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BUS. ADM*
1 **■
LIBRARY
Two
COPYRIGHTED IN 1941 BY WILLIAM B. DANA COMPANY, NEW YORK.
Wni
VUL.
IRQ
Issued Weekly 40 Gents a Copy—
1J0.
$18.00 Per Year
SECTIONS—SECTION
id4l
ONE
ENTERED AS SECOND-CLASS MATTER 4UNE23, 1979, AT THE POSTOPMCE AT NEW YORK, NEW YORK, UNDER THE ACT Of MARCH S, 1879.
NEW
William B. Dana Co., Publishers,
YORK, JULY 19,1941
25
Spruce St., New York City
Kin
1*U
QQCQ
0*70*7
■
•
BROOKLYN TRUST
CHASE
THE
4,
COMPANY
NATIONAL
Chartered 1866
BANK
OF THE CITY OF NEW YORK
OF
George V. McLaughlin
President
.
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AND OTHBR PRINCIPAL CITIHS
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II
The Commercial & Financial Chronicle
July 19, 1941
Dividends
The
Lehigh Valley Coal Company
Notice
To
Holders
of The
of
DOMESTIC
Redemption
FINANCE
Lehigh Valley Coal Company Five-Year Secured
6% Notes, Class A, extended
to
'
CORPORATION
January 1, 1943:
hereby given that The Lehigh Valley Coal Company has
will redeem and pay on August 20,
1941, all of its then outstanding Five-Year Secured 6% Notes, Class
A, extended to January 1, 1943, at the principal amount thereof, with
accrued interest to said date of
redemption, in accordance with the
terms of said Notes and the Trust Indenture dated
January 2, 1933,
and Supplemental Indenture dated as of
January 1, 1938, to The
Pennsylvania Company for Insurances on Lives and Granting An¬
nuities, Trustee, under which said Notes are outstanding, and that
all of said Notes are called for
redemption on August 20, 1941. On
said date said Notes shall become due and
payable at their principal
amount, together with accrued interest, including interest deferred
under the Company's Plan dated
January 4, 1939, at the office of
Drexel & Co., Fifteenth and Walnut Streets,
Philadelphia, Pennsyl¬
vania, or, at the option of the holders thereof, at the office of J. P.
Morgan & Co. Incorporated, 23 Wall Street, New York, New York,
upon surrender of such registered Notes without coupons and upon
surrender of such Coupon Notes
accompanied by all coupons thereto
belonging maturing after such redemption date, together with the
coupons due July 1, 1939, with respect to which a portion of the in¬
redeem and pay and
to
Interest
said Notes will
on
for
10c
accrued
—
VALLEY
COAL
share,
a
on
the
has
com¬
stock of the company,
mon
payable August 1, 1941, to
holders of record July28,1941.
DIVIDEND
CONSECUTIVE
51ST
Cumulative Preference Stock
The
51st
consecutive
terly dividend
on
quar¬
the Cumu¬
Stock
Preference
lative
of
the company
and predeces¬
constituent company has
sor
been declared at the rate of
50c
share, payable August
a
1, 1941, to holders of record
July 28, 1941.
L. E.
principal amount of
MICKLE,
Vice-Pres. and Treasurer
interest
period July 1 to August 20, 1941, $8.17; deferred interest
due July 1, 1939, $22.50; total $30.67.
LEHIGH
of
dend
of 35c
extra divi¬
an
been declared
on
coupon
THE
share, plus
a
from and after said date.
cease to accrue
The amount of interest payable per $1,000 of
said Notes presented for redemption follows:
STOCK
COMMON
A quarterly dividend
deferred.
terest was
NOTICES
DIVIDEND
Notice is
elected
36
OFFICES
IN
STATES
9
COMPANY
By L. R. Close, President
July 17. 1941.
The
Lehigh Valley Coal Company
Payment of Deferred Interest
A dividend of
To tho Holders of The
Stock
and after August 20, 1941, The
Lehigh Valley Coal Company will pay the portion of the interest due
February 1, 1939, and August 1, 1939, on the above-mentioned First
on
was
declared
: ii:
(37Vi<f)
the Common
on
this
of
thirty-seven
cents
Corporation
payable Sept.
15,1941, to stockholders of
and
record
Refunding Mortgage Sinking Fund Bonds, 5% Series of 1924,
due February 1, 1944, February 1, 1954,
February 1, 1964, and
February 1, 1974, which was deferred pursuant to the provisions of
the Company's Plan dated January 4,
1939, upon presentation of the
appropriate coupons therefor either at the office of Drexel & Co.,
Fifteenth and Walnut Streets,
share
per
1944, February 1, 1954, February 1, 1964, and February 1, 1974:
Notice is hereby given that
one-half
and
Lehigh Valley Coal Company First and Refunding
Mortgage Sinking Fund Bonds, 5% Series of 1924, due February 1,
Aug. 31,1941.
Checks will be mailed.
Philadelphia, Pennsylvania, or at the
City of New York, 2 Wall
office of The First National Bank of the
Street, New York, New York.
Holders of coupons for such deferred interest
(amounting to $18.75
on
coupon due February 1, 1939 and $18.75 on coupon due August 1,
1939, per $1,000 principal amount of bond) are urged to present their
coupons for payment on August 20, 1941, or promptly thereafter,
as,
under the Plan, the deferred interest payments do not themselves
"
*
«T»T> D k
PTTD tJD
TREASURER
Philadelphia, Pa.
July 18, 1941
MAKERS OF PHILLIES
m
bear interest.
By order of the Board of Directors.
THE
LEHIGH
VALLEY
COAL
COMPANY
By L. R. Close, President
VANADIUM
July 17, 1941.
CORPORATION
OF AMERICA
420iLexington Avenue,[New|York,fN.\Y.
July 17, 1941.
Dividends
At
meeting of the Board of Directors "5
today a dividend for the second quar- ;
ter of this year,
of twenty-five cents per
share was declared payable August 4, 1941,
Dividends
LOEW'S INCORPORATED
"THEATRES
declared
a
on
July Kith,
1941 to
the 29th day of July, 1941.
Checks will be mailed.
DAVID BERNSTEIN
Vice President & Treasurer
120
225 Fourth Ave., New
AT
a
meeting of the Board of
Directors
of
your
message
these readers at
through
columns.
our
a
July 15, 1941.
A cash distribution of
of
the
American
Company held today,
dividend
Cotton Facts
Broadway, New York City
York, N.Y.
twenty-five cents (25c.)
special cash distribution of fifty
cents
(50c.) a share have today been declared
by Kennecott Copper Corporation, payable on
September 30, 1941 to stockholders of record at
the close of business on August 29,1941.
a
Woolen
cost
o'clock
on
on
Carry
3:00
at
Checks will be mailed.
GIBBONS, Secretary.
KENNECOTT COPPER CORPORATION
INCORPORATED
the 15th day of August,
stockholders of record at the close
of business
record
J.
COMPANY
per share on the outstanding $6.50
Cumulative Preferred Stock of this Com¬
payable
of
P.
American W oolen
quarterly dividend of
$1.62%
pany,
stockholders
P. M., July 28, 1941.
July 18, 1941
1941
to
EVERYWHERE"
HpHE Board of Directors
a
held
on
$3.00
a
the
Preferred
share
on
a
Stock
account
share and
of
was
declared, payable
15, 1941 to stockholders
of record July 29, 1941. Transfer
a
ARTHUR
S.
CHEROUNY, Secretary.
arrears
August
to
moderate
books will not close.
F. S.
CONNETT,
T reasurer
July 16, 1941.
BUCKEYE
26
Checks will
be mailed.
advertising
THE
PIPE LINE
COMPANY
Broadway,
New York, July 17, 1941.
A dividend of One ($1.00)
Dollar per share
declared on the Capital Stock of this
Company, payable September 15, 1941 to stock¬
holders of record at the close of business August
22.1941.
T
a
J. R. PAST, Secretary.
has been
Vol. 153
JULY
No. 3969
19, 1941
CONTENTS
Editorials
The Financial Situation.
Blame
Politicians
Than
Industry for
Capacity
_
Producing More
Not
_ _
_
Stop, Look, Listen!
______
293
295
Comment and Review
Gross and Net Earnings
the Month of May
of United States Railroads for
,
_ _ _ _ _ _ _ _ _ _ ______
Week
on
297
299
The Business Man's Bookshelf.
the European Stock Exchanges
285
285
290 & 336
Foreign Political and Economic Situation. -
.
Foreign Exchange Rates and Comment
Course of the Bond Market
299
Indications of Business Activity
300
Week
on
the New York Stock Exchange
283
Week
on
the New York Curb Exchange
335
News
313
Current Events and Discussions
Bank and Trust Company Items..
General Corporation
334
and Investment News...
-
422
423
Dry Goods Trade
State and
384
Municipal Department
Stocks and Bonds
Foreign Stock Exchange Quotations
344
Bonds Called and Sinking Fund Notices
336
Dividends Declared
345
345
Auction Sales
New York Stock
♦New York Stock
Exchange—Bond Quotations...325 & 362
New York Curb Exchange—Stock
♦New York Curb
352
Exchange—Stock Quotations..
368
Quotations
372
Exchange—Bond Quotations.
and Bond Quotations..
374
Canadian Markets—Stock and Bond Quotations
378
Other Exchanges—Stock
Over-the-Counter S curities—Stock & Bond Quotations. 380
Reports
Foreign Bank Statements
289
Course of Bank Clearings
336
313 & 349
Federal Reserve Bank Statements
General Corporation and Investment
News
......
384
Commodities
The Commercial Markets and the Crops
Cotton
Breadstuffs
•
on
Attention
is directed to the new column
Published Every
incorporated in our tables
York Curb Exchange bond quota¬
bSkk eligibility and rating.
New York Stock Exchange and New
tions pertaining to
Saturday Morning by the William B. Dana Company,
25 Spruce Street, New York City, N. Y.
President and Treasurer; William D. Riggs, Business Manager.
208 South La Salle Street (Telephone State 0613). LondonEdwards & Smith, 1 Drapers' Gardens, London, E.C.
Copyright 1941 by WUliam B. Dana 4Company. Entered as second-class matter
June 23 1879. at the post office at New York, N. Y., under the Act of March 3,1879.
Subscriptions in United States and Possessions, S18.00
per year, $10.00 for 6 months; In Dominion of Canada, $19.50 per year, $10.75 for 6 months.
South and Central America, Spain, Mexico and
Cuba $21.50 per year, $11.75 for 6 months: Great Britain, Continental Europe (except Spain), Asia, Australia and Africa, $23.00 per year,
$12 50 for 6 months.
Transient display advertising matter, 45 cents per agate line.
Contract and card rates on request. NOTE: On account
or 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 and Editor; WiUiam Dana Seibert.
Other offices: Chicago—In charge of Fred H. Gray, Western Representative,
The Commercial &
V7
-.'i ,.;v
Financial Chronicle
July 19, 1941
Jjy. ;/
What of Tomorrow?
5 Around
ii-.fisee?
II Yet ,fyears
wisely—or
of
look back on their yesterdays, and what do they
for joy; but many others, for sorrow.
us, men
Some
see cause
they
ago,
so
all,
health, it seemed to them
future
their future
nearly all, planned
or
In the flush of youth and glow
it seemed to them.
easy
enough to plan
and
success
with ample leisure to enjoy the Autumn of
happiness,
their lives.
*\\ It would have been
;
are
easy,
freakish, and play
if "if,"
you
But this
Who
we
can
fact: the decrees of Fate
one
can
yesterdays, what, and how would they plan
For human nature is whimsical!
say?
disillusioned, yet blaming
say:
go on,
with little left to
hope for, yet
somewhere,
ever
hoping—hoping that somehow,
and then, there will
now
but them¬
none
often bravely but sometimes full of fear,
selves, they will
from
for
tricks with the figures that men pencil.
ask, "if, knowing what they know now, they could go
back to their early
now?"
save
scurvy
come
to them a ray of
light to pierce the gloom of their murky existence—till they
are
called away.
We know, too,
that for
their
morrows.
distant
many years,
And
explains why, last year,
men
we
days.
the
was
plan-maker
men
planning of
to plan
years
*
ago,
persons,
them basking in the golden sunshine
To those who
no
have helped
our
paid out $30,593,720 to living
and women, many of
of their Autumn
we
this,
more,
were
to be aided only after
paid out much less,
we
namely
$17,400,901.
Probably, for
gency, we
every
enjoy long care-free
providing, at the
which
conceivable domestic contin¬
have already worked out
years
same
in
your
time for
might spring from
plan to let
you
later life, while
any
eventuality
a premature
MASSACHUSETTS
INSURANCE
a
demise.
MUTUAL LIFE
COMPANY
Springfield, Massachusetts
Bertrand J. Perry, President
V
A'
-
Established Ninety Years
The Financial Situation
HABITS of utter improvidence formedordinary the sort. in if not approve still more drastic stepsthe
during acquiesce The enlarged activity of
the desuetude into which
Navy in of
recent years,
our
foresight has fallen, the startling disparity between
Atlantic, whatever its exact nature, does not
promise and performance, and the apparent willing-
have aroused the public particularly, whatever
of
ness
ordinarily thoughtful
even
others to do their
ter
perhaps bet-
or,
said, proceed with vast commitments without
careful
to
to permit
persons
thinking for them,
thinking
the part of
on
can
The utter
confusion which appears to surround our own arma¬
ment
It
but there
of
thing,
we
are
For
unless
sure
good
great
intervenes, that
fortune
our
official quarters to
of the utter and
If
later
or
we
Another awak¬
the other.
which
ening
American
mic
the
awaits
people is the
meaning of the
ion is very
The
be
to
The
coming to
President,
been for
a
a
week
in
the
New
pay
not yet pre¬
the price of
The de¬
the
of
two,
or
the
past
moreover,
that
with
ceed
as
if
prefer
an
an
re¬
or
we
a
else
would,
became involved,
formal rather than
in the Euro¬
active part
pean
tion
has
after
they regard
indefinitely out of the
conflict,
even
of the situation is
can pro¬
step
"short-of-war," and
main
the fact that all this is being said
we
one
another which
York
people still
American
suppose
serious question, informed opin¬
largely in agreement with much of
by
be
strongly suggest that either
Administration which finds
it impolitic to ask Congress for authorization
to uae the men required for these purposes.
head.
who
Baldwin
can
military aid,
are
velopments
our
remarkable aspect
in
and done
appear
active
they
delivery of supplies
what is here said.
found
issues
to insure the
W.
Without
arm¬
our
else
pared to
"Times," July 15 issue.
visaged.
these
or
such destruction.
we mean
—Hanson
eco-
ament program as now en¬
All
out
to
engaged in convoying
and patrolling, bases for naval patrol planes
able to scour the seas,
bases protected by
Marines and pursuit aviation—are, in naval
opinion, practically essential to successful
action against the German counter-blockade.
one or
Hitlerism
and
peo¬
that Hit¬
suppose
destroyed in Europe with¬
—bases for naval vessels
shall be
obliged to abandon
ler
shores, bases other than Ice¬
land will be required.
To fulfill the first pur¬
pose the Scottish and Northern Ireland bases
are
Sooner
ple still
the
Evi¬
question.
in
upon
of
dently the American
German defeat?
proaches to
incompatible.
remove geo¬
employment
troops
to Britain and to control all the Atlantic ap¬
and
utterly
proposal to
the
sea.
Hitler
Germany,
regime in
in
the "short-of-war" idea
a
for the
graphical restrictions
of Iceland is obviously not
accomplish
either
purppse,
though when implemented by convoying and
patrolling to that point, it should be a con¬
siderable help to Britain in her struggle at
be that
the
its
bombers
The occupation
implacable
of
destruction
where
a
sufficient
policy
described
repreatedly
areas
intact, it
young army
Administration to abandon
shooting.
practical sense, therefore, the only
question remaining for decision is that of
objective.
How much shooting are we going
to do—just enough
to prevent the British
Isles from being conquered or enough to in¬
In
destined to
distant future,
some
people back home, is
has been necessary
without
in the
our
our
drone, these things obviously cannot be done
one
sorrow
learn to
and in
Congress,
traditionally close
appalled. In order to keep
strategic outposts." In submarine-
infested waters
doubtless will grow so be¬
fore many moons.
to the
United States and Iceland and
the
"all other
which
but
which is
Army
our
beyond this
hemisphere,
war.
between
the unobserv-
yet,
as
occu¬
approach to a "shooting war" is empha¬
by two recent Presidential announce¬
ments: First, that the United States would
insure the delivery of American supplies to
Britain, and, second, that orders had been
issued to the Navy to "take all necessary steps
to
insure
the
safety of communications"
situation which
obvious to
academic, since the
Our
not have become so
may
.
.
authoriza¬
sending
constituted
enlisted,
or
providing
sised
other manifestations
same
.
pation of Iceland, to talk about staying out
are
of the
seems
as
in service
men,
called
were
tion for
people at
many
n
past the period for which they
Strange and Dangerous Procedure
possibly, most in
the moment,
not
Yet when the question arises of continuing draftees,
Guardsmen, reservists and enlisted
reasons
is real rather than appar¬
the minds of the
rapidly becoming,
are
and
to fear that the confusion
ent are,
or
entry into the conflict,
our
production effort and
the all too evident
ing
people have become,
reconciled to
so-called defense program, but in the entire realm of
relations with the rest of the world.
One
anti-Administration critics have been saying.
might almost be tempted to conclude that the Ameri-
produce seriously disturbing results not only in the
our
to
a num-
ber of thoughtful observers and certain professional
beginning
anyone, are
seem
conflict.
as
it
The situa¬
has unfolded is
utterly unrealistic, illogical
long while past,
peatedly and most enthusiastically applauded both
him and Mr. Willkie last autumn when they were ex-
of course, can say precisely
what will happen or when it will happen, but it is
clear enough that we can not reasonably hope to continue to proceed as we have been doing and avoid
military action which the people of the country
apparently are not willing to undertake and certainly
coriating Hitler and promising by one means or an-
are
but
particularly in recent weeks, easing this country
closer
and
closer
of
the
toward
whether consciously or not,
of
actual
course, we
shooting—
have
no way
knowing—is finding that the country, which re-
other to
not
bring his regime to an end in Germany, has
forgotten that both he and Mr. Willkie again and
again assured the American people that we should not
and dangerous.
No
one,
far from being physically equipped to undertake,
Armament production and the consequences
which
it entails are likewise approaching a critical stage,
Leon Henderson the other day attempted a sort of
He has taken one step
Churchillian blood, sweat and tears oration warning
after another which in
ordinary circumstances would
the people of the difficulties ahead but it is more than
have
forthwith—and has been
take part
in
any
foreign
precipitated
plauded.
war
war.
ap-
Even his occupation of Iceland seems on
the whole to have been
approved.
The public
ap-
peared to be, perhaps still is, more or less prepared to
doubtful if the full consequences of the armament
envisaged have really dawned upon
It is by no means impossible that
when the pinch comes, the public will be found nearly
program as now
the rank and file.
The Commercial & Financial Chronicle
282
as
reluctant to pay
it is
President
give the
free hand in sending troops
a
Congress
enough to appropriate
the imagination,
and
as
legislation which would
any
Atlantic.
the
across
the price of armament and aid
sanction
to
now
sums
of
public
a
been
has
willing
which baffle
money
accustomed to
grown
large public spending has raised
in protest, not even
no
effective voice
against the inclusion in the budget
of billions for non-defense activities which could and
should be pruned from
must
sooner or
the bill that the taxpayers
production which we are not likely to attain very
coordination and
Congress, now facing the task of raising some
substantial
ing
more
The people
are
becom¬
tax conscious, and are destined to growThis without doubt is much in the mind
so.
more
of the members of
The Cham¬
Congress at this time.
well and
will be
to
tax bill is
a
upon
falling further behind sched¬
is
growing uneasiness in the House.
Three
half billion in added taxes is enough to give
a
legislators. Discovery that to the
greatly increased rates on individual incomes the
Ways and Means Committee has added a provision
that would compel a married woman to place her
separate income on top of her husband's income is
so disturbing that the Ways and Means Committee
may reconsider its tentative decision on that point,
to
and
of
any
resume
search
its arduous
for
another
source
revenue.
"Nor is that all that adds to
tax-consciousness; for
requests for over five billion
more for the Amy
Navy, and official intimations that there will
soon be request for another ten
billion, raise ques¬
tions of still more taxes,—if not this year, then
new
and
next, and next year
every
member of the House has
to seek re-election."
Plainly the prospect of chickens coming home to
roost is not
their
many
and
at a later date—which
much later—is likely to be
very
to
pleasant to members of Congress, and
presence
a
can
not
aid to
exterminate
Great Britain and
Hitlerism, to
have remained
be
considerable shock
who have been shouting lustily for
more
more
effort to
more
nothing of those who
say
relatively calm, not to
say
indiffer¬
ent, throughout all the heat of current discussion.
But it is not
merely in the matter of taxation that
the effect of the
epic armament
launched will touch the
man
program
now
in the street.
being
Indeed
the vast bulk of the
population under existing and
proposed tax laws will feel the additional imposts
but
in
indirectly.
all
gram
more
one
our
than
they have for
not
a
a
good deal
long while past, but it is
money to spend and quite an¬
buy useful articles with it if these goods
being produced in adequate quantity. For
part,
of the
a
if the armament pro¬
thing to have
we
skepticism of
as
earn
is carried forward with dispatch
other to
are
A great many are now earning and
probability will
can
many
curtailment
not
wholly
of the
of
more
suppress
certain
ordinary industrial activity
of the "shortages"
a
extreme predictions
result of the defense program.
that many
ordinary
without
goods
the
If the management of the arma¬
is as bad as it appears to threaten
program
well curtail both money income and consumer
Meanwhile continued and material increases
cost
the
are
It
seems
to
us
being computed
of
of
as
is
now
of
laid out in the
substantial
the
of
course
one
sort
great
a
a
as
an
Example
rather
unusually competent
of the
year
effort, the Bank of Nova Scotia
war
marizes this
the
such
of de¬
name
proportions by
analysis of the situation in the third
Canadian
almost
no
citizens.
our
Canada
In
to be
appear
best of circumstances
possibly fail to entail sacrifices of
can
another
many
living would
Under the
titanic effort
text, and that is probably too
a matter of weeks.
"As the bill's inevitable appearance draws nearer
pause
of
in
this situa¬
optimistic, perhaps by
and
produced when planned, there
considerable disturbance in industry
very
goods.
ule, despite the labor of a hard-working Ways and
Means Committee.
July 21 is the earliest date now
mentioned for
are
curtailment
may
tion remarks:
there
a
become, the resulting confusion and difficulty
or
even
vigorously managed, if the military goods
demanded
now
fense
Washington Review in commenting
new
If the armament program is
considerations.
certain.
ber of Commerce of the United States in its current
"The
there is little comfort in
But for the average man
such
portion of the additional funds required
evidently growing restive.
good management than in the real
requirements of the armament program.
ment
Yet
danger appears to lie as much or more in
uncertainty, the confusion, the want of over-all
slightest question.
Taxes!
Taxes!
is
The
soon.
the
and
later pay.
grandiose schedules of armament
with reference to
the idea that there is something essentially healthful
in
July 19, 1941
sum¬
aspect of the matter in that country in
following words:
"What has
happened is that our factories, mines,
railways, etc., have been put to much more intensive
use, working not just eight hours a day, but in many
cases 16 and even 24 hours.
Most important of ail
is
fuller
the
number
of
use
of
the
human
our
unemployed
resources:
have
a
large
work,
women
who would not normally be working have
taken jobs, many workers have found more produc¬
tive and remunerative occupations, others have gone
from part-time to full-time and often over-time, and
in certain instances wage rates have advanced.
In
these circumstances, payrolls have increased sharply
and, though taxes and savings campaigns have
diverted some of the increase, many people have had
a good deal more to
spend than formerly. It is clear
that much of this increase in spending w-as neces¬
to
gone
of the re-employed had long-accumulated
had to be met if they were to re¬
themselves as workers.
The fact remains,
sary: many
needs
which
habilitate
however, that increased spending by those
which have experienced an
incomes has much
groups
improvement in their net
than offset the decrease in
more
spending by those whose incomes have been reduced
by higher taxation and the borrowing campaigns.
"Nor does the fact that the
involve
no
amount
of
mean
that
appreciable
production
sacrifice
no
war
for
is
civilian
many
of those
skilled
in
use
involved.
last, industry will absorb yet
more
effort is likely to
entailment
more
the
this
This
new
total
year
year,
as
workers,
employed will be moved up into
responsible positions, and
others will work harder and longer.
Indeed, this is
the very process which makes possible a further
increase
in
Most
these
of
now
and
the
more
national
men
and
production
women
will
and
income.
receive
sub¬
stantially larger incomes than formerly and even
after payment of taxes and additional saving for
the war many of them will have a good deal more to
spend this year that last. But since it appears likely
that the amount of
goods and services available for
consumption may be little greater, it follows that
many other Canadians will have to reduce their rate
of
spending.
"To
up, the total of incomes received by in¬
will be very substantially larger in the
sum
dividuals
•'*Volume
the
present fiscal year than during last year but
goods and services available for individual
use and
consumption may be little larger and in
some directions may be smaller."
Let it be reca led that comparatively speaking
total of
#
Canada
not
is
had
has
it
highly industrialized Nation, that
a
"in cert am
only
advances
wage
m-
banks, combined, were lower by $2,999,000 at $20,307,532,000. Other cash of the regional banks advanced, and their total reserves moved up $29,637,000 to $20,603,000,000. Federal Reserve notes
in actual circulation m $23,046,000 to $6,774 mm 000 to
accQunt
ber bank
are now
J
approaching
corresponding stage in
We have apparently
a
this armament business here
rather
enjoyed
record
breaking appropriations, grandiose plans to
out-do
the world
the rest.
show
emotional orgy centering about
an
armament
in
Very shortly
now we
production and idl
by acts whe her or not we knew what we were
citizens
that American
selves when that
is
but
necessary,
ready to defend them-
are
at whatever cost may
*\.
.
v
xi
necessary
,
i
be
223,032,000;
the
question
whether
remains
$189 173 00() t0 $849,372,000; a
and
increase of other d
an
down in the bottom of
we
that
essential to
the
quarrels
answered
be
by
our
called
been
or
hearts believe all
have understood what
European
into
ourselves
That question will be
to be.
attitude toward the sacrifices we
make
to
upon
It is most
moons.
not
injecting
may prove
our
planning to do is really
are
protection,
our
of
cost
shall
doing and
are
we
The
.|607 199 000.
91
t0
before
ardently to be hoped that
indulging
in
more
many
self-deception
,
i
*5
o
q.
'
Q
at
advanceg declined $482j000 to
mentg t0 make guch
ations
market
^
,
,»
again
of United States Treasury
holdi
afj
gations were unchanged at
&
were
obli.
inn nnr>
iQA
$2,184,100,000.
The New York Stock Market
'T'eNDENCIES
1
this
change
caution which
throUghout
on
the
week
New
were
has prevailed,
the year.
York
Stock
Ex-
toward the quiet
with few exceptions,
There was only a modest
optimism and activity noted last week,
market returned to its recently customary
trace of the
as
the
but far from normai dulness.
Price variations were
have
modest
during the early trading of the week, while small
declines followed in later periods.
Some of the in-
these
in
all
sessions,
with betterment
dustrial stocks were well maintained
.
.
ional banks receded
Industrial advances were
S9)807,000, while commit-
the
|2j296)000.
past
we
12 months.
1-1
ratio feU t0 91.0% from
reserve
Digcountg b
2%
M
$6)459)000 to $1,185,116,000,
its b
842>718,000 to
sits b
d
of forfii
despite all the talk about "mortal danger" and the
like
of the Treasury general
decrease
decrease
a.
of mem-
|251)955)ooo to $13,-
balances b
regerve
undertakings. We, of course, have no doubt
generous
$15,864,719,000 with the
variations consisting 0f an increase
shall be obliged to
doing and are willing to pay the price of our own
the regional banks
^
itg
Total
advanced
by far reached the stage of labor pampering now
obtaimng in this conntry.
d
07g
stances," and that with all its "reforms" it has not
We
283
The Commercial & Financial Chronicle
153
rederal Reserve Bank Statement
,
.
a
as
,
,
the rule
for the week,
a
,,
little of the ground
whole, but others lost a
OFFICIAL banking statistics for theof $50,000,000 gained tendencies. possibly inequipment and farm
last week, Railroad correction of such
ended July 16 reveal
decline weekly period
a
in
currency
circulation,
is noteworthy,
change
earlier
since it follows
other
the
hand,
a
drop of
The aggregate de-
$9,000,000 in the previous week.
cline of $59,000,000
This
to, $9,645,000,000.
in the two weeks contrasts, on
with
increase of $214,000,000
an
recorded in the week before Independence Day,
the conclusion cannot be drawn that
occurred in the
upward movement of
Contributing to the recession
of vault cash
a
now
currency
some
extensive
drop
Termination
strike in New York City made
car
feasible this drop of
fleeting
use.
a
by $32,000,000, reported by New York
armored
an
in
recorded is
City weekly reporting member banks.
of
and
real change has
cash in vaults, the incident
of the
many
re-
factors that make for
changes in the banking
statistics.
The
Treasury in Washington disbursed funds rapidly from
its
general account with the
12 Federal
Reserve
banks, and this item, together with the currency
change, made possible
reserve
over
balances.
an
upbuilding of member bank
Excess
reserves
legal requirements increased
of member banks
$220,000,000 to
Effective demand for credit accomagain is reflected in the condition statement
$5,340,000,000.
modation
of
weekly reporting New York City member banks,
Commercial industrial and
banks
to
were
up
$17,000,000 to $2,295,000,000.
brokers and dealers
ever, were
agricultural loans of such
on
Loans
security collateral, how-
down $6,000,000 to $363,000,000.
Monetary gold stocks of the country are reported
higher by $15,000,000, at $22,655,000,000.
Treasury neglected to reimburse itself for
But the
this ac-
quisition, which therefore failed to affect the position,
Gold certificates held by the 12 Federal Reserve
than most other secmanufacturing stocks also
The carrier group reflected with small
machinery equities were firmer
Various airplane
tions.
advanced.
rises the
steadily improving position
the sizable current
ger
traffic.
occasioned by
offerings of freight and passen-
Utility stocks were almost
motionless,
Stock Exchange were
the 500,000-share mark in the first
periods, but fell below that mark
Dealings on the New York
somewhat over
three
trading
Thursday and yesterday.
Both foreign and domestic
uted to the
Reports
uncertainties contribdealings,
increasing dulness of financial
of the Russian
defense against German
with eager interest, but failed
to suggest a definite repulse of the Nazis, or an
early termination of the vast struggle. The Cabinet
forces were scanned
susceptible of varied interpredistinct bearing upon
possible American involvement in a Pacific war.
Moves in Washington with respect to the inter-
change in Japan was
tations, and obviously had a
national situation were far from
comforting to a
market which thrives better, over the long run,
peace than in war.
It was again made clear,
in
in
various corporate income reports for the last quarter, that sharply increased industrial activity will
not necessarily be of much benefit to owners of the
industrial establishments, since reserves for taxes
tend to absorb all the increased earnings. Priorities and price controls of the Administration will
become accented in the near future, which is, of
another way of saying that regimentation
rapidly is overshadowing private enterprise and
course,
initiative.
,
The Commercial & Financial Chronicle
284
bond
listed
the
In
market
flurry of
modest
a
activity developed, early this week, among issues
States Treasury.
United
of the
Stock
York
New
the
their commission
Bond brokers on
Exchange decided
halve
to
charges on such transactions, as
they are permitted to do under the Exchange ConThe
road bonds
and
changes
net
were
appreciation
toward
progress
on
reorganization.
dollar
Foreign
bonds
mostly idle and little changed, the Japanese
proving
group
In the
off
was
slightly, but cotton touched the 16c.
level and held close to that
market trends.
New
the
week
no
York
Stock
Exchange
while 11 stocks touched
levels
high
new
Curb
York
New
touched
touched
low
new
mained
on
the New York
Stock
Saturday
quotations
on
York
Saturday
were
44,330 shares;
Curb
on
Wednesday,
on
Corp. of N. J. at 22% against 22%; International
Wednesday,
on
but
on
background.
The tone throughout was good,
prices presented
close.
tion
mixed
a
appearance
Irregularity pursued the market
the session
than
Inflation
by traders but
censorship of
shares
pointed higher,
changes
on a
market
on
issues
until
so
railroad
shares
on
as
shares
both sides
on
concern-
Values
opened
the day previous,
early afternoon, at which
dominated
the
and
scene
At closing, prices showed irregular
much reduced volume of business.
Tuesday
was
a
The
selective one, with rail
well
Low-priced
received, while here and there some
having investment qualities
Anticipated
obscure
things
traders.
irregularly
on
more
After drifting aimlessly
price
control
home and the Russian-German
among
some
again enjoying major attention.
were
looked.
to
Monday,
on
hour, interest centered in aviation issues
continued
time
the
At
the
changed.
Wednesday
resignation
and
of
as
the
war
thus
were
not
over-
on
26% against 25%
Friday of last week; Allied Chemical & Dye at
162% against 158%; E. I. du Pont de Nemours at
158% against 159%; National Cash Register at 13%
against
13%;
National
Dairy
Products
at
14
against 14%; National Biscuit at 17% against 16%;
Texas
Gulf Sulphur at 36%
against 37%; Conti-
abroad
finish values
Cabinet.
against
Schenley
96%;
Brands
Standard
at
5%
Canada Dry at 14% against 15%;
Distillers
at; 12%
against
12%,
and
National Distillers at 22% against 22%.
In
the rubber
group,
Goodyear Tire & Rubber
closed Friday at 18% against 18%
week;
B. F.
on
Friday of last
Goodrich at 16% against 16%, and
United States Rubber at 24% against 25%.
Railroad stocks
were
off
fractionally this week,
Pennsylvania RR. closed Friday at 24% against
24%
on
Friday of last week; Atchison Topeka &
Santa Fe at 29% against 29%; New York Central
at 12% against 12%; Union Pacific at 81% against
tended
Ry. at 14% against 13%, and Northern Pacific at
6% against 7.
:
again
The steel shares edged lower the present week,
activities
United States Steel closed Friday at 57% against
reached the market of the
Japanese
93%
against 5%;
81%; Southern Pacific at 12 against 12%; Southern
restraint
were
featured
at
at
legislation
promoted
Caution
news
Western Union closed Friday at
at 140% against 139; Westinghouse Elec. & Mfg.
slight demand.
in the first
at 36 against 36%; Woolworth at 29% against 28%,
largely offset by the tight
was
mixed, and pivotal stocks,
and
Harvester at 55% against 53%; Sears, Roebuck &
nental Can at 35% against 34%; Eastman Kodak
given
exercised
news
against 3%; Public Service
considera-
was
ing the Russian-German conflict.
met with
at
being the dullest and narrowest in
week.
a
Electric at 3
Co. at 73% against 73%; Montgomery Ward & Co.
the best in
was
Saturday of last week, but trading
colorless, with regular market leaders relegated
to the
against
Friday of last week; Consolidated Edison
on
and American Tel. & Tel. at 156 against 156%.
Sales volume in the stock market
was
33%
Co. of New York at 19% against 10%; 'Columbia
Friday, 71,375 shares.
two months
Friday a week ago reveal small price
on
on
Monday, 105,513
on
Thursday, 87,770 shares, and
on
A comparison
on
Exchange the sales
Tuesday, 111,520 shares;
127,145 shares;
mostly higher.
General Electric closed Friday at 33%
Monday, 562,330
Gas &
New
on
leaders ac-
Aside from J. I. 'Case,
farm implement shares showed little change, while
some individual issues in different sections of the
list advanced from one to three or more points. The
declines.
the
shares;
As the morning drew to a close many
cumulated modest gains.
on
Friday, 423,800 shares.
On
interresulting in an easing of values.
The same adverse influences were
present during the session as on previous occasions,
but to a greater degree, leaving the list no alternative other than to drop to lower levels. The statement of Secretary of the Treasury Morgenthau that
immediate steps should be taken to curb civilian
production, pointing out the motor industry as a
"glaring example," depressed prices in this group,
Chrysler Corp. receded to within a fraction of its
low point for the year to date following the statement.
Hardening influences were at work on Friday and resulted in equities developing a firmer
tone.
Specialty issues featured the market, and in
the initial period stocks reflected a better spirit.
depression obtained in Thursday's market as
est touched the vanishing point,
Exchange the sales
Stock
Thursday, 455,770 shares, and
; on
quiet
start, and held that way until the final hour, at
which time most groups turned heavy.
A state of
of closing prices on Friday of this week with final
Tuesday, 703,100 shares;
643,380 shares
Prices fell off moderately after a firm and
re-
268,040 shares;
were
on
Eastern
Exchange
unchanged at 1%.
the New York
shares;
passing of the Konoye Ministry the Far
picture became more obscure and made for greater
uncertainty. Opinion in some quarters interpreted
the change as presaging a more war-minded Cabinet,
list ended the session
•
Call loans
On
On
low levels.
new
stocks
stocks
155
the present
year
Exchange 80 stocks
and 22
levels.
ex-
significant changes recorded,
high levels for the
new
comment as to
no
Foreign exchange dealings were
tremely quiet, with
On
Base metals are
figure.
strictly controlled and require
touched
it declined on the
as
commodity markets the tone
Wheat declined for the week, and
irregular.
corn
exception,
an
Cabinet crisis.
the
Speculative rail-
steady.
Bonds of the cotton belt system, how-
showed
were
was
was
thereafter,
mostly small.
ever,
the
to
firm in early trading of the week,
were
declined
financial
business
some
price tendency of Treasury and other
market bonds
money
but
attracted
This
stitution.
Floor.
July 19, 1941
With
the
58%
on
Friday of last week; Crucible Steel at 42
against 42%; Bethlehem Steel at 75 against 76%,
Volume
and
The Commercial &
153
Sheet
Youngstown
& Tube at 36% against
In the motor group,
General Motors closed Friday
at
38% against 39 on Friday of last week; Chrysler
at
55% against 56%; Packard at 2% against 2%,
Studebaker at 5% bid against
5%.
Among the oil stocks, Standard Oil of
N. J. closed
Friday at 43% against 44 on Friday of last
week;
15% against 15%, and Atlantic
Shell Union Oil at
the
Among
Copper
Anaconda
stocks,
copper
Friday at 28% against 29% on Friday of
closed
week; American Smelting & Refining at
against 44, and Phelps Dodge at 34% against
In the aviation group,
Curtiss-Wright closed Fri¬
day at 9 against 9 on Friday of last
Aircraft at
at
43%
33%.
week; Boeing
16% against 16%, and Douglas Aircraft
industrial
and
reports of the week were
activities,
Steel
operations for the week ending today were esti¬
mated by American Iron and Steel Institute at
97.2% of capacity, against 96.8% last week, 99.0%
of
indicative
again
a
high
rate
The London
Exchange reported a slow but
dustrial stocks and various
issues
Eastern
foreign obligations. Far
demand than in pre¬
less in
were
higher
sessions
of the week, but the gains were just about offset in
a subsequent decline.
Official warnings were issued
in' Berlin, Wednesday, against dealings
by in¬
dustrial organizations in their own shares, and the
ceding weeks. The Berlin Boerse was sharply
small trading during the first two
statement
was
held to be the reason for the drop in
The Amsterdam Bourse was quietly
week, and lost some of
quotations.
firm in the first half of the
its
73% against 74.
Trade
affair that kept
sidelines.
persistent de¬
cline of prices, throughout the week now ending.
Gilt-edged issues were only fractionally lower,
but
some
larger recessions appeared among in¬
Stock
in very
Refining at 23% against 23.
last
in short, remained a puzzling
war,
traders and investors on the
36%.
and
285
Financial Chronicle
All sessions were light
gains in a later decline.
in the Netherlands
of
market.
American
Involvement
especially in the so-called defense industries.
a
month
ago,
Production
of
and 86.8% at this time last year.
electric power for the
MEASURES adopted week, continued to place
Washington, this by the Administration. in
the
United
as
to
week ended
wars
July 12 was reported by Edison Electric Institute
at
3,141,158,000 kwh., against 2,866,865,000 kwh. in
the
preceding week, which contained Independence
Day, at 2,651,626,000 kwh. at this time last year.
Car
loadings of revenue freight for the week ended
July 12 were reported by the Association of Amer¬
ican Railroads at
876,165 cars,
an
increase over the
previous week of 135,672 cars and over the similar
week of last year
of 139,382 cars.
indicating the course of the commodity mar¬
As
kets, the July option for wheat in Chicago closed
Friday at 100%c. against 105%c. on Friday of last
week.
bid
July
at Chicago closed Friday at 72%c.
corn
against 73%c. bid the close on Friday of last
July oats at Chicago closed Friday at
New
week.
33%c. asked
as
against 37%c. asked the close on
Friday of last week.
in New York
closed Friday at 16.46c. against 16.00c. the close
on Friday of last week.
The spot price for rubber
The
closed
spot price for cotton here
Friday at 22.35c. against 21.87c. the close on
Friday of last week.
Domestic copper cloesd Fri¬
day at 12c., the close on Friday of last week.
In London the
23%
price of bar silver closed Friday at
pence per ounce
the close
on
against 23% pence per ounce
Friday of last week, and spot silver in
New York closed
Friday at 34%c., the close on Fri¬
day of last week.
the matter of
In
fers
on
foreign exchanges, cable trans¬
London closed
$4.03% the close
on
Friday at $4.03%
as
against
ence
European Stock Markets
l—i
changes
was
done this week
the leading European
in
stock
ex-
financial
United States Army
nally prescribed.
to the Western
the
United
previously known in history, re¬
Far
new
despite German advances.
In the
East, Japan appeared to be embarking upon
ventures, with the
known.
Fall
of
Syria
of action still
un¬
British forces was
ex¬
course
to
pected and occasioned no market, reactions.
The
of conscripts in the
Removal of the service limitation
Hemisphere and the possessions of
desired by the Ad¬
although
being, in
Congresisonal action for keeping the
This matter was
depicted as one of the utmost urgency, both by
President
Roosevelt
and
other
Administration
Meanwhile, steps were taken for seizure
and one German merchant ships
spokesmen.
of the 17 Italian
"sabotaged" in American harbors by their crews.
American naval transport West Point sailed
The
Lisbon, Tuesday, with some 500
from New York for
German
Axis
Italian consular
and
aboard.
representatives
American consular officials
officials and other
On the same day,
left Italy for the return
journey to the United States, and a similar return
of Americans from Germany and Reich-occupied
territory is in progress.
«.
following so quickly upon
the landing of American forces in Ice¬
These and other moves,
the heels of
land, July 7, necessarily gave
ministration
moves
toward
Whether
or
the impressive of Ad¬
actual
not this impression is
remains that both
will find
Axis and non-Axis countries in
a means
"shooting" wrar.
involvement.
correct, the fact
opinion that Mr. Roosevelt
for placing the United States
In response to Portuguese repre¬
sentations, assurances are said to have been
given
that action will not be
respect to the Azores, unless Germany
by the State Department
Germany and Russia, which probably ex¬
mained indecisive
made known that Mr.
conscripts in service, it appears.
unoccupied
anything
war
beyond the one-year term origi¬
States,
order to insure
taken with
ceeds
a
Congresisonal
ministration, will be shelved for the time
centers, owing to military and diplomatic develop¬
ments which overshadowed all else.
The vast battle
between
and
President
the
between
Roosevelt favors the retention
in
on
on
exist
the degree of actual involvement in the foreign
now in progress.
After a White House confer¬
Europe are veering to the
Friday of last week.
definitely
more
ever
leaders, last Monday, it was
soon
TITTLE business
States
footing, and some uncertainty now appears to
should force the issue there.
Dakar,
France
West
is
Africa,
The Vichy regime in
reported concerned over
and extensive precautions
against any attacks are understood to have been
taken there.
Disclosure was made in Washington,
late last
week, that a trade "blacklist" of some 2,000
German and Italian
tries has been
firms in Latin American coun¬
prepared, with a view to transfer of
The Commercial & Financial Chronicle
286
Various members
connections to others.
business
of President Roosevelt's Cabinet
"isolationists"
against
inveighing
country,
again stumped the
and
assailing those who favor a negotiated peace in
Indicative of the present
well
were
position of the United
substantiated
late last
reports,
week, that incidents resembling "shooting"
Admiral
and
al-
war
Secretary of the Navy Frank
ready have occurred.
Knox
The Russo-German war is beginning
consideration.
to awaken echoes even in the Far East, where Japan
is in the throes of a Cabinet crisis,
now
The brief halt in the war of movement which followed the German plunge over the frontiers of old
Europe.
States
July 19, 1941
R.
Harold
Stark,
questioned
Russia
was
to an end over the last week-end.
came
It
pomptly made clear that the Nazis retained the
military initiative, for the High Command in Berlin
announced
line
a
"brave assault" in which the Stalin
said to have been broken at "all decisive
was
secretly for three hours by the Senate Naval Affairs
points." Moscow countered with the statement that
Committee,
no
were
reported
denying
as
that there
had been any
"shooting" by American ships.
Mr. Knox
understod to have confirmed
was
intimations
dropped
British
that
depth bomb to "warn"
a
survivors
after the British
that American
followed
was
American
an
picked
were
ship
had
in
Iceland
Ireland, but it
that the Americans
seems
were
military base in Northern
a
Unofficial
of this week.
hints
trated some distance into the Russian lines, only to
by admissions that Americans
engaged in building
days
thrown out by the Red spokesmen, however,
were
that thin lines of German armored units had pene-
been landed
had
succeeding
submarine, when
torpedoed. The disclosure
was
forces
previous
destroyer
important changes had taken place, and similar
assertions emanated from the Rusian capital on all
by the destroyer
a
up
But
are em-
Bitter engagements of specific units
be surrounded.
reported in detail from Moscow, and there is
were
for doubting the general accuracy of the
no reason
Berlin admitted the determined resist-
accounts.
But as the week progressed
of the Red Army.
ance
ployees of the British Government.
No explana-
the statements of both sides disclosed that the Ger-
tion
serious
man
far
so
been
has
made; of
the
dis-
Nazis, at whatever cost, actually had pierced
crepancies in the American and Brtish versions of
the Stalin line at a number of points.
the
partments of the Russian
Iceland incident.
Although the American
on
Tuesday to pack up their records preparatory to any
island, Prime Minister Winston Churchill
from that
enforced flight from the capital, and some of them
has stated
cover a
categorically that the Brtish forces will
British realism
United
Various de-
Government began
British withdrawal
cupation ostensibly is to
remain.
oc-
States is
respecting the role that the
already
are now
said to be proceeding to Kazan,
The Soviet Ambassadors
450 miles east of Moscow.
war was
in London and Washington declared that even the
illustrated, Tuesday, by Lord Vansittart, the retir-
fall of Moscow would not mean a Soviet surrender,
expected to play in the
ing British Under-Secretary of State for Foreign
Affairs, who called for the landing of
Expeditionary Force in France.
understood
fairs
have
to
assured
Secretary Knox is
the Senate
since industrial establishments in Siberia would be
serve a Red Army east of the Urals.
Both
able to
Ivan Maisky in London and Constantine Oumansky
Af-
in Washington added the comment that they did not
Anglo-
believe Moscow would fall to the Germans.
In view of the accuracy of German High Corn-
Naval
Committee, however, that there is
American
American
an
no
agreement for joint naval action in the
Atlantic.
mand
p ermart
U880-
w
statements
regarding land operations,
some
perturbation developed this week as the statements
ar
related
in
general terms the swTift advances made
THROUGH conflicting Russo-German claims, the by be inNazis. Break-through operations were said
the dense smoke of battle and the to the
the Stalin line, which the
of
maze
fact
began to
Reich
are
progress on
this week that forces of the
emerge
plunging desperately ahead in Russia and
beginning to endanger vital positions held by the
Red Army.
Four weeks now have passed since the
Nazi battalions
moved
over
into Russian-held Poland.
the makeshift frontier
In those four weeks the
Reich troops have made sizable
of
the
so-called
achievements.
Stalin
line
among
Moscow reports
ments, and doubtless
are
claims, both official and unofficial,
is
on
only
than
struggle is bitter and far
any
sides
are
have to
on
and this is
titanic
a
scale that
his wounds for
even
a
to
war
that
the victor will
long time to come,
perhaps the most helpful aspect of the
battle.
There
are
rumors
of conversations
which suggest plans by the Germans for
a
wrere
sanguinary
between German and Turkish authorities
land
come,
In all probability, losses of both
such
nurse
however,
use
of the
bridge toward Iran and India, in the event of
collapse. British strategists are said in
Russian
London to
betaking all such contingencies into close
"Great
suc-
in the making," the German Command
said Thursday, as it noted that 9,000,000 soldiers
are
locked in battle
on
the 2,000-mile front
fare,
apparently
Germans
the
from the
In the main theater of
Baltic to the Black Sea.
drove
war-
completely
reported in the Smolensk area, well past the de¬
advancing
previous fighting in the great
began in 1939.
are
through the Stalin defenses and on Thursday were
Both sides agree
more
cesses
move-
all battle fronts, but that the Soviet force
showing signs of disintegration.
that the
are
fortification.
well-integrated defense
latest
struggle is still to
the effect that the Germans not
rapidly
their
minimize the
correct in their persistent
assertions that the decisive
German
gains, with breaches
un-
official German observers reported as a complex and
fenses and
on
the high road to Moscow.
They
were
at the gates of Kiev, capital of the Urkaine, which
also is eastward of the Stalin line.
These main
drives of the Nazis offer the possibility of
vergence,
pincers,
con-
with Russian armies again caught in the
as
Bialystok,
at
might develop.
Far
to
fanwise
or
movements
the south the Germans,
with their Hungarian and Rumanian allies,
were
able to claim the capture of the Bessarabia capital,
Kishinev.
In
the
north
desperate
a
battle
was
waged for Leningrad, with the Reich forces through
the
Stalin
line
south
Russia, and only 100
of that former
miles
German-Finnish contingents
Leningrad from
the north
away
were
on
capital
of
from the city,
pushing toward
both sides of Lake
Ladoga.
Some question continues to exist regarding the
relative air strengths of the combatants in eastern
Volume
The Commercial & Financial Chronicle
153
Europe, but the hint of
an answer
is contained in
apparent transfers of some Reich aerial squadrons
back
to
occupied France, where they battled the
British air force.
German claims to complete com
trol of the air
the Russian battlefield cannot be
over
287
y
disregarded all talk in the House of
"association,"
and stated that the agreement constitutes an aliiance.
He made it quite plain, however, that the
British are not fighting for communism. Complimentary references were made by the Prime Minis-
Sir
accepted in full, since Berlin continued to report
ter to Foreign Secretary Anthony Eden, and
day after day the downing of numerous Russian
Stafford Cripps, the British Ambassador to Moscow, for the parts they played in formulating the
new accord.
Military missions of both countries
airplanes.
That the Germans have the upper hand,
;
however, is indicated by the advance of the Panzer
Russian
units.
numbers of
of vast
Army, passed
by the German
divisions, who proceed to battle the iso-
armored
forces from
Reich
lated
tell
accounts
the Red
troops of
all
sides, long before the
supporting German foot soldiers can arrive on the
far from
are
conferring in the capitals of the other,
and London undertook to send all possible aid to
Russia even before the agreement was signed. It
would appear, therefore, that the treaty will not be
a mere scrap
of paper,
advance units of the Germans are
The tin
scene.
already
Western Europe
representing real occupation of the areas,
But the German observers
according to Moscow.
with
indicate
the
definiteness that
some
to the East has been forced
gateway
by the Reich troops, and
QAVE for an intensification of Great Britain's
O aerial attacks upon western Germany and the
invasion
ports of France and the Low Countries,
the
diplomatic reports that some Government offices
warfare between the great antagonists of western
are
being sent eastward from Moscow also are sig-
Europe followed the same lines, this week, that pre-
Moscow claimed
nificant.
Tuesday
on
victory in
a
26
German troopships, three destroyers and a barge
were reported destroyed
or damaged, without loss
a
great Baltic Sea naval engagement, in which
of
kind
any
attacks
to
by the Russians
Russo-German
on
a
said
that
German convoy had
That the decisive moment of the
been beaten off.
by
Russians. 1 Berlin
the
war
be at hand
may
was
suggested
military experts in London and in neutral
many
countries.
vailed
ever
since the Germans began to prepare for
If the British were
their attack against Russia.
preparing for more general moves against the Germans,
while the latter are occupied with their vast
Russian adventure, no hint of it
don dispatches.
flew
over
appeared in Lorn
Vast squadrons of British aircraft
the Channel day
after day, however, and
attacked German ports and
industrial cities on a
scale comparable with the heaviest German assaults
against England.
Particular attention was paid to
the coastal points across the Channel,
Anglo-Russian Alliance
which the
SIMULTANEOUS announcement was made in Nazis might use Russia turns springboards, success,
Moscow, last Sunday, of
mutualventure against as invasion into a quick if their
London and
aid
a
agreement between the British and Russian Govand all doubts as to the nature of the
ernments,
accord
Ihiesday
on
by Prime Minister
Churchill, who informed the House of Comthe
that
mons
resolved
were
Winston
treaty is, "of course,
an
alliance."
German fliers appeared in greater numbers, to meet
the British, and some of the Nazis penetrated to
Hull and other English towns. Claims made by
London and Berlin regarding aerial losses were not
greatly divergent.
virtual
Prime Minister Winston Churchill made two
speeches last Monday, in which he lauded the efforts
of the British airmen and promised ever greater
attacks upon the adversary. "It is time," he said,
spite the knowledge that Great Britain and France
also would become involved and the conflict thus
own
This
pact seems to bring to full circle the strange
of events which launched the Germans
sequence
warfare against Poland, on the basis of a
Russian guarantee of non-interference, de-
upon
turned into
ent
one
of world dimensions.
The appar-
friendship of Germany and Russia in 1930 now
into
turned
has
a
grim death struggle, while the
blossomed
the further
course
circumstances,
Britain
many
and
into
into
of the
and
war
We believe it to be in our power to keep this process
going on a steadily rising tide, month after month,
as
Syria, and Ger-
and Communist Russia obvi-
ously could get together in a formal alliance only
on
the basis
mon
of mutual need in the face of a com-
year
announced last Sunday is a simple
after year, until the Nazi regime is either
extirpated by us or, better still, torn to pieces by the
German people themselves." He assured the British
people that there will be no parley with Herr Hitler
or his "grisly gang," and added that a fair share of
the
foe.
The alliance
We have intensified
for months past the systematic, scientific, methodi-
that brought Great
and Russia
Prediction
alliance with Rumania and Finland,
Conservative England
neighbors and upon the world.
is idle, in view of such
the turns
France to warfare in
an
they have twice in our lifetime let loose upon their
cal bombing on a large scale of the German cities,
seaports, industries and other military objectives,
alliance.
an
homeland and cities something of the torments
to
apparent animosity of Great Britain
has
"the Germans should be made to suffer in their
bombing will
be visited upon "that unhappy
province of Germany which used to be called Italy."
document, which pledges the two participants to
In the last few weeks, according to Mr. Churchill,
support and assistance of all kinds
about half the bomb tonnage has been thrown upon
Both signa-
Germany which the Reich fliers loosed over England in the entire course of the war. But this is
only the beginning, which reflects air equality, the
render each other
in the
war
tories
agreed that they will neither negotiate nor
conclude
against Hitlerite Germany.
an
armistice
or
treaty of peace except by
Mr.
Prime Minister indicated. He announced in the
House of Commons that a debate soon will be per-
of Commons,
mitted regarding war materials production in Eng-
Tuesday that the opportunity to make the pact had
land, which recently was criticized in a formal
debate.
mutual
The treaty went immediately
agreement.
into effect and
Churchill
arisen last
was
not
explained
in
subject to ratification.
the
House
week, and promptly been realized.
He
,
The Commercial & Financial Chronicle
288
The Battle of the Atlantic also seems to be
going
favorably for Great Britain, judging by the
more
official
chant
Admiralty report of June sinkings of
ships, made available last Tuesday.
allied and neutral
329,290 tons,
this year.
mer-
British,
shipping losses last month
were
the smallest total since January,
or
As against May and April sinkings, this
represented
decrease.
sharp
a
But
the
rate
of
July 19, 1941
it necessary to leave all vital decisions to
General
Dentz, and in conferences on the spot the loyal
French leader arranged terms with Sir Henry Mait-
As signed
land Wilson, the British commander.
at Acre by loyalist French representatives on one
side
and
by British
and
French military
Free
spokesmen on the other, the armistice terms gave
the winners of the sad little war the right of full
The French defenders agreed
sinkings still is around 4,000,000 tons a year, which
military occupation.
exceeds the combined British and American
to surrender all airplanes, ships, port installations,
rnent rate of the
replace-
moment, and the question of Brit-
Prison-
munitions, fuel stocks and other material.
ers on
both sides are to be freed and ho sanctions
date, ship sinkings now approximate 7,000,000 tons,
are to
be imposed on Vichy soldiers or officials,
which
No mention was made of "independence" for Syria
ish
For the
supplies thus remains acute.
is
war
to
especially large figure in view of the'
an
long voyages now necessary, and the slow turnabout
of
ships in the blacked-out harbors of the United
German and Italian ship losses of the
Kingdom.
placed by the Admiralty at 3,391,000 tons.
war were
were
England
remains
on
vulnerable.
The
Thursday the loss
by the British Navy of the auxiliary vessel Lady
Somers, 8,194 tons, with
given
was
loyalist
negotiations terminated and
restored. Many of these were said to be
preparing for a march into Turkey, in the hope of
an early return to France by that route.
Just before the request for an armistice was made, much
French material and a number of ships were transferred to points and ports in Turkey, where internment of the vessels was ordered.
In France the
armistice was accepted quietly and was one of the
Admiralty announced
cation
the
that
week, with the aim of showing that
this
whereas
British
indicate
reports
French forces were reduced to some 14,000 men be-
analyses
Europe is virtually immune to starvation by blockade,
Unofficial
published
Several German economic
in Berlin
and Lebanon, but it was recognized in Vichy that
the British will be able to place any kind of regime
-in power that they might desire,
loss of 37 lives.
No indi-
the manner
a
to
as
place of
or
sinking.
':■
#
Syria^ and the Near East
armistice
the
fore
peace was
matters pondered on Bastille Day, along with other
CHANGES of considerable diplomatic and Near nearing reverses of its second year. Prime Minister
French the end of the great conflict which now is
tary importance have developed in the miliof the virtual capitulation by
Winston Churchill announced the "good news" of
loyal French forces in Syria to the British Em-
the Syrian armistice to the House of Commons, last
East, in
the
consequence
pire and Free French troops who began their march
Tuesday, adding that Great Britain sought no ad-
into the mandated
vantages.
June 8.
territory five weeks earlier,
The armistice became effective in the small
As
hours, last Saturday morning.
stored in
peace
was
re-
relatively small but highly important
one
of the tremendous battlefield the British
area
on
left in command of
a
were
country which they thought,
to the time the Germans marched against Bus-
up
sia, would be
Suez
Canal
key point for the defense of the
a
East.
Near
the
and
The
Nazi
turn
against Russia changed the immediate aspect
affairs in the eastern
incident
Frenchmen
It remains
since
out
the event
as
most de-
a
it pitted Frenchmen against
former
and
allies
against each other.
quite possible, however, that the British
and Free French
turn
Mediterranean, and the Syrian
recognized everywhere
was
plorable one,
of
to
be
of
of any
British, in
any
military occupation of Syria will
great importance, especially in
German victory in Russia.
The
event, now will be able to divert
With the aid of the Free French, Great
Britain had been able to restore to the
Syrians their
sovereignty, while preserving the historic interests
of the French, Mr. Churchill declared.
titled to
"We
are en-
say," the Prime Minister added, "that the
situation in the Nile Valley has, for the time being
at any rate, considerably improved."
The armistice
terms finally arranged were officially accepted by
the
Vichy Government.
turned to
campaign
Syrian
the
After
ended
attention
number of other points in the Near
a
and Middle East which
are
of military and diplo-
matic importance to the ever-widening war.
The
Suez Canal is, of course, an objective of primary
consequence,
Cairo
told
and dispatches from Berlin, Rome and
raids
of extensive
that
on
waterway,
The Egyptian Government acknowledged "some material damage" to
Saturday.
the
Suez Canal property, last
Axis spokesmen claimed
on
Tuesday the
troops,from Syria to the Western Desert region of
sinking by aerial attack in the Canal of two
the
chant ships, and the belief was expressed that the
Egyptian-Libyan border, where the British Em-
pire units suffered
a reverse
in mid-June.
Armistice arrangements were
some
Tobruk continued to hold out at that Libyan port,
days after the loyal French commander, Gen-
and official announcement was made by the British
as
Dentz, found his plight
to make advisable a
so
request for terms.
seriThe
Command
craft
original British stipulations too drastic for accept-
Tobruk.
in any
American
extremity.
diplomatic
As transmitted through the
service,
these
terms
have compromised the French mandate.
might
Vichy ob-
jected not only to such requirements, but also to
negotiations between loyal French representatives
and
the
Free
French
Charles de Gaulle.
group
The
headed by
French
General
authorities found
on
Tuesday that the anti-aircraft sloop
Auckland, 1,200 tons, had been sunk by German air-
Vichy regime in unoccupied France considered the
ance
The British garrison at
had been blocked.
completed in Syria
eral Henri Fernand
ous
passage
mer-
on
June 24, while convoying another vessel to
The Admiralty in London stated, Monday,
that three Italian merchant ships had been sunk in
the
Mediterranean
aerial attacks also
.
British
by
were
ships in Libyan harbors.
British fliers
Although
seems
upon
British
to be almost
a
submarines,
reported against
Bombs
were
number of
control
of
the
and
Italian
dropped by
cities in Italy,
Mediterranean
undisputed for the time being,
Volume
there is
London
uneasiness in
some
after the Eusso-German
war
to events
as
ends, if the Eussians
unable to hold the Nazis in check.
are
289
The Commercial & Financial Chronicle
153
Country
vious
Rate
Argentina..
3H
Mar.
2
Jan.
Bulgaria...
Dec.
1 1940
Mar. 11 1935
3
Oct.
3
Nov. 28 1935
3X
4X
May 18 1936
Apr.
7 1930
3.65
mrnm
Dec.
16 1936
4
Japan
July
18 1933
5
...
Italy
3
4
Java
2X
3.29
man
attack upon
Russia and the changed world situ¬
5
4
14 1937
15 1939
7
6
July
6X
May 28 1935
May 13 1940
4X
Dec.
Portugal...
4
Mar. 31 1941
Rumania
3
Sept,12 1940
May 15 1933
Jan.
1 1936
3X
Morocco
4
Jan.
2 1937
5
Norway
Denmark..
4
Oct.
16 1940
4X
Poland
Erie
3
June 30 1932
3H
England
2
Oct.
3
Estonia....
4X
26 1939
Jan.
3
3
Danzig
Finland
obviously are making adjustments for the Ger¬
nese
4
22 1940
3
Lithuania..
Czechoslo¬
vakia
3
2X
Colombia..
be
Rale
India
6
Chile
Canada
NEW and possiblythe Far East, where the are to
expected in ominous developments Japa¬
vious
Hungary...
5 1940
5
Date
Effective
June 26 1941
Holland
1 1936
Belgium...
Japanese Decisions
Effect
July 18
Date
Effective
Effect
July 18
Pre¬
Rate in
Pre¬
Rale in
Country
...
..
4X
4X
6
17 1937
4X
3X
4X
office for
full year,
a
After holding
by that conflict.
the Cabinet headed by Prince
Oct.
1 1935
5
South Africa
4
Dec.
3 1934
4X
Spain
*4
Mar. 29 1939
5
France
1X
Mar. 17 1941
2
Sweden
3
May 29 1941
3X
Germany
occasioned
ation
3H
Apr.
6 1940
4
Switzerland
IX
Nov. 26 1936
2
Greece
6
Jan.
4 1937
7
Yugoslavia.
5
Feb.
*
Fumimaro
This
Konoye resigned last Wednesday.
...
Not
which is one of high policy, reflected in part
embarrassment felt in Tokio over the pact with
Germany
the
on
hand and with Eussia on the
one
probability, the Japanese advisers to
In all
other.
Emperor Hirohito induced the fall of the Cabinet
prelude to a new program, but no information
as
the
is
available
the
as
forth
Japanese
Siberia,
or
upon
an
expedition
against
against Singapore and the Dutch East
Extensive
Indies.
will send
to whether that program
military preparations for a new
campaign were rumored to be in progress*
within
Certain strategic ports were closed to ordi¬
Japan.
traffic, and a more stringent war footing was
nary
said to be in
The im¬
development for the nation.
pression prevailed in China that Japanese forces
there
were
Bank of
an
the current advance
outstanding to
as
Japanese intentions.
to
and
like
opinion that the
Cabinet might provide some
hints
A Cabinet of Admirals
Generals, it was reasoned, would indicate war¬
developments, with the South Pacific the more
due
scene
hito called upon
a new
gap
fore
due to wartime conditions, is
ings
of
rose
£49,783 while reserves registered a decrease
the
£2,841,000,
Public
deposits
rose
seventh
in
as
many
weeks.
£18,353,000 while other de¬
Of the latter amount,
posits dropped £25,926,155.
£23,685,956 represented a decline in bankers' ac¬
counts and
of
reserves
£2,240,199 in other accounts. The ratio
fell off to 16.6% from 17.4%
to liabilities
week ago; a year ago
it
was
Government
12.0%.
security holdings decreased £9,965,000 while other
securities
rose
and
counts
£5,263,515.
was
furnish
previous
The latter includes "dis¬
"securities," which in¬
and £1,133,975 respectively.
creased £4,129,540
change
and
advances"
No
made in the 2% discount rate. Below
the various items with comparisons for
years:
BANK OF ENGLAND'S
COMPARATIVE STATEMENT
Prince Konoye, Thursday, to form
/
v
July 17,
July 19,
1941
1940
July 20,
July 21,
1938
July 10,
regime, which possibly will prove to be a stop¬
government, designed to bridge the period be¬
decisions are made known through action.
Gold hold¬
fiduciary issue ceiling of £680,000,000.
we
of the next Japanese movement. After
consultations with his advisers, Emperor Hiro¬
likely
£2,890,000 raising the total
high record of £650,920,000.
new
Currency demand,
a
new
a
of
rapidly lifting notes in circulation to the current
being withdrawn, in part, for service
Seasoned observers were of the
England Statement
THE Bank's statement for the in note circulation,
again showed
increase week ended July 16
elsewhere.
nature of the
6X
1 1935
officially confirmed.
move,
the
3 X
1937
1939
£
650,920,000 608,917,033 507,637,990 487,110, 055 493,133,361
17,502,357
56,037,981 28,381,117 22,484, 516
28,881,000
724 135,331,067
158,263,308 130,399,993 131,943,344 142,008,
Bankers' accounts
108,108,434 79,165,778 95,519,911 107,339, 269 97,181,330
51,234,215 36,423,433 34,669, 455 38,149,737
Other accounts
50,154,874
Govt, securities
142,842,838 155,867,838 105,051,164 109,821, 164 107,448,697
Other securities
31,115,813 26,065,103 33,863,945 32,390, 650 29,199,127
5,830,086
9,304 918
9,120,080
3,025,705
Disct. & advances.
11,567,668
Securities...
19,548,145 23,039,398 24,743,865 23,085, 732 23,369,041
22,447,875 39,437,969 40,315, 715 34,246,048
Reserve notes & coin
31,073,000
1,364,908 247,075,959 327,425, 770 327,379,409;
Coin and bullion
1,993,517
Circulation
Public
deposits.
Other deposits
these
in
perceptible,
Clearly
circumstances, was
Yosuke Mat-
only the fact that Foreign Minister
suoka, who negotiated the Eusso-Japanese treaty,
would
ness
not
London and
Canal
immediately to power.
return
to the
as
Washington.
repairs,
Uneasi¬
Japanese course was evident both in
On the plea of necessary
authorities held
our own
a
of
Mine fields
the
Japanese
position
2%
2%;
168s.
168s.
Gold val. per fine oz_
24.5%
12.0%
16.6%
2%
Bank rate
was
New York
clari¬
awaited.
placed in Philippine harbors, and
were
Proportion of reserve
to liabilities
148s. 6d.
84s.
24.5%
2%
11 ^d. 84s.
22.4%
2%
ll^d
number of
Japanese merchant ships at Panama, while
fication
.
Money Market
DEALINGS in the New Yorkprevious market this
money lines, and
much along
week
were
merely continued.
Save for the
preparations made to meet whatever contin¬
rates
gencies the Far Eastern situation might produce.
usual
sizable
States
Treasury paper, not much business develops
other
The earnest
'Cabinet
the
hope prevailed in Washington that the
move means
Axis.
The
veering of Japan away from
a
course
of the Eusso-German
however, makes such a tendency at Tokio
war,
unlikely.
were
on
and 1 1-32@1 1-16% for
against 1 1-32%@1 1-16% on
Friday of last week,
three months'
bills,
as
Friday of last week.
Friday
was
transactions
a
further issue of
01
in
short-term
United
The Treasury last Monday sold
$100,000,000 discount bills due in
days, with awards at 0.097% average, computed
an
annual bank discount basis.
Call loans on
the New York
IN bills Friday market discountagainst for1-32%
LONDON open 1 1-32%, as rates 1 short
on
were
from week to week.
on
Foreign Money Rates
also
Stock Exchange held to 1% for all
transactions, and time loans again were 1%% for
60 and 90
days, and 1%% for four to six months'
datings.
New York Money Rates
Money on call at London on
DEALING in detailfrom day toloan rates on the
with call day, 1%
the
Stock Exchange
1%.
was
Central Banks
Discount Rates of Foreign
ruling quotation all through the week for both new
and renewals.
The market for time rrioney
loans
THEREdiscount rates of
have been no changes during the week in
the
of the foreign central
any
banks.
Present
rates
shown in the table
at
the
leading
which follows:
centers
are
continues quiet.
up
to
Rates continued nominal at 1 \i%
90 days and 13^2% for four to six months'
The market for prime commercial paper
maturities.
The Commercial & Financial Chronicle
290
has been
been
Prime
quite active this week.
been available in
good.
has
paper
good volume and the demand has
policy from the phase of intensified export
essential to finance the war following the
efforts
%@%% for all
are
ma¬
?
French military
collapse, and stated that as a result
of
Ruling rates
turities.
trade
July 19, 1941
of the Lend-Lease Act in March,
the
passage
which
ports,
Bankers' Acceptances
greatly reduced
the present
THE market for prime bankers'The demand has
acceptances has
quiet this week.
essential
is
been very
Dealers'
rates
and six
and including 90
%% bid and 7-16% asked; for bills running
are
for four
scarce.
reported by the Federal Reserve
as
Bank of New York for bills up to
•days
has been
paper
months, 9-16% bid and %% asked; for five
The bill
months, %% bid and 9-16% asked.
not
The effect of these restrictions
purchases.
materials could not be diverted from
orders and
as
Under
the
new
will
America
be
British exports to Latin
chiefly in textiles, which require
little cargo space
THERE have been of the Federal Reserve banks;
no changes this week in the
The
in the footnote to the table.
schedule of rates
of paper
now
The following is the
in effect for the various classes
be produced without inter¬
Machinery replacements
items.
and recent discussions with British Embassy
officials
by representatives of the National Foreign Trade
Council,
an
organization representing American
ex¬
port interests, provided an effective method of solv¬
at the different Reserve banks:
ing the difficulties and complaints of American
DISCOUNT RATES OF FEDERAL RESERVE BANKS
V
can
foreign trade policy outlined by Mr. Keynes
rediscount rates
Government obligations are shown
and
glass and china-ware will also constitute sub¬
stantial export
recent advances on
as
machinery in. South America.
program,
fering with defense output.
and
said,
partly completed
parts must be kept on hand to
spare
maintain British-made
buying rate of the New York Reserve Bank is %%
Discount Rates of the Federal Reserve Banks
adopted of
been
yet reflected in export statistics, he
for bills
running from 1 to 90 days.
had
limiting exports to the minimum required to pay for
been
good but the supply of
British dependence on ex¬
program
ex¬
Both Mr.
Keynes and Sir Owen Chalkley, commercial coun¬
porters concerning British competition.
Date
Previous
Established
Rate
Rale In Effect
July 18
Federal Reserve Banks
;,
1. 1939
1
Sept.
New York..
1
Aug. 27, 1937
Philadelphia
1M
Sept.
Boston
selor to the British
IX
IX
4, 1937
IX
IX
May 11, 1935
2
Aug. 27. 1937
2
Atlanta
*IX
Aug. 21, 1937
2
Chicago,....
*IX
Aug. 21. 1937
2
St. Louis
•IX
Sept.
1937
1937
1937
1937
1937
Embassy, endorsed the
tion that the National
2
2
Cleveland
-
Richmond
Minneapolis
Aug.
IX
-
Kansas City...i..............
MH
Sept.
Dallas
•IX
Aug.
IX
San Francisco
♦
Sept.
2,
24.
3.
31.
3,
act
'V-v':
2
States
representative of the British Industrial and Export
2
2
Council.
2
Charges in
Government obligations bear a rate of 1%, effective
on
clearing house for such complaints and take
as a
them up with Sir Kenneth Lee, the United
Sept. 1, 1939,
Chicago; Sept. 16. 1939, Atlanta, Kansas City and Dallas; Sept. 21.1939, St. Louis.
Advances
sugges¬
Foreign Trade Council should
recent debate in Commons on war
a
production that British industry is working only at
Course of Sterling Exchange
75%
"of
unspecified
some
answered
week by
next
standard"
are
be
to
Prime Minister Churchill,
THE market feature. Theexchange isis moving and
limited
devoid of for sterling
pound
who
rowly, with little variation from official rates.
impression of mismanagement and "do not at all
nar¬
The
for free sterling this week has been
range
between $4.03 and
compared with
a range
of between $4.03 and $4.03%
$4.03% and $4.04, compared with
of between
Official
continue
Canada,
$4.03% and $4.03%
rates
week
ago.
quoted by tjie Bank of
unchanged:
England
90.09c.@
official,
United States dollar); Australia, 3.2150
@3.2280; New Zealand, 3.2280@3.2442.
American
On
Italy,
or any
New York,
Germany,
of the invaded European countries.
exchange is not quoted
countries of Continental
tive order issued
on
on
any
In
of the
Europe, due to the Execu¬
June 14 by
cur¬
be
submitted
on
schedule
No.
12.
the addition of
Modifications
minimum
has been
that
with
as a
trade
is
being
result of lend-lease
provided
on
exporters
reduced
aid, and
to
a
assurance
behalf of the British Embassy
England will not, directly
similar
States
products,
use
or
by replacements
lend-lease materials
to
compete with American exporters in foreign markets.
On
July 14 John Meynard Keynes, the British
economist, traced the development of British foreign
chiefly in
undue
in
a
past trade instead of actual records when
hardship, delay
or expense
production of the records.
requirements
may
would be incurred
Copies of the revised
obtained
be
from
Commerce
Department■ field offices.
Figures for 1940 published by the Institute of Life
Insurance, representing about 60% of British busi¬
in
that
field, show increased assets, premium
policyholders, with
a
rela¬
tively small part of the increase in death benefits due
Spain, Sweden, Switzerland, and Russia.
American
consist
provision permitting exporters to submit esti¬
ness
Latin
for
requiring basic affidavits and in the addition of
income and payments to
British competition with United
applications
products to the list of commodities
rencies, and requiring general licenses to complete
in
with
controlled products have been
transactions in the currencies of
Finland, Portugal,
field
every
materially revised in connection with the issue of
President Roosevelt,
suspending trading in the German and Italian
to
licenses
export
mates of
on
an
announced that requirements regarding basic
at 4.02
London, exchange is not quoted
abroad
create
July 10 the United States Department of Com¬
merce
new
In
remarks
production."
war
commercial bank rates for official sterling continue
buying and 4.04 selling.
such
yielding remarkable results in almost
of
affidavits
(
New York, 4.02%@4.03%;
(Canadian
4.43-4.47
90.91c. per
a
a range
that
represent the immense and well directed effort which
is
The range for cable transfers has been
last week.
between
$4.03% for bankers' sight bills,
asserted
to
war
conditions.
Such payments
and 20% over
over
1939
were
24% less in
1938.
than in
1940
insurance assets increased
2.9%
life insurance companies made
if not their sole field of
ary
new
life insurance business
39.7% below 1938, while
increased 12.4%
Policy surrenders
1938.
over
war
new
life
In 1940
loans their major
investment.
was
Total
1939.
New ordin¬
24.4% below 1939 and
industrial business
6.6% under 1939 and 12% under 1938.
was
Volume
Meetings will be held alternately in Washington and
Ottawa, with the object of eliminating needless
duplication of effort and of devising effective parallel
action.
Montreal funds ranged during the week
between a discount of 11 15-16% and a discount of
Refunding of Britain's 3%% war loan, now at its
highest price since 1937, is expected in view of the
lower
prevailing interest rates and the close Treasury
situation.
control of the monetary
The "Financial News" index of 30
based
industrial shares,
July 1, 1935 as 100, was 74.6 for
on
the week
high for 1941, compared with
before, 70.9 a month earlier, 57.5 last
ended July 12, a new
72.7 the week
the low point of 49.4 on June 26, last, and 77.5
year,
at the
on
beginning of the
1928
as
war.
The bond index, based
100, reached the year's high
of 130, com-
pared with 129.3 the week before, 128.6 last month,
119.2 last year, and 133.4 at the beginning of the war.
Great Britain will take about 2,250,000 bushels of
United
surplus
'
States
under the lend-lease
corn
Commodity
corn
Credit
±
1
-
...
The
program.
-V
#
—
-
^
Of the net Australian war costs
30
.
.
being transferred by the
Corporation to the Surplus
is
1 ■
for the fiscal year
£169,857,000 (Australian),
totaling
.
♦'»*
British use.
Marketing Administration, July 1-27, for
ended June
291
The Commercial & Financial Chronicle
153
7
7
7
0
11 9-16%.
The amounts of gold imports and exports which
follow are taken from the weekly statement of the
United States Department of Commerce and cover
the week ended July 9, 1941.
gold imports and exports, July 3 to july 9,
inclusive
imports
g^\b^"n^-p
"Exports
-
$9,009,385
TotaL.of „Refined Bullion and Com_ _...
..........
_
Detail
Shipments—
$745
$250
Portugal
united kingdom.
V/RI1JW13*-*
—
-
.
''
mummm - - —----- -- -- — - -
0,ofouf942>
W<*» *•*'«»
'
4,031
Panama Republic
2'i75|ooo
II'III
345,000
141,000
tS.na"rmillllllllllllllllllllllZIIIIIII
a us
......
British Oceania.
New Zealand.'
£65,074,000 was derived from tax revenue, with an
additional £11,000,000 recoverable from the British,
$110,934 Newfoundland and Labrador, $106,035 Peru, $151,478 Venezuela,
$958,181 Philippine Islands.
Egyptian and Otner governments.
The United States defense program has given rise
the week ended July 9 by $1,454,491 to $1,918,240,391
'
'
to
a
demand for reconsideration of
the Government's
Production
Management and Government economists urge that
development of an extensive commercial demand for
the Government's 42,000 tons of non-monetized
silver would remove a dangerous source of credit
silver subsidy.
Experts in the Office of
Research scientists state that if the
inflation.
entire
about 88,000 tons were subin electrical uses, it would meet
Treasury silver stock of
stituted for copper
only
fraction of the copper shortage.
a
With copper
pound and silver at 35c. an
ounce, such a use is not now feasible.
The National
Academy of Sciences recommended recently the substitution of silver for tin in solder, to effect an
selling at 12 cents a
approximate saving of
25% in such tin consumption,
Silver authorities state
that two-thirds of the silver
by-product of lead, copper, and
A recent suggestion by silver
Senators that the silver dollar should be devalued in
order to lighten the tax and debt burden, was
characterized by the Economists National Committee on Monetary Policy as an ominous revival of
an old and evil device of currency debasement.
How-
now
produced is
Secretary Morgenthau has
ever,
Senators that the
assured the western
Government's present silver pur-
continued. Newly mined silver
purchased at 71.11 cents per
while the Treasury has since 1939 paid around
chase
policy will be
must
by statute be
ounce,
35c.
an
ounce
for foreign silver.
ended
high record of £650,which is within £30,000,000 of the present
Bank of
England circulation for the week
July 16 rose £2,890,000 to a new
920,000,
fiduciary limit of
£680,000,000.
market continues
%
Call
Bill rates are substantially
unchanged, with two-months bills at 1 1-32%, threemonths bills at 1 1-32%, four-months bills at 1 1-32%
The London money
money
easy.
is available at 1%.
and six-months bills at 1
3-32%.
fluctuation. The
created to coordinate
the industrial efforts of the United States and Canada
and to reduce as far as possible the economic dislocaThe Canadian
Joint
tion
Sl76 082 Canada,
dollar shows little
Economi'c Committee,
expected to follow the
cessation of wrar activi-
ties, held its first session in Washington on July 14,
on the arrival of the four Canadian representatives.
sl32>123 Nicaraguai $l30,832 Mexico,
Gold held under earmark at the Federal Reserve banks increased during
Referring to day-to-day rates, sterling exchange on
Saturday last was $4.03@$4.03% for bankers' sight
and $4.03%@$4.03% for cable transfers. On Monday the range was $4.03@$4.03% for bankers' sight
and $4.03%@$4.03% for cable transfers. On Tuesday bankers' sight was $4.03@$4.03% and cable
transfers were $4.03%@$4.03%.
On Wednesday
bankers' sight was $4.03@$4.03% and cable transfers were $4.03%@$4.03%. On Thursday the range
$4.03@$4.03% for bankers' sight and $4.03%
On Friday the range
was $4.03%@$4.03% for bankers' sight and $4.03%
@$4.04 for cable transfers. Closing quotations on
Friday wereT$4.03% for demand and $4.03% for cable
transfers. Commercial sight bills finished at $4.00;
60- and 90-day bills are no longer quoted,
was
@$4.04 for cable transfers.
a
production.
zinc
,chiefly
_
.
#
Continental and Other Foreign Exchange
T^ROZEN assets of American individuals and conA cerns in Italy were brought completely under
Government control by decrees published in the
"Official Gazette" on July 13. All payments to
Americans must be made through the Bank of Italy,
special license from the Institute of Foreign
However, payments, such as
salaries, by American concerns to Americans may be
authorized directly by the Government's agents,
Industrial and commercial concerns in which United
States capital is invested are placed under the permament control of Government supervisors appointed
by the Ministry of Corporations, Finance, or Exchange. These Italian agents are empowered to
inspect all books, correspondence, functions and
business arrangements. The June 17 decree forbidding the transfer of American-owned property was
extended to include patents on inventions, copyrights on books, and similar sources of income. The
new restrictions, which carry penalties for evasion,
apply to persons of dual nationality, wives of Americans, and to American-born sons of Italian parents,
A general license lifting the freezing provisions
affecting Spanish assets in the United States was
issued on July 11. Funds of Russia, Switzerland,
and Sweden were previously released. The United
States retains the right to examine Spanish credits
upon
Exchange, Istcambi.
The Commercial & Financial Chronicle
292
and any transactions made under the
license.^;/'"7:--"::VV
: A large volume of applications for release of foreign
in this country
the Foreign Control Prop-
funds is handled daily by
Department of the Federal Reserve Bank of
New York.
Late last week the New York Bankers
erty
stressed the necessity
supplying full information concerning each request
Foreign Exchange Committee
of
for release of
funds, in order to obtain a license from
stated that in the
Treasury Department, and
the
complete data the particular circumstances
absence of
i\ which
application should
to justify such an
appear
prices which they fix themselves and pay in depreciatingfrancs.
,:
A special occupation census of all residents of
France was taken this week, affecting all between
the ages of 14 and 65. Detailed information as to
trades, occupations, and abilities was sought, pre-
sumably with the object of requisitioning labor for
agricultural purposes. Scarcity of materials and
operating equipment has caused rationing of such
products as leathers and textiles, with provision for
Government aid in retaining employees on a parttime basis.
,
I
Recent increases in industrial share trading on the
be disclosed.
have been granted to Amtorg
Trading Corporation for the $1,700,000 of Russian
licenses
Export
tools, oil field equipment, and other ma-
machine
The
chinery purchased here several months ago.
is reported to be seeking substantial
Russian agency
quantities of similar equipment.
tenfold
increased
since
domestic bills fell during the week by 31,000,000
which
guilders to 60,500,000 guilders, foreign bills increased
according to
1938,
Vienna address of the German Minister of
oil,
cotton,
supplies
ments
are
manganese
a
Economics
Imports of Russian grain,
made before the invasion.
ore
cut off at a time
and other essential
when German require-
increasing, and long-term German orders
are
purchases of heavy industrial equipment
for Russian
valued at
than
more
1,000,000 marks are reported
to have been in process
when the
war
began.
and
recent study of the effect of blockade
counter-blockade on Continental and British
food
supplies by Dr. Reithinger, economic expert of
According to
Amsterdam Stock Exchange, not attributable to
economic factors, are believed to be due to renewal
of hope, because of British air raids and Russian
military resistance, that The Netherlands will regain
its independence. The July 16 statement of the
Bank of The Netherlands shows that holdings of
abruptly ter-
The Russo-German hostilities have
minated German trade with the Soviet Union,
had
July 19, 1941
a
16,800,000
circulation
guilders to 356,900,000 guilders, and
2,600,000 guilders to 1,684,500,000
rose
guilders,
•
E'XCHANGE on the Latin American countries
presents no new developments. On July 11
Office of the Coordinator of Commercial and
Cultural Relations between the American Republics,
which Nelson A. Rockefeller is the head, disclosed
the existence of a voluntary "blacklist" containing
the
names
of about 2,000 Latin American firms and
imports by one-third would curtail
individuals with Axis connections, out of some 5,000
engaged in business. The list was prepared with the
cooperation of the Commerce and State Departments
an<^
17,000 exporting companies. The information provided guides United States exporters in their
dealings with Latin American firms and agencies
and serves to keep United States Government depart-
British food
consumption by one-fourth, bringing the
British close to the limit of endurance.
A decline in
ments posted as to the identity of Latin American
commercial agencies.
On July 17 the list, with
food
MOO names, was officially published as the "Proclaimed List of Certain Blocked Nationals," when
the German Chemical Trust, a
15% of peacetime consumption
10% to
by only
though he admits
30% deficit in edible fats
a
con-
Continental Europe, whereas a reduction
sumed by
of normal British
imports to half their normal amount would
"the end of the British Isles."
mean
/
completely effective
could reduce the Axis food supply
blockade of Europe
have
a
to
Food
Reich
Assistant
stated in
Paris address
expand
its
eiently to insure its
Minister
on
Herbert
Backa
July 12 that Europe will
agricultural production suffifood supply, even after the
own
war,
because destruction of shipping, lack of indus-
trial
products to trade for food imports, and United
States
hoarding of gold will long impede the satis-
faction of
Europe's food and
ultimately be able to absorb
due to
consumer
goods require-
However, he predicted that Europe would
ments.
overseas
food surpluses,
population growth and eventual recovery of
living standards.
Trade
to
cover
negotiations between the Reich and Turkey
an
exchange of goods to the extent of £25,-
000,000 (Turkish)
man
and
are
said to be hampered by Ger-
inability to guarantee delivery of machine parts
heavy industrial goods.
supply fruits, nuts, minor
chromium for steel
Turkey is expected to
raw
materials, and
some
the
are
French
day extorted from
occupation costs,
German bankers
repeating in Turkey the technique of buying
French and Belgian
they applied
so
up
industries and investments which
successfully in the
case
of Yugoslav
and other foreign holdings of conquered nationals, at
a^ 5.15, against 5.15. Chilean exchange is nominally
quoted at 5.17, against 5.17. The Chilean export
peso is nominally quoted at 4.00, reflecting the
reduction ordered on May 29 in the cash value of the
United States dollar from 31 to 25 pesos. Peru is
nominal at 15.75, against 15.75. The Mexican
Peso *s nominally quoted at 20.70, against 20.70.
♦
F^XCHANGE
a
400,000,000 francs
as
a^ firms and individuals listed.
The Treasury
Department immediately issued a general license
permitting the continuance of trade and incidental
financial transactions with nationals of all countries
named in the June 14 freezing order whose names do
n°t appear on the official American blacklist,
Urn Argentine unofficial or free market peso
closed at 23.85, against 23.86. The Argentine official
Pes0 *s pegged at 29.78. The Brazilian milreis closed
alloys, previously exported only
to Britain and the United States.
Out of the
President Roosevelt extended the provisions of the
June 14 freezing order to the assets in this country of
IZj
on
the Far Eastern countries
con-
quiet, with advances recorded in the
Chinese units. Dr. Arthur Young, American finantinues
cial adviser to the Chinese Government, returned to
Chungking this week to resume his work as general
financial and economic adviser and to handle the
details of lend-lease aid to China. Three American
Volume
transport
arrived to
experts
equipment needs
the highway
survey
the Burma road.
on
s
s
promised to negotiate for surrender of extra-terri¬
rights in China when
view of the
regarded
is restored.
peace
In
Japanese invasion of China in 1937, it is
as
fortunate that the 1929 negotiations of
both the British and the United States Governments
the
on
subject, which
were
rejected by China because
delays at the door of business by accusing it
gram
of
The United States and British Governments have
torial
having failed to anticipate its proper defense bur¬
The intent is to show that
dens.
lias been almost
"New
justifiably, to enlarge right
American
You
industry for not expanding capacity up
It is
Settlement at Shanghai and the other foreign con¬
cessions have been
defense has become
great economic and political
rule holds
America, China, and Britain.
The direction of Japanese policy, now at a
:
in Axis
of the
crisis
relations, will be judged by the composition
Cabinet.
new
Action taken by
the Yokohama
Specie Bank during the week, disposing of $6,000,000
$7,000,000 in United States dollar credits, some
to
of which
belonged to the Japanese-controlled Nan¬
king Government,
fear that
United
ascribed in
was
quarters to
some
Japanese funds might be frozen by the
States
the
in
Japanese military
of
event
expansionist
an
yen
checks
Friday
on
Hong¬
Friday of last week.
on
were
kong closed at 24 11-16, against 24 9-16; Shanghai at
5.50, against 5.40; Manila at 49.85, against 49.85;
Singapore at 47against 473^; Bombay at 30.31,
against 30.31; and Calcutta at 30.31, against 30.31.
Gold Bullion in European
Banks
gold
(converted into pounds sterling at the
British statutory rate,
the
attack—the
in
as
war
that "the best
attack," whether justified
an
industries
four
84s.
fine ounce)
per
principal European banks
dates of most recent statements,
or
not.
this
under
are
aluminum, the steel industry, the rail¬
roads, and the private electric power companies.
Obviously, in the
Output' before
pounds
immensely
the
war
our
400,000,000
around
was
defense
capacity.
outrun
it is still only about 650,000,000
year;
a
of aluminum,
case
have
requirements
despite rapid expansion; and the visible
pounds,
estimated
now
are
pounds
at
around
Aluminum
obvious
The
year.
a
1,600,000,000
the
is
scape-goat
Corp., and the Washington critics
are
making the most of it.
In the
of
case
steel, Gano Dunn made
the Office of Production
a
report to
Management indicating
an
ample surplus of steel-making capacity this year
and
small but comfortable
a
revised this in
HPHE following table indicates the amounts of
in
obviously confused; for the
so
move.
23.60, against 23.60
bullion
particularly useful piece of
good in politics
Specifically,
needs
Closing quotations for
1
defense is
now
a
that Washington management of
myth-making
of
plausible one.
a
merely increase the program beyond capacity,
to the program.
value to
has been, quite
to the capacity of
up
industry, the argument is
until
not ratified, as the International
Since the
Republic," in expanding capacity.
then damn
were
private enterprise
treasonably slow, to paraphrase the
whole trend of the defense program
they provided for continuance of special treaty rights
1939,
293
The Commercial & Financial Chronicle
153
May, saying
1,400,000 tons this
But this
1942.
OPM group,
and
year
not
was
He
surplus for 1942.
we
would be short some
some
6,400,000 tons in
enough for the left-wing
which instead advocated lifting capac¬
of respective
as
ity to the fantistic figure of 120,000,000 tons, and
by
compromised by insisting that the industry expand
reported to
us
special cable yesterday (Friday); comparisons are
shown for the corresponding dates in the previous
by 10,000,000 tons this year and next.
four years:
they were amply equipped to handle any probable
Banks
1940
£
1939
1938
£
£
£
make
Germany x.
*690,233
141,352,112
242,451,946
3,882,500
242,451,946
311,709,184
327,425,770
293,728,209
3,867,600
63,840,050
2,524,000
63,667,000
63,667,000
87,323,000
296,117,650
16,602,000
Spain
17,440,000
63,667,000
23,400,000
25,232,000
97,714,000
96,007,000
123,394,000
103,824,000
132,857,000
Switzerland
Sweden
93,690,000
98,644,000
6,602,000
34,222,000
6,505,000
6,555,000
82,202,000
111,449,000
29,201,000
6,539,000
6,667,000
6,666,000
7.442,000
41,994,000
Denmark
__
Norway
86,730,000
Total week,
698,106,568
700,094,779
Prev. week.
698,081,392
700,216,622
83,598,000
6,549,000
879,752,346 1,072,803,979 1.070,747,659
880,125,593 1,032,748,169 1,072,217,205
obtain up-to-date reports
from many of the countries shown in this tabulation.
Even before the present
war, regular reports were not obtainable from Spain and Italy, figures for which
are as of April 30, 1938, and March 20, 1940, respectively.
The> last report from
France was received June 7; Switzerland, Oct. 25; Belgium. May 24; Netherlands,
May 17; Sweden, May 24; Denmark, March 29; Norway, March 1 (all as of
and Germany, as of July 11, 1941.
at
cars
and Bank Notes Act, 1939, the Bank of England
1939, and since have carried the gold holdings of the Bank
the statement date, instead of the statutory price
basis of value
On the market price basis (168s. per fine
ounce)
the Bank reported holdings of £1,993,517, equivalent, however, to only
about £1,008.122 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
which was formerly the
well
as
have
had to
with the figures for other
no
shortage of
But defense
has
step up their car orders this
countries in the tabulation, we show English
of
freight
OPM
to
roads
are
faint possibility of some
orders has made it necessary for the
car
builders priorities in obtaining
alleged improvidence, therefore, the rail¬
coming in for criticism.
,
Lastly, the electric utility industry has been criti¬
for years
cized
for
alleged
ments
power
basis of latest valuation (23.34 mg. gold 0.9 fine
its
by the Federal Power Commission
over-conservatism
until
this
summer,
when
installing
new
a
serious drought
Authority short of
Valley
the Tennessee
to supply the industries it had invited into
area,
including in particular the
panding aluminum industry.
are
in
It has, nevertheless, met all require¬
equipment.
revalued several times in recent
equals one franc), instipound about 349 francs; prior
to March 7, 1940, there were about 296 francs per pound, and as recently as Septem¬
ber, 1936, as few as 125 francs were equivalent to the statutory pound.
For deta«'s
of changes, see footnote to this table In issue of July 20, 1940
The Bank of France gold holdings have been
tu.ed March 7, 1940, there are per British statutory
car
give
For
steel.
caught
Gold holdings of the Bank
a
shortage of rolling stock in the fall, while the rush
of Germany as reported in 1939 and since Include
..deposits held abroad" and "reserves In foreign currencies,'
y
further
spring, and there is still
holdings In the above in statutory pounds.
years: on
point.
pushed traffic needs to the point where the roads
at the market value current as of
x
far been
so
important
any
1940)
Pursuant to the Currency
statements for March 1,
as
There has
ing stock.
Just to
25,844,000
Note—The war In Europe has made it Impossible to
»
war.
their orders for roll¬
105,795,000
41,505,000
6,505,000
6,667,000
Nat. Belg__
up
25,232,000
97,714,000
132,857,000
84,758,000
Italy
Netherlands
resulting from the
certain, they stepped
2,483,600
63,667,000
France y
September, 1939, that
327,379,409
*1,008,122
England
increase
traffic
1937
£
1941
of—
The railroads announced in
being poured
on
fast-ex¬
now
So the vials of
scorn
this industry also for blind
short-sightedness.
Politicians Blame Industry
for Not
The
Producing More Than Capacity
One
of
moment of
the
the
most
interesting
examples
at
the
Washington's flair for myth-making, in
development of the folk-lore of Socialism, has
been the recent
carefree Mr.
smear
campaign, led
as
usual by the
Ickes, to lay the blame for defense pro¬
most
obvious
answer
that the defense program
bounds
until
capacity.
its
scope
these
to
criticisms is
has expanded by leaps and
is limited only by existing
The most spectacular part of this ex¬
panding program has been in the airplane industry,
and
that
matter of
means
in
demand
for
fact, Aluminum Corp.
aluminum.
was among
As
a
the first
TAe Commercial & Financial Chronicle
294
At the end of 1938, before the
anticipate this.
to
began, the corporation undertook a $200,000,000
war
expansion program, on which it is now well ahead
of
it
addition
in
and
schedule,
produced
sub-
July 19, 1941
In Great Britain 50,000 railway work^
they want.
have been withdrawn into defense industries,
ers
But the most serious question is that of the immediate cost of expansion reckoned in terms of men
capacity
by
and
10,000,000 tons, for instance, over 4,000,000 tons of
with
a
consider-
materials.
steel
increase
To
stantially in excess of current demand, and therefore entered the defense emergency
steel would have to
be withdrawn from this and
steel
industry was also well in advance among those
next year's supply.
A considerable part of this
who
anticipated the emergency is indicated by the
would have to be in the form of plates, which are
stockpile
able
aluminum
of
hand.
on
fact that in 1940 it had lifted its
the
That
capacity to nearly
badly needed
for armor for ships and tanks, for
In fact, the
80,000,000 tons, though the largest pre-war civilian
merchant ships, and for freight cars.
takings of American-made steel on record were only
building of freight cars may cut into not only the
65,000,000 tons.
The railroads are now carrying
available plates but also into the capacity of the
the burden of the
largest civilian industrial output
in American
history, plus the current defense
shipping, and
an
increase in
enormous
ports of bulky, strategic raw materials.
industry, it has
power
As for the
far sustained the burden
so
increase in the index of the Board of Gover-
an
of the
Reserve
Federal
System of industrial
activity almost 20 points above anything
viously
pre-
ever
broke out.
war
If it had not been for the
in short, the Cassandra-like warnings of the
Federal
Commission
Power
realistic
today
they
as
would
be
in the
were
just
years
as
un-
before
But these critics of business also
ignore certain
complexities in the present situation which make
of their criticisms
An increase in steel
the programs
try,
to turn out
hydro-generators, the equipment people have orders
for years ahead for steam power plants for the twoocean
which in the next few years requires
of installations, for a
navy,
17,000,000 kilowatts
some
large battleship needs as much power as a medium-
sized city.
In
sure
many ways,
for
therefore, this Washington
capacity amounts to
more
pres-
for
pressure
a
"sivilian consumption as usual," which is
a
version
of Washington's watch-word of "politics as usual."
Except in such obvious
cases
as
aluminum
and
magnesium, there is ample capacity in the above-
war.
some
loaded electrical equipment industry
and far beyond anything anticipated
seen,
when the
the
tanks,
produce
generating equipment, while there is still a small
our
export trade to Great Britain and in our im-
war,
to
As for new electric
remaining slack in the capacity of the heavily over-
on
coastwise
nors
industry
to them by the more than 50% cut in
passed
our
equipment
railroad
plane assemblies, and so on.
plus odds and ends of carrying requirements
gram,
of
pro-
extremely short-sighted.
voluntarily undertaken by the indus-
the risk of wasteful shortsightedness
runs
certainty that
defense needs;
mean an
and materials to protecting
men
and
untimely diverour non-
defense civilian standard of living several
in
years
the future.
It is hypocrisy, however, for Washington's
on
In the first place, there is no
supply
to
additions to their capacity
sion of
capacity, for instance, beyond
at least three counts.
industries
named
men
yes-
to argue that private business is responsible
for whom it is chiefly
consumers,
advocated, will be able to
for the inadequate capacity of American industry,
the increased steel
The Aluminum Corp. and the magnesium producers,
use
Already there is talk in Washington of
for instance, have been severely criticized for "hold-
shortages other than of steel, including scarcities
ing down production" during the '30's while Ger-
output.
of non-ferrous metal and other
and of skilled
year
force
labor, which
reduction of
a
non-defense industrial
for
by the end of this
much
as
activity.
as
one-third in
Many people think,
instance, that the automobile industry
the end of the
its
operations
steel
be
the
ments
year
may
by
have to cut
than 50%—which would cut its
remembered
a
corresponding amount.
that
the
even
most
It
extreme
only about
are
a
third of present
Huge figures for lend-lease steel exports
by the shortage of ships.
far for the benefit of the
same
beyond that.
even
ran
Aluminum
price three times in 1940.
their capacity
Corp.
cut
the
The magnesium people
tried to interest the Government in their product
without
With
success.
rare
exceptions the fashionable Washington
economists in
recent years never
indicated
any
in-
as
utility industry to
on
a
ministration, under which considerable industrial
men
and materials to
now
there
operations may
capacity for lack of
there may not
seems
may
passed which discouraged capital investment by
larger extent.
soon
scrap
run
at the
every
sag
to
expanded
well below present
Then
be enough tin for tin-plate, zinc for
galvanized sheets, and
so
on.
Skilled
men
program.
Year after
Treasury-sponsored
year new tax
laws
were
a
"heads-I-win-tails-you-lose" ad-
justment of the capital gains tax, by the prohibition
likelihood that
steel and pig iron.
junked, and continuing through the
was
farm
expanded industries would later be permitted
Even
capacity
And
For another thing, it is not at all certain that the
have the
toward the cutting dowu of output and
expected, because
the railroads and the electric
or
was
capacity, beginning with the National Recovery Ad-
airplane industry.
smaller
1940,
Steel is not
potential cut-back of civilian demand
reduce the burden
steel
up
The whole set of Washington economics, until May,
steel
choked
rate.
But the aluminum and magnesium people
produced all they could sell, and
for
tank construction has been starved of machine tools
the
output of these metals was expanding enor-
terest in increasing the Nation's industrial capacity,
going into tank construction
so
man
mously.
expansionists concede that defense require-
capacity.
are
coming production
more
consumption by
must
of
strategic materials,
may
might
of consolidated tax
returns, and by the prolonged
re-
fusal of Congress to permit the carryover of losses
for income tax purposes.
income tax rate
on
stantially higher than
tries.
These made the effective
the capital goods industries subon
the
consumer
rate plowing in of earnings into
peated
goods indus-
The undivided profits tax discouraged corpo-
wage
new
plants.
Re-
increases, favored by the Administra¬
te needed for operations more essential to defense
tion, weakened the capacity of industry and of the
than that of
solvent railroads to
enabling civilians to have all the steel
keep
or
bring plant
up
to date.
Volume
Utility investment
Perhaps to prove that this is no mere academic
generalization, specific requests for military and
naval appropriations and authorizations amounting
in the total to $8,093,01)5,588 were promptly sent to
Congress, one on Thursday for $4,770,065,588 to be
given to the War Department, and another on Friday, for $3,323,000,000, to be used by the Navy Department, while with some particularity it was
made evident that provision for another allotment
of not less than $7,000,000,000 under the Lend-Lease
Act would be demanded during the current week,
Unless a sudden wave of sanity, no satisfying foreshadowing of which is presently visible, suddenly
appears in Congress, these great additional sums
will soon be appropriated and then the total of commitments to be met by Federal taxation and borrowing will stand at substantially $63,000,000,000.
doubly discouraged by the,-
was
interpretation of the Utility Act death-sentence and
Commission's drastic
Security and Exchange
by
developed
in which it
whole
a
should
switched
be
the
too
gone
goods,
consumer
more
National Eco-
Temporary
built up
Committee
of
fear
had
capital goods production and
toward
of
sound-track
nomic
of economic thinking
aura
felt that the country
was
far in the direction of
The
competition,
Government
subsidized
punitive
There
in the public's mind a
"technological unemployment" which pre-
pared it, intentionally or unintentionally, for such
that embodied in Senator O'Mahoney's
programs as
still-born 1940 bill which would have put a
tax
As
penalty
machinery.
single illustration of the official attitude
a
toward
a
of labor-saving
users
on
capacity, the following is quoted from
excess
statement submitted
Even the New York "Times," never niggardly in
7, 1939, on "Monopoly and
support of the sundry steps that are leading this
Trade Commission
Federal
to the TNEC on March
country into armed and avowed intervention in the
European conflict, seems appalled at the financial
recklessness that is prevalent and . comments with
measured severity upon the manner in which Congress, holding both the initial and the ultimate
Competition in Steel."
"Over-equipment in the industry, writh failure to
eliminate the least efficient plants
have accustomed the
ratio of
plant
appears
.
.
.
In steel
.
to
.
.
.
.
.
.
of obsolete
wholesale elimination
and
plant has not taken place.
obsolete
.
.
industry to the idea of a low
production to capacity.
the normal
industry, impairs the incentive to build new
and
more
efficient
plants.
."
.
.
People who live in glass houses should not throw
held
Administration
The
.request for a stockpile of strategic materials,
■the
.
niggardly
.
0ut
cut down, in the pre-war years, the Army's
gress
.
.
sum
r
.
,
7
;
7
.
Military Affairs Subcommittee just reported that
because
could
not
developed
"principally
would not
give definite assurance to industry as to
we
■
.
what it
its
might expect from
a
or
had enough shipyards.
we
power,
quired
refused for
Mr.
The TVA
does not like.
the
by
private
facilities
•of
were
time to allocate the re-
Corp.,
Aluminum
to
amounts
a
was
warned
which
over
and
companies that its
power
he
over
power
dangerously overloaded on the side
hydro power.
And
so on.
The best thing Wash-
ington could do about the subject is to consider it
as—water over the dam.
«
j
htop, Lookf
On
of
careful examination
time.
^
which makes
clear
. . .
The
It may only cause needless concern about the budget,
while not speeding up but rather retarding our real defense
effort, to keep piling up new appropriations without conftantly reviewing old ones. The defense program can get
in its own way.
.
.
/ •
x
Few, probably, will agree that concern over the
budget, under the conditions and with the prospects
of July, 1941, could be "needless," and evidently
Secretary of the Treasury Morgenthau is not among
those few, for he seems to have taken measures to
assure
himself that the Treasury Department's de-
mand for still greater severity in taxation than had
previously been intimated should be given publicity
at the same time with the Thursday recommendation for new billions of military expenditure. At
his press conference on that day he pronounced in
favor of taking a new look at the
============
«
sort
.
Ickes, from his ivory tower as dispenser of Bonneville
that
war-time expansion of
The head of the Maritime Commission
plants."
last November said
bowed
/
th0 right things and not for the wrong things.
A House
neglect in increasing steel producing facilities has
far
real economic problem of defense, in short, is not one of
voting money but one of material and labor resources—and
.
,
the point.
so
to the country the purposes for which the money is being
sPent: and wllich makes sure that the funds are £oin« for
to
of $25,000,090 a year—and the
..,
did not press
Administration
has
approprlatlons not only witbout real debate but even with-
Con-
"tired."
for weeks because the President was
purse,
Congress has been in the habit of passing these defense
,11
.,
Kn,
After the election it was held up
profits.
.excess
ing:
the defense
up
for months by linking amortization with
program
public
the
subserviently to the Executive will and supplied
funds in astronomical aggregates without adequate
scrutiny or deliberation. It characterizes the recent congressional practice, in this respect, in terms
that carry effective condemnation, editorially say-
by retaining excess capacity in
...
of
power
The protection of
the
stones.
295
The Commercial & Financial Chronicle
153
financial picture,
an<i declared that although immediate changes in
f
isten.
the
Monday of last week there was given to the
tax
proposals before Congress might not be
essential the enlargement of defense plans must
require equivalent enlargements of taxation
public the analytical report of the National Assoeiation
of
Manufacturers
showing that United
soon
States commitments for defense had
already reached
sobering reflection in juxtaposition with Thursday's
aggregate of $51,575,000,000, includ-
request that impelled the President to observe on
$47,-
Friday, when the second one was proclaimed^ that
the
enormous
ing $3,706,000,000 of British orders but leaving
plans.
Very likely it was the publication of this
869,000,000 unquestionably to be provided out of the
Congress, for which he seemed to be speaking, would
During the week, however, it
not even consider offsetting any part of these new
Federal
Treasury.
abundantly clear that, in the opinion of
appropriations, which he took it for granted would
original sum of nearly $50,-
speedily be provided, until it takes up "the regular
000,000,000 is merely a beginning and just a basic
tax bill for the calendar year 1942 which Congress
was
made
the White
House,
an
figure to which large additions are to be made with
will consider next spring."
ever-recurring frequency.
that the occasion of these announcements of vast
Yet it is noteworthy
The Commercial & Financial Chronicle
296
and
spending did not pass without formal ref¬
new
during Mr. Morgenthau's press conference,
erence,
possibility of the introduction in this country
to the
Maynard Keynes, the British
of the scheme of John
official
continue in
whose leftist ideas
economist
here, of "compulsory saving," a term that has
favor
loans,"
"forced
with
identical
nearly
meaning
although possibly more limited and perhaps sound¬
ing
agreeable to the uninitiated.
more
ican
The Amer¬
public will do well not to overlook the frequent
of
recurrence
this
Administration
in
suggestion
The "Times" editorial which we have
with
insistence
the
that,
quoted
least
at
con¬
under
present conditions, "congressional committees must
provide
It has
convincing.
tionship
lost
the
to
discoverable rela¬
no
lives,
shattered
and
to the
maimed and mutilated bodies of soldiers and civil¬
ians, to the decimation and impairment of the gen¬
born
erations
during the struggle and during the
moral
instructions
and
experiences
inevitably
tending
development and spread of selfish and
sadistic
cruelty.
cost
may
as
and
communities under
of whole
degeneration
towards the
to the ethical
following,
immediately
years
Yet such intimations of monetary
be gathered
can
serve
of the
one
as
simplest, if still insufficient, measurements of the
discussions.
cludes
the least
July 19, 1941
over-all critical examination of defense
an
risks and difficulties
within
so
the
in
to demand
as
possible
all
;'-\;v
'
.
when it becomes
of possibility
range
examination
prospective
aspects.
of any war,
of
>,
its
■
Such critical examination
It
might desirably have come much sooner, and it can¬
dent
Roosevelt, presenting to Congress his conclu¬
sions
concerning the relations of the European con¬
appropriation requests."
not be very
much longer delayed without probably
irretrievable
injury to the public interest and bring¬
ing most certainly nearer the complete involvement
of the United States in the belligerent operations
intelligent patriotism still desires and hopes to
that
able
be
avoid.
to
Supine
unquestioning
and
acquiescence in exclusively executive assessment of
the needs of the
public defense and in the extent
of the burdens the country can
sustain has already
much further than should have been permitted,
gone
far
actual
the
beyond
limits
of
public
safety.
Quite possibly those who take such a sober view
and demand return to the processes
of representa¬
flict to American
defensive
the
military and naval, asking and obtaining for that
what
purpose
cant
of
sum
now
appears
much
not
the very insignifi¬
as
more
than
$1,000,000,000.
During the intervening period that relatively small
beginning has
if any even
by successive increments, few
grown
intimating that the succession
was
to
continue, until already the whole commitment, plus
the
latest
while
there
while
war,
exceeds $63,OCX),000,000.
requests,
still
is
still
declared
no
the
or
European
potential
And
acknowledged
enemy
always rest with the legislature and the execu¬
of open
belligerence, while the hope of war-avoid¬
takes belligerent steps
never
without previous
is still
ance
in
argument, and the public of the United States ought
peace
be
not to
the
epithets and abuse
required to supply funds
and
mous
but
upon
an
enor¬
unprecedented scale without considering
ultimate
of
consequences
the
sacrifices
manded of them in all of their different
Louis
are
Fischer, who spent
Germany
during
the
great deal of time in
a
early
de¬
bearings.
development
of
Nazi
policies, has written of the condition of the German
people during the
year
Not
were
called upon
sad and they were resigned.
to make sacrifices which
lating,
are
ratios.
in order that they might carry
armament
of
war.
.
.
.
"Guns
their health for the guns,
instead
of
only beginning.
the
the heavier bur¬
butter."
They
gave
then they would give their lives
with the guns.
And of
have borne if it
and
a
reduced standard
months
The implacable truth that underlies these charac¬
stupendous the cost of
peace-time armament, that is to
be
say,
of preparations
that startling aggregate is certain to
seem
pushed downward to relative insignificance
by the incomparable greater cost of the actual
in which the
unless, by
war
them
war
materials will have to be consumed
some great
good fortune, those who have
vastly sacrificed for their production
see
become
obsolete and
the
upon
none
that
States, under
its
with
May,
people
during the
1940.
Congress,
imposing this unequalled burden
of
assess
Congressmen must bear.'
in advance the ability of
people to bear such burdens, the final limit of
any
strength in supporting arduous taxation,
are
credit
limits
capacity in borrowing.
or
its
Yet there
everywhere, other nations have
disas¬
trously encountered them, and this richest and most
resourceful of all nations is not immune.
then,
is
plainly
required
by
most
new
and sustained
Congress,
commanding
necessity, from this day forth, to devote
an
entirely
scrutiny to all the questions of
public financing, but especially to those relating to
expenditures which cannot
through
And
is, of all possible measurements
country
United
upon
impossible to
useless
cost, the crudest, the most incomplete, and
accumu¬
geometrical
could, the immense burden
of the
laid
constituents
and which
the cost of warfare
of that
another
to
borne, probably
began
the
allowed
The monetary measurement of
moving
although it has contributed its formal sanction, has
are
lapse of time.
mere
has
that
ultimate
terizations is that however
of
amazing and unique leadership of Franklin D.
Roosevelt,
its
for war,
Government
It is
living.
according
was never
that
The Italian people gained glory
advantage,
being gathered and
are
which could have
the
day of this unnatural
armament, of maneuvering
increasing
had little share in
Italy, after Abyssinia, he wrote:
every
and back again the ships, and troops,
There
that
They were shouldering the heavy burden of peace-time re¬
of
troubled
and
end in sight.
no
With
costs
and munitions that
They had been
were
too-restless
a
strategic position and
would
They
the
hither and yon
earth
1936:
of
only that.
continue
may
patriotic and wise, while all
prevail, there is
condition
for
of the
conditions
these
abuse
officially proclaimed and
the hearts
not
and
thets
to
interests, recommended increasing
strength of the United States, both
wholly reluctant to take steps provocative
legislative authorization, may be assailed with epi¬
to
that Presi¬
a year ago
appears
must
tive
of
than
more
democracy, in which the power of the purse
tive
den
scarcely
was
can
from
can
of any
should not be afforded
reasonably and safely be curtailed.
those
properly be
or
that
no
ought to be curtailed there
further exclusion of expenditures
sort simply upon the ground that the mili¬
tary or naval officers of the Executive Department,
V
Volume
all
or
The
153
the
agencies of the Government,
them as defense expendi:
executive
have chosen to denominate
demanding
and
critical
should
scrutiny
public debt
less than
$100,000,000,000, that the taxing and borrowing
power of the United States is not inexhaustible,
recognize that the eventual Federal
already in sight cannot be a dollar
that is
that the
operations to which it seems almost
war
Gross and Net Earnings
have taken on a
affairs
Railroad
at any time
in the last 10 years,
much rosier hue than
owing to the heavy freight
traffic offered of late and the
entertained.
The vigorous and able manner in which the railroads have
met transportation problems to date, in the current national
emergency, provides some assurance in this connection.
be
to
question
a
w7hicli some doubts are
on
month of May
For the
railroad operations stand out as
exceptionally favorable, from the
enues
far
1930.
to
financial point of view.
important industries, gross rev¬
exceeded that month of any previous year back
Net revenues rose to a more than corresponding
strikes in
Despite
many
economies of the railroad
the sense that net
advanced disproportionately that May returns possibly over¬
emphasize the benefits to the railroads of the business
improvement.
Only in 1929 were the net revenues of the
railroads greater, for the month of May, than in this year
of 1941, and the degree to which the earlier month exceeded
the one under review is trifling.
Gross revenues for May,
to recapitulate,
amounted to $441,529,184 against $342,G65,256 in May, 1940, a gain of $98,863,928, or 28.85%. Net
revenues for May showed an astonishing advance to $145,348,136, as compared to $90,472,937 in May of last year, a
gain of $54,875,199, or 60.66%.
Needless to say, the im¬
provement in net earnings is one of the most precipitate on
record, and it also is evident that such a result could have
been achieved only through betterment of the transportation
to the continuing
degree, owing
and
managers
all
in
record
present these
and regions of the country.
areas
We now
of the purse seem
national strength in
agement of the legislative power
present safeguards of
the sole
and welfare in peace.
war
for the Month of May
transportation,
all
another,
or
232,242
Mileage of 132 roads
Gross earnings
Operating expenses Ratio of expenses to
earnings.-
We
turn
to
now
the general business
underlie the improvement
There
may
are,
dim the
reveinues
by
the
are
Inc.
(+) or Dec. (—)
—0.27%
—621
+ $98,863,928 +28.85%
+ 33,887,729
+ 17.49%
simplified form the measure of
month
the
in the more important
compared
with
the
'^V*;. .;
'
of
month
same
1929:
offsetting factors which well
brilliance of this financial picture. The net
before taxes, and the heavier levies imposed
Federal
Government necessarily will cut sharply
finally for stockholders, even though the
into the total left
excess
profits
taxes
bear less heavily upon
railroads in
other forms of enterprise.
It
appears, moreover, that demands for higher wages are be¬
ginning to be made by railroad employees, notwithstanding
the unprecedentedly high scale already in effect in various
branches of railroad employment.
On the other hand, the
general
than
greater financial
flected
in
some
upon
health of the railroads begins to be re¬
reorganization programs for many of
hastened
the carriers which
were
extremely difficult
outlook for the carriers
the Administration
unable to meet all charges in the
and trying decade of the
1930's.
endeavors to take over, on
The
unless
one pretext
cannot be regarded as poor,
of
have
receipts and
of May, 1941,
1940,
:/v-v
:
1939, 1932
'%v
'
of the greater
activity in May over the corresponding months of 1940 and
1939.Steel ingot production, one of the most basic statis¬
Nearly every item listed furnishes evidence
tics,
iron
the record monthly output
43% above May, 1940.
Pig
slightly under
only
was
established
and
March
last
followed
production
a
although the
similar course,
marked in this case. Construc¬
awards, automobile production and bitumi¬
degree of increase was less
contract
tion
coal
nous
followed
output
similar
courses.
Even
farm
enlarged
increase in freight car
product movements were for the most part on an
and the total result was an
scale,
loadings
for four weeks
of the month of 646,024 cars, or
24% over the same period of
1940.
1941
May
1940
1939
1932
1929
518,736
391,215
297,542
184,225
604,691
548,700
328,914
308,487
77,172
587,766
Automobiles (units):
(passenger
Production
trucks, &c.).a..
cars,
Building ($000):
Constr. contr.
awarded b
Coal (net tons):
43,400,000 34,896,000 17,927,000 18,384,000 40,706,000
3,858,000 3,957,000 5,073,000 3,278,000 6,308,000
Bltumlnous-c
Pa.
anthracite.d
Freight Traffic:
*2,088,088 *4,130,467
all (cars).e *3,358,744 *2,712,720 *2,363,099
South¬
134,735
222,102
67,413
163,484
335,868
(bales)-f---
Car loadings,
Cotton
ern
receipts,
ports
Livestock receipts: g
5,851
(cars)--.
Omaha (cars)
- —
5,817
6,959
11,864
16,935
2,424
Chicago (cars)
Kansas City
2,037
2,492
4,343
6,908
1,728
1,528
2,032
3,574
6,050
grain
Western flour and
receipts: h
Barley (000 bushels)
--
Rye (000 bushels)
Iron
&
*2,086
*1,978
*2,043
*1,820
*2,29,
*34,418
*32,030
z29,048
zl8,113
z20,64^
*28,291
Z4.428
*14,616
Z24.030
*10,831
*4,237
*7,626
*7,468
Z13.138
*11,355
*11,329
*7,367
*5,596
*1,919
z3,052
*3,609
barrels)...
bushels).
Corn (000 bushels) —
Oats (000 bushels)
Flour (000
Wheat (000
zl,775
zl,444
*1,401
*1,524
Steel (net tons):
production.l.
4,599,966
3,513,683
1,923,618
877,580
4,363,612
7,101,759
4,967,782
3,372,636
1,277,302
6,008,754
*1,245,449 *1.163,803 *1,120,357
Production _m
zl,203,741 *1,090,858
Shipments.m.—------ zl,323,010
*1,420,371 *1,144,777 zl,117,541
Orders received _m
Note—Figures in above table Issued
*595,157 zl,851,947
z665,787 *1,910,977
*631,820 *1,772,573
by:
of the Census,
b F. W. Dodge Corp. (figures for 37
Rocky Mountains),
c National Bituminous Coal Commission,
Bureau 6f Mines,
e Association of American Railroads,
f Com¬
United States Bureau
States
of course, some
we
industries, together with
freight car loadings for the month
revenue
and
review,
pertaining to grain, cotton and livestock
those
as
under
below the figures indicative
brought together in the table
of activity
conditions which
relation to its bearing on the revenues
during
railroads
the
a
$90,573,937 +$54,774,199 +60.48%
first
in railroad affairs. :
In order to indicate in a
trade activity in
Steel ingot
232,863
$441,529,184 $342,665,256
296,181,048 252.091,319
(73.57)
(67.08)
$145,348,136
Net earnings.--
1940
the
in
did
it
as
World War.
Lumber (000 feet):
1941
Month of May
with
enormously exceeding those of
Pig iron production_k..
comparisons in tabular form:
made
leading, will begin
the preparation
at their highest point and tending rapidly to in¬
crease as long as the war lasts.
Wise conservation
of fiscal resources with cautious congressional man¬
It is in
executives.
preparations now being
such excessive cost are
at
of United States Railroads
prospect for
still greater business in coming months.
Financial results
of carrier operations in the month of May illustrate amply,
and perhaps
overemphasize, a tendency toward general
business expansion which already was in effect before the
European war began, and which now is proceeding at an
accelerating
pace
under the defense and aid to Great
Britain programs.
Car loadings of revenue freight in one
recent week have moved over the 900,000 mark, and there
is some prospect that 1,000,000-ear weekly loadings will
develop in the autumn.
The problem of the railroads no
longer is one of obtaining
sufficient business, but of
handling the business offered.
In this respect the record
to date is excellent, and it may be added that the carriers
are preparing for new accessions of traffic
through heavy
purchases of equipment.
Whether the new equipment will
be ready in time for impending peaks of traffic appears
and passenger
the
that
inevitable
costs
tures.
This
297
Commercial & Financial Chronicle
east
of
d United States
stock yard companies
1 American Iron
(number of
the different years), x Four weeks. * Five weeks.
piled from private telegraphic reports,
g Reported by major
in each city,
h New York Produce Exchange,
k "Iron Age."
and Steel Institute,
m National Lumber Manufacturers' Association
reporting mills varies in
in gross
compared with May,
1940, uncovers the fact that no fewer than 82 separate
carriers had increases of such size in gross earnings and 70
in net earnings.
At the same time not a single road showed
a
decrease of such amount.
The results are made more
impressive when it is considered that the number of in¬
stances of increases is out of 132 total possibilities.
Among
the roads with gross gains the Pennsylvania stands far
above all others with an increase of $14,089,906.
The next
largest in this category is the New York Central, which
showed a gain of $7,222,764; third largest gain, $5,696,271,
was made by the Southern Pacific.
In the net classification
the New York Central is at the top of the list with a gain
Considering the
or
of
net earnings
$3,692,777,
individual roads with change's
of $100,000 or more as
and
the Southern
Pacific is next with an
r
298
increase of
$3,208,967.
fifth, since it
of its
In
large
the
gain into
following
arate roads and
The Pennsylvania is
able to translate
was
gross
The Commercial & Financial Chronicle
table
show all
we
sep¬
gross and net:
OF
Increase
$14,089,906
New York Central
a7,222,764
Southern Pac. (2 roads).
5,696,271
Baltimore & Ohio
5,338,826
Atch. Top. k Santa Fe_.
4,803,794
Union Pacific
4,091,598
Southern3,044,057
N. Y. N. H. & Hartford2,347,209
Illinois Central
2,301,130
Erie
2,251,124
Chic. Mil. St. P. & Pac..
2,236,019
Chicago Burl. & Quincy2,030,302
Chicago & North Western
1,940,739
Missouri Pacific.
1,918,5.53
Atlantic Coast Line
1,894,420
Great Northern
1,837,265
Chicago Rock Isl. k Pac.
1,712,022
Norfolk k Western
1,703,609
Reading
1,591,349
St. L. San Fran. (2rds.).
1,403,716
Chesapeake & Ohio
1,394,394
Dul. Missabe k Ir. Range
1,383,462
N. Y. Chicago & St. L...
1,369,138
Seaboard Air Line
1,350,148
Boston k Maine
1,221,987
Louisville k Nashville—
1,148,964
Wabash
1,112,476
Elgin Joliet k Eastern
982,048
Del. Lack, k Western—
964,253
Lehigh Valley
926,798
Pitts, k Lake Erie
829,223
Northern Pacific
723,575
Central of New Jersey—
721,861
Pere Marquette
683,728
Delaware k Hudson
587,687
Grand Trunk Western...
585,378
Wheeling k Lake Erie
523,434
St. Louis Southwestern
509,608
Western Maryland
478,276
Virginian.
441,063
Missouri-Kansas-Texas
427,680
Central of Georgia
411,870
Alton
Bessemer k Lake Erie
Cinn.
New
Oris.
372,089
371,361
362,262
196,568,055 149,408,097 +47,159,958 + 31.56
Pac
346,053
343.931
334,038
308,380
Gulf Mobile & Ohio
Chicago St. P. Minn, k
Omaha
307,521
305,637
297,262
274,882
248,379
245.932
237,139
232,678
225,217
223,508
215,168
205,718
174,507
Denver k Rio Gr. West'n
Spokane Portl. k Seattle
Colo. Southern (2 roads).
Detroit Tol. & fronton..
Western Pacific
Intermit. Great Northern
Maine Central.
Clinchfield
New York
Connecting..
Long Island
Alabama Great Southern
New Oris. & Northeast'n
New Oris. Texas k Mex.
(3 roads)
171,027
169,373
150,308
149,761
148,013
142,853
Minn. & St. Louis
Monongahela
-
Louisiana k Arkansas
Central Vermont.
Yazoo & Miss. Valley
Penn.
Reading
Southern District—
Southern region (26 roads)
Pocahontas region (4 roads)
Seashore
Lines
142,265
123,137
111,139
106,473
102.887
Pittsburgh k W st. Va..
Georgia Southern k Fla.
Dul. South Shore & Atl_.
Canad. Pac. Lines in Me.
Western
84,123.826
$96,963,616
Evansville
Indianapolis k Terre Haute
cluding Pittsburgh & Lake Erie, the result is an increase of $8,051,9
PRINCIPAL
CHANGES
NET
IN
OF
EARNINGS
FOR
THE
Total (51 roads)
Pacific..
Illinois Central
Atlantic Coast Line.
....
N. Y. N. H. & Hartford.
Chicago Burl. & QuincyChicago k North Western
Missouri Pacific
Chesapeake & Ohio
Norfolk & Western
Dul. Missabe & Ir. Range
N. Y. Chicago & St. L
Chicago R. Isl. & Pac
Union Pacific
Great Northern
Boston & Maine
.....
Louisville & Nashville...
St. L. San Fran. (2 rds.).
Reading
Del. Lack. & Western
Seaboard Air Line
Wabash
Elgin Joliet & Eastern...
Lehigh Valley...
Pitts. & Lake Erie
Pere Marquette...
St. Louis Southwestern.»
Central of New
Jersey
Northern Pacific.
...
Grand Trunk Western.
Delaware k Hudson
$352,644
_
346,830
312,294
Alton
Bessemer & Lake Erie
310,665
301,151
293.476
292,240
290.477
285,169
276,105
Central of Georgia
Chicago Great Western.
Rich. Fred. & Potomac..
_
Chic.
P.
St.
Minn,
k
Omaha
257,451
253,676
250,923
232,103
213,380
Wheeling k Lake Erie
Texas & Pacific.
Minn. St. P. & S. S. M..
Gulf Mobile & Ohio
Cinn. New. Oris, k Texas
Pacific
Nash. Chatt. & St. L
Detroit Toledo k Ironton
Long Island
Clinchfield
New York Connecting..
Internat. Great Northern
Rutland
Maine Central
Monongahela
New
Oris.
Tex.
&
and
(3roads)___
Minn. & St. Louis
131,411
127,232
125,043
118,888
101,881
100,688
Total (70 roads)
$52,558,466
Missouri-Kansas-Texas
_
Kansas City Southern
Louisiana k Arkansas
Pitts. & West Virginia...
Louis, Michigan Central,
Indianapolis & Terre Haute.
In¬
cluding Pittsburgh & Lake Erie, the result is
widespread
operating
cated
results
character
of
the
of
roads involved in
the
carriers
by the segregation of the
geographical divisions.
In
an
increase of $4,147,922.
in
improvement
May
than
a
whole
the gross
bettered
its
showed less than
60.48%.
a
6,224,029
26,232,648
Cent. East, region
24,470
24,522
31,636,421
22,509,331
57,236
57.375
64,093,098
38,126
38,279
+ 8,292.035
+ 82.14
6,063
18,387,544
14,193,912
10,095,509
6,086
11,189,975
+ 3,003,937
+26.85
44,212
44,342
32,581,456
21,285,484 + 11,295,972
+ 53.07
North west'n region
45,534
45,680
18,388,407
+ 56.91
56,203
56,371
20,974,246
11,719,442
11,359,525
+6.668,965
Cent. West, region
Southwest, region.
+ 9,614,721
+84.64
29,05V
29,095
9,310,929
4,885.353
+4,425,576
+90.59
130,794 131,146
48,673,582
27,964,320 +20.709,262
+74.06
Total all districts. 232,242 232.863 145,348,136
90,573,937 + 54,774,199
+ 60.48
Total
Southern
the
the
increase
an
Total
the country is
or
Total
Commerce
the
by,74.06%,
+ 55.10
EASTERN DISTRICT
New England /teplcm—Comprises the New England States.
Lakes Region—Comprises the section
on the Canadian boundary between
New England and the westerly shore of Lake Michigan to Chicago, and north of
a line from Chicago via Pittsburgh to New York.
east of a line from
Chicago through Peoria to 8t. Louis and the Mississippi River
to the mouth of the Ohio River, and north of the Ohio River to
and
line
a
thenoe
to
the southwestern
corner
of
Parkersburg, W. Va.,
Maryland and by the Potomac
River to its mouth.
SOUTHERN DISTRICT
Southern Region—Comprises the section east of the
Mississippi River and south
a point near Kenova, W. Va., and a line thence following the
boundary of Kentucky and the southern boundary of Virginia to the Atlantic.
ef the Ohio River to
eastern
Pocahontas
Virginia,
east
Region—Comprises the section north of the southern boundary of
of Kentucky and the Ohio River north to Parkersburg, W. Va.,
and south of a line from Parkersburg to the southwestern corner of Maryland and
thence by the Potomac River to its mouth
WESTERN
DISTRICT
Northwestern Region—Comprises the section adjoining Canada lying west of the
Great Lakes Region, north of a line from Chicago to Omaha and thence to Portland,
and by the Columbia River to the Pacific.
Central Western Region—Comprises the section south of the Northwestern Region
west of a line from Chicago to Peoria and thence to bt. Louis, and north of a line
Louis to Kansas City and thence to JE1 Paso and by the Mexican boundary
from St
tJ
the Pacific
Southwestern Region—Comprises the section lying between the Mississippi River
south of St Louis and a line from St. Louis to Kansas City and tfience to El Paso,
and by the Rio Grande to the Gulf of Mexico
The
Western
of
movement
grains in May was consider¬
month of 1940, our compila¬
various grain centers shows.
An aggre¬
gate of 82,075 bushels of all grains arrived at those places
in May, 1941, as compared with 60,025 bushels the year
previous.
Flour receipts were also larger, amounting to
same
tion of receipts at
barrels,
Increase
14,616
in
bushels
expansion
was
compared
the
in
shown
the
1,978
with
movement
corn
in May,
the total,
1940,
but
ban-els
to
accounted
a
by
barley
which
follows
May,
1940.
bushels
from
for
of
most
considerable
increase
the
also
receipts.
table
in
28,291
we
give
details
the
of
the
Western grain movement in our usual form:
WESTERN
FLOUR
AND
GRAIN
RECEIPTS
Five Weeks Ended May 31
or
the Western
considerably
(000
Year
Omitted)
Chicago
than
-
of
The New England region,
District, however, showed the
region in the country.
This area
groups
the footnotes to the table:
and
regions
are
indicated
in
Oats
Rye
Barley
(Bush.)
(Bush.)
(Bush.)
(Bush.)
906
1,605
9.576
1,033
2,089
4,780
1,502
35
1,209
1941
82
9,601
2,981
1,265
1,483
5,671
11.998
1,102
847
953
3,005
4,022
1940
.
1941
1940
Milwaukee
-r
-
—
-
83
1940
Toledo
-
-
1941
Indianapolis and Omaha
..
1,751
1,268
4,818
155
49
10,148
1,714
279
492
480
462
1,059
29
49
19
2,898
2,040
—
—
^
1941
252
875
563
38
114
286
587
240
740
10
5
2,264
»■«.
1940
St. Louis
1,597
1,018
89
1941
1940
Districts, which showed eains
Corn
{Bush.)
1940
Minneapolis
Duluth
District
more
Wheat
(Bbls.)
1941
3,264
470
172
3
254
199
923
1,836
2
4
1941
1,566
90
736
1,142
250
9
187
217
147
3,839
184
77
333
1940
149
195
2,082
213
52
405
1941
165
11,160
512
174
1940
Kansas City
1,834
600
1941
Peoria
633
1940
Eastern
various
+ 40.55
Commission, and the following Indicates the confines of the different
as a
we group
of
+ 9,127,090
41,324,133 +22,768,965
groups and regions:
higher1
the roads to conform with the classifica¬
tion of the Interstate Commerce
Commission.
The boun¬
daries
+67.40
Western Dist.—
over
greatest net gain of any
reported a rise of 98.13% in its net returns, but the amount
of money represented
by this region's net earnings is the
smallest of any region in the
country.
Our summary by
groups is as below.
As previously ex¬
plained,
+ 3.082,565
3,141,464
16,673,338 + 10,559,310
Dist.—
Southern region.._
Pocahontas region
amply indi¬
Net earnings for the railroads
In this category
returns
of
%
+ 98.13
6,714
26,139
earnings into
24.32% increase
55.10% and 53.07%, respectively.
segment
in
The geographical breakdown reveals
the EasteSrn and Southern
a
$
6,699
classification the 132
compilation showed
31.56% increase.
rose
is.
gross and net
that of the three major districts into which
none
Inc. (+) or Dec. (—)
Flour
our
May, 1940, of 28.85%.
divided
$
26,067
In
The
1940
$
1940
New Eng. region..
Great Lakes region
2,086
Evansville
1941
Mileage
1941
Eastern Diet.—.
ably heavier than in the
Mex.
These figures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St.
Northern
441.529.184 342,665.256 + 98,863,928 + 28.85
,
213.363
217,500
216,047
208,126
192,827
187,967
176,193
160,702
169,353
134,497
a
Cincinnati
160,837,303 125.587,583 +35,249,720 +28.07
.......
District & Region
Great
Increase
1,397,627
1,369,237
1,313,009
1,301,693
1,272,614
1,228,778
1,192,442
1,175,420
1,166,733
1,144,856
1,062,960
1,004,613
917,137
893,019
854,976
775,503
733,344
728,764
725,265
678,186
566,011
455,145
450,399
403,785
399.106
353,191
24,100,298
Net Earnings
In¬
MONTH
1,733,710 Virginian..
1,563,574 Chicago & East'n Illinois.
1,528,872 Western Maryland
Erie
+ 9,924,390 +23.47
59,209,097 + 18.449,991 + 31.16
+ 6,875,339 +28.53
30,975,637
Central Eastern Region—Comprises the section south of the Great Lakes Region
Increase
a$3,692,777
Southern Pac. (2 roads).
3,208,96/
Atch. Top. k Santa Fe_.
3,151,670
Baltimore k Ohio—
2,789,347
Pennsylvania
2,627,591
Southern
1,847,843
Chicago Milw. St. P. &
42,278,188
77,659,088
Total all districts (132 roads)
MAY
New York Central
52,202,578
Northwestern region (15 roads)
Central Western region (16 roads). Southwestern region (20 roads).....
NOTE—Our grouping of tne roads conforms to the classification of the Interstate
Total (82 roads)
These figures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
and
67,669.576 + 16,454,250 + 24.32
District—
a
Northern
43,799,908 + 12.571,253 +28.70
+3,882,997 + 16.27
23,869,668
56,371,161
Total (30 roads)
.
Cincinnati
27,752,665
.
& Tex.
Richm. Fred, k Potomac
Kansas City Southern
.
-.
402,694
392,087
381,931
Chicago Great Western..
Nashv. Chatt. k St. L..
Chicago k Eastern 111
__
...
$406,282
Minn. St. Paul k S. S. M.
Texas k Pacific
..
_
98,214,455
Total (51 roads)
MAY
Increase
Pennsylvania
_
17,855.161
80.498,439
Central Eastern region (18 roads)...
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
$
%
+ 4,408,276 + 32.78
13,446.885
63,205,509 + 17,292,930 + 27.36
72,755,703 +25,458.752 +34.99
$
$
New England region (10 roads)
Great Lakes region (23 roads)
Inc. (4-) or Dec. (—)
1940
1941
Eastern District—
of $100,000,
excess
OF MAY
Gross Earnings
District and Region
changes for the
decreases, and in both
or
July 19, 1941
BY GROUPS—MONTH
$2,627,591
net increase.
a
systems for amounts in
whether increases
better than
no
than
more
no
SUMMARY
107
3,654
945
62
9
153
St. Joseph
1941
224
193
151
1940
147
132
46
Wichita
1941
1,927
1940
1,147
1941
164
"369
"27
"l7
1940
154
80
6
6
36
11,329
7,367
Sioux City
Total
all.
.
~~~2
1941
2,086
34,418
28,291
4.428
3.609
1940
1,978
32.030
14,616
4,237
1.775
122
Volume
The Commercial &
153
299
Financial Chronicle
1199234678
192
ing 1909:
Barley
Flour
Year
(000 Omitted)
1941
Chicago
1940
Minneapolis
;
Corn
Oats
{Bush.)
{Bush.)
{Bush.)
{Bush.)
{Bush.)
5,130
39,573
5,916
2,109
6,568
6,307
4,205
4,595
4,763
24,458
6,430
82
24,747
45,901
8.080
5,722
6,359
3,502
16,524
3,893
6,091
4,499
14,044
5,632
21,264
1940
..:
»-
-.
mm
1941
Duluth
—
-
-
'
,
■
..
'
yr
1940
mm m
*-
1,772
1,430
207
9,206
388
3,789
346
264
2,136
179
661
9,022
3,710
1,428
2,559
22
35
Toledo.
mm
mm
1940
2,819
2,402
2,951
73
33
1941
5,001
2,380
240
30
11940
"io
4,191
14,581
9,681
2,619
372
11941
Indianapolis and Omaha.
3,047
5,405
4,761
1,162
148
~727
2,012
123
963
_
St. Louis
1940
2,695
2,902
1941
1,009
980
12,830
863
433
1,565
11940
Peoria
4,754
887
408
8,287
3,322
1,473
298
1,438
-
-J
St. Joseph
1941
_l
566
20,464
1940
Kansas City
490
15,776
702
1940
816
821
587
Wichita
1941
6.863
1940
5,236
"""»
*19
Sioux
1941
626
848
172
"30
541
1940
583
533
96
47
128
220,314
217,933
229,345
225.274
—2.00
236,230
+2.67
—9.80
235,410
239,445
246,060
232,503
231,597
236,619
243,954
+0.64
247,747
245,207
+25.94
248,006
+45,692,063
+ 14.83
+9.28
248,312
+9.29
233,931
213,206
235,333
234,931
235,186
235,894
247,189
247,842
228,892
234,339
211,040
234,916
234,051
235,472
234,452
236,098
82,244
93,365
21,487
6,838
35,978
8,624
32,365
226,184,666
232,879,970
265,435,022
243,367,953
244,580,685
308,132,969
342,463,442
378,058,163
348,701,414
457,243.216
239,427,102
244,692,738
*
308.029.096
353,825,032
374.237.097
413,190,468
387,330,487
444,028,885
447,299,150
545.503,898
1928
1923
+ 35,132,305
+38,629,073
—13.214,331
+4,069,761
+ 97,510,054
546,934,883 —70,476,133
+ 11,114,584
476,549,801
+28,615,298
487,952,182
+ 1,088,016
516,454,998
—8,823,323
518,569,718
+26,179,817
510,543,313
537,575,914 —75,131,912
462,577,503 —94,091,632
368,417,190 —114,034,479
+3,584,364
254,378,672
+26,769,605
254,857,827
—2,489,273
281,642,980
+41,354,127
279,133,293
1925
516,467,480
1927
517,543,015
509,746,395
536,723,030
462,444,002
368,485,871
254,382,711
257,963,036
1934
281,627,332
1935
1936
279,153,707
320,487,420
1937
352,044,249
1938
1939
272,073,108
301,992,820
1940
342,532,854
320,414,211
351,973.150
272,017,483
301,993,228
441,529,184
342,665,256
193470
1929
[1941
all
Total
9,297
23,660
64,526
9,032 104,923
1940
1930
1932
of cotton at Southern ports, which have been
reduced scale nearly all season, amounted to 335,868
Receipts
a
on
1933,
when receipts amounted to 423,059 bales.
In May, 1940,
receipts totaled only 163,484 bushels, or less than half the
bales in May, which was the
received
amount
this
May,
in
greatest of any May since
in May,
and
year;
1939,
receipts amounted to no more than 67,413 bales.
The overland movement was also heavier in May than in
preceding years; 147,185 bales were shipped
May, 1941, compared with 108,326 bales in
that month of
in
overland
May, 1940, and 88,947 bales in May, 1939.
Details of the port movement of cotton for the past three
set out in the subjoined table:
years are
RECEIPTS OF
PORTS FOR MONTH OF
COTTON AT SOUTHERN
AND
Month
MAY
1
SINCE JAN.
Since Jan. 1
of May
Ports
Houston,
1940
1941
1939
1940
1941
22,676
208,424
492,175
54,137
12,939
389
2,326
362,397
3,421
603,939
173
Ac
36,389
Corpus Christi_.
3,832
575
'
.
Brownsville
■■
mmmm» m
722
172,661
67,499
Orleans
2,422
592,752
-
'mm
14,458
950,148
184.949
9,089
2,894
2,069
Mobile..
—
-.
83,016
26,068
20,297
677
17,222
8,091
2,162
23,920
Beaumont
New
*»
-
mm
'
Pensacola
mm
I'
M
1939
122,599
142,235
18,349
3
«.
11,402
876
563
Panama City.
44
15
mmm'mrnm
576
Savannah
95
109
1,273
1,129
601
1
11
3,835
1,058
300
3,366
3,133
...
Charleston
Lake Charles
mmmm~~
502
500
Wilmington
1,284
1,233
Norfolk
»
-
„
„
„
15
_
2,200
473
14
Total
—
335,868
163,484
•
-
mmmm
«■
mm
10,497
5,351
120
6,648
1,175
Jacksonville
■
165
67,413 1.203,621 2,201,832
In the table we now present a summary
parisons of the gross and net earnings
512,518
of the railroads of
Official Publication of American
of Commerce in London.
This
is
the second War
560
$3.50
Edition of the Anglo-American
237.275
—1.70
236,858
239,079
241.280
240,798
—13.97
242,156
—20.34
241,758
242,542
—30.95
242,716
241,995
+5.13
242.163
+ 1.41
241,484
242,143
+ 10.50
238,983
240,906
—0.88
237,951
237,012
235,873
234,759
233,545
232,819
232,24 2
238.980
238,159
236,357
235,547
234,694
233,630
232,863
+ 14.82
—79,900,042
—22.70
+ 29,975,337
+ 11.02
+ 40,539,626
+ 98,863,928
+28.85
+ 13.42
Net Earnings
Increase
Year
May
Given
Preceding
$64,690,920
70,084,170
69,173,574
66,035,597
$49,789,800
64,867,343
70,868,645
68,488,263
66,499,916
73,385,635
L909..._
1910__.
73,672,313
57,628,765
71,958,563
105,598,255
109,307,435
91,995,194
58,293,249
28,684,058
64,882,813
92,931,565
126,173,540
1914.
-
96,048,087
-
57,339,166
71,791,320
106,782,717
106,454,218
92,252,037
51,056,449
20,043,003
64,866,637
93,599,825
126,496,150
112,859,624
96,064,494
128,581,566
126,757,878
128,780,393
-
112,904,074
146,798,792
111,387,758
—
81,038,584
47,429,240
74,844,410
72,084,732
1931.......
1932
1933.-..1934..
70,416,370
80,729,491
85,335,430
55,483,001
65,168,331
90,494,636
—
127,821,385
127,940,076
129,044,791
(+) or
(—)
Decrease
+ $14,901,120
+5,226,827
—1,695,071
—2,452,666
+7,172,397
—16,756.870
+ 14,619,397
+33,806,935
Per
Cent
+ 29.93
+ 8.06
—2.39
—3.58
+ 10.79
—21.47
+25.50
+47.09
+ 3.33
+3,524,718
—14,459,024
—13.58
—33,958,788
—36.81
—22,372,391
—43.82
+44,839,810
+223.72
+43.27
+ 34.80
+28,064,928
+32,573,715
—30,448,0631
+ 16,805,030
+ 15,677,492
—1,063,507
—24.07
+ 17.50
+ 13.89
—0.83
+840,317
+0.66
+ 17,754,001
+ 13.76
147,099,034
—35,711,276
—24.28
111,359,322
—30,320.738
—27.28
81,052,518
—33,623,278
+27,428,140
—41.48
47,416,270
73,703,351
—1,618.619
—2.20
72,083,220
70,331,577
80,737,173
—1,666,850
+ 10,397,914
+ 14.78
+4,598,257
+ 5.70
85,335,563
—29,852,562
+9,681,998
—34.98
55,486,333
65,198,328
90,573,937
145,348,136
+25,296,308
+ 54,774,199
+ 57.85
—2.31
+ 17.45
+38.80
+ 60.48
helping Britain.
Details of the work of the
Cross, the American Ambulance, Great
Britain, Ameiican Home Guard, Bundles for Britain to
mention only a few are to be found in the publication. There
is a directory of the Americans still residing in that country
in the "front line" so to speak; a list of the American news¬
is
Red
American
Chamber
pages.
236,663
236,833
238,025
240,120
+ 9.87
Year
America
Anglo-American Year Book
+2.33
+5.84
+0.21
+ 31,630,038
of
1938.
of the May com¬
+0.92
+21.77
—12.89
230,366
Month
1920..
43,772
114,306
Galveston
—2.89
447,993,844
1926
"io
+ 11.08
443,229,399
476,458,749
487.864.385
1924
+ 13.15
+ 31,773,655
1933
City
Preced'g
+ 16.15
1922
822
Year
,
Given
+ 15.37
198,049,990
231,066,896
232.229,364
263,496,033
11199922365783645780
365
4,321
". 879
400
671
Year
Per
Cent
+31,983,394
—4,624,078
+ 6,044,698
+30,616,063
—26,007,920
+ 1,324,785
+63,448,411
1920
1941
Preceding
230.033.384
226,442,818
L910
1915
(+) or
Dec. (—)
|
$196,826,686 $170,600,041 + $26,226,645
L911
1940
Inc.
Year
Given
1909
2,262
166
1941
119934
147
803
567
Mileage
Gross Earnings
Year
of
May
386
1941
Milwaukee
;
Month
3,231
'
.
Rye
289
1941
-
1
■
■■
Wheat
IBbls.)
and includ¬
furnished for each year back to
the country as
Five Months Ended May 31
correspondant! covering the War from Great Britain's
a Commercial Directory and Classified Trades
Year Book, the
official annual publication of the American
which we were advised
under date of June 30, would shortly be off the press.
It is
paper
Chamber of Commerce in London,
angle, and
completely revised to include many new articles of wartime
interest and shows in concise form the many ways in which
to
List of
over
endeavoring
trade open between the United
8,000 American and British firms
keep the vital channels of
States and Great Britain.
The Course of the Bond Market
The bond averages
this week.
have not moved far in either direction
Governments and high-grade corporates
have
High-grade
railroad bonds have
gained some ground.
Louis 4s, 1953, were %
Chesapeake & Ohio 4%s, 1992,
high of 134, up one point. Lower-grade
point higher at 112 while
registered
a new
issues suffered losses
of last week's close.
and generally have been below the level
New York Central 4%s, 2013, at 56%
% lower; Southern Railway 5s, 1994, dropped % point
90.
The issues of St. Louis Southwestern have been an
were
to
exception,
Interstate
scoring wide gains upon the issuance by the
Commerce Commission of a plan of reorganiza¬
tion for the road.
In
a
week of relatively little activity
ments, the
and few develop¬
outstanding feature has been trading in the new
$233,000,000 debenture 3s, 1956, of American
Telephone &
on a
"when issued" basis.
opening at 112%.
Prices have receded
High grades as a class
acted
reached by Consumers
Power 3%s, 1967, Detroit Edison 3s, 1970, Ohio Power
3%s, 1968, and Pacific Gas & Electric 3s, 1970.
Speculative
well
remained at recent high levels.
Terminal Railroad Association of St.
Telegraph
since the
and highs for
the
year
were
issues eased off.
Most changes
to
in the industrial section have been
fractions and have been about
the up
confined
evenly distributed between
and the down sides.
Steels and oils showed mixed
but in the former group the Crucible
fractional changes,
3%s, 1955, gained one point at
98 and the Otis 4%s, 1962,
gained % point at 81 %. In the coal company classification,
the Koppers 3%s, 1961, gained fractionally for a new high
while the Hudson Coal 5s, 1962, lost 1% points at 37.
In
the railroad
Pressed Steel Car 5s,
General Steel Castings 5%s,
equipment section, the
1951, have been steady, but the
1949, gained.
«
The Commercial & Financial Chronicle
300
the
In
foreign list Belgian issues moved into
Japanese bonds have been sagging and among South Amer¬
issues Cuba 4^s retained recent gains and Chilean
high
new
ican
ground while obligations of other German occupied countries
have
been
mixed.
strong feature
bonds
Australian
(Baaed
U.
8.,
Avge.
July 18- 119.47
107.62
another
Dally
Averages
supported.
PRICES t
Aa
Aaa
118.20
A
(Based on Individual Closing Prices)
Corporate by Groups *
R. R,
P. U.
1941
97.16
112.00
Avge.
Daily
Average
Indus.
91.91
108.34
115.04
A
Aaa
Aa
R.
P. U.
3.30
2.74
2.90
3.26
4.28
3.93
3.06
3.30
2.74
2.90
3.26
4.28
3.93
3.07
3.29
2.74
2.89
3.26
4.28
3.92
3.06
2.89
15
3.30
2.74
2.90
3.26
4.28
3.92
3.06
2.90
2.73
2.90
3.27
4.28
3.92
3.07
2.90
rate
18
July
107.62
118.20
115.04
108.34
91.91
97.16
111.81
115.04
17
16-
107.80
118.20
115.24
108.34
91.91
97.31
112.00
115.24
10
119.49
107.62
118.20
115.04
108.34
91.91
97.31
112.00
115.04
14— 119.42
107.62
118.40
115.04
108.16
91.91
97.31
111.81
115.04
14
3.30
12„ 119.44
15-
Corporate by Groups
Corporate by Ratings
Corpo¬
*■
17- 119.48
119.49
averages
AVERAGES f
MOODY'S BOND YIELD
Baa
115.04
interest.
some
Moody's computed bond prices and bond yield
are given in the following tables:
Corpo¬
rate *
issues attracted
Average Yields)
on
Corporate by Ratings •
Govt.
Bonds
been
Canadians continued well
and
MOODY'S BOND
1941
have
July 19, 1941
;
—
.
Baa
R.
Indus.
2.90
2.90
107.62
118.20
114.85
108.16
92.06
97.16
111.81
115.04
12
3.30
2.74
2.91
3.27
4.27
3.93
3.07
2.90
11- 119.46
107.02
118.20
115.04
108.16
91.91
97.16
111.81
115.04
11
3.30
2.74
2.90
3.27
4.28
3.93
3.07
2.90
10- 119.50
107.62
118.20
115.04
108.16
91.91
97.16
111.81
115.04
10—
3.30
2.74
2.90
3.27
4.28
3.93
3.07
9— 119.58
107.62
118.20
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
2.91
8-
119.58
107.02
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
3.08
2.90
7- 119.59
107.44
118.00
114.66
107.98
91.77
97.00
111.62
114.85
1........
3.31
2.75
2.92
3.28
4.29
3.94
3.08
2.91
5- 119.55
107.44
107.98
91.77
97.00
111.02
114.66
5
4—
Exchan ge CIob ed
107.98
91.77
97.00
111.62
114.85
3
Stock
3- 119.55
118.00
107.44
114.66
118.00
2.92
2.75
3.31
-
4
114.60
2.90
3.28
4.29
3.94
3.08
2.92
2.75
2.92
3.28
4.29
3.94
3.08
2.91
Exchan ge Clos ed
Stock
3.31
2— 119.66
107.44
118.00
114.66
107.98
91.62
97.00
111.02
114.66
2
3.31
2.75
2.92
3.28
3.08
2.92
107.27
117.80
/ 4.30
3.94
1— 119.56
114.66
107.98
91.62
97.00
111.62
114.40
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
3.31
2.75
2.92
3.29
4.29
3.93
3.09
2.92
20- 119.02
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
2.94
13—
118.97
106.92
117.00
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
2.96
6-
2.99
114.66
June 27-.
118.81
100.74
117.20
113.70
107.27
91.19
96.69
110.88
113.31
6
3.32
4.33
3.96
3.12
May 29— 118.71
106.39
116.61
113.31
107.09
91.05
96.09
110.70
112.75
May 29
3.37
2.82
2.99
3.33
4.34
3.96
3.13
23- 118.35
100.39
116.80
113.50
106.92
91.19
96.09
110.70
112.93
23
3.37
2.81
2.98
3.34
4.33
3.96
3.13
3.01
10- 118.62
9— 118.45
100.39
116.01
113.31
106.92
91.34
90.85
110.52
112.75
16
3.37
2.82
2.99
3.34
4.32
3.95
3.14
3.02
100.56
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
3.01
2— 118.66
100.39
117.00
112.93
100.74
91.34
90.85
110.52
112.75
2
3.37
2.80
3.01
3.35
4.32
3.95
3.14
3.02
Apr. 25— 118.02
106.21
110.01
112.75
106.56
91.19
90.69
110.34
112.19
Apr. 25
3.38
2.82
3.02
3.36
4.33
3.96
3.15
3.05
—
2.97
2.79
3.35
3.02
18- 118.28
10- 117.36
105.86
110.41
90.91
90.54
110.16
112.00
18
3.16
3.06
105.69
116.41
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
3.07
4— 117.55
108.04
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
112.56
100.39
3.40
Mar. 28- 117.80
21- 117.85
105.86
116.41
112.19
91.05
90.54
109.79
111.81
100.21
117.00
112.93
106.56
90.77
96.54
110.15
112.75
14- 117.77
100.21
117.40
113.31
106.56
90.48
96.54
109.97
113.31
7— 110.90
100.04
117.40
113.31
106.39
90.20
96.23
109.97
113.12
Feb. 28— 116.93
105.86
117.20
112.93
106.21
89.78
95.92
109.79
112.75
21- 116.00
14- 110.24
105.62
117.00
112.75
106.04
89.52
112.75
21
105.80
117.00
113.12
100.21
89.64
95.92
109.00
113.12
14
3.40
7- 116.52
100.21
117.80
113.31
100.39
90.20
95.54
109.79
113.31
7
3.38
2.76
Jan. 31.. 117.14
24- 117.04
106.39
118.00
113.70
106.39
90.48
96.85
109.79
113.70
108.56
117.60
113.89
100.56
90.77
97.16
109.97
113.50
24
17- 118.00
10- 118.03
100.56
118.20
113.89
100.56
90.48
90.69
110.15
113.89
100.50
118.20
114.27
106.50
90.34
96.69
110.15
114.08
3-
106.04
Mar. 28
3.37
3.03
2.83
4.35
3.97
2.83
3.05
3.39
4.34
3.97
3.18
3.07
21
3.38
2.80
3.01
3.36
4.36
3.97
3.46
3.02
14
3.38
2.78
2.99
3.36
4.38
3.97
3.17
2.99
3.39
2.78
2.99
3.37
4.40
3.99
3.17
3.00
3.40
2.79
3.01
3.38
4.43
4.01
3.18
3.02
2.80
3.02
4.45
4.03
3.19
3.02
2.77
3.00 '
3.38
4.44
4.01
3.19
3.00
2.99
3.37
4.40
3.97
3.18
2.99
2.75
2.97
3.37
4.37
3.95
3.18
3.36
2.77
2.90
3.36
4.36
3.93
3.17
2.98
17
3.36
2.74
2.90
3.36
4.38
3.96
3.10
2.96
10
3.36
2.74
2.94
3.36
4.39
3.90
3.16
2.95
3.40
*
95.62
109.00
7—
Feb.
Jan.
28
3.42
31
3.37
...
-
3.39
2.97
118.65
100.39
114.40
100.39
89.78
95.92
110.15
3.37
2.73
2.93
3.37
4.43
4.01
3.16
2.93
Hlgh 1941 119.59
107.80
118.00
115.24
108.34
92.06
97.31
112.00
115.24
High 1941„
3.42
2.84
3.06
3.39
4.47
Low
4.03
3.20
3.08
115.89
105.52
116.22
112.00
106.04
89.23
95.62
109.42
111.62
Low 1941
3.29
2.72
2.89
3.26
4.27
3.92
3.06
2.89
High 1940 119.03
100.74
119.00
115.04
100.74
89.92
96.07
110.88
114.85
High 1940
3.81
3.06
Low 1940 113.02
3.19
2.78
5.24
4.08
3.42
3.36
99.04
112.19
109.60
99.52
79.37
86.38
105.52
100.56
Low 1940
3.35
2.70
2.90
3.35
4.42
4.00
3.12
2.91
3.55
2.87
3.01
3.56
4.76
4.29
3.22
3.14
3.65
2.89
3.07
3.82
4.81
4.40
3.38
3.17
1941
118.40
114.46
1 Yr. Ago
3
|
1
Year Ago—
July 18'40 115.71
103.30
115.63
112.93
103.13
85.33
91.77
109.06
110.52
2 Yrs.Ago
July 18'39 117.07
July 18. 1940...
101.64
115.24
111.81
98.88
84.68
90.20
106.21
109.97
July 18. 1939—.
*
2
These prices are computed from
yieids
average
basis
the
on
Years Ago—
"'typical" bond (3 $£% coupon, maturing In 25 years) and do not purport to show either the
average movement of actual price quotations.
They merely serve to Illustrate In a more comprehensive way the relative levels and the relative
movement of yield averages, the latter being the true
picture of the bond market.
t The latest complete list of bonds used In computing these Indexes was
published In the Issue of July 13, 1940, page 160.
average level
or
oi
one
the
Indications of Business Activity
as
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
Friday Night, July 18, 1941.
Business
activity
latest weekly
"Journal
covered
the
over
record
near
Although
Commerce"
of
from
registered
crude
was
reports.
weekly
the
previous
had
not
substantial
week.
reported
were
according
Electric
at
fully
re¬
were
and
output
all-time
new
to
the
gains
highs.
Oar loadings also made an exceptionally favorable
showing
this week.
mistic vein.
certainty
in
opti¬
an
Ordinarily the stock market should be boom¬
these reports.
on
some
investigation
ment to provide an
making.
of
However, there
the air.
The strong
appears too much un¬
resistance,
according to
Production
have
wholesome
a
days, and for
decided
much
effect
a
change for the
improved.
on
the
securities
time it looked
better,
as
and
market
though there
Wall
Street
for
was
morale
However, the crisis in Japan involv¬
ing the fall of the Cabinet did not have
effect, and the latest
aging.
news
from Russia
Further, the inflation
a
very
exhilarating
was not
menace appears
so
encour¬
to be looming
larger, and with drastic current and prospective moves at
Washington in attempts to steer the country clear of these
inflationary
dangers,
many
investors
are
taking
to
the
sidelines.
of
backlogs, with the idea of establishing just what unfilled
for
on
mill
civilian
books
are
purposes,
for defense and
"Iron Age"
says
which
in
its
are
wholly
recent
sum¬
mary.
Each producing company is
se'parating its orders into four
classifications—defense, British aid, other exports and do¬
mestic
purposes.
machinery of the Govern¬
dealers
that
for
making
more
if further curtailment
civilian.
In
the
past
many
orders
filed
with
the
97%
to
Washington.
on
industry
of
as
capacity
:
whole
a
in
was
was
mid-week,
because of the shutdown at the Great Lakes
98.7%.
soared
In
a
to
3,141,158,000 kwh.,
865,000
largely
Steel
Corp.'s
the last
week
June
of
the
in
kwh.
industry
brief period, the "Iron Age" states.
Recovering from the holiday week dip, electric
duction
said to
June average for the industry was 98.2%, and
topped 100% for
a
new
or
an
the
record
high
last
increase of 9.6%
previous
week,
the
power pro¬
w^eek,
over
totaling
the 2,866,-
Edison
Electric
Institute reported today.
The figures for the week ended July 12 registered a
gain
of 18.5% over the 2,651,626,000 kwh. in the
week
of
1940.
The
rise
corresponding 1940 period
The
Steel companies are submitting this week to the
Iron and
Steel Industry Defense Committee a
penetrative analysis
orders
iron
scrap
of the steel
dropped
May
a
the
responsibility will rest
to
was
for
upon
adequate supply of scrap iron for steel
available and suggested
scrap
shown
It cited the Government's refusal to accept recom¬
mendations
Detroit mill.
have
for civilian
be indirectly
been
have
talked in its weekly review of what it called
the failure of the present control
reports, of the Russians to the German onslaught appeared
several
defense
as
be strictly
to
"Iron Age"
filed
of steel production becomes necessary for lack of scrap, the
Reports from most industrial centers continue in
ing
civilian have later turned out to
as
defense and
of
components
index
holiday setback,
runs-to-stills
levels,
most
mills
876,165
Association
of
of
in
the
was
corresponding
previous week over the
18.2%.
American
revenue
freight
Railroads
reported
that
loaded during the
ending last Saturday.
This was an increase of 18.3%
compared with the preceding week, an increase of 18.9%
compared with a year ago, and an increase of 30.8% coinpared with 1939.
cars
were
week
The Association of American Railroads
reported this week
that 87 Class I railroads had estimated operating revenues
of $367,080,657 in June, compared with $281,935,333 in
June,
1940, and $364,378,248 in June, 1930.
American Telephone & Telegraph Co. had net income of
$49,655,125, or $2.66 a share, for the three months ended
Volume
30, Walter S. Gifford, (President, reported this week.
June
with net income of $44,909,738, or $2.40 a
This compares
share, in the like 1940 period.
For
12
June 30 A.
ended
months
earned $195,-
& T.
T.
of defense
What
is
$10.40
or
a
of passenger cars and trucks for United
Canadian
automobile
factories would total
week's
output
States
and
109,912 units.
Last week the same sour (^estimated pro¬
duction at 114,318 vehicles.
A year ago at tlusrtime assem¬
blies numbered 53,020.
^
The
for
model
current
the
only four plants are at present
year, while at this time a
that
noted
survey
closed
eight plants were shut down for the changeovers.
"Automotive News" in its weekly survey
year ago
The trade paper
places this week's assemblies at 112,940 units and predicted
a total for July of 400,000 units.
With home furnishings holding the spotlight, all lines of
proportions last week, with
about 25% above the corresponding 1940 week,
retail sales held above seasonal
bulk volume
At
the
the retail
of sustained activity in
in reflection
time,
same
brisk and climb¬
lines, wholesale trade was seen
ing steadily.
Sellers, the agency said, frequently reported
that they could have booked more orders if the merchandise
had been available.
Manufacturers' operating schedules, on
showed only minor changes from the all-time
level of past weeks and thus are avoiding the usual
certain.
and defense munitions, but that is by no means
that
is
have
we
really
now
said good-bye
business
to
as
period of most unusual business,
characterized by shortages for civilian use of all sorts of things that we
are accustomed
to have and to get without worrying about them.
Perhaps
that
not
may
entering
are
we
upon
a
be the times that try men's souls, but they are
to
prove
will try and will test American patriotism.
surely going to be times that
Freight Car Loadings During Week
July 12 18.9% Over Year Ago
Revenue
Ended
12
Loading of revenue) freight for the week ended July
Association of American Railroads
totaled 876,165 cars, the
announced
This was an increase of 139,382 cars
July 17.
on
18.9% above the correjsponding week in 1940, and an in¬
or
of
crease
208,277
30.8% above the same week in
or
cars
July 12
Loading of revenue freight for the week of
1939.
135,672 cars or 18.3% above the preced¬
increase of
was an
The association further
ing week, which included holiday.
reported:
freight loading totaled 362,734 cars,
Miscellaneous
above
care
Dun & Bradstreet observed today.
measures
sure
and
usual,
these
share, compared with $183,.477,473, or
$9.82 a share in the previous 12 months.
Ward's Automotive Reports estimated
today that this
527,275,
301
The Commercial & Financial Chronicle
153
the
and
preceding week,
an
an
increase of 35,397
increase of 78,083
above the
cars
corresponding week in 1940.
freight totaled 154,133 cars
above the preceding week, and increase of
Loading of merchandise less than carload lot
of
increase
an
8,053
cars
15,517
cars
above the corresponding week in 1940.
increase of 53,524 cars above
loading amounted to 147,492 cars, an
Coal
preceding week, and an increase of 20,121 cars
the
above the corresponding
the average,
week in 1940.
record
62,697 cars, an increase of
11,776 cars above the preceding week, and an increase of 6,240 cars above
the corresponding week in 1940.
In the Western Districts alone, grain
and grain products loading for the week of July 12 totaled 44,177 care,
an
increase of 6,260 cars above the preceding week, and an increase of
let-down.
summer
There
the
advices,
Government
to
the
finds
favorable
Because of the extent of the country and the
United
midsummer
this
States
situation.
as
whole in
a
of
distribution
variable
usual
According
situation
moisture
unusual developments in the weather
very
week.
past
the
no
were
season
season
warm
of 1941
unusually
an
rains,
summer
but
present droughty areas are decidedly local in comparison
with the usual.
Michigan, parts of Indiana, southern Wis¬
consin, some southern sections of Minnesota, and a few
Grain
and
products
grain
3,842 cars above the corresponding
stock
Live
above
the
loading amounted to
week,
preceding
stock for the week of
at
above the preceding
restricted
elsewhere
areas
for current needs; there
week's
which
is still
sections.
southern
many
rain,
needing
are
but
an
un¬
has sufficient moisture
superabundance in a good
large part of the country
usually
weather
rain
generous
brought relief to most
has
of the
outstanding feature
An
the,
was
a
in
of New England.
peratures are reported favorable and
nearly all
Tem¬
crops are
making good to excellent progress.
In the New York City
area the weather has been clear, with an occasional shower,
week in 1940.
10,177 cars, an increase of 2,207 cars
of 1,450 care below the cor¬
decrease
a
live
In the Western Districts alone, loading of
July 12 totaled 7,056 cars, an increase of 1,254 cars
week, but a decrease of 1,223 cars below
the correspond¬
ing week in 1940.
Forest
above
loading totaled
products
the
preceding week, and an
responding week
44,252 cars, an increase of 6,965 cars
increase of 13,237 cars above the cor¬
1940.
in
increase of 9,348 cars above
loading amounted to 81,104 cars, an
Ore
/v.-'.
week in 1940.
;
above the
above the corresponding week
amounted to 13,576 cars, an increase of 938 cars
Coke loading
preceding week, and an increase of 3,627 cars
in
!r'.v '■ r-
1940.
All
in
cars'above the corresponding
week, and an increase of 11,471
the preceding
northeast,
the
but
responding week in 1940.
droughts, to a greater or less extent, occur every year,
totaled
loading
districts
increases compared
reported
with the corresponding weeks
1940 and 1939.
temperature quite warm at times.
The weather on Friday was moderately warm and skies
and
overcast as
temperatures hovered between a minimum of 70
maximum of 79 degrees.
Lowering clouds
and local thunderstorms are predicted
for late Friday night and Saturday.
Clearing weather is
looked for Saturday afternoon or night, and fair on Sun¬
degrees
and
a
followed by showers
Indications point to increasing southerly winds, be¬
coming fresh and shifting late Saturday to nortlrwest.
Fri¬
day.
day night the thermometer is expected to drop to
65 degrees
suburbs, rising on Saturday to a high of
about 80 degrees.
Overnight at Boston it was 62 to 70 degrees; Pittsburgh,
58 to 78; Portland, Me., 57 to 68; Chicago, 64 to 86; Cin¬
the
in
city and
Cleveland, 60 to 76;
cinnati, 59 to 87;
Detroit, 67 to 78;
Milwaukee, 64 to 77; Charleston, 75 to 87; Savannah, 74 to
1940
2,288,730
2,282,866
2,976,655
2,225,188
2,926,408
876,165
2,557,735
2,488,879
3,123,916
2,495,212
3,35i,840
2,896,953
637,169
736,783
21,463,086
18,288,487
16,488,840
i
Four weeks of February
weeks of March
Five
Four weeks of April
weeks of May
Five
Four weeks of June.
Week of July
740.493
5-..
Week of July 12
....
Total
The first 18
555,152
669,888
1941.
major railroads to report for the week
loaded
ended
July 13, 1940.
ended
REVENUE FREIGHT
a
A comparative table follows:
LOADED AND
RECEIVED FROM CONNECTION
(Number of Cars)
96, and Seattle, 68 to 92.
Lake City, 62 to
Loaded
on
Own
Lines
Weeks Ended—
Phase
Received from Connections
Weeks Ended—
Finds Defense Program Entering
Co.
Trust
Third
2,563,953
total of 416,115 cars of revenue
freight on their own lines, compared with 352,665 cars in
the preceding week and 347,961 cars in the seven days
12,
July
89; Springfield, 111., 71 to 86; Oklahoma City, 74 to 98; Salt
Cleveland
1939
1941
2,740,095
2,824.188
3,817,918
2,793,563
4,160,527
3,510,137
Four weeks of January
Will
It Says,
Which,
July
Almost
Affect
12
July 5
1941
1941
July
13 July
1940
12
July 5
1941
July
1941
13
1940
Every Business Activity
The Cleveland Trust Co. of Cleveland,
is entering into a third phase, which
jour defense effort
will
be
quite different in its impact on
phases that have preceded
two
Ohio, observes that
business from the
In its "Business Bul¬
it."
constituted
the
of
the
defense
main
munitions
activity
of
the
Army,
the
Navy,
the
and
that work still continues, but it was
dominating defense activity from early in 1940 into the final quarter
other
defense
last
The
These
Of
«•
course
year.
phases
of
phase
all
overlap,
large
and
which may be termed, the tooling-up period.
and this second one was under way when the
one
was
contracts
even
began.
dominating
it
did
not
until
the
last
Nevertheless
has
defense
activity
this year
as
those thgt
were
that
quarter
of
18,844
the
15.803
6,686
19,387
8,558
8,920
9,761
20,495
9,497
7,149
19,712
20,291
11,660
13,045
8,912
2.653
2,374
2,203
1,740
1,806
1,308
2,037
2,223
"as
a
result of the
new
outbreak of
war
1,537
1,939
2,097
5,009
4,267
4,939
3,364
3,842
2,676
18,411
16,510
16,075
9,971
11,176
7,376
51,029
44,376
41,334
40,270
47,544
39,194
6,974
5,868
5,564
11,530
13,853
21,342
69,101
6,015
6,009
9,294
4,320
46,748
54,088
45,188
Missouri
Pacific RR.,..—
New York Central Lines
-
& St. Louis Ry.~
Norfolk & Western Ry.
N. Y. Chicago
23,053
16,933
Pennsylvania RR
Pere Marquette Ry
Pittsburgh & Lake Erie RR
86,308
74,155
8,105
7,752
6,902
7,983
8,914
4,587
8,029
Southern Pacific Lines....
36,322
30,021
27,448
10,835
11,765
7,163
6.886
5,730
6,506
10,219
11,283
7,475
6,849
Wabash Ry
5,920
4,827
5,485
6,608
416.115 352,665 347,961 221,126 254,692 194,190
Total
TOTAL
LOADINGS AND
RECEIPTS FROM CONNECTIONS
(Number of Cars)
Weeks Ended—
activities of the first
the
of
between Germany and Russia will
Britain and ourselves a little added time for the preparation
16,856
three times as great
making of munitions.
Great
12,021
placed there in the final quarter of last year.
munitions," the company in its "Bulletin" adds:
This is the part of the program which will progressively affect almost
every kind of business activity, and in innumerable instances it will do so
in ways that are as yet quite unforeseeable.
It will test transportation to
the limit, and it will create shortages of labor and materials, which will
be seriously felt by scores of industries that have nothing to do with the
Possibly
4,665
16,619
12,817
22,238
Lines
become an
phase and the second phase, we are now entering upon
third phase, which is that of large-scale production
give
7,861
18,709
10,082
22,710
25,256
RR.....
been
will probably prove to have been about
of
Noting
it
then
Since
7,000
33,123
20,191
1,687
going forward at such speed that the
numbers of machine tools put into production lines in the second quarter
1940.
Coast
25,120
34,412
24.261
-
second
placing
intense
agencies.
Gulf
Missouri-Kansas-Texas
in which the placing of contracts for
was one
Chesapeake & Ohio RyChicago Burlington & Quincy RR.
Chicago Milw. St. Paul & Pac. Ry.
Chicago & North Western Ry_._
26,054
27,573
Ry.
RR
International Great Northern RR
letin" dated July 15 the company says:
The first phase
Baltimore & Ohio
28,885
40,776
Atchison Topeka & Santa Fe
July 12, 1941
July 5, 1941
July 13, 1940
x32,000
30,084
x29,000
Illinois Central System..
36,262
34,189
27,548
St. Louis-San Francisco Ry
15,287
14,802
12,439
83,549
79,075
68,987
Chicago Rock Island & Pacific Ry.
Total
x
—
...
Estimated.
we undertake to show also the loading
roads and systems for the week ended July 5>
1941.
During this period 107 roads showed increases when
compared with the same week last year.
In the
following
for separate
The Commercial & Financial Chronicle
302
REVENUE FREIGHT LOADED AND RECEIVED
Total Revenue
Railroads
from
1939
1940
Freight Loaded
Railroads
Connections
1941
Connections
from
1939
1940
1941
1940
1941
1940
Southern District—(Concl.)
Eastern District—
503
473
421
Bangor & Aroostook.
A Maine
910
1,001
656
252
227
Boston
7,592
9,936
Piedmont Northern
1,225
5,789
1,390
12,853
Chicago Indianapolis A Louisv.
6,153
1,096
2,520
2.096
Richmond Fred. A Potomac—
Arbor...
Ann
Total Loads Received
Total Revenue
Total Loads Received
Freight Loaded
1941
July 19, 1941
CONNECTIONS (NUMBER OF CAR8)I—WEEK ENDED JULY 5
FROM
25
11
1,500
23
1,198
2,850
3,700
Nashville Chattanooga A St. L.
3,126
2,413
2,248
Norfolk
2,079
1,528
1,623
1,042
823
394
401
381
1,671
355
307
255
6,424
1,273
4,046
Southern
1,113
1,011
2,456
2,041
4,661
3,522
10,266
7,522
6,391
6,965
7,087
8,236
6,451
Winston-Salem
408
402
328
120
7,278
16,545
6,320
4,532
19,511
13,893
411
312
772
579
141
109
109
818
618
82,802
80,928
88.838
61,572
19,712
16,043
9,720
2,015
13,959
2,210
13,045
2,449
3,283
2,521
6,906
3,451
Tennessee Central
Delaware Lackawanna A West.
7,361
17,511
Southern System
2,760
461
102,146
38
1,243
Delaware A Hudson
8,803
22,156
58
Central Vermont
151
Central Indiana
Detroit A Mackinac
2,320
Detroit Toledo A Ironton
1,613
944
1,426
1,469
321
237
250
4,162
10,691
10,290
15,664
5,563
....
3,447
Southbound—
Total
2,583
13,691
11,354
6.495
Detroit A Toledo Shore Line...
Erie..
Seaboard Air Line
Grand Trunk Western
2,972
9,241
Lehigh A Hudson River
165
123
109
2,354
1,745
Chicago A North Western
Lehigh A New England
1,195
5,964
1.634
1,101
1,832
1,207
Chicago Great Western
6,249
5.460
9,601
6,179
Chicago Milw. St. P. A Pac...
19,750
15,469
14,652
9,497
—
2,468
2,356
1,892
2,490
1,792
4,361
4,296
3,344
454
167
24,240
3,086
21,187
2,885
4,031
Chicago St. P. Minn. A Omaha
Duluth Missabe A Iron Range
3,543
—
12,540
1,432
44,846
9,788
2,067
1,995
29,840
28
18
Duluth South Shore A Atlantic.
903
1,204
321
528
498
47,074
36,335
9,653
7,906
5,354
10,376
5,163
16,734
12,353
Lehigh Valley
Maine Central
Monongahela
—
Montour
New
York Central Lines
N.Y.N. H. A Hartford
36,659
7,491
7,259
782
931
564
2,268
1,875
5,868
4,563
4,771
13,853
10,134
New York Ontario A Western..
N. Y. Chicago A St. Louis
District—
Northwestern
V
.
Elgin Jollet A Eastern
439
438
349
116
152
22,419
18,303
13,525
4,377
3,425
555
425
438
772
598
2,117
4,301
1,504
6,077
7,662
Moines A South.
Ft. Dodge Des
Great Northern
Green Bay A Western
—
437
260
329
1,406
Lake Superior A Ishpemlng
Pittsburgh A Lake Erie
7,472
9,194
6,081
5,920
6,298
4,633
4,261
Pere Marquette
3,639
6,608
4,884
Minneapolis A St. Louis
Minn. St. Paul AS. S.M
N. Y. Susquehanna A
Western.
1,216
Pittsburgh A Shawmut
485
762
160
Pittsburgh Shawmut A North..
316
301
255
392
220
Pittsburgh A West Virginia
726
742
820
2,504
1,822
Rutland...
488
579
484
1.155
Wabash..
5,730
4,710
4,343
5,221
11.283
8,019
5,061
3,289
4,340
1,729
7,028
10,191
78
56
1,595
1,452
2,242
1,716
4,616
3,197
2,587
4,853
3,750
958
Wheeling A Lake Erie
194
407
3.316
-
42
64
Pacific
Northern
6,678
275
208
162
451
257
1,987
1,185
1,146
2,073
1,501
126,990
107,013
81,882
59,656
International
Spokane
Spokane Portland A Seattle....
Total
42,495
•
146,126
Total..
126,860
110,001
202,176
Central Western District—
149,611
372
1,064
784
34,412
28,784
5,621
23,902
22,710
17,556
6,144
4,077
2,441
2,205
151
Baltimore A Ohio
391
329
f
Bessemer A Lake Erie
Buffalo Creek A Gauley
Cambria A Indiana
1,149
Central RR. of New Jersey
5,552
298
4
1,176
1,153
4,332
4
31
5,157
.
14,713
14
10,971
23,666
24,531
7,851
5,457
3,217
2,650
2,874
3.021
2,284
557
477
239
89
77
15,803
13,179
14,346
9,761
7,671
2.566
1,705
1,399
956
691
13,032
2,450
12,434
13,170
11,074
7,149
2,075
1,943
2,965
2,541
573
Alton
617
26,054
508
565
1,530
1,250
1,960
Fe System.
Atch. Top. A Santa
Alleghany District—
Akron Canton A Youngstown..
1,657
1,516
3,677
2,927
-
Bingham A Garfield
Chicago Burlington A Quincy..
Chicago A Illinois Midland
Chicago Rock Island A Pacific.
Chicago A Eastern Illinois—
Colorado A Southern
Cornwall...
594
487
483
60
36
Denver A Rio Grande Western.
Cumberland A Pennsylvania...
352
191
166
37
41
Denver A Salt
387
186
196
36
69
60
51
52
43
Fort Worth A Denver City
1,112
1,390
892
860
754
596
516
3,363
2,651
Illinois Terminal
1,916
1,423
1,472
1.459
1,912
1,573
1,651
Llgonler
Valley
Long Island
Penn-Reading Seashore Lines..
Lake
1,510
942
800
Pennsylvania System
74,155
58,056
46,833
54,088
1,311
43,192
Nevada
Reading
10,945
12,193
9,302
28,895
16,395
North Western Pacific
19,587
16,956
9,466
6,391
5,475
3,124
2,688
2,693
8,485
6,154
Co
Union (Pittsburgh)
Western
Maryland
Missouri-Illinois
1,065
837
1,037
1,729
1,543
1,162
115
120
653
632
555
422
376
14
8
13
0
0
25,292
19,422
16,915
6,830
4,016
232
197
236
1,567
1,304
14,049
13,344
12,335
10,336
Northern
Peoria A Pekln Union
Southern Pacific (Pacific)—..
Toledo Peoria A Western
Total....
159,115
........
133,627
137,985
104,444!
106,832
Union Pacific System
Chesapeake A Ohio..
20,191
22,134
19,786
16,933
3,054
18,114
Virginian
3,642
Total
40,178
43.890
12,817
169
60
3
8
1,399
1,090
2,549
2,085
114,456
98,983
97,031
66,140
48,254
11,913
15,745
6,009
4,207
3,390
2,022
1,296
38,921
20,848
17,416
7,475
187
Western Pacific
Norfolk A Western
365
554
1,608
Utah
Pocahontas District—
25
Total
—
District—
Southwestern
Burllngton-Rock Island
Alabama Tennessee A Northern
306
169
181
754
-
Atl. A W. P.—W. RR. of Ala..
627
642
172
185
1,773
1,258
143
126
129
183
201
Gulf Coast Lines
Southern District—
2,374
2,028
2,007
1,806
International-Great Northern..
2,097
1,464
1,387
2,223
1,278
1,546
Kansas Oklahoma A Gulf
248
194
291
878
613
905
688
908
1,008
586
City Southern
2,465
9,105
4,312
1,542
1,590
7,130
6,327
4,297
Louisiana A Arkansas
1,901
1,465
1,375
3,497
2,222
1,956
1,786
6,933
3,426
4,662
1,609
Litchfield A Madison
329
302
272
1,138
Midland
432
435
499
257
335
164
120
96
409
215
4,267
4,363
4,027
3,842
2,764
16,538
14,692
13,142
11,176
7,908
Atlanta Birmingham A Coast..
Atlantic Coast Line
Central of Georgia
Kaasas
1,266
579
443
1,318
1,092
1,071
2,734
3,376
1,137
1,893
Columbus A Greenville
408
153
388
301
265
Durham A Southern
175
136
150
578
415
Florida East Coast..
376
329
354
742
693
Quanah Acme A Pacific
165
108
99
113
35
95
24
31
90
70
St. Louis-San Francisco
1,064
7,849
908
7,023
6,861
754
1,981
1,378
2,321
1,773
5,525
3,378
2,015
Charleston A Western Carolina
Cllnchfleld
Gainsville
Midland..
Georgia
758
Valley
Missouri A Arkaasas
Mlssourl-Kansas-Texas Lines..
Missouri Pacific
St.
Louis
Southwestern
730
3,813
463
377
246
616
340
Texas A New Orleans
3,447
21,388
6,541
4,986
1,779
4,984
xl ,229
4,050
2,450
2,737
3,044
2,765
Texas A
3,508
3,242
3,225
15,618
4,925
3,594
15,902
13,750
8,100
Wichita Falls A Southern
129
109
158
116
48
19,652
18,826
17,447
7,995
5,303
Macon Dublin A Savannah
Weatherford M. W. A N. W...
11
22
183
24
48
28
112
110
801
627
Mississippi Central
161
92
110
397
270
51,482
43,994
41.945
44,245
30,685
Georgia A Florida...
Gulf Mobile A Ohio
Illinois Central System
Louisville A Nashville
Note—Previous
year's figures revised.
• Previous figures,
x
decline in wheat.
11
12
14
15
16...
17
18
July
July
Mon.
July
Tues.
July
Wed.
July
Thurs. July
Fri.
July
205.8
...202.5
198-4
Year ago. July 18.
.155.2
207.9
1940 High—Dec. 31.
171.8
208 0
Low—Aug. 16
1941 High—July 16
Low—Feb. 17
208-0
171.6
207.9
......
....207.7
149.3
''
Class I railroads had 92,566
time since 1923.
The number
on
ordei
on
on
Orde
r on
July 1
pared with the number under contract
than five times
ginning of the
as
new
The Association further
July 1, this
reported:
year, was an increase of
June 1, 1941.
on
many as were on order
on
27,519
It also
July 1, last
year,
was
com¬
more
at the be¬
rearmament piogram in the United States.
Of the total number
on
order
cars,
28,008 coal
cars,
and 917 miscellaneous
cars,
2,378
on
flat
July 1, this
59,813 box
were
1,350 refrigerator cars,
cars,
100 stock
freight
same
I
railroads
cars
in
the
first
six
months
in service, approximately the
'period last
year.
Among the
new
of
same
cars
1941
installed
number
put
as
36.381
new
installed in the
in service
were
18,603
box, 15,705 coal, 999 refrigerator, 908 flat, 50 stock, and 116 miscellaneous
new
locomotives
time in the past
were
on
were
15 years.
steam and 294 were
on
order
on
The number
electric
and
Diesel.
June 1, 1941, totaled 517 of which 231
July 1, this
on
order
was
New
were steam
and 199 were electric and Diesel.
180
General
Motors
In the
same
locomotives installed in service, 45 being
new
Corp.
prior to the European
of
a
of
and
whicli
had collaborated in the publica¬
world commodity
price index, have resumed issu¬
international
price
basis than before the war.
world
University,
Cornell
war
prices,
these
but
statistics,
Instead of
organizations
on
different
a
composite index of
a
are
now
publishing
the
information only as individual country indexes.
The index is built upon 40 basic commodities and the list
is the same for each country in so far as possible.
Each
commodity is weighted uniformly for each country, accord¬
ing to its relative importance in world production.
The
actual price
data are collected weekly by General Motors
Operations from sources described as "the most
responsible agencies available in each country, usually a
clude
"a
grains,
foods
year,
than at any
559 of which
locomotives
on
265
order
and 286 were electric
department."
comprehensive
livestock
and
commodities
The
list
of
several
livestock
(coffee, cocoa, tea,
involved
groups,
products,
in¬
including
miscellaneous
&c.), textiles, fuels, metals,
and a list of other miscellaneous materials (rubber,
hides,
lumber, newsprint, linseed oil, &c.)."
Weights assigned in
sugar,
the index to the different commodity groups are as follows:
Grains, 20;
cars.
More
were
135 electric and Diesel.
government
cars.
Reports revealed that 22,276 of the total number of new
freight cars on
order, are being built in railroad shops while the others are
being con¬
structed by car building companies.
Class
were steam
Overseas
there
year,
locomotives on
new
Commodity Price Indexes of 10 Countries Compiled
by General Motors and Cornell University
ance
freight cars on order on
July 1, 1941, the Association of American Railroads an¬
nounced on July 18.
This was the largest number on order
at any
261 of which 62
period in 1940, there
tion
♦
Railroads Had 92,566 New
Freight Cars
July 1, 1940, the railroads had 124
New locomotives installed in service in the first six months of 1941 totaled
follows:
as
Two weeks ago, July 3
Month ago. June 18
...206.1
-.206.8
On
order, which included 97 steam and 27 electric and Diesel.
steam and
The movement of the Index has been
Sat.
only.
and Diesel.
Moody's Daily Commodity Index advanced from 205.8 a
week ago to 207.7 this
Friday.
The principal individual
changes were the gains in cotton and hog prices, and the
Fri.
Total
Gulf Mobile A
Moody's Commodity Index Higher
Pacific
fats
and
livestock and
other
foods,
9;
livestock
products, 19;
vegetable
textiles, 12; fuel, 11; metals, 11;
miscellaneous, 18.
The
indexes
which
are
based
on
prices expressed in the
currency of each country were reported
July 14
as
follows:
Volume
303
The Commercial & Financial Chronicle
153
(August, 1939=100)
mainlyThe food
considerably during the week, with 15 important items
Sharp gains in foodstuff, farm product, and textile prices were
responsible for the upturn in the all-commodity price average.
Mex¬
Ar gen-
Aus¬
Can¬
Eng¬
Una
tralia
ada
land
Java
143
116
New
113
ico
Switz¬ United
Stoe-
Zeal'd
erland
den
States
price index rose
included
index
1940—
in
the
132
112
114
131
136
109
farm
114
132
140
109
132
144
109
122
135
153
111
worsted
120
139
158
114
in the
118
142
164
118
119
144
168
118
May
120
June
118
118
120
144
116
113
July
118
118
120
145
115
U2
August
118
119
120
150
115
111
120
September..
116
120
121
145
116
110
October
113
123
122
145
117
110
November..
113
125
124
146
118
111
Deoember..
113
126
126
149
120
111
advancing and only four declining.
also moved upward resulting in a marked advance in the
The textile index continued to reach new
product price aveiage.
peaks
it registered its sixth consecutive weekly advance, cotton,
as
*
Higher prices for organic nitrogenates resulted in an advance
The only other group average to register
the fertilizer material average.
1941—
114
127
126
150
rl20
111
119
144
rl72
120
a
114
126
127
150
121
113
119
147
171
120
ities, which
March
119
122
129
150
123
114
119
154
176
122
April
121
121
131
150
125
115
119
156
180
125
May
126
120
134
150
129
117
120
156
189
129
change
the index representing the prices of miscellaneous
was
rose
During the week 37 price series included in the index advanced and
end.:
June
7...
rl31
121
135
rl51
130
118
120
14..
rl29
121
136
*151
133
119
120
192
154
June
155
WHOLESALE COMMODITY PRICE INDEX
June
21..
132
121
137
*151
131
119
121
154
28..
134
121
139
*151
132
120
121
154
194
133
July
5-.
*134
121
139
*152
134
123
121
154
*194
134
Latest
Per Cent
July
Group
Bears to the
Revised.
Prices
tions
Greatest Monthly Ad¬
June Showed
in
Fairchild
advance since the
1933. The index
at 97.7 (Jan. 3, 1931, equals 100) also shows a gain of 5.2%
above July 1 a year ago.
The advance since the present
upward trend began approximates 9.9%.
It is the longest
sustained gain of the index in recent history.
Despite the
sharp-gain as compared with the 1933 low as well as the
recent low, current quotations are still about 16% below
the 1929 levels.
Under date of June 14 Fairchild Publica¬
1.5%,
gained
the
In
same
advanced during the month, with the greatest
apparel and home furnishings.
in
showed
index
the month
with
as
a
now
the
recorded during
In comparison
the advances in furs and furniture have been very marked,
in cotton piece goods, sheets and pillow cases and blankets.
accelerated rate of gain in retail prices is to be expected from
year ago
well
A
an
any one month.
The greatest advances
continued in furs, furniture, cotton piece goods.
during
gain
a
women's underwear and shoes, every item in the
advance.
This is the greatest number of items to show
exception of
the
as
more
according to A.
on,
index
compiled.
is
replacement levels,
how
to see
W. Zelomek, economist, under whose supervision
out that retail prices are still below
He points
and with wholesale prices tending higher it is difficult
be avoided.
further advance in retail quotations can
a
THE FAIRCHILD
'
3, 1931=100
Copyright 1941 Fairchild News Service
May 1,
June 2,
July 1,
1941
1941
1941
94.8
95.5
96.3
97.7
87.8
88.8
89.6
91.3
89.5
89.7
90.1
Apr. 1,
1941
May 1,
1933
July 1,
Composite index
69.4
92.9
Piece goods
65.1
86.0
Men's apparel
70.7
89.1
89.4
71.8
1940
...
wear
Home furnishings
92.0
93.6
93.9
94.3
76.4
97.0
97.6
97.6
97.7
98.1
70.2
Women's apparel.
Infants'
68.6
109.0
103.9
85.6
137.1
123.4
97.4
98.6*
95.3
78.0
108.8
105.8
101.9
84.0
Fuels
110.4
110.4
107.2
103.7
10.8
Miscellaneous commodities..
120.6
120.4
116.3
111.3
Textiles
134.7
133.6
128.5
103.8
7.1
Metals
103.9
103.9
103.4
101.1
6.1
Building materials
118.5
118.4
117.1
101.8
1.3
Chemicals and drugs
105.2
105.2
105.0
103.9
111.9
111.1
104.7
100.3
102.0
102.0
101.1
101.3
99.3
99.3
99.3
99.5
111.9
110.6
107.7
96.5
8.2
.3
Fertilizer materials
.3
Fertilizers
.3
Farm machinery....
All groups combined
100.0
*
Base
Indexes
1926-28 average to 1935-39 average as 100.
July 12, 1941, 87.2; July 5, 1941, 86.2; July 13,
changed Jan. 4 from
period
on
...
1926-28 base were:
1940,75.2.
■■
Wholesale
Checked
94.5
96.5
97.7
98.9
100.4
95.3
Piece goods:
67.7
69.8
70.2
70.4
70.9
Silks.
57.4
Woolens
69.2
87.2
90.1
90.3
90.7
91.8
Cotton wash goods
68.6
103.2
103.6
106.0
107.7
111.3
Domestics:
Sheets.
72.9
.
93.6
94.6
96.2
97.3
99.3
113.0
65.0
Blankets & comfortables
Labor
in
During
Previous
Week
Advance
Steady
Resumed
12
July
Prices
Commodity
Bureau
Reports
Week,
Ended
Temporarily
of
Statistics—Changes in Week of July 5
the week ended July
following a temporary
check during the previous week, Acting Commissioner Hinrichs reported on July 17.
"Led by sharply higher market
prices for farm products, particularly grains, livestock and
cotton, and for lumber and furniture the Bureau of Labor
Statistics' index of nearly 900 price series advanced 0.5% to
Wholesale commodity prices during
their
resumed
12
steady
advance
88.1% of the 1926 average," Mr. Hinrichs said.
is 1.6% higher than a month ago and 13%
"This index
above a year
ago."
upward movement, which began early in March, has
approximately 9^% since that time. Each
of the 10 major commodity groups, except foods, shared in
the week's rise. (■ Farm products and housefurnishing goods
each rose 1.1%; building materials, 0.7%; chemicals and
The
raised the index
PUBLICATIONS RETAIL PRICE INDEX
Jan.
/%'
70.3
122.0
17.3
a
apparel still shows the smallest gain.
With
89.5
110.8
127.7
99.5
Livestock
piece goods, women's
year ago the greatest gains were also recorded in
Comparison with the 1939-40 low shows the greatest
home furnishings, with piece goods following.
Men's
with
groups.
recorded
advance
groups
in
recorded
comparison
these
102.5
116.5
explained:
of the major
Each
increases
104.0
142.1
Grains...
National Recovery Administration days in
tions further
13,
111.6
Farm products
23.0
monthly
.greatest
Ago
1940
1941
132.8
Cottonseed oll_
advance since the
The
Year
July
118.2
Fats and oils
during June showed the greatest monthly
present upward movement began in 1939.
Publications retail price index on July 1
prices
Ago
June 7,
1941
106.4
Foods
Since 1933,
Cotton
Retail
Month
Week
July 5,
12,
1941
25.3
According to Fairchild Publica¬
Retail Price Index
Preced'g
Week
Each Group
Total Index
vance
(1935-1939=100*)
Compiled by the National Fertilizer Association.
133
June
Retail
nine
and 23 declines,
preceding week there were 40 advances and 16 declines.
WEEKLY
130
rl32
194
r
commod¬
slightly.
declined, in the preceding week there were 33 advances
in the second
1941—
material
in
price of linseed oil caused a fractional rise in the building
index.
February...
Preliminary,
wool,
Another increase
hemp, and raw silk prices were higher.
yarn,
'
January....
♦
The cotton
Grain and live¬
highest point recorded by it since 1929.
stock quotations
118
Weeks
group
at the
was
131
112
120
117.2
117.2
118.4
119.2
Women's apparel:
Hosiery
59.2
75.1
73.2
73.2
73.2
73.3
Aprons & house dresses.
75.5
105.7
106.7
106.8
107.1
107.9
Corsets and brassieres..
83.6
93.0
92.9
92.9
93.1
93.5
Furs
66.8
102.0
113.5
115.4
116.8
121.5
Underwear
69.2
87.5
87.0
87.2
87.4
87.4
Shoes
76.5
88.8
88.0
88.0
88.1
88.1
87.4
87.4
87.5
allied
products, 0.6%; and hides and leather products, 0.5%.
advances were reported for the other groups.
Fractional
manufactured products, which have been
narrow limits as a group, rose 0.6%
during the week.
On the other hand, semi-manufactured
articles declined 0.1%.
Market prices for cereal products and meats were sub¬
stantially higher, while prices for fruits and vegetables
declined rapidly as large supplies reached the markets, and
there was no net change in the index for foods as a whole.
Marked advances in farm products prices
were reported
for all grains except barley; for livestock and poultry except
steers; and for cotton, fresh apples, hops and eggs.
Cattle
feed prices were up 3.1%.
As a result of previously re¬
ported higher prices for hides and skins and leather, aver¬
Average prices of
moving
age
within
very
prices of shoes were up 1%
causing the index for the
64.9
87.6
87.3
69.6
91.8
92.0
92.0
92.0
92.8
to advance 0.5%.
Major changes in the, textile prod¬
ucts group were price advances for cotton goods not affected
Shirts and neckwear
74.3
86.4
86.1
86.3
86.3
86.4
by recent governmental
Hats and caps
69.7
82.8
83.8
83.9
84.1
84.5
Clothing, lncl. overalls..
70.1
91.5
92.4
92.5
92.8
93.4
Shoes
76.3
94.5
94.7
94.7
95.3
95.9
74.0
102.0
103.6
103.6
103.6
104.0
group
Men's apparel:
Hosiery
....
__
Underwear..'
...
Infants' wear:
Socks
95.2
95.0
95.2
95.2
95.3
Underwear
74.3
Shoes
80.9
94.0
93.9
93.9
94.4
95.1
Furniture
69.4
100.8
105.3
107.7
110.1
113.3
79.9
125.9
128.0
130.6
132.1
133.6
53.5
53.8
54.5
Floor coverings
Musical Instruments
50.6
54.2
53.5
Luggage
60.1
76.0
76.1
76.6
77.2
Elec. household appliances
72.5
80.0
80.5
80.6
81.5
82.9
China
81.5
94.1
96.1
97.9
99.1
100.3
Note—Composite
Index
Is
a
weighted
aggregate,
Major
group
77.9
Indexes
are
arithmetic averages of subgroups.
Commodity
Ended
Price Average Spurts
July 12, According to
Upward in Week
National Fertilizer
Association
11.7% since the first of the year
and is currently 16.0%
corresponding week of 1940.
The Association's
report, under date of July 12, continued as follows:
action, raw silk and other textile
products continued upward with
Prices of petroleum
higher quotations for Pennsylvania fuel oil and Oklahoma
gasoline. Quotations for crude rubber averaged 3.3% lower.
In
the metals and
metal products group, prices were
quicksilver, solder and pig tin.
quiet and most prices were
steady under price ceilings or other government action. The
building materials group index was up 0.7% because of
sharply higher prices for all types of lumber and certain
paint materials, including linseed oil, rosin and turpentine.
Fertilizer materials advanced 2% on the average and oils
and fats resumed the upward movement with a rise of 2.5%
for the week.
Quotations were markedly higher for copra
and coconut oil, but lower for soy bean oil and inedible
higher
Other
for
babbitt metal,
inetal
markets
were
tallow.
general level of wholesale commodity prices was
sharply higher last week after registering a fractional decline
in the previous week, according to the price index compiled
by the National Fertilizer Association.
In the week ended
July 12 this index was 111.9, compared with 110.6 in the
preceding week, 107.7 a month ago, and 96.5 a year ago,
based on the 1935-39 average as 100.
The index has risen
The
above the
fibers.
Prices
of
furniture averaged 2.6% higher with all types
of household furniture
showing increases ranging up to 7%.
the general
substantially
unchanged, following the steady advance of approximately
5%% in the previous nine weeks, Mr. Hinrichs reported on
July 10.
The Bureau's index stood at 87.7% of the 1926
average, which was 2% higher than a month aco and 13%
above a year ago.
With respect to the activity in this week,
During the previous week (ended July 5)
level of wholesale commodity prices remained
the Bureau said :
'
■
P
The Commercial & Financial Chronicle
304
Changes in the commodity
ing in all
indexes were, relatively narrow, amount¬
Textile products dropped 0.7% largely
group
1%.
to less than
cases
because
of
declined
0.2% and farm products 0.1%.
rials
chemicals
was
allied
and
and
prices
of
their
leather
products
miscellaneous
and
0.3%.
products.
The
commodities,
metals and
metal
average,
and
fresh
pork,
are
and
Quotations
meats.
potatoes,
Some
reductions
raw
prices
for
cheese
for
flour,
arid
and
evaporated
for
for
oatmeal,
canned
previous
and
fresh
apples,
pork,
markets
high
bean
soy
milk.
prunes
olive
Cattle feed
lower for
were
result of sharp
a
dried
advanced during the week.
Industrial commodity
as
Cured
tomatoes.
for
Higher prices for wheat, oats and
sugar.
Dairy products advanced 3.3%
higher
pepper
lower
were
from
barley caused grains to advance 0.8% although prices
lemons
of
hogs, lambs, live poultry,
for steers,
lamb.
beef and
beans and
cocoa
rye.
at 84.1%
now
reported for butter, lard, edible tallow, cottonseed oil,
were
eggs,
livestock
for
onions and
oranges,
for
levels
which
oil.
was
increases in
Prices
and
corn
also '
were
raisins
and
prices of gray goods and other cotton goods following the establishment
of ceiling prices
Silk declined
for
burlap,
by the Office of Price Administration and Civilian Supply.
1.4%, while prices
hemp
quotations
and
also
were
sisal.
higher
higher for hosiery and underwear and
were
Bedding
for
prices
metal
beds
continued
and
prices, for coal and
fuel
Average
prices
wholesale
oil
accounted
the
for
and
advance
to
springs.
prices for hides and leather'and shoes and luggage
lighting materials index.
Commenting
Slightly higher
reported.
were
increase
the
in
Higher
and
fuel
Prices for Pennsylvania gasoline declined.
prices of building
materials
were
activity
Construction
Higher
reported for brick, gravel, lime, sand, prepared roofing, and for
as carbon black, copal gum, rosin, turpentine, shellac
linseed oil; and for lumber, particularly Douglas fir and southern
an
higher than
minor
metals
continue-at
to
The
a
week ago.
advance
and
1.1% during the week and boxboard averaged slightly
rose
metal
in
Government
high
pared
the
with
PWA
program
areas
is
just
produced
volume
the
in
fiscal year
of $150,000,000 to provide
being started,
discussed
and
been
formally requested this appropriation.
critical
certain
of
priced defense
housing
situation
that
economic
stresses
possibility
materials
would
the
A
new
in defense
Priority rulings and shortages
construction
in
defense
non-defense construction,
over
perhaps to
exist,
of
favor
com¬
$800,000,000 cantonment program
though the War Department has not
has
a
just closed.
community facilities
dur¬
as
new
a
yet
as
levels
aims at stimulating
somewhat less
a
and
areas
thus
low-
accentuating
degree,
a
under the
times.
June
Store
Chain
Sales
Up 16.66%
compilation made by Merrill Lynch, E. A.
Pierce & Cassatt, 29 chain store companies, including two
According to
companies,
order
mail
a
reported
increase
an
in
sales
of
June. 1941, over June, 1940.
Excluding the
two mail order companies, 27 other chain store companies
reported an increase in sales of 12.78%.
Sales for the 29 companies showed an increase of 17.29%
16.66%
for
for
six
the
1941
of
months
six
the
over
months
1940.
of
order companies, 27 other chains
increase in sales of 13.32%.
reported an
Month of June
tin
prices
which
products
was
98.4%
at
reflected
not
of
the
the
in
index
level
1926
is
for
0.6%
a
year
The following tables show
(1) index numbers for the
principal groups of commodities for the past three weeks,
for June 14, 1041 and for July 13, 1040 and the
percentage
from
week
a
percentage
Inc.
1941
1940
$
$
%
$
S
Chains—
71,833,111
62,283,436 15.41
79,950,899
73,926,516
8.15
449,209,279
6 Apparel
2 Drug-- —----
40,529,170
35,103,453 15.46
214,438,379
52,654,462
2 Shoe..
8,912,037
ago,
changes
in
month
a
ago,
and
a
5
July
July 12, 1941.
29
211,970,176 187,956,631 12.78 1,174,698,109 1,036,635,591 13.32
688,748,911
552,167,135 24.74
June Sales of Department Stores in New York Federal
Reserve District Increased
July
12,
July
5,
June
1941
1941
1941
June
Percentage Changes to
July 12, 1941 from—
July
14,
28,
13.
1941
1940
July
5,
June
14,
July
13,
1941
1941
1940
88.1
87.7
87.7
86.7
77.9
+0.5
+ 1.6 + 13.1
85.0
84.1
84.2
81.1
68.0
+ 1.1
+4.8 +25.0
84.1
84.1
84.3
82.6
71.0
0
+ 1.8 + 18.5
109.3 108.8 108.5 108.4.
99.9
+0.5
+0.8
+0.6 + 17.1
+ 0.5 + 10.0
Farm products.
Foods
Hides and leather products
Textile products...
84.3
84.1
84.7
83.8
72.0
+ 0.2
79.1
79.0
78.7
78.7
71.9
+0.1
98.4
98.4
102.4 101.7 101.1
Fuel and lighting materials
Metals and metal products
Building materials
98.6
+ 9.4
98.4
94.9
+0.2
+ 0.2
100.9
92.7
+0.7
Chemicals and allied products..
85.1
84.6
84.3
83.7
77.0
+0.6
+ 1.5 + 10.5
+ 1.7 + 10.5
Housefurnishing goods.
95.3
94.3
93.8
93.7
90.0
+ 1.1
+ 1.7
+0.1
Miscellaneous commodities
10% Above Year Ago
of
department stores in the Second (New York)
Federal Reserve District during June increased 10% above
a year ago, it was announced July 16 by the Federal Reserve
Bank
New
of
York.
Stocks
of
merchandise
department stores at the end of June
at the end of
All commodities
19,600,883 19.03
22,701,000 33.10
Companies. 343.409,397 294,373,858 16.66 1.863.447.020 1,588,802,726 17.29
Sales
Commodity Groups
47,330,457 11.25
23,330,828
30,213,000
2 Mail orders..- 131,439,221 106,417,227 23.51
(1926=100)
,
4,812,000 33.90
ago
year
subgroup indexes from
3,901,845 10.28
6,442,000
27 chains
7,929,381 12.39
4,302,959
—
81.3
81.2
80.9
80.2
85.1
84.9
84.9
82.9
71.4
+0.2
87.4
88.0
87.3
77.8
—0.1
June, 1940.
apparel stores in the New York Reserve District re¬
ported a gain of 8% in net sales in June as compared with
a year ago.
Apparel stores' stock on hand at the end of
the month was 25% above a year ago.
The following is the tabulation issued by the Bank:
DEPARTMENT
STORE
TRADE
SECOND
IN
FEDERAL
MAJOR
LOCALITIES, JUNE,
RESERVE
89.9
89.4
89.3
88.7
81.2
+ 0.6
+ 1.4 + 10.7
+0.3
+ 1.0 + 10.9
+ 0.3
+ 0.8
FROM
JULY
88.5
88.5
87.9
80.1
Percentage Changes from
a
PERCENTAGE
CHANGES
89.5
IN
89.1
89.2
SUBGROUP
JULY
12,
88.8
82.4
INDEXES
TO
vIncreases
Month
New York City (Includes Brooklyn).
+8
+9
+ 10
Northern New Jersey
Newark
+9
+ 12
+ 10
+9
+ 12
+9
+ 18
+ 19
+20
+23
+ 24
+ 19
;
Westchester and Fairfield Counties.
Cattle feed
3.1
Petroleum products
Furniture
2.6
Cereal products
Hides and skins..
0.4
1.8
Cotton goods
0.4
0.3
Meats.
1.4
Paint and paint materials.
Other miscellaneous
Upper Hudson River Valley
Albany..
0.3
Central New York State
Lumber.
1.3
Other textile products....
Iron and steel...
0.2
Mohawk River
0.2
Syracuse
Clothing..
0.1
Northern New York State
0.1
Southern New York State
Oils and fats
Fertilizer materials
Livestock and poultry
Grains
0.5
0.4
-
...
Shoes
Other foods
0.9
Silk
Anthracite
0.8
...
Bridgeport
Lower Hudson River Valley
0.1
0.1
5.6
Leather
0.3
Rubber, crude
3.3
Dairy products..
+28
+22
+ 15
+ 19
+ 19
+ 21
+ 30
+9
+ 19
+ 17
+ 13
Buffalo*
+ 27
+23
+ 14
+ 16
+8
+ 17
Rochester
+ 11
+ 12
+ 12
+10
+ 12
+ 11
+8
+8
+25
0.1
Bituminous coal.
0.
of
1941
at
11-Year
Peak
.....
All department stores *
—i.
Apparel stores
*
Half
+ 16
...
Western New York State *
+23
Niagara Falls *
Fruits and vegetables
First
+ 20
~
Elmira
0.1
+ 25
+ 12
+ 12
+ 21
+ 17
Bingham ton
Chemicals
in
+8
+ 17
........
Valley
+9
+ 13
+ 17
+ 18
0.1
Brick and tile.....
+ 11
+4
...
Motor vehicles
Decreases
Construction
+4
+ 11
Poughkeepsie
Non-ferrous metals......
Other building materials
Other farm products
Hand
End of
June
June
5
Stock
on
Jan.'
+8.6
1941
Year Ago
Net Sales
Department Stores
All commodities other than farm
products and foods.........
1941—
DISTRICT
0 + 12.2
Manufactured products
All commodities other than farm
88.8
in
than
The
+ 5.3
+ 1.4
+2.7 + 19.2
87.3
_
hand
more
+ 5.9
Semi-manufactured articles....
products
on
11%
were
+ 3.9
Raw materials
77.2
Inc.
%
361,650,796 11.95
404,774.413 10.98
180,578,042 18.75
404,852,161
11 5 & 10-cent—
1 Auto supply-.
changes
Six Months Ended June 30
1940
5 Grocery.-----
pig
ago.
|
very
Industrial plant expansion
1941
higher than at the beginning of the year and less than 4% above
(2)
rate.
enormous
for hemlock, redwood, cedar shingles arid maple flooring.
Crude rubber
to
expected
were
pine;
A
be
may
ing the current fiscal year a 25% increase in residential building
paint materials such
and
public
in
Excluding the two mail
0.6%.
up
increase
the record of the past six months, Thomas
on
during most if not all of the next 12 months.
and
characterized by the sharp declines
were
of
for
butter
peanut
1.9%.
up
volume
S. Ilolden, President of F. W. Dodge Corp., stated:
and
group
largely the result of lower prices for fresh fruits
was
vegetables and
apples,
in
0.4%;
dollar
the
works and utilities construction.
Foods
products
in
predominated
continues at
Recline for farm products and foods,
1926
and
and
goods.
gray
unchanged at last week's level.
The
oil,
control
to
Average prices for building mate¬
0.6%; housefurnishing goods, 0.5%; fuel and lighting materials,
rose
hides
action
government
July 19, 1941
...
Subject to possible revision.
Twenty-fiveTshopping days in June, 1941 (four Saturdays); 25 shopping days in
June, 1940 (five Saturdays).
Although
awarded
in
the
37
$539,106,000,
ing
to
F.
than
current
volume
Eastern
States
was
W.
greater
total
of
construction
contracts
DEPARTMENT
FEDERAL
STORE
SALES
RESERVE
in
AND
STOCKS—SECOND
DISTRICT
(1923-25 average=100)
slightly less than in May, it was, accord¬
June,
1940.
June,
April,
May,
June,
1940
1941
1941
1941
Sales (average daily), unadjusted
Sales (average daily), seasonally adjusted
r88
100
95
98
r92
103
99
102
Stocks, unadjusted
Stocks, seasonally adjusted
r77
89
88
84
r81
87
86
89
on July
18, 1941, 66%
During the first half of the
however, contracts awarded volume reached
an
11-year peak of $2,549,962,000, an increase of 57% over
the $1,623,087,000 recorded in the first six
months of 1940.
At the half-year mark the major classifications
of con¬
r
Revised.
were
substantially above the corresponding period
Non-residential building, with $956,525,000 in con¬
total, was 105% larger; residential building to.the
of 1940.
tract
OF
during June, amounting to
Dodge Corp. release
year,
struction
INDEXES
amount of $948,994,000 was
37% larger; public works and
utilities, amounting to $644,443,000, showed a 39% increase.
Public ownership construction contributed more to
the dol¬
lar volume of increase in non-residential
building than did
private ownership, shared almost equally with private own¬
ership construction in the residential building increase and
Electric
The
port,
Output for Week Ended July 12, 1941, Shows
Gain of 18.5% Over Year Ago
Edison
Electric
estimated
that
Institute,
the
elcjctric light and power industry
the week
ended
of
current weekly re¬
electricity by
the
of the United States for
July 12, 1941,
current week's output is
responding
in its
production
week
of
was 3,141,158,000 kwh.
The
18.5% above the output of the cor¬
1940, when production totaled 2,651,-
Volume
The Commercial &
153
The output for the week ended July 5, 1941,
to
be 2,866,865,000 kwli., an
increase of
626,000 kwh.
estimated
was
18.2%
the like week a year ago.
over
Department of Agriculture Reports Food Purchases
During Week Ending July 12—Supplies Available
for Other Countries Under Lend-Lease Act
Department of Agriculture announced on July
purchase of the following food supplies during the
week ended July 12:
The U. S.
PREVIOUS YEAR
PERCENTAGE INCREASE FROM
14
Week Ended
Ended
Week
Week Ended
July 12, 1941
Major Geographic
Regions
July 5, 1941
Week Ended
1941
1941 June 21,
June 28.
305
Financial Chronicle
the
Quantity
Commodity
New England
Middle Atlantic
20.1
27.6
24.5
18.4
16.4
Central Industrial
Pork meat products:
Cured and frozen
22.0
17.6
21.2
25.0
25.6
24.0
19.7
West Central
17.4
19.4
16.7
11.9
15.6
16.0
14.8
Rocky Mountain
4.1
2.6
9.2
8.4
Pacific Coast
6.3
4.1
2.6
4.0
3,425,000 pounds
Shell eggs
21.0
Frozen
Southern States
4,619,000 pounds
Canned
Total United States.
Dried eggs_
I
1'
•
Change
:.
i
1938
1939
1941
1940
1941
1940
Jan.
4
2,831,052
2,558,180
+ 10.7
2,238,719
2.142,112
Jan.
11
2,985.304
2,329,057
18
+ 12.0
2,342,328
Jan.
25
2,995,562
2,979,610
2,977,501
2,972,566
2,958,855
2,688,380
2.673,823
+ 11.0
Jan.
2,660.962
+ 12.0
2.632,555
+ 13.1
2,616,111
+ 13.6
2,340,339
2,327.192
2,314,859
2,163,915
2,156,468
2,139,311
2,564,670
+ 15.4
2,297,117
2,112,046
2,967,576
2,546,816
+ 16.5
2,071,639
2,982,203
2,568,328
2,553,109
+ 16.1
2,269,061
2,293,582
+ 16.3
2,285,175
2,275,658
2.054,861
2,550,000
2,508.321
+ 18.1
2,027,433
2,524.066
+ 17.1
2.493.690
+ 17.8
2,258,221
2,272,424
2,243,986
mm
1
Feb.
Feb.
8
Feb.
15
mm
Feb. 22
mm'
Mar.
1
mm
Mar.
8
m>m
Mar. 15
m
m
Mar. 22
mm
Mar. 29
mm
5
mm
Apr.
12-..
19
Apr.
mm
2,986,470
2,964,817
2,963,579
2,956,149
2,937,585
2,882,319
+ 17.0
2,130,558
2,097,789
2.077,334
2,066,563
2,036,671
2,050,101
2,529,908
+ 13.9
2.234,908
2.016.227
+ 13.6
2,265,216
2,244,039
2,010.121
+ 17.1
3
mm
2,914,882
2,528,868
2,499,060
2,503,899
+ 16.4
2,224,723
1,992,161
May 10
mm
2,975,024
2.515,515
+ 18.3
2,238,826
2,019,065
May 17
mm
2,550,071
+ 17.0
2,234,592
2.023,830
May 24
mm
2,277,749
2,030,754
mm
2,588,821
2,477.689
+ 16.3
May 31
2,982,715
3.011,754
2,924,460
3,042,128
+ 18.0
2,598,812
+ 17.1
3,066,047
3,055,841
2,664,853
+ 15.1
2,653,788
+ 15.2
3.120.780
2,659.825
2,425,229
+ 17.3
2,651,626 .,+ 18.5
2,681,071
2,186,394
2,328,756
2,340,671
2,362,436
2,395,857
2,145,033
2,402,893
2,377,902
2,760,935
2,762,240
2,426,631
2,399,805
Apr.
mm
Apr. 26—
May
m
7
June
mm'-
June 14
mm
June 21
mm
June 28
July
-
2,926,445
m
2,866,865
3,141,158
m
J*uly 12
19
July
mm
2.873.710
mm
5
July
m
26
2
Aug.
1937
from
,
--
.
+ 18.2
1,995,555
1,936,597
2.056,509
2,051,006
2,082,232
2.074,014
1,937,486
2,154,099
2,152,779
2,159,667
2,193,750
160,000
49,000
9,070,000
100,000
200,000
344,000
450,000
1,150,000
175,000
Soy beans.___
Dry beans
2,278.249
2,277,509
2.286,494
2.236,074
2,225,581
2,238,281
2.242,433
2,225,539
2,237,729
2,251,888
2,251,111
2,237,926
2,183,704
2,218,798
2,218,615
2,229,866
2,237,542
2,225,194
2.242,421
2,249,305
2.25L995
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
2,341,103
Dried peaches
Dried pears
;
Dried prunes
Mixed dried fruit
Ago—Sales in First Half of Year
4% Higher than
1940 Period
ft
'
equivalent to 1,151,250 million units
--
40,807 pounds
Department explained that these food supplies can be
used for domestic distribution to public aid families and for
free school lunches, to meet requirements for the Red Cross
for shipment to war refugee areas, for transfer to other
countries under the terms of the Lend-Lease Act, or for
The
the market when this is desirable.
release upon
Country's Foreign Trade in May—Imports and
Exports
The Bureau of Statistics of the Department
of Commerce
Washington on July 17 issued its statement on the
foreign trade of the United States for May, with com¬
at
parisons by months back to 1936.
Large entries of strategic materials
value of import
same
trade during May.
high total as in April despite an
The report follows:
resulted in a further increase in the
Exports reached approximately the
apparent reduction in shipping space
available in the North Atlantic run, and the increasingly
ment
restrictive Govern¬
control of exports to certain destinations.
valued at approximately $385,000,000
April and May and stood in these months approximately 20%
Exports, including reexports, were
both
the preceding 12 months or of the corresponding
General imports in May advanced by $9,000,000 over
April and by $85,000,000 over May of last year to $297,000,000.
This
amount represented the heaviest inflow of goods—in aggregate value—since
period of 1940.
March of 1937.
life insurance in the United States
in June amounted to $594,164,000, or 7% above the volume
sold in June, 1940, according to the monthly survey issued
Life Insurance Sales Research Bureau, Hartford,
The total sales volume for the first half of 1941 is
Conn.
pounds
pounds
pounds
pounds
pounds
pounds
pounds
Fish liver oil and vitamin A concentrates in oil
Exports of Crude Materials Show
The sales of ordinary
by the
cases
40,000 pounds
109,609 bushels
.
above the average either of
Life Insurance 7% Above Year
cases
80,000 pounds
Dried appie pomace
White potatoes
in
June Sales of Ordinary
8,200 100-yard bundles
49,600 cases
2,763,000 pounds
210,300 pounds
2,774,500 pounds
Dried apples
Dried apricots
Percent
Week Ended
_
_
American cheese
KILOWATT-HOURS)
OF
(THOUSANDS
WEEKS
RECENT
FOR
DATA
Eggs
Evaporated milk
Canned fish (futures)
15.2
17.3
18.2
18.5
Casings
the same period
■'
for all sections are reported
reported at $3,454,065,000, about 4% above
last year.
The sales volume and the ratios
'
4
..
by the Bureau as follows:
receding levels during the preceding months
exports of crude
materials showed a substantial increase in
of this
year,
value during May to
when cotton shipments were
Year to Date
•
Sales Volume
1941-40
Sales Volume
$594,164,000
U. 8. total
104 %
$3,454,065,000
107%
were
the largest since last
value of $5,400,000, the highest
Exports of crude petroleum, at $6,100,000,
October.
Increase in Foodstuffs Exports
Among
foodstuffs, which, as a group, increased from
$18,300,000 in
dairy products valued at $4,500,000 were
nearly five times greater than in May 1940.
April to $25,300,000 in May,
double the April total and
109
three times the low
Exports of unmanufactured tobacco in¬
month.
by $2,200,000 over April to a
1941-40
All Cos.
All. Cos.
The resumption of
the settlement of manager-labor disputes
brought the value of coal exports to $9,700,000, or to
figure since March of last year.
Ratios,
Ratios,
much larger in volume.
heavier shipments of coal after
creased
June, 1941
$28,600,000 for a gain of 70% over the value of $16,~
The May total of crude materials shipments remained
one-fourth lower, however, than in the corresponding month of last year
900,000 in April.
value in the preceding
'
Increase
In contrast with the low and
55,069.000
102
102
citrus
West North Central
280,202,000
939,233,000
797,331,000
319,271,000
Bouth Atlantic
63,413,000
106
343,892,000
105
with
East South Central
26,792,000
45,385,000
106
140,463,000
110
104
100
109
$1,460,000, were treble the April figure and nearly
Corn, fresh and dried vegetables,
fruits, and fresh eggs also showed increases during May as compared
106
47,099,000
154,975,000
112
Middle Atlantic
East North Central
134,008,000
108
New England
105
Mountain
15,355,000
102
Pacific
52,068,000
116
104
254,414,000
86,247,000
293,012,000
West South Central
Exports of dried fruits, at
101
times greater than a year ago.
seven
These increases reflected the beginning of substantial
April.
ments
ship¬
under lend-lease arrangements.
Exports of Manufactured
Exports of
Commodities Decline
semi-manufactured products, valued at $55,100,000, and of
$267,200,000, were lower than in April by ap¬
finished manufactures, at
The May data show decreases
commodities which continue to
comprise, however, a very large proportion of export trade.
Exports of
iron and steel-mill products have tended to decrease during the past nine
months after rising to a high point of $58,800,000 in August of last year,
in May exports of these products were valued at $36,000,000. or at 15%
less than in April.
Reported exports of aircraft amounting to $54,000,000
in May were about $12,000,000 lower than in April, but
with this ex¬
ception were the highest of the war period.
Metal-working machinery
exports fell by $5,000,000 as compared with April to $17,100,000 in May.
proximately 18% and 2.5%, respectively.
Bank
Debits
Week
for
Above
Bank
the
debits
as
ended
week
debits during the
July
Ended
1941,
9,
35.3%
Year Ago
a
reported by banks in leading centers for
July 9 aggregated $8,476,000,000.
Total
13 weeks ended July 9 amounted to
$131,-
reported for the corre¬
sponding period a year ago.
At banks in New York City
there was an increase of 16% compared with the corre¬
sponding period a year ago, and at the other reporting
centers there was an increase of 24%.
These figures are
as reported on July 14, 1941, by the Board of Governors of
821,000,000, or 21% above the total
the Federal
Reserve System.
SUMMARY BY FEDERAL
13 Weeks Ended
Week Ended
1941
July 10,
1940
July 9,
July 10,
1941
1940
$466
46,111
7,604
469
9,517
7,305
262
214
5,112
4,192
4,035
276
Richmond
1,206
947
19,616
15,791
275
212
3,376
166
139
4,311
2,464
287
238
-
Atlanta
54,014
329
333
Cleveland
$5,855
2,378
623
Philadelphia
$7,297
486
New York
$850
3,468
Boston
5,714
-
Chicago
St.
Loyls
Minneapolis
Pallas
2,327
4,002
3,439
211
.,
170
3,278
556
.10,412
2,662
8,653
_
San Francisco
$8,476
$6,264
New York City *
3,166
2,144
$131,821
49,057
140 Other leading centers *
4,539
3,511
71,653
772
609
11,110
Total, 274 reporting centers
133 Other centers.
•
3,260
679
Kansas City--
Centers for which bank
debits figures are available back to
1919.
Increase in Imports
In the
import trade, receipts of
increase during
May.
$108,530
41,948
57,447
9,135
crude rubber showed the outstanding
Entries reached 226,000,000 pounds, a gain of three-
tenths over the monthly average
for the first four months of this year and
consumption.
the Pacific early in 1941
was the principal factor involved.
Mainly as a result of the large imports
of rubber, the value of crude materials and semi-manufactures advanced to
an aggregate total of $175,000,000, the highest figure recorded during the
entire war period.
Imports of various other strategic commodities—hides,
wool, non-ferrous metals, ferro-alloying ores and metals—continued to be
received in relatively large volume, although in several instances shipments
dropped off in May as compared with April.
Imports of Foodstuffs were valued at $70,800,000, a slight gain over the
high value reported in April.
The advance occurred primarily because of
an increase in imports of sugar
(from the Philippine Islands) and in tea
and whisky
Imports of coffee and Cuban sugar were not so large in May
as in April, although entries for consumption were decidedly above the
quantities imported in the corresponding month of last year.
Imports of Finished Manufactures valued at $35,900,000 in May in¬
creased slightly as compared with April mainly because of large entries of
newsprint.
Textile manufactures, however,—cotton, linen, and wool—
which had shown a considerable advance in April over the early months of
the year, decreased in May.
Manufactured goods is the only economic
class of imports which has failed to rise higher in 1941 than during the
corresponding period of 1940.
The low level of imports of manufactured
The replacement
(In Millions of Dollars)
July 9,
of a number of war-related
double the monthly average
RESERVE DISTRICTS
Federal Reserve District
in shipments
.
in 1937, a peace-time year of high
of British vessels withdrawn from
The Commercial & Financial Chronicle
306
of course, largely
goods is,
areas
in Europe to send any substantial amount of goods to
United
MONTHS
BY
the result of the inability of Nazi-controlled
July 19, 1941
AND
BY CUMULATIVE
PERIODS
Exports—Thousands of Dollars)
States
markets.
EXPORTS,
INCLUDING
REEXPORTS,
AND
GENERAL
IMPORTS
Month
OF
Gold
or
1938
COMPARATIVE
1941
1938
1939
1941
1940
22
4
355
1,671
452
174
15
53
6
233
2,054
298
817
20
53
18
3
191
1,923
657
1,048
April
145
231
33
2
250
2,054
594
1,212
May
212
36
3,563
5
317
611
177
615
June
131
19
1,249
254
303
884
65
9
8
193
640
15
5,067
March
5 Months Ended May
A
1940
81
January
February
1940
1939
SUMMARY
Exports and Imports—Thousands of Dollars
May,
Silver
Period
MERCHANDISE
mil,
May,
1941
1941
Inc.
1940
1941
(+)
Dec. (—)
July
13
17
August
10
112,279
—
BY
97,894
87,706
632,020
937
180
15
13
1,463
1,292
139
16
15
17
1,259
1,773
November..
Export balance
401
11
October
14
10
6
823
487
68
December..
Exports, incl. reexports.... 323,749 385,454 384.636 1,714,658 1,756,060
+41,402
General imports
211,470 287,560 296,930 1,082,638 1,314,636 + 231.998
16
11
3
1,344
887
123
September.
441,424
MONTHS AND BY CUMULATIVE PERIODS
5
Period
1936
1937
1939
1938
5,618
1941
12
February
...
— ..
March
222,665
233,125
182,024
195,113
256,566
192.795
-—
-
July
August
September..
October
—
268,945
185.693
289,922
265,341
268,184
277.031
220,539
May.'......
200.772
180,390
178,975
April
June.
296,579
332,710
264,949
...
November
226,364
December
229,800
314,697
323,403
289,071
261,935
275,308
274,472
212,911
218,716
370,082
347,105
350,784
322,938
323,749
349,728
316,669
267,781
230,974
249,466
257,276
232,726
227,535
236,164
229,631
250,102
230,790
246,335
277,668
Month
..
—
March
.
April
;
.
187,482
192,774
198,701
202,779
240,444
277,709
307,474
286,837
284,735
286,224
191,697
June,.,
191,077
—
July
195,056
August
193,073
215,701
212,692
September
-
October
196,400
245,161
November..-,.
December
5
265,214
245,668
233,142
224,299
223,090
208,833
12 mos.
EXPORTS
UNITED
OF
STATES
186,300
202,493
178,866
140,809
165,516
167,592
168,910
175,623
181,536
178,024
176,187
171,347
215,289
235,458
246,807
August
178,246
168,072
190,481
241,992
200,068
228,665
233,698
267,784
287,560
296,930
IMPORTS
AND
FOR
■/■■■;'■
1941
Dec A—)
Exports of U. S. mdse
316,457 376,185 376,354 1,674,527 1,719,187
+44,660
Imports for consumption.. 203,893 274,585 281,351 1,038,361 1,250,778 + 212,417
Period
1936
1937
219,063
1938
179,381
229,671
March..
192,405
April
189,574
May
June..
197,020
285,772
259,160
270,429
1939
1940
210,260
216,191
Retail
June
in
338,966
298,247
high
as
The
48.457
Costs
for
prices
plies,
low
letvel
their
at
from
all
329,373
274,059
249,844
323,077
336,153
Detroit
November
262,173
223,920
286,761
321,130
December
226,666
319,431
343,714
with
376,354
233,465
food
315,305
of
1938
186,377
—
March
April
May
228,680
260,047
163,312
155,923
194,296
February
189,590
295,705
173,196
199,776
January
280,899
278,118
278,300
155,118
147,123
147,779
147,767
171,023
172,909
189,008
—
June
194,311
July
197,458
200,783
218,425
213,419
August
September
262,919
248.730
November
200,304
233,959
226,470
212,382
December
240,230
203,644
165,359
959,047 1,343,449
1939
and
169,353
234,641
162,577
191,269
190.160
206,552
185,916
194.185
178,373
203,114
170,430
180,225
Dairy
products
reflect
case
all
of
and
vegetables.
continued
than
these
potatoes,
milk
are
5%
.-j
223,624
216,664
254,554
274,585
281,351
-
178,447
171,668
for
fresh
pork
pork
higher
and
pork
Butter,
year.
than
mos.
end. May..
and
last.
ranged
items,
in
important foods
more
were
Pet.
in
232,736
EXPORTS AND IMPORTS OF GOLD AND
Item
May,
with
cities,
for
In
eggs.
a
year
ago,
by from 6% to
30% and
sugar,
10%
cereals
7.7%.
particularly
than
milk,
risen
to
Advances
marked,
lard
with
40% above
beans, cabbage,
higher this June
bakery products and
navy
34%
and
f
1941 June,
Pa.
May,
SILVER
+ 34.0
Milk, fresh (av.)_
White bread
+ 9.1
+30.3
Round steak
+ 1.1
+ 5.3
+ 3.2
+7.5
Sugar.....
Roasting chickens
+0.5
+ 10.4
—0.3
+ 1.2
Rib roast
—1.0
+ 5.6
Coffee
....
Costs
of
fruits
and
mid-June.
last
month,
and
vegetables
Potatoes and
as
whole
a
rose
onions continued the
May,
by an even greater amount (41.5%).
partly seasonal in character and partly due
in
7nc,( + )
Dec A—)
Gold—
to
onion
prices
unfavorable
was
counter
growing
to
the
conditions.
usual
and
was
to smaller supplies.
seasonal
movement
larger supplies became available with the advancing
668,240
markets.
Fats and
in
177
1,212
615
2,179
4,011
4,589
4,346
3,347
25,352
20,049
4,411
3.134
2,732
23,174
16,038
+ 1,833
—5,303
rise
was
due
oranges and
sweet potatoes
advanced seasonally, while bananas declined rather more
than usual for this
time of year.
Prices for green beans, cabbage and spinach declined as
34,830 1,582,624
Exports
The
and
Apples,
435,132 171,992
Imports
—2.5
(31.8%)
668,260 —918,053
Silver—
+ 1.3
The advance for potatoes
5
3,689
34,835 1,586,313
—3,669
+5.8
8.3% between mid-May
sharp advances recorded
2
3,563
438,695 171,994
20
+ 1.6
the price of potatoes rising by almost one-third
onions
1941
1940
+ 1.3
+ 10.7
b!
Five Months Ended May
1940
1941 June,
+31.8
Eggs
COMPARATIVE SUMMARY
1941
Change, June, 1941
Compared with
Item
1940
Potatoes
217,300
238,248
Exports and Imports—Thousands of Dollars
14
have
been
Change, June, 1941
Compared with
+25.0
Import balance
together
reported
beans,. and
follows:
as
+ 1.9
Import balance
purchases,
fre6h fruits and vegetables, were lower than
they were a year ago.
Changes in prices from May 15 to June 17 and since June, 1940, for the
Butter
Exports
sup¬
increased
are
certain
12
Imports
short
only two cities.
more
from
—13.0
1941
mar¬
and
cities—Detroit, 6.3%;
6.3%, and Richmond,
navy
costs
mainly
+ 2.1
April,
tllso
factors
Compared
more
have
evaporated
Oranges..
1940
goods
increases Were
lard,
or
now
five
Milwaukee,
increased.
by 10%
beans
few
a
for
sharp
lamb,
and
also
products
eggs,
green
Only
205,250
893,299 1,038,361 1,250,778
2.614,067 2,182,775 1,900,473 2,242,788 2,547,823
end. Dec.. 2,423,977 3,009,852 1,949,624 2,276,099
2,540,656
May,
in
onions,
wholesale
the
factors
principal
shown
very
11 mos. end. May.. 2,013,601
mos,
in
was
were
and
canned
Government
6.4%;
cities
prices
now
Pork chops.
5
The
foods and
212,913
203,893
794.672
October
report
increases
eggs,
certain
advances
large
were
Birmingham,
of
196,274
207,131
214,502
1941
almost
are
of
groups
shortening,
and
earlier
in 35 cities, and by less than 5%
217,897
214,413
199,404
since
war,
Rinrichs's
The greatest
other
Since last year at this time total food
last
1940
Mr.
in part attributable to seasonal
more
fresh
bananas,
1937
advance
1939, and
1937.
country.
lard
prices for pork chops and bacon
of Dollars
August,
in
the
of
increases
6.7%;
costs
10%
end. May..
1936
mid-May to mid-
from
widespread
speculative buying.
some
Advances
Louisville,
954.069 1,250,885 1,340,582 1,164,189 1,674,527 1,719,187
end. May.. 2,194,029 2,534,399 3,132,145 2,651,223 3,400,216 3,635,127
end. Dec.. 2,418,969 3.298,929 3,057,169 3,123,343 3,934,181
of
peak
lamb,
apples.
demand
In
Period
and
May to June affected all
parts
and
the
in
as
consumer
and
or
by 3.7%
rose
58,434
3.7% from Mid-May to
and Widespread Gain
Rapid
1939
rapid
85,307
July 13.
only
are
5.2%.
Month
230.531
Advanced
most
These
and
onions
376.185
316,457
Imports for Consumptlon-—Thousands
668,260
Most
September,
and
311,992
12 mos.
20,049
55,133
pork
288,475
11 mos.
25,352
from
of
342,885
315,449
246,119
357,307
40,757
price rise
243,595
227,624
253,713
266,358
92,346
4,656
continues:
293,374
mos.
4,690
as
217,925
5
3,795
comparatively
226,740
311,212
21,533
on
247,412
284,392
-
4,107
Acting
Commissioner Hinrichs of the Bureau of Labor Statistics,
224,866
October
4,365
4,857
167,991
451,183
350,446
271,508
229,554
3.347
5,378
September, 1939, following the outbreak of the
228,312
181,386
4,589
4,673
5,531
4,721
the
175,825
177,006
6,152
14,770
4,183
food
252,443
264,627
285,081
256,481
264,613
273,561
July
August
September
4.346
24,987
Food
advanced.
1941
317,956
343,072
5,170
4,576
4,639
7,268
1979,458 3574,659 4749,467
prices
360,584
263,995
7,143
17,952
19,186
18,326
351,563
334,113
325,981
330,113
137,178
69,740
192,536 1780,627 1586,313
Dec
kets
195,689
15,757
519,983
259,934
326,089
4,489
12 mos. end.
potatoes,
or
278,645
3,292
5,724
794,733 3512,110 3139,894 2667,190 149,698 159,757
reported
PERIODS
Exports United States Merchandise—Thousands of Dollars
Month
438,695
240,450 1164,224
9,927
7,207
4,070
14,440
4,985
24,098
429,440
459,845
249,885
In the last half of June preliminary
the Bureau's advices, indicate a further ad¬
vance.
The rise in food prices, which began last November,
has brought food costs to wage earners in American cities
up 10.4% in seven months.
They are now 13.3% above the
inc.(+)
1940
January..
February
1941
5,799
reports, says
Five Months Ended May
1941
CUMULATIVE
1940
10,328
28,708
15,488
25,072
May.....
May
reported
h
May,
BY
108,615
118,569
171,994
34,835
606,027
Since
Exports and Imports—Thousands of Dollars
MONTHS AND
201,475
Mid-June
CONSUMPTION
BY
223,296
365,436
1939
11 moe. end.
Retail
COMPARATIVE SUMMARY
1941
234,246
1938
end.
mos.
223,554
253,073
AmU,
236,413
55,438
63,880
165,990
520,907
562,382
177,782
240,542
1941
216,755
212,352
211,470
211,425
232,393
220,623
194,854
206,920
1940
156,427
52,987
....
June...
July—
December..
1940
70,689
162,951
173,372
159,827
148,248
145,869
May,
1941
8,211
October
1939
MERCHANDISE
1940
62,947
71,236
April
973,432 1,397,198
815,085
915,592 1,082,638 1,314,636
ending May 2,026,451 2,655,280 2,215,332 1,916,065 2,306,260 2,645,952
ending Dec. 2,422,592 3,083,668 1,960,428 2,318,081 2,625,379
11 mos.
Silver
1939
7,155
March. *
ending May
mos.
3,674
February...
5
February
14,630
January
November..
January
7,092
Gold
September..
1938
4,995
1938
General Imports—Thousands of Dollars
j
508
5,889
or
343,840
327,567
322,299
368,046
1937
4,623
J
May
1936
4,011
8,194
Period
969,268 1,271,222 1,358,062 1,179,848 1,714,658 1,756,060
2.572,239 3,170,666 2,683,500 3,475,823 3,712,820
ending Dec. 2,455,978 3,349,167 3,094,440 3,177,176 4,021,146
Month or Period
2,179
13,794
Imports—Thousands of Dollars
384,636
5 mos. ending May
mos.
8,312
3,265
385,454
11 mos. ending May 2,228,030
12
1,345
77
350,933
292,453
268,943
20
325,349
303,388
357,233
295,451
288,956
331,978
252,381
3,689
3,762
end.
mos.
Dec
198.564
January
416
555
end.
moe,
May.
1940
87
51,490
May
11
or
.
end.
mos.
Exports, Including Reexports—Thousands of Dollars
Month
319
cartons
months,
oils
Lard
rose
was
5.1%
8.4%
advanced
fats
and
oils
June
17.
of
eggs
While
response
10.2%.
are
1935-39, while lard prices
Prices
in
higher
showed
there
is
than
In
to continued
one
spite
of
still
8%
below
are
more
than
a
sharp
usually
month
the
the
summer
increases
earlier,
rapid
average
season.
in
and
advances
of
the
wholesale
shortening
in
recent
five
years,'
16% lower.
rise
(10.7%)
some
increase
between
in
egg
May
13
and
prices
at
this
153
of
year,
season
the
the normal
compared
with
9.1%
rose
from
increases both as
Pork and lamb chops
beginning
the
of
Beef
Pork
There
advance
for
steak.
round
The
for
increase
meats
as
a
Prices
foods
of
products
dairy
included
Weekly Statistics of Paperboard Industry
1.9%, reflecting advances for. all of the
rose
Butter prices were 2% higher than a month
the group.
in
Cheese and evaporated milk prices
large Government
and 25% above last year's level.
ago,
increased
likewise
under
coffee, tea and
Prices for
lend-lease
the
program.
ping situation has added to the domestic cost of each of these commodities.
Cereals
and bakery products were less affected by the general price
than
advance
only
other
any
one-half
1%.
of
increased 1.3%
bread
of
group
flour
However,
as
the
foods,
net
prices
amounting
increase
2.7%,
rose
while
a
the time
on
The tight ship¬
In wholesale markets.
trends
PRODUCTION,
REPORTS—ORDERS,
STATISTICAL
ACTIVITY
Unfilled
white
Orders
Production
Tons
Percent
Orders
Received
Period
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY COMMODITY
MILL
to
Remaining
result of higher prices in five cities.
a
statement each
production, and
figure which indicates the activity of the mill based
operated.
These figures are advanced to equal
100%, so that they represent the total industry.
also
during the month, continuing earlier
sugar rose
reflecting the
and
advances
industry, and its program includes a
week from each member of the orders and
total
reflecting the effect of
considerably,
for export
purchases
in free school lunches, and to
give herewith latest figures received by us from the
National Paperboard Association, Chicago, 111., in relation
to activity in the paperboard industry.
The members of this Association represent 83% of the
2.5%.
to
use
We
amounted
gToup
Surplus
farm products
needy families in areas not served by
the Food Stamp program.
showed
decline of
a
for
the
since
commodities with blue stamps, the
Marketing Administration continued in May to distribute
25% higher in June than in December,
no change as compared with last
1% for rib roast and an equally large
were
whole
a
as
was
rapidly
increasing
In addition to purchases of
,<
by
increased
products
pork
been
have
prices
and
year
prices
month.
cured
and
month,
the
5%.
to
1940.
and with June,
ago
1,651,000 pounds of dried
1,237,000 pounds of raisins and
prunes.
|
month
a
during
3%
1940.
rise.
fresh apples,
than
the advance during the past month was greater
seasonal
the meats, pork and lamb showed the greatest
Among
307
The Commercial & Financial Chronicle
Volume
GROUPS
Tons
Tons
of Activity
Current
Cumulative
Five-Year Average 1935-39=100
1940—Month
579.739
167,240
72
71
February
420,639
453.518
137,631
70
71
March
449,221
129,466
69
70
456.942
193,411
70
May
429,334
520,907
682,490
624,184
247,644
76
72
June
508.005
509,781
236,693
79
73
July
544,221
587,339
196,037
72
73
August
452,613
487,127
162,653
74
73
163,769
72
73
January
May 13,
April 15,
June 18,
Aug. 15,
1941
June 17,
a 1941
Commodity Group
of—
1941
1940
1939
528.155
—
April
Cereals and bakery products.
95.9
_
b95.4
93.5
98.3
100.6
102.1
105.9
Ail foods
1
97.7
95.2
93.4
70
106.8
104.2
103.5
96.0
95.7
Beef and veal
107.2
107.0
108.7
100.7
99.6
September
468.870
470,228
Pork
100.9
95.1
92.1
77.3
88.0
October
670,473
648,611
184,002
79
73
Lamb..
113.6
104.7
99.8
108.6
98.8
November
488,990
509.945
161,985
77
73
Chickens
105.7
106.0
103.8
104.2
94.6
December
464,537
479,099
161,729
71
73
Fish, fresh and canned
118.5
117.2
120.0
110.3
99.6
Dairy products
109.8
107.7
106.3
98.2
93.1
January
673,446
629,863
202,417
75
Eggs..
104.4
94.3
92.0
77.9
90.7
February
100.6
110.6
92.4
March
571.050
261,650
337.022
81
103.5
608,521
652,128
648.579
112.1
116.4
105.8
102.5
115.7
92.8
April
857.732
726.460
447,625
83
96.2
94.2
93.1
92.7
91.6
May
656,437
602,323
488,993
84
June
634,684
608,995
609,231
88
mm'^,,
141,176
Mar. 29
155,262
154,001
168,701
167,430
161,996
Apr.
183,264
12
Apr. 19
181,778
Apr. 26
Meats
—
Fruits and vegetables
Fresn
Canned
105.1
102.7
100.0
100.9
90.3
Beverages.
98.7
96.1
95.0
92.8
94.9
Fats and oils
92.5
88.0
85.1
82.0
84.5
107.4
106.9
104.6
97.3
1941—Month
95.6
Dried
Mar.
1941
6...
holiday week ended July 5,
1941, was 31% less than in the previous week; shipments
were 24% less; new business 26% less, according to reports
Lumber production during the
Association
Manufacturers
Lumber
National
the
of
shipments
1941
date
was
of
ratio
unfilled
compared with 20%
r.
year ago;
gross
a
stocks
orders
to
were
stocks
for the
Record
for
board
the
week
of
a
above production
5,
were
83
80
80
149,884
472,782
84
80
152,410
81
151,648
144,481
489,915
488,993
500,252
85
84
81
7
161,295
168,875
155,831
156,188
84
81
158,821
156,439
604,786
88
81
168,561
161,114
149,197
153,364
618,755
88
82
129,019
509,231
529,633
90
74
82
147,365
131,531
542,738
77
82
31
17
ago
follows
in
1941
1941
Crop
Week
Week
Week
92
not
came
Previous
438
in
south
been
100%
183,790
140.137
205,486
118
10,979
120
216,465
174,487
285,838
125
10,807
118
229,679
182.216
311.783
explained:
stamps—which increased their expenditures for agricultural products ap¬
proximately 50%—as foUows: 14.4% for butter, 14.1% for eggs, 31.9% for
12.7% for fruit and 11%
vegetables.
Marketing
estimated
representing
new
outlets for
farm
com¬
by the Economic Analysis Section of the Surplus
Administration,
included about 3,660,000 pounds of butter,
5.C91.000 dozen eggs, 35,451,000 pounds of white and graham flour and
10,005,000 pounds of other cereals, 11,716,000 pounds of pork and 6,448,000
pounds of pork lard and
more
than 40,000,000 pounds of vegetables and
potatoes.
Other blue stamp purchases
dozens
of fresh
oranges,
Saskatchewan
be
V
are
during the month included about 2,540,000
5,061,000 fresh grapefruit, 5,989,000 pounds of
and
Little loss has
southern Alberta, but damage
been caused by pests.
In the
Quebec with heavy rains there has
below
during the past week and the
average
yield of hay is indicated.
all
mostly gathered in.
crops are
indicate that the harvest will
recent
maturing
warm
weather
satisfactorily.
has
making good progress and present
be
up
stimulated
to average.
growth
and
In British Co¬
all field crops
Tree fruits are sizing up well, but damage
and some hail is reported.
by codling moths is above average
Automobile
The dollar volume
During May families taking part in the Food Stamp program used blue
as
lumbia
May
Department of Agriculture announced on July 15 in its
monthly report on the Food Stamp program. The Depart¬
modities
a
with Blue Stamps Near $10,000,000 Mark
blue stamps,
west
widespread.
In the Maritime Provinces
264,706
100%
218,872
with
The report con¬
been substantial improve¬
outlook is quite satisfactory,
In Ontario general
during the past week have improved growing crops and pastures, but
too late to be of much benefit to early grains or to the hay, a light
of
conditions
435
174,612
Purchases
Peace
Saskatchewan and eastern Alberta yields will
yield of which of good quality is now
Week
438
pork products, 15.7% for flour and other cereals,
south¬
a; VW"
and western
central
although
Softwoods and Hardwoods
Blue food order stamps added nearly $10,000,000 worth
of farm products in May to the diets of almost 4,000,000
members of families eligible to receive public assistance, the
for
Reports
Montreal.
report of the Bank of
crop
has
(Revised)
ment further
Satisfactory,
Generally
Montreal
of
adjust¬
country,
occurred
thousand
1940
in
Compensation for delinquent
tinues:
a
1941, for the previous week
Week
Food Buying
orders received, less production, do
Conditions
rains
...
82
filled from stock, and other Items made necessary
1941
:
154,711
light and rain is urgently needed to check further deterioration. Sugar beets
in Alberta and Manitoba are progressing satisfactorily.
Scattered hail has
1941
Orders
.
equal the unfilled orders at the close.
ment in all crops
Shipments
80
:
Crop conditions continue satisfactory in Manitoba,
{Saskatchewan, southwestern Alberta and the
July 5, 1941,
on
Hardwoods
9,178
<84
.
eastern
and
95% greater than
Softwoods
Production
431,859
79
84
Province
361
147,682
Bank
feet:
Mills
80
while in west-central Alberta and north
east Saskatchewan prospects are fair, according to the July
45%
was
year
78
466,064
In
week ended July
current
80
415,485
reports, orders made for or
ments of unfilled orders.
13% less.
corresponding
85
Note—Unfilled orders of the prior week plus
Softwoods and Hardwoods
and
393,732
447,625
River
gross
160,259
134,853
Canadian
10%
Unfilled orders
year ago.
83
147,188
not necessarily
Supply and Demand Comparisons
The
368.304
5
July 12
6% above production.
were
79
146,578
July
Comparisons
business
new
84
June 28
reported:
to
78
337,022
June 21..
corresponding weeks of 1940; shipments were 16% above the shipments,
and new orders were 22% above the orders of the 1940 period.
For the
weeks
78
82
141,874
147,263
148,381
Reported production for the 27 weeks of 1941 to date was 13% above
27
78
143,748
82
165,583
3
10..
17
24...........
June
production; new orders 25% above production. Com¬
pared with the corresponding week of 1940, production was
31% greater, shipments 24% greater, and new business 26%
greater.
The industry stood at 112% of the average of
production in the corresponding week of 1935-39 and 127%
of average 1935-39 shipments in the same week.
The Asso¬
Year-to-Date
77
80
June 14
from
above
further
82
277,115
300,378
322,605
170,436
May
May
May
May
May
regional associations covering the operations of representa¬
tive hardwood and softwood mills.
Shipments were 18%
ciation
261,650
138,165
166,338
Mar. 15
Apr.
to
mm
160,769
1
8.
Mar. 22
Report of Lumber Movement Week Ended July 5,
mm
■<
Week Ended—
b Revised.
Preliminary,
a
mm'
82
1V41—
Mar.
Sugar
of—
Financing in
May
of retail financing for
May, 1941, for
organizations amounted to $248,313,651, an increase
of 4.9% as compared with April, 1941; an increase of 45.9%
the 400
as
compared with May, 1940, and an increase of
75.1%
as
The volume of wholesale financ¬
ing for May, 1941, amounted to $251,490,305, an increase
of 3.4% compared with April, 1941; an increase of 25.1%
as compared with May, 1940, and an increase of 72.9%
as
compared with May, 1939.
The volume of retail automobile receivables outstanding
at the end of May, 1941, as reported by the 214 organiza¬
tions, amounted to $1,432,542,508.
These 214 organizations
accounted for 95.3% of the total volume of retail financing,
$248,313,651, reported for that month by the 400 organ¬
compared with May, 1939.
izations.
Figures of automobile financing for the month of April,
1941, were published in the June 28, 1941, issue of the
"Chronicle," page 4037.
The
following
on automobile financing for
1941, were released on July 17,
tabulations
400 organizations for May,
The Commercial & Financial Chronicle
308
by Director
1941,
J.
C. Capt,
Bureau of
Census,
the
July 19, 1941
The Northwest showed
De¬
loss
a
of 22,358
barrels from the
May production.
partment of Commerce.
The Southwest figures were down 18,881
May.
The increases over June a year ago
AUTOMOBILE FINANCING
barrels
Summary for 400 Organizations
Northwestern production bettered last year's
figure by nearly 45,000 barrels, and the southwestern figure
outstepped last year's by more than 302,000.
Retail Financing
Wholesale
Financ¬
Year
Buffalo
Used and
ing
and
New Cars
Volume
Month
Total
in
Volume
.
Unclassified
Volume
from
large.
were
Cars
Volume
Thousand
Number
in
Number
in
Number
in
Dollars
of
Thou¬
of
Thou¬
of
Thou¬
Cars
sand
Cars
sand
Cars
mills
Dollars
Dollars
TOTAL
315,179 100,336
331,712 107,289
243,103
507,929
236,800
192,750 136,463
May
251,490
a528,509
248,313
196,797 141,024
Total
5
993,786
794,020 566,136 1,346,811 427,649
1940—
April
216,817
388,381
May
201,068
402,459
165,304
170,151
148,884
145,952
ended May 1,006,866 1,638.445
694,586
96,272
239,497
69,032
96,517
256,507
73,633
155,736
300,365
121,918
109,664
69,086
190,701
June,
June,
June,
Month
1940
1939
1938
-—
Totals
351,217
141,789
123,587
78,587
227,630
63,302
726,981 1,366,772
548,282
472,821 299,604
5,545,828 5,785,160 5,090,089 5,611,846 5,381,976
Includes Indiana, since 1938 under Central West, Eastern Division.
52,832
145,457
— ———————
3,428,551 Tons of
mos.
ended May
a
Previous
mos.
May
5
June,
x,176,743 1,199,101 1,131,798 1,173,546 1,191,965
Southwest
2,136,864 2,155,745 1,834,600 2,030,510 2,089,663
Buffalo
736,015
817,809
812,485
847,621
834,563
Central West—Eastern Division
476,068
553,774
468,840
412,020
300,401
Western Division
228,432
230,031
241,200
256,447
250,027
Southeast
98,278
105,644
75,354
131,960 *318,118
Pacific Coast
i.
693,428
723,056
525,812
759,742
397,239
*
Total
FLOUR PRODUCTION
1941
1939—
April-
MONTHLY
;VA:
603,840 395,398 1,034,605 299,187
5
in
Northwest
mos
ended May 1,250,238 2,140,831
Total
81,794 barrels
of
(Reported by Mills Producing 65% of the Flour Manufactured in the United States)
194!—
April
decrease
a
May production, and fell 76,470 barrels short
of the June,
1940, output.
A detailed table on monthly
flour production appears below:
sand
Dollars
registered
June from the
Of this number, 37.2% were new cars, 62.4% were used cars and
The
0.3% unclassi¬
fied.
Sugar
First
893.951 248,671
United
Six
States
Entered
Months
1941
1940
1941
1940
*
$
$
$
1,180,906,448
February—1,208,702,083
March
1,256,229,606
January
April
918,645,709
1,340,696,165
May
876.699,079 July
887,096,773 August
1.432.542 508
September-.
971,940,670 October
1,021.533,732
November..
1,114,526.850
1,137,469,965
1.063.638.452
JUie
the
on
December..
1,166,050,596
for
on
the 1941
status of
quotas for the various offshore sugar-producing areas
sugar
supplying the United States market.
1,105,275,234
1,116,928,055
1,097,627,143
Quotas
1941
Department of Agriculture issued
July 9 its sixth monthly report
RETAIL AUTOMOBILE RECEIVABLES OUTSTANDING END OF MONTH
AS REPORTED BY 214 IDENTICAL ORGANIZATIONS
Against
of
shore
and
sugar
estimated,
continental
quotas
the
under
The sum of the
the
represents
Sugar
Act
of
off¬
quantity
1937, to be
of
re¬
quired
to meet consumers' needs during the current year.
The report, prepared by the Sugar Division of the
Agricul¬
tural Adjustment Administration, shows that the
quantity
Embargo Declared
Storage Wheat by Kansas City
Board of Trade—Action by Railroads
on
The Kansas
would
City Board of Trade decided on July 14 that it
accept, until further notice, any more storage
not
wheat.
The local facilities which handle
bushels
are
a
its order
to representatives of
10
accounts
from
Western railways,
Board members said that
The
was no
restriction
on
embargo
order
on
hand
1,100 carloads of storage wheat
were
considered
was
believed that the movement
entirely
of storage wheat
was
short
period of 1940.
temporary.
for
Farmers
over.
before
entry
outturn
There
July
same
time
an
a
certificate
figures
sugar
areas
The
during
not
are
the
period
January-May this
being sent that
Balance
Against
Remaining
Quota
.
1,571,489
466,741
639,042
343,621
182,904
507,613
Less amount reallotted on April 11 and
June 27
115,405
.
982,663
850,844
667,940
1,000,177
492,564
Virgin Islands
9,507
1,764
143,569
55,752
7,743
87,817
5,024,990
3,428,551
1,596,439
Foreign countries other than Cuba.
Total.
City.
The railroad meeting was called by Betts, after the Kansas
City Board
Direct-Consumption Sugar
800 to 1,000 cars of wheat—1,500,000 million
bushels—on tracks for which there is
Direct-consumption
in terminal elevators.
no room
Mr. Betts said the railroads had 20,000
available in this
cars
at the request of the
sugar
included
is
in
the
above
amounts
charged
against the various quotas:
area.
(Short Tons—96 Degrees Equivalent)
The railroad embargo on shipment of
storage wheat was extended on
July 16 to Salina, Kan.,
during
follows:
as
Quantity
Charged
that they had made arrangements for private storage
are
are
2,038,230
1,098,068
Cuba
Philippines
Hawaii
could still send their wheat to Kansas
two
Quota
because of inadequate space
of Trade disclosed there
remaining
areas
1941
Puerto Rico
or
after
Sugar
no wheat
Mr. Betts said wheat shippers who could show that their
grain was for
certified
available.
(Short Tons—96 Degrees Equivalent)
will be accepted for consignment to the
immediate sale,
are
or
change
Data for these
year.
the first six months of the year and the balances
L. M. Betts, of Washington, manager of the car service division of the
were
to
quantities charged against the quotas for the offshore
Area
Kansas City market for storage
in greater Kansas City elevators.
entered
as
subject
are
available for June.
yet
con¬
signed to Kansas City for storage was declared by executives
of 10 trunk-line railroads.
Reporting this action, the As¬
sociated Press advices (July 14) from Kansas
City, stated:
to say:
on
recorded
areas
bill of lading.
or
immediate embargo on all wheat
American Railways Association, said notices
all
The
were
putting It into Government loan which figured above the market price.
Shippers were told that until further notice wheat accepted in Kansas
At the
1941.
weight and polarization data for all entries
were
Oity must be accompanied by
1,
133,644 short tons of sugar, raw value, charged against the
quota of 448,000 tons for the mainland cane area, and 836,037 short tons,
raw
value, against the quota of 1,652,571 tons for the continental sugar
Shippers
about
The announcement goes
The report includes sugar from
beet
week.
socalled free wheat, or that going to market.
the
full-duty countries, amounted to 3,428,551
tons, raw value, during the first six months of the
as compared with 2,396,057 tons in the corresponding
year,
final
principally those serving Kansas, which is harvesting its third largest yield.
which probably could be absorbed by the end of the
There
including
total of 62,000,000
overflowing, said United Press
Kansas City, which added:
The Board issued
of sugar charged against the quotas for all offshore
areas,
grain exchange there.
Quantity Charged Against Quota
Europe's Wheat
Finds
stitute
This
Crop Said to
U.
year's European wheat
crop
Agriculture announced
on
on
to the
as
a
000 in 1930.
In 1940 production
The
maximum of 1,820,000 in
Institute said
increase the
area sown
Autumn and the
plans to
The
a
was a
all countries of
a
was
"In the
beginning of Spring had been far
I
the
decidedly favorable
From
■
areas
in
too rainy to
cultivation
an
season
the previous month.
456,000 barrels
have
"perhaps
795
30,364
49,850
393,032
31,174
424,206
186,657
QUOTAS FOR FULL-DUTY COUNTRIES
1941
estimate of 616,000,000 bushels
over
on
all
April 1
A
gainst
Balance
Remaining
Quota*
(In Pounds)
3,232,800
1,650,846
38,209,282
5,280,694
(In Pounds)
(In Pounds)
■
China and Hongkong
Haiti
Mexico
34,561,653
63,681,946
136,756,639
3,764,140
Peru
Quotas not used to date.*.
592,539
254,112
38,209,282
5,280,694
381,758
63,681,946
2,640,261
1,396,734
0
0
34,179,895
0
1.
reserve
136,756,639
660,609
111,503,862
175,634,138
143.569
Unallotted
3,103",531
287,138,000
July
55,752
87,817
Tons.
In accordance with Sec. 212 of the
sugar, raw value, Imported from any
nearly
last year,
*
Increase Over
The month's production, though about
that of May, is a gain of
that of June
Charged
Quota
Dominican Republic
noticeably improved
under
Total
bring these
"the prospects for Winter
have
Production Represents Big
That of Previous Year
barrels
80,214
610,863
Philippines
Quantity
Mills accounting for 65% of the national flour
output
reported to "The Northwestern Miller" a June production
totaling 5,545,828 barrels, compared with 5,785,160 barrels
239,000
4,445
Area
•+>
Flour
274,290
115,107
1,503
Canada
that
the figure grew to 653,000,000 on
May 1 and to 698,000,000 on
Production is therefore 18% above that of 1940."
June
9,829
2,942
29,569
with wheat but that "in
many countries the end of
estimated
through the Spring.
100,710
10,926
25,171
19,047
105,278
Hawaii
Europe had made great efforts to
United States," the Institute
said,
a
99.8 Degrees
255,243
1,570,000
surpassed the maximum registered in 1935 with
79,000,000 acres."
wheat after
Balance
Remaining
minimum of 1,360,-
happy conclusion."
institute
Total
Charge
29,616
Puerto Rico-.
this minimum."
over
Sugar
Polarizing
Less Than
375,000
126,033
follows:
1938 and
little
Cuba
New York "Times"
"The average production In Europe between 1930 and
1939
bushels, with
Quota
Polarizing
and Above
Area
is expected to be equal
July 16, according to telephone
that date from Rome
which further reported the Institute
Sugar
99.8 Degrees
Average—Rome In¬
S. Production 18% Above 1940's
to the average for the last 10
years but "distinctly superior
to the very bad one of 1940," the International Institute of
advices
1941
be
Sugar Act of 1937, the first 10 short tons of
foreign country other than Cuba have not been
charged against the quota for that country.
x This total includes the
following (in pounds): Argentina, 83,524; Costa Rica,
118,018; Dutch East Indies, 1,211,195; Guatemala, 1,918,933; Honduras, 19,668,045;
Nicaragua, 58,564,655; Salvador, 47,033,581; United Kingdom, 2,009,264; Vene¬
zuela, 1,661,664; other countries, 4,487,760.
Three
tries,
in
hundred
but under
Footnote
thirteen
the
pounds
provisions of
have
Sec.
been
212
imported from various
of
1. these importations have not been
the Sugar
Act,
coun¬
referred
to
charged against the quota.
Volume
The Commercial & Financial Chronicle
153
Sugar Deliveries for First Five Months of 1941 Totaled
Coffee Import Quotas Under Inter-American
Agreement
3,285,668 Tons
The
Department
of
Agriculture
Reported by Bureau of Customs
July
on
8
issued
its
monthly statistical statement covering the first five months
of
1941,
consolidating
reifiners, beet
statement
cultural
sugar
obtained
reports
from
Administration.
Total
The
deliveries
of
during the period January-May, 1941, amounted to
3,285,668 short tons, raw value, compared with 2,461,067
sugar
tons
during the corresponding period last
partment's announcement continued:
Distribution
months
of
of
Raw sugar by refiners (table 1)
Refined sugar by refiners (table 2, less exports)
Beet sugar processors (table 2)
Mainland
2,179.971
.
_
836,037
...
——
—
mills for direct consumption (table 4)
cane
3.912
——...—
....
..■»
.
_.
—236,459
29,289
for
the
41,062
Stocks
of
3,285,668
—
distribution
The
Hawaii
Eieo
,..rj
of
first
consumption
1941
of
the
in
9,611
was
Territory
and
tons,
of
Puerto
in
May 31, in short tons,
on
.....
Guatemala
.A
.....
.
Venezuela
Colombia
were
as
.
.
v. .'.v..;—
-
-i
-—.
.
-—»
Cuba
....
Ecuador
—
.....
Mexico..—.—.
1940
632,797
455,616
890,592
190,596
10,150
215,259
52,649
2,106,034
2,246,913
i..4
cane factories
*
Not including raws for processing held by importers other than
refiners, which
amounted to 58,519 short tons, commercial value,
commercial value, in 1940.
These
1937.
data
The
statement
Janury-May
June
TABLE
of
made
was
columns
1—RAW
AND
obtained
were
14,
page
the
charges
public
June
on
SUGAR:
of
1941
the
a
Quotas increased by Inter-American Coffee Board
Sugar
table
Act
of
Petroleum and
given
RECEIPTS,
CONSUMPTION
1,
Cuba
FOR
Meltings
Philippines.—
by
on
May 31,
1941
8
X281.652
600
337,563
1,095
0
52,212
360,562
451
32
109,914
2
167,937
5,024
504.154
401,940
2
48,223
Continental U. S—
Stocks
Fire,
Ac.
989,587
*65.727
■A
103,093
1,764
144.510
1,764
0
0
0
66,654
1,764
41,401
0
12,437
0
0
y37,690
0
290
290
0
0
0
337.362 2,598,656 2,277,617
3,912
60
654,429
Virgin Islands
Other countries
M isc.
Lost
for Direct
Consumption
*34,798
Puerto Rico
(sweepings ,&c)
Total—..—..—.
18
Compiled In the Sugar Division, from reports submitted by sugar refineries
on
Form SS-15A.
*
n
Revised,
Includes 74,798 tons In customs' custody,
x
Includes 27,100 tons
y
customs' custody.
TABLE
II—STOCKS,
PRODUCTION
SUGAR BY UNITED
BEET
AND
STATES
JANUARY-MAY, 1941
T.
OF CANE AND
REFINFJRS AND PROCESSORS,
'
A
'''A-.'..A
■; V.
.
DELIVERIES
(Short Tons, Raw Value)
,Y'iV'
-
b271,268
2,275,743
c2,197,465
d836,037
349,546
901,313
Final stocks of refined, May
31, 1941
—
Complied by the Sugar Division, from reports submitted
SS-11C by the sugar refineries and beet sugar factories.
a
The refiners figures are
which
years
Is the ratio
on
Form 8S-i6a and
raw value by using the factor
1.063030
of raw sugar to refined sugar produced
during the
1939 and 1940.
Deliveries Include sugar
delivered against sales for export.
The Department
of Commerce reports that exports of refined sugar amounted to
17,494 short tons,
value, during the period January-April, 1941.
Data for exports during
raw
are
d
not yet
May
available.
V
Larger than actual deliveries by a small amount representing losses In
reprocess¬
ing, &c.
TABLE
3—STOCKS,
CONSUMPTION
MAY,
RECEIPTS
SUGAR
AND
FROM
DELIVERIES
SPECIFIED
OF
AREAS,
DIRECT-
JANUARY-
1941
(Short Tons, Raw Value)
on
Deliveries
Slocks on
or
May 31,
Usage
Jan. 1,
Supply
1941
Receipts
1941
Cuba
25,702
Hawaii
254,665
*130,004
2,135
2,135
0
107,106
22,091
303
1,880
57,356
25,541
1,064
49,991
12,932
Philippines
387,877
236,459
190.596
and
information
Other foreign areas
Total
the
Sugar Division
from
reports
4—MAINLAND
CANE
MILLS'
on Forms
STOCKS,
DELIVERIES, JANUARY-MAY,
9,482
1,119
submitted
by
88-15B and SS-3.
PRODUCTION
AND
bottleneck
Stocks
THE
For Direct
For Further
Consumption
TABLE
29,289
5—DISTRIBUTION
OF
on
Processing
70,123
TERRITORY
OF
SUGAR
HAWAII
AND
90,898
FOR LOCAL
PUERTO
May 31, 1941
10,150
JANUARY-MAY,
(Short Tons, Raw Value)
Puerto Rico
"loan" of 50
Gulf-East
Coast
Coordinator
Ickes
has
come
to
a
decision
Congrjess and signed by the President. Since the proposed
pipelines would offer no relief to the East Coast for nearly
12 months, Mr. Ickes has already taken other action to
step
up movement of supplies from Gulf Coast ports to the
Eastern
refineries.
In
addition
to
transferring
private
the Petroleum Coordinator has arranged to put two
Navy tankers into the Gulf Coast-East Coast run and also
run,
sponsored legislation passed by Congress which increases
the load limits of tankers already in service.
Reports from Washington indicated that there will be a
delay in turning over the additional oil tankers which Great
Britain has requested of the Maritime Commission's Bureau
Emergency Shipping because of opposition to such a move
the office of Oil Coordinator Ickes.
—
—
......
The opposition
of Mr. Ickes to the move, which would have added 10
more
for a period of five months to the 50 tankers
already "loaned" to Great Britain, is based upon his argu¬
tankers monthly
ment that further
curtailment in American tanker facilities
will hamper America's
of the British.
defense
program,
and ultimately that
although
Emergency Shipping has been
engaged for three and a half months in a survey of American
shipping facilities, the Oil Coordinator's office has undertaken
s similar study based upon reports of various oil
companies
the Commission's Bureau of
the
...
ment
complete data with respect
as
9,611
41,062
Neither the Coordinator's office
Maritime Commission will make any definite state¬
to the results of their respective studies, a policy
which has succeeded in
thoroughly mystifying both the trade
general public, who have more than an academic
interest since they will be the ones most affected by any
rationing program on the East Coast.
There will be no action taken by the Office of Price Ad¬
ministration and Civilian Supply upon the two advances in
crude and refined petroleum in California some weeks back
which brought an investigation by OPACS officials at the
and the
CONSUMPTION IN
RICO
1941
Territory of Hawaii
by the
Britain, pipe lines from 900 to 1,300 niles
length, costing between $40,000,000 and $60,000,000,
would be constructed durig the next year.
The bill, which
has been before the Congress for several weeks would
permit
the Government to facilitate private construction of
pieplines
by exercising the right of eminent domain, or to build the
pipelines itself, should this be necessary.
in
Deliveries
Production
60,214
created
tankers to Great
to their available tankers.
on
1, 1941
;
#
nor
Stocks
passed the Cole pipeline bill in an amended
Wednesday and at weekend the House of Repre¬
which have been asked to submit
1941
(Short Tons, Raw Value)
Jan.
on
Further confusion has arisen from the fact that
39,178
in
importers and distributors of direct-consumption sugar
*
Includes 46,150 tons in customers' custody.
TABLE
150,363
0
241
Puerto Rico
Compiled
Industry
England-
sentatives was considering the revised bill.
The Senate had
approved a committee amendment which would limit the
authority over pipelines to June 30, 1943, despite the ob¬
jections of Representative Cole, sponsor of the bill at the
direct request of President Roosevelt, who said that this
amendment would discourage private companies
willing to
finance the pipe lines.
V'v
Under the measure, designed to relieve a threatened
shortage
of refined products in the East because of the
transportation
from
Stocks
Source of
to
tankers from the West Coast to the Gulf-Coast-East Coast
b Revised.
c
Names
in
converted to
of meltings
Ickes
regarding a proposed Texas-East Coast pipeline but is with¬
holding any announcement until the Cole bill has been passed
bl,601,654
135,696
...—v.
Deliveries..
Hold—Cordinator
Petroleum
Factories
refined, Jan. 1, 1941.....
Production
Now
May Give Oil
Daily Crude Output Tops Quota
Domestic Beet
a Refineries
Initial stocks of
Its
The Senate
Deliveries
Receipts
87,288 1,184,559
356,072
382,070
88,889
Hawaii
Bill:
Committees—Texas
MELTINGS
JANUARY-
version
1941
June 1, 194i,
Products—Senate Passes Amended>
Before
House—British Request
Additional Tankers—OPACS Lets California Crude
Cole
during
in these
Prices
on
Jan.
as of
order, effective June 14, 1941, the increased
import quota for non-signatory countries is subject to the allocation of a maximum
of 20,000 bags for coffee of the Mocha
type which may be entered for consumption
from April 21 to Aug. 31, 1941, Inclusive.
(Short Tons. Raw Value)
Source of Supply
bl,024,755
1941
b Under the terms of an Executive
1941
Stocks
12, 1941
Non-signatory countries: Mocha coffee.
quotas
sugar
(This
STOCKS,
DIRECT
b46,121,876
1941
Included—
•
REFINERS'
FOR
the
5.
12, 1941
1941
1941
1941
In 1941 and 64,003 short tons,
administration
against
3719,—Ed.)
DELIVERIES
MAY,
in
12, 1941
5,
12,
12,
12,
12.
Quota Period April 22 to Any. 31, 1941,
Importers'direct-consumption sugar
—
7,065,708
65,086,688
1,896,014
19,736,067
19,222,602
36,696,225
3,037,584
1,219,626,585
60,240,750
countries:
654,429
—
5, 1941
5, 1941
5, 1941
36,983 708 July
3,362 ,191 July
1,250,722 ,887 July
63,880 ,975 July
.....
.
Import qu ota filled
26,897, 267
10,758 933 July
80.691 799 July
2,689 700 July
26,224 775 July
20,173 016 July
......
Haiti...
349,546
901,313
...
Total......-.-..—.....—.
Pounds
2,645,520 July
Nicaragua-
1941
Mainland
Consumption
47,742,641 July
....
Honduras....
All types of coffee
Refiners'raws...
Beet sugar processors........
for
{Dale)
16,138, 333
71,950, 208
56,484, 233
423,632, 012
;
Costa Rica
Non-signatory
:—...
As of
Quota Period 12 Mos.from Oct. 1, 1940
Dominican Republic
Brazil
value,
raw
follows: *
Refiners' refined......
Entered
Quota
Peru
5).
hand
on
local
months
(Table
tons
sugar
for
sugar
five
Revised
a
El Salvador
Total..
the Inter-American Coffee
(Pounds)
...
Importers direct-consumption sugar (table 3)_.
Quota Period
Country of Production
in continental United States during the first five
raw value, was as follows:
sugar
President's proclamation of
Agreement on April 15, 1941.
The following tabulation lists the coffee
quotas which have
been filled, and shows import figures for the
quotas now under
telegraphic control as of July 12, 1941. Total imports under
the other coffee quotas are shown as of
July 5, 1941.
The De¬
year.
in short tons,
1941,
on July 16
preliminary
figures for imports of coffee subject to quota limitations under
sugar
prepared by the Sugar Division of the Agri¬
was
Adjustment
The Bureau of Customs announced
the
cane
importers and others.
processors,
309
The Commercial & Financial Chronicle
310
request of Governor Olson that culminated in an early order
to rescind one of the price advances.
The order to restore
prices to levels ruling before the second price advance was
deferred by Leon Henderson, chief of the OPACS, pending
a
more
complete study of arguments submitted by the
California oil men who had protested the original ruling of
the
OPACS officials.
Notification
sent
was
Tuesday
on
representative
to
California crude oil producers from the office of Mr. Hender¬
son that no reduction in California crude oil prices will be
requested at the present time. The Administrator's action
was contingent upon an understanding that there will be no
further increases in crude oil prices without prior consulta¬
tion with OPACS officials.
Furthermore, Mr. Henderson
notified the operators that all refiners and marketers had
been requested not to advance refined products' prices with¬
out similar notification to the OPACS.
"After reviewing date submitted and previous records,
this office will not request reduction in California crude prices
at this time," the OPACS wired the producers.
"This is
contingent upon understanding that there will be no further
increase whatever in crude prices without prior consultation
with this office and I am further requesting all refiners and
marketers that there will be no increase whatever in refined
products without similar prior consultation."
The action
taken by the OPACS was based upon a cost study undertaken
by the OPACS on the basis of data submitted by the pro¬
ducers following a meeting with OPACS officials in San
Francisco
Petroleum Coordinator Ickes on
Monday announced the
appointment of district committees of oil men from names
submitted by the industry to serve as groups to advise and
consult with the Office of Petroleum Coordination on matters
to the proper coordination of activities of the
petroleum industry for national defense. These committees,
four in number in each of five districts which together cover
the entire nation, were appointed for the production, refin¬
relating
of the petroleum
ing, transportation and marketing branches
industry in such districts.
The Petroleum Coordinator also
announced the appoint¬
general district committee for each district, con¬
sisting of a general Chairman and the Chairman of each of
the four district functional committees.
Under the original
ment of
a
plans, each of the functional committees was to consist of
12 members, but the coordinator indicated that only 10
were to be designated at this time.
In commenting upon this
change in plans, Coordinator Ickes said:
"I recognize both the necessity and difficulty of selecting
competent, experienced and completely representative com¬
mittees to cope with the enormously important task that lie
ahead.
It has therefore seemed wise to foreclose the appoint¬
ment of additional committee
members within the near future
in the light of a clearer appraisal of the local situation in each
district and a more definite crystallization of industry opinion.
This
is
particularly true in the producing and refining
of the industry where, because of the numbers
engaged, there is as yet no reasonable unanimity of opinion
as to those who may be deemed representative of the many
different interests in these fields.
I shall expect both the
industry and the committees as presently constituted to give
this subject immediate consideration."
A special hearing will be held by the Texas Railroad Com¬
mission to consider a proposal to add one day's flow to the
Texas schedule and donate this production to England,
providing Oil Coordinator Ickes approves such a plan. The
plan was outlined at the regular monthly proration meeting
in Austin on Thursday by Prof. Robert H. Cuyler, associate
professor of geology at the University of Texas.
He said
that a special commission hearing will be necessary because
some data which the plan's backers wished to present is not
yet ready.
An extra day's production in Texas was the main factor in
a net gain of 212,550 barrels in the nation's daily average
production of crude oil during the week ended July 12, which
climbed to 3,870,750 barrels, compared with the July level
of 3,847,100 barrels recommended by the United States
branches
Bureau of Mines.
disclosed that
The American Petroleum Institute report
Texas output climbed 216,300 barrels
daily
with California rising 16,000 barrels.
Losses in Oklahoma,
Kansas and Louisiana offset these gains somewhat.
There were no crude oil price changes.
Prices of
July 19, 1941
industry
to 6 cents on June 19, when the
until they had
asked to maintain prevailing prices
sulted with the OPACS.
was
con¬
Several cargoes of gasoline recently have been reported
moving at the Gulf Coast at prices ranging from 6.4 cents to
6.5 cents, and this brought about the "request" from the
OPACS to hold prices down to a top of 6 cents a gallon.
Mr. Henderson said in his announcement that he had asked
the refiners to maintain
prevailing market prices "in order to
speculative buying" despite the fact that there is
extraordinary demand for gasoline.
control
not ask
While the OPACS will
the West Coast refiners
to rescind either of the two
which
made at
were
price advances in refined products
the same time that California crude
advanced, it has notified the Western refiners
to make no further advances in refined product prices without
prior consultation with the OPACS.
This announcement
in Washington early in the week wound up the case resulting
from the complaint filed by Governor Olson at the time of
the advances in crude and refined petroleum products.
At
the first OPACS hearing, held in San Francisco early in June
prices
were
second
the
of
advances
the
ordered rescinded.
was
This
order, however, was canceled by Mr. Henderson pending the
study of additional data submitted by California oil men,
which was completed this week.
Mr.
Henderson said that his request to the oil industry
advance prices without prior notice has met with
to
not
disclosed that several large
including Standard Oil of New
Jersey and Socony-Vacuum, withheld proposed advances in
service-station prices of gasoline after consultation with the
OPACS.
These advances will be reconsidered, he said,
when it is possible to evaluate the extent to which trans¬
portation cost increased may be relieved by plans which
are now being worked out by Coordinator Ickes.
The order banning night and Sunday sales of gasoline in
Canada will become effective next Monday, it was an¬
nounced at week-end.
The restriction upon the use of
gasoline in Canada was announced early in the week by
Federal Oil Controller G. R. Cottrelle, who coupled with the
announcement a plea to citizens to curtail their use of
gasoline by 50% to guard against the danger of a serious
shortage.
Canada already has barred the sale of fuel oils
to consumers for heating or automotive units not using such
oil prior to June 24 and also banned the installation of new
oil-consuming equipment of any kind.
The request made in Washington by Great Britain for
additional tankers hit an obstacle in the reported opposition
of Coordinator Ickes to the turning over of any more tankers
because of the transportation bottleneck created on the
East Coast by the original transfer of tankers to England.
It was indicated that should the 50 added tankers be turned
over to Great Britain, the
resulting shortage in supplies on
the East Coast would be so great as to force rationing of
gasoline and other refined petroleum products in this area.
The sharpest spurt in the history of the industry, 8.7
points, sent refinery operations shooting up to 95.8% of
capacity during the week ended July 12, a new all-time high.
Daily average runs of crude oil to still passed the 4,000,000barrel level for the first time in the industry's records,
climbing 345,000 barrels to 4,090,000 barrels.
Gasoline
production, the American Petroleum Institute mid-week
report also disclosed, climbed nearly 1,500,000 barrels, hit¬
ting 14,020,000 barrels.
Despite the record refinery operations withdrawals from
stocks pared holdings of finished, unfinished and aviation
gasoline by 657,000 barrels to 89,561,000 barrels.
Gaso¬
line demand during the period was close to 2,000,000 barrels
daily, which is slightly above the July market demand esti¬
"gratifying
response."
He
Eastern seaboard marketers,
June 7.
on
start of the year
Typical Crude
(All gravities where A. P. I. degrees
Bradford, Pa
$2.75
are not
shown)
East Texas, Texas, 40 and over
1.22
Kettleman Hills, 37.9 and over
1.37
Pecos County, Texas
1.25
Lance
1.20
1.20
Smackover, Heavy
.83
Creek, Wyo
Signal Hill, 30.9 and over
.92
1.12
....
...
products in all major marketing areas
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B.
New York—
x
$.085
Tide Water Oil...
$.084
Texas
.09
y
Refinery
Other Cities—
New York—
Socony-Vac
Shel I Eastern.
.
Chicago
Gulf Coast—
.08
.
Oklahoma
x
Branded,
y
$.05%-.06X
.05^-.06
.05M-.06 X
Super.
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
$.05251 New Orleans.$.05H-.O*
(Philadelphia
(Bayonne)
$.052
Baltimore
North Texas
.04
.04K-.04J*
Tulsa
05251
Fuel Oil, F.O.B. Refinery or Terminal
Savannah, Bunker C.$1.30
$1.35
Phlla, Bunker C
Gas Oil, F.O.B. Refinery
N. Y.
i
1.35
$.85-.90
1.50
Gulf Coast
Halifax
2.00
$1.25
Rodessa, Ark., 40 and above
1.31
Eastern Illinois
Mid-Cont't, Okla., 40 and above..
of refined
strong.
Diesel
Corning, Pa
Illinois Basin
Prices
were
N. Y. (Harbor)Bunker C
Barrel at Wells
per
mate of the United States Bureau of Mines.
(Bayonne)—
or
Terminal
| Chicago—
7 Plus
$.041
28.30 D
| Tulsa.
$.053
.$.03H-.03>/
I
1.26
Daily Average Crude Oil Production for Week Ended
REFINED
ALSO
PRODUCTS—OPACS
ACTS
ON
SALES—ICKES
TO
WEST
SEEN
LIMITS
GULF
COAST—CANADA
AGAINST
GIVING
COAST
GAS-
CURTAILS
MORE
GAS
July 12,
The
MOTOR
FUEL STOCKS
RUNS
AT
NEW
DECLINE
gasoline prices at 6 cents a gallon, it was an¬
nounced in Washington on Thursday by Administrator
Leon Henderson.
Mr. Henderson said that prices for gaso¬
line in this area have moved from 3% cents a gallon at the
crude
average
oil
RECORD-
All Gulf Coast petroleum refiners have been asked by the
Office of Price Administration and Civilian Supply to hold
maximum
1941,
Gains 212,550 Barrels
Petroleum
Institute
estimates
^
that
the
TANKERS
daily
ENGLAND—REFINERY
American
production
for
the week
ended
July 12, 1941, was 3,870,750 barrels.
This was a gain of
212,550 barrels from the output of the previous week.
The
current
week's
figures
were
above
the
3,847,100
barrels
calculated by the United States Department of the Interior
to be the total of restrictions imposed by the various 'oil-
producing
for
the
States
four
during
July.
Daily average production
July 12, 1941, is estimated at
The daily average output for the week
weeks
3,808,450 barrels.
ended
Volume
The Commercial & Financial Chronicle
153
ended
July
details
as
13, 1940, totaled 3,560,750 barrels.
reported by the Institute follow:
Imports of petroleum for domestic
United States
daily
a
whether
bonded
separation
July 5, and 225,036 barrels daily for
These
figures
but
use,
it
include
is
oil
all
imported,
impossible to make
the
in
May was 7,019,000 gallons compared with 6,972,000
gallons in April, 1941, and 6,215,000 in May, 1940.
The
outstanding increases occurred in the Texas Gulf, East Texas
and Long Beach districts.
Stocks increased, amounting to 245,952,000 gallons on
hand May, 1941, compared with 231,168,000 gallons on
April 30, 1941 and 273,588,000 on hand May 31, 1940.
PRODUCTION
statistics.
oil
amounted
12
barrels, all of which
12.
domestic
California
of
July
July
for
or
weekly
in
Receipts
ended
ended
arid receipts in bond at principal
July 12 totaled 1,591,000 barrels,
compared with a daily average of
barrels,
for the week ended
weeks
four
use
the week ended
227,286
of
average
222,714 barrels
the
for
ports
Further
Atlantic
at
to
101,000
Coast
barrels,
during
ports
daily average of
a
(In Thousands of Gallons)
14,429
Stocks
Production
gasoline received at the Port of Philadelphia.
was
Reports received from refining companies owning 86.3% of the 4,538,000barrel
estimated
daily
indicate that the
basis,
4,090.000
companies bad
potential
industry
as
barrels of
refining
whole
a
crude oil
capacity
of
the
to stills,
ran
on
a
States
United
Jan.-
Bureau of Mines
as
gasoline.
of
The
total
89,561,000 barrels of finished
amount
of
gasoline
produced
by all
:
CRUDE OIL
com¬
■'
At
Plants
At
Plants
1940
Refin¬
& Ter¬
Refin¬
& Ter¬
eries
minals
eries
minals
924
6~894
111., Mich., Ky..
5,476
Texas
98,372
9,316
3,004
8,719
49,164
Louisiana
Arkansas
Rocky Mountain
Four
B.OJM.
Week
California
Week
Weeks
Change
lated
Slate
Ended
from
Ended
AUoio-
July 12,
Previous
July 12,
July 13,
ments
ables
1941
Week
1941
1940
47,597 43,142
14,208 12,136
39,710 35,748
46,747 236,796 240.045
9,858
2,876
8,161
1,218
6^98
210
4,158
663
4,830
673
2,268
27,811
2,268
1,448
4,956 102,667
84
2,203
84
22,192
1,137
252
84
4,788
126
7,819
91,736
1,983
252
208
420
256
4,494
82,824
2,679
1,779
4,074
83.580
2,069
1,705
Ended
Require¬
7", 140 40,945 37",418
4,872 24,472
10,796
31,117 154,123 165,488
5,674 30,971 27,393
92,715 441,270 349,314
5,277
3i,380
Kansas
Actual Production
Calcu¬
May
1941
Applacblan
'
■
May
1941
East Coast
Oklahoma
PRODUCTION
(Figures in Barrels)
a
Apr.
1941
and
panies is estimated to have been 14,020,000 barrels during the week.
DAILY AVERAGE
At
At
Jan.-
May
daily
the end of the week,
pipe lines
Apr. 30, 1941
May 30, 1941
during the week, and that all
in storage at refineries, bulk terminals, in, transit and in
unfinished
GASOLINE
STOCKS OF NATURAL
AND
week
the
311
Total
Daily
aver.
216,602 209,160 1030092 921,480 100,296 145,656 101,598 129,570
6,062
6,972
7,019
6,822
(July)
Total (thousands
Oklahoma
498,500
415,000
b4l2,950
—20,100
420,200
409,800
Kansas.
225,300
237,400
b233,800
—7,350
+200
235,950
4,800
59,350
83,950
29,000
179,050
5,181
4,980
24,526
166
162
2,419
3,468
2,388
21,940
167
3,085
144
200
82,950
101,300
of
178,200
Nebraska....
b5,050
4,200
..
Panhandle Texas
84,050
102,650
West Texas
East Central Texas..
East
Texas
Southwest
Texas
Coastal Texas
+ 1,150
265,200
84,300
372,950
212,000
285,000
West Central Texas..
+~3~9(>6
30,850
North Texas
+46,950
+ 8,000
+72,350
30,550
252,600
80,450
355,000
202,800
271,400
+35,150
+48,000
70,500
374,750
170,600
176,150
Weekly Coal Production Statistics
The
6,775,000 net tons.
in
tons
Coastal
74,200
239,900
Total Louisiana—
304,000
Arkansas
303,397
—2,850
+ 1,950
76,550
245,100
65,400
216,550
314,100
Louisiana-..
—900
321,650
281,950
72,350
+ 8,350
22,200
102,100
37,200
Indiana.......
72,600
33,150
+ 1,200
89,900
—550
91,200
92,200
—150
39,350
54,150
72,600
19,150
7,300
Eastern (not incl. Illi¬
nois and
Wyoming
19,900
5,100
Colorado
Mexico
108,600
108,600
Total East of Calif. 3,222,300
California
624,800
These
are Bureau of
83,000
—100
19,350
—200
639,600
3,900
105,050
+ 196,550 3,176,200 2,935,650
+ 16,000
632,250
625,100
3,870,750 +212,550 3,808,450 3,560,750
Mines' calculations of the requirements of domestic crude
oil based upon certain premises
outlined In its detailed forecast for the month of July.
Coal
Division,
was
last
further
Independence
year.
as
curtailed
holiday at the
a
certain
in
areas
which began
year,
-V/.
,
Bureau of Mines
States
actual
no
July 5 is estimated
vacation, effective this
reported that there
production of Pennsylvania anthracite in the
week ended July 5, due to the
miners' vacation.
Tonnages
5* are estimated from
shown below for the week ended July
loadings
car
3,750
111,300
3,231,150
d603,000
3,847,100
a
—1,250
85,500
19,400
3,800
111,350
88,400
Montana.
week
,
The United
was
Indiana)..
Michigan.
New
the miners'
Juiy 3.
9,700
the week ended
universally observed
was
Production
mines.
485,850
+ 1,300
Bituminous
This is in comparison with 7,159,000
corresponding
72,400
341,350
21,350
39,650
73,748
the
Day, July 4,
by
—200
b42,200
341,650
b22,450
77,000
21,000
384,800
Mississippi
Illinois
the
of
report
duction of soft coal in
1,324,000 C1347926 1,437,000 +216,300 1,377,050 1,143.350
North Louisiana
current
United States Department of the Interior, showed that pro¬
at
Total Texas
barrels)....
Daily aver.
Railroads
as
to
the
reported by the Association of American
Bureau of Mines, and also include the
output of dredge coal:
ESTIMATED
WEEKLY PRODUCTION OF COAL.
BY STATES
(In Thousands of Net Tons)
The current weekly
estimates are based on railroad carloadlngs and river ship¬
revision on receipt of monthly tonnage reports from district
ments and are subject to
and State sources or of final annual returns from the operators.
As requirements may be supplied eitner from stocks, or from new production, con¬
Week Ended—
templated withdrawals from crude oil Inventories must be deducted from the Bureau's
b
7
Oklahoma, Kansas, Nebraska, Mississippi, Indiana figures are
c
-nV.
July 9.
a. m.
VS'
•
This Is the net basic 31-day allowable as of
June
State
estimated requirements to determine the amount of new crude to be produced.
June 28 June 21 June 29
for week ended
July 1,
June 29
Avge.
1941
1939
1929
1923e
f
f
1941
: ■
July 1, but experience indicates that
3
new
as
wells
are
completed, and if any upward revisions
are
made.
Panhandle shutdown days are July 5, 12, 19, 26 and 31; with a few exceptions the
rest of the State was ordered shut down on July 4, 5, 6, 12, 13, 16, 19, 20, 26, 27
and 31.
d Recommendation of
PRODUCTION OF GASOLINE AND STOCKS
AND UNFINISHED GASOLINE AND GAS AND FUEL
OIL, WEEK ENDED JULY 12, 1941
(Figures In Thousands of Barrels of 42 Gallons Each)
P.
Gasoline
Stocks
a
Fin¬
of
ished &
Gas
of Re¬
Avia¬
Unfin¬
Oil
sidual
tion
fineries
P. C.
Re¬
ten¬
Fuel
Gaso¬
Gaso¬
Dis¬
011
line
Dally Oper¬
Aver.
Blended
673 100.0
Appalachian..
Ind., III., Ky.
166
Okla., Kans.,
Missouri
line
22,364
10,835
83.8
149 107.2
486
3,114
422
752
84.4
680 107.1
2,631
16,742
4,010
3,752
413
80.7
328
98.5
1,271
7,039
1,493
Inland Texas.
263
63.2
152
91.6
681
2,196
381
Texas Gulf...
1,097
91.0
1,005 100.6
3,284
6,882
141 100.7
404
11,800
3,244
2,070 Inter'r
1,273
1,095
7,971 G. C'st
8,262 E. C'st
517
893
156
89.1
1,466
1,283
95
49.9
58 123.4
162
447
250
435
Rocky Mtn—
California....
136
50.1
68 100.0
232
1.416
143
492
787
90.9
524
73.3
1,596
15,049
11,135
65,129
1,751
86.3
3,749
95.8
12,480
1,540
83*411
6,150
37,017
91,184
1,515
7,227
37,812
36,925
92,699
92,635
7,577
7,532
341
Est. unrep'ted
795
m
3,488
732
488
842
1,243
196
297
416
43
26
57
Kansas and Missouri
145
118
91
54
101
128
974
932
774
748
901
661
212
172
114
79
195
183
40
37
22
26
43
47
3
2
3
11
12
52
47
50
47
50
38
22
22
21
14
46
51
Western
Maryland
Michigan
—
;
Tennessee
—
350
July 12 1941
4,538
4,090
14,020 c89;561
July
4,538
3,745
12,558
f 90,218
dll,214
C3.481
Estimated Bureau of Mines basis,
a
446
888
2,802
3,613
144
117
99
99
113
9
8
16
13
16
46
47
37
35
58
89
398
398
270
272
238
240
29
32
28
25
51
44
2,312
2,275
1,893
1,701
2,045
1,380
499
735
856
86
93
104
—
894
Northern _b
1
70
74
*
*
*
21
12
f5
9,648
1,267
1,210
1,066
878
1,352
10,866
1,956
12,337
11,510
9,131
7,560
11,000
12,822
11,070
Total bituminous coal
Pennsylvania anthracite-d
Total, all coal
578
864
106
Wyoming
.....
—
8,066
10,300
6,682
Virginian; K. & M.; B. C. & G.;
and on the B. & O. In Kanawha, Mason, and Clay counties, b Rest of State, Includ¬
ing the Panhandle District and Grant, Mineral, and Tucker counties,
c Includes
Arizona, California, Idaho, Nevada and Oregon,
d Data for Pennsylvania an¬
thracite from published records of the Bureau of Mines, e Average weekly rate for
entire month, f Alaska, Georgia, North Carolina, and South Dakota included with
"other Western States." * Less than 1,000 tons.
Includes operations on the N. & W.; C. & O.;
ESTIMATED
UNITED
COMPARABLE
DATA
STATES PRODUCTION
ON PRODUCTION OF
91,971
35,653 105,103
OF SOFT COAL, WITH
CRUDE PETROLEUM
5,338
1940,
daily
average,
f Revised
barrels,
e
upward
Finished,
by
81,966,000
154,000
barrels
barrels;
unfinished
July 5,
stocks
in
1941
Natural Gasoline Statistics
a
a
report prepared by the Bureau of Mines for
Harold L. Ickes, Secretary of the
Interior
.
The daily
1941
July 6,
1940
1941
Year to Date
1940
c
1929
Bituminous Coal a—
6,775
Total, Including mine fuelCrude Petroleum b—
production of natural gasoline increased in May, 1941,
according to
June 28
unfinished,
Coal
May
Calendar
Week Ended
At refineries, bulk terminals, in transit
Oklahoma-Kansas-Missouri district.
The
fl4
329
1,621
152
pipe lines,
b Included in finished and unfinished gasoline total,
c July
1940, dally average,
d Tnis Is a week's production based on the U. S. Bureau of
July,
*13
444
2,123
—
and
7,595,000
20
618
2,725
(In Thousands of Net Tons)
July 12 1940
.xMines
16
25
23
672
Utah......
♦U.S.B.of M.
*
*
88
2,925
—
Pennsylvania bituminous
a
Calif.
♦Est. tot. U.S.
51941
70
175
f
268
Other Western States.c..
No. La. & Ark
Reported
f
32
Washington
tillates
1,733
Louisiana G'lf
*
1
387
900
Virginia
95.7
644
120
*
355
West Virginia—Southern.a
East Coast...
61
Texas
and
Natural
ated
Stocks b Stocks
ished
ing
Rate
a
Incl.
port¬
tial
57
36
Ohio
Stocks
Produc'n
to Stills
C.
97
436
Mew Mexico
at Re¬
Po¬
62
1,081
North and South Dakota
District
325
10
1
Iowa..
Montana
Crude Runs
228
19
Georgia and North Carolina..
Indiana
might have been surreptitiously produced.
DaUv Refin¬
ing Capacity
281
18
114
Colorado
Illinois
Note—The figures Indicated above do not Include any estimate of any oil which
OF FINISHED
354
21
Arkansas and Oklahoma
Kentucky—Eastern
Y-;',+'\ <'+:\
■'/ V/ ■:
'
Conservation Committee of California Oil Producers.
CRUDE RUNS TO STILLS,
3
363
Alaska
Alabama
it will increase
1940
average
equivalent of weekly output.
Includes for purposes of
11,070
7,159 235,060 226,742 267,123
5,860
6,163
5,770 158,550 162,397 115,834
historical comparison and statistical convenience the
production of lignite, b 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
of coal.
Note that most of the supply of petroleum products is not directly com¬
lent coal assuming
petitive with coal (Minerals Yearbook
July 5, 1941, and corresponding
1939, page 702.) c Sum of 27 full weeks ended
27 weeks In 1940 and 1929.
The Commercial &
312
ESTIMATED PRODUCTION OF PENNSYLVANIA ANTHRACITE
Financial Chronicle
Straits tin for future arrival was as
AND
July
August
September
October
July 10
53.000
52.625
52.500
52.375
July 11
53.250
52.875
52.750
52.625
July 12...
53.375
53.000
52.875
52.750
July 14..
53.500
53.125
52.875
53.250
52.875
52.625
52.500
53.250
53.000
52.625
52.500
(In Net Tons)
Calendar Year to Dale
Week Ended
July 5,
June 28,
July 6,
1941
1041
1040
1040
1941
1929
a
a
July 15.
Total, incl. colliery
606,000 26,002,000 25,933,000 36,019,000
661,000 24,708,000 24,636,000 33,426,000
c62,000 1,267,000
fuel b—
62,000 1,204,000
113,600
.
140,500
23,417
984.700
8,880
3,480,500
6,193
2,884,800
18,143
44,400
22,720
United States total
Dally average.
...
— ....
_
July 16
Anthracite
Comra'l prod't'n c
Beehive Coke—
Chinese tin,
99%,
spot,
nominally
was
21,890
METALS ("E. & M. J." QUOTATIONS)
DAILY PRICES OF
Straits
Electrolytic Copper
colliery fuel.
Shipments of anthracite for the month of June, 1941, as
reported to the Anthracite Institute, amounted to 4,573,788
This is
net tons.
St. Louis
5.70
7.25
New York
11.775
10.950
53.250
5.85
July 11
li.775
10.950
53.375
5.85
July 12
11.775
10.950
53.625
5.85
5.70
July 14.....
July 15...i.
11.825
10.950
53.625
5.85
5.70
11.800
10.950
53.375
5.85
5.70
July 16
11.775"
10.950
53.375
5.85
5.70
7.25
11.788
10.950
53.438
5.85
5.70
7.25
Average..
1,009,883 net tons,
28.3%, and when compared with June, 1940, shows an
increase of 704,909 net tons, or 18.2%,
Shipments by originating carriers (in net tons) were
reported as follows:
St. Louis
July 10
increase, as compared with shipments
an
Zinc
Lead
Tin
New York
Dom.,Rcfy. Exp.. Refy.
Total 4,673,788 Net Tons
53.000c., July 15. 52.750c.,
,
July 16, 52.750c.
Adjusted to comparable periods In the three years,
b Includes w&sbery and
dredge coal, and coal shipped by truck from authorized operations,
c Excludes
Anthracite Shipments
52.750
follows: July 10, 52.625c.,
as
July 11, 52.750c., July 12, 53.000c., July 14
a
June
follows:
COKE
BEEHIVE
Penn.
July 19, 1941
7.25
5.70
:
7.25
:
r,
7.25
7.25
during the preceding month of May, of
May, 1940
June, 1940
zinc, 7.250c., and silver, 34.750c.
699,203
710,333
335,226
356,395
750,347
629,760
334,672
472,826
475,930
475,884
delivered
324,536
432,432
321,503
301,089
416.058
,
397,489
342,720
355,612
108,059
281,818
N. Y. Ontario A Western Ry._
66,607
97,315
76.982
Lehigh A New England RR...
269,635
175,681
206,863
169,019
4,573,788
3,563,905
3,868,879
3,426,004
Pennsylvania RR
-
-
—
......
Metals—Copper
Control
Extended
to
Fabricated Products—Government Closes Lead Deal
and
"Metal
reported that
Markets"
Mineral
moved
copper
a
in
issue
its
of
July
17
step nearer to complete control
of distribution
during the last week when it was announced
Washington that fabricated products have been added
to the growing list of materials under priority status.
The
Government closed the deal to acquire substantial tonnages
of pig lead from Mexico, Canada, and Peru, the metal to
based on 6ales for both prompt and future
Copper, lead and zinc auotations are
deliveries; tin quotations are for prompt delivery only.
In
domestic copper prices are quoted on a delivered basis; that
trade,
the
at
consumers'
plants.
As
Export quotations for copper are reduced to net at refineries on the Atlantic
On foreign business, owing to the European War, most sellers are
seaboard.
restricting offerings to f.aj?. 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.s. basis (lighterage. Ac.) to arrive at the
European
war
made
be
available
here
the
"at
market."
Zinc
was
prices is not available.
Prices on standard tin, the only
prices given, however, are as follows: July 10, spot, £257%,
three months, £261; July 11, spot, £258%, three months,
£261%; July 14, spot, £258%, three months, £261%; July
spot, £257%, three months, £261%; and July 16, spot,
£256%, three months, £260%.
♦
was
Copper
In
announcing during the last week that control has been extended to
industry
made from copper, the
products
informed that
was
complete
control of distribution of copper will be imposed in the near future.
sumers are
Con¬
finally getting metal out of the pool for July.
Sales of copper to domestic consumers during the last week were
Sales for the month
totaling 31,958 tons.
larger,
far amount to 60,483 tons.
so
The large producers continued to quote 12c., Valley, with custom smelters
and
small producers at 12J^c.
some
Copper producers have been invited by defense officials to discuss
largement of domestic production of copper.
take place in Washington on
basis
if subsidies
offered to high-cost producers.
were
en¬
or a
With
a
bonus above the 12c.
view toward increasing
output, the Government will explore the price situation and its relation to
production, plant expansion through private financing or assistance from
Washington, and opening up properties.
With
''everything under control" in copper, the statistics for June
ried no weight marketwise.
the quantity of
foreign metal available,
authorities believe.
chiefly to
a
temporary development, trade
Included in June deliveries
were
31,667 tons of foreign
tributed during May.
concluded
domestic
moved
on
by the Government during the last week, and work is
More than 35,000 tons of foreign
immediately out of stocks in
industry believes that the threat of
removed for
some
time to
a
Canada and
a
year.
in
this country.
The
come.
consumers
"at the market."
The
Foreign lead will be
price paid has not yet
been revealed.
Sales of
common
lead last week amounted
continued at 5.85c.,
American Smelting &
New York, which
market
3,500 tens.
also the
in
zinc
was
basis of the
previous.
amounted
of labor news this week was an announcement by
of its plants where the Labor Board certifies
bargaining agency in any
a
Republic Steel Corp., that the corporation
to recognize the Steel Workers Organizing Committee as an exclusive
majority of employees are members of the union in good standing.
Labor
practice cases involving Republic have been settled.
a
consequence to
the Great Lakes shutdown, which apparently was
staged to block signing later this week of a contract between the company
and the S. W. O. C., the national rate
continuing to operate at
are
of steel production dropped to 97%,
Most other steel-producing dis¬
points from last week.
decline of 1H
tricts
last week's rate, with the important
Pittsburgh and Chicago districts at 100% of capacity.
level compared with the average of 98.2% In
The current 97%
June and with 98.7% in May.
broke all output records,
totaling 40,911,886 net tons, or almost 40% above the total of 29,405,402
tons
produced in the first half of 1940.
Signs that the problem of delivering enough steel plates for ships and
railroad
cars
in the short time called for by new expansions in the defense
the latest reported month, was at the rate
with
Plate production in May,
is slowly being solved are increasing.
program
88% in April.
of 101% of capacity, compared
Changes in strip mills to adapt them for rolling car and
2,000,000 tons,
of
a
revamping of capacity which seems necessary in the light
developments.
recent
Last
week,
1,548,480 tons of steel, mostly plates.
common
example,
President
Roosevelt
This requirement is a good example
disrupted.
Meanwhile steel companies this week are
submitting to the Iron and Steel
Industry Defense Committee a new analysis on backlog and current orders
domestic
Sales of the
for
asked for 566 Maritime Commission ships which will require an estimated
divided into four classifications: Defense, British, other export, and other
unchanged, the price continuing at
7He., St. Louis, for Prime Western.
last calendar week
agrees
The quotations
settling
Refining Co., and at 5.70c., St. Louis.
situation
An outstanding piece
Tom M. Girdler, Chairman of
of how plate mill schedules can be
to
was
Zinc
The
position at mid-week.
Need for uninterrupted production
of steel is so great that the stoppage caused by a wildcat
strike at Great Lakes Steel Corp.'s Ecorse, Mich., plant
seemed unlikely to continue long.
A strike of white-collar
workers at Tennessee Coal, Iron & Railroad Co., Birming¬
ham, over demands for a 10c. an hour wage increase appar¬
ently has been averted through certification of the dispute to
the National Defense Mediation Board.
The "Iron Age"
further reported:
ship plates can increase the steel industry's plate capacity by as much as
involve close to 200,000
may
Canada under present conditions is expected to contribute
around 60,000 tons a year, and Peru a like amount.
distributed to
to
pig lead will be
shortage in lead has been definitely
Surplus production from Mexico alone
tons
steel-consuming plants in the
last year, may interfere directly with steel production, threw
another element of uncertainty into the steel industry's
now
the plan under which the metal will be made available
consumers.
which have hampered the national
Production of steel in the first six months of 1941
Ltad
Purchase of the surplus production of lead of Mexico, Canada, and Peru
proceeding
Age" in its issue of July 17 reported that the
defense program at some large
a
a
origin metal, which compares with 49,196 tons of foreign origin metal dis¬
was
The "Iron
car¬
leduction in
Hampered
by Strikes—Republic
Labor Contract with SWOC
prospect that strikes,
As
The decline in deliveries—from 144,293 tons
in Mary to 115,097 tons in June—was attributed
Productions
Steel Agrees to Sign
A meeting is scheduled to
Officials hope to settle the question
July 17.
of how much copper could be mined
Steel
un¬
higher in price; likewise quicksilver.
Antimony was active, but quotably unchanged.
Ceiling
prices for cadmium are thought likely.
The publication
further reported:
Tin
f.o.b. refinery quotation.
the usual table of daily London
in
changed.
Is,
delivery charges vary with the destination,
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.
Due to the
Non-Ferrous
Louis, as noted.
the figures shown
405,7 J 9
347,912
340,339
591,767
Delaware & Hudson RR. Corp.
—
New York or St.
pound.
865,189
Del. Lack. A Western RR....
Total...
They are reduced
All prices are in cents
based on sales reported by producers and agencies.
basis of cash.
the
470,244
Central RR. of New Jersey
Erie RR
"M. & M. M.'s" appraisal of the major United States
The above quotations are
to
1,128,151
836,773
Reading Co....
Lehigh Valley RR
Straits
Louis lead, 5.700c., St. Louis
tin, 53.250c., New York lead, 5.850c., St.
per
862,389
11.796c., export copper, f.o.b. refinery, 10.953c.,
f.o.b. refinery,
markets,
May, 1941
June, 1941
July 12 are: Domestic copper
Average prices for calendar week ended
or
grades for the
to 2,782 tons, against 4,071 tons in the week
Shipments last week totaled 4,989 tons, against 5,793 tons in
The backlog dropped to 87,458 tons.
the prior week.
business.
including steel
Under
the
requirements
defense
steel committee is expected to use
defense
orders.
Of
outstanding
who have been warned that
classification
whether direct
the
companies
The iron
indirect.
or
are
and
this information as a basis for allocating
importance
to
commercial
steel
users,
they may soon get very little steel or no steel
all, is the Office of Price Administration and Civilian Supply step giving
at
priority status, ahead of other civilian demands, to materials and equip¬
Tin
ment necessary
Interest in tin centered in political developments in the Far East.
pore was
of
firm, influencing prices here.
nearby metal continued light.
higher.
month.
was
moderate.
Singa¬
Offerings
Straits tin last week averaged somewhat
The upward trend in consumption
trol, the trade believes.
a
Demand
may
Use of tin has moved
bring
some form of con¬
up to more than 9,000 tons
to maintain operation of automobiles, refrigerators and other
consumers' durable goods.
Failure of the present control machinery to
provide
an
adequate supply
of scrap steel and the Government's refusal to act upon recommendations
by
some scrap groups,
will
result
output
in
intended to increase the flow of scrap, apparently
the placing
curtailment
on
of responsibility of the anticipated steel ingot
Washington.
Such
a
curtailment
appears
par-
Volume
deficit.
of
little
in
consequence
the present
with
comparison
At its mid-year convention this week at Detroit, the
Meanwhile the civilian
scrap
ments
Institute of
juster;
Scrap Iron and Steel again called on the Office of Production Management
and OPACS to take steps to
steel
accelerate the movement of scrap from remote
an
the
Wash., for
the only lectings of size being 2,000 tons for
Puget
projects, however, advanced to 21,255 tons from 15,700 tons.
THE "IRON
AGE"
COMPOSITE PRICES
Based
in
One month ago
One year ago
steel bars, beams, tank plates,
Theee products represent
Low
2.261c,
Jan.
1941
2.261c.
Jan.
7
1940
....2.261c.
Jan.
1939
2.286c.
Jan.
2
3
1938
2.249c.
1935
..2.062c.
9
Mar.
r
Dec. 28
1
Oct.
Apr. 24
2.118c.
1933
1.953c.
Oct.
3
1932
1.915c.
Sept.
6
1931...
1.981c.
2.192c.
Jan.
1930
13
Jan.
7
May 28
2.236c.
1929
$23.61 •(
23.61
22 JS1 /
One month ago
One year ago
May.
2
maker
what
the
Jan.
Jan.
Sept. 19
June 21
20.61
Sept. 12
19.61
July
9
20.25
Feb.
1936...
19.74
Nov. 24
18.73
Aug. 17
1935.
18.84
Nov.
5
17.83
1934.
17.90
May
16.90
May 14
Jan. 27
1933.
16.90
Dec.
13.56
Jan.
3
1932.
14.81
Jan.
13.56
Dec.
6
1931.
15.90
Jan.
14.79
Dec.
15
18.21
Jan.
15.90
Dec.
16
18.71
May 14
18.21
Dec.
17
Mar.
/Based on No.
$19.17/ quotations at
In
16
$22.00
21.83
22.50
15.00
21.92
17.75
13.42
13.00
12.25
8.50
11.33
15.00
17.68
1938
1937
1935
1934
1933
1932
1931
1930
1929
American
Iron
and
1
heavy
melting
mills
steel
Pittsburgh, Philadelphia,
$19.17
16.04
14.08
11.00
12.92
12.67
10.33
9.50
6.75
6.43
8.50
11.25
14.08
7
Dec. 21
Dec. 10
Mar. 13
Aug. 8
Jan. 12
Jan.
6
Feb. 18
Jan. 29
July
Dec.
Dec.
Dec.
Steel
Institute
on
10
9
16
7
10
3
29
29
5
3
25
9
3
84.6%
6
97.2%
Apr. 21
98.5%
Apr. 28
May
5
Jan.
27
97.1%
May 12
3
Feb.
10
96.9%
97.1%
May 19
May 26
Nov.
96.0%
Feb.
17
94.6%
June
2
Feb. 24
96.3%
June
9
down
3
97.5%
June
96.6%
Mar. 10
23
Mar. 17
June
30
9
July
Dec.
16
96.8%
Mar. 31
99.8%
99.2%
Dec.
23
80.8%
Apr.
29
90.4%
90.5%
89.5%
89.7%
91.3%
82.6%
91.9%
92.9%
5
Aug. 12
Aug. 19
Aug. 26
Sept. 2
Sept. 9
Sept. 16
4
Nov. 11
Dec. 30
95.9%
Jan.
Mar
Mar. 24
on
for
some
a
OPACS
new
40% over the same period of 1/940.
Corp. of 1,668,637 net
that month, the previous record having
all-time high for
net tons.
for
for
the
Britain,
for
settled
Great
production
last
allocation
of
625,000
gained
week
points to
four
July
point
to
points to 93, Cincinnati 6%
and
composite
three
steel
$38.15,
at
Cleveland 4 points to 96%.
price
groups
for last week
$56.00,
steel at
finished
IX. S. Steel is estimated at 96%%, against 92%
Apr. 14
in the week before, and
Leading independts are credited with 97%, com¬
pared with 93%% in the preceding week and 101% two weeks ago.
The following table gives a comparison of the percentage of production
with the nearest corresponding week of previous years, together with the
approximate changes, in points, from the
of the iron and steel
+
+ 19
85
+ 12%
+10%
55
+ 11%
+
+ 15
90
+ 11
45
97
+
1940
87
1939
50%
4
29%
42
+
4%
contra-seasonally, making products now in full force which would normally
full operations
Federal
During the week ended July 16
increased
reserves arose
in circulation and
Federal
Reserve
$252,900,000.
are
due to insistence of
Reserve
Banks
member bank reserve
Additions
to
member
from decreases of $50,000,000 in money
$190,000,000 in Treasury deposits, with
banks, and increases of $45,000,000 in
$15,000,000 in gold stock, and $5,000,000 in Treasury currency, offset in part by increases of
Reserve
Bank credit,
-
1935
-
1933
+
%
+
7%
8
+
4
+
6
28
57
+
4
60
33
+
2
30%
not
----
%
%
>
1928
1927
J
+
96%
1929
+
57%
-
—
—
3
available
31%
1931..
-
27%
56
—
1932....
1930.
38
2
4
+
45
2%
+
36
76
+
63
28
1934
3%
84
81
1936
Independents
97
96%
1941
'
week immediately preceding:
U. S. .Steel
Industry
5
balances
unchanged:
96%% two weeks ago.
5
3
bank
were
and steelworks scrap
$19.16.
+
the
a
Advances were as follows:
points to 88, Detroit 13 points
+
Week with
as
Pennsylvania 5 points to 97, Pittsburgh 2 points to 99%,
eastern
+
The
97%%
for the week ended July 14,
97% of capacity, according to the "Wall Street
Journal" of July 17.
This compares with 93% in the pre¬
vious week and 99% two weeks ago.
The "Journal" further
reported:
97.2%
14
measure
Often such
semi¬
England at 90, and St. Louis at 98.
17%
70
winter.
of
An exception to the rising trend was Chicago,
100%%, and three unchanged districts, Birmingham
33
made next
tons
shipment before third quarter.
83
be
62,176 for the
from the holiday.
one
96,
been
1938
large
whereby
shipments by United States Steel
an
1937
in
ruling,
1941 was 40,911,886^ net
production for the entire World War
steel
unjustified.
So far the worst suffering
among consumers has taken the form of pinches and inconveniences, with
but very few cases where steel shortage has halted production lines.
Pinches come mostly
from alloy steel shortages.
For example, taps,
made of special steel, are under priorities—but the same taps can be used
for civilian purposes.
Aggravating the apparent strain on civilian needs
is the fact that some consuming plants are working at 100% of capacity,
is
as
purpose,
is placed at
7,—96.8%
July 14 stated:
hysteria which
users
other
tankers for service to
modern
developed last week on the part of many civilian
Mild
steel
product is suf¬
line of
one
first half of
the
for
99.3%
98.3%
7
"Steel" of Cleveland, in its summary
markets,
and
number
production last week recovered from the holiday curtailment
ingot
New
iron
at
93.7%
Dec.
96.9%
96.0%
28
Certain ware¬
to
effect
The gain was nearly
have
"Steel's"
99.9%
2
98.8%
99.4%
June
Dec.
Oct.
of the
advantage of
the
Wheeling 4 points to 91, and
16—-99.0%
Nov. 25
21
Aug.
to
98.6%
Nov. 18
96.1%
96.6%
Oct.
for
commandeered
some
20% of total
steel
steel
Steel
99.9%
98.6%
99.2%
14
as
Oil transportation is more adequate following
taking
1917 at 1,558,444
in
finished
99.2%
Feb.
Oct.
been
production
1917.
of
Details
96.8%
94.4%
94.9%
95.7%
74.2%
86.4%
86.8%
88.2%
both
by 17,861 units, 114,318 having been scheduled, as against
like week of 1940.;,'.
94.3%
96.5%
1
8
15
22
finishing capacity
has
means
within
Automobile
96.0%
13
20
Oct.
July
July
July
July
July
inquiries,
the basing point nearest the point where the product is
on
established
been
1941—
1941—^
Jan.
86.5%
are
which
Finished
tons
July 14 an¬
Jan.
87.7%
contracts.
Production of steel ingots
8ept. 23——-92.5%
Sept. 30
92.6%
7
94.2%
17
steel
mills
ingot
or
year
1940, follow:
1940—
10
in
moderate
more
instances
quote
can
tons,
Apr.
Apr.
May
June
Nov.
June
Apr.
Sept.
Jan.
find
offsetting removal of
Steel
Dec. 30
Oct.
3
Nov. 22
Mar. 30
A leading company reports
deliver.
shipments and delivering within a leeway of
on
date specified
quoting of f.o.b. mill prices, passing
freight charges along to customers.
Some of these producers recently have
been operating without profit owing to higher costs.
Low
Jan.
schedule
raw
Smaller
Buffalo
June 24
of
Great Britain.
and
June
steel
to
placing into operation of idle tank cars, barges and tankers, thus to some
extent
which it had received indi¬
of steel companies having 91% of
the steel capacity of the industry will be 97.2% of capacity
for the week beginning July 14 compared with 96.8% one
week ago, 99.0% one month ago, and 86.8% one year ago.
This represents an increase of 0.4 points, or 0.4%, from the
preceding week. Weekly indicated rates of steel operations
June
out
in
years
what they could
to
on
from
but
cated that operating rate
1940—
doling
in
previous years, thus devoting their
filling defense orders.
The best
wrestling with the distribution problem and are
pipe lines and freight cars.
nounced that telegraphic reports
since June 10,
are
principle
general
furnished
those
involved.
recovery
The
industry
several
ficient
and Chicago.
High
1936
the
employ
over
distributors
tonnages
6
18.38/
-
days
produced,
July 15. 1941, $19.17 a Gross Ton
1939-
allowed two months'
is
rule, too, steelmakers have done a good job in the recent pa6t of
a
house
Steel Scrap
1940
distance from the source of supply.
supply; one on
to
mill
Many steel companies report decreasing volume of orders.
2
1937
1941
the
85% to 90%
2
22.61
$23.45
Mar. 20
23.25
23.25
-v---
respect
the
near
amounts
restricting sales
Low
Dec. 23
22.61
One year ago
into effect.
Thus a
respect to quantities
put
pipe with
Coast, six months' supply.
companies
brains of
being
are
but with respect to quantity already on hand, and,
with
distributor
production
excess
rationing steel
pipe not only rations
years,
novel,
more
a
supplying only
three
1938
19.17
for
standard
Pacific
As
1939
One month ago
is
Some
Dec. 29'
Dec.
9
Oct. 29
1940
One week ago
is making
A maker of ventilating fans
plates.
sheet
doing well under the circumstances.
High
1929.
devices
of
Thus
Southern Iron at Cincinnati.
1930.
license
auto
bought in recent
Mar! 15
$23.61
23.45
1941
1943
for
'
of substitutes for the duration come
use
A prominent State contemplates use of plastics in place of
Clever
7
16
16
18
4
10
8
2
/Based on average for basic Iron at Valley
furnace and foundry Iron at Chicago,
Philadelphia,
Buffalo,
Valley,
and
July 15, 1941, $23.61 a Gross Ton
;
,
examples of
interesting
light.
steel
Pig Iron
One week ago
A
blades of wood.
Apr.
May
Oct.
Jan.
Mar.
Jan.
Jan.
2.211c,
2.236c.
2.211c.
2.249c,
2.016c,
2.056c,
1.945c,
1.792c.
1.870c.
1.883c.
1.962c.
2.192c,
May 17
2.512c.
..._2.512c.
1936
J
to
85% of the United States output.
Hiffh
1934
More
rails, black pipe, sheets and hot
rolled strips.
1937
power to defense plants cannot get
maker of steel strapping, used widely
packaging and by steelmakers themselves on defense shipments, has no
supplies
which
its raw materials.
on
priority rating.
on
wire,
2.261c.
2.261c.
2.261c.
One week ago
on
public utility
a
priorities
Finished Steel
July 15.1941. 2.261c. a Lb.
possible distress of the future rather than con¬
present, as well as to false rumors circulated.
multiply of borderline cases between defense and non-defense.
Instances
Thus
New structural
Navy Yard.
Sound
Part of the
automatically to restrict civilian uses.
tend
reflection
is
are
of the
ditions
Army warehouse at Seattle. Wash., and 1,000 tons for a quay wall at
Bremerton,
being abandoned.
Substitutes for
being made for the duration.
Taxes and other Government
often
hysteria
Fabricated structural steel awards for the week dropped to 11,150 tons
from 32,000 tons last week, with
and
stricter
of steelmakers becomes
part
on
less essential projects
many
are
should become better
situation
Rationing
impositions will
>
areas.
made.
are
into consuming plants immediately.
as various adjust¬
be taken
is suppliers that the material
The amount of hoarding
ticularly likely in Eastern and Ohio plants.
considered
313
The Commercial & Financial Chronicle
153
+
71
+
1%
1%
68%
+
1%
—
%
1%
1
1
64
+
1
52
100
+
92%
+
75
+
68
+
71%
+
1
2
2%
65
+
$18,000,000 in Treasury cash and $36,000,000 in nonmember deposits and
other Federal Reserve accounts.
Excess reserves of member banks on July 16 were estimated
to be approximately $5,340,000,000, an increase of $220,000,000 for the week.
The statement in full for the week ended July 16 will be
on pages 350 and 351.
Changes in member bank reserve balances and
items during the week and year ended July 16, 1941,
found
related
follow:
The Commercial & Financial Chronicle
314
Increase
(+)
July 19, 1941
Increase
(—)
Decrease
or
(+)
Since
July 17, 1940
July 9. 1941
July 16, 1941
$
Bills discounted
5
—1,000,000
2,000,000
2,179,000,000
U. 8. Govt, guaranteed obligations.
5,000,000
Industrial adva.(not lncl. $12,000,000
commitments, July 16)
Other Reserve Bank credit.........
Total Reserve Bank credit
.....
Gold stock
Treasury currency—
Member bank
balances
reserve
Loans and Investments—total
Open market paper..
cultural loans
Treasury cash
2,309,000,000
+ 18,000,000
Treasury deposits with F. R. banks.
849,000,000 —190,000,000
Non-member
deposits
and
other
F. R. accounts
2,081.000,000
+ 36,000,000
.........
+ 571 000,000
a+ 37,000,000
a+3,000,000
+1,488,000,000
+ 77,000,000
+ 521,000,000
503,000,000
—25,000,000
+126,000,000
446,000,000
1,253,000,000
41,000,000
1,901,000,000
a—7,000,000
a+ 4,000,000
+ i,ooo,uoo
a—13,000,000
—25,000,000
+ 268,000,000
1,071,000,000
for
purchasing
—9,000,000
+298,000,000
or
Real estate loans
—640 000,000
Loans to banks
+ 110 000.000
...
5,935,000,000
374,000,000
...
loans
carrying securities
+ 141 000,000
+ i,773 000,000
9,645,000,000
.....
...
securities
Other
+ 2,399 ,000,OCX)
—50,000,000
Money In circulation
+ 4,798,000,000
+1,992,000,000
Loans to brokers and dealers In
+ 58 ,000,000
—207 000,000
2,294,000,000
+ 45,000,000
22,655,000,000
+ 15,000,000
+ 5,000,000
3,157,000,000
13,223,000,000 + 252,000,000
S
*
Commercial, Industrial and agri¬
+1 000,000
(—)
July 10,1940
+ 156,000,000
28,481,000,000
..10,453,000,000
Loans—total..
—2,000,OCX)
+ 1,000,000
+ 46,000,000
10,000,000
98,000,000
-
$
Assets—
..........
—264,000,000
U. 8. Govt, direct obligations
or Decrease
Since
July 2, 1941
July 9, 1941
>
.........
Other loans
+ 53,000,000
+ 5,000,000
Treasury bills
Treasury notes
2,248,000,000
+2,000,000
+ 178,000,000
United States bonds
7,940,000,000
+ 11,000,000
+ 1,577,000,000
Obligations guaranteed by United
3,212,000,000
3,557,000,000
+ 174,000,000
—22,000,000
+ 796,000,000
—23,000,000
Reserve with Fed. Reserve banks.. 10,665,000,000
—198,000,000
—995,000,000
States Government
Other securities...
Returns of
Member
Banks in
New
York
City and
System for the New York City member
banks and also for the
+ 85,000,000
+ 204,000,000
deposits—adjusted......23,920,000,000
Liabilities—
Demand
Reserve
+ 27,000,000
—104,000,000
—-
Balances with domestic banks
Below is the statement of the Board of Governors of the
Federal
597,000,000
3,412,000,000
Cash In vault
Chicago—Brokers' Loans
Chicago member banks for the current
week, issued in advance of full statements of the member
—88,000,000
—4,000,000
2,000,000
.........
+104,000,000
+ 29,000,000
662,000,000
Dbmestlc banks
+ 3,096,000,000
+ 6,000,000
9,184,000,000
U. S. Government deposits
Inter bank deposits:
—29,000,000
5,425,000,000
489,000,000
Time deposits
+ 1,000.000
Foreign banks
banks, which will not be available until the coming Monday:
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
Borrowings
+ 2,000,000
+ 734,000,000
—9,000,000
+ 2,000,000
July 2 figures revised, Chicago district
a
IN CENTRAL RESERVE CITIES
(In Millions of Dollars)
New York City
July 16
July 9
1941
Assets—
1941
$
17 July 16
1941
1940
$
July 9
$
July 17
1941
Commercial, Industrial
$
$
11,930
3,492
1 9,400
2,694
2,685
2,246
2,786
863
851
606
2,278
436
1,711
636
627
91
89
91
25
25
19
363
369
287
38
35
24
165
165
169
54
54
112
112
122
21
21
31
29
28
450
450
378
paper
Loans to brokers and dealers..
Other loans for purchasing or
carrying securities..
Real estate loans
...
Loans to banks
Other loans
Treasury bills
Treasury notes
607
1,444
359
131
368
1,034
125
160
3,244
2,538
820
813
716
403
282
'
guaranteed
1,802
1,353
152
379
147
1,340
381
347
5,465
6,663
1,156
1,114
126
82
41
44
42
Balances with domestic banks..
Other assets—net
1,286
135
88
89
87
274
270
247
315
310
324
41
40
43
~
Liabilities—
deposits—adjusted
9,710
743
682
497
497
5C8
19
20
26
100
100
70
1,019
U. S. Government deposits
3,881
3,838
3,735
1,052
Foreign banks
Borrowings
588
599
620
8
Other liabilities
291
284
294
16
14
16
1,511
1,511
1,489
271
275
252
Complete
972
8
7
...
Returns
Reserve
As explained
of
West
carrying nearly 500
Point,
attaches
consular
and
other
agents
Member
System for the
+
Great Britain and Russia Sign War Assistance Pact—
Neither Will Sign Peace Treaty Except by Mutual
Agreement
' 2,262 ~ 2,240 "*2,560
10,925
746
Capital accounts
Italian
requested to leave the United States by the State Depart¬
ment, sailed from New York on July 16 bound for Lisbon.
The vessel left its New York pier on July 15 but stayed over¬
night in New York Bay in order to permit late arriving
passengers to board the ship.
The West Point, which until
recently was the luxury liner America, on her return voyage
plans to bring back to this country the American consular
officials who were directed to leave Germany and Italy in
reprisal for the United States action.
Plans for the sailing were noted in these columns July 12,
page 173. ■■■■ v.-;
:
"
11,008
Time deposits
Inter-bank deposits:
Domestic banks...
and
.
1,211
94
Reserve with Fed. Res. banks..
Cash In vault
1,803
1,335
5,693
Other securities
Demand
49
630
1,438
by the
United States Government...
r
18
89
3,242
......
United States bonds
Obligations
60
....
89
Navy transport
German
and
agricultural loans
Open market
The
1940
$
11,954
3,507
2,295
Loans and Investments—total..
Loans—total
Navy Transport West Point Sails with Departing
German and Italian Agents
Chicago
July
Banks
of
the
.
.
Federal
/
An agreement between Great Britain and Russia,
mutually
undertaking to render each other assistance in the present
European war and pledging that neither will sign a peace
treaty except by mutual pact, was signed in Moscow on
July 12. Participating for Britain was Sir Stafford Cripps,
the British Ambassador, and for Russia was Vyacheslaff
Molotoff, Soviet Foreign Commissar.
The text of the compact, according to Associated Press
Moscow advices of July 13, follows:
Preceding Week
The
above, the statement of the New York and
Aoreement
Agreement for joint action by the Government of the Union of Soviet
Socialist Republics and His
Majesty's Government in the United Kingdom
Chicago member banks are given out on Thursday, simul¬
taneously with the figures of the Reserve banks themselves
in the
and covering the same
week, instead of being held until the
Majesty's Government in the United Kingdom have concluded the present
following Monday, before which time the statistics covering
entire body of reporting member banks in 101 cities
the
cannot
be
In the
returns
of
the
Federal
entire
Reserve
The condition statement
cities
shows
the
body of
System respecting the
reporting member banks of
System for the week ended with the
oi
York
reporting
creased
principal
changes
for
the
week
and
banks.
in
agricultural
loans
increased
$14,000,000
Loans
New
to
York
brokers
City and
and
dealers
$25,000,000
in
at
member banks.
Holdings of
in
securities
all
de¬
reporting
obligations
guaranteed
by
the
United
States
Government
substantally in nearly all districts, the principal increases being
$96,000,000 in New York City, $14,000,000 in the Cleveland
district, and
$12,000,000 in the Chicago district.
Holdings of Treasury bills increased
$7,000,000 in the Chicago district, and declined $5,000,000 in the Cleve¬
district
and
$9,000,000 at all reporting member banks.
Holdings of
United States Government bonds increased
$8,000,000 in the Atlanta dis¬
trict, $7,000,000 in the New York district outside of New York
City, and
$11,000,000 at all reporting member banks.
Holdings of "other securi¬
ties" declined $4,000,000
in New York City, $6,000,000 in the Boston
district, and $22,000,000 at all reporting member banks.
Demand
deposits—adjusted declined $63,000,000 in New York
City,
$18,000,000 in the New York district outside of New York
City, increased
$20,000,000 in the Chicago district, and $15,000,000 in the Boston dis¬
trict,
and
Soviet
Socialist
Republics
and
His
The
two
governments
and support
mutually
undertake
to
of all kinds in the present
render
war
each
other
against Hitlerite
nor
They further undertake that during this
conclude
an
armistice
or
and English languages.
war
they will neither negotiate
treaty of peace except by mutual agreement.
The present agreement has
been concluded in duplicate in the Russian
Both texts have equal force.
Moscow, July 12, 1941.
People's Commissar for Foreign Affairs of the Union of Soviet Socialist
Republics.
By the authority of His Majesty's Government in the United Kingdom:
Stafford
Cripps, His Majesty's Ambassador Extraordinary aDd Plenipotentiary
in the Union of Soviet Socialist
Republics.
The Protocol
Protocol to the agreement
for joint action by the Government of the
Union of Soviet Socialist Republics and His Majesty's Government in the
United Kingdom in the war against Germany, concluded July 12, 1941:
Upon conclusion of the agreement for joint action by the Government of
the Union of Soviet Socialist Republics and His Majesty's Government in
increased
land
1.
ended
City, $8,000,000 in the Chicago district, and $37,000,000 at all
$13,000,000
of
Molotoff, Deputy President of the Council of People's Commissars and
following:
industrial
member
Union
By the authority of the Government of the Union of Soviet Socialist Republics:
Increases of $37,000,000 in commercial, industrial and
agricultural
loans, $174,000,000 in holdings of obligations guaranteed by the United
States Government, and decreases of
$198,000,000 in reserve balances with
Federal Reserve banks,
$88,000,000 in deposits credited to domestic banks,
and $29,000,000 in demand
deposts—adjusted.
Commercial,
of the
agreement and declare as follows:
weekly reporting member banks in 101 lead¬
July 9:
New
against Germany:
Government
assistance
2.
comments of the Board
close of business July 9:
ing
war
Germany.
compiled.
following will be found the
of Governors of the Federal Reserve
the
The
showed
a
net
decrease of
the United
Kingdom in the
war
against Germany, the contracting parties
have
agreed that the aforesaid agreement
upon
signature and is not subject to ratification.
The present
protocol has been drawn
English languages.
Moscow, July
12,
up
enters
into force immediately
in duplicate in the
Russian and
Both texts have equal force.
1941.
By the Authority of the Government of the Union of Soviet Socialist Republics:
Molotoff, Deputy President of the Council of People's Commissars and
People's Commissar for Foreign Affairs.
By the authority of His Majesty's Government in the United Kingdom:
Stafford
Cripps, His Majesty's Ambassador Extraordinary and Plenipotentiary
in the Union of Soviet Socialist
President
Republics.
Roosevelt
credited to domestic banks declined
$39,000,000 in New
$22,000,000 in the Chicago district, $20,000,000 in the Phila¬
delphia district, and $88,000,000 at all reporting member banks.
Says American People Are Ob¬
Struggle with
Sympathy and
Admiration—Replies to Fourth of July Message
from Head of Supreme Soviet
A summary of the
principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended July 9, 1941, follows:
President Roosevelt, replying to an Independence
Day
greeting from Mikhail Kalinin, President of the Supreme
Soviet, said on July 11 that he deeply appreciated the
banks.
York
$29,000,000
at
all
reporting member
Deposits
City,
serving
Russian
Volume
The Commercial &
153
315
Financial Chronicle
Week End. July 5,
Week End. June 28 *41
message sent "at a time when the Russian people are com¬
bating so heroically a ruthless invader."
Saying the Ameri¬
can people are bound with strong ties of historic friendship
to the Russian people, President Roosevelt stated that the
American people "are observing with sympathy and admira¬
tion the valiant struggle which the Russian people are waging
at the present time in self-defense."
The President's message, according to Associated Press
Moscow advices of July 11, said:
New
York
Stock
Exchange
Exchange
congratulations and best
wishes
on
the occasion of the anniversary of the independence of the
Exchange
1,068
778
1,078
773
showing transactions
as specialists
2. Reports showing other trans¬
190
94
178
97
actions initiated on the floor
200
27
156
38
Reports showing other trans¬
actions initiated off the floor
212
68
155
60-
599
678
Total number of reports received
1.
Reports
3.
4.
showing
Reports
trans¬
no
580
actions
Your thoughtfulness
people
in sending this message at a time when the Russian
combating so heroically a ruthless invader is deeply
are
United
appreciated.
They are bound with strong
the Russian people.
It is, therefore, only
The American people abhor armed aggression.
ties
of historic
friendship to
natural that they are observing
with sympathy and admiration the valiant
struggle which the Russian people are waging at ihe present time
in self-
defense.
On behalf of the Government and people of the
on my
own
United States, as well as
behalf, I thank you for your friendly greetings.
wishes for your
I extend best
self and for the welfare and success of the Russian
of specialists resulting from
actions
registered and the round-lot trans¬
the other hand,
on
On the New York Stock Exchange,
the odd-lot business.
the two exchanges.
The
number
As a result, tbe
-
of reports
various classifications may total more
in the
STOCK SALES ON
ROUND-LOT
TOTAL
THE NEW YORK STOCK EX
TRANSACTIONS FOR ACCOUNT
CHANGE AND ROUND-LOT STOCK
people,
MEMBERS * (SHARES)
Wee Ended
Week Ended
—June
28, 1941—
Per
Week
Cent a
Ending
Total for
between Great Britain and France
An armistice agreement
Syria and Lebanon was formally signed on
Hostilities had stopped on July 11.
Rati¬
fication of the truce by the Vichy Government was an¬
nounced on July 14.
Under the terms of the 22-point
armistice British forces will occupy the French mandated
areas and will receive intact all war materials,
munitions,
fuel stocks, communications, ships, port installations, public
utilities and airplanes.
Some of the other terms of the
truce, as reported by the Associated Press in its Vichy
advices of July 15, follow:
the Syrian and Lebanese territories.
The Allied Forces will occupy
French forces will be concentrated in certain zones fixed by
be achieved by Tuesday, July
Until their repatriation the French troops will
with
that
purpose
Total purchases..................
keep the existing
The
be carried
supply
Other
its
and a reduced quantity
been liberated.
liberated when all Syrian and Lebanon
and the clauses of the present
MERS *
authorized to keep
'
A.
Total round-lot sales:
Short sales
344,230
Total purchases..................
48,050
31,245
Short sales
.......
5,180
54,960
4,115
40,730
Total sales....................
60,140
Other transactions Initiated on the
floor—Total purchases..........
6,635
8,810
200
4,900
100
8,200
transactions
for
the account
of members:
be
Other sales.b..........
They are to be given
toward their repatriation.
2.
In
•
Short sales
Other sales.b....................
3.
promulgated figures showing the
77,555 shares, which was 15.68% of total volume
of 462,140 shares.
The Commission made available the following data for
amount of
the two weeks:
based upon weekly reports filed with the New
These reports are
New York Curb Exchange by their respective
classified
as
follows:
5,100
Total sales
transactions initiated
floor—Total purchases
Other
Short sales
off
11.70
1.27
44,845
8,300
12,725
..............
110
14,820
2.71
14,930
purchases.............
67,410
5,880
71,675
3.37
48,335
Short sales......................
4,325
63,750
Other sales.b....................
77,555
Total sales
Odd-lot transactions for the account of
specialists:
Customers'short sales...............
Customers' other sales.c
.....
......
Total sales
The
partners,
16.68
68,075
0
36,375
36,375
16.91
0
29,882
29,882
21,781
Total purchases
•
2.49
8,280
500
11,815
12,315
Total sales
4. Total—Total
C.
11.05
the
....
Other sales.b..
of total transactions
by members of the New York Curb Ex¬
change for their own account to total transactions on the
Exchange.
During the week ended July 5 the member
trading was 68,075 shares, or 16.91% of total transactions
of 344,230 shares, while in the preceding week (June 28)
the Curb members traded in stocks for their own account in
..............
X. Transactions of specialists in stocks
which they are registered—
relation of trading
members.
_
462,140
Round-lot
2,870,460 shares.
York Stock Exchange and the
1941—
Per
Cent a
territory will have been occupied
accord fully executed.
Commission also
Week
4,505
339,725
•
are
a
6,890
455,250
captivity an equal number
504,185 shares; this amount was 17.62%
data published
Cent
—July 5,
Total for
Total sales.......................
B.
previous week ended June 28 (as announced by the SEC
July 14), round-lot purchases and sales of stocks for the
of the members, except odd-lot dealers, totaled
The
28, 1941—
Per
Other sales.b......................
account
The
Week Ended
Week Ended
Total for
Week
July 5
for the week of
(SHARES)
The police will keep
French prisoners are to
EX¬
TRANSACTIONS FOR ACCOUNT OF MEM-
—June
Trading in stocks on the New York Stock Exchange by
members, except odd-lot dealers, for their own account,
amounted to 261,280 shares during the week ended July 5,
it was announced by the Securities and Exchange Commis¬
sion yesterday (July 18), which amount was 14.99% of total
transactions on the Exchange of 1,746,750 shares.
During
on
,
14.99
261,280
17.62
STOCK SALES ON THE NEW YORK CURB
STOCK
AND
or
Trading on New York Stock and New York
Curb Exchanges During Weeks
Ended June 28
the
ROUND-LOT
CHANGE
Member
and
41,360
219,920
504,185
Total sales
the latter are concerned
as
opportunity to rejoin their units with a view
an
74,410
429,775
...
262,305
possible of the same grade until the prisoners
as
have
2.58
37,830
2.86
507,375
Short sales.......
designated with all
All other war material,
of munitions.
the British authorities reserve the right to hold in
far
4,700
33,130
86,545
Total sales
4. Total--Total purohases
Other sales.b
by the French authorities under the control of the British authorities.
Prisoners of the Allied forces are to be immediately freed, including those
as
52,255
4,200
82,345
Other sales.b
batteries as well as
military vehicles are to be stocked under control of the British authorities.
These will proceed with inspection of the material and will have the right to
take over material which is necessary for them.
The rest is to be destroyed
France
77,805
floor—Total purchases.
including guns of the coastal batteries, anti-aircraft
to
4.06
71,920
5.83
the
In each unit for security
munitions.
reduced amount of munitions are to be left.
transferred
off
These will
carbines, revolvers, bayonets, swords
reasons a
of French officers
initiated
Short sales
TOTAL
As far
transactions
Special
accorded the French forces, officers
who have been transferred to France.
7,960
63,960
166,610
Total sales
3.
by British troops.
Forces.
and non-commissioned officers and French soldiers are
arms
69,960
25,600
140,010
automatic rifles and all
including cannons, machine guns, tanks,
or
169,060
.....
out according to a program
withdraw to the concentration zones which have been
Soldiers are to keep no
8.35
151,530
8.93
the
l
of security
their ammunition.
In consideration of the honors of war
on
Other sales.b....................
•
(rifles
252,030
initiated
floor—Total purohases..........
fields will be disclosed to the occupying authorities.
arms
transactions
Short sales...............
-
immediate replacement of the French Forces by the
All the honors of war will be rendered the French
individual
.'.
Total sales
Other
2.
occupying forces.
their
28,700
122,830
Other sales.b....................
the public security, the occupation of the principal
In order to insure
Syrian and Lebanese localities will
which will permit the
sabers).
140,090
44,610
207,420
which they are registered—
strategic points.
quartermaster stocks.
French troops will stay in their garrisons until relieved
arms,
260,510
Short sales
account of
members, except for the odd-lot ac¬
counts of odd-lot dealers and specialists:
1. Transactions of specialists in stocks in
for
transactions
remain with reduced officer
dispositions are foreseen for the Jebel Druz, where for reasons
Sea and land mine
1,746,750
Total sales
the committee
personnel under the French Command, which will see after their
and
2,870,460
...
15, 1941, at the noon hour, at which the
Allied Forces will move toward the occupation of certain
1941—
Per
Cent a
48,270
1,698,480
B. Round-lot
This concentration should
composed of representatives of the two parties.
Week
92,880
2,777,580
Short sales
Other sales.b
hostilities
July 14 at
Acre, Palestine.
—July 5,
Total for
Total round-lotsales:
A.
designed to bring about the end of five weeks of
in
round-lot trans¬
which they are registered are not directly comparable
than the number of reports received because a single report may carry
entries in more than one classification.
OF
British and French Reach Agreement
Hostilities in Syria
effected by
all but a fraction of the odd-lot transactions are
dealers engaged solely in
actions of specialists in stocks in
on
such odd-lot transactions are not segregated
the specialists' other round-lot trades.
from
591
odd-lot transactions are handled solely
by specialists in the stocks in which they are
V
' '
States.
1941
New York
Curb
Exchang e
York
New
York
Curb
Note—On the New York Curb Exchange,
I bave received your kind telegram extending
New
Stock
16,504
"members" includes all Exchange members, their firms and
including special partners.
term
their
cent of twice total round-lot volume.
In calculating these percentages, the total of members' transactions is compared
with twice the total round-lot volume on the Exchange for the reason that tne total
of members' transactions Includes both purchases and sales, while the Exchange
volume includes only sales.
a
Snares in members' transactions as per
b Round-lot short
sales which are exempted from restriction by the
sales."
rules are Included with "other
c
Sales marked "short
exempt" are Included with "other sales."
Commission
The Commercial & Financial Chronicle
316
Odd-Lot Trading on New York Stock Exchange During
Week Ended July 12
The
I
made
of
Securities and
public
Exchange
Commission
on
July
18
for the week ended July 12, 1941,
a summary
complete figures showing the daily volume of stock trans¬
actions for
the odd-lot
all odd-lot
of
account
dealers and
specialists who handle odd lots on the New York Stock
Exchange, continuing a series of current figures being pub¬
lished by the Commission.
The figures are based upon
reports filed with the Commission by the odd-lot dealers and
specialists.
STOCK
TRANSACTIONS
FOR
THE
ODD-LOT
ACCOUNT
OF
DEALERS AND SPECIALISTS ON THE NEW YORK STOCK
ODD-LOT
EXCHANGE
Week Ended July 18. 1941
'
''
\
'■'.
v':,7
Total
for Week
.
21,957
,
Number of shares
606,476
Dollar value
21,990,973
Odd-lot purchases by dealers (customers' sales):
1941
The New York Curb Exchange issued on July 15 the
following list of issuers of fully listed securities which have
reported changes in their holdings of reacquired stock:
Shares
*
Shares Per
Previously
Name—
Air Investors, Inc., convertible preferred
American General Corp., $2 div. ser. pref
American General Corp., common
Bickford's, Inc., preference
Blue Ridge Corp., $3 convertible preferred
Charis Corp., common
Crown Central Petroleum Corp., common
Dejay Stores, Inc., common
Dennison Manufacturing Co., debenture stock—„
Detroit Gasket & Mfg. Co., 6% preferred
Driver-Harris Co., 7% preferred..
Interstate Hosiery Mills, Inc., capital
Klein (D. Emil) Co., Inc., common
Knott Corp., common
Midland Oil Corp., $2 convertible preferred—
New York Merchandise Co., Inc., common
Niagara Share Corp. of Maryland, B common
Oilstocks, Limited, capital
Root Petroleum Co., $1.20 convertible preferred...
Sterling, Inc., common
United Cigar-Whelan Stores Corp., common
Wilson-Jones Co., common
Wolverine Tube Co., common
Latest
Reported
Report
1,047
5,181
326,526
1,420
29,490
5,450
514
4,982
—
5,681
329,257
697
250
5,550
530
6,127
1,434
1,592
9,016
8.16
225
1
2,943
13,055
4,861
" 6,200
17.420
84,981
1,710
300
38,250
12.079
3,300
3,243
13,155
5,061
7,250
17,700
85,181
1,810
1,300
38,650
12,087
3,400
56,059
^
—
.
Odd-lot sales by dealers (customers' purchases):
Number of orders.
July 19,
7,981
Number of orders:
Customers' short sales
233
Customers* other sales.®
24,026
Customers' total sales.
New York Stock Exchange Requests Listed
Companies
Report Profits Before and After Federal Taxes
to
24,259
Income
on
Number of shares:
Customers' short sales
7,866
588,649
.......
Customers' other sales.a
Customers' tota sales
596,515
17,782,549
Round-lot sales by dealers:
Number of shares:
Short sales........i..
10
...........
Other sales.b
163,000
Total sales
163,010
Round-lot purchases by dealers:
Number of shares
the
on
b Sales to offset customers
a
odd-lot
orders, and sales to liquidate
effort
an
York
a
loDg position
While
the
present
for
the
charges,
on
July
15 the
the Exchange
reported changes in the reacquired holdings of their own
stock.
A previous list
appeared in our issue of June. 21,
page 3896.
rlhe following is the list made available by the
July 15:
Previously
Reported
Company and Class of Stock„
...
Atlas
8,863
215
25,166
673
I.) Co.,
...
Consolidated Oil Corp., common..
Copperweld Steel Co., cumulative convertible pref._
Tbet Cuban-American Sugar
Co., 7%
5M % convertible preferred
cumu. pref
Davega Stores Corp., 5% cumul.
conv. preferred-_
Common.
The Detroit Edison
Co., common...
;
I..I.III
Duplan Silk Corp., preferredduPont (E. 1.) deNemours &
Co., common
Edison Brothers
Stores, Inc., common
Federated Department Stores,
Inc., 4 M % conv. pref.
The Firestone Tire & Rubber
Co., common
_
Gaylord Container Corp., 5^ % cumul. conv.
pref..
General Railway Signal
Co., 6% preferred
....
Corp.,
common
Hat
Corp. of America, 6^% preferred
Household Finance Corp., common
Insuranshares Certificates, Inc., capital
Interstate Department Stores,
Inc., 7% preferred..
Loew's, Inc., $6.50 cumulative preferred
The Midland Steel Products
Co., common
:
Preferred
National Cylinder Gas
Co., common
National Steel Corp., common
_
Pacific Finance Corp., common
Thermoid Co., convertible preferred
Maytag Co., $3 cumulative preferred
The Mead Corp., $5.50 cumulative
preferred B
National Department Stores
Corp., 6% preferred
The Norwich Pharmacal
Co., capital
Plymouth Oil Co., common...
Rustless Iron & Steel Corp., common
Safeway Stores, Inc., common
5% cumulative preferred
8hattuck (Frank G.) Co., common
Sheaffer Pen Co. (N. A.j, common
Swift & Co., capital
Tide Water Associated Oil
Transamerica
Co.,
common
Corp., capital
The United States Leather
Co., prior preferred
United States Rubber Co., common
Vick Chemical Co., capital
White
the
With
the
Sewing Machine Corp., prior preferred
5,'b73
2 534
'200
6 750
7
14 790
i
Xn
14 250
excess
profits
be
32^361
f_.
be
the
of
Special
the
the
in
for such
income
accompanies
the
based
taxes
and
tax
published
in
the
under
provision
in
under
wish
a
to
amount
or
show
to
in
is
There
the
under
or
net profit should,
income and
Federal
show
be
normal
law
Revenue
Act
in
of
excess
for
income
of
of
normal
which
in
cases
tax
1940,
applying to income for
separately
items,
the
for
one
provision
normal
The important thing, however,
the
difference
provisions
may
the
income should
on
some
a
and
and
to
third amount representing the provision
a
1941,
for
the
income
tax
or
that
which
would
be
a
increase
and
one
is that the financial
should contain appropriate disclosure
footnote thereto,
a
the so-called
the Second Revenue
in such taxes affect¬
to
the
separately
separately
new
two
subject
is
profits tax.
computed
tax,
profits tax.
excess
statements,
show
provisions by
tax
may
1940
statement
to
excess
desire
profits
excess
the
as,
re¬
are
although such provision must obviously be tentative.
for
may
corporation
for
amounts
statement,
income,
on
profits tax
excess
and the probable increases
desirable
is
increase
over
case
and in the opinion of the independent
include reasonable provision for
taxes,
It
corporation
for
every
if
time.
required
by
the
tax
*16 044
1
113
9J00
309,932
New
310 132
369
"""399
3,334
3 441
24
364
3 084
2 382
200
il 800
4,187
4*237
700
f
7,410
2,005
f
8,000
k
f
1,055
"
'
5 914
613
*813
49,118
3,513
11,754
52 00.3
332
14,702
1,811
110,200
3,992
78;426
11,287
934,545
7,200
10,416
20i000
Stock Exchange Amends Minimum Capital
Margin Requirements on Certain InterestBearing Obligations
The Committee
on
3*613
12*454
'333
14 703
m54
115 400
4*022
78 391
11 289
936*700
7*400
12 716
20 200
'gQO
Member Firms of the New York Stock
Exchange announced
mum
on July 11 some changes in its mini¬
capital and margin requirements, to make special pro¬
vision under certain circumstances for
version
6 281
1
York
bearing obligations
6 055
5,481
5,114
at
and
j
504
force
hi 063
9,400
a 2,402 shares
acquired.
Full amount retired,
b 1,064 shares retired
800 shares acquired; 200 shares retired,
d Due to exercising of
options
32,360 shares acquired and retired,
f Retired,
g 18,155 shares acquired
since Dec. 31, 1940 and 35,408 shares delivered to
employees under bonus
plan,
h Issued to employees,
i 150 shares acquired and canceled,
j 1 900
shares acquired to June 5 and.retired.
1,800 shares acquired since June 5
k 1,400 additional shares
acquired; 9,321 shares transferred to acquire
assets of Sparkling Carbonic
Co., Cincinnati; 79 shares sold.
1 5,111 shares
acquired and 5,615 shares canceled between Jan. 1, and June
11, 1941.
m 43 shares acquired; 1,800 shares surrendered for
sinking fund.
letter
by the
in which the estimate for Federal taxes based
way
shown
laws
33,297
ail
after
profits
From this amount there should
taxes on
report
Federal
so-called
amended,
supplement these
241 555
1300
Federal
for
115
13 232
Exchange
there should be shown in
taxes on income.
heavy
the
as
impracticable,
income
e
the
outlined
ing income for 1941, a statement showing net income
31 254
105
the
that
ask
to
pursuant
the procedure
accountant's
unless
(other
positions in interest-
obligations having
than
con¬
a
exchange feature) which are the subject of pri¬
mary distributions and which are covered by the first four
ratings by any of the nationally-known statistical services.
or
The purpose of these changes, the Exchange said, is to per¬
mit the treatment of such obligations under the minimum
capital requirements
market
value
for
on
better
a
limited
a
basis
than
70%
of
their
period of time and to provide
for
a
lower margin requirement on positions in such obli¬
gations in joint accounts in which the carrying firm or a
partner thereof has
an
interest.
effective immediately.
The capital requirements
addition of the following
In
the
case
of
an
These revised rules become
rule has
amended
been
sentence to note
interest-bearing obligation which
(A)
by the
:
is the subject of
a
primary distribution and is covered by the first four ratings by any of the
nationally-known statistical services, the Committee on Member Firms will
consider
a
c
e
is
present
1940.
41 532
11,432
233,755
1,100
5,823
1,534
would
we
income,
on
with
statements
taxes that will probably have to be paid from the income
and
tax
of
Act
The
c800
taxes,
of the management,
the
if
cover
opinion.
d2 042
earnings
period.
b239
2,170
companies
after provision has been made for Federal taxes.
as
provisions
opinion
quired to
of
a
'200
common
Consolidated Laundries Corp., common...
The
the
102 972
munt^7 Kibb0°« Mills, Inc., 7% preferred
Shoe
in
accountant
1*303
The City Ice & 1 uel
Co., 6M % cumulative preferred
General
deducted
23 354
Carriers & General
Corp., common
income
taxes
listed
interim
comparison with other periods,
bo
40,632
common
of
Accountants Committee:
95,956
Corp.^H % cumulative preferred...I
Belding Heminway Co.,
The Borden Co., capital
Case (J.
Shares
Per Latest
Report
7.863
,
7%
_
.-7o preferredCorp., 6% preferred.
Common
Barker Bros.
well
as
following
normal
Shares
American Ice Co., 6% preferred.
,
Armour & Co. (Del.)
normal
Federal
before
of
agreement
publication
including
The
should
The Exchange says:
adopted.
For
on
Cooperation with
on
which outlined the procedure which, in tlieir opinion,
the profit before Federal
Exchange issued
monthly compilation of companies listed
on
listed
Stock Exchanges of the American Institute of Accountants,
shown
Exchanges
Stock
to
provides
round lot are reported with "other sales.'
New York Curb
Exchange
letter
a
securities
requesting that, in view of the importance
"in
have a degree of uniformity in this regard,"
consulting with the Special Committee
committee,
New
July 10 sent
having
corporations
profits be shown in the interim earnings statements before
Federal taxes on income.
This suggestion was made after
157,960
Changes in Amount of Their Own Stock Reacquired
by Companies Listed on New York Stock and
The
of
the Exchange
be
Sales marked "short exempt" are reported with "other sales."
which Is less than
Presidents
to
of the effect of Federal taxes on corporate income, and
Dollar value.
a
York Stock Exchange on
The New
better
written application for
basis
than
70%
of
the
permission to treat
market
value
such obligation
on
a
thereof.
Applications for this special consideration should be sub¬
mitted
in
promptly
formation
1.
writing to the Department
as
as
possible and
should
of Member Firms
include
of the date of the request:
Complete description of the security.
the
as
following in¬
s
Volume
2.
Cost
The Commercial & Financial Chronicle
153
price, offering price and principal amount of obligations
the firm has purchased or may
3. Date
which
on
the
be contingently
will
4.
beans, 15 cents
or on
6.
Bond Brokers Association of New York Stock Exchange
individual
partners'
accounts,
providing
for
in
accounts
thnir
covered
accounts
inclusion
by
partnership
as
approved
customers'
3.
the
Board
rules
margin
for
joint
conditions
Governors
and
transactions
as
4
positions
(b)
interest-bearing obligations which
which
nationally-known
and
each other
account
on
The
covered
are
statistical
T
of
that
con¬
the
by
or
first
resolution
of the
any
appearing
transactions
basis
such
York
services,
the committee
as
Stock
prescribe.
may
Exchange
States.
for
Puerto
Rico
the
of
which
carried
York
New
revised
(e)
in
Stock
The effect of the
seats to be
position
is to offer
move
position
payment of
the
for
convertible
or
the
"short"
the
position
to
security
a
within
committee
does not affect
tion
T
of
System,
the
as set
the
the market.
a
a
therefore be regarded
without
margin
on
in
a
At
excess
position
revision
the
of
of the
of
the
members would
have to be proportionately increased.
would cost each member an assessment of
one year
would
mean an
assessment of
$23.81 and
Cooperate
rule
on
to
the
of
their
estate
is
Exchange sent to its members
the
customers
same
by such exchanges.
of
Price
SEC
the
for
initial
This
Administration
its
margins
as
request was
cooperation
and
in
The present book value of a membership
holdings of the Exchange.
approximately $9,000 against the current price of $1,000.
those pre¬
Civilian
Supply
Los
$500
450
new
a
commission schedule materially lowering the
present rate, and at the same time announced plans for in¬
stituting discounts for non-member security dealers and
financial institutions.
In reporting this action the Los
Name of Exchange—
•
Chicago Mercantile Exchange
Angeles "Times"
New York Cocoa Exchange
This
is
of July 9 said:
to
contrary
the
usual
tendency to
625
Cottonseed meal
Cottonseed oil
Chicago Board of Trade
New York Cotton Exchange
500
Cotton
purchase
750
Corn
New York Coffee & Sugar Exchange
New York Coffee & Sugar Exchange
400
-
Memphis Merchants Exchange
1,200
:
400
Chicago Mercantile Exchange
700
Commodity Exchange of New York
Lard
750
Chicago Board of Trade
650
Commodity Exchange of New York
1.000
300
Oats..
Pepper (black)
1.000
Potatoes.
300
Rye
500
1.200
Rubber
650
___
.
Commodity Exchange of New York
650
Lead..
Tin
'
Commodity Exchange of New York
Chicago Board of Trade
New York Produce Exchange
Chicago Mercantile Exchange
the
out
rates
for
in
line with
differential
a
those existing
which
has
existed
New
and
York
by all elements of the securities industry for some time.
the
Apparently
Los
Angeles
Stock
Exchange
has
Board
decided the
which
in most fields is practical for stock exchanges.
in this regard exchange officials point out
plan
750
Wheat
500
Chicago Board of Trade
Wooltops
750
Exchange advised its members that since
revised from time to time they should
keep abreast of such changes.
The following revisions in
the table above were reported by the various commodities
exchanges as of July 17: butter, $600 per contract; cocoa,
$600 per contract; corn, 8 cents per bushel; cottonseed meal,
$300 per contract; eggs, $360 per contract; lard, 50 cents per
100 lbs.; tin, $650 per contract; oats, 6 cents per bushel;
any
such
regulations and
that
However,
must
comply
with
securities
Wool Associates of the New York Cotton Exchange
Western
subject of
prevails
250
On July 17 the
between
number of years.
"splitting commissions" with non-member dealers, banks
and other financial institutions has been widely and continuously discussed
The
policy has merit and that the wholesale and retail practice
Tallow
these requirements are
next, will bring local
business
Sugar, 3 & 4
1,250
11,
throughout the country and wipe
Chicago Board of Trade
Commodity Exchange of New York
Commodity Exchange of New York
Chicago Board of Trade
New York Coffee & Sugar Exchange
New York Produce Exchange
Soybeans
commissions for the
Angeles Stock
sale of securities and is the first time the Los
or
commissions
New York Produce Exchange
Hides..
Metals—Copper
boost
Exchange has ever revised its rates downward.
The new rates, which become effective Aug.
Eggs
Silk
-
and
vestors
July 8
Discount
acting, it is stated, in the interest of Western in¬
financial institutions, tentatively approved on
change,
on
Commission
Plan
Lower
of the Los Angeles Stock Ex¬
of Governors
625
Coffee—Santos
Rio
Board
The
to
Security
Consideration
Under
July 15 made available to its members
Contract
Exchange
Stock
Schedule—Non-Member
Margin per
Cocoa
Angeles
the surveillance of
each contract:
Commodity—
under consideration in March
made after
which minimum mar¬
gins are required by a commodity exchange, indicating the
amount of margin required at present in connection with
Butter
/
a majority of those replying were in favor of adopting some
plan of retirement.
A larger committee was therefore
appointed and devised the plan now submitted for approval
of the Exchange members.
on
,
the following list of commodities
'
pointed out by the Exchange that the proposal for
when a committee was appointed to study the
matter (referred to in our issue of March 22, page 1833).
The committee sent a questionnaire to the membership and
unregulated commodities exchanges, while the Commission,
in turn, asked the Stock Exchange to assist in this endeavor.
The Exchange on
.i
of this year,
letter asking those members who are not subject
Office
asked
SEC
regulations of the commodities exchanges to require
scribed
the
a
For the
like increase in dues.
also effects an increase in each member's equity in the real
The plan
the Securities and Exchange Commis¬
sion the New York Stock
July 15
Members Asked by
Commodity Margins
a
whole 50 seats the assessment and the increase in dues would be each $50
Federal Reserve
Exchange
Twenty-five seats
$9.26, plus an increase of dues in the same amount.
(b) above.
or
the remaining
Retirement of 10 seats in
be
shall
requirements of Regula¬
of Governors
the request of
arrived
As retirement of seats would mean decrease of current revenue, the dues
such
forth in Section 3 thereof.
Stock
to
Retirement of the
reflecting a feeling that the deflationary
as
seat retirement was first taken
York
While the first
larger share of the total volume of
readjust the organization to the new conditions.
It is
New
activity increases.
a
Indicating that "the plan is embodied in amendments to
buying seats for
retirement would be shared equally by the Exchange itself
and by the individual members through assessments." The
Exchange goes on to say:
/
"long"
time,
in
security carried
minimum
Any
initial margin
Board
to
of the debit balance adjusted to
points out that
the
an¬
in Exchange¬
carried
reasonable
a
into
money,
customer,
same
mean
trend of recent years has reached bottom and that the moment has
(e) of the general
margined in accordance with the provisions of paragraph (a)
The
seats, may
Member Firms.
and "Short" Positions
Securities—When
than
other
was
greater share of commissions to the
a
market
as
bought and retired would represent estates and inactive members,'
the Constitution under which the cost of
positions shall be equal to at least 15%
mark
positions
on
Curb
for
business for each remaining member as volume grows.
follows:
as
is exchangeable
"short"
"short"
offsetting
York
New
Members
to
the reduction in number would
into
convertible
or
rule, relating to paragraph
Convertible
restriction
,
Exchange
16 a
plan for purchase and retirement of not more than 50 out,
of the 550 seats at a price not to exceed $1,000 each. Assert¬
ing that "this is the first time that such a step has been
taken by any major exchange," the announcement of thet
Exchange said:
Exchange's general
by the Committee
Accounts Having Only "Long"
or
'
The Board of Governors of the New York Curb
General Margin
"Long" and "Short"
Convertible Securities
exchangeable
are
July 15
on
margin rule, reads
able
7
submitted to the members of the Exchange on July
accounts having only "long" positions
requirement for
securities
The
follows:
as
more
Exchange
Approval—In¬
volves
50
of
550
Memberships—Cost Would Be
Shared Equally by Exchange and Members
margin rule to provide a lower minimum maintenance mar¬
nounced
the
1941,
the
of
Submitted
smaller number of members
securities
of
directed
the Constitution regarding
July 9,
14, 1941, to read
having
and
Retirement
Seats
Revises
Positions in Exchangeable or
Amendment
in
of
Brokers
Bond
of
on
securities of the United States Government,
securities
in
held
11
page
on
in
Association
meeting
a
participant margins his 6hare of the debit balance in such
Rule for Accounts Having only
gin
July 14 in the following
on
than one year to run, of the
Philippine Islands, and of States,
Territories and municipalities therein, the commission shall be not less
than 1/64 of 1% per $1,000 bond for clearance business, nor less than 10c.
per $1,000 bond for "give-up" business; this rate of commission to apply
to all transactions conducted on the floor of the Exchange.
/.
i
by
States Govern¬
United
of the
the
of
at
transactions
on
United
primary dis¬
a
four ratings
Exchange,
&c., 'be amended, effective July
Requests for exemption from the provisions of the joint
account margin rule should be submitted in writing to the
Department of Member Firms and, in addition to indicating
the names and interests of the respective participants in
the joint account, should contain the same information re¬
quired in connection with applications for special considera¬
tion under the minimum capital requirements.
New
the
Plan
:
the subject of
are
the
4
.
securities
made known
Governors
Stock
commissions
System, is confined exclusively
of
Board
York
In
trust certificates,
equipment
Account"
Regulation
of
in
was
announcement sent to members of the Association:
been
has
in
serial
and
(f)(5)
Federal Reserve
(a)
tribution
(n) of the
accounts
"Special Miscellaneous
a
Section
of
the
of
This
ment.
New
maintained
is
the
to
of
transactions
on
follows:
as
account
forming
Exchange has cut in half the rates of commission charged
defcit.
committee's
Securities
The Association of Bond Brokers of the New York Stock
agreements
and
property
Clause 3 under "Exemptions" from paragraph
amended
Federal
non-exempted—held in firm accounts, partners' capital
(b)
Commission Charged on Transactions in
Reduces
the firm.
Approximate total market value of all readily marketable securities—
exempted,
10 cents per bushel; soy '
bushel; and wheat, 10 cents per bushel.
per
which the firm
committed to purchase the security.
Approximate net capital of
(a)
317
potatoes, $150 per contract; rye,
be require to purchase.
security is to be purchased
Approximate aggregate indebtedness of the firm.
5.
to
which
details of such
the
program
a
legislation
and
that
proposal cannot be discussed pending the development of
legally.
♦
Decrease
of
$2,073,000
in
Outstanding
Bankers
Ac¬
During June—Total June 30 $212,932,000
—$6,783,000 Above Year Ago
ceptances
outstanding on
amounted to $212,932,000, as compared with
the May 31 total of $215,005,000, it was announced July 14
by the Acceptance Analysis Unit of the Federal Reserve
Bank of New York.
As compared with last year, when the
The volume of bankers dollar acceptances
June 30, 1941,
318
The Commercial & Financial Chronicle
acceptances outstanding amounted to $206,149,000,
June 30 figure represents an increase of $6,783,000.
According to the nature of credit, all branches except
imports and those based on goods stored in or
shipped
between foreign countries, were above a month
ago, while
in the year-to-year comparison imports, domestic
shipments
and domestic warehouse credits
1940.
were
higher than
following is the report for June 30
Reserve Bank on July 14:
it has been found
cases
that
as
as
said:
For a very small premium it will now be possible for the small home owner
to
enough life insurance
carry
so
that in
issued by the
as
che event
of the
death
of the
OUTSTANDING—UNITED STATES
FEDERAL RESERVE DI8TRICT8
A
policy form has been adopted which will provide insurance decreasing in
amount as the
unpaid principal of the mortgage decreases.
decreasing protection and the basic low
BANKERS' DOLLAR ACCEPTANCES
—BY
June 29,
some
50% of the foreclosure action brought by savings
banks for one family dwellings have been due to the death
of the mortgagor.
In his announcement Judge Richards
many
mortgagor his wife and childien will have their home free and clear.
The
,
on
It is stated that in
the
July 19, 1941
of
cost
Because of the
Savings Bank Life Insurance,
which is available only on an "over-the-counter" basis, premium rates will
be very low.
At age 30, a $1,000 policy will cost
only $7.42 annually for
Federal Reserve District
1
15-year period, with protection afforded for 20
a
June 30, 1941
May 31, 1941
$29,966,000
$30,961,000
139,296,000
12,228,000
3,306,000
870,000
2,622,000
$22,987,000
4,485,000
727,000
134,636,000
3 Philadelphia
4 Cleveland
12,383,000
2,745,000
839,000
6 Richmond
6 Atlanta
2,319,000
5,112.000
7 Chicago
8 St. Louis
•<
506,000
9 Minneapolis
in Kansas City.
122,000
146,685,000
8,872,000
1,101,000
122,000
1,936,000
11 Dallas
505,000
Grand total
405,000
103,000
19,655,000
18,413,000
$212,932,000
Decrease for month, $2,073,000.
It has been adopted as a logical extension of the
$215,005,000
$206,149,000
value.
This insurance
In
May 31, 1941
June 29,1940
$123,107,000
$124,866,000
24,056,000
$79,284,000
24,265,000
10,934,000
10,858,000
30.124,000
3,128,000
2,910,000
27,872,000
13,352,000
19,924,000
22,191,000
34,109,000
BY
43,292,000
$101,379,000
Bills of others
59,386,000
„
Total
$160,765,000
Decrease for month..
3,605.000
MARKET
RATES
ON
JULY
PRIME
14,
Days—
BANKERS
ACCEPTANCES
Dealers'
Days—
7-16
Dealers'
Buying Rales Selling Rates
120
60
7-16
150
90
7-16
180....
9-16
.
the lending institution, so that it may, in the event of death, be applied
;
following table, compiled by
us,
of bankers' acceptances
close of each month since Jan. 31, 1939:
$
Jan.
31...
Feb.
28...
•
Mar. 31...
•
Apr. 29...
•
May 31...
•
June 30...
•
July
31..
•
mm
1939—
255,402,175
mm
mm
mm
•
•
mm
mm
mm
furnishes
4.
Gardner, President of the Federal Home Loan Bank
Chicago, announced on July 10 that the Bank would pay
that day its eighth consecutive semi-annual dividend, this
time at the rate of 1 lA % per annum.
The half-year rate
is
of 1% higher than that paid the middle of last
year,
according to Mr. Gardner, who further announced:
of
consin,
holds the stock
...
...
...
May 31...
...
215,881,724 June 29
221,115,945 July 31...
229,230.000 Dec. 31
1941—
233,015,000
229,705,000 Jan. 31...
223,305.000 Feb. 28...
213.685,000 Mar. 31...
Apr.
...
Aug. 31...
...
record
188,350,000
181.813.000
30
mm
mm
the
Reconstruction
mm
208,659.000
mm
Corporation which
formerly subscribed by the United States Treasury.
total of $2,402,417 of earnings
owned
by the
Government
Of
has remained
while
the
same
at
years.
Before 1938 the Bank distributed dividends
once a year.
FHLBB Reports Savings and Loan Associations' Home
211,865,000
Financing Activity in May Highest Since 1930
mm
mm
May 31...
the
year,
the capital stock
212,777,000
mm
Finance
distributed since the bank started operations in the late fall of 1932.
176,614,000
186,789,000
196,683,000
go to
building and loan associations in Illinois and Wis¬
figure for the past five
Nov.30...
235,034.177
$144,032 will be distributed, of which $37,728 will
and $106,304 to
this amount $1,909,730 has been paid to the Treasury and the RFC.
An increase in the dollar volume of stock held
by member thrift and
home financing institutions is noted in comparisons with last
$
222,599,000 Sept. 30...
232,644,000 Oct. 31...
...
a
1940—
Nov. 30...
Dec. 30...
...
Aug. 31...
Sept. 30...
Oct. 31...
9-16
outstanding at the
$
...
mm
9-16
1940—
245,016,075
237,831,575 Jan. 31...
246,574,727 Feb. 29...
244,530,440 Mar. 30...
236,010,050 Apr. 30...
248,095,184
mm
".'V
" v:
Federal Home Loan Bank of Chicago Pays Semi-Annual
Dividend of $144,032
This mid-year's dividend will complete a
%
%
.
of the volume
1939—
It is anticipated that mortgage borrowers will
to the loan.
now
30
The
State-wide
1941
■
Buying Rales Selling Rales
a
their policies but that the policy will be assigned to
on
456 member savings,
Dealers'
be
may
form of policy which could at a very low cost cover the unpaid
beneficiary
A total of
Dealers'
policy
A. R.
ACCEPTING BANKS
Own bills
CURRENT
a
8,330,000
31,574,000
Dollar exchange
Based on goods stored In or shipped
between foreign countries
a
of all of the Mutual 8avings Banks in New York which indicated
principal of mortgage loans.
name a
Domestic shipments.
Domestic warehouse credits......
$3,000,
The adoption of this form of life insurance is the result of
survey
NATURE OF CREDIT
June 30, 1941
where the mortgage is in excess of
cases
the need for
Imports.
Exports
vice of Savings Bank
be written in amounts up to $3,000 initial face
can
maintained at that level until amortization payments reduce the mortgage
to the amount of the insurance.
Increase for year. $6,783,000,
ACCORDING TO
sei
Life Insurance in that it provides additional security to the person of modest
means.
23,799,000
12 San Francisco
Home
Owners'
Life
Insurance, according
to Judge
Richards, has been under consideration for several months
by the Trustees of the Savings Banks Life Insurance Fund.
It is further stated in the announcement issued by the
Savings Banks Association of the State of New York.:
318,000
"
BILLS HELD
years.
4,885,000
552,000
625,000
Boston
2 New York
June 29,1940
mm
June 30
217,312,000
219,561,000
215,005,000
212.932,000
Home-financing by savings and loan associations in May
exceeded any month since 1930, amounting to nearly $131,000,000, statisticians of the Federal Home Loan Bank Board
reported
on July 12.
The figure represented an increase
$10,000,000 over the month of April.
The January to
May totals on new mortgage loans, according to the Board,
rose 21.1%
in 1940 over the comparative period of a year
of
Commercial
to
Paper Outstanding on June 30 Increased
$299,000,000, Reports New York Federal Reserve
Bank
amounting
ago,
to
Federal
Reserve Bank of New York announced on
July 15 tnat reports received by the Bank from commercial
paper dealers show a total of $299,000,000 of
open market
outstanding on June 30, 1941, the largest amount
January, 1938. This amount represents an increase of f
1.4% over May 31, when the total outstanding amounted
to $295,000,000, and is
33.4% above the June 30, 1940,
figure of $224,100,000.
In the
following table we give a compilation of the monthly
figures for more than two years:
paper
since
1941June
:
1940—-
30
299,000,000
July
31
May 31.....
295,000.000
June
29
30
274,600,000
263,300,000
240,700,000
May 31
Apr. 30
Apr.
Mar. 31
Feb. 28
Jan.
31....
232,400,000
3
232,400,000 Aug. 31
224,100,000 July 31
234.200.000 June 30
238,600.000 May 31.
233,100.000 Apr. 30
226,400,000 Mar. 31
219,400.000 Feb. 28
Mar. 30
Feb.
29
Jan.
1946—
1939_
31
Deo. 31
217,900.000
Nov. 30
Oct. 31
231,800,000 Dec. 30
252,400.000 Nov. 30
250,700,000 Oct. 31
209,900,000
214,400,000
Dec.
205,300,000
Nov. 30
*244,700,000 Sept. 30
209,300,000
Oct.
201,100,000
194.200,000
180,700,000
188,500,000
191,900.000
191,200,000
195,300,000
Sept. 30
Aug. 31
1939—
Jan.
31.....
1933
May, made public by the Board,
May a year ago:
31
♦Revised.
Home purchase
Offered
State
of
Savings
Owners
Bank
of
Life
Small
Insurance
Homes
by
Policies
New
York
Savings Banks
Announcement
made on July 16 that a new form of
Savings Bank Life Insurance policy, designed to protect
families against the loss of their homes in case of
the pre¬
mature death of the
mortgagor is being offered by 29 mutual
savings banks in New York State. In announcing this new
was
type of insurance, Judge Edward A. Richards, President of
the Savings Banks Life Insurance
Fund, stated that it would
be beneficial both to
mortgagors and savings bank deposi¬
tors.
He said:
It will assure the mortgagor that his
event
of his death, and it will
the savings of their depositors."
family will
not lose their home in the
substantially reduce those instances where
savings banks have been forced
to start
foreclosure proceedings to protect
to
compared to April and
as
May, 1941
April, 1941
% Change
May, 1940
$40,975,000
__
$38,686,000
+5.9
$36,956,000
+ 10.9
+ 30.3
% Change
54,781,000
48,311,000
+ 13.4
42,049,000
18,506,000
16,905,000
+ 9.5
18,034.000
+2.6
5,930,000
6,368,000
—6.9
6,896,000
—14.0
Other purposes...
10,761,000
10,361,000
+ 3.9
10,607,000
+ 1.5
$130,953,000
$120,631,000
+ 8.6
$114,542,000
+ 14.3
_
_
Totals
Operations
Loan
Member
of
Bank
Position
The
in
Associations
System Showed
Federal
of
Continued
Home
Improved
1940
improved
position of the leading thrift and homefinance institutions of America, apparent over the past five
years, is indicated in a report published in thej July issue
of
Form
according
Refinancing
Reconditioning
the
an
New
|
Purpose
Construction..
195,200.000
186,900,000
206,300,000
213,100,000
$166,000,000,
Home purchase loans from January to
May were approximately $203,000,000, about 27.3% above
figures for the comparative period in 1940.
Following are the figures on new mortgage loans for
.
31
than
more
Board statisticians.
The
''Federal
analysis
of
Home
3,8i6 member savings
Home
Loan
Loan
combined
Bank
Bank
Review."
statements
of
Presenting
condition
of
the
and loan associations of the Federal
System
the
at
end
of
1940,
the article
says, "The effect of 1940 operations on the balance sheet
of the average member savings and loan association was
decidedly
favorable."
The
announcement
regarding
the
article, issued July 13, continues:
The
article
outstanding,
amount
is
of
reveals
a
sizable
a
healthy
decline
increase
in
real
in
the associations'
estate
liquid funds represented by cash
significant
in
view
of
the
uncertainties
owned,
on
of
mortgage loans
and
hand and in
world
a
rise
in
the
banks—which
conditions.
Total
of the institutions gained
by $363,000,000, or 9%.
In contrast to
steady growth in assets, the number of member associations has been
declining gradually during the past two years, chiefly as a result of
assets
the
mergers
and consolidations
in
the
welding together of stronger and larger
individual units.
"The
size
of
$100,000 in assets
the
average
over
member
the year
institution
to about
increased
more
than
$1,155,000," the "Review" will
Volume
"This
say.
1938 and
figure
ment
of
changes
the
investments in
increased
fractional
a
during the
The
high
first
$388,000,000
peak
real
The
in
the
in
been
the
institutions.
savings and
a
The
of
market
estate
year
$15 of
large
produced
and
funds
or
the
concerted sales
as
decline
1937.
the
At
hand and
on
end
of
5.5% of the combined
by
resources
public in
the
1940
member
$3,000,000,000 mark during 1940,
in
the associations
At the end of 1940 there
$1 of Government
money
only $12
was
making it possible
are
their
for
and
taxes
in
member
to $1.
"advance payments by borrowers"
increase in
funds
every
previous the ratio
year
inflow
was more
shows that
insurance
premiums
in
regular
monthly instalments, along with their principal and interest payments.
The
analysis did not
banks,,
which
At
end
the
members
are
of
1941,
May,
stood
system
the insurance companies and mutual
cover
3,839
at
of
Federal
the
Loan
Home
membership
total
the
of
holding
institutions,
Bank
this
•+
of
During the month of June, 1941, the liquidation of 11
was completed and the affairs of
such receiverships finally closed, it was announced July 11
by Comptroller of the Currency Delano, who said:
insolvent National banks
Total disbursements, including offsets allowed, to depositors and other
receiverships amounted
to
$29,914,469, while divi¬
dends paid to unsecured creditors amounted to an average of 87.65%
their
claims.
Total
costs
of liquidation
of
of these receiverships averaged
6.68% of total collections from all sources, including offsets allowed.
Dividend distributions to all creditors of all active receiverships during
the month of June.
liquidation
follows:
1941, amounted to $1,272,304.
of the receiverships finally
•'
\V.;
.
INSOLVENT NATIONAL
closed
Data
as to
results of
during the month
are
as
.v'.-''
••
1941
Disburse¬
Dividends
Capital
Declared
Stock at
Incl,
Date of
Failure
Offsets
to All
Allowed
Claimants
County Nat. Bank, Marianna, Ark.
Aurora Nat. Bank, Aurora, 111.
5-1-34
$698,629
79.25%
6-18-34
2,816,264
96.92%
300,000
First Nat. Bank in Aurora. 111....
7-
6-32
83.63%
200,000
Caribou Nat. Bank, Caribou,
1-15-34
2,566.779
1,198.292
11- 6-33
6,684,944
24.38%
99.8%
600,000
2-27-34
7,402,092
95.59%
400,000
5-10-32
2,185,974
69.00%
125,000
8-24-31
Peoples Nat. Bank, Latrobe, Pa
Moshannon Nat. Bank, Philipsl mrg, Pa. 10-12-31
2,314,770
83.85%
200,000
91.27%
150,000
3-25-31
1,338,192
364,330
37.47%
60,000
11-11-31
2,344,203
94.97%
100,000
Lee
Maine
First Nat. Bank, Portland, Maine
Bank & Trust
Trust Co.,
Date
of
Failure
$80,000
100,000
Hor-
nell, N. Y
First Nat. Bank, Portage, Pa
Second Nat. Bank, Morgantown, W.
Tenders
ments,
Co. at Flint,
Michigan
&
and
10%
Treasury bills applied for, unless the tenders are ac¬
companied by an express guaranty of payment by an incorporated bank
or
trust company.
Immediately after the closing hour, tenders will be opened at the Federal
Reserve Banks and Branches, following which public announcement will be
made by the Secretary of the Treasury of the amount and price range
accepted bids.
rejection
The Secretary of the
Treasury expressly, reserves
the right to accept or reject any or all tenders, in whole or in part, and
action in any such respect shall be final.
at the
prices offered must be made
Bank in cash
or
or
or
his
Payment of accepted tenders
completed at the Federal Reserve
other immediately available funds on July 23, 1941.
The income derived from
the sale
of
Those submitting tenders will be advised of the acceptance
thereof.
Treasury bills, whether interest
or
gain from
other disposition of the bills, shall not have any exemption, as
such, and loss from the sale
other disposition of Treasury bills shall not
or
have any special treatment, as such, under Federal tax Acts now or here¬
after
The bills shall be subject
enacted.
inheritance, gift, or
to estate,
other excise taxes, whether Federal or State, but shall be exempt from all
taxation
State,
now or
hereafter imposed on the principal or interest thereof
of the possessions of the United States,
or any
For
Treasury bills
of taxation the
purposes
are
or
by
any
of discount
amount
by
any
local taxing
at
which
originally sold by the United States shall be considered
to be interest.
Treasury Department Circular No. 418,
amended, and this notice,
as
issue.
Subscriptions to CCC Note Offering Totaled $5,357,000,000—About
$201,000,000 Represented Exchanges
Secretary of
the Treasury Morgenthau
announced
on
July 15 that subscriptions received to the offering of $400,000,000 of 1%% notes of Series G of the Commodity Credit
Corporation
aggregated
$5,357,000,000.
Of this total,
received from holders of Series D
who tendered a like par amount
of such notes to the Secretary for purchase.
Such sub¬
scriptions were allotted in full, and all other subscriptions
were allotted 4%, but not less than $1,000 on any one sub¬
scription.
Further details as to subscriptions and allotments
will be announced when final reports are received from the
about $201,000,000 were
notes of the Corporation
Federal Reserve Banks.
The
offering
made
was
on
July 10
was
as
indicated in
these columns of July 12, page 177.
Va.
Credit
bentures
of Bank
Bank
of the face amount of
Per Cent
Name and Location
Citizens Nat.
Tenders from others must be accompanied by payment of
Intermediate
Total
Nat.
be used.
may not
companies and from responsible and recognized dealers in investment
BANKS LIQUIDATED AND FINALLY CLOSED
DURING THE MONTHS OF JUNE,
First
Fractions
than
'
During June
11
(ma¬
multiple of $1,000, and
credit
Liquidation of 11 Insolvent National Banks Completed
creditors of these
even
System.
assets
$5,260,000,000.
.-..iXy}
an
$1,000,000
and
$500,000,
prescribe the terms of the Treasury bills and govern the conditions of their
savings
reserve
combined
$100,000,
Tenders will be received without deposit from incorporated banks
authority.
more
for home loan borrowers to
$10,000,
Each tender must be for
three decimals, e. g., 99.925.
trust
or
20%.
or
invested
year.
great as in the previous year, largely because
funds for
private
accumulate
of
efforts
reflected in the
outstanding Government investments
three times
One
new
rise
the gains
of
measured by cash
since
$250,000,000,
end
$5,000,
the price offered must be expressed on the basis of 100, with not more
securities.
a
The
$1,000.
year.
associations
more
as
the
at
were
$77,000,000,
savings to the associations.
associations.
A
lending
associations.
319
They (the bills) will be issued in bearer form only, and in denominations
turity value).
assets
repurchases of shares made possible by the increased
voluntary
and
of
than
of private
than
real
loan associations passed the
decline
more
total
to
reserves
loan
of
resources
during the
Aggregate
12% gain for the
was
of
loans outstanding far exceeded
increasing steadily
these funds totaled almost
of
and
aggregate
holdings by almost
has
Govern¬
Although the dollar volume
ratio
investments
liquidity of member associations
banks
heavy reduction in
sub¬
a
Mortgage holdings in associations accounted for
their
of associations
estate
savings
of
years.
of
Improved conditions
in
the
ledger include
large volume of real estate owned.
a
.
mortgage
first
in
previous
part
1940,
the
a
institutions.
member
during
mortgage
four-fifths
the
side of
decline, largely because of absorption of loseeB incurred
recovery
the
of the two
on
end of
$963,600 at the
of
average
of
in the sale of
year
new
in
almost
an
the liability
in
in private invested capital and
gain
reserves
showed
with
compares
$843,000 in 1936."
Outstanding
stantial
The Commercial & Financial Chronicle
153
of
$306,089,000 Received to Offering of $100of
91-Day
Treasury
Bills—$100,337,000
Accepted at Average Price of 0.097%
Banks
Including
Sell
$840,000
Intermediate
$16,775,000 A% De¬
within System
Credit
Banks on July 16
A% consolidated deben¬
tures, of which $15,935,000 was offered to the public at a
slight premium, through Charles R. Dunn, New York,
fiscal agent, and $840,000 was placed within the system.
The debentures are to be dated Aug. 1 and mature 181 days
later on Feb. 2, 1942.
This is the first time it is stated that
Credit Bank debentures have been issued with a A% coupon
rate.
Previous issues, for some time past, have carried a
The
Federal
marketed
ii%
a
total
of $16,775,000
rate.
The
Banks
are
obliged
$13,000,000 maturing
to meet
debentures next Aug. 1, which will leave $3,775,000 of the
proceeds of the present issue as new money for the Banks.
The Banks will have outstanding at the close of business
Aug. 1, an aggregate of $247,515,000 debentures.
000,000
Secretary' of the Treasury Morgenthau announced on
July 14 that the tenders to the offering last week of $100,000,000 or thereabouts of 91-day Treasury bills totaled $306,089,000, of which $100,337,000 was accepted at an average
price of 0.097%.
The Treasury bills are dated July 16 and
will mature on Oct. 15, 1941.
Reference to the offering
appeared in our issue of July 12, page 177.
The following regarding the accepted bids for the offering
is from Mr. Morgenthau's announcement of July 14:
Total applied for, $306,089,000.
Total accepted, $100,337,000
Range of accepted bids:
approximately 0.040%.
High,
99.990 equivalent rate
Low,
99.972 equivalent rate approximately 0.111%.
Average, price
99.975 equivalent rate approximately 0.097%.
(68% of the amount bid for at the low price was accepted).
+
New
Offering of $100,000,000 of 91-Day Treasury Bills—
To be Dated July 23, 1941
offering of 91-Day Treasury bills to the
amount of $100,000,000, or thereabouts, to be sold on a
discount basis under competitive bidding, were invited on
July 18, by Secretary of the Treasury Morgenthau.
Tenders
received at the Federal Reserve banks, and the branches
Tenders to
a new
up to 2 p. m. (EST) July 21, but will not be received
Treasury Department, Washington. The Treasury
bills will be dated Jtily 23 and will mature on Oct. 22, 1941,
and on the maturity date the face amount of the bills will be
thereof,
at
the
Issued
License
General
Withdrawal
Allowing
of
Funds—Amendment to General License
Pertaining to All Funds Blocked June 14
Spanish
A general license was issued by the Treasury Department
July 11 covering blocked balances in the United States of
Spain and Spanish Nationals. Spain thereby becomes the
fourth country to
receive
a
general license since the June 14
freezing order, pertaining to all countries of Continental
Europe whose assets had not previously been blocked.
Russia obtained a general license June 24 and Sweden and
Switzerland June 20 (noted in our issue of June 28, page
4048).
general license issued on June 14, authorizing pay¬
newly blocked on that date, provided
instruments were drawn prior to June 14, was amended and
The
ments from accounts
extended
on
July 15.
The amendment follows:
General License No. 45 is hereby
(a) Paragraph (1) thereof is
amended
as
amended to read
as
follows:
follows:
"(1) A general license is hereby granted authorizing any
tution within the United States to make payments
other
than
blocked
accounts
of
N
rway,
Denmark,
the
Netherlands,
Lithuania, Rumania,
national thereof, of
drafts drawn under irrevocable letters of credit issued or
France,
Latvia,
Estonia,
Belgium,
Luxembourg,
Bulgaria,
Hungary, Yugoslavia, or Greece,
documentary
banking insti¬
from blocked accounts,
or
confirmed by a domestic bank prior to June 14,
(b) Paragraph (4) thereof is amended to
any
1941."
read as follows:
VThis license shall expire at the close of business on
August 15,1941."
issue of
payable without interest.
There is a maturity of a previous
Treasury bills on July 23 in amount of $100,100,000.
Mr. Morgenthau in his announcement of the offering
its original form, appeared in full, in our
issue of June 21, page 3893.
The general license applying to the Spanish assets follows
further said:
in full:
This license, in
The Commercial & Financial Chronicle
320
Some opponents of the silver policy contend
(1) A general license Is hereby granted licensing any transaction referred
to in Section 1 of the Order, if (i) such transaction is by, or on behalf of. or
of Spain,
pursuant to the direction
any
or
national thereof,
or
(11) such
time on or since the effective date of the Order had any interest,
any
There
any
blocked country
or any
national thereof, other than Spain or
national of Spain, and
the effective date of the Order had
any
interest,
tion of the Instituto Espanol de Moneda Extranjera, such transaction shall
not
the
until
effected
be
Instituto
Espanol
Moneda Extranjera has
de
certified in writing that the Instituto Espanol de Moneda Extranjera has
such
determined that
transaction
complies with the conditions of para¬
graphs (a) and (b) above.
This general license also authorizes any payment or transfer from
(2)
a
blocked account in which any national of Spain has an interest to a blocked
the
account in a domestic bank in
name
of the Instituto Espanol de Moneda
Extranjera, provided, however, that this authorization shall not be deemed
to authorize any payment or
national of
(3)
any
blocked country, other than Spain, has an interest, or has had
a
interest at any
an
transfer from a blocked account in which
Except
time
on or
since the effective date of the Order.
provided in paragraph (2), this general license shall not be
as
deemed to permit any payment, transfer or withdrawal from any blocked
account
blocked accounts in the
than
name
of the Instituto Espanol de
Moneda Extranjera, until the Instituto Espanol de Moneda Extranjera has
certified, with respect to the transaction, as provided in paragraph (1) (c)
above.
This general license shall not apply with respect to any national of
(4)
Spain who is also
(5) Banking
national of
a
institutions
any
other blocked country.
within
United
the
transactions authorized by this general
States
engaging
In
any
of transactions effected by them under this license.
increased
use
the part the metal would play in the
silver bloc, said tonight
of silver but was not optimistic
multi-billion-dollar preparedness
Likewise, he predicted that any effort to repeal the Silver Purchase Act
would
be
defeated.
are
determined to keep that law on the
On
books," he said.
14 Senator Thomas (Democrat) of Oklahoma,
criticized reports to the effect that some "experts in the
Office of Production Management" and some "Government
economists" have condemned the silver purchase program
and are urging use of the metals in place of copper, tin and
other metals.
Senator Thomas, who is Chairman of the
Senate's Special Silver Committee originally headed by the
late Senator Pittman of Nevada, in declaring on July 14
(we quote from advices to the New York "Journal of Com¬
merce" from its Washington bureau) that the policy being
condemned by the "experts" was recommended by the
President and the Treasury Department and was adopted
July
after
long and thorough consideration by Congress, said that
"somewhat difficult to understand just how these
temporary officials, called in for special assignments, have
found time to inaugurate a campaign for either the repeal or
amendment of our domestic silver policy which has become
the settled policy of the Government."
A statement issued
by Senator Thomas further said:
it
license shall file promptly with the
appropriate Federal Reserve Bank weekly reports setting forth the details
in defense
for increased use of silver
too,
drive.
and
If such transaction is not by, or on behalf of, or pursuant to the direc¬
agitation,
Mr. McCarran, one of the leaders of the Senate
"We
(c)
com¬
It has been pointed out that nonmonetized silver could be used
that his group would welcome
national thereof, other than Spain or any national of Spain,
has at any time on or since
been
substitute for copper and other metals in event of shortages.
over
(b) Such transaction does not involve property in which any blocked
country or any
has
weapons.
Such transaction is not by, or on behalf of, or pursuant to the direc¬
(a)
tion of any
that it is
defense Industries for labor, materials and equipment.
peting with
as a
provided, that:
that the Government should
discontinue its so-called subsidy to the silver industry now
transaction involves property in which Spain, or any national thereof, has
at
July 19, 1941
was
The Senate Special Silver Committee suggests to these critics that before
the expense of the present preparedness program is liquidated we may find
a
better
use
for
our
gold and silver accumulations than the
use
suggested by
such critics, viz., the use of silver as a substitute for tin, aluminum or copper,
Treasury
Extends $50,000,000 Currency Stabilization
Credit to China by One Year
Secretary of the Treasury Morgantheau Jr. and T. V.
Soong, financial representative of China, signed on July 2
a
one-year extension of the Treasury's $50,000,Q(X) currency
stabilization credit to China.
Officials said the extension
was
necessitated
by the technicality that the American stabiliza¬
tion funds automatically expired June 30 and was renewed
by Congress, according to the Associated Press, which also
reported:
Under the Chinese agreement, the American fund buys Chinese currency
to
the
money
equivalent
value of $50,000,000 and
which China
tions.
can use
better than its
pays
for
own money
although it is well known that silver is absolutely indispensable not alone for
coinage purposes but in the arts and sciences and it is admitted that silver
is the best conductor of electrical energy that has been discovered to date.
Should our national debt reach the sum now prophesized by some of our
citizens, then the burden of such debt, together with State, county, city and
district debts, coupled with taxes and existing private debts, may mean that
the present size and weight of the standard silver dollar may
have to be
reduced in order to regulate the value of the dollar to that point where the
people
can meet
happen then
our
such taxes, interest and debts.
If this eventuality should
large accumulation of gold and silver monetary metals
will go a long way toward liquidating our national obligations.
Representative
it with American
Off
in world wide transac¬
White Warns
Silver
that
Any Move to Cut
Cripple Defense In¬
Would
Market
dustries
The Treasury does not consider the arrangement a "loan" because
China is supposed to buy back its money and pay for it with American
money some
time in the future.
The agreement was
1941,
page
reported in these columns of May 3,
2777.
Representative Compton R. White of Idaho, a member of
the House Committee on Coinage, Weights and Measures,
in a statement issued in New York on July 14, warned that
any move to cut off the national market for silver at this time
would force many copper, zinc and lead mines in this country
to close and further
Brazil
Repays Export-Import Bank $19,200,000 Credit
Federal Loan Administrator Jones revealed
on
July 9 that
Brazil had repaid a $19,200,000 credit extended in 1939. Mr.
Jones said it was paid on schedule in May.
This amount was
extended
by the Export-Import Bank to Brazil in acceptance
credits to provide dollar exchange for payment of amounts
then owed to American exporters and for further purchases
of American goods over the balance of that year.
Plans for
the extension of credit were reported in our issue of March
11, 1939, page 1410.
cripple
defense industries.
our
This is
learned from the New York "Times" of July 15, which in
part, also indicated Representative White
as
saying:
Mr. White declared the controlling factors in our national defense pro¬
gram were the cost
of production in mining strategic war metals and the
Government's profit in its silver purchase program.
virtually
no "exclusive
He said there
were
producing" silver mines, and that in this country or
"anywhere else" silver
was
a
by-product of
zinc and lead mines
copper,
and the profit received for the by-product went a long way in meeting the
cost of
production of strategic metals, copper, lead and zinc.
He said that at
a
time when the Government
arbitrarily holding the
was
price of the startegic metals down and combing the Western Hemisphere
for lead and
zinc, to cut off the silver market
would surely cripple
now
defense.
Export-Import Bureau Established in Bank of Brazil
The
following announcement, regarding the establishment
Export-Import Bureau in the Bank of Brazil, was
recently issued by the Bureau of Foreign and Domestic
Commerce, U. S. Department of Commerce:
of
an
The Export-Import Bureau, established In the Bank of Brazil by a recent
Presidential decree, will endeavor to stimulate and assist the exportation of
"Contrary to repeated allegations of the so-called financial experts, the
Government
is making
White said.
"Domestic silver is bought at the fixed price o£71.11 cents per
and
ounce
big profits on its silver-purchase program," Mr.
immediately put into circulation
as money
in the form of silver
certificate $1, $5 and $10 bills at $1.29 an ounce up to the cost of the silver.
The volume of this silver money in circulation has almost reached $2,000,-
000,000.
'4
In addition to the silver money
in circulation put out by the Government
native products and assure the most favorable terms for the importation of
in paying its running expenses, and eagerly
foreign products.
the Nation's business, there is on hand in the United States Treasury over
The Bureau is empowered to lend financial aid, when
necessary, to producers of exportable merchandise; to finance the importa¬
tion of merchandise necessary for essential domestic
industries; to purchase
and store
parties
or
economy.
purchases
Brazilian
for its
Itwill also
are
products
own account
for exportation,
foreign products indispensable to the national
cooperate with present authorities so that Government
representing the difference between the silver taken in and the silver put
out
as
sents a
or
trade agreements.
money
under the
Senator
program,
which
surely
repre¬
the Government, and in time of national
a great
bulwark to
our
national credit."
Treasury Orders Seizure of 17 Axis Ships Under Espion¬
McCarran—Senator
age
Assurances
that
the
in the form of
The
seizure
been
action
"probable
States
Vessels—
Danish
was
considering changes in its silver policy and that purchases of the metal
Mr.
had
was
for forfeiting the ships to the United
compensation be'eause of alleged sabotage
committed by their crews while lying idle in
custody
closely.
after
cause1"
domestic silver at 71.5 cents
Mr. Morgenthau wrote the Nevada Senator that the Administration
taken
Morgenthau
was
without
German and 28
fixing the price of
to
17 More
the Department of Justice that there
advised by
to the vessels
would be continued.
Sabotage
.'Secretary of the Treasury Morgenthau on July 11 ordered
confiscation proceedings against 15 Italian ships
and one German vessel under the Espionage Act of 1917.
disturbed by the preparedness program.
Mr. McCarran had planned to
offer legislation specifically demanding that the statute
a
be followed
Alleged
Ships and Four Italian Vessels
letter to Senator McCarran (Dem.),
of Nevada, who had inquired whether purchases of the
metal would be
an ounce
for
Maritime Commission Takes Over
formal
Administration
contemplates no
change in its silver purchase policy have been given to
Western Senators by Secretary of the
Treasury Morgenthau,
according to United Press advices from Washington July 13,
which in reporting this said:
assurance came
Act of 1917—Action Preliminary to Forfeiture
Proceedings
Thomas
Opposes
Group Which Would Use Silver in Place of Copper
and Other Metals in Defense
Program
not
silver-purchase
profitable transaction for
instability and uncertainty is
Change in Silver Purchasing Policy Planned Says
Secretary of Treasury Morgenthau—So Advises
The
accepted everywhere in handling
of silver that did not cost the Government anything,
ounces
handled to the best interests of the country's foreign trade
and will assist in the elaboration of financial
No
and to purchase for third
1,000,300,000
American
harbors.
by
the
These
16
ships
were
the
two
been taken
into
among
Italian
vessels
which
had
United
States
Coast
Guard
on
March
30
(noted in these columns April 5, page 2170).
The Treasury
explained that "only vessels which have been sabotaged
are
being seized."
Volume
The Commercial & Financial
153
Regarding
of
seizure
the
Press
Associated
ships,
the
Yesterday's action consisted of ordering the collectors of customs in
which
is
the vessels
in which
ports
are
This step
in the hands of the Coast Guard.
previously have been
the
anchored to take charge of the ships,
German
Z.
The Italian
Boston.
at
ordered
proceedings were
ships
were:
the
was
of 1917.
on
Embassy
announced
Washington
at
on
that the British Government had waived its "bel¬
ligerent rights" with respect to these vessels and will not
July 11
seize any
Axis ship requisitioned by the United States in
be put.
Some
view of the uses to which these vessels are to
of
ships might be transferred by the Maritime Com¬
these
The British had taken similar
mission to British registry.
action
our
concerning requisitioned Danish vessels, as noted in
issue of July
12,
183.
page
of Danish
number
The
vessels taken over by the
cargo
Maritime Commission was increased to 31 on July
the
12 when
acquired 16 more! Danish ships under the
Commission
Previous requisitioning of Danish
Act.
Requisition
Ship
ships by the Maritime Commission was referred to in these
page 3903 and July 12, page 183.
There
columns June 21,
vessels taken into custody by
The vessels are to be used in
with the national defense program.
A Washing¬
originally
39 Danish
Coast Guard
in April.
were
the
connection
ton
dispatch, July 12, to the New York "Times" stated:
Danish ships, the Sicilien and the Australian Reefer, in New York,
Two
will
turned
be
Besides
York
the
to
over
The
Army.
rest
be
will
used
for
hauling
South and Central American ports.
Australian Reefer, those taken over in New
materials to this country, from
defense
and
Damm
and
Sicilien
the
the Georgia,
are
in
Acting
Latin
in
P.
N.
at
Newport News.
Anna Maersk. Niel
In Philadelphia the
the E. M. Dalgas
Gertrud, Lundby and Olympia.
Norden
the
were
taken over, as
was
Other Danish vessels taken over are the Lexa Maersk,
Maersk, Columbia Ranghild, Al86und and Brosund.
Another Danish cargo
Germany or Italy—Orders
Freezing of Assets
of
Interest
Control of Exports and
President Roosevelt
on
July 17, acting in conformity with
national emergency, issued a proclamation:
"authorizing the promulgation of a list
known
tionals'
In
a
of
persons
vessel, the Sessa,
was
acquired
on
statement issued at the same time the Presi¬
directly or indirectly, of various articles or materials is
deemed to be detrimental to the interest of National defense."
The list made public simultaneously with the issuance of the
proclamation, contained the names of over 1,800 LatinAmerican
persons
and business institutions.
The two
principal functions to be served by the list are (1) that no
article on the export control list may be exported to persons
named in the list except under special circumstances and
(2) that the persons on the list will be treated as Nationals
Germany or Italy, thus having their assets in this country
frozen.
'Y:" •V' —
-l: :
;-v
In an effort "to cause the least possible interference with
of
legitimate inter-American trade" the Treasury- Department
issued a general license permitting continued inter-American
trade and financial transactions incidental thereto involving
Latin America not on the list,—
European Nationals in
general license permitting such classes of transactions
without specific licenses."
The proclaimed list was compiled by the office of the Co¬
ordinator of Commercial and Cultural Relations between
this
Republics, headed by Nelson A. Rockefeller,
cooperation of the State, Commerce and Treasury
Departments and 17,000 export firms in this country.
The White House statement explaining the President's
the American
with the
according to the Associated
follows
proclamation
by the
promulgation of a list of persons
July 14 the Treasury announced that the Maritime
had bought four of the other Italian ships
which had not been
Confidenza
at
damaged.
These were the Ircania and
Fla.; the Colorado at Galves¬
Jacksonville,
ton, and the Clara at Savannah.
deemed
acting for the benefit of Germany or Italy or Nationals
of those countries and persons to whom the exportation,
to be
number of seized Danish vessels to 32.
Commission
to be
List of Certain Blocked Na¬
Proclaimed
'The
as
July 17 by the Maritime Commission under the Ship Requisi¬
tion Act.
This vessel, tied up in New York, increased the
On
said.
Persons and
Deemed to be
America
dent said that "the list will consist of certain persons
.
British
The
Firms
Business
the unlimited
confiscation, the Treas¬
July 15 that the Italian freighter Aussa
seized in Hoboken, N. J., under the Espionage Act
had been
Hoyle—it wouldn't be cricket to do so, he
President Roosevelt Proclaims List of 1,800
Norfolk,
they be kept in custody.
announced
any
The Ida
In another action preparatory to
ury
make a profit on food
anything else.
It wouldn't be according to
immediate steps be taken to acquire title, but
and Guidonia, no
desire on the part of Great Britain to
there
Tex.;
Treasury directed that in the case of two Italian ships at
Giuan
that
that
lend-lease program to register a profit by reselling
materials obtained from this country.
The President said he doubted that
land, Ore.; the Ada O. and Monfiore at New Orleans.
The
Mr. Roosevelt minimized reports
Turning to the lend-lease program,
the San Leonardo and Villarperosa at New
York; the Yittorin and San Giuseppe at Norfolk, Va.; the Leme at Port¬
at Galveston,
Mongioio
far-flung fir6t line^of
Mar Glauco, Santa Rosa and Belve¬
the Pietro Campanella and Euro at Baltimore; the
Philadelphia;
at
confiscation
Mobile, Ala.; the Antonietta,
O. at
dere
Friederich,
Pauline
the
was
which
against
ship
a
Britain might be using the
or on
preliminary to forfeiture proceedings in the courts.
The
establish
this country could
tions around which
defense.
Washington advices, July 12, said:
nine
321
Chronicle
As
a
further step in view
President,
a proclamation authorizing the
which will be known as "The proclaimed
he has today issued
list of certain blocked
deemed to
Press:
of the unlimited national emergency declared
The list will consist of certain persons
nationals."
benefit of Germany or Italy or nationals of
whom the exportation directly or indirectly,
materials is deemed to be deterimental to the intyest
be acting for the
those countries and persons to
of various articles or
of national defense.
The list will be prepared by the Secretary of State
acting in conjunction with the
Secretary of the Treasury, the Attorney
the Administrator of Export Control,
General, the Secretary of Commerce,
Sea Lanes to Iceland to beKept Open
President Roose¬
American
velt Declares
his
press
conference
July 18 that the United States Navy will undertake to keep
open
lanes to Iceland as well as other outlying defense
He said that since it was the policy of the United
the
bases.
States
sea
to
and
Iceland
defend
the American
tioned there, it was "ABC stuff" to
From Washington
keep the
garrison sta¬
sea
lanes
open.
United Press advices of July 18, we take
the following:
President are these:
It is felt by all military
authorities who haVe best access to information
and the hemisphere that possible occupa¬
and the defense needs of the nation
tion of Iceland by an
unfriendly power would be a serious blow to national
and hemispheric defense.
For that reason, to prevent an unfriendly power
was necessary
the island.
With
devices
or
This, said Mr.
Newfoundland
on
Iceland.
Roosevelt, applies as firmly to Bermuda on one end,
another end of the outlying defense line, as well as it
he said,
orders,
posts be protected
Obviously, it must be protected,
lines of communication open.
Obviously, he said,
such far-flung outposts
His
;
whether it will be protected.
and this entails keeping the
does to
American garrison there to occupy
to send an
*
garrison there, the question is whether it will be left to its own
a
you cannot
maintain a garrison at
without keeping open the lines of communication.
are
Nobody, not even
define exactly what is meant by a threat of an
attack, but that is the order, that is the
situation, and there is little or noth¬
ing to be said in addition.
Mr.
of policy assumed significance in relation
he had yesterday with the naval
Chief of the battle plans section of the
was
to issue
was
more
High Command.
Navy Department.
intimated that the meeting may have
presented a*i opportunity
positive orders to the men entrusted with the job of making effective
America'8 naval policy.
Turning to the subject of hemisphere defense, Mr.
Roosevelt intimated
Mr.
reporters say
countries were involved.
But he suggested that
"merely that such bases are being constructed at strategic
broad intimation that additional Latin-
points—a statement which left the
American countries are cooperating for
establishment of aerial fighting sta¬
proclaimed
investigations and
The list will be published
This list is the result of long and intensive
by the interested governmental agencies.
in the Federal
Register and may be obtained in pamphlet form from various
a person
cloak
forthwith to the list.
The President gave warning that any one serving as a
made public.
for
the list will have his name added
on
The list will have two principal
functions.
In the first place, no article
2, 1940, may be exported to
persons named in the list except under special circumstances.
Secondly,
persons on the list will be treated as though they were nationals of Germany
or Italy within the meaning of Executive Order No. 8389, as amended, under
which, on June 14, 1941, the freezing control was extended to all of the
countries of the Continent of Europe and nationals thereof.
At the time of the issuance of the proclamation, it was also announced
that in attaining the objectives of Executive Order No. 8389, as amended,
all efforts are being made to cause the least possible interference with legiti¬
mate inter-American trade.
With that end in view the Treasury Department
has issued a general license with respect to inter-American trade trans¬
actions and the financial transactions incidental thereto Involving persons
the export control Act of July
in the other American
Republics who may be nationals of a European country
This general license will permit such classes of
applying for specific licenses.
designated in the order.
transactions without the necessity of
The general
names
long as their
In addition, exporters and importers
license, however, will not apply to persons so
appear on
in the United
the proclaimed list.
States
may
from time to time be advised by their
otherwise that instructions have been
banks or
issued by the Secretary of the Trea¬
requiring specific license applications for
certain persons in the
trade transactions involving
other American Republics who are not named on
the
proclaimed list.
which are not Incidental to licensed
covered by the general license,
With respect
Furthermore, financial transactions
trade transactions are not
to such
to
purely financial
transactions, appropriate specific licenses will have
be obtained from the Treasury
The proclaimed list
Department.
will also serve as a guide to United
selection of agents and
proclamation:
By the President of the
A
1.
Franklin D.
»
States firms in the
representatives in the other American Republics.
Following is the President's
already are being constructed in Brazil.
Roosevelt said that for reasons of hemisphere defense he could not
disclose whether any other
a
governmental institutions and the Federal Reserve banks.
From time to
be additions to and deletions from thejlist which will be
air defense bases in other South American
Gen. George C. Marshall, Army Chief of Staff, told
Congress yesterday that air bases
issuance of the proclamation,
designated Government officials containing the names
and business institutions in the other Americans
than 1,800 persons
time there will
that America may be constructing
countries than Brazil.
the
with
issued by the
republics.
studies
sury
Roosevelt's restatement
He con¬
ferred unexpectedly with Secretary of the Navy Knox, Admiral Harold R.
Stark, Chief of Naval operations, Rear Admiral Ernest J. King, Com¬
mander of the Atlantic Fleet, and Rear Admiral Richmond B. Turner,
It
of
that the communications lines and the out¬
against attack or threat of attack.
the President himself, can
'to a conference
list
covered by
The facts, said the
moving in, it
republics.
Simultaneously
President Roosevelt made emphatic at
Commercial and Cultural Relations between the
the Coordinator of
and
United States of America
PROCLAMATION
Roosevelt, President of the United States
of America,
the authority vested in me by Section 5 (B)
of the Act of Oct. 6, 1917 (40 Stat. 415) as amended and Section 6 of the
Act of July 2, 1940 (54 Stat. 714) as amended and by virtue of all other
authority vested in me, and by virtue of the existence of a period of un-
acting under and by virtue of
The Commercial & Financial Chronicle
322
limited national emergency and finding that this proclamation is
necessary
in the interest of national defense, do
hereby order and proclaim the
following:
Section 1.
The Secretary of State, acting in conjunction with the Secre¬
tary of the Treasury, the Attorney Geneial, the Secretary of Commerce,
the Administrator of Export Control, and the Coordinator of
Commercial
and Cultural Relations between the American
republics, shall from time
to time cause to be
(A)
Certain
prepared an appropriate list of
persons
deemed to be,
have been acting
or to
or
purporting
to act,
directly or indirectly, for the benefit of, or under the direction of,
under the jurisdiction of, or on behalf of, or in collaboration with
Ger¬
or
Italy
many or
(B)
or a
Certain
national thereof, and
whom, or on whose behalf,
the exportation directly or indirectly of
any article
from the
persons to
United States,
is deemed
to
the interest of
and in the interest of national
or
Such list and any
deletions therefrom shall be filed pursuant to the
pro-
Any
person, so
for the purpose of Section 5
long
his
as
and for the purpose of this
proclamation, be deemed to be
All
the
amended,
and
terms
as
though he
as
"the
list, and
a
as
amended,
were a national of
provisions of executive order No.
to any property
Section 3.
national of
a
Germany
8389,
as
or
Italy.
amended,
same extent
in which any such
has
person
has had
or
that such terms and provisions
are
an
The exportation from the United States
directly or indirectly
under the
authority of Section 6 of the Act of July 2, 1940, as amended,
other military equipment or munitions, or component parts
thereof,
or
of any
or
machinery, tools,
or material, or supplies necessary for the
manufacture,
operation thereof, is hereby prohibited under Section 6 of the
Act of July 2, 1940,
by
a
license
as
as amended, except (1) when authorized in each case
provided for in proclamation No. 2413 of July 2, 1940, or in
proclamation No. 2465 of March 4, 1941,
the Administrator of Export Control
as
the
case
may
be, and (2) when
under my direction has determined
that such prohibition of exportation would work
an
The
4.
taking
"person"
The term "United States"
as
Asked
fixing
as
used
or
herein
means
an
Nothing herein contained shall be deemed
in any manner to
8389,
as
or
amended, is concerned, "the proclaimed list of certain blocked
nationals,"
authorized by this proclamation, is
merely a list of certain persons with
respect to whom and with respect to whose
property interests the public is
specifically put on notice that the provisions of such executive order are
as
applicable, and the fact that any person is not named in such list shall in
wise be deemed to mean that such
person is not
a
national of
a
foreign
country designated in such order, within the meaning thereof, or to affect
in any manner the application of such order
to such person or to the
prop¬
erty interests of such person.
set my
hand and caused the seal of
the United States of America to be affixed.
Done
the
at
City
of
Washington
the year of Our Lord Nineteen
this
better to
was
:
control
day
Hundred and Forty-one,
FRANKLIN D.
one
of
July,
in
and of the in¬
hundred and sixty-sixth,
ROOSEVELT.
Tanzer
.j.v.V.'■
on July 14 by its Committee on
Revenue, of which Laurence Arnold
Public
Chairman, The Merchants' Association of New
York opposes any alteration of the
present provision of the
income tax law with respect to return by husbands and
wives.
The report states
would be to increase
that the effect of this proposal
heavily the burden of the
surtax upon
married couples when both husband and wife have income
and further that the situation does not in
any way justify an
attack upon one of the most fundamental of
institutions, the
family, by discriminatory tax calculated to discourage
matrimony under the guise of raising revenue to defend the
American way of life.
Roosevelt
Establish
Interest
of
in
ernors
Congress for Authority to
Saving Time in any Area in
Defense—Also
Urges Gov¬
National
Southeast
Electrical
of
enactment
The
signing by
recommended to Congress on July
which would permit him
fense."
In identical letters to Speaker Ray burn and VicePresident Wallace, the President said that additional elec¬
tricity for national defense is important and the daylight
saving time is a "practicable method of conserving electrical
energy."
;'w'■ ;
VThe President also sent letters to the Governors of
eight
Southeastern States telling them "the country is faced with
a
serious power shortage that is impeding the national
shortage being particularly acute in
Alabama, Virginia, Tetnnessee, North and South Carolina,
Georgia, Mississippi and Florida.
He asked the Governors
issue
to
proclamations,
the
if
necessity
is legally possible to do so,
establishing daylight saving
A.'V
it
for
The text of the President's letter to Congress follows:
The
Ship
Warrants
Act
President
electrical
of
possible
Central
on
This measure gives the Mari¬
time Commission power to issue
priority warrants to vessels
return for compliance with
Commission control over
in
rates and cargoes.
The ships holding priority
warrants would receive preferential treatment in
port facili¬
voyages,
ties, repairs and other accommodations.
The completion of
Congressional action came on July 7 when the Senate and I
House approved a conference
report, referred to in our
issue of July 12, page 182.
House passage of the bill was on.
May 20 while the Senate approved it on June 28.
Stating
that the newly enacted legislation
gives the Maritime Com¬
mission "persuasive authority of the most
compelling nature
to enforce reasonable freight rates and to effect
priorities in
transportation of vital defense cargoes."
The Washington
"Post" of July 16 added:
The powers vested in the Commission
by the new law
both domestic
and foreign ships.
mission to issue warrants
Summer
of
our
large
a
work
extent
of
conservation
The
basis
of
utilization
of
Government
electricity
agencies
for
primarily
national
in
Federal
of
Management—have
need
of
including
need
for
around
The
this
in
advised
me
daylight
particular the
the establishment
there
time
is
Southeastern
immediate
other
to
States,
in various parts,
or
parts
of
that
and
for
the
there
Federal
Power
result
Commission
from
the
is
also
all, of the country of
has
summer
investigated
the
daylight saving
establishment
of
of
which
energy
year-round
further
now
year-round
following table indicates the probable reductions
consumption
Probable
effect
of
year-round
lighterage,•harbor, docking, repair and other terminal facilities in return
for agreement by the ships' operators to
engage in the services and follow
the routes desired by the Commission.
Load
(1941)
(Kilowatts)
Southeastern
daylight
saving of
being secured—
daylight saving;
in peak
saving
loads and
time
would
Probable Reduotion in Peak
(Kilowatts)
Probable Annual
Reduction in
Energy
(Kilowatthours)
10,690.000
372,750
137,910,000
4,733,000
11,625,000
;
Middle West
50,000
287,520
104,500,000
292,353,000
43,000,000
during the national emergency were under consideration,
Congressional leaders said, following a conference on
1.881,000
1,960,000
9,500
3,133,000
11,000
39,355,000
119.164,000
34.022,000
741,160
736,282,000
Total
major
It will
vary
be
from
seen
some
Moreover,
pally-owned
from this
region
proportion' and
and, to
9,390
systems
in United States
.
President Roosevelt revealed at his
press conference on
July 15 that methods of controlling rents and prices generally
while
Mountain and plains
Pacific Northwest
Pacific Southwest
|T
a
year-
daylight savings:
Expected Peak
Northeastern
Control Legislation
Covering Rents, Food and
Clothing Expected to Be Sent to Congress Next
Week—President Roosevelt's Remarks
the
country,
accomplish.
applicable to
Price
the
Power
Production
daylight saving time.
would
and the
that
saving
electricity—in addition to the
that
it is,
daylight
interested
defense—the
Commission, the Department of the Interior and the Office
extension
prime
electricity in all
the
upon
the
emergency
of
practicable'method of conserving electrical energy.
time is already in effect in many of the high
areas
of New England and the Middle Atlantic and North
States.
preferential claim for fuel,
to
of
to
these times
In
the
a
They include authority for the Com¬
entitling vessels
is
country
ensure
performance
Region
are
the
to
us
daylight saving
industrialized
fullest
for
The
ways.
interest of national defense.
announced
energy
national defense effort.
our
therefore, essential
saving time is
was
15
daylight
Roosevelt of the Ship War¬
July 15. The bill provides
for priorities in transportation
by merchant vessels in the
Act
Conserve
to
to
saving time "upon such a regional or
national basis, and for such part, or all, of the
year, as he
might deem necessary in the interest of our national de¬
provide
energy
rants
Action
legislation
.
WELLS,
Acting Secretary of State.
Signs
Take
to
Energy
President Roosevelt
the
Asks
Daylight
time.
Roosevelt
by
or
the article and
on
is
regarding
By the President:
President
by freezing them
defense program," the
seventeenth
dependence of the United States of America the
SUMNER
prices
report made public
a
Taxation and
thereof, including the Philippine Islands,
)b In witness whereof, I have hereunto
it
By Merchants Association of New York
individual,
the authority vested thereby in the Secretary of the
Treasury
and the Attorney General.
So far as the said Executive Order No. 8389,
no
whether
ceiling, Mr. Roosevelt replied that it depended
a
In
other organization.
restrict the provisions of the said Executive Order No.
amended,
increase
any
The maximum increase,
Opposition to Any Change In Federal Income Tax Law
Affecting Returns of Husband and Wife Voiced
the Canal Zone and the District of Columbia and
any other territory, de¬
pendency or possession of the United States.
or
This could be done, his explanation ran, by
1938, 1939 and 1940 and limiting
as
of the level for those years.
the locality.
used herein means the United States and
any place subject to the jurisdiction
Section 5.
base period such
a
to some percentage
President
term
partnership, association, corporation
limit
all in the Washington area or other
unusual hardship on
American interests.
Section
Roosevelt specifically discussed rents.
rents at
shortage of housing and rents have already risen,
a
One method of dealing with the problem was to fix a maximum increase
in¬
behalf of, or for the account of any person so
long as his name ap¬
pears on such list, of any article or material the
exportation of which is pro¬
hibited or curtailed by any proclamation heretofore or hereafter
issued
or
opposed to touching
for such areas, he continued.
applicable to
or on
servicing,
with prices, Mr.
were
in which there is
purposes under executive order
nationals of Germany or Italy, and to
property in which nationals of Germany
or Italy have or have had an interest.
to,
connection
he said, might be 10, 15, 20 and 25%. whatever seemed best.
shall be applicable to any such person so
long as his name appears in such
terest, to the
In
Some
in such list, shall,
name appears
(B) of the Act of Oct. 6, 1917,
foreign country, and shall be treated for all
as
some areas
areas
defease, additions to and
to time.
visons of the Federal Register Act and such list shall be known
proclaimed list of certain blocked nationals."
No. 3389,
Reports indicate that, while foods, clothing and rents
will be covered by the price control legislation,
no provision has been made for
pegging wages. The President
when asked about wages on July 16 said that the Adminis¬
tration was trying to keep things pretty much in balance.
Concerning the President's remarks on July 15 the
Associated Press reported:
upon.
in
i
manner
Section 2.
It is believed that
he said.
deletions from such list shall be made from time
additions thereto
material exported
or
be detrimental to
National defense,
In similar
be introduced in both houses next week.
separate bills rather than omnibus legislation has been agreed
for whose account,
or
July 19, 1941
July 16, that legislation affecting these matters will probably
to
the
that the possible reductions of
electricity
region.
nature
extent, upon
some
table
These reductions would depend upon the
industrial, residential and commercial loads
the habits of the consuming pubic.
of
utilities with small industrial loads, particularly munici¬
reported that daylight saving time might
systems,
seriously
'
Volume
their
cut
bonded
The Commercial & Financial Chronicle
153
and
revenues
while
Thus,
be
defense
the
lines
for
national
the
bill,
draft
of legislation, along
permit the President to
enactment
that
would
provide daylight saving time, upon such a regional or national basis, and
for such
part, or all, of the year as he might deem necessary in the
of
interest
a
the vibrations of
Depth
have
an
charges
approaching submarine.
assured
distance of
FRANKLIN
D.
that
a
depth
bomb
He was said to
not effective at a
was
100 feet and that the submarine was farther away
than
more
few minutes later the vibrations
reported to have testified.
was
Committee
the
and a
dropped
were
than that from the destroyer.
The incident took place at
might release
dusk and the destroyer was afraid the sub¬
torpedo,
a
Knox's testimony given to
Very sincerely yours,
told the Committee that
represented as having
was
destroyer attached to the patrol was rescuing survivors
ago a
torpedoed British ship in the Atlantic when its detectors picked up
marine
national defense.
our
time
from
ceased, Secretary Knox
■
recommending
attached
the
of
electricity
additional
by the establishment of daylight saving time,
that such a program have sufficient flexibility to meet
accordingly,
am,
that
important
available
varying regional conditions, t
I
Secretary Knox
some
is
it
made
is also important
it
jeopardize the interest and amortized payments on
indebtedness.
323
according
the
to
version
Secretary
of
the United Press.
Secretary Knox reportedly assured the Committee, too, that no American
ROOSEVELT.
patrol vessel had opened fire knowingly on a German ship.
Mr. Stark, it was said,
In Tax Bill Requested By President Roose¬
velt—House Committee May Act Today—President
Predicts Possibility of New Tax Measure Yearly
Changes
told the Committee that he had
no
...
knowledge
o
the submarine incident until he read about it in a syndicated column.
Mr.
Stark said
had taken
subsequent investigation confirmed that the incident
a
place.
During Emergency
A request
by President Roosevelt that the House Ways
and Means Committee revise the present
conform to the Treasury Department's
of
computing corporation
laid before the Committee
to be
advices
to
17 from
July
the New
York
the President's request
on
was postponed
by Committee until copies of the bill are
ready for its consideration. From the July 17 advices to the
"Journal of Commerce" we also qtiote:
•
Chairman Doughton (Dem., N. C.) announced that prints
of the bill
are
expected to be ready Saturday and that the Committee would meet to begin
It was not certain, however, that action
reading the bill at that time.
would be taken on the request at that time.
At
a
recent White House conference, the President
proposed to Chairman
Doughton that the Committee reconsider its earlier vote to retain the
It
Hold
Interests
Proposed
on
York
Project—New
Seaway
Unsound—Mayor
St.
Shipping
La
Guardia
Approves—Buffalo Interests in Opposition—Views
expected
of Gen. Robins
July 16, but, according
on
Washington to
"Journal of Commerce" action
was
Committee
House
Before
Lawrence
invested capital plan
profits taxes
excess
Hearings
tax program to
The assertion that the
project
power
ically
proposed St. Lawrence
made in Washington
was
and
seaway
unsound both commercially and
was
econom¬
July 16 before the House
on
and Harbors Committee by representatives of New
Rivers
York maritime and commercial organizations.
tended
also
that
the
defense.
national
project would
Regarding
to the New York
advices
the
prove
hearing
It
was con¬
detriment to
a
that
on
day,
"Journal of Commerce" from its
Washington bureau July 16 said:
present law principle of allowing corporations the right to choose between
Spokesmen from New York included representatives of the Merchants'
earnings formula and the invested capital method of com¬
Association of New York, the American Merchant Marine Institute, the
the
average
puting excess profits.
Maritime Association of the Port of New York and the West Side Association
He expressed support
average
for the Treasury scheme for abandonment of the
earnings method and limiting the filing of returns under the in¬
vested capital plan on
the grounds that this would close
law which permits many corporations to escape the
a
loophole in the
full burden of excess
profits taxation.
the tax bill by a 20 to 4 vote.
this heavy vote the
It
Committee would
early in its deliberations
believed doubtful that in view of
was
reverse
The President's suggestion was
conference
its action.
made at his White House
on
to appear before the Ways and Means Committee in further
explanation of the proposal to limit corporations to returns
on invested capital, but he is said to have declined.
Under date of July 16 it was noted in Associated Press
advices from Washington that:
Under the Committee proposal a corporation would be allowed an un¬
excess
profits credit equal to either 8% of the first $5,000,000 or its
invested capital plus 7% of invested capital above $5,000,000, or 95%
of its
earnings during a four-year base period, 1936-1939.'inclusive.
The
average
excess
The Treasury proposed a formula setting 10% of invested
a
corporation could
earn
capital
as
the
without being subjected to an excess
Texas, who also took
to United States
for
According to United Press accounts from Washington on
July 15, President Roosevelt, incident to his White House
conference, warned of even heavier taxes, and said that it
might be necessary to draw up a new tax bill every year
during the war emergency to raise revenue.
The United
Press added:
He said that the conference did not explore the possibility
revenue
raise
even more
In times like
year.
of boosting
objective beyond the $3,500,000,000 now contemplated,
but he reiterated that
a new
tax bill would have to be
drafted next winter to
funds.
these, he added, a new tax bill may have to be drafted each
..
..
our issue of a week ago (page 181), it was indicated that
July 10 Secretary of the Treasury Morgenthau at his
press conference stated that the present tax program drafted
to yield $3,500,000,000 might have to be re-examined in view
of the Administration's request for additional appropria¬
tions for the Army, Navy and British aid needs.
Secretary Knox Says Navy Has Not Engaged in Com¬
bat with Any German Units—Tells Senate Com¬
Depth Bomb
Was
would be
detrimental
Merchant
Marine
Institute,
said.
"that the construction of the
.
all of the traffic which would be shipped via the
'
...
Cornelius H. Callaghan,
'
Manager of the Maritime Association of New
York, said that the project proposed holds a harmful possibility to the
greater part of the United States and is not an improvement that would be
He mentioned
helpful to the country at large.
tion features of the project that it would be
as
objections to the naviga¬
"commercially and economically
"inordinate tax burdens without corresponding
unsound," would impose
benefits," and would divert traffic from railroads, steamship lines and inland
waterways.
National defense
and
the economic
welfare
of the
country
would be
adversely affected by the proposed St. Lawrence seaway and power project,
George H. McCaffrey, research director of the Merchants' Association of
New
Confining his testimony chiefly to the
York, contended.
power
aspect of the venture, Mr. McVaffrey stated that the project could be of
no
help to the United States during the present emergency.
Gaillard, Sr., of Mobile, Ala., representing the Alabama Depart¬
S. P.
Terminals, asserted that in his opinion the
seaway
would
adversely affect the port interests of Mobile and Alabama and would dis¬
rupt the free flow of traffic through existing ports.
He read
a
letter from
Dixon of Alabama contending that the proposed seaway
essential to national defense.
not
F. W. Parker of Galveston, General Manager of the Galveston Wharves,
expressed the view that the seaway would adversely affect the growing port
traffic in the Lower Mississippi and Gulf areas.
At the hearing
also
on
July 16 James W. Danahy, Vice-
President and Managing Director of the West Side Associa¬
tion of Commerce of New York City, taking issue with Mayor
La Guardia of New
seaway
York.
July 16
York, predicted that the St. Lawrence
would do irreparable damage to the Port of New
From the Associated Press advices from Washington
quote:
we
Mr. Danahy# testified that if the seaway turned out to be the success
_
In
However,
seaway.
seaway
belief," Mr. Walker declared,
of almost
operators
seaway."
He
■
i
on
mittee,
our
Lawrence
will result in the diversion from American ship operators to foreign
seaway
was
new
stand against the proposed
a
shipping, Francis S. Walker of New York City, speaking
American
the
Gov. Frank M.
profits levy of 33 to 65%.
the
■/.."/
addition, there were representatives of Mobile, Ala., and Galveston,
ment of Docks and
profits tax rates would range from 35 to 60%.
maximum
In
"It is
July 15 with Chairman Doughton, Representa¬
tive Cooper (Dem.), of Tennessee, Secretary of the Treasury
Morgenthau and Assistant Secretary of the Treasury John
L. Sullivan.
According to the "Journal of Commerce,"
following the President's suggestions, it was reported that
Secretary Morgenthau was invited by Chairman Doughton
taxable
later.
Building of the proposed St.
The Committee rejected the Treasury scheme
on
Other New York organizations will be heard
of Commerce of New York.
Dropped
to
Warn Submarine
its proponents
predicted, it would divert from New York $275,000,000
worth of import and export
business in grain, automobiles and
sugar.
He
added that hundreds of other commodities might be diverted from the port.
Mr.
Danahy
criticized
the
of the
report
that in the long run "the commerce of New
Department
of
Commerce
York Harbor will not decline
but rather continue to increase in spite of the diversion."
Mayor La Guardia, who was heard by the Committee on
July 9, stated that the construction of the St. Lawrence sea¬
way and hydro-electric power project would not hurt the
commerce
of the Port
of New
York and
certainly would
produce lower electric rates for its inhabitants.
the New York "Times" from
Aovices to
Washington July 9 indicating
this also said in part:
Secretary of the Navy Knox was reported to have told the
Opening his statement with an admission that an advisory committee
July 11 that the United
appointed by him had recommended opposition to the project, the Mayor
Senate Naval Affairs Committee
States
Navy had not engaged in combat with German naval
units but that
had
on
on
one
occasion
an
American patrol vessel
depth bomb to warn an approaching sub¬
marine.
Secretary Knox and Admiral Harold R. Stark,
Chief of Naval Operations, had been called to testify before
the committee on a resolution by Senator Wheeler, Demo¬
crat of Montana, calling for an investigation of published
reports of so-called "shooting" incidents in the Atlantic.
Concerning their testimony United Press Washington
advices of July 11 said:
dropped
a
nevertheless defended it forcefully
Mr.
through
a
two-hour session.
...
La Guardia said he would not be endorsing the waterway project
if he had "the slightest idea" it would
harm his city's port business.
Fear
that it would, expressed by some groups, he asserted to be only a cover for
the opposition
of private power interests, who dread the availability of
publicly produced power at rates much lower than those charged by the
private companies serving the Northeast area.
"If
may
no
navigation improvements
opposition,
same
divert
crease
some
of trade in
but
were
involved,
with different reasons,"
you
would have the
he added.
"The project
port traffic from New York at first, but the general in¬
our area
due to lower power and transportation costs will
quickly wipe that out and more than wipe it out."
The Commercial & Financial Chronicle
324
The
hearings before the Committee have been under
Both
way
called
actions
July
tbe
1941
unconstitutional,fconfiscatory
legislation
since June 17, as was noted in our June 21 issue, page 3900.
On July 14 representatives of Buffalo and the Niagara fron¬
of
and
unenforceable, and asked permanent injunctions.
tier opposed the project, contending that it was "economic¬
ally unsound and would be disastrous to the entire economic
structure of this country."
From Associated Press advices
from Washington we quote:
Urging the House Rivers and
Harbors Committee to
legislation to authorize the seaway until further studies
M.
Traffic
Renshaw,
Manager of the
Buffalo
defer action
of
deep waterway to the
a
by not only the costs of such
The
ment were Ernest F.
area
Ohio
Commerce,
would
seaway
be
$46,000,000,
Excess wheat
Robins,
Engineers.
H.
L.
with
the
Assistant
estimate
'fv'*'
Bodman, New York grain trader and representative of the New
York Produce Exchange, said he believed that any savings in transportation
costs on
grain occasioned by the seaway would accrue to foreign buyers and
not to the American wheat farmer.
As to the
hearing
on
July 15, Associated Press Washington
The
House
Rivers and
Harbors Committee
the principal demand for the St.
today that while
Lawrence seaway came from the Middle
West, at least half the cost of the $285,000,000 project would fall
Eastern States which had
no
need for the
on
approximately 50%
or
more
of the total cost for the complete project,"
said Frederick W. Burton of Rochester, manager of the transportation bu¬
reau
of the
"This for
From
the
Dakota
a
of Michigan,
Wisconsin, Minnesota, North and South
the greater part of the public support for
not the cash to pay
opposed to the seaway
a
as
defense
or
as
a
and
power
development
was
vital to
defense and
the economic welfare of the Nation.
time John H. Ross, Chairman of the Executive
Committee of the New York State Waterways Association,
same
Inc., testified that his organization
4|
filed for
was
Roscoe
County, who raises wheat
gomery
bushels, of which 239
were
bushel
a
on
excess
Associated Press accounts
and 2
was
unalterably opposed
expenditure of $8,000,000 to $9,000,000 would
be sufficient to deepen major Great Lakes harbors to
handle initial ocean¬
an
He said that many Great Lakes ports
already had channel depths of 25 feet
or more in outer
proposed for the seaway is 27 feet.
A
Federal
Court
Oklahoma
at
point and
Harbor, Ashtabula and Buffalo
of
as
ports
Kansas
harbors.
The depth
already equipped with deep
In response to a question by Representative John E.
Rankin, Democrat,
Mississippi, Gen. Robins said that the cost of the $285,000,000 project
proportionately greater
were
He estimated the cost of the power development alone at
$239,124,000,
which he said would make the power cost about the same as
power
produced
by steam plants.
He estimated this cost at about four mills a kilowatt hour.
Under the proposed plan to develop both power and
navigation features
of the St. Lawrence/Gen. Robins estimated the cost of
the power at about
1.7 mills a kilowatt hour at 80% load factor.
This
power, he
a
300-mile radius at
a
said, could
transmission cost of about 1.4 mills
kilowatt hour additional.
At the earlier
one
in Southern Kansas
«
suit, attacking validity of the Federal
City.
this
on
majority.
penalty,
A participant said it would become
a
was
rallying
year's
the
V;-,v:
■'
wheat
-v
jv'
Farmers of both
crop.
by
quotas
than
more
■„/> •"
'
•
the
Oklahoma and
two-thirds
necessary
\
According to the "Oklahoman" of July 8 constitutionality
penalty was questioned in a suit brought by W. M.
Johnson, Kingfisher County (Okla.) wheat farmer. <
The belief that 100,000 to 150,000 farmers "are
a
national protest organization" to
49 cents
a
bushel
on excess
wheat
hearings Jesse H. Jones, Secretary of Com¬
(on June 23), testified before the Committee in support
the bill, and on the same day endorsement came from
Leland Olds, Chairman of the Federal Power
Commission.
The Cleveland Chamber of
Commerce,
merce
of
was
oppose
waiting to
the penalty of
expressed at Indianapolis
July 12 by Alva 0. Bitner, who, said the Associated Press,
on
farms 250
nearWendell Willkie's Rush
County property.
Mr. Bitner is said to have based his estimates on
communica¬
tions from other States.
The Indiana
acres
Marketing Quota
Association, of which he is Secretary-Treasurer, was
Protest
planned as a nucleus of such a movement, according to the
press advices.
In Jackson, Mich., it was
reported that a Jackson County
farmer, rebelling against what he terms is "too much
govern¬
ment dictatorship on crops," was
burning his 17-acre wheat
field.
The Associated Press said:
Marion
two
Hatt
a
began destroying the wheat yesterday when Halbert
Federal Conservation Service official, refused to
give him a
he
exceeded
the
Government quota by
acres.
Told that he would have to store the
grain or pay the Government a
penalty of 49 cents a bushel for the excess acreage before a
permit would
be issued, Hatt retorted:
"I'll
I
burn the whole thing before I'll let the
do with it.
can
Government tell
This is my farm and my wheat.
under the marketing
quota and
me
I did not vote to
what
come
I'd rather burn the wheat than have to
under the quota to be able to sell it."
come
From
Camden, Ind., July 12, the New York "Times"
reported Secretary Wickard as follows:
Asked about the rising revolt against the
bushel
on
over-quota
vacationing
on
wheat,
his farm
Claude
AAA
Wickard,
penalty of 49
cents
a
Secretary of Agriculture
here, said:
near
"The Executive Branch of the Government
merely carries out the laws
that Congress passes."
the power development to be under¬
taken without navigation.
be distributed in
in
penalty of 49
Reporting this action,
from Enid July 8 added:
wheat.
similar action in Omaha, Neb., would be dropped.
a
approved
harbors.
would be
totaled 462
the suit charged.
The penalty, based on half the Government's loan
rate, came into being
when farmers voted May 31 in 37 State referendum to
invoke strict market¬
He mentioned Duluth-Superior, Indi¬
ana
outer
Dayton, Mont
crop
kindred group already formed in 9 Kansas
a
wheat-marketing permit because
from the seaway.
1940-41
Oklahoma and Missouri counties.
On July 8 Brig.-Gen. Thomas Robins, Assistant Chief of
Army Engineers, told the House Committee that it would be
virtually impossible to destroy locks or dams in the proposed
St. Lawrence seaway and hydro-electric
project through
any enemy action.
Associated Press advices (July 8) like¬
wise reported:
commerce
excess,
His
Oklahoma counties and
organized, joining hands with
Bernstein,
going
C. Filburn of near
sell.
to
adjudged
to the seaway.
Gen. Robins estimated
harvesting at the time
committee had determined
On July 8 a group of Oklahoma farmers
joined groups
two other States in a revolt
against an AAA
join
struction of the seaway, and on July 3 Governor Stassen of
Minnesota and Governor Moses of North Dakota concurred
in President Roosevelt's contention that a St. Lawrence
At the
j|
wheat at 128.5 bushels out of 394 raised.
excess
The other suit
He contended that shipbuilding and
would be adequately supplied without it.
William Knudsen, Director-General of the Office of Pro¬
duction Management, is one of those who has voiced
support
of the project; his views were presented to the Committee
on July 2.
On July 1 Mayor Edward J. Jeffries of Detroit
and Mayor Carl F. Zeidler of Milwaukee advocated con¬
seaway
donated to relief
or
of the
was
because it felt that the project was not justified either
peacetime commercial undertaking.
power needs
the project, but
for it."
Mr. Burton said that the Rochester chamber
loan
almost ready for
was
and that the county AAA
.
waterway and power project for which they have no need.
States
comes
their
ing quotas
Rochester Chamber of Commerce.
Government
on
SMP
It added that their wheat
filed
development.
bushel the penalty for harvesting wheat
wheat only to feed live stock.
four
"New York, Pennsylvania, New Jersey and Delaware would contribute
in May approved the plan.
vote
cenis a
Farmers in 13 Northwest
told
was
State,
against imposition of wheat marketing quotas al¬
be stored
can
of the referendum
0-
,
the
tenant, George Mikesell, of Preble County, and declared that the two raised
cents
accounts said:
throughout
One of today's suits was filed in behalf of Amos
Mattix, owners, and his
of
Chief of Army
meetings
Harry Routzohn, filed the suits.
without penalty.
Grimm, members of the
compared
as
$1,000,000 by Brig.-Gen. Thomas M.
and Preble
larger than individual farm quotas, although farmers planting less
acreage
Representative Butler and Fred¬
Mr. Wing estimated that necessary outlay on Buffalo Harbor as part of
the
one
than 15 acres were exempted.
Hughitt and John A. Ulinski, members of the Buffalo
Wing, city engineer of Buffalo.
voted
farmers
The AAA Act set at 49
who testified in opposition to the develop¬
City Council, John J. Northrop and George 8.
named in
were
*
farmer
county
though the national referendum
but by the damage that might be
Niagara County Board of Supervisors,
erick K.
foUowed
action
R. Clark and former Congressman
done to existing American transportation agencies."
Others from the Buffalo
made defendants in both suits.
sponsored by the Farmers Protective Association, whose attorneys. Webb
on
insignificant and far over-shadowed
sea are
a venture
were
County committeemen in the other.
"We contend that the savings in transportation costs that might accrue
from
Hollansburg, state AAA Chairman,
Montgomery County AAA committeemen
made, Fred
were
Chamber
Secretary of Agriculture Claude Wickard and Cbairman'Dale Williams
declared:
a
19,
"Without
the
program,
farmers
bushel for wheat," he added.
wouldn't
"There is
be
getting
no export
trade
enough wheat for two years' export trade, and yet
$1
a
our
over
40
cents
a
Canada has
now.
farmers
are
getting
bushel."
With many farmers
protesting against the 49 cents a bushel
wheat, the Department of Agriculture on
announced today a 12 months' extension of the
period during which such gain may be stored under Governloan and thereby opened a
way for growers to avoid the
penalty, said Washington Associated Press accounts July
penalty
July 13
on excess
13, which also had the following to
say:
Farmers having excess wheat—that produced
on an
their AAA planting
allotment—may do
through the Chair¬
man of its Transportation
Committee, declared before the
Committee on June 28 that the
proposed St. Lawrence
waterway was "undesirable from the standpoint of the
country at large and would be seriously detrimental to
ing quotas approved
at a recent grower referendum.
Cleveland."
acreage in excess of
or so.
Dayton, Ohio to Test Wheat Marketing
Quota Section of AAA—Farmers in Various States
Revolt
Against Penalty of 49 Cents
a
Excess Wheat—Comment
by Secretary
The right of Congress to limit farmers' sale or
in
excess
of quotas set under the
Bushel
on
Wickard
use
of wheat
Agricultural Adjustment
Administration program was challenged on
July 14 in two
suits filed in the Federal District Court at
Dayton, Ohio, as
to which Associated Press accounts from
Dayton said:
of three things under market¬
(1)
Pay the 49
(2)
Store the grain under Government loan
cent
penalty
that restrictions upon sale or
ended April 30, 1942.
April
use
at
30,
rate allowed
under bond, in the hope
of such grain may be lifted within
a year
use.
the Government offered loans for
a
period
Regulations announced today extend the date until
1943.
Officials explained that
a
farmer storing excess wheat under loans
could
take it from storage and sell it free of
Quotas
are:
60% of the
or store
Give the grain to the Government for relief
Under original regulations,
They
on the excess.
farmers complying with AAA allotments,
(3)
Suits Filed in
one
were
penalty in event that:
lifted by 1943.
He underplanted his acreage allotment next
year by the amount of this
year's
excess.
He suffered
could be sold
a
as
crop loss next year,
in which
case
this year's excess grain
part of the 1942 crop without penalty to the extent
that
1942 production fell below his quota.
Volume
Farmers taking advantage of the extended loan will be allowed
a
In this issue of
paper,
the results of the referendum
on wheat marketing quotas appeared in our issue of June 7,
page 3566.
On page 3735, in these columns June 14, we
gave the text of the resolution, signed by President Roosevelt
on May 26, providing for Government loans on basic crops
as 85% of parity, and stipulating the penalty for marketing
An item
quota provisions.
earnings of our corporations do not permit
on
cent, by any means, in the past decade.
Instalment Curbs
With
defense
demands
industry rising and
on
big upturn in consumer
a
income coinciding with those demands, there has been advocacy of policies
designed to check inflationary tendencies and aid defense production by
restrictions
on
instalment selling.
It
appears
to be rather generally
accepted
that
the
will
we
direction
in
of
Effective
of
witness
type
some
Federal control
of
7 terms
July
and
Home
down
larger
the purchase of appliances sold through the
were
tightened.
That this was as
on
Farm
much
Toward
Curbing Instalment Credit Taken by
Home and Farm Authority in
Case of
Purchases of
Appliances Through It
regarded
is
matter
a
Authority
national
of
reducing
taken recently by /
Administrator,/ Jesse Jones, who on
trolled expansion of consumer
Federal
25
June
restricting in¬
tendency toward uncon¬
any
Loan
announced
credit
effective
that
labor
With
materials
the
example
it
as
was
be
would
7 terms
regular
to
of EHFA policy was
case
a
instalment credit
new
national
defense
by diverting
defense production channels.
to
reported interest in "forced savings," with higher taxes being
means of meeting defense costs and curbing rising purchas¬
defense bonds
conducive
appears
from
contribute
to
as a
ing power, with
to
sale for similar reasons,
on
for
success
toward
move
a
less
the atmosphere
liberal
instalment
policies.
was
July
and
expected
were
urged both
initial steps toward
as
stalment buying and
the
shorter periods
somewhat
payments and
,
restrictions
What
pressure
or
payment.
emphasized in the accompanying statement that the
Electric
attempted
through the exclusion of stockholder returns, which have not been munifi¬
Electric
of quotas.
Action
rigid price structure
a
without consideration of rising cost factors, even though it were
in the pages devoted to cotton
and breadstuffs, mention is made of the announcement of
the Department of Agriculture extending to April 30, 1943
loans on wheat defined as excess wheat under marketing
our
The
12 cents
bushel storage allowance for grain stored on their farm.
excess
325
The Commercial & Financial Chronicle
153
Consequently it is well for all who have
in
instaments
to
ponder this
trend.
this must not be done because of
up,
tightened on the purchase of appliances through the Electric
and Farm Authority.
The New York "Journal of
selling is vicious and
Commerce" in reporting this from Washington,
interest—direct
any
But
such
if
controls
mistaken
a
notion
remote—
or
to
are
that
set
be
instalment
opment, but on
Abuses
Home
of J
under date
restrictions on appliance pur¬
chases through the facilities of the EHFA, Mr. Jones expressed the hope
announcing
that
would
it
labor
the
credit
tightening of
contribute
defense
to
with
the
national
to
policy
Authority's
materials
diverting
and
taken, he added, in line
tightening credit in times of increased
The
production.
by
defense
of
action
was
of
was,
On
course,
through
matter of
a
the other
costs
of
production
has
outweighed
standard
our
self-protection to correct them.
hand the contribution
greater
raising
far
se.
been existent
in this as in any fast-growing business devel¬
the whole these abuses have been largely corrected through
within the industry and with interested outside groups.
It
cooperation
25, said:
une
In
have
uneconomic per
any
of
made to employment,
distribution
and
living
been
has
of
by lower unit
goods,
exceedingly
and
the
to
worthwhile
and
specific abuses within that field.
activity and relaxing restrictions in inactive periods.
From the
Whether
not
was
indicated, but
been
have
known
of
credit
consumer
the
and
for
Bureau
the
this
the
point
Reserve System has been chiefly
the Federal
of view
of the
degree of effectiveness
of the
1941
maintain
to
is
book
statute
so
complete
proclamation,
hands
the
in
officials say
although
the
President's
the
Since
authority
and
control
other
over
institutions
the
the
in
and
situation
it
of Congress was needed bolstering present powers.
Act
an
and
Such authority, however, was not believed sufficient
effective
an
feit that
was
finance companies
to
field.
personal loan
that
that
-v,:-.
'
however,
the
of
the
to
conceded that
issued
memorandum
a
of
scone
the
specific law
a
Authority
would
be
on
clearly
:
•
others
//'/'vS
V;-. V,;,:
Internal
:
Revenue,
July 15 to collectors of internal
on
concerned
ruling dated Jan. 15,1941, it
reminding them that in
was
a
held that the legal relation¬
ship of employer and employee exists between banks and the
directors thereof with respect to services performed
members
as
added
and
revenue
of various
such individuals
are
situation,
the
meet
be better to have
it would
apparent.
is
it
Government
„
.
of need for further
credit
bank
of
up
Committees
on
Rules—Ruling Does Not Require Payment
Respect to Services Prior to Jan. 1,
Guy T. Helvering, Commissioner of
of
use
of
powers
the viewpoint
Services
and its experts have been giving it attention
problem
the President under the unlimited emergency and
powers through an Act of Congress.
Prior to the unlimited emergency it was the general concensus of opinion
that instalment credit could be curbed to some degree by a tightening
present
from
Perform
"Employees" for Social Security and
Tax
Purposes,
Internal
Revenue
of Taxes With
■
with
both
from
Who
Employment
dangers
defense.
The Board of Governors of
concerned
Directors
of Banks Are
this direction
in
high officials of the Government
that
problem
by other steps
up
over-expansion of credit growing out of the huge expendi¬
an
the Government
of
tures
followed
it is
the
studying
involved from
be
will
step
Bank
account we also take the following:
same
the
ployment tax
committees
by them
and, accordingly, that
employees for social security and em¬
The notice was issued in response to
purposes.
inquiry made of the Bureau.
Mr. Helvering's memorandum
follows:
Inquiry has been made of the Bureau whether directors of banks who
various committees, such as executive committees, discount com¬
serve on
Defense
Program Hampering Some Lines of
Business,
Businessmen—Comments
of
on
&c.,
are employees within the meaning
Security Act and sub-chapters A and C,
Chapter 9, of the Internal Revenue Code, as amended, with respect to the
of Titles VIII and IX of the Social
services
Instalment Credit
performed by them in their capacities
appoint from its own members
is rising and consumer /demand is
greatly increased, some lines of business are seriously feel¬
ing the pinch of the defense program, Henry H. Heimann,
Executive Manager of the National Association of Credit
Although
production
Men, points out in the Association's "Monthly Business Re¬
view," made available July 14.
"Unable to carry on in
their regular
tions
sales,"
operations because of defense program restric¬
their
on
materials
of
sources
or
markets
their
for
Mr. Hieipann, "they are likewise unable to fit
the production
of defense goods on any
says
themselves
into
important scale.
They are faced with prospects of neither
butteir!"
Mr. Heimann adds:
guns nor
the work of the credit executive whose firm
To
there
added
is
the
problem
of analyzing
that
is supplying such fields,
more
"c"
recent
to
insurance
beyond the control of the particular customer can be as hampering
lack
of
any
as
the
other factors.
of the
Mr. Heimann also comments
the fact that "two of the
on
subjects in the headlines in recent weeks have been
the matter of prices and the drive to alter down payments
many
and
to
payment periods
These
they
not, of course,
the only concerns of today's business
on
policy that is involved in daily business transactions.
domestic
a
but
defense
economy
They
are
is bound to make
on
two
our
scene.
Extension of
limits,
the impact
man,
They reflect the high degree of Govern¬
particularly significant.
additional signs of
is
control
Government
reported
in
here-and-there steps,
the
in
offing.
the price field, even
Rising prices
will
beyond present
not
however, as past weeks have revealed.
be
curbed
by
Nor will it be
on
raw
materials
finished goods.
or
influence of
The
And
farm
same
time
is
Act
to
wage
and tax
that
industrial
factors
given the
in costs must not be overlooked.
green
light by legislative fiat at the
prices are pegged.
price rises were not unexpected.
a
worthy objec¬
try, through education and cooperation, to keep price rises limited,
safe to assume prices can be equally controlled by legislative
administrative
inevitably
will
decree.
result in
groups.
Such
placing
control
the
business affairs
may
burden
be legally possible,
unduly
on
one
or
but
more
and
deemed
The executive committee
the board of directors in the manage¬
property of the
quired to keep minutes and to submit
a report
bank during intervals
The discount committee
gives consideration to,
and
acts
upon,
re¬
of its actions at every regular
meeting of the board.
meets
once
recommendations
week and
a
of the
officers
with respect to the granting of credit.
under such
make
to
direction
The examining committee is required
and supervision as it shall determine an
examination of the affairs of the bank at least every six
months, or more
often if required by the board, and to make a report thereof to the board
with such recommendations
of
a
committee
are
as may seem
desirable.
In some
compensated for their services.
Section 402.204 of Regulations
cases
members
;
106 and Section 403.204 of Regulations
107, issued pursuant to subchapters A and C, respectively, of Chapter 9
of the Internal Revenue Code,
corporation,
as
such, is not
an
as
amended, provide that
a
director of
a
employee of the corporation.
However,
a
director who performs services for the corporation other than those
required
by attendance at and participation in meetings of the board of directors may
be an employee of the corporation. Regulations 91 and 90, issued pursuant
Titles
to
VIII
and IX, respectively,
similar provisions.
a
of the Social Security Act, contain
r
ruling dated Jan. 15, 1941, it
employer and
was held that the legal relationship of
employee exists between banks and the directors thereof
to services performed
by them
as
members of the various
committees and, accordingly, that such individuals
are
employees for social
the authority granted in Section 3791
(b) of the Internal
security and employment tax purposes.
Pursuant to
Revenue Code, the above ruling holding directors of banks to be employees
to services performed
as
applicable only to services performed
members of committees
on or
Social Security
of maintaining
purpose
proper
wage
records,
paid wages to directors for services performed
Jan.
IX
made
of the
Act and subchapters A and C, Chapter 9, of the code,
amended, with respect to services performed prior to such date.
the
was
after Jan. 1, 1941, and does not
require payment of the taxes imposed under Titles VIII and
as
every
as
However,
bank
which
committeemen prior to
1, 1941, and which did not include such amounts
filed pursuant to
While it is
not
or
of the
as are
may
com¬
between the meetings of the board of directors and that committee is
for
prices cannot be
The recent
tive
ment
discount
a
examining committee, and such other committees
for the proper conduct of the business.
with respect
possible to avoid rising prices if the effort is centered
it
goes
committee members.
executive committee,
an
is authorized to exercise the power of
with respect
are
are
ment
it
He
say:
an
necessary
In
instalment selling."
in
mittee,
of credit
Capital, capacity, character, and coverage, as
protection, may be present in sufficient degree, but conditions
acceptability: conditions.
as
The by-laws of a bank generally provide that the board of directors
;
Restrictions
examining committees,
mittees,
Says H. H. Heimann of Association of Credit Men—
Wage and Tax Factors in Costs Other Concerns
as wages on returns
Title VIII of the Social Security Act and subchapter A,
Chapter 9, of the Internal Revenue Code, will be required to file with the
Collector of Internal Revenue for its district statements
The ruling set
forth above should not be construed
credit, or other adjustment of any taxes paid by
considered that directors serving
as
as
on
Form SS-lc.
authorizing refund,
reason
of
a
members of committees
ployees for social security and employment tax purposes.
bank having
were
its
em¬
The Commercial & Financial Chronicle
326
Products
Wool
Labeling Act Becomes Effective—Law
Products
Requires Designation of
Types of Material Used
The
of
fiber
providing for the dis¬
wool
products, became
effective on July 14, nine months after President Roosevelt
signed the measure.
This period of time was given manu¬
facturers
true
dealers
and
order
in
conform
to
its
with
pro¬
the Federal Trade Commission time
within which to set up the machinery to administer the law.
The purpose of the measure is "to protect producers, manu¬
facturers, distributors and consumers from the unrevealed
presence of substitutes and mixtures."
Regarding the law,
and
visions,
business
the
of
"Purchasers
and
consuming public
the
legislation,"
"Scrupulous
ficiaries
the
should
for
look
Commission
label,
the
for
said
it
is
the
are
in
the
been
one
their
today.
protection."
director of trade practice conferences which will admin¬
said the attitude of the wool industry "by and large" has
Act,
of
chandise
State
label
to
it suitably
The
commerce.
Act
he warned those with
make
or
applies
wool
(which
the sheep or
of
alpaca, llama
the type
on
lamb,
sold
mer¬
into
across
are
correctly labeled.
angora
wool
which has
vicuna)
or
never
product.
reprocessed
wool
spun,
violation
of
the law
woven
New Jersey payments
Co.
Newark and
of
included $75,836 to the Mutual Benefit Insurance
$133,191
of the
gressional
The
action
1910,
likewise,
is
The
felted
or
into
wool
a
product
maximum fine of $5,000 and
a
one
by
President
the
referred
were
and
in
to
the
con¬
issue
our
Department of Agriculture announced
of milled feed
would
that
States
according to the
Reprocessed
mercial
able
grades
of
Council
has
issued
reprocessed
and
wool.
grades of reclaimed wool
of
new
reused wool,
The
reused
defined
as
in
the
wool.
fabrics,
particularly in heavy
materials such
so
products
variable, and
is, of
reused
course,
which
wool
manufacturing.
The
including wool,
manufactured
is
and
forth,
is
used
index
the
used
are
and.
depends
all
avoid
to
any
not
the
raw
are
com¬
suitings,
of
over¬
reprocessed
and skill
care
material,
material
possible
the
from
producing
milled
of
adds:
in the Mid-West
feed within the
week's
would
dealers
and
this
in
at''present
area
supply of feed, whereas under the
maintain
approximately
three
in
grain
and
Credit
Farm
these
of
in
protecting the
feed
is
to
use
space
making
are
Northeastern
owned
will
milling
be
owned
to
to maintain
supplies
reserve
feed requirements.
an
arrange¬
on
farm
the
They also
agree
keep their supply fresh.
cooperatives
Credit Administration.
Farm
by
The cooperatives
purposes.
by the cooperative placing it in storage and
agree
underwrite, any decrease in
available
made
with
arrangements
whereby grain
against price declines.
the first feed stored in order to
CCC
States
the price of
feed ingredients
from the date the feed is placed in storage to the date it is released.
will
dis¬
make
needed for the
the farms of their members under
on
farmers
be
participating farmers
The
by
plan,
Commodity Credit Corpora¬
reserves,
Administration
the
by continuing to purchase their usual
to
The
the form of feed, would also
the CCC will be sold to cooperatives for
The
than
maintain lesa
participating farmers
supply.
grain-producing areas additional storage
farmer-cooperatives
ment
announcement
crop.
facilitate accumulation
tion
often
program
months'
tributing grain to farms for storage in
To
limits ship¬
or
The
area.
,V>;;
Producers
one
Program—limits shipments of grain
areas
Leans
for the feed purchases through the
It is also planned to work out
arrangements
by which
law,
grade
textiles,
for
material,
new
in
as
value
of
vary
The quality of these
the
on
are,
Good and service¬
men's
as
being produced.
There
came.
present
products possessing established, intrinsic values.
coatings, blankets, and
and
on
wool from which they originally
new
and
order
a
farms in
shortages
on
hamper efforts to
tion with the Defense
the
Wool
grades
in
July 16
on
increase dairy, poultry and
livestock production required for the National Defense Pro¬
gram.
The plan according to the announcement is designed
to assure adequate supplies of feed in the area in the event
shortage in transportation—which may develop in connec¬
of
2283.
Announced
to store reserve supplies
plan
1941
subject to
it
on
page
many
many
■,
by Department of Agriculture
wool
a
July 15 the
following statement for the information and guidance of the
public in purchasing labaled wool products:
are
7•••••'.
a consumer.
measure
American
There
of America,
Co.
Insurance
,
Reserve Feed Program for Northeast States
will store the milled feeds
Oct. 19,
,->v.
♦
available
felted into
or
in prison.
Signing
Prudential
to
'tb.
Newark.
and reused wool is defined
any way,
knitted
woven,
having been used by
year
paid to New York Life Insurance Co.
was
It defines
cashmere goat
or
the hair of the camel,
been reclaimed from any woven
Reprocessed wool is material that has been
after
character of wool products
or
hair of the
product without having been utilized in
A
unlabeled
does hot go
merchandise
to
include so-called specialty fibers from
may
felt
restrictions
no
be manufactured, provided they
fleece
as
In the former. Equitable Life Assurance Society
received $65,784, Metropolitan Life Insurance Co. $96,332, while $21,358
ments
Act places
that may
as
that it
sure
only
lines.
The
or
However,
cooperation.
either
interstate
and rice.
companies received the largest payments for the New York
Northeastern
bene¬
large
statement
a
Henry Miller,
ister
cotton, corn, wheat,
afford
Press Washington advices of July 13 said:
Associated
Payments to bring farm income up to 75% parity were made on
program.
and New Jersey areas.
of
content
to
Insurance
Products Labeling Act,
Wool
closure
According
July 19, 1941
in
however,
from
recovered
commercial feed dealers or individuals may participate in the
although only cooperatives will be eligible for loans through Farm
Credit Administration.
The terms of the plan require that all
participat¬
program,
ing agencies agree that feed will be placed in storage and released from
storage as requested by the CCC.
The plan will be initiated in the State of New York and
adjacent areas
by the Grain League Federation Exchange, Inc., a cooperative.
Coopera¬
in
tives
other
States
have plans
to participate in
the program under
con¬
sideration.
products for whatever percentage of original useful
properties that remain.
The
that
requirement
available to
in
will best
of
commercial
the
buying
consumers.
which
gently
to
accomplish men t
important
information
kind
meet
of
and
With
wool,
of
the
value
selling
this
of
their particular needs
Products
Labeling Act
has long been
mixture
they
of
can
wool
is
is
now
at the prices they can
other
or
fibers
willing
are
to
Suffered from
Drought
Security Administration of the United States
Department of Agriculture on July 8 adopted a four-point
plan to aid immediately milk producers whose hay and grain
crops were cut to critical levels by the drought.
The fol¬
lowing regarding the plan was reported in Associated Press
advices from Upper Darby, Pa.:
J. H. Wood FSA regional director for the Northeastern
States, said the
action was necessary to prevent distress among farmers and FSA families
and to avert a sharp reduction in the milk supply at times when even more
milk and its products might be sought for Government defense and British
aid.
'
V
1. Assist
farmer
groups
to obtain
sufficient
hay
(several
hundred thousand tons) needed to carry them through fall and winter.
■'''
scorched to destruction.
3.
Expand
a
>
FSA families with emergency loans for replacing feed
present
normal program to
for FSA assistance duo to
care
v
,v:o:
V-v;;;,.'.7
for families who had become eligible
drought.
4- Make emergency short-term loans to those higher income farmers who
may
emergency
Department
Reports $506,179,199 in Soil
Payments Made to over 5,000,000
Farmers for Complying with 1939 AAA
Program
Secretary of Agriculture Claude R. Wickard announced
on July 7 that $506,179,199 in soil conservation
payments
were distributed
among 5,576,240 farmers who cooperated
in the 1939 Agricultural Adjustment Administration
pro¬
gram.
The list sent to Congress included 43,454 persons
and concerns who received $1,000 or more each.
Total cost of the 1939 program was
$520,360,802, of which
$14,181,603 was used for local and national admisintrative
expenses, Secretary Wickard reported.
United Press ad¬
vices from Washington July 7 further reported:
Administrative expenses consisted of:
necticut.
Mr. Brand said:
Consensus of estimates of Government and industry authorities made in
recent
days is to the effect that there will be
materials
as
necessary
we
Washington, $3,094,007, other offices
Department, $1,520,269. transfer to general accounting,
Treasury and other cooperating agencies, $958,380.
In
addition, the Department disbursed approximately
parity payments to 5,475,000
persons
$212,000,000 in
who cooperated in the
1939
AAA
no
such shortages of fertilizer
experienced in the last World War.
for munition manufacture
as
well
Nitrogen, which is
fertilizer,
as
can
largely be
supplied by our own plants.
The difference between whether
adequate supplies
a
measure
upon
nitrates from
sources
or
experience
whether
Chile.
or
have
we
moderate shortage is dependent in
large
a
obtain ships for transportation of
not we can
Potash, for which
we
exclusively during the World War, is
were
dependent
upon
foreign
now produced within our own
borders in quantities sufficient for our agricultural needs.
the country to supply the demand
plant capacity is such that it
can
The efficiency of the industry's
today produce twice
as
much
as
it has
ever
been called upon to put out—this without any Government manufacture
whatsoever.
However, shortage of shipping facilities entailing increased transportation
handling costs as well as wage increases will be reflected in the price of
and
fertilizer which has through the years
other commodities which the farmer
now
been abnormally low, compared to
buys.
for accelerating production of dairy
under way, meets
a
pro¬
national need," said Mr.
Brand, commenting upon the emergency and the farmers.
He continued in part:
Our national diets
foods.
never
have included enough of these
health-building
The demands of the emergency and the Lease-Lend
further call upon the milk-producing industry.
measures-
bring
The extent to which dairy
production is being speeded is evidenced by the recommendations of State
Colleges, in areas affected by drought and low fertility, that farmers fertilize
their
starved
grass
and extend the grazing
and
drought-affected pastures in order
to
rehabilitate the
season.
Farmers have not to this day recovered from the suicidal overexpansion of
their agricultural plant during the World War. We can look with a cautious
eye
upon
temptations
to
produce
beyond
the
minimum
indications
of
emergency needs.
Power
Field and State offices, $8,608,947.
were
meetings of fertilizer executives
agricultural workers, in Shreveport, Chicago and Con¬
"The program
Conservation
year
addresses this week before
ducts,
of the Agriculture
for the coming
crops
refuted this week by Charles J. Brand, Executive
Secretary
and Treasurer of the National Fertilizer Association, in
be unable to obtain immediate credit elsewhere.
Agriculture
as
will confront the farmer in
for fertilizers for the next 3,000 years.
cooperative
by Charles J.
Association—Warns
shortages of fertilizer supplies, such
There is enough phosphate rock in
The plan would:
Refuted
Fertilizer
existed during the World War
and
The Farm
2- Aid
Fears that acute
production of
Aid Milk Producers Whose Hay and Grain
Crops
Shortage
National
of
Against Over-Production of Crops
determine intelli¬
and
Fertilizer
of
Brand
made
pay.
FSA
Fears
normal trade
a
materials,
raw
information
which
or
Wool
which
Expansion
Submitted
to
Program to Meet Defense Needs
President Roosevelt by FPC—Would
Cost About $470,000,000
The Federal Power
mitted to
Annually for Five Years
Commission, in a special report sub¬
President Roosevelt on July 16, disclosed plans
Volume
for
vast
The Commercial & Financial Chronicle
IS3
expansion of the Nation's
facilities to meet
The Commission's
program,
designed to add 13,440,000 kilowatts to the
Nation's output, at the rate of about 3,500,000 kilowatts
annually, would cost an estimated $395,000,000 to $470,000,000 annually.
The FPC suggested that the funds be
advanced by a subsidiary of the Reconstruction- Finance
a
power
Navy Orders Reservists Held for Duration of Emergency
defense needs during the next five years.
-—Senate
Secretary of the Navy Knox
be
House conference
S.
on
President by its
Olds, who participated in a White
the defense power situation.
Regarding the report Washington advices of July 16 to
the New York "Herald Tribune" said:
and equipment manufacturers," said the Power
and private utility systems
Commission report,
"we
Federal Government to
major public
convinced that the time has come for the
are
assume a
larger share of responsibility for planning
and financing the additional generating capacity required
of 1943. 1944,
1945 and 1946, in accordance with the Commission's plan.
The plan, as summarized
Orders should be prepared for steam and hydro-turbine generators
(1)
sufficient to
of
the
assure
for the next five years continuous capacity
units.
operation
for manu¬
equipment factories reserved
portion of the electrical
facture of commercial generator
unlimited
periods.
active
may
Secretary Knox's order
duty from resigning even
prohibits reservists now on
though their four-year enlistments expire.
The reservists
ber; this
was
ordered into active service last Octo¬
were
indicated in these columns of Oct. 12, page 2122.
With respect to the Navy
men in service beyond
listed
Affairs Committee
that it would be
on
a
June
Department's plan to hold en¬
their terms, the Senate Naval
27 rejected this proposal, feeling
breach of contract with the
The
men.
Navy had sought to have this provision added to a bill
requiring that future volunteers could be held in service after
their enlistment terms if
briefly by Chairman Olds, follows:
on
now
Naval reservists under the present law
for
called
also
/
"As the result of recent conferences with representatives of
July 16 ordered that the
duty be held in service for the duration of the national
emergency.
Leland
on
than 37,000 enlisted naval reservists
more
public projects
Chairman
Group Rejects Plan to Extend Service of
Enlisted Men
Corporation, such advances being made to both private and
on a self-liquidating basis.
The Commission's report was made to the
327
Congress
group approved this measure.
The Navy's request to retain
in
issue of June 28, page
our
so
The Senate
decided.
enlisted
4055.
men was
referred to
Financial commitment should be
made immediately for units to be completed in 1943 or 1944.
The resulting annual production of approximately 2,500,000 kilo¬
(2)
watts of new steam and
units
will
make
supply for
power
1,000,000 kilowatts of
possible
new
arrangements.
maximum
the
priority
defense
effort
as
Favors
Legislation
Extending
Army Men—Puts Problem up to
Congress—Gen.
Marshall
Says
Demobilization
Might Mean "National Tragedy"—Move to Use
Men Outside Western Hemisphere Abandoned
Service Period for
It will assure
conceived,
presently
assuming approximately 30 % displacement of normal loads.
(3) The orders should be based on the Commission's detailed program
subject to modifications dictated by
for the location of new capacity,
the Office of Production, Management's program of defense production.
(4) Responsibility for the placing and financing of these orders should
be assumed by the Government through a subsidiary financed by the RFC
acting upon recommendation of the FPC.
Utilities, whether publicly or
President Roosevelt declared
faces
which will be provided for their respective systems.
be
units
The Commission should
authorized to supervise the plan and to make such arrangements for
transfer of generating units to the systems as the situation may require.
(5) The
United States Corps of Engineers, the Bureau of Reclama¬
tion, the Tennessee Valley Authority and such other agencies as are con¬
cerned should construct a series of river basin projects, calling for
year,
in accordance with
basis of the regional
lation
of approximately
1,000,000 kilowatts
a
needs of the defense program.
The self-liquidating funds to
and Reserve Officers, and he disclosed
men
18) that he will send to Congress next week
urging
The
hydro
projects,
including
dams,
reservoirs,
houses, &c., but exclusive of the cost of generating units included
third will be allocable to flood control, navigation and other
drive for retention of the Army's temporary soldiers, said the dis¬
If the law is not changed, he said, the Army—* hich he described as one
its personnel returning to private
benefits.
Draft Lottery for 21-Year-Old Men
Washington—Army Selectee Picks First
After Secretary of Navy Knox Yields
Held in
Number
a
national emergency.
to
21-year-old
will be subject to call for
men
determine
the order,in
military service under the Selective Training and Service
Act
of
1940
Washington,
in
held
was
on
July 17.
the
Departmental Auditorium,
The first number
was
scheduled
to be drawn
aside to
by Secretary of the Navy Knox but he stepped
let one of the selectees, who was inducted into the
Army under the first lottery, pick the first of £00 capsules.
The number was 196.
Secretary Knox drew the second
number followed by Under-Secretary of War Robert P.
Patterson.
They in turn were followed by Army, Navy and
Marine officials, Congressional Military Committee heads,
representatives of various veterans' organizations, and
finally by a group of non-commissioned trainees.
The
entire ceremony took only about 2lA hours as contrasted
with a 17^ hour lottery last October when 16,500,000 men
between the ages
of 21 and 36 received their order numbers.
Brig. Gen. Lewis B. Hershey, Deputy Selective Service
Director, presided over the ceremony.
In a brief talk
opening the lottery Gen. Hershey said:
► The selective service lottery of last October determined the order in
which the original 16,500,000
registrants would be selected for service,
jfc This lottery tonight will determine the order in which these 750,000
registrants, the class of 1941,
will be selected for service and take their
places among their fellow registrants of last year.
Together, these men, the new and the old, are America's hope for pro¬
tection now and security for the future.
More than
House
Speaker
W.
John
Through the selective service process, each man registered is called upon
of his country.
McCormack Jr.
After tonight, a selective
man
will
service local board of his neighbors will decide
serve.
Of the 750,000 men
many
(Dem., Texas), House Majority Leader
(Dem.,
Mass ), and other opponents
of the
contend that a time extension now would constitute a violation of
trainees
The President insisted that no such bieach of contract is involved.
explained that it
It
to
impossible for Congress to foretell
He
a year ago, when
passed, what the international situation would be today.
for this reason, he argued, that the legislators reserved the right
was
revise the law
when Congress
That
was
was
and inserted the provision about the President's power
declared
an emergency.
the contract, he said, and extension of service was implicit In
its terms.
The President held
conference at the White House
a
on
the previous day (July 14)
with congressional leaders of both
parties at which it was agreed to abandon, at least tem¬
porarily, the War Department's original proposal to seek
the removal of the ban restricting use of the trainees to the
Western Hemisphere.
This provision had been included in the one of three bills
introduced in the Senate on June 10 by Senator Reynolds,
Democrat of North Carolina, Chairman of the Senate Mili¬
tary Affairs Committee, at the request of the War Depart¬
ment.
The other two bills would empower the President to
prolong the service of any Army man for the duration of the
national emergency.
In his testimony before
the Senate Military Affairs Com¬
July 9, made public July 10, regarding the reten¬
tion of selectees and guardsmen, Gen. George C. Marshall,
Army Chief of Staff, said that demobilization of the Army
at this time might involve a "national tragedy."
Reporting
on his testimony United Press advices said:
mittee
He
on
pointed out that selectees and guardsmen are Integrated with regular
Army men in practically all units.
He added that to immobilize them
virtually would destroy the efficiency of many units.
"It is difficult at this time to determine the exact
requirements of the
"However, in view of che international situation and its rapidly increasing
threat to our security, I
submit, on the basis of cold logic, that the virtual
disbandment or immobilization of two-thirds of our trained enlisted strength
Tonight, blind chance will decide when each man will be called to serve.
how each
Sam Rayburn
national interests with respect to the military personnel," he said.
18,000,000 strong, these men will make America secure.
to serve in the defense
In that event the President can extend their service
until the emergency ends.
the Act was
national lottery
raw recruits.
only 12 months in the Army unless, in the interim, Congress declares
contract with the
Second
life and their places filled by
The selective service law specifies that reservists, draftees and guardsmen
move,
second
Regarding his
The decision, he said pointedly, is up to Congress.
above, will average about $170,000,000 a year, of which more than one-
The
to Congress.
up
pute boils down to this question: in times like these do we want to disinte¬
serve
which 750,000
squarely
President, who yesterday persuaded reluctant congressional leaders
to open a
$100,000,000 a year in addition to the cost of the generator units included
in
press
of the smallest in the world—soon will be disintegrated, with two-thirds of
$75,000,000 to
above.
investment
At his
July 15 the President put the responsibility
this problem
of
yesterday (July
special message
remarks United Press Washington advices said:
units at full ca¬
The total investment in steam stations will average about
total
on
a
of the extension legislation.
passage
conference
be advanced by the RFC's subsidiary to
pacity would not exceed $150,000.000 to $200,000,000 a year.
The
ex¬
grate the Army of the United States ?
keep equipment companies producing turbine generator
power
July 15 that the Army
tending the period of service of selectees, National Guards¬
instal¬
the program and schedule prepared by the FPC on the
on
disintegration unless Congress passed legislation
privately owned, should be given an opportunity to undertake the com¬
mitment, either directly or on a lease purchase basis, for any unit or
Roosevelt
President
hydro-generating station
orderly
and three-fourths
involve
a
of
our
trained officer personnel at this time might weU
national tragedy."
He emphasized throughout
whose future will be affected by this drawing tonight,
will be selected for service with our armed forces.
called for
his testimony that the Selective Service Act
12 months of active duty "except that whenever the Congress
has declared thai/ the national
Many will be selected for service in their present occupations, or in train¬
ing and preparation for occupations that are necessary in order to equip
may
interest is imperiled, such 12-month period
be extended by the President to such time as may be necessary in the
interests of national
defense."
and to feed our armed forces and our nation.
To the local board in each community
will fall the vital task of selecting
and authorization of their use outside this Hemisphere was
issue of July
referred to in our issue of July 12, page 183.
Gen. Marshall also appeared before the Senate group on
of 130,000,000 Americans.
12, page 183.
discussed in
our
urging the retention of selectees
and protection
each man for the service he is best fitted to do for the defense
Plans for this lottery were
Gen. Marshall's report
July 17 to again emphasize the emergency facing the United
The Commercial & Financial Chronicle
328
States and to urge passage
of the bills retaining the men in
Spending in Last Half of June Raises Total
Since Last July to $17,265,232,961
Defense
Mr. Jones announced
on July 18 that the Metal Reserves
arranged to buy up to 225,000 short tons of Canadian
and Mexican lead during the remainder of 1941.
Co. has
armed services.
the
Manufacture
spending
The total of de¬
fense contracts and expenditures in the period July 1, 1940,
to last June 30 of all agencies and departments aggregated
$124,315,075 for miscellaneous agencies.
$17,265,232,961, according to the semi-monthly report of
the Office of Government Reports,
we
recently issued, which
give below:
Immediate steps to curb
thau
the
on
current fiscal year.
of July 1, 1940, to June 30, 1941
June 16 to
June 15
June 30
July 1 to
June 30
would be needed to cover this year's expenditures on an
taxes
more
The Bureau of the Budget has since
Navy contracts.a b c
U. 8, Maritime Commission— d
6,933,463,359 1,020,587,072 7,954,050.431
7,167,388,899
7,167,388,899
——
726,674,500
726,674,500
Emergency Ship Program
178,428
4,543,995
4,722,423
(Com.)
tracts awards were
469,000,000,
20,935,716
73,745,499
57,506,583
2,869,840
2,617,104
76,615,339
that
60,123,687
estimate for actual 1941-42 fiscal year
while
Housing (FWA)
(FSA)_...
54,343,541
98,219,592
678,968,342
190,422,606
2,525,661
192,948,267
March 20, 1941, for 239 small auxiliaries and
Includes $100,315,682 awarded
Includes
automobiles and other
ration
don't
civilian
con¬
figures are still pretty good," he said.
goods.
favor immediate steps to curb the manufacture of civilian commodities.
is up to Leon Henderson (Director of the Office of Price Control
I
It
and Civilian
If Mr. Henderson has a chance to do what he has
Supply) to decide which.
ahead.
hundreds of others."
but there
mean,
are
Automobiles are a glaring
Mr. Morgenthau pointed out that in April $761,000,000
$35,354,306 for defense training and records,
ex¬
had been spent
on
defense, in May, $837,000,000, in June, $808,000,000, July 1 to 15, $461,-
28, 1941.
Federal Works Administrator controlled projects in Cali¬
fornia (2), Indiana, Missouri, New Jersey (2), North Carolina, Tennessee (2), and
Texas (2); Cincinnati Housing Authority and Akron Housing Authority in Ohio;
Alley Dwelling Authority in District of Columbia,
h Includes
my
and
ample of what I
a Fourteen projects:
i
expenditures.
them
make
to
in mind defense production can go
vessels awarded May 26, 1941; cost not available,
d Excludes 38 emergency
f As of Feb.
.
his original nineteen-billion
"We have just so many factories which can produce so many
Department has allocated approximately $1,000,000,000
naval vessels being constructed in private yards.
patrol craft, not available on State basis,
e
commodities
sumption I think
1941.
b In addition, the Navy
c
v':
continue to permit the manufacturers of
we
program
today that he hoped he was wrong but declared
despite such figures he would stick to
non-defense
Ordnance
The
$6,264,000,000.
while awards for ordnance totaled $4,738,'
Mr. Morganthau said
"If
52,440,375
52,440,375
580,748,750
(Def. Training Funds for 1941)......
Defense Plant Corporation (FLA).h I..
Reconstruction Finance Corp. (FLA)...
for armament on
reached
ooo.ooo.
National Youth Administration (FSA)—
As of June 2,
had
contracts
amounted to $8,034,000,000,
Public Building Administration, Defense
of airplanes up to $11,-
awards reached a total of $6,122,-
contract
13,616,216
2,099,802
USHA Defense Housing Projects (FWA)
a
while airplane
The program for naval ships and parts came to $6,430,000,000,
000,000.
7,319,500
52,243,739
9,698,091
266,323,350
con¬
$27,318,000,000.
2,188,432
ADA,
—
Office of Education Def. Tr.
Actual United States and British
7,509,659
266,323,350
(Airport Expansion Program).
Projects (FWA).e
WPA Defense
CHA,
$3,671,000,000, according to the
British contracts amounted to
Office of Production Management.
New heavy bomber schedules brought the figure
—
Housing—FWA,
appropriated $30,000,000,000 but the total pro¬
for defense spending at the end of June had reached $49,583,000,000,
of which
Administration (Agri.)—
(Defense housing)
Civil Aeronautics Administration
Congress before the end
estimated that $22,000,000,000 would be spent.
of the last fiscal year had
gram
Army contracts
that $3,500,000,-
Mr. Morgenthau based his estimate some months ago
000
overall figure of $19,000,000,000.
July 1 to
Service
and AHA.g
be spent during the
said:
Based on press releases
Defense
than half the
no more
can
Washington advices of July 17 to the
bearing on Mr. Morgenthau's remarks
New York "Times"
NATIONAL SUMMARY OF DEFENSE CONTRACTS AND EXPENDITURES
Farm Security
goods
consumers
of the Treasury Morgen¬
grounds that, otherwise,
appropriated for defense
amount
Way to
Treasury
the
of
production of
advocated July 17 by Secretary
were
Give
Must
Goods
Consumers
Program—Secretary
Morgenthau Declares
the second
in
of
Defense
half of June totaled
$1,020,587,072 for the Army, nothing for the Navy, and
Defense
July 19, 1941
In other words, defense production had dropped, not increased,
000,000.
from May to June.
$32,422,140 for unnamed manufacturers of machine tools,
Haiti
$10,000 deducted due to reduction In original agreement.
Plant
to
Rubber
United
for
Under
States
Agricultural Expansion Agreement
Committees
Petroleum
Ickes
ordinator
Appointed by Defense Oil Co¬
Advise on Industry Activities
to
Tlie Republic of Haiti is expected in the future to supply
part of United States rubber requirements, the Depart¬
a
of
for Defense—Eastern States Asked to Reduce Con¬
ment
sumption of Petroleum Products by 20%
July "Agriculture in the Americas."
Defense Petroleum Coordinator Ickes announced
12
the
his
with
July
on
appointment of committees to advise and consult
office
ordination
national
"on
relating to the proposed
matters
the
the activities of
of
defense."
The
co¬
petroleum industry for
committees
named
were
for
the
production, refining, transportation and marketing branches
of the industry.
There will be four committees for each of
the five districts into which the country is divided in addition
to which one general committee for each zone will be named.
About 240
which
included in the list of appointments
names were
made from nominations submitted by
were
dustry.
On July 9 Mr. Ickes called
the in¬
least
on
the Governors of 16 Atlantic
explained that voluntary rationing is
necessary to avoid or at least delay, compulsory rationing
in view of the threatened shortage of petroleum in the
20%."
He
Eastern States.
essential
said, in part:
problem
is
one
The
transfer
of
The
Haitian
culture
side
sphere to Purchase Exportable Surplus of Mexican
Strategic Materials
Jesse Jones, Administrator of the Federal Loan
announced
Metals
on
July
Reserve
14
Co.
conjunction with
that
and
the
the
the
State
Agency,
Defense
acting
Agency,
through
Supplies Corp.
Department,
has
in
Hemisphere the exportable surplus of Mexican strategic and
critical materials.
The
announcement
further said:
in
graphite, lead, mercury, tungsten, tin, zinc, and henequen.
copper,
of these materials
are
needed in the defense program.
to
purchase,
amy
the
be made
The
a
parties
plan
plantations
oils,
only to points within the Western Hemisphere,
Governments
economy
to
represents
cooperate
the
fully
sincere
in
during this difficult period.
wish
assisting
and
small
new
each
other's
of
the
and
agreement
"one
of the
in
step
the
dependence
Since
August,
rubber
on
1940,
as
Agri¬
Plant
of
the smallest.
is
out¬
sources
Bureau
rubber-producing
potential
of which Haiti
Department of
areas
Several
been established, among them
have
one
for
fibers,
and
will
Mr.
to
acres,
other
and
tropical
craft
local
corporation
three
least
of
of
is also proposed
United
States
capital
Fennell, "the supervising agency for
be a Government-owned corpora¬
will
Haiti.
and
also
high-yielding
within
Haiti
to
out
carry
in
every
way
large
a
whose purpose is to foster agricultural and crafts
Fennell
The
It
crops.
in
production
increased
the expansion possible.
It
may
grow,
expects
2,500
a
aores
to
buy and
export bananas."
nor
the planting
encourage
plants
by
local
number
sufficient
growers
of
annually for 10 years.
Haitian Government agrees
for
and
states:
rubber
years,
process
markets all types of agricultural
export
products, except that it will not buy
Mr.
establishment
for
industries.
help make
authorized
.
immediate
for
6,500
Haitian-owner
assistance
enterprises in
sell
calls
also
domestic
to
and
budded
In
and
of improved strains
to
furnish
rubber plants
return
yearly,
to
plant
for this service the
give to the corporation the exclusive right to
markets, all rubber produced in the
export
republic.
'•
♦
OPM
Recommends
Five
Companies to
Manage Seven
Govfrnment Aluminum Plants—Annual Capacity
Would
Plans
to
Be Increased 600,000,000 Pounds
increase
States
by
when
the
the
annual
600,000,00#
aluminum
pounds
capacity of the
were
revealed
on
two
defense
agreement
introduction to the
national history," and cites it
inspected
have
program
.
.
business
United
desire
expansion
an
the
terms
our
States
republics,
totaling
spices,
technical
tion
at
In
program.
Haitian
develop
the
of
been made the chief
has
State.
latest
the
Hemisphere.
American
The Mexican Govern¬
decree providing that exports of these commodities may
arrangement
is
stations and nurseries
Haitian
The
surplus of these strategic commodities not sold
pdivate industry in the Western Hemisphere.
ment has issued
says:
agricultural
Haiti
of
The De¬
he says.
acres,
Mdrfranc, Haiti, which is the source of the high-producing rubber trees
ment, Metals Reserve and Defense Supplies will buy, at the market current
at the time of
Lescot
All
Under the arrange¬
adviser
adds,
Fennell
Mr.
States-Haitian
agreement
survey
Latin
15
purchase,
Included among the materials covered by this agreement are antimony ,
Elie
Western
Industry
completed
arrangements which, for the next 18 months, will make avail¬
able to this country or other countries of
the Western
rubber,
project to reduce United
the
experiment
and
Hemi¬
the
trees is planned,
to the Haitian
(rubber)
agricultural
May 6 by the Department of
According
United States and Other Countries of Western
in
example of "democracy in action."
The
to
endeavoring
means.
appearing
Although Haiti grows
eventual planting of 70,000
an
far-reaching economic steps in
the Atlantic Coast's
are
of
United
President
article,
an
50
the
of
announced
We
on
Fennell,
production
cacao,
Navy have made heavy inroads
A.
objective
of the American
transportation deficiency by every possible
now,
high-producing Hevea
rubber plantations totaling 7,500
partment's announcement likewise
tankers to the British shuttle service and the diversion of others to the use
to overcome this
rubber
article
an
Government, writes in the current "Agriculture in the Amer¬
banana
customary means of receiving petroleum products.
in
says
icas," monthly publication of the Office of Foreign Agri¬
cultural Relations.
The immediate objective is to establish
for
of transportation.
of
Thomas
at
Mr. Ickes' letter
Our
commercial
no
acres
most
Coast States to lead "a voluntary effort having as its aim
a reduction in the consumption of petroleum products by at
Agriculture
July
14
warded
to the War
Office
of Production
Management for¬
Department for approval the
names
of
Volume
five
num
the
companies to operate seven Government-owned alumi¬
plants.
The construction of these plants would raise
aluminum capacity to 1,400,000,000 pounds annually,
imports from Canada further increasing this amount
by 200,000,000 pounds.
The following regarding this expan¬
with
reported in Washington advices of July 14
sion program was
"Times":
to the New York
of America was recommended to manage
Co.
The Aluminum
400,-
Government-owned plant for the production of
another
operate
Production of alumnia from bauxite
000,000 pounds of alumnia annually.
is
three plants
Alcoa also was recommended
340,000,000 pounds.
with a total capacity of
to
preliminary step in the manufacture of aluminum.
a
the War Department by W. L. Batt, OPM deputy
The program sent to
production director, called for these new planter
Aluminum Co. of America, Massena, N. Y„ 150,000,000 pounds.
ings" had been adopted, to be called a "master preference
numerical list," which would be applicable to machine tool
orders
planned previously to put an additional plant in
Southeastern
ordered machine tools
standings as to urgency.
One of the reasons assigned for the hew set-up is that it will give to
British orders an equal standing with Army and Navy orders.
Heretofore
some
British orders have not carried preference ratings high enough to
assure
delivery when needed.
Therefore, it has been decided to "freeze"
the British tool orders hitherto placed and make sure that deliveries are
on
the list who have
to their relative
*"
new
specified
orders
high-rated
of
the
a
delivery schedules, Mr. Stettinius
become
not
will
mandatory until the
and
"period of gTace"—30 days for some tools
days for others.
1
North
OPACS
''
,
-
,
>•;
^
Preference to Manufacturers
Gives
plants to be operated by the Union Oardibe &
Carbon
itself.
It was said
that Alcoa had agreed to cooperate in the training of technical staffs for
the operation of new plants.
Corp. and do this without profit to
Maintenance
and
because of a power stringency in
area.
the Olin
and
contractors
way
expiration
60
The OPM said that Alcoa, which until recently was the sole producer
in the United States, had agreed to design and supervise the
Co.
this
In
would he rated according
said,
of aluminum
construction of the
.
July 8, to the
i
pounds.
Corp., Tacoma, Wash., 30,000,000
Carolina, but it was shifted to Tacoma
the
>
To minimize interference with existing
Reynolds Metals Co., Lister, Ala., 100,000,000 pounds.
Bohn Aluminum & Brass Co., Los Angeles, 70,000,000 pounds.
had
only.
Describing the plan, Washington advices,
New York "Herald Tribune" said:
made when needed.
Alcoa, Bonneville-Grand Coulee area, 90,000,000 pounds.
Union Carbide & Carbon Co., Spokane, Wash., 60,000,000 pounds.
Officials
Management.
Edward R. Stettinius Jr., Direc¬
said that a new listing of "urgency stand¬
Production
tor of Priorities,
Alcoa, Arkansas, 100,000,000 pounds.
Olin
329
The Commercial & Financial Chronicle
153
The Office of Price Administration
ordered
on
and Civilian Supply
July 12 that makers of repair and maintenance
parts for automobiles, trucks, tractors and
ment be
of Repair
Parts
household equip¬
given preference in obtaining materials over manu¬
facturers of other civilian
to be administered by ^the
The allocation program,
goods.
OPM, "is expected to reduce to a.
diver¬
resultant cur¬
durable goods production.
By main¬
minimum the inconvenience to the public caused by
Aluminum, Cork and Copper Head List
OPM Reports
of Scarce Material#
In
report
recent
a
major shortages of materials for
on
sion of raw materials to defense needs, with
tailment of consumer
taining supply of repair and maintenance parts
in existence can be kept in operation."
The report, prepared by
Robert E. McDonnell, chief of conservation and substitution
for the OPM, noted a sudden rise of copper to prominence
on the list of shortages, and the marked easing of the zinc
scarcity of three months ago. Washington Associated DPress
Items covered by the program
the scarcest materials.
copper are
basis
the
burners and automatic stokers.
Employees of Air Associates,
Mr.
production,
McConnell's figures
showed,
only 300.000 tons of copper will be available annually for civilian purposes
after meeting Army and Navy requirements of 1,260,000 tons.
Normal
civilian demands amount to 800,000 to 900,000 tons.
The present ratio
is about two tons available
extensively
Zinc,
and
sion
for
conserved
There is still a shortage, Mr. McDonnell
garbage cans, buckets and fences.
induced by a slight
said the metal'could then
said, but a stimulation of production, such as could be
price upturn, would virtually eliminate it.
He
be removed from the priorities critical list.
showed the civilian demand for aluminum is 15
McConnell's report
Mr.
than the available supply after defense needs have been met.
times greater
A strike
OPM
to
Says
Could Be
Consumption
Tin
by Three-Fourths by Substitution
Be Reduced
special committee of the National Academy of Science
A
reported to the Office of Production Management on July 9
that it believes that at leiast three-quarters of the tin ordi¬
narily used in the United States could be replaced
this
report
a
"Times" said:
York
Recommended by the committee
further
substituted
for
the
of
conservation
accumulation of
da
the most ready means to bring about
actual emergency or io facilitate
in
metal
of
tin
the
about
solder.
in
tin
same
prices
Forty to fifty pounds
cost.
all-out
"By
material
raw
silver, the committee added,
cost
for
2%%
solder
in every possible line," the committee said,
special equipment and at least
substitution
require construction of much
would
"which
and at
is practically
composed of 45% tin and 55% lead.
pounds of
five
to
the
identical with that of solder
hardship,
temporary
would effect all-out replace¬
solder at
of tin may be replaced by
solder, the committee told OPM, and supply a
in
one-half
and
two
present
that silver be
adequate stock pile, was the suggestion
an
Sixty-six million ounces of silver annually
ment
and that
supply most of the remainder.
Regarding
Washington dispatch of July 9 to the New
could
Bolivia
is
it
believed that at least three-quarters of the tin
ordinarily used could be replaced.
This means that domestic smelting of
Bolivian ore would supply most of the irreducible minimum."
The committee estimated replacement of tin in solder, plus the reduction
in
already being made by can manufacturers at request
use
lower
It
was
event
of
tin
emergency
sphere it would
was
of OPM, would
consumption by 25%.
said the tin stock pile could be brought to such size that in the
total
interrupting imports from without the Western Hemi¬
while new equipment
be adequate to meet essential needs
being built and new techniques adopted.
conservation steps recommended by the committee included the
Other
following:
and
Restrict
use
of
new
use
lead-base
Reduce
on
Employees of the New York City Omnibus Corp.
the Fifth Avenue Coach Co^ Win Pay Increases
The
babbitt.
amount
of tin
models of old types
drivers,
conductors,
garage
and
workers,
employed by the Fifth
Avenue Coach Co. and the New York City Omnibus Corp.
and its affiliates will receive improved working conditions
and wage rises ranging from two to eight cents an hour
under an arbitration award made public on July 16, 1941, by
William H. Davis, Chairman of the National Defense
and
maintenance
men
Mediation Board.
In reporting the Mediation Board's award to the em¬
ployees the New York "Times" of July 17, said:
"Sr. Davis's appointment by Mayor La Guardia on March 22 ended the
surface transportation in Manhattan
transportation. The stride had
affiliate, after failure
of negotiations for new collective bargaining agreements to replace con¬
tracts that expired on Feb. 28.
The terms of the Davis award will be in¬
corporated in new agreements that will run through April 30, 1942, and will
12-day bus strike that tied up 90% of
and
deprived 900,000 persons a day of bus
been called by the
Transport Workers Union, C. I. O.
be retroactive to March 1,
1941.
rise of two cents an hour for the 1,200 bus
The Davis award granted a
conductors of the Fifth Avenue Coach Co., increasing the top
83 cents and that of conductors to 76 cents. The union
of $1.01 for drivers and 93 cents for conductors. On
YorK City Omnibus lines the drivers, clock men, fare collectors and
drivers and
rate for drivers to
had demanded a top
the New
tally men obtained a
94 cents, compared
Mr.
rise of four cents an hour, increasing the top
rate to
with the $1.1234 asked by the union.
Davis made public his
awards without comment and without ex¬
planation of the process by which he reached his decisions. Nor did the
of the awards disclose the additional operating costs imposed upon
The terms of the strike
companies.
awards must not add more
text
the
settlement agreement stipulated that the
New
to those of the
than ^750,000 a year to the expenses of the
Omnibus Lines or more than £250,000 a year
The terms of
St.
the awards were explained by
The award is
tubes and avoid tinfoil for
and 34th
by the bus
the union, hailed
strike of last
probably in galvanizing.
request for can manufacturers to reduce their use
of tin was referred to in these columns May 10, page 2957.
The
officers of the union at a mass
in Manhattan Center, Eighth Avenue
binding and does not require ratification
Before the meeting Michael J. Quill, International President of
Mr. Davis's decisions as ample vindication of the 12-day
employees.
.
allowed for solid tin
wrapping purposes.
Eliminate tin for pewter and
bus
3,500
mechanics
meeting of bus employees
tin for cast or wrought bronze.
Adapt bearings in new types of machinery and new
to
division of the Labor Department
July 12 to confer with both sides.
conciliation
the
Fifth Avenue system.
can-making industry,
substitution.
forcing
July 11, at the Air Associates plant
O. in
alleged lockout of one hundred union mem¬
bers and an alleged illegal layoff of seven workers.
More than 80 members of the U. A. W. of America picketed
the plant of the Air Associates, Inc., manufacturers of
airplane accessories on July 12, but a good part of the day
shift reported for work as usual.
Representatives of the Office of Production Management
York City
Expand use of glass containers where feasible.
Decrease the total amount of tin allotted to the
on
mobile Workers of America, Aviation Division C. I.
arrived
Report
called
was
Bendix, N. J., by members of Local 700, United Auto¬
at
protest against an
five tons of demand.
every
galvanizing other metals to prevent corro¬
by thinner coatings on such items as
for
used
been
bag
rust,
Inc., at Bendix, N. J.
Strike
present
of
include:
and tractors, household refrigerators,
plumbing fixtures and furnaces, including oil
trucks
automobiles,
Passenger
stoves, ranges, water heaters,
advices, July 5, said:
On
such goods
now
it was disclosed that aluminum, cork and
civilian purposes
March.
Under the awards
the Fifth Avenue drivers and conductors
nine-hour day with time
swing time
will work the
for
and one-half for overtime, straight hourly rates
exceeding two hours a day and other concessions. On the New
lines time and one-half will be paid drivers and other
Yor* City Omnibus
OPM
Revises
Machine
Plan to
A
ncHv
machine
priorities
tools
was
Tool
Priority
System—New
Rate Orders by Urgency
plan
designed
announced
on
to
speed
delivery of
July 8 by the Office of
transportation department workers for
and straight
In
time in excess of eight hours a day
hourly rates for swing time in excess of one hour a day.
shops and garages of the Fifth
the mechanical departments,
system the
helpers,
cleaners,
Avenue
hour for
oilers, elevator operators, and other workers, to eight
award granted wage rises ranging from four cents an
The Commercial <£• Financial Chronicle
cents for
blacksmiths, electricians and other classes of repair shop men.
On
the New York City Omnibus lines garage mechanics, electricians, battery
repair mechanics and truckmen will get eight cents
hour
an
more.
Officers of the union and the companies are computing the total increases
in operating costs due to the awards.
rises
The employees
are entitled to pay
dating from March 1, as well as time and one-half for all overtime
worked since that date, on the
lines
and
the
A
basis of the nine-hour day
eight-hour day on those of the New
system.
;
* ; •
V
.
.
the Fifth Avenue
on
York City Omnibus
dowm within the year unless
they are able to convert their
production to defense work."
Vice-chairmen of the large
committee, comprising 63 members from all parts of the
country, are Stuart W. Cramer Jr., President Cramerton
Mills, Cramerton, N. C.; Malcolm Muir, President and pub¬
lisher
of
National
"Newsweek":
Biscuit
Describing
i
previous reference to the strike appeared in
issue
our
July 19, 1941
E.
Roy
objectives,
committee's
the
The
committee
is
particularly interested
Other
Defense
Producing
Plants,
According to
Despite the obvious need for aluminum in civilian,
defense
industries,
D.
Walter
Fuller,
President
non-
of
the
National Association of Manufacturers, on July 14 revealed
that
real
no
aluminum
shortage
has been
evident
plane and other defense producing plants.
telegraphic survey
duction
vital
by
of 20 airplane and
indicates
centers
armament
that
equipment
in
air¬
"A nation-wide
been
not
delayed
pro¬
to
date
optimistic and manufacturers
there is enough aluminum
state
teed
them
to
to
fill
virtually
either
on
hand
defense
all
or
guaran¬
orders
the
this
followed
minimize
it relates to the
as
it
is
by
now
industry,
policies which
be
should
labor
and
depression.
problems in greater detail and
to
occurring today and may
are
making recommendations
post-armament
any
tries,
It
is
page
Mr.
future
Hillman
control
labor
of
the
in
a
supplies.
shortage
as
over.
other
is
industries
is
that
In
Office
of
possibility
a
we
in
and
materials.
of
Director,
there
booms
with
prosperity
be in
may
industries
some
of
for
a
and
communities.
endeavoring to study the extent
these problems and to make suggestions for meeting
of
which
manner
best
will
now
the
serve
and employer while at the same time
at its
is
problem of civilian indus¬
Associate
that
The result
Policy Committee is
implication
them
period
armament
producing for direct defense
the
of
Hillman,
indicated
depressions in
Economic
not
are
because
has
selective"
"post-armament
and
which
[Sidney
Management!
to
these
instances being threatened by complete stop¬
many
curtailment
serious
or
Production
in
order
in
analyzing
now
will presumably make recommendations
followed when
that is, those industries
are
policies which
to
as
government
The committee is especially concerned over the
needs and which
cur¬
post-armament situation which
future.
near
connection
be
should
The
Warnings have gone out from suppliers of a possible tem¬
porary shortage,
Mr. Fuller made known, "even though
those aluminum producers are
In
production
defense-created
shortage of the white metal," Mr. Fuller asserted.
a
exist, those violent dislocations which
increase in
addition,
other defense
production and delivery of
has
defense
may
Survey by National Association of Manufacturers
McCabe
Mr.
in the economic aspect of
rent
Airplane and
President
stated:
of March 22, 1941, page 1847.
No Real Aluminum Shortage Evident in
Tomlinson,
Co., New York.
interests
of
labor
consumer,
enabling the defense effort to continue
present accelerated pace.
in
now
process."
Mr. Fuller's statement was predicated upon a two-fold
investigation of both aluminum producers and those manu¬
facturers
employing
aluminum
in
fabricating defense
American
Silver Producers' Research Project Makes
Progress Report After Year of Activity at Bridge¬
port Plant of Handy & Harman
equipment.
The American
In commenting on the
There has
been
Mr. Fuller said:
survey,
great deal of confusion
a
In the public mind
controversy in the press whether defense production has been held up
being seriously delayed by the reported shortage of aluminum.
There
future
is
is
defense
current
no
that
assurance
the
as
there
no
such
should
discourage collection of aluminum
conserving the civilian
however,
not
and
utensils
much-needed
or
develop
the
interpreted
be
not
household
this
of
use
shortage might
a
expands,
program
shortage
or
is
in
the
most
metal.
produc¬
a
J. Louis Reynolds, Vice-President of Reynolds Metals
Co.,
Production
far
as
speed
and
as
and
and
this
is
fabrication
aluminum
concerned,
constantly attaining
fully equipped
alumnia
an
: 7-,7
for
has
been
greater
ever
plant
national
and
defense
achieved
volume.
purposes,
with
amazing
have
We
metal
two
producing
aluminum
metal
of
premium
erected
reduction
purity.
During
June
Louisville fabrication plant produced 1,500,000 pounds of
high quality
strong aluminum alloy sheet for the aviation industry and our custom Tod
mill, the same month, produced and shipped 1,000,000 pounds.
Aluminum
shipments for all defense purposes last month exceeded 4,000,000 pounds,
our
production
a
which
Reynolds Metals
the end that
this
Co.
will
company
pledges
all
multiply four times by
facilities
Reports from defense producing
Larger companies,
the
smaller
experiencing
fall.
has since
it
as
The
1939,
to
American defense industries will not lack this vital metal.
familiar with
more
ing ahead" have been able
of
now,
to
The
difficulties
some
in
obtain
to
proper
priority
rating,
getting delivery of the metal, the
check
no
aluminum
showed,
with
is
being
obtained
manufacturers
turning to substitute metals
or
by
either
non-defense
laying
off
few
large
&
electroplated
and
the
supply
house
the
in
chemicals.
This
and
been
pails and
or
time
it
is
At
cans.
issued
report,
of
One
not
of
is
present
sufficiently
products.
seriously considered
In
the
the
In
places where
resistance
available
most
deposits
sheet
nietals
what
deposit.
It
needed
packaging
also
have
units have
far have varied and at the
so
in
cases,
some
be
hoped
is
some
being
are
materials because
it
has focused
used,
that
for
silver
aluminum.
from
the
plating
on
qualities,
for
as
electro-
of
use
under-
an
under
are
tin.
corrosion
Silver
nickel,
for
atten¬
and
its
these
possesses
experiments
be derived
nickel
to
way
corrosion-
a
followed by a hard, wear-resistant chromium
the
that
been
has
of
containers
metals
substitute
a
at
packaging
aluminum,
apparent
series
may
lined
degree than
as
A
to
corrosive
for
since
use
this
now
for
true
base
many
it
better
in
containers
of
lacquers is not adequate.
substitute
substituted
plating.
not
packaging
aluminum
foil
even
is
it
those
run
be that they
to
appears
over
general
metals and
a
as
advantages
is
for
investigated
chrome
the
scarcity of
or
an
being
are
for
for
coating
why containers,
instances silver
some
reflectivity,
can
to
purposes,
coating
the
chemical
a
experimental
containers
but
case,
tested
silver
high
or
an
of
one
and
can
plated
some
advantages
For
of other
the
of
use
superior
and
months
recent
on
silver lined
cost.
the corrosion resistance
tion
lined
silver
a
determined
been
of
undoubtedly
specialized
project
as
kept busy
satisfactory and in others, products have been contaminated.
additional
the
promise
been
time
present
the
silver
a
with
The results reported
not
the criticisms
give
show
to
the
cooperating with
Containers
has
have been quite
In
continues
packed with different commodities and
present
metals,
two
for
national
defense,
trays,
toasters,
waffle irons
which
aluminum
used
are
and others,
and
nickel,
badly
refrigerator
can
shelves,
be replaced
in
at
ice
least
in
part by silver.
project
has
also
conducted experiments
of extruded
tubing made from
strength of
2,500
tin,
plastics.
The
work, still in the early stages, is progressing satisfactorily
been put into service.
do
coatings
development
promise.
shows
are
industries,
Harman.
project's pilot plating plant has
manufacturers
can
cube
survey
employees
of
for silver
The
Practically
Handy
recently plating drums,
showed.
the
field
outlet
determine
"look¬
a
of
resistant electroplate of silver
areas are as follows:
priorities procedure and in
keep stock for current orders, while
failing
concerns,
at
The
July 11, follows, in part:
warrant
plants*
completed in less than six months, is already in volume
The first of these,
operation,
is
company
of
of activity
year
project, formerly located at the National Bureau of Stand¬
laboratories
55,000,000 pounds of ingots in August.
company stated that it has a backlog of
5,000,000 pounds of standard size, high alloy sheet alumi¬
num
for airplane "skins" crated, inspected and
stamped,
waiting order from the different airplane manufacturers.
This "backlog" is kept at 5,000,000 pounds,
supplies being
replaced the day after an order has been filled.
7. '.':;77'.
a
plant of Handy & Harman.
ards, Washington, D. C., was reorganized June 1, 1940, and
addition, the
;\7.
(Conn.)
the research program and activities were transferred to the
54,000,000 pounds, 4,000,000 pounds above its
reported:
States, has completed
Bridgeport
of
tion of
In
spon¬
methods
other
optimistic production estimate, and forecast
Project,
to
reported to the N. A. M. that ingot production this month
total
Research
effort
an
Aluminum Co. of America, through its Pittsburgh office,
would
United
the
the
in
Silver Producers'
sored by several of the leading silver producing companies
finding
mere
as
the
over
pounds
obtained,
was
and
this
is
determine
to
the
3.5% silver-96.5% tin alloy.
a
inch,
square
per
almost
or
apparently
far
in
double
excess
strength
A bursting
that
of
any
of
working
pure
encountered in distilled water linc-e where this material is finding
commercial use.
Tests on threaded joints showed that the alloy had a
pressure
National Association of Manufacturers Forms Economic
Policy^ Committee
facturing
Study
to
Industries
Production
Not
Problems
Engaged
of
in
Manu¬
Defense
Confronted with problems created
by the effect
on
thou¬
working materials, the newly-
Committee
Economic Policy of the National
Association of Manufacturers last week
opened a series of
discussion
New
York
Paper Co.
and
on
study
City.
sessions
Thomas
B.
with
leading economists in
McCabe, President of Scott
of
Chester, Pa., who announced his acceptance
chairmanship of the committee, revealed the scope
of
the
of
the committee's
considerations
with
the assertion that
"the impact of guns, shells, tanks and
planes upon our here¬
tofore peaceful butter and
egg economy may have greater r
repercussions than anv bomb deliberately fabricated to
create
or
havoc.
even
It
is
thousands
not
of
it
would
if
the
the
3.5%
Interest
sands of manufacturing
plants not entratred in defense pro¬
duction due to shortage of
organized
25% greater than joints made with
installations
distilled water lines
and
silver
5%
feasible
seem
tubing
were
silver-tin
to
pure
tin
threaded
use
tubing.
For
connections
in
made of the silver-tin alloy.
Both
alloys are finding applications as
solders.
•
v
tensile strength
certain
at
all
improbable that hundreds,
be shut
manufacturing plants will
place
of
There
that
continues
the
are
standard
many
large saving in
a
50-50
the
these
solder
tests.
The
and
larger
can
alloys
to
■
the
possibilities
lead-tin
reasons
this substitution.
of
in
joints
equally
data
on
satisfactory
as
are
can
among
can
actually carrying
actual
J---'7. :7:7;-''77';
-v:;'':7\,''
lead-silver
using
and important
solders
making
them
in
machines.
is the
fact
the use of the strategic metal tin would result by
2%% silver-lead alloy is cheaper than the standard
manufacturers
obtain
of
alloys in automatic
this,
for
.
operating
>
be
obtained.
on
experiments with
conditions
;777'''7'7'">';V \'77;;.7
and
Many
service
'
Announcement is also made that the Silver Project's Fel¬
lowship at Lehigh University has continued with the
sion studies of silver.
include not only
study of
which
a
may
a
corro¬
The corrosion tests made, it is stated,
study of different chemicals hut also
large number of different commercial
be manufactured in silver
aged in silver containers.
equipment
a
products
or
pack¬
Volume
The Commercial & Financial Chronicle
153
Impact of Defense Activity Heavy on Dwelling Use
and Widespread on Industrial Construction, Finds
National
>
Association
Real
of
Boards
Estate
in
4.
year
estate
prices
of all cities in
70%
designated by President Roosevelt as
areas
"defense areas," according to confidential reports from
made
cities
National
the
to
Association
of
211
Estate
Real
Boards in its thirty-seventh semi-annual survey of the real
estate
market,
public July
12.
Turnover
is more
83% of
cities in defense areas.
Impact of defense activity shows itself most plainly in
and industrial real estate use is registered by
the survey in these important ways:
residential
absorption
Increasing
presidentially-designated
of
dwelling
defense
as
particularly in those
space,
areas
Practically universal rise in residential construction costs.
Rise in residential rents, but one which in 62% of all cities report¬
ing and in 59% of defense area cities is still insufficient to justify resi¬
dential building for investment at today's construction costs,
4. A tremendously significant shift of the great volume of present-day
home building to the $3,000-$4,500 price range, with the under-$3,000
of
industrial
of ail the reporting
usable
But
and
areas
But
of
defense
to
available
still
space
less affected.
in
that
in
rentals
and
housing
the
districts
central
community
b.
residential
existing
to
use
local
that local agencies and local com¬
says
points out that modifica¬
of in these steps, and
be
in
necessary
communities to assure full
some
The committee suggests
utility services.
agencies may promote efficient use of
government
by:
resources
use.
means
for quieting tax titles and for liberalizing the
municipalities to acquire, lease, or dispose of lands; and for
reassembling parcels in dormant or abandoned subdivisions.
c. Developing
land control regulations to facilitite the development of
stable neighborhoods of low-cost dwellings.
To hasten local action on these matters and to stimulate use of the
of
advanced
most
methods,
the committee
recommends
further
that the Fed¬
Government formulate model legislation and regulations
eral
in the above
fields.
addition to Chairman
In
Committee
Lillian
on
are
space
up
as
Housing
M. Gilbreth,
Hoagland the members of the
are:
engineer and Professor of Management, Purdue Uni¬
versity.
Frank P.
Henry
the
Graham.
I.
John
in defense areas.
President of the
Harriman,
United
Arthur
former
University of North Carolina.
President
Chamber
of the
of Commerce of
States.
C.
architect, of Holden, MfcLaughlin & Associates and
Holden,
York
New
Building
Congress.
Unions.
91% of the cities in defense
comparatively unaffected.
a year ago in
A.
Lapp, formerly National Referee International Building Trades
T.
William
Farm
head
Mvers.
Management,
Farm
Federal
of
the
Department of Agricultural Economics
Cornell University, and formerly President of the
Corporation.
Mortgage
compared to
country.
industrial
and
Committee
may
Instituting
powers
59%
Office
space
up
in 13%
Thoughtful programs under way in the individual cities to make full
of
facilities
transit
additional
&. Revising zoning ordinances to make available, exclusively for housing,
surplus lands now designated, but not required, for commercial and
the
to
past year in
reporting cities.
7.
use
Housing
present laws
State and
and
Office
one-fourth of the cities of the
over
within
on
84% of all cities reporting.
business
well
both
going
cities and in 75% of those that
space
Fund's
Vice-President
construction
industrial
in
Business
6.
importance
erreat
of American cities.
New
5.
in 7% of the cities, a
already the commonest type of construction
development
of
be taken of the widest possible commuting
areas.
3.
future
development
of land already supplied with
use
2.
house
the
mittees should be made
tions of
industrial
made
active in 71% of the cities of the country and in
1.
The
they were a
in 58% of the cities of the country, and in
ago
of
full advantage may
From the announcement in the matter we also quote: *
higher today than
are
that
area.
Semi-Annual Survey
Real
Stimulation
assure
331
space,
keep
healthy
Use of Existing Industrial Buildings to
Speed Defense
Program Urged at National Conference of Society
Of Industrial Realtors—Survey of Uses for Ex¬
panded Industrial Facilities After Crisis Is Over
balance
between housing demand and supply.
Shoud Be Made Now
Real Estate Interests Urged to Act to Prevent Excessive
Rent Increases, Thus Avoiding Rent Control Laws
—Suggestion Made in Defense Housing
Published by Twentieth Century Fund
estate
profession should take the lead in
excessive increases in
rents
if
it
City
July 10 andl 11, at winch time the present situation
on
respect to
industrial real
pre¬
to avoid
wishes
industrial real estate sponsored
on
by the Society of Industrial Realtors was held in New York
in
The real
venting
Survey
A national conference
real estate
use
estate supply
and industrial
it relates to the defense emergency and
as
Walter
to
one
of the suggestions
the future of American industry was
S.
Schmidt, President of the society, emphasized the need
of
This is
arbitrary rent-control laws.
scientific location of industrial plants both to
for solving defense housing problems made in a recent sur¬
"Housing for Defense," published by The Twentieth
vey,
The Fund, which
Century Fund.
was
established in 1919
by the late Edward A. Filene and endowed by him, is a
foundation
for
in
research
current
economic
problems.
According to the report, one of the knottiest problems con¬
nected with defense housing is the question of rent control.
As
a
the committee presenting the report
general policy,
recommends that laws establishing arbitrary control of the
rentals
of
privately-owned property "be adopted only as a
resort, where a sufficient supply of reasonably-priced
housing cannot be provided."
Before this condition makes
drastic action necessary the committee urges two main
last
a.
of
Efforts
make the
the industry and to stabilize cities in
relation to their industries.
J. S. Bradley, President of the
location helpful
to
J. S.
Bradley Co., Toledo, Ohio, urged the immediate under¬
a country-wide study to see that ways and means
developed for using the expanding industrial facilities
after the present crisis is past.
The discussion on July 10
also brought out the following:
taking of
are
Industrial
for
of
10
extensive
available,
a
is experiencing the
liveliest demand it has known
with increasing prices and with rapid absorption
most-wanted
the
with
real estate
years,
going on
"stream-line"
one-story type of factory buildings, but
of usable
manufacturing and warehouse space still
amounts
asset which,
national
to
speed
the defense
program
and to
keep the national economy in balance, should be put to use, minimizing
the need of resort to new construction.
alternatives:
to
reviewed.
local
real
boards
estate
and
property owners'
associations
bring about voluntary acceptance of reasonable rental scales.
b.
Denial
owners
of
of
privilege
registry
properties where
by official
rentals
are
or
quasi-official
agencies to
Sir Kenneth
Among the points of real estate policy recommended in
the Fund's report for communities faced with the problem
of providing housing for
the
Agency to Increase Trade
workers in defense industries are
In the United States, as the
following:
More
intensive
use
of
existing lots,
before development
facilities
Lee, Representative of British Industrial
Export
Council, Speaking at Meeting of
National Foreign Trade Council, Discusses Aid
Under Lend-Lease Act—Main Purpose of British
and
deemed exorbitant.
of
new
existing housing and public
districts
or
service
communities.
Campaigns for repair and conversion of older properties.
Systems of voluntary rent controls: revision of zoning
necessary.
"
'•
'
a
laws
where
representative of the British
Industrial and Export Council, Sir Kenneth Lee
luncheon
India
meeting in
House,
New
addressed
York City, on
July 10, as the guest of the National Foreign Trade
Council,
explaining the object of the organization which he
and in
Simplified procedure for foreclosing tax liens and clearing,tax titles.
represents he stated that "the Industrial and Export Coun¬
On the
question of making use of existing resources in
cil, which was set up by the Prime Minister in February,
housing the report of the research staff, which was headed
by Miles L. Colean, says:
1040, is the central authority responsible for ensuring the
Nearly all of
growth,
.
in which
idle
.
cities have been laid out well in advance of anticipated
Much expansion remains as completely vacant subdivisions,
.
large investments in streets, siwers and other public utilities lie
the
in
our
ground.
Ill-advised and
...
haphazard
development may have been, it has created important
as
of
this
which
may
much
resources,
The research
Twentieth
findings, says the announcement from the
Century Fund, .July 13, were reviewed by a
Housing, which used them as a basis
of action.
Chairman of the
E. Hoagland, Professor of Business
Finance at Ohio State University and formerly member of
the Federal Home Loan Bank Board.
In outlining specific
policies for communities in areas of defense activity, the
committee urges four main steps:
for
on
recommended program
a
committee is Dr. Henry
1.
The
vacant
2.
to
a
registry service
for vacant
dwellings afnd for
through the services of public and private local agencies.
Local campaigns,
make
3.
establishing of
rooms
vacant
Repair and
rooms
through the same media, to encourage householders
available to the market.
eon version
campaigns, utilizing the facilities of Federal
agencies, local lending institutions and municipal building departments in a
coordinated endeavor.
possible export development under war-time con¬
ditions, and for dealing with questions relating to the allo¬
cation of raw materials for export industries and other
similar
Council
questions.
As it was impossible for the Export
to deal with individual firms, each industry has
groups."
He added
organized (or
in course of formation), and these groups include textiles,
hosiery, boots and shoes, lace, * carpets, apparel, pottery,
glass and glassware. The policy of the Export Council is
to give preference to those measures to assist export which
involve the least interference with existing channels and
established practices."
He further said that "another side
of the work of the Export Council is to let people know
what British goods are available and where they can find
been
halp to lessen the impact of the emergency.
special Committee
maximum
or
is being organized into export
that "there are now some 200 groups already
We
them.
In
references
address
part:
Since
Britain
have already
received very valuable help from
goodwill organizations in this country."
many
to
mv
still
which
he
made
Sir
America I have often
been
arrival in
needs
to
sell
goods
course of his
Kenneth said, in
during the
the lend-lease measure.
here after the
asked
passage
why it is Great
of the lend-lease
The Commercial & Financial Chronicle
332
and
enactment,
how
United
the
to
of
it
States
is
seeing that
America,
still
able to export goods
we
are
supposed to be short
Britain
that Great
is
of
France collapsed
We
French
of
fleet,
had
France
lost
last June
help of
the
monetary
been
taking
position might well have appeared
our
the great
French
of
resources,
French
industry,
all
at
blow.
a
then—she had indeed somewhat greater resources of gold than we had.
till
Thereafter
had to fight
we
valuable
our
An
important
had
been
supplies had
of our
part
Scandinavia
France and
trade to
export
those
from
come
lost.
was
no
can
■
.
countries,
and
to
addition
these
but at the
time
same
cannot
we
have to import from North America, in
supply of war materials of
North
from
imports
America,
kind.
every
by which alone
To
the
The
them,
take
and
by
France collapse,
that
exhaustion
of
That
pay
was
modest
some
far-seeing
to
reserve
but it still
decision,
incurred,
and.
of
leaves
seen
was
to
for
pay
but
States
long
that
as
is
pendent than
supplies.
ever
The
that
prior
the
to
that
the nearest countries
to
answer
the
with
it
and,
so
in
this
war
from
which
we
they
as
we
de¬
more
are
(practi¬
are
able to get
are
any
"How is it that Great Britain
question,
that she
Government
supposed to
is
regulation
of
the
be short
life of
of
the
can
everything?"
is
has
people at home
possible.
is
of
other
also
course
the most
of
one
such
factors
the
important
concentration
but
measures,
there
of
industry, mass pro¬
duction, working longer hours, and working harder, saving Waste, and of
the
course
sell
can
that
thpre
like
purchase most of
When
talk
we
of America
What
you
shall
we
will
to cut
We
Canada,
to
goods
more
do
the trade
is
certainly
war.
and
and
America
action
in
of
the
view
through
had
found
possible
close
business
be
to
international
we
can
be sent
we
require
which
to
supply
hope that
increased
this
States
that
mean
States
we
manufactures. >
of the articles
some
the
the United
to
does not
this
United
of
making
the
reprisals.
should give way
and
cooperation
for
elimination
as
of
that
'
,
Following
men,
incompatible
after the war to a
provoke trade
differences
of
to
eco¬
practice
The
conferences.
been
and
war
be
same
the
into
American
Avith
joint
relations
during the
should
it
Kingdom
understanding
enjoy
trade
that
Board of
problems
review of
a
both
markets,
United
the
for
opportunity
foreign
conclusion
the
Kenneth's
Sir
of
remarks
Eugene P. Thomas, President of the Foreign Trade Council,
advised the
speaker that the National Foreign Trade Coun¬
cil will gladly cooperate
maintain
to
good
trade with
understanding
with him in furthering his "efforts
United
the
between
States
the
and
business
to establish
both
of
men
countries."
Charles A.
sales
of which
we
able
are
country of European
Lindbergh in Letter to President Roosevelt
Appear Before Any Committee to Discuss
Foreign Connection and Asks
Apology from Secretary Ickes
Offers to
Activities—Denies
for
Charles A. Lindbergh, in a letter to President Roosevelt
made
public July 18, denied that he had
with any
any
foreign government and asked for
an
connection
apology from
Secretary of the Interior Harold L. Ickes concerning state¬
ments
recently made by this member of the President's
Mr.
Lindbergh had reference to Mr. Ickes's
implication, that he is connected with the interests of a
foreign government and the Secretary's criticism of him for
accepting a decoration from the German government in
1938.
Asserting that he will willingly open his files to any
investigation the President might authorize concerning his
present and past activities, Mr. Lindbergh said that, unless
charges are made and proved, he believes that the customs
and traditions of the country give him as an American
citizen, the "right to. expect truth and justice from the
members of your cabinet."
Secretary Ickes's most recent statement against Mr.
Lindbergh came at a Bastille Day celebration in New York
City on July 14.
Mr. Lindbergh's letter to the President was sent from his
Huntington, Long Island, home on July 17 and later made
available to the press, as follows:
cabinet.
...
variety
a
from
available
understand that
into
There have been appearing
recently
and
help to replace the shortages in
goods due to the
tions
few markets abroad to which
very
quantity available for export
States
making
you
endeavor
short.
are
achieve will
to
now
requirements.
our
be attempting
shall
are
United
about
hope
we
as
that the small
so
countries
the
to
fact
goods,
share
Council
relationship
policy
to
increase its exports to the United States!
second
goods, seeing
Rationing
are
commitments
obligations,
recurrent
meet
the United States and Canada,
on
the
in
in
men
Canada
must export
we
old
large
counts.
often
too
why
reasons
very
Foreign
National
the
again
up
I hope that I have made it clear why it is that Great Britain
severe
made
have
to
dollar
only maintain but
not
export
fund
a
emphasized
cally speaking)
must
up
Thus the
still
we
every
so,
be
cannot
It
that
are
favorable
most
competition
the business
bring
nomic
France.
must build
and
meet,
to
We
Our export activity has been reduced, not
the export trade to war industries.
United
a
after.
Scandinavia, and other valuable markets,
by the heavy transfers of available machinery and work-people from
loss of
by the
merely
of
Sir Kenneth at the meeting
existing capital
our
commitments
our
for
to pay
us
build
to
course,
for recurrent obligations,
pay
pledged
been
Chairman
this country of a representative of the British
in
arising out of
a
passing of the Lend-Lease Act.
to
had
readily realiz¬
our
At that point America made her historic decision
previously
having
resources
midsummer
as
^
great,
a
year
dollars should not end the help which America
our
commitments
same
in sight of having pledged all
prepared to send us.
our
the
midwinter,
were
we
of payment.
means
presence
provides
Trade
victory
be assured, we were ready to sacrifice all our accumu¬
We placed contracts a* fast as we could find factories to
able
Farrell,
said, in part:
of democracy could
lated wealth.
A.
■
enormous
an
vast
in order that the people in South America may be supplied
Council, in introducing
unilateral
s--''
■: r"-;-,>:■
longer make these exports,
;
v
.
do without the supplies, which we
for
our
paid for by the export of British coal and other standard British
exports.
We
great part of the globe, and
a
over
doubled precisely when Allied resources had been halved.
expenditure was
Moreover,
alone
James
Trade
in the economic field up
equal share with us
an
of the French
armies,
July 19, 1941
with their requirements.
everything.
When
desperate.
the gap
fill
to
of
in the pages of the
charges
the
to
and in other
press
effect
general
connec¬
articles
that
or
'
My Dear Mr. President:
I address you. sir, as an
American citizen to his President.
materials
cerning statements made by
themselves
I write con
interior.
which are being lend-leased to Great Britain are either
being
reexported by the British, perhaps in more advanced form, to
foreign markets which Great Britain customarily supplies, in some cases in
competition with American
Britain
to
thereby
enabled
The
first
the
as
replace
effect
to
made,
scale.
to
thing that needs
Lend-Lease
Act
trade;
articles
export
fact that
mere
we
the
British
reply to these charges is
March,
of
lend-lease
it
moment
that
has
that
been
not
materials
in
have
to
on
considerable
any
it should be assumed
or another which
less similar in character to goods which we are obtaining
from America under the Lend-Lease
Act, is in any sense contrary even to
the spirit of the Lend-Lease Act.
be
may
I
more
am
Britain
the
or
Act
the
not
we
obtaining
are
in
mean
Americans
for
by maintaining
present
and
that
the
American
minds
of
emergency,
burden
large
as
flow
a
from
the
of
It
the
To
so.
dependence
our
defense
of
do
to
us
aid
that
would
extent
exports
is
Great
in
can
we
feasible
aid
in
implied in public meetings that I
lessened,
taxpayers is
correspondingly reduced.
British
to
Kenneth said
should
I
South
tion
of
of
to
the
them,
it
to
now
are
markets
cut
is to
to
Ire
exercise
the
the
with
the Interior that I
carrying
out
steeper,
We
is
restric¬
shipping
probably
to
ask that
us
important.
very
to
pay
have
Ave
us
by
cannot
be
for
It
is
got
essential
our
essential
our
pressing
exports
converted
necessary
selective
Government
Avere
into
control
British
have, therefore. AvithdraAvn
markets,
therefore
to
for accept¬
Ambassador to that government?
your
you
Is it
inform your Secretary that I received this
decoration in the American Embassy, in the presence of your Ambassador,
and that I
there at his request
was
in order to assist in creating
a
better
relationship between the American Embassy and the German government,
which your Ambassador desired at that time?
Mr.
President, if the statements of
Secretary of the Interior
your
are
true, and if I have any connection with a foreign government, the American
people have
a
right to be fully acquainted
with the facts.
hand, if his statements and implications are false,
American citizen, have a right to an
apology from
On the other
I believe that I,
with any one in
I have had
1939.
Germany
or
no
communication, directly
Italy since I
was
Avith
as an
Secretary.
your
Mr. President, I give you my word that I have no connection
or
with any
indirectly
last in Europe, in the Spring of
Prior to that time my activities were well known to your embassies
your
embassies and
your
the
scarcely too
I always kept in
military attaches,
as
close contact
the records in
leaving
be
hoped
a
a
great part of
clearer
that
field
American
there
our
for
acquire
only
exporters
in
from
of
goods
were
in
Latin
to
March
last
to
already
my
before any committee
activities now,
States
be in
a
or any
your
you
investigation.
your
I will
appoint, and there Is
no
time in the past, that I will
Mr. President, if there is a question in your
the opportunity
of answering
any
mind, I ask that
charges that
may
you
give
be made against
me
me.
But, Mr. President, unless charges are made and proved, I believe that the
our
country give me, as an American citizen, the
right to expect truth and justice from the members of your Cabinet.
Respectifuily,
CHARLES
The Hon.
Franklin
D.
ington, D. C.
A.
LINDBERGH.
Roosevelt, President of the United States, Wash¬
r-'y,;
.
V:;
New Defense
A
new
Savings Bond Radio Program to Be Broad¬
cast Tuesday Evenings
Defense
Savings Bond radio
program
operatic and concert singers will be broadcast
evening for
a year,
ment announced
every
featuring
Tuesday
beginning July 22, the Treasury Depart¬
July 13.
The broadcast will go on the
on
tra<Vrs.
air from 7:30 to 8 p. m., E.S.T. over the blue network of the
National Broadcasting Co.
Entitled "For America We
position
Sing", the
competition in
may
person
fiies to
not be glad to answer.
large
Thus,
exports
United
question regarding
open my
require¬
war
dollars.
o\'er
willingly appear in
willingly
from
supplies
to
compelled
Mr. President, I will
one-half of
to
the Argentine, a country
to
to
Europe
sterling.
American
me
decorated by the German government while I was
was
the request of
me
customs and traditions of
to
except under license the
export of all classes
Brazil, Chile, Peru and Colombia, these being countries which
It
of
countries
added
purposes,
us—we
limited
part
any
American
to
are
to
for
pay
export merchandise to South America
Once
to
which
essential
are
the
to
able
we
To
concerned
prohibit
short of
Sir
only two-thirds of normal by
far
and
enable
useless
countries,
is
Avar
to
exports
great
those countries.
currencies
to
South
to
the
even
trade
exports
are
conditions.
supplies
to
exports
aim
our
Even
British
countries
countries
have
our
very
necessary
would
in
American
to
that
longer
production
down
this applies
say
balances
order
cut
Bv
extent
from
the
Peninsula.
imports
our
much
ments
and
their
practice
no
the
these
lend-lease
them—and
we
industrial
had
1040.
normal,
which
Iberian
our
American
about
of
none
under
In
since
shortages,
to
from
them.
the
From
supplies
war
import
something
say
republics.
America,
outside
end
to
export to
South
South
connected with the inter¬
State Department and War Department will show.
essential
we
must
to
:
now
American
procure
what
like
exports
Secretary of the
Mr. President, is it too much to ask that you inform your Secretary of
in the countries where I lived and traveled.
As
am
your
foreign government, and he has specifically criticized
foreign government.
is
standpoint of American
the
be
not
that
as
lend-lease
upon
under
Americans
completely abandon its export trade.
of
dollars
the
fact
does
should
interests
earn
the
sure
Lend-Lease
sort
one
a
and on numerous occasions,
decoration from the German government in 1938.
a
unfair of
have occurred
one
Interior has
ests of
Cabinet, the Secretary of the
your
>
months,
many
are
ing
exporting goods of
are
which
in
reexport
Secondly, I cannot think for
that the
in
passed
for any replacement to
or
being used in Great
are
markets.
be said
to
such
any
else
or
materials
or
foreign
only
was
long enough for
been
export
similar
For
officer of
an
South
new
program
is designed
as
a
"musical Amer-
Volume
icana".
333
The Commercial & Financial Chronicle
153
NBC orchestra and chorus, under the
A 44-piece
Washington
the
London concerning
or
Mr.
of
purpose
baton of Frank Black, NBC's musical director, will accom¬
Hopkins' trip, the second he has made to England this year.
The radio time and the services of the
Reference to another
meeting with the War Cabinet marked the first time a non-
the artists.
pany
artists
being donated by NBC.
are
Treasury radio
in support of the National Defense
program
Savings campaign
was
made in
our
issue of July 12, page 187.
According to
ally of Great Britain has
Hopkins' trip to England earlier this
Reference to Mr.
Archie
D.
Sanders,
appeared in
Congress
Representative in
from
Robert H. Jackson Takes Oath of Office
1917 to 1932, died
.
Strong Memorial Hospital at Rochester, N. Y. on July 15.
He
84 years
was
Advices from Rochester July 15 to the
old.
New York "Herald Tribune" said:
Mr. Sanders had been In public life since 1887, when
he
appointed
was
He served briefly in the State
years.
Assembly and the State Senate before his election
as
He
Representative.
W.
retired from the latter office in 1932 in favor of former Senator James
Wadsworth, of Genesee.
Mr.
1896,
Sanders
was
a
delegate to the Republican National Convention in
and
member of the Republican State Committee in 1900 and 1901
a
Genesee County Republican Chairman at the time
of his death.
He was
Chairman of the Board of the First National Bank of Batavia.
Associate
as
Justice of United States Supreme Court
.
Robert H. Jackson
sworn
was
of the United States Supreme
in
Court
as an
on
Associate Justice
July 11 at
a ceremony
The retiring Attorney
in President Roosevelt's office.
Stafford, N. Y. Town Highway Commissioner. President McKinley ap¬
pointed him Collector of Internal Revenue, with offices in Rochester, in
1896, and he held the post for 16
issue of Feb. 22, page 1223.
our
A. D. Sanders
western New York's 39th District from
in
been admitted to such a con¬
ever
ference.
year,
Death of Former Congressman
advices from London Mr. Hopkins'
press
Gen¬
July 7; this
eral received the confirmation of the Senate on
The oath
Cropley, clerk
of the Supreme Court.
Among those witnessing the brief
ceremony were Associate Justice James F. Byrnes , who was
sworn in on July 8, members of the President's Cabinet,
several Senators, officials of the Department,of Justice and
was
indicated in
of office
was
issue of July 12, page
our
friends.
numerous
188.
administered by Charles Elmore
^7^■■■
The President sent the nomination of Mr. Jackson to the
together with that of Chief Justice Harlan
Chief Justice Stone
took the oath of office on July 3.
Senate
Meeting in Washington of Joint Economic Committees
of Canada and United States—Seek to Coordinate
on
June 12
F. Stone and Associate Justice Byrnes.
Defense Requirements
On July 16 the Joint
Economic Committees of Canada and
the United States concluded
ington.
This, their initial meeting,
organization of the committees and their staffs and to plans
assigned to them by
their
closely
governments—more
coordinated
collaboration for the output of defense requirements, and
plans for facilitating the adjustment to post-war conditions."
An announcement in behalf of the Commission
from which the foregoing is quoted,
on
July 16,
further stated:
The
was
Morgenthau.
Hansen
of the
included
W.
A.
Mackintosh
of Canada;
of the
Department
of
liaison Officer of the committee.
External
R. A. C.
Supply
prevented from attending
by illness.
Members of the United States Committee, in addition to Mr. Hansen,
included A. A. Berle Jr., Assistant Secretary of State;
of Production
of the
Research,
of the
Office
Tariff Commission;
Treasury
of Production
.W. L. Batt, Deputy
Management; E.
D.
D. White, Director of Monetary
H.
Department, and L.
D. Stinebower, Department of
The establishment of the Joint Economic Committees
our
issue of June 21, page 3902.
announced at the time that "this
It
was
was
officially
joint inquiry marks
one
step further in the implementation of the declaration made
by
President
Roosevelt
King at Hyde Park
on
and
Prime
Minister
Mackenzie
April 20,1941," mention of which
made in these columns
was
April 26, page 2634.
the Treasury Department for the
Banquet of New York State Chamber of Commerce
Percy H. Johnston, President of the Chamber of Com¬
of the State of New York, has appointed the following
merce
business executives to
serve
of Cleveland Trust Co. Named
Recalled
War
by
on
a
Department
October
Last
as
Leonard
Col.
P.
Ayres,
Vice-President-on-leave of the
Ohio was nominated by
Cleveland Trust Co. of Cleveland,
President Roosevelt oh July 10 for promotion to
Brigadier General.
the rank of
Col. Ayre's career in the United States
Army, active and reserve, has extended over several
Gol. Ayres,
decades.
veteran of World War I, in which he was
chief statistical officer of the United States Army and the
American
a
Expeditionary Force under Gen. John J. Pershing,
again is filling the same post as the Army's chief man of
is nationally known as an
trends has been
was
in France.
a
The Cleveland statistician, who
economist and analyst of business
full Colonel since October, 1918, when he
Col. Ayres was called to duty again last
October in the double job
of director of the War Department
Department
statistics branch and coordinator of all War
statistics; this was reported in our issue of Oct. 19, 1941,
2264.
Col. Ayres' nomination was approved by the
Senate on July 15. It had previously been indicated that he
had made a favorable impression on members of the Senate
page
Special Committee Named to Arrange for 173rd Annual
range
Leonard P. Ayres
figures in World War II.
State, liaison Officer.
noted in
Corp., will devote his full time
Chief Statistical Officer
The Canadian
Keenleyside of the Department of
H. L.
and Chairman of the Canadian Committee, was
Director
Assistant
duration of the national emergency.
the meetings in his
States committee.
Economic Adviser of the Department of Munitions and
Durand
former
stimulating the sale of Defense bonds and stamps. RKO
University, consultant of the Board of
United
Dr.
Affairs, and H. F. Angus,
Henry,
a
by President Roosevelt as Brigadier General—Was
Finance; J. G. Bouchard, Deputy Minister of Agriculture; Alex Skelton of
the Bank
Patterson,
the Radio-Keith-Orpheum
to
Col.
of Harvard
Chairman
representatives
July 13 by Secretary of the Trea¬
investigation and report at the following and subse¬
Governors of the Federal Reserve System, presided at
as
on
Col.
Secretary of Commerce and now Chairman of the Board of
The announcment also stated:
H.
announced
State
sury
The next meeting of the Committees will take place in
Ottawa early in August.
Alvin
of Col. Richard C. Patterson Jr. as
Committee for New York
appointment
later be made were assigned to individual members
and sub-committees for
quent meetings.
capacity
New York State
Chairman of the Defense Savings
is lending Col. Patterson to
Discussion proceeded on a frank and cordial basis and topics on which
recommendations may
Committee for
"devoted largely to
was
for research in the two fields of inquiry
respective
R. C. Patterson Jr. Named Chairman of Defense Saving
two-day session held in Wash¬
a
special committee to
ar¬
for the 173rd annual banquet of the Chamber, which
and
House
three weeks
Military
a
which Secretary
Marshall,
Affairs Committees.
Every two or
lecture class has been held by Col. Ayres at
of War Henry L. Stimson, Gen. George C.
Chief of Staff, and other high-ranking officers
gather with
the members of the Military Committees of
Congress.
will be held in November:
Floyd L. Carlisle, Chairman of the Board, Consolidated Edison Co. of
New York, Chairman, George L.
surance
Harrison, President, New York Life In¬
Co., Henry S. Morgan, Secretary
Mortgage
Co., Arthur Hays Sulzberger, President and Publisher,
New York Times,
Roy E. Tomlinson, President, National Biscuit Co.
Bankers
Association
to
For
the
fifth
consecutive
the
year
Association of America will sponsor
don—Sits
Harry
L.
in
Hopkins,
at
Cabinet
Administrator
Meeting
of
the
Lend-Lease
Program, has made another trip to London, it became known
July 15.
Atlantic in
He arrived there on July 17, after flying the
an American bomber being delivered to the Royal
Air Force, and later
the
same
day
British War Cabinet, as the guest
Churchill.
No
official
was
closeted with the
of Prime Minister Winston
were made either in
statements
Sponsor
Mortgage Bankers
the Exposition of Build¬
ing, Industry and Services to be held
Harry Hopkins, tend-Lease Supervisor, Flies to Lon¬
Again
Exposition of Building, Industry and Services
and Treasurer, Morgan Stanley &
in conjunction with the
organization's 28th annual convention in New York, Oct. 1,
2 and 3, Dean R. Hill, President, announced on July 12.
The
Exposition, the only one of its kind in the country, is
created to show the mortgage lenders who supply the bulk
of the
private mortgage money, the newest developments in
building and related fields.
in home
larger
Because of the great activity
building, it is expected the show will be considerably
than any previously held.
In the past four years
corporations have participated each year.
about 50
The Commercial & Financial Chronicle
334
Mr. Hill said:
'
.
Technical advancement in
new
'
'=■'
building, particularly residential construc¬
tion, is moving very fast these days.
The Exposition is
a
part
of the
Association's effort to keep mortgage bankers abreast of these trends.
Developments
wherever
possible, he said.
will be
year
defense
in
housing
will
be
A feature of the Exposition this
accounting and bookkeeping .systems.
following
we compare
banks for May 31, 1941,
the condition of the Canadian
with the figures for April 30, 1941,
Co, New York City, re¬
Cash on hand and due
$3,231,605, against $4,022,086; hold¬
ings of United States Government securities, to $415,188,
against $436,095, and loans and discounts to $7,701,906,
against $6,257,638.
Capital and surplus were unchanged at
$825,600 and $1,075,000 respectively, and undivided profits
were $244,926, against $236,296 at the end of March.
and
$15,134,614
March 31.
on
from banks amounted to
Comparative Figures of Condition of Canadian Banks
In the
July 19, 1941
and Trust
Bank
ported as of June 30 total deposits of $12,344,968 and total
assets of $15,259,597, compared, respectively, with $12,395,614
emphasized
greatly enlarged section devoted to machine
a
The Federation
Secretary of Chemical Bank &
John F. Flaacke, Assistant
began on July 12 his 71st year of
of New York,
Trust Co.
continuous service
with
bank.
the
CONDITION
OF
OF
THE
BANKS
OF
THE
New York bankers and
for
STATEMENT
continuous
holds
born
May 31, 1941 Apr, 30, 1941 Man 31, 1940
Asset 8
I
—I
......
S
Elsewhere
2,999,015
Total.
7,106,405
3,110,623
5,301,812
4,174,367
8,902,210
In Canada.......
New York City on Aug. 22, 1855.
in
bank's
employ
on
He entered the
12, 1871, during the Presidency of
July
10,217,028
9,476,179
Presidents
which
existence.
Mr.
Bank
bank
the
Flaacke
Dominion notes
Deposits with Bank of Canada
Notes of other banks
United States & other foreign currencies
Cheques on other banks
Loans to other banks In Canada,
...
89,327,319
228,848,332
2,824,666
28,762,798
75,463,359
238,788,992
3,025,417
29,817,122
120,686,988
133,175,060
56,241,501
238,306,155
3,762,087
28,705,845
123,325,937
secured,
Including bills redlscounted
with
made
Deposits
and
due
balance
3,684,906
3,437,622
4,257,057
39,796,472
40,577,721
36,240,241
151,816,202
from other banks In Canada
Due from banks and banking correspond¬
ents In the United Kingdom
Due from banks and banking correspond¬
ents elsewhere
than In Canada and the
Government
157,796,180
166,806,148
1,560,747,981 1.576,683,857
United Kingdom.
Dominion
,329,567,998
148,063,573
170,396,311
95,704,334
116,792,468
Provincial
and
Government securities
Canadian municipal securities and Brit¬
ish,
and
foreign
colonial
public
se¬
154,529,988
97,139,927
curities other than Canadian
Railway and other bonds, debs. & stocks
Call and short (not exceeding 30 days)
Canada
loans In
on
deben¬
stocks,
a
sufficient
marketable
value
...
44,393,051
39,816,232
937,950,070
142,718,331
Loans to the Government of Canada...
12",154",057
Loans
to
towns,
15",898* 404
85,039,346
109,290,417
5,555,092
cities,
ll",616*544
87,676,943
6,835,783
3,566,019
5,680,680
6,898,515
3,557,031
7,935,853
7,633,337
3,968,609
70,559,799
Loans to Provincial governments
70,576,370
71,985,423
municipalities
Non-current loans, estimated loss
pro-
vided for
Real estate other than bank premises-
Mortgages on real estate sold by bank..
Bank
premises at not more than
less amounts (If any) written off
cost
credit
as
the
81.557.277
61,500,585
4,846,948
11,089,807
4,844,145
10.721.278
2,013,017
2,479,634
87,331,030
of
Finance
cos
Levey Co., Inc., and D. Appleton-Century Co.
At a meeting of the Board of Trustees of the Dollar Sav¬
ings Bank of the City of New York, Robert M. Catharine
4,014,529,154 4,109,019,014 3,745,743,150
President
Howell
and
Manson
T.
made
was
Mr. Catherine, who is also a Trustee
of the bank, was formerly Executive Vice-President.
The
Dollar Savings Bank is one of the nation's largest mutual
savings institutions, serving 147,000 depositors and with
exceeding $137,000,000. The main office is located
Third and Willis Avenues at 147th St., with a branch on
Grand Concourse at Fordham Road.
change firm
Notes In circulation
83,282,285
81,377,405
94,299,428
152,675,171
141,731,216
239.490.557
92,Oil",177
80",385"461
Co., died on July 14 at
West Hampton, Long Island.
A native
Yale
Pennsylvania, Mr. Mitchell was graduated from
in 1907.
He was associated with a St.
Paul
University
85,23*0*,637
1,105,175,452 1,127,961,630
New York Stock Ex¬
Reynolds, Fish &
of
his Summer home at
of
Liabilities
816,947,769
Balance due to Dominion Govt, after de¬
ducting adv. tor credits, pay-lists, &c.
elected
was
James L. Mitchell, a member of the
going heads
...
Carr is also
Mr.
Co., the Southern Gas
Carbon
Southern
Line Inc., and Coltexo Corp., and a director of many com¬
panies, including Interstate Natural Gas Co., Mississippi
River Fuel Corp., Natural Gas Pipeline Co. of America,
Texoma Natural Gas Co., Magnetic Pigment Co., Frederick
Other assets not Included under the fore¬
Total assets...
of the
President
Co.
Columbian Carbon
elected head of
'
security of note circulation....
Shares of and loans to controlled
Harry E. Ward, President of Irving Irust Co., of New
on July
17 the election of Reid L. Carr,
President of Columbian Carbon Co., to the Irving's Board
of Directors.
Mr. Carr was born in Cornwall, Vt., and is a
graduate of Middlebury jCollege and New York Law School.
Admitted to the Bar in 1903, he was a member of the law
firm of Clark, Carr & Ellis from 1921 to 1940, when he was
5,083,804
11,221,358
2,008,322
contra
Minister
per
with
for the
also
was
resources
...
Liabilities of customers under letters of
Deposit
and
the
New York Chapter of the American
Chairman of the Board.
and school districts
1890
in
of
of
York announced
to
31,250,327)
29,456,579
Elsewhere than In Canada
41,948,599
42,553,4241
Other current loans & dlscts. In Canada. 1,031,765,466 1,012,157,670
Elsewhere...
134,335,039
135,319,595
cover
Loan Co.
the ten
years
organizers
of the
one
118
its
in
Institute of Banking, of which he was the first Treasurer.
H.
tures, bonds and other securities of
had
has
"was
&
Building
Clerks'
active in organizing the
Notes of Bank of Canada
one! institution he
Mr. Flaacke was
with
service
record for the entire country.
the
far
as
John Quentin Jones, and has served under seven of
$
$
5,903,195
Current gold and subsidiary coin—
of
length
DOMINION
OF CANADA
of service, he
as is known,
In point
is the dean of
and May 31, 1940:
Advances under the Finance Act
Balance due to Provincial governments.
bank before coming to New York in 1929 to join
(Minn.)
Reynolds, Fish & Co.
-
Deposits by the public, payable on de¬
mand In Canada
Deposits by the public, payable after
notice or on a fixed day in Canada... 1,695,182,121 1,707,557,890 1,643,084,405
Deposits elsewhere than In Canada
434,098,620
427,891,261
442.375.558
Loans from
other banks In Canada,
secured, including bills redlscounted..
Deposits made by and balances due to
10,796,656
ents
11,567,841
11,436,011
Both
20,532,749
21,981,713
18,883,009
than
in
Canada
and
United Kingdom
29,673,672
15,666
29,895,443
195,555
87,331,030
81,557,277
5,267,444
2,815,768
133,750,000
145,500,000
61,500,585
4,145,756
2,224,725
133,750,000
145,500,000
the
Acceptances
standing.
and
letters
of
credit
out¬
Liabilities not lnel. under foregoing heads
Dividends declared and unpaid
Rest
or reserve
fund
Capital paid up
...
Total liabilities
5,016,266
2,272,430
133,750,000
145,500,000
3,998 ,000, 419 4,005.034,294 3,728,969,586
the
and
Arrangements
New York Curb
from
the
were
made
on
COMPANIES,
on
July 15, for the sale of
May 13.
a
Presejnt market is
no
bid, offered at $1,000.
The appointment of Harry T. Johansen Jr. as an Assistant
Secretary of Central Hanover Bank and Trust Co. of New
York, was announced this week. Mr. Johansen is connected
with the 42nd St relet Office of the
company.
U.
S.
and
Donald M.
Elliman have been
appointed Assistant Secretaries of the Corn Exchange Bank
Co., New York, it was announced July 16 following
Trust
a
meeting of the Board of Directors.
of
Bank's
the
bank's
The
District.
announce¬
be
1925
made
was
1929.
A
second
began
served
in
Manager.
Naetzker
the
National
Department
was
in
in
1920,
became head of the
after serving for several
assigned to the Caribbean
Assistant
an
graduate
lieutenant
City
Cashier
New
of
and
York
and
1917
District
Assistant
University,
served
15
in
years
Vice-
he
was
months
with
1916.
Sub¬
Army in France.1
Schellens
as
In
1926
5,
a
bank's
Head
with
the
He
and
National
City
Santiago and
was
made
Schellens
Office,
55
will
Wall
an
as
a
Havana,
Assistant
continue
Street,
to
clerk
in
Cuba branches,
Cashier
make
Feb.
their
18,
in
the
1936.
headquarters
New York.
At
meeting of the Board of Trustees of the Brooklyn
Brooklyn, N. Y., held July 17, Joseph Michaels
Jr. was elected a Trustee of the Company, filling a vacancy
on the Board.
Wallace H. Sloat, Secretary of the Company,
was
elected Vice-President and Secretary, and Alfred G.
Ruehle, who had been an Assistant Secretary since March 21,
a
Trust Co. of
1940,
Mr.
was
elected
a
Michaels is
Co., Inc.,
one
Vice-President.
President and
Treasurer of Michaels &
of the oldest installment furniture houses in
Brooklyn which
Horace P. Bromfield
administration
the
&c.
Exchange membership at $1,000, unchanged
previous sale
5;
Feb.
sequently he
at
TRUST
Branch.
Jan.
on
President
Supervision
comnvissinoed
the
in
Caribbean
the
Loan
Havana
latter
BANKS,
Louis
15,
July
on
appointed an Assistant Vice-President.
was
Naetzker, who joined
Messrs.
ABOUT
York,
states:
Mr.
Mr.
Note—Owing to the omission of the cents In the official reports, the footings In
the above do not exactly agree with the totals given.
ITEMS
in
Foreign
...
New
of
associated
are
ment
.....
Bills payable
Cashier,
affairs
30,369,303
7,110
banking correspond¬
In the United Kingdom..
Bank
City
Naetzker, formerly assistant Vicet-President, was appointed
a
Vice-President, and Pedro L. Schellens, formerly As¬
sistant
other banks in Canada
Due to banks and
Elsewhere
At the regular meeting of the Board of Directors of The
National
was
founded by his father, the late Joseph
Michaels Sr., in 1886.
the matter we quote:
From the announcement issued in
Mr. Michaels entered his father's furniture establishment, then known
J. Michaels, Inc., in 1919.
as
After serving in various capacities, he was Vice-
President and Secretary in 1936, when he succeeded to the Presidency upon
his father's death.
The elder Joseph Michaels had been a Trustee of the
Brooklyn Trust Co. for several
years
after 1929, when he joined the Board
Volume
result of the merger
as a
had been a director.
The
of the Mechanics Bank of Brooklyn, of which he
1
Mr. Sloat has spent
,
,
his entire business
career
He is a v eteran of the
Corps in the 77th
Division.
In
Signal
He returned to the employ of the Company in 1919, and after
successive promotions, was
As
gator.
a
regional manager, and, in December,
manager,
appointed
an
Prior to his connection with
Assistant Secretary.
the
Brooklyn Trust Co., Mr. Ruehle had been a credit investigator on the
staff of the old Farmers Loan & Trust Co.
He is a Director of the Wheeler
*
Shipbuilding Corp.
'
-
♦
Frank R. Terwilliger, Treasurer of the Albany (N. Y.)
Savings Bank, was recently elected to the Board of Di¬
rectors of the First Trust Co., Albany, N. Y.
and A. L.
under
operate
That of
present charter.
its
be dissolved.
Bledsoe,
Black of Jasper and
C. Pool,
B.
C.
Polley,
and
Cashier,
Morgan, B.
A.
S. Ratcliff
J. D. Wickline of Kirbyville.
deposits of the
and the
After the merger
L.
W.
Morgan,
merged the deposits of the Citizens' National
were
$336,658.95,
were
031.16.
Vice-President;
Bledsoe,
T.
When the two banks
First
State
Bank $688,•
the deposits stood at $1,024,690.11.
'1.4,
New high levels in deposits and in resources were
shown
by the June 30th statement of condition of the Wells Fargo
Bank of San Francisco, released at the call of the State
Superintendent of Banks.
Total deposits on June 30
amounted to $323,839,883, compared with $316,708,451 on
Dec. 31, 1940 and with $290,545,352 on June 29, 1940. Total
resources stood at $349,302,054 at mid-year, as against $342,919,238 at the 1940 year end, and $313,455,081 at mid-year
1940.
Holdings of United States Government securities
June
The Board of Governors of the Federal Reserve Ssytem
announced
recently
will
1938, was
In March,
appointed credit manager at the Main Office of the Company.
was
C.
Directors, M. Pool, Mr.
Bank
the staff of the Company in 1929 as a credit investi¬
Bank
result of promotions, he became successively credit supervisor,
regional credit
1940, he
President;
appointed an Assistant Secretary in June, 1929.
April, 1940, he was elected Secretary of the Company.
Mr. Ruehle joined
State
National Bank will
Present officers and directors of the First State Bank are: C.
with the Brooklyn Trust
having served overseas with the
War,
First
the Citizens'
t
„
Co., having been first employed by it in 1912.
World
335
The Commercial & Financial Chronicle
153
the United
that
Co. of
States Trust
Newark, Newark, N. J., a State member bank, absorbed the
Chancellor Trust Co., Irvington, N. J., effective June 28.
In connection with the absorption a branch was
30,
1941
on
$187,544,478, a gain it is stated
of $23,845,997 over the June 29,1940 figure.
Cash amounted
to $69,409,792, an increase of $4,364,104.
Loans and dis¬
counts totaled $39,209,288, a gain of $4,585,746.
Undivided
profits of $2,923,195 represented an increase of $114,816 over
a
aggregated
year ago.
established
in Irvington.
THE CURB MARKET
The
Bank & Trust Co. of Westfield, N.
Peonies
J., an¬
meeting on July 10, Gordon T. Parry
elected Treasurer and Vice-President of the institution,
was
and
at
that
nounces
the
at
a
time, Donald
same
McDougall was
t
appointed
Secretary and Trust Officer and Miss Helen II. Pierson was
appointed Assistant Treasurer and Assistant Secretary.
;
V.
Narrow price movements with the industrials and
utility stocks sharing the advances
features of the Curb Market
the present
on
:
report to members for the six months period ending
a
June 30, 1941, First Federal
Savings & Loan Association of
Philadelphia, reports total assets of $5,010,689 com¬
South
pared with $4,800,773 as of Dec.
garding the report state:
The
Advices re¬
$4,411,339 six months previous.
Cash on hand amounted to $274,515
$267,184, and United States Government obligations including
$31,000 in United States Defense Savings bonds totaled $51,940 on June
30, 1941, compared with $21,070 at the end of 1940.
Members' shares as of June 30, 1941 increased to $4,089,011 from $3,766,849 six months previous and advances from the Federal Home Loan Bank
months
In
reduced
were
by
$196,547
$535,300
to
period.
during
the
six
David Shapiro Assistant Secre¬
tary of the association, First Federal Savings and Loan
Association of South Philadelphia is the first Federal sav¬
ings and loan association in Pennsylvania to pass the five
million mark in total assets and is the largest association of
its kind in the State.
dividends
Current
It is added:
investment
on
certificates
share
and
mem¬
goodly part of
Occasional periods
of profit taking were
Aircraft stocks moved within
unchanged.
were
fractional range
a
and cardboard
Paper
shares
were
generally irregular and the oil issues moved within a narrow
range.
variations
Price
were
and
narrow
trading
was
com¬
paratively quiet during most of the short session on Saturday.
There
were some new
in the
public utility preferred stocks but with the exception
of
,
statement made by
a
a
reduced volume of dealings
pronounced until Wednesday when the market was generally
unsettled.
against
Pittsburgh
trading during
was a
apparent from time to time but the advances were quite
or
first mortgage loans amounting to $4,544,118 against
shows
report
31, 1940.
There
public
the outstanding
Monday_but the turnover gradually improved as_the
week advanced.
In
of
week.
were
small number of
a
the
changes
cardboard
were
issues
tops among the petroleum issues and
major gains scattered through the list,
largely in minor fractions.
quiet
were
unchanged,
or
Paper and
shipbuilding
the tape, and the aircraft shares
stocks failed to appear on
generally unsettled. In the Aluminum group, Aluminum
were
Co. of America advanced
a
point to 122, but Aluminum Co. of
America preferred was unchanged at
the close.
Mr.
Industrial stocks and public utilities attracted a goodly
Shapiro also pointed out that the association during the six months period
part of the speculative attention on Monday but the volume
share accounts
bers'
innovation
recent
of
ment
taxes
annum.
to
the association's
in
$625,800.
facilities has been the establish¬
making regular
payments may increase the amount of their payments each
build up an additional cash balance with which to pay income
special
monthly
month
per
174 homes in the Philadelphia area, or a total volume of
financed
A
being paid at the rate of 3%
are
members
whereby
accounts
who
are
becoming due in March of 1942.
of sales
was
considerably reduced from the last full session,
while the advances
cance.
§
advanced close to its top
points to 22%.
4
small and without special signifi¬
were
Pratt and Lambert
was one
for the
of the strong stocks and
with a gain of-2J4
year
Oil issues were moderately active and a
selected list of stocks sold at their best prices
Howard A. Loeb, Chairman of the Tradesmen's
Bank & Trust Co. of Philadelphia, announced on
the
National
July 11
William A. Mueller Jr. as Assistant
Vice-President. Mr. Mueller formerly was Assistant Cashier.
of
appointment
\/VWW!;3W.W IWW- WW'.W'W
Directors
of
the
•
Continental
(r--'WW
Illinois National
Trust Co., Chicago, 111., voted on July
Bank
&
11 to to add $5,000,-
000 to surplus and to pay a dividend of $2 a share to stock¬
holders.
The dividend, payable on Aug. 1, will amount to
$3,000,000.
The increase in surplus raises that item to
$45,000,000 and brings the! combined capital and surplus to
$95,000,000.
This is the bank's sixth addition to surplus
since the end
as
of June
The bank's statement of condition
of 1938.
30, 1941 was referred to in the columns July 12,
191.
page
ahead 5
back*to
The Manufacturers National Bank of Detroit in its state¬
as
of the close of business on June 30,
1941, reports total assets of $212,609,107 and total deposits
$202,776,685, compared with $186,531,348 and $176,888,855,
respectively, on Dec. 31, 1940. The chief items comprising
of
the
resources
in
the current statement
are:
cash, $105,234,-
725
(against $90,453,047) ; United States Government ob¬
ligations, $58,932,011
(compared with $48,289,786), and
loans and discounts, $34,694,003 (against $34,049,741).
The
bank's
and
Dec.
capital and surplus remain unchanged at $3,000,000
$4,500,000.
30
Junel
are
respectively, while undivided profits as of
reported
at
$1,398,408,
against $1,281,458
dustrials
againj^e* noteworthy features of the trading
Somejprofit taking
was
in evidence from time
to
Jtime and the transfers climbed up to approximately
1127000 against IO6T0OO on the preceding day. Pennsylvania
Salt
one
was
5 points
of the most active stocks and climbed upward
to 175.
In the public utility group, Minnesota
&"Light 7% preferred"surged forward!8]points to 90.
Power
unchanged.% Shipbuilding shares
or
New
and
York
cardboardjstocks
Renewed
(founders shares)
Shipbuilding
activity
were
were
somewhat
advancing fractionally
Todd [Shipyards
unsettled,
•
sagged.
while
~Paper
quiet.
apparent on Wednesday, but price
was
changes were mixed due in part to occasional periods of profit
The transfers climbed up to approximately 127,000
taking.
shares
Was
against 112,000
one
on
the^preceding day.
of "the strong issues as
Aircraft stocks moved up
Aluminum
Chesebrough
it forged ahead 3 points^ to 95.
and"down~within
a narrow range,
The
while
the
and cardboard "shares were unsettled, St. Regis pre¬
ferred
Citizens'
were
on'Tuesday.
paper
on
31.1940.
The
points to 95 at its top for the day but later moved
92[and closed with a net gain of 2 points. Oil issues
Aircraft, stocks weakened with most of favorite trading issues
,
of condition
year.
werejactive and aircraft stocks moved within a narrow range.
Moderate advances! among) the! public utilities and in¬
down
ment
for the
Scranton-Spring BrookyWater Service $6.00 preferred forged
National
Bank
of Jasper
(Tex.)
was
re¬
cently merged with the First State Bank of Jasper, accord¬
ing to the Houston "Post" of July 6, which also declared :
slipping back
preferred moved up
high for the day.
a
group
a
was
fractionally higher.
point to 963^,
point to
a new
while Brown Co—
peak for 1941 at its
The Commercial & Financial Chronicle
336
Mixed price changes dominated the trading during a
goodly part of the dealings on Thursday. Some profit taking
appeared from time to time and as the day advanced there
was a sharp decline in the volume of sales, the total transfers
dropping to approximately 88,(XX) against 127,(XX) on
Wednesday.
Aircraft shares were quiet with only minor
changes. In the paper and cardboard group, Brown Com¬
pany was moderately
lower while Great Northern and
International Paper & Power Warrants and Taggart were
unchanged.
Aluminum shares were unsettled, Aluminum
Company of America slipping back 2 points to 121, and
Aluminium Ltd. was unsettled.
Shipbuilding shares were
lower or unchanged.
The market developed a firmer tone on Friday, and
while the gains exceeded the declines as the session ended,
there was a fairly long list of exceptions at the close. Trading
was slow, the
turnover dropping to approximately 71,000
shares against 88,000 on Thursday.
Paper and cardboard
issues were down or unchanged, and the shipbuilding stocks
failed to appear on the tape. Public utility preferred shares
were higher, industrial issues were inclined to sell off and
the aluminum stocks were unsettled.
As compared with
Friday of last week, prices were lower, American Cyanamid
B. closing last night at 39 % against 40 % on Friday a week
ago, Babcock & Wilcox, 29% against 30%; Bell Aircraft
19% against 21%; Creole Petroleum, 17 against 17%; Gulf
Oil Corp., 36% against 37% and United Shoe Machinery
60%
against 59%.
July 19, 1941
Act
of
requirements of Section 522 of the Tariff
Reserve Bank is now certifying
Federal
the
1930,
RATES
EXCHANGE
FOREIGN
Pursuant to the
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
give below
FOREIGN
a
record for the week just passed:
CERTIFIED
RATES
EXCHANGE
TO JULY 18,
1941,
12,
JULY
1941,
INCLUSIVE
Noon Buying Rate for Cable Transfers in
Value in United States Money
Country and Monetary
RESERVE
FEDERAL
BY
UNDER TARIFF ACT OF 1930
BANK TO TREASURY
New York
Unit
July
July
12
July
14
July
July 16
15
$
a
a
a
a
a
a
a
a
a
a
a
a
$
$
a
a
a
a
a
a
Czechoelov'la, kornua
a
a
Denmark, krone
a
a
_.
July 18
a
S
Bulgaria, lev
17
$
S
Europe—
Belgium, belga
a
Engl'd. pound sterl'gi
Official
4.035000
4.035C00
4 035000
4.035000
4.035000
4.035000
Free
4.030000
4.030000
4.030625
4.030937
4.031875
4.035000
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
Finland, Markka
a
a
France, franc
a
a
Germany, relchsmark
a
Greece, drachma
'r
a
a
Hungary, pengo
a
Italy, lira..
.....
Netherlands, guilder.
a
a
a
a
a
a
a
a
a
Norway, krone
Poland, zloty
a
a
a
a
a
a
a
a
a
a
a
a
Portugal, escudo
c
a
a
'
a
NEW
THE
YORK
CURB
EXCHANGE
Bonds (Par Value)
Slocks
c
a
a
a
a
a
a
Sweden, krona
c
c
c
c
c
c
c
c
c
c
c
c
a
a
a
a
a
a
Asia—
a
-
Government
Domestic
Total
Corporate
a
a
Hankow (yuan)
a
a
a
.052293*
.052218*
a
a
a
a
dol'r
dol
Shanghal(yuan) do!
Tientsin (yuan) dol
Hongkong, dollar.
India (British) rupee.
Chefoo (yuan)
Foreign
Foreign
of
Shares)
•
c
a
a
China—
(.Number
Week Ended
July 18, 1941
c
a
a
Yugoslavia, dinar—
AT
c
a
Switzerland, franc—
TRANSACTIONS
DAILY
c
Rumania, leu
Spain, peseta
.052243*
a
a
.052393*
a
.053550*
.052856*
127,145
774,000
2,000
Thursday
746,000
1,000
6,000
879,000
753,000
87,770
628,000
10,000
8,000
646,000
71,375
789,000
17,000
547.653
Tuesday
Wednesday
4,050,000
$36,000
....
Friday
........
806,000
a
a
a
.244218
.244468
.244343
.244468
.245218
.245218
.301283
.301283
.301283
.301283
.301283
.301283
Japan, yen..
.234390
.234390
.234390
.234391
.234390
.234390
Straits Settlem'ts, dol
.471600
.471600
.471600
.471600
.471600
.471600
Official....
3.228000
3.228000
3.228000
3.228000
3.228000
3.228000
3.211250
3.211250
3.211250
3.212708
3.213541
3.215833
New Zealand, pound. 3.223833
82,000
3,000
874,000
Monday
a
Free
111,520
$369,000
$5,666
687.000
......
$43,000
$326,000
...
44,330
105,513
Saturday..........
3.223833
3.223833
3.225125
3.225958
3.228291
3.980000
3.980000
3.980000
a
a
Australasia—
Australia, pound—
Total.
Week Ended July 18
sates at
$141,000
$4,227,000
Jan. 1 to July 18
Africa—
New York Curb
■
3.980000
South Africa, pound. 3.980000
1940
1941
Exchange
1940
1941
North America—
:
■
Canada, dollarStocks—No, of shares.
3.980000
547,653
369,430
13,867,712
27,821,472
$4,050,000
$144,420,000
36,000
$3,674,000
35,000
2,330,000
$185,915,000
1,370,000
141,000
111,000
1,554,000
4.178,000
$4,227,000
$3,820,000
$148,304,000
$191,463,000
.
_ *
.909090
.909090
.909090
.909090
.881171
.881250
.881250
.882142
.882500
.250425*
.205425*
.205425*
.205440*
.205425*
.205425*
Official
.909090
.909090
.909090
.909090
.909090
.909090
.879062
.878593
.878750
.878750
.879375
.880000
Official
*
.881406
Free
.297733*
.297733*
.297733*
.297733*
.297733*
.297733*
Free
Bonds
Domestic.
.237044*
.237044*
.237044*
.237044*
.237044*
.237044*
.909090
Official
Free
-»i.-_ j
*
Foreign government.
Foreign corporate
* „
..
Total...
—
Mexico, peso...
.909090
Newfoundl'd, dollar-
South America—
Argentina, peso—
REDEMPTION
CALLS
AND
SINKING
FUND
Brazil, mllrels—
Official
a
list of corporate bonds, notes, and
preferred stocks called for redemption, including those called
sinking fund provisions.
The date indicates the re¬
demption or last date for making tenders, and the page
number gives the location in which the details were give in
under
Chronicle."
the
Company and Issue—
Date
.060575*
.060575*
.050600*
.050600*
.050600*
.Sept. 1
.Sept. 1
Aug. 30
23965
.Aug.
1
Aug.
6
..Aug. 11
..Aug. 18
Aug.
1
.......Nov.
1
239
392
24121
394
*2550
22550
.July 21
Sept.
1
Aug.
1
Aug.
1
July 28
Aug.
1
98
23805
99
24124
Coast Counties Gas & Electric Co. 4% bonds, series B.
Consolidated Aircraft Corp. $3 pref. stock
96
239
Consolidated Gas Electric Light & Power Co. of Bait.—
bonds
♦Continental Baking Co. 8% preferred stock
...
Driver-Harris Co. 7% preferred stock
♦Durez Plastics & Chemicals, Inc., 4)4% debs
East Tennessee Light & Power Co.
5% bonds
bonds.
Eastern Gas & Fuel Associates 1st mtge. bonds
Federal Light & Traction Co. 5% bonds
General Water Gas & Electric Co. 5% bonds
Great Consol. Elec. Power Co., Ltd., 1st mtge. bonds
(R.) Hoe & Co., Inc. 6)4% preferred stock
4)4% bonds
Houston Oil Co. of Texas,
mtge- bonds
Export.....
Sept.
fiCw^te Works Co—
Peoria Water w01!1 C£rp-
c
c
.569800*
.569800*
.658300*
.658300*
.658300*
.658300*
.658300*
.437566*
.437566*
.437666*
.437566*
.437566*
Nominal rate,
a
No rates available,
c
Temporarily omitted.
COURSE
OF
BANK
clearings this week show an increase compared with
a year ago.
Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, Julyl9)
clearings from all cities of the United States from which it
is possible to obtain weekly clearings will be 21.3% above
those for the corresponding week last year.
Our preliminary
total stands at $7,016,297,413, against $5,786,635,681 for
the same week in 1940.
At this center there is a gain for
the week ended Friday of 20.5%.
Our comparative sum¬
mary for the week follows:
Per
Clearings—Returns by Telegraph
1941
1940
$2,827,703,070
$2,346,307,564
270,642,285
363,000,000
+ 20.5
260,915,705
117,884,398
111,300,000
169,710,000
146,459,817
160,997,344
149,252,373
93,059,441
207,350,801
93,224,853
+25.8
88,100,000
+26.3
+ 10.0
+26.7
66,558,229
+ 39.8
$4,821,084,706
1,025,829,805
$3,899,469,554
851,991,160
+23.6
$5,846,914,511
1,169,382,902
$4,751,460,714
1,035,174,967
+23.1
$7,016,297,413
Week Ending July 19
100
Cent
$5,786,635,681
+21.3
23657
New York..
399
Boston
101
Kansas City
St. Louis
1
CLEARINGS
Bank
21
247
...
....
1
2.3032
San Francisco
15
2.3819
Pittsburgh
Aug.
Aug
,5H% preferred stock
.569800*
.658300*
Chicago
Philadelphia
7
7
249
249
"Aug
Aug'
bonds."Aug
7
249
1
402
lAug.
1
24133
346,802,558
437.000,000
154,280,000
+28.1
+20.4
+26.5
249
7
Nov.
Auk
g'
Corp.—
♦Ontario Power Co. of Niagara Falls
5%
.569800*
.437566*
399
399
...July
c
.569800*
Controlled
23028
Nov.
c
c
c
c
Non-controlled
1
New Mexico Power Co. $7 pref. stock
New York State Electric & Gas
First mortgage 4Hs, 1980
First mortgage 43^8, 1960..-.^..
First mortgage 4s, 1965
c
c
c
c
.569800*
Colombia, peso
Uruguay, peso—
Aug. 20
.Aug. 15
Aug.
1
♦Lehigh Valley Coal Co. 6 % notes
♦Loews, Inc., 3)4% bonds..
♦Long Beach Gas Co., Inc., 5% bonds
Keith Memorial Theatre Corp. 1st mtge. bonds
Moore Drop Forging Co. class A shares...
Nebraska Light & Power Co. 1st mtge. 6s
c
93
Aug.
1
.July 25
Aug.
1
...
Chesapeake & Ohio Ry. 3^% bonds...
Chicago Union Station Co., 3)4% bonds
LJLgh^ 9?'
.060575*
.050600*
xl591
*4115
94
24116
24117
95
24118
...
Blaw-Knox Co. 1st mtge. bonds
Bush Terminal Co. 1st mtge. bonds
refunding
.060575*
,050600*
Page
.....
6%
.060575*
.050600*
Chile, peso—
Official
♦
Allied Owners Corp. 1st mtge. bonds
..Aug.
1
American I. G. Chemical Corp.—See General Aniline & Film.
Anaconda Copper Mining Co. 4)4% debentures
Aug. 11
Armour & Co., Del. 4% bonds
Aug.
1
Bates Valve Bag Corp. 6% bonds
Aug.
1
First mortgage
.060575*
Free
NOTICES
Below will be found
debentures
debentures
Detroit
Nov.
j
x3355
5s-Nov
First consolidated 4s
Nov"
1
Cleveland
Baltimore..
Eleven cities, five days
Other cities, five days
Total all cities, five days
All cities, one day
_____
115,566,458
93,825,920
100,613,444
+ 71.6
+48.3
+ 20.4
+ 13.0
tqqkk
Prior lion
First consolidated 5s
First & refunding 5s.
Philadelphia Co. 5% bonds.
Philadelphia Electric Power Co. 1st mtge. 514b
Republic Steel Corp. 414% bonds
...I
Safe Harbor Water Power Corp. 4)4% bonds
St. Joseph Ry., Light, Heat & Power Co.
4)4 % bonds
San
Williamsport Water Co. 5% bonds
Winslow Bros. & Smith Co. 5)4 % debs
23355
107
2
V. 152.
Auk
1
24135
Au-'
Auk'
Auk'
1
?3983
2
1
24137
Aug
1
x4137
1
Auk"
Investing Corp. 5)4% debs
West Boylston Mfg. Co. 6% bonds...
Announcements this week.
2
~
bonds?.
Adjustment mtge. bonds
*
1
22
x33%5
233^
Oct
Angelo Telephone Co. 1st mtge.
Southeastern Power & Light Co.—See Commonwealth
Southern Corp.
Western Reserve
Nov'
july'
1
1
&~
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
21586
June 28
Auk
l
_
TOO
Total all cities for week
-."I"7I!sept.
1
eases
In the elaborate
23827
has to be estimated.
detailed statement,
however, which we
able to give final and complete
previous—the week ended July 12.,
114
present further below, we
256
results
22882
256
for
the
week
For that week there
of
clearings
for
are
was an
the
increase of 29.2%, the aggregate
whole
country
having amounted
to
Volume
$6,837,006,264, against $5,464,093,610 in the same week in
1940.
Outside of this city there was an increase of 29.2%,
the bank clearings at this center having recorded a gain of
21.3%.
We group the cities according to the Federal Re¬
serve districts in which they are located and from this it
appears that in the New York Reserve District (including
this city) the totals show an improvement of 21.4%, in the
Boston Reserve District of 23.9% and in the Philadelphia
Reserve District of 27.4%.
In the Cleveland Reserve Dis¬
trict the totals are larger by 22.6%, in the Richmond Reserve
District by 44.2%, and in the Atlanta Reserve District by
43.9%.
In the Chicago Reserve District the totals record
an increase of 30.4%, in the St. Louis Reserve District of
36.1% and in the Minneapolis Reserve District of 23.9%.
In the Kansas City Reserve District the totals register a gain
of 12.5%, in the Dallas Reserve District of 23.7% and in the
San Francisco Reserve District of 37.2%.
In the following we
furnish
a summary
by Federal Reserve
districts:
Week Ended July 12
Clearings atInc. or
S
Dec.
%
$
253,774,757
3,561,376,803
2,933,269,295
+21.4
2,917,334,160
3,516,703,526
"
510,243,880
400,501,892
377,219,503
366,613,414
7
+27.4
+22.6
+44.2
300,336,001
+ 69.5
416,029
418,736
+48.8
92,166,976
+ 32.8
2,845,394
78,713,894
2,505,975
1,322,508
1,904.040
+ 38.9
1,349.471
+21.1
1,080,584
993,125
20,798,000
+ 31.9
19,109,000
2,944,604
7,225,717
2,216,500
+ 32.8
20,629,000
1,564,479
5,920,045
+ 22.1
5,403.251
25,274,703
1,527,968
11,309,965
4,962,736
21,380.256
1,226,123
+ 18.2
22,668,635
+24.6
1,187,302
9,652,699
4,167,967
386,761
+ 17.2
8,142,344
8,148,435
+ 19.1
3,607,239
3,530,313
—0.1
331,588
429,065
304,783,183
973,396
4,450,231
+26.0
306,814,110
293,890,470
+ 37.2
1,078,758
995,998
+ 11.2
4,403,502
1,444,393
+ 35.7
1,147,782
3,877,647
1,020,686
Detroit-..;.-—
152,651,426
Grand Rapids.
3,960,237
1,837,243
Lansing
2,306,575
27,427,000
Ind.—Ft.
Wayne
Xndiauapolls..,„
South Bend.
Terre Haute
Wis .—Milwaukee
la.—Ced. Rapids
Des Moines
Sioux City
;
386,591
111.—Bloomington
Chicago.—
384,113,676
1,335,336
Decatur
4,946,638
1,960,163
Peoria
Rockford
131,001,848
160,486,030
488,290,620
476,480,263
1,856,289
1,703,953
+ 8.9
1,643,819
1,861,694
488,290,620
+ 30.4
476,480,263
444,628,638
Eighth Federa 1 Reserve Dls trict—St.Lo
Cleveland..
"
403,211,287
328,887,482
6th
Richmond—
6
"
228,660,994
158,614,578
6th
Atlanta
10
"
236,230,763
164,176,103
7th
Chicago
18
"
636,712,180
8th
St. Louis... 4
"
198,520,724
9th
Minneapolis
7
"
141,248,117
"
177,650,960
10th Kansas City 10
11thDallas-..-- 6
145,860,059
+36.1
143,885,166
+ 31.7
89,600,000
87,100,000
37,764,356
+ 34.2
35,647,461
33,269,562
Tenn.— Memphis
27,683,354
16,921,703
+ 63.6
18,141,705
16,220,016
+23.9
111,855,517
105,212,887
157,941,673
+12.5
159,624,266
154,338,385
72,960,901
68,554.178
x
ill.—Jacksonville
67,628,585
+ 60.7
496,000
647,000
198,520,724
Total (4 cities).
145,860,059
+36.1
143,885,166
137,136,578
+23.7
Reserve Dls trict—Mi nne apolis-
Ninth Federal
Minn.—Duluth—
4,166,213
3,445,587
3,680,254
96,252,422
2,889,167
74,185.632
+44.2
Minneapolis...
+ 29.7
St. Paul
31,316,183
28,812,805
+ 8.7
74,942,794
26,230,737
69,666,148
25.419,675
2,523,843
+ 27.3
2,180,891
814,877
+ 39.8
785,087
2,407,918
797,490
900,341
+7.4
4,194,829
3,830,672
+9.5
847,761
3,422,660
2,539,331
141,248,117
113,957,237
+23.9
111,855,517
105,212,887
+37,2
253,264,797
250,907,499
N. D.—Fargo
3,212,758
5,369,355,378
5,847,975,669
S.D.—Aberdeen.
1,139,149
2,633,014,221
+29.2
2,552,752,904
2,432,050,277
Mont.-—Billings.
966,563
City.....
3,402,258,204
.32 cities
432,735,813
255,642,393
350,655,993
**
■
—
Helena
add our
329,599,338
294,475,693'
+31.3
293,339,909
Total (7 cities)
_
Tenth Federal
702,071
Lincoln
1940
1939
Dec.
f-'
1938
Kan.—'Topeka...
Wichita
5
I
$
%
Mo.—Kan. City.
562,430
800,073
2,647,254
Mass.—Boston..
257,792,946
849,264
636,127
St.
512,467
2,328,043
215,941,632
662,127
+ 25.8
1,970,516
+ 34.3
210,780,735
+ 22.3
699,355
+ 21.4
353,674
31,934,830
+ 15.2
3,095,484
—26.9
3,005,452
3,580,543
111,215,322
3,550,5"0
+ 47.7
4,008,181
2,399,979
4,123.341
+ 12.5
112,629,435
108,192,988
—9.8
3,908,699
648,089
+7.8
723,464
3,502,321
659,169
827,316
+5.3
733,707
636,564
157,941,673
+12.5
159,624,266
154,338.385
114,166
+ 3.7
147,582
+ 17.8
2,827,751
+ 10.2
Colo.—Col.Spgs.
Reserve Dlst rict—Boston
Me.—Bangor
Portland—..—
2,122,388
213,951,558
632,353
Lowell
434,758
+ 22.9
445,642
897,364
725,742
+ 23.6
3,502,757
+ 33.4
720,734
3,087,431
+ 40.0
Conn.—Hartford
13,040,874
Haven...
5,536,697
2,436,239
11,981,503
4,547,772
11,144,000
645,273
Pueblo
Total (10 cities)
31,649,393
3,342,150
....
4,673,697
3,409,875
3,202,957
698,927
Joseph
2,900,933
457,880
New Bedford..
89.762
183,935
96,454
173,988
3,115,716
31,229,170
177,650,960
—
Omaha....
Inc. or
1941
City
118,393
173,866
3,115,902
36,783,334
2,262,082
5,287,082
125,137,100
-
Hastings
Clearings at-
Reserve Dis trict— Kans as
871,317
Neb.—FremontWeek Ended July 12
FaU River
>
detailed statement showing last week '
figures for each city separately for the four years:
First Federal
u
x
x
■
600,000
5,464,093,610 +25.1
10
X
964,000
Quincy
6,837,006,264
now
•
90,500,000
50,673,370
137,136,578
113,957,237
>
83,650,937
*'
Total.......112 cities
......
uis
119,200,060
Ky.—Louisville..
444,628,638
4th
Outside N. Y.
1,312,899
4,434,106
21,078,310
1,279,834
144,156,124
••
PhlladelphlalO
__
1,028,451
636,712,180
Springfield
266,392,177
142,134,014
+43.9
+30.4
New York..12
We
+23.9
262,330,415
249,323.693
2d
12th San Fran.
®-+
404,357
102,573,458
2,982,750
685,313
Mo.—St. Louis._
S +
308,84-3,623
12 cities
Bostons
Canada.
1938
1939
$
Reserve DIsts.
1st
3d
1940
1941
£
/
Inc.or
1941
So
■'
Seventh Feder al Reserve D istrict—Chic ago—
Mich.—AnnArbor v,
SUMMARY OF BANK CLEARINGS
Federal
% +
1938
1939
Dec,
1940
1941
Total (18 cities)
Week End. July 12,
337
The Commercial & Financial Chronicle
153
Springfield
Worcester.
682,132
+ 8.8
2,159,667
11,203,015
+ 21.7
4,178,177
1,978,251
14,928,396
4,707,281
+ 62.0
12,045,000
490,822
18,447,100
518,496
Eleventh Fede ral
Reserve
District—Da lias—
R. I .—Providence
18,058,300
N.H.—Manches'r
702,521
249.323,693
262.330,415
York-
308.843.623
N. Y.—Albany..
7,675,290
8,890,516
+ 7.5
1,062,368
43,000,000
36,200,000
+ 18.8
31,700,000
776,585
654,373
856,588
+ 18.7
634,798
858,726
31,700,000
534,518
2,056,998
1,717,981
+ 31.2
56,833,531
7,111,454
7,475,160
—4.9
50,912,078
8,475,199
2,180,000
1,504,539
2,238,000
1,034,905
7,951,707
1,646,100
+45.4
1,050,510
La.—Shreveport.
3,818,282
3,684,446
+ 3.6
3,422,058
3,300,000
1,021,141
3,127,779
83,650,937
67.628,583
+ 23.7
72,960,904
68,554,178
Dallas
Fort Worth
Galveston.
—2.6
1.091,058
Buffalo-------
—4.1
51,076,000
...
Texas—Austin
7,314,048
Binghamton...
5,671,552
1,134,938
+ 35.3
1,219,644
2,120,074
67,004,472
Total (6 cities).
253,774,757
+23.9
Feder al Reserve D istrict—New
Total (12 cities)
Second
+ 28.8
2,032,190
—
Wichita Falls._
New
Elmira
Jamestown—.
New
York
-
Rochester
Syracuse
1,117,136
3,434,748,060 2,831,079,389
8,525.430
11,636,484
4,989,75C
5,649,852
+ 30.4
793,510
+21.3 2,816,602,474 3,415,925,392
+ 36.5
7,537,376
9,086,486
+ 13.2
4,628,577
4,596,141
+ 12.4
3,582,277
+26.6
4,266,865
410,397
17,206,836
15,598,736
+28.2
21,986,117
27,642,939
Twelfth Feder al Reserve D istrict—-Sao
Wash.—Seattle.
55,532,856
1,472,384
-
Franc isco—
43,272,211
+ 28.3
+6.0
38,592,089
1,108,375
36,318,914
997,232
+23.4
33,492,896
31,940,651
14,071,951
4,608,471
.-
46,872.953
1,388,832
37,989,683
Utah—S. L. City
17,736,104
15.347,057
+ 15.6
15,011,502
6,710,094
3,745,401
3,393,877
+ 79.2
+ 39.8
4,789,706
4,399,027
143,840,813
+ 44.8
148.448,000
3,126,238
1,477,969
+ 41.3
3,209,697
Yakima
Ore.—Portland
Calif.—L'g Beach
20,843,497
16,464,337
Northern N. J.
29,347,470
22,887,497
J.—Montclair
Total (13 cities) 3,561,376,803 2,933,269,295
+ 1.9
387,531
2,250,276
2,680,105
1,657,941
2,060,312
+30.1
2,555,564
5,015,340
151,105,000
2,732,680
1,599,790
2,517,470
Total (10 cities)
Newark
N.
4,967,067
+ 52.3
Stockton.——.
395,718
4,417', 186
388,255
Conn.— Stamford
350,655,996
255,642,393
+37.2
253,264,797
250,907,499
4,745,801
Pasadena
San
Francisco
208,239,000
4,916,423
.
San Jose
Santa Barbara.
+21.4 2,917,334,160 3,516,703,526
■
Third Federal
Reserve Dist rict— Philad elphia
641,508
467,800
+ 37.1
660,029
+ 41.2
1,650,362
467,556
317,497
1,343,696
494,000,000
Scranton...
2,161,744
2,975,452
Wilkes-Barre..
1,476,885
York
1,760,106
Pa.—Altoona
Bethlehem
534,693
Chester
Lancaster
Philadelphia...
Reading
.
389,530
456,221
+ 68.4
*475,500
337,962
+22.8
1,254,497
387,000,000
+27.6
365,000,000
1,429,764
+ 51.2
1,601,107
1,246,704
352,000,000
2,026,619
+ 25.2
2,113,895
1,004,988
880,411
+ 25.2
1,299,957
1,638,691
—1.0
3,733,700
377,219,503
366,613,414
(112
cities)------— 6,837,006,264 5,464,093,610
+25.1 5,369,355.378 5,847,975,669
Outside NewYork 3,402,258,204 2,633,014,221
+29.2 2,552,752,904 2,432,050,277
5,054,400
+27.4
total
Grand
2,628.517
+ 16.6
N. J.—Trenton..
4,383,100
2,376,501
1,266,925
1,405,553
4,426,600
Total (10 cities)
510,243.880
400,501,892
i
397,915
292,321
Week Ended July 10
Clearings at—
Inc.or
1941
eland—
Feder al Reserve D istrict—Clev
+ 46.9
2,522,196
3,705,454
Ohio—Canton _—
Cleveland
+0.1
11,193,800
1,929,219
3,049,037
+20.9
115,551,614
10,111,300
1,450,546
2,098,491
104,246,194
+ 21.4
+28.9
10,529,700
Mansfield
2,055,470
Youngstown
3,505,442
Pa.—Pittsburgh
Total (7 cities)
-
-
Fifth Federal
W.Va—Hunt'ton
....
Richmond
8. C.—Charleston
Md.—Baltimore.
D.C.—Washlng'n
Total (6 cities)
.
Sixth Federal
160,921,680
403,211,287
328,887.482
—7.9
+ 7.9
+ 22.6
300,336,001
89,715,463
266,392,177
Reserve Dist rict—Richm ond—
776,600
536,606
+ 44.7
364,659
339,552
5,397,000
3,799,000
+ 42.1
3,154,000
2,492,000
56,703,719
2,291,481
126,284,850
40,319,539
1,376,677
82,934,437
29,648,319
+40.6
39,334,413
36,373,883
37,207,344
228,660,994
158,614,578
+66.5
1,232,499
1,100,594
+ 52.3
71,355,427
66,804,935
+ 25.5
26,693,016
23,890,884
+44.2
Reserve Dist rict—Atlant a+~-'
Nashville
+
142,134,014
131,001.848
Ga.—Atlanta....
Augusta
—
Fla.—Jaeks'nville
3,981,611
3,964,280
Ala.—Birm'ham.
Mobile
Miss .—Jackson..
Vicksburg
La.—NewOrleans
Total (10 eities)
4,702,005
+26.7
+ 94.5
18,157,656
17,466,225
93,000,000
+ 54.0
57,500,000
52,200,000
1,505,645
+ 36.0
1,429,737
1,658,392
19,871,000
29,933,091
2,980,664
1,103,119
+ 50.3
1,197,337
931,923
+0.1
17,155,000
14,671,000
+ 30.2
21,764,63,5
18,553,139
+ 49.0
1,923,486
1,415,960
X
19,865,000
22,993,284
2.000,431
X
•r-x
•
•.
x
1,014,977
X
198,938
161,768
+ 23.0
139,240
180,513
49,155,228
35,284,493
+ 39.3
37,237,328
33,758,107
164,176.103
+43.9
160,486,030
144.156,124
236,230,763
Winnipeg
Vancouver
-
-
i
Ottawa
Quebec--.
Halifax..
Hamilton-.
Calgary
15,960,555
40,490,404
+ 19.4
+63.4
17,234,145
5,520,470
3,248,663
+ 5.1
4,620,375
+ 8.8
2,500,177
5,325,795
+ 30.3
4,619,997
4,700,170
1,971,420
1,806,151
2,602,594
4,158,602
4,071,081
398,569
+23.0
4,043,853
1,800,492
449,639
+ 19.4
+0.1
484,004
1,088,199
+33.5
634,039
119,496,955
108,168,920
63,717,978
19,049,095
66,166,682
5,803,704
3,535,870
6,941,687
5,779,091
86,869,114
+ 37.6
94,279,698
43,659,230
+ 14.7
1,988.187
St. John
Victoria...-...,.
2,163,069
2,896,764
Edmonton
5,109,457
4,624,490
Re gin a
Brandon
Lethbridge
Moose
Fort William..-.
1,912,868
+ 11.3
2,157,398
+22.9
+ 13.6
4,058,028
3,267,607
+ 13.2
298,908
1,807,196
1,734,602
2,483,290
3,367,311
3,306,703
340,609
434,295
1,071,285
535,687
834,657
625,914
627,281
637,746
+71.7
220,065
+ 5.2
578,972
190,220
674,687
879,172
740,594
365,537
Peterborough....
689,507
212,867
655,470
New Westminster
+ 19.8
+ 18.7
1,158,041
Brantford
+0.9
996,665
■
694,432
Jaw
+45.9
98,654,758
98,589,032
22,585,828
15,374,809
16,274,040
4,756,867
2.599,951
4,942,962
3,800,769
1,400,651
520,088
1,052,841
874,540
1,401,526
Saskatoon
1938
$
87,792,845
95,425,857
35,322,629
15,425,935
536,776
—
Medicine Hat--;
16,160,358
60,400,000
5,955,447
31,429,797
-
1939
%
London
2,048,206
Tenn.—Knoxville
Macon
1,649,205
57,120,978
65,532,436
110,901,392
11,429,700
1,904,566
3,502,568
133,094,624
Columbus
Va—Norfolk
2,165,799
61,984,254
104,462,278
79,571,783
142,921,758
Cincinnati
Montreal
%
451,082
Toronto
Fourth
Dec.
$
Canada-
1940
+ 10.0
869,017
+ 14.0
551,146
Sherbrooke.._---
850,086
811,659
+ 4.7
727,992
678,566
Kitchener.......
1,200,843
1,071,302
+ 12.1
893,845
3,384,837
396,952
2,442,193
+ 38.6
2,923,106
331,111
944,673
1,047,835
+ 19.9
—9.8
287,152
930,087
1,024,370
2,275,060
287,223
679,816
811,807
762,472
640,320
727,340
+ 11.6
573,241
«95,386
608,800
+25.2
522,420
508,529
+25.9
483,039
1,129,136
1,081,363
+4.4
1,600,974
620,221
516,075
1,139,974
432,735,813
329,599,338
+ 31.3
294,475,693
293,369,909
Windsor.——.
Prince Albert
Moncton.
_
-
Kingston.......
Chatham.....
Sarnia
Sudbury..
Total (32 cities)
*
Estimated,
x
No figures available.
Westchester County Clearing House
discontinued.
.
The Commercial & Financial Chronicle
338
Condition of
troller's call of
National Banks April 4, 1941—The statement of
July 19, 1941
condition of the National banks under the Comp¬
April 4, 1941, has just been issued and is summarized below.
For
purposes
of comparison, like details for
previous calls back to and including Dec. 30, 1939, are included.
ABSTRACT OF REPORT OF CONDITION OF NATIONAL BANKS IN THE UNITED STATES ON DEC. 30, 1939, AND
AND
DEC.
31, 1040, AND APRIL 4,
Dec. 30. 1939
%
Assets—
June 29, 1940
(5.150 Banks)
$
$
Apr. 4, 1941
(5,144 Banks)
Dec. 31, 1940
(5,170 Banks)
Mar. 26. 1940
(5,184 Banks)
(5,193 Banks)
MARCH 26, JUNE 29
1941
$
$
10,427,466,000
8,482,114,000
217,452,000
10,027.773,000
7,658,549,000
2,094,056,000
2,008,472.000
1.694,058,000
212.905.000
22,084,502,000
23,695.813,000
25,015,102,000
12,935.818,000
599,694,000
127,671,000
13,877,104,000
597,251.000
119.515,000
15.120,067,000
594,398,000
108,197,000
14,243,808,000
598.722,000
103,068,000
65,551,000
55,845,000
66.980,000
52,121,000
65,392,000
42,339.000
62,415,000
47,154.000
62,439,000
45,736,000
58,033,000
49,020,000
63,699.000
42,944,000
58,672,000
40,305,000
60,399.000
45,519,000
68,289,000
55,857,000
35,319,257,000
35,736.657,000
36,885,080.000
39.733,962.000
40,193,021,000
14,940.600,000
7,717.408,000
589,190,000
2,080,992,000
5,899,785,000
385,017,000
15,136,162,000
7,792,009.000
572,253,000
2,138,403,000
6.031,089.000
326,352,000
15,976,786.000
7.875,792.000
564,997,000
2,270,856,000
6,084,051,000
301,925,000
17,939,331.000
7,954,096,000
506,709,000
2,358,230,000
6,575,298,000
518,760,000
18.070,367,000
31,612,992,000
31,996,268,000
1,794,000
124,000
33,074,407,000
2,910,000
35,852,424,000
3,127.000
36,287,481,000
2,882,000
120,000
117,000
110.000
2,430,000
101,000
64,175,000
37,709,000
41,031,000
155,230,000
58.328,000
40,775,000
54,143,000
147.734,000
50,641,000
41,376,000
49,741,000
189,447,000
54,489,000
46,395,000
48,082,000
192,937.000
52,371,000
51,299,000
59,775,000
167,198,000
31,914,139,000
32,299,166,000
33,408,639,000
36,197,564.000
36,620.655,000
1.532,903,000
1,216,222,000
445,403,000
210,590,000
1,524,973,000
1,225,648,000
475,013,000
211,857,000
1.534,649,000
1,249,961.000
468,203,000
223,628,000
1,527,237,000
1,309,533,000
1,526,939,000
1,319,321,000
491,310,000
234,796,000
3,405,118,000
3,437,491,000
3,476.441,000
3,536,398,000
3,572,366,000
35,319,257.000
35,736,657,000
36,885,080.0^0
39.733,962,000
40,193,021,000
194,001,000
17,732,000
1,323,694,000
185,551,000
15,273,000
1,326.593,000
193,904,000
14,859,000
1,328,180,000
182,019,000
13,638,000
1,333,816,000
175,651,000
13,374,000
1,339,894,000
1,535.427,000
1.527,417.000
1,536,943.000
1.529,473,000
1,528.919,000
226,662,000
19,755,000
a218,174,000
17,343,000
245,165,000
17,144,000
233,280,000
15,523,000
224,711,000
15,290,000
246,417,000
Loans and discounts, including
8235,517,000
262,309,000
248,803.000
240,001,000
5,456,000
9,116,000
19,581,000
189,475.000
5,381,000
8,571,000
21,396,000
196,296,000 )
234,796,000*
9,043.632.00C
7,117,420,00(]
1.956,515,OOC
1,784,899,000
1,731.837,000
220.905.000
Obligations guaranteed by United States Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures—
Corporate stocks, including stock of Federal Reserve banks
Total loans and investments
9,060,292,OOC
7,079,569,000
1,891,697,OOC
1,920,115,000
1,678,163,000
217.894,000
9,179,227.000
7,219,890,000
1.891.336,000
1,928.352,000
1,648,245,000
21,855,208,000
overdrafts
direct obligations
United States Government securities,
21,847,730,000
12,503,613,000
600,296,000
131,691,000
2,113,876,000
2,147,574,000
1,634,616,000
209,456,000
Cash, balances with other banks, including reserve balances, and cash
items In process of collection
Bank premises owned, furniture and
.........
........
fixtures
Real estate owned other than bank premises
and
Investments
or
other
indirectly
assets
other real estate
representing
bank
premises
.......—..............
Customers' liability on acceptances outstanding
Interest, commissions, rent, and other income earned or accrued
1
not collected
......
but
—
Other assets
Total assets.
Liabilities—
Demand
deposits of individuals, partnerships, and corporations
of individuals, partnerships, and corporations
Deposits of United States Government, including postal savings
Deposits of States and political subdivisions
Deposits of i)Eflks
Other deposits (certified and cashiers' checks, &c.)
IIIIZIII
Time deposits
a
Total deposits
Bills payable,
rediscounts, and other liabilities for borrowed money
Mortgages or other liens on bank premises and other real estate
Acceptances executed by or for account of reporting banks and out¬
standing
Interest, discount, rent, and other Income collected but not earned
Interest, taxes, and other expenses accrued and unpaid
;
Other liabilities
Total liabilities
....—
...—
Capital Account—
Capital stock (see memoranda below).
Surplus
...
...
—...
......
Undivided prof'ts—
Reserves (see memoranda below)..
....
...
Total capital account.....—
Total liabilities and capital account..
8,050,125,000
478,412,000
2,530,319,000
6,751,121,000
407,137,000
467,984,000
231,644,000
Memoranda—
Par value of capital stock:
Class A preferred stock
Class B
preferred stock
...
—...
Common stock......
—...
...
Total.
Retirable value of preferred capital stock:
Class A preferred stock
Class B
preferred stock
...
Total.
Reserves:
Reserve for dividends payable in common stock.
Reserves for other undeclared dividends..
Retirement account for preferred stock
Reserves for contingencies, &c
Total
6,037,000
9,006,000
17,228,000
178.319,000
..,
...
■
211.857,000
i
j
210,590.000
Securities loaned...
Total
...
....
223,628,000
231,644.000
234,796,000
2,297,683,000
2,311,063,000
2.397,702,000
2,457,149,000
2,477,773,000
605,760,000
615,722.000
593,565,000
644,363,000
629,253,000
93,789,000
22,794.000
94,538.000
7.290,000
93,990,000
7.729.000
89,741,000
13,372,000
89,113,000
14,437,000
3,020,026,000
...
211,857.000
3,028.613,000
3,093,186.000
3,204,625,000
3,201,576,000
2,405,791,000
2.448.056,000
2,522,681,000
2,630,448,000
2,659,791,000
2,373,000
2,553,000,000
975,000
1,550,000
219,000
492,000
2,558,000
508,000
2,064,000485,000
2,409,139,000
.........
Pledged assets and securities loaned:
United States Government obligations, direct and guaranteed,
pledged to secure deposits and other liabilities..
Other assets pledged to secure deposits and other liabilities, in¬
cluding notes and bills rediscounted and securities sold under
repurchase agreement
Assets pledged to qualify for exercise of fiduciary or corporate
powers, and for purposes other than to secure liabilities
2,449.825,000
2,525.726,000
2,633,514,000
2,662,340,000'
14,940,600.000
543,960,000
1,737,388,000
15,136,162,000
15,976,786,000
518,805,000
1.936,456,000
17,939,331,000
463,368.000
18,070,367,000
436,830,000
2,212.054,000
5,641.680.000
6.121,622,000
Secured liabilities:
Deposits secured by pledged assets pursuant to requirements of law
Borrowings secured Dy pledged assets, including rediscounts and
repurchase agreements
Other liabilities secured by pledged assets
....
Total.
Details of demand deposits:
of individuals, partnerships, and corporations
of United States Government
of States and political subdivisions
of banks in the United States (including private banks
and American branches of foreign banks)
Deposits of banks in foreign countries (including balances of foreign
branches of other American banks but excluding amounts due
to own foreign branches)
Certified and cashiers' checks (including dividend checks), letters
Deposits
Deposits
Deposits
Deposits
of credit and travelers' checks sold for cash, and amounts due
to Federal Reserve banks (transit
account)
Deposits of individuals, partnerships, and corporations:
Savings deposits
Certificates of deposit
Deposits accumulated for payment of personal loans.
Christmas savings and similar accounts
Open accounts
a
Revised,
6,647,921.000
,
343,176,000
355,707,000 J
326.352,000
301,925,000
518,760.000
407,137,000
23,729,514,000
24,719.328.000
27,397,446,000
27,774,309.000
7,792.009,000
6.977,727,000
533,532.000
36.604,000
78,792,000
249,137,000
7.129.006,000
510,887,000
48,418,000
18,888,000
246,897,000 I
8.050,125,000
7,875,792.000
334,400,000
7,954,096,000
43,341,000
359,572,000
8,050,125,000
*1,582,000
318,265,000
93,720.000
93,046,000
4,975,000
4,923,000
•
1
7.717,408,000
45,230,000
343,604,000
7,792,009,000
42,376,000
328,299,000
103,939,000
46,192,000
5.458,000 J
■
v: :-
103,200,000
104.070.000
8,215,639,000
....
8,266.764.000
8.355,079.000
8,454,978,000
8,513,172.000
21.31%
13.64%
8.21%
14.29%
21.34%
13.67%
8.16%
14.40%
21.43%
13.72%
8.14%
14.60%
21.46%
13.94%
8.34%
14.73%
21.52%
14.03%
8.37%
14.81%
plus time deposits:
.11.1..
""""
I""
b Includes United States _Treasurer's time
deposits—open accounts.
J
385,017,000
31,049,000
16.424,000
228,232,000
.....
Central Reserve city banks
Reserve city banks
Country banks
all member National banks
356.840,000
5.927.019,000
531,400.000
Postal-savings deposits _b
Ill
I
Deposits of States and political subdivisions
I
"II
Deposits of banks in the United States (including private banks
and American branches of foreign
banks)
Deposits of banks in foreign countries (Including balances of
of foreign branches of other American banks but
excluding
amounts due to own foreign
branches)
Total,
Total,
Total,
Total,
•
6,910,203,000
Total
Total time deposits
5.433.548.000
1.998,658,000
23.397.353,000
Total demand deposits
Details of time deposits:
Ratio of required reserves to net demand
529,877,000
1,810,104,000
The Commercial <& Financial Chronicle
Volume 153
AND
RECEIPTS
GOVERNMENT
339
EXPENDITURES
Through the courtesy of the Secretary of the Treasury we are enabled to place before our readers today the details
Government receipts and disbursements for June, 1941 and 1940, and the 12 months
of the fiscal
of
1940-41 and 1939-40.
years
July 1 to June 30
Month of June
[For footnotes see page 341]
General
and
%
$
Receipts—
_
.
916,170,151
_____
....
264,732,475
Miscellaneous internal revenue
3,285,667
Social security taxes—Employment taxes
Tax
....
779,798
.......
employers of 8 or more
on
'
1939-40
Special Accounts
Internal revenue—Tnr.nmpi tax
Taxes upon carriers
Railroad unemployment
1940-41
1940
1941
26,119,538
1,632,150
...
and their employees..1..........
insurance contributions..
38,217,379
s
463,785,552
200,875,932
2,895,394
1,019,506
26,355,582
$
3,469,637,848
2,125,324,635
2,344,625,131
604,694,236
107,523,267
120,966,719
2,966,863,799
a690,654,674
97,676,584
136,942,076
6,814,718
1,478,331
28,101,087
4,918,041
391,870,013
348,590,635
securities:
Miscellaneous receipts—Proceeds of Government-owned
79,730
334,017
2,865
Principal—foreign obligations
166,361
&c
1,277,091,523
1,082,679
■
.
_
_
_
Net receipts-..............—...—.-—..-—
5,924,836,403
784,217,675
7,607,211,852
5,924,836,403
65,432,913
31,590,332
.................
66,804,762
42,595,489
810,674,513
967,762,919
c57,134*426
1,744,836
2,046,447
12,293,597
4,502,302
9,340,201
c71.125.738
62,165,327
27,287,959
24,187,152
7,909,584
85,596,484
30,000,000
64,048
809,765,120
1,020,147,740
bll9,599,918
4,078,998
7,125,158
29,315,768
158,536,339
41,779,009
37,977,352
11,902,446
96,365,934
x43,000,000
................w.—.——
Corporation_f g
Federal Farm Mortgage
...
2,451,726
3,464,798
.....
Federal land hanks....
_.....
Farm Security Administration.
4,715,548
—.....—....
733,493
1,510,391
683,395
6,608,240
10,000,000
19,357
339,431,227
10,048,992
'Farm Tenant Act........................................
Rural Electrification Administration, g
Forest roads and trails..^.
...... ....
..........
Department of the Interior (e)—Reclamation projects
-
—
(current) y
(prior years) y
Treasury Department (e)—Interest on the public debt
Post Office Department (deficiency)
Post Office Department (deficiency)
——
—
--
National Youth Administration
Social Security Board
.......
Administration
Public Works Administration.f
Administration
89,684,211
6,000,000
*"c33*7~294
c4,219
116,798
22,581,780
10,199,322
4,019
1,289,852
257,396,531
136,352,725
112,597
19,553,536
14,412,622
16,092,187
6,116,440
5,014,876
12,044,894
Federal Security Agency—Civilian Conservation Corps
3,807,556
63,666
96,082,453
25,938
946,275
7,291,290
15,793,050
3,767,686
45,376,171
—
—
. -
.. .
—_ .
—
cx2,129,664
X,040,935,697
91,070,764
1,110,692,812
6,245,647
—
Reconstruction Finance Corporation _g
Works Projects
8,348,152
xl2,99S,055
cx2,129,664
304,522,608
718
District of Columbia (United States share)..
Federal Loan Agency—-Federal Housing Administration, g
United States Housing Authority.g->
4,618,936
510,553
7~ 753
Refunds of taxes and duties
Federal Works Agency—Public Buildings
72,903,241
22,719,562
43,929,955
tl28,227,233
-
Department of Agriculture (e)—Agricultural adjustment program
Other
8,268,512,585
661,300,733
1,276,008,844
_
appropriation to Federal old-age and survivors' insurance trust fund.d
Expenditures—
+ >. "
General (including recovery and relief)—Departmental
:
784,217,675
7,834,691
8,213,072
......
-- T................... ..................
Total receipts
■
67,906,884
89,859,418
936,821
——
........
Seigniorage.
■
2,882,323
t51,647,095
"9,"169", 781
Other miscellaneous..
Deduct—Net
329,841,050
20,448,525
—-
......
..
Panama Canal tolls,
■
96*996
3,467,764
1,539,883
1,345,161
Interest— foreign obligations.
Other.
9,188,172
12,148,550
18,141,923
77,989
1,219,875
283,244,749
94,648,335
423,157,379
127,083,827
68,651,300
174,056,135
103,456,954
6,004,532
113,232,360
6,000,000
6,987,869
6,001,618
1,284,593,921
11,342,712
1,811,432
5,713,626
364,214,595
57,250,669
74,999,883
164,539,864
288,303,781
1,873,713
Railroad Retirement Board
1,477,537,908
80,486
Tennessee Valley Authority
_
River and harbor work and flood control
Panama Canal
......
Veterans' Administration
...
—.....
—...
...
Subtotal
National Defense (p)—War Department.....
Navy Department...
......
....... ............ ..........
.......... ......
.
...
Agency).n
National defense housing (Federal Works
....
7,177,054,439
3,635,508,149
2,216,823,163
667,138,363
891,624,559
z4i.981.536
152,914,592
6,047,929,293
1,558,762,922
cl01,972
c5,520,025
3,526,864
c59.093.505
clOO.OOO.OOO
22,807,401
3,424,892
cl36.286.104
'•--■■■■
_
Railroad unemployment insurance administration
59,438,970
53,918,945
r«537,711,733
rsl34,894,414
&c.—Federal old-age and survivors insurance trust fund.h....
Railroad retirement account
zl03,104,147
17,516,746
11,600,861
21,394,691
C839.514
.
....
10
6,564,421,635
64,404,392
88,510,200
.
165,873
Revolving funds (net)—Farm Credit Administration
Federal Farm Mortgage Corporation (capital stock reduction, Act June 25,T940)Public Works Administration
(Art Opt
730,177,721
7,632,191
807,508,470
.
Transfers to trust accounts,
2,629,767
45,875,557
212,857,695
24,981,491
556,673,384
c673,641
Subtotal
Subtotal
39,135,754
218,517,752
39,079,145
552,680,802
2,004,513
5,871,290
14,636,444
z31,317,048
.......—...
....
Emergency ship construction (United States Maritime Commission)
Defense aid (lend-lease)
370,365
7,246,867
61,175,171
246,762,961
cz208,600
.........
National defense funds for the President
Selective Service (administration expenses)^
18.560
507,124,814
...
676,601
2,799,142
17,717,484
721,639,013
n
124,350,666
_
120,650,000
fund transfers to unemployment trust fund
7,500,000
1Q40V
Railroad unemployment Insurance account—Advance
*1*5*,boo",OOO
July 5, 1939 (Act June 25,1938)
cl5,000,000
Repayment of advance Jan, 26,1940--
YoYoob'obo
Adjusted service certificate fund
Government employees' retirement funds (United
States share)
92,715,000
-----
234,665,000
134,894,414
Subtotal
.
*87,203,400
745,565,133
..... t
Excess of receipts
....................
...
47,362,650
64,260,600
129,784,100
12,774,890,324
9,665,085,539
269,593,398
284,556,594
6,167,678*472
3,740,24*9*137
269,593,398
17,128,400
284,556,594
47,362,650
5,167,678,472
04,200,500
3,740,249,137
237,193,944
+ 61,499,748
5,103,417,972
+ 148,063,605
3,611,065,037
+259,439,107
511,904,105
+ 728,773,708
-
-
Total expenditures
1,068,774,269
252,464,998
Ac.)
17,128.400
1,545,602,242
Debt retirement* (pinking fund,
298,693,692
—138,928,308
5,251,481,577
.
Excess of expenditures..
.
Summary
Excess of expenditures
-
Less public debt retirements
...
of expenditures (+) or receipts (—)
Trust accounts, increment on gold, &c„ excess
Total
excess
of expenditures
Increase (+) or decrease
__
Gross public debt at
/
..
debt this date
129,184,100
—135,684,019
+ 742,430,921
3,475,481,018
—947,482,391
1,240,677,813
Increment
on
Gold,
42,807,765,654
5,993,912,498
42,967,531,038
2,527,998,627
40,439,532,411
48,961,443,536
..........................................................
159,765,384
47,720,765,723
-
beginning of month or year.:—
Trust Accounts,
.
_
(—) in general fund balance
Increase in the gross public debt.
Gross public
...
42,967,531,038
48,961,443,536
42,967,531,038
&c.
Receipts—
■
Transfers from general fund
h
_ .
.......
Net appropriations _d
"2",202",988
. _
6,105,580
*2*6,839,995
12,288,267
1,082,679
... ..... ................. ..........
—
r550,00*0*000
ri4Y.boo.666
........................r-rTr
Less reimbursements to general fund.
1688,140,728
3,285,667
Federal old-age and survivors insurance trust fund—Appropriations
134,894,414.
661,300,733
537,711,733
42,488,828
54,714,856
-
Unemployment trust fund—Deposits by States
___
Railroad unemployment Insurance account—Deposits by Railroad Retirement Board
Advance from Treasury (Act June 25,1938)
Transfers from States (Act June 25, 1938)
on
55,958,278
177,134,553
12,253,639
12,521,985
717,259,011
892,023,224
61,347,272
10,101,678
14,674,240
—.
"""
on
—....
Investments...........—
21,947
1,601,550
21,343
1,375,613
7,500,000
48.952,550
124,350,000
2,533,858
524,637,840
398,606
20,190,852
287,327,634
2,503,293,164
2,076,537,745
234,300,000
7,135,301
172,900,000
2,630.407
642,600,000
64,341,884
560,900,000
15,805,088
26,127*714
.........
.................
—-
......
.....
"~2.497,151
.............
'"GO,839*884
_____
Other funds and accounts—Increment resulting from reduction in the weight of the gold dollar...
.
.......
-
—
"20",086*813
2,282,516
Other trust accounts
Seigniorage
580,200,561
859,863,884
44,248,662
15,000,000
1,800,818
195,181,237
Investments.....
(Act Oct. 10, 1940)..—.——
Railroad retirement account—Transfers from general fund
Interest
104,09*9*951
811*288
.......
Transfers from railroad unemploy. insurance admin, fund
Interest
42,240,139
55,797,635
Interest on Investments
Total receipts
;
37,725,799
122,932,516
3*6*5,483*281
402,360
48,879,864
Expenditures—
Federal old-age and survivors insurance trust
Benefit payments
fund—Investments.
.
___
/
The Commercial & Financial Chronicle
340
July 19, 1941
Month of June
July 1 to June 30
[For footnotes see page 341]
Trust Accounts, Increment on Gold,
1939-40
443,000,000
&c. (Concluded)
S
Expenditures (Concluded)
554,330
.....
.
i
accounts—Public Works Administration revolving fund (Act of June 21, 1938).
Chargeable against Increment on gold—Melting losses, &c
10,343,198
85,840,805
1,500,475
9,693,522
71,875.120
c28,084
469,169.027
C454.890
121,173,514
1,822
16,271,597
"c4,324,687
—
Subtotal.*....,—
m5",466,666
482,963,000
1,800,818
14,552.456
15,000,000
.
......
Special deposits (net).l
"Y,200,666
1,000,000
52,271,000
811,288
)•«', Benefit payments-......-Other trust accounts.!
949,339
nio,000,666
account—Benefit payments—
Repayment of advance (Act June 25,1938) —
Railroad unemployment Insurance
Railroad retirement account—Investments...;
ml
563,000,000
433,242,841
104.099,951
17,784,319
18,700,000
30,169,000
Unemployment trust fund—Investments
State accounts—Withdrawals by States
—
Transfers to railroad unemployment Insurance account (Act June 25, 1938)
Other funds and
1940-41
1940
1941
374,218,422
302,302,592
6,650
1,055,800
—
6,661,725
12,200,000
113,099.073
330,528,776
c7,831,157
4,575
■
2,425,730,065
1,982,022,629
c289 .458,000
&c. (net):
obligations In market (net) (k)—Guaranteed by the United States
Commodity Credit Corporation
c200,620,000
839,494
Transactions In checking accounts of governmental agencies,
Sales and redemptions of
Federal
Housing Administration
Home Owners' Loan Corporation
Reconstruction Finance
_
Corporation—
United States Housing Authority
2
c645 092,000
cll2 .099,000
clOO.OOO
.............
*
.....
7,350
211,300
66,325
500,000
"""12+606
c27 ,329,000
10 ,917,000
cl ,000,000
cl5,681,170
c665,000
44,593,092
cl04,779
Federal Farm Mortgage Corporation—
Not guaranteed by the United States—Home Owners*
2,675
Loan Corporation
^
Federal home loan banks....
10,000
......—
Federal land banks.
—
Electric Home and Farm Authority..
Credit Corporation...
Other transactions (net)—Commodity
Export-Import Bank of Washington
Federal Housing Administration
—
...._.
cl,154,967
__
......
c20.895.260
231,262
...
87,262,652
26,634,401
3,227,586
.
—
-
...
302,292
—
Corporation
Rural Electrification Administration
Reconstruction Finance Corporation. 1..
United States Housing Authority...
Home Owners' Loan
Other
552,450
211 ,532,825
c
129,622
13.451,309
839,735
c2 ,951,750
347 ,077,377
208,483
c8 ,098,547
c239,,313,807
cl
,059,137
725 ,489,421
17,465,068
c4,671,059
c4,403,655
232 ,844,284
20 ,128,480
166,188,975
c276,668,000
To",654" l" 00
83,425
5,000
15,075,000
c3,092,500
210,493,798
C340.303
c4,853,751
c39,814,889
c875,059
42,340,268
17,201,293
22,314,245
80,401,921
c41,068,904
2,651,356,770
1,940,953,726
61,499,748
148,063,605
-185,637,766
-f-1,480,301
+2,153,953
—1,481,383
+ 4,447,709
Excess of receipts
225,626,704
348,827,382
259,439,106
Total expenditures.
46,524,790
454,620,343
Subtotal.
+ 1,604,146
+ 10,417,127
+2,642,098
—9,611,005
—11,035,236
+ 11,110,343
+ 55,468,813
135,584,019
-
Excess of expenditures
-
Summary
Excess of receipts (+) or expenditures
(—):
Federal old-age and survivors insurance trust fund
Unemployment trust fund..
Railroad retirement account
Other trust accounts
—4,204,115
+ 3,495,472
+ 1,322,889
—2,366,557
+ 34,954,505
+ 57,108,806
—
Total.
Public
Receipts—
-1,077,276,554
+ 287,534,507
—246,465,603
—61,499,748
-148,063,605
+ 135,584,019
701,114,000
....
+ 4,770,930
+ 851,649,850
400,298,000
5,371,611,000
7,194,395,841
—475,125
— .....
Other transactions (net)...
+ 1,425,040
-79,926,796
-
—6,128,075
-40,396,715
-259,439,107
Other funds and accounts
Transactions In checking accounts of governmental agencies, &c. (net):
Sales and redemptions of obligations In market (net)....
Debt Accounts
320,732,411
Treasury notes....
Treasury bonds... i
49,600,270
5,820,266,000
1,165,903,100
1,918,588,300
1,557,379,747
1,683,597,211
Public Issues—Cash—Treasury bills
449,898,270
10,462,137,147
...........
.
-.
_
661,750" 800
...
United States savings bonds (including unclassified sales).
Treasury savings securities
...
Deposits for retirement of national bank notes
67
l",43l" 150
1,150,810,389
542,012
1,290
Subtotal.
Adjusted service bonds.
141,950
305,450
2,237,800
8,356,800
Exchanges—Treasury notes.
924,000
277,711,000
67,726,500
3,073,860,450
1,793,952,100
1,018,051,100
3,141,586,950
2,812,003,200
786,390,950
Treasury bonds..
787,314,950
Subtotal.
Special issues—Adjusted service certificate fund (certificates)
Unemployment trust fund (certificates)
2,281,000,000
510,200,000
277,711,000
19,800,000
2,930,300,000
1,003,200,000
6,000,000
192,985,000
1,710,000,000
183,900,000
2,200,000
59,200,000
772,000
2,234,000
164,000
3,398,000
90,000
29,000
290,000
204,000
22,506,666
"21,000,000
15,000,000
26,500,000
2,800,000
40,000,000
24,400,000
34,000,000
Railroad retirement account (notes)
Civil service retirement fund (notes)
66,000,000
100,058,666
Foreign Service retirement fund (notes)
Canal Zone retirement fund (notes)
Alaska Railroad retirement fund (notes)
Postal Savings System (notes)
Government life insurance fund (notes)
National Service lifeinsuranoe fund (notes)
1,446,000
775,000
....
Federal Deposit Insurance Corporation (notes)
Federal Savings and Loan Insurance
15,300,000
616,000
Federal old-age and survivors insurance trust fund (notes)h.
Corporation (notes)
2,264,000,000
582,900,000
12,200,000
144,000,000
1,161,000
637,000
5,050,000
...
Subtotal.
2,917,473,000
Total public debt receipts..
1,977,265,000
4,240,769,000
3,150,802,000
5,388,527,111
2,705,179,720
17,846,730,897
13,165,557,841
690,408,000
412,010,000
5,496,438,000
20,500
17,115,150
_■
1,000
678,850
17,450,850
48,527,000
76,238,000
148,126,039
22,705,168
2,260,650
2,737,050
5,368,965,000
434,700
105.534,550
30,116,100
114,260,162
Expenditures—
Public issues—Cash—Treasury bills..
Certl flcates of Indebtedness
Treasury notes
...
Treasury bonds
2,375,650
14,838,599
2,733,100
140,850
notes.
Subtotal.
2,231,135
729,125,349
.....
Other debt items
National bank notes and Federal Reserve bank
285,450
1,225,445
.......
30,106,100
245,450
1,620
20,985
.
United States savings bonds..
Adjusted service bonds
First Liberty bonds
Fourth Liberty bonds
Postal Savings bonds
480,664,336
13,836,514
4,544,600
167,800
300
30,221,631
1,356,100
3,080,600
177,760
\
193,060
351,613
30,587
264,818
25,367,293
17,386,319
5,815,626,449
5,679,794,014
1,865,966,600
Exchanges—Treasury notes.
787,314,950
Subtotal.
Special Issues—Adjusted service certificate fund (certificates)...
Unemployment trust fund (certificates)
_
(notes)
2,812,003,200
11,800,000
2,367,300,000
23,500,000
1,821,000,000
275,900,000
1,721,000,000
11,000,000
10,000,000
76,900,000
...
Canal Zone retirement fund (notes)
3,141,586,950
,262,300,000
.......
Foreign Service retirement fund (notes)
Alaska Railroad retirement fund
1,275,620,350
277,711,000
250,000
Federal old-age and survivors insurance trust fund (notes) h
Railroad retirement account (notes)
Civil service retirement fund (notes)..
277,711,000
2,534,292,200
277,711,000
787,314,950
Treasury bonds
"39",400",000
457,000
622,000
659,000
763,000
2,050,000
17,000
2,294,000
52,000
23,500,000
20,000,000
I 299,000
3,500,000
Government life insurance fund (notes)
Federal Deposit Insurance Corporation (notes)
22,000,000
11,400,000
52,000
Postal Savings System (notes)..
360,700,000
97,900,000
15,000,000
"59","200",000
"7T,5b"o"66o
36,500.000
111,000,000
Subtotal.
2,631,409,000
1,787,039,000
2,895,605,000
2,145,762,000
Total public debt expenditures.
4,147,849,299
2,545,414,336
11,852,818,399
10,637,559,214
1,240,677-812
159,765,384
5,993.912,498
2,527,998,627
+ 323,828,000
Excess of receipts
Excess of expenditures
Increase (+) or decrease (—) in the gross pubHc debt:
Public Issues—Treasury bills
Certificates of Indebtedness
Treasury notes
+ 10,706,000
Other debt items
Subtotal..
Special issues
Total..
notes.
—1,000
—678,850
+ 260,260,150
+ 961,365,892
Bonds..
National bank notes and Federal Reserve bank
—11,712,000
—20,500
—16,191,150
....
.
—276,746,044
—30,587
+2,646,000
—434,700
—845,874,650
+2,391,710,786
+277,194
—25,366,003
+ 1,522,958,627
—2,231,135
—680,864,000
+ 5,024,201,280
—351,613
—17,386,319
+ 954,613,812
-30,460,616
+ 4,648,748,498
+286,064,000
+ 190,226,000
+ 1,345,164,000
+ 1,005,040,000
+ 1,240,677,812
+ 159,765.384
+ 5,993,912,498
+2,527,998,627
—20,985
—1,225,445
Volume
341
The Commercial & Financial Chronicle
153
Deposits in:
FOOTNOTES FOR TABLES ON PAGES 339 A 340
1,024,085,233.63
661,174,000.00
Federal Reserve banks...
receipts from "Social
security taxes—Employment taxes" collected prior to July 1, 1940, which are not
available for appropriation to the Federal old-age and survivors Insurance trust fund.
Includes $2,413,946.05 for the fiscal year representing
a
i
Special depositaries account of sales of Government securities.
National and other bank depositaries:
To credit of Treasurer United States
Excess of credits (deduct).
"Social security—Employment taxes"
201 (a) of the Social Security Act
administrative
expenses.
Such net amount Is reflected as net appropriations to the Federal oldage and survivors insurance trust fund below.
1
\
d Represents
equal
appropriations
to
of
Liabilities—
■ ,-V;
Treasurer's checks outstanding
Additional expenditures are Included In
"Departmental" above.
separately below.
1 Additional transactions are included in revolving funds, stated
6 Additional transactions are
Included under "Transactions In checking accounts
agencies, Ac. (net)", below.
of governmental
account.'*
.
Board of trustees, Postal Savings System:
5% reserve, lawful money
Other deposits
Transactions prior to the
are not
fiscal
available.
year
1941 were not segregated, and consequently
trust fund.
$143,173,774.44
Seigniorage (silver see note 1).......
Working balance.............
605,376,936.62
1,884,623,351.05
of the Treasurer of the United States as
special
governmental corporations were carried,
prior to Sept. 30,1939, as liability accounts on page 1 of the daily Treasury statement
under the caption "Postmasters, clerks of courts, disbursing officers, &c." and conse¬
the United States
United Stales
Corporation—
Note 1—This item of seigniorage
99,014;400
41,505^666
Federal Home Loan Banks
Disaster Loan
Corporation, Federal National Mortgage Association, Metals Reserve Company,
Rubber Reserve Company, Defense Plant Corporation,
and
Defense Supplies
1 Includes transactions on account of RFC Mortgage Company,
1934 and under the President's proclamation
Note 2—The amount to the credit of
TREASURY
"National defense housing (Federal Works
Agency)" were included prior to April 10, 1941, in the classification "Federal Works
Agency—Other."
Such expenditures, aggregating $1,674,410.53 for the fiscal year
1941, have been deducted from "Federal Works Agency—Other" and are reflected
in "National defense housing (Federal Works Agency)."
classified
as
Additional expenditures attributable to national defense, payable from funds
have supplemented regular appropriations of the civil establishment, are
Included under General expenditures above.
p
which
Revised to reflect adjustment of
r
Treasury at the beginning of business on the first day of
May, June, and July, 1941; also on the first day of July,
1940*
June 1,1941
$439,545,404
Net silver coin and bullion
Net United States notes..
677,622,802
2,553,062
Net National bank notes.
441,900
Net Federal Reserve notes
13,156,703
$387,132,495 $437,948,130
686,644,170
673,113,300
1,861,952
1,635,488
638,436
187,455
12,548,768
10,926,597
280,553
426,444
5,012,369
5,430,615
19,848,779
22,571,383
classification into agreement
under Sec. 201 (f) of the Social
$6,105,586 for June 1940 and11
Revised to classify a payment of $109,213.32 as
prior years Instead of current
(deficiency).
from the general fund of the
postal revenues.
of extraordinary
expenditures or the cost of free mailings contributing to the deficiency of postal
revenues certified to the Secretary of the Treasury by the Postmaster General pur¬
suant to the Act of
Congress approved June 9, 1930.
The figures for the current
fiscal year represent payments and repayments of $190,012.98 and $125,965.05,
respectively, on account of adjustments of grants for prior years, making a net excess
of payments of $64,047.93; the figures for the prior fiscal year represent payments
and repayments of $111,166.84 and $2,240,830.99, respectively, making a net excess
of repayments of $2,129,664.15.
y
Minor coin, Ac
Reflects adjustment to
665,363,800
2,065,107
518,331
14,328,405
220,828
3,768,806
18,762,954
156.039,431
1,046,947,273
156,039,431
945,384,346 1,008,743,726
890,907,842
542,801,000
469,502,597
550,186,000
909,781,020
805,379,000
59,638,258
59,809,722
1,572,162
223,414
71.761,275
53,684,796
56,677,664
1,356,337
211,495
32,321,992
Total cash In Treasury. *1159172,866 *1,101,423,777 1,164 783,157
156,039,431
156,039,431
Less gold reserve fund
Cash balance In Treas.. 1,003,133,435
Deposit in special deposi¬
give effect to Sec. 5, Act of Oct.
14,1940 (54 Stat. 1127),
made by the
by merging funds allotted to Federal Works Agency from allocations
President to the War Department for national defense housing with
661,174,000
securities.
Government
Dep. in Fed. Res. banks.. 1,024,085,234
253,934,903
Deposited in National and
other bank deposltaries-
Islands
63,342,800
58,995,358
1,477,009
Deposits In foreign depts.
283,472
To credit Treas. U.
The item "Postal deficiency" represents advances
Treasury to the Postmaster General to meet deficiencies in the
These figures do not reflect any allowances for offsets on account
z
3,962,760
21,541,721
Net subsidiary silver
$341,919,042
tories account of sales of
t Includes $43,756,731.01 representing repayment of amounts paid to the Com¬
modity Credit Corporation for capital impairment.
x
348,514
Net Fed. Res. bank notes.
Net of reimbursement for administrative expenses
Security Act amendments of 1939, amounting to
$12,288,267 for the fiscal year 1940.
under Post Office Department
July 1,1940
May 1,1941
Jul]/ 1, 1941
Net gold coin and bullion.
$1,000,000 under the title "Transfers to Old-
Age and Survivors Insurance Trust Fund," and to bring
with the accounts.
s
HOLDINGS
MONEY
Holdings in U. S. Treasury
Excess of redemptions (deduct).
expenditures
dated Aug. 9, 1934.
disbursing officers and certain agencies today
$2,714,787,075.69.
was
Corporation,
The
represents the difference between the cost value
the monetary value of silver bullion revalued and held to secure the silver
certificates issued on account of silver acquired under the Silver Purchase Act of
following compilation, made up from the daily Gov¬
ernment
statements, shows the money holdings of the
$21,150
118,525,225
_
Federal Farm Mortgage Corporation
bullion is computed on the basis of the average
of the month of May, 1941.
The
$677,000
Home Owners' Loan Corporation
$2,812,491,308.50
Total,....
The weight of this Item of silver
cost per ounce at the close
quently the redemption of the bonds was not reflected in the expenditures above.
The redemptions of such bonds from July 1 to Sept. 30, 1939, were as follows:
Not Guaranteed by
Guaranteed by the
Federal Housing Administration
V
2,633,174,062.11
and
<
s
agent for the redemption of obligations of
n
3,899,621.79
$179,317,246.39
a
k The balances in the accounts
59,300,000.00
8,110,871.23
95,268,093.04
.V
...
..1
Postmasters, clerks of courts, disbursing officers, &c
Uncollected items, exchanges, Ac.
..................
the
fisca1
j Exclusive of receipts amounting to $2,413,946.05, reflected above for the
year 1941, representing social security taxes collected prior to July 1,1940, and there¬
fore not available for appropriation to the Federal old-age and survivors Insurance
m
$6,957,305.67
5,781,354.66
Balancetoday—Increment on gold (asabove).
(net)" were Included prior to
expenditures classified as "Special deposits
2, 1941, in the classification "Other trust accounts."
Such expenditures
from July 1 to Dec. 31, 1940, aggregating a net credit of $17,325,643.95, have been
deducted from "Other trust accounts" and are reflected In "Special deposits (net)."
Jan.
ligures
■ ■
Deposits of Government officers—Post Office Department
classified under the caption "Old-age reserve
h Includes transactions formerly
I The
"'V,.;;
.
1939 less reimbursements to the general fund for
,
e
$2,812,491,308.50
Total
collected and deposited as provided under Sec.
amendments
283,471.68
1,477,009.14
Foreign depositaries—To credit of other Government officers.
Philippine Treasury—To credit of Treasurer United States.-.
.
,
63,342,800.04
58,995,358.62
'
To credit of other Government officers
b Represents capital impairment applicable to fiscal year 1939 but not appro¬
priated by Congress until Aug. 9, 1939.
c
>
To credit disb.
and In banks
...
2,812,491,308 2.078,931,499 2,598,717,517 2,038,114,528
Available cash balance. 2,633,174,062
Includes
on
July
1,
174,531,144
179,317,246
Deduct current liabilities.
*
1,696,781
189,214
in Treasury
cash
Net
S._
officers.
Cash in Philippine
173,333,212
147,371,387
1,904,400,355 2,425,384,305 1,890,743,141
$665,285,943 silver bullion and $2,417,494 minor coin,
Money,"
indicated in statement "Stock of
as
funds appro¬
COMPARATIVE PUBLIC DEBT STATEMENT
priated to Federal Works Agency lor the same purpose.
(On tbe basis of daily Treasury statements),
TREASURY CASH AND CURRENT
LIABILITIES
Gross Public Debt
the items stood
The figures are
entirely from the daily statement of the United States
The cash holdings of the Government as
June 30, 1941, are set out in the following.
taken
Com¬
Dale
Per
puted
Capita
Amount
CURRENT ASSETS AND LIABILITIES
$22,624,083,167.18
$22,624,083,167.18
Total...
Liabilities—
Gold certificates—Outstanding (outside
1,282,044,346.28
12.86
2.395
26,596,701,648.01
31,1917—Pre-war debt
.........
Aug. 31, 1919—Highest war debt
Dec. 31, 1930—Lowest post-war debt
250.18
4,196
Mar.
Gold (oz. 646,402,376.2)
%
$
|
GOLD
Assets—
Int.
Ratec
Treasury June 30, 1941.
of Treasury)--.—.— $2,878,371,049.00
Fed. Res. System. 17,497,287,510.80
June
30, 1940—A year ago
May 31, 1941—Last month
June 30, 1941—This month
-.
J
129.66
3.750
a325,78
2.583
b359.60
2.534
b368.74
16,026,087,087.07
42,967,531,037.68
47,720,765,723.29
48,961,443.535.71
2.518
Gold certificate fund—Board of Governors,
8,879,203.36
156,039,430.93
Redemption fund—Federal Reserve notes—
Gold reserve
-—-
—
... ....
Obligations of Governmental Agencies
Guaranteed by the United States
$346,681,016 of United States notes
and $1,160,622 of Treasury notes of 1890 outstanding.
Treas¬
ury notes of 1890 are also secured by silver dollars in the Treas¬
Note—Reserve against
Unmatured Principald
1,800,000,000.00
.......
.........
weight of the gold dollar—...
working balance. ...... ..............
$143,173,774.44
140,332,198.65
Mar. 31,1917—Pre-war
283.505,973.09
$22,624,083,167.18
1,110^5,993.1)
Silver dollars (oz.
—
380,545,485.1)
$1,435,909,162.8a
—
492,018.405.00
—-
Liabilities—
—
1.978
$1,914,430,087.00
June30,1941—This month. 6,359,619,105.28 1.834 13,775,282.88 2,633,174,062.11
a
Revised,
$1,927,927,567.83
GENERAL FUND
ASBCtS"""■-
••
f'.'---- J" '■
.
/-
a'
$283,505,973.09
Gold (as above)
Silver—At monetary value (as above)
Subsidiary coin (oz. 2,866,531.6)
Bullion—At recoinage value (oz. 1,203.7).
——
1,349,488,385.7)a
Minor coin
....
Federal Reserve notes
,»
.....
.......
.....—.........
Federal Reserve batik notes.. ......... ..........
.........
12,336,858.83
3,962,760.15
1,664.00
665,284,279.26
2,417,494.18
2,553,062.00
13,156,702.50
348,514.50
National bank notes-.^..^.^.....^.i.*...—441,900.00
Unclassified—Collections, &c
—
19,124,226.88
b Subject to revision,
c
d Does
Cash is held by the Treasurer of
Computed on interest-bearing debt,
obligations owned by the Treasury,
e
the payment of outstanding matured principal of and interest
guaranteed obligations and is included in the general fund balances,
f Includes
adjustment Of $625.
the United States for
an
12,336,858.83
-
At cost value (oz.
306,803,319.55
,890,743,141.34
1,160,622.00
fund................——
United States notes
1
34^37,591*07
30,1940—A year ago.. 5,497,~5~5~6",55~5~28
1.834 fl5887t768.30 1,904,400,354.50
May 31,1941—Last month. 6,359,229,155.28
on
Silver certificates outstanding
Treasury notes of 1890 outstanding
Total
1,118,109,534.76
1930—Lowest post¬
debt...
not Include
$1,927,927,567.83
Total
Silver in general
74,216,460.05
debt
war
$
$
%
debt
June
SILVER
Silver (oz.
e
Aug. 31, 1919—Highest war
Dec. 31,
Total........
Interest
Int.
$
reduc¬
tion in the
In
Balancee
Rale
general fund:
Balance of increment resulting from
Fund
and
Amount
$22,340,577,194.09
Gold in
Principal
puted
ury.
Exchange stabilization fund....
General
Matured
Com¬
Dale
CURRENT
—Cohu
&
NOTICE
Exchange, have
Building, St. Petersburg, Fla., under
of Albert Roberts Jr., who is becoming a general partner
Torrey, members of the New York Stock
opened an office in the Walgreen
the management
of the
firm.
This
office will greatly expand
Cohu & Torrey's present
activity in the field of Florida municipal bonds.
Mr. Roberts attended Vanderbilt University, School of Law, and from
1925 until 1934 was
the past two years
associated with banks in Tennessee and Florida.
For
he has operated his own securities business in St. Peters¬
of Roberts & Co. and Roberts-Willingham & Co.
associated with Ed. O. Wright & Co. of St. Peters¬
burg under the names
Prior thereto he was
burg, Florida, as Vice-President.
The Commercial & Financial Chronicle
342
MONTHLY
The
REPORT
ON
GOVERNMENTAL
CORPORATIONS
or
CREDIT AGENCIES
AND
monthly report of the Treasury Department, showing assets and liabilities
corporations and credit agencies, financed wholly
July 19, 1941
as
of May 31, 1941, of governmental
in part by the United States, was contained in the Department's "Daily
Statement" for June 30, 1941.
As
was
*
computed, the Federal Government's proprietary interest in these agencies and corporations, as of May 31,
now
$3,387,664,079, and that privately owned
was
$423,254,846.
.
SUMMARY (d) OF COMBINED STATEMENT OF ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT
UNITED
STATES, COMPILED FROM LATEST REPORTS RECEIVED BY THE TREASURY *—MAY 31,
AGENCIES OF THE
1941
Assets
Cash
Estate
and Other
Receivables
Business
and
Property
United
Agencies s
Securities
Stales
Guaranteed
Securities
Capital
by U. S.
e
Stock, &c.
All Other
8,300,000 623,829,360
h62 908,489
h69 914,655
972,070,322
10,000,000
80,400
28,411,685
14,504
16*870
18,660,839
1,022",776
554,739,769
400,956,870
95,418,020
33,017,601
281,301,606
Home Owners' Loan Corp. 1,885,086,865 1182856,360
Federal Savings and Loan
44,507,316
20,414,821
Rural Electrification Adm
Corporation,
Federal Home Loan Bks_.
Federal Housing Admin.
Federal Nat. Mtge. Assn.
85,311,604
Credit Admin
Federal Farm Mtge. Corp.
Federal Land banks.x.
.
Fed. Interm. Credit banks
Banks for cooperatives
21,143*687
687^400
14,829,525
47,952.514
17,311,651
14,804,591
4,988,600
Production credit corp'ns.
0,409", 677
26,878,457
1,177,406
"""226
24,032
97,444 847
35,999, 594
23,152 268
42,296, 550
2,594,041,643
130 ,615,345
288, ,186,061
84 ,507,259
103,696
2,570,402 127,445,541
84,030
761,729,840 45,534.414
3,102,217 169,059,620
2,181,205
1,233,854
8,682,515
7,497*401
327,819
63,302,839
15,459,245
100,000,000
10,453,975
h4,243,064
6,178,591
15,430
402,963,044
298,890,824
1,892,321
908,028
12,348,997
19,921,828
1,823,970,354
246,711,143
326,230", 176
'
32,282, 096
192,317*292
J288.044.033
262,943,571
633,553,323
73,695,760
corps
44,241 112
13,699,895
145,272,624
252,765 J02
2,799*245
5,921,534
91,147,463
25,030, 475 103,035,837
14*.589^079
12,430,021
37,668,525
5,159,197
656,712
.
U. S. Housing Authority.
2,667,804,936
1,065,284,907
184,339,417
""
10,789,152
41*. 897
6,629,828 378,627,947
U. S. Maritime Comm'n..
Regional agric.credit
46,977,031
681,076,006
95",418^020
Public Works Admin
Total
Corporations
S
443,466
6,320,247
11,285
6,503
39,626,452
.
Farm
Other f
S
5
Reconstruction Fin. Corp 1,070,231,619 432,293,243 662,962,995
50,696,900
303,943,632
Commodity Credit Corp.
1,036,533
Export-I mport Bk .ofW ash
114,098,865
228,212
Federal Crop Insur. Corp.
7,854,314
Federal Deposit Ins.Corp.
54",487",947
13,604,591 418,567,197
Tenn. Valley Authority
14,661,815
Insurance
Government
Accounts
and Other
Preferred
Loans
Due from
Real
Investments
198, 543,670
I,271,882
445 ,382,474
79,177,187
9,327.095
287, 128,144
1,471, 497,793
2,235, 711,138
57,153
11,244,634
313, ,505,380
*59*586
309,456
11,149
43,464
35,882
129, 446,574
110, 995,154
24,336
22, ,327,974
5,677,304
434,716
4,178,715
II,352,648
4,498,043
War emergency corp'ns &
agencies (In llQUid'n):
Navy Dept. (sale of sur¬
plus war supplies)
Sec. of the Treas. (U. S.
RR.
4,443,531
Admin.)
4,065
U. S. Housing Corp
16,592
575,830
U.S. Spruce Prod.Corp.
Otner:
Disaster Loan Corp
El. Home & Farm Auth.
Farm
Inl'd Waterways Corp.t
30,000
161,276
43,018
1,158,856
685,189
3,973,354
22,589,988
1,985
32,950,031
1,228 J 52
hl3 656,696
Puer. Rico Recon Adm.
4,005*341
RFC Mortgage Co....
Tenn. Valley Associated
70,453,697
252,642
295,501
1,219,000
216,331,846
39,657,656
198,461
461,200
98,334
2,130,016
782^834
h2,381,318
4,721
16,711,618
510,502,332
9,969,688
2,072,715
"*778
33,825
19,338,635
1,642
483,447
413,963
4,064,958
40
10,949,118
Inc. t_
4,582
17,928
653,621
2,755,276
Co.t
Cooperatives,
654,509
17,532
3,609*326
1,838,085
2,525
29,445,942
426,609
Panama RR.
905
h3,627,896
396,453
447,452,738
Nat. Defense corp'ns.r.
54,312
445,040
123,678
1,000
18,795,234
16,234,702
64,921
1,205,418
84,886
Security Admin..
Fed. Prison Indus., Inc.
Interior Dept. (Indian
loans)......—.....
4,443,531
44,264
2,755,276
25,027,688
230,020,224
53,714,199
7,297,656
74,079,831
2,189
293,377
Treasury Department:
Advances to Fed .Res.
bks. for Indus, loans
Fed.
savs.
RR.
27,546,311
& l'n assns.
loans
27,546,311
23,67th 900
23.670,900
(Trans¬
portation Act,'20).
Secure, rec'd by Bur.
25,212,578
25,212,578
of Int. Rev. in set¬
tlement of tax liab's
60,166
60,166
Secure, rec'd from the
RFC
under
Act
of
Feb. 24, 1938
2,101,000
2,101,000
Inter-agency Items :m
Due from
other gov¬
ernmental
tlons
or
corporar-
agencies
272,962,070
272,962,070
Due to other govern¬
mental
corp'ns
or
agencies
Subtotal.......__ 8,098,223,749 640,077,993 463,883,116 780,078,266 125,215,949 888,769,545 549,155,387 624,042,574 1099,768,513 1,443,248,091 15,312,463,183
Less: Inter-agency in¬
terests incl, above.
Total
1,443,248,091
8,098,223,749 640,077,993 463,883,116 780,078,266 125,215,949 888,769,545 549,155,387 624,042,374 1699,768,513
Liabilities and Reserves
Proprietary Interest
Distribution of U. S. Interests
Excess of
Guaranteed
Not
Due to
by United
Guaranteed by
United States
Govt. Corp'ns
and Agencies
g345,298,087
127,950,909
45,380,052
140,104,280
States q
Inter-agency
Assets Over
Total
Liabilities
1,443,248,091
13,869,215,092
Owned by
Privately
United
Owned
Interests
States
Capital Stock
Surplus
Net
$
Reconstruction Fin. Corp. 1,745,230,974
Commodity Credit Corp. k696,938,341
2,135,909,113
531.895,823
531,895,823
100,291,377
184,079,385
325,000,000
964,993,530
14,000,000
14,000,000
150,000,000
~bl0,870
a325,769,315
a95,418,02O
56,134,694
Export-Import Bk .of Wash
260,032
260,032
100,291,377
184,079,385
Federal Crop Insur. Corp.
Federal Deposit Ins.Corp.
4,660,839
265,440,212
4,660,839
14,000,000
265,440,212
75,187,555
289,299,557
Tenn. Valley Authority
Public Works Admin
18,030,085
U. S. Maritime Comm'n..
57,157,470
242,355,021
__
1,868
182,140,568
Rural Electrification Adm
Home Owners' Loan Corp. 2,438,175,101
Federal Savings and Loan
Insurance Corporation.
Federal Home Loan Bks._
Federal Housing Admin..
Federal Nat. Mtge. Assn.
17,322,919
U. S. Housing Authority.
Farm Credit Admin
k226,74L333
Federal Farm Mtge. Corp.
Federal Land banks.x
1,276",618*643
47,6*99*, 144
1,587,454
104,785,324
3,604,546
242","356",889
182,140,568
2,485,874,245
1,587,454
104,785,324
20,927,465
179,919.138
307,757,914
220,806,681
139,299,557
325,769,315
95,418,020
160,606,155
95,418,020
160,606,155
116,750,256
108,167,398
116,750,256
108,167,398
129,027,891
183,400,737
150,000,000
325,769,315
100,000,000
g206,895,823
291,377
175,000,000
9,079,385
8160,606,155
8116,750,256
200,000,000
c91,832,602
100,000,000
b926,690,270
130,104,280
bl4,587,211
169,710,547
bl00,000,000
29,027,891
63,579,794
129,027,891
124,741,000
63,579,794
18,624,532
137,624,560
10,000,000
8,624,532
137,624,560
1,000,000
136,624,560
66,321,463
866,321,463
100,000,000
213,241,671
100,000,000
67,516,685
145,724,986
84,420,746
60,000,000
91,500,000
24,420,746
19,506,117
15,845,293
58,659,737
124,741,000
863,579,794
89,522,199
5,954,356
220,806,681
90,396,939
75,062,225
93,050,899
1,828",851
1,371,497,793
1,801,142.629
229,073,485
644,397
220,682,441
11,244,634
1,801,787,026
229,084,634
13,827,346
433,924,112
84,420,746
115,619,228
Production credit corp'ns.
2,582,712
706,269
4*,613*228
706,269
110,288,885
111,006,117
110,288,885
Regional agric.credit
1,482,681
1,482,681
20,845,293
20,845,293
105,000,000
5,000,000
4,443,531
4,443,531
84,443,531
64,921
64,921
864,921
Fed. Interm. Credit banks
Banks for cooperatives.
_.
corps
11,149
18,624,532
66,321,463
100,000,000
War emergency corp'ns &
agencies (In liquld'n):
Navy Dept. (sale of sur¬
plus war supplies)
Sec. of the Treas. (U. S.
RR.
Admin.)
U. S. Housing Corp
1,838,085
34,080,554
350,000
304,509
304,509
100,000
204,509
117,203
22,472,785
1,180,794
24,000,000
cl,527,215
125,844,856
22,472,785
1,180,794
384,657,476
9,654,043
384,657,476
9,654,043
8384,657,476
315,645
350,000
2,755,276
82,755,276
1,106,593
205,478,637
2,084,545
23,921,095
12,000,000
24,541,587
51,629.654
24,541,587
27,000,000
c2,458,413
51,629,654
7,000,000
44,629,654
7,297,656
7,297,656
87,297,656
Other:
Disaster Loan Corp
117,203
El. Home & Farm Auth.
Farm Security Admin
__
Fed. Prison Indus., Inc.
Interior
Dept.
15,530,824
28,149,401
15,530,824
97,695,455
315,645
Panama RR.
850,000
84,113,379
(Indian
loans)
Inl'd Waterways Corp.t
Nat. Defense corp'ns.r.
Co.t
Puer. Rico Recon Adm.
1,106,593
2,674,692
1,796,333
202,803,945
288,212
75,062,225
b2,669,192
b8,682,698
bll,233,485
11,233,485
5,288,885
1,838,085
U.S. Spruce Prod.Corp.
90,396,939
2,755,276
23,921,095
c32,242,469
330,794
350,000
""b*L985
64,745,42
5",540,664
11,921,095
202,803,945
bl,841,804
Volume
The Commercial & Financial Chronicle
153
343
Distribution of U. S. Interests
Proprietary Interest
Liabilities and Reserves
Excess of
Not
by United
Guaranteed by
States ci
United States
$
Liabilities
i
$
*
fe
$
Interests
States
Capital Stock
$
'$
Net
Surplus
$
$
25,000,000
266,715
293,377
1,000
292,377
27,546,311
27,540,311
23,670,900
a27,546,311
23,670,900
25,212.578
48.813,116
47,227,915
25,266,715
23,670,900
Co
Valley Associated
25,266,715
293,377
1.585,201
RFC Mortgage
25,212,578
a25.212.578
Inc. t.
Cooperatives,
United
and Agencies
Other—(Concluded)
Tenn.
Privately
Ovmed
Total
Govt, Corp'ns
$
,
Inter-agency
Ovmed by
Assets Over
Due to
Guaranteed
47,227,915
Treasury Department:
Advances to Fed.Res.
•
bks. for Indus, loans
Fed.
savs.
RR.
b',{
& l'n assns.
'
:
«V
(Trans¬
loans
portation Act/20).
.'"f'
.
Secure. ree'd by Bur.
of Int. Rev. in set¬
tlement of tax liab's
i
i
i
60,166
i
i
-
1
a60,166
--------
—
Secure, ree'd from the
RIC
Act of
under
Feb. 24, 1938
Inter-agency items:m
2,101,000
2,101,000
a2,101,C00
other gov¬
Due from
*
ernmental
tions
or
corpora¬
b272,962,070
272,962,070 8272,962,070
272,962,070
agencies
Due to other govern¬
mental
corp'ns
or
6,401,026,711 3,657.269,456
Subtotal....
Less: Inter-agency in¬
terests incl. above.
Total
*
These
reports
are
991,507,091
991,507,091
0
Department to adjust tor certain
with statements issued by
by the Treasury
revised
a
Non-stock (or includes non-stock proprietary
b Excess inter-agency assets
c
d The total assets and liabilities
k Excluded are the following amounts
In bonds and notes held by the Secretary
Represents inter-agency assets and liabilities of the Treasury Department
which agencies are not included in this statement.
and of Government agencies,
for each corporation and agency will include inter¬
the amounts due to and due from other Government
corporations
n
inter-agency holdings of capital stock and paid-in surplus items
the capital stock and paid-in surplus of the corre¬
Represents
which
are
not
deducted from
sponding organizations.
Excludes unexpended balances
of appropriated funds,
Adjusted for Inter-agency items and items in transit.
li Also includes deposits with
p
4
;
r
the RFC and accrued Interest thereon.
I Shares of State building and loan
associations. S37.280.41O; shares of Federal
savings and loan associations, $145,575,950,
securities issued by local housing
PRELIMINARY
STATEMENT
OF
THE
Treasury statement, is as follows:
t
and paid-in surplus of Government corporations and
Figures shown are
available,
x
as
of April 30, 1941.
Panama RR. Co, figures are as of
Includes
the
Figures as of May 31. 1941, are not
March 31,1941.
and liabilities of the
assets
$49,800,000.00
13,133,500.00
117,407,880.00
Treasury bills (maturity value)....
Special
Issues-Treasury
$196,102,380.00
$758,945,800.00
-
3 5*
% bonds Of 1943-45
SH% bonds of 1944-46
3% bonds Of 1946-48..
3)*% bonds of 1949-52
23*% bonds of 1955-60
2*A% bonds of 1945-47....
2H% bonds of 1948-51
2H% bonds Of 1951-54
2H% bonds of 1956-59
23*% bonds of 1949-53
—
2H% bonds of 1945....................
2H% bonds of 1948-...........-.—...2H% bonds of 1958-63..................
2H% bonds Of 1950-52.............
2K% bonds of 1960-65
2% bonds Of 1947
2% bonds of 1948-50 (Dec. 1939)
23* % bonds of 1951-53
23*% bonds of 1954-56....
2% bonds of 1953-55
2% bonds of 1948-50 (Mar. 1941)
3*% bonds of 1952-54
23*% bondsQf 1956-58-—--------------2
U. 8. Savings bonds (current redemp. value):
Series A-1935
........
Notes—
3% old-age reserve account series, maturing
June 30, 1942 to 1944
$1,052,500,000.00
1,328,100,000.00
3% Railroad retirement account series, ma¬
turing June 30, 1942 to 1945.............
3% series maturing June 30, 1944 and 1946.
4% Foreign Service retirement fund series,
maturing June 30, 1942 to 1946...—.——
4% Canal Zone retirement fund series, ma¬
turing June 30, 1942 to 1946...
4% Alaska Railroad retirement fund series,
maturing June 30, 1942 to 1946.......—
2% Postal Savings System series, maturing
June 30, 1942 to 1945......
2% Government life insurance fund series,
maturing June 30,1943 to 1945...
—...
3% National Service life insurance fund series,
maturing June 30,1045-.——
2% Federal Deposit Insurance Corporation
series, maturing Dec. 1, 1943 to 1945 —
-.
2% Federal Savings and Loan Insurance Cor¬
poration series, maturing June 30, 1945...
1,036,692,400.00
489,080,100.00
454,135,200.00
818,627,000.00
755,432,000.00
47,138,250.00
1,400,528,250.00
1,518,737,650.00
1,035,873,400.00
491,375,100.00
2,611,092,650.00
1,214,428,950.00
1,223,495,850.00
1,626,687,150.00
981,826,550.00
1,786,130,150.00
540,843,550.00
450,978,400.00
918,780,600.00
Certificates of Indebtedness—
4% Adjusted service certificate
1,185,841,700.00
.......
Series C-1938
Series D-1939.
......
SerlesD 1940...........
Series D-1941
u,
turing June 30,
......
724,677,900.00
1,115,368,400.00
1,023,568,350.00
1,448,141,750.00 30,215,059,200,00
,
4,713,000.00
5,388,000.00
_
1,005,000.00
88,000,000.00
2,800,000.00
90,000,000.00
3,327,600,000.00
5,050,000.00
^
^
19,300,000.00
2,292,300,000.00
$48,387,399,538.72
outstanding
Matured Debt on Which Interest Has Ceased—
Old debt matured—issued prior to April 1.
1917 (excluding Postal Savings bonds).—.
$3,739,100.26
35,260.00
25*% Postal Savings bonds................
35*%. 4%, and 4J*% First Liberty Loan
8,822,250.00
—
Second Liberty Loan bonds
312,622,770.25
406,281.183.25
4% and 4**%
4H% Third Liberty Loan bonds of 1928
45i% Fourth Liberty Loan bonds of 1933-38.
354% and 454% Victory notes of 1922-23...
354% Treasury bonds of 1940-43 and 1941-43 .
Treasury notes, at various int. rates, reg. ser.
Ctfs. of Indebtedness, at various Interest rates
Treasury bills, regular series
1,115,550.00
011927-42
808,963,151.25
1,008,312,715.00
Series G-1941...
Unclassified sales
132,288,744.57
4,313,953,052.32
3% adjusted service bonds of 1945..........---——--—...
240,562,450.00
TotaJbondS........................—-——$34,965,677,082.32
National defense series
1,799,9.50.00
12,067,300.00
561,9.50.00
25,509,000.00
42,152,900.00
3,231,750.00
61,623,000.00
44,169,000.00
...
Treasury savings certificates
172,850.00
—
Debt Bearino No Interest—
204,999,860.26
——-——
$346,681,016.00
156,039,430.93
United States notes.—.——.——..——
Less gold reserve....—.—
Treasury Notes—Regular Series—
,
,
30,759,000.00
1942..........2,272,000,000.00
bonds of 1932-47
5171,776,453.75
403,904,987.50
.—
Series F-1941..........................
644,500,000.00
785,000.00
Total interest-bearing debt
119,450,962.50
66,644,104.00
394,012,100.00
Series E-1941.^.....
fund series,
maturing Jan. 1,1942...................
2H% Unemployment trust fund series, ma-
1,485,384,600.00
701.072,900.00
571,431,150.00
1,118,051,100.00
680,692,350.00
74,000,000.00
Civil service retirement fund:
489,695,880.25
Series B-1936——..............
600,157,956.40
1946).
Fed.old-age and survivors insurance trust fund
4% series maturing June 30, 1942 to 1946 —
-
1,603,196,000.00
-
1944 and 1946.
15,761,000.00
Treasury bonds:
4% bonds of 1944-54
3H% bonds of 1946-56.
3H% bonds of 1943-47
3H% bonds of 1946-49
3% bonds of 1951-55
3«% bonds of 1941.
Federal Land banks of Louisville,
Ky., and Houston, Texas, which have retired the capital stock and paid-in surplus
2J*% Federal old-age and survivors insur¬
ance trust fund series, maturing June 30
Public Issues—Bonds—
Series 0-1937—
Includes capital stock
agencies.
43*% adjusted service bonds (Govt, life lnsur. fund series
The preliminary statement of the public debt of the United
States June 30, 1941, as made up on the basis of the daily
45*% bonds of 1947-52.
Plan"
Special Issues—Bonds—
UNITED STATES JUNE 30, 1941
8% Panama Canal loan of 1961
—
......
3% Conversion bonds of 1946
...........
3% Conversion bonds of 1947.—
2Postal savings bonds (21st to 49th ser.)
Includes accrued interest.
Includes Metals Reserve Company, Rubber Reserve Company, Defense
previously held by the Federal Government.
authorities.
DEBT
Includes cash in trust funds.
nlng Corporation and Defense Supplies Corporation and Defense Homes Corporation.
8
| Also excludes contract commitments,
as of May 31. 1941, the United States
Housing Authority had entered into definite contracts calling for maximum advances
of $707,079,700.
Advances have been made in the amount of 8281,721,100, as
of May 31, 1941, against loan contract commitments amounting to $378,235,500.
The Housing Authority has also agreed to disburse 8235,685.000 on additional
loan contract commitments amounting to $328,844,200 now being financed by
'
451,741,000
the Treasury, which are shown as inter-agency liabilities:
Tennessee Valley
Authority, $56,772,500; U. S. Housing Authority, $75,000,000; Commodity Credit
f Also Includes real estate and other property held for sale.
8
1,000,000
535,454,704
451,741,000
of
nt
■
,
and agencies.
e
450,741,000
423,254,846 3,387,664,079 2,852,209,375
Corporation, $140,000,000.
interests) ,
(deduct).
Deficit (deduct).
agency items, i. e.,
39,169,131
536,454,704 n451,741,000
39,169,131
451,741,000
10.058.296,167 3,810.918.925
nter-agency items and therefore may not agree exactly
the respective agencies,
839,169,131
423,254,846 3,839,405,070 3,302,950,375
39,169,131
991,507,091 11,049,803,258 4,262.659,925
6,401,026.711 3,657,269,456
—
39,169,131
39,169,131
agencies—.—.
...........
'
134%
134%
2%
1*4%
1J*%
1*4%
1%
series
series
series
series
series
series
series
% % series
*4%
1%
1%
*4%
series
series
series
series
C-1941, maturing Dec. 15,1941..
A-1942, maturing Mar. 15,1942..
B-1942, maturing Sept. 15,1942..
CM942, maturing Deo. 15,1942..
A-1943, maturing June 15,1943..
B-1943, maturing Deo. 15,1943..
C-1943, maturing Sept. 15,1943..
D-1943, maturing Mar.15, 1943..
A-1944, maturing June 15,1944..
B-1944, maturing Mar. 15.1944..
C-1944, maturing Sept. 15,1944..
A-1945. maturing Mar. 15.1945..
National Defense Series—
*4% series D-1944, maturing Sept. 15,1944..
*4% series B-1945, maturing Dec. 15,1945...
$204,425,400.op
426,349,500.00
342,143,300.00
232,375,200.00
629,113,900.00
420,971,500.00
279,473,800.00
-
Deposits for retirement of National bank and
Federal Reserve bank notes.——.:—...—.
Old demand notes and fractional currency—
Thrift and Treasury savings stamps—
Total gross debt
65,963,700.00
415,519,000.00
515,210,900.00
283,006,000.00
718,013,200.00
!
$190,641,585.07
172,612,804.50
2,023,963.16
3,765,784.00
.............—
CURRENT NOTIC E
—Josephthal & Co., members of the New York Stock
$4,532,565,400.00
opened a Brooklyn office at 189
$635,064,400.00
530,838,700.00
of Charles H.
Boylhart.
Lug as, Assistant
$1,165,903,100.00
5,698,468,500.00
369,044,136.73
$48,961,443,635.71
Exchange, have
Montague Street, under the management
Associated with the Brooklyn office will be Louis
Manager, and Samuel Steinfeld and Lawrence H. Klybert,
of the statistical department.
who will be in charge
The Commercial & Financial Chronicle
344
CONTINGENT
NATIONAL BANKS
July 19, 1941
following information regarding National banks is
from the office of the'Comptroller of the Currency, Treasury
Department:
Amount of
...Ami. of
July 7—The Terminal National Bank of Chicago, Chicago, 111.
; From $200,000 to $300.000
-
Matured
Principal
$
Guaranteed by U. 8.
Unmatured Obligations-
$100,000
AUTHORIZED
Commodity Credit Corp.:
157
1528A.
2,004
d696,252,000
STOCK
LONDON
THE
EXCHANGE
Quotations of representative stocks as received by cable
day of the past week:
:
each
289,458,157
696,254,004
T;";:-
495,234 835,580,834
95,013,718
335,118
275,786 236,751,986
62,482 103,209,982
835.085,600
94,678,600
236,476,200
103,147,500
3% bonds of 1944-49
3 % % bonds of 1944-64..
3% bonds of 1942-47
2%% bonds of 1942-47..
$
$
1,636 202,554,636
210 204,241,210
202,553,000
204,241,000
289,458,000
%% notes, ser. D, 1941.
1% notes, series E. 1941.
jU]y g—The Citizens and Southern National Bank of South
Carolina, Charleston, S. C.
Location of branch, 2026 Devine St., Columbia, S. C.
Certificate No.
Total
Interest a
$
Inc.
'
BRANCH
the Treasury
Contingent Liability
Detail
COMMON CAPITAL STOCK INCREASED
-
STATES, MARCH 31, 1941
LIABILITIES OF THE UNITED
Compiled from Latest Reports Received by
The
'
SaL.
July 14
July 15
July 16
36/6
36/9
Fti.,
85/9
£60%
£60%
£60%
£11
£11
£11
Cons Goldfleldt of S A.
37/-
Courtaulds S & Co...
31/9
37/31/6
.
De Beers
£7 H
65/-
12/-
20/-
20/24/6
103/—
£14%
75/6
£6%
24/6
Hudsons Bay Co
ImpTob&OB A I...
104/3
♦London Mid Ry
Metal Box
£14%
75/6
37/6
31/3
37/6
£7
£7
65/3
65/3
11/6
2% % debs., series C..
2H % debs., series D._
20/-
20/3
24/6
103/3
24/6
103/3
103/3
£14%
75/6
£13%
75/6
£6%
81/3
45/6
/-
24/3
16/-
24/3
16/-
45/6
24/6
15/9
81/3
45/6
24/6
15/9
SAY*
£47j«
£47i»
£4»j#
16
-
Per £100 par
T,
i
■
9,258,000
45,900
327
211,460,000
299,539,000
310,090,000
275,868,000
%% notes, series P
%% notes, series R
1% notes, series 8
£4%
"
following statement of the public debt and contingent
the Treasury's
surplus position, all as of March 31, 1941, has been extracted
from
the
Treasury's official report.
Comparative debt
figures of a year earlier are also shown:
The
Tennessee Valley Authority
4,883
OBLIGATIONS
_
f226,256,000
•
Total unmatured securities.
1940
2,714,999,489
2,513,667,896
or
under disbursements
on
—15,390,695
2,498,277,201
31, 1941 Mar. 31,
$
$
belated Items.....
68,471,235
384,195,667
3,352,125
Settlement
on
War
Savings certificates
Total
INTEREST-BEARING
67,850
932
2%% bds.,ser.B, 1939-49
2% bonds, series E, 1938
1%% bonds, ser. F, 1939
%% bonds, ser. K. 1940
To,084*925
Total matured securities
called
3,408,930
71,000
68,782
13,165
10,481,634
76,220
89,538
454,540
88,850
454,400
688
clO,699,175
415,924
11,115,099
xl0,920,025
417,144
11,337,169
5,915,543,230
2,460,173
5,918,003,403
Funds due depositors
Tennessee Valley Authority:
1,304,607,500
37,134,332
2%% bonds, ser. A
2%% bonds, series B...
3,000,000
140
OUTSTANDING
Total, based
Payable
—Q-M
3s convertible bonds of 1946-1947..
31, 1941 Mar. 31, 1940
$
49,800,000
49,800,000
Q-J
28,894,500
28,894,500
9,800,000
2,077,300,000
758,945,800
1,036,692,400
489,080,100
454,135,200
12,300,000
1,622,000,000
758,945,800
Certificates of Indebtedness:
4s Adjusted Service Ctf. Fund—Ser. 1942
2%s Unemployment Trust Fund—Series 1941..
4%s Treasury bonds of 1947 1952
A-0
4s Treasury bonds of 194+1954
J-D
3%s Treasury bonds of 1946-1956
M-S
3%s Treasury bonds of 1943-1947
J-D
3%s Treasury bonds of 1940-1943
J-D
3%s Treasury bonds of 1941-1943
M-S
3%s Treasury bonds of 1946-1949
J-D
3s Treasury bonds of 1951-1955
M-S
3%s Treasury bonds of 1941
F-A
4%s-3%s Treasury bonds of 1943-1945
A-0
3%s Treasury bonds of 1944-1946
A-O
3s Treasury bonds of 1946-1948
J-D
3%s Treasury bonds of 1949-1952
J-D
2%s Treasury bonds of 1955-1960
M-S
2%s Treasury bonds of 1945-1947
M-S
2%s Treasury bonds of 1948-1951
M-S
2%s Treasury bonds of 1951-1954
J-D
2%s Treasury bonds of 1956-1959
M-8
2%s Treasury bonds of 1949-1953-.
J-D
2%s Treasury bonds of 1945
....J-D
2%r Treasury bonds of 1948
M-S
2%s Treasury bonds of 1958-1963
J-D
2%s Treasury bonds of 1950-1952
M-S
2%s Treasury bonds of 1960-1965
J-D
2s Treasury bonds of 1947
J-D
2s Treasury bonds of 1948-50
J-D
2%s Treasury bonds of 1951-53
2%s Treasury bonds of 1954-56..
28 Treasury bonds of 1953-55
2s Treasury bonds of 1948-50
2%s Treasury bonds of 1952-54
U. S. Savings bonds, series A, 1935
U. S. Savings bonds, series B, 1936
U. 8. Savings bonds, series C, 1937
755,432,000
834,453,200
1,400,528,250
1,518,737,650
1,035,873,400
on guarantees.
454,135,200
352,993,450
544,870,050
818,627,000
755,432,000
834,453,200
1,400,528,250
1,518,737,650
1,035,874,400
491,375,100
2,611,093,650
1,214,428,950
1,223,495,850
1,626,687,150
981,827,050
1,786,140,650
540,843,550
450.978,400
918,780,600
1,185,841,700
1,485,385,100
701,074,900
571,431,150
1,118,051,100
680,692,350
724,677,900
c408,303,554
Unclassified sales
3s Adjusted Service bonds of 1945
ser.
c492,188,753
c814,747,305
cl,017,711,225
c205,995,375
c7,993,219
cl68,851,518
245,406,150
1946)
500,157,956
j-j
117,407,880
Aggregate of interest-bearing debt..
Bearing no interest
Matured, interest oeased..
8,816,992,500
1,603,946,000
Secretary of Agriculture...
Savings System:
Postal
Deduct Treasury surplus or add
Treasury deficit..
Net debt
-
5,300,000
—
8,300,000
-
Total, based
on credit of the
United States..
1,312,907,500
37,134,332
1,350,04+833
Other Obligations—
Fed. Res. notes (face amt.).
a
i6.133.230.961
Funds have been deposited with the Treasurer of the United States for payment
of outstanding matured principal and interest
obligations guaranteed by the United
States.
.
.."
.
.
b Does not Include $134,710,442.03 face amount of
1% nctes, Series Q-2, due
Jan, 1, 1942, and $124,741,000 face amount of %% notes, Series T, due Jan. 1,
1942, held by the Treasury and reflected in the public debt.
c The following bonds
having an aggregate face amount of $56,772,500 issued under
the Tennessee Valley Authority Act of 1933, as amended, are held by the Treasury
15 a, 2%% bonds, series A, due
and reflected in the public debt: under Section
Dec. 15, 1948, $272,500; under Section 15-c,
1%% bonds of 1943-51, 510,000,000;
2%% bonds of 1947-57, $15,000,000; 2%% bonds of 1951-63, $15,000,000; 2%%
bonds of 1955-69, $16,500,000.
d Does not Include $65,000,000 face amount of
%% Interim notes, second series,
due Sept. 12, 1941, held by the Treasury and reflected in the public debt.
e Does not include
$62,300 face amount of bonds in transit for redemption on
March 31, 1941.
h Figures shown are as of Dec.
175,085,792
320,337,524
418,268,936
504,760,466
838,235,843
able.
158,576,635
267,987,218
500,157,956
31,1940; figures
as
of March 31, 1941 are not avail¬
Offset by cash in designated depository banks amounting to
$36,052,586.98,
which Is secured by the pledge of collateral as provided In the Regulations of the
Postal Savings System, having a face value of $34,984,805, cash in possession of
system amounting to $81,330,919, Government and Government-guaranteed securi¬
ties with
i Held
310,180,219
a
face value of
by
$1,218,706,030, and other assets,
the Reconstruction
Finance
Corporation."
j In actual circulation, exclusive of $9,828,308.36 redemption fund deposited"in
the Treasury and $266,533,755 of their own Federal Reserve notes held
by the Issuing
banks.
The collateral security for Federal Reserve notes issued consists of
$6,514,-
000,000 in gold certificates and in credits with
the Treasurer
of
the
United
States
payable in gold certificates, and $2,792,000 face amount of commercial paper.
117,586,760
8,461,643,800
1,308,557,000
46,583,389,171 42,002,177,549
372,483,460
391,918,507
220,273,645
164,779,515
#47,176,146,276 42,558,875,571
+2,197,521,927+2,197,663,116
44,978,624,349 40,361,212,455
®
31, 1941' on the basis oi daHy Treasury
statements, was
$47,172,888,619.22, and the net amount of public debt redemption and
receipts In
transit, &c„ was $3,257,656.80.
c Amount Issued and
returned includes
accrued
discount; amounts outstanding are stated at current
redemption values.
5,300,000
18,300,000
CURRENT
—Elmer E.
trading
L.
-Total debt
hi,341,741,833
3,000,000
f Does not include $10,000,000 face amount of
%% notes, series F, due June 30,
1941, held by the Treasury and reflected in the public debt.
M-S
1,115,023,800
...M-S 1,001,553,995
cl72,235,258
c313,784,533
—
489,080,100
491,375,100
J-D
On Credit of U. S
1,036,692,900
2,611,092,650
1,214,428,950
1,223,495,850
1,626,687,150
J-D
U. 8. Savings bonds, series D, 1940
U. 8. Savings bonds, series D, 1941
U. 8. Savings bonds, series D, 1941
4%s AdJ. Service bds.(Govt. Life Ins. Fund
2%s Postal Savings bonds
Treasury notes
Treasury bills
818,627,000
981,826,550
1,786,130,150
540,843,550
450,978,400
918,780,600
1,185,841,700
1,485,384,600
701,072,900
571,431,150
J-D 1,118,051,100
U. 8. Savings bonds, series C, 1938
U. 8. Savings bonds, series D, 1939
153,287
—
InterestMar.
Title of Loan—
3s of 1961
226,261,892
—
5,906,666,234
13,165
396,709
5,220
...+2,197,521,927+2,197,663,116
DEBT
287
300,614,085
warrant checks
Balance, deficit (—) or surplus (+)
153,000
Home Owners' Loan Corp.:
4% bonds of 1933-51....
1,203,670
457,254,507
on
63,990,271
232,011,214
1,235,480
Disbursing officers' checks..
Discount accrued
2,043,029
v
2%% debs., series B—
Fourth
Deduct outstanding obligations:
Matured Interest obligations..,
5,904,623,205
1%% bonds of 1939
Federal Housing Admin.:
Mutual Mtge. Ins. Fund:
—60,223,055
'
'
5,892
U. 8. Maritime Commission
2,654,776,434
'
5,892 114,162,892
112,099,000
114,157,000
112,099,000
1%% notes, ser. B. 1944
H% notes, series E, 1941
Matured Obligations—
Federal Farm Mtge. Corp.:
Mar.
•
Balance end of month by dally statements
Add or Deduct—Excess or deficiency of receipts ovet
1,096,961,883
c
U. S. Housing Authority:
liabilities of the United States, showing also
CASH AVAILABLE TO PAY MATURING
1,600 211,461,600
299,539,000
1*252 310,091.252
2,029 2 75,870,029
bl,096,957,000
COMPLETE PUBLIC DEBT OF THE UNITED STATES
2,600,620,049
861,299
2,599,758,750
value.
16,011,882
—
697,186 779,275,386
136,711 875,575,336
2,232 190,840,132
25,169 754,929,194
778,578,200
875,438,625
190,837,900
754.904,025
Reconstruction Fin. Corp.:
%% notes, series N
Witwatersrand
Areas
45,900
9,258,000
Fund
3% bonds, ser.A, 1944-52
2% % bds., ser. G, *42-'44
% % bonds, series L, 1941
1%% bd8.,ser. M. '45-47
£5%
77/6
Insurance
1,631,400
16,011,555
£13%
75/6
£6%
Vickers
49,408
1,631,400
Fifth called
Housing
£5%
United Molasses
5,027,174
Home Owners* Loan Corp.:
24/6
11/9
£6%
75/46/3
24/6
Rolls Royce
Shell Transport
158
2% % debs., series B—
31/-
£5%
£5%
C
168
49,250
Uncalled
£5%
75/45/6
£7
Rand Mines
Rio Tlnto
5,027,005
1,270,556,521
1,168,621
3% debs., series A...
2H% debs., series B—
20/-
11/9
Closed
83/9
£7%
65/3
12/-
65/3
Electric & Musical Ind.
84/6
37/31/6
.
£7%
Distillers Co
Ford Ltd
1,269,387,900
Federal Housing Admin.:
Mutual Mtge. Ins. Fund:
£60%
£11
86/3
(ord)
Central Mln A Invest..
♦
July 18
36/6
£11
British Amer Tobacco.
West
Thurs.,
July 17
36/3
36/6
85/-
£61
Boots Pure Drugs
♦Cable & W
Wed.,
Tues.,
Mon.,
■■
JulV 12
F.
Myers, for the past
department of Sutro
Rothschild
&
Co.
in
Bros.
NOTICES
seven
&
years
Co.,
has
in charge of the unlisted
become
associated
with
charge of their unlisted trading department.
Mr. Myers, who was formerly first Vice-President of the
Security Traders
Association of New York, has been identified with the over-the-counter
securities market for 23 years, and is regarded as an
authority on
N. Y., local securities.
Rochester,
—David T. Agnes, member New York Stock Exchange, has been admitted
as
a
general partner in Riter & Co. and Thomas F. Troxell, member New
York Stock Exchange,
has withdrawn
as
a
general partner.
The Commercial & Financial Chronicle
Volume 153
345
AUCTION SALES
The
following securities
Per
sold at auction
were
of the current week:
on
Wednesday
f
,
Stocks
$ per Share
50 Clemence&u Mining Corp., par 25 cents..........................lOo*
8 units Washington Railway & Electric
14
50 Beverly Gas & Electric, par $25
52
3 Northeastern Water & Electric Corp. common, par $1
15
........
By Barnes & Lofland, Philadelphia:
Shares
Stocks
$ per Share
10 National Electric Power 8% preferred...
--$1 lot
30 National Liberty Insurance Co.........
..........................
8H
10 American Palace Car Co. capital....................................$1 lot
100 Pneumatic Horse Collar Co
......$1 lot
.........
....
100
American Alkali Co. preferred
200 American Alkali Co., common
112 Palmetto Co. par $25
4 Jefferson Coal Co. capital, par $2
7 U. S. Loan Society common, par
$1 lot
31 lot
$2 lot
9
.................
10M
10
.......
.....
$10........
20 John B.
Hendrickson, Inc., common.
50 West Jersey Title & Guaranty Co-
...................200
Bonds—
PerCent
$500
participating interest, J. Edw. Jones Royalty Trust
$500 participating interest, J. Edw, Jones Royalty Trust
$300 participating Interest, J. Edw. Jones Royalty Trust
ENGLISH
FINANCIAL
$3 lot
$3 lot
$1 lot
MARKET—PER
CABLE
The
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
as
Sat.,
Man.,
July 14
July 12
Tues.,
July 15
Silver, p. oz... Closed
Gold, p. fine oz.
168s.
23 5~16d.
Consols,2)4%. Closed
£82*4
British
I
23Hd.
July 17
23^d.
23^d.
23Hd.
1688.
1688.
168s,
£82*4
Fri.,
July 18
Thurs.,
168s.
£82
£82
£82%
8*4%
War Loan...
British
168s.
Wed.,
July 16
£105 1-16
Closed
£105 1-16
£105 1-16
£104 15-16 £104 15-16
5H% preferred (quar.).
Consolidated Lobster, Inc. (quar.)
Container Corp. of America
75c
1<
50c
Covington & Cincinnati Bridge (quar.)
$3
t25c
.
„w..'.-'..;.
-
Closed
£114K
£114M
Bar N.
Y.(for.) 34?*
U. S. Treasury
(newly mined) 71.11
34H
34M
71.11
.
£1141
£114
£114H
#
The price of silver per ounce
States on the same days has been:
(in cents) in the United
:
71.11
34M
34 H
34 M
71.11
71.11
71.E
Dividends
Cumberland Co. Power & Lt. Co., 6% pf. (qu.)_
first
we
current week.
show
the
.
Then
we
follow with
a
second table in which
dividends
previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
we
The dividends announced this week
are:
Per
Name of
When
Share
Company
Payable
Adams-Millis Corp. .. . .........
- .......
Allen Industries, Xnc
......................
Alloy Cast Steel Co. (irreg.)
25c
50c
(A. S.) Co.......w^^..-.
Aluminium, Ltd., common
t$2
$ih
(payable in U. S. funds).
American Book Co.......
American Chain & Cable Co., Inc.com....
50c
40c
5% preferred (quar.)
American Discount Co. of Ga. $2 pref. (s.-a.)
American Export Lines, Inc. 5% pref.
(quar.).
American General Corp. $3 pref. (quar.)
$2.50 preferred (quar.)
$2 preferred (quar.).........
...........
American Sugar Refining Co. 7% pref. (quar.)..
American Woolen Co., Inc., 7% pref
Animal Trap Co. of America common (quar.)
7% preferred (quar.).i....................
62^
%\h
t$3
—
15c
871t
AppletonCo,common (irreg.)..........* .....
7% preferred (quar.)
Asbestos Manufacturing Co. $1.40 conv. pref
$1.40 convertible preferred
Associated Insurance Fund, Inc. (s.-a.)
Atlanta & Charlotte Air Line Ry. (s.-a.)
Atlas Plywood Corp. common (increased)
$1-25 preferred (quar.)
Bank of Toronto (quar.)
Bank Shares, Inc. A
Barnsdall Oil Co
July
July
70e
Aloe
6 % preferred (quar.)
Aug.
25c
;
n%
t35c
t35c
15c
$4H
50c
31c
J$2H
Bloch Bros. Tobacco Co., com.
ill
16c
75c
10c
Brentano's Book Stores, Inc., $1.60 class A (qu.)
Broadway Department Stores, common
5% preferred (quar.)
Buckeye Pipe Line.
Burlington Mills Corp. common...
$2.75 conv. preferred (quar.)..
Burdine's, Inc.
Burroughs Adding Machine Co
Canadian Invest. Corp., Ltd. (quar.)
Cedar Rapids Manufacturing & Power Co. (qu.)
Central Arizona Light & Power $7 pref. (quar.).
$6 preferred (quar.)
Central Specialty Co. (initial quar.)
Chain Store Investment Corp. $6.50 pref. (qu.).
Chartered Investors, Inc., $5 pref. (quar.)
Chattahoochee & Gulf RR. (s.-a.)
Cherry-Burrell Corp
5% preferred (quar.);
Chicago Yellow Cab Co., Inc. (quar.)
Citizens National Trust & Savings Bank (Los
Angeles) (s.-a.)__
40c
25c
_
35c
68 He
50c
...... ......
City of New York Insurance Co. (s.-a.).
Cleveland Builders Realty Co. (irreg.)
Collins Co. (increased quar.)
Colonial Life Insurance Co. of Amer. (quar.)
Commoil, Ltd
Commonwealth International Corp., Ltd. (qu.)_
Community Public Service Co
15c
+
10c
75c
§1M
$1H
12Hc
$1 %
SIM
$1H
25c
SIM
25c
Sept.
7% non-cum. preferred
$1 M
Detroit River Tunnel Co. (s.-a.
Domestic Finance Corp., common (quar.)
■Extra.
$4
35c
..............
10c
..j..
$2 preferred (quar.)__.
50c
Dover & Rockaway RR. Co. (s.-a.)
Duquesne Brewing Co. (quar.)
Erie & Kalamazoo RR. Co. (irreg.)
Fairbanks Co. new com. (initial)
6% conv. preferred (initial) (quar.)
Fenton United Cleaning & Dyeing Co. 7% pref_
Fisher (Henry) Packing Co. (quar.)
Franklin Railway Supply
Fresnillo Co. (irreg.)
Fulton Industrial Securities Corp. common
$3
15c
$2^
$1H
t$lM
25c
$1
40c
;
17Hc
87 He
$3.5(fpreference (quar.)
Galion Iron Works & Mfg. Co. 6% pref. (quar.)_
$1H
General Foods Corp. (quar.)
General Hosiery Co. 5M% Pref. (s.-a.)
German Credit & Investment Corp.
Allotment certificates
Globe & Republic Insurance Co. of Amer. (quar.)
Gold & Stock Telegraph Co. (quar.).
Goodrich (B. F.) Co. common (irreg.)
50c
$5 preferred (quar.)
t40c
12 He
$1H
50c
$1M
XUH
15c
Granby Consol. Min. Smelting & PoW. Co., Ltd,
Payable in U. S. dollars.
Subject to approval
of Canadian Foreign Control Board, less
15% Canadian dividend tax.
Great Lakes Engineering Works (irreg.)
Hale Bros. Stores, Inc. (quar.)
Hawaiian Electric Co., Ltd., 5% pref. B (irreg.)
Hearn Department Stores, Inc. 6% pref
Helena Rubenstein, Inc
Holly Development Co. (quar.)
Home Insurance Co. (N. Y.) (s.-a.)
90c
25c
30c
t75c
50c
$1
60c
15c
1 July
10 Aug.
1 July
25 July
15 July
1 July
29 Aug.
15 July
15 July
65c
25c
$2H
$3
tic
t4c
50c
75c
Inter-City Baking Co. (interim)
International Harvester Co. 7% pref. (quar.)
International Ocean Telegraph Co. (quar.)
Internat'l Utilities Corp. $3.50 prior pref. (qu.)_
Subject to approval of the SEC.
Jewel Tea Co., Inc. (quar.)
Keith-Albee-Orpheum Corp. 7% preferred
Kennecott Copper Co^'...
.........
Special,.
Kentucky Utilities Co. 7% junior pref. (quar.)__
Kings County Trust Co. (Brooklyn) (quar.)
Klein (D. Emil) Co. common
5% preferred (quar.)
Leitch Gold Mines, Ltd. (quar.)
Libby-0wens-Ford Glass Co
Lincoln
National
Life
Insurance
Co.
(Fort
Wayne, Ind.) (quar.)
Loew's Boston Theatres Co. (quar.)
Loew's, Inc. $6.50 preferred (quar.)
Louisiana Power & Light $6 pref. (quar.)
Louisville & Nashville RR. (irreg.)
Lynch Corp....
Macy (R. H.) & Co
40c
$1H
81 M
$1H
87 He
60c
50c
87Hc
$20
18
24
24
15
9
11
6
(quar.)
62 He
J2c
50c
30c
15c
$1H
81H
$3M
50c
50c
WA
81M
10c
Quarterly
Michigan Central RR. (s.-a.)
Mine Hill & Schuylkill Haven RR. Co. (s.-a.)
$25
$1
—
Moody's Investors Service, Inc.—
$3 participating preferred (quar.)
Mortgage Corp. of Nova Scotia (quar.)
Nashua Manufacturing Co. 1st pref_
7% class O preferred....
Nation-Wide Securities Co. (Colo.) series B
National Paper & Type Co
National Power & Light (quar.)
75c
6c
25c
15c
50c
New Process Co. common
31
7% preferred (quar.)
New York Fire Insurance Co. (quar.)
Noyes (Charles F.) Co. 6% preferred (quar.)..
O'Connor Moffat & Co. $1.50 class AA
Onomea Sugar Co. (monthly).....
Oswego & Syracuse IiR. Co. (s.-a.)
15
6H% preferred (quar.).
6% preferred (quar.)
5% preferred ($25 par) amount is pro-rated
rrom date of purchase to payment date.
Pacific Portland Cement 6 H % pref
Pacific Power & Light Co. 7% pref. (quar.)_..__
$6 preferred (quar.)
Passaic & Delaware RR. Co. (s.-a.)
Peninsular Grinding Wheel Co
Peoples Thrift & Investment Co. Ltd. 5% pref.
(accum.)
Petrolite Corp., Ltd. (increased, quar.)
Philadelphia Insulated Wire Co
Phoenix Securities Corp. $3 conv. pref. A.
Pittsburgh Coke & Iron Co., $5 conv. pf. (qu.)_
Portland RR. Co. (Maine), 5% guar, (s.-a.)
Privateer Mine, Ltd. (quar.)
UH
June
30
June 30
July
July
July
12
15
15
June 30
July
28
July 19
Aug.
1 July
July 30 July
Oct.
22
28
18
21
1
Sept.30
1 July 25
Aug.
Sept. 30 Sept. 23
July
2 June 26
Sept. 2 Aug. 15
Aug,
Sept.
1 July 24
2 Aug. 15
5
July 15 July
Aug.
1 July 29
Aug.
1 July 23
July 25 July 14
Aug.
1 July 15
Aug.
1 July 15
Aug.
1 July 21
Aug. 15 July 26
Aug. 15 July 26
Aug.
1 July 24
July 15 June 30
5
Aug. 15 Aug.
5
Aug. 15 Aug.
Sept. 1 Aug. 15
July 16 July 14
July 31 July 21
5
Sept. 2 Aug.
Oct.
1
Aug.
1 July 23
Sept.
Aug.
Sept.
Sept.
Aug.
Aug.
Sept.
6
July
Aug.
Aug.
Aug.
July
Sept.
July
July
Aug.
31
29
29
July
July
15 July
1 July
7 July
15 Aug.
2 Aug.
26
19
29
30
7
30
30
20
1
1
Aug.
1
Aug. 15
Sept. 15
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
July
Aug.
Aug.
Sept. 30
..
1
25
20
21
31
29
18
28
5
8
1 July 21
5 July 28
7
15 July
15 July 31
15 July 31
July 30 July
July 31 July
Aug.
1 July
Aug. 15 Aug.
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug. 15 July
21
21
15
1
24
25
25
15
31
2
18
18
24
Sept. 2 Aug.
Aug.
1 July
Aug.
1 July
July 31 July
Aug.
1 July 29
Aug. 15 July 29
July 19 July 10
8
Aug. 20 Aug.
Pacific Gas & Electric Co.—
15
Oct.
Aug.
Aug.
Aug.
Aug.
July
July
July
July
Aug.
Aug.
July
Aug.
Aug.
Oct.
37Hc
15
22
22
22
15
15
22
28
18
July 31
Aug.
Aug.
Aug.
July
July
Aug.
Aug.
Aug.
Aug.
25c
___
Illinois Municipal Water Co. 6% pref. (quar.)..
Insurance Co. of State of Pennsylvania (irreg.).
18
18
12
14
1
8
23
Pullman, Inc.
22
Quincy Market Cold Storage & Warehouse Co.
5% preferred
j
16
8
29
I
15
15
25
37Hc
$1M
$i a
10c
75c
Aug.
t75c
SIM
$2H
13c
$4
25c
....
Raybestos-Manhattan, Inc. (quar.)..
Reece Folding Machine Co. (irreg.)
Reed-Prentice Corp. common (irreg.)
7% preferred (quar.)
...
Republic Investors Fund, Inc., 6% pref. A (qu.)
6% preferred B (quar.)_
Reynolds (R. J.) Tobacco, com. B (qu. interim)
Aug. 15 July
July 29 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug. 15 July
75c
30c
25c
(quar.)
-
Aug. 15 July 31
Aug. 15 July 31
July
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
t$lM
iic
(quar.)
Provident Trust Co. (Phila.)
20
15
82 M
34 He
Extra
23
1
20c
22 He
...
Extra
65c
50c
50c
$1H
$1H
17 He
Meadville Telephone Co.
21
July 28
July 28
July 21
July
July
Sept.
Sept.
July
20c
Homestead Fire Insurance Co. (Bait.) (s.-a.)
Hormel (Geo. A.) & Co. common
6% preferred (quar,
Horne (Joseph) Co. 6% pref. (quar.).
House of Westmore, Inc. 6% preferred
Huston (Tom) Peanut Co. common (quar.)
$3 conv. preferred (quar.)
Mercantile Stores Co., Inc., 7% pref. (quar.)...
Merchants & Manufacturers Ins. Co. (N. Y.)—
21
^
July
July
July
July
Aug.
July
July
July
Aug.
July 19
July 19
July 25
July 15
July
7
July 28
July 28
July 28
Sept. 30
July 22
July 26
July 25*
July 25*
July 10
5(
21
18
21
20
July
July
July
Aug.
Aug.
Aug.
July
July
July
Aug.
Aug.
Aug.
July
July
Aug.
Aug.
Aug.
5H% preferred (quar.)
21
Aug.
July
July
July
Nov. 22
30c
87 He
5
29*
July
Aug.
July
July
Aug.
July
Aug.
Dec.
Marine Bancorporation (quar.)
Massachusetts Bonding & Insurance Co. (quar.)
McNeel Marble Co. 6% 1st pref. (quar.)
Sept.
July
July
July
July
July
July
July]
SI H
_
...
Aug.
8
Aug. 15
Aug. 15
Aug. 15
1
Aug.
8
Aug.
Sept. 25
July 28
68 He
.
18
Sept. 3
Sept. 3
July 21
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
July
Sept.
Aug.
Aug.
Aug.
Aug.
July
Aug.
Bullock's Fund, Ltd., common
Citizens Utilities Co.
10
21
15
8
July
37 He
x
—
25
21
Sept.
July
75c
—. _ _
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
July
Sept.
Aug.
Aug.
July
July
July
July
Aug.
Aug.
July
80c
Mfg. Co
Blauner's $3 preferred (quar.)
.
Oct.
Record
15c
50c
......
........
Beaton & Cad well
(quar.)
6% preferred (quar.)
Blue Ribbon Corp. 5% pref. (quar.)
Bon wit Teller, Inc. new com. (initial)
5 *4 % preferred (initial quar.)
Booth Fisheries Corp. $6 2nd pref
Boston Fund (quar.)
Boulevard Bank (Forest Hills, N. Y.) (s.-a.)
Aug.
Sept.
Sept.
Aug.
Sept.
Sept.
Aug.
Aug.
Sept.
Sept.
Sept.
Holders
i
6
28*
31
Oct.
Delaware Rayon Co. class A
Extra...
grouped in two separate tables
In the
bring together all the dividends announced the
are
June
July
July
July
Sept.
$1H
.
______
DIVIDENDS
8
21
10c
______
i
Sept.
July
June 30
10c
Crunden-Martin Mfg. Co., 7% pref. (s.-a.)
Culver & Port Clinton RR. Co. (s.-a.)
Extra
.
Sept. 15
Aug. 15
July 12
Aug.
5
Aug.
Aug.
25c
Crosse & Blackwell Co., $1 partic. 1st pref..
Crown Cork & Seal Co., Inc
Holders
Oct.
25c
25c
Continental Oil Co
Coronet Phosphate Co. (irreg.)
Extra.
When
Payable of Record
Sept.
July
Aug.
Sept.
July
July
July
Aug.
-
Gordon & Belyea, Ltd., 6% 1st pref. (quar.)
4%
1960-90
Share
Company
Connecticut Light & Power, common (quar.)
By R. L. Day & Co., Boston:
Shares
Name of
;■■!<■
37 He
60c
50c
87 He
Sept.
Aug.
July
Oct.
31
15
21
21
25
25
15 June 30
1 July 21
1
15 Aug.
1 July 25
1 Aug. 20*
1 July 19
10 July 25
10 July 25
1 July 19
15 Aug. 22
15 Aug. 22
July
Aug.
July
July
Sept.
17
29
22
21
17
1.5c
Nov.
Oct.
15c
Nov.
Oct.
15
15
50c
Aug.
July
25
The Commercial & Financial Chronicle
346
Per
Name of
Share
Company
Rich's, Inc (quar.)
Riverside Cement Co., $6 1st pref. (quar.)——
Royal Bank of Canada (Montreal) (quar.)—
Royal China, Inc. (quar.)
Rubenstein (Helena), Inc
1 July
1 July
Aug.
19
15
Sept. 2 July 31
July 10 July
8
Aug
July
Sept. 2 Aug.
Sept. 2 Aug.
July 15 July
July 25 July
Aug. 15 Aug.
Aug.
1 July
Sept.
1 Aug.
Aug.
1 July
July 25 July
Sept.
1 Aug.
Aug. 25 Aug.
Aug. 25 Aug.
Oct.
1 Sept.
$2.50 conv. preferred (quar.)
Saginaw & Manistee Lumber Co. 7% pref
—
-
Security-First National Bank (Los Ang.) (quar.)
Servel, Inc
Sharpe & Dohme, Inc., $3.50 preference (quar.)
Shatterproof Glass Corp. (quar.)
Shenango Valley Water Co., 6% pref. (quar.)..
Soundview Pulp Co., common
—
)ref.
(quar.)
)allas) (quar.)
(quar.)
Sovereign Investors. Inc.
Sperry Corp. v. t. c
Stein (A.) & Co. (quar.)
;
Sterling, Inc., $1.50conv. pref. (quar.)
Sterling Products Inc. (quar.)...
Strawbridge <fc Clothier 6% prior pref. A (quar.).
Superior Portland Cement, class B
Swift & Co. (quar.)
....
—
Syracuse Binghamton & N. Y. RR. Co. (quar.).
Texas Gulf Sulphur Co
Texas Water Co. 6% non-cum. pref. (quar.)
Trademen's Nat. Bk. & Tr. Co. (Phila.) (quar.)
Triumph Explosives, Inc. (quar.).
United N. J. RR. & Canal (quar.)
United Specialities Co. (quar.)
37 He
95c
SIM
50c
30c
$3
50c
30c
t2i
Extra
85c
Vanadium Corp. of America
Walton (Charles) & Co., 8% pref. (quar.)
Wentworth Mfg. Co. $1 conv. pref. (quar.)
West Point Manufacturing Co..
25c
$2
25c
90c
West Virginia
Pulp & Paper Co., 6% pf. (quar.)
Wheeling & Lake Erie Ry.—
5M % conv. preferred (quar.)
4% prior lien (quar.)
Whiting Corp., common (irreg.)
6M % preferred (quar.).
Willimantic Co., Inc. (s.-a.)
lliman
Wisconsin Nat. Life Ins. (Oshkosh, Wis.) (s.-a.)
Extra
$1M
20c
%
50c
22
14
Oct.
Rustless Iron & Steel Corp. common
12
15 Oct.
23
15
15
7
19
6
Aug.
t$l
July
July
July
July
July
July
July
July
July
Per
Share
Abraham & Straus, Inc
Adams (J. D.) Manufacturing Co
Agnew-Surpass Shoe Stores,
50c
20
15
15
15
26
26
3
21
9
21
21
21
20c
_
common
(s.-a.)
J40c
Extra
120c
7% preferred (quarterly).
grici
Agricultural Nat 1 Bank (Pittsfield, Mass.)—
(Quarterly)
til
Alabama Power Co. $5 preferred (quar.)
Alaska Juneau Gold Mining Co_
Alberene Stone Corp. of Vireina (irreg.)
$1 M
12 He
20c
87 He
$2
Allentown-Bethlehem Gas, 7% pref. (quar.)
Alpha Portland Cement Co
Aluminum Manufacturers, Inc. (quar.)
Quarterly
7% preferred (quar.)
7% preferred (quar.)
Amalgamated Sugar Co., 5% pref. (quar.)
Amerada Corp. (quar.)
Amerex Holding Corp. (s.-a.)
American Barge Line Co.. new (initial)
American Can Co. (quar.)
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 Colortype Co., common--,
-
.
__
Common
American Envelope Co., 7% pref. A (quar.)
7% preferred A (quar.)
American Equitable Assur. Co. of N. Y. (quar.).
American Home Products Corp,
(monthly)
American Hydraulics, Inc. (initial)
American Insurance Co. (Newark)
(s.-a.)
Extra
American Light & Traction Co.
com.
X
Tenn.) (quar.)
Dec. 31 Dec.
15
SIM
SI H
12m
50c
25c
$1
$1
$2.04
Quarterly
Anaconda Wire & Cable Co
Anglo-Canadian Tei. Co. 5M% pref. (quar.)
Anglo-Huronian, Ltd. (interim)
Anheuser-Busch, Inc. (quar.)
$1M
$1 M
25c
20c
37Hc
75c
$2
15c
30c
50c
\ $1M
$3H
$3H
(quar.)—II—
-------
5M% preference (quar.)
Axe-Hough ton Fund
common
Axelson Mfg. Co
Babcock & Wilcox Co
Badger Paper Mills. 6% preferred (quar.)
$1
$1M
15c
12c
....
1 July 21
5
Sept. 15 Sept.
Dec. 15 Dec.
5
Sept.
1 Aug. 25
Dec.
1 Nov. 25
July 25 Juiy
Aug.
1 July
July 25 July
Oct.
1 Sept.
Oct.
1 Sept.
Aug.
1 July
Aug.
1 July
Sept. 16 Aug.
15
14*
15
3
3
15
15
27
Oct.
14
15 Oct.
Sept. 30 Sept. 20
Sept. 15 Sept. 5
Dec.
15 Dec.
1 Aug.
Sept.
Aug. 30 Aug.
July 31 July
July 25 June
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
July 31 July
Oct.
31 Oct.
5
|25
1
3
28
75c
-
Beatty Bros., Ltd., 6% 1st preferred (quar.)—
S1H
15c
(irreg.)
$1
12Hc
12Hc
$1 M
Extra
7% preferred (quar.)
Bertram (John) & Sons Co., Ltd.
Best Sc Co. common
(initial)
15c
40c
6% preferred (s.-a.)
$3
Biddeford & Saco Water Co. (quar.)
Birdsboro Steel Foundry & Machine Co
Birtman Electric Co., com. (quar.)
$1
25c
25c
$7 preferred (quar.)
Bloomingdale Bros., Inc
Bon Ami class A (quar.)
Class B (quar.)
Boston Edison Co. (quar.)
Bourjois, Inc., $2.75 pref. (quar.)
Bridgeport City Trust (Conn.) (quar.)
British Columbia Telephone Co.—
6% preferred (quar.)
Brockway Motor Truck (irreg.)
Bronxville Trust Co. (N. Y.) (quar.)
Brooke (E. G.) Iron Co
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.)
Bullock's, Inc. (Los Angeles), 5% pref. (quar.)—
Bunte Brothers 5% preferred (quar.)
5% Preferred (quar.)
Business Capital Corp. class A (quar.)
Byers (A. M.) Co., 7% preferred---,
Accumulated div. of $2.0563; representing the
quarterly div. of $1.75 due Feb. 1,1938 and
interest thereon to Aug. 1, 1941.
Calgary Power Co., Ltd., 6% preferred (quar.)
California Packing Corp., common
5% preferred (quar\)
Campbell, Wyant & Cannon Foundry Co
Canada Foundries & Forgings. class A (quar.)Class A (quar.)
Canada Northern Power Corp., Ltd., com. (qu.)
Canada Southern Ry. (semi-ann.)
Dividend declared payable in U. S. Dollars,
—
-
—.—
less Canadian dividend tax.
Canadian Bank of Commerce (Toronto) (qu.)—
Canadian Bronze Co.,
Ltd.,
$1H
20c
62i
68 He
40c
t$lM
37Hc
$1
15c
J3c
$1H
50c
JlOc
Oct.
Aug.
Aug.
Sept.
Sept.
Sept.
Aug.
1
1
July
July
2 Aug.
2 Aug.
Aug.
1
Sept. 2
Aug.
1
Aug.
1
Aug.
1
Aug.
1
July 25
June 27
July
31
July
July
8
28
July
July
July
3
18
10
10c
50c
75c
Aug.
July 15
July 19 June 30
July 24 July
7
July 31 July 15
Aug.
July 21
July
1
25
29
10
19
15
15
15
15
15
July 10
Aug.
1
July 19
June
Aug.
July
Aug.
July
July
Aug.
Aug.
Aug.
July
17
16
July 25
July
7
June 30
July
16
July 16
July 25
Dec.
July 24
July 15
t$lM
Aug.
Aug.
Aug.
July 15
July 31
July 31
July
7
Sept. 1
25c
62!icc
Aug.
Aug.
Sept.
July
Sept.
m
Dec.
Dec.
*25c
S1H
July
Aug.
June 30
t$2
Aug.
Aug.
Carolina Clinchfield & Ohio Ry. Co. (quar.)
Castle (A. M.) & Co. (quar.)
Extra
Celotex Corp. common (quar.)
(quar.)
Central Cold Storage Co. (quar.)
Central Hudson Gas & Electric, com., (reduced)
Central N. Y. Power Corp., 5% pref. (quar.)—
Central Ohio Steel Products Co
1
June 30
June 30
July
July
Aug.
July
July
July
21
21
June 30
June 30
June 30
Aug.
Aug.
Aug.
Aug.
Aug.
July
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
July
July
Aug.
Aug.
July
July
July
July
July
July
Sept.
15
15
1
1
1
10
30
30
25
25
5
June 30
July
July
10
15
Central Power & Light Co. (Mass.)—
7% preferred
t$
6% preferred
Central Railway Signal Co. pref., class A (qu.)
Century Ribbon Mills, 7% pref. (quar.)
Century Shares Trust (s.-a.)_
Cerro ae Pasco Copper.
Cessna Aircraft Co. (initial)-,
Aug.
Aug.
Sept.
Aug.
Aug.
5% pref.(quar.)
Cincinnati Street Railway
Citizens
National
(irreg.),
preferred
Bank
&
Trust
Co.
Aug. 15
July 18
July 15
Oct.
Cincinnati Inter-Terminal RR. 4% pref. (s.-a.)
Cincinnati New Orleans & Texas Pac. Ry. Co.
(. ities Service Co., $6
July
July
July
Aug.
July
July
July
July
July
Aug.
Sept.
July
July
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
July
July
Aug.
Sept.
Chain Store Real Estate Trust (Mass.) (quar.)_
Champion Paper & Fibre, common..
6% preferred (quar.)
Chase National Bank (N. Y.) (s.-a.).
15
15
25
20
18
16
10
10
21
30
15
11*
21
(Engle-
wood, N. J.) (quar.)
Oct.
City Baking Co., 7% preferred (quar.).
City Nat'l Bank & Trust Co. (Chicago)
Quarterly
City Title Insurance Co. (quar.)
1 Sept. 15
1 July 25
Aug.
Aug.
(quar.).
_
21
15
15
21
Ry. Co.
(s.-a.)
5% preferred (quar.)
July
July
Aug.
July
25c
July
12 He
Aug.
S1.06M Sept.
$1.25
Extra
common
(quar.)..
t3c
25c
25c
Columbus Foods Corp., pref. (quar.)
Common (resumed)
43 He
50c
Columbia Gas & Electric, 6% pref. A (quar.)
5% preferred (quar.)
5% preference (quar.).
Columbia Pictures Corp., $2.75
— .
conv.
July 21
1 Oct.
Nov.
Common
Colgate-Palmolive-Peet Co.,
$4.25 preferred (quar.)
1
July 20 July
July 20 July
1 July
Aug.
—
Extra
Clark (D. L.) Co. (irreg.)
Cleveland Cincinnati Chicago & St. L.
1 Sept. 30
Oct.
Citizens & Southern Nat. Bank (Savannah, Ga.)
Common
Colorado Fuel & Iron Co
15
2 Aug. 15
1 July 15
10
2
2
15
9
2
1
1
21
July
Aug.
Extra
Canadian Pacific Ry. Co. 4% non-cum. pref
15
8
8
15
July
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
July
July
Juiy
Aug.
Aug.
July
July
July
Aug.
Aug.
Aug.
15
July
July
July
July
July
Aug.
July
July
July
Aug.
July
July
July
July
July
July
July
July
SIM
com.
Coast Breweries. Ltd. (quar.)
Coca-Cola Bottling Co. of St. Louis (quar.)
1 Mar. 31
June
Aug.
Sept.
July
Aug.
Aug.
Aug.
15
15
15
31
31
10
12 He
SI M
(quar.)—— 137 He
JS1M
Canadian Converters Co., Ltd. (quar.)
*50c
Canadian Industries, Ltd. common A (irreg.)
IS1H
Common B (irreg.)
+S1H
Canadian Investment Fund, Ltd.—
Ordinary shares (irreg.)
Special shares (irreg.).
Canadian Oil Cos., Ltd. (quar.)
5% preferred
July
July
July
July
July
July
July
July
July
Aug.
Aug.
July 15
July 12
Aug. 25
Nov. 24
SIM
SIM
5% preferred (quar.)
17
19
15
15
15
i
t$lM
(irreg.)
Aug. 29 Aug. 22*
Sept. 15 Sept. 2
July 21 July 11
1 July 15
t68Hc Aug.
JlOc July 31 July 16
$1
Sept. 12 Aug. 26
—
Atlas Powder Co. 5% conv.
preferred (quar.)
Atlas Tack Corp
Ault & Wiborg Proprietary, Ltd.—
24
1 Sept. 24*
1 Sept. 24*
50c
A. P. W. Properties, Inc., class B
30c
Appalachian Electric Power Co. 4M % pref. (qu.)
Armstrong Cork Co. (interim)
50c
Artloom Corp. 7% preferred
(quar.)SIM
Associated Dry Goods
Corp., 7% 2d pref
t$3M
6% 1st preferred (quar.)
$1H
Associated Telephone Co., Ltd., $1.25
pref."(qu.) t31Mc
Atchison Topeka & Sante Fe
Ry Co.—
5% non-cumulative preferred
$2H
Common (irregular)
$1
Atlantic City Electric Co. $6
preferred ("quar.)"
$1H
Atlantic Macaroni Co., Inc
$1
Atlantic Refining Co., 4% pref. A
Aug.
Oct.
t25c
Chain Belt Co
7% preferred (quar.)
common A (irreg.)
American Viscose Corp. common
(initial)
Preferred (initial)
Amsterdam City Nat. Bank (N. Y.)
(quar.)
7
10
1 July 10
1 July 21
Aug. 15 July
Aug.
15c
15c
SIM
_
Aug.
Bayside National Bank of N. Y. (s.-a.)
-
30c
J25c
$2
Corp. $4 preferred
Extra
12 He
10c
10c
—
American Smelting & Refining Co., com
7% 1st preferred (quar.)
American Stores Co
American Stove Co
American Thermos Bottle Co.
18
Sept. 30 Sept. 15
Dec. 31 Dec. 15
Aug.
1 July 17
July 31 July 15*
Oct.
11^
7% preferred (quar.)
Amer. Radiator & Standard
Sanitary Corp.—
10
50c
25c
5c
American Paper Co., 7% preferred
(quar.)
15
15
15
50c
30c
American Meter Co
American Nat. Bank & Tr. Co.
(Chicago) (quar.)
American Nat'l Bank (Nashville,
15 Oct.
15
31
2
15
5c
(quar.)
Oct.
15
Aug.
1 July
Aug.
1 July
July 25 July
Aug.
9 July
Sept. 25 Sept.
Sept. 30 Sept.
25c
6% preferred (quar.)
When
Holders
Payable of Record
July 25 July
Aug.
1 July
Sept. 2 Aug.
Sept. 2 Aug.
Oct.
1 Sept.
—
Borland Shoe Stores, Inc., common (quar.)
give the dividends announced in previous weekand not yet paid.
The list does not include dividends ans
nounced this week, these being given in the
preceding table.
Company
Baltimore American Insurance Co. (s.-a.)
Extra
Bangor Hydro-Electric (quar.)
Bathurst Row. & Paper Co., Ltd., cl. A (interim)
Baxter Laundries
30c
30c
15
we
Name of
3% non-cumulative pref. (annual)
Baldwin Rubber Co
Beau Brummel Ties, Inc.
Bendix Aviation Corp
_
Aug.
Aug.
July
Aug.
July
Aug.
Baker Hotel of Dallas, Inc., com. (annual)---.
22
Aug. 20 July 30
Aug.
5 July 28
Aug. 15 Aug.
1
Aug.
July 25
Aug. 15
Sept.
Aug. 15
Sept.
Aug.
July 23
Oct.
Sept. 2
Aug.
July 25
Sept. 15 Sept. 2
July 15 July 1
Aug.
1 July 25
Aug.
1 July 11
Oct.
10 Sept. 20
Aug. 26 Aug. 12
Aug. 26 Aug. 12
Aug.
4 July 28
Aug.
1 July 15
Aug. 15 Aug.
1
Aug.
1 July 18
Aug. 15 Aug.
1
30c
Yellow & Checker Cab Co. (Consol.), class A__
Below
Holders
Payable of Record
Aug.
—
Sanford Mills (irregular)
Scotten Dillon Co. (irregular)
When
July 19, 1941
pf. (quar.)
Columbus & Southern Ohio Electric Co.-
6H% preferred (quar.)
Commonwealth Edison Co. (
[quar.)
Commonwealth Investment Co. (quar.)
Commonwealth Utilities Corp. 6H% pref. (qu.)-
6% pref. (quar.)
6 H % preferred "C" (quar.)
Concord Gas Co., 7% preferred
Confederation Life Association (Toronto) (qu.)_
Quarterly————-.
Congoleum-Nairn, Inc. (quar.)
Coniagas Mines, Ltd. (interim)
Connecticut & Passumpsic River RR. Co.—
6% preferred (s.-a.)
Connecticut River Power Co., 6% pref.
(quar.)
——
S1H
SIM
SIM
68Mc
SIM
45c
4c
SIM
SIM
SIM
t50c
SIM
SIM
25c
*5c
SIM
Consolidated Aircraft Corp. $3 conv. pref.
(final)
Consolidated Chemical Industries, Inc.—
50c
$1.50 participating preferred, class A (quar.)_
Common, class B
37Mc
75c
31 July
21
21
July 16
20 July 10
20 July 10
15 July 22
31 July
1
30 Sept.
Aug. 28 Aug.
1 July
Aug.
1 July
Aug.
Aug. 15 July
Aug. 15 July
Aug. 15 July
Aug. 15 Aug.
1
Aug.
1
Aug.
1
Aug.
Aug. 30
9
14
21
21
19
19
19
1
Oct.
July
July
July
Aug.
1 Sept.
15
Dec.
1 Nov. 14
15
14
15
15
Aug. 15 July 31
Sept. 30 Sept. 25
Djc. 31 Dec. 14
Sept. 15 Sept. 2
8 July 24
Aug.
1 July
Aug.
1
Sept. 2 Aug. 15
Aug. 30
Aug.
Aug.
1 July
Uuly
17
17
Volume
The Commercial & Financial Chronicle
153
Share
Company
Consbiidated Cigar Corp. 7% pref. (quar.).
6 X % prior preferred (quar
•.)_
Consolidated CoDDermiiies C
ated C oppermines Corp. (irreg.).
91H
SIX
15c
10c
Extra.
Consol. Edison Co. of N. Y., Inc., $5 pref. (qu.)
Consolidated Laundries $7.50 preferred (quar.)_
Consolidated Oil Corp. (quar.)
11%
12Xc
15
General
15
General Electric Co
General Foods Corp.
Aug.
July
July
July
25
25
June
27
July
July
Sept. 2
Aug.
1
Aug.
8
Aug.
8
Aug.
1
Aug.
1
Aug. 15
15
15
$2
20c
75c
15c
2c
$3X
43 Xc
SIX
$2
10c
37 Xc
Cuneo Press, Inc., common
4X % preferred (quar.)
Cunningham Drug Stores, Inc. common (quar.)
6% class B preferred (quar.)
Dallas Power & Light, 7% pref. (quar.)
86 preferred (quar.)
Dayton Rubber Mfg. Co., common
$2 preferred, class A (quar.)
Davidson Bros., Inc. (quar.)
Decca Records, Inc. com
(quar.)
25c
SIX
91X
SIX
25c
50c
7Xc
15c
10c
Extra
10c
Dejay Stores, Inc
75c
Dennison Manufacturing Co., $6 prior pref
82
debentures (quar.)
_
Deposited Insurance Shares, series A
Detroit Gasket & Manufacturing Co
SI H
six
75c
30c
50c
Dictaphone Corp., common
8% preferred (quar.)
Distillers Co., Ltd., Amer. dep.
82
rec. for ord. reg.
a8X%
al '
'
Ordinary registered, extra
Distillers Corp .-Seagrams, Ltd., 5% pf. (quar.)_
Dividend Shares, Inc
lXc
Final
25c
Doehler Die Casting Co. (interim)
Ltd
150c
_
25c
Dominguez Oil Fields Co. (monthly)
July
July
July
1 July
16
5% preferred (quar.)
22
19
2
10
10
17
17
15
15
16
16
16
15
23
23
1
Dec. 23 Dec.
23
July
1
5
July 21 July
1-5-42 Dec. 20
July 30
Sept. 2
Aug.
1
Sept. 2
Sept. 2
June 21
Adg. 12
July 21
Aug. 15
Aug. 15
8
July
July
July
17
Aug.
July
July
July
July
15
July
10*
Sept.
Aug.
Aug. 15
Aug.
Aug.
Aug.
m,
130c
July
J10c
July
J50c
Dominion-Scottish Investments,
3
June 30
July
16
Sept.
July
19
31 July
31 July
15
15
Ltd.—
5% preferred (accum.)
1 Aug. 20
Dominion Tar & Chemical Co., Ltd.—
(quar.).
71
low
Dow Chemical Co., common.
1L
5% preferred (quar.)
30c
Duplan Silk Corp., common (reduced)
(E. I.) de Nemours & Co., $4.50pf. (qu)
Eastern Township Telephone Co
f25c
SIX
Electric Bond & Share Co. $5 pref. (quar.)
SIX
86 preferred (quar.)
15c
Electric Household Utilities Corp. (increased)
25c
Elgin National Watch Co
$1
Elizabeth & Trenton RR. Co., com. (s.-a.)
91X
5% preferred (s.-a.)
81.14
Elmira & Williamsport RR. Co. (s.-a.)
mx
Empire District Electric, 6% preferred
40c
Employers Casualty Co. (Dallas), (quar.)
40c
Quarterly
25c
Employers Group Associates (quar.)
Eppens, Smith Co. (s.-a.)
t75c
Equity Corp., $3 convertible preferred
50c
Eureka Pipe Line Co
SIX
Faber, Coe & Gregg, Inc., 7% pref. (quar.)
50c
Fairchild Aviation Corp. (irreg.)
45c
Fall River Gas Works (quar.)
«
3c
Falstaff Brewing Co. pref. (semi-ann.)
91X
Fansteel Metallurgical Corp. $5 pref. (quar.)
SIX
$5 preferred (quar.)
—
Farmers Deposit National Bank (Pitts.) (qu.)__
Farmers & Traders Life Insurance (quar.)
Federal Chemical Co. 6% preferred
Federal Insurance Co. of New Jersey (quar.)
35c
Federated Department Stores common (quar.)__
91 MX
4X% conv. preferred (quar.)
25c
Ferro Enamel Corp
SIX
Fibreboard Products, 6% prior pref. (quar.)
81
Fidelity & Deposit Co. (Md.) (quar.)
du Pont
-
-
Aug.
1
Aug. 15
Aug. 15
Aug. 15
July 25
July 25
Aug.
1
Aug.
1
July 25
Sept. 22
July 12
Aug.
1
Oct.
Sept. 20
Sept. 20
Oct.
Nov.
$1
15c
Fidelity Fund, Inc. (quar.)
Fiduciary Corp. (quar.)
Field (Marshall) & Co
a
Fifth-Third Union Trust Co. (Cin.)
81
20c
81
(quar.)
Quarterly
Filene's (Wm.) Sons, common (quar.)
4%% preferred (quar.)
$1
25c
$ 1.18%
Firestone Tire & Rubber Co
25c
First Boston Corp. (irreg.)
First National Bank (Atlanta,
60c
25c
Ga.) (quar.)
First National Bank (Hartford) (quar.)
First Nat. Bank (Hazleton, Pa.) (quar.)__
First Nat. Bank (Medford, Mass.) (s.-a.)
First National Bank (Mt. Vernon, N. Y.)—
Common (quar.)
First Nat. Bank (North Easton, Mass.) (quar.)
First Nat. Bank (Paterson, N. J.) (s.-a.)
First National Bank (Pittsburgh) (quar.)
First National Bank (Westfield, Mass.) (s-a)
First Nat. Bank & Trust Co. (Lexington, Ky.)
(Quarterly)
First National Trust & Savings Bank (San Diego)
Common (quar.)
(Quarterly)
5% preferred (quar.)
5% preferred (quar.)
First Stamford Nat'l Bank & Trust Co. (Conn.)
(Quarterly)
Fitzsimmons Stores, Ltd. 7% pref. (quar.)
—
-
7% preferred (quar.)
Foote Bros. Gear & Machine Corp.—
$0.60 conv. preferred (quar.)
t
Common (irreg.)
Franklin Fire Insurance Co. of Phila. (s.-a.)
Extra.
Froedtert Grain & Malting Co., com
$1.20 preferred (quar.)
Fulton National Bank (Atlanta, Ga.) (quar.)
Gardner-Denver Co., common (quar.)___
$3 convertible preferred (quar.)
General Cable Corp., 7% preferred
—
91X
$2
$2
Aug.
1
July
July
31
10
June 30
July
July
July
Sept.
1 Oct.
7
7
10
6
20
July 21 July 14
Aug.
1 July 25
Nov.
1 Oct.
25
July 31 July 17
Aug.
1 July 125
July 21 June 16
Aug.
1 July 15
Aug.
1 July 20
Aug.
8 July 25
Aug.
1 July 21
Oct.
1 Sept. 16
Sept. 30 Sept. 15
Dec.
Oct.
HhOct.
Extra
Aug.
Oct.
July
July
Sept.
Aug.
July
July
July
Aug.
July
Oct.
18 Dec.
15
pref. (quar.)
,
Hanna
(M. A.) Co., $5 pref. (quar.)
Harbison-Walker Refractories pref. (quar.)__
Harrisburg Gas Co., 7% preferred (quar.)__
Hartford Electric Light Co
Hartford Times, Inc., 5X% pref. (quar.)___
HaskeliteMfg. Corp. (quar.)!
Hat Corporation of America, 6X % pref. (qu.)__
Havana Electric & Utilities Co., 6% 1st pref
Hawaiian Electric Co., Ltd. (qaur.)
Hawaiian Pineapple Co. (extra)
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 & Co. (monthly)
Monthly
Monthly
__
___
Hires (Chas. E.) Co
5
16
16
16
21
1
15
25
15
15
5
19
20
20
Oct. 10 Sept. 30
8
Aug.
1 July
Oct.
Sept. 30
Oct.
June
Aug.
82
50c
Aug.
July 15
Sept. 30
July
1
4
1 Sept. 26
21
25c
Nov.
Oct.
20
31 Xc
31 Xc
Aug.
July
21
Nov.
Oct.
20
SIX
17 Xc
17Xc
Aug.
Sept.
1 July
2 Aug
15
15c
25c
50c
20c
20c
30c
SIX
25c
75c
t»l«
Dec.
20
1 Nov. 20
Aug.
1 July 18
Aug.
1 July 18
Aug.
1 July 21
Aug.
1 July 21
July 31 July 15
July 31 July 15
Oct.
1 Sept. 30
7
July 21 July
Aug.
1 July 21
Aug.
1 July 25
12
July 19
Sept. 12
Aug. 12
July 21
July 12
Aug. 13
July 15
July 15
July 15
July 21
July 15
July 10
July 15
July 15
1 Sept.24
1 June 30
1 Sept. 30
Aug.
Oct.
XS3X
1-2-42 Dec. 31
17c
3
July 30 July
Oct.
Sept 15
July 21
Aug.
July 21
Aug.
Oct.
Sept 22
July 16
Aug.
$1
40c
SIX
SIX
40c
XSIX
XSIX
SIX
7% preferred ($100 par) quar.).
8Xc
7% preferred ($5 par) (quar.)_.
six
Interstate Department Stores 7 % pref. (quar.) _
37Xc
Investors Trust Co. of R. I., partfc. pref. (quar.)
Iowa Electric Light & Power Co.—
X87Xc
7 % preferred A
181 Xc
6X% preferred B
t75c
6% preferred C
—
30c
Iron Fireman Mfg. Co. (quar.)
30c
Quarterly
10c
Ironrite Ironer Co., com
20c
8% preferred (quar.)
10c
Jantzen Knitting Mills common
5% preferred (quar.)
Jefferson Standard Life Insurance (s.-a.)
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
15
15
International Nickel of Canada—
-
15c
(semi-annual)
preferred (quar.)
7% preferred (quar.)
Lane Bryant, Inc., 7% pref. (quar.)
Langiey s, Ltd., 7% conv. pref
7% conv. preferred
Lazarus (F. & R.) & Co. (quar.)
LeMaire Tool & Mfg. Co. (initial)
Le Tourneau (R. G.), Inc. (increased) (quar.)_.
Lebanon Valley Gas Co., 6% preferred (quar.)__
Preferred
—
Landis Machine Co., 7%
Lee Tire & Rubber Corp
Leece-Neville Co. (initial)
Extra
Lehigh Coal & Navigation Co. (interim)
Lehigh Portland Cement Co. 4% pref. (quar.)__
Common
July
15 Dec.
Oct,
20c
25 July
July 25 July
July 21 July
July 29 July
Oct.
1 Sept.
Oct.
1 Sept.
Aug.
Dec.
25c
21
5
July 25
Sept. 30
Aug. 30
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
July 21
Aug.
1
Aug.
1
Kellogg Switchboard & Supply com. (irreg.)
5% preferred (quar.)
Kemper-Thomas Co., 7% special pref. (quar.)__
7% special nreferred (quar.)—
Kennedy's, Inc
Kerr-Addison Gold Mines, Ltd. (interim)
King Oil Co (quar.)
Knickerbocker Insurance Co. (N. Y.) (quar.)__
Kootenay Belle Gold Mines, Ltd. (quar.)
Kroger Grocery & Baking Co. common (quar.).
7% pref. (quar.)
--7% preferred (quar.)
6% preferred (quar.)
Lancaster County Nat'l Bank (Pa.), com. (s.-a.)
July
Oct.
Grandview Mines
Green (H. L.) Co. (quar.)_
Greenfield Gas Lt. Co. 6% non-cum. pref. (qu.)_
Greenfield Tap & Die Corp. $6preferred
Hamilton National Bank (Wash., D. C.) (s.-a.)_
Kaufmann Department Stores
Jan2'42 Dec. 26
Oct.
Goodyear Tire & Rubber Co., common
$5 conv. preferred (quar.)
Grace National Bank (N. Y.) (s.-a.)__
Kalamazoo Stove & Furnace
24
20
21
82
82
25c
_
Holly Sugar Corp., com_
7% preferred (quar.)___
Home Insurance (Hawaii) (quar.)
Quarterly
Homestake Mining Co. (monthly)
Hooker Electrochemical Co., 6% pref. (quar.)__
Common (irreg.)
Horder's, Inc. (quar.)
Horn & Hardart Co. (N. Y.) common (quar.)___
5% preferred (quar.)
Houston Light & Power $6 pref. (quar.)
7% preferred (quar.)
Humberstone Shoe Co., Ltd. (quar.)
Hussmann-Ligonier Co. common (quar.)
Hydro-Electric Securities Corp.,5% pref.B(s.-a.)
Idaho Maryland Mines Corp. (monthly)
Idaho Power Co. $6 preferred (quar.)
7% preferred (quar.)
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
Industrial Bank& Trust Co. (St. Louis), quar.)_
Interchemical Corporation, common
6% preferred (quar.)
International Business Machines (quar.)__
International Machine Tool Corp. (initial)
International Metal Industries, Ltd.—
6% convertible preference (accumulated)
6% convertible preference A__.
5
5
July 31 July 15
Sept. 2 Aug. 15
Sept. 2 Aug. 15
July 31 July 21
1
Aug.
1 July
July 25 July 10
Sept. 15 Aug. 15
Sept. 15 Aug. 15
Sept. 1 Aug. 25
Aug. 15 July 15
Aug.
1 July 15
Aug.
1 July 15
July 30 July 15
Aug.
1 July 22
Sept. 1 Aug. 15
7
July 21 July
Oct. 15 Sept. 30
Aug.
1 July 15
Aug.
1 July 15
5
Aug. 15 Aug.
Aug.
1 July 17
Aug. 15 July 31
Sept. 15 Sept. 5
July 28 July 18
5
July 25 July
Aug.
1 July 10
4
Aug. 15 Aug.
Aug. 15 July 25
Aug. 15 July 25
July 25 July 15
Aug. 29 Aug. 19
Sept. 26 Sept. 16
Sept. 2 Aug. 15
Aug.
1 July 15
Aug.
1 July 15
Sept. 15 Sept. 12
Wi
1 Sept. 30
2 July
1 Sept.
31 July
31 July
20 Sept.
1 July
31 July
31 July
30 July
1 July
31 July
1 Sept.
7
5
Nov. 15 Nov.
1 Sept. 10
25c
$1
conv.
10*
Aug. 15 Aug.
(quar.).
Preferred (quar
r.).
General Shoe Corp. (irreg.)
Extra
Dominion & Anglo Investment Corp., Ltd.—
Dominion Bank of Canada (quar.)
Dominion Oil Cloth & Linoleum Co., Ltd. (quar
Extra
Preferred
$5
10
30
Aug. 15 Aug.
Gillette Safety Razor (resumed)
31
24
6
13
16
Oct.
Aug.
25c
Diamond Match Co., pref. (semi-annual)
Diamond Shoe Corp. (quar.)
5M% preferred
Corp., $5% pref. (quar.)
Advertising, class A
Gibraltar First National Ins. Co. (s-a)
18
3
29
29
July
Oct.
82
Detroit Hillsdale & Southwestern RR. (s.-a.)
Diamond Ginger Ale Inc. (quar.)
Dome Mines,
(bener int.)
15
27
Nov. 15 Nov.
General Outdoor
1 Sept. 15
July 15
Aug. 29
25
15
1
21
15
15
Aug. 15 July
Aug.
1 July
Aug. 15 Aug.
Sept. 1 Aug.
Sept. 30 Sept.
July
Aug.
July
Aug.
Sept. 15 Sept.
July 21 July
July 21 July
Aug.
1 July
Aug.
1 July
July 30 July
July 30 July
July 25 July
July 30 July
July 30 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
6Xc
25c
Dentists' Supply Co. (N. Y.) 7% pref. (quar.)_.
preferred (quar.)
$4.50 preferred (quar.)
Gimbel Bros., Inc., $6 pref. (quar.)
~
Culver & Port Clinton RR. Co. (s.-a.)
7%
Aug.
75c
:
cum.
+3c
July
Sept.
Aug.
July
Aug.
Aug.
35c
County Bank & Trust Co. (Cambridge, Mass.)Irregular
Cresson Consol. Gold Mining & Milling Co.—
Common (quar.)_
ibl
Croweii-Collier Publishing Co. 7% pref. (s.-a.)_.
Crown Drug Co. 7% conv. pref. (quar.)
Crown Zellerbach Corp. $5 conv. pref. (quar.)_.
Crum & Forster8% pref. (quar.)
8%
Oct.
5c
Extra
—
Sept. 1 Aug.
July 25 June
Aug.
1 July
July 21 June
Aug.
1 July
Aug.
1 July
Cigar 7% pref. (quar.)
General Motors
Payable of Record
Class A
8% preferred (quar.)
Consolidated Royalty Oil (quar.)
Consumers Gas (Reading, Pa.) (irreg.)
Corn Exchange Bank & Trust Co. (N. Y.) (qu.)
Corn Products Refining Co., common (quar.)_
Corporate Investors, Ltd., class A (quar.)
~
Share
Company
General Investors Trust (Boston)
General Mills, Inc. (quar.)__j.
Consolidated Retail Stores—
'
Name of
Payable of Record
Holders
When
Per
Holders
When
Per
Name of
347
(quar.)
pref. (quar.)
Liberty Loan Corp. S3X Pref. (quar.)___
Lincoln Alliance Bank & Trust Co. (Rochester,
N. Y.), common (quar.)
4% convertible preferred (quar.)_
Lincoln National Bank & Trust Co. (Syracuse,
N. Y.) quarterly
Lincoln National Life Insurance Co. (quar.) —
Lerner Stores Corp., 4X%
Quarterly.
Lincoln Printing Co., $3.50 pref. (quar.)
Lindeli Trust Co. (St. Louis, Mo.) (quar.)--,-Link-Belt Co. common (quar.)
(increased)
6X% preferred (quar.)
Corp.—
5% partic. pref. (quar.)
5% partic. pref. (partic. div.)__
5% partic. pref. (quar.)
5% partic. pref. (partic. div.)
SIX
SIX
six
20c
t5c
15c
12^c
12c
50c
$1%
91X
SIX
SIX
SIX
SIX,
$1X
t50o
1
1
1
1
July
2
July
2
July 10
July 21
July 21 June 30
July 21 June 30
July 21 June 30
9
Sept. 2 Aug.
1 Nov. 10
1 July 15
Dec.
Aug.
Aug.
Aug.
Aug.
July
Aug.
July
July
July
Sept.
1
1
31
26
1
28
31
31
2
Dec.
July
July
July
July
July
July
July
Aug.
July
12
Aug.
July
July
July
Aug.
July
7
12
18
15
8
19
1 Oct.
Dec.
lo Dec
Dec.
12 Dec.
July
July
25
28
1
1
1
26
26
25
$1
5
Aug.
1 July 15
Sept. 12 Sept. 3
35c
5c
30c
25c
17
1 Sept. 19
Aug.
1 July 26
Aug.
1 July 26
Sept. 15 Sept. 5
Oct.
t50c
50c
75c
75c
20c
15
15
25
22
18
10
15
15
20
1 Nov. 20
July 21
Aug. 28
Aug.
1
July 25
July 22
Sept. 2
Aug.
1
Nov.
July
Sept.
Aug.
Aug.
July
July
July
Oct.
July
July
Aug.
July
July
July
July
July
1 Sept.
1 July
3
15
7
9
15
25
5
5
5
13 ]
14
17
21
37Hc
SIX
87 Xc
Aug.
Aug.
Aug.
1 July
37 Xc
50c
Aug.
Aug.
1 July 21
1 July 21
1 July
15 Oct.
6
50c
Oct.
30c
30c
Aug.
1 July
26
Nov.
1 Oct.
25
Aug.
Aug.
Sept.
1 July 21
1 July 20
8
2 Aug.
1 Sept. 15
87 Xc
25c
50c
SIX
Oct.
Lone Star Cement
Lone Star Gas Corp
SIX
Sept.
25c
Sept.
$1%
1
Dec.
1 Aug. 20
1 Aug. 20
1 Nov. 20
1 Nov. 20
25c
Dec.
20c
Aug. 22 July 22
348
The Commercial & Financial Chronicle
Per
Share
Name of Company
Little Miami RR.. original capital
Original capital
Special guaranteed (quar.)
Special guaranteed (quar.)
_
When
I
Holders
.
.
Sept. 10 Aug. 25
60c
Sept. 10 Aug. 25
60c
.
Dec.
Dec.
10 Nov. 24
10 Nov. 24
Loose-Wiles Biscuit Co. (quar.)
Lord & Taylor 8% second preferred
(quar.)
Louisville Gas & El. 6% pref. (final)
26c
Aug.
1 July
$2
Aug.
1 July
$1.9449 July 28
7% preferred (final)
$2.2692 July 28
Louisville Henderson & St. L. Ry., com. (s.-a.)
$4 Aug. 15 Aug.
■<
5% non-cum. preferred (s.-a.)
Aug. 15 Aug.
Lunkenheimer Co. 63*% preferred (quar.)
Oct.
1 Sept.
634% preferred (quar.)
1-2-42 Dec.
Luzerne County Gas & Electric Co.—
534% preferred (initial)
$1.3114 Aug.
1 July
Lyon Metal Products. Inc.—
6% partic. preferred (quar.)
Aug.
1 July
McCali Corp. (quar.)
Aug.
1
19
17
1
1
20
23
15
15
15
July
McClatchey Newspaper, 7 % preferred (quar.)
7% preferred (quar.).
I
Mc
cCrory Stores Corp., 5% pref. (quar.).
McGraw Electric Co",
(quar.}.
Mclntyre Porcupine Mines, Ltd. (quar.).McKales, Inc. (s.-a.)
McLellan Stores Co. 6% pref. (quar.)
Mack Trucks, Inc. (irreg}
Madison Square Garden Corp
Aug. 30 Aug. 29
Nov. 29 Nov. 28
Aug.
1 July 18
Aug.
1 July 18
Sept. 2 Aug.
1
July 19 June 30
Aug.
1 July 11
July 29 July 15
Aug. 29 Aug. 15
Aug. 15 Aug.
5
-
-
Magnln (I.) & Co. pref. (quar.)
6% preferred (quar.)
Nov. 15 Nov.
.
Malartic Gold Fields (Initial)
Marshall Field & Co
Aug.
1 July
July 31 July
6
2
15
Marshall & Ilsley Bank (Milwaukee) (s.-a.)
Dec. 27 Dec. 20
Massachusetts Investors Trust
July 19 June 30
Massawippi ValJey RIt. Co. (semi-annual)
Aug.
1 July
1
May Department Stores (quar.)
Sept. 3 Aug. 15
Maytag Co., $6, 1st preferred (quar.)
Aug.
1 July 15
$3 preference (quar.)
*
Aug.
1 July 15
Meier & Frank Co., Inc.
(quar.)
Aug. 15 Aug.
1
Melville Shoe Corp., common (quar.)
Aug.
1 July 18
$5 preferred (quar.)
Aug.
July 18
Mercantile Acceptance Corp. 5% Pref. (quar.),.
Sept.
Aug. 30
6% preferred (quar.)..
Dec.
Dec.
1
6% preferred (quar.)
Sept.
Aug. 30
6% preferred (quar.)
Dec.
Dec.
1
Mergenthaler Linotype Co
June 27
July
Michigan Gas & Electric 7% prior lien pref
Aug.
Juiy 15
$6 prior lien pref
Aug.
July 15
Mid-City National Bank of Chicago, com
Oct.
Sept. 20
Midco Oil Corp
July
July 10
Midwest Rubber Reclaiming Co., com. (quar.).
July 21
Aug.
$4 preferred (quar.)
Sept.
Aug. 20
Mississippi Power & Light, $6 1st preferred
Aug.
July 15
Montana Power Co. $6 preferred (quar.)
1 July 11
Aug.
Montclair Trust Co. (N. J.) (s.-a.)
1 July 21
Aug.
Montreal Light Heat & Power Consol. (quar.)..
July 30 June 30
Moore Drop Forging Co. class A (quar.)
Aug.
lJuly 21
Moore (W. R.) Dry Goods Go.
Oct.
1 Oct.
(quar.)
1
Quarterly
1-1-42 Dec. 31
HP
Morrell (John) & Co.
50c
July 25 June 30
Morris (Philip) & Co. 4 34 % pref. (quar.)
$1.0634 Aug.
l.July 15
Mt. Diablo Oil, Mining & Development Co.—
Coomon (quar.)
lc
Sept. 3 Aug. 15
Mountain City Copper Co. (irreg.)
10c
July 23 July
9
Mountain States Power Co. com
3734c July 19 June 30
5% preferred (quar.)
July 19 June 30
Munising Paper Co., 5% 1st pref
Aug.
1 July 20
u
_
—
—
....
...
...
62&
Mutual Chemical Co. of America—
6% preferred (quar.).
6% preferred (quar.).
Narrangansett Elec. Co. 434 % preferred (quar.)
National Bank of Detroit (s-a)
National Bearing Metals Corp.,
7% pref. (quar.)
National Biscuit Co.
com
iiS
5634 c
50c
$134
40c
7% preferred (quar.)
National Chemical &
Mfg. Co. (quar.)
National City Bank (N. Y.) (s.-a.)
National City Lines, $3 conv. pref. (quar.)
Class A (quar.)
National Distillers Products Corp. (quar.)
National Electric Welding Machine Co (quar.).
Quarterly
National Funding Corp., class A
(quar.)
Class B (quar.)
National Gas & Electric Corp.
(irreg.).
National Investors Corp.
(Md.)
National Lead Co. 6% pref. B (quar.)
National Liberty Ins. Co. of America
(s.-a.)
Extra
$134
15c
50c
75c
50c
50c
2c
2c
35c
35c
15c
10c
$134
10c
10c
National Paper & Type Co. 6% pref. (s-a.)
(Wash, D. C.) (quar.)
Capital Bank (Concord, N. H.) (qu.)
$134
$134
$1
$234
—_
25c
National Power & Light, $6 pref.
(quar.)
Nat. Savings & Trust Co.
Nat'l State
Naumkeag Trust Co. (Salem, Mass.) (s.-a.)
Neiman-Marcus Co. 5% preferred (quar.)
$134
Neisner Bros., Inc.,
424% conv. pref. (quar.).. $1.1833
Nektoosa-Edwards Paper Co. common
50c
...
Common
New Britain Trust Cq,
(Conn.) (s.-a.)
England Trust Co. (s.-a.)__
Extra
I
Oct.
June 30
20
June 30
July
July
July 10
June 30
July
Aug.
July 18
Aug.
July 31
Aug. 15 July 31
Aug. 15 July 31
Aug.
1 July
3
Aug.
1 July 23
Oct.
1 Sept. 23
Aug.
1 July
3
Sept. 1 Aug. 20
Aug.
1 July 15
Sept. 30 Sept. 20
31 Dec.
20
July
July
July
July
July
25
July 16
July 16
Aug. 16
Aug.
Aug.
July
July
15
16
Aug.
Aug.
Aug.
1 July
1 July
1 July
15
15c
55c
$134
$134
$134
$134
50c
$134
Adj. preferred (quar.)
Nor ma-11 Bearing Corp.
(quar.)
North Carolina RR. Co.
7% gtd. (s.-a.)
1
1
18
21
_
I
I
Northern Illinois Finance
Corp., com. (quar.)
$1.50 conv. preferred
(quar.)
Northern Ontario Power
Co., Ltd. com__~_
6% preferred (quar.)
Northern RR. of New
Hampshire (quar.)
Northern States Power Co.
(Del.), 7% pref,,.
6% preferred
15
15
1
1
Sept. 19 Aug.
Aug. 19 July
Sept. 30 Sept.
Aug.
1 July
Aug.
July
Aug.
July
June
July
June
I
I
—I
I.
7% preferred (monthly)
58 l-3c
6% preferred (monthly)
50c
5% preferred (monthly)
41 2-3c
534% preferred (quar.)__
Oilstocks, Ltd. (s.-a.)
20c
Oliver United Filters,
Inc., class A~(quar.)_IIII
50c
Olympia Brewing Co., common
15c
6% non-cum. participating preferred
15c
Omaha National Bank
(Nebraska) (quar.)
$134
Omar, Inc., 6% preferred (quar,)
$134
July
July
July
Aug.
July
July
July
July
30
31
21
21
15
15
30
30
17
June 30
June 30
July 15
July 15
July 15
July 10
5
Aug.
Aug.
Aug.
July
Aug.
July
Aug.
July
11 July
Aug.
July 23 July
Aug.
ljJuly
_
Share
Company
Oppenheim, Collins & Co. (resumed)
19
19
19
19
5
18
July 23 July 16
July 23 July 16
Sept. 30 Sept. 15
Sept. 10 Sept. 25
Holders
Payable of Record
40c
July 30 July
18
$1
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
Aug. 15 July
1 July
Aug.
21
21
21
Outlet Co.—
Common (quar.)
_
7% 1st preferred (quar.)
6% 2nd preferred (quar.)
$134
$13*
Pacific Finance of California pref. A (quar.)
Preferred C (quar.)
20c
1634c
mar-
'%
-
•
30 pref. (quar.)
Paracale Gumans Consolidated Mining Co., Inc.
3234c
Monthly
Quarterly
6c
50c
—
40c
75c
$3
$1
50c
10c
35c
$134
50c
234c
23*c
234c
234c
23*c
Extra
Class A (quar.).
(quar
*.).
Class B
Phoenix Acceptance Corp., class A (quar.)
Pick (Albert) Co. common (irreg.)
1234c
15c
Piedmont & Northern Ry. Co. (quar.)
Pierce Governor & Co
50c
30c
Pittsburgh Bessemer & Lake Erie RR. Co.—
Common (quar.)
Cinn. Chicago & St. Louis RR. Co.
75c
—
ailroad Employees Corp.—
guebec Power Co. (quar.)
Oct.
15 Oct.110
21 June 27
July
1 July 28
Aug.
July 21 June 30
Sept. 15 Sept. 15
Dec.
20c
10c
Aug.
Aug.
Aug.
1 July
1 July
$234
Nov.
Aug.
Aug.
Aug.
1 July
1 July
1 July
25c
75c
Common (quar.)
25c
4% non-cum. 1st preferred (quar.)
50c
2nd preferred (quar.)
50c
40c
Dec.
1
15c
Aug.
15c
Aug.
Aug.
1 July
1 July
t$134
t$ 1.3134
_
534% preferred (quar.)
Reynolds (R.J.) Tobacco (quar. interim)
RheemMfg. Co. 5% preferred (quar.)
Rhode Island Hospital Trust Co. (Prov.)
(qu.)_
class A
(quar.)
50c
3134c
$20
$1
$2 preferred (quar.)
Richmond Insurance Co. (N. Y.) (quar.)
Riverside Cement Co. $6 1st preferred (quar.),,
Rochester Button Co. common (quar.)
Common extra:
preferred (quar.)
Rockland Light & Power Co. (quar.)
Holland Paper Co., Ltd., common (quar.)
6% preferred (quar.),,
Roos Bros., Inc., $6.50 preferred (quar.)
Royal Trust Co. (Montreal) (quar.).
Saguenay Power Co., Ltd., 534% preferred
St. Lawrence Flour Mills, Ltd., common (quar.)
7% preferred (quar.)
St. Louis County Water Co., $6 pref. (quar.),—
conv.
50c
15c
$134
25c
373*c
373*c
18c
115c
in
tll'A
$13*
24
18
18
21
21
21
17
21
18
15
Nov. 15
1 July
Aug.
1 July
Aug. 15 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
July
Aug.
July
Aug.
July
July 19 July
July 19 July
Sept.
1 Aug.
Aug.
1 July
Aug. 15 Aug.
Sept. 2 Aug.
Aug.
July
Aug.
July
Aug.
July
Aug.
July
Aug.
July
Aug.
1 July
21
15
10
10
25
15
19
15
15
11
15
9
9
20
15
5
15
15
20
15
19
19
18
common—
(Quarterly)
(Quarterly)
50c
—
50c
San Francisco Bank (Calif.) (s.-a.)
San Francisco Remedial Loan Assn. Ltd. (quar.)
Schumacher Wall Board Corp.—
$2.70
$2 participating, preferred
Scott Paper Co., $4 preferred (quar.)
$4.50 preferred (quar.)
t$334
75c
$1
$13*
Scruggs-Vandervoort-Barney, Inc.,com
25c
(Del.) (quar.)
25c
Sears Roebuck & Co. (quar.)
Second Nat. Bank (Houston,
75c
Texas) (quar.)
(Nashua, N. H.) (quar.)
—
$2
$1
$1
50c
—
Seton Leather Co
Shawinigan Water & Power (quar.)
Shell Union Oil Corp. (irreg.)
S herman Lead Co. (resumed)
Silbak Premier Mines, Ltd
Silex Co. (quar.)
Simpson's, Ltd., 634 % pref. (accum.)
Skelly Oil Co
Snider Packing Corp
Southeastern Greyhound Lines (quar.)
Preferred (quar.)
Conv. preferred (quar.)
Southern California Edison Co., Ltd.—
(Quarterly) common
Southern Canada Power Co., Ltd., com. (quar.)
-
24
Aug. 14 July
Sept. 11 Aug.
Oct.
9 Sept.
Sept.
1 Aug.
40c
•
211
21
25*
5
20
19
19
19
15
17
1
15
22
1
25c
preferred
Reading Co.—
Regent Knitting Mills pref. (quar.)
Preferred (quar.)
15
1 July
1 July
25c
—
Aug.
50c
Extra
Quarterly
15 Dec.
$13*
Reliance Mfg. Co. (111.) common—.
Republic Investment Fund pref. A & B (quar.).
Revere Copper & Brass, Inc. 7% preferred (qu.)
10
15
19 June 30
19 June 30
19 June 30
July
July
July
20c
$3
Second Nat. Bank
1 Sept. 15
1 July
Aug.
1 July
Aug.
50c
Aug. 15 July
*20c
Aug. 15 Aug.
Oct.
1 Sept.
3734c
1 July
58 l-3c Aug.
50c
1 July
Aug.
41 2-3c Aug.
1 July
50c
Aug. 15 July
50c
July 26 July
$13*
Aug. 30 Aug.
8c
1 July
Aug.
*25c
Aug. 25 July
Co. 5% pref. (semi-annual)
Raymond Concrete Pile, common,.
Seaboard Oil Co.
2-1-42 1-15-42
75c
$134
$134
$134
$134
common
(Mo.),
Nov.
Sept.
1 Aug. 15
Aug. 15 Aug.
5
July 28 July 10
July 21 July
5
July 28 July 18
15c
Rath Packing
St. Louis Union Trust Co.
Sept.
19 July
25 July
20c
com.
Oct.
Aug.
Oct.
37]
'
Railway & Light Securities Co.
$6 preferred (quar.)
Randall Co. class A (quar.)
Class B (irreg.)
Sept.
July
Aug.
Aug.
W
,
-
-
$0.80 prefeired (quar.)
Aug.
July
July
30 July 15
25 July 10
1 July 15
15 Aug. 29
1 July
8
1 July 21
30 Sept. 25
9 July 21
25 July 17
31 July 10
10 Aug. 15
25 July
1
1 July 10
July 10
Sept. 10
July 15
Aug. 15
Aug. 15
July
July
-
Forgings Co
National Bank (Pa.) (quar.)
Screw & Bolt Corp
Plaza Bank (St. Louis, Mo.) (quar.)
Plymouth Cordage Co. (quar.)
Pollock Paper & Box Co., 7% pref. (quar.)
7% preferred (quar.)
Potomac Edison Co. 7% preferred (quar.)
6% preferred (quar.).
Procter & Gamble Co. (quar.)
Provincial Transport Co. (s.-a.)
Public Nat. Bank & Trust Co. (N.Y.) (quar.)
Public Service Co. of Colorado 7% pref. (mthly.)
6% preferred (monthly)
J
5% preferred (monthly)—;
."
Public Service of N. J. 6% pref. (monthly)
Puget Sound Pulp & Timber Co. (quar.)
Quaker Oats Co.. 6% pref. (quar.)
Quarterly Income Snares, Inc
(irreg.)
July
July
Aug.
Sept.
Aug.
Aug.
Sept.
50c
25c
25c
5-5-42
Aug. 15 Aug.
5
Aug.
1 July 21
1234c
$134
$134
-
Class A-.;
Class B
5
5-15-42
J75c
*$13*
Pennsylvania Power Co., $5 pref. (quar.)
Pennsylvania Salt Mfg. Co. (irreg.)
Peoples National Bank (Brooklyn, N. Y.) (s. -a.)
Peoples Nat. Bank (Charlottesville, Va.) extraPeoples Nat. Bk. of Wash.(Seattle,Wash.) (qu.)
Peoria & Bureau Valley RR. Co. (irreg.)
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.)—
Phillips Pump & Tank Co., class A (quar.)
Pittsburgh
(s.-a.)
Pittsburgh
Pittsburgh
Pittsburgh
5
Nov. 15 Nov.
35c
Penmans, Ltd., common (quar.)
6% preferred (quar.)
Aug. 15 Aug.
35c
—
Penn Investment Co. (Phila.)—
$4 non-cum. conv. pref. (initial)
Penn Traffic Co. (s.-a.)
Rhode Island P. S. Co.
15
35c
Preferred A (quar.)
Class A
19
15
1-5-42 Dec.
50c
....
Preferred A (quar.)
Preferred A (quar.)
15
15
15
5
July 24 July
Aug.
1 July 21
July 27 June 28
Oct.
1 Sept. 15
31$c
Pearson Co., Inc. 5% preferred A
(quar.)
Pend Oreille Mines & Metals (initial)
Peninsular Telephone (quar.)
—
Aug. 15 Aug.
July
_______
Engineering Co
Nunn-Bush Shoe Co., common
Name of
$1.50
Nov. 15 Nov.
Class A
(quar.)
Norfolk & Western Ry.
Co., com. (quar.)
Oct.
July
Dec.
...
5% preferred (quar.)
15
15
6
Oct. 15 Sept. 16
Aug. 30 Aug. 15
Aug.
1 July 15
July 12
Aug.
Aug.
July 19
Aug.
July 19
Aug.
July 15*
Aug.
July 22
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
50c
.
O'Brien Gold Mines, Ltd
Occidental Insurance Co. (quar.), I
Ohio Public Service Co.—
18
1 July
1 July
1 July
50c
—
(quar.)
New York State Elec. &
Gas, 534 % pref. (final)
Newberry (J. J.) Realty, 634 % prer. A (quar.).
6% preferred B (quar.)
5% preferred A (quar.)
Newport News Shipbuilding & Dry Dock Co—
$6 cum. conv. preferred
(quar.)
Newton Trust Co.
(Mass.) (quar.)
Niagara Hudson Power Corp.—
5% 1st preferred (quar.)
;
5% 2nd preferred A (quar.)
5% 2nd preferred B (quar.)
1900 Corp., class A (quar.)
Northwest
Dec. 27 Dec.
$134
$10
$5
...
New
New York Air Brake Co
New York Merchandise Co.
Sept. 27 Sept.18
Aug.
Aug.
Aug.
When
Per
Payable of Record
$1.10
$1.10
-
July 19, 1941
-
-
*23c
40Q
lc
*4c
30c
50c
25c
373*c
30c
30c
373*c
*20c
Sept. 30 Sept. 24
Dec. 26 Dec. 20
Aug.
1 July 26
Sept. 30 Sept. 15
Aug. 15 Aug.
Aug.
1 July
Aug.
1 July
July 25 July
Sept. 15 Sept.
Sept. 10 Aug.
Oct.
1 Sept.
Aug.
1 July
30
29
Nov.
29
Aug.
Aug.
July
Juiy
July
Aug.
Aug.
July
Sept.
Sept.
Sept.
1 Oct.
5
19
19
8
2
11
1
25
21
31
25
July 21
July 24
July
8
July 15
July
5
11 July 31
1 July 18
30 June 27
15 Sept. 5
1 Aug. 20
1 Aug. 20
Sept.
1 Aug. 20
I Aug. 15 July
19
I Aug.
31
15 July
Volume
349
The Commercial & Financial Chronicle
153
Condition of the Federal Reserve Bank of
When
Per
Name of
Share
Company
Holders
$1.20
~
pref. (quar.)
Squibb (E. ft.) & 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 Silica Corp. (irreg.)
Stanley Works (The) 5% preferred (quar.)
Standard Wholesale Phosphate & Acid Works,
Aug.
1 July
15c
4.8% preferred (quar.)
Spiegel, Incorporated, common-..
conv.
Aug.
1 July
$134
$13*
following shows the condition of the Federal Reserve
Bank of New York at the close of business July 16, 1941,
in comparison with the previous week and the corresponding
75c
20c
31 He
(quar.)
lithograph Corp.—
(quar.)—...
:
(quar.)..
Steel Co. of Canada, Ltd., common (quar.)—_.
7% preferred (quar.)
Stroock (S.) & Co., Inc. (irreg.)
Sun Oil Co., 43^ % pref. A (initial quar.)
Sun Ray Drug Co. common
6% preferred (quar,).—
Super Mold Corp. (quar.)
Tacony-Palmyra Bridge Co.—
5% preferred (quar.)
Telephone Bond & Share Co., 7% pref.
$3 first preferred....
.....
Texas Gulf Sulphur Co. (quar.)
Texas Power & Light $6 preferred (quar.)
7% preferred (quar.)
Thatcher Manufacturing Co. $3.60 pref. (quar.)
Third Nat. Bank & Trust Co. (Scranton, Pa.)
—
Sept. 15 Aug. 30
1 July 15
Sept. 15 Sept. 2
July 30 June 30
July 23 July 16
5
Aug. 15 Aug.
Aug. 15 July
date last year: ,y:V;
15c
SI H
91H
t75c
*75c
$1
$1X
20c
3734c
50c
yyyv\:y;.yv Vy y.-:
31
?>.
hand and due from
on
Redemption fund—F. R. notes
Other Cash t—
Dec. 31 Dec.
Aug.
1 July
Aug.
1 July
July 22 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
July 19 July
10
10
15
15
8
Bills discounted:
7
7
Secured
by
^
U.
S.
Govt,
obligations
$1H
t56c
t24c
50c
$134
$1X
90c
1,515,000
1,026,000
Total bills discounted.———.——
1,305,000
2,541,000
247,000
1,533,000
1,534,000
1,996,000
384,113,000
231,036,000
384,113,000
231,036,000
405,667,000
345,434,000
615,149,000
615,149,000
751,101,000
617,987,000
619,224,000
753,344,000
Industrial advances
•V.anteed: y
June 18
Aug.
Aug.
Aug.
5
15
1
1
15
Sept.
Aug.
Aug.
Aug.
July
July
Sept.
2
15
15
31
July
July
July
yyvyO: vy y.vy.:y
Bonds.
20
20
..............
Notes.....
——.
Total U. 8. Government securities,
direct and guaranteed
22
22
Uncollected Items
1 July
1 July
1 July
Bank premises
15
15
Aug.
1 July
21
Aug.
1
Aug.
1
Aug.
1
Aug. 15
Aug. 15
Sept. 15
15
5
5
July 19
July 18
July 15
July 31
July 31
Aug. 20
10c
Oct.
Sept. 26
25c
Aug.
9 July 10
Aug. 15 July 31
Aug.
1 July 15
Aug.
1 July 15
...
Union Oil Co. of California (quar.)
:38c
15c
10c
ClassB
United Fuel Investments, Ldt.—
10,107,000
12,090,000
Total assets.—..........
Liabilities—»
7% preferred (monthly)................... 58 l-3c
53c
6.36% preferred (monthly)
53c
6.36% preferred (monthly)
53c
6.36% preferred (monthly)
50c
6% prior referred (monthly)
—
50c
6% prior preferred (monthly)...............
50c
6% prior preferred (monthly)—
25c
United Shirt Distributors, Inc. (irreg.)
U, S. Hoffman Machinery Corp.—
6854c
5 H % conv. preferred (quar.)
25c
U. S. Industrial Alcohol Co. (quar.)
50C
United States Pipe & Foundry Co., (quar.)
50c
Suarterly
.................
$1
Deposits—Member bank reserve acc't.. 6,386,437,000 6,263,412,000 7,471,718,000
U. S. Treasurer—General account...
113,737,000
375,516,000
282,567,000
Oct.
Total liabilities............
Oct.
Aug.
Sept.
Oct.
July
Aug.
Aug.
Capital Accounts—
Capital paid in
51,637,000
51,623,000
56,447,000
56,447,000
7,070,000
7,070,000
13,415,000
13,410,000
Surplus (Section 13-b)
1 July
Aug.
F.
40c
25c
-
15
15
1
5
under the provisions of the
The
1
50 c
Weston Electrical Instrument
$4.50 preferred (quar.)
:$134
35c
m
Wheeling Steel Corp. (resumed)
on
by the New York City
Friday afternoon is given in full below:
STATEMENT OF MEMBERS
..
Bank of Manhattan Co.
National City Bank....
$6 preferred
July 31 July
Aug.
1 July
Sept. 2 Aug.
Aug. 15 Aug.
Aug.
1 July
Aug.
1 July
(s.-a.)
Extra-———————--
15
18
18
9
15
27
15
10
10
25
Cnt Hanover Bk&Tr Co
-
9
15
15
1
15
15
Corn Excb Bank Tr Co.
First National Bank
Irving Trust Co
Continental Bk <fe Tr Co.
Chase National Bank...
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co..
Marine Midland Tr Co.
New York Trust Co
Comm'l Nat Bk & Tr Co
Public Nat Bk <fe Tr Co.
Totals
*
As per official reports:
Nov.
1 Oct.
Nov*
—.—
1 Oct.
15
15
15
dep. rets, (interim)
Worthington Pump & Machinery Corp.—
434 % prior preferred
..... —
434 % conv. prior preferred
Wrigley (Wm.) Jr. Co. (monthly..
Monthly........
Monthly
...
Wurlitzer (Rudolph) Co. (The)
Yale & Towne Mfg. Co
Yuba Consolidated Gold Fields, Inc
Zeller's, Ltd., common (quar.)
6% preferred (quar.)
Zion's Cooperative Mercantile Institution (qu.).
Quarterly
Woolworth & Co., Ltd. Amer.
Transfer books not closed for this dividend.
Aug.
1 July
a20%
Aug.
1 July 16
July 31 July 15
Sept. 2 Aug. 11
Aug. 21 July 15
m
Aug.
Aug.
Aug.
:$i 54
20c
40c
(F. W.) Co. (reduced)
25c
25c
25c
10c
Sept.
Oct.
1
1
1
2
July
July
21
21
July
19
10c
Aug.
Aug.
Aug.
1 July
9
July 15
July 15
Sept. 6
1
1
Sept. 15
Dec. 15
Dec.
5
17,470,000
39,982,000
165,637,000
10,971,000
75,760,000
105,688,000
90,000,000
41,591,200
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
100,270,000
500,000
25,000,000
6,000,000
5,000,000
12,500,000
7,000,000
7,000,000
137,453,100 d3,332,166,000
60,142,000
4,267,300
84,931,100 el,212,093,000
18,059,000
1,168,100
143,005,000
10,151,100
458,267,000
28,067,600
147,642,000
8,916,500
98,385,000
10,758,300
5,141,000
1,179,000
45,389,000
3,971,000
79,744,000
2,286,000
3,070,000
41,987,000
1,640,000
53,204,000
960,480,800 16,167,756,000
760,073,000
78,996,000
27,546,000
612,000
National, June 30, 1941; State, June 30, 1941; trust
foreign branches: a $282,557,000 (latest available date);
available date); c $2,884,000 (July 17); d $88,753,000 (latest
$21,961,000 (June 30).
deposits in
date);
e
Stock
and
Bond
Averages
daily closing averages of representative
stocks and bonds listed on the New York Stock Exchange
Below
as
are
the
compiled by Dow, Jones & Co.: -yyyiyy'
Bond*
Stock*
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
Rails
Rails
ties
Bonds
Total
Non-resident
Resident taxs
July 18.
127.69
29.44
18.54
43.00
107.95
94.04
53.21
110.20
91.35
July 17.
,
| Payable in Canadian funds, tax deductible at the source.
tax, effecsive April 30 1941 increased from 5% to 15%.
Less British income tax.
243,700,000
14,294,300
607,117,000
27,221,000
82,100,800 a2,651,279,000
863,149,000
58,357,100
187,600,900 52,341,093,000
787,412,000
40,986,600
75,642,700 cl,179,620,000
334,460,000
20,287,000
842,417,000
109,849,400
739,641,000
53,896,700
108,109,000
4,531,200
Sept.10
t On account of accumulated dividends.
a
77,500,000
20,000,000
Aug. 30 Aug. 20
1
50c
6,000,000
20,000,000
Aug. 20
Oct.
:20c
available
1 Sept. 20
15c
>
Average
5 $65,362,000 (latest
Includes
$134
$134
Deposits,
Average
companies. June 30, 1941.
July 31 July
15
Wisconsin Electric Power—
6% preferred (1897 series) (quar.)
Wisconsin Public Service Co. 5% pref. (quarO.¬
Wood, Alexander & James, Ltd.—
7% 1st preferred (accumulated)
Woodall Industries (irreg.)
Time
Deposits,
518,361,200
Guaranty Trust Co
Manufacturers Trust Co
15
1 June 25
Aug.
mn
t$134
Net Demand
$
Bank of New York..—
1 July
11 July
1 July
CLEARING HOUSE
Undivided
Surplus and
Capital
Members
Aug.
8
July 22
15
31
31 July 15
NEW YORK
BUSIN/feSS THURSDAY, JULY 17, 1941
Profits
*
Clearing House
60c
s.-a.)__
OF THE
CLOSE OF
ASSOCIATION AT
Aug. 22
50c
White Sewing Machine, $2 prior preferred
Gold Reserve Act of 1934.
weekly statement issued
Clearing House
Chem Bank & Trust Co.
Weston (George) Ltd. 5% pref. (quar.)
Westvaco Chlorine Products Corp. com. (quar.)_
.
Weekly Return of the New York City
Clearing House
Aug. 22
Sept. 2 Aug.
Aug. 15 July
Aug. 15 July
Aug. 15 >ug.
Oct.
1 Sept.
Sept. 10 Aug.
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug. 15 July
25c
Federal
..."
,
These are certificates given by the United
*
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
July
Aug.
lc
93.0%
758,000
'
States Treasury for the gold taken
over from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
100 cents to 59.06 cents, these certificates being worth less to the extent of the
difference, the difference itself having been appropriated as profit by the Treasury
Aug.
1 July 15
Aug.
1 July 19
Sept. 20 Sept.10
July 19 July 10
Oct. 20 Oct. 10
17 He
$134
94.3%
1,534,000
t "Other cash" does not Include Federal reserve notes or a bank's own
x
1 July 17
1 Sept. 28
43 54c
$154
94.1%
1,528,000
note liabilities combined
Reserve bank notes.
Co.—
7% prior preferred (quar.)
$1.75 conv. preference (quar.)
West Penn Electric Co., 7% preferred (quar.) —
6% preferred (quar.)
Westgate Greenland Oil Co. (monthly).
Westmoreland, Inc. (quar.L.*.*.——
Willimantic Trust Co. (Conn.) (reduced,
Wilson & Co., Inc., $6 preferred
R.
vance8.
18
Dec. 10 Dec.
$154
9,756,863,000 9,673,642,000 10035,211,000
Total liabilities and capital accounts.
Sept. 10 Aug. 30
$154
51,076,000
53,326,000
7,109,000
11,616,000
1 July 15*
Sept. 20 Aug. 30
Dec. 20 Nov.29*
$154
3734c
$154
Waukesha Motor Co., extra
remains at 2%.
.
.
9,628,294,000 9,545,092,000 9,912,084,000
Surplus (Section 7)
Sept.15
July 15
Aug. 15
Sept.15
July 15
Aug. 15
Sept.15
July 15
Aug.
Sept.
$154
Warner & Swasey Co
Washington Gas Light Co. com. (quar.)
$4.50 com. preferred (quar.)
Oct.
%
3in§
331,227,000
404,586,000
7,605,547,000 7,549,765,000 8,321,268,000
193,823,000
229,930,000
188,774,000
268,000
399,000
359,000
Total deposits—.............
Deferred availability Items
Other liabilities, lncl accrued dividends.
1-2-42 Dec. 29
Oct.
1 Sept. 15
10c
453,724,000
457,113,000
449,497,000
487,046,000
Foreign
Other deposits—
liSept. 20
Oct.
:25c
$1 preferred (quar.)
....
Warner Bros. Pictures, Inc., $3.85 preferred.._ t9634c
Suarterly
xtra
1,792,458,000 1,806,154,000 1,396,725,000
F. R. notes in actual circulation
Sept. 15 Sept.
Sept. 15 Sept.
91X
Walker (H.) Gooderham & Worts, Ltd.—
Common (quar.).........................
Wilson Line, Inc., 5% 1st pref.
Winsted Hosiery Co. (quar.)..
'
July 31 July
Sept. 30 Aug. 29
Improvement Co., common
Sept.
Aug. 29
$134
$5 preferred I quar.)
58 l-3c Aug.
July 15
United Light & Railways 7% pref. (monthly)..
58 l-3c
Sept.
Aug. 15
7% preferred (monthly)
West Michigan Steel Foundry
9,756,863,000 9,673,642,000 10035,211,000
15
20c
7% preferred (quar.).
......
9,802,000
16,320,000
„
Other capital accounts
:75c
United Gas
*
2,043,000
213,249,000
Other assets
Aug.
Aug.
Aug.
Wool worth
18,000
205,507,000
9,930,000
12,004,000
Federal Reserve notes of other banks-..
Aug. 22 July
Aug. 22 July
18,000
2,022,000
Due from foreign banks
3
3,646,000
265,586,000
4
Nov. 15 Nov.
58 l-3c
7% preferred (monthly)
50c
6% preferred (monthly)
.............
412-3c
5% preferred (monthly)
15c
Trade Bank & Trust Co. (N. Y.) (quar.)
25c
Transamerica Corp. (s.-a.)_
SIX
Truax-Traer Coal Co. 6% pref. (quar.)
SIX
5H% preferred (quar.)
$1
Tubize Chatillon Corp. $7 non-cum. class A
20c
Tung-Sol Lamp Works, Inc., $0.80 pref. (qu.)._
10c
Udylite Corp
91H
Union Electric Co. of Missouri $5 pref. (quar.)_
$134
$4.50 pref. (Initial quarterly)
Union Gas Co. of Canada. Ltd. (quar.)
:20c
Union Market Nat. Bank (Watertown, Mass.)
versal Leaf Tobacco Co. (quar.)
Upper Michigan Power & Light Co. 6% pf. (qu.)
6% pref. (quar.)
Upressit Metal Cap Corp., 8% preferred
Vapor Car Heating Co., pref. (quar.)
Preferred (quar.).........................
Vertientes-Camaguey Sugar
Virginian Railway Co. (quar.)
Vulcan Detinning Co. common (quar.)
7% preferred (quar.)
192,000
18,000
Aug. 15 Aug.
i3c
:ic
—
.
55,000
515,000
790,000
...
Other bills discounted——.
Total bills and securities...
-
6% class A preference (quar.)
7
....
direct and guaranteed
Toledo Edison Co.
United Corp. Ltd. $1.50 class A (quar.)
United Drill & Tool Corp., class A (quar.)
104,958,000
8,847,429,000 8,824,937,000 9,040,435,000
Total reserves.
15
45c
Extra
52,358,000
66,057,000
Sept. 30 Sept. 15
45c
(quar.)
yyyjy
8,779,562,000 8,771,538,000 8,934,442,000
1,035,000
1,041,000
1,810,000
United States Treasury.*
Sept. 15 Sept. 5
July 30 June 10
July 17,1940
;•/
$
$ y
v
U. 8. Govt, securities, direct and guar-
Quarterly
...
July 9, 1941
July 16.1941
Assets—
Gold certificates
40c
Stayton Oil Co.
Stecher-Traung
5% preferred
5% preferred
15
19
Aug.
Inc. (quar.)—
Toburn Gold Mines, Ltd.
Extra
:yy/
The
Southern Indiana Gas & Electric Co.—
$4.50
New York
■■
Payable of Record
127.14
29.41
18.53
42.86
107.99
94.08
53.31
110.11
91.37
July 16.
July 15.
127.83
29.40
18.63
43.04
108.06
94.26
53.50
110.05
91.47
128.19
29.64
18.67
43.21
107.99
94.40
53.74
109.94
91.52
127.89
29.44
18.61
43.08
107.99
94.31
53.51
110.15
91.49
127.80
29.23
18.66
42.98
107.97
94.05
53.54
110.20
91.44
July 14.
July 12.
-
The Commercial & Financial Chronicle
350
July 19, 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
resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
Items of
These figures are always a
the Federal Reserve
System
week behind those for the Reserve banks themselves.
the figures for the latest week
upon
immediately preceding which
in
The comments oj the Board of Governors of
department of "Current Events and Discussions
our
also give the figures of New York and Chicago reporting member banks for
we
>
1941
(In Millions of Dollars)
Phila¬
Total
Federal Reserve Districts-—
week later.
a
WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS ON JULY 9,
ASSETS AND LIABILITIES OP
^
appear
Boston
S
ASSET8
delphia
t
%
t
Loans and Investments—total
28,481
1,386
Loans—total
10,458
749
12,900
3,895
5,935
403
2,426
374
83
103
Commercial, Indus, and agricul. loans
Open market paper
Minne¬
New York
Cleveland Richmond
Atlanta
Chicago
Kansas
apolis
City
St. Louis
San
Dallas
Francisco
%
%
%
1,313
2,192
765
730
4,061
838
448
772
608
2,468
5.50
852
312
378
1,316
403
227
367
319
1,085
295
401
146
193
858
232
115
215
212
439
39
14
13
20
3
26
3
20
'
-a
6
44
"
Loans to brokers and dealers In secure.
503
13
374
26
15
3
6
44
4
2
4
2
10
Other loans for purchasing or carrying
securities
446
16
212
31
19
13
11
61
13
6
11
14
39
141
60
"l68
73
.
Real estate loans.—.
81
1,253
—
196
41
7
146
555
——
Other loans
51
19
50
37
"87
123
182
29
1,901
Loans to banks...
v.'".'
"108
1
2
220
14
23
77
385
"65
'"l92
33
"87
1
1
Treasury bills—
1,071
Treasury notes
2,248
39
1,485
""25
182
79
47
218
34
19
40
32
48
United States bonds
7,940
377
3,507
1,911
390
730
204
115
1,238
210
123
111
120
815
88
173
1,475
5,621
260
253
67
114
577
112
39
133
59
340
502
759
289
184
1,524
251
109
207
155
507
P 28
Other
74
3,212
Obligations guar, by U. S. Govt
3,557
128
10,665
557
securities
Reserve with Federal Reserve Bank..
Cash in vault
627
2
8
2
101
369
1
343
68
3
78
37
1
32
7
114
179
46
597
152
152
25
53
28
17
86
». 15
8
19
14
Balances with domestic banks
3,412
202
233
207
375
285
245
609
190
128
314
309
315
Other assets—net
1,158
67
384
78
87
38
51
71
21
15
20
30
296
23,920
1,433
1,739
644
505
343
598
558
1,330
261
744
209
192
3,389
1,000
567
230
11,673
1,110
1,141
5,425
193
112
143
135
1,096
489
14
46
16
44
32
46
136
21
2
13
37
9,184
391
3,932
468
527
380
370
1,369
431
181
466
290
2
9
1
38
14
""20
"'7
3
"~4
—
LIABILITIES
Demand deposits—adjusted
Time deposits..
United States Government deposits..
Inter-bank deposits:
Domestic banks
Foreign banks....
23
662
Borrowings
;:vV.
2
Other liabilities
Capital accounts
3,876
————
601
1
5
1
16
290
19
379
19
1
1
24
755
82
I
248
1,637
218
392
102
"314
"
"
98
428
'
91
109
62
394
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
issued by the Board of Governors of the Federal Reserve System
was
showing the condition of the 12 Reserve banks
at the close of business
for the System as a whole in comparison with the
week
ast year.
The second table shows the
Reserve note statement (third table
Wednesday.
on
Thursday afternoon, July 17,
on
The first table presents the results
figures for the eight preceding weeks and with those of the corresponding
and liabilities separately for each of the 12 banks.
The Federal
following) gives details regarding transactions in Federal Reserve notes between the
resources
Reserve agents and the Federal Reserve banks.
returns for the latest week appear
in
our
The comments of the Board
of Governors of the Federal Reserve System
department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES
Three Ciphers (000) Omitted
OF
THE FEDERAL
RESERVE BANKS AT THE CLOSE OF BUSINESS JULY 16,
the
upon
1941
July 16,
July 9,
1941
July 2,
1941
May 28,
May 21,
July 17,
1941
1941
1941
1941
1941
1941
1941
1940
S
$
%
$
S
$
$
$
$
*
ASSETS
Gold ctfs. on hand and due from U. S. Treas.x.
20,307,532
12,186
283,282
20,310,531
20,603,000
Secured by U. S. Gove:
direct and guaranteed.
930
Other bills discounted...
Total bills discounted.
June
25,
June
18,
June
11,
Total
20,313,731
10,945
252,279
20,313,731
9,508
287,750
20,573,363
20,562,164
20,608,379
20,610,989
1,868
1,489
1,365
1,143
1,421
592
2,296
3,357
2,508
2,013
1,806
9,807
9,352
9,273
9,088
8,906
1,363,800
820,300
1,363,800
820,300
1,363,800
1,363,800
820,300
820,300
2,184,100
2,196,809
2,184,100
2,196,203
47
2,195,881
2,184,100
2,195,201
47
47
47
30,130
1,120,507
...........
reserves
20,313,730
9,508
285,141
1,363,800
Otner cash *
20,312,231
8,853
241,080
1,366
Redemption fund (Federal Reserve notes)—
23,779
979,078
10,553
Bills discounted:
Industrial advances
U. S. Govt, securities, direct and guaranteed:
Notes.
820,300
2,184,100
Total bills and securities
Due from foreign banks
Federal Reserve notes of other banks.
Uncollected Items
June
4,
■
20,314,730
20,316,732
9,549
289,010
9,944
276,625
299,593
20,613,686
20,601,299
20,625,874
20.587,305
1,119
1,358
1,242
3,433
1,539
768
687
619
674
722
658
1,439
1,977
1,916
4,155
2,197
2,207
8,774
8,736
8,163
8,154
9,118
1,363,800
820,300
1,363,800
820,300
1,363,800
1,363,800
1,323,196
820,300
820,300
1,126,732
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
2,449,928
47
47
47
47
47
24,918
1,132,033
40,246
42,412
26,825
889,067
40,035
53,799
24,554
25,436
882,182
828,654
40,162
44,641
27,222
890,276
40,215
43,329
39,968
51,782
40,019
51,819
27,122
986,086
40,055
50,512
V
20,256,731
18,028,478
9,549 ■y:>> 10,353
321,025
367,639
18,406,470
2,461,253
47
Bank premises
40,444
Other assets
45,896
29,503
895,591
40,175
45,283
24,036,227
23,780,771
23,845,752
23,804,669
24,045,457
23,818,310
23.794,584
23.768,267
23,885.578
21,779,245
6,774,078
13,223,032
849,372
6,797,124
12,971,077
1,038,545
1,191,575
564,481
6,787,914
account..
United States Treasurer—General account.
13,125,376
836,852
1,208,225
611,503
6,633,192
12,985,110
1,081,125
1,240,276
650,690
6,573,156
13,130,642
1,023,809
1,229,892
624,714
6,542,175
13,312,189
6,534,194
13,201,494
13,863,019
993,072
1,243,661
6,460,010
13,748,879
461,674
1,240,046
6,384,387
13,731,835
940,973
1,226,526
582,106
608,123
15,765,678
843,364
2,229
15,781,956
901,936
15,957,201
836,114
6,086
16,009,057
1,085,664
5,610
16,061,794
835,205
7,133
16,046.350
1,747
23,663,678; 23,408,395
23,473,553
23,432,593
23,673,487
23,446,307
140,469
157,065
26,785
47,880
140,376
157,065
26,785
47,850
140,324
157,065
26,785
47,796
140,331
140,311
140,284
140,279
137,449
157,065
26,785
157,065
26.785
157,065
26,785
157,065
26,785
151,720
47,902
140,578
157,065
26,785
47,948
47,822
47.786
47,739
47.674
40,858
24,036,227
23,780,771
23,845,752
23,804,669
24,045,457
23,818,310
23,794,584
23,768,267
23.885,578
21,779,245
11,950
91.2%
12,432
91.1%
12,590
92.1%
13,072
91.3%
11,814
91.2%
11,629
91.2%
12,272
91.3%
91.2%
11,080
89.0%
12,342
1,950
1,482
1,208
1,384
1,346
3,611
1,676
1,198
Total
assets
LIABILITIES
Federal Reserve notes In actual circulation.
Deposits—Member banks'
Foreign
Other
...
reserve
...
......
1,185,116
deposits.—.
Total
607,199
deposits
..............
Deferred availability items
Other liabilities, inol. accrued dividends
Total liabilities....—......
15,864,719
1,022,766
2,115
23,608
790,313
41,440
56,114
5,230,359
477,144
278,395
686,292
1,241,201
730,450
498,085
16,136,891
793,881
5,612
16,180,630
943,641
5,117
15,439,935
5,312
23,422,637
23,396,394
23,513.775
21,422,379
836.781
800,436
750,395
1,690
CAPITAL ACCOUNTS
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)—
140,797
157,065
26,785
.........
Other capital accounts
Total liabilities and capital accounts
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined....—...
Commitments
91.0%
to make Industrial advances...
26,839
8,611
Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills discounted........
16-30 days bills discounted.
81-60 days bills discounted...
1,732
2,870
.......
122
122
142
54
51
91
80
48
56
42
115
...
81
100
152
193
185
120
150
90
105
224
20
26
81
87
77
148
116
150
296
61-90 days bills discounted
Over 90 days bills discounted
295
Total Industrial advances
290
244
267
240
222
230
225
374
3,357
2,508
2,013
1,806
1,977
1,916
4,155
2,197
2,207
1,515
1,524
1,525
1,522
1,273
754
1,442
1,473
1,488
1,522
696
321
2,151
284
292
284
270
202
208
181
193
526
567
569
555
515
141
165
1,386
5,971
1-15 days Industrial advances.
16-30 days Industrial advances.....
31-60 days industrial advanees
61-90 days Industrial advances.
Over 90 days Industrial advanoes-
264
2,296
Total bills discounted.
977
184
839
589
754
407
333
570
550
287
5,962
6,062
6,126
6,018
6,086
6,145
5,762
5,709
6,401
9,807
9,352
9,273
9,088
8,906
8,774
8,736
8,163
8,154
9,118
95
'
I
Volume
The Commercial & Financial Chronicle
153
351
\
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
June
July 16,
July 9,
July 2
1941
1941
1941
1941
%
Three Ciphers (000) Omitted
I
*
$
Maturity Distribution of Bills and Short-Term
Securities (Concluded)
:■
25,
June
°„
June
11,
$
July 17,
May 21,
1941
1941
3
$
May 28,
4,
1941
•
1940
1941
$
3
*
r,
yv
U. S. Govt, securities, direct and guaranteed:
1-15 days
—
—
■
16-30 days
.
-
31-60 days——————
67*565
57,660
2f184"i00
2,184", 166
2,184" 100
2,184", 100
2,184,106
2,184", 100
2,184" 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
7,138,328
364,250
7,113,287
316,163
7,067,169
279,255
6,942,165
6,899,789
6,767,692
326,633
6,865,638
323,463
6,835,331
308,973
301,137
307.682
6,701,917
317,530
6,774,078
6,797,124
6,787,914
6,633,192
6,573,156
6,542,175
6.534,194
6,460.010
6,384,387
5,230,359
7.293,500
1,801
7,243,500
3,037
7,184,000
7,033,000
1,475
7,011,000
1,693
6,909,000
6,823,500
5,669,500
2,198
7,063,000
1,739
6,971,000
By eligible paper
1,642
3,842
1,784
1,265
Total collateral
7,295,301
7,246,537
7,186,198
7,064,739
7,034,475
7,012,693
6,972,642
6,912,742
6,825,284
5,670,765
61-90 days
7
.
'-Over 90 days. „
Total TJ. S. 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
...
5,565,621
::
335,262
Collateral Held by Agent as Security for
Notes Issued to Bank—
■
]
Gold ctfs.
•
on
hand and due from U. S. Treasury
''Other cash" does
not Include Federal Reserve notes.
These are certificates given by the United States Treasury for the gold taken over from the
*
eentson Jan.
Total
Boston
New York
delphia
3
$
S
hand
on
due
and
Treasury
Redemption fund—Fed. Res. notes
Other cash
Total reserves.......——
Atlanta
Chicago
$
Cleveland Richmond
:f
ASSETS
certificates
Minns-
s
$
%
20,307,532 1,214,415 8,779,562 1,201,628 1,564,028
862
482
154
12,186
1,810
21,003
19,033
283,282
66,057
23,644
692,026
1,761
20.603,000 1,238,213 8,847,429 1,221,143 1,585,893
709,218
Si.Louis
Kansas
apolis
Phila¬
(000) Omitted
Federal Reserve Agent at—
from United States
■
EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 16, 1941
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF
Three Ciphers
appropriated as profit by the Treasury under pro
''
visions of the Gold Reserve Act of 1934,
Gold
Reserve banks when the dollar was devalued from 100 cents to 59.00
31,1934, these certificates being worth less to the extent of the difference, the difference Itself having been
City
$
$
$
474,115 3,360,120
San
Dallas
550,410
339,855
Francisco
$
463,044
$
324,178 1,344,151
687
1,655
560
794
1,805
35,105
1,013
17,979
603
22,572
5,674
12,769
13,907
30,208
497,374 3,396,880
569,402
346,032
476,373
15,431
338,879 1,376,164
Bills discounted:
Secured by U. S. Govt, obligations,
direct and guaranteed
930
Other hills discounted
Total bills discounted..........
80
122
38
40
50
50
27
46
87
204
10
209
38
.'1
1,305
47
2,296
22
126
790
169
100
46
515
47
1,366
114
250
35
25
9,807
1,009
1,533
3,522
323
818
1.75
402
448
1,129
274
174
1,363,800
99,286
384,113
66,280
53,594
107,765
231,036
44,943
166,999
100,446
38,477
59,719
57,484
34,577
65,886
820,300
141,895
85,348
74,720
V ' Notes..........................
107,301
64,541
39,630
23,144
39,864
32,235
64,817
Total U. 8. Govt, securities,
direct and guaranteed........
2,184,100
159,005
615,149
171,842
227,243
119,663
92,061
267,446
105,516
61,621
106,144
85,829
172,582
Total bills and securities..........
2,196,203
160,061
617,987
175,490
227,688
120,481
92,274
267,897
105,516
62,278
107,387
86,353
172,791
2
6
1
2,745
1,874
39,983
3,011
164,893
1,970
3.007
1,925
5,251
2,303
2,103
Industrial advances...
..........
U. S. Govt, securities, direct & guar.:
Bonds
'
Due from foreign banks
Fed. Res. notes of other banks
4
47
3
18
30,130
1,083
3,646
1,915
1,483
265,586
76,448
148,829
Uncollected Items..................
1,120,507
120,224
Bank premises
Other assets......................
40,444
2,805
10,107
4,766
4,513
6,654
81,640
2,687
45,896
3,102
12,090
3,866
5,207
2,789
Totalassets..................... 24,036,227 1,525.491 9,756,863 1,483,633 1,973,617
923,471
636,273 3,840,945
See
745,687
1
a
1,417
•
1
1,949 ,
3,388
53,919
26,603
1,353
43,664
2,948
34,230
1,181
1,357
2,166
2,025
439,040
64,488
4
965
634,488
2,804
4,015
463,634 1,613,085
LIABILITIES
F. R. notes in actual circulation
6,774,078
561,896 1,792,458
469,210
636,548
320,454
222,157 1,457,066
251,798
172,586
224,678
106,802
558,425
707,688 6,386,437
282,567
62,694
449,497
56,227
699,048
72,691
973,361
411,599
284,358 1,901,920
323,357
165,902
292,365
242,312
834,685
69,093
37,217
114,998
16,813
109,071
26,837
90,173
19,276
50,979
6,647
903,550 1,170,801
506,442
Deposits:
Member bank reserve account
U. S. Treasurer—General account.
Foreign
Other deposits..................
13,223,032
849,372
1,185,116
607,199
Total deposits................. 15,864,719
Deferred availability items.........
487,046
11,371
837,980 7,605,547
30,218
41,494
123,061
49,376
34,148
28,545
32,925
142,266
35,567
26,082
34,381
6,372
8,452
10,116
7,449
2,901
34,381
1,788
362,442 2,175,699
418,416
233,581
358,192
311,406
980,663
28,968
1,022,766
99,679
229,930
76,177
131,627
80,322
38,008
160,149
63,588
23,101
40,238
33,761
46,186
2,115
335
359
161
227
252
39
229
75
78
107
205
48
622,646 3,793,143
733,877
429,346
623,215
Other liabilities, lncl. accrued dlvs
907,470
Total liabilities—................ 23,663,678 1,499,890 9,628,294 1,449,098 1,939,203
452,174 1,585,322
CAPITAL ACCOUNTS
11,921
15,144
14,515
5,495
4,830
15,134
4,332
2,999
4,543
4,278
11,761
14,323
22,824
4,925
3,974
713
533
1,138
4,569
2,015
2.359
2,020
1,263
1,945
10,785
2,121
3,077
1,429
8,415
3,152
1,000
2,543
3,613
1,007
6,247
3,244
5,725
4,393
Total liabilities and capital acc'ts.. 24,036,227 1,525,491 9,756,863 1,483,633 1,973,617
Commitments to make Indus. advs..
2,203
1,570
1,528
11,950
1,521
923,471
636,273 3,840,945
745,687
439,040
634,488
2
347
31
269
Capital paid in....................
140,797
9,352
51,637
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts
157,065
10,906
56,447
26,785
2,874
47,902
2,469
7,070
13,415
♦
"Other cash" does not Include Federal Reserve notes,
a
3,096
463,634 1,613,085
39
3,612
Less than 3500.
RESERVE NOTE STATEMENT
FEDERAL
Phila¬
Three Ciphers (000) Omitted
Federal Reserve Bank of—
Total
Boston
New York
3
$
Cleveland Richmond
$
Federal Reserve notes:
delphia
%
$
s
■
Chicago
St. Louis Minneap. Kan. City
Dallas
$
%
3
Jr. $
San Fran.
%
%
267,690
33,226
15,892
177,929
5,343
235,490
10,812
121,267
14,465
622,692
64,267
320,454
222,157 1,457,066
251,798
172,586
224,678
106,802
558,425
370,000
250,000 1,520,000
279,000
179,000
240,000
126,500
639,000
209
114
179,209
240,114
120,600
639,000
590,056 1,894,978
28,160
102,520
487,947
18,737
660,217
342,588
23,669
22,134
561,896 1,792,458
469,210
636,548
7,293,500
In actual circulation
Atlanta
247,182 1,490,292
7,138,328
364,250
6,774,078
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
Collateral held by
49
779
1,979
615,000 1,910,000
500,000
665,000
25,025
agent as security
for notes issued to banks:
Gold certificates
on
hand and due
from United States Treasury
Total collateral.........
7,295,301
United States Treasury
Rates
quoted
47
1,305
126
615,047 1,911,305
500,126
1,801
Eligible paper
are
370,000
665,000
250,000 1,520,000
279,000
Quotations for U. S. Treasury Notes—Friday, July 18
Bills—Friday, July 18
Figures after decimal point represent one or more 32ds of a point.
for discount at purchase.
Int.
Int.
Bid
3 1941
Sept.10 1941
Sept.17 1941
Sept. 24 1941
Sept.
Treasury Bills
July 23 1941
0.13%
July 30 1941
Aug. 6 1941
Aug. 13 1941—
Aug. 20 1941..
Aug. 27 1941..
United
Bid
Asked
States
Government
York Stock Exchange—See
Securities
page.
on
the
June
1%
H%
101.9
101.11
103.4
103.6
Sept.151944...
102.2
102.5
101.3
101.6
Mar. 15 1946...
101.8
101.10
102.1
102.3
Nat. Defense Nts
101.30
102.
H%
15 1943...
1 H%
1%
Sept. 15 1943—
0.13%
following
Mar. 15 1944...
103.14
fMar. 15 1943..
June
8 1941
15 1941
102.12
102.10
New
16 1942...
Transactions
102.13
102.11
103.12
Dec.
Asked
1H%
2%
IH%
Sept. 15 1942...
Bid
15 1943...
102.1
Mar. 15 1942...
Rate
Maturity
Asked
Bid
101.31
0.13%
Oct.
1 1941
Rate
1K%
1*%
Dec. 15 1941...
0.13%
0.13%
0.13%
0.13%
Oct.
Maturity
0.13%
Oct.
0.13%
0.13%
0.13%
0.13%
0.13%
Asked
at
the
Dec.
151944
1%
H%
fSept. 15,1944
JDec. 15,1945
New
York
Daily, Weekly and Yearly—See page
H%
H%
Stock
367.
101.31
102.1
100.10
100.12
100.6
100.8
Exchange,
July
352
1941
19,
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
sales in computing the range for the year.
United States Government
Below
we
furnish
Securities
on
-
the New York Stock Exchange
the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
daily record of
a
^
-
No
of the day.
NOTICE—Cash and deferred delivery sales are disregarded in the day's range, unless they are the only transactions
account is taken of such
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32d of a point.
16 July 17 July 18
Daily Record of U. S. Bond Prices July 12 July 14 July 15 July
July 12 Jtlly 14 July 15 July 16 July 17 July 18
1
4 MS,
1947-52
119.12
119.7
[High
| Low
I Close
Treasury
119.13
119.14
119.13
119.7
119.12
119.12
119.12
119.12
119.12
119.14
119.13
2
54
27
5
20
Total sa e* in $1,000 units...
'•
iHigh
'"mmmm
mmmm
-m
'mmmm
mmm
'mmmrn'
m-rn'm
■
119.13
119.7
....
.
Treasury
'\mmmm
','mmmm
■mmmm
(Low.
2Mb, 1948
:,.mm'mm
[Close
Total
sates In
$1,000 units.
;
m
,
-
-
-
mmmm
mmmm.
k'mmm
'mmm'm
'
:
mmmm
'mmmm
■'
'
-.mmmm
mm'm
m
mmmm
..
■
m'm
m
■
mmmm'
'
108
'
'
111.20
[High
[High
'mtrn'mm
mmmm
111.20
(Close
111.20
Total sales in $1,000 units...
1
1
108
''/mmmm
'mmm'm
'm4mrn
mmmm
mmm'm
mmmm
-
'
'
mmmm
mmmm
108
108
■
Low.
2Mb. 1949-53
108
108
'
mmmm
'
Low.
48,1944-54
108
-
.
•
m
** m-
-
(High
mmmm
-
Close
'
-m
113.7"
''mmmm
m
mm
"mmm
mmmm
mmmm.
mmm
m
113.7
_
+
mm
Total sales in $1,000 units.-.
rn mm
mmmm
mmmm
mm
mm
mmmm
mmmm
108.6
108.6
j
■
mm
mm
mm
mmmm
mm
108.8
5
'
'
■mm.-mrn
mmmrn
105.27
mm
■
-mmmm
mmm
..
mmmm
mm
'mmmm
mm
'
■'
)
.
mmmm
■
mmmm
mmmm
10
mmmm
mmmm
"•'1
108.8
1
Total sales in $1,000 units...
mmmm
1
108.8
[Close
■■'mmmm
*18
rn
108.6"
|Low_
2 Ms, 1950-52
mmmm
mmmm
108
m
100
mmmrn
[High
m
m
■
■
113.7
mmmm
mmmm
Total sales in $ 1.000 units...
[
'
mmmm
mmmm
■mmmrni
'
(Close
mmmm
'
■
mmmm
mmmm
mmmm
'
[Higb
mm
''■"mmmrn
mmmm
mmmm
mmmrn
m
m
-J Low.
(Close
3 Ms, 1943-47
mmmm.
'
| Low.
3 Ms. 1940-66
mmmm
10.730
'm
'
'
106.4
m m m m
106.4
'.mmmm
mmmm
106.4
High
mmmm
Low.
2Ms, 1952-54
mmmm'
'mmmm
105.27
y'~mmrnm
106.2
mmmm
*
mm
m
m
mmm
mmmrn
mmm'm
mmmm
-mmmm
mmmm
105.31
m
mmmm
"
'
mm
m
Total sales in $1,000 units...
mmmm
m
I
t
1
I
ft
1
$
T
•
105.27
mmmm
Total sales in $1,000 units...
1
•
'•
■
Close
mmmm'
mmmm
2
* ** m *
,
mm
*1
■
106.2
mm
'mm:m
■
6
m
ILow.
I Close
Total sales in $1,000 units.
[High
II
104.15
104.21
104.18
104.18
Low.
104.13
104.14
104.17
104.19
104.18
104.8
Close
104.15
104.16
104.17
104.20
104.18
104.18
Total sales in 51,000 units...
(High
3Ms, 1941
5
310
168
10
*5
2MB, 1956-58
7..: -7-777' '7'
r
104.16
104.18
7
'
[High
ILow.
106.23
(Close
8Mb, 1943-45
106:22
106.23
100.23
m
m
'm
m
m
'm
—•
m
106.23
106*22
106.20
[High
106.22
106.21
106.22
106.20
2Ms, 1951-53.,.-...... Low.
106.22
106.20
Close
1
Total sales in $1,000 units...
106.23
106.22
1
2
1
107.27
107.27
m
106.18
m~m-~
106.18
''''■'■"mm m'm
m m
mmmm
106.18
mmmm
■
•
mmmm
'■
"mmm'm
.
mmmm
imm'rnm
.mmmrn
mmmm
mmmm
'
Total sales in $1,000 units...
*1
(High
107.27
Low.
107.27
(Close
107.27
■
'
8MB, 1944-40
•
Total sales in $1,000 units.
mmmm
107.27
107.27
107.27
mmmm
1
2
mm
1
..
107.27
mmmm
mm
mmmm
2MB, 1954-56...
mmmm
'mmmm
...
107.2
"mmmX
107.1
107.2
107.1
107.2
Total sales in $1,000 units...
m'm
High
*>
•
„
mm'1
m
mrnrn
•
m
16
mmmm
mm
106.14
"mmmm
m'm
■
.mm'mm
mmmm'
mmmm
mmmrn
mmmm
'mm'mm
.
mmmm''
'■mmmm
*1
mm
mmmm
mmmm
mmmrn-
107.1
:
Close
[High
3 Ms, 1940-49
'
'mmmm
mm
m'm
Low.
mmmm
55
'.mmmm
High
mmmm
■'■'mmm'm
..
'
2B. 1947..
Low
106.14
Low.
;
■
mm
m
m
'■'■mm
mm-rn m
'
mm
■mmmm
■
'
'
Close
Close
Total sales in $1,000 un
aits...
3 Ms, 1949-52
Low.
£
mmmm
Close
113.7
JSV
110.13
Low.
110.14
110.13
mmmm
110.13
Close
110.14
110.13
mmmm
110.13
[High
•
'.>■ 9
4
mm
m
m
Low.
Close
'-m
mm
m
'mmmm
112.31
mmmm
mmmm
112.31
113.3
112.30
mmmm
112.31
mmmm
2s. 1953-55—
113.3
mmmm
1
111.17
111.15
111.14
Low.
111.8
111.10
111.16
111.14
111.14
111.14
111.8
111.12
111.16
111.14
111.15
111.14
154
1
26
3
1
3Ms, 1944-64
1
....
1
»
mm
mm
109.28
m
m
v'i Close
m
-
109.28
■
mm
mm
mm
-
-
-
-
mmmm
50
■
'"mm
■/
1
1
t
-
m
109*30
'mm
-
(Close
110.11
'mmmm
■mmmrn
Close
'
m
rn
■'mm
mm
Total sales in $i,000 units...
'
■
m
mm
110.27
110.23
110.27
(Close
.'■■"■mm
mm
m
110.23
2
"mmmrn
mmmm
m
mmmm
mm
110.26
mmmm'
^
^
mmmm
mmm
107.1
'
mm.4'm
mmmrn
mmmm
mm
'
'
1
mmmm
mmmm
107.1
■
■
mm"
'
107.1
107.1
m-mrnm
m'
m
.
'mmmm
m
mm
m
■mm'mm
m. m
■
m'm
mmmm
1
mm
'mmm'**
mmmm
mmmm
'■'.mmmrn
'mmmm
/mmmm
■.mmmm
mmmm
''mmmm
'mmmm
'■'mmmm
m mm m
.
mmmm
mmmm
"mmmm
mm'mm
"mmm
106.22
Low.
mmmm
mmmm
m'm
110.22
Low.
Close
■
*9
mm
mmm
m/m
IMS. 1945-47
mmm
Low.
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
8
■mmmm
'':.'m-m,mm';
mmm'm
"mmmm-
/mmmm
mmmm
mm
'-.■mmmm'
102.5
mmmm
mmmm
m
mmmm
102.5
.
mmmm.
'"Ym
-]
102.5
mmmm
mmmm
*2
■'
4
mmmm
High
mmmm
m
'mmmrn
106.21
mm
m
'■'
106.21
m
m
'-mm
mmmm
106.21
•*
mmmm
Total sales in $1,000 units
'^mmm
mmmrn.
X
X
'
mm'm
m
106.22
102.4
5
mmmm
m
X
'
106.22
102.4
m
m
X
X
High
2 Ms, 1942-44
:
mmmm
'
''.mmmm
mmmm
102.4
110.25
•
■
'.■mmmm
...
High
-
•'mmmm
■mmmm
108
107.1
m
mm
mmmm
.
mmmm
107.1
-
'mmmm
mmmm
110.22
■
-
mmm
■
'"'.mmmm
Close
mmmm
-
-
mmmm
m
mmmm
mm'm
110.25
mmmm
mmmm
mmmm
mmmm
105.1
4
mm'+rn
•
mmmm
X
3s, series A, 1944-52
110.25
mmmm
«
'm'm
■
"
m
[High
mm
25
m
111.12
-'mmm'm
Low.
111.12
■
m
mm
m
(Close
-"''■mmm'm
Total sales in $1,000 units...
I '\-mmrn
152
m
-
-
25
■■'mmm
■"■'■mmmm
111.12 ■'.f- 'm'm
m
m
111.15
111.11
111.15
111.11
111.15
111.11
14
.
Close
Total sales In $1.000 units.
•
mmmm
'
:
2
12
mmmm
.
Low.
*
Odd lots sales,
Note—The
bonds.
—
I ! 1t II IS
::::
....
-
-
./■■mmmm
-
'
■
.mmmm
'
mmmm
t Deferred delivery sale.
mmmm
—
(Close
•
.
mmmm
(High
2Ms. 1945
105
44
•
.
' M'm mm
Total sales in $1,009 units...
mm
*1
110.27
110.26
110.22
'mtmmm
m
•
11*0*22
'
25
110.22
110.22
mmm
''
Low.
Total sales in $1,000 units...
2Mb, 1900-05
mmmm
110.23
'mmmm
(High
•
mmmm
A
Low.
m
mmmm
104.31
■
.
Close
2 Ms, 1942-47
Home Owners' Loan
110.11
U(f.27
[High
105
mmmm
Low.
Total sales in $1,000 units
1
-
-
.
110.11
110.10
im'mmm
mm
m
'
3s, 1942-47
100.30
mmmm
110.10
j-
104.29
■'':-:mkm-mm
High
109.30
mmmm
Total sales in $1,000 units...
2MB. 1958-03
103.27
mmm'm
:
m
105.1
mmmrn
Low.
•
m'm
m
105
Tola sales in $1,000 units...
1
1
•
........
mmmm
mmmm
'
i Low.
'm
mm'm
*
mmmm
104.29
Close
110.10
(High
'
103.23
m
m
mmmm
■
mmmm
mmmrn
Close
Total sales in $1,000 units
1
t
II
109*28
m
Total sales in $1,000 units
•
m
'f.mmm'm
....
104.29
'mmmm
High
Total sales in $1,000 units
2 Ms, 1956-59
>-m
.-mmmm
mmm'm
m
.mmmm
Low.
3s, 1944-49
[High
j Low.
m
mmmm
Total sales in $1,000 units...
Federal Farm Mortgage
High
2
111.16
2
*1
m
m
Close
mmmm
111.12
mm'mm
IClose
2MB. 1951-54
*2
"'mmm'm
■
Low-
[High
2 Ms, 1948-51
103.27
6
■
High
{Low.
.....
103.24
103.27
'■'mmm'm
mmmm
Total sales in $1,000 units...
'
mmmm
111.8
..
Total sales in $1,000 units...
2MB. 1945-47
mmmm
103.27
mmmm
Close
113.3
(Close
•
+
mmmm
mmm
103.24
■mmmm
Low.
-
mmmm
mmmm
1
mmmm
[High
2Mb, 1956-60......
m
m
'
112.28
mm
2s, Dec. 1948-50..
mmmm
mmmm
mmmm
112.30
/'mm
(High
Total sales in %1,000 units.
m
'
Total sales in $1,000 units...
3s, 1961-55...
m
mm'm
■
m
103.27
■
[High
\
mm'm
mmm
m
175
■
,
"m
■
103.24
103.19
m
mmmrn
Close
110.13
m
103.20
103.19
mm
Total sales in $1,000 units.
mmmm-
....
HO". 14
27
mmmm
Low.
— •
'l/l
Total sales in $1,000 units...
3s. 1940-48
2s, March 1948-1950
106.14
"
High
1
1
mm^m
mmmm
113.7
mm
.■mm
I1 1
t
mmmm
Total sales in $1,000 units...
IIIIt
113"7"
High
11«
Total sales in $1,000 units...
1
1
table
above
I Cash sale.
* No
transactions.
includes
only sales of
Transactions in registered bonds were:
2 Treasury 2s Dec.
1948-50
106.12
-
coupon
106.12
to
•
New York Stock Record
LOW AND
HIGH
SALE
PRICES—PER
NOT PER
Monday
Tuesday
Wednesday
Thursday
July 12
July
July 15
July 16
July 17
$ per share
$ per share
$ per share
$ per share
*52
52«4
14
$ per share
52
52%
5284
5234
52l2
62%
*52
Sales
July
5284
EXCHANGE
525s
Par
Shares
2,200
Abbott Laboratories
117
117
117
117
117
117
117
118
118
*116
118
*41
47
*41
46
*41
46
*41
46
*41
46
*41
46
Abraham A Straus
*50
*50
53
*50
53
*49
5112
*50
51
*50
*13
52%
678
2112
1312
42
42i2
o°8
*2012
21%
12%
4238
12%
42%
*38
*2
716
%6
*716
45g
71«
778
4%
4%
43g
4%
612
19
634
18%
7%
18%
2384
24
012
*1712
235s
24
*8
8i
*158
100
*lli2
*13l8
7
82i2
3H8
*18
*»16
12i8
135s
7i8
8212
3H8
18»4
38
716
8%
8%
13%
7%
7
18%
1714
1714
23%
24
23i2
23»4
8%
85s
7%
8%
160
161%
11%
13%
r3%
7
7%
11%
83
83
83
84
30%
31%
30
3Hs
18%
18
18%
18%
I884
*18
15
*1484
r59%
*18
*38
7i8
7l2
734
678
1714
2314
812
161
*lli4
1278
7i8
*82i2
2934
185s
43
684
*20
13
784
67g
1714
233g
678
*1714
8I2
16212
*8%
I6U4
IH2
13
714
83
30%
1912
li8
17
III4
*778
2314
*1278
7
%
8
678
18
239s
8i2
162i4
IH4
13
7i«
1734
*15l2
59
59
60
60
1734
4134
175s
I8I4
4218
83s
4412
18M
4234
8l2
4412
6%
634
1734
4114
814
4534
*6%
1778
4134
814
46
6l2
18%
18%
42%
44%
43%
8%
44%
*6%
684
684
678
8%
838
• Bid and asked prices; no sales on this day,
41%
8%
45
012
45
658
200
1,200
8,300
Alghny Lud Sti Corp. .No
Allen Industries Inc
Allied Chemical A D7e.N0
Allied Kid Co
Allied Mills Co Inc
No
Allied Stores Corp
No
5% preferred
600
Alpha Portland Cam..No
Amalgam Leather Co Inc
60i8
8%
44%
$2.60 prior conv pref.Vo par
300
60
188s
Allegheny Corp
No par
6M% Pf A with $30 war.100
5M% pf A without war.100
2,300
*15l2
43
Air Reduction Inc
.No par
Air Way El Appliance. .No par
Alaska Juneau Gold Mln...l0
500
3,900
1,200
2,200
10
lis
193s
16
8%
44%
100
11,900
1,400
3,800
1,300
Address-Multigr Corp
Alll3-Chaimers Mfg
60%
42%
100
1,000
5,900
4,100
16
8%
4012
05s
No par
No par
30»4
1934
5934
*1
Adams Express...
Adams-Mlllis Corp
*1
*1512
$ In receivership,
1714
200
1,200
2,100
2,900
3,800
6% conv preferred
Amerada Corp....
Am Agrlc Chem
a Def. delivery,
n New stock,
par
1
50
par
141* Mar 13
»u Apr 25
10
Apr 12
411* Feb 14
148s Feb 28
40
Feb 19
Corp
10
5M Apr 22
.....50
0% preferred..
American Bosch
May 27
18M Apr 21
1
734May 22
par *144% Mar 6
5
10% Feb 1
par
H84 Feb 3
par
5% Apr 21
100
718aMay 14
par
253gMay 28
..10
American Bank Note
03i4May 26
6%June 6
15
42%June 19
5%May 29
1
r Cash sale, x Ex-dlv.
y
2
Jan
7
110
Jan
Jan
Jan
5
Jan
9
4% May
3
16% June
12% June
301s June
98 May
4
Jan
Jan
Apr
Jan
Jan
4
1934 July 18
1% Jan 4
16
July 15
60% July 15
1888June 18
58% Jan 2
8% July 15
47
Mar
0
70% Feb
147
40%
60
Feb
Apr
Nov
9
Jan
27%
Apr
Jan
19%
58%
Jan
7S Mar
7
Jan
1%
14%
12%
Jan
Dec
Jan
Jan
May
24
15%
084
135%
87*
May
June
June
May
20% May
10
7
Jan
Jan
May
4% May
11% July 15
1434 Apr 24
7% Jan 8
84
July 16
37
4
®8 June
534 June
% Jan
165
May
6
3
July 16
% Jan 14
10%
9%
21%
253s
llM
49% Dec
May
347j May
Jan
Highest
share $ per share
30
5184
784
22>4
157*
43%
8s Feb 26
par
No par
(Del)..No
Am Airlines Inc
130
1,500
No
Apr
per
Jan
44
38
$
1
July 11
53
120
3
44
Apr 22
5i8 Apr 22
19% Feb 20
12
May 15
359i Apr 23
3g Apr 24
384 July 8
115
Acme Steel Co....
2,900
$ per share
Mar 21
100
83
15%
59%
11
No par
Year 1940
Lowest
Highest
$ per share
46
Feb 21
No par
25
conv preferred
83
1
1
M%
29«4
1
43
05a
13
31%
59l2
18l2
*43»4
13
83%
15
8%
16218 16212
*1114
1134
3084
*15I6
43
8l2
7
18
8%
38
16
■
7%
83%
5912
I
43
8%
7%
83„
38
2012
125S
433s
%
4%
2012
12%
42l2
716
12
%
43g
21
1278
8%
1
*18
13
716
838
*T16
438
634
7'%
15984 160
12
414
684
4M
*18
*11%
13%
*7i«
678
%
438
6%
42%
21
*20%
*12%
42%
*%
75g
4218
5112
634
2II4
I3I4
425a
*20i2
1278
bog
4
150
Range for Previous
of 100-Share Lots
Lowest
*115
*6%
*2012
Range Since Jan. I
On Basis
Week
18
$ per share
*52
NEW YORK STOCK
the
CENT
Friday
STOCKS
for
SHARE,
Saturday
1284
182
Apr
Apr
14
Jan
June
1084
Apr
4% May
55
May
21*4 May
93s
417*
11
June
18
1%
9%
38%
12%
4134
May
May
May
May
Jan
0
June
35
June
Sis June
79
23s
Jan
Dec
Jan
Nov
Jan
18
Apr
58%
Apr
21
Jan
75
Apr
1284
Apr
60
Jan
99s May
Ex-rights. ^ Called for redemption.
-a
Volume
Ne* York Stock Record—Continued—Page 2
153
353
AND
$ per share
*35»4
14
*12734 130
2
1%
87i4
Friday
July 18
Week
$ per share
$ per share
$ per share
Shares
2
2
2
88%
*178
Lowest
Par
1,400
90
128
17g
88*2
l7g
l7g
3658
365s
128
12734 12734
*12734 130
2
36
36
3634
36%
365s
*12784 130
1
1%
87U
Thursday
July 17
365s
36l2
3612
3634
128
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
Wednesday
July 16
$ per share
$ per share
128
STOCKS
NEW YORK STOCK
the
CENT
Tuesday
July 15
Monday
July
NOT PER
SHARE,
PRICES—PER
SALE
HIGH
Sales
for
LOW
Saturday
July 12
l7s
89
4,100
2,700
88
88
8834
8712 88U
87U
87U
100
*174
180
179
179
*174*2 180
*176iS 179
*171% 179
5,900
33
3238
3258
32%
33%
32*s
3212
325g
327g
3312
325a
76
76
78
K'? 77 '■">?' 'iTty-:.
78
7534
76*2 v;:; soo
79
78Vt
78i4
900
*20*2
2034
*20*4
2034
2078
21
2078 20™8
21
2034
207g
*170
179
32%
*7814
5X%
Preferred
"
*207s
*108
110
*108
110
10734 108
*108
111
*108
114
*109
115
157s
7%
*13
16
*13
16
*13
15
*714
77g
*714
778
*7
712
6%
*6
634
*6
6%
*6
6%
*108
*12
*7h
■
*6'4
*1734
17%
9414
1%
9414
1734
1%
:.*5
15s
7
*5
*84
*1914
1978
*214
284
*1584
*35l2
314
*1534
1612
3612
15s
23
334
334
11U
16%
3678
*47
*3%
14
1414
9414
4878
14%
9438
1278
5%
12%
1234
514
514
♦18
35s
11%
14%
94%
13
5%
5
*15g
15s
358
1414
1234
47*2
3*2
163
15
534
934
*914
100
*29*2
47*2
*1%
30*4
4734
184
"moo
23%
23%
3*2
900
3%
American Invest Co of
14%
93*4
14
14%
14
92
93*2
14*1
4,100
2518
25%
25%
III4
13l2
*12
160
160
160
17i8
17%
*87
13l2
1312
1312
15612 15678
1o678 1567S
88
534
95s
38*4
9%
9*2
38%
44
44
37*2
43*4
4234
152
*150
17
*87%
160
500
2,200
14,500
170
7,100
37*2
14%
1563s 156i2
17*2
88
*88
14%
156
156*2
68I2
6%
68I2
6%
69*4
6*4
6*2
56 84
5634
*555s
5634
70
7034
68*4
6
6*4
555g
55%
71%
72
151
151
5*2
434
*85
89
*7
7%
70
70*2
5%
6
1,800
4%
*85
4,800
800
70*4
70
534
2,500
*15
15*2
15
15
15l2
*112
*112
115
*112
112% 11214 *112
11*2
*10%
11*8
11*8
11*4
11*4
1134
*11%
III2 ♦11*8
1%
*1%
*1*2
1%
*1*2
178
1*2
1%
*114
1*4
29
29
29
29
29
29
*28*2 29
2834 2834
110
110
*109% ho
*109*8 110
110
110
*10978 110
434
434
484
4%
434
5
47g
5
484
5
64
64
63%
64
65
65*4
65*4
65
65
65*4
100
—
8I4
514
9012
8I2
86
*96% 100
8%
*47g
*84U
83s
5%
90l2
85s
8i2
*84
*97
30
87
72
*67
2934
8*4
*47s
*85
85g
2934
8*4
5*4
90*2
834
86
86
29*2
66
293g
2934
29*2
30*2
66
66
6534
66%
2112
215S
2314
233s
24*2
2712
27I2
*27
273g
28
28
39
39
*39
3912
3934
3934
23%
233s
23
233s
*107i2 110
7%
*49
6712
217g
*107*2 110
18l2
*16*2
83s
2*2
18*4
25
32%
984
8*4
*31*4
10
8*4
32%
10
10ig
10
10*4
24lg
273g
243g
27%
24%
24*4
934
*8%
*3114
83s
*52
55%
*30
753g
*122
16*s
*52
122l2
27
*2134
24%
23*4
28
27
13,800
2634
27
Atch Topeka &
Santa Fe..l00
5% preferred
..100
1,200
24
66
24%
*38*4
23%
23%
23%
111*2 *109*2 110
7
7
7*4
22%
109*2
3834
23*2
109*2
7*8
49*4
26,300
1,000
200
RR...100
W 188 Lines
-.1
Atlantic Coast Line
Atl G &
5% preferred...
Atlantic Refining
4% conv pref series
100
10*8
2334
24
23*2
15%
10
23*4
*109
7
76*4
2134
7«4
15%
77g
*145g
8
15%
*1434
1312
zl2%
12*2
*12%
*—,
Bid and asked prices; no
16
49
534
25
9*2
114
*734
*1034
38
1534
*52
49
697g
6%
5%
25*4
9%
49
55*8
31*4
31*4
74*2
76*2
77*4
122% *122*4 122*2
634
5%
25
9*8
25
*52
55%
*31*4
32
74*4
74%
122*4 12214
2734
2734
28
28%
22
2134
22*4
21*2
7%
7%
15%
13*8
14%
*13*4
2134
7%
14%
14
87
*82
87
*14*2
13*g
*80
sales on this day.
200
1,800
1,400
200
7%
100
800
1,200
300
15,200
7,600
5,400
3,100
634
*5%
28%
14
87
11,400
*66
5%
25
*52
600
5%
210
25
23
23
20%
23%
27% 27%
2734
27%
27
27
*26%
27
26%
*103*8 105
*103% 105
105
*28%
31
31
*28% 31
113
113*2
11334 11334
114
*734
8*8
*734
8
8*8
*1034
15
*1034
15
15
3734
38*4
37%
39
38%
1534
1534
15%
1534
157g
31*4
8
15%
6%
49%
*67
69*2
69%
*116*4 117
*116
117
*116% 117
*8*s
8%
8*4
8*4
8*4
8*4
*2%
2*2
*2*4
234
238
234
18
18
17%
17%
18*4
1834
3%
3%
3%
334
3%
3«4
15%
15% "15% 15%
15*2 16*4
334
3%
4
/
3%
4
4*g
49
*67%
9
55*8
*52
31*4
87
27
90
29%
29%
6534
39%
39*2
100
9%
*1234
►
65%
24
'
10
23*8
2734
*145g
87
2934
29
*65*2
'100
'
9%
1221? 122*2 *122
27%
267g
27*2
8
86*4
10*4
31
22
9934
29%
86%
10
76*4
21*2
*28*4
86*4
10%
934
8*2
*32
7534
22
8
55*4
*97%
29*4
10%
25*2
30*4
31i4
76
*26
16*8
99%
*28*4
86
Barker Brothers
4
*112
115
*11118 H412 *1117g 115
*734
8*8
8
8
77g
8's
*1034
15
*1034
15
*1034
15
38*2
3834
3734 38%
383g
38*2
16%
*97*2
23*8
27%
27%
*27*4
*27*8
273s
27
27
26%
*267g
27*4
*2634 27%
*103%
*103% 105
*103*g 105
*103% 105
*28*2
*28®4
30*2
*28*2
31
*28%
31
*16
86
1,500
25
5%
8734
4,000
5%
25
*2434
6*2
-200
86
*86
9*2
55s
3%
16*s
7
ib'eoo
9%
67g
334
163s
4%
67g
55s
57g
2534
10
18
334
16*2
4*s
7*8
35g
16%
65s
9%
32*4
*17*2
334
*5&s
8*4
2*2
163s
4
90
*9%
123
8*4
*2
35s
4
8%
1,100
200
*31%
*116
16%
4
*4*4
*85
"l~,800
8%
4%
9*2
9*4
49*4
67*2
116
29
8%
32*4
49*4
67*2
8*4
834
1,000
834
49*4
*2
8®4
4%
90
10,400
74
29
600
*31*4
49*4
*66*2
116
4%
*85
29*4
8%
700
884
4934
6712
2%
*8%
*67
100
32*2
7*4
812
28%
74
200
12.50
$5 dlv preferred
No par
Andes Copper Mining
20
A P W Paper Co Inc
5
Archer Daniels Mldl'd.No par
Armour&Co(Del)pf7% gtd 100
Armour & Co of Illinois
5
$6 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
6% 1st preferred.
100
7% 2d preferred
-.100
Assoc Investments Co. .No par
5% preferred
100
*32
7*4
*2
*67
28
*38
1
32%
7*2
*838
*17
2338
110
7*2
69
30
66
Smelt
25
A...100
-6
6% preferred
—50
Atlas Powder
No var
5% conv preferred..-.-100
Atlas Tack Corp
No par
Austin Nichols—....—No par
15 prior A
No par
Aviation Corp of Del (The)..3
Baldwin Loco Works v t C..13
Baltimore & Ohio—
100
4% preferred
—100
Bangor & Aroostook
60
Conv 5% preferred
100
Barber Asphalt Corp
10
23*s
110
7%
*11534 123
8»4
*86*2
9934
66%
66%
30i2
90*2
9
8734
9934
29*4
87
*28*4
*86*4
293s
29%
*4%
*85
9934
8634
87
8*4
297s
8634
*8614
87
*277g
29»4
8*2
5*4
29%
*97
:
*277g
*86*4
2812
72
*67
100
Preferred
Amer Zinc Lead A
Anchor Hock Glass Corp
3134
72
No par
100
31*2
29%
No par
16 1st preferred
American Woolen.
15%
32%
*67
25
....25
*14*4
29*4
32
!
Common class B.
6% preferred
100
Am Type Founders Inc
10
Am Water Wks <fc Eleo.No par
Anaconda W A Cable. .No par
28*2
33
29
& Teleg Co—100
Rights
770
29*4
32
4%
Tobacco..No par
31*4
287g
32
4,800
2,300
400
700
400
■
300
8",200
1,800
55%
31%
31%
MOO
74%
75
122%
2834
2134
734
9,400
122%
*27%
2134
7%
400
1,100
1,700
1,800
*14
16
100
*13*4
14
60
*82
87
t In receivership,
Atlas Corp
No par
60
Barnsdall Oil Co.
......6
Bath Iron Works Corp
1
Bayuk Cigars Inc
No par
Beatrice Creamery...
26
J5 preferred w w
No par
Beech Creek RR
60
Beech-Nut Packing Co
20
Belding-Heminway
No par
Belgian Nat Rys part pref.—.
Bendlx Aviation
5
Beneficial Indus Loan..No par
Pr pfd $ 2.50 dlv ser'38No par
5
M% preferred
No par
Bethlehem Steel (Del)-No par
7% preferred
100
Bigelow-Sanf Carp Inc.No par
Black A Decker Mfg C0N0 par
Blaw-Knox Co
.—No par
Bliss A Laughlln Inc
5
Bloomtngdale Brothers. Nopar
Blumenthal A Co pref
100
Best & Co
d Def. delivery,
n New
28% May
6
165
Feb 17
163
11% Feb 19
61*2 Apr 23
434 May
7*4 Jan 10
July 15
15% Jan
7384 Jan
7
458July 2
7%May 23
135
40
Feb 14
Apr 18
54
Jan
74% No?
5
May
12®4 Mar
11*8 Feb
23
May
41%
30*4 May
May
54
Apr
165%
Deo
70
Feb
6®4 Dec
2
122
3
49%
Jan 21
139
150*2 Jan 10
11% July 12
13*2 Jan 14
9%May 29
May 26
11
stock,
r Cash sale,
14*2 Jan 8
16834 Jan 6
l*73jJuly 16
1184May 27
148%May
1
l»i«July 17
62
May 28
62 May 27
146*4 Apr 26
73*2 Jan
74% Jan
Jan
9
7
Jan
145
66*2
68*4
134
14%
Apr
17%
23%
Jan
Feb
93
Feb
18
Mar
May
175% Mar
Dec
Dec
June
89*2
9184
Apr
Apr
153*2
Oct
6% Nov
Jan
9
2% May
5*4 May
123g
99% Jan 11
83% June
May
101%
12
61%
8% Jan
5%Mayl9
0
9
71% July
Feb 14
Apr 18
Deo
152*2 May
33% Jan
7% Jan 10
4% Apr 21
May 20
82
July
8
5
May
12*4 May
70*8 Dec
11% May
7
8
159
4
51
Dec
May
19*2 May
9% May
28*2 Jan 10
10
Mar
48% May
45% Jan 13
154
Jan
10%
163
18% Nov
Jan 13
Jan
June
Jan
9% May
9% July 10
13834 Mar 13
37
Apr 25
145 May 12
19
Apr 21
Jan
Jan
63%
54
Mar 27
28,900
29U
3434 May
93
28%
2884
Mar
Jan 13
39
34
Mar
26
5*4
6
Feb 14
30
121
2
May
May
5
Mar
July
90
2
28*4
31*2
300
May
25
Jan
Jan
25
20% June
4
Jan
28%
32
65
14%
33g
Apr
3*4 Jan 13
4684 Jan 13
81
$5 prior conv pref
25
Anaconda Copper Mining..50
33
15l2
110i2
May
Mar 19
American Tobacco
4,000
534
30
Apr
2534 Feb 13
100
Am Sumatra
200
7
121
4
Apr 21
19
55
2914
15*2
5%
4%
89*2
1
Feb 19
Preferred
Amer Telep
Mar
23*4 Jan 24
13
56
29%
*15
100
5%
6%
No par
No par
111
Refining..100
56
*55
*3034
29
100
Amer Steel Foundries..No par
800
152
*150
5*2
434
28%
178
25
American Sugar
9,800
155*2 156
1**32
1*%2 161,700
71
71
1,200
1,300
*71% 72
71*4
1134
American Snuff
American Stove Co
500
l*%s
100
American Stores
14*2
14%
Refg.No par
Preferred
200
l*ie
*112
Amer Smelting &
100
90
14%
155% 156
preferred
100
Razor..18.50
300
*88
71*4
'
"a,400
12
17*4
1*7*2
1%
*15
4 Jconv
6% preferred
200
*11*2
*17
71*2
71*2
*71
72
71*2
7134
7134
72*2
72*2
*72
73
72*2
73
73i8
73i8
*151
152
*150
152
*150
152
*150i2 152
55g
5'4
5*8
.5%
534
584
5%
578
4%
5
5
5
47g
5
478
5
86 I
86
*85*2
89
855s
855s
*84% 855s
*7
7*4
*7
*7
7*g
7*4
7%
7?s
2812
100
No par
No par
$6 preferred
No par
15 preferred
No par
Am Rad <fc Stand San'y .No par
Preferred
——100
American Rolling Mill
25
200
12
17*2
*14
*137s
7114
68I4
6%
5712
4.200
42%
*149*2 151
8934
17*s
*11*8
17*2
88
88
14%
1158
10
134 May
*5%
Zll%
Deo
1234 May
*4584
46*2
*4534
46*2
*4534 46*2
*146
150
*146
150
*146
150
24*2
24%
24*4
241jj
2538 .2434 25*8
*11
*11
11*2
11*2
*11
11*2
11»4
1234
17%
Jan
92
5% July 10
6% preferred
57
2234
19% Jan 10
Amer Power <fc Light
6%
May
2% Feb 15
American News Co
Apr
Mar
38
Jan 10
95*4 June 21
13®4 Jan 6
15*2 Apr 24
7,000
Apr
Jan
13% Aug
12% Sept
Amer Mach & Metals..No par
""280
Apr
June
Amer Metal Co Ltd...No par
150
25%
11%
*1134
Jan
17%
1034 Apr 21
Apr 23
10*4 Apr 23
38
66%
3%
41% May
10
May
8
60
79
Apr
3
8
13% Jan 27
2
Apr 29
48
6%
35
4*4 Jan
6
Jan
60% May
May
700
45%
45%
3%June
10% July
Jan
24%
18
2,900
Amer Ship Building Co.No par
*146
Feb 14
Dec
1%
5
578
150*4 151
20
May
45% May
4
1% Mar 29
24
July 17
18*4
310
151
Jan
51
3
1% Feb 20
12%
American Seating Co..No par
4438
*150% 151
23
30*4June 17
44*4June
May
5
*9*2
38*4
38%
3
18*4
*558
44
2% May
*12*2
American Safety
38i8
234June 20
27
May 15
84
18%
4%
500
39
4438
Feb 14
29
3% June
3
1278
47«
1278
*18
930
*958
87
*4%
*8414
83s
*8438
Fdy Co .No par
400
958
*11
18
*8
Amer Mach &
1% Jan
1,900
9*4
38
43*4
13
72
100
66
5%
1112
29
par
1434
45
*67
Looomotlve-lVo
Preferred
14*2
150
434
American
700
50
6534
5*2
9*4
45
110
111—1
5% conv preferred
66*2
*146
*64
Amer Internat Corp...No par
14%
46
29
100
pref
6% non-cum
par
66
150
*1114
*H2
No
14*2
*45
*15
6% oonv preferred
50
American Home Products... 1
American Ice
6684
*146
68%
9% May
23
May
147g
*150
151
6%
*5634
1734 Jan 18
38*2 Jan 4
4*8 Jan 10
66
44
*125s
Jan
11% Apr 15
14*2
38%
87
Jan
15
39
*17
Apr
American Hide & Leather...1
11*4
91*2
6
Mar 26
5
2%
66i2
4412
2434
113s
9c0
1% May
1% Jan
l*4May 14
334 Jan
2
Jan
Apr
91% Mar
3% Mar
6%
$6 preferred
1,000
Sept
28%
7%
No par
Amer Hawaiian SS Co
10
1,300
1,000
75
Dec
$7 2d preferred A...No par
16*2
7
Apr
<1034 May
1,900
35*4
3*8 .1 3*8
Jan
May
Feb
9«4
8*4
15%
21%June 18
3% Jan 13
2*2
35%
—
78
8
18% July 10
94*4 July 12
13
14'4 Feb 15
2% Apr 16
197s
$7 preferred
48%
534
934
May
8
Jan
Nov
No par
700
145s
558
9
July
Nov
23*2
%May 27
66
534
13
July 18
65
No par
Secs__No par
Amer & For'n Power
66
39
*12
Encaustic Tiling..1
Amer European
"""600
15is
*5%
*9%
44lg
*150
American
u,«
66
6612
*53s
500
15s
7
100
6% 1st preferred..
70
*46
163
9% Mar 27
16*2
*11
160
140*2 May
94
10
1484
15';
6584
163
163
163
*160
May
9*2 Feb 19
11*4
5'g
18%
112
3
American Crystal Sugar
4878
13
Jan
4*g May
*11
5
121
5*2 May
*46
13
115
7
11*4
5%
May
13*2 May
834 Jan 23
487g
14*s
100
6*2 Apr 23
*11
9314
34
Jan 21
4% Feb 17
18*4
1858
1834
I8I2 *18%
18%
*114
116 |
*114
116
*114
116
*110% 116
*110l2 116
*110i2 116
25
25*4
25
25
25
*24%
25
25
25
25
2458
2478
1*4
1%
1*4
1%
1*4
1*8
1%
138
H4
13s
1U
1%
32%
32%
*3234
3412
*34
3334
34*s
35
*34%
34l2
3312
3414
29% 29%
2978
297g
29*2 29%
30
30%
30%
30is
2934 30
634
6%
684
678
6%
6%
7
634
678
634
684
678
*158
Am Coal Co of Allegh Co NJ25
*46
9438
1314
May
Deo
33% May
79% July 11
23*g Jan 7
10
1,200
Jan
185
115
Feb 15
American Colortype Co
*1534
3*sf
116%
May
*98%May 29
No par
2*2
47*2*
134
24
334
23*4
*3*2
May
18
Jan
June
2*4 July
18%June 6
Apr 22
56
100
*19*4
30*4
1%
134
23*2
35g
,
*23
164
Am Comm'l Alcohol Corp..20
16*2
*29*2
47*4
Deo
7
8
100
35%
3*s
30*4
47*2
24
*11
4878
3*8
*29*2
85%
Jan
34% July
300
*«4
19%
2*2
35
36*2
3*8
185
6*4
*5
«!«
*1534
16*2
*1534
35*2
314
*47
94
1414
*92 7g
212
29
28
19
share
4534
135
Oct
1%
7*2
*1*2
1%
*34
193g
*2*4
10
2*4 July
94
*5
20
212
47
15S
*2212
1138
*1*2
34
30%
3%
47
334
*11
48%
*11
*47
20
2%
'*29%
158
15s
6%
34
:
American Chicle
7
95*4 Jan 10
per
May
May
6*4
16*4
16%
94
165S
20
1612
23
13
""500
preferred
conv
28
128
7
*7*4
7*4
6*4
*9334
*5
*36i2
314
23
23
13
7*4
6*4
17
15g
158
34
1978
*214
3012
47%
3ig
*29%
47%
158
3012
4712
1%
109
94
6%
34
*5
16i2
36l2
*36%
3U
*2914
*4612
158
1%
7
34
84;
*1914 20
*212
284
itlt
109
5%
18
Mar
107
.100
.
Am Chain & Cable Ino.No par
110
1678
17%
*94
9412
*108
*108
110
94
17%
1734
*94
110
108*2 109
*13
16
110
*108
130
14
conv pref
Highest
$ per share $
$ per share
39 June 18
29% Apr 14
100 zl22% Apr
1
Mar
Amer Cable <fc Radio Corp..1
American Can
25
78%May
Preferred
100
17i%May
23
American Car & Fdy_.No par
Apr
Lowest
Highest
S per share
Am Brake Shoe <fc Fdy .No par
Range for Previous
Year 1940
8
25*2 May
Jan
4
4% May
85
June
8
Apr
Apr
Dec
8% Nov
64% Deo
46%May 13
5634 July 14
22% Feb 14
25% Apr 21
11% Apr 25
2934 July 11
35
Jan 6
18
May
32
Apr
20
May
41%
Apr
15% July 11
12% May
22% Mar
June
113*2 Aug
113
11078June 30
9
May 14
Feb 20
5% Jan 25
June 9
3
67
64
2
Feb
Mar
29*2 June
May
100% Mar
May
39*2 May
25%
64*2
9% May
13
8% June
23*2
22%
9% June
9
102
June
7
May
32
3
Apr 28
Jan
6
8% Jan 24
7% Feb 19
13
10% Jan 14
Mar 17
Feb
6% Mar
32*8 Mar
8% Apr
1%
10
May
4
Aug
y
1978 May
6% Jan
8
Jan
Dec
14%
Jan
24*2 Dec
8*2 May
62*2
484
4
May
8%
Jan
Apr
Jan
20
May
30%
Dec
7% June
Dec
13%
23*2
25*4
Jan
Deo
20% May
36*4
18% May
3534
112%
105
May
29% May
May
102
16%
3212
127
Apr
Apr
Apr
Oct
Jan
7% June
9%
Apr
Nov
6712
Apr
Apr
10
8
24*2 May
36*8
17% May
49% June
22% Mar
6634 Jan
Jan 16
22% May
39*2 July
7
Feb
20% Jan 10
57
May 2
32% Apr 21
15%May 23
54%May 26
26%May 12
68% Apr 22
121% Feb 20
23% Apr 18
16*2 Apr 19
6% Apr 18
13%June 4
11
Apr 29
Dec
9% Mar
51
80*2 May
3% May
126
111
12484 Jan
8% Mar
2»4 May
9
Apr
Apr
27% May
112% June
4
May
12% May
104% July
28% Feb 17
June 25
Jan
43% June
57
May
2
Jan
10% July
108
Jan
Deo
22%
18% May
24% Mar 17
31% Mar 24
27
July 8
3
5
Feb 17
x Ex-dlv.
45
82
7
8
9*2 July 18
June 25
MarlO
Jan
Deo
*33
7% Feb 19
80
Deo
95
66
7*2 Apr 4
6*8 Apr 4
29% Mar 26
10*2 Jan 10
8
22
84
9
4% Jan 10
Jan 20
103
Jan
Aug
19
4
Apr 23
18*4 Feb
2534May
Jan
July
49% May
Jan
20% Jan 11
5% Jan 6
6
Apr 23
6*2 Jan
9
72% Jan
23 *4June
28
102
43g May
118*2 Jan 4
8%June 14
27s Jan 11
3% Mar 3
4% Feb 15
7
Jan 14
7
7
2
110% Jan 2
7*2 July 10
50%June 3
2% Apr 17
12*4 Apr 21
5
Apr
9%
31% July
3
May
Apr
Apr
41% July
24% Jan
4
l%May
Apr
Apr
68
24% July 16
6% Feb 14
47% Feb 14
61 May 16
111
Apr 22
6
7%
64%
11
30%May
70%May
60*4 Jan 2
13% Feb 14
13% Feb 16
16*2 Jan 2
19%June 6
107 May 29
13
Jan
35*8 Jan 23
96% Mar 12
9
Jan
May
9934 July 16
Apr 23
18
58*2
4334
87
Feb 19
May
35
Apr
Feb
Deo
9% July 18
8
85
97% June
4
May
15% Nov
4%
35*2
111%
6*8 May
3% May
96*2 Jan
90
May 16
5% Feb 19
26
June
22% May
34% Jan 10
8% Jan 13
684 Jan 10
,
4%May 22
79% Mar
June 17
May
I84 June
■
May 28
6% Apr 18
87
23
111% Jan 16
23
89
8
Jan 13
Jan 20
47% Jan
107
12*2 Jan
30
109% Mar 24
4
May
5
60
4
7
2% Jan 17
Feb 24
1
26
Mar
32
3
63*2 May
131% Jan 28
109% May
14
May
89*2 Jan
28% July 15
22% July 16
10% Jan
18% Jan
4
8
Jan
9
15
15
13% May
11
May
'
90
Mar 13
Ex-rlghts.
May
5*4 May
54
June
39
Jan
93% Nov
134
Nov
34*2
Jan
22*2
11%
Apr
Jan
23%
Jan
16
Apr
95
Nov
Called for redemption^
r
New York Stock
354
WW
AND
HIGH
SHARE,,
Tuesday
July 15
Wednesday
12
Monday
July 14
share
$ per share
$ per share
$ per share
July
per
1678
167g
17%
Jiuy
16
July
97%
97%
28%
♦95%
96
96
97%
45
x45
45
45
45
23%
23%
*23
23
19%
19%
20%
1%
23%
1978
1978
45%
23%
1978
20
20
1978
19%
19%
1%
31%
1%
31%
4%
10%
*4%
1978
1%
31%
4%
10%
20%
32
32
42
42
29
20
1%
1934
19%
1%
4%
17%
28%
16%
*4%
4%
10%
19%
10%
10%
10%
20%
20
3178
*31%
42
*42
23
20%
32%
43
*30%
32
*42
43%
4%
19%
3178
42
*2%
*2%
0#J8
*30%
12
22%
10%
115
*30%
2134
10%
10%
115
4%
69%
69%
7%
4%
69%
7%
26%
32%
18%
27%
33
18%
63
53
*52%
8%
3
*21%
4
10%
32%
7%
27%
18%
18%
18%
*52
53
7%
*26%
32%
32%
6%
2178
*21%
4%
4%
10%
21%
4%
21%
4%
10%
10%
10%
*51
"w
678
13
14%
*
40
37
*36
9434
9%
12%
14%
14%
14
14%
38%
....
4%
4%
2%
36%
"2%
38%
*37%
91%
*8934
*2834
9112
2912
*89%
*28%
91%
29%
91
9%
*70%
17%
70%
71
171a
17%
17%
2%
2%
18%
102l2
15i4
3%
37%
*94%
|1%
70
3
7%
7%
7%
*2%
3
95
33%
234
10
16%
1578
16%
42
42
42
42
*51%
53
6%
6%
*51%
732
7S2
*%2
*'i«
«16
6%
*6%
15%
U
*1%
*20
56%
*10%
104
*40
*2%
*37
%
25%I
*23
57%
10%
56%
10%
104
43%
2%
37%
104
'
%
34% ,34%
143% 143%
*94
94%
*60% 60%
2%
7%
7%
7%
3
*88%
95
31%
32
900
42
*53
52%
42
54
42 34
*52
7
*%
"16
16
1%
*1%
1%
*22%
24%
43%
2%, 2-%
37 ?■■■ 37
10%
*10%
56
104
43%
2%
2%
38
*36%
*135
*8%
9
*12%
1%
13
43
3
"MOO
600
1%
*20
*-_--
3
38
...
500
13
*
3
38
->16
9
38
*135
...
3
15", 800
600
650
43
"MOO
3%
38
38
*135
800
38%
34%
14%
14%
*101% 103
*101% 103
*20% 20%
20% 20%
13%
14
13%
1%
*2%
*1%
17
17
1%
2%
1%
17
16%
16%
3%
3%
*16%
*1%
17%
1%
2-%
*1%
2
16%
17
1634
2%
*16%
*1%
2%
17%
1%
2%
2
*2%
*1%
*16%
16%
2
17
16%
16%
17
*1%
*78%
16%
3%
79
79
79
79
k*58
68
*58
68
*58
68
82
*80
82%
5%
*80
82%
*80%
5%
1%
2%
2
1*78%
*5%
26
79
5%
26
3
5
26
26
16%
3
3%
*5%
5%
26
1%
2%
*1%
16%
17
*58
80
*16%
16%
3%
16%
17
1%
2%
2
16%
16%
10%
%
62%
26%
*
10%
*106
10%
fl16
63
26%
108
10%
108
10%
10%
*106
10%
fl16
%
916
63%
z26%
62%
26%
61%
26%
26%
Bid and asked prices: no sales
on
this day.
23i»
92%May 20
30% Jan 14
22% May
3% Jan 29
80% July 15
43
112
Mar 18
40
Apr 14
Feb 14
1878May 26
116%Marl9
7
66
Jan 2
June 11
1% Apr 22
109% June 10
4% Feb 3
2% Feb 19
125
Jan
2
50% July 15
28% Jan
120%
6
Jan 29
2
May
Apr
May
June
June
May
105% May
"""I60
1%
2%
80
30
700
16%
400
80%
5%
1,000
72
22% Mar 25
17
Aug
2% Jan
115% Jan
3% July
8
July
3%
13
29
15
106
14
4
Jan 13
Apr 2
88
114% Mar
5% Apr
11% May
May
6
Mar
Apr
-..1
278May23
5% Jan 13
3% May
100
22% Apr 21
15% May
No par
15%May 1
100 July 8
17% Feb 15
37% Jan 14
21% Jan 4
106% Feb 10
21% July 9
12% Apr 22
2%May23
34%May 19
93%June 2
44% Jan 13
102% Feb 3
Products
5
par
25
par
7% preferred
100
6% preferred
100
Chicago Yellow Cab..-No par
Chickasha Cotton Oil..
Chllds Co
10
No par
25
Chrysler Corp
City Ice A Fuel
5
No par
6H% preferred
City Investing Co
City Stores
Jan
2
3% July 14
15
5
Apr 28
9% Feb 19
37% Apr22
49
Apr
8
%i Jan
May
22
99% June
17% May
106
1078 June
2% Oct
30% May
84% June
Jan
%i
Jan
6
8%May 22
10% Feb 7
l%June 17
22
June
2
55%May 28
8% Apr 21
3
43
May
6
2% Mar
7
Clev A Pitts RR Co 7 % gtd. 50
Preferred.....
MOO
10%
10%
"4",200
%
716
%
26%
6134
26%
61%
26%
6134
26%
49,600
3,100
8,900
Def. delivery,
w
30%June
24%June 9
98 May 23
82 May 28
48%July 9
8%
Jan 10
6% May
Dec
Dec
41
51% Dec
6
May
lit Dec
%
Jan
Jan 17
%i Dec
%
Apr
% Jan 18
9% Jan 29
14%June 24
%»Dec
%
Jan
778 May
11% Mar
9
2% Jan 27
1% Aug
16% Apr
5% Mar
*x« Feb
%
27
Jan 27
72%
Jan
2
10% Feb
5
104
May
20
Aug
53% May
87«
Oct
June 24
85
46% Feb 20
44
Sept
Sept
3% July 18
July 9
Apr 26
2
May
Mar 11
28% Feb 18
35
June 18
147
June 17
87
60
740
July 16
No par
Coca-Cola Intern Corp.No par
Colgate-Palmolive-PeetNo
34.25 preferred
par
No par
Collins A Aikman
No par
preferred
100
Colo Fuel A Iron Corp.No par
conv
Colorado A Southern
4% 1st preferred
100
6 % preferred series A
100
5%
100
preferred
Columbian Carbon Co.No par
Columbia Pictures
No par
preferred-No
10
100
2%May 20
May 24
62%July 17
69% Apr 29
8
n
New stock,
r
Cash sale,
Jan 30
24%May26
x
Ex-div.
y
Apr
74% Nov
114%
Jan
43% Mar
83% Dec
48
41%
45%
Mar
Apr
Apr
Mar
Feb
10% May
20
Feb
»ii Dec
73
Apr
Nov
63
Jan 13
1% Feb 5
1
Feb 18
4%
40%
133
May
12% May
14%June 24
14%June 9
Jan
141
56
Jan 10
2
Jan
Feb
z60
99% May
20
jan
Apr
98
740
Apr 18
78
Nov
14%
Dec
Mar 19
14
91%
145
114
49
Commonwealth Edison Co-25
2
34
May
3
Jan
99% Apr
No par
Jan
62% Jan 7
July 16
131
110
Comm'l Invest Trust..No par
28%May20
34.25 conv pf ser '35-No par rl02%June 9
Commercial Solvents..No par
8% Feb 15
Commonw'lth A Sou..No par
%6May 19
36 preferred series
106
74
May
46% May
25% May
25% May
14% July
103% Apr
4%May 16
21% Apr 17
21%May20
par
Credit
M % conv preferred
Feb 19
Mar 17
8
11% Feb 14
10034 Feb 15
18%May 5
100
4% 2d preferred
100
Columb Br'd Sys Inc cl A.2.50
Class B
2.50
Columbia Gas A Elec..No par
33%
100%May 12
83%June 27
July
Jan 22
Jan
15%
44%
50
143
12%
8% May
40
No par
Coca-Cola Co (The)
Class A
Dec
Dec
23% May
Feb 14
27
.100
_
44
101
18% July 18
4
Jan
Special gtd 4% stock
50
Climax Molybdenum..No par
Cluett Peabody A Co ..No par
Oct
May
30% Apr
29% Mar
4% Apr
44% Jan 9
53
July 15
8
%
95
100
Jan
8% Feb
38% Dec
10% July 11
100
5% pref
41%
5% July 14
278 July 11
3% Mar 20
5
2%
1% July 14
>%»Mar 20
100
Clark Equipment
No par
CCC A St. Louis Ry Co
100
18
%Mar 3
1% Mar 12
5
preferred-..No par
Prpf (32.50) cum div No par
tChic Rock Isl A Pacific.. 100
conv
Jan
June
100
conv
32.75
3%
1% May
1% Dec
Oct
Chicago Pneumat Tool.No
4
Apr
Sept
22% May
.50
Commercial
26%
3478 July 12
5% preferred
Chicago Mail Order Co
500
1,800
Feb
May
Feb 19
Preferred series A
100
Chic A East 111 RR Co.No par
Class A
40
Chic Great West RR Co...50
"
Dec
12%
June
27
JChesapeake Corp
No
Chesapeake A Ohio Ry
460
2
17
121
May
48
97
6% prior preferred
5%
Jan
Dec
56% Jan
35% Apr
86%June 13
100
Cerro de Pasco Copper.No par
300
75
126
Jan 14
May
800
92% Dec
32% May
3% Nov
5
7334
Jan
6
39% May
20
40%
45
42% May
10%June 10
6% Mar
Dec
May
100
Anr
Apr
o
Aug
May
108
a
De
26
10%
f In receivership,
19%
25
Apr23
Jan
Jan 17
Jan
Feb
Feb
Apr
May
2% Apr 28
3%
Jan
Nov
1%
8%
4% May
11
108
%
26%
3
6
41
13%
May
Jan 10
10%
61
3978 Apr
Jan
Apr
Sept
26% Feb
52% Mar
1
6
Jan
5
May
14
50% July
6
Jan 10
7%
23%
15%
Jan 24
82%
%
1% Jan
7% Jan
27
20
l%June 11
10
10%
Jan 24
63
26
tCentralRR of New Jersey 100
Central Violeta Sugar Co
Century Ribbon Mills.No par
33
21% Mar 29
Oct
82
114
2,300
Jan
Apr
May
Feb 14
20
12%
5%
16%
May
2%
29%
278
36%
75%
22
Oct
Jan
9
110
300
36
35% Nov
21%
39
6
8
*15%June27
Certain-teed
9
Jan
4% July
Central Aguirre Assoc .No par
Central Foundry Co
1
Central 111 Lt 4^ % pref__100
200
63
100
12
Clev El Ilium 34.50 pf.No par
3
*106
100
Jan
9434 July 16
17% May
2% May
6% May
Clev Graph Bronze Co (The). 1
78
%
63%
26%
Case (J I) Co—
Preferred
Caterpillar Tractor
No par
Celanese Corp of Amer.No par
7% prior preferred
100
Celotex Corp
No par
5% preferred
100
11%
4
June
68
108
3
May 7
3% Feb 13
9
Jan
56
*76
*106
1
438
Jan 15
*62%
80%
108
%
63
34 May
2%May
37%May
86% Feb
No par
33 preferred A
10
Carolina Clinch A Ohio Ry 100
Carpenter Steel Co
5
Carriers A General Corp
1
6% July
2134 July 16
85
200
26
*106
Dec
May
Apr23
79
5%
2
5% May
4% May
73
62%
82%
5%
5%
"7%
334 Jan 10
23% Jan 27
-.100
*77
3
Jan 16
Dec
6% Jan
72% Nov
8% Nov
Jan 13
834
Jan
17% May
12% May
July
3:62%
*80%
5%
3
53%
3% May
20
May
79
3
34% Jan 6
3334 Mar
18% July 18
May 119
24
1,200
5,800
3
May
124
16%
26
26%
*25
26
*25
26
*25% 25%
2538
25%
25%
25%
25%
25%
25% 25%
25% 25%
*101% 103% *101% 103% *102% 103% *102%
103% *102% 103% *102% 10334
32%
32%
32%
3234
32%
32%
32%
32%
32% 32%
32%
32%
*106
108
Cannon Mills
10
...
*16%
1%
*2%
*1%
*16%
16%
May
38
1,500
13%
*16%
3
21
139
2,900
13%
13%
13%
13%
102% 103
102% 103% *102% 103% *102% 103
20
20%
20%
20
20
20%
*20
20%
*111% 113% *111% 113% *111% 113% *111% 113%
*111% 113% *111% 113%
17
97
Jan
Apr
Apr
12% Nov
6% May
Jan 17
5% Jan
73% July 16
z7% Jan
6
Apr 26
"""loo
25%
37%
29%
July'
5
36
30
.
14%
12% Jan
900
38%
34%
*720
May
14% May
May
Ginger Ale
5% preferred..
*49
*720
27
200
*73%
75%
*73% 75% *73% 75%
112% 112%
112% 112% *112% 113
*30
30%
30
31
30%
31%
*30
30%
100
*100
100%
100% *100
100% *100
100%
*83%
85% *83%
87%
*83% 87% *83% 87%
740
Dec
139
...
*73%
75%
112% 112%
50
50
50%
*50
51
50
50
38%
38%
38%
38%
38%
38%
38%
34%
34%
34
34%
34%
34%
33%
33%
140
145
*140
144% *140
144% *140
143% *140
143%
*94
*94
94%
94%
*93
93%
94
93%
92-% 92 34
*60% 60%
60%
60% *60%
61
60%
60% *60%
61
38%
12%
Jan 13
118
5% Feb 19
Canada Southern Ry Co.-100
Canadian Pacific Ry
25
Chile Copper Co..
2478
55%
56
55%
55%
*10%
10%
10%
10%
102% 102% *102% 103
10%
43
100
*8%
56%
2%
37%
500
*12%
104
*
732
516
*%6
16
12%
25
400
54
*%
*%6
12%
1%
*20
300
14%
Jan
*5% Nov
11%
50
Checker Cab Mfg
1,100
1%
6% Jan 14
34
No par
Cham Pap A Fib Co 6 % pf. 100
Common
No par
19,500
May
44% Jan 13
2% Jan 13
40
California Packing
Callahan Zinc-Lead
300
42%
38
41% Nov
53% Apr
4% Nov
24% Sept
15% July 11
No par
Participating preferred.. 100
Byron Jackson Co.....No par
Chain Belt Co
14,900
2,600
21,500
May
1078June
Byers Co (A M)
100
300
27
Jan
Canada Dry
5
900
3,700
41
1478
30
400
8,000
Apr
26% Nov
10%May 16
5% conv preferred.
Butte Copper A Zinc
780
13,000
14
14
Mar
13% May
1
10
Preferred
*3%
3%
3%
3%
31% 32%
32%
33
18%
18%
18%
18%
18%
103
*102% 103
*102% 103
21
20% 20% *20% 21
*14
14%
14% *14
14%
3%
3%
3%
3%
3%
39
38% 38%
37% 38%
98
*96%
98
*96% 98
1%
1%
1%
*1%
1%
5
5%
5
4%
4%
2%
2%
2%
2%
2%
9
9%
9
9%
9%
6%
*6%
*6%
6%
16%
16%
1738
17% 18%
16
104
3
11
7
13%
Dec
May
15% Jan 2
4% Feb 17
19%May 29
3
Apr 16
7% Apr 21
76% Feb 14
7% Apr29
16% Feb 20
51
Mar 11
%June 2
95
3%
1%
*
*2%
*88%
31%
230
2,000
12%
10%
1,400
2,200
3
*1%
56
1,500
4,000
3
17g
104
60
17%
2%
111%
*111
12%
56%
10%
290
1,800
70
3
*lo
25%
56%
4,700
4,100
9%
111
7%
*2%
42
740
14
*16%
2%
9
104
9%
17%
2%
80
25
119
119
*69
*8%
*23
24%
5,700
49
9%
9
25
100
300
3
3
*%
%
100
91%
29%
48%
Bldgdep7% pf 100
Bros
Capital Admin class A
31%
52%
%
500
38%
111
'18
*135
39
2%
6%
"9,soo
4%
36%
234
*234
25%
*8%
12%
*73% 75% *73% 75%
112% 112% *112% 112%
30
30
30%
30%
1*99% 100% *100
100%
1*83
87% *83%
85
i*48% 50% *49
50%
39
4%
53
%
4 32
12%
"1%
1%
16%
*28
49
3
42
an
9
12%
178
*3%
38%
*96%
6%
"16
*8%
14%
16%
*%6
9
21
52%
5234
•7
103
42
14%
39
4%
36%
*2%
*37%
91%
8
25% Jan
Apr 21
15
23%June 6
27% Feb 16
15%May 3
49 May 8
*7%May 1
2%May 1
1
5% preferred
4,100
1,200
2,700
33
*18%
*41%
12%
70
17
33%
9%
29%
278
95
33
3%
2%
38%
119
*69
3%
7%
*2%
*88%
32
36%
9%
111
3%
*88%
119
17%
2%
*2
111
2%
z33%
47%
24%
70
17%
334
3%
3%
33%
32%
33
*18
1834 *18%
18%
101% 102% *102
102%
21
21
21
21%
*15%
16
15%
15%
3%
334
3%
3%
38%
3834
38%
39%
95
95
94%
94%
1%
1%
1%
1%
5%
5%
5%
5%
2%
234
2%
2%
934
10
10%
5%
32
70
334
*612
1578
*8%
12%
70
17%
18
2%
2%
111% 111%
67g
*12%
14%
79% 80%
78%
*116% 120
*116% 120
50%
25%
25
1,300
"Moo
1
9
No par
No par
...
Terminal
Butler
52%
77
118% 119
9%
9^
9%
33
1%
2%
9%
111% 111%
234
234
7%
8
*2%
3
*88% 95
34% 3434
3%
33%
18l2
102%
2H4
15U
3%
38%
97i2
15%
9%
2%
79%
49
4%
91
*28
3
*116% 120
50%
25%
25%
118% 119
49%
118% 1187g
9%
80%
119
91
29%
2%
76
20
*
39
600
2,200
2,400
500
38% Nov
May
4%
Calumet A Hecla Cons Cop..5
Campbell W A C Fdy..No par
1,800
230
9%
6%
91
*28%
3
118
9i2
71
2%
112%
2%
*7U
7%
*2%
3
*88%
95
3434
3478
*20%
76%
75%
*2
3%
*2%
77
*11634 120
49
49%
25%
2534
*2
*111
*32%
3
94
1
38% *....
4%
4%
37
36%
2%
*2%
38%
*37%
....
4%
37
*36%
*2%
*37%
49l2
25%
25%
*118
118-%
*51
14
234
118
20
52%
12%
38%
49%
20%
*51
7
*2%
118
19%
10%
9%
13
*36%
*278
*92%
9
12%
2%
3
10%
94
14
7
4
*9%
13%
38%
77%
21%
26
4% July 15
12% Jan
2% Jan 3
5% Feb 14
Burlington Mills Corp
1
Conv pref 32.75 ser..No par
Burroughs Add Macb..No par
Bush Term
4
10%
Budd Wheel
Bullard Co
430
21%
June
127g May
% Dec
39% Jan
8% Apr 19
18% Apr 22
30% July 8
38
Apr 18
100 zl09 June
No par
3% Feb
100
51
Feb
No par
5% Apr
Bulova Watch
Bush
4
94
9%
20%
52%
7% preferred
G) Mfg
7% preferred
Budd (E
500
21%
3%
10%
17
70% Mar
29% Apr
24% Mar
2578 Jan
2% Jan
31% July 16
3,300
20
May
20% Jan 10
20% July 10
178 Apr
3% Apr 23
No par
Apr
19
23% Mar 21
2-%
578
1
4%
37
20
99
Jan 18
Jan 16
400
600
Jan
54
19% Apr24
400
1,700
Nov
30
8%
57g
"ig
*2i2
29l4
21%
8
6
*50%
*3712
*8934
2914
*2%
77
20%
5%
ui«
67g
14%
4%
53
*2%
52%
13%
40
4%
53
8%
2.%
20%
*51
7
13%
*13
7%
18%
20
«»•
1,800
3,600
18%
9%
20%
1
72
53
21%
6%
21%
4%
10%
94%
6
2,200
4,500
34
Apr21
10
4%
*32
*20
9%
20%
52%
I07g
28%
123%
10
Brown Shoe Co
120
4%
71%
7%
26%
12% Aug
19% May
May
51% Dec
Jan
23% July 11
7g Feb 19
30
Apr 8
Bruns-Balke-Collender.No par
Bucyrus-Erle Co.
5
10%
18% Jan 27
Brooklyn Union Gas..No par
100
18%
8%
2%
MOO
1,200
Highest
S per share I per share
35
Apr 18
16
Bristol-Myers Co
5
Brooklyn A Queens Tr.No par
Bklyn-Manh Transit..No par
"
700
53
8%
2%
5
21
*115
32
15
100
32
26%
32%
18%
8%
92
9%
7
11%
18%
*2%
21%
21
92
32
300
2%
6%
53%
6%
92
*26%
32%
300
42
21
4%
71%
7%
27%
71
26%
18%
278
120
4%
73%
7%
*53
53%
8%
20%
934
1978
15%
*36
7%
27
*115
70
6%
l
15j8
7278
2034
z91%
13
4%
100
31%
*3078
10%
70%
7%
*26%
*32%
3,000
32
10%
8%
2%
7
414
70%
20
5,800
Year 1940
Lowest
111% Jan 23
17% Apr 26
18% Feb 19
Bower Roller Bearing Co
.5
Brewing Corp. of America
3
Bridgeport Brass Co
No par
Briggs Manufacturing.No par
Briggs A Stratton
No par
21%
10%
*113%
4%
12% Apr 21
25% Apr22
90 May 9
38
Apr 29
1
300
*30%
4%
Inc
2,200
32
10%
Borden Co (The)
Borg-Warner Corp
Stores
4%
10
11%
10%
Bond
Boston A Maine RR
12
*113%
4%
440
1,900
900
12
21%
10%
3 per share
Brass...5
5 800
31%
*40%
*2%
6%
6%
% per share
Bon Ami Co class A...No par
Class B
...No par
1%
31%
20
19,
Range for Previous
Highest
5
Bohn Aluminum «k
130
I97g
19%
22
22
Boeing Airplane Co
2,400
9%
31%
42%
2%
*2%
6%
8,900
*4%
20
*30%
*40%
Par
1%
31%
4%
9%
20
Shares
19
32
9%
Lowest
97%
46
23
44%
22%
19%
19%
19%
1%
Range Since Jan. 1
On Basis of 100-Share Lois
1678
31%
*96
46
23
*4%
12%
10
20%
52%
*50%
*30%
22
16%
31
97%
*31
6%
31%
31%
31
45%
22%
19%
19%
*1%
2%
*12
*21%
4%
94
19%
*2%
6%
8%
3
*234
20%
6%
20%
6%
21%
4%
10%
94
2%
31
share
per
July
EXCHANGE
Week
S
16%
*94
STOCKS
NEW YORK STOCK
the
July 18
17
16%
1978
10
12
*21%
4%
8
8%
3
20%
6%
12%
3l%
22%
'10%
*2%
*6%
12
*114
4%
7%
*26%
*32%
18%
6%
I
12%
31%
*22
2%
6%
2%
o°S
12%
17%
29%
97%
45%
23%
29
29
19%
1%
31%
*4%
10%
197g
134
32
*31%
32
1634
Sales
Friday
S per share
45
*31%
CENT
Thursday
17%
28%
97%
*28
NOT PER
for
Saturday
$
SALE PRICES—PER
Record—Continued—Page 3
30%
178
Jan
278May
2
8
2
9
6
Mar 31
94
June 102%
16% May
108
May
1%
1%
Dec
Oct
35%
112%
24
4%
5%
5
Dec
Apr
Feb
May
Apr
Apr
Apr
21% Jan
6
16
May
26% Mar
21
Jan
6
16
May
26% Mar
478 Jan
9
4% May
67% May
7% Apr
93% Apr
82% Jan 25
72
Apr 2
83
July 11
6%
Jan
6
26% July 15
59
June
71
May
3% May
79
Jan
98%
Apr
8% Mar
31
Mar
7
14% May
27% June
104
Jan
6
95
June
377g Jan 10
32
June
56
Apr
June
113
Mar
110
Jan 15
11% Apr
»ie
3
Jan
65% July
2
97
8
2
30%
Jan 11
Ex-rights.
May
%
42
Dec
May
25% June
26
48
108%
16%
Dec
Jan
Feb
Apr
1% June
73%
Jan
33
Apr
H Called for redemption.
New York Stock Record—Continued—Page 4
Volume 153
355
AND
SALE PRICES—PER
HIGH
Tuesday
Monday
Saturday
July 12
July 14
July 15
$ per share
$ per share
$ per share
*3*2
*1634
3*2
3*2
*33s
♦165s
358
17
♦1634
34i8
3412
343®
13*2
*127g
17
16%
16%
16%
33%
12%
3234
33
*12*4
90
*87*4
89%
*87%
*95%
98
127g
88
88
*87*4
*97
97
96*4
19*4
9978
99*2
19*2
997g
1*4
*1
***16
1*8
10*4
103s
2%
19*4
10*2
234
6*4
10*2
*25g
6*8
*138
*5*8
*24*2
2%
26
1534
13*2
13%
13*4
*»!«
' *16
»16
»16
16
16*8
1634
16
*53
179
4
'
**16
**%«
16*2
9934
*16*2
17
8
8%
2234
42
42
9*8
47*2
1934
4
1634
8
8
*111
112
255s
2578
29
29
22%
22%
87g
22%
42
42
3,400
1,100
Crown Cork <fc Seal
900
42
42
42%
5%
91%
91*2
5
5%
97*2
*91
*57
*4%
5*4
1
2934
9
*44
28*2
47*2
20
4
1634
*38
38*2
8%
165g
1534
78
9
35
18*4
17
75
75*4
5
5*4
5
*91
97*2
59%
*91
95
*55
59%
*55
*55
1
11%
334
2934
9
28*2
*44
2934
9*4
28*2
47*2
40*8
2934
*44
47%
20
1534
15%
71%
71%
*77g
8*4
8
8
35
1734
17*8
7478
13134
*8*4
*3434
18*4
16%
73%
8%
35
4%
%
17g
167g
7414
16%
16%
73%
36
34
35*4
33
33
30%
30
30%
3278
32
32
*76
4*g
79l2
*82*2
84
*43
4*8
*82l2
44*2
4*4
767g
84
*88*4
887g
**32
3i«
*16
*1*4
1%
1*4
1%
1*4
1*2
*1*4
*73
*3*8
3%
3*8
7*4
7*4
7*4
28*4
**16
*2
28
1*2
3*8
7%
28*4
*2
41
41
41
20*4
12*8
95
1934
20
*11*8
*91*4
11*4
"'2418
*13%
2478
13*2
11*4
94%
247g
13%
*91*4
*243g
13%
3
3
*%
'18
*2078
21%
*90
92*2
4%
77*2
*82*2
84
137g
41%
*1*4
*3
88*2
1%
1%
1%
3*4
7%
28%
28%
*157g
27*4
14%
%
2
2
14*2
%
17g
3478
*32%
17®
*32
*43
43g
*76
88
22
22%
92%
*13*2
13%
Bid and asked prices; no
41
16*4
28
1478
No par
No
Dresser Mfg Co...
par
1
Dunhlll International
No par
100
Du P de Nem (E I) A Co...20
No par
$4.50 preferred
347g
33
200
29%
30
2,300
327g
3134
32%
4%
43
43
*110
4334
111
111
4*8
*31%
43%
4*8
4*8
76
*76
78
200
82*2
83
83*2
*81*2
83%
400
88%
88*4
88*4
89
90
89
200
1%
1*2
*1*4
78
1*4
*73
1*4
78
*3
3*8
7*2
*7
27%
%
41
13%
3
3*8
24*2
*13
*2%
*%
40
1%
2,400
1*2
500
*1*8
78
*73
3*8
*3
7*4
19*4
19%
1,600
lO7®
107g
96*2
25*4
300
'""560
13*4
27g
600
9
900
13*2
3
247®
13*4
*2%
21
92%
*90
14
41
sales on this day.
41
T,406
*91%
*90
21
%
1178
19
*13%
22%
1,400
96*2
24*2
1378
21*4
800
40
92%
*2
7*4
*%
40
*%
2:207®
71«
300
28
28
%
*%
39%
24%
28%
1*4
1%
7*4
287g
1,500
1*4
1*4
1%
3*8
3*8
7*4
4034
1,900
76
1*2
13%
400
400
190
111
111
4*4
32
43%
77
1%
*90
1,500
34%
33
1*4
*13
4,800
30
»i«
41%
14
4078
f In receivership,
1,700
92*2
14
21
500
41%
a Def.
""500
2,500
delivery,
Oct
5i2 Mar
18*4 Nov
Apr
83g
Jan
Nov
Apr
193g
8% May
Jan 10
Jan
June
114
2358
Apr
Jan
Dec
578
Jan
23g
tii Dec
1212 May
257g May
32
May
4«4 May
3
1212 May
56I4 May
6
Dec
9
Jan 30
84
Jan
23U
Jan
363s
43>4
Apr
Feb
lOig Feb
20% Nov
86
Dec
143g
Apr
38
Feb
3012 May
May 31
23% Jan 28
14
Apr
14*4May 31
63% Feb 19
120
May 26
17% July 14
lllg May
24%
2378
Jan
9
141% Jan
4
65'8 July
127U Nov
79
Jan
8
113%Mar
1
23*gJune 24
6% Jan 8
9% Jan 6
117
Jan 9
138
1
16434 Jan
17% Feb 18
4
Apr 21
6%June
5
May
7
May
1434
5
Jan
May
912 June
Mar
Jan
Jan
189*4
114
May
12938
Apr
Dec
112*2 May
.25*4 June
11884
Jan
1
5*4 Jan 23
3
May
9
Apr
10
1384
120
Oct
May 14
24
30
146*2 May
113
128%June 11
118
May 2
34
Jan 2
12078 Feb 14
Jan
947g May
171
Apr
44*2 May
6*4 Nov
142
4
117
June
I6634
Jan
Apr 29
7
182*2 Jan 9
367g Jan 10
155
June
180
Deo
22
May
37
Apr
2
6
3
25
14% Feb 14
Apr 21
16*4 July 17
3378 Jan 10
17% Jan 6
17*8
4134
Apr
Ind Am shares...
preferred........No par
No par
Battery...No par
El Paso Natural Gas
3
Endlcott Johnson Corp.....50
5% preferred
100
Engineers Public Service....1
$5 preferred
No par
$5H preferred..
No par
$6 preferred
No par
Equitable Office Bldg..No par
J Erie Railroad
100
4% 1st preferred
100
4% 2d preferred
100
Erie & Pitts RR Co
60
$7
$6 preferred
Elec Storage
Cleaner....6
Evans Products Co
5
Ex-Cell-O Corp...
3
Exchange Buffet Corp..No par
Fairbanks Morse & Co.No par
Eureka Vacuum
Fajardo Bug Co of Pr Rico..20
Federal Light & Traction... 15
$6 preferred
No par
Federal Mln <fc Smelt Co
2
Federal-Mogul Corp
—.5
Federal Motor Truck..No par
Federal Water Serv A ..No par
Federated Dept Stores .No par
4conv preferred
100
Ferro Enamel Corp
1
Fidel Phen Fire Ins N Y.$2.50
stock,
May
May
29
Electric Power <fe Light-No par
n New
323® Mar
160
Edison Bros Stores Inc
Elec <fe Mus
Jan
35*2 Oct
ll3g Mar
120*4May 26
Electric Boat
400
Feb
May
4
Co
Electric Auto-Lite (The)
3478
33*4
1*4
24%
400
51
..100
Kodak (N J).No par
6% cum preferred
Eaton Manufacturing
2,900
30
1*4
19
60
3,200
®I6
28
:
1,900
30
19
*90
26*2
2
*107g
*91*4
4034
14%
***16
19*2
13*2
41
16*4
27*2
11%
92%
41
*4
4
140
112
25*2
16*4
94*2
217g
13%
112
27%
*91*4
21%
700
*125% 127
16
*1034
*%
Doehler Die Casting Co No par
8% preferred
4,000
86
17
No par
17
293g
4i2
117g May
10% Jan 10
18% Jan 11
37
Duplan 811k
114
2734
15%
1134
94%
2478
13%
3*g
7ie
716
300
7
16
*516
3
1,400
47g
*6%
27*2
1478
40*4
3*8
21
*4*2
41
8
Eastman
*2
13%
21
13*4
Apr
Douglas Aircraft
Dow Chemical Co
45t2
28 *8 May
34
1,000
41
1934
*24%
300
Feb
Dec
Apr
21
No par
2,300
*s16
19*2
4,700
Jan
9H2
2934 Jan 24
18% Jan 2
23% Apr 7
17% Jan 10
297g Jan 11
4*4
4
4
4034
*91*4
73%
131
Deo
87s May
2378
9
par
Deo
414
133g May
3
No
475s
3% May
107
June
May
Dome Mines Ltd
9514 May
199
Jan 24
Apr 21
140
140*2
139% 140
139*2 140*4
177*4
177*4 *176
177*4 177% *176
33%
33*4
32%
3234
3234
33
*73
78
4,400
21*8 May
23
I334 May
83gMay 20
7
Class A
Jan
Feb
257gJuly 11
114
May 23
12%May 12
68%May 22
Apr
Nov
60
3
13
27g July
82*2
7%
*11
73*2
900
18*8
16*4
2
No par
H2
2414
106
Sept
334 July 18
17% Jan 10
20
21% Apr 29
3434June 12
678 Apr 21
Dec
712 Apr
14% May
*i« Feb 26
111*4 July
aI«
1%
18*3
15%
200
5% pref. with warrants.. 100
Dlxle-Vortex Co
No par
6t2 July
2H4 May
42
4
*i» Jan
Oct
June
2934 Dec
4% July 15
5
111
*75
7%
34*2
34*2
Diamond T Motor Car Co
Distil Corp-Seagr's Ltd
100
Feb 19
9
1%
31
9
2*2 Feb 19
Eastern Rolling Mills
3278
4334
25
900
60
109% July
Duquesne Light 6% 1st pf.100
Eastern Airlines Inc...
1
35*4
*1*4
126
6% partlc preferred
600
157% 158*2
111% 111%
26%
2634
Raynolds A..No par
Diamond Match...
No par
Devoe &
8*s
*105
159
126
27%
3378
*%
*90
478
7
126*4
2978
111
600
100
Delaware & Hudson
15%
70*2
8
15%
*69
%
178
760
400
38%
38*2
*126
131
112
3478
88%
16%
73%
21*2
158
*32*2
4*4
3434
18*2
7
*6%
114
11634 *105
159*8
17
277g
*27
7%
8
*4%
4%
30l4
43%
8*4
15*2
71*2
*2078
21
35%
3378
*73
78
*5ie
*126
38*2
14%May 26
6% Apr 18
3,700
*37g
*16
1*2
737g
30
35
111
8834
78
15*2
73*2
*31*2
8834
1*2
*18*8
*32
110*2 111
76'8
1%
3434
131
%
1
2
35*2
4412
110*2
*734
18*2
139*2 139%
13934 13934 13934 13934
177%
177% *175
177*4 *175
32*2
32%
32% 32%
*32*4
32%
16
16
16
*15*2
16 ! *1534
28
277g
27*2
28%
28*4
2834
15%
15*4
15-%
15%
15%
15%
34
*8%
15*2
8
18%
131
17
2734
*69
35
18*2
4
4
8%
1 534
20%
17
16%
27 -v
*38*4
74
*3434
132
132
8*4
1534
*69
*778
*175
1%
"7" 700
fDenv & RG West 6% pf.100
Detroit Edison
20
20%
8%
1 534
78
1%
Delaware Lack & Western..50
20%
8-%
*%
5,500
%l
Apr 21
14%june 26
19,700
4
6
29*2 Jan 10
10
4*8
20%
.
2
4734 Mar 29
20
July 14
20
Preferred
DIesel-Wemmer-Gllbert
Jan
May
45% Dec
34% Feb 10
9% Jan 9
2
7*4 Feb 14
24% Apr 22
42% Feb 4
15
Apr 18
3
May
May
75%
6
l7g Jan
2
18% Feb 19
27
Apr 30
11%
20%
38*4
Dayton Pow <fc Lt4>$% pf.100
Deere & Co
No par
11*2
20*2
17
DavLson Chemical Co (The).l
170
700
20%
28
25
800
20*4
1634
5% preferred
15
20%
17
38%
5
Davega Stores Corp
29%
*316
*27
No par
Cutler-Hammer Inc
13,800
%
4*8
July
15
11*4
4
Class A
12
75
25
3
978 May
19% June
28
Jan
184
Jan
Apr
16*2 Jan 25
..No par
1
1
May
Jan
Dec
60
Jan
70
6H2
65is
45U
3% Aug
45
Jan
Apr
25U May
734
387®
July
May
91% July 9
58
July 14
Feo 15
Feb
33
3% May
Oct
IS4 May
July 18
29%
15%
11*4
12
Curtiss-W right...
Conv
3% Feb 15
484
25
3234
5% July 15
6
4078 Mar
Dec
*2
5%June 27
98*2 Jan
9
35
""600
8
25%
29%
247®
400
Apr
l%May
Jan
Apr
Apr
1838 June
9
7
Jan 16
47% Jan
No par
111% 112
25
25*2
*316
*71*2
*4
29%
*14%
"f,600
16%
%
*12734 131
21
21
2078
2034
21%
21% 213s
43®
434
4%
*434
5*8
*434
5*8
7
*634
*6%
*6%
7
*65g
7
*105
11634 *105
11634 *105
11634 *105
158
159
15834
158% 159
159
160
125%
125% 125%
124*2 124%
*124*8 125
112
111*4 111*2 111*4 111*4 *111% 112
27
27%
267g
26*4
2634
26*8
26*2
4*4
3*2
3%
1634
7%
8
111*2 111*2
3%
*15
*ht
1634
74l4
19*2
19*4
3%
19*®
15% Jan
92
25
Cushman's Sons $8 prefNo par
%
27%
38*2
*130
*44
*3I«
38*4
1634
47*2
2,700
4%
16*2
1734
23,900
4*8
27%
*3434
800
9
28
11%
38*2
1534
32
878
o
4%
1134
4
4
Prior preferred
*29*2
28%
45*2 Jan
7
1
9712
49U
914
36
9
July 15
27% Jan 10
6
ll%May 6
1978 July 15
78June 23
5
Preferred
31%
9
28*2
*297g
87«
17
Jan
417g Feb 20
preferred
200
*19*4
9*4
28-%
4
19
100
Curtis Pub Co (The)
conv
June
No par
1,100
22*8
35
12%
1178
27*2
16%
35
*20*2
5^%
June
...30
Cuneo Press Inc
7iiSept
13
72
Cudahy Packing Co
*44
30%
9
28*4
1934
38*2
*27
39
1,700
1
*35
""206
May
75
100
Preferred
5,700
*21
10
Sugar
Cuban-American
13*8
13%
13%
22*8
13*2
1
*33
5,200
4
Jan 16
107
82%May 2
35*2 Apr 14
82
May
78 Jan 14
1978 Jan 10
7
7
7
19%May 28
No
8
182*2 Jan 16
47g Jan 4
Apr 18
39% July
11% May
5% conv preferred
100
Cuba RR 6% preferred....100
97*2
59*2
1
*21%
1
<
47g
$5 conv preferred
130
5
*91
5%
No
Crucible Steel of Amer.No
1,900
4%
*4*4
4*2
'
*13%
21*4
89%
8912
89%
4*2
1934
1934
*3*2
3%
*3%
334
*3*2
*15
*15
1634 *15
1634
*734
8
*734
8
♦734
111
*111% 112
111*4 *111% 112
2434
2534
25%
2534
25*4
2534
*29
29
29
29%
2938
29%
15%
15*4
15*4
15%
15*2
15%
1934
*27
*83g
4%
89*2
91*2
4%
1334
22*8
197g
2934
20%
*15*2
5
5*2
97%
59%
90%
41%
*35
9*4
28*2
9134
14
14
42
*35
13%
13%
2,200
43*2
43*8
14
conv
$2.25 conv pref w w..A7o
Crown Zellerbach Corp
110
203s
16%
2734
•
87g
*22*4
19,300
20*4
*13%
41%
600
13
96'4May
1478june
43g Jan
preferred
Cream of Wheat Corp (The)
Crosley Corp (The)
No
86*2
*2
19i2
17
87g
227g
% Jan
Crane Co
270
1
Coty Internat Corp
1,100
99%
99*4
*16%
42
8%
2,500
5%
Mar 31
June
15% Mar
47
May
41
May
40% Dec
165
May
51*2 July 18
334 Apr 23
16%
%
42%
**16
*40%
*16%
13*2
71«
*28
34
16*2
9934
41*2
*sl«
*1*8
Coty Inc
*85*2
1534
115s
3%
*73
5,700
13%
35g
4%
140
4
4
42
170
Preferred
*175% 180
85*2
■
2834
110
Jan
5
42% Apr 21
Corn Products Refining.
108i2 Deo
1912 Apr
153s Jan
1% Apr
1618 June
18% May
Jan 24
52*2
13*2
20%
30
*4278
56
85%
91*4
*4i2
1*8
43
*32
Feb 18
40%May
4,200
14
22
30%
52
Corn Exch Bank Trust Co.
""290
86*2
14
20'>g
1*8
*35l2
*32*2
Apr 21
43*4
58
*4
13
86
1334
*3434
*175g
Copperweld Steel Co
Conv pref 5% series
42%
58
*77g
2,800
86
14
*71*2
16%
4334
137g
58
16*2
15% Apr 25
86
*13
11*2
Continental Steel Corp .No
43
*57
*15*2
1,100
14
*91
*3*2
20*4
51
9
2234
16*2
2
25
87
5%
*15
9934
17*4
878
Jan
*16*4
167g
9
22%
*16*2
4*8
19
51
Apr
Apr
Jan
6I4 Nov
2334 Nov
214
45g May
277g May
2
May
87g July 9
42
July 15
24%
14
93
1934
34
16*2
1
70
33
102% July 15
40*2 Jan 8
6% Feb
Continental Insurance..
7ls May
% Dec
1*8 Mar 31
3
31%June
Fibre
97g May
25% July 15
23*2 Jan 14
1878 Jan 2
4
**16
Continental Can Inc
Jan
Continental Oil of Del
56
100
79
8% preferred
Continental Motors..
44
51%
16%
n16
16*2
100
Continental Bak Co cl ANo par
Class B..........
No par
9,900
*86
*91
*44
3<
17
9934
17*2
12% Feb 15
7% Feb 19
7ioJuly 17
11,900
*43*2
4
93*4 May
Apr
818
884 May
106% Jan 22
16*4June 24
14% July 7
41%
3*2
*53
50*2
27% July 16
2
Apr
I0i2
4i2
2ig May
6% July 16
4
July
Feb
110% Mar
1% Jan
2% May
512 May
7g Dec
Jan 13
17gJune 23
6
3
35*4 Feb 14
258May 26
17% Feb 24
56
*175% 180
July 10
3%
6%May 21
15% Feb
300
44
4
% Aug
5% May
3,600
*53
50*2
4
7
Deo
97g
32%
4% May
97U May
1*4 July
Apr
99% Deo
213g May
9
41%
1834
16%
16
100
8*8 July 10
8%
3,400
Jan
23% Jan 13
11
Jan
Feb
Apr
May
May
7%
107% Jan
35*2
3%
75
99
100
Continental Diamond
63
Jan 15
May 26
*8*2
z44
*175% 180
25
conv preferred
97% Jan 28
3434
8%
4134
3*2
2484
42
834
*22%
2234
42
5
9
5G%
4
6% pf.100
Consumers Pow $4.50 ptNo par
Container Corp of America.25
6,700
56*2
45
50%
179
4
3%
16,500
45
*53
44%
49%
50
3%
56
44
180
17
91
2S58
41*4
16
17
9934 100
43*4
30
4134
3*2
18*8
3%
'*16
14
*....
8%
24*2
1634
8634
1
834
41%
42
3*2
37g
2234
4212
*20*2
36*4
*8%
18
4978
34
*4*2
5*4
3534
834
8,100
101% 101%
101% 102%
35
3578
25
180
4
90*2
102
16
17*4
9934
17*4
4234
101
"2" 800
5%
May
17% June
103
2%June 2
z5% Apr 14
34 Feb 15
27g Feb 15
5
Consolidation Coal Co
500
18
56
14
5,900
24%
44i2
*85
200
18*2
16%
*44
8
1%
25*8
*53
8
*1*4
2434
44t2
*42
1%
*1734
56
*22*2
1%
18
*53
17*8
No par
18
*155g
9934
Consol Laundries Corp
Consol Oil Corp
245g
35g
17*4
No par
1,700
11,500
4134
41%
3%
245®
18%
1578
*378
$2 partlc preferred
2%
6*8
417®
334
25
834
4112
***16
2,300
234
6
614
243g
31%
2% May
14
8
% Jan 2
7% Apr 14
1
6%
26*2
36
95
par
234
Consol RR of Cuba
18*2 Feb
Highest
share $ per share
per
35% July 14
157g Jan 16
5% Apr 21
17 *4June 2
5
No par
$5 preferred
..No
Consol Film Industries
6
*8%
3*2
24i2
49 34
300
578
35
834
181
Consol Coppermlnes Corp
1%
*1%
26
100
Consol Edison of N Y
2,300
*%6
7g
9%
1
10
10,300
100
100
..100
234
8*2
41%
4934
19%
5,300
19%
7%
7%
19%
.No par
7% preferred
6prior pref
40
Feb 19
Apr 25
22% Feb 19
10%May 26
82
May 20
90
May 23
6%
6
35*8
3458
8*2
*180
*7s
*9%
10%
23,,
*2%
100% 102%
10034 101*4
35
44*2
**16
10
5*2
1534
13*2
183s
7%
19%
9934100
Consolidated Cigar
220
*100
16*8
35
15ie
1»4
*25*2
26
103
16
100*2 1005®
77g
19%
300
98%
7%
Jan 10
4
3
%
share
$ per
share
per
14
Conde Nast Pub Inc...No par
127g
89*2
98
$
Congoleum-Nalrn Inc.No par
Consol Aircraft Corp.
1
17,300
6
534
6%
534
6
27
27
*26*2
27
27*2
*100% 101
101% *100*2 101% *100*2 101
16
16
16
1534
16%
16% ; 15%
1534
n4%
5
13*2
14
13%
14%
13%
14%
»16
®16
716
%
%
®16
512
5*2
*100
784
19%
9978 100
6*8
*1%
134
*25*2
26*4
6
6*8
134
1*4
5*2
101
*100
77«
77g
1938
1912
9934100
***16
1*8
10*8
103g
25g
2%
8
77g
778
19*8
9934
127g
97
300
1,200
3%
3%
16%
98
*13
88
99
13*2
3*2
Par
Shares
Lowest
Highest
Lowest
Week
18
July
$ per share
32*4
12*2
16%
1634
33*4 34%
*87
*13
3%
3%
*3%
17
34i8
35%
July 17
$ per share
Range for Previous
Year 1940
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
Friday
Thursday
$ per share
STOCKS
NEW YORK STOCK
the
NOT PER CENT
SHARE,
Wednesday \
Jtuy 16
Sales
for
LOW
r Cash sale,
June
12*2 Feb 14
% Jan 4
l%May 31
27*2 Feb 19
23% Feb 19
28 May 27
Jan
34 July 18
4% Jan 11
26% Apr 29
39% Feb 14
37% Apr 3
3438 July 9
34% Jan 13
33
July 7
44% Jan 13
June 27
11134june 18
108
3%May
5
Feb 26
65
Feb 14
70
7514 Feb 14
%iJune 28
% Feb 20
7g Feb 15
%Mar
75
1
Feb 28
7
Jan 11
53s May
46
Apr
112
Mar
125s
Jan
Jan
83
83% July 17
89
July 8
% Jan 30
l%June 30
l%June 23
l%July 7
89
77
Dec
97
75
Feb 28
3034 Jan
% Jan
34
45*2 Jan
247S Mar
2
8
6
7
3
10
Jan
Jan
Dec
7g
% May
1»4
Jan
Dec
3%
1%
Jan
Apr
*4
34
% May
67*2 Augi
2*4
5
20i2
%
Dec
May
Jan
Oct
29*2 June
17*2 May
Jan
67*2 Aug
5
Feb
11*4
Apr
3484 May
1
Jan
49*4
Apr
31*2
187g
Apr
Apr
11
May
Jan 27
85
June
2534 Jan 23
16
July
29*4
14% Jan 14
4*4 Jan 7
12% Aug
15*t
47s
Oct
1
16
15
14
9
7uMay
15
May
1
Je,n
25
Jan
Dee
10
May 29
13
Mar 17
90
May
2
100
t Ex-dlv.
May
33*2 May
4178 Jan
May
23*8 Apr 30
%«June 17
90*2June 30
11% Apr 29
34*4 Feb 19
102
36*4 Nov
May
3% Jan
2*4 Apr 16
% Apr 18
18% Jan 3
15% May
ar247g June
26
May
35
May
66
834 Jan
21% Feb 15
107g Apr 18
3g Dec
3
May
18*2 May
Jan
18% Apr
I84 Jan
8*4 Jan
407g Nov
63
5-% Feb 19
16%June 24
May
10*4 May
4
80% Apr
27g Apr 23
May 17
10*2 May
25
34 Apr
22% July
97% Jan
14% Mar
41% July
y Ex-rights,
2U May
102
Mar
Jan
Jan
79
June
98*8
10
May
20
Jan
40%
Feb
27*2 May
Called for redemption.
New York Stock Record—Continued—Page 5
356
LOW
AND
HIGH
Saturday
SALE PRICES—PER
SHARE,
Wednesday
July 12
Tuesday
July 15
$ per share
% per share
$ per share
$ per share
*17%
17%
102%
3812
15i2
29i2
22l2
*102
3812
14%
*28%
17%
*17
17%
102% 102%
38
NOT PER
CENT
15%
17%
15%
29
46
3734
*2l4
*40
38
3814
23g
2%
934
2%
934
19
20
434
2
$ per share
$ per share
484
38
2%
2%
Shares
434
7
7
7
2
1134
1134
19%
434
6%
6%
1134
52%
*11%
*50
94
94
94
20
20
20%
125%
*122
125i2 *122
3312
33%
3334
3712
3734
375s
*91
94
20%
*74
80
*76
80
7878
7878
12934 12934
38% 39
125% 125%
129
129
3834 39
125% 125%
80
82
79
2%
2%
9%
2
2%
4%
840
4%,
434
3,900
434
7
7
*11
*6%
1134
1134
130
69
*i#
20
2334
1012
70
*2138
13%
217«
13i4
5i«
•%
%#
19%
23%
19%
23%
10%
73
22
13%
*18%
23%
10%
74%
21%
13%
*10%
7034
2134
*13%
*21% 21l2 *21% 21%
*106% 111
*108% 111
*1134 12
12%
1278
358
334
3%
334
44
44l2
*714
*6714
1612
43
7%
44
7%
7%
68
6834
1678
16
16%
16%
4334
*43
4334
134
2%
86
1%
2%
*81%
1%
2%
86
15%
16%
66
16%
66%
18%
*82%
18»4
84%
*1%
1%
92
100
20
1,200
82
38%
*76
82
79
*79%
80
39
18%
l]it
*434
*10%
4%
11%
*24
17%
2634
10%
10
3334
24%
17%
2634
*43
10%
10%
76%
21%
72%
*20%
*76
13%
21%
1878
83%
1%
30
1%
2%
86
18%
8278
83
11%
10%
18%
!•%
*1%
2%
*81%
15%
65%
18%
1%
34
24%
17%
27%
2538
25-%
140
140%
*24
*33
1234
1234
3378
13
11
11
11
11
16
16
16
16%
16
16
1%
23%
*%%
23%
3%
17%
134
2334
3%
18%
134
2434
*28
19%
28%
*28
*35
38
*35
*28
1734
28%
*28
134
23%
3%
18%
28%
*35
38
*35
38
*1478
15%
13%
458
*92%
2%
89
7
*73
1438
12%
*11
Gen Steel Cast $6 pref..No par
General Telephone Corp
20
Gen Theatre Eq Corp..No par
200
Gen Time Instru Corp.No par
*50
33%
12%
11%
3%
33%
12%
*11
1534
1%
23%
3%
18
52
17%
*50
,
34
12 34
34%
*33%
1238
12%
12%
11%
11%
15%
*1%
11%
1534
134
*11
22
23
*22
3%
1734
18
3%
1834
28%
*28
38
*35
1534
134
3%
11%
1534
134
2434
3%
3%
18%
28%
*28
1878
28%
38
*35
60
Granite City Steel..
2,700
9,800
400
200
152
*145
152
5
5
4%
4%
4%
99%
2%
*92%
*2%
*86%
7%
99%
2%
89
*87
7%
75
*73
89
7%
75
*72%
*165
1438
75%
14%
75%
....
14%
76%
*92%
2%
7
*145
99%
2%
89
87
7%
75
7%
*73
*165%
*14
484
*92%
2%
152
149
5
*5
99
2%
87
7%
75
*166
14%
*14
75
*92%
*2%
*86%
7%
*727g
*166
15
14%
149
5%
99
2%
89
7%
75
....
14%
75%
*145
5%
*92%
*2%
*86%
7%
*73
*166
*14%
75%
152
5%
30
100
10
700
99
Great Western Sugar..No par
Preferred
...100
100
1
par
5H% conv preferred.____10
Grumman Aircraft Corp
1
Guantanamo Sugar
No par
8%
preferred
100
Gulf Mobile A Ohio RR No par
$5
preferred
Hackensack Water
No
I'M
7%
2,200
200
75
300
75
75%
75
75%
75%
130
128% *128
*128
130
*128
130
128
128
'*128
130
*4878
50% *49%
50% *49%
*49
50% *49%
50%
50%
50%
50%
103
103
*102% 103% 103% 103% *103% 104
*103% 104
103% 103%
*14% 15
*14%
15
*14%
15
15
15
*14%
16
*14%
16
*17% 19
*17%
19
*17% 20
1
*17%
19%
*17%
*17%
19
*25
*25% 26
26
25
25
25%
25
*2434
25%
2434
2434
*9%
9%
*9
9%
9%
9
9
9%
9%
*8%
9%
15% 15% *1434
*15
15
15%
14%
14%
14%
14%
14%
14%
*110
*108%
*108%
*108%
*108%
*108%
4834 49
48% 49
48%
48%
48% 48% *48
48%
4734 47-%
*33
33%
33% 33%
34
3334
3334
*34
35
*34
35
35%
lia4 1134
1178
12
11%
11%
12
117g
12
12
12
1134
52
52
52
52
*51%
52
52
51%
52
*50%
*50%
52
*109
110% *109
109% *109
109%
109% 109% *109% 110% *109
110%
4%
4%
4%
4%
4%
4%
4%
4%
*438
4%
*4%
4%
*35
3534 36
3534
34%
35
34
33
33
34%
*32%
33
*%6
*5
%8
34
%6
**18
84
16
%
%
*516
34
278
278
*278
3
2%
2%
3
*234
*234
3%
*234
3%
19*
19%
18
1834
1834
18%
177S
18
18
18%
1778
18%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
7,.
7,,
h,
%6
3»
7,,
7,«
*%»
%
%•
%
2,400
...
40
preferred
100
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrac.No par
6%
preferred
.100
Hat Corp of Amer class A
1
preferred....
Hayes Mfg Corp..
100
Hazel-Atlas Glass Co
Hecker Products Corp
Helme (G W)
...25
""500
400
1,400
....
....
Bid and asked prices; no sales
on
this day.
X In receivership,
a Def.
2
Hercules
Hercules Powder
6% cum preferred
Herahey Chocolate
3: 500
600
1,000
500
S4
conv
preferred
42
Mar 26
29%May 27
9%May
5
10%June 27
12% Apr 23
1% Feb 4
13
140
10
10
10
5
5
96%
20%
130%
35%
39%
116
July
8
July
8
Apr
7
200
Hudson A Manhattan
.100
v t
C..25
5
June 27
Mar 19
Jan
2
132% Jan 28
48% Jan
Jan
48
Mar
7
3
Feb
Mar
13
June
Jan
3
Sept
80%
Oct
4% May
May
11
May
30
May
43
9
91
Feb
10% May
2% Jan 25
2% Jan
1% Dec
May
July
2
Jan 10
77
16% July 18
10
May
66% July 11
20% Jan 10
45
May
90
12% May
Jan 27
69
1% Jan 10
32% July 16
1% Jan 11
25
June
6% Jan
1% Dec
May
% May
4% May
13% Jan
13% Jan
12% Jan
36% Jan
25% Jan
17% July
28% Jan
26% Mar
9% June
6% June
May
26
May
21% May
11% May
15% May
18% May
143
10
16
22
14
11
19
Jan 15
zl23
June
50
July 8
34% July 16
13
July 14
27% July
23
May
9% May
11% Apr 22
17% Jan 9
29% June
38
1% Mar 10
24% July 15
Feb 25
Apr 14
Jan
4%June 26
1% Apr 21
June 12
June
2
Apr 25
Feb
7
3% Apr 29
7
Jan
Mar 28
30
16% Jan
15
8
Jan 24
95
25% Jan 10
149% F oil
6%
101
May
5% May
J-,nv*
Jan
83% June
2
6
7
96
Jan 13
86
168
July 11
155
16%
66
77% Jan 11
Apr 22
1
48%May 28
99% June 17
14% Feb 4
15%May 23
May 28
6% Apr 12
23
Jan
9
128% Jan 8
56% Jan 18
115
16
Jan
107%Jube 18
3% Feb 14
26% Apr 22
•uJune 23
Ex-dlv.
y
69
60
9
Jan 15
% Jan
June
94% May
12% July
Jan 10
4%May
37% Jan
Jan
Dec
126% Aug
8
19
9% July 14
15% July 10
111
June
12% May
Jan 14
17% July
30%
Aug
89% June
6% Dec
7% Jan 13
10% Apr 21
June
16% May
130
Feb 10
3% Jan
95
May
9% May
10% May
100% June
108
July 16
106% Jan 16
6
8
19% July 9
4% Jan 13
x
7% May
13% May
98
9
46
July
May
16% May
Jan 10
17
May
10
14
3% Jan 13
45% July 11
8% July 16
70
July 16
15%May 26
2%June 2
Cash sale,
20
June 20
Hud Bay Mln A Sm LtdNo par
Hudson Motor Car
No par
f Hupp Motor Car Corp
1
r
Jan
% Dec
13% July
lll%June 13
% Jan 22
3% Jan 6
New stock,
86%
29% Jan 11
11% Jan 10
76% July 15
22% Jan 9
16% Jan 6
22
June
% Nov
9% June
8
%June 20
n
100
•a Mar 27
20
May
32% June
3% June
5% May
% Jan 27
16% Jan 10
106% Jan 15
2%June 20
preferred
116
4% Jan 4
7% Jan 15
109
May
37% May
2
100
5%
118
6
126
May
26% May
33% Dec
111% May
%May
28
Sept
77% May
"a Mar 17
91
100
300
102
Jan 14
Jan 6
No par
9
Feb 14
7% preferred
100 zl07% Apr 14 xl07% Apr 14
Homestake Mining
12.50
42% Apr 21
52% Jan 8
Houdallle-Herahey cl A.No par
39
Jan 27
32%May 28
Class B_
No par
10
Apr 22
13% Jan 6
Household Finance
No par
64
Jan
9
48%May 27
preferred...,
May
1% May
4% May
11% May
48% Feb
12% May
Feb 18
Holly Sugar Corp
5%
118
Mar 20
6% Jan 6
15% Jan 10
19% July 15
100 xl23%May
No par
No par
June
5% May
33
July
93%June 20
76
94
35% May
9
Jan
Feb 14
103% Apr 21
17
Jan
9
May
14% June
1% Aug
11
May
1% Dec
8% Nov
11% Apr 19
12%June 19
104
June
45% June
3% May
6
1% Feb 19
70
Holland Furnace (Del)..
Houston Oil of Texas
Howe Sound Co
delivery,
Feb 14
19% Jan
158
Hollander A Sons (A)
100
1,800
1,300
1,100
22
138% Mar 26
25
Hlnde A Dauch Paper Co
Hires Co (C E) The...
700
2,200
Mar 12
13% Feb 18
6
No par
No par
Apr 22
28% Apr 22
23
100
Motors
June 24
9% Apr 15
33
300
100
% Apr 17
9
8
9
7% Jan 8
144
July 14
4% Apr 14
10
7% preferred class A
26
Hall Printing Co
10
Hamilton Watch Co
No par
128
100
79% Apr 18
28
Preferred
15
May 15
May
Mar 21
55
2% Feb 13
May 21
Dec
6%
5% Mar 21
1% Apr 23
25
6%
Feb 21
12% Feb 24
40% Feb 25
82
2
12
7
Jan 28
8
Apr 28
60
9
...
Apr 21
Mar 17
2%May 13
34%May 24
5% Feb 14
par
6H%
2%
89
11
18% Apr 16
1
..10
39% Deo
3% Sept
5% Apr
2
17%May 22
6
...
*145
«i» Jan
16% Apr 16
20% Apr 21
9%May 5
46% Jan 30
June 10
5% preferred
20
Gr Nor Iron Ore Prop ..No par
Great Northern pref...No par
70
8
June 20
Greyhound Corp (The) .No
700
% Apr
11% Apr 12
98%June 25
1
17,600
230
105%May 12
No par
Grant (W T) Co
5
24% May
1% May
11% July
53%May
Feb 14
16
dlv ctfS.No par
Without dlv ctfs
No par
4
3% July 2
5% June 30
25
"2;666
500
40
11% Apr 19
68%May 20
w
Jan
86
36%May 5
123% Mar 19
par
Graham-Paige Motors
Granby Consol M S A P
Grand Union
41
22
8
Apr 10
100
Green Bay A West RR
Green (HL)Co Inc
1,900
78% July
126
par
No par
2% Aug
May
2%June
2% Jan
2
No par
Preferred
800
38
15%
13
preferred
$5 conv preferred
Gotham Silk Hose
70
500
conv
5% preferred
No
Goodyear Tire A Rubb.No
2,000
6,100
320
No par
No par
No par
Gobel (Adolf)
1
Goebel Brewing Co
.1
Gold A Stock Telegraph Co 100
Goodrich Co (B F)
No par
16",900
52
33%
1%
4
300
200
No par
preferred
Glldden Co (The)
1,500
1,600
17,700
Jan
10
$6
118
20
102%May 10
33% Feb 15
112% Jan 8
% Jan 6
102
15 conv preferred
Brothers
May
7
5
28%May 29
Jan
Jan
8
5% Jan 10
June 18
Nov
10%June 23
2
June
38
61
32
35
107% Apr
21% Apr
39
5
17% Apr 25
100
Glmbel
800
1,000
*50
1234
23%
5,100
1,100
14,900
1,500
1,500
preferred
7
Jan
June
9% May
3% Feb 28
4
10
16
46% Apr 21
z5% June 19
134% Jan 6
3% Jan 6
3% Apr 22
10% Apr 21
73% Feb 19
120
102
7
Apr 16
101
6% Sept
Sept
18% June
38% Mar
25% Apr
8% Nov
46
Apr 23
4
General Tire & Rubber Co...5
Gillette Safety Razor..No var
"4",666
2%
52
34%
15%
6%
100
26%
100
800
400
14%
14%
14%
14%
1434
1434 *14%
15
13
*1234
*1234
13
13
*1278
13
13
*107
107% 107% 108
108
*107
108
*107
108
10534 *105
10534 *105
10534 *105
10534 *105
10534 105% 105%
20% *19% 20
20
20
*19%
20
*19%
20
*19%
1934
152
*165
75%
15%
13
3378
52
27%
25-%
preferred
5,060
1,300
4,200
1,100
18,000
1,500
*24
24%
17%
17%
26%
26%
25%
25% *25%
139% 140% *13934 140
*13934
17%
26%
25%
34
J
6%
Gen Realty & Utilities
1
16 pref opt dlv series.No par
General Refractories
No par
General Shoe Corp
»16
*24
2434
17%
267«
*50
80
10%
10%
11%
34%
24%
17%
26%
2534
140
34
1078
34
*10
No par
No par
No par
Gen Railway Signal
1,200
300
»16
No par
General Printing Ink
$6 preferred
Gen Public Service
9,100
""400
300
11
34%
2534
500
1%
50
434
10%
10%
10
Gen Outdoor Adv A...No par
Common
No par
300
84
5
34%
12%
*20
»16
34
14034
1,100
100
132
May
22
7
47% Jan 21
conv
5% preferred
General Motors Corp
15 preferred...
20,900
1%
1834
5
34
34
*105
uie
34
*25%
2134
86
167g
6534
*10%
5%
11%
10%
34
17%
160
*83
11
*24
""800
*1%
*32%
1%
10
24%
1734
pref series A-No par
General Mills
..No par
200
18%
50
10
52
*145
*1%
*32%
*9%
27
S6
2,700
64
6434
18%
*83
10
24%
17%
26%
14.50 preferred
No par
Gen Gas & Electric A..No par
2,000
;_
76%
100
No par
100
preferred
100
19%
2234
10%
*1%
2%
*81%
16%
86
16
*9%
140
*107
18
134
2%
11%
10%
11%
*50
*13
1%
5
52
3%
16%
65%
18%
134
2%
*81%
1534
*63%
"16
*10%
10%
5
*25
2534
140% 14034
23%
3%
17%
134
2%
86
32%
*50
1%
21%
13%
*1%
32%
1134
10%
5
*10%
10%
75
21%
12%
84
%
5
73
21%
cum preferred
General Electric Co
No par
General Foods Corp...No par
*S16
76
84
35
%
434
*934
*10%
23%
10%
7%
7%
28,600
3,800
*18%
2234
10%
75%
21%
18%
22%
10%
13%
13%
14%
*20
*21%
21%
22%
*20% 21%
*108% 111
*108% 111
*108% 111
12
1278
12%
1234
12%
12%
12%
3%
3%
3%
3%
3%
x3%
44
42% 42%
41% 42
*41% 42%
7%
7%
8%
734
7%
734
778
69
70
6834
*68
70
70
69%
1634
16%
16%
16%
16%
16%
16%
*43
44
4384
45
4334
45
4334
1578
65%
*30
1#
**16
18%
22%
*10%
5
General Cigar Inc
40
82
*79%
80
12934 12934 *12934 130%
38%
38%
38%
3834
125% 125% *125% 125%
*18
20
13
*1%
*2%
*81%
15%
*16
*18%
23%
65%
65
*82%
*1%
30
30
»n
*9%
3384
7%
68
*1%
*2%
*8H2
16%
*10
3%
68
300
*91
No par
General Bronze Corp
General Cable Corp...No par
Class A
No par
111
12%
43
*43
*27%
21
*108
5
80
6
50
5
107% Jan
20% Jan
17
10% July
4
Jan
July 17
2
21
31
June
4
Jan
3% Apr 19
5
conv preferred
Baking
18 preferred
17
10
Gen Am Transportation
600
*19
1
20
General
1,000
20
SI6
24
105
No par
Gen Amer Investors...No par
$6 preferred
No par
3,800
93
*12934 130%
20
No par
5% preferred
Gaylord Container Corp
"""466
*19
125% 125%
44% *43%
43%
43% 43%
43%
43%
43%
43%
*42%
44
3%
3%
3%
3%
3%
3%
3%
3%
*3%
3%
*3%
3%
6
638
6
6%
6%
6%
7
6%
6%
6%
6«4
7
*106
108% *106
108% *106
*107
108%
108% *107
108% *107
108%
Sl#
616
*%«
%
%
%
*10
*16
*16
*%
%
%
*15
1514
1514
15%
147«
1478
14%
1434
14%
14%
1334
14
*102i4 105
102% 105
10234 10234
102
102% 102%
102% *101
102
%«
preferred
Apr 21
Feb 19
Game well Co (The)
No par
Gar Wood Industries Inc
1
""800
*90%
78%
39%
125% 125%
13
5J4%
20
*76
38%
10
6% preferred
100
93
7
June 17
Galr Co Inc (Robert)
600
*11
Apr
19
104
400
20%
21%
25% Apr
3
Francisco Sugar Co
4,500
934
Jan
Jan
Jan
32
2% Feb
May
32%May
1% Feb
1% Apr
7% Apr
share
46
3% June 17
36
per
21%
32% May
10% May
24% June
30
conv
share $
42% Jan 13
16% July 8
33% Jan 8
May 31
17
84
106
June 23
conv preferred
pet
12% May
Jan 10
May
21
Fk'nSlmon&Colnc 7% pf-100
Free port Sulphur Co
10
Gabriel Co (The) cl A..No par
400
2%
19%
19
2%
2%
Jan
$
18% Jan 10
105
24
30
700
9%
22
Year 1940
Lowest
$ per share
10
100
Foster-Wheeler
3,300
*9%
share
15% Apr 23
27
12
22
16
100
4H%
2,400
38
No par
5% conv preferred
Food Machinery Corp
150
38
*4212
*19i4
2334
*10%
500
400
38
19
Florence Stove Co
per
Range for Previous
Highest
101%June
31%May
12% Apr
26%June
Florsheim Shoe class A.No par
Foilansbee Steel Corp..
10
2,500
20
79
130
First National Stores..No pair
Flintkote Co (The)
No par
*91
20%
*76
1,400
2,800
10
125% 125% *123
125% *124% 125% *124% 125%
34
33%
3378
33%
33%
33%
33%
3278
33%
38
38
38
38
38%
38%
38
38%
38%
*115
119
*116
120
*116
117
*116
116
116
116%
*116
117
12
%
%
%
7i«
%
%
#u
%
%
*%
#ie
*7878
6% preferred series A—100
900
$
10
300
46
'
*19l4
Par
Firestone Tire & Rubber
1,500
*40
*50
52% *50
52%
*50
52%
*50
*50
52%
52%
*434
4%
484
5
478
*434
478
*434
434
434
47g
4%
*102ig 105
*102% 105
*102% 105
*102% 105
*102% 105
*102% 105
5334
5334
5334
5334
53%
53% *53%
5334 *53%
5334
*53%
53%
*578
6
578
578
6
5%
6%
6
6%
6
6
6%
*141
*141
144
142i2 142% 144
*141
144
*141
144
*141
144
*418
438
4%
14%
4%
4%
4%
4%
*37g
4%
37g
37g
4%
4i2
4%
4%
4%
4%
4%
4%
4%
4%
43g
*13
*13i8
14i2
14%
14%
12 34
1378
13
*12% 13%
*13%
1334
*92
Lowest
46
37%
*2%
2%
2%
9%
19%
434
9%
7
1134
*40
38
2%
934
19%
434
*11%
13
43
Range Since Jan. 1
On Basis of 10O-Share Lots
Week
16
43
38
*2%
2%
*9%
19%
2%
9%
1978
434
*9%
44
38
2%
*19%
434
*40
38%
2%
7
*678
*11
46
EXCHANGE
Friday
July 18
*22%
*2178
22%
5
5
*434
5
*4«4
5
*23
25
25
*22% 25
28
28
30
2734
30
*30
33
*2734 28i4
28% 28%
*28%
28
28%
28% 28%
*28
28%
28%
104l2 104i2 *103% 104% *103% 104% 104% 104% 104% 104% *104
*16%
165s
16%
1678
1634
16
1634
16%
1634
16%
16% "l67g
*126
128
*126
*123
127%
129
127% 128
*125
127
128% 127
*3
3l2
3%
3%
3%
3%
*3%
3%
3%
3%
*3%
*40
STOCKS
NEW YORK STOCK
the
Thursday
July 17
17%
17%
16%
17
17%
16%
102% 102% *102% 103% *102% 103%
37
38%
3878
37%
36% 36%
1478
15
14%
14%
14%
14%
28% 28%
28% 28% *28% 28%
*22%
22%
*21% 22% *21% 22%
6
5%
5%
5%
5%
6%
102% 102%
*38% 39
15%
15%
28%
2834
*22%
22%
38%
29
July
Sales
lor
Monday
July 14
July 19, 1941
6
May
4% July
8
103
May
May
35
May
May
8% May
64% May
28
101
,
June
3% May
28
Aug
% Dec
2% May
12
May
3
May
% May
Ex-rlght. 1 Called for redemption.
Deo
Apr
Dec
Volume
LOW
AND
New York Stock
153
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Record—Continued—Page
CENT
6
357
M onday
July 14
Tuesday
July 15
3 per share
8 per share
$ per share
8'g
814
I8I4
*3912
1814
*312
40J4
4
81$
*18i4
40
*193$
195$
312
1914
73$
2514
734
2512
25l2
107
107
*154
7i2
*105
*154
*75
705$
121$
*614
*24U
127$
03$
25
107l2 10712
*4'4
87$
*15$
*45
412
9
1*4
4512
158i2 15812
*75
127$
8I4
185$
81$
1884
40
39i2
*35$
19l2
3l2
1914
7i2
25l2
106l2
m
_
70i2
131$
63$
25
108
108
*41$
834
4i$
9
134
134
*43l2 4512
15834 159
■
*160
535$
53
53
16212
5314
161
161
*11$
714
II4
1U
114
714
73$
734
312
312
33$
33$
207$
*125
27
127
1734
177$
26i2
*125
I *1*2
134
1784
6734
*112
3834
3834
*37i2
427$
2812
427$
2812
68
68
*36
125$
6i2
25
27
126
18
68
634
*24i2
110
214
*214
ID4
*92i2
8»$
*3112
*134
per
81$
*3934
35$
19i2
75$
*25i2
4
July
107
76
July 18
Week
S per share
Shares
17
812
8'g
8U
8
I7i2
39l2
1712
18
18
3934
80
*35$
4
*39i2
*35$
40
35$
4
320
19l2
*1914
20
*19i4
195$
40
8
77$
26
91$
7612
757$
76"
12i2
634
12
*6l2
*2312
25
110
*108
17$
*112
44
44
*42
160
159
159
*160
5484
162l2 *161
*1U
714
33$
2012
*125
173$
5434
162i2
545$
75$
71$
*33$
20i4
714
7
*33$
2534
*125
177$
67 84
*15$
*3714
43
43
*43
287$
291$
128
1034
Inspiration Cons Copper...20
80
3.300
10,700
100
200
1,100
7
7ig
3,600
35$
400
267$
10,400
26U
132
100
167$
171$
39,800
6634
4,100
667$
134
6612
427$
43
*42
43
37
*4H2
134
*15$
2914
2914
37
70
43
500
2914
1,300
*8684 37i2
*38
3784
*3834
3814
39l2
3812
38i2
*1001$ 1005$ *1001$ 1005$ *1001$ 102
*1001$ 1005$ *1001$ 1005$
214
214
23$
2l4
23$
23$
214
214
23$
23$
21$
2»2
*2i4
2i2
214
214
*2l4
23$
214
2h
2l4
214
113$
11
1112
111$
111$
ID4
1114
113$
111$
1H$
111$
97
97
97
97
97
97
97
*9212
*92l2
*92l2
*92l2
85$
*8
85$
85$
*81$
85$
*8i4
*83$
85$
*83$
85$
32
32
32
32
32
32
*313$
315$
3134
*3114
*3H4
700
2914
102
......
*134
*134
*134
*1034
11
10«4
11
*103$
11
*103$
*39
40
39i2
3934
*39
40
39
08
Inter]ake Iron
7
140
*134
*134
i0«4
1012
I0i2
10i2
39
39
39
3812
150
1
Int Nickel of Canada..No par
Preferred...
..100
Inter Paper & Power Co
15
5% conv preferred
100
InternatRys of Cent Am No par
5% preferred
International
13,500
100
....
Salt
No par
No par
International Shoe
International Silver....
50
..100
10
100
Intertype Corp
300
Island Creek Coal
1
10 preferred
ToT2 ""600
Jarvis (W B)
1
Co
1,000
Jewel Tea Co Inc
No par
3,000
Johns-Manvilie
No par
100
....
*111
113
*1514
67$
*102
1534
67$
105
38«4
*1312
*28»4
39
1334
2912
*212
234
*3512
37l2
251$
251$
*4
207$
28
lOlg
----
*111
1512
67$
*102
67$
105
391$
1334
29
29i2
*21$
234
634
38l2
38
1384
38i2
137$
14
14
30
30
30
2934
2934
2 34
*212
234
1.0G0
20
104
104
381$
1334
17,900
1,900
500
234
36
35
35
80
25
247$
25
2,100
*2l4
Apr 10
"3" 500
2.000
Kroger Grocery & Bak. No par
24
12
13i2
4434
14l2
1412
15
13
133$
2,740
Laclede Gas Lt Co St Louis 100
42
44l2
391$
4H2
1H$
3734
1314
44
I6I4
45i2
40
2,150
13
13
*13
1314
13
13
5U Feb 14
17U Jan 2
ll'gMay 8
111$
1012
1012
107$
*20l4 27
20i4
2614
247$
247$
2412
*2312
*113
11334 114
114
312
33$
33$
314
2712
27
27
245$
2434
2434
235$
23
233$
131$
227$
29l2
57$
534
38l2
90i2
2914
584
*35l2
90i2
91
27
25
25
11334 11384
314
3i2
11$
H$
734
231$
131$
2234
2934
55$
534
*89l2
92
92
92
915$
17914 17914 *175
2034
29
2914
3334
29i2
3512
1234
12l2
*35l2
*89l2
1512
2714
317$
312
1034
18U
155
2112
*155$
271$
3H2
*108
43U
33$
16i2
*177$
155
161$
277$
317$
110
43l2
33$
16i2
I8I4
155
158$
205$
3134
*108
4334
3334
12i2
155$
27U
32
109'2
4334
*314
1034
*1934
287$
*3314
33$
1034
18
18
*154
12
13
377$
H$
92
*225$
29l2
584
*37
*8712
1'4
0,300
Lehigh Valley Coal
4,900
534
534
3,300
375$
*85l2
8712
375$
100
90
91
12
281$
33i2
*12
153$
157$
2034
30
3,700
88
100
89
1,200
183
*175
100
*21
155
1212
28"$
2,000
600
Link Belt Co
125$
700
*15414
1,000
13,400
4,200
800
800
1,600
21
683$
6812
21l2
6914
21
68
68
70i2
7012
71
1,300
3,600
20l2
*25l2
2012
*2512
26i2
2512
2512
*2414
26
100
*135l2
X31U
3112
257$
1314
2534
257$
*13
28
28
1312
28
—
♦13512
-
30l2
257$
27i2
265$
,
13
23$
23$
2l2
2U
07$
*61$
07$
*61$
*1384
*1312
H$
07$
1414
H$
137$
H$
41$
41$
1434
H$
41$
8i2
*81$
8l2
11$
4
*814
414
8i2
23$
*0i4
07$
14
*1
1'$
414
414
8'$
81$
1012
1034
Xl034
107$
101$
10i2
2934
301$
297$
29
29i2
914
9U
97$
95$
97$
*231$
237$
29i2
914
2334
1614
29i2
10i2
29i2
2334
24
24l2
*2912
30
30
30
29l2
30
*173
176
*173
176
*173
*52
53
53
53
212
*523$
176
5314
2l2
914
24
*293$
21$
*01$
*1334
*11$
41$
*77$
21$
67$
14i2
114
-
•»
26i2
2,800
13l2
200
Madison Sq
700
Magma Copper
Manatl Sugar Co
2,600
100
Mandel Bros
200
1J4
H4
1,000
41$
4'g
5,800
940
26
Exploration... 1
Marine Midland Corp...—5
Market St Ry 0% pr pref—100
10,800
Marshall Field & Co..-No par
,
*77$
8
Manhattan
30
161$
I6I4
2834
2834
3,300
91$
912
13,000
2414
*2384
2414
800
Masonite Corp
2912
*2834
2912
600
Mathieson Alkali Wks.No par
*173
176
*173
176
*173
53
53
53
53
53
53
Martin (Glenn L)
212
2l2
Bid and asked prices: no sales on
this day.
*23$
t In receivership,
1
No par
7% preferred
"966
May Department Stores
Maytag Co
200
*23$
*247$
Co
Martin-Parry Corp....No par
176
212
Shirt
16'$
9
"lJOO
2,100
S3 preferred
$0 1st cum pref
McCall Corp
McCrory Stores Corp
0 % conv
*2*466
1,000
400
1,000
1,300
d Def. delivery,
53g Jan 10
preferred
No
No
No
No
100
10
78*4 May 22
n
New stock,
Jan
Nov
Dec
Jan
434
Jan
Jan
85$
33
Deo
Deo
9
May
343$ May
17
Jan
62
Mar
44
77ia
June
12214 May
48i2 May
97$ June
1175$ May
3i$ May
1041$ Jan 27
132
Apr
121
Mar
75$
92
May
7
Dec
161$
1211$ Apr 18
95
Jan
2
Jan
Jan 4
Mar 20
8>2
395g July 11
14
July 18
Jan 10
284 July 3
37«4June 17
Jan 13
4tiJuly
9
271$ Jan 9
297g Jan 10
10i4 July 15
45i2 July 15
133gJune 14
113g July 18
27i2 July 11
2514 Jan 9
110i2
Jan 4
3i2 July 15
lUJune 9
834 July 18
81$ May
434 May
871$ June
241$ May
Apr
20U Nov
0
Jan
Jan
16
15i$
104i2
8
Jfen
10912 Deo
109
Jan
Dec
Jan
Apr
187$ Nov
97$
105
387$
Apr
Deo
Jan
10
May
153$ Nov
27»4
11$
171$
19i2
May
405$
May
May
May
2
May
221$ Aug
231$ May
4
Apr
Jan
23$
31«4
Apr
26
Feb
4
Feb
291$
Jan
341$
Apr
117$ Dec
9i2 Jan
2H2 Sept
103$ Jan
3U May
103$ May
7i2 Nov
3534 Jan
May
814 May
161$ May
100U June
13$ May
Dec
12
2
25
Deo
1107$
Deo
4
Jan
15$
Jan
May
48$ Nov
1514 May
247$ Nov
14
Feb
9i2 May
181$ May
29
9
30
June
533$
Jan
Jan 23
5
May
914
Apr
Jan 18
33
May
Jan 13
453g Jan
71$
39
87
May
45
109
Jan
Apr
Apr
9012 Jan
3
98
Jan
2
87
May
109i2
Apr
189
Jan
3
169
June
1883$
Deo
June 26
10
May
2312
Apr
18U May
3034
Deo
Jan 14
1284 July 11
27
May
41
Apr
9
May
143$
Apr
Apr 20
105g Jan
183$ Mar
191$ Apr 21
283g Jan
8
9
10i$ May
2214 July
343$ Jan
6
20i2 May
417$ Apr
375g Mar
207$ Apr 21
x29
May
8
05$ Apr 15
13
28
May 22
4
June
Apr 21
35
2i2 Apr 12
133$ Jan 30
15i$May 14
June
2
Mar
3
17
Feb 18
1
May
133
May 15
_
235$ Apr 21
2234May 20
Feb 17
11
231$ Apr
9
li2 Feb 4
534 Jan 3
125$ Apr 17
34
z4
Jan 14
June 13
7UJune
5
13i2 Jan 17
30
4
Jan
37U
Jan 29
97
May
9
29
June
3i2 Jan 3
1034 July 10
2
May
109
4334 July
19%
162
Jan 15
Jan
2
10912
40i2
414
1312 June
17U Dec
I884
251$
Jan
Apr
138i2 May
16312
Dec
21l2 July 12
July 18
16i$ May
May
21i2
71
38
65
315$ Jan 21
253$ May
35
138
128
Sept
17
May
27
201$ May
87$ June
31
2HZ May
38
13
Jan 14
7
July
2
2i2 July 15
07$ Mar 22
11$ Aug
4
May
14l2 Jan 13
!5gMay 20
lli2 May
Jan 14
8
312 May
27$ May
5U
llU
Jan
84 May
107$ July 11
884 May
Jan
Nov
Jan
13012 May
Jan 21
333$ Jan 10
3OI2 Jan
Apr
Jan
Apr
3184
12»4
45$
Dec
Apr
Jan
Mar
Apr
77$ Mar
16U Jan
li$May
514
1384
10it
Oct
Dec
Nov
23
Feb 14
47»4
Apr
May 20
12U
6
6
2684 June
7
0i$ May
1484
Apr
19
May 28
2812 Jan 13
213$ June
407$
Jan
Jan 22
21
June
3234
17512 Apr 29
6312 July 8
160
June
17312
24i$May
6
171
June 13
45
Apr 23
1
100
1035$ Feb 20
r Cash sale,
30i$
30
109
130
May
21
par
Mclntyre Porcupine Mines..6
tMcKesson & Robblns, Inc..5
33 series conv pref...No par
Jan
June
20i$ May
122
9
18i2Marll
2 U June 17
1
I84 May
14i2 Jan 10
May 20
24i2June25
103U Jan 23
123$ July 18
McGraw-Hill Pub Co..No par
May
13i2 May
Jan
9712
May
June 10
par
McGraw Elec Co
25
11
80
par
par
Deo
4
203$ Apr
174
Maracalbo Oil
287$
93$
2414
161$
2834
26
25
2512
25i2 *247$ 253$
*247$
25%
*247$
247$
107
*104
*104
*104
107
107
*105l2 107
*10434 107
*1051$ 107
13
13
131$
1234
1312 *131$
131$
131$
1314
13i2
131$
123$
*15
1512
15
153$
1512
1512
1514
1514
15l2
155$
1514
153$
*10512 107
*10512 10714 *105l2 10714 *105i2 107
*104i4 107
*1047$ 107
20
20
2012
2014
2OI4
203$ 20i2 xl 934
197$
2014
203$ 2012
*9
9
*9
9
914
9
9
9
8i2
91$
8l2
9U
35 i2
30i2
3514 3534
35l2 *35
3512
*35i2
*347$
30i2
35l2
*347$
13
13l2
13
1314
1334
3i2
3l2 »13i4
13i4
33$
131$
33$
31
*3034
3034 315$
*23$
No par
6i2
14i2
200
23$
Ino—No par
Garden...No par
.....10
1
Macy (R H) Co
*13l2
212
23$
*247$
No par
29U
97$
2414
33»8May 27
25
Mack Trucks Inc
3
Feb 19
60
281$
214
Apr 18
6
Louisville &
2614
612
1211$ Mar 12
24
MacAndrews & Forbes
6,266
41$
8
-
Jan 10
125$
21
20i2June
150
*1212
281$
214
28
14i2
—
7
11038June
2384 July 10
133g July 15
100
A..No par
Nashville—..100
10
6% preferred
100
7
Jan 16
2i$ Feb 14
197$ Apr 12
ll5g Feb 1
105
7 % preferred —
Louisville Gas & El
3
Jan
217$ Apr 14
191$ Apr 12
109i2June 4
is4 Jan 2
lj Feb 13
No par
Corp No par
Long Bell Lumber A...No par
Loose-Wiles Biscuit
25
Lorillard (P) Co
10
Lone Star Cement
3034
30l4
13
28
2112
*13512
205$
13
28
2l4
23$
'
30%
28
*01$
*1312
23$
2934
20l4
13
13l2
27i2
31
203$
26
*13
*13512
30
3114
*21
Liquid Carbonic Corp..No par
Lockheed Aircraft Corp—..1
Loews Ino
No par
36.50 preferred
T,300
60
100
No par
3
Feb 15
7
Lion Oil Refining Co...No par
6734
*135
Lily Tulip Cup Corp...No par
Lima Locomotive Wks.No par
33i2
21l2
32i2
100
Preferred
400
6734
213$
Liggett <fc Myers Tobacco_.25
Series B
....25
27l2
3314
12l2
33i2
156
Libbey Owens Ford Gl.No par
Llbby McNeill & Libby
7
Life Savers Corp
6
2034
*15i4
25i2
156
6% conv preferred
*1934
2034
281$
1534
1534
1584
26
2584
257$
32
32
3134
3H2
3134
*108
109i2 *108
109l2 *108
10912
43
435$ 435$
4314
4314
431$
314
314
314
314
314
314
17
1034 1634 Xl612
10l2 *1612
18
181$
181$
181$
181$
177$
155
5
No par
39i2
183
3512
Lerner Stores Corp
227$
90
29
300
1314
*225$
*175
*1934
600
(The)
Lehn & Fink Prod Corp
*13
92
2034
Lehman Corp
7,800
13
2934
25
100
60
No par
60
1
227$
297$
534
179
257$
3134
160
21
H$
6
4% conv preferred
$ Lehigh Valley RR
60
2314
91
1284
7,500
81$
9012
35
314
2314
13
287$
114
27$ Feb 15
No par
314
734
3014
534
127$
114
23i2
227$
357$
Lehigh Portland Cement
75$
13
291$
Lee Rubber & Tire
1,100
23U
30
*1984
1,100
24
81$
227$
20
27
24
23«4
133$
20
*20i4
784
227$
30'4
20
Lane Bryant
235$
8
23i2
534
3734
17914 *178i4 17914
800
1,000
H4
884
*35l2
377$
114
11$
100
5% preferred
Lambert Co (The)..... No par
1314
113$
*13
Jan
09i2 July 9
128
Feb 11
20ig
Feb 14
2634
111$
Jan 10
22
2714
III4
9
May 14
Kresge(SB) Co
265$
*1012
2012
395$
Apr
63$
Jan
38
27
131$
III4
Feb
207$ May
73
Deo
4
1«4 Jan 24
23U Feb 15
2634
44
5614
921$
Feb 14
273$
Pi
June
7412 June
514 May
12
*221$ Mar
37
47$
25i2June
No par
2114 May
105$
No par
Kimberly-Clark...
Kinney (G R) Co
$5 prior preferred...No par
Co
Jan
Jan
101$ May
4012 May
I84 May
17$ May
100
Kresge Dept Stores
387$
133
43$ May
Feb 14
Kress (S H) &
June
Jan 10
31
27
5
195$ June
109
Jan
6i2 Apr 23
981$ Feb 21
265$
*4
Mar 20
No par
Keystone Steel & W Co No par
2712
5
July
Kennecott Copper
10
1
2
3
Jan
Kendall Co $0 pt pf A..No par
2 684
*4
Jan 16
18
2714
5
Jan
4
Jan 13
Jan 22
27
5
Apr
7
Apr 22
1
Jan
141$
13
Class B
Deo
53$
5U May
1041$
Keith-Albee-Orpheum pf_.100
Kelsey Hayes Wh'l conv cl A. 1
27i2
*4
2ll2
•
Mar 19
7
2084
*25l2
*23$
100
6
27l2
68
812
12
Jar 9
Apr 10
5
27
4
xll6i2Junel2
334 Apr 23
277$
6734
*1
May 20
100
5% conv preferred
Kayser (J) & Co
Jan
173
31$ May
44
Apr 23
1534
Deo
0234
4
14
9«4 Apr 21
27
*25i2
*13512
*1234
*271$
..100
1
2i2 Deo
44
1911$ Mar
4
33
*4
43
*25l2
4% preferred
Kaufmann Dept Stores
15$
Mar
51$ Nov
127$ jan
Jan
134
27
110
323$
Kan City P & L pf ser BNo par
Kansas City Southern.No par
May
Dec
6
113
31$
541$ Apr 19
124i2 Mar 20
97
Apr 21
10
145
Jan
Apr
3
271*
5
43
213$
684
105
600
10
May
157$
71$ Nov
473$ Mar
1112 July 14
97
July 14
85$ July 12
267$
*108
*177$
234
634
"l5"i2
Kalamazoo Stove & Furn
1
181$ May
May
311$ Jan 30
39»4June 18
28
92
*1612
*29
10
*151$
247$
13
*154
135$
135$
30
6«4
*103
39
15i2
*212
3512
*225$
312
381$
*113
113
36
131$
315$
*034
*10214 105
39l2
*15
253$
227$
2934
15l2
113
1512
07$
36
*225$
267$
113
Jones & Laughlln St'l pref. 100
0i2 May
38
102
251$
*4U
20l2
*127$
291$
*3512
*1212
3884
135$
*28l2
*2i2
15i2
36
*11212 11334 *112l2 lm
*3
31$
314
31$
1*8
11$
lh
H$
*75$
77$
734
75$
20
07$
*10214 105
*111
253$
13
*88i2
157$
07$
20
100
36
*10i2
*91
113
200
251$
11
*175
1512
200
373$
13
584
*35l2
*111
"MOO
251$
44l2
2912
•» —
25
127$
2312
400
*36
43
27l2
15l2
3812
*13l2
*105$
*24
113
Preferred
"uoo
June
2U July
June
43
Mar 21
32
91
130
21$
2714 Apr 21
1
3834
67
67i4
6712
6714
0012
66i2
68U
*6514
60l4
607$
*125
127
*125i2 127
127
*125
*12512 127
*12512 127
*12512 127
10514 1055$! 105l2 10512
10512 10512 1051$ IO584 *10314 1041$
104U 105L
*1014
10i2
10i2
10i2
IC4
IOI4
IC4
IOI4
IOI4
*101$
101$
*97$
*11814
*119
*119
*118l2
W*.
*119
*119
*45$
434
5
5
47$
47$
47$
45$
*4i2 "47$
4l2
4l2
*19»2
2012 *19i2 2014
2012
20i2
*19i2 20i2
20i2
2012
*1912
*19l2
14
14
*1234
*13
13
*1284
1314
13l2
1314
1412
1334
1334
*103
104
*103
104
104
104
IO384 10334 *103
*103
103l2 103i2
8
*734
8
8
*784
8
*734
77$
*734
734
734
*73$
3
Jan
Jan 10
3934
Feb 14
124
2
I8I4 July 11
737$June 10
Feb 24
7
21U Aug
131
17$May 2
17$May 1
6U Feb 19
No par
Nov
95$
3
87
Jan
94
37$ Jan
28i2 Apr
107$ Feb 19
571$ Feb 19
11$ Apr 10
32l2May 23
38U Feb 21
20
May 20
25U Feb 15
Foreign share ctfs...No par
Interstate Dept Stores.No par
Preferred
100
Jan
66I2 May
712 May
45$ June
9
2>$ Jan 10
233g Feb 19
May 8
Inter Telep & Teleg—..No par
900
2,200
29
Apr
170
125
Jan
Apr
118
6534 July 16
Apr 24
95
Jan
Nov
93$
168
2i$
01$ Apr 21
3
Corp.
103$ May
23
May
»49
Apr 16
Internat'l M inlng
0i2
167i2 Jan 10
June 10
1
Dec
May
llU Jan
1
5
100
7% preferred
__
68
Preferred
Apr
72
113U Jan 28
514 July 18
1U Apr 10
301$ Apr 23
Int. Hydro-Elec Sys class A. 26
Int Mercantile Marlne.No par
Jan
4312
13i2 Jan 0
684 July 15
Apr 21
May
43i$May
Jan
June
25i2 Jan 14
Feb 25
3i$ Feb 17
No par
share
133$
140
Jan 10
90i2 Jan
19i2 Apr 10
107
July 5
0
Jan 10
101
91$ Apr 22
Insuransliares Ctfs Inc
1
Interchemical Corp
No par
0% preferred
.100
Intercont'l Rubber....No par
H4
*126
20
per
24ig
2»4
1111$ Jan 22
5
500
162l2
3714
2914
93i$May
15612 Feb 10
09l4 Apr 21
400
Internat'l Harvester...No par
*37
*29
No par
.
6,600
3734
66I4
*15$
100
500
1734
67i2
134
67
par
1,100
*15$
134
3834
43l2
2914
3934
May
8,500
*33$
171$
6
7
H4
20l4
128
Deo
91$ July 17
0
2
203$May27
par
134
371$
68l2
134
171$
207$
128
20
Feb 13
Jan
5
10
42l2
H4
31
18UMay 19
par
15814
55l2
5434
334
27
0% preferred
55g May
May
455gMay 22
4i2May 10
21*4 Jan 27
27$
Internat Agricultural..No par
Prior preferred
100
Int. Business Machlnes.No par
71$
334
128
Indianapolis P & L Co.No
Indian Refining
Industrial Rayon
No
Ingersoll-Rand..
No
7
12
25
162l2 162i2 *161
13$
33$
346$ Jan
100
*H2
551$
13$
H4
Leased lines 4%
87$May
Feb 18
Highest
3 per share 3
203$May 12
RR Sec ctfs series A... 1000
Inland Steel Co.
*158
13$
3834
29
5534
13
Year 1940
Lowest
3 per share
01$ Feb 15
100
Range for Previous
Higfiest
share
6% preferred aeries A...100
4H2
45
160
Illinois Central RR Co
1*700
*6i2
*23
134
44
160
3 per
Par
7584
11012 *107l2 llli2
110l2 *109
5
5
51$
514
47$
8i2
87$
8i2
8i2
8i2
44
400
Lotoesl
1214
12
121$
160
5314
700
"
7512
7
24i2
I84
7,500
*154
1214
684
5
300
9
834
*154
24
8'4
*15$
5,800
ti,700
*2514
2534 2584
107l2 *106
107l2 *106
107l2
1234
634
5
81$
26
25
87$
Range Since Jan. 1
On Basil of 100-Share Lois
EXCHANGE
18i2
*154
70i2
8TOCK8
NEW YORK STOCK
the
Friday
3 per share
share
18
39l2
4i2
812
*15$
3784
•1001$
3
8i2
*154
Thursday
July 16
19
1912
73$
7i2
26
*25i2
1O012 1O012
70l2
Wednesday
Sales
for
Saturday
July 12
125$May20
18i2June 3
7U Feb 19
Feb 3
3
Feb 18
24
Feb 19
31
x Ex-div.
v
3034
30
Jan
Jan
27g Jan 14
Apr 8
107 June 5
28
14i2May 6
155g July 18
Ul'u Jan30
Jan 11
9ig July 18
3012 July 11
2512
Jan
6
31'4 July
2
37g
Ex-rights.
308$ May
214 May
20
May
901$June
10i2 May
10
May
Apr
Oec
5312 Jan
4i$
301$
105
16U
Feb
Apr
Mar
Jan
177$ Apr
May lll"»i Dec
29
Apr
171$ May
6
June
914 Apr
26
June
4712 Jan
93
Dec
8»4
Apr
17i2 May
32i2
Apr
33$
1 Called for redemption.
New York Stock Record—Continued—Page 7
358
LOW
AND
SALE PRICES—PER
HIGH
July
Monday
Tuesday
July
July
$ per share
$ per share
*
14
7i2
7%
7%
7%
103*4 107% *10334 106
*914
9%
9i.i
9%
81%
81%
*8034
82
If per share
7%
8134
68
68
68
*30
30*8
2978
30%
29%
4*8
4%
25%
4%
25%
4%
*21%
*30%
23
3078
*24i2
2578
*21
23
3078
3()7«
7%
►10334 106
9%
9%
"07
*4U
15
*67
25%
SHARE,
Wednesday
Range for Previous
July 16
July 18
Week
% per share
$ per share
S per share
Shares
*7%
104
1
734
'
104
*8%
9%
*80
82
*67%
70
25%
23
*30%
30%
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
Friday
70
*22
STOCKS
NEW YORK STOCK
the
CENT
Thursday
My 17
82
30%
4%
NOT PER
Sales
for
Saturday
July 12
30>4
*80
70
x30
3034
41
43g
25%
4%
*80
82
70
*68%
29%
74
30%
4%
4%
Par
6%
preferred
conv
100
Mead Corp
No
par
30
$6 preferred series A.No par
300
29%
2,800
$5.50 pref ser B w vr.No par
Melville Shoe Corp..
1
434
2,500
Mengel
Co
30%
8
8
8i8
8%
8%
8%
8%
17
16%
1678
1634
1634
17
1634
29%
30%
*29%
3034
31
*29%
29%
*118
12014
117% 117%
11634 118
117% 117%
42
*42
43
42%
42%
4134
4134
43%
*10818
*108%
*108%
"108%
*3%
4
3%
378
*334
3%
334 "334
*72
74
70*4
70*4
71%
71%
70% 70%
12
12
12
12-%
12%
12%
12%
12%
1
*%
%
*5-8
*%
34
34
«4
Feb 15
6
7
70% Mar 19
82
70
Feb
33%
Jan 10
May
8
27%May 23
26
26%
22
22
100
5% conv 1st pref
Merch <fe M'n Trans Co.No par
30%
30%
400
Mesta Machine Co....
8
8
14
734
2,200
Miami Copper
2,000
Mid-Continent Petroleum.. 10
13
29%
500
Midland Steel Prod
No par
220
8% cum 1st pref
...100
Minn-Honeywell Regu.JVo par
10534 Apr 21
3734June 4
107 June 4
....
*2i2
2&8
*1518
871«
15t2
....
2%
*15
2%
15%
2%
*15
2%
15%
87%
2%
*15
2%
15%
1,400
40
»ie
*%
%
3,300
1,200
2%
2%
2%
1,700
15%
15
15
200
*578
44
4%
*1912
19%
*5%
111
*110
6
*6
44
44
4%
20I2
19%
57«
111
6%
44
4
4%
20
20%
19%
19%
578
*110
111
*110
111
6
6
6
6
44%
4%
20%
44%
4%
21%
20
44%
2034
44%
4%
21%
*20%
20
19%
4
*110
111
5%
45
5%
45
4
20%
19%
6
6%
734
*7%
8
*7%
8
*7%
734
9
9
17
*8%
16%
*8%
9
167S
*8%
1634
9
16*4
175g
1784
170
*10*4
*82l2
*16i2
734
170
11
*169
1334
*1034
*82%
*16%
734
13%
10%
10%
*10%
14
14%
678
14
1334
90
17
734
171
6
17%
*169% 170
11
*10%
11
90
17
82%
82%
*80
17
17
1334
13%
1334
10%
14%
1334
13%
13%
10%
10%
1038
10%
14
14%
13%
14%
14
6%
9%
6%
9%
6%
9%
2134
22%
18%
21%
6%
9%
21%
*17%
18%
7
7%
82%.
18%
6%
9%
9%
9%
22%
22%
21%
18%
a-21%
*1734
7%
22%
18
18%
*1734
7%
7%
22%
18%
738
17*4
*170
1734
173
84
1734
*170
84
177g
173
13%
*82
17%
*170
938
84
18
175
*144% 140
*144% 146
*144% 146
23%
23%
23%
23%
23%
23%
32
32
*31%
32%
*31%
32
07g
7
678
678
6%
6%
55%
5534
7%
7%
*17
7%
83%
7%
84
600
*9%
9%
420
21%
22%
18%
7%
83
18
4,000
*17
7%
82%
1734
200
4,500
230
6,100
934
9%
*15%
16
16
70
70
39
*38
39
69%
*38
7034
z70%
7034
70%
15%
70%
39
39
39
39
9*8
*38
39
9%
*38
9%
9%
1,100
3,400
9%
*109% 111
*109% 111
*109% 111
*110
112
*110
112
*110
*54
56
*54
56
*54
56
*54
56
*54%
112
56
*54%
500
"""700
30%
30%
30%
30%
3134
2934
26%
♦25%
26%
25% 25%
201
201
204% *200% 203
*113
115
*113
115
117% *113
13%
13%
13%
13%
13%
1334
55
55
55
*54%
55
54%
*53%
54%
54%
*54%
54%
54%
14%
14%
14%
14%
14%
14%
98
98
*96%
98
*96%
*96%
7
7
7%
6%
634
6%
*111
112
*111
*111% 112
111%
8
8
8%
7%
*7%
8
38%
38%
38%
38%
*37%
38%
.2%
2%
2%
2%
24
24
25%
*24%
*24%
28
*12
1234
*12%
1234l *12
1234
9%
9%
9%
9%
9%
6,600
*25%
31%
32
26
202
*112
117%
13
*5334
*5378
1434
*96%
7%
*112
*8%
*36%
*2%
*24
*12
9%
*22
3134
25%
32%
2634
203
113
113
*113
117%
13
13
13%
12%
13%
54%
54%
15
97
54%
54%
54%
54%
54%
*53%
54%
7%
113
*53%
14%
*96%
6%
112
9
8%
39
*36%
238
28
1234
934
*2%
*24
*12
9%
22%
6
5%
*75%
76
*145%
7%
26%
*200
23
5%
31&8
207
"5%
16
25%
*200
5%
16
75
5%
16
15%
98
7%
112%
8%
39
2%
28
1434
15
*96%
98
7%
8%
*36%
*2%
*24
1234| *12
9%'
73S
111*4 11134
8%
39
2%
25%
1234
*201
__
9%
9%
22%
538
*743g
2234
5%
75%
22%
5%
22%
5%
21%
21%
*5%
6
75%
75%
76
5%
5%
16%
5%
1634
5%
16%
'145%
7%
75%
5%
17
16%
16%
145% 145% *145%
7%
7%
73s
50%
50%
*50%
...
*5
*145%
"7%
7%
50%
*48%
*20
7%
51%
2034
*20%
20%
*203g
20%
*20
21
20
*53
55
*53
55
*53
55
*52
55
*52
*50
*116%
48%
10
*3
17%
7%
*934
24%
*37%
*16%
*
....
*116%
48%
48%
10%
10%
*116%
4834
49%
10
10.
3%
17%
7%
10
24%
38
17
3%
17%
7%
934
2438
*37
17%
.
22%
5%
75%
17%
17
7%
52
50
'116%
49%
50
10%
3%
934
17%
*116%
50%
10%
3
3%
49%
9%
*2%
9
Apr 30
8
Feb 19
10% Jan 4
9% Apr 18
Feb 17
16
No par
...No par
No par
New York Central
N Y Chic & St Louis Co...100
6% preferred series A...100
NYC Omnibus Corp ..No par
York Dock
No par
5% preferred
No par
100
100
Adjust 4% preferred
American
Co.......10
6% preferred series
50
300
5%
60
pref series
North Amer
Aviation
1
Northern Central Ry Co
12~, 000
110
700
10
"8,666
60
Northern Pacific Ry
..100
North States Pow $5 pf No par
Oliver Farm
100
Equip
21
*52
55
3
*6%
*9%
10
*234
16%
*6%
*9%
24%
24%
24%
24%
934
24%
*934
2438
24%
37%
*37%
37%
37
37
*36
37
17%
*17
17%
17
17%
*16%
17
17
7%
*36%
*16%
$ In receivership,
400
100
$5.50
100
No par
Co
conv
1st pref-.No par
Outboard Marine & Mfg
No
Preferred
5
var
100
49%
3,500
Owens-Illinois
9%
2,100
Pacific Amer Fisheries Inc
3
16%
230
1st preferred
No par
734
180
2d preferred
No
2434
37
10
17
a Def
6
Jan
6
6
1234 July 11
17
26%
15%
12%
Apr
June
96
Jan
14% May
May
176
Dec
15334
Dec
27
Jan
Glass
Co.12.50
Pacific Coast Co
5
10
r
Cash sale.
36
May
100
June
30% May
9% May
8% May
15
May
20% May
3% May
434 May
Feb 25
12
May 7
50% Apr 29
5034 Apr 29
12% Apr21
96
July 2
534 Feb 14
May 7
7%June 3
110
Jan 15
l%May 17
Apr 25
3
117
Jan
934 Jan
14% May
Jan
2
105
Jan
May
May
May
Nor
10% June
25% Mar
91
Apr
53%
Apr
110
Jan
30%
14%
2784
110%
Dec
60
Feb
Dec
Dec
(an
18%
21%
Jan
Jan
39
Jan
33% Mar
8% Apr
12%
Apr
115% Mar
117% Aug
58% Nov
%
2
Jan
Jan
%
Jan
Dec
Apr
3184
35%
226% May
117
Dec
17% Jan 10
14% May
23
Jan
6884 Jan
6
47% May
59
Jan
57% Jan 20
17% Jan 10
47% May
15
May
58
97% Apr 16
7%May 8
113% Feb 1
10% Mar 31
84% June
4% May
101
May
40
June
5
234 Jan 11
27
Jan 11
10
Jan
6
104% Jan
7
3
Feb 19
5% July
1734 Jan
9
8
4
13%
20
175
June 10
June
Jan
7334
Dec
% Oct
%8 Dec
Jan 25
73
14%May 29
%8
215
150
Jan 11
Jan
26%
97%
Jan
Deo
9%
Jan
Sept
114
May
"~39~~Nov
2% May
25% Aug
5% Jan
42% Jan
16% May
8«4 May
27
11
10% May
Dec
5-% June1
7% May
May
2% May
11% June
12434 June
95
6% Apr 23
40% Apr 16
10% Jan 10
7
53% Jan 10
16
23% Apr
14% Mar
112
5%
18%
150
May
12%
Mar
Apr
Jan
Dec
Jan
21
May
47
June
4
26% Jan
6
19
June
3284
Apr
48%June
3
55
Jan 17
47
May
55
Jan
Mar 26
120
Mar 26
115% May
120
120
3834May
5034 July 16
7% Apr
D4 Apr 23
10
11
5
Feb 19
x-dlv.
.1=
y
42
June
10% July
9
434 June
3% Jan
64%
10%
Nov
Jan
Jan
Apr
6
2
Jan
July 10
8
May
May
6%
18
23«4
Feb
8
July 10
33g May
12%
40
New stock,
7% May
Oct
8%
June
32%May
par
Jan
45
9
% Jan 13
1% Feb 6
% Jan 10
32% July 10
3234 Jan 8
8%
49% Nov
8% Apr
10% Apr
Aug
Apr
56%June
3884 Sept
48
3%
May
Pacific Ltg Corp
No var
May
Apr
34
104
Pacific Mills
No
8
22%
Jan
Jan
26% May
110
500
'
May
4% May
7
24% Feb 14
24%May 7
May 31
140
48
June
Jan
200
par
Pacific Gas & Electric
»
66
June
Feb 24
11% Jan 28
28% Jan 24
delivery.
18% Apr
7% Nov
734 Oct
112
Pacific Finance Corp (Call). 10
25
300
133s Mar
115
May 3
4% Apr 17
9% June 19
22%June 3
4,700
May
4
Mar
188
109
May
23% July 11
100
Outlet Co
190
Jan
45
434May 23
6% preferred..
Steel
110
684 Feb 19
No par
*20
6
11% June
3
May
5% May
6% May
23% Nov
10534 Nov
1334 Feb 19
No par
55
Jan
20% July
6
Otis Elevator
51%
16%
8
Jan
No par
Oppenhelm Collins
20
Jan
934 May
11% July 14
2734 Jan 2
3134
1334 Feb 7
934 July 11
8% preferred A
Otis
Jan 17
..No par
Ohio Oil Co
76%
3,000
Apr
20%
June 18
11%June
Co..2.50
1,200
*116%
49%
49%
*9%
934
4%May 16
8
Apr 12
34
Pharmacal
45% Jan 16
41% July 15
24% Jan 6
6'4 Jan
7
Feb 14
15% May 15
23
Omnibus Corp (The)
7%
5134
99%
Oct
15%
July
25
Norwalk Tire & Rubber No par
Preferred
50
900
7%
*48%
Nov
86
May
16
Northwest Air Lines...No par
Northwestern Telegraph
60
1,100
10
Apr
72
II84 Feb 19
Norwich
50
300
19
79% Feb 10
15% Jan 10
47
900
7.80C
Dec
12%
14
110
Jan
Dec
Jan 18
113$ Apr 22
110
21%
534
....
June 12
109
2,800
"7%
106
50
5%
*145%
69% July 18
38
Apr 28
50
non-cum pref
16%
7%
934
Bid and asked prices; no sal es on this day.
Newmont Mining Corp
Newport Industries
North
6
13
5%
*15%
*6%
934
24%
534
*75%
16,700
Feb
par
16%
7%
10
2134
10
July 10
1
..No
5%
7%
*16
Natomas Co
16%
7%
17
6
Norfolk & Western Ry
%
*25
Apr 22
100
*'16
6
3
700
%
Jan
No par
No par
National Tea Co
2
*l16
68%
69
Jan
%
7% Mar 20
Feb 14
»»i
'he
93% Jan 10
18% July 16
Feb 19
JN Y Ontario & Western.. 100
N Y Shlpbldg Corp partstk__l
Noblltt-Sparks Indus Inc
5
%
6% July 10
43
3
%
14% Jan 10
41
40
6
%
3238
*200
3
4
*SS2
Jan
Jan
Apr
176
13% May
Jan
%
Feb
Sept
June
155
1/2834 Dec
5% May
Jan
400
Jan
July 11
June
Apr
7% Feb
22% Jan
2334 Dec
8«4 Sept
10
Dec
July 11
4% Apr 23
8% Feb 19
Dec
53
16%
24%
June
32
49
Mar
8% Nov
9
24
Feb 19
5®4May 29
83
111%
7% June
16%
16% Apr 21
Jan
%
3,g
Jan 15
Jan
5% July
26
*3i
*%
11
13%
June
132
'u
%
July 17
3% May
11
18% Apr
26% Jan
5% Nov
56% Nov
15®4 Mar
Apr 28
14
June
zl60
100
*%
9
7
2
24
6
15
41
2
100
%
Jan
Jan
May
Jan 15
Conv preferred-__
%6
*%
*5,,
10%
18%
175%
13%
88%
17%
934
4
Jan
INYNH4 Hartford
*%2
34
6
8% May
May
56
97% May
154
N Y Lack & West Ry Co.. 100
56
81«
Jan
100
100
5^% prior preferred
6% prior preferred
10%
#5g
8
9
,
7% July 10
15% July 14
64%June 16
N Y & Harlem RR Co
84
7% Jan
May
170
New
"""266
4
May
2% May
20
9
May
2084 Feb 14
106% Mar 8
31% Apr 24
8,600
Jan
15
May
142
25
$5 conv preferred
36,300
1,500
5%
21% July 15
23% Jan 2
12
14% Apr 22
168%May 29
N* port News Ship & Dry Dock 1
316
v632
May 12
N Y Air Brake
*%
316
78
1~,200
*S32
*%2
7% Apr21
15%May 26
160% May 27
10% July 18
8134 June 11
14%May 21
634May 27
ll%May 20
834 Apr 1
12% June 6
4% Feb 15
7% Feb 14
3,900
%
•16
Feb 17
Feb 19
8% Jan 11
51% Jan 27
43% July 3
334 Apr 21
14% Jan 3
16
Apr 18
4%June 30
7
6
July 18
12% July 9
71% Jan 16
4% Apr 23
22% Apr 28
538 Apr 23
*%
°32
112
Jan 13
4% Jan
Feb
Apr
16
100
$2 conv preferred
112
*110
9%May 2
61% Apr 17
10934June 25
10
1
*109% 111% *10934 111%
112
70
Feb
30%
100
7% preferred A
6% preferred B
200
*110
*5
$4.50 conv preferred-No par
National Lead Co
10
39
112
24%
Feb 19
45
8% May
7% June
4H% conv serial pref--.100
Newberry Co (J J)
No par
5% prefserles A
100
*110
1834May 6
234May 15
40
Jan
5% May
170
"
4
Oct
56
3134 May
33% May
21% June
8% Jan 13
69%
26,900
17% Jan
3
6
July
122
18%June 20
Nehl Corp
""460
14%June
Jan
May
119
Jan 30
Nelsner Bros Inc
*107
12
6%May 29
Jan
119
Apr 26
500
*109% 111
1134 Nov
Nov
5% Apr 21
400
109% *107
109% *107% 109% *107% 109% *107% 109% *107% 109%
*297g
30%
2934
30
2934
29%
2934
*29%
30%
*29%
*29%
30%
1078
11%
1034
11%
1038
1034
934
10%
9%
10%
9%
10
25% 2578
25%
26
25% 2594
25%
25%
24%
25%
25%
25%
*110
112
*110
112
*109% 112
*110
112
*109% 112
*110, 112
42%
42
42
42'
*40
*41
4234
4134 4134
42%
42%
42%
12*4
13
12%
13%
13%
133s
12%
13%
12%
12%
12%
1234
*15%
15%
15%
15%
*15
16
1534
15%
1538
15%
15%
1534
40%
40
4038
40%
41%
4034
41%
41%
39%
40%
40%
4034
*16% 16% *16%
1634
*16%
1634
16%
16%
16%
17%
17%
17%
*5%
6%
*5%
6%
*514
6%
*434
6%
*434
6%
*4%
6%
1234
1234
*11%
1234
*11%
1234
*11%
*11%
1234
12%
12%
*11%
Apr
Deo
May
17
16
9%
Jan
434
64%
110
12
1
National Supply (The) Pa.. 10
1534
70%
9%
1434
110
z79
No par
Nat Distillers Prod
National Steel Corp
1,400
3%
Dec
Dec
Apr
54
113% May
Nat Enam & Stamping No par
Nat Gypsum Co
4,200
6%
*18
1%
9% July 14
24% Jan 11
2,400
55
14
*3%
10
National Pow <fc Lt....No par
15%
70%
*938
16%
95g
6% preferred
300
1,700
500
3%
No par
5,500
260
14
.No par
Nat Mall <fe St'l Cast Co No par
National Oil Products Co
4
6334
543i
6%
10
Nat Dept Stores
30
67
3%
100
National Cylinder Gas Co...l
Nat Dairy Products
No par
600
6334
*938
5% pref series A
1,800
67
*15%
Nat Bond & Invest Co.No par
8,600
6%
64
3%
100
14
67
97«
7% preferred
10%
6%
14
14
5
10
Nat Cash Register
67
6%
10
National Biscuit Co...
5,500
64
16%
7034
6% conv preferred
Nat Aviation Corp
13%
143.1
55%
6%
1
Co
Automotive, Fibres Inc..l
National Can Corp
6734
55
100
Nat Bond & Share Corp No par
63%
384
958
Nash-Kelvlnator Corp......5
100
14
7
..No par
Nashv Chatt & St Louis
100
63%
67%
3%
3%
Munslngwear Inc
Murphy Co (G C).
No par
5% preferred
100
Murray Corp of America.. 10
Myers (F & E) Bro
No par
600
14%
55%
1
No par
$7 preferred
734
18
18
18%
175
*171
175
17034 175
146
146
146
14534 14534 *145
22%
22%
2234 23%
22%
22%
32
32
*31
*31
32
31%
7
7
6%
6%
6%
6%
634
1
Mull Ins Mfg Co class B
*172
55%
5
Mueller Brass Co
200
68
55%
714
15%
64
68
3%
934
9%
934
300
64
*63%
*67%
334
*9%
~1~800
67%
15
68
*9%
*1514
100
1,500
*63%
15
64
7
4
Motor Wheel Corp
170
*1434
15
67%
4
500
1,400
39% Jan
6
Jan
Motor Products Corp ..No par
55% I
738
55%
June
23
Morris & Essex
55%
7%
*63*4
4
82
14
38
50
Morrell (J) & Co
100
1,000
8
43% Jan 23
28%June 10
31% Apr 30
No par
100
17
734
13%
10%
45
124%
9
470
85
*16%
Feb
Jan
July
300
*80
26
28% May
z38% Dec
12% Apr
173s May
Jan
112
12,700
7%
May
1%
6
8%
17%
May
82
434
1938
108%June
No par
Montg Ward & Co. Inc.No par
National Acme
85
85
34% Mar
6% Jan
Dec
9% May
8
Nat
*7%
Jan
Dec
Jan
5,800
*16%
share
7% May
120
iV.loo
8
8%
17%
*170% 175
10%
1034
May
9%
4
Apr
6
$4 pref ser C
*7%
June
2% May
per
108% Dec
14% May
8
July 16
1
3
Feb 14
2,400
*80
4
2
Mar
19%
6
7%
95
26
12% July
3
May
33% May
Jan 11
July 17
Mar 27
19%
17%
4%
72
1% Jan
103
Jan 16
110
■
77
960
85
Jan 14
45% Jan 10
115
4,800
7%
125
112
4
*16%
23% May
10
20%
7%
6% May
11% May
9
No par
500
7%
9
No par
46
734
6%
9%
85
175
6
$4.50 preferred
17%
8%
*1034
10%
*84
7%
Jan
Preferred series B
Monsanto Chemical Co
4
*5%
18
11
6«4
734
6
11
10%
14%
7%
*170
170
19%
11
634
*634
*9l4
170
8%
17%
5%
Feb
Aug
9% Feb
% Jan
13% Feb 15
Feb
53%
May
50
1,300
20%
4%
7%
534
5%
7% preferred series A...100
Mohawk Carpet Mills
20
64
24% May
2% May
10
15%May 19
88% Jan 7
118% July 17
111
*44%
21
5%
734
*8%
*110
No par
Mo-Kan-Texas RR
7% May
11% May
9%
6
Feb 14
May
17% July
38% Jan
0
2%June
66
May
24
Jan 15
40
88
88
88
88
88
88
87l8
87%
87%
88%
•1171s 118i2 *117% 118% *117% 118% *117% 118%
118% 118% *117% 118%
119
119
*117
119% *117
1193s *118
119% *118
119% *118
119%
*110
112
*110
112
*110% 112
*110% 112
*110% 112
*110% 112
36
3618
36%
3578
36%
3534
36%
363}
36%
26%
35% 36%
*40
41
41
*39
41
*39
*3934
41
*3934 41
3934
3934
26
20
2534
26
26%
263g
26%
*26%
26%
26%
26%
26%
*8
*8
*8
*8
8t2
8%
8%
8%
7%
7%
*7%
8%
14i2
14%
14%
1434
14%
14%
14%
14%
14%
14%
*14%
143g
22
22
*2214
23
22%
22%
22%
22%
22%
*21%
21% 21%
4
4
4
*3%
4
3%
3%
*334
4
3%
4%
4%
*61
*61
63
63
65
69
70
*6034 62
62%
61%
61%
12
12
*11%
13
*11%
13
•113s
13
12%
*1134
*11%
12%
70
*70
70
69%
69*4
69%
70
70%
70%
70%
7C%
70%
*110
pref series B...100
$6.50 preferred
No par
Mission Corp.........
10
2%
*15
coqv
Minn Moline Power Impt.-.l
500
%
j
4%
900
90
Highest
share $
37
6% Apr 21
Mar
4
% per
5
26%June 12
3034 Apr 2
26% Apr 21
..5
July 15
434 July 18
Feb 14
'16%
16%
16%
16%
29%
29%
29%
117% 117% *117% 118
42%
42%
42%
4234
108% 108%
108% 108%
3%
3%
*3%
334
72
72
71%
71%
12
11%
*11%
12
9
65
16%
*30ts
.
9% July
May 21
8>8
*
7% July 11
109% Jan 9
101% Apr 30
6
26
v- 8
$ per share
1
.50
(The)
30%
550
$ per share
27% May 29
3% Feb 15
2134 Feb 15
22
301.8
Highest
1
McLellan Stores Co
10
400
v.
25%
23
30%
82
800
'•
Year 1940
Lowest
Lowest
*21%
25%
*22
7%
73g
7%
7%
10334 107% *103% 107%
Q
Q
9
*8%
19, 1941
Jan
8
1734June 26
Ex-rights.
9% May
25% May
33
May
8
May
Jan
14
Apr
34%
Apr
50
Jan
16%
Jan
^ Called for redemption.
=
New York Stock
Volume 153
LOW
AND
Saturday
HIGH
SALE
PRICES—PER
SHARE,
July 12
Monday
July 14
July 15
Wednesday
July 16
$ per share
$ per share
$ per share
$ per share
118
118
3-%
3%
7%
73*
'•;:\;?,:;"28*"
13%
2%
13%
*97g
10%
1%
1%
*30
30%
99
.
12%
99
12%
*90
98
11%
*15%
134
28%
113s
*18%
1534
134
28%
12
18%
%
1238
*8
8
8
8
48
48
48
82%
*278
83
8234
83%
3
3
3
2%
51
15
111
2%
51%
*14%
51
*108
241*
*23%
42
57%
36
25
684
2934
10%
36%
10%
2%
28%
*934
57%
30
23%
*1%
2%
36
15
24%
*23%
42%
23%
*24
24%
36%
43
58
*24
24%
*6%
634
634
*63*
7
*634
7
3378
33%
33%
47
47
47%
33%
47%
*88%
90
*88%
*10%
10%
85%
*109
44%
278
*50
86
109
6%
8%
634
85
853*
*108% 109
6%
63*
69
44%
52
52
3
7
7
*68
*172%
*39
■i—
-
12%
10%
83
84
83%
10%
83%
17%
*6%
43%
6%
*65
69%
44%
17%
*46
17%
*17
58%
*56%
11%
113*
65
*17334 '£i. i.'
-r
6%
5,900
7%
58%
3334
300
13%
57%
57%
58
34
33*4
*58
64%
14%
64
13%
173
*164
*164
3634
*1034
*35%
58%
58%
58
*115% 116
2234 22%
99% 99%
109% 109% zl0934 109%
116
3-%
11%
10%
11%
12
12%
1234
1234
*12
1234
*12%
3%
54%
334
53%
3%
4%
54%
3%
53%
4%
3%
14%
15%
15
*52
26%
27%
19%
15
26%
27%
1434
27%
*52
53
20%
15
*193g
14%
28
28%
28%
19%
11,900
400
1,400
4,800
54%
3%
3%
52%
*52
19%
14%
7,900
14%
273*
*52
53%
100
19%
14%
*19%
14%
20%
500
28
14%
27%
2,600
17
2,800
1,200
17
17%
17%
26%
*17%
17%
17
17
26%
26%
26%
26%
*20%
26%
26%
26%
700
23
23%
23%
23%
24
23%
23%
700
*1%
1%
233*
1%
*23%
1%
*23%
*1%
*1%
1%
1%
*26%
30
♦II4
29%
*9%
*1%
1%
30
*9%
9
*8%
*26
*11
12%
*9%
*01%
62
*56
5834
8%
12%
*11
9%
9%
9%
01%
9%
1%
1%
20%
20%
100% 100%
*8634
8%
*18
94
7%
88
*4%
6
*8%
14
43
33
33%
52
52
52
*43*
17%
17%
11%
1134
*8%
4%
17%
*11%
44%
4%
45
;
%
*7i«
078
323*
*52
9%
83*
4%
17%
11%
44%
17%
11%
44%
%
393*
39%
38%
*%
%
*%
%
*3i«
*%
%
%
%
%
%
4
1%
1%
8
4
4
1%
*23*
6
.v6
*4%
*8
14
*8%
42%
42%
42%
42%
11C
110%
18%
18
J
14
18
110%
17%
6
*2
42%
42%
110% 111
173*
181*
100
1,700
33
5,200
90
51
1
7
Feb 13
14
28i8May 29
52
Jan 17
71* Feb 14
6
Apr 15
4i2June 27
l43*May
1
93* Feb 15
42 38 Mar
1
No par
No par
82.50 conv preferred. No par
{Rutland RR 7% pref
'ii Mar 11
100
10
28%May
600
{St Louts-San Francisco... 100
*n Jan
5
7
38
300
i8 Jan
4
1%
330
6% preferred
100
{St Louis Southwestern...100
5% preferred
100
Safeway Stores..
No par
5% preferred—
100
8
42
42
41%
42%
*110% 112
110% 111
17%
1634 17%
17%
50
1,200
500
21,900
Savage Arms Corp new
5
May
3% May
May
61* May
043* May
13% Nov
June
4% May
6
078
Jan
Feb
7% Nov
Deo
978 Nov
85% Dec
1658 Nov
Oct
178
8%
Jan
8
11
Jan
101* May
10
May
Jan
May
67
Deo
19
May
418* Nov
U2 July 17
4
July 17
35
Apr 19
10978 Feb 17
3
1238june
Jan
7
Ma.
151% July
5% May
123*
43* Oct
0% May
0% May
8
July
1478
143*
Jan
Jan
jan
21
May
45% Nov
63
June
71'*
112% May
28% Dec
118%
Apr
Jan
Jan 11
4
May
June
145
Mar
May
165
Apr
118
Jan
Jan 25
28%May 22
10-% July
103
July 15
921* July 11
63*
84
Oct
June
73% May
Jan
32%
Jan
11% May
97% May
89
May
1158 Jan 11
June
155s
123* July 16
478 Jan 4
I
1
9
9% Sept
15%
41* May
48% May
2% Nov
7%
69
38*
Deo
43%
Dec
23
Apr
621* Jan
33* Jan
2
2
52i2June 27
34
20
Jan 23
17
Jan
15% May
13% May
2
287* Jan 14
June
24
May
978 May
193* June
17
23
9
Jan 13
178 Jan 11
30
June 25
11
July
9
9i2 July 16
May
I'* May
Dec
June
*373* June
7
13* Jan 11
Apr
223* Jan
6
10U* Feb 10
1131* July 10
97
Jan 13
II
Jan
3
24
Jan
2
73
Jan
8
Feb
Mar
13
671* Jan 23
61
Oct
65
6
12i* Jan 7
101* Mar 10
Apr
Jan
43*
25
6% May
8
Aug
0
May
Feb
Apr
27
24
173* July
Feb
2978 May
37% May
17% Apr
2012 Apr 24
5
St. Joseph Lead
May
143
01* May
Rustless Iron A Steel Corp_..l
3,000
Apr
Deo
114% Oct
1078 May
95
10
Roan Antelope Copper Mines.
38%
73*
49
126
9
100
Jan
1171*
8U2May
44%
May
3% May
1581* Feb 11
5J4% conv preferred... 100
Reynolds Spring
..1
Reynolds (R J) Tob class B.10
Common
_————.10
Richfield Oil Corp
No par
Ruberold Co (The)
68
Dec
137
Apr 17
Feb 15
900
118*
43% Apr
115% Jan
128
Apr
60
100
Jan
87% Dec
14% Nov
97% May
June
1107* May
Apr 21
2,200
Jan
70
100
97
17%
11%
Feb
47
107
Mar 31
7% preferred—
100
bM% preferred.—.....100
Reynolds Metals Co...No par
Rltter Dental Mfg
8
July 15
17
200
•&;
Feb
10
Class A
2
Jan 30
Jan
18
21
19
May
6
8%
%
1
2
28
14
8
»* Apr 10
0% conv preferred
100
6% conv prior pref ser A. 100
A Brass..—6
2,000
5
Jan
168* Feb
993*june
82i8 Apr
7% Apr
Revere Copper
9%
*%
*%•
39
1,300
.
7
*%«
39%
%
%
m1it
240
53
9%
*8%
♦4%
%
1103* *110
17%
7%
33%
60
93
39%
%
"
93
39%
*%
%
39%
%2
100
123*
*i«
"He
39
19%
72
8%
*44
1,200
72
8%
45
83*
*12
884
*44
*8%
*183s
113
93s
45
*43*
19
380
400
88
87%
8%
113
9%
5
1%
1934
113% 113%
7134
7134
9%
11%
45
%
87
*8%
*18%
9%
18%
i
i 87
7
11%
*44
Reo Motors vtc
Republic Steel Corp—IVo par
7
18
100
10
1
Remington-Rand
10%
40%
1231* Jan 15
7
li8 Apr 9
22i8Mar 12
7
Apr 22
65s Mar 26
9% Apr 30
7i2 Apr 21
57i*May 23
1st pref. .100
Reliance Mfg Co—
"3,400
21
Reliable Stores Corp...No par
21,500
94
11%
...
May
23i*May
12% Feb
23i* Jan
6
Preferred.......
Mar
1778May
11
—.50
60
20,700
94
18%
100
Raybestos Manhattan.No par
Ray onler Inc......
1
83 preferred
25
Reading Company—..—60
1%
19%
100% 100%
94
*17%
11%
1
Preferred with warrants..25
94
11%
33.50 conv 1st pref. .No par
Real 811k Hosiery
87g Nov
0% May
110
Feb 14
833* Feb 15
9%May
2
81* Apr 1
3i2June 7
47%June 9
2i2 Apr 21
38i2Mar 14
Rensselaer A Sara RR Co.. 100
94
18%
x94
20
12%
33%
100
100
No par
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer.. .No par
4% 1st preferred
4% 2d preferred
24
25% June
37i* May
59% July
1191* Jan 29
291* Jan
221* Feb 14
Purity Bakeries
100
12%
*49
7
58%
12%
52
9%
No par
Reis (Itobt) A Co
1,300
12%
9%
Pure Oil (The)
62
71
73g
9
No par
0% conv preferred
Dec
Apr
13i* Jan
408* Jan
50%May
Pullman Inc....
Radio-Kelth-Orpbeum
May
53*
20% Dec
97%May 26
6% preferred
100 xl08 May 14
7% preferred
..100 121'*June 9
8% preferred..........100 1383*June 17
Pub Ser El A Gas pf 85.No par
11418 July 17
6% preferred
5% conv preferred
Apr
Apr
15
Jan
par
*56%
123*
7%
60
10%
No
29%
171* May
11% May
287g
83* Jan 10
10i2June 16
13>* Jan ~
32i*May 15
No par
$5 preferred.
Apr
Deo
48%
15
3
60
2d pref
13%
463*
10
75i* Jan
June
...6
1st pref
conv
Jan
5% May
22
2
164
9% Apr 21
91* Apr 21
*60%
71
33%
5
*4%
18%
113%
30
-
conv
Nov
4%
Feb
43i* Jan
51* Apr 22
48* Feb 14
1
57%
1%
13%
52
8%
9%
''m'm.
6%
6%
No par
Procter A Gamble
Nov
43
1% June
Feb
May
•liMay
Pond Creek Pocahontas No par
62
72
33
9%
*8%
■-
9
*11
1%
19%
19%
100% 100%
83*
113% *113
53
9%
88
83g
18%
19
11%
*44%
*%
9%
1%
1%
20%
193*
100% 100%
88
83*
*17%
*
9%
13
57
33
9%
8%
%
9
*11
*60%
7%
7%
32%
39%
13
58
94
94
*52
*316
9%
62
*111% 113% *11234 113% *113
72
72
71%
7134
*71%
13
13
13
13
13
*7i«
10%
8%
*56%
19%
5
*11
29%
*9%
9%
*60%
*18%
9%
83*
12%
*26%
11%
583*
19%
7%
9
62
8%
53
*9%
8%
*59
8%
33
113*
*56
88
*86%
-
30
58%
8%
94
17%
61%
*55
88
*9
9
*11
9%
*25%
1134
■W 1\
1
1
1%
20%
2038
20%
20%
100% 100% *100% 100%
*
3%
100
*26%
11
17
3%
170
17-%
30
*42
*3%
5334
800
2,200
27,400
1,500
2,700
4
3%
54
3%
54
54
11%
123*
900
26-%
*8%
*110
3%
5334
100
2334
*9lo
;
4%
400
27%
16%
30
39%
22%
3%
54%
3%
19%
*4%
118
116% 116% *11634 118
22%
223*
*99% 100
*10%
*35%
57%
11
53%
*73*
58
11
*19%
*93g
3634
11'%
*52
7%
32%
116
11
11%
19%
*52
573*
11%
53
*93
58%
11%
*19
*18
10%
35%
58
11%
*51%
8%
10%
35%
11%
113g
1034
3%
55
*86%
11%
37
58%
23
May
66
65
June 24
11
11
*35%
58%
10%
257* Nov
May
36
7
7% Jan
958 Jan 10
June 14
11%
37
10%
*10%
*35%
May
15
58
21
10%
15
23
15
115
10%
Feb
12%
5% pf (ser of Feb 1 '29). 100
10%
4
401* Deo
1658 Jan
U8June
107* Jan 17
Pub Serv Corp of N J ..No par
103*
11
11%
678
*8
621* Jan
96% May
4% Jan
21
60
11%
8%
10%
10% May
16
5,500
7
8
2% Mar
12% Mar
73% Deo
16% Apr
161% July
1% Mar
223* Feb
22%
22%
22%
22% 223*
993* 100
*9934100
99%
99%
110% 110%
110% 110% *110% 111% 11034 11034
*124
126
*124
1253* *124
1253* *124
12534
12534 *124
140
*139
140
140
140
141% *140
141% *140
141%
*11334 114% *114% 114% *114% 114% 114% 114% *114% 114%
28
271*
27%
27%
27%
26%
27%
2634
27%
27-%
10
10%
10%
10%
10%
1038
10%
10%
9%
9%
103
103
103
*102
103
102%
102% 103
*102% 103%
92%
92%
92%
92%
92%
92%
92%
92%
92%
92%
7
8%
Feb
2% Nov
4412 Apr
23% Nov
July 15
15
Mar 31
4,700
7%
8%
Deo
18
141* Apr 21
No par
5
Plymouth Oil Co..
Nov
11%
413*
84
633* Apr 29
9i* Feb 19
164
57%
118
7%
8%
Plttston Co (The)
99
40i* Jan
83* Jan
451* Feb 14
27
May
1
Pressed Steel Car Co Ino
7%
100
Jan
30
181
4,000
7%
8%
*78
*16%
*17%
June
1
23i2 Jan 11
73* Jan 2
Mar
10%
11%
3634
1%
16%
18%
10
45% Apr
1055s Dec
107* Deo
27% May
2% May
July 11
31* Feb
4'* Apr 26
6
May
Postal Teleg'h Inc pref.No par
*%
16%
18%
16%
19
4% Mar
25i* Apr
9
Jan 17
52
June 10
174
93* June
Deo
71* Jan
87* Nov
69i* Jan 18
41* Apr 22
Apr 22
534May 27
69
Apr 23
93* Apr 22
Poor A Co class B
1
1
16%
*18%
8%
17%
2638
15
100
7% pf 100
<* May
63* May
51* June
160
45
30
100
100
pr pf.100
Pittsburgh A West Va
7
6U4May 23
3534 Feb 20
234 Mar 18
*38% Feb 14
No par
Pit Youngs Asht Ry
10914 July
_
1,600
19
7%
*23%
*1%
4,440
4
Mar 28
43*May
2,800
1%
16%
7%
3%
72»* Feb
6
4758 July 14
90
July 15
12i2 Jan 10
80i2 July 12
8i2May 17
105
May 10
738 Apr 4
778 Jan 23
3578 Jan 2
Feb 20
8%
*18
8%
55
79
7
16%
16%
183*
834
334
14%
170
241* July
Jan 31
25%May
5
401* Feb 18
No par
7% pref class B
5% pref class A
5*4% 1st ser conv
38
Feb 15
1,500
*1
1%
16%
7%
1034
14
*164
7
102%
92%
50
64
*59
14%
170
70
310
2i* Apr 9
301* July 11
lU*May 0
60% July 8
*51* Apr 17
6
May 19
100
Pitts Screw A Bolt
2
112i2Mar 1
251* Apr 4
241* Jan 27
431* Jan 23
21
25
Pittsburgh Coal of Pa.....100
Pittsburgh Steel Co
9
201* Feb 14
Pillsbury Flour Mills
6% preferred
Jan
July 15
421* Feb 15
10
100
Jan 30
7
25
Hosiery—.....—..6
131* May
U* May
113* May
Feb 19
13* Mar 24
22
July
1
No par
Preferred
13* May
291* Dec
Dec
303* Jan
5
Preferred 4H % series... 100
Phillips Jones Corp
No par
7% preferred
100
Phillips Petroleum
No par
May
June
Feb 14
Phelps-Dodge Corp
May
0i* May
15
1% May
Feb 14
No par
Pfeiffer Brewing Co
41* May
64
71
2
21
Petroleum Corp of Amer
Sept
43
Jan
22
Pgh Ft Wayne A C 7% preflOO
_
6
*7
33%
Pet Milk Co
261* June
3i8June 12
111
35 conv preferred
No par
Pittsburgh Forglngs Co
6%
6
5
Pitts Coke A Iron Corp No par
73*
6%
*7
4
60
500
12
9i* Jan
May
03* Jan
l* May
87
2
Marquette Ry Co
100
5% prior preferred-....100
5% preferred
100
Phoenix
Jan
15
"""560
7
71
12
7%
58%
834
11%
30
I
123* July 18
3i* Jan 2
523* July 16
Philip Morris A Co Ltd
70
305* Jan 10
203* Jan 0
12
1,700
9,900
7
341* Apr 23
2,700
300
Jan
No par
Philadelphia Co 6% pref—60
16 preferred
No par
Phllco Corp.....——.3
600
2
12
48i2 July 11
"""266
*18
92%
300
11,900
100
*65
35%
35
64%
15
173
*17334
6%
7
113*
123* Mar 28
9
June
278 June
5% Oct
21* May
99
991* Jan 10
113* Jan 9
15i2 July 18
1%
18%
*101
1,500
Jan 11
1
Feo
16%
18%
1%
16-%
*1
16%
*17%
140
910
75
7
71
100
No par
100
Pere
100
*65
113*
No par
pref ser A
100
{Peoria A Eastern Ry Co..100
Pepsi-Cola Co
1
300
*63*
l»*May 9
371* Jan 10
144
H4 Feb 15
10
Peoples Drug Stores Inc
Peoples G L A C C (Chic)
700
*65
conv
0
Highest
5 per share 8 per share
115
139
May
Mar
43% Mar 4
74'* Feb 20
No par
Corp
5% preferred
Pennsylvania RR
1,000
34%
*139
%7
830
6%
34%
*11334 114%
26%
27%
10%
10%
100
39%
58%
*124% 126
65~4O6
17%
34
22%
400
*5%
12%
10
Jan
10i2 July 11
951* Feb 14
9%May 27
No par
_
Penn G1 Sand Corp
500
*38%
*634
5834
100
2.50
Penney (J C) Co
iejoo
6%
34
22%
Penlck A Ford
4,500
39%
58%
100
Patlno Mines A Enterprises.10
*5%
34%
*115% 116
Parmelee Transporta'n.No par
Pathe Film Corp
1
*3734
7
34%
58
No par
Parker Rust Proof Co
3
ITU
1
6
16
27
10
100
6
17%
l* Feb 15
Apr 22
99
May 31
8
33* Jan
21* Apr 30
Apr 21
7% Jan 7
100
700
39
*56%
*11
100
29,500
5%
7%
*35%
conv preferred
8i8 July
10
Park Davis A Co
62
*47
Jan 10
45s Jan 10
51* Feb 18
2,900
38%
6
14%
3
52
Jan 27
160
3
U2 Feb 19
25i4May 29
17 May 27
»* Feb 21
7i*May
1
03* Apr 21
1,200
43%
43%
*234
126
8
1
71
*62%
43%
6
Mar
Park Utah Consol Mines
70
6
May
3
2,100
5%
7%
*63%
6
Year 1940
Lowest
8 per share
14*4 Apr
39%
6%
*163
71
423*
*23*
3
6%
116
share
1
108% 108% *108% 109
6%
52
73*
www
833*
108% 108%
*1733* 175% *17334
14%
*2%
10
6
63%
2%
Range for Previous
Highest
Park A Tllford Inc
100
3
10
7%
•
No par
0% 1st preferred
6% 2d preferred
200
8234
*23*
10%
5%
63io
82
A
147% Apr
5
Paramount Pictures Inc
200
49
*47%
3
10%
83
5%
13%
4%
1,700
90
*7%
*163
83%
90
5%
13%
48%
■
90
73*
58%
65
48%
833* "~*813*
23*
*23*
2%
23g
90
*23*
73
12%
7
49
89
*47
7
73
*12%
*5%
40
■
*06
3
*68%
17
6
5%
Parafflne Co Ino
40
14,700
Airways Corp
1,700
8
89
10%
51%
17%
2%
90
*10
43%
*234
17%
200
Pan Amer
Penn-Dlxle Cement
69
5%
8
"2"406
per
No par
Pan-Amer Petrol A Transp__5
Panhandle Prod A Ref
.1
100
13
11
11,300
5,700
Packard Motor Car
900
7%
73
*1
900
—100
1,500
67
*2%
8%
100
6% preferred
3
Pacific Tin Consol'd Corp—1
Pacific Western Oil Corp
10
2%
44%
51%
8
8%
Pacific Telep & Teleg
51 %
523*
50% 50%
50%
15%
*14% 15% *14% 15%
*108
1103* *108
1103* *108
11034
11034 *108
24-%
24%
24%
24%
24% 24%
24%
24%
24
*23
24
23% 23% *23
22%
22%
43
*42%
4234
423*
*41% 42
4234
*41%
*1%
*1%
2%
2%
*1%
2%
*1%
2%
29
29
29% z28%
29%
28%
28%
27%
9%
9%
*93* 10%
*9% 10%
*9%
9%
5734 58%
57%
58%
57% 57%
57% 58
36
37
35
36
35%
36%
35%
3534
*24
24
24
*23
24%
24% *23
24%
6%
6%
63*
6%
6%
6%
63g
6%
7
*634
634
7
6%
63*
*6%
*6%
33%
34%
333*
341*
33% 33%
3334
34%
*47
47
*46%
47% *463*
47%
47
47%
*39
13%
90
"MOO
523*
17%
*63
Par
*14%
2%
43%
*103
Shares
15
40
53*
*7-%
share
Penn Coal A Coke
67
£%
per
Lowest
200
*1678
*7
Week
52
23*
*5%
*39%
*12%
*172%
IS
51
*47%
83%
3
44%
2%
8%
84
67
54
*68
$
On Basis of 100-Share Lots
EXCHANGE
49
90
10%
86
xl09
6%
*62%
share
NEW YORK STOCK
*47%
83%
*23*
2%
90
10
86%
111
*6
ver
Range Since Jan. 1
Jot
the
Friday
July
359
STOCKS
15
2%
51%
111
*108
24%
42
*1%
29%
*934
57%
$
8
Sales
.
*47%
*14
Thursday
July 17
Record—Continued—Page
CENT
*115
116
116
117
116%
117
117
117
*151% 155
*151% 155
*153
*151% 155
159
*153
159
3%
3%
3%
3%
3%
35g
*3%
3%
3%
3-%
8
8
*734
*7%
73*
7%
*73*
*7%
8%
8%
3
2%
234
$
23*,
2%
2%
2%
2% ;(i 3
13%
133*
13%
13%
133*
13%
13% *13%
13%
1338
*934 11
*9
*9
11
*9%
1034
10%
*9%
10%
1%
1%
*1%
1%
1%
1%
1%
1%
13g
*1%
*30
30
30
30
30%
30
*2934 30% *29%
30%
*99
101
*100
101
101
101
*100
101
101
101
12
12
12%
11%
12%
11%
113* 11%
11% 12
*96
97%
9734
9734 *96
978* ♦96% 973* *96%
973*
11
11%
11%
10%
11%
10%
10%
10% *10% 11%
*15%
153*
*15%
153* *15%
153*
*15% 1534
15% 15%
1%
1%
13*
13*
13*
1%
*1%
13*
13*
*1%
28% 28%
283* 28%
288* 28%
29
28% 28%
29%
18%
18%
18%
18%
18%
18%
183s
18%
183* 18%
%
»ie
'■•?*%■
*%
*5g
,316
%
1316
13i«
*%
12
11%
12%
11%
11%
11%
11% 12%
12% 1234
8%
*%
PER
117
117
*151% 155
Tuesday
NOT
Jan
83* Nov
13%
Feb
101*
63%
jan
Deo
69
Jan
2
Apr
60
May
1
May
14
May
24% Nov
70% May
1053* Sept
00
May
71* May
17% July
70
-June
39
May
97%
143*
30%
117
Deo
Jan
Apr
Nov
74%
Dec
8% May
1578
Feb
July
757s Mar
96%
Apr
1038 Jan
341* Jan
0% May
30% Dec
1178 Nov
44
May
53% Jan 13
52
56
1338 Jan
May
Oct
578 May
9% Nov
978 Jan 27
63* Jan 10
43* May
7%
12
Feb
181* July 15
131* Jan 3
483* Jan 14
78 Apr 5
3934 July 16
11% May
22%
Apr
1258 Dec
45% Oct
15% Nov
10% July
1* Feb
3% Aug
%
26
i2 Apr 15
6
May 5
8
Apr 29
Dec
June
48% Nov
138
%
83
Oct
78
2
Jan
3
Dec
Feb
Jan
42
Dec
8
Jan
5
Jan
Jan
May
43* May
45
Jan 13
34
May
53
Mar
113
June 19
96
May
U15S
Dec
18% July 15
•
Bid and asked prices; no sales on
this day.
{ In receivership,
d Def. delivery.
»
New stock,
r Cash sale,
z
Ex-div
v Ex-rights,
f Called for redemption.
New York Stock
360
LOW
AND
SALE PRICES—PER
HIGH
SHARE,
NOT PER
Record—Continued—Page 9
CENT
Sales
for
Monday
Tuesday
July 12
July
July
$
Thursday
July 17
$ per share
15
$ per share
$ per share
share
per
14
Wednesday
July 16
? per share
*12%
12%
12%
12%
12-%
12
12%
*84
85
84%
84%
*83
86
853,
*84
*35
35%
35%
*35%
35%
85%
35%
35%
July
113
*110% 111
111
%
*ht
%
hi
16%
*3%
7334
*8%
334
$ per share
*61«
ht
16%
16%
3%
75
73%
384
3%
74
74%
834
*55
8%
12%
12
12%
67
66%
434
67
67
4%
56%
36%
15%
15%
6
6
36
36%
15%
15%
4%
*36%
15%
4%
43g
19%
1%
30
30%
*103
19%
*1%
18%
*102
113
8%
13%
5%
3%
74%
3%
8%
12%
65%
5%
57%
5
57
57
*56
6
*36%
15%
36%
15%
4%
r
30%
20
20
*13«4
14%
14%
14%
9%
2%
*16%
9%
9%
2%
2%
1634
16
15%
130
130
16
*15%
*128
130
*128
130
2334
2334
23%
2334
23%
2334
12%
12%
12%
12%
12%
12%
12%
12%
1334
25%
13%
2534
13%
12%
14%
12%
14%
25%
27
27
27%
*28
28%
*27%
*1%
■'
2934
1%
*27
28%
1%
23%
12%
12%
12%
12%
12
12%
14»4
14
14%
4
78
*57
*21%
21%
*21%
3734
3734
37%
58%
38
38
38
37
37
37%
*57%
58
37%
*57%
6%
*37
*57%
6%
*51
3834
*115%
5%
6%
52%
3834
m
-•'«*
•
18%
18%
1«4
*1%
26%
1%
26%
100
30
29%
29%
2,300
*7i«
58%
58
7
7
4%
634
5%
*54%
124
8%
18%
2%
*13%
20%
*5
22%
20%
*7%
52%
39%
51%
39%
116
"
6
634
5%
12%
*6
*33%
%
*2%
*284
47
5*8
*34%
*3
*4
*30
*%
*1314
12
8%
1%
914
lh
*6712
*5%
*10i2
558
5%
14%
*10l2
37
334
58
2318
23%
1,0 0
Corp
Stokely Bros & Co Inc
5,000
Stone <fc
4,500
Studebaker Corp (The)
1,500
Sun Oil Co
5934
Sunshine Mining Co
1,800
Superheater Co (The)..No par
Superior Oil Corp..—
1
Superior Steel Corp...
100
14%
21%
6
*5
6
8%
18%
2%
15%
2134
15%
*21%
22%
6
*5
6
*5
21%
7%
678
73g
634
7%
7
5
38
3
8%
43%
3%
37%
6%
5%
13%
6%
37
*45l2
4612
5U
3514
3ig
*3412
5%
35%
3%
414
297S
3^
14»4
7%
7%
36
6%
5
434
36
*2%
8%
42%
7%
7
6%
*4%
*36
*2%
3
834
*8%
41%
878
42%
334
42%
3%
3%
37%
684
6%
6%
*33%
*234
46%
*3%
37
*6%
534
5%
13%
*1234
37
*6
*33%
334
48
*3
48
2234
,3,100
21%
7%
4,700
2,400
634
5
5
36%
70
2%
100
8%
1,200
4184
42
200
13,000
53g
5%
2,100
6,700
12%
12%
5,100
6%
6%
6%
700
37
384
48
3
3
*2%
3
*33%
*234
48
5
4
1,700
36
100
25
Swift International Ltd
Without warrants
Talcott Inc (James)
3%May 10
50
32
Jan 6
2%June 30
7% Apr 23
5
Tennessee Corp
Texas Corp. (The)
5
Texas Pacific Coal & Oil—.10
5% Mar 4
3% Feb 18
Texas Pacific Land Trust... 1
Texas & Pacific Ry Co—.100
Thatcher Mfg
No par
8% Jan 4
5%May 19
32 June
2% Mar
pref— ...No par
No par
100
Preferred
Thermold Co..
conv
38
2% Apr 23
Thompson (J R)
25
Thompson Prods Inc..No par
Tompson-Starrett Co.No par
3%June 30
25% Apr 30
% Apr 16
ll%May 14
9% Mar 6
90
Mar 17
27% Feb 19
39
Feb 17
4%May 26
9%May 15
6% Mar 25
4
500
300
400
i%«
"u
12%
10%
967g
32%
12%
400
10%
96%
3,300
3234
45
45
$3.50
10%
10%
13%
10%
13%
10%
97
97
97
33
33
33
45
45%
45
33%
45%
32%
44%
4%
3234
44%
1,300
Tlmken Roller Bearing.No par
4%
4%
4%
3,700
12
12%
1134
*9%
*1%
1134
9%
2,700
Transamerlca Corp
2
Transcont'I <fe West Air Inc._5
1,700
Transue & Williams St'l No par
1%
1,800
Trl-Contlnental Corp
1
$6 preferrred
—-No par
Truax-Traer Corp
No par
12%
9%
12%
12%
9%
1%
lh
934
lh
67%
67i2
514
*1012
1312
1%
734
9%
1%
67
5%
*10%
578
13%
13%
5%
*10%
638
6%
6%
19%
19%
19%
*1%
1%
*1%
1%
*1%
1%
20%
2,500
20%
22
734
*20
7%
22
*20
36
35%
75g
36
12%
12
12
77
777g
114% 114%
143g
1438
82%
827g
827g
83
117g
*1134
30
41%
41%
11%
5%
21
7%
*66
67
*7%
80
5%
3,500
2978
41%
$4.50
preferred-No par
conv
pref
No par
Timken Detroit Axle
10
Truscon Steel Co
13%
^{JOO
800
Urn
m
m
50
600
734
10
20th Cen Fox Film Corp No par
$1.50 preferred
Twin
No par
City Rapid Tran.No
7 % preferred
Twin Coach Co
Mar 25
16% Feb 20
1
0%May 22
30
Feo 14
9% Feb 14
8,300
Union Carbide & Carb.No par
60
2,100
Union El Co of Mo $5 pfNo par xlll%
Union Oil of Califonrla
—.25
12%
1,800
Union Pacific RR Co
20
*82%
*1134
83%
12
*1134
*2934
30
2934
29%
800
41%
4034
41%
40%
10%
41%
7,300
United Aircraft
1034
5,300
Un Air Lines Transport
14
14
1,000
110
110
8234
500
mmmmrnm
100
47%
t In receivership.
1,100
—
•
»
mm
8,200
7,800
a Def. delivery,
4% preferred
100
Union Prem Food Stores,Inc. 1
Union Tank Car
No par
Corp
United Biscuit Co
..5
No par
100
No par
Unlted-Carr Fast Corp .No par
United Corporation...No par
$3 preferred
n
New stock,
...No
r
par
Cash sale.
Jan 30
Jan
2
28
4
26
19
19
16
27
109 May 1
40%May 2
16% Apr 23
%June
3
18% Apr21
5
5% preferred
United Carbon Co
Feb 14
75% Mar
80
Mar
ll%May
25% Feb
34% Apr
9%May
ll%May
100
12
Bid and asked prices; no sales on this day.
6% Jan
112
Dec
6
5
May
113% July 16
98
June
1
May
1% Jan 6
4% Mar 20
2% May
9% May
21% Mar 21
22% Mar 21
23% July 8
32% July 16
44% July 9
46
12% Mai
16% Oct
20»4 May
29% June
July 16
8% Jan 10
5% Jan 28
8% Jan 10
8% Jan 7
4% May
58% Jan 6
July 10
4684 Aug
4
Dec
5
May
634 May
126
9
21
Jan
Jan 10
2% July 11
17
Jan
23%
Jan
20
4%May
24% Jan 27
21% July 18
7% July 10
7
July 10
5
July 18
36% July 18
3% Jan 16
9% Jan
43% July 15
_
4%May 12
38
7% May
12% May
1% Oct
9% May
Jan 24
6%May 12
5% July 15
13% July 14
10% Jan 23
40% Jan 21
*
Ex-dlv.
y
May
3
May
*17%
16%
484
334
4%
28%
2%
4%
33
May
Aug
May
May
May
May
Dec
May
May
2% May
26% May
638 Oct
384 July
5
May
7
Dec
36
Dec
3
Apr 22
50
July 18
30
5% July 10
38%June 6
3
May
20
June
4% Jan
6
6
6
34
Jan
Jan 10
1% Jan 18
18
2% June
June
284
Feb
4
Jan
2584 May
1
May
9
8
99% Jah
34% Jan
51% Jan
5% Jan 13
17% Jan 2
934 July 15
81
Jan
10%May
10i2June 14
7% Jan
19% Jan
6
7
1% Jan 10
24
Jan 10
9% Jan 13
36% July 3
1234 Jan
4
78% July 10
115
Jan 15
148iMay
May
884 May
May
18
7
Under Elliott Fisher Co No par
Union Bag & Paper
No par
23%
May
26% May
Jan 24
5% July
1,400
23
40
67% Jan
July
40
116
04
6,500
20%
%
484 May
9
12
»16
6% Jan
9
36
*18%
May
45% May
Jan
11%
47
May
June
Jan
36
1078
11%
10%
10%
14
14
137g
13%
13%
109
110% *109% 110% *109% 110%
46%
46%
*45%
46%
46%
46%
*18%
20%
*18%
20%
*18%
20%
9i«
%
8I8
%
%
%
23
23%
2234
23
23%
23%
59
14% May
33
19
9
2
1
par
100
30%
1334
38% July
z37% Jan
75
11%
12
21% July 18
Apr 16
30
8234
1% May
334 June
60% Oct
July 3
4
Feb 19
9% Jan 30
6 May 23
16%May20
1
62
11%
77%
83
3
3
June 13
35%
4%
10%
4%
1%
36
77%
7778
77
78
7734
114% 114% *114% 115% *114% 115%
14
14%
14%
14%
14%
14%
8134
8134
81%
81%
81%
81%
82
30
*7%
67
cum
Tide Water Associated Oil. .10
700
684
*19%
6%
19%
6%
1934
5%
*10%
6%
19%
538
12%
11
1%
67%
36
*1134
1%
67
Jan 17
100
97
4%
12%
May 21
Feb 1
Third Avenue Ry..
10%
438
3
4
10
9714
4%
4
30
.......1
preferred
1012
14
34% Feb 19
2% Feb 14
31% Apr 22
25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur..-No par
$3 dlv
Feb 16
-—9
5^ % partlc pref
Telautograph Corp
conv
60
Apr 14
117%June 2
7% Apr 22
15
Apr21
1% Feb27
11% Apr 14
18%June21
4
Feb 28
19%May 5
17% Mar 4
6% Feb 14
6
...1
*96%
438
Jan
4% Jan
64
6% Mar 4
3%May 5
5% Apr 23
4%May26
300
2%
%
*%
No par
-
(4)4% cum) 100
Symington-Gould Corp w w. 1
30
29%
*29
1
Swift & Co.
440
5
*3%
29%
No par
The Fair
50
5
*34%
2%
5
1
Sutherland Paper Co
10
Sweets Co. of Amer (The)..60
$3.00
37
3%
10
Webster
Class A pref
5,200
1,500
36
34
14%
m
2,500
5
*3%
m
334
*34%
*29
mm
36%
634
5
4
400
mm
3%
34%
29%
2,500
'
36%
634
5
*3%
15%
37%
634
5%
127g
34%
29%
s4
*13%
1,300
36%
2%
*8%
434
42
3
37%
6%
534
1234
55%
1434
2134
May
May
20
14%
8
May
2,200
21%
„•
2
634 May
13% May
17% Nov
56
126%
*2
12%May 6
14% July 15
275g July 15
32% May 9
23% May
23
5434
55%
126% *125
2
28% Jan 3
12% July 11
4
54%
18
May
Jan 11
54%
2
Aug
128
Jan
54%
18
May
16
Mar 31
Stewart-Warner
5%
2
25% Mar 6
33
Feb 14
34% Feb 19
10
Mar 10
% Mar 21
2% Feb 16
10% Feb 19
12% Feb 14
17% Mar 4
8
21
150
1,100
*53g
*8%
18%
1% July
66
634
8%
7% May
1
40
5%
8%
Dec
8
6
Apr 16
6%
*125% 126% *125
14
Jan
9%May
2% Apr
17% July
Feb 14
5%
55%
44%May31
31% Feb 19
11134June 2
5% Apr26
108 June 19
15%
62
584
125
Apr 21
Apr 25
Mar 19
Apr 21
May
34
4
4
29
27%
66%
5
6
Sterling Products Inc
6%
3%
2
May
10% May
1,900
634
21
*1312
-.26
Jan
May
22% July 16
14%June 12
Starrett Co (The) L S_.No par
5%
21%
*3%
Standard Oil of New Jersey.25
Standard Oil of Ohio...
4
2()34
2978
25
684
534
7%
21
*"i«
No par
No par
4%
7%
2234
21%
*3
1,800
No par
cum
7%
47
2314
5934
7%
334
7%
59%
7%
preferred
prior pref
$7 cum prior pref
$6
mm
7%
334
8
778
36
36
35i2
12i8
11%
12>s
76
76i2
7534
7634
*114
11414 *114
114i2
1412
14%
1412
14i2
*8134 82
8134
8214
83
83
*82% 83l4
*1H4
11%
*1134
1178
*2934 30
30
30
4114 4112
4138
41%
%
100
*38
mm
59%
*6%
334
6%
*234
12
23i8
3,300
39%
39%
23
*1%
*19%
46U
1934
20,500
45%
45%
*38
22%
6I4
*19%
llOSg
43%
45%
43
45%
43%
46
23
l3s
20i2
46i4
Standard Oil of Indiana
$4
600
mm
19
22%
6I4
*18i4
Standard Oil of Callf-.No par
14,200
3184
42%
22%
193s
*109
20,200
32%
1834
2%
15%
21%
5
Brands.——No par
$4.50 preferred
No par
Standard Gas & El Co.No par
2384
18%
*33i2
Standard
32%
42%
2%
4234
3%
334
37%
6%
700
1
100
233g
18%
*2%
8%
500
No par
5% conv preferred
*18
8%
7%
6%
*4%
*35%
9,300
ht
9i«
20%
43
III4
1334
1378
11038 110%
4634
4634
*1814
1934
5g
5g
9i«
Conv $4.50 pref
Square D Co.
30
0
584
*112% 113%
'
8%
11
*%
1,400
19%
8%
6%
1138
6"
113
Spiegel Inc
80
5184
40
*116
pref A
conv
32%
8%
*H4
20l2
7h
1334
113
40
_
4,400
--No par
No par
2
23%
59%
1914
11
"
6%
*50%
40
*39%
$3
10
11
*1834
23%
59
6i4
*13l8
51%
6
Spencer Kellogg & Sons No par
19%
58%
19U
22
par
..1
No par
2%
39%
1914
i%'
Withington...No
$5.50 preferred
17%
46
6i4
*n8
*20%
*734
*35ig
Sparks
Spear & Co
Um'm
67
105
23% Mar 13
1 May 5
3 May 9
60
Mar 5
x 1784May 22
'
2234
15
10%
97U
33U
4512
4i2
123s
9i2
lh
69i2
5%
69
800
12%June
6
Jan 27
8
Mobile <fc Ohio stk tr ctfslOO
2%
*38
14
3
*13lg
IOI4
*96i2
*67
4
May
7% June
3% May
Jan
10%May 16
100
*16%
2%
•
34
33
5% preferred
100
69
May
34
Jan
112
11% Feb 15
19% Feb 14
par
3
8%
18%
42
34
4538
xW$
1238
13g
4
*57
69
5
114
No par
18
38%
54%
4
12i8
918
1%
44
125
30
434
1%
3%
*57
*2%
4534
6%
5%
5
4
3312
453s
1,200
1%
3%
17,000
Gas^Co.7.60
Ry...——No
*16
23%
*4
7
30
33%
1%
*27%
%
3
32%
7%
734
30i2
34
10%
20%
28%
Southern Natural
1734
58
2234
20%
*3
%
*2%
*17
45%
38%
39%
58%
3%
4%
15
%
3%
17%
19
6%
97
26%
28%
26
5%
113%
32%
43%
6%
51s
*34i2
Southern
6
5%
113
23%
5%
5%
6
23%
13%
47
Southern Pacific Co
24,400
*116
32%
5%
35%
401
20
6%
334
40
*116
1984
23%
*5
*33l2
*234
*45l2
6%
52%
32%
43%
12%
10%
4%
20
634
538
97
*45
*17
12%
37
37,900
14%
26%
28%
4
78
*57
52%
39%
113
*21
*6
6%
52
5%
37%
6%
5%
13%
6%
58
116
113
6
42%
334
37%
1,300
12%
14%
6%
21
334
37%
12%
11%
25
Z0%
*5034
*5
*3%
*37
11%
Southern Calif Edison
58
21
8%
12%
12
14%
3,600
*57%
54% 55
*124% 126%
8%
8%
18%
1834
2%
2%
2%
14
14
*13%
8%
42%
12%
11%
13%
23%
57%
8%
18%
*884
42%
23%
57%
55%
*2%
23%
58
124
3
ar23%
Spioer Mfg Co
634
534
42
—100
1,500
4
*2%
No par
8% preferred
*3634
4
*35%
So Porto Rico Sugar
30
3734
44
5
S'eastern Greyhound Lines..6
1,400
Sperry Corp (The) v t o
45%
20%
7%
634
*4%
*35%
1,000
15%
300
634
5%
7%
6%
1034
3,700
4334
6%
*4%
South Am Gk>ld & Platinum _1
128
Jan 30
15% July 16
Feb 6
14% Feb 19
9
Jan 8
13% Feb 28
8% Mar 3
1% Jan 2
13
Feb 19
*13 June 6
130 July 7
22%May 8
Socony Vacuum Oil Co Inc. 15
3,000
21%
44%
22%
61,500
38%
37%
634
22%
20-%
9%
38
4%
5%
1634
15%
40
3
40% Aug
434 May
Feb 15
95
Smith & Cor Type v t c.No par
Snider Packing Corp
No par
21%
7%
21
200
21
7%
534
14%
1434
38%
32%
58%
2,600
38%
23%
*38
21%
6
112
No par
10
37
3134
44%
44%
3934
16 preferred
Smith (A O) Corp
21
3
43%
15
Sloss Sheffield Steel & Iron. 100
128
July 16
6% June 26
1% May
17% May
Skelly OH Co
38%
37%
18%
4434
128
57
8% June
"8% May
51% Aug
12% May
10
000
Jan
71% Jan 17
5% July 15
May
2% Jan 20
30
2
10% Jan 21
14
11
1% Sept
61% May
_
21% Jan 10
113
2
78% Jan
10% Jan 21
3%June 28
16%June
_
16% July 10
3% July
28% July 8
30% July 15
112
1434
934
3584
Jan
May
1% Mar 28
113
*13
% Jan
%
34
107% June
101%June
%May
% Oct
23%June 4
18% Feb 19
*101
21%
4%
3
Apr 29
Apr 22
July 1
Apr 23
Feb 19
Apr 23
Feb27
Feb 19
Apr 19
July 15
10
21%
3
*38%
No par
38%
37%
*57%
6%
*1734
19%
23%
233g
Simmons Co
112
7% May
64% July
SImonds Saw & Steel._No par
Slmma Petroleum
21%
3
32
15
38%
18%
20
Oil.—
King Coalition Mines.5
21%
3
32
1,500
Shell Union
Silver
*21%
*112% 113
*%#
%
23%
300
No par
78
*17%
20
128
100
8,300
67%
$3.50 conv pref ser A.No par
Shattuck (Frank G)
No par
Sheaffer (W A) Pen Co .No par
*57
6%
39
6
103
Sharpe & Dohme
400
1,400
1%
No par
22
*51%
6
*112% 113
103
1%
1%
*384
19,300
5%
57%
No par
78
6%
*115%
4
27%
28%
26%
*28
1%
1%
*334
1%
4
3%
130
24
*57
*334
*128
5%
29
*112% 113
*112% 113
*112% 113
2034
22%
2184 22%
21%
21%
21%
14%
14'%
1334
1334
*13«4
1334
1334
14%
14%
14%
14%
14%
*14%
1434
9%
9%
9%
9%
984
9%
9%
2
2%
2%
2
2%
2%
1%
16%
16%
10%
16%
16%
1634
*16%
16
16
16%
16%
16
16%
16%
2034
*1384
*14%
110
8%
10%
61
3%
61%
36%
15%
4%
18%
18%
*103
1
180
38% Mar 28
115% Mar 27
12% Mar
Sharon Steel Corp
No par
$5 conv preferred.—No par
*4
*1%
*26%
2934
100
Servel Inc
*36%
1%
30%
1,100
13% July 8
87% Jan 24
% Jan 9
% Jan 20
par
preferred
Seaboard Oil Co of Del.No par
1,900
15%
4%
18%
$ per share
4,600
36%
29
$ per share
8% Apr 15
79 June23
33%June 12
109%June 9
108
Feb 14
834
14%
*18%
$ per share
13%
*36%
*1%
*26%
30%
JSeaboard Air Line..-No
4-2%
6
1%
J4.50 preferred--—.No par
$4 preferred
No par
Lowest
5,500
6
18%
110
500
""800
66
15
-
10
74
Year 1940
Highest
Seagrave Corp..—
Sears Roebuck & Co
6
*4
Schenley Distillers Corr
5
5>$% preferred..100
Scott Paper Co
No var
20
3%
*56
6
400
16
*65
113
*102
600
7a
3%
73%
8%
127g
884
13%
65%
Par
5,200
hi
*%
16
Range for Previous
Lowest
Shares
12%
85«4
35%
7n
hi
16
67%
5%
123.1
67%
*4
29
30%
107
*112% 113
36%
15%
*1%
30%
110
*%
6
4
*27
30
*30%
74%
8%
0
4
1%
*27
3%
,
5%
50%
*5%
*36%
5
56%
6
19%'
7434
8%
H84
*84
7»j
16
55%
30
11%
85%
*%»
7i<
16%
3%
*12
*1%
%
*%#
16%
7334
8»4
884
19%
*»!«
ht
16%
12%
6684
4%
*27
%
*'i«
16%
*3%
73%
*4%
112
*%e
"u
1134
Range Since Jan. 1
On Basis of 10Q-Share Lois
1941
EXCHANGE
Week
35%
35%
*112% 113% *111% 113% *111% 113%
*111
*110% 112
*110% 112
*112% 113
113
*110% 111
16%
12%
*65%
4%
55%
*5%
12%
STOCKS
the
18
*35
*35
*112% 113
*
Friday
NEW YORK STOCK
1
J VI
Saturday
July 19,
May
May
May
May
May
May
Aug
3% May
6% May
5
May
14
May
l%May
13% May
0% May
21%June
9% May
59% June
105
May
6
112
May
85% Jan 10
85% Jan 13
13% Jan 2
71
May
70
June
13
Dec
30% June
2234
44% Jan
31% July
17% Jan
12
14
Jan
113% Feb
„
50% Jan 10
20% Jan 15
1% Jan 7
30% Jan 10
Jan
May
12% May
108% Nov
42% May
12
May
1% Dec
26
Dec
Ex-rights. T Called for redemption.
A
>
sr
Volume
LOW
AND
New York Stock Record—Concluded—Page 10
153
HIGH
SALE
PRICES—PER
Monday
July 12
*3%
2%
*27U
$ per share
334
2%
27
*4%
334
40
6634
7%
*7
110
4%
39%
66%
6634
7.■
'
3%
3%
91
*85
July
16
S per share
334
334
4%
3%
3%
40
4%
39%
67%
67%
434
67
*87
94
*88
16%
165S
16%
16%
15%
16%
10%
10%
10%
5834
59
10%
59%
1034
58%
1134
59%
59
♦175
*175
»3iz
8%
44%
27%
334
*734
8
*8%
*42
*27
*175
8%
8%
*42
44%
26%
£26
*42
*3%
27
334
2634
*3%
*7%
8
*7%
734
*7%
28
28%
3078
28%
3078
*31
*21%
22%
*22
*78
85%
28%
28
28%
31%
*31
31%
22%
22
22
13g
24%
25%
95%
97
1%
*1%
1%
25
253s
25%
97
97
25%
9734
64
64
*71%
73
9634
*62%
*71%
58%
58%
119
119
119%
27%
27%
47% 47%
65
73
5834
119%
27%
*46
1%
*1%
28
47%
1%
*62%
*17%
58%
119
64%
73
58%
119%
2734
*1%
28
47%
85%
28%
31%
22%
1%
24%
9534
25%
96%
63
63
*28
*1334
1434
54
54
♦151
"16
49%
*1334
14%
1334
13
10%
334
*%o
*16
400
10%
334
600
U. S. <fc Foreign Secur-.No par
16%
"""280
12%
10,200
2,200
$6 first preferred
No par
U S Dlstrlb Corp conv pref.100
U S Freight Co
No par
3%
7%
.
59
20
8%
43%
2734
"moo
3%
300
7%
7%
500
600
85%
*81
"I'roo
2734
*2734
28
31%
22%
31%
*21%
31%
22%
1%
1%
500
24%
2334
9334
93%
24%
94
25,200
1,900
61% 61%
*72%
74
56% 57%
119%120
28%
28%
46%
46%
*6119
1%
*1%
,7„
50
*%
3C0
500
71%
713s
300
57
57%
26,600
119% 119%
2,300
1,100
28%
47%
*46
50
14%
1%
40
1%
i«x#
300
i«n
*1%
:7s
*47%
200
63
*28
700
*16
17%
26
13%
12%
26%
12%
*—__
26
25%
2
27%
*39
72
16%
*61
26
16%
3234
99%
*136% 149
*18
20
*16%
*18
26
1%
27
117
18
18
200
3234
h«
3ie
%
%
*95% 100
*5
5%
4
*1
*97% 100
5%
5%
*1334
14%
5%
*434
1
21%
4%
1%
12
33
*21%
21%
16%
16%
3
16%
19%
2934
12
*2%
19%
29%
*31
*16
9
2934
14%
63
*62
9
*77
*34
20%
4%
*61
1%
12%
*31%
*2034
*1534
17
*2%
*834
8%
19%
19%
*97% 100
5%
5%
2834 29
1334
14
5%l
4%
1
*34
20
20%
4
4%
63
*62
4%
4%
1%
1%
12%
34
21%
16%
*12%
3
*31%
*2034
*1534
1634
*2%
*23%
23%
23%
73
73
73
97
97
97%
103
103%
103% 103%
96%
116%
116% 116%
96%
116
20
20
*105
*28%
*3
*6%
97
20
97
20;%
97% 97%
103% 104
9734 9734
116% 116%
20% 20%
106% *105% 106% *105% 106%
*29
29
29
29
29%
3
3%
3%
3%
3%
7%
7%
7%
*634
4
63
1%
32%
2034
15%
16%
13%
32%
20%
15%
16%
*2%
23%
*70
4
63
1%
3
*77
2334
*97
1%
*12%
32%
20%
1534
16%
*2%
23%
1%
2234
23%
*.70
73
*70
98
98
*4%
*84
4
4%
64
6334
'
*7
ui#
78
2634
2234
25
*2
2%
1%
I84
*3%
334
5%
5%
*76%
76%
*114
...
24%
2%
134
3%
5%
£74%
25
25
2%
2%
25
*2
1%
3%
534
6
74%
7434
75
•110
112% H2%
6
1,200
22%
200
73
90
340
1,800
""800
1,400
7
6%
*%
6%
300
%
26%
200
":
*%
**%«
25
2 534
22%
22%
29
25%
22%
93
2278
9334
95%
131
31%
31%
130
3534
3534
19,100
10,500
3,200
130%
13
*1234
8
*52
5%
74%
7078
i 3
15%
54%
*52
25
*24
26
2,100
7,900
1,000
1538
8%
4%
54%
15%
8%
4%
778
4%
"""Boo
1,100
1%
2%
1»4
3%
3%
3%
1,200
6 ■=-.
6%
41,600
74%
74%
6
*112
3,600
800
-
30
27%
29%
27
273s
600
29
29%
29%
23
21%
23%
23%
24
18,700
9,800
;
21%
6834
21%
15
*118% 120
14%
17%
10%
37
90
17%
13
13
*10%
3634
*83%
;:
1%
•
1%
*67
70
67
67
102
111
107
110
*68
6834
20% 20%
14%
15
118% 118%
10%
1034
36S4
37%
*83%
91
*68
6834
21%
118
17%
17%
17%
13
13%
13
13%
*184
*83%
1%
1%
1%
69%
110
69
£66
21%
14%
*10
36%
£65
69%
*69;;
110
6734
21
21
14%
14%
14%
*117% 11734
10%
37
10
10%
3534
36%
91
*85
91
16%
17
17
12%
13
16%
*12%
*85
:
1%
day.
1%
*1%
66
69%
110
*107
*65
20%
14%
67%
20%
14%
11734 11734
10
1038
36%
*85
36%
1,900
700
460
200
96% May
7
107% Jan 18
80
July
CoNo par
23% Mar
Jan
6
%« Feb
1
6
1234
2,000
1%
*1%
178
300
d Def. delivery
Woodward Iron Co....
10
10
7% preferred A........100
6% preferred B
100
Prior pref 414% series.-.100
Prior pf 4H% conv aeries 100
Wright Aeronautical...No par
Wrlgley (Wm) Jr (Del) .No par
......
25
.100
Young Spring & Wire..No par
Youngstown S & T—.No par
100
Youngst*n Steel Door. .No par
Zenith Radio Corp
No par
Zonite Products Corp
1
New stock,
r Cash sale.
Jan
115
Apr
Apr
June
198
Jan
108% May
120
Oct
11
May
100% May
June
21
40%
Apr
2»4 May
5
Jan
4% May
8% Apr
Dec
14% May
%
15% May
76
May
108
Dec
Jan
2
85
May
Jan
3
76
Jan 14
18% May
61
May
7
12% Feb 14
13
July 16
17% Jan 9
Jan
8% July 11
5% Jan 10
20% Feb 14
3
86
Apr 23
62%May 28
17% Apr 24
11% Apr 21
114
Feb 25
1434 May
134
Oct
1%
Jan
3
Jan
S's May
45
June
Jan
7
7
9
7
99% July 7
66
July 18
»
Jan
Jan
118
Jan
140
Nov
1534 May
30
May
13% May
103
35%
Nov
Apr
74% Nov
11% Apr
17% Deo
11%
Apr
7% May
67% Mar
24% May
3% Jan
3% Apr
634 Apr
738 Apr
70
Mar
121% Mar
34% Nov
42% Apr
24% May
Oct
June
102%
60
July
95
Oct
29
June
68
Nov
65%
65
Oct
June
91
June
129
Apr
Jan 11
73
May
93
Apr
25
Jan
80
22% Jan 8
17% Jan 10
120
Jan 10
12% Jan 11
42% Jan
94% Jan 31
6
63s June
19% Jan
126% Sept
14
Apr
26% June
80
May
12% May
48%
99%
an
17%
Apr
43s
Apr
18% Jan
1034May 16
15% Apr
3
8% May
1% Apr 23
2% Jan
6
2
Ex-rlgbts.
6
15% May
934 May
May
98
13% Apr 16
y
Jan
39
83
* Ex-dlv.
2834
28%
69% July 17
112
July 16
9% Feb 19
30% Apr 18
Apr 26
Jan
116
33% Jan
34% Jan
24% Jan
105
July
85 .'■* Jan 30
Feb 13
38
June 16
114
Mar 15
68
7«4 Aug
7% May
4% Mar
3% May
6% July 16
7634 July 9
4% Apr 24
65% Feb 15
112% July 15
25% Apr 21
26%May 26
16% Feb 19
64% Feb 17
1
38% Feb
109% Deo
30
93
253s May
105
Apr
37% May
5% Jan 13
Worthlngt'n P4M(Del)No par
Apr
Jan
3% ADr 18
Woolworth (F W) Co
29%
May
1
10
No par
Jan
Feb
Deo
2734 May
l%May
Wisconsin El Pow 6% preflOO
4%
80
26
1% Apr 16
Wilson & Co Inc......No par
24
110
.5
Willys-Overland Motors
6% conv preferred
2%
1234
34%
28%
20%
75
100
10%
4%
60%
Jan
Jan
Jan
Feb
Deo
Sept
Sept
Nov
Feb
Apr
Mar 22
64%June 28
25% Mar 28
23jMay 12
23s Jan 11
20
Prior preferred
Wilcox Oil & Gas Co
n
2
0%
1%
25%
110%
June
Apr 28
Feb 15
5)4% preferred ser A
MOO
16%
12-%
Jan
36% July 14
110% Jan 6
Feb 14
$6 preferred
28
13
14
15
6% Nov
35% Jan
16% Feb
34% Jan 10
141
Apr 21
Preferred
8
15% May
6834 Aug
21% Apr 18
64
May 19
92
4
Yellow Truck & Coach cl B..1
91
105
2
6
4
Yale & Towne Mfg Co
1,100
7,000
7% Mar
l%May
26% July
2338 July
27% Apr 17
105
Apr 16
41
7,300
250
Jan 10
117% Jan
Mar 31
White Sewing Mach Corp.__l
White Rock Mln Spr
1,500
16%
12%
X In receivership,
1
White Motor Co
_
65
21%
118
118
Bid and asked prices; no sales on this
68%
112
118
101
37%
91
1734
10%
37
65
...
*100
*101
111
15
*105
*106
*68
21%
14%
67%
27%
115
$4 conv preferred....No par
*2%
134
74%
7
80
"""2OO
70%
*12%
91
74% Jan 18
1734 Apr 22
86
May 31
$5 conv prior pref
Dec
25%June 27
18% Feb 13
No par
White Dental Mfg(The S3) .20
*67
80
106% Jan 25
Western Union Telegraph. 100
Wheeling Steel Corp...No par
*66
5
3
Westlnghouse Air BrakeNo par
$4.60 preferred
No par
Wheellng&LE5^%conv pflOQ
13% May
May
2% May
Feb
334 Jan 22
1st preferred
22
14
29% July 16
60
% May
6
6
7
3
Westlnghouse El & Mfg
% May
13% Aug
2
May
30
May
4% Jan
234 Apr 28
100
June
334 May
May
20
May
105% Feb 10
6% pref
May
3% Deo
104% Apr 26
60
27%
29%
67
Western Pacific
June
10
June
.100
10
..100
4% 2d preferred
Jan
23% May
104% Deo
3
100
Western Auto Supply Co
Jan
9% Nov
89
20% July 15
Western Maryland
May
1%
2%
16% Mar
94
Jan
Oct
65% Mar 6
97
May 31
112
48
135
%
5
100% July
Apr
16% May
15% Feb 19
2,500
110
*109
22%
99% 101
par
Jan
Nov
15%
•11 Dec
18% May
80
31%
120
Jan
Feb
27%June
27%
67
No
14 conv preferred
80
Jan
Nov
16% Jan
20% Jan
6
4%
35
2334 Jan 13
4
31% Mar
5% May
5% Jan
l%June
Feb 19
Oct
62
June
120
21% July 10
43s July 18
64
July 18
138june 20
13%June 16
32% July 16
% Mar 11
39% Mar
117% Apr
49% May
110
14
234 Feb 19
Jan *
238May
June 21
6% Jan
4
Feb
May
71
30% Jan
63
l20%May
29
*68%
Wesson Oil & Snowdrift No par
98
75%
65
100
24
3%
...
No par
36% June
28% May
105% Jan
3%May 13
Feb
May
Jan
9% Apr
22% Jan
13% Apr 19
6
98
4%
Jan
25
May
June 13
*8 Jan 10
96% June 27
4
May 1
25%May 31
xl234 Feb 13
par
May
5
,,u Jan 17
17% Apr 22
par
24
15%
143
par
98
*112
65
par
No
No
No
24
109
1%
*90
5
No
preferred
Mar 27
•i«June
14
109
33% Feb
% Apr 15
*11 Jan
50
29
65%
13,85
135
Westvaco Chlor Prod..No par
28
64%
Warner Bros Pictures..
42
102
Weston Elec Instrument. 12.60
40
22%
*90
Ward Baking Co ol A. .No par
1% May
June
Feb 15
300
28%
64%
par
21
89
8
6684 Jan
19
May
2834July
117% Feb
3
£3734June 12
31% Mar 29
500
28
64%
No
par
Apr
36%
*35%
22%
*90
No par
Walworth Co
Walk(H)Good A W Ltd No
24
3%
...
No par
...No par
*95%
109
2%
*97
100
12
Mar 26
2% Jan
1% Apr 14
19% Apr 22
31
31
2834
23%
65
..100
5% preferred A
6% preferred
28%
—
...100
tWabash Railway Co
7% preferred
100
6% preferred
.100
West PennPowCo4H%Pf.100
West VaPulp & Pap Co No par
3%
2%
1%
*112
25
100
200
3
9334
57
26% July 15
West Penn El class A..No par
29
131
Mar 26
Mar 13
115% Feb 17
July
35% May
20
26
6% preferred
$ Warren Bros Co
$3 preferred
Warren Fdy & Pipe
22% June
112
7
9
57
6% dlv partlc preferred. 100
Dlv redeem pref
115% July
44% Jan
5
No par
80
28%
22%
*64%
Va-Carollna Chem
2
100
Victor Chemical Work*
7% preferred
28%
*90
July 10
Webster Elsenlohr
28%
*97
28
Feb 13
39%June
16%
23
*97
Feb 14
114
18%June 3
14 May 14
29
...
£22
5
15%May 28
23
*96
5
100
1
28%
*2834
43% May
5
3%
6%
75%
19
May
Wayne Pump Co....
28%
*24
2%
1%
*3%
1%
3%
1%
334
534
June
25
Waukesha Motor Co
7
26
*24
2%
12
6
Washington Gas Lt Co .No par
'
25
4
300
9834
Apr
Jan
800
22%
«4
Mar 17
200
*70
Jan
•is Nov
15
*20%
*15%
16%
*2%
73
Jan
Dee
34% Jan
20%
1534
23%
70
159
128
17
450
*77
June
Apr 21
"200
3
69
Apr 10
12%
16%
3
Jan 21
18% Nov
Apr 18
32%
21
16%
*3%
7%
ui«
2
12%
28%
29%
3%
157
160%June 26
% Jan 9
*31%
9834
98%
104% 104% £102% 102% 102% 102%
*96% 97% x96%
96% *9534 96%
116% 116% *116% 116% *116% 116%
20
20
20
20
20% 20%
*105% 106% *105% 106% *1C5% 106%
7%
800
Apr
12
Class B............No par
210
Deo
234
23
7% preferred..........100
37,700
Apr
60
15
800
1
1
Jan
•11
2
13%
98
29%
33g
100
Nov
39%
...100
Preferred...
200
20
130
Vanadium Corp. of Am.No par
Van Norman Mach Tool._2.50
4H% pref with warrants 100
5
»%«
20
£73% Deo
76% Nov
45
May
13434 June
1% Jan 4
Jan 10
32%
*77
....
*%
34
%
%
25%
26%
26% 26%
263s 2634
2234 23%
22% 23%
23%
23%
95
95
96
96%
96%
9534 96%
*131
133
130
*130% 132% *130% 132% 130
31% 31%
*31%
33
*31% 3234 *31% 33
*35
36
36
36% *35%
36%
36% *35%
109
109%
IO834 IO884 109
*10834 109% *109
97
97
*95%
98
*95%
98
*95% 98
24%
25
24%
24%
2438
2434
24% 24%
72
"
*66
71
*66
72
*66
71% *66
13
13
*12%
13
13
12% 12% *12%
15%
15%
*15% 1534
15%
15%
15%
15%
8
7%
8%
8%
8%
8%
7%
734
4%
4%
4%
4%
*4%
438
438
4%
*52
*52
54%
54% *52
54%
54% *52
*%
25%
22%
%
20%
4
12%
21%
16%
16%
3
*77
5
20
63
3%
63
12%
34
17
*4
,
20
7
May
Dec
June
Dec
5934 Jan 15
Walgreen Co.
%
63
73
2334
*4%
20
4
1% Jan
May
Jan 17
700
300
33% Jan 13
Jan
May
42
103%
29%
42%
1%
May 20
Vulcan Detlnnlng Co
Preferred
14%
48
60
Jan 13
June
*19%
*1378
130
48
19%
14%
69% Apr 25
49% Apr 21
115%June 2
22% Apr 30
Jan
67% Nov
133
Waldorf System
*13%
39% May
Jan
Apr
140
Virginian Ry Co
1,500
65% Apr 4
76% Jan 29
70«4 Jan 6
134
41%
117
100
5% pf 100
"i'soo
68% May
No par
500
478
2934
% May
May
July 11
Universal Pictures 1st pref.100
Vadsco Sales.........No par
Va Iron Coal & Coke
100
15
98
4
Jan
Apr
9
19%
47g
Nov
12% May
8%
*29
Apr
24
16% Jan 10
100
*98
39
Dec
7
May 10
200
4%
38%
22
34% Feb
12
7i«
29%
2134 June
27% June
25% Jan 6
17g Jan 11
26
July 11
Deo
1%6
100
Apr
May
74
2%
*%
*834
4%
»i«June
31% Jan 11
Apr
1234
63%
**u
29
Aug
Apr
7%
May
%
*98
5%
48
July
Deo
28
May
June
19%
29%
14%
2
80
35
14
1
ll16
»u
20
1%
*77
*70
5
2834
*1334
May
May 10
40
149
6
25% July
41
*%
8%
*%
»u
834
834
19%
19%
*97% 100
6
June 12
60
*%«
*3u
8% Jan
1
No par
"""600
3% May
Mar 27
Va El & Pow $6 pref
99%
4
42
70
40%
4% Jan
Jan
182% May
6% Mar
% Apr 28
Vlcks Shreve & Pac Ry
19
19
19
19
28*4 Jan 10
Nov
89
4478 Apr 25
preferred
7% lBt preferred
500
43
Deo
11
5
conv
VIck Chemical Co
134
May
2'4 May
May
12%
No par
$6
Van Raalte Co Ino
: 26% 26%
117
117
165
Apr 22
.1
United Stockyards Corp
United Stores class A
June
Apr 18
25
1,000
200
40%
%
*34
No par
"""166
"T066
134
2
26%
26%
117
117
400
72
*97
38
*4%
50
100
8% preferred
25%
*2434
*32%
*91«
19%
2534
*39
*39
40% *39%
4038
39% *39
32%
32%
32%
3234
3234 x32%
32% *32
*96
99%
99%
99% *97
*95%
99% *97
*138
*138
149
*138
149
*138
149
*136% 149
*39
*316
*19%
*
72
*24%
*1%
1%
27
117
20
%
8%
26%
♦16%
1738
*16%
*
72
26%
*».»
8%
17%
72
26%
*1%
*1%
2
2
*27
27%
27% 27%
*116% 117
*11634 117
42
*20%
60
7% preferred
97
Feo 10
1778 Feb 14
.No par
U S Tobacco Co
Jan
50
Jan 14
Jan
Deo
Dec
May
5% May
9%June 27
80% Feb 15
55% Mar 13
Universal Leaf Tob
50
183
10
200
____
1278 July 18
69% Jan 8
...100
*52
55
55
54%
*52%
5534 *52%
*151
*152
*152
*152
*151%
160
160
*152% 160
*152% 160
154% 155% *152% 155
%
*516
S16
s16
%6
51«
*5jg
%
%
*%6
%
19%
*1334
No par
Universal-Cyclops Steel Corp 1
117
*29
20
U S Playing Card C0.......IO
U S Plywood Corp
1
....
6
5%
1334 Mar
7% Apr
7% Jan
May
3%
80
Jan 17
July 10
64% Feb 24
26% Apr 26
29%May 6
18% Apr 12
Preferred
9
June
•
3
100
"
3
17
100
U S Steel Corp....
Preferred
Oct
6
90
Prior preferred
U S Pipe <fe Foundry
U S Smelting Ref & Mln
Jan
Jan 13
5% Apr 24
8% 1st preferred
15
118
9%
4% July 15
No par
JU S Realty <fe Imp
Jan
Dec
107% June
11
A
U S Rubber Co
85%
Jan 22
3% Jan
Mar
41
May
117
4
Mar
Apr
6
2% May
25% May
33
14%
*13
1334
5634
9
3
7%
65% Mar
60
8
Jan
Dec
20
U 8 Industrial Alcohol.No par
No par
conv cl
Jan 11
26%
70% Jan 10
10% Jan 15
478 Feb 17
6
50
U S Leather Co
Partlc A
6
334 May
2
Sept
Jan 11
42
Highest
$ per share $ per share
434 Jan 13
3% Jan 11
8% Mar 4
55 May 14
170
Apr 23
100
conv preferred
share
9% Feb 19
*13
*18%
I:
7% preferred
per
Lowest
32
2% Feb 19
84
20
U S Hoffman Mach Corp..
5H%
85%
1%
U S Gypsum Co
$
8% Apr 25
2% Apr 10
100
72
3234
634May
May
105
94
*3%
100
*96
No par
*15
2,000
*178
United Gas improv*t
$5 preferred
3,500
2,800
17%
2738
5
No par
United Mer <fc Manu Ino v 10 1
United Paperboard
10
26
26%
25% 25%
2534 26%
25%
25%
*12%
13
12%
12%
12% 123S
*12% 13
26
27% *26
*25% 27
2734
26%
26%
26%
26%
26%
"115% 116
*115% 116
*115% 116
*115% 116
*115%116
*115% 116
*42
44%
4414
44%
*42%
*42% 45%
45%
*42%
45% ♦43% 44
117
..5
..No par
50
173S
"251*4
United Eng & Fdy
United Fruit Co
Year 1940
Highest
2%June 3
l%May 6
2038May 16
3% Apr 21
33%May 6
60
May 29
*47%
26
26
*12%
*26%
United Electric Coal Cos
♦86
____
*152% 160
h
131«
49%
110
93
47%
%
300
*1%
23%
28%
*46
50
14%
55
4,800
1,400
22%
72% 73
573s
58%
119% 11934
*4834
*1334
*52%
50
7%
7
110
3%
2734
1%
1%
78
*47%
1%
4,700
Range for Previous
Share Lots
$ per share
United Drug Inc
5
United Dyewood Corp...
10
Preferred
..100
15%
12%
*31
2734
*31
20
Par
94
*81
*34
*48
*7
22%
138
*46
*81
200
12%
5834
58%
175% 175% *175
*8
8%
8%
*41%
43% *41%
2634
27
27%
3%
3%
3%
8
85%
2,100
2%
10%
4
11%
58%
27
334
*79%
1%
*2634
3%
27%
4%
4038
683s
7%
15%
8%
43%
334
85%
67%
*42
8%
*3%
*80
>1%
8%
43%
94
Ranye Since Jan. 1
On Basis of
Lowest
2%
110
3%
*86
1534
16
11%
1234
58%
59
175% 175%
EXCHANGE
Shares
3%
68
10%
*334
STOCKS
NEW YORK STOCK
the
*23%
4%
*39%
67%
39%
7
110
.
$ per share
2%
27
4%
434
40%
CENT
Friday
Week
334
*2%
*23%
27
66%
•
July 18
2%
*2%
*24%
40
1;
$ per share
7
7
7%
7%
111
110% 110% *110
1034
11
1034 11
4%
334
3%
4%
*3
3%
3%
3%
91
NOT PER
Thursday
July 17
2%
65%
7%
SHARE,
Wednesday
27%
4%
*39
111%
1034
11
378
4
*3
3%
1034
334
*3%
*2%
*27%
*110
*10%
*85
334
2%
27%
434
39%
»
$ per share
334
*2%
27%
47g
*38%
6634
110
14
July
$ per share
Tuesday
July 15
Sales
for
Saturday
361
Mar
Deo
28% Jan
1f Called for redemption
362
July 19, 1941
Bond Record—New York Stock
Exchange
friday, weekly and yearly
TNOTICE—Prices
"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 they occur.
No account is taken of such such sales In computing the
range for the year.
The italic letters m the column headed "Interest Period" indicate in each case
the month when the bonds mature.
are
Week's
Friday
BONDS
Last
N. Y. STOCK EXCHANGE
Sale
Week Ended July 18
Price
U. S. Government
Treasury 3%s
Treasury 3%s
Treasury 3%s
Treasury 3%s
Treasury 3%s
Treasury 3His
Treasury 3%s
Treasury 3s
Treasury 2%s
Treasury 2%s
Treasury 2448
Treasury 2%s
Treasury 2%s
Treasury 2%s
Treasury 2 %s_
Treasury
Treasury
Treasury
Treasury
O
J
D
Since
Bid
6c
119.13 119.7
111.20
M 8
106.4
High
109
1
......
107.27
8
M
8
4
8
186
107.14111.25
108
"si
109.24
109.30
110.11
10
107.2
110.27
31
107.1
111
110.27
202
111.15
28
108.6
107.30
108
106.31110.31
107.8
111.24
107.22108.14
107.16109.22
*109.11109.20
D
107.27110.9
106
105.2
108.5
M
8
108.6
108.8
M
8
105.27
106.2
7
102.8
106.2
M S
104.18 104.13
104.21
505
103.1
104.21
100.18
55
103.5
106.19
17
103.5
107.1
D
106.18
J
D
107.1
1954-1956
el 70.1
1947 J D
106.14 106.14
Treasury 2s
..Mar 16 1948-1950 M 8 103.27 103.19 103.27
Treasury 28.—Dec IS 1948-1950 J D
*106.12106.20
Treasury 2s......... ..1953-1955 J D
104.29 105.1
......
.
11
105.4
108.10
27
104.28106.28
185
100.24 103.27
156
101.24105.3
104.12106.17
Corp—
1944-1964 Af 8
-
107.1
107.1
1
100.26107.28
107.1
107.1
1
J
*101.26102.2
1942-1947 Af 8
3s series
*101.26 102.2
101.28103.3
102.15103
234s series G—.......1942-1944 J
134s series M
1945-1947 J
O
O
1980 J
D
104 J4
1963 Af N
♦Chile Mtge Bank 634s
♦634s assented
♦Sink fund 634s of 1926
s
s f
♦External
s
.♦External
1961
7s series C
2534
25?4
*934
♦External sec
s
934
934
1945
7s 1st series
934
*834
1957
f 7s 2d series. 1957
834
f 7s 3d series. 1957
Antwerp (City) external 6s
2534
*20
..1945
f 7s series D
sec s
10434
126
100
1958
834
834
*12
2534
23
2534
2234
2134
25
Argentine (National Government)—
8 f external 434s
1948 MN
MN
S f external 4 34s
1971
8 f extl
loan 4s Feb.
1972 F
a
4s Apr
Australia Com'wealth 6s..
1972 A
O
1955 J
1957 M
J
conv
conv loan
External 5s of 1927
External g 4348 of 1928
♦Austrian (Govt) 8 f 7s.
8
1956 Af N
J
..1957 J
♦Bavaria (Free State) 634s
With declaration
1945 F
Belgium 25-yr extl 6%s
With declaration
1949
With declaration
7
1962 Af N
1960 M
Y'j
D
8534
1734
51
78
86
72 34
7234
7334
57
65
74
6234
6334
6834
6234
6434
94
6834
5834
65
69
68
59
6334
65
8
67
69
11
66 34
6834
30
5334
5334
58
5934
48
47
*534
13
534
12
15
1941
1957 A
6%s of 1927—1957 A
♦7s (Central Ry)
..1952 J
Brisbane (City) s f 5s
1957 Af
Sinking fund gold 5s
1958 F
20-year s f 6s
1950 J
♦Budapest (City of) 6s..
Buenos Aires (Prov of)—
1962 J
♦6s stamped
External s f
91
86
91
"76"
"75"
"76"
1961
O
O
D
8
2034
1734
2034
21
47
1734
1734
1734
44
1834
1834
1734
1734
1834
♦Cologne (City) Germany 6343-1950
Colombia (Republic of)—
♦6s of 1928
Oct 1961
A
50
0
5234
6134
57
65
11
5
85
5234
51
52
52
5034
52 34
*3234
80
5234
3234
37
734
534
734
7
5
8
9934
9934
50
102 34
102 34
40
97
9534
96 34
5
89
9034
9034
12
J
J
96 34
96 34
8734
8734
8734
8734
30-year 3s
1967
30-year 3s
1968 MN
J
1954 J
♦Cent Agrlc Bank (Ger) 7s
1950 M
♦Farm Loan s f 6s.-July 15 1960 J
♦6s July coupon on..
1960
♦Farm Loan s f 6s...Oct 15 1960 A
J
J
S
1
92
4
7634
7634
9734
8834
25
1434
24
16
2634
14
834
834
8 34
10
834
14
1942 MN
*13 34
1942 MN
1960 A
1960 A
♦Extl sinking fund 6s...Feb 1961 F
♦6s assented
Feb 1961 r
O
1234
1434
O
a
a
1234
1234
1234
1334
*1334
*1234
1334
1434
88
934
2934
1960
For footnotes see page 367.
91
2
25
2634
14
1034- 1334
1334
834
1434
9
1334
1334
1034
9
1234
10
30
3634
3734
37%
30
36
26
25%
27
37%
22%
.1952 J
D
36
36
2334
23%
21
21%
j
j
♦Costa Rica (Rep of) 7s..—...1951 MN
*8034
1634
Cuba
1977
16
82
24%
33%
72
-----
Cordoba (Prov) Argentina 7s-.1942
82
14%
16%
With
103
101
103%
10234
101
104%
96
101%
101%
62 34
6134
101%
49%
6234
100 34
87%
62%
99% 104
101
88
73
8%
*10
8%
9%
55%
69%
51%
j
50
1955 F
A
*44
.50
5634
"5834
42 34
57
42 34
31%
38%
2934
33%
27%
58
31
60
52
62 34
Apr 15 1962 AO
declaration.—----------
58
Dominican Rep Cust Ad 5348—1942 Af 8
§*lst ser 5 34s of 1920
1940 A O
J*2d series sink fund 5%s.
1940 A O
—
*5734
"60~
6334
1948 J
J
1967 J
s f
034s.—1953 Af N
52%
60
52%
60
60
52%
59%
70
52%
59%
52
67
9
834
9
8%
834
834
♦534s of 1930 stamped
*5
834
834
26%
1965 J
D
7
6%
7%
98
6
6%
6%
3
5
9%
""29
6%
15
20
'*634
9%
26%
12%
"6% "11"
A. .1952 A
O
1946 A
O
5534
5534
--
—
25
66
f g
1946 J
"36""
50
*4%
♦Medellln (Colombia) 6 34s
Mendoza (Prov) 4s readj
Mexican Irrigation—
♦434s stamped assented
♦Milan (City, Italy) extl
Mlnaa Geraes (State)—
♦Sec extl s f 6 34a
f 634s
♦Montevideo (City) 7s
26
26
27
49%
52%
.
5
6
4%
4%
6%
6%
5
5
6
*4%
6
*1334
15
5
5
4%
F
A
D
*74
2034
2034
1934
1934
d
d
1943 mn
1933 J
J
A
O
75
65
75
20
19%
19%
16%
18
7434
73%
75%
58%
78
55
56
41%
*2
5%
28
6
19%
8
834
8
*6734
5%
*5%
*5%
5%
*5%
*5%
15
1958 Af 8
*10%
*10%
8
%
5534
1959 M
1952 J
23%
21
d
1954 J
4
12%
46%
30%
29%
A
1954 J
634s.. 1952
22%
5%
J
♦Mexico (US) extl 5s of 1899 £.1945
Q J
♦Assenting 5s of 1899
1945 Q
j
♦Assenting 4s of 1904
1954 j
d
♦Assenting 4s of 1910
1945
assent
38%
14%
26
♦Leipzig (Germany) s f 7s
1947 f
♦Lower Austria (Province) 7
34s 1950 J
A
5
15
10%
1968
Japanese Govt 30-yr s f 6 34s__.1954 f A
Ext! sinking fund 534s
1965 Af N
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
♦6s series
'"8% "14%
9%
f"a
ser B'47 Af S
♦Italian Public Utility ext! 7s..1952 j
J
s
11%
8%
*7%
1964
With declaration
♦Sec extl
93
93
8%
♦Hungarian Land M Inst 7 34s. 1961 Af N
♦Sinking fund 7 34s ser B
1961 Af N
5*Treas 6s of '13
26%
67
6%
,
634
♦Heidelberg (German) ext 734s 1950 }"}
Helsingfors (City) extl 6 34s
1960 A O
Hungarian Cons Municipal Loan—
♦734s secured s f g
—.1945 J
J
s
27
64%
With declaration
♦78 secured
63
93
♦(Cons Agrlc Loan) 634s
1958 J D
♦Greek Government s f ser 7s_.1964 MN
ser
8
834
"9334
♦German Rep extl 7s stamped..1949 AO
♦7s unstamped
1949
German Prov & Communal Bks
♦6s part paid
9
19
1949
1968
27
SO" "55"
D
♦534s unstamped
1965
♦534a stamp (Canadian Holder)*65
♦7s part paid
♦Sink fund secured 6s
58%
8
With declaration
7s unstamped
German Govt International—
58
60
60
8
Freach Republic 7s stamped... 1949 /
With declaration
49%
*5834
*5834
*5834
J
1945 M
65
60
59 34
♦Dresden (City) external 7s.—1945 MN
♦El Salvador 8s ctfs of dep
♦Estonia (Republic of) 7s
10
60
60
Customs Admin 534s 2d ser._1961 M 8
534s 1st series
1969 A O
534s 2d series
1969 A O
♦Frankfort (City of)
88
*10
1942 j
(Republic) ext 6s
18
*9934
102 34
Sinking fund 534s.—Jan 15 1953
♦Public wks 534s...June 30 1945
♦Czechoslovakia (Rep of) 8s.—1951
♦Sinking fund 8s ser B
1952
External g 434s
25
21%
23%
1953 Af N
With declaration
25-year gold 434s
9934
102 34
96 34
7934
9
J
"o
8834
11
26%
23
1951 J
52
47
J
8%
8
11
22%
♦Italy (Kingdom of) extl 7s
♦Italian Cred Consortium 7s
5254
46
13%
1234
11%
*2534
1960 mn
*534
9634
8734
"ii
*2534
*26 34
Irish Free State extl s f 5s
4534
12
8%
834
A
52 34
1944
7-year 2 34 s
634
*534
9934
10234
3534
3534
12
12%
934
1134
2134
68
A
Af N
64
3
37
1334
1947 F
45
J
1952
Aug. 15 1945 F
1734
1734
1934
25
.11
12
*834
3634
3634
68
1961
6s
♦External sinking fund 6s
♦6s assented
1
5034
5034
MN
1960 A
2134
15
50
10
1134
♦Sinking fund 7s of 1927
Copenhagen (City) 5s.
♦Hamburg (State 6s)
62
534
834
10%
834
1334
1134
1234
1134
*2534
Hungary 734s ext at 434s to—-1979
j
1968
Canada (Dom of) 30-yr 4s
8
D
Jan 1961 J
♦Haiti (Republic) s f 6s
65
8
"II34
11%
*11%
Af S
♦6s of 1927
2634
60
53
8%
11%
1334
"11%
1434
12%
14
♦Colombia Mtge Bank 6 34s_--1947 A O
♦Sinking fund 7s of 1926
1940 M N
26
26
60
534
J
j
7534
2634
1734
1534
1534
1634
5234
*55
A
1967
91
8234
84 34
62
"(50""
D
1984 J
75
*63
8
A
1976 A O
1975 Af N
f $ bonds
♦68 Oct coupon on
♦Chile (Rep)—Extl s f 7s
♦7s assented
27
26
1534
Af 8
1976 F
f 7s
(City) 8s
834
14
D
1977 Af 8
♦Stabilization loan 734s
•
6834
5934
92
8
(Kingdom of)—
♦Carlsbad
05
4334
4334
43j4
4334
4934
4834
"92"
Yd
Yd
s f
10-year 2 34s
25-year 334 s...
11%
8
1960 M
1951 J
Finland
A
1958
♦External sinking fund 6s
With declaration
s
O
1962 Af N
♦Chilean Cons Munlc 7s
♦7s assented..
♦Chinese (Hukuang Ry) 5s
"1334
"l"2 34*
9
17
86
1950 AO
♦Brazil (U 8 of) external 8s
♦External s f 6 34 s of 1926
s
9
1734
86
92
1955 J
♦Berlin (Germany) s f 634s
With declaration
♦Secured
9
14
With declaration
3% external
934
934
934
934
634
834
834
18
...
External 30-year s f 7s
Bulgaria
26
16
1955
434-434s
Refunding s f 4%-434s
External readj 4%-4%s
External s f 4%-4%s
2634
2634
634
934
10
._
External s f 6s
♦External
11%
1134
13
13
11%
9%
934
10434
734
734
734
734
934
934
934
With declaration
8 f extl
O
1434
1334
9
1334
*1234
D
1961 A
♦6s assented
♦Guar sink fund 6s
♦6s assented.
D
1961
1961
♦654s assented
♦Guar sink fund 6s
External gold 534s
With declaration
A
f 7s series B.....1945
s f
♦External
1134
1434
*1234
With declaration..;
♦Gtd sink fund 6s
—1948 A O
Akerslius (King of Norway) 4s. 1968 M 8
J
♦Antloqula (Dept) coll 7s A...1945 J
♦External
D
D
434s external debt
Municipal
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 6s
1947 F
♦External
12%
1957 J
1957
101.29103.2
10434
"1234
13
High
10%
834
1034
834
1034
13
*1234
102.5
103
Low
*13 34
Denmark 20-year extl. 6s
&
1234
106.17107.26
106.22
New York City
3% Corporate stock
Govt.
8
el 02.5 el02.5
106.21
J
D
Transit Unification Issue—
Foreign
M
*102.26 103.2
...1944-1952 Af N
No.
*1334
(Republic) 5s of 1904--..1944 Af S
External 5s of 1914 ser A
1949 F A
External loan 434s
1949
Corp—
A__
8
106.28108
1942-1947 J
3s
2348
Home Owners' Loan
Since
Jan. 1
13
M
A
With declaration
1944-1949 Af N
334S
3s
Ss
£3
*1334
A
110.14
110.22
111.11
8
109.28
Range
or
Asked
High
&
♦External sinking fund 68—1963 .Af N
♦6s assented
113.9
Bid
J
112.15114.9
109.24111.21
110.4
*108
D
J
5
110.22
D
J
M
14
110.10
II 0*22
D
J
"26
113.3
111.17
Jan 1961 J
1072.7109.9
108.20108.6
Price
J
♦Extl sinking fund 6s.-Sept 1961
♦6s assented
Sept 1961
♦External sinking fund 6s-._ 1962
♦6s assented
1962
101.21102.19
Sale
Friday's
Low
Jan 1961 J
110.11112.12
....
*108.13108.22
109*30
D
J
M
113.7
1951-1953 J
Federal Farm Mortgage
107.25
Range
Foreign Govt. & Mun. (Cont.)
Chile (Rep)—Concluded—
♦6s assented
106.4
110.14
112.28
111.14 111.8
8
M
113.3
Sfe
££
♦Ryextl.sf6s
2
107.27
110.13
M
High
121.26
115.7
*110.29111.6
M 8
119.4
111.19113.18
113.3
106.23
113.7
Low
Week's
Last
Week Ended July 18
-18
106.4
*100.3
,1945
Treasury 2s....
No
111.20
Friday
BONDS
N. Y. STOCK EXCHANGE
1
Jan.
119.14
106.20 106.20
1960-1965 J
......1948
2%s
1949-1953
2 %s
1950-1952
2 J^s.......... 1952-1954
2 %s..
1956-1958
Treasury 2%s
Treasury 2348..
Asked
el13.7 ell3.7
—
Treasury 3s.,
Treasury 2%s
Treasury 2%s
Range
Friday's
Low
A
1947-1962
1944-1954
——1946-1956
1943-1947
1941
...1943-1945
1944-1946
1946-1949
1949-1952
1946-1948
±.—1951-1955
1955-1960
—1945-1947
.1948-1951
1951-1954
1956-1959
......1958-1963
Treasury 4%s
Treasury 4s
tt
Range or
f
8%
70
5%
6%
61
3%
6
70
8%
26%
8
9%
73
5%
-----
3%
3%
6
5%
3%
6
6
4%
5%
16%
11
11
15
8
8%
6
30
11
11
D
62
54
62%
1959 MN
70
53
60
Volume
New York Bond Record-Continued-Page 2
153
Last
BONDS
N.
Y.
a
«
Jan
No
High
Low
Foreign Govt. & Mun. (Concl.)
69 H
Low
5
70
1957
Apr 1958
f
a
a
o
1943
F
A
60
1944
New So Wales (State) extl 5s
External s f 5s
F
.4
65
69 H
1956
M
1965
External sink fund 4%s
A
*32
9
"o
1963
F~A
1970
f extl loan
s
f 5s
♦Nuremburg (City) extl 6s
31)4
M
Adjustment gold 4s.......1995 Nov
x
bbb3
Stamped 4s
1995 MN
x
bbb3
91
"91%
"31
61
1955
D
x
bbb2
99 X
99 X
70)4
Conv gold 48 of 1909—
Conv 4b of 1905
1955
D
x
bbb2
100 H
100
99%
100%
33
1960
D
x
bbb2
..1948
104 H
*96 X
103 %
104%
"18
D
x
bbb2
J
1965
J
Trans-Con Short L 1st 4s„1958 J
Cal-Arlz 1st A ref 4 Ha A..1962 M S
x
aa
x
aaal
D
x
aa
J
x
bbb2
J
x
bbb2
101 H
4s.July 1952 M S
x
bbb2
79X
77
65 H
34 H
33
40 H
29)4
34 %
40)4
29
31)4
27)4
28
40)4
41)4
36)4
43 H
*24 H
25)4
24)4
33
30
27 H
33
57
90)4
54 %
55 X
81
1960
I ♦Poland (Rep of) gold 6s
55)4
e
M
"63
56)4
58 X
103)4 104
8)4
6)4
104
*103
S
m
8
8)4
6)4
8
6 H
O
....
O
*4%
1950
J
1
4%
4%
1963
——
J
J
.....
......
.....
1961
J
D
J
J
9%
MN
M
....
*
"
*
A
O
F
A
♦Rhlne-Maln-Danube 7s A
1950
M
8
♦Rio de Janeiro (City of) 8s
♦Extl sec 6>4s__
1946
1953
A
O
--
F
A
f 7s
-
.
-
...
9%
8%
8%
67 X
47
1946
A
J
12%
f g
D
♦7s extl loan of 1926
1966
UN
♦7s municipal
1967
1952
1953
J
D
A
O
J
J
27
10
7%
6%
8%
9%
Santa Fe extl s f 4s
1964
♦Sao Paulo (City of, Brazil) 8s
*6 Ha extl secured s f
1952
MN
1957
MN
♦Saarbruecken (City) 6s
♦7s extl water loan
12 X
10%
11%
J
J
.
-
.
1962
MN
—.1958
1958
1947
F
A
Sydney (City) s f 5 Ha
1955
F
J
.....
»
A
5)4s——....1971
33
....
5
J
.
.
.
/19%
12
17%
3
55
55%
56 X
76
....
.....
*4
.
P
♦Sllesian Landowners Assn 6s
12%
20
17%
.....
Y~D
/
extl—
3
33
*30%
19%
..
*4
-
10
♦Silesia (Prov. of)
extl 7s
♦4)48 assented
Taiwan Elec Pow s f
U
.1952
1961
1946
Tokyo City 5s loan of 1912
External s f 5)4s guar...
♦Uruguay (Republic) extl 8s
A
tp
r
63
13%
12%
8%
26
34
16 X
20
19%
18%
16
15%
MN
3)48-4-4)48 ($ bonds of *37)
external readjustment
3)4-4-4)4s (* bonds of 1937)—
1979
1979
♦Vienna (City of) 6s.
....
♦Warsaw (City) external 7s
♦4Ha assented
With declaration
J
J
O
.
*
8%
4
6%
8%
4
UN
F
F
YD
6s..........1961
25
19
...
.
.
54 X
48
9
41)4
36)4
17 %
4
.
8
*3%
....
-
Sale
See a
EXCHANGE
Last
Price
Week Ended July 18
3)4
4)4
3
"5l" "33
.
4H
4)4
67)4
41
Range
•
or
Range
Friday's
Bid
A
Since
Asked
Jan.
1
RAILROAD and INDUSTRIAL
COMPANIES
If•Abltibl Pow A Pap 1st 58.1953
4s...1948
J
D
z
cccl
55
56)4
,
M S ybb
D ybb
1
*100
10-year deb 4)4s stamped. 1946 FA ybb
♦Adriatic Elec Co extl 7s—-1952 A O z
Ala Gt Sou 1st cons A 5s
1943 J D x aa
1
■
56)4
43 H
*101%
1
Adams Express coll tr g
Coll trust 4s of 1907...—1947 J
106 X
3
*108X
3
aa
Albany Perfor Wrap Pap 6s. 1948
6s with warr assented
1948
y
cccl
*40
y
cccl
1946
3 Ha registered
1946
Alleghany Corp coll trust 5s. 1944
ybbbl
46 H
*73
y
2
b
2
y
90 X
77
57
y b
1
....1950
y bb
1
Allegh A West 1st gu 4s
1998
Allegh Val gen guar g 4s
1942 .IfS x aa 2
104 X
Allied Stores Corp 4 Ha debs. 1951 F A x bbb2
2
108
A Ills-Chalmers Mfg conv 4s. 1952 M S x a
♦Alplne-Montan Steel 7s
1955 M 8 z
1 ""58 %
Am A Foreign Pow deb 5s—.2030 M S yb
♦5s stamped
5%s—1949 M N
x
bbb2
Corp conv 5 Ha, 1949 J J
Teleg—
20-year sinking fund 5)43.1943 UN
3%s debentures...
1961 A O
3%s debentures
—1966 J D
3s conv deb w i
1956 u5
y
b
Arner IG Chem conv
Am Internet
100 X 107 X
20
109"
102 X
109
103)4
25
j
ccc3
34 X
66
33
47
cccl
31X
34%
30%
35
1960^ A
♦Conv due..__„Feb 1
32
622
14%
32
M N ybb 2
52 X
52%
54
51
61%
43
50%
58%
92%
Pgh L E A W Va System—
,
„
„
y
b
44%
44%
45%
Toledo Cln Div ref 4s A..1959
y
b
50
50
51%
50
85 X
85%
45%
85%
84
46%
43
55
46%
43
55%
48
ybb
Bangor A Aroostook 1st 58—1943
Con ref 4tL.............1951
y
y
cons
y
b
bbb3
x
aa
2
110
110
110%
X
aa
2
133
133
♦Deb sinking fund 6%«—1959 F A
With declaration..
♦Debenture 6s
1955 AO
110 H
107 H
Big Sandy 1st mtge 4s
Blaw Knox 1st mtge 3 %s
,.1944
1950
Boston A Maine 1st 5s A C-1987
YN
1961
1st mtge 4s series RR
1960
♦Inc mtge 4 %a ser A-July 1970
{♦Boston A N Y Air L 1st 4s. 1955
Bklyn Edison cons M 3%b—1966
Bklyn Union El 1st g 5s..—1950
Bklyn Un Gas 1st cons g 5s—1945
A O
I, •{
MN
A
YN
1957
Buffalo Gen Elec 4Xa B
1981
Buff Nlag Elec 3Xa series C.1967
Buffalo Rochester A Pgh Ry—
Stamped modified (interest
4X8 series JJ
3
y
z
cccl
74%
18%
31%
a
109%
110%
109%
92%
110
MN
x
bbb2
104%
105
F
J D
x
aa
*112%
x
aa
112%
112%
42%
43%
58
40 X
7%
25
3%
6%
23
3%
5
66%
41%
8%
7
76
54%
66
78%
104%
43%
7
6%
53
77
Canada Sou cons gu 5s A
x
J
aa
1957
1909
1969
1970
Guar gold 4%s-_June 15 1955
Guaranteed gold 4%s
1956
M
Guar gold 4 Xa
Sept 1951
J
Canadian Northern deb 6 Ha. 1946
J
Can Pac Ry 4% deb stk perpet—.
M
Coll trust 4X8—...
1946
103%
103 %
103
103%
103%
D
aa
101%
101
A
aa
103%
aa
"99%
99 X
J
aa
108%
108X
J
bbb2
63%
63%
S
bbb2
88%
87%
Carolina Clinch A Ohio 4s...1965 M S
UN
Carriers A Gen
a
107
107
103
103%
104
aa
"82"
103
b
Corp 5s w w.. 1950
102
104
10
102
104 X
20
106 X 108 %
{♦Consol gold 5s.—--
F
O
1
1959
mon g 4s.. 1951
cc
1946
cc
Cent Illinois Light
58
Cent Pac 1st ref gu gold 4s...1949 F
A
bbbl
O
bbbl
Through Short L 1st gu 4s .1954 A
110)4 112)4
101X 108
Guaranteed g 5s
bb
2
110
110
103
104 X
106 X
9
105 X
15%
17
65 X
20%
18%
17
18
17%
"38
185
93
....I960 F A
73%
29
1
11%
18
12%
106% 108%
65%
76%
75%
63%
b
54%
"87""
b
54
55
78%
6
42%
51%
58 X
79 X
87
88 X
37
82%
91%
81
Champion Paper A Fibre—
(1935Issue)... 1950 M 8
deb 4Xs (1938 Issue)—1950 M S
Sf dfeb4%e
x
bbb2
S f
x
bbb2
105%
*103%
105%
105% 106%
103% 104%
106)4
98)4
58 H
100
A
t
For footnotes
see pace
367.
5
78%
b
Central RR A Bkg of Ga 5s. 1942 M N
Certain-teed Prod 5 Ha A—1948 M S
"72%
16%
5%
12%
36
17
71%
73%
,
108% 111%
56
65%
13
20%
18%
11%
106 H
106 X
16
5%
*108%
O
106)4 109X
5%
15%
a
.—.1987
10
6
19
16
*
Central N Y Power 3%S—..1962 A
82
43
cccl
101X 104*n
106)4 110
871
4%
103%
18
112)4
13
28%
5%
1%
1%
55
366
4%
64%
18%
107X
1
16%
*103%
cccl
110 %
55
14
cccl
107
32%
1
50
15%
{♦Central of N J gen g 5s.—.1987
5s registered—
1987
3
17%
X
4%
20
registered
11
14
2
aaa3
J
97
31%
4
cccl
1987 J
53
99%
88
55
15%
.....
b
♦General 4s
50
97%
20
31
cccl
3%s—..1966
7
97
95%
1
♦Chatt Div pur
♦Mobile Div 1st g 5s
104% 108
99% 103%
2
99%
96%
cc
84
25
50
"99%
{♦Cent New Engl 1st gu 4s. .1961
49
46
48
"~7
105
78 X
41
*44
104 X
2
64%
b
102 he
"~40
69%
17
J
104
106 x
27
J
Collateral trust 4 Ha
102
100)4
34
84
bbb2
cccl
106
19
78 X
bbb2
J
ccc2
*100
13
79
105
J
D
A
102 X 106
26 X
35
4
14
78
J
1945 MN
7
35
82
1944
{♦Carolina Cert 1st guar 4s. 1949
89%
90% 100
93% 103%
94
103%
93% 103%
92% 101%
90% 100
90% 99%
102% 109%
52
64%
76
88%
101% 105
24
1 1954 J
I960 J
{Central of Georgia Ry—
♦
1st mtge 5s
Nov 1945
108)4 111
80
20
99 X
109%
64 X
88%
48
105% 108%
40
equip trust ctfs..
cccl
6
5
103%
103%
103%
101%
Coll trust gold 5s—.Dec
D
99X 103 X
49
54%
78%
99%
S
95%
113
108% 112%
5
aa
bb
100X 104 %
90
103% 107%
111
100
aa
D
24
109 X 113%
17
6
aa
104
108% 111%
27
93%
20
J
3s. 1955
46
104
81
O
Celotex Corp deb 4 Ha w w.,1947 J
♦Cent Branch U P 1st g 4s... 1948 J
102 X
100 X
23
108
A
54 H
84
102 X
107% 110%
80%
bbb2
a
60 X
12
99%
Calif-Oregon Power 4s...—.1986
a
1962
X
108
x
b
52
110%
76
76
9*
,
n
M N yb
1
at 3% to 1946) due
1957
{Burlington Cedar Rapid A Nor
A O Z CC 1
{♦1st A coll 5s._
...1934
z cc
1
♦Certificates of deposit—...
y bb
Bush Terminal 1st 4s
..1952
y ccc2
Consolidated 5s
......1955
y bb
Bush Term Bldgs 5s gu
1960
5s
21
bb
A
"109
47
bbb2
A
59 X
21
y
♦Ref A gen 5s series C
56 X
66%
141
x
73
56 h
35
31%
75
x
69
57
78
70%
30%
30%
104
73 X
30
75
"69%
„
F
25
82%
♦
70
104
*71
28
82%
3
bb 3
ccc2
107% 109
99% 102
73
79%
81% 85%
74%
bbbl
2
bbb2
bb
74
74%
x
♦Ref A gen 5 Xa series B—. 1959 A
109
bbb2
ybb
y
y
104%
102% 106%
F
62)4
109X
100
106%
aaa3
46X
x
104
100
*107%
*101%
2
106 X
x
106
109)4
109 X
103
YN
1950
1st lien A ref series B
106%
103%
106%
105% 107
19%
110%
58 %
109%
x
2
15%
106%
„
1955
1st M 5s series II—
57
109 X
J
a
x
,
97 H
86
2
106 X
x
27
106%
106%
bbb2
M S ybb 3
80
aa
bbb2
J
26%
26%
25%
17
17
t at
79
x
x
z
x
1st g
27
25%
10%
15%
z
Beth Steel 3Ha conv debs...1952 A
J
Cons mtge 3X8 ser F
1959
♦Berlin Elec El A Undergr 6 Ha'56
85X
49
100%
z
72 X
101 »»j
97
44
15
F
57 x
98%
z
A
156
101H
113%
137%
8
81)4
1012)32
130
z
82 %
108)4
85
110
26%
With declaration
112
X
83
19
z
78 X
107
87
*80
z
90 X
*11
44%
133
77
"89 %
17
50
x
With declaration
Celanese Corp of America
2
A
46
*46
..I960
1st A ref 5s series C
41
aa
104%
b
stamped...........1951
Battle Cr A Stur 1st gu 3s—1989
Beech Creek ext 1st g 3%s—1951
Bell Telep of Pa 5s series B-1948
46 H
x
y
b
4s
4s
111H
„
1950
to Jan 1 1947) due
59
79
1
Anaconda Cop Mln deb 4)4sl950 A O x aa 1
♦Anglo-Chilean Nitrate deb—1967 Jan y ccc2
{Ann Arbor 1st g 4s
..1995 Q J ybb 1
Ark A Mem Br A Term 5s...1964 M 8 x bbb3
1st s f 4s ser
46%
8
.
aa
Founders conv deb. 1950
1975 UN
B—.1955 F
C (Del)
1957 J
33
J ybb
Am Wat Wks & Elec 6sser A.
Armour & Co. (Del) 4s
49
.
54
Arner Telep A
Am Type
35
Cart A Adlr 1st gu gold 4s—.1981
106 %
'57"
*
bbbl
ybb
...1949
Coll & conv 5s
100 x
*106)4
x
Alb & Susq 1st guar 3%s
101
*14X
..1943
1st cons 4s series B.
56)4
102)4
101H
106 X
34%
Canadian Nat gold 4Xa
Guaranteed gold 5s. .July
Guaranteed gold 5s.—Oct
Guaranteed gold 5s
Week's
Friday
Rating
12 H
2)4
.
5%
"56"
.
34 X
55
41H
42)4
48
44 H
28
47%
...
ccc3
1st lien A ref 6s series A—.1947
35)4
35)4
40%
.
*4
y
(lnt at 1%
1946) due—2000 M
Ref A gen ser F (lnt at 1%
to Sept 1 1946) due..1996 M
to Sept 1
Debenture gold 5s
46%
17
......
53%
8
Ref A gen ser D
54
21
-
38
59
39 X
41
-
89
39%
47
42 X
39%
-
Elig. A
BONOS
STOCK
5%
1
46%
42
......
v
A
.
Bank
Y.
3%
—v*-
.....
39%
106%
....
Yokohama (City) extl
N.
"48~" "~2
41
J
A
38
104
2
46
47
38 X
2
51
"42%
A
ccc3
2
20%
*43
D
F
y
a
20
MN
....1978
1978
....1984
1952
1952
1958
1958
47%
D
a
'
External conversion
3%-4%-4»uextl conv
4-4%-4%n extl read)..
3Ha extl readjustment
♦Venetian Prov Mtge Bank 7s
73%
33%
r
50X
45%
63
213
x
38
45%
101
35%
1960
10
"48"
65
34
Consol mtge 3 Ha ser H—1965
46
"48""
63%
Consol mtge 3s ser G
44%
-
68
34 X
26%
49%
Af N
-
73%
65%
64 X
26%
20
MN
1964
f 6s
61%
2
26%
A
1960
b
7
ccc3
43%
22%
A
♦External s f 6s
♦External
bb
60
i
29
34%
99%
75%
103% 106%
y
98%
71
-
38
30%
8
*103%
44%
8
6
y
A O
(lnt at 1%
1946) due—1995 J
Ref A ger ser C(lDt at 11-5%
to Dec 1 1946) due...1995 J
to Dec 1
1
61
.
75
33
D
Oct 1 1946) due July 1948
a
20%
_
106
70
aaa2
6
.
113
63
x
68
.
64%
105%
2
x
....
.■
68
3%s——1943
3%
13
99%
105%
Belvldere Del
66 %
*
.
.
QQ
31
Beneficial Indus Loan 2%s—1950
♦Berlin City El Co deb 6 %s_1951
5%
26 X
m-.f
17
11
6
*5%
37%
31%
25%
_...
"5%
90%
36
32
6%
"~5%
—
69
77
25
8
With declaration
—
61%
114
72%
18
3%
.....
222
90%
22%
54%
9%
5
MN
sec
10
19%
1940 A O
t
n
♦Saxon State Mtge Inst 7s
1945 J u
♦Sinking fund g 6 Ha
1946 J D
Serbs Croats A Slovenes (Kingdom)—
♦8s secured extl
—————.1962 if N
With declaration————————
8
12%
11%
-
.
8
J
.
...
—.....
8%
"7
22%
60%
60%
12 X
.....
{♦Secured s f 7s
♦7s series B
10%
18%
18
...
7%
13
11
10%
... ..
J
M
-.1968
.
*
J
1956
—
♦6s extl dollar loan
1
....
J
{♦San Paulo 8s extl loan of 1921—1936
♦8s external—..———1950
9
10%
10%
Af ft
loan.—
♦Rome (City) extl 6Ha
.
12%
10%
O
.1968
—
1
s
79%
65%
97% 100%
99% 102%
73% 79%
Ref A gen ser A
99
Rio Grande do Sul (State of)—
♦as extl loan of 1921
64
111
111
S'west Div 1st Mflnt at 3)4%
27
9
8X
11
99
1st mtge g (lnt at 4% to
Ref g 4s extended to. .1951
20
""9%
..
..
101%
bb
27
59
....
24
2
101%
71%
bb
y
27
13
3
70
*
9
87
98
*66%
....
--
y
A
8
"1T"
"98""
--
s
111%
113X
100 X
89
J y b
M S x aa
A
16
—
X'o
1941
1947
Queensland (State) extl
25-year external 6s
10%
8%
17
--
—
.1952
f 6s
*8
....
8
10 H
8
1
9%
5)4
4H
8)4
11
*9%
1966
♦Prague (Greater City) 7%s
1952
♦Prussia (Free State) extl 6 Ha
1951
With declaration**..***#*..,—..;.
♦Porto Alegre (City of) 8s
♦Extl loan 7)48
4)4
3)4
4)4
....
4*4
3)4
.
..
100 X
37 X
31 H
1948
7
4%
1
5%
5%
--
--
.
97% 101
95%
103% 105
100% 102%
111
112%
109
111%
Stamped modified bonds—
3)4
5
*110
July 1948
7)4
4)4
With declaration.
1953
1st mtge gold 4s
4s registered...
13 %
5
7%
*111
2
100
97
Baltimore A Ohio RR—
7)4
4
A
With declaration
♦4%s asseDted
Atlantic Refining deb 3s
8
13
*4
1968
♦External sink fund g 8s
1948
2
iiix
lll'X
aaal
x
J y b
J y b
Second mortgage 4s
1948
Atl Gulf A W I SS coll tr 58-1959 J
6
*4)4
-.1947
♦4)48 assented
Atl A Dan 1st g 4s
6H
6)4
6)4
*7)4
1944
6)4
6 H
ax
A
cons
nix
High
106% 110%
88% 93%
88
94%
*101%
2
J D y bb
General unified 4 Ha A
1964
10-year coll tr 5s._May 11945 Af N y bb
LAN coll gold 4a
Oct 1952 MN y bb
7
D
1940
1958
f 7s
s
M
1961
56
D
J
6s 2d ser
*56 "
Atl Knox A Nor 1st g 5s.....1946
Atl A Charl A L 1st 4)4s A..1944
Atl Coast 1st
27
46
43
40 H
WK
J
f 6s 1st ser
8
39
Conv deb 4 Ha
Rocky Mtn Div 1st 4s
1st 30-year 5s series B
41%
i/N
"91""
Conv gold 4s of 1910
30)4
"24"
1995 A
36 H
41
41)4
S
A O
1994
1967
-.1947
1959
Stamp mot 3%s ext to
Ext sec ref 3%s ser B
♦Pernambuco (State of) 7s
♦Peru (Rep of) external 7s
♦6s extl
No. Low
60
34)4
~29~
7"A
1963
1963
♦Stamped assented 5s
s
86
High
71
31H
31)4
33
♦Panama (Rep) extls f 5s serA
♦External
109 X
aaal
31X
"29"
UN
1958
1955
Oslo (City) s f4%s
With declaration
♦4J4a assented.
♦Stabilization loan
108%
*90 X
109 H
Jan. 1
x
40
39)4
Yd
1952
1953
Oriental Devel guar 6s
Extl debt 5%s
s f
Asked
General 4s
31)4
With declaration
♦Nat Loan extl
Cos. (Cont.)
Since
A
Low
Atchison Top A Santa Fe—
Range
Friday's
Bid
51
With declaration
s
Railroad & Indus.
70
Range or
Sale
69 H
54 H
40 H
*30)4
40
Municipal Bank extl
♦Nat Loan extl
High
32
f 4%s
With declaration
s
Price
O
35
.
40 H
With declaration
4s
Last
See a
51)4
69)4
declaration—
s
Elig. A
Rating
STOCK EXCHANGE
Week Ended July 18
51)4
69)4
With declaration
20-year external 6s
External
!
56)4
13
Y.
1
52
Norway 20-year extl 6s.-_
With
N.
Since
Ashed
A
BONDS
Range
Friday's
Bid
Price
Week's
Friday
Bank
Range or
Sale
EXCHANGE
STOCK
Week Ended July 18
363
Week's
Friday
Attention Is directed to the column incorporated in this tabulation
pertaining to bank eligibility and rating of bonds.
See
i
New York Bond
bank
BONDS
N.
Rating
Week Ended July 18
Price
bid,
Chesapeake A Ohio Ry—
General gold 4 Ms
Ref A Impt mtge 3M8 D..1
Ref A lmpt M 3 Ms ser
aaa3
1946
4s—1
1989
♦Chic A Alton RR ref 3s
1
Chic Burl A Q—111 Dlv 3 Ms
3 Ms registered
.....
Potto Creek Br 1st 4s
134
7
*120
*111%
ccc2
16
93 M
81
bbb3
73
bbb3
83
84%
71M
78M
88
cccl
28%
30%
22M
♦Gen lnc mtge
30 M
66 M
68M
64
30 M
28 M
27
28
20
ccc2
*25
28
18M
z
cc
♦1st A gen 6s ser
z
cc
3Ms ser B.May
♦Gen 4 Ms series C.May
♦Gen 4 Ms series E.May
♦Gen 4%s series F.May
ccc2
39M
72
40%
29M
28 H
30%
30M
40%
ccc2
z
1 1989
11989
1 1
1 1989
69
39%
bb
z
6M
6M
z
ccc2
40%
41%
z
ccc2
40 M
z
ccc2
41M
41%
41M
30 M
z
z
2000|A O
Jan 1
{Chicago A North Western
♦General g 3 Ms.—-—--1987
cc
c
11M
12%
3%
2%
cccl
MN
z
registered———-1987 MN
z
cccl
z
cccl
z
cccl
z
cccl
z
cccl
z
4%
cccl
———#—1987
4sregistered.-,
-1987
♦Stpd 4s n p Fed lnc tax.1987
♦Gen 4Mb stpd Fed lnc tax 1987
♦General 4s—
MJV
MN
MN
MN
1987 MN
registered
♦Gen 6s stpd
MN
M N, z
z
MN
28
28
"28 "
22
29
30
"33 %
34
1
"35 %
172
67
49
155
14M
11%
13%
12M
7X
23%
6
138
7%
6%
X
38
77
"
61
108 M
108 %
94
97 M
97 %
40 M
aaal
aaa3
aaa3
----
*96M
bbb2
—
53 %
107M 109M
109
111M
104M 106
108
110M
111
113M
109%
"98M
75%
---
89
57 %
55 M
55
y
bb
x
aaa3 0
*75 %
8~%
108%
x aa
1
1942
---1
1
Series A 4 Ms guar
Series C 3 Ms guar
Series D 3 Ms guar
x
*1C6%
2
x
bb
yb
Columbia G A E deb Ss.May 1952
x
*104 M
1
2
bbb2
Apr 15 1952
x
x
bbb2
x
80 X
22 M
103 M
bbb2
1961
Columbus A H V 1st ext g 4s.1948
aaa2
Columbus A Sou Ohio El 3Ms 1970
x
aa
Columbus A Tol 1st ext 4s.. 1955
x
z
CC
22%
103 X
*103%
103 M
103 X
*110
aaa3
3
"79M
84 M
76 X
109 X
109%
77
103M
103M
103M
25
114M
—-
109M
15
85 M
13
*113%
1
26
103M
103M
103M
114M
34 M
—1968
-.1958
lBt mtge 3 Ms series I
Conv debs 3Ms
Stamped guar 4 Ms
3
a
2
x
bbb2
x
x
aa
x
104 M
104 X
104 M
106 %
106%
106 M
106 X
106 X
aa
—.1958
x
aa
109 X
109M|
x
bbb2
♦Consolidated Hydro-Elec Works
*9M
1
367.
'
'
1
104 M
104 X
I
z
bb
*46
50
66
66
1974 M S
|
100
43
64%
9%
c
z
D
10%|
7%
9%
10%
6%
3
*2%
2%
*54%
aaa3
1%
1%
3
57%!
39
.
1*120
121
*14
1948 MN
94%
13%
2
c
_
♦Good Hope Steel Air sec 78.1945 A O
Goodrich (B F) 1st 4Mb
1956 J D
Gotham Silk Hos deb 5s w w.1946 M S
Gouv A Oswegatchle 1st 5S..1942 J D
bbb2
bb
21
106MI
2
b
D
12
106%
*77%
10
14
22
18
23
21
33
106%
*95
a
3
bbb3
107%
104%
bbb3
bbb3
95
96
67
73%
29
63
73%
69
72
441
61%
80
107
107%
104%
105
98
"91%
bbb3
91%
90%
101%
91%
bbb3
101%
9
105% 109
25
99%
92%
103% 108%
97% 104%
89%
95%
89
95%
100
105%
95
99%
80
87%
20
10
91%
25
102%
92
Gulf Mob A Nor 1st 5 Ms B..1950
bb
bb
1
*60
cccl
1st mtge 5s Berles C
1950
Gulf Mobile A Ohio 4s ser B 1975
♦Gen mtge lnc 5s ser A
2015
Gulf A Ship Island RR—
xbbb2
♦AdJ income 5s
Febl957
93
88
79
90
70%
47%
1
x a
Hudson Co Gas 1st g 5s
1949
Hudson A Manhat 1st 5s A..1957
ccc2
72%
62
73%
48
36
50
*88
105
1*111
111%
90%
103% 105%
108% 111%
132
127%
105
z
x
aaa3
z
bb
z
b
y
bb
132
98%
|
y cc
37
98
98%
65
103%
65
I
98%
65%
101% 103%
26%
39%
56
36%
38%
x
aaa3
122%
122%
122%
y
b
3
44%
z
cccl
10%
44%
10%
121% 127
45
43%
48%
9%
10%
13%
102M 106 M
I
II
■
-- '■
y
1'^ *
t
1
132"
85%
103%' 193%
Attention la directed to the column
Incorporated in this tabulation pertaining to bank
eligibility and rating
9%
89
15
104M|
64
5
87
87
bb
b
62%
9
93
8%
bb
y
64
92
3
1st A ref Term M 5s stpd..1952
Gulf States Steel s f 4Mb
1961
A.1962
96%
104% 107
74%
81%
95
100%
79%
106
ser
35%
84%
105M
1954
35
96%
13%
*100
bb
General 4 Ms series D
1976
General 4Mb series E
.1977
General mtge 4a Berles G—1946
Gen mtge 4s series H
1946
Houston Oil 4Mb debs
Hudson Coal 1st s f 5s
36
39
20
cccl
57
52 M
121
35
*14"
bb
2%
3
56%
11
82%
113M
11%
10%
35%
*14
1949 J
75
cccl
1945 J
{♦Georgia A Ala Ry 5s.Oct 1 1945 J
{|*Ga Caro A Nor 1st ext 68.1934 J
36%
107
102%
43%
cc
f ♦Proof of claim filed by owner. M N,
c
1
♦Certificates of deposit
c
1
Francisco Sugar coll trust 68.1956 M N y ccc3
» t deb 6s
118%
103
36%
104%
102
82
103M 105 M
104M 106 M
103M 107M
106M 109M
107
106%
82% I
119
aa
106%
102
bbb3
119
aa
a
bb
{Florida East Coast 1st 4 Ms.1959 J D yb
♦Certificates of deposit.
{Fonda Johns A Glover RR
(Amended) 1st cons 2-4s..l982
31
99
101
....
Gen mtge 3 Ms series I
1967
♦Green Bay A West deb ctfa A
♦Debentures ctfs B
106
109M 109M
108M 110M
x
x
1943 J
31%
103
—
111
*117 X
x
—
30
♦Harpen Mining 6s
1949
Hocking Val 1st cons g 4 Ms. 1999
Hoe (R) A Co 1st mtge
1944
{{♦Housatonic Ry cons g 58.1937
110M
116%
|*I03%
y
D
Gulf States Util 3 Mb ser D..1969
110M
94%
54%
16%
16%
82%
a
1954 F
1956 J D
116
2
a
z
55
38
97%
*109
2
aa
bbb2
z
x
60
55%
36
97
101
x
tnotes see page
♦Ernesto Breda 7a..-
Fairbanks Morse deb 4s
Federal Lt A Trac 6s ser B-.1954 J
107M 110M
1956
10
bbb2
60%
36
97
101
1948
For
z
♦Erie A Jersey 1st s f 6s..1955 J
♦Genessee River 1st s f 6s. 1957 J
♦N Y A Erie RR ext 1st 4s. 1947 M N
♦3d mtge 4 Ms
1938 M
110M 119M
—..—1946
Wuertemberg 7s. 1956
deb 3Ms—-1951
30%
109M
3 Ms debentures
3 Ms debentures
conv
"30%
29%
94%
cc
cc
111
3Mb debentures
3 Ms debentures
of Upper
"29"
z
56
95%
90%
42
"55"
cccl
z
110%
*100 X
Consol Edison of New York—
Consol Oil
53%
109 M
110%
aa
x
1951
1961
f 3 Ms A
aa
x
84
bbb3
114M
104M 109M
113
49
Commonwealth Edison Co—
Conn A Pasump Riv 1st 4s..1943
Conn Ry A L 1st A ref 4M»-1961
53%
z
70
40%
cccl
Great Northern 4Mb ser A..1961
General 5 Ms series B
1952
General 5s series C
1973
104M 106 M
♦Commercial Mackay Corp—
Apr 1 1969
90
74M -79M
73
67 X
105M
81M
23M
89%
"52%
88 M
*105
bbb2
y
♦5s Income mtge
Colo A South 4Ms series A--1980
68M
80 M
56
55%
80%
|
cccl
gu 5s..1947 J
Gt Cons El Pow (Japan) 78—1944
1st A gen 8 f 6 Ms
1950
107M 107M
86 X
75 X
67%
bbb2
bbb2
bbb2
aa
107M —
79 X
86 M
67%
59
cccl
150
98
101%
103% 106%
68
cccl
Grays Point Term 1st
*107
x
Debenture 5s.--_.Jan 15
109
108 M
a
67%
*59
24
108%
100%
93
150
z
O
Gen Steel Cast 5 Ms w w
104M 109M
108
a
x
Colo Fuel A Iron gen s f
"23
108
98%
With declaration
102M 103M
bbb2
x
Coal River Ry 1st gu
79
76 M
109
16%
101%
106%
106
♦JRef A lmpt 5s of 1930..1975 A
♦20-year
109
x
-.1977
C
58
14
108
105% 109
152
*101%
z
1953 A
♦1st A ref 5s series A
104%
106
92%
z
{♦Fla Cent A Pennln 5s
101
|
105%
*150
-
102
|
19
98%
I^SInklng fund deb 6MS—1940 J
*101%
x
19
30
96
108
105%
43
27
103%
89%
56%
O
♦Gen Elec (Germany) 7s
105M 105 M
x
series A
—
series B—1981
4 Ms. 1961
Cleve Union Term gu 6MS--1972
1st 8 f 5s series B guar
1
61
51X
75
%|
aa
aa
x
Gen 4 Ms
91
54
*108"
x aa
x
Gen A ref 4 Ms
80
85
*104 M
*103 %
x aa
Cleve Short Line 1st gu
72
5
58
55 M
17
88MI 88M
1
bb
series B
s
98M
16
88 M
57 M
1
103%
108
J05M
112%
43
97'
bbb2
—.1953 A
4s series D
109
102% 107
1996 J
Gas A El of Berg Co cons g 5e 1949 J
76%
bbb2/
Series B 3 Ms guar
Conn Rlv Pow
II
51 M
67 M
conv
I
111%
"27"
96%
2%
16
3%
7%
77
72%
108% 112
*40
—
♦JRef €* uupi 5s cf 1927..1967 MN
A impt OB ui IW*/ —1U07 M
•
106% 109 M
98 M 104
89M
94M
91M
97M
27M 42M
9M
18 M
17 X
bb
4 Ms series E—1
Cln Wab A M Dlv 1st 4s—1991
St L Dlv 1st coll tr g
Cleveland Elec Ilium 3s..
Cleveland A Pittsburgh RRRef A lmpt
w
2M
Louis
General g 4s
General 5s series B
w
♦Gen
1
6%
6
1953 A
♦Series B
14
2%
2%
15%
90%
z
Gen 4s registered
15%
zbbb2
♦1st consol gen lien g 4s...1996 J
55 M
42 %
Prior 4s registered
106
107
bb
4s prior 1996 J
105
108%
103% 106
108%
7%
15%
16
7%
3
1%
104%
108%
15%
110%
*23
99%
103% 109
46%
57
53%
107"
106%
18
96
*81%
110%
110%
*110%
1965 A O y bb
cons g
♦Conv 4s series A
44 M
97%
y
1965 A O
5s stamped
{♦Erie RR 1st
13M
12M
15%
78
1*112%
bbbl
14%
*5%
19
15
99
2
19%
16%
108
2%
aa
El Paso A S W 1st 5s
TO
102 %
94 %
x
20 M
73
108M
101%
94 %
17%
*109%
111M
*104%
109%
14%
15%
21
15%
*108
a
z
to
46M
x
1996 J
o
67 M
53 M
2Mb debs
1950 J L>
Elgin Jollet A East Ry 3%s_1970 M S
20 M
22 M
21
|
102 M
aaa3
Clearfield A Mah 1st gu
4
538
208
14
2
ccc2
104%
*107%
16
19%|
"20"
*107
x aa
38 M
MN
107%
52%
x aa
x aa
19
51
%
107M
52%
Elec Auto-Lite
aaa2
ccc2
bb
408
aaa2
aaa3
y
2%
2%|
51
F A
J D
MJV
MN
F A
1969 J
a
aaa2
aa
2
76%
2
x
aaa3
bb
a
1
bbb2
20%
13M
12%
15%
12%
11M
14M
13M
a
1
x
J
J
J
J
J
4M»--1971 J
18%
*18%
*18%
98%
1
cc
x
20
z cc
52
cc
cc
x
95
bb
z
z
z
x
30
bb
21
Ed El 111 (N Y) 1st cons g 68.1995 J
20
bb
21
East Ry Minn Nor Dlv 1st 4s 1948 A
20%
c
1
East T Va A Ga Dlv 1st 5s_.1956
23 Ml
bb
cc
20%
20%
19M
z cc
D
z
P>
21M
22%
cc
24
20 %
cccl
z cc
21%
11
4£
cccl
|
J
ccc2
10M
IX
44 %
cccl
18%
24%
158
3M
106%
97% 102
92%
98
21
15%
14%
18%
16%
24%
24
16%
21
18
152
%
111%
104
98
22%
20 %
cccl
z
30
107
1
36
28 M
108% 111%
105% 109%
101%
20%
84%
106% 108%
106%
97
bbb2
20 %
■
cccl
z
J
18
16%
19M
10 H
~20
21 %
20
20
MN
Debenture 6s.--
16M
28%
29M
20
{♦Choctaw Ok A
1st s f 4Ms series
16
29 M
15
1
Cincinnati Gas A
Gulf con 5s. 1952
Elec 3%S—1966
1st mtge 3 Ms-1967
Cln Leb A Nor 1st con gu 4s. 1942
ClnUn Term lstgu 3MsD._1971
1st mtge gu 3Ms ser E
1969
28%
28M
cc
J
J
J
S\
1943 A O
Chllds Co deb 5s
24
cc
J
Orleans 6s..l95l|j
Gold 3 Ms
June 15 1951
Memphis Dlv 1st g 4s
1951
Chic TII A So'eastern 1st 5s. 1
Income guar 6s__—Dec 1
Chicago Union Station—
1st mtge 3Ms series E—-1963 J
1st mtge 3Ms series F
1963 J
Chic A West Indiana con 4s. 1952 J
1st A ref M 4Mb series D—1962 M
14
c
1960IMN
♦Conv g 4 Ms
29
z
F
I^Secured 4 Ms series A—1952
♦Certificates of deposit
Ch 8t L A New
27M
z
1834|A O
|*Refundlng gold 4s
♦Certificates of deposit
28 M
cccl
cc
J D
J D
J D
MN
15
14%
16
a
{§*Den ARG 1st cons g 4s_.1936 J
z cccl
}*ConsoI gold 4Ms..
1936 J
z cccl
{♦Denv A R G Wgen 5s.Aug 1955 F A z cc 1
♦Assented (subj to plan).... F A z cc
♦Ref A lmpt 6s ser B.Apr 1978 A O z cccl
{♦Des M A Ft Dodge 4s ctfs.1935 J J z cc
{♦Des Plains Val 1st gu 4 Ms.1947 M S z b
1
Detroit Edison 4s ser F
1965 A O x aa
Gen A ref mtge 3Ms ser G.1966 M S x aa
Gen A ref 3s ser H
1970 3 L> x aa
Detroit A Mac 1st lien g 4s. .1995 J D y b
♦Second gold 48.---—1995 J D z ccc2
Detroit Term A Tunnel 4 Ms.1961 MN x bbb2
Dow Chemical deb 2Ms
1950 M S x aa
Dul Miss A Ir Range Ry 3 Ms 1962 A Oxaa
{}*Dul Sou Shore A Atl g Ss.1937 J Jz ccc2
Duquesne Light 1st M 3 Ms—1905 J J x aaa3
12M
3M
29
110%
z
1st mortgage 4Mb
41M
41M
27
cccl
Fed lnc tax..1987
stamped
1987
|*Secured 6Ms
1936
♦
1st ref g 5s
May 1 2037
♦1st A ref 4Mb stpd May 1 2037
♦1st A ref 4Mb C—May 1 2037
♦Conv 4Mb series A
1949
{^Chicago Railways 1st 6s stpd
Aug 1940 25% part pd-1927
{♦Chic RIA Pac Ry gen 4s—1988
4 s registered
1988
♦Certificates of deposit-;
4s ctfs registered
1988
28M
"
28
cccl
♦4 Ms
Cleve Cln Chic A 8t
Del Power A Light 1st
1
110%
105%
101%
26
107% 111
1
Dayton P A L 1st mtge 3s..1970 J J
Del A Hudson 1st A ref 4s.. 1943 MN
39M
41M
109%
cc
1st A ref 4Ms...-——--.1969 J
39 M
111%
109
cc
♦Deposit receipts..
extended to 1946 J L>
♦Deposit receipts
Curtis Publishing Co 3s deb.1955 A O
Pac
{Chic Mllw 8t Paul A
♦Mtge g 6s series A
♦Conv adj 5s
73
y
10%
10 %
110%
ccc2
♦6a series B
25M
11M
11M
9%
9%
111
2
z
...
*26
2
2
z
♦7 Ms series A extended to 1946 J
40M
21M
|
27
26%
75%
84
108%
-
♦Deposit receipts
72
37
28
18
18
107%
110%
2
High,
17%
1952 J
♦Deposit receipts.--
35%
ccc2
♦1st A gen 68 series
♦Gen g
80
28
z
C
1947 J J
A
1966 M N
B..May 1966
Chic Ind A 8ou 60-year 4s_.
{Chlc Milwaukee A 8t Paul—
♦Gen 4s series A
May 1 1989
♦Refunding 4s series
88 M
109M H4M
z
J
1969 M
conv
♦Cuba RR 1st 6s g
*114
J y bb
J y b
J\ z ccc2
4Ms.-----2038 /
-
JV, x
2Ms—1948 J P> x
Crane Co 2Ms sf debs
1950 A O x
Crucible Steel 3%s s f debs._1955 J D x
♦Cuba Nor Ry 1st 5 Ms
1942 J D z
Continental Oil
97
x
{♦Chic Ind A Louiav ref 68—1947 J
♦Refunding g 6s series B—1947 J
Income deb
1
91
x a
84
2
x
Chicago A Erie 1st gold 5s__ 1982
Chicago Gt West 1st 4s ser A. 1988 J
Gen 4 Ms
aa
aa
82%
74%
A
aa
aa
x a
1971
ccc2
x
aa
1977|P
series B
1st A ref 68 series A
z
aa
19681 AT 8
1st A ref 4Ms
26
x
100M
Chicago A Eastern 111 RR—
♦Gen mtgelnc (conv)—1
26%
26
x
96
81%
25M
cccl
Low
26%
cccl
z
x
88
*
25%
z
1
Jan.
High |
1955 J
1966 MA'
98%
Since
Asked
.1956 J
♦Debenture 4s..—
♦Debenture 4s
—1970 MA'
97%
A
Low
1st mtge 3Ms
94 M
93 M
8M
Range
Friday's
bid
cccl
z
1st mtge 3Ms
1st mtge 3Ms
91
90
a
Price
18M
93%
90
x
Sale
See a
May 1 1965 ^N
1967 M N
x a
4s registered
General 4s
Rating
1st mtge 3 Ms
1st mtge 3 Ms
15%
92%
a
Range or
Elig. A
Consolidation Coal s f 5s_—1960 J
Consumers Power Co—
120M 122 M
112
119M
119
x a
Illinois Division 4s——
..
1
aa
aaa2
aaa2
4 Ms
128 M 134
102% 106
102% 105%
105
Week's
Last
w
£
STOCK EXCHANGE
Week Ended July 18
Railroad & Indus. Cos. (Cont.)
non-conv deb 4s 1954 J
105%
2d consol gold 4s
Y.
{♦Consol Ry
133%
104%
R A A Dlv 1st con g
3Ms
N.
1
Jan.
High
105
aa
aa
BONDS
Since
Asked
A
\Low
Railroad & Indus. Cot. (Cont.)
Range
Friday's
Sale
See
July 19, 1941
Friday
bank
Range or
Last
EXCHANGE
STOCK
Y.
Record—Continued—Page 3
Week's
Friday
■
1
of bonds. See
*.
Volume
New York Bond Record—Continued—Page 4
153
Bank
N.
Y.
EXCHANGE
STOCK
Railroad &
Last
Range or
§
Friday's
g2
Rating
Sale
See a
C S3
Nd,
Week Ended July 18
Week's
Elig. A
BONDS
Friday
Price
Indus. Cos. (Cont.)
Illinois Bell Telep 2 %s ser
Bid
A
J
x
aaa3
103%
103 H
103 H
High
Illinois Central RR—
1st gold 4a
1951 J
-
4s registered
1951 I
1st gold 3%s
1951
Extended 1st gold 3%s—.1951
1st gold 3s sterling
1951
Collateral trust gold 4s
1952
Refunding 4s
1955
Purchased lines 3 Ha
1952
Collateral trust gold 4s_—1953
Refunding 5s
1955
40-year 4%s
Aug I 1966
Cairo Bridge gold 4s
1950
Litchfield Dlv 1st gold 3s.. 1951
Loulsv Dlv A Term g 3%s_1953
Omaha Dlv 1st gold 3s.__.1951
St Louis Dlv A Term g 3s..1951
Gold 3%s
1951
3 Hs registered
1951
Springfield Div 1st g 3%s.l951
Western Lines 1st g 4s
1951
4s registered
1951
3
Bank
Range
Asked
Low
A-1981 /
Since
No. Low
43
100 %
92
♦
BONDS
N
High
103 H
97
x
bbb3
88
90
J
x
bbb3
*90
89%
x
bbb3
*91
89 %
93%
93%
♦Lower Aust Hydro El
6HS-1944
McCrory Stores deb 3Hs—1955
48%
{♦McKesson A Robblns
Maine Central RR 4s aer A_1945 J
Gen mtge 4Hs series A...I960 J
*30
70
43 %
43 H
44 H
29
43%
43 H
42 H
44 %
145
42 H
2
"43%
38H
45K
MN y b
MN y b
43 H
52 %
44 %
76
39
46 H
53%
11
A y ccc2
~45%
47 %
F
198
D
bbb3
45 H
82 %
46 H
J
82%
3
J
J
bbb2
55
49
82%
64
61H
47
MN y b
J
J y b
x
2
2
"38"
47 K
39
35 H
78
61%
61%
3
59
J y bb
A y b
3
58
58
5
58
2
*44
44
J
J y bb
2
47
3
J
bb
bb
3
*60~
95
A y bb
2
*61 H
62%
bb
2
*58
64
J
F
3
J
F
x
y
43 H
43 K
47
45
-
47
44 %
J y
3
3 x bbb2
y
H
K
44
49
51K
61H
60
85
68
60
Joint 1st ref 5s series A—1963 J
D
ybb
1
48%
48 H
49
1st A ref 4%s series C
D' y bb
A z
1
43 H
43%
44%
J
y
J
1950 J
J
{♦Ind A Louisville 1st gu 48.1956 J
Ind Union Ry 3%s series B.1986 M S
Inland Steel 1st mtge 3s ser F 1961 A O
1
Inspiration Cons Copper 4s. 1952
'
Ref
s
18%
f 6s series A
25
33
73 M
78
"~3
H
8
106
106 H
""is
19
*108
aaa2
aa
bbbl
100 H
100%
100 H
26
bbbl
101
101
101%
34
z
3
cccl
106
18%
17%
153
19
z
1
y
1%
IK
18%
25
54
H
8K
cccl
17 %
18
48
8
18
38 H
89 H
98
b
2
38
37%
88 H
bb
2
2
104%
bb
2
bb
87 K
104 H
104 H
3
cccl
73
10
105
44
James Frankl A Clear 1st
Jones A Laughlin Steel
4s_1959 J D
3HS.1961 J J
Kanawha A Mich 1st gu g 4s 1990 A O
J
1
55
55 H
M
9
14
*
1
'
93
"47%
47%
49
"46
18
109%
9
Kentucky Central gold 4s—1987
Kentucky A Ind Term 4%s_1961
a
3
a
1
109
aaa3
IK
52
58 k
95 K
99
92 H
49H
48 H
63k
69
69
75 H
107 H 109H
18K
*109%
112"
*25
18K
109K 110K
70
bbb2
*82%
85
bbb2
*91
95
bbb2
*82
Ox aaa3
Jx bbb2
*165%
*107%
Z
bbb2
*107%
105%
104%
104%
—...
*1%
77 H
82
92 H
88
86
81K
168 H
161
106H 108M
170
X
a
3
X
a
1
z
z
bbbl
Ref A ext mtge 5s
O
z
bbbl
Coll A ref 5Hs series
A y bb
A ybb
y uu
*
«•.
«
108%
106%
28
106 H 108 H
104 H 106 H
8
102 H 105 H
105
IK ■my-
^
y
1
A
1
ccc2
3 Hs
x
x
bbb2
1997 J D
x
1975 Dec
y CC
Lehigh A New Eng RR 4s A. 1965 A
Lehigh A N Y 1st gu g 4S...1945
M
♦5s
O
x
1964
♦1st A ref s f 5s—
♦5s stamped
1974
♦6s stamped
Leh Val Harbor Term gu 5s__1954
2
2
z
2
z
y
5Ha...
1949 M S
J
♦lst A ref 5H« series B
1978 J
{♦Mo-Ill RR lst 5s series A.1959 J J
36%
15
26%
25
36
;
9H
"2H
"~9K
"l5
2M
2H
IK
14
1%
15
%
uk
12H
uk
81
8%
7%
10%
3
76%
74
75
97%
97%
45
50
32%
11%
27%
28%
10K
UK
58
3%
1965 F
♦lst A ref 5s series A
27 K
28 H
27 K
219
111
19%
19%
1%
917
28
19
20
z
20
V,
50
J
52
"65"
1
65
70 H
61
23
♦lst A ref 5s series 1
1981
29 K
96
27
27%
5
I
1
61
64 H
*58 H
60
¥
cccl
A
28H
29%
cccl
28
28
cccl
27 H
28%
27%
307
27
87H
87 K
2
Moh'k A Malone lst gu g 4s. 1991 M
bb
54K
54%
1
iiiK
1uk
5
111H
106 K
112
4
107
38
54H
48
lst
I960
mtge 4 Ha
z
a
bb
1965
y
Montana Power lst A ref 3H» '66
Montreal Tram lst A ref 5s—1941
z
a
y
*68H
35
61
9
35 H
32
64 H
33
44
43
2
12
20
35
98
55
56
18
19 K
48 K
115%
107
f
*118%
125%
101
102
aaa2
33
284
57 H
85H
85H
82H 102H
136
3
49
43
52
16K
14H
17H
32 H
28 H
34 H
32 H
37
57
115 %
2
115H 120
107
9
104 H 107
119K
126K
102
19%
19
79%
53
28%
27%
2%
28%
27%
29%
28%
1%
29%
29%
28%
27%
88%
67
y
*44%
75
y
b
*44 K
y
108% 111%
110% 113
b
s
s
f 4 Ha series
C.1955
Nash Chatt & St L 4s ser A_. 1978 F
Prod 3Ms debs.. 1960
1949
Ha
Nat Distillers Prod 3
J
M
A y
39
38%
38%
40%
41%
49
37
41%
104
36
43%
42%
110%
42%
38%
110%
115K
bb
117%
37%
x
a
s
x
x
aa
107%
110%
115
117
72
111
68
73
3
105H
106
16
105%
106
14
70
105%
3
*83
9
*120
D
x
aaa3
J
z
bb
J
z
bb
x
aa
x
aa
1
Ceo
39
102
105%
105K
3
30%
3
105%
105%
69
bbb2
O
106
105
70
D
1952 J D
1961 MN
65
*44%
50
39
42
a
{♦Naugatuck RR lst g 4s._. 1954
39
41K
Constr M 6s series A
x
102% 107
62%
85
89
105%
105%
101% 106%
103% 106%
82% 86%
103
120
"60%
59%
60
59
124
20
60
10
45%
60%
60%
127%
61H
6
34 %
56
14
73%
f 5s series A...1955
bb
b
6s debentures
100
32 %
37
*36%
14
Monongahela W Penn Pub Ser—
Newark Consol Gas cons 5s. 1948 J
J
{♦New England RR guar 6s. 1945
1945 3
♦Consol guar 4s
3
%
20
cccl
27 K
19%
20
17
bb
S
19%
178
♦Certificates of deposit
{♦Mo Pac 3d 7s ext at 4% July '38 MN
50
65
70H
"61H
102 K
101
53
8
36
28 H
"ii
7
118K 123
124
95
131
102
New Eng Tel A Tel 5s
A
lst g 4 Hs series B__
N J Junction RR guar lst 4s. 1986 F
N J Pow A Light lst 4Hs—. 1960 A
1983 J
New Orl Great Nor 5s A
123
127
x
NO A N E 1st ref Almp4Hs A'52
y
bb
x
bbb2
1955
x
bbb2
New Orleans Term lst gu 4s. 1953
x
bbb2
z
b
z
b
1954 A O
z
b
z
b
P*i
z
b
lst A ref 5s series B
{{♦N O Tex A Mex n-c Inc 5s 1935
♦Certificates of deposit——
♦lst 5s series B
♦Certificates of
deposit
1956
♦lst 5s series C.—
z
z
z
aa
74 H
74%
.
75
37%
39%
46
44%
43 h
43%
43
*44%
"46
46
*45
—
5
11
10
"39
75
109%
67
80
05
72%
105% 106%
105% 106%
68
76
30
39
30
5
46%
*38%
123% 131%
107
106%
37
b
X
*106%
*35
b
z
♦lst 4 Hs series D
72%
106%
72
b
z
105%
1
b
♦Certificates of deposit
♦1st 5Hs series A—
1954 AO
♦Certificates of deposit...
3
b
.1956 FA
♦Certificates of deposit
75
122
70
...
109%
108%
74 H
New Orl Pub Ser lst 5s ser A. 1952
21
85
*71
109 ~
a
J y bb
5
127
125%
A ybb
O
124
H
37
48
44%
45%
liH
B*
45
44
32%
44%
48
33%
33%
42
47
46%
32
46
107
107
46
46%
46%
47%
Newport A Cincinnati Bdge Co—
Gen gtd
4HS............1945
J
J
2
*107
*100
aa
2
110%
S
aa
2
*""3
104*" 105"
NY Cent RR 4s series A..—1998 F A
bb
30 H
97 H
10-year 3^s sec s f
.1946 A O
A,_2013 A O
Ref A lmpt 5s series C
2013 AO
bb
Ref A lmpt 4 Ha series
b
104 H
17H
1
17H
96 %
104%
104 H
17%
97 %
5
93
bbb3
96 H
*96 %
96
bbb3
96 H
96 H
"96 % "68
97
25
95K
98H
95 H
99 H
95 K
99 H
118H 122 H
123
128
118H
118H
124 H
87
124 H
1
87%
55
109H
♦108 H
110K
29
104 K
96%
104K
98
30
93 H
87
10
96 %
91
28
85K
2
2
O
x
bbb3
O
x
bbb3
Oix
O'x
bbb3
93%
bbb3
86 %
104 %
98
3|
3!
104H
107
*105%
*
104 H
107
106
87
9
bb
-
87 Vs
108 H 110H
107K 109H
1998
bb
ybb
Mich Cent coll gold 3 Ha. .1998
ybb
3Hs
102
105K
101
96K
91K
registered.
registered
_
bbb2
60%
92%
62
93%
107
56%
298
61%
57%
62%
60%
61
80%
79%
101%
lOi""
64%
64%
bbb2
3Hs registered
1997
30-yr deb 4s 1912—
1942
Lake Shore coll gold 3 Ha—1998
82 K
61%
92.%
56%
61%
b
Conv secured 3Ks
1952 IN
J
N Y Cent A Hud River 3Hs.l997 J
3Hs
2003
1st A ref 4Hs series C
2003
1st A ref 4s series D—2003
t
27 H
cccl
1949 IN
1980 A O
1954 J D x a
MN yb
32
3
27 H
3
cccl
♦Conv gold 5 Ha
♦lst A ref g 5s series H
♦Certificates of deposit
Natl Supply 3 Ha
28 H
a
26 H
National Steel lst mtge 3s__.
32
a
27 K
26 K
cccl
1978 MN
27 K
78
75
97H
36 H
37 H
2
cccl
93H
62 %
60 H
28 H
34
bbb2i
27K
2%
28H
27%
1965 A
32 K
J!x
27 k
"2"
cccl
♦Certificates of deposit
♦lst A ref 58 series G
Gen A ref
49
J'xa
Kj
cccl
cc
^1977 M S
♦lst A ref 5s series F
Gen A ref a f 5s series B—1955
30
aa
25 H
10
Az cccl
♦Certificates of deposit——
♦General 4s.............1975 M 8
80
15
2
69%
11
33 h
78
; 5%
12%
25 k
78
K
21
95
91K
195
8H
ik
7
21
89 H
29%
1
26
84
28
01
24
30
46
46 K
2
10h
2
12%
13%
12%
24%
91%
29%
10 k
24 K
25
85%
S
bb
2
2
2
2
_
*57%
81%
76%
101%
66
59%
35
195
60%
89%
55%
60%
69%
59
67%
74
78%
80%
24
5
mZZL
100
87%
83
101%
63%
70
60
64%
68
76%
65
95%
58%
60
7
55%
'i'Z'm Vi
69%
95%
63%
29
55%
5
58%
65%
y
1998
bb
y
bb
bb
73%
73%
75%
27
66%
62%
62%
bbb2
94
94
54%
86%
x
bbb2
63%
94%
95%
99%
132
x
24
90
99%
95%
6
79
95%
65
New York Chicago A St Louis—
A
Ref
5Hs series A
Ref 4 Ha series C__
1974
1978
4s collateral trust
1946 F
1
103 H 105 K
lst mtge 3 Ha extended to 1947
2
105K 109H
104H 106K
88
85H
6s debentures
S y
A
95%
95%
y
bb
■JZ'Zm'm
——1950
y
bb
95%
99%
94%
3 Ha A—1965
x
aa
3-year 6% notes—
N Y Connecting RR
M
O
..1941
2
.....
101%
102
39
4
204
90
95%
98% 102
t
Attention Is directed to the column incorporated in this tabulation pertaining to bank eligibility and rating of bonds.
6%
{Missouri Pacific RR Co—
98
47%
bb
IK
28 H
2
89%
Louisville A Nashville RR—
367
*36
45%
65%
89
*84%
"»Ik
Louisville Gas A Elec 3H3--1966 M
s^e page
26%
40%
Mutual Fuel Gas lst gu 5s. 1947 MN
Lou A Jeff Bridge Co gu 4s__1945 M
For footnotes
59 %
3
H
25
24%
90 H
*102%
cc
x
3
4
36
36 H
25
140
80K
D
S
107%
28 H
116
82
87 H
1980 M
103
13
38
60
bbb2
St Louis Dlv 2d gold 3s
70%
54
43 H
62 H
42
62 H
25
99%
107 X
106H
64
37
2
61H
bb
x
107 H
43 H
70
95%
6
37 H
y cc
40-year 4s series B.......1962
Prior lien 4Hs series D
1978 J J y cc
♦Cum adjust 5s ser A.-Jan 1967 A O.z cc
99
31K
a
A
97 H
68 ^
28 K
24 K
38
J
1960
75
*96
RR—
Prior lieD 5s ser A___.__._1962
89%
Louisiana A Ark 1st 5s ser A. 1969 J
Paducali A Mem Dlv 4s.. 1946 F
67
*63
6%
30
D y ccc2
80%
aaa2
Unlf mtge 4s ser B ext
69
3%
30
77 K
89%
Lorlllard (P) Co deb 7s_.__.1944 AO
5s debenture.————1951 F A
2003
54
6h
7
78
bbb2
3Hs series E
63
*4
b
1949 M s
1949 M s
—1949 M s
1st A ref
63
79 H
105% 107
109% 112%
IP
b
2
Unif mtge 3 Hs ser A ext..1950
112
89
y
bb
1st A ref 5s series B
106 H
111K
63
y
2
4s stamped
73
63
1955 mn y ccc2
Constr M 4Ha series B—1955 mn y ccc2
aaa2
Mountain States TAT 3Ha. 1968 J D
a
Long IslaDd unified 4s
Guar ref gold 4s
78 H
87
Gen A ref sf 5s series D___ 1955
102%
cc
O
85
89
Morris A Essex lst gu 3 Ha—2000
aaa3
♦Long Dock Co 3%s ext to__1950 A
b
79 H
aaa3
1952 J
78%
*74 H
106 K
bb
y
79
71K
bbb3
Lombard Elec 7s series A
y
57 H
cc
1951
98
80
y cc
4s.__1990 J
92K
CC
4Hs—1952
Little Miami gen 4s ser A
1962 MN
Loew's Inc a f deb 3H»
1946 F A
98
86
10
56 H
61
A Libby 4s._1955
debenture—..—.
88%
96
1
49
64 H
Liggett A Myers Tobacco 78.1944
6s
"96H
96 H
95 H
*75
♦25-year
94
cc
Lion OH Ref conv deb
31%
96 X
UK
76
bb
bb
O
44
25
"ll
cc
148
b
2003 MN
48 registered..........2003
4Hs stamped modified...2003 IN
4Hs registered
2003
5s stamped modified
2003 IN
Libby McNeil
z
79%
65
b
j y
86%
44
70
J z c
71%
70 %
b
z
Lehigh Valley RR—
4s stamped modified
5s
1951 A
Lex A East 1st 50-yr 53 gu_.1965
J
79
b
z
m
81%
J zee
73
b
J~~3
81H
81H
10 H
zee
68
1
35
*100
b
z
Leh Val Term Ry ext
1946 J
J
73%
2
b
z
Lehigh Valley N Y4Hs ext.. 1950 j
'38 J
68
b
Fa
1943
...
z
Fa
stamped...1974
♦Sec 6% notes extended to 1943
gu
73
b
z
A
1964
♦1st A ref s f 5s
♦5s
z
1954 F
80%
53%
39%
1
465
bbb3
Syb
1954
stamped
4s Int
♦1st A ref 6s series A
Nat Dairy
J y bb
J y bb
stamped——1944
♦1st A ref s f 5s
1
c
98
Lehigh Valley Coal Co—
♦5s
c
z
99
bbb2
Lehigh Coal A Nav s f 4 Hs A 1954 J
Cons sink fund 4 Ha ser C.1954 J
z
73
Lautaro Nitrate Co Ltd—
♦1st mtge income reg
28
1
1
99
bbb2
registered
b
95
"Ay ccc2
J
1947 J
3Ha—1997 J D
5s extended at 3% to
1
"95"
Lake Erie A Western RR—
Lake Sh A Mich Sou g
con g
{♦1st cons 5s
1938 3
f ♦lst cods 6s gu as to lnt—1938 3
Gen A ref
O
1942
20
*46 H
♦Certificates of deposit
1942 F A
39 H
95K
32 H
32
"23
2
{{♦MStPASSM
Missouri-Kansas-Texas
73%
Coll tr 6s series A
37 H
cccl
Mo Kan A Tex lst gold
67%
Coll A
38 M
ccc2
49
47%
X
48
*30
z
32 H
72%
1954 J
1954 J J
Koppers Co 1st mtge 3Hs_.1961 M S
Kresge Foundation 3% notes 1950 M S
{♦Kreuger A Toll 6s ctfs
1959 M S
6
cccl
z
166
67
1st A ref 6 Hs
115%
74%
53 X
bbb2
{{♦Milw A State Line 1st 3Hs.'41 J J
{♦Minn A St Louis 5s ctfs.-.1934 MJV
45 K
2
1
IK
36 H
51K
71
89H
102K 105
101H 105H
76 X
81
91
83 H
1%
b
jx
103
16
53
z
ccc2
44 H
%
bbb3
Plain .....—1961 J
105%
45
53
cccl
47
a
J
105
115H
80 H
x
z
30 H
*47
Coll tr 6s series B
115u33
z
103
73
Gas Lt ref A ext 5a 1939
1942
C—1953
ref 5Hs series D___1960
1
{{♦Mil A No 1st ext 4Hs—.1939
♦{Con ext 4Hs
1939 J D
{♦Mil Spar A N W 1st gu 4s. 1947 M S
42 %
67%
I ♦Laclede
b
z
♦1st A ret gold 4s
1949 M S
♦Ref A ext 50-yr 5s ser A--1962 Q F
90
"4
D Z/v?;-w
D
86
108% 111
105 K
105H
z
Jack Lans A Sag 3 Ha
1st gold 3 Ha
J y b
Ref A lmpt 4 Hs series c—1979 J
2
2
Michigan Codsoi Gas 4s.__.1963 M S x a
{{♦Mid of N J 1st ext 5s
1940 A O z cccl
41 %
bb
A
f 78—1956 J
1
112
27
2
1951 M S y bb 3
1952 MN x bbb3
5
bbb2
Kings Co Lighting 1st 5s
s
90
*1
b
J
♦Mlag Mill Mach 1st
Michigan Central—
108 H
a
O y bb
O y bb
f 6s..1947
108 H
High
112
10
87
z
Stamped
1
A z ccc2
J^Market St Ry 7s ser A Apr 1940
(Stamp mod) ext 5a
1945 Q A z ccc2
Mead Corp 1st mtge 4 Ha
1955 M s xbbb3
Metrop Ed 1st 4Hs series D.1968 M s x aa 2
Metrop Wat Sew A D 5 Ha—1950 A O
t|*Met W Side El (Chic) 4s.l938 F A z dddl
2
1950 A O
3
Apr 1950 J
Kansas City Term 1st 4s
1960 J J
Karatadt (Rudolph) Inc—
♦Ctfs w w Btmp (par $645) 1943
♦Ctfs w w stmp (par $925) 1943 MN
♦Ctfs with warr (par $925) 1943
4%s unguaranteed...
1961 J
Kings County EI L A P 6s—1997 A
s
6
bb
City Sou 1st gold 3s
Marlon Steam Shovel
80 %
1
c
Ref A lmpt 5s
MN
J
mMan GBAN Wlst3Hsl941 J
90
Debenture 5s
_______.1955 F A
{♦Iowa Cent Ry 1st A ref 4s. 1951 M S
0
Manila RR (South Lines) 4s.1959
No. Low
110 %
x
D ybb 2
D yb
2
Manati Sugar 4s 8f
Feb 1 1957 MN y ccc2
Manila Elec RR A Lt s f 5s._1953 M S y bbbl
104 H
104%
80 K
42
{{♦K C Ft S & M Ry ref g 4s 1936 A
♦Certificates of deposit
F A
A O
5 Ha 1950 M S
Jan. 1
18H
cccl
1961
101
98
97 H 103
19
>\ 8
17%
b
r
B.1972 MN
1st Hen A ref 6 Hs
1947 FA
Int Telep A Teleg deb g 4 Hs 1952 J
J
Stamped
102H 107 H
1
ccc3
A A B.1947
1955 M S
Int Rys Cent Amer 1st 5s
Kan
15K
106 H
20 H
107 K
cccl
z cc
1941
f 6s
75 H
y
A.July 1952
1956
Internat Hydro EI deb 6s—1944
s
cccl
1956
Internat Paper 5s ser
48
y
♦1st g 5s series C
Int Merc Marine
_73%
1
{♦Int-Grt Nor 1st 6s ser A..1952
ser
51
37H
x
'
♦1st 5s series B
40H
36
x
'
Interlake Iron conv deb 4s__1947
bbbl
z
Ind III A Iowa 1st g 4s
131
29 H
High
86
a
Since
Asked
A
South Ry Joint Monon 4s_1952 J
J xbbb2
Atl Knox A Cine Dlv 4s..1955 MN x a
3
x
Range
Friday's
Bid
*108
J
M S y bbbl
A O
yb
2
Range or
Sale
3
O
94 H
Last
Price
a
Week's
LOW
M S
J
♦Ilseder Steel Corp 6s—-—1948 F
♦Adjustment 6s
See
A
III Cent and Chic St L A N O—
1963
STOCK EXCHANGE
Week Ended July 18
Railroad & Indus. Cos.
(Cont.)
Louisville A Nashville RR (Concl)
Mob A Montg 1st g 4HS—1945
Friday
Elig. A
Rating
Y.
Jan. 1
♦90
X l)bl)3
365
1
See
a.
%
New York Bond Record—Continued—Page 5
366
hank
'
m
m
bonds
Elig. A
Rating
Last
See i
Price
YTSTOCK EXCHANGE
N.
18
Week Ended July
A
N
62 %
73 %
2
Range
Asked
A
BONDS
Since
Friday's
Bid
Low
A y b
O y b
F
1951
1947
Y Edison 3%s ser D
1966
1st Hen A rel 3%s ser E—1960
4s
Conv 6% notes
Bank
Range or
Sale
Railroad & Indus. Cos. (Com.)
N Y Dock 1st gold
N.
Jan. 1
No
High
Low
Purchase money
High
63%
Peoples Gas LAC
60
75
O
x
aaa3
109
109%
31
O
x
aaa3
109 H
110
18
106% 109%
107% 110%
D
x
aaa3
F
A
x
aaa3
cccl
(♦N Y A Greenwood Lake 5sl946
N Y A Harlem gold 3%s
2000 IN
N Y Lack A West 4s ser A—1973 IN
120% 125%
116
10
113% 118%
06%
104%
54
122%
115*4
115*4
60 H
69 %
♦104
1
aa
7
121H
~53%
b
2
53
MN
b
2
56 %
57
IN
bb
1
♦100H
♦N
RR 5%S'42
Y L E A W Dk A Impt 6s 1943
J
J
b
2
M
8
bb
3
4s.. 1941
N Y A Long Branch gen
1947 M 8
3 %s 1947 M 8
♦Non conv deb 4s
♦Non-cony debenture
cccl
O
1940
(♦Collateral trust 6a
A
26
25
26%
20%
68
97
19
61
J
J
cccl
""26"
J
cccl
25 H
29
J
26%
26%
J
cccl
M N
"45 %
'454
M, 8
J
cc
D
{♦N Y Proy A Boston 4s
1942
N Y A Putnam 1st con gu 4s. 1993
A
O y b
O y b
A
El Lt A Pow 3 Ha '06 M N
lien 6s stamp. 1958 J J
N Y Rys prior
1st 0s A..1951 IN
J
N Y Steam Corp 1st 3%s...l903
tl*N Y SusQ A W 1st ref 6s.1937 J J
F A
(♦2d gold 4 %s
...1937
(♦General gold 6s
1940 F A
♦Terminal 1st gold 6s
1943 IN
J
If Y Telep 3%e aer B
...1967
D
N Y Trap Rock 1st 6s
1946
6a stamped
1940
N Y A Rlchm Gas
"J
4 %s 1940
x
1970 J
D
A
O
80
7%
3
Series J
100
110%
1
108% 110%
106
1
105
106%
2
107%
108
33
36 H
37
"50%
37
47
1
15
15%
zee
1
15 4
16%
cccl
87 H
92%
105% 108%
26
8
109 H
y
b
2
b
2
101
1
4%
92
12
49
110
110
3
15%
16%
92%
108% 111%
1
96
101%
4
aaa2
6
109%
96
y
40
9%
9%
61%
19
aaa3
54%
108%
104% 100%
2
97
95% 101%
2%
5
109
6%
111
*103%
103%
274
104
104
31
102% 104
28
3
1961
6s
(Issued by reorgan¬
1941
4s...1990 O A
North Amer Co deb 8%B
1949 F A
Debenture 3%s
1964 F A
Debenture 4s
.....1959 F A
isation manager) 5s
1974 M S
Gen A ref 4 Ha series A....1974 M S
iNorthern Ohio Ry—
♦1st gtdg 6s
1945 A O
♦1st mtge g 6s (stamped can¬
cellation of guarantee).1945 A O
North Cent gen A ref 6s
♦Certificates of deposit
12%
Jan...2047
2047
A...2047
Ref A Impt 0s series B
2047
Ref A impt 5s series C
2047
Ref A Impt 6s series D
2047
Northern States Power Co—
(Minn) 1st A ref M 3%s._1967
(Wise) 1st mtge 3 Hs.—.-1964
Northwestern Teleg 4 %s ext 1944
x
aa
126% "29
104%
103%
104%
10
104%
3
126
104%
103%
104%
15
3
2
*115 %
*113
2
x
aa
z
ccc2
z
y
3s Registered
bb
bb
x
aa
x
aa
3
x
bbb2
J
J
c
7
3
107
3
110
a
3
111%
a
3
D
bbb3
aa
107%
mm
22 2
m
2
2
aa
2
1946
aa
103%
109%
113%
*114%
2
1901
aa
2
let mtge A 4%s.. 1962
bb
2
1940
D
Pacific Gas A El 4s series G.1904
D
D
114
107
107
b
D
1966
1970
112%
aa
+
D
aa
A
2
'•
J
D
JL
1960
x
3
1
108% 110%
109% 111%
105
7
2'22'mm
107%
110%
111%
130
9
107%
17
108% lll%
76
109
106% 108%
107% 110%
6
1955
Paramount Pictures 3Ha deb '47
1st M s f g 3s loan ctfs
F
A y
M S
1944 A
Pat A Passaic G A E cons 58.1949 M
109% 113%
102
105%
99
100%
106% 106%
x
A
x
x
1960
x
35
107%
12
73
7
78%
43
112%
111%
110%
5
105%
T: 36
2m'2w
90
89
9
«.<«.
-
-
17
109%
110%
1
89%
60
73
110i«,tll3%
110% 111%
108% 110%
104% 105%
83%
91
80
90
106% 109%
107% 110%
*103
101% 103%
2
7
55
H14
55
54%
93%
bbb2
1
3
95%
49
55
*120
124
80
80
.....
10
^'•i
52
55%
94
96%
55
41%
120% 126
-
1
68
82
104% 104%
104% 105%
x
aa
2
x
a
3
x
bbb2
x
a
2
103%
x
a
2
103%
105%
8
1981
1969
x
a
2
iio%
111
8
x
bbb3
x
aa
108%
105%
112%
*112%
A
debentures
..1974
Pennsylvania RR cons g 4s.. 1943 Af N
Consol gold 4s
1948 Af N
4Ha
4s sterl stpd dollar
May 1 '48
3Ha aeries C...1970
sinking fund 4hb--1960
Gen mtge
x
x
x
•
-
-
105
-
-
106%
*105
2-m.m>22
2
aa
*108
106%
aa
A
105
aa
Af N
O
52
65
62
64%
131
52
*
95%
94
105"
110
-
-
107
2
-
-
30
24
105%
112%
1
-
2
-
1
1
-
42
95%
x
aa
122
122
122%
11
a
105%
112%
105%
105%
112%
93%
102%
102%
89%
104
1965
General 5s series B
1968
x
a
Debenture g 4Hs
1970
x
bbb3
93%
General
1981
1984
1952
x
a
3
z
a
3
102%
102%
x
bbb3
111%
93%
101%
102
88%
108%
103% 107
105%
103
106
117
"84%
"85" "89
106
""84%
106
106
*109%
95%
J y bb
J
x
2
119%
"77% "85%
1
-
106
107%
—
-
-
107
109%
12
97%
2%
4%
4
*81
93%
4
96%
4
87
aaa
*111%
aaa
*221%
aa
Purity Bakeries s f deb 5a...1948
Reading Co Jersey Cent coll 4s *61
x
bbt
y
bb
109% 111%
*145
aaa
110
104%
142
106
108
111
106% 110%
105% 107%
111% 115%
111% 114%
93
110
45
90
21
17
98
120% 125%
104% 108%
35
55
12
108% 110%
104
367.
Attention Is directed
to the column
106
68
69%
15
65%
83
82
83
29
78
84%
82%
82
83
101
78%
84
Remington Rand deb 4 %s w w *56
4%s without warrants
1956
Republic Steel Corp 4