of The International Trust Co., transfer agent, Denver, Colo.
"Under the plan of recapitalization, authorized by the board of directors
on May 29, 1941, of which the amendments approved by the stockholders
on June 20, 1941 were a part, each holder of preferred stock was
given the
opportunity voluntarily of accepting an offer, not later than the close of
business on June 25, 1941, to receive one full share of $3 preferred stock,
System—Earnings—
[Includes BMT, IRT AND IND Divisions]
Period Ended May 31,1941—
Total operating re venues
revenues
Uncollectible oper. rev..
Mos.—1940
$19,175,357 $18,685,293 $94,451,399 $90,951,488
65,104
68,235
313,779
341,664
Output—
For the week ended
July 4, New England Gas & Electric Association
reports electric output of 9,996,185 kwh.
kwh.,
week
or
This is an increase of 2,756,899
38.08% above production of 7,259,286 kwh. for the corresponding
a year ago.
Gas output is reported at
or
a
76,900,000 cu. ft., a decrease of 2,787,000 cu. ft,,
3.50% below production of 73,687,000 cu. ft. in the corresponding week
year ago.
For the month ended June
30, New England Gas & Electric Assn. reports
This is an increase of 11,039,897 kwh.,
above production of 34,825,618 kwh. for the
corresponding
electric output of 45,865,515 kwh.
31.70%
or
month
a
year ago.
Gas output is reported as 381,834,000 cu. ft., an increase of
16,239,000
ft., or 4.44% above production of 365,595,000 cu. ft. in the correspond-
cu.
ng
month
a
year
ago.—V. 153,
p.
105.
Operating revenues...$19,110,253 $18,617,058 $94,137,620 $90,609,824
Operating expenses
12,264,177
12,037,450
58,843.785
58,453,525
Net oper. revenues._.
Operating taxes
$6,846,076
3,559,272
$6,579,608 $35,293,835 $32,156,299
3,208,347
17,708,511
15,650,437
Net oper. income
Net income
$3,286,804
2,959,389
$3,371,261 $17,585,324 $16,505,862
2,992,611
16,365,677
15,182,278
Gain in Phones—
Company added 5,440 stations to its lines during June, compared with
4,594 in the same month a year ago.
The June additions brought the total for the six months to 66,512 phones
compared with an increase of 61,581 for the first half of 1940.—V. 152,
p. 4132.
Volume
New
The Commercial & Financial Chronicle
153
York
Electric
State
&
Gas
Corp.—Bonds
and
Stock Called—
All of the outstanding first mortgage gold bonds, 4M % series due 1980,
454% series due 1960, and 4% series due 1965, have been called for redemp¬
tion on Aug. 7 at 102, 103 and 105 and accrued interest, respectively.
All of the outstanding 534 % cumulative preferred stock has been called
for redemption on Aug. 7 at $105.55 per share.
Payment on all of the above issues will be made at the Continental Bank
& Trust Co. of New York.
Immediate payment in full may be had at
holders* option.—V. 153, p. 105.
Securities and Exchange Commission and by the California
Railroad Commission, and is the first customer-ownership direct sale
undertaking by the company in nine years.—V. 153, p. 107.
office of the
Pacific Telephone & Telegraph
Period End. May 31—
Period End. June 30—
$6,935,220
21,800
1941—5 Mos.—1940
$6,297,839 $33,410,980 $30,597,347
18,700
104,900
95,850
Operating revenues—
Operating expenses
$6,913,420
4,852,800
$6,279,139 $33,306,082 $30,501,497
4,460,080
23,162,670
21,759,195
$4,711,160
—V. 152, p. 3819.
; ;
North American
revenues
oper.
Net oper. re venues...
1941—6 Mos.—1940
$4,307,869 $26,249,974 $22,902,486
1941— Month—1940
Sales.
Operating taxes....
Net oper. income
Aviation, Inc.—Backlog—
1941—Month—1940
$2,060,620
$1,819,059 $10,143,412
979,486 /
858,407
4,849,670
$8,742,302
$5,293,742
$4,532,976
7,748,345
$1,081,134
1,685,371
Net income...
—V. 152, p. 3823.
Award of a $127,440,000 contract by the War Department to company's
Kansas City plant lifts the company's backlog of unfilled orders to a record
Co.—Earnings—
rev.
Operating
Uncollectible
(J. J.) Newberry Co.—Sales—
:
249
Packard Motor Car
$960,652
1,606,473
4,209,326
8,373,030
Co.—Engine Contract—
high of approximately $333,000,000.
This compares with $204,451,663
at Dec. 31, 1940 and $50,599,663 on Dec. 31, 1939.
V
: :
Epectation is that additional new contracts will be placed with North
Company announced it has been awarded a contract for 900
marine engines for torpedo motorboats, costing $19,000,000.
American in the
most of which already have been delivered.
The engines,
1,350 h. p. aviation type V-12 units, are to be used in mosquito fleet tor¬
pedo launching vessels in both the United States and British naval forces.
To increase the present output from three engines a day to five, Packard
plans to obtain additional manufacturing space by converting some existingautomobile production area to naval work.
With the latest contract awarded, Packard now has defense orders ap¬
near future.
These will lift total orders
than $400,000,000.—V. 152. p. 3821.
;:'y
Northern Natural Gas Co.—Reduces Share
on
hand to
more
Offering—
Company has filed with the Securities and Exchange Commission, an
to its registration statement disclosing that the number of
shares of common stock (par $20) proposed for offering to the public had
been reduced from 710,500 shares to 355,250 shares.
According to the
amendment, the 355,250 shares are at present owned, and outstanding, by
North American Light & Power Co., and are to be offered to the public
for the account of American Light & Power Co.
The 355.250 additional shares originally registered with the SEC on
April 21, 1941, for offering to the public, but now withdrawn from registra¬
tion, constitute the shares outstanding and owned by United Light & Rys.
Co., a subsidiary of Uhited Light & Power Co.—V. 152, p, 3976.
amendment
Northern States Power Co.
14,213,426
1,566,234
4,145,051
5,135,638
...
Depreciation
Taxes (other than income taxes)
Provision for Federal and State income taxes-..-„
3,296,310
14,077,361
1,670,269
a3,733,731
4,866,766
2,296,311
Directors have declared
a dividend of 25 cents per share on the common
payable June 27 to holders of record June 25.
Previously quarterly
of 123^ cents per share were distributed.
In addition, extra
dividend of 25 cents was paid on Feb. 28, last.—Y. 152, p. 1762.
stock
dividends
Pecos Valley Power & Light
Net
„
.
«, .
„
„
„
„
.
„
_
^
.
1941—12 Mos..—1940
$78,218
65,726
$18,824
$46,259
619
Net
Before interest
loss..,,
$66,475
:.;V
$12,492
21,513
$18,824
22,046
$46,878
86,546
$66,475
88,851
$9,021
Gross income
x
:
$336,712
270,237
$310,571
264,312
.$12,492
_
$85,403
66,579
Int. and other deduct'ns
$12,275,004 $11,863,318
92,928
101,416
*
operating income
Co.—Earnings—
1941—3 Mos--1940
Other income
x
Other income
'
Corp.—25-Ceht Dividend—
Operating revenues
Oper. expenses & taxes
—
.
Peaslee-Gaulbert
1941
1940
$40,631,663 $38,507,757
revenues.
Net operating income—
proximating $250,000,000.—V. 152, p. 3977.
Period End. Mar. 31—
Maintenance
additional
720 marine engines
for the Navy,
(Del.) (& Subs.)—Earnings
Year Ended April 30—
Operating
Operation
The latest award supplements a previous contract for
$3,222
$39,668
$22,376
:■
non-cumulative income debentures.—V. 151, p. 2807.
on
Gross
income....—.....^..—.......^—.$12,367,932 $11,964,735
funded debt
3,487,450
3,487,450
bank loans-...
80,300
136,717
Amortization of debt discount and expense-671,089
693,925
Other interest
65,264
44,081
Amortization of sundry fixed assets.—_
41,843
41,843
Amortization of expenses on sales of capital stock of
subsidiary company
30,000
10,000
Interest charged to construction
Cr82,327
CV29.554
Miscellaneous—.....
110,910
128,305
Interest
Interest
on
on
_
_________
...
Balance
Divs.
$7,963,403
$7,451,967
1,375,000
...
1,375,000
27,135
27,135
capital stock of subs, held by public:
on
Cumul. pref. stock, $5 series, of Northern States
Power Co. (Minnesota)
....
stock
of
Chippewa
and
Flambeau
29,070
29,070
$6,532,198
—
a Includes
appropriation for retirement reserve of $2,040,122 and for
depreciation of $1,693,609.
Notes—(1) Provision for Federal income taxes for the above periods was
made in accordance with the Revenue Acts in effect during such periods.
(2) No provision for excess profits tax under the Second Revenue Act of
1940 has been made as it is estimated no such tax will be due.
Weekly Output—
The
company
has reached a settlement with Mexico and has received
$300,000 in cash as full compensation for its properties in Mexico, according
July 9 by Harry F. Sinclair, President of the Con¬
solidated Oil Corp., which owns about 85% of the 394,391 shares of PennMex Fuel Co.
With the settlement, which grew out of the seizure of Mexico of all the
properties of Penn-Mex Fuel on March 18, 1938, it is expected that the
company soon will be dissolved and its assets distributed to stockholders.
Previously the company had distributed virtually all of its remaining
assets, most of which were in the United States at the time of the Mexican
seizure.
settlement liqudiates
most of the claims of the
Electric output of the Northern States Power Co. system for the week
1941, totaled 31,097,483 kilowatt hours, as compared with
24,185,937 kilowatt hours for the corresponding week last year, an increase
28.6%.—V. 153, p. 106.
Sinclair interests
against Mexico.
More than a year ago the Consolidated agreed to accept
$8,500,000 for its other properties in Mexico, and $4,000,000 has been
paid so far.—V. 151, p. 425.
(J. C.) Penney Co.—Sales—
■Sales for the month
of June,
1941
were
$28,389,621
as
compared with
This is an increase of $3,652,000 or 14.76% .
Total sales from Jan. 1 to June 30, 1941 incl., were $146,715,011 as com¬
$24,737,621 for June, 1940.
pared with $125,305,223 for the same period in 1940.
of $21,409,788 or 17.09%.—V. 152, p. 3823.
f
This is an increase
Pennsylvania Salt Mfg. Co.—To Pay $1.75 Dividend—
The directors have declared a dividend of
y
ended July 5,
of
Pays $300,000 for Properties
to a statement issued
$6,020,763
Improvement Co
Net income..
Penn-Mex Fuel Co.—Mexico
This
Cumulative pref. stock, 5% of Northern States
Power Co. (Wis.)
—
Common
,
Seized in 1938—
$1.75
per
share
on
the common
stock, par $50, payable Sept. 15 to holders of record Aug. 29.
Dividends of
$2.25 was paid on June 13, last; $2 paid on Dec. 14,1940; $1.75 on Sept. 14,.
1940; $3.25 on June 16, 1940: $2 on March 15, 1940 and on Dec. 15, 1939;
dividend of $1.25 paid on Sept. 15, 1939; $1.75 on June 15, 1939 and $1
paid on March 15, 1939.—V. 152, p. 3511, 3355.
Ohio Associated
Period
End.
Operating
Telephone Co.—Earnings—
1941—Month- -1940
May 31-
revenues.—
Net operat. revenues.
$26,126
10,159
Operating taxes.
Net operat'g income.
—Y.
152,
p.
,
$337,336
220,874
$134,879
47,398
$116,462
40,395
$15,868
•„
$15,967
_
$364,061
229,182
8,199
'i':'
$87,481
$76,067
788
Operating revenues.
Operations
Maintenance
Taxes
Ohio Bell
_
-
>
-
>
_
341
_
and
1941—Month—1940
$4,506,134
1941—5
$4,023,544 $21,671,725 $19,482,041
2,354,483
12,490,536
11,658,573
Net operat'g revenues $1,873,549
Operating taxes..
756,923
$1,669,061
602,913
$9,181,189
3,677,161
$7,823,468
2,901,371
$1,066,148
1,051,599
$5,504,028
5,511,662
$4,922,097
4,856,291
Net
operating income. $1,116,626
Net income
1,119,063
—V. 152, p. 3822.
1,817
1,787
1,611
1,756
1,553
$5,687
$5,862
$5,694
$5,539
6,270
S5.687
6,270
$5,862
6,270
$5,855
6,270
$730
$583
$408
$415
160
Net
loss
—
—.
$4,032,510 $21,716,281 $19,522,841
8,966
44,556
40,800
Operating revenues... $4,497,065
Operating expenses.....
2,623,516
351
1,917
Non-oper. income
Mos.—1940
9,069
341
1,850
$5,539
replacements
Net oper. revenues—
Int. to A. G. & P. Co.
Telephone Co.—Earnings-
341
1,924
w
—
Gross income—
May 31—
Operating revenues
Uncoil, oper. revenue
-
-
Provision for retirements
3822.
Period End.
»
—.
Gas Corp.—Earnings—1
Mar. 31, '41 Mar. 31, '40 Dec, 31, '40 Dec. 31/39
22.230
$24,393
$22,866
$24,369
12,814
13,378
14,515
14,777
12 Months Ended—
$338,124
$24,067
$74,381
48,255
.
Penobscot Valley
1941—5 Mos.—1940
$364,932
:;y
871
$68,952
44,88.5
179
Operating revenues...
Operating expenses
9,112
160
$
$74,560
Uncoil, oper. revenue.._
Balance Sheet March 31,
1941
,
Old Line Insurance Shares Corp.-—Promoter
Assets—Property, plant and equipment, $105,512; investment in capital
of affiliated company (Public Utilities Management Corp.), $70;
for uncollectible accounts of
$1,338), $4,515; special interest deposit, $318; prepaid expenses, $52; total,
stock
cash, $3,693; accounts receivable (less reserve
$114,159.
Liabilities—Notes payable to affiliated company
meter deposits, $225; accounts payable, $1,950;
local, State and Federal, $455; other accrued liabilities, $124;
reserve for retirements and replacements, $8,688; capital stock (outstanding
2,000 shares of $10 stated value each), $20,000; deficit, $36,021; total,
$114,159—V. 151, P. 2658.
accrued taxes,
Sentenced—
Peoples Drug Stores, Inc.—Sales—
The
Securities and Exchange Commission and the Department of Jus¬
July 7 that Samuel C. Pandolfo, President of Old Line
Insurance Shares Corp. of Albuquerque, N. M., was sentenced to 10 years'
tice reported on
imprisonment on charges of fraud in connection with the sale of stock of
the corporation
He was acquitted on three counts charging violations
of the registration provisions of the Securities Act of 1933.
The case was
(Amer. Gas & Power Co.
$118,737; consumers'
Period End. June 30—
Sales..
—V. 152, p.
1941—Month—1940
1941—6 Mos.—1940
$2,140,243
$1,869,094 $12,765,608 $11,184,764
3824.
.
Pepsi-Cola Co.—Initial Dividend—
tried in the U. S. District Court at Santa Fe, N. M.
According to the indictment, Old Line Insurance Shares Corp. was en¬
gaged in the small loan and finance business in the State of New Mexico.
In selling the stock of the corporation, the indictment charged that Pandolfo
falsely represented that the business of the company was successful.
It
also charged that the majority of the funds raised from the sale of the stock
was
It
Directors
common
charged in the indictment that Pandolfo failed to account to the
corporation for funds collected from the sale of the stock and covered the
shortages by delivering his personal promissory note to the corporation and
by selling to it securities of other companies at prices greatly in excess of
their fair market value.—V. 152, p. 2079, 2248.
July 2 declared an initial dividend of $1 per share on the new
dividend is payable July
York Stock Exchange on
company's merger with Loft, Inc.
The
25 to holders of record July 17.
Transfbt* A. ocTit
New York has been appointed transfer
1,898,570.2 shares of the capital stock of this company.—V. 153,
The Marine Midland Trust Co. of
converted to the defendant's own use and benefit.
was
on
stock, which began trading on the New
July 1, for the first time since this
agent for
p.
107.
Peterborough & Hillsborough RR.—To Extend Bonds—The Interstate Commerce
Commission on June 26 authorized the com¬
to extend from July 1, 1941 to July 1, 1951, the maturity date of
$100,000 first mortgage 4%% bonds.
The Boston & Maine RR. holds
all the bonds proposed to be extended.—V. 143, p. 599.
pany
Outlet Co.—$1 Dividend—
Directors have declared
a
dividend of $1 per share on the common stock,
Previously quarterly divi¬
distributed.
See also V. 152, p. 273.—V.
'/'•yy
,y
.//-.V
1 to holders of record July 21.
payable Aug.
dends of 75 cents per share were
152, p. 3823.
.
Pacific Gas & Electric Co.—Stock
.
Offering—
The company over-counter offering of 400,000 shares of 5% ($25 par)
preferred stock was begun July 9 at $27 a share, making the indicated yield
Ths issue has been sanctioned by the San Francisco regional
about 4.63 %.
Phelps-Dodge Corp.—50-Cent Dividend—
Directors have declared a
dividend of 50 cents per share on the capital
payable Sept. 10 to holders of record Aug. 15.
This com¬
with 25 cents paid on June 10 and on March 8, last; a year-end divi¬
dend of 75 cents paid on Dec. 10, 1940; dividends of 25 cents paid in each of
the three preceding quarters and a year-end dividend of 75 cents paid on
Dec. 8, 1939.—V. 152, p. 3195.
stock, par $25,
pares
The Commercial & Financial Chronicle
250
Pirelli Co. of
July 12, 1941
Puget Sound Power & Light Co. (& Subs.)—Earnings
Italy~-Shares Suspended—
The American shares of the company have been suspended from trading
the New York Stock Exchange. In view of the small amount of shares
1941—Month—1940
1941—12 Mos.—1940
$1,334,005 $17,147,438 $16,472,919
Period End. May 31—
Operating revenues
on
outstanding and the limited marketability of the shares, application has
been filed with the Securities & Exchange Commission to strike the stock
from listing and registration.—V. 152, p. 1929.
Operation..
Maintenance
Depreciation
$1,432,967
24,401
181,034
$430,514
2,089
$414,778
10,902
$5,459,267
86,164
$5,804,190
147,317
$428,425
278,972
$403,876
279,033
$5,373,103
3,357,913
$5,656,873
3,545,926
$149,453
$124,843
$2,015,189
550,000
$2,110,947
550,000
$1,465,189
1,583,970
$1,560,947
1,583,970
$118,781
$23,023
45,506
.......
1941—Month—1940
1941—5 Mos.—1940
revenues. $2,682,268
$1,853,045 $10,844,132 $8,482,468
expenses.
1,691,796
1,317,718
195,092
7,363,672
5,909,409
979,476
1,406,908
244,829
2,128,106
508,558
82,359
122,874
197,546
....
a Federal income taxes
Other taxes
Pittsburgh & Lake Erie RR.—Earnings-
6,406,551
1,065,613
1,493,076
407,549
2,315,381
540.396
89,619
129,386
....
Period End. May 31—
Railway oper.
Railway oper.
Net rev. fromry. oper.
$990,472
Railway tax accruals-.,
Eqpt. & joint facil. rents
Net operating revs
Other income—net loss.
—
"$535,327
Balance
$2,649,040
$1,118,796
215,910
1,568,368
888,024
0205.017 Crl ,651,120 Ol ,184,407
429,463
0318,469
Interest and amortizat'n
Balance—
Net ry. oper.
Other income
income.
$879,478
—..
19,185
$524,434
18,827
$2,731,792
109,372
$1,415,179
101,870
$898,663
$543,261
$2,841,164
$1,517,049
154,393
104,002
579,697
229,384
Total income--.—..
Miscell.
deducts,
income.-
for
3,373
$2,261,467
53,674
~~
Net income...
$435,886
$704,156
Portland Gas Light
...
$2,207,793
$1,270,592
month of March, 1941, the accrual for Federal income tax is based on an
estimated rate of 30% against the original estimate of 27%, spreading the
under-accrual for January and February over the remaining 10 months of
the year.
The rate under the present law is 24%.—V. 153, p. 107.
Radic-Keith-Orpheum Corp.—No Preferred Dividend—
Co.—$1 Preferred Dividend—
At
$6 cumu¬
lative preferred stock, no par value, payable July 15 to holders of record
July 1.
Like amounts were paid on April 15 and Jan, 15, last, 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. 152,
The directors have declared
a
dividend of $1 per share on the
Porto Rican American Tobacco Co .—Transfer,
.
Radiomarine Corp, of
Period End. May 31—
&c.t of
Net oper. revenues...
1941—Month—1940
$1,842,011
12,502
260,230
59,507
$131,902
312
$21,486
$276,742
159
1,562
$123,415
781
$131,590
$21,327
2,500
$275,180
199,273
4,304
185,756
1,003,483
56,694
lossl52,737
956.951
10,232
$200,321
$874,421
$1,119,920
3,256
$131,590
58,297
$18,827
3,622
$275,180
104,485
$111,634
$75,293
$15,205
$170,695
$90,324
Net income transferred
to earned surplus
-V. 152, p. 3825.
-V. 152, p. 3825.
...
Prattsburgh Ry. Cor p.—Abandonment
certificate
permitting abandonment as to interstate and foreign commerce by the
corporation of its entire line of railroad, extending from Prattsburgh to
Kanona, approximately 11.44 miles, in Steuben County, N. Y.—V. 152,
p. 1291.
The Interstate Commerce Commission
June 26 issued
on
a
,
income—non¬
_
$179,629
Net loss—....
$63,908
$8,984
133,580
Net income-.
Deduc. from net Income-
1941—5 Mos.—1940
$9,740,006
$8,694,096
34,375
200,697
13,307
...
$16,512
loss$l,678
Net ordinary income.
Extraord, inc.—charges-
Telegraph, Inc.—Earnings—
Provision for depreciat'n
Interest charges-..-...
1941—5 Mos.—1940
$367,495
$383,154
350,983
319,246
Gross ordinary income
Deduc. fr, ordinary inc.
See Rican Corp. below.—V. 152, p. 2406.
—
America—Earnings—
1941—Month—1940
$75,372
$76,884
77.050
67,900
communication-...—
Ordinary
..
Period End. May 31—
consideration
meeting of the board of directors held July 3, 1941,
Total oper. revenues....
Total oper. deductions..
.
Total revenues—$2,039,245
Income before deprec. &
a
given to the matter of the declaration of a dividend payable Aug. 1,
1941 upon the 6% preferred stock of the corporation, and the board deter¬
mined to take no action with respect thereto.—V. 153, p. 108.
was
2081.
interest charges
—
Balance, deficit
Note—'Company not subject to Federal excess profits tax.—V. 153, p. 107.
Postal
—
a The companies do not consider that
they any liability under the Excess
Profits Tax Act of 1940 as amended March, 1941.
Beginning with the
$1,287,665
17,073
$439,259
charges-..—$744,270
40,114
Assets—
—
.
Balance
Preferred dividend requirements
fixed
Total fixed charges-....
p.
.
from
——
avail,
Inc.
—
Prior preference dividend requirements
— — —
$122,634
11,000
21,310
Raymond Concrete Pile Co.—Extra Dividend—
Directors have declared
to the
an extra dividend of 25 cents per share in addition
regular quarterly dividend of like amount on the common stock, both
payable Aug. 1 to holders of record July 21.
last.—V.
(G. E.) Prentice Mfg. Co.—Extra Dividend—
152,
p.
R. C. A.
Communications, Inc.—Earnings—
Directors have declared
an extra dividend of 50 cents per share In addition
regular quarterly dividend of like amount on the common stock,
par $25, both payable July 15, to holders of record July 1.
See also—V.
151, p.3754.
•
Period Ended May 31—
to the
1941—Month—1940
$807,841
$724,177
494,982
461,936
Total oper. re venues
Total oper. deductions..
,
Net oper. revenues.
Public Service Co. of Indiana—Sells Bonds
Privately—On
all the assets (except for
assumed all the liabilities
of Dresser Power Corp. (a subsidiary).
On the same date
the company sold $4,650,000 first mortgage bonds, series B,
3^%, aue March 1, 1971, at 104%% and redeemed all of
the outstanding ($4,800,000 principal amount) first mortgage
bonds of Dresser Power Corp.
Like amounts paid on May 1,
2566.
1941—5 Mos.—1940
$4,003,864
$3,153,179
2,386,271
2,237,150
$312,859
1,097
$252,241
1,815
$1,617,593
14,851
$916,029
9,533
$313,956
$254,056
$1,632,444
$925,562
Dr3,182
Dr2,269
2,383
9,307
$310,774
Other communicat 'n inc.
$251,787
$1,634,827
$934,869
April 9, 1941,
company acquired
cash in the amount of $1,000) and
Comparative Income Statement
;
Operating income
Ordinary income—non¬
communication
Gross ordinary income
Deduc'ns from ordinary
income-
Other
operating income. $2,048,069
income
7M6.211
.....
$2,011,738
Dr78,680
$4,544,370
IM21.889
Credits.
—
— —
$1,933,058
1,022,394
$4,422,481
2,526,215
Net income.........
$976,818
$910,664
$1,896,266
$
Assets—
-
s
a
57
advances.
Cash.
3,888,708
b Accts. receivable
Due from affll.
56
2,751,976
1,924,241
cos.
132,400
Mdse., materials &
supplies..
1,504,785
Unamortized
debt
$
5,096,336
202,013
7,850,339
Total income..
Other deductions.
Federal taxes
Earnings
1940
1939
$4,196,145
2,980,319
$2,473,080
1,735,051
$1,215,825
628,691
$738,029
461,152
$276,877
2,753
$604,799
52,948
al95.110
$279,630
22,984
51,639
$356,741
expenses.
Accts. payableAccrued interest--
682,914
717,791
608,857
1,403,972
e
Payroll accrued...
rentals
605,981
1,898,062
32,016
Deferred llabils—.
223,854
101,990
576,842
Reserves:
Deprec. 5,456,735
Contingent
for
Fed. Inc. taxes
330,644
Miscellaneous
..
217,315
construction
372 301
5,597',730
138,172
838,325
4,124,380
310,410
170,521
$205,007
112,500
$1.37
$550,000 maturing March 1, 1942.
d To Midland United Co. (parent
e Incl. $50,162 in 1941 and $44,498 in 1940
payable to affilated
f Incl. $637,810 in 1941 and $235,729 In 1940 for Federal
income taxes and accrued interest thereon,
g 442,500 shares no par.
Reserve
2249.
,253
in
1940
and
-
Investing Corp.—Accumulated Dividend-
paid on Jan. 15, last, and dividends of $1.25paid on Oct. 15, July 15, April 15
and Jan. 15, 1940, and on Dec. 22 and on Oct. 14. 1939 *nd in preceding
quarters.—Y. 152, p. 2407.
-
stock, payable Aug. 1 to holders of record July 15.
Dividend of 15 cents
was paid on May 1, last, and
previously regular quarterly dividends of
20 cents per share were distributed.—V. 152,
to
Directors have declared a dividend of $1 per share on account of accumu¬
lations on the $7 cum. pref. stock, no par value, payable July 15 to holders
of record July 5. Like amount paid on April 15, fast ^dividend of $2.50 was
companies,
"■arterly Income Shares, Inc.—-8"Cent Dividend—
^"Directors have declared a dividend of 8 cents per share on the common
amounted
Republic Aviation Corp.—Backlog—
company,
—V. lo2» JD, 413
206,250
$2.38
-
share of capital stock
Recent award to this corporation of a contract by tbe Army Air Corps for
$8,165,400 worth of military airplanes and parts has increased its backlog
of unfilled orders to more than $68,000,000, officials said. All production is
for the United States Government.—V. 151, p. 3296.
341,705
7,063,511
S^e^Lmatui'lti5es of serial debentures, $300,000 maturing Sept. 1, 1941;
per
Assets—Cash, $262,525; trade notes and accounts receivable (net),
$581,988; inventories, $860,971; other assets, $81,255; property, plant and
equipment (net), $715,383; good will, patents, &c., $16,645; deferred
charges, $28,371; total, $2,547,137.
Liabilities—Accounts payable, $394,901; accrued taxes and royalties,
$17,547; provision for future service charges on instalations, &c., $18,682;
Federal taxes on income, $198,000; reserves, $75,000; capital stock (par $5),
$750,000; capital surplus, $476,588; earned surplus, $616,418; total, $2,547,137.—V. 152. p. 3983, 1293.
236,100
Total...
94,751,698 92,096,913
Total......—.94,751,698 92,096,913
W a In connection with leased property, subsidiaries not consolidated,
special deposits, &c„ less reserves of $381,237 in 1941 and $751,791 in 1940.
b Less reserve of $87,324 in 1941 and $81,837 in 1940.
c Incl. in
1941
_
Balance Sheet Dec. 31, 1940
Contribs. In aid Of
Deficit
.
income
$68,412 in 1939.
to
affll. companies.
Other miscell. liabs
on
a Includes
excess profits tax.
Note—Provision for depreciation
555,313
f Taxes
*
$587,135
17,664
Net profit—
Cash dividends paid.
de-
591.901
p.
$664,997
Operating profit
7,850,339
obligat'ns
Lease
$798,310
Other income
(13,000
d Unsecured
mand
$143,943
....
Gross profit..
Selling, admin. & general
1,942,462
shares)
975,000
975,000
3,024,334 Cum. preferred:
$6 ser.
1,681,130
(70,569
134,495
shares)...... 6,558,530
6,558,530
g Common stock..22,125,000 22,125,000
1,109,732 c Long-term debt.51,750,000 52,800,000
discount & exp.,
(net).—...
3,935,963
Miscell., less res—
284,213
ser,
197,300
$132,040
(80,577
ser.
shares)
Investments and
656,100
1940
$
Liabilities—
$1,454,410
Cost of products sold.
Cum. pr, pref. stk.:
-
$862,297
$218,143
74.200
Reliance Electric & Engineering Co.—Earnings—
(Including Dresser Power Corp.)
Utility plant (incl.
Y intangibles)
-78,894,711 74,507,012
Construction fund 1,374,098
4,339,394
682
38
$275,440
143,400
surplus
Years Ended Dec. SI—
Net sales....
Comparative Balance Sheet May 31
1941
908
2,539
-V. 152, p.
since Its organization on April 5, 1937.
1940
575
Net income transferred
$1,720,482
1941
73,216
$861,653
—
Net income
$4,392,206
2,671,724
Note—Dresser Power Corp., a wholly-owned subsidiary company, has
had no income and has incurred no expense properly chargeable to income,
_
Deductions from net inc.
to earned
1.055,040
178,786
$1,456,041
891
——
Charges.
$4,616,306
Dr224,100
$2,031,858
34,219
$217,568
Extraordinary income:
'
Gross Income........
Int. & other deductions-
36,225
$274,549
...
—
Net ordinary income.
Period Ended May 31—
1941—5 Mos.—1940
1941—12 Mos.—1940
Operating revenues..... $7,493,978
$7,075,104 $17,335,483 $16,709,930
Oper. exps.&taxes
5,445.909
5,063,366
12,791,113
12,093,624
Net
—
Revere Copper & Brass,
Inc.—Preferred Dividends—
Directors have declared a dividend of $1.75 per share on the 7 % preferred
a dividend of $1.31 M per share on the 5M% preferred stock,
stock and
both payable Aug.
1 to holders of record July 10.
Like amounts were
and Feb. 1, last, and on Nov. 1,1940, these latter being the
paid on the shares since Dec. 20,1937, when similar amounts
distributed.—V. 152, p. 3893.
paid on May 1
first dividends
were
Volume
Rican
The Commercial & Financial Chronicle
153
Corp.—Present
Status-—Reorganization
of
Porto
Rican American Tobacco Co.—
History—Incorporated under the name Porto Rican American Tobacco
Co., Sept. 22, 1899, in New Jersey.
Engaged in business of farming,
manufacturing, sale, &c., of tobacco and tobacco products, either directly
or through subsidiaries.
Company's main factories and plants were located
in Puerto Rico,
On Marcn 1, 1919, Porto Rican American Tobacco Co.
of Puerto Rico
formed to operate the factories bat was dissolved in
were taken over by Porto
Co., incorporated in Delaware, which ceased
manufacturing operations early in 1938.
In December, 1926 the company acquired a controlling interest (81.8%) in
Rican American
Tobacco
Congress Cigar Co., Inc.
On July 15. 1929, the company acquired a controlling interest in Waitt
& Bond, Inc., which interest was sold £n 1939.
The company filed a petition for reorganization under Chapter X of
the Chandler Act on July 13, 1939.
A pian was confirmed on June 17,
1940.
The plan provided for purchase by Consolidated Cigar Corp. of
all assets of Congress Cigar Co. for $3,700,000 in 10-year notes and assump¬
tion of liabilities and dissolution of Congress Cigar.
Stockholders of Con¬
gress Cigar wore to receive pro rata distribution of notes and $204,037.90
cash to be received from claim against parent company.
Owners of Porto
Rican American convertible 6s of 1942 were to receive for each $1,000 bond
and unpaid interest $940 Consolidated Cigar notes and 10 common shares of
Rican
Corp.
Bondholders
holders
RR.—Earnings—
1941—Month—1940
$333,603
$298,850
276,209
402,158
Railway oper. revenues.
Railway oper. expenses.
Net rev. from ry. oper .
1941—5 Mos.—1940
$1,473,339
$1,398,028
1,363,126
1,374.157
Railway tax accruals
Equip. & jt. facil. rents.
$57,394 def$103,308
18,820
32,317
Cr717
Crl,135
$110,213
93,112
Cr3,279
$23,871
113,710
Net ry. oper. income.
Other income-
$39,291 def$134,490
5,379
4,606
$20,380
20,199
def$90,191
Total income....
Misc. deduc. from inc.
$44,670 def$129,884
$40,579
def$69,542
x
352
20,649
337
141
2,766
$44,670 def$130,221
33,537
33,669
$40,438
167,605
def$72,308
168.342
.
Inc.avail .for fixed chgs
Total fixed charges
Net deficit after fixed
charges
4137.
■
I
.
profSl 1,133
Includes interest accrued
x
Congress Cigar minority stock had the
amount of cash equal to 90% of Consolidated Cigar
Holders of Porto Rican American class A stock were to receive 5 new
shares of Rican Corp. in exchange for each 100 class A shares.
The plan was rejected by class A stockholders, who eventually received
$.81756 per share based
deficit, $80,778;
$1,910,580;
on
$163,890
$240,650
$127,167
outstanding bonds but unpaid.—V. 152,
/
;
vy
of
common
was
Rutland
Period End. May 31—
p.
y,
and
privilege of receiving an
notes to which they would otherwise be entitled.
On initial distribution holders of Congress Cigar common in hands of
public received for each 100 shares $1,363.79 of Consolidated Cigar notes,
or $1,227.41 in cash.
vision
(par $5), $612,355; capital surplus,
total, $2,722,845.—V. 151, P. 1156.
was
January, 1930, and its properties and business
251
stock
appraised value as set by the Court.
No pro¬
made in the plan for holders of Porto Rican American class B
on
stock.
Pursuant to plan and to order of Court, Porto Rican
American Tobacco
Co. (Del.) was merged into Porto Rican American Tobacco Co. (N. J.),
which continued under the name of Rican Corp. and acquired all the assets
of the Delaware company and of the trustee in the reorganization proceed¬
ing.
Prior to such merger the trustee and the Delaware company sold to
Consolidated Cigar Corp. all of the accounts receivable, cigar-making
machinery and trade names and brands owned by them for the sum of
$60,000.
'
vV
'.-''V ■: a
St. Augustine Gas
-12 Mos. End. Mar. 31
1941
1940
Period—
Operating revenues.
Operations
Co.—Earnings-—
$84,450
41,603
4,648
a......
Maintenance
Taxes (incl. inc. taxes)..
Prov. for retirements &
10 812
Years End. Dec. 31—
1940
1939
$87,510
$81,872
42,169
4,663
10,862
37,447
4,212
10,787
4,403
.
revenues
4,489
4,535
4,152
$22,983
replacementsNet oper.
$87,088
39,646
3,998
11,046
$27,908
$25,281
$25,273
50
25
50
728
$23,033
4,025
$27,933
$25,331
2,598
$26,001
1,717
5,520
3,097
' 99
5,520
$17,142
2,172
Non-operating income.
$22,172
4,344
$19,536
3,258
$20,202
4,344
$14,970
$17,828
$16,278
$15,858
.
Gross income.
Interest deductions....
Int. to American Gas <fc
Power Co.....
Other deduction
241
149
..
278
.
.
,
Congress Cigar Co.,
Inc. in Liquidation—Pursuant to the plan of reor¬
ganization of Porto Rican American Tobacco Co., all of the assets of Con¬
gress Cigar Co., Inc., wRh the exception of the claim of $204,037.90 owed
by Porto Rican American Tobacco Co. were sold to Consolidated Cigar
Corp. for the sum of $3,700,000, payable in 10-year *% notes of Consoli¬
dated Cigar Corp., or, at the seller's option, in cash equivalent to 90%
of the principal amount of the notes in lieu of which such cash was paid.
On Sept. 12, 1940, in proceedings in the Court of Chancery of Delaware,
the directors of Congress Cigar Co., Inc., were appointed trustees in disso¬
lution.
The complete winding up of the affairs of Congress Cigar Co.,
Inc., has been awaiting the settlement of the claim against the U. S. Gov¬
ernment for refund of processing taxes under the Agricultural Adjustment
Act and of a claim of the U. S. Government against Congress Cigar Co.,
Inc., for unjust enrichment taxes.
A settlement of these claims has been
approved by the interested parties and is in process of consummation.
Business—Company is engaged in business of liquidating real property
situated in Puerto Rico.
This property consists of two large buildings in
Puerta de Tierra, a suburb of San Juan, known as the Jail Property and the
Net income.Preferred dividends
—
Remainder of net inc
Assets—Property, plant & equipment, $485,242; investment in capital
stock of affiliated company (Public Utilities Management Corp.), $270;
cash, $10,960; accounts receivable (less—-reserve for uncollectible accounts
of $4,552), $19,328; merchandise, materials and supplies, $9,417; insurance
deposits, $147; deferred charges, $5,629; total, $530,992.
Liabilities—1st mtge. 4H% sinking fund bonds, series A due July 1,
1965, $125,000; consumers' meter and extension deposits, $5,181: accounts
payable, $1,563; accrued taxes (local, State & Federal), $4,754; accrued
interest on first mortgage bonds, $1,406; accrued interest on unfunded
debt, $2,063; other accrued liabilities, $238; reserve for property retire¬
ments and replacements, $49,915; common capital stock ($100 par), $277,100; earned surplus, $63,771; total, $530,992.—V. 151, p. 2660.
Office Building; a building in the City of San Juan proper known as the
La Marina Building; a smaller building situated in the City of Ponce; and a
small farm property.
The Jail Property has been sold to Bacardi Corp. of
America for the price of $100,000.
The Ponce building has been sold to an
individual purchaser for $20,000.
The farm property has been sold to the
Puerto Rico Reconstruction Administration.
now
The La Marina Building is
occupied by Bacardi Corp. of America but will be vacated when that
Jail Building.
The Office Building is fully rented
company moves into the
o various tenants.
St. Louis-San Francisco Ry.—Interest—
By an order entered July 2, 1941 by the U. S. District Court for the
Eastern District of Missouri, Eastern Division, J. M. Kurn and John G.
Lonsdale, trustees, were directed to pay the balance of the semi-annual
interest which became due and payable on March 1,1941 in the amount of
$17,910 on the income 5% bonds of Kansas City Memphis & Birmingham
RR., being interest at the rate of 1% per annum. Pursuant to said order,
prepared to pay the additional interest of $5 per $1,000
bond and $2.50 per $500 bond, at the office of C. W. Michel, Executive
Eastern Representative, 120 Broadway, New York City, on and after
July 15, 1941, but only upon presentation of Income bonds so that an
appropriate legend may be stamped thereon, evidencing the payment of
such interest.
-V:'".
the trustees will be
Capital Stock of Rican Corp.
(no par); Authorized and outstanding,
34,450 shares.
Issued in reorganization of 1940 as part distribution to
holders of Porto Rican American Tobacco Co. convertible 6s, 1942.
Num¬
ber of stockholders, 413.
;V
.
Transfer Agent—The Chase National Bank of the City of New York.
Registrar—Empire Trust Co., New York.
Annual Meeting—Second
Hearing
Directors—rGovdoxi Auchincloss, John C. Adams, Nathaniel F. Glidden,
Philip W. Henry and John P. White.
General
Office—50 Broadway,
60 Park Place, Newark, N. J.
New
York,
N.
Y.
Corporate
Office—
Rochester & Pittsburgh Coal Co. (& Subs.)- -Earnings
Calendar Years—
1940
earnings from all
1939
,
Operating expenses.____
Depreciation..........
Depletion—..
1^,436,221
11,284,317
752,047
119,597
Dr4,676
624,860
94,511
110,400
21,492
Dr25,816
$135,427
x$186,187
Interest
Federal income taxes
Minority interest
Net profit
Helvetia
Coal
162.236
8,424
...
a
fi '
.
$12,786,704
11,853,605
10,399,758
631,677
643,352
120,454
107,300
"
1,719
Crl4,742
151,570
107,673
27,570
Dr5,223
x$502,978
$9,386
Mining
Co.pref.div_.
LOSS
1937
1938
••'.■"'i .•;;■
r
S15.618,628 $11,975,210 $10,754,862
sources.....
......
■' +•'
.
43,328
'
Assets—Land, plant and equipment (net), $14,638,462; cash, $1,358,851;
notes payable, $20,942; accounts receivable (less reserve),
$2,396,166;
accrued interest and dividends, $10,866; inventories, $1,910,472; advances,
$49,289; investments, $714,456; sinking funds, $13,361; deferred charges,
$184,297; organization expense, $6,917; adjustment arising from elimination
of inter-company held securities, $17,239; total, $21,321,328.
Liabilities—5% non-cumulative preferred stock ($100 par), $1,933,200;
common
stock
(193,785 no par shares), $11,627,100; paid-in surplus,
$2,602,332; deficit, $87,047; minority interest, $24,995; bonded and longterm indebtedness, $2,433,572; estimated workmen's compensation liability,
$360,000; accounts payable, $1,057,348; notes payable (demand), $1,200,000; accrued interest and taxes, $125,754; deposits, $4,763; deferred credits,
$29,489; reserves, $9,821; total, $21,321,328.—V. 150, p. 1948.
\
Co.—Earnings—
Years Ended Dec. 31—
1940
Gross profit.
Selling, advertising, admin. & general expenses
Plan Opens—
S. District Court at St. Louis began hearing arguments July 9
the reorganization plan for the road under Section 77 of the Bankruptcy
Act.
Final briefs were filed by the major parties last week in accordance
on
with an agreement on a time table to expedite the proceedings and provide
a basis for a court decision on the plan at the earliest possible moment.
_
In the meantime trustees of the road were authorized July 8 to invite
competitive bids from manufacturers for the construction of five 1,000-h.p.
Diesel switch engines at an aggregate cost of $392,500, and 15 large 4-8-4
type steam locomotives at an estimated cost of $2,659,500.
Trustees Lose Point in Suit—
.
Supreme Court Justice Samuel I. Rosenman of New York denied July 3 an
application by John G. Lonsdale and James M. Kurn as trustees of the road
to take depositions from Edward N. Brown, Chairman of the Board orthe
railway, and from James Speyer and other partners in Speyer & Co.,
bankers.
The depositions were sought in connection with the suit by the
trustees to recover $1,049,978 as the price of 25,000 shares of Gulf, Mobile &
Northern RR. common stock alleged to have been sold to the Frisco by
Speyer & Co. at an excessive price.
Justice Rosenman held that the defendants had been sufficiently inter¬
rogated by the Interstate Commerce Commission and the Securities and
Exchange Commission and in the trial of a similar action brought by the
trustees against the same defendants to recover on purchases by the Frisco
from Speyer & Co. of stock of the Chicago Rock Island & Pacific.
The
,
1939
$1,175,570
948,071
$945,824
828,561
$227,498
44,616
$117,263
42,506
$272,115
32,601
$159,769
20,786
44,425
16,750
,
earlier suit.
bought by the Frisco in 1929 and
Justice Rosenman said the allegations and the grounds of liability
were the same in the present suit as in the action involving Rock Island stock,
and he provided that the defendants should stipulate that relevant parts of
the earlier examinations might be used in the trial of the present action.
—v. 153,P. 109.
trustees lost In the
Consolidated Balance Sheet Dec. 31,1940
Ruud Mfg.
on
The U.
Tuesday in October.
Officers—Gordon Auchincloss, Pres.; John C. Adams and Philip W.
Henry, V.-Ps.; John P. White, Treas., and H. Duncan Wood, Sec.
Gross
-
Balance Sheet March 31,1941
.
The Gulf Mobile & Northern stock was
1930.
St. Louis Southwestern
Ry.—Interest—
Funds will be available on and after July 15, for the payment of
annual interest instalment due July 1,1936, on the company's 4%
the semi¬
2d mtge.
fold incometrusteecertificates, according Holders of the certificates may
(enwood,
bond for the company. to an announcement Of Berry man
present coupons for payment to the corporate trust department
Trust Co., New York, on and after July 15.—V. 153, p. 109.
St. Regis Paper
Earnings—
of Bankers
Co,—Plans to Revalue Some Investments-
,
has called a special meeting of stockholders for July 31 to
proposal of directors to restate the valuation of certain investments.
principal change will be the restatement of the company's investment
of 1,341,666 common shares of United Corp. to $1,845,000, the approxi¬
mate market value on Dec. 31, 1940, from the book value (which is cost),
of $16,553,504.
Originally the company received 2,070,000 shares in 1931
through an exchange of the company's entire holdings of Niagara Hudson
The company
Operating profit
.....
Other income
.
_
Total income..
_
.
on
.....
—
...
income.
Net profit
Dividend s paid
_ _ _
...
Other deductions.
Provision for depreciation
Taxes
.
_,— .——
...
29,420
——
$168,425
—
....
—
41,669
.......
122.471
$1.38
$77,808
18,370
$0.63
per share on capital stock
Balance Sheet Dec. 31, 1940
Assets—Cash, $124,153; notes and accounts receivable (net), $429,708;
inventories, $960,012; investments and other assets, $609,933; property,
plants and equipment (net), $522,459; patents, $ 1; trade-marks, trade-name,
manufacturing processes; &c., $37,397; deferred charges, $39,181; total,
$2,722,845.
Liabilities—Note payable, $25,000; accounts payable, $164,035; accrued
liabilities, $15,052; Federal, State and Canadian taxes on income, $29,600;
long-term notes payable, $25,000; reserve for contingencies, $22,000; capital
Earnings
—
act on a
The
Power
Corp.
Since the original acquisition It has sold 728,334 shares on
the New York Stock Exchange.
The company also proposes to
shares
of
Taggart
fi^?s also^proposed to restate at $1
mon
.
^
restate its investment in 230,000 common
Corp. to $1,259,000 against the original investment
the investment in 3,600 shares of com¬
Carthage National Exchange
and 4,056 shares of B preferred stock of
Carthage, New York.
The original cost of the stock was $220,560,
the investment having been made with other corporations having plants in
the vicinity of Carthage at a time when the bank needed additional capital.
The aggregate figure at which these investments are carried on the com¬
pany's books is $22,416,908, and the restated value would be $3,140,001,
so that the depreciation in
investments to be recognized on the books
amounts to $19,276,907.
Bank of
The Commercial & Financial Chronicle
252
the full amount of the company s
Jan. 1, 1936, will be eliminated,
deficit of $16,946,324 will be charged against
capital surplus.
Company and subsidiaries report for the five months ended May 31,1941,
subject to audit, net profit of $1,455,833 after charges and estimated
Federal Income taxes computed at 30% rate.
This net is equal, after divi¬
dend requirements on 7% preferred stock (on which dividend accumulations
amounted to $64.74 a share on June 30,1941), to 32 cents a share on 4,120,No comparison is available.—V. 153, p. 109^
714 shares of common stock.
,
J
,,
1941
12,
St. Louis Screw & Bolt Co.—Accumulated Dividend—
In restating the value of the investments,
earned surplus of S2.330.583 earned since
and the balance, or the earned
July
a dividend of $7 per share on account of accumula¬
stock, payable July 10 to holders of record July 5.
Directors have declared
tions
the preferred
on
Dividend of $3.50 were paid on Dec. 2 and Aug. 1,
1940.—V. 151,
p.
3252.
Santa Cruz Portland Cement Co.—50-Cent Dividend—
Directors have declared
dividend of 50 cents per share on the common
a
stock, payable July 1 to holders of record June 20.
Dividend of 25 cents
was paid on Jan. 2. last, and dividends totaling $1 per shaie were distributed
during the year 1940.—V. 150, p, 4139.
Safety Car Heating & Lighting Co., Inc. (& Subs.)—
1940
Years Ended Dec. 31—
$o53,013
42,727
36,508
34,398
41,495
93,600
32,579
Provision for depreciation
Prov. for Canadian exchange fluctuations
Provision for income and other taxes
Savannah Electric & Power
al939
$487,591
Profit from operations and other income
Obsolete material written off
69,148
63,095
Period Ended May
$285,519
$341,535
282,059
329,091
Earnings per common share
$3.03
$3.63
a Comprised of the accounts of the Safety Car Heating & Lighting Co., a
New Jersey corporation, for the period from Jan. 1.1939, to Sept. 15, 1939,
and the accounts of the Safety Car Heating & Lighting Co., Inc., a Dela¬
Net
profit
$2,376,903
$64,865
2,954
$52,035
$757,919
716
13,091
$691,953
7,283
$67,820
31,202
$52,751
31,192
$771,010
374,841
$699,236
374,806
Balance
$36,618
Debenture dividend requirements
$21,559
$396,169
149,115
$324,430
$247,054
60,000
$175,316
60.000
$187,054
$115,316
86,312
Maintenance
13,168
31,394
Depreciation
12,266
Federal income taxes—
Other
23,682
taxes
Net oper. revenues—
.
Other income (net).
Balance
...
Interest & amortization.
corporation, for the balance of the year.
Consolidated Balance Sheet Dec. 31,1940
-
Assets—Cash, $1,637,630; short-term discount notes, $1,794,424; accounts
(less reserve), $437,460; agents' balances, $8,804; inventories,
$1,171,073; instalment accounts receivable, $621,526; fixed assets (net),
$541,503; miscellaneous investments, $1,001,341; other assets, $15,596;
total, $7,229,357.
Liabilities—Accounts payable. $152,523; reserve for taxes, $108,881;
reserve for contingencies, $564,489; unrealized
profit on instalment sales
contracts, $447,684; capital stock ($50 par), $4,700,900; capital surplus,
$139,691»; earned surplus, $1,115,188; total, $7,229,357.—V. 152, p. 1766.
receivable
San Diego Gas & Electric Co.—Blyth Group Wins Award
of 590,527 Common Shares—Public Offering at $14%—Blyth
<fc Co., Inc., and associates headed an underwriting group
which on July 8 won the award, at a competitive sale, of
590,527 common shares of the company (owned by Standard
Gas & Electric Co.).
Public offering of the shares was made
July 9 at a price of $14% per share.
(The successful bidders paid $13,427 a share for the stock, topping a bid
of $12.52 submitted by a banking group headed by Kidder, Peabody &
Co. and Eastman, Dillon & Co.]
The shares involved in the transaction represent
all of the
common stock of the company owned by Standard Gas
&
Electric Co., constituting approximately 59% of the 1,003,250 common shares ($10 par) outstanding.
With the disjiosal of its common stock, Standard will own no securities
of San Diego Gas & Electric.
Transfer agents; First National Trust & Savings Bank of San Diego,
Calif,, and G. Borcino and R. J. De Coursey, 111 Broadway, N. Y. City.
Registrars; Bank of America, N. T. & S. A., San Diego, Calif., and Chase
National Bank, New York.
Capitalization and Funded Debt
as
of March 31, 1941
Istmtge. bonds, 3H% series due July 1,1970 xNot limited
Cumul. pref. stock, 5% series ($20 par)
550,000 shs.
Cumulative preferred stock, series B (divi¬
dend rate undetermined), $20 par
200,000 shs.
Common stock ($10 par)
-.1,500,000 shs.
x
$16,000,000
314,625 shs.
None
1,003,250 shs.
B^l3rIlCG
compliance with the provisions thereof.
upon
Years Ended Dec. 31
Balance for
1940
$9,452,396
6,477,924
$2,812,569
1,971,859
$2,396,136
Net operating income.
1939
$8,633,639
6,388,276
$2,245,362
$2,974,472
$840,710
Other income
Interest
on
Amortiz.
'41
597
debt
2,44.5
23
$2,247,807
620,000
$2,974,495
602,222
$840,710
135,000
61,953
10,270
Cr23,714
7,670
250,000
funded debt.
of
Mar. 31
$2,396,734
620,000
Gross income
common
stock and surplus
145,996
57.399
259,970
61,953
7,751
Cr20,478
8,261
237,775
60,645
9,239
132,500
14,037
13,706
Cr5,791
1.930
189,420
$1,332,544 a$2,174,399
149,115
a The company does not consider that it has any liability under the Excess
Profits Tax Act of 1940 as amended March, 1941.—V. 153, p. 109.
Savannah Gas
Co.—Earnings—
12 Months Ended—
$556,972
$553,572
197,389
21,056
90,803
45,240
$564,866
206,878
21,004
103,334
46,779
$523,344
$199,085
1,092
$186,870
540
540
$188,976
8,844
$177,356
$200,177
$187,410
$197,820
49,617
5,368
42,579
3.347
42,006
3,310
42,647
3,409
$122,370
25,717
$154,251
28,060
$142,093
28,062
$151,765
28,111
$96,652
.
$126,191
$114,031
$123,653
207,648
20,571
105,672
46,265
Net oper. revenues.
$176,816
.
Non-oper. income
Gross income.
.
Interest deductions...
Other
deduction
Net
income
Preferred
.
dividends--.
Remainder of net inc.
181,271
20.984
90,295
41,817
Balance Sheet March 31, 1941
Assets—Property, plant and equipment, $3,206,629; investment in capital
(Public Utilities Management Corp.), $1,680;
cash, $33,071; accounts receivable (less reserve for uncollectible accounts of
$14,103), $110,944; merchandise, materials and supplies, $49,475; insurance
and
special interest deposits, $655; deferred charges, $179,997; total,
$3,582,452.
'
Liabilities—Long-term debts, $1,400,000; consumers' meter and exten¬
sion deposits, $15,327; accounts payable, $36,781; accrued interest on longterm debt, $13,112; accrued interest on other debt, $1,667; accrued taxes,
local. State and Federal, $39,477; other accrued liabilities, $573; unadjusted
credits, $1,365; reserves, $577,327; common stock ($25 par), $1,400,000;
earned surplus, $96,821; total, $3,582,452.—Y. 153, p. 109.
stock of affiliated company
Savannah Sugar Refining
Corp.—Earnings—
per
share on the capital stock, as
Balance Sheet Dec. 31, 1940
3 Mos. End.
1938
$8,484,469
6,088,332
Total oper. revenues
Total oper. expenses
*»
Earnings for the year 1940 were $2.13
against $2.15 per share in 1939.
Summary of Earnings for Stated Periods
—
"
Preferred dividend requirements
Additional bonds may be issued under the mortgage and deed of trust
only
883,655
337,930
.
.— —
ware
1941—12 Mos.—1940
$2,621,027
968,457
174,564
339,297
107,533
273,257
$231,688
revenues
Operation.
a
Dividends paid
Co.—Earnings—
1941—Month—1940
31—
$195,305
77,420
12,228
26,825
4,631
22,166
Operating
$2,201,271;
accounts
receivable,
(net),
$1,201,063;
charges deferred to future operations,
investments, $33,109; refining plant, including machinery, real
estate, wharf, warehouses, office building, hotel, cottages, &c. less depre¬
ciation reserve, $1,395,502; total, $6,070,137.
Liabilities—Accounts
payable,
$594,304; sundry reserve,
$433,631;
capital stock (218,664 shares), $2,842,632; surplus, $2,199,570; total,
$6,070,137 —V. 150, p. 2268.
Assets—Cash,
merchandise and supplies, $1,229,343;
$9,848;
$492,407
disct.
and expense
Other interest
Int. chgd. to construct'n
Miscell. deductions
Prov. for Fed. inc. taxes
Net income
$1,470,553
10,821
Crl 5,332
a Because of an
extraordinary tax adjustment in 1940 the net income
of $2,174,399 is approximately $410,000 greater than it otherwise would
have been.
History and Business—Company is
an
Schumacher Wall Board Com.—Dividend—
Directors have declared
ticipating preferred stock,
Dividends
dividend of $3.50 per share on $2 cum. par¬
payable Aug. 15 to holders of record Aug. 5.
152, p. 4138.
a
arrears.—V.
in
are
Selby Shoe Co. (& Subs.)—Earnings
Years Ended April 30—
discounts,
1939
$8,447,122
6,524,718
6,677,757
$2,425,805
2,229,770
$1,769,365
1,725,943
$196,035
170,951
$43,422
231,600
$366,986
11,152
returns
operating public utility company.
It has been engaged in the electric and gas business since 1905 and in the
steam
heating business since 1920.
Company generates, purchases, transmits, distributes and sells electrical
light, power and heat to domestic, commercial, industrial, agri¬
cultural, municipal, military and naval customers in the territory from the
coast to the mountains in southern California, which embraces the
City of
San Diego and practically all the other cities and towns, and the
major part
of the agricultural sections of San Diego County, together with a small
portion of Orange County.
Company also purchases, distributes and sells
natural gas at retail to domestic, commercial, industrial, military and naval
customers in the City of San Diego and in adjoining communities in western
San Diego County.
This gas is purchased from the Southern Counties
Gas Co., and is delivered to the company within the corporate limits of the
cities of San Diego and Oceanside, and at other points in San
Diego County.
Company also supplies a limited area of the main business district of the
City of San Diego with steam heat.
Retail electric service is furnished in 44 communities and adjacent rural
territories having an estimated aggregate population, based upon the Federal
Census for the year 1940, of approximately 285,000, all in the State of Cali¬
1940
$307,937
less
$8,950,523
$2,309,710
2,001,772
sales,
1941
$7,780,422
5,470,712
Gross
energy for
fornia.
Gas service is furnished at retail in 19 of these communities and in
adjacent rural territories having an estimated aggregate population, based
upon the Federal Census for the year 1940, of approximately 265,000.
During the 12 months ended March 31, 1941, approximately 65% of the
operating revenues of the company was derived from the sale of
electricity, 34% from the sale of gas and less than 1 % from the sale of steam.
During this period approximately 70% of the total electric and gas operat¬
ing revenues and all of the steam operating revenues were derived from sales
gross
within the corporate limits of the City of San
Diego.
Underwriters—The principal underwriters of the 590,527 shares offered
and the respective amounts underwritten by them are as follows;
Shares
Blyth & Co., Inc
136,027
Dean Witter & Co
.115,000
Shares
Whiting, Weeks & Stubbs, Inc
7,500
Brush, Slocumb & Co..
7,000
Smith, Barney & Co
60,000
O'Melveny-Wagenseller & Durst.
6,000
Harrlman Ripley & Co., Inc
Stone & Webster and Blodget,
Inc...
60,000
Pacific Company of California
Sutro & Co
5,000
Revel Miller & Co..
4,000
...
Merrill
Lynch,
E.
A.
Pierce
Cassatt
H. M. Byllesby & Co., Inc..
William R. Staats Co
Mltcbum, Tully & Co
50,000
&
Miller, Hall & Co
5,000
Other income, less inc. deductions.
129,958
__
$437,895
100,000
86,032
$135,765
179,780
Net income
Dividends
per
$279,793
119,905
$1.17
239,650
$0.57
liquida'n of sub
on
Provision for contingencies
Provision for Federal income taxes—
Earnings
76", 041
$275,022
112,178
6,000
21,079
$251,862
Portion of loss
share
on
capital stock
$1.05
Consolidated Balance Sheet April 30
Assets—
1941
Cash
y
1940
Liabilities—
1941
1940
$933,465
Marketable secure,
Accts.¬es
Inventories
rec.
--
Other curr. assets.
Non-cur. inv. & rec
$496,376
215,612
60,781
1,907,886
payable-
3225,721
149,469
Accrued liabilities.
327,597
227,536
2,430,641
72,870
2,482,334
Other
99,512
79,461
418,135
746,812
1,663,298
1,771,518
1,772,739
71,018
b
Property, plant
eauipment.
Pats., trademarks
and
and mfg. rightsPrepaid expenses--
Total
Notes payable.—
Accounts
curr.
Res. for conting. &
a
12,251
3,250
14,286
3,000,000
3,000,000
3,801,353
3,767,687
reserve
Common stock.
Surplus
11,522
112,251
development
Other
_
—
16,656
51,402
liabiis.
$350,000
-
•
47,310
—.$7,569,684
$7,600.6911
Total
$7,569,684 $7,600,691
Represented by 240,000 no par shares,
b After reserve for deprecia¬
tion of $2,083,596 in 1941 and $1,959,730 in 1940.—V. 153, p. 109.
a
Shamrock Oil & Gas Corp.
(& Subs.)—Earnings—
Years Ended Dec. 31—
Operating income
Non-operating income
1940
1939
$1,178,154
71,647
$1,184,910
72,611
$1,249,801
578,078
88,000
107,929
27,412
$1,257,521
741,641
78,593
55,812
$448,381
150,700
$277,556
4,000
40,000
Bate man, Eichler & Co
3,500
20,000
Hill Richards & Co
3,500
15,000
Lester & Co
3,500
11,500
11,000
Page, Hubbard <fc Asche
Stern, Frank & Meyer
3,500
Schwabacher & Co
Bankaraerica Co
10,000
Davis, Skaggs & Co
3,000
El worthy & Co
10,000
Dewar & Co.
2,000
Weeden & Co
10,000
Roger K. Williams & Co
2,000
Total income
Provision for depreciation, depletion, &c
Interest expense
-V. 153, P. 109.
3,500
Federal income taxes
Loss on capital asset transactions
Net profit
Dividends
Earnings
on
preferred stock
share.
per common
$0.22
103,917
226,050
0.09
The Commercial & Financial Chronicle
Volume 153
Consolidated Balance Sheet Dec. 31,1940
Assets—Cash, $780,970; note and accounts receivable, $367,134; in¬
ventories, $356,433; interest accrued on notes receivable, $2,527; cash
pledged for gasoline taxes (contra), $104,590; other accounts and notes
receivable, $447,202; stock in other corporations, $60,000; properties, plant
and equipment (net), $5,787,240; deferred charges, &c., $259,300; organiza¬
tion expense, $37,720; total, $8,203,115.
Liabilities—Notes payable to banks, $250,000; notes payable to others,
$18,260; accounts payable, $326,128; lease purchase obligations (due within
one year), $32,474; Federal, State and ad valorem taxes accrued, $166,758;
other accruals, $12,810; gasoline taxes payable (contra), $104,590; long-term
liabilities, $1,773,201; common stock (par $1) $1,345,015; preferred stock
(par $10), $1,061,870; preferred stock (par $100), $1,449,800; earned
surplus, $866,285; capital surplus, $795,924; total, $8,203,115.—V. 150,
3987.
Vv;
.
Assets—
1939
1940
Trade accts. pay'le
hand.______
Notes & accts. reo_
$154,153
495,014
420,739
Inventories, at cost
Pref. stock sinking
486.695
408,328
fund—_______
Accts. receivable-
8,633
on
$120,980 Other
>
pay'le
1939
$40,905
19,313
Comm. payable A
59,881
67,586
129,817
40,000
miscell. accruals
State taxes——
5,639
92,253
Res. for
serv. guar.
Dlv. pay., pf. stk.
Cust. deposits and
640
739
26,000
credit balance—
10,760
212,651
Mtge. instal. pay.
Mortgage payable
2,500
6,851
2,500
(1942 to 1956) —
Res. for conting. _
37,500
30,000
40,000
4U76
4,830
788,878
111,517
334,125
Intangibles.
25,000
207,438
223,878
250,056
117,015
104,628
(net).
Scullin Steel Co.—40-Cent Dividend—
Res. for serv. guar,
Directors have declared dividend of 40 cents per share on the common
stock, payable July 15 to holders of record June 30.
Initial dividend of
50 cents was paid on Feb. 17.—V. 152 p. 1930.
'
20,000
—non-current—
Preferred stock
.
_
_
Common stock
792,878
Capital surplus.—
Total
3827
Sierra Pacific Power
Operating
Operation.
Co.—Earnings—
Soss
;
1941—12 Mos.—1940
1941—Month- -1940
$2,360,037
$2,176,013
6,805
17,922
30,486
$172,631
58,164
8,911
9,882
19,530
820,380
119,453
180,120
266,136
726,643
101,537
140,094
190,995
oper. income..
$77,354
$76,144
Other income (net)—.
Dr70
$973,948
3,536
$1,016,743
3,675
$977,484
151,848
$1,020,418
111,735
$198,881
revenues
66,314
Maintenance
Federal income taxes.__
Other taxes.
_
Utility
_
_
^
_
Gross income
Retirement
res.
$76,053
11,747
$77,284
13,942
i
accruals
Gross income.
Int.
Dr91
long-term debt__
$825,636
$64,306
9,624
$63,342
*
on
6,229
98,623
$908,682
115,659
Amort, of debt prem. &
discount
724
806
603
$56,506
$53,272
Crll7
Other income charges
11,390
9,676
8,739
$710,555
$774,609
■V v
5,068
Mfg. Co.—Earnings—
Years Ended Dec. 31—
Gross profit on sales.
—
income.
Silex Co.
('& Subs.)
Earnings—
Calendar Years—
Net sales
1940
1939
1938
$2,605,112
1,517,414
635,945
$2,473,173
1,389,127
591,625
$2,379,052
1,378,164
584,411
29,675
2,741
22,936
2,332
16,672
2,018
$419,336
1,037
$467,153
_______
746
$397,787
6,893
Net income before taxes on income.
Prov. for Fed. & State inc. taxes
$420,374
a102.433
$467,899
93,639
$404,680
75,838
$317,940
258,000
$374,259
258,000
$328,842
225,750
$1.48
$1.74
$327,760
134,467
—
—
___,
Other charges
Provision, for estimated Federal normal income
tax (no excess profits tax payable)
$158,405
}______
40,000
_
Net earnings per share
27,659
$119,618
24,375
$0.61
Profit for the year, carried to earned surplus..__
Dividends—____
$154,613
3,792
$197,089
37,470
;
.
$286,712
132,100
$193,293
3,796
expenses
ProfitOther income, &c—
Total income--
1939
1940
Selling, general and administrative
$130,745
_
$0.67
Note—The above statement includes provision for depreciation in the
amount of $28,969 for 1940 and $25,434 for 1939.
.
Net
—V. 152, p. 4138.
$1,717,827 $1,669,498
-V. 152, p. 2719.
^
Period End. May 31—
445,821
Total
—$1,717,827 $1,569,498
_______
106,361
Earned surplus
Sears, Roebuck & Co.—Sales—
Period End. June 30—
1941—Afontfi—1940
1941—5 Mos.—1940
Sales
-$78,567,676 $63,312,911 $355498,055 $277398,030
—V. 152, p.
60,000
20,576
cos.
—at cost
Fixed assets
accts.
Bes. for Federal A
audiometers.
Invest, in ami.
1940
$43,820
13,673
Liabilities—
Cash in banks and
Deferred charges.
,
P.
253
Consolidated Balance Sheet Dec. 31
/•>>'■ V,:
Balance Sheet Dec. 31,1940
Assets—Cash in banks and on hand, $152,179; accounts receivable,
$131,830; inventories, $148,519; cash surrender value of insurance'policies
on lives of officers,
$16,470; fixed assets (less reserve for depreciation
$139,919), $550,608; deferred charges, $3,739; total, $1,003,345.
Liabilities—Note payable to bank maturing Feb. 17,1941 (unsecured),
$100,000; accounts payable, trade, $71,375; accrued wages, taxes and
miscellaneous accounts payable, $16,594; provision for estimated Federal
income tax, $40,000; capital stock (par $1), $195,000; capital surplus,
$18,293; earned surplus, $562,081; total, $1.003.345.—V. 151, p. 1910, V
$1.53
Cost of sales
Selling, admin., and general expenses.
Depreciation on property, plant and
equipment.
_
«
Amortization of patents
'
Net operating profit
Other income (net)
Net income.
Common dividends.
Earns, per sh. on 215,000
"
.
common
a
shs.
of
stock (no par)
Soundview Pulp Co. (& Subs.)—Earnings1939
1938
$11,502,377
6,867.063
$5,767,725
4,287,882
$4,062,929
3,094,751
1937
$6,536,882
3,950,833
Profit before deprec.,
depletion &c
$4,635,313
740,006
Deprec., depl., amortiz.
$1,479,842
687,811
$968,178
\ 501,577
$2,586,049
395,241
$792,030
16,178
$466,600
16,589
$2,190,808
15,395
$808,209
128,864
114,000
$483,190
157,914
57,000
$2,206,203
221,994
1,870,000
$1,821,993
$565,345
$268,275
$1,626,898
Calendar Years—
1940
Sales
Costs
,
$3,895,307
Includes $525, excess profits tax.
Miscellaneous income.
18,680
_.
Consolidated Balance Sheet Dec. 31, 1940
Assets—Cash, $332,200; accounts receivable—trade (net), $145,942;
materials and supplies, work in process and finished product, $306,314;
investments, $4,812; property, plant and equipment (net), $275,920;
patents and trade-marks (net), $33,792; prepaid expenses and deferred
charges, $14,778; total, $1,113,759.
Liabilities—Accounts payable, $106,332; bonus and commissions payable
to employees, $2,755; wages accrued, $968; accrued taxes, $23,755; provi¬
sion for Federal and State income taxes, $101,947; common stock (215,000
shares without par value), $215,000; paid in surplus, $83,181; earned surplus,
$579,820; total, $1,113,759.—V. 151, p. 2205.
raw
By amendment to its agreement of association and articles of organization,
the capital stock of company has been charged from shares having a par
value of $5 into shares having a par value of $1 on a share-for-share basis.
148,
p.123.
v
Sloane-Blabon
:
;
Directors have declared a further dividend on the company's class A
6% preferred stock on account of arrears.
This dividend is $3 per share,
payable July 15 to stockholders of record July 1.
The disbursement takes
care of arrears up to June 30, 1935.
As of June 30, 1941, arrears on the
6% preferred totaled *36 per share.
Last previous payment was May 15,
1941, when a like dividend on account of arrears was authorized.—V. 152,
p. 3513.
1939
Loss from operations
Other income.
1,217,482
44,257
1,642,128
42,248
1,471,295
$40,054
5,107
$86,738
30,824
$39,662
10,647
________
906,561
Inventories..
642,862
1,428,754
36,244
1,080,504
101
8,901,347
15,450
-
Land, bldg., equip.
Ac.
24,521
27,738
90,077
—
charges.
36,012
$55,914
$34,947
$29,014
Balance Sheet Dec. 31, 1940
Sonotone Corp.
12,544.620 11,218,198
Total
$3,035,115
633,875
19,785
—_________ —
Cost of sales, exclusive of charges below.
Provision for depreciation__._
Provision
for
amortization of
patents,
Gross
_
_—
20,032
1,809,170
2,046,629
$314,399
62,489
profit.
Other income
20,428
patent
rights and license agreements____ _
Selling, general, administration, &c. expenses
_
$2,646,952
519,605
16,282
—
Total income
_
_
_
_
$281,863
$376,888
$323,083
41,220
Interest..
——11,127
Provision for Federal taxes on income (incl. excess
11,524
profits tax $5,250 for 1940)—93,000
59,000
$2721,761
334,125
$252,559
203,202
$606,885
$455,760
2,689
158,376
3,304
118,332
$445,821
$334,125
$0.34
$0.31
—
Net profit for year.—--——___
Balance earned surplus at beginning of year. _ __ _
_
Total
Preferred dividends.
Common dividends.______
;
.
—
_
—
______
Balance earned surplus at end of year—.
Earnings
per
share on common...—_____——
2 to 4 years)-—
1,040,000
—
purchase
contracts
(due
— -—
7,722
2,107,508
1942)-
M
Works—Earnings—
1940
Gross sales, less discounts, returns and
allowances
_
_
___________
_
—
Gross profit.
Selling expense.
—
——
General and administrative expense.
—
—
_
Net profit from operations.—___
Other income.
—
Net profit before provision
eral income taxes
.
Provision for contingent losses on
a
—_—.
1938
$2,240,942
1,341,031
$1,711,073
1,043,262
$2,054,277
340,109
385,673
$899,911
265,006
169,678
$667,812
230,393
135,463
$1,328,496
15,809
$465,228
11,642
$301,956
17,697
$1,344,305
a610,000
$476,870
90,000
$319,653
67,180
$386,870
210,000
$252,473
*
156,000
in¬
ventories, receivables, &c________
Net profit——
1939
$4,339,246
2,284,969
for Fed¬
.
Provision for Federal income taxes-
i"
1,607,646
13,652
2,107,508
2,441,250
3,917,052
784,400
12,544,520 11,218,198
Total
p. 3359.MIA
South Bend Lathe
Years Ended Dec. 31—
Earns, per sh. on
1939
45,449
255,187
payable (due
Capital surplus— 3,896,831
Dividend paid.
1940
43,234
expenses------
Notes
Earned surplus.-.
'?
(& Subs.)—Earnings—
Years Ended Dec. 31—
Net sales.
145,000
468,697
Common stock— 2,441,250
—
Net loss for the year.______
-----
393,633
Pref. stock-——.-
Deferred
Cost of goods sold
Assets—Cash, $26,862; accounts receivable, trade, $88,173; notes re¬
ceivable, trade, $16,948; inventories, $160,079; deposits, $1,925; loans
receivable, $9,215; cash surrender value
officers' life insurance, $3,762;
investments, $2,000; fixed assets (net), $95,942; deferred charges, $2,234;
Licenses, processes and patents, $1; total, $407,141.
Liabilities—Notes payable (bank), $20,000; accounts payable,.$34,770;
accrued liabilities, $38,178; common stock ($1 par), $225,000; paid-in
surplus, $192,566; operating deficit, $103,374; total, $407,141,—V. 151,
p. 1736.
V -V.'.:
payable to
banks
(current)
Accounts payableAccrued payroll A
Timber
timber
on
options.
1939
$
Notes
Reserve for all tax 2,046,693
101
(net)—.- 9,296,814
Process rights-.-12,875
Investments
$1,467,878
_____
165,931
Notes and accounts
1938
$1,597,638
Cost of sales, selling and general ad¬
ministrative expenses.
Provision for depreciation.
1,133,065
^V.~152,
1940
$1,221,685
1940
1939
Liabilities—
Cash
Corp.—Annual Report—
Calendar Years—
Net sales.
219,305
360,000
Consolidated Balance Sheet Dec. 31
1940
Advs.
Corp.—Dividend—
Solar Manufacturing
Net profit
receivable-
Skinner Organ Co .—Par Value Changed—
—V.
$3,913,987
Operating expenses-—..
_
120,000 shs. cap. stk.
100,000
$634,305
408,000
$5.29
—
S3.22 |*L
—
$2.10
Includes $295,000 for excess profits tax.
JJ"1
J Balance Sheet Dec. 31,1940
Assets—Cash7"$533,814; U. S. Treasury bills and notes, $500,832; re¬
ceivables (net), $715,158; inventories, $764,314; prepaid expenses, &c.,
$29,808; property, plant and equipment (net), $33o,409; total, $2,880,334.
Liabilities—Accounts payable (trade), $153,496; customers credit bal¬
ances and
deposits, $70,610; accrued liabilities, $111,317; provision for
Federal income and excess-profits taxes, $612,321; reserve for contingent
losses on inventories* receivables, &c., $100,000; capital stock ($5 par),
$600,000; earned surplus, $1,232,590; total, $2,880,334.—V. 152, p. 2719.
_
Southern California
Telephone Co.—Gain in Phones—
Company gained 2,665 telephones during June, and
ended June 30 increased its installations by 28,652.
increase of 161 was
gain was
in the six months
In June last year an
reported and in the first six months of 1940 the net
17,294.—V^152, p.
996.|gIin#
"^Soutliern New England Telephone Co.-—Gain in Phones
Company has installed its 400,000th telephone on May 26 in the residence
O'Connor at Bloomfield.
As of May 1 the company had
396,618 telephones in service, an increase of 28,592 or 7.7% over a year ago.
Hartford and Bridgeport districts made equal percentage gains over a
of William J.
ago, both 8.1%.
New Haven district gained
London district increased 5.7%.—V* 153, p. 110.
year
7.8% and the New
The Commercial & Financial Chronicle
254
Years Ended May 31—
Operating
Operation
1940
1941
$2,401,779
revenues
Period End.
$2,423,299
333,120
85,717
890,881
126,421
300,000
327.922
79.842
$700,372
2,363
$698,234
1,289
$702,735
407J99
33,958
10,210
Cr9,861
7,890
$699,522
409,698
34,174
10,504
Cr480
3,848
$253,340
$241,778
849,433
133,131
300,000
-
Maintenance and repairs
*
Appropriation for retirement reserve
-
Taxes (other than Income taxes)
Provision for Federal and State income taxes
Operating
-
Uncollectible oper.
$9,014,139
5,585,032
Net oper.
Oross income
Interest
first mortgage bonds
Amortization of debt discount and expense
on
Other interest
Interest charged to construction—
Miscellaneous
Net income.
.
—
Note—No provision for excess profits tax under the Second Revenue Act
of 1940 was made as it is estimated no such tax will be due.—V. 152, p. 3986.
Southern Phosphate
Corp.—Earnings—
Years Ended Dec. 31—
Profit from operations
1940
income.—
income
152,
p.
Profit from operations
Spencer Shoe Corp.—Sales—
of 1940.
The manufacturing division, from a bid opened June 19, received a con¬
pairs of Army shoes amounting to $221,760. This contract
gives the company an aggregate of $1,061,520 from government contracts
since Dec. 31, 1940.—V. 152, p. 3827.
tract for 66,000
Spiegel, Inc.—Sales—
Gross income
Provision for Federal tax
on
Other deductions
income
Earnings per
common
$151,774
$98,221
132,485
$0.44
132,530
$0.69
share
Note—No provision for Federal tax
on
income
was
...
Total income
Depreciation and amortization
required for the year
Interest paid
Accounts charged off—net
Miscellaneous charges.
Balance Sheet Dec. 31
1940
Cash
1939
$457,930
Marketable secur.
Accounts
1939
1940
Liabilities—
$199,760
226,619
$69,841
Abandonments of properties
Reserve for income taxes
$42,261
52,116
payable.
5,210
5,913
Commissions pay.
1,657
Accts. rec., trade.
222,719
55,140
Inventories
220,999
297,273
Oth. current assets
4,966
16,654
investments
333,600
329,700
Totalproperty.net 2,164,532
Deferred charges..
31,769
2,207.854
W'kmen's compen.
12,515
80,278
Contingencies res.
Cap. stk.($10 par)
Surplus.
22,374
22,374
2,397,540
2,397,540
929,923
923,191
Total
Other asset
46,805
9,912
1,051
Payrolls accrued..
Insurance
$3,495,274 $3,408,926
accrued
321
x
Total
Cash
—Jan.
1940
$4,422,270
Inventories
1
Jan. 4, '41
;
7,573
Net profit.
*.
w
-
-
in banks
$57,873
Accts. receivable-_
438,003
Liabilities—
424,888
Inventories
430,091
450,107
accrued
'
$25,128
adv'ces
depreciation)
627,629
660.737
7,860
7,411
Deferred charges..
Cash for red. of pre¬
Jan. 4 '41
Dec.
31 *39
$400,000
35,669
expense
$400,000
147,473
Market dlffer'ce &
Plant & equip, (less
on
top contracts
26.573
45,879
19,715
Mtge. notes pay'le
Notes payable
299,600
299,450
60,000
Preferred stock
60,000
500
Net surplus
800
132,000
Common stock...
$1,561,458 $1,587,386
132,000
587,809
Total...
501,373
.$1,561,4 58 $1,587,386
Co.—Earnings-
Calendar Years—
Total earnings
1940
$924,049
152,589
....
$798,706
3,000
$773,430
Interest earned
1939
$957,828
159,122
$771,460
1,971
expenses
Operating income
Gross income
$801,706
Interest expense.
235
_
_
Loss from sale of properties
Condemned and released properties
Federal and State income taxes
Net income
Earned surplus, at
beginning of
year.
Adjustments
Totals
_
Dividends..
Earned surplus at end of year.
1940
Invest. & other
as at
1939
$4,484,439 $4,589,278
as-
$274,304
797,459
Dr33,853
$1,037,911
4,406
235,597
24,413
258,686
$779,224
$646,768
Balance Sheet
Assets—
145
262.840
$861,899
215,131
,
288,910
4,766
44,406
100,914
66,375
$267,822
779,224
Drl85,146
Depletion
Depreciation
<:■
1
1940
Capital stock
$5,000,000 $5,000,000
Paid- in surplus
651,708
30,274
Earned surplus
1,036,111
1,031,157
Treasury stock
646,768
Dr708,037
Dr677,981
31,195
29,028
71,493
82,213
4,087
4,345
3,836
1,033
accounts
88,216
87,139
Prepaid expenses.
817
848
Cash in banks
Accts. receivable—
Deferred credits..
production
Other accts. receiv
Deferred
Mortgage
payable
Accounts payable.
Accrued
Fed.
in¬
come
State
651,708
779,224
2,404
2,833
65,267
tax
Accrued
24,067
in¬
come taxes
1,102
762
Accrued cap. stock
and other taxes.
8,323
7,931
Accrued interest-Total
for
reserve
22
23
-V. 152, p. 3987.
Total.
18,969,721
18,446,327
18,446,327
Total
depreciation of $4,961,287 in 1940 and $4,276,950 in
c Represented by 5,040
Standard Steel
Co.—Weekly Output—
Standard
July 5, 1941, totaled 140,-
Spring Co.—Earnings—
Years Ended Dec. 31—
Net sales.
Selling, admin. & general expense
647
'
Total profi t
Other deductions
excess
.
profits tax
*
967
214,292
$740,534
31,520
Operating profit..
Federal
$484,148
26,004
$772,053
139,797
155,000
33,200
$510,153
61,769
76,000
7,500
"8",500
$436,557
328,443
$363,884
320,943
$1.66
State income taxes
Net profit
Dividends on
$5,284,392
4,268,326
316,658
237,827
Prov. for deprec'n and amortizat'n
Federal income taxes
1939
al940
$7,304,858
5,920,531
405,320
.
Provision for bad debts
—
common
stock
Earns per share of common stock
$1.99
Consolidated Balance Sheet Dec. 31, 1940
Assets—Cash, $382,681; acceptances and accounts receivable (net),
$854,301; inventories, $1,048,839; investments and other assets, $7,662;
property, plant and equipment (net), $2,089,442; patents and patent
development, $127,645; good will, $742,752; deferred charges, $79,573;
total, $5,332,896.
Liabilities—Notes
payable,
$500,000;
accounts
payable,
$451,582;
accrued liabilities, $65,485; Federal and State taxes on income, $283,000;
long-term note payable instalments due in 1941, $131,250; long-term note
payable, $1,087,500; reserve for prior years' taxes and contingencies,
$11,319; common stock (par $5), $1,094,810; paid in surplus, $386,094;
surplus arising from revaluation of property, $89,359; earned surplus,
$1,232,496; total, $5,332,896.—V. 152, p. 4139.
Sterchi Bros.
.$5,702,844 $5,821,944
Stores, Inc.—Sales—
Net sales for the month of June, 1941, were $632,594
$481,507 for June, 1940,
and compare with
increase of $151,087 or 31.38%.
ended June 30, 1941, were $3,733,807 as
compared with $2,886,528 for the same six months of 1940, and reflect an
Net sales
increase of
an
for the six months
$847,279
or
29.35%
over
the 1940 figure.—V. 152, p. 3828.
(John B.) Stetson Co.—Accumulated Dividend—
Directors
have
on
declared
the
8%
a
cum.
dividend
of $1
pref. stock,
par
per share on account of ac¬
$25, payable July 15 to holders
of record July 1.
This payment represents cumulative dividend due for six months ended
April 30, 1940.—V. 152,
p.
3666.
(Hugo) Stinnes Corp.—Interest Payment—
The Treasury Department has issued a license permitting this corpora¬
tion to pay interest on coupons due July 1, 1941, on its 10-year 7% gold
notes, provided such payments are made only for coupons as to which the
paying agents (Halsey, Stuart & Co., Inc., and A. G. Becker & Co., Inc.,
New York, and Chicago) receive sworn declaration establishing that the
present owner of the coupons has been the owner of the relative bonds on
and since April 8,1940, and that such person has been resident and domiciled
in the Western Hemisphere or the British Empire at all times since such
date, and provided the paying agents have no reason to doubt the facts
stated in the affidavit.—V. 152, p. 276.
Strathmore
$5,702,844 $5,821,9441
504,000
2,685,840
2,130,807
980,115 kilowatt-hours, as compared with 113,317,908 kilowatt-hours for
the corresponding week last year, an increase of 24.4 %.—V. 153, p. 111.
cumulations
Dec. 31
Liabilities—
17,929
sets
2,196,148
Surplus..
a Includes
subsidiary company, Muehlhausen Spring Crop., for the
period from July 31,1940 (approximate date of acquisition of its outstanding
stock) to Dec. 31,1940.
—V. 151, p. 257.
Southland Royalty
c$7cum. pref.stk.
504,000
Com. 8tk.(par $10) 2,685,840
Other income
Res. for Fed.,State
400
11,241,160
open
& county taxes-
ferred stock
...—
11,241,160
776,000
pref.
Cost of products sold..
Notes pay.—banks
Accts.
payable &
$43,841
71,590
partlc.
b Represented by 129,388 no par shares,
par shares.—V. 152, p. 3827.
Standard Gas & Electric
Comparative Balance Sheet
Jan. 4 '41 Dec. 31 '39
hand and
1,300,000
Defd accts. pay'le
Electric output of the public utility operating companies in the
48,196
6.806
$81,454
18,969,721
After
45,000
170,000
Funded debt.....
Gas & Electric Co. system for the week ended
'
M»
43,666
43,666
129,568
*
stock
398,804
430,715
15,098,341 14,772,057
no
34,411
•
95,000
.
deb.
ser.
notes
b $3
Fixed assets
a
$114,543
1,574
40,700
35,586
Provision for Federal and State income taxes
172,762
&
1939.
$107,274
7,268
$188,876
29,551
Interest paid
Loss on sale of old machinery replaced
Addition to depreciation reserve
Net property
Fruit
Total..
$1,888,872
1,625,488
156,109
124,451
Res. for inc. tax..
Secured
stock
Dec. 31, '39
$1,953,708
1,647,953
Drafts payable—
763,952
773,562
102,422
Steamship Corp.
Corp.—Earnings—
Rent received.
Operating
51,446
a
$181,302
Total
51,446
Standard
*
$
Accounts payable
103,461
planters,
Deferred charges..
Years Ended—
on
749,137
66,892
169,872
$3,280,677 $84,423,088 $66,397,329
Sales, less discounts, returns and allowances
Cost of sales, exclusive of depreciation
Selling, general and administrative expenses
Assets-
781,558
to
1939
1940
Liabilities—
$
1,290,519
832,563
U. 8. Govt, secure.
30—
1940
June
to
1 941
—V. 153, P. 110.
Cash
$
1,509,828
receivable..
849,314
contractors, Ac.
Stocks and bonds.
1941
...
1939
1940
Assets—
$3,495,274 $3,408,926
—Fourth Week of June—
$680,230 x$l,163,820
263,988
$527,250
351,984
Consolidated Balance Sheet Dec. 31
10,457
Ry.—Earnings—
Southern Worsted
907,440
89,671
15,489
106,379
186,126
45,000
Loss.
Ad vs.
Gross earnings (est.)
$620,432
1,247,563
122,686
48,349
121,077
2vl,578
Net profit..
—V. 150, p. 3989.
Southern
$2,030,337
Divs. paid on participating pref. stocs:
Accts.
Total
$513,261
107,171
Prov. for Fed. and
State taxes
3,980
3,619
$1,941,925
88,412
$1,703,193
855,122
52,822
32,355
97,899
87,745
50,000
Other income.
1939.
Assets—
1938
$2,272,364
1,759,103
$1,641,690
61,503
Operating profit
Net income for year
Dividends paid
1939
$3,408,384
1,466,459
3 ,931
t
.....
General and administrative expenses.
"
Corp. (& Subs.)—Earns.
1940
$2,961,450
1,319,760
Years Ended Dec. 31—
Gross profit
$102,152
$196,236
44,461
$3,151,216 $24,343,019 $24,420,402
$3,445,101
3987.
Standard Fruit & Steamship
12.840
1941—6 Mos.—1940
1941—Month—1940
Period End. June 30—
Sales.
$89,311
$178,677
17,559
$9,427,814
8,190,488
Corporation reports sales in its retail stores for four weeks ended June 27,
were 0.87% above those for the same four weeks of 1940, and for the
30 weeks ended June 27, were 12.48% ahead of the corresponding period
—V. 152, p.
Other income
$1,891,954 $10,018,161
1,661,612
8,779,725
3827.
1941,
1939
$211,815
92,402
30,101
$287,065
90,732
17,655
Depreciation
Depletion
Net
—V.
$3,040,284 $16,673,354 $15,048,402
1,148,330
6,655,193
5,620,588
$2,091,630
1,846,684
taxes
$8,184,542 $43,570,630 $40,180,628
5,144,258
26,897,276
25,132,226
$3,429,107
1,337,477
Operating revenues
Operating expenses
Operating
Co.—Earnings—
1941—Month—1940
1941—5 Mos.—1940
$9,047,684
$8,216,423 $43,738,302 $40,337,925
rev..
33,54 5
31,881
167,672
157,297
May 31—
revenues
Net oper. revenues...
Net operating income
Other income (interest revenues)
July 12, 1941
Southwestern Bell Telephone
Southern Colorado Power Co.—Earnings—
Directors
have
accumulations
on
Paper Co.—Accumulated Dividend—
declared
the
6%
a
dividend
cum.
of $5.50 per share on account of
pref. stock, payable July 1 to holders of
Volume
The Commercial & Financial Chronicle
153
record June 30.
Dividend of $2.50 was paid on April 1, last; $1.50 paid on
Jan. 2, last; $2.50 paid on Oct. 15, 1940: dividends of $1.50 were paid on
July 15 and April 15, 1940; and Dec. 27, 1939; *2.50 paid on Oct. 16 and
Studebaker passenger
month of June amounted to 14,431 units,
cars
and trucks in the
the corporation announced July 10.
in the
in the
Factory sales in June amounted to 14,564 cars and trucks.
These in¬
cluded 97 trucks produced for the U. S. Army of the same type as those
for
which
Studebaker recently received
a
substantial order.
This
com¬
pares with
11,528 factory sales in June a year ago.
For the first six months of the year factory sales were 71,487 passenger
cars and trucks as compared to 61,788 units in the first half of 1940.—
V. 152, p. 3829.
Telephone Bond & Share Co.—Dividends—
56 cents
7% 1st pref. stock and 24 cents per share on the $3 1st pref.
payable Aug. 5 to holders of record July 20.
Dividends at half
these amounts were paid on June 14 and March 15, last, and on Dec. 16,
1940.—V. 152, p. 3989.
•
The board of directors have authorized payment of dividends of
stock,
Texas Oklahoma & Eastern RR.—Stock Authorized—
and
a
1940
Selling, general and admin,
expenses
55,474,334
2,765,230
1,254,389
262,206
356,928
$742,915
Abandonment of leases and other properties
1939
$5,481,951
2,903,920
1,174,716
280,493
379,907
...
b Costs and operating expenses
Depletion and depreciation
$835,578
38,550
Operating income
Other income
'.
Federal income
107,839
59.101
cl05,000
25,000
tax
State income taxes
$527,910
Netincome
Preferred dividends
$605,552
101,406
199,123
$0.25
92,998
199,159
Common dividends_
Earnings
$874,129
114,276
51,800
d69,000
33,500
$824,850
Int. & amortiz. of discount & expense
Other interest charges and discounts allowed
0.23
per share on common
deliveries at market, $304,611 in 1940 and $221,806
b Including iol and gas deliveries at
market, $304,611 in 1940 and $221,806 in 1939, from company's own leases,
c No
provision for excess profits tax.
d Including $57,500 in respect of
income from leases granted by the State of Oklahoma.
Including oil and
a
gas
in 1939, to company's own refinery,
Consolidated Balance Sheet Dec. 31
1,249,256
Accounts
&
1,006,684
______
Sinking fund dep.
Contractual
265,588
335,942
339,010
302,668
_
6,762
_
466,391
481,222
payable.
Dividend payable.
34,642
47,816
cum.
22,402
2,049,999
299,702
233,060
1,619,250
1,908,776
1,219,331
1,656,225
1,775,000
1,975,876
1,178,540
11,217,196
44,651
49,830
23,296
46,100
Com. stk. ($1 par)
92,921
71,098
Capital surplus
equipment (net) 8,636,356
9,907,916
7,624,880
Total
9,907,916
par)
Earned surplus
plant &
11,217,196
Total...
From others having joint interests in producing
a
1,463,233
wells; collectible from
proceeds of production.—V. 152, p. 3199, 3039.
Swedish Ball Bearing
Co.—Earnings—
(All figures in Swedish Kronor)
1939
1938
1937
129,680,795 120,044,250 107,497,602 107,058,186
Calendar Years—
Sales.
1940
_;—
Cost of prod's, sold, incl.
maintenance & repairs
Sell & admin, expenses._
90,667,617
6,613,031
83,794,166
6,334,865
77,843,661
6,266,869
75,618,315
6,518,50*
Sundry losses on dwell'gs
including transfers
381,118
296,707
330,345
422.403
32,019,029
29,618,512
23,056,727
24,498,959
8,121,321
3,390,971
8,317,836
2,453,619
7,889,421
2,080,719
9,991,998
3,053,232
43,531,321
40,389,966
33,026,867
37,544,190
7,323,798
17,000,000
7,116,554
10,000,000
6,918,005
5,600,000
5.887,063
7,200,000
19,207,523
23,273,411
20,508,859
24,457,127
Total net income from
manufac.
& selling,
bef. deprec. & prov.
for taxes
Divs. from subsidiary &
other companies
Interest and sundries
Deprecia'n
Less sundry amounts not
connected with
Tubize Chatillon
year's
135,286
3,132,220
163,168
440,121
19,072,237
15,600,000
20,141,191
15,600,000
20,345,692
13,000,000
24,017,005
13,000,000
1,560,000
1,560,000
1,300,000
a
trade
equal-
2,500",000
Pro v. for addit. deprec.
carried
to
Ulen
612,237
surplus account.
481,191
2,145,691
Co.—Reorganization Plan
•
.
16,
i
as
Amended Approved
■
1941
It is the conclusion of the
SEC that the trustee's plan, as now amended,
fairness and feasibility,
"conforms to the statutory and judicial standards of
and we therefore recommend that it be approved."
The SEC's report approving the amended plan follows;
The principal difference between the trustee's amended
plan and his
original plan is that the amended plan eliminates all funded debt by omitting
$800,000 of 10-year 6% cumulative income debentures which the original
plan provided would be issued by the reorganized company, Ulen Realization
Corp.
The securities to be issued by the reorganized company under the
amended plan will consist solely of about 400,000 shares of common stock,
with a 10-cent par value, to be distributed to the debtor's general creditors,
including its debenture holders, at the rate of 100 shares for each $1,000 in
principal amount of creditors' claims.
The holders of the preferred and
common stock of the present company who,
because of the debtor's in¬
solvency, received no participation in the trustee's original plan, are likewise
accorded no participation in his amended plan.
(a) In our previous report we concluded tiiat the $800,000 debenture
issue proposed by the trustee's original plan was unsound because of the
uncertainty as to the reorganized company's
ability to pay accumulated
interest and repay principal at maturity; and we expressed the view that
this conclusion applied even more forcibly to the $3,900,000 debt structure
oth pians be disapproved.
Sroposed by the alternative plan. For these reasons, we recommend that
The trustee's amended
plan in providing for the issuance solely of common
stock, eliminates the unsound and misleading characteristics which, as we
pointed out in our previous report, would necessarily inhere in the issues of
funded debt originally proposed in this case.
We therefore conclude that
the capital structure proposed by the trustee's amended plan is s ound.
(b) Only two other provisions in the trustee's amended plan require com¬
ment.
Where the trustee's original plan permitted the Realization Corpo¬
ration to transfer money or property to the new Ulen & Co. or to A. L.
Hartridge Co., Inc., after a vote of a designated number of its stockholders,
the trustee's amended plan contains an absolute prohibition against any
such transfers to these subsidiaries.
As we pointed out in our previous
such an absolute prohibition is more consistent with the plan's
liquidating purpose.
The trustee's amended plan also contains a mandatory provision for the
distribution of funds by requiring the pro rata distribution to stockholders
of cash in excess of net working capital of $40,000 whenever an annual
financial statement of the Realization Corporation shows that such excess
is sufficient to provide for a payment of at least 10 cents a share.
The
purpose of this provision is to compel the distribution of cash, when in any
year a minimum of approximately $40,000 shall have accumulated either
from the sale of assets or from current income.
Such a provision is desir¬
able since it tends to aid in the accomplishment of the objective of liquida¬
tion and to prevent the undue accumulation and retention of cash by the
reorganized company.
In view of the expense involved in any distribution
of cash, the trustee's conclusion not to require any payments until the
available cash for distribution amounts to 10 cents per share appears
reasonable.—V. 153, p. 112.
report,
Union Electric Co. of
,
b Share
Reserve fund
31,306.657
Loans to subs..
328.511
383,895
Acc'ts receivable
19.671,754
20,143,997
capital.
Pay rec. in adv.
Accts. pay. and
65,000,000
65,000,000
13,200,000
13,200,000
Period End. June 30—
7,573,241
6,881,389
Dividends received.....
11,125,646
4,174,554
9,317,767
557,782
1,516,441
1,340,479
222,979
1,482,310
Res. for taxes..
24,891,466
14,392,006
407,582
Div. as proposed
12,961,435
Res. for pens.,&c
15,600,000
9,556,652
Cash
79,783,427
2,923,766
70,436,152
5,200,000
3,900,000
1,618,584
81,627,838
81,015,600
corporation.—V. 152,
Current expenses.
Net income
Preferred
1941—3 Mos.—1940
$1,942,471
$2,774,417
125,885
119,436
78,127
66,030
$2,588,951
1,866,523
$1,738,459
dividends
1941—6 Mos.~~1940
$4,115,028 $5,058,038
137,695
202,881
225,676
138,i25
$3,751,657
$4,717,032
1,866,523
15,600,000
Inv. In secure
Director—
elected a director of this
United Corp.—Earnings—
Fed. Inc. & other taxes._
8,312,191
payrolls
Goods in transit
Unpaid divs
Notes & accepts.
$80,000,000
2879.
p.
1939
Liabilities—
14,049,171
79,022,941
494,142
has authorized the listing of
United Aircraft Corp.—New
Francis W. Cole has been
1940
owned__
.
Missouri—Listing—
The New York Stock Exchange
9,717,005
(All Figures in Swedish Kronor)
Plants & prop.
12,328.023
79,022,814
Def'd charges..
917,997
Inventories
41,304,753
June
outstanding.—V. 153, p. 113.
1939
1940
a
&
the Securities and Exchange Commission filed its
advisory report on a plan of reorganization proposed by the disinterested
trustee for Ulen & Co. and on amendments to this plan (which in effect
constituted an alternative plan) submitted by the representatives of certain
debenture holders.
In its report the Commission concluded that while
fair, both pians lacked feasibility within the applicable statutory and judicial
standards because of their provisions relating to the issuance of new debt
securities by the reorganized company.
The Commission therefore recom¬
mended that both plans be disapproved.
After the filing of the Commission's report the trustee, on June 24, 1941
filed amendments to his plan which eliminated the provision for funded
debt and which contained various other provisions designed to meet the
additional views expressed by the Commission in its report.
The trustee's
plan, as amended, was referred to the Commission for examination and
report by order of the Court, dated June 24, 1941.
Pursuant to this order,
this report is submitted by the Commission as a supplement to its original
On
over
Balance Sheet Dec. 31
Shares
1939
$303,066
first mortgage and collateral trust bonds, 3H% series due 1971, and 150,000
shares of preferred stock, $4.50 series (no par), all of which are issued and
3,900,000
1,300,000
Balance
1940
$702,375
1941
$845,107
depreciation and estimated State and Federal taxes.—V. 152,
by SEC—
Spec. prov. for pensions
for
After
3039.
p.
1,300,000
operations
Prov.
Corp.—Earnings—
6 Months Ended June 30—
Net profit
,
property,
on
Co.—Delisting—
the
($50
Deferred charges__
112.
p.
The Securities and Exchange Commission on July 2 issued an order
granting the application of the company for withdrawal of its stock from
listing and registration on the Cleveland Stock Exchange.—V. 152, p. 694.
143,858
conv.
Investments
Property,
153,
(non-
pref. stock
employees)
V.
report.
463,874
24,475
possible
additional taxes_
5H%
re¬
ceivable (officers <fc
$
3,600,000
pay.
current)
for
issued without the authorization of the Commission, of which 198,705
shares are in the hands of the public and 1,295 shares are in the treasury.—
600,00
325,000
405,531
160,979
Accrued liabilities.
Prov.
of insurance
Accts. & notes
Accounts
Notes
ac¬
counts receiv
Cash surrender val.
1939
$
Notes payable cur¬
rently)
notes
receivable (net)
Inventories
a
LiabilitiesLiabilities—
$
$
Cash
1940
1939
1940
Assets—
pany to issue 200,000 shares of common stock (par $1) to be exchanged for
like number of shares of common stock of the same par value which were
a
a
81,936
.
Total income
The Interstate Commerce Commission on June 26 authorized the com¬
Troxel Mfg.
Sunray Oil Corp. (Del.) (& Sub.)—EarningsYears Ended Dec. 31—
Gross operating income
depletion,
per share on the
Submarine Signal Co.—Stock
Offered—Blyth & Co., Inc.,
Whiting, Weeks & Stubbs offered July 10 a block of
3,000 shares of common stock (par $25) at $27.50 a share net,
less a dealer concession of \\i points.
It was understood
that the block represented stock owned by an estate.—
—V. 153, p. 112.
$891,457
$2 .11
depreciation, Federal income taxes, intangible de¬
velopment expenditures and other deductions,
b On 423,014 shares of
capital stock
Current assets as of May 31,1941, were $5,773,654 and current liabilities
were $2,524,181, comparing with $6,075,800 and $2,015,000, respectively,
on Aug. 31, 1940—Y. 152, p. 2411, 1452; V. 151, p. 3255.
After
a
June sales brought the total of cars and trucks delivered at retail
first six months of the year to 70,749 units as compared to 54,008
first half of 1940.
9 Months
3 Months
$427,840
$1.01
Net profit.
b Earnings per share
Studebaker Corp.—Sales—
Domestic retail sales of
Superior Oil Co. (Califonria)—Earnings—
Period Ended May 31, 1941—
a
July 15, 1939, and $3.50 paid on April 1, 1939—V. 152, p. 2252.
255
receivable
Divs.
receivable
Trade
account.
Insurance
Surplus
Total
247,880,173 220,650,620
funds
1,272,980
Total....__.247,880,173 220,650,620
depreciation of $2,427,464 kronor in 1940 and 76,119,161 kronor
bA shares, 37,986,150 kronor; B shares, 27,013,850 kronor.
—V. 150. p. 3678.
a
in
$722,428 $3,751,657
$2,850,509
14,529,491
14,529,491
14,529.491
Nil
$0.05
Nil
$0.07
Total investments of the corporation had an indicated market value at
June 30, 1941, of $86,148,478 based upon last Quotations at close of business
on June 30,
1941, as compared with book amount of such investments of
$148,770,770 at that date, indicating a net unrealized depreciation of
Profit for the period._
Sh8.com.stk.out.(no par)
equaliza¬
tion
7,996,651
After
$62,622,292.
1939.
Texamerica Oil
Corp.—Stock Dividend—
Company paid on July 1 a stock dividend of .015 share of common
for each share held to holders of record June 23.—V. 150, p. 2441.
No
Preferred Dividend—
.
1
took no action at their recent meeting on dividends
$3 cumulative preference stock. As of June 30, 1941
there had accumulated two quarterly dividends on the preference stock,
amounting in the aggregate to $1.50 a share.—V. 152, p. 2413.
The board of directors
on
stock
$1,738,459
14,529,491
Earnings per share____.
the corporation's
The Commercial & Financial Chronicle
256
United Gas Improvement
Co.—Weekly Output—
The electric output for the UGI system companies for the week just
closed and the figures for the same week last year are as follows: Weekending
5,
July
97,475.533 kwh.
1941,
Same week last year, 78,658,620 kwh.,
23.9%.—V. 153, p. 113.
increase of 18,816,913 kwh. or
an
United Stores Corp.—New Chairman—
Randolph Catlin,
and
Chairman
was, on
the
of
June 26, elected President of this corporation,
of the M-cOrory Stores Corp., succeeding
Board
Stetson, and Mr. Catlin were elected
Stores,—V. 152, p. 3831.
as
the executive committee of McLellan
United States Fire Insurance
Co.—Transfer Agent—
for
serve
reorganization expenses, $959; bond purchase fund deposit payable
July 1, 1941 for retirement of 5% mortgage income bonds, $13,236; funded
debt, $6,798,969; deferred income, $558; capital stock ($1 par), $250,454;
capital surplus, $48,679; deficit, $51,105; total, $7,405,699.—V. 151,
p. 3412.
Robert W. Jameson, who resigned from these offices and from the Chair¬
manship of the operating committee of the McLellan Stores Co.
Mr.
Jameson, however, will continue as a director of the three companies and
as a member of the operating and advisory committees of McCrory Stores.
Walter E, Ryan Jr., was made First Vice-President of United Stores to
succeed Mr. Catlin.
Thomas H. Mclnnnerney, Chairman; Eugene W.
July 12, 1941
Liabilities—Accounts payable, $19,499; accrued wages and salaries,
$5,761; accrued interest, $.53,781; accrued taxes, $136,682; current payments
required on principal amount of 1st mtge. note. $25,381; special assessments
past due being protested, including penalties and interest, $102,845; re¬
Virginian Ry.—Price of Stock—
On June 25,
1941 the Committee on Member Firms of the New York
Exchange approved of the secondary distribution by Harriman Rip¬
ley & Co., Inc., of 5,000 shares of the company's 6% cum. pref. stock at
32M, Plus an amount equivalent to New York Stock Exchange commis¬
sion.
Effective as of the close of business July 3. 1941, the offering price
of this stock was changed to the last sale, plus an amount equivalent to New
York Stock Exchange commission, within a range of 32M-34.—V. 153,
Stock
114.
p.
The Marine Midland Trust Co. of New York has been appointed transfer
agent
for 500,000 shares of the capital stock of this
company.—V.
Waco Aircraft
149,
2384.
p.
Co.—Earnings—
Earnings for theft Months Ended March 31, 1941
United States Rubber Co.—Votes to Widen Charter—
A
special meeting of the stockholders of the company July 8 voted to
the charter of the company.
The meeting, called especially to
amend the charter, was held in Jersey City, N. J.
F. B. Davis, Jr., Chairman of the Board and President of the company,
presided and announced that votes cast approving the charter changes
totaled 74% of the company's preferred stock ana 74% of the common
stock.
No other business was transacted at the meeting.
widen
Demands of the
Federal
Government's
national
defense
program
were
described as impelling the meeting.
The stockholders had been informed
that, with this as the compelling reason, they would be asked to approve
the use of the occasion for a complete, modern restatement of the objects
and charter powers of the company.
These have not been changed since
the company's incorporation in March, 1892, nearly half a century ago.
The company is among those which expects to be called upon by the
Government to enter upon and manage various munitions plants now being
})lanned. The to responding fully to the amended, would have emergency
egal obstacles company's charter, until Government's defense interposed
requests.
a
Net profit,
b
Earnings
A letter mailed
$248,835
$1.71
share
Walgreen Co.—Sales—
Period Ended June 30—
Sales
152,
Wall & Beaver Street
6
Oper., admin. & general
retirement of capital assets.
by the
July 7 to the holders of
company
common
J_______
United
States
Steel
Corp.—Preferred Stock Offered—A
stock (par $100) was
offered after the close of the market July 9 at $119.50 a share
by Harriman Ripley & Co., Inc., and associates.
This
block, it is said, represented domestic holdings.
The stock
16,500 shares of preferred
has been oversubscribed.
June
„
Activity"
Universal Pictures Co.—$2
Directors have declared
on a
Preferred Dividend—
a dividend of $2 per share on account of ac¬
5% preferred stock, payable July 11 to holders of record
was the 82 dividend paid on Oct.
1,
1932.
After current payment arrears will amount to 868 per share.—V.
152,p. 4142.
the
U. S. Rubber Co .—Dividend
Liabilities—Accounts payable and accrued expenses, $11,219; interest
payable, $48,934; cumulative int. on 1st mtge. 4^% income loan certifi¬
cates,
first
$300,895; funded
common
debt, $3,030,500; unearned rent, $250; class A
stock ($1 par). $8,561; capital surplus, $84,620; deficit, $454,744;
total, $3,030,235.—V. 152, p. 134.
Warner Bros. Pictures,
preferred
stockholder to
Directors have declared
a dividend of 96 M cents per share on the pre¬
payable Sept. 1 to holders of record Aug. 8.
Liae amount
March 1, last, this latter being the first preferred
dividend paid since March 1, 1932, when a similar distribution was made.
—V. 152, p. 3991.
paid
was
on June 2 and
West Boylston Mfg. Co.—Bonds Called—
Western Auto Supply Co.—Sales—
Period End. June 30—
1941—Month—1940
1941—6 Mos—1940
Retail.—..
$3,888,000
$3,149,000 $17,441,000 $13,890,000
Wholesale
2,554,000
6,442,000
Combined.
—V.
The earnings appearing in the "Chronicle" of
July 5, page 113, are for
the years ended Nov. 30, 1940 and 1939,
repectively.—V. 152, p. 113.
Virginia Electric & Power Co.—Earnings—
Period End.
May 31—
1941— Month—1940
$1,972,697
revenues
Western Public Service Co.
May 31—
Operating revenues
Operation
$1,683,305 $22,176,150 $19,958,872
612,164
8,117,743
7,654,374
126,643
1,718,857
1,512,257
195,000
2,410,057
2,321,075
93,308
1,811,737
868,163
159,799
2,013.661
1,861,123
720.829
_
Maintenance
Depreciation
Federal income taxes
Other taxes—
—
—
155,912
210,167
166,700
169,293
12,772,000
30,213,000
8,811,000
22,701,000
(& Subs.)—Earnings—
1941—Month—1940
$172,711
$170,371
79,910
75,637
11,231
15,404
24,792
21,758
5,780
2,067
16,076
16,684
Maintenance
,
Depreciation
lederal income taxes._
Other taxes
x
Net oper. revenues
1941—12 Mos.—1940
$2,200,433
$2,145,270
985,618
987,528
133,981
130,153
297,992
270,404
50,496
2.3,865
194,199
195,301
$34,921
Drl,747
$38,820
Dr2,873
$538,147
Dr.31,772
$538,018
Dr57,554
$33,174
26,020
$35,947
26,252
$506,375
317,083
$480,463
319,042
$7,154
Balance....
Interest & amortization.
Balance
1941—12 Mos —1940
1,663,000
4,812,000
152, p. 3042.
Other income.
Valspar Corp. (& Subs.)—Earnings—
Operating
Operation
,
Inc.—To Pay Preferred Dividend
ferred stocK,
Period Ended
Ruling—
enjoin payment of the
common dividend of 50 cents a share declared last
April has been denied
in the Federal Court at Newark, N. J., according to Arthur Surkamp,
Treasurer of the company.
"Unless the preferred stockholder files an
appeal to the higher court within 90 days," Air. Surkamp states, "this will
permit the payment of the dividend after the expiration of this period."
The common dividend is payable to stockholders of record
April 16.—V.
152, p. p. 4142.
a
$122,813
Assets—Cash, $70,832; accounts receivable, $25,370; miscellaneous assets,
$2,653; fixed assets (net), $2,893,358; deferred charges, $38,022; total,
$3,030,235;.
preceding page.—V.
Last previous distribution
Application of
$61,354
6% serial bonds of this company are being called for re¬
demption on June 28 at the First National Bank of Montgomery, Ala., at
par plus accrued and unpaid interest.—V. 150, p. 1622.
Shipments—
on
$336,097
2 66,186
55,380
136,372
972
Balance Sheet April 30, 1941
152, p. 4142.
July 7.
Apr. 30 '41
$169,047
134,483
27,732
68,186
The 2d mtge.
See under "Indications of Business
cumulations
Apr. 30'41
$61,459
Net loss
stock
April 10 and April 28, 1941, we wrote you regarding the suit filed
by a first preferred stockholder in the Federal Court at Newark, N. J., to
enjoin the payment of the dividend of 50 cents a share on the common stock
of this company, payable April 30, 1941 to stockholders of record April 16,
1941.
Fending the decision of the Court, the Judge issued a temporary
order on April 28, 1941, restraining the payment of this dividend.
"The decision of the Court has been received, which denies the applica¬
tion for the injunction.
Unless the preferred stockholder files an appeal
to the higher court within 90 days, this will permit the
payment of the divi¬
dend after the expiration of this period."—V. 152, p. 4142.
loan ctfs.
12Mos.End.
Ended
Mos.
131,703
27,648
68,186
972
expenses
Provision for depreciation
Int. on 1st mtge. 4]^% inc.
Injunction Against Common Dividend—
"On
Corp.—Earnings—
Period—
Oct. 31 '40
Income (after deducting provision for
doubtful accounts)
$167,050
on
1941—6 Mos.—1940
$6,060,287 $39,888,854 $36,145,693
3041.
p.
states:
block of
1941—Month—1940
$6,771,794
—V.
Loss
Court Denies
per
After depreciation, Federal income tax, &c., but before provisions for
excess profits tax.
b On 145,000 no par shares.—V. 152, p. 848.
a
$9,695
$189,292
119.453
$161,421
119,453
$69,839
$41,968
Preferred dividend requirements
Balance for
common
stock and surplus.
The companies do not consider that they have any liability under the
Excess Profits Tax Act of 1940 as amended March, 1941.
Beginning with
the month of March, 1941 the accrual for Federal income tax is based on
x
an
estimated rate of 30% against the original estimate of
27%, spreading
the under-accrual for
Net oper. revenues—
Other income
Balance
$496,391
Drl ,905
$6,104,095
Dr48,125
$5,741,879
Dr7,218
$540,651
145,172
$494,486
146,744
$6,055,969
1,757,764
$5,734,661
1,761,282
$395,479
Balance
Interest and amortizat'n
$549,796
Dr9,144
$347,742
$4,298,206
1,171,602
$3,973,379
1,171,596
$3,126,603
$2,801,782
Preferred dividends requirements
January and February over the remaining 10 months
The rate under the present law is 24%.—V. 153, p. 114.
of the year.
Westmoreland Coal Co.—50-Cent Dividend—
Directors have declared
Wichita
Balance for
common
stock and surplus
a
a
dividend of 50 cents per share on the common
stock, payable July 15 to holders of record July 7.
This compares with
$1 paid on April 1, last; $1.50 paid on Dec. 14,1940; 50 cents paid on June 28,
1940, and a dividend of $1 paid on Dec. 15,1937.—V. 152, p. 2726.
Falls
&
Southern
RR.—Reconstruction
Loan
Extended—
The company does not consider
that it has any liability under the
Excess Profits Tax Act of 1940 as amended
March,11941.
Beginning with
the month of March, 1941 the accrual for Federal income tax is based on an
payment of $250,000 (of the loan of $350,000)
estimated rate of
Finance
a
30% against the original estimate of 27%, spreading the
under-accrual for January and February over the
remaining 10 months of
the year.
The rate under the present law is 24% —V. 153, p. 114.
Wacker-Wabash Corp.—Earnings—
„
.
.
Period—
Total income
Cost of electricity and lamps sold and
other income deductions
expenses
Provision for depreciation
Taxes & legal exps. on lot No. 8_
Net
operating loss
Interest
on
—
>
14,172
15,145
29,316
$250,240
199,188
72,791
4,929
$250,198
191,427
72,832
3,806
$500,438
390,615
145,623
$17,868
Net loss before interest charges
554
tures, due March
$26,113
$17,313
53,639
$43,427
103,513
$70,952
$146,940
Balance Sheet April 30,
have declared
a dividend of $1.75 per share on account
cum. 1st pref. stock, par $100, payable Aug. 1
16.
Like amounts were paid in each of the 17
preceding quarters.—V. 152, p. 1940.
to
on
the
7%
holders of record July
Woodall Industries, Inc.—Dividends—
a dividend of 20 cents per share on the common
stock, payable July 31 to holders of record July 15.
This compares with
10 cents paid on Jan. 31, last; and on Nov. 12, 1940: dividend of 20 cents
was paid on July 30, 1940; 10 cents on Jan.
30, 1940; and previous dividend
was
the 25-cent distribution made
on
Sept. 15, 1937.—V. 152,
p.
2107.
1941
Woodward
Treasury bills, $3,000; receivables (net)»
$14,755; inventories, $5,692; City of Chicago South Water Street
improve"
bond, 4%, due Jan. 1, 1943, at cost, $1,101; assets deposited with
Chicago Title & Trust Co. to cover past due special assessments,
including
penalties and interest, $107,127; prepaid expenses, deferred
charges, &c.,
$106,647; other assets, $13,249; land, $1,936,835;
building and equipment
(net), $5,053,440; total, $7,405,699.
1943, that the company will redeem ail of these de¬
The
Chase
141, p. 3242.
Wood, Alexander & James, Ltd.—Accumulated Dividend
The directors
of accumulations
»„ACashi $163,852; U. S.
ment
1,
bentures outstanding on Sept. 1, 1941 at
101% and accrued interest.
debentures will be redeemed at the principal office of the
trustee, The
National Bank, 11 Broad St., New York.—V.
Directors have declared
$75,988
Net loss
Company is notifying holders of its 15-year 5H% sink, fund gold deben¬
1,109
8,735
49,874
Interest expense.
1943, and $150,000 to mature not later than July 1, 1944.—V. 151, p. 3759.
$44,535
554
investments
June 28 extended the time of
Winslow Bros. & Smith Co.—Debentures Called—
Year Ended
Apr. 30 '41
$529,754
$26,668
Total operating income
Operating
$265,343
on
made by the Reconstruction
maturing on July 1, 1941 as follows: $50,000 to
later than July 1, 1942; $50,000 to mature not later than July 1,
Corporation,
mature not
v
6 Mos. EndedOct. 31 '40
Apr. 30'41
$264,412
The Interstate Commerce Commission
a
Iron
Co.—Earnings—
Period End. June 30—
Net profit
1941—3 Mos.—1940
$368,121
1941—6 Mos.—1940
$433,109
$920,018
$825,187
b$1.10
c$1.45
b$2.75
c$2.79
a After
interest, depreciation, depletion and Federal income taxes and
excess profits tax in
1941.
b On 334,000 shares of capital stock,
c On
298,201 shares of capital stock.
Earnings
per
share
Volume
The Commercial & Financial Chronicle
153
Prepay8 $400,000 Notes—The May 1, 1942, and Nov. 1,
1942, maturities on the serial notes totaling $400,000 were
prepaid during June, 1941.—V. 152, p. 2575.
(F. W.) Wool worth Co,—Sales—
1941—Month—1940
1941—6 Mos —1940
$27,652,730 $26,020,525*159,034.956 146.035,415
Period End. June 30—
Sales.
_
---
—
40-Cent Dividend—
Directors
holders
on
June 9 declared a dividend of 40 cents, payable Sept. 2 to
of record
Aug.
11.
Previously the company has paid 60 cents
quarterly.
by C. S. Woolworth, Chairman of
the Board, and C. W. Deyo, President:
"The board of directors at a meeting held July 9 reviewed very carefully
the present situation in relation to the company.
i
257
"Sales in stores operated in the United States. Canada and Cuba in the
first six months showed an increase of $12,999,540 or 8.9% as compared
The following statement was issued
with
a
year ago.
However, the anticipated increase in net earnings from
store operations will be adversely affected to some extent by a proposed
increase in Federal tax rates and higher Canadian taxes.
Furthermore,
the dividend received from the British company in February was less than
similar dividend of last year, due principally to higher British taxes.
"Under the circumstances, in order to reserve a sufficient portion of
earnings for the needs of the company and thereby maintain a strong
financial position, the directors deemed it advisable to reduce the next
quarterly dividend payable on Sept. 2 to holders of record Aug. 11 to
a
40 cents
3i
share
"Conditions in general seem to indicate continued improvement in retail
business and on this point the management is optimistic.
However, in
view of the uncertainties caused by increased taxes and the war situation
the directors feel that the above action is in the best interest of the stock¬
holders."—V. 152. p. 3835.
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY
sellers
GOODS—WOOL—ETC.
during the day.
On the 8th inst. futures closed 10 to 12 points net
Offerings of cocoa from the primary
light.
Warehouse stocks decreased
1,100 bags to 1,417,604 bags.
Arrivals so far this
week total 59,906 bags.
Local closing: July, 7.54; Sept.,
7.62; Oct., 7.66; Dec., 7.73; Jan., 7.77.
On the 9th inst.
futures closed 10 points off on all deliveries, with sales
totaling 110 lots. Hedge selling by Brazil caused a decline
of 8 to 9 points in the cocoa market.
Trading was light,
totaling only 60 lots to early afternoon. It appears that the
Brazilian new crop is beginning to move.
The open interest
in cocoa increased 45 lots during the previous session.
It
higher.
This rise reflected reports that as soon as the
Washington discussions are over, Brazil will announce a
schedule of minimum prices on sales of coffee for export.
boat with 61,000 bags of West African cocoa is afloat for
the United States.
Total cocoa afloats now are estimated at
COMMERCIAL EPITOME
centers
Friday Night, July 11, 1941.
Coffee—On the 7th inst. futures closed unchanged to 2
points lower.
The coffee market continued to reflect un¬
certainty regarding price schedule plans.
Futures at one
time on trade selling declined 9 to 15 points.
By the close
most
of the loss
both sides of
actual market
Brazil.
recovered.
was
the
market.
too
Sales
Trade interests
were
on
The
ruled quiet, pending further news from
In the meantime the
were
only 45 lots.
leading national chain advanced retail
coffee prices lc. per pound throughout the country, it was
announced today.
That represents increases of 2 to 2^c.
pound
the past few months.
Futures got away
to a slow start, but with the announcement that soft Santos
4s in Brazil had advanced 2,000 reis, hard 4s, Rio 5s and
Rio 7s each 1,700 reis, the market started to move up.
Gains of as much as 17 points were registered, but they were
reduced by hedge selling and profit-taking.
On the 9th inst.
futures closed 25 to 28 points net higher for the Santos
contract, with sales totaling 242 lots.
There were 23 con¬
tracts traded in the Rio deliveries, which were 25 to 26
points net higher at the close.
Santos coffee rose to new
seasonal highs in active trading as Brazil announced that
minimum prices had been fixed at about
above those
generally expected by the trade.
In early afternoon gains
of 28 to 36 points were held slightly under the best.
Brazil
fixed minimum spot prices for a variety of grades at the
various shipping ports.
Offers from Brazil on Santos 4s
range 11.70 to 12.25c., but it was said that no shipping
per
dates
were
On the
over
mentioned.
10th inst. futures closed 6 to 3
points net lower
totaling 84 lots. The Rio
contract closed 5 points off to 3 points up, with sales totaling
27 lots.
Most deliveries were about 8 points under yester¬
day's seasonal tops in the Santos contract. Four Rio notices
were issued.
Not much business has yet been done with
for the Santos contract, with sales
Brazil at the
It is said that soft Santos 4s
minimums.
new
being offered at from 11.75 to 12.25c. cost and freight
New York shipment by first available steamer.
Today
futures closed 12 to 1 point net higher for the Santos con¬
tract, with sales totaling 97 lots.
Cables from Rio Janeiro
announced that prices in the Santos coffee spot market had
advanced 3 to 5.3 milreis.
However they still are under the
official minimums announced early this week.
The situation
is confusing to the trade.
The National Coffee Association
has addressed a long letter to the Inter-American Coffee
Board complaining of the "many infractions" of the inter¬
national coffee agreement which are "causing serious losses"
are
to
the American coffee trade.
No less than 5 nations
are
charged with overshipments of coffee.
Rio coffee
prices closed
July
September
December
as
follows:
--8.16
March
7.68
7.84
7.98
Santos coffee
July..
September
prices closed
as follows:
11.28
I March, 1942
11.40 trad, j May
-
—___11.47
December
8.26
May
J—11.60 trad.
11.71 trad.
|
Cocoa—On the 7th inst. futures closed 3 to 4 points net
Only 112 lots were traded on the Exchange today.
eight more Bahia transferable notices issued,
bringing the total so far this month to 27 notices. Offerings
from the primary centers were very limited.
Some Accra
cocoa which is afloat was offered, but the price proved too
high, it was reported. Warehouse stocks increased 603 bags
to 1,418,733 bags.
The actual cocoa bean market continued
quiet.
Local closing: July, 7.46; Sept., 7.54; Dec., 7.65;
Jan., 7.69;' Mar., 7.76; May, 7.83; July, 7.91.
On the 8th
inst. futures closed 8 to 9 points net higher.
Sales totaled
higher.
There
149
were
lots.
The
market
for
cocoa
futures
was
influenced
by the upward movement in other commodity
markets.
Buying came principally from commission house
largely
sources
and
local
trade interests.
Dealers
were
noted
as
are
still
very
about
now
totals 7,119 lots.
The trade also heard that
a
cargo
106,000 bags compared with only 43,000 a year ago.
Local
closing: Sept., 7.52; Dec., 7.63; Mar., 7.75; May, 7.82; July,
7.90.
On the 10th inst. futures closed unchanged to 1 point
higher, with sales totaling 123 lots. Liquidation in the Sept.
position imparted a somewhat easier tone to the cocoa
market.
Sales to early afternoon totaled 75 lots.
Open
interest decreased 3 lots yesterday, standing at 7,116 lots
today. Warehouse stocks decreased 2,200 bags to a total of
1,413,073 bags compared with 1,066,900 bags a year ago.
Brazil was reported offering cocoa here, but above the
market.
Local closing: Sept., 7.53; Dec., 7.64; Mar., 7.75;
May, 7.83. Today futures closed 10 points off to unchanged,
with sales totaling 56 lots.
The cocoa market was a quiet
affair, only 45 lots changing hands to mid-afternoon.
At
that time prices were 1 to 3 points net higher with July at
7.48c., up 3 points. The market is in a stalemated condition
because buyers and sellers of actual cocoa are apart.
Ten
July notices were circulated, making 37 to date. Open inter¬
est increased 38 lots yesterday, standing at 7,154 lots this
morning.
Warehouse stocks increased 15,100 bags over¬
night. They now total 1,428,132 lots. Local closing: July,
7.44; Sept., 7.52; Dec., 7.64; Jan., 7.68; Mar., 7.75; May,
7.83.
Sugar—On the 7th inst. futures closed unchanged to 2
points higher for the domestic contract, with sales totaling
only 35 lots.
Dr. Bernhardt's statement at the close of last
week that withdrawal of Japanese vessels should not affect
the sugar market even if the Philippines are unable to fill
their quota, put the damper on sugar today.
Only a small
volume of business
was transacted today.
The world sugar
y2 to \
points net higher. Raw sugar was
at a standstill today, reflecting the futures market.
Sellers
were asking 3.50c. on limited offerings, but buyers were not
ready to pay better than 3.45c.
On the 8th inst. futures
closed 1 point up to 1 point off for the domestic contract, with
sales totaling 312 lots.
The world sugar contract closed 3
to 3 y points net higher, with sales totaling 552 lots.
Interest
in the sugar markets focused on the world sugar contract
because of the rise in the market to new high prices for the
season in active trading.
The accumulation apparently was
based on a conviction that world quota sugars in Cuba are
nearly exhausted and that Great Britain must turn more
and more to Cuba as a source of supply because of the
increasing shortage of shipping.
There were rumors in the
raw market of the sale of sugar to a Gulf refiner, but no
details were available.
In the meanwhile several parcels of
nearby Puerto Ricos and one lot of Cubas now afloat were
offered at 3.50c. a pound.
Other sellers demanded 3.55c.
On the 9th inst. futures closed unchanged to 1 point higher
for the domestic contract, with sales totaling 230 lots.
The
world sugar contract closed l/2 to 3H points net higher, with
sales totaling 666 lots.
The world sugar market continued
its rise with sales at new high prices for the season.
Trading
was active.
The rise was attributed to buying on private
information that the Cuban Sugar Institute had recom¬
mended that world quota sugar certificates expiring on
Aug. 31 be renewed for an entire year.
In the domestic
market quiet strength was manifested, prices standing 1 to
2 points higher during early afternoon.
The raw market
was
quiet, but it was reported that less sugar was being
offered at 3.50c. a pound.
contract closed
The Commercial & Financial Chronicle
258
July 12, 1941
On the 10th inst. futures closed 1 point up to unchanged
for the domestic contract, with sales totaling 134 lots. The
clarified—13.1 bid, nominal; Oct .-Dec.—.0934 bid nominal.
Edible: Coconut: 76 degrees—1314 bid.
Lard: Ex-winter
world sugar contract closed unchanged to 1 point up, with
sales totaling 511 lots.
The buying was on further reports
prime—1114 offer; strained—11 offer.
Cod: Crude:
quoted. Turpentine: 51 to 53. Rosins: $2.44 to $3.18.
that Great
would be
home than heretofore.
nearer
was
Britain
found in
compelled to look for supplies
Confirmation of that theory
cable from London that arrangements were
a
being made to take
of the
surplus of the Fiji
Islands because exports were impossible excepting to western
Canada.
It was said the British Government would buy
30,000 to 40,000 tons for storage, representing maximum
capacity. The domestic market was firm but quiet. In the
raw market an operator paid 3.47c. for
8,000 bags of Puerto
Ricos clearing today.
It was reported that National Sugar
Refining had paid 3.45c. a pound for a cargo of Cubas due
here today.
Today futures closed 1 to 2 points net lower
for the domestic contract, with sales totaling 134 lots. The
world sugar contract closed 34 point off to 34 point up, with
sales totaling 379 lots.
The world sugar market continued
its advance, prices registering gains of 3^ to 1 point under
active buying by trade and outside interests.
There was no
specific news to account for the rise. Buying is predicated
care
sugar
Cottonseed Oil sales
contracts.
yesterday, including switches, 247
Crude S. E., nom.
Prices closed
July
August
11.60®
11.15(5)
nomjDecember.
nom
11.12@13 tr.
..II.26®trad. January, 1942.
11.15 (5) trad. J February.
October
follows:
as
11.60@ 11.781November
September
not
11.13© trad.
11.13® nom
,
on
the theory that Great Britain will be
compelled to rely
for supplies because of shipping
losses which render long hauls impracticable.
The domestic
sugar market was
quiet but steady.
No business was
reported in raw sugar.
heavily
on
Cuban
Prices closed
as
sugar
follows:
July
September
2.53
March
2.61
2-54
2.56
May
July__
2.64
November—
January, 1942
2-59
2.66
Rubber—On the 7th inst. futures closed 10 points off to
unchanged.
The market
appears
to be marking time pending
official announcement from Washington on the
setup of the
machinery to handle the rubber industry, and as a result
activity was extremely light. There were only 9 lots traded.
There were 4 more transferable notices issued
against the
July, bringing the total so far to date this month to 10
notices.
Spot ribbed smoked sheets in cases was quoted at
2134c. per pound in the outside market today, a decline of
34c. from the last trading session. Local closing: July, 21.00;
Sept., 21.15; Oct., 21.10; Dec., 21.10; Jan., 21.05; Mar.,
20.80.
On the 8th inst. futures closed nominally 5 points
up
to unchanged.
There were no transactions registered in
futures today, this being due to lack of official word from
Washington today. The rubber industry has received ques¬
tionnaires from the Government for information
on
the
con¬
sumption of crude, reclaimed and scrap rubber in 1940,
stocks on hand, contracts and orders and the amount of
rubber afloat and consigned to the factory, it was learned
today. All this information will be used by the Government
to better determine and formulate the
machinery to be set
to govern the rubber industry, it was pointed out.
Local
closing: July, 21.05; Sept., 21.15; Oct., 21.12; Dec., 21.12.
up
Lard—On the 7th inst. futures closed 27 points net higher.
Substantial gains were recorded in lard futures at
Chicago at
fairly active buying through
houses, influenced by strong action of grains and
hogs.
The lard market started off strong on the announce¬
ment that the Government
purchased about 2,500,000 pounds
of lard over the past weekend after a week of inactive
buying
by the FSCC.
Hog receipts in the West totaled 71,200 head,
against 77,000 head for the same day a year ago. Hog sales
ranged from $10.50 to $11.05 at Chicago.
On the 8th inst.
futures closed 20 to 25 points net
higher.
Sharp advances
were again
registered in lard futures at Chicago under active
covering influenced by the strength in surrounding markets.
At the peak levels futures were 37 to 40
points over the pre¬
vious finals and were
only 15 to 20 points under the higns of
the season, established last month.
However, profit taking
wiped out part of the advance.
Hog prices ranged from
$10.85 to $11.10.
Western hog marketings totaled 74,000
head, against 80,000 head for the same day a year ago.
On
the outset of the week under
commission
the 9th inst. futures closed 17 to 22
points net lower.
The
lard market ruled easier
despite the firmness in hogs.
There
was considerable
liquidation, influenced largely
in other commodities.
New seasonal top
by the decline
prices were reached
in hogs at Chicago
today owing to the continued small
receipts of hogs at the principal packing centers in the West,
compared with last year.
The new high price on hogs was
$11.20, an advance of 10c. from the previous session.
Hog
receipts at the large packing centers totaled 67,300 head
against 69,000 head for the same day last year.
On the 10th inst. futures closed 22 to 30
points net lower.
Chicago lard futures reacted sharply today in sympathy
with the majority of other
commodity markets after disjdaying a rather firm tone during the early part of the
session.
Chicago hog prices reached new high levels again
today, the top price for the day being $11.50; the latter
price is also the highest price on hogs since 1937. Hog sales
ranged from $10.75 to $11.50.
Western hog marketings
totaled 70,800 head, against 56,100 head for the same
day
last year.
Today futures closed 13 to 7 points net higher.
The
hog market, which made 50 to 65c. gains this week,
today and values fell 5 to 15c. at the opening and
close, with the top at $11.35.
reacted
15 to 25c. at the
DAILY CLOSING PRICES OP LARD
Sat.
July
FUTURES
Tues.
October
—
IN CHICAGO
Wed.
10.40
1.65
10.37
10.65
10.87
10.45
September
December
Mon.
..10.12
10.77
10.67
10.95
10.97
11.17
1.47
10.65
10.75
10.92
Thurs.
Fri.
10.17
10.27
10.37
10.47
10.50
10.57
10.70
10.77
January, 1942
Picnic, loose, c.a.f.—4 to 6 lbs., 17%c.; 6 to 8
lbs.,1734c.;
lbs., 17 %e.
Skinned, loose, c.a.f.—14 to 16 lbs.,
25%c.; 18 to 20 lbs., 2414c.
Bellies: Clear, f.o.b. New
York—6 to 8 lbs., 2034c.; 8 to 10
lbs., 2034c.; 12 to 14 lbs.,
1814c. Bellies: Clear, Dry Salted, Boxed, N. Y.—16 to 18
lbs., not quoted; 18 to 20 lbs., 1414c.; 20 to 25 lbs.,
1414c.;
25 to 30 lbs., 1434c.
Butter: Firsts to Higher than Extra
and Premium Marks:
3414 to 36. Cheese: State, Held '40,
2514 to 2614* Eggs: Mixed Colors: Checks to Special Packs:
26 to 28348 to 10
oil
in
tank
cars
is
quoted
10.6
to
10.8.
Quotations: Chinawood: Tanks, spot—no quotation. Coco¬
nut: Tanks,
nearby—.0714 to .0714; Oct. forward—.0634
bid; Bulk—.06; Pacific
Coast—.06!4; all nominal bids. Corn:
Crude: West, tanks,
nearby—12 bid, nominal. Soy Bean:
Tanks, old crop—1014 bid, nominal; New York,
l.c.l.,
21.20.
On the 10 inst. futures closed 5 to 20
points net higher, with
totaling 14 lots.
Rubber was firm on covering by
dealers against sales in the free market to factories.
Twentysales
six notices of
delivery were readily absorbed. They failed to
liquidation.
The Singapore market was quiet
and unchanged.
Open interest here decreased 7 lots, stand¬
ing this morning at 1,630 lots.
Exports of rubber from
Ceylon during June were reported as 9,227 tons compared
with 7,786 tons in May.
Local closing: July, 21.15; Sept.,
21.35; Dec., 21.25; Mar., 21.00.
Today futures closed un¬
changed to 5 points higher, with sales totaling only 3 lots.
produce
any
Continued firmness in the free rubber market
in futures.
Prices
was
reflected
3 to 6
points higher in small trading,
with Sept. standing at 21.38c., up 3 points.
The Singapore
rubber market was l-32d. lower in quiet
trading.
Local
closing: Sept., 21.35; Dec., 21.30.
were
Hides—On the 7th inst. futures closed 8 to 12 points net
The hide markets were dull today.
Dealers re¬
lower.
ported little
in South
interest in the Chicago packer market
or no
America.
There
or
activity noted in the
resale market, principally for South American hides.
Despite
the standoff between buyers and sellers in the
Chicago
was
some
market, about 50,000 hides
were sold last week.
Trading
heavy with the United States buying
close to 200,000 hides.
Heavy standard frigorifico steers
were traded at
1334c. to 1334c. per pound, which represents
a decline of about
lc. from the preceding week.
Transac¬
tions in futures today totaled
only 12 lots.
Certificated
stocks
decreased
1,458 hides to 269,285 hides.
Local
closing, Sept. 14.12; Dec. 14.12; March 14.10; June 14.10.
On the 8th inst. futures closed 18 to 20
points net higher.
The market was
relatively quiet, with sales totaling only 22
lots, of which 12 were traded in the first hour and 9 lots in
in South America
the last hour.
Pork—(Export), mess, $29.8734 (8-10 pieces to barrel);
family (50-60 pieces to barrel); $22.25 (200 pound barrel).
Beef: (export),
steady. Family (export), $22.25 per barrel
(200 pound barrel).
Cut Meats: Firm.
Pickled Hams:
Oils—Linseed
On the 9th inst. futures closed
unchanged to 10 points net
higher.
Only seven lots were traded.
Trading in rubber
was quiet but
prices were firm. During early afternoon July
was quoted at
21.25c., up 20 points. Turnover to that time
was seven lots.
The open interest stood unchanged at 1,637
lots this morning.
Members of the trade are still awaiting
completion of the new set-up for importing rubber through
a Government
agency. • It is understood the Rubber Reserve
Co. is making a survey of stocks, commitments and other
details of the rubber market.
Singapore closed unchanged
and quiet.
Local closing: July, 21.05; Sept., 21.25; Dec.,
was
The market
was
thin and the advance held
significance, traders pointed out.
Certificated stocks
in licensed Exchange warehouses decreased
by 1,436 to 264,128 hides today.
The packer market in Chicago was again
at a standstill today
despite the fair amount of offers at the
ceiling price of 15c.
Local closing, Sept. 14.30; Dec. 14.30;
March 14.30; June 14.30.
On the 9th inst. futures closed
8 to 10 points net lower, with transactions
only 19 lots.
Late Tuesday afternoon there were
21,350 hides sold to
tanners in Chicago packer market.
Most of the sales were
made at the ceiling level of 15c.
per pound.
About 3,000
heavy cows were sold with the April takeoff at 1434c. and
the May-June and June takeoff at
15c.; 15,500 June-July
heavy native steers changed hands at 15c.
Shipments of
hides and skins from
Argentina in general declined 12.5%
in volume and 23.6% in value
during the first quarter of 1941
compared with the same period in 1940, the Department of
Commerce states.
Local closing,
Sept., 14.22; Dec. 14.20;
no
March
14.20; June 14.20.
On the 10th inst. futures closed 5
five lots traded all
points higher, with only
In order to conduct business on a
satisfactory basis and to meet the special needs of the
day.
more
Volume
various
of hideo and leather the trade today
approved
established prac¬
stocks in licensed
Exchange warehouse decreased by 704 hides to 263,424 hides
today. Local closing: Sept., 14.27; Dec., 14.25; Mar., 14.25;
June, 14.25. Today futures closed 3 to 5 points net higher,
with sales totaling 15 lots.
Raw hide futures opened 4 points
higher. Additional gains were registered during the morning
and prices were about 9 points higher at 12.30 p. m.
Trans¬
actions totaled 200,000 pounds to that time.
Certificated
stocks of hides in warehouses licensed by the exchange de¬
creased by 1,513 hides to 261,911 hides in store.
Open
interest increased 2 lots to 991.
Local closing: Sept., 14.30;
users
of Mr. Henderson's plea to maintain the
tices of selecting and grading.
Certificated
Dec., 14.30.
Ocean
Freights—Trading in tonnage was confined largely
Hemisphere markets and the volume was fair.
Charters included: Time: Delivery Hampton Roads, round
trip West Indies trade; July, $7 per ton.
Three months
Canadian trade; July, $7.50 per ton; A steamer; short
period West Indies trade; July, $7.50 per ton.
Coal: A
steamer, Hampton Roads to Rio de Janeiro; July, $8.50
per ton; Hampton Roads to east coast
South America,
$8.50 full cargoes, $8 per ton on liners.
Sugar: Philippines
to United States Atlantic, $25 bid, asking $30.
Queensland
to Halifax-St. John, $21 per ton.
Ore: South Africa to
Hatteras, $18 f.i.o. per ton; Brazil to Sydney, N. S., $12.50
per ton.
Philippines to Baltimore, $18 bid. Time Charter:
West Indies trade, $7.50 per ton.
Canadian trade, $7.50
asked per ton. North of Hatteras-South African trade, $7.50
to $8 per ton. North of Hatteras-East Coast South America,
$8 to $9; West Coast, $8 to $9 per ton; United States Pacific-
to Western
Coal—Leading anthracite producers this week made public
their summer and fall price schedule.
The prepared sizes
of coal, broken, egg, stove, chestnut and pea will be increased
15c. per ton on Aug. 15, and an additional 15c. per ton on
Sept. 15.
The advance will raise anthracite on Aug. 15 to
$6.60 per ton and on Sept. 15, when the winter price sched¬
ules become effective, to $6,75 per ton.
The latter quotation
is 50c. per ton above the prices prevailing last winter.
Operators here state that the increases were necessary to
cover the additional costs resulting from increased wages and
higher costs for materials and supplies. At the present and
until July 15, prices for the prepared sizes of anthracite coal
are quoted $6.35 per ton.
On July 15, a 10c. per ton increase
to $6.45 per ton becomes effective.
Wool—On the 7th inst. futures closed 5 to 9 points net
higher for grease wool, with sales estimated at 50 lots or
300,000 clean equivalent pounds.
Grease wool was quoted
5 points, or 3^c. higher at 94.0c. nominal.
In wool tops sales
were about 25 contracts
or 125,000 pounds, according to
estimates in the ring.
Wool top futures closed 1 to 10 points
net higher.
Spot certificated tops were lc., or 10 points
up, at 125.0c. nominal.
Boston reported prices very firm
with a few inquiries for low grade South American, but not
much else in the way of business.
Buenos Aires wool futures
prices were unchanged to 50 points lower, with the Oct.
quoted at 45.50 pesos per 10 kilos.
Local closing: Grease
wool: July, 93.9; Oct., 94.0; Dec., 94.0.
Wool tops: July,
123.6; Oct., 120.4; Dec., 119.1; Mar., 118.2.
On the 8th
inst. futures closed 1 to 7 points net lower for wool tops,
with sales estimated at 35 lots or 175,000 pounds.
Spot
certificated tops were 125.0c. nominal, unchanged, and spot
grease wool 93.8c., nominal, 2 points lower.
In grease wool
futures closing prices were 1 to 3 points lower, with a steady
tone and sales estimated at 45 contracts or 280,000 clean
equivalent pounds.
Boston reported the trade there still
awaiting Government awards, which it was thought might
appear today.
Local closing: Grease wool: July, 93.7; Oct.,
93.8; Dec., 93.7; Mar., 93.7. Wool tops: July, 123.5; Oct.,
119.7; Dec., 118.6; Mar., 117.7; May, 117.2.
On the 9th
inst. futures closed 1 point decline to 3 points advance for
wool tops, with sales estimated at 23 lots or 115,000 pounds.
There was trading in all months, but with 2 points the widest
range.
Spot certificated tops were unchanged at 125.0c.
nominal.
In the grease wool market only the Oct. and Dec.
positions were active and the closing was quiet at 3 to 5
points decline.
Sales were about 12 contracts, or 60,000
clean equivalent pounds.
Spot grease wool was quoted 3
points lower at 93.5c. nominal.
Local closing: Wool tops:
July, 123.5; Oct., 119.6; Dec., 118.6; Mar., 118.0. Grease
wool: July, 93.4; Oct., 93.5; Dec., 93.3; Mar., 93.2.
On the 10th inst. futures closed 2 points advance to 3
points decline for wool tops. About 30 contracts or 150,000
pounds were estimated to have been sold. Spot certificated
tops were unchanged at 125.0c. nominal.
Grease wool
futures closed quiet at 1 point advance to 1 point decline on
a
turnover of about 18 lots or 108,000 clean equivalent
pounds. Spot grease wool was unchanged at 93.5c. nominal.
Reports from retail wool goods channels were encouraging.
Large chain men's wear interests were reporting a very heavy
turnover of garments and it was indicated that the offtake
would be considerable for months to come.
Wool:
July,
93.5;
Oct., 93.4;
Local closing:
Dec., 93.3.
Wool
Tops: July, 123.7; Oct., 119.4; Dec., 118.3. Today futures
closed 8 to 1 point net higher for wool tops, while grease
wool closed 1 point up to unchanged.
Prices of wool tops
opened 2 points above their previous closing range.
Later
unchanged from the opening prices.
in the session futures were
At
midday bid prices showed no change to a decline of 2 points
closing levels of the previous day. Total sales on
Exchange to noon were estimated in the trade at about
5,000 pounds of tops.
Dealings in the grease wool market
were practicallv nil.
No sales were reported to midday.
Wool Top closing: July, 124.5; Dec., 118.4; May, 117.4.
Grease Wool: Oct., 93.5; Dec., 93.3.
from the
the
Silk—On the 7th inst. futures closed
lc. lower
34c-
to
higher.
Prices at the opening ruled 2 A to 2c. higher but
the subsequent lack of interest and the absence of news caused
the market to lose its early strength and become sluggish.
Transactions totaled only 190 bales.
Grade D at Yokohama
was quoted at 1,580 yen after ruling at 1,610 yen on July 3.
Local closing* July, 2.95; Aug., 2.95; Sept., 2.96; Nov., 2.98;
Dec., 2.98M; Jan., 2.973^.
On the 8th inst. futures closed
4A to 2Ac- net higher." Continued uneasiness over the
situation in the Far East caused the market to move sharply
higher today in
a
moderately active session.
mission house support was noted as prices
the $3 mark.
There also was soine trade and
Some new com¬
moved beyond
importer cover¬
Transactions in futures totaled 580 bales.
Futures at Yokohama ranged 13 yen higher to 3 yen easier.
Grade D advanced 20 yen to 1,600 yen.
Spot sales in both
markets amounted to 240 bales while futures transactions in
ing reported.
Yokohama only equaled 2,350 bales.
Local closing* July,
2.95; Aug., 2.95; Sept., 2.96; Oct., 2.96A.On the 9th inst.
futures closed IA to 23^c. net lower, with sales totaling
only 30 lots.
The silk market was irregular.
It opened
a pound higher but by early afternoon the market
had lost its gains and stood lA to lc. lower on a turnover
which to that time had reached 12 lots.
Eighty bales were
about lc.
In the spot market the price
A?- to $3.04 a pound. Yoko¬
hama Bourse prices were 14 to 24 yen lower, but in the spot
market Grade D silk advanced 15 yen to 1,615 yen a bale.
Local closing* Aug., 2.97; Sept., 2.98; Oct., 2.98j^; Dec.,
2.98^; Jan., 2.98^.
On the 10th inst. futures closed 2 to lc. net lower, with
sales totaling 17 lots.
The opening range was 3 to 4c. net
lower in sympathy with easier Japanese cables, but the
market regained most of the loss, standing half cent a pound
lower this afternoon.
Sales to that time totaled 6 lots. The
tendered
Far East, $8.25 per ton.
Grease
259
The Commercial & Financial Chronicle
153
the July contract.
on
of crack double extra silk rose
price of crack double extra silk in the uptown spot market
declined lc. to $3.03 a pound. The Yokohama Bourse closed
lower. In the spot market Grade D silk was
lower at 1,585 yen a bale. Local closing: July, 2.94;
Sept., 2.96; Nov., 2.97; Dec., 2.97^1 Feb., 2.973^,
Today
1
to
17 yen
30 yen
2^c. net lower, with sales totaling 24
futures closed 2 to
Further declines in the Japanese markets were
lots.
reflected
prices on the Commodity Exchange, where trading
amounted to 23 lots to early afternoon.
At that time losses
in lower
selling at 2.91c., off 4c.
ranged from 4 to 5c., with Aug.
interest in silk futures increased 8 lots yesterday,
standing at 1,200 lots this morning.
Local closing: Aug.,
2.9234; Sept., 2.93^; Nov., 2.95; Dec., 2.95; Feb., 2.95.
The open
COTTON
Friday Night, July 11, 1941.
/
Crop, as indicated by our
The Movement of the
tele¬
from the South tonight, is given below. For the week
ending this evening the total receipts have reached 79,412
bales, against 53,576 bales last week and 64,570 bales the
previous week, making the total receipts since Aug. 1, 1940,
3,860,682 bales, against 7,083,335 bales for the same period
of 1939-40, showing a decrease since Aug. 1, 1940,
of
3,222,653 bales.
grams
Receipts at—
2,600
5,807
Galveston
Houston
Corpus
*Sat.
Christi _»
New Orleans
3",606
13,044
3
Savannah
week!
1,712
5,893
24,844
25
3",247
4", 176
38,864
1,083
12,013
6,271
19,909
23,047
Include Friday's (July 4)
11,542
79,412
984
944
"383
...—
Totals this
The
2.492
37
25
Mobile
♦
734
12,299
13,612
727
3,008
5,471
Total
773
"700
2,000
5,227
4,504
Fri.
Thurs.
Wed.
Tues.
Mon.
6,630
receipts.
following table shows the week's total receipts, the
and the stocks tonight, compared
total since Aug. 1, 1940,
with last year:
.
Receipts to
July 11
This
Since Aug
This
Since Aug
Week
J, 1940
Week
1, 1939
13.612
Galveston
Brownsville
Corpus Christi
Beaumont
New Orleans—
Gulf port
-
Mobile
24,844 1,446,715
25
149,282
8,588
38*864 1,356,107
*984
—.—-
1,083
48,477
18,531
29,156
7,100
20,576
Lake Charles.....
New
11
54,593
1,882
66,587
—
38", 565
45,983
10,374
35,092
920,841
760
614,691
63,874
38,937
96,208
583,725
54,297
63,032
99,812
460,997
48,500
55,395
1,946
678
146,934
30*446
Included in Gulfport.
*
1,365
112,281
25,522
4,125
6,742
34,768
3,000
2,978
19,555 7,083,335 2,849,841
2,288,366
2
238
20,411
22,122
79,4123,860,682
1940
646,345
948,265
—
Baltimore
Totals.
1941
9,300
25,890
13,741
2,051
12
York
Boston
*
162", 500
15
City
Charleston
Wilmington
Norfolk
'238
26
Jacksonville
Savannah
10,529
35,010
1,913 1,776,774
41,153
2,089,958
209
179,457
71,685
9",487 2,487,110
7",445
761
Pensacola, &c__
Panama
714,213
15,596
—
Houston
Stock
1939-40
1940-41
950
The Commercial & Financial Chronicle
260
In order that
we
comparison
may
be made with other
Offerings were again light, except for scale-up
selling for merchants.
Total sales in the leading Southern
spot markets were 9,843 bales, compared with 5,922 bales
last year.
On the 9th inst. prices closed 7 to 10 points net
higher.
New 11-year highs were established on the cotton
exchange today, but on reaching these levels the market ran
into heavy selling which erased a portion of the rise.
Good
trade demand for cotton was in evidence on the opening, with
the result that the market started 6 to 8
points net higher.
years,
give below the totals at leading ports for six seasons:
1937-38
1938-39
984
Houston
238
1,083
.....
11
25
Mobile
Savannah
1,913
7,445
9,487
V
Charleston
Wilmington
1936-37
1935-36
2,884
4,300
5,280
5,728
1,359
1,795
8,297
11,729
6,940
3,806
13,612
24,844
38,864
Orleans.
New
1939-40
1940-41
Receipts at—
Galveston
2,782
2,667
3,165
4,433
1,497
2,055
2,459
6,838
974
414
474
1,872
2
—
i
11
115
672
427
155
335
2,772
10,647
1,271
2,525
33,685
32,676
17,371
16,973
All others
"""25
238
221
Total this wk.
79,412
19,555
Norfolk
1
New
offerings.
regarded
In addition to above exports, our
telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
Dry,
Ger¬
Other
Coast¬
many
France
Foreign
wise
Galveston
500
500
sunshiny weather is
Houston
New
l",700
Orleans..
Savannah
4,000
1,700
4,000
Charleston
Mobile
Norfolk
Other ports
...
Total 1941..
Total 1940-.
4,000
16,885
4,439
Total 1939--
500
"804
1,700
3,021
5,934
6,833
12,911
5",051
1,564
6,200 2,843,641
27,543 2,260,823
29,899 1,739.867
were
needed.
In
the
the
in
were
belt
Western
favorable for
more
Gn the 10th inst. prices closed
the crop
unchanged to 8 points off.
to be increasingly active
seemed
today, with the result that the rise in prices was checked.
The market stood 2 to 13 points lower late this afternoon.
The
opening
lower
under
of prices
range
the
Orleans.
was unchanged to 5 points
of hedge sales and offerings by
possible that Price Administrator
pressure
It
was
Henderson's warning to cotton goods manufacturers not to
sell above ceiling prices had an adverse effect on sentiment.
At
920,341
948,265
459,297
51,395
146,934
30,446
25,890
261,073
also
The weekly weather report on the crop was
favoring the bull side of the market.
It said
Hedge selling of cotton
Slock
Total
Street
than
During the second hour the market registered
maximum gains of as much as a dollar a bale.
Several
positions established new 11-year highs.
Shipboard Not Cleared for—
Great
Wall
heretofore.
Leaning
Britain
and
as
weather conditions
New
On
July 11 at—
interests
that too much rain fell in the Eastern area of the belt, with
the result that propagation of the boll weevil was
promoted.
The exports of cotton for the week ending July 11 reach a
total of 10,672 bales, against 6,859 bales in the corresi>ond-
usual detailed tables of cotton exports.
Orleans
market while hedge selling and local operators supplied the
Since Aug. 1.. 3,860,682 7,083,335 3,488,138 7,121,857 6,281,775 6,715,985
ing date last year and 20,203 bales in the same week two
years ago.
For the season to date aggregate exports have
been 869,340 bales, against 5,954,689 bales in the same period
of the i)revious season and 3,277,713 bales for the season
to date two years ago.
Due to restrictions placed on in¬
formation regarding exports, we are obliged to omit our
July 12, 1941
orders.
least it
aggressive
Wall
was
than
Street.
evident
that
demand
The
character of
during the forenoon.
It
levels
cotton
the market
pressure
selling
more
for
less
was
heretofore, either from trade interests
evident that
was
changed
at
the
or
little
current
being
encountered,
However, the under¬
was
especially against the October position.
tone remained steady.
Sales in Southern spot markets were
given as 11,000 bales against 4,000 a year ago.
Today prices closed 3 to 8 points net higher.
Purchases
by milks to fix prices
were
the backbone of
a
firm cotton
market.
Speculation
Coupled with New Orleans and local buying, they
absorbed hedge sales, with the result that prices
future
delivery was fairly
steady undertone to the
market during most of the period.
There were indications
easily
a
late
in Washington that the
trade and New Orleans
active
during
Leon
cotton
in
week,
the
Henderson
and
for
with
dispute
the
over
cotton
ceiling prices between
mill
amicably ironed out.
industry may be
Until definite adjustments are made
there will
less
restrict
be
more
trading
or
more or
uncertainty which, in turn, will
less.
On the 5th inst.
prices closed 3 to 7 points net higher.
holiday trend marked the local cotton market
today and the list closed steady 3 to 7 points net higher.
The opening range was 1 to 2 points net higher, but eased
from the best levels of the morning on local selling.
Bombay
prices eased sharply, but they seemed to have no influence
A
narrow
on
the
local
showers in
sirable
now
further
there
In
the
South
there
were
further
Eastern
belt, which are said to be unde¬
because the drought has been broken and
any
rains
are
market.
the
will
numerous
increase
the
weevil
hazards.
Already
complaints of weevil coming from the
Western belt, owing to too much rain.
There was
in the West overnight.
The Commodity Credit
no
rain
Corpora¬
reported as of June 28 the 1940-41 loan stocks at 367,379
bales net.
Total sales in the leading spot markets of the
South today were 6,652 bales, compared with
8,965 last
year.
The average price at the 10 designated markets was
14.4c. and at the 8 delivery points 14.55c.
On the 7th inst.
prices closed 30 to 34 points net higher.
Additional buying
by brokers with Southern mill connections, and a distinct
scarcity of contracts, caused the local cotton market yester¬
day to show substantial net gains.
The market started
slowly 6 to 9 points higher, but trading became accelerated
on the advance.
A leading spot firm supplied about
10,000
bales of contracts, but otherwise
offerings were light all day.
There were reports of further Government
buying of textiles,
resulting in increased mill buying of futures.
When the
stock market advanced, all commodities shared In the
general
tion
rise.
The President's message that the United
taken
over
States had
custody of Iceland, stimulated the belief that the
country was veering closer to wartime emergencies.
Some
of the
curb
buying was inspired by the belief that Congress would
price-fixing powers of Leon Henderson on agri¬
the
cultural commodities.
markets
were
The total sales in the
6,970 bales,
versus
leading spot
3,691 bales last
year.
On
the 8th inst. prices closed 11 to 19
points net higher.
Mov¬
ing into new high ground for the season in another sensa¬
tional advance, the local cotton market at one time made
net gains of 30 to 35 points, then sold off and closed
barely
steady 11 to 19 points net higher.
The opening range was
14 points net higher, with the market
moving imme¬
diately higher on heavy price-fixing by Southern mills and
renewed Wall Street buying.
More unwanted rains in the
Eastern belt stimulated the
demand, as did the belief that
the price ceiling policy of the Government would be
over¬
hauled by Congress.
The advance to $1.50 a bale, however,
brought heavier hedge selling, one spot firm selling over
30,000 bales of Dec. and Mar., mostly the latter.
This
selling was not sufficient to fill the demand.
On the publi¬
4 to
cation
of
the
Government acreage
report—23,519,000
the smallest planted acreage since 1896—prices again
moved into new high ground on another wave of
buying
acres,
this
opening
rather
sales.
afternoon
was
3
stood
steady,
4
to
unchanged
points net
higher.
The
to 2 points
higher, under
buying, which readily absorbed their
light offerings, comprising chiefly Southern hedge
Bombay liquidated straddle positions, selling both
March and
May.
The market moved up after the opening
as much as 8
points, but failed to hold
Around midday prices were 4 points higher to
1 point lower.
A factor in the trading was an estimate
by the New York Cotton Exchange's statistical service that
for net advances of
the gains.
consumption of cotton during June fell below 900,000 bales.
The official quotation for
middling upland cotton in the
New York market each day for the
past week has been:
July 5 to July 11—
Sat.
Middling upland 15-16 (nom'l)-15.45
Mon.
15.77
Tues.
Wed.
Thurs.
15.92
16.02
15.94
Fri.
16.00
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
July 17.
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
on
July 10.
29-32
Inch
15-16
31-32
1 Inch
Inch
Inch
Inch
and Up
White—
Middling Fair
.33
on
.43 on
.55
on
.61
on
.70 on
Strict Good Middling
.26
on
.37
on
,49
on
.55
on
.64 on
Good Middling
.20 on
.31
on
.43
on
.49
on
.58
Strict Middling
.08
on
.19 on
.30
on
.37
on
.46 on
Middling
.22 off
.11 off
Basis
.06
on
.14
Strict Low Middling
Low Middling
>
on
on
.71 off
.61 off
.51 off
.45 off
.36 off
1.42 off
1.36 off
1.31 off
1.27 off
1.23 off
Extra White—
Good Middling
Strict Middling
.20
on
.31
on
.08
on
.19
on
Middling
.22 off
Strict Low Middling
.43
on
.30
.11 off
on
.49
on
.58
.37
on
.46 on
.06
Even
on
.14 on
on
.71 off
.61 off
.51 off
.45 off
.36 off
1.42 off
Low Middling
1.36 off
1.31 off
1.27 off
1.23 off
.23 off
.11 off
Spotted—
Good Middling
.34 off
a
Middling
a
.05 off
.03
.46 eff
.36 off
.23 off
.18 oil
.11 off
.93 off
Strict Middling
.84 off
.72 off
.65 off
.59 off
on
Middling spotted shall be tenderable only when and If the Secretary of Agri¬
a type for such a grade.
culture establishes
New York
Quotations for 32 Years
The quotations for middling upland
%
York on July 11 for each of the past 32
(nominal) at New
have been as
years
follows:
1941... .*16.00c.
1940
..10.58c.
1939
9.98c.
1938
8.79c.
1933
1931
1930
1937
..13.59c.
1929
1928
1920
40.50c.
1912
..12.35c,
1927
17.65c.
1919
35.85c.
1911
12.40c...14.25c.
.13.00c.
1926
..--18.10c.
1918
32.95c.
1910
...15.45c,
...
...
..
...
1936
1935
1934
*
...
—.
...
..12.90c.
.._.10.65c.
1925
24.10c.
5.85c.
1924
9.25c.
1923
....13.10c.
1922
30.55c.
27.70c.
22.15c.
....18.20c.
22.55c.
1921 .....12.70c.
1932
....
1917
1916
26.95c.
12.90c.
1915
8.90c,
1914
13.25c-
1913
12.30c,
1941 quotation is for 15-l6ths.
Market and Sales at New York
The total sales of cotton on the spot each
week at New York are indicated in the
day during the
following statement.
For
the convenience of the reader
market for spot
and futures closed
we
on
also
the
show how the
same
days:
I
The Commercial &
153
Volume
Spot Market
Market
Closed
Closed
Steady
Nominal
Very steady
Barely steady.
Nominal
"700
Nominal
500
1.100
600
1
year—is set out in
detail below:
1,200
600
corresponding period of the previous
600
Movement to July 11,
4,400
1,900
66,700 198.709
Week
4,569
Ala., Blrm'am
12
244
52,417
236
48,654
14,147
101
16,134
164
16,650
51
1,293
65,818
1,953
91,907
444
68,698
930
74,174
45,023
142
29,395
142
48,436
103,630
29,261
Eufaula
lowest and closing prices at New
York for the past week have been as follows:
Futures—The highest,
July
Week
Season
Week
11
4,867
130,333
Stocks
ments
July
Week
Season
1940
Ship¬
Receipts
Stocks
Ship¬
Receipts
Towns
Movement to July 12,
1941
ments
Since Aug.
for
the
300
2,500
132,009
Nominal
week.
Total
100
700
500
_
700
'200
Steady
Steady
Steady
Nominal
.
500
500
Nominal
Saturday.
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Contr'ct
Spot
the
the movement—that is,
Towns,
Interior
the
At
receipts for the week and since Aug. 1, the shipments
the week and the stocks tonight, and the same items for
SALES
Futures
261
Financial Chronicle
Montgom'y
6,428
6,734
15
26,350
1,732
555
4,433
80,804
270
171,766
6,234
615
21,780
23,318
31
32,376
2,400
767
13
71,109
485
267
25,413
**mm~
41,149
3
62
5
9,300
225
790
115,189
1,740
157
38,921
514
220
142,752
966
20,813
61,943
63,007
532
32,144
15,415
121
Selma
Jonesboro..
1,644
142,993
4,274
54,681
170
21,655
169,554
2,199
65,861
115
214
16,377
500
46,125
28,245
11,913
12
36,479
558
32,180
Atlanta
1,169
145.508
1,642
33,098
3,534
174,204
3",220
98,224
Augusta
14.94n
14.62ft
_
5,651
273
Newport...
891
Bluff.
Pine
14.68ft
Closing.
September
15.17ft
15.11ft
15.20n
15.12ft
15.00ft
Athens
-
•
Closing
13
23,333
117,642
10,10C
40,244
36,741
Closing
Range..
December—
15.35-15.49 15.41-15.49
14.83-14.91 14.96-15.22 15.32-15.56 15.36-15.58
15.48
15.40
15.37-15.38 15.47 —
14.89-14.90 15.22
Range..
Closing
15.41ft
15.34ft
15.42ft
15.32ft
15.17ft
14.84ft
Closing.
.
600
29,300
33
39,497
129
26,661
10
16,570
550
31,946
25
50
35,976
La., Shrevep't
716
146,786
6,239
53,183
16,801
108,653
578
156,233
2,268
43,458
579
168,442
"677
449
16,698
33
27,145
269
1,169
31,463
28,858
16
199.242
1,866
48,643
667
22,939
243,254
1,599
48,948
57
25,723
1,565
9,349
54
34,320
260
Natchez
11
5,659
133
8,089
194
12,359
12,265
Vlcksburg..
83
20,319
678
7,997
20
7,333
28,141
18,685
13,384
33,194
576,007
1,013
Mo., St. Louis
13,390
2,202
4,755
N.C., Gr'boro
92
9,658
56
2,730
47
5,259
29
1,473
2,054
469,268
10,073
161,008
84
130,658
1,813
83,147
96,407
821,670
2,056
1,749
46,891
163,400
875
335,108
2,389
130,920
38,277 3541,263
512,325
1,435
11,804
26,954
1
9,446
10,970
84
79,148
87,517
3,839
1,382
36,882
21,933
2,014
Rome
Yazoo City.
Jan.(1942)
15.45-15.49 15.40-15.49
15.05-15.20 15.34-15.55 15.40-15.49
15.49ft
15.41ft
15.48ft
15.38ft
15.20
Range..
14.90ft
Closing.
15 towns *.
Range..
15.53ft
15.46ft
15.52ft
15.42
15.24ft
14.92ft
_
S. C.,
Gr'vllle
Tenn., Mem's
March—
15.46-15.60 15.51-15.59
14.90-14.95 15.02-15.30 15.41-15.64 15.45-15.69
15.58-15.59
15.51 —
15.56 —
15.29-15.30 15.46
14.95 —
._
Closing.
Texas, Abilene
Austin
62,005 4718,566
262
48,862
20,213
m
Brenham.
April—
15.57ftj
15.50ft
15.55ft
15.46ft
15.28ft
14.95ft
1,816
Paris
237
30,090
400,912
4,685
4,601
912
283
6,778
227
Marcos
49
9,247
335
Closing.
June—
Range..
7,422
258
53,091
928
319
48,242
959
14,322
Total,56 towns 100,382 8434,630 158,433 2326,471
1,381
„
15,754
""26
1,091
72
53,068
263
76,246
116
31,658
22,299
6,518
6.085
San
.
m
69,641
5
694
Texarkana.
Robstown..
15.46-15.60 15.51-15.58
14.90-14.96 15.04-15.29 15.40-15.62 15.46-15.68
15.57-15.58
15.55-15.56 15.50
15.27-15.29 15.46 —
14.95 —
Range..
11
559
4»
*******
1,078
16
22,049
8
4,406
37,321
12,762
56,812
82,276 2034,995
55,830 6689,928
_
*
Includes the combined
totals of 15 towns in Oklahoma.
Nominal.
week ended
Range for future prices at New York for the
July 11, and pinee trading began on each option:
14.55 July
5 15.24 July
15.14 July
9 15.15 July
14.72 July
week last year.
8 1941
9 1941 15.15 July
10 1941
9
8.70 Oct.
18 1940 15.46 July
9 1941
for
9
9.28 Dec. 19 1940 15.58 July
9 1941
reports Friday
9.49
5 15.58 July
October
same
Overland Movement for the
7 1940 15.24 July
_
We
January
15.05 July
7 15.55 July
7
17 1941 15.55 July
a
The results for the week and since
night.
March..
14.90 July
.5 15.09 July
15.69 July
9 10.43 Mar. 17 1941
9 1941
9 13.16 May
5 15.68 July
14.90 July
Feb.
19 1941 15.68 July
9 1941
June..
July 11—
Shipped—
Week
3,200
6,754
.32,284
32,284
Via Mounds, &c
Via Louisville
Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
Future Delivery—The
Open
7 July
5 July
*3 July
July
New York
Contract
9 July 10
8 July
July 10
Via
Virginia points
Via other routes, &c
Total gross
800
600
30,100
24,400
283,500
44,000
32,300
497,500
800
3,200
9~600
4, 66o
17" 900
44,700
18,200
July
2,300
8,400
56,900
62,700
500
--
SeptemberOctober
December
2,500
1,800
January
22,300
20,300
—
——
May
3,900
53,100
2,300
18,000
2,400
95,500
28,600
53,200
28,400
400
19,000
431,100
197,600
28 800
400
400
—
400
(Inactive)
71,600
Total all futures
Since
Aug. 1
4,685
a3,500
h
501
H
78
h.
h,
3,000
h:
h
7,760
h»
h
19,524
h*~
187
..26,045
h
h
"197
h
h
8,394
h
..26,232
26,232
h
8,591
h
6,052
6,052
Total to be deducted
Leaving total net overland *
h
10,933
h
by rail to Canada,
h We withhold the totals
allow for proper adjustment at end of crop year.
Including movement
since Aug. 1 so as to
1940-41Since
Sight and Spinners
Week
Takings
Receipts at ports to July 11
Net overland to July 11
Southern consumption to July
79,412
Aug. 1
h
6,052
11.190,000
h
*56,716
Aug. 1
h
19,555
10,933
130,000
h
..275,464
1939—40-——
Since
Week
h
h
h
h
27,000
1942—
200
-1939-40
Week
h
..
*9,800
1,000
.
Overland
In
1941—
overland——
Deduct Shipments—
*
Since
Aug. 1
h
h
h
h
h
13,890
8,050
291
99
Via St. Louis
Via Rock Island
Volume of Sales for
follows:
1940-41—
7 1941
May—
Week and Since Aug. 1—
statement showing the overland movement
the week and since Aug. 1, as made up from telegraphic
give below
Aug. 1 in the last two years are as
1942—
have
during the week 56,716 bales and are tonight
291,476 bales more than at the same period last year. The
receipts of all the towns have been 44,552 bales more than
decreased
8.59 Aug.
8
10 15.14 July
5 15.46 July
December-. 14.83 July
August
September
the interior stocks
that
show
totals
above
The
in the
1941—
July
Beginning of Option
Range Since
Range for Week
Option for—
August
12,925
48,194
Waco
.
May—
Closing
54,678
277
m
4
.
Dallas
—
Closing
«.
Oklahoma—
February—
Closing
115,11©
17,600
38,087
Greenwood.
November-
3,443
400
201
Jackson
.
174,199
29,300
40,746
Columbus..
Range..
2,288
200
295
Miss., Clarksd
15.23-15.38 15.30-15.37
14.72-14.80 14.86-15.13 15.19-15.45 15.25-15.46
15.35-15.36
15.29
15.12-15.13 15.27-15.28 15.37
14.80
192,328
300
303,014
30,200
2,800
Columbus..
15.26ft
15.20ft
15.28ft
15.19ft
15.06ft
14.74ft
.
October—
March
*******
33,704
31,561
Macon
Range..
Range
****** -
Ga., Albany..
15.14-15.15
Range..
n
—
Walnut Rge
August—
Range
3
Rock
22,524
104,149
347
Hope
15.10-15.12 15.12-15.15
14.55-14.63 14.81-14.91 14.98-15.24 15.10-15.16
15.15
15.12
14.12ft
15.05ft
.
Closing
July 11
12
Helena
Little
July (1941)
Range.
Friday
July 10
9
July
8
July
7
July
5
July
Thursday
Wednesday
Tuesday
Monday
Saturday
143,899
39,953
60,696
44,110
13,275
Ark.,Blythev.
Forest City
20,900 148,500 237,100 157,800 107,200 1,446,900
Total marketed
Interior stocks in excess
Excess of Southern mill
over
160,488
*26,446
takings
consumption to June 1
134,042
sight during week...218,748
insight July 11
...
Came into
Total
Open
New Orleans
July
2 July *3 July
1 July
5 July
Contracts
8
7 July
July 8
North,
*
1941—
18,200
400
200
500
1,250
900
7,600
7,050
1,500
3,350
28,900
107,000
8,950
10,550
13,050
21,600
10,100
25,900
36,250
113,700
100
12,050
12,250
3,100
19,700
2,600
7,800
41,550
17,750
131,100
350
1,350
500
1,300
77,600 125,950
445,050
__
December
1942—
January
March
250
__
—
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Southern cotton markets for each day of the week:
4,950
10,450
200
July
October
spinn's'takings to Juiy 11. 72,452
h
34,719
h
h We withhold the totals since Aug. 1 so as to allow for
adjustment at the end of the crop year.
Decrease,
proper
2,250
May
4,550
July
Below
Closing Quotations for Middling Cotton on-
68,800
Week Ended
Saturday
Monday
Tuesday
Wednesday
Thursday
July 11
*
38,650
33,000
9,050
for July 4 (Independence Day Holiday).
Includes 3,100 bales against which notices have been
Va
15-16
V»
15-16
Va
In.
In.
In.
In.
In.
In.
In.
Friday
15-16
15-16
15-16
In.
30,600
Total all futures
In.
V
15-16
In.
In.
In.
No figures
a
contracts of
issued, leaving net open
6,700 bales.
Supply of Cotton—Due to war conditions,
cotton statistics are not permitted to be sent from abroad.
We are therefore obliged to omit our usual table of the visible
The Visible
supply of cotton and can give
pool.
1941
July 11—
Middling upland,
Liverpool
g'dfair, L'pool
Liverpool
1 staple, super¬
Peruvian Tanguis,
Broach, fine,
only the spot prices at Liver¬
C. P. Oomra No.
fine, Liverpool
1940
1938
1939
4.88d.
5.52d.
Closed.
7.98d.
15.30d.
8.34d.
13.00d.
6.44d.
5.72d.
5.83d.
10.40d.
5.53d.
4.14d.
3.95d.
8.34d.
6.20d.
4.23d.
4.02d.
<*****.*.**,
'
.76 14.62 14.82
Galveston... 14.07
New Orleans. 14.26
14.39 14.59 14.54 14.74 14.64 14.84 14.56
14.55 14.75 14.76 14.96 14.84 15.04 14.78
14.05
Mobile
Savannah... 14.40
14.37 14.57 14.52 14.72 14.62 14.82 14.34
14.72 14.87 14.92 15.07 15.02 15.17 14.94
.74 14.60 14.80
14.30
14.65 14.85 14.80 15.00 14.90 15.10 14.80
14.75 14.95 14.90 15.10 15.00 15.20 14.95
.00] 15.85 15.05
Norfolk
Montgomery. 14.45
Augusta
14.65
Memphis..__ 14.15
Houston
14.12
Little Rock.. 14.05
Dallas
13.99
14.97 15.22 15.12 15.37 15.22 16.47 15.14
4014.45 14.70 14.60 14.85 14.70 14.95 14.C5
32 14.44 14.64 14.59 14.79 14.69 14.89, 14.61
30,14.35 14.60 14.50 14.75 14.60 14.85 14.55
24U4.32 14.57 14.47 14.72 14.57 14.82 14.49
.98 14.85 15.05
.09 15.QO 15.15
.15 15.0015.20
t,6.2C[l5.45
90] 14.70 14.95
39
81
14.08(14.88
80 14.60 14.85
74114.55
14.80
Market—The closing quotations
for leading contracts in the New Orleans cotton market for
the past week have been as follows:
New Orleans Contract
The Commercial & Financial Chronicle
262
Saturday
Monday
Tuesday
July
July
6
July
7
Wednesdat
July
9
8
Thursday
Friday
July 10
July 11
1941—
15.186
15.12 —
15.196
15.10-15.11 15.30-15.31 15.38-15.39 15.32-15.33 15.40
—
15.44 —
15.49-15.51 15.46
15.53
14.81
December.
The Agricultural Department also announced on
July 2
that, through June 28, 1941, loans outstanding on 1938-39
crop cotton held by the CCC and lending agencies aggregate
832,180 bales.
14.616-.63a 14.926-.94a 16.13
July
October...
July 12, 1941
14.91-14.92 15.25
—
Total
1942—
14.90
—
15.256
March
14.98
—
May
14.986-.99a 15.36-15.36 15.50
States
15.34-15.35 15.62-15.53 15.82
January
-.
15.446
15.496
15.59-15.60 15.57
—
Repayments
Bales
164461546a 15.516
15.64
Alabama
Tone-
June 28,
317,598
Arizona
Balance
Through
In Loan
15.58-15.59 15.62-15.63
Outstanding
1941
a
A«k
6
Bid.
Steady
Nominal.
n
Steady
Steady
Steady.
Steady.
35,634
281,964
30,811
49,183
Arkansas
79,994
695,801
602,266
93,535
California
195,144.
69.637
125,507
Georgia
Steady
Steady.
177,953
291,970
166,004
Louisiana
Futures...
Steady
Steady
Steady.
235,403
56,567
Mississippi
Steady
Steady
Boot
762,317
634,392
Missouri
110,793
100,849
127,925
9,944
New
39,188
23,734
184,566
21,182
2.552
159,334
25,232
53,065
49,821
320,957
1,228,696
263,267
1,014,963
3,244
57,690
213,733
'?v-
Agricultural Department's Report on Cotton Acreage
Agricultural Department at Washington on July 8
issued its report on cotton acreage as of July 1.
This report
placed the acreage of cotton in cultivation in the United
States on July 1 as estimated by the Crop Reporting Board
at 23,519>000 acres, which is 5.4% less than the acreage on
July 1, 1940. The report in full follows:
—The
The acreage of cotton
in cultivation in the United States
on
July 1
28 6% less than the 10-year (1930-39) average.
If the percent abandoned
in 1941 is equal to the 10-year average, an acreage of 23,102,000 is indicated
This acreage would be the smallest cotton acreage
harvested in any year since 1895.
Total plantings are well below the
Agricultural Conservation Program allotments, but some farmers whose
plantings are in excess of their allotments will undoubtedly remove excess
forlharvest in 1941.
Several causes are responsible for this year's reduction in cotton acreage.
Frequent and heavy rains in Texas and Oklahoma throughout the spring
prevented the planting of some intended acreage and resulted in the loss
of some acreage which had already been planted.
The Supplementary
Cotton Program, in which farmers are given cotton stamps in return for
making additional acreage reductions, was also a contributing factor in
reducing acreage.
The area in American Egyptian cotton, estimated at 129,300 acres, is
almost double the 68,600 acres planted in 1940.
The increase in Arizona
amounts to 300,000 acres, with the remainder of the increase occurring in
New Mexico and Texas.
The increases in American Egyptian acreage in
Arizona and New Mexico more than balance reductions in short staple
cotton in those States.
Only a small acreage of this type cotton was planted
in New Mexico and Texas last year.
of long staple Sea Island cotton increased from 30,700
has about the same Sea Island acreage as last year, but other States show
reductions.
report AS OF JULY 1.
Carolina
Oklahoma
South
Carolina
Tennessee
Texas
Virginia
19,714
19,474
150
139
11
4,481,926
Total
3,649,746
832,180
Continuation of Cotton Bagging Program in 1941-42
—The
the
Department of Agriculture announced on July 2 that
eotton-bagging-for-cotton-bales program, launched Jan.
27, 1941, will continue into the
fiscal year.
Under the
continued, manufacturers
have an opportunity to make and sell 2,000,000
"patterns,"
or bale
coverings made of cotton, which are intended to be
used in covering a part of the 1941 cotton
crop.
The De¬
partment's announcement continued:
program
announced
as
and
new
as
Federal payments at 15 cents per pattern will be made to
approved manu¬
facturers who agree to make patterns as specified and sell them to cotton
producers, ginners, cotton seed oil mills, and other distributors of bagging
for cotton.
Manufacture or sale of the patterns before Dec. 31, 1941, is
required.
The
cotton-bagging-for-cotton-bales program represents one of the
projects undertaken by the Department of Agriculture to stimulate devel¬
opment of new
and new markets for domestic cotton.
uses
Among other
having a similar purpose are those for cotton insulation and for
the manufacture of fine writing paper from cotton as a raw material.
programs
acres
in 1940 to 32,300 acres in 1941.
In Florida a marked increase in the acreage
of Sea Island cotton balances a reduction in short staple acreage.
Georgia
COTTON
Mexico
North
11,949
was
estimated by the Crop Reporting Board to be 23,519.000 acres, which is
5 4% less than the 24,871,000 acres in cultivation on July 1, 1940, and
The acreage
_
1941
The following statement has also been received
by"telegraph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
July 11, 1941
Crop Reporting Board of the United States Depart¬
ment of Agriculture, from the reports and data furnished
by
crop correspondents,
field statisticians, the Agricultural
Adjustment Administration, and cooperating State agencies,
makes the following estimate of cotton acreage in cultiva¬
tion July 1, 1941.
United States acreage in cultivation,
total 23,519,000 acres. United States acreage in cultivation
compared with last year 94.6%.
New
Orleans
Above
zero
zero
Nashville
Above
Above
Shreveport
Vicksburg
Above
zero
Memphis
July 12, 1940
Feet
The
Feet
of gauge.
of gauge.
2.6
10.8
14.7
20.1
4.8
of gauge.
Above zero of gauge.
zero
4.7
12.7
28.4
10.8
of gauge_
9.5
Returns by Telegraph—Telegraphic advices to us this
evening indicate that in Texas progress of cotton has been
mostly good except in the northwest, where it continued too
wet for cultivation.
10-Yr. Aver.
Rain
Acreage In Cultivation July 1
Days
Rainfall
Inches
High
1941
Texas—Galveston
2
0.84
94
75
Per Cent
Amarillo
2
0.32
92
62
77
97
67
82
Abandonm't
State
Nat. Causes,
1931-1940
Average
Per Cent
1930-39
1940
1941
Austin
of 1940
dry
Abilene
M issouri
1.0
401,000
414,000
Virginia
1.5
62,000
33,000
North Carolina
0.9
406,000
105
841,000
807,000
96
1,268,000
1,981,000
1,24 3,000
1,902,000
96
68,000
68,000
700,(K)0
100
0.8
1,088,000
1,552,000
2,551,000
Florida
3.0
107,000
Tennessee
0.9
Alabama—
0.8
Mississippi..---—
Arkansas
1.3
2,671,000
3,289,000
2,037,000
2,658,000
1,874,000
2,498,000
1.5
2,790,000
2,161,000
Louisiana
1.0
1,504,000
1,199,000
2,095,000
1,090,000
Oklahoma..
3.9
2,856,000
1,900,000
1,710,000
Texas-
2.5
12,542,000
8,873,000
8,352,000
94
New Mexico
2.7
116,000
110,000
122,000
111
Arizona
0.3
187,000
221,000
243,000
110
California
0.7
294,000
356,000
353,000
All other—
1.6
24,000
22,000
21,000
0.6
South Carolina
Georgia
—
918,000
729,000
Del
1.79
0.18
94
Mean
85
65
73
80
95
72
84
2.43
2
Fort Worth
Low
96
99
71
85
*
dry
Rio
Thermometer
84
1
0.05
100
2
95
1
2.57
0.04
66
72
83
Houston
Navasota
95
68
82
Palestine
96
1
0.04
95
68
82
San
92
i
Antonio.
0.05
99
68
84
1
0.07
97
68
83
1
Oklahoma—Oklahoma City
Arkansas—Fort Smith
0.15
0.84
97
64
81
100
65
83
98
67
83
96
1
Little Rock
90
84
1
Waco
94
91
2
Corpus Christ!
98
97
1
Brownsville
98
35,000
I
-
Louisiana—New
dry
Orleans
1
1.17
8
2.02
97
72
70
70
84
99
Shreveport
Mississippi—Meridian
Vicksburg
2
1.97
93
68
81
94
Alabama—Mobile
4
3.91
94
72
82
dry
98
84
84
Sea Island
a
30,700
Included in State and
Georgia and Florida.
32,300
0.59
95
69
4.22
92
68
2
0.05
101
6
6.36
1.47
2.21
89
74
71
74
68,600
129,300
188
91,000
125,000
180,000
144
95
72
84
1.97
0.77
93
68
81
95
69
82
81
Miami
105
34,300
2.5
Mexico) b
5
5
94.6
0.6
American Egyptian a..
Lower
California
(old
a
32,952,000 24,871,000 23,519,000
Birmingham
Montgomery
Florida—Jacksonville
1.9
United States
United States totals.
American Egyptian
grown
Tampa
Georgia—Savannah
Atlanta
5
7
5
Sea Island grown
principally in
principally in Arizona,
Macon
4
1.82
93
4
2.19
91
68
71
2
1.73
86
61
3
2.91
90
65
78
5
1.62
93
70
82
South
Carolina—Charleston..
North Carolina—Asbeville
CCC Reports on 1940-41 and 1938-39 Cotton Loans—
The Department of Agriculture announced on
July 2 that,
1940-41 crop
through June 28, 1941, loans outstanding on
cotton held by the Commodity
Credit Corporation and
lending agencies aggregate $43,590,771.32 on 901,733 bales.
Cotton loans completed and
repayments on loans, by
States, follows*
Repayments
Loans Outstanding
Stales
Alabama
Arizona
Arkansas..
California
Florida
Mexico
Oklahoma..
South Carolina.._
Tennessee
454,621
Week
Receipts at Ports
60,369
2,870,277
122,486
19,240,055
274,989
151
7,320
8,833,436
7,599,896
3,546,302
37
1,750
114
5,570
11.
148,428
59,025
7,113,874
6,735,911
3,239,855
489,723
215,246
1,708,849
7,889,956
36,303
1,719,562
863,984
18.
25.
68,556
61,959
5,473
59,457
210,063
122,853
15,137
1,625,636
Virginia
699
591,757
137,702
71,205
10,554
251,826
4,675
2,821,017
36,007
9,896,332
167,013
6,205,967
102,033
734,463
15,137
78,006,981 1,020,924
33,573
670
66
80
92
69
81
70
79
5,058,035
18,045
Stocks at Interior Towns
Receipts from Plantations
End.
1941
1940
284,089
5,462,463
1939
1941
1940
1939
1941
1940
1939
Apr.
54,785
46,094
50,671
21,385 2920.639 2527.094 2807,769
13,296 2873,968 2480,117 2831,695
12,397 2848,100 2454,769 2795,440
Nil
20,824
36,091
11,165
13,145
25,323
Nil
Nil
Nil
5,994
306,447
2,184
102,033
57,306
798
35,572
36,579
67,696
41,104
1,112,167
10,724 2751.529 2360,407 2725,840
11,322
17,109
Nil
9.
23,450
Nil
Nil
16.
43,050
39,262
2,006,376
1,147,931
15,932 2697,331 2321,071 2692,155
16.953 2651,560 2288,087 2667,674
17,870 2611,700 2256,647 2635,929
21,240
Nil
Nil
23.
75,438
83,347
37,576
25,232
9,324
Nil
Nil
Nil
16,177 2553,544 2220,186 2600,639
23,331 2499,999 2190,925 2570,117
36,239 2455,619 2152,669 2541,961
26,909 2423,063 2100,527 2512,919
35,193
Nil
Nil
20,820
734,463
48,787,960 604,712 29,219,020
29
31,685
1,888
3,178,94 5 153,081,828 2,277,212 109,491,056
901,733 43,590,771
Repayments made but not allocated to date total approxi¬
mately $26,429,515 covering approximately 534,354 bales.
94
2.09
table
planta¬
tions.
The figures do not include overland
receipts nor
Southern consumption; they are
simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
6,087,004
Texas..
Total
$868,033
1.99
5.88
87
5
Amount
10,723
5,802,915
5,972
13,777,591 111,155
2
74
Receipts from the Plantations—The following
indicates the actual movement each week from the
$5,032,958
155,747
77,199
12,738
Missouri
Bales
18,384
...
81
4
Nashville
104,983
184,731
North Carolina...
Amount
__
Wilmington
Tennessee—Chattanooga
$5,900,991
3,324,899
Georgia.
New
Bales
Raleigh
123,367
71,092
128,458
386,144
Louisiana
Mississippi
Amount
82
4
Charlotte.
Total Loans
88
80
Augusta
b Not included in California figures, nor in Unied States total.
Bales
90
82
80
v.
May
2.
29.
65,092
42,308
30,472
16,498 2802,116 2411,420 2757,237
Nil
June
6.
93,349
27,624
32,919
13.
73,311
20.
78,427
25,190
27.
64,570
40,690
3..
53,576
27,653
11.
79,412
19,555
19,766
3,658
34,047
32,014
Nil
8.083
Nil
Nil
13,700
Nil
4,043
22,696
Nil
5.562
Nil
July
26,363 2383,187 2061,441 2490,599
33,685 2326,471 2034,995 2462,476
Volume
The Commercial &
153
shows: (1) That the total receipts
plantations since Aug. 1, 1940, are 4,248,112 bales;
in 1939-40 were 6,847,665 bales and in 1938-39 were 4,410,631
bales.
(2) That although the receipts at the outports the
past week were 79,412 bales, the actual movement from
plantations was 22,696 bales, the stock at interior towns
having decreased 56,716 bales during the week.
The above statement
from the
Manchester Market—Our report
Manchester states that the market in
by cable tonight from
both yarns and cloths
steady.
Demand for foreign markets is improving. We
give prices today below and leave those for previous weeks of
this
and
last
year
for comparison: • •
is
8% Lbs. Shill¬
32s Cop
ings, Common
Middl'g
Twist
to Finest
Upl'ds
d.
d.
d.
d.
s.
Upl'ds
d.
d.
s.
Not
12
3
6
8.12
14.75
12
4%@12
7%
8.09
prices declined during the final hour today
Closed
14.78
12
4%@12
7%
8.07
changed compared with previous finals.
@13
@13
Closed
14.85
12
14.74
12
4%@12
4%@12
Closed
14.08
1110%@12
7%
7%
1%
8.18
Closed
@13
@13
@13
Closed
Nominal
0
@13
25—
16.19
13
0
@13
2..
3
3
@12
May
16.19
13
0
9—
16.19
13
0
16—
16.19
13
23—
16.19
13
16.19
13
6—
16.19
13
3
13—
16.19
13
3
20—
16.19
13
3
@13
@13
@13
@13
13
3
16.19
13
16.19
13
3
@13
4%@13
8.14
7.42
Closed
4% Closed
14.04
11 10 % @ 12
6
Closed
14.04
1% Closed
6
6
6
Closed
14.04
1110%@12
11 10%@12
IX
7.25
Closed
14.22
12
14.06
7X
9
7.82
Closed
12
4%@12
6
@12
6
Closed
7% Closed
14.13
12
6
9
14.25
12
6
7.82
7.98
July
3—
and closed un¬
A break in soy¬
beans, which tumbled more than 5c. at one stage, and hedg¬
ing sales in connection with the new wheat crop movement
accounted for the let-up of mill buying, which contributed
to early strength.
Profit-taking also became a factor. An¬
other Washington statement that a cottonseed oil price
ceiling is intended by the Government helped to upset soy¬
Closed
Nominal
June
11
@12
@12
1%
9
Today prices closed unchanged to %c. up. After dropping
today rallied in the final hour and
scored fractional net gains for the day.
Early weakness
was
attributed to Government forecasts of a 923,613,000-
Statistics—Regulations due to the war
from abroad.
tables:
Supply and Takings of Cotton.
crop, which, added to an estimated carryover
400,000,000 bushels, gives the country its largest
1941
bushel
of almost
in Europe prohibit cotton statistics being sent
We are therefore obliged to omit the following
supply
India Cotton Movement from All Ports.
German invasion, and some
and Shipments.
Liverpool Imports, Stocks, &c.
existence
-
Liverpool market closed at noon on Monday, Mar. 31.
were transferred to March at existing differ¬
ences
and contracts still open at close of business were
liquidated at official value.
was
discouraged any large sales
The market also derived
of the loan program
the basis of the crop forecast.
on
The
associated with
stopped the
buying attributed to mills. The
rally
late
The
record.
on
strength of securities, Russian claims of having
Alexandria Receipts
All contracts
German
a
almost lc., wheat prices
Foreign Cotton
World's
of
indications
if
accurate.
Freights—Current rates for cotton from New
no longer quoted, as all quotations are open rates.
are
bullish
as
in Europe
slow-down are
Some traders regarded war developments
beans.
7.60
Cotton
York
closed unchanged compared with
After advancing as much as l%c. to
fractions of the best levels since May, 1940, wheat
finals.
yesterday's
d.
14.45
13
16.19
a year ago.
On the lOtli inst. prices
Closed
16,19
27
with 98% a month
Closed
available
ls..
29—
The
and 96%
ago
within
Apr.
il¬
placed all: wheat
Canadian crop report
conditions in Canada at 80% compared
Middl'g
S.
sizable and further complicate the storage room
were
Cotton
to Finest
32s Cop
Twist
s.
arrivals
question.
8% Lbs. Shirt¬
ings, Common
Cotton
d.
bushel at times, while
On the 9th inst. prices
closed 1% to l%c. net lower.
Wheat futures which yester¬
day established new high record prices for the crop year,
faltered today under pressure of profit-taking some hedge
selling and weakness of surrounding commodities.
The
market was lower from the start, but the worst breaks came
in the final quarter hour when the July delivery extended;
the net losses for the day to l%c. a bushel.
Receipts of
wheat at seven of the leading markets in the Southwest
including Kansas City, continued to run under a year ago,
totaling 2,032 cars, against 2,757 cars last year, yet the
Soy beans rose almost 5c. a
1895.
lard advanced 42c. at the extreme.
1940
1941
263
Financial Chronicle
from
support
some
the
that
had
Russia
admissions
German
buying and
mill
into
drive
been
areas.
The Government forecast of a combined spring and
winter
wheat
crop
of
923,613,000
bushels
excess
Flour—The
volume
of sales
in the
local flour market
been very much lighter.
The leading mill
agents reported that many appeared to be awaiting the
Government report on the spring and winter wheat yields
before making additional commitments.
Quotations on all
has
grades
of
remain steady owing to the small net
In the meanwhile local consumers con¬
old contracts, and the latter de¬
taking care of the needs.
flour
changes in wheat.
tinue
to
liveries
draw
are
against
%c. net lower.
holiday during
which there was no let-up in harvest or movement of the
crop, gave the futures market enough selling today to lower
prices about a cent a bushel.
Hedging sales against both
new
and old wheat acquired by commercial interests ac¬
counted for the bulk of the pressure.
This was offset by
mill buying associated with improved flour business in some
localities.
War news tended to restrict market activity.
Although most new grain flowing to market was not for sale,
going into storage due to Government loan rates which are
about 10c. higher than prices, there was enough hedging to
more
than offset meager speculative buying.
Both new
and old wheat, due to the simultaneous movement in many
sections of the belt, were going into commercial hands, with
mills reported active buyers of old supplies.
On the 7th
inst. prices closed 1% to 2c. net higher.
Lacking large
scale selling pressure that normally accompanies expansion
of harvest, the wheat market today responded to strength
of other commodities, with net gains of more than 2c. at
times.
Although terminal markets in the Southwest re¬
ceived the largest volume of wheat since the new crop move¬
ment got under way, little of it was for sale, and as a result
hedging pressure on the futures pit was limited.
Gains of as
much as 6c. in soy beans, sharp advances of cotton, cotton
seed oil and hogs and strength of securities, stimulated buying
of wheat. Russian claims of checking the German advance
and of large Nazi casualties were interpreted bullishly also.
The ability of wheat to advance despite large terminal mar¬
ket receipts, was believed to have encouraged short covering
and investment buying as well as some milling and baking
trade activity, although no large scale flour business could
be confirmed.
On the 8th inst. prices closed 1 % to 23^c. net
higher.
All deliveries of wheat reached new high record
prices since May, 1940, at times today and although final
prices were shaded, the July contract closed at a new seasonal
peak and the Sept. delivery equaled the previous record.
At times July futures reached $1.07%—a net gain of 2%c.,
but dropped off later.
The general advance in commodity
markets had its influence on the grains.
Cotton sold at
the highest levels in 11 years after Government estimates
indicated the smallest acreage planted to this crop since
Wheat—On the 5th inst. prices closed % to
Accumulated receipts in the wheat belt over a
CLOSING
DAILY
PRICES
Man.
Tues.
123%
125%
124%
WHEAT
OF
September
Tues.
107%
105%
DecemberSeason's
FUTURES
Man.
Sat.
124%
IIN
High and
107 2
108
July
September
December... .109%
When Made
July
July
July
Fri.
107%
108%
Season's Low and When Made
Feb. 17. 1941
73%
Feb. 17, 1941
73%
96%
May 31. 1941
I
8, 1941 July
8, 1941 September
8, 1941 December
CLOSING PRICES OF WHEAT FUTURES IN
Sat.
Man.
Tues.
Wed.
DAILY
CHICAGO
100% 100%
106% 106%
107%
109%
124%
Thurs.
Wed.
103 % 104% 100% 105 %
104% 106% 108
106%
July.
Fri.
Thurs.
Wed.
122%
No. 2 red
ex¬
OF WHEAT IN NEW YORK
DAILY CLOSING PRICES
Sal.
recently
24,-
about
was
of the recent estimates of Chicago
perts and 107,000,000 larger than last year's harvest.
000,000 in
BREADSTUFFS
Friday Night, July 11, 1941.
several
in
stopped
July
72%
October.
75
WINNIPEG
Thurs.
Fri.
75%
76
74%
76%
78%
December.
....
Corn—On the 5th inst. prices closed unchanged to ^c.
Corn trade was quiet, with price fluctuations confined
off.
only Y% to
range.
Government
mained unchanged at around the spot
to
offering prices re¬
market level.
On
the 7th( inst. prices closed y2 to %c. net higher.
While
the corn market ruled firm, it failed to show any appreciable
to the strong upward movement in wheat
closed % to J^c. net higher.
response
values.
There
improved demand in this market, coming largely
from local traders and commission houses, with purchases
to arrive reported at 75,000 bushels and sales of 55,000.
On
the 9th inst. prices closed l/i to yc. net lower.
Corn fol¬
lowed wheat in its trend to lower levels.
There was little
in the news to stimulate trading.
On the 10th inst. prices closed Vs to %c. net lower.
Corn
prices were fairly steady during most of the session.
Dis¬
On the 8th inst. prices
an
was
closure
the
that
Government
is preparing
to move large
quantities of corn from Iowa to Lake Michigan ports to
replace that which has been cleared by boat for Eastern
destinations, attracted some attention, but was generally
regarded as an indication that the Government's selling
program
Orders have been placed with
will be maintained.
and it is expected ad¬
Today prices closed un¬
railroads to move 5,000,000 bushels,
ditional
corn
changed to
will
be
involved.
Cora prices held about steady de¬
%c. lower.
spite the Government report which indicated the crop may
larger than last year. Traders
acreage apparently
would be
offset by increased use of hybrid seed and fair
be about 100,000,000 bushels
said
more
to
the
reduction
than
very
favorable
in
corn,
crop
conditions
over
the
entire
belt.
Open interest in corn tonight, 20,608,000 bushels.
DAILY CLOSING PRICES
OF CORN IN NEW YORK
Sat.
89%
No. 2 yellow
Man.
90%
Tues.
91
Wed.
Thurs.
90%
90%
Fri.
90%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
Sal.
Mon. Tues.
Wed. Thurs. Fri.
July
September
73%
75%
73%
76%
74%
76%
74%
76%
73%
75%
December
77%
78%
79
78%
78%
Season's High and
July
September
75
79%
December
80%
When Made
Season's Low and When Made
June 23, 1941 July
58%
Sept. 23. 1940
June 23, 1941 September ... 57%
Feb. 17, 1941
June 23,1941 December
73%
May 23. 1941
The Commercial & Financial Chronicle
264
Oats—On the 5th inst. prices closed Y to %c. net lower.
Oats trade also
slow; what trading there was, being more
7th inst. prices closed % to Y^s.
net higher.
Oats ruled higher in sympathy with wheat and
corn.
On the 8th inst. prices closed Ysc. off to %c. up.
Sept. oats reached a new seasonal high.
On the 9th inst.
prices closed Y to
n^t lower.
Trading was light and
Receipts at-
On the
New
Corn
Oats
bush 56 lbs
bush 32 lbs
York
106,000
Boston
526,000
17,000
lisiooo
28,000
Barley
18,000
95,000
34,000
Rye
bush 56 lbs bush 48 lbs
14,000
Philadelphia
Baltimore.
19,000
_
New Orl'ns*
"i',000
11.000
265,000
57,000
82,000
66,000
21,000
15,000
9,000
18,000
Galveston..
413,000
Atl. ports
the 10th inst.
prices closed %c. off to JAc. up. Trad¬
ing was light and without feature.
Today prices closed
Vs to J/4c. net lower.
An increase in the estimate of oats
production had a bearish effect on that market, and prices
declined about %c.
DAILY
Wheat
bush 60 lbs
Canadian
without feature.
On
Flour
bbls 196 lbs
was
less routine.
or
July 12, 1941
CLOSING PRICES
OF
OATS
Sat.
|
FUTURES
Man.
38%
July
September
38%
July (new)
September (new)
December (new)
37%
37%
When
July
June
June
June
June
and
39
July
September
39%
July (new)... 38%
Sept. (new)
39%
Dec. (new)
40%
...
Made
I
8, 1941
30, 1941
30, 1941
30, 1941
30, 1941
Wed.
38%
40
When Made
July
30%
Oct.
September
July (new)
Sept. (new)
Dec. (new)
30
Feb.
33%
33%
36%
_.
—
48,000
77,000
18,000
1,327,000
619,000
689,000
Week 1940.
183,000
1,988,000
610,000
53,000
6,000
3,000
6,555,000
1940
67,260,000
17,038,000
2,509,000
1.629.000
1,137,000
♦
Receipts do not Include grain passing through New Orleans for foreign ports
through bills of lading.
9, 1940
17, 1941
May
3, 1941
May
3,1941
May 26, 1941
annexed statement:
Exports from—
New
Wheal
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
York
40%
35%
33%
40%
35%
33%
41%
36%
82,000
586,000
Can. Atl. ports..
Total
31,000
653,000
Baltimore
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat.
Mon.
Tues.
Wed. Thurs. Fri.
July
•
The exports from the several seaboard ports for the week
ended Saturday, July 5, and since July 1 are shown in the
38%
Season's Low and
349,000
6,024,000
Since Jan. 1
Thurs. Fri.
38
37%
38
39%
1941
on
37%
38%
Season's High
Tues.
38%
39%
5,822,000
6,471,000 110,514,000
185,000
Since Jan. 1
CHICAGO
IN
4,569,000
Tot. wk. '41
wk.
4,569,000
December
34%
1941
5,808,000
31,000
82,000
Since July 1, 1941
5,808,000
31,000
82,000
Total week 1940.
October
2,217,000
1,097,000
44,240
2,000
Since July 1 1940.
2,217,000
1,097,000
44,240
2,000
34
Rye—On the 5th inst. prices closed unchanged to %q.
There was little trading in rye futures, the under¬
tone being heavy during most of the short session.
On the
7th inst. prices closed Yt to 134c. net higher.
Rye was the
only grain that responded vigorously to the rise in wheat and
other commodities.
On the 8th inst. prices closed % to
2^>c. net higher.
The rye market was strong during most
of the session, responding vigorously to the advance in wheat
and other commodities.
On the 9th inst. prices closed Yv
to Ysc. net lower.
The rye market ruled heavy during most
of the session, in sympathy with the other grains.
lower.
On
the
10th
inst.
prices closed % to 234c. net higher.
(old) showed the 234c. gain, which was
attributed to covering of short commitments.
Today prices
closed %c. up to unchanged.
Rye ruled heavy today with
The
September
rye
other grains.
DAILY
OF
RYE
FUTURES IN CHICAGO
Mon. Tues.
Wed. Thurs. Fri.
Sal.
July
September
July (new)
September (new)
December (new)..
Season's High
51%
57
.59%
When Made
and
54%
57%
53%
55%
United
States—
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and sea¬
board ports, Saturday, July 5, was as follows:
GRAIN STOCKS
Wheat
New York.
"
61%
July
September
May 15,1941 July (new)
May 15,1941 Sept. (new)
June 23. 1941 Dec. (new)
43
44
..
54%
56%
OF
RYE FUTURES
Sat.
Mon.
Tues.
55%
51%
53%
_
October
December.
56%
55%
55%
May 23, 1941
IN
58
212,000
622,000
Baltimore
WINNIPEG
Wed. Thurs. Fri.
57%
56%
m rn
m
m
Fort Worth
13,000
145,000
m
—
mmmmmm
mrnmmmm'
mmmmmm
—■
418,000
mm
1,000
•
•'
mmm
mm
2,000
35,000
13,000
4,295,000
_
6,959,000
...
St. Joseph.
12,000
mrn'mmmrn
■'.'■mm
66,000
•
8,381,000
...
.
Hutchinson
'■mmmmmm
m
14,000
311,000
4,585,000
...
Wichita..
_
277,000
3,258,000
...
Galveston
...
3,443,000
1,384,000
69,000
7,000
1,000
4,263,000
2,000
253,000
24,000
...
7,282,000
10,753,000
18,000
5,000
6,000
726,000
Kansas City
Omaha
1,483,000
City
St. LouLs
37,000
7,000
4,449,000
814,000
42,000
1,196,000
202,000
188,000
14,000
4,000
1,215,000
...
4,000
'
Indianapolis
...
Peoria
44,000
-
-
'
—'
—
-
-
'-immmm. mm'
62,000
8,258,000
103,000
10,442,000
930,000
1,665,000
184,000
2,794,000
553,000
30,000
34,000
931,000
...
25,786,000
4,594,000
662,000
2,326,000
2,698,000
...
21,220,000
1,845,000
158,000
492,000
588,000
110,000
2,000
4,000
2,000
125,000
5,052,000
412,000
6,198,000
463,000
461,000
181,000
4,000
420,000
...
Lakes
Milwaukee
...
Detroit
Buffalo
...
"
On
■mrnmm.m
''
afloat
Minneapolis
21.1941
May 31, 1941
May 31,1941
Barley
Bushels
39,000
'
New Orleans
Feb.
54
Rye
Bushels
13,000
'
Duluth
When Made
Feb. 21. 1941
Oats
Bushels
160,000
348,000
Philadelphia
On
61%
Season's Low and
Corn
Bushels
Bushels
Chicago
55%
58%
June 27, 1941
June 27, 1941
DAILY CLOSING PRICES
July
52%
52%
56%
58%
60%
55%
September
July (new),... 60%
Sept. (new)
60%
Dec.
(new).. 62%
...
visible
Sioux
CLOSING PRICES
July
The
afloat
Canal
Total July
'
'
m
w
-
"
~
5 1941...137,725,000 45,382,000
•■'■mmm'mmm
m
mmmmm-1'
_
2,691,000
5,694,000
4,834,000
Note—Bonded grain not Included above: Oats—Buffalo, 376,000 bushels; Buffalo
afloat, 121,000; total, 497,000 bushels, against 311,000 bushels In 1940.
Barley—
Buffalo, 161,000 bushels; New York, 1,000; total, 162,000 bushels, against 1,236,000
bushels in 1940.
Wheat—New York, 3,116,000 bushels; New York afloat, 670,000;
Boston, 2,349,000; Philadelphia, 472,000; Baltimore, 665,000; Portland, 1,156,000:
5,482,000; Duluth, 13,734,000; Erie, 2,233,000; Albany, 2,770,000; on
Canal, 98,000; in transit—rail (U. S.), 4,270,000; total, 37,015,000 bushels, against
Buffalo,
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNEPEG
Sat.
Mon. Tues.
Wed. Thurs. Fri.
July
54%
45%
44%
-
October.
December
Closing quotations
55%
46%
44%
56%
....
....
follows:
were as
FLOUR
..6.20@6.45
6.30@6.45
6.20@6.45|Hard winter straights
GRAIN
Corn New York—
No. 2 yellow, all rail
Rye
Barley
Bushels
Bushels
49%
Rye, United States, c.i.f
Barley, New York—
40 lbs. feeding
Chicago, cash
71 %
66
55-63
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 Saturday,
July 5, and since Aug. 1 for
each of the last three years:
Corn
Oats
bush 56 lbs
bush 32 lbs
499,000
4,280,000
1,277,000
3,850,000
2,691,000
......
4,834,000
3,850,000
8,684,000
4,280,000
6,971,000
6,971,000
shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange for the week
ended July 4 and since July 1, 1941 and July 1, 1940, are
shown in the following:
Wheat
Rye
Barley
Corn
Week
Since
Since
Week
July 4,
July 1,
1941
July 1,
1940
July 4,
1941
Exports
Since
July
1,
Since
July
1,
1941
1941
1940
Bushels
Bushels
Bushels
'
Bushels
Bushels
6,964,000
Bushels
6.964,000
3,185,000
1,734",000
1,734",000
3,409,000
8,698,000
Australia
978,000
232,000
Argentina.
Wheat
2,907,000
5 1941...562,433,000 45,382,000
Canadian
No. Amer.
bush 60 lbs
419,000
704,000
5,694,000
1,277,000
Black Sea.
Flour
444,000
372,000
3,218,000
The world's
No. 2 white
bbls 196 lbs
154,000
137,725,000 45,382,000
.....424,708,000
All the statements below
Receipts at-
690,000
5 1941...424,708,000
American
Total July
Oats, New York—
90%
Oats
Bushels
Su mmary—
6.45@6.60|Soft winter straights
Wheat, New York—
No. 2 red, c.i.f., domestic
124%
Manitoba No. l.f.o.b. N.Y. 91%
Corn
Bushels
Lake, bay, river & seab'd 53,907,000
Ft. William & Pt. Arthur 78,326,000
Other Can. & other elev.292,475,000
Total July
Standard Mill Quotations
Spring patents
First spring clears
Wheat
Canadian—
....
_
Bushels
57%
46%
45%
25,873,000 bushels in 1940.
8,698,000
7,330,000
921,000
291,000
291,000
291,000
291,000
.
Other
1
Chicago
...
182,000
374,000
6,056,000
Minneapolis
Duluth
Milwaukee.
1,797,000
92,000
203,000
1,760,000
206,000
141,000
74,000
9,160,000
1,132,000
451,000
1,651,000
49,000
12,000
Toledo
Buffalo
Indianapolis
St.
Louis..
Peoria
41,000
Kansas
City
31,000
Omaha
St,
Joseph.
Wichita
Sioux
...
City.
Tot. wk. '41
Same wk '40
266,000
357,000
23,146,000
23,802,000
Same wk '39
367,000
29,547,000
1,415,000
290,000
326,000
185,000
538,000
61,000
106,000
bush 56 lbs bush 48 lbs
108,000
581,000
29,000
5,000
116,000
743,000
129,000
309,000
1,000
81,000
8,000
68",000
1,205,000
156,000
556,000
30,000
2,235,000
830,000
57,000
136,000
41,000
325,000
18,000
64,556
20,000
19,000
55,000
3o",O66
12~, 000
8,000
29,000
7,235,000
5,211,000
3,167,000
1,490,000
768,000
391,000
229,000
1,517,000
731,000
,
16,000
774,000
1940
1939
...
900,000
20,121,000 373,217,000 274,752,000
73,035,000 18,731,000 100633000
20,759,000 382,142,000 234,038,000 89,890,000 29,078,000 109454000
21,636,000 389,607,000 263,630,000 102,189,000 26,181,000 95,196,000
Total
receipts of flour and grain at the seaboard ports for
the week ended Saturday, July 5, 1941, follow:
283,000
2,182,000
New Member of New York Coffee &
At
a
Sugar Exchange—
meeting of the Board of Managers of the New York
Coffee & Sugar Exchange, held July 2, Robert A. Magowan
of Merrill Lynch, E. A. Pierce & Cassatt was elected to
Agricultural Department's Official Report on Cereals,
Crop Reporting Board of the United States De¬
partment of Agriculture made public late Thursday after¬
&c.—The
Since Aug. 1
1938
504,000
Total
membership.
24,000
55,000
917,000
countries
July 10, its forecasts and estimates of the grain crops of
as of
July 1, based on reports and data
furnished by crop correspondents, field statisticians and co¬
operating State Boards (or Departments) of Agriculture.
We give below the report;
noon,
the United States
The year 1941 seems likely to be another good crop year, now that the
drought conditions which threatened in the East have been relieved.
If
present favorable growing conditions continue it should be a year of record
crop
production.
I
Crop prospects
on
July 1
were
outstandingly favorable
Volume
153
in the North Central and Western States except for limited areas in central
California and southern Missouri.
On the other hand, crop prospects are
uneven
and average only fair in a wide area which covers about 20 States
and includes the Cotton Belt from central Texas and west-central Okla¬
homa eastward and extends northward from Virginia to northern New York
and into parts of New England.
rain was badly needed, there has
In the central portion of this area, where
probably been a substantial improvement
growing conditions as a result of the heavy rains of early July.
In most
of the area there is still time for late crops to make considerable recovery.
It is too early to determine the probable yield of cotton, and prospects
few other late crops may still change greatly, but the indications on July
were that the average of the yields per acre of crops other than cotton would
slightly exceed even the record yields of these crops harvested last season
and would be several percent higher than yields of these crops in any pre¬
vious year since 1915.
In addition to the prospects for good yields, the total harvested acreage
of crops other than cotton is expected to show an increase of 1 or 2% over
last year, the increase resulting primarily from the smaller loss of winter
wheat in Kansas.
This slight increase would push the acreage of crops
other than cotton above the 1923-32 or' 'pre-drought" average for the second
time in 9 years and, with the yields expected, it would push the production
of these crops to about 14% above the "pre-drought" average.
When
cotton can be included, the showing for all crops is not likely to be so favor¬
able for the acreage planted to cotton is 5% less than the acreage planted
last year and below plantings in any year since about 1895.
This year's wheat crop is estimated at 923,600,000 bushels which would
be more than 100,000,000 bushels above lastyear and would rank the crop
as the fifth largest wheat
crop produced.
The yield of wheat per acre is
expected to average 16.3 bushels, a yield which has been exceeded only
twice in 75 years.
Corn is expected to show the best yield since 1920 and
the crop is estimated at 2,549,000,000 bushels.
Oats and barley give pro¬
mise or good yields and 1,212,800,000 bushels of oats and 338,400,000
bushels of barley are now indicated.
With more corn and barley than last
year and favorable prospects for grain sorghums, the combined production
of feed grains seems likely to be around 102 million tons or nearly 3 % above
production last year and even slightly above average production in predrought years.
If numbers of livestock and poultry increase during the
year as expected, this feed grain production would be about equal to average
production pdr unit of livestock during the 1923-32 period.
However, as
livestock will probably be well fed this year, there may be some slight
further reduction in the stocks of feed grain on farms or elsewhere by the
end of the next feeding season.
Stocks of corn and oats on farms on
July 1 this year total 24 million tons, 2 to 2% million tons less than on the
in
same
date in 1939 and 1940.
The hay crop is short in the Northeast and also in Tennessee and Virginia
but it is heavy from central Ohio westward and the total tonnage should be
nearly
as
great
as a year ago
if it can all be harvested.
This production, if
would give the
secured and added to the large carry-over of hay on farms,
largest total hay supply in 20 years or more, but there will be more livestock
to be fed and the supply of hay per unit of hay-consuming livestock is
expected to be about the same as in the past three years. With the breaking
of the May drought in most areas pastures improved during June and their
condition
on June 1 was 83 %, the same as on that date last year and better
on July 1 in any of the 10
preceding years except 1935 and 1938. From
Kentucky southward, where rain was badly needed on the first of July,
there has probably been substantial recovery of pastures since the first of
the month.
In most of the West, pastimes and pasture prospects are
excellent.
The condition of Western ranges is the highest for July on the
18-year record.
Due chiefly to acreage increases justified by the new conditions, the rice
and bean crops, estimated at 58 million bushels and at 18 million hundred¬
weight respectively, are expected to be far above production in any past
than
,
fnstead of large crop of flaxseed crop and unusually smallare in prospect.
ear. Another near-record potatoes and an a large rye crop crop of sweeta
potatoes as was harvested last year about an average crop of each is now
expected.
Tobacco was set under difficulties but there appears to have
been only the expected 2% reduction in acreage and the crop is estimated
at a little under 1 1-3 billion pounds.
This would be 10% less than pro¬
duction last year.
The production of peanuts, cowpeas, and soybeans, has not yet been
estimated, but acreages, excluding fields interplanted with corn, are close
to top records and production is likely to be large.
The area of soybeans
growing alone is estimated at just under 10 million acres. This is a reduc¬
tion of about H million acres from the record acreage of last year and
practically all of the reduction is in the Corn Belt States but it does not
seem likely that acreage harvested for the beans will be reduced pro¬
portionately.
Fruit crops were favored during June by good growing conditions in
nearly all important producing areas.
The combined production of the
major tree and vine fruits for the 1941-42 marketing season is expected
to be somewhat larger than for last season (1940-41), and may be close to
the record volume grown in 1937.
Larger crops than last season are ex¬
pected for peaches, grapes, plums, fresh prunes, dried prunes, apricots, and
commercial apples, while supplies of pears and cherries are expected to be
somewhat smaller than last year.
Citrus crops from the 1941 bloom
developed under rather favorable conditions during June except in Texas
where continued excessive rains hampered development of the crop.
Com¬
bined United States production of oranges and grapefruit for the 1941-42
marketing season may be somewhat smaller than in 1940-41, but probably
will be larger than the 1939-40 production.
The acreage in the principal vegetable crops grown for canning and pro¬
cessing appears to be 18% higher than a year ago and about 4% above the
1937 peak; while production of these vegetables has not yet been determined
it is likely to be heavy.
The production of vegetables for commercial ship¬
ment has been increasing rapidly and is expected to be large again this year
but it may be slightly less than in the last year or two because yields of
some early vegetables were reduced by adverse weather conditions.
At the
present time prospects for most late vegetables appear promising.
The production of milk and eggs in the United States continued at rela¬
tively high levels through June.
On July 1 egg production per 100 hens
was 3% higher than on the samb date last
year and above previous high
records for the date.
Milk production per cow declined more than usual
during June but on July 1 it was still 7% above the 1930-39 average for
the date.
The numbers of livestock and poultry on farms are also being increased
a result of good pastures, abundant feed and the favorable
prices being
received.
Increases in cattle, sheep, hogs, and poultry this year will much
as
than offset the decreases in horses and mules.
By the end of the year
the totai number of units of grain consuming animals and poultry on farms
is expected to be around 5 or 6% above the number last January and within
more
4%
of the peak reached late in 1923; the corresponding number of units
1940
Stocks
on
Ohio
(1930-39)
production
of
747,507,000
bushels.
The
season
has
48
67
171
201
2
23
106
61
82
6
6
2,985
861
2,115
1,452
2,535
881
Montana
4,155
14,927
12,335
2,274
342
1,042
187
12
603
20
1,178
739
2,131
450
2,074
76
3,170
716
2,034
163
16
437
27
836
1,031
-.
—
Indiana-
Illinois
488
Wisconsin
Iowa—
8,017
1,218
Maryland--^-.
189
Virginia-—...
West VirginiaNorth Carolina.
719
California---
77
61
114
United States
59,691
83,146
89,097
Missouri--.--.
1,585
North Dakota..
favorable to planting the full intended acreage with unusually low winter
abandonment, and with ample rainfall in the spring wheat areas.
An
South Dakota-.
exception to these favorable prospects developed in
Kansas
8,926
7,080
6,964
6,192
portion of the south¬
western hard red winter wheat area, where rains became excessive and de¬
terioration of the crop set in after it was nearly made.
The indicated harvested acreage of ad wheat is 56,783,000 a^res.
This is
comparatively large harvested acreage, being 3,280,000 acres or 6.1%
larger than last year, and 1.6% above the 10-year average harvested acreage.
The total harvested acreage in 1940 was 53,503,000 acres, and the 10-year
average is 55,884,000 acres.
Moreover, considerable interest attaches to
the geographical distribution of the increases in total wheat acreage, since
there was an increase of 4,088,000 acres in the four States of Texas, Okla¬
homa, Colorado, and Kansas, where rainfall conditions through the whole
crop season have been completely reversed from the conditions of the last
several years in those States.
Winter wheat production is estimated at 682,321,000 bushels, compared
with 589,151,000 bushels last year and the 10-year average of 569,417,000
bushels.
This is a decline of approximately 15 1-3 million bushels from the
June 1 production forecast.
The decline is attributable to the excessive
rains preceding and at harvesting time, which interfered with harvesting,
lodged and damaged the grain, and caused deterioration in both yield and
quality of the expected good crop in some of the southwestern hard red
winter wheat States, particularly in Texas, Oklahoma and southern Kansas.
The decline in production prospects in this area more than offset the na
35
Idaho—
Wyoming
ColoradoNew Mexico--Arizona
Utah———
Nevada----—
Washington.—Oregon
Minnesota
been better than average for wheat production with a fall moisture situation
a
-
118
Michigan
10-year
40
Georgia.Kentucky--.—
1,597 Tennessee
3,371 Alabama
1,809 Arkansas.
1,205 Oklahoma---3.028 Texas-———
88
New York
Pennsylvania
81
132
141
205
2
South Carolina.
18
increase, good calf and lamb crops secured, and current production of milk
and eggs unusually heavy, the total production of livestock and iivestock
products this year is likely to De a new record.
Bushels)
1930-39
1930-39
Maine
New Jersey—
Wheat—The 1941 wheat production is estimated at 923,613,000 bushels,
(Thousand
Aver.
Aver.
exclusive of work stock should be close to the record number of such animals
reached shortly before the drought of 1<*34.
With hog production on the
which is substantially above last year's 816,698,000 bushel crop and the
Stocks on Farms July 1
Farms July 1
(Thousand Bushels)
Nebraska--
49
Delaware-
WHEAT
—
8
279
41
876
805
262
491
(PRODUCTION
BY CLASSES)
FOR THE UNITED STATES
Winter
Spring
White
{Bihsels
(Bushels)
{Winter &
Spring)
(Bushels)
Hard Red
Soft Red
Hard Red
Total
{Bushels)
Average
1930-39
1941 b
a
—.
Includes durum wheat in States for which estimates are not
b Indicated July
1 ,1941.
shown separately,
The Commercial & Financial Chronicle
266
July 12, 1941
has rooted deeply.
Recently a dry area has
Tennessee and
Kentucky, eastern Arkansas
WINTER WHEAT
again developed in
western
and northern Mississippi.
Across the Mississippi River to the west heavy rains flooded corn fields in
Acreage
Yield per Acre
Production
{Thousand Acres)
{Bushels)
(Thousand Bushels)
Hartlesled
Har¬
Aver.
Aver-
cated
1930-
1941
1930-
1939
1940
1939
vest
1940
1930-
Indi¬
Aver.
For
State
Indi¬
1940
cated
1941
soil moisture for current needs.
The 1941 acreage for
1941
1939
Louisiana, Oklahoma, and Texas, causing a large amount of replanting and
poor stands.
Yield prospects in western Oklahoma and Texas are fair to
good.
On the whole the West has the best prospects in years, the indicated
yield being the highest since 1930, the production the largest since 1933.
Irrigation water supply is above average and even dry land areas have ample
harvest of 85,943,000 acres is one-half million acres
harvested in 1940 and the smallest acreage in
The 10-year (1930-39) average acreage is 98,049,000 acres.
Except for a slight increase in 1935 following the severe drought year of
1934 and again in 1937 following the 1936 drought, the harvested acreage
of corn has declined steadily since 1932 when 110,577,000 acres, which is
next to the peak acreage of 110,893,000 acres in 1917, were harvested.
The
1941 acreage is about a fourth less than that of 1932.
The acreage for harvest in the North Central or Corn Belt States is
practically the same as that of 1940, the declines in Michigan, Wisconsin,
Missouri and Kansas being offset by increases in all of the other Corn Belt
States except Indiana and South Dakota which show no change.
The
largest percentage increase, 12%, is in North Dakota where recent seasons
have been favorable and where soil moisture is now ample for current needs
of the 1941 crop.
The largest percentage decrease, 11%, is in Kansas.
With the exception of 1938, when Kansas corn acreage declined to the low
point of 2,260,000 acres, the 2,356,000 acres estimated for harvest in 1941
is the smallest in the 62 years of record.
Reasons for this drastic drop
below the 86,449,000 acres
47
289
21.8
26.0
23.0
55
56
56
22.2
23.5
22.0
1,232
971
New
907
907
19.7
20.5
19.5
19,229
2,029
1,729
2,016
1,958
1,540
1,988
20.1
21.5
21.0
40,718
1,584
17.6
19.5
21.5
30,321
1,758
1,828
18.0
22,5
21.0
36,413
810
749
21.5
16,651
304
254
New York
Jersey
—
Pennsylvania..
Ohio----—
Indiana—-----
Illinois---
Minneapolis
Iowa--
30,030
39,555
17,602
6,647
1,232
17,686
41,748
34,056
38,388
23.5
17.0
20.0
18.5
628
800
722
167
18.0
24.0
19.5
3,146
4,008
387
-
20.8
39
173
—
734
40
167
320
169
17.9
24.0
17.5
6,944
1,713
1,353
14.4
18.5
13.0
26,989
7,680
31,690
110
135
11.0
10.0
13.5
1,365
1,100
2,496 2,172
8,832 11,766
13.6
13.5
15.5
3,256
2,958
17,589
1,822
33,666
11.8
14.0
15.5
1,889
Missouri
Dakota.
119
Nebraska-,—-
2,954
10,767
Kansas.-—
15,781
33,696
41,151
131,460 123,648 182,373
Virginia-
74
74
17.5
19.0
19.0
1,496
1,406
1,406
380
19.2
19.5
19.0
8,342
are
530
14.4
15.5
13.5
139
131
15.0
14.5
13.5
8,643
2,154
7,566
8,463
7,220
546
144
-
388
600
Maryland
10.9
14.0
14.5
4,807
7,155
1,768
6,830
hums for both grain and silage, the large acreage of wheat and the wet soil
conditions at planting time this year.
In 1917, Kansas harvested over 9
million acres of corn and as late as 1933 almost 7 million acres were harvested,
1,364
1,270
5,520
4,403
2,900
2,024
in
438
471
139
215
232
10.0
12.5
12.5
Georgia..
143
179
184
9.2
10.5
11.0
Kentucky
391
375
390
14.0
15.0
17.0
Tennessee
393
379
North Carolina
442
South
Carolina
2,016
6,132
2,688
1,880
5,625
5,116
6,630
5,250
375
11.3
13.5
14.0
Alabama
6
6
7
10.4
12.5
13.0
58
75
91
Arkansas
62
37
35
9.1
9.5
9.5
557
352
332
14.5
56,332
29,355
3,885
4,456
11.6
12.0
47,982
3,124
2,850
10.3
12.5
710
1,195
3,220
1,352
9.6
Montana
14.1
16.0
19.0
Idaho
627
647
20.7
31,360
10,790
13,083
1,307
Oklahoma
4,023
Texas
24.0
29.0
Wyoming-—--
124
190
200
10.2
11.0
16.0
Colorado
718
824
1,096
11.6
12.0
15.5
New
Mexico.-
229
188
113
9.3
7.5
15.0
Arizona—--—
4C
39
31
22.4
21.0
16.0
40,250
25,688
18,763
3,200
9,888
1,410
16,988
1,695
819
496
880
674
16.2
16.0
23.0
3
4
5
25.7
27.0
27.0
68
108
135
1,017
1,019
1,569
24.0
25.5
30.5
24,568
25,984
47,854
632
609
688
19.6
20.5
26.0
758
761
18.2
15.0
16.0
12,431
12,605
12,484
684
17,888
12,176
39,141 36,147 40,316
14.4
16.3
16.9
Washington
—
California
8
182
186
182
Utah
Nevada
U.
53,472
19,120
16,176
2,090
8,745
2,478
Oregon—
the recent very
85
432
Delaware
Virginia.
West
7,904
1,316
18,594
42,097
36
Michigan.-.
Wisconsin
South
5,572
years.
2,976
2,987
11,370
4,186
569,417 589,151 682,321
unfavorable corn
the growing popularity of
years,
sorg¬
of 3 % from 1940 in the North Atlantic States centers
New Jersey, and Pennsylvania.
In the South Atlantic
similar decline occurred, all States of the group except
decrease ranging from 2 to 8%.
In the South Central
The acreage decline
New
York,
where
States
a
show
a
Florida
States, Texas, Arkansas, and Kentucky show no change.
Declines of 2 to
3 % in the remaining States lowers the acreage for this group of States to
98.3% of the acreage harvested in 1940. Wyoming with a reduction of 5%
is the only State of the Western group to show a decline from the 1940 acreage.
The acreage for this region as a whole is about 4% larger than that of 1940.
The total acreage
000
acres or
planted to corn in the United States this year is 87,363,about 1 % less than in 1940.
The indicated abandonment this
year is about 2% or approximately
Stocks of old corn on farms July
bushels
or
the same as last year.
1, 1941 are estimated at 741,734,000
34.1 % of the 1940 production for grain.
These stocks are about
13% less than the record high July 1, 1940 stocks of 853,223,000 bushels
but 62% larger than the 10-year (1930-39) average of 457,831.000 bushels.
Disappearance of 438,344,000 bushels during the last quarter was 18%
above average and slightly above that of the corresponding quarter a
year ago.
Tee July 1, 1941 farm stocks of 741,734,000 bushels of corn include corn
under loan on farms but do not include the 123 million bushels owned and
in steel bins by the Commodity Credit Corporation nor the 53
stored
million bushels of commercial stocks stored at terminal points.
SPRING WHEAT OTHER THAN DURUM
CORN
Acreage
Yield per Acre
{Bushels)
{Thousand Bushels)
Har¬
Aver.
1940
Indi¬
1930-
1940
1939
vest
Aver■
cated
1930-
1941
Aver.
For
—
1930-
1939
1940
For
4
4
20.2
22.0
20.0
101
88
8
5
17.0
18.5
16.0
134
92
10
10
17.9
19.5
20.0
202
195
200
9
2
1
17.0
20.0
20.0
158
40
20
York
Ohio
Illinois
38.6
39.0
41.2
40.0
41.0
621
600
615
72
40.0
37.0
39.0
2,942
2,627
2,808
38
38
38
41.1
41.0
42.0
1,582
1,558
1,596
117
120
24
18
16.1
25.0
19.0
1,038
600
342
Mass
12
15.6
17.5
15.0
294
45
16.1
20.5
18.0
1,164
943
810
1,423
1,366
1,298
12.7
19.5
15.0
18,157
26,637
19,470
34
21
50
13.3
21.0
17.0
465
441
8
1
12.0
17.0
90
17
Missouri
~
7.6
2,027
6,239
2,250
150
128
8.0
25
23
7.2
2,533
2,737
2,436
9.3
414
283
315
5,398
5,831
South
1,689
271
15
Montana
•
8.0
North Dakota-
180
210
850
-
-
14.0
43,139
69,972
9.3
11.5
14,091
18,851
87,346
25,875
7.5
12.0
2,027
1,125
1,536
11.0
122
200
253
13.5
14.5
24,483
36,950
35,322
25.8
29.0
30.0
10,760
9,450
7.3
•
118
Utah
110
94
11.2
12.0
14.0
1,327
215
12.8
13.5
16.5
3,704
3,672
1,316
3,548
23
30
12.9
13.5
14.0
326
310
420
75
-
Mexico..
272
25
Wyoming
8,207
1,320
65
65
27.7
29.0
29.0
2,089
1,885
1,885
15
13
1,147
959
432
307
241
138
483
507
456
39.7
41.0
41.0
369
369
Conn
52
49
49
38.5
40.0
41.0
1,983
1,960
654
692
671
34.2
31.0
34.5
22,403
21,452
2,009
23,150
7,363
53,662
139,956
9
R.I
183
38.4
39.0
38.5
1,301
40.2
40.0
41.0
38.8
37.5
50.0
36.2
37.0
47.0
7,627
36.2
44.0
48.5
1,511
30.9
32.0
38.0
32.4
41.5
41.0
4.366
2,232
4,497
30.6
39.5
38.0
74,644
143,410
189
Wisconsin
1,537
2,299
1,341
3,220
3,937
7,551
1,558
2,255
Minn
4.693
I rid
Illinois
Mich
4,436
8,887
—
—
.
358
3,252
3,937
192
J
Ohio
9
9
1,331
3,603
N.
-
12.0
38.0
N. Y
Pa
-
289
Idaho
Colorado
12
15
169
12
New
13
15
20.0
46
Dakota-
1941
71
19.5
19
Kansas
cated
12
15.2
73
Nebraska
1940
74
6
Michigan
Iowa
1930-39
15
6
Wisconsin
Minnesota
Average
1941
Maine—
Vermont.
60
-
Indi¬
cated
N. H
10
-
Indi¬
1940
80
11
39
1941
39
80
5
1940
1930-
vest
Aver.
Aver.
Har¬
State
1941
5
Maine.———
Indiana
(1,000 Bushels)
Harvested,
cated
1930-
Pennsylvania..
Production
{Bushels)
Indi¬
1941
1939
New
Yield per Acre
Acreage
(1,000 Acres)
Harvested
State
(ALL)
Production
{Thousand Acres)
,
160,373
321,945
47,868
7,371
53,640
120,750
145,669
332,244
49,856
93,582
172,457
7,046
53,341
162,600
185,039
369,910
57,418
91,512
170,886
10,736
9,031
9,121
37.2
52.0
399.184
Missouri.
5,204
3,976
30.0
30.0
107,141
1,020
14.0
24.0
20.0
16,368
460,581
119,280
24,480
Dak.
1,172
3,645
3,936
1,142
20.6
No. Dak
2,784
2,784
11.2
18.0
19.0
Nebraska
8,528
6,289
6,480
14.6
17.0
20.0
41,768
133,822
50,112
106,913
129,600
4,609
2,647
Iowa
So.
.
51.0
474,292
118,080
22,840
52,896
Washington
Oregon
United
States. 13,956 14,235 13,827
25.0
319
375
325
17.1
16.5
23.0
19,815
15,824
9,936
Kansas
2,356
12.2
15.5
18.0
59,550
41,028
42,408
20.6
19.5
23.0
6,312
4,700
3,174
Delaware
143
141
137
27.7
28.0
30.0
510
501
461
31.6
35.0
35.0
3,964
16,173
1,462
1,377
1,322
22.2
26.5
24.5
32.418
506
476
443
24.7
27.0
27.5
No. Caro.
2,376
2.418
2,370
18.3
18.5
19.5
So. Caro.
1.694
4,198
1,736
1,701
13.5
14.0
14.0
12,610
43,507
22,831
3,948
17,535
36,490
12,852
16,135
32,389
W. Va._.
13
25.0
Maryland
Nevada..-.
4,259
4,089
24.2
13.5
10.7
DURUM
14.6
150,492 192,771 202,538
WHEAT
..
Virginia
-
Georgia..
11.0
10.0
40,904
12,182
46.215
23,814
40,890
Florida..
Acreage
Yield per Acre
Production
{Thousand Acres)
{Bushels)
{Thousand Bushels)
759
821
837
8.9
11.0
8.0
6,775
9,031
Kentucky
2,879
2,816
2,816
22.4
25.0
26.0
64,557
70,400
73.216
Tennessee
61,020
6,696
For
Har¬
1930-
1940
1939
i
vest
Indi¬
1940
19301939
Aver-
cated
1930-
1941
Aver.
Indi¬
1939
1940
cated
1941
1941
2.767
2,712
21.2
25.0
22.5
60,618
69,175
3,288
3,476
3,372
12.4
12.5
13.0
43,836
2.660
2,896
2,809
14.5
14.0
15.0
40,973
38,537
43,450
Miss
40,544
42,135
Arkansas.
2,122
2,043
2,043
14.4
21.0
14.0
30,567
Louisiana
1,479
1,508
1,478
14.4
16.C
15.0
21,360
42,903
24,128
22,170
Oklahoma
Harvested
Aver.
2,853
Alabama.
Stale
2,362
1,877
1,783
13.1
21.5
16.0
31,131
40,356
28,528
15.4
89
80
13.2
16.0
15.5
1,240
2,462
2,117
9.2
11.0
15.0
1,407
20,600
1,424
2,108
27,082
31,755
19.5
South Dakota.
574
570
443
8.0
11.0
13.0
5,591
6,270
5,759
2,786
3,121
2,640
9.3
11.1
14.7
27,598
34,776
38,754
28,602
4,931
4,632
4,632
15.0
75,964
90,324
69,480
137
159
170
9.9
16.0
16.0
34
39
35.2
38.0
39.0
1,396
1,239
2,544
35
Wyoming
203
193
183
10.0
10.0
15.0
2,068
1,930
2,376
2,720
1,521
2,745
11,895
2,850
362
435
Texas
104
North Dakota.
Minnesota
9.7
44,733
24,304
46,849
4,110
Montana.
Idaho
10.0
1,292
Colorado.
States..
Corn—A 1941
prospects.
Such
a
of 2,548,709,000 bushels is indicated by July 1
production would be about 100 million bushels
or
4%
larger than the 1940 crop of 2,449,200,000 bushels and about 200 million
bushels,
or
10%, greater than the 10-year (1930-39) average production of
2,307,452,000
bushels.
The
10-year
average,
contains
the
two
years,
1934 and 1936, of severe drought when the production was only about 1%
The indicated yield per acre of 29.7 bushels is 1.4 bushels
billion bushels.
above that of 1940 and practically the same as the 1939 yield of 29.5 bushels
which was the highest since 1920.
The 10-year (1930-39) average yield
The acreage of corn for
is the smallest in 47 years.
is 23.5 bushels.
acres
harvest, estimated at 85,943,000
Following the warm, dry weather during the latter part of June which
caused rapid growth and enabled farmers with their increased use of me¬
chanized equipment to clear fields quickly of the weed growth which had
developed during the cool, wet weather early in the month, July 1 corn
prospects were good to excellent throughout all sections of the Corn Belt
except in parts of Minnesota, North Dakota, Nebraska and Kansas where
the recent favorable weather was not enough to offset earlier wet weather
and flood damage.
Over the main part of the Corn Belt the crop was
planted the earliest in several years and this advantage has been maintained.
The crop is already tasseling in the southern part of the Belt.
Flood
and cutworm damage caused a large amount of replanting in southern
Nebraska, bordering counties of Kansas and in southeastern Kansas.
The wet weather is not without advantage, however, because present sup¬
plies of soil moisture in these two States and in the Dakotas is the best in
years.
To the east and south of the Corn Belt the area of good to excellent
prospects extends into western Pennsylvania, most of Kentucky, West
Virginia, and parts of Virginia and North Carolina.
Prospects in the north¬
east are slightly above average.
From Tennessee and Mississippi east to the Atlantic, dry weather pre¬
vailed through all of May and the impending drought was not completely
broken until mid-June.
As a result, stands of early planted corn are very
irregular and late plantings were further delayed by dry soil conditions.
The dry weather, however, enabled farmers to keep weeds down and corn
888
915
12.0
13.0
13.419
200
176
190
13.3
13.5
15.0
2,677
32
25
29
15.2
14.5
15.0
482
Utah
corn crop
1,305
N.Mex..
Arizona..
Three
20
22
22
24.0
28.0
27.0
469
616
2
4
5
26.7
30.0
30.0
56
120
J 50
33
29
30
34.4
39.5
40.0
1,141
1,200
__
62
60
60
30.2
31.0
31.0
1,872
1,146
1,860
California
71
64
70
32.8
35.0
35.0
2,317
2,240
2,450
S._ 98,049 86,449 85,943
23.5
28.3
29.7
Nevada.
.
Wash
Oregon
U.
10,656
V
594
1,860
2,307,452 2,449,200 2,548,709
Oats—A 1941 oats crop of 1,212,783.000 bushels is indicated by July 1
condition.
This production is 2% less than the 1940 crop of 1,235,628,000
bushels but exceeds the 10-year (1930-39) average production of
000 by 20.4%.
35.5
bushels
in
The yield forecast this
1940
and
27.3
year
bushels,
1,007,141,-
is 32.6 bushels, compared with
the
10-year
(1930-39)
average.
Oats generally showed improvement during June in the North Central
States, particularly so in the southern portion of this area where early
June rains were beneficial.
In parts of this group of States thin stands
existed and the crop headed short.
However, the heads were well filled.
Following the June rains, reports of leaf rust have been prevalent.
In the
North Atlantic and South Atlantic States rains during June were beneficial.
In the Southern States oats are yielding better than anticipated a month
ago.
Unfavorable harvest conditions due to heavy rains were experienced
in Texas, Oklahoma, and Kansas.
Prospects were good to excellent in the
Western States excepting California where yields are disappointing.
The acreage of oats for harvest this year of 37,236,000 acres is 6.9%
above the 34,847,000 acres harvested in 1940 and 2.1% above the 10-year
(1930-39) average harvest of 36,487,000 acres.
The increase over 1940 is
general and occurs in all regions.
The increase in the North Central group
of States amounted to 7.7% with Nebraska and Indiana leading the group
with 23 and 21%, respectively, above 1940.
The increases in the States
of the South Atlantic and South Central
groups were generally large with
exception of Oklahoma which decreased 4 %.
Only moderate increases oc¬
curred in the North Atlantic group.
In the Western group of States, de¬
creases occurred only in the States of Montana, Idaho, and California.
The
high yields obtained in 1940 and the earliness of the season, particularly in
Volume
The Commercial & Financial Chronicle
153
267
the Northern States, contributed to the increased acreages.
Many farmers
in this area seeded oats instead of the quicker maturing
spring grains.
The seeded acreage in 1941 is reported at 38,197,000 acres compared with
36.237,000
acres
seeded in 1940.
Acreage (In Thousands)
Abandonment is relatively light for the
and the
Crop
country as a whole, averaging 2.5% compared with 3.8 for 1940
10-year (1930-39) average of 7.0%.
Harvested
For
Less than usual of this abandonment
is due to weather conditions and more to acreage seeded but used for pasture.
However, heavy rains and floods in the Southwest have caused some loss.
Farm stocks of oats on July 1, 1941 were heavy.
The estimate of 218,-
817,000 bushels is 52.2% above the July 1, 1940 estimate of 143,741,000
bushels and 40.6% higher than the 10-year (1930-39) average farm stocks
155,661,000 bushels.
Disappearance during the previous quarter, how¬
ever, has been relatively large, amounting to 251,096,000 bushels compared
to 202,176,000 bushels for the same quarter a year ago and
217,579,000
bushels for the 10-year (1930-39) average.
of
Barley—The indicated barley crop
on
July
1
This production would exceed all previous records.
is 338,397,000
bushels.
It is due to appreciable
Average
Corn, all
Winter
Ail
spring..
Other spring
-- --
-
-
Oats
Barley.
Rye__
Flaxseed..
Rice
yield prospects in all but
Cotton
one or two
of the major barley producing States.
The forecast for 1941 is about
9% larger than the 1940 crop of 309,235,000
bushels and about 50% larger than the 10-year (1930-39) average of 224,970,000 bushels.
In 1928 the production was 328,351,000 bushels and in
1930 it was 300,205,000 bushels.
The acreage of barley for harvest in 1941, including both winter and spring
varieties, is placed at 13,977,000 acres or 4.4% more than the 13,394,000
In the North Central States, which this year ac¬
70% of the National barley acreage, the increase was 4.3% over
1940.
Sizeable increases in acreage in the important barley-producing
States of Nebraska and Kansas and in Ohio, Indiana, Illinois, and Michigan
more than offset the appreciable decline in
Minnesota, North Dakota,
Wisconsin, Iowa, and Missouri.
With the exception of California and
Oregon where decreases of 12 and 4%, respectively, occurred, practically all
other States show increased acreages.
acres
harvested in 1940.
count for
Conditions on
July 1 point to a yield of 24.2 bushels per harvested acre
compared with 23.1 bushels in 1940 and a 10-year (1930-39) average of 20.6
bushels.
In the North Central
States prospective yields range from 3.6
8.5 bushels above average, except in Missouri where much of the fall
to
sown
barley suffered considerable winter injury.
a32,952
-
Hay, all tame..
56,102
11,791
22,363
Hay, wild
Hay, clover and timothy b
Hay, alfalfa---
Soybeans
Cowpeas
Peanuts
c.-
1,951
——
Velvetbeans
62,488
11,445
101.5
22,387
14,048
1,836
10,528
3,120
2,390
2,647
—
106.1
10,896
5,467
-------
c
c
99.4
56,783
40,316
16,467
2,640
13,827
37,236
13,977
3,436
3,228
1,186
a23,519
61,592
12,867
1,716
Beans, dry edible.---
111.5
94.9
84.6
97.1
106.9
104.4
107.6
99.8
112.8
94.6
105.0
21,898
97.8
15,218
2,033
108.3
110.7
94.9
9,990
3,331
2,374
106.8
108.7
99.3
114
161
175
3,296
3,053
2,904
95.1
c
Potatoes
-
Sweetpotatoes
882
772
843
109.2
1,676
1,404
1,376
98.0
219
200
193
257
285
296
103.9
137
105
110
104.8
815
916
761
83.1
30
33
35
107.0
320,436
308,961
315,181
102.0
Tobacco
Sorgo for sirup
Sugarcane for sugar.
Sugarcane for sirup..
Sugar beets.
Hops...
Total (excluding dupl.).._.
GRAIN
Rye—The 1941 rye crop of 48,579,000 bushels, indicated on July 1, is
of
1940
85,943
14,235
34,847
13,394
3,192
3,234
1,051
a24,871
942
Percent
1941
86,449
53,503
36,147
17,356
3,121
55,884
39,141
16,742
2,786
13,956
36,487
10,707
3,320
1,788
*
Durum
increases in acreage in some States coupled with much better than average
1940
98,049
Wheat, all.
1941
Harvest
1930-39
96.5
STOCKS ON FARMS ON JULY 1
20% larger than the 1940 crop of 40,601,000 bushels and 26% larger than
the 10-year (1930-39) average
production of38,472,000 bushels.
This year's
1940
Average 1930-39
1941
production is not considered large, however, as crops of 50 million bushels
or more were
secured in 11 of the last 25 years.
Crop
A record high production
100,986,000 bushels was harvested in 1922.
A larger acreage for harvest combined with higher yields account for the
1941 prospective production being greater than either the 1940 production
or the recent 10-year average, which included several drought years.
Indicated yields per acre were higher on July 1 than on June 1 in most
States due to favorable weather during the month.
Weather was unusually
favorable during June in the four most important rye States—North Dakota,
South Dakota, Minnesota, and Nebraska.
Prospects also improved during
June in the Mountain States and held steady or improved in the heart of
the Corn Belt and Eastern States.
Excessive rains made harvesting dif¬
ficult and reduced yields in Oklahoma and Texas.
The yield per acre this year at 14.1 bushels is 1.4 bushels higher than the
1940 yield and 2.9 bushels above the 10-year average.
Yields above the
10-year average are indicated for all States except New York, Pennsylvania,
New Jersey, Maryland, West Virginia, and Yirginia.
Prospects are that
yields will exceed the 10-year averages by 3.0 bushels or more in Minnesota,
North Dakota, South Dakota, Texas, Montana, Idaho, and Washington.
The acreage for harvest as grain is estimated as 3,436,000 acres, compared
with 3,192,000 acres harvested in 1940 and the 10-year average of 3,320,000
acres.
The 1941 acreage is above the 10-year average in nearly all States
west of the Mississippi River but is below average in all of the important
rye States east of that River except Ohio and Tennessee.
The acreage is
far below average in an area that includes Minnesota, Iowa, Wisconsin,
Michigan, and Illinois.
1,000
Bushels
Percent d
Bushels
Percent d
Corn for grain
Oats
-...
.
22.1
457,831
155,661
59,691
36.4
853,223
143,488
83,146
34.1
—
a
15.0
—
—
Wheat (old crop)-
7.9
— —
the
1941 season is estimated to be 5.8%
less
States
than the 1940 planted
The acreage for harvest in 1941 is indicated to be 4.9% smaller
the 1940 harvested acreage.
A total of 2,904,300 acres is indicated
acreage.
than
for hai vest this season
compared with 3,052,800 acres harvested last
season,
(1930-39) average of 3,295,600 acres.
The greatest deciease in acreage took place in the 30 late States where the
acreage for harvest in 1941 is 8% smaller than that harvested in 1940.
Low
prices obtained for the large crop of 1940 in these States appear to be largely
responsible for the decrease in acreage this year.
In the 7 intermediate
States, however, the 1941 acreage is almost as large as that of 1940.
The
acreage in the 12 early States, in contrast with the decreasing acreage in the
iate producing States, shows a continuation of the upward trend of recent
years
In these States, the acreage for harvest in 1941 is 7% larger than
in 1940 and is 16% above the 10-year average harvested acreage.
Prospective production in the United States, as indicated by conditions
on July 1, is 8% smaber than the crop of 1940 and is 1 % less than the 10year average production.
The 1941 crop is placed at 367,650,000 bushels
compared with 397£722,000 bushels in 1940 and the 10-year average of 370,
045,000 bushels.
The present yield outlook is for an average of 126.6
bushels per acre this season compared with the record high of 130.3 bushels
in 1940 and the 10-year average of 112.6 bushels.
♦
The most pronounced percentage decreases in production, as compared
with the 1940 crop, are indicated in the 7 intermediate States, with a 19%
decrease, and in the 18 surplus late States, with an 8% decrease.
The 12
other late States show a decrease of only 4 % and the early potato States have
a crop almost as large as that of 1940 and 24% above the 10-year average
production.
In the 18 surplus late States, which produce about two-thirds
of the Nation's potato crop, prospective production is below the 10-year
average in the Eastern and Central groups of States, but is above average
in the group of 10 Western States.
In the New England States weather conditions during May and June were
excellent for the development of the potato crop.
Aroostook County
plantings were exceptionally early this season, and though dry weather
prevailed until late June, this condition has been relieved by heavy rains.
The dry early season has favored the development of an excellent root system.
New York potatoes also were planted earlier than usual, but because of lack
of moisture in many areas, the crop shows variable stages of growth.
In
general, the up-State crop looks good but moisture is needed for the proper
setting and sizing of the tubers.
The Long Island crop is indicated to be
somewhat smaller than the large production of last year.
In Pennsylvania
and New Jersey rains during June were beneficial to potatoes, but local
areas are still in need of additional moisture.
In the important North Central States indicated yields per acre are mostly
above average and the general appearance of the crops is good, although
some damage has been caused locally by too much or too little moisture.
Plantings in Minnesota and North Dakota were made a littie later than usual
because of wet fields and in Iowa some commercial acreage had to be re¬
planted following a period of wet weather.
In Michigan and Wisconsin
the disease situation so far is less serious than usual.
The Nebraska crop
has made good progress and precipitation in the leading dry land com¬
mercial areas has been the most favorable in many years.
and the 10-year
In the Western States present
conditions point to yields
per acre
only
moderatexy below the excellent yields of last year and considerably above
average.
The Montana crop now appears quite promising after some de¬
lays in planting.
In Idaho the planting of late potatoes was also delayed
somewhat by wet weather, but stands are good, particularly in the Upper
Snake River Valley.
Colorado prospects are favorable at this date.
Early
plantings have made excellent progress and the San Luis Valley crop with
unusually good growing weather has overcome a moderately late start.
In Utah irrigation water has been plentiful and the crop is developing satis¬
factorily.
Nevada plantings were delayed by rainy weather but are prac¬
tically completed now.
Washington potatoes show a high condition and
are reported to have an unusually heavy set of tubers this year.
In Oregon
present growing conditions are also favorable for good yields.
The Cali¬
fornia late acreage is in good condition and reports from the various areas
indicate the prospects of excellent yields.
GENERAL
CROP
REPORT AS OF JULY 1,
1941
of the U. S. Department of Agriculture makes
the following report for the United States from data furnished by crop
correspondents, field statisticians, and cooperating State agencies.
The Crop Reporting Board
15.3
11.1
alone for all purposes,
10.9
89.097
b Excludes sweetclover and lespedeza.
d Percent of previous year's crop.
Yield per Acre
c
Grown
Total Production (In Thousands)
In¬
Crop
Bushels
741,734
218,817
17.7
Acreage in cultivation July 1.
Indicated
dicated
Aver.
1940
Average
1941
1930-39
July 1,
1930-39
Corn, all, busn._
Wheat, all, bush.
23.5
28.3
29.7
13.3
15.3
16.3
Winter, bush..
14.4
16.3
16.9
All spring,
10.5
13.1
14.7
11.
14.7
bush
Durum, bush
9.3
i
1940
June
I,
Julv l,
1941
2,307,452 2,449,200
747,507
816,698
569,417
589,151
178,090
227,547
27,598
34,776
1941
2,548,709
010,699
923,613
697,692
682,321
213,007
241,292
38,754
Other spring,
10.7
13.5
14.6
Oats, bush
27.3
35.5
32.6
Barley, bush
Potatoes—The total acreage of potatoes planted in the United
1,000
Percent A
Of
for
1,000
20.6
23.1
24.2
bush
150,492
192,771
202,538
1,007,141 1,235,628 1,117,419 1,212,783
224,970
309,235
318,054
338,397
38,472
40,601
48,579
44,828
11,269
31,217
30,018
45,673
52,754
68,160
Rye, bush
11.2
bush-Rich, bush
—
6.4
9.7
9.3
48.4
60.2
49.0
1.24
1.40
1.34
.81
.93
69,650
9,083
86,312
.76
8,844
10,631
a—
1.10
1.31
1.15
24,587
1.93
2.18
2.17
24,907
29,287
30,578
25,164
33,049
Beans, dry edible,
100-lb. bag
b78l
b876
b888
112.6
130.3
126.6
13,297
370,045
83.0
80.3
84.3
832
1,034
956
16,074
397,722
73,208
61,998
1,394,839 1,451,966
367,650
71,089
1,316,481
18.0
15.0
19.4
Flaxseed,
12.7
14.1
Hay, tons—
All tame--
Wild
83,495
Clover and
timothy
Alfalfa
bush-Sweetpotatoes, bu
Potatoes,
Tobacco, lbs—
18,046
Sugarcane for
Sugar beets, tons
.
Hops, lbs
4,729
4,268
5,760
11.4
13.3
12.6
9,284
1,171
sugar, ton-
1,297
1,182
C34.784
12,192
C42.552
9,582
41,500
Condition July 1
PerCt.
Apples, comm'l
crop d
Peaches, total
PerCt.
PerCt.
e58
62
bush-...
60
60
75
C54.356
C54.430
66,102
67,049
Pears, total crop,
bush
60
65
66
c27,278
c31,622
30,261
31,071
Grapes, tons f—
79
78
82
C2.264
c2,544
Pasture
72
83
83
73
80
75
crop,
..
Peanuts
a
-
—
65
Excludes sweetclover and lespedeza.
harvested,
b Pounds,
c
Includes
d See footnote
Includes all grapes for
2,554
some
on table by States,
e Short-time average,
fresh fruit, Juice, wine and raisins.
quantities not
f Production
1940 Corn Loans—Corn loans, under the
on June 28, 1941 totaled 108,879 on
102,436,063 bushels valued at $62,417,157.38, the Depart¬
ment of Agriculture announced on July 7.
As of June 28,
1941, 7,039 loans valued at $4,168,236.09 were repaid.
Loans by States follow;
Report
on
1940 loan program,
Slate—
Illinois
No. Loans
——
Indiana..
Bushels
13,493,287
1,044
—
58,930,112
879
Kansas
904,821
58,969
Iowa
Kentucky
Michigan
12,585
626,371
24
66,890
Amount
$8,230,614.29
551,912.85
35,946,307.56
379,551.87
40,802.90
9
5,649
3,445.89
7,953,437
4,844,491.40
Missouri
10,383
3,437
2,937,147
Nebraska
15,425
13,099,044
1,789,832.30
7,971,999.18
Minnesota
North Dakota
96
South Dakota
Wisconsin..
Total
113,150
52,087.28
461
Ohio
__
—
261,670
159,618.70
5,529
38
4,025,558
2,435,212.88
18,928
11,280.28
108,879
102,436,063
$62,417,157.38
Weather Report for the Week Ended July 9—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended July 9, follows:
Temperatures during the week here were mostly seasonable although
abnormally warm weather prevailed in a large far northwestern area
some
The Commercial & Financial Chronicle
268
and
eastern Lake region.
Showers were rather infrequent, except
and Southeast, where must cloudy and rainy weather pre¬
the
in
the
East
vailed.
The
in
most
mean
the
in New York and adjoining States.
of
east
areas
fairly large
were
Lake
temperatures were moderately above normal in
Mississippi River, except that the plus anomalies
weekly
southwestward
region
Grande
Rio
the
to
A wide belt from the
had
subnormal
warmth,
4 degrees temperature deficiencies.
The Far Northwest
had
abnormally warm weather, the weekly mean
temperatures ranging
from 3 degrees to as many as 9 degrees above normal.
,
Substantial to heavy rains were general from Kentucky southward and
eastward.
The
heaviest amounts occurred in Virginia, the Carolina#;,
northern Georgia, and Tennessee.
In Tennessee the weekly totals ranged up
to
V
inches
in
some
sections,
effectively relieving drought conditions.
Between the Mississippi River and Rocky Mountains rainfall was mostly
in the form of scattered showers.
While a few localities reported sub¬
stantial rains, the falls were
mostly light to moderate.
West of the
with
2
degrees
to
Mountains little or no rain occurred, except very locally, while the
amounts were
light from
the Lake region eastward, except that some
Rocky
falls occurred in New York and western
heavy local
C5<With regard*3to' the
New England at the
agricultural situation in the United States,
over-all
July 12, 1941
City: Favorable temperatures.
Too much rain for
limited, scattered areas.
Wheat harvest 50% completed
75% to completed elsewhere; threshing completed
in some sections; quality generally poor.
Progress of cotton good; chop¬
ping rapid advance; condition
fair to good.
Progress of corn good,
except some chinch bug and grasshopper damage in east and south-central;
condition
good and mostly laid by; many fields in roasting-ear stage.
Gardens and minor crops in good condition.
Oklahoma—Oklahoma
harvest
grain
in
in extreme northwest and
Arkansas—Little
Rock
Favorable
temperatures
and
locally adequate
rains, but more needed some areas.
Favorable for growth of cotton;
blooming general; some cultivated for last time; weather mostly favorable
for holding weevil
in check.
Favorable for early corn condition good,
except few dry areas.
Rice normal advance.
Pastures and hay benefited
where showers.
Grapes good condition.
Tomato canning under way.
Tennessee—Nashville:
rain
more
Soil moisture now ample in most of State, but
in
some
western
counties.
Cotton
blooming heavily;
much small, but growing; condition fairly good to good.
corn excellent,
except some damaked account washing rains;
of early fairly good and late very good.
Tobacco improving;
fair to good.
Truck, hay, and pastures benefited.
needed
good color;
Progress of
condition
condition
conditions have been entirely satisfactory and the general
promising.
Severe spring drought by May threatened heavy
weather
recent
outlook
is
damage in the East, but good rains, beginning the latter part of
and continuing through June, relieved the situation, and all vegeta¬
tion
responded rapidly so that at the present time most crops in the
drought areas are in good condition.
However, hay and some minor crops
were
permanently affected, although late-hay crops have revived more or
less.
Droughty conditions have continued in a few sections, principally
the Northeast, including much of New England and New York.
In the Southeast, with the breaking of the drought, there was too much
rain in many places and dry, sunshiny weather is now needed, especially
for cultivation.
The hydro-electric power situation has greatly improved
in
the Southeastern States,
more
recently in Tennessee, where drought
THE DRY GOODS TRADE
crop
May
persisted longer than in other areas.
Over the western half of the country
precipitation during the first half of 1941 has been unusually abundant
widespread.
At present the growth of spring-planted crops in the
principal farming areas is rapid and recent conditions have been favorable
for harvesting and threshing winter grains.
The only extensive areas now
needing rain include the Northeast, Michigan, Wisconsin, northern Minne¬
sota, and some dry-land farming districts in Rocky Mountain sections.
SMALL GRAINS—In the Middle Atlantic area there was some interrup¬
and.
New York, Friday Night, July 11, 1941.
There
was
little
or no
during the past week.
the
conditions
which
imposition of ceilings
activity in the markets for dry goods
In fact, there was no deviation from
characterized
the
markets
since
the
announced by the Price Adminis¬
tration and Civilian Supply on Saturday, June 28, and it
was stated that most of one of the Nation's
principal com¬
modity markets was virtually closed down at a time when it
might be booming.
It was claimed that dealers in unfinished
as
cloth consider the recent order of the OP ACS to be
so
un¬
reasonable that
temperatures averaged near normal, with
the west, but mostly heavy in the east.
than recently in the western belt, but
there was too much rain in much of the east, which encouraged weevil
activity, promoted rank and sappy stalk development at the expense of
fruiting and
prevented cultivation.
Dry, sunshiny weather is needed
generally.
In Texas progress of cotton was mostly good, except in the northwest,
where it continued too wet for cultivation.
Conditions weTe mostly favor¬
able in Oklahoma and Arkansas, with plants blooming generally in the
latter State.
East of the Mississippi River progress ranged from fair to
very
good, depending on local rainfall.
In many places there was too<
they have simply ceased to trade since it
became effective.
Buyers, however, continued to check the
market in the hope of being able to locate some sources of
supply willing to sell at ceiling prices, but met with no success.
There was much in the news during the week which ordi¬
narily would no doubt have stimulated activity, but the de¬
velopments were disregarded at this particular time.
The
developments included the announcement by the Govern¬
ment that the acreage planted to cotton this fall is the smallest
since 1895, the announcement that the Army this month
would open bids on more than 25,000,000 yards of twills;
and drills, and the occupation of Iceland, which was inter¬
preted in some quarters as meaning that the country would
move faster towards a war
economy.
The reduced cotton
acreage report led many to believe that the rise in cotton
values which followed its publication would force a modifica¬
tion of the ceilings on cloth prices, and there were numerous,
rumors to the effect that the
ceilings would be adjusted up¬
ward.
However, there was no confirmation of these rumors
forthcoming.
In the meanitme, the proposal that a textileadvisory committee be appointed to assist the OPACS in
working out an equitable schedule of gray goods prices ap¬
peared to be gathering support in all divisions of the market.
Trading in the wholesale markets for dry goods continued'
at a standstill during the week because of the
stagnation in
the unfinished cloth division as a result of recently announced
price ceilings.
According to reports, there were bids for
fairly large quantities of gray goods at prices above these
prevailing before the Price Administration and Civilian Sup¬
ply imposed ceilings, but these met with no success.
Sellers
explained that they were unwilling or unable to take on addi¬
much
tional business and the outlook
tion
by
heavy
rains
the
to
harvesting
of
winter
wheat,
but
otherwise
rainfall was mostly light to moderate
in the principal grain-producing
States and harvest and threshing made good advance.
In the Ohio Valley
is well along, with combining advancing to central Illinois.
In
the
lower
Lake
region ideal harvest weather prevailed.
West of the
Mississippi
River cutting
is practicallv completed in Missouri and is
making rapid progress in the Great Plains as far north as Nebraska.
In the southern Plains there was only local delay by rain, and harvest is
well
along and
threshing advancing, although yield and quality have
been reduced by persistent wet weather.
In
the spring wheat belt conditions continue favorable, and
excellent
progress of small grains is reported generally, although
there are many
reports of rust in eastern South Dakota and locally in
Minnesota and
North Dakota.
Harvest is in full swing in southeastern South Dakota and
started as far north as northeastern counties.
In the Pacific Northwest
cutting
crops continue good to excellent, although high temperatures, maxima
100 degrees or higher,
in eastern Washington were unfavorable for
spring wheat.
Oat harvest progressed in central districts, being half done
as
far north as Iowa, where, however, much damage by rust is reported
in both oats and barley.
Rice advanced normally in the lower Mississippi
Valley and flax has reached the blooming stage in the northern Great
grain
of
Plains.
CORN—Favorable temperatures and ample soil moisture rather gener¬
ally made nearly an ideal week for the growth of corn.
Except very
locally, progress of the crop was good to excellent, though rain would be
helpful in the northeast and the Lake region.
Some local tasseling and
shooting are reported as far north as Iowa and plants are knee-high
northward
to
light
The
to
Cotton
the
moderate
weather
Dakota.
North
COTTON—In
was
belt
rainfall
more
in
favorable
rain.
Bureau furnished
The Weather
the following resume
conditions in different States:
k
of
Carolina—Raleigh: Favorable temperatures.
Largely adequate
rains, except locally.
Progress of cotton generally fair: condition mostly
good to very good.
Corn made excellent progress and looks very good
generally.
Tobacco improved and mostly fine condition.
Truck and vege¬
tables doing well.
Sunshine now needed in most areas.
South
Carolina—Columbia: Favorable temperatures, but too much rain
week.
Some cultivation first half, followed by too wet soil,
much grass.
Many lowlands flooded, damaging crops.
Cotton growth
rapid and too rank and sappy at expense of fruiting;
chopping late
planted in north first few days, but still much grass.
Sunshine badly
needed for cultivation and proper development of crops.
half of
with
Georgia—Atlanta: Hydro-electric power crisis past.
In large areas soil
too wet for cultivation.
Few washing and flooding rains.
Progress of
corn
fair to good where late start.
Progress of cotton onlv fairly good
account too much rain;
many
places stalky growth and bolls forming
slowly; weather very favorable for weevil activity.
Much improvement
of sweet potatoes, but these and peanuts need sunshine and cultivation.
Some
tobacco
growing
too
fast.
Too
varieties.
much
rain
for
peaches, except latest
,
Florida—Jacksonville: Favorable temperatures and adequate to too much
rain ; soil moisture now ample.
Progress and condition of cotton fairly
good.
Corn maturing in north.
Still planting sweet patatoes.
Citrus
good growth; new crop rather light, but now holding and sizing well.
Alabama—Montgomery Rainfall adequate in all sections and too much
locally.
Progress of cotton very good and condition fair to good ; opening
general; moderately favorable for weevil activity.
Other crops much im¬
proved.
Corn fair in north and fair to good elsewhere.
Hay, gardens,
sweet potatoes, and other miscellaneous crops fair to
good.
Mississippi—Yicksburg: Tempertures generally favorable.
Drought con¬
tinues
in a few
east and north
localities, but showers mostly adequate
and occasionally too heavy.
Progress of cotton mostly fairly good; local
shedding; weather favorable for weevil activity.
Showers mostly too late
to
save
early planted corn; progress of late generally
fair.
Gardens,
pastures, and truck much improved.
Louisiana—New
Orleans:
much
Too
rain
and
cloudiness;
most crops
growth ; bloom¬
needing cultivation.
Progress of cotton fair; much rank
ing
slowly and much only to top; weather very favorable for weevil
activity.
Condition of early corn poor in south to locally very good in
north; some laid by; condition of late poor to fair.
Rice doing very well;
early prolific in boot and beginning to head.
Truck, gardens, and sweet
potatoes fair.
Texas—Houston:
Favorable temperatures.
Too much rain in northwest,
elsewhere spotted, with none at many stations.
Harvesting grains further
delayed m northwest; elsewhere harvesting good progress.
Progress of
row crops good to excellent.
Delay of wheat harvests in Panhandle result¬
ing in loss of yield and quality.
Much oats and barley in Panhandle
bound
and
shocked.
Progress of corn
good and maturing in south.
Progress of cotton good, except in northwest, wheTe rain hindered replant¬
^
ing
and cultivation.
Melons
generally excellent.
ranges
fair
was
definite
was
news
that there would be
no
of revisions in the ceding'
schedule.
|
North
last
trading until there
progress.
Condition
of
livestock
and
Woolen Goods—Although increased trading interest de¬
veloped in wool piece goods during the week, not much
actual business was put through.
Mills for the most part
preferred to await the awarding of Army contracts for large
quantities of cloth and blankets before accepting business for
civilian account.
It
claimed .that once these orders are
better position to figure out produc¬
was
placed, mills will be in
a
tion schedules for the balance of the year as the defense forces
will not
likely be in the market for additional supplies for
In regard to men's wear, with the Army business
placed, mills will be able better to estimate just now much ad¬
ditional business they can accept for delivery over the forth¬
coming six months.
In the meantime, worsted mills for the
most part were said to be sold up rather
tightly, while woolen
mills were operating at a
better rate than at any other time
in years.
Mills in the latter division in addition to having
large orders for coatings and blankets, also have large orders
booked for civilian account, and indications are that the de¬
livery situation in woolens will soon be as tight as it is in
some
time.
worsteds.-^ There
was no let up in the demand for women's
which continued active, and according to reports a,
number of desirable weaves are becoming scarce.
Wool
wear,
underwear mills remained in a tightly sold-up position, a
situation which also applies to wool hosiery mills.
Foreign Dry Goods—There continued to be an active
demand for all types of linens during the week but actual
business was restricted by the shortage of tow yarns.
Im¬
porters reported that mills abroad had refused to enter their
orders for fine goods until the British Flax Control Board
releases
the necessary
tow yarns.
These yarns have not
by the Board, it was said, because the British
Government might need them.
The heavier type line yarns,
however, are still available and a considerable volume of
business was placed for goods made from these.
Burlaps
ruled firm as offerings of goods for immediate and
nearby
delivery continued scarce.
Domestically, lightweights were
quoted at 10.35c. and heavies at 13.55c.
been released
Volume
The Commercial & Financial Chronicle
153
1,351,000 Bridgeport Housing Authority, Conn., series A housing
bonds, sold to Phelps, Fenn & Co., Inc., New York, at interest
rates ranging from 1M% to 3M%, at par, a net interest cost
of about 1.99%.
Due serially from 1942 to 1961. incl.
Specialists in
Illinois & Missouri Bonds
StifelNicolaus & Calne.
Founded 1890
105 W. Adams St.
314 N.
DIRECT
CHICAGO
WIRE
BOND
MUNICIPAL
SALES
IN
Broadway
ST. LOUIS
1,100,000 Lincoln, Neb., bonds awarded to a group managed by Gra¬
ham, Parsons & Co. of New York as 1 Ms, at 100.16, a basis
of about 1.24%.
Due serially from 1943 to 1962, incl., and
redeemable at any time after five years from date of issue.
Reoffered to yield from 0.30% to 1.30%, according to matur¬
ity.
1,061,000 Mississippi (State of), bonds sold to Halsey, Stuart & Co.,
Inc., New York, and associates, as 2Mb and 2Mb, at 100.03,
a net interest cost of about 2.53
%.
Due in 1964 and optional
on and after Feb. 1, 1946.
The 2Mb were reoffered to yield
2.31% and the 2Mb at 2.59%.
1,035,000 Worcester, Mass., bonds sold to the First National Bank of
New York as Is, at a price of 100.548, a basis of about 0.89%.
Due serially from 1942 to 1951. inclusive.
1,032,000 Ramapo Central School District No. 1, New York, bonds
awarded to a syndicate headed by Halsey, Stuart & Co.,
Inc., New York, as 1.80s, at a price of 100.164, a basis of
about 1.79%.
Due serially from 1943 to 1971, incl., and
reoffered at prices to yield from 0.50% to 1.85%, according to
maturity.
JUNE AND FOR THE
HALF-YEAR
Long-term financing by States and municipalities during
the past month involved the sale of issues in the total prin¬
cipal amount of $84,422,818.
Sales in the previous month
were $113,289,030.
The principal feature of the June awards
was the New York State sale of $15,000,000 25-year bonds to
the Chase National Bank of New York and associates.
In
placing the obligations as 134s at 100.7199%, or a net
interest cost of 1.194%, the State effected the borrowing on
At the
the best terms ever achieved at a sale of its bonds.
previous sale of 25-year serial bonds on July 30, 1940, the
State had to pay a net rate of 1.496% in marketing the issue.
Accordingly, it is to be observed that the upward course of
municipal bond prices during the past 12 months made it
possible for the State to borrow on 25-year bonds at a cost
30% below the charge required a year ago.
The past month also witnessed formal offer to holders of
$131,064,000 City of Philadelphia, Pa., bonds to exchange
their holdings for bonds of a new refunding issue.
Naturally,
this offer is not reflected in our figures on the volume of
State and municipal borrowing.
It is to be noted, however,
that the syndicate handling the voluntary exchange offer,
the managers of which are Drexel & Co. and Lehman Bros.,
have already attained considerable success in connection
with the program.
This is seen in the fact that $53,000,000
bonds had been exchanged up to June 30.
Taking up now the results of municipal financing during
the first half of the present year, the record shows that
awards aggregated $606,878,244.
While this represents a
gain of some $56,000,000 over the 1940 aggregate of $550,806,409, the increase was mainly in the refunding category.
Such borrowing to date in the present year amounted to
$283,335,290, compared with $243,661,683 in the 1940
period.
The recent month's operations included the following
offerings of $1,000,000 or more:
$15,000,000 New Yo-k (State of) institutions buildings bonds, awarded
to
the Chase
National Bank of New York and associates as
1Mb, at a price of 100.719, a basis of about 1.194%.
Due
serially from 1942 to 1966, incl., and reoffered from a yield
of 0.15% to a price of 99, according to maturity.
7,200,000 Maryland (State of) bonds were sold as follows: $6,000,000
1M %» 2 % and 2 M % bridge revenue obligations were pur¬
chased by a group headed by Alex. Brown & Sons of Balti¬
more at a price of 100.174, a net interest cost of about 2.08%.
Due annually from 1942 to 1961, incl., and reoffered from a
yield of 0.40% to a price of par, according to interest rate and
maturity date.
At a previous sale the State awarded $1,200,000 Chesapeake Bay Ferry revenue bonds to an account
headed by Smith, Barney & Co. of New York as l^s, at
101.40, a basis of about 1.33%.
Due yearly from 1943 to
1956, incl., and reoffered to yield from 0.40% to 1.40%,
according to maturity.
The entire $7,200,000 bonds are
subject to redemption prior to stated maturity dates.
4,000,000 Chicago Sanitary District, III., sewage treatment construc¬
tion bonds sold to Halsey, Stuart & Co., Inc., Chicago, and
associates, as 2Mb, at 101.549, a basis of about 2.09%.
Due July 1, 1960 and callable in various amounts annually,
starting in 1943.
Reoffered from 0.60% to 2.15%, accord¬
ing to optional date.
3,500,000 Los Angeles, Calif., airport bonds, purchased by a group
headed by the Bankers Trust Co. of New York, as 1 Mb, 1 Ms
and 3s, at a price of 100.05, a basis of about 1.466%.
Due
annually from 1942 to 1956, incl., and reoffered to yield from
0.20% to 1.60%, according to interest rate and date of
maturity.
•
3,473,000 New Orleans Housing Authority, La., series A first issue
bonds, taken by Phelps, Fenn & Co. of New York and asso¬
ciates, at interest rates ranging from 2.20% to 3M%, at par,
a
net interest cost of 2.289%.
Due serially from 1942 to
1961, inclusive.
2,952,000 Broward County, Fla.,3M%, SM%, 3M% and 4% refund¬
ing bonds, awarded to an account managed by B. J. Van
Ingen & Co., Inc., New York, at a price of 102.685.
Due
annually from 1942 to 1970, incl.
Optional prior to ma¬
turity.
County, Fla., special road and bridge dis¬
refunding issues, taken by B. J. Van Ingen &
Co.. Inc., New York, and associates, as 3)^s and 4s, at 103.07,
a basis of about 3.62%.
Due serially from 1944 to 1972, incl.
2,228,000 Hillsborough
tricts callable
2,115,000 Albany,
the
N.
Bankers
Y., bonds awarded to
Trust
Co.
of
a syndicate headed by
New York as 1.60s, at 100.667,
a
basis of about 1.52%.
Due serially from 1942 to 1961.
incl., and reoffered to yield from 0.20% to ] .90%, according
to
maturity.
1,000,000 West Virginia (State of) bonds purchased by the Union
Securities Corp. of New York, and associates, as 1Mb and
1Mb, at 100.04, a net interest cost of about 1.439%.
Due
serially from 1942 to 1966. incl., and reoffered to yield from
0.20% to 1.60%, according to maturity.
m
Following is a report of the issues unsuccessfully offered
during June.
Page number of the "Chronicle" is given for
reference purposes:
Int. Rate
Name
Page
3680 East St. Louis S. D., Ill
Amount
3200,000
x
..
3687
Edgemont lnd. S. D. 27, S. Dak4160 Lodi, N. J--
3%
..
25,000
Report
Sale postponed
Not sold
402,000
x
4%
4005 Nassau County, Fla
No bids
60,000
'
132
Pierce County S. D. 99, Wash.__
not
exc.
6%
132
Port of Pasco, Wash
not
exc.
No bids
5%
9,000
160,000
Bids rejected
Bids rejected
4156 Richland Twp.Sch.Twp., Ind.. not exc. 4^%
33,000
Sale enjoined
x
Rate of interest was
optional with the bidder.
The appearance of
the City of New York in the market for
temporary credit was responsible in large measure for the
fact that short-term
borrowing by States and municipalities
during June totaled $81,772,622.
The city's contribution to
the grand output was $42,500,000.
Institutional demand for
temporary offerings is such that cost of such credit to bor¬
rowers
is extremely low.
The
principal feature of the Canadian municipal market
during June was the public offering of the Dominion's Victory
Loan of 1941.
The operation was a complete success, as wiil
be seen in the fact that although the minimum cash objective
was $600,000,000, actual subscriptions on that basis totaled
$710,958,950, while conversions by holders of 5% National
Service bonds due Nov. 15, 1941, amounted to $95,875,650.
Subscription books were opened on June 2 and closed on
June 21.
The aggregate subscriptions of $806,834,600 was
the largest on record, the previous peak, of $707,000,000,
having been obtained in 1918.
It was estimated that ap¬
proximately one person in every 13 in Canada had sub¬
scribed to the 1941 loan.
Honolulu
(City and County), Hawaii, awarded
an
issue of
$250,000 2%% water revenue bonds to Dean Witter & Co.
of San Francisco at 103.18, a basis of about 2.52%.
Due
serially from 1946 to 1970, inclusive.
Below we furnish a comparison of all the various forms of
obligations sold in June during the last five years:
1940
1941
1939
1938
1937
84,739,605 273,343,713 144,088,903 112,050,839
64,359,481 112,021,746 122,477,700
84,422,818
81,772,622
69,885,458
Placed in Canada- 807.054,400
1,018,801
Perm, loans (U.
8.)..
*Temp. loansdJ. S.)_
Canada l'ns
(perm.):
None
22,539,767
9,250,000
None
None
955,286
33,332,163
None
None
2,886,000
None
973,499,840 155,643,864 369,492,961 259,951,935 267,860,702
Total
*
None
250,000
Placed in U. S
Bonds U. S. Poss'ns.
Includes
temporary
securities (revenue bonds and bills and corporate stock
notes) issued by New York City: $42,500,000 in June, 1941; $23,800,000 in June.
1940; $22,650,000 in June, 1939; $20,000,000 in June,
June, 1937.
The number of
1938, and $42,000,000 in
municipalities in the United States issuing
permanent bonds and the number of separate issues made
during June, 1941, were 321 and 427, respectively.
This
contrasts with 305 and 362 for May, 1941, and 307 and 374
for June, 1940.
For comparative
purposes
we
give the following table,
showing the aggregate bond sales for June and the six months
for a series of years.
In these figures temporary loans and
bonds issued by Canadian municipalities are excluded:
Month of
June
For the
Month of
1920
144,088,903
508,632,992
1917
1937
112,050,839
1936
108,597,733
1914
1940
1939
1938
...
For the
6 Months
6 Months
$84,422,818 $606,878,244
550,806,409
84,739,605
726,898,600
273,343,713
1941
1919
1918
1916
....
$45,113,020 $322,661,532
100,378,461
305,650,839
27,821,083
151,766,284
221,579,100
28,510,832
47,555,691
283,464,572
108,976,230
322,982,610
54,403,737
357,557,177
39,386,230
218,879,270
49,485,807
246,289,293
64,735,885
556,806,135
614,446,413
600,010,462
1934
115,126,622
519,570,535
1913
1933
103,399,535
226,425,126
1912
1932
88,794,393
528.469,540
1911
27,470,820
223,262,370
120,611,521
851,188,436
765,536,582
1910
19,369,775
1909
162,846,110
207,125,317
670,383,755
778,419,445
882,820,720
748,986,936
751,838,574
1908
62,124,450
31,606,064
1907
21,390,486
115,347,889
1906
102,338,245
1905
21,686,622
19,016,754
1904
24,245,909
137,869,155
788,744,973
1903
16,926,619
79,576,434
584,800,923
1902
87,628,395
61,223,060
77,943,665
1935
1931
1,849,000 Yonkers, N. Y., 2.40% and 2.60% bonds awarded to a group
headed by Halsey, Stuart & Co., Inc., New York, at 100.018,
a net interest cost of about 2.42%.
Due serially from 1942
to 1961, incl., and reoffered to yield from 0.40% to 2.50%,
according to maturity.
1930
1,486,000 Richmond, Va.. public impt. bonds purchased by Sheilds &
Co. of New York and associates as Is. at a price of 98.576,
a basis of about 1.14%.
Reoffered to yield from 0.15% to
1.25%, according to maturity.
Due serially from 1942 to
1961, inclusive.
269
........
_
1915
1929
151,639,581
150,703,034
1928
129,806,486
1927
158,862,319
1926
140,731,789
1925
1923
139,653,772
242,451.538
161,711,896
1922
118,969,285
655,086,150
1901
28,417,172
13,468,098
1921
110,412,059
466.415,487
1900
19,670,126
1924
169,082,579
111,723,054
The Commercial & Financial Chronicle
270
In the following
during June:
3854
3853
3853
3853
3853
131
4160
4010
4010
4156
128
4160
4008
3683
3855
4006
4007
128
3855
4008
3682
1942-1966
1961-1963
1943-1950
45,000
3850
4156
Boone County,
4156
127
4012
3851
3850
3851
3853
3686
4004
4004
131
4159 Brownsville,
130 Bucyrus,
4160
4005
325,000
100.77
1.66
(3 Issues)
3853 Hilton, N. Y_.
22,000
100.86
0.80
297,000
100.22
0.95
15,000
101.15
1.36
3683 Hollandale Con. S. D.,
3683 Hopkins, Minn.
70,000
100.22
1.68
100.16
2.37
4012
100
4.25
3853
80,000
r29,000
30,000
167,000
80,000
3853
4157
100.38
0.90
150,000
3680
1943-1961
cf78,000
717,000
100
1960-1963
32,000
100
1942-1968
39,000
100
1942-1951
18,350
1942-1958
117,000
1942-1951
3.00
100.42
0.82
4156 Jefferson
110,000
100.77
1.12
4156 Joliet, 111
1945-1954
r50,000
100.77
1.65
4004 Jonesboro Storm
1944-1960
60,000
dl0,500
100
2.00
100
2. .50
60,000
100.09
0.98
129
44,000
100
2.00
3855
1944-1963
385,000
1942-1947
13,000
"100.03
"l~24
1942-1951
68,000
100.33
0.94
4163
1942-1951
19,000
100.32
1.14
4163
1942-1956
Jr77,000
100.40
1.45
1942-1961
986,000
100
1.99
4006
365.000
100
1.98
4158
1942-1960
r2,952,000
1.46
1954
1.74
100
l".24
r50,000
100.03
1943-1952
90,000
100.81
1.36
1946-1948
25,000
100
3.00
1942-1949
1943-1956
1943-1952
42,000
100.12
1.17
100.12
3.48
111,600
100,000
1946-1961
178,000
100
4.50
20,000
3.25
2*38
—254
1942-1961
r100,000
Auth,, 8. C.254-354
Chattanooga, Tenn
:
2-3
Cherokee Ind. 8. D., Iowa
-.2
Chicago Sanitary Dist., Ill
2%
Chickasaw County, Miss—
4
Cincinnati, Ohio (12 issues)..254-254
Claiborne County, Miss
254
Claude Ind. 8. D„ Texas
35i
Clinton, III. (3 issues)
3
Columbia 8. D., Pa
154
1942-1961
486,000
lOOM'
250,000
100.03
3852
4162
4159
4012
3680
4011
4160
Charleston Hous.
1946-1950
2.36
6,000
100.75
1.88
1960rd4,000,000
101.54
2.09
104.50
3.62
1954-1960
r26,000
1-25 years
1943-1950
733,100
1942-1969
414,000
1943-1955
35,000
110.93
1.78
1946-1956
50,000
100.73
1.67
15,000
100.10
2.23
Contra Costa County,
1945-1956
70,000
Cook County 8. D., 111. (2 issues).2
1951-1958
r66,000
4156
Cook County 8. D. No. 39, 111...254
1952-1957
150,000
......2
Pa.....
5
4005 Crescent City, Fla
4
3855 Crockett County Water Control &
Impt. Dlst. No. 1, Tex. (3 iss.)_ —
3852 Crooked Creek Twp., Minn
154
1942-1961
Crystal City, Texas
254
1942-1951
Cut Bank, Mont
254
CaliI—154-354
100.03
1.78
108.47
1.57
35,000
101.36
3854
Cornplanter Twp. 8. D.
1946-1961
50,000
102.21
3687
Cottle County, Texas
1959-1971
r21,000
1957-1959
7-5,000
3851
4163
4159
Copato, Minn
4010
Davenport, Iowa
3680
Daviess County, Ind
4165 Daytona
Beach
154
.5
Auth¬
2.80-354
6
Housing
ority, Fla
3687 De Kalb, Texas.
4160
De Witt 8. D„
4162
Dunmore, Pa
Neb—
454
-
4008 Dunplin County Con. 8. D.,
103.46
4.53
1942-1958
Fish kill, N. Y.
154
Fitch burg, Mass
1
5,000
3-354
(2 Issues)
0.75
1.45
Franklin
School
Corp.,
4164 Manitowoc County,
4005
128
4006
7106,000
4005 Matoon, 111
4010 Maumee
Ohio -----------------1
\X
)4
---------
20,000
12,000
1X
Ind. 8. D„ Iowa..2
*943-1953
1944 1960
40,000
10,000
100.09
1.86
8,000
100.70
Montgomery
4009
IX
Monticello, N. Y
Montrose, Mich
Tenn
(2 iss.)
Morgan County,
--------
*943-*954
1943-1952
1943-1961
--------
65,000
7-500
1942-1951
r20,000
.
Utah (2 iss.)
ZX
Washington Cos.
No. 42, Ore--IX
3856 Mount Pleasant,
&
1942
1Q.,1Q-9
J
4004 New
Britain
Homing Authority
NewCa^NrV;::.
1
1942-1946
0.96
1942-1970
167,000
Homing
Authority,^
1944-1957
2
1942-1961
1.94
101.32
1.78
North Adams, Mass
755,000
100,000
*942-*951
71,625
Auth., Pft-3
4
100.31
1.97
2.64
AH
1^-2
4005 Owensville,Ind
-
0.88
3849 Parma, Idaho
2.00
4159 Parma,
100.57
1.67
254
454
"l9*43-1967
25,000
100
2.75
3681
1942-1951
7-285,000
100.03
4.49
4158
1942-1956
600,000
100.14
0.98
3853
* 2.00
3853
4155
'
6,800
4004
Authority,
1942-1958
91,000
100
2.53
1.36
100.15
1.46
100.36
0.63
100.70
2.18
101.15
1.03
104.12
3.10
100.16
1.23
100
3.00
100.05
1.46
100
2.05
100.29"
1.38
101.00
2.80
100.14
0.95
100.42
1.68
100.83
1.09
100.11
0.96
101.48
1.33
101.86
1.32
100.78
0.85
100
2.46
100.17"
2.08
100.17
2.08
100.17
2.08
100.15
0.98
101.40
1.33
100.12
2.23
100.18
1.47
100.08
1.49
1.86
100*42"
1*45
101.12
1.64
100.03"
2.53
2.96
2.88
100.02
100
""*
2.09
1.82
100.14
1.47
100.50
2.89
100.32
1.46
100.96
1.68
100
2.25
100
3.20
101.63
1.33
1.98
100.13
0.95
100
2.28
1.70
101.08
2.16
101.60
2.45
100.86
0.84
100.71
1.19
100.16*
0*68
100.29
0.65
100
4.00
0.83
5,000
100.22
2.71
1.29
1942^1961
200 000
100.08
15:000
100.40
1.17
l"oY.2o"
1.55
100.05
1.79
--------
*942-1956
44.000
[942-1953
*94^*964
35.000
40,000
4009 Pennsauken Twp.,
\X
4004 Parls.Ark
100.63
100
28,500
3.80
100.20
1942-1949
North
3687 Oneida,Tenn..-
1
2
101
100
9US
35,000
254
1.07
100.08
r8,'6oo
300,000
101.38
34,000
30,000
ilfl ?rSsai,To:ii-5:carv;;::5-- MSum
3863
Pembro^ Darlen, »_.«•*..
1942-1956
1943-1957
1.92
*942-1946
1942-1946
Chariton1943_1952
100.01
100.98
2.38
100.55
1944-1948
IZ
4{il
fo\o
88:88
1942-1951
—,-.0.75
-.0.75
(2 issues)
3854 Orange County. N. Car
85,000
2.40-354
80,000
% m
25,000
£1225,000
54,000
2
__
^ ^
^150,000
120,000
1944-1957
100
100
1943-1969
65,000
1942-1951
154
3851
4009 Orange, N. J.
100.46
4.54
2.97
nnn
*942-1946
}X
-}X
Niles,Ohio
1.15
1.50
*
1
of)
New York (State
3855 North
100
1.24
100.72
20,000
3
Dist., Ark
4158 North Adams, Mass
100
100.05
100.06
100.43
4161
103.50
25,000
m2.ml
3848 Newport Levee
258,000
rl86,750
700,000
38,000
22,000
£140,000
78,000
„
100:000
Jggs^P0rtty^s:D::-o"":2iS 88:88
2.50
.073
2.75
5,000
Teachers Coll., Ky-3
8. D., Ohio
2)4
Twp.
Minn.
1.49
100
rl75,000
9,000
20,000
90,000
..lg
Mount Lebanon
4159 Mount Pleasant,
100.22
100.25
ibo
[30,200
*944-1950
1944-1948
*942-1959
100.06
27,500
7800,000
29,325
1946-1961
*942-1951
1943-1964
*X
.—..3
8. D., Pa..I X
Morton 8. D., Pa
D
----- - - -
20,000
Hartington, Neb
1942-1960
150,000
1.26
* 2,000
212,000
40,000
- - - - - - - -
3684 Monmouth County,
1942-1956
r40,000
Minn..
Housing
42, 111
- N.J
2.10
.Ohio
. - - -2
Co., Md. (3 iss.) —1M-4
3850 MomenceS. D. No.
3686 Monroe T wp. S. D.
1.19
2.33
0.73
2.73
759.000
--
0.80
1942-1946
1
Miss
-----
100.67
1941-1945
254-254
Minn
Miss
2X-3X
College for Women,
State
Miss
100.33
1942-1956
Hamtramck, Mich
Miss.
20,000
104.01
100-.05
25,000
1964drl,061.000
1942-1962 dr202,000
460,000
2
Hallock,
24-2X
72,000
1942-1946
X~1
Mich
237,000
1942-1951
1942-1961
Hartford, Conn. (2 issues)
3850 Harrison County, Iowa...
Midland
MtoiteBiDDii(State'of)-
261,000
1942-1956
--------
4006 New Orleans
154
4155
--AX
4009
r248,000
Glen dive, Mont
3852
4008
1.87
1942-1959
Gloucester, Mass
4007
\X
J
rl 5,000
100.22"
100.05
101.42
*942-1949
1
—
210,000
154-2
Hale County, Texas
4158
Michigan City, Ind.
Middlesex County, N.
Middletown, R. I
1942-1951
1942-1951
Ky.
Grand Forks, N. Dak. (2 issues)._2
Great Falls, Mont
154
4163
131
0.47
100.48
40,000
Greene County, Ind
Greenville County, 8. C
4156
3855 Newberry, S.C-
50,000
r4264,000
21,000
4010
Grove,
3850 Meserney Con.
4162
4158
3855
MerchantvilleS. D., N. J
1.79
1942-1946
154
4159
4160
2.39
1942-1971
2
4159 Glencoe, Minn
3847 Glendale, Ariz. (2 Issues)
*960-1961 rl,700,000
1944-1956
859,000
1943-1956 dl,200,000
1.39
1942-1963
Garner, Iowa
2
—-1
...AX
Park
J942-1950 rl,600,000
*951-1959 72,700,000
1942-1970
Comm.,
100.59
100.01
1943-1961
3687 Giles County, Tenn
25,500
\X
--%X
Md—2.20-2
& Planning
100.06
300,000
__
Galveston, Texas (4 issues)
120,000
96,000
of)
of)
Maryland (State of)
Maryland-National Capitol
TointS
10,000
1942-1951
Gallatin Co. H. 8. D., Mont
1946-1947
1942-1958
---------
Marks, Miss. (2 Issues)
4157 Murray State
1942-1951
154
3856
1
Ga.2.20-3K
3H
Wis
Marietta Housing Auth.,
4010 Navarre Village
1945-1952
40,000
co9.000
580,000
3850 Maryland (State
3850 Maryland (State
3682
23,750
734,000
460,000
\X
3850 Maryland (State of)
3850 Maryland (State of)----
3682
408,000
100,000
5,510
5,000
^943-1961
4164 Manitowoc County, Wis
4158 Newton, Mass....
4157 Fulton County, Ky
Hattiesburg
4164 Manitowoc Co.,
3,500,000
1942-1946
1943-1961
1
Wis. (2 Issues) — IX
1942-1951
254-3
4008
Mass
1.38
1942-1951
254
(11 issues)
4160 Fremont, Neb
4162 Fremont, Ohio
J942-1951
Madison County, Ind
4162 Multnomah
100.43"
254
4157
4008
100.39
6,000
40,000
1942-1946
2 54
1.30
District, Fla
Fort Plain, N. Y
128
linn,
3687
Navigation
Forman 8. D., N. Dak
4009
Co.
4160 Lyme, N. H._
4004 Morrllton, Ark.
Fleming Co. Central High School
Canal
}H
Y
3,000
45,000
d45,000
1942-1951
1957-1971
—■-A
^X
Lowell Housing Auth.,
3684 Lynbrook, N.
4163
110,000
3.00
2.66
35,000
250,000
7330,000
30,000
55,000
1943-1962 dl, 100,000
1944-1945
——
Ship
3856
15,000
—
—
Corp., Ky. (3 issues)
127
2.97
1.98
100
100
20,000
1948
1942-1956
1942-1961
1942-1956
*942-1944
1942-1951
1942-1946
1942-1956
3
...1^-3
Mass.lX~3X
Lowndes Co., Miss
2X
Lucas County, Ohio..
IX
Luling Ind. 8. D., Texas—;
...3
Ohio
Lorain County,
4007
100
r47,259
3851
3852
23,000
3,000
+—
.2
4160
—
Eaton, Ohio
3848 Florida
3683
3682
100.42
1
4159
54,822
100.38
Faribault, Minn
129
1945-1954
20,000
3682
127
"l~37
1944-1953
4158
132
2.25
l"oV.25"
154
154
Edwardsvtlle, Pa
2 54
Elmont Fire District, N. Y
1.80
Enid, Okla
154-154
Essex County, Mass
0.50
Essex County, N.Y
1.90
Fairfield, Ohio
2
Fairmont, W. Va.
3
Fallon County 8. D. No. 12, Mont 2 54
Fall River, Mass
154
130
100
50,000
1942-1946
Eaton, Colo
3852
2.75
20,000
0.76
East Helena, Mont
3853
100
r7,000
10,000
4008
4157
17,500
Z)4-3X
4008 Miss. State College,
101.10
1947-1956
454
4010
3686
4162
4011
4004
4011
415,000
8. D., Ill—
Neb--.-.-—1J£
Linn Co. 8. D. No. 78, Ore
4155 Los Angeles, Calif
4006
128
No.
4, Missouri
4006 East Bridgewater, Mass
3852 East Grand Forks, Minn
4009
4.00
85,000
20,000
-
—
"""
100.10
35,000
4,000
31,000
216,000
5,000
721,000
14,000
-
3687 Lometa Ind. 8. D., Texas
4008
100
1942-1951
Cuyahoga Heights, Ohio
3681
1.84
14,000
* 718,500
7140,500
48,564
29,000
5,500
100,000
85,000
25,000
126,000
18,000
128 Lincoln,
4010
14,000
Columbus, Neb
3679
4156
1942-1951
1946
1942-1958
1942-1945
1942-1946
1942-1953
1943-1947
1942-1951
1941-1944
1942-1967
Kalamazoo Co., Mich
4
1942-1951
Keeseville, N. Y-—1.40 1942-1951
Kershaw, S. C
i
^X
1942-1950
Knox County, Ind
IX
1942-1956
Lafayette County, Wis
...0.75 1944-1945
Lafayette Twp., Pa
2X
1942-1944
La Follette, Tenn...
—3
1941-1965
La Grange, Ohio
2)4
1942-1961
Lawrence, Kan. (2 issues).......IX
1942-1951
Lawrence, Mass
- — -AX
1942-1951
Lee County, Fla
-i-4
1943-1952
IX
3682
100
d610,000
7,000
2)4
-
3850
r9,600
1942-1965
Drain.
Sewer &
3850 Lexington Community
3854
26,000
3.53
4,500
20,000
3860 Leroy, 111
2.24
15,000
4162
3849
100.05
Central Falls, R
131
4164
1942-1961
4011
3680
3682
4005
100.10
102.11
1942-1947
1942-1945
Dist. No. 30, Ark
1-10 years
1945-1947
102.32
712,000
78,000
d800,000
95,000
15,000
1943-1944
dl50,000
4155 Jefferson
25,000
3.62
1942-1961
2.56
rd380,000
3.62
103.07
1942-1958
1942-1961
100
1943-1957
103.07
rcfl7,000
2)4-2)4
3687 Jefferson Co., Texas
1942-1961
1947-1972 7(12211,000
Tenn_2.R13M
2
Co. S. D. No. 2. Colo
Twp., Ind
--3
1.24
1942-1956
1.50
4163 Jackson Co. R. D. No. 10, Texas,
100.07
102,68"
100.68
1944-1946
(120,000
4012 Jackson Hous. Auth.,
15,000
1.62
1.99
10,000
1942-1961
2.71
1950
Basis
100.62
100.10
55,000
——
4.00
-
7120,000
Miss
...2
3
Hopewell Housing Auth., Va.2^-3K
Hornell, N. Y
—0.75
Hornell, N.Y
0.75
Houma, La
2X-3
Howard, S. Dak
2X
Huntington, Ind
1)4
1943-1953
ZX
6. Tex.
3^-3%-4
-2X
Imperial County, Calif.. —
5
3856 Jackson Co. R.D. No. 7, Texas...3
1942-1952
Price
dllO.OOO
4155
22,000
4012
4006
4163
1944-1951
County 8. D., Class A,
No. 28, Idaho
4)4
3855 Carbon Ind. 8. D., Texas
4
3856 Carbon Ind. 8. D., Texas..
4
3683 Carter Co. 8. D. No. 15, Mont—-3J4
1942-1951
4163 Hopkins County, Texas
4005 Canyon
I
4005
4163 Hidalgo County R. D. No.
1943-1947
Minn--.-.-...-.—-1X.
IX
Campbell County, Tenn
3851
1.52
1.84
1942-1960
Ohio
4012
3688
3850
1.52
2*25
1942-1956
4
Fla. (9 Issues)—3)^-4
4010
3849
2.44
100.66
100
1942-1953
Burleigh County, N. Dak
2)4
Burlington, 111
-—4
Burlington, Vt
1 )4
Burlington Township, Ind
-.1)4
Calumet, Minn—
3
Camden County, N.J-...------1.20
Camden, Ohio
--
4010
100.29
100.66
102.45
Briscoe County, Texas
4155 Broward Co.,
4163
4005
r41,000
1942-1969
Boonville, Ind
4157
2.13
2.44
1942-1958
2
Sr40.000
rl62,000
Texas...1^-1 X
Helena. Mont
IX
Henry S. D., B. Dak
3
Hillsborough County Special Road
& Bridge Dist., Fla. (4 issues)..4
Hillsborough County Spec Road &
Bridge Dist., Fla. (2 issues)
ZX
Hillsborough County Special Road
& Bridge District, Fla
4X
1942-1948
-
Iowa......
3852
101.27
100.29
100.71
1942-1955
1942-1961
4163 Hawkins Ind. g. D.,
250,000
1942-1946
3)4
Boothbay Harbor, Me
1)4
Bralntree. Mass
--1
Brewster, N. Y
1.20
Bridgeport, Pa
1)4
Bridgeport Hous.Auth.,Conn_lM-3K
Bridgeport Hous.Auth.,Conn.l?^-3>i
3684
1.97
Md
1942-1966
1 )4
Biloxi Housing Auth., Miss..2>4-3)4
Binghamton, N. Y
—
0.90
Bloomington, Ind
1)4
Blount County, Tenn
IX
Blue Earth County, Minn
2
Boone, Iowa
2)4
Boone County, Ind.
1
4008
100.33
Havre De Grace,
Maturity
1.70
2
Haverhill, N. H
1943-1948
Bexley, Ohio
130
Basis
4160
1943-1971
—
3684
3855
Amount
5200,000
700,000
760,000
19,000
1942-1961 rl,445,000
670,000
1942-1981
Maturity
1942-1951
Rate
2
2X
Alamance County, N. C. (2 Issues) 2X
Alamance County, N. C
2
Albany, N. Y. (3 issues)
1.60
Albany, N. Y. (4 issues)
1.60
Alice S. D„ Texas
214
Alliance 8, D., Neb
2)4
Aliqulppa, Pa
----2
Aliqulppa Borough 8. D„ Pa--.._1&
Ames, Iowa
1
Amsterdam, N. Y. (2 issues)
1
Annandale, Minn..
114
Attica, N. Y
1.70
Avon-by-the-Sea, N. J
2.40
Baldwyn Separate 8. D., Miss
4X
Barnwell Co. S. D. No. 45, S.C—3
Bath County, Ky
3
Bay City. Mich
1
Becker County, Minn
-Belvllle, Texas
2X-2X-Z
Benkelroan, Neb
Bennettsvllle, 8. C
3
Bessemer, Mich—.....
-4
Beverly Housing Auth., N. 3.2X-ZX
Akron, Ohio
Akron, Ohio
Price
July 12, 1941
Amount
Rate
Name
4006
Name
page
4161
4008
list the various issues brought out
we
Page
-
3
6,000
100.41
Missouri
3 60
Penn. Twp. 8. Twp., Ind
------*
Pennfield Agric.S.D. No. 1, Mich 1
Perth Amboy, N. J
-3.10
Perth Amboy, N.J. (2 iss.)
2X
Phenlx City, Ala
4
N. 3
*942-1947
^
7329.000
8,000
*94^*®46
196J-1967
40,000
7300.000
*942-1949
*942-1946
1942-1969
1955-1957
98
100.07
5.30
1.19
100.31
3.53
100.52
0.84
100.08
0.97
95.56
3.36
100
2.25
100
2.61
7239,000
158,000
Volume
The Commercial & Financial Chronicle
153
Page
Name
Rale
Maturity
Phoenix, Ariz
3#
1941-1946
$165,000
108.05
1.02
Phoenix Housing Auth., Ariz
Pierce County, N. Dak
2#
1942-1961
248,000
100.01
2.25
126
4004
4161
Plymouth County, Mass
1942-1966
Polk Co. S.D. No. 1, Minn
4156
Polk
4157
Fla. (8 Issues)
Ponchatoula, La
Portland, Me
3681
Co.
Spec.
R.
50,000
1943-1949
37,000
103.78
1951-1954
r20,000
100.24
1.88
30,000
100.03
0.49
100
&
2
B.
r75,000
Port of Port Angeles, Wash
Prairie Farm, Wis
3856
Page
Name
3683 Beatrice, Neb. (April)
1942-1956
180,000
101.18
60,000
100.30
7,000
1942-1948
3#
1.09
Maturity
1943-1971
Richmond, Va
1.63
lbb'.bl"
2.24
100.16
1.79
Rio Vista Ind.S.D., Texas
Riverside County. Calif
4007
4159
427,500
100.34"
1.27
665,000
100.22
BY
DURING JUNE
Maturity
2#
1946-1970
CANADIAN
Name
Canada (Dominion of)
4012
Canada (Dominion of)
Amount
$250,000
MUNICIPALITIES
Price
103.18
IN
Basis
2.52
JUNE
St. Colomb De Sillery (Parish of),
,
■
Rate
Maturity
Amount
Price
a$806,834,600
*40,000,000
Que.
_4#
3856 St. John (City and County), N.B.3#
1-30 years
201,300
1942-1951
18,500
Basis
350,000
101.64
1.83
-
0.58
97.62
4.72
99
1.57
1942-1961
1942-1950
Total long-term Canadian debentures sold in June__$807,054,400
Victory War Loan of 1941 offered to the public.
Temporary loan; not included in total for month.
a
*
;;
18,000
4
3679
Basis
50,000
1942-1951
1
4164
Rate
3856
3.50
1942-1956
1.80
Page
SOLD
Price
Richland Parish, Parish-Wide Con.
4012
1,032,000
1943-1971
2
3850
r310,000
Name
DEBENTURES
Amount
30,000
4164
100
10b".57"
25,000
1942-1952
-.2#
4161 Ramapo Cent. S. D. No. 1, N. Y.1.80
4157 Rayne Sew. Dist. No. 1, La._2#-2#
3852 Redwood Falls, Minn
1*4
4161 Rensselaer County, N. Y
1.60
:
Richland County, S. Car
dlO.OOO
1951
--.1%
2-2#
129 Richfield Springs, N. Y
Rate
4156 Honolulu, Hawaii
60,000
Putnam County, Fla
our
UNITED STATES POSSESSION ISSUES
50,000
--1#
*
3855 Prospect Park, Pa
4010 Pryor S. D., Okla
4012
3.70
rl05,000
Price. Utah
3680
totals for the previous
same.
We give the
page number of the issue of our paper in which reasons for
these eliminations may be found.
Page
1945-1957
1944-1961
1#
4164
following items included in
month should be eliminated from the
Dist.,
4
'
3#
4164
The
271
2.00
0.50
4159
Basis
Price
127,000
2
3850 Plaquemlne, La
2#-2#
Plant City Sp. R. & B. Dist., Fla.4#
3684 Pleasantville, N. Y,
1.90
4156
127
Amount
1941-1951
137,000
1942-1961
1,486,000
98.57
1.14
3
1943-1962
25,000
100.05
2.99
Riverview, Mich
2#
1942-1954
7*495,000
100.03
2.49
Robbinsdale, Minn
1 #
1943-1951
40,000
100.30
1.45
3#
1948-1971
<1225,000
1#
..5
2
3-3#
1947-1951
17,000
101.85
1.52
1943-1950
1942-1959
4,000
18,000
100.53
1.95
1958-1964
r507,000
S.D. No. 1, La
131
Robinson Twp. Authority, Pa
News Items
r7,000
Arkansas—Bond Refinancing Act Upheld hy State Supreme
3848
San Buenaventura, Calif
1*4
95,000
101.05
1.64
4155
2#-2#
1942-1961
55,000
100.05
2.65
4159
San Diego County, Calif
Sauk Center, Minn.
Court—By sustaining the validity of Act 91 of 1941, auth¬
orizing the issuance of bonds to refinance outstanding debts, "
the Arkansas Supreme Court seems to have
opened the
way for issuance of bonds by a number of districts. In some
instances, warrant indebtedness of Arkansas school districts
is equal to revenue of two years.
1#
1943-1957
25,000
101.25
4010
Scappose, Ore
4#
1946-1950
rl1,000
100.00
4". 50
the
4008
Sheridan Co. S. D. No. 19, Mont.3#
8,000
100.00
3.50
r330,000
100.57
75,000
101.43
1.31
100
4.00
100.92
1.78
100.87"
1*92
3850
Roland Cons. S.D., Iowa
3855 Roslyn, 8. Dak
3854 Ross Twp. Rural S.D., Ohio
4161
Rutherford County, N. Car
3853
Sampson County, N. C
San Angelo, Texas
3688
25,000
100.07
2.80
1947-1961
30,000
100.25
2.28
1942-1960
1942-1956
1#
Sleepy Eye, Minn
3688 SlidellS. D.. Texas.
3.15
1944-1958
4008 Silver Bow Co. S. D. No. 1, Mont-2
3852
100.02
2#-3
2#-2#
7,000
4
—
Pa. (2 iss.)—2
1942-1951
<130,000
3848 Smyrna, Del.
3686 Southeastern Rural S. D., Ohio__-2
1966
7110,000
1942-1965
210,000
3681
South Portland, Me........
1950-1961
60,000
100.31
1.98
4012
Spartanburg
2.20-3#
1942-1958
96,000
100
2.39
—4
4
1#
2#-2#
3#
1#
1949-1951
100.007
1.24
4163
Smith Twp. S. D.,
4163
Authority,
Housing
S. C
-2
—
1942-1947
Springfield Twp. S. D., Pa
3688 Spur, Texas—
3688 Stephens County, Texas
3686 Steubenville, Ohio
—
3688 Superior, Wis
3687 Swoyerville S. D., Pa
4011
Tarentum, Pa
4164
Taunton, Mass. (2 iss.)
4011
Taylor S. D., Pa. (2 iss.)
4012
Teton City,
4010
1942-1951
42,000
1944-1952
7108,000
Tiffin, Ohio
0.75
2#
1942-1946
1941-1951
20,000
1.71
1943-1952
55,000
100.82
1.61
1943-1949
7*437,000
101.01
Waynesville, Mo
3855
Wessington Springs, S. Dak
3688
West Columbia, Texas.—
103.05
2.20
97,000
102.16
85,000
1942" 1961
117,000
100
""
2.00
32,000
7*60,000
102,000
101.22
1.02
8,500
1942-1951
1942-1946
100.05
1.48
100
3.25
1942-1945
420,000
1944-1963
140,000
2#
1942-1971
Wheeling Housing Auth., W. Va.2-3#
1942-1961
West Warwick, R. 1
Wbitefish H. S. D., Mont
White Hall, 111
3687
Wilkes-Barre, Pa
3855
Wllkinsburg, Pa
Winchester, Tenn
12,000
2
West Virginia (State of)
100.04
1.43
101.78
2.34
166,000
100
2.19
731,941
100
2.00
1.41
50,000
100.46
1.16
75,000
Worcester, Mass. (4 iss.)..1
4008 Yellowstone Co. S.D. No. 7,Mont.2#
100.27
3.09
100.54
0.89
Yonkers, N. Y. (4 issues)
3853
101.00
—2.40
1942-1961
1,424,000
100.01
2*42
2.60
3853
1942-1951
425.000
100.01
2.42
Yonkers, N. Y
Total bond sales for June
(321
municipalities,
..$84,422,818
covering 427 separate Issues)
or
6.00
100.83
1,035,000
20,000
1942-1951
1944-1971
4007
4 Subject
100
110,000
4,000
$81,772,622
temporary
funds obtained by States and municipalities from agencies of
the Federal
to
Government,
call
r
maturity,
prior to
k Not including
Refunding bonds;
following additional sales for
We have also learned of the
previous months:
Name
Page
Rate
.
4012
Albany Ind. S, D.. Texas
3849
Alpha School District, 111
3687
Aransas Pass, Texas.-
Maturity
1941-1958
2.50,000
—1 #
1942-1946
3849
Benson, 111
2#
1-20 years
3687
Bexar County, Texas
Bloomington, 111. (March)
2#
2
1942-1955
4005
1942-1951
Bogalusa, La
-2-2#
3686 Douglas Co. S. D. No. 34, Ore.-.l#
3852
(Feb.)
1942-1951
3#
Heyworth S. D., III.
Karnak
Community
No. 38, 111.
S.
10,000
4,000
Tdl 19,000
1942-1949
8,000
101.62"
104.35
1.22
lbb"43_
1.67
100.08
3.25
100
3.00
100.06
1.24
100.21
1.45
100.39
2.42
100.04"
3.99
6,500
..
High
53.000
1951
Jackson County S. D. No. 2, Ore.l#
3850
197,000
1942-1949
1#
Grand Island, Neb
3686
1.34
4.00
110,000
—.3
4005
100.53
100
50,000
491,000
3681
Ecorse Twp., Mich.
101.85
30,000
39,000
Barberton, Ohio
Belton Ind. S. D., Texas (April)-.4
Gladstone. Ore
Basi8
35,000
3686
3686
Price
$15,000
10 years
3687
4007
Amount
3
1#
3
D.
(April)
30,000
4162
Linn County S.D. No. 8, Ore...2#
1942-1951
3688
McLean, Texas
4007
Mackinac Island, Mich.
4
(April)..4
1943-1965
225,000
2#-3
1943-1964
4450,000
3683
Montana (State of)
3688
Ottawa Twp., 111. (April)
3688
Palestine, Texas
7*133,000
Montgomery County. Texas
4005
3849 Polk
County
Special
No. 1, Fla
3688 Rockwall, Texas
3848
Wray, Colo. (April)
Tax
4,500
7*64,000
2#
—2#
S. D.
3#-4
4
2#
3854 Yukon S. D. No. 27, Okla. (3 iss.) 2
1942-1951
100
40,000
1942-1959
1955-1960
1942-1956
7*4245.000
15,000
15,000
7*30,000
r30,000
24,500
lbb""""
100
100
100.32
4.00
1.96
These additional May issues will make the total
sales (not including temporary or RFC and PWA loans)
for that month $113,289,030.
claimed to be unconstitutional because Article VIII, Section 3, of the
State constitution prohibits the incurring of debt by counties,
other political sub-divisions without the approval of
and
cities, towns,
the qualified
voters.
The court, however, held that the article and section in question had no
application to bond issued by local housing authorities, since the latter
are separate and independent public corporations, having no taxing powers;
and further since local housing authorities are not the State, county, city,
town, township, board of education, school district, or other sub-division
of the State within the meaning of the constitutional provision.
Major Issues
inception of the United States Housing Authority program,
attacked from almost
every possible angle.
The Idaho ruling brings to 46 the number of high
judicial opinions involving the various points of contention litigated in the
28 States.
The major issues upon which the 28 State courts of last resort
have ruled include the following points*.
1. Elimination of slums, as a valid exercise of police power, and the
erection of safe and sanitary low-rent dwelling units for persons of low income
is purely within the public welfare in that such activities will do much to
advance and protect public health, safety, and morals.
2. Tax exemption of public housing projects is constitutional and valid
on the same grounds as is the exempting from taxation of the property of
other municipal corporations, property used for municipal and public
purposes, and public and charitable institutions,
3. Eminent domain powers granted to local housing authorities do not
violate State or Federal constitutional guarantees against the deprivation
of private property without due process of law.
4. Bonds and debentures issued by local housing authorities do not violate
State constitutions or statutes prescribing the limits of municipal indebted¬
ness, and the methods whereby municipalities or counties may become
indebted.
Likewise, cities and counties may invest in public housing
authority bonds.
5. Low-rent public housing projects may be built in any area; not neces¬
sarily on the same ground where slums are cleared.
6. A local authority may secure preliminary organizational expenses or
donations of land, money, or services from the local political subdivisions.
The States whose highest courts have sustained their public housing acts
permitting participation in the USHA program are;
Alabama, Arizona,
Arkansas, California, Colorado, Florida, Georgia, Illinois, Idaho, Indiana,
Kentucky, Louisiana, Maryland, Massachusetts,
Michigan, Missouri,
Montana, Nebraska, New Jersey, New York, North Carolina, Ohio, Penn¬
sylvania, South Carolina, Tennessee, Texas, Virginia and West Virginia.
With the recent enactment of legislation in New Hampshire, only nine
States now lack State housing laws enabling participation in the Nation's
slum clearance and low-rent public housing program.
They are:
Iowa,
Kansas, Maine, Minnesota, Nevada, Oklahoma, South Dakota, Utah and
Wyoming.
Since the
local housing programs and State legislation have been
2.25
All of the above sales (unless otherwise indicated) are for
May.
The Idaho ruling was handed down when the validity of a bond issue by
Falls Housing Authority had been challenged.
The bond issue
was
65,000
1945-1954
Idaho—Supreme Court Upholds Housing Law—With the
ruling early this month of the Supreme Court of the State of
Idaho sustaining the constitutionality of the State Housing
Authorities Law, an unbroken string of favorable decisions
has been established in 28 of the 39 States having public
housing laws.
the Twin
1,000,000
2
6
1#
1#
—2#-3#
The State saved $367,768.75 of interest when the RFC
permitted a delay in delivery of descriptions callable July 1. Series A and B
highway and toll bridge refunding bonds were delivered April 1.
payment.
0.78
23,000
3850
loans
0.95
76,000
450,000
1941
-
4008
4163
100.12"
1942-1946
3#
refunded July 1 when the
Reconstruction Finance Corporation, purchaser of the new issue, made the
final
12,000
8. D., Pa
The last $45,000,000 of the highway debt was
1.75
1942-1961
2#
1#-1#
West Deer Twp.
Refunding Completed by Bond Delivery—In completing
$137,000,000 highway debt refunding by delivery of
descriptions callable July 1, the State acquired an additional
$1,000,000 of the new issue to increase the total in the State
Investment Board account to $3,000,000.
The Board has
authority to use up to 50 % of the average treasury balance
for purchase of State bonds. Also in the account are $11,000
of Confederate pension bonds and $54,319.99 of series B
road district refunding bonds.
the
2.97
7*29,000
Wayne County, Iowa
4159
1.22
100.23
1#
4006
100.14
30,000
1#
Waltham, Mass. (2 Iss.)
Wauseon, Ohio
131
2.34
7*20,000
1943-1952
—
4010
3856
0.68
100
7*8,500
—
-
4012
lbb".22~
100.82
60,000
—
131
1.40
r 17,500
1#
4
1#
1#
3854 Towner County, N. Dak
2
4008 University of Mississippi, Miss—
4161 Valley Stream, N. Y
1
4164 Vernon, Texas
3
3856 Vernon County, Wis
.1#
4156 Vero Beach, Fla
3#-3#
4012 Waco Housing Authority, Texas.-2
4006 Waldoboro, Me
.2#
4004 Walsenburg,
Colo
3
4158
3.35
100.66
35,000
1942-1951
3688 Tioga, Texas.,
Toledo, Ohio.
3854 Toledo, Ohio
100.58
15,000
7*468,000
Idaho
3854
Debt
100.02
25,000
1942-1951
1943-1950
Tell Ind. S. D., Texas
3849
7-21,500
7*33,722
Tarrant County, Texas
4158
6,000
In the case before the court, Ben F. Gaines, taxpayer, sought to enjoin
Lakeside Special School District of Chicot County from issuance of
$42,715 of bonds to refinance its debts. The Act sanctions Issuance of such
bonds within a total debt limit of 8% of assessed valuation.
On this basis,
the Lakeside district with $85,500 of bonds outstanding had the right to
issue $45,715, or $3,000 more than proposed.
Mr. Gaines contended pro¬
visions of the Act were applicable on debts incurred in the future for main¬
tenance, and not to warrants issued prior to its passage.
This view was
sustained by the Chancery Court and reversed the Supreme Court.
The Supreme Court, however, ruled against the district's petition to
convert the $42,715 issue of 4% bonds to $48,100 of 3% bonds to save
$484.45.
To convert, the court ruled, would increase the district's debt
beyond the statutory limit.
Illinois—New Biennial Budget Sets Record—Total appro¬
priations voted by the Illinois Legislature which adjourned
July 1 amounted to $510,179,714, a check of the appropria¬
tion bills shows, according to Springfield advices.
The total, to
be spent during the next two years, is the highest ever voted
by any legislature in the history of the State.
than $12,000,000 over the original total budget
will be sufficient revenue
to
Also the amount is more
estimate of the adminis¬
Finance officials, however, declare there
coming in during the biennium beginning July 1
tration which was $497,807,140.
keep the State in the black.
The Commercial & Financial Chronicle
272
$76,000,000 in
assistance, aid to dependent children and
Excluding these funds, the total appropriations
are approximately $14,000,000 lower than the total appropriations for the
biennium just ended.
Two new taxes went into effect In the State as the new fiscal year was
started on July I.
These were an oil production tax of 3% and a levy of
two cents a package on cigarettes.
Increased levies on beer, wine and liquor
also became effective on the same date.
Offsetting these taxes the State
Included In the total appropriations are approximately
Federal
grants for old
Federal road building.
age
.
sales
,
^
„
(retailer's occupational) tax dropped from 3% to 2% on July 1,
Municipal Bond Market Review Issued—Listing seven
positive and seven negative factors as of major current and
potential influence on the price level of municipal bonds, the
annual "Mid-Year Review of the Municipal Bond Market,"
published by Halsey, Stuart & Co., Inc., on July 8 was
distributed to insurance companies, banks and large private
investors throughout the Nation.
" ■
■
\
influencing the municipal bond price level are
summarized as follows:
1 Probability of continued ease in money rates.
2 Probability of some reduction in new State and municipal issues.
3 In¬
creased individual and corporate demand resulting from higher Federal tax
rates.
4 Improved municipal tax collections and other revenues: reduced
relief expenditures.
5 Reduced market competition of private issues.
6 Declining tendency of State and municipal debt.
7 Contracting supply
for bid
openings on July 22. Local housing authorities in the
following cities will participate in this financing as follows:
Bid
3 Reduced institutional buying,
4 Higher municipal
drying up of delinquency payments: reduced Federal
Works Progress Administration labor.
5 Increase in market
competition of Federal issues.
6 Population shifts—past and prospective.
7 Centralization of authority in Washington. D. C.
Summarizing a detailed analysis of each of the seven positive and seven
negative factors, the "Review" presents as the conclusion of Halsey,
Stuart & Co., Inc., that "for the near-term, which is as far as we care to
hazard an opinion, the positive factors outweigh the negative, and that the
present price level of quality municipal issues will not only be maintained
but may register further advances."
tax
exemptions.
operating
costs:
grants and
Texas-—Renewal
of Bond
Assumption
Bill
Neglected
Opening July 15 (Notes Dated July 29, 1941)
City—
Annapolis. Md
-
$244,000
300,000
9,305,000
850,000
455,000
5,000,000
11,600,000
1,000,000
620,000
100,000
—
1
—
.
—
Total.
York,
or at the
option of the successful bidder.
Bid
Opening July 22 (Notes Dated Aug. 5,1941)
"A
City—
Denver, Colo
$620,000
TotalBid
$2,200,000
3,500,000
3,900,000
400,000
—
East Baton Rouge, La__
New York, N. Y__
——
Orlando, Fla_.
—
....
Total
2,310,000
810,000
.$13,120,000
Bond
Proposals and Negotiations
by
Alabama
Municipals
$3,000,000 deduction for the revolving fund,
has been apportioned among counties according to a formula.
The law
must be renewed each two years.
Spokesmen for counties argue that the
surplus should be expended for lateral roads in rural areas, while others
support the Senate view that the gasoline tax is levied for a State-wide
highway system and funds can be expended more efficiently by the State
Highway Department.
the balance after
a
United States—Committee Formed to Seek Cuts in Federal
Expenditures—Henry M. Wriston, President of
Brown University, announced on July 7 the formation of a
nation-wide citizen committee of which he has accepted the
chairmanship, and which is to work for a reduction of non¬
essential and non-defense expenditures of Federal, State and
local governments.
This group which will be known as the
Citizens Emergency Committee on Non-defense Expendi¬
tures will shortly open headquarters in Washington and will
eventually include in its membership outstanding citizens
from the 48 States.
The Committee will be representative
of all elements in American life; the consumer,
business,
agriculture, labor, women's groups and church organizations.
Leading citizens, economists, tax authorities and college presidents from
32 States have already joined the Committee.
Among these are the follow¬
ing: Louis J: Taber, Master, National Grange, Columbus: Mark 8. Mat¬
thews, retiring President, U. S. Junior Chamber of Commerce; Robert L.
Flowers, President, Duke University: Robert I. Gannon, President, Fordham University: Roy G. Blakey, Professor of
Economics, University of
Minnesota; Olin Glenn Saxon, Professor of Business Administration, Yale
University; F. II. Stinchfield, former President, American Bar Association,
Minneapolis; Tom K. Smith, President, Boatmen's National Bank, St.
Louis; Thomas 8. Gates, President, University of Pennsylvania; Ray
Lyman Wilbur, President, Stanford University; Ernest M. Patterson,
Professor of Economics, University of Pennsylvania, and
Harley L. Lutz,
Professor of Public Finance, Princeton University.
In outlining the objectives of the Citizens
Emergency Committee, Dr.
Wriston pointed to the record appropriations of
$33,000,000,000 just ap¬
proved by this session of Congress, a figure equal to $1,100 for every family
in the country and which is
$14,000,000,000 more than the previous record
of appropriations for any single session of the Congress.
Although this
gigantic sum will not be spent this year, it does indicate the scale of our
Federal expenditures.
Dr. Wriston said, "The purpose of the Citizens
Emergency Committee is to explore the possibilities of and to make recom¬
mendations concerning vitally needed reductions in non-defense
spending
as a partial offset to huge defense
requirements; to assist the Congress
and other public officials in
effecting these reductions and to inform the
citizens of the
United States on the need for strictest
economy in non¬
essential public spending if the Nation is to survive this
emergency and at
same time retain its democratic form of
government.
It is the further
purpose of the Committee to coordinate the growing but as
yet weak-voiced
the
States
Housing Authority—Local Housing
Offerings—Sealed bids for a total of
$43,214,000 temporary loan notes have been invited by the
local housing authorities of cities and counties in 12 States.
Public participation in the
temporary financing of the
Schedule
States
Note
Housing Authority slum clearance
initiated about two years ago with
local authorities' notes. In all, more than
was
program
the first sale of
$786,799,000 such
notes have been placed
through public competitive sale at
interest rates averaging about
0.50%, thus affecting sub¬
stantial savings over the rate of interest the USHA is re¬
quired to charge for its loans. With part of the funds thus
obtained, the local housing authorities will repay to the
USHA all moneys already advanced to
them, with accrued
interest. With the remainder, they will meet the cost of con¬
struction of their USHA-aided
projects during the term of the
notes.
The current public
of issues, one for
NEW YORK
Direct Wire
ALABAMA
BIRMINGHAM, Ala.-—BOND CALL—C. E. Armstrong, City Comp¬
troller, states that the following bonds are being called for payment and
will be paid immediately on presentation together with the full amount of
the last interest coupon thereon, at the city's fiscal agent, the Chemical
Bank & Trust Co., New York City.
Funding Nos. 1 to 1,000, 5%, $1,000,000.
Dated
Sept. 30, 1911.
Due Sept. 30, 1941.
Grade crossing, Nos. 2401 to 2475, 4M%, $75,000.
Dated Oct. 1, 1928.
Due Oct. 1, 1941.
Public school buildings, Nos. 601 to 630, 5%, $30,000.
Dated Oct. 1
1924.
Due Oct. 1, 1941.
;
Public school buildings, Nos. 1678 to 1732, 4}4%, $55,000.
Dated
Oct. 1, 1924.
Due Oct. 1, 1941.
This call does not apply to any bonds except those listed above.
Any
bonds other than these that mature Aug. 1 to Oct. 1, 1941, will be paid at
maturity.
Z
,
GADSDEN,
Ala.—BOND OFFERING—Sealed bids will be received
m. on July 22, by P. M. McCall, City Clerk, for the purchase of
following bonds, aggregating $26,000:
until 11 a.
the
$5,000 refunding gold bonds.
Due $1,000 in 1945 to 1949, incl.
6,000 refunding public improvement bonds.
Due $1,000 in 1945 to 1950,
inclusive.
"-/'"V'V/v.
:
15,000 refunding bonds.
Due $1,000 in 1945 to 1949 and $2,000 in 1950
to 1954, all inclusive.
Denom. $1,000.
Dated Aug. 1, 1941.
Bidders are invited to name in
a single rate of interest for all of the bonds in multiples of M of
The bonds will be payable at the Chemical Bank & Trust Co., New
their bids
1%.
York.
Delivery on or about Aug. 1. The bonds will be sold to the highest
bidder, but no bid for less than par and accrued interest will be considered.
The legal opinion of Storey, Thorndike, Palmer & Dodge, of Boston, will
be furnished to the purchaser without cost.
Enclose a certified check for
$1,000, payable to trie City Clerk.
ALASKA
ANCHORAGE, Alaska— VOTERS A UTHORIZE $100,000 ISSUE AND
REJECT ONE OF $125,000—At an election on June 27 the voters authorized
an issue of $100,000 bonds for general improvements and rejected a
proposed
issue of
$125,000 to build
offering is being presented in two groups
opening of bids on July 15, and the other
a new
high school and gymnasium.
ARIZONA
MIAMI, Ariz.—BOND CALL—Town Treasurer S. W. Ellery is said to
calling for payment the following bonds:
4% refunding, Nos. 36, 38
to 40, dated July 1, 1937, and 6% gas plant bonds, No.
136, <lated Jan. 1,
be
1921.
SAFFORD, Ariz.—BONDS SOLD—A $95,980.10 issue of paving bonds
Refenes, Ely, Beck & Co. of Phoenix.
is reported to have been purchased by
TUCSON,
Council is
Ariz.—BOND
said to
ISSUANCE
CONTEMPLATED—The
City
be considering the issuance of $50,000 water revenue
bonds to purchase the
public demand for efficient and adequate but prudent government which
will curtail ballooned spending in the face of
unprecedented danger."
United
Co.
construction.
Of the four-cent gasoline tax, one cent is allotted to take over counftybuilt roads madeparts of the highway system prior to Jan. 2,1939.
Reverfue
one cent of the tax is pledged first for debt service and for the
past
Units
&
Members New York Stock Exchange
from
United
Maturity
May 6,1942
May
6,1942
June 30, 1942
Mar. 31,1942
Feb. 10, 1942
Dec. 31, 1941
Amount
BIRMINGHAM, ALA.
Local
„
Opening July 22 (Notes Dated Aug. 5, 1941)
City— "
Allegheny County, Pa
Chester, Pa.
Dallas, Texas
10,, 1942
$620,000
—
Steiner* Rouse
and
Maturity
Feb.
Amount
report, which recommended that a revolving fund surplus of
$3,000,000 be transferred to the State Highway Depart¬
two years,
3, 1942
31,1942
31, 1941
10, 1942
31, 1941
31,1942
29, 1942
31, 1942
$29,474,000
without acting on the State bond assumption bill.
A few
minutes before adjournment, the House tabled a conference
new
Feb.
Mar.
Dec.
Feb.
Dec.
Mar.
Jan.
Mar.
*
This issue will be dated July 25,1941.
x This issue will be closed at the
Federal Reserve Bank of Chicago or at the Federal Reserve Bank of New
Legislature—Convening of a special session probably in
September was discussed by House and Senate members
when the Texas Legislature ended its regular session July 3
ment for
Maturity
July 29, 1942
Mar. 31,1942
Amount
'
Clarksdale, Miss_
x
Detroit, Mich
Erie, Pa
Henry County, 111
Jersey City, N. J
*
Newark, N. J—
Oakland, Calif
Pensacola, Fla
Tuckahoe, N. Y_.
The seven positive factors
of Federal tax-exempt issues.
.
The seven negative factors presented are:
1 Menacing aspects of vast
Federal borrowings.
2 Uncertainty created by pending efforts to remove
July 12, 1941
El Encanto water plant and system.
ARKANSAS
ARKANSAS, State of—TAX COLLECTION GAINS REPORTED—
Department of Revenue reports 194(M1 fiscal year special tax collections
at $28,616,339, largest on record, compared with $26,158,878 in preceding
year, gain of $2,457,461.
Gasoline tax at $11,976,731 and motor vehicle
license at $3,478,993 made gross revenue of $15,455,725 available for credit
to highway fund for payment of $137,000,000 debt.
This was an increase
of $1,389,778 over the preceding year.
*
4
NEWPORT LEVEE DISTRICT (P. O. Newport) Ark.—BOND SALE
DETAILS—The District Secretary states that the $55,000 refunding bonds
152, p. 4155—were purchased as 3s, at a
price of 101.60, and mature $11,000 in 1942 to 1946, giving a basis of about
sold to the Bank of Newport—V.
2.44%.
,
PINE BLUFF SCHOOL DISTRICT
(P. O. Pine Bluff), Ark.—BOND
SALE—The
were
$50,000 school bonds offered on July 8—V. 152, p. 4155—
purchased at a price of 101.00, according to the Secretary of the School
Board.
CALIFORNIA
GOLDEN GATE BRIDGE AND HIGHWAY DISTRICT (P. O. San
Francisco), Calif .—INFORMATION ON BOND REFUNDING PRO¬
POSAL—The following is the text of a letter sent to us on June 30 by W. W.
Felt, Jr., District Secretary;
"Replying to your memorandum of June 25, the proposal for refunding
outstanding Golden Gate Bridge and Highway District bonds was a volun¬
tary offer from Kaiser & Co., and was not submitted at the request of the
directors of the district.
The directors
are
strongly divided
over
the merits
Volume
273
The Commercial & Financial Chronicle
153
of the plan as there is grave doubt as to the legality of the proposed refund¬
ing plan; also, the amount of additional interest'cost which will accrue by
of extending the maturity of approximately 17 M million dollars of
the present issue finds strong opposition by directors and certain taxpaying
DADE
Miami),
COUNTY
SPECIAL
Fla.—BOND
TAX
SCHOOL
bids
OFFERING—Sealed
DISTRICTS
will
(P.
O.
be received until
reason
3 p. m. on Aug. 6, by James T. Wilson, Superintendent of the Board of
Public Instruction, for the purchase of the following 4 % semi-annual coupon
In addition, no necessity for refunding!exists, as theldistrict has
promptly met its interest payments when due, has a strong interest reserve
and will meet its bond payments as the bonds begin to mature, on July 1,
school site and building
groups.
1942.
"The whole objective of the proposal is to issue $17,150,000 aggregate
principal amount of refunding bonds maturing'July 1, 1972, to 1981, inclu¬
sive, exchangeable for a like principal amount of the present outstanding
bonds maturing July 1, 1942 to 1971, inclusive, and by this means reduce
the amount of maturities from 1956 to 1971, to permit of an immediate
20% toll reduction.
If the plan should be adopted, all details of advertis¬
ing the bond exchange will be done by the broker and paid for by him out
of the fee paid him for effecting the exchange, which must be on a voluntary
surrender by the holders of the bonds, as they are not callable."
KERN COUNTY
(P. O. Bakersfield), Calif.—SCHOOL BOND OFFER¬
by R. J. Veon, County Clerk, until
11:30 a. m. on July 21, for the purchase of $100,000 Lakeside Union Ele¬
mentary School District building and equipment bonds.
Interest rate is
not to exceed 5%, payable J-D.
Dated June 1, 1941.
Denom. $1,000.
Due $33,000 in 1942 and 1943 and $34,000 in 1944.
Principal and interest
payable in lawful money out of the interest and sinking fund of the district.
Interest payable semi-annually at the County Treasurer's office.
The
district (formerly Ordena, Paloma and Old River) has been acting under the
laws of the State, continuously since Jan. 14, 1941.
The bonds will be sold
for cash only and at not less than par and accrued interest.
Each bid must
state that the bidder offers par and accrued interest to the date of delivery,
and state separately the premium, if any, and the rate of interest offered for
the bonds bid for.
Bids will be received for all or any portion of the bonds.
In the event that the bidder submits a proposal to purchase a portion of
the bonds, the bid shall designate specifically the bonds bid for.
All bonds
sold to a oidder for a portion of the bonds shall bear the same rate of interest
and bids for varying rates of interest for the same block or portion of the
bonds Wid be rejected.
Payment for and delivery of the oonds will be made
at the office of the Board of Supervisors.
Enclose a certified check for not
ING—Sealed
jess
bids
will be received
than 10% of the amount of bonds bid for, payable to the County Clerk.
ANGELES
LOS
COUNTY
(P.
O.
Los
Angeles),
Calif.—SCHOOL
BOND OFFERINGS—Sealed bids will be received until 10 a. m. on July
22,
by L. E. Lampton, County Clerk, for the purchase of the following not to
exceed 5%
semi-annual building and improvement bonds aggregating
$48,500:
■:
,
$40,000 Artesia School District bonds.
Due $2,000 on July 1 in 1942 to
1961, inclusive.
8,500 Bloomfield School District bonds.
Due on July 1 as follows: $500
in 1942 and $1,000 in 1943 to 1950.
$1,000, one for $500.
Dated July 1, 1941.
Principal and in¬
terest payable in lawful money at the County Treasurer's office.
The
bonds will be sold for cash only and at not less than par and accrued interest.
Denom.
Each bid must state that the bidder offers par and accrued interest to the
date of
delivery, and state separately the premium, of any.
Bids will be
or any portion of the bonds.
In the event that the bidder
a proposal to purchase a portion of the bonds, the bid shall designate
specifically the bonds bid for.
All bonds sold to a bidder submitting a bid
for a portion of the bonds shall bear the same rate of interest, and bids for
varying rates of interest, for the same block or portion of the bonds will be
rejected.
Payment for and delivery of the bonds will be made in the office
of the Board of Supervisors.
Both districts have been acting as school
districts under the laws of the State, continuously since July 1, 1900.
Enclose a certified check for not less than 3 % of the amount of the bonds.
received for all
submits
NAPA COUNTY (P. O. Napa). Calif.—SCHOOL BOND OFFERING—
It is reported that sealed bids will be received until July 21, by the County
Board of Supervisors, for the purchase of a $650,000 issue of Napa Union
High School District, junior college construction bonds, approved by the
voters
June.
in
YOLO COUNTY (P. O. Woodland) Calif.—SCHOOL BOND SALE—
An issue of $175,000 Woodland Elementary School District* bonds is said
to have been purchased by the Bank of America National Trust & Savings
Association, of San Francisco, as lj^s, paying a price of 100.206.
Due
serially in 1942 to 1961.
COLORADO
CRAWFORD, Colo.—BONDS AUTHORIZED—An ordinance has been
passed by the Town Council for an issue of $20,000 refunding bonds.
LITTLETON, Colo.—BONDS SOLD—A $15,000 issue of
lH^geneMd
improvement bonds is said to have been purchased at par by Sidlo,
Simons, Roberts & Co. of Denver.
Dated June 25, 1941.
Due $2,500 on
Sept. 1 in 1946 to 1951; optional on Sept. 1, 1949.
The second highest bid
was an offer of 100.50 for 1 %s, submitted by Bosworth, Chanute, Lough-
street
ridge &
Co.
of Denver.
bonds, aggregating $2,540,000:
$2,250,000 Special Tax School District No. 2 bonds. Due May 1, as follows:
$70,000 in 1942 to 1945, $90,000 in 1946, $95,000 in 1947,
$105,000 in 1948 and 1949. $110,000 in 1950, $115,000 in 1951,
$120,000 in 1952, $125,000 in 1953 to 1955, $130,000 in 1956,
$135,000 in 1957, $145,000 in 1958 to 1960, and $155,000 in 1961.
290,000 Special Tax School District No. 4 bonds. Due May 1, as follows:
$9,000 in 1942 to 1967, and $14,000 in 1968 to 1971; provided,
that bonds maturing subsequent to May 1, I960, shall be re¬
deemable on May 1, 1961, or on any interest payment date
thereafter, in whole or in part, in inverse order of maturity, at
par and accrued interest.
Dated May 1,
Denom. $1,000.
1941.
tender at the Chase National Bank, New
Prin. and int. payable in legal
The bonds will be sold to
York.
highest bidder and will be delievered on or before Nov. 1, 1941, at
Miami, or such other point and place in the United States that the pur¬
chaser may designate, provided delivery outside Miami will be at the risk
and expense of the puchaser.
All bids must be made on proposal or bid
forms, which, with all other information concerning the bonds, will be
furnished by the Board on request.
Enclose a certified check for 2% of
the
the amount of the bid.
JACKSONVILLE,
REQUESTED—A
VALIDATION
Fla.—BOND
petition is said to have been filed with the Fourth Judicial Circuit on
30, calling for the validation of $3,388,000 refunding bonds.
June
Fla.—BOND ELECTION—The
issuance
of $15,000
street improvement bonds will be submitted to the voters at an election on
July 26, it is said.
KISSIMMEE,
POLK COUNTY SPECIAL ROAD AND
BRIDGE DISTRICTS (P. O.
Bartow), Fla.—PRICE PAID—In connection with the sale of the
$105,500
4% semi-annual refunding of 1941, various special road and bridge district
bonds to Allen & Co. of Lakeland—Y. 152, p. 4156—it is stated by the
price of 106.40, a
County Clerk and Auditor that the bonds were sold at a
3.20%.
basis of about
POLK COUNTY SPECIAL TAX
SCHOOL DISTRICT NO. 1 (P. O.
Bartow), Fla.—PRICE PAID—The County Auditor states that the
$245,-
000 refunding semi-ann. bonds sold to John Nuveen & Co. of Chicago,
divided $4O,0OO as 3J^s, and $205,000 as 4s—V. 152, p. 3849—were pur¬
chased for a premium of $7,595, equal to 103.10, a net interest cost of about
3.73%.
Due
on
June 1 in 1942 to 1959.
•
ST. PETERSBURG, Fla.—POSSIBLE BOND REOFFERING—Director
L. Crossland states that the $660,000 refunding bonds, for
of Finance T.
only bid received on Feb.
early in August.
which the
18, was rejected, may be reoffered
TAMPA, Fla.—BOND OFFERING—Sealed bids will be received until
2 p.m. (EST), on July 14, by P. R. Bourquardez, City Clerk, for the pur¬
chase of a $2,000,000 issue of coupon water revenue bonds.
Interest rate
is not to exceed 4%, payable J-J.
Denom. $1,000.
Dated July 1, 1941.
Due on July 1 as follows: $5,000 in 1945, $10,000 in 1946, $15,000 in 1947,
$35,000 in 1948, $45,000 in 1949, $50,000 in 1950 and 1951, $55,000 in 1952,
$60,000 in 1953, $65,000 in 1954, $70,000 in 1955, $75,000 in 1956, $80,000
in 1957 to 1959, $85,000 in 1960 and 1961, $90,000 in 1962 and 1963,
$100,000 in 1964, $105,000 in 1965, $110,000 in 1966 to 1969, and $115,000
in
1970 and 1971.
or rates of interest to be in multiples
Rate
of \i of 1 %, and each bidder
specify in his bid the amount and maturities of the bonds of each rate.
than three interest rates and all bonds of any one
maturity must bear interest at the same rate.
Prin. and int. payable in
legal tender at the Chemical Bank & Trust Co., New York.
Registerable
as to principal alone and as to both principal and interest, and, if registered
as to both principal and interest, reconvertible into coupon bonds.
Payable
solely from the Tampa water bonds sinking fund into which the city has
covenanted to pay a sufficient amount of the revenues of the water works
system of the city, over and above the expenses of operating, maintaining
and repairing such system, to pay the principal of and the interest on
the bonds, the outstanding bonds issued for the water works system, and
all general obligation bonds and revenue bonds which may be hereafter
issued and for the payment of which any part of the revenues of the water
works system is or may be required to be applied as such principal and
interest shall become due and payable, including reserves for such purposes.
The bonds will be issued under the provisions of Resolution No. 6782-B
passed and adopted by the Board and approved by the Mavor on June 12,
1941, copies of which may be had upon application to the City Clerk or to
Masslich & Mitchell, of New York.
Additional information relating to
the city and its water works system may be had upon application to J. S.
Long, Superintendent of Water Department, Tampa.
The bonds were
validated by decree of the Circuit Court of Hillsborough County, rendered
on July 3, 1941, from which an appeal is being taken to the Supreme Court
of the State.
It is anticipated that the Supreme Court will render its
must
No bid may name more
opinion on this appeal not later than July 23, 1941.
Delivery of the bonds will be made about 15 days
thereafter, but such
delivery is conditioned upon the affirmance of the decree of the Circuit
Court by the Supreme Court.
In the event that prior to the delivery
of the bonds, the income received by private holders from bonds of the
CONNECTICUT
type and character shall be declared to be taxable under present
income tax laws, either by a ruling of the Bureau of Internal
or
by a decision of any Federal Court, or shall be taxable by
the terms of any Federal income tax law, the successful bidder may, at
his election, be relieved of his obligations under the contract to purchase
the bonds and in such case the deposit accompanying his bid will be returned.
The bonds will be awarded to the bidder offering to purchase the bonds
at the lowest interest cost to the city, such cost to be determined by deduct¬
same
CANTON, Conn.—BOND SALE—The $40,000 coupon school bonds
offered July 9 were awarded to Cooley & Co. of Hartford, as l%s, at a
price of 100.605, a basis of aoout i.x7%.
Dated Aug. 1, 1941.
Denom.
$1,000. Due Aug. 1 as follows: $2,000 in 1942 and 1943, and $3,000 from
1944 to 1955 incl.
Interest F-A.
Bonds will be payable at and certified
by the Hartford-Connecticut Trust Co., Hartford. Legality to be approved
by Day, Berry <fc Howard of Hartford. Second high bid of 100.70 for l%s
was
made
by White, Weld & Co.
(P. O. Hart¬
ford), Conn.—BOND SALE—The $440,000 East Branch additional water
supply bonds offered July 11—V. 153, p. 126—were awarded to Glore,
Forgan & Co. of New York as 1
at 102.43, a basis of about 1.38%.
Dated July 15, 1941, and due $11,000 annually on July 15 from 1942 to
HARTFORD COUNTY METROPOLITAN DISTRICT
1981, inclusive.
NEW
Conn .—BOND
SALE—The $200,000
fund bonds, 13th series, sixth issue, offered July 10 were awarded to
& Co. of Hartford, at a price of 101.899, a basis of about 1.31%.
FLORIDA MUNICIPAL BONDS
Our
long experience In handling
hensive
Florida issues gives us a compre¬
background of familiarity with these municipal bonds.
We
them at no obligation.
will be giad to answer any inquiry regarding
R E Crummer & Company
1ST. NAT. BANK BLDG.
CHICAGO. ILLINOIS
FLORIDA
BAY
COUNTY
(P.
O.
Panama City), Fla.—DEBT READJUST¬
stated by R. E. Crummer & Co., Inc. of
MENT PLAN PENDING—It is
Chicago, 111., that the readjustment plan for the above county, approval
of which is asked under the Federal Municipal Bankruptcy Act, is still
pending in the courts.
Revenue
ing the total amount of the premium bid from the aggregate amount of
all of the bonds until their respective maturities.
No bid of
less than par and accrued interest or for less than all of the bonds offered
will be entertained.
Each bid must be submitted on a form to be furnished
interest upon
by
the City Clerk.
The approving opinion
will be furnished the purchaser.
New York,
$40,000, payable unconditionally to
1H%
water
Cooley
Dated
Feb. 1,1941. Denom. $1,000. Due $10,000 annually on Feb. 1 from 1943 to
1962 incl. Principal and interest (F-A) payable at the First National Bank
of Boston, or at the New Britain National Bank, New Britain.
Legality
to be approved by Storey, Thorndike, Palmer & Dodge of Boston.
Other bidders were: White, Weld & Co., 101.667; Halsey, Stuart & Co.,
101.511; F. W. Home & Co., First of Michigan Corp. and Chace, Whiteside
& Symonds. jointly, 101.435; Harriman, Ripley & Co., 101.3399; R. D.
White & Co., 101.083; Putnam & Co., 100.876; Equitable Securities Corp.
and Union Securities Corp. jointly, 100.76; First National Bank of Boston,
100.457 and Harris Trust & Savings Bank, 100.4099.
BRITAIN,
Federal
of Masslich & Mitchell, of
Enclose a certified check for
the city.
GEORGIA
Macon), Ga.—CERTIFICATE SALE
The
$150,000 defense debt certificates offered for sale on July 7—V. 153, p. 126
—were awarded to Clement A, Evans & Co. of Atlanta, and associates,
paying par at a rate of 0.825%.
Due $30,000 on July 1 in 1942 to 1946 incl.
Associated with the above named firm in the purchase were Johnson,
Lane, Space & Co. of Savannah, the Robinson-Humphrey Co. and J. H.
HiLsman & Co., Inc., both of Atlanta.
BIBB
COUNTY
(P.
O.
MACON, Ga .—CERTIFICATE
SALE— The $150,000 debt certificates
7—V. 152, p. 4156—were awarded to Clement A.
of 0.825%, paying par, according to Mayor
Charles L. Bowden.
Coupon form, dated July 1, 1941.
Denom. $1,000.
Due $30,000 on July 1 in 1942 to 1946 incl.
Interest payable J-J.
Brown & Groover of Macon bid par for 0.845s, while Courts & Co. of
Atlanta offered par for 1.09% certificates.
offered for sale on July
Evans & Co. of Atlanta; a rate
HAWAII
HONOLULU (City and County), Hawaii—BONDS OFFERED TO
PUBLIC—A $400,000 issue of 4% semi-annual water revenue, series of
1941 bonds is being offered by Brown, Schlessman, Owen & Co. or Denver,
for general investment.
Associated in this public offering with the above
firm are: Boettcher & Co. of Denver, the Allison-Williams Co. of Minne¬
apolis, and F. Brittain Kennedy & Co. of Boston.
Dated June 15, 1941.
Denom. $1,000.
Due June 15, as follows: $5,000 n 1946, $6,000 in 1947,
$7,000 in 1948, $8,000 in 1949, $9,000 in,1950, $10, OOflI
In 1952, $12,000 in 1953 and 1954, $13,000 in 1955, $14,000 in 1956i and
1957 $15,000 in 1958, $16,000 in 1959 and 1960, $17,000 in 1961, $18,000
in 1962, $19,000 in 1963 and 1964, $20,000 in 1965,_$21,000 in 1966, $22,(K)0
in 1967, $23,000 in 1968, $24,000 in 1969 and 1970, and $25,000 in 1971.
Prin. and int. payable at the office of the Treasurer, or at the Chemical
Bank & Trust- Co., New York.
These bonds are being issued by the
Board of Supervisors, under the authority of Chapter 267-A, the Revenue
Bond Act of 1935, of the Legislature of the Territory of Hawaii, as amended
and supplemented, to provide funds to make improvements and extensions
to the existing suburban water plant and system, in communities outside
in951, $11,000
The Commercial & Financial Chronicle
274
the metropolitan area of Honolulu.
In the opinion of counsel, these bonds
will constitute valid and binding obligations of the city and county, payable
solely from the
revenues
of the water plant.
keokuk,
IDAHO
NORTH
JUNIOR
IDAHO
approved recently by the voters.
PLUMMER, Idaho—BONDS SOLD— The Village Clerk states~tlmt
$6,000 semi-annual water main bonds were purchased on July 7 by the
Due in five years.^
ILLINOIS
ST.
PARK
LOUIS
DISTRICT, III.—BOND SALE—Barcus,
Kindred & Co. of Chicago purchased on July 3 an issue of $200,000
2% %
park improvement bonds at a price of 100.08, a basis of about 2.74%.
Due July 1 as follows: $50,000 in 1943; $75,000, 1947; $5,000, 1950, 1952
and 1953, and $20,000 in 1954, 1956 and 1957.
Interest J-J.
PEORIA COUNTY
NON-HIGH
SCHOOL
DISTRICT NO.
161'
Illinois—BONDS SOLD— Ballman & Main, of Chicago, purchased $100,000
funding bonds and reoffered them at prices to yield from 0.50% to
1.75%, according to maturity.
Dated June 1, 1941.
Denom. $1,000.
Coupon bonds registerabie as to principal.
Due Dec. 1 as follows: $5,000
1942 to 1945 incl,; $8,000 from 1946 to 1955 inci.
Principal and
3%
from
interest (J-D) payable at the Central National Bank & Trust Co., Peoria.
First interest coupon due June 1, 1942.
The bonds are unlimited tax
obligations of the district and will be approved as to legality by Holland M.
Cassidy of Chicago.
INDIANA
_rrr<<
Indianapolis), Ind.—CORRECTED SALE
DATE— Sealed bids for the purchase of $225,000 not to exceed 5% interest
anticipation warrants will be received until 10 a. m. (CST) on July 14.
Previous report of the offering incorrectedly stated that the sale would be
tax
held
on
July 31—V. 153,
p.
127.
ROANOKE, Ind.—BOND SALE—The $6,000 3% coupon public com¬
station, town hall improvement and fire fighting equipment bonds
fort
offered July
7—V. 152, p. 4156—were awarded to the Central Securities
Corp. of Fort Wayne, at par plus a premium of $210, equal to 103.58, a
basis of about 1.77%.
Dated July 1, 1941 and due $500 on Jan. 1 and
July 1 from 1942 to 1947, incl.
Other bids:
McGregor, Iowa—BOND OFFERING—It is stated by W. R. Stone,
Denom. $1,000.
Due Dec. 1 as follows: $4,000 in 1943 and 1944, $5,000
in 1945 to 1947, $7,000 in 1948, $8,000 in 1949 and 1950, $10,000 in 1951
to 1956, and $14,000 in 1957.
The bonds shall be subject to call for re¬
demption and payment before maturity on Dec. 1, 1947, and on any inter¬
est payment date thereafter, at par plus accrued interest,
by giving 30
days' notice thereof by registered mail to the registered holders of said
bonds, or, in case any of the bonds are not registered, by giving notice by
registered mail addressed to the holders thereof as shown by the Town
Treasurer's records.
The bids shall specify the rate of interest at which the
bidder will take the bonds at par and accrued interest.
Prin. and int.
(July 1 and Dec. 1 in each year) payable at the Town Treasurer's office.
The bonds are not general obligations of the town, but are payable solely
and only out of future earnings of the municipal electric plant and distribu¬
tion system, and the obligation of the bonds will be a first lien on the
electric plant and distribution system and the net earnings therefrom.
Issued to pay the cost of constructing a municipal electric plant and dis¬
tribution system in the town.
The bonds will be sold subject to the opin¬
ion as to their legality of Stipp, Perry, Bannister & Starzinger of Des
Moines, which opinion will be delivered with the bonds.
A certified check
for $5,000, payable to the town, is required.
KANSAS
VICTORIA, Kan.—BONDS VOTED—The issuance of $30,000 school
building bonds is said to have been approved by the voters at a recent
KENTUCKY
COVINGTON, Ky.—BONDS SOLD—It is stated by Martin Holman,
City Comptroller, that $280,000 semi-annual water works refunding bonds
offered for sale on July 10 and were awarded to Harriman Ripley &
Co., Inc., and C. F. Cbilds & Co. of Chicago, jointly, as 2Ms, paying a
were
price of 104.56,
Aug.
a
basis of about 1.76%.
Due
on
(F-A) payable
Bank Farmers
Trust Co., New York.
BONDS OFFERED FOR INVESTMENT—'The successful bidders
reoffered the above bonds for public subscription at prices to yield from 0.60
to
1.85%, according to maturity.
OWENSBORO, Ky.—ADDITIONAL INFORMATION—In connection
$170.00
Kenneth S. Johnson, Indianapolis
First National Bank, Huntington
3M% sem-ann. gas distribution system revenue bonds
on May 12, for which the only bid received was an offer of
by Stein Bros. & Boyce of Louisville, and associates—V. 152, p. 3223—
it is now stated that the bonds will be submitted to the voters at the regular
election in November and the above bid will stand, subject to an approving
vote.
Due on May 1 in 1942 to 1966; optional prior to maturity.
115.45
WAYNE TOWNSHIP
SCHOOL TOWNSHIP (P. O. Fort
Wayne),
Ind.—BOND SALE—The $38,500 building bonds offered
July 9—V. 153,
127—were awarded to Raffensperger, Hughes & Co., Indianapolis, as
1 Y2b, at par plus a premium of $478.98. equai to 101.244, a basis of about
p.
1.32%. Dated Jan. 1, 1941. Due as follows: $1,500, July 1, 1942; $1,500,
Jan. 1, 1955. Second
high bid of 100.133 for 1 Hs was made by the Fletcher Trust Co. of Indian¬
apolis.
Other bids:
Kenneth S. Johnson, Indianapolis, l?is, plus $424;
Central Securities Corp., Fort Wayne, 2s, $151.60.
with the $360,000
offered for sale
par
LOUISIANA
Jan. 1 and July 1 from 1943 to 1954 incl. and $1,000
WASHINGTON
TOWNSHIP
(P.
O.
Petersburg),
Ind,-—BOND
SALE—The $25,998 school township building bonds offered
July 7—V. 152,
p. 4006—were awarded to the Fletcher Trust Co. of
Indianapolis as lMs,
at par plus a premium of $106.
Dated June 1, 1941, and due as follows:
$928.50 July 1, 1942; $928.50 Jan. 1 and July 1 from 1943 to 1955
incl.,
and $928.50 Jan. 1, 1956.
The $26,000 civil
township community building bonds offered the
same
day were awarded to the First National Bank and the Citizens State
Bank, both of Petersburg, jointly, as 2s at par plus a premium of
$496.60,
Dated June 1, 1941, and due $1,300 on Jan. 1 from 1943 to
1962 incl.
Bids for the issues
are as
follows:
$25,998
Bidder—
Rate
$106.00
2%
214%
2%
373.97
City Securities Corp., Indianapolis
Kenneth S. Johnson, Indianapolis
McNurlen & Huncilman and Raffens¬
perger, Hughes & Co., Inc
*
Successful bids.
2%
271-00
—$26,000
Prem.
*1% %
Fletcher Trust Co., Indianapolis
First National Bank, Petersburg, and
Citizens State Bank, Petersburg
Rate
2%
Prem.
$284.00
*2%
2H%
496.60
224.00
235.50
2H%
302.68
2%
135.20
J
ig
149.00
ACADIA
PARISH
understand that
the voters
an
a
es
Phillips Co., Inc. of Davenport, as \ y2s, paying a price of
100.436, a basis
of about 1.47%. Dated June
1,1941. Due on Dec. 1 in 1949 to 1959.
GRAETTINGER, Iowa—BONDS OFFERED— Sealed and oral bids
were received until
July 11, at 2 p. m., by C. E. Norris, Town Clerk, for
the purchase of an issue of
$100,000 revenue bonds. Denom. $1,000. Dated
July 1,1941.
CENTER,
Iowa—BONDS OFFERED TO PUBLIC—The
of Des Moines is offering for general investment a
$200,000 issue of 3 M % semi-annual
municipal electric light and power plant
bonds.
Dated June 1, 1941.
Denom. $1,000.
Due Dec. 1 as
revenue
CS1;!0.^
Crowley),
La.—BOAT) ELECTION—We
15, to submit to
MONROE, La —ADDITIONAL INFORMATION—In connection with
has been requested, and a motion for a rehearing fixed for
July 7.
MORGAN CITY, La.—BOND ELECTION— An election has been called
for July 29, to submit to the voters an issue of $70,000 combined water and
sewer
system bonds, according to report.
PLAQUEMINE,
La.—BOND SALE UETAILS—Mayor Wilbert now
$50,000 town oonds sold to the Iberville Trust & Savings
on June 14—V. 152, p. 3850—were purchased at par, as
follows:
$10,000 as 2 Ms, due on June 1, $1,000 in 1942 to 1947, $2,000 in
1948 and 1949; the remaining $40,000 as 2Hs, due on June 1, $2,000 in 1950
to 1960, and $3,000 in 1961 to 1966.
states that the
Bank,
as
noted
TANGIPAHOA
SCHOOL
DISTRICT
NO.
Ill
(P. O.
SALE—The $15,000 semi-annual school bonds
July 8—V. 152, p. 4006—were awarded to Barrow,
Leary & Co. of Shreveport, as 3Ms, according to the Secretary of the
Parish School Board.
Dated July 1, 1941.
Due serially over a period of
Amite),
offered
PARISH
La.—BOND
for
sale
on
.
MARYLAND
Soup composed of the Rank &Trust & Co. of Des Moines, and the WhiteSavings Bank of Chicago, the IowaMoines National Harris
Trust
£oaJAe£"LD-
O.
bond election has been called for July
the $875,0000 power system bonds declared valid by District Court Judge
Shell on June 23. City Secretary-Treasurer P. Z. Poag states that a retrial
15 years.
FORT DODGE, Iowa—BOND SALE—The
$150,000 issue of sewer
plant bonds offered for sale on July 9—V. 152, p. 3850—was awarded to a
GRUNDY
(P.
issue of $240,000 flood elimination bonds.
IOWA
WASHINGTON COUNTY (P. O. Hagerstown), Md.—BOND SALE—
The $100,000 school building bonds offered July 8—V. 152, p. 3851—were
awarded to Alex. Brown & Sons of Baltimore as 1.60s, at a price of 100.665,
a basis of about 1.53%.
Dated July 1, 1941 and due $5,000 annually on
July 1 from 1942 to 1961, incl.
Reoffered at prices to yield from 0.30%
to 1.55% for the 1942-1956 maturities; at par for 1957 and 1958, and at
99.50 for subsequent maturities.
Other bids:
Bidder—
Int. Rate
Mercantile Trust Co., Baltimore; Mackubin, Legg &
Co., Baker, Watts & Co., and Stein Bros. & Boyce
1.70%
Halsey, Stuart & Co., Inc
Phelps, Fenn & Co
W. W. Lanahan & Co
Local banks...
;
»„■,
1.80%
1.80%
1.80%
2.00%
Rale Bid
100.12
100.426
100.15
100.068
102.006
in 1942, $12,000 in 1943 to 1945, $13,000
in 1946 and 1947,
1949, and $15,000 in 1950 to 1956.
Bonds due in
1955 and 1956 are optional on Dec. 1, 1946 and
any interest payment date
thereafter; bonds due in 1953 and 1954 optional on and after Dec.
1, 1948;
bonds due in 1951 and 1952 optional on and after
Dec. 1, 1950.
Principal
and interest payable at
City Treasurer's office.
Legality approved by
Stipp, Perry, Bannister & Starzinger of Des Moines*
$14,000 in
1948 and
Iuwa,——The
u
light refunding bonds offered for sale
•
i
Dn Hanna & Co.
$2,500 couponsemi-ann. electric
on
July 1—V. 152
p. 4156—were
of Burlington, as 3s, paying a premium
M00Vlu?y)Vn°?«2\o m6.Ofab0Ut2-83%' Datcd ^
-Ncxjtbest hid was &n offer of $11 premium
Savings Bank of Hornick.
on
»• I9«" Due
3s, submitted by the State
rr!??Al>State
of—FISCAL YEAR REVENUE REPORTED AT RECORD
HIGH— Revenue from 12
special State taxes and the profits of the State
liquor stores combined in the 12 months of the fiscal
year just ended to
bring Iowa a total of $65,463,114, the
largest return on record from these
sources.
MASSACHUSETTS
BOSTON, Mass .—BOND OFFERING—James J. McCarthy, City Treas¬
urer, will receive sealed bids until noon (DST) on July 16 for the purchase
of all but no part of $5,680,000 coupon bonds, as follows:
$2,000,000 funding bonds.
Acts of 1941.
Due $200,000 annually on
Aug. 1 from 1942 to 1951, inclusive.
3,680,000 municipal relief bonds. Act of 1941.
Due $368,000 annually on
Aug. 1 from 1942 to 1951, inclusive.® 0k®
All of the bonds will be dated
Aug. 1, 1941.
Denom. $1,000.
Bidder
single rate of interest, expressed in a multiple of M of 1 %.
Prin.
(F-A) payable at the City Treasurer's office.
Bonds are exempt
from taxation in Massachusetts and from the present Federal income tax.
A certified check for 1% of the bonds bid for, payable to order of the City
Treasurer, is required.
to
name a
and int.
V
DEDHAM, Mass.—NOTE SALE— The Boston Safe Deposit & Trust Co.
of Boston
was awarded on July 9 an issue of $100,000 tax anticipation notes
0.12% discount, plus a premium of $1.
Dated July 10, 1941 and due
April 24, 1942.
Other bidders:
Second National Bank of Boston, 0.12%;
Merchants National Bank of Boston, 0.127%; Jackson & Curtis, 0.14%
and First National Bank of Boston, 0.175%.
at
Reflecting the general improvement
in
business, the return was $4,200,000
and represented
approximately 40% of the State's
only 20% of the revenue came from sources other
above the previous year
Ten years ago
than property taxes.
Gasoline taxes brought in
$17,487,800, to top the returns.
This figure
year before.
Motor vehicle income re¬
S°^P^r®d ^th $16,770,634 the
ported was
$12,986,843,
«1
Dated Aug. .1, 1941.
follows: $10,000 in 1943 to 1945, $15,000 in 1946 to 1948, $20,000
as
in 1949 to 1952, and $25,000 in 1953 to 1957.
Prin. and int.
at the depositoiy of the city in Covington, or at the City
p remium
Bidder—
revenue.
CONTEMPLATED—In
election.
INDIANAPOLIS SANITARY DISTRICT,
SALE—The
$100,000 temporary loan offered July 8—V. 152, p. 4156—was awarded to
Campbeli & Co. of Indianapolis, at 0.30% interest, plus a premium of
$6.02,
Dated July 8, 1941 and due Nov. 10, 1941.
MARION COUNTY (P. O.
NOT
Town Clerk, that he will receive sealed and oral bids until July 14 at 2 p. m.
for the purchase of $120,000 electric revenue bonds.
Dated July 1,1941.
(P. O. Burley), Idaho—BONDS
VOTED—The issuance of $10,000 construction bonds is said to have been
EAST
ISSUANCE
city was planning to issue
$775,000 4% revenue bonds—V. 153, p. 127—we are informed by Carl L.
Maudy, City Clerk, that these bridge bonds are not to be issued by the city
but may be put out by the Keukuk and Hamilton Bridge Co.
DISTRICT (P. O. Coeur
d'Alene), Idaho—BONDS DEFEATED—We are informed that the voters,
by a count of 540 to 302. turned down the proposal to issue $125,000 junior
college construction bonds at a recent election,
State of Idaho, as 2Ms, at par.
Iowa—BOND
connection with the report given here that the
COLLEGE
OVERLAND SCHOOL DISTRICT
July 12, 1941
Of the $65,463,114 collected, $30,893,903 will go to the State highway
fund, $11,581,353 to the State general fund and $22,987,858 to old age
pensions, homestead tax credits and relief.
omnonl
an
all-time record, despite the fact that the amount
because of the delay in
•
$12,039,394 in the full previous
year.
These two taxes levied
against the
reporting.
It compared with
I
motoring public is only part of the
story .since the use tax, which brought in
$2,069,020, is derived principally
the collection of 2% tax on cars
purchased outside the State.
te
State
income
gains
were
68
tax
chain
ta*
gained
store,
was UP $1,243,691
at'$16,237,736 and the
$757,188 at $5,645,182.
Other taxes showing
inheritance, railroad equipment car, insurance
premium and oleo-margarine.
The three showing decreases were
beer,
cigarette and motor carrier levies.
EVERETT,
Mass.—BOND
SALE—The
$100,000
coupon
municipal
relief bonds offered July 10 were awarded to Chace, Whiteside & Symonds
and Bond, Judge & Co., both of Boston, jointly, as Is, at a price of 100.098,
a
basis
$10,000
the
of about
on
0 98%.
Dated July 1, 1941.
Denom. $1,000.
Due
July 1 from 1942 to 1951, incl.
Prin. and int. (J-J) payable at
National
Bank of Boston.
Legality approved by Storey,
Dodge of Boston.
1%—Halsey, Stuart & Co., 100.056.
For 1 % %—
Estabrook & Co., 101.02; Middlesex County National Bank, 101; C. F.
Child & Co., 100.839.f t
1
Thorndike,
Other
Shawmut
Palmer &
bidders:
HAMPDEN
For
COUNTY
(P.
O.
Springfield),
Mass.—NOTE SALE—
The $250,000 revenue notes offered July 9—V. 153, p. 127—were awarded
to the
Springfield Safe Department & Trust Co. of Springfield, at 0.055%
Volume
deductible in determining the net interest cost.
Bids shall be conditioned upon the unqualified opinion of the purchaser's
Dated July 10, 1941 and due Nov. 7, 1941.
Other bids: First
Bank of Boston, 0.11%; Third National Bank <fc Trust Co.,
Springfield, 0.119%; Union Trust Co. of Springfield, 0.12%, plus $1.25;
R. L. Day & Co., 0.15%.
shall not be considered
HOLYOKE, Mass.—NOTE SALE—The $450,000 notes issued in an¬
ticipation of revenue for the year 1941, offered July 10, were awarded to
the National Shawmut Bank of Boston at 0.139% discount.
Dated July 10,
1941, and payable Dec. 29, 1941, at the National Shawmut Bank of Boston.
Legality approved by Storey, Thorndike, Palmer & Dodge of Boston.
Other bids: Merchants National Bank of Boston, 0.149%; First Boston
to the
discount.
National
Corp., 0.18%.
HOLYOKE,
Mass.—TAX
RATE
CUT $2—Lionel Bonvouloir,
City
Treasurer, has furnished us the text of a page advertisement published in
a local newspaper in which it is noted that the new city tax rate of $30.30
$1,000 of assessed valuations represents a reduction of $2 below the
previous rate.
This cut, it was noted, followed in the wake of a previous
reduction of $1.30.
The bonded debt of the city on Jan. 1, 1932. was
per
$2,833,000 and at the close of tne present year the figure will be $572,000.
In the same period the assessed valuation has been lowered from $97,217,400
to $72,433,710.
The new tax rate, incidentally, includes a sum of about
$101,000 which has been setup to pay for equipment and repairs in various
city departments.
Except for such necessary provision, the tax rate would
be $28.88, or a reduction of $3.42.
LYNN, Mass .—BOND OFFERING—Joseph Cole, City Treasurer, will
bids until 11 a. m. (DST) on July 15 for the purchase of
$200,000 coupon funding bonds.
Dated July 1, 1941.
Denom. $1,000.
Due $40,000 annually on July 1 from 1942 to 1946, incl.
Bidder to name
one rate of interest in a multiple of H of 1%.
Prin. and int. (J-J) payable
at the First National Bank of Boston, or, at holder's option, at the City
Treasurer's office.
The bonds are unlimited tax obligations of the city
and the approving legal opinion of Storey, Thorndike, Palmer & Dodge of
receive sealed
Boston will be furnished the successful bidder.
MEDFIELD, Mass.—NOTE SALE—Kidder, Peabody & Co. of Boston
purchased on July 7 an issue of $95,000 school house notes as lj^s, at a
price of 101.377, a basis of about 1.35%.
Dated July 15, 1941 and due
$5,000 on July 15 from 1942 to 1960, incl.
Second high bid of 100.092 for
IKs was made by Merchants National Bank of Boston.
MILLBURY,
Mass.—NOTE
SALE—'Tne Second National Bank of
of $50,000 notes at 0.189% dis¬
awarded on July 2 an issue
Boston
was
count.
Due in 8J4 months.
ADAMS, Mass.—BOND SALE—The $50,000 coupon land
Newton, Abbe & Co. of Boston, as
price of 100.254, a basis of about 0.67%.
Dated July 15, 1941.
Denom. $1,000.
Due $10,000 on July 15 from 1942 to 1946, incl.
Prin¬
cipal and semi-annual interest payable at the Merchants National Bank of
NORTH
bonds offered July 9 were awarded to
0.75s, at
Boston.
a
Legality approved by Storey, Thorndike, Palmer & Dodge of
Other bids, also for 0.75% bonds, were as follows:
Chase. White¬
Co., 100.23; Second National Bank of Boston, 100.196; First Na¬
tional Bank of Boston, 100.18; Estabrook & Co., 100.179; Bond, Judge
Boston.
side &
Co., 100.167; Tyler & Co., 100.15, and Merchants
Boston, 100.09; and for Is, R. L. Day & Co., 100.27.
&
National Bank of
as
the cost of printing the
certified check for 2% of
Village Treasurer.
MICHIGAN (State
of)—$32,000,000 DEBT TO BE RETIRED WITHIN
1941 the State's funded debt will be reduced
$63,950,000 to $48,950,000 by the redemption of $15,000,000 5H%
soldier bonus bonds, dated July 15, 1921.
These are the highest coupon
bonds the State has outstanding.
On Oct. 15 this year the State will make
a further reduction
in its funded indebtedness by the redemption of $10,000,000 5 ^ % bonds dated Oct. 15, 1921.
On Sept. 15 this year the State will redeem $3,000,000 of 5H% highway
improvement bonds dated Sept. 15, 1921, and on Nov. 15 will redeem
$4,000,000 of 5% bonds of the same issue bringing the funded debt down to
$31,950,000.
The State has available the cash necessary to make all these
FEW MONTHS— On July 15,
from
redemptions.
On June 30,1939, the
of
(P. O. Rochester),
redemption
and accrued interest, $26,000 refunding bonds dated
Sept. 1. 1934, and maturing Sept. 1, 1954.
Redemption is being made
pursuant to the terms of the bonds, and the bonds, together with the current
and all subsequent coupons attached should be presented to the Detroit
Trust Co., Detroit.
These bonds are all of the outstanding bonds of an
original issue of $42,000. Interest ceases on date called. |
AVON TOWNSHIP SCHOOL DISTRICT NO. 4
Mich.—BOND CALL—School Director William J. Keen calls for
and payment at par
BELDING, Mich.—BOND CALL—City Treasurer Clayton Knapp calls
for payment on Aug. 1, at his office, at par
refund interest bonds of the issue of Aug. 1,
made to the City Treasurer, or to
and accrued interest, $26,000
1935. Presentation should be
the State Savings Bank of Ionia, Belding.
DETROIT, Mich.—BONDS PURCHASED— Charles G. Oakman, City
Controller reports that as a result of the call for tenders on Juiy 1, the
city purchased $732,000 non-callable city bonds for the municipal sinking
fund at an average yield of 2.595%.
of the Board of
will receive sealed offerings of noncallable city bonds in the amount of approximately $50,000 until 10 a. m.
(EST) on July 15.
Offerings shall remain firm until 1p.m. the following
day and shall show the purpose of bonds, rate of interest, date of maturity,
the dollar value and the yield.
Offerings will be accepted on the basis of
the highest net yield as computed from the dollar price.
Board reserves
the right on bonds purchased, which are delivered subsequent to July 22,
1941, to pay accrued interest up to that date only.
B|
OFFERINGS WANTED—Charles G. Oakman, Secretary
Retirement
System,
CITY, Mich.—BOND OFFERING—Carl Heavlin, City Clerk,
(EST) on July 21 for the purchase of
$400,000 not to exceed 6% interest water supply and sewage disposal system
revenue, series A coupon bonds.
Dated July 1,1941. Denom. $1,000. Due
July 1 as follows: $10,000 from 1945 to 1952 incl.; $15,000 from 1953 to
1956 incl. and $20,000 from 1957 to 1969 incl.
Bonds maturing in 1965 to 1969, will be subject to redemption prior to
maturity, in inverse numerical order, at par and accrued interest, upon 30
days' published notice, on any one or more interest payment dates on and
after the following dates, to wit:
Bonds maturing in 1969, on and after
July 1, 1948; bonds maturing in 1968, on and after July 1, 1952; and bonds
maturing in 1965 to 1967, on and after July 1,1956. Rate or rates of interest
to be in multiples of
of 1%. Principal and interest payable at the Manu¬
facturers National Bank, Detroit, or at its successor paying agent named
by the city which shall be a responsible bank or trust company in the City
or Detroit.
The principal of and the interest thereon are payable solely
from the revenues of the water supply and sewage disposal system of the
city and the bonds are issued pursuant to the provisions of Act No. 94 of
the Public Acts of 1933 as amended, and an ordinance adopted on June 23,
1941.
The bonds will be awarded to the bidder whose proposal produces
the lowest interest cost to the city after deducting the premium offered, if
any. Interest on all bonds will be computed to maturity dates in determining
the net interest cost. Interest on premium will not be considered as deducti¬
ble in determining the net interest cost. No proposal for less than all of the
bonds will be considered.
Bids shall be conditioned upon the legal opinion
of Claude H. Stevens of Berry & Stevens, of Detroit, approving the legality
of the bonds. The cost of said legal opinion and of the printing of the bonds
IT GARDEN
will receive sealed bids until 8 p. m.
by the city.
The bonds will be delivered at Detroit. Enclose a
of the par value sf the bonds bid upon, payable to
GROSSE POINTE WOODS (P. O. Grosse Pointe), Mich.—BOND
OFFERING—Philip F. Allard, Village Clerk, will receive sealed bids until
8 p. m. (EST) on July 15 for the purchase of $16,000 not to exceed 6%
interest coupon special assessment bonds, divided as follows:
$C000"Taving District No. 24 bonds.
Due July 1
as
fol 1 ows:
$lT000 in
1942 and 1943, and $2,000 in 1944 and 1945.
6,000 Paving District No. 25 bonds.
Due July 1 as follows: $1,000 in
1942 and 1943, and $2,000 in 1944 and 1945.
4,000 Paving District No. 26 bonds. Due $1,000 on July 1 from 1942 to
1945 incl.
fiscal
this open account indebtedness.
will not be known until the books are
The exact amount of this reduction
The reduction
in
balanced for the year.
account indebtedness is due to substantial increases in
collection of sales taxes and increased profits from the sale of liquors.
in
this
open
State enjoys a
the
The
monopoly in this industry in Michigan.
PONTIAC, Mich.—BOND SALE—The $600,000 series A-5 coupon
refunding bonds offered July 8—153, p. 128—were awarded to a syndicate
composed of First of Michigan Corp., Detroit; Braun, Bosworth & Co.,
Toledo; Watling, Lerchen & Co., Crouse & Co., and H. V. Sattley & Co.,
all of Detroit, at 100.01, a net interest cost of about 2.089%, as follows:
For $45,000 maturing $15,000 March 1, 1946 to 1948, as 2%s, M. & S.;
$195,000 maturing March 1, $15,000 in 1949 and 1950. $20,000 in 1951
and $1952. $25,000 in 1953 to 1957, as 2Hs, M. & S.; $180,000 maturing
$60,000 March 1, 1958 to 1960, as l%s, M. & S., to call dates and 3^s,
M. & S., thereafter to maturity, and $180,000 maturing $60,000 March 1,
1961 to 1963, as lj^s, M. & S., to call dates, and 3Ms, M. & 8., thereafter
to maturity.
Bonds Nos. 241 to 600, both inclusive, will be subject to redemption
prior to maturity, in inverse numerical order, at par and accrued interest,
upon 30 days' published notice, on any one or more interest payment dates
on and after the
following dates, to-wit: Bonds Nos. 541 to 600, both
inclusive, and on after March 1,1946; bonds Nos. 481 to 540, both inclusive,
on and after March 1, 1947; bonds Nos. 421 to 480, both inclusive, on and
after March 1, 1948; bonds Nos. 361 to 420, both inclusive, on and after
March 1,1949; bonds Nos. 301 to 360, both inclusive, on and after March 1,
1950; and bonds Nos. 241 to 300, both inclusive, on and after March 1,
1951.
These bonds will be the general obligations of said city which is
authorized and required by law to levy upon all the taxable property
therein, such ad valorem taxes as may be necessary to pay the bonds and
interest thereon, without limitation as to rate or amount.
ST.
JOSEPH, Mich.—BOND CALL—Director of Finance and
Clerk
Wagner announces to the holders of 1934 refunding bonds, dated
1, 1934, that they are called for redemption on Oct. 1.
The bonds
now outstanding aggregate $28,300, the balance of the issue having been
paid in accordance with its terms. Notice is further given that the bonds
will be redeemed and paid at the office of the Peoples State Bank, St.
Joseph, on or after Oct. 1, at par and accrued interest to Oct. 1, 1941, upon
presentation and surrender of said nonds, together with all coupons maturing
on and after Oct. 1,1941. Interest shall cease to accrue on or after said date.
Oct.
ALBANY, Minn.—BOND OFFERING—Bids will be received by E. S.
Winter, Village Recorder, until July 21, at 8 p. m., fdr the purchase of
$25,000 village bonds. Due $1,250 on July 1 in 1942 to 1961 incl. Issued
pursuant to a resolution adopted by the Village Council on June 30.
ALBERT
Denom. $1,000.
Rate or
of 1 %.
Principal and
interest payable at a bank or trust company which will be mutually agree¬
able to the purchaser of the bonds. The bonds under charter provision, in
addition to being special assessment bonds, have the full faith and credit
of the village for the prompt payment of both principal and interest.
Bids
may be made for each of the several proposed issues.
The bonds will be
awarded to the bidder whose bid produces the lowest interest cost to the
All of the bonds will be dated July 1,
1941.
be expressed in multiples of
village after deducting the premium offered, if any.
Interest on premium
LEA,
Minn.—BONDS SOLD—The City Treasurer reports
which were authorized by the City Council on
the State Board of Investments.
that $25,000 dredging bonds
June 24, have been sold to
ANOKA
COUNTY CONSOLIDATED SCHOOL
DISTRICT NO. 2
(P. O. Anoka, R. F. D.), Minn.—BOND SALE—The $50,000 semi-annual
building bonds offered for sale on July 7—V. 153, p. 128—were awarded to
the C. 8. Ashmun Co. of Minneapolis, as 2s, paying a premium of $826,
equal to 101.652, a basis.of about
July 1 in 1944 to 1961.
1.85%.
Dated July 1, 1941.
Due on
D.), Minn.—BONDS OFFERED—
Charles Cliff, Town Clerk, until
July 11, at 8 p. m., for the purchase of $27,000 road and bridge bonds.
Denom. $1,000.
Dated July 1, 1941.
Due on Jan. 1 as follows: $1,000
CHESTER (P. O. Lake City, R. F.
Sealed and oral bids were received by
in 1943 and
$2,000 in 1944 to 1956.
COMMON SCHOOL DISTRICT NO. 5 (P. O.
Hawley, R. F. D. No. 2), Minn.—BOND OFFERING—Sealed bids will
July 14. by Andrew Olsen, Clerk of the School
Board, for the purchase of $3,600 3K % semi-ann. funding bonds.
Denom.
$400.
Dated July 15,
1941.
Due $400 on July 15 in 1943 to 1951, incl.
Each of the bonds to be callable and payable before its due date, at the
option of the School Board. A $300 certified check, payable to the District
Treasurer, must accompany the bid.
,
CLAY
COUNTY
be received until 8 p. m. on
Ole Myre will
$8,000 issue of
in 1943 to 1950 incl.
A certified check for
HALLOCK, Minn.—BOND OFFERING—Village Clerk
auction on July 17, at 8 p. m., an
offer for sale at public
village hall construction bonds. Due $1,000 on Dec. 1
These bonds were approved by the voters on June 26.
5% of the amount of the bid is
required.
SCHOOL DISTRICT NO. 1 (P. O. Grand
Rapids), Minn.—BOND OFFERING—Sealed bids will be received until
8 p. m. on July 18, by A. O. Skocdopole, District Clerk, for the purchase of
a
$266,000 issue of funding bonds.
Interest rate is not to exceed 3%,
payable J-J.
Denom. $1,000.
Dated July 25, 1941.
Due July 25, as
follows:
$18,000 in 1942 to 1948, and $28,000 in 1949 to 1953.
Bids may
be in the alternative based on the District's retaining the right to retire
any part of the issue at any interest maturity date and also on the district's
retaining no such right.
Issued for the purpose of funding a like amount of
the floating indebtedness of the district.
The bidder shall furnish the bonds
and such legal opinions as shall be desired by him at his own expense.
Enclose a certified check for not less than $3,000, payable to the District
ITASCA
COUNTY
Treasurer.
LAKE OF THE WOODS COUNTY CONSOLIDATED SCHOOL
DISTRICT NO. 91 (P. O. Williams) Minn.—BOND OFFERING—It is
stated by P. A. Francisco, Clerk of
both sealed and oral bids until July
the School Board, that he will receive
21, at 7:30 p. m., for the purchase of
$21,500 funding bonds. Interest rate is not to exceed 3H %, payable F-A.
Dated Aug. 1, 1941. Denom. $500.
Due Aug. 1, as follows: $1,000 in 1943
to 1952, $1,500 in 1953 to 1957 and $2,000 in 19.58 and 1959.
All bonds
maturing Aug. 1, 1950, and thereafter, to be callable on said date or on any
interest payment date thereafter at par and accrued interest at the option
of the district. Prin. and int. payable at the Northwestern National Bank &
Trust Co., Minneapolis. The district will furnish the executed bonds and the
legal opinion of Fletcher, Dorsey, Barker, Colman & Barber, of Minne¬
apolis, both without cost to the purchaser.
A certified check for $500,
payable to the district, is required.
POLK COUNTY
INDEPENDENT SCHOOL DISTRICT NO. 1 (P. O.
Minn.—BOND SALE DETAILS— In connection with the
refunding bonds to Kalman & Co. of Minneapolis, as
2s at par—V. 152, p. 4159—the District Clerk states that the First National
Bank of St. Paul, the First National Bank & Trust Co., and the AllisonWilliams Co., both of Minneapolis, were associated with the above firm in
the purchase. Due on July 1 as follows: $7,000 in 1943 to 1945 and $6,000
Crookston)
sale of the $75,000
in
'
rates of interest to
indebtedness
MINNESOTA
MICHIGAN
will be paid
State had a floating, or open account,
~
~
to
the successful bidder.
certified check for 2%
the city.
the bonds. The cost of said opinion and
bonds shall be paid by the purchaser. Enclose a
the total par value of the bonds bid upon, payable
attorney, approving the legality of
Ira D.
SOMERVILLE, Mass.—BOND OFFERING—John J. Donahue, City
Treasurer, will receive sealed bids until 11 a. m. (DST) on July 14 for the
purchase of $250,000 coupon municipal relief bonds.
Dated July 1, 1941.
Denom. $1,000.
Due $25,000 annually on July 1 from 1942 to 1951, incl.
Principal and interest (J-J) payable at the National Shawmut Bank of
Boston.
The bonds will be engraved under the supervision of and au¬
thenticated as to their genuineness by the aforementioned bank.
Legal
opinion of Storey, Thorndike, Palmer & Doge of Boston will be furnished
Trustees of the
275
The Commercial & Financial Chronicle
153
1946 to 1954.
RAMSEY COUNTY (P. O. St. Paul), Minn.—BOND SALE—The
$348,000 issue of semi-ann. public welfare, series U bonds offered for sale
on July 7—V. 152, p. 4159—was awarded to a syndicate composed of the
First National Bank, Northern Trust Co., both of Chicago; First of Michi¬
gan Corp., of Detroit; and Thrall West Co. of Minneapolis, as 1 J*s, paying
a premium of $1,575, equal to 100.451, a basis of about
1.17%. Dated
Aug. 1, 1941.
Due on Aug. 1 in 1942 to 1951 incl.
Other bids were as
follows:
The Commercial & Financial Chronicle
276
Bidder—
Int. Rate
Premium
KaJman & Co.; Shields & Co.; Martin, Burns &
Corbett, Inc., and Mullaney, Ross & Co
134%
Stranahan, Harris & Co., Inc.; B. J. Van Ingen &
Co., Inc., and Park-Shaughnessy & Co
134%
Halsey, Stuart & Co., Inc., and Blair & Co., Inc.. 134%
Lazard
Freres &
Co.; The Boatmen's National
National Bank; The Wisconsin Co., and Allison
Williams Co
1,281.00
744.72
FOR
INVESTMENT—The
to
March 3,
Minn.—BOND
$33,000
bidders
STRAFFORD
re-
semi-annual
purchase of the
following 3% certificates of indebtedness aggregating
$26,000:
•
I
$6,000 sewer and water certificates. Due $1,200 on Aug. 1 in 1942 to 1946.
:
Issued for the purpose of constructing sewer and water main ex¬
tensions in certain streets and avenues in the city. A certified check
for $100, payable to the City Treasurer, must accompany the bid.
20,000 street improvement certificates.
Due $2,500 on Aug. 1 in 1942 to
1949. Issued for the purpose of bituminous paving on certain streets
and avenues of the city.
A certified check for $100, payable to the
City Treasurer, must accompany this bid.
Interest payable F-A.
Dated Aug. 1, 1941.
Bids must state in a lump
sum the amount of premium offered, if
any, on the basis of the fixed rate,
but no bids will be accepted for less than par and accrued interest.
WOODLAKE
SCHOOL
DISTRICT
(P.
O.
Richfield)
Minn.—
BONDS DEFEATED—The issuance of $75,000 construction bonds is said
to have been rejected by the voters at a recent election.
airport bonds is said to have been purchased by Cady & Co. of Columbus,
at par.
Denom. $500.
Dated April 1, 1941.
Due $1,500 on April 1 in
1942 to 1951, incl.
Legality approved by Charles & Trauernicht of St.
Louis.
MONROE COUNTY (P. O. Aberdeen), Miss.—BONDS SOLD—The
Chancery Clerk states that $30,000 134% court house bonds have been
purchased jointly by Thomas & Allen, and the Union Planters National
Bank & Trust Co., both of Memphis,
paying a premium of $83, equal to
100.276, a basis of about 1.41%.
Denom. $1,000.
Dated April 1, 1941.
Due $6,000 on April 1 in 1942 to 1946.
Prin. and int. (A-O.) payable at
the First National Bank of Aberdeen.
Leaglity approved by Charles &
Trauernicht of St. Louis.
VAN CLEVE CONSOLIDATED SCHOOL DISTRICT
the
was
turned down at
an
(P. O. Pasca*
of $33,000 construc¬
May 31, according to
issuance
election held
on
Chancery Court Clerk.
WADE SCHOOL DISTRICT (P. O.
Pascagoula), Miss.—BONDS
SOLD—The Clerk of the Chancery Court states that $2,000 school bonds
have been purchased by the county.
MISSOURI
ELVINS SCHOOL DISTRICT (P. O. Elvins), Mo.—BOND LEGALITY
APPROVED—An issue of $100,000 234% construction bonds has been
ap¬
proved
legality by Charles & Trauernicht, St. Louis.
as to
MONTANA
CUT
BANK, Mont.—MATURITY—The City Clerk states that the
$17,500 airport bonds sold to the State Board of Land Commissioners, as
2 Va s at par—V. 152, p. 4159—are due on Feb. and
Aug. 1 in 1942 to 1961.
MISSOULA AND GRANITE COUNTIES JOINT SCHOOL DIS¬
TRICT NO. 32 (P. O.
Clinton), Mont.—BOND SALE DETAILS—The
District Clerk now reports that the $22,900 school bonds sold to the
State
Board of Land Commissioners
as
234s, noted here
on
March 8, were pur¬
chased at par and mature on June 1 and Dec. 1 in 1942 to
1961; callable on
and after 10 years from date of issue.
NEBRASKA
CHAPPELL, Neb.—BONDS DEFEATED—An
system revenue bonds failed to carry at an election
issue
on
of
$22,OOOTgas
June 24.
*
>
T
•
COLUMBUS.
Neb.—BOND SALE DETAILS—The City Clerk states
that the $14,000 airport bonds sold to Green
way & Co. of Omaha as noted
in V. 152, p. 4160, were purchased as 2s at
par and mature on April 15,
1951; optional from April 15, 1943 to 1946.
CONSUMERS PUBLIC POWER DISTRICT
(P. O. Columbus),
Neb,—BONDS SOLD—The following bonds
(Gothenburg Division). ag¬
gregating $400,000, have been purchased by a syndicate composed of John
Nuveen & Co. A. C. Allyn &
Co., both of Chicago, Stranahan, Harris &
Co., Inc., of Toledo, Ballman & Main of Chicago, the Wachob-Bender
Corp. of Omaha, and the First Trust Co. of Lincoln:
$25,000 2%% electric
™
™
revenue
bonds.
in 1943 t0 1945 and $7,000 in
37,000 334% electric
revenue
Due
on
June 1
on
June 1
as
revenue
bonds.
as
follows:
$7,000
NEW
Freeholders
$8,000 in
_
issued in accordance with the Constitution and
of the State and constitute
valid and binding
are
Statutes
obligations of the district,
payable solely from income received by the district either
as
lessee or as revenues from the
operation of certain electric
of the district known as the
rentals from the
utility properties
"Gothenburg Division" of the District.
OXFORD, Neb.—BONDS
electric
were
SOLD—The Village Clerk states that $36,000
by the Village Council on June 2,
light system bonds authorized
purchased by a local bank.
$3,OUU 3%
N,ebe—BONDS SOLD—The
annual park bonds have
JL/ateu J line 1
f
1941.
City Clerk states that
been purchased at par by the
city.
Neb.—BONDS AUTHORIZED—An ordinance has been
passed by the Board of Trustees
calling for an issue of $16,000 sewer bonds.
?uCHPOL DISTRICT (P.
June
VOTED—At the election held
on
said to have
approved the issuance of
4 i
&
to
411.
O.
Wahoo),
Neb.—BONDS
26—V. 152, p. 4008—the voters are
$100,000 school bonds by a count of
NEVADA
COUNTY (P. O.
Winnemucca), Nev.—BOND SALE—
The $150,000 issue of
semi-ann. public hospital bonds offered for
sale on
July 7—V. 152, p. 4160—was awarded to the State Board of
Finance, at a
price of 115.125, according to the
County Clerk.
Dated July 1, 1951.
Due $7,500 on July 1 in 1942 to
1961.
it
as
was
JERSEY
Hackensack), N. J —BOND PROPOSAL RESCINDED
$225,000
Board of
June 25, rescinded its proposal to finance 25% of the issue,
on
convinced that the development cannot be carried out.
CARTERET, N. J .—BOND SALE POSTPONED—The proposed sale of
$72,000 not to exceed 6% interest coupon or registered general improvement
bonds, which was scheduled for July 16—V. 152, p. 416(P—has been post¬
poned due to revision of the technical details of the financing.
CUMBERLAND COUNTY (P. O. Bridge ton), N. J.—BOND OFFER¬
A. Dickinson, County Treasurer, will receive sealed bids
ING—William
until 2 p. m.
(DST) on July 15 for the purchase of $80,000 not to exceed
6% interest coupon or registered court house and bridge bonds.
Dated
July 1, 1941.
Denom. $1.000.
Due $5,000 on July 1 from 1942 to 1957,
incl.
Bidder to name a single rate of interest, expressed in a multiple of
34 of 1 %.
Principal and interest (J-J) payable at the County Treasurer's
office.
The bonds are general obligations of the county, payable from
unlimited ad valorem taxes.
Delivery on or about July 23.
A certified
check for 2% of the amount of bonds bid for, payable to order of the County
Treasurer, is required.
Legal opinion of Caldwell & Raymond of New
York City will be furnished the successful bidder.
Clerk, will receive sealed bids until 8:15 p. m. (DST) on July 18 for the
purchase of $30,000 not to exceed 6% interest coupon or registered water
extension
bonds.
Dated July 1,
1941.
Denom. $1,000.
Due $3,000
annually on July 1 from 1942 to 1951, incl.
Bidder to name a single rate
of interest, expressed in a multiple of 34 or 1-10th of 1%.
Principal and
interest (J-J) payable at the First National Bank, Morristown.
A certified
check for $600, payable to order of the town, is required.
Legal opinion
of Hawkins, Delafield & Longfellow of New York City will be furnished the
successful bidder.
NEWARK,
N.
J .—REQUESTS
OFFER
FOR
READJUSTMENT
OF
DEBT—Vincent J. Murphy, who is both Mayor and Director of the Depart¬
of Revenue and Finance of the city, has announced that the city
ment
desires to adopt a plan for the readjustment of the $109,087,101.52 out¬
standing gross bonded debt, which is payable at various times prior to
Jan. 1, 1984.
City desires to substantially reduce the annual requirements
of principal and interest and sinking fund provisions on its indebtedness.
It is proposed to accomplish such readjustment by means of new refunding
bonds of different maturity, to be sold or (with consent of the holders of
outstanding bonds) issued in exchange for outstanding bonds.
Persons desiring to be employed by the city to formulate and supervise
the carrying out of such a plan of readjustment are requested to submit
proposals to the Director of the Department of Revenue and Finance at
his office in the City Hall in the City of Newark, on or before July 31, 1941
at 11 o'clock a. m. (DST).
Proposals must state the terms of employment
and the compensation to be paid by the city, and must describe the plan of
readjustment proposed.
The description of the plan may be in general
terms but it must include a statement of the amount annually required for
debt service under the provisions of the plan.
Information necessary for the preparation of such proposals, in addition
to complete debt structure schedule previously issued by the city, may be
obtained from the Director of the Department of Revenue and Finance
by any person who will present satisfactory evidence as to his qualifications
and experience.
NEW JERSEY (State of)—BILL FOR DELAWARE RIVER TUNNEL
IN CONGRESS— Proposed construction of a vehicular
INTRODUCED
tunnel under the Delaware River 10 miles south of the Camden-Philadelphia
Bridge has the approval of President Roosevelt and Reconstruction Finance
Corporation Chairman Jesse Jones, according to announcement in Washing¬
July 8. by U. S. Senator William H. Smathers, New Jersey Democrat,
following a conference at the White House.
Mr. Smathers has introduced
a bill in Congress,
S. 1732, under which authority for such a project is
provided.
Stating that the RFC was prepared to finance the project at an
estimated cost of $19,000,000, under an arrangement whereby toll charges
would make it self-liquidating, Mr. Smathers added.
"I am now trying to have the Office of Production Management place the
tunnel project on a preferred position on the priority list so necessary ma¬
terials can be obtained. When this is accomplished, the RFC will authorize
the joint Pennsylvania and New Jersey commissions, already created, to
let contracts and begin the work."
The tunnel, which has been projected for years, would run under the
Delaware River from Mantua Creek in Gloucester County, N. J., to the
vioinity of Hog Island on the Pennsylvania side. Engineers estimate that
construction of the 6,000-foot tube would require 2,500 men working for
two years. Its proponents claim the tunnel would be used by about 6,000,000
vehicles a year and that its entire cost could be repaid in 25 years through
imposition of tolls.
ton
RAH WAY,
N.
J.—BOND SALE—The $25,000
coupon
or
registered
relief bonds offered July 9—V. 153, p. 129—were awarded to H. B.
Boland & Co. of New York, as 0.90s, at a price of 100.11, a basis of about
0.86%.
Due June 1, as follows:
to 1956; $10,000 in 1957 to 1959;
$11,000 in I960 to 1962; $12,000 in 1963 to 1965; $13,000 in 1966;
$14,000 in 1967 and 1968; $15,000 in 1969 and 1970, and $125,000
in 1971.
Denom. $1,000.
Dated June 1, 1941.
Interest payable J-D.
Callable
on 30 days
notice, as a whole at any time, or in part in inverse order of
maturity, and by lot within a maturity, on any interest
payment date at
the following scale of
prices on and after Dec. 1, 1941: 103 on or before
June 1, 1946, thereafter
10234 on or before June 1, 1951, thereafter 102 on
or before June
1, 1956, thereafter 101 34 on or before June 1, 1960, there¬
to 191 on°r before June 1, 1964, thereafter 100 A on or before June 1,
1968, thereafter par'to
maturity.
Principal and interest payable at the
Chemical Bank & Trust
Co., New York, American National Bank &
Trust Co.,
Chicago, or at the Continental National Bank, Lincoln.
The
legal opinion of Thomson, Wood & Hoffman of New
York, will state that
bonds
N. H.—NOTE SALE—'The
Home
Due Dec. 30,1941.
BENDIX (P. O.
incl.
1?52 and 1953; $9,000 in 1954
these
Dover),
poor
Due
m 1947 to I949 and $8,000 in 1950 and 1951.
338,000 334% electric
O.
—In connection with the proposed airport oonds to the amount of
mentioned in our issue of June 21, it is reported that the County
follows: $6,000
1946.
bonds.
(P.
MORRISTOWN, N. J.—BOND OFFERING—Nelson S. Butera, Town
MlSSISSIPPi
COLUMBUS, Miss.—BONDS SOLD—A $15,000 issue of 2% semi-ann,
bonds
COUNTY
& Co. of Hartford, at 0.223% discount.
WILLMAR, Minn.—CERTIFICATE OFFERING—Sealed bids will be
received until 7 p. m. on July 14, by Einar H. Brogren, City Clerk, for the
goula), Mis#.—BONDS DEFEATED—1The
0.23 %
0.24%
-0.264%
—-
$100,000 tax anticipation notes offered July 8 were awarded to F.W.
coupon
permanent improvement bonds offered for sale on July 8—V. 152, p. 4007
were purchased as 1 94s, for a premium of $490.
equal to 101.484, a basis of
about 1.56%.
Dated July 1, 1941. Due on July 1 in 1942 to 1956; optional
prior to maturity at the city's discretion.
tion
Discount
-
591.60
successful
subscription at prices to yield from 0.20
SALE—The
Other bids:
-
1.25%, according to maturity.
TRACY,
1942.
Bidder—
National Shawraut Bank of Boston
Arthur Perry & Co
F. W. Home & Co__
654.25
-
OFFERED
CONCORD, N. H.—NOTE SALE—The issue of $200,000 notes offered
July 3 was awarded to the Second National Bank of Boston, at 0.158%
discount.
Dated July 8, 1941 and due $100,000 each on Dec. 2, 1941, and
,
Salomon Bros. & Hutzler, New York, and Harold
B. Wood & Co
134%
BONDS
1941
HAMPSHIRE
NEW
51,392.00
134%
offered the above bonds for public
July 12,
Dated May 1, 1941 and due $5,000
on
May 1 from 1942 to 1946
Other bids:
Bidder—
Int. Rate
Minsch, Monell & Co
Rate Bid
1%
1%
1.10%
134%
100.11
100.05
,■■■„
J. S. Rippel & Co
H. L. Allen & Co
:
-
Union County Trust Co. of Elizabeth
WESTFIELD, N. J.—BOND SALE—The $81,000
coupon or
100.10
100.14
registered
bonds offered July 8—V. 152, p. 4009—were awarded to H. L. Allen
& Co. of New York, as 134s, at par plus a premium of $289.98,
equal to
sewer
100.358,,a basis of about 1.20%.
follows:
Dated July 15, 1941 and due July 15 as
$6,000 in 1942 and $5,000 from 1943 to 1957, incl.
Re-offered at
yield from 0.20% to 1.25%, according to maturity. Other bids:
at prices to
Bidder—
*
Ira Haupt &
Rate of Int.
Co
Parker & Weissenborn, Inc
Schmidt, Poole & Co
Kean Taylor & Co., and VanDeventer Bros., Inc
Adams & Mueller
John B. Carroll & Co., and Buckley Brothers
Wood, Struthers & Co
MacBride, Miller & Co., and A. C. Allyn & Co., Inc.
H. B. Boland & Co
Union County Trust Co
,
134%
134%
134 %
134%
134%
134 %
134%
134 %
134%
134%
Premium
$10.00
975.97
842.40
639.90
539.00
534.60
505.00
461.70
327.00
320.00
J. 8. Rippel & Co.
M. M. Freeman & Co., Inc
Union Securities Corp
134%
134 %
299.99
Minsch, Monell & Co., Inc
Peoples Bank & Trust Co_
134%
291.60
134%
243.59
1
000.00
*
7-10%
318.33
Bid for $80,000 bonds.
WOODBRIDGE TOWNSHIP (P. O. Woodbridge), N. J.—BOND
SALE—The $90,000 coupon or registered street improvement bonds offered
July 7—V. 152, p. 4009—were awarded to a group composed of B. J. Van
Ingen & Co., Inc., New York, Julius A. Rippel, Inc., and J. B. Hanauer &
Co., both of Newark, as 334s, at a price of 100.05, a basis of about 3.23%.
Dated July 15, 1941 and due
July 15 as follows:
and $20,000 from 1944 to
1946, incl.
$15,000 in 1942 and 1943,
Other bids:
Bidder—
Int. Rate
First Bank & Trust Co., Perth
Amboy_„_
Colyer, Robinson & Co
J. S. Rippel & Co
C. A. Preim & Co
H. L. Allen & Co.
-
i
Rate Bid
334%
3.40%
334%
334%
3.60%
100.006
100.011
100.467
100.166
100.11
Volume
The Commercial
153
(P. O. Dona Ana),
N. Mex.—BONDS SOLD—A $35,000 issue of building bonds was awarded
recently to Soden & Co. of Kansas City, as 2Ks, paying a premium of
$28. equal to 100.08, a basis of about 2.24%.
Due $2,500 from June 15,
1942 to 1955, incl.
Bosworth, Chanute, Loughridge & Co. of Denver, bid
101.65 for 2>^s.
HIGH
SCHOOL
COLLEGE
MEXICO
NEW
ARTS
UNION
DISTRICT
OF AGRICULTURE
AND MECHANIC
(P. O. Las Cruces), N. Mex.—BOND SALE—The $125,000 semi-
building and improvement series F coupon bonds offered for sale on
July 5—V. 152, p. 4008—were awarded to a syndicate composed of E. J.
Prescott & Co. of Minneapolis; Boettcher & Co. of Denver, and Munro &
Co. of Albuquerque, divided as follows;
$10,000 as 3Hs, due on June 1,
$500 in 1943 to 1950, and $3,000 in 1951 and 1952, the remaining $115,000
as 3%&, due on June 1, $9,000 in 1953, $10,000, 1954 and 1955. $11,000 in
1956, $12,000,1957 and 1958, $15,000,1959 and 1960, and $21,000 in 1961.
ann.
YORK
NEW
ALBANY PORT DISTRICT (P. O. Albany), N. Y.—BOND OFFER¬
ING—Thomas Fitzgerald, Secretary of the Port District Commission, will
receive sealed bids until 2 p. m. (DST) on July 15 for the purchase of
$182,000 not to exceed 4% interest coupon or registered port bonds.
Dated
Aug. 1, 1941.
Denom. $1,000.
Due Aug. 1 as follows: $22,000 in 1942
and $20,000 from 1943 to 1950 incl.
Bidder to name a single rate of
interest, expressed in a multiple of
of 1 %.
Prin. and int. (F-A), payable
Co., Albany.
The bonds will be delivered on or about July 24, or as soon thereafter as
they can be prepared for delivery.
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 tax the
interest on bonds of a class or character which includes these bonds, will,
80,000 public works bonds.
Due Feb. 1 as follows:
$10,000
$9,000, 1943 and 1944; $10,000,1945; $8,000, 1946 to 1948
$9,000 in 1949 and 1950.
All of the bonds will be dated July 1, 1941.
return of the amount
$2,820, payable to order of the city.
water & Moore of New York City.
ROSLYN,
that
the
bonds
and
binding obligations of the district
for the
payment of which the full faith, credit and revenues of the district are
irrevocably pledged, including such ad valorem tax as shall be necessary for
the payment of the bonds, without limitation as to rate or amount, to be
levied upon all taxable real property in the district, in amounts determined
by apportionment between the territory on the Albany or westerly side
and the territory on the Rensselaer or easterly side of the Hudson River.
The bonds will be legal investments for trustees and savings banks in the
State, and lawful as investments for sinking funds or other funds or moneys
of the State or of any of the agencies, municiplaities or political sub¬
divisions thereof.
Enclose a certified check for $3,640, payable to the
district.
BEACON, N. Y.—BOND SALE—An issue of $17,000 fire truck bonds was
July 1 to C. E. Weinig, White & Co. of Buffalo, as 1 yzs.
CENTRAL
CHAMPLAIN
SCHOOL
DISTRICT
NO.
1
(P.
O.
Champlain), N. Y.—BONDS VOTED—Clerk Oscar E. Bredenburg, of the
30, the $99,000
Board of Education, states that at the election of June
construction bonds were approved.
(P. O. Chateaugay), N. Y.—BOND OFFERING—
sealed bids until 3 p. m. (DST)
July 15 for the purchase of $26,000 town hall bonds.
Dated Aug. 1,
1941.
Denom. $500.
Due Feb. 1 as follows:
$1,500 from 1943 to 1946
incl. and $2,000 from 1947 to 1956 incl.
Interest F-A.
Bidder to name a
single rate of interest.
A certified check for $520, payable to order of the
town, must accompany each proposal.
Legal opinion of Dillon, Vandewater & Moore of N. Y. City will be furnished the successful bidder.
CHATEAUGAY
James B. Adams, Town Clerk, will receive
on
CHEEKTOWAGA, N. Y.—BOND SALE POSTPONED—'The proposed
5% interest sewer district bonds, scheduled for
p. 129—has been postponed for about two weeks.
sale of $345,000 not to exceed
July 8—V. 153,
sealed bids for
bonds will be received by Albert Sturm, Town
(DST) on July 15.
Details of the bonds are as
previously given in—Y. 153, p. 129.
BOND OFFERING—It was subsequently announced that
the purchase of the above
Clerk, until 4:30
COLONIE,
BONDS—John
p.
N.
W.
m.
Y.—OFFERING
Howarth,
OF LATHAM
Town Clerk,
WATER DISTRICT
will receive sealed bids until
2 p. m. (DST) on July 16, for the purchase of $116,000 not to exceed 5%
interest coupon or registered seventh series bonds of the above district.
Dated June 1, 1941.
Denoms. $1,000 and $500.
Due June 1 as follows:
$3,500 from 1942 to 1945, incl.; $3,000, 1946 to 1956, incl.; $2,000, 1957
to 1959. incl. and $3,000 from 1960 to 1980, incl.
Bidder to name a single
rate of interest, expressed in a multiple of M or l-10th of 1%,
Principal
and interest (J-D) payable at the State Bank of Albany, with New York
exchange.
General obligations of the town, payable primarily from a levy
upon the several lots and parcels of land within the district liable therefor,
but if not paid therefrom, all the taxable property in the town is subject to
levy of unlimited ad valorem taxes to pay the bonds and interest thereon.
certified check for $2,320, payable to order of the town, is required.
Legal opinion of Dillon, Vandewater & Moore of New York City will bf
A
furnished the successful bidder.
CORTLANDT, N. Y.—OFFERING OF ROE PARK WATER DISTRICT
BONDS—Ellsworth E, Johnson, Town Supervisor will receive sealed bids
until 2 p. m. (DST) on July 17 for the purchase of $7,000 not to exceed 6%
interest coupon or registered water system bonds.
Dated July 1, 1941.
Denom. $280. Due $280 annually on July 1 from 1942 to 1966 incl. Bidder
to name a single rate of interest, expressed in a multiple of M or 1-10th of
1%. Principal and interest (J-J) payable at the National City Bank, New
York City. The bonds are general obligations of the town, payable primarily
from taxes to be levied on taxable property in the above-mentioned water
district, but if not paid therefrom, all the taxable property in the town is
subject to the levy of unlimited ad valorem taxes to pay the same. A certified
check for $140, payable to order of the town, is required.
Legal opinion of
Dillon, Vandewater & Moore of New York City will be furnished the
successful bidder.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 28 (P. O.
Long Beach), N. Y.—CERTIFICATES NOT SOLD—No bids were sub¬
mitted for the $120,000 not to exceed 2% interest funding certificates of
indebtedness offfered July 8—V. 153, p. 129.
Dated July 15, 1941 and due
$30,000 annually on July 15 from 1942 to 1945, incl.
DISTRICT NO. 6
(P. O. Manhasset), N. Y.—BOND SALE—The $398,000 coupon or
registered building bonds offered July 9—V. 153, p. 129—were awarded to
Blair & Co., Inc. and Adams. McEntee & Co., Inc., both of New York,
jointly, as lys, at a price of 100.17, a basis of about 1.48%. Dated July 1,
1941 and due Jan. 1 as follows:
$15,000 in 1943 and 1944; $16,000 in 1945,
and $22,000 from 1946 to 1961, incl.
Re-offered at prices to yield from
0.35% to 1.60%, according to maturity.
Other bids:
Bidder—
Int. Rate
Rate Bid
George B. Gibbons & Co. and Roosevelt & Weigold, Inc
m%
100.14
Kidder, Peabody & Co., and Estabrook & Co
1.60%
100.17
Halsey, 8tuart & Co., Inc
1.60%
100.139
Goldman, Sachs & Co., and B. J. Van Ingen & Co.,
Inc
1.70%
100.64
Harriman Ripley & Co.; L. F. Rothschild & Co.,
and R. A. Ward & Co.
1.70%
100.559
NORTH
HEMPSTEAD UNION FREE SCHOOL
-
-
Marine Trust Co. of Buffalo; R. D.
and
White & Co.,
1.70%
First of Michigan Corp
Manufacturers
&
Traders
Taylor & Co.
Trust
—
Co., and
100.534
1.70%
100.30
Kean,
(P. O. Ossining), N. Y.—CERTIFICATE SALE—The
County Trust Co. of White Plains purchased on July 3 an issue of $103,311.32 certificates of indebtedness at 0.32% interest.
Dated July 8, 1941
OSSINING
and due
July 8, 1942.
N. Y.—BOND SALE DETAILS—The $18,000
enabling act bonds awarded June 27 as 1.80s to the Manufacturers & Traders
Co. of Buffalo—V. 153, p. 129—were sold at a price of 100.148, a basis of
RICHFIELD SPRINGS,
about
Rate Bid
Int. Rate
Bidder—
George B.
Gibbons & Co., and Adams, McEntee
_
C. F. Childs & Co. and Sherwood & Co
Kidder. Peabody & Co., and
1-90%
1.90%
Estabrook & Co
and Roosevelt & Weigold, Inc._
White &
Blair & Co., Inc.,
100.409
1 %%
1 %%
& Co
100.71
Marine Trust Co. of Buffalo, and R. D.
„
1°0.70
100.354
and
Kean, Taylor & Co
Halsey, Stuart & Co.. Inc
SYRACUSE, N.
$1,500,000 certifi¬
Y.—CERTIFICATE SALE— The
offered July 9 were awarded to
0.162% interest rate.
Dated July
of indebtedness
New
York,
13,
at
_n
100.58
2%
2%
Manufacturers & Traders Trust Co., Buffalo,
of
^
1.90%
1
Co
Barr Bros. & Co.,
11, 1941 and due
Caldwell & Raymond, of New
1942.
Legality approved by
Other bids:
York City.
Int. Rate
Bidder—
0.18%
0.18%
0.22%
Chemical Bank & Trust Co
Bankers Trust Co. of New York
Chase National Bank of New York
National City Bank of New York-.First National Bank of Boston and First Boston
25
0.22%
-
23
0.24%
0.25%
Corp...
Bank of the Manhattan Co
NORTH
Premixyn
$13
Par
26
6
CAROLINA
CHARLOTTE, N. C.—BOND OFFERING—Sealed bids will be received
a. m. (EST), on July 15, by W. E. Easterling, Secretary of the Local
Government Commission, at his office in Raleigh, for the purchase of
$65,000 refunding bonds.
Dated July 1, 1941.
Due on Oct. 1 as follows:
$5,000 in 1943 to 1945 and $10,000, 1946 to 1950, all incl., without option
of prior payment.
Denom. $1,000; prin. and int. (A-O), payable in N. Y.
City in legal tender; general obligations; unlimited tax; coupon bonds
registerable as to principal alone and also as to both principal and interest;
delivery on or about July 28, at place of purchasers' choice.
There will be
until 11
sold
the
registered
N. Y.—BOND SALE—The $157,500 coupon or
bonds offered
& Co., Inc.
April
valid
are
Legality approved by Dillon, Vande¬
July 9—V. 153, p. 129-—were awarded to A. C. Allyn
and E. H. Rollins & Sons, Inc., both of New York, jointly, at
1.70s, at a price of 100.098, a basis of about 1.69%.
Dated July 1, 1941
and due July 1 as follows:
$6,500 in 1942; $5,0to from 19*3 to 1968, incl.
and $7,000 from 1969 to 1971, incl.
ReK>ffered at prices to yield from
0.20% to 1.80%, according to maturity.
Other bids:
sewer
The purchaser will be fur¬
Donovan & Heenehan, of New York,
deposited with the bid.
nished with the opinion of Sullivan,
Bidder to
Denom. $1,000.
single rate of interest, expressed in a multiple of % or 1-10th of 1%.
Principal and interest (F-A) payable at the Chase National Bank, New
York City.
The bonds are general obligations of the city, payable from
unlimited taxes, and bids must be accompanied by a certified check for
cates
of the contract of sale and
in 1942;
incl. and
name a
purchaser, relieve the purchaser from his obligations
entitle the purchaser to the
at the election of the
$5,000
in 1949 and 1950.
at the National Commercial Bank & Trust
under the terms
$9,000
$61,000 social welfare (Home relief) bonds. Due Feb. 1 as follows:
from 1942 to 1944 incl.; $6,000 from 1945 to 1948 incl. and
MEXICO
NEW
HATCH
277
& Financial Chronicle
1.77 %.
ROME, N, Y.—BOND OFFERING—G. A. Mickle. City Treasurer, will
receive sealed bids until 4 p. m. (DST) on July 17 for the purchase of
$141,000 not to exceed 6% interest coupon or registered bonds, as follows:
auction.
no
Bidders
are
requested to name the interest rate or rates,
not exceeding
6% per annum, in multiples of y of 1%.
Each bid may name one rate for
part of the bonds (having the earliest maturities), and another rate for the
balance, but no bid may name more than two rates, and each bidder must
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder offering to purchase the bonds at the lowest interest
cost to the city, such cost to be determined by deducting the total amount
of the premium bid from the aggregate amount of interest upon all of the
bonds until their respective maturities.
No bid of less than par and accrued
interest will be entertained.
Bids must be on a form to be furnished, and
must be accompanied by a certified check upon an incorporated bank or
trust company, payable unconditionally to the order of the State Treasurer
for $1,300.
The approving opinion of Masslich & Mitchell, N. Y. City,
will be furnished the purchaser.
,
In the event that prior to the delivery of the bonds the income received
by private holders from bonds of the same type and character shall be
taxable by the terms of any Federal income tax law, the successful bidder
his election, be relieved of his obligations under the contract to pur¬
chase the bonds and in such case the deposit accompanying his bid will be
may, at
returned.|8g
tod
-
Kanansville), N. C.—BOND OFFERING—
Sealed bids will be received until 11 a. m. (EST), on July 15, by W. E.
Easterling, Secretary of the Local Government Commission, at his office
in Raleigh, forfhe following bonds, dated Aug. 1, 1941, and maturing on
Feb. 1 in the years hereinafter stated, without option of prior payment: J|
DUPLIN COUNTY (P. O.
$50,00u refunding road and bridge bonds,
$25,000 in 1962.
maturing $25,000 in
1961 and
„
19,000 refunding school bonds, maturing $9,000
B 1962. '
F* Denom. $1,000; prin. and int. (F-A), payable
tender; general obligations; unlimited tax; coupon
in 1961 and $10,000 in
in~NrY. City in legal
bonds registerable as to
here will be
auction.
?rincipal alone; delivery on or about Aug. 1, at place of purchaser's choice,
no
_
A separate bid for each issue (not less than par and accrued interest) is
required.
Bidders are requested to name the interest rate or rates, not
exceeding 6% in multiples of M of 1 %; each bid may name one rate for part
of the bonds of any issue (having the earliest maturities) and another rate
for the balance, but no bid may name more than two rates for any issue, and
each bidder must specify in his bid the amount of the bonds of each rate.
The bonds will be awarded to the oidder offering to purchase the bonds at
the lowest interest cost to the county, such cost to be determined by de¬
ducting the total amount of the premium bid from the aggregate amount
of interest upon all of the bonds until their respective maturities.
Bids must be on a form to be furnished with additional information and
must be accompanied by a certified check upon an incorporated bank or
trust company,
$1,380.
for
payable unconditionally to the order of
The approving opinion of
the State Treasurer
Masslich & Mitchell, N. Y. City,
purchaser.
In the event that prior to the delivery of the bonds the income
by private holders from bonds of the same type and character
will be furnished the
taxable by the terms
at his election,
purchase the bonds
may
will be
^
received
shall be
of any Federal income tax law, the successful bidder
be relieved of his obligations under the contract to
and in such case the deposit
'.V. Ll.ZmAm
accompanyingAhisAbid
returned..**£££
:
...
....
J
ELKIN, N. C.—BOND OFFERING—Sealed bids will be received until
11 a.m. (EST), on July 15, by W. E. Easterling, Secretary of the Local
Government Commission, at his office in Raleigh, for the purchase or
$60,000,000 water bonds.
Dated June 1, 1941.
Due on June 1, $2,000
1944 to 1958. and $3,000, 1959 to 1968, all incl., without option of prior
payment.
There will be no auction.
Denom. $1,000; coupon bonds regis¬
terable as to principal alone; prin. and int. (J-D), payable in legal tender
in New York City; general obligations; unlimited tax, delivery on or about
July 29, at place of purchaser's choice.
Bidders are requested to name the interest rate or rates, not exceeding
6 % per annum
in multiples of M of 1 %.
Each bid may name one rate for
for the
part of the bonds (having the earliest maturities) and another rate
balance, but no bid may name more than two rates, and each bidder must
specify in his bid the amount of bonds of each rate.
The bonds will
awarded to the bidder offering to purchase the bonds at the lowest interest
cost to the town, such cost to be determined by deducting the total amount
of the premium bid from the aggregate amount of interest upon all of the
bonds until ^heir respective maturities.
No bid of less than par and ac¬
crued interest will be entertained.
Bids must be on a form to be furnished with additional information and
must be accompanied by a certified check upon an incorporated bank or
be
trust company,
payable unconditionally to the order
of the State Treasurer
$1,200.
The approving opinion of Masslich & Mitchell,
furnished the purchaser.
In the event that prior to the delivery of the bonds the
for
New York City,
will be
income
received
shall be
by private holders from bonds of the same type and character
of any Federal income tax law, the successful bidder
may, at his election, be relieved of his obligations under the contract
purchase the bonds and in such case the deposit
will be returned.
taxable by the terms
to
accompanying his bid
The Commercial & Financial Chronicle
278
NEW
HANOVER COUNTY (P. O.
Wilmington), N. C.—BOND
ELECTION—The Issuance of $500,000 school construction bonds will be
submitted to the voters at
election scheduled for July 15.
an
NORTH
NEW
that
PHILADELPHIA, Ohio—BOND ELECTION—Vie understand
election has been called for Aug. 12, to resubmit to the voters the
sewer bonds that failed to carry last November.
an
$100,000
OHIO
DAKOTA
(State
of)— NOTE OFFERING BY SCHOOL
purchase of $6,000 not exceeding 4% semi-annual coupon sewage disposal
bonds.
Dated July 1,1941.
Due $500 on July 1 in 1944 to 1955, incl.
M
school districts in the 8tate,
Athens Union
years.
show
$3,705.00
8.
D.
8t
8.
July 18, '41-July 18, '43
2,667.87
July 15,'41-July 15,'43
5,864.,35 ' Aug. 1, '4i Aug. 1, '43
2,279.83
Aug.
1,'41-Aug. 1,'43
D
D.
2,450.99
July
3,'41-July
Randolph Rural 8. D
DISTRICT, Ohio—NOTE SALE—The
$35,852.85 second series refunding bonds offered July 8—V. 153, p. 129—
were
awarded to the Ohio National Bank of Columbus, as 1.85s.
Optional after Nov. 30.
Dated
July 8,1941 and due July 8, 1943.
BLOOM
TOWNSHIP
RURAL SCHOOL
DISTRICT
(P.
O.
Webster), Ohio—BONDS VOTED—At the election held on June 17, an
according to report.
BLUE ASH RURAL SCHOOL DISTRICT (P. O. Blue
Ash), Ohio
be held on July 15, to submit to
the voters $43,000 school bonds, divided
s follows: High school
bonds,
$27,000, and grade school bonds, $16,000.
—BOND ELECTION—An election will
4,307.31
July
3,986.05
July
CINCINNATI CITY SCHOOL
1STRICT, Ohio—NOTE SALE—
The $344,958 refunding second series notes offered
July 7—V. 152, p. 4010
—were awarded to the Ohio National Bank of
Columbus, as 1.45s.
Dated
Subject to call after Nov. 30 in any
7,'41-July
Huntington National Bank
etta)
2,338.55
Washington
Rural
8.
1.48%
2%
CLEVELAND. Ohio—BOND SALE—The $4,000,000
coupon refunding
bonds offered July 9—V. 152, p. 4162—were awarded to a
syndicate com¬
posed of First National Bank of Chicago, National City Bank of New York,
Chemical Bank & Trust Co., Graham, Parsons & Co.,
City National Bank
& Trust Co., Kansas City, Mo., and the Milwaukee Co. of
Milwaukee, as
1M», at
1.736%.
plus a premium of $5,432, equal to 100.135,
par
Sale consisted
a basis of about
of:
$2,700,000 series A of 1941 bonds.
Due $270,000 annually on Nov. 1 from
1946 to 1955 incl.
Payable from taxes unlimited as to rate
to refund a like amount of serial bonds
heretofore issued under
then-existing 15-mill tax limitations prior to Jan. 1, 1931.
365,000 series C of 1941 bonds.
Due Nov. 1 as follows: $36,000 from
1946 to 1950 incl. and $37,000 from 1951 to 1955 incl.
Issued
a
like amount of serial bonds heretofore issued
under
the then-existing 15-mill limitation
prior to Jan. 1, 1931.
274,000 series D of 1941 bonds.
Due Nov. 1 as follows: $27,000 from
1946 to 1951 incl. and $28,000 from 1952 to 1955 incl.
Issued
to refund a like amount of serial bonds
payable from
limitation.
taxes
subject
to
a
heretofore issued and
previously
existing
are
15-mill
|
187,000 series E of 1941 bonds.
Due Nov.
1
follows: $18,000 from
1946 to 1948 incl. and $19,000 from 1949 to 1955
iDcl.
Issued
to refund a like amount of serial bonds
heretofore issued and
payable from limited taxes.
All of the bonds bear date of
Aug. 1, 1941 and were reoffered by the
successful banking group at prices to
yield from 1.15% to 1.85%, according
to
as
maturity.
Other bids at the sale
were as
follows:
Lehman Bros; Estabrook & Co.;
Phelps, Fenn & Co., Inc.; Stone & Webster and
Blodget, Inc.; Eastman,
Dillon & Co.; Hallgarten & Co.;
Schoellkopf, Hutton & Pomeroy; William
J. Mericka & Co.; R. S. Dickson &
Co.; Paul H. Davis & Co.; Robert F.
Hawkins & Co.; Wells-Dickev
Co., and Fox, Reusch & Co., offered 100.12
for l%s, a basis of about
1.737%.
Harris Trust & Savings Bank;
Boston Corp.; F. 8.
Northern Trust Co. of Chicago; First
Moseley & Co.; R. H. Moulton & Co.; John Nuveen
& Co.; Commerce Union
Bank, Nashville; Stern Bros. & Co.; Northwestern
National Bank & Trust Co.,
Minneapolis; First National Bank of St. Paul
and First National Bank & Trust Co..
Minneapolis, 100.1639 for $3,539,000
IMS and $461,000 2s, a 1.762% basis.
Halsey, Stuart & Co., Inc.; Blair & Co., Inc.; B. J. Van
Ingen & Co.,
Inc.; E. H. Rollins & Sons; Eldredge & Co.; Otis &
Co.; McDonald-Coolidge
& Co.; George B. Gibbons &
Co.; First of Michigan Corp.; Equitable
Securities Corp.;
Fahey, Clark & Co.; VanLahr, Doll & Isphording; Camp¬
bell, Phelps & Co., Inc.; Farwell,
Chapman & Co.; Moore, Leonard &
Lynch, and Alfred O'Gara & Co., 100.089 for
$3,539,000 lfcs and $461,000
2s, a 1,769% basis.
Blyth & Co., Inc.; Stranahan, Harris & Co., Inc.;
Braun, Bosworth &
Co.; Field, Richards & Co.; Provident
Savings Bank & Trust Co., and
?^nAnnUtt^rlandi £ Co., 100.59 for $2,700,000 2s, $839,000 1M« and
$461,000 lMs, a 1.829% basis.
Lazard Freres & Co.; Goldman, Sachs &
Co.; Kidder, Peabody & Co.;
Union Securities Corp.; L. F. Rothschild &
Co.; Merrill, Turben & Co.;
C. F. Childs & Co.; Stern,
Wampler & Co.; MInsch, Monell & Co.; E. Lowber Stockes & Co.; Wheelock &
Cummins; Martin, Burns & Corbett;
William R Compton & Co., and C. S.
Ashmun Co., 100.089 for $3,539,000
lMs, and $461,000 2Ms, a 1.856% basis.
Smith, Barney & Co.; Harriman Ripley & Co., Inc.; R. W.
Pressprich &
Co.; Mercantile-Commerce Bank & Trust
Co.; First Cleveland Corp.;
Hayden, Miller & Co.; Hawley, Shepard & Co.; Paine, Webber &
Co.;
Illinois Co. of
Chicago; BancOhio Securities Co.; Weil, Roth & Irving Co.;
JTudden & Co.; Seasongood & Mayer, and Mullaney, Ross & Co.;, 100.099
for $2,700,000 2s, $839,000
lMs and $461,000 lMs, a net interest cost of
about 1.879%.
GARFIELD HEIGHTS (P. O.
Cleveland), Ohio—NOTE OFFERING
District Clerk, will receive sealed bids until noon on
July 21, for the purchase of $48,523.58
not to exceed
3% interest delinquent
n£ae?«o1?2t?d,Ju,y 4» 1941- °ne 13011(1 for $523.58, others $1,000 each.
Due $3,523.58 July
1, 1942; $5,000 Jan. 1, and July 1 from 1943 to 1946.
l?!? $5,000 Jan. 1, 1947. Interest J-J. A certified check for 1% of
the bid must
accompany each proposal.
The notes shall be issued in the
Officers
GSCr^ed ^y
June
12,'41-July 12.'43
July
15,268.84
19.'41-July 19,'41
5,134.71
Aug.
5,444.34
July
(R.D. No. 2, Coolville)
1,649.91
July 21,'41-July 21,'43
LibertyTwp.S.D. (Maud)
Chardon Community Vill¬
2,890.02
July
School District
Columbus City 8. D
5,541.39
July 23, '41-July 23, '43
ton)
....
8. D
m.
July
12
July
14
2 p. m. July
12
July 12
12
m.
July 12
4,'41-Aug.
4, *43
®ureau °f Inspection and Supervision of Public
14, '41-July 14. '43
12
m.
July 11
6 p. m. July
10
Carthage Rural Sch. Dist.
age
Johnson-8t.
Paris
8.
276,836.53
July
11,'41-July 11,'43
15, '41-July 15. '43
12
m.
July 21
p. m.
July
8 p. m.
July
8
12
m.
11
23
July 15
D.
3,583.41
Aug.
1,390.29
July
2,876.75
Aug.
2,'41-Aug.
2, *43
July 21
Pleasant Twp. Sch. Dist.
(Harrlsburg)
Sclpio-Republic Sch. Dist.
(Republic)
Ames-Bern
Rural
8.
as
16, '41-July 16, '43 7:30
7, '41-Aug.
7,'43
p. m.
8 p. m.
July 15
July
21
July 15, '41-July 15, '43 7:30 p. m. July
16,612.43
Additional offerings are
15
follows:
D.
(Amesvllle)
$6,039.30
July
12,'41-July 12,'43
12
July 14
m.
Camden Rural Sch. Dist.
(Elyria)
1,983.03
Chester Rural 8. D
3,401.02
July 14, '41-July 14, *43
July 10,'41-July 10,'43
6 p. m.
July
9 a.m.
July
14
14
July
14
Jackson Twp. 8. D. (Fos-
toria)
12
1,905.25
July 14,'41-July
(Route No. 1, Kingston)
West Carrollton Exempted
2,752.01
July 15, '41-July 15, '43 7:30 p. m. July 14
Village School DistrictWhiteoak Rural Sch. Dist.
4,581.30
July 29, '41-July 29, *43
3,082.41
July
14.'43
m.
Saltcreek Twp. Rural 8. D.
July
14
6 p. m.
July
14
July 15, '41-July 15. '43
2 p. m.
July
15
July 15, '41-July 15, '43
9 p. m.
July
15
3,365.00
July 15,'41-July
1, *43
July 17, '41-July 17, '43
July 15, '41-July 15, '43
8 p. m.
July 15
July 15
July 15
Additions to the above list
Belpre
7 p.
3,402.90
(Mowrystown)
474,000 series B of 1941 bonds.
Due Nov. 1 as follows: $47,000 from
1946 to 1951 incl. and $48,000 from 1952 to 1955 incl.
Issued
to refund
m.
m.
Windsor Rural 8. D. (Iron-
or amount.
the
12
12
12
D.
(Buena Vista)
Painesville City 8. D
.■*
14
Warren Rural 8. D. (Mari¬
Int. Rate
Union Savings & Trust Co
3,'43
7, '43
6,'43
7, '41-July
Rootstown Rural 8. D—
(St. Paris)
Bidder—
July
Amherst Exempted Village
South
issue of $82,000 construction bonds was approved,
July 1, 1941 and due July 1, 1943.
year.
Other bids:
p. m.
6 p. m. July 14
12 m.
July 11
1 p. m. July 12
(Way-
land)
CITY SCHOOL
7
4
(Sinking Spring)
Delphos City 8. D
Paris Rural
ALLIANCE, Ohio—BONDS AUTHORIZED—An ordinance has been
passed by the City Council, calling for an issue of $29,000 2% semi-annual
special assessment street improvement bonds.
note issues by various
district, amount of the
name of the
Village 8. D.
(New Athens)
Con.
Brushcreek
Jackson Rural
OHIO
we
issue, date and
maturity, and date of sale. Each issue is redeemable after
Nov. 30 in any year and bidder is to name an interest rate of not more than
4% and enclose a certified check for 1% of amount bid for:
PIERCE COUNTY (P. O. Rugby), N. Dak.—BOND SALE DETAILS
—The County auditor now reports that the $127,000
funding bonds sold
to the State—V. 152, p. 4161—were purchased as 2Ms, at
par, and mature
ALLIANCE
DISTRICTS— In
reporting herewith offerings of second series refunding
LEEDS, N. Dak.—BONDS OFFERED—Both sealed and oral bids were
received until July 12 at 10 a. m. by E. 8. Wardrope, City Auditor, for the
serially in 18
July 12, 1941
are as
15, '41-July 15, '43
m.
follows:
Exempted
Village
$9,240.62
Exempted
School District
Columbiana
Village School District.
Farmer Rural School Dis¬
trict
(Defiance)
Lancaster City 8. D
24,377.01
Middletown City 8. D.._ 41,412.94
Milford Twp. Rural S. D.
(RR 2, Oxford)
2,654.80
12
m.
12
m.
July
July 15
July
July
July
July 14
July 15
5,804.18
6,'41-July
6,'43
12 m,
19, '41-July 19, '43
8 p. m.
15, '41-July 15, '43 7:30 p. m.
July 20,'41-July 20,'43
12 m.
3,237.18
July 15,'41-July 15,'43
2,462.96
July 14, '41-July 14, '43
10,605.90
July 26, '41-July 26, '43
$2,594.57
(Macksburg)
2,476.74
Clay Township 8.D. (New
Boston)
4,210.51
GaJlipollsCltyS.D.
13,699.32
...
Minister Village 8. D
4,959.49
Nelsonville City, 8. D—
Newton Rural 8. D
Plains
Rural
Sch.
Dist.
(Athens)
Prairie
Rural
(Holmesville)
Valley
Rural
15
Dist.
Sch.
10,262.90
School
12
July 15
m.
8 p. m. July
14
Dist.
(Lucasville)
12
m
July 20, '41-July 20, '43
12
m.
July 16,'41-July 16,'43
6 p.m.
July 20,'41-July 20,'43
July 16, '41-July 16, *43
12
m.
10
a.
1,879.29
July 24,'41-July 24,'43
12
2,475.43
July 15,'41-July 15,'43
8
July 15
Allen Rural S. D. (Marys-
ville)
Aurellus
Key
Village
Ridge
Rural
(Bellaire)
Milton
S.
S.
m
July
15
m.
July
16
m.
July 16
P. m.
July
15
July
15
Rural
8. D. (Custar)
Nimishillen
Twp.
S. D.
July 16
D.
-
Township
July 16
D.
Rural
(R. D. 2, Louis¬
ville)
2,989.53
July
2,458.92
Ostrander Village 8. D—
July
15,'41-July 15,'43
18,'41-July 18,'43
Wayne Rural 8. D. (Wash¬
ington C.H.)
2,513.01
July 17,'41-July 17,'43
Wayne Twp. Rural 8. D.
(R. R. 1, Middletown).
2,561.12
July
3,'41-July
3,'43
8:30
p.
m.July 15
8 p. m. July
12
m.
17
July 16
SPENCERVILLE, Ohio—BOND SALE—The $50,000 coupon first
mortgage electric plant revenue bonds offered July 5—-V. 152, p. 4162—
awarded to Ryan, Sutherland & Co. of Toledo, as 2Ms, at par plus a
premium of $211, equal to 100.422.
Dated June 1, 1941.
Other bids:
were
Bidder—
Int. Rate
Stranahan,
Harris
&
Co
——
2 M %
Fenner & Beane
2 M
BancOhio
3%
3M%
3M%
3M%
Securities Co
Pohl&Co.
Widmann & Holzman
-
__
Walter, Woody & Heimerdinger
%
TIFFIN, Ohio—BOND SALE NOT CONSUMMATED—The
Premium
$218.50
300.00
350.00
183.58
85.00
60.00
June
14
award of $20,000 1 M% fire department equipment bonds to Stranahan,
Harris & Co., Inc. of Toledo—V. 152, p. 4010—was subsequently canceled.
TOLEDO, Ohio—BOND SALE—The $32,000
coupon special assess¬
improvement bonds offered July 8—V. 152, p. 4010—were
Seasongood & Mayer, of Cincinnati, as lMs, at par plus a
premium of $28.85, equal to 100.09, a basis of about 1.22%.
Dated
July 1,1941 and due $8,000 on Jan. 1 from 1943 to 1946, incl. Second high
bid of 100.313 for lMs was made by Stranahan, Harris & Co.,
Ryan,
Sutherland & Co., and Braun, Bosworth & Co.
J
ment
street
awarded
to
Other bids;
Bidder—
Int. Rate
Rate Bid
BancOhio Securities Co
r^SRA^hh^rVILLACE SCHOOL
VOTED—At
$138,000 construction bonds
the
were
DISTRICT
(P.
O.
Granville),
election held on June 17, an issue
approved, according to report.
of
HAMILTON COUNTY (P. O.
Cincinnati), Ohio—BOND ELECTION
?f $750,000 court house bonds will be submitted to the voters at
—An issue
the November election, it is said.
1 y2%
100.03
Provident Savings Bank & Trust Co.; Van Lahr,
Doll & Ishpording, and Siler, Roose & Co__.
1M%
100 409
TOLEDO, Ohio—BONDS AUTHORIZED
City Council recently passed
an ordinance authorizing an issue of $50,000 3
% special assessment sidewalk
improvement bonds.
Dated Nov. 1,1941.
Denom. $1,000.
Due$10,000
on
LICKING TOWNSHIP RURAL SCHOOL
DISTRICT (P. O. Nashport), Ohio
BONDS DEFEATED—At an election on June
24 the voters
rejected a proposal to issue $48,000 construction
bonds.
CITY SCHOOL DISTRICT
o
(P. O. Lorain), Ohio—NOTE
SALE—The $50,026.32
refunding notes offered July 2—V.
awarded to the Ohio National Bank
of Columbus, as
were
S3£edvJ,^ly 6» 1941 •
Other bids:
Due July
152, p. 4162
1.70s, at par.
6- 1943• and callable after Nov. 30, 1941.
Bidder—-
Ryan, Sutherland & Co., Toledo
Union Savings & Trust
Co., Warren
Lorain Banking Co., Lorain
8uaker T. Lennon Co., Columbus City
eorge City National Bank, Quaker
First Central Trust Co., Akron
jnf. Raie
Premium
2%
1.99%
$57.50
Par
2%
I
Par
2.24%
Par
2M%
1.98%
34 68
Par
Nov.
1 from 1943 to 1947 incl.
Interest M-N.
PURCHASE OF UTILITY PROPOSED—Mayor John Q. Carey and two
a resolution with the City Council to
purchase the
Toledo Edison Co., a Cities Service affiliate, with assets of $78,903,977,
Councilmen have filed
according to
a report in the "Wall Street Jounral" of July 11.
Action wili
taken at the next meeting of the Council.
It is recommended that
Guy C. Meyers of New York be named fiscal agent to negotiate for the
purchase of the utility, which also serves many other cities and villages in
be
this
area.
The resolution asserts that Cities Service may desire to sell some
of its electric systems,
including the Toledo Edison Co., to comply with
Exchange Commission.
Carroll L.
Edison, said he would make a statement
the recent order of the Securities and
Proctor,
later
on
of Toledo
the proposal !
President
UNIVERSITY
Ml
HEIGHTS, Ohio—NOTE SALE—The $19,000 fire
department tax anticipation notes offered July 8—V. 152, p. 4162—were
awarded to Ryan, Sutherland & Co. of Toledo, as 1 Ms, at a price of 100.044,
Volume
a
in
The Commercial & Financial Chronicle
153
basis of about 1.48%.
1942 and 1943.
d
Dated July 15, 1951 and due $9,500 on Dec. 15
■
279
JENKINTOWN
SCHOOL
DISTRICT,
Pa.—BOND SALE— The
$28,000 high school improvement bonds offered July 7—V. 153, p. 131—
awarded to Warren A. Tyson Co. of Philadelphia, as 1 4b, at a price of
101.42, a basis of about 1.11%.
Dated July 1, 1941. and due July 1 as
follows: $7,000 in 1946; $2,000, 1947 and 1948; $1,000, 1949 to 1951, incl.;
$2,000, 1952 and 1953; $1,000, 1954 to 1956, incl.; $2,000 in 1957 and 1958
and $1,000 from 1959 to 1961, incl.
Other bids:
were
_
WASHINGTON TOWNSHIP RURAL SCHOOL DISTRICT (P. O.
Blackford), Ohio—BOND SALE—The $10,000
ment
coupon school improve¬
30—V. 152, p. 4010—were awarded to J. A.
Cincinnati, as 2Ms.
Dated July 1, 1941 and due Oct. 1
$1,000 in 1942 and $500 from 1943 to 1960 incl.
bonds
offered June
White & Co. of
follows:
as
Int.
Bidder—
Schmidt, Poole & Co
OKLAHOMA
BARTLESVILLE, Okla.—BONDS SOLD— It is stated by Eva Sander¬
City Clerk, that the $110,000 semi-ann. fire protection bonds approved
by the voters on June 24—V. 153, p. 130—were offered for sale on July 7
and were awarded to a syndicate composed of the Union National Bank,
First National Bank, and Frank Phillips, all of Bartlesville, as l%s.
Glover &
Rate
IH%
1M %
1M%
1 % %
A. Webster Dougherty & Co
Singer, Deane & Scribner
Jenkintown Bank & Trust Co
1M%
MacGregor
Rate
Bid
101.316
100.927
100.23
101.92 |
101 -33
son,
Due $12,000 in 1945 to 1952 and $14,000 in 1953.
DURANT, Okla.—BOND ELECTION—The issuance of $45,000 airport
bonds will be submitted to the voters'at
an
election scheduled for July 22,
according to report.
LOGAN
At
an
Guffey Mt. Jewett. R. F. D.), Pa.—
BOND SALE DETAILS—The $25,000 2M%
series
June 21 to Singer, Deane & Scribner of Pittsburgh—V.
sold at a price of 102.31. a basis of about 1.41%.
C bonds awarded
152. p. 4163—were
NEWPORT TOWNSHIP (P. O. 8 Kirmar Ave., Alden
SALE—The $42,000 funding and improvement
152, p. 4163—were awarded to Singer, Deane
Pittsburgh, as 2s, at par plus a premium of $240, equal to
Station), Pa.
bonds offered
& Scribner, of
100.57, a basis
of about 1.89%.
Dated July 1, 1941 and due July 1 as follows:
$4,000
from 1942 to 1949, incl. and $5,000 in 1950 and 1951.
Second high bid of
100.062 for 2Ms was made by Dolphin & Co., Inc. of Philadelphia.
—BOND
July 7—V.
COUNTY
election held
to issue
LAFAYETTE TOWNSHIP (P. O.
O. Guthrie), Okla.—BONDS DEFEATED—
(P.
June 30 the voters are said to have rejected a proposal
on
$30,000 construction bonds.
OKEMAH, Okla.—BONDS VOTED—The voters are said to have ap¬
proved the issuance of $50,000 airport bonds at an election held on July 7.
1
WYNONA, Okla.—BONDS SOLD—The City Clerk states that $603)00
water works and sewer refunding bonds have been sold.
PENNSYLVANIA (State of)—LOCAL ISSUES APPROVED—The fol¬
lowing bond issues have been approved by the Pennsylvania Department of
Internal Affairs:
Date
Int.
Municipality and Purpose of Issue—
Amount
Township, Bradford County—Pur¬
chasing a tractor.
$3,490
Canton Township School District, Washington
County—Paying operating expenses
16,000
Edwardsville
Borough,
Luzerne
County—
Funding portion of floating indebtedness..
40,000
Dunmore Borough,
Lackawanna County—
Funding judgments
110,000
Tunnel Hill Borough S. D.. Cambria County—
Refunding electoral bonded, debt
5,000
Glade Township, Warren County—Purchas¬
ing highway equipment and storage thereof
3,500
Pittsfield Township
.Warren County—Pur¬
chasing highway equipment
3,000
Smith Township S. D., Washington County—
Funding floating indebtedness incurred for
permanent improvements
18,000
Smith Township S. D.t Washington County—
Paying operating expenses
12,000
Aliquippa Borough, Beaver County—Street
and sewer improvements; improving water
works system and purchasing fire fighting
equipment
250,000
Approved
Rate
Athens
OREGON
1 Ms, due $3,500 on June 1 in 1949 to 1951.
LANE
Vu
COUNTY
SCHOOL DISTRICT NO. 85 (P. O. Springfield,
Ore.—BOND OFFERING—Sealed bids will be received until
8 p. m. on July 15, by Mrs. Lena Saul, District Clerk, for the purchase of
$10,000 214% coupon semi-ann. school bonds.
Due as follows:
$750 in
1942 and 1943, $1,000 in 1944 to 1949 and $1,250 in 1950 and 1951. Prin.
and int. payable in lawful money at the County Treasurer's office.!
*
Route
6%
2)
.
LINN COUNTY SCHOOL DISTRICT NO. 16 (P. O. Lebanon), Ore.
SOLD—The District Secretary states that $2,000 construction
bonds have been purchased by the First National Bank of Lebanon.
BONDS
Ore.—BOND SALE—The $12,000 semi-ann. refunding
on July 1—V. 152, p. 4162—were awarded to DaughCole & Co. of Portland, according to the City Recorder.
Dated
July 15, 1941.
Due $1.000 on Nov. 1 in 1942 to 1953; optional on or after
Nov. 1, 1945.
MERRILL,
bonds offered for sale
June 30
2%
__
LEBANON, Ore.—BOND SALE—The $31,406.25 improvement of 1941,
series A bonds offered for sale on July 1—V. 153, p. 130—were awarded to
Atkinson-Jones & Co. of Portland, at a price of 100.11, a basis of about
1.36%, on the bonds divided as follows: $20,906.25 as 1 Ms. due on June 1,
$2,906.25 in 1942, and $3,000 in 1943 to 1948, the remaining $10,500 as
June 30
2K%
June 30
4M%
July
5%
July
2
4%
July
2
4%
July
2
2%
July
2
2%
July
2
2
_
2%TT^ July
3
erty,
DISTRICT NO. 1 (P. O. Po^thilJd),
Secretary of the Board of Super¬
4% semi-annual drainage bonds sold to
Fordyce & Co. of, Portland, as noted here on May 10—V. 152, p. 3061—
were purchased at a price of 103.67, and
mature on May 1 as follows:
$500 in 1942 to 1946. $1,000 in 1947 to 1952 and $1,500 in 1953, giving a
basis of 3.45%.
PENINSULAR
Ore.—BOND
visors
states
SALEM,
DRAINAGE
SALE
DETAILS—The
the
that
$10,000
Ore.—BOND OFFERING—It is stated by Hannah Martin,
July 21,
Interest
City Recorder, that she will receive sealed bids until 8 p. m. on
for the purchase of $200,000 sewerage treatment of 1941 bonds.
rate is not to exceed 4%, payable F-A.
Dated Aug. 1, 1941.
Denom.
Due Aug. 1, as follows:
$5,000 in 1943, $9,000 in 1944, $10,000
in 1945 to 1951, $11,000 in 1952 to 1955 and $12,000 in 1956 to 1961.
Pro¬
vided, however, that the city shall have the option to redeem the bonds, in
numerical order, upon the payment of the face value thereof with accrued
interest on any interest paying date at or after five years from the date of
issue of the bonds.
Each bidder shall name the rate at which he is willing
$1,000.
to accept the
nated in the
Treasurer's
SCRANTON SCHOOL DISTRICT, Pa .—NOTE S ABE—The issue of
$750,000 notes offered July 7 was awarded to C. C. Collings & Co. and
E. H. Rollins & Sons, Inc., of Philadelphia, jointly, on abid of 0.73%
interest, plus a premium of $7.
Due June 10, 1942.
Mi
WEST
BROWNSVILLE,
Pa .—BOND
OFFERING—W. C. Gemmel,
July 14 for the
Borough Secretary, will receive sealed bids until 8 p.m. on
Purchase $1,000. Due $2,000 annually on June 1, from 1945 to 1948, 1941.
of $8,000 3% coupon funding bonds. Dated June 1, incl.
)enom.
accrued interest on June 1, 1945, or
date.
Interest J-D.
The bonds are to be
State succession, inheritance or income taxes,
and to be registered at the option of the holder.
A certified check for
$500, payable to order of the borough, is required.
Callable in whole
or
in part at par and
on
any subsequent interest
free of all taxes, except gift,
bonds at par.
The bonds will bear the rate of interest desig¬
bids accepted.
Principal and interest payable at the City
office.
Issued pursuant to authority vested in the
Council by the legal voters of the city at an election held May
Common
20, 1941,
the city.
The bonds will be sold to
the bidder offering the best price, considering the interest rate bid and
premium, if any.
None of the bonds will be sold for less than par and
accrued interest.
Enclose a certified check for 2% of the par value of the
bonds, payable to the city.
These are the bonds mentioned in our issue of July 5.
and pursuant to Ordinance No. 3526 of
SPRINGFIELD, Ore.—BOND ELECTION—City Recorder C. L. Aid$200,000 water
rich states that at the general election on Nov. 4 an issue of
system bonds
Pa .—BONDS AUTHORIZED—'The City Council on
June 27 passed an ordinance authorizing an issue of $243,000 not to exceed
3% interest judgment bonds.
Dated Sept. 1, 1941. Denom. $1,000. Due
Sept. 1, as follows: $13,00d from 1942 to 1944. incl. and $12,000 from 1945
to 1961, inclusive. |
SCRANTON,
will be submitted to the voters.
CAROLINA
SOUTH
ANDREWS, S. C.—BOND TENDERS INVITED—Town-Clerk-Treasurer
J. E. Wooten states that he will receive tenders until Aug. 10, of out¬
The sum of $1,000 is available for the purchase
exceeding par and accrued interest.
each bond is regarded as a part
standing refunding bonds.
bonds
of
so
tendered
at prices not
The certificate of indebtedness issued with
of the bond for present purposes.
WILLISTON, S. C.—BOND SALE DETAILS—It is now
reported that
G. II. Crawford &
Dec. 15 as follows:
1948; $3,000,1949 to 1956, and $4,000 in 1957 to 1960.
the $54,000 3M% semi-annual refunding bonds sold to
Co. of Columbia, were purchased at par and mature on
$2,000 in 1942 to
PENNSYLVANIA
ALLEGHENY
Robert G.
COUNTY
Woodside, County
notes to the First National
?
SOUTH
(P. O. Pittsburgh), Pa .—NOTE SALE—
Comptroller, reports the sale of $1,000,000
Bank of Pittsburgh, at 0.333% interest.
BIGLER TOWNSHIP SCHOOL DISTRICT (P. O. Clearfield), Pa.
SALE—'The $10,000 2M % school bonds offered June 30—V. 152,
4011—were awarded to Elmer E. Powell & Co. of Pittsburgh. Due $5,000
on Aug. 1 in 1946 and 1951.
Callable at any time after Aug. 1, 1946.
—BOND
p.
$195,000 warrant funding bonds.
in 1955 to 1958.
receive sealed bids
until
7
p.
m.
(EST)
on
hereafter levied or
Commonwealth, all
Registerabie as to
principal only.
These obligations will be payable from ad valorem taxes
"within the taxing limitations placed by law upon school districts of this
class.
The bonds will be sold to the highest responsible bidder, provided
of which taxes the district
assumes
and agrees to pay.
such bid is not less than par and accrued interest.
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 tax the interest on bonds of a class or character which includes these
bonds, will, at the election of the purchaser, relieve the purchaser from his
obligations under the terms of the contract of sale and entitle the purchaser
to the return of the amount deposited with the bid.
Issued subject to the
favorable opinion of Townsend,
the
Elliott & Munson of Philadelphia, and to
approval of the Department of Internal Affairs.
Enclose a certified
value of the amount of bonds bid for, payable to
check for 2% of the par
the District Treasurer.
(P. O. 519 Ferndale Ave., Johnstown), Pa.—BOND
E. Snook, Borough Secretary, will receive sealed bids
(EST) on July 28 for the purchase of $18,000 1, 1M, 1)4,
llA, 2, 24, 24, 234 or 3% coupon, registerabie as to principal only,
refunding bonds.
Dated Aug. 1, 1941.
Denom. $1,000.
Due Aug. 1
as follows:
$1,000 from 1943 to 1949. incl.; $6,000 in 1950 and $5,000 in
1951.
Bidder to name a single rate of interest for all of the bonds.
Prin¬
cipal and interest (F-A) payable without deduction for any tax or taxes,
except succession or inheritance taxes, now or hereafter levied or assessed
thereon under any present or future law of the Commonwealth of Pennsyl¬
vania, all of which taxes the district assumes and agrees to pay.
The bonds
will be payable from unlimited ad valorem taxes.
They will be issued sub¬
ject to the favorable opinion of George M. Spence of Jonhstown and to the
approval of the Pennsylvania Department of Internal Affairs.
A certified
check for 2% of the bonds bid for, payable to order of the Borough Treas¬
urer, is required.
FERNDALE
OFFERING—A.
,
^
,
^
BURKE
S.
.
Due m approximately equal
1954.
be redeemable 10 years after date and on any
date thereafter.
Interest payable J-J.
All of the bonds shall
terest payment
INDEPENDENT
SCHOOL
Dak.—BOND OFFERING—Sealed bids
in¬
DISTRICT (P. O. Burke),
will be received until 8 p. m.
Education, for the pur¬
bonds. Dated Aug. 1,
to 1945 and $2,000 in
July 17 by A. G. Siverling, Clerk of the Board of
chase of $35,000 not to exceed 3% annual refunding
1941.
Due on Aug. 1 as follows: $1,000 in 1943
1946 to 1961.
on
ELK POINT,
S. Dak.—BOND SALE—The $20,000
semi-annual mu¬
nicipal audotorium bonds offered for sale on July 7—V. 153, P- 13 b—were
awarded to Gefke-Dalton Co. of Sioux Falls as 2Ms, according to the City
Auditor.
Dated July 15, 1941.
Due on July 15, 1961, optional on or
after five years from date of issue.
EMERY, S. Dak.—BOArD OFFERING—Sealed bids will be received
July 22 by J. W. Hofer, City Auditor for the purchase of
$3,000 4% semi-annual paving of 1941 bonds.
Dated May 1, 1941. Due
$500 on May 1 in 1943 to 1948, optional on any interest payment date.
r
until 8 p. m. on
GETTSBURG, S.
Dak.—BOND SALE— The $28,000 semi-annual
auditorium bonds offered for sale on July 7—V. 152, p. 4163—were awarded
jointly to Kalman & Co. of St. Paul, and the Allison-Williams Co. of
Minneapolis, according to the City Auditor. Dated July 1, 1941.
Due on
July 1 in 1944 to 1961; optional on and after Jan. 1, 1947.
until 6:30 p. m.
,
amounts in 1943 to
July 21 for the purchase of
taxes, except succession or inheritance taxes, now or
assessed thereon under any present or future Jaw of the
Due in approximately equal amounts
275,000 permanent school funding bonds.
BRISTOL TOWNSHIP SCHOOL DISTRICT (P. O. Bristol), Pa.—
BOND OFFERING—Arthur Seyfert, Secretary of the School Board, will
$62,000 1%, 1H%, 1M%. 1M%,2%, 2M%. 2 M%,2M% or 3% coupon,
registerabie as to principal only, buidling bonds,
Dated July 1, 1941,
Denom. $1,000.
Due July 1 as follows: $3,000 from 1942 to 1961 incl. and
$2,000 in 1962.
Bidder to name a single rate of interest for an of the bonds.
Interest J-J.
Prin. and int. payable without deduction for any
tax or
DAKOTA
Aberdeen), S. Dak.—BOND OFFERING—
It is reported that bids will be received until July 21, at 2 p. m. by Olaf E.
Ilundstad, County Auditor, for the purchase of the following bonds aggre¬
gating $470,000:
BROWN COUNTY (P. O.
GREGORY COUNTY
INDEPENDENT SCHOOL
(P. O. Fairfax), S. Dak.—BOND
DISTRICT NO. 3
SALE—The $48,000 coupon refunding
28—V. 152, P.4163—were awarded to the
South Dakota Commissioner of School and Public Lands, as 3s at par,
according to R. A. Davis, District Clerk.
Denom. $1,000.
Dated July 1.
1941.
Due on Juiy 1 as follows: $2,000 in 1942 to 1953 and $3,000 in 1954
bonds offered for sale on June
t0The ^AllisomWUliam^*Co5 of
but this bid required the
LAKE COUNTY (P. O.
county
Minneapolis offered $50 premium on
district to furnish the
Madison), S. Dak.—BONDS
bonds.
OFFERED—The
auction on July 11, at 2 P-ui-, $50,000
Due $10,000 on Jan. 1 in 194* to 1947 incl.
offered for sale at public
funding and refunding
3s,
printed bonds.
The Commercial & Financial Chronicle
280
TENNESSEE
HIDALGO COUNTY
SALE—The
$65,000 semi-annual school bonds offered for sale on July 7—V. 152, p. 3687
—were
awarded to the Commerce Union Bank of Nashville, as 2Ms,
paying a premium of $805, equal to 101.23, a basis of about 2.39%. Dated
April 1, 1941.
Due on April 1 in 1949 to 1957.
ing $2,843,000 bonded debt of four county road districts at an estimated
saving of $681,365 when the transaction is completed.
The syndicate to
which the contracts were awarded include Crummer & Co., Inc., Dallas;
Ranson-Davison Co., Wichita, Kansas, and Barcus, Kindred & Co-
JOHNSON
CITY, Tenn.—BOND SALE DETAILS—In connection
3M % semi-annual refunding bonds to a group
the Provident Savings Bank & Trust Co. of Cincinnati, as noted
here on April 19, it is stated by the City Recorder that the Weil, Roth &
Irving Co, of Cincinnati; the Cumberland Securities Corp. of Nashville;
Jack M. Bass & Co.; L. H. Ghormley & Co., both of Knoxville, and
Minnich, Wright & Co. of Bristol, were associated in the purchase of the
Austin
headed by
The
Under provisions of the refunding contracts, the interest scale will be
reduced, thereby cutting down the amount of the annual requirements.
Under the present setup the outstanding bonds in all four districts bear 4%
to April 1, 1942, 5% until April 1, 1945, and 5 M % until maturity.
Under
the refunding program the interest will range from 3% to 4%.
LAUDERDALE COUNTY (P. O. Ripley), Tenn.—BOND OFFERING
July 23 by S. T. Kirkpatrick,
County Judge, for the purchase or $67,000 refunding bonds.
Denom.
$1,000.
Dated July 1, 1941.
Due on July 1 as follows: $2,000 in 1949 to
1952, $3,000 in 1953 to 1956, $4,000 in 1957 to 1960, $5,000 in 1961 to 1965,
and $6,000 in 1966.
Bidders are to name the rate of interest
The county
will furnish the opinion of Charles & Traunernicht of St. Louis and the
purchaser will pay for the printing of the bonds,
JACKSON COUNTY ROAD DISTRICT NO. 10 (P. O. Edna), Texas
now reported that the $150,000 road bonds
—BOND SALE DETAILS—It is
sold to the Ranson-Davidson Co. of San Antonio, and associates, as noted
here—V.
152, p. 4163—were purchased as follows:
$83,000 maturing
.
July 15, $4,000 in 1942, $5,000 in 1943 to 1945, $6,000 in 1946 to 1948,
$7,000 in 1949 and 1950, $8,000 in 1951 to 1954, as 2Ks, and $67,000
maturing July 15, $9,000 in 1955 to 1957, and $10,000 in 1958 to 1961, as
2%s.
Dated
July
15,
1941.
Denom.
$1,000.
Optional in inverse
numerical order on or after July 15, 1951.
Prin. and int. payable at the
Jackson County State Bank or the County Treasurer's office.
Legality
approved by the Attorney General and Pat Dougherty of Austin.
LAWRENCEBURG, Tenn.—BONDS SOLD—The City Clerk states
that the following bonds aggregating $208,000, have been sold:
$95,000
refunding, $56,000 electric system revenue, $39,000 elect.ic system, general
obligation, and $18,000 factory addition bonds.
McKENZIE, Tenn.—BOND SALE DETAILS—In connection with the
LAMAR
COUNTY (P. O. Paris), Texas—BOND OFFERING—It is
Eugene F. Harrell, County Judge, that he will receive sealed bids
m. on July 14, for the purchase of $200,000 road bonds.
Dated
July 10,1941.
Denom. $1,000.
Due July 10, as follows: $8,000 in 1942 to
1947, $10,000 in 1948 to 1955, and $12,000 in 1965 to 1961.
Bidders to
name the rate of interest payable Jan. and July 10.
The purchaser will be
furnished with the approving opinion of Chapman & Cutler of Chicago.
sale of the $165,000 refunding bonds to Clark & Co., and Nichols & Co.,
both of Nashville, jointly, at a net interest cost of about 3.68%, noted here
on Jan. 6, it is now reported that the bonds were sold at par, as follows:
$31,000 maturing June 15, $5,000 in 1941, $6,000 in 1942 and 1943, $7,000
in 1944 and 1945, as 3s, $101,000 maturing June 15, $7,000 in 1946 to
stated by
until 10
1948, $8,000 in 1949 to 1951, $9,000 in 1952 to 1955, $10,000 in 1956 and
1957, as 3%s, and $33,000 maturing $11,000, June 15, 1958 to 1960, as
Dated Dec. 15, 1940.
Denom. $1,000.
Optional June 15, 1945.
Prin. and int. payable at the City Treasurer's office.
Legality approved
Tenn.—BONDS
LAMB COUNTY ROAD DISTRICT NO. 4 (P. O. Olton), Texas—
BONDS DEFEATED—At a recent election the voters failed to give the
required two-thirds majority to the issuance of $145,000 road improvement
SOLD—The
Chairman of the County Court states that $150,000 semi-annual refunding
bonds
were
purchased
C. H. Little & Co. of
July 7 by W. N. Estes & Co. of Nashville, and
as 2 lAs,
Due in 20 years.
on
a certified check for $2,000.
(This notice supplements the offering report given in our issue of July 5—
153, p. 132.)
,
V.
by Chapman & Cutler of Chicago.
Athens),
a.
Enclose
4s.
O.
$753,000 debt of Road District II; $553,000
cover
District III; $787,000 debt of Road District VII, and the
$750,000 debt of Road District VIII.
—Sealed bids will be received until 1 p. m. on
(P.
.
refunding contracts
debt of Road
par.
COUNTY
(P. O. Edinburg), Texas—ROAD DISTRICTS
REFUNDING CONTRACTS LET—Advices from Edinburg report that the
Commissioners Court of Hidalgo County has awarded contracts for refund¬
with the sale of the $804,000
McMINN
Legality approved by Chapman & Cutler of
Chicago.
DICKSON COUNTY (P. O. Charlotte), Tenn.—BOND
bonds at
July 12, 1941
date thereafter.
payment
bonds.
Jackson, jointly,
i
NAVARRO
COUNTY
(P.
held
FEATED—At the election
TEXAS
turned down the
ABILENE, Texas—BOND CALL—It is stated by Mayor W. W. ITair
A%% and 5% series A and B, refunding bonds, are being called
O.
on
Corsicana),
June 28 the
•
DE¬
Texas—BONDS
voters
are
said
have
to
proposal to issue $300,000 road improvement bonds.
RAYMONDVILLE INDEPENDENT
SCHOOL DISTRICT (P. O.
Raymondville), Texas—BONDS DEFEATED—An election-on June 21
that various
for payment on Oct. 1, at par and accrued interest.
The amount involved
is $1,418,000, composed of bonds dated
July 1, 1938, all in the denom.
resulted in the defeat of the $125,000 construction bonds.
TARRANT
of $1,000 each.
Said bonds will be redeemed at the Guaranty Trust CoNew York City, and although said bonds are not optional until Oct. 1,
DETAILS—The County Auditor states that the $468,000 refunding bonds
1941, for the convenience of bondholders any bonds presented on Aug. 1,
1941, or thereafter, will be taken up at par, plus accrued interest to date
sold to William N. Edwards & Co. of Fort Worth, as previously reported—
V. 152, p. 4164—were purchased at par, as follows: $10,000 maturing Oct.
called.
10, 1942, as 2MiS; $38,000 maturing Oct. 10, 1941, as 2%s, $35,000 matur¬
ing $25,000 April and $10,000 Oct. 10, 1942, as 2Ms, $39,000 maturing
Oct. 10, 1942, as 2%s, $35,000 maturing $25,000 April and $10,000 Oct.
10, 1943, as 2Ms, $40,000 maturing Oct. 10, 1943, as 2%s, $35,000 ma¬
turing $25,000 April and $10,000 Oct. 10, 1944, as 2^s, $42,000 maturing
Oct. 10,1944, as 2 %s, $40,000 maturing Oct. 10,1945, as 2 Ms, and $154,000
up,
For the convenience of bondholders said
bonds will also be taken
if presented, at the American Nationai Bank, Austin.
ALICE INDEPENDENT SCHOOL DISTRICT (P. O.
Alice), Texas—
MATURITY—It is stated that the $45,000 2M % semi-annual
gymnasium
bonds sold to the Geo. V. Iiotan Co. of Houston, at a
price or 100.71, as
noted here—V. 153, p. 131—are due on June 15 as follows:
$2,000 in 1942
to 1948, $3,000 in 1949 and $4,000 in 1950 to 1956,
giving a basis of about
COUNTY
BAY CITY INDEPENDENT SCHOOL DISTRICT
(P. O. Bay City),
Texas—BONDS VOTED—President F. A. Thompson states that at the
on
May 17, the $150,000 school bonds were approved.
They
are divided as follows: $61,000
2M% and $89,000 3% school bonds.
BAYLOR COUNTY (P. O. Seymour), Texas—BONDS DEFEATED—
highway improvement
VERMONT
BEXAR COUNTY (P. O. San Antonio), Texas—BONDS DEFEATED
ST. ALBANS,
—The Clerk of the Commissioners' Court states that the
voters failed to
SALE DETAILS—'The City Secre¬
coupon semi-annual sewer system revenue bonds
awarded on June 27 as 3 Ms and 3 Ms—V. 153,
p. 132—were purchased by
C. W. Austin of Brackettville, at a
price of 97.50.
Due
on
VIRGINIA
July 1 in 1943
NORFOLK,
Va.—BONDS AUTHORIZED—The City Council is said
to have passed ordinances calling for the issuance of the following bonds,
aggregating $35,849: $19,000 water mains, and $16,849 school site acquire¬
and after July 1, 1953.
The only other bid was a joint offer of 90.60 on 4
Ms, submitted by Rauscher, Pierce & Co., Inc., and Crummer & Co., Inc., both of Dallas.
DALLAS, Texas—BONDS VOTED—At
V.
152,
the election held
on
LEVEE IMPROVEMENT DISTRICT
(City and County),
Texas—BONDHOLDERS'
COMMITTEE
made of the formation of a
of bonds of the
holders
FORMED—Announcement
is
bondholders' committee for the protection of
Keefe, Chairman.
York, is Secretary,
a
WASHINGTON
PINEHURST
letter to
W.
D, Bradford of 115
WATER
10
Broadw*ay,
of
WEST
point where, unless definite
acting in concert, there is a distinct
a substantial portion of their investment
may be lost.
The
further states that levee district taxes are
being assessed as
required by law, but no effective steps are
being taken to require their
payment and that current collections from these assessments
are not suffi¬
cient to maintain the district as a
going concern, to
WEST
say
the
retirement
of
its
nothing of
VIRGINIA
VIRGINIA,
or
pro¬
indebtedness.
In the interests of
presenting a united
front, the committee, which repre¬
sents bondholders
having aggregate holdings in excess of $900,000 principal
amount of bonds, is
urging that holders deposit these bonds with the
depositary, Central Hanover Bank & Trust Co., 70
Broadway, New York
Transferable certificates of deposit will be issued in
lieu .thereof.
Wash.—BOND
State of—BOND SALE— The $1,000,000 coupon
registered semi-annual road bonds offered for sale on July 9—V. 153, p.
132—were awarded to Pheips, Fenn & Co. of New York, and A. E. Masten
& Co. of Pittsburgh, jointly, paying a price of 100.028, a net interest cost
of about 1.38%, on the bonds divided as fodows:
$205,000 as 4s, due on
April 1, $40,000, 1942 to 1946 and $5,000 in 1947; the remaining $795,000
as lMs, due on April 1, $35,000 in 1947 and $40,000 in 1948 to 1966.
committee
for
Everett),
O.
a.m. on July 26, by C. D. Stephens, County Treasurer, for the purchase
$13,500 high school addition construction bonds.
bondholders, the committee points out that in its opinion,
possibility that
funds
(P.
YAKIMA COUNTY SCHOOL DISTRICT NO. 88 (P. O. Yakima),
Wash.—BOND OFFERING—It is reported that bids will be received until
the affairs of the district have now
reached a
action is taken
by the bondholders
viding
DISTRICT
ELECTION—The issuance of $75,000 water system, fire station construc¬
tion and equipment bonds will be submitted to the voters at an election
scheduled for July 26.
City and County of Dallas Levee Improvement
committee is composed of C. K.
Baxter, John G. Getz Jr.
District.
The
Kenneth M.
In
bonds.
p.
DALLAS
New
ment
June 28—
4012—the voters approved the issuance of the $650,000 bonds as
follows: $150,000 Defense Trades School bonds
by 6,358 to 2,457; $500,000
public market bonds by 5,237 to 2,781.
'
and
Vt.—BOND SALE—The $29,000 refunding bonds offered
July 10—V. 152, p. 4164—were awarded to E. H. Rollins & Sons, Inc.,
Boston, as 2Ms at 101.13, a basis of about 2.14%.
Dated Aug. 15, 1941,
and due Aug. 15 as follows:
$5,000 from 1961 to 1965, inclusive, and
$4,000 in 1966.
give the required two-thirds majority to the proposal to issue
$600,000
county highway bonds, submitted at the election held on June 28.
on
Texas—BOND SALE
UTAH
states that the $425,000
bonds were defeated by the taxpayers.
1962: optional
Worth),
been
County Judge Robert Jones
to
Fort
OGDEN, Utah—BONDS AUTHORIZED—An ordinance is said to have
approved by the City Council, calling for the issuance of $17,000 re¬
funding bonds.
election
BRACKETTVILLE, Texas— BOND
O.
maturing Oct. 10, $43,000 in 1945, $24,000 in 1946, $46,000 in 1947, and
$41,000 In 1948, as 2^s.
2.16%.
tary states that the $40,000
(P.
BONDS
OFFERED
FOR
INVESTMENT—'The
successful
bidders
re-
offered the above bonds for
public subscription, the 4s at prices to yield
0.90%, and the lMs priced to yield from 0.85 to 1.55%, all
according to maturity.
from 0.15 to
ELPASO COUNTY (P. O. El
Paso), Texas—BOND OFFERING—It is
County Purchasing Agent, that the Commissioners'
bids until July 14, at 2 p.m., for the purchase of
2%% semi-annual livestock building, series of 1941
coupon
bonds
Dated Aug.
1, 1941.
Denom. $1,000.
Bids may be
submitted on both or either of the
following series: Series A, due Aug. 1,
stated by H. O. Kane,
WISCONSIN
?0®UQmWQnAr-ceive of
$301,300 issue
ALLOUEZ (P. O. Green Bay, Route No. 6) Wis.—BOND OFFERING—
a
8
efn
nnn
-
^Jl42' f17.000
tSSi 9«oo' fiin9'?°^?n194I and 1948,
1951, $22,000 in 1952 and 1953,
™ 1943 and 1944, $18,000 in 1945
$20,000 in 1949, $21,000 in 1950 and
Sealed bids will be received by Clarence Linck, Town Clerk, until 8 p. m.
(CST), on July 14, for the purchase of $6,500 4% annual coupon bridge
building bonds. Denom. $650. Dated July 1, 1941. Due $650 on July 1 in
1942 tp 1951 incl
.
$23,000 in 1954 and $24,000 in 1955 and
eionnn?'
follows: $11,300 in 1942, $12,000 in 1943 to
iud iSio'am nnA9it6S l947n^4i9£°n™1948 to 195°- -$15,000 in 1951
952,
^15>°°0 m 1953 to 1955, $17,000 in 1956 and 1957, $18,000 in
1958 and
1959, and $19,000 in 1960 and 1961.
?
determined by the best bid submitted.
°f
BELLEVUE, Wis .—BOND OFFERING—Sealed bids will be received by
Alvin Everard,
Town Clerk, at P. O. Route 3, Green Bay. until 8 p. m.
(CST), on July 17, for the purchase of $6,500 4% coupon annual bridge
bonds.
Denom. $500.
Dated July 14, 1941.
Due $500 on July 14 in
The series awarded will be
The successful bidder must assume
1942 to 1954.
Printing bonds, preparing transcript and all other
necessary
expense incidental to the
issuing and delivery of the bonds.
If bidder
desires legal opinion on the
bonds, he will secure the same at his own expense.
Upon the acceptance of bids the
Commissioners'
pass all appropriate orders.
of the bid, payable to the
Enclose
a
Court will immediately
certified check for 5 % of the amount
county.
nFTA^TT cB*7ND CGUNTY. (P. O.
Richmond), Texas—BOND SALE
DETAILS—In connection with the sale of
the $200,000 road bonds as 2s,
as .noted here on June
28—V. 152, p. 4163—it is now
reported that the
bonds were sold to Pondrom &
Co. of
Dallas, are dated July 1, 1941, and
iMOOin 1942 to 1946, $9,000 in 1947 and 1948.
m 1949 to 1952, $11,000 in 1953 to 1958, and $12,000 in 1959 to
1961, optional 30 days prior notice on
July 1, 1951, or on
»fnr« ^Jy 1
/SIO.OOO
any interest
CANADA
.
ALBERTA
(Province
of)—INTEREST
PAYMENT—The
Province
will pay interest to holders of debentures which matured Jan. 15, 1939, at
the rate of 2M% in respect of the half-year ending July 15, 1941, being at
the rate of $12.50 for each $1,000.
Debentures should be presented at any
branch of the Imperial Bank of Canada in the Dominion of Canada,
the Bank of The Manhattan Co.,
ADDITIONAL
DEFAULT
officials have stated that default will
bonds
1926
or at
N. Y. City.
LIKELY—It
occur
is
on
reported
that
provincial
the $750,000 issue of 4M%
maturing July 15, 1941.
The bonds, it was said, were issued in
are
payable in Montreal, Toronto, New York, and London.
and
Province has defaulted
on some
$15,000,000 of bonds in the last five years.
@FedFRASER